香 港 中 環 雪 廠 街 16 號 西 洋 會 所 大 廈 15 樓
15/F, Club Lusitano, 16 Ice House Street, Central, Hong Kong
中國稀土控股有限公司
China Rare Earth Holdings Limited
(Incorporated in the Cayman Islands with limited liability)
(於開曼群島註冊成立之有限公司 )
Stock code 股份代號 : 00769
中國稀土控股有限公司
China Rare Earth Holdings Limited
年 報A n n u a l R e p o r t 2017
2017
年
報
A
n
n
u
al R
eport
目 錄
CONTENTS
公司資料 Corporate Information
財務摘要 Financial Highlights
主席報告書 Chairman’ s Statement
董事及高級管理人員簡介 Directors and Senior Management Profile
企業管治報告 Corporate Governance Report
董事會報告 Directors’ Report
獨立核數師報告 Independent Auditor’ s Report
綜合損益表 Consolidated Statement of Profit or Loss
綜合損益及其他全面收益表 Consolidated Statement of Profit or Loss
and Other Comprehensive Income
綜合財務狀況表 Consolidated Statement of Financial Position
綜合權益變動表 Consolidated Statement of Changes in Equity
綜合現金流量表 Consolidated Statement of Cash Flows
財務報表附註 Notes to the Financial Statements
財務概要 Financial Summary
2
4
6
17
21
36
50
62
63
64
66
67
69
172
Annual Report 2017 年報2
公 司 資 料
CORPORATE INFORMATION
DIRECTORS
Executive Directors
Ms. Qian Yuanying (Chairman)
Mr. Jiang Quanlong
Mr. Jiang Dawei
Mr. Jiang Cainan
Independent Non-executive Directors
Mr. Huang Chunhua
Mr. Jin Zhong
Mr. Wang Guozhen
AUDIT COMMITTEE
Mr. Wang Guozhen (Chairman)
Mr. Huang Chunhua
Mr. Jin Zhong
REMUNERATION COMMITTEE
Mr. Huang Chunhua (Chairman)
Mr. Jin Zhong
Mr. Wang Guozhen
NOMINATION COMMITTEE
Mr. Jin Zhong (Chairman)
Mr. Huang Chunhua
Mr. Wang Guozhen
COMPANY SECRETARY
Mr. Law Lap Tak
REGISTERED OFFICE
Cricket Square
Hutchins Drive
. Box 2681
Grand Cayman KY1-1111
Cayman Islands
HEAD OFFICE AND PRINCIPAL PLACE OF BUSINESS
Dingshu Town, Yixing City
Jiangsu Province, the PRC
PLACE OF BUSINESS IN HONG KONG
15/F, Club Lusitano
16 Ice House Street, Central
Hong Kong
董事
執行董事
錢元英女士（主席）
蔣泉龍先生
蔣大偉先生
蔣才南先生
獨立非執行董事
黃春華先生
金重先生
王國珍先生
審核委員會
王國珍先生（主席）
黃春華先生
金重先生
薪酬委員會
黃春華先生（主席）
金重先生
王國珍先生
提名委員會
金重先生（主席）
黃春華先生
王國珍先生
公司秘書
羅納德先生
註冊辦事處
Cricket Square
Hutchins Drive
. Box 2681
Grand Cayman KY1-1111
Cayman Islands
總辦事處及主要營業地點
中國江蘇省
宜興市丁蜀鎮
香港營業地點
香港
中環雪廠街16號
西洋會所大廈15樓
Annual Report 2017 年報 3
CORPORATE INFORMATION
公 司 資 料
HONG KONG LEGAL ADVISERS
Chiu & Partners
AUDITOR
Ascenda Cachet CPA Limited
PRINCIPAL BANKERS
PRC
China Construction Bank Corporation
China Merchants Bank Company Limited
China Bank of Communications Company Limited
Agricultural Bank of China Limited
Bank of China Limited
Hong Kong
Standard Chartered Bank (Hong Kong) Limited
BNP Paribas
China CITIC Bank International Limited
Bank of China (Hong Kong) Limited
Nanyang Commercial Bank, Limited
PRINCIPAL SHARE REGISTRAR AND TRANSFER OFFICE
SMP Partners (Cayman) Limited
Royal Bank House – 3rd Floor
24 Shedden Road
. Box 1586
Grand Cayman KY1-1110
Cayman Islands
HONG KONG BRANCH SHARE REGISTRAR AND
TRANSFER OFFICE
Computershare Hong Kong Investor Services Limited
17th Floor, Hopewell Centre
183 Queen’s Road East
Hong Kong
INTERNET WEBSITE
STOCK CODE ON THE STOCK EXCHANGE OF
HONG KONG LIMITED
769
PUBLIC RELATIONS CONSULTANT
Strategic Financial Relations Limited
香港法律顧問
趙不渝 馬國強律師事務所
核數師
天健德揚會計師事務所有限公司
主要往來銀行
中國
中國建設銀行股份有限公司
招商銀行股份有限公司
中國交通銀行股份有限公司
中國農業銀行股份有限公司
中國銀行股份有限公司
香港
渣打銀行（香港）有限公司
法國巴黎銀行
中信銀行（國際）有限公司
中國銀行（香港）有限公司
南洋商業銀行有限公司
主要股份過戶登記處
SMP Partners (Cayman) Limited
Royal Bank House – 3rd Floor
24 Shedden Road
. Box 1586
Grand Cayman KY1-1110
Cayman Islands
香港股份過戶登記分處
香港中央證券登記有限公司
香港
皇后大道東183號
合和中心17樓
互聯網址
香港聯合交易所有限公司股份代號
769
公關顧問
縱橫財經公關顧問有限公司
Annual Report 2017 年報4
財 務 摘 要
FINANCIAL HIGHLIGHTS
本公司擁有人應佔虧損淨額
NET LOSS ATTRIBUTABLE TO OWNERS OF THE COMPANY
截至十二月三十一日止年度 百萬港元
For the year ended 31 December HK$’ M
2013 -351
2014 -93
2015 -257
2016 -104
2017 -83
收入
REVENUE
截至十二月三十一日止年度 百萬港元
For the year ended 31 December HK$’ M
2013 1,488
2014 1,184
2015 843
2016 709
2017 637
資產淨值
NET ASSETS
於十二月三十一日 百萬港元
As at 31 December HK$’ M
2013 3,147
2014 2,998
2015 2,937
2016 2,655
2017 2,754
百萬港元
HK$’M
4,000
0
1,000
2,000
3,000
2016201520142013 2017
2,655
3,147
2,998
2,754
2,937
百萬港元
HK$’M
-351
-93 -104
-257
-83
-200
-100
0
-400
-300
2016201520142013 2017
0
500
1,000
1,500
2,000
百萬港元
HK$’M
稀土產品類 Rare Earth Products 耐火產品類 Refractory Products
2016201520142013 2017
1,090
843
500
436
386
398 341 343 273 251
Annual Report 2017 年報 5
財 務 摘 要
FINANCIAL HIGHLIGHTS
收入 REVENUE
稀土產品類 耐火產品類
Rare Earth Products Refractory Products
7%
2017
81%
12%
2016
86%
9%
日本 Japan
中華人民共和國 The People’s Republic of China
其他 Others
7%
5% 5%
72%
7%
3%
9%
9%
79%
9%
4%
5%
歐洲 Europe
中華人民共和國 The People’s Republic of China
美利堅合眾國 The United States of America
日本 Japan
其他 Others
3%
3%
2016
20173%
Annual Report 2017 年報6
主 席 報 告 書
CHAIRMAN’S STATEMENT
To Shareholders:
On behalf of the Board of Directors (the “Board”), I am pleased to
present to you the annual results of China Rare Earth Holdings
Limited (the “Company”) and its subsidiaries (together the
“Group”) for the year ended 31 December 2017.
The price of rare earth declined persistently between 2011 and
2016. It hit the bottom in October 2016, with more than 90%
shrink when compared with the top in 2011. In the past few years,
apart from the lifting of export quotas and tariff measures, China’s
policies on the rare earth industry have been gradually established.
It has also stepped up adjustment of mining, production, circulation
and export policies in relation to the rare earth industry. However,
rare earth price still kept falling, and the reason was excess supply,
plus the emergence of a “black industry chain” as a result of illegal
mining, over-mining and illegal smelting and separation, which
seriously intervened with China’s regulation of the rare earth
industry. Since the end of 2016, China has started a new round of
work to return the industry to order, ranging from mining, smelting
and separation to resource utilisation, circulation, and export, and a
number of enterprises which had violated the law and broken rules
were punished for displaying business operation standards for the
industry. The six major rare earth groups arranged production
basically according to the indication in the country’s rare earth total
production volume control plan, as such, market order improved
and rare earth supply reduced. Driven by the rapid growth of new
energy vehicles, increasing demand for lighter and thinner flat panel
displays and environment protection requirement, demand for rare
earth magnetic materials, polishing powder and catalyst materials
increased, helping boost overall demand for rare earth materials.
Product price stabilised and rebounded in 2017, starting to turn
around the “volume up, price down” situation of rare earth export.
致各位股東：
本人謹代表董事會（「董事會」）向各位股東提呈
中國稀土控股有限公司（「本公司」）及其附屬公
司（合稱「本集團」）截至二零一七年十二月
三十一日止全年業績報告。
稀土價格於二零一一到二零一六年間持續下跌，
更於二零一六年十月跌至谷底，比對二零一一年
的高位跌幅高逾九成。近年中國稀土產業政策相
繼出台，除取消出口配額和關稅措施外，亦在開
採、生產、流通、出口等環節加強調整，然而普
遍價格仍持續下滑，究其原因在於供應過剩。盜
採、超標開採和非法冶煉分離等形成黑色產業
鏈，嚴重干擾了國家對稀土產業的調控。自二零
一六年底，國家開展了新一輪稀土秩序整頓工
作，全面覆蓋了開採、冶煉分離、資源利用、流
通、出口等環節，同時查處了一批違法違規企
業，為業界確立營商準則。另一方面，六大稀土
集團基本上按照稀土生產總量控制計劃的指標
安排生產，市場秩序有所改善，稀土供應總量有
所減少。而受新能源汽車快速發展、平面顯示器
需求愈趨輕薄以及環保的提倡催化下正面帶動
了稀土磁性材料、拋光粉和催化材料等的需求上
升，稀土材料需求回暖，產品價格於二零一七年
企穩回升，初步扭轉出口「量增價跌」的情況。
Annual Report 2017 年報 7
主 席 報 告 書
CHAIRMAN’S STATEMENT
FINANCIAL RESULTS
For the year ended 31 December 2017, the Group recorded revenue
of approximately HK$637,162,000, down by approximately 10%
when compared to HK$709,120,000 in 2016.
During the year, crackdown on illegal and irregular rare earth
operations prevailed, the six major rare earth groups completed
consolidation resulting in a more compact supply chain, plus the
government carrying out three rounds of rare earth hoarding reserve
tendering, helped improve the supply and demand pattern and
pushed up rare earth price. In 2017, revenue from the Group’s rare
earth products amounted to approximately HK$386,533,000,
representing a decrease of about 11% when compared to
HK$436,477,000 in 2016, and accounting for about 61% of the
total revenue of the Group. As for refractory products, revenue was
approximately HK$250,629,000, representing a decrease of about
8% when compared to HK$272,643,000 in 2016, and accounting
for about 39% of the Group’s total revenue.
The price of rare earth products and refractory products rebounded
during the year. In 2017, the Group’s overall gross profit margin
was approximately 4% (approximately 1% last year). During the
year, there were times when the Group had to suspend production
of rare earth oxides and magnesium grains and expenses incurred
from those periods were approximately HK$39,550,000, as stated
under other operating expenses in the Group’s consolidated
statement of profit or loss. Around the end of the year, the Group
sold a subsidiary which principally engaged in manufacturing and
sales of fluorescent products and recorded loss on disposal of
approximately HK$5,697,000. Deducting al l outgoings and
expenses, the Group incurred net loss for the year at approximately
HK$84,781,000, a drop of about 21% from HK$107,876,000 in
2016. Loss per share was thus improved from about cents
in 2016 to about cents for the year.
財務業績
截至二零一七年十二月三十一日止年度，本集團
錄得收入共約637,162,000港元，與二零一六年
的709,120,000港元相比下調了約10%。
年內，稀土「打黑」常態化和六大稀土集團的整
合完成促使稀土供應鏈收窄，再加上三輪國家收
儲影響，令供需格局改善，稀土價格上升。二零
一七年，本集團的稀土產品收入較二零一六年的
436,477,000港元下調了約11%至約386,533,000
港元，佔總收入的約61%。耐火產品方面，收入
較二零一六年的272,643,000港元減少了約8%至
約250,629,000港元，佔總收入的約39%。
稀土產品和耐火產品價格於年內有所回升。二零
一七年，本集團錄得整體毛利率約4%（去年約
1%）。年內本集團稀土氧化物和鎂砂的生產線
均有停產情況，其間支出消耗了約39,550,000港
元，於綜合損益表列示於其他經營費用。於近年
末時本集團出讓主要製造和銷售熒光產品的附
屬公司而錄得了出讓虧損約5,697,000港元。扣
除所有開支和費用後，年內淨虧損由二零一六年
度的約107,876,000港元減少了約21%至約
84,781,000港元。每股虧損亦由二零一六年的約
港仙進一步改善至約港仙。
Annual Report 2017 年報8
主 席 報 告 書
CHAIRMAN’S STATEMENT
BUSINESS REVIEW
Rare Earth Business
Revenue from the Group’s rare earth segment was approximately
HK$386,533,000, an about 11% decrease when compared to
HK$436,477,000 in 2016. Gross loss margin of the segment stayed
at about 5%.
The three rounds of national rare earth hoarding reserve tendering
in China were completed in January, March and May 2017
respectively, which hoarded more than 8,000 tonnes of rare earth
products. The annual rare earth hoarding reserve plan made
progress for bringing rare earth price back to a reasonable level.
Price of most rare earth oxides in China was basically on the growth
track in 2017, trending up steadily in the first three quarters. Came
September, it reached the highest in two years and then slid slightly
due to that downstream customers were starting to adopt a
wait-and-see approach to the market supply and reduced
procurement. Some manufacturers took the lead to reduce
production to brace prices and that helped limit the drop in product
price in the fourth quarter.
The Group sold approximately 1,900 tonnes of rare earth oxides in
all during the year, similar to last year. Compared to the average
selling prices of the rare earth products sold by the Group last year,
those of samarium oxide and erbium oxide went up by less than
10%; those of praseodymium oxide, cerium oxide, europium oxide
and terbium oxide climbed up by about 25% to 40%, and
gadolinium oxide, neodymium oxide and holmium oxide prices went
up by approximately 60% to 80%. However, there were also price
drop in some rare earth products, such as dysprosium oxide and
yttrium-europium coprecipitates having an around 5% decline in
price and that of lanthanum oxide having dropped by approximately
15%.
業務回顧
稀土業務
本年度來自稀土分部的收入約386,533,000港元，
比二零一六年度約436,477,000港元下降了約
11%。分部毛虧率維持於約5%。
於二零一七年一月、三月和五月，中國分別進行
了三輪稀土國儲招標，共收儲了逾8,000噸稀土
產品。全年的收儲計劃取得了階段性進展，有助
於稀土價格回歸理性。國內大部份稀土氧化物價
格於二零一七年基本處於上升軌道，於首三季度
持續穩步上揚，直至九月份升至近兩年高位後，
價格呈現小幅度下滑，主要歸因於下游客戶開始
對市場供應採取觀望態度而減少採購。部份廠家
牽頭減產保價，第四季度產品價格跌幅有限。
本集團年內共銷售了約1,900噸稀土氧化物，與
去年相若。本集團出售的稀土產品年度平均價格
與去年比較，氧化釤和氧化鉺的價格上升少於一
成；氧化鐠、氧化鈰、氧化銪和氧化鋱上升了約
兩成半至四成；氧化釓、氧化釹和氧化鈥更上升
了約六成至八成。然而亦有部份稀土產品價格下
跌，如氧化鏑和釔銪共沉的價格下跌了約半成；
氧化鑭亦下跌了約一成半。
Annual Report 2017 年報 9
主 席 報 告 書
CHAIRMAN’S STATEMENT
As crackdown on illegal and irregular rare earth practices has
become a norm in China and the government has str ict ly
implemented its production directives, supply of rare earth resources
was tight during the year. The Group was unable to secure
sufficient raw material supply even though it had increased its
prepayments for rare earth procurement. To reduce wastage and
expense on labour wage due to limited production, and facilitate
the Group to upgrade its environmental protection facilities, the
Group has employed strategic adjustment to the production time
and arranged temporary suspension. Overall, the Group’s rare earth
separation production lines have stopped operation for more than
six months in total in 2017, and most of the customer orders had to
be met by increasing trading products from outside. Despite the rise
in selling price, with the Group making provision for inventories for
products not in keen demand in the market and having longer
storage time, gross loss margin of the business division narrowed
slightly to about 5% during the year.
Despite that the sales amount of rare earth oxides increased against
the previous year due to an increase in unit price, it was not
sufficient to offset the reduction in sales amount of fluorescent
materials. Revenue from the rare earth segment in 2017 was down
by approximately 11% year-on-year.
As for the energy-saving lamps market, with the LED light industry
prospering, demand for trichromatic fluorescent lamps has been
decreasing gradually. The Group’s fluorescent materials business
had been in loss in the past few years. The Group tried to reverse
the situation by broadening sources of income and reducing
expenditure, but to no avail. Thus, it decided to dispose of its entire
equity interest in a subsidiary which principally engaged in
manufacturing and sales of fluorescent products. Before the
disposal at the end of the year, sales amount of the subsidiary
reduced by about 80% when compared with 2016, and sales
volume was down by about 55%. Although the selling prices of
blue and green phosphors rose by about 30% to 40%, they
accounted for only a small proportion of the sales volume, much
less than that of red phosphors, of which the selling price saw an
about 10% drop. As a result, sales amount contracted rather
markedly. Gross loss margin increased to about 12%. Loss of the
b u s i n e s s d i v i s i o n d u r i n g t h e y e a r a m o u n t e d t o a b o u t
HK$15,266,000.
由於國內常態化的打黑行動持續推進，和國家嚴
厲執行指令性生產計劃，致使稀土礦源供應緊
張。雖然本集團已增加預付款作採購稀土之用，
然而仍未能獲得足夠原材料供應。為了減少因投
產不足而引致的生產消耗及減省人手開支，亦方
便本集團對環保設施進行升級，本集團策略性調
整了生產時間並安排暫時停工，綜合計算下本集
團的稀土分離生產線於二零一七年有逾半年的
時間處於停頓狀態，以致大部份客戶的訂單只能
以增加外購商品來滿足。綜合而言，由於本集團
於年內為部分市場需求較少，儲存時間較長的產
品作出了存貨撥備，抵銷了產品價格上升的正面
影響，致使該部份業務的毛虧率只輕微減少至約
5%。
雖然本集團稀土氧化物的銷售額在單價提升下
較去年有所增長，但仍抵消不了熒光材料銷售額
的萎縮，導致本集團於二零一七年稀土分部的收
入比去年下降了約11%。
對於節能燈的市場，由於LED光源的發展日漸蓬
勃，三基色熒光燈的需求量日漸下降。過去數
年，本集團熒光材料的業務一直錄得虧損。雖然
本集團多次嘗試開源節流，希望能扭轉劣勢，可
惜結果未能盡如人意。因此本集團決定將其主要
製造和銷售熒光產品的附屬公司權益全數出讓。
年末出讓前，該附屬公司的銷售額同比減少約八
成，銷售量減少約五成半。雖然藍色熒光粉和綠
色熒光粉的售價提升了約三至四成，但其在銷售
量的比例上遠少於紅色熒光粉，而紅色熒光粉售
價卻下降了約一成，以致銷售額大幅下跌，毛虧
率升至約1 2 %。該業務於年內的虧損約達
15,266,000港元。
Annual Report 2017 年報10
主 席 報 告 書
CHAIRMAN’S STATEMENT
By market, China remained the largest market for the Group’s rare
earth products, contributing around 79% of the total sales amount
of its rare earth segment. As for overseas markets, Japan, Europe
and the US accounted for around 9%, 5% and 4% respectively.
Refractory Materials Business
In 2017, revenue from the Group’s refractory materials segment
was approximately HK$250,629,000, down by about 8% when
compared to the approximately HK$272,643,000 in 2016.
Segmental gross profit margin rose to about 18%.
During the year under review, the production volume of iron and
steel in China continued to surge when compared with 2016, while
the production volume of cement was similar to that in 2016.
Refractory materials are consumables for the iron and steel and
cement industries. The rapid growth in production volume of iron
and steel and the strong demand for cement output meant more
refractory materials were required, and in turn the demand for such
materials was released. At the same time, China has been placing
greater emphasis on environmental protection in recent years,
taking it as the prerequisite for realizing different policies. In 2017,
the Central Environmental Protection Inspection Team carried out
large scale environmental protection inspection in Liaoning Province,
with Anshan City and Haicheng City as main targets. The majority
of large production enterprises had to halt and make related
rectification and reforms while those small enterprises, which failed
to pass inspection, were forced to close down. As those regions are
the key production bases of magnesite in China, the above act
directly impacted the supply of magnesium grain. The price of
refractory materials generally went up during the year due to the
serious shortage in supply of raw materials against increase in
demand for the product. However, as the supply lead time in some
of the contracts for refractory materials signed by the Group with
customers was relatively long, the positive impact of price increase
was delayed. In 2017, the average selling prices of the principal
products sold by the Group such as alumina-graphite bricks only
increased by about 5% year-on-year, and those of magnesium
chrome bricks and casting materials grew by about 10% to 20%.
As for high temperature ceramics products, as the Group’s strategy
for the business in 2017 was to expand overseas market, their
average selling prices remained similar as in 2016.
從市場分佈來看，中國仍然是本集團稀土產品的
最大市場，市場銷售額約佔稀土分部銷售總額的
79%。海外市場方面，日本、歐洲及美國分別約
佔9%、5%及4%。
耐火材料業務
本年度本集團來自耐火材料業務的分部收入約
2 5 0 , 6 2 9 , 0 0 0港元，與二零一六年年度約
272,643,000港元相比下降了約8%。分部毛利率
升至約18%。
縱觀回顧年度，中國的鋼鐵產量與二零一六年相
比增速持續走高，水泥產量與二零一六年相若。
耐火材料是鋼鐵及水泥產業的耗材，鋼鐵產量的
高增長與水泥產量的高需求加快了耐火材料的
消耗進而釋放了耐火材料的需求。另一方面，中
國近年越來越重視環境保護，以環境保護為各種
政策落實的先要條件。二零一七年，中央環境保
護督察組對遼寧省展開了大規模環境保護審查
及考察工作，其中鞍山市及海城市更成為重點考
核對象，除了當地不合格的小型企業被政府強行
關停，大部份大型生產企業亦被要求停產以進行
整頓和改造。當地作為中國菱鎂石礦的重要生產
基地，有關舉動直接影響了鎂砂的供應。在原材
料供應嚴重不足而產品需求上升的情況下，年內
耐火材料的產品價格普遍上漲。然而由於本集團
與客戶簽訂部份合同的供貨時間較長，所以提價
的正面影響有點滯後。於二零一七年本集團售出
的主要產品如鋁碳磚的平均價格只比去年的上
升約半成；電熔鎂鉻磚和澆注料的上升約一成至
兩成。高溫陶瓷產品方面，由於二零一七年本集
團的主要策略在於開拓海外市場，故其平均售價
維持於去年相若水平。
Annual Report 2017 年報 11
主 席 報 告 書
CHAIRMAN’S STATEMENT
In terms of sales volume, the Group sold approximately 28,400
tonnes of ordinary refractory materials and high temperature
ceramics products, approximately 10% more when compared with
last year. Gross profit margin further rose to about 16%.
Regarding the magnesium grains business, with its production lines
in the region of Anshan and Haicheng, the Group was adversely
affected by the large-scale environmental recovery and rectification
initiative of the country during the year. Related impact on the
Group’s fused magnesium grains production line was minimal, and
it operated normally in most of the time, except for the about a
month of halting production to prepare for and go through
inspection by the Central Environmental Protection Inspection Team.
Its output volume declined, however, mainly due to the decrease in
magnesite supply in the market. The Group’s high purity magnesium
grains production line was severely affected though, for albeit
efforts of the Group, inc luding revamping completely i ts
eco-friendly dedusting desulphurization facility and hiring expert
advice, at the end of the year after inspection by different
government authorities, the related operations were still deemed
not meeting all of the country’s standards. Most of the time, the
production line was basically suspended from operation during the
year under review. The Group sold approximately 22,300 tonnes of
magnesium grains products in 2017, approximately a two-third drop
when compared with last year. However, the product price surged
by a notable about 70% year-on-year on average due to supply
shortage, which mitigated the impact of sales volume drop on sales
amount. Gross profit margin of the magnesium grains business
climbed to about 25%.
By geographical market, China remained the Group’s core market
for refractory materials business, which accounted for about 81%
of the segmental revenue. With respect to exports, Japan market
accounted for about 12%. At the Group’s active effort to explore
and develop overseas markets for its high temperature ceramics
products, the proportion of revenue contribution of Europe and the
Middle East markets rose to about 7%.
銷售量方面，本集團於二零一七年售出了約
28,400噸一般耐火材料及高溫陶瓷產品，與去年
比較增加約一成。有關的毛利率進一步升至約
16%。
鎂砂業務方面，本集團的鎂砂生產線正位於鞍山
海城地段，年內受到國家大規模環保治理整頓工
程的影響。本集團的電熔鎂砂生產線所受影響較
微，除了環保監察大隊到訪前作準備工作及實地
審查期間暫時停頓約一個月，其餘時間皆正常運
作，但因市場上菱鎂石礦供應減少以致產量下
跌。然而本集團的高純鎂砂生產線卻受到較大影
響，經不同審查部門考察過後，本集團已對有關
的環保除塵脫硫脫硝設備進行全面改造，亦先後
聘請了不同專家蒞臨指導，但仍未能於年內達到
所有國家標準，故該生產線於回顧年內大部份時
間基本停頓。於二零一七年本集團售出了約
22,300噸鎂砂產品，與去年比較下跌約三分之
二。然而由於市場供應短缺使產品價格大幅攀
升，平均比去年上漲約七成，減輕了銷售量下跌
對銷售額的影響。鎂砂業務的毛利率升至約
25%。
市場分佈方面，本集團的耐火材料業務仍然以中
國市場為主，佔分部收入的約81%。出口方面，
日本市場約佔12%。在積極開拓高溫陶瓷產品海
外市場的努力下，歐洲及中東等市場比例上升至
約7%。
Annual Report 2017 年報12
主 席 報 告 書
CHAIRMAN’S STATEMENT
DISPOSAL TRANSACTION
The Group disposed of the entire equity interest it held in Silver
Mile Holdings Limited and its subsidiary Yixing Si lver Mile
Fluorescent Materials Co., Ltd., which principally engaged in
manufacturing and sales of fluorescent products, at a cash
consideration of HK$500,000 during the year, as the fluorescent
materials business failed to turn around from continuous loss. The
transaction was completed on 22 December 2017. Taking into
account the net liability of approximately HK$1,897,000 before the
disposal and the cumulative exchange loss in the past years of
approximately HK$8,094,000 reclassified from equity, the loss from
the disposal amounted to approximately HK$5,697,000. The sale of
the subsidiaries allowed the Group to reallocate resources and
devote more resources to developing the rare earth and refractory
materials businesses.
PROSPECTS
Alongside the substantial increase in demand for new energy
products, the rare earth market has also become more and more
active. The demand for the rare earth, being an upstream resource,
is thus likely to climb again in the future. Moreover, the government
has stepped up crackdown on black market activities in its bid to rid
illegal rare earth mining. Generally speaking, the basic conditions of
the rare earth market in China wil l improve gradually and
accordingly rare earth price in China is likely to pick up steadily.
出售交易
由於一直未能將熒光材料的業務扭虧為盈，本集
團於年內以現金代價500,000港元出售了銀茂控
股有限公司及其下附屬主要製造和銷售熒光產
品的宜興銀茂熒光材料有限公司的所有股權。交
易於二零一七年十二月二十二日完成。計及該兩
公司出讓前的負債淨額約1,897,000港元及於過
去年度累計由權益重分類的匯兌虧損約8,094,000
港元，出售交易錄得虧損約5,697,000港元。出
售該兩附屬公司有助本集團重新調配資源，以投
放更多於發展稀土及耐火材料業務上。
展望
隨著新能源產品需求的大增，稀土市場活躍度也
持續增加，稀土作為上游資源，未來需求量有望
再度提升。另一方面，稀土「打黑」行動持續強
化，國家繼續嚴厲打擊非法開採。總體來看，中
國稀土市場基本情況將逐步改善，中國稀土價格
有望繼續穩步回升。
Annual Report 2017 年報 13
主 席 報 告 書
CHAIRMAN’S STATEMENT
As for the future of the industry, it will continue to improve at the
roll out of favourable government policies. With the Chinese
government leading, the six major rare earth groups will play a
dominant role in the industry in maintaining an orderly market and
accelerating internal consolidation of industry players. In turn, it will
also support relevant government authorities in implementing
reform policies to improve the integrated use of rare earth resources
and fighting against the “black rare earth” issue which shall be
tackled in accordance with the law and related rules and
regulations. The rare earth industry in China is going through a
cr i t ical per iod of development, requir ing i t to change i ts
development mode, optimise product structure, identify new growth
drivers and shift to high quality operation. The report of the 19th
Communist Party of China National Congress has laid down the
directions for the rare earth industry to increase supply and for
promoting green development of the industry. The Group will
continue to actively support environmental protection initiatives of
the country and upgrade its production facilities accordingly. Thanks
for the product ion faci l i t ies reformation in the aspect of
environmental protection during the production suspension for price
supporting in 2016, as announced in July 2017, the Group’s
subsidiary Yixing Xinwei Leeshing Rare Earth Company Limited was
recognised as a “green enterprise” ranked top in the grading in the
environmental credit evaluation conducted in 2016 by the Jiangsu
Environmental Protection Department on 1,064 national key
pollution control enterprises. It is a testament to the Group’s
outstanding achievement in the rare earth industry.
To grasp development opportunities in the improving market, the
Group enhanced its management team in February 2018. It
appointed Mr. Zhang Yourong, who has rich experience in the rare
earth industry, as General Manager of its subsidiary, Yixing Xinwei
Leeshing Rare Earth Company Limited, to be responsible for
operation of the Group’s rare earth business. The Group hopes
Mr. Zhang will run the rare earth segment effectively drawing on his
abundant experience and well recognized industry position, helping
the business increase capacity and optimise operation, and in turn
improve its performance and turn around to profit as soon as
possible.
Moreover, the Group has just established an international operation
centre in Shenzhen, with the aim to consolidate its resources,
participate in science development, and provide with an outstanding
platform for enterprise display and information exchange.
對於行業未來發展，國家政策的頒佈促使行業持
續向好，在中國政府的帶領下，六大稀土集團將
發揮行業主導作用，維護市場秩序，加快企業內
部整合。同時配合有關部門推行改革政策，改善
稀土資源綜合利用，對於市場上存在的「黑稀土」
問題，依法規嚴肅處理。中國稀土行業正處於變
革的關鍵時期，冀達致轉變發展方式、優化產品
結構、轉換增長動力及推動高質量生產。誠如中
共十九大報告對稀土行業深化供應及推動綠色
發展等工作方向一致，本集團將繼續積極響應環
保號召，對生產設備進行環保改造。於二零一七
年七月公佈的結果顯示，本集團於二零一六年減
產保值期間對生產設施進行環保升級，令本集團
旗下的宜興新威利成稀土有限公司於二零一六
年江蘇省環境保護廳對全省1,064家國控重點污
染企業環保信用評價中被定為評價最優的綠色
企業等級，印證了本集團在稀土行業中取得的卓
越成效。
為迎接未來市況向好所帶來的發展機遇，於二零
一八年二月，本集團加強了管理團隊，邀聘了在
稀土行業有豐富經驗的張有榮先生擔任本集團
旗下附屬公司宜興新威利成稀土有限公司總經
理，負責本集團稀土業務的營運。希望透過張先
生的豐富經驗和業界地位，能有效管治好本集團
的稀土分部，提高產能，優化營運，改善本集團
稀土業務表現，盡早扭虧為盈。
另一方面，本集團剛於深圳成立了國際營運中
心。希望能藉此為本集團整合資源，發展科學，
提供出色的企業展示和交流平台。
Annual Report 2017 年報14
主 席 報 告 書
CHAIRMAN’S STATEMENT
The Group will keep looking for reliable upstream rare earth
material suppliers in China and opening up more material supply
channels to ensure its rare earth production lines have access to
adequate supply of raw materials to operate steadily. The Group will
also continue to explore suitable sources of rare earth overseas, and
study the possibility of importing or investing in or cooperation with
regard to materials for rare earth production. Furthermore, the
Group is still studying the feasibility of investing in magnesite mine
in north-eastern China with the hope of completing vertical
integration of its operations as soon as possible and reap resulting
synergies.
LIqUIDITY AND FINANCIAL RESOURCES
The Group continued to adopt prudent financial arrangement and
retain adequate liquidity. As at 31 December 2017, the Group had
cash and bank deposits of approximately HK$1,665,102,000, similar
to that at the end of the preceding year. Net current assets of the
Group amounted to approximately HK$2,344,728,000, with total
liabilities to total assets ratio down to around 6%.
As in the previous two years, the Group continued in 2017 to sign
supply contracts with certain suppliers and made prepayments for
rare earth materials, thereby ensure it had access to sufficient
supply of raw materials and products at premium prices. During the
year under review, the supply arrangement of rare earth product for
trading was relatively smooth. Supply contracts were renewed upon
completion and prepayments were topped up. However, the supply
arrangement of the rare earth materials for production was
disappointing. There was a supplier who has cooperated with the
Group for some time experienced difficulty in making supply
arrangement in 2017. After rounds of negotiation, it still could not
supply sufficient materials to complete the contract and there was
certain portion of prepayments remaining on book by the end of
2017. Subsequent to negotiation, such amount will be fully
refunded in 2018, and it has been reclassified as other receivables
on the balance sheet. As the Group did not obtain sufficient raw
materials from the original suppliers in the review year, it has found
other material suppliers and signed supply contracts with them and
made relevant prepayments. Prior to year-end, the Group has
already received part of the raw materials. As at 31 December 2017,
prepayments made for rare earth materials totalled approximately
HK$224,160,000. The net proceeds of about HK$390 million raised
by the Company through the rights issue in 2015 had been fully
utilized to make prepayments for rare earth materials in these three
years.
本集團會繼續尋找國內可靠的稀土上游材料供
應商，開拓更多原材料供應渠道，務求獲得足夠
的原材料供應，使本集團稀土業務的生產線能穩
健運行。本集團亦會繼續物色合適的海外稀土礦
源，探討供貨入口或投資合作的機會。另外，本
集團仍然在研究投資中國東北地區菱鎂礦項目
的可行性，冀能早日完成產業垂直整合，發揮協
同效應。
流動資金及財務資源
本集團繼續保持審慎的財務安排，保留充裕流動
資金。於二零一七年十二月三十一日，本集團共
持有現金及銀行存款金額共約1,665,102,000港
元，與去年末相若。本集團的流動資產淨值約為
2,344,728,000港元。總負債對總資產的比率減
至約6%。
承接過去兩年的運作，本集團於二零一七年仍然
繼續投放資金於稀土材料預付款上，與若干供應
商簽訂供貨合約，務求以優惠價格獲得足夠的原
材料及產品供應。回顧年內有關貿易的稀土產品
的供應安排順利，供貨合約完成後即重新簽訂，
預付款耗用後即時補充。但有關生產的稀土原材
料供應安排則未如理想，其中有一直合作的供應
商於在供貨安排上面臨困難，經多次洽談後仍然
未能提供足夠貨源完成合約，於二零一七年末仍
有部份預付款未能供貨。經商議後該款項將於二
零一八年全數退回，並已在資產負債表上重分類
為其他應收款列示。由於回顧年內未能從舊有供
應商獲得足夠的原材料，本集團已另外覓得其他
原材料供應商並簽訂了供貨合約，亦付出了預付
款，於年結前已取得部份原材料供應。於二零
一七年十二月三十一日，有關稀土材料的預付款
約為224,160,000港元。本公司於二零一五年透
過供股籌集的約390,000,000港元淨額所得已全
數應用在這三年的稀土材料預付款上。
Annual Report 2017 年報 15
主 席 報 告 書
CHAIRMAN’S STATEMENT
In addition, with environmental measures in China causing tight
upstream supply of raw materials for refractory products, the Group
has already signed prepayment supply contracts with several
suppliers of raw materials for refractory products and made
prepayments, to ensure it has sufficient supply of raw materials to
meet the requirement of its improving business. As at 31 December
2017, the related prepayments made amounted to approximately
HK$93,700,000.
The borrowing arrangement with land and plant pledged to banks
and financial institutions at year-end 2016 ended subsequent to the
disposal of the fluorescent materials business in December 2017.
As at 31 December 2017, the Group had no charge on its assets,
nor had it held any financial derivative products. It was not exposed
to any material interest rate risk. As for foreign exchange exposure,
most of the Group’s assets, l iabil it ies and transactions are
denominated in Renminbi, and the rest are in US dollars or Hong
Kong dollars. During the year, the exchange rates of Renminbi
increased slightly, but the overall trend was stable. The Group will
continue to monitor closely exchange rate fluctuation and changes
and work hard to lower its financial risks.
STAFF AND REMUNERATION
The Group streamlined its manpower structure according to its
development strategies and business needs. With certain production
lines suspended and because of the disposal of subsidiaries, the
Group’s workforce shrank when compared with 2016. As at 31
December 2017, the Group had approximately 520 employees,
including a number of experienced professionals and university
graduates. Staff costs for the year decreased. During the year, the
Group’s staff costs including directors’ emoluments amounted to a
total of approximately HK$44,015,000, around 20% less than in
2016. The Group continued to provide regular on-the-job training
and study opportunities to employees to assist them in maintaining
their professional competence.
另外，由於國內因環保治理的影響致使耐火產品
的上游原材料供應緊張，為了確保有充足穩定的
原材料供應以迎接繼續向好的業務，本集團亦已
就採購耐火產品的原材料向若干供應商簽訂了
預付款供貨合約，並預支了款項。於二零一七年
十二月三十一日，該等預付款約為93,700,000港
元。
有關本集團於二零一六年年結時向銀行及財務
機構以土地及廠房抵押的借款安排，已於二零
一七年十二月隨著出售熒光材料業務而終止。
於二零一七年十二月三十一日，本集團並無資產
被抵押，亦未持有任何金融衍生工具產品。本集
團亦無面臨重大的息率風險。匯率方面，本集團
大部份之資產、負債及交易均以人民幣結算，另
有部份以美元及港元列值。回顧年內，人民幣匯
率輕微上升，但走勢仍保持穩定。本集團將繼續
關注匯率的波動及變化，致力降低財務風險。
僱員及薪酬
本集團根據發展和業務需要，精簡了人力資源結
構。由於部份生產線停產及出售附屬公司的影響
下，僱員人數較二零一六年進一步減少。於二零
一七年十二月三十一日，本集團僱用各級員工共
計約520人，包括多名經驗豐富的專業人才及大
學畢業生。員工成本下降，年內，僱員成本包括
董事酬金合計約為44,015,000港元，比二零一六
年減少了約兩成。本集團繼續定期為員工提供在
職培訓及進修機會，以保持其專業水準。
Annual Report 2017 年報16
主 席 報 告 書
CHAIRMAN’S STATEMENT
FINAL DIVIDEND
The Board does not recommend payment of a final dividend for the
year of 2017 (2016: nil).
CONCLUSION
Looking ahead, the Group will grab business opportunities with
professionalism. It will push to boost its competitive advantages by
drawing on the shrewd vision and proven management and
operation models afforded by its management team, embarking on
environmental governance heeding related industry policies and
innovating and improving its products by continuous integration of
corporate resources and optimization of production flow. Its
ultimate goal is to create long-term and high value returns for
shareholders.
Last but not least, I would like to take this opportunity to express
my sincere gratitude to fellow board members, the management
team, our business partners and staff for their remarkable
contribution to the Group.
Qian Yuanying
Chairman
Hong Kong, 28 March 2018
末期股息
董事會建議不派發二零一七年度之末期股息（二
零一六年：無）。
總結
展望將來，本集團將繼續秉承專業精神，抓住機
遇，配合管理團隊高瞻遠矚的眼光和妥善優質的
運營模式，同時按照產業政策進行環境治理，並
通過持續整合企業資源與優化生產流程，創新及
改良產品，進一步鞏固並擴大本集團的競爭優
勢，為股東創造長遠以及高價值的回報。
最後，本人謹藉此向本集團董事會成員、管理團
隊、業務夥伴及全體員工所做出的傾力貢獻，表
示由衷的感謝！
錢元英
主席
香港，二零一八年三月二十八日
Annual Report 2017 年報 17
董 事 及 高 級 管 理 人 員 簡 介
DirecTOrS AND SeNiOr MANAGeMeNT prOfile
執行董事
錢元英女士，59歲，本集團創辦者，於二零一七
年九月獲委任為主席。此前，錢女士為本集團副
主席兼行政總裁。錢女士負責制訂本集團整體業
務發展政策。錢女士獲江蘇省人事廳評定具高級
經濟師資格，另外亦獲得中國職業經理人資格。
錢女士在稀土及耐火材料行業方面擁有逾三十
年經驗。於創辦本集團之前，錢女士曾任職學校
教師。錢女士亦為本公司主要股東YY Holdings
Limited之董事。錢女士為本集團執行董事蔣泉
龍先生之妻子。
蔣泉龍先生，65歲，本集團創辦者，曾擔任本集
團主席直至二零一七年九月。蔣先生負責本集團
對內及對外的協調及業務關係發展。蔣先生獲江
蘇省人事廳評定具高級經濟師資格。蔣先生在稀
土及耐火材料行業擁有逾三十年經驗。於創辦本
集團之前，蔣先生曾擔任某耐火材料製造廠的經
理及某玻璃陶瓷製造公司的營業經理。蔣先生亦
為本公司主要股東YY Holdings Limited之董事。
蔣先生為本集團主席錢元英女士之丈夫。
蔣大偉先生，34歲，於二零零六年加入本集團，
於二零一七年九月獲委任為本集團行政總裁兼
執行董事。蔣先生負責本集團整體管理及本集團
業務的市場推廣。此前，蔣先生為宜興新威利成
稀土有限公司銷售部主管。蔣先生擁有揚州大學
工商管理學士學位。
蔣才南先生，59歲，於一九八六年加入本集團，
於二零零五年獲委任為本集團執行董事。蔣先生
兼為宜興新威利成耐火材料有限公司總經理，負
責耐火材料業務之營運及銷售。蔣先生在耐火材
料行業擁有逾三十年的經驗。
EXECUTIVE DIRECTORS
Ms. Qian Yuanying, aged 59, is a founding member and was
appointed as the chairman of the Group in September 2017. Previously
Ms. Qian was the deputy chairman and chief executive officer of the
Group. Ms. Qian is responsible for the formulation of the Group’s
overall business development policies. Ms. Qian is recognised as a
senior economist by Jiangsu Provincial Personnel Department, and she
is also qualified as a Chinese Career Manager. Ms. Qian has over 30
years of experience in the rare earth and refractory materials industries.
Prior to the founding of the Group, Ms. Qian was a high school
teacher. Ms. Qian is also a director of YY Holdings Limited, a
substantial shareholder of the Company. Ms. Qian is the wife of
Mr. Jiang Quanlong, an executive director of the Group.
Mr. Jiang Quanlong, aged 65, is a founding member and was
previously the chairman of the Group until September 2017. Mr. Jiang
is responsible for internal and external coordination and development
of business relationship of the Group. Mr. Jiang is recognised as a
senior economist by Jiangsu Provincial Personnel Department. Mr. Jiang
has over 30 years of experience in the rare earth and refractory
materials industries. Prior to the founding of the Group, Mr. Jiang had
been a factory manager of a refractory materials production plant and
a sales manager of a glass and ceramics manufacturing company.
Mr. Jiang is also a director of YY Holdings Limited, a substantial
shareholder of the Company. Mr. Jiang is the husband of Ms. Qian
Yuanying, the chairman of the Group.
Mr. Jiang Dawei, aged 34, joined the Group in 2006 and was
appointed as the chief executive officer and an executive director of
the Group in September 2017. Mr. Jiang is responsible for the
overall management of the Group and the marketing aspect of the
Group’s business. Previously, Mr. Jiang was the head of the sales
department of Yixing Xinwei Leeshing Rare Earth Company Limited.
Mr. Jiang obtained a Bachelor degree of Business Administration
from Yangzhou University.
Mr. Jiang Cainan, aged 59, joined the Group in 1986 and was
appointed as an executive director of the Group in 2005. Mr. Jiang
is also the general manager of Yixing Xinwei Leeshing Refractory
Materials Company Limited and is responsible for the operation and
sales of refractory materials business. Mr. Jiang has over 30 years of
experience in the refractory materials industry.
Annual Report 2017 年報18
董 事 及 高 級 管 理 人 員 簡 介
DirecTOrS AND SeNiOr MANAGeMeNT prOfile
INDEPENDENT NON-EXECUTIVE DIRECTORS
Mr. Huang Chunhua, aged 54, joined the Group in 2001 as an
independent non-executive director of the Group. Mr. Huang
obtained a degree in Marketing and a Master degree in
Business Administration from University of Strathclyde and a
Bachelor degree in Economics from Wuhan University. Currently
Mr. Huang is the deputy chairman and an executive director of
Hybrid Kinetic Group Limited, the shares of which are listed on The
Stock Exchange of Hong Kong Limited. For the period from May
2007 to April 2009, Mr. Huang was a director and China equity
market strategist of BNP Paribas Securities (Asia) Limited. Prior to
that he had been the deputy chairman of Hybrid Kinetic Group
Limited between November 2002 and October 2007 and an analyst
of various securities companies. Mr. Huang has extensive knowledge
and experience in financial market.
Mr. Jin Zhong, aged 66, joined the Group in 2004 as an
independent non-executive director of the Group. Mr. Jin graduated
from the Faculty of Material Engineering of Wuhan Steel College,
specialising in refractory studies. Mr. Jin was previously the deputy
chief engineer of the head factory of Guiyang City Refractory
Materials Factory.
Mr. Wang Guozhen, aged 82 joined the Group in 2012 as an
independent non-executive director of the Group. Mr. Wang
graduated from Tianjin University, majoring in Physical chemistry of
metals. Currently Mr. Wang is a senior expert consultant in rare
earth projects of China Enfi Engineering Corporation. For the period
from 1987 to 1994, Mr. Wang was a member of the Experts Group
of the Rare Earth Leading Group of the State Council, the People’s
Republic of China and the head of its industry group. From 1994 to
2006, Mr. Wang was a member of the Group of Rare Earth Experts
of the National Development and Reform Commission and the head
of its industry group. Mr. Wang also worked at the Chinese Society
of Rare Earths (the “CSRE”) consecutively as a director, a standing
director, an expert in its rare earth experts group and a senior
member of its Rare Earth Related Environmental Protection and
Labor Hygiene Professional Committee from 1980 to 2009. In 2009,
Mr. Wang was appointed as honorary executive of the CSRE.
Besides, Mr. Wang is also an independent non-executive director of
Pan Asia Environmental Protection Group Limited, the shares of
which are listed on The Stock Exchange of Hong Kong Limited.
獨立非執行董事
黃春華先生，54歲，於二零零一年加入本集團，
為本集團獨立非執行董事。黃先生擁有英國斯特
克萊大學工商管理學碩士和市場學博士學位及
武漢大學經濟學學士學位。現時黃先生為正道集
團有限公司（其股份於香港聯合交易所有限公司
上市）之副主席兼執行董事。黃先生於二零零七
年五月至二零零九年四月期間為法國巴黎證券（亞
洲）有限公司證券董事和中國資本市場策略師。
在此之前，黃先生於二零零二年十一月至二零零
七年十月擔任正道集團有限公司副主席，並曾在
多所證券公司任職分析師。黃先生在金融市場上
擁有豐富的知識和經驗。
金重先生，66歲，於二零零四年加入本集團，為
本集團獨立非執行董事。金先生在武漢鋼鐵學院
材料工程學系耐火專業專科畢業，曾在貴陽市耐
火材料廠總廠出任副總工程師。
王國珍先生，82歲，於二零一二年加入本集團，
為本集團獨立非執行董事。王先生畢業於天津大
學，主修金屬物理化學。現時王先生為中國恩菲
工程技術有限公司稀土項目之高級專家顧問。王
先生於一九八七年至一九九四年為中國國務院
稀土領導小組專家組成員及產業組組長及於
一九九四年至二零零六年為國家發展和改革委
員會稀土專家組成員及產業組組長。王先生於
一九八零年至二零零九年曾連續擔任中國稀土
學會理事、常務理事、稀土專家組專家以及稀土
環保與勞動衛生專業委員會主任委員。王先生於
二零零九年獲委任為中國稀土學會榮譽理事。此
外，王先生亦為泛亞環保集團有限公司（其股份
於香港聯合交易所有限公司上市）之獨立非執行
董事。
Annual Report 2017 年報 19
董 事 及 高 級 管 理 人 員 簡 介
DirecTOrS AND SeNiOr MANAGeMeNT prOfile
SENIOR MANAGEMENT
Mr. Jiang Xin, aged 33, joined the Group in 2008 and was
appointed as the general manager of the Group in 2012. Mr. Jiang
is responsible for the marketing aspect of the Group’s business.
Mr. J iang obtained a Bachelor degree in Arts majoring in
International Business, Finance and Economics from University of
Manchester and a Bachelor degree in Arts majoring in Business
Studies from University of Wales. Mr. Jiang has also been the
chairman and an executive director of Pan Asia Environmental
Protection Group Limited, the shares of which are listed on The
Stock Exchange of Hong Kong Limited, since September 2017.
Mr. Jiang is a son of Mr. Jiang Quanlong, an executive director of
the Group and Ms. Qian Yuanying, the chairman of the Group.
Mr. Jiang Hongjun, aged 59, joined the Group in 2000. Mr. Jiang
is the deputy general manager of the Group and is responsible for
the daily administrative affairs of the Group. Mr. Jiang has over 30
years of experience in administrative management.
Mr. Yu Zhengming, aged 81, joined the Group in 1999. Mr. Yu is
the chief engineer and technical consultant of Yixing Xinwei
Leeshing Rare Earth Company Limited. Prior to joining the Group,
Mr. Yu was the factory general manager and chief engineer of a
renowned rare earth factory. Mr. Yu is an expert in rare earth and
non-ferrous metals industries.
Mr. Zhang Yourong, aged 65, joined the Group in February 2018
as a vice president of the Group and general manager of Yixing
Xinwei Leeshing Rare Earth Company Limited. Mr. Zhang is
responsible for the operation of rare earth business. Previously, he
had been the general manager of several rare earth companies.
Mr. Zhang has over 30 years of experience in rare earth industry
and was once nominated as one of the most outstanding rare earth
entrepreneurs in China.
高級管理層
蔣鑫先生，33歲，於二零零八年加入本集團，並
於二零一二年獲委任為本集團總經理。蔣先生負
責本集團業務的市場推廣工作。蔣先生擁有英國
曼徹斯特大學主修國際商業、金融及經濟之文學
士學位及威爾斯大學主修商業研究之文學士學
位。自二零一七年九月，蔣先生亦為泛亞環保集
團有限公司（其股份於香港聯合交易所有限公司
上市）之主席兼執行董事。蔣先生為本集團執行
董事蔣泉龍先生及本集團主席錢元英女士之子。
蔣洪君先生，59歲，於二零零零年加入本集團，
現任本集團副總經理，負責本集團日常行政事
務。蔣先生在行政管理方面擁有逾三十年的經驗。
俞正明先生，81歲，於一九九九年加入本集團，
為宜興新威利成稀土有限公司的總工程師兼技
術顧問。加入本集團前，俞先生為一家著名稀土
廠的廠長及總工程師。俞先生是稀土及有色金屬
行業的資深專家。
張有榮先生，65歲，於二零一八年二月加入本集
團，為本集團副總裁兼宜興新威利成稀土有限公
司總經理，負責稀土業務的營運。此前，張先生
曾在多家稀土公司任總經理。張先生於稀土行內
擁有逾三十年經驗，曾入選中國最知名稀土企業
家之一。
Annual Report 2017 年報20
董 事 及 高 級 管 理 人 員 簡 介
DirecTOrS AND SeNiOr MANAGeMeNT prOfile
Mr. Wang Jianping , aged 55, joined the Group in 2004.
Mr. Wang is the general manager of Wuxi Xinwei High Temperature
Ceramics Company Limited and is responsible for the operation of
the high temperature ceramics business. Mr. Wang has over 20
years of experience in administrative management and sales.
Mr. Zhang Huilin, aged 65, joined the Group in 1988. Mr. Zhang
is the general manager of Haicheng City Suhai Magnesium Ore
Company Limited and Hai Cheng Xinwei Leeshing Magnesium
Resources Company Limited and is responsible for the operation of
magnesium grains business. Mr. Zhang has extensive management
experience in raw material supply and sales of refractory materials.
Mr. Zheng Xiaowen, aged 35, joined the Group in February 2018
as a vice president of the Group, and is responsible for investment
and financing affairs. Mr. Zheng is experienced in advertising and
media communicat ion and obtained a Bachelor degree in
Management from Yang-En University in Fujian. Previously,
Mr. Zheng was the chairman and the chief executive officer of a
culture communications company. Mr. Zheng is currently an
executive committee member of both Fujian Advertising Association
and Xiamen Advertising Association, and a professional member of
China Public Relations Association.
Mr. Zhang Jia, aged 35, joined the Group in February 2018 as a
vice president of the Group. Mr. Zhang is responsible for
administration and daily operations. Previously, Mr. Zhang worked
in a rare earth company and was in charge of administrative and
legal duties. Mr. Zhang is experienced in business operations and
work flow of the rare earth industry.
Mr. Law Lap Tak, aged 47, joined the Group in 1999 as the
financial controller and company secretary of the Group. Mr. Law
graduated in Hong Kong and obtained a Bachelor degree in
Business Administration. Mr. Law is a member of the Hong Kong
Institute of Certified Public Accountants and The Association of
Chartered Certified Accountants. Prior to joining the Group,
Mr. Law was an audit manager in an international accounting firm
in Hong Kong.
王建平先生，55歲，於二零零四年加入本集團，
現任無錫新威高溫陶瓷有限公司總經理，負責高
溫陶瓷業務之營運。王先生在行政管理及營銷方
面擁有逾二十年的經驗。
張惠林先生，65歲，於一九八八年加入本集團，
現任海城市蘇海鎂礦有限公司及海城新威利成
鎂資源有限公司總經理，負責鎂砂業務之營運。
張先生在耐火材料原材料供應及銷售上擁有豐
富的管理經驗。
鄭小文先生，35歲，於二零一八年二月加入本集
團，為本集團副總裁，負責處理有關投資及融資
事務。鄭先生於廣告及媒體傳播方面經驗豐富，
並擁有福建仰恩大學管理學學士學位。鄭先生曾
於某文化傳播公司出任董事長兼首席執行官。鄭
先生現時亦為福建省廣告協會和廈門市廣告協
會常務理事，及中國公共關係協會專業會員。
張嘉先生，35歲，於二零一八年二月加入本集
團，為本集團副總裁，負責行政工作及日常營
運。張先生曾於某稀土公司任職並負責行政及法
務相關工作，熟悉稀土行業的運作模式及流程。
羅納德先生，47歲，於一九九九年加入本集團，
為本集團財務總監及公司秘書。羅先生畢業於香
港並取得工商管理學士學位，為香港會計師公會
及英國特許公認會計師公會會員。加入本集團
前，羅先生曾於香港一家國際會計師行任職核數
經理。
Annual Report 2017 年報 21
企 業 管 治 報 告
CORPORATE GOVERNANCE REPORT
企業管治常規
中國稀土控股有限公司（「本公司」）致力於維持
良好之企業管治常規及程序。本公司已根據香港
聯合交易所有限公司證券上市規則（「上市規則」）
附錄14所載的企業管治守則（「企業管治守則」）
內的所有政策及原則而採納其本身之企業管治
常規守則。董事會（「董事會」）認為，本公司於截
至二零一七年十二月三十一日止年度內一直遵
守企業管治守則。
董事進行證券交易
本公司已採納不低於上市規則附錄10所載之上
市公司董事進行證券交易的標準守則（「標準守
則」）的守則（「公司守則」）。在本公司提出特定
查詢後，所有董事均已確認於截至二零一七年
十二月三十一日止年度內一直遵守標準守則及
公司守則。
CORPORATE GOVERNANCE PRACTICES
China Rare Earth Holdings Limited (the “Company”) is committed to
attending good corporate governance practices and procedures. The
Company has adopted its own code of corporate governance based
on the principles and code provisions of the Corporate Governance
Code (the “CG Code”) contained in Appendix 14 of the Rules
Governing the Listing of Securities on The Stock Exchange of Hong
Kong Limited (the “Listing Rules”). In the opinion of the Board of
Directors (the “Board”), the Company has complied with the CG
Code throughout the year ended 31 December 2017.
DIRECTORS’ SECURITIES TRANSACTIONS
The Company has adopted a code of conduct (the “Company’s
Code”) regarding securities transactions by directors on terms no
less exacting than the required standards set out in the Model Code
for Securities Transactions by Directors of Listed Issuers (the “Model
Code”) as set out in Appendix 10 of the Listing Rules. Having made
specific enquiry, the Company confirms that all directors have
complied with the required standards as stated in the Model Code
and the Company’s Code throughout the year ended 31 December
2017.
Annual Report 2017 年報22
企 業 管 治 報 告
CORPORATE GOVERNANCE REPORT
BOARD OF DIRECTORS
The Board currently comprises seven members, consisting four
executive directors and three independent non-executive directors.
The composition of the Board and the attendance of the Board
meetings and general meeting during the year are as follows:
董事會
董事會目前有七名成員，包括四名執行董事及三
名非執行董事。
董事會之組成及本年度董事會會議及股東大會
之出席情況如下：
會議出席╱舉行數目
No. of meeting(s) attended/held
董事 董事會 股東大會
Director Board meeting General meeting
執行董事
Executive director
錢元英女士（附註1） 11/11 1/1
Ms. Qian Yuanying (Note1) 11/11 1/1
蔣泉龍先生（附註2） 11/11 1/1
Mr. Jiang Quanlong (Note 2) 11/11 1/1
蔣大偉先生（附註3） 3/3 不適用
Mr. Jiang Dawei (Note 3) 3/3 N/A
蔣才南先生 11/11 0/1
Mr. Jiang Cainan 11/11 0/1
獨立非執行董事
Independent non-executive director
黃春華先生 11/11 1/1
Mr. Huang Chunhua 11/11 1/1
金重先生 11/11 0/1
Mr. Jin Zhong 11/11 0/1
王國珍先生 11/11 1/1
Mr. Wang Guozhen 11/11 1/1
附註：
1. 錢元英女士於二零一七年九月七日起，由董事
會副主席兼行政總裁調任為董事會主席。
2. 蔣泉龍先生於二零一七年九月七日起，辭任董
事會主席。
3. 蔣大偉先生於二零一七年九月七日起獲委任為
執行董事及行政總裁。其後於本年內，舉行了
三次董事會會議。
Notes:
1. Ms. Qian Yuanying was redesignated from the Deputy Chairman of
the Board and Chief Executive Office to the Chairman of the Board
on 7 September 2017.
2. Mr. Jiang Quanlong resigned as the Chairman of the Board on 7
September 2017.
3. Mr. Jiang Daiwei was appointed as an executive director and Chief
Executive Officer on 7 September 2017. Three Board meetings were
held thereafter during the year.
Annual Report 2017 年報 23
企 業 管 治 報 告
CORPORATE GOVERNANCE REPORT
Apart from Board meetings, the Chairman also held a meeting with
the independent non-executive directors without the presence of
executive directors during the year.
The biographical information of the directors are set out in
“Directors and Senior Management Profile” on pages 17 to 20 of
this annual report.
Mr. Jiang Quanlong is the husband of Ms. Qian Yuanying. Save as
disclosed, there are no family or other material relationship among
the Board members.
TRAINING AND CONTINUOUS PROFESSIONAL
DEVELOPMENT OF DIRECTORS
Each newly appointed director will receive comprehensive, formal
and tailored induction on the first occasion of his/her appointment,
so as to ensure that he/she has appropriate understanding of the
business and operations of the Company and that he/she is fully
aware of his/her responsibilities and obligations under the Listing
Rules and relevant regulatory requirements.
There are also arrangements in place for providing continuing
briefing and professional development to directors whenever
necessary.
During the year, a seminar on refreshing directors’ responsibilities
was arranged for all directors at the Company’s head office. Except
Mr. Jiang Quanlong and Mr. Huang Chunhua, directors including
Ms. Qian Yuanying, Mr. Jiang Dawei, Mr. Jiang Cainan, Mr. Jin
Zhong and Mr. Wang Guozhen attended the seminar. Although
Mr. Jiang Quanlong and Mr. Huang Chunhua had not attended the
seminar, the related reference materials have been provided to them
for their own study.
除董事會會議外，主席於年內亦與獨立非執行董
事在執行董事並不在場的情況下舉行了一次會議。
董事履歷資料載於本年報第17頁至20頁的「董事
及高級管理人員簡介」內。
蔣泉龍先生乃錢元英女士之丈夫。除已披露者
外，董事會成員間並無家庭或其他重要關係。
董事培訓及持續專業發展
每名新獲委任董事於其任期開始時將會接受綜
合、正規及特定之開導，以確保其適當地瞭解本
公司之業務及營運，並完全知悉根據上市規則及
有關法規所規定其須履行之責任及義務。
倘有需要，本公司亦有適當的安排向董事提供持
續指導及專業發展。
於本年度，本公司已於總辦事處安排了一場講座
向所有董事重溫董事之責任。除蔣泉龍先生及黃
春華先生外，董事包括錢元英女士、蔣大偉先生、
蔣才南先生、金重先生及王國珍先生均有出席該
講座。蔣泉龍先生及黃春華先生雖然未有出席該
講座，但有關的參考資料已提供給其自行研習。
Annual Report 2017 年報24
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CORPORATE GOVERNANCE REPORT
PRACTICES AND CONDUCT OF MEETINGS
Notices of regular Board meetings are served to all directors at least
14 days before the meetings. For other Board and committee
meetings, reasonable notice is generally given.
Board papers together with all appropriate, complete and reliable
information are sent to all directors at least 3 days before each
Board meeting or committee meeting to keep the directors apprised
of the latest developments and financial position of the Company
and to enable them to make informed decisions. The Board and
each director also have separate and independent access to the
senior management whenever necessary.
The Company Secretary is responsible for taking and keeping
minutes of all Board meetings and committee meetings. Draft
minutes are normally circulated to directors for comment within a
reasonable time after each meeting and the final version is open for
directors’ inspection. All directors have full and timely access to all
information of the Company as well as the services and advice from
the Company Secretary and senior management.
According to current Board practice, any material transaction, which
involves a conflict of interests for a substantial shareholder or a
director, will be considered and dealt with by the Board at a duly
convened Board meeting.
會議常規及操守
董事會定期會議之通告至少於會議舉行日期前
十四天送呈全體董事。就其他董事會及委員會會
議而言，一般亦發出合理之通告。
董事會文件連同所有合適、完整及可靠之資料均
至少於每次董事會會議或委員會會議舉行日期
前三天送呈全體董事，以讓董事評估本公司最近
之發展及財務狀況，並讓彼等能夠作出知情決
定。董事會及各位董事亦於必要時，分別及獨立
接觸高級管理人員。
公司秘書負責編撰及保管所有董事會會議及委
員會會議記錄。草擬的記錄一般於每次會議後，
在合理的時間內給董事傳閱以發表意見，而最後
之版本公開供董事查閱。全體董事均可全面並及
時獲得公司所有資料以及要求公司秘書及高級
管理層提供服務及意見。
根據現時之董事會常規，任何涉及主要股東或董
事利益衝突之重大交易將由董事會於正式召開
之董事會會議上考慮及處理。
Annual Report 2017 年報 25
企 業 管 治 報 告
CORPORATE GOVERNANCE REPORT
CHAIRMAN AND CHIEF EXECUTIVE OFFICER
The Chairman of the Board and the Chief Executive Officer have
different roles and responsibilities. The Chairman is responsible for
the formulation of the Group’s overall business development
policies while the Chief Executive Officer is responsible for the
overall management of the Group’s business.
During the year ended 31 December 2017, Mr. Jiang Quanlong
resigned as the Chairman of the Board with effect from 7
September 2017 while Ms. Qian Yuanying was redesignated from
the Deputy Chairman of the Board and the Chief Executive Officer,
to the Chairman of the Board. On the same day, Mr. Jiang Dawei
was appointed as an executive director and the Chief Executive
Officer.
INDEPENDENT NON-EXECUTIVE DIRECTORS
The Board has met the requirements of the Listing Rules relating to
the appointment of at least three independent non-executive
directors with one of whom possessing appropriate professional
qualifications or accounting related financial management expertise
throughout the year ended 31 December 2017.
The independent non-executive directors of the Company are highly
skilled professionals with expertise and experience in the field of
financial management and businesses related to the Group. They
advise the Company on strategy development and enable the Board
to maintain high standards of compliance of financial and other
mandatory reporting requirements and provide adequate checks and
balances to safeguard the interests of shareholders and the
Company as a whole. Each of the independent non-executive
directors has accepted a letter of appointment with the Company
for a term of two years. Each of the independent non-executive
directors has made an annual confirmation of independence
pursuant to Rule of the Listing Rules. The Board considers that
all independent non-executive directors meet the independence
guidelines set out in Rule of the Listing Rules and are
independent.
主席及行政總裁
董事會主席及行政總裁有不同的角色及職責。主
席負責制定本集團之整體業務發展政策，而行政
總裁則負責本集團業務之整體管理。
於截至二零一七年十二月三十一日止年度內，自
二零一七年九月七日起，蔣泉龍先生辭任董事會
主席一職，而錢元英女士由董事會副主席兼行政
總裁調任為董事會主席。於同一天，蔣大偉先生
獲委任為執行董事兼行政總裁。
獨立非執行董事
董事會於截至二零一七年十二月三十一日止年
度內一直符合上市規則中有關委任至少三名獨
立非執行董事，其中一名擁有適當專業資格或會
計相關的財務管理經驗之規定。
本公司之獨立非執行董事乃才能超卓之專業人
士，具有財務管理及本集團相關業務方面之專業
技術及經驗。彼等就策略發展向本公司提供建
議，並使董事會能夠於遵守財務及其他強制性申
報規定方面維持高水準，並提供足夠之檢查及平
衡，以保護股東及本公司之整體利益。每位獨立
非執行董事均已接受本公司的委任書，為期兩
年。每位獨立非執行董事已根據上市規則第
條進行年度獨立性確認。董事會認為，所有獨立
非執行董事均符合上市規則第條所載之獨立
性指引，且屬獨立董事。
Annual Report 2017 年報26
企 業 管 治 報 告
CORPORATE GOVERNANCE REPORT
RESPONSIBILITIES, ACCOUNTABILITIES AND
CONTRIBUTIONS OF THE BOARD AND MANAGEMENT
The Company is governed by the Board which is responsible for
directing and supervising its affairs and oversight of the Group’s
businesses, strategic decision and performance. Execution of the
Board’s decisions and daily operations are delegated to the
management.
CORPORATE GOVERNANCE FUNCTIONS
The Board is responsible for performing the functions set out in the
Code Provision of the CG Code.
The Board reviewed the Company’s corporate governance policies
and practices, training and continuous professional development of
directors and senior management, the Company’s policies and
practices on compliance with legal and regulatory requirements, the
compliance with the Model Code, and the compliance with the CG
Code and disclosure in this Corporate Governance Report.
The Board has adopted a Board Diversity Policy setting out the
approach to achieve diversity on the Board. The Board has
considered that diversity of the Board members can be achieved
through consideration of a number of aspects, including but not
l imit to gender, age, cultural and educational background,
professional qualification, skills, knowledge and industry and
regional experience. The Company aims to maintain an appropriate
balance of diversity perspectives of the Board that are relevant to
the Company’s business growth.
BOARD COMMITTEES
The Board has established three committees, namely, the Audit
Committee, Remuneration Committee and Nomination Committee,
for overseeing particular aspects of the Company’s affairs. All Board
committees of the Company are established with defined written
terms of reference. The terms of reference of Board committees are
posted on the websites of the Company and the Stock Exchange
and are available to shareholders upon request.
董事會及管理層職責、問責及貢獻
本公司由董事會規管，負責指導及監察本公司之
事務，並監督本集團之業務、決策及表現。董事
會委派管理人員執行其決策及日常運作。
企業管治功能
董事會負責執行企業管治守則的第條守則
條文所載之功能。
董事會已審閱本公司企業管治的政策及實施、董
事及高級管理人員的培訓及持續專業發展、本公
司就合法及合規要求、標準守則及企業管治守則
的遵守而制定的政策及實施，及在本企業管治報
告中披露。
董事會已採納了董事會成員多元化政策以載列
董事會達至多元化的途徑。董事會認為董事會成
員多元化能透過考慮不同方面，包括但不限於性
別、年齡、文化及教育背景、專業資格、技術知
識及行業及區域經驗而達至。本公司目標於維持
一適當平衡與本公司業務發展相關的多元化觀
點的董事會。
董事會委員會
董事會已設立三個委員會，即審核委員會、薪酬
委員會及提名委員會以處理本公司的特定事宜。
本公司所有委員會均設立了明確的書面職權範
圍。董事會委員會之職權範圍已在本公司及聯交
所網頁上刊載，及按要求提供予股東。
Annual Report 2017 年報 27
企 業 管 治 報 告
CORPORATE GOVERNANCE REPORT
AUDIT COMMITTEE
The principal functions of the Audit Committee are to assist the
Board in reviewing the relationship with the auditor of the
Company, the financial information, the financial reporting system,
risk management system and internal control procedures.
The composition of the Audit Committee and the attendance of the
Committee meetings during the year are as follows:
審核委員會
審核委員會之主要職能為協助董事會審閱與本
公司核數師之關係、財務資料、財務申報系統、
風險管理系統及內部監控程序。
審核委員會之組成及本年度委員會會議之出席
情況如下：
成員 會議出席╱舉行數目
Member No. of meetings attended/held
獨立非執行董事
Independent non-executive director
王國珍先生（主席） 3/3
Mr. Wang Guozhen (Chairman) 3/3
黃春華先生 3/3
Mr. Huang Chunhua 3/3
金重先生 3/3
Mr. Jin Zhong 3/3
在會議上，審核委員會考慮了核數師之辭任及委
任，審閱了本公司所採納之會計政策及慣例及討
論審核、內部監控及財務申報事宜，包括於執行
董事缺席及核數師協助下，審閱了本公司之中期
及全年業績。
薪酬委員會
薪酬委員會之主要職能為向董事會提供本公司
董事及高級管理人員薪酬政策及結構方面之意
見，並檢討彼等之具體薪酬組合。
During the meetings, the Audit Committee considered the
resignation and appointment of the auditor, reviewed the
accounting principles and practices adopted by the Company and
discussed auditing, internal control and financial reporting matters,
including the review of the interim and annual results of the
Company with the assistance of the auditor without the presence of
the executive directors.
REMUNERATION COMMITTEE
The principal functions of the Remuneration Committee are to make
recommendations to the Board on the Company’s policy and
structure for the remuneration of directors and senior management,
and to review their specific remuneration packages.
Annual Report 2017 年報28
企 業 管 治 報 告
CORPORATE GOVERNANCE REPORT
The composit ion of the Remuneration Committee and the
attendance of the Committee meetings during the year are as
follows:
薪酬委員會之組成及本年度委員會會議之出席
情況如下：
成員 會議出席╱舉行數目
Member No. of meetings attended/held
獨立非執行董事
Independent non-executive director
黃春華先生（主席） 2/2
Mr. Huang Chunhua (Chairman) 2/2
金重先生 2/2
Mr. Jin Zhong 2/2
王國珍先生 2/2
Mr. Wang Guozhen 2/2
在會議上，薪酬委員會檢討了薪酬政策及對董事
之薪酬組合向董事會作出了建議。
提名委員會
提名委員會之主要職能為參考已採納的董事會
成員多元化政策審閱董事會之組成、討論及協定
以達至董事會成員多元化之可衡量目標、制定及
發展董事提名及委任之有關程序、向董事會就董
事委任及繼任、及評核獨立非執行董事之獨立性
等提供意見。
提名委員會之組成及本年度委員會會議之出席
情況如下：
成員 會議出席╱舉行數目
Member No. of meetings attended/held
獨立非執行董事
Independent non-executive director
金重先生（主席） 2/2
Mr. Jin Zhong (Chairman) 2/2
黃春華先生 2/2
Mr. Huang Chunhua 2/2
王國珍先生 2/2
Mr. Wang Guozhen 2/2
During the meetings, the Remuneration Committee reviewed the
remuneration policy and recommended the remuneration packages
of the directors to the Board.
NOMINATION COMMITTEE
The principal functions of the Nomination Committee are to review
the Board composition with reference to the Board Diversity Policy
adopted, discuss and agree on measurable objectives for achieving
diversity on the Board, develop and formulate relevant procedures
for the nominat ion and appointment of d i rectors , make
recommendations to the Board on the appointment and succession
planning of directors, and assess the independence of independent
non-executive directors.
The composition of the Nomination Committee and the attendance
of the Committee meetings during the year are as follows:
Annual Report 2017 年報 29
企 業 管 治 報 告
CORPORATE GOVERNANCE REPORT
During the meetings, the Nomination Committee reviewed the
Board composit ion, the independence of the independent
non-executive directors and the Board Diversity Policy of the
Company. The Nomination Committee considers that the Board
composition is appropriate.
RE-ELECTION OF DIRECTORS
The Company’s Articles of Association specify that every director
should be subject to retirement by rotation at least once every three
years and the director appointed to fill a casual vacancy shall hold
office only until the next following general meeting of the
Company.
In accordance with Articles 108(A) and (B), Mr. Jiang Cainan and
Mr. Jin Zhong will retire by rotation from the Board at the
forthcoming annual general meeting and being eligible, offer
themselves for re-election.
In accordance with Article 112, Mr. Jiang Dawei who has been
appointed by the Board on 7 September 2017 shall hold office until
the forthcoming annual general meeting and being eligible, offer
himself for re-election.
DIRECTORS’ RESPONSIBILITIES ON THE FINANCIAL
STATEMENTS
The Directors acknowledged their responsibility for preparing the
financial statements of the Company for the year ended 31
December 2017. It is the directors’ responsibility to prepare financial
statements which give a true and fair view of the state of affairs of
the Group, the results and cash flows for each financial period. In
preparing the financial statements, the directors have to ensure that
appropriate accounting policies are adopted. The f inancial
statements are prepared on a going concern basis.
The statement of the auditor of the Company about the reporting
responsibilities on the financial statements is set out in the
Independent Auditor’s Report on pages 50 to 61 of this annual
report.
在會議上，提名委員會檢討了本公司之董事會組
成、獨立非執行董事的獨立性及董事會成員多元
化政策。提名委員會認為本公司之董事會組成適
當。
董事之重選
本公司的組織章程細則訂明每位董事須至少每
三年輪值退任一次，及董事獲委任以填補空缺者
須留任至本公司下屆股東大會。
根據細則第108(A)及(B)條，蔣才南先生及金重先
生將於即將舉行的股東週年大會上輪值退任，惟
合資格並願意膺選連任。
根據細則第112條，蔣大偉先生（於二零一七年
九月七日獲委任）將留任直至即將舉行的股東週
年大會，惟合資格並願意膺選連任。
董事對財務報表所負之責任
董事確認彼等負責編制截至二零一七年十二月
三十一日止年度財務報表的責任。編製真實及公
平地反映本集團財務狀況及各個財政期間之業
績及現金流量之財務報表乃董事之責任。於編製
財務報表時，董事須確保採納適當會計政策。財
務報表乃按持續經營基準編製。
本公司核數師就其於財務報表之報告責任載於
本年報第50頁至61頁的獨立核數師報告內。
Annual Report 2017 年報30
企 業 管 治 報 告
CORPORATE GOVERNANCE REPORT
AUDITOR’S REMUNERATION
During the year, the remuneration in respect of statutory audit
services (including interim review) provided by the auditor of the
Company was HK$3,185,000. In addition, the auditor also provided
services in connection with the disposal of subsidiaries of the
Company at a fee of HK$100,000. There was no other non-audit
service provided by the auditor.
RISK MANAGEMENT AND INTERNAL CONTROL
The Group has established a risk management framework, which
consists of the Board, the Audit Committee and senior management
of the Group.
The Board evaluates and determines the nature and extent of
principal risks that is acceptable in achieving the Group’s strategic
object ives, and acknowledges i ts overal l responsibi l i ty for
maintaining appropriate and effective risk management and internal
control systems. The Audit Committee supports the Board in
monitoring the operating effectiveness of the risk management and
internal control systems, whi le the senior management is
responsible for the design and implementation of relevant
procedures. Such systems are designed to manage rather than
eliminate the risk of failure to achieve business objectives, and can
only provide reasonable and not absolute assurance against material
misstatement or loss.
The Group has adopted various risk management procedures and
guidelines with defined authority for implementation by major units
or departments, including sales and collection, procurement and
payment, production and warehousing, finance and treasury as well
as fixed assets management. Each major unit or department is
responsible for dai ly r isk management activ it ies, including
identify ing major r isks that might impact on the Group’s
performance, accessing and evaluating the identified risks according
to their likely impacts and the likelihood of occurrence, formulating
and implementing measures, controls and response plans to manage
and mitigate such risks. During monthly regular meetings heads of
major operation units or departments discuss the business and report
the risk management and internal control matters to the Group’s Chief
Executive Officer, who is directly responsible to the Board.
核數師之酬金
於本年度，本公司就核數師提供之法定審核服務
（包括中期審閱）支付之酬金為3,185,000港元。
另外，核數師亦就本公司出售附屬公司提供服務
並收取了100,000港元的費用。核數師並無提供
任何其他非審核服務。
風險管理及內部監控
本集團已制定風險管理組織架構，由本集團董事
會、審核委員會及高級管理層組成。
董事會釐定就達成本集團策略目標可接受的主
要風險性質和程度，並確認其對維持合適及有效
的風險管理及內部監控系統的全面責任。審核委
員會協助董事會監察風險管理及內部監控系統
的運作成效，而高級管理層則負責設計及執行有
關程序。該等系統旨在管理而非消除未能達成業
務目標的風險，而且只能就不會有重大的失實陳
述或損失作出合理而非絕對的保證。
本集團已採納各式風險管理程序和指引以明確
授權由主要營運單位或部門包括銷售與收款、採
購與付款、生產與倉儲、財務與司庫及固定資產
管理執行。各主要營運單位或部門均負責日常風
險管理活動，包括鑒定可能對本集團表現造成影
響的重大風險、根據可能受到的影響及出現的可
能性評核及評估已識別的風險、制定及執行措
施、監控及應對計劃，以管理及減輕該等風險。
於每月例會上主要營運單位或部門主管討論業
務並向本集團行政總裁匯報風險管理及內部監
控事宜，行政總裁直接向董事會負責。
Annual Report 2017 年報 31
企 業 管 治 報 告
CORPORATE GOVERNANCE REPORT
The Board has entrusted the Audi t Committee wi th the
responsibility to oversee the risk management and internal control
systems on an on-going basis and to review the effectiveness of the
systems annually. To perform the internal audit function, the Group
has conducted a review of the effectiveness of the risk management
and internal control systems with the assistance of an independent
advisor during the year ended 31 December 2017 and reported the
key findings to the Audit Committee. The review covers major and
material controls in areas of financial, operational and compliance
and risk management functions. Although there is room for
improvement, no significant deficiency of the internal control has
been identified in the review.
The Group has maintained internal guidelines for ensuring that
inside information is disseminated to the public in an equal and
timely manner in accordance with the applicable laws and
regulations. Senior executives of the investor relations, corporate
affairs and financial control functions of the Group are delegated
with responsibilities to control and monitor the disclosure of inside
information. Access to inside information is confined to relevant
senior management on “need-to-know” basis. Relevant personnel
and other professional parties involved are reminded to preserve
confidentiality of the inside information until it is publicly disclosed.
SHAREHOLDERS’ RIGHTS
General meeting
The general meetings of the Company provide an opportunity for
communication between the shareholders and the Board. The
Chairman of the Board as well as chairmen of the Audit Committee,
Remuneration Committee and Nomination Committee, or in their
absence, their duly appointed delegates are available to answer
questions at the shareholders’ meetings. Auditor of the Company is
also invited to attend the Company’s annual general meeting
(“AGM”) and is available to assist the directors in addressing
queries from shareholders relating to the conduct of the audit and
the preparation and contents of the Independent Auditor’s Report.
Separate resolutions are proposed at shareholders’ meetings on
each substantial issue, including the election of individual directors.
董事會已將持續監察風險管理及內部監控系統
以及每年審閱該等系統成效的責任交託予審核
委員會執行。為履行內部審核的職能，本集團於
截至二零一七年十二月三十一日止年度內藉由
獨立顧問的協助下進行了風險管理及內部監控
系統的審閱，並將主要結果向審核委員會匯報。
該審閱涵蓋有關財務、運作、合規及風險管理的
主要及重要控制範疇。雖然仍有改進空間，惟於
該審閱中並無確認重大內部監控失誤。
本集團維持內部指引以確保內幕消息根據適用
法例及規則公平及適時地傳播予公眾人士。本集
團投資關係、企業事務及財務管理職能的高級行
政人員獲授權負責控制及監察內幕消息之披露。
只限於相關高級管理層按情況需要方能獲取內
幕消息，並提醒相關負責之員工及其他專業人士
須將內幕消息保密直至已公開披露。
股東權利
股東大會
本公司股東大會為股東及董事會提供溝通之機
會。董事會主席以及審核委員會、薪酬委員會及
提名委員會之主席（或於其缺席之情況下，其正
式委任之代表）將於股東大會上回答提問，本公
司核數師亦被邀請出席本公司的股東週年大會
（「股東週年大會」）及協助董事回答股東有關審
核處理及獨立核數師報告之編製與內容之疑問。
股東大會上將就各重大事宜（包括選舉個別董事）
提呈單獨決議案。
Annual Report 2017 年報32
企 業 管 治 報 告
CORPORATE GOVERNANCE REPORT
Notice of AGM and extraordinary general meetings (“EGM”)
together with related papers are sent to the shareholders at least 20
clear business days and 14 days before the respective meetings,
setting out details of each proposed resolution, voting procedures
and other relevant information. All votes of shareholders at the
general meeting will be decided by poll pursuant to the Listing
Rules. The Chairman will demand that all resolutions put to the vote
at general meetings be taken by poll and will explain such rights
and procedures during the general meetings before voting on the
resolutions. An independent scrutineer will be appointed to count
the votes and the poll results will be posted on the websites of the
Company and the Stock Exchange after the general meetings.
Shareholders of the Company can make a requisition to convene an
EGM pursuant to Article 64 of the Company’s Artic les of
Association. The procedures for the shareholders to convene an
EGM are as follows:
1. One or more shareholders (“Requisitionist”) holding, at the
date of deposit of the requisition, not less than one tenth of
the paid up capital of the Company having the right of
voting at general meetings shall have the right, by written
notice, to require an EGM to be called by the directors for
the transaction of any business specified in such requisition.
股東週年大會及股東特別大會（「股東特別大會」）
通告連同相關文件最少於個別大會前二十營業
日及十四日發送予股東，當中載列各提呈決議案
的詳情、投票程序及其他有關資料。股東於股東
大會上之所有投票按上市規則須以點票表決方
式進行。主席將於股東大會上就所提呈之各項決
議案要求以點票方式表決，並將於股東大會上就
決議案進行投票前對有關權利及程序作出闡釋。
會上將委任獨立監票員進行點票，而表決結果將
刊載於本公司及聯交所網頁上。
本公司股東可按本公司的組織章程細則第64條
要求召開股東特別大會。股東召開股東特別大會
之程序如下：
1. 於投遞請求書之日持有本公司具有權利
於股東大會投票之繳足股本不少於十分
之一的一名或以上股東（「請求人」）有權
以書面通知要求本公司董事召開股東特
別大會，以處理該要求書中指明之任何
事項。
Annual Report 2017 年報 33
企 業 管 治 報 告
CORPORATE GOVERNANCE REPORT
2. Such requisition shall be made in writing to the directors or
the company secretary of the Company at all of the
following addresses:
Principal place of business of the Company in Hong Kong
Address: 15/F, Club Lusitano, 16 Ice House Street,
Central, Hong Kong
Email: info@
Attention: Company Secretary
Head office of the Company
Address: Dingshu Town, Yixing City, Jiangsu Province,
the People’s Republic of China
Attention: Company Secretary
Registered office of the Company
Address: Cricket Square, Hutchins Drive,
. Box 2681, Grand Cayman
KY1-1111, Cayman Islands
Attention: Company Secretary
Shareholders must provide their full name, contact details
and identif icat ion in order to given effect thereto.
Shareholders’ information may be disclosed as required by
law.
3. The EGM shall be held within two months after the deposit
of such requisition.
4. If the directors fail to proceed to convene such meeting
within 21 days of such deposit, the Requisitionist himself
may do so in the same manner, and all reasonable expenses
incurred by the Requisitionist as a result of the failure of the
directors shall be reimbursed to the Requisitionist by the
Company.
2. 有關請求書須以書面方式按以下全部地
址向本公司董事或公司秘書作出：
本公司於香港之主要營業地點
地址： 香港中環雪廠街16號西洋會所
大廈15樓
電郵： info@
聯絡人： 公司秘書
本公司總辦事處
地址： 中華人民共和國江蘇省宜興市
丁蜀鎮
聯絡人： 公司秘書
本公司註冊辦事處
地址： Cricket Square, Hutchins Drive,
. Box 2681, Grand Cayman
KY1-1111, Cayman Islands
聯絡人： 公司秘書
股東須提供彼等的全名、聯絡詳情及身
分，以便本公司回覆。股東資料可能根
據法律規定而予以披露。
3. 股東特別大會須於有關請求書投遞後兩
個月內舉行。
4. 倘董事未能於該投遞起計二十一日內召
開該大會，一名或以上請求人本身可以
相同方式召開，而請求人因董事未能行
事而產生之一切合理開支須由本公司發
還予請求人。
Annual Report 2017 年報34
企 業 管 治 報 告
CORPORATE GOVERNANCE REPORT
股東向本公司發表查詢之程序
對於董事會之事宜，股東可按以下方式與本公司
聯絡：
地址： 香港中環雪廠街16號西洋會所大廈
15樓
電郵： info@
電話： (852) 2869 6283
傳真： (852) 2136 0030
聯絡人： 公司秘書
對於股份登記相關事宜（如股份過戶及登記、更
改姓名或地址、遺失股票或股息單），登記股東
可聯絡：
本公司之香港股份過戶登記分處
香港中央證券登記有限公司
地址：香港皇后大道東183號合和中心17樓
電話：(852) 2862 8555
傳真：(852) 2865 0990
股東於股東大會上提呈建議書之程序
為了於本公司股東大會上提呈建議，股東應以書
面通知將建議書（「建議書」）連同其詳細之聯絡
資料遞交本公司於香港之主要營業地點，地址為
香港中環雪廠街16號西洋會所大廈15樓。
該要求將交予本公司之香港股份過戶登記分處
進行核證，建議書一經確定為妥當及適當，本公
司董事會將被要求於股東大會之議程中載入建
議書。
Procedures for shareholders to direct enquiries to the Company
For matters in relation to the Board, shareholders can contact the
Company at the following:
Address: 15/F, Club Lusitano, 16 Ice House Street, Central,
Hong Kong
Email: info@
Tel: (852) 2869 6283
Fax: (852) 2136 0030
Attention: Company Secretary
For share registration related matters, such as share transfer and
registration, change of name or address, loss of share certificates or
dividend warrants, the registered shareholders can contact:
Hong Kong branch share registrar and transfer office
Computershare Hong Kong Investor Services Limited
Address: 17th Floor, Hopewell Centre, 183 Queen’s Road East,
Hong Kong
Tel: (852) 2862 8555
Fax: (852) 2865 0990
Procedures for shareholders to put forward proposals at
shareholders’ meetings
To put forward proposals at a general meeting of the Company, a
shareholder should lodge a written notice of his/her proposal
(“Proposal”) with his/her detailed contact information at the
Company’s principal place of business in Hong Kong at 15/F, Club
Lusitano, 16 Ice House Street, Central, Hong Kong.
The request will be verified with the Company’s branch share
registrar in Hong Kong and upon their confirmation that the request
is proper and in order, the Board will be asked to include the
Proposal in the agenda for the general meeting.
Annual Report 2017 年報 35
企 業 管 治 報 告
CORPORATE GOVERNANCE REPORT
給予全體股東以考慮有關股東於股東大會上提
出之建議書之通知期因應建議書之性質有以下
差異：
1. 倘建議書須以本公司普通決議案批准，
則至少十四日書面通知。
2. 倘建議書須以本公司特別決議案於本公
司股東特別大會上或以本公司普通決議
案於本公司股東週年大會上批准，則至
少二十一日書面通知。
投資者關係
本公司繼續加強與其投資者之溝通及聯繫。獲指
派之高級管理人員與機構投資者及分析師保持
定期交談，以讓彼等瞭解本公司之最新發展情
況。投資人之查詢以具資訊性及適時方式處理。
為促進有效溝通，本公司亦設有一個網頁，於
，廣泛刊載本公司業務發展及
營運之最新訊息、財務訊息及其他訊息。
於本年度內，本公司並無對其組織章程細則作出
任何修訂。本公司組織章程細則的最新版本於本
公司及聯交所網頁上可供查閱。
The notice period to be given to al l the shareholders for
consideration of the Proposal raised by the shareholder concerned
at the general meeting varies according to the nature of the
Proposal as follows:
1. At least 14 days’ notice in writing if the Proposal requires
approval by way of an ordinary resolution of the Company.
2. At least 21 days’ notice in writing if the Proposal requires
approval by way of a special resolution of the Company in
an EGM or an ordinary resolution of the Company in an
AGM.
INVESTOR RELATIONS
The Company cont inues to enhance communicat ions and
relationships with its investors. Designated senior management
maintains regular dialogue with institutional investors and analysts
to keep them abreast of the Company’s developments. Enquiries
from investors are dealt with in an informative and timely manner.
To promote effective communication, the Company also maintains a
website at , where extensive information and
updates on the Company’s business developments and operations,
financial information and other information are posted.
During the year, the Company has not made any changes to its
Articles of Association. An up to date version of the Company’s
Articles of Association is available on the websites of the Company
and the Stock Exchange.
Annual Report 2017 年報36
董 事 會 報 告
DIRECTORS’ REPORT
董事會同寅欣然呈報中國稀土控股有限公司（「本
公司」）及其附屬公司（「本集團」）截至二零一七
年十二月三十一日止年度的年報及經審核綜合
財務報表。
主要業務
本公司的主要業務為投資控股。本集團的主要業
務為稀土產品及耐火材料產品之製造及銷售。
附屬公司的主要業務載於財務報表附註19。
分類資料
本集團分類資料的詳情載於財務報表附註15。
業績及分派
本集團於截至二零一七年十二月三十一日止年
度的業績載於本年報第62頁的綜合損益表內。
就本年度未有宣佈及派發中期及末期股息。
其他分派詳情載於財務報表附註29。
本公司可供分派之儲備
本公司可供派發之儲備包括股份溢價賬及保留
溢利╱累計虧損。於二零一七年十二月三十一
日 ， 本 公 司 可 供 分 派 給 股 東 的 儲 備 為
2,211,313,000港元。
財務概要
本集團於過去五個財政年度的業績概要載於本
年報第172頁。
The directors have pleasure in presenting the annual report and the
audited consolidated financial statements of China Rare Earth
Holdings Limited (the “Company”) and its subsidiaries (the
“Group”) for the year ended 31 December 2017.
PRINCIPAL ACTIVITIES
The principal activity of the Company is investment holding. The
principal activities of the Group are manufacturing and sales of rare
earth products and refractory products.
The principal activities of the subsidiaries are set out in note 19 to
the financial statements.
SEGMENTAL INFORMATION
Details of segmental information of the Group are set out in note
15 to the financial statements.
RESULTS AND APPROPRIATIONS
The results of the Group for the year ended 31 December 2017 are
set out in the consolidated statement of profit or loss on page 62 of
this annual report.
No interim and final dividend was declared and paid to the
shareholders for the year.
Details of other appropriations are set out in note 29 to the
financial statements.
DISTRIBUTABLE RESERVES OF THE COMPANY
The Company’s reserves available for distribution comprise the share
premium account and retained profits/accumulated losses. As at 31
December 2017, the reserves of the Company available for
distribution to shareholders amounted to HK$2,211,313,000.
FINANCIAL SUMMARY
A summary of the results of the Group for the past five financial
years is set out on page 172 of this annual report.
Annual Report 2017 年報 37
董 事 會 報 告
DIRECTORS’ REPORT
PROPERTY, PLANT AND EqUIPMENT AND
CONSTRUCTION-IN-PROGRESS
Details of the movements in property, plant and equipment and
construction-in-progress of the Group during the year are set out in
note 17 to the financial statements.
SHARE CAPITAL
Details of movements in the share capital of the Company during
the year are set out in note 29 to the financial statements.
BORROWINGS
Details of the borrowings of the Group as at 31 December 2017 are
set out in note 27 to the financial statements.
RETIREMENT SCHEMES
Details of the retirement schemes of the Group are set out in note
12 to the financial statements.
DIRECTORS
The directors of the Company during the year and up to the date of
this report are:
Executive directors
Ms. Qian Yuanying (Chairman)
Mr. Jiang Quanlong
Mr. Jiang Dawei (Chief Executive Officer)
(appointed on 7 September 2017)
Mr. Jiang Cainan
Independent non-executive directors
Mr. Huang Chunhua
Mr. Jin Zhong
Mr. Wang Guozhen
In accordance with Articles 108(A) and (B) of the Company’s Articles
of Association, Mr. Jiang Cainan and Mr. Jin Zhong will retire by
rotation from the Board at the forthcoming annual general meeting
and being eligible, offer themselves for re-election.
物業、廠房及設備以及在建工程
本集團於年內的物業、廠房及設備以及在建工程
的變動詳情載於財務報表附註17。
股本
年內，本公司股本變動的詳情載於財務報表附註
29。
借貸
本集團於二零一七年十二月三十一日的借貸詳
情載於綜合財務報表附註27。
退休計劃
本集團的退休計劃詳情載於財務報表附註12。
董事
年內及直至本報告刊行日期止本公司的董事為：
執行董事
錢元英女士（主席）
蔣泉龍先生
蔣大偉先生（行政總裁）
（於二零一七年九月七日獲委任）
蔣才南先生
獨立非執行董事
黃春華先生
金重先生
王國珍先生
根據本公司的組織章程細則第108(A)及(B)條，蔣
才南先生及金重先生將於即將舉行的股東週年
大會上輪值退任，惟合資格並願意膺選連任。
Annual Report 2017 年報38
董 事 會 報 告
DIRECTORS’ REPORT
In accordance with Article 112 of the Company’s Articles of
Association, Mr. Jiang Dawei shall hold office until the forthcoming
annual general meeting and being eligible, offer himself for
re-election.
As at 31 December 2017, none of the directors has a service
contract with the Company which is not determinable by the
Company within one year without payment of compensation other
than statutory compensation.
CHANGE OF INFORMATION ON DIRECTORS
The change and updated information regarding the Directors of the
Company since the Company’s last published interim report and up
to the date of this annual report are set out below:
1. Ms. Qian Yuanying, an executive director, who was
redesignated from the Deputy Chairman of the Board and
Chief Executive Office to the Chairman of the Board on 7
September 2017 after Mr. Jiang Quanlong resigned as the
Chairman of the Board on 7 September 2017.
2. Mr. Jiang Quanlong, an executive director, who resigned as
the Chairman of the Board on 7 September 2017. In
addition, he resigned as an executive director and the
cha i rman o f the boa rd o f d i r e c to r s o f Pan As i a
Environmental Protection Group Limited, the shares of which
are listed on The Stock Exchange of Hong Kong Limited (the
“Stock Exchange”), on 15 September 2017.
3. Mr. Jiang Dawei was appointed as an executive director and
Chief Executive Officer on 7 September 2017.
根據本公司的組織章程細則第112條，蔣大偉先
生將留任直至即將舉行的股東週年大會，惟合資
格並願意膺選連任。
於二零一七年十二月三十一日，概無董事與本公
司訂立不可由本公司於一年內終止而毋須支付
法定賠償以外的賠償的服務合約。
董事資料變動
自上一份刊發之中期報告至本年報日期之期間
內，有關本公司董事之變動及最新資料如下：
1. 執行董事錢元英女士於二零一七年九月
七日，於蔣泉龍先生辭任董事會主席後，
由副主席兼行政總裁調任為董事會主席。
2. 執行董事蔣泉龍先生，其於二零一七年
九月七日辭任董事會主席。此外，其於
二零一七年九月十五日辭任泛亞環保集
團有限公司（其股份於香港聯合交易所有
限公司（聯交所）上市）之執行董事及董事
會主席。
3. 蔣大偉先生於二零一七年九月七日獲委
任為執行董事及行政總裁。
Annual Report 2017 年報 39
董 事 會 報 告
DIRECTORS’ REPORT
DIRECTORS’ AND CHIEF EXECUTIVES’ INTERESTS AND
SHORT POSITIONS
As at 31 December 2017, the interests and short positions of the
directors and chief executives of the Company and their respective
close associates in the shares, underlying shares and debentures of
the Company and its associated corporations as recorded in the
register kept by the Company pursuant to Section 352 of the
Securities and Futures Ordinance (“SFO”) or as otherwise notified to
the Company and the Stock Exchange pursuant to the Model Code
for Securities Transactions by Directors of Listed Issuers were as
follows:
1. Interests in shares of the Company
董事及主要行政人員的權益及淡倉
於二零一七年十二月三十一日，本公司依據「證
券及期貨條例」第352條而存置之登記冊內所載，
或依據上市公司董事進行證券交易的標準守則
而通知本公司及聯交所的本公司董事及主要行
政人員及其緊密關聯人士於本公司及其相聯公
司之股份、相關股份及債券的權益及淡倉如下：
1. 於本公司股份權益
董事 權益性質╱身份 股份數目
佔本公司已發行
股本的百分比
Director Nature of interest/Capacity Number of shares
% to the issued
share capital of
the Company
錢元英 信託之成立人 744,755,200（附註1） %
Qian Yuanying Founder of a trust 744,755,200 (Note 1) %
錢元英 受控公司之權益 21,000,000（附註2） %
Qian Yuanying Interest of controlled corporation 21,000,000 (Note 2) %
蔣泉龍 配偶之權益╱受控公司之權益 765,755,200（附註1及2） %
Jiang Quanlong Interest of spouse/Interest of
controlled corporation
765,755,200 (Notes 1 & 2) %
蔣大偉 實益擁有人 530,077 %
Jiang Dawei Beneficial owner 530,077 %
附註：
1. 7 4 4 , 7 5 5 , 2 0 0股 以 好 倉 透 過 Y Y
Holdings Limited持有，其全部已發行
股本由YY Trust的受託人YYT (PTC)
Limited所持有，而受益人為蔣泉龍先
生的配偶錢元英女士及其子全資擁有
的公司。按證券及期貨條例第XV部之
定義錢元英女士為YY Trust的成立人。
蔣 泉 龍 先 生 及 錢 元 英 女 士 為 Y Y
Holdings Limited的董事。
2. 2 1 , 0 0 0 , 0 0 0股以好倉透過 P r a i s e
Fortune Limited持有，其已發行股本
的%由蔣泉龍先生的配偶錢元英
女 士 持 有。錢 元 英 女 士 為 P r a i s e
Fortune Limited的董事。
Notes:
1. 744,755,200 shares are held in long position through YY
Holdings Limited, the entire issued share capital of which is
held by YYT (PTC) Limited, the trustee of YY Trust, the
discretionary object of which is a company wholly owned by
Ms. Qian Yuanying, the spouse of Mr. Jiang Quanlong, and
her sons. Ms. Qian Yuanying is a founder of YY Trust within
the meaning under Part XV of the SFO. Mr. Jiang Quanlong
and Ms. Qian Yuanying are the directors of YY Holdings
Limited.
2. 21,000,000 shares are held in long position through Praise
Fortune Limited, % of its issued share capital is held
by Ms. Qian Yuanying, the spouse of Mr. Jiang Quanlong.
Ms. Qian Yuanying is a director of Praise Fortune Limited.
Annual Report 2017 年報40
董 事 會 報 告
DIRECTORS’ REPORT
2. Interests in shares, underlying shares or equity interests
in associated corporations
(a) Microtech Resources Limited
2. 於相聯公司股份、相關股份或股本權益
(a) 微科資源有限公司
董事 權益性質╱身份 已發行股份類別及數目
佔該公司已發行股本
中該股份類別的百分比
Director
Nature of interest/
Capacity
Number and class
of issued shares
% in the class
of shares in the
issued share capital
of the company
錢元英 實益擁有人 無投票權遞延股份3,000,000股 30%
Qian Yuanying Beneficial owner 3,000,000 non-voting deferred shares 30%
蔣泉龍 實益擁有人 無投票權遞延股份7,000,000股 70%
Jiang Quanlong Beneficial owner 7,000,000 non-voting deferred shares 70%
(b) 宜興新威利成稀土有限公司
董事 權益性質╱身份 股本權益百分比
Director Nature of interest/Capacity % equity interest
蔣泉龍 受控公司之權益 5%
Jiang Quanlong Interest of controlled corporation 5%
附註：
該等權益乃透過宜興新威集團有限公
司持有。該中國企業由蔣泉龍先生擁
有90%權益，餘下的10%權益由其子
持有。蔣先生亦為該企業的法定代表
人。
(b) Yixing Xinwei Leeshing Rare Earth Company Limited
Note:
The equity interest is held by Yixing Xinwei Group Co., Ltd.,
a PRC domestic enterprise 90% owned by Mr. Jiang
Quanlong, with the remaining 10% owned by his son.
Mr. Jiang is also the legal representative of the enterprise.
Annual Report 2017 年報 41
董 事 會 報 告
DIRECTORS’ REPORT
(c) YY Holdings Limited(c) YY Holdings Limited
董事 權益性質╱身份 已發行股份類別及數目
佔該公司已發行股本
中該股份類別的百分比
Director
Nature of interest/
Capacity
Number and class
of issued shares
% in the class
of shares in the
issued share capital
of the company
錢元英 信託之成立人 普通股份1股 100%
Qian Yuanying Founder of a trust 1 ordinary share 100%
錢元英 信託之成立人 優先股份25,000股 100%
Qian Yuanying Founder of a trust 25,000 preference shares 100%
蔣泉龍 受控公司之權益 普通股份1股 100%
Jiang Quanlong Interest of controlled corporation 1 ordinary share 100%
蔣泉龍 受控公司之權益 優先股份25,000股 100%
Jiang Quanlong Interest of controlled corporation 25,000 preference shares 100%
附註：
YY Holdings Limited的全部已發行股
本由YY T rus t的受託人YYT (PTC)
Limited所持有，而其受益人為蔣泉龍
先生的配偶錢元英女士及其子全資擁
有的公司。按證券及期貨條例第XV部
之定義錢元英女士為YY Trust的成立
人。蔣泉龍先生及錢元英女士為YYT
(PTC) Limited的董事。
除上述披露外，於二零一七年十二月三十一日，
根據「證券及期貨條例」第352條所存置之登記冊
內所載，概無本公司董事或主要行政人員或其緊
密關聯人士於本公司及其相聯公司之股份、相關
股份及債券持有或被視為持有任何權益或淡倉。
Note:
The entire issued share capital of YY Holdings Limited is
held by YYT (PTC) Limited, the trustee of YY Trust, the
discretionary object of which is a company wholly owned by
Ms. Qian Yuanying, the spouse of Mr. Jiang Quanlong, and
her sons. Ms. Qian Yuanying is a founder of YY Trust within
the meaning under Part XV of the SFO. Mr. Jiang Quanlong
and Ms. Qian Yuanying are the directors of YYT (PTC)
Limited.
Save as disclosed above, as at 31 December 2017, none of the
directors or chief executives of the Company and their respective
close associates had or was deemed to have any interest or short
position in the shares, underlying shares and debentures of the
Company and its associated corporations as recorded in the register
kept under Section 352 of the SFO.
Annual Report 2017 年報42
董 事 會 報 告
DIRECTORS’ REPORT
SUBSTANTIAL SHAREHOLDERS’ INTERESTS AND
SHORT POSITIONS
So far as is known to the directors, as at 31 December 2017, the
interests and short positions of shareholders, other than the
directors or chief executives of the Company, in the shares and
underlying shares of the Company as recorded in the register kept
by the Company pursuant to Section 336 of the SFO were as
follows:
1. YY Holdings Limited, the entire issued share capital of which
is held by YYT (PTC) Limited, was holding 744,755,200
shares of the Company, representing approximately %
of the issued share capital of the Company as beneficial
owner.
2. YYT (PTC) L imited was deemed to be interested in
744,755,200 shares of the Company held by YY Holdings
Limited, the entire issued share capital of which is held by
YYT (PTC) Limited.
Save as disclosed above, no other party, other than the directors or
chief executives of the Company, has notified the Company that he
had any interest or short position in the shares or underlying shares
of the Company as recorded in the register kept under Section 336
of the SFO as at 31 December 2017.
主要股東權益及淡倉
據董事會所知，於二零一七年十二月三十一日，
本公司依據「證券及期貨條例」第336條而存置之
登記冊內所載，除本公司董事及主要行政人員
外，其他股東持有本公司的股份及相關股份的權
益及淡倉如下：
1. 全部已發行股本由YYT (PTC) Limited所持
有的公司YY Holdings Limited以實益擁有
人身份持有本公司股份744,755,200股，
約佔本公司已發行股份的%。
2. YYT (PTC) Limited被視為持有其所擁有全
部已發行股本的YY Holdings Limited所持
有的本公司股份744,755,200股的權益。
除上述披露外，於二零一七年十二月三十一日，
根據「證券及期貨條例」第336條所存置之登記冊
內所載，除本公司董事或主要行政人員外，概無
其他人仕通知本公司於本公司之股份或相關股
份持有任何權益或淡倉。
Annual Report 2017 年報 43
董 事 會 報 告
DIRECTORS’ REPORT
SHARE OPTION SCHEME
At the Company’s annual general meeting held on 6 June 2014, the
shareholders of the Company approved the adoption of a new share
option scheme currently in force (the “New Scheme”) after the old
share option scheme, which was previously adopted on 4 June
2004, lapsed on 3 June 2014 for the purpose of providing
incentives to participants for their contribution to the Group. During
the year ended 31 December 2017, there was no option granted,
cancelled or lapsed under the New Scheme.
The major terms of the New Scheme are as follows:
1. The purpose of the New Scheme is to enable the Group to
grant options to the eligible participants as incentives or
rewards for their contribution to the Group.
2. The eligible participants include any employee (whether
full-time or part-time, including any executive director), any
non-executive director, any shareholder, any supplier and
any customer of the Company or any of its subsidiaries or
any entity in which any member of the Group holds any
equity interest, and any party having contributed to the
development and growth of the Group.
3. Under the New Scheme, the total number of shares available
for issue is 167,264,305 which represents approximately
10% of the issued share capital of the Company as at the
date of adoption of the New Scheme.
4. The maximum entitlement of each participant under the
Scheme in any 12-month period should not exceed 1% of
the issued share capital of the Company.
5. The exercisable period of an option granted may be
determined by the directors and should not end later than
10 years after the date of offer.
6. Any offer for the grant of an option may be accepted by the
participant within 21 days from the date of offer with a
consideration of HK$1 paid.
購股權計劃
由於先前於二零零四年六月四日採納的舊購股
權計劃於二零一四年六月三日失效，本公司股東
於二零一四年六月六日召開的股東周年大會批
准採納現時生效的新購股權計劃（「新計劃」），
旨在以提供獎勵鼓勵參與者向本集團作出貢獻。
於截至二零一七年十二月三十一日止年度，無購
股權按新計劃被授出、取消或失效。
新計劃之主要條款如下：
1. 新計劃旨在使本集團能向曾對本集團作
出貢獻的合資格參與者授出購股權作為
獎勵或回報。
2. 合資格參與者包括本公司或其任何附屬
公司或本集團任何成員公司持有任何股
權之任何實體之任何僱員（不論全職或兼
職，包括任何執行董事）、任何非執行董
事、任何股東、任何供應商及任何客戶，
以及對本集團的發展及成長作出貢獻的
任何人士。
3. 按新計劃，可予發行的總股份數目為
167,264,305股，約佔於新計劃採納日期
時本公司已發行股本的10%。
4. 各參與者按新計劃在任何十二個月期間
內可獲發行之股份數目不可超過本公司
已發行股本之1%。
5. 授出購股權之可行使日期可由董事會釐
定，但不可於要約日期十年後結束。
6. 任何授出購股權之要約可由參與者於要
約日起二十一日內以付出代價1港元接納。
Annual Report 2017 年報44
董 事 會 報 告
DIRECTORS’ REPORT
7. The exercise price may be determined by the directors
provided that it should not be less than the highest of:
(i) the closing price of the shares of the Company as
stated in the Stock Exchange’s daily quotation sheet
on the date of offer;
(ii) the average closing price of the shares of the
Company as stated in the Stock Exchange’s daily
quotat ion sheets for the f i ve bus iness days
immediately preceding the date of offer; and
(iii) the nominal value of a share of the Company.
8. The New Scheme is valid and effective for a period of 10
years from 6 June 2014, the date on which the Scheme was
adopted.
Save as disclosed above, at no time during the year was the
Company or any of its subsidiaries a party to any arrangement,
which enables any of the directors or chief executives of the
Company or their spouses or children under the age of 18 to
acquire benefits by means of acquisition of shares in, or debentures
of, the Company or any other body corporate.
DIRECTORS’ INTERESTS IN CONTRACTS
During the year, the Group paid approximately HK$832,000 as
rental expenses to Mr. Jiang Quanlong for the use of his office
premises.
During the year, the Group paid approximately HK$61,000 as rental
expenses to Wuxi Pan-Asia Environmental Protection Technologies
Limited, a related company in which Ms. Qian Yuanying and
Mr. Jiang Quanlong were deemed to have beneficial interests, for
the use of its office premises.
Save as disclosed above and in note 31 to the financial statements,
no director had a beneficial interest, either direct or indirect, in any
contract of significance to which the Company or any of its
subsidiaries was a party at the year-end date or at any time during
the year.
7. 行使價可由董事會釐定，但不可少於下
列各項之最高者：
(i) 要約當日本公司股份於聯交所每
日報價表所示之收市價；
(ii) 緊接要約當日前五個營業日本公
司股份於聯交所每日報價表所示
之平均收市價；及
(iii) 本公司股份面價。
8. 新計劃自二零一四年六月六日，即新計
劃被採納日起十年內有效。
除上述披露外，年內本公司或其附屬公司概無參
與任何能夠使本公司之任何董事或主要行政人
員或其配偶或未滿十八歲的子女藉購入本公司
或任何其他法人團體之股份或債券而獲得利益
之任何安排。
董事於合約的權益
年內，本集團向蔣泉龍先生支付約832,000港元，
作為使用其辦公室的租金費用。
年內，本集團向一間由錢元英女士及蔣泉龍先生
被視為擁有權益的關連公司無錫泛亞環保科技
有限公司支付約61,000港元，作為使用其辦公室
的租金費用。
除上述及於財務報表附註31披露外，於年結日或
年內任何時間各董事概無於本公司或其任何附
屬公司訂立與其業務有關的任何重大合約中擁
有直接或間接的實際權益。
Annual Report 2017 年報 45
董 事 會 報 告
DIRECTORS’ REPORT
DIRECTORS’ INTERESTS IN COMPETING BUSINESS
During the year, none of the directors had any interest in any
business which competes or is likely to compete, either directly or
indirectly, with the business of the Group.
PERMITTED INDEMNITY PROVISIONS
During the year, the Company has in force indemnity provisions as
permitted under the Cayman Islands Companies Law for the benefit
of the directors of the Company. The permitted indemnity
provisions are provided for in the Company’s Articles of Association
and in the directors and officers liability insurance maintained in
respect of potential l iabil ity and costs associated with any
proceedings that may brought against the directors.
MANAGEMENT CONTRACTS
No contract concerning the management and administration of the
whole or any substantial part of the business of the Group was
entered into or existed during the year.
PURCHASE, SALE OR REDEMPTION OF THE
COMPANY’S LISTED SECURITIES
There has been no purchase, sale or redemption of any of the
Company’s listed securities by the Group during the year.
MAJOR CUSTOMERS AND SUPPLIERS
The percentages of sales and purchases for the year attributable to
the Group’s major customers and suppliers are as follows:
Sales
– the largest customer 16%
– five largest customers combined 44%
Purchases
– the largest supplier 55%
– five largest suppliers combined 67%
董事於競爭業務的權益
年內，概無董事於與本集團之業務有直接或間接
競爭或可能存在競爭之任何業務中擁有任何權益。
獲准許彌償條文
年內，本公司按開曼群島公司法的允許，備有以
本公司董事為受益人的彌償條文。獲准許彌償條
文載於本公司組織章程細則以及為董事及高級
行政人員購買的責任保險內，有關保險就董事可
能面對任何訴訟而產生相關的潛在責任和費用
而作出賠償。
管理合約
年內概無訂立或存在任何對本集團全部或重大
部份之業務與管理及行政有關之合約。
購買、出售或贖回本公司的上市證券
本集團於年內概無購買、出售或贖回任何本公司
之上市證券。
主要客戶及供應商
本集團主要客戶及供應商於年內所佔的銷售及
採購百分比如下：
銷售
– 最大客戶 16%
– 最大五名客戶合計 44%
採購
– 最大供應商 55%
– 最大五名供應商合計 67%
Annual Report 2017 年報46
董 事 會 報 告
DIRECTORS’ REPORT
None of the directors, their respective close associates or any
shareholders who own more than 5% of the Company’s issued
share capital to the knowledge of the directors, have any interest in
the share capital of any of the five largest customers or suppliers of
the Group.
CORPORATE GOVERNANCE
The Company is committed to developing and maintaining robust
corporate governance practices to safeguard the interests of its
shareholders and to enhance corporate value, accountability and
transparency of the Company. Information on the principal
corporate governance practices adopted by the Company is set out
in the Corporate Governance Report on pages 21 to 35 of this
annual report.
BUSINESS REVIEW
A review and prospects of the business of the Group are discussed
in the Chairman’s Statement on pages 6 to 16 of this annual report.
1. Principal risks and uncertainties
Business environment changes continuously and the Group
is facing significant risks and uncertainties associated to it.
Instabilities in the global economy, especially in China, led
to fluctuation in the market supply and demand of rare
earth products and refractory materials products. In
addition, the attitude and the policies implemented by the
Chinese Government will have great impact on the markets
and will fluctuate the prices, supply and demand. Moreover,
the development of advanced technology will lead to new
application of rare earth and it may also derive new demand
for rare earth. The Group will closely monitor the market
trends and derive appropriate strategies to cope with the
changes ahead.
2. Key financial performance indicators
Analysis of key performance indicators including gross profit
ratios are set out in the Business Review section of
Chairman’s Statement on pages 8 to 11 of this annual
report.
據各董事所知，各董事、彼等的緊密聯繫人及擁
有本公司5%以上已發行股本的任何股東概無於
本集團最大五名客戶或供應商的股本中擁有任
何權益。
企業管治
本公司致力於發展及維持良好的企業管治常規
以保障本公司股東利益，同時提高本公司價值、
問責性及透明度。本公司採納的主要企業管治常
規相關資料載於本年報第21頁至35頁的企業管
治報告內。
業務回顧
本集團業務的回顧及展望已於本年報第6頁至16
頁的主席報告書中討論。
1. 主要風險及不明朗因素
業務環境持續改變而本集團面對的主要
風險及不明朗因素亦與此相依。全球尤
其是中國的經濟不穩，導致稀土產品及
耐火材料產品市場供應及需求波動。此
外，中國政府的態度及所推行的政策亦
對市場有重大影響而致使價格、供應及
需求變化不定。再者，高新技術的發展
亦引發稀土的新應用及引伸對稀土的新
需求。本集團將密切監察市場趨勢並制
定適合的策略以應對前方之轉變。
2. 關鍵財務表現指標
包括毛利率等的關鍵財務表現指標分析
載於本年報第8頁至11頁的主席報告書中
業務回顧一節內。
Annual Report 2017 年報 47
董 事 會 報 告
DIRECTORS’ REPORT
3. Environmental policies and performance
The Group is fully aware of the importance of environment
protect ion on the Group’s sustainabi l i ty and future
development. The Group devotes to minimizing the release
of water, air and sound pollutants to the production
environments. All wastage are discharged and handled by
appropriate entities. The Group had undergone a series of
energy-savings and anti-pollution innovations to maintain its
leadership status in environment protection among the peers
in the indust ry . The Group d id not aware of any
non-compliance of the laws or regulations on environment
protection during the year, except that the performance of
the dedusting desulphurization facility in the Group’s high
purity magnesium grain production line failed to meet all of
the country’s standards that need to suspend production
temporarily.
4. Compliance with laws and regulations
Most of the Group’s operations are situated in China and so
all of those laws and regulations which can affect foreign
invested enterprise’s operation in China, including the
Company Law, Law of Foreign-Capital Enterprises and
Regulation on the Administration of the Import and Export
of Goods are critical to the Group. In addition, those
provisions implemented by the Chinese Government in
relation to the rare earth industry such as “Several Opinions
of the State Council on Promoting the Sustainable and
Healthy Development of the Rare Earth Industry” and “Rare
Earth Industry Access Conditions” also have significant
influence to the Group’s operation. The Group did not
aware of any violations on the above laws and regulations
during the year.
3. 環境政策及表現
本集團清楚理解環境保護對本集團持續
及將來發展的重要性。本集團盡力在生
產環境中減少污水、廢氣及噪音的排放。
所有廢物的棄置及處理交由適當單位負
責。本集團亦進行了一系列節能減排的
改造以保持在同行中對環境保護的領導
地位。年內，除了在高純鎂砂生產線的
除塵脫硫脫硝表現尚未達到國家標準而
需暫停運作之外，本集團並無知悉有不
符環境保護法律法規的情況。
4. 符合法律法規
本集團大部分的運作皆位於中國。故中
國所有影響外商投資企業運作的法律法
規，包括公司法、外資企業法及貨物進
出口管理條例等均對本集團至為重要。
此外，中國政府推行有關稀土行業的條
例如「國務院關於促進稀土行業持續健康
發展的若干意見」及「稀土行業准入條件」
等亦對本集團運作構成重大影響。年內，
本集團並無知悉有違反上述法律法規的
情況。
Annual Report 2017 年報48
董 事 會 報 告
DIRECTORS’ REPORT
5. Relationship with key stakeholders
The Group shares a view that its staff is critical to its
success. The Group has provided a comprehensive staff
remuneration and welfare system. It also provided regular
training and study opportunities to employees to assist them
in maintaining professional competence. All staff had
entered into appropriate employment contract with the
Group so as to be protected by relevant labour laws.
The Group accumulated a large number of customer bases
all over the world. The Group has always focused on
maintaining good customer relationship. Every year, the
management and sales team visit customers and listen to
their needs so as to adjust its sales strategy.
The Group sources different materials with different
suppliers. The Group would not depend on a single supplier
to avoid the concentration risk. The Group maintains a
hea l thy p rocu rement s y s tem and ma in ta in s good
cooperation relationship with suppliers.
PRE-EMPTIVE RIGHTS
There is no provision for pre-emptive rights under the Company’s
Memorandum and Articles of Association and the Cayman Islands
Companies Law in relation to the issue of new shares by the
Company.
SUFFICIENCY OF PUBLIC FLOAT
Based on information that is publicly available to the Company and
within the knowledge of the directors, the Company has maintained
sufficient public float as required under the Rules Governing the
Listing of Securities on the Stock Exchange during the year.
5. 與主要持份者的關係
本集團認為員工乃其成功之本。本集團
為員工提供了完善的薪酬體系及福利待
遇。為保持本集團的專業水準，本集團
亦定期為在職員工提供培訓及進修機會。
所有員工皆與本集團簽訂僱傭合約以受
有關勞工法例所保障。
本集團於世界各地累積龐大的客戶群。
本集團一直專注與客戶保持良好關係。
每年，管理層及銷售團隊均會拜訪客戶，
聆聽其需要，從而調整銷售策略。
本集團向不同的供應商採購不同的材料。
本集團並不依賴單一供應商以避免集中
風險。本集團維持了健康的採購制度，
與供應商保持良好合作關係。
優先購股權
根據本公司之公司組織章程大綱及細則及開曼
群島公司法，本公司並無對於發行新股設立任何
優先購股權之規定。
足夠公眾持股量
根據本公司從公開途徑所得的資料及據董事會
所知，本公司於年內一直維持聯交所證券上市規
則所規定的足夠公眾持股量。
Annual Report 2017 年報 49
董 事 會 報 告
DIRECTORS’ REPORT
核數師
由二零一三年開始作為本公司核數師的國富浩
華（香港）會計師事務所有限公司於二零一七年
一月二十四日辭任，而天健德揚會計師事務所有
限公司於同日獲委聘為本公司之核數師。
截至二零一七年十二月三十一日止年度的綜合
財務表已經由天健德揚會計師事務所有限公司
審核。
天健德揚會計師事務所有限公司將任滿告退，惟
合資格並願意膺選連任。有關續聘天健德揚會計
師事務所有限公司為本公司核數師的決議案將
於本公司應屆股東週年大會上提呈。
承董事會命
錢元英
主席
香港，二零一八年三月二十八日
AUDITOR
Crowe Horwath (HK) CPA Limited, who acted as the auditor of the
Company since 2013, resigned on 24 January 2017 and Ascenda
Cachet CPA Limited was appointed as auditor of the Company on
the same day.
The consolidated financial statements for the year ended 31
December 2017 have been audited by Ascenda Cachet CPA Limited.
Ascenda Cachet CPA Limited will retire and, being eligible, offer
itself for re-appointment. A resolution for the re-appointment of
Ascenda Cachet CPA Limited will be proposed at the forthcoming
annual general meeting of the Company.
On behalf of the Board
Qian Yuanying
Chairman
Hong Kong, 28 March 2018
獨 立 核 數 師 報 告
INDEPENDENT AUDITOR’S REPORT
Annual Report 2017 年報50
13F Neich Tower
128 Gloucester Road
Wanchai Hong Kong
香港灣仔
告士打道128號
祥豐大廈13樓F室
INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF
CHINA RARE EARTH HOLDINGS LIMITED
(Incorporated in the Cayman Islands with limited liability)
OPINION
We have audited the consolidated financial statements of China
Rare Earth Holdings Limited (the “Company”) and its subsidiaries
(hereinafter collectively referred to as the “Group”) set out on
pages 62 to 171 which comprise the consolidated statement of
financial position as at 31 December 2017, and the consolidated
statement of profit or loss, the consolidated statement of profit or
loss and other comprehensive income, the consolidated statement
of changes in equity and the consolidated statement of cash flows
for the year then ended, and notes to the consolidated financial
statements, including a summary of significant accounting policies.
In our opinion, the consolidated financial statements give a true and
fair view of the consolidated financial position of the Group as at
31 December 2017, and of its consolidated financial performance
and its consolidated cash flows for the year then ended in
accordance with Hong Kong Financial Reporting Standards
(“HKFRSs”) issued by the Hong Kong Institute of Certified Public
Accountants (“HKICPA”) and have been properly prepared in
compliance with the disclosure requirements of the Hong Kong
Companies Ordinance.
獨立核數師報告
致中國稀土控股有限公司各股東
（於開曼群島註冊成立之有限公司）
意見
吾等已審核第62至第171頁所載中國稀土控股有
限公司（「貴公司」）及其附屬公司（下文統稱「貴
集團」）之綜合財務報表，包括於二零一七年十二
月三十一日之綜合財務狀況表及截至該日止年
度之綜合損益表、綜合損益及其他全面收益表、
綜合權益變動表及綜合現金流量表，以及綜合財
務報表附註，包括主要會計政策概要。
吾等認為，綜合財務報表已根據香港會計師公會
（「香港會計師公會」）頒佈之香港財務報告準則
（「香港財務報告準則」）真實公平地反映 貴集團
於二零一七年十二月三十一日之綜合財務狀況
及截至該日止年度之綜合財務表現及綜合現金
流量，並已遵照香港公司條例之披露規定妥為編
製。
Annual Report 2017 年報 51
INDEPENDENT AUDITOR’S REPORT
獨 立 核 數 師 報 告
BASIS FOR OPINION
We conducted our audit in accordance with Hong Kong Standards
on Auditing (“HKSAs”) issued by the HKICPA. Our responsibilities
under those standards are further described in the Auditor’s
Responsibil it ies for the Audit of the Consolidated Financial
Statements section of our report. We are independent of the Group
in accordance with the HKICPA’s Code of Ethics for Professional
Accountants (“the Code”), and we have fulfilled our other ethical
responsibilities in accordance with the Code. We believe that the
audit evidence we have obtained is sufficient and appropriate to
provide a basis for our opinion.
KEY AUDIT MATTERS
Key audit matters are those matters that, in our professional
judgement, were of most s ignif icance in our audit of the
consolidated financial statements of the current period. These
matters were addressed in the context of our audit of the
consolidated financial statements as a whole, and in forming our
opinion thereon, and we do not provide a separate opinion on these
matters. For each matter below, our description of how our audit
addressed the matter is provided in that context.
We have fulfilled the responsibilities described in the Auditor’s
Responsibil it ies for the Audit of the Consolidated Financial
Statements section of our report, including in relation to these
matters. Accordingly, our audit included the performance of
procedures designed to respond to our assessment of the risks of
material misstatement of the consolidated financial statements. The
results of our audit procedures, including the procedures performed
to address the matters below, provide the basis for our audit
opinion on the accompanying consolidated financial statements.
意見基礎
吾等根據香港會計師公會頒佈之香港審計準則
（「香港審計準則」）進行審核。在該等準則下，吾
等之責任在吾等之報告內「核數師就審計綜合財
務報表承擔之責任」一節進一步闡述。根據香港
會計師公會之「專業會計師道德守則」（「守則」），
吾等獨立於 貴集團，並已遵循守則履行其他道
德責任。吾等相信，吾等所獲得之審核憑證能充
足及適當地為吾等之審核意見提供基礎。
關鍵審計事項
根據吾等之專業判斷，關鍵審計事項為吾等審核
於本期間之綜合財務報表中最重要之事項。吾等
在審核綜合財務報表及就此達致意見時處理此
等事項，而不會就此等事項單獨發表意見。就下
文各事項而言，有關吾等審核時處理此等事項的
描述僅適用於此等情況。
吾等已履行本報告「核數師就審計綜合財務報表
承擔之責任」一節闡述之責任，包括與該等關鍵
審計事項相關之責任。相應地，吾等之審計工作
包括執行為應對評估綜合財務報表重大錯誤陳
述風險而設計之審計程序。吾等執行審計程序之
結果，包括應對下述事項所執行之程序，為綜合
財務報表發表審計意見提供基礎。
Annual Report 2017 年報52
獨 立 核 數 師 報 告
INDEPENDENT AUDITOR’S REPORT
就 貴集團主要業務之物業、廠房及設備以及經營租約下預付土地租金之減值評估
Impairment assessment on property, plant and equipment, and prepaid lease payments on land under operating
leases for the Group’s key businesses
請參閱綜合財務報表附註2(g)及4(a)之董事披露有關會計政策、判斷及估計以及綜合財務報表附註17及18之進一步資料。
Refer to notes 2(g) and 4(a) to the consolidated financial statements for the directors’ disclosures of the related accounting
policies, judgements and estimates and notes 17 and 18 to the consolidated financial statements for further information.
關鍵審計事項
Key Audit Matter
於審計中處理關鍵審計事項之方法
How our audit addressed the Key Audit Matter
貴集團於二零一七年十二月三十一日之物業、廠房及設備
以及經營租約下預付土地租金分別約254,983,000港元及
139,965,000港元，當中 貴集團稀土業務及耐火業務的
現金產生單位（「現金產生單位」）中該等資產於二零一七年
十二月三十一日之賬面值分別約為170,971,000港元及
223,969,000港元。
The Group’s property, plant and equipment, and prepaid
lease payments on land under operating leases were
approximately HK$254,983,000 and HK$139,965,000,
respectively, as at 31 December 2017, of which the
carrying amounts of these assets in the Group’s cash
generating units (“CGUs”) of rare earth business and
refractory business were approximately HK$170,971,000
and HK$223,969,000, respectively, as at 31 December
2017.
於各申報期間結算日， 貴集團根據內部及外部資料審查
貴集團的現金產生單位以評估現金產生單位是否出現減值跡
象。倘出現有關跡象， 貴集團將估計現金產生單位的可收
回款額。
At the end of each reporting period, the Group performed
review on the Group’s CGUs based on internal and
external sources of information to assess whether there is
any indication that the CGU may be impaired. If any such
indication exists, the Group will estimate the recoverable
amount of the CGU.
就評估減值而言，該等資產分配至現金產生單位，而各現金
產生單位之可收回金額由管理層使用現金流量預測按使用價
值計算釐定。於進行減值評估時，管理層會採用重大判斷以
識別現金產生單位及釐定使用價值計算涉及之關鍵假設，包
括經營利潤率、最終增長率及貼現率。
For the purpose of assessing the impairment, these assets
were allocated to CGUs, and the recoverable amount of
each CGU was determined by management based on value
in use calculations using cash flow projections. In carrying
out the impairment assessments, significant management
judgement was used to appropriately identify CGUs and to
determine the key assumptions, including operating
margins, terminal growth rates and discount rates,
underlying the value in use calculations.
吾等就 貴集團的現金產生單位的該等資產的減值評估所進
行之程序包括（其中包括）以下各項：
Our procedures in relation to impairment assessment of
these assets on the Group’s CGUs included, among others,
the followings:
• 根據 貴集團的會計政策及吾等對 貴集團業務的了解
評估管理層對現金產生單位的識別；
• Assessing management’s identification of CGUs based
on the Group ’ s a ccount ing po l i c i e s and ou r
understanding of the Group’s businesses;
• 審閱管理層對 貴集團現金產生單位減值跡象之評估；
• Reviewing management’s assessment of impairment
indication on the Group’s CGUs;
• 評估估值師的資格、能力及客觀程度；
• Assessing the competence, capabilities and objectivity
of the Valuer;
• 評估估值師所使用估值技巧的相關性及合理性；
• Assess ing the relevance and reasonableness of
valuation techniques used by the Valuer;
• 將相關現金流量與董事會經批准預算進行比較，及評估
該等預算的編算方式；
• Comparing the underlying cash f lows to board
approved budgets and assessing how these budgets
are compiled;
• 將本年度的實際現金流量與去年現金流量預測進行比
較，以考慮有關預測（包括假設）是否過於樂觀；
• Comparing the current year actual cash flows with the
prior year cash flow projections to consider if the
projections included assumptions that were overly
optimistic;
Annual Report 2017 年報 53
INDEPENDENT AUDITOR’S REPORT
獨 立 核 數 師 報 告
就 貴集團主要業務之物業、廠房及設備以及經營租約下預付土地租金之減值評估（續）
Impairment assessment on property, plant and equipment, and prepaid lease payments on land under operating
leases for the Group’s key businesses (Continued)
關鍵審計事項
Key Audit Matter
於審計中處理關鍵審計事項之方法
How our audit addressed the Key Audit Matter
管理層結論為，於二零一七年十二月三十一日，耐火業務
現金產生單位的該等資產並無出現減值跡象。
The management conc luded that there was no
impairment indication in respect of these assets for the
CGU of refractory business as at 31 December 2017.
就稀土業務現金產生單位而言，由於管理層於二零一七年
十二月三十一日確認減值跡象，因此已進行減值評估。二
零一七年十二月三十一日，稀土業務現金產生單位的可收
回金額乃由 貴集團參考 貴集團委聘的獨立合資格專業
估值師（「估值師」）按使用價值計算（「估值」）後釐
定。根據估值，稀土業務現金產生單位的可收回價值高於
其於二零一七年十二月三十一日的賬面值， 貴公司董事
認為，於二零一七年十二月三十一日並無就稀土業務現金
產生單位確認減值虧損。
For the CGU of rare earth business, impairment
assessment was conducted by the management as a
result of impairment indication identified as at 31
December 2017. The recoverable amount of the CGU of
rare earth business as at 31 December 2017 was
determined by the Group with reference to the value in
use calculations (the “Valuations”) performed by an
independent qualifed professional valuer (the “Valuer”)
engaged by the Group. Based on the Valuations, the
recoverable amount of the CGU of rare earth business
was higher than its carrying amount as at 31 December
2017 and, in the opinion of the directors of the
Company, no impairment loss was recognised in respect
of the CGU of rare earth business as at 31 December
2017.
• 根據吾等的業務及行業知識評估關鍵假設的合理性（包
括經營利潤率、最終增長率及貼現率）；及
• Assessing the reasonableness of key assumptions
(including operating margins, terminal growth rates
and discount rates) based on our knowledge of the
business and industry; and
• 將輸入數據與支持證據對賬，例如經批准預算，並考慮
該等預算的合理性。
• Reconciling input data to supporting evidence, such as
approved budgets and considering the reasonableness
of these budgets.
Annual Report 2017 年報54
獨 立 核 數 師 報 告
INDEPENDENT AUDITOR’S REPORT
貴集團存貨估值
Valuation of the Group’s inventories
請參閱綜合財務報表附註2(h)及4(a)之董事披露有關會計政策、判斷及估計以及綜合財務報表附註21之進一步資料。
Refer to notes 2(h) and 4(a) to the consolidated financial statements for the directors’ disclosures of the related accounting
policies, judgements and estimates and note 21 to the consolidated financial statements for further information.
關鍵審計事項
Key Audit Matter
於審計中處理關鍵審計事項之方法
How our audit addressed the Key Audit Matter
於二零一七年十二月三十一日， 貴集團存貨的賬面值約為
172,762,000港元。
The carrying amount of the Group’s inventories was
approximately HK$172,762,000 as at 31 December 2017.
管理層使用日常業務過程中之估計售價減估計完成之成本及
進行銷售所需之估計成本釐定存貨之可變現淨值，當中涉及
重大估計及假設。
Management determined the net realisable value of the
inventories by using the estimated selling prices in the
ordinary course of business less the estimated costs of
completion and the estimated costs necessary to make the
sale, which involved significant estimates and assumptions.
釐定撇減基準屬重大判斷，乃根據過往存貨虧損經驗及預期
日後售價而作出。
The determination of the basis of write down is a
significant judgement based on historical experience of
stock losses and expected future sales prices.
吾等就管理層對 貴集團存貨之賬面值評估進行之程序包括
（其中包括）以下各項：
Our procedures in relation to management’s assessment of
the carrying amount of the Group’s inventories included,
among others, the followings:
• 了解管理層估計存貨可變現淨值的方法，及評估管理層
過往對撥備估計的準確性；
• Obtaining an understanding of how management
estimated the net realisable value of inventories and
evaluating the historical accuracy of the allowance
estimation by management;
• 與管理層討論及評估管理層估計其後售價、完成之成本
及進行銷售所需之成本所採用的基準；
• Discussing with management and assessing the basis
of the management’s estimation of subsequent selling
prices, costs to completion and costs necessary to
make the sales;
Annual Report 2017 年報 55
INDEPENDENT AUDITOR’S REPORT
獨 立 核 數 師 報 告
貴集團存貨估值（續）
Valuation of the Group’s inventories (Continued)
關鍵審計事項
Key Audit Matter
於審計中處理關鍵審計事項之方法
How our audit addressed the Key Audit Matter
貴集團於二零一七年十二月三十一日進行存貨審查，並於
截至二零一七年十二月三十一日止年度撥備約26,331,000
港元，以將存貨撇減至彼等的可變現淨值。 貴集團亦於
截至二零一七年十二月三十一日止年度就過往年度已撇減
存貨撥回撥備約694,000港元。
The Group carried out the inventory review as at 31
D e c e m b e r 2 0 1 7 a n d p r o v i d e d a l l o w a n c e s o f
approximately HK$26,331,000 to write down inventories
to their net realisable value during the year ended 31
December 2017. The Group also reversed allowances of
approximately HK$694,000 for previous years’ write
down of inventories during the year ended 31 December
2017.
根據管理層所釐定存貨之可變現淨值，管理層認為於二零
一七年十二月三十一日之存貨估值屬恰當。
Based on the management’s determination of the net
realisable value of the inventories, the management
concluded that the valuation of the Group’s inventories
was appropriate as at 31 December 2017.
• 評估計算存貨可變現淨值所使用的方法及假設；及重新
計算存貨撇減或撇銷撥備及撥備撥回金額；
• Assessing the methodology and assumptions used in
the calculation of the net realisable value of the
inventories; and recalculating the allowance and
reversal of allowances for write down or write off of
inventories;
• 抽查存貨於年終後的售價、完成之成本及進行銷售所需
之成本的準確性及相關性；及
• Checking, on a sample basis, the accuracy and
relevance of the selling prices of the inventories
subsequent to year-end, the costs to completion and
the costs necessary to make the sales; and
• 評估倘若於二零一七年十二月三十一日的估計可變現淨
值低於成本的撥備是否足夠。
• Assessing the sufficiency of allowances where the
estimated net realisable value was lower than the cost
as at 31 December 2017.
Annual Report 2017 年報56
獨 立 核 數 師 報 告
INDEPENDENT AUDITOR’S REPORT
貴集團應收賬款及其他應收款的減值
Impairment of the Group’s trade and other receivables
請參閱綜合財務報表附註2(g)、2(i)及4(a)之董事披露有關會計政策、判斷及估計以及綜合財務報表附註22之進一步資料。
Refer to notes 2(g), 2(i) and 4(a) to the consolidated financial statements for the directors’ disclosures of the related
accounting policies, judgements and estimates and note 22 to the consolidated financial statements for further
information.
關鍵審計事項
Key Audit Matter
於審計中處理關鍵審計事項之方法
How our audit addressed the Key Audit Matter
於二零一七年十二月三十一日， 貴集團應收賬款及其他應
收款的賬面值約為337,091,000港元。
The carrying amount of the Group’s trade and other
receivables was approximately HK$337,091,000 as at 31
December 2017.
應收賬款及其他應收款減值由管理層應用判斷及使用假設估
計。 貴集團有關確認應收賬款及其他應收款減值的政策是
基於對賬款的可收回程度及賬齡分析評估及根據管理層判
斷。在評估該等應收款項最終能否變現時，將涉及大量判
斷，包括各債務人的信用情況及過往還款記錄。
The impairment of trade and other receivables is estimated
by the management through the application of judgment
and use of assumptions. The Group’s policy for recognition
of impairment on trade and other receivables is based on
the evaluation of collectability, ageing analysis of accounts
and on management’s judgement. A considerable amount
of judgement is required in assessing the ultimate
realisation of these receivables, including the current
creditworthiness and the past collection history of each
debtor.
吾等就管理層對 貴集團應收賬款及其他應收款之減值評估
進行之程序包括（其中包括）以下各項：
Our procedures in relation to management’s impairment
assessment on the Group’s trade and other receivables
included, among others, the followings:
• 了解管理層估計呆壞賬撥備的方法，及評估管理層過往
對撥備估計的準確性；
• Obtaining an understanding of how management
estimated the allowances for bad and doubtful debts
and evaluating the historical accuracy of the allowance
estimation by management;
• 審查應收賬款及其他應收款於整個年度的賬齡分析以了
解債務人的償付模式；
• Reviewing the ageing analysis of trade and other
receivables throughout the year to understand the
settlement patterns by the debtors;
Annual Report 2017 年報 57
INDEPENDENT AUDITOR’S REPORT
獨 立 核 數 師 報 告
貴集團應收賬款及其他應收款的減值（續）
Impairment of the Group’s trade and other receivables (Continued)
關鍵審計事項
Key Audit Matter
於審計中處理關鍵審計事項之方法
How our audit addressed the Key Audit Matter
於二零一七年十二月三十一日， 貴集團對應收賬款及其他
應收款進行減值評估，並就應收賬款及其他應收款於截至二
零一七年十二月三十一日止年度之呆壞賬作出撥備分別約
990,000港元及593,000港元。 貴集團亦就應收賬款及其
他應收款於截至二零一七年十二月三十一日止年度之呆壞賬
撥回撥備分別約4,445,000港元及181,000港元。
The Group performed the impairment assessment on trade
and other receivables as at 31 December 2017 and
provided allowances for bad and doubtful debts on trade
rece i vab le s and o the r r ece i vab le s amount ing to
approximately HK$990,000 and HK$593,000, respectively,
during the year ended 31 December 2017. The Group also
reversed allowances for bad and doubtful debts on trade
rece i vab le s and o the r r ece i vab le s amount ing to
a p p r o x i m a t e l y H K$4 ,445 ,000 a n d H K$181 ,000 ,
respectively, during the year ended 31 December 2017.
根據管理層對應收賬款及其他應收款減值的評估，管理層認
為於二零一七年十二月三十一日之應收賬款及其他應收款呆
壞賬撥備屬恰當。
Based on the management’s assessment on the impairment
of trade and other receivables, the management concluded
that the allowances for bad and doubtful debts on trade
and other receivables was adequate as at 31 December
2017.
• 測試 貴集團就編製應收賬款及其他應收款賬齡分析的
關鍵控制，並抽查來源文件以測試賬齡分析；
• Testing the key controls of the Group relating to
preparation of the ageing analysis of trade and other
receivables and carrying out testing on the ageing
analysis, on a sample basis, to the source documents;
• 參考管理層對債務人的信用評估、債務人過往的信貸記
錄（包括拖欠或逾期付款）、債務人的償付記錄、債務
人的其後償付及各個別債務人的賬齡分析評估管理層應
收賬款及其他應收款可收回性的評估基準；及
• Assessing the basis of management’s assessment of
recoverability of trade and other receivables with
reference to the management’s evaluation of debtors’
creditworthiness, debtors’ credit history including
default or delay in payments, debtors’ settlement
records, subsequent settlements from debtors and
ageing analysis of each individual debtor; and
• 重新計算應收賬款及其他應收款呆壞賬撥備及撥回撥備
金額及評估有關撥備於二零一七年十二月三十一日是否
足夠。
• Recalculating the amount of allowances and reversal of
allowances for bad and doubtful debts on trade and
other receivables and assessing the sufficiency of the
allowances as at 31 December 2017.
Annual Report 2017 年報58
獨 立 核 數 師 報 告
INDEPENDENT AUDITOR’S REPORT
OTHER INFORMATION
The directors of the Company are responsible for the other
information. The other information comprises the information
included in the annual report, but does not include the consolidated
financial statements and our auditor’s report thereon.
Our opinion on the consolidated financial statements does not cover
the other information and we do not express any form of assurance
conclusion thereon.
In connection with our audit of the consolidated financial
statements, our responsibility is to read the other information and,
in doing so, consider whether the other information is materially
inconsistent with the consolidated financial statements or our
knowledge obtained in the audit or otherwise appears to be
materially misstated. If, based on the work we have performed, we
conclude that there is a material misstatement of this other
information, we are required to report that fact. We have nothing
to report in this regard.
RESPONSIBILITIES OF THE DIRECTORS AND THOSE
CHARGED WITH GOVERNANCE FOR THE
CONSOLIDATED FINANCIAL STATEMENTS
The directors of the Company are responsible for the preparation of
the consolidated financial statements that give a true and fair view
in accordance with HKFRSs issued by the HKICPA and the disclosure
requirements of the Hong Kong Companies Ordinance, and for such
internal control as the directors determine is necessary to enable the
preparation of consolidated financial statements that are free from
material misstatement, whether due to fraud or error.
In preparing the consolidated financial statements, the directors of
the Company are responsible for assessing the Group’s ability to
continue as a going concern, disclosing, as applicable, matters
related to going concern and using the going concern basis of
accounting unless the directors of the Company either intend to
liquidate the Group or to cease operations, or have no realistic
alternative but to do so.
Those charged with governance are responsible for overseeing the
Group’s financial reporting process.
其他資料
貴公司董事為其他資料負責。其他資料包括年報
所載資料，惟不包括綜合財務報表及吾等就此發
出之核數師報告。
吾等對綜合財務報表表達之意見並不涵蓋其他
資料，吾等亦不會就此表達任何形式之保證結論。
就吾等對綜合財務報表進行之審計工作而言，吾
等負責審閱其他資料，並考慮其他資料是否與綜
合財務報表或吾等從審計工作所獲得資料之間
出現重大不相符情況，又或在其他方面出現重大
錯誤陳述。倘吾等基於所進行工作而得出其他資
料有重大錯誤陳述之結論，則吾等須匯報有關情
況。就此，吾等並無須匯報之事宜。
董事及管治層就綜合財務報表須承擔之
責任
貴公司董事須負責根據香港會計師公會頒佈之
香港財務報告準則及香港公司條例之披露要求，
編製真實公平地反映情況之綜合財務報表，及董
事釐定對編製綜合財務報表屬必要之有關內部
監控，以使該等綜合財務報表不會存在由於欺詐
或錯誤而導致之重大錯誤陳述。
在編製綜合財務報表時， 貴公司董事負責評
估 貴集團持續經營之能力，並在適用情況下披
露與持續經營有關之事宜，以及使用持續經營為
會計基礎，除非 貴公司董事有意將 貴集團清
盤或停止經營，或別無其他實際替代方案。
管治層負責監督 貴集團之財務申報程序。
Annual Report 2017 年報 59
INDEPENDENT AUDITOR’S REPORT
獨 立 核 數 師 報 告
AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE
CONSOLIDATED FINANCIAL STATEMENTS
Our objectives are to obtain reasonable assurance about whether
the consolidated financial statements as a whole are free from
material misstatement, whether due to fraud or error, and to issue
an auditor’s report that includes our opinion solely to you, as a
body, in accordance with our agreed terms of engagement, and for
no other purpose. We do not assume responsibility towards or
accept liability to any other person for the contents of this report.
Reasonable assurance is a high level of assurance, but is not a
guarantee that an audit conducted in accordance with HKSAs will
always detect a material misstatement when it exists. Misstatements
can arise from fraud or error and are considered material if,
individually or in the aggregate, they could reasonably be expected
to influence the economic decisions of users taken on the basis of
these consolidated financial statements.
As part of an audit in accordance with HKSAs, we exercise
professional judgement and maintain professional scepticism
throughout the audit. We also:
• Identify and assess the risks of material misstatement of the
consolidated financial statements, whether due to fraud or
error, design and perform audit procedures responsive to those
risks, and obtain audit evidence that is sufficient and
appropriate to provide a basis for our opinion. The risk of not
detecting a material misstatement resulting from fraud is
higher than for one resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misrepresentations or
the override of internal control.
• Obtain an understanding of internal control relevant to the
audit in order to design audit procedures that are appropriate
in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the Group’s internal control.
• Evaluate the appropriateness of accounting policies used and
the reasonableness of accounting estimates and related
disclosures made by the directors.
核數師就審計綜合財務報表承擔之責任
吾等之目標是對綜合財務報表整體是否不存在
由於欺詐或錯誤而導致之重大錯誤陳述取得合
理保證，並出具載有吾等意見之核數師報告。吾
等乃根據委聘之協定條款僅向全體股東報告，不
作其他用途。吾等並不就本報告之內容對任何其
他人士負責或承擔責任。合理確定屬高層次之核
證，惟根據香港審計準則進行之審核工作不能保
證總能察覺所存在之重大錯誤陳述。錯誤陳述可
因欺詐或錯誤產生，倘個別或整體在合理預期情
況下可影響使用者根據綜合財務報表作出之經
濟決定時，則被視為重大錯誤陳述。
在根據香港審計準則進行審計之過程中，吾等運
用專業判斷，保持專業懷疑態度。吾等亦：
• 識別及評估由於欺詐或錯誤而導致綜合財
務報表存在重大錯誤陳述之風險、設計及
執行審計程序以應對該等風險，以及獲取
充足和適當之審計憑證，作為吾等意見之
基礎。由於欺詐可能涉及串謀、偽造、蓄
意遺漏、虛假陳述或凌駕內部監控之情況，
因此未能發現因欺詐而導致之重大錯誤陳
述之風險高於未能發現因錯誤而導致之重
大錯誤陳述之風險。
• 了解與審計相關之內部監控，以設計適當
之審計程序，惟並非旨在對 貴集團內部
監控之有效性發表意見。
• 評估董事所採用會計政策之恰當性及作出
會計估計和相關披露之合理性。
Annual Report 2017 年報60
獨 立 核 數 師 報 告
INDEPENDENT AUDITOR’S REPORT
• Conclude on the appropriateness of the directors’ use of the
going concern basis of accounting and, based on the audit
evidence obtained, whether a material uncertainty exists
related to events or conditions that may cast significant doubt
on the Group’s ability to continue as a going concern. If we
conclude that a material uncertainty exists, we are required to
draw attention in our auditor’s report to the related
disclosures in the consolidated financial statements or, if such
disclosures are inadequate, to modify our opinion. Our
conclusions are based on the audit evidence obtained up to
the date of our auditor’s report. However, future events or
conditions may cause the Group to cease to continue as a
going concern.
• Evaluate the overall presentation, structure and content of the
consolidated financial statements, including the disclosures,
and whether the consolidated financial statements represent
the underlying transactions and events in a manner that
achieves fair presentation.
• Obtain sufficient appropriate audit evidence regarding the
financial information of the entities or business activities within
the Group to express an opinion on the consolidated financial
statements. We are responsible for the direction, supervision
and performance of the group audit. We remain solely
responsible for our audit opinion.
We communicate with those charged with governance regarding,
among other matters, the planned scope and timing of the audit
and significant audit findings, including any significant deficiencies
in internal control that we identify during our audit.
• 對董事採用持續經營會計基礎之恰當性作
出結論，並根據所獲取之審計憑證，確定
是否存在與事項或情況有關之重大不確定
性，從而可能導致對 貴集團之持續經營
能力產生重大疑慮。倘吾等認為存在重大
不確定性，則有必要在核數師報告中提醒
使用者注意綜合財務報表中之相關披露。
倘有關披露不足，則修訂吾等意見。吾等
結論乃基於截至核數師報告日期止所取得
之審計憑證。然而，未來事項或情況可能
導致 貴集團無法持續經營。
• 評估綜合財務報表之整體呈報方式、結構
及內容，包括披露資料，以及綜合財務報
表是否中肯反映相關交易和事項。
• 就 貴集團內實體或業務活動之財務資料
獲取充足及適當之審計憑證，以便對綜合
財務報表發表意見。吾等負責集團審計之
方向、監督和執行。吾等為審核意見承擔
全部責任。
吾等與管治層就（其中包括）審計之計劃範圍、
時間安排及重大審計發現溝通，該等發現包括吾
等在審計過程中識別之內部監控之任何重大缺失。
Annual Report 2017 年報 61
INDEPENDENT AUDITOR’S REPORT
獨 立 核 數 師 報 告
We also provide those charged with governance with a statement
that we have complied with relevant ethical requirements regarding
independence, and to communicate with them all relationships and
other matters that may reasonably be thought to bear on our
independence and, where applicable, related safeguards.
From the matters communicated with those charged with
governance, we determine those matters that were of most
significance in the audit of the consolidated financial statements of
the current period and are therefore the key audit matters. We
describe these matters in our auditor’s report unless law or
regulation precludes public disclosure about the matter or when, in
extremely rare circumstances, we determine that a matter should
not be communicated in our report because the adverse
consequences of doing so would reasonably be expected to
outweigh the public interest benefits of such communication.
The engagement director on the audit resulting in this independent
auditor’s report is Sze Wing Chun.
Ascenda Cachet CPA Limited
Certified Public Accountants
Hong Kong, 28 March 2018
Sze Wing Chun
Practising Certificate Number P06035
吾等亦向管治層作出聲明，指出吾等已符合有關
獨立性之相關道德要求，並與彼等溝通可能被合
理認為會影響吾等獨立性之所有關係及其他事
宜，以及相關防範措施（如適用）。
從與管治層溝通之事項中，吾等釐定對本期間綜
合財務報表之審計最為重要的事項，因而構成關
鍵審計事項。吾等在核數師報告中描述該等事
項，除非法律或法規不允許公開披露該等事項，
或在極端罕見之情況下，倘合理預期在吾等報告
中溝通某事項造成之負面後果超出產生之公眾
利益，則吾等決定不應在報告中傳達該事項。
出具獨立核數師報告之審計項目董事為施永進。
天健德揚會計師事務所有限公司
執業會計師
香港，二零一八年三月二十八日
施永進
執業證書編號 P06035
綜 合 損 益 表
CONSOLIDATED STATEMENT OF PROFIT OR LOSS
截至二零一七年十二月三十一日止年度 For the year ended 31 December 2017
Annual Report 2017 年報62
二零一七年 二零一六年
2017 2016
附註 千港元 千港元
Note HK$’000 HK$’000
收入 Revenue 5 637,162 709,120
銷售成本 Cost of sales (611,531) (704,190)
毛利 Gross profit 25,631 4,930
其他收入 Other income 6 5,756 4,946
銷售及分銷費用 Selling and distribution expenses (19,522) (16,648)
管理費用 Administrative expenses (52,876) (66,069)
出售附屬公司之虧損 Loss on disposal of subsidiaries 32 (5,697) –
其他經營費用 Other operating expenses 7(a) (39,550) (11,055)
其他收益╱（虧損）淨值 Other net gain/(loss) 7(b) 8,725 (10,603)
經營業務虧損 Loss from operations (77,533) (94,499)
財務成本 Finance costs 8(a) (1,869) (3,904)
除稅前虧損 Loss before taxation 8 (79,402) (98,403)
所得稅支出 Income tax charge 9 (5,379) (9,473)
本年度虧損 Loss for the year (84,781) (107,876)
下列人士應佔本年度虧損： Loss for the year attributable to:
本公司擁有人 Owners of the Company (82,839) (104,242)
非控股權益 Non-controlling interests (1,942) (3,634)
(84,781) (107,876)
每股虧損 Loss per share
－基本及攤薄 – Basic and diluted 14 cents港仙 cents港仙
The notes on pages 69 to 171 form part of these financial
statements.
第69頁至171頁之附註構成財務報表其中一部份。
Annual Report 2017 年報 63
綜 合 損 益 及 其 他 全 面 收 益 表
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
截至二零一七年十二月三十一日止年度 For the year ended 31 December 2017
二零一七年 二零一六年
2017 2016
附註 千港元 千港元
Note HK$’000 HK$’000
本年度虧損 Loss for the year (84,781) (107,876)
本年度其他全面收益╱（虧損）
（扣除零稅項及重分類調整）
Other comprehensive income/
(loss) for the year (net of nil tax
and reclassification adjustments)
可於期後重分類至損益賬的項目： Items that may be reclassified
subsequently to profit or loss:
－換算海外業務財務報表
之匯兌差額
– Exchange differences on
translation of financial
statements of foreign
operations 175,482 (173,633)
－出售附屬公司權益
匯兌儲備轉出
– Release of translation reserve
upon disposal of interests in
subsidiaries 32 8,094 –
183,576 (173,633)
本年度全面收益╱（虧損）總值 Total comprehensive
income/(loss) for the year 98,795 (281,509)
下列人士應佔本年度
全面收益╱（虧損）總值：
Total comprehensive income/
(loss) for the year
attributable to:
本公司擁有人 Owners of the Company 100,151 (277,115)
非控股權益 Non-controlling interests (1,356) (4,394)
98,795 (281,509)
The notes on pages 69 to 171 form part of these financial
statements.
第69頁至171頁之附註構成財務報表其中一部份。
Annual Report 2017 年報64
綜 合 財 務 狀 況 表
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
於二零一七年十二月三十一日 As at 31 December 2017
二零一七年 二零一六年
2017 2016
附註 千港元 千港元
Note HK$’000 HK$’000
非流動資產 Non-current assets
商譽 Goodwill 16 – –
物業、廠房及設備 Property, plant and equipment 17 254,983 319,212
經營租約下預付土地租金 Prepaid lease payments on land under
operating leases 18 135,958 139,692
遞延稅項資產 Deferred tax assets 28(b) – 4,525
其他非流動資產 Other non-current asset 20 18,141 16,953
409,082 480,382
流動資產 Current assets
經營租約下預付土地租金 Prepaid lease payments on land under
operating leases 18 4,007 3,956
存貨 Inventories 21 172,762 192,975
應收賬款及其他應收款 Trade and other receivables 22 337,091 281,622
預付款項及按金 Prepayments and deposits 22 331,796 288,306
可收回稅項 Tax recoverable 28(a) 1,751 1,642
受限制銀行存款 Restricted bank deposits 23 – 16,993
現金及現金等值項目 Cash and cash equivalents 24 1,665,102 1,649,125
2,512,509 2,434,619
流動負債 Current liabilities
應付賬款及應付票據 Trade and bills payables 25 81,473 101,317
應計款項及其他應付款 Accruals and other payables 25 76,021 74,019
應付董事款項 Amounts due to directors 26 3,774 3,245
銀行及其他貸款 Bank and other borrowings 27 – 78,033
應付稅項 Tax payable 28(a) 6,513 2,561
167,781 259,175
流動資產淨值 Net current assets 2,344,728 2,175,444
資產總值減流動負債 Total assets less current liabilities 2,753,810 2,655,826
非流動負債 Non-current liabilities
遞延稅項負債 Deferred tax liabilities 28(b) – 811
資產淨值 NET ASSETS 2,753,810 2,655,015
Annual Report 2017 年報 65
於二零一七年十二月三十一日 As at 31 December 2017
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
綜 合 財 務 狀 況 表
二零一七年 二零一六年
2017 2016
附註 千港元 千港元
Note HK$’000 HK$’000
資本及儲備 CAPITAL AND RESERVES 29
股本 Share capital 234,170 234,170
儲備 Reserves 2,511,665 2,411,514
本公司擁有人應佔權益 Equity attributable to owners of the
Company 2,745,835 2,645,684
非控股權益 Non-controlling interests 7,975 9,331
權益總值 TOTAL EQUITY 2,753,810 2,655,015
The consolidated financial statements on pages 62 to 171 were
approved and authorised for issue by the board of directors on 28
March 2018, and are signed on its behalf by:
Jiang Quanlong Qian Yuanying
Director Director
The notes on pages 69 to 171 form part of these financial
statements.
第62頁至第171頁之綜合財務報表經由董事會於
二零一八年三月二十八日批准及授權刊發，並由
以下人士代表簽署：
蔣泉龍 錢元英
董事 董事
第69頁至171頁之附註構成財務報表其中一部份。
Annual Report 2017 年報66
綜 合 權 益 變 動 表
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
截至二零一七年十二月三十一日止年度 For the year ended 31 December 2017
本公司擁有人應佔權益
Attributable to owners of the Company
股本 股份溢價 資本儲備 法定儲備 匯兌儲備 累計虧損 小計 非控股權益 總值
Non-
Share Share Capital Statutory Translation Accumulated controlling
capital premium reserve reserves reserve losses Sub-total interests Total
千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元 千港元
HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000
於二零一六年一月一日 At 1 January 2016 234,170 2,093,306 22,348 251,948 405,424 (84,397) 2,922,799 13,725 2,936,524
於二零一六年之權益變動： Changes in equity for 2016:
本年度虧損 Loss for the year – – – – – (104,242) (104,242) (3,634) (107,876)
其他全面虧損，扣除零稅項
及重分類調整
Other comprehensive loss,
net of nil tax and
reclassification adjustments
－換算海外業務財務報表
之匯兌差異
– Exchange differences on
translation of financial
statements of
foreign operations – – – – (172,873) – (172,873) (760) (173,633)
本年度全面虧損總值 Total comprehensive
loss for the year – – – – (172,873) (104,242) (277,115) (4,394) (281,509)
於二零一六年
十二月三十一日
及二零一七年一月一日
At 31 December 2016
and 1 January 2017
234,170 2,093,306 22,348 251,948 232,551 (188,639) 2,645,684 9,331 2,655,015
於二零一七年之權益變動： Changes in equity for 2017:
本年度虧損 Loss for the year – – – – – (82,839) (82,839) (1,942) (84,781)
其他全面收益，扣除零稅項
及重分類調整
Other comprehensive income,
net of nil tax and
reclassification adjustments
－換算海外業務財務報表
之匯兌差異
– Exchange differences on
translation of financial
statements of
foreign operations – – – – 174,896 – 174,896 586 175,482
－出售附屬公司權益匯兌
儲備轉出
– Release of translation reserve
upon disposal of interests
in subsidiaries – – – – 8,094 – 8,094 – 8,094
本年度全面收益╱（虧損）
總值
Total comprehensive
income/(loss) for the year – – – – 182,990 (82,839) 100,151 (1,356) 98,795
於二零一七年
十二月三十一日
At 31 December 2017
234,170 2,093,306 22,348 251,948 415,541 (271,478) 2,745,835 7,975 2,753,810
The notes on pages 69 to 171 form part of these financial
statements.
第69頁至171頁之 附註構成財務報表其中一部份。
Annual Report 2017 年報 67
綜 合 現 金 流 量 表
CONSOLIDATED STATEMENT OF CASH FLOWS
截至二零一七年十二月三十一日止年度 For the year ended 31 December 2017
二零一七年 二零一六年
2017 2016
附註 千港元 千港元
Note HK$’000 HK$’000
經營活動 Operating activities
除稅前虧損 Loss before taxation (79,402) (98,403)
調整項目： Adjustments for:
財務成本 Finance costs 8(a) 1,869 3,904
利息收入 Interest income 6 (5,756) (4,946)
物業、廠房及設備
之折舊
Depreciation of property,
plant and equipment 8(c) 57,156 60,177
出售物業、廠房及
設備之虧損
Loss on disposal of property,
plant and equipment 7(b) 7 –
經營租約下預付土地
租金之攤銷
Amortisation of prepaid lease payments
on land under operating leases 8(c) 4,089 4,223
應收賬款之減值虧損 Impairment loss on trade receivables 7(b) 990 10,352
其他應收款之減值虧損 Impairment loss on other receivables 7(b) 593 203
應收賬款之減值
虧損撥回
Reversal of impairment loss on
trade receivables 7(b) (4,445) (4,376)
其他應收款之減值
虧損撥回
Reversal of impairment loss on
other receivables 7(b) (181) (166)
出售附屬公司之虧損 Loss on disposal of subsidiaries 32(c) 5,697 –
存貨撇除 Write down of inventories 21(b) 26,331 14,730
存貨撇除撥回 Reversal of write down of inventories 21(b) (694) (2,168)
6,254 (16,470)
營運資金變動 Changes in working capital
存貨減少 Decrease in inventories 1,290 118,202
應收賬款及其他應收款
（增加）╱減少
(Increase)/decrease in trade and other
receivables (53,824) 106,584
預付款項及按金
（增加）╱減少
(Increase)/decrease in prepayments and
deposits (24,181) 103,569
應付賬款及應付票據減少 Decrease in trade and bills payables (14,771) (56,851)
應計款項及其他應付款
增加
Increase in accruals and other payables
42,311 373
應付董事款項增加 Increase in amounts due to directors 318 613
經營（使用）╱所得的現金 Cash (used in)/generated from
operations (42,603) 256,020
已付所得稅 Income tax paid 28(a) (1,491) (10,086)
經營活動（使用）╱
所得的現金淨值
Net cash (used in)/generated
from operating activities (44,094) 245,934
Annual Report 2017 年報68
截至二零一七年十二月三十一日止年度 For the year ended 31 December 2017
CONSOLIDATED STATEMENT OF CASH FLOWS
綜 合 現 金 流 量 表
二零一七年 二零一六年
2017 2016
附註 千港元 千港元
Note HK$’000 HK$’000
投資活動 Investing activities
受限制銀行存款減少 Decrease in restricted bank deposits 17,512 17,444
購置物業、廠房及設備 Purchase of property, plant and equipment (17,968) (2,027)
出售附屬公司之現金
流入淨額
Net cash inflows from disposal
of subsidiaries 32(d) 136 –
已收利息 Interest received 5,756 4,946
投資活動所得的現金淨值 Net cash generated from investing
activities 5,436 20,363
融資活動 Financing activities
新增銀行及其他借貸之
所得款項
Proceeds from new bank and
other borrowings 92,166 115,682
償還銀行及其他借貸 Repayment of bank and other borrowings (140,322) (34,734)
已付融資費用 Finance charges paid – (2,338)
已付利息 Interests paid (1,869) (1,566)
融資活動（使用）╱
所得的現金淨值
Net cash (used in)/generated from
financing activities (50,025) 77,044
現金及現金等值項目
（減少）╱增加淨值
Net (decrease)/increase in cash and
cash equivalents (88,683) 343,341
年初現金及現金等值項目 Cash and cash equivalents at beginning
of the year 1,649,125 1,396,365
匯率變動之影響 Effect of changes in exchange rate 104,660 (90,581)
年末現金及現金等值項目 Cash and cash equivalents at end
of the year 24 1,665,102 1,649,125
The notes on pages 69 to 171 form part of these financial
statements.
第69頁至171頁之附註構成財務報表其中一部份。
Annual Report 2017 年報 69
財 務 報 表 附 註
NOTES TO THE FINANCIAL STATEMENTS
截至二零一七年十二月三十一日止年度 For the year ended 31 December 2017
1. GENERAL
China Rare Earth Holdings Limited (the “Company”) was
incorporated in the Cayman Islands as an exempted company
with limited liability and its shares are listed on The Stock
Exchange of Hong Kong Limited (the “Stock Exchange”). The
addresses of the Company’s registered office and principal
place of business are disclosed in the “Corporate Information”
section of this annual report.
The immediate parent and the ultimate controlling party of the
Company is YY Holdings Limited (“YY Holdings”), which was
incorporated in the British Virgin Islands. YY Holdings does not
produce financial statements available for public use.
The Company and its subsidiaries (collectively referred to as
the “Group”) are engaged in manufacturing and sales of rare
earth products (including fluorescent products) and refractory
products (including high temperature ceramics products and
magnesium grains), and investment holding.
The consolidated financial statements are presented in Hong
Kong dollars (“HK$”), which is the functional currency of the
Company and its subsidiaries operating in Hong Kong, while
the functional currency of the Company’s subsidiaries
established in the People’s Republic of China (the “PRC”) is
Renminbi (“RMB”). The directors of the Company consider
that presenting the consolidated financial statements in Hong
Kong dollars is preferable when controlling and monitoring the
performance and financial position of the Group and in
reporting to YY Holdings whose functional currency is also
Hong Kong dollars.
1. 一般資料
中國稀土控股有限公司（「本公司」）於開曼
群島註冊成立為一間獲豁免的有限責任公
司，其股份於香港聯合交易所有限公司（「聯
交所」）上市。本公司註冊辦事處及主要營
業地點於本年報「公司資料」一節中披露。
本公司之直接母公司及最終控股人士為YY
Holdings Limited（「YY Holdings」），該公司
於英屬處女群島註冊成立。YY Holdings並
無編製可供公眾人士使用之財務報表。
本公司及其附屬公司（統稱為「本集團」）從
事製造及銷售稀土產品（包括熒光產品）及
耐火產品（包括高溫陶瓷產品和鎂砂）以及
投資控股。
本綜合財務報表以港元（「港元」）列示，即
本公司及其於香港經營之附屬公司之功能
貨幣，而本公司於中華人民共和國（「中國」）
成立之附屬公司之功能貨幣為人民幣（「人
民幣」）。本公司董事認為，就控制及監察
本集團業績及財務狀況以及向YY Holdings
（其功能貨幣亦為港元）報告而言，以港元
列示綜合財務報表更為得宜。
Annual Report 2017 年報70
截至二零一七年十二月三十一日止年度 For the year ended 31 December 2017
NOTES TO THE FINANCIAL STATEMENTS
財 務 報 表 附 註
2. SIGNIFICANT ACCOUNTING POLICIES
a) Statement of compliance
These financial statements have been prepared in
accordance with all applicable Hong Kong Financial
Reporting Standards (“HKFRSs”), which collective term
includes all applicable individual Hong Kong Financial
Reporting Standards, Hong Kong Accounting Standards
(“HKASs”) and Interpretations issued by the Hong Kong
Institute of Certified Public Accountants (“HKICPA”),
accounting principles generally accepted in Hong Kong
and the applicable disclosure requirements of the Hong
Kong Companies Ordinance (“CO”). These financial
statements also comply with the applicable disclosure
provisions of the Rules Governing the Listing of Securities
on the Stock Exchange (the “Listing Rules”). Significant
accounting policies adopted by the Group are disclosed
below.
The HKICPA has issued certain new and revised HKFRSs
that are first effective or available for early adoption for
the current accounting period of the Group. Note 3
provides information on any changes in accounting
policies resulting from initial application of these
developments to the extent that they are relevant to the
Group for the current and prior accounting periods
reflected in these financial statements.
2. 主要會計政策
a) 遵守聲明
此等財務報表是按照所有適用香港財
務報告準則（「香港財務報告準則」），
該統稱包括所有由香港會計師公會
（「香港會計師公會」）頒佈的個別適用
的《香港財務報告準則》、《香港會計
準則》（「香港會計準則」）及詮釋以及
香港公認會計原則及香港公司條例
（「公司條例」）之適用披露規定而編
製。此等財務報表亦符合聯交所證券
上市規則（「上市規則」）之適用披露規
定。本集團採納之主要會計政策披露
於下文。
香港會計師公會已頒佈若干新訂及經
修訂之香港財務報告準則，有關準則
自本集團的本會計期間初次生效或可
供提前採用。有關初步應用該等準則
導致會計政策任何變動之資料載於附
註3內，惟以該等準則於此等財務報表
所反映之現有及過往會計期間與本集
團有關者為限。
Annual Report 2017 年報 71
截至二零一七年十二月三十一日止年度 For the year ended 31 December 2017
財 務 報 表 附 註
NOTES TO THE FINANCIAL STATEMENTS
2. SIGNIFICANT ACCOUNTING POLICIES (Continued)
b) Basis of preparation of the financial statements
The consolidated financial statements for the year ended
31 December 2017 comprise the Company and its
subsidiaries.
The measurement basis used in the preparation of the
financial statements is the historical cost basis, except for
certain financial instruments, which are stated at their
fair value as explained in the accounting policies set out
below.
The preparation of financial statements in conformity
with HKFRSs requires management to make judgements,
estimates and assumptions that affect the application of
policies and reported amounts of assets, liabilities,
income and expenses. The estimates and associated
assumptions are based on historical experience and
various other factors that are believed to be reasonable
under the circumstances, the results of which form the
basis of making judgements about the carrying values of
assets and liabilities that are not readily apparent from
other sources. Actual results may differ from these
estimates.
The estimates and underlying assumptions are reviewed
on an ongoing basis. Revisions to accounting estimates
are recognised in the period in which the estimate is
revised if the revision affects only that period, or in the
period of the revision and future periods if the revision
affects both current and future periods.
Judgements made by management in the application of
HKFRSs that have significant effect on the financial
statements and major sources of estimation uncertainty
are discussed in note 4.
2. 主要會計政策（續）
b) 財務報表編製基準
截至二零一七年十二月三十一日止年
度之綜合財務報表包括本公司及其附
屬公司。
除若干金融工具於下文會計政策所闡
述按公平值計量外，編製財務報表所
採用之計量基準為歷史成本法。
編製此等符合香港財務報告準則之財
務報表需要管理層作出判斷、估計及
假設，而該等判斷、估計及假設會影
響政策之應用及所申報之資產、負債、
收入及開支等數額。該等估計及有關
假設乃根據過往經驗及管理層相信於
該等情況下乃屬合理之各項其他因素
為基準而作出，所得結果構成管理層
就目前未能從其他來源而得出的資產
及負債之賬面值所作出估計之基準。
實際數字或會有別於估計數字。
本集團持續就所作估計及相關假設作
出評估。會計估計之變動如僅影響當
期，則有關會計估計變動將於當期確
認，或如有關變動影響現行及未來期
間，則在變動期間及未來期間確認。
管理層在應用香港財務報告準則時所
作出並對財務報表有重大影響之判斷，
以及估計不確定因素之主要來源，詳
述於附註4。
Annual Report 2017 年報72
截至二零一七年十二月三十一日止年度 For the year ended 31 December 2017
NOTES TO THE FINANCIAL STATEMENTS
財 務 報 表 附 註
2. 主要會計政策（續）
c) 附屬公司及非控股權益
附屬公司為本集團控制的實體。當本
集團具有承擔或享有參與實體所得的
可變回報的風險或權利，並能透過其
在該實體的權力影響該等回報，即屬
對該實體具有控制權。當評估本集團
是否具有該權力時，只會考慮（由本
集團或其他人士持有）的實質權利。
於附屬公司之投資會自控制開始日期
起合併入賬綜合財務報表內，直至控
制結束日期為止。集團內公司間之結
餘、交易及現金流量和集團內公司間
之交易所產生之任何未變現溢利於編
製綜合財務報表時悉數抵銷。倘並無
出現減值跡象，集團內公司間之交易
所產生之未變現虧損則按照未變現收
益之相同方式抵銷。
非控股權益指並非由本公司直接或間
接擁有之附屬公司權益，而本集團未
有就此與該權益持有人達成任何附加
協議，致令本集團整體上對該等權益
產生符合財務負債定義之合約責任。
就每項業務合併而言，本集團可選擇
按附屬公司之可辨識資產淨值之公平
值或所佔附屬公司可辨識資產淨值之
比例計量任何非控股權益。
2. SIGNIFICANT ACCOUNTING POLICIES (Continued)
c) Subsidiaries and non-controlling interests
Subsidiaries are entities controlled by the Group. The
Group controls an entity when it is exposed, or has
rights, to variable returns from its involvement with the
entity and has the ability to affect those returns through
its power over the entity. When assessing whether the
Group has power, only substantive rights (held by the
Group and other parties) are considered.
An investment in a subsidiary is consolidated into the
consolidated financial statements from the date that
control commences until the date that control ceases.
Intra-group balances, transactions and cash flows and
any unrea l i sed prof i t s a r i s ing f rom in t ra -group
transactions are eliminated in full in preparing the
consolidated financial statements. Unrealised losses
resulting from intra-group transactions are eliminated in
the same way as unrealised gains but only to the extent
that there is no evidence of impairment.
Non-controlling interests represent the equity in a
subsidiary not attributable directly or indirectly to the
Company, and in respect of which the Group has not
agreed any additional terms with the holders of those
interests which would result in the Group as a whole
having a contractual obligation in respect of those
interests that meets the definition of a financial liability.
For each business combination, the Group can elect to
measure any non-controlling interests either at fair value
or at the non-controlling interests’ proportionate share of
the subsidiary’s net identifiable assets.
Annual Report 2017 年報 73
截至二零一七年十二月三十一日止年度 For the year ended 31 December 2017
財 務 報 表 附 註
NOTES TO THE FINANCIAL STATEMENTS
2. 主要會計政策（續）
c) 附屬公司及非控股權益（續）
非控股權益會在綜合財務狀況表之權
益項目中，與本公司擁有人之應佔權
益分開呈報。而非控股權益所佔集團
業績之權益則會在綜合損益表及綜合
損益及其他全面收益表中列作為本公
司非控股權益與本公司擁有人之間的
年內損益總額及全面收益總額分配。
非控股權益持有人之貸款及該等持有
人的其他合約責任根據附註2(j)或2(k)
於綜合財務狀況表內呈列為金融負債，
視乎負債性質而定。
當集團失去對附屬公司的控制權時，
則計為出售該附屬公司全部權益，因
此而產生的收益或虧損於損益確認。
失去控制權當日於該前附屬公司留存
的任何權益按公平值確認，有關金額
視為初步確認金融資產時的公平值或
（倘適用）初步確認於聯營公司或合營
企業投資的成本。
在本公司之財務狀況表內，於附屬公
司之投資按成本值減去任何減值虧損
（見附註2(g)）列賬。
2. SIGNIFICANT ACCOUNTING POLICIES (Continued)
c) Subsidiaries and non-controlling interests
(Continued)
Non-cont ro l l i ng in te re s t s a re p re sen ted in the
consolidated statement of financial position within
equity, separately from equity attributable to owners of
the Company. Non-controlling interests in the results of
the Group are presented on the face of the consolidated
statement of profit or loss and the consol idated
statement of profit or loss and other comprehensive
income as an allocation of the total profit or loss and
total comprehensive income for the year between
non-controlling interests and owners of the Company.
Loans from holders of non-controlling interests and other
contractual obligations towards these holders are
presented as financial liabilities in the consolidated
statement of financial position in accordance with notes
2(j) or 2(k) depending on the nature of the liability.
When the Group loses control of a subsidiary, it is
accounted for as a disposal of the entire interest in that
subsidiary, with a resulting gain or loss being recognised
in profit or loss. Any interest retained in that former
subsidiary at the date when control is lost is recognised
at fair value and this amount is regarded as the fair value
on initial recognition of a financial asset or, when
appropriate, the cost on init ial recognition of an
investment in an associate or a joint venture.
In the Company’s statement of financial position,
investments in subsidiaries are stated at cost less any
impairment losses (see note 2(g)).
Annual Report 2017 年報74
截至二零一七年十二月三十一日止年度 For the year ended 31 December 2017
NOTES TO THE FINANCIAL STATEMENTS
財 務 報 表 附 註
2. 主要會計政策（續）
d) 商譽
業務收購所產生之商譽乃按於業務收
購之日所確定之成本減累計減值虧損
（如有）列賬。
就進行減值測試而言，商譽會分配至
預期可透過合併之協同效益獲利之本
集團各賺取現金單位（或賺取現金單
位組別）。
獲分配商譽之賺取現金單位會每年作
減值測試，或於有跡象顯示該單位可
能出現減值時，作更頻密減值測試。
倘若分配至賺取現金單位之部份或全
部商譽乃於本年度期間透過業務合併
而獲得，則該單位須於本年度期間結
束前作減值測試。當賺取現金單位之
可收回金額低於賬面值，減值虧損首
先分配以減低分配至該單位之任何商
譽之賬面值，繼而根據單位內各資產
之賬面值，按比例分配至單位之其他
資產。商譽之任何減值虧損直接於損
益中確認。就商譽確認之減值虧損不
會在其後期間撥回。
於出售相關賺取現金單位之任何應佔
商譽金額均包括於出售時所釐定之損
益內。
2. SIGNIFICANT ACCOUNTING POLICIES (Continued)
d) Goodwill
Goodwill arising on an acquisition of a business is carried
at cost as established at the date of acquisition of the
business less accumulated impairment losses, if any.
For the purposes of impairment testing, goodwill is
allocated to each of the Group’s cash-generating units
(or groups of cash-generating units) that is expected to
benefit from the synergies of the combination.
A cash-generating unit to which goodwill has been
allocated is tested for impairment annually, or more
frequently whenever there is an indication that the unit
may be impaired. If some or all of the goodwill allocated
to a cash-generating unit was acquired in a business
combination during the current annual period, that unit
shall be tested for impairment before the end of the
current annual period. If the recoverable amount of the
cash-generating unit is less than its carrying amount, the
impairment loss is allocated first to reduce the carrying
amount of any goodwill allocated to the unit and then to
the other assets of the unit pro rata based on the
carry ing amount of each asset in the unit . Any
impairment loss for goodwill is recognised directly in
profit or loss. An impairment loss recognised for goodwill
is not reversed in subsequent periods.
On disposal of the relevant cash-generating unit, the
attributable amount of goodwill is included in the
determination of the profit or loss on disposal.
Annual Report 2017 年報 75
截至二零一七年十二月三十一日止年度 For the year ended 31 December 2017
財 務 報 表 附 註
NOTES TO THE FINANCIAL STATEMENTS
2. 主要會計政策（續）
e) 物業、廠房及設備
物業、廠房及設備按成本值減累計折
舊及任何累計減值虧損入賬（見附註
2(g)）。
自行興建之物業、廠房及設備之成本，
包括材料成本、直接工資、（如適用）
初步估計拆卸及搬遷項目以及恢復項
目所在地原貌之成本，以及適當比例
之其他成本及貸款成本（見附註2(r)）。
報廢或出售物業、廠房及設備項目所
產生之收益或虧損，乃以出售所得款
項淨額與項目賬面值之差異釐定，並
於報廢或出售日期於損益確認。
物業、廠房及設備項目之折舊乃使用
直線法按其如下估計可使用年期撇銷
其成本值減估計剩餘價值（如有）：
– 持作自用之樓宇 20年
– 機器及設備 10年
– 辦公室設備及裝置 5年
– 汽車 5年
2. SIGNIFICANT ACCOUNTING POLICIES (Continued)
e) Property, plant and equipment
Property, plant and equipment are stated at cost less
accumulated deprec ia t ion and any accumulated
impairment losses (see note 2(g)).
The cost of self-constructed items of property, plant and
equipment includes the cost of materials, direct labour,
the initial estimate, where relevant, of the costs of
dismantling and removing the items and restoring the
site on which they are located, and an appropriate
proportion of production overheads and borrowing costs
(see note 2(r)).
Gains or losses arising from the retirement or disposal of
an item of property, plant and equipment are determined
as the difference between the net disposal proceeds and
the carrying amount of the item and are recognised in
profit or loss on the date of retirement or disposal.
Depreciation is calculated to write off the cost of items
of property, plant and equipment, less their estimated
residual value, if any, using the straight-line method over
their estimated useful lives as follows:
– Buildings held for own use 20 years
– Machinery and equipment 10 years
– Office equipment and fixtures 5 years
– Motor vehicles 5 years
Annual Report 2017 年報76
截至二零一七年十二月三十一日止年度 For the year ended 31 December 2017
NOTES TO THE FINANCIAL STATEMENTS
財 務 報 表 附 註
2. 主要會計政策（續）
e) 物業、廠房及設備（續）
當一項物業、廠房及設備之各部份有
不同的可使用年期，此項目各部份之
成本值將按合理基礎分配，而每部份
將作個別折舊。資產之可使用年期及
其剩餘價值（如有）會每年進行檢討。
在建工程指興建中和有待安裝的物業、
廠房及設備，按成本減累計減值虧損
（如有）列賬（見附註2(g)）。成本包括
樓宇建築成本、機器及設備成本以及
在興建或安裝及測試期間為收購該等
資產融資貸款所產生的利息費用。在
建工程截至相關資產建設完成且可作
擬定用途前不會計提折舊。有關資產
可作擬定用途時，該等成本會撥歸其
他物業、廠房及設備類別，並按上文
所載的政策折舊。
2. SIGNIFICANT ACCOUNTING POLICIES (Continued)
e) Property, plant and equipment (Continued)
Where parts of an item of property, plant and equipment
have different useful lives, the cost of the item is
allocated on a reasonable basis between the parts and
each part is depreciated separately. Both the useful life
of an asset and its residual value, if any, are reviewed
annually.
Construction-in-progress represents property, plant and
equipment under construction and pending installation and
is stated at cost less accumulated impairment losses (see
note 2(g)), if any. Cost includes the costs of construction of
buildings, the costs of machinery and equipment and
interest charges arising from borrowings used to finance
the acquisition of these assets during the period of
construction or installation and testing. No provision for
depreciation is made on construction-in-progress until such
time as the relevant assets are completed and are available
for their intended use. When the assets concerned are ready
for intended use, the costs are transferred to other
categories of property, plant and equipment and
depreciated in accordance with the policy as stated above.
Annual Report 2017 年報 77
截至二零一七年十二月三十一日止年度 For the year ended 31 December 2017
財 務 報 表 附 註
NOTES TO THE FINANCIAL STATEMENTS
2. 主要會計政策（續）
f) 租賃資產
倘本集團決定安排在協定期限內出讓
一項特定資產或多項資產之使用權，
以換取一筆付款或一連串付款，則有
關安排（包括一項交易或一連串交易）
即屬於或包括租賃。有關決定根據對
安排本質之評估（不論安排是否以法
定租賃形式）作出。
i) 出租予本集團之資產分類
倘本集團根據租賃持有資產而有
關租賃將擁有權涉及之絕大部份
風險及回報轉移至本集團，則有
關資產列作根據融資租賃持有。
並無將擁有權涉及之絕大部份風
險及回報轉移至本集團之租賃則
列作經營租賃，惟按經營租賃持
作自用的土地則除外，其公平值
無法與於其上興建的樓宇於租約
生效時的公平值分開計量，有關
土地則按根據融資租賃持有入
賬，除非有關樓宇亦明確根據經
營租賃持有。就此而言，租賃生
效的時間為本集團首次訂立租賃
的時間，或從先前承租人接管租
賃的時間。
2. SIGNIFICANT ACCOUNTING POLICIES (Continued)
f) Lease assets
An arrangement, comprising a transaction or a series of
transactions, is or contains a lease if the Group
determines that the arrangement conveys a right to use a
specific asset or assets for an agreed period of time in
return for a payment or a series of payments. Such a
determination is made based on an evaluation of the
substance of the arrangement and is regardless of
whether the arrangement takes the legal form of a lease.
i) Classification of assets leased to the Group
Assets that are held by the Group under leases
which transfer to the Group substantially all the
risks and rewards of ownership are classified as
being held under finance leases. Leases which do
not transfer substantially all the risks and rewards
of ownership to the Group are classif ied as
operating leases except for land held for own use
under an operating lease, the fair value of which
cannot be measured separately from the fair value
of a building situated thereon at the inception of
the lease, is accounted for as being held under a
finance lease, unless the building is also clearly held
under an operating lease. For these purposes, the
inception of the lease is the time that the lease was
first entered into by the Group, or taken over from
the previous lessee.
Annual Report 2017 年報78
截至二零一七年十二月三十一日止年度 For the year ended 31 December 2017
NOTES TO THE FINANCIAL STATEMENTS
財 務 報 表 附 註
2. 主要會計政策（續）
f) 租賃資產（續）
ii) 經營租賃費用
如屬本集團根據經營租賃使用資
產之情況，則根據租賃作出之付
款會在租賃期所涵蓋之會計期間
內，以等額分期方式計入損益
中；惟如有其他基準能更清楚地
反映租賃資產所產生之收益模式
則除外。已收取之租賃獎勵在損
益中確認為總租賃付款淨額的一
部份。或有租金於其產生之會計
期間計入損益中。
根據經營租賃持有之土地之收購
成本乃於租賃期內以直線法攤銷。
iii) 租賃土地及樓宇
當本集團就物業權益（包括租賃
土地及樓宇部份）付款時，本集
團視乎租賃有否轉讓土地擁有權
的重大風險及回報，判斷以決定
分類。除非明顯地兩個部分均為
經營租賃，在此情況下，整份租
約會分類為經營租賃。特別是全
部代價（包括任何一筆過預付款）
將按初始確認時租賃土地部分及
樓宇部分之租賃權益之相關公平
值比例分配至租賃土地及樓宇部
分。
2. SIGNIFICANT ACCOUNTING POLICIES (Continued)
f) Lease assets (Continued)
ii) Operating lease charges
Where the Group has the use of assets held under
operating leases, payments made under the leases
are charged to profit or loss in equal instalments over
the accounting periods covered by the lease term,
except where an a l te rnat i ve bas i s i s more
representative of the pattern of benefits to be
derived from the leased assets. Lease incentives
received are recognised in profit or loss as an integral
part of the aggregate net lease payments made.
Contingent rentals are charged to profit or loss in
the accounting period in which they are incurred.
The cost of acquiring land held under an operating
lease is amortised on a straight-line basis over the
period of the lease term.
iii) Leasehold land and building
When the Group makes payments for property
interest which includes both leasehold land and
bu i ld ing e lements , the Group assesses the
classification of each element separately based on
the assessment as to whether substantially all the
risks and rewards incidental to ownership of each
element have been transferred to the Group, unless
it is clear that both elements are operating leases in
which case the entire lease is classified as an
o p e r a t i n g l e a s e . S p e c i f i c a l l y , t h e e n t i r e
consideration (including any lump sum upfront
payments) are allocated between the leasehold land
and the building elements in proportion to the
relative fair values of the leasehold interests in the
land element and building element of the lease at
initial recognition.
Annual Report 2017 年報 79
截至二零一七年十二月三十一日止年度 For the year ended 31 December 2017
財 務 報 表 附 註
NOTES TO THE FINANCIAL STATEMENTS
2. 主要會計政策（續）
f) 租賃資產（續）
iii) 租賃土地及樓宇（續）
倘能可靠地分配相關款項，則入
賬列為經營租賃之租賃土地權益
將於綜合財務狀況表內列作「經
營租約下預付土地租金」，並於
租賃期內以直線法攤銷入賬。當
租金無法在土地部份與樓宇部份
間可靠分配時，整項物業通常分
類為融資租賃（猶如租賃土地乃
根據融資租賃持有）。
g) 資產減值
i) 應收款之減值
按成本值或攤銷成本列賬的流動
與非流動應收款項會於各個申報
期間結算日進行檢討，以判斷有
否存在客觀減值證據。減值之客
觀證據包括本集團注意到以下一
項或多項虧損事項之顯著數據：
– 債務人有重大財務困難；
– 違反合約，如拖欠償還利
息或本金；
– 債務人可能破產或進行其
他財務重組；及
– 科技、市場、經濟或法律環
境有重大改變而對債務人
有不利影響。
2. SIGNIFICANT ACCOUNTING POLICIES (Continued)
f) Lease assets (Continued)
iii) Leasehold land and building (Continued)
To the extent the al location of the relevant
payments can be made reliably, interest in leasehold
land that is accounted for as an operating lease is
presented as “prepaid lease payments on land
under operat ing leases” in the consol idated
statement of financial position and is amortised over
the lease term on a straight-line basis. When the
payments cannot be allocated reliably between the
leasehold land and building elements, the entire
property is generally classified as if the leasehold
land is finance lease.
g) Impairment of assets
i) Impairment of receivables
Current and non-current receivables that are carried
at cost or amortised cost are reviewed at the end of
each reporting period to determine whether there is
object ive ev idence of impairment. Object ive
evidence of impairment includes observable data
that comes to the attention of the Group about one
or more of the following loss events:
– significant financial difficulty of the debtor;
– a breach of contract, such as a default or
delinquency in interest or principal payments;
– it becoming probable that the debtor will
enter into bankruptcy or other f inancial
reorganisation; and
– significant changes in the technological,
market, economic or legal environment that
have an adverse effect on the debtor.
Annual Report 2017 年報80
截至二零一七年十二月三十一日止年度 For the year ended 31 December 2017
NOTES TO THE FINANCIAL STATEMENTS
財 務 報 表 附 註
2. 主要會計政策（續）
g) 資產減值（續）
i) 應收款之減值（續）
如存在任何上述證據，則會釐定
及確認減值虧損如下：
– 就按攤銷成本列賬之應收
賬款及其他金融資產而言，
倘折現之影響重大，則減
值虧損乃按資產之賬面值
與金融資產原有實際利率
（即在初步確認該等資產時
計算之實際利率）折現之估
計未來現金流量現值之間
之差額計量。倘按攤銷成
本列賬之金融資產具備類
似風險特徵，例如類似逾
期情況，且並未單獨被評
估為減值，則就此進行整
體評估。經整體評估減值
之金融資產之未來現金流
量，乃根據與整體組別信
貸風險特徵相似之資產之
過往虧損經驗作出。
倘於其後期間減值虧損金
額有所減少，而客觀上與
確認減值虧損後發生之事
件有關，有關減值虧損會
撥回損益。減值虧損之撥
回不應導致資產之賬面值
超過其在以往年度沒有確
認任何減值虧損而應已釐
定之數額。
2. SIGNIFICANT ACCOUNTING POLICIES (Continued)
g) Impairment of assets (Continued)
i) Impairment of receivables (Continued)
If any such evidence exists, any impairment loss is
determined and recognised as follows:
– For trade receivables and other financial assets
carried at amortised cost, the impairment loss
is measured as the difference between the
asset’s carrying amount and the present value
of the estimated future cash flows, discounted
at the financial asset’s original effective
interest rate (. the effective interest rate
computed at init ial recognition of these
assets), where the effect of discounting is
material. This assessment is made collectively
where financial assets carried at amortised
cost share similar risk characteristics, such as
similar past due status, and have not been
individually assessed as impaired. Future cash
flows for financial assets which are assessed
for impairment collectively are based on
historical loss experience for assets with credit
risk characteristics similar to the collective
group.
If in a subsequent period the amount of an
impairment loss decreases and the decrease
can be linked objectively to an event occurring
after the impairment loss was recognised, the
impairment loss is reversed through profit or
loss. A reversal of an impairment loss shall not
result in the asset’s carrying amount exceeding
that which would have been determined had
no impairment loss been recognised in prior
years.
Annual Report 2017 年報 81
截至二零一七年十二月三十一日止年度 For the year ended 31 December 2017
財 務 報 表 附 註
NOTES TO THE FINANCIAL STATEMENTS
2. 主要會計政策（續）
g) 資產減值（續）
i) 應收款之減值（續）
減值虧損從相應資產中直接撇
銷，惟如包含在應收賬款及其他
應收款中之應收賬款、應收票據
及其他應收款，其是否可以收回
屬難以預料，而並非微乎其微，
則就其確認之減值虧損不會從相
應的資產中直接撇銷。在此情況
下，呆壞賬之減值虧損以撥備賬
記錄。倘本集團確認能收回應收
賬款之機會微乎其微，則被視為
不可收回之金額會直接從應收賬
款、應收票據及其他應收款中撇
銷，而在撥備賬中就有關債務保
留之任何金額會被撥回。倘之前
計入撥備賬之款項在其後收回，
則有關款項於撥備賬撥回。撥備
賬之其他變動及其後收回先前直
接撇銷之款項均於損益中確認。
ii) 其他資產之減值
本集團會於每個申報期間結算日
審閱內部及外界所得資料，以確
定下列資產（商譽除外）是否出現
減值或先前已確認之減值虧損不
再存在或已經減少：
– 商譽；
– 物業、廠房及設備；
– 經營租約下預付土地租金；
– 本公司財務狀況表之於
附屬公司之投資；及
– 其他非流動資產。
2. SIGNIFICANT ACCOUNTING POLICIES (Continued)
g) Impairment of assets (Continued)
i) Impairment of receivables (Continued)
Impairment losses are written off against the
corresponding assets directly, except for impairment
losses recognised in respect of trade debtors, bills
receivables and other receivables included within
trade and other receivables, whose recovery is
considered doubtful but not remote. In this case,
the impairment losses for doubtful debts are
recorded using an allowance account. When the
Group is satisfied that recovery is remote, the
amount considered irrecoverable is written off
against trade debtors, bills receivables and other
receivables directly and any amounts held in the
al lowance account relat ing to that debt are
reversed. Subsequent recover ies of amounts
previously charged to the allowance account are
reversed against the allowance account. Other
changes in the allowance account and subsequent
recoveries of amounts previously written off directly
are recognised in profit or loss.
ii) Impairment of other assets
Internal and external sources of information are
reviewed at the end of each reporting period to
identify indications that the following assets may be
impaired or, except in the case of goodwill, an
impairment loss previously recognised no longer
exists or may have decreased:
– goodwill;
– property, plant and equipment;
– prepa id lease payments on land under
operating leases;
– investments in subsidiaries in the Company’s
statement of financial position; and
– other non-current asset.
Annual Report 2017 年報82
截至二零一七年十二月三十一日止年度 For the year ended 31 December 2017
NOTES TO THE FINANCIAL STATEMENTS
財 務 報 表 附 註
2. 主要會計政策（續）
g) 資產減值（續）
ii) 其他資產之減值（續）
倘出現任何該等跡象，則估計資
產之可收回數額。此外，就商譽
而言，其可收回數額會每年估計
（不論有否出現減值跡象）。
– 可收回數額計算
資產之可收回數額乃指公
平值減出售成本與使用價
值兩者中之較高者。在評
估使用價值時，估計日後
現金流量乃根據除稅前折現
率折現至現值，而該折現率
須能反映市場現行對款項的
時間價值及資產獨有風險之
評估。倘某項資產之現金流
量大致上不能獨立於其他資
產之現金流量，則就可獨立
產生現金流量之最小資產組
別（即賺取現金單位）釐定
可收回數額。
2. SIGNIFICANT ACCOUNTING POLICIES (Continued)
g) Impairment of assets (Continued)
ii) Impairment of other assets (Continued)
If any such indication exists, the asset’s recoverable
amount is estimated. In addition, for goodwill, the
recoverable amount is estimated annually whether
or not there is any indication of impairment.
– Calculation of recoverable amount
The recoverable amount of an asset is the
greater of its fair value less costs of disposal
and value in use. In assessing value in use, the
estimated future cash flows are discounted to
their present value using a pre-tax discount
rate that reflects current market assessments
of the time value of money and the risks
specific to the asset. Where an asset does not
generate cash inflows largely independent of
those from other assets, the recoverable
amount is determined for the smallest group
o f a s se t s tha t genera te s ca sh in f lows
independently (. a cash-generating unit).
Annual Report 2017 年報 83
截至二零一七年十二月三十一日止年度 For the year ended 31 December 2017
財 務 報 表 附 註
NOTES TO THE FINANCIAL STATEMENTS
2. 主要會計政策（續）
g) 資產減值（續）
ii) 其他資產之減值（續）
– 減值虧損確認
倘資產或其所屬之賺取現
金單位之賬面值超過其可
收回數額，則於損益確認
減值虧損。就賺取現金單
位確認之減值虧損而言，
其首先用作減少已分配至
賺取現金單位（或現金單位
類別）之任何商譽之賬面
值，其後按比例基準用作
減少單位（或現金單位類別）
內其他資產之賬面值；惟
資產之賬面值將不得減少
至低於其個別公平值減出
售成本（如能計量）或使用
價值（如能計算）。
– 減值虧損撥回
就商譽以外的資產而言，
倘用作釐定可收回數額之
估計出現有利變動，則須
撥回減值虧損。商譽之減
值虧損不會撥回。
減值虧損撥回只限於該資
產並未計算過往年度所確
認之減值虧損時之賬面值。
減值虧損撥回之數於確認
有關撥回之年度計入損益
內。
2. SIGNIFICANT ACCOUNTING POLICIES (Continued)
g) Impairment of assets (Continued)
ii) Impairment of other assets (Continued)
– Recognition of impairment losses
An impairment loss is recognised in profit or loss
if the carrying amount of an asset, or the
cash-generating unit to which it belongs, exceeds
its recoverable amount. Impairment losses
recognised in respect of cash-generating units
are allocated first to reduce the carrying amount
of any goodwill allocated to the cash-generating
unit (or group of cash-generating units) and
then, to reduce the carrying amount of the other
assets in the unit (or group of cash-generating
units) on a pro rata basis, except that the
carrying value of an asset will not be reduced
below its individual fair values less costs of
disposal (if measurable), or value in use (if
determinable).
– Reversals of impairment losses
In respect of assets other than goodwill, an
impairment loss is reversed if there has been a
favourable change in the estimates used to
determine the recoverab le amount . An
impairment loss in respect of goodwill is not
reversed.
A reversal of an impairment loss is limited to
the asset’s carrying amount that would have
been determined had no impairment loss been
recognised in pr ior years . Reversa l s of
impairment losses are credited to profit or loss
in the year in which the reversa l s are
recognised.
Annual Report 2017 年報84
截至二零一七年十二月三十一日止年度 For the year ended 31 December 2017
NOTES TO THE FINANCIAL STATEMENTS
財 務 報 表 附 註
2. 主要會計政策（續）
g) 資產減值（續）
iii) 中期財務報告及減值
根據上市規則，本集團須按照香
港會計準則第34號「中期財務報
告」之規定就有關財政年度首六
個月編製中期財務報告。於中期
期末，本集團採用其於財政年度
結束時將採用之同一減值測試、
確認及撥回標準（見附註2(g)(i)及
(ii))。
於中期期間就商譽及可供出售權
益證券確認之減值虧損不會於其
後的期間撥回。假設有關中期期
間的減值評估於財政年度結束時
進行，即使沒有確認虧損或確認
較少之虧損，均採用以上相同處
理方法。因此，倘可供出售權益
證券之公平值於全年期間剩餘時
間（或其後任何其他期間）有所增
加，有關增幅於其他全面收益（而
非損益）內確認。
h) 存貨
存貨按成本值及可變現淨值（以較低
者為準）列賬。
成本根據加權平均成本公式計算，包
括所有採購成本以及使存貨達至現址
和現況所產生之轉換成本及其他成本。
可變現淨值乃於日常業務過程中之估
計售價減估計完成成本及進行銷售所
必要之估計成本。
2. SIGNIFICANT ACCOUNTING POLICIES (Continued)
g) Impairment of assets (Continued)
iii) Interim financial reporting and impairment
Under the Listing Rules, the Group is required to
prepare an interim financial report in compliance
with HKAS 34 “Interim Financial Reporting”, in
respect of the first six months of the financial year.
At the end of the interim period, the Group applies
the same impairment testing, recognition, and
reversal criteria as it would at the end of the
financial year (see notes 2(g)(i) and (ii)).
Impairment losses recognised in an interim period in
respect of goodwill and available-for-sale equity
securities are not reversed in a subsequent period.
This is the case even if no loss, or a smaller loss,
would have been recognised had the impairment
been assessed only at the end of the financial year
to which the interim period relates. Consequently, if
the fair value of available-for-sale equity securities
increases in the remainder of the annual period, or
in any other period subsequently, the increase is
recognised in other comprehensive income and not
profit or loss.
h) Inventories
Inventories are carried at the lower of cost and net
realisable value.
Cost is calculated using the weighted average cost
formula and comprises all costs of purchase, costs of
conversion and other costs incurred in bringing the
inventories to their present location and condition.
Net realisable value is the estimated selling price in the
ordinary course of business less the estimated costs of
completion and the estimated costs necessary to make
the sale.
Annual Report 2017 年報 85
截至二零一七年十二月三十一日止年度 For the year ended 31 December 2017
財 務 報 表 附 註
NOTES TO THE FINANCIAL STATEMENTS
2. 主要會計政策（續）
h) 存貨（續）
當售出存貨時，該等存貨之賬面值乃
於確認相關收入之期間確認為一項開
支。任何存貨撇減至可變現淨值之金
額及存貨之所有虧損均於發生撇減或
虧損之期間確認為一項開支。任何存
貨撇減之回撥金額乃於回撥發生之期
間確認為先前已列為一項開支之存貨
金額之減少。
i) 應收賬款及其他應收款
應收賬款及其他應收款初步按公平值
確認，其後按攤銷成本採用實際利率
法 減 呆 賬 減 值 撥 備 列 賬（見 附 註
2(g)），惟倘應收款為向關連人士作出
之免息貸款且無任何固定償還年期或
折現之影響並不重大則除外。於該等
情況下，應收款按成本減呆賬減值撥
備列賬。
j) 計息貸款
計息貸款初步按公平值減應佔之交易
成本確認。於初步確認後，計息貸款
按攤銷成本列賬，而初步確認之金額
與贖回價值兩者之任何差額連同任何
應付之利息及費用，乃採用實際利率
法按貸款之期間於損益中確認。
2. SIGNIFICANT ACCOUNTING POLICIES (Continued)
h) Inventories (Continued)
When inventories are sold, the carrying amount of those
inventories is recognised as an expense in the period in
which the related revenue is recognised. The amount of
any write down of inventories to net realisable value and
all losses of inventories are recognised as an expense in
the period the write-down or loss occurs. The amount of
any reversal of any write-down of inventor ies is
recognised as a reduction in the amount of inventories
recognised as an expense in the period in which the
reversal occurs.
i) Trade and other receivables
Trade and other receivables are initially recognised at fair
value and thereafter stated at amortised cost using the
effective interest method less allowance for impairment
of doubtful debts (see note 2(g)), except where the
receivables are interest-free loans made to related parties
without any fixed repayment terms or the effect of
discounting would be immaterial. In such cases, the
receivables are stated at cost less al lowance for
impairment of doubtful debts.
j) Interest-bearing borrowings
Interest-bearing borrowings are recognised initially at fair
value less attributable transaction costs. Subsequent to
initial recognition, interest-bearing borrowings are stated
at amortised cost with any difference between the
amount initially recognised and redemption value being
recognised in profit or loss over the period of the
borrowings, together with any interest and fees payable,
using the effective interest method.
Annual Report 2017 年報86
截至二零一七年十二月三十一日止年度 For the year ended 31 December 2017
NOTES TO THE FINANCIAL STATEMENTS
財 務 報 表 附 註
2. 主要會計政策（續）
k) 應付賬款及其他應付款
應付賬款及其他應付款初步按公平值
確認，其後按攤銷成本列賬，除非折
現之影響並不重大，於此情況下則按
成本列賬。
l) 現金及現金等值項目
現金及現金等值項目包括銀行及手頭
之現金、存放於銀行及其他金融機構
之活期存款，以及於購入時至到期日
為三個月以內之可輕易轉換為已知數
額現金且價值變勸風險不大之短期高
流動性投資。就綜合現金流量表而言，
須按要求償還及構成本集團現金管理
整體一部份之銀行透支，亦列為現金
及現金等值項目之組成部份。
m) 僱員福利
i) 短期僱員福利及界定供款退休計
劃之供款
薪金、年度花紅、已付年假、向
界定供款退休計劃之供款及非貨
幣福利之成本均於僱員提供相關
服務之年度內預提。倘付款或結
算被遞延且影響重大，則該等金
額按其現值列賬。
2. SIGNIFICANT ACCOUNTING POLICIES (Continued)
k) Trade and other payables
Trade and other payables are initially recognised at fair
value and are subsequently stated at amortised cost
unless the effect of discounting would be immaterial, in
which case they are stated at cost.
l) Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on
hand, demand deposits with banks and other financial
institutions, and short-term, highly liquid investments
that are readily convertible into known amounts of cash
and which are subject to an insignificant risk of changes
in value, having been within three months of maturity at
acquisition. Bank overdrafts that are repayable on
demand and form an integral part of the Group’s cash
management are also included as a component of cash
and cash equivalents for the purpose of the consolidated
statement of cash flows.
m) Employee benefits
i) Short-term employee benefits and contributions to
defined contribution retirement plans
Salar ies, annual bonuses, paid annual leave,
contributions to defined contribution retirement
plans and the cost of non-monetary benefits are
accrued in the year in which the associated services
are rendered by employees. Where payment or
settlement is deferred and the effect would be
material, these amounts are stated at their present
values.
Annual Report 2017 年報 87
截至二零一七年十二月三十一日止年度 For the year ended 31 December 2017
財 務 報 表 附 註
NOTES TO THE FINANCIAL STATEMENTS
2. 主要會計政策（續）
m) 僱員福利（續）
ii) 以股份為基礎之付款
授予僱員之購股權之公平值確認
為僱員成本，而權益中之購股權
儲備亦會相應增加。如果僱員須
符合歸屬條件才能無條件享有購
股權之權利，經考慮購股權歸屬
之可能性後，購股權之估計公平
值總額則會在整個歸屬期內分攤。
於歸屬期間，本集團會審閱預期
歸屬之購股權數目。除非原有僱
員開支符合資格確認為資產，否
則於過往年度確認之任何累積公
平值調整會在回顧年度扣除自╱
計入損益，而購股權儲備亦會作
相應調整。於歸屬日期，確認為
開支之數額會作出調整，以反映
歸屬購股權之實際數目（而購股
權儲備亦會作相應調整），惟倘
沒收僅因未能達成與本公司股份
市價有關之歸屬條件則作別論。
權益金額乃於購股權儲備中確
認，直至購股權獲行使（屆時有
關金額計入就已發行股份於股本
確認之款項中）或購股權屆滿（屆
時有關金額直接撥入累計虧損╱
保留溢利）為止。
2. SIGNIFICANT ACCOUNTING POLICIES (Continued)
m) Employee benefits (Continued)
ii) Share based payments
The fa i r va lue of share opt ions granted to
employees is recognised as an employee cost with a
corresponding increase in a share option reserve
within equity. Where the employees have to meet
vesting conditions before becoming unconditionally
entitled to the options, the total estimated fair
value of the options is spread over the vesting
period, taking into account the probability that the
options will vest.
During the vesting period, the number of share
options that is expected to vest is reviewed. Any
resulting adjustment to the cumulative fair value
recognised in prior years is charged/credited to
profit or loss for the year of the review, unless the
original employee expenses qualify for recognition
as an asset, with a corresponding adjustment to the
share option reserve. On vesting date, the amount
recognised as an expense is adjusted to reflect the
actual number of opt ions that vest (with a
corresponding adjustment to the share option
reserve) except where forfeiture is only due to not
achieving vesting conditions that relate to the
market price of the Company’s shares. The equity
amount is recognised in the share option reserve
until either the option is exercised (when it is
included in the amount recognised in share capital
for the shares issued) or the option expires (when it
is released directly to accumulated losses/retained
profits).
Annual Report 2017 年報88
截至二零一七年十二月三十一日止年度 For the year ended 31 December 2017
NOTES TO THE FINANCIAL STATEMENTS
財 務 報 表 附 註
2. 主要會計政策（續）
m) 僱員福利（續）
iii) 終止福利
當本集團不能再取消提供該等福
利時及本集團確認涉及支付終止
福利的重組成本時（以較早者為
準），則確認終止福利。
n) 所得稅
本年度所得稅包括本期稅項及遞延稅
項資產和負債之變動。本期稅項及遞
延稅項資產和負債之變動均於損益確
認，惟與於其他全面收益或直接於權
益確認之項目有關者，則有關稅項分
別於其他全面收益或直接於權益內確
認。
本期稅項是按本年度應課稅收入採用
於申報期間結算日已執行或實質上已
執行之稅率計算之預期應付稅項，以
及就過往年度應付稅項之任何調整。
遞延稅項資產和負債分別由可抵扣和
應課稅暫時差異，即作財務報告用途
之資產和負債之賬面值與彼等稅基之
間之差異而產生。遞延稅項資產亦可
因未運用稅務虧損及未運用稅務抵免
而產生。
2. SIGNIFICANT ACCOUNTING POLICIES (Continued)
m) Employee benefits (Continued)
iii) Termination benefits
Termination benefits are recognised at the earlier of
when the Group can no longer withdraw the offer
o f those bene f i t s and when i t r e cogn i se s
restructuring costs involving the payment of
termination benefits.
n) Income tax
Income tax for the year comprises current tax and
movements in deferred tax assets and liabilities. Current
tax and movements in deferred tax assets and liabilities
are recognised in profit or loss except to the extent that
they relate to items recognised in other comprehensive
income or directly in equity, in which case the relevant
amounts of tax are recognised in other comprehensive
income or directly in equity respectively.
Current tax is the expected tax payable on the taxable
income for the year, us ing tax rates enacted or
substantively enacted at the end of the reporting period,
and any adjustment to tax payable in respect of previous
years.
Deferred tax assets and liabilities arise from deductible
and taxable temporary differences respectively, being the
differences between the carrying amounts of assets and
liabilities for financial reporting purposes and their tax
bases. Deferred tax assets also arise from unused tax
losses and unused tax credits.
Annual Report 2017 年報 89
截至二零一七年十二月三十一日止年度 For the year ended 31 December 2017
財 務 報 表 附 註
NOTES TO THE FINANCIAL STATEMENTS
2. 主要會計政策（續）
n) 所得稅（續）
除了若干有限之例外情況外，所有遞
延稅項負債，以及所有遞延稅項資產
（僅限於未來很可能取得應課稅溢利
而令該項資產得以運用之部份）均予
以確認。容許確認由可予扣減暫時差
異所產生之遞延稅項資產之未來應課
稅溢利包括其將由目前之應課稅暫時
性差異撥回之部份，而此等應課稅暫
時差異應由同一稅務當局向同一應課
稅單位徵收，並預期在可予扣減暫時
差異預期撥回之同一期間內撥回或在
由遞延稅項資產產生之稅務虧損能轉
回或轉入之期間內撥回。在評定目前
之應課稅暫時差異是否容許確認由未
運用之稅務虧損及優惠所產生之遞延
稅項資產時採用上述相同之標準，即
該等暫時差異由同一稅務當局向同一
應課稅單位徵收，並預期在稅務虧損
或抵免能動用之期間內撥回方計算在
內。
確認遞延稅項資產及負債之有限例外
情況：包括不可在稅務方面獲得扣減
之商譽所引致之暫時差異、首次確認
但並不影響會計溢利及應課稅溢利之
資產或負債（惟其不可為企業合併之
部份），以及有關於附屬公司投資所
引致之暫時差異；如為應課稅差異，
只限於本集團可以控制撥回時間，且
在可預見將來不大可能撥回之暫時差
異或如為可予扣減差異，則只限於可
能在未來撥回之差異。
2. SIGNIFICANT ACCOUNTING POLICIES (Continued)
n) Income tax (Continued)
Apart from certain limited exceptions, all deferred tax
liabilities, and all deferred tax assets to the extent that it
is probable that future taxable profits will be available
against which the asset can be utilised, are recognised.
Future taxable profits that may support the recognition
of deferred tax assets arising from deductible temporary
differences include those that will arise from the reversal
of existing taxable temporary differences, provided those
differences relate to the same taxation authority and the
same taxable entity, and are expected to reverse either in
the same period as the expected reversal of the
deductible temporary differences or in periods into which
a tax loss arising from the deferred tax asset can be
carried back or forward. The same criteria are adopted
when determining whether existing taxable temporary
differences support the recognition of deferred tax assets
arising from unused tax losses and credits, that is, those
differences are taken into account if they relate to the
same taxation authority and the same taxable entity, and
are expected to reverse in a period, or periods, in which
the tax loss or credit can be utilised.
The limited exceptions to recognition of deferred tax
assets and liabilities are those temporary differences
arising from goodwill not deductible for tax purposes,
the initial recognition of assets or liabilities that affect
neither accounting nor taxable profit (provided they are
not part of a business combination), and temporary
differences relating to investments in subsidiaries to the
extent that, in the case of taxable differences, the Group
controls the timing of the reversal and it is probable that
the differences will not reverse in the foreseeable future,
or in the case of deductible differences, unless it is
probable that they will reverse in the future.
Annual Report 2017 年報90
截至二零一七年十二月三十一日止年度 For the year ended 31 December 2017
NOTES TO THE FINANCIAL STATEMENTS
財 務 報 表 附 註
2. 主要會計政策（續）
n) 所得稅（續）
應確認之遞延稅項數額是按照資產及
負債賬面值之預期變現或清償方式，
以申報期間結算日採用或主要採用之
稅率計算。遞延稅項資產及負債均不
作折現計算。
本集團會在每個申報期間結算日評估
遞延稅項資產之賬面值。如果不再可
能取得足夠之應課稅溢利以運用有關
之稅務利益，賬面金額則予以調低。
如日後可能取得足夠之應課稅溢利時，
已扣減金額則予以撥回。
分派股息所產生之額外所得稅在支付
有關股息之責任確認時予以確認。
本期稅項結餘及遞延稅項結餘及其變
動，乃各自分開列示及並無相互抵銷。
當本集團在法律上擁有抵銷本期稅項
資產及本期稅項負債之行使權利及能
符合下列額外條件時，本期稅項資產
可抵銷本期稅項負債，及遞延稅項資
產可抵銷遞延稅項負債：
– 若為本期稅項資產及負債：本集
團計劃以淨額清償，或計劃同時
變現資產和清償負債；或
2. SIGNIFICANT ACCOUNTING POLICIES (Continued)
n) Income tax (Continued)
The amount of deferred tax recognised is measured
based on the expected manner of real isat ion or
settlement of the carrying amount of the assets and
liabilities, using tax rates enacted or substantively enacted
at the end of the reporting period. Deferred tax assets
and liabilities are not discounted.
The carrying amount of a deferred tax asset is reviewed
at the end of each reporting period and is reduced to the
extent that it is no longer probable that sufficient taxable
profits will be available to allow the related tax benefit to
be utilised. Any such reduction is reversed to the extent
that it becomes probable that sufficient taxable profits
will be available.
Additional income taxes that arise from the distribution
of dividends are recognised when the liability to pay the
related dividends is recognised.
Current tax balances and deferred tax balances, and
movements therein, are presented separately from each
other and are not offset. Current tax assets are offset
against current tax liabilities, and deferred tax assets
against deferred tax liabilities, if the Group has the
legally enforceable right to set off current tax assets
against current tax liabilities and the following additional
conditions are met:
– in the case of current tax assets and liabilities, the
Group intends either to settle on a net basis, or to
r e a l i s e t h e a s s e t a n d s e t t l e t h e l i a b i l i t y
simultaneously; or
Annual Report 2017 年報 91
截至二零一七年十二月三十一日止年度 For the year ended 31 December 2017
財 務 報 表 附 註
NOTES TO THE FINANCIAL STATEMENTS
2. 主要會計政策（續）
n) 所得稅（續）
– 若為遞延稅項資產及負債：如其
與同一稅務當局向下述者徵收之
所得稅有關：
– 同一應課稅單位；或
– 如為不同之應課稅單位，
預期在未來每一個週期將
清償或收回顯著數目之遞
延稅項負債，或資產及計
劃以淨額基準變現本期稅
項資產及清償本期稅項負
債，或計劃同時變現本期
稅項資產及清償本期稅項
負債。
o) 撥備及或然負債
倘若本集團須就已發生之事件承擔法
律或推定責任，而履行該責任預期會
導致含有經濟效益之資源外流，並可
作出可靠之估計，便會就不確定之時
間或數額之其他負債計提準備。如金
錢的時間價值重大，則按預計履行責
任所需開支之現值計提撥備。
倘若含有經濟效益之資源外流之可能
性很低，或是無法對有關款額作出可
靠之估計，便會將該責任披露為或然
負債；但假如這類資源外流之可能性
極低則除外。須視乎某宗或多宗未來
事件是否發生才能確定存在與否之潛
在責任，亦會披露為或然負債；但假
如這類資源外流之可能性極低則除外。
2. SIGNIFICANT ACCOUNTING POLICIES (Continued)
n) Income tax (Continued)
– in the case of deferred tax assets and liabilities, if
they relate to income taxes levied by the same
taxation authority on either:
– the same taxable entity; or
– different taxable entities, which, in each future
per iod in which s ignif icant amounts of
deferred tax liabilities or assets are expected to
be settled or recovered, intend to realise the
current tax assets and settle the current tax
liabilities on a net basis or realise and settle
simultaneously.
o) Provisions and contingent liabilities
Provisions are recognised for other liabilities of uncertain
timing or amount when the Group has a legal or
constructive obligation arising as a result of a past event,
it is probable that an outflow of economic benefits will
be required to settle the obligation and a reliable
estimate can be made. Where the time value of money is
material, provisions are stated at the present value of the
expenditure expected to settle the obligation.
Where it is not probable that an outflow of economic
benefits will be required, or the amount cannot be
estimated reliably, the obligation is disclosed as a
contingent liability, unless the probability of outflow of
economic benefits is remote. Possible obligations, whose
existence will only be confirmed by the occurrence or
non-occurrence of one or more future events are also
disclosed as contingent liabilities unless the probability of
outflow of economic benefits is remote.
Annual Report 2017 年報92
截至二零一七年十二月三十一日止年度 For the year ended 31 December 2017
NOTES TO THE FINANCIAL STATEMENTS
財 務 報 表 附 註
2. 主要會計政策（續）
p) 收入確認
收入按已收或應收代價之公平值計量。
收入乃於經濟效益可能會流入本集團，
以及能夠可靠地計算收入及成本（如
適用）時，根據下列方法於損益中確
認：
i) 銷售貨品
收入在貨品送抵客戶所在地，即
客戶接收貨品及與其所有權相關
的風險及回報時確認。收入不包
括增值及其他銷售稅，並經扣減
任何貨品退貨及貿易折扣。
ii) 利息收入
利息收入乃採用實際利率法於應
計時確認。
q) 外幣換算
年內外幣換算交易乃按於交易日期通
行之匯率換算。以外幣計值之貨幣性
資產及負債均按於申報期間結算日通
行之匯率換算。匯兌盈虧乃於損益確
認。
以歷史成本計量之外幣非貨幣性資產
及負債乃按交易日通行之匯率換算。
以公平值列賬之外幣非貨幣性資產及
負債乃以於釐定公平值日期之匯率換
算。
2. SIGNIFICANT ACCOUNTING POLICIES (Continued)
p) Revenue recognition
Revenue i s measu red a t the f a i r va lue o f the
consideration received or receivable. Provided it is
probable that the economic benefits will flow to the
Group and the revenue and costs, if applicable, can be
measured reliably, revenue is recognised in profit or loss
as follows:
i) Sale of goods
Revenue is recognised when goods are delivered at
the customers’ premises which is taken to be the
point in time when the customer has accepted the
goods and the related r isks and rewards of
ownership. Revenue excludes value added and other
sales taxes and is after deduction of any goods
returns and trade discounts.
ii) Interest income
Interest income is recognised as it accrues using the
effective interest method.
q) Translation of foreign currencies
Foreign currency transactions during the year are
translated at the foreign exchange rates ruling at the
transact ion dates. Monetary assets and l iabi l i t ies
denominated in foreign currencies are translated at the
foreign exchange rates ruling at the end of the reporting
period. Exchange gains and losses are recognised in profit
or loss.
Non-monetary assets and liabilities that are measured in
terms of historical cost in a foreign currency are
translated using the foreign exchange rates ruling at the
transaction dates. Non-monetary assets and liabilities
denominated in foreign currencies that are stated at fair
value are translated using the foreign exchange rates
ruling at the dates the fair value was determined.
Annual Report 2017 年報 93
截至二零一七年十二月三十一日止年度 For the year ended 31 December 2017
財 務 報 表 附 註
NOTES TO THE FINANCIAL STATEMENTS
2. 主要會計政策（續）
q) 外幣換算（續）
境外業務之業績乃按交易日通行之概
約匯率換算為港元。財務狀況表項目
（包括因合併二零零五年一月一日或
之後購入之境外業務之賬目所產生之
商譽）則按申報期間結算日通行之匯
率收市價換算為港元。匯兌差額於其
他全面收益確認，並於匯兌儲備之權
益中獨立累計。因合併二零零五年一
月一日之前購入之境外業務之賬目所
產生之商譽則按收購境外業務當日之
適用匯率換算。
於出售境外業務時，與該境外業務有
關之匯兌差額累計款項會於確認出售
盈虧時由權益重新分類至損益。
r) 貸款成本
與購入、建造或生產需經一段長時期
準備方可作預期運用或出售之資產直
接有關之貸款成本，乃作為該項資產
之部份成本撥充資本。其他貸款成本
於產生期間內支銷。
貸款成本乃於資產之開支產生、貸款
成本產生及有關籌備資產作其擬定用
途或出售所需之活動進行時，即資本
化作為合格資產之部份成本。當所有
有關籌備合格資產作其擬定用途或出
售所需之活動大致上中斷或完成時，
即暫時暫停或停止資本化貸款成本。
2. SIGNIFICANT ACCOUNTING POLICIES (Continued)
q) Translation of foreign currencies (Continued)
The results of foreign operations are translated into Hong
Kong dollars at the exchange rates approximating the
foreign exchange rates ruling at the dates of the
transactions. Statement of financial position items,
including goodwill arising on consolidation of foreign
operations acquired on or after 1 January 2005, are
translated into Hong Kong dollars at the closing foreign
exchange rates ruling at the end of the reporting period.
The resulting exchange differences are recognised in
other comprehensive income and accumulated separately
in equity in the translation reserve. Goodwill arising on
consolidation of a foreign operation acquired before 1
January 2005 is translated at the foreign exchange rate
that applied at the date of acquisition of the foreign
operation.
On disposal of a foreign operation, the cumulative
amount of the exchange differences relating to that
foreign operation is reclassified from equity to profit or
loss when the profit or loss on disposal is recognised.
r) Borrowing costs
Borrowing costs that are directly attributable to the
acquisition, construction or production of an asset which
necessarily takes a substantial period of time to get ready
for its intended use or sale, are capitalised as part of the
cost of that asset. Other borrowing costs are expensed in
the period in which they are incurred.
The capitalisation of borrowing costs as part of the cost
of a qualifying asset commences when expenditure for
the asset is being incurred, borrowing costs are being
incurred and activities that are necessary to prepare the
asset for its intended use or sale are in progress.
Capitalisation of borrowing costs is suspended or ceases
when substantially all the activities necessary to prepare
the qualifying asset for its intended use or sale are
interrupted or complete.
Annual Report 2017 年報94
截至二零一七年十二月三十一日止年度 For the year ended 31 December 2017
NOTES TO THE FINANCIAL STATEMENTS
財 務 報 表 附 註
2. 主要會計政策（續）
s) 關連人士
(a) 倘若該名人士屬以下情況，則該
人士或該人士之家族之近親乃與
本集團有關連：
i) 對本集團擁有控制權或共
同控制權；
ii) 對本集團擁有重大影響力；
或
iii) 為本集團或本集團之母公
司之主要管理人員之成員。
(b) 倘若以下任何條件適用，則該實
體乃與本集團有關連：
i) 該實體與本集團均為相同
集團之成員（即各母公司、
附屬公司及同系附屬公司
彼此間有關連）。
ii) 一間實體為另一實體之聯
營公司或合營企業（或另一
實體為集團旗下成員公司
之聯營公司或合營企業之
成員公司）。
iii) 兩間實體均為同一第三方
之合營企業。
iv) 一間實體為第三方實體之
合營企業，而另一實體為
該第三方實體之聯營公司。
2. SIGNIFICANT ACCOUNTING POLICIES (Continued)
s) Related parties
(a) A person, or a close member of that person’s
family, is related to the Group if that person:
i) has control or joint control over the Group;
ii) has significant influence over the Group; or
iii) is a member of the key management personnel
of the Group or the Group’s parent.
(b) An entity is related to the Group if any of the
following conditions applies:
i) The entity and the Group are members of the
same group (which means that each parent,
subsidiary and fellow subsidiary is related to
the others).
ii) One entity is an associate or joint venture of
the other entity (or an associate or joint
venture of a member of a group of which the
other entity is a member).
iii) Both entities are joint ventures of the same
third party.
iv) One entity is a joint venture of a third entity
and the other entity is an associate of the
third entity.
Annual Report 2017 年報 95
截至二零一七年十二月三十一日止年度 For the year ended 31 December 2017
財 務 報 表 附 註
NOTES TO THE FINANCIAL STATEMENTS
2. 主要會計政策（續）
s) 關連人士（續）
(b) 倘若以下任何條件適用，則該實
體乃與本集團有關連：（續）
v) 實體為本集團或與本集團
有關連之實體就僱員利益
設立之離職福利計劃。
vi) 實體受附註2(s)(a)所識別人
士所控制或共同控制。
vii) 附註2(s)(a)(i)所識別人士對
實體擁有重大影響力或屬
該實體（或該實體之母公司）
之主要管理人員成員。
viii) 向本集團或本公司母公司
提供主要管理人員服務之
實體或其所屬集團之任何
成員公司。
該名人士之近親家庭成員為於與該實
體進行交易時可能預期影響該名人士
或可能被該名人士影響之該等家族成
員。
t) 分部報告
綜合財務報表所呈報之經營分部及各
分部項目之款項乃於為分配資源予本
集團不同業務及地區以及評估該等業
務及地區之表現而定期向本集團首席
營運決策人提供之財務資料中確認。
2. SIGNIFICANT ACCOUNTING POLICIES (Continued)
s) Related parties (Continued)
(b) An entity is related to the Group if any of the
following conditions applies: (Continued)
v) The entity is a post-employment benefit plan
for the benefit of employees of either the
Group or an entity related to the Group.
vi) The entity is controlled or jointly controlled by
a person identified in note 2(s)(a).
vii) A person identified in note 2(s)(a)(i) has
significant influence over the entity or is a
member of the key management personnel of
the entity (or of a parent of the entity).
viii) The entity, or any member of a group of which
i t i s a part , prov ides key management
personnel services to the Group or to the
Group’s parent.
Close members of the family of a person are those family
members who may be expected to influence, or be
influenced by, that person in their dealings with the
entity.
t) Segment reporting
Operating segments, and the amounts of each segment
item reported in the consolidated financial statements,
are identified from the financial information provided
regularly to the Group’s chief operating decision maker
for the purposes of allocating resources to, and assessing
the performance of, the Group’s various lines of business
and geographical locations.
Annual Report 2017 年報96
截至二零一七年十二月三十一日止年度 For the year ended 31 December 2017
NOTES TO THE FINANCIAL STATEMENTS
財 務 報 表 附 註
2. 主要會計政策（續）
t) 分部報告（續）
就財務報告而言，個別重大經營分部
不會合併，惟分部間有類似經濟特點
及在產品及服務性質、生產過程性質、
客戶種類或類別、用作分銷產品或提
供服務之方法以及監管環境性質方面
相類似則除外。倘並非個別重大之經
營分部符合大部份此等準則，則該等
經營分部可能合併處理。
3. 會計政策之變動
香港會計師公會已頒佈多項香港財務報告
準則之修訂本，該等修訂本於本集團之本
會計期間首次生效。採納該等修訂本並無
對本集團之會計政策造成重大影響。然而，
附註36已載入額外披露以符合香港會計準
則第7號修訂本「現金流量表：披露計劃」的
新披露規定，該修訂本要求實體提供披露
資料，使財務報表使用者可評估融資活動
所產生負債之變動，包括現金流量產生之
變動及非現金變動。根據修訂本之過渡條
文，本集團並無披露上一年度之比較資料。
本集團並無應用於本會計期間尚未生效之
任何新增準則或詮釋。
4. 關鍵會計判斷及估計不確定性之主
要來源
a) 估計不確定性之主要來源
於應用附註2所述之本集團會計政策
之過程中，管理層已作出若干主要假
設，該等假設涉及未來及於申報期間
結算日估計不確定性之其他主要來源，
該等假設可能存在導致資產及負債之
賬面值於下個財政年度作出重大調整
之重大風險，有關詳情討論如下。
2. SIGNIFICANT ACCOUNTING POLICIES (Continued)
t) Segment reporting (Continued)
Indiv idual ly mater ia l operat ing segments are not
aggregated for financial reporting purposes unless the
segments have similar economic characteristics and are
similar in respect of the nature of products and services,
the nature of production processes, the type or class of
customers, the methods used to distribute the products
or provide the services, and the nature of the regulatory
environment. Operat ing segments which are not
individually material may be aggregated if they share a
majority of these criteria.
3. CHANGES IN ACCOUNTING POLICIES
The HKICPA has issued several amendments to HKFRSs that
are first effective for the current accounting period of the
Group. None of these amendments have any material impact
on the accounting policies of the Group. However, additional
disclosure has been included in note 36 to satisfy the new
disclosure requirements introduced by the Amendments to
HKAS 7 “Statement of Cash Flows: Disclosure Initiative”,
which require entities to provide disclosures that enable users
of financial statements to evaluate changes in liabilities arising
from financing activities, including both changes arising from
cash flows and non-cash changes. Consistent with the
transition provisions of the amendments, the Group has not
disclosed comparative information for the prior year.
The Group has not applied any new standard or interpretation
that is not yet effective for the current accounting period.
4. CRITICAL ACCOUNTING JUDGEMENTS AND KEY
SOURCES OF ESTIMATION UNCERTAINTY
a) Key sources of estimation uncertainty
In the process of applying the Group’s accounting
policies which are described in note 2, management has
made certain key assumptions concerning the future, and
other key sources of estimation uncertainty at the end of
the reporting period, that may have a significant risk of
causing a material adjustment to the carrying amounts of
assets and liabilities within the next financial year, as
discussed below.
Annual Report 2017 年報 97
截至二零一七年十二月三十一日止年度 For the year ended 31 December 2017
財 務 報 表 附 註
NOTES TO THE FINANCIAL STATEMENTS
4. 關鍵會計判斷及估計不確定性之主
要來源（續）
a) 估計不確定性之主要來源（續）
i) 物業、廠房及設備以及經營租約
下預付土地租金之可使用年期及
剩餘價值
管理層根據附註2(e)及附註2(f)分
別所載之本集團會計政策釐定本
集團物業、廠房及設備以及經營
租約下預付土地租金之估計可使
用年期及剩餘價值。本集團將修
訂折舊支出及攤銷開支（如可使
用年期及剩餘價值與先前估計不
同），或撇銷或撇減已被棄用或
出售之在技術上過時或屬非策略
性之資產。
ii) 物業、廠房及設備減值之估算
倘有跡象顯示物業、廠房及設備
項目之賬面值不能收回，則資產
可能視為「已減值」，並按附註
2(g)(ii)所述有關物業、廠房及設
備減值之本集團會計政策於損益
確認減值虧損。資產賬面值會定
期進行檢討以評估可收回金額有
否降至低於賬面值。倘有事件或
情況轉變顯示資產入賬之賬面值
可能無法收回，即會對有關資產
進行減值測試。若出現有關減值
情況，則會將賬面值減至可收回
金額。
4. CRITICAL ACCOUNTING JUDGEMENTS AND KEY
SOURCES OF ESTIMATION UNCERTAINTY
(Continued)
a) Key sources of estimation uncertainty (Continued)
i) Useful lives and residual values of property, plant
and equipment, and prepaid lease payments on
land under operating leases
Management determines the estimated useful lives
and residual values for the Group’s property, plant
and equipment, and prepaid lease payments on
land under operating leases in accordance with the
Group’s accounting policies stated in note 2(e) and
note 2(f) respectively. The Group will revise the
depreciation charge and the amortisation expense
where useful lives and residual values are different
from previous estimates, or will write off or write
down technically obsolete or non-strategic assets
that have been abandoned or sold.
ii) Estimation of impairment of property, plant and
equipment
If circumstances indicate that the carrying value of
an item of the property, plant and equipment may
not be recoverable, the asset may be considered
“impaired”, and an impairment loss may be
recognised in profit or loss in accordance with the
Group’s accounting policy for impairment of
property, plant and equipment as described in note
2(g)(ii). The carrying amounts of assets are reviewed
per iodica l ly in order to assess whether the
recoverable amounts have declined below the
carrying amounts. These assets are tested for
impai rment whenever events or changes in
circumstances indicate that their recorded carrying
amounts may not be recoverable. When such a
decline has occurred, the carrying amount is
reduced to recoverable amount.
Annual Report 2017 年報98
截至二零一七年十二月三十一日止年度 For the year ended 31 December 2017
NOTES TO THE FINANCIAL STATEMENTS
財 務 報 表 附 註
4. 關鍵會計判斷及估計不確定性之主
要來源（續）
a) 估計不確定性之主要來源（續）
ii) 物業、廠房及設備減值之估算（續）
可收回金額乃公平值減出售成本
與使用價值之較高者。釐定使用
價值時，會將資產產生之預期未
來現金流量折現至其現值，此需
要對收益水平及經營成本金額作
出重大判斷。本集團利用所有可
得資料（包括基於合理及有力假
設之估計以及對收益水平及經營
成本金額之預測），釐定可收回
金額之合理近似金額。該等估計
之變動可能對資產賬面值產生重
大影響，並可能導致於未來期間
之額外減值支出或撥回減值。於
二零一七年十二月三十一日，物
業、廠 房 及 設 備 之 賬 面 值 約
254,983,000港元（二零一六年：
319,212,000港元）。
iii) 經營租約下預付土地租金減值之
估算
本集團根據附註2(g)(ii)所載之本
集團會計政策，每年對經營租約
下預付土地租金是否出現減值進
行評估。賺取現金單位之可收回
金額乃根據使用價值計算而釐
定。該等計算需要使用管理層對
業務之未來營運作出之估計及假
設、稅前折現率以及其他有關使
用價值計算之假設。於二零一七
年十二月三十一日，經營租約下
預付土地租金之賬面值約為
139,965,000港元（二零一六年：
143,648,000港元）。
4. CRITICAL ACCOUNTING JUDGEMENTS AND KEY
SOURCES OF ESTIMATION UNCERTAINTY
(Continued)
a) Key sources of estimation uncertainty (Continued)
ii) Estimation of impairment of property, plant and
equipment (Continued)
The recoverable amount is the greater of the fair
value less costs of disposal and the value in use. In
determining the value in use, expected future cash
flows generated by the asset are discounted to their
present value, which requires significant judgement
relating to the level of revenue and amount of
operating costs. The Group uses all readily available
information in determining an amount that is a
reasonable approximation of recoverable amount,
including estimates based on reasonable and
supportable assumptions and projections of the
level of revenue and amount of operating costs.
Changes in these estimates could have a significant
impact on the carrying value of the assets and could
result in additional impairment charge or reversal of
impairment in future periods. As at 31 December
2017, the carrying amount of property, plant and
equipment is approximately HK$254,983,000 (2016:
HK$319,212,000).
iii) Estimation of impairment of prepaid lease payments
on land under operating leases
The Group performs annual assessments on whether
there has been impairment of prepaid lease
payments on land under operating leases in
accordance with the Group’s accounting policy
stated in note 2(g)(ii). The recoverable amounts of
cash-generating units are determined based on
value in use calculations. These calculations require
the use of estimates and assumptions made by
management on the future operation of the
bus iness , pre- tax d iscount rates , and other
a s s u m p t i o n s u n d e r l y i n g t h e v a l u e i n u s e
calculations. As at 31 December 2017, the carrying
amount of prepaid lease payments on land under
operating leases is approximately HK$139,965,000
(2016: HK$143,648,000).
Annual Report 2017 年報 99
截至二零一七年十二月三十一日止年度 For the year ended 31 December 2017
財 務 報 表 附 註
NOTES TO THE FINANCIAL STATEMENTS
4. 關鍵會計判斷及估計不確定性之主
要來源（續）
a) 估計不確定性之主要來源（續）
iv) 應收款減值之估算
應收款減值確認政策乃根據對應
收款收回可能性之評估、賬齡分
析及管理層判斷制定實行。在評
估該等應收款最終能否變現時，
需要作出大量判斷，包括每名債
務人之現時信譽及過往收款紀
錄。倘該等債務人之財務狀況轉
差，將會影響其還款能力，因而
可能需要作出額外減值虧損。於
二零一七年十二月三十一日，應
收賬款及其他應收款之賬面值約
為337,091,000港元（二零一六
年：281,622,000港元）。應收款
減值之詳情已於附註22(c)作出披
露。
v) 存貨之可變現淨值
存貨乃按成本與可變現淨值之較
低者列賬。可變現淨值乃根據日
常業務過程中之估計售價，減估
計完成成本及進行銷售所需之估
計成本釐定。該等估計是根據目
前市況及製造和銷售同類產品之
過往經驗而作出。本公司董事主
要根據最近期之發票價格及現時
市況估計存貨之可變現淨值。截
至二零一七年十二月三十一日止
年度，本公司董事按逐項產品基
準對存貨進行定期檢討，並撇除
為數約26,331,000港元（二零
一六年：14,730,000港元）及作
出存貨撇除撥回約694,000港元
（二零一六年：2,168,000港元）。
4. CRITICAL ACCOUNTING JUDGEMENTS AND KEY
SOURCES OF ESTIMATION UNCERTAINTY
(Continued)
a) Key sources of estimation uncertainty (Continued)
iv) Estimation of impairment of receivables
The pol icy for recognit ion of impairment on
r ece i vab l e s i s ba sed on the eva lua t ion o f
collectibility, ageing analysis of accounts and on
management’s judgement. A considerable amount
of judgement is required in assessing the ultimate
realisation of these receivables, including the
current creditworthiness and the past collection
history of each debtor. If the financial conditions of
these debtors were to deteriorate, resulting in
impairment of their ability to make payments,
additional impairment loss may be required. As at
31 December 2017, the carrying amount of trade
a n d o t h e r r e c e i v a b l e s i s a p p r o x i m a t e l y
HK$337,091,000 (2016: HK$281,622,000). Details
of the impairment of receivables are disclosed in
note 22(c).
v) Net realisable value of inventories
Inventories are stated at the lower of cost and net
realisable value. Net realisable value is determined on
the basis of the estimated selling price in the
ordinary course of business, less estimated cost of
completion and the estimated cost necessary to make
the sale. These estimates are based on the current
market conditions and the historical experience of
manufacturing and selling products of similar nature.
The directors of the Company estimate the net
realisable value for inventories based primarily on the
latest invoice prices and current market conditions.
During the year ended 31 December 2017, the
directors of the Company performed periodic review
on a product-by-product basis and made a write
d o w n o f i t s i n v e n t o r i e s o f a p p r o x i m a t e l y
HK$26,331,000 (2016: HK$14,730,000) and a
r e v e r s a l o f w r i t e d o w n o f i n v e n t o r i e s o f
approximately HK$694,000 (2016: HK$2,168,000).
Annual Report 2017 年報100
截至二零一七年十二月三十一日止年度 For the year ended 31 December 2017
NOTES TO THE FINANCIAL STATEMENTS
財 務 報 表 附 註
4. 關鍵會計判斷及估計不確定性之主
要來源（續）
b) 在應用本集團會計政策時所作之重大
會計判斷
在釐定若干資產及負債之賬面值時，
本集團就不確定的未來事件對各申報
期間結算日資產及負債之影響作出假
設。有關估計涉及對現金流量及所用
折現率之假設。本集團根據過往經驗
及對未來事件之預計作出估計及假設，
並定期檢討。除對未來事件之假設及
估計外，本集團在應用會計政策時亦
作出判斷。
i) 所得稅及遞延稅項
本集團在香港須繳付所得稅，而
在中國須繳付不同稅項。於釐定
稅項撥備時須作出重大判斷。於
一般業務過程中存有頗多交易及
計算，使得最終稅務釐定存在不
確定性。本集團根據對是否須繳
納額外稅項之估計就預期稅務事
宜確認負債。倘上述事宜之最終
稅務結果與最初記錄之金額有所
不同，有關差額將影響作出有關
釐定期間之所得稅及遞延稅項撥
備。
4. CRITICAL ACCOUNTING JUDGEMENTS AND KEY
SOURCES OF ESTIMATION UNCERTAINTY
(Continued)
b) Critical accounting judgements in applying the
Group’s accounting policies
In determining the carrying amounts of certain assets and
liabilities, the Group makes assumptions for the effects
of uncertain future events on those assets and liabilities
at the end of each reporting period. These estimates
involve assumptions about such items as cash flows and
discount rates used. The Group’s est imates and
assumptions are based on historical experience and
expectat ions of future events and are rev iewed
periodically. In addition to assumptions and estimations
of future events, judgements are also made during the
process of applying the Group’s accounting policies.
i) Income taxes and deferred taxation
The Group is subject to income tax in Hong Kong
and various taxes in the PRC. Significant judgement
is required in determining the provision for taxation.
There are many transactions and calculations for
which the ultimate tax determination is uncertain
during the ordinary course of business. The Group
recognises liabilities for anticipated tax issues based
on estimates of whether additional tax will be due.
Where the final tax outcome of these matters is
different from the amounts that were initially
recorded, such differences will impact the income
tax and deferred tax provisions in the period in
which such determination is made.
Annual Report 2017 年報 101
截至二零一七年十二月三十一日止年度 For the year ended 31 December 2017
財 務 報 表 附 註
NOTES TO THE FINANCIAL STATEMENTS
4. 關鍵會計判斷及估計不確定性之主
要來源（續）
b) 在應用本集團會計政策時所作之重大
會計判斷（續）
i) 所得稅及遞延稅項（續）
有關若干暫時差異之遞延稅項資
產，乃於管理層認為日後可能有
可動用應課稅溢利抵銷暫時差異
或稅項虧損之情況下方予以確
認。倘該項預期有別於原來估
計，該等差額將影響更改有關改
變估計期間所確認之遞延稅項資
產及稅項支出。就此而言，本集
團已於二零一六年十二月三十一
日確認遞延稅項資產約4,525,000
港元（二零一七年：無）。
ii) 分派股息所產生之預扣稅
本集團乃根據派付股息的時間判
斷釐定是否應計若干附屬公司分
派的股息產生的預扣稅（根據相
關稅務法例及規定徵收）。本集
團認為，倘該等附屬公司於可預
見未來將不會分派溢利，則毋須
就有關預扣稅提供撥備。
4. CRITICAL ACCOUNTING JUDGEMENTS AND KEY
SOURCES OF ESTIMATION UNCERTAINTY
(Continued)
b) Critical accounting judgements in applying the
Group’s accounting policies (Continued)
i) Income taxes and deferred taxation (Continued)
Deferred tax assets relating to certain temporary
d i f fe rences a re recogn i sed as management
considers it is probable that future taxable profit
will be available against which the temporary
differences or tax losses can be utilised. Where the
expectation is different from the original estimate,
such differences will impact the recognition of
deferred tax assets and tax charge in the periods in
which such estimate is changed. In this regard, the
G r o u p r e c o g n i s e d d e f e r r e d t a x a s s e t s o f
approximately HK$4,525,000 as at 31 December
2016 (2017: Nil).
ii) Withholding tax arising from distribution of
dividends
The Group’s determination as to whether to accrue
for withholding tax arising from distribution of
dividends from certain subsidiaries according to the
relevant tax law and regulations is subject to
judgement on the timing of the payment of
dividends. The Group considers that if the profits of
these subsidiaries will not be distributed in the
foreseeable future, then no withholding tax should
be provided.
Annual Report 2017 年報102
截至二零一七年十二月三十一日止年度 For the year ended 31 December 2017
NOTES TO THE FINANCIAL STATEMENTS
財 務 報 表 附 註
5. 收入
收入指供應予客戶之貨品銷售價值（不包括
增值稅及其他銷售稅項），並扣除任何退貨
及貿易折扣。本年度確認之收入之各主要
類別金額如下：
5. REVENUE
Revenue represents the sales value of goods supplied to
customers which excludes value-added and other sales taxes,
and is after deduction of any goods returns and trade
discounts. The amount of each significant category of revenue
recognised during the year is as follows:
二零一七年 二零一六年
2017 2016
千港元 千港元
HK$’000 HK$’000
稀土產品（包括熒光產品）銷售 Sales of rare earth products (including
fluorescent products) 386,533 436,477
耐火產品（包括高溫陶瓷產品及
鎂砂）銷售
Sales of refractory products (including high
temperature ceramics products and
magnesium grains) 250,629 272,643
637,162 709,120
6. OTHER INCOME
二零一七年 二零一六年
2017 2016
千港元 千港元
HK$’000 HK$’000
銀行存款利息收入 Interest income from bank deposits 5,756 4,946
6. 其他收入
Annual Report 2017 年報 103
截至二零一七年十二月三十一日止年度 For the year ended 31 December 2017
財 務 報 表 附 註
NOTES TO THE FINANCIAL STATEMENTS
7. 其他經營開支及其他收益╱（虧損）
淨值
a) 其他經營開支
7. OTHER OPERATING EXPENSES AND OTHER NET
GAIN/(LOSS)
a) Other operating expenses
二零一七年 二零一六年
2017 2016
千港元 千港元
HK$’000 HK$’000
暫時性停產期間之開支 Expenses incurred during temporary
suspension of production (39,550) (11,055)
During the years ended 31 December 2017 and 2016,
the Group temporar i l y suspended cer ta in of i t s
production for internal consolidation. The related
expenses incurred during the temporary production
suspension were included in other operating expenses.
b) Other net gain/(loss)
二零一七年 二零一六年
2017 2016
千港元 千港元
HK$’000 HK$’000
匯兌收益╱（虧損）淨額 Net exchange gain/(loss) 6,296 (5,000)
應收賬款之減值虧損 Impairment loss on trade receivables (990) (10,352)
其他應收款之減值虧損 Impairment loss on other receivables (593) (203)
應收賬款之減值虧損撥回 Reversal of impairment loss on trade
receivables 4,445 4,376
其他應收款之減值虧損撥回 Reversal of impairment loss on other
receivables 181 166
出售物業、廠房及設備之虧損 Loss on disposal of property, plant and
equipment (7) –
其他 Others (607) 410
8,725 (10,603)
截至二零一七年及二零一六年十二月
三十一日止年度，由於進行內部整合，
本集團暫時停止其若干生產線。於暫
時性停產期間所產生之相關開支已計
入其他經營開支內。
b) 其他收益╱（虧損）淨值
Annual Report 2017 年報104
截至二零一七年十二月三十一日止年度 For the year ended 31 December 2017
NOTES TO THE FINANCIAL STATEMENTS
財 務 報 表 附 註
8. LOSS BEFORE TAXATION
Loss before taxation is arrived at after charging:
二零一七年 二零一六年
2017 2016
千港元 千港元
HK$’000 HK$’000
a) 財務成本 a) Finance costs
銀行貸款利息支出
（附註36）
Interest expenses on bank borrowings
(note 36) 1,869 1,566
其他借貸之融資費用 Finance charges on other borrowings – 2,338
1,869 3,904
b) 員工成本（包括附註10
所載之董事酬金）#
b) Staff costs (including directors’
remuneration in note 10)#
薪金及工資 Salaries and wages 39,601 47,229
退休福利計劃供款（附註12） Retirement benefits scheme contributions
(note 12) 4,414 5,752
員工遣散費用 Staff redundancy costs – 1,905
44,015 54,886
8. 除稅前虧損
除稅前虧損已扣除下列各項：
Annual Report 2017 年報 105
截至二零一七年十二月三十一日止年度 For the year ended 31 December 2017
財 務 報 表 附 註
NOTES TO THE FINANCIAL STATEMENTS
8. 除稅前虧損（續） 8. LOSS BEFORE TAXATION (Continued)
二零一七年 二零一六年
2017 2016
千港元 千港元
HK$’000 HK$’000
c) 其他項目 c) Other items
核數師酬金 Auditors’ remuneration
－審核服務 – audit services 2,610 2,610
－其他服務 – other services 675 575
3,285 3,185
存貨成本（附註21(b)）# Cost of inventories (note 21(b))# 611,531 704,190
物業、廠房及設備之折舊# Depreciation of property, plant and
equipment# 57,156 60,177
經營租約下預付土地租金攤銷# Amortisation of prepaid lease payments
on land under operating leases# 4,089 4,223
租賃物業經營租賃支出# Operating lease charges on rented
premises# 2,075 2,779
# During the year ended 31 December 2017, cost of inventories
included approximately HK$40,207,000 (2016: HK$79,178,000)
relating to staff costs, depreciation and amortisation expenses,
and operating lease charges, which amounts were also included
in the respective total amounts disclosed separately above for
each of these types of expenses.
# 截至二零一七年十二月三十一日止年
度內，存貨成本包括有關員工成本、
折舊及攤銷開支以及經營租約費用約
4 0 , 2 0 7 , 0 0 0港 元（二 零 一 六 年：
79,178,000港元），有關款項亦已就各
類別開支計入上文獨立披露之總額內。
Annual Report 2017 年報106
截至二零一七年十二月三十一日止年度 For the year ended 31 December 2017
NOTES TO THE FINANCIAL STATEMENTS
財 務 報 表 附 註
9. 綜合損益表內之所得稅
a) 綜合損益表內之所得稅指：
9. INCOME TAX IN THE CONSOLIDATED STATEMENT
OF PROFIT OR LOSS
a) Income tax in the consolidated statement of profit or loss
represents:
二零一七年 二零一六年
2017 2016
千港元 千港元
HK$’000 HK$’000
本期稅項－中國企業所得稅 Current tax – PRC Enterprise
Income Tax
本年度撥備（附註28(a)） Provision for the year (note 28(a)) (5,299) (1,477)
未匯出盈利之預扣稅（附註28(a)） Withholding tax on unremitted earnings
(note 28(a)) – (8,147)
(5,299) (9,624)
遞延稅項 Deferred taxation
暫時性差異之產生及撥回
（附註28(b)）
Origination and reversal of temporary
differences (note 28(b)) (80) 151
所得稅支出 Income tax charge (5,379) (9,473)
The Company and its subsidiaries incorporated in the
Cayman I s l ands and the B r i t i sh V i rg in I s l ands ,
respectively, are not subject to any income tax pursuant
to the rules and regulations of their respective countries
of incorporation.
No provision for Hong Kong Profits Tax is provided for as
the Group has no estimated assessable profits arising in
Hong Kong during the years ended 31 December 2017
and 2016.
PRC Enterprise Income Tax is calculated at the statutory
income tax rate of 25% on the estimated assessable
profits of the Company’s subsidiaries established in the
PRC during the years ended 31 December 2017 and
2016.
本公司及其附屬公司分別於開曼群島
及英屬處女群島註冊成立的，根據彼
等各自註冊成立國家之規則及規定，
毋須繳付任何所得稅。
由於本集團於截至二零一七年及二零
一六年十二月三十一日止年度並無於
香港產生估計應課稅溢利，因此無就
香港利得稅作出撥備。
截至二零一七年及二零一六年十二月
三十一日止年度內，中國企業所得稅
乃根據本公司於中國成立之附屬公司
之估計應課稅溢利按法定所得稅率
25%計算。
Annual Report 2017 年報 107
截至二零一七年十二月三十一日止年度 For the year ended 31 December 2017
財 務 報 表 附 註
NOTES TO THE FINANCIAL STATEMENTS
9. 綜合損益表內之所得稅（續）
a) （續）
中國企業所得稅法亦規定自二零零八
年一月一日起中國附屬公司向其海外
（包括香港）股東分派溢利時須按5%
或10%稅率繳納預扣稅。
根據中國有關稅務法例及規例，宜興
新威利成耐火材料有限公司（「利成耐
火」）獲分類為外商投資之「高新技術
企業」，由二零一七年一月一日起三
年期間可享有優惠所得稅率15%。
b) 所得稅支出與會計虧損之間按適用稅
率計算之對賬如下：
9. INCOME TAX IN THE CONSOLIDATED STATEMENT
OF PROFIT OR LOSS (Continued)
a) (Continued)
The PRC Enterprise Income Tax Law also requires
withholding tax of 5% or 10% upon distribution of
profits by the PRC subsidiaries since 1 January 2008 to its
overseas (including Hong Kong) shareholders.
Pursuant to the relevant tax laws and regulations in the
PRC, Yixing Xinwei Leeshing Refractory Materials
Company Limited (“Leeshing Refractory”) is classified as
foreign invested “New and High Technology Enterprises”
and is entitled to a preferential income tax rate of 15%
for a period of three years from 1 January 2017.
b) Reconc i l i a t ion between income tax charge and
accounting loss at applicable tax rates is as follows:
二零一七年 二零一六年
2017 2016
千港元 千港元
HK$’000 HK$’000
除稅前虧損 Loss before taxation (79,402) (98,403)
除稅前虧損按各稅務司法權區
適用法定稅率計算之名義
稅項
Notional tax on loss before taxation,
calculated at statutory tax rates
applicable to the respective tax
jurisdictions concerned (16,105) (22,820)
不可抵扣支出之稅務影響 Tax effect of non-deductible expenses 3,476 2,624
毋須課稅收入之稅務影響 Tax effect of non-taxable income (83) (4)
未確認稅務虧損之稅務影響 Tax effect of tax losses not recognised 22,965 21,526
動用先前未確認稅務虧損之
稅務影響
Tax effect of utilisation of tax losses
previously not recognised (2,879) –
中國附屬公司獲授優惠稅率之
稅務影響
Tax effect of concessionary tax rate
granted to a PRC subsidiary (1,995) –
本公司正在進行註銷程序之
附屬公司未匯出盈利
之預扣稅
Withholding tax on unremitted earnings
of the Company’s subsidiaries which
are under deregistration process – 8,147
所得稅支出 Income tax charge 5,379 9,473
Annual Report 2017 年報108
截至二零一七年十二月三十一日止年度 For the year ended 31 December 2017
NOTES TO THE FINANCIAL STATEMENTS
財 務 報 表 附 註
10. 董事酬金
根據公司條例第383(1)條及公司（披露董事
利益資料）規例第2部披露的董事酬金如下：
10. DIRECTORS’ EMOLUMENTS
Directors’ emoluments disclosed pursuant to section 383(1) of
the CO and Part 2 of the Companies (Disclosure of Information
about Benefits of Directors) Regulation are as follows:
二零一七年
2017
董事袍金
薪金、津貼及
實物福利 酌情花紅
退休福利
計劃供款
以股份為
基礎之付款 總計
Salaries, Retirement
allowances benefits Share-
Directors’ and benefit- Discretionary scheme based
fees in-kind bonus contributions payments Total
千港元 千港元 千港元 千港元 千港元 千港元
HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000
執行董事 Executive directors
錢元英女士（附註(i)） Ms. Qian Yuanying (note (i)) – 1,928 – – – 1,928
蔣泉龍先生（附註(ii)） Mr. Jiang Quanlong (note (ii)) – 1,430 – – – 1,430
蔣大偉先生（附註(iii)） Mr. Jiang Dawei (note (iii)) – 150 – 1 – 151
蔣才南先生 Mr. Jiang Cainan – 60 – – – 60
– 3,568 – 1 – 3,569
獨立非執行董事 Independent non-executive
directors
黃春華先生 Mr. Huang Chunhua 72 – – – – 72
金重先生 Mr. Jin Zhong 42 – – – – 42
王國珍先生 Mr. Wang Guozhen 69 – – – – 69
183 – – – – 183
總計 Total 183 3,568 – 1 – 3,752
Annual Report 2017 年報 109
截至二零一七年十二月三十一日止年度 For the year ended 31 December 2017
財 務 報 表 附 註
NOTES TO THE FINANCIAL STATEMENTS
10. 董事酬金（續） 10. DIRECTORS’ EMOLUMENTS (Continued)
二零一六年
2016
董事袍金
薪金、津貼及
實物福利 酌情花紅
退休福利
計劃供款
以股份為
基礎之付款 總計
Salaries, Retirement
allowances benefits Share-
Directors’ and benefit- Discretionary scheme based
fees in-kind bonus contributions payments Total
千港元 千港元 千港元 千港元 千港元 千港元
HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000
執行董事 Executive directors
錢元英女士（附註(i)） Ms. Qian Yuanying (note (i)) – 1,930 – – – 1,930
蔣泉龍先生（附註(ii)） Mr. Jiang Quanlong (note (ii)) – 1,430 – – – 1,430
蔣才南先生 Mr. Jiang Cainan – 143 – – – 143
– 3,503 – – – 3,503
獨立非執行董事 Independent non-executive
directors
黃春華先生 Mr. Huang Chunhua 72 – – – – 72
金重先生 Mr. Jin Zhong 42 – – – – 42
王國珍先生 Mr. Wang Guozhen 69 – – – – 69
183 – – – – 183
總計 Total 183 3,503 – – – 3,686
Notes:
(i) Ms. Qian Yuanying was redesignated from the Deputy Chairman
and the Chief Executive Officer of the Company, to the
Chairman of the Company with effect from 7 September 2017.
(ii) Mr. Jiang Quanlong resigned as the Chairman of the Company
with effect from 7 September 2017.
(iii) Mr. Jiang Dawei appointed as an executive director of the
Company and Chief Executive Officer of the Company with
effect from 7 September 2017.
During the years ended 31 December 2017 and 2016, no
director received any emoluments from the Group as an
inducement to join or upon joining the Group or as
compensation for loss of office. No director has waived or
agreed to waive any emoluments during both years.
附註：
(i) 錢元英女士已由本公司之副主席兼行政總
裁調任為本公司之主席，由二零一七年九
月七日起生效。
(ii) 蔣泉龍先生已辭任本公司主席職務，由二
零一七年九月七日起生效。
(iii) 蔣大偉先生已獲委任為本公司執行董事兼
本公司行政總裁，由二零一七年九月七日
起生效。
截至二零一七年及二零一六年十二月三十一日止
年度內，概無董事向本集團收取任何酬金，作為
鼓勵加入本集團或加入本集團時之獎勵或離職補
償。於該兩個年度，概無董事放棄或同意放棄任
何酬金。
Annual Report 2017 年報110
截至二零一七年十二月三十一日止年度 For the year ended 31 December 2017
NOTES TO THE FINANCIAL STATEMENTS
財 務 報 表 附 註
11. 最高薪人士及高級管理人員酬金
a) 五名最高薪人士
截至二零一七年十二月三十一日止年
度，本集團五名最高薪人士中，其中
兩名（二零一六年：兩名）為本公司董
事，其酬金於附註10披露。其餘三名
（二零一六年：三名）最高薪人士之酬
金總額如下：
11. INDIVIDUALS WITH HIGHEST EMOLUMENTS AND
SENIOR MANAGEMENT’S EMOLUMENTS
a) Five highest paid individuals
During the year ended 31 December 2017, out of the
five highest paid individuals in the Group, two (2016:
two) are directors of the Company whose emoluments
are disclosed in note 10. The aggregate emoluments in
respect of the remaining three (2016: three) highest paid
individuals are as follows:
二零一七年 二零一六年
2017 2016
千港元 千港元
HK$’000 HK$’000
薪金及其他酬金 Salaries and other emoluments 2,217 2,119
酌情花紅 Discretionary bonus – –
退休褔利計劃供款 Retirement benefits scheme contributions 56 62
以股份為基礎之付款 Share-based payments – –
2,273 2,181
The emoluments of the remaining three (2016: three)
highest paid individuals are within the following band:
二零一七年 二零一六年
2017 2016
人數 人數
Number of
individuals
Number of
Individuals
範圍： Bands:
零－1,000,000港元 Nil – HK$1,000,000 2 2
1,000,001港元－1,500,000港元 HK$1,000,001 – HK$1,500,000 1 1
3 3
其餘三名（二零一六年：三名）最高薪
人士之酬金介乎於下列範圍︰
Annual Report 2017 年報 111
截至二零一七年十二月三十一日止年度 For the year ended 31 December 2017
財 務 報 表 附 註
NOTES TO THE FINANCIAL STATEMENTS
11. 最高薪人士及高級管理人員酬金（續）
a) 五名最高薪人士（續）
截至二零一七年及二零一六年十二月
三十一日止年度，本集團並無向五位
最高薪人士支付或應付任何酬金，作
為鼓勵其加入或於加入本集團時的報
酬或離職賠償。
b) 高級管理人員酬金
已付或應付予高級管理人員之酬金介
乎下列範圍：
11. INDIVIDUALS WITH HIGHEST EMOLUMENTS AND
SENIOR MANAGEMENT’S EMOLUMENTS
(Continued)
a) Five highest paid individuals (Continued)
No emoluments were paid or payable by the Group to
the five highest paid individuals as inducement to join or
upon joining the Group or as compensation for loss of
office during the years ended 31 December 2017 and
2016.
b) Senior management’s emoluments
The emoluments paid or payable to senior management
are within the following bands:
二零一七年 二零一六年
2017 2016
人數 人數
Number of
individuals
Number of
Individuals
範圍： Bands:
零－1,000,000港元 Nil – HK$1,000,000 6 6
1,000,001元－1,500,000港元 HK$1,000,001 – HK$1,500,000 1 1
7 7
Annual Report 2017 年報112
截至二零一七年十二月三十一日止年度 For the year ended 31 December 2017
NOTES TO THE FINANCIAL STATEMENTS
財 務 報 表 附 註
12. 僱員退休福利
如中國有關規則及條例的規定，本公司於
中國成立之附屬公司須為其全體僱員根據
僱員基本薪金的若干百分比參與國家資助
退休計劃（一項界定供款退休金計劃）。僱
員退休後的生活津貼由國家資助退休計劃
負責支付。該等附屬公司除每年供款外，
毋須支付實際退休金，亦毋須負責僱員的
退休後福利。截至二零一七年十二月
三十一日止年度，退休計劃供款額約為
4,346,000港元（二零一六年：5,684,000港
元）。該計劃供款即時歸屬。
本集團自二零零零年十二月一日起已參與
強制性公積金計劃（「強積金計劃」）。該計
劃為界定供款退休金計劃。本集團每月按
僱員基本薪金若干百分比向該計劃供款。
截至二零一七年十二月三十一日止年度，
本集團向強積金計劃供款約68,000港元（二
零一六年：68,000港元）。強積金的資產與
本集團的資產分開持有，並由獨立專業基
金經理管理。該計劃供款按時歸屬。
13. 股息
本公司董事不建議派付截至二零一七年
十二月三十一日止年度之股息（二零一六年：
無）。
12. EMPLOYEE RETIREMENT BENEFITS
As stipulated by the relevant rules and regulations in the PRC,
the Company’s subsidiaries established in the PRC are required
to participate in a state-sponsored retirement plan, which is a
defined contr ibution pension scheme, for al l of their
employees based on certain percentages of the employee’s
basic salary. The state-sponsored retirement plan is responsible
for the entire pension obligations payable to retired employees
and these subsidiaries have no further obligations for the
actual pension payments or other post-retirement benefits
beyond the annual contributions. For the year ended 31
December 2017, the retirement plan contribution amounted to
approx imate ly HK$4,346,000 (2016: HK$5,684,000) .
Contributions to the plan vest immediately.
The Group has participated in Mandatory Provident Fund
Scheme (“MPF Scheme”), which is a defined contribution
pension scheme, since 1 December 2000. The Group makes
monthly contribution to the scheme based on certain
percentage of the employees’ basic salaries. For the year
ended 31 December 2017, the Group’s contributions to the
MPF Scheme were approx imate ly HK$68,000 (2016:
HK$68,000). The assets of the fund are held separately from
the Group and are managed by independent professional fund
managers. Contributions to the scheme vest progressively.
13. DIVIDENDS
The directors of the Company do not recommend the payment
of a dividend for the year ended 31 December 2017 (2016:
Nil).
Annual Report 2017 年報 113
截至二零一七年十二月三十一日止年度 For the year ended 31 December 2017
財 務 報 表 附 註
NOTES TO THE FINANCIAL STATEMENTS
14. 每股虧損
每股基本虧損
本公司擁有人之每股基本虧損乃根據下列
數據計算：
14. LOSS PER SHARE
Basic loss per share
The calculation of the basic loss per share to owners of the
Company is based on the following data:
二零一七年 二零一六年
2017 2016
千港元 千港元
HK$’000 HK$’000
就計算每股基本虧損
之本公司擁有人
應佔年度虧損
Loss for the year attributable to owners
of the Company for the purpose
of basic loss per share 82,839 104,242
Number of shares
股份數目
二零一七年 二零一六年
2017 2016
千股 千股
’000 ’000
計算每股基本虧損之
普通股份加權平均數
Weighted average number of ordinary shares
for the purpose of basic loss per share 2,341,700 2,341,700
Diluted loss per share
Diluted loss per share equals to the basic loss per share as the
Company has no potential dilutive ordinary shares outstanding
during the years ended 31 December 2017 and 2016.
每股攤薄虧損
由於本公司於截至二零一七年及二零一六
年十二月三十一日止年度期間並無尚未行
使之潛在攤薄普通股，因此每股攤薄虧損
與每股基本虧損相同。
Annual Report 2017 年報114
截至二零一七年十二月三十一日止年度 For the year ended 31 December 2017
NOTES TO THE FINANCIAL STATEMENTS
財 務 報 表 附 註
15. 分部報告
本集團按業務性質劃分分部及進行管理。
於採納香港財務報告準則第8號「經營分部」
及與向被確認為本集團首席營運決策人（「首
席營運決策人」）之行政總裁內部呈報用以
資源分配及表現評估之資料一致，本集團
呈列了兩個呈報分部。並無合併經營分部
以形成下列呈報分部：
稀土： 製造及銷售稀土產品（包括熒光產
品）
耐火： 製造及銷售耐火產品（包括高溫陶
瓷產品及鎂砂）
a) 分部業績、資產及負債
就評估分部表現及分部間分配資源而
言，本集團之首席營運決策人按照下
列基準監察各個呈報分部應佔之業績、
資產及負債：
分部資產包括所有有形及無形資產及
流動資產，但不包括遞延稅項資產、
可收回稅項、未分配現金及現金等值
項目以及未分配至個別呈報分部之其
他企業資產。分部負債包括個別分部
之製造及銷售活動應佔之應付賬款、
應計款項及其他應付款以及銀行及其
他借貸。
15. SEGMENT REPORTING
The Group manages its businesses by divisions, which are
organised by business l ines. On adoption of HKFRS 8
“Operating Segments”, and in a manner consistent with the
way in which information is reported internally to the Chief
Executive Officer, who has been identified as the Group’s chief
operating decision maker (“CODM”), for the purposes of
resource allocation and performance assessment, the Group
has presented two reportable segments. No operating
segments have been aggregated to form the following
reportable segments:
Rare earth: Manufacture and sales of rare earth products
(including fluorescent products)
Refractory: Manufacture and sales of refractory products
(including high temperature ceramics products
and magnesium grains)
a) Segment results, assets and liabilities
For the purposes of assessing segment performance and
allocating resources between segments, the Group’s
CODM monitors the results, assets and l iabi l i t ies
attributable to each reportable segment on the following
bases:
Segment assets include all tangible and intangible assets,
and current assets with the exception of deferred tax
assets, tax recoverable, unallocated cash and cash
equivalents, and other corporate assets which are
unallocated to an individual reportable segment. Segment
liabilities include trade payables, accruals and other
payables, and bank and other borrowings attributable to
the manufacturing and sales activities of the individual
segments.
Annual Report 2017 年報 115
截至二零一七年十二月三十一日止年度 For the year ended 31 December 2017
財 務 報 表 附 註
NOTES TO THE FINANCIAL STATEMENTS
15. 分部報告（續）
a) 分部業績、資產及負債（續）
收入及開支乃經參考呈報分部之銷售
額及開支或該等分部應佔資產之折舊
或攤銷所引致之開支，分配至該等分
部。
呈報分部溢利╱（虧損）所使用之計量
方法為「經調整扣除利息、稅項、折舊
及攤銷前溢利」（「經調整EBITDA」）。
為計算經調整EBITDA，本集團之溢
利╱（虧損）會就並非特定個別呈報分
部應佔之項目作出進一步調整，如董
事酬金、核數師酬金及其他未分配企
業開支。
除獲得有關經調整EBITDA之分部資料
外，本集團首席營運決策人亦獲提供
有關收入（包括分部間銷售）、折舊、
攤銷、由分部直接管理之銀行結餘及
借貸之利息收入及開支、減值虧損、
出售附屬公司之虧損及分部於營運中
所使用之非流動分部資產添置之分部
資料。分部間銷售參考就同類訂單收
取外部第三方之價格訂價。
15. SEGMENT REPORTING (Continued)
a) Segment results, assets and liabilities (Continued)
Revenue and expenses are allocated to the reportable
segments with reference to sales generated by those
segments and the expenses incurred by those segments
or which otherwise arise from the depreciation or
amortisation of assets attributable to those segments.
The measure used for reporting segment profit/(loss) is
“adjusted profit before interest, taxes, depreciation and
amortisation” (“Adjusted EBITDA”). To arrive at the
Adjusted EBITDA, the Group’s profit/( loss) further
adjusted for items not specifically attributed to an
indiv idual reportable segment, such as directors’
emo luments , aud i to r s ’ remunera t ion and o ther
unallocated corporate expenses.
In addition to the receiving of segment information
concerning the Adjusted EBITDA, the Group’s CODM is
provided with segment information concerning revenue
( i n c l u d i n g i n t e r - s e g m e n t s a l e s ) , d e p r e c i a t i o n ,
amortisation, interest income and expenses from bank
balances and borrowings managed directly by the
segments, impairment losses, loss on disposal of
subsidiaries and additions to non-current segment assets
used by the segments in their operations. Inter-segment
sales are priced with reference to prices charged to
external parties for similar orders.
Annual Report 2017 年報116
截至二零一七年十二月三十一日止年度 For the year ended 31 December 2017
NOTES TO THE FINANCIAL STATEMENTS
財 務 報 表 附 註
15. 分部報告（續）
a) 分部業績、資產及負債（續）
年內，就提供予本集團首席營運決策
人用作分配資源及評估分部表現之本
集團呈報分部資料載列如下：
15. SEGMENT REPORTING (Continued)
a) Segment results, assets and liabilities (Continued)
Information regarding the Group’s reportable segments
as provided to the Group’s CODM for the purposes of
resource a l locat ion and assessment of segment
performance for the year is as follows:
稀土 耐火 總計
Rare earth Refractory Total
二零一七年 二零一六年 二零一七年 二零一六年 二零一七年 二零一六年
2017 2016 2017 2016 2017 2016
千港元 千港元 千港元 千港元 千港元 千港元
HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000
來自對外客戶之收入 Revenue from external
customers 386,533 436,477 250,629 272,643 637,162 709,120
分部間收入 Inter-segment revenue 214 28 – – 214 28
呈報分部收入 Reportable segment revenue 386,747 436,505 250,629 272,643 637,376 709,148
呈報分部（虧損）╱
溢利（經調整EBITDA）
Reportable segment (loss)/profit
(Adjusted EBITDA) (37,455) (46,465) 34,752 26,966 (2,703) (19,499)
利息收入 Interest income 2,906 2,333 2,850 2,612 5,756 4,945
財務成本 Finance costs (1,869) (3,904) – – (1,869) (3,904)
物業、廠房及
設備之折舊
Depreciation of property, plant
and equipment (27,573) (30,630) (29,577) (29,540) (57,150) (60,170)
經營租約下預付
土地租金之攤銷
Amortisation of prepaid lease
payments on land under
operating leases (1,905) (1,903) (2,184) (2,320) (4,089) (4,223)
應收賬款之減值虧損 Impairment loss on trade
receivables (934) (1,795) (56) (8,557) (990) (10,352)
其他應收款之
減值虧損
Impairment loss on other
receivables (165) (25) (428) (178) (593) (203)
應收賬款之減值
虧損撥回
Reversal of impairment loss on
trade receivables 898 333 3,547 4,043 4,445 4,376
其他應收款之
減值虧損撥回
Reversal of impairment loss on
other receivables 6 126 175 40 181 166
出售附屬公司之虧損 Loss on disposal of subsidiaries (5,697) – – – (5,697) –
呈報分部資產 Reportable segment assets 1,637,014 1,703,199 1,885,148 1,764,463 3,522,162 3,467,662
添置非流動
分部資產：
Additions to non-current
segment assets:
－物業、廠房
及設備
– Property, plant and
equipment 12,665 99 5,303 1,928 17,968 2,027
呈報分部負債 Reportable segment liabilities 576,568 636,600 191,635 185,760 768,203 822,360
Annual Report 2017 年報 117
截至二零一七年十二月三十一日止年度 For the year ended 31 December 2017
財 務 報 表 附 註
NOTES TO THE FINANCIAL STATEMENTS
15. 分部報告（續）
b) 呈報分部收入、溢利或虧損、資產及
負債之對賬
15. SEGMENT REPORTING (Continued)
b) Reconciliations of reportable segment revenue,
profit or loss, assets and liabilities
二零一七年 二零一六年
2017 2016
千港元 千港元
HK$’000 HK$’000
收入 Revenue
呈報分部收入 Reportable segment revenue 637,376 709,148
撇銷分部間收入 Elimination of inter-segment revenue (214) (28)
綜合收入 Consolidated revenue 637,162 709,120
溢利或虧損 Profit or loss
呈報分部虧損 Reportable segment loss (2,703) (19,499)
撇銷分部間溢利或虧損 Elimination of inter-segment
profit or loss – –
來自本集團對外客戶之
呈報分部虧損
Reportable segment loss derived from
Group’s external customers (2,703) (19,499)
其他收入 Other income 5,756 4,946
物業、廠房及設備折舊 Depreciation of property, plant and
equipment (57,156) (60,177)
經營租約下預付土地租金之攤銷 Amortisation of prepaid lease payments
on land under operating leases (4,089) (4,223)
財務成本 Finance costs (1,869) (3,904)
未分配企業開支 Unallocated corporate expenses (19,341) (15,546)
綜合除稅前虧損 Consolidated loss before taxation (79,402) (98,403)
所得稅支出 Income tax charge (5,379) (9,473)
綜合除稅後虧損 Consolidated loss after taxation (84,781) (107,876)
Annual Report 2017 年報118
截至二零一七年十二月三十一日止年度 For the year ended 31 December 2017
NOTES TO THE FINANCIAL STATEMENTS
財 務 報 表 附 註
二零一七年 二零一六年
2017 2016
千港元 千港元
HK$’000 HK$’000
資產 Assets
呈報分部資產 Reportable segment assets 3,522,162 3,467,662
撇銷分部間應收款項 Elimination of inter-segment receivables (613,103) (572,380)
2,909,059 2,895,282
未分配現金及現金等值項目 Unallocated cash and cash equivalents 10,010 12,117
未分配企業資產 Unallocated corporate assets 771 1,435
遞延稅項資產 Deferred tax assets – 4,525
可收回稅項 Tax recoverable 1,751 1,642
綜合資產總值 Consolidated total assets 2,921,591 2,915,001
負債 Liabilities
呈報分部負債 Reportable segment liabilities 768,203 822,360
撇銷分部間應付款項 Elimination of inter-segment payables (613,103) (572,380)
155,100 249,980
未分配企業負債 Unallocated corporate liabilities 6,168 6,634
遞延稅項負債 Deferred tax liabilities – 811
應付稅項 Tax payable 6,513 2,561
綜合負債總值 Consolidated total liabilities 167,781 259,986
15. 分部報告（續）
b) 呈報分部收入、溢利或虧損、資產及
負債之對賬（續）
15. SEGMENT REPORTING (Continued)
b) Reconciliations of reportable segment revenue,
profit or loss, assets and liabilities (Continued)
Annual Report 2017 年報 119
截至二零一七年十二月三十一日止年度 For the year ended 31 December 2017
財 務 報 表 附 註
NOTES TO THE FINANCIAL STATEMENTS
15. 分部報告（續）
c) 地區資料
(i) 來自對外客戶之收入
下表載列有關本集團來自對外客
戶之收入所在地區的資料。客戶
所在地區按貨品付運地點劃分。
15. SEGMENT REPORTING (Continued)
c) Geographical information
(i) Revenues from external customers
The following table sets out information about the
geographical location of the Group’s revenues from
external customers. The geographical location of
customers is based on the location at which the
goods were delivered.
二零一七年 二零一六年
2017 2016
千港元 千港元
HK$’000 HK$’000
中國（註冊地點） The PRC (place of domicile) 508,856 551,484
日本 Japan 63,372 65,042
歐洲 Europe 25,930 42,926
美利堅合眾國 The United States of America 14,294 29,724
其他 Others 24,710 19,944
128,306 157,636
637,162 709,120
(ii) Specified non-current assets
The Group’s specified non-current assets comprise
property, plant and equipment, prepaid lease
payments on land under operating leases, other
non-current asset and goodwill.
The geographical location of these specif ied
non-current assets is based on (i) the physical
location of the assets, in the case of property, plant
and equipment, prepaid lease payments on land
under operating leases, and other non-current asset
and (ii) the location of the operation to which they
are allocated, in the case of goodwill.
(ii) 特定非流動資產
本集團之特定非流動資產，包括
物業、廠房及設備、經營租約下
預付土地租金、其他非流動資產
及商譽。
該等特定非流動資產之地區位置
乃根據(i)資產實際所在地點（就
物業、廠房及設備、經營租約下
預付土地租金及其他非流動資產
而言）；及(ii)所分配之營運所在
地點（就商譽而言）劃分。
Annual Report 2017 年報120
截至二零一七年十二月三十一日止年度 For the year ended 31 December 2017
NOTES TO THE FINANCIAL STATEMENTS
財 務 報 表 附 註
15. SEGMENT REPORTING (Continued)
c) Geographical information (Continued)
(ii) Specified non-current assets (Continued)
The geographical location of these specif ied
non-current assets are set out below:
二零一七年 二零一六年
2017 2016
千港元 千港元
HK$’000 HK$’000
中國（註冊地點） The PRC (place of domicile) 409,074 475,844
香港 Hong Kong 8 13
409,082 475,857
d) Information about major customers
Revenue from external customers individually contributing
10% or more of the Group’s total revenue is as follows:
二零一七年 二零一六年
2017 2016
千港元 千港元
HK$’000 HK$’000
客戶A Customer A 101,613 129,960
客戶B Customer B 78,760 –
Revenue from the above customers during the years
ended 31 December 2017 and 2016 are generated from
sales of rare earth products.
15. 分部報告（續）
c) 地區資料（續）
(ii) 特定非流動資產（續）
該等特定非流動資產之地區位置
載列如下：
d) 有關主要客戶之資料
來自個別客戶之收入佔本集團總收入
10%或以上如下：
於截至二零一七年及二零一六年十二
月三十一日止年度期間來自上述客戶
之收入乃產生自銷售稀土產品。
Annual Report 2017 年報 121
截至二零一七年十二月三十一日止年度 For the year ended 31 December 2017
財 務 報 表 附 註
NOTES TO THE FINANCIAL STATEMENTS
16. 商譽 16. GOODWILL
千港元
HK$’000
成本 Cost
於二零一六年一月一日 At 1 January 2016 214,962
匯兌差異 Exchange differences (4,971)
於二零一六年十二月三十一日及
二零一七年一月一日
At 31 December 2016
and 1 January 2017 209,991
匯兌差異 Exchange differences 5,150
於二零一七年十二月三十一日 At 31 December 2017 215,141
累計減值 Accumulated impairment
於二零一六年一月一日 At 1 January 2016 214,962
匯兌差異 Exchange differences (4,971)
於二零一六年十二月三十一日及
二零一七年一月一日
At 31 December 2016
and 1 January 2017 209,991
匯兌差異 Exchange differences 5,150
於二零一七年十二月三十一日 At 31 December 2017 215,141
賬面值 Carrying amount
於二零一七年及
二零一六年十二月三十一日
At 31 December 2017 and 2016
–
Annual Report 2017 年報122
截至二零一七年十二月三十一日止年度 For the year ended 31 December 2017
NOTES TO THE FINANCIAL STATEMENTS
財 務 報 表 附 註
16. GOODWILL (Continued)
At the end of each reporting period, the goodwill arising from
the acquisition of equity interests in the following subsidiaries
represented the excess of the cost of acquisition over the
Group’s interest in the fair value of the identifiable assets and
liabilities acquired at the date of acquisition:
附屬公司名稱 收購日期 分部 主要業務
Name of subsidiary Date of acquisition Segment Principal activities
無錫新威高溫陶瓷有限公司（「高溫陶瓷」） 二零零四年
一月二十九日
耐火分部 製造及銷售高溫陶瓷產品
Wuxi Xinwei High Temperature Ceramics
Co., Ltd. (“High Temperature Ceramics”)
29 January 2004 Refractory segment Manufacturing and sales of high
temperature ceramics products
海城市蘇海鎂礦有限公司（「蘇海鎂礦」） 二零零五年
十二月二十三日
耐火分部 製造及銷售鎂砂產品
Haicheng City Suhai Magnesium Ore
Co., Ltd. (“Suhai Magnesium”)
23 December 2005 Refractory segment Manufacturing and sales of
magnesium products
The goodwill arising from the acquisition of equity interests in
High Temperature Ceramics and Suhai Magnesium was fully
impaired in previous years.
16. 商譽（續）
於各申報期間結算日，收購下列附屬公司
之全部股權所產生之商譽指收購成本超過
本集團於收購日期所收購可識別資產及負
債之公平值權益之款項：
收購高溫陶瓷及蘇海鎂礦之股權所產生之
商譽已於以往年度全數減值。
Annual Report 2017 年報 123
財 務 報 表 附 註
NOTES TO THE FINANCIAL STATEMENTS
截至二零一七年十二月三十一日止年度 For the year ended 31 December 2017
17. PROPERTY, PLANT AND EqUIPMENT
持作
自用樓宇 機器及設備
辦公室設備
及裝置 汽車 在建工程 總值
Buildings Machinery Office
held for and equipment Motor Construction-
own use equipment and fixtures vehicles in-progress Total
千港元 千港元 千港元 千港元 千港元 千港元
HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000
成本 Cost
二零一六年一月一日 At 1 January 2016 388,685 926,255 9,474 17,508 16,537 1,358,459
添置 Additions – 862 33 971 161 2,027
由在建工程轉入 Transfer from
construction-in-progress 5,765 – – – (5,765) –
處置 Disposals – – (92) – – (92)
匯兌差異 Exchange differences (24,820) (58,741) (575) (1,140) (872) (86,148)
於二零一六年
十二月三十一日及
二零一七年一月一日
At 31 December 2016 and
1 January 2017
369,630 868,376 8,840 17,339 10,061 1,274,246
添置 Additions – 3,964 – – 14,004 17,968
由在建工程轉入 Transfer from
construction-in-progress – 11,854 – – (11,854) –
處置 Disposals – – (82) – – (82)
出售附屬公司時終止確認
（附註32）
Derecognised on disposal of
subsidiaries (note 32) (100,929) (45,007) (809) (956) – (147,701)
匯兌差異 Exchange differences 25,236 61,130 589 1,210 781 88,946
於二零一七年
十二月三十一日
At 31 December 2017
293,937 900,317 8,538 17,593 12,992 1,233,377
17. 物業、廠房及設備
Annual Report 2017 年報124
財 務 報 表 附 註
NOTES TO THE FINANCIAL STATEMENTS
截至二零一七年十二月三十一日止年度 For the year ended 31 December 2017
17. PROPERTY, PLANT AND EqUIPMENT (Continued)
持作
自用樓宇 機器及設備
辦公室設備
及裝置 汽車 在建工程 總值
Buildings Machinery Office
held for and equipment Motor Construction-
own use equipment and fixtures vehicles in-progress Total
千港元 千港元 千港元 千港元 千港元 千港元
HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000
累計折舊及減值 Accumulated depreciation
and impairment
於二零一六年一月一日 At 1 January 2016 250,856 685,164 8,963 12,540 – 957,523
本年度計提 Charge for the year 16,162 41,438 368 2,209 – 60,177
處置撥回 Written back on disposals – – (92) – – (92)
匯兌差異 Exchange differences (16,413) (44,742) (555) (864) – (62,574)
於二零一六年
十二月三十一日及
二零一七年一月一日
At 31 December 2016 and
1 January 2017
250,605 681,860 8,684 13,885 – 955,034
本年度計提 Charge for the year 16,263 39,830 71 992 – 57,156
處置撥回 Written back on disposals – – (75) – – (75)
出售附屬公司時抵銷
（附註32）
Eliminated on disposal of
subsidiaries (note 32) (72,182) (28,057) (806) (956) – (102,001)
匯兌差異 Exchange differences 17,674 49,022 582 1,002 – 68,280
於二零一七年
十二月三十一日
At 31 December 2017
212,360 742,655 8,456 14,923 – 978,394
賬面值 Carrying amount
於二零一七年
十二月三十一日
At 31 December 2017
81,577 157,662 82 2,670 12,992 254,983
於二零一六年
十二月三十一日
At 31 December 2016
119,025 186,516 156 3,454 10,061 319,212
Notes:
i) As at 31 December 2017 and 2016, the buildings held for own
use are situated on lands held under medium-term leases in the
PRC.
ii) As at 31 December 2016, certain buildings with aggregate
carrying amount of approximately HK$32,393,000 (2017: Nil)
were pledged as collateral for other borrowings. Details of the
other borrowings are set out in note 27.
17. 物業、廠房及設備（續）
附註：
i) 於二零一七年及二零一六年十二月三十一
日，持作自用樓宇乃位於中國根據中期租
約持有之土地。
ii) 於二零一六年十二月三十一日，賬面總值
約32,393,000港元（二零一七年：無）之若
干樓宇已抵押作為取得其他借貸之抵押品。
有關其他借貸之詳情載於附註27。
Annual Report 2017 年報 125
財 務 報 表 附 註
NOTES TO THE FINANCIAL STATEMENTS
截至二零一七年十二月三十一日止年度 For the year ended 31 December 2017
18. PREPAID LEASE PAYMENTS ON LAND UNDER
OPERATING LEASES
二零一七年 二零一六年
2017 2016
千港元 千港元
HK$’ 000 HK$’000
於一月一日之賬面值 Carrying amount at 1 January 143,648 157,737
本年度攤銷（附註(i)) Amortisation for the year (note (i)) (4,089) (4,223)
出售附屬公司時終止確認
（附註32）
Derecognised on disposal of subsidiaries
(note 32) (9,457) –
匯兌差異 Exchange differences 9,863 (9,866)
於十二月三十一日之賬面值 Carrying amount at 31 December 139,965 143,648
於中國之租賃土地： Leasehold lands in the PRC:
中期租約 Medium-term leases 139,965 143,648
就報告目的而作出之分析如下︰ Analysed for reporting purposes as:
流動資產 Current asset 4,007 3,956
非流動資產 Non-current asset 135,958 139,692
139,965 143,648
Notes:
(i) The amortisation charges of approximately HK$773,000 (2016:
HK$765,000) and HK$3,316,000 (2016: HK$3,458,000) are
inc luded in cost of sa les and administrat ive expenses,
respectively, in the consolidated statement of profit or loss for
the year ended 31 December 2017.
(ii) As at 31 December 2016, a leasehold land with carrying amount
of approximately HK$9,108,000 (2017: Nil) was pledged as
collateral for other borrowings. Details of the other borrowings
are set out in note 27.
18. 經營租約下預付土地租金
附註：
(i) 攤銷支出約773,000港元（二零一六年：
765,000港元）及3,316,000港元（二零一六
年：3,458,000港元）分別計入截至二零
一七年十二月三十一日止年度綜合損益表
中銷售成本及管理費用內。
(ii) 於二零一六年十二月三十一日，賬面值約
9,108,000港元（二零一七年：無）之租賃土
地已抵押作為取得其他借貸之抵押品。有
關其他借貸之詳情載於附註27。
Annual Report 2017 年報126
財 務 報 表 附 註
NOTES TO THE FINANCIAL STATEMENTS
截至二零一七年十二月三十一日止年度 For the year ended 31 December 2017
19. 附屬公司之投資
於二零一七年十二月三十一日，本公司附
屬公司之詳情如下：
19. INVESTMENTS IN SUBSIDIARIES
As at 31 December 2017, the particulars of the Company’s
subsidiaries are as follows:
所有權權益比例
Proportion of ownership interest
附屬公司名稱
註冊成立╱成立
之地點及日期 營運地點
已發行及已繳足
股本之詳情
本集團
實際權益 本公司持有
一間附屬
公司持有 主營業務
Name of subsidiary
Place and date
of incorporation/
establishment
Place of
business
Particulars of
issued and
paid up capital
Effective
interest of
the Group
Held by
the Company
Held by
a subsidiary Principal activities
% % %
利成控股有限公司 英屬處女群島
一九九八年十二月三日
附註(d) 20股每股面值
1美元之普通股
100 100 – 投資控股
Lee Shing Holdings Limited British Virgin Islands
3 December 1998
Note (d) 20 ordinary shares
of US$1 each
100 100 – Investment holding
龍科國際貿易（上海）有限公司
（附註(a)）
中國
二零零零年二月二十四日
中國 註冊資本
200,000美元
100 100 – 貿易稀土產品
Wellfire (Shanghai) Company
Limited (note (a))
The PRC
24 February 2000
The PRC Registered capital
US$200,000
100 100 - Trading of rare earth
products
Dynamic Goal Worldwide Inc. 英屬處女群島
二零零零年五月三十一日
附註(d) 2股每股面值
1美元之普通股
100 – 100 投資控股
Dynamic Goal Worldwide Inc. British Virgin Islands
31 May 2000
Note (d) 2 ordinary shares
of US$1 each
100 – 100 Investment holding
宜興新威利成稀土有限公司
（附註(b)）
中國
一九九三年七月十七日
中國 註冊資本
15,660,000美元
95 – 95 製造及銷售稀土產品
Yixing Xinwei Leeshing Rare
Earth Company Limited (note (b))
The PRC
17 July 1993
The PRC Registered capital
US$15,660,000
95 – 95 Manufacturing and sales
of rare earth products
利成耐火（附註(a)） 中國
一九九九年七月三十日
中國 註冊資本
17,000,000美元
100 – 100 製造及銷售耐火產品
Leeshing Refractory (note (a)) The PRC
30 July 1999
The PRC Registered capital
US$17,000,000
100 – 100 Manufacturing and sales
of refractory products
Annual Report 2017 年報 127
財 務 報 表 附 註
NOTES TO THE FINANCIAL STATEMENTS
截至二零一七年十二月三十一日止年度 For the year ended 31 December 2017
所有權權益比例
Proportion of ownership interest
附屬公司名稱
註冊成立╱成立
之地點及日期 營運地點
已發行及已繳足
股本之詳情
本集團
實際權益 本公司持有
一間附屬
公司持有 主營業務
Name of subsidiary
Place and date
of incorporation/
establishment
Place of
business
Particulars of
issued and
paid up capital
Effective
interest of
the Group
Held by
the Company
Held by
a subsidiary Principal activities
% % %
無錫新威熒光材料有限公司
（附註(a)）
中國
二零零一年十二月二十日
中國 註冊資本
8,520,000美元
100 – 100 暫無業務（附註(e)）
Wuxi Xinwei Fluorescent Materials
Co., Ltd. (note (a))
The PRC
20 December 2001
The PRC Registered capital
US$8,520,000
100 – 100 Dormant (note (e))
微科資源有限公司 香港
一九九八年十月二十三日
香港 普通股
2港元
100 – 100 貿易稀土產品
Microtech Resources Limited Hong Kong
23 October 1998
Hong Kong Ordinary shares
HK$2
100 – 100 Trading of rare earth
products
中國稀土貿易有限公司 香港
二零零零年三月二十四日
香港 普通股
2港元
100 – 100 暫無業務
China Rare Earth Trading Limited Hong Kong
24 March 2000
Hong Kong Ordinary shares
HK$2
100 – 100 Dormant
高溫陶瓷（附註(a)） 中國
二零零二年四月一日
中國 註冊資本
30,000,000港元
100 – 100 製造及銷售高溫陶瓷產品
High Temperature Ceramics
(note (a))
The PRC
1 April 2002
The PRC Registered capital
HK$30,000,000
100 – 100 Manufacturing and sales
of high temperature
ceramics products
19. 附屬公司之投資（續） 19. INVESTMENTS IN SUBSIDIARIES (Continued)
Annual Report 2017 年報128
財 務 報 表 附 註
NOTES TO THE FINANCIAL STATEMENTS
截至二零一七年十二月三十一日止年度 For the year ended 31 December 2017
所有權權益比例
Proportion of ownership interest
附屬公司名稱
註冊成立╱成立
之地點及日期 營運地點
已發行及已繳足
股本之詳情
本集團
實際權益 本公司持有
一間附屬
公司持有 主營業務
Name of subsidiary
Place and date
of incorporation/
establishment
Place of
business
Particulars of
issued and
paid up capital
Effective
interest of
the Group
Held by
the Company
Held by
a subsidiary Principal activities
% % %
蘇海鎂礦（附註(c)） 中國
二零零二年四月二十七日
中國 註冊資本
人民幣25,000,000元
100 – 100 製造及銷售鎂砂產品
Suhai Magnesium (note (c)) The PRC
27 April 2002
The PRC Registered capital
RMB25,000,000
100 – 100 Manufacturing and sales
of magnesium products
宜興威爾發非金屬材料有限公司
（附註(a)）
中國
二零零六年九月二十七日
中國 註冊資本
3,000,000美元
100 – 100 製造及銷售耐火相關產品
Yixing Wellfire Nonmetal Materials
Co., Ltd. (note (a))
The PRC
27 September 2006
The PRC Registered capital
US$3,000,000
100 – 100 Manufacturing and sales
of refractory related
products
海城新威利成鎂資源有限公司
（附註(a)）
中國
二零零六年九月二十八日
中國 註冊資本
3,500,000美元
100 – 100 製造及銷售鎂砂產品
Hai Cheng Xinwei Leeshing
Magnesium Resources Co., Ltd.
(note (a))
The PRC
28 September 2006
The PRC Registered capital
US$3,500,000
100 – 100 Manufacturing and sales
of magnesium products
宜興常容貿易發展有限公司
（附註(a)）
中國
二零一零年十一月二十六日
中國 註冊資本
200,000,000港元
100 – 100 暫無業務（附註(e)）
Yixing Changrong Trading
Development Co., Ltd. (note (a))
The PRC
26 November 2010
The PRC Registered capital
HK$200,000,000
100 – 100 Dormant (note (e))
金茂控股有限公司 香港
二零一零年十二月六日
附註(d) 普通股
1港元
100 – 100 投資控股
Golden Mile Holdings Limited Hong Kong
6 December 2010
Note (d) Ordinary share
HK$1
100 – 100 Investment holding
19. 附屬公司之投資（續） 19. INVESTMENTS IN SUBSIDIARIES (Continued)
Annual Report 2017 年報 129
財 務 報 表 附 註
NOTES TO THE FINANCIAL STATEMENTS
截至二零一七年十二月三十一日止年度 For the year ended 31 December 2017
19. INVESTMENTS IN SUBSIDIARIES (Continued)
Notes:
a) These companies are registered under the laws of the PRC as
wholly-owned foreign enterprises.
b) This company is registered under the laws of the PRC as a
sino-foreign equity enterprise.
c) This company is registered under the laws of the PRC as limited
liability enterprises.
d) These companies are investment holding companies which have
no specific principal place of business.
e) These companies are under deregistration process under the laws
of the PRC.
None of the subsidiaries had any debt securities subsisting at
the end of the year or within any time during the year.
T h e G r o u p h a d n o s u b s i d i a r y w h i c h h a s m a t e r i a l
non-controlling interests for the years ended 31 December
2017 and 2016.
20. OTHER NON-CURRENT ASSET
Other non-current asset of the Group represents the cost of a
piece of leasehold land to be compensated by Dingshu Town
People’s Government (“Dingshu Government”).
During the year ended 31 December 2012, Yixing Xinwei
Leeshing Rare Earth Company Limited, the Company’s
subsidiary, received an order from Dingshu Government to
confiscate a piece of leasehold land, on which a factory for
polishing powder production plant was located, due to a new
government town plan with compensation for another piece of
land and certain amount of cash. Cash consideration was
received in full in previous years.
As at 31 December 2017, the location for the new piece of
land has been ascertained by Dingshu Government but the
grant of the formal land use right certificate from respective
government authority to the Group is still in progress. In the
opinion of the directors of the Company, no impairment loss
on the other non-current asset should be recognised as at 31
December 2017.
19. 附屬公司之投資（續）
附註：
a) 該等公司根據中國法例註冊成立為外商獨
資企業。
b) 該公司根據中國法例註冊成立為中外合營
企業。
c) 該公司根據中國法例註冊成立為有限責任
公司。
d) 該等公司為並無特定主要營業地點之投資
控股公司。
e) 該等公司正在按中國法例進行註銷程序。
概無附屬公司擁有任何於年結日或年內任
何時間持續有效之債務證券。
截至二零一七年及二零一六年十二月
三十一日止年度，本集團並無附屬公司持
有重大非控股權益。
20. 其他非流動資產
本集團其他非流動資產指丁蜀鎮人民政府
（「丁蜀政府」）將予賠償之一幅租賃土地之
成本。
於截至二零一二年十二月三十一日止年度，
本公司之附屬公司宜興新威利成稀土有限
公司收到丁蜀政府頒令，就新政府城鎮規
劃，需要徵用一幅拋光粉生產廠房所處之
租賃土地，並以另一幅土地及若干現金作
為賠償。現金代價已於以往年度全數收取。
於二零一七年十二月三十一日，丁蜀政府
已確定新土地之位置，惟本集團仍須待有
關政府機關授出正式土地使用權證。本
公司董事認為，於二零一七年十二月
三十一日無需確認任何其他非流動資產之
減值虧損。
Annual Report 2017 年報130
財 務 報 表 附 註
NOTES TO THE FINANCIAL STATEMENTS
截至二零一七年十二月三十一日止年度 For the year ended 31 December 2017
21. 存貨
a) 綜合財務狀況表之存貨包括：
21. INVENTORIES
a) Inventories in the consolidated statement of financial
position comprise:
二零一七年 二零一六年
2017 2016
千港元 千港元
HK$’ 000 HK$’000
原材料 Raw materials 30,578 34,127
在製品 Work in progress 82,146 72,040
產成品 Finished goods 60,038 86,808
172,762 192,975
b) The analysis of the amount of inventories recognised as
an expense is as follows:
二零一七年 二零一六年
2017 2016
千港元 千港元
HK$’ 000 HK$’000
已售存貨之賬面值 Carrying amount of inventories sold 585,894 691,628
存貨撇除 Write down of inventories 26,331 14,730
存貨撇除撥回 Reversal of write down of inventories (694) (2,168)
611,531 704,190
The reversal of write down of inventories arose due to an
increase in the estimated net realisable value of certain
products during the year as a result of change in market
conditions.
b) 確認為開支之存貨金額之分析如下：
產生存貨撇除撥回乃由於年內市況變
動導致若干產品之估計可變現淨值增
加。
Annual Report 2017 年報 131
財 務 報 表 附 註
NOTES TO THE FINANCIAL STATEMENTS
截至二零一七年十二月三十一日止年度 For the year ended 31 December 2017
22. 應收賬款及其他應收款、預付款項
及按金
22. TRADE AND OTHER RECEIVABLES, PREPAYMENTS
AND DEPOSITS
二零一七年 二零一六年
2017 2016
千港元 千港元
HK$’ 000 HK$’000
應收賬款及應收票據 Trade debtors and bills receivables 169,180 258,315
減：應收賬款及應收票據之
減值虧損（附註(c)）
Less: Impairment loss on trade debtors and
bills receivables (note (c)) (30,672) (34,183)
應收賬款及應收票據淨額
（附註(b)）
Trade debtors and bills receivables, net
(note (b)) 138,508 224,132
其他應收款 Other receivables 152,595 6,389
減：其他應收款之減值虧損
（附註(c)）
Less: Impairment loss on other receivables
(note (c)) (2,064) (1,530)
其他應收款淨額 Other receivable, net 150,531 4,859
應收關連公司款項（附註(e)） Amount due from a related company
(note (e)) – 4,957
貸款及應收款 Loan and receivables 289,039 233,948
其他可退回稅項 Other tax refundable 48,052 47,674
應收賬款及其他應收款 Trade and other receivables 337,091 281,622
就購買材料向供應商預付
款項（附註(f)）
Prepayments to suppliers for purchase of
materials (note (f)) 317,860 254,672
其他預付款項及按金 Other prepayments and deposits 13,936 33,634
預付款項及按金 Prepayments and deposits 331,796 288,306
總計 Total 668,887 569,928
Annual Report 2017 年報132
財 務 報 表 附 註
NOTES TO THE FINANCIAL STATEMENTS
截至二零一七年十二月三十一日止年度 For the year ended 31 December 2017
22. 應收賬款及其他應收款、預付款項
及按金（續）
附註：
a) 所有應收賬款及其他應收款、預付款項及
按金預期可於一年內收回或確認為開支。
b) 應收賬款按發票日期及應收票據按發出日
期（與收入確認日期相若）呈列之賬齡分析
如下：
22. TRADE AND OTHER RECEIVABLES, PREPAYMENTS
AND DEPOSITS (Continued)
Notes:
a) All of the trade and other receivables, prepayments and deposits
are expected to be recovered or recognised as expense within
one year.
b) The presentation of ageing analysis of the trade debtors based
on the invoice date and the bills receivables based on the
issuance date, which is approximate to the revenue recognition
date, is as follows:
二零一七年 二零一六年
2017 2016
千港元 千港元
HK$’000 HK$’000
6個月以內 Less than 6 months 93,271 130,307
6個月至1年以內 6 months to less than 1 year 23,264 34,062
1至2年以內 1 year to less than 2 years 14,099 47,532
2年以上 Over 2 years 38,546 46,414
169,180 258,315
減：應收賬款及應收票據之減值虧損 Less: Impairment loss on trade debtors
and bills receivables (30,672) (34,183)
138,508 224,132
During the years ended 31 December 2017 and 2016, the Group
allows an average credit period of 0 to 180 days to its
customers.
Credit is offered to customers following an assessment of their
financial abilities and payment track record. Credit limits are set
out for all customers and these can be exceeded only with the
approval from management. Management also monitors overdue
trade debtors and bills receivables, and follows up the collection
of these receivables.
於截至二零一七年及二零一六年十二月
三十一日止年度，本集團給予其客戶0至
180日之平均信貸期。
本集團信貸於評估客戶的財政能力及付款
往績後授出。本集團為所有客戶制定信貸
限額，僅在管理層之批准下方可超過信貸
限額。管理層亦監督已逾期之應收賬款及
應收票據並跟進收回該等應收款項。
Annual Report 2017 年報 133
財 務 報 表 附 註
NOTES TO THE FINANCIAL STATEMENTS
截至二零一七年十二月三十一日止年度 For the year ended 31 December 2017
22. TRADE AND OTHER RECEIVABLES, PREPAYMENTS
AND DEPOSITS (Continued)
Notes: (Continued)
c) Impairment of trade debtors and bills receivables, and other
receivables
The movements of allowance for doubtful debts is as follows:
應收賬款及應收票據之減值 其他應收款之減值
Impairment of trade debtors
and bills receivables
Impairment of
other receivables
二零一七年 二零一六年 二零一七年 二零一六年
2017 2016 2017 2016
千港元 千港元 千港元 千港元
HK$’000 HK$’000 HK$’000 HK$’000
於一月一日 At 1 January 34,183 30,318 1,530 1,595
已確認減值虧損 Impairment loss recognised 990 10,352 593 203
減值虧損撥回 Reversal of impairment loss (4,445) (4,376) (181) (166)
出售附屬公司時
終止確認
Derecognised on disposal
of subsidiaries
(2,315) – – –
匯兌差異 Exchange differences 2,259 (2,111) 122 (102)
於十二月三十一日 At 31 December 30,672 34,183 2,064 1,530
Impairment loss in respect of trade debtors and bills receivables,
and other receivables is recorded using an allowance account
unless the Group is satisfied that recovery of the amount is
remote, in which case the impairment loss is written off against
trade debtors and bills receivables, and other receivables directly
(see note 2(g)(i)).
Reversal of impairment loss on trade debtors and bi l ls
receivables, and other receivables represented the recovery of
debts due from these debtors previously considered to be
impaired. An allowance for these receivable amounts that had
been made in previous years was reversed back accordingly.
As at 31 December 2017, trade debtors and bills receivables, and
other receivables amounting to approximately HK$30,672,000
( 2 0 1 6 : H K $ 3 4 , 1 8 3 , 0 0 0 ) a n d H K $ 2 , 0 6 4 , 0 0 0 ( 2 0 1 6 :
HK$1,530,000), respectively, were individually determined to be
impaired and full allowance had been made. These individually
impaired receivables had been outstanding for over one year as
at the end of the reporting period or were due from debtors
with financial difficulties. Accordingly, specific allowances for
doubtful debts of trade debtors and bills receivables, and other
r e c e i v a b l e s o f a p p r o x i m a t e l y H K $ 9 9 0 , 0 0 0 ( 2 0 1 6 :
HK$10,352,000) and HK$593,000 (2016: HK$203,000),
respectively, were recognised during the year. The Group does
not hold any collateral over these balances.
22. 應收賬款及其他應收款、預付款項
及按金（續）
附註：（續）
c) 應收賬款及應收票據以及其他應收款之減
值
呆賬撥備之變動如下：
應收賬款及應收票據以及其他應收款之減
值虧損採用準備賬列賬，除非本集團認為
該款項之收回性微乎其微，在該情況下，
減值虧損將在應收賬款及應收票據以及其
他應收款直接撇銷（見附註2(g)(i)）。
應收賬款及應收票據以及其他應收款減值
虧損撥回指先前認為予以減值之該等應收
款之債項回收。過往年度就該等應收賬款
作出之準備相應予以撥回。
於二零一七年十二月三十一日，本集團分
別為數約30,672,000港元（二零一六年：
34,183,000港元）及2,064,000港元（二零
一六年：1,530,000港元）之應收賬款及應
收票據以及其他應收款個別釐定為減值並
已作出全數撥備。該等個別減值應收款為
於申報期間結算日超過1年尚未償還或為應
收陷入財務困境債務人之款項。因此，應
收賬款及應收票據以及其他應收款之特定
呆賬準備分別約990,000港元（二零一六年：
10,352,000港元）及593,000港元（二零一六
年：203,000港元）已於年內確認。本集團
並無就該等結餘持有任何抵押品。
Annual Report 2017 年報134
財 務 報 表 附 註
NOTES TO THE FINANCIAL STATEMENTS
截至二零一七年十二月三十一日止年度 For the year ended 31 December 2017
22. 應收賬款及其他應收款、預付款項
及按金（續）
附註：（續）
d) 並無減值之應收賬款及應收票據
並無個別或共同視為將出現減值之應收賬
款及應收票據之賬齡分析如下：
22. TRADE AND OTHER RECEIVABLES, PREPAYMENTS
AND DEPOSITS (Continued)
Notes: (Continued)
d) Trade debtors and bills receivables that are not impaired
The ageing analysis of trade debtors and bills receivables that are
neither individually nor collectively considered to be impaired are
as follows:
二零一七年 二零一六年
2017 2016
千港元 千港元
HK$’000 HK$’000
未逾期且未減值 Neither past due nor impaired 60,396 113,851
逾期少於6個月 Less than 6 months past due 45,814 48,579
逾期超過6個月但少於1年 More than 6 months but less than
1 year past due 17,946 36,952
逾期超過1年 More than 1 year past due 14,352 24,750
78,112 110,281
138,508 224,132
Receivables that were neither past due nor impaired relate to a
wide range of customers for whom there was no recent history
of default.
Receivables that were past due but not impaired relate to a
number of independent customers that have a good track record
with the Group. Based on past experience, management believes
that no impairment allowance is necessary in respect of these
balances as there has not been a significant change in credit
quality and the balances are still considered fully recoverable.
The Group does not hold any collateral over these balances.
e) As at 31 December 2016, the amount due from a related
company, Wuxi Pan Asia Environmental Protection Technologies
Limited (“Wuxi Pan-Asia”) was unsecured, interest-free and
repayable on demand. Mr. Jiang Quanlong, a director of the
Company, is also a director of Wuxi Pan-Asia. The maximum
amount outstanding during the year ended 31 December 2016
was approximately HK$5,293,000.
f) As at 31 December 2017, the Group prepaid an aggregate
a m o u n t o f a p p r o x i m a t e l y H K $ 3 1 7 , 8 6 0 , 0 0 0 ( 2 0 1 6 :
HK$254,672,000) to several suppliers for purchase of rare earth
and refractory materials.
未逾期且未減值之應收款乃與多名近期沒
有拖欠紀錄之客戶有關。
已逾期但未減值之應收款與多名與本集團
保持良好往績記錄之獨立客戶有關。按照
過往經驗，管理層相信，由於信貸質素並
無重大變動，且該等結餘仍被視為可全數
收回，故毋須就有關結餘作出減值撥備。
本集團並無就該等結餘持有任何抵押品。
e) 於二零一六年十二月三十一日，應收關連
公司無錫泛亞環保科技有限公司（「無錫泛
亞」）款項為無抵押、免息及按要求時償還。
本公司董事蔣泉龍先生亦為無錫泛亞之董
事。於截至二零一六年十二月三十一日止
年度，未償還最高款項約為5,293,000港元。
f） 於二零一七年十二月三十一日，本集團就
購買稀土及耐火材料向多名供應商預付合
共約317 ,860 ,000港元（二零一六年：
254,672,000港元）。
Annual Report 2017 年報 135
財 務 報 表 附 註
NOTES TO THE FINANCIAL STATEMENTS
截至二零一七年十二月三十一日止年度 For the year ended 31 December 2017
23. RESTRICTED BANK DEPOSITS
As at 31 December 2016, the restricted bank deposits
represented bank deposits restricted by banks for issuance of
letters of credit to certain suppliers. The restricted bank
deposits carried interest rate at % per annum.
24. CASH AND CASH EqUIVALENTS
二零一七年 二零一六年
2017 2016
千港元 千港元
HK$’ 000 HK$’000
銀行結餘及現金 Bank balances and cash 1,665,102 1,649,125
Cash and cash equivalents comprise cash held by the Group
and bank balances at prevailing market interest rates ranging
from 0% to % (2016: 0% to %) per annum.
As at 31 December 2017, the Group had bank balances and
cash denominated in RMB that were either not freely
convertible or were subject to exchange controls in the PRC
amounting to approximately HK$1,635,632,000 (2016:
HK$1,624,803,000).
25. TRADE AND BILLS PAYABLES, ACCRUALS AND
OTHER PAYABLES
二零一七年 二零一六年
2017 2016
千港元 千港元
HK$’ 000 HK$’000
應付賬款及應付票據 Trade and bills payables 81,473 101,317
預提費用及其他應付款 Accrued expenses and other payables 27,598 66,974
預收款項 Receipts in advance 46,931 3,113
其他應付稅項 Other tax payables 1,492 3,932
應計款項及其他應付款 Accruals and other payables 76,021 74,019
總額 Total 157,494 175,336
23. 受限制銀行存款
於二零一六年十二月三十一日，受限制銀
行存款指銀行就向若干供應商發出信用證
所限制之銀行存款。受限制銀行存款按年
利率%計息。
24. 現金及現金等值項目
現金及現金等值項目包括本集團持有之現
金及按現行市場年利率介乎0%至%（二
零一六年：0%至%）計息之銀行結餘。
於二零一七年十二月三十一日，本集團不
可自由轉換或須遵守中國外匯管制之人民
幣計值銀行結餘及現金約為1,635,632,000
港元（二零一六年：1,624,803,000港元）。
25. 應付賬款及應付票據、應計款項及
其他應付款
Annual Report 2017 年報136
財 務 報 表 附 註
NOTES TO THE FINANCIAL STATEMENTS
截至二零一七年十二月三十一日止年度 For the year ended 31 December 2017
25. TRADE AND BILLS PAYABLES, ACCRUALS AND
OTHER PAYABLES (Continued)
The ageing analysis of trade and bills payables presented based
on the invoice date of trade payables and the issuance date of
bills payables, is as follows:
二零一七年 二零一六年
2017 2016
千港元 千港元
HK$’ 000 HK$’000
6個月以內 Less than 6 months 38,471 62,869
6個月至1年以內 6 months to less than 1 year 10,480 21,137
1至2年以內 1 year to less than 2 years 18,578 13,168
2年以上 Over 2 years 13,944 4,143
81,473 101,317
26. AMOUNTS DUE TO DIRECTORS
二零一七年 二零一六年
2017 2016
千港元 千港元
HK$’ 000 HK$’000
錢元英女士 Ms. Qian Yuanying 45 45
蔣泉龍先生 Mr. Jiang Quanlong 3,562 3,044
蔣才南先生 Mr. Jiang Cainan 167 156
3,774 3,245
The amounts due to directors are unsecured, interest-free and
repayable on demand.
25. 應付賬款及應付票據、應計款項及
其他應付款（續）
應付賬款按發票日期及應付票據按發出日
期呈列之賬齡分析如下：
26. 應付董事款項
應付董事款項為無抵押、免息及按要求時
償還。
Annual Report 2017 年報 137
財 務 報 表 附 註
NOTES TO THE FINANCIAL STATEMENTS
截至二零一七年十二月三十一日止年度 For the year ended 31 December 2017
27. 銀行及其他借貸 27. BANK AND OTHER BORROWINGS
二零一七年 二零一六年
2017 2016
千港元 千港元
HK$’ 000 HK$’000
銀行借貸（附註(a)） Bank borrowings (note (a)) – 50,084
其他借貸（附註(b)） Other borrowings (note (b)) – 27,949
– 78,033
Notes:
a) As at 31 December 2016, the bank borrowings were
denominated in Renminbi, unsecured, fixed rate borrowings
which carried prevailing interest rate at 5% per annum and
repayable within one year.
b) As at 31 December 2016, the other borrowings were
denominated in Renminbi with monthly finance charge at a rate
of % and with zero interest rate, secured by the Group’s
buildings situated in the PRC with aggregate carrying amount of
approximately HK$32,393,000 and the Group’s leasehold land
situated in the PRC with carrying amount of approximately
HK$9,108,000 and repayable within one year.
附註：
a) 於二零一六年十二月三十一日，銀行借貸
以人民幣列值、無抵押、為定息貸款，按
現行年利率5%計息及須於一年內償還。
b) 於二零一六年十二月三十一日，其他借貸
以人民幣列值，須每月繳付財務費用%
及零利息，由本集團位於中國賬面總值約
32,393,000港元之樓宇及本集團位於中國
賬面值約9,108,000港元之租賃土地提供抵
押，及須於一年內償還。
Annual Report 2017 年報138
財 務 報 表 附 註
NOTES TO THE FINANCIAL STATEMENTS
截至二零一七年十二月三十一日止年度 For the year ended 31 December 2017
28. 於綜合財務狀況表之所得稅
a) 年內，綜合財務狀況表之應付╱（可
收回）稅項之變動載列如下：
28. INCOME TAX IN THE CONSOLIDATED STATEMENT
OF FINANCIAL POSITION
a) The movement of tax payable/(recoverable) in the
consolidated statement of financial position during the
year are as follows:
二零一七年 二零一六年
2017 2016
千港元 千港元
HK$’ 000 HK$’000
於一月一日 At 1 January 919 1,296
本年度撥備（附註9(a)） Provision for the year (note 9(a))
－中國企業所得稅 – PRC Enterprise Income Tax 5,299 1,477
未匯出盈利之預扣稅
（附註9(a)）
Withholding tax on unremitted earnings
(note 9(a)) – 8,147
出售附屬公司時終止確認 Derecognised upon disposal of subsidiaries 6 –
本年度已付所得稅 Income tax paid during the year
－中國企業所得稅 – PRC Enterprise Income Tax (1,491) (1,939)
－未匯出盈利之預扣除 – Withholding tax on unremitted earnings – (8,147)
(1,491) (10,086)
4,733 834
匯兌差異 Exchange differences 29 85
於十二月三十一日 At 31 December 4,762 919
於綜合財務狀況表確認之
可收回稅項
Tax recoverable recognised in the
consolidated statement of financial position (1,751) (1,642)
於綜合財務狀況表確認之
應付稅項
Tax payable recognised in the consolidated
statement of financial position 6,513 2,561
應付稅項淨值 Net tax payable 4,762 919
Annual Report 2017 年報 139
財 務 報 表 附 註
NOTES TO THE FINANCIAL STATEMENTS
截至二零一七年十二月三十一日止年度 For the year ended 31 December 2017
28. 於綜合財務狀況表之所得稅（續）
b) 已確認之遞延稅項資產及負債
於本報告期間及上一個報告期間已確
認遞延稅項資產╱（負債）之主要組成
部份及其變動如下：
28. INCOME TAX IN THE CONSOLIDATED STATEMENT
OF FINANCIAL POSITION (Continued)
b) Deferred tax assets and liabilities recognised
The major components of deferred tax assets/(liabilities)
recognised and movements thereon during the current
and prior reporting period:
物業、廠房及
設備之公平值調整
經營租約下
預付土地租金
之公平值調整 總值
Fair value
adjustment on
property, plant
and equipment
Fair value
adjustment on
prepaid lease
payments on
land under
operating leases Total
千港元 千港元 千港元
HK$’000 HK$’000 HK$’000
就下列各項產生之遞延稅項： Deferred tax arising from:
於二零一六年一月一日 At 1 January 2016 4,695 (886) 3,809
損益表列支（附註9(a)） Charged to profit or loss
(note 9(a)) 131 20 151
匯兌差異 Exchange differences (301) 55 (246)
於二零一六年十二月三十一日及
二零一七年一月一日
At 31 December 2016 and
at 1 January 2017 4,525 (811) 3,714
損益表列支（附註9(a)） Charged to profit or loss
(note 9(a)) (99) 19 (80)
出售附屬公司時終止確認
（附註32）
Derecognised on disposal of
subsidiaries (note 32) (4,707) 842 (3,865)
匯兌差異 Exchange differences 281 (50) 231
於二零一七年十二月三十一日 At 31 December 2017 – – –
Annual Report 2017 年報140
財 務 報 表 附 註
NOTES TO THE FINANCIAL STATEMENTS
截至二零一七年十二月三十一日止年度 For the year ended 31 December 2017
28. INCOME TAX IN THE CONSOLIDATED STATEMENT
OF FINANCIAL POSITION (Continued)
b) Deferred tax assets and liabilities recognised
(Continued)
The following is the analysis of the deferred tax assets/
(liabilities) for financial reporting purposes:
二零一七年 於二零一六年
2017 2016
千港元 千港元
HK$’ 000 HK$’000
於綜合財務狀況表確認之
遞延稅項資產
Deferred tax assets recognised in the
consolidated statement of
financial position – 4,525
於綜合財務狀況表確認之
遞延稅項負債
Deferred tax liabilities recognised in the
consolidated statement of
financial position – (811)
– 3,714
c) Deferred tax assets not recognised
As at 31 December 2017, deduct ib le temporary
differences in respect of tax losses not recognised in
these f i nanc ia l s t a tement s were approx imate l y
HK$1,590,006,000 (2016: HK$1,501,819,000). No
deferred tax asset has been recognised in respect of such
d e d u c t i b l e t e m p o r a r y d i f f e r e n c e s d u e t o t h e
unpredictability of future profit streams. Included in the
above are tax losses of approximately HK$1,153,442,000
(2016: HK$1,065,062,000) which can only be carried
forward for a maximum period of five years. Other losses
may be carried forward indefinitely.
28. 於綜合財務狀況表之所得稅（續）
b) 已確認之遞延稅項資產及負債（續）
以下乃就財務報告目的而言之遞延稅
項資產╱（負債）分析：
c) 尚未確認之遞延稅項資產
於二零一七年十二月三十一日，未於
該等財務報表確認有關稅項虧損之可
扣減暫時差異約為1,590,006,000港元
（二零一六年：1,501,819,000港元）。
由於難以預測未來溢利來源，故並無
就有關可扣減暫時差異確認遞延稅項
資產。上述已計入僅可結轉最多五年
之稅項虧損約1,153,442,000港元（二
零一六年：1,065,062,000港元）。其
他虧損可無限期結轉。
Annual Report 2017 年報 141
財 務 報 表 附 註
NOTES TO THE FINANCIAL STATEMENTS
截至二零一七年十二月三十一日止年度 For the year ended 31 December 2017
28. INCOME TAX IN THE CONSOLIDATED STATEMENT
OF FINANCIAL POSITION (Continued)
d) Deferred tax liabilities not recognised
Under the PRC Enterprise Income Tax Law with effect
from 1 January 2008 onwards, non-resident enterprises
without an establishment or place of business in the PRC
or which have an establishment or place of business but
the relevant income is not effectively connected with the
establishment or a place of business in the PRC, will be
subject to withholding income tax at the rate of 10% on
various types of passive income such as dividends derived
from sources in the PRC. On 22 February 2008, the
Ministry of Finance and State Administration of Tax
approved Caishui (2008) No. 1, pursuant to which
dividend distributions out of retained profits of foreign
investment enterprises prior to 31 December 2007 will be
exempted from withholding income tax.
As at 31 December 2017, temporary differences relating
to the undistributed profits of subsidiaries established in
the PRC s ince 2008 amounted to approximately
HK$402,178,000 (2016: HK$367,115,000). Deferred tax
l iabi l it ies of approximately HK$40,218,000 (2016:
HK$36,712,000) have not been recognised in respect of
these temporary differences as the Group is able to
control the timing of the reversal of the temporary
differences and it is probable that the temporary
differences will not reverse in the foreseeable future.
28. 於綜合財務狀況表之所得稅（續）
d) 尚未確認之遞延稅項負債
根據於二零零八年一月一日起生效之
中國企業所得稅法，並無於中國成立
或設有業務之非駐居企業或於中國成
立或設有業務但相關收入並非實際與
於中國成立或設有業務相關，則將須
就各類被動收入（如源自中國之股息）
按10%稅率繳納預扣所得稅。於二零
零八年二月二十二日，財政部及國家
稅務總局批准財稅(2008)1號，據此，
於二零零七年十二月三十一日前自外
資企業保留溢利作出之股息分派將獲
豁免繳納預扣所得稅。
於二零一七年十二月三十一日，有關
於中國成立之附屬公司自二零零八年
之 未 分 配 溢 利 之 暫 時 差 異 約 為
402 ,178 ,000港元（二零一六年：
367,115,000港元）。由於本集團能控
制暫時差異之撥回時間，且於可見將
來不大可能撥回暫時差異，故尚未就
該等暫時差異確認遞延稅項負債約
4 0 , 2 1 8 , 0 0 0港 元（二 零 一 六 年：
36,712,000港元）。
Annual Report 2017 年報142
財 務 報 表 附 註
NOTES TO THE FINANCIAL STATEMENTS
截至二零一七年十二月三十一日止年度 For the year ended 31 December 2017
29. CAPITAL AND RESERVES
a) The reconciliation between the opening and closing
balances of each component of the Group’s consolidated
equity is set out in the consolidated statement of
changes in equity. Detai ls of the changes in the
Company’s individual components of equity between the
beginning and the end of the year are set out below:
本公司擁有人應佔
Attributable to owners of the Company
股本 股份溢價 累計虧損 總值
Share capital Share premium Accumulated losses Total
千港元 千港元 千港元 千港元
HK$’000 HK$’000 HK$’000 HK$’000
於二零一六年一月一日 At 1 January 2016 234,170 2,243,256 (2,360) 2,475,066
二零一六年之權益變動： Changes in equity for 2016:
本年度虧損 Loss for the year – – (16,624) (16,624)
本年度其他全面收益 Other comprehensive income
for the year – – – –
本年度全面虧損總值 Total comprehensive loss
for the year – – (16,624) (16,624)
於二零一六年十二月三十一日及
二零一七年一月一日
At 31 December 2016 and
1 January 2017 234,170 2,243,256 (18,984) 2,458,442
二零一七年之權益變動： Changes in equity for 2017:
本年度虧損 Loss for the year – – (12,959) (12,959)
本年度其他全面收益 Other comprehensive income
for the year – – – –
本年度全面虧損總值 Total comprehensive loss
for the year – – (12,959) (12,959)
於二零一七年十二月三十一日 At 31 December 2017 234,170 2,243,256 (31,943) 2,445,483
29. 股本及儲備
a) 本集團綜合權益之各項部份於年初及
年末之對賬載於綜合權益變動表內。
有關本公司權益之個別部份於年初至
年末期間之變動詳情，載列如下：
Annual Report 2017 年報 143
財 務 報 表 附 註
NOTES TO THE FINANCIAL STATEMENTS
截至二零一七年十二月三十一日止年度 For the year ended 31 December 2017
29. CAPITAL AND RESERVES (Continued)
b) Authorised and issued share capital
每股面值港元之普通股 股份數目 金額
Ordinary shares of HK$ each
Number of
shares Amount
千股 千港元
’000 HK$’000
法定 Authorised
於二零一六年十二月三十一日、
二零一七年一月一日及
二零一七年十二月三十一日
At 31 December 2016,
1 January 2017 and
31 December 2017 4,000,000 400,000
已發行及繳足 Issued and fully paid
於二零一六年十二月三十一日、
二零一七年一月一日及
二零一七年十二月三十一日
At 31 December 2016,
1 January 2017 and
31 December 2017 2,341,700 234,170
The holders of ordinary shares are entitled to receive
dividends as declared from time to time and are entitled
to one vote per share at meetings of the Company. All
ordinary shares rank equal ly with regard to the
Company’s residual assets.
c) Nature and purpose of reserves
i) Share premium
Under the Companies Law (Revised) of the Cayman
Islands, the share premium account is distributable
to the shareholders of the Company provided that
immediately following the date on which the
div idend is proposed to be distr ibuted, the
Company will be in a position to pay off its debts as
they fall due in the ordinary course of business.
The share premium of the Company included the
c o n t r i b u t i o n s u r p l u s o f a p p r o x i m a t e l y
HK$149,950,000 which represented the difference
between the nominal value of the shares of the
Company issued in exchange for the entire issued
share capital of Lee Shing Holdings Limited and the
value of the underlying net assets of the subsidiaries
held by Lee Shing Holdings Limited at the date they
were acquired by the Company on 29 September
1999.
29. 股本及儲備（續）
b) 法定及已發行股本
普通股持有人有權獲得不時宣派之股
息及於本公司會議上享有每股一票之
投票權。所有普通股對本公司之剩餘
資產均享有相等權益。
c) 儲備之性質及目的
i) 股份溢價
根據開曼群島公司法（經修訂），
股份溢價賬可供分派予本公司股
東，惟於緊隨建議分派股息之日
期後，本公司將有能力於日常業
務過程中償還其到期債務。
本公司之股份溢價包括實繳盈餘
約149,950,000港元，即本公司
交換利成控股有限公司全部已發
行股本所發行股份之面值，與本
公司於一九九九年九月二十九日
收購利成控股有限公司所持有附
屬公司當日彼等之相關淨資產價
值之差額。
Annual Report 2017 年報144
財 務 報 表 附 註
NOTES TO THE FINANCIAL STATEMENTS
截至二零一七年十二月三十一日止年度 For the year ended 31 December 2017
29. CAPITAL AND RESERVES (Continued)
c) Nature and purpose of reserves (Continued)
ii) Capital reserve
The capital reserve represents the capital ised
aggregate appropriations to the statutory reserves
made by the G roup a s a r e su l t o f g roup
reorganisation.
iii) Statutory reserves
Transfers from retained earnings to statutory reserve
fund were made in accordance with the relevant PRC
rules and regulations and the articles of association of
the Company’s subsidiaries established in the PRC and
were approved by the respective boards of directors.
Statutory reserve fund can be used to offset previous
years’ losses, if any, and may be converted into
paid-up capital provided that the balance of the
statutory reserve fund after such conversion is not less
than 25% of the entity’s registered capital.
The Company’s certain subsidiaries in the PRC are
required to transfer a minimum of 10% of their net
profits, as determined in accordance with the PRC
accounting rules and regulations to the statutory
reserves until the reserve balances reaches 50% of the
registered capital. The transfer must be made before
distribution of dividends to owners.
iv) Translation reserve
The translat ion reserve comprises al l foreign
exchange differences arising from the translation of
the financial statements of foreign operations. The
reserve is dealt with in accordance with the
accounting policies set out in note 2(q).
29. 股本及儲備（續）
c) 儲備之性質及目的（續）
ii) 資本儲備
資本儲備指本集團因應集團重組
而已資本化之分配至法定儲備之
總額。
iii) 法定儲備
自保留盈利撥至法定儲備金乃根
據有關之中國規則及規定以及本
公司於中國成立之附屬公司之公
司章程而作出，並經由各自之董
事會批准。
法定儲備金可用於抵銷過往年度
之虧損（如有）並可轉換為實繳資
本，惟於進行該轉換後之法定儲
備金結餘不得少於實體註冊資本
之25%。
本公司若干於中國之附屬公司須
最低限度向法定儲備轉撥按中國
會計規則及規定釐定之純利之
10%，直至該儲備結餘達至註冊
資本之50%為止。作出之轉撥須
於向擁有人分派股息之前進行。
iv) 匯兌儲備
匯兌儲備包括因換算境外經營業
務之財務報表而產生之所有匯兌
差額。該儲備乃根據附註2(q)所
載之會計政策予以處理。
Annual Report 2017 年報 145
財 務 報 表 附 註
NOTES TO THE FINANCIAL STATEMENTS
截至二零一七年十二月三十一日止年度 For the year ended 31 December 2017
29. CAPITAL AND RESERVES (Continued)
d) Distributability of reserves
As at 31 December 2017, the aggregate amount of the
Company’s reserves available for distribution to owners
of the Company was approximately HK$2,211,313,000
(2016 : HK$2 ,224 ,272 ,000 ) wh i ch inc luded the
C o m p a n y ’ s s h a r e p r e m i u m o f a p p r o x i m a t e l y
HK$2,243,256,000 (2016: HK$2,243,256,000), and
offsetting with accumulated losses of approximately
HK$31,943,000 (2016: HK$18,984,000). These reserves
are available for distribution provided that immediately
following the date on which the dividend is proposed,
the Company will be able to pay off its debts as they fall
due in the ordinary course of business.
e) Capital management
The Group’s primary objectives when managing capital
are to safeguard the Group’s ability to continue as a
go ing conce rn in o rde r to p rov ide re tu rns fo r
shareholders and benefit for other stakeholders and to
maintain an optimal capital structure to reduce the cost
of capital.
The Group actively and regularly reviews and manages its
capital structure to maintain a balance between the
higher stakeholder returns that might be possible with
higher levels of borrowings and the advantages and
security afforded by a sound capital position, and makes
adjustments to the capital structure in light of changes in
economic conditions. In order to maintain or adjust the
capital structure, the Group may adjust the amount of
dividends paid to shareholders, issue new shares, return
capital to shareholders or sell assets to reduce debt.
Consistent with industry practice, the Group monitors its
capital structure on the basis of the gearing ratio. This
ratio is calculated as the Group’s bank and other
borrowings less cash and cash equivalents over its total
equity attributable to owners of the Company. There
were no net debt for the Group as at 31 December 2017
and 2016. During the year ended 31 December 2017, the
Group’s strategy was unchanged from year 2016.
Neither the Company nor any of its subsidiaries are
subject to externally imposed capital requirements.
29. 股本及儲備（續）
d) 儲備之可供分派情況
於二零一七年十二月三十一日，可供
分派予本公司擁有人之本公司儲備總
額約為2,211,313,000港元（二零一六
年：2,224,272,000港元），其中包括
本公司股份溢價約2,243,256,000港元
（二零一六年：2,243,256,000港元）及
抵銷累計虧損約31,943,000港元（二
零一六年：18,984,000港元）。該等儲
備可作出分派，惟緊隨建議宣派股息
之日，本公司必須有能力償還於日常
業務中到期的債項，方能作出分派。
e) 資本管理
本集團管理資本之主要目標乃保障本
集團持續經營之能力以為股東帶來回
報及讓其他股權持有人獲益，並維持
優化之資本架構以減少資金成本。
本集團會積極及定期審閱及管理其資
金架構，以在盡可能提高股東回報與
穩健資本狀況可承受之較高貸款水平
帶來的好處及保障之間取得平衡，並
因應經濟狀況之變動對資本架構作出
調整。為維持或調整資本架構，本集
團可透過調整向股東支付之股息金額、
發行新股、退還資本予股東或出售資
產以減債。
與業界慣例一致，本集團以資產負債
比率監控資本架構。該比率以本集團
之銀行及其他借貸減現金及現金等值
項目除以本公司擁有人應佔權益總值
計算。本集團於二零一七年及二零
一六年十二月三十一日並無淨債項。
截至二零一七年十二月三十一日止年
度期間，本集團之策略與二零一六年
相同。
本公司及其任何附屬公司毋須遵守外
界實施之資本規定。
Annual Report 2017 年報146
財 務 報 表 附 註
NOTES TO THE FINANCIAL STATEMENTS
截至二零一七年十二月三十一日止年度 For the year ended 31 December 2017
30. SHARE OPTION SCHEME
At the annual general meeting of the Company held on 6 June
2014, the shareholders of the Company approved the
adoption of a share option scheme (the “Share Option
Scheme”), which will be valid for 10 years from the date of its
adoption.
Under the Share Option Scheme, the directors of the Company
may grant share options to eligible persons, including directors
of the Company and its subsidiaries, any of its shareholders,
suppliers, customers, consultants, advisers and joint venture
partners or business alliance who have contributed or will
contribute to the development and growth of the Group, to
take up options to subscribe for shares in the Company subject
to the terms and conditions stipulated therein. A nominal
consideration will be paid by eligible participants for each lot
of share options granted. An option may be exercised at any
time during a period to be determined and identified by the
directors of the Company to each grantee at the time of
making the offer, but in any event, shall not exceed the period
of ten years from the date of grant of the particular option,
subject to the early termination of the Share Option Scheme.
There were no share options granted, exercised, forfeited nor
outstanding under the Share Option Scheme during the years
ended 31 December 2017 and 2016.
30. 購股權計劃
於二零一四年六月六日舉行之股東週年大
會上，本公司股東批准採納一項購股權計
劃（「購股權計劃」），將於採納日期起計十
年有效。
根據購股權計劃，本公司董事可向對本集
團之發展及增長有所貢獻或將有貢獻之合
資格人士，包括本公司及其附屬公司之董
事、任何股東、供應商、客戶、專家顧問、
顧問及合作夥伴或業務聯盟在該計劃條款
及條件之規限下接受購股權認購本公司股
份。合資格參與者將就每次授出之購股權
支付象徵式代價。購股權可於本公司董事
在提出要約時所釐定及指定予各承授人之
期間內任何時間行使，惟不得超過各購股
權授出日起計十年之期間，惟可遵照購股
權計劃予以提早終止。
截至二零一七年及二零一六年十二月
三十一日止年度內，並無購股權計劃項下
之購股權獲授出、行使、沒收或尚未行使。
Annual Report 2017 年報 147
財 務 報 表 附 註
NOTES TO THE FINANCIAL STATEMENTS
截至二零一七年十二月三十一日止年度 For the year ended 31 December 2017
31. MATERIAL RELATED PARTY TRANSACTIONS
a) Transactions with related parties
In addition to the transactions and balances disclosed
elsewhere in these financial statements, the directors of
the Company consider that the followings are the
material related party transactions entered into by the
Group during the years ended 31 December 2017 and
2016:
關連人士名稱 與本集團之關係 交易性質 二零一七年 二零一六年
Name of
related party
Relationship with
the Group Nature of transaction
2017 2016
千港元 千港元
HK$’ 000 HK$’000
蔣泉龍先生 本公司執行董事 本集團支付租金費用 832 831
Mr. Jiang Quanlong Executive director of the
Company
Payment of rental expenses
by the Group 832 831
無錫泛亞 本公司董事蔣泉龍先生
亦為其董事之公司
本集團支付租金費用
61 61
Wuxi Pan-Asia A company of which
Mr. Jiang Quanlong, a
director of the Company,
is also a director
Payment of rental expenses
by the Group
61 61
The directors of the Company are of the opinion that the
above transactions were entered into under the normal
course of business and in accordance with the terms of
the agreements governing such transactions.
31. 重大關連人士交易
a) 與關連人士之交易
除該等財務報表其他地方所披露之交
易及結餘外，本公司董事認為，下列
為截至二零一七年及二零一六年十二
月三十一日止年度內本集團訂立之重
大關連人士交易：
本公司董事認為，上述交易乃於一般
業務過程中根據規管該等交易之協議
條款訂立。
Annual Report 2017 年報148
財 務 報 表 附 註
NOTES TO THE FINANCIAL STATEMENTS
截至二零一七年十二月三十一日止年度 For the year ended 31 December 2017
31. MATERIAL RELATED PARTY TRANSACTIONS
(Continued)
b) Transactions with key management personnel
Emoluments for key management personnel, including
amounts paid to the Company’s directors as disclosed in
note 10, and the highest paid employees and senior
management as disclosed in note 11 are as follows:
二零一七年 二零一六年
2017 2016
千港元 千港元
HK$’ 000 HK$’000
短期僱員福利 Short-term employee benefits 6,282 6,140
退休後福利 Post-employment benefits 61 67
6,343 6,207
32. DISPOSAL OF SUBSIDIARIES
On 22 December 2017, the Group entered into a share
transfer agreement with an independent third party to dispose
of its 100% equity interest in Sliver Mile Holdings Limited
(“Silver Mile”) at a cash consideration of HK$500,000 (the
“Disposal”). Silver Mile and its subsidiary namely Yixing Silver
Mile Fluorescent Materials Co., Ltd. were principally engaged
in manufacturing and sales of fluorescent products. The
Disposal was completed on 22 December 2017.
a) Consideration received
千港元
HK$’000
已收現金及現金等值項目代價 Consideration received in cash and cash equivalents 500
31. 重大關連人士交易（續）
b) 與主要管理人員之交易
主要管理人員之酬金（包括支付予附
註10所披露之本公司董事及附註11所
披露之最高薪酬人士及高級管理人員
之金額）如下：
32. 出售附屬公司
於二零一七年十二月二十二日，本集團與
一名獨立第三方訂立股份轉讓協議，以出
售銀茂控股有限公司（「銀茂」）之100%股
權，現金代價為500,000港元（「出售事
項」）。銀茂及其附屬公司宜興銀茂熒光材
料有限公司主要從事製造及銷售熒光產品。
出售事項已於二零一七年十二月二十二日
完成。
a) 已收代價
Annual Report 2017 年報 149
財 務 報 表 附 註
NOTES TO THE FINANCIAL STATEMENTS
截至二零一七年十二月三十一日止年度 For the year ended 31 December 2017
32. DISPOSAL OF SUBSIDIARIES (Continued)
b) Analysis of assets and liabilities over which control
was lost
千港元
HK$’000
物業、廠房及設備 Property, plant and equipment 45,700
經營租約下預付土地租金 Prepaid lease payments on land under operating leases 9,457
遞延稅項資產 Deferred tax assets 4,707
存貨 Inventories 5,797
應收賬款及其他應收款 Trade and other receivables 22,418
預付款項及按金 Prepayments and deposits 1,600
可收回稅項 Tax recoverable 6
現金及現金等值項目 Cash and cash equivalents 364
應付賬款及應付票據 Trade and bills payables (11,594)
應計款項及其他應付款 Accruals and other payables (46,236)
銀行及其他借貸 Bank and other borrowings (33,274)
遞延稅項負債 Deferred tax liabilities (842)
出售負債淨額 Net liabilities disposed of (1,897)
c) Loss on disposal of subsidiaries
千港元
HK$’000
已收代價 Consideration received 500
出售負債淨額 Net liabilities disposed of 1,897
就失去附屬公司之控制權由權益
重分類為損益之附屬公司負債
淨值之累計匯兌虧損
Cumulative exchange loss in respect of the net liabilities
of the subsidiaries reclassified from equity to profit or
loss on loss of control in the subsidiaries (8,094)
於損益中確認出售附屬公司
之虧損
Loss on disposal of subsidiaries recognised
in profit or loss (5,697)
d) Net cash inflows on disposal of subsidiaries
千港元
HK$’000
已收現金及現金等值項目代價 Consideration received in cash and cash equivalents 500
減：出售現金及現金等值項目 Less: Cash and cash equivalents disposed of (364)
出售之現金流入淨額 Net cash inflows on disposal 136
32. 出售附屬公司（續）
b) 失去控制權資產及負債之分析
c) 出售附屬公司之虧損
d) 出售附屬公司之現金流入淨額
Annual Report 2017 年報150
財 務 報 表 附 註
NOTES TO THE FINANCIAL STATEMENTS
截至二零一七年十二月三十一日止年度 For the year ended 31 December 2017
33. COMMITMENTS
a) At the end of the reporting period, the Group had capital
commitments in respect of acquisition and construction
of property, plant and equipment contracted but not
provided for in these financial statements as follows:
二零一七年 二零一六年
2017 2016
千港元 千港元
HK$’ 000 HK$’000
物業、廠房及設備之收購及建造 Acquisition and construction of
property, plant and equipment 3,581 1,405
b) At the end of each reporting period, the Group had
operating lease commitments for future minimum lease
payments under non-cancellable operating leases in
respect of properties which fall due as follows:
二零一七年 二零一六年
2017 2016
千港元 千港元
HK$’ 000 HK$’000
1年內 Within one year 884 2,015
1年後但5年內 After one year but within five years – 882
884 2,897
Operating lease payments represent rentals payable by
the Group for certain of its offices. Leases and rentals are
negotiated and fixed for a period of one to five years.
None of the leases includes contingent rentals.
33. 承擔
a) 於申報期間結算日，本集團於該等財
務報表內有關物業、廠房及設備之收
購及建造之已訂約但未撥備的資本承
擔如下：
b) 於各申報期間結算日，本集團根據物
業之不可撤銷經營租賃於日後所須繳
付的最低租金款項承擔之到期日如下：
經營租賃付款指本集團就其若干辦公
室應付之租金。租約及租金乃通過磋
商釐定，為期一至五年。概無租賃涉
及或然租金。
Annual Report 2017 年報 151
財 務 報 表 附 註
NOTES TO THE FINANCIAL STATEMENTS
截至二零一七年十二月三十一日止年度 For the year ended 31 December 2017
33. COMMITMENTS (Continued)
b) (Continued)
The above commitments included future lease payments
to Mr. Jiang Quanlong, a director of the Company, and
Wuxi Pan-Asia, a related party as disclosed in note 31, of
approximately HK$21,000 (2016: HK$884,000) which fall
due as follows:
二零一七年 二零一六年
2017 2016
千港元 千港元
HK$’ 000 HK$’000
應付予蔣泉龍先生之未來
租金付款
Future lease payments to
Mr. Jiang Quanlong
－1年內 – Within one year – 805
－1年後但5年內 – After one year but within five years – –
– 805
應付予無錫泛亞之未來
租金付款
Future lease payments to
Wuxi Pan-Asia
－1年內 – Within one year 21 59
－1年後但5年內 – After one year but within five years – 20
21 79
21 884
34. FINANCIAL INSTRUMENTS BY CATEGORIES
二零一七年 二零一六年
2017 2016
千港元 千港元
HK$’ 000 HK$’000
金融資產 Financial assets
應收賬款及應收票據 Trade debtors and bills receivables 138,508 224,132
其他應收款 Other receivables 150,531 4,859
應收關連公司款項 Amount due from a related company – 4,957
受限制銀行存款 Restricted bank deposits – 16,993
現金及現金等值項目 Cash and cash equivalents 1,665,102 1,649,125
貸款及應收款 Loans and receivables 1,954,141 1,900,066
按攤銷成本計量之金融負債 Financial liabilities measured
at amortised cost
應付賬款及應付票據 Trade and bills payables 81,473 101,317
預提費用及其他應付款 Accrued expenses and other payables 27,598 66,974
應付董事款項 Amounts due to directors 3,774 3,245
銀行及其他借貸 Bank and other borrowings – 78,033
112,845 249,569
33. 承擔（續）
b) （續）
上述承擔包括於附註31所披露之本公
司董事蔣泉龍先生及關連人士無錫泛
亞之未來租金付款約21,000港元（二
零一六年：884,000港元），到期日如
下：
34. 按類別劃分之金融工具
Annual Report 2017 年報152
財 務 報 表 附 註
NOTES TO THE FINANCIAL STATEMENTS
截至二零一七年十二月三十一日止年度 For the year ended 31 December 2017
35. 財務風險管理及金融工具之公平值
金融工具之風險包括本集團在日常業務過
程中產生之信貸風險、流動資金風險、利
率風險及貨幣風險。
a) 信貸風險
信貸風險指交易對手無法履行合約責
任導致本集團財務虧損之風險。本集
團所採用的政策為僅與信譽良好之交
易對手進行買賣，並取得足夠抵押品
（如適用），以減輕無法履行合約責任
導致財務虧損之風險。
為盡量減低應收賬款及其他應收款之
信貸風險，管理層已訂立一項信貸政
策，並對有關信貸風險進行持續監察。
本集團會定期對各主要客戶之財務狀
況及條件進行信貸評估。該等評估針
對客戶過往支付到期款項之歷史及目
前之支付能力，並考慮客戶特定資料
及客戶經營所處經濟環境之資料。本
集團並無就其金融資產要求任何抵押
品。
本集團須承受之信貸風險主要受各名
客戶之個別特點所影響。客戶所經營
行業及國家之拖欠風險亦會對信貸風
險有所影響，但程度較低。於申報期
間結算日，應收賬款總額中13%（二
零一六年：5%）來自本集團之五大客
戶。於二零一七年及二零一六年十二
月三十一日並無未支付應收賬款來自
本集團最大客戶。
35. FINANCIAL RISK MANAGEMENT AND FAIR VALUE
OF FINANCIAL INSTRUMENTS
The risks associated with the financial instruments include
credit risk, liquidity risk, interest rate risk and currency risk
arises in the normal course of the Group’s business.
a) Credit risk
Credit risk refers to the risk that a counterparty will
default on its contractual obligations resulting in financial
loss to the Group. The Group has adopted a policy of
only dealing with creditworthy counterparties and
obtaining sufficient collateral, where appropriate, as a
means of mitigating the risk of financial loss from
defaults.
In respect of trade and other receivables, in order to
minimise credit risk, the management has a credit policy
in place and the exposures to these credit risks are
monitored on an ongoing basis. Credit evaluations of its
customers’ f inancia l pos i t ion and condit ions are
performed on each major customer periodically. These
evaluations focus on the customers’ past history of
making payments when due and current ability to pay,
and take into account information specific to the
customers as well as pertaining to the economic
environment in which the customers operate. The Group
does not require collateral in respect of its financial
assets.
The Group’s exposure to credit risk is influenced mainly
by the individual characteristics of each customer. The
default risk of the industry and the country in which
customers operate also has an influence on credit risk but
to a lesser extent. At the end of the reporting period,
13% (2016: 5%) of the total trade debtors was due from
the Group’s five largest customers. No outstanding trade
debtor was due from the Group’s largest customer as at
31 December 2017 and 2016.
Annual Report 2017 年報 153
財 務 報 表 附 註
NOTES TO THE FINANCIAL STATEMENTS
截至二零一七年十二月三十一日止年度 For the year ended 31 December 2017
35. FINANCIAL RISK MANAGEMENT AND FAIR VALUE
OF FINANCIAL INSTRUMENTS (Continued)
a) Credit risk (Continued)
Further quantitative disclosures in respect of the Group’s
exposure to credit risk arising from trade and other
receivables are set out in note 22.
The credit risk for cash at banks, bank deposits and
restricted bank deposits is considered minimal as these
amounts are placed with various banks with good credit
ratings and there is no significant concentration of credit
risk.
As at 31 December 2017 and 2016, the Group did not
provide any guarantees which expose the Group to credit
risk.
b) Liquidity risk
Individual operating entities within the Group are
responsible for their own cash management, including
the short-term investment of cash surpluses and the
raising of loans to cover expected cash demands, subject
to the approval from board of directors. The Group’s
policy is to regularly monitor current and expected
liquidity requirements and its compliance with lending
covenants to ensure that it maintains sufficient amount
of cash and adequate committed lines of funding from
major f inanc ia l inst i tut ions to meet i t s l iquid i ty
requirements in the short and longer term.
35. 財務風險管理及金融工具之公平值
（續）
a) 信貸風險（續）
有關本集團來自應收賬款及其他應收
款之信貸風險之進一步量化披露載於
附註22。
由於銀行現金、銀行存款及受限制銀
行存款乃存放於多間信貸評級良好之
銀行，因此該等款項承擔之信貸風險
極微，故並無重大集中信貸風險。
於二零一七年及二零一六年十二月
三十一日，本集團並無提供任何擔保
導致本集團須承擔信貸風險。
b) 流動資金風險
本集團旗下之獨立營運實體須負責其
各自之現金管理，包括現金盈餘之短
期投資及籌措貸款以滿足預期現金需
求，惟須獲董事會批准後，方可作實。
本集團之政策為定期監察當前及預計
之流動資金需求，以及遵守貸款契諾，
確保本集團能維持充裕的現金及從主
要金融機構取得足夠的承諾信貸融資，
以滿足其短期及較長期流動資金需要。
Annual Report 2017 年報154
財 務 報 表 附 註
NOTES TO THE FINANCIAL STATEMENTS
截至二零一七年十二月三十一日止年度 For the year ended 31 December 2017
35. 財務風險管理及金融工具之公平值
（續）
b) 流動資金風險（續）
下表載列本集團之金融負債於申報期
間結算日，基於合約未折現現金流量
（包括使用合約利率計得之利息付款
或，如按浮息，則按申報期間結算日
之利率計）及本集團可被要求償還之
最早日期所得之餘下合約期：
35. FINANCIAL RISK MANAGEMENT AND FAIR VALUE
OF FINANCIAL INSTRUMENTS (Continued)
b) Liquidity risk (Continued)
The following table set out the remaining contractual
maturities at the end of the reporting period of the
Group’s f inancia l l iabi l i t ies based on contractual
undiscounted cash flows (including interest payments
computed using contractual rates or, if floating, based on
rates at the end of the reporting period) and the earliest
date the Group can be required to pay:
二零一七年
2017
二零一六年
2016
合約未折現現金流量
Contractual undiscounted
cash flow
合約未折現現金流量
Contractual undiscounted
cash flow
一年內或 一年內或
按要求償還 總額 賬面值 按要求償還 總額 賬面值
Within Within
1 year or Carrying 1 year or Carrying
on demand Total amount on demand Total amount
千港元 千港元 千港元 千港元 千港元 千港元
HK$’ 000 HK$’ 000 HK$’ 000 HK$’000 HK$’000 HK$’000
非衍生金融負債 Non-derivative financial
liabilities
應付賬款及應付票據 Trade and bills payables 81,473 81,473 81,473 101,317 101,317 101,317
預提費用及其他應付款 Accrued expenses and
other payables 27,598 27,598 27,598 66,974 66,974 66,974
應付董事款項 Amounts due to directors 3,774 3,774 3,774 3,245 3,245 3,245
銀行及其他借貸 Bank and other borrowings – – – 79,285 79,285 78,033
112,845 112,845 112,845 250,821 250,821 249,569
Annual Report 2017 年報 155
財 務 報 表 附 註
NOTES TO THE FINANCIAL STATEMENTS
截至二零一七年十二月三十一日止年度 For the year ended 31 December 2017
35. 財務風險管理及金融工具之公平值
（續）
c) 利率風險
本集團之利率風險主要來自現金及現
金等值項目、受限制銀行存款以及銀
行及其他借貸。由於現金及現金等值
項目及受限制銀行存款以及銀行及其
他借貸之利率預期不會重大變動，因
此本集團預期將不會存在重大利率風
險。
i) 利率組合
下表詳細載列本集團的現金及現
金等值項目、受限制銀行存款以
及銀行及其他借貸於申報期間結
算日的利率組合：
35. FINANCIAL RISK MANAGEMENT AND FAIR VALUE
OF FINANCIAL INSTRUMENTS (Continued)
c) Interest rate risk
The Group’s interest rate risk arises primarily from cash
and cash equivalents, restricted bank deposits, and bank
and other borrowings. The Group does not anticipate
significant interest rate risk to cash and cash equivalents,
restricted bank deposits, and bank and other borrowings
because the interest rates of these balances are not
expected to change significantly.
i) Interest rate profile
The following table details the interest rate profile
of the Group’s cash and cash equivalents, restricted
bank deposits, and bank and other borrowings at
the end of the reporting period:
二零一七年 二零一六年
2017 2016
實際利率 千港元 實際利率 千港元
Effective Effective
interest rate HK$’ 000 interest rate HK$’000
現金及現金等值項目 Cash and cash equivalents 0%% 1,665,102 0%% 1,649,125
受限制銀行存款 Restricted bank deposits 不適用 N/A – % 16,993
銀行及其他借貸 Bank and other borrowings 不適用 N/A – 0%-5% (78,033)
結餘淨值 Net balance 1,665,102 1,588,085
Annual Report 2017 年報156
財 務 報 表 附 註
NOTES TO THE FINANCIAL STATEMENTS
截至二零一七年十二月三十一日止年度 For the year ended 31 December 2017
35. 財務風險管理及金融工具之公平值
（續）
c) 利率風險（續）
ii) 敏感度分析
於二零一七年十二月三十一日，
在所有其他變數保持不變的情況
下，估計利率整體上升╱下降50
個基點將減少╱增加本集團本年
度除稅後虧損及減少╱增加本集
團累計虧損約6,505,000港元（二
零一六年：6,327,000港元）。利
率整體上升或下降對綜合權益的
其他部份並無影響。
上述敏感度分析乃根據於申報期
間結算日所承擔之利率風險而釐
定。有關分析乃假設於申報期結
算日之未償還金融工具於整個年
度尚未償還而編製。50個基點上
升或下降為內部向主要管理人員
匯報利率風險所使用之基點，並
為管理層對利率的合理可能變動
的評估。二零一六年已以相同基
準作出分析。
d) 貨幣風險
本集團主要因以與有關集團實體的功
能貨幣以外的貨幣進行買賣所產生應
收款、應付款及現金及現金等值項目
而面對貨幣風險。導致貨幣風險之貨
幣主要為港元及美元。
35. FINANCIAL RISK MANAGEMENT AND FAIR VALUE
OF FINANCIAL INSTRUMENTS (Continued)
c) Interest rate risk (Continued)
ii) Sensitivity analysis
As at 31 December 2017, it is estimated that a
general increase/decrease of 50 basis points in
interest rates, with all other variables held constant,
would decrease/increase the Group’s loss after
taxation for the year and decrease/increase the
Group’s accumulated losses by approximately
HK$6,505,000 (2016: HK$6,327,000). Other
components of consolidated equity would not be
changed in response to the general increase or
decrease in interest rates.
The sensitivity analysis above has been determined
based on the exposure to interest rates at the end
of the reporting period. The analysis is prepared
assuming the financial instruments outstanding at
the end of the reporting period were outstanding
for the whole year. The 50 basis points increase or
decrease is used when reporting interest rate risk
internal ly to key management personnel and
represents management’s assessment of the
reasonably possible changes in interest rates. The
analysis is performed on the same basis for year
2016.
d) Currency risk
The Group is exposed to currency risk primarily through
sales and purchases which give rise to receivables,
payables, and cash and cash equivalents that are
denominated in a currency other than the functional
currency of the group entities to which they relate. The
currencies giving rise to currency risk are primarily HK$
and United States dollars (“US$”).
Annual Report 2017 年報 157
財 務 報 表 附 註
NOTES TO THE FINANCIAL STATEMENTS
截至二零一七年十二月三十一日止年度 For the year ended 31 December 2017
35. 財務風險管理及金融工具之公平值
（續）
d) 貨幣風險（續）
i) 所承擔之貨幣風險
下表詳列本集團就來自以與集團
實體有關之功能貨幣以外貨幣計
值之已確認資產或負債所承受貨
幣風險。
35. FINANCIAL RISK MANAGEMENT AND FAIR VALUE
OF FINANCIAL INSTRUMENTS (Continued)
d) Currency risk (Continued)
i) Exposure to currency risk
The following table details the Group’s exposure to
currency risk arising from recognised assets or
liabilities denominated in a currency other than the
functional currency of the group entities to which
they relate.
所承擔之貨幣風險（以千港元列值）
Exposure to currency risk (expressed in HK$’ 000)
二零一七年 二零一六年
2017 2016
港元 美元 港元 美元
HK$ US$ HK$ US$
應收賬款及其他
應收款
Trade and other receivables
– 20,056 – 38,838
現金及現金等值項目 Cash and cash equivalents – 5,220 – 15,931
其他應付款 Other payables – (2,697) – (3,810)
所承擔之整體
貨幣風險
Overall exposure to
currency risk – 22,579 – 50,959
The Group currently does not have a foreign
currency hedging policy in respect of its foreign
currency receivables and debts. The Group will
monitor its foreign currency exposure closely and
will consider hedging significant currency exposure
should the need arises.
本集團現時並無就外幣應收款及
負債採取外幣對沖政策。本集團
將密切監察外幣風險，並將在有
需要時考慮對沖重大貨幣風險。
Annual Report 2017 年報158
財 務 報 表 附 註
NOTES TO THE FINANCIAL STATEMENTS
截至二零一七年十二月三十一日止年度 For the year ended 31 December 2017
35. 財務風險管理及金融工具之公平值
（續）
d) 貨幣風險（續）
ii) 敏感度分析
下表列示本集團之除稅後虧損及
累計虧損因應本集團於申報期間
結算日面對重大風險之外幣匯率
於該日可能出現之合理變動而隨
即產生之變動，並假定其他風險
變數維持不變。
35. FINANCIAL RISK MANAGEMENT AND FAIR VALUE
OF FINANCIAL INSTRUMENTS (Continued)
d) Currency risk (Continued)
ii) Sensitivity analysis
The following table indicates the instantaneous
change in the Group’s loss after taxation and
accumulated losses that would arise if foreign
exchange rates to which the Group has significant
exposure at the end of the reporting period had
changed at that date, assuming all other risk
variables remained constant.
外幣匯率
增加╱（減少）
除稅後虧損
減少╱（增加）
及累計虧損
減少╱（增加）
外幣匯率
增加╱（減少）
除稅後虧損
減少╱（增加）
及累計虧損
減少╱（增加）
Decrease/ Decrease/
(increase) in (increase) in
loss after loss after
Increase/ taxation and Increase/ taxation and
(decrease) decrease/ (decrease) decrease/
in foreign (increase) in in foreign (increase) in
exchange accumulated exchange accumulated
rates losses rates losses
二零一七年 二零一六年
2017 2016
千港元 千港元
HK$’ 000 HK$’000
港元 HK$ 5% – 5% –
(5%) – (5%) –
美元 US$ 5% 966 5% 2,056
(5%) (966) (5%) (2,056)
Annual Report 2017 年報 159
財 務 報 表 附 註
NOTES TO THE FINANCIAL STATEMENTS
截至二零一七年十二月三十一日止年度 For the year ended 31 December 2017
35. FINANCIAL RISK MANAGEMENT AND FAIR VALUE
OF FINANCIAL INSTRUMENTS (Continued)
d) Currency risk (Continued)
ii) Sensitivity analysis (Continued)
Results of the analysis as presented in the above
table represent an aggregate of the instantaneous
effects on profit or loss after taxation and equity for
each of the Company’s subsidiaries established in
the PRC measured in their respective functional
currencies, translated into Hong Kong dollars at the
exchange rate ruling at the end of each reporting
period for presentation purposes.
The sensitivity analysis above has been determined
assuming that the change in foreign exchange rates
had been applied to re-measure those financial
instruments held by the Group at the end of the
reporting period. The analysis is performed on the
same basis for year 2016.
e) Fair value measurement
Fair values of financial assets and liabilities carried at
other than fair value
The ca r ry ing amounts o f the Group’ s f inanc ia l
instruments carried at cost or amortised cost are not
materially different from their fair values as at 31
December 2017 and 2016.
35. 財務風險管理及金融工具之公平值
（續）
d) 貨幣風險（續）
ii) 敏感度分析（續）
上表所示之分析結果代表對本公
司於中國成立之各附屬公司按各
自之功能貨幣計算並按各申報期
間結算日之匯率換算為港元以供
呈列之用的除稅後溢利或虧損及
權益之即時影響總和。
上述敏感度分析乃假設外幣匯率
之變動已用於重新計量本集團於
申報期間結算日所持有之金融工
具而釐定。此項分析依二零一六
年之相同基準進行。
e) 公平值計量
按公平值以外價值計量之金融資產及
負債之公平值
於二零一七年及二零一六年十二月
三十一日，本集團按成本或攤銷成本
計值之金融工具之賬面值與彼等之公
平值並無重大差異。
Annual Report 2017 年報160
財 務 報 表 附 註
NOTES TO THE FINANCIAL STATEMENTS
截至二零一七年十二月三十一日止年度 For the year ended 31 December 2017
36. 融資活動所產生負債之對賬
下表詳列本集團融資活動所產生負債之變
動，包括現金及非現金變動。融資活動所
產生負債乃現金流量已或未來現金流量將
於綜合現金流量表分類為融資活動產生之
現金流量。
36. RECONCILIATION OF LIABILITIES ARISING FROM
FINANCING ACTIVITIES
The table below details changes in the Group’s liabilities
arising from financing activities, including both cash and
non-cash changes. Liabilities arising from financing activities
are those for which cash flows were, or future cash flows will
be, classified in the consolidated statement of cash flows as
cash flows from financing activities.
銀行及
其他借貸
Bank
and other
borrowings
（附註27）
(Note 27)
千港元
HK$’000
於二零一七年一月一日 At 1 January 2017 78,033
融資現金流量之變動： Changes from financing cash flows:
新增銀行及其他借貸之所得款項 Proceeds from new bank and other borrowings 92,166
預付銀行及其他借貸 Prepayment of bank and other borrowings (140,322)
已付利息 Interests paid (1,869)
融資現金流量變動總額 Total changes from financing cash flows (50,025)
匯率變動之影響 Effect of changes in foreign exchange rates 3,397
其他變動： Other changes:
利息開支（附註8(a)） Interest expenses (note 8(a)) 1,869
失去附屬公司控制權所產生之變動： Changes arising from losing control of subsidiaries:
出售附屬公司（附註32） Disposal of subsidiaries (note 32) (33,274)
於二零一七年十二月三十一日 At 31 December 2017 –
Annual Report 2017 年報 161
財 務 報 表 附 註
NOTES TO THE FINANCIAL STATEMENTS
截至二零一七年十二月三十一日止年度 For the year ended 31 December 2017
37. 公司層面之財務狀況表 37. COMPANY-LEVEL STATEMENT OF FINANCIAL
POSITION
二零一七年 二零一六年
2017 2016
附註 千港元 千港元
Note HK$’ 000 HK$’000
非流動資產 Non-current assets
設備 Equipment 8 13
附屬公司之投資 Investments in subsidiaries 19 151,707 151,707
151,715 151,720
流動資產 Current assets
預付款項及按金 Prepayments and deposits 763 760
其他應收款項 Other receivables – 662
應收附屬公司款項 Amounts due from subsidiaries 2,291,225 2,302,545
現金及現金等值項目 Cash and cash equivalents 8,220 9,642
2,300,208 2,313,609
流動負債 Current liabilities
應計款項及其他應付款 Accruals and other payables 5,768 6,240
應付董事款項 Amounts due to directors 401 394
應付附屬公司款項 Amounts due to subsidiaries 271 253
6,440 6,887
流動資產淨值 Net current assets 2,293,768 2,306,722
資產淨值 NET ASSETS 2,445,483 2,458,442
資本及儲備 CAPITAL AND RESERVES 29
股本 Share capital 234,170 234,170
儲備 Reserves 2,211,313 2,224,272
權益總額 TOTAL EQUITY 2,445,483 2,458,442
Annual Report 2017 年報162
財 務 報 表 附 註
NOTES TO THE FINANCIAL STATEMENTS
截至二零一七年十二月三十一日止年度 For the year ended 31 December 2017
38. 於截至二零一七年十二月三十一日
止年度已頒佈但尚未生效之修訂本、
新訂準則及詮釋之可能影響
截至此等財務報表刊發日期，香港會計師
公會已頒佈下列於截至二零一七年十二月
三十一日止年度尚未生效且並無於此等財
務報表中採納的修訂本、新訂準則及詮釋。
其中包括以下可能與本集團有關者。
香港財務報告準則
第2號之修訂本
以股份為基準之付款
交易之分類及計量1
香港財務報告準則
第9號
金融工具1
香港財務報告準則
第9號之修訂本
具有負補償之提早償
還特性2
香港財務報告準則
第15號
來自客戶合約之收益1
香港財務報告準則
第15號之修訂本
香港財務報告準則第
15號之澄清1
香港財務報告準則
第16號
租賃2
香港（國際財務報告
詮釋委員會）
－詮釋第22號
外幣交易及預付代價1
香港（國際財務報告
詮釋委員會）
－詮釋第23號
所得稅處理之不確定
因素2
1 於二零一八年一月一日或之後開始之年度
期間生效
2 於二零一九年一月一日或之後開始之年度
期間生效
38. POSSIBLE IMPACT OF AMENDMENTS, NEW
STANDARDS AND INTERPRETATIONS ISSUED BUT
NOT YET EFFECTIVE FOR THE YEAR ENDED 31
DECEMBER 2017
Up to the date of issuance of these financial statements, the
HKICPA has issued a number of amendments, new standards
and interpretations which are not yet effective for the year
ended 31 December 2017 and which have not been adopted
in these financial statements. These include the following
which may be relevant to the Group.
Amendments to
HKFRS 2
Classification and Measurement of
Share-based Payment Transactions1
HKFRS 9 Financial Instruments1
Amendments to
HKFRS 9
Prepayment Features with Negative
Compensation2
HKFRS 15 Revenue from Contracts with
Customers1
Amendments
to HKFRS 15
Clarifications to HKFRS 151
HKFRS 16 Leases2
HK(IFRIC) – INT 22 Foreign Currency Transactions and
Advance Consideration1
HK(IFRIC) – INT 23 Uncertainty over Income Tax
Treatments2
1 Effective for annual periods beginning on or after 1 January 2018
2 Effective for annual periods beginning on or after 1 January 2019
Annual Report 2017 年報 163
財 務 報 表 附 註
NOTES TO THE FINANCIAL STATEMENTS
截至二零一七年十二月三十一日止年度 For the year ended 31 December 2017
38. 於截至二零一七年十二月三十一日
止年度已頒佈但尚未生效之修訂本、
新訂準則及詮釋之可能影響（續）
本集團現正評估該等修訂本、新訂準則及
詮釋於首次應用期間之預期影響。就本集
團所知，新訂準則之部分範疇可能對綜合
財務報表構成重大影響。該等預期影響之
進一步詳情於下文論述。儘管有關香港財
務報告準則第9號及香港財務報告準則第15
號之評估已大致完成，惟首次採納該等準
則時產生之實際影響可能有所不同，因為
至今完成之評估乃根據本集團現時可得資
料作出，而於本集團截至二零一八年六月
三十日止六個月之中期財務報告首次應用
該等準則前可能會識別其他影響。本集團
亦可能變更其會計政策選擇（包括過渡選
擇），直至於有關財務報告首次應用該等準
則。
香港財務報告準則第9號「金融工具」
香港財務報告準則第9號將取代金融工具會
計處理之現行準則：香港會計準則第39號
「金融工具：確認及計量」。香港財務報告
準則第9號引入金融資產分類及計量之新規
定，包括金融資產減值計量及對沖會計法。
另一方面，香港財務報告準則第9號納入香
港會計準則第39號有關確認及終止確認金
融工具以及金融負債分類及計量之規定，
且並無作出重大變動。
香港財務報告準則第9號於二零一八年一月
一日或之後開始之年度期間追溯生效。本
集團計劃採用豁免重列比較資料，並將就
二零一八年一月一日之年初權益結餘確認
任何過渡調整。
38. POSSIBLE IMPACT OF AMENDMENTS, NEW
STANDARDS AND INTERPRETATIONS ISSUED BUT
NOT YET EFFECTIVE FOR THE YEAR ENDED 31
DECEMBER 2017 (Continued)
The Group is in the process of making an assessment of what
the impact of these amendments, new standards and
interpretations is expected to be in the period of initial
application. So far the Group has identified some aspects of
the new standards which may have a significant impact on the
consolidated financial statements. Further details of the
expected impacts are discussed below. While the assessment
has been substantially completed for HKFRS 9 and HKFRS 15,
the actual impacts upon the initial adoption of the standards
may differ as the assessment completed to date is based on
the information currently available to the Group, and further
impacts may be identified before the standards are initially
applied in the Group’s interim financial report for the six
months ending 30 June 2018. The Group may also change its
accounting policy elections, including the transition options,
until the standards are initially applied in that financial report.
HKFRS 9 “Financial Instruments”
HKFRS 9 will replace the current standard on accounting for
financial instruments, HKAS 39 “Financial instruments:
Recognition and measurement”. HKFRS 9 introduces new
requirements for classification and measurement of financial
assets, including the measurement of impairment for financial
assets and hedge accounting. On the other hand, HKFRS 9
incorporates without substantive changes the requirements of
HKAS 39 for recognition and derecognition of financial
instruments and the classification and measurement of
financial liabilities.
HKFRS 9 is effective for annual periods beginning on or after 1
January 2018 on a retrospective basis. The Group plans to use
the exemption from restating comparative information and will
recognise any transition adjustments against the opening
balance of equity as at 1 January 2018.
Annual Report 2017 年報164
財 務 報 表 附 註
NOTES TO THE FINANCIAL STATEMENTS
截至二零一七年十二月三十一日止年度 For the year ended 31 December 2017
38. 於截至二零一七年十二月三十一日
止年度已頒佈但尚未生效之修訂本、
新訂準則及詮釋之可能影響（續）
香港財務報告準則第9號「金融工具」（續）
新規定對本集團綜合財務報表之預期影響
如下：
(a) 分類及計量
香港財務報告準則第9號載有三個主
要金融資產類別，分別為(i)以攤銷成
本計量；(ii)透過損益按公平值列賬（「透
過損益按公平值列賬」）計量；及(iii)透
過其他全面收益按公平值列賬（「透過
其他全面收益按公平值列賬」）計量：
• 債務工具分類根據實體管理金融
資產的業務模式以及資產的合約
現金流量特徵而釐定。倘若債務
工具分類為透過其他全面收益按
公平值列賬、利息收入、減值及
出售收益╱損失將在損益中確認。
• 對於權益證券，無論實體的業務
模式如何都會被分類為透過損益
按公平值列賬。唯一的例外情況
是倘若權益證券並非持作買賣且
實體不可撤回地選擇將該證券指
定為透過其他全面收益按公平值
列賬。倘若權益證券被指定為透
過其他全面收益按公平值列賬，
只有該證券的股息收入會在損益
中確認。該證券的收益、損失及
減值會在其他全面收益中確認且
不會轉出。
本集團已評估其目前按攤銷成本及透
過損益按公平值列賬計量的金融資產
將於採用香港財務報告準則第9號時
沿用其各自的分類及計量。
38. POSSIBLE IMPACT OF AMENDMENTS, NEW
STANDARDS AND INTERPRETATIONS ISSUED BUT
NOT YET EFFECTIVE FOR THE YEAR ENDED 31
DECEMBER 2017 (Continued)
HKFRS 9 “Financial Instruments” (Continued)
Expected impacts of the new requirements on the Group’s
consolidated financial statements are as follows:
(a) Classification and measurement
HKFRS 9 contains three principal classification categories
for financial assets: measured at (i) amortised cost, (ii)
fair value through profit or loss (“FVTPL”) and (iii) fair
value through other comprehensive income (“FVTOCI”):
• The classification for debt instruments is determined
based on the entity’s business model for managing
the financial assets and the contractual cash flow
characteristics of the asset. If a debt instrument is
c lass i f i ed as FVTOCI , the in te res t revenue,
impairment and gains/losses on disposal will be
recognised in profit or loss.
• For equity securities, the classification is FVTPL
regardless of the entity’s business model. The only
exception is if the equity security is not held for
t rading and the ent i ty i r revocably e lects to
designate that security as FVTOCI. If an equity
security is designated as FVTOCI, only dividend
income on that security will be recognised in profit
or loss. Gains, losses and impairments on that
security will be recognised in other comprehensive
income without recycling.
The Group has assessed that its financial assets currently
measured at amortised cost and FVTPL will continue with
their respective classification and measurements upon the
adoption of HKFRS 9.
Annual Report 2017 年報 165
財 務 報 表 附 註
NOTES TO THE FINANCIAL STATEMENTS
截至二零一七年十二月三十一日止年度 For the year ended 31 December 2017
38. 於截至二零一七年十二月三十一日
止年度已頒佈但尚未生效之修訂本、
新訂準則及詮釋之可能影響（續）
香港財務報告準則第9號「金融工具」（續）
(a) 分類及計量（續）
香港財務報告準則第9號下，金融負債
的分類及計量規定大致繼承香港會計
準則第39號，並無重大變動，惟香港
財務報告準則第9號規定，指定為按透
過損益按公平值列賬計量的金融負債
因自身信貸風險變化所引起的公平值
變動須於其他全面收益中確認（不得
重新分類至損益）。本集團目前並無
以指定按透過損益按公平值列賬計量
的任何金融負債，因此該新規定將不
會對本集團採納香港財務報告準則第
9號造成影響。
(b) 減值
香港財務報告準則第9號中之新減值
模式以「預期信貸損失」模式取代香港
會計準則第39號之「已產生損失」模
式。根據預期信貸損失模式，毋須再
待發生損失事件後方確認減值損失。
取而代之，實體需根據資產以及事實
情況確認及計量十二個月之預期信貸
損失或永久預期信貸損失。本集團預
期應用預期信貸損失模式可能導致提
早確認信貸損失。
38. POSSIBLE IMPACT OF AMENDMENTS, NEW
STANDARDS AND INTERPRETATIONS ISSUED BUT
NOT YET EFFECTIVE FOR THE YEAR ENDED 31
DECEMBER 2017 (Continued)
HKFRS 9 “Financial Instruments” (Continued)
(a) Classification and measurement (Continued)
The classification and measurement requirements for
financial liabilities under HKFRS 9 are largely unchanged
from HKAS 39, except that HKFRS 9 requires the fair
value change of a financial liability designated at FVTPL
that is attributable to changes of that financial liability’s
credit risk to be recognised in other comprehensive
income (without reclassification to profit or loss). The
Group currently does not have any financial liabilities
designated at FVTPL and therefore this new requirement
will not have any impact on the Group on adoption of
HKFRS 9.
(b) Impairment
The new impairment model in HKFRS 9 replaces the
“incurred loss” model in HKAS 39 with an “expected
credit loss” model. Under the expected credit loss model,
it will no longer be necessary for a loss event to occur
before an impairment loss is recognised. Instead, an
entity is required to recognise and measure either a
12-month expected credit loss or a lifetime expected
credit loss, depending on the asset and the facts and
circumstances. The Group expects that the application of
the expected credit loss model may result in earlier
recognition of credit losses.
Annual Report 2017 年報166
財 務 報 表 附 註
NOTES TO THE FINANCIAL STATEMENTS
截至二零一七年十二月三十一日止年度 For the year ended 31 December 2017
38. POSSIBLE IMPACT OF AMENDMENTS, NEW
STANDARDS AND INTERPRETATIONS ISSUED BUT
NOT YET EFFECTIVE FOR THE YEAR ENDED 31
DECEMBER 2017 (Continued)
HKFRS 9 “Financial Instruments” (Continued)
(b) Impairment (Continued)
Based on the assessment by the directors of the
Company, if the expected credit model were to be
applied by the Group, the accumulated amount of
impairment loss to be recognised by the Group as at 1
January 2018 would be slightly increased as compared to
the accumulated amount recognised under HKAS 39
mainly attributable to expected credit provision on trade
and other rece ivab les . Such fur ther impai rment
recognised under expected credit loss model would
increase the opening accumulated losses as at 1 January
2018.
(c) Hedge accounting
H K F R S 9 d o e s n o t f u n d a m e n t a l l y c h a n g e t h e
requirements relating to measuring and recognising
ineffectiveness under HKAS 39. However, greater
f lex ib i l i t y has been in t roduced to the types of
transactions eligible for hedge accounting. The Group
currently does not have any hedge and therefore this
new requirement may not have any impact on the Group
on adoption of HKFRS 9.
38. 於截至二零一七年十二月三十一日
止年度已頒佈但尚未生效之修訂本、
新訂準則及詮釋之可能影響（續）
香港財務報告準則第9號「金融工具」（續）
(b) 減值（續）
根據本公司董事之評估，倘若本集團
應用預期信貸虧損模式，本集團於二
零一八一月一日將予確認之減值虧損
累計金額將較根據香港會計準則第39
號確認之累計金額輕微增加，主要由
於應收賬款及其他應收款之預期信貸
撥備。根據預期信貸虧損模式確認之
進一步減值將增加於二零一八年一月
一日之年初累計虧損。
(c) 對沖會計
香港財務報告準則第9號並未從根本
上改變香港會計準則第39號下對有關
計量及確認對沖無效部分。然而，對
適用於對沖會計的交易類別已增加彈
性。本集團現時並無進行任何對沖，
因此本新規定對本集團採納香港財務
報告準則第9號不會造成任何影響。
Annual Report 2017 年報 167
財 務 報 表 附 註
NOTES TO THE FINANCIAL STATEMENTS
截至二零一七年十二月三十一日止年度 For the year ended 31 December 2017
38. POSSIBLE IMPACT OF AMENDMENTS, NEW
STANDARDS AND INTERPRETATIONS ISSUED BUT
NOT YET EFFECTIVE FOR THE YEAR ENDED 31
DECEMBER 2017 (Continued)
HKFRS 15 “Revenue from Contracts with Customers”
HKFRS 15 establ ishes a comprehensive framework for
recognising revenue from contracts with customers. HKFRS 15
wil l replace the exist ing revenue standards, HKAS 18
“Revenue”, which covers revenue arising from sale of goods
and rendering of services, and HKAS 11 “Construction
contracts”, which specifies the accounting for revenue from
construction contracts. Based on the assessment completed to
date, the Group has identified the following areas which are
expected to be affected:
(a) Timing of revenue recognition
The Group’s revenue recognition policies are disclosed in
note 2(p). Currently, revenue from sales of goods is
generally recognised when the risks and rewards of
ownership have passed to the customers. Under HKFRS
15, revenue is recognised when the customer obtains
control of the promised good or service in the contract.
HKFRS 15 identifies 3 situations in which control of the
promised good or service is regarded as being transferred
over time:
(i) When the customer simultaneously receives and
consumes the benefits provided by the entity’s
performance, as the entity performs;
(ii) When the entity’s performance creates or enhances
an asset that the customer controls as the asset is
created or enhanced;
(iii) When the entity’s performance does not create an
asset with an alternative use to the entity and the
entity has an enforceable right to payment for
performance completed to date.
38. 於截至二零一七年十二月三十一日
止年度已頒佈但尚未生效之修訂本、
新訂準則及詮釋之可能影響（續）
香港財務報告準則第15號「來自客戶合約的
收入」
香港財務報告準則第15號建立了一個確認
來自客戶合約之收益之綜合框架。香港財
務報告準則第15號將取代現有收益準則香
港會計準則第18號「收益」（涵蓋銷售商品及
提供服務產生之收益）及香港會計準則第11
號「建造合約」（規定了來自建造合約之收益
之會計處理）。根據至今完成之評估，本集
團已識別下列預期將受影響之方面：
(a) 收益確認之時點
本集團之收益確認政策已於附註2(p)
披露。目前，銷售貨品之收益通常在
所有權風險及回報轉移至客戶時確認。
根據香港財務報告準則第15號，收益
於客戶獲得合約中承諾商品或服務之
控制權時確認。香港財務報告準則第
15號確定了對承諾商品或服務之控制
權被視為隨時間轉移的三種情況：
(i) 當客戶同時取得及消耗實體履約
所提供之利益時；
(ii) 實體之履約行為創造或改良了客
戶在資產被創造或改良時就控制
的資產；
(iii) 實體之履約行為並未創造一項可
被實體用於替代用途之資產，且
實體具有就迄今為止已完成之履
約部份獲得客戶付款之可執行權
利。
Annual Report 2017 年報168
財 務 報 表 附 註
NOTES TO THE FINANCIAL STATEMENTS
截至二零一七年十二月三十一日止年度 For the year ended 31 December 2017
38. POSSIBLE IMPACT OF AMENDMENTS, NEW
STANDARDS AND INTERPRETATIONS ISSUED BUT
NOT YET EFFECTIVE FOR THE YEAR ENDED 31
DECEMBER 2017 (Continued)
HKFRS 15 “Revenue from Contracts with Customers”
(Continued)
(a) Timing of revenue recognition (Continued)
If the contract terms and the entity’s activities do not fall
into any of these 3 situations, then under HKFRS 15 the
entity recognises revenue for the sale of that good or
service at a single point in time, being when control has
passed. Transfer of risks and rewards of ownership is only
one of the indicators that wi l l be considered in
determining when the transfer of control occurs. The
Group has assessed that the new revenue standard is not
likely to have significant impact on how it recognises
revenue from sales of goods.
(b) Significant financing component
HKFRS 15 requires an entity to adjust the transaction
price for the time value of money when a contract
contains a significant financing component, regardless of
whether the payments from customers are received
significantly in advance or in arrears.
Currently, the Group does not apply such a policy when
payments are received in advance. Advance payments are
also not common in the Group’s arrangements with its
customers.
38. 於截至二零一七年十二月三十一日
止年度已頒佈但尚未生效之修訂本、
新訂準則及詮釋之可能影響（續）
香港財務報告準則第15號「來自客戶合約的
收入」（續）
(a) 收益確認之時點（續）
倘合約條款及實體之活動並不屬於任
何該三種情況，則根據香港財務報告
準則第15號，實體於某一時間點（即
控制權轉移時）就銷售該商品或服務
確認收益。所有權風險及回報之轉移
僅為於釐定控制權轉移發生時將考慮
的其中一項指標。本集團已評估新收
益準則不太可能對其確認銷售貨品收
益之方法造成重大影響。
(b) 重大融資部分
香港財務報告準則第15號規定，當合
約包含重大融資部分時，實體須就貨
幣之時間價值調整交易價格，無論來
自客戶之付款將大部分預先或延後收
取。
現時，本集團並無就預收款項應用有
關政策。預付款項於本集團與客戶之
安排中並不常見。
Annual Report 2017 年報 169
財 務 報 表 附 註
NOTES TO THE FINANCIAL STATEMENTS
截至二零一七年十二月三十一日止年度 For the year ended 31 December 2017
38. POSSIBLE IMPACT OF AMENDMENTS, NEW
STANDARDS AND INTERPRETATIONS ISSUED BUT
NOT YET EFFECTIVE FOR THE YEAR ENDED 31
DECEMBER 2017 (Continued)
HKFRS 15 “Revenue from Contracts with Customers”
(Continued)
(c) Sales with a right of return
Currently when the customers are allowed to return the
Group’s products, the Group estimates the level of
expected returns and makes an adjustment against
revenue and cost of sales. The Group has assessed that
the adoption of HKFRS 15 will not materially affect how
the Group recognises revenue and cost of sales when the
customers have a right of return.
However, the new requirement to recognise separately a
return asset for the products expected to be returned will
impact the presentation in the consolidated statement of
financial position as the Group currently adjusts the
carrying amounts of inventory for the expected returns,
instead of recognising a separate asset.
Based on the existing available information, the directors of
the Company have preliminarily assessed that the application
of HKFRS 15 may only result in more disclosures instead of
having material impact on the timing and amounts of revenue
recognised in the respective reporting periods.
38. 於截至二零一七年十二月三十一日
止年度已頒佈但尚未生效之修訂本、
新訂準則及詮釋之可能影響（續）
香港財務報告準則第15號「來自客戶合約的
收入」（續）
(c) 附退貨權的銷售
目前，當客戶可退回本集團產品時，
本集團估計預期退貨水平，並對收入
和銷售成本進行調整。本集團已評估，
當客戶有退貨權時，採用香港財務報
告準則第15號不會對本集團確認收益
和銷售成本之方法產生重大影響。
然而，對預計將被退回的產品單獨確
認退貨資產的新要求，將影響綜合財
務狀況表中的列報，因為本集團目前
就預計退貨調整存貨的賬面值，而不
是確認一項獨立的資產。
根據現時可得資料，本公司董事初步評估
於應用香港財務報告準則第15號時，可能
只需要作出更多披露，而不會對各報告期
間確認收入之時間及金額造成重大影響。
Annual Report 2017 年報170
財 務 報 表 附 註
NOTES TO THE FINANCIAL STATEMENTS
截至二零一七年十二月三十一日止年度 For the year ended 31 December 2017
38. POSSIBLE IMPACT OF AMENDMENTS, NEW
STANDARDS AND INTERPRETATIONS ISSUED BUT
NOT YET EFFECTIVE FOR THE YEAR ENDED 31
DECEMBER 2017 (Continued)
HKFRS 16 “Leases”
As disclosed in note 2(f), currently the Group classifies leases
into finance leases and operating leases and accounts for the
lease arrangements differently, depending on the classification
of the lease. The Group has entered into some leases as the
lessee.
HKFRS 16 is not expected to impact significantly on the way
that lessors account for their rights and obligations under a
lease. However, once HKFRS 16 is adopted, lessees will no
longer distinguish between finance leases and operating
leases. Instead, subject to practical expedients, lessees will
account for all leases in a similar way to current finance lease
accounting, . at the commencement date of the lease the
lessee will recognise and measure a lease liability at the
present value of the minimum future lease payments and will
recognise a corresponding “right-of-use” asset. After initial
recognition of this asset and liability, the lessee will recognise
interest expense accrued on the outstanding balance of the
lease liability, and the depreciation of the right-of-use asset,
instead of the current policy of recognising rental expenses
incurred under operating leases on a systematic basis over the
lease term. As a practical expedient, the lessee can elect not to
apply this accounting model to short-term leases (. where
the lease term is 12 months or less) and to leases of low-value
assets, in which case the rental expenses would continue to be
recognised on a systematic basis over the lease term.
38. 於截至二零一七年十二月三十一日
止年度已頒佈但尚未生效之修訂本、
新訂準則及詮釋之可能影響（續）
香港財務報告準則第16號「租賃」
誠如附註2(f)所披露，本集團現時將租賃劃
分為融資租賃及經營租賃，並視乎租賃劃
分以不同方式對租賃安排進行會計處理。
本集團已作為承租人訂立不同租賃。
預期香港財務報告準則第16號不會對出租
人租賃權利與義務之會計處理造成重大影
響。然而，一旦採納香港財務報告準則第
16號，承租人將不再區分融資租賃及經營
租賃。取而代之，除非使用若干權宜實行
方法，否則承租人將按與現有融資租賃會
計處理方法類似之方式對所有租賃進行會
計處理，即於租約開始日期，承租人將按
未來最低租賃付款額之現值確認及計量租
賃負債，及將確認相應的「使用權」資產。
初始確認該資產及負債後，承租人將確認
租賃負債未付餘額所產生之利息費用及使
用權資產折舊，而非根據現有政策於租期
內按系統基準確認根據經營租賃所產生之
租賃費用。作為權宜實行方法，承租人可
選擇不將此會計模式應用於短期租賃（即租
期為12個月或以下）及低價值資產之租賃，
於該等情況下，租賃費用將繼續於租期內
按系統基準確認。
Annual Report 2017 年報 171
財 務 報 表 附 註
NOTES TO THE FINANCIAL STATEMENTS
截至二零一七年十二月三十一日止年度 For the year ended 31 December 2017
38. POSSIBLE IMPACT OF AMENDMENTS, NEW
STANDARDS AND INTERPRETATIONS ISSUED BUT
NOT YET EFFECTIVE FOR THE YEAR ENDED 31
DECEMBER 2017 (Continued)
HKFRS 16 “Leases” (Continued)
HKFRS 16 will primarily affect the Group’s accounting as a
lessee of leases for property, plant and equipment which are
currently classified as operating leases. The application of the
new accounting model is expected to lead to an increase in
both assets and liabilities and to impact on the timing of the
expense recognition in the consolidated statement of profit or
loss over the period of the lease. As disclosed in note 33(b), as
at 31 December 2017, the Group’s future minimum lease
payments under non-cancellable operating leases amounted to
approximately HK$884,000 for lease of properties. Some of
these amounts may therefore need to be recognised as lease
liabilities, with corresponding right-of-use assets, once HKFRS
16 is adopted. The Group will need to perform a more detailed
analysis to determine the amounts of new assets and liabilities
arising from operating lease commitments on adoption of
HKFRS 16, after taking into account the applicability of the
practical expedient and adjusting for any leases entered into or
terminated between now and the adoption of HKFRS 16 and
the effects of discounting.
HKFRS 16 is effective for annual periods beginning on or after
1 January 2019. The standard offers different transition
options and practical expedients, including the practical
expedient to grandfather the previous assessment of which
existing arrangements are, or contain, leases. If this practical
expedient is chosen, the Group will apply the new definition of
a lease in HKFRS 16 only to contracts that are entered into on
or after the date of initial application. If the practical expedient
is not chosen, the Group will need to reassess all of its
decisions about which existing contracts are, or contain,
leases, using the new definition. Depending on whether the
Group elects to adopt the standard retrospectively or follow a
m o d i f i e d r e t r o s p e c t i v e m e t h o d o f r e c o g n i s i n g a
cumulative-effect adjustment to the opening balance of equity
at the date of initial application, the Group may or may not
need to restate comparative information for any changes in
accounting resulting from the reassessment.
38. 於截至二零一七年十二月三十一日
止年度已頒佈但尚未生效之修訂本、
新訂準則及詮釋之可能影響（續）
香港財務報告準則第16號「租賃」（續）
香港財務報告準則第16號將主要影響本集
團作為物業、廠房及設備（現時劃分為經營
租賃）租賃承租人之會計處理方法。預期應
用新會計模式將導致資產及負債均有所增
加，及影響租賃期間於綜合損益表確認費
用之時間。誠如附註33(b)所披露，於二零
一七年十二月三十一日，本集團就租賃物
業根據不可撤銷經營租賃之未來最低租賃
付款項約為884,000港元。因此，一旦採納
香港財務報告準則第16號，該等款項部分
可能須確認為租賃負債，並附帶相應使用
權資產。經考慮權宜實行方法之適用性、
就現時至採納香港財務報告準則第16號期
間已訂立或終止之任何租賃及貼現影響作
出調整後，本集團將須進行更為詳細之分
析以釐定於採納香港財務報告準則第16號
時經營租賃承擔所產生之新資產及負債之
金額。
香港財務報告準則第16號將於二零一九年
一月一日或之後開始之年度期間生效。該
準則提供不同之過渡選擇及可行權宜方法，
包括融入先前評估之可行權宜方法，當中
現有安排為（或包含）租賃。倘選擇此可行
權宜方法，本集團僅將香港財務報告準則
第16號對租賃之新定義應用於首次應用日
期或之後訂立之合約。倘並無選擇可行權
宜方法，本集團將須使用新定義重新評估
其對哪些現有合約為（或包含）租賃而作之
所有決定。視乎本集團是否選擇以追溯方
式採納該準則，或遵從經修訂可追溯方式
確認對首次應用當日權益期初結餘之累計
效應調整，本集團未必需要重列因重新評
估而引致任何會計變動之比較資料。
Annual Report 2017 年報172
財 務 概 要
FINANCIAL SUMMARY
截至十二月三十一日止年度
For the year ended 31 December
二零一七年 二零一六年 二零一五年 二零一四年 二零一三年
2017 2016 2015 2014 2013
千港元 千港元 千港元 千港元 千港元
HK$’000 HK$’000 HK$’000 HK$’000 HK$’000
收入 Revenue 637,162 709,120 843,110 1,183,786 1,488,282
銷售成本 Cost of sales (611,531) (704,190) (943,575) (1,292,332) (1,701,158)
毛利╱（毛虧） Gross profit/(loss) 25,631 4,930 (100,465) (108,546) (212,876)
除稅前虧損 Loss before taxation (79,402) (98,403) (264,083) (98,622) (375,771)
所得稅（支出）╱抵免 Income tax (charge)/credit (5,379) (9,473) (3,535) (3,406) 9,961
本年度虧損 Loss for the year (84,781) (107,876) (267,618) (102,028) (365,810)
應佔: Attributable to:
本公司擁有人 Owners of the Company (82,839) (104,242) (256,650) (92,972) (350,847)
非控股權益 Non-controlling interests (1,942) (3,634) (10,968) (9,056) (14,963)
(84,781) (107,876) (267,618) (102,028) (365,810)
於十二月三十一日
As at 31 December
二零一七年 二零一六年 二零一五年 二零一四年 二零一三年
2017 2016 2015 2014 2013
千港元 千港元 千港元 千港元 千港元
HK$’000 HK$’000 HK$’000 HK$’000 HK$’000
流動資產 Current assets 2,512,509 2,434,619 2,610,821 2,370,356 2,504,164
非流動資產 Non-current assets 409,082 480,382 577,089 820,054 779,222
資產總值 Total assets 2,921,591 2,915,001 3,187,910 3,190,410 3,283,386
流動負債 Current liabilities 167,781 259,175 250,500 191,838 135,797
非流動負債 Non-current liabilities – 811 886 962 410
負債總值 Total liabilities 167,781 259,986 251,386 192,800 136,207
資產淨值 Net assets 2,753,810 2,655,015 2,936,524 2,997,610 3,147,179
股本 Share capital 234,170 234,170 234,170 167,264 167,264
儲備 Reserves 2,511,665 2,411,514 2,688,629 2,804,461 2,943,985
本公司擁有人
應佔權益
Equity attributable to owners
of the Company 2,745,835 2,645,684 2,922,799 2,971,725 3,111,249
非控股權益 Non-controlling interests 7,975 9,331 13,725 25,885 35,930
權益總值 Total equity 2,753,810 2,655,015 2,936,524 2,997,610 3,147,179
香 港 中 環 雪 廠 街 16 號 西 洋 會 所 大 廈 15 樓
15/F, Club Lusitano, 16 Ice House Street, Central, Hong Kong
中國稀土控股有限公司
China Rare Earth Holdings Limited
(Incorporated in the Cayman Islands with limited liability)
(於開曼群島註冊成立之有限公司 )
Stock code 股份代號 : 00769
中國稀土控股有限公司
China Rare Earth Holdings Limited
年 報A n n u a l R e p o r t 2017
2017
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