[公告]中怡国际：截至二零一六年十二月三十一日止之全年业绩公布
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. 香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈的內容概不負責，對其準確性或完整性亦不發表任何 聲明，並明確表示，概不對因本公佈全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 EcoGreen International Group Limited 中怡國際集團有限公司 (incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立之有限公司） (Stock code: 2341; Website: www.ecogreen.com) （股份代號：2341；網址：www.ecogreen.com） ANNUAL RESULTS ANNOUNCEMENT FOR THE YEAR ENDED 31 DECEMBER 2016 截至二零一六年十二月三十一日止之 全年業績公佈 HIGHLIGHTS 摘要 . Revenue for the year reached RMB1.63 billion (2015: RMB1.54 billion), increased by 6% as compared to last year. . 本年度營業額達到人民幣16.3億元 （2015：人民幣 15.4億元），較去年上升 6%。 . Profit attributable to shareholders for the year was RMB145 million (2015: RMB85.52 million), increased by 70% as compared to last year. . 本年度股東應佔利潤為人民幣1.45億元 （2015年：人民幣 8,552萬元），較去年 上升70%。 . Basic earnings per share for the year amounted to approximately RMB22.4 cents (2015: RMB13.2 cents). . 本年度每股基本收益約為人民幣22.4分 （2015：人民幣 13.2分）。 . The Board has resolved to pay a final dividend of HK3.4 cents (2015: HK2.6 cents) per share. . 董事會議決派付末期股息，每股 3.4港仙 （2015：2.6港仙）。 1 CHAIRMAN’S STATEMENT 主席報告書 Review 回顧 On behalf of the board of directors (the “Board”), I would like 本人謹代表董事會，向各股東報告本集團截至二 to report the annual results of the Group for the year ended 31 零一六年十二月三十一日止年度之業績。期內，集 December 2016 (the “Year”) to the shareholders. During the Year, 團營業額約為人民幣16.3億元，與二零一五年相 the Group’s turnover rose by 6% year on year to approximately 比上升6%；本公司股東應佔利潤為人民幣 1.45億 RMB1,630 million compared to 2015. Profit attributable to 元，較去年上升 70%。未扣除利息、稅項、折舊和 shareholders for the Year increased by 70% year on year to 攤銷前盈利（「EBITDA」）為人民幣3.28億元，較 RMB145 million compared to 2015. Earnings before interest, 二零一五年同比上升29%，而每股基本及攤薄利 taxes, depreciation and amortization (“EBITDA”) increased by 潤分別為人民幣22.4分及22.3分（二零一五年： 29% year on year to RMB328 million compared to 2015. Basic 分別為人民幣13.2分及12.9分）。 earnings per share and diluted earnings per share for the Year amounted to RMB22.4 cents and RMB22.3 cents respectively (2015: RMB13.2 cents and 12.9 cents respectively). In appreciation of the shareholders’ support, the Board resolved 為了回報廣大股東的支持，董事會建議宣派本年 to declare a final dividend of HK3.4 cents per share for the 度末期股息每股港幣3.4仙，惟須待股東於應屆股 Year, which is subject to the approval by the shareholders at the 東週年大會批准。連同中期股息每股港幣 1.4仙， forthcoming annual general meeting (the “AGM”) of the Company. 本年度的股息分派總額為每股港幣4.8仙（二零 Together with the interim dividend of HK1.4 cents, the total 一五年：港幣 4.8仙）。 dividend per share for the Year would be HK4.8 cents (2015: HK4.8 cents). In 2016, the global economy experienced high volatility in the 2016年，受到中國經濟下滑、人民幣貶值、美元 midst of China’s economic downturn, RMB devaluation, US 利率調升以及多件國際政治『黑天鵝』事件（包 interest rate hike and a number of “Black Swan” events such 括英國公投退出歐盟以及特朗普先生當選美國總 as Brexit and US presidential election. Although US consumer 統等）的影響，全球經濟在放緩中加劇了波動。雖 sentiment turned optimistic after the US presidential election, 然美國總統大選後，美國消費者情緒轉為樂觀， overall economy lacks motivation throughout the eurozone and 然而，放眼歐元區以及新興國家，經濟仍普遍缺 emerging markets. In China, real economy faces transformational 乏動力；在中國，消費者信心較為疲弱，在『供給 pressure driven by “Supply-side Reform”, consumer confidence in 側』改革的推動下實體經濟正面對轉型壓力，整 China was relatively weak while the overall business environment 體經營環境充滿著挑戰。 remained challenging. The year of 2016 marked the third year of the Group’s new 2016年，是集團宣示開啟「新中怡」十年的第三 decade of development, we have implemented strategic practices 個年頭，我們落實了集團在多個事業領域裡的戰 in various business scopes: 略實踐： 1. The Group continued to press ahead with the strategies of 一、集團繼續積極實施「精進製造 +供應鏈服務」 “Smart production and Supply chain management services” 的策略和「 360度全景香原料產業戰略」，這 and “360-degree aroma chemicals business strategy”, 已在幾年間取得豐厚成果。使得本集團成功 which have achieved fruitful results over the past few years. 為全球大型中下游生產商提供更緊密服務 The Group succeeded in collaborating with the world’s 產品，包括為客戶提供由研發、採購、生產 sizeable midstream and downstream producers in the 到倉儲至物流等一站式的供應鏈整體服務 provision of one-stop supply chain management services, 方案，其中香原料集成的事業平臺已為集團 that encompass research and development, procurement, 帶來規模化效益，使得 2016年香原料的銷售 production, storage and logistics, among which our aroma 收入比較上一年錄得6%的增長。 chemicals integrated business platform has generated economies of scale for the Group. As a result, our sales revenue of aroma chemicals business rose by 6% compared to 2015. 2 2. The Group set up its preliminary international supply chain of natural-based and petroleum-based complementary mechanism, to secure the supply and price stability of the Group’s natural resources. Meanwhile, our Carbon5 molecules petroleum-based resources has established a new and powerful resource basis for its fine chemicals business stream. These measures enabled the Group to better control production cost, resulting an overall gross profit margin increase by 1.3 percentage points to 24.5% compared to 2015. 3. In respect of our “Scent & Taste” business, petroleumbased aroma chemicals attained a rapid growth, while the downstream development of aroma business has been proactive and well-received by the Group’s key customers. Seasoning product series served customers from individual to catering providers (centralized kitchens). The Group offered standardized compounded flavoring sauce as a seasoning solution for standardization of Chinese cuisine which has been well received by the Group’s end-users. Natural food additives recorded a steady growth, among which special flavoring ingredients increased by over 50%, while the resources control of fresh oysters extracts has further consolidated. Meanwhile, the Group planned to upgrade and move its fully utilized Xinglin production base to Changtai base. In respect of “Natural Products”, the Group launched a strategic plan and established a database and sourcing analytic system for its natural products, thereby laying a solid foundation for the operation of the natural essential oil supply chain. In respect of “Specialty Chemicals”, the Group’s pine-based and petroleum-based functional chemical products were well expanded into the industries of electronics, medical intermediates and pesticide agents. 4. Project Gulei’s first phase of construction officially started in the second half of 2016, and is planned to commence production in 2019. Adhering to its “Industry 4.0” construction concept of informatization and intelligentization, the Group adjusted its plan for Project Gulei in response to the global economy changes and mainland China’s supply-side reform. The adjustments include product mix enhancement for both domestic and foreign markets, and synergies achievement with natural-based and petroleumbased resources supply chain. Moreover, the Group developed a new business of “functional materials” to create synergies with “functional chemical products” (aroma chemicals inclusive) business. 2016 was the first year of the development of “functional materials” business, the Group has since coordinated different departments of human resources, marketing, supply chain management, technology to build up a preliminary application platform. 二、天然基和石油基資源及產品的國際供應鏈 初步建構完成。其中，以松節油為主的天然 基與國內石油基供應鏈築成一個均衡亙補 的機制，保障了集團的天然資源供應和價 格的穩定性；以五碳分子 (C5)為主的石油基 資源則為集團的精細化工事業群提供全新 的、強大的原料基礎。以上舉措使得集團在 生產成本上有更好的管控， 2016年全年的 綜合毛利率達到24.5%，比2015年同期提升 了1.3個百份點。 三、「芳香和味道」業務方面，以石油基為原料 的香原料產品獲得了較快的增長；香料產業 鏈下游業務正在積極發展中，已經開始獲 得重要客戶的採用；面對消費客戶的調味 產品系列轉向面對團餐客戶（中央廚房）， 並從客戶需求出發，提供中餐標準化的解決 方案-標準化復合調味醬。該產品已經在終 端用戶使用，並得到一致好評。天然食品配 料增長穩定，其中風味配料增長超過 50％， 而海鮮提取物（鮮蠔）的資源控制得到進一 步鞏固，同時正計劃將現已生產飽和的杏 林廠區整體升級搬遷到長泰廠區。「天然產 物」業務方面，天然精油事業群在上游資源 產地展開了前瞻性的佈局，建立了天然資源 資訊數據庫和採集分析共用系統，為天然精 油全產業鏈的運營打下良好基礎。「特殊化 學品」業務方面，集團的松樹基和石油基功 能化學品分別在電子行業、醫藥中間體和農 藥增效劑等領域均獲得良好的拓展。 四、古雷項目在二零一六年下半年正式動工並 將分階段投入建造，預期在二零一九年開始 逐步投產。秉持「兩化融合」的產業建設理 念，並因應全球經濟形勢變化和中國大陸供 給側改革，古雷項目的規劃已作適當調整， 包括對內銷與國際市場產品結構的優化、天 然基資源與石油基資源供應鏈的協同支援、 「功能化學品」事業群（含香原料）與「功能 材料」新事業群的協同發展格局已經成形。 2016年是集團發展「功能材料」事業的啟動 元年，無論是在人力資源、市場戰略、供應 鏈管理、工藝技術、應用平臺項目建設前期 都在逐一落實到位。 3 5. In line with the Group’s business transformation strategy, 五、除此之外，根據公司業務轉型的策略，集團 the Group continued to proactively seek out synergistic 繼續在積極地尋找具協同效益的企業或業 corporate collaboration or business opportunities. The 務機會，期待通過審慎的合作、投資以及收 Group expected to accelerate its business growth through 購，以加快自身業務的成長。目前，在不同 prudent cooperation, investment and acquisitions. 業務方向上，正在積極地考慮一些適當的建 At present, the Group actively considers appropriate 議。 approaches in various business aspects. OUTLOOK 展望 In 2017, facing new US diplomatic and economic policies and 二零一七年，隨著美國新一屆政府外交和經濟政 UK’s Brexit negotiation, coupled with challenges of eurozone 策的實施、和英國議會開始授權脫歐談判，加上 domestic politics and international debt, along with Chinese “new 歐洲多國所面對的國內政治和國際債務的多重挑 normal” operation economy, the global economy is expected to 戰以及中國經濟在『新常態』下的運行，預計全 remain very uncertain. Despite economic data at the beginning 球經濟將面臨更大不確定性。雖然，年初的經濟 of the year showed an improvement of the global economic 據顯示環球經濟情況有所改善，惟在保護主義抬 situation, we maintain a prudent expectation towards the overall 頭、貿易及地緣政治磨擦升溫、以至全球化進程 business environment under the rise of protectionism, trade and 放慢的陰影下，我們對全年經營環境抱持審慎的 geopolitical friction. 預期。 The Group endeavors to continue its corporate transformation 儘管前景仍不明朗，但集團的「新中怡」戰略將 strategy “New EcoGreen” despite the uncertain economic 繼續會堅定地貫徹到底。在穩健之財務基礎上， outlook. The Group will develop new business to generate 培育新的事業群，並與現有的事業群產生協同發 synergy with existing businesses upon its solid financial basis. 展。透過卓越的客戶服務、高效的營運、精緻的成 Leveraging on its excellent customer services, efficient operation, 本管理、強化資訊科技的應用，以期推動集團業 sophisticated cost management, and strong information 務的快速成長，提升收益和資本回報。 technology application, the Group aims to foster a rapid business growth and enhance revenue and capital return. 1. As to its core business of aroma chemicals, the 一、主營業務香原料方面，預計在天然基和石油 Group expects its portfolio of natural-based products 基的產品組合上都會有穩定增長的表現。 and petroleum-based products to have steady sales 在持續努力拓展市場的同時，因應銷售和產 performance. While continuing market expansion, the 能的增長，集團今年的營運重點將放在提升 Group will put emphasis on increasing sustainable for larger 可持續與穩定可靠的供應能力以及產品贏 market share and reliable supply capacity and also product 利能力上。主要包括：一、集團繼續加大在 profitability, including 1) The Group will continue to increase 環保、安全的技術升級和能力提升方面的投 investment on upgrading its environmental protection and 入，一方面保障集團自身的可持續發展，另 safety technology, as well as on enhancing its capacity, 一方面也將承接國內其它企業因環保新政而 to better secure its own sustainable development, and to 停產的產品，為集團的傳統客戶貢獻更大價 take over the demand from other domestic enterprises 值；二、拓展戰略資源與供應鏈全球化相融 with discontinued products due to new government 合的深度與廣度，提升供應鏈的可靠性和成 environmental policies, which will contribute value creation 本優勢；三、增加技改工藝的投入，通過進 to the Group’s traditional customers. 2) The Group will 一步提升生產得率，降低原料消耗、能源消 broaden the scope of its integration of strategic resources 耗和三廢比例，達到成本降低和排放減少， and supply chain globalization, to enhance the reliability 以獲得企業和社會雙重效益；四、深度挖掘 and cost advantage of the supply chain. 3) The Group will 及提升副產物的應用價值。 increase the investment on technology transformation to further enhance its production capacity, and reduce the consumption of raw materials and energy, and proportion of air, water and land pollutants. This will obtain dual benefits for the corporate and the society. 4) The Group will thoroughly enhance the application value of its by-products. 4 2. As a new business development of the Group, natural essential oils are used in the production of aroma chemicals, food ingredients, personal care products, aromatherapy, and medical ointments. More than 18 products have been included in the Group’s business plan at present. Through the gradual improvement of the Group’s natural resources database system, the business segment is expected to scale up revenue contribution next year and become a new drive of the Group’s business growth. The standardized compounded flavoring sauce is an integrated seasoning solution for the rapid-growing catering market, which will also serve to establish a sales network for the Group’s end-users and channel-users. 3. The business of functional materials and the construction of the Gulei production base have been pressed ahead with the support of the Group’s international expert teams. The construction of the first application laboratory of functional materials is tailor-made to satisfy the needs of the end-users with aim of value creation and rapid growth. A number of functional resin-related market and customer development projects have been launched successfully, assisting this newly formed business to generate income in the first year. 4. Project Gulei in the Gulei Chemical Industrial Park is currently under construction. In addition to becoming the pioneer of functional materials provider in the domestic market, the Group will leverage its new strategic resources supply chain to unprecedentedly expand the chemicals resources, supply and the range of application for its fine chemicals business. In the future, Gulei production base will cover a broader range of product mix of aroma chemicals and functional chemical products. The combination of sophisticated chemicals reaction will enable EcoGreen to become a multi-functional chemical manufacturing base and achieve the ultimate business goal of the Group’s new decade of development. 5. Additionally, the Group “New EcoGreen” will proactively and persistently seek strategic M&A opportunities under the strategic guidance of the Group’s new decade of development. The Group will endeavor to carry on its business goal of traditional business segment such as flavour and fragrance business, and new business such as functional materials and functional chemicals products. 二、作為集團刻意打造的新創事業群，天然精油 產業其產品應用涵蓋香原料、食品配料、個 人護理品、芳療和藥油原料等。目前列入經 營計劃的產品多達十八個，通過逐步完善的 集團天然資源資訊數據庫和採集分析共用 系統，可以期待在新的一年將有規模化的營 收貢獻並逐步成為業務增長的新動力。 面向終端廚房的標準化「復合調味醬」將為 增長迅速的團餐客戶餐飲市場提供完善的 產品系列，並將建立健全終端用戶和管道用 戶並舉的營銷網絡。 三、功能材料事業在項目的國際專家組的支持 下，當下正在全力衝刺古雷製造基地的建 設，集團第一個功能材料應用技術實驗室的 建設和使用，特別制定了面對客戶應用端的 「價值開創，事業躍升」行動計劃，多項功能 樹脂有關的市場與客戶拓展專案已經成功 啟動。相信這個新生事業的業務營收在其開 局之年就有零的突破。 四、中怡古雷產業園正在動工建設，除了目標成 為國內行業先行者的功能材料項目之外，以 新型戰略資源供應鏈組合為支撐，集團將前 所未有地拓展精細化工事業板塊原料資源 的供應維度和應用廣度。未來，古雷製造基 地所涵蓋的香原料和功能性化學品的產品 組合將更豐富多彩，更加完備的化工反應類 型的集合將使得中怡古雷成為多功能化學 品製造基地，從而全面實現新中怡的宏偉事 業目標。 五、此外，在「新中怡」戰略的指引下，集團將 更加積極地、不間斷地在尋求策略併購的 機會，無論是在我們傳統的業務領域如香精 香料，還是新事業如功能材料以及功能化學 品，我們都在跟進相應的目標，加緊努力。 5 The Group will continue to uphold the noble mission of “Commitment to bringing health and well-being to the globe” and pursue the business philosophy “Ecogreen and Ecofriendly”. In accordance with its vision of “making the best use of talents and resources”, EcoGreen will make an unrelenting and unswerving effort to foster its newly established businesses. On behalf of the Board, I would like to express my heartfelt gratitude to all our shareholders, customers, suppliers and staff members for their consistent trust and support which have been crucial to the Group’s success. I would also like to extend my thanks to all the directors of the Company (the “Directors”) and the Group’s advisors for their great support and valuable advice. Yang Yirong Chairman Hong Kong, 28 March 2017 集團始終秉承「成就眾生與地球健康平安之美」 的崇高使命，並以「愛地球，愛眾生」 (Ecogreen， Ecofriendly)為經營理念。堅定追求「人盡其才，物 盡其用」的事業願景，不忘初心，篤定前行，為成 就「新中怡」的事業生命體而精進努力。 本人謹代表董事會，對廣大股東、客戶、供應商及 全體員工致以衷心謝意。大家對集團一如以往的 信任與支持是本集團事業取得成功的根本要素。 同時，也感謝集團各位董事（「董事」）以及顧問所 給予的大力支持和寶貴建議。 主席 楊毅融 香港，二零一七年三月二十八日 6 MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析 FINANCIAL REVIEW 財務回顧 Revenue 營業額 For the year ended 31 December 2016, the Group’s revenue 截至二零一六年十二月三十一日止年度，本集團 increased by 6% to approximately RMB1.63 billion. Growth 營業額增加6%至約人民幣16.3億元。銷售收入的 in sales revenue is primarily attributed to the increase in sales 增長主要是由於本集團產品銷售量的增加，儘管 volume of the Group’s products, albeit the gentle shrink of the 主要產品的銷售價格在年內略有下降。 main products’ selling price during the year. (i) Scent & Taste (i) 芳香及味道 “Scent & Taste” continued to be the Group’s core product 「芳香及味道」類別仍是本集團之核心產品 segment, and constituted a stable and major income 類別，為集團提供了穩定的主要收入。作為 source for the Group during the year under review. As key 多種日常必需消費品的關鍵功能組份，本集 ingredients used in many daily consumer goods, Scent 團的芳香及味道產品因為應用廣泛及新興 and Taste products witnessed rising market demand with a 市場的發展而導致的市場需求仍然增加。 combined positive effect of its diversified applications and the development in the emerging markets. During the year under review, the Group has launched and 於本回顧年度內，集團已經推出超過 100種 sold more than 100 types of scent products to customers 芳香產品銷往全球客戶，收入比去年提升 around the world, driving a 4% increase of revenue in last 4%，同時，集團繼續擴大在香料領域的市場 year. As the Group further expand its market share in the 份額，使本行業的重要客戶更多仰賴本公司 field of fragrance. Important customers of the industry 整合供應鏈集成供應。以解決方案提供的味 became more relied on the Company’s integrated supply 道產品其收入比去年增長7%。 chain. In addition, the revenue of taste products through provision of solutions increased by 7% over the last year. For the year ended 31 December 2016, the revenue from 截至二零一六年十二月三十一日止年度， the Scent and Taste sector increased by 5% to RMB1,025 芳香及味道產品類別的營業額上升5%至人 million (2015: RMB975 million) and accounted for 62% of 民幣10.25億元（二零一五年：人民幣 9.75the Group’s overall revenue (2015: 64%) 億元），佔本集團營業額的 62%（二零一五 年：64%）。 (ii) Naturals (ii) 天然產物 In respect of the “Naturals” products, apart from existing 「天然產物」除包涵了原有的天然藥物原料 natural pharmaceutical raw materials, the Group has been 外，本集團已在積極地開發以天然物提純及 actively engaged in the development of food additives 轉化技術為基礎、應用於生產調味品、快速 business for the production of food ingredients, fast food, 食品、冷凍調理食品及寵物營養食品的食品 frozen food and pet nutrition food, which is produced with 配料業務，主要是海鮮、肉類及食用菌等天 purification and bio-conversion technologies from natural 然產物。 produces. Naturals mainly include seafood, meat and mushroom extracts. For the year ended 31 December 2016, the total revenue 截至二零一六年十二月三十一日止年度， from natural products was RMB353 million (2015: RMB283 天然產物的總營業額為人民幣3.53億元（二 million), representing an increase of 24% from last year and 零一五年：人民幣 2.83億元），較去年增長 accounting for 22% of the Group’s sales volume (2015: 24%，這業務佔集團銷售額的 22%（二零 18%).一五年： 18%）。 7 (iii) Specialties and Others (iii) 特殊化學品及其他 Besides the chiral pharmaceuticals and specialty chemicals, 特殊化學品類別包含了手性藥物原料、醫藥 the Group also applies similar advanced technologies of 特殊化學品以及運用同類先進的合成技術 synthesis to produce agrochemical specialty chemicals, 生產並用於製造生態農藥之農用化學品特 which will be turned into a kind of eco-pesticide later. 殊化學品。在功能化學品方面，針對洗滌消 In terms of functional chemicals, disinfectant chemicals 毒產業的產品已經形成穩定業務，此外，也 maintained a steady stream of business; an expansion to 向電子化學品拓展。隨著集團未來加大在石 include electronic chemicals is also in the works. Following 油基產業鏈的發展，功能化學品業務將步入 the Group’s development in the supply chain of petroleum增 長軌道。 based products, it is believed that the functional chemicals business will usher in a period of growth. During the year under review, revenue of products in this 於本回顧年度，此產品類別的營業額為人 category decreased by 8% to RMB255 million (2015: 民幣2.55億元（二零一五年：人民幣 2.78億 RMB278 million) and accounting for 16% (2015: 18%) of the 元），較去年減少 8%，佔集團銷售額的 16% Group’s sales volume. （二零一五年： 18%）。 Gross Profit 毛利 During the year under review, the Group’s gross profit increased 回顧年內，本集團的毛利增加 13%至人民幣4.01by 13% to RMB401 million. Gross profit margin increased from 億元。本集團的毛利率由二零一五年的 23.2%上 23.2% in 2015 to 24.5% in 2016. 調至二零一六年24.5%之水準。 By the products category, the gross profit margin of “Scent and 按本集團產品類別分析，「芳香及味道」的毛利 Taste” increased from 24.6% in 2015 to 26.3% in 2016, while 率由二零一五年的24.6%上調至二零一六年的 “Naturals” decreased from 18.6% in 2015 to 18.2% this year. The 26.3%，而「天然產物」的毛利便由二零一五年的 profit margin of “Specialties and Others” increased from 22.9% in 18.6%下調至本年度的18.2%，「特殊化學品及其 2015 to 26.4% in 2016. 他」的產品類別之毛利率由二零一五年 22.9%上 調至二零一六年的26.4%。 Operating Income and Expense 經營收入及開支 For the year ended 31 December 2016, selling and marketing 二零一六年銷售及市場推廣成本佔銷售百分比 expenses accounted for 2.0% of the Group’s turnover (2015: 2.0%（二零一五年： 1.9%）；二零一六年行政費 1.9%) whereas the administrative expenses accounted for 4.4% 用佔銷售額4.4%（二零一五年： 5.4%）。在本集 of turnover (2015: 5.4%). Under the Group’s effective cost-cutting 團積極實行成本控制的措施下，經營成本基本上 measures, the operating expenses remained stable in these 保持穩定；而行政費用佔營業額比例稍為下跌的 two years. The administrative expenses to sales ratio slightly 主要原因是於二零一五年度內集團參與了一項跨 decreased because the Group incurred legal and professional 國企業收購項目而產生的法律及專業服務費用共 fees of RMB11,730,000 in a proposed cross-border acquisition in 人民幣1,173萬元所致。 2015. Other Losses – Net 其他損失－淨額 The Company has entered into certain foreign exchange contracts 本集團訂立了若干外幣合約作為出口業務外匯收 for the purpose of hedging the RMB against foreign currency 入對沖人民幣之用途。由於人民幣於二零一四年 income from the export business. Since 2014, currency rate of 起出現大幅波動，扭轉以往數年人民幣兌美元逐 RMB fluctuated significantly which represented a turnaround 步升值的局面，本集團於人民幣兌美元的遠期外 from the gradual appreciation of the RMB against the USD over 幣合約錄得淨虧損共人民幣526萬元（二零一五 the past few years. The Group recorded net losses on those 年：人民幣 2,847萬元）。 RMB/USD foreign currency contracts of RMB5.26 million (2015: RMB28.47 million). Nevertheless, the Group has not experienced any material 儘管如此，本集團於年內並無因外幣匯率波動而 difficulties or effects on its operations or liquidity as a result of 於營運或資金流動狀況方面遇上任何重大困難或 fluctuations in currency exchange rates during the year. 對其造成任何影響。 8 Finance Costs – Net 財務成本－淨額 As a significant portion of the Group’s borrowings is denominated 基於本集團的借貸主要以美元計值，人民幣於年 in USD, the fluctuation of the RMB during the year has led to the 內之波動導致美元列值之銀行貸款錄得匯兌虧損 exchange loss of RMB50.05 million (2015: RMB37.51 million) 共人民幣5,005萬元（二零一五年：人民幣 3,751arising from bank borrowings denominated in USD. On the other 萬元）。另一方面，國內借貸成本較高及本年度的 hand, the higher interest rates for bank loans obtained in China 較高的借貨比率，令財務成本有所上調。與此同 and the higher gearing level in this year have resulted in an 時，集團獲得較高的財務收益。財務收益與財務 increase in finance cost; while at the same time, higher interest 成本相互抵消後，淨財務成本較去年增加人民幣 income was earned from the bank deposits, resulting in an 1,520萬元。 overall increase of the net finance cost by RMB15.20 million as compared to last year. Taxation 稅項 Tax expense of the Group for 2016 was RMB74.23 million (2015: 二零一六年度本集團之稅項開支為人民幣7,423RMB66.3 million). Effective tax rate of the Group is 33.8% (2015: 萬元（二零一五年：人民幣 6,630萬元），有效稅率 43.8%). 為33.8%（二零一五年： 43.8%）。 Profit for the Year 本年度利潤 Profit attributable to shareholders in 2016 was RMB145 二零一六年度股東應佔利潤為人民幣1.45億元， million, representing an increase of 70% as compared to a 較二零一五年的人民幣8,552萬元增長70%，每股 profit of RMB85.52 million in 2015. Basic earnings per share 基本收益約為人民幣22.4分。本年度的未扣除利 was approximately RMB22.4 cents. The EBITDA amounted 息、稅項、折舊和攤銷前盈利 (EBITDA)為人民幣 to RMB328 million as compared to RMB255 million in 2015, 3.28億元，較二零一五年的人民幣 2.55億元上升 representing an increase of 29%. 29%。 Liquidity, Financial Resources and Capital Structure 流動資金、財務資源及資本結構 During the year under review, the Group’s primary source of 於回顧年內，本集團之基本資金來源主要來自融 funding mainly included the cash generated from financing 資活動。截至二零一六年十二月三十一日止年 activities. For the year ended 31 December 2016, net cash used 度，本集團錄得經營活動所用現金淨額為人民幣 in operating activities amounted to RMB42.71 million (2015: 4,271萬元（二零一五年：所得現金為人民幣 1.36RMB136 million of net cash generated). The Group had net cash 億元）。本集團於投資活動上所用現金淨額為人 used in investing activities of RMB20.39 million (2015: RMB39.06 民幣2,039萬元（二零一五年：所得現金為人民幣 million of net cash generated). During the year under review, the 3,906萬元）。於回顧年度內，本集團融資活動所 net cash inflow from financing activities amounted to RMB197 得淨現金為人民幣1.97億元（二零一五年：人民 million (2015: RMB143 million). 幣1.43億元）。 As at 31 December 2016, the average inventory turnover days, 於二零一六年十二月三十一日，存貨平均周轉天 average trade receivable turnover days and average trade payable 數、應收交易賬款平均周轉天數及應付交易賬款 turnover days were 36 days, 144 days and 60 days (2015: 44 平均周轉天數分別為36天、144天及60天（二零 days, 138 days and 74 days), respectively. 一五年：分別為 44天、138天及74天）。 The Group’s financial position remains very solid and healthy 本集團於回顧年內之財務狀況仍然保持相當穩 during the year under review. As at 31 December 2016, the 健。於二零一六年十二月三十一日，本集團的股 total shareholders’ equity of the Group was RMB1.61 billion 東權益總額為人民幣16.1億港元（二零一五年： (2015: RMB1.47 billion). The net current assets and the current 人民幣14.7億元）。本集團之流動資產淨值及流動 ratio of the Group as at 31 December 2016 were approximately 比率分別約為人民幣14.27億元（二零一五年：人 RMB1,427 million (2015: RMB1,557 million) and 2.1 (2015: 2.8), 民幣15.57億元）及2.1（二零一五年： 2.8）。 respectively. 9 As at 31 December 2016, the Group had borrowings and bills 於二零一六年十二月三十一日，本集團之借貸及 payable of approximately RMB1,212 million and RMB152 million 應付票據分別約為人民幣12.12億元及人民幣1.52(2015: RMB1,003 million and RMB177 million), respectively. 億元（二零一五年：人民幣 10.03億元及人民幣 Among the Group’s borrowing, outstanding short-term 1.77億元），於本集團的借貸當中，短期借貸為人 borrowings amounted to RMB990 million (2015: RMB500 million). 民幣9.90億元（二零一五年：人民幣 5億元）。於二 As at 31 December 2016, the Group’s ratio of borrowings to total 零一六年十二月三十一日，本集團之負債權益比 equity, was approximately 75% (2015: 68%) and the Group’s net 率約為75%（二零一五年： 68%），而本集團之淨 cash balance, being pledged bank deposits, short-term bank 現金結餘（即已抵押之銀行存款、短期銀行存款、 deposits, cash and cash equivalents less borrowings and bills 現金及現金等價物減借貸及應付票據）則為人民 payable amounted to RMB283 million (2015: RMB335 million). 幣2.83億元（二零一五年：人民幣 3.35億元）。 With the positive cash inflow from the Group’s operations, its 憑藉經營業務所得正數現金流量、備用銀行融資 available banking facilities and its existing cash resources, the 及現有現金資源，本集團具備充裕流動資金及充 Group has very strong liquidity and sufficient financial resources 足財務資源，應付其承擔、營運資金需求及日後 to meet its commitments, working capital requirements and future 擴展投資。 investments for expansion. Treasury Policies and Exposure to Fluctuations in Exchange 庫務政策及外匯波動風險 Rates The Group is setting up a risk management committee and will 本集團正在計劃成立風險管理委員會，並會依據 follow stringent and prudent risk management policy to manage 嚴格及審慎的風險管理政策應對經營及財資市場 operating and capital market. Due to the combined factors that 之風險。集團之銷售及原料採購以美元及人民幣 the sales and the purchase of raw materials of the Group are 為主，而主要的生產基地於中國，集團之借貸也 mainly denominated in USD and RMB, that the major production 是以美元及人民幣為主，合併財務報表並以人民 base is in China, that the Group’s borrowings are primarily in 幣為列值，故涉及美元兌換人民幣所產生之匯兌 USD and RMB, and that the consolidated financial statements are 風險。集團並會適時審視現行的外匯對沖政策以 presented in RMB, exchange risks derived from the conversion 進一步減低近期、及遠期的外匯風險。 from USD to RMB are involved. The Group will review its current hedging policy for foreign exchange in due course to further reduce foreign exchange risks in the short-to-long-term. As at 31 December 2016, the Group’s borrowings of 於二零一六年十二月三十一日，本集團約人民幣 approximately RMB406 million and RMB806 million (2015: 4.06億元及人民幣8.06億元（二零一五年：人民幣 RMB313 million and RMB690 million) were denominated in RMB 3.13億元及人民幣6.90億元）之貸款分別以人民 and USD, respectively. Interest is mainly charged on a floating rate 幣及美元列值。利息主要以浮動利率計算。雖然 basis. Despite the slow recovery of the global economy in current 全球的經濟復甦於本年內仍然緩慢，但預期美國 year, it is expected that US interest rates may rise in 2017. The 於二零一七年有加息的可能。本集團將繼續留意 Group will continue to monitor the interest rates fluctuation in the 市場的利率波動，並將於適當時間作出合適的安 market and take appropriate actions to minimize the interest rate 排以減低利率上升的風險。 risk. 10 CONSOLIDATED INCOME STATEMENT 合併利潤表 – by Function of Expense 按費用的功能列報 For the year ended 31 December 2016 截至二零一六年十二月三十一日止年度 2016 2015 二零一六年二零一五年 Note RMB’000 RMB’000 附註人民幣千元人民幣千元 Revenue收入 2 1,632,779 1,536,763 Cost of sales銷售成本 (1,231,933) (1,180,544) Gross profit毛利 400,846 356,219 Other gains/(losses) – net其他收益╱（損失）－淨額 4,359 (22,514) Selling and marketing costs銷售及市場推廣成本 (32,099) (29,574) Administrative expenses行政費用 (71,855) (82,695) Operating profit經營利潤 3 301,251 221,436 Finance income財務收益 4 26,079 26,675 Finance expenses財務費用 4 (107,207) (92,605) Net finance expenses財務費用淨額 4 (81,128) (65,930) Share of losses of associates應佔聯營虧損份額 (386) (1,227) Provision for impairment 聯營投資減值撥備計提 of investment in an associate– (2,799) Profit before taxation除稅前利潤 219,737 151,480 Taxation稅項 5 (74,229) (66,296) Profit for the year年度利潤 145,508 85,184 Profit/(loss) attributable to:利潤╱（虧損）歸屬於： Owners of the Company本公司擁有者 145,383 85,515 Non-controlling interests非控股性權益 125 (331) 145,508 85,184 Earnings per share attributable to 年度每股收益歸屬(As restated) owners of the Company 於本公司擁有者（經重列） for the year （每股以人民幣列示） (expressed in RMB per share) – Basic－基本 6 22.4 Cents仙 13.2 Cents仙 – Diluted－攤薄 6 22.3 Cents仙 12.9 Cents仙 11 CONSOLIDATED STATEMENT OF 合併綜合收益表 COMPREHENSIVE INCOME For the year ended 31 December 2016 截至二零一六年十二月三十一日止年度 2016 2015 二零一六年二零一五年 RMB’000 RMB’000 人民幣千元人民幣千元 Profit for the year年度利潤 145,508 85,184 Other comprehensive (loss)/income: Items that may be reclassified to profit or lossCurrency translation differences 其他綜合（損失）╱收益： 其後可能被重新分類為 損益項目 外幣折算差額 (45) 146 Other comprehensive (loss)/income 本年度其他綜合（損失）╱收益 for the year總額 (45) 146 Total comprehensive income 本年度綜合收益總額 for the year145,463 85,330 Attributable to:歸屬於： Owners of the Company本公司擁有者 145,338 85,661 Non-controlling interests非控股性權益 125 (331) Total comprehensive income 本年度綜合收益總額 for the year145,463 85,330 12 CONSOLIDATED BALANCE SHEET 合併資產負債表 As at 31 December 2016 截至二零一六年十二月三十一日 2016 2015 二零一六年二零一五年 Note RMB’000 RMB’000 附註人民幣千元人民幣千元 ASSETS資產 Non-current assets非流動資產 Land use rights土地使用權 41,276 41,716 Property, plant and equipment物業、廠房及設備 323,240 325,384 Intangible assets無形資產 82,620 75,128 Investments in associates聯營投資 7,423 8,581 Loan to an associate聯營方借貸 – 3,000 Deferred income tax assets遞延所得稅資產 5,470 2,313 Available-for-sale financial assets可供出售金融資產 200 200 Prepayments預付款 – 8,356 460,229 464,678 Current assets流動資產 Inventories存貨 Trade receivables and bills receivable 應收賬款及應收票據 Prepayments and other receivables預付款及其他應收款 Amount due from a related company 應收關聯方款項 Loan to an associate聯營方借貸 Derivative financial instruments衍生金融工具 Pledged bank deposits已抵押之銀行存款 Short-term bank deposits短期銀行存款 Cash and cash equivalents現金及現金等價物 8 114,157 691,223 233,599 39 3,000 1,582 60,498 22,650 1,563,170 120,795 588,059 178,912 – – 296 69,883 15,536 1,429,587 2,689,918 2,403,068 Total assets總資產 3,150,147 2,867,746 EQUITY AND LIABILITIES權益及負債 Equity attributable to owners 權益歸屬於本公司擁有者 of the CompanyShare capital股本 65,237 55,297 Share premium股本溢價 202,474 203,712 Other reserves其他儲備 158,818 157,348 Retained earnings保留盈利 1,180,406 1,053,050 1,606,935 1,469,407 Non-controlling interests非控股性權益 – 2,682 Total equity總權益 1,606,935 1,472,089 13 2016 2015 二零一六年二零一五年 Note RMB’000 RMB’000 附註人民幣千元人民幣千元 LIABILITIES負債 Non-current liabilities非流動負債 Borrowings借貸 222,152 503,554 Deferred income tax liabilities遞延所得稅負債 57,900 45,900 280,052 549,454 Current liabilities流動負債 Trade payables and bills payable應付賬款及應付票據 Current income tax liabilities即期所得稅負債 Borrowings借貸 Derivative financial instruments衍生金融工具 Amounts due to related companies應付關聯方款項 Accruals and other payables應計費用及其他應付款 Amount due to a director應付一董事款項 9 182,231 19,879 989,556 5,533 8,587 57,353 21 218,837 17,059 499,649 38,050 6,577 65,283 748 1,263,160 846,203 Total liabilities總負債 1,543,212 1,395,657 Total equity and liabilities總權益及負債 3,150,147 2,867,746 14 Notes: 附註： 1. CHANGES IN ACCOUNTING POLICY AND 1. 會計政策和披露的變動 DISCLOSURES (a) The following new standard and amendments to (a) 以下新準則、準則修訂於本集團二零 standards are mandatory for the Group’s financial year 一六年一月一日開始之財政年度強制 beginning on or after 1 January 2016 and have been 應用並已於擬備本合併財務報表時獲 adopted in the preparation of the consolidated financial 採納。 statements. HKFRS 10, HKFRS 12 and HKAS 28 (Amendments) Investment Entities: Applying the Consolidation Exception 香港財務報告準則第10號、 香港財務報告準則 第12號及香港會計準則 關於投資性主體； 應用合併的例外規定 第28號（修改） HKFRS 11 (Amendment) HKFRS 14 HKAS 1 (Amendment) HKAS 16 and HKAS 38 (Amendments) Accounting for Acquisitions of Interests in Joint Operations Regulatory Deferral Accounts Disclosure Initiative Clarification of Acceptable Methods of Depreciation and Amortisation 香港財務報告準則第11號 （修改） 香港財務報告準則第14號 香港會計準則第1號（修改） 香港會計準則第16號及 第38號（修改） 收購共同經營權益的 會計法 價格監管遞延賬戶 披露計畫 折舊和攤銷的可接受方法 的澄清 HKAS 16 and HKAS 41 Agriculture: Bearer Plants 香港會計準則第16號及結果實的植物 (Amendments) 第41號（修改） HKAS 27 (Amendment) Equity Method in Separate 香港會計準則第27號獨立財務報表中使用 Financial Statements （修改）權益法 Annual Improvements Project Annual Improvements 2012-2014 2014年度改進 2012-2014年報告週期 Cycle 年度改進 The adoption of the above new standard and 採納上述新準則及準則修訂對擬備本 amendments to standards has had no material effect 集團之合併財務報表並無重大影響。 on the consolidated financial statements of the Group. 15 2. SEGMENT INFORMATION 2. 分部資料 The segment information for the year ended 31 December 截至二零一六年十二月三十一日止年度之 2016 is presented below: 分部資料呈列如下： Scent Specialties and Taste Naturals and Others Unallocated Total 特殊化學品 芳香及味道天然產物及其他未分配總額 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元 Revenue收入 1,024,907 352,575 255,297 – 1,632,779 Adjusted EBITDA經調整EBITDA 241,740 54,664 60,600 – 357,004 Depreciation折舊 – – – (42,701) (42,701) Amortisation攤銷 – – – (8,679) (8,679) Net losses on 金融工具虧損淨額 financial instruments– – – (5,151) (5,151) Share options 授予董事和職工的購股權 granted to directors and employees– – – (3,435) (3,435) Gain on disposal of 出售一間聯營之收益 an associate– – – 5,228 5,228 Net finance expenses財務費用凈額 – – – (81,128) (81,128) Others其他 – – – (1,015) (1,015) Share of losses of 應佔聯營虧損 associates– – – (386) (386) Taxation稅項 – – – (74,229) (74,229) Profit for the year年度利潤 241,740 54,664 60,600 (211,496) 145,508 16 The segment information for the year ended 31 December 截至二零一五年十二月三十一日止年度之 2015 is presented below: 分部資料呈列如下： Scent andSpecialties Taste Naturals and Others Unallocated Total 特殊化學品 芳香及味道天然產物及其他未分配總額 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元 Revenue收入 974,901 283,379 278,483 – 1,536,763 Adjusted EBITDA經調整EBITDA 211,397 44,433 55,800 – 311,630 Depreciation折舊 – – – (40,258) (40,258) Amortisation攤銷 – – – (6,703) (6,703) Legal and professional 擬收購項目的法律及 fees paid for a proposed 專業費用 acquisition– – – (11,733) (11,733) Net losses on 金融工具虧損淨額 financial instruments– – – (27,714) (27,714) Share options granted 授予董事和職工的購股權 to directors and employees– – – (7,329) (7,329) Net finance expenses財務費用凈額 – – – (65,930) (65,930) Others其他 – – – 3,543 3,543 Share of losses of 應佔聯營虧損 associates– – – (1,227) (1,227) Impairment of investment 聯營投資之減值撥備 in an associate– – – (2,799) (2,799) Taxation稅項 – – – (66,296) (66,296) Profit for the year年度利潤 211,397 44,433 55,800 (226,446) 85,184 Asia (excluding Mainland Mainland North Others/ China Europe China) America Unallocated Total 亞洲 （中國內地其他╱ 中國內地歐洲除外）北美洲未分配總額 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元 2016二零一六年 Revenue收入 1,488,331 35,140 46,662 46,308 16,338 1,632,779 Non-current assets非流動資產 454,044 – 515 – 5,670 460,229 Total assets資產總值 3,063,513 1,985 77,397 – 7,252 3,150,147 Total liabilities負債總額 257,609 65 10,397 – 1,275,141 1,543,212 2015二零一五年 Revenue收入 1,288,204 50,579 88,460 77,191 32,329 1,536,763 Non-current assets非流動資產 461,495 – 670 – 2,513 464,678 Total assets資產總值 2,776,420 4,105 84,411 – 2,810 2,867,746 Total liabilities負債總額 280,623 51 27,830 – 1,087,153 1,395,657 17 3. OPERATING PROFIT 3. 經營盈利 Operating profit is stated after charging/(crediting) the following: 經營溢利已扣除╱（計入）下列各項： 2016 二零一六年 RMB’000 人民幣千元 2015 二零一五年 RMB’000 人民幣千元 Amortisation of prepaid operating 預付經營租金款項攤銷 lease payments 457 196 Depreciation 折舊 42,701 40,258 Amortisation of intangible assets 無形資產攤銷 8,222 6,507 Reversal of provision 存貨減值撥備回撥 for impairment of inventories (168) (951) Provision for/(reversal of) 應收賬款減值撥備 impairment of trade receivables 計提╱（回撥） 1,865 (405) Derivative financial instruments：衍生金融工具 – Net realised losses－已變現虧損淨額 (38,954) (28,802) – Net fair value gains－公允淨值收益 33,803 1,088 Net exchange gains淨匯兌收益 3,100 5,312 4. FINANCE INCOME AND EXPENSES 4. 財務收益及成本 2016 二零一六年 RMB’000 人民幣千元 2015 二零一五年 RMB’000 人民幣千元 Interest expense：利息費用： – Bank borrowings－銀行借貸 (58,118) (56,192) – Government loans－政府貸款 (36) (47) Net foreign exchange losses 融資活動的淨匯兌虧損 on financing activities(50,053) (37,506) Finance expenses財務費用 (108,207) (93,745) Less: amounts capitalised 減：合資格資產資本化數額 on qualifying assets1,000 1,140 Total finance expenses總財務費用 (107,207) (92,605) Finance income– Interest income on short-term bank deposits 財務收益 －短期銀行存款的利息收益 26,079 26,675 Net finance expenses淨財務費用 (81,128) (65,930) 18 5. TAXATION 5. 稅項 2016 二零一六年 RMB’000 人民幣千元 2015 二零一五年 RMB’000 人民幣千元 Current tax現有稅項 – Mainland China corporate －本年度中國內地企業所得稅 income tax for the year66,462 53,822 – (Over)/under provision －以前年度（多提） ╱少計之 in previous year所得稅 (1,076) 373 Total current tax現有稅項總額 65,386 54,195 Deferred income tax遞延所得稅項 8,843 12,101 Notes: (a) Hong Kong profits tax No Hong Kong profits tax has been provided as the Group had no assessable profit arising in or derived from Hong Kong. (b) Mainland China corporate income tax The subsidiaries established in Mainland China are subject to Mainland China corporate income tax at a rate of 25% (2015: 25%). Xiamen Doingcom Chemicals Co. Ltd. was granted the High and New Technology Enterprise (“HNTE”) status in October 2015 being valid for 3 years and Xiamen Doingcom Chemicals Co. Ltd. is entitled to a preferential tax rate of 15%. (c) Overseas income taxes The Company was incorporated in the Cayman Islands as an exempted company with limited liability under the Companies Law of the Cayman Islands and, accordingly, is exempted from Cayman Islands income tax. The Company’s subsidiaries established in the British Virgin Islands are incorporated under the International Business Companies Acts of the British Virgin Islands and, accordingly, are exempted from British Virgin Islands income tax. (d) Mainland China value-added tax The subsidiaries established in Mainland China are subject to Mainland China value-added tax (“VAT”) at 17% (2015: 17%) of revenue from sale of goods in Mainland China and entitled to a VAT export refund at 9% to 13% (2015: 9% to 13%) from sale of goods outside Mainland China. Input VAT paid on purchases can be used to offset output VAT levied on sales to determine the net VAT recoverable/payable. (e) Withholding tax Pursuant to the New Tax Law, a 10% withholding tax is levied on dividends declared to foreign investors from the foreign investment enterprises established in Mainland China. The requirement is effective from 1 January 2008 and applies to earnings after 31 December 2007. A lower withholding tax rate may be applied if there is a tax treaty between China and the jurisdiction of the foreign investors. Withholding taxes are payable on dividends distributed/to be distributed by those subsidiaries and an associate established in Mainland China in respect of earnings generated from 1 January 2008. 74,229 66,296 附註： (a) 香港利得稅 由於本集團並無在香港獲得或賺取應課稅利潤， 因此並無就香港利得稅作出撥備。 (b) 中國內地企業所得稅 於中國內地成立之附屬公司須按25%（二零一五 年：25%）之稅率繳納中國內地企業所得稅。於二 零一五年十月，廈門中坤化學有限公司獲授予高 新技術企業的地位，為期三年，而廈門中坤化學 有限公司可按優惠稅率15%繳稅。 (c) 海外所得稅 本公司根據開曼群島公司法在開曼群島註冊成立 為獲豁免有限公司，因此獲豁免繳納開曼群島所 得稅。本公司在英屬處女群島成立之附屬公司乃 根據英屬處女群島國際商業公司法註冊成立，因 此獲豁免繳納英屬處女群島所得稅。 (d) 中國內地增值稅 於中國內地成立之附屬公司在中國內地及境外 銷售貨品之收入須分別按17%（二零一五年： 17%），繳納中國內地增值稅（「增值稅」），但其 出口銷售可享受增值稅出口退稅的待退稅率為 9%至13%（二零一五年︰ 9%至13%）。計算可收 回╱應付增值稅淨額時，採購時支付之進項增值 稅可用作抵銷出售時徵收之銷項增值稅。 (e) 代扣所得稅 根據新稅法，自二零零八年一月一日起，自中國 分配給外商投資者的股息應按10%的稅率代扣所 得稅。該法令從二零零八年一月一日起生效，並 適用於二零零七年十二月三十一日之後所產生利 潤的分配。如果中國與外商投資者所在地區已達 成稅收協定，則可採用更低的代扣所得稅稅率。 本集團使用的稅率為10%。因此，自二零零八年 一月一日起，本集團按照設立在中國的附屬公司 及聯營企業所產生利潤確認遞延所得稅負債。 19 6. EARNINGS PER SHARE 6. 每股收益 Basic 基本 Basic earnings per share is calculated by dividing profit attributable to owners of the Company by the weighted （未完）  |