PDF《2018》

2018 Content 目录 CORPORATE INFORMATION 公司资料

2 CHAIRMAN'

S STATEMENT 主席报告

4 MANAGEMENT DISCUSSION AND ANALYSIS 管理层讨论及分析

6 CORPORATE GOVERNANCE REPORT 企业管治报告

11 ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) REPORT 环境、社会及管治报告

24 PROFILE OF DIRECTORS AND SENIOR MANAGEMENT 董事及高级管理层简介

51 DIRECTORS'

REPORT 董事会报告

54 INDEPENDENT AUDITOR'

S REPORT 独立核数师报告

68 CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME 综合损益及其他全面收益表

73 CONSOLIDATED STATEMENT OF FINANCIAL POSITION 综合财务状况表

74 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 综合权益变动表

76 CONSOLIDATED STATEMENT OF CASH FLOWS 综合现金流量表

77 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 综合财务报表附注

79 STATEMENT OF FINANCIAL POSITION OF THE COMPANY 本公司财务状况表

185 FINANCIAL SUMMARY 财务概要

187 SCHEDULE OF PROPERTY 物业资料

188 2 Corporate Information 公司资料 LEE &

MAN CHEMICAL COMPANY LIMITED 理文化工有限公司 BOARD OF DIRECTORS Executive directors Ms.

Wai Siu Kee (Chairman) Mr. Lee Man Yan (Chief Executive Officer) Professor Chan Albert Sun Chi Mr. Yang Zuo Ning Independent non-executive directors Mr. Wong Kai Tung, Tony Mr. Wan Chi Keung, Aaron BBS JP Mr. Heng Victor Ja Wai AUDIT COMMITTEE Mr. Heng Victor Ja Wei (Chairman) Mr. Wong Kai Tung, Tony Mr. Wan Chi Keung, Aaron BBS JP REMUNERATION COMMITTEE Mr. Heng Victor Ja Wei (Chairman) Mr. Wong Kai Tung, Tony Mr. Wan Chi Keung, Aaron BBS JP NOMINATION COMMITTEE Ms. Wai Siu Kee (Chairman) Mr. Heng Victor Ja Wei Mr. Wong Kai Tung, Tony Mr. Wan Chi Keung, Aaron BBS JP COMPANY SECRETARY Mr. Cheung Kwok Keung REGISTERED OFFICE Cricket Square Hutchins Drive P.O. Box

2681 Grand Cayman, KY1-1111 Cayman Islands 董事会 执行董事 卫少琦女士 (主席) 李文恩先生 (首席执行官) 陈新滋教授 杨作宁先生 独立非执行董事 王启东先生 尹志强先生BBS太平绅士 邢家维先生 审核委员会 邢家维先生 (主席) 王启东先生 尹志强先生BBS太平绅士 薪酬委员会 邢家维先生 (主席) 王启东先生 尹志强先生BBS太平绅士 提名委员会 卫少琦女士 (主席) 邢家维先生 王启东先生 尹志强先生BBS太平绅士 公司秘书 张国强先生 注册办事处 Cricket Square Hutchins Drive P.O. Box

2681 Grand Cayman, KY1-1111 Cayman Islands

3 Annual Report

2018 年报 HONG KONG OFFICE 8th Floor, Liven House 61C63 King Yip Street Kwun Tong Kowloon Hong Kong PRINCIPAL BANKERS Hong Kong: Hang Seng Bank Limited The Hongkong and Shanghai Banking Corporation Ltd. Mizuho Bank Ltd., Hong Kong Branch DBS Bank (Hong Kong) Limited Bank of China (Hong Kong) Limited PRC: Bank of China Limited China Construction Bank Corporation AUDITORS Deloitte Touche Tohmatsu Certified Public Accountants PRINCIPAL SHARE REGISTRAR AND TRANSFER OFFICE SMP Partners (Cayman) Limited Royal Bank House, 3rd Floor

24 Shedden Road, P.O. Box

1586 Grand Cayman, KYI-1110, Cayman Islands HONG KONG BRANCH SHARE REGISTRAR AND TRANSFER OFFICE Tricor Secretaries Limited Level 22, Hopewell Centre

183 Queen'

s Road East Hong Kong WEBSITE http://www.leemanchemical.com 香港办事处 香港 九龙 观塘 敬业街61C63号 利维大厦8楼 主要往来银行 香港: 恒生银行有限公司 香港上海蠓嵋杏邢薰 瑞穗银行,香港分行 星展银行 (香港) 有限公司 中国银行 (香港) 有限公司 中国: 中国银行有限公司 中国建设银行股份有限公司 核数师 德勤? 关黄陈方会计师行 执业会计师 主要股份过户登记处 SMP Partners (Cayman) Limited Royal Bank House, 3rd Floor

24 Shedden Road, P.O. Box

1586 Grand Cayman, KYI-1110, Cayman Islands 香港股份过户登记分处 卓佳秘书商务有限公司 香港 皇后大道东183号 合和中心22楼 网址 http://www.leemanchemical.com

4 Chairman'

s Statement 主席报告 LEE &

MAN CHEMICAL COMPANY LIMITED 理文化工有限公司 BUSINESS REVIEW For the year ended

31 December 2018, the Group recorded a revenue of HK$3,877 million, representing an increase of 30.4% as compared to last year;

and a net profit of HK$872 million for the year, representing an increase of 24.1% as compared to last year. The Group recorded a gross profit margin of 46.8% for the year ended

31 December 2018, representing a moderate decrease of 0.3 percentage points as compared to last year;

while the net profit margin was recorded at 22.5%, representing a moderate decrease of 1.1 percentage points as compared to last year. During the year, the expansion of the styrene-acrylic latex surface sizing agent production line at the Jiangsu factory and the expansions of the caustic soda and the hydrogen peroxide production lines of the Jiangxi factory were successfully put into operation. Benefiting from expansions in the national infrastructure, the demand for downstream chemical products remains strong, and the prices of our primary products, including chloromethane products and hydrogen peroxide, have remained at a high level in the first half of 2018. However, due to the cost pressure from rising raw material prices, profit contribution from the increase in unit prices is partially being offset. However, by focusing on continuously optimizing technical processes, coupled with consistently stringent production management, the Group maintains strong cost control that enables the Group to maintain a similar level of profits for the year. PROSPECTS Located at Gaolan Port Economic Zone of the Zhuhai City, the new plant for the production of Lithium battery electrolyte additives is under construction and is expected to commence its production by the end of 2019. The Group continues its development in refined chemical, and commits to investment in the research and development of new energy products and high value-added products. Intelligent management is progressively implemented with most of the Group'

s operational data is now being integrated with the centralized data platform. Departments and management can obtain accurate and appropriate information through ERP system, to improve its work efficiency and to achieve effective monitoring and cost control. 业务回顾 截至2018年12月31日止年度,本集团录得总 营业额38.77亿港元,较去年上升30.4%,而 年内溢利为8.72亿港元,较去年上升24.1%. 本集团毛利率为46.8%,较去年轻微下跌0.3 个百分点;

净利润率为22.5%,较去年轻微 下跌1.1个百分点. 年内本集团位於江苏工厂的苯丙施胶剂扩充 生产线,及江西工厂的烧碱和双氧水扩充生 产线均顺利投产.受惠於国家基础建设增 大,下游化工产品需求仍然殷切,主产品甲 烷氯化物和双氧水等价格於2018年上半年均 维持高位.但受到原材料价格上涨带来的成 本压力所影响,抵销了部份自量价上升带来 的盈利贡献.然而,本集团持续著力优化技 术工艺,加上一贯的严格生产管理,取得良 好成本控制,致令本集团得以保持全年相若 的利润水平. 展望 位处珠海市高栏港经济区生产锂电池电解液 添加剂的新厂房正在建设中,预计将在2019 年年底投产. 本集团继续发展精细化工,致力投资於新能 源产品及高附加值产品的研发,而且逐步推 行智能化管理,集团大部分营运数忠颜 合於中央数教,通过ERP系统计算,各部 门及管理层能获取准确而适切的资料,以提 高工作效率,做到有效监察和成本控制.

5 Annual Report

2018 年报 In view of the increasingly strengthening of the safety and environmental protection requirements of the Chinese government, the management will continue to strengthen the production and equipment management in the factories, in order to facilitate the online evaluation of the local environmental protection authorities. At the same time, the Company will strive to promote the concept of green manufacturing, and to practice a clean, efficient and low-carbon development management, so as to be socially responsible through energy conservation and emission reduction. As always, our management team will leverage our internal technical innovation and scientific research, and to continue its persistent efforts in achieving growth and strengthening the foundation to bring continuous and desirable returns to the shareholders. APPRECIATION On behalf of the Board, I would like to extend our sincere gratitude to our shareholders, customers and business partners for their strong support throughout the year. In addition, I would also like to take this opportunity to thank all colleagues and staff for their persistent contribution to the Group. On behalf of the Board Wai Siu Kee Chairman Hong Kong,

11 March

2019 面对目前国家对安全及环保要求日益严格, 管理层会继续加强厂区生产及设备管理,配 合当地环保部门进行线上检测工作.公司同 时会致力推行绿色制造理念,践行清洁、高效、低碳的发展管理,落实节能减排的社会 责任. 一如既往,管理层定将努力不懈,稳步求 进,结合内部技术创新及科研开发,为股东 带来持续而理想的回报. 鸣谢 本人谨代表董事会,向本集团股东、客户及 业务夥伴於本年度给予的鼎力支持,表示衷 心致意.此外,本人亦藉此机会感谢各位员 工努力不懈为本集团作出持续贡献. 代表董事会 卫少琦 主席 香港,2019年3月11日6LEE &

MAN CHEMICAL COMPANY LIMITED 理文化工有限公司 Management Discussion and Analysis 管理层讨论及分析 RESULTS OF OPERATION Revenue and net profit attributable to equity holders of the Group for the year ended

31 December

2018 was HK$3,877 million and HK$872 million respectively, representing an increase of 30.4% and an increase of 24.1%, as compared to HK$2,974 million and HK$703 million respectively for the last year. The basic earnings per share was HK105.8 cents for the year ended

31 December

2018 (2017: HK85.2 cents). Revenue The Group recorded an increase of approximately HK$903 million in revenue for the year ended

31 December

2018 as compared to the last year. As compared to the last year, the average selling price per ton of caustic soda was approximately RMB1,100, decreased slightly by 1%;

the average selling price per ton of methylene chloride and chloroform was approximately RMB3,600 and RMB3,100, increased by approximately 27% and 42% respectively;

the average selling price per ton of polytetrafluoroethylene was approximately RMB64,000, increased by 14%. The actual production output of our primary products for the year (including self-consumption) was approximately 310,000 tons for CMS products, 490,000 tons for 100% dry basis caustic soda, 7,000 tons for polytetrafluoroethylene and 220,000 tons for hydrogen peroxide. Despite the increase in production volume and selling price of our primary products, the production cost of our primary products are also increasing, contributing to the gross profit margin of the Group for the year ended

31 December

2018 to decrease by 0.3 percentage points, from 47.1% of the last year to 46.8% of the current year, and the net profit margin to decrease from 23.6% of the last year to 22.5% of the current year. The Group will improve profit contributions by maintaining its stable and nearly full-load production, and continuing its cost control through optimizing technical processes. Selling and distribution costs Selling and distribution costs for the year ended

31 December

2018 was HK$231 million, increased by approximately HK$49 million as compared to HK$182 million for the last year. T........