PDF《2018》

2018 Corporate Information 公司资料宝峰时尚 二零一八年年报

1 BOARD OF DIRECTORS Executive Directors Mr.

ZHENG Jingdong (Chairman) Mr. LEUNG Tsz Chung (Vice-chairman) Non-Executive Director Ms. LIN Weihuan Independent Non-Executive Directors Ms. AN Na Mr. CHEN Shaohua Professor ZHAO Jinbao BOARD COMMITTEES Audit Committee Mr. CHEN Shaohua (Chairperson) Professor ZHAO Jinbao Ms. AN Na Remuneration Committee Ms. AN Na (Chairperson) Professor ZHAO Jinbao Mr. CHEN Shaohua Nomination Committee Professor ZHAO Jinbao (Chairperson) Mr. CHEN Shaohua Ms. AN Na COMPANY SECRETARY Mr. IP Pui Sum AUTHORISED REPRESENTATIVES Mr. ZHENG Jingdong Mr. LEUNG Tsz Chung STOCK CODE

01121 董事会 执行董事 郑景东先生 (主席) 梁子冲先生 (副主席) 非执行董事 林炜欢女士 独立非执行董事 安娜女士 陈少华先生 赵金保教授 董事委员会 审核委员会 陈少华先生 (主席) 赵金保教授 安娜女士 薪酬委员会 安娜女士 (主席) 赵金保教授 陈少华先生 提名委员会 赵金保教授 (主席) 陈少华先生 安娜女士 公司秘书 叶沛森先生 授权代表 郑景东先生 梁子冲先生 股份代号

01121 Corporate Information 公司资料Baofeng Modern Annual Report

2018 2 公司网站 www.baofengmodern.com 中国总部 中国 福建省 泉州市 鲤城区 江南镇 火炬工业区 香港主要营业地点 香港 上环 永乐街93-103号 协成行上环中心 5楼504室 注册办事处 Cricket Square Hutchins Drive, P.O. Box

2681 Grand Cayman KY1-1111 Cayman Islands 开曼群岛主要股份过户登记处 SMP Partners (Cayman) Limited Royal Bank House C 3rd Floor

24 Shedden Road, P. O. Box

1586 Grand Cayman KY1-1110 Cayman Islands 香港证券登记处 卓佳证券登记有限公司 香港 皇后大道东183号 合和中心22楼 核数师 天健国际会计师事务所有限公司 主要往来银行 中国银行 (香港) 中国建设银行 COMPANY WEBSITE www.baofengmodern.com HEAD OFFICE IN THE PRC Huoju Industrial Zone Jiangnan Town Licheng District Quanzhou City Fujian Province PRC PRINCIPAL PLACE OF BUSINESS IN HONG KONG Room 504, 5/F OfficePlus @Sheung Wan 93-103 Wing Lok Street Sheung Wan Hong Kong REGISTERED OFFICE Cricket Square Hutchins Drive, P.O. Box

2681 Grand Cayman KY1-1111 Cayman Islands CAYMAN ISLANDS PRINCIPAL SHARE REGISTRAR AND TRANSFER OFFICE SMP Partners (Cayman) Limited Royal Bank House C 3rd Floor

24 Shedden Road, P. O. Box

1586 Grand Cayman KY1-1110 Cayman Islands HONG KONG SHARE REGISTRAR Tricor Investor Services Limited Level 22, Hopewell Centre

183 Queen'

s Road East Hong Kong AUDITORS Confucius International CPA Limited PRINCIPAL BANKERS Bank of China (Hong Kong) China Construction Bank

3 宝峰时尚 二零一八年年报 Content 目录Corporate Information 公司资料

1 Five-Year Financial Summary 五年财务概要

4 Chairman'

s Statement 主席报告书

5 Management Discussion and Analysis 管理层讨论及分析

8 Corporate Governance Report 企业管治报告

16 Environmental, Social and Governance Report 环境、社会及管治报告

33 Biographical Details of Directors 董事履历详情

49 Report of the Directors 董事会报告

52 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

76 Consolidated Statement of Financial Position 综合财务状况表

77 Consolidated Statement of Changes in Equity 综合权益变动表

79 Consolidated Statement of Cash Flows 综合现金流量表

80 Notes to the Consolidated Financial Statements 综合财务报表附注

82 Baofeng Modern Annual Report

2018 Five-Year Financial Summary 五年财务概要4For the year ended

31 December 截至十二月三十一日止年度

2018 2017

2016 2015

2014 二零一八年 二零一七年 二零一六年 二零一五年 二零一四年 Profitability data (RMB million) 盈利能力数 (人民币百万元) Revenue 收益 164.5 125.5 215.8 171.7 196.8 Gross profit 毛利 39.5 28.5 75.3 42.9 19.1 Loss for the year 年内亏损 (275.3) (435.4) (317.6) (25.7) (31.2) Profitability ratios (%) 盈利能力比率(%) Gross profit margin 毛利率 24.0% 22.7% 34.9% 25.0% 9.7% Net loss margin 净亏损率 (167.4)% (346.9)% (147.2)% (15.0)% (15.8)% Assets and liabilities data (RMB million) 资产及负债数 (人民币百万元) Non-current assets 非流动资产 441.9 705.3 1,417.0 1,597.4 129.5 Current assets 流动资产 128.8 110.4 117.6 870.4 1,243.3 Current liabilities 流动负债 251.9 294.1 224.8 821.7 278.5 Non-current liabilities 非流动负债 4.8 108.2 466.5 517.1 3.1 Shareholders'

equity 股东权益 313.9 413.4 843.4 1,129.0 1,091.2 Asset and working capital data 资产及营运资金 数 Current asset ratios (%) 流动资产比率(%) 22.6% 13.5% 7.7% 35.3% 90.6% Current ratios (time) 流动比率 (倍) 0.5x 0.4x 0.5x 1.1x 4.5x Gearing ratios (%) 负债比率(%) 44.7% 49.0% 44.6% 54.2% 20.3% 宝峰时尚 二零一八年年报 Chairman'

s Statement 主席报告书5Dear Shareholders, On behalf of the board (the Board ) of directors (the Directors ) of Baofeng Modern International Holdings Company Limited ( Baofeng Modern or the Company ), I am pleased to present the financial report of the Company and its subsidiaries (collectively, the Group ) for the year ended

31 December 2018. In 2018, the Group continued to focus on the development and improvement of do-it-yourself ( DIY ) automated vending system, the key machine for the Online-to-Offline ( O2O ) business model, for the sales and distribution of own branded automated customized graphene-based slippers ( Graphene- based Slippers ) and the fourth generation of the DIY automated vending system was developed during the year. Besides, due to (i) delay of placing orders by some overseas customers at the end of 2017, some orders of the Original Equipment Manufacturer ( OEM ) business were delayed to the first half of 2018;

(ii) orders from new customers;

and (iii) increase in orders from existing customers, the sales of OEM business during the year increased. As a result, the Group recorded an increase in revenue of approximately RMB39.0 million or 31.1% to approximately RMB164.5 million in 2018. The gross profit margin of the Group slightly increased to 24.0% in 2018, which was mainly attributable to the effective cost control during second half of the year. In the coming year, the Group would continue to focus on the development and improvement of DIY automated vending system. The Group expected that the fourth generation of the DIY automated vending system will be launched in the second quarter of 2019. Besides, by utilizing the resources of distributors, the Group targets to cooperate with young people'

s favorite brands or brands with numerous stores by placing DIY automated vending system in cooperative stores. In such a way, we can provide customers an interesting on-site customization DIY shopping experience to design their favorite slippers. This cross-over cooperation can reduce the selling cost, penetrate and expand the People'

s Republic of China ( PRC ) market rapidly and most important of all, can foster the popularity of our brand. Besides, the Group developed graphene-based shoes for pregnant women in

2018 and now under discussion with hospitals for cooperation and targeted to launch to the market in the coming year. 各位尊敬的股东: 本人谨代表宝峰时尚国际控股有限公司 ( 「宝峰时尚」 或 「本公司」 ) 董事 ( 「董事」 ) 会(「董事会」 ) 提呈本公司及其附属公司 (统称 「本集团」 ) 截至二零一八年十二月 三十一日止年度的财务报告. 於二零一八年,本集团继续专注於销售及 分销自有品牌自动售卖私人订制之石墨烯 拖鞋 ( 「石墨烯拖鞋」 ) 的自助 ( 「DIY 」 ) 自 动售货系统 (为线上线下 ( 「O2O」 ) 业务模 式的主要机器) 的开发及改进,并且已於年 内开发第四代DIY自动售货系统.此外,由於(i)於二零一七年底,一些海外客户延迟下 订单,部分原设备制造商 ( 「OEM」 ) 业务的 订单被推迟至二零一八年上半年;

(ii)新客 户订单;

及(iii)现有客户订单的增加,年内 OEM业务的销售上升.因此,本集团於二零 一八年录得收益上升约人民币39,000,000 元或31.1%至约人民币164,500,000元.本 集团的毛利率於二零一八年轻微增加至 24.0%,主要是由於下半年有效控制成本 所致. 未来一年,本集团将继续专注於开发及改进 DIY自动售货系统.本集团预期第四代DIY 自动售货系统将於二零一九年第二季度推 出.此外,利用分销商资源,本集团通过把 DIY自动售货系统放置於合作商店内,致力 与年轻人喜欢的品牌或拥有多家店铺的品 牌合作.凭这种方式,我们可以为客户提供 有趣的现场定制DIY购物体验以让他们设 计喜爱的拖鞋.这一交互合作可以降低销 售成本,快速打入及扩大中华人民共和国 ( 「中国」 )市场及最重要的是可以促进我们 品牌的普及.此外,本集团於2018年已开发 石墨烯孕妇鞋及正在与医院讨论合作,且 计划於来年推出市场. Baofeng Modern Annual Report

2018 Chairman'

s Statement 主席报告书6此外,本集团将继续研发并推出不同类型 的石墨烯应用产品.用於空气净化器和空 调的石墨烯除臭及杀菌芯片 ( 「杀菌芯片」 ) 已经完成开发阶段并已於二零一八年上半 年在中国市场推出.就海外市场而言,本集 团已向一家海外知名空调系统制造商寄发 样品,以作测试及获得认证.於所有测试完 成后,杀菌芯片将透过与该制造商合作推 出海外市场.至於国内市场,由於中国政府 加强环境保护和控制,及公众更加重视环 境保护,董事会认为空气净化器等环保产 品将会有很大的需求.此外,获得上述海外 知名空调系统制造商的认可将成为杀菌芯 片质量卓越的有力证,因此董事会相信 杀菌芯片在来年於中国市场的收入会有所 增加. 经过过去几年的不懈努力及资金投入,本 集团已逐渐由传统制造企业转型为材料科 技公司,并开始将业务扩展至环保及能源 相关领域.鉴於上文所述,本集团於二零 一八年下半年决定投入更多资源研发碳基 储能电池及於二零一九年上半年建立一条 电池研发线.未来本集团将专注於材料技 术的大规模应用,并进一步实现研发成果 的产业化.电池用碳基储能材料预计将在 明年投入量产.於规模扩大后,本集团将能 够通过提供储能材料进入储能行业,这将 成为未来利润增长的推动力. Moreover, the Group would continue to develop and launch different types of graphene application products. The development stage of the graphene deodorizing and sterilizing chips for air purifiers and air conditioners ( Sterilizing Chips ) had been completed and the Sterilizing Chips were launched in the PRC market in the first half of 2018. For the overseas market, the Group already sent samples to an overseas well- known producer of air conditioning system for testing and recognition. After all the tests are completed, the Sterilizing Chips would be launched in the overseas market through cooperation with this producer. For the PRC market, as the PRC government tightened the environmental protection and control and the public pays more attention to the environmental protection, the Board believed that there would be a great demand for environ........