2018年中期报告.pdf

CORPORATE INFORMATION 公司資料 2 BUSINESS OVERVIEW AND OUTLOOK 業務回顧及展望 6 MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論與分析 13 OTHER INFORMATION 其他資料 25 INTERIM CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME 中期簡明綜合損益及其他全面收益表 32 INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION 中期簡明綜合財務狀況表 33 INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 中期簡明綜合權益變動表 35 INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS 中期簡明綜合現金流量表 36 NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 中期簡明綜合財務報表附註 39 Corporate Information 公司資料 BOARD OF DIRECTORS 董事會 Executive Directors 執行董事 Mr. ZHOU Fuyu (Chairman) 周富裕先生 （主席） Mr. HAO Lixiao (Chief Executive Officer) 郝立曉先生 （行政總裁） Mr. WEN Yong 文勇先生 Mr. HU Jiaqing 胡佳慶先生 Ms. LI Ying (Appointed on April 23, 2018) 李瑩女士（於二零一八年四月二十三日獲委 任） Mr. ZHU Yulong (Resigned on April 23, 2018) 朱於龍先生（於二零一八年四月二十三日辭 任） Non-executive Director 非執行董事 Mr. PAN Pan 潘攀先生 Independent Non-executive Directors 獨立非執行董事 Mr. WU Chi Keung 胡志強先生 Mr. CHAN Kam Ching, Paul 陳錦程先生 Mr. LU Weidong 盧衛東先生 AUDIT COMMITTEE 審核委員會 Mr. WU Chi Keung (Chairman) 胡志強先生 （主席） Mr. CHAN Kam Ching, Paul 陳錦程先生 Mr. LU Weidong 盧衛東先生 NOMINATION COMMITTEE 提名委員會 Mr. ZHOU Fuyu (Chairman) 周富裕先生 （主席） Mr. WU Chi Keung 胡志強先生 Mr. LU Weidong 盧衛東先生 REMUNERATION COMMITTEE 薪酬委員會 Mr. CHAN Kam Ching, Paul (Chairman) 陳錦程先生 （主席） Mr. LU Weidong 盧衛東先生 Ms. LI Ying (Appointed on April 23, 2018) 李瑩女士（於二零一八年四月二十三日獲委 任） Mr. ZHU Yulong (Resigned on April 23, 2018) 朱於龍先生（於二零一八年四月二十三日辭 任） 2 ZHOU HEI YA INTERNATIONAL HOLDINGS COMPANY LIMITED / INTERIM REPORT 2018 Corporate Information 公司資料 STRATEGIC DEVELOPMENT COMMITTEE 策略發展委員會 Mr. HAO Lixiao (Chairman, with effect from April 23, 2018) 郝立曉先生 （主 席， 於 二 零 一 八 年 四 月 二十三日生效） Mr. HU Jiaqing 胡佳慶先生 Mr. WEN Yong (Appointed on April 23, 2018) 文勇先生（於二零一八年四月二十三日獲委 任） Mr. ZHU Yulong (Resigned on April 23, 2018) 朱於龍先生（於二零一八年四月二十三日辭 任） COMPANY SECRETARY 公司秘書 Mr. CHEUNG Kai Cheong, Willie (FCPA, FCCA) 張啟昌先生 (FCPA, FCCA) AUTHORIZED REPRESENTATIVES 授權代表 Mr. HAO Lixiao 郝立曉先生 Mr. CHEUNG Kai Cheong, Willie 張啟昌先生 AUDITOR 核數師 Ernst & Young 安永會計師事務所 Certified Public Accountants 執業會計師 22nd Floor, CITIC Tower 香港中環 1 Tim Mei Avenue 添美道 1 號 Central, Hong Kong 中信大廈 22 樓 COMPANY’S WEBSITE 公司網站 www.zhouheiya.cn www.zhouheiya.cn STOCK CODE 股份代號 1458 1458 周黑鴨國際控股有限公司 / 2018 中期報告 3 Corporate Information 公司資料 HEADQUARTERS AND PRINCIPAL PLACE OF BUSINESS IN THE PRC 總部及中國主要營業地點 No. 8-1 Huitong Road Zoumaling 中國 Dongxihu District 湖北省武漢市 Wuhan City, Hubei Province, PRC 東西湖區走馬嶺滙通大道 8-1 號 Postal code: 430040 郵編：430040 CAYMAN ISLANDS PRINCIPAL SHARE REGISTRAR AND TRANSFER 開曼群島股份過戶登記總處 OFFICE Intertrust Corporate Services (Cayman) Limited Intertrust Corporate Services (Cayman) Limited 4 190 Elgin Avenue 190 Elgin Avenue George Town George Town Grand Cayman Grand Cayman KY1-9005 KY1-9005 Cayman Islands Cayman Islands HONG KONG SHARE REGISTRAR 香港證券登記處 Computershare Hong Kong Investor Services Limited 香港中央證券登記有限公司 Shops 1712-1716, 17th Floor 香港 Hopewell Centre 灣仔皇后大道東 183 號 183 Queen’s Road East Wanchai 合和中心 Hong Kong 17 樓 1712-1716 室 REGISTERED OFFICE IN CAYMAN ISLANDS 開曼群島註冊辦事處 190 Elgin Avenue 190 Elgin Avenue George Town George Town Grand Cayman Grand Cayman KY1-9005 KY1-9005 Cayman Islands Cayman Islands ZHOU HEI YA INTERNATIONAL HOLDINGS COMPANY LIMITED / INTERIM REPORT 2018 Corporate Information 公司資料 PRINCIPAL PLACE OF BUSINESS IN HONG KONG 香港主要營業地點 40th Floor, Sunlight Tower 香港 No. 248 Queen’s Road East 灣仔 Wanchai 皇后大道東 248 號 Hong Kong 陽光中心 40 樓 PRINCIPAL BANKS 主要往來銀行 Industrial and Commercial Bank of China Limited (Xibeihu Sub-Branch) 中國工商銀行股份有限公司（西北湖支行） Bank of Communications Co., Ltd. (Xinshijie Sub-Branch) 交通銀行股份有限公司（新世界支行） Bank of Communications Co., Ltd. (Offshore Finance Division) 交通銀行股份有限公司（離岸金融部） Credit Suisse Bank (Hong Kong Branch) 瑞士瑞信銀行（香港分行） Industrial Bank Co., Ltd. (Wuhan Branch) 興業銀行股份有限公司（武漢支行） 周黑鴨國際控股有限公司 / 2018 中期報告 5 Business Overview and Outlook 業務回顧及展望 MARKET OVERVIEW 市場概覽 In the first half of 2018, the macroeconomic data indicated a slowdown of gross domestic 二零一八年上半年宏觀資料顯示，國內生產 product growth rate, which has impacted the retail industry in general. Evolving changes in 總 值 增 速 放 緩， 對 零 售 行 業 帶 來 普 遍 的 衝 the consumer behavior and intensified competition have put huge pressure on traditional 擊，消費者行為的迅速轉變及競爭加劇，給 retail market. 傳統零售市場帶來巨大的壓力。 Competition among casual braised food industry has been increasingly intensified. 休閒鹵製品行業競爭日趨激烈。線上湧現更 Particularly, more and more online full-line casual brands have penetrated and tapped 多的互聯網全品類休閒品牌進入鹵製品細 into the braised food segement. In the offline market, retail brands compete for limited 分；在線下，零售品牌在局部地區的資源競 resources in regional markets intensively. Additionally, the rising rent, labor costs and raw 爭加劇。此外，租金上漲、勞工成本及原材 material expenses remain the main source of pressure for the industry. 料開支仍為行業壓力的主要來源。 Currently, the retail industry in China has been undergoing the third revolution, which 目前，零售行業正進行第三次變革浪潮：無 brings the emergence of self check-in stores, and local food ordering and delivery services 人 零 售 興 起； 本 地 訂 購 及 外 賣 服 務 增 長 迅 increased significantly. The sizable potential customer base, especially young customers, 猛， 潛 在 用 戶 數 量 特 別 是 年 輕 客 群 數 量 龐 presents new consumption opportunities. 大，形成新的消費機會。 OVERALL BUSINESS AND FINANCIAL PERFORMANCE 整體業務及財務表現 Store Network Expansion 門店網絡擴展 In the first half of 2018, Zhou Hei Ya International Holdings Company Limited (the 於二零一八年上半年，周黑鴨國際控股有限 “Company”) together with its subsidiaries (collectively, the “Group”) continued to carry 公司（「本公司」）連同其附屬公司（統稱（「本 out its store network expansion plans. It newly opened 214 self-operated retail stores and 集團」）繼續進行其門店網絡擴展計劃。於六 closed 45 stores during the six-month period. As a result, as of June 30, 2018, the total 個月期間，本集團新開設 214 間自營門店， number of the Group’s self-operated retail stores reached 1,196, covering 78 cities in 16 及關閉 45 間自營門店。因此，截至二零一八 provinces and municipalities in China. 年六月三十日，本集團的自營門店總數達至 1,196 間，覆蓋中國 16 個省份及直轄市內 78 個城市。 Geographically, central China regions remained the major regional market of the Group 地 理 上， 華 中 地 區 於 截 至 二 零 一 八 年 六 月 in the six months ended June 30, 2018, which contributed approximately 62.8% of total 三十日止六個月仍為本集團主要地區市場， revenue for the six months ended June 30, 2018. Northern China experienced a significant 佔截至二零一八年六月三十日止六個月總收 growth during the six months ended June 30, 2018 and its revenue contribution increased 益約 62.8%。截至二零一八年六月三十日止 by approximately 14.2% compared with the corresponding period in 2017. 六個月，華北地區取得顯著增長，其收益貢 獻較二零一七年同期增加約 14.2%。 6 ZHOU HEI YA INTERNATIONAL HOLDINGS COMPANY LIMITED / INTERIM REPORT 2018 Business Overview and Outlook 業務回顧及展望 The Group strategically locates its self-operated retail stores in the transport infrastructure, 本集團有策略地將自營門店設於交通樞紐， such as airports, railway stations and subway stations, or the ancillary facilities surrounding 例如機場、火車站及地鐵站或交通樞紐鄰近 the transport infrastructure. As of June 30, 2018, among all self-operated retail stores 配套設施。截至二零一八年六月三十日，在 operated by the Group, 361 stores were transport hub stores and revenue derived from 本集團經營的所有自營門店中，361 間為交 such hub stores accounted for approximately 48.9% of the total revenue for the six 通樞紐門店，而有關交通樞紐門店於截至二 months ended June 30, 2018. 零一八年六月三十日止六個月帶來的收益合 共佔總收益約 48.9%。 The table below sets forth a breakdown of the number of self-operated retail store 下表載列於所示期間按地理位置呈列的自營 network by geographic location for the periods indicated: 門店網絡數目明細： Number of Stores 門店數目 Six Months Ended June 30, 截至六月三十日止六個月 2018 2017 二零一八年 二零一七年 # % 數目 # % 數目 Central China (1) 華中 (1) 520 43.4 400 44.9 Southern China (2) 華南 (2) 207 17.3 177 19.8 Eastern China 華東 (3) 228 19.1 156 17.5 Northern China (4) 華北 (4) 178 14.9 108 12.1 Southwestern China (5) 西南 (5) 63 5.3 51 5.7 Total 總計 1,196 100.0 892 100.0 (3) 周黑鴨國際控股有限公司 / 2018 中期報告 7 Business Overview and Outlook 業務回顧及展望 收益 Revenue Six Months Ended June 30, 截至六月三十日止六個月 2018 2017 二零一八年 二零一七年 RMB’ 000 % 人民幣千元 RMB’ 000 % 人民幣千元 華中 (1) 865,030 62.8 874,010 64.1 華南 (2) 174,540 12.6 179,204 13.1 華東 (3) 167,378 12.2 159,891 11.7 華北 (4) 147,065 10.7 128,801 9.4 Southwestern China (5) 西南 (5) 23,376 1.7 23,890 1.7 Total 總計 1,377,389 100.0 1,365,796 100.0 Central China (1) Southern China (2) Eastern China (3) Northern China (4) 包括湖北省、湖南省、河南省、江西省及安 (1) Comprises Hubei Province, Hunan Province, Henan Province, Jiangxi Province and Anhui Province. (1) (2) Comprises Guangdong Province and Fujian Province. (2) 包括廣東省及福建省。 (3) Comprises Shanghai, Jiangsu Province and Zhejiang Province. (3) 包括上海、江蘇省及浙江省。 (4) Comprises Beijing, Tianjin, Hebei Province and Shandong Province. (4) 包括北京、天津、河北省及山東省。 (5) Comprises Chongqing and Sichuan Province. (5) 包括重慶及四川省。 徽省。 8 Expanding Product Portfolio 擴大產品組合 The Group has been continuously developing new products to enhance its product 本集團一直不斷開發新產品以提升其產品組 portfolio, particularly focusing on innovative and trending products which are expected to 合，尤其專注於研發吸引年輕客戶的創新及 appeal to young customers. 潮流產品。 For example, to cater the current consumption trend of pursuing for a health, green and 例如，為迎合如今年輕人追求健康、綠色、 fresh lifestyle among the young generation, the Group upgraded its popular “Zhou Hei Ya 小清新生活潮流的消費趨勢，本集團通過不 Crayfish ( 聚一蝦 )” by continuously improving the processing technologies. The Group’s 斷改進工藝技術對廣受歡迎的周黑鴨「聚一 product research team released the new vegetable taste of the Crayfish after careful and 蝦」進行升級。研發團隊經過精挑細選，反 repeated testing. 復調試，推出蔬菜口味的小龍蝦。 ZHOU HEI YA INTERNATIONAL HOLDINGS COMPANY LIMITED / INTERIM REPORT 2018 Business Overview and Outlook 業務回顧及展望 In addition, the Group continues its cross-over promotion strategy, through cooperation 此外，與統一企業股份有限公司（或統一企 with Uni-President Enterprises Corp, or Uni-President, and launched the “Zhou Xiao Ban 業）合作，並於二零一八年世界杯期間推出 ( 周小伴 )” sparkling water during the period of World Cup 2018, which was offered in 合 作 氣 泡 水「周 小 伴 」， 在 本 集 團 零 售 店 銷 the Group’s retail stores and contributed to the enhancement of customer experience. 售，以提升顧客體驗。 Production Capacity 產能 The Group continued to optimize its production arrangements in order to increase its 於二零一八年上半年，本集團繼續優化其生 production capacity and efficiency in the first half of 2018. The Group currently has two 產安排，以增加其產能及效率。本集團目前 processing facilities located in Hebei and Hubei, and it is in the process of constructing 在河北及湖北設有兩個加工工廠，並正在廣 three additional processing facilities located in Guangdong, Jiangsu and Sichuan. 東、江蘇及四川建設三個新加工工廠。 The processing facility of Hebei Zhou Hei Ya Foods Industrial Park Co., Ltd., or the Hebei 於二零一八年四月，河北周黑鴨食品工業園 facility, commenced full operation in April 2018. It currently serves the demands arising 有限公司（或河北工廠）的加工工廠開始全面 from certain cities in northern and eastern China. The processing facility located in Hubei, 投產。其目前滿足華北及華東部分城市產生 or the Hubei facility, currently serves the demands arising from the rest of China. 的需求。在湖北的加工工廠（或湖北工廠）目 前滿足除上述以外中國其他地區的需求。 The Group’s Shanghai processing facility used to serve demands arising from eastern 本集團的上海加工工廠曾用於滿足華東地區 China, and since it was closed in June 2018, the Group shifted its production to the Hebei 的 需 求， 自 其 於 二 零 一 八 年 六 月 關 閉 停 產 facility and Hubei facility. In addition, a processing facility in Guangdong which is under 後，本集團將其生產轉移至河北工廠及湖北 construction, will serve the demands arising from cities in southern China and another 工廠。此外，本集團正在廣東建設一家加工 processing facility in Nantong, Jiangsu which will serve the demands arising from cities 工廠，將滿足華南城市的需求，另一加工工 in eastern China. The Sichuan facility, on the other hand, will be serving the needs from 廠設在江蘇南通，將滿足華東城市的需求。 southwestern China. 另一方面，四川加工廠將滿足西南區域的需 求。 The Group has continued to optimize the production capacity of its processing facilities. 本集團繼續優化其加工工廠的產能，隨著現 It is believed that, with its current and new production facilities under development, it has 有及新生產工廠的逐步投產，本集團相信其 sufficient production capacities to meet the customer needs nationwide. 有足夠的產能滿足全國的客戶需求。 周黑鴨國際控股有限公司 / 2018 中期報告 9 Business Overview and Outlook 業務回顧及展望 Marketing and Branding Campaigns 營銷及品牌計劃 The Group has endeavored to protect customer rights and continued to leverage its 本集團注重客戶權益，持續利用其強大的營 strong marketing capacities to design various marketing and promotional activities. In 銷能力設計多種營銷及推廣活動。截至 2018 addition, as of June 30, 2018, our WeChat official account has accumulated over 10 年 6 月 30 日，本公司微信公眾號粉絲數量已 million followers. In addition to the traditional localized advertisements on railways, radio 達 1,000 多萬，除鐵路、廣播節目及網絡社 programs and online social media, the Group’s first flagship member store was opened 交媒體中的傳統本地化廣告外，於二零一八 in Wuhan in 2018 showcasing retail business innovations, which is featured with different 年， 本 集 團 的 第 一 家 會 員 樂 享 店 於 武 漢 開 appealing benefits and privileges, aiming at providing a superior shopping experience for its 業，該門店推出獨具吸引力的會員福利及特 loyal members. Unlike the traditional ones, the flagship member store is featured with its 權，旨在為其忠實的會員提供更優質的購物 open exhibition of products. The flagship member store also has clip doll machines, coffee 體驗，展現零售業務的創新。與傳統門店不 machines and 24-hour vending machines, customized gift redemption, which are aimed to 同，會員樂享店開放自主選購。會員樂享店 provide privileged customer experiences. 亦設有夾娃娃機、咖啡機及 24 小時自動售賣 機、定制禮品兌換，旨在提供更好的客戶體 驗。 Moreover, the Group also introduced the first “smart store” with self-checkout in 此 外， 本 集 團 亦 在 深 圳 推 出 首 間 無 人 支 付 Shenzhen. Leveraging the advanced payment technologies supported by WeChat, 「智 慧 門 店 」。 憑 藉 微 信 支 持 的 先 進 支 付 技 therefore customers are able to pay with facial recognition conveniently. The Group 術，顧客可通過面部識別進行便捷支付。本 expects to explore and leverage more advanced technologies and measures in order to 集團預期探索並利用更先進的技術及措施以 provide its customers with a superior shopping experience and to further carry out its 向其客戶提供更優質購物體驗及進一步實行 smart retail strategy. 智能零售策略。 Other than the cooperation with Uni-President, the Group innovatively cooperated with 除與統一企業合作外，本集團亦與一間化妝 a cosmetic products company and released limited edition lipsticks which quickly obtained 品公司進行創新合作並發佈限量版唇膏，迅 the attention among young customers. During the World Cup 2018, we launched a cross- 速吸引年輕客戶的關注。於二零一八年世界 promotion event jointly with Tsingtao Brewery Co., Ltd. to market the classic combination 杯期間，本集團與青島啤酒股份有限公司聯 of snacks and beer which effectively reached a broad customer base in a short period of 合推出一項交叉推廣活動，推出小吃配啤酒 time. 的經典組合，並在短時間內有效建立廣泛的 客戶群。 10 ZHOU HEI YA INTERNATIONAL HOLDINGS COMPANY LIMITED / INTERIM REPORT 2018 Business Overview and Outlook 業務回顧及展望 E-Commerce 電子商務 The Group continued to implement its e-commerce strategies. The Group has stablished 本集團繼續實施其電子商務策略。本集團已 strong presence on approximately 16 domestic online marketplaces and local food 覆蓋 16 個國內電商平台，目前可在 65 個城 ordering and delivery platforms, currently available in 65 cities. In early 2018, the Group 市通過網上訂購本地外賣服務。於二零一八 deepened its cooperation with WeChat and developed its in-app mini-program to offer 年初，本集團深化其與微信的合作，並開發 local food ordering and delivery service. 小程序以提供本地訂購及外賣服務。 Big Data Strategies 大數據策略 The Group is endeavored to strengthen its big-data strategy and establish an enhanced 本集團致力於加強其大數據策略，並建立強 information technology platform to support the sustainable long-term growth. In the first 化的資訊科技平台以支持可持續的長期增 half of 2018, the Group implemented its SAP system which has currently commenced 長。 於 二 零 一 八 年 上 半 年， 本 集 團 上 線 了 the trail test, transforming from the traditional digital system architecture to the multi- SAP 系統且現今已開始測試，由傳統的數字 level architecture. It enables the Group to perform comprehensive and collaborative 系統架構轉型至多層架構。該系統使本集團 management and control over the Group. It also adapts to the new accounting and 能夠進行全面協作的管理及控制，該系統亦 management requirements of the Group and builds an integrated platform for it, 適應本集團新的會計處理及管理規定，並為 improving the Group’s operating efficiency. 其建立綜合平台提升本集團經營效率。 Industry and Business Outlook 行業及業務展望 China’s braised food and retail industries have been in dire need of transition and 中國的滷製品業及零售行業一直急待轉型及 consumption upgrades. These industries have been undergoing a revolution to adapt to 消費升級。該等行業正在經歷一次適應智能 the trends of intelligentization and omni-channel operation. 化及全渠道運營趨勢的革命。 The Group believes that the digitalization of its big-data will serve as a foundation and 本集團認為其大數據的數字化將成為基礎， the intelligentization of its operational procedures will be the key to achieve its smart 其運營程序的智能化將為實現智能零售策略 retail strategy. While the omni-channel retailing is expected to be a new normal model 的關鍵。同時，全渠道零售預期將成為其行 of its industry, the Group believes that the establishment of a comprehensive value chain 業的新常規模式，本集團相信建立以客戶為 centering the customers and addressing their needs will be critical for future success. 中心並滿足其需求的綜合價值鏈對未來的成 功至關重要。 周黑鴨國際控股有限公司 / 2018 中期報告 11 Business Overview and Outlook 業務回顧及展望 In the second half of 2018, the Group expects to further strengthen and advance its 於二零一八年下半年，本集團預期進一步加 leadership and market share in China and intends to continue to: 強及推進其於中國的領先地位及市場份額， 並有意繼續： • Further expand retail store network and increase production capacities; • 加強門店網絡與產能穩步同步增大； • Store image upgrade and product mix upgrade; • 加速門店形象升級及產品升級； • Enhance brand building by further improving market efforts; • 加強品牌營銷投入，優化品牌建設； • Adapt to “New Retail” consumption scenarios; • 加強「新零售」場景化應用； • Precision marketing strategies based on members data analysis and improve repeat • 針對會員展開精準營銷，提升會員複 purchase; and • 12 Enhance employee incentives and optimize organization and process. ZHOU HEI YA INTERNATIONAL HOLDINGS COMPANY LIMITED / INTERIM REPORT 2018 購率；及 • 加強人才激勵，優化組織流程。 Management Discussion and Analysis 管理層討論與分析 The following table sets forth the Group’s unaudited consolidated statements of profits 下表載列本集團的未經審核綜合損益及其他 or loss and other comprehensive income in absolute amounts and as percentage of the 全面收益表，當中呈列所示期間各個別項目 Group’s total revenue for the periods indicated, together with the change of the six 的實際金額及佔本集團總收益比，連同截至 months ended June 30, 2017 over the six months ended June 30, 2018 (expressed in 二零一七年六月三十日止六個月至截至二零 percentages). 一八年六月三十日止六個月的變動（以百分 比列示）。 Six Months Ended June 30, 截至六月三十日止六個月 2018 二零一八年 RMB’ 000 人民幣千元 2017 二零一七年 % RMB’ 000 人民幣千元 Period-OverPeriod Change 同比變動 % % Revenue 收益 1,596,582 100.0 1,618,306 100.0 (1.3) Cost of sales 銷售成本 (640,905) (40.1) (632,386) (39.1) 1.3 Gross profit 毛利 955,677 59.9 985,920 60.9 (3.1) Other income and gains, net 其他收入及收益淨額 65,217 4.1 39,780 2.5 63.9 Selling and distribution expenses 銷售及分銷開支 (495,158) (31.0) (428,180) (26.5) 15.6 Administrative expenses 行政開支 (86,560) (5.5) (70,725) (4.4) 22.4 Profit before tax 除稅前溢利 439,176 27.5 526,795 32.6 (16.6) Income tax expense 所得稅開支 (107,665) (6.7) (125,761) (7.8) (14.4) Profit for the period 期內溢利 331,511 20.8 401,034 24.8 (17.3) Other comprehensive income 其他全面收入 Other comprehensive income 於期後重新分類至損益 to be reclassified to profit or 的其他全面收入： loss in subsequent periods: Available-for-sale investments: 可供出售投資： Changes in fair value, net of tax 公平值變動（除稅後） NA — Reclassification adjustments for gains — 726 0.0 不適用 計入損益的收益及虧損 and losses included in the profit 重新分類調整 or loss - gains on disposal, net of tax －出售收益（除稅後） NA — — (726) (0.0) 不適用 周黑鴨國際控股有限公司 / 2018 中期報告 13 Management Discussion and Analysis 管理層討論與分析 Six Months Ended June 30, 截至六月三十日止六個月 2018 二零一八年 RMB’ 000 人民幣千元 Exchange differences on translation the period, net of tax Total comprehensive income for per share (RMB) 12,410 0.8 (71,391) (4.4) 117.4 12,410 0.8 (71,391) (4.4) 117.4 343,921 21.5 329,643 20.4 4.3 期內其他全面收入 （除稅後） 期內全面收入總額 the period Basic and diluted earnings Period-OverPeriod Change 同比變動 % % 海外業務換算的匯兌差額 of foreign operations Other comprehensive income for % 2017 二零一七年 RMB’ 000 人民幣千元 每股基本及攤薄盈利 （人民幣） NA 0.14 不適用 NA 0.17 不適用 (17.6) Revenue 收益 The Group’s total revenue slightly decreased by approximately 1.3% from RMB1,618.3 本集團的總收益由截至二零一七年六月三十 million for the six months ended June 30, 2017 to RMB1,596.6 million for the six months 日止六個月的人民幣 1,618.3 百萬元略微下降 ended June 30, 2018, which was primarily due to (i) the intensified competition for online 約 1.3% 至截至二零一八年六月三十日止六個 and offline sales and marketing resources; and (ii) a decrease in customer traffic in self- 月的人民幣 1,596.6 百萬元，主要由於 (i) 主要 operated retail stores in certain regional markets where the Group has been facing 由於線上線下銷售及營銷資源的競爭不斷加 increasing pressure from its aging retail stores. 劇；及 (ii) 本集團面臨來自門店老化的壓力， 某些區域市場的自營門店客流量有所流失。 Geographically, central China region remained the major regional market of the Group 地 理 上， 華 中 地 區 於 截 至 二 零 一 八 年 六 月 in the six months ended June 30, 2018, which contributed approximately 62.8% of total 三十日止六個月仍為本集團主要地區市場， revenue for the six months ended June 30, 2018. Northern China experienced a significant 佔截至二零一八年六月三十日止六個月總收 growth during the six months ended June 30, 2018 and its revenue contribution increased 益約 62.8%。截至二零一八年六月三十日止 by approximately 14.2% compared with the corresponding period in 2017. 六個月，華北地區經歷顯著的增長，其收益 貢獻較二零一七年同期增加約 14.2%。 14 ZHOU HEI YA INTERNATIONAL HOLDINGS COMPANY LIMITED / INTERIM REPORT 2018 Management Discussion and Analysis 管理層討論與分析 Cost of Sales 銷售成本 Cost of sales increased by approximately 1.3% from RMB632.4 million for the six months 銷售成本由截至二零一七年六月三十日止六 ended June 30, 2017 to RMB640.9 million for the six months ended June 30, 2018, 個月的人民幣 632.4 百萬元增加約 1.3% 至截 primarily due to the overall price increase in our raw materials, the increased labor costs 至二零一八年六月三十日止六個月的人民幣 and the increased depreciation of equipment due to the commencement of operation of 640.9 百萬元，主要由於我們的原材料價格整 our Hebei facility. 體上漲、勞工成本上漲及因河北工廠開始營 運而導致設備折舊增加。 Gross Profit and Gross Profit Margin 毛利及毛利率 As a result of the foregoing, the Group’s gross profit decrease by 3.1% from RMB985.9 由於上述者，本集團的毛利由截至二零一七 million for the six months ended June 30, 2017 to RMB955.7 million for the six months 年六月三十日止六個月的人民幣 985.9 百萬 ended June 30, 2018. 元減少 3.1% 至截至二零一八年六月三十日止 六個月的人民幣 955.7 百萬元。 Gross profit margin slightly decreased from 60.9% for the six months ended June 30, 2017 毛利率由截至二零一七年六月三十日止六個 to 59.9% for the six months ended June 30, 2018. 月的 60.9% 輕微下降至截至二零一八年六月 三十日止六個月的 59.9%。 Other Income and Gains, Net 其他收入及收益淨額 The Group’s other income and gains, net increased by approximately 63.9% from 本集團的其他收入及收益淨額由截至二零 RMB39.8 million for the six months ended June 30, 2017 to RMB65.2 million for the six 一 七 年 六 月 三 十 日 止 六 個 月 的 人 民 幣 39.8 months ended June 30, 2018. The increase was primarily due to (i) a RMB13.1 million 百萬元增加約 63.9% 至截至二零一八年六月 increase in interest income from structured deposits; and (ii) a RMB4.8 million increase in 三十日止六個月的人民幣 65.2 百萬元。增加 interest income from bank deposits. 主要由於 (i) 結構性存款的利息收入增加人民 幣 13.1 百萬元；及 (ii) 銀行存款的利息收入增 加人民幣 4.8 百萬元。 Selling and Distribution Expenses 銷售及分銷開支 The Group’s selling and distribution expenses increased by approximately 15.6% from 本集團的銷售及分銷開支由截至二零一七年 RMB428.2 million for the six months ended June 30, 2017 to RMB495.2 million for the 六月三十日止六個月的人民幣 428.2 百萬元 six months ended June 30, 2018. The increase was primarily due to the increases in lease 增加約 15.6% 至截至二零一八年六月三十日 expenses, advertising and marketing expenses and salary and welfare for the selling staff, 止六個月的人民幣 495.2 百萬元。該增加主 each a result of the expansion of retail store network in the six months ended June 30, 要由於截至二零一八年六月三十日止六個 2018. 月，由於門店網絡擴張導致的租賃開支、廣 告 宣 傳 費 用、 銷 售 員 工 的 薪 酬 及 福 利 等增 加。 周黑鴨國際控股有限公司 / 2018 中期報告 15 Management Discussion and Analysis 管理層討論與分析 Administrative Expenses 行政開支 The Group’s administrative expenses increased by approximately 22.4% from RMB70.7 本集團的行政開支由截至二零一七年六月 million for the six months ended June 30, 2017 to RMB86.6 million for the six months 三十日止六個月的人民幣 70.7 百萬元增加約 ended June 30, 2018, primarily due to the increase in salary and welfare for the Group’s 22.4% 至截至二零一八年六月三十日止六個 general and administrative personal. 月的人民幣 86.6 百萬元，主要由於本集團的 一般及行政人員薪金及福利增加。 Profit Before Tax 除稅前溢利 As a result of the foregoing, the Group recorded profit before tax of RMB439.2 million for 由於上述者，本集團於截至二零一八年六月 the six months ended June 30, 2018, decreased by approximately 16.6% from RMB526.8 三十日止六個月錄得除稅前溢利人民幣 439.2 million for the six months ended June 30, 2017. 百萬元，較截至二零一七年六月三十日止六 個月的人民幣 526.8 百萬元減少約 16.6%。 Income Tax Expense 所得稅開支 Income tax expense decreased by approximately 14.4% from RMB125.8 million for the 所得稅開支由截至二零一七年六月三十日止 six months ended June 30, 2017 to RMB107.7 million for the six months ended June 30, 六個月的人民幣 125.8 百萬元減少約 14.4% 至 2018, primarily due to the decrease in taxable profit. 截至二零一八年六月三十日止六個月的人民 幣 107.7 百萬元。主要由於應課稅溢利減少 所致。 Profit for the Period 期內溢利 As a result of the foregoing, due to the fact that the Group’s revenue slightly decreased 由於上述者，因本集團的收益略微減少且經 and the increase in operating expenses and costs outpaced the store network expansion, 營開支及成本的增長大於門店網絡擴張，本 the Group’s net profit decreased by approximately 17.3% from RMB401.0 million for the 集團的純利由截至二零一七年六月三十日止 six months ended June 30, 2017 to RMB331.5 million for the six months ended June 30, 六個月的人民幣 401.0 百萬元減少約 17.3% 至 2018. Net profit margin was 24.8% for the six months ended June 30, 2017 and 20.8% for 截至二零一八年六月三十日止六個月的人民 the six months ended June 30, 2018, respectively. 幣 331.5 百萬元。純利率於截至二零一七年 六月三十日止六個月及截至二零一八年六月 三十日止六個月分別為 24.8% 及 20.8%。 Exchange Differences on Translation of Foreign Operations 海外業務換算的匯兌差額 Exchange differences on translation of foreign operations increased from a loss of 海外業務換算的匯兌差額由截至二零一七年 RMB71.4 million for the six months ended June 30, 2017 to a gain of RMB12.4 million for 六月三十日止六個月的虧損人民幣 71.4 百萬 the six months ended June 30, 2018, primarily represented the foreign exchange gains on 元增至截至二零一八年六月三十日止六個月 the cash and deposits held by the Group denominated in the U.S. dollars. 的收益人民幣 12.4 百萬元，主要為本集團持 有的以美元計值的現金及存款外匯收益。 16 ZHOU HEI YA INTERNATIONAL HOLDINGS COMPANY LIMITED / INTERIM REPORT 2018 Management Discussion and Analysis 管理層討論與分析 Total Comprehensive Income for the Period 期內全面收入總額 As a result of the foregoing, the Group’s total comprehensive income for the six months 由於上述者，本集團的全面收入總額由截至 ended June 30, 2018 increased by approximately 4.3% to RMB343.9 million from 二零一七年六月三十日止六個月的人民幣 RMB329.6 million for the six months ended June 30, 2017. 329.6 百萬元增加約 4.3% 至截至二零一八年 六月三十日止六個月的人民幣 343.9 百萬元。 Liquidity and Capital Resources 流動資金及資本來源 During the six months ended June 30, 2018, the Group financed its operations primarily 截至二零一八年六月三十日止六個月，本集 through cash generated from its business operations and the net proceeds received from 團主要以其業務營運所產生現金及首次公開 its initial public offering (the “IPO”). The Group intends to finance its expansion and 發售（「首次公開發售」）所得款項淨額為其營 business development by internal resources and through organic and sustainable growth, 運提供資金。本集團擬動用內部資源、通過 as well as to use the net proceeds received from its IPO. 自然及可持續發展以及首次公開發售所得款 項淨額為其擴充及業務營運提供資金。 Capital Structure 資本架構 As of June 30, 2018, the Group had net assets of approximately RMB4,108.7 million, as 截至二零一八年六月三十日，本集團的資產 compared to RMB4,000.7 million as of December 31, 2017, comprising current assets 淨值約為人民幣 4,108.7 百萬元，而截至二零 of approximately RMB3,082.7 million, non-current assets of approximately RMB1,507.7 一七年十二月三十一日則為人民幣 4,000.7 百 million, current liabilities of approximately RMB441.0 million and non-current liabilities of 萬元，當中包括流動資產約人民幣 3,082.7 百 approximately RMB40.8 million. 萬元、非流動資產約人民幣 1,507.7 百萬元、 流動負債約人民幣 441.0 百萬元及非流動負 債約人民幣 40.8 百萬元。 As of June 30, 2018 and 2017, the Group had no borrowings from bank and financial 截至二零一八年及二零一七年六月三十日， institution. 本集團並無向銀行及金融機構借款。 Cash and Bank 現金及銀行存款 As compared with RMB2,039.2 million as of December 31, 2017, the Group had cash and 截 至 二 零 一 八 年 六 月 三 十 日， 本 集 團 的 現 bank of approximately RMB1,894.3 million as of June 30, 2018, which was consisted of 金及銀行存款約為人民幣 1,894.3 百萬元（而 unrestricted cash and bank balances of approximately RMB133.1 million and term deposits 截至二零一七年十二月三十一日則為人民幣 with maturity over three months of approximately RMB1,761.2 million. 2,039.2 百萬元），包括無限制現金及銀行結 餘約人民幣 133.1 百萬元及於三個月以上到 期的定期存款約人民幣 1,761.2 百萬元。 周黑鴨國際控股有限公司 / 2018 中期報告 17 Management Discussion and Analysis 管理層討論與分析 Financial Risks 財務風險 The Group is not subject to significant credit risk and liquidity risk. The Group had cash at 本集團並無面臨重大信貸風險及流動資金風 banks denominated in foreign currencies, which exposed the Group to foreign exchange 險。本集團有以外幣列值的銀行現金，並面 risk. The Group does not use any derivative contracts to hedge against its exposure to 臨外幣風險。本集團並無動用任何衍生合約 foreign exchange risk. The management manages its currency risk by closely monitoring 以對沖其面臨的外匯風險。管理層透過密切 the movement of the foreign currency rates and will take prudent measures to minimize 監察外幣匯率變動而管理其貨幣風險，並將 the currency translation risk. 採取審慎措施以將貨幣換算風險降至最低。 Use of Proceeds from the Initial Public Offering 首次公開發售所得款項用途 Net proceeds from the IPO (including the exercise of the over-allotment options on 本公司的首次公開發售所得款項淨額（包括 November 30, 2016), after deducting the underwriting commission and other estimated 於二零一六年十一月三十日行使超額配股 expenses in connection with the Global Offering which the Company received amounted 權，經扣除包銷佣金及有關首次公開發售的 to approximately HK$2,792.3 million, comprising HK$2,428.1 million raised from the 其他估計開支）約為 2,792.3 百萬港元，分別 IPO and HK$364.2 million from the issue of shares pursuant to the exercise of the over- 包括首次公開發售籌得的 2,428.1 百萬港元及 allotment options, respectively. 根據行使超額配股權而發行股份所得 364.2 百萬港元。 18 ZHOU HEI YA INTERNATIONAL HOLDINGS COMPANY LIMITED / INTERIM REPORT 2018 Management Discussion and Analysis 管理層討論與分析 The table below sets forth the use of proceeds by the Group as of June 30, 2018: 下表載列本集團截至二零一八年六月三十日 的所得款項用途： Amount that had been Budget 預算 utilized Remaining as of June balance as of 30, 2018 June 30, 2018 截至 截至 二零一八年 二零一八年 六月三十日 六月三十日 已動用金額 餘下結餘 (in RMB million) （以人民幣百萬元列值） Construction and improvement of processing facilities 建設及改善加工設施 858.3 516.5 341.8 Development of retail store network 開發門店網絡 367.8 48.4 319.4 Brand image campaigns, including 品牌形象活動（包括電子 294.3 52.0 242.3 the e-commerce marketing campaigns 商務營銷活動） Improvement of research and development 改善研發 245.2 3.8 241.4 Acquisition and strategic alliances 收購及戰略聯盟 245.2 17.9 227.3 Upgrades of information technology systems, 升級信息技術系統 （包括企業資源計劃系統） 196.2 20.8 175.4 General replenishment of working capital 用於擴充一般營運資本 245.2 46.0 199.2 Total 總計 2,452.2 705.4 1,746.8 including the enterprise resource planning system As of June 30, 2018, net proceeds not utilized had been deposited into short-term 截至二零一八年六月三十日，未動用所得款 deposits and money market instruments, including structured deposits. There has been 項 淨 額 已 存 入 短 期 存 款 及 貨 幣 市 場 工 具， no change to the intended use of net proceeds as previously disclosed in the prospectus 包括結構性存款。誠如先前於本公司招股章 of the Company. The proceeds were used and are proposed to be used as and when 程所披露，所得款項淨額的擬定用途並無變 appropriate based on the Group’s business needs according to the intentions previously 動。所得款項已按或擬按早前在本公司日期 disclosed in the prospectus of the Company dated November 1, 2016. 為二零一六年十一月一日的招股章程披露的 意願於適當時間按本集團業務需要使用。 周黑鴨國際控股有限公司 / 2018 中期報告 19 Management Discussion and Analysis 管理層討論與分析 Indebtedness 債務 As of June 30, 2018, the Group did not have any outstanding indebtedness or any loan 截至二零一八年六月三十日，本集團並無任 capital issued and outstanding or agreed to be issued, bank overdrafts, loans or similar 何未償還債務或任何已發行但未償還或同意 indebtedness, liabilities under acceptances (other than normal trade bills), acceptance 發行的借貸資本、銀行透支、貸款或類似債 credits, debentures, mortgages, charges or hire purchase commitments, guarantees or 務、承兌負債（一般貿易票據除外）、承兌信 other contingent liabilities or any covenant in connection thereof. 貸、債券、按揭、抵押或租購承擔、擔保或 其他或然負債或與之相關的任何契諾。 Cash Flows 現金流量 For the six months ended June 30, 2018, net cash generated from operating activities 截至二零一八年六月三十日止六個月，經營 decreased to approximately RMB207.2 million from RMB326.2 million for the six months 活動所得現金淨額由截至二零一七年六月 ended June 30, 2017, which was mainly attributed to profit before tax of RMB439.2 三十日止六個月的人民幣 326.2 百萬元減少 million, adjusted for certain non-cash items such as depreciation and amortization of 至約人民幣 207.2 百萬元，主要歸因於除稅 RMB36.7 million. Additional factors that affected net cash generated from operating 前溢利人民幣 439.2 百萬元就若干非現金項 activities included the income tax paid of RMB152.9 million, a decrease of RMB40.1 million 目作出調整，例如折舊及攤銷人民幣 36.7 百 in other payables and accruals, an increase of RMB24.2 million in prepayments, deposits 萬 元。 影 響 經 營 活 動 產 生 的 現 金 淨 額 的 額 and other receivable, a decrease of RMB13.4 million in trade payables, and of RMB6.4 外因素包括：已付所得稅人民幣 152.9 百萬 million in rental deposits as a result of our retail store network expansion. 元、 其 他 應 付 款 項 及 應 計 費 用 減 少 人 民 幣 40.1 百萬元、預付款項、按金及其他應收款 項增加人民幣 24.2 百萬元、貿易應付款項減 少人民幣 13.4 百萬元及由於門店網絡擴張租 賃按金增加人民幣 6.4 百萬元。 For the six months ended June 30, 2018, net cash used in investing activities decreased 截至二零一八年六月三十日止六個月，投資 to approximately RMB18.4 million from RMB149.9 million for the six months ended June 活動所用現金淨額由截至二零一七年六月 30, 2017, which was mainly attributed to purchases of structured deposits of RMB1,131.2 三十日止六個月的人民幣 149.9 百萬元減少 million, purchases of financial assets at fair value through profit or loss of RMB300.0 至約人民幣 18.4 百萬元，主要歸因於購入結 million, contribution to investments in an associate of RMB250.0 million, and purchases of 構性存款人民幣 1,131.2 百萬元，購入按公平 property, plant and equipment of RMB183.8 million, partially offset by the proceeds from 值計量且其變動計入損益的金融資產人民幣 disposals of structured deposits of RMB1,382.2 million, proceeds from disposal of items of 300.0 百萬元、向投資的一間聯營公司增資人 financial assets at fair value through profit or loss of RMB330.0 million and a decrease of 民幣 250.0 百萬元，及購入物業、廠房及設 term deposits of maturity over three months of RMB115.2 million. 備人民幣 183.8 百萬元，部份被出售結構性 存款所得款項人民幣 1,382.2 百萬元、按公平 值計量且其變動計入損益的金融資產項目所 得款項人民幣 330.0 百萬元及三個月以上到 期的定期存款減少人民幣 115.2 百萬元所抵 銷。 20 ZHOU HEI YA INTERNATIONAL HOLDINGS COMPANY LIMITED / INTERIM REPORT 2018 Management Discussion and Analysis 管理層討論與分析 For the six months ended June 30, 2018, net cash used financing activities increased to 截至二零一八年六月三十日止六個月，融資 approximately RMB235.9 million from RMB219.3 million for the six months ended June 活動所用現金淨額由截至二零一七年六月 30, 2017, which represents the dividends paid in June 2018. 三十日止六個月的人民幣 219.3 百萬元增加 至約人民幣 235.9 百萬元，即二零一八年六 月已付的股息。 Structured Deposits 結構性存款 The Group from time to time invests in asset management products, primarily structured 本集團不時投資資產管理產品（主要為結構 deposits, in order to better facilitate its cash management. Structured deposits were 性存款），以更有助其現金管理。結構性存 principal-protected products which typically had a fixed short term and may be redeemed 款 為 保 本 產 品， 通 常 具 固 定 短 期 期 限 及 可 upon their respective expiry dates. As at June 30, 2018, the Group invested approximately 於其各自屆滿日期贖回。於二零一八年六月 RMB711.0 million of structured deposits (June 30, 2017: approximately RMB761.3 三十日，本集團投資約人民幣 711.0 百萬元 million). The underlying investments of the structured deposits were primarily short-term 的結構性存款（二零一七年六月三十日：約 sovereign bonds, financial bonds and central bank bills, and other investment products 人 民 幣 761.3 百 萬 元 ）。 有 關 結 構 性 存 款 的 issued by commercial banks in the inter-bank market in China, which were very liquid with 投資主要包括短期國債、金融債及中央銀行 a relatively short term of maturity, and which were considered to be similar to placing 票據及商業銀行於中國銀行同業市場發行的 deposits with banks whilst enabling the Group to earn a relatively higher rate of return. In 其他投資產品。這些產品流通性強，屆滿期 the six months ended June 30, 2018, interest income from structured deposits amounted 限較短，並被認為類似於在銀行存款惟同時 to approximately RMB22.3 million (June 30, 2017: approximately RMB9.1 million). 使本集團獲得相對較高的回報率。截至二零 一八年六月三十日止六個月，結構性存款的 利息收入約為人民幣 22.3 百萬元（二零一七 年六月三十日：約人民幣 9.1 百萬元）。 The Group has implemented capital and investment policies to monitor and control 本集團已實施資本及投資政策監控與我們的 the risks relating to its investment activities. The Group may only make investments in 投 資 活 動 有 關 的 風 險。 本 集 團 可 能 僅 在 有 asset management products when it has surplus cash. Only make investments in low- 現金盈餘的情況下投資於資產管理產品。僅 risk products issued by qualified commercial banks or other financial institutions are 容許投資於由合資格商業銀行或其他財務機 allowed and the investments should be non-speculative in nature. The Group’s capital and 構發行的低風險產品，且投資應為非投機性 investment policies also specify the criteria for selecting investments to be considered and 質。本集團的資本及投資政策亦列明選擇投 the detailed review procedures that each proposed investment shall go through. 資應考慮的標準以及各建議投資應遵從的詳 盡審閱程序。 周黑鴨國際控股有限公司 / 2018 中期報告 21 Management Discussion and Analysis 管理層討論與分析 In view of an upside of earning a relatively higher return than current saving or fixed 鑑於在低利率趨勢下，其收益回報高於現有 deposit rate under the low interest rate trend, as well as the principal-protected nature 儲蓄或定期存款利率，並計及結構性存款的 and a relatively short term of maturity of the structured deposits, the directors of the 保本性質及相對較短的屆滿期限，本公司董 Company (the “Directors”) are of the view that the structured deposits pose trivial risk 事（「董 事 」）認 為 結 構 性 存 款 對 本 集 團 構 成 to the Group and the terms and conditions of each of the structured deposits are fair and 風險輕微，而各結構性存款之條款及條件屬 reasonable and are in the interests of the Company and its shareholders as a whole. 公平合理，並符合本公司及其股東之整體利 益。 Capital Expenditure 資本開支 The Group’s capital expenditures amounted to RMB171.0 million for the six months 截至二零一八年六月三十日止六個月，本集 ended June 30, 2018, mainly in connection with the establishment of SAP system, 團的資本開支為人民幣 171.0 百萬元，主要 upgrades of production lines improvement of processing facilities and decoration and 用於建立 SAP 系統、升級生產線以及改善加 improvement of self-operated retail stores. The Group financed its capital expenditures 工設施以及自營門店裝修及改善工程。本集 primarily with cash generated from operations and the proceeds from the IPO. 團主要以經營所得現金及首次公開發售所得 款項撥付其資本開支。 Contingent Liabilities and Guarantees 或然負債及擔保 As of June 30, 2018, the Group did not have any significant contingent liabilities, 截至二零一八年六月三十日，本集團並無任 guarantees or any litigation against it. 何重大或然負債、擔保或針對本集團的任何 訴訟。 Major Investment 重大投資 In March 2018, one of the Group’s indirect wholly-owned subsidiary entered into a 於二零一八年三月，本集團一間間接全資附 partnership agreement with two subsidiaries of Shenzhen Tiantu Investment Co., Ltd. 屬公司與深圳市天圖投資管理股份有限公 ( 深圳市天圖投資管理股份有限公司 ) to jointly establish Shenzhen Tiantu Xingnan 司的兩間附屬公司訂立合夥協議，以在深圳 Investment Partnership (Limited Partnership) ( 深圳市天圖興南投資合夥企業 ( 有限 共同成立深圳市天圖興南投資合夥企業（有 合夥 )) (the “Partnership”) with a total size of RMB3.0 billion in Shenzhen, of which the 限合夥） （「合夥企業」），規模總額為人民幣 Group subscribed for RMB500.0 million. As of the date of this report, the Group had 30.0 億元，其中本集團認購人民幣 500.0 百萬 made the full payment for its initial capital contribution of RMB250.0 million, which were 元。截至本報告日期止，本集團已繳足其初 funded from its operations. The Partnership is expected to serve an investment platform 始出資金額人民幣 250.0 百萬元，該金額由 to primarily explore investment opportunities related to consumption upgrade and new 其經營所得款項撥付。該合夥企業預期作為 retail. Please refer to the announcement of the Group dated March 12, 2018 for more 投資平台，主要探索消費升級及新零售相關 details. 的投資機會。詳情請參閱本集團日期為二零 一八年三月十二日的公告。 Other than the Partnership, in the six months ended June 30, 2018, the Group did not 截至二零一八年六月三十日止六個月，除合 conduct any other material investments, acquisitions or disposals. 夥企業外，本集團並未進行任何其他重大投 資、收購或出售事項。 22 ZHOU HEI YA INTERNATIONAL HOLDINGS COMPANY LIMITED / INTERIM REPORT 2018 Management Discussion and Analysis 管理層討論與分析 Turnover Ratios 周轉率 Average inventory turnover days increased from 61.8 days for the six months ended 平均存貨周轉天數由截至二零一七年六月 June 30, 2017 to 68.0 days for the six months ended June 30, 2018, primarily because 三 十 日 止 六 個 月 的 61.8 天 增 加 至 截 至 二 零 the Group had increased the inventory reserves of certain major raw materials at lower 一八年六月三十日止六個月的 68.0 天，主要 prevailing market prices. 由於本集團以較低的現行市價增加了若干主 要原材料的存貨儲備。 Average trade receivables turnover days slightly increased from 0.9 days for the six 平均貿易應收款項周轉天數由截至二零一七 months ended June 30, 2017 to 2.7 days for the six months ended June 30, 2018, 年六月三十日止六個月的 0.9 天輕微增加至 primarily because the payment settlement cycles of certain transport hub stores increased 截至二零一八年六月三十日止六個月的 2.7 to approximately one month or more after contract renewal since the second half of 天，主要由於若干交通樞紐門店的付款結算 2017. 週期於二零一七年下半年續期後增加至約一 個月或以上。 Average trade payables turnover days decreased from 25.7 days for the six months ended 平均貿易應付款項周轉天數由截至二零一七 June 30, 2017 to 22.3 days for the six months ended June 30, 2018, primarily due to a 年六月三十日止六個月的 25.7 天減少至截至 decrease in payables to suppliers. 二零一八年六月三十日止六個月的 22.3 天， 主要由於應付供應商貨款減少。 Employee and Labor Cost 僱員及勞工成本 As of June 30, 2018, the Group had a total of 4,778 employees, among which 截至二零一八年六月三十日，本集團合共有 approximately 63.8% were retail store operations and sales staff and approximately 15.2% 4,778 名僱員，其中約 63.8% 為門店營運及銷 were manufacturing staff at its processing facilities. 售員人員，而約 15.2% 為加工設施的生產人 員。 The Group has developed a performance evaluation system to assess the performance 本集團已開發出一套續效評估系統，用來每 of its employees annually, which forms the basis for determining the salary levels, bonuses 年評估僱員的表現，這構成了釐定僱員的薪 and promotions an employee may receive. Sales and marketing personnel may also 酬水平、花紅及晉升的基準。銷售及營銷人 receive bonuses based on the sales targets they accomplished, by taking into account the 員亦可根據彼等完成的銷售目標，並考慮相 overall sales performance of the stores in the same regional market in the relevant period. 關期間相同區域市場的店舖整體銷售表現收 取花紅。 For the six months ended June 30, 2018, the Group incurred total labor costs of 截至二零一八年六月三十日止六個月，本集 RMB217.6 million, representing approximately 13.6% of total revenue of the Group. 團產生勞工成本總額人民幣 217.6 百萬元， 佔本集團總收益約 13.6%。 周黑鴨國際控股有限公司 / 2018 中期報告 23 Management Discussion and Analysis 管理層討論與分析 RSU Scheme 受限制股份單位計劃 The Company adopted a restricted share unit scheme (the “RSU Scheme”) on July 25, 本公司已於二零一八年七月二十五日採納 2018. The purpose of the RSU Scheme is to incentivize Directors, senior management 受 限 制 股 份 單 位 計 劃（「受 限 制 股 份 單 位 計 and employees of the Group for their contribution to the Group, to attract, motivate 劃 」）。 受 限 制 股 份 單 位 計 劃 的 目 的 為 透 過 and retain skilled and experienced personnel to strive for the future development and 向本集團的董事、高級管理層及僱員提供擁 expansion of the Group by providing them with the opportunity to own equity interests 有本公司股權的機會，獎勵彼為本集團作出 of the Company. The maximum number of restricted share units (“RSUs”) that may be 的貢獻，吸引、激勵及挽留技術熟練與經驗 granted under the RSU Scheme in aggregate (excluding RSUs that have lapsed or been 豐富的人員為本集團的未來發展及擴張而努 cancelled in accordance with the Scheme Rules) shall be such number of Shares held 力。根據受限制股份單位計劃授出的受限制 or to be held by Computershare Hong Kong Trustees Limited, as the trustee for the 股份單位（「受限制股份單位」）數目上限總數 administration of the RSU scheme, for the purpose of the RSU Scheme from time to time. （不包括根據計劃規則已失效或註銷的受限制 Subject to early termination by the Board, the RSU Scheme shall be valid and effective for 股份單位），須為作為管理受限制股份單位計 ten (10) years commencing on the date of the first grant of the RSUs. For more details of 劃受託人香港中央證券信託有限公司，就受 the RSU Scheme, please refer to the announcements of the Company dated July 25, 2018 限制股份單位計劃不時持有或將持有的股份 and July 31, 2018. As of August 29, 2018, being the date of this interim report, no any 數目。惟董事會提前終止，受限制股份單位 RSUs have been issued. 計劃於首次授出受限制股份單位日期起計十 (10) 年有效及生效。有關受限制股份單位計 劃的詳情可參閱本公司日期為二零一八年七 月二十五日及二零一八年七月三十一日之公 告。截至二零一八年八月二十九日，即本中 期報告日期，並無任何受限制股份單位授出。 Top Suppliers and Top Customers 最大供應商及最大客戶 For the six months ended June 30, 2018, purchases from the Group’s largest duck supplier 截至二零一八年六月三十日止六個月，來自 in terms of RMB amount accounted for approximately 9.2% of total purchase cost and the 本集團最大的鴨供應商的採購在金額上佔總 aggregate purchases from its top five duck suppliers in terms of RMB amount in aggregate 採購成本約 9.2%，來自五大鴨供應商的總採 accounted for approximately 26.1% of total purchase cost. 購金額合共佔總採購成本約 26.1%。 For the six months ended June 30, 2018, due to the nature of the Group’s business, 截至二零一八年六月三十日止六個月，由於 revenue derived from its top five customers accounted for less than 30% of total revenue. 本集團的業務性質，來自其五大客戶的收益 佔總收益少於 30%。 Reserves 儲備 As of June 30, 2018, the Group’s reserves available for distribution to shareholders of the 截至二零一八年六月三十日，本集團可供分 Company amounted to approximately RMB2,200.4 million. 派予本公司股東的儲備約為人民幣 2,200.4 百 萬元。 24 Subsequent Events 結算日後事項 No material events were undertaken by the Group subsequent to June 30, 2018 and up 本公司於二零一八年六月三十日後及直至本 to the date of this interim report. 中期報告日期並無進行重大事項。 ZHOU HEI YA INTERNATIONAL HOLDINGS COMPANY LIMITED / INTERIM REPORT 2018 Other Information 其他資料 COMPANY OR ITS ASSOCIATE CORPORATIONS 董事及最高行政人員於本公司或其 相聯法團的股份、相關股份或債權 證之權益及淡倉 As of June 30, 2018, the interests and short positions of the Directors and the chief 截至二零一八年六月三十日止，董事及本公 executive of the Company in the Shares, underlying Shares or debentures of the 司最高行政人員在本公司或其相聯法團（定 Company or its associated corporations (within the meaning of Part XV of the Securities 義見證券及期貨條例（「證券及期貨條例」）第 and Futures Ordinance (the “SFO”)) as recorded in the register required to be kept by XV 部）的股份、相關股份或債權證中擁有根 the Company pursuant to section 352 of the SFO or as notified to the Company and The 據證券及期貨條例第 352 條規定須存置本公 Stock Exchange of Hong Kong Limited (the “Stock Exchange”) pursuant to the Model 司之登記冊所登記，或根據上市發行人董事 Code for Securities Transactions by Directors of Listed Issuers (the “Model Code”) were 進行證券交易的標準守則（「標準守則」）須知 as follows: 會本公司及香港聯合交易所（「聯交所」）的權 DIRECTORS’ AND CHIEF EXECUTIVE’S INTERESTS AND SHORT POSITIONS IN SHARES, UNDERLYING SHARES OR DEBENTURES OF THE 益或淡倉如下： Name of Group member/associated Capacity/ Approximate corporation Nature of interest Name of Director/Chief Executive 本集團成員╱ 董事╱最高行政人員姓名 Number of percentage of 身份╱ underlying Shares(1) shareholding 相關法團名稱 權益性質 相關股份數目 Mr. ZHOU Fuyu The Company Interest of spouse(3) 周富裕先生 本公司 配偶權益 (3) Healthy Origin Interest of spouse(3) Holdings Limited 健源控股有限公司 配偶權益 (1) 概約股權百分比 1,473,893,500(2) 61.85% 1 100% (3) Notes: 附註： (1) All interests stated are long positions. (1) 所示的所有均為好倉。 (2) These 1,473,893,500 Shares represent 1,668,000 Shares held by Ms. Tang Jianfang, 1,190,818,000 (2) 於 該 1,473,893,500 股 股 份 中， 唐 建 芳 女 士 Shares held by Healthy Origin Holdings Limited, 32,480,300 Shares held by ZHY Holdings II 持 有 1,668,000 股 股 份， 健 源 控 股 有 限 公 司 Company Limited and 248,927,200 Shares held by ZHY Holdings IV Company Limited. 持 有 1,190,818,000 股 股 份，ZHY Holdings II Company Limited 持 有 32,480,300 股 股 份 及 ZHY Holdings IV Company Limited 持 有 248,927,200 股股份。 周黑鴨國際控股有限公司 / 2018 中期報告 25 Other Information 其他資料 The entire issued share capital of Healthy Origin Holdings Limited and ZHY Holdings II Company 健源控股有限公司及 ZHY Holdings II 有限公 Limited are held by Ms. Tang Jianfang, therefore Ms. Tang Jianfang is deemed to be interested in 司之全部已發行股本由唐建芳女士持有，故 1,190,818,000 Shares and 32,480,300 Shares held by Healthy Origin Holdings Limited and ZHY 唐建芳女士被視為分別於健源控股有限公司 Holdings II Company Limited, respectively. Since Ms. Tang Jianfang owns 67.083% of ZHY Holdings 及 ZHY Holdings II Company Limited 持 有 之 IV Company Limited, Ms. Tang Jianfang is also deemed to be interested in 248,927,200 Shares held 1,190,818,000 股股份及 32,480,300 股股份中擁 by ZHY Holdings IV Company Limited. 有權益。由於唐建芳女士擁有 ZHY Holdings IV Company Limited 的 67.083％，唐建芳女士 亦被視為於 ZHY Holdings IV Company Limited 持有之 248,927,200 股股份中擁有權益。 (3) Mr. Zhou is the spouse of Ms. Tang Jianfang and is deemed to be interested in the Shares which are interested by Ms. Tang Jianfang under the SFO. (3) 周先生為唐建芳女士的配偶，故根據證券及 期貨條例被視為於唐建芳女士持有權益的股 份中持有權益。 Save as disclosed above, as at June 30, 2018, none of the Directors nor the chief executive 除 上 文 披 露 者 外， 於 二 零 一 八 年 六 月 三 十 of the Company had any interests or short positions in any of the shares, underlying 日，概無董事及本公司最高行政人員於本公 shares or debentures of the Company or any of its associated corporations (within the 司或其相聯法團（定義見證券及期貨條例第 meaning of Part XV of the SFO) as recorded in the register required to be kept by the XV 部）之股份、相關股份或債權證中擁有須 Company pursuant to section 352 of the SFO or as notified to the Company and the 根據證券及期貨條例第 352 條須記錄於本公 Stock Exchange pursuant to the Model Code. 司存置的股東名冊的任何權益或淡倉，或須 根據標準守則知會本公司及聯交所之權益或 淡倉。 26 ZHOU HEI YA INTERNATIONAL HOLDINGS COMPANY LIMITED / INTERIM REPORT 2018 Other Information 其他資料 DISCLOSEABLE UNDER THE SFO 根據證券及期貨條例須予披露的主 要股東及其他人士於股份及相關股 份的權益及淡倉 As at June 30, 2018, the following persons (other than the Directors or the chief executive 於二零一八年六月三十日，以下人士（董事 of the Company) have interests or short positions in the Shares or underlying Shares as 或本公司最高行政人員除外）於本公司股份 recorded in the register required to be kept by the Company under section 336 of the 或相關股份中擁有須根據證券及期貨條例第 SFO: 336 條規定記錄於本公司存置的股東名冊的 SUBSTANTIAL SHAREHOLDERS’ AND OTHER PERSONS’ INTERESTS AND SHORT POSITIONS IN SHARES AND UNDERLYING SHARES 任何權益或淡倉： Approximate Name of shareholder Nature of interest 股東姓名 權益性質 Ms. TANG Jianfang(2) Interests in a controlled corporation 唐建芳女士 受控制法團權益 (2) Beneficial owner Number of Shares percentage or securities held of interest (1) 所持股份或證券數目 (1) 概約股權百分比 1,472,225,500 (L) 61.78% 1,668,000 (L) 0.07% 1,190,818,000 (L) 49.97% 248,927,200(L) 10.45% 136,440,000 (L) 5.73% 136,440,000 (L) 5.73% 182,886,450 (L) 7.67% 182,886,450 (L) 7.67% 實益擁有人 Healthy Origin Holdings Limited Beneficial owner 健源控股有限公司 實益擁有人 ZHY Holdings IV Company Limited Beneficial owner 實益擁有人 Ms. ZHOU Ping(3) Interests in a controlled corporation 周萍女士 受控制法團權益 (3) ZHY Holdings III Company Limited Beneficial owner 實益擁有人 Mr. WANG Yonghua(4) Interests in a controlled corporation 王永華先生 (4) 受控制法團權益 (Shenzhen Tiantu Investment Management Co., Ltd.) (4) Interests in a controlled corporation 受控制法團權益 深圳市天圖投資管理股份有限公司 (4) 周黑鴨國際控股有限公司 / 2018 中期報告 27 Other Information 其他資料 Approximate Name of shareholder Nature of interest 股東姓名 權益性質 Tiantu Advisory Company Limited(4) Interests in a controlled corporation 天圖諮詢有限公司 (4) 受控制法團權益 Tiantu Investments Limited(4) Beneficial owner Number of Shares percentage or securities held(1) of interest (1) 所持股份或證券數目 概約股權百分比 182,886,450 (L) 7.67% 182,886,450 (L) 7.67% 116,417,564 (L) 4.89% 3,565,300 (S) 0.15% 實益擁有人 UBS Group AG Interest in a controlled corporation 受控制法團權益 28 ZHOU HEI YA INTERNATIONAL HOLDINGS COMPANY LIMITED / INTERIM REPORT 2018 Other Information 其他資料 Notes (1) 附註： The letter “S” denotes the person’s short position in such Shares. The letter “L” denotes the (1) person’s long position in such Shares. (2) These 1,472,225,500 Shares represent 1,190,818,000 Shares held by Healthy Origin Holdings 「S」指有關人士於該等股份之淡倉。「L」指 有關人士於該等股份之好倉。 (2) 於 該 1,472,225,500 股 股 份 中， 健 源 控 股 有 限 Limited, 32,480,300 Shares held by ZHY Holdings II Company Limited and 248,927,200 Shares 公司持有 1,190,818,000 股股份，ZHY Holdings held by ZHY Holdings IV Company Limited. II Company Limited持 有 3 2 , 4 8 0 , 3 0 0 股 股 份 及 ZHY Holdings IV Company Limited 持 有 248,927,200 股股份。 The entire issued share capital of Healthy Origin Holdings Limited and ZHY Holdings II Company 健源控股有限公司及 ZHY Holdings II Company Limited are held by Ms. Tang Jianfang, therefore Ms. Tang Jianfang is deemed to be interested in Limited 之 全 部 已 發 行 股 本 由 唐 建 芳 女 士 持 1,190,818,000 Shares and 32,480,300 Shares held by Healthy Origin Holdings Limited and ZHY 有，故唐建芳女士被視為分別於健源控股有 Holdings II Company Limited, respectively. Since Ms. Tang Jianfang owns 67.083% of ZHY Holdings 限 公 司 及 ZHY Holdings II Company Limited IV Company Limited, Ms. Tang Jianfang is also deemed to be interested in 248,927,200 Shares held 持 有 之 1,190,818,000 股 股 份 及 32,480,300 股 by ZHY Holdings IV Company Limited. 股份中擁有權益。由於唐建芳女士擁有 ZHY Holdings IV Company Limited 的 67.083%，唐建 芳女士亦被視為於 ZHY Holdings IV Company Limited 持有之 248,927,200 股股份中擁有權益。 (3) Since Ms. Zhou Ping owns 72.22% of ZHY Holdings III Company Limited, Ms. Zhou Ping is deemed (3) 由於周萍女士擁有 ZHY Holdings III Company Limited 的 72.22 ％， 故 周 萍 女 士 被 視 為 to be interested in 136,440,000 Shares held by ZHY Holdings III Company Limited. 於 ZHY Holdings III Company Limited 持有之 136,440,000 股股份中擁有權益。 (4) Tiantu Investments Limited, a company incorporated in the British Virgin Islands, holds 182,886,450 (4) Tiantu Investments Limited（一 家 於 英 屬 處 女 Shares, representing 7.67% of the total issued share capital of the Company. Tiantu Advisory 群 島 註 冊 成 立 之 公 司 ）持 有 182,886,450 股 股 Company Limited holds 91.70% of Tiantu Investments Limited and is wholly owned by Shenzhen 份，佔本公司已發行股本總額之 7.67％。天圖 Tiantu Investment Management Co., Ltd. (“Shenzhen Tiantu”), a company listed on the National 諮詢有限公司持有 Tiantu Investments Limited Equities Exchange and Quotations (NEEQ: 833979) in the PRC. Mr. Wang Yonghua holds 59.80% 的 91.70％，由深圳市天圖投資管理股份有限 shareholding interest in Shenzhen Tiantu. Therefore, under Part XV of the SFO, each of Tiantu 公司（「深圳天圖」）全資擁有，該公司為一家 Investments Limited, Tiantu Advisory Company Limited, Shenzhen Tiantu and Mr. Wang Yonghua 於中國全國中小企業股份轉讓系統（NEEQ： is deemed to be interested in 182,886,450 Shares held by Tiantu Investments Limited, representing 833979）掛 牌 的 公 司。 王 永 華 先 生 持 有 深 圳 7.67% of the total issued share capital of the Company. 天圖的 59.80％股權。因此，根據證券及期貨 條例第 XV 部，Tiantu Investments Limited、 天圖諮詢有限公司、深圳天圖及王永華先生 各被視為於 Tiantu Investments Limited 持有之 182,886,450 股股份中擁有權益，佔本公司已 發行股本總額之 7.67％。 周黑鴨國際控股有限公司 / 2018 中期報告 29 Other Information 其他資料 Save as disclosed above, as at June 30, 2018, the Directors and chief executive of the 除 上 文 披 露 者 外， 於 二 零 一 八 年 六 月 三 十 Company are not aware of any other persons/entities, not being a Director or chief 日，董事及本公司最高行政人員概不知悉任 executive of the Company, who has an interest or short position in the Shares or the 何董事或本公司最高行政人員以外的其他人 underlying Shares of the Company as recorded in the register required to be kept by the 士╱實體於本公司的股份及相關股份中擁有 Company under section 336 of the SFO. 記錄於根據證券及期貨條例第 336 條須存置 於本公司登記冊內的權益或淡倉。 PURCHASE, SALE AND REDEMPTION OF LISTED SECURITIES 購買、出售及贖回上市證券 The Company and its subsidiaries did not purchase, sell or redeem any of the listed 截至二零一八年六月三十日止六個月，本公 securities of the Company during the six months ended June 30, 2018. 司及其附屬公司概無購買、出售或贖回本公 司任何上市證券。 COMPLIANCE WITH THE CORPORATE GOVERNANCE CODE 遵守企業管治守則 During the six months ended June 30, 2018, the Company has complied with the 截至二零一八年六月三十日止六個月，本公 applicable code provisions of the Corporate Governance Code (the “CG Code”) as 司已遵守聯交所證券上市規則（「上市規則」） set out in Appendix 14 to the Rules Governing the Listing of Securities on the Stock 附 錄 十 四 所 載 企 業 管 治 守 則（「企 業 管 治 守 Exchange (the “Listing Rules”). 則」）的適用守則條文。 The Board will continue to review and monitor the practices of the Company for the 董事會將持續檢討及監督本公司的企業管治 purpose of complying with the CG Code and maintaining a high standard of corporate 狀況，以遵守企業管治守則並維持本公司高 governance practices of the Company. 水準的企業管治。 MODEL CODE FOR SECURITIES TRANSACTIONS BY DIRECTORS 董事進行證券交易的標準守則 The Company has adopted the “Model Code for Securities Transactions by Directors of 本公司已採納上市規則附錄十所載之上市發 Listed Issuers” (the “Model Code”) as set out in Appendix 10 to the Listing Rules as its 行人董事進行證券交易的標準守則（「標準守 code of conduct regarding Directors’ securities transactions. Having made specific enquiry 則」），作為有關董事進行證券交易的行為守 of all Directors of the Company, they have confirmed that they have complied with the 則。經已向本公司所有董事作詳細查詢，各 Model Code throughout the six months ended June 30, 2018. 位董事已確認於截至二零一八年六月三十日 止六個月期間已遵從標準守則。 30 ZHOU HEI YA INTERNATIONAL HOLDINGS COMPANY LIMITED / INTERIM REPORT 2018 Other Information 其他資料 AUDIT COMMITTEE 審核委員會 The Company established the Audit Committee with written terms of reference in 本公司已依照企業管治守則的規定設立審核 compliance with the CG Code. As at the date of this report, the Audit Committee 委員會，並制定書面職權範圍。於本報告日 comprises three independent non-executive Directors, namely Mr. Wu Chi Keung, Mr. 期，審核委員會包括三名獨立非執行董事， Chan Kam Ching, Paul, and Mr. Lu Weidong. Mr. WU Chi Keung is the chairman of the 即胡志強先生、陳錦程先生及盧衛東先生。 Audit Committee. 胡志強先生為審核委員會主席。 The Audit Committee has reviewed and discussed the interim results and the interim 審核委員會已審閱並討論截止二零一八年六 reports for the six months ended June 30, 2018. 月三十日止六個月之中期業績及中期報告。 INTERIM DIVIDEND 中期股息 The Board resolved not to declare any payment of interim dividend for the six months 董事會決議不派發截至二零一八年六月三十 ended June 30, 2018. 日止六個月之任何中期股息。 CHANGE IN DIRECTORS ’ INFORMATION UNDER RULE 13.51B(1) OF THE LISTING RULES 上市規則第 13.51B(1) 條項下董事資 料變更 On April 23, 2018, Mr. Zhu Yulong resigned as an executive Director of the Company 於二零一八年四月二十三日，朱於龍先生辭 and ceased to be the chairman of the strategic development committee and a member of 任本公司執行董事，不再擔任本公司策略發 the remuneration committee of the Company. 展委員會主席及薪酬委員會成員。 Mr. Hao Lixiao, an executive Director, Chief Executive Officer and a member of the 自二零一八年四月二十三日，執行董事、行 strategic development committee, was been appointed as the chairman of the strategic 政總裁兼本公司策略發展委員會成員郝立曉 development committee of the Company with effect from April 23, 2018 先生已獲任為策略發展委員會主席。 On the same date, the Company appointed Ms. Li Ying as an executive Director and a 於同日，本公司委任李瑩女士為本公司執行 member of the remuneration committee of the Company, whose biographical details 董事及薪酬委員會成員，其履歷詳情載於本 were contained in the announcement of the Company in connection with the resignation 公司於二零一八年四月二十三日有關執行董 and appointment of executive Directors and change of composition of Board committees 事辭任及委任以及變更董事委員會的組成之 on April 23, 2018. 公告。 Except as disclosed above, there is no other change in the Directors’ information which is 除上文所披露者外，自本公司二零一七年年 required to be disclosed pursuant to rule 13.51B(1) of the Listing Rules since the date of 報日期以來，概無根據上市規則第 13.51B(1) 2017 annual report of the Company. 條須予披露的董事資料的其他變更。 周黑鴨國際控股有限公司 / 2018 中期報告 31 Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income 中期簡明綜合損益及其他全面收益表 For the six months ended 30 June 2018 截至二零一八年六月三十日止六個月 Notes 附註 32 REVENUE Cost of sales 收益 銷售成本 Gross profit Other income and gains, net Selling and distribution expenses Administrative expenses 毛利 其他收入及收益淨額 銷售及分銷開支 行政開支 PROFIT BEFORE TAX Income tax expense 除稅前溢利 所得稅開支 PROFIT FOR THE PERIOD Six months ended 30 June 截至六月三十日止六個月 2018 2017 二零一八年 二零一七年 RMB’ 000 RMB’ 000 人民幣千元 人民幣千元 (unaudited) (unaudited) （未經審核） （未經審核） 1,596,582 (640,905) 1,618,306 (632,386) 955,677 65,217 (495,158) (86,560) 985,920 39,780 (428,180) (70,725) 439,176 (107,665) 526,795 (125,761) 期內溢利 331,511 401,034 Attributable to: Owners of the parent 以下應佔： 母公司擁有人 331,511 401,034 OTHER COMPREHENSIVE INCOME Other comprehensive income to be reclassified to profit or loss in subsequent periods: Available-for-sale investments: Changes in fair value, net of tax Reclassification adjustments for gains and losses included in profit or loss – gains on disposal, net of tax 其他全面收入 於期後重新分類至損益 的其他全面收入： 可供出售投資： 公平值變動（除稅後） 計入損益的收益及虧損重新 分類調整－出售收益（除稅後） — 726 — (726) Exchange differences: Exchange differences on translation of foreign operations 匯兌差額： 海外業務換算的匯兌差額 12,410 (71,391) OTHER COMPREHENSIVE INCOME FOR THE PERIOD, NET OF TAX 期內其他全面收入（除稅後） 12,410 (71,391) TOTAL COMPREHENSIVE INCOME FOR THE PERIOD 期內全面收入總額 343,921 329,643 Attributable to: Owners of the parent 以下應佔： 母公司擁有人 343,921 329,643 EARNINGS PER SHARE ATTRIBUTABLE TO ORDINARY EQUITY HOLDERS OF THE PARENT Basic and diluted (RMB) 母公司普通權益持有人應佔 每股盈利 0.14 0.17 基本及攤薄（人民幣） ZHOU HEI YA INTERNATIONAL HOLDINGS COMPANY LIMITED / INTERIM REPORT 2018 4 4 5 6 8 Interim Condensed Consolidated Statement of Financial Position 中期簡明綜合財務狀況表 As at June 30, 2018 於二零一八年六月三十日 30 June 31 December 2018 2017 二零一八年 二零一七年 六月三十日 十二月三十一日 Notes RMB’ 000 RMB’ 000 附註 人民幣千元 人民幣千元 (unaudited) (audited) （未經審核） （經審核） 966,415 839,028 NON-CURRENT ASSETS 非流動資產 Property, plant and equipment 物業、廠房及設備 Prepaid land lease payments 預付土地租賃款項 110,258 111,467 Prepayments 預付款項 53,152 40,288 Rental deposits 租賃按金 76,855 70,459 Other intangible assets 其他無形資產 8,094 7,962 Investments in an associate 於一間聯營公司的投資 250,000 — Deferred tax assets 遞延稅項資產 42,950 31,410 Total non-current assets 非流動資產總值 1,507,724 1,100,614 CURRENT ASSETS 流動資產 Inventories 存貨 10 235,890 248,435 Trade receivables 貿易應收款項 11 22,994 25,506 Prepayments, deposits and other receivables 預付款項、按金及其他應收款項 12 193,297 1,108,512 Due from the Controlling Shareholders 應收控股股東款項 20(c) 1,305 1,801 Structured deposits 結構性存款 711,000 — Available-for-sale investments 可供出售投資 — 30,000 Restricted cash 受限制現金 14 20,866 14,911 Cash in transit 在途現金 14 3,124 3,489 Cash and bank 現金及銀行存款 15 1,894,306 2,039,166 Total current assets 流動資產總值 3,082,782 3,471,820 9 13 周黑鴨國際控股有限公司 / 2018 中期報告 33 Interim Condensed Consolidated Statement of Financial Position 中期簡明綜合財務狀況表 As at June 30, 2018 於二零一八年六月三十日 34 30 June 31 December 2018 2017 二零一八年 二零一七年 六月三十日 十二月三十一日 Notes RMB’ 000 RMB’ 000 附註 人民幣千元 人民幣千元 (unaudited) (audited) （未經審核） （經審核） 72,857 86,301 304,897 347,281 902 902 CURRENT LIABILITIES 流動負債 Trade payables 貿易應付款項 Other payables and accruals 其他應付款項及應計費用 Government grants, current 政府補助，流動 Income tax payable 應付所得稅 62,332 96,263 Total current liabilities 流動負債總額 440,988 530,747 NET CURRENT ASSETS 流動資產淨值 2,641,794 2,941,073 TOTAL ASSETS LESS CURRENT LIABILITIES 總資產減流動負債 4,149,518 4,041,687 NON-CURRENT LIABILITIES 非流動負債 Deferred tax liabilities 遞延稅項負債 4,334 4,076 Government grants, non-current 政府補助，非流動 36,487 36,938 Total non-current liabilities 非流動負債總額 40,821 41,014 NET ASSETS 資產淨值 4,108,697 4,000,673 EQUITY 權益 Equity attributable to owners of the parent 母公司擁有人應佔權益 Share capital 股本 16 16 Reserves 儲備 4,108,681 4,000,657 TOTAL EQUITY 總權益 4,108,697 4,000,673 ZHOU HEI YA INTERNATIONAL HOLDINGS COMPANY LIMITED / INTERIM REPORT 2018 16 17 Interim Condensed Consolidated Statement of Changes in Equity 中期簡明綜合權益變動表 For the six months ended 30 June 2018 截至二零一八年六月三十日止六個月 Attributable to owners of the parent 母公司擁有人應佔 Exchange Share Share Merger Statutory fluctuation Retained Total capital premium reserve reserve reserve profits equity 匯兌 股本 股份溢價 合併儲備 法定儲備 波動儲備 保留溢利 總權益 RMB’000 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 人民幣千元 At 1 January 2018 於二零一八年一月一日 16 2,384,336 12,500 73,675 (91,399) 1,621,545 4,000,673 Profit for the period 期間溢利 — — — — — 331,511 331,511 Exchange differences on translation 海外業務換算的匯兌差額 — — — — 12,410 — 12,410 — — — — 12,410 331,511 343,921 of foreign operations Total comprehensive income 期間全面收入總額 for the period Final 2017 dividend declared 宣派二零一七年末期股息 — (235,897) — — — — (235,897) At 30 June 2018 (unaudited) 於二零一八年六月三十日（未經審核） 16 2,148,439 12,500 73,675 (78,989) 1,953,056 4,108,697 At 1 January 2017 於二零一七年一月一日 16 2,591,169 12,500 71,161 58,294 862,431 3,595,571 Profit for the period 期間溢利 — — — — — 401,034 401,034 Exchange differences on translation 海外業務換算的匯兌差額 — — — — (71,391) — (71,391) — — — — (71,391) 401,034 329,643 of foreign operations Total comprehensive income 期間全面收入總額 for the period Final 2016 dividend declared 宣派二零一六年末期股息 — (206,833) — — — — (206,833) At 30 June 2017 (unaudited) 於二零一七年六月三十日（未經審核） 16 2,384,336 12,500 71,161 (13,097) 1,263,465 3,718,381 周黑鴨國際控股有限公司 / 2018 中期報告 35 Interim Condensed Consolidated Statement of Cash Flows 中期簡明綜合現金流量表 For the six months ended 30 June 2018 截至二零一八年六月三十日止六個月 Notes 附註 CASH FLOWS FROM OPERATING ACTIVITIES 經營活動所得現金流量 Profit before tax 除稅前溢利 Adjustments for: 就以下各項調整： Depreciation of property, plant and equipment 物業、廠房及設備折舊 Amortisation of prepaid land lease payments 預付土地租賃款項攤銷 Amortisation of other intangible assets 其他無形資產攤銷 Interest income from bank deposits 銀行存款利息收入 Interest income from financial assets at fair value 按公平值計量且其變動計入 through profit or loss 損益的金融資產的利息收入 Interest income from available-for-sale investments 可供出售投資的利息收入 Interest income from structured deposits measured 按公平值計量且其變動 at fair value through profit or loss 計入損益計量的結構性 存款的利息收入 Loss on disposal of items of property, 出售物業、廠房及設備項目 plant and equipment 虧損 Gain on foreign exchange 外匯收益 Government grants 政府補助 439,176 526,795 4 34,749 526 1,422 (25,974) 27,401 568 862 (21,207) 4 4 (908) — — (968) 4 (22,250) (9,143) 4 4 7,117 (5,060) (451) 10,526 (7,161) (545) 428,347 527,128 — 365 2,512 60 2,090 (1,028) (24,213) (4,869) (1,070) (15,327) (21,526) 16,769 (26,280) Decrease in restricted cash Decrease in cash in transit Decrease/(increase) in trade receivables Increase in prepayments, deposits and other receivables Decrease/(increase) in amounts due from the Controlling Shareholders Increase in rental deposits Decrease/(increase) in inventories (Decrease) /increase in trade payables Decrease in other payables and accruals 租賃按金增加 存貨減少╱（增加） 貿易應付款項（減少）╱增加 其他應付款項及應計費用減少 496 (6,396) 12,545 (13,444) (40,134) Cash generated from operations Income tax paid 經營產生的現金 已付所得稅 360,078 (152,878) 475,947 (149,749) 207,200 326,198 NET CASH FLOWS FROM OPERATING ACTIVITIES 36 Six months ended 30 June 截至六月三十日止六個月 2018 2017 二零一八年 二零一七年 RMB’ 000 RMB’ 000 人民幣千元 人民幣千元 (unaudited) (unaudited) （未經審核） （未經審核） 受限制現金減少 在途現金減少 貿易應收款項減少╱（增加） 預付款項、按金及 其他應收款項增加 應收控股股東款項減少╱（增加） 經營活動所得現金流量淨額 ZHOU HEI YA INTERNATIONAL HOLDINGS COMPANY LIMITED / INTERIM REPORT 2018 Interim Condensed Consolidated Statement of Cash Flows 中期簡明綜合現金流量表 For the six months ended 30 June 2018 截至二零一八年六月三十日止六個月 Six months ended 30 June 截至六月三十日止六個月 2018 2017 二零一八年 二零一七年 RMB’ 000 RMB’ 000 Notes 人民幣千元 人民幣千元 附註 (unaudited) (unaudited) （未經審核） （未經審核） (183,821) (128,758) 137 1,206 受限制現金增加 (5,955) — Additions to prepaid land lease payments 預付土地租賃款項增加 — (8,388) Additions to other intangible assets 其他無形資產添置 (1,554) (826) Contribution to investments in an associate 向投資的一間聯營公司增資 (250,000) — Interest income from financial assets at fair 按公平值計量且其變動計入損益 的金融資產的利息收入 908 — Interest income from available-for-sale investments 可供出售投資的利息收入 — 968 Interest income from structured deposits measured 按公平值計量且其變動計入損益 22,250 9,143 (300,000) — — (330,000) (1,131,190) (1,096,770) 115,244 204,405 3,402 2,007 CASH FLOWS FROM INVESTING ACTIVITIES 投資活動所得現金流量 Purchases of items of property, plant and equipment 購買物業、廠房及設備項目 Proceeds from disposal of items of property, plant and equipment Increase of restricted cash for purchase of property, plant and equipment value through profit or loss at fair value through profit or loss Purchase of financial assets at fair value through profit or loss 處置物業、廠房及設備項目 的所得款項 購買物業、廠房及設備 的結構性存款的利息收入 購買按公平值計量且其變動 計入損益的金融資產 Purchase of available-for-sale investments 購買可供出售投資 Purchase of structured deposits 購買結構性存款 Decrease of term deposits of maturity over 於三個月以上到期的定期存款減少 three months Interest received from bank deposits 自銀行存款收取的利息 Acquisition of a subsidiary, net of cash 收購一間附屬公司，扣除現金 — (13,901) Repayment of amounts due to a related party 償還應付一名關聯方款項 — (149,843) Proceeds from disposal of items of financial assets 出售按公平值計量且其變動計入 330,000 — — 340,000 1,382,190 1,020,817 (18,389) (149,940) at fair value through profit or loss Proceeds from disposal of items of available-for-sale 損益的金融資產項目的所得款項 出售可供出售投資項目的所得款項 investments Proceeds from disposal of structured deposits 出售結構性存款的所得款項 NET CASH FLOWS USED IN 投資活動所用現金流量淨額 INVESTING ACTIVITIES 周黑鴨國際控股有限公司 / 2018 中期報告 37 Interim Condensed Consolidated Statement of Cash Flows 中期簡明綜合現金流量表 For the six months ended 30 June 2018 截至二零一八年六月三十日止六個月 Six months ended 30 June 截至六月三十日止六個月 2018 2017 二零一八年 RMB’ 000 二零一七年 RMB’ 000 Notes 人民幣千元 人民幣千元 附註 (unaudited) (unaudited) （未經審核） （未經審核） (235,897) — (206,833) (235,897) (219,298) (47,086) (43,040) Cash and cash equivalents at beginning of the period 期初現金及現金等價物 162,686 200,709 Effect of foreign exchange rate changes, net 匯率變動的影響，淨額 17,470 (64,230) CASH AND CASH EQUIVALENTS AT END 期末的現金及現金等價物 133,070 93,439 133,070 93,439 CASH FLOWS FROM FINANCING ACTIVITIES 融資活動所得現金流量 Dividends paid 已派付股息 Payment of listing expenses 股份發行開支 NET CASH FLOWS USED IN 融資活動所用現金流量淨額 FINANCING ACTIVITIES NET DECREASE IN CASH AND 現金及現金等價物減少淨額 CASH EQUIVALENTS OF THE PERIOD ANALYSIS OF BALANCES OF CASH AND (12,465) 現金及現金等價物結餘分析 CASH EQUIVALENTS Cash and cash in bank 38 現金及銀行活期存款 ZHOU HEI YA INTERNATIONAL HOLDINGS COMPANY LIMITED / INTERIM REPORT 2018 Notes to the Interim Condensed Consolidated Financial Statements 中期簡明綜合財務報表附註 30 June 2018 二零一八年六月三十日 1. CORPORATE AND GROUP INFORMATION 1. 公司及集團資料 The Company is an exempted company incorporated in the Cayman Islands with 本公司為於二零一五年五月十三日根 limited liability under the Companies Law of the Cayman Islands on 13 May 2015. 據開曼群島公司法在開曼群島註冊 The registered and correspondence office of the Company is located at the offices 成 立 的 獲 豁 免 有 限 公 司。 本 公 司 的 of Intertrust Corporate Services (Cayman) Limited, 190 Elgin Avenue, George 註 冊 辦 事 處 位 於 Intertrust Corporate Town, Grand Cayman KY1-9005, Cayman Islands. The Company was listed on the Services (Cayman) Limited 的辦公室， Main Board of The Stock Exchange of Hong Kong Limited (the “Stock Exchange”) 通訊地址為 190 Elgin Avenue, George on 11 November 2016 (the “Listing”). Town, Grand Cayman KY1-9005, Cayman Islands。本公司於二零一六年 十一月十一日在香港聯合交易所有限 公司（「聯交所」）主板上市（「上市」）。 The Company is an investment holding company. The Company and its subsidiaries 本公司為一間投資控股公司，本公司 (collectively referred to as the “Group”) are principally engaged in the business of 及其附屬公司（統稱「本集團」）主要在 casual braised duck related food production, marketing and retailing (“Zhou Hei Ya 中華人民共和國（「中國」）內地從事鴨 Business”) in the mainland of the People’s Republic of China (the “PRC”). 類休閒滷製品生產、營銷及零售業務 （「周黑鴨業務」）。 In the opinion of the directors of the Company (the “Directors”), the ultimate 本公司董事（「董事」）認為，本公司的 controlling shareholders of the Company are Mr. Zhou Fuyu and Ms. Tang Jianfang 最終控股股東為周富裕先生及唐建芳 (together known as the “Controlling Shareholders”). 女士（統稱「控股股東」）。 In the opinion of the Directors, the ultimate holding company of the Company is 董事認為，本公司的最終控股公司為 Healthy Origin Holdings Limited, which is incorporated in the British Virgin Islands. 健源控股有限公司，該公司於英屬處 女群島註冊成立。 周黑鴨國際控股有限公司 / 2018 中期報告 39 Notes to the Interim Condensed Consolidated Financial Statements 中期簡明綜合財務報表附註 30 June 2018 二零一八年六月三十日 2. ACCOUNTING POLICIES 編製基準及本集團會計政策變 動 2.1 2.1 BASIS OF PREPARATION AND CHANGES TO THE GROUP’S Basis of Preparation 2. 編製基準 The interim condensed consolidated financial statements for the six months 截至二零一八年六月三十日止六 ended 30 June 2018 have been prepared in accordance with HKAS 34 個月的中期簡明綜合財務報表已 Interim Financial Reporting issued by the Hong Kong Institute of Certified 根據香港會計師公會（「香港會計 Public Accountants (the “HKICPA”). 師公會」）頒佈的香港會計準則第 34 號中期財務報告編製。 The interim condensed consolidated financial statements do not include all 中期簡明綜合財務報表並不包括 the information and disclosures required in the annual financial statements, 年度財務報表規定的所有資料及 and should be read in conjunction with the annual financial statements 披露，且應與根據香港會計師公 for the year ended 31 December 2017, which have been prepared in 會頒佈的香港財務報告準則（「香 accordance with Hong Kong Financial Reporting Standards (“HKFRS”) issued 港財務報告準則」）編製的截至二 by the HKICPA. 零一七年十二月三十一日止年度 的年度財務報表一併閱讀。 The interim condensed consolidated financial statements have been 中期簡明綜合財務報表乃根據歷 prepared under the historical cost convention except available-for-sale 史成本基準編製，惟按公平值計 investments and structured deposits, which have been measured at fair value. 量的可供出售投資及結構性存款 The interim condensed consolidated financial statements are presented 則除外。除另有說明者外，中期 in Renminbi (“RMB”) and all values are rounded to the nearest thousand 簡明綜合財務報表以人民幣（「人 (RMB’ 000) except when otherwise indicated. 民幣」）呈列，所有價值均已湊整 至最接近千位（人民幣千元）。 40 ZHOU HEI YA INTERNATIONAL HOLDINGS COMPANY LIMITED / INTERIM REPORT 2018 Notes to the Interim Condensed Consolidated Financial Statements 中期簡明綜合財務報表附註 30 June 2018 二零一八年六月三十日 2. ACCOUNTING POLICIES (Cont’d) 編製基準及本集團會計政策變 動（續） 2.2 2.2 BASIS OF PREPARATION AND CHANGES TO THE GROUP’S 2. Changes In Accounting Policies and Disclosures 會計政策及披露變動 The accounting policies adopted in the preparation of the interim condensed 編製中期簡明綜合財務報表所採 consolidated financial statements are consistent with those followed in the 納的會計政策與編製本集團截至 preparation of the Group’s annual financial statements for the year ended 31 二零一七年十二月三十一日止年 December 2017, except for the adoption of the revised Hong Kong Financial 度的年度財務報表所採納的會計 Reporting Standards (“HKFRSs”) and interpretations as of 1 January 2018, 政策一致，惟採納以下截至二零 noted below. 一八年一月一日經修訂香港財務 報告準則（「香港財務報告準則」） 及詮釋除外。 The Group has adopted the following new and revised HKFRSs for the first 本集團於本期間財務報表首次應 time for the current period’s financial statements 用下列新訂及經修訂香港財務報 告準則。 HKFRS 9 Financial Instruments 金融工具 香港財務報告準則 第9號 HKFRS 15 Revenue from Contracts with Customers Amendments to HKFRS 2 Classification and Measurement of Share-based Payment Transactions Amendments to HKFRS 4 Applying HKFRS 9 Financial Instruments with HKFRS 4 來自客戶合約的收益 香港財務報告準則 第 15 號 香港財務報告準則 以股份支付交易的 第 2 號的修訂 分類及計量 與香港財務報告準則 香港財務報告準則 第 9 號「金融工具」一併 第 4 號的修訂 Insurance Contracts 應用香港財務報告準則 第 4 號「保險合約」 Amendments to HKFRS 15 Clarifications to HKFRS 15 Revenue 香港財務報告準則 澄清香港財務報告準則 from Contracts with Customers 第 15 號的修訂 第 15 號來自客戶 合約的收益 Amendments to HKFRS 40 Transfers of Investment Property 轉讓投資物業 香港財務報告準則 第 40 號的修訂 HK(IFRIC)-Int 22 Foreign Currency Transactions and Advance Consideration 香港（國際財務報告 外幣交易及墊付代價 詮釋委員會）－ 詮釋第 22 號 Annual Improvements 2014-2016 Cycle Amendments to HKFRS 1 and HKAS 28 二零一四年至 香港財務報告準則第 1 號 二零一六年週期 及香港會計準則 之年度改進 第 28 號之修訂 周黑鴨國際控股有限公司 / 2018 中期報告 41 Notes to the Interim Condensed Consolidated Financial Statements 中期簡明綜合財務報表附註 30 June 2018 二零一八年六月三十日 2. BASIS OF PREPARATION AND CHANGES TO THE GROUP’S ACCOUNTING POLICIES (Cont’d) 2.2 Changes In Accounting Policies and Disclosures (Cont’d) 2. 編製基準及本集團會計政策變 動（續） 2.2 會計政策及披露變動 （續） Other than explained below regarding the impact of adopting HKFRS 9 and 除下文論述有關採納香港財務報 HKFRS 15, the other standards did not have any impact on the Group’s 告準則第 9 號及香港財務報告準 accounting policies and did not require retrospective adjustments. 則 第 15 號 的 影 響 外， 其 他 準 則 對本集團的會計政策並無任何影 響，亦無需追溯調整。 (a) The impact on the financial statements (a) 對財務報表的影響 HKFRS 9 Financial Instruments was generally adopted without 採納香港財務報告準則第 restating comparative information with the exception of certain 9 號「金 融 工 具 」時 通 常 無 aspects of hedge accounting. The reclassifications and the adjustments 須重列比較資料，惟對沖 are therefore not reflected in the balance sheet as at 31 December 會計的若干方面則除外。 2017, but are recognised in the opening balance sheet on 1 January 因此，重新分類及調整並 2018. 無於二零一七年十二月 三十一日資產負債表中反 映，惟於二零一八年一月 一日的期初資產負債表中 確認。 The Group presented in profit or loss (“PL”) changes in the fair 本集團將於損益（「損益」） value of all its money market funds previously classified as available- 內呈列先前分類為可供出 for-sale investments and structured deposits previously included 售投資的所有貨幣市場基 in prepayments, deposits and other receivables, because these 金及先前計入預付款項、 investments did not pass the contractual cash flow characteristics test 按金及其他應收款項的結 in HKFRS 9. As a result, assets with a fair value of RMB30,000,000 and 構性存款的公平值變動， RMB962,000,000 were reclassified from available-for-sale investments 由於該等投資並無通過香 and prepayments, deposits and other receivables, respectively, to 港財務報告準則第9號的 financial assets at fair value through profit or loss (“FVPL”) on January 1, 合約現金流量特徵測試。 2018. 因此，於二零一八年一月 一日，公平值分別為人民 幣 30,000,000 元 及 人 民 幣 962,000,000 元 的 資 產 自 可 供出售投資及預付款項、 按金及其他應收款項重新 分類至按公平值計量且其 變動計入損益（「按公平值 計量且其變動計入損益」） 的金融資產。 42 ZHOU HEI YA INTERNATIONAL HOLDINGS COMPANY LIMITED / INTERIM REPORT 2018 Notes to the Interim Condensed Consolidated Financial Statements 中期簡明綜合財務報表附註 30 June 2018 二零一八年六月三十日 2. BASIS OF PREPARATION AND CHANGES TO THE GROUP’S ACCOUNTING POLICIES (Cont’d) 2.2 Changes In Accounting Policies and Disclosures (Cont’d) (b) HKFRS 9 Financial Instruments – Impact of adoption 2. 編製基準及本集團會計政策變 動（續） 2.2 會計政策及披露變動 （續） (b) 香港財務報告準則第9號 「金融工具」－採納影響 (i) Money market funds previously classified as available-for-sale (i) 先前分類為可供出售 investments and structured deposits previously included in 投資的貨幣市場基金 prepayments, deposits and other receivables 及先前計入預付款 項、按金及其他應收 款項的結構性存款 The adoption of HKFRS 9 from 1 January 2018 resulted in 自二零一八年一月一 changes in accounting policies and adjustments to the amounts 日起採納香港財務報 recognised in the financial statements. The new accounting 告準則第 9 號導致會 policies are set out in Note 2.2(c) below. In accordance with 計政策變動及財務報 HKFRS 9, comparative figures have not been restated. Any 表內已確認金額有所 adjustments to the carrying amounts of financial assets and 調整。新會計政策載 liabilities at the date of transition are recognized in the opening 於 下 文 附 註 2.2(c)。 retained profits of the current year. 根據香港財務報告準 則第 9 號，並無重列 比較數字。於過渡日 期對金融資產及負債 賬面值的任何調整均 在當年的期初保留溢 利中確認。 On 1 January 2018 (the date of initial application of HKFRS 於二零一八年一月一 9), the Group’s management has assessed which business 日（首 次 應 用 香 港 財 models apply to the financial assets held by the Group and has 務報告準則第 9 號日 classified its financial instruments into the appropriate HKFRS 9 期），本集團管理層 categories. The main effects resulting from this reclassification 已評估適用於本集團 are as follows: 所持金融資產的業務 模式並已將其金融工 具分類為適當的香港 財務報告準則第 9 號 類別。該重新分類產 生的主要影響如下： 周黑鴨國際控股有限公司 / 2018 中期報告 43 Notes to the Interim Condensed Consolidated Financial Statements 中期簡明綜合財務報表附註 30 June 2018 二零一八年六月三十日 2. BASIS OF PREPARATION AND CHANGES TO THE GROUP’S ACCOUNTING POLICIES (Cont’d) 2.2 Changes In Accounting Policies and Disclosures (Cont’d) (b) 2. 編製基準及本集團會計政策變 動（續） 2.2 HKFRS 9 Financial Instruments – Impact of adoption (Cont’d) 會計政策及披露變動 （續） (b) 香港財務報告準則第9號 「金 融 工 具 」－ 採 納 影 響 （續） (i) Money market funds previously classified as available-for-sale (i) 先前分類為可供出 investments and structured deposits previously included in 售投資的貨幣市場 prepayments, deposits and other receivables (Cont’d) 基金及先前計入預付 款項、按金及其他應 收款項的結構性存款 （續） Financial assets included in Closing balance as at 31 December 2017 Reclassification from available- 三十一日的期末結餘 financial assets at FVPL 計量且其變動計入 損益的金融資產 44 deposits and Financial assets investments other receivables at FVPL 計入預付 按公平值 款項、按金及 計量且其 可供 其他應收款項 變動計入損益 出售投資 的金融資產 的金融資產 RMB’ 000 RMB’ 000 RMB’ 000 人民幣千元 人民幣千元 人民幣千元 30,000 962,000 — (30,000) — 30,000 — (962,000) 962,000 — — 992,000 自計入預付款項、按金及 assets included in 其他應收款項的金融資產 prepayments, deposits and 重新分類至按公平值 other receivables to structured 計量且其變動計入損益 deposits measured at FVPL 的結構性存款 1 January 2018 for-sale 自可供出售投資 重新分類至按公平值 Opening balance as at prepayments 於二零一七年十二月 for-sale investments to Reclassification from financial Available- 於二零一八年一月一日 的期初結餘 ZHOU HEI YA INTERNATIONAL HOLDINGS COMPANY LIMITED / INTERIM REPORT 2018 Notes to the Interim Condensed Consolidated Financial Statements 中期簡明綜合財務報表附註 30 June 2018 二零一八年六月三十日 2. BASIS OF PREPARATION AND CHANGES TO THE GROUP’S ACCOUNTING POLICIES (Cont’d) 2.2 Changes In Accounting Policies and Disclosures (Cont’d) (b) HKFRS 9 Financial Instruments – Impact of adoption (Cont’d) 2. 編製基準及本集團會計政策變 動（續） 2.2 會計政策及披露變動 （續） (b) 香港財務報告準則第9號 「金 融 工 具 」－ 採 納 影 響 （續） (ii) Impairment of financial assets (ii) 金融資產減值 The Group has trade receivables for sales of products that are 本集團有銷售產品的 subject to HKFRS 9’s new expected credit loss model, and the 貿易應收款項，該等 Group was required to revise its impairment methodology 應收款項均受香港財 under HKFRS 9 for these receivables. 務報告準則第 9 號的 新預期信貸虧損模式 所規限，且本集團須 就該等應收款項根據 香港財務報告準則 第 9 號修訂其減值方 法。 The Group applies the HKFRS 9 simplified approach to 本集團採用香港財務 measuring expected credit losses which uses a lifetime 報告準則第 9 號簡化 expected loss allowance for all trade receivables from initial 方法計量預期信貸虧 recognition. To measure the expected credit losses, trade 損，就所有於初步確 receivables have been grouped based on shared credit risk 認時確認的貿易應收 characteristics and the aging. The adoption of new approach 款項採用整個存續期 did not result in any impact on the amounts reported in the 的預期虧損撥備。為 opening balance sheet on January 1, 2018 and the financial 計量預期信貸虧損， information during the six months ended June 30, 2018. 貿易應收款項已根據 攤佔信貸風險特點及 賬齡分類。採納新方 法並未對於二零一八 年一月一日的期初資 產負債表中的呈報金 額以及截至二零一八 年六月三十日止六個 月的財務資料產生任 何影響。 周黑鴨國際控股有限公司 / 2018 中期報告 45 Notes to the Interim Condensed Consolidated Financial Statements 中期簡明綜合財務報表附註 30 June 2018 二零一八年六月三十日 2. BASIS OF PREPARATION AND CHANGES TO THE GROUP’S ACCOUNTING POLICIES (Cont’d) 2.2 Changes In Accounting Policies and Disclosures (Cont’d) (b) HKFRS 9 Financial Instruments – Impact of adoption (Cont’d) 2. 編製基準及本集團會計政策變 動（續） 2.2 會計政策及披露變動 （續） (b) 香港財務報告準則第9號 「金 融 工 具 」－ 採 納 影 響 （續） (ii) Impairment of financial assets (Cont’d) (ii) 金融資產減值 （續） Trade receivables are written off when there is no reasonable 當無法合理預期可收 expectation of recovery. Indicators that there is no reasonable 回時，貿易應收款項 expectation of recovery include, amongst others, the failure of 即予撇銷。無法合理 a debtor to engage in a repayment plan with the Group. 預期可收回的指標包 括（其中包括）債務人 無法與本集團達成還 款計劃。 While cash and cash equivalents and other receivables are 儘管現金及現金等價 also subject to the impairment requirements of HKFRS 9, no 物以及其他應收款項 impairment loss was identified. 亦須遵守香港財務報 告準則第 9 號的減值 規定，惟並無識別出 減值虧損。 46 ZHOU HEI YA INTERNATIONAL HOLDINGS COMPANY LIMITED / INTERIM REPORT 2018 Notes to the Interim Condensed Consolidated Financial Statements 中期簡明綜合財務報表附註 30 June 2018 二零一八年六月三十日 2. BASIS OF PREPARATION AND CHANGES TO THE GROUP’S ACCOUNTING POLICIES (Cont’d) 2.2 Changes In Accounting Policies and Disclosures (Cont’d) (c) HKFRS 9 Financial Instruments – Accounting policies applied from 1 January 2018 2. 編製基準及本集團會計政策變 動（續） 2.2 會計政策及披露變動 （續） (c) 香港財務報告準則第9號 「金融工具」－自二零一八 年一月一日起應用的會計 政策 (i) Investments and other financial assets (i) 投資及其他金融資產 Classification 分類 From January 1, 2018, the Group classifies its financial assets in 自二零一八年一月一 the following measurement category: 日起，本集團將其金 融資產分類為以下計 量類別： • those to be measured subsequently at fair value (either • 其後按公平值 through other comprehensive income ( “ OCI ” ), or 計 量（計 入 其 through PL), and 他全面收入 （「其 他 全 面 收 入 」）或 計 入 損 益 ）的 金 融 資 產，及 • those to be measured at amortised cost. • 按攤銷成本計 量的金融資 產。 The classification depends on the Group’s business model for 該分類取決於本集團 managing the financial assets and the contractual terms of the 管理金融資產的業務 cash flows. 模式及現金流量的合 約條款。 周黑鴨國際控股有限公司 / 2018 中期報告 47 Notes to the Interim Condensed Consolidated Financial Statements 中期簡明綜合財務報表附註 30 June 2018 二零一八年六月三十日 2. BASIS OF PREPARATION AND CHANGES TO THE GROUP’S ACCOUNTING POLICIES (Cont’d) 2.2 Changes In Accounting Policies and Disclosures (Cont’d) (c) HKFRS 9 Financial Instruments – Accounting policies applied from 1 January 2018 (Cont’d) 2. 編製基準及本集團會計政策變 動（續） 2.2 會計政策及披露變動 （續） (c) 香港財務報告準則第9號 「金融工具」－自二零一八 年一月一日起應用的會計 政策 （續） (i) Investments and other financial assets (Cont’d) (i) 投資及其他金融資產 （續） Classification (Cont’d) 分類 （續） For assets measured at fair value, gains and losses will either be 就按公平值計量的資 recorded in PL or OCI. For investments in equity instruments 產而言，收益及虧損 that are not held for trading, this will depend on whether the 將計入損益或其他全 Group has made an irrevocable election at the time of initial 面收入。並非持作買 recognition to account for the equity investment at financial 賣的股本工具投資將 assets at fair value through OCI (“FVOCI”). 視乎本集團是否有在 初步確認時作出不可 撤銷的選擇，以按公 平值計量且其變動計 入其他全面收入（「按 公平值計量且變動計 入其他全面收入」）的 金融資產的股本投資 列賬。 The Group reclassifies debt investments when and only when 當且僅當本集團管理 its business model for managing those assets changes. 該等資產的業務模式 改變時，方會對債務 投資進行重新分類。 48 ZHOU HEI YA INTERNATIONAL HOLDINGS COMPANY LIMITED / INTERIM REPORT 2018 Notes to the Interim Condensed Consolidated Financial Statements 中期簡明綜合財務報表附註 30 June 2018 二零一八年六月三十日 2. BASIS OF PREPARATION AND CHANGES TO THE GROUP’S ACCOUNTING POLICIES (Cont’d) 2.2 Changes In Accounting Policies and Disclosures (Cont’d) (c) HKFRS 9 Financial Instruments – Accounting policies applied from 1 January 2018 (Cont’d) 2. 編製基準及本集團會計政策變 動（續） 2.2 會計政策及披露變動 （續） (c) 香港財務報告準則第9號 「金融工具」－自二零一八 年一月一日起應用的會計 政策 （續） (i) Investments and other financial assets (Cont’d) (i) 投資及其他金融資產 （續） Measurement 計量 At initial recognition, the Group measures a financial asset at 於初步確認時，本集 its fair value plus, in the case of a financial asset not at FVPL, 團按公平值計量金融 transaction costs that are directly attributable to the acquisition 資產。倘金融資產並 of the financial asset. Transaction costs of financial assets 非按公平值且其變動 carried at FVPL are expensed in PL. 計入損益，則加上收 購該金融資產直接應 佔之交易成本。按公 平值計量且其變動計 入損益之金融資產之 交易成本於損益中列 作開支。 Financial assets with embedded derivatives are considered in 於確定其現金流量是 their entirety when determining whether their cash flows are 否僅支付本金及利息 solely payment of principal and interest. 時會全面考慮附帶嵌 入式衍生工具的金融 資產。 周黑鴨國際控股有限公司 / 2018 中期報告 49 Notes to the Interim Condensed Consolidated Financial Statements 中期簡明綜合財務報表附註 30 June 2018 二零一八年六月三十日 2. BASIS OF PREPARATION AND CHANGES TO THE GROUP’S ACCOUNTING POLICIES (Cont’d) 2.2 Changes In Accounting Policies and Disclosures (Cont’d) (c) HKFRS 9 Financial Instruments – Accounting policies applied from 1 January 2018 (Cont’d) 2. 編製基準及本集團會計政策變 動（續） 2.2 會計政策及披露變動 （續） (c) 香港財務報告準則第9號 「金融工具」－自二零一八 年一月一日起應用的會計 政策 （續） (i) Investments and other financial assets (Cont’d) (i) 投資及其他金融資產 （續） Debt instruments 債務工具 Subsequent measurement of debt instruments depends on the 債務工具的後續計量 Group’s business model for managing the asset and the cash 取決於本集團管理資 flow characteristics of the asset. There are two measurement 產的業務模式及資產 categories into which the group classifies its debt instruments: 的現金流量特徵。本 集團將其債務工具分 類為兩種計量類別： • Amortised cost: Assets that are held for collection of • 攤 銷 成 本： 倘 contractual cash flows where those cash flows represent 為收取合約現 solely payments of principal and interest are measured 金流量而持有 at amortised cost. Interest income from there financial 的資產的現金 assets is included in other income using the effective 流量僅為本金 interest rate method. Any gain or loss arising on de- 及 利 息 付 款， recognition is recognized directly in PL and presented as 則該等資產按 separate line item in the statement of PL. 攤銷成本計 量。 該 等 金 融 資產的利息收 入採用實際利 率法計入其他 收 入。 終 止 確 認產生的任何 收益或虧損直 接於損益中確 認， 並 於 損 益 表內作為單獨 項目列示。 50 ZHOU HEI YA INTERNATIONAL HOLDINGS COMPANY LIMITED / INTERIM REPORT 2018 Notes to the Interim Condensed Consolidated Financial Statements 中期簡明綜合財務報表附註 30 June 2018 二零一八年六月三十日 2. BASIS OF PREPARATION AND CHANGES TO THE GROUP’S ACCOUNTING POLICIES (Cont’d) 2.2 Changes In Accounting Policies and Disclosures (Cont’d) (c) HKFRS 9 Financial Instruments – Accounting policies applied from 1 January 2018 (Cont’d) 2. 編製基準及本集團會計政策變 動（續） 2.2 會計政策及披露變動 （續） (c) 香港財務報告準則第9號 「金融工具」－自二零一八 年一月一日起應用的會計 政策 （續） (i) Investments and other financial assets (Cont’d) (i) 投資及其他金融資產 （續） Debt instruments (Cont’d) • FVPL: Assets that do not meet the criteria for amortised 債務工具 （續） • 按公平值計量 cost or FVOCI are measured at FVPL. A gain or loss 且其變動計入 on a debt investment that is subsequently measured at 損 益： 不 符 合 FVPL is recognised in PL and presented net within other 攤銷成本或按 gains/(losses) in the period in which it arises. 公平值計量且 其變動計入其 他全面收入標 準的資產按公 平值計量且其 變動計入損益 計 量。 其 後 按 公平值計量且 其變動計入損 益的債務投資 產生的收益或 虧損於損益內 確認並於其產 生期間的其他 收 益 ╱（虧 損 ） 以淨值列示。 周黑鴨國際控股有限公司 / 2018 中期報告 51 Notes to the Interim Condensed Consolidated Financial Statements 中期簡明綜合財務報表附註 30 June 2018 二零一八年六月三十日 2. BASIS OF PREPARATION AND CHANGES TO THE GROUP’S ACCOUNTING POLICIES (Cont’d) 2.2 Changes In Accounting Policies and Disclosures (Cont’d) (c) HKFRS 9 Financial Instruments – Accounting policies applied from 1 January 2018 (Cont’d) 2. 編製基準及本集團會計政策變 動（續） 2.2 會計政策及披露變動 （續） (c) 香港財務報告準則第9號 「金融工具」－自二零一八 年一月一日起應用的會計 政策 （續） (i) Investments and other financial assets (Cont’d) (i) 投資及其他金融資產 （續） Equity instruments 股本工具 The Group subsequently measures all equity investments at fair 本集團其後按公平值 value. Where the Group’s management has elected to present 計量所有股本投資。 fair value gains and losses on equity investments in OCI, there 倘本集團管理層已選 is no subsequent reclassification of fair value gains and losses to 擇於其他全面收入呈 PL following the de-recognition of the investments. Dividends 列股本投資的公平值 from such investments continue to be recognised in PL as 收益及虧損，則於終 other income when the Group’s right to receive payments is 止確認此類投資後， established. 公平值收益及虧損其 後不再重新分類至損 益。當本集團收取付 款的權利確立時，此 類投資的股息繼續於 損益中確認為其他收 入。 52 ZHOU HEI YA INTERNATIONAL HOLDINGS COMPANY LIMITED / INTERIM REPORT 2018 Notes to the Interim Condensed Consolidated Financial Statements 中期簡明綜合財務報表附註 30 June 2018 二零一八年六月三十日 2. BASIS OF PREPARATION AND CHANGES TO THE GROUP’S ACCOUNTING POLICIES (Cont’d) 2.2 Changes In Accounting Policies and Disclosures (Cont’d) (c) HKFRS 9 Financial Instruments – Accounting policies applied from 1 January 2018 (Cont’d) 2. 編製基準及本集團會計政策變 動（續） 2.2 會計政策及披露變動 （續） (c) 香港財務報告準則第9號 「金融工具」－自二零一八 年一月一日起應用的會計 政策 （續） (i) Investments and other financial assets (Cont’d) (i) 投資及其他金融資產 （續） Impairment 減值 From January 1, 2018, the Group assesses the expected credit 自二零一八年一月一 losses associated with its financial assets on a forward looking 日起，本集團按前瞻 basis. The impairment methodology applied depends on 性基準評估與其金融 whether there has been a significant increase in credit risk. 資產相關的預期信貸 虧損。所應用的減值 方法取決於信貸風險 是否顯著增加。 For trade receivables, the Group applies the simplified 就貿易應收款項而 approach permitted by HKFRS 9, which requires expected 言，本集團採用香港 lifetime losses to be recognised from initial recognition of the 財務報告準則第 9 號 receivables. 所允許的簡化方法， 該方法規定預期整個 存續期的虧損將自初 步確認應收款項起確 認。 周黑鴨國際控股有限公司 / 2018 中期報告 53 Notes to the Interim Condensed Consolidated Financial Statements 中期簡明綜合財務報表附註 30 June 2018 二零一八年六月三十日 2. BASIS OF PREPARATION AND CHANGES TO THE GROUP’S ACCOUNTING POLICIES (Cont’d) 2.2 Changes In Accounting Policies and Disclosures (Cont’d) (c) HKFRS 9 Financial Instruments – Accounting policies applied from 2. 編製基準及本集團會計政策變 動（續） 2.2 會計政策及披露變動 （續） (c) 1 January 2018 (Cont’d) 香港財務報告準則第9號 「金融工具」－自二零一八 年一月一日起應用的會計 政策 （續） (ii) Derivatives (ii) 衍生工具 Derivatives are initially recognised at fair value on the date a 衍生工具於衍生工具 derivative contract is entered into and are subsequently re- 合約訂立當日按公平 measured to their fair value at the end of each reporting 值初始確認，其後於 period. The accounting for subsequent changes in fair value 各報告期間末按公平 depends on whether the derivative is designated as a hedging 值重新計量。其後公 instrument, and if so, the nature of the item being hedged. 平值變動之會計處 理取決於該衍生工具 是否被指定為對沖工 具，如被指定為對沖 工具，則取決於對沖 項目的性質。 (d) HKFRS 15 Revenue from Contracts with Customers – Impact of adoption (d) 香港財務報告準則第 15 號 「來自客戶合約的收益」－ 採納影響 The Group has adopted HKFRS 15 Revenue from Contracts with 本集團自二零一八年一月 Customers from 1 January 2018 which resulted in changes in 一日起採納香港財務報告 accounting policies. In accordance with the transition provisions in 準 則 第 15 號「來 自 客 戶 合 HKFRS 15, the Group has adopted the new rules retrospectively. The 約的收益」導致會計政策變 Group assessed the impacts of adopting HKFRS 15 on its financial 動。根據香港財務報告準 statements. Based on the assessment, the adoption of HKFRS 15 has 則第 15 號的過渡條文，本 no significant impact on the Group’s revenue recognition. 集團已追溯採納新規則。 本集團評估採納香港財務 報告準則第 15 號對其財務 報表的影響。根據評估， 採納香港財務報告準則第 15 號對本集團的收益確認 並無重大影響。 54 ZHOU HEI YA INTERNATIONAL HOLDINGS COMPANY LIMITED / INTERIM REPORT 2018 Notes to the Interim Condensed Consolidated Financial Statements 中期簡明綜合財務報表附註 30 June 2018 二零一八年六月三十日 2. ACCOUNTING POLICIES (Cont’d) 編製基準及本集團會計政策變 動（續） 2.3 2.3 BASIS OF PREPARATION AND CHANGES TO THE GROUP’S 2. Issued But Not Yet Effective Hong Kong Financial Reporting Standards 已頒佈但尚未生效的香港財務報 告準則 The Group has not applied the following new and revised HKFRSs, that have 本集團並未於該等財務報表內應 been issued but are not yet effective, in these financial statements. 用下列已頒佈但尚未生效的新訂 及經修訂香港財務報告準則。 Amendments to HKFRS 9 Prepayment Features with Negative Compensation 1 第 9 號的修訂 Amendments to HKFRS 10 Sale or Contribution of Assets and HKAS 28 (2011) 提早還款特性及負補償 1 香港財務報告準則 投資者與其聯營公司或 香港財務報告準則 between an Investor and its 第 10 號及香港會計準則 合資企業間的資產 Associate or Joint Venture 第 28 號（二零一一年） 出售或注資 3 3 的修訂 HKFRS 16 Leases HKFRS 17 Insurance Contracts 2 香港財務報告準則第 17 號 保險合約 2 Amendments to HKAS 28 Long-term Interests in Associates 香港會計準則第 28 號 香港財務報告準則第 16 號 租賃 1 1 and Joint Ventures 1 HK(IFRIC)-Int 23 Uncertainty over Income Tax Treatments 1 於聯營公司及合營企業 的長期權益 1 的修訂 香港（國際財務報告 所得稅稅務處理的 詮釋委員會） 不確定性 1 詮釋第 23 號 Annual Improvements Amendments to HKFRS 3, HKFRS 11, 二零一五年至 2015-2017 Cycle HKAS 12 and HKAS 231 香港財務報告準則第 3 號、 二零一七年 香港財務報告準則 週期之年度改進 第 11 號、香港會計準則 第 12 號及香港會計準則 第 23 號的修訂 1 1 Effective for annual periods beginning on or after 1 January 2019 1 於二零一九年一月一日或之後 開始的年度期間生效 2 Effective for annual periods beginning on or after 1 January 2021 2 於二零二一年一月一日或之後 開始的年度期間生效 3 No mandatory effective date yet determined but available for adoption 3 尚未釐定強制生效日期惟目前 可供採納 The Group is in the process of making an assessment of the impact of these 本集團正評估首次應用時該等新 new and revised HKFRSs upon initial application. So far, the Group considers 訂及經修訂香港財務報告準則的 that these new and revised HKFRSs may result in changes in accounting 影響。迄今，本集團認為該等新 policies and are unlikely to have a significant impact on the Group’s results of 訂及經修訂香港財務報告準則或 operations and financial position. 會導致會計政策變動，且不大可 能對本集團的經營業績及財務狀 況產生重大影響。 周黑鴨國際控股有限公司 / 2018 中期報告 55 Notes to the Interim Condensed Consolidated Financial Statements 中期簡明綜合財務報表附註 30 June 2018 二零一八年六月三十日 3. OPERATING SEGMENT INFORMATION 3. 經營分部資料 The Group’s principal business is the production, marketing and retailing of casual 本集團的主要業務為鴨類休閒滷製品 braised duck-related casual food. For management purposes, the Group operates 生產、營銷及零售。就管理目的，本 in one business unit based on its products, and has one reportable segment which 集團根據其產品經營一項業務單位， is the production, marketing and retailing of casual braised duck-related food. 而唯一可呈報分部為鴨類休閒滷製品 生產、營銷及零售。 Information about geographical area 有關地理區域的資料 Since all of the Group’s revenue was generated from the production, marketing and 由於本集團的收益全部來自中國內地 retailing of casual braised duck-related food in Mainland China and approximately 鴨 類 休 閒 滷 製 品 的 生 產、 營 銷 及 零 100% of the Group’s non-current assets were located in Mainland China, no 售，且本集團約 100% 的非流動資產位 geographical information is presented in accordance with HKFRS 8 - Operating 於中國內地，故並無根據香港財務報 Segments . 告準則第 8 號－經營分部 呈列地區資 料。 Information about major customers 有關主要客戶的資料 Since none of the Group’s sales to a single customer amounted to 10% or more of 由於本集團對單一客戶的銷售均未達 the Group’s total revenue, no information about major customers is presented in 到本集團總收益的 10% 或以上，故並 accordance with HKFRS 8 - Operating Segments . 無根據香港財務報告準則第 8 號－經營 分部呈列主要客戶資料 。 56 ZHOU HEI YA INTERNATIONAL HOLDINGS COMPANY LIMITED / INTERIM REPORT 2018 Notes to the Interim Condensed Consolidated Financial Statements 中期簡明綜合財務報表附註 30 June 2018 二零一八年六月三十日 4. REVENUE, OTHER INCOME AND GAINS, NET 4. 收益、其他收入及收益淨額 Revenue represents the net invoiced value of goods sold after allowances for 收益指已售貨品扣減退貨撥備及貿易折 returns and trade discounts. 扣後的發票淨值。 An analysis of revenue, other income and gains, net is as follows: 收益、其他收入及收益淨額分析如下： Six months ended 30 June 截至六月三十日止六個月 2018 2017 二零一八年 二零一七年 RMB’ 000 RMB’ 000 人民幣千元 人民幣千元 (unaudited) (unaudited) （未經審核） （未經審核） Type of goods 貨品類型 Vacuum-packaged products 真空包裝產品 141,455 147,270 Modified-Atmosphere-Packaged products 氣調包裝產品 1,443,087 1,462,193 Other products 其他產品 12,040 8,843 Total revenue from contracts with customers 來自客戶合約的收益總額 1,596,582 1,618,306 The timing of the above revenue recognition is when goods were transferred at a 上述收益確認的時間為貨品轉讓的某 point in time. 個時間點。 周黑鴨國際控股有限公司 / 2018 中期報告 57 Notes to the Interim Condensed Consolidated Financial Statements 中期簡明綜合財務報表附註 30 June 2018 二零一八年六月三十日 4. REVENUE, OTHER INCOME AND GAINS, NET (Cont’d) 4. 收益、其他收入及收益淨額（續） Six months ended 30 June 截至六月三十日止六個月 2017 二零一八年 二零一七年 RMB’ 000 RMB’ 000 人民幣千元 人民幣千元 (unaudited) (unaudited) （未經審核） （未經審核） Other income and gains, net 其他收入及收益淨額 Government grants* 政府補助 * 13,631 10,912 Interest income from bank deposits 銀行存款利息收入 25,974 21,207 Interest income from financial assets at FVPL 按公平值計量且其變動計入損益的 金融資產的利息收入 908 — Interest income from available-for-sale investments 可供出售投資的利息收入 — 968 Interest income from structured deposits 按公平值計量且其變動計入損益計量 22,250 9,143 5,060 7,161 (7,117) (10,526) measured at FVPL 的結構性存款的利息收入 Gain on foreign exchange 外匯收益 Loss on disposal of items of property, 處置物業、廠房及設備項目虧損 plant and equipment Others 其他 4,511 915 Total 總計 65,217 39,780 * There were no unfulfilled conditions and other contingencies attaching to government grants that had been recognised. 58 2018 ZHOU HEI YA INTERNATIONAL HOLDINGS COMPANY LIMITED / INTERIM REPORT 2018 * 已確認的政府補助並無附帶未達成條 件及其他或然事項。 Notes to the Interim Condensed Consolidated Financial Statements 中期簡明綜合財務報表附註 30 June 2018 二零一八年六月三十日 5. PROFIT BEFORE TAX The Group’s profit before tax is arrived at after charging/(crediting): 5. 除稅前溢利 本集團除稅前溢利乃經扣除╱（計入） 以下各項後達致： Six months ended 30 June 截至六月三十日止六個月 2018 2017 二零一八年 二零一七年 RMB’ 000 RMB’ 000 人民幣千元 人民幣千元 (unaudited) (unaudited) （未經審核） （未經審核） Cost of inventories sold 已售存貨成本 541,717 538,690 Depreciation of property plant and equipment 物業、廠房及設備折舊 34,749 27,401 Amortisation of prepaid land lease payments 預付土地租賃款項攤銷 526 568 Amortisation of other intangible assets 其他無形資產攤銷 1,422 862 Auditor’s remuneration 核數師薪酬 1,100 1,200 Minimum lease payments under operating leases 就門店及廠房物業的經營租約項下 191,994 134,607 in respect of stores and plant premises Employee benefit expense (including directors’ and chief executive’s remuneration): 最低租賃付款 僱員福利開支（包括董事及 最高行政人員薪酬）： Wages and salaries 工資及薪金 176,762 165,293 Pension scheme contributions 退休金計劃供款 28,353 23,742 Other welfare 其他福利 12,508 11,417 Advertising and promotion expenses 廣告及推廣開支 30,278 28,946 E-commerce and online ordering platform 電商及外賣平台相關服務及快遞費 62,835 70,563 related service and delivery fees Fuel cost 燃料費 8,638 9,320 Utility expenses 水電開支 16,697 15,367 Loss on disposal of items of property, 處置物業、廠房及設備項目虧損 7,117 10,526 plant and equipment Gain on foreign exchange 外匯收益 (5,060) (7,161) Interest income from bank deposits 銀行存款利息收入 (25,974) (21,207) Interest income from financial assets at FVPL 按公平值計量且其變動計入損益的 金融資產的利息收入 (908) — Interest income from available-for-sale investments 可供出售投資的利息收入 — (968) Interest income from structured deposits 按公平值計量且其變動計入損益計量 (22,250) (9,143) 34,155 33,905 measured at FVPL Transportation expenses 的結構性存款的利息收入 運輸開支 周黑鴨國際控股有限公司 / 2018 中期報告 59 Notes to the Interim Condensed Consolidated Financial Statements 中期簡明綜合財務報表附註 30 June 2018 二零一八年六月三十日 5. PROFIT BEFORE TAX (Cont’d) 5. 除稅前溢利（續） Note: 附註： The employees of the Group’s subsidiaries which operate in Mainland China are required to 本集團於中國內地經營的附屬公司的僱員須 participate in a central pension scheme operated by the local municipal government. These 參與一項由地方市政府管理的中央退休金計 subsidiaries are required to contribute a certain percentage of the payroll costs to the central 劃。該等附屬公司須向該中央退休金計劃繳 pension scheme. The contributions are charged to profit or loss as they become payable in 付其工資成本的若干百分比供款。根據中央 accordance with rules of the central pension scheme. 退休金計劃的規定，供款在需要支付時在損 益中扣除。 6. 6. INCOME TAX The major components of income tax expenses are as follows: 所得稅 所得稅開支的主要組成部分如下： Six months ended 30 June 截至六月三十日止六個月 2018 2017 二零一八年 二零一七年 RMB’ 000 RMB’ 000 人民幣千元 人民幣千元 (unaudited) (unaudited) （未經審核） （未經審核） Current income tax in PRC 中國的當期所得稅 118,947 129,947 Deferred tax 遞延稅項 (11,282) (4,186) Total tax charge for the period 期內稅項支出總額 107,665 125,761 The Group is subject to income tax on an entity basis on profits arising in or 本集團須就本集團成員公司於身處及 derived from the jurisdictions in which members of the Group are domiciled and 經營所在的司法權區所產生或所錄得 operate. 溢利按實體基準繳納所得稅。 Pursuant to the rules and regulations of the Cayman Islands and British Virgin 根據開曼群島及英屬處女群島的規則 Islands, the Group is not subject to any income tax in the Cayman Islands and 及規例，本集團毋須繳納任何開曼群 British Virgin Islands. 島及英屬處女群島所得稅。 The provision for current income tax in PRC is based on a statutory rate of 25% (six 本集團基於 25%（截至二零一七年六月 months ended 30 June 2017: 25%) of the assessable profits of subsidiaries of the 三十日止六個月：25%）的法定稅率（根 Group as determined in accordance with the PRC Corporate Income Tax Law. 據中國企業所得稅法釐定）對其附屬公 司應課稅溢利計提中國當期所得稅撥 備。 The statutory tax rate for the subsidiary in Hong Kong is 16.5% (six months ended 香港附屬公司的法定稅率為 16.5%（截 30 June 2017: 16.5%). No Hong Kong profits tax on the Group’s subsidiary has 至二零一七年六月三十日止六個月： been provided as there is no assessable profit arising in Hong Kong during the 16.5%）。並無就本集團附屬公司的香 period. 港利得稅計提撥備，乃由於期內並無 在香港產生應課稅溢利。 60 ZHOU HEI YA INTERNATIONAL HOLDINGS COMPANY LIMITED / INTERIM REPORT 2018 Notes to the Interim Condensed Consolidated Financial Statements 中期簡明綜合財務報表附註 30 June 2018 二零一八年六月三十日 7. 7. INTERIM DIVIDENDS 中期股息 The Directors proposed not to declare any interim dividend for the six months 董事並不建議就截至二零一八年六月 ended 30 June 2018. (30 June 2017: Nil) 三十日止六個月派付任何中期股息（二 零一七年六月三十日：無）。 8. HOLDERS OF THE PARENT 母公司普通權益持有人應佔每 股盈利 The calculation of the basic earnings per share amounts is based on the profit for 每股基本盈利金額按期內母公司普通 the period attributable to ordinary equity holders of the parent, and the weighted 權益持有人應佔溢利及期內已發行普 average number of ordinary shares of 2,383,140,500 (six months ended 30 June 通 股 加 權 平 均 數 2,383,140,500 股（截 2017: 2,383,140,500 shares) in issue during the period. 至二零一七年六月三十日止六個月： EARNINGS PER SHARE ATTRIBUTABLE TO ORDINARY EQUITY 8. 2,383,140,500 股）計算。 The Group had no potentially dilutive ordinary shares in issue during the six months 截至二零一八年及二零一七年六月 ended 30 June 2018 and 2017. 三十日止六個月，本集團並無潛在攤 薄已發行普通股。 The calculations of basic and diluted earnings per share are based on: 每股基本及攤薄盈利的計算乃基於： Six months ended 30 June 截至六月三十日止六個月 Earnings 盈利 Profit attributable to ordinary equity holders of 用於計算每股基本盈利之 the parent, used in the basic earnings 母公司普通權益持有人 per share calculation 應佔溢利 Shares 股份 Weighted average number of ordinary shares 用於計算每股基本盈利之期內 in issue during the period used in the basic 已發行普通股之加權平均數 earnings per share calculation Earnings per share: Basic and diluted (RMB) 2018 2017 二零一八年 二零一七年 RMB’ 000 RMB’ 000 人民幣千元 人民幣千元 (unaudited) (unaudited) （未經審核） （未經審核） 331,511 401,034 2,383,140,500 2,383,140,500 0.14 0.17 每股盈利： 基本及攤薄（人民幣） 周黑鴨國際控股有限公司 / 2018 中期報告 61 Notes to the Interim Condensed Consolidated Financial Statements 中期簡明綜合財務報表附註 30 June 2018 二零一八年六月三十日 9. 9. PROPERTY, PLANT AND EQUIPMENT 物業、廠房及設備 During the six months ended 30 June 2018, the Group acquired assets with a cost 截至二零一八年六月三十日止六個 of RMB169,390,000 (the six months ended 30 June 2017: RMB262,957,000). 月，本集團以成本人民幣 169,390,000 元（截至二零一七年六月三十日止六個 月：人民幣 262,957,000 元）添置資產。 Items of property, plant and equipment with a net book value of RMB7,254,000 截至二零一八年六月三十日止六個 were disposed of by the Group during the six months ended 30 June 2018 (six 月， 本 集 團 處 置 賬 面 淨 值 為 人 民 幣 months ended 30 June 2017: RMB11,732,000). 7,254,000 元的物業、廠房及設備項目 （截 至 二 零 一 七 年 六 月 三 十 日 止 六 個 月：人民幣 11,732,000 元）。 The Group pledged certain of its buildings to secure the Group’s government 本集團質押其若干樓宇，以取得本集 support funds which are included as other payables RMB4,000,000 as at 30 June 團的政府補助，而有關政府補助已於 2018 (31 December 2017: RMB7,000,000). The net carrying amounts of these 二零一八年六月三十日計入其他應付 pledged buildings as at 30 June 2018 amounted to RMB4,056,000 (31 December 款項，為人民幣 4,000,000 元（二零一七 2017: RMB6,582,000). 年十二月三十一日：人民幣 7,000,000 元 ）。 該 等 已 質 押 樓 宇 於 二 零 一 八 年六月三十日的賬面淨值為人民幣 4,056,000 元（二零一七年十二月三十一 日：人民幣 6,582,000 元）。 10. 62 10. 存貨 INVENTORIES 30 June 31 December 2018 2017 二零一八年 二零一七年 六月三十日 十二月三十一日 RMB’ 000 RMB’ 000 人民幣千元 人民幣千元 (unaudited) (audited) （未經審核） （經審核） At cost: 按成本： Raw materials 原材料 200,162 196,672 Work in progress 在製品 2,828 4,532 Finished goods 製成品 22,130 37,473 Packaging materials 包裝材料 10,770 9,758 235,890 248,435 ZHOU HEI YA INTERNATIONAL HOLDINGS COMPANY LIMITED / INTERIM REPORT 2018 Notes to the Interim Condensed Consolidated Financial Statements 中期簡明綜合財務報表附註 30 June 2018 二零一八年六月三十日 11. 11. 貿易應收款項 TRADE RECEIVABLES 30 June 31 December 2018 2017 二零一八年 二零一七年 六月三十日 十二月三十一日 RMB’ 000 RMB’ 000 人民幣千元 人民幣千元 (unaudited) (audited) （未經審核） （經審核） Trade receivables 貿易應收款項 22,994 25,506 Less: Impairment provision 減：減值撥備 — — 22,994 25,506 An aged analysis of the trade receivables as at the end of the reporting period, 報告期末按發票日期劃分的貿易應收 based on the invoice date and net of provisions, is as follows: 款項（已扣除撥備）的賬齡分析如下： Within 3 months 三個月內 Over 3 months 三個月以上 30 June 31 December 2018 2017 二零一八年 二零一七年 六月三十日 十二月三十一日 RMB’ 000 RMB’ 000 人民幣千元 人民幣千元 (unaudited) (audited) （未經審核） （經審核） 22,994 25,506 — — 22,994 25,506 周黑鴨國際控股有限公司 / 2018 中期報告 63 Notes to the Interim Condensed Consolidated Financial Statements 中期簡明綜合財務報表附註 30 June 2018 二零一八年六月三十日 11. 11. 貿易應收款項（續） TRADE RECEIVABLES (Cont’d) The Group applies the simplified approach to provide for expected credit losses 本集團採用簡化方法提供香港財務 prescribed in HKFRS 9, which permits the use of the lifetime expected loss 報告準則第 9 號所規定的預期信貸虧 provision for all trade receivables. The Group overall considers the shared credit 損，該準則允許使用所有貿易應收款 risk characteristics and the days past due of the trade receivables to measure the 項的整個存續期的預期虧損撥備。本 expected credit losses. As all of the receivables were neither past due nor impaired 集團整體考慮貿易應收款項的攤佔信 and relate to diversified customers for whom there was no recent history of default 貸風險特徵及到期日以計量預期信貸 and there has not been a significant change in credit quality, the Directors are of the 虧損。由於所有應收款項既未逾期亦 opinion that no provision for impairment is necessary in respect of these balances. 未減值，且與近期並無違約記錄的多 元化客戶有關及信貸質素並無重大變 動，董事認為毋須就該等結餘作出減 值撥備。 12. 64 PREPAYMENTS, DEPOSITS AND OTHER RECEIVABLES 12. 預付款項、按金及其他應收款 項 30 June 31 December 2018 2017 二零一八年 二零一七年 六月三十日 十二月三十一日 RMB’ 000 RMB’ 000 人民幣千元 人民幣千元 (unaudited) (audited) （未經審核） （經審核） Prepaid rents 預付租金 84,817 71,787 Advances to employees 給予僱員的暫支款 2,914 2,671 Advances to suppliers 給予供應商的預付款 10,040 6,869 Deductible input VAT 可扣減進項增值稅 51,046 41,685 Current portion of prepaid land lease payments 預付土地租賃款項中短期部分 2,417 2,417 Structured deposits 結構性存款 — 962,000 Other receivables 其他應收款項 42,063 21,083 193,297 1,108,512 None of the above assets is either past due or impaired. The financial assets 上述資產概無逾期或減值。計入上述 included in the above balances relate to receivables for which there was no recent 結餘的金融資產與近期並無拖欠歷史 history of default. 的應收款項有關。 ZHOU HEI YA INTERNATIONAL HOLDINGS COMPANY LIMITED / INTERIM REPORT 2018 Notes to the Interim Condensed Consolidated Financial Statements 中期簡明綜合財務報表附註 30 June 2018 二零一八年六月三十日 13. 13. 於一間聯營公司的投資 INVESTMENT IN AN ASSOCIATE Share of net assets 分佔資產淨值 Particulars of the Company’s material associate are as follows: 30 June 31 December 2018 2017 二零一八年 二零一七年 六月三十日 十二月三十一日 RMB’ 000 RMB’ 000 人民幣千元 人民幣千元 (unaudited) (audited) （未經審核） （經審核） 250,000 — 本公司的重大聯營公司詳情如下： Place Percentage of Principal incorporation voting power activities Name 名稱 註冊成立地點 投票權百分比 主要業務 Shenzhen Tiantu Xingnan 深圳市天圖興南投資合伙企業 中國 40 Investment Fund Investment China Partnership （有限合伙） 投資基金 (Limited Partnership) In March 2018, the Group, through an indirect wholly-owned subsidiary, entered 於二零一八年三月，本集團透過其間 into a partnership agreement with Shenzhen Tiantu Capital Management Centre 接全資附屬公司與深圳天圖資本管理 (limited partnership) and Shenzhen Tiantu Xing’an Investment Enterprise (limited 中心（有限合夥）及深圳天圖興安投資 partnership) to jointly form Shenzhen Tiantu Xingnan Capital Partnership(LLP), 企業（有限合夥）訂立合夥協議，共同 an investment fund, as a limited partner with an initial subscription amount of 成立深圳市天圖興南投資合伙企業（有 RMB500,000,000, representing 50% of the total initial subscription amount of this 限合伙） （一間投資基金），本集團作為 fund. The Group has contributed RMB250,000,000 as of 30 June, 2018. 有限合夥人，初始認購金額為人民幣 500,000,000 元，佔該基金首次認購總 額的 50％。截至二零一八年六月三十 日，本集團已出資人民幣 250,000,000 元。 周黑鴨國際控股有限公司 / 2018 中期報告 65 Notes to the Interim Condensed Consolidated Financial Statements 中期簡明綜合財務報表附註 30 June 2018 二零一八年六月三十日 14. 14. 受限制現金及在途現金 RESTRICTED CASH AND CASH IN TRANSIT Restricted cash 受限制現金 30 June 31 December 2018 2017 二零一八年 二零一七年 六月三十日 十二月三十一日 RMB’ 000 RMB’ 000 人民幣千元 人民幣千元 (unaudited) (audited) （未經審核） （經審核） 20,866 14,911 As at 30 June 2018 and 31 December 2017, restricted cash represented 於二零一八年六月三十日及二零一七 deposits for letters of credit, which are non-interest-bearing cash deposits paid 年十二月三十一日，受限制現金指信 to a commercial bank for purchasing equipment and will be returned upon the 用證按金，此為就採購設備支付予商 completion of such activities. 業銀行的不計息現金按金並將於有關 活動完成後退還。 All of the restricted cash of the Group is denominated in RMB as of 30 June 2018 於二零一八年六月三十日及二零一七 and 31 December 2017. 年十二月三十一日，本集團所有受限 制現金均以人民幣計值。 Cash in transit 66 在途現金 30 June 31 December 2018 2017 二零一八年 二零一七年 六月三十日 十二月三十一日 RMB’ 000 RMB’ 000 人民幣千元 人民幣千元 (unaudited) (audited) （未經審核） （經審核） 3,124 3,489 The cash in transit represents the sales proceeds settled by debit cards or credit 在途現金指以借記卡或信用卡結算但 cards, which have yet to be credited by the banks to the Group. 銀行尚未計入本集團的銷售所得款項。 ZHOU HEI YA INTERNATIONAL HOLDINGS COMPANY LIMITED / INTERIM REPORT 2018 Notes to the Interim Condensed Consolidated Financial Statements 中期簡明綜合財務報表附註 30 June 2018 二零一八年六月三十日 15. 15. 現金及銀行存款 CASH AND BANK 30 June 31 December 2018 2017 二零一八年 二零一七年 六月三十日 十二月三十一日 RMB’ 000 RMB’ 000 人民幣千元 人民幣千元 (unaudited) (audited) （未經審核） （經審核） Cash and cash in bank 現金及銀行活期存款 133,070 98,712 Time deposits 定期存款 1,761,236 1,940,454 1,894,306 2,039,166 Less: term deposits with maturity over three months 減：三個月以上到期的定期存款 1,761,236 1,876,480 Cash and cash equivalents 現金及現金等價物 133,070 162,686 At the end of the reporting period, the cash and bank balances and time deposits 於報告期末，本集團以人民幣計值的 of the Group denominated in RMB amounted to RMB172,090,000 (31 December 現金及銀行結餘及定期存款為人民 2017: RMB91,781,000). 幣 172,090,000 元（二 零 一 七 年 十 二 月 三十一日：人民幣 91,781,000 元）。 The RMB is not freely convertible into other currencies, however, under Mainland 人民幣不能自由兌換成其他貨幣，然 China’s Foreign Exchange Control Regulations and Administration of Settlement, 而，根據中國內地《外匯管理條例》及 Sale and Payment of Foreign Exchange Regulations, the Group is permitted to 《結匯、售匯及付匯管理規定》，本集 exchange RMB for other currencies through banks authorised to conduct foreign 團可透過獲授權經營外匯業務的銀行 exchange business. 將人民幣兌換成其他貨幣。 Cash at banks earns interest at floating rates based on daily bank deposit rates. The 銀行活期存款按基於每日銀行存款利 bank balances are deposited with creditworthy banks with no recent history of 率的浮動利率賺取利息。銀行結餘存 default. 置於信譽卓越且近期並無拖欠歷史的 銀行。 周黑鴨國際控股有限公司 / 2018 中期報告 67 Notes to the Interim Condensed Consolidated Financial Statements 中期簡明綜合財務報表附註 30 June 2018 二零一八年六月三十日 16. 16. 貿易應付款項 TRADE PAYABLES The aging analysis of outstanding trade payables as at the end of the reporting 於報告期末按發票日期劃分的未支付 period, based on the invoice date, is as follows: 貿易應付款項的賬齡分析如下： 2018 2017 二零一八年 二零一七年 六月三十日 十二月三十一日 RMB’ 000 RMB’ 000 人民幣千元 人民幣千元 (unaudited) (audited) （未經審核） （經審核） 三個月內 69,765 84,807 3 to 6 months 三至六個月 2,753 844 Over 6 months 六個月以上 223 30 Over 12 months 十二個月以上 116 620 72,857 86,301 貿易應付款項不計息。 17. 股本 SHARE CAPITAL Authorised: 50,000,000,000 shares of USD0.000001 each Issued and fully paid: 2,383,140,500 shares of USD0.000001 each 30 June 31 December 2018 2017 二零一八年 二零一七年 六月三十日 十二月三十一日 RMB’ 000 RMB’ 000 人民幣千元 人民幣千元 (unaudited) (audited) （未經審核） （經審核） 306 306 16 16 法定： 50,000,000,000 股每股 面值 0.000001 美元的股份 已發行及繳足： 2,383,140,500 股每股 面值 0.000001 美元的股份 68 31 December Within 3 months The trade payables are non-interest-bearing. 17. 30 June ZHOU HEI YA INTERNATIONAL HOLDINGS COMPANY LIMITED / INTERIM REPORT 2018 Notes to the Interim Condensed Consolidated Financial Statements 中期簡明綜合財務報表附註 30 June 2018 二零一八年六月三十日 18. 18. 經營租賃安排 OPERATING LEASE ARRANGEMENTS As lessee 作為承租人 The Group is the lessee in respect of a number of properties and land held under 本集團為根據經營租賃所持若干物業 operating leases. The leases typically run for an initial period of one to five years, 及土地的承租人。該等租賃的初始期 with an option to renew the leases when all the terms are renegotiated. 限通常為一至五年，於所有條款重新 磋商後可選擇續期。 At 30 June 2018, the Group had total future minimum lease payments under non- 於二零一八年六月三十日，本集團根 cancellable operating leases falling due as follows: 據不可撤銷經營租賃於下列年期到期 的未來最低租賃付款總額如下： 30 June 31 December 2018 2017 二零一八年 二零一七年 六月三十日 十二月三十一日 RMB’ 000 RMB’ 000 人民幣千元 人民幣千元 (unaudited) (audited) （未經審核） （經審核） Within one year 一年內 202,613 166,298 In the second to fifth years, inclusive 二至五年（包括首尾兩年） 314,322 261,156 After five years 五年後 4,932 6,240 521,867 433,694 周黑鴨國際控股有限公司 / 2018 中期報告 69 Notes to the Interim Condensed Consolidated Financial Statements 中期簡明綜合財務報表附註 30 June 2018 二零一八年六月三十日 19. 19. 承擔 COMMITMENTS In addition to the operating lease commitments detailed in note 18 above, the 除 上 文 附 註 18 詳 述 的 經 營 租 賃 承 擔 Group had the following capital commitments at the end of the reporting period: 外，於報告期末，本集團有下列資本 承擔： 30 June 31 December 2018 2017 二零一八年 二零一七年 六月三十日 十二月三十一日 RMB’ 000 RMB’ 000 人民幣千元 人民幣千元 (unaudited) (audited) （未經審核） （經審核） Contracted, but not provided for: 已簽約但未撥備： Land and buildings 土地及樓宇 134,302 63,875 Plant and machinery 廠房及機器 68,049 115,685 Software 軟件 13,361 12,370 215,712 191,930 In addition, the Group’s undrawn capital calls to an associate is as follows: 此外，本集團調用聯營公司的未提取 資金如下： Capital contributions payable to an associate 70 應向一間聯營公司出資 ZHOU HEI YA INTERNATIONAL HOLDINGS COMPANY LIMITED / INTERIM REPORT 2018 30 June 31 December 2018 2017 二零一八年 二零一七年 六月三十日 十二月三十一日 RMB’ 000 RMB’ 000 人民幣千元 人民幣千元 (unaudited) (audited) （未經審核） （經審核） 250,000 — Notes to the Interim Condensed Consolidated Financial Statements 中期簡明綜合財務報表附註 30 June 2018 二零一八年六月三十日 20. 20. 關聯方交易 RELATED PARTY TRANSACTIONS a) Name and relationship of related parties a） 關聯方的名稱和關係 Related parties for the six months ended 30 June 2018 and the year ended 截至二零一八年六月三十日止六 31 December 2017 were as follows: 個月及截至二零一七年十二月 三十一日止年度的關聯方如下： Name Relationship 姓名╱名稱 關係 Mr. Zhou Fuyu and Ms. Tang Jianfang Ultimate controlling shareholder 周富裕先生及唐建芳女士 最終控股股東 Zhou Hei Ya Foods Joint Stock Limited Subsidiary controlled by Controlling Shareholders Company (“ZHY Foods”) 周黑鴨食品股份有限公司（「周黑鴨食品」） b) 控股股東控制的附屬公司 Transactions with related parties b） The following transactions were carried out with related parties: 與關聯方之交易 下列為與關聯方之交易： Six months ended 30 June 截至六月三十日止六個月 Rental expense: Mr. Zhou Fuyu and Ms. Tang Jianfang (i) 2018 2017 二零一八年 二零一七年 RMB'000 RMB'000 人民幣千元 人民幣千元 (unaudited) (unaudited) （未經審核） （未經審核） 1,759 1,392 — 17,938 租賃開支： 周富裕先生及唐建芳女士 (i) Acquisition of a subsidiary from a related party: 向一名關聯方收購一間附屬公司： ZHY Foods 周黑鴨食品 Notes: (i) 附註： Pursuant to the agreements between the Group and the Controlling Shareholders, (i) 根據本集團與控股股東之間的協 Hubei Shiji Yuanjing leased six stores for the six months ended 30 June 2018 議，湖北世紀願景截至二零一八 (six months ended 30 June 2017: five) from the Controlling Shareholders for its 年六月三十日止六個月向控股股 operation with periods ranging from 1 to 3 years. The lease terms were mutually 東租賃 6 間（截至二零一七年六 agreed between parties. 月三十日止六個月：5 間）門店 用於營運，期限介乎 1 至 3 年。 租賃條款經訂約方共同協定。 周黑鴨國際控股有限公司 / 2018 中期報告 71 Notes to the Interim Condensed Consolidated Financial Statements 中期簡明綜合財務報表附註 30 June 2018 二零一八年六月三十日 20. 20. 關聯方交易 （續） RELATED PARTY TRANSACTIONS (Cont’d) c) Balances with related parties 與關聯方的結餘 The Group had the following significant balances with its related parties at 於報告期末，本集團與關聯方有 the end of the reporting period: 下列重大結餘： Due from the Controlling Shareholders: 應收控股股東款項： Mr. Zhou Fuyu and Ms. Tang Jianfang d) c） 周富裕先生及唐建芳女士 30 June 31 December 2018 2017 二零一八年 二零一七年 六月三十日 十二月三十一日 RMB’ 000 RMB’ 000 人民幣千元 人民幣千元 (unaudited) (audited) （未經審核） （經審核） 1,305 1,801 Amounts due from the Controlling Shareholders were interest-free, 應收控股股東款項為免息、無抵 unsecured and have no fixed terms of repayment. 押及無固定還款期限。 Compensation of key management personnel of the Group: d） 本集團主要管理人員的薪酬： Six months ended 30 June 截至六月三十日止六個月 72 2018 2017 二零一八年 二零一七年 RMB'000 RMB'000 人民幣千元 人民幣千元 (unaudited) (unaudited) （未經審核） （未經審核） Short term employee benefits 短期僱員福利 2,755 2,988 Post-employee benefits 離職后福利 281 297 3,036 3,285 ZHOU HEI YA INTERNATIONAL HOLDINGS COMPANY LIMITED / INTERIM REPORT 2018 Notes to the Interim Condensed Consolidated Financial Statements 中期簡明綜合財務報表附註 30 June 2018 二零一八年六月三十日 21. FINANCIAL INSTRUMENTS BY CATEGORY The carrying amounts of each of the categories of financial instruments as at the end of the reporting period are as follows: 21. 金融工具－按類別劃分 於報告期末，各類金融工具的賬面值 如下： 30 June 2018 (unaudited) 二零一八年六月三十日（未經審核） Financial assets 金融資產 Financial assets Trade receivables 貿易應收款項 Financial assets measured measured at at FVPL amortised cost 按公平值計量 按攤銷成本 且其變動 計量的 計入損益的 Total 金融資產 RMB’ 000 金融資產 RMB’ 000 總計 RMB’ 000 人民幣千元 人民幣千元 人民幣千元 22,994 — 22,994 — 26,993 711,000 Financial assets included in other receivables 計入其他應收款項的金融資產 Structured deposits 結構性存款 26,993 — Rental deposits 租賃按金 76,855 711,000 — 1,305 76,855 Due from the Controlling Shareholders 應收控股股東款項 1,305 — Restricted cash 受限制現金 20,866 — 20,866 Cash in transit 在途現金 3,124 — 3,124 Cash and bank 現金及銀行存款 1,894,306 — 1,894,306 2,046,443 711,000 2,757,443 金融負債 Financial liabilities Financial liabilities measured at amortised cost 按攤銷 成本計量 的金融負債 RMB’ 000 人民幣千元 Trade payables 貿易應付款項 72,857 Financial liabilities included in other payables and accruals 計入其他應付款項及應計費用的金融負債 100,760 173,617 周黑鴨國際控股有限公司 / 2018 中期報告 73 Notes to the Interim Condensed Consolidated Financial Statements 中期簡明綜合財務報表附註 30 June 2018 二零一八年六月三十日 21. FINANCIAL INSTRUMENTS BY CATEGORY (Cont’d) 21. 金融工具－按類別劃分 （續） The carrying amounts of each of the categories of financial instruments as at the 於報告期末，各類金融工具的賬面值 end of the reporting period are as follows: (Cont’d) 如下： （續） 31 December 2017 (audited) 二零一七年十二月三十一日（經審核） Financial assets 金融資產 Availablefor-sale Loans and financial receivables assets 貸款及 可供出售 Total 應收款項 金融資產 總計 RMB’ 000 RMB’ 000 RMB’ 000 人民幣千元 人民幣千元 人民幣千元 25,506 — 25,506 Financial assets included in other receivables 計入其他應收款項的金融資產 967,888 — 967,888 Rental deposits 租賃按金 70,459 — 70,459 Available-for-sale investments 可供出售投資 — 30,000 30,000 Due from the Controlling Shareholders 應收控股股東款項 1,801 — 1,801 Restricted cash 受限制現金 14,911 — 14,911 Cash in transit 在途現金 3,489 — 3,489 Cash and bank 現金及銀行存款 2,039,166 — 2,039,166 3,123,220 30,000 3,153,220 Trade receivables 74 貿易應收款項 ZHOU HEI YA INTERNATIONAL HOLDINGS COMPANY LIMITED / INTERIM REPORT 2018 Notes to the Interim Condensed Consolidated Financial Statements 中期簡明綜合財務報表附註 30 June 2018 二零一八年六月三十日 21. FINANCIAL INSTRUMENTS BY CATEGORY (Cont’d) 21. 金融工具－按類別劃分 （續） The carrying amounts of each of the categories of financial instruments as at the 於報告期末，各類金融工具的賬面值 end of the reporting period are as follows: (Cont’d) 如下： （續） 31 December 2017 (audited) (Cont’d) 二零一七年十二月三十一日（經審核） （續） Financial liabilities 金融負債 Financial liabilities at amortised cost 按攤銷成本入 賬的金融負債 RMB’ 000 人民幣千元 Trade payables 貿易應付款項 86,301 Financial liabilities included in other payables and accruals 計入其他應付款項及應計費用的金融負債 98,722 185,023 22. FAIR VALUE AND FAIR VALUE HIERARCHY OF FINANCIAL 22. 金融工具公平值及公平值層級 INSTRUMENTS Management has assessed that the fair values of cash and bank, cash in transit, 管理層已評估現金及銀行存款、在途 restricted cash, financial assets at fair value through profit or loss, rental deposits, 現金、受限制現金、按公平值計量且 trade receivables, structured deposits, amounts due from the Controlling 其變動計入損益的金融資產、租賃按 Shareholders, financial assets included in prepayments, deposits and other 金、貿易應收款項、結構性存款、應 receivables, trade payables and financial liabilities included in other payables and 收控股股東款項、計入預付款項、按 accruals due to a related party, amounts due to the Controlling Shareholders 金及其他應收款項的金融資產、貿易 approximate to their carrying amounts largely due to the short term maturities of 應付款項、計入其他應付款項的金融 these instruments. 負債及應付關聯方的應計費用、應付 控股股東款項的公平值與其賬面值相 若，主要由於該等工具屬短期到期。 周黑鴨國際控股有限公司 / 2018 中期報告 75 Notes to the Interim Condensed Consolidated Financial Statements 中期簡明綜合財務報表附註 30 June 2018 二零一八年六月三十日 22. FAIR VALUE AND FAIR VALUE HIERARCHY OF FINANCIAL 22. 金融工具公平值及公平值層級 INSTRUMENTS (Cont’d) （續） The Group’s finance department headed by the finance manager is responsible for 本集團由財務經理領導的財務部門負 determining the policies and procedures for the fair value measurement of financial 責釐定金融工具公平值計量的政策及 instruments. The finance manager reports directly to the chief financial officer and 程序。財務經理直接向財務總監及審 the audit committee. At each reporting date, the finance department analyses 核委員會報告。於各報告日期，財務 the movements in the values of financial instruments and determines the major 部門分析金融工具的價值變動並釐定 inputs applied in the valuation. The valuation is reviewed and approved by the 估值中應用的主要輸入數據。估值由 chief financial officer. The valuation process and results are discussed with the audit 財務總監審核及批准。估值過程及結 committee twice a year for interim and annual financial reporting. 果於每年就中期及年度財務報告與審 核委員會進行二次討論。 The fair values of the financial assets and liabilities are included at the amount at 金融資產及負債的公平值以自願交易 which the instrument could be exchanged in a current transaction between willing 方（強迫或清盤出售除外）當前交易中 parties, other than in a forced or liquidation sale. 該工具的可交易金額入賬。 Fair value hierarchy 公平值層級 The fair value measurement hierarchy of the Group’s available-for-sale investments 於報告期末，本集團截至二零一七年 as at 31 December 2017 was all of Level 2 – significant observable inputs as at the 十二月三十一日的可供出售投資的公 end of the reporting period. 平值計量層級全部為第 2 層（重大可觀 察輸入資料）。 The fair value measurement hierarchy of the Group’s structured deposits as at 30 於報告期末，本集團截至二零一八年 June 2018 was all of Level 2 – significant observable inputs as at the end of the 六月三十日的結構性存款的公平值計 reporting period. 量層級全部為第 2 層（重大可觀察輸入 資料）。 23. During the reporting period, there were no transfers of fair value measurements 於報告期間，第一級（於活躍市場的報 between Level 1 – quoted price in active markets and Level 2 – significant 價）與第二級（重大可觀察輸入資料）公 observable inputs and no transfers into or out of Level 3 – significant unobservable 平值計量之間並無轉移，第三級（重大 inputs. 不可觀察輸入資料）亦無轉入或轉出。 EVENTS AFTER THE REPORTING PERIOD No material events were undertaken by the Group subsequent to 30 June 2018. 23. 報告期後事件 本集團於二零一八年六月三十日之後 並無進行重大事項。 76 ZHOU HEI YA INTERNATIONAL HOLDINGS COMPANY LIMITED / INTERIM REPORT 2018