Annual Report 年报 2016 Interim Report 中期报告 2016-2017 HANG SANG (SIU PO) INTERNATIONAL HOLDING COMPANY LIMITED (Incorporated in the Cayman Islands with limited liability) (於开曼群岛注册成立的有限公司） Stock Code 股份代号: 3626 HANG SANG (SIU PO) INTERNATIONAL HOLDING COMPANY LIMITED Contents 目录 Hang Sang (Siu Po) International Holding Company Limited Interim Report 2016-2017 中期报告 1 Corporate Information 公司资料 2 Independent Review Report 独立审阅报告 4 Condensed Consolidated Statement of Profit or Loss and 简明综合损益及其他全面收益表 Other Comprehensive Income 6 Condensed Consolidated Statement of Financial Position 简明综合财务状况表 7 Condensed Consolidated Statement of Changes in Equity 简明综合权益变动表 8 Condensed Consolidated Statement of Cash Flows 简明综合现金流量表 9 Notes to the Condensed Consolidated Financial Statements 简明综合财务报表附注 10 Management Discussion and Analysis 管理层讨论及分析 20 Additional Information 其他资料 28 2 Corporate Information 公司资料 Hang Sang (Siu Po) International Holding Company Limited Interim Report 2016-2017 中期报告 DIRECTORS Executive Directors: Mr Fung Man Wai Samson (Chairman and Chief Executive Officer) Mr Fung Man Kam Mr Fung Kar Chue Alexander Independent Non-executive Directors: Dr Loke Yu Ms Fung Po Yee Ms Sung Ting Yee BOARD COMMITTEES Audit Committee Dr Loke Yu (Chairman) Ms Fung Po Yee Ms Sung Ting Yee Remuneration Committee Ms Sung Ting Yee (Chairman) Dr Loke Yu Ms Fung Po Yee Mr Fung Man Wai Samson Mr Fung Kar Chue Alexander Nomination Committee Ms Fung Po Yee (Chairman) Dr Loke Yu Ms Sung Ting Yee Mr Fung Man Wai Samson Mr Fung Kar Chue Alexander COMPLIANCE ADVISER Gram Capital Limited COMPANY SECRETARY Mr Li Kit Chung PRINCIPAL BANKS The Hongkong and Shanghai Banking Corporation Limited DBS Bank (Hong Kong) Limited Bank of China (Hong Kong) Limited AUDITORS Grant Thornton Hong Kong Limited 董事 执行董事： 冯文伟先生 （ 主席兼行政总裁） 冯文锦先生 冯家柱先生 独立非执行董事： 陆海林博士 冯宝仪女士 宋婷儿女士 董事委员会 审核委员会 陆海林博士 （ 主席） 冯宝仪女士 宋婷儿女士 薪酬委员会 宋婷儿女士 （ 主席） 陆海林博士 冯宝仪女士 冯文伟先生 冯家柱先生 提名委员会 冯宝仪女士 （ 主席） 陆海林博士 宋婷儿女士 冯文伟先生 冯家柱先生 合规顾问 嘉林资本有限公司 公司秘书 李杰聪先生 主要往来银行 香港上海�蠓嵋�行有限公司 星展银行 （ 香港）有限公司 中国银行 （ 香港）有限公司 核数师 致同 （ 香港）会计师事务所有限公司 Corporate Information 公司资料 Hang Sang (Siu Po) International Holding Company Limited Interim Report 2016-2017 中期报告 3 REGISTERED OFFICE Cricket Square Hutchins Drive P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands HEAD OFFICE AND PRINCIPAL PLACE OF BUSINESS IN HONG KONG Block C, 5/F., Gee Hing Chang Industrial Building, 16 Cheung Yue Street, Cheung Sha Wan, Kowloon, Hong Kong PRINCIPAL SHARE REGISTRAR Codan Trust Company (Cayman) Limited Cricket Square Hutchins Drive P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands HONG KONG BRANCH SHARE REGISTRAR AND TRANSFER OFFICE Computershare Hong Kong Investor Services Limited Shops 1712-1716 17th Floor Hopewell Centre 183 Queen’s Road East Wanchai Hong Kong STOCK CODE 3626 WEBSITE www.hangsangpress.com 注册办事处 Cricket Square Hutchins Drive P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands 总办事处及香港主要营业地点 香港九龙 长沙湾长裕街 16号 志兴昌工业大厦 5楼 C室 主要股份登记处 Codan Trust Company (Cayman) Limited Cricket Square Hutchins Drive P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands 香港股份登记及过户分处 香港中央证券登记有限公司 香港 湾仔 皇后大道东 183号 合和中心 17楼 1712-1716号�m 股份代号 3626 网站 www.hangsangpress.com 4 Hang Sang (Siu Po) International Holding Company Limited Interim Report 2016-2017 中期报告 Independent Review Report 独立审阅报告 To the board of directors of Hang Sang (Siu Po) International Holding Company Limited (incorporated in the Cayman Islands with limited liability) INTRODUCTION We have reviewed the interim financial report set out on pages 6 to 19 which comprises the condensed consolidated statement of financial position of Hang Sang (Siu Po) International Holding Company Limited (the “Company”) as at 31 December 2016 and the related condensed consolidated statement of profit or loss and other comprehensive income, condensed consolidated statement of changes in equity and condensed consolidated statement of cash flows for the six-month period then ended and explanatory notes. The Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited require the preparation of an interim financial report to be in compliance with the relevant provisions thereof and Hong Kong Accounting Standard 34 “Interim Financial Reporting” (“HKAS 34”) issued by the Hong Kong Institute of Certified Public Accountants (“HKICPA”). The directors of the Company are responsible for the preparation and presentation of the interim financial report in accordance with HKAS 34. Our responsibility is to form a conclusion, based on our review, on the interim financial report, and to report our conclusion, solely to you, as a body, in accordance with our agreed terms of engagement, and for no other purpose. We do not assume responsibility towards or accept liability to any other person for the contents of this report. 致Hang Sang (Siu Po) International Holding Company Limited董事会 （ 於开曼群岛注册成立的有限公司） 绪言 我们已审阅第6页至第19页所载的中期 财务报告，该报告包括Hang Sang (Siu Po) International Holding Company Limited （ 「 贵公司」）於二零一六年十二月 三十一日的简明综合财务状况表及截至 该日止六个月期间的相关简明综合损益 及其他全面收益表、简明综合权益变动 表及简明综合现金流量表，以及附注解 释。香港联合交易所有限公司证券上市 规则规定，编制中期财务报告时须遵循 当中有关条文以及香港会计师公会 （ 「 香 港会计师公会」）颁布的香港会计准则第 34号「 中期财务报告」（ 「 香港会计准则第 34号」）。 贵公司董事须负责根据香港会 计准则第34号编制及呈列中期财务报告。 我们的责任是根据我们的审阅对本中期 财务报告作出结论，并按照委聘的协定 条款仅向整体董事会报告，且不作其他 用途。我们不会就本报告的内容向任何 其他人士负上或承担任何责任。 Hang Sang (Siu Po) International Holding Company Limited Interim Report 2016-2017 中期报告 5 Independent Review Report 独立审阅报告 SCOPE OF REVIEW We conducted our review in accordance with Hong Kong Standard on Review Engagements 2410 “Review of Interim Financial Information Performed by the Independent Auditor of the Entity” issued by the HKICPA. A review of the interim financial report consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Hong Kong Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. CONCLUSION Based on our review, nothing has come to our attention that causes us to believe that the interim financial report as at 31 December 2016 is not prepared, in all material respects, in accordance with HKAS 34. Grant Thornton Hong Kong Limited Certified Public Accountants Level 12 28 Hennessy Road Wanchai Hong Kong 24 February 2017 Chan Tze Kit Practising Certificate No.: P05707 审阅范围 我们已根据香港会计师公会颁布的香港 审阅工作准则第2410号「 由实体的独立 核数师执行中期财务资料审阅」 进行审 阅。执行中期财务报告审阅工作包括主 要向负责财务和会计事务的人员作出查 询，并应用分析性和其他审阅程序。由 於审阅的范围远少於按照香港核数准则 进行审核的范围，故不能保证我们会注 意到在审核中可能会被发现的所有重大 事宜。因此，我们不会发表任何审核意 见。 结论 根据我们的审阅，我们并无发现任何事 项，令我们相信於二零一六年十二月 三十一日中期财务报告在各重大方面未 有根据香港会计准则第 34号编制。 致同 （ 香港）会计师事务所有限公司 执业会计师 香港 湾仔 轩尼诗道28号 12楼 二零一七年二月二十四日 陈子杰 执业证书编号：P05707 6 Hang Sang (Siu Po) International Holding Company Limited Interim Report 2016-2017 中期报告 Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income 简明综合损益及其他全面收益表 For the six months ended 31 December 2016 截至二零一六年十二月三十一日止六个月 Six months ended 31 December 截至十二月三十一日止六个月 Note 附注 2016 二零一六年 HK$’000 千港元 (Unaudited) （ 未经审核） 2015 二零一五年 HK$’000 千港元 (Unaudited) （未经审核） Revenue 收益 4 50,932 60,108 Cost of sales 销售成本 (29,743) (29,670) Gross profit 毛利 21,189 30,438 Other income 其他收入 5 425 650 Selling expenses 销售开支 (4,427) (3,948) Administrative and other operating expenses 行政及其他经营开支 (10,823) (21,576) Profit before income tax 除所得税前溢利 6 6,364 5,564 Income tax expense 所得税开支 7 (1,201) (3,104) Profit and total comprehensive income for the period 本期间溢利及全面 收益总额 5,163 2,460 Earnings per share attributable to equity owners of the Company 本公司权益拥有人应占 每股盈利 �C basic and diluted －基本及摊薄 9 HK2.81 cents 2.81港仙 HK1.78 cents 1.78港仙 The notes on pages 10 to 19 are an integral part of this interim financial report. Details of dividends payable to equity owners of the Company attributable to the profit for the period are set out in Note 8. 载於第10至19页之附注构成本中期财务 报告之重要组成部分。应付本公司权益 拥有人应占本期间溢利之股息详情载於 附注8。 Hang Sang (Siu Po) International Holding Company Limited Interim Report 2016-2017 中期报告 7 Condensed Consolidated Statement of Financial Position 简明综合财务状况表 As at 31 December 2016 於二零一六年十二月三十一日 Note 附注 As at 31 December 2016 於 二零一六年 十二月三十一日 HK$’000 千港元 (Unaudited) 未经审核 As at 30 June 2016 於 二零一六年 六月三十日 HK$’000 千港元 (Audited) （ 经审核） ASSETS AND LIABILITIES 资产及负债 Non-current assets 非流动资产 Property, plant and equipment 物业、厂房及设备 10 9,880 10,488 Current assets 流动资产 Inventories 存货 5,849 4,889 Trade and other receivables 贸易及其他应收款项 11 17,293 17,261 Current tax recoverable 可收回即期税项 114 �C Cash and cash equivalents 现金及现金等价物 60,995 62,900 84,251 85,050 Current liabilities 流动负债 Trade and other payables 贸易及其他应付款项 12 10,005 9,382 Current tax liabilities 即期税项负债 �C 7,060 10,005 16,442 Net current assets 流动资产净值 74,246 68,608 Total assets less current liabilities 总资产减流动负债 84,126 79,096 Non-current liabilities 非流动负债 Deferred tax liabilities 递延税项负债 1,384 1,517 Net assets 资产净值 82,742 77,579 EQUITY 权益 Share capital 股本 1,840 1,840 Reserves 储备 80,902 75,739 Total equity 权益总额 82,742 77,579 The notes on pages 10 to 19 are an integral part of this interim financial report. 载於第10至19页之附注构成本中期财务 报告之重要组成部分。 8 Hang Sang (Siu Po) International Holding Company Limited Interim Report 2016-2017 中期报告 Condensed Consolidated Statement of Changes in Equity 简明综合权益变动表 For the six months ended 31 December 2016 截至二零一六年十二月三十一日止六个月 Equity attributable to equity owners of the Company 本公司权益拥有人应占权益 Share capital 股本 Share premium 股份溢价 Capital reserve 资本储备 Retained earnings 保留盈利 Total 总计 HK$’000 千港元 HK$’000 千港元 HK$’000 千港元 HK$’000 千港元 HK$’000 千港元 (Unaudited) （ 未经审核） (Unaudited) （ 未经审核） (Unaudited) （ 未经审核） (Unaudited) （ 未经审核） (Unaudited) （ 未经审核） As at 1 July 2015 於二零一五年七月一日 �C �C 400 48,070 48,470 Profit and total comprehensive income for the period 本期间溢利及全面收益总额 �C �C �C 2,460 2,460 Transaction with owners: 与拥有人之交易： Issuance of share capital upon group reorganisation (Note) 集团重组时发行股本 （ 附注） 40 22,994 (22,994) �C 40 Dividends approved in respect of the previous year (Note 8) 就过往年度批准之股息 （ 附注 8） �C �C �C (30,000) (30,000) Transaction with owners 与拥有人之交易 40 22,994 (22,994) (30,000) (29,960) As at 31 December 2015 於二零一五年十二月三十一日 40 22,994 (22,594) 20,530 20,970 As at 1 July 2016 於二零一六年七月一日 1,840 77,105 (22,594) 21,228 77,579 Profit and total comprehensive income for the period 本期间溢利及全面收益总额 �C �C �C 5,163 5,163 As at 31 December 2016 於二零一六年十二月三十一日 1,840 77,105 (22,594) 26,391 82,742 Note: Pursuant to a reorganisation of the Company in connection with the listing of its shares on The Stock Exchange of Hong Kong Limited as detailed in the annual financial statements for the year ended 30 June 2016, the Company acquired the entire equity interests in Hang Sang (Siu Po) Press Company Limited (“Hang Sang (Siu Po)”) and A W Printing & Packaging Limited (“A W Printing”) from the controlling shareholders in consideration of the Company allotting and issuing 1,000,000 and 3,000,000 shares respectively, all credited as fully paid, on 13 November 2015. The Company became the holding company of the companies now comprising the Company and its subsidiaries. 附注： 根据本公司就截至二零一六年六月三十日止年度 之年度财务报表所详述本公司股份於香港联合交 易所有限公司上市而进行的重组，本公司向控 股股东收购恒生 （ 兆保）印务有限公司 （ 「 恒生 （ 兆 保）」）及A W Printing & Packaging Limited （ 「 A W Printing」）的全部股权，代价为本公司於二零一五 年十一月十三日分别配发及发行1,000,000股及 3,000,000股股份，悉数入账列为缴足。本公司成 为本公司及其附属公司现时旗下公司之控股公司。 The notes on pages 10 to 19 are an integral part of this interim financial report. 载於第10至19页之附注构成本中期财务 报告之重要组成部分。 Hang Sang (Siu Po) International Holding Company Limited Interim Report 2016-2017 中期报告 9 Condensed Consolidated Statement of Cash Flows 简明综合现金流量表 For the six months ended 31 December 2016 截至二零一六年十二月三十一日止六个月 Six months ended 31 December 截至十二月三十一日止六个月 Note 附注 2016 二零一六年 HK$’000 千港元 (Unaudited) （ 未经审核） 2015 二零一五年 HK$’000 千港元 (Unaudited) （未经审核） Cash flows from operating activities 经营活动的现金流量 Cash generated from/(used in) operations 经营所得�u （ 使用）现金 6,986 (107) Hong Kong Profits Tax paid 已付香港利得税 (8,508) (1,817) Net cash used in operating activities 经营活动使用的现金净额 (1,522) (1,924) Cash flows from investing activities 投资活动的现金流量 Purchase of property, plant and equipment 购买物业、厂房及设备 (384) �C Interest received 已收利息 5 1 1 Net cash (used in)/generated from investing activities 投资活动 （ 使用）�u所得 的现金净额 (383) 1 Cash flows from financing activities 融资活动的现金流量 Decrease in net advance from a director 董事垫款净减少额 �C (1,447) Proceeds from issuance of shares, net of share issuance expenses 发行股份之所得款项， 扣除股份发行开支 �C 40 Net cash used in financing activities 融资活动使用的现金净额 �C (1,407) Net decrease in cash and cash equivalents 现金及现金等价物净 减少额 (1,905) (3,330) Cash and cash equivalents at the beginning of the period 期初现金及现金等价物 62,900 37,819 Cash and cash equivalents at the end of the period 期末现金及现金等价物 60,995 34,489 The notes on pages 10 to 19 are an integral part of this interim financial report. 载於第10至19页之附注构成本中期财务 报告之重要组成部分。 10 Hang Sang (Siu Po) International Holding Company Limited Interim Report 2016-2017 中期报告 Notes to the Condensed Consolidated Financial Statements 简明综合财务报表附注 For the six months ended 31 December 2016 截至二零一六年十二月三十一日止六个月 1. GENERAL INFORMATION The Company was incorporated in the Cayman Islands on 8 October 2015 as an exempted company with limited liability. The address of the registered office of the Company is Cricket Square, Hutchins Drive, P.O. Box 2681, Grand Cayman, KY1-1111, Cayman Islands. The principal place of business of the Company is Block C, 5/F, Gee Hing Chang Industrial Building, No. 16 Cheung Yue Street, Cheung Sha Wan, Kowloon, Hong Kong. The Company’s shares are listed on The Stock Exchange of Hong Kong Limited (the “Stock Exchange”) on 18 May 2016. The parent and ultimate holding company of the Company is HSSP Limited, a company incorporated in the British Virgin Islands (the “BVI”). The Company is an investment holding company. The Company and its subsidiaries (collectively referred to as the “Group”) are principally engaged in manufacturing and sale of apparel labels and packaging printing products. 2. BASIS OF PREPARATION The unaudited condensed consolidated interim financial information (the “Interim Financial Statements”) have been prepared in accordance with the applicable disclosure provisions of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited, including compliance with Hong Kong Accounting Standard 34 “Interim Financial Reporting” (“HKAS 34”) issued by the Hong Kong Institute of Certified Public Accountants (“HKICPA”). The Interim Financial Statements has been prepared in accordance with the same accounting policies adopted in the annual financial statements for the year ended 30 June 2016, except for the accounting policy changes that are expected to be reflected in the annual financial statements for the year ending 30 June 2017 and it should be read in conjunction with the Group’s the consolidated financial statements for the year ended 30 June 2016. Details of any changes in accounting policies are set out in Note 3 to this Interim Financial Statements. 1. 一般资料 本公司於二零一五年十月八日在开曼 群岛注册成立为获豁免有限公司。 本公司注册办事处的地址为Cricket Square, Hutchins Drive, P.O. Box 2681, Grand Cayman, KY1-1111, Cayman Islands。本公司主要营业地 点为香港九龙长沙湾长裕街16号志兴 昌工业大厦5楼C室。本公司股份於二 零一六年五月十八日在香港联合交易 所有限公司 （ 「 联交所」）上市。 本公司之母公司及最终控股公司为 HSSP Limited，一家於英属处女群岛 （ 「 英属处女群岛」）注册成立的公司。 本公司乃投资控股公司。本公司及其 附属公司 （ 下文统称「 本集团」）主要从 事制造及销售服装标签及包装印刷产 品。 2. 编制基准 未经审核简明综合中期财务资料 （ 「 中 期财务报表」）已根据香港联合交易所 有限公司证券上市规则中适用的披露 条文 （ 包括遵守香港会计师公会 （ 「 香港 会计师公会」）颁布的香港会计准则第 34号「 中期财务报告」（ 「 香港会计准则 第34 号」））而编制。 除预期将於截至二零一七年六月三十 日止年度之年度财务报表中反映的会 计政策变动及其应与截至二零一六年 六月三十日止年度本集团的综合财务 报表一并阅读外，中期财务报表已根 据截至二零一六年六月三十日止年度 之年度财务报表所采纳的相同会计政 策编制。有关任何会计政策变动之详 情载於本中期财务报表附注3。 Hang Sang (Siu Po) International Holding Company Limited Interim Report 2016-2017 中期报告 11 Notes to the Condensed Consolidated Financial Statements 简明综合财务报表附注 For the six months ended 31 December 2016 截至二零一六年十二月三十一日止六个月 2. BASIS OF PREPARATION (CONTINUED) The preparation of the Interim Financial Statements in conformity with HKAS 34 requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses on a year to date basis. Actual results may differ from these estimates. The Interim Financial Statements contains condensed consolidated financial statements and selected explanatory notes. The notes include an explanation of events and transactions that are significant to an understanding of the changes in financial position and performance of the Group since the annual financial statements for the year ended 30 June 2016. The condensed consolidated Interim Financial Statements and notes thereon do not include all of the information required for full set of financial statements prepared in accordance with Hong Kong Financial Reporting Standards (“HKFRSs”). The Interim Financial Statements is unaudited, but has been reviewed by Grant Thornton Hong Kong Limited in accordance with Hong Kong Standard on Review Engagements 2410 “Review of Interim Financial Information Performed by the Independent Auditor of the Entity”, issued by the HKICPA. 3. ADOPTION OF NEW AND AMENDED HKFRSs In the current period, the Group has applied, for the first time the following amended HKFRSs issued by HKICPA, which are relevant to the Group and effective for the annual financial periods beginning on 1 July 2016: Amendments to HKFRSs Annual Improvements to HKFRSs 2012-2014 Cycle Amendments to HKAS 1 Presentation of Financial Statements: Disclosure Initiative The adoption of the amended HKFRSs has no material impact on how the results and financial position for the current and prior periods have been prepared and presented. The Group has not applied any new or amended HKFRSs that are not yet effective for the current accounting period. 2. 编制基准 （ 续） 中期财务报表已符合香港会计准则第 34号编制，要求管理层作出影响政策 应用及所呈报截至结算日之资产与负 债、收入与开支金额之判断、估计及 假设。实际结果可能有别於该等估计。 中期财务报表包括简明综合财务报表 及经挑选的附注解释。该等附注包括 就理解本集团自截至二零一六年六月 三十日止年度之年度财务报表以来之 财务状况及表现变动而言属重大的事 件及交易之解释。简明综合中期财务 报表及其附注并不包括就根据香港财 务报告准则 （ 「 香港财务报告准则」）编 制的整份财务报表所规定的全部资料。 中期财务报表为未经审核，但经致同 （ 香港）会计师事务所有限公司根据香 港会计师公会颁布的香港审阅工作准 则第2410号 「 由实体的独立核数师执行 中期财务资料审阅」 进行审阅。 3. 采纳新订及经修订香港财务报告 准则 於本期间，本集团已首次应用下列由 香港会计师公会颁布的经修订香港财 务报告准则，该等准则与本集团有 关，且於二零一六年七月一日开始的 年度财务期间生效： 香港财务报告准则 二零一二年至二零一四年 （ 修订本） 周期之香港财务报告 准则之年度改进 香港会计准则第1号 财务报表之呈报： （ 修订本） 披露计划 采纳经修订香港财务报告准则并无对 本期间及过往期间已编制及呈报的业 绩及财务状况造成重大影响。 本集团尚未应用於本会计期间尚未生 效的任何新订或经修订香港财务报告 准则。 12 Hang Sang (Siu Po) International Holding Company Limited Interim Report 2016-2017 中期报告 Notes to the Condensed Consolidated Financial Statements 简明综合财务报表附注 For the six months ended 31 December 2016 截至二零一六年十二月三十一日止六个月 4. REVENUE AND SEGMENT INFORMATION All of the Group’s revenue and operating profit are generated from manufacturing and sale of apparel labels and packaging printing products net of any trade discounts. The chief operating decision maker has been identified as the board of directors (the “Board”) of the Company. The Board regards the Group’s business of manufacturing and sales of apparel labels and packaging printing products as a whole to make decision about resources allocation and reviews the overall results of the Group. Accordingly, no business segment analysis information is presented. The amount of revenue recognised is as follows: Six months ended 31 December 截至十二月三十一日止六个月 2016 二零一六年 HK$’000 千港元 (Unaudited) （ 未经审核） 2015 二零一五年 HK$’000 千港元 (Unaudited) （ 未经审核） Sale of apparel labels and packaging printing products 销售服装标签及包装印刷产品 50,932 60,108 5. OTHER INCOME Six months ended 31 December 截至十二月三十一日止六个月 2016 二零一六年 HK$’000 千港元 (Unaudited) （ 未经审核） 2015 二零一五年 HK$’000 千港元 (Unaudited) （ 未经审核） Interest income 利息收入 1 1 Commission income 佣金收入 358 617 Others 其他 66 32 425 650 4. 收益及分部资料 本集团所有收益及营运溢利来自制造 及销售服装标签及包装印刷产品 （ 扣 除任何交易折扣）。本公司董事会 （ 「 董 事会」）已确认为最高的营运决策者。 董事会将本集团制造及销售服装标签 及包装印刷产品业务视为整体经营分 部，并审阅本集团整体之业绩，以就 资源分配作出决策。因此，并无呈报 业务分部分析资料。 确认的收益款项如下： 5. 其他收入 Hang Sang (Siu Po) International Holding Company Limited Interim Report 2016-2017 中期报告 13 Notes to the Condensed Consolidated Financial Statements 简明综合财务报表附注 For the six months ended 31 December 2016 截至二零一六年十二月三十一日止六个月 6. PROFIT BEFORE INCOME TAX The Group’s profit before income tax is arrived at after charging: Six months ended 31 December 截至十二月三十一日止六个月 2016 二零一六年 HK$’000 千港元 (Unaudited) （ 未经审核） 2015 二零一五年 HK$’000 千港元 (Unaudited) （ 未经审核） Depreciation 折旧 992 1,138 Net exchange loss 净汇兑亏损 50 37 Marketing services fee 市场营销服务费 3,762 3,268 Impairment loss on trade receivables 贸易应收款项的减值亏损 120 �C Listing expenses 上市费用 �C 13,177 Operating lease charges: 经营租赁费用： �C plant and machinery －厂房及机器 277 225 �C premises －物业 3,677 3,508 7. INCOME TAX EXPENSE Six months ended 31 December 截至十二月三十一日止六个月 2016 二零一六年 HK$’000 千港元 (Unaudited) （ 未经审核） 2015 二零一五年 HK$’000 千港元 (Unaudited) （ 未经审核） Current tax �C Hong Kong Profits Tax 即期税项－香港利得税 1,334 3,260 Deferred taxation 递延税项 (133) (156) Total income tax expense 所得税开支总额 1,201 3,104 6. 除所得税前溢利 本集团除所得税前溢利已扣除下列各 项後达致： 7. 所得税开支 14 Hang Sang (Siu Po) International Holding Company Limited Interim Report 2016-2017 中期报告 Notes to the Condensed Consolidated Financial Statements 简明综合财务报表附注 For the six months ended 31 December 2016 截至二零一六年十二月三十一日止六个月 7. INCOME TAX EXPENSE (CONTINUED) The Group is subject to income tax on an entity basis on profits arising in or derived from the jurisdictions in which members of the Group are domiciled and operate. Pursuant to the rules and regulations of the Cayman Islands and the BVI, the Group is not subject to any income tax in the Cayman Islands and the BVI. Hong Kong Profits Tax has been provided at the rate of 16.5% for the six months ended 31 December 2016 (2015: 16.5%) on the estimated assessable profits for the period. 8. DIVIDENDS The Directors do not recommend the payment of an interim dividend for the six months ended 31 December 2016 (2015: HK$Nil). 9. EARNINGS PER SHARE The calculation of basic and diluted earnings per share is based on the profit attributable to equity owners of the Company of HK$5,163,000 (2015: HK$2,460,000) and the weighted average of 184,000,000 ordinary shares (2015: 138,000,000 shares in issue during the period, as if the reorganisation and capitalisation issue as detailed in the Company’s annual financial statements for the year ended 30 June 2016 had been effective since 1 July 2014). Diluted earnings per share for the six months ended 31 December 2016 and 2015 equate the basic earnings per share as the Group had no potential dilutive ordinary shares in issue during the six months ended 31 December 2016 and 2015. 10. PROPERTY, PLANT AND EQUIPMENT During the six months ended 31 December 2016, additions of property, plant and equipment amounted to approximately HK$384,000 (2015: HK$Nil). 7. 所得税开支 （ 续） 本集团须就本集团成员公司在所在及 经营之司法权区产生之利润按实体方 式缴付所得税。 根据开曼群岛及英属处女群岛的规则 及规例，本集团毋须於开曼群岛及英 属处女群岛缴纳任何所得税。 截至二零一六年十二月三十一日止六 个月之香港利得税拨备乃根据本期间 估计的应课税溢利，按16.5% （二零 一五年：16.5%）的税率计提。 8. 股息 董事并无建议派付截至二零一六年 十二月三十一日止六个月的中期股息 （ 二零一五年：零港元）。 9. 每股盈利 每股基本及摊薄盈利是按本公司权益 拥有人应占之溢利5,163,000港元 （ 二零 一五年：2,460,000港元）及184,000,000 股普通股的加权平均数 （ 二零一五年： 於期内已发行的138,000,000股股份， 犹如本公司截至二零一六年六月三十 日止年度之年度财务报表所详述自二 零一四年七月一日起已生效的重组及 资本化股份发行）。 截至二零一六年及二零一五年十二月 三十一日止六个月之每股摊薄盈利等 於每股基本盈利，乃由於本集团於截 至二零一六年及二零一五年十二月 三十一日止六个月内并无已发行具摊 薄潜力之普通股。 10. 物业、厂房及设备 截至二零一六年十二月三十一日止六 个月，添置物业、 厂房及设备约为 384,000港元 （ 二零一五年：零港元）。 Hang Sang (Siu Po) International Holding Company Limited Interim Report 2016-2017 中期报告 15 Notes to the Condensed Consolidated Financial Statements 简明综合财务报表附注 For the six months ended 31 December 2016 截至二零一六年十二月三十一日止六个月 11. TRADE AND OTHER RECEIVABLES As at 31 December 2016 於二零一六年 十二月三十一日 HK$’000 千港元 (Unaudited) （ 未经审核） As at 30 June 2016 於二零一六年 六月三十日 HK$’000 千港元 (Audited) （ 经审核） Trade receivables 贸易应收款项 9,084 11,522 Less: allowance for doubtful debts 减：呆账拨备 (832) (712) 8,252 10,810 Deposits, prepayments and other receivables 按金、预付款及其他应收款项 Deposits 按金 4,711 4,045 Prepayments 预付款 2,805 689 Other receivables 其他应收款项 1,525 1,717 9,041 6,451 17,293 17,261 The Group’s credit terms of granted to customers generally ranged from 0 to 2 months. The Group usually reaches an agreement on the term of each payment with the customer by taking into account of factors such as, among other things, the credit history of the customer, its liquidity position and the Group’s working capital needs, which varies on a case-by-case basis that requires the judgement and experience of the management. The ageing analysis of trade receivables, based on the invoice date, net of allowance for doubtful debts is as follows: As at 31 December 2016 於二零一六年 十二月三十一日 HK$’000 千港元 (Unaudited) （ 未经审核） As at 30 June 2016 於二零一六年 六月三十日 HK$’000 千港元 (Audited) （ 经审核） Within 3 months 3个月内 6,732 9,000 Over 3 months but within 6 months 超过3个月至6个月内 937 1,137 Over 6 months but within 1 year 超过6个月至1年内 281 602 Over 1 year 超过1年 302 71 8,252 10,810 11. 贸易及其他应收款项 本集团通常向客户提供0至2个月信用 期。本集团一般与客户就各项付款期 达成协议，方法为计及 （ 其中包括）客 户的信贷记录、其流动资金状况及本 集团的营运资金需求等因素，其按个 别情况而有所不同，并须依靠管理层 的判断及经验。 按发票日期呈列 （ 扣除呆账拨备後）的 贸易应收款项的账龄分析如下： 16 Hang Sang (Siu Po) International Holding Company Limited Interim Report 2016-2017 中期报告 Notes to the Condensed Consolidated Financial Statements 简明综合财务报表附注 For the six months ended 31 December 2016 截至二零一六年十二月三十一日止六个月 12. TRADE AND OTHER PAYABLES As at 31 December 2016 於二零一六年 十二月三十一日 HK$’000 千港元 (Unaudited) （ 未经审核） As at 30 June 2016 於二零一六年 六月三十日 HK$’000 千港元 (Audited) （ 经审核） Trade payables 贸易应付款项 4,874 4,269 Marketing services fee payables 应付市场营销服务费 1,260 1,523 Receipt in advance 预收款项 384 261 Accruals and other payables 应计费用及其他应付款项 3,487 3,329 10,005 9,382 The ageing analysis of trade payables, based on the invoice date, are as follows: As at 31 December 2016 於二零一六年 十二月三十一日 HK$’000 千港元 (Unaudited) （ 未经审核） As at 30 June 2016 於二零一六年 六月三十日 HK$’000 千港元 (Audited) （ 经审核） Within 3 months 3个月内 4,874 4,266 Over 3 months but within 6 months 超过3个月至6个月内 �C 3 4,874 4,269 12. 贸易及其他应付款项 贸易应付款项按发票日期计算的账龄 分析如下： Hang Sang (Siu Po) International Holding Company Limited Interim Report 2016-2017 中期报告 17 Notes to the Condensed Consolidated Financial Statements 简明综合财务报表附注 For the six months ended 31 December 2016 截至二零一六年十二月三十一日止六个月 13. COMMITMENTS (a) Capital commitments As at 31 December 2016 於二零一六年 十二月三十一日 HK$’000 千港元 (Unaudited) （ 未经审核） As at 30 June 2016 於二零一六年 六月三十日 HK$’000 千港元 (Audited) （ 经审核） Contracted for: 已签约： Plant and machinery 厂房及机器 7,094 7,332 As at 31 December 2016, the Group has signed purchase agreements for three machinery totalling approximately HK$9,315,000 (30 June 2016: Euro1,073,000 equivalents to approximately HK$9,227,000 for one machinery) and deposits totalling approximately HK$2,221,000 (30 June 2016: Euro215,000 equivalents to approximately HK$1,895,000) were paid upon signing these agreements. (b) Operating lease commitments As at the reporting date, the total future minimum lease payments payable by the Group under those noncancellable operating leases are as follows: As at 31 December 2016 於二零一六年 十二月三十一日 HK$’000 千港元 (Unaudited) （ 未经审核） As at 30 June 2016 於二零一六年 六月三十日 HK$’000 千港元 (Audited) （ 经审核） Within 1 year 1年内 7,443 7,443 After 1 year but within 5 years 1年後及5年内 3,724 7,396 11,167 14,839 The Group leases a number of properties, and items of plant and machinery under operating lease arrangements which run for an initial period of 1 to 5 years (30 June 2016: 1 to 5 years), with an option to renew the lease and renegotiate the terms at the expiry date or at dates as mutually agreed between the Group and respective lessors. None of the leases include contingent rentals. 13. 承担 (a) 资本承担 於二零一六年十二月三十一日， 本集团已签署合共约9,315,000港 元之三部机器购买协议 （ 二零一六 年六月三十日：一部机器1,073,000 欧元 （ 约等於9,227,000港元））及於 签署该等协议时已支付按金合共 约2,221,000港 元 （二 零 一 六 年 六 月三十日：215,000欧元 （约等於 1,895,000港元））。 (b) 经营租赁承担 於报告日，本集团根据不可撤销 经营租赁应付的未来最低租金如 下： 本集团根据经营租赁安排租赁若 干物业、厂房及机器，初步为期1 至5年 （ 二零一六年六月三十日：1 至5年），可选择於到期日或本集 团与有关出租方相互协定的日期 重续租赁年期及重新谈判条款。 该等租约概无包括或然租金。 18 Hang Sang (Siu Po) International Holding Company Limited Interim Report 2016-2017 中期报告 Notes to the Condensed Consolidated Financial Statements 简明综合财务报表附注 For the six months ended 31 December 2016 截至二零一六年十二月三十一日止六个月 14. MATERIAL RELATED PARTY TRANSACTIONS (i) Transactions with related companies Save as disclosed elsewhere in this interim financial report, during the period, the Group entered into the following material related party transactions with related companies: Six months ended 31 December 截至十二月三十一日止六个月 Name of Company 公司名称 Relationship 关系 Nature of transaction 交易性质 2016 二零一六年 HK$’000 千港元 (Unaudited) （ 未经审核） 2015 二零一五年 HK$’000 千港元 (Unaudited) （ 未经审核） Karwin Corporation Limited 嘉韵有限公司 Controlled by Mr Fung Man Wai Samson (“Mr Samson Fung”), a controlling shareholder who is also a director of the Group 由控股股东冯文伟先生 （ 「 冯文 伟先生」） （ 亦为本集团董事） 控制 Rental expense paid for director’s quarter (Note) 支付董事宿舍的租赁费用 （ 附注） 420 420 Super Champion Limited Controlled by Mr Fung Man Kam (“Mr David Fung”), a controlling shareholder who is also a director of the Group 由控股股东冯文锦先生 （ 「 冯文 锦先生」） （ 亦为本集团董事） 控制 Rental expense paid for director’s quarter (Note) 支付董事宿舍的租赁费用 （ 附注） 420 420 Note: The rental expense paid and payable for directors’ quarters were made at the prices mutually agreed between the Group and the respective related companies. 14. 重大关联方交易 (i) 与关联公司之交易 除本中期财务报告其他地方所披 露者外，於期内，本集团与关联 公司订立下列重大关联方交易： 附注： 支付及应付董事宿舍的租赁费用均以本集团 与各别关联公司互相协定的价格支付。 Hang Sang (Siu Po) International Holding Company Limited Interim Report 2016-2017 中期报告 19 Notes to the Condensed Consolidated Financial Statements 简明综合财务报表附注 For the six months ended 31 December 2016 截至二零一六年十二月三十一日止六个月 14. MATERIAL RELATED PARTY TRANSACTIONS (CONTINUED) (ii) Key management personnel remuneration Key management personnel remuneration of the Group, including amounts paid to the directors and senior management, is as follows: Six months ended 31 December 截至十二月三十一日止六个月 2016 二零一六年 HK$’000 千港元 (Unaudited) （ 未经审核） 2015 二零一五年 HK$’000 千港元 (Unaudited) （ 未经审核） Salaries, allowances and other benefits 薪金、津贴及其他福利 3,957 3,841 Retirement benefit costs �C defined contribution plan 退休福利成本 －界定供款计划 89 82 4,046 3,923 15. MAJOR NON-CASH TRANSACTIONS During the six months ended 31 December 2015, final dividends in respect of prior year which were payable to the shareholders of Hang Sang (Siu Po) and A W Printing were settled through the amounts due from/(to) directors in the amount of HK$30,000,000, of which approximately HK$23,600,000 settled in the amount due to a director (Mr Samson Fung) and approximately HK$6,400,000 set off against the amount due from a director (Mr David Fung). 16. FAIR VALUES MEASUREMENT OF FINANCIAL INSTRUMENTS All financial instruments carried at cost or amortised cost were not materially different from their fair values as at 31 December 2016 and 30 June 2016 due to their short-term maturities. 14. 重大关联方交易 （ 续） (ii) 主要管理人员酬金 本集团主要管理人员酬金，包括 支付予董事及高级管理层之款项 如下： 15. 重大非现金交易 截至二零一五年十二月三十一日止 六个月，应付给恒生 （兆保）及 A W Printing股东的过往年度末期股息透过 应收�u （ 付）董事款项为30,000,000港元 结算，当中约23,600,000港元透过应付 一名董事 （ 冯文伟先生）款项结算，约 6,400,000港元以应收一名董事 （ 冯文锦 先生）款项作抵销。 16. 金融工具之公平值计量 由於所有按成本或摊销成本列账的金 融工具将於短期内到期，故於二零 一六年十二月三十一日及二零一六年 六月三十日的账面值与其公平值均无 重大差别。 20 Management Discussion and Analysis 管理层讨论及分析 Hang Sang (Siu Po) International Holding Company Limited Interim Report 2016-2017 中期报告 BUSINESS REVIEW The Group continued its principal business in the manufacturing and sale of apparel labels and packaging printing products to customers which comprised mainly garment manufacturers and garment related accessories trading companies. Most of the sales of the Group’s products was ultimately used as labels on or packaging materials for finished garments of the garment brand companies. Due to uncertainties of the global economics, especially related to international political events apparently arising in 2016, consumption was adversely affected. Customers placed orders to the Group more cautiously than before. It resulted in a drop of revenue of approximately 15.3% for the six months period ended 31 December 2016 while comparing with corresponding six months period for 2015. Gross profit margin dropped approximately 9.0 percentage point to approximately 41.6% for the six months period ended 31 December 2016 (2015: 50.6%), which was mainly caused by increase of cost of materials and increase of rental for production facilities and warehouse. The Group’s unaudited profit attributable to equity holders for the six months ended 31 December 2016 was approximately HK$5.2 million, with an increase of approximately HK$2.7 million in profit as compared with the same period last year. The increase was mainly due to the decrease in the administrative and other operating expenses of the Company for the six months ended 31 December 2016 caused by one-off listing expenses of approximately HK$13 million incurred during the corresponding period for 2015. 业务回顾 本集团继续从事其服装标签及包装印刷产品的制造 及销售的主要业务，客户主要为成衣制造商和服装 相关配件贸易公司。本集团销售的大多数产品最终 用作成衣品牌公司的服装标签或包装材料。 由於全球经济不明朗，尤其是与二零一六年明显产 生的国际政治事件有关，消费受到不利影响。本集 团客户下订单较以往更加审慎，导致截至二零一六 年十二月三十一日止六个月期间的收益较截至二零 一五年同期止六个月下降约 15.3%。 截至二零一六年十二月三十一日止六个月期间，毛 利率下降约 9.0个百分点至约 41.6% （ 二零一五年： 50.6%），主要由於材料成本上涨及生产工厂及仓库 租金上涨所致。 截至二零一六年十二月三十一日止六个月期间，本 集团权益持有人应占未经审核溢利约为 5,200,000港 元，较去年同期增加溢利约 2,700,000港元。该增加 主要由於本公司於截至二零一六年十二月三十一日 止六个月的行政及其他经营开支减少，而二零一五 年同期产生一次性上市开支约 13,000,000港元。 Management Discussion and Analysis 管理层讨论及分析 Hang Sang (Siu Po) International Holding Company Limited Interim Report 2016-2017 中期报告 21 OUTLOOK Political uncertainties is expected to continue to affect global economics for 2017. With the recent changes in global political landscapes in major countries such as Britain’s exit from the EU, the possible regulatory changes raised by the new presidency in the US. Possible changes caused by new leadership in HK, France, Korea, German in 2017. Worldwide market are expected to face radical and unpredictable changes. All these factors create hardship to the Group’s business. Nevertheless, the Group will continue to strive for diversifying its business, including but not limit to research and development of the know-how of the application of heat transfer technology, expansion of sales and marketing team, reinforcing internal controls and implementing stringent control over the cost in order to achieve a stable growth and control of cost of the Group. Meanwhile, the Group will look for new business opportunities from time to time to strengthen its market position. FINANCIAL REVIEW Revenue Our Group generated revenue mainly from the sale of apparel labels and packaging printing products. It decreased by approximately HK$9.2 million or 15.3% from approximately HK$60.1 million for the six months ended 31 December 2015 to approximately HK$50.9 million for the six months ended 31 December 2016. Such decrease was primarily due to placing orders by customers cautiously. Cost of sales and Gross profit Cost of sales over the total revenue of the Group for the six months ended 31 December 2016 was approximately 58.4%. While comparing with same period for 2015 of 49.4%, there was increase of approximately 9.0 percentage points. Such increase was caused by increase in average purchase price of raw materials in general and increase of rental for production facilities and warehouse. 展望 预期政治不明朗将继续影响二零一七年全球经济。 鉴於主要国家的全球政治格局近期发生变动，如英 国退出欧盟，美国新总统上任後可能加强监管。香 港、法国、韩国和德国新领导者在二零一七年上任 後可能会导致变动。预计全球市场面临剧烈及无法 预料的变动。所有该等因素导致本集团的业务面临 困难。 尽管如此，本集团将继续致力多元化其业务，包括 但不限於研发热转印技术应用的诀窍、扩大销售及 营销团队、加强内部监控及实施严格成本控制，从 而实现本集团的稳定增长及控制成本。同时，本集 团将不时寻求新商机，以增强其市场地位。 财务回顾 收益 本集团的收益主要产生自销售服装标签以及包装印 刷产品。收益由截至二零一五年十二月三十一日止 六个月的约 60,100,000港元减少约 9,200,000港元或 15.3%至截至二零一六年十二月三十一日止六个月 的约 50,900,000港元。该减少乃主要由於客户下单 审慎所致。 销售成本及毛利 本集团截至二零一六年十二月三十一日止六个月的 销售成本与总收益百分比约为 58.4%。与二零一五 年同期的 49.4%相比，增长约 9.0个百分点。该增长 乃由於原材料平均采购价普遍上涨及生产工厂及仓 库租金上涨所致。 22 Management Discussion and Analysis 管理层讨论及分析 Hang Sang (Siu Po) International Holding Company Limited Interim Report 2016-2017 中期报告 As a result, the gross profit margins for the six months period ended 31 December 2016 decreased by approximately 9.0 percentage points to approximately 41.6% (2015: 50.6%). And the gross profit amount for the six months period ended 31 December 2016 decreased t o a p p r o x i m a t e l y H K $ 2 1 , 1 8 9 , 0 0 0 ( 2 0 1 5 : HK$30,438,000). Other income Other income primarily comprises commission income for the Group’s referrals of businesses to a company which is also a customer of our Group in Sri Lanka and interest income. Selling expenses Selling expenses primarily consist of freight charges, transportation and marketing service fee. Selling expenses represent approximately 6.6% and 8.7% of the revenue for the six months ended 31 December 2015 and 2016, respectively. Administrative and other operating expenses Administrative and other operating expenses primarily comprise salaries, office rental and utilities, depreciation, listing expenses and other miscellaneous administrative expenses. Administrative and other operating expenses represent approximately 35.9% and 21.2% of the total revenue for the six months ended 31 December 2015 and 2016, respectively. The decrease in administrative and other operating expenses was primarily due to the absence of the one-off listing expenses which were incurred during the corresponding period in 2015. 因此，截至二零一六年十二月三十一日止六个月 期间的毛利率下降约 9.0个百分点至约 41.6% （ 二零 一五年：50.6%）。截至二零一六年十二月三十一日 止六个月期间的毛利额减少至约 21,189,000港元 （ 二 零一五年：30,438,000港元）。 其他收入 其他收入主要包括本集团向一间公司 （ 该公司亦为 本集团於斯里兰卡的客户）引荐业务之佣金收入及 利息收入。 销售开支 销售开支主要包括运费支出、运输及市场营销服务 费。截至二零一五年及二零一六年十二月三十一日 止六个月，销售开支分别占收益约 6.6%及 8.7%。 行政及其他经营开支 行政及其他经营开支主要包括薪金、办公室租金及 公用设施费用、折旧、上市开支及其他杂项行政开 支。截至二零一五年及二零一六年十二月三十一 日止六个月，行政及其他经营开支分别占总收益约 35.9%及21.2%。行政及其他经营开支减少主要由於 并无 2015年同期产生的一次性上市开支所致。 Management Discussion and Analysis 管理层讨论及分析 Hang Sang (Siu Po) International Holding Company Limited Interim Report 2016-2017 中期报告 23 Profit and total comprehensive income Profit and total comprehensive income increased by approximately HK$2.7 million to approximately HK$5.2 million for the six months ended 31 December 2016 as compared with the same period last year. The increases in net profit was primarily due to the absence of the professional expenses and listing expense incurred during the corresponding period in 2015. Liquidity and financial information As at 31 December 2016, the total amount of cash and cash equivalents of the Group was approximately HK$61.0 million, a decrease of approximately HK$1.9 million compared with that as at 30 June 2016. There was no bank and other borrowings as at 31 December 2016 and 30 June 2016. As at 31 December 2016, the current ratio (current assets/current liabilities) was 8.42 times (30 June 2016: 5.17 times) and the quick ratio ((current assets �C inventories)/current liabilities) was 7.84 times (30 June 2016: 4.88 times). Treasury policies The Group has adopted a prudent financial management approach towards its treasury policies and thus maintained a healthy liquidity position throughout the period. The Board closely monitors the Group’s liquidity position to ensure that the liquidity structure of the Group’s assets, liabilities and other commitments can meet its funding requirements from time to time. Capital structure The capital of the Company comprises ordinary shares and other reserves. The shares of the Company were listed on the Stock Exchange on 18 May 2016. There has been no change in the capital structure of the Company since that date. 溢利及全面收益总额 截至二零一六年十二月三十一日止六个月，溢利及 全面收益总额较去年同期增加约 2,700,000港元至约 5,200,000港元。纯利增加主要由於并无二零一五同 期产生的专业开支及上市开支。 流动资金及财务资料 於二零一六年十二月三十一日，本集团现金及现金 等价物总额约为 61,000,000港元，较二零一六年六 月三十日减少约 1,900,000港元。於二零一六年十二 月三十一日及二零一六年六月三十日，并无银行及 其他借款。 於二零一六年十二月三十一日，流动比率 （ 流动资 产�u流动负债）为 8.42倍 （ 二零一六年六月三十日： 5.17倍）及速动比率 （ （ 流动资产－存货）�u流动负债） 为 7.84倍 （ 二零一六年六月三十日：4.88倍）。 库务政策 本集团已对其库务政策采取审慎的财务管理方针， 故在整个期间维持稳健的流动资金状况。董事会紧 密监察本集团的流动资金状况以确保本集团的资 产、负债及其他承担的流动资金结构以应付其不时 的资金需求。 资本架构 本公司资本包括普通股及其他储备。本公司股份於 二零一六年五月十八日在联交所上市。本公司资本 架构自该日起并无变动。 24 Management Discussion and Analysis 管理层讨论及分析 Hang Sang (Siu Po) International Holding Company Limited Interim Report 2016-2017 中期报告 Share option A share option scheme was adopted on 26 April 2016, whereby the Board may, at its absolute discretion, grant options to any eligible participants including directors and employees of the Group to subscribe for shares in the Company. Details of the share option scheme were set out in the prospectus of the Company dated 30 April 2016. Commitments The contractual commitments of the Group were primarily related to the leases of its office premises and warehouses. The Group’s operating lease commitments amounted to approximately HK$11.2 million as at 31 December 2016 (30 June 2016: approximately HK$14.8 million). The Group has capital commitments of HK$7.1 million as at 31 December 2016 (30 June 2016: HK$7.3 million). Gearing ratio As at 31 December 2016, the gearing ratio (total borrowings to total assets) of the Group was nil because Group did not have any borrowings as at 31 December 2016 (30 June 2016: HK$Nil). Pledge of assets As at the reporting date, the Group had not pledged any assets (30 June 2016: HK$Nil). Exposure to foreign exchange risk The Group carries out certain of its transactions in USD and certain of its bank balances are denominated in USD. As HK$ is pegged to USD, the management does not expect any significant movements in the USD/HK$ exchange rate and considers the Group does not expose to significant currency risk. The Group does not hedge its foreign currency risks with USD as the rate of exchange between HK$ and USD is controlled within a tight range. Permanent changes in foreign exchange rates would have an impact on condensed consolidated financial statements. 购股权 购股权计划已於二零一六年四月二十六日获采纳， 据此，董事会可全权酌情向任何合资格参与者 （ 包 括本集团董事及雇员）授出购股权以认购本公司股 份。购股权计划之详情载於本公司日期为二零一六 年四月三十日之招股章程。 承担 本集团之合约承担主要与其办公室物业及仓库租赁 有关。於二零一六年十二月三十一日，本集团之经 营租赁承担约为 11,200,000港元 （ 二零一六年六月 三十日：约 14,800,000港元）。於二零一六年十二月 三十一日，本集团资本承担为 7,100,000港元 （ 於二 零一六年六月三十日：7,300,000港元）。 资产负债比率 於二零一六年十二月三十一日，本集团的资产负债 比率 （ 借贷总额除以总资产）为零，乃因本集团於二 零一六年十二月三十一日并无任何借贷 （ 二零一六 年六月三十日：零港元）。 抵押资产 於报告日，本集团并无抵押任何资产 （ 二零一六年 六月三十日：零港元）。 外汇风险 本集团以美元进行其若干交易 ,其若干银行结余亦 以美元计值。由於港元与美元挂�h，管理层预期美 元�u港元汇率不会有任何重大变动，故认为本集团 并无重大外汇风险。 由於港元兑美元之汇率受控制并维持於窄幅波动， 本集团并无就美元对冲其外汇风险。外汇汇率之恒 常变动可能对本集团之简明综合财务报表构成影 响。 Management Discussion and Analysis 管理层讨论及分析 Hang Sang (Siu Po) International Holding Company Limited Interim Report 2016-2017 中期报告 25 Material contingent liabilities The Group is not aware of any material contingent liabilities as at 31 December 2016. Use of proceeds The Company’s shares have been listed on the Main Board of the Stock Exchange since 18 May 2016. The receipts of proceeds, net of listing expenses (including underwriting fee), including both recognised in the condensed consolidated statement of profit or loss and other comprehensive income and deducted from the share premium (the “Net Proceeds”) from the Company’s listing were approximately HK$36,100,000. In accordance with the proposed applications set out in the section headed “Net Proceeds from the Share Offer” of the announcement of offer price and allotment results dated 17 May 2016 (the “Allotment Results”), the Net Proceeds were applied by the Group from the Listing Date up to 31 December 2016 as follows: 重大或然负债 於二零一六年十二月三十一日，本集团并无知悉任 何重大或然负债。 所得款项用途 本公司股份自二零一六年五月十八日起在联交所主 板上市。经扣除已於简明综合损益及其他全面收益 表内确认及自股份溢价中扣除的上市开支 （ 包括包 销费用）後，自本公司上市所收取之所得款项 （ 「 所 得款项净额」）约为 36,100,000港元。根据日期为二 零一六年五月十七日的发售价及配发结果 （ 「 配发结 果」）公告「 股份发售的所得款项净额」 一节所载拟定 用途，本集团自上市日期起直至二零一六年十二月 三十一日所得款项净额用於下列用途： 26 Management Discussion and Analysis 管理层讨论及分析 Hang Sang (Siu Po) International Holding Company Limited Interim Report 2016-2017 中期报告 Use of Net Proceeds 所得款项净额用途 Planned use of proceeds as stated in the Allotment Results 配发结果所载 所得款项 之计划用途 HK$ million 百万港元 Actual use of proceeds from the date of listing up to 31 December 2016 自上市日期起 直至 二零一六年 十二月三十一日 所得款项 之实际用途 HK$ million 百万港元 Unused Amount 未动用金额 HK$ million 百万港元 Acquisition of one set of six-colour offset printing machine 购入一台六色柯式印刷机 15.6 2.4 13.2 Expansion of our sales and marketing team 扩大销售和市场营销团队 4.2 1.0 3.2 Research and development of the know-how of the application of heat transfer technology 研发热转印技术应用的诀窍 8.8 �C 8.8 Upgrade of our ERP system 升级ERP系统 3.0 0.6 2.4 Expansion and/or upgrading of production facilities or development of potential projects through acquisition or cooperation 透过收购或合作扩大及�u或升级生产设施或 发展潜在项目 3.8 �C 3.8 Working capital and general corporate purpose 为营运资金及一般公司用途 0.7 �C 0.7 Total 总计 36.1 4.0 32.1 The unutilised amounts of the Net Proceeds will be applied in the manner consistent with that mentioned in the Allotment Results. The Directors are not aware of any material change to the planned use of Net Proceeds as at the date of this report. The unused Net Proceeds have been placed as bank balances with licensed bank in Hong Kong as at the date of this report. 所得款项净额之未动用金额将按照配发结果所述之 方式应用。於本报告日期，董事并无知悉所得款项 净额之计划用途有任何重大变动。 於本报告日期，未动用所得款项净额已作为银行结 余存入香港持牌银行。 Management Discussion and Analysis 管理层讨论及分析 Hang Sang (Siu Po) International Holding Company Limited Interim Report 2016-2017 中期报告 27 EMPLOYEES AND EMOLUMENT POLICIES As at 31 December 2016, the Group had 101 (30 June 2016: 101) full time management, administrative and operation staff in Hong Kong. The Group provides competitive remuneration packages with attractive discretionary bonus to employees. The Group regularly reviews its remuneration packages in light of the overall development of the Group as well as the market conditions. In addition, the Group has adopted a share option scheme for eligible employees (including directors) to provide incentives to those with outstanding performance and contribution to the Group. 雇员及薪酬政策 於二零一六年十二月三十一日，本集团於香港聘用 101名 （ 二零一六年六月三十日：101名）全职管理、 行政及营运员工。 本集团向雇员提供具竞争力之薪酬组合及具吸引力 之酌情花红，并根据本集团之整体发展及市况定期 检讨薪酬组合。此外，本集团已采纳购股权计划， 以奖励表现出色及对本集团作出贡献之合资格雇员 （ 包括董事）。 28 Additional Information 其他资料 Hang Sang (Siu Po) International Holding Company Limited Interim Report 2016-2017 中期报告 INTERIM DIVIDEND The Board does not recommend the payment of an interim dividend for the period ended 31 December 2016. INTERESTS OF DIRECTORS AND CHIEF EXECUTIVE As at 31 December 2016, apart from the details as follows, none of the Directors and chief executive has any other interests and short positions in the shares, underlying shares and debentures of the Company and its associated corporations (within the meaning of Part XV of the Securities and Futures Ordinance (“SFO”)), as recorded in the register maintained by the Company under Section 352 of the SFO or as notified to the Company and the Hong Kong Stock Exchange pursuant to the Model Code. DIRECTORS’ INTERESTS IN SHARES, UNDERLYING SHARES AND DEBENTURES As at 31 December 2016, the interests or short positions of the Directors in the shares, underlying shares and debentures of the Company, its holding company, any of its subsidiaries and other associated corporation (within the meaning of Part XV of the Securities and Futures Ordinance (Chapter 571 of the laws of Hong Kong) (“SFO”)) which were notified to the Company and the Stock Exchange pursuant to Divisions 7 and 8 of Part XV of the SFO (including interests or short positions which they are taken or deemed to have under such provisions of the SFO), or which were required, pursuant to section 352 of the SFO, to be entered in the register referred to therein, or which were required, pursuant to the Model Code, are set out below: 中期股息 董事会并无建议派付截至二零一六年十二月三十一 日止期间的中期股息。 董事及最高行政人员的权益 於二零一六年十二月三十一日，除下文所详述外， 概无董事及最高行政人员於本公司及其相联法团 （ 定义见证券及期货条例 （ 「 证券及期货条例」）第 XV 部）之股份、相关股份及债权证中拥有根据证券及 期货条例第 352条须记入本公司存置之登记册或根 据标准守则须知会本公司及香港联交所之任何其他 权益及淡仓。 董事於股份、相关股份及债权证的权益 於二零一六年十二月三十一日，董事於本公司、其 控股公司、其任何附属公司及其他相联法团 （ 定义 见香港法例第 571章证券及期货条例 （ 「 证券及期货 条例」）第 XV部）的股份、相关股份及债权证中拥 有根据证券及期货条例第 XV部第 7及 8分部须向本 公司及联交所披露的权益或淡仓 （ 包括根据证券及 期货条例的该等条文被当作或视为拥有的权益或淡 仓），或根据证券及期货条例第 352部须存置於当中 所述的登记册的权益或淡仓，或根据标准守则规定 的权益或淡仓载於下文： Additional Information 其他资料 Hang Sang (Siu Po) International Holding Company Limited Interim Report 2016-2017 中期报告 29 (i) The Company Name of Director 董事姓名 Nature of interest 权益性质 Long position/ short position 好仓�u淡仓 Number of ordinary shares/underlying shares held 所持普通股�u相关 股份的数目 Approximate percentage of shareholding in the Company 占本公司股权的 概约百分比 Mr Samson Fung 冯文伟先生 Interest of controlled corporation (Note 1) 於受控制公司的权益 （ 附注1） Long position 好仓 138,000,000 75% Mr David Fung 冯文锦先生 Interest of controlled corporation (Note 1) 於受控制公司的权益 （ 附注1） Long position 好仓 138,000,000 75% Note 1: Mr Samson Fung and Mr David Fung are the beneficial owners of 62% and 38%, respectively, of the issued share capital of HSSP Limited (“HSSP“) and are deemed to be interested in the shares in the Company held by HSSP by virtue of Mr Samson Fung and Mr David Fung being entitled to exercise or control the exercise of one-third or more of the voting power at general meetings of HSSP. (ii) Associated corporation Name of Director 董事姓名 Nature of associated corporation 相联法团性质 Capacity/nature 身份�u性质 Number of shares held/ interested 所持�u拥有权益的 股份数目 Percentage of shareholding in 所占股权百分比 Mr Samson Fung (Note 1) 冯文伟先生 （ 附注1） HSSP HSSP Beneficial interest 实益权益 62 62% Mr David Fung (Note 1) 冯文锦先生 （ 附注1） HSSP HSSP Beneficial interest 实益权益 38 38% Note 1: Mr Samson Fung and Mr David Fung are the beneficial owners of 62% and 38%, respectively, of the issued share capital of HSSP and are deemed to be interested in the shares in the Company held by HSSP by virtue of Mr Samson Fung and Mr David Fung being entitled to exercise or control the exercise of one-third or more of the voting power at general meetings of HSSP. (i) 本公司 附注1：冯文伟先生及冯文锦先生分别为HSSP Limited （ 「 HSSP」） 已发行股本62%及38%的实益拥有人及彼等有权行使或控 制行使HSSP股东大会表决权三分之一或以上，其被视为 拥有HSSP持有的本公司股份权益。 (ii) 相联法团 附注1：冯文伟先生及冯文锦先生分别为HSSP已发行股本62%及 38%的实益拥有人及彼等有权行使或控制行使HSSP股东 大会表决权三分之一或以上，其被视为拥有HSSP持有的 本公司股份权益。 30 Additional Information 其他资料 Hang Sang (Siu Po) International Holding Company Limited Interim Report 2016-2017 中期报告 MODEL CODE FOR SECURITIES TRANSACTIONS BY DIRECTORS The Company has adopted the Model Code as set out in Appendix 10 to the Listing Rules as the code of conduct regarding Directors’ securities transactions. Having made specific enquiry of all Directors, all the Directors have confirmed that they have complied with the required standards as set out in the Model Code for the six months ended 31 December 2016. CODE ON CORPORATE GOVERNANCE PRACTICES The Company has adopted the code provisions set out in the Corporate Governance Code and Corporate Governance Report (“CG Code”) as set out in Appendix 14 to the Listing Rules. To the knowledge of the Board, the Company had fully complied with the relevant code provisions in the CG Code for the six months ended 31 December 2016 save for the deviation as explained below. Code provision A.2.1 of the CG Code provides that the roles of the chairman and chief executive officer should be separated and should not be performed by the same individual. The Company does not at present separate the roles of the chairman and chief executive officer. Mr Fung Man Wai Samson is the chairman and chief executive officer of the Company. The Board believes that vesting the roles of both chairman and chief executive officer in the same person has the benefit of ensuring consistent leadership within the Group and enables more effective and efficient overall strategic planning for the Group. The Board further believes that the balance of power and authority for the present arrangement will not be impaired and is adequately ensured by the current Board which comprises experienced and high caliber individuals with sufficient number thereof being non-executive Directors and independent non-executive Directors. 董事进行证券交易的标准守则 本公司已采纳上市规则附录十列载的标准守则，作 为董事证券交易有关的行为守则。在向全体董事作 出特定查询後，全体董事确认，截至二零一六年 十二月三十一日止六个月，彼等已遵守标准守则所 列载的标准规定。 企业管治常规守则 本公司已采纳上市规则附录十四列载的企业管治守 则及企业管治报告 （ 「 企业管治守则」）所列载的守则 条文。 据董事会所知，截至二零一六年十二月三十一日止 六个月，本公司已完全遵从企业管治守则的相关守 则条文，惟下文所述偏离者则除外。 企业管治守则守则条文第 A .2.1条规定，主席和行 政总裁角色须分开，不得由同一人担任。本公司现 未将主席与行政总裁角色分开。冯文伟先生为本公 司主席及行政总裁。董事会相信将主席与行政总 裁角色集於同一人，有确保本集团内一致领导的好 处，并可让本集团实践更具效率和效益的整体策略 规划。董事会更相信，目前安排的权力及职权平衡 不会受到损害，而目前由拥有经验丰富和能干成员 （ 其中有足够数目的非执行董事及独立非执行董事） 组成的董事会亦能确保有足够的权力制衡。 Additional Information 其他资料 Hang Sang (Siu Po) International Holding Company Limited Interim Report 2016-2017 中期报告 31 REVIEW OF INTERIM RESULTS BY THE AUDIT COMMITTEE The Company established an audit committee (the “Audit Committee”) with written terms of reference in compliance with the Code, and currently comprises three independent non-executive directors, namely Dr. LOKE Yu, Ms. FUNG Po Yee and Ms. SUNG Ting Yee. It is principally responsible for reviewing the accounting principles and practices adopted by the Group, as well as discussing and reviewing with management the internal control, systems of risk management, auditing and financial reporting matters of the Group. The Audit Committee has reviewed the unaudited condensed consolidated financial statements for the six months ended 31 December 2016. The Audit Committee meets regularly with the Company’s senior management and the Company’s auditors to consider the Company’s financial reporting process, the effectiveness of internal controls, the audit process and risk management. The Audit Committee has reviewed the Group’s financial statements for the six months ended 31 December 2016 and discussed the financial related matters with management and external auditors. PURCHASE, SALE OR REDEMPTION OF LISTED SECURITIES OF THE COMPANY For the six months ended 31 December 2016, neither the Company nor any of its subsidiaries had purchased, sold, or redeemed any listed securities of the Company. 审核委员会审阅中期业绩 本公司成立审核委员会 （ 「 审核委员会」），其书面职 权范围符合守则之规定，现由三名独立非执行董事 （ 即陆海林博士、冯宝仪女士及宋婷儿女士）组成。 其主要负责审阅本集团采纳之会计准则及常规，并 与管理层讨论及审阅本集团内部监控、风险管理系 统、审计及财务申报事宜。审核委员会已审阅截至 二零一六年十二月三十一日止六个月之未经审核简 明综合财务报表。 审核委员会定期与本公司高级管理层及本公司核数 师会见，以考虑本公司的财务申报程序、内部监控 的有效性、审核程序及风险管理。审核委员会已审 阅本集团截至二零一六年十二月三十一日止六个月 的财务报表及与管理层及外聘核数师商讨财务相关 事宜。 购买、出售或赎回本公司之上市证券 於截至二零一六年十二月三十一日止六个月，本公 司或其任何附属公司概无购买、出售或赎回本公司 之任何上市证券。 32 Additional Information 其他资料 Hang Sang (Siu Po) International Holding Company Limited Interim Report 2016-2017 中期报告 PUBLICATION OF INTERIM REPORT This report will be published on the website of the Stock Exchange at www.hkex.com.hk and the Company’s website at www.hangsangpress.com. This Interim Report will be despatched to the shareholders and published on the aforesaid websites in due course. By order of the Board Hang Sang (Siu Po) International Holding Company Limited Fung Man Wai Samson Chairman, Chief Executive Officer and Executive Director Hong Kong, 24 February 2017 刊发中期报告 本报告将刊登於联交所网站www.hkex.com.hk及本 公司网站 www.hangsangpress.com上。本中期报 告将寄发予股东并适时於上述网站刊登。 承董事会命 Hang Sang (Siu Po) International Holding Company Limited 主席、行政总裁及执行董事 冯文伟 香港，二零一七年二月二十四日 Annual Report 年报 2016 Interim Report 中期报告 2016-2017 HANG SANG (SIU PO) INTERNATIONAL HOLDING COMPANY LIMITED (Incorporated in the Cayman Islands with limited liability) (於开曼群岛注册成立的有限公司） Stock Code 股份代号: 3626 HANG SANG (SIU PO) INTERNATIONAL HOLDING COMPANY LIMITED