GLORYFLAME：AnnualReport2019.pdf

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1、1ANNUAL REPORT 2019 年報CONTENTS目錄2Corporate Information公司資料4Chairmans Statement主席報告7Management Discussion and Analysis管理層討論及分析21Biographical Details of Directors and Senior Management董事及高級管理層履歷詳情24Corporate Governance Report企業管治報告47Environmental,Social and Governance Report環境、社會及管治報告85Directors Repor

2、t董事會報告98Independent Auditors Report獨立核數師報告102Consolidated Statement of Profit or Loss and Other Comprehensive Income綜合損益及其他全面收入表104Consolidated Statement of Financial Position綜合財務狀況表106Consolidated Statement of Changes in Equity綜合權益變動表107Consolidated Statement of Cash Flows綜合現金流量表109Notes to the Con

3、solidated Financial Statements綜合財務報表附註176Financial Summary財務概要2GLORY FLAME HOLDINGS LIMITED 朝威控股有限公司CORPORATE INFORMATION公司資料BOARD OF DIRECTORSExecutive DirectorsMr.Liu Yingjie(Chairman of the Board)Ms.Zhou JinIndependent Non-executive DirectorsMr.Cao HongminMr.Chan Chi PanMr.Li Kar Fai PeterAUDIT C

4、OMMITTEEMr.Li Kar Fai Peter(Chairman of Audit Committee)Mr.Chan Chi PanMr.Cao HongminREMUNERATION COMMITTEEMr.Cao Hongmin(Chairman of Remuneration Committee)Mr.Chan Chi PanMr.Li Kar Fai PeterNOMINATION COMMITTEEMr.Chan Chi Pan(Chairman of Nomination Committee)Mr.Cao HongminMr.Li Kar Fai PeterCHIEF E

5、XECUTIVE OFFICERMr.Lai XiaoliangCOMPANY SECRETARYMr.Cheung Wai KeeCOMPLIANCE OFFICERMr.Liu YingjieAUTHORISED REPRESENTATIVESMr.Liu YingjieMr.Cheung Wai Kee董事會執行董事劉英杰先生（董事會主席）Zhou Jin女士獨立非執行董事曹洪民先生陳志斌先生李嘉輝先生審核委員會李嘉輝先生（審核委員會主席）陳志斌先生曹洪民先生薪酬委員會曹洪民先生（薪酬委員會主席）陳志斌先生李嘉輝先生提名委員會陳志斌先生（提名委員會主席）曹洪民先生李嘉輝先生首席執行官賴曉

6、亮先生公司秘書張蔚琦先生合規主任劉英杰先生法定代表劉英杰先生張蔚琦先生3ANNUAL REPORT 2019 年報CORPORATE INFORMATION公司資料REGISTERED OFFICEClifton HousePO Box 135075 Fort StreetGrand Cayman KY11108Cayman IslandsPRINCIPAL PLACE OF BUSINESS IN HONG KONGSuite 3513,Tower 6The Gateway,Harbour City9 Canton RoadTsim Sha Tsui,KowloonHong KongAUDI

7、TORZHONGHUI ANDA CPA LimitedPRINCIPAL SHARE REGISTER AND TRANSFER OFFICEEstera Trust(Cayman)LimitedPRINCIPAL BANKERSBank of China(Hong Kong)LimitedIndustrial and Commercial Bank of China LimitedBank of Communications LimitedHONG KONG BRANCH SHARE REGISTRAR AND TRANSFER OFFICEBoardroom Share Registra

8、rs(HK)LimitedSTOCK CODE08059COMPANYS WEBSITEwww.gf-註冊辦事處Clifton HouseP.O.Box 135075 Fort StreetGrand Cayman KY11108Cayman Islands香港主要營業地點 香港九龍尖沙咀廣東道9號海港城港威大廈6座3513室核數師中匯安達會計師事務所有限公司股份過戶登記總處 Estera Trust(Cayman)Limited主要往來銀行中國銀行（香港）有限公司中國工商銀行股份有限公司交通銀行股份有限公司香港股份過戶及登記分處 寶德隆證券登記有限公司股份代號08059公司網址www.gf-

9、4GLORY FLAME HOLDINGS LIMITED 朝威控股有限公司CHAIRMANS STATEMENT主席報告On behalf of the board(the“Board”)of directors(the“Directors”)of Glory Flame Holdings(the“Company”),I am honoured to present this annual report of the consolidated results of the Company and its subsidiaries(collectively,the“Group”)for the

10、 financial year ended 31 December 2019(“FY2019”or the“Reporting Period”).PERFORMANCEThe Group posted a revenue of HK$93.3 million for FY2019,representing a decrease by 30.2%as compared to HK$133.6 million for the year ended 31 December 2018(“FY2018”).During FY2019,the Groups revenue was primarily ge

11、nerated from the construction related business.The Group recorded a net loss of HK$48.3 million for FY2019,as compared to a net loss of HK$199.6 million for FY2018.Basic loss per share for FY2019 was HK4.39 cents,as compared to HK19.93 cents for FY2018.BUSINESS REVIEW AND PROSPECTIn year 2019,Hong K

12、ong economy has been reeling from the United States-China trade war and political unrest arising from anti-government protest in Hong Kong,coupled with the outbreak of new coronavirus pneumonia epidemic.Hong Kong has been pushed into recession with the economy battered by these social and political

13、events.The global economic volatility has also exerted further pressure on Hong Kong economy.The Group expects that the slowing economy will continue in the coming years.The construction industry in Hong Kong has also no sign to recover from slump as it faced difficulties over the deployment of gove

14、rnment fund being stalled for many infrastructure projects by filibustering in the legislature.The Groups construction contract from public sector project dropped sharply during the year as compared to last year.The Group braces for weathering the shrinkage of the construction business in Hong Kong.

15、The Group is confident in getting through the headwinds.本人謹代表朝威控股有限公司（本公司）董事（董事）會（董事會）呈報本公司及其附屬公司（合稱 本集團）截至二零一九年十二月三十一日止財政年度（財政年度一九年 或 報告期）的綜合業績之年報，為此深感榮幸。業績本 集 團 於 財 政 年 度 一 九 年 錄 得 收 益93,300,000港元，較截至二零一八年十二月三十一日止年度（財政年度一八年）之133,600,000港 元 減 少30.2%。於 財政年度一九年，本集團收 益主要來自於建 築業務。本 集 團 於 財 政 年 度一九 年 錄

16、得 淨 虧 損48,300,000港 元，而 財 政 年 度一八年之淨虧損為199,600,000港元。於財政年度一九年之每股基本虧損為4.39港仙，而財政年度一八年則為19.93港仙。業務回顧及前景於二零一九年，因中美貿易戰及香 港反政府抗議活動引發的政治動盪，加上爆發新型冠狀病毒肺炎疫癥，使香港經濟備受傷害。這些社會和政治事件令經濟大受打擊，香港陷入衰 退。全球經濟波動亦令香港經濟進一步受壓。本集團預期經濟放緩將於未來多年持續。立法機關拉布令不少基礎建設項目的相關政府資金調配受阻而出現困難，使香港的建築行業同樣並無從衰 退中復蘇的跡象。本集團於本年度來自公營界別項目的建築合約較去年大幅減少

17、。本集團正致力緩解香港建築業務的萎縮風險。本集團有信心可跨過逆境。5ANNUAL REPORT 2019 年報CHAIRMANS STATEMENT主席報告The Group strives to drive its growth of construction business by tapping into emerging markets,particularly in China.The Group built its own construction project teams specializing in prefabrication precast construction w

18、hich mainly serves the construction projects in China.The Group is eyeing the potential growth of the construction industry arising from the Belt and Road Initiative driving the infrastructure development in Asia and Africa.The Group was working in close cooperation with a high-tech construction com

19、pany which possess the enriched experience on the overseas market and lend its support to explore and expand the new market of construction business.In these years,the Group also dedicated to develop the businesses relating to the agriculture,supply chain and new energy.The Group understands that it

20、 will be on rocky road to the start-ups of these businesses.However,the Group digs its heels in these business development directions that will lead the Group in success.The Group is now negotiating with certain potential cooperation partners to explore the potential business opportunities in some a

21、reas of that includes(1)development of industrial park,supply chain and property management services;(2)new model of retailing,industrial innovation development,blockchain technology,healthcare and new energy and(3)biotechnology,modern agriculture and cultural tourism.本集團爭取通過進入新興市場（尤其是中國）推動其建築業務的增長。

22、本集團建立其建 築項目團隊，集中於裝配式預製部件建 築，主要效力於中國的建 築項目。本集團正專注 於 一帶一路 倡議推動亞洲及非洲基礎設施發展所帶動建築業的增長潛力。本集團正與一家擁有豐富海外市場經驗的高科技建築公司緊密合作，並借助其支持開拓及擴充建築業務的新市場。多年來，本集團亦全力發展與 農 業、供應鏈及新能源有關的業務。本集團理解，該等業務新創企業將荊棘滿途。然而，本集團堅持該等業務發展方向，此方向將帶領本集團成功。本集團現正與若干潛在合作夥伴磋商，探尋若干領域的潛在商機，當中包括(1)開發產 業園區、供應鏈及物業管理服務；(2)新型零售、工業廠房開發、區塊鏈科技、保健及新能源，以及(3

23、)生物科技、現代農業及文化旅遊。6GLORY FLAME HOLDINGS LIMITED 朝威控股有限公司CHAIRMANS STATEMENT主席報告The Group will closely monitor the market development and the change in the surrounding of the Groups operations.We will continue to adhere to our core philosophy of“Building a Green World”and the ideology of“green building

24、 and green life”with quality,innovation and effectiveness and achieve our expansion of the Groups business with a view to optimizing stakeholders interests and maximizing their value.APPRECIATIONOn behalf of the Board,I would like to take this opportunity to thank our Directors,our experienced manag

25、ement team,our dedicated employees,and our professional legal and accounting teams for their wavering support and commitment.We would also like to express appreciation for the continuing support and trust of our shareholders,clients,suppliers and government authorities.Liu YingjieChairmanHong Kong,2

26、7 March 2020本集團將密切關注市場發展及本集團運營環境的變化。我們將繼續堅持 建設綠色世界 核心理念及重視質量、創新及效率的 綠色建 築、綠色生 活 思想，拓展本集團業務，從而提升利益相關者的權益並最大限度提升其價值。致謝本人謹代表董事會，藉此機會感謝我們的董事們、經驗豐富的管理團隊及敬業的僱員團隊，專業律師會計等專業團隊的堅定支持及承諾。我們亦衷心感謝我們的股東、客戶、供 應商及 政府當局對我們持續的支持及信任。主席劉英杰香港，二零二零年三月二十七日MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析7ANNUAL REPORT 2019 年報BUS

27、INESS REVIEWThe principal activity of the Company is investment holding.For the year ended 31 December 2019(the“Reporting Period”),the Group mainly engages in(i)provision of construction services and building materials supply(the“Construction Business”),(ii)Sales of agriculture-related products(the“

28、Agricultural Business”),and(iii)trading of clean coal and others(the“Trading Business”),During the Reporting Period,the Group decided to discontinue the business of financial services(the“Financial Services”).Construction Business(a)Concrete demolition services and other construction servicesConcret

29、e demolition is one aspect of the construction industry in Hong Kong.The Groups concrete demolition services were mainly concerned with the removal of pieces or section of concrete from concrete structures by applying a variety of methods,such as core drilling,sawing,bursting and crushing.Concrete d

30、emolition services are usually performed by subcontractors in(i)general building works,especially for alteration and redevelopment projects;and(ii)civil engineering works.Concrete demolition work can be applied in various situations,such as the construction of underground utilities,creation of openi

31、ngs for elevator,door,and window installation,redevelopment of buildings,roads,tunnels and underground facilities,removal of concrete during building construction and the preparation of road surfaces.業務回顧本公司的主要活動為投資控股。截至二零一九年十二月三十 一日止年度（報 告期），本集團主要從事(i)提供建築服務及樓 宇 材料 供 應（建 築 業 務）；(ii)銷 售農業設備（農 業 業 務）

32、；及(iii)買賣 清潔 煤及其他（貿易業務）。於報告期內，本集團決 定終止經營金融服務（金融服務）業務。建築業務(a)混凝土拆卸服務及其他建築服務 混凝土拆卸行業為香港建築行業特定領域之一。本集團的混凝土拆卸服務主要涉及透過採用各種方法，例如鑽取土芯、鋸切、逼裂及鉗碎等，移除混凝土結構的混凝土塊或組件?；炷敛鹦斗胀ǔ榉职天?i)一般建築工程，特別是改 建及 重 建工程；及(ii)土木工程 所 進行運作?；炷敛鹦豆こ炭捎渺兜叵鹿苍O 施建設、電梯開口、門窗安裝、樓宇、道 路、隧道及地下設 施重建、建築施工過程中混凝土拆除及路面製備。8GLORY FLAME HOLDINGS LIMI

33、TED 朝威控股有限公司MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析The customers of the Groups concrete demolition services mainly include main contractors and subcontractors of different types of construction and civil engineering projects in Hong Kong.Such customers can generally be categorized into public sec

34、tor projects customers and private sector projects customers.Public sector projects refer to projects of which the main contractors are employed by Government departments or statutory bodies in Hong Kong,while private sector projects refer to projects that are not public sector projects.20192018二零一九

35、年二零一八年HK$000HK$000千港元千港元Revenue from收益來自 private sector project 私營界別項目51,13943,106 public sector project 公營界別項目10,15040,697 61,28983,803 本集團的混凝土拆卸服務的客戶主要為香港各類建築及土木工程項目的總承建商及分包商。相關客戶一般可分類為公營及私營界別項目客戶。公營界別項目指由香港政府部門或法定機構聘請總承建商的項目，而私營界別項目指非公營界別項目。9ANNUAL REPORT 2019 年報MANAGEMENT DISCUSSION AND ANALYSIS

36、管理層討論及分析(b)Prefabricated precast constructionPrefabricated precast construction is a new kind of architecture with the construction process that is splitting the traditional building products into precast reinforced concrete member produced in the factory and transported to the construction site for

37、 assembling into a whole building.Precast concrete contributes to green building practices as it can be very durable and energy-efficient.Prefabricated precast construction also reduces construction waste and debris on construction site as the precast concrete components are factory-made and employe

38、d by exact-batching technologies.In the 13th Five Year Plan for“Building Energy Efficiency and Green Building Development”released by the Ministry of Housing and Urban-Rural Development of China in February 2017,Chinese government set out the goals to achieve on the development of green building by

39、2020.Driven by the growth in infrastructure investment and industrialization and increase in new construction projects in the emerging countries,the Group expects that the global precast concrete construction market is poised to grow strong.The Group strives to drive its growth in Construction Busin

40、ess by tapping into the emerging markets.The Group has been working in close cooperation with a high-tech construction company;which is based in Guangzhou,the PRC,in bid to explore the construction projects in the overseas countries along the Belt and Road.In July 2019,the Group entered into a frame

41、work agreement with the high-tech construction company and an agent of an Australian construction company in relation to a prefabricated precast construction project for building duplex houses in Australia with the total contract sum of approximately HK$45.0 million.However,in November 2019,the Grou

42、p and the Australian Construction Company agreed to terminate the framework agreement as its construction plan was postponed.The Group continues to co-operate with the high-tech construction company to look to the other prefabricated precast construction project in overseas market.(b)裝配式建築裝配式建築是將傳統建

43、築產品分拆成於工廠生產的預製鋼筋混凝土部件並運輸至施工現場組裝成完整建築的一種新型建築形式。預製混凝土非常耐用及節能，有助於綠色建築實踐。由於預製混凝土部件乃於工廠生產並採用精確的配料技術，裝配式建築亦減少施工現場的建築垃圾及瓦礫。根據中國住建部於二零一七年二月發佈之 建築節能及綠色建築發展 十三五規劃，中國政府提出了於二零二零年前實現綠色建築發展的目標。受新興國家基礎設施投資及工業化增長以及新建築項目增加的驅動，本集團預期全球裝配式混凝土建築市場的增長勢頭強勁。本集團致力透過進入新興市場驅動其建築業務增長。本集團現正與一間高科技建築公司（其位於中國廣州）緊密合作，以發掘一帶一路倡議所惠及 海

44、外國家的建築項目。於二零一九年七月，本集團就澳洲使用裝配式建築技術的雙聯式住宅建築項目與該高科技建築公司及澳洲建築公司代理訂立框架協議，合約總額為約45,000,000港元。然而，於二零一九年十一月，本集團與 澳 洲建 築公司同意終止框架協議，由於該建築計劃出現延誤。本集團將繼續與高科技建築公司合作，於海外市場尋求其他裝配式建築項目。10GLORY FLAME HOLDINGS LIMITED 朝威控股有限公司MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析Agriculture BusinessWith the globally increasing co

45、ncerns about healthy living and food security,the Group believes that the demand for green food will continue to rise.The Group has now been formulating the business strategy and plan for the Agriculture Business and also initiating the negotiation with certain agribusinesses to explore the feasibil

46、ity of cooperation to develop the business in relation to agricultural produce and its related products.On 22 July 2019,the Company and Hubei Bio-great Agricultural Technology Co.,Ltd*(湖 北 凱 瑞 百 穀 農 業 科技 股 份有 限公司)(the“Target Company”),a company established in the Peoples Republic of China(the“PRC”)w

47、ith limited liability,entered into a non-legally binding cooperative intent agreement(the“Intent Agreement”)in relation to the proposed investment(the“Proposed Investment”)in the Target Company.It was proposed that the Company shall invest in the Target Company by way of subscription of 51%or more o

48、f the registered capital of the Target Company.Pursuant to the Intent Agreement,the Company intended to invest in and cooperate with the Target Company to expand high-tech seed industry projects through the development of potatoes and agricultural products cold chain,processing,logistics and distrib

49、ution centers,leisure sightseeing agricultural tourism and large scale construction,etc.The negotiation and due diligence review in respect of the Proposed Investment is still ongoing.農業業務在全球對健康生活及食品安全關注日益提升的情況下，本集團認 為，對綠色食品的需求將繼續增加。本集團現時正制定農業業務的業務策略及計劃，並已與若干農業綜合企業開展討論，以探討公司發展農作物及農業相關產品業務的可行性。於二零一九年

50、七月二十二日，本公司與湖北凱 瑞百穀 農 業科技 股份有限公司（目標公司，一間於中華人民共和國（中國）成立的有限公司）就建議投資目標公司（建議投 資）訂立不具法律約束力的合作意向協議（意向協議）。本公司擬透過認購目標公司51%或以上註冊資本，以此來投資目標公司。根據意向協議，本公司有意投資目標公司並與其合作，以透過發展土豆及農產品冷鏈、加工、物流及分銷中心、休閒觀光農業旅遊及大型工程等擴展高科技種業項目。有關建議投資的磋商及盡職審查仍在進行中。11ANNUAL REPORT 2019 年報MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析於二零一六年二月，農業

51、部發佈 關於推進馬鈴薯產業開發的指導意見。文件提出，中國馬鈴薯產業發展的目標為到二零二零年馬鈴薯種植面積擴大到1億畝以上。屆時，中國馬鈴薯作為主食加工的適用品種將達 到約30%，馬鈴薯作為主食的消耗將 佔全國馬鈴薯總消耗的30%。文件亦提出，為落實新形勢下中央委員會1號文件的精神及國家食物安全的戰略發展，促進農業供給側方面的結構性改革，轉變農業發展模式，以及加速農業轉型及 升級，就產 業發展而言，馬鈴薯 須作為主食產品，以建立健康科學的消費指導理念，提升糧食的穩定性及收益增長，以及改善農業質量及效益以及可持續發展。本集團認為本集團應抓住中國支持農業發展及引進優良產品及技術進行農業轉型的商機。*

52、僅供識別In February 2016,the Ministry of Agriculture released its“Suggestions for Promoting the Development of the Potato Industry”.The document sets up goals for Chinas potato industry development to expand the area of growing potato to more than 100 million mu by year 2020.By the time,the proportion o

53、f suitable varieties for potato staple food processing will reach approximately 30%and the consumption of potato staple food will account for 30%of total consumption of potatoes in China.It also sets out that,in order to implement the spirit of Document No.1 of the Central Committee and the national

54、 strategic development on food safety under the new situation,promote the structural reform from the agricultural supply side,transform the mode of agricultural development,and speed up the agricultural transformation and upgrading,the potatoes shall be considered as the staple food products for the

55、 development of industry,to establish the concept of health and scientific guidance of consumption,promote the steadiness of grain and growth of income,and improve the quality and efficiency as well as sustainable development of agriculture.The Group considers that the Group shall seize the business

56、 opportunity of the agriculture transformation in China that comes to support the agricultural development and introduce the best products and technologies.*For identification purpose only12GLORY FLAME HOLDINGS LIMITED 朝威控股有限公司MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析貿易業務貿易業務主要包括買賣清潔煤。其煤資源來自中國內蒙鄂爾多

57、斯市之清潔煤。於報告期內，本集團決 定暫停經營處 於虧損狀態的清潔煤貿易業務。鑒於目前清潔煤貿易業務的成本結構，儘管本集團初步審查其供應鏈營運及與客戶及業務夥伴重新協定合約條款，本集團認為，若不顯著提升該分部營運資金及其他資金開支，本集團將該業務分部扭虧為盈將面臨一定挑戰。於報告期內，本集團保持為供應商清洗煤炭的服務，並按輸出重量收取處理費。金融服務金融服務業務包括在香港提供保險經紀及諮詢服務以及在中國提供商業保理服務。本集團已於報告期內終止全部商業保理服務。於二零一九年十一月二十八日，本集團與獨立第三方訂立買賣協議，以出售彼於香港元豐保險經紀有限公司（元豐保險）的60%股本，代價約為122,

58、000港元。元豐保險從事於香港提供保險經紀顧問服務。本集團決 定終止經營金融服務，因為本集團預期，隨著中國經濟放緩，香港保險產品對中國客戶的興趣將會減弱。Trading BusinessTrading Business primarily comprised the trading of clean coal.Its coal resource was from the Ordos City,Inner Mongolia,the PRC.During the Reporting Period,the Group decided to suspend the clean coal trading

59、 business as it had operated at a loss.Given the current cost structure of the clean coal trading business,the Group believes that,notwithstanding its initiatives in reviewing the supply chain operations and re-negotiating contract terms with the customers and business partners,it would be challengi

60、ng to turn around this business segment without significantly upscaling the working capital and other capital expenditure.During the Reporting Period,the Group has maintained the service of coal washing for the suppliers and receives the processing fee based on the weight of output.Financial Service

61、sFinancial Services business includes provision of insurance brokerage and consultancy services in Hong Kong and provision of commercial factoring services in the PRC.The Group has ceased all commercial factoring services during the Reporting Period.On 28 November 2019,the Group entered in sales and

62、 purchase agreement with independent third party to dispose of the 60%of share capital of Hong Kong Yuanfeng Insurance Brokers Limited(“Yuanfeng Insurance”)at the consideration of approximately HK$122,000.Yuanfeng Insurance engages in provision of insurance brokerage consultancy services in Hong Kon

63、g.The Group decided to discontinue the Financial Services business as the Group expects that the interests of customers in China for the insurance products in Hong Kong will be on the wane amid the slowing economy in China.13ANNUAL REPORT 2019 年報MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析財務回顧收入收入由截至二

64、零一八年十二月三十一日止年度（財政年度一八年）的約133,600,000港元減少約40,300,000港元或30.2%至報告期 的 約93,300,000港 元。收 入 分析 如下：按性質劃分的收入FINANCIAL REVIEWRevenueRevenue decreased by approximately HK$40.3 million or 30.2%from approximately HK$133.6 million for the year ended 31 December 2018(“FY2018”)to approximately HK$93.3 million for t

65、he Reporting Period.The analysis of revenue was shown as follows:Revenue by nature20192018二零一九年二零一八年HK$000HK$000千港元千港元Construction Business建築業務 Provision of Construction Services 提供建築服務61,28983,803 Prefabricated Precast Construction 裝配式建築29,4134,510 90,70288,313Agriculture Business農業業務 Trading of ec

66、ological LED cultivation cabinet and others 買賣環保LED生態種植櫃及其他878Trading Business貿易業務 Trading of clean coal and others 買賣清潔煤及其他1,05543,887Financial Services金融服務 Provision of financial services 提供金融服務1,584553 93,341133,631 14GLORY FLAME HOLDINGS LIMITED 朝威控股有限公司MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析

67、建築業務建築業務包括(1)提供混凝土拆卸及建築工程 服務（建 築 服務）及(2)裝配式建 築預製組件製造及貿易（裝配式建築）。於 報 告 期 內，建 築 業 務 的 收 益 約 為90,700,000港元，較財政年度一八年期間的 約88,300,000港 元 增 加 約2,400,000港元或2.7%。該增加主要由於(i)裝配式建築 的 收 益 增加 約24,900,000港 元及(ii)建築服務的收益減少約22,500,000港元（主要因為於二零一八年十月終止的沙中線建築項目收 益 減少約20,100,000港元）的合併影響所致。農業業務因中國經濟下滑及水耕市場競爭激烈，本集團決定於財政年度

68、一八年暫停LED種植櫃及其相關產品的業務計劃。本集團正就農業業務進行經營策略檢討。本集團於報告期並無自農業業務產生收益。於財政年度一八年，農 業 業務產生收益約900,000港元，乃來自銷售及租賃水培種植架。貿易業務來自貿易業務的收 入由財政年度一八年的43,900,000港元減少約42,800,000港元至報告期內的1,100,000港元。該 減少主要因為逐步終止買賣清潔煤所致。於報告期內，本集團只保持為供 應商清洗 煤炭的服務，並按輸出重量收取處理費。Construction BusinessConstruction Business comprises(1)provision of co

69、ncrete demolition and construction engineering services(the“Construction Services”)and(2)manufacturing and trading of prefabricated precast construction components and/or its installations(the“Prefabricated Precast Construction”)For the Reporting Period,revenue attributable to Construction Business

70、was approximately HK$90.7 million,representing an increase of approximately HK$2.4 million or 2.7%as compared with approximately HK$88.3 million for FY2018.The increase was primarily due to a combined effect of(i)an increase of HK$24.9 million in revenue from Prefabricated Precast Construction and(i

71、i)a decrease of HK$22.5 million in revenue from Construction Services,primarily resulting from a decrease of HK$20.1 million in revenue from construction project of Shatin to Central Link that was terminated in October 2018.Agriculture BusinessThe Group decided to suspend the business development pl

72、an for the LED cultivation cabinets and its related products due to the economic downturn in the PRC and fierce competition in the hydroponic market during FY2018.The Group is now conducting the business strategy review on Agriculture Business.The Group recorded no revenue from Agriculture Business

73、during the Reporting Period.For FY2018,revenue attributable to Agriculture Business was approximately HK$0.9 million that was generated from sales and leasing of the hydroponic planting racks.Trading BusinessRevenue attributable to Trading Business decreased by approximately HK$42.8 million from HK$

74、43.9 million for FY2018 to HK$1.1 million for the Reporting Period.The decrease was primarily due to grinding to halt for trading of clean coal.The Group only maintained the service of coal washing for the suppliers and received the processing fee during the Reporting Period.15ANNUAL REPORT 2019 年報M

75、ANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析金融服務金 融 服 務 的 收 入 約 為1,600,000港 元，較 財 政 年 度 一 八 年600,000港 元 增 加1,000,000港元。來自金融服務的收入主要來自保險經紀費。毛利及毛利率毛利由財政年度一八年的約28,500,000港元減少約1,400,000港元或4.9%至報告期的約27,100,000港元。該減少主要由於以下因素之綜合影響：(i)貿易業務毛利減少約5,800,000港元；及(ii)建 築 業務毛利增加約4,900,000港元。毛利率由財政年度一八年的21.4%增至報告期內的29.0

76、%。該增加主要由於建築業務毛利率上升約4.7百分點而毛利率較低的貿易業務收益減少。各項資產的減值虧損於報告期內，就各項資產計提的減值虧損為21,800,000港元，較財政年度一八年104,300,000港 元 減 少82,500,000港 元。該減少主要由於貿易應收款項減值虧損撥 備 減 少41,300,000港 元及 預付 款 項 及貿易按 金減值 虧損撥備 減少44,900,000港元。於報告期內，額外貿易應收款項減值虧損5,400,000港元主要由於主要來自建築業務的客戶因金融市場狀況收緊延遲根據發票付款，導致貿易應收款項增加。於財政年度一八年，由於全球經濟衰 退導致客戶信貸質素惡化，應

77、收主要來自貿易業務客戶之貿易應收賬款 減值虧損46,700,000港元。Financial ServicesRevenue attributable to Financial Services was approximately HK$1.6 million for the Reporting Period,representing an increase of HK$1.0 million as compared to HK$0.6 million for FY2018.The revenue from Financial Services was primarily generated f

78、rom insurance brokerage fee income.Gross Profit and Gross Profit MarginGross profit decreased by approximately HK$1.4 million or 4.9%from approximately HK$28.5 million for FY2018 to approximately HK$27.1 million for the Reporting Period.Such decrease was primarily due to a combined effect of(i)a dec

79、rease of approximately HK$5.8 million in gross profit from Trading Business,and(ii)an increase of approximately HK$4.9 million in gross profit from Construction BusinessGross profit margin increased from 21.4%for FY2018 to 29.0%for the Reporting Period.The increase was primarily due to an increase o

80、f approximately 4.7 percentage points in gross profit margin from Construction Business and also a decrease in revenue from Trading Business that had a lower gross profit margin.Impairment Losses on Various AssetsImpairment losses of HK$21.8 million on various assets was provided for the Reporting P

81、eriod,representing a decrease of HK$82.5 million as compared to HK$104.3 million for FY2018.Such decrease was primarily due to a decrease of HK$41.3 million in provision for impairment loss on trade receivables and a decrease of HK$44.9 million in provision for impairment loss on prepayment and trad

82、e deposit.During the Reporting Period,an additional impairment loss of HK$5.4 million on trade receivable was made primarily due to an increase in gross trade receivable resulting from delaying the payment of our invoices for customers mainly attributable to Construction Business owing to the tighte

83、ning financial market conditions.During FY2018,an impairment loss of HK$46.7 million on trade receivables due from customers mainly attributable to Trading Business as a result of the worsened credit quality of customers amid the global economic downturn.16GLORY FLAME HOLDINGS LIMITED 朝威控股有限公司MANAGE

84、MENT DISCUSSION AND ANALYSIS管理層討論及分析During the Reporting Period,an impairment loss of HK$5.7 million on prepayment and trade deposit attributable to Trading Business and Construction Business resulted from that the suppliers were unable to fulfil our purchase orders by virtue of financial difficulti

85、es.During FY2018,an impairment loss of HK$50.6 on prepayment and trade deposit mainly attributable to Agriculture Business,resulting from the discontinuance of the marketing and production plan for ecological LED cultivation cabinet system.During the Reporting Period,an impairment loss of HK$10.7 mi

86、llion on other receivable in relation to the factoring loan granted to customers was provided.These factoring loans were default.The Group was taking necessary action to recover the loan.Administrative and Other Operating ExpensesAdministrative and other operating expenses decreased by approximately

87、 HK$17.0 million from approximately HK$64.8 million for FY2018 to approximately HK$47.8 million for the Reporting Period.Such decrease was primarily due to(i)a decrease of approximately HK$13.5 million in administrative and operating expenses attributable to Trading Business and Agriculture Business

88、,due to suspension of trading of ecological LED cultivation cabinet system and trading of clean coal;(ii)a decrease of approximately HK$5.0 million in general administrative expenses of head office in Hong Kong,primarily resulting from a decrease in rental expenses and legal and professional fee;and

89、(iii)an increase of approximately HK$6.0 million in administration and operating expenses attributable to Construction Business,primarily resulting from an increase in transportation cost and research and development expenses.於報告期內，由於供應商因財政困難未能履行我們的採購訂單，貿易業務及 建築 業 務 預 付 款 項 及 貿易 按 金 減 值 虧 損5,700,000

90、港 元。於 財政年度一八年，由於中止環保LED種植櫃系統的營銷及生產計劃，農業業務預付款項及貿易按金減值虧損50,600,000港元。於報告期內，本集團已就有關向客戶提供保理貸款的其他應收款項計提減值虧損10,700,000港 元。該 等 保 理 貸 款 已 違約。本集團正採取必要行動以收回貸款。行政及其他營運開支行政及 其他營運開支由財政年度一八年約64,800,000港 元 減 少 約17,000,000港元 至 報 告期 的 約47,800,000港 元。該 減少主要因為(i)貿易業務及 農 業 業務應佔的行政及 經營開支因暫停買賣環保LED生態種植櫃系統及買賣清潔煤而減少約10,300

91、,000港元；(ii)香港總辦事處一般行政開支因租金開支以及 法律及專業費用下降而減少約5,000,000港元；及(iii)建 築業務應佔的行政及經營開支因運輸成本及研發開支上升而增加約6,000,000港元。17ANNUAL REPORT 2019 年報MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析本公司擁有人應佔虧損於報告期內，本公司擁有人應佔虧損約為44,400,000港元，較財政年度一八年的約194,800,000港元減少150,400,000港元。該減少乃主要由於以下因素的綜合影響：(i)出售證券投資虧損減少35,700,000港元；(ii)購

92、股 權 開 支 減 少20,800,000港 元；(iii)貿易應收 款 項 減值 虧 損 減少41,300,000港元；及(iv)與終止 經營環保LED生 態種植櫃系統業務計劃相關的減值虧損減少47,800,000港元；及(v)行政及其他營運開支減少17,000,000港元。首次公開發售的所得款項用途有關上市（上市）配售本公司股份所得款項淨額為約31,200,000港元。於二零一四年八月十五日（上市日期）至二零一九年十二月三十一日止期間，上市所得款項淨額已作以下用途：本集團預期尚未動用的所得款項將於二零二零年按上述計劃使用。Loss Attributable to Owners of the

93、 CompanyThe Groups loss attributable to owners of the Company was approximately HK$44.4 million for the Reporting Period,representing a decrease of HK$150.4 million as compared to a loss of HK$194.8 million attributable to owners of the Company for FY2018.The decrease was primarily due to a combined

94、 effect of(i)a decrease of HK$35.7 million in a loss of sales of investments in securities;(ii)a decrease of HK$20.8 million in share option expenses;(iii)a decrease of HK$41.3 million in impairment loss on trade receivables and(iv)a decrease of HK$47.8 million in an impairment loss in association w

95、ith discontinuing the business plan for the ecological LED cultivation cabinet system;and(v)a decrease of HK$17.0 million in administrative and other operating expenses.Use of Proceeds of Initial Public OfferingsThe net proceeds from the placing of the shares of the Company in connection with the li

96、sting(the“Listing”)was approximately HK$31.2 million.During the period from 15 August 2014(the“Listing Date”)to 31 December 2019,the net proceeds from the Listing were applied as follows:Planned use of proceeds as stated in the ProspectusActual use of proceeds up to 31 December 2019招股章程所述所得款項的擬定用途所得

97、款項於截至二零一九年十二月三十一日的實際用途HK$millionHK$million百萬港元百萬港元Enhancing machinery and equipment提升機器和設備16.413.1Strengthening manpower加強人力資源4.64.6Increasing marketing efforts加強市場推廣的工作1.71.7Repayment of bank borrowings償還銀行貸款5.55.5General working capital一般營運資金3.03.0 31.227.9 The Group expects the unutilized use of

98、proceeds will be used as planned above during year 2020.18GLORY FLAME HOLDINGS LIMITED 朝威控股有限公司MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析流動資金、財務資源及資本結構 於二零一九年十二月三十一日，本集團有現金及銀行存款約30,500,000港元（二零一八年：約39,200,000港元）。於二零一九年十二月三十一日，本集團的資產負債比率（定義為借貸總額（包括計息及不計息）除以本集團權益總額）約為0.84（二零一八年：約0.38)。庫務政策本集團已對其庫務政策採取

99、審慎的財務管理方針，故在整個報告期內達致維持穩健的流動資金狀況。本集團致力透過進行持續的信貸評估及評估其客戶的財務狀況以降低信貸風險。為管理流動資金風險，董事會密切監視本集團的流動資金狀 況，以確保本集團資產、負債及其他承擔的流動資金架構可時而符合其資金要求。外匯風險本集團主要在香港及中國經營業務。本集團承受美元及人民幣等外幣之外匯匯率波動。由於港元及美元仍在既定範圍內保持聯繫匯率，本集團並無承受任何重大美元外匯風險。本集團有若干附屬公司於中國內地營運，大部分交易（包括收入、開支及其他融資活動）以人民幣計值。本集團並未就該等外幣承受重大外匯交易風險，亦無就該等外幣訂立任何外匯合約作為對沖措施。

100、Liquidity,Financial Resources and Capital StructureAs at 31 December 2019,the Group had cash and bank deposits of approximately HK$30.5 million(2018:approximately HK$39.2 million).The gearing ratio of the Group as at 31 December 2019(defined as total borrowings including interest bearing and non-int

101、erest bearing,divided by the Groups total equity)was approximately 0.84(2018:approximately 0.38).Treasury PolicyThe Group has adopted a prudent financial management approach towards its treasury policies and thus maintained a healthy liquidity position throughout the Reporting Period.The Group striv

102、es to reduce exposure to credit risk by performing ongoing credit assessments and evaluations of the financial status of its customers.To manage liquidity risk,the Board closely monitors the Groups liquidity position to ensure that the liquidity structure of the Groups assets,liabilities and other c

103、ommitments can meet its funding requirements from time to time.Foreign Exchange RiskThe Group principally operates its businesses in Hong Kong and the PRC.The Group is exposed to foreign exchange fluctuations from various currencies,such as United States dollars and Chinese Renminbi.Since Hong Kong

104、dollars remains pegged to the United States dollars within a defined range,the Group is not exposed to any significant foreign exchange risk against the United States dollars.The Group has certain subsidiaries operating in mainland China,in which most of their transactions,including revenue,expenses

105、 and other financing activities,are denominated in Chinese Renminbi.The Group is not exposed to any significant foreign exchange transaction risk in relation to these currencies and had not entered into any foreign exchange contract as hedging measures against these currencies.19ANNUAL REPORT 2019 年

106、報MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析重大收購及出售附屬公司及 聯營公司預應力混凝土管樁業務於二零一八年三月十三日，本公司訂立一項買賣協議（出售協 議）向一名獨立 第三方出售其於Mansion Point Internation Limited 的 全 部 股 權（即 Mansion Point全 部 已 發 行 股 本 的51%），現 金 代 價 為30,755,000港元（出售事項）。出售事項已於二零一九年四月十日按照出售協議條款及條件完成。Mansion Point及其附屬公司自此不再為本公司之附屬公司，而出售集團的財務業績已不再於本公司財

107、務報表綜合入賬。保險經紀業務於二零一九年十一月二十八日，本集團與獨立第三方訂立買賣協議，以出售彼於香港元豐保險經紀有限公司（元豐保險）的60%股本，代價約為122,000港元。元豐保險從事於香港提供保險經紀顧問服務。報告期後事項二零二零年初爆發的2019冠狀病毒為全球宏觀經濟環境增添額外不明朗因素。本集團預期該事件可能對本集團於二零二零年上半年的業績造 成潛在影響，惟現階段無法合理估計受影響程度。本集團將密切關注疫情發展，從而評估其對本集團財政狀況及營運業績造成的影響。Material Acquisitions and Disposal of Subsidiaries and Associat

108、ed CompaniesPre-stressed concrete pile businessOn 13 March 2018,the Company entered into a sale and purchase agreement(“Disposal Agreement”),to dispose of its entire shareholding in Mansion Point Internation Limited,being 51%of its entire issued share capital,to an independent third party at a cash

109、consideration of HK$30,755,000(the“Disposal”).The Disposal had been completed on 10 April 2019 in accordance with the terms and conditions of the Disposal Agreement.Mansion Point,together with its subsidiaries,had since ceased to be the subsidiaries of the Company and its financial results of the Di

110、sposal Group would no longer be consolidated into the Companys financial statements.Insurance brokerage businessOn 28 November 2019,the Group entered in sales and purchase agreement with independent third party to dispose of the 60%of share capital of Hong Kong Yuanfeng Insurance Brokers Limited(“Yu

111、anfeng Insurance”)at the consideration of approximately HK$122,000.Yuanfeng Insurance engages in provision of insurance brokerage consultancy services in Hong Kong.Events after the Reporting PeriodThe coronavirus disease 2019 outbreak since early 2020 has brought additional uncertainties in the glob

112、al macroeconomic situation.The Group expects the event may potentially affect the Groups business performance in the first half year of 2020.The degree of impact could not be reasonably estimated at this stage.The Group will closely monitor the development of the epidemic and assess its impact on th

113、e financial position and operating results of the Group.20GLORY FLAME HOLDINGS LIMITED 朝威控股有限公司MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析債務及資產抵押於 二 零 一 九 年 十 二 月 三 十 一 日，本 集團 的 借 貸（包 括 無 抵 押 債 券）總 額 約 為45,800,000港元，而於二零一八年十二月三十一日則約為40,000,000港元。於報告期內，借貸的年利率介乎每年7.5%至9.0%（二零一八年：7.5%）之間。所有借貸均為無抵押及於一年到期

114、，並入賬列為本集團流動負債。所有上述借貸均以港元計值。資本承擔於二零一九年十二月三十一日，本集團並無重大資本承擔（二零一八年：無）?；蛉回搨抖阋痪拍晔氯蝗?，本集團並無重大或然負債（二零一八年：無）。僱員及薪酬政策於二零一九年十二月三十一日，本集團共有123名員工（二零一八年十二月三十一日：153名員工）。報告期內僱員成本總額包括董事酬金，約為33,500,000港元（財政年度一八年：約53,800,000港元）。本集團僱員的薪金及福利水平均具競爭力，而由於建築行業整體上一直面臨勞工短缺，故此具競爭力的薪金及福利水平十分重要。僱員根據個人表現透過本集團薪金及花紅制度獲得回報。此外，本

115、集團為僱員提供足夠在職培訓，以便讓僱員備有實用知識及技能，處理不同工作場所遭遇的情況及挑戰。末期股息董事會並不建議就報告期向股東派發末期股息（財政年度一八年：無）。Debts and Charge on AssetsAs at 31 December 2019,the total borrowings of the Group,including unsecured bonds and other loan,amounted to approximately HK$45.8 million,as compared to approximately HK$40.0 million as at 3

116、1 December 2018.The annual interest rates of the borrowings for the Reporting Period ranged from 7.5%to 9.0%(2018:7.5%)per annum.All of the borrowings are unsecured and matures in one year.It was accounted for as current liabilities of the Group.All of the above are denominated in Hong Kong Dollars.

117、Capital CommitmentsThe Group does not have material capital commitments as at 31 December 2019(2018:Nil).Contingent LiabilityThe Group had no material contingent liabilities as at 31 December 2019(2018:Nil)Employee and Remuneration PoliciesAs at 31 December 2019,the Group employed 123 staff(31 Decem

118、ber 2018:153 staff).Total employee costs for the Reporting Period including directors emoluments,amounted to approximately HK$33.5 million(FY2018:approximately HK$53.8 million).The salary and benefit levels of the employees of the Group are competitive.This is very important as the construction indu

119、stry has been experiencing labour shortage in general.Individual performance of our employees is rewarded through the Groups salary and bonus system.In addition,the Group provides adequate job training to employees in order to equip them with practical knowledge and skills to tackle situations and c

120、hallenges encountered in diverse work sites.Final DividendThe Board does not recommend payment of final dividend to Shareholders for the Reporting Period(FY2018:Nil).BIOGRAPHICAL DETAILS OF DIRECTORS AND SENIOR MANAGEMENT董事及高級管理層履歷詳情21ANNUAL REPORT 2019 年報EXECUTIVE DIRECTORMr.Liu Yingjie,aged 51,is

121、an executive Director and the chairman of the Board.Mr.Liu obtained a Doctor of Management degree from China Agricultural University in 2005.He is a researcher and an expert in industrial economy and regional development.Mr.Liu holds positions as Chairman of Shenzhen Liying Biotechnology Co.,Ltd.*(深

122、圳麗穎生物科技有限公司)and Director of Global Agricultural Technology Innovation and Development Center of Tsinghua University*(清華大學全球農 業技術 創發展中心主任).He has served as Deputy Secretary General of China Agricultural Society*(中國農學會副秘書長),Deputy Director of Xinjiang Agriculture Department*(新疆自治區農業廳副廳長),Deputy Direct

123、or of the Department of International Cooperation of the Ministry of Agriculture*(農業部國際合作司副司長)and Deputy Director of the Department of Personnel and Labour*(人事勞動司副司長).Ms.Zhou Jin,aged 30,is an executive Director.Ms.Zhou holds a diploma of business(marketing)from Australian Academy of Commerce awarde

124、d in December 2012.She also completed an enterprise CEO advanced seminar*(企業總裁高級研修班)from Wuhan University in 2016.Ms.Zhou was an assistant to general manager,officer and vice-general manager of Wuhan Zhangjiawan Freight Company Limited*(武漢張家灣貨運有限責任公司)from March 2012 to March 2014.She was the directo

125、r of XAHT Antenna Technologies(Hongkong)Limited from 2017 until March 2019,principally responsible for promotion and sales work in the Australian market.執行董事劉 英 杰 先生，51歲，為執行董事兼董事會主席。劉先生 於二零零五年獲中國農業大學管理學博士學位。彼為產業經濟與區域發展方面的研究員及專家。劉先生為深圳麗穎生物科技有限公司董事長及清華大學全球農業技術創新發展中心主任。彼先後擔任中國農學會副秘書長、新疆自治區農業廳副廳長、農業部國際合

126、作司副司長及人事勞動司副司長等職務。Zhou Jin女 士，30歲，為 執 行 董 事。Zhou 女 士 於 二 零 一 二 年 十 二 月 持 有Australian Academy of Commerce商學文憑（市場營銷）。彼亦 於二零一六年 在 武漢大學完成企業總裁高級研修班。Zhou女士於二零一二年三月至二零一四年三月為武漢張家灣貨運有限責任公司之總經理助理、高級職員及副總 經理。自二零一七年起 直 至二零一九年三月，彼亦為海天 天 線（香 港）有限公司之董事，主要負責於澳洲市場的推廣及銷售工作。22GLORY FLAME HOLDINGS LIMITED 朝威控股有限公司BIOGR

127、APHICAL DETAILS OF DIRECTORS AND SENIOR MANAGEMENT董事及高級管理層履歷詳情INDEPENDENT NON-EXECUTIVE DIRECTORSMr.Cao Hongmin,aged 48,is an independent non-executive Director.Mr.Cao holds a Bachelor of Laws and a Master of Economics from Lanzhou University(蘭州大學)and a Doctor of Management from China Agricultural U

128、niversity.Mr.Cao has also undertaken post-doctoral research in history from Peking University.Mr.Cao holds positions including vice president of Shenzhen Fengqun Chanye Service Group*(深圳市蜂群產業服務集團),chairman of the board of director of Shenzhen Heyuan Technology Co.,Ltd*(深圳市和緣科技有限公司),department head a

129、nd professor of China Agricultural Deveopment Research Institute*of the Beijing Tangyongtong College*(北京湯用彤書院中國農村發展研究院).Mr.Chan Chi Pan,aged 35,is an independent non-executive Director.Mr.Chan obtained a Bachelor of Business Administration in China Business from City University of Hong Kong in July

130、2009.He holds an estate agency salespersons licence granted by the Estate Agents Authority in April 2018 and an insurance agent licence.Mr.Chan is now currently serving as a deputy director at an immigration consultancy company in Hong Kong.He has also joined a Hong Kong financial services company i

131、n 2017 and is mainly responsible for selling insurance products to customers.獨立非執行董事 曹洪民先生，48歲，為獨立非執行董事。曹先生擁有蘭州大學法學學士及經濟學碩士及中國農業大學管理學博士學位。曹先生亦於北京大學進行歷史學博士後研究。曹先生擔任多個職 位，包括深圳市蜂群產業服務集團之副總裁、深圳市和緣科技有限公司之董事長、北京湯用彤書院中國農村發展研究院之院長。陳 志 斌 先 生，35歲，為 獨 立 非 執 行 董事。陳先生 於二零零九年七月取得香港城市大學的中國商業工商管理學士學位。彼 於二零一八年四月取得地產

132、代 理監管局頒授的地產代理營業員牌照以及持有保險代理人牌照。陳先生現為香港一間移民 顧問公司的副主任。彼亦已於二零一七年加入一間香港金融服務公司，主要負責向客戶銷售保險產品。23ANNUAL REPORT 2019 年報BIOGRAPHICAL DETAILS OF DIRECTORS AND SENIOR MANAGEMENT董事及高級管理層履歷詳情Mr.Li Kar Fai,Peter,aged 55,is an independent non-executive Director.Mr.Li obtained a Bachelor of Arts degree in Accountanc

133、y from the City Polytechnic of Hong Kong in November 1992,and has become an associate member of The Hong Kong Institute of Certified Public Accountants since September 1997.Mr.Li has been an executive director and company secretary of Golden Faith Group Holdings Limited(stock code:2863)(“Golden Fait

134、h”),a company of which its shares are listed on the Main Board of The Stock Exchange of Hong Kong Limited(the“Stock Exchange”),and the group chief financial officer of Golden Faith and its subsidiaries,since November 2016.SENIOR MANAGEMENTMr.Lai Xiaoliang,aged 45,is chief executive officer of the Gr

135、oup.Mr.Lai obtained a Bachelors Degree in English and a professional certificate in international finance from Guangdong University of Foreign Studies in 1998.He was the head of overseas agricultural technology cooperation project of China Guangdong International Cooperation Group*(中國 廣 東 國 際 合 作 集

136、團).Mr.Lai was also the general manager of a foreign headhunting company in the South China region and a senior consultant of a real estate strategy consulting agency.Mr.Lai is currently a director of New World Holdings(Shenzhen)Co.,Ltd*(新天地控股（深圳）有限公司)and chairman of Hubei Bio-great Agricultural Tech

137、nology Co.,Ltd*(湖北凱瑞百穀農業科技股份有限公司).李嘉輝先生，55歲，為獨立非執行董事。李先生於一九九二年十一月獲香港城市理工學院頒授會計學文學士學位，並自一九九七年九月起成為香港會計師公會會員。李先生自二零一六年十一月起一直為高豐集團控股有限公司（高豐，其股份於香港聯合交易所有限公司（聯交所）主板上市之公司，股份代號：2863)之執行董事及公司秘書，以及高豐及其附屬公司之集團財務總監。高級管理層賴曉 亮先生，45歲，為本集團首席執行官。賴先生 於一九九八年取得廣東外語外貿大學英語專業學士學位及國際金融的專業證書。彼曾擔任中國廣東國際合作集團海外農業科技合作項目的負責人。賴先

138、生亦曾擔任一間外資獵頭公司華南地區的總經理以及一間房地產策略諮詢機構的高級顧問。賴先生現為新天地控股（深圳）有限公司之董事以及湖北凱瑞百穀農業科技股份有限公司之董事長。CORPORATE GOVERNANCE REPORT企業管治報告24GLORY FLAME HOLDINGS LIMITED 朝威控股有限公司The Board is pleased to present hereby the corporate governance report of the Company for the Reporting Period.The Directors and the management

139、of the Group recognize the importance of sound corporate governance to the long-term and continuing success of the Group.Therefore,the Board is committed to upholding good corporate standards and procedures for the best interest of the Companys shareholders.COMPLIANCE WITH THE CORPORATE GOVERNANCE C

140、ODEThe Corporate Governance Code(the“Code”)in Appendix 15 to the GEM Listing Rules sets out the principles of good corporate governance,code provisions and recommended best practices.Issuers are expected to comply with the code provisions or devise their own code on corporate governance on the terms

141、 they consider appropriate provided that considered reasons are given.Throughout the Reporting Period,save as disclosed below,the Company had complied with the applicable code provisions of the Code with the exception of the deviations as explained:A.2.1 Separation of the roles of chairman and chief

142、 executiveThe Code provision A.2.1 stipulates that the roles of chairman and chief executive should be separated and should not be performed by the same individual.Mr.Zhu Zhou who served as chairman of the Board and chief executive officer of the Company resigned on 28 June 2019.The Board considers

143、that such deviation is deemed appropriate as it is considered to be more efficient to have a single person to be the chairman of the Company as well as to discharge the function of chief executive officer with the support of the management.In certain core businesses,Mr.Zhu also delegates its power a

144、nd authority to certain other executive Directors and management who have extensive experience in these specific industries.The Board believes that the balance of power and authority is adequately ensured by the operations of the Board which comprises experienced and high caliber individuals.董事會欣然提呈

145、本公司於報告期的企業管治報告。本集團董事及管理層肯定健全企業管治對本集團長遠持續取得成功極為重要。因此，為了本公司股東的最佳利益，董事會一直致力維持優良企業標準及程序。遵守企業管治守則 GEM上市規則附錄15內的企業管治守則（守則）載列良 好 企 業管治的原則、守則條文及建議最佳常規。發行人須遵守守則條文或在企業管治上按彼等認為合適的條 款設立其自身的守則，惟須作出合理解析。於報告期內，除下文披露者外，本公司一直遵守守則的適用守則條文，有關偏離之例外情況闡釋如下：A.2.1主席及行政總裁角色分離 守則條文第A.2.1條 規定，主席及行政總裁的職責應予區分，且不應由同一人士擔任。朱洲先生擔任本公

146、司董事會主席及行政總裁並於二零一九年六月二十八日辭任。董事會認 為，鑑 於本集團目前新業務發展迅速，由同一人任本公司主席並在管理層支持下履行行政總裁的執行職能較具效益，因此該項偏離乃被視為合適者。於若干核心業務，朱先生向若干在有關特定行業有豐富經驗的其他執行董事及管理層授予權力。董事會 相信，董事會由經驗豐富之優秀人士組 成，故足以確保權力及職權之充分平衡。25ANNUAL REPORT 2019 年報CORPORATE GOVERNANCE REPORT企業管治報告Mr.Liu Yingjie re-designated as chairman of the Board on 28 June

147、 2019 and Mr.Lai Xiaoliang was appointed as chief executive officer of the Group on 19 July 2019.After these changes,the Company has complied with code provision A.2.1 of the Code.BOARD OF DIRECTORSThe key responsibilities of the Board include formulation of the Groups overall strategies,the setting

148、 of management targets and supervision of management performance.The management is delegated with the authority and responsibility by the Board for the management and administration of the Group.In addition,the Board has also delegated various responsibilities to the board committees of the Company(

149、the“Board Committee”).Further details of the Board Committees are set out in this annual report.Under the terms of reference,the duties of the Board in respect of corporate governance are as follows:1.to develop and review the policies and practices on corporate governance of the Group and make reco

150、mmendations;2.to review and monitor the training and continuous professional development of Directors and senior management;3.to review and monitor the Groups policies and practices on compliance with legal and regulatory requirements;4.to develop,review and monitor the code of conduct and complianc

151、e manual(if any)applicable to Directors and employees;and5.to review the Companys compliance with the Code and disclosure in the corporate governance report of the Company.劉英 杰先生 於二零一九年六月二十八日調任為董事會主席及賴曉亮先生於二零一九年七月十九日獲委任為本集團首席執行官。該等變動之後，本公司已遵守守則的守則條文第A.2.1條。董事會董事會的主要職責包括制訂本集團的整體 策略、訂立管理目標，以及 監察管理層的表現

152、。管理層獲董事會分派有關本集團管理及行政的授權和責任。此外，董事會已將各職責分派予本公司董事委員會（董事委員會）。有關董事委員會的進一步詳情載於本年度報告。根據職權範圍，董事會須履行的企業管治職責如下：1.制定及檢討本集團的企業管治政策及常規，並提出建議；2.檢討及監察董事及高級管理人員的培訓及持續專業發展；3.檢討及監察本集團在遵守法律及監管規定方面的政策及常規；4.制定、檢討及監察適用於董事及僱員的操守準則及合規手冊（如有）；及5.檢討本公司遵守守則的情況及在本公司企業管治報告內的披露。26GLORY FLAME HOLDINGS LIMITED 朝威控股有限公司CORPORATE GOV

153、ERNANCE REPORT企業管治報告Composition of the BoardDuring the Reporting Period and up to the date of this report,the composition of the Board is set out as follows:Executive DirectorMr.Liu Yingjie(Chairman)(Note)Ms.Zhou Jin(appointed on 12 April 2019)Mr.Zhu Zhou(Chairman)(resigned on 28 June 2019)Ms.Jiao F

154、ei(resigned on 12 April 2019)Independent Non-executive DirectorMr.Cao Hongmin(appointed on 22 January 2019)Mr.Chan Chi Pan(appointed on 19 July 2019)Mr.Li Kar Fai Peter(appointed on 19 July 2019)Mr.Liu Yang(resigned on 22 January 2019)Mr.Chan Kam Wah(resigned on 5 June 2019)Note:Mr.Liu Yingjie was a

155、ppointed as independent non-executive Director on 19 September 2018 and re-designated as executive Director and chairman of the Board on 28 June 2019.The Company complied with the requirement under Rule 5.05(1)and Rule 5.05A of the GEM Listing Rules throughout the year ended 31 December 2019,except

156、during the period from 5 June 2019 to 18 July 2019,the Company had less than three independent non-executive Directors,which results in the number of independent non-executive Directors falling below the minimum number required under Rule 5.05(1)of the GEM Listing Rules.Specific enquiry has been mad

157、e by the Company to each of the independent non-executive Directors to confirm their independence.In this connection,the Company has received positive confirmations from all of the independent non-executive Directors.Based on the confirmations received,the Company is of the view that all independent

158、 non-executive Directors are independent under the GEM Listing Rules.董事會組成於報告期內及 直至本報告日期，董事會組成載列如下：執行董事劉英杰先生（主席）（附註）Zhou Jin女士（於二零一九年四月十二日獲委任）朱洲先生（主席）（於二零一九年六月二十八日辭任）焦飛女士（於二零一九年四月十二日辭任）獨立非執行董事曹洪民先生（於二零一九年一月二十二日獲委任）陳志斌先生（於二零一九年七月十九日獲委任）李嘉輝先生（於二零一九年七月十九日獲委任）劉陽先生（於二零一九年一月二十二日辭任）陳錦華先生（於二零一九年六月五日辭任）附註：劉英

159、杰先生於二零一八年九月十九日獲委任為獨立非執行董事及於二零一九年六月二十八日調任為執行董事兼主席。本公司於截至二零一九年十二月三十一日止年度遵守GEM上市規則第5.05(1)條 及第5.05A條之規定，惟於二零一九年六月五日至二零一九年七月十八日期間，本公司有少於三名獨立非 執行董事，導致獨立非執行董事數目低於GEM上市規則第5.05(1)條規定之最低數目。本公司已向各獨立非執行董事作出特定查詢，以確認彼等的獨立性。就此而言，本公司已獲得全體獨立非執行董事的正面確 認。根據 所 獲確 認，本公司認 為，根據GEM上市規則，全體獨立非執行董事均屬獨立人士。27ANNUAL REPORT 2019

160、 年報CORPORATE GOVERNANCE REPORT企業管治報告除本年報 董事及高級管理層履 歷詳情一節所披露者外，董事會成員及高級管理層之間概無財務、業務、親 屬或其他重大或關連關係。董事會及股東大會董事會定期舉行會議以討論本集團之整體策略、業務及 財務表現。董事可親身或透過電子通訊的形式出席會議。於報告期內，董事會舉行了13次會議及1次股東大會。各董事出席董事會會議及股東大會的記錄載列如下：Save as disclosed in the section of“Biographical Details of the Directors and Senior Management”i

161、n this annual report,there is no financial business,family or other material or relevant relationship among members of the Board and senior management.Board and General MeetingsThe Board meets regularly to discuss the overall strategy as well as operation and financial performance of the Group.Direc

162、tors may participate either in person or through electronic means of communications.During the Reporting Period,the Board had 13 meetings and 1 general meetings.The attendance of the respective Directors at the Board meetings and general meetings are set out below:Attendance/Number of meetings出席召開會議

163、次數Board meetingGeneral meeting董事會會議股東大會Executive Director執行董事Mr.Liu Yingjie(Note 1)劉英杰先生（附註1）13/130/1Ms.Zhou Jin(Note 2)Zhou Jin女士（附註2）12/120/1Mr.Zhu Zhou(Note 3)朱洲先生（附註3）5/51/1Ms.Jiao Fei(Note 4)焦飛女士（附註4）2/20/1Independent Non-executive Director獨立非執行董事Mr.Cao Hongmin(Note 5)曹洪民先生（附註5）11/120/1Mr.Chan

164、Chi Pan(Note 6)陳志斌先生（附註6）5/70/0Mr.Li Kar Fai Peter(Note 7)李嘉輝先生（附註7）6/70/0Mr.Liu Yang(Note 8)劉陽先生（附註8）1/10/0Mr.Chan Kam Wah(Note 9)陳錦華先生（附註9）4/40/028GLORY FLAME HOLDINGS LIMITED 朝威控股有限公司CORPORATE GOVERNANCE REPORT企業管治報告附註：1.劉 英 杰 先 生 於二零 一八年九 月十九日獲 委任 為 獨 立 非 執 行 董 事及 於二零 一九 年六 月二十八日調任為執行董事兼主席。2.Zho

165、u Jin女士於二零一九年四月十二日獲委任為執行董事。3.朱洲先生 於二零一九年六月二十八日辭任執行董事及董事會主席。4.焦飛女士於二零一九年四月十二日辭任執行董事。5.曹洪民先生 於二零一九年一月二十二日獲委任為獨立非執行董事。6.陳志斌先生於二零一九年七月十九日獲委任為獨立非執行董事。7.李嘉輝先生於二零一九年七月十九日獲委任為獨立非執行董事。8.劉陽先生 於二零一九年一月二十二日辭任獨立非執行董事。9.陳錦華先生於二零一九年六月五日辭任獨立非執行董事。董事進行證券交易的操守守則 本公司已採納GEM上市規則第5.48至5.67條所載的規定準則作為董事就本公司股份進行證券交易的操守守則（操守

166、守則）。經本公司向全體董事作出特定查詢，全體董事已確認，彼等於整個報告期內一直全面遵守操守守則所載的規定買賣準則。Note:1.Mr.Liu Yingjie was appointed as independent non-executive Director on 19 September 2018 and re-designated as executive Director and chairman of the Board on 28 June 2019.2.Ms.Zhou Jin was appointed as executive Director on 12 April 2019

167、.3.Mr.Zhu Zhou resigned as executive Director and chairman of the Board on 28 June 2019.4.Ms.Jiao Fei resigned as executive Director on 12 April 2019.5.Mr.Cao Hongmin was appointed as independent non-executive Director on 22 January 2019.6.Mr.Chan Chi Pan was appointed as independent non-executive D

168、irector on 19 July 2019.7.Mr.Li Kar Fai Peter was appointed as independent non-executive Director on 19 July 2019.8.Mr.Liu Yang resigned as independent non-executive Director on 22 January 2019.9.Mr.Chan Kam Wah resigned as independent non-executive Director on 5 June 2019.CODE OF CONDUCT FOR SECURI

169、TIES TRANSACTIONS BY DIRECTORSThe Company has adopted the required standard of dealings set out in Rules 5.48 to 5.67 of the GEM Listing Rules as the code of conduct regarding securities transactions by Directors in respect of the shares of the Company(the“Code of Conduct”).After specific enquiries

170、of all the Directors by the Company,all Directors have confirmed that they have fully complied with the required standard of dealing set out in the Code of Conduct throughout the Reporting Period.29ANNUAL REPORT 2019 年報CORPORATE GOVERNANCE REPORT企業管治報告董事的持續專業發展計劃 本集團肯定董事獲得足夠及充份持續專業發展對健全而行之有效的內部監控系統及

171、 企業管治的重要性。為此，本集團一直鼓勵董事出席有關培訓課程，以獲取有關企業管治的最新消息及知識。於報告期內，本公司鼓 勵全體董事亦已出席最少一次培訓課程，內容有關GEM上市規則中涉及良好企業管治常規的最新資料。本公司將按需要為董事提供適時及定期培訓，以確保彼等緊跟GEM上市規則的最新規定。本集團亦已採納一項政策，實報實銷董事就任何企業管治及內部監控所產生相關培訓費用及開支。董事委員會董事會已根據相關GEM上市規則成立若干功能性委員會，以協助董事會履行職務，現時已成立三個委員會，即審 核委員會（審核委員會）、提名委員會（提名委員會）及薪酬委員會（薪酬委員會）。該等委員會的職能及職責載於相關職權

172、範圍，該等職權範圍的嚴格程度不遜於守則所列者。三個委員會各自的相關職權範圍可於本集團網站(www.gf-)查閱。本集團已向所有委員會提供充足資源及支援，以履行委員會職責。DIRECTORS CONTINUING PROFESSIONAL DEVELOPMENT PROGRAMMEThe Group acknowledges the importance of adequate and ample continuing professional development for the Directors for a sound and effective internal system and

173、corporate governance.In this regard,the Group has always encouraged our Directors to attend relevant training courses to receive the latest news ad knowledge regarding corporate governance.During the Reporting Period,the Company has encouraged all Directors to attend at least one training course on

174、the updates of the GEM Listing Rules concerning good corporate governance practices.The Company will,if necessary,provide timely and regular trainings to the Directors to ensure that they are kept abreast of the latest requirements under the GEM Listing Rules.The Group has also adopted a policy to r

175、eimburse the Directors for any relevant training costs and expenses incurred concerning corporate governance and internal control.BOARD COMMITTEESThe Board has established a number of functional committees in compliance with the relevant GEM Listing Rules and to assist the Board to discharge its dut

176、ies.Currently,three committees has been established,i.e.the audit committee(the“Audit Committee”),the nomination committee(the“Nomination Committee”)and the remuneration committee(the“Remuneration Committee”).The function and responsibilities of these committees have been set out in the relevant ter

177、ms of reference which are of no less stringent than that stated in the Code.The relevant terms of reference of each of the three can be found on the Groups website(www.gf-).All committees have been provided with sufficient resources and support from the Group to discharge their duties.30GLORY FLAME

178、HOLDINGS LIMITED 朝威控股有限公司CORPORATE GOVERNANCE REPORT企業管治報告審核委員會本公司於二零一四年八月二日設立審核委員會，並遵照GEM上市規則第5.28至5.33條及守則條文第C.3.3及C.3.7條的規定訂明其職權範圍。審核委員會大部份成員須為非獨立執行董事並須由獨立非執行董事擔任主席。倘若審核委員會任何成員不再為董事，其將自動不再為審 核委員會的成員。審 核委員會 須包括最少三名成員，其中至少一名獨立非執行董事具有GEM上市規則第5.05(2)條 所規定的適當專業資格或會計或相關財務管理專長。此外，審核委員會大部分應為獨立非執行董事。於本報告日

179、期，審 核委員會由三名成員組 成，即 李嘉 輝先生（主 席）、陳 志 斌 先生及曹洪民先生。本公司於截至二零一九年十二月三十一日止年度期間一直遵守GEM上市規則第5.28條的規定，惟於二零一九年六月五日至二零一九年七月十八日期間，本公司有少於三名審 核委員會成員，導致審 核委員會成員人數低於GEM上市規則第5.28條 所規定的最低人數。AUDIT COMMITTEEThe Company has established the Audit Committee on 2 August 2014 with its terms of reference in compliance with Rule

180、s 5.28 to 5.33 of the GEM Listing Rules,and provisions C.3.3 and C.3.7 of the Code.The majority of the Audit Committee members must be independent non-executive Directors and must be chaired by an independent non-executive Directors.If any member of the Audit Committee ceases to be a Director,he/she

181、 will cease to be a member of the Audit Committee automatically.The Audit Committee must comprise a minimum of three members,at least one of whom is an independent non-executive Director with appropriate professional qualification or accounting or related financial management expertise as required u

182、nder Rule 5.05(2)of the GEM Listing Rules.In addition,the majority of the Audit Committee shall be independent non-executive Directors.As at the date of this report,the Audit Committee comprises three members,namely Mr.Li Kar Fai Peter(Chairman),Mr.Chan Chi Pang and Mr.Cao Hongmin.The Company compli

183、ed with the requirement under Rule 5.28 of the GEM Listing Rules throughout the year ended 31 December 2019,except during the period from 5 June 2019 to 18 July 2019,the Company had less than three Audit Committee members,which results in the number of Audit Committee members falling below the minim

184、um number required under Rule 5.28 of the GEM Listing Rules.31ANNUAL REPORT 2019 年報CORPORATE GOVERNANCE REPORT企業管治報告根據職權範圍，審核委員會之主要職責為（其中包括）（有關完整的職權範圍，請參閱本公司的網站www.gf-)：1.就本公司外聘核數師的委任及重新委任向董事會提供建議、批準本公司外聘核數師的薪酬及聘用條款；2.按適用的標準檢討及監察本公司外聘核數師是否獨立客觀及核數程序是否有效；3.就本公司外聘核數師提供非核數服務（如有）制定政策，並予以執行；4.監察本公司的財務報表以及

185、年度報告及 賬目及半年度報告的完整性，並審閱報表及報告所載有關財務申報的重大判斷；5.與本公司外聘核數師討論在全年賬目審核中出現的問題及存疑之處；6.審閱本公司外聘核數師致本公司管理層的函件及管理層之回應；7.於提交董事會批準前，審閱本公司年度報告所列有關本公司內部控制系統的報表；8.檢討本公司的財務申報、財務監控、內部監控及風險管理制度；With reference to the terms of reference,the primary responsibilities of the Audit Committee are,among others(for the complete te

186、rms of reference,please refer to the Companys website at www.gf-):1.to make recommendations to the Board on the appointment and re-appointment of the Companys external auditors,and approve the remuneration and terms of engagement of the Companys external auditors;2.to review and monitor the Companys

187、 external auditors independence and objectivity and the effectiveness of the audit process in accordance with applicable standards;3.to develop and implement policy on engaging the Companys external auditors to supply non-audit services,if any;4.to monitor integrity of the Companys financial stateme

188、nts and annual report and accounts,half-year report and review significant financial reporting judgments contained in them;5.to discuss with the Companys external auditors questions and doubts arising in audit of annual accounts;6.to review the letter of the Companys management from the Companys ext

189、ernal auditors and the managements response;7.to review the statement about the Companys internal control system as included in the Companys annual report prior to submission for the Boards approval;8.to review the Companys financial reporting,financial controls,internal control and risk management

190、system;32GLORY FLAME HOLDINGS LIMITED 朝威控股有限公司CORPORATE GOVERNANCE REPORT企業管治報告9.與本公司管理層討論內部監控系統，確保管理層已履行職責建立有效的內部監控系統；10.主動或應董事會的委派，就有關內部監控事宜的重要調查結果及管理層對調查結果的回應進行研究；11.檢討本集團的財務及會計政策及實務；12.檢討本公司僱員可暗中就財務申報、內部監控或其他方面可能發生的不正當行為提出關注的安排；及13.根據審核委員會的職權範圍向董事會匯報相關事宜並考慮董事會所界定的其他主題。於報告期內，審核委員會舉行了4次會議。於報告期內，審核

191、委員會成員之出席記錄概述如下：9.to discuss the internal control system with the Companys management to ensure that management has performed its duty to have an effective internal control system;10.to consider major investigation findings on internal control matters as delegated by the Board or on its own initiativ

192、e and managements response to these findings;11.to review the financial and accounting policies and practices of the Group;12.to review arrangements employees of the Company can use,in confidence,to raise concerns about possible improprieties in financial reporting,internal control or other matters;

193、and13.to report to the Board on that matters pursuant to the terms of reference of the Audit Committee and consider other topics as defined by the Board.During the Reporting Period,the Audit Committee had held 4 meetings.The attendance records of the members of the Audit Committee during the Reporti

194、ng Period are summarized below:Attendance/Number of meetings出席次數會議次數Member of Audit Committee審核委員會成員Mr.Li Kar Fai Peter(Note 1)李嘉輝先生（附註1）2/2Mr.Chan Chi Pan(Note 2)陳志斌先生（附註2）1/2Mr.Cao Hongmin(Note 3)曹洪民先生（附註3）4/4Mr.Chan Kam Wah(Note 4)陳錦華先生（附註4）2/2Mr.Liu Yingjie(Note 5)劉英杰先生（附註5）2/2Mr.Liu Yang(Note 6

195、)劉陽先生（附註6）0/033ANNUAL REPORT 2019 年報CORPORATE GOVERNANCE REPORT企業管治報告附註：1.李嘉輝先生於二零一九年七月十九日獲委任為審核委員會主席。2.陳志斌先生於二零一九年七月十九日獲委任為審核委員會成員。3.曹洪民先生 於二零一九年一月二十二日獲委任為審核委員會成員。4.陳錦華先生於二零一九年六月五日終止擔任審核委員會主席。5.劉英杰先生 於二零一九年六月二十八日終止擔任審核委員會成員。6.劉陽先生 於二零一九年一月二十二日終止擔任審核委員會成員。於報告期內，審核委員會已審閱本集團截至二零一八年十二月三十一日止年度的經審 核業 績、本

196、集團截至二零一九年三月三十一日止三個月的未經審 核季度業績、本集團截至二零一九年六月三十日止六個月的未經審核中期業 績、本集團截至二零一九年九月三十日止九個月的未經審核季度業績，以及討論內部監控及財務申報事宜。審 核委員會亦已審閱本集團於報告期的經審核全年業績及本年報，並確認本年報符合適用準則、GEM上市規則及 其他適用法律規定，且已作出足夠披露。董事與審核委員會於挑選及委任外聘核數師方面並無意見分歧。除本報告披露者外，董事會認 為，於報告期內及截至本報告日期止，審 核委員會已妥善履行其職務及職責。Note:1.Mr.Li Kar Fai Peter was appointed as chai

197、rman of Audit Committee on 19 July 2019.2.Mr.Chan Chi Pan was appointed as member of Audit Committee on 19 July 2019.3.Mr.Cao Hongmin was appointed as member of Audit Committee on 22 January 2019.4.Mr.Chan Kam Wah ceased as chairman of Audit Committee on 5 June 2019.5.Mr.Liu Yingjie ceased as member

198、 of Audit Committee on 28 June 2019.6.Mr.Liu Yang ceased as member of Audit Committee on 22 January 2019.During the Reporting Period,the Audit Committee had reviewed the Groups audited results for the year ended 31 December 2018,the unaudited quarterly results of the Group for the three months ended

199、 31 March 2019,the unaudited interim results of the Group for the six months ended 30 June 2019,the unaudited quarterly results of the Group for the nine months ended 30 September 2019 and discussed internal controls and financial reporting matters.The Audit Committee had also reviewed the Groups au

200、dited annual results for the Reporting Period,this annual report,and confirmed that this annual report complies with the applicable standard,the GEM Listing Rules,and other applicable legal requirements and those adequate disclosures have been made.There is no disagreement between the Directors and

201、the Audit Committee regarding the selection and appointment of the external auditors.Save as disclosed in this report,the Board is of the view that the Audit Committee has properly discharged its duties and responsibilities during the Reporting Period and up to the date of this report.34GLORY FLAME

202、HOLDINGS LIMITED 朝威控股有限公司CORPORATE GOVERNANCE REPORT企業管治報告薪酬委員會本公司於二零一四年八月二日設立薪酬委員會，並遵照GEM上市規則第5.34至5.36條及守則條文第B.1.1至B.1.4條訂明其職權範圍。於本報告日期，薪酬委員會由三名成員組成，即曹洪民先生（主席）、陳志斌先生及李嘉輝先生，彼等均為獨立非執行董事。根 據 薪 酬 委 員 會 的 職 權 範 圍，薪酬 委 員 會 的 主 要 職 責 包 括（有 關 完整 職 權 範 圍，請 參 閱 本 公 司 的 網 站www.gf-)：1.就其他執行董事的薪酬建議諮詢董事會主席及或行政總

203、裁；2.就本公司全體董事及高級管理人員的薪酬政策及架構，及就設立正規而具透明度的程序制訂薪酬政策，向董事會提出建議；3.因應董事會所訂企業方針及目標而檢討及批準管理層的薪酬建議；4.向董事會建議個別執行董事及高級管理人員的薪酬待遇；5.就非執行董事的薪酬向董事會提出建議；6.考慮同類公司支付的薪酬、須付出的時間及職責，以及本公司及 其附屬公司的其他職位的僱用條件；REMUNERATION COMMITTEEThe Remuneration Committee was established on 2 August 2014 with terms of reference in complian

204、ce with Rules 5.34 to 5.36 at the GEM Listing Rules,and provision B.1.1 to B.1.4 of the Code.As at the date of this report,the Remuneration Committee comprises three members,namely Mr.Cao Hongmin(Chairman),Mr.Chan Chi Pan and Mr.Li Kar Fai Peter,all of whom are independent non-executive Directors.Wi

205、th reference to the terms of reference of the Remuneration Committee,the primary responsibilities of the Remuneration Committee include(for the complete terms of reference,please refer to the Companys website at www.gf-):1.to consult the chairman of the Board and/or chief executive about their remun

206、eration proposals for other executive Directors;2.to make recommendations to the Board on the Companys policy and structure for all Directors and senior managements remuneration and on the establishment of a formal and transparent procedure for developing remuneration policy;3.to review and approve

207、the managements remuneration proposals with reference to the Boards corporate goals and objectives;4.to make recommendation to the Board on the remuneration packages of individual executive Directors and senior management;5.to make recommendations to the Board on the remuneration of non-executive Di

208、rectors;6.to consider salaries paid by comparable companies,time commitment and responsibilities and employment conditions elsewhere in the Company and its subsidiaries;35ANNUAL REPORT 2019 年報CORPORATE GOVERNANCE REPORT企業管治報告7.檢討及批準向執行董事及高級管理人員就其喪失或終止職務或委任而須支付的賠償，以確保該等賠償與合約條 款一致；若未能與合約條 款一致，賠 償亦須公平，

209、不致 過 多；及8.檢討及批準因董事行為失當而解僱或罷免有關董事所涉及的賠償安排，以確保該等安排與合約條 款一致；若未能與合約條 款一致，有關賠償亦須合理適當。於報告期內，薪酬委員會舉行了5次會議。薪酬委員會成員的出席記錄概述如下：附註：1.曹洪民先生 於二零一九年一月二十二日獲委任為薪酬委員會主席。2.陳志斌先生於二零一九年七月十九日獲委任為薪酬委員會成員。3.李嘉輝先生於二零一九年七月十九日獲委任為薪酬委員會成員。4.陳錦華先生於二零一九年六月五日終止擔任薪酬委員會成員。5.劉英杰先生 於二零一九年六月二十八日終止擔任薪酬委員會成員。6.劉陽先生 於二零一九年一月二十二日終止擔任薪酬委員會

210、主席。7.to review and approve compensation payable to executive Directors and senior management for any loss or termination of office or appointment to ensure that it is consistent with contractual terms and is otherwise fair and not excessive;and8.to review and approve compensation arrangements relati

211、ng to dismissal or removal of Directors for misconduct to ensure that they are consistent with contractual terms and are otherwise reasonable and appropriate.During the Reporting Period,the Remuneration Committee held 5 meetings.The attendance records of the members of the Remuneration Committee are

212、 summarized below:Attendance/Number of meetings出席次數會議次數Member of Remuneration Committee薪酬委員會成員Mr.Cao Hongmin(Note 1)曹洪民先生（附註1）4/4Mr.Chan Chi Pan(Note 2)陳志斌先生（附註2）1/1Mr.Li Kar Fai Peter(Note 3)李嘉輝先生（附註3）1/1Mr.Chan Kam Wah(Note 4)陳錦華先生（附註4）3/3Mr.Liu Yingjie(Note 5)劉英杰先生（附註5）4/4Mr.Liu Yang(Note 6)劉陽先生（

213、附註6）1/1Note:1.Mr.Cao Hongmin was appointed as chairman of Remuneration Committee on 22 January 2019.2.Mr.Chan Chi Pan was appointed as member of Remuneration Committee on 19 July 2019.3.Mr.Li Kar Fai Peter was appointed as member of Remuneration Committee on 19 July 2019.4.Mr.Chan Kam Wah ceased as

214、member of Remuneration Committee on 5 June 2019.5.Mr.Liu Yingjie ceased as member of Remuneration Committee on 28 June 2019.6.Mr.Liu Yang ceased as chairman of Remuneration Committee on 22 January 201936GLORY FLAME HOLDINGS LIMITED 朝威控股有限公司CORPORATE GOVERNANCE REPORT企業管治報告於報告期內，薪酬委員會已審閱(1)報告期內所委任董事的

215、薪酬；(2)所委任董事服務協 議的條 款；及(3)截 至二零一八年十二月三十一日止年度董事的薪酬方案及表現。除本報告披露者外，董事會認 為，於報告期及截至本報告日期止，薪酬委員會已妥善履行其職責及職務。提名委員會本公司於二零一四年八月二日設立提名委員會，並遵照守則條文第A.5.2至A.5.6條訂明其職權範圍。於本報告日期，提名委員會由三名成員組成，即陳志斌先生（主席）、李嘉輝先生及曹洪民先生，彼等均為獨立非執行董事。根 據 提 名 委 員 會 的 職 權 範 圍，提 名委 員 會 的 主 要 職 責 包 括（有 關 完 整的 職 權 範 圍，請 參 閱 本 公 司 的 網 站www.gf-)：

216、1.檢討董事會的架構、人數及組成（包括技能、知識及經驗方面），並就為配合本公司的公司策略而擬對董事會作出的變動（如有）提出建議；2.檢討本公司的董事會成員多元化政策及就該政策制定的目標的執行進度；3.物色具備合適資格可擔任董事的人士，並挑選提名有關人士出任董事或就此向董事會提供意見；During the Reporting Period,the Remuneration Committee had reviewed(1)the remuneration of Directors appointed during the Reporting Period;(2)the terms of the

217、service agreement with the appointing Directors;and(3)the remuneration packages and performance of the Directors during the year ended 31 December 2018.Save as disclosed in this report,the Board is of the view that the Remuneration Committee has properly discharged its duties and responsibilities du

218、ring the Reporting Period and up to the date of this report.NOMINATION COMMITTEEThe Nomination Committee was established on 2 August 2014 with terms of reference in compliance with provisions A.5.2 to A.5.6 of the Code.As at the date of this report,the Nomination Committee comprises three members,na

219、mely Mr.Chan Chi Pan(Chairman),Mr.Li Kar Fai Peter and Mr.Cao Hongmin.all of whom are independent non-executive Directors.With reference to the terms of reference of the Nomination Committee,the primary responsibilities of the Nomination Committee include(for the complete terms of reference,please r

220、efer to the Companys website at www.gf-):1.to review the structure,size and composition(including the skills,knowledge and experience)of the Board and make recommendation on proposed changes,if any,to the Board to complement the Companys corporate strategy;2.to review the Companys board diversity po

221、licy and the progress on achieving the objectives set for implementing the said policy;3.identifying individuals suitably qualified to become Board members and select or make recommendations to the Board on the selection of individuals nominated for directorships;37ANNUAL REPORT 2019 年報CORPORATE GOV

222、ERNANCE REPORT企業管治報告4.評核獨立非執行董事的獨立性；及5.就董事委任或重新委任以及董事（尤其是主席及行政總裁）繼任計劃向董事會提出建議。於報告期內，提名委員會舉行了4次會議。提名委員會成員的出席記錄概述如下：附註：1.陳志斌先生於二零一九年七月十九日獲委任為提名委員會主席。2.曹洪民先生 於二零一九年一月二十二日獲委任為提名委員會成員。3.李嘉輝先生於二零一九年七月十九日獲委任為提名委員會成員。4.陳錦華先生於二零一九年六月五日終止擔任提名委員會成員。5.朱洲先生 於二零一九年六月二十八日終止擔任提名委員會主席。6.劉陽先生 於二零一九年一月二十二日終止擔任提名委員會成員。

223、於報告期間，提名委員會已審閱董事會架構、規模及 成員組 成，評估獨立非執行董事的獨立性、審閱董事資歷及董事會成員多元化政策的實施進程。4.to assess the independence of independent non-executive Directors;and5.to make recommendations to the Board on the appointment or re-appointment of Directors and succession planning for Directors,in particular the chairman and the

224、chief executive.During the Reporting Period,the Nomination Committee had held 4 meetings.The attendance records of the members of the Nomination Committee are summarized below:Attendance/Number of meetings出席次數會議次數Member of Nomination Committee提名委員會成員Mr.Chan Chi Pan(Note 1)陳志斌先生（附註1）0/0Mr.Cao Hongmin

225、(Note 2)曹洪民先生（附註2）3/3Mr.Li Kar Fai Peter(Note 3)李嘉輝先生（附註3）0/0Mr.Chan Kam Wah(Note 4)陳錦華先生（附註4）3/3Mr.Zhu Zhou(Note 5)朱洲先生（附註5）4/4Mr.Liu Yang(Note 6)劉陽先生（附註6）1/1Note:1.Mr.Chan Chi Pan was appointed as chairman of Nomination Committee on 19 July 2019.2.Mr.Cao Hongmin was appointed as member of Nominati

226、on Committee on 22 January 2019.3.Mr.Li Kar Fai Peter was appointed as member of Nomination Committee on 19 July 2019.4.Mr.Chan Kam Wah ceased as member of Nomination Committee on 5 June 2019.5.Mr.Zhu Zhou ceased as chairman of Nomination Committee on 28 June 2019.6.Mr.Liu Yang ceased as member of N

227、omination Committee on 22 January 2019During the Reporting Period,the Nomination Committee had reviewed the structure,size and composition of the Board,assessed the independence of the independent non-executive Directors,and reviewed the qualifications of the Directors and the progress on the implem

228、entation of the board diversity policy.38GLORY FLAME HOLDINGS LIMITED 朝威控股有限公司CORPORATE GOVERNANCE REPORT企業管治報告除本報告披露者外，董事會認 為，於報告期及截至本報告日期止，提名委員會已妥善履行其職務及職責。提名政策本公司已於二零一九年一月一日採納一項提名政策（提名政策），旨在加強董事會及或提名委員會於董事（包括獨立非執行董事）選舉方面的透明度及問責性。董事會將不時檢討提名政策。董事甄選標準提名委員會於評估向董事會提名擬定候選人之合適性以供其考慮及於股東大會上就選舉本公司董事向股東作出推

229、薦建議及委任彼填補空缺時，可參考以下因素：於本公司業務所在或將涉足之相關行業的資格及經驗；可投入時間及相關事務關注的承諾；誠信聲譽；及 董事會各方面的多元化，包括但不限於性別、文化及教育背景、種族、專業經驗、技能、知識及服務年期。該等因素僅供參考，並非盡列所有因素，亦不具決定性作用。提名委員會可酌情決定提名其認為適當之任何人士。Saved as disclosed in this report,the Board is of the view that the Nomination Committee has properly discharged its duties and respons

230、ibilities during the Reporting Period and up to the date of this report.NOMINATION POLICYThe Company adopted a nomination policy(“Nomination Policy”)on 1 January 2019.It aims at strengthen the transparency and accountability of the Board and/or Nomination Committee on election of directors including

231、 independent non-executive directors.The Board will review the Nomination Policy from time to time.Selection Criteria of DirectorsThe factors listed below would be used as reference by the Nomination Committee in assessing the suitability of a proposed candidate to be nominated to the Board for it t

232、o consider and make recommendation to shareholders for election as directors of the Company at the general meetings and appoint him/her to fill casual vacancies.Qualifications and experience in the relevant industries in which the Companys business is involved or is going to be involved;Commitment i

233、n respect of available time and relevant interest;Reputation for integrity;and Diversity in all its aspects,including but not limited to gender,cultural and educational background,ethnicity,professional experience,skills,knowledge and length of service.These factors are for reference only,and not me

234、ant to be exhaustive and decisive.The Nomination Committee has the discretion to nominate any person,as it considers appropriate.39ANNUAL REPORT 2019 年報CORPORATE GOVERNANCE REPORT企業管治報告提名程序提名委員會將召開會議，並 於會前邀請董事會成員提名的候 選人（如有）供提名委員會考慮。提名委員會亦可提名非董事會成員提名之候選人；擬定候選人將按要求遞交必要的個人資料，連同彼同意被委任為本公司董事之書面同意書。提名委員會可

235、能於認為必要時要求候選人提供其他資料及文件；提名委員會將參考上述因素評估擬定候選人是否適任並向董事會作出推薦建議供其考慮及批準；倘於股東大會上重選董事，提名委員會須檢討董事對本公司的整體貢獻及彼等於董事會之服務、參與 度及表現，以及該董事是否仍符合本公司企業策略之需求。董事會多元化本集團已採納有關董事會成員多元化的政策，該政策概要如下：1.董事會成員選舉將基於一系列多元化標準，包括但不限於性別、年齡、文化及教育背景、專業經驗、技能、知識以及服務年期；及2.提名委員會將不時監察多元化政策的實施情況，以確保多元化政策發揮效用。Nomination ProceduresThe Nomination

236、Committee shall call a meeting,and invite nominations of candidates from Board members(if any)for consideration by the Nomination Committee prior to its meeting.The Nomination Committee may also put forward candidates who are not nominated by Board members;Proposed candidates will be asked to submit

237、 the necessary personal information,together with their written consent to be appointed as a director of the Company.The Nomination Committee may request candidates to provide additional information and documents,if considered necessary;The Nomination Committee shall evaluate the proposed candidates

238、 suitability with reference to the factors stated above and make recommendation(s)to the Boards consideration and approval;In the case of the re-election of a director at the general meeting,the Nomination Committee shall review the overall contribution of the directors to the Company and their serv

239、ices,their participation and performance within the Board,and whether such director still meets the needs to complement the Companys corporate strategy.DIVERSITY OF THE BOARDThe Group has adopted policy in relation to the diversity of the members of the Board and summary of the policy is as follows:

240、1.selection of Board members will be based on a range of diversity perspectives,which would include but not limited to gender,age,cultural and educational background,professional experience,skills,knowledge and length of service;and2.the Nomination Committee will monitor the implementation of the di

241、versity policy from time to time to ensure the effectiveness of the diversity policy.40GLORY FLAME HOLDINGS LIMITED 朝威控股有限公司CORPORATE GOVERNANCE REPORT企業管治報告股息政策本公司已於二零一九年一月一日採納一項股息政策。該政策旨在提升本公司的透明度，以便本公司股東及潛在投資者就本公司作出知情的投資決 定。董事會將不時檢討股息政策。倘本公司有意於未來宣派及派付股息，則任何股息之派付及金額將視乎多項因素而定，包括但不限於：1.本集團之實際及預期財務表現

242、；2.本集團之預期營運資金需求、資金開支需求及未來擴展計劃；3.本公司及本集團各成員公司之保留盈利及可分派儲備；4.本集團之流動資金狀況；5.整體經營狀況及可能影響本集團業務或財務表現及狀況之其他內部或外部因素；及6.本公司董事會視為相關之任何其他因素。股東將有權根據已繳足或入賬列作繳足股份金額按比例收取相關股息、股息之宣派、派付及金額由董事酌情釐定。股息僅可以根據相關法律準許之可分派溢利派付。概不保證本公司將能夠按任何計劃內所載金額宣派或分派任何股息或完全不宣派或派付。本公司過往之股息分派記錄不足以作為釐 定本公司日後可能宣派或派付股息水平之參考或基準。DIVIDEND POLICYThe

243、Company adopted a dividend policy on payment of dividends on 1 January 2019.It aims at enhancing transparency of the Company and facilitating its shareholders and the potential investors of the Company to make informed investment decision relating to the Company.The Board will review the dividend po

244、licy from time to time.While the Company intends to declare and pay dividends in the future,the payment and the amount of any dividends will depend on a number of factors,including but not limited to:1.the Groups actual and expected financial performance;2.the Groups expected working capital require

245、ments,capital expenditure requirements and future expansion plans;3.retained earnings and distributable reserves of the Company and each of the members of the Group;4.the Groups liquidity position;5.the general economic conditions and other internal or external factors that may have an impact on the

246、 business or financial performance and position of the Group;and6.any other factors that the board of directors of the Company deems relevant.Shareholders will be entitled to receive such dividends pro rata according to the amounts paid up or credited as paid up on the shares.The declaration,payment

247、,and amount of dividends will be subject to the Boards discretion.Dividends may be paid only out of distributable profits as permitted under the relevant laws.There can be no assurance that the Company will be able to declare or distribute any dividend in the amount set out in any of the plans or at

248、 all.The Companys dividend distribution record in the past may not be used as a reference or basis to determine the level of dividends that may be declared or paid by the Company in the future.41ANNUAL REPORT 2019 年報CORPORATE GOVERNANCE REPORT企業管治報告核數師薪酬於報告期間內，本集團聘用中匯安達會計師事務所有限公司（中匯安達）為本集團外部核數師，以進行本

249、集團截至二零一九年十二月三十一日止年度財務業績的審核。報告期間已付或應付核數師薪酬載列如下：公司秘書張蔚琦先生（張先生）為本公司公司秘書。張先生 於本公司擁有足夠知識履行本公司公司秘書職能。張先生確 認，於報告期內，彼已接受不少於15小時的相關專業培訓。合規主任朱洲先生於二零一九年六月二十八日辭任本公司合規主任。劉英杰先生自此獲委任為本公司合規主任。AUDITORS REMUNERATIONDuring the Reporting Period,the Group engaged ZHONGHUI ANDA CPA Limited(“ZHONGHUI ANDA”)as the Groups e

250、xternal auditors to conduct audit of the financial results of the Group for the year ended 31 December 2019.The auditors remuneration paid or payable for the Reporting Period is set out below:Services renderedFee paid or payable提供服務已付或應付費用HK$港元Audit of financial statements審核財務報表780,000 COMPANY SECRE

251、TARYMr.Cheung Wai Kee(“Mr.Cheung”)is the company secretary of the Company.Mr.Cheung has adequate knowledge on the Company to discharge his duty as the company secretary of the Company.Mr.Cheung confirmed that he had taken no less than 15 hours of relevant professional training during the Reporting P

252、eriod.COMPLIANCE OFFICERMr.Zhu Zhou resigned as the compliance officer of the Company on 28 June 2019.Mr.Liu Yingjie has since appointed as the compliance officer of the Company.42GLORY FLAME HOLDINGS LIMITED 朝威控股有限公司CORPORATE GOVERNANCE REPORT企業管治報告風險管理及內部控制 董事會負責建 立、維護及審查本集團內部控制和風險管理體系。董事會必須確保本公司建

253、立和維護有效的內部控制和風險管理體系，以實現目標，維護本公司股東及資產的利益。董事會按持續基準不斷監察本集團風險管理及內部控制系統，致力識別、控制已確定風險的影響，並促進實施協調減緩 措 施。與 Treadway 委員會(COSO)二零一三年綜合框架 原則的讚助組織專員兼容的風險管理和內部控制系統旨在管理而不是消除失敗實現業務目標的風險，並提供合理但不絕對的保證反對重大錯報或遺失。本集團制定了風險管理政策，以確定影響業務的主要風險的識別，評估和管理過程。1.每個部門負責確定、評估和管理其各部門的風險，每季度確定和評估主要風險，並採取緩解計劃來管理這些風險；2.管理層負責監督本集團的風險管理和內

254、部控制活動，並與各部門進行季度會議，以確保負責人的風險得到妥善管理且新風險或變化中的風險得到確認和記錄；3.董事會負責審議和批準本集團風險管理和內部控制的有效性和充分性。RISK MANAGEMENT AND INTERNAL CONTROLThe Board is responsible for the establishment,maintenance and review of the Groups system of internal controls and risk management.The Board must ensure that the Company establis

255、hes and maintains effective internal control and risk management systems to meet the objectives and safeguard the interests of the Shareholders and the assets of the Company.The Board oversees the overall risk management and internal control system of the Group on an ongoing basis and endeavors to i

256、dentify,control impact of the identified risks and facilitate implementation of coordinated mitigating measures.The risk management and internal control systems compatible with the Commissioner of Sponsoring Organization of the Treadway Commission(COSO)Integrated Framework 2013 principles are design

257、ed to manage rather than eliminate the risk of failures to achieve business objectives,and provide only reasonable but not absolute assurance against material misstatement or loss.The Group has established a risk management policy set out the process of identification,evaluation and management of th

258、e principal risks affecting the business.1.Each division is responsible for identifying,assessing and managing risks within its division.It identifies and assesses the principal risks on a quarterly basis with mitigation plans to manage those risks;2.The management is responsible for overseeing the

259、risk management and internal control activities of the Group,quarterly meetings with each division to ensure principal risks are properly managed,and new or changing risks are identified and documented;3.The Board is responsible for reviewing and approving the effectiveness and adequacy of the Group

260、s risk management and internal controls.43ANNUAL REPORT 2019 年報CORPORATE GOVERNANCE REPORT企業管治報告風險管理框架加上內部控制，確保與不同業務部門相關的風險得到有效控制，符合本集團心意。本公司並無內部審計部門，並已委聘CT Partners Consultants Limited為外部內部控制顧問，於本年度內對本集團的內部控制制度進行檢討。審查涉及本集團香港建築業務及實施風險管理政策的一些程序，並提出改進建議和加強內部控制制度。沒有確定可能影響本集團財務、經營、合規、控制及 風險管理的重大關切領域。本集團

261、的風險管理和內部控制制度旨在管理而不是消除未能實現業務目標的風險，只能提供合理而不絕對的保證，防止重大錯報或損失。董事會全面負責維護資源充足，員工素質和經驗培訓計劃及會計和財務報告功能預算，董事會已經得出結 論：本集團的風險管理和內部 控制制度已經到位有效。在內幕信息的監控和披露方面，本集團採取了披 露內幕信息的政策，目的是確保內部人員遵守保密要求，履行內幕信息的披露義務。The risk management framework,coupled with our internal controls,ensures that the risk associated with our diffe

262、rent business units are effectively controlled in line with the Groups appetite.The Company does not have an internal audit department and engaged an external internal control consultant,CT Partners Consultants Limited,to conduct review on the internal control system of the Group during the year.The

263、 review covering certain procedures on the construction business in Hong Kong and implementation of risk management policies of the Group and make recommendations for improvement and strengthening of internal control system.No significant areas of concern that may affect the financial,operational,co

264、mpliance,controls and risk management of the Group have been identified.The Groups risk management and internal control system are designed to manage rather than eliminate the risk of failure to achieve business objectives,and can only provide reasonable and not absolute assurance against material m

265、isstatement or loss.The Board has the overall responsibility to maintain the adequacy of resources,staff qualifications and experience training programs and budget of accounting and financial reporting function and the Board has reached the conclusion that the Groups risk management and internal con

266、trol system was in place and effective.With respect to the monitoring and disclosure of inside information,the Group has adopted a policy on disclosure of inside information with an aim to ensure that the insiders abide by the confidentiality requirement and fulfill the disclosure obligation of the

267、inside information.44GLORY FLAME HOLDINGS LIMITED 朝威控股有限公司CORPORATE GOVERNANCE REPORT企業管治報告董事及核數師就財務報表須承擔的責任 董事確認及了解彼等須負責編製財務報表，確保本集團編製的財務報表真實而公平地反映本集團的狀況、業績及現金流量，且符合相關會計準則及原則、適用法例以及GEM上市規則規定的披露條文。董事認為，本集團各財政年度的財務報表均已按有關基準編製。據董事所知，並無不明朗因素涉及可能對本公司持續經營能力構成重大疑問的事件或情況。有關本公司外聘核數師就綜合財務報表須承擔的責任的聲明載於本年報中的獨立

268、核數師報告。章程文件之重大更改 於報告期內，本公司章程文件並無重 大更改。股東大會 股 東 週年大 會（股 東 週年大 會）為董事會與股東可就本集團事務、整體表現及未來發展等直接溝通及交換意見的平臺。董事（包括獨立非 執行董事）會出席股東週年大會回答股東提問。本公司外聘核數師亦獲邀出席股東週年大會，以回答股東有關審核程序及核數師報告的提問。DIRECTORS AND AUDITORS RESPONSIBILITY FOR FINANCIAL STATEMENTSThe Directors acknowledge and understand their responsibility for p

269、reparing the financial statements and to ensure that the financial statements of the Group are prepared in a manner which reflects the true and fair view of the state of affairs,results and cash flows of the Group and are in compliance with the relevant accounting standards and principles,applicable

270、 laws and disclosure provisions required under the GEM Listing Rules.The Directors are of the view that the financial statements of the Group for each financial year have been prepared on this basis.To the best knowledge of the Directors,there are no uncertainties relating to events or conditions th

271、at may cast significant doubt upon the Companys ability to continue as a going concern.Statement of the Companys external auditors responsibilities in respect of the consolidated financial statements is set out in the Independent Auditors Report of this annual report.SIGNIFICANT CHANGES IN CONSTITUT

272、IONAL DOCUMENTSDuring the Reporting Period,there had been no significant changes in the constitutional documents of the Company.GENERAL MEETINGS WITH SHAREHOLDERSThe annual general meeting(the“AGM”)is a forum in which the Board and the Shareholders communicate directly and exchange views concerning

273、the affairs and overall performance of the Group,and its future developments,etc.At the AGM,the Directors(including independent non-executive Directors)will answer questions raised by the Shareholders.The external auditor of the Company is also invited to be present at the AGM to address to queries

274、of the Shareholders concerning the audit procedures and the auditors report.45ANNUAL REPORT 2019 年報CORPORATE GOVERNANCE REPORT企業管治報告本公司應屆股東週年大會將於二零二零年六月八日舉行，大會通告將於大會前最少20個完整營業日內寄發予股東。股東權利在股東要求下召開股東特別大會根據細則第64條，董事會可酌情召開股東特別大會（股東特別大會）。股東特別大會亦須應一名或多名於要求日期持有不少於本公司有權於股東大會上投票的實繳股本十分之一的股東要求而予以召開。該項要求須以書面向董

275、事會或本公司公司秘書提 呈，以要求董事會召開股東特別大會以處理任何該書面要求中所列明的任何事項。有關會議應於提出有關要求後兩個月內舉行。倘董事會於提出該項要求後21日內未能召開該大會，本公司須向提出要求人士償付由提出要求人士因董事會未能召開大會而產生的所有合理開支。股東提名候選董事的程序 根據細則第113條，除退任董事外，任何未經董事會推薦的人士均不具資格於任何股東大會獲選為董事，除非有關提名該人士參選為董事的書面通知及獲被提名人士表明有意參選的書面通知送達本公司總辦事處或註冊辦事處。細則規定提交該等通知書的期限，由不早於寄發為有關選舉所召開股東大會通告翌日起至不遲於舉行有關股東大會日期前七日

276、為止，而向本公司提交該通知的最短時限為最少七日。The forthcoming AGM of the Company is scheduled to be held on 8 June 2020,the notice of which shall be sent to the Shareholders at least 20 clear business days prior to this meeting.SHAREHOLDERS RIGHTSConvening Extraordinary General Meeting on Requisition by ShareholdersPursu

277、ant to article 64 of the Articles,the Board may,whenever it thinks fit,convene an extraordinary general meeting(“EGM”).EGMs shall also be convened on the requisition of one or more Shareholders holding,at the date of deposit of the requisition,not less than one tenth of the paid up capital of the Co

278、mpany having the right of voting at general meetings.Such requisition shall be made in writing to the Board or the company secretary of the Company for the purpose of requiring an EGM to be called by the Board for the transaction of any business specified in such requisition.Such meeting shall be he

279、ld within 2 months after the deposit of such requisition.If,within 21 days of such deposit,the Board fails to proceed to convene such meeting,all reasonable expenses incurred by the acquisition(s)as a result of the failure of the Board shall be reimbursed to the requisitionist(s)by the Company.Proce

280、dures for Shareholders Nomination of DirectorsPursuant to article 113 of the Articles,no person,other than a retiring Director,shall,unless recommended by the Board for election,be eligible for election to the office of Director at any general meeting,unless notice in writing of the intention to pro

281、pose that person for election as a Director and notice in writing by that person of his willingness to be elected shall have been lodged at the head office or at the registration office of the Company.The period for lodgement of the notices required under the Articles will commence no earlier than t

282、he day after the dispatch of the notice of the general meeting appointed for such election and end no later than 7 days prior to the date of such general meeting and the minimum length of the period during which such notices to the Company may be given will be at least 7 days.46GLORY FLAME HOLDINGS

283、LIMITED 朝威控股有限公司CORPORATE GOVERNANCE REPORT企業管治報告股東向董事會提出查詢的程序 股東如對名下持股有任 何問題，可向本公司 的 股 份 過 戶 登 記 處 提 出。股 東 亦可隨時要求索取本公司的公開資料。所有書面查詢或要求可送交本公司的總辦事處或傳真至(852)3571 9460或電郵至infogf-。本公司的總辦事處及其股份過戶登記處地址請參閱本年報 公司資料 一節。投資者關係為 確 保 透 明 及 全 面 向 投 資 者 披 露 資訊，本 集 團 循 多 個 渠 道 向 公 眾 人 士傳 達 資 料，包 括 股 東 大 會、公 告 及財 務 報

284、 告。投 資 者 亦 可 於本公司 網 站(www.gf-)查閱本集團最新消息及資料。為維持良好有效 溝通，本公司與董事會誠邀並鼓勵全體股東出席應屆股東週年大會以及日後所有股東大會。股東亦可循以下渠道向本公司提出書面查詢及意見：地址：香港 九龍尖沙咀 廣東道9號 海港城港威大廈 6座3513室電郵：infogf-Procedures for directing Shareholders enquiries to the BoardShareholders may direct their enquiries concerning their shareholdings to the Compa

285、nys share registrars.Shareholders may also make a request for the Companys information to the extent that such information has been made publicly available by the Company.All written enquiries or requests may be forwarded to the Companys head office or by fax to(852)3571 9460,or by email to infogf-.

286、The addresses of the Company head office and the Companys share registrars can be found in the section headed“Corporate Information”of this annual report.INVESTOR RELATIONSTo ensure transparent and comprehensive disclosures to investors,the Group delivers information of the Group to the public throu

287、gh various channels,including general meeting,public announcement and financial reports.The investors are also able to access the latest news and information of the Group via our website(www.gf-).In order to maintain good and effective communication,the Company together with the Board extend their i

288、nvitation to all shareholders and encourage them to attend the forthcoming AGM and all future general meetings.The shareholders may also forward their enquiries and suggestions n writing to the Company to the followings:Address:Suite 3513,Tower 6 The Gateway,Harbour City 9 Canton Road Tsim Sha Tsui,

289、Kowloon Hong KongEmail:infogf-ENVIRONMENTAL,SOCIAL AND GOVERNANCE REPORT環境、社會及管治報告47ANNUAL REPORT 2019 年報ABOUT GLORY FLAME HOLDINGS LIMITEDGlory Flame Holdings Limited(the“Company”),together with its subsidiaries(collectively referred to as the“Group”),we believe operating sustainably and quality gr

290、owth is the key to our success and the economic basis for us to practice social responsibility.The Group strives to integrate environmentally friendly practices into all aspects of our daily operations to grow its business and create a positive impact in the market.For the year ended 31 December 201

291、9,the Group and its subsidiaries are mainly engaged in(i)provision of construction services and building materials supply,including provision of concrete demolition and construction engineering services,manufacturing and trading of prefabricated precast construction components(ii)sales of agricultur

292、e-related products,(iii)trading of clean coal and others,and(iv)provision of insurance brokerage and consultancy services in Hong Kong.REPORTING SCOPE AND STANDARDSThis report is prepared in accordance with the“Environmental,Social and Governance Reporting Guide”(“ESG Guide”)as set out in Appendix 2

293、0 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited(“SEHK”).The information in this ESG Report is derived from the Groups official documents and statistical data,as well as the integration and summary of monitoring,management and operational information prov

294、ided by subsidiaries of the Group.Information on the environmental and social aspects of the report is set out below whilst information on the governance aspect is set out in the Corporate Governance Report on pages 24 to 46.關於朝威控股有限公司 朝威控股有限公司（本公司，連同其附屬公司統稱 本集團）視可持續的優質增長為取得成功的關鍵和履行社會責任的經濟基礎。本集團努力將環

295、保做法貫徹融入日常營運的所有方面，藉此促 進業務增長和為市場帶來正面影響。截至二零一九年十二月三十一日止年度，本集團及其附屬公司主要從事(i)提供 建築服務及樓宇材料供應，包括提供混凝土拆卸及建築工程服務、製造及買賣裝配式建築組件；(ii)銷售農業設備；(iii)買賣清潔煤及其他；及(iv)在香港提供保險經紀及諮詢服務。報告範圍及準則 本報告乃根據香港聯合交易所有限公司（聯交所）GEM證券上市規則附錄20 環境、社會及管治報告指引（環境、社會及管治報告指引）編製。本環境、社會及管治報告的資料來自本集團官方文件及統計數據以及本集團附屬公司所提供的監察、管理及營運資料的匯總概括。有關本報告環境及社

296、會層面的資料載於下文，而有關管治方面的資料載於企業管治報告第24至46頁。48GLORY FLAME HOLDINGS LIMITED 朝威控股有限公司ENVIRONMENTAL,SOCIAL ANDGOVERNANCE REPORT環境、社會及管治報告本環境、社會及管治報告的報告期間為二零一九年一月一日至二零一九年十二月三十一日（報告期間）。本報告著重說明我們於提供混凝土拆卸及建築工程服務以及製 造 及 買賣裝配 式 建 築 組件（約 佔本集團報告期間綜合收入的約97.2%）時進行的業務活動所造成的重大環境及社會影響。除另有規定外，關鍵績效指標計算（除員工組成外）涵蓋本集團於香港的營運。有關

297、我們中國辦公室的定量披露並無載入本報告，原因為其產生的環境足跡相對較小或仍在設立中。雖然本報告僅涵蓋了本集團的部分重要營運，本集團將目標定為更新內部數據收集程序，並於合適情況下在日後的報告中逐步擴大披露範圍。持份者參與持份者對本集團的期望、看法及反饋對我們日後發展而言極為重要。因此，本集團致力於與內外部持份者進行深度溝通，積極透過各種渠道向彼等呈報我們經更新的營運狀況。我們將彼等的意見融入日常經營決 策，努力平衡有關各方的權益和滿足持份者的預期及需求。下表列示本集團持份者名單。The reporting period of this ESG report is from 1 January 2

298、019 to 31 December 2019(“Reporting Period”).This report highlights significant environmental and social impacts of our business activities in provision of concrete demolition and construction engineering services;manufacturing and trading of prefabricated precast construction components,which accoun

299、ted for approximately 97.2%of the Groups consolidated revenue for the Reporting Period.Unless otherwise specified,the key performance index calculation(except staff composition)covers the Groups operations in Hong Kong.Quantitative disclosures in relation to our offices in the PRC are excluded from

300、this report due to either relatively small environmental footprint or under establishment.While this report only covers significant partial operations of the Group and the Group aims to upgrade its internal data collection procedures and gradually expand the scope of disclosure in future reports whe

301、n appropriate.ENGAGEMENT WITH STAKEHOLDERSStakeholders expectation,view and feedback towards the Group is of ultimate importance to its future development.The Group has therefore committed itself to in-depth communication with both internal and external stakeholders and presents our updated operatio

302、n condition to them proactively through various channels.We integrate their opinions with our daily operational decisions,strive to balance the interests of the parties and satisfy the expectations and demands of stakeholders.The table below shows a list of the Groups stakeholders.49ANNUAL REPORT 20

303、19 年報ENVIRONMENTAL,SOCIAL ANDGOVERNANCE REPORT環境、社會及管治報告Stakeholder Groups持份者組別Specific Stakeholder特定持份者Communication Channel溝通渠道Investors投資者 Shareholders 股東 Potential investors 潛在投資者 Corporate website 企業網站 Annual and interim financial report 年度及中期財務報告 Quarterly reports and announcements 季度報告及公告 Ann

304、ual general meetings 股東週年大會 Disclosure of listed information 披露上市資料Employees僱員 Senior management 高級管理層 Staff 員工 Direct workers 直接工人 Potential recruits 潛在僱員 Direct communication 直接溝通 Independent focus groups and interviews 獨立專項小組及面試 Training and seminars 培訓及研討會 Regular performance assessment 定期表現評估 C

305、SR and volunteering activities 企業社會責任及志願活動Customers客戶 Main-contractors 總承建商 Buyers 買家 Ultimate users 最終用戶 Periodical meetings with contractors and customers 與承包商及客戶定期開會 Customers assessment 客戶評估 Designated customer hotline 客戶專線 Social media 社交媒體Suppliers/Contractors供應商承包商 Material suppliers 材料供應商 Su

306、b-contractors 分包商 Service providers 服務供應商 Suppliers assessment 供應商評估 Daily work review 每日工作檢討 Site inspection/meeting with sub-contractors 實地視察與分包商開會50GLORY FLAME HOLDINGS LIMITED 朝威控股有限公司ENVIRONMENTAL,SOCIAL ANDGOVERNANCE REPORT環境、社會及管治報告Stakeholder Groups持份者組別Specific Stakeholder特定持份者Communication

307、 Channel溝通渠道Community政府 National and local community organisations 全國及當地社區組織 Charitable donations 慈善捐贈 Volunteering activities 志願活動Government政府 National and local governments 全國及當地政府 Regulators 監管機構 Written correspondence 書面信函 Statutory reports and general disclosures 法定報告及一般披露MATERIALITY ASSESSMENT

308、In order to gain better understanding on the expectations,perceptions and concerns of our stakeholders,we have engaged our management team and employees in identifying the Groups material ESG issues.With the identified material ESG aspects,we strive to ensure proper measures on significant issues ar

309、e addressed adequately throughout our business activities.PROTECTING THE ENVIRONMENTWith greater concerns from the general public on the impacts of global warming and climate change,we acknowledge our responsibility to protect the environment as an integral part of our business operations.The Group

310、is committed to upholding high environmental standards,not only fulfil relevant requirements under applicable laws and ordinances,but also to become a sustainable leader and corporate citizen in our community and industry.重要性評估為更好地了解持份者的期望、看法及關注，我們已讓管理團隊及僱員參與識別本集團的主要環境、社會及管治議題。憑藉這些經識別的重大環境、社會及管治層面，我

311、們致力於確保採取適當措施於整個業務活動期間充分處理該等重要議題。保護環境由於公眾對全球變暖及氣候變化的關注程度越來越高，我們認識到保護環境的責任為業務營運不可分割的一部分。本集團致力於秉承高水平的環保標準，不僅履行適用法例及條例下的相關規定，亦要成為我們所在社區及行業的可持續領導者及企業公民。51ANNUAL REPORT 2019 年報ENVIRONMENTAL,SOCIAL ANDGOVERNANCE REPORT環境、社會及管治報告排放我們作為承包商從事建築活動多年，所進行的營運活動不可避免地環境構成影響。我們日常業務活動產生的排放主要是 進行項目時的溫室 氣體（溫 室 氣體）排放、噪音

312、、廢物及 污 水。為應 對環境挑戰和盡量降低排放，我們建築分部下的附屬公司實施行業標準措施，並繼續尋求實際方式減少營運影響。在我們的業務範圍內，我們實施了多項環保措施，以減少排放及 廢物，提高資源效率，並儘量減少環境足跡。環保拆卸方法室外存放的砂石及水泥等建築材料以及暴露的建築區域產生的灰塵容易造成塵土飛揚。為防止 進行工程時產生灰塵，我們已採取打沙及石矢打花等方法。此等方法 既有創新 性，又不失環保，連配套的真空除塵機一起使用，因而能大大減低灰塵產生。該技術亦具有超強粘結性能，可降低塗層失效的風險，從而改善道路安全並延長地面壽命。對 於涉及室內拆卸工程的項目，我們會採用拆卸機 器人，其由三相

313、電驅 動，配有液壓破碎機或液壓粉碎機，工作過程中不會產生廢氣，造 成的振動也能降至最低。由於機械是由工人遠程操作，彼等毋須留在靠近工程區域的地方，故此更為安全。根據 空氣污染管制（非道路移動機械）（排放）規例，我們於工地所用的所有機械均已獲環境保護署（環保署）批準或豁免。逼裂鉗碎是將劈裂機插入混凝土構築物的事先鑽好的孔隙中，將構築物劈裂，而不致在操作工程中產生噪音及振動。EMISSIONSEngaging in construction activities as a contractor for years,it is inevitably that our operation activi

314、ties have impact on our environment.Emissions from our daily business activities mainly represent greenhouse gases(“GHG”)emissions,noise,waste and effluents while carrying out project.In order to combat the challenge of climate change,and to minimise these emissions,our subsidiaries under the constr

315、uction segment implement industry-standard measures and continues seeking practical means to mitigate their impact from our operations.Across our operations,we have carried out a number of green initiatives to reduce emissions and waste,enhance resources efficiency and minimise environmental footpri

316、nt.Environmentally-Friendly Demolition MethodsConstruction materials such as sands and cements stored outdoor as well as the dust of the exposed construction area are easily scattered.In order to prevent the generation of dust during our works,methods such as scarifying and shot-blasting are adopted

317、.They are innovative and environmentally friendly that equipped with vacuum cleanser as a result little to no dust is emitted.It also produces excellent bonding characteristics that reduce the risk of coating failure to improve road safety and maximise floor life.For projects that involve indoor dem

318、olition works,demolition machines are utilised as the robots are powered by 3-phase electricity and equipped with hydraulic breaker or hydraulic crusher,no exhaust gas and minimal vibration is caused during works.Being operated by remote control,our workers are safer as they not required to stay clo

319、se to the working area.In accordance with the Air Pollution Control(Non-road Mobile Machinery)(Emission)Regulation,all our machineries used on site are approved or exempted from the Environmental Protection Department(“EPD”).Splitting/Bursting is a demolition method that a splitter is inserted into

320、a hole of the concrete structure drilled beforehand and bursts the structure so that no noise and vibration will be caused during operations.52GLORY FLAME HOLDINGS LIMITED 朝威控股有限公司ENVIRONMENTAL,SOCIAL ANDGOVERNANCE REPORT環境、社會及管治報告裝配式建築與傳統建築方法不同，裝配式建築方法是在工廠進行，以便實現更精準的操作和在室內循環再用材料。憑藉生產廠房的這種受控制的環境，灰塵及

321、噪音排放可進一步減少。於我們的生 產廠房，我們引進了噴水 裝 置，用於次組裝的日常維護和防止灰塵四散。本集團的溫室氣體排放最大源頭來自範圍1 直接溫室氣體排放及減除，此乃歸因於營運期間的照明、空調、電器及機械及設備的用電。截至二零一九年十二月三十一日止年度，本集團產生的廢氣排放如下：Prefabricated ConstructionUnlike traditional construction methods,prefabricated construction methods are constructed in a factory so that it allows for more a

322、ccurate operation and materials to be recycled and reused in-house.Considerable amount of dust and noise emissions can be further reduced attribute to the controlled environment of the production factory.In our production factory,we have introduced a water spraying device for daily maintenance of su

323、b-assemblies and prevention of dust scattering.The largest source of the Groups GHG emissions,was generated from scope 1 direct emissions or removals from sources,it was attributed to the electricity use of lighting,air-conditioning,electrical appliances and machineries and equipment during operatio

324、ns.For the year ended 31 December 2019,air emissions generated by the Group were as follows:Unit20192018單位二零一九年二零一八年Emissions data from Gaseous Fuel Consumption氣體燃料消耗的排放數據Nitrogen Oxide(NOx)氮氧化物（NOx）kg 千克414.69422.53Sulphur Oxide(SOx)硫氧化物（SOx）g 克685.15647.83Particulate Matter(PM)顆粒物kg 千克37.2937.94 5

325、3ANNUAL REPORT 2019 年報ENVIRONMENTAL,SOCIAL ANDGOVERNANCE REPORT環境、社會及管治報告For the year ended 31 December 2019,GHG emissions generated by the Group were as follows:Unit20192018單位二零一九年二零一八年Direct emission or removals from sources(Scope 1)直接溫室氣體排放及減除（範圍1）GHG emissions from mobile combustion sources流動燃燒源

326、的溫室氣體排放Carbon Dioxide(CO2)二氧化碳（CO2）tonne噸111.00105.05Methane(CH4)甲烷（CH4）kg千克101.8082.05Nitrous oxide(N2O)氧化亞氮（N2O）tonne噸8.186.89Energy indirect emissions(Scope 2)能源間接溫室氣體排放（範圍2）Electricity purchased from power companies*從電力公司購買的電力*Carbon Dioxide(CO2)二氧化碳（CO2）tonne噸34.6141.54Gas purchased from Townga

327、s從中華煤氣公司購買的煤氣Carbon Dioxide(CO2)二氧化碳（CO2）kg千克23.1090.68Other indirect emissions(Scope 3)其他間接溫室氣體排放（範圍3）Paper waste disposed at landfills棄置到堆填區的廢紙Carbon Dioxide(CO2)二氧化碳（CO2）tonne噸18.242.79Electricity used for processing fresh water and sewage by government department*政府部門使用電力處理食水及污水所引致的溫室氣體排放*Carbon

328、 Dioxide(CO2)二氧化碳（CO2）kg千克77.13122.11Business air travel by employees僱員乘坐飛機出外公幹Carbon Dioxide(CO2)二氧化碳（CO2）tonne噸15.495.43 *Electricity consumption for our accommodation in Beverly Villas is based on the latest available data,which covers the periods 12 April 2019 to 31 December 2019.*Water consumpt

329、ion for our offices and accommodation in 2/F in Cheong Shing Industrial Building,6/F in Cheong Shing Industrial Building,and Yen Yau Mansion are based on the latest available data,which covers the periods 1 January 2019 to 31 January 2019,1 January 2019 to 12 August 2019,and 1 January 2019 to 12 Aug

330、ust 2019 respectively.截至二零一九年十二月三十一日止年度，本集團產生的溫室氣體排放如下：*我們在碧華花園的宿舍耗電量乃基於最新可得數據，涵蓋期間為二零一九年四月十二日至二零一九年十二月三十一日。*我們在昌盛工業大廈2樓、昌盛工業大廈6樓及仁友大廈的辦公室及宿舍耗水量乃基於最新可得數據，涵蓋期間分別為二零一九年一月一日至二零一九年一月三十一日、二零一九年一月一日至二零一九年八 月十二日及二零一九年一月一日至二零一九年八月十二日。54GLORY FLAME HOLDINGS LIMITED 朝威控股有限公司ENVIRONMENTAL,SOCIAL ANDGOVERNANCE

331、REPORT環境、社會及管治報告廢物管理日常營運產生的建築廢物包括一般惰性及非惰性廢物。香港管理建築廢物的主要方法為可再用的惰性建築廢物將運至公眾填土區，而非惰性建築廢物將運至堆填區。填料庫暫時堆存惰性建築廢物，供其後再用於填海及地盤平整工程。一般而言，本集團會在建 築工程 廢物從地盤移走前對其分類。工程 產生的一般惰性 廢物如巖石等，在適用情況下會用作地盤的堆填材料或棄至公眾填土區作日後填海之用。其他不適用於循環或再用的廢物則棄至公眾填土區以節用堆填區。我們致力僅使用合法廢物處置設施或通過持牌收集商收集及處理廢物。就辦公室廢物而言，我們應繼續鼓勵僱員充分使用所有材料以避免不必要的浪費，和盡量

332、使用電子方式以減少紙張使用。截至二零一九年十二月三十一日止年度，本集團產生的無害廢物如下：由於我們的業務性質（建築、研發及銷售農業相關產品及貿易業務）使然，我們於報告期間的營運並無產生任何重大有害廢物。WASTE MANAGEMENTConstruction waste from daily operations includes general inert waste and non-inert waste.The major approach to managing construction waste in Hong Kong is the use of public filling a

333、reas for reusable inert construction waste and landfills for non-inert construction waste.The fill banks temporarily stockpile the inert construction waste for later reuse in reclamation and site formation works.In general,the Group categorises the waste from construction works before removal from the site.General inert waste from work,such as rocks,shall be reused as filling materials at the site