GLORYFLAME：AnnualReport2018.pdf

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1、（於開曼群島註冊成立的有限公司）(Incorporated in the Cayman Islands with limited liability)Stock Code 股份代號：80592018Annual Report 年度報告CHARACTERISTICS OF THE GEM OF THE STOCK EXCHANGE OF HONG KONG LIMITED(THE“STOCK EXCHANGE”)GEM has been positioned as a market designed to accommodate companies to which a higher inves

2、tment risk may be attached than other companies listed on the Stock Exchange.Prospective investors should be aware of the potential risks of investing in such companies and should make the decision to invest only after due and careful consideration.The greater risk profile and other characteristics

3、of GEM mean that it is a market more suited to professional and other sophisticated investors.Given the emerging nature of companies listed on GEM,there is a risk that securities traded on GEM may be more susceptible to high market volatility than securities traded on the Main Board of the Stock Exc

4、hange and no assurance is given that there will be a liquid market in the securities traded on GEM.Hong Kong Exchanges and Clearing Limited and the Stock Exchange take no responsibility for the contents of this report,make no representation as to its accuracy or completeness and expressly disclaim a

5、ny liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this report.This report,for which the directors(the“Directors”)of Glory Flame Holdings Limited(the“Company”)collectively and individually accept full responsibility,includes parti

6、culars given in compliance with the Rules Governing the Listing of Securities on GEM of the Stock Exchange(the“GEM Listing Rules”)for the purpose of giving information with regard to the Company.The Directors,having made all reasonable enquiries,confirm that to the best of their knowledge and belief

7、 the information contained in this report is accurate and complete in all material respects and not misleading or deceptive,and there are no other matters the omission of which would make any statement herein or this report misleading.香港聯合交易所有限公司（聯交所）GEM的特色 GEM乃為較於聯交所上市的其他公司帶有更高投資風險的公司提供上市的市場。有意投資者應

8、瞭解投資於該等公司的潛在風險，並應經過審慎周詳考慮後方作出投資決定。GEM的較高風險及其他特色，表示GEM較適合專業及其他經驗豐富的投資者。由於GEM上市公司的新興性質使然，在GEM買賣的證券可能會承受較於主板買賣的證券為高的市場波動風險，同時亦無法保證在GEM買賣的證券會有高流通量的市場。香港交易及結算所有限公司及聯交所對本報告內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示概不會就本報告全部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。本 報 告 遵 照 聯 交 所GEM證 券 上 市 規 則（GEM上市規則）的規定，載有提供有關朝威控股有限公司（本公司）資

9、料的詳情，本公司董事（董事）對本報告共同及個別承擔全部責任。董事於作出一切合理查詢後確認，就彼等所深知及確信，本報告所載資料在各重大方面均屬準確完整，且無誤導或欺騙成分，亦無遺漏任何其他事項，致使本報告或其所載任何聲明產生誤導。目錄CONTENTSAnnual Report 2018 年報1Corporate Information 公司資料Chairmans Statement 主席報告Management Discussion and Analysis 管理層討論及分析Biographical Details of Directors and Senior Management 董事及高級

10、管理層履歷詳情Corporate Governance Report 企業管治報告Environmental,Social and Governance Report 環境、社會及管治報告Directors Report 董事會報告Independent Auditors Report 獨立核數師報告Consolidated Statement of Profit or Loss and Other Comprehensive Income 綜合損益及其他全面收入表Consolidated Statement of Financial Position 綜合財務狀況表Consolidated

11、Statement of Changes in Equity 綜合權益變動表Consolidated Statement of Cash Flows 綜合現金流量表Notes to the Consolidated Financial Statements 綜合財務報表附註Financial Summary 財務概要2 4 8 20 24 46 81 94 98 99 101 102 104 180 公司資料CORPORATE INFORMATIONGLORY FLAME HOLDINGS LIMITED 朝威控股有限公司 2BOARD OF DIRECTORSExecutive Direct

12、orsMr.Zhu Zhou(Chairman of the Board)Ms.Jiao FeiIndependent Non-executive DirectorsMr.Chan Kam WahMr.Cao HongminMr.Liu YingjieAUDIT COMMITTEEMr.Chan Kam Wah(Chairman of Audit Committee)Mr.Cao HongminMr.Liu YingjieREMUNERATION COMMITTEEMr.Cao Hongmin(Chairman of Remuneration Committee)Mr.Chan Kam Wah

13、Mr.Liu YingjieNOMINATION COMMITTEEMr.Zhu Zhou(Chairman of Nomination Committee)Mr.Chan Kam WahMr.Cao HongminCOMPANY SECRETARYMr.Cheung Wai KeeCOMPLIANCE OFFICERMr.Zhu ZhouAUTHORISED REPRESENTATIVESMr.Zhu ZhouMr.Cheung Wai Kee董事會執行董事朱洲先生（董事會主席）焦飛女士獨立非執行董事陳錦華先生曹洪民先生劉英傑先生審核委員會陳錦華先生（審核委員會主席）曹洪民先生劉英傑先生薪酬

14、委員會曹洪民先生（薪酬委員會主席）陳錦華先生劉英傑先生提名委員會朱洲先生（提名委員會主席）陳錦華先生曹洪民先生公司秘書張蔚琦先生合規主任朱洲先生法定代表朱洲先生張蔚琦先生CORPORATE INFORMATION公司資料Annual Report 2018 年報3REGISTERED OFFICEClifton HousePO Box 135075 Fort StreetGrand Cayman KY1-1108Cayman IslandsPRINCIPAL PLACE OF BUSINESS IN HONG KONGSuite 3513,Tower 6The Gateway,Harbour

15、City9 Canton RoadTsim Sha Tsui,KowloonHong KongLEGAL ADVISORLau,Horton&Wise LLP(as to Hong Kong laws)AUDITORZHONGHUI ANDA CPA LimitedPRINGCIPAL SHARE REGISTER AND TRANSFER OFFICEEstera Trust(Cayman)LimitedPRINCIPAL BANKERSBank of China(Hong Kong)LimitedIndustrial and Commercial Bank of China Limited

16、Bank of Communications LimitedHONG KONG BRANCH SHARE REGISTRAR AND TRANSFER OFFICEBoardroom Share Registrars(HK)LimitedSTOCK CODE8059COMPANYS WEBSITEwww.gf-註冊辦事處Clifton HousePO Box 135075 Fort StreetGrand Cayman KY1-1108Cayman 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室法律顧問Lau,Horton&Wise LLP（有關香港法律）

17、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8059公司網址www.gf-主席報告CHAIRMANS STATEMENTGLORY FLAME HOLDINGS LIMITED 朝威控股有限公司 4“Building a Green World Cultivating the Belt and Road築起綠色世界 精耕一帶一路MR.ZHU ZHOU 朱洲先生CHAIRMAN 主席CHAIRMANS

18、STATEMENT主席報告Annual Report 2018 年報5On 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 financial year ended 31 D

19、ecember 2018(“FY2018”or the“Reporting Period”).PERFORMANCEThe Group posted a revenue of HK$133.6 million for FY2018,representing a decrease of 27.1%as compared to HK$183.3 million for the year ended 31 December 2017(“FY2017”).For FY2018,the Groups revenue was primarily generated from the constructio

20、n business and trading business for clean coal.The revenue slippage was primarily due to a decrease in revenue from trading business.I expect that the revenue from trading business will continue to shrink as the Group is concerned about the worsening credit quality of its customers.The Group recorde

21、d a net loss of HK$199.6 million for FY2018,as compared to a net profit of HK$15.8 million for FY2017.During the year,the Group incurred a significant loss,primarily due to certain one-off items,such as(i)a loss of HK$35.7 million from sales of investment in securities listed in Hong Kong;(ii)an imp

22、airment loss of HK$46.7 million on trade receivables,primarily Attributable to the customers of the trading business;(iii)an impairment loss of HK$47.8 million in association with discontinuing the business plan for the ecological LED cultivation cabinet system.BUSINESS REVIEW AND PROSPECTDuring 201

23、8,the Group continued to focus on the construction business.Hong Kong is a densely-populated city with a well-developed construction industry.The growing size and complexity of construction projects are commonly awarded to a small number of large construction companies or contractors which possess s

24、ophisticated technology and strong financial backing.Most of small construction companies only act as subcontractors for a small part of the building projects.In this context,the Groups growth in the construction business in Hong Kong would be steady but in a slow pace.Thus,the Group now strives to

25、drive its growth by tapping into the emerging markets,particularly in China.In view of the rapid urbanization in China and that Belt and Road Initiative that has driven the infrastructure development,the Group plans to build its own construction project teams with various construction qualifications

26、 to stretch its services ranges 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)截至二零一八年十二月三十一日止財政年度（財政年度一八年 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 八 年 錄 得 收 益133,600,000港元，較截至二零一七年十二月三十一日止年度（財政年度一七年）之183,300,000港元減少27.1%。於財政年度一八年，本集團收益主要來自於建築業務及清潔煤買賣業務。收益下滑乃主要由於買賣業務收益減少。由於本集團擔心客戶的信貸質素惡化，預期買賣業務收益

27、將繼續減少。本 集 團 於 財 政 年 度 一 八 年 錄 得 淨 虧 損199,600,000港元，而財政年度一七年之凈溢利為15,800,000港元。年內，主要由於若干一次性項目，本集團產生重大虧損，如(i)出售香港上市證券之投資產生之虧損35,700,000港元；(ii)主要應佔有關買賣業務客戶之貿易應收款項減值虧損46,700,000港元；(iii)因終止環保LED生態種植櫃系統之業務計劃產生之減值虧損47,800,000港元。業務回顧及前景於財政年度一八年，本集團繼續專注於建築業務。香港人口密集，建築行業發達。建築項目的規模及複雜程度不斷增加，該等項目通常會授予少數擁有成熟技術及雄厚

28、資金支持的大型建築公司或承建商。大多數小型建築公司僅作為小部分建築項目的分包商。在此情況下，本集團在香港的建築業務增長將維持穩定，但增速緩慢。因此，本集團現正努力通過進入新興市場，尤其是中國，以推動其增長。鑒於中國快速的城鎮化及一帶一路倡議推動了基礎設施發展，本集團計劃成立自己的擁有各類資質的建築項目團隊，以將其服務範圍拓展至中國建築行業，從而鞏固本集團的建築業務。目前，本集團已通過於二零一八年六月收購一間裝配式建築公司CHAIRMANS STATEMENT主席報告GLORY FLAME HOLDINGS LIMITED 朝威控股有限公司 6to cover the construction

29、industry in China in order to solidify the construction business of the Group.Currently,a construction project team for prefabrication buildings was in place through the Groups acquisition of a prefabricated precast construction business in June 2018.There is a trend in the increased usage of prefab

30、ricated components in the construction sector under the support of Chinese governments green building development strategy.I believe that prefabrication construction business will shine on stage in China.During the year,the Group encountered setbacks in launching of the ecological LED cultivation ca

31、binet system to the market.In 2016,the Group had successfully developed the first prototype of ecological LED cultivation cabinet system and it would have since been gone into mass production and marketing.However,due to certain technical issues to having revamped the system,the Group postponed the

32、schedule for its implementation plans that resulted in losing the best timing to launch the products to the market.The economic downturn and fierce competition in the hydroponics market have dealt a blow to the Groups marketing and production plans,thus the Group decides to suspend to launch this pr

33、oduct.However,under the recent globally increasing concerns about healthy living and food security,the Group believes that the demand for green food will continue to rise.Green food is an indispensable part of our green life.Though this business we put forward did not go in long way,the Group will c

34、ontinue to commit to the green initiatives.We are still full of confidence in its business prospect and will re-formulate the sustainable strategy to realign the development of agricultural business sector.I expect that the Group is sailing into strong headwinds in 2019.We have to maintain a high de

35、gree of vigilance against the unpredictable international developments and sensitive external environment.However,I have confidence that we could encounter the recent setbacks and strive to achieve good performance through the realignment of the business development strategy amidst the possible glob

36、al economic turbulence.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 and green life”with quality,innovation and effectiven

37、ess and achieve our expansion of the Groups business with a view to optimizing stakeholders interests and maximizing their value.而成立預製建築項目團隊。在中國政府綠色建築發展戰略的支持下，建築行業裝配式部件的使用呈增長趨勢。本人認為，裝配式建築業務將在中國舞臺上大放異彩。於本年度，本集團向市場推出環保LED生態種植櫃系統遭遇挫折。於二零一六年，本集團成功研發出首個環保LED生態種植櫃系統，當時原本將會投入量產及推廣。然而，由於系統更改產生若干技術問題，本集團推遲實施

38、計劃的時間，導致失去向市場推出產品的最佳時機。經濟下滑及水耕市場競爭激烈，對本集團的營銷及生產計劃產生衝擊，因此，本集團決定暫停推出該產品。然而，在近期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。綠色食品是我們綠色生活不可缺少的一部分。儘管我們推出的此項業務並未有取得成功的進展，但本集團將繼續致力於綠色發展。我們對此業務的經營前景仍充滿信心，並將重新制定可持續發展戰略以調整農業業務分部的發展。本人預計本集團將於二零一九年駛進巨大的逆風中前行。我們須高度警惕不可預測的國際事態發展及敏感的外部環境。然而，本人相信，我們能夠克服當前挫折，並在全球經濟可能出現

39、動蕩的情況下，通過調整業務發展戰略而取得佳績。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。CHAIRMANS STATEMENT主席報告Annual Report 2018 年報7APPRECIATIONOn behalf of the Board,I would like to take this opportunity to thank our Directors,our experienced management team,our

40、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.Zhu ZhouChairmanHong Kong,29 March 2019致謝本人謹代

41、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。主席朱洲香港，二零一九年三月二十九日管理層討論及分析MANAGEMENT DISCUSSION AND ANALYSISGLORY FLAME HOLDINGS LIMITED 朝威控股有限公司 8BUSINESS REVIEWThe principal activity of the Company is investment holding.For the year ended 31 December 201

42、8(the“Reporting Period”or“FY2018”),the Group mainly engages in(i)provision of construction services and building materials supply(the“Construction Business”),(ii)development and sales of agricultural equipment(the“Agricultural Business”),(iii)trading of clean coal and others(the“Trading Business”)an

43、d(iv)provision of financial services(the“Financial Services”).Construction Business(a)Concrete demolition services and other construction servicesConcrete demolition is one aspect of the construction industry in Hong Kong.The Groups concrete demolition services were mainly concerned with the removal

44、 of pieces or section of concrete from concrete structures by applying a variety of methods,such as core drilling,sawing,bursting and crushing.Concrete demolition services are usually performed by subcontractors in(i)general building works,especially for alteration and redevelopment projects;and(ii)

45、civil engineering works.Concrete demolition work can be applied in various situations,such as the construction of underground utilities,creation of openings for elevator,door,and window installation,redevelopment of buildings,roads,tunnels and underground facilities,removal of concrete during buildi

46、ng construction and the preparation of road surfaces.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 sect

47、or 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.業務回顧本公司的主要活動為

48、投資控股。截至二零一八年十二月三十一日止年度（報告期 或財政年度一八年），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)研發及銷售農業設備（農業設備）、(iii)買賣清潔煤及其他（貿易業務）及(iv)提供金融服務（金融服務）。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

49、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。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。MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析Annual Report 2018 年報9In addition to the provision of concrete demolition services,the Group provided services rela

50、ted to wet trades package and brickwork including tiles finishing,screeding,granolithic,plastering,blockworks for walls in Sung Wong Toi and To Kwa Wan Stations(Shatin to Central Link)under a construction sub-contract.Total value of the services under the subcontract is approximately HK$71.0 million

51、.Revenue of HK$20.9 million from this project was recognised during the Reporting Period.In late October 2018,the Group received a notice of termination from its upper tier subcontractor for the Shatin to Central Link project,due to the sub-contracting relationship between that sub-contractor and th

52、e main contractor of the project having been terminated.(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 fact

53、ory and transported to the construction site for 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

54、concrete components are factory-made and employed 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

55、achieve on the development of green building by 2020.The Group expects that the construction industrialization which is represented by the prefabricated precast construction has entered a new era of high speed growth and development in the PRC.除提供混凝土拆卸服務外，本集團根據建築分包合約提供有關宋皇臺站及土瓜灣站（沙中線）的泥水及磚砌的服務，包括瓷磚整

56、理、平整地臺、石米、抹面及舖砌磚牆。分包服務總價值為約71,000,000港元。該項目之收益20,900,000港元於報告期確認。於二零一八年十月底，本集團自其上級分包商收取一份終止沙中線項目的通知，乃由於該項目之分包商與總承包商的分包關係已終止。(b)裝配式建築裝配式建築是將傳統建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

57、出了於二零二零年前實現綠色建築發展的目標。本集團預期中國以裝配式建築為代表的建築產業化已進入高速增長及發展的新時代。MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析GLORY FLAME HOLDINGS LIMITED 朝威控股有限公司 10On 1 June 2018,the Group came to own 61%of the equity interest in Huizhou Precast Building Materials Co.Ltd.(“Huizhou Precast”)through capital increase in the s

58、ame,thereby enabling it to successfully enter into the business of prefabricated precast construction in the PRC.Huizhou Precast is principally engaged in the business of production,research and development of prefabricated precast concrete components and glass fiber reinforced cement components,pro

59、duct installation guidance.During FY2018,Huizhou Precast contributed revenue of HK$4.5 million to the Group.Agriculture BusinessThe Group has developed planting racks and an ecological LED cultivation cabinet system using a green technology and a tailored nutrient solution to grow hydroponic vegetab

60、les.In the PRC,the urban population is increasingly demanding pesticide-free,clean and fresh food.Therefore,partly automated farming at home may be a feature of healthy lifestyle in the future.After a series of marketing and promotion campaigns in 2017 and 2018,the Group received a number of trial o

61、rders from local PRC and overseas distributors for testing their markets.However,based on the current customer responses to the new products of the Group,the Group believes that the lead time for the Groups products to gain wide market acceptance will be longer than expected.As the growth in Chinas

62、domestic economy lost speed during the year and it could get worse in the year ahead,the Group decided to suspend the marketing and production plan for the LED cultivation cabinets and other related products.The Group cancelled the purchase orders of mass production for the mini LED cultivation cabi

63、nets with the manufacturer and has entered into negotiations with the manufacturer to refund the trade deposits for these purchase orders.During the Reporting Period,the Group primarily made sales of planting racks through the distributors and leasing of planting racks to hot-pot restaurants providi

64、ng on-site planting and supply of fresh vegetables for their customers.於二零一八年六月一日，本集團透過向惠州普瑞康建築材料有限公司（惠州普瑞康）增資，而擁有該公司61%股權，從而成功進入中國裝配式建築業務市場?；葜萜杖鹂抵饕獜氖卵u造及研發預製混凝土組件及玻璃纖維增強混凝土組件、產品安裝指導。於財政年度一八年，惠州普瑞康為本集團貢獻收益4,500,000港元。農業業務本集團已研發種植架及環保LED生態種植櫃系統，透過綠色技術和量身訂制的營養溶液種植水耕蔬菜。在中國，居住在城市的市民對不含農藥、清潔和新鮮食物的需求不斷增加。因

65、此，家庭式的半自動耕作可能是未來健康生活方式的一個象徵。於二零一七年及二零一八年開展一系列營銷及推廣活動後，本集團已相繼接獲多個來自中國當地及海外分銷商的試銷訂單，以測試彼等所在市場的反映。然而，根據目前客戶對本集團新產品的反映情況，本集團認為市場廣泛接受本集團產品的時間可能會比本集團預期更長。由於年內中國本地經濟增速放緩及於未來一年可能會轉差，本集團決定暫停LED種植櫃及其他相關產品的營銷及生產計劃。本集團取消與製造商之間的迷你LED種植櫃之大規模生產採購訂單，並已與製造商磋商退還就該等採購訂單的交易按金。報告期內，本集團主要經分銷商銷售種植架，及向為客戶提供現場種植及供應新鮮蔬菜的火鍋餐廳

66、租賃種植架。MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析Annual Report 2018 年報11Trading BusinessThe Group is engaged in the trading of Inner Mongolia coal energy in the PRC.Its coal resource is from the clean coal in Ordos City,the PRC.Clean coal technology broadly refers to the new technologies of process,b

67、urning,transforming and pollution control,etc.in the whole process from development to utilization of coal that aim to reduce pollution and emission and enhance utilization efficiency.The development of clean coal is an established national policy of the PRC.Coal resource in the PRC is relatively ri

68、ch and the PRC is one of the few countries in the world that uses coal as the main energy source.The clean coal industry will continue to play an important role in the energy sustainability of the PRC and will be an important direction of development in the coming 20 years.Such development will be s

69、ignificant for the PRC to ease the environment pollution from burning coal and reduce reliance on imported oil.It is expected that there will be new market demand and development opportunities for the clean coal industry in the PRC.Though the China government encourages the household switch to using

70、 natural gas from coal as part of its anti-pollution campaign,the Group expects that the demand and price of clean coal in China will be relatively stable.However,the financial results in the clean coal trading were still non-performing due to the high cost of transportation from Inner Mongolia to o

71、ther cities in the PRC.Without further investment in the working capital to enlarge its sales volume,the Group considers it faces challenges to turn around its loss.In the past years,the rapid revenue growth of the trading businesses,including LED products and clean coal,was bolstered by increasing

72、its investment in the working capital.Recently,the global economy is,however,showing signs of a slowdown amid trade disputes between China and United States.The Group is now more concerned about the worsening credit quality of its customers than the growth of its trading business.Recently,the Group

73、heeded warning signs that certain customers were running into temporary cash flow problems,resulting from the ripple effect of tightened financial environment.Under this uncertain situation,the Group is taking steps to curtail the size of investment in the trading business and to scale down the busi

74、nesses in this area.貿易業務本集團於中國買賣內蒙古煤能源。其煤資源來自中國鄂爾多斯市之清潔煤。清潔煤技術泛指從開發到利用煤的整個過程當中的加工、燃燒、轉化和污染控制等新技術，旨在減少污染及排放，提高利用效率。發展清潔煤是中國已落實的國家政策。中國的煤資源相對充裕，是世界少數使用煤作為主要能源的國家之一。清潔煤工業在中國能源持續發展方面將繼續扮演重要角色，並將是未來20年的主要發展方向。有關發展對中國減輕因燃煤造成的環境污染及減低對進口油的依賴而言，實屬重要。預計中國清潔煤行業將迎來新市場需求及發展機遇。儘管中國政府在防治污染行動中鼓勵家庭使用天然氣取代燃煤，本集團預期中國清

75、潔煤的需求及價格維持相對穩定。然而，由於內蒙古至中國其他城市的運輸成本較高，清潔煤貿易的財務業績仍未如預期。在無進一步投入營運資金擴大銷量的情況下，本集團認為其扭轉虧損面臨挑戰。於過往年度，貿易業務（包括LED產品及清潔煤）透過不斷增加營運資金投資實現收入的快速增長，惟在中美貿易糾紛的影響下，世界經濟出現了放緩跡象。與其貿易業務的增長相比，本集團現時更為關注其客戶的信貸質素轉差。近期，本集團留意到相關警告訊號，有若干客戶因金融緊縮環境所引發的漣漪效應遭遇暫時的現金流量困難。在此不明朗情況下，本集團現正一步步削減貿易業務的投資規模及縮減於此領域的業務。MANAGEMENT DISCUSSION

76、AND ANALYSIS管理層討論及分析GLORY FLAME HOLDINGS LIMITED 朝威控股有限公司 12Financial ServicesThe Groups financial services business includes provision of insurance brokerage and consultancy services in Hong Kong and provision of commercial factoring services in the PRC.During the Reporting Period,the Group provide

77、d the factoring loans of RMB9.4 million in total to customers.Certain factoring loans were shown a warning sign of default from the customers repayment pattern,in which of certain loans had already turned to be non-performing.The Group will keep alert on deteriorating financial performance of the fa

78、ctoring customers and take necessary actions to recover the loan.FINANCIAL REVIEWRevenueRevenue decreased by approximately HK$49.7 million or 27.1%from approximately HK$183.3 million for the year ended 31 December 2017(the“FY2017”)to approximately HK$133.6 million for the Reporting Period.The analys

79、is of revenue was shown as follows:Revenue by nature FY2018 FY2017 財政年度一八年 財政年度一七年 HK$000 HK$000 千港元 千港元Construction Business 建築業務 Provision for construction 提供建築服務 services 83,803 71,835 Prefabricated precast 裝配式建築 construction 4,510 Manufacturing and trading of 預應力高強度混凝土管樁 pre-stressed high streng

80、th 製造及貿易 8,581 concrete pilesAgriculture Business 農業業務 Trading of ecological LED 環保LED生態種植櫃 cultivation cabinet and others 貿易及其他 878 9,110Trading Business 貿易業務 Trading of clean coal and 買賣清潔煤及混合煤 mixed coal 38,206 8,057 Trading of LED light sources 買賣用於裝飾的LED光源 for decoration 85,462 Others 其他 5,681

81、Financial Services 金融服務 Provision of financial services 提供金融服務 553 238 133,631 183,283金融服務本集團的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。於報告期內，本集團向客戶提供保理貸款合共人民幣9,400,000元?？蛻舻倪€款模式表明若干保理貸款已出現違約跡象，其中若干貸款已成為不良貸款。本集團將對保理客戶的財務表現惡化保持警惕及採取必要行動以收回貸款。財務回顧收入收入由截至二零一七年十二月三十一日止年度（財政年度一七年）的約183,300,000港元減少約49,700,000港元或

82、27.1%至報告期的約133,600,000港元。收入分析如下：按性質劃分的收入MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析Annual Report 2018 年報13Provision of construction servicesFor the Reporting Period,the total revenue attributable to the provision of construction services was approximately HK$83.8 million,representing an increase of a

83、pproximately HK$12.0 million or 16.7%as compared with approximately HK$71.8 million for FY2017.The increase was primarily due to an increase in revenue from construction services for Shatin to Central Link during FY2018.Revenue from the concrete demolition services contributed HK$62.9 million to the

84、 total revenue attributable to the provision of construction services,representing a decrease of HK$7.1 million from HK$70.0 million for FY2017,resulting from a decrease in revenue contribution from certain large construction projects that were completed during FY2018.Revenue from the construction s

85、ervices for Shatin to Central Link contributed HK$20.9 million to total revenue attributable to the provision of construction services,representing an increase of HK$19.1 million from HK$1.8 million for FY2017.This project was terminated in October 2018 due to the sub-contracting relationship betwee

86、n the upper-tier subcontractor and the main contractor of the project having been terminated.Prefabricated precast constructionThe revenue attributable to the prefabricated precast construction was approximately HK$4.5 million.The prefabricated precast construction business was acquired through the

87、capital injection into Huizhou Precast Building Materials Co.Ltd in June 2018.As at 31 December 2018,the Group had construction contracts in hand with outstanding construction sum of approximately HK$5.7 million for the projects of manufacturing of the prefabricated precast construction components a

88、nd/or its installations,all of which are expected to be completed before the second quarter 2019.提供建築服務於報告期內，提供建築服務的收入約為83,800,000港元，較財政年度一七年的約71,800,000港元增加約12,000,000港元或16.7%。該增加乃主要由於於財政年度一八年自沙中線建築服務的收入增加。提供混凝土拆卸服務的收入佔提供建築服務的總收入62,900,000港元，相當於由財政年度一七年的70,000,000港元減少7,100,000港元，此乃由於於財政年度一八年若干已竣工大型

89、建築項目收入減少所致。提供沙中線建築服務的收入佔提供建築服務總收入20,900,000港元，相當於由財政年度一七年的1,800,000港元增加19,100,000港元。由於工程上級分包商及總承包商間的分包關係已終止，該項目已於二零一八年十月終止。裝配式建築裝配式建築的收入約為4,500,000港元。裝配式建築業務乃於二零一八年六月以向惠州普瑞康建築材料有限公司增資的方式購入。於二零一八年十二月三十一日，本集團手頭擁有裝配式建築預製組件製造及或其安裝項目的建築合約，剩餘建築合約金額約5,700,000港元，所有該等工程預計將於二零一九年第二季度之前完成。MANAGEMENT DISCUSSION

90、 AND ANALYSIS管理層討論及分析GLORY FLAME HOLDINGS LIMITED 朝威控股有限公司 14Trading of Agricultural EquipmentRevenue attributable to trading of Agricultural Equipment decreased by approximately HK$8.2 million from HK$9.1 million for FY2017 to HK$0.9 million for the Reporting Period.The decrease was primarily due t

91、o a decrease in sales of planting racks for FY2018.Trading of clean coal and mixed coalRevenue attributable to trading of clean coal increased by approximately HK$30.1 million from HK$8.1 million for FY2017 to HK$38.2 million for the Reporting Period.The Group has commenced the business of clean coa

92、l trading since August 2017.The growth in revenue for FY2018 was primarily due to an increase in sales volume of clean coal and mixed coal.The Group also recorded a revenue of HK$5.7 million from trading of electrical appliances for the Reporting Period.Financial ServicesRevenue attributable to fina

93、ncial services was approximately HK$553,000,as compared to HK$238,000 for FY2017.The revenue from financial services comprised of approximately HK$481,000 for insurance brokerage fee and approximately HK$72,000 for interest income from factoring services.Gross Profit and Gross Profit MarginGross pro

94、fit decreased by approximately HK$0.1 million from approximately HK$28.7 million or 15.6%for FY2017 to approximately HK$28.6 million for the Reporting Period.Gross profit margin increased from 15.6%for FY2017 to 21.4%for the Reporting Period.The increase was primarily due to a decrease in revenue fr

95、om trading business that has a lower gross profit margin,resulting in an improvement in overall gross profit margin.買賣農業設備於報告期內，買賣農業設備的收入由財政年度一七年的9,100,000港元減少約8,200,000港元至900,000港元。減少乃主要由於於財政年度一八年銷售種植架減少。買賣清潔煤及混合煤於報告期內，來自買賣清潔煤的收入由財政年度一七年的8,100,000港元增加約30,100,000港 元 至38,200,000港 元。自 二零一七年八月，本集團已開展清潔

96、煤貿易業務。於財政年度一八年收入增長乃主要由於清潔煤及混合煤的銷量增加。於報告期內，本集團亦錄得電器貿易的收入5,700,000港元。金融服務金融服務的收入約為553,000港元，而財政年度一七年則為238,000港元。來自金融服務的收入包括保險經紀費約481,000港元及保理服務利息收入約72,000港元。毛利及毛利率毛利由財政年度一七年的約28,700,000港元減少約100,000港元或15.6%至報告期內的約28,600,000港元。毛利率由財政年度一七年的15.6%增至報告期內的21.4%。該增加乃主要由於毛利率較低的貿易業務收入減少，導致整體毛利率上升。MANAGEMENT DIS

97、CUSSION AND ANALYSIS管理層討論及分析Annual Report 2018 年報15Administrative and Other Operating ExpensesAdministrative and other operating expenses decreased by approximately HK$5.8 million from approximately HK$70.6 million for FY2017 to approximately HK$64.8 million for the Reporting Period.Such decrease wa

98、s primarily due to a decrease of marketing cost for ecological LED cultivation cabinet system.(Loss)/Gain on investments at fair value through profit or lossDuring the Reporting Period,the Group recorded net realized losses of HK$35.7 million on investments at fair value through profit or loss.The G

99、roup disposed of all short term investments in the securities listed in Hong Kong during the Reporting Period.As at 31 December 2018,the Group did not hold any investment in listed securities.During FY2017,the Group recorded a gain of HK$51.4 million on investments at fair value through profit or lo

100、ss,of which HK$20.4 million was a net realized gain on sales of listed securities and HK$31.0 million was net fair value gain on the listed securities.(Loss)/Profit Attributable to Owners of the CompanyThe Groups loss attributable to owners of the Company was approximately HK$194.8 million,as compar

101、ed to a profit of HK$18.1 million attributable to owners of the Company.The reasons for turning profit into loss were primarily due to a combined effect of(i)a loss of approximately HK$35.7 million in sales of investments at fair value through profit or loss during the Reporting Period as compared w

102、ith a gain of approximately HK$51.4 million in sales of investments at fair value through profit or loss in FY 2017;(ii)an increase of HK$1.7 million in share-based payments as staff cost and consultancy expenses;(iv)an increase of HK$46.6 million in impairment loss on trade receivables,primarily fo

103、r the customers of trading business;(v)an impairment loss of HK$47.8 million in association with discontinuing the business plan for the ecological LED cultivation cabinet system.行政及其他營運開支行政及其他營運開支由財政年度一七年的約70,600,000港元減少約5,800,000港元至報告期的約64,800,000港元。該減少乃主要由於環保LED生態種植櫃系統的銷售成本減少。按公平值計入損益之投資（虧損）收益 於報

104、告期內，本集團按公平值計入損益之投資錄得已變現虧損淨額35,700,000港元。於報告期內，本集團已出售全部香港上市證券短期投資。於二零一八年十二月三十一日，本集團並無持有任何上市證券投資。於財政年度一七年，本集團錄得按公平值計入損益之投資收益51,400,000港元，其中20,400,000港元為出售上市證券的已變現收益淨額，31,000,000港元為上市證券的公平值收益淨額。本公司擁有人應佔（虧損）溢利 本 公 司 擁 有 人 應 佔 本 集 團 虧 損 約 為194,800,000港元，而二零一七年期間為本公司擁有人應佔溢利18,100,000港元。轉盈為虧乃主要由於以下因素的綜合影響所

105、致：(i)於報告期間銷售按公平值計入損益之投資虧損約35,700,000港元，而財政年度一七年銷售按公平值計入損益之投資收益約51,400,000港元；(ii)以股份支付之員工成本及諮詢費用增加1,700,000港元；(iv)主要就客戶貿易業務的貿易應收款項減值虧損增加46,600,000港元；(v)終止就環保LED生態種植櫃系統的業務計劃之減值虧損47,800,000港元。MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析GLORY FLAME HOLDINGS LIMITED 朝威控股有限公司 16Use of Proceeds of Initial Pu

106、blic OfferingsThe net proceeds from the placing of the shares of the Company(the“Share(s)”)in connection with the listing(the“Listing”)was approximately HK$31.2 million.During the period from 15 August 2014(the“Listing Date”)to 31 December 2018(the“Reporting Period”),the net proceeds from the Listin

107、g were applied as follows:Actual use of proceeds Planned use of up to proceeds as stated 31 December in the Prospectus 2018 所得款項於 截至二零一八年 招股章程所述所得 十二月三十一日的 款項的擬定用途 實際用途 HK$million HK$million 百萬港元 百萬港元Enhancing machinery and 提升機器和設備 equipment 16.4 8.7Strengthening manpower 加強人力資源 4.6 4.0Increasing ma

108、rketing efforts 加強市場推廣的工作 1.7 1.7Repayment of bank borrowings 償還銀行貸款 5.5 5.5General working capital 一般營運資金 3.0 3.0 31.2 22.9The business objectives,future plans and planned use of proceeds as stated in the Companys prospectus dated 7 August 2014(the“Prospectus”)were based on the best estimation and

109、assumption of future market conditions made by the Group at the time of preparing the Prospectus while the proceeds were applied based on the actual development of the Groups business and the industry.Placing of New Shares under General MandateOn 14 May 2018,the Company entered into a placing agreem

110、ent with a placing agent whereby the Company agreed to place,through the placing agent,on a best effort basis,up to 80,898,000 new shares of the Company to not less than six placees at a price of HK$0.50 per placing share.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（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）至二零一八年十二

111、月三十一日止期間（報告期），上市所得款項淨額已作以下用途：本公司日期為二零一四年八月七日的招股章程（招股章程）中所述的業務目標、未來計劃及所得款項的擬定用途乃基於於編製招股章程時本集團對未來市況作出的最佳估計及假設，而所得款項乃根據本集團業務及行業的實際發展予以運用。根據一般授權配售新股份於二零一八年五月十四日，本公司與配售代理訂立配售協議，據此，本公司同意透過配售代理按盡力基準以每股配售股份0.50港元之價格向不少於六名承配人配售最多80,898,000股本公司新股份。MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析Annual Report 2018 年

112、報17On 30 May 2018,an aggregate of 80,898,000 placing shares,pursuant to the terms and conditions of the placing agreement dated 14 May 2018 was successfully placed to not less than six placees,which are independent of and not connected with the Company within the meaning of the GEM Listing Rules,at

113、a placing price of HK$0.50 per placing share.The approximate gross and net proceeds from the placing amounted to HK$40.5 million and HK$39.5 million respectively.During the Reporting Period,the net proceeds were utilised in accordance with the intended use at the time of the placing,that is,(i)appro

114、ximately HK$9.2 million(equivalent to approximately RMB7.3 million)for capital injection into Huizhou Precast Building Materials Co.Ltd;(ii)approximately HK$12.8 million for business development in trading business;and(iii)approximately HK$17.5 million as general working capital.Liquidity,Financial

115、Resources and Capital StructureAs at 31 December 2018,the Group had cash and bank deposits of approximately HK$39.2 million(2017:approximately HK$35.0 million).The gearing ratio of the Group as at 31 December 2018(defined as total borrowings including interest bearing and noninterest bearing,divided

116、 by the Groups total equity)was approximately 0.38(2017:approximately 0.17).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 strives to reduce exposure

117、 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 commitments can meet i

118、ts funding requirements from time to time.於二零一八年五月三十日，根據日期為二零一八年五月十四日之配售協議條款及條件，本公司已按配售價每股配售股份0.50港元向不少於六名承配人成功配售合共80,898,000股配售股份，彼等均獨立於本公司且與本公司概無關連（定義見GEM上市規則）。配售事項之所得款項總額及淨額分別為40,500,000港元及39,500,000港元。於報告期內，根據配售時之擬定用途，本公司將動用所得款項淨額作以下用途：(i)約9,200,000港元（相當於約人民幣7,300,000元）用作向惠州普瑞康建築材料有限公司注資；(ii)約12

119、,800,000港元用作貿易業務之業務發展；及(iii)約17,500,000港元用作一般營運資金。流動資金、財務資源及資本結構於二零一八年十二月三十一日，本集團有現金及銀行存款約39,200,000港元（二零一七年：約35,000,000港元）。於二零一八年十二月三十一日，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0.38（二零一七年：約0.17）。庫務政策本集團已對其庫務政策採取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

120、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。MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析GLORY FLAME HOLDINGS LIMITED 朝威控股有限公司 18Foreign 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

121、 United States dollars and Chinese Renminbi.Since Hong Kong 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

122、 which most of their transactions,including revenue,expenses 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 hedg

123、ing measures against these currencies.Environment Policies and PerformanceThe Group is committed to environmental-friendly development as a part of social responsibility.The Group achieves this through rational resources utilization and compliance with applicable environmental laws and practices of

124、environmental protection,seeking to contribute to the improvement of ecological environment and sustainable development.The Group continues to improve the environmental performance as an integral and fundamental part of the business strategy and operating methods.Please refer to the“Environment,Soci

125、al and Governance Report”contained in this annual report for further information on the work down and efforts made by the Group on environment protection,legal compliance and other aspects for the sustainable growth and development of the businesses of the Group.Compliance with Applicable Laws and R

126、egulationsDuring the Reporting year and up to the date of this report,the Board was not aware of any non-compliance with any relevant laws and regulations that had a significant impact on the business and operations of the Group.Events after the Reporting PeriodOn 13 March 2018,the Company and an in

127、dependent third party(the“Purchaser”)entered into a sale and purchase agreement(“Disposal Agreement”),pursuant to which,the Company conditionally agreed to sell 51%of the entire issued share capital of Mansion Point Internation Limited(the“Disposal Group”)to such independent third party at a cash co

128、nsideration of HK$30,755,000(the“Disposal”).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。環境政策及表現作為社會責任的一部分，本集團致力於環境友好型發展。為此，本集團合理利用資源，遵守適用的環保法例及慣例，致力於改善生態環境及促進可持續發展。作為業務策略及營運方

129、法不可或缺的基本部分，本集團會持續改善環保表現。有關本集團為促進其業務的可持續增長及發展而在環境保護、法律合規及其他方面所作工作及努力的進一步資料，請參閱本年報所載 環境、社會及管治報告。遵守適用法律及法規於報告年度直至本報告日期，董事會並不知悉任何違反相關法律及法規而對本集團業務及營運產生重大影響的不合規情況。報告期後事項於二零一八年三月十三日，本公司與一名獨立第三方（買方）訂立買賣協議（出售協議），據此，本公司有條件同意出售Mansion Point Internation Limited（出售集團）全部已發行股本的51%予該名獨立第三方，現金代價為30,755,000港元（出售事項）。M

130、ANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析Annual Report 2018 年報19The Company and the Purchaser entered into amendment agreements on 13 July 2018 and 4 February 2019,respectively whereby the completion date as set out in the Disposal Agreement has been amended to on or before 31 March 2019.Debts and C

131、harge on AssetsAs at 31 December 2018,the total borrowings of the Group amounted to approximately HK$40.0 million,as compared to approximately HK$40.0 million as at 31 December 2017.The annual interest rates of the borrowings for the Reporting Period ranged from 0%to 7.5%(2017:0%to 5%)per annum.All

132、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.Capital CommitmentsThe Group does not have material capital commitments as at 31 December 2018.Contingent LiabilityAs at 31 December

133、2018,the Group had no material contingent liabilities.Employee and Remuneration PoliciesAs at 31 December 2018,the Group employed 153 staff(31 December 2017:128 staff).Total employee costs for the Reporting Period including directors emoluments,amounted to approximately HK$53.8 million(FY2017:approx

134、imately HK$48.6 million).The salary and benefit levels of the employees of the Group are competitive.This is very important as the construction industry has been experiencing labour shortage in general.Individual performance of our employees is rewarded through the Groups salary and bonus system.In

135、addition,the Group provides adequate job training to employees in order to equip them with practical knowledge and skills to tackle situations and challenges encountered in diverse work sites.Final DividendThe Board does not recommend payment of final dividend to Shareholders for the Reporting Perio

136、d(FY2017:Nil).本公司與買方分別於二零一八年七月十三日及二零一九年二月四日訂立修訂協議，載於出售協議之完成日期已修訂為於二零一九年三月三十一日或之前。債務及資產抵押於二零一八年十二月三十一日，本集團的借貸總額約為40,000,000港元，而於二零一七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0%至7.5%（二零一七年：0%至5%）之間。所有借貸均為無抵押及於一年到期，並入賬列為本集團流動負債。所有上述借貸均以港元計值。資本承擔於二零一八年十二月三十一日，本集團並無重大資本承擔?；蛉回搨抖阋话四晔氯蝗?，本集團並無重大或然負債。僱員及薪

137、酬政策於二零一八年十二月三十一日，本集團共有153名員工（二零一七年十二月三十一日：128名員工）。報告期內僱員成本總額包括董事酬金，約為53,800,000港元（財政年度一七年：約48,600,000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（財政年度一七年：無）。董事及高級管理層履歷詳情BIOGRAPHICAL DE

138、TAILS OF DIRECTORS AND SENIOR MANAGEMENTGLORY FLAME HOLDINGS LIMITED 朝威控股有限公司 20“The company lays down the management norms and principles through the way of constituting the management guidelines,and manages the major matters.The principle of integration of power and responsibility is implemented i

139、n the work.The departments and individuals have the right to decide and control the specific affairs within the scope of responsibility.公司通過制訂管理規範指引的方式，制定管理規範和原則，並對重大事項進行管理，工作中實行權責一致原則，部門、個人對職責範圍內的具體事務具有決定和控制權。BIOGRAPHICAL DETAILS OF DIRECTORS AND SENIOR MANAGEMENT董事及高級管理層履歷詳情Annual Report 2018 年報21

140、EXECUTIVE DIRECTORS執行董事Mr.Zhu Zhou,aged 45,is an executive Director,the chairman of the Board and the chief executive officer of the Company.Mr.Zhu obtained a Master of Business Administration from The University of Iowa in 2005.He obtained a Ph.D.in Agricultural Economic Management from Huazhong Ag

141、ricultural University in 2005 and completed the postdoctoral research in the area of Business Administration at Renmin University of China in 2010.Mr.Zhu is experienced in corporate management and business development.Mr.Zhu has held positions including general manager of Beijing Zhongnong Seed Co.,

142、Limited(北京中農種業有限責任公司),chief executive officer and executive director of China Agri-Products Exchange Limited(Stock code:00149)and general manager of Hubei Kairui Baigu Agricultural Technology Corporation Ltd(湖北凱瑞百穀農業科技股份有限公司).朱洲先生，45歲，為執行董事、董事會主席及本公司行政總裁。朱先生於二零零五年獲得愛荷華大學工商管理碩士學位。彼於二零零五年獲得華中農業大學農業經濟管

143、理博士學位並於二零一零年成為中國人民大學企業管理博士後研究員。朱先生於企業管理及業務拓展方面有豐富經驗。朱先生歷任北京中農種業有限責任公司之總經理、中國農產品交易有限公司（股份代號：00149）之行政總裁兼執行董事及湖北凱瑞百穀農業科技股份有限公司之總經理。Ms.Jiao Fei,aged 37,is an executive Director.She obtained a diploma in Property Management in Henan Business College(now known as Henan University of Animal Husbandry&Econ

144、omy)on 1 July 2004.Ms.Jiao has around 12 years of working experience in property management and business operations.She was hired by Shenzhen Zhenyue Real Estate Co.Ltd*(深圳市振粵房地產有限公司)as an investment promotion manager for eight months in 2015.焦飛女士，37歲，為執行董事。彼於二零零四年七月一日獲得河南商業高等?？茖W校（現稱為河南牧業經濟學院）物業管理文憑

145、。焦女士於管理物業及商業經營方面擁有約12年的工作經驗。彼於二零一五年受深圳市振粵房地產有限公司僱用為投資促進經理，任期八個月。BIOGRAPHICAL DETAILS OF DIRECTORS AND SENIOR MANAGEMENT董事及高級管理層履歷詳情GLORY FLAME HOLDINGS LIMITED 朝威控股有限公司 22INDEPENDENT NON-EXECUTIVE DIRECTORS獨立非執行董事Mr.Chan Kam Wah,aged 43,is an independent non-executive Director.Mr.Chan holds a bachel

146、ors degree in Accounting from Napier University,Edinburgh of Scotland and a master degree in Business Administration from University of Sunderland.Mr.Chan is also a fellow of the Association of Chartered Certified Accountant and an associate member of the Hong Kong Institute of Certified Public Acco

147、untants.Mr.Chan has over 10 years of experience in accounting and finance.He is currently an executive director of Elegance Optical International Holdings Limited(Stock code:0907)and an independent non-executive director of Life Healthcare Group Limited(Stock code:0928).陳錦華先生，43歲，為獨立非執行董事。陳先生獲得蘇格蘭愛丁

148、堡納皮爾大學之會計學士學位及桑德蘭大學之工商管理碩士學位。陳先生亦為英國特許公認會計師公會資深會員及香港會計師公會會員。陳先生於會計及金融方面擁有逾10年經驗。彼現時為高雅光學國際集團有限公司（股份代號：0907）之執行董事及蓮和醫療健康集團有限公司（股份代號：0928）之獨立非執行董事。Mr.Liu Yingjie,aged 50,is an independent non-executive Director.Mr.Liu obtained a Doctor of Management degree from China Agricultural University in 2005.He

149、 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

150、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 Director 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

151、and Labour*(人事勞動司副司長).劉英傑先生，50歲，為獨立非執行董事。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、農業部國際合作司副司長及人事勞動司副司長等職務。Mr.Cao Hongmin,aged 47,is an independent non-executive Director.Mr.Cao holds a Bachelor of Laws and a Master of Economics fr

152、om Lanzhou University(蘭州大學)and a Doctor of Management from China Agricultural University.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

153、 director of Shenzhen Heyuan Technology Co.,Ltd*(深圳市和緣科技有限公司),department head and 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)and chairman of Shenzhen Huayue Public Welfare Financial Innovation Center*(深圳市福田區華悅公益金融創新中心).曹洪民先生，47

154、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及教授以及深圳市福田區華悅公益金融創新中心之理事長。BIOGRAPHICAL DETAILS OF DIRECTORS AND SENIOR MANAGEMENT董事及高級管理層履歷詳情Annual Report 2018 年報23SENIOR MANAGEMENT高級管理層Mr.Liu Yang is vice president of t

155、he Group,who is responsible for assisting in formulation of development strategy in Asia-Pacific region,financial and risk management,internal controls and strategic tax planning.Mr.Liu is a Certified Public Accountant registered with the Chinese Institute of Certified Public Accountants and a Certi

156、fied Tax Agent registered with The China Certified Tax Agents Association.He has held various financial controller and assistant financial controller positions.He has served as a Chief Accountant of Hubei Yuhui Construction Group Co.,Ltd.*(湖北宇輝建設集團有限公司)and Chief Financial Officer of Beijing Powerhor

157、se Machinery Co.,Ltd.(北京駿馬機械有限公司).He was also a financial controller(financial director)of Shenzhen Kingsino Technology Co.,Ltd.(Stock code:002548),a company listed on the Shenzhen Stock Exchange.Mr.Liu is currently a director and partner of Shenzhen Jinghu Investment Consulting Co.,Ltd.*(深圳市鏡湖投資諮詢有

158、限公司).Mr.Liu also has extensive senior management experience in corporate financing and asset management.劉陽先生為本集團副總裁，負責協助制定亞太地區的發展策略、財務及風險管理、內部控制及策略性稅務規劃。劉先生為中國註冊會計師協會註冊的註冊會計師及中國註冊稅務師協會註冊的註冊稅務師。彼曾擔任多個財務總監及財務副總監職位。彼曾為湖北宇輝建設集團有限公司之首席會計師及北京駿馬機械有限公司之首席財務官。彼亦曾擔任深圳市金新農科技股份有限公司（股份代號：002548，一間於深圳證券交易所上市之公司）之

159、財務總監。劉先生現為深圳市鏡湖投資諮詢有限公司之董事及合夥人。劉先生亦於企業融資及資產管理方面擁有擔任高級管理層的豐富經驗。Mr.Yang Zilin is vice president of the Group,who is responsible for assisting in formulation of development strategy in Asia-Pacific region,project management,investment strategy and driving the Groups business opportunities across the va

160、rious industries.Mr.Yang holds a Bachelor of International Finance and Trade from Peking University and a Master of Business Administration from Beihang University.He has over 20 years experience in proprietary investment,asset and wealth management,venture capital,finance and project investment.He

161、had ever worked as general manager of Beijing Zhang Ge Investment Asset Management Limited*(北京長歌投資資產管理有限公司),general manager(Corporate)of Founder Fubon Fund Management Co.Ltd.(方正富邦基金管理有限公司),general manager(Fixed Income)of Huarong International Trust Co.Ltd.(華融國際信托有限責任公司),executive general manager(Bon

162、d investment)of Cinda securities Co.,Ltd(信達證券股份有限公司).楊子林先生為本集團副總裁，負責協助制定亞太地區的發展策略、項目管理、投資策略及於各個行業為本集團挖掘商機。楊先生持有北京大學國際金融及貿易學士學位及北京航空航天大學企業管理碩士學位。彼於自營投資、資產與理財、風險資金、融資及項目投資領域擁有逾20年經驗。彼曾擔任北京長歌投資資產管理有限公司總經理、方正富邦基金管理有限公司機構業務部總經理、華融國際信托有限責任公司固定收益部總經理、信達證券股份有限公司執行總經理（債券投資）。企業管治報告CORPORATE GOVERNANCE REPORTG

163、LORY FLAME HOLDINGS LIMITED 朝威控股有限公司 24The Board is pleased to present hereby the corporate governance report of the Company for the Reporting Period.The Directors and the management of the Group recognize the importance of sound corporate governance to the long-term and continuing success of the Gr

164、oup.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 CODEThe Corporate Governance Code(the“Code)in Appendix 15 to the GEM Listing Rules sets out the principles of good cor

165、porate 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 they consider appropriate provided that considered reasons are given.Throughout the Reporting Period,save as disclose

166、d 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 executiveThe Code provision A.2.1 stipulates that the roles of chairman and chief executive should be separated and s

167、hould not be performed by the same individual.Ms.Che Xiaoyan who served as chairman of the Board and chief executive officer of the Company resigned on 24 August 2018.Mr.Zhu Zhou was appointed as chairman of the Board on 19 September 2018 and chief executive office of the Company on 16 October 2018.

168、The Board considers 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 d

169、elegates its power and 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

170、 individuals.董事會欣然提呈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

171、同一人士擔任。車曉豔女士擔任本公司董事會主席及行政總裁並於二零一八年八月二十四日辭任。朱洲先生於二零一八年九月十九日獲委任為董事會主席及於二零一八年十月十六日獲委任為本公司行政總裁。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。CORPORATE GOVERNANCE REPORT企業管治報告Annual Report 2018 年報25E.1.

172、2 Chairmans attendance at general meetingThe Code provision E.1.2 stipulates that the chairman of the board should attend the annual general meeting.The then chairman of the Board,Ms.Che Xiaoyan,was unable to attend the annual general meeting of the Company held on 8 June 2018 due to business reason

173、s.The executive Director,Ms.Jiao Fei,had taken the chair at such general meeting pursuant to the article 70 of the Articles of Association of the Company(the“Articles”).BOARD OF DIRECTORSThe key responsibilities of the Board include formulation of the Groups overall strategies,the setting of managem

174、ent 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(the“Board C

175、ommittee”).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 recommendations

176、;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 compliance manual(if

177、 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.E.1.2主席出席股東大會守則條文第E.1.2條規定，董事會主席應出席股東週年大會。董事會當時之主席車曉豔女士因業務原因而未克出席本公司於二零一八年六月八日舉行之股東週年大會。根據本公司組織章程細則（公司細則）第70條，由執行董事焦飛女士主持該屆股東週年大會。董事會董事會的主要

178、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。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。CORPORATE GOVERNANCE

179、 REPORT企業管治報告GLORY FLAME HOLDINGS LIMITED 朝威控股有限公司 26Composition 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.Zhu Zhou(Chairman)(appointed on 19 September 2018)Ms.Jiao FeiMs.Che Xiaoyan(Chairman)(res

180、igned on 24 August 2018)Mr.Li Shunmin(Vice chairman)(resigned on 13 August 2018)Ms.Guan Jincheng(resigned on 13 August 2018)Mr.Man Wai Lun(resigned on 19 September 2018)Mr.Chung Yuk Lun(Note)Non-executive DirectorMr.Lin Hongtong(resigned on 24 August 2018)Independent Non-executive DirectorMr.Chan Ka

181、m WahMr.Liu Yingjie(appointed on 19 September 2018)Mr.Cao Hongmin(appointed on 22 January 2019)Mr.Liu Yang(appointed on 13 September 2018 and resigned on 22 January 2019)Mr.Bai Honghai(resigned on 13 September 2018)Mr.Li An Sheng(resigned on 6 September 2018)Mr.Chen Yongquan(resigned on 6 September

182、2018)Note:Mr.Chung Yuk Lun(“Mr.Chung”)was appointed as independent non-executive Director on 24 January 2018 and re-designated as executive Director on 2 August 2018.Mr.Chung then resigned as executive Director on 19 September 2018.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：執行董事朱洲先生（主席）（於二零一八年九月十九日獲委任）焦飛女士車曉豔女士（主

183、席）（於二零一八年八月二十四日辭任）李順民先生（副主席）（於二零一八年八月十三日辭任）管錦程先生（於二零一八年八月十三日辭任）文偉麟先生（於二零一八年九月十九日辭任）鍾育麟先生（附註）非執行董事林宏通先生（於二零一八年八月二十四日辭任）獨立非執行董事陳錦華先生劉英傑先生（於二零一八年九月十九日獲委任）曹洪民先生（於二零一九年一月二十二日獲委任）劉陽先生（於二零一八年九月十三日獲委任 及於二零一九年一月二十二日辭任）白洪海先生（於二零一八年九月十三日辭任）李安生先生（於二零一八年九月六日辭任）陳擁權先生（於二零一八年九月六日辭任）附註：鍾育麟先生（鍾先生）於二零一八年一月二十四日獲委任為獨立非執

184、行董事及於二零一八年八月二日調任為執行董事。鍾先生其後於二零一八年九月十九日辭任執行董事。CORPORATE GOVERNANCE REPORT企業管治報告Annual Report 2018 年報27The 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 2018,except during the period from 6 September 2018 to 18 Sep

185、tember 2018,the Company had only two 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 made by the Company to each of the independent no

186、n-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 non-executive Directors are independent under

187、 the GEM Listing Rules.Save as disclosed in the section of“Biographical Details of the Directors and Senior Management”in 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

188、 Board meets regularly to discuss the overall strategy as well as operation and financial performance of the Group.Directors may participate either in person or through electronic means of communications.本公司於截至二零一八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，惟於二零一八年九月六日至二零一八年九月十八日期間，本公司僅有兩名獨立非執行董事，導致獨立非

189、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。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。CORPORATE GOVERNANCE REPORT企業管治報告GLORY FLAME HOLDINGS LI

190、MITED 朝威控股有限公司 28During the Reporting Period,the Board had 23 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 出席召開會議次數 Board General meeting meeting 董事會會議 股東大會Executive Director 執行董事

191、Mr.Zhu Zhou 朱洲先生 4/4 0/0Ms.Jiao Fei 焦飛女士 19/23 1/1Ms.Che Xiaoyan 車曉豔女士 13/15 0/1Mr.Li Shunmin 李順民先生 10/14 0/1Ms.Guan Jincheng 管錦程先生 13/14 0/1Mr.Man Wai Lun 文偉麟先生 19/19 1/1Mr.Chung Yuk Lun(Note)鍾育麟先生（附註）7/7 0/0Non-executive Director 非執行董事Mr.Lin Hongtong 林宏通先生 12/16 0/1Independent Non-executive 獨立非執行董

192、事 DirectorMr.Chan Kam Wah 陳錦華先生 19/23 0/1Mr.Liu Yang 劉陽先生 5/6 0/0Mr.Liu Yingjie 劉英傑先生 3/4 0/0Mr.Bai Honghai 白洪海先生 12/18 0/1Mr.Li An Sheng 李安生先生 13/16 0/1Mr.Chen Yongquan 陳擁權先生 9/16 0/1Mr.Chung Yuk Lun 鍾育麟先生 9/9 1/1Note:Mr.Chung Yuk Lun(“Mr.Chung”)was appointed as independent non-executive Director o

193、n 24 January 2018 and redesignated as executive Director on 2 August 2018.CODE OF CONDUCT FOR SECURITIES 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

194、by Directors in respect of the shares of the Company(the“Code of Conduct”).After specific enquiries 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.於報告期

195、內，董事會舉行了23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：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。附註：鍾育麟先生（鍾先生）於二零一八年一月二十四日獲委任為獨立非執行董事及於二零一八年八月二日調任為執行董事。CORPORATE GOVERNANCE REPORT企業管治報告Annual Report 2018 年報29DIRECTORS CONTINUING

196、 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 corporate governance.In this regard,the Group has always encouraged our Directors to attend relevant trai

197、ning 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 the updates of the GEM Listing Rules concerning good corporate governance practices.The Company will,if n

198、ecessary,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 reimburse the Directors for any relevant training costs and expenses incurred concerning corporate governa

199、nce 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 duties.Currently,three committees has been established,i.e.the audit committee(the“Audit Committee”),the nom

200、ination 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 terms of reference which are of no less stringent than that stated in the Code.The relevant terms of referen

201、ce 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.AUDIT COMMITTEEThe Company has established the Audit Committee on 2 August 2014 with its terms of reference in complian

202、ce with Rules 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 Dir

203、ector,he/she will cease to be a member of the Audit Committee automatically.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

204、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。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

205、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。CORPORATE GOVERNANCE REPORT企業管治報告GLORY FLAME HOLDINGS LIMITED 朝威控股有限公司 30The 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 accounti

206、ng or related financial management expertise as required under 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.Chan Kam Wah(Chairman),

207、Mr.Liu Yingie and Mr.Cao Hongmin.The Company complied with the requirement under Rule 5.28 of the GEM Listing Rules throughout the year ended 31 December 2018,except during the period from 6 September 2018 to 18 September 2018,the Company had only two Audit Committee members,which results in the num

208、ber of Audit Committee members falling below the minimum number required under Rule 5.28 of the GEM Listing Rules.With reference to the terms of reference,the primary responsibilities of the Audit Committee are,among others(for the complete terms of reference,please refer to the Companys website at

209、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 external auditors independence and objectivity and the e

210、ffectiveness 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 statements and annual report and accounts,half-year report and r

211、eview significant financial reporting judgments contained in them;5.to discuss with the Companys external auditors questions and doubts arising in audit of annual accounts;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。於本報告日期，審核委員會由三名成員組成，即陳錦華先生（主席）、劉英傑先生及曹

212、洪民先生。本公司於截至二零一八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，惟於二零一八年九月六日至二零一八年九月十八日期間，本公司僅有兩名審核委員會成員，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。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

213、司的財務報表以及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；CORPORATE GOVERNANCE REPORT企業管治報告Annual Report 2018 年報316.to review the letter of the Companys management from the Companys external auditors and the managements response;7.to review the statement about the Companys inte

214、rnal 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 system;9.to discuss the internal control system with the Companys management to ensure that m

215、anagement 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 initiative and managements response to these findings;11.to review the financial and accounting policies and p

216、ractices 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;and13.to report to the Board on that matters pursuant to the terms of reference of the Audit Committe

217、e and consider other topics as defined by the Board.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；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

218、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。CORPORATE GOVERNANCE REPORT企業管治報告GLORY FLAME HOLDINGS LIMITED 朝威控股有限公司 32During the Reporting Period,the Audit Committee had held 4 meetings.The attendance records of the members of the Audit Committee during the Reporting Period are summarized below:Atten

219、dance/Number of meetings 出席次數會議次數Member of Audit Committee 審核委員會成員Mr.Chan Kam Wah(Chairman)陳錦華先生（主席）4/4Mr.Liu Yingjie(appointed on 劉英傑先生 1/1 19 September 2018)（於二零一八年九月十九日獲委任）Mr.Liu Yang(appointed on 劉陽先生（於二零一八年九月十三日獲委任 1/1 13 September 2018 and 及於二零一九年一月二十二日辭任）resigned on 22 January 2019)Mr.Bai Hon

220、ghai(resigned on 白洪海先生（於二零一八年九月十三日辭任）3/3 13 September 2018)Mr.Li An Sheng(resigned on 李安生先生（於二零一八年九月六日辭任）3/3 6 September 2018)During the Reporting Period,the Audit Committee had reviewed the Groups audited results for the year ended 31 December 2017,the unaudited quarterly results of the Group for t

221、he three months ended 31 March 2018,the unaudited interim results of the Group for the six months ended 30 June 2018,the unaudited quarterly results of the Group for the nine months ended 30 September 2018 and discussed internal controls and financial reporting matters.The Audit Committee had also r

222、eviewed the Groups audited 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 betwe

223、en the Directors and 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

224、report.於報告期內，審核委員會舉行了4次會議。於報告期內，審核委員會成員之出席記錄概述如下：於報告期內，審核委員會已審閱本集團截至二零一七年十二月三十一日止年度的經審核業績、本集團截至二零一八年三月三十一日止三個月的未經審核季度業績、本集團截至二零一八年六月三十日止六個月的未經審核中期業績、本集團截至二零一八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

225、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。CORPORATE GOVERNANCE REPORT企業管治報告Annual Report 2018 年報33REMUNERATION COMMITTEEThe Remuneration Committee was established on 2 August 2014 with terms of reference in compliance with Rules 5.34 to 5.36 at the GEM Listing Rules,and provision B.1.1 to B.1.4 of the Co

226、de.As at the date of this report,the Remuneration Committee comprises three members,namely Mr.Cao Hongmin(Chairman),Mr.Chan Kam Wah and Mr.Liu Yingjie,all of whom are independent non-executive Directors.With reference to the terms of reference of the Remuneration Committee,the primary responsibiliti

227、es 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 remuneration proposals for other executive Directors;2.to make recommendations to the Board on the C

228、ompanys 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 the managements remuneration proposals with reference to the Boards corporate goals and objecti

229、ves;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 Directors;6.to consider salaries paid by comparable companies,time commitment and responsibilitie

230、s and employment conditions elsewhere in the Company and its subsidiaries;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 no

231、t excessive;and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）、陳錦華先生及劉英傑先生，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

232、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；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，不致過多；及CORPORATE GOVERNANCE REPORT企業管治報告GLORY FLAME HOLDINGS LIMITED 朝威控股有限公司 348.to review and approve compensation arrangem

233、ents relating 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 6 meetings.The attendance records of the members of the Remuneration Co

234、mmittee are summarized below:Attendance/Number of meetings 出席次數會議次數Member of Remuneration 薪酬委員會成員 CommitteeMr.Li An Sheng(Chairman)李安生先生（主席）3/3(resigned on 6 September 2018)（於二零一八年九月六日辭任）Ms.Guan Jincheng(resigned on 管錦程先生（於二零一八年八月十三日辭任）2/3 13 August 2018)Mr.Chen Yongquan(resigned on 陳擁權先生（於二零一八年九月六日

235、辭任）3/3 6 September 2018)Mr.Chung Yuk Lun(appointed on 鍾育麟先生（於二零一八年八月十三日獲委任 2/2 13 August 2018 及於二零一八年九月十九日辭任）and resigned on 19 September 2018)Mr.Chan Kam Wah(appointed on 陳錦華先生（於二零一八年九月六日獲委任）3/3 6 September 2018)Mr.Bai Honghai(Chairman)白洪海先生（主席）1/1(appointed on 6 September （於二零一八年九月六日獲委任 2018 and r

236、esigned on 及於二零一八年九月十三日辭任）13 September 2018)Mr.Liu Yang(Chairman)劉陽先生（主席）（於二零一八年九月十三日獲委任 3/3(appointed on 13 September 及於二零一九年一月二十二日辭任）2018 and resigned on 22 January 2019)Mr.Liu Yingjie(appointed on 劉英傑先生（於二零一八年九月十九日獲委任）1/1 19 September 2018)During the Reporting Period,the Remuneration Committee ha

237、d reviewed(1)the remuneration of Directors appointed during the Reporting Period;(2)the terms of the service agreement with the appointing Directors;and(3)the remuneration packages and performance of the Directors during the year ended 31 December 2017.8.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

238、；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6次會議。薪酬委員會成員的出席記錄概述如下：於報告期內，薪酬委員會已審閱(1)報告期內所委任董事的薪酬；(2)所委任董事服務協議的條款；及(3)截至二零一七年十二月三十一日止年度董事的薪酬方案及表現。CORPORATE GOVERNANCE REPORT企業管治報告Annual Report 2018 年報35Save as disclosed in this report,the Board is of the view that the Remuneration Committee has properly disc

239、harged its duties and responsibilities during 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 Nomina

240、tion Committee comprises three members,namely Mr.Zhu Zhou(Chairman),Mr.Chan Kam Wah and Mr.Cao Hongmin.Mr.Zhu is the chairman of the Board and executive Director,whereas Mr.Chan and Mr.Cao are independent non-executive Directors.With reference to the terms of reference of the Nomination Committee,th

241、e primary responsibilities of the Nomination Committee include(for the complete terms of reference,please refer 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

242、 any,to the Board to complement the Companys corporate strategy;2.to review the Companys board diversity policy 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

243、 the Board on the selection of individuals nominated for directorships;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

244、the chief executive.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，即朱洲先生（主席）、陳錦華先生及曹洪民先生，而朱先生為董事會主席及執行董事，陳先生及曹先生則為獨立非執行董事。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-）：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

245、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；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。CORPORATE GOVERNANCE REPORT企業管治報告GLORY FLAME HOLDINGS LIMITED 朝威控股有限公司 36During the Reporting Period,the Nomination Committee had held 6 meetings.The a

246、ttendance 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 提名委員會成員 CommitteeMr.Zhu Zhou(Chairman)朱洲先生（主席）1/1(appointed on 19 September （於二零一八年九月十九日獲委任）2018)Mr.Chung Yuk Lun(Chairman)鍾育麟先生（主席）1/1(appointed on 13 Septemb

247、er （於二零一八年九月十三日獲委任，2018 and resigned on 並於二零一八年九月十九日辭任）19 September 2018)Ms.Jiao Fei(Chairman)焦飛女士（主席）1/1(appointed on 24 August 2018 （於二零一八年八月二十四日獲委任，and resigned on 並於二零一八年九月十三日辭任）13 September 2018)Ms.Che Xiaoyan(Chairman)車曉豔女士（主席）3/3(resigned on 24 August 2018)（於二零一八年八月二十四日辭任）Mr.Liu Yang(appointe

248、d on 劉陽先生（於二零一八年九月十三日獲委任，2/2 13 September 2018 and 並於二零一九年一月二十二日辭任）resigned on 22 January 2019)Mr.Bai Honghai(appointed on 白洪海先生（於二零一八年九月六日獲委任，1/1 6 Spetember 2018 and 並於二零一八年九月十三日辭任）resigned on 13 September 2018)Mr.Chan Kam Wah(appointed on 陳錦華先生（於二零一八年九月六日獲委任）3/3 6 September 2018)Mr.Li An Sheng(re

249、signed on 李安生先生（於二零一八年九月六日辭任）3/3 6 September 2018)Mr.Chen Yongquan(resigned on 陳擁權先生（於二零一八年九月六日辭任）3/3 6 September 2018)During the Reporting Period,the Nomination Committee had reviewed the structure,size and composition of the Board,assessed the independence of the independent non-executive Director

250、s,and reviewed the qualifications of the Directors and the progress on the implementation of the board diversity policy.Saved as disclosed in this report,the Board is of the view that the Nomination Committee has properly discharged its duties and responsibilities during the Reporting Period and up

251、to the date of this report.於報告期內，提名委員會舉行了6次會議。提名委員會成員的出席記錄概述如下：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。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。CORPORATE GOVERNANCE REPORT企業管治報告Annual Report 2018 年報37NOMINATION POLICYThe Company adopted a nomination policy(“Nomination P

252、olicy”)on 1 January 2019.It aims at strengthen the transparency and accountability of the Board and/or Nomination Committee on election of directors including independent non-executive directors.The Board will review the Nomination Policy from time to time.Selection Criteria of DirectorsThe factors

253、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 to consider and make recommendation to shareholders for election as directors of the Company at the general meetings and appoint him/her to fil

254、l casual vacancies.Qualificationsandexperienceintherelevantindustriesinwhich the Companys business is involved or is going to be involved;CommitmentinrespectofavailabletimeandrelevantinterestReputationforintegrity;andDiversityinallitsaspects,includingbutnotlimitedtogender,cultural and educational ba

255、ckground,ethnicity,professional experience,skills,knowledge and length of service.These factors are for reference only,and not meant to be exhaustive and decisive.The Nomination Committee has the discretion to nominate any person,as it considers appropriate.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

256、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。CORPORATE GOVERNANCE REPORT企業管治報告GL

257、ORY FLAME HOLDINGS LIMITED 朝威控股有限公司 38Nomination ProceduresThe Nomination 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

258、not nominated by Board members;Proposed candidates will be asked to submit 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

259、 necessary;The Nomination Committee shall evaluate the proposed candidates 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 revi

260、ew the overall contribution of the directors to the Company and their services,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 dive

261、rsity of the members of the Board and summary of the policy is as follows: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 servi

262、ce;and2.the Nomination Committee will monitor the implementation of the diversity policy from time to time to ensure the effectiveness of the diversity policy.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

263、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。CORPORATE GOVERNANCE REPORT企業管治報告Annual Report 2018 年報39DIVIDEND

264、POLICYThe Company has adopted a dividend policy on payment of dividends dated 1 January 2019.The policy aims to enhancing transparency of the Company and thus facilitating the shareholders and the potential investors of the Company to make informed investment decision relating to the Company.The Boa

265、rd will review the dividend policy 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 ex

266、pected working capital requirements,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

267、that may have an impact on the 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

268、shares.The declaration,payment,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

269、 out in any of the plans or at 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.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

270、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；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

271、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。CORPORATE GOVERNANCE REPORT企業管治報告GLORY FLAME HOLDINGS LIMITED 朝威控股有限公司 40AUDITORS REMUNERATIONDuring the Reporting Period,the Group engaged ZHONGHUI ANDA CPA Limited(“ZHONGHUI ANDA”)as the Groups external auditors to conduct audit of the financial results

272、 of the Group for the year ended 31 December 2018.The auditors remuneration paid or payable for the Reporting Period is set out below:Services rendered Fee 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 880,000COMPANY SECRETARYMr.Cheung Wai Kee(“Mr.Cheung”)is the company secre

273、tary 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 Period.COMPLIANCE OFFICERMr.Man Wai Lun resigned as the

274、 compliance officer of the Company on 19 September 2018.Mr.Zhu Zhou has since been appointed as the compliance officer of the Company.RISK MANAGEMENT AND INTERNAL CONTROLThe Board is responsible for the establishment,maintenance and review of the Groups system of internal controls and risk managemen

275、t.The Board must ensure that the Company establishes 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.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，以進行本集團截至二零一八年十二月三十一日止年度財務業績的審核

276、。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。合規主任文偉麟先生於二零一八年九月十九日辭任本公司合規主任。朱洲先生自此獲委任為本公司合規主任。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。CORPORATE GOVERNANCE REPORT企業管治報告Annual Report 2018 年報41The Board

277、 oversees the overall risk management and internal control system of the Group on an ongoing basis and endeavors to identify,control impact of the identified risks and facilitate implementation of coordinated mitigating measures.The risk management and internal control systems compatible with the Co

278、mmissioner of Sponsoring Organization of the Treadway Commission(COSO)-Integrated Framework 2013 principles are designed 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.Th

279、e Group has established a risk management policy set out the process of identification,evaluation and management of the 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 risk

280、s on a quarterly basis with mitigation plans to manage those risks;2.The management is responsible for overseeing the 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 identi

281、fied and documented;3.The Board is responsible for reviewing and approving the effectiveness and adequacy of the Groups risk management and internal controls.The risk management framework,coupled with our internal controls,ensures that the risk associated with our different business units are effect

282、ively controlled in line with the Groups appetite.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

283、風險管理和內部控制活動，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。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。CORPORATE GOVERNANCE REPORT企業管治報告GLORY FLAME HOLDINGS LIMITED 朝威控股有限公司 42The Company does not have an internal audit department and engaged an external internal contro

284、l consultant,CT Partners Consultants Limited,to conduct review on the internal control system of the Group during the year.The review covering certain procedures on the human resources management and implementation of risk management policies of the Group and make recommendations for improvement and

285、 strengthening of internal control system.No significant areas of concern that may affect the financial,operational,compliance,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 o

286、f failure to achieve business objectives,and can only provide reasonable and not absolute assurance against material misstatement 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

287、financial reporting function and the Board has reached the conclusion that the Groups risk management and internal control 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

288、aim to ensure that the insiders abide by the confidentiality requirement and fulfill the disclosure obligation of the inside information.DIRECTORS AND AUDITORS RESPONSIBILITY FOR FINANCIAL STATEMENTSThe Directors acknowledge and understand their responsibility for preparing the financial statements

289、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 laws and disclosure provisions re

290、quired 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.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。審查涉及本集團人力資源管理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

291、務、經營、合規、控制及風險管理的重大關切領域。本集團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。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

292、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。CORPORATE GOVERNANCE REPORT企業管治報告Annual Report 2018 年報43To the best knowledge of the Directors,there are no uncertainties relating to events or conditions that may cast significant doubt upon the Companys ability to continue as a going concern.Statement o

293、f 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 CONSTITUTIONAL DOCUMENTSDuring the Reporting Period,there had been no significant changes in the constituti

294、onal 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 the affairs and overall performance of the Group,and its future developments,etc.At the AGM,the Di

295、rectors(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 of the Shareholders concerning the audit procedures and the auditors report.The forthcoming AGM of

296、 the Company is scheduled to be held on 6 June 2019,the notice of which shall be sent to the Shareholders at least 20 clear business days prior to this meeting.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

297、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。本公司應屆股東週年大會將於二零一九年六月六日舉行，大會通告將於大會前最少20個完整營業日內寄發予股東。CORPORATE GOVERNANCE REPORT企業管治報告GLORY FLAME HOLDINGS LIMITED 朝威控股有限公司 44SHAREHOLDERS RIGHTSConvening Extraordinary General Meeting on Requisition by Sh

298、areholdersPursuant 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 ca

299、pital of the Company 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 meet

300、ing shall be held 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 th

301、e Company.Procedures 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 i

302、ntention to propose 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

303、 earlier than the 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.股東權利在股東要

304、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

305、，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為止，而向本公司提交該通知的最短時限為最少七日。CORPORATE GOVERNANCE REPORT企業管治報告Annual Report 2018 年報45Procedures for directing Shareholders enquiries to the BoardShareholders may direct their enquiries concerning

306、their shareholdings to the Companys 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)3

307、571 9460,or by email to infogf-.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

308、of the Group to the public through 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 togeth

309、er with the Board extend their invitation 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 in writing to the Company to the followings:Address:Suite 3513,Tower 6 The Gateway,Harbour

310、City 9 Canton Road Tsim Sha Tsui,Kowloon Hong KongEmail:infogf-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

311、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-環境、社會及管治報告ENVIRONMENTAL,SOCIAL AND GOVERNANCE REPORTGLORY FLAME HOLDINGS LIMITED 朝威控股有限公司 46ABOUT GLORY FLAME HOLDINGS LIMITEDWe,Glory Flame Holdings Limited(the“Company”),together with its

312、 subsidiaries(collectively referred to as the“Group”),believe operating sustainably and quality growth 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

313、to grow its business and create a positive impact in the market.For the year ended 31 December 2018,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

314、,manufacturing and trading of prefabricated precast construction components and prestressed high strength concrete piles,(ii)development and sales agricultural equipment,(iii)trading of light-emitting diode(“LED”)light sources for decoration and clean coal and(iv)provision of insurance brokerage and

315、 consultancy services in both Hong Kong and the Peoples Republic of China(“PRC”).REPORTING SCOPE AND STANDARDSThis report is prepared in accordance with the“Environmental,Social and Governance Reporting Guide”as set out in Appendix 20 to the Rules Governing the Listing of Securities on GEM made by T

316、he Stock Exchange of Hong Kong Limited.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 provided by subsidiaries of the Group.Information on the environmen

317、tal 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 45.The reporting period of this ESG report is from 1 January 2018 to 31 December 2018(“Reporting Period”).This report highlights significant

318、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 and ecological LED cultivation cabinet,which accounted for approximately 66.7%of the Groups

319、 consolidated revenue for the Reporting Period.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。截至二零一八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及預應力高強度混凝土管樁；(ii)研發及銷售農業設備；(iii)買賣用於裝飾的發光二極管（LED）光源及潔淨煤貿易業務；及(iv)於

320、香港及中華人民共和國（中國）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45頁。本環境、社會及管治報告的報告期間為二零一八年一月一日至二零一八年十二月三十一日（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及LED生態種植櫃系統（約佔本集團報告期間綜合收入的約66

321、.7%）時進行的業務活動所造成的重大環境及社會影響。ENVIRONMENTAL,SOCIAL AND GOVERNANCE REPORT環境、社會及管治報告Annual Report 2018 年報47Unless otherwise specified,the key performance index calculation(except staff composition)covers the Groups operations in Hong Kong.QuantitativedisclosuresinrelationtoourofficesinthePRC are excluded

322、from 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 report

323、s when 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 ope

324、ration 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.Stakeholder G

325、roupsSpecific StakeholderCommunication Channel持份者組別特定持份者溝通渠道Investors投資者Shareholders 股東Potentialinvestors 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Quarterlyreportsandannouncements 季度報告及公告 Annual general meetings 股東週年大會 Disclosure of listed information 披露上市資料除另有規定外，關鍵

326、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。ENVIRONMENTAL,SOCIAL AND GOVERNA

327、NCE REPORT環境、社會及管治報告GLORY FLAME HOLDINGS LIMITED 朝威控股有限公司 48Stakeholder GroupsSpecific StakeholderCommunication Channel持份者組別特定持份者溝通渠道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 Tr

328、aining and seminars 培訓及研討會 Regular performance assessment 定期表現評估 CSR 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

329、 media 社交媒體Suppliers/Contractors供應商承包商 Material suppliers 材料供應商 Sub-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Community社區 National and local community organisations 全國及當地社區組織 Charitable donations

330、 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ENVIRONMENTAL,SOCIAL AND GOVERNANCE REPORT環境、社會及管治報告Annual Report 2018 年報49MATERIALITY ASSESSMENTIn order to gain bette

331、r 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 are addressed adequately

332、 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 is committed to uphold

333、ing 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.EMISSIONSEngaging in construction activities as a contractor for years,it is inevitably that our operation activities have impact on our environment.Emissions from our daily business activities mainly