卡賓：2019年報.pdf

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1、Cabbeen is one of the leading Chinese designer brands.The Group designs and sells apparels for men,women and children under four brands,namely,Cabbeen,Cabbeen Urban,Cabbeen Love and 2AM.Its retail network covers 31 provinces,autonomous regions and municipalities and several online platforms in the P

2、eoples Republic of China.卡賓是中國領先的設計師品牌之一。本集團為旗下卡賓、卡賓都市、Cabbeen Love 及淩晨兩點四個品牌設計及銷售男士、女士及兒童服裝，其零售網絡分佈中華人民共和國 31 個省份、自治區及直轄市以及若干線上平臺。ABOUT CABBEEN關於卡賓CONTENTS 目錄246103354618698 100102103105263Corporate Information 公司資料Financial Highlights 財務摘要Chairmans Statement 主席報告Management Discussion and Analysis

3、管理層討論及分析Corporate Governance Report 企業管治報告Biographical Details of Directors and Senior Management 董事及高級管理層履歷詳情Report of the Directors 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益表Consolidated Statement of Financial Positio

4、n 綜合財務狀況表Consolidated Statement of Changes in Equity 綜合權益變動表 Consolidated Cash Flow Statement 綜合現金流量表Notes to the Financial Statements 財務報表附註Five Years Summary 五年概要Annual Report 2019Cabbeen Fashion Limited02Corporate InformatIon公司資料BOARD OF DIRECTORSExecutive DirectorsMr.Ziming Yang(Chairman)Mr.Siu

5、Keung Ng(Chief Executive Officer)Mr.Rongqin KeIndependent Non-Executive DirectorsMr.Yung Kwok TsuiMr.Honghui ChenMr.Ming Shu LeungAUDIT COMMITTEEMr.Yung Kwok Tsui(Chairman)Mr.Honghui ChenMr.Ming Shu LeungREMUNERATION COMMITTEEMr.Yung Kwok Tsui(Chairman)Mr.Ming Shu LeungMr.Siu Keung NgNOMINATION COMM

6、ITTEEMr.Ziming Yang(Chairman)Mr.Honghui ChenMr.Ming Shu LeungCORPORATE GOVERNANCE COMMITTEEMr.Siu Keung Ng(Chairman)Mr.Yung Kwok TsuiMr.Ming Shu LeungAUTHORIZED REPRESENTATIVESMr.Siu Keung NgMs.Lai Wah Wong,FCPACOMPANY SECRETARYMs.Lai Wah Wong,FCPAREGISTERED OFFICECricket Square,Hutchins DriveP.O.Bo

7、x 2681Grand Cayman KY1-1111Cayman Islands董事會執行董事楊紫明先生（主席）吳少強先生（行政總裁）柯榕欽先生獨立非執行董事徐容國先生陳宏輝先生梁銘樞先生審核委員會徐容國先生（主席）陳宏輝先生梁銘樞先生薪酬委員會徐容國先生（主席）梁銘樞先生吳少強先生提名委員會楊紫明先生（主席）陳宏輝先生梁銘樞先生企業管治委員會吳少強先生（主席）徐容國先生梁銘樞先生授權代表吳少強先生黃麗華女士，FCPA公司秘書黃麗華女士，FCPA註冊辦事處Cricket Square,Hutchins DriveP.O.Box 2681Grand Cayman KY1-1111Cayman

8、IslandsCorporate InformatIon(ContInued)公司資料（續）二零一九年年報卡賓服飾有限公司03HEADQUARTERS IN CHINACabbeen Apparel BuildingNo.379 Shougouling RoadTianhe DistrictGuangzhou 510507PRCPRINCIPAL PLACE OF BUSINESS IN HONG KONGUnit A&B,26/F,Billion Plaza II10 Cheung Yue StreetCheung Sha WanKowloonHong KongCAYMAN ISLANDS

9、SHARE REGISTRAR AND TRANSFER OFFICESMP Partners(Cayman)LimitedRoyal Bank House3rd Floor,24 Shedden RoadP.O.Box 1586,Grand CaymanKY1-1110Cayman IslandsHONG KONG BRANCH SHARE REGISTRARComputershare Hong Kong Investor Services LimitedShops 1712-171617/F,Hopewell Centre183 Queens Road EastWanchaiHong Ko

10、ngAUDITORKPMG,Certified Public AccountantsPublic Interest Entity Auditor registered in accordance with the Financial Reporting Council OrdinanceLEGAL ADVISOR AS TO HONG KONG LAWLuk&Partners in Association with Morgan,Lewis&BockiusWEBSITE中國總部中國廣州市天河區瘦狗嶺路379號卡賓服飾大廈郵編510507香港主要營業地點 香港九龍長沙灣長裕街10號億京廣場二期2

11、6樓A及B室開曼群島股份過戶登記處 SMP Partners(Cayman)LimitedRoyal Bank House3rd Floor,24 Shedden Road,P.O.Box 1586,Grand Cayman,KY1-1110,Cayman Islands香港股份過戶登記分處 香港中央證券登記有限公司香港灣仔皇后大道東183號合和中心17樓1712-1716號舖核數師畢馬威會計師事務所，執業會計師於 財務滙報局條例 下的注冊公眾利益 實體核數師香港法律顧問 陸繼鏘律師事務所與摩根路易斯律師事務所聯營網站fInanCIal HIgHlIgHts財務摘要Annual Report

12、2019Cabbeen Fashion Limited04 2019 2018 Changes 二零一九年 二零一八年 變動 RMB000 RMB000%人民幣千元 人民幣千元%Financial highlights 財務摘要Revenue 收益 1,274,966 1,273,473+0.1%Gross profit 毛利 560,091 578,743-3.2%Profit from operation 經營溢利 243,440 311,032-21.7%Profit for the year 年內溢利 158,142 210,243-24.8%Earnings per share 每股

13、盈利(RMB cents)（人民幣分）Basic 基本 23.58 31.71-25.6%Diluted 攤薄 23.58 31.68-25.6%Dividend per share(HK cents)每股股息（港仙）Interim dividend 中期股息 7.5 13.2-43.2%Final dividend 末期股息 3.0 4.8-37.5%Total dividend 總股息 10.5 18.0-41.7%Profitability ratios 盈利比率Gross profit margin 毛利率 43.9%45.4%-1.5 ppt 個百分點Operating margin

14、 經營利潤率 19.1%24.4%-5.3 ppt 個百分點Net profit margin 純利率 12.4%16.5%-4.1 ppt 個百分點Return on total assets(1)資產總值回報率(1)7.1%10.0%-2.9 ppt 個百分點Return on equity(2)權益回報率(2)12.8%17.9%-5.1 ppt 個百分點Liquidity ratios 流動資金比率Current ratio 流動比率 1.82 2.71Average inventory 平均存貨 turnover days(3)周轉天數(3)196 189Average trade

15、and bills 平均貿易應收款項及 receivables turnover days(4)應收票據周轉天數(4)123 87Average trade and bills 平均貿易應付款項及 payables turnover days(5)應付票據周轉天數(5)231 243Capital ratio 資金比率Interest coverage ratio(6)盈利對利息倍數(6)11.3 15.6Net debt to equity ratio(7)淨債權比率(7)7.1%5.7%Gearing ratio(8)資產負債比率(8)28.7%24.5%fInanCIal HIgHlIg

16、Hts(ContInued)財務摘要（續）二零一九年年報卡賓服飾有限公司05Notes:(1)Return on total assets equals net profit for the year divided by the closing balance of total assets.(2)Return on equity equals net profit for the year divided by the closing balance of total shareholders equity.(3)Average inventory turnover days is equ

17、al to the average of the beginning and closing inventory balance divided by cost of sales and multiplied by the number of days in the year.(4)Average trade and bills receivables turnover days is equal to the average of the beginning and closing trade and bills receivables balance divided by turnover

18、(including value-added tax)and multiplied by the number of days in the year.(5)Average trade and bills payables turnover days is equal to the average of the beginning and closing trade and bills payables balance divided by costs of sales and multiplied by the number of days in the year.(6)Interest c

19、overage ratio equals profit before interest and tax for one period divided by interest expenses of the same period.(7)Net debt to equity ratio equals net debt divided by total equity as of the end of the year.Net debt includes all borrowings net of cash and cash equivalents.(8)Gearing ratio equals t

20、otal debts divided by total equity.附註：(1)資產總值回報率等於年內純利除以資產總值年終結餘。(2)權益回報率等於年內純利除以股東權益總額年終結餘。(3)平均存貨周轉天數等於年初及年終存貨結餘的平均值除以銷售成本，再乘以年內天數。(4)平均貿易應收款項及應收票據周轉天數等於貿易應收款項及應收票據的年初及年終結餘的平均值除以營業額（包括增值稅），再乘以年內天數。(5)平均貿易應付款項及應付票據周轉天數等於貿易應付款項及應付票據的年初及年終結餘的平均值除以銷售成本，再乘以年內天數。(6)盈利對利息倍數等於一個期間的扣除利息及稅項前溢利除以同期利息開支。(7)淨債

21、權比率等於年末債務淨額除以權益總額。債務淨額包括扣除現金及現金等價物的所有借款。(8)資產負債比率等於債務總額除以權益總額。Annual Report 2019Cabbeen Fashion Limited06Chairmans statement主席報告二零一九年年報卡賓服飾有限公司07CHaIrmans statement(ContInued)主席報告（續）TO ALL SHAREHOLDERS,On behalf of the board(the“Board”)of directors(the“Directors”)of Cabbeen Fashion Limited(the“Compa

22、ny”,stock code:2030),I herewith present the results of the Company and its subsidiaries(collectively referred to as the“Group”or“Cabbeen”)for the year ended 31 December 2019.In 2019,the business of the Group was affected by headwind of macro-economic uncertainty,slowing growth and fierce competition

23、 in mainland China market.For the year ended 31 December 2019,revenue of the Group was generally flat and net profit decreased by 24.8%as compared to the year ended 31 December 2018.The Groups performance was affected by pressures of promotion efforts and sales discounts while the growth of e-commer

24、ce business was slowing.We expect that the apparel industry,particularly for brands targeting mid-end market like us,will be even more challenging going forward.In addition,we acknowledge that our operations were adversely affected by the outbreak of the coronavirus in mainland China since January 2

25、020.Our distributors temporarily closed more than 90%of retail stores from 28 January 2020 to 9 February 2020 and the operation of approximately 17%of retail stores remained suspended as of the date of this report.Given the dynamic nature of these circumstances,the duration of business disruption an

26、d reduced customer traffic,we expect that our 致各位股東：本人謹此代表卡賓服飾有限公司（本公司，股份代號：2030）董事（董事）會（董事會），呈列本公司及附屬公司（統稱 本集團或 卡賓）截至二零一九年十二月三十一日止年度的業績。於二零一九年，在宏觀經濟不明朗、中國內地經濟增長放緩以及市場競爭激烈的衝擊下，本集團業務難免會受到影響。與截至二零一八年十二月三十一日止年度比較，截至二零一九年十二月三十一日止年度，本集團的收益大致平穩，而純利則下降24.8%。本集團的業績表主要受到來自促銷活動和零售折扣上升的影響，而電商業務增長同時持續放緩。我們預期服裝行

27、業，尤其是像我們一樣的中檔品牌，將在未來面對更大的挑戰。此外，我們的業務自二零二零年一月起受到中國內地爆發新型冠狀病毒肺炎疫情的不利影響。由二零二零年一月二十八日至二零二零年二月九日，我們的分銷商短暫關閉了超過90%的零售店舖，且截至本報告日期，約17%的零售店舖仍然暫停營業。鑒於疫情導致業務持續被中斷及客戶流量減少，我們預期二零二零年的經營業績將會受到重大不利影響，儘管於本報告之時我們尚未能合理量化我們財務表現Annual Report 2019Cabbeen Fashion Limited08CHaIrmans statement(ContInued)主席報告（續）operating re

28、sults for 2020 will be materially and adversely affected,though we are not yet able to reasonably quantify the potential magnitude of such impact on our financial performance at the time of this annual report.We have started to cut back purchase orders for 2020 summer collection and put on hold of n

29、ew shops and other material investments.We will also strengthen cost control and provide extended credit terms for our distributors.Considering uncertainty of the epidemic and the impact on our operations,we would like to maintain a higher level of liquidity for our business development and thus hav

30、e adjusted the dividend payout ratio for 2019 to approximately 40%.We will strive to stay vigilant and be proactive in responding to these extraordinary circumstances and will be transparent in communicating with our shareholders about the implication for our business results.Another important devel

31、opment of the Group during the year ended 31 December 2019 was the Groups investment in upstream apparel production business.We believe in an era of fast-changing customer preferences,being able to respond to shifting demand and tailor production accordingly and reduce lead time are competitive adva

32、ntages.However,since the order size of each stock keeping unit and scale of operations of our new brands are generally small,the Group has been facing challenges in working with quality suppliers at reasonable price and predictable lead time.Accordingly,we have started to develop our own production

33、facilities to overcome these obstacles in supply chain management.We are aware of the costs are generally higher for smaller batch size production,and we need capable personnel to manage the factory.So,we will proceed step by step to control the cost impact on the Groups financial performance and fo

34、cus on production of the Groups core products only.In addition,the upfront investments in upstream business may reduce the Groups liquidity and affect dividend payout.Nevertheless,we believe it is beneficial for the Groups long-term strategic development.受該等影響的程度。我們已開始削減二零二零年夏季系列產品的採購訂單，並且擱置設立新店舖及其他

35、重大投資。我們亦將加強控制成本及提供延長信貸期予分銷商。鑒於疫情發展及疫情對我們營運的影響難以預料，我們擬為業務發展維持高水平的流動現金，因此已將二零一九年的派息比率調整至約40%。我們將保持警惕及積極應對該等特殊情況，並且將會就對我們業務的影響與股東保持溝通。本集團於截至二零一九年十二月三十一日止年度內另一項重要發展為本集團於上游服裝生產業務的投資。我們相信在處於這個客戶喜好瞬息萬變的時代，我們須迅速回應客戶的需求，並須縮短交付時間方能在眾多競爭對手中脫穎而出。然而，鑑於新品牌各庫存單訂單量及營運規模普遍較小，本集團在向優質供應商爭取合理合作價格及實現可預測交付周期方面面臨挑戰。因此，我們已

36、開始發展我們自有的生產設施以解決供應鏈管理的障礙。我們明白批量較小的生產成本通常較高，且我們需要管理廠房的人才。故此，我們會按步就班，以控制生產業務對本集團的財務影響，並僅集中於生產本集團的核心產品。此外，上游業務的前期投資或會減少本集團的流動資金及影響派息?？v然如此，我們相信此舉對本集團的長期策略發展有利。二零一九年年報卡賓服飾有限公司09CHaIrmans statement(ContInued)主席報告（續）Finally,on behalf of the Board,I would like to express my sincere gratitude to all staff me

37、mbers for their dedication and contribution,and to our shareholders and business partners for their support.We will continue with our endeavor to pursue growth of our business and create value for our shareholders.ChairmanZiming Yang11 March 2020最後，本人謹代表董事會衷心感謝全體員工的努力及貢獻，以及各位股東及合作夥伴的鼎力支持。我們將繼續努力推動本集

38、團業務增長並為股東創造價值。主席楊紫明二零二零年三月十一日manaGement DisCUssiOn anD anaLYsis管理層討論及分析Annual Report 2019Cabbeen Fashion Limited10二零一九年年報卡賓服飾有限公司11Annual Report 2019Cabbeen Fashion Limited12二零一九年年報卡賓服飾有限公司13management dIsCussIon and analysIs(ContInued)管理層討論及分析（續）Annual Report 2019Cabbeen Fashion Limited14INDUSTRY O

39、VERVIEWThe apparel industry is very competitive in mainland China with plenty of local and foreign brands and most of the industry players sell their products through both physical stores and online channels.Although physical store has not lost its key role,online sales have been growing strongly in

40、 past few years and fueled the business growth of many apparel companies.However,it seems that online retailing has also started to slow down due to market maturity and competition.In addition,we expect that consumers will be cautious and continue to hold off on spending on discretionary items amid

41、the uncertain macroeconomic outlook.Accordingly,we believe that the apparel industry,particularly for brands targeting mid-end market like us,will be more challenging going forward.BUSINESS REVIEWOverviewCabbeen is a Chinese designer brand.It offers apparel and accessories for men,women,and children

42、 under the Cabbeen,Cabbeen Urban,Cabbeen Love and 2AM brands.The Group derives its revenue from sales of its products through franchise stores and online shops.Most of the products sold under its brand names are designed by the Group and majority of the products sold are manufactured by independent

43、manufacturers in mainland China.As of 31 December 2019,the Group had 6 wholesale distributors,19 consignment distributors and 135 sub-distributors operating a total of 887 retail shops in mainland China and one retail shop in Cambodia.In addition,the Group operates WeChat store and other online shop

44、s on e-commerce platforms including T-mall,JD.com,vipshop and sells products to other online distributors.行業回顧服裝行業於中國內地的競爭非常激烈，大量本地及外國品牌以及大多數業內人士均透過實體店及線上渠道銷售其產品。雖然實體店仍然舉足輕重，但線上銷售於過去數年來勢洶洶，推動了眾多服裝公司的業務增長。然而，市埸成熟和競爭似乎亦使線上零售的增長開始放緩。此外，在宏觀經濟前景不明朗的情況下，我們預期消費者將保持謹慎態度並繼續減少購買非必需品。因此，我們相信服裝行業（尤其是像我們一樣的中檔品牌）

45、將會在未來面對更大的挑戰。業務回顧概覽卡賓是中國的設計師品牌。其提供男士、女士及兒童服裝及配飾，旗下品牌有卡賓、卡賓都市、Cabbeen Love及淩晨兩點。本集團所得收益乃通過特許經營店舖及網店銷售其產品。旗下品牌銷售的絕大部分產品均由本集團設計，且銷售的所有產品均為中國內地獨立生產商所生產。截至二零一九年十二月三十一日，本集團有6名批發分銷商、19名代銷分銷商及135名二級分銷商，在中國內地共經營887間零售店舖及一間在柬埔寨的零售店舖。此外，本集團亦經營微商城及在天貓、京東、唯品會等電商平臺經營其他網店及向其他線上分銷商銷售產品。management dIsCussIon and ana

46、lysIs(ContInued)管理層討論及分析（續）二零一九年年報卡賓服飾有限公司15Retail channel performancePerformance of retail stores operated by the Group,its distributors and sub-distributors for the year ended 31 December 2019 are summarized below.Totalretailrevenuefortheyearended31December2019 decreased by 4.1%as compared to 2018

47、.The decrease was primarily a result from weak consumption sentiment and exceptional warm weather in the first quarter of 2019.Retailsalesrevenueandsamestoresalesfromphysical stores for the year ended 31 December 2019 decreased by 6.2%and 7.8%,respectively,as compared to that of 2018.Retailrevenuefr

48、omonlineshopsincreasedbyapproximately 5.0%from RMB503.3 million for the year ended 31 December 2018 to RMB528.7 million for the year ended 31 December 2019.Cabbeenhad2.4millionWeChatfansandmembersas of 31 December 2019(2018:1.8 million).Averageretaildiscountatphysicalstoresfortheyear ended 31 Decemb

49、er 2019 was approximately 25.7%(2018:21.6%).Upto31January2020,sell-throughrateoftheGroups 2019 collections was over 71.4%.零售渠道表現下文概述由本集團、分銷商及二級分銷商經營的零售店舖於截至二零一九年十二月三十一日止年度的表現。截至二零一九年十二月三十一日止年度，零售收益總額較二零一八年同期減少4.1%。該減少乃主要由於二零一九年第一季度消費情緒薄弱及預期氣溫和暖。於截至二零一九年十二月三十一日止年度，本集團的實體店舖零售金額及同店銷售與二零一八年同期相比分別減少6.2%及

50、7.8%。網上店舖所產生的零售收益由截至二零一八年十二月三十一日止年度的人民幣503.3百萬元增加逾5.0%至截至二零一九年十二月三十一日止年度的人民幣528.7百萬元。於二零一九年十二月三十一日，卡賓微信粉絲及會員人數為2.4百萬（二零一八年：1.8百萬）。截至二零一九年十二月三十一日止年度，實體店舖平均零售折扣約為25.7%（二零一八年：21.6%）。截至二零二零年一月三十一日，本集團二零一九年系列產品的售罄率超過71.4%。management dIsCussIon and analysIs(ContInued)管理層討論及分析（續）Annual Report 2019Cabbeen F

51、ashion Limited16Stores network店舖網路Xinjiang新疆18Ningxia寧夏2Beijing北京3Jiangsu江蘇22Fujian福建94Guangdong廣東129Jilin吉林5Liaoning遼寧1Tianjin天津5Shanghai上海8Zhejiang浙江20Anhui安徽15Hebei河北10Hunan湖南101Shanxi山西9Henan河南18Hubei湖北96InnerMongolia內蒙古11Gansu甘肅6Sichuan四川88Shaanxi陝西28Chongqing重慶35Guizhou貴州49Yunnan雲南6Qinghai青海2T

52、ibet西藏3Guangxi廣西35HAINAN海南15柬埔寨1Heilongjiang黑龍江4Shandong山東12Jiangxi江西37TOTAL總計888CAMBODIAmanagement dIsCussIon and analysIs(ContInued)管理層討論及分析（續）二零一九年年報卡賓服飾有限公司17Retail network by geographical regions As of 31 December 2019 As of 31 December 2018 截至二零一九年十二月三十一日 截至二零一八年十二月三十一日Operation model Wholesal

53、e Consignment Total Wholesale Consignment Total經營模式 批發 代銷 總計 批發 代銷 總計Geographical region 地區Central China 華中 197 33 230 198 37 235Southwestern China 西南 56 125 181 62 131 193Southern China 華南 22 250 272 23 239 262Eastern China 華東 70 70 61 61Northern China 華北 1 67 68 1 74 75Northwestern China 西北 56 56

54、67 67Northeastern China 東北 10 10 17 17Others 其他 1 1 Total 總計 277 611 888 284 626 910按地理區域劃分的零售網絡Retail outlets by brands 按品牌劃分的零售店舖Retail outlets by channel 按渠道劃分的零售店舖Shopping mall商場Department store 百貨公司Street shops街舖As of 31 December 2018於二零一八年十二月三十一日As of 31 December 2019於二零一九年十二月三十一日As of 31 Dece

55、mber 2018於二零一八年十二月三十一日As of 31 December 2019於二零一九年十二月三十一日Cabbeen卡賓Cabbeen Urban卡賓都市Cabbeen LOVECabbeen LOVE2AM凌晨兩點Multi-brands多品牌201817.4%70.1%11.2%1.3%16.5%70.8%10.7%1.8%201920182019629146160.2%2956381581021221.6%41.7%36.7%32637019222.3%37.5%34140.2%203366management dIsCussIon and analysIs(ContInue

56、d)管理層討論及分析（續）Annual Report 2019Cabbeen Fashion Limited18Brand buildingVirtually all aspects of brand development,from product design and distribution to marketing,merchandising and shopping environments,are controlled by the Group.The Group also keeps direct communications with its end customers thr

57、ough WeChat platform.It can therefore monitor their shopping patterns,and provide them with information about promotional events and new product launch information.Design and product developmentAs of 31 December 2019,the Group had four design workshops in Guangzhou City,Hong Kong,Milan and Paris,res

58、pectively,with a team of 84,including 48 designers(2018:54)joining from mainland China,other Asia countries,Hong Kong and Europe.The Group also works with design institutes and contract designers from around the world.It offered over 4,600 new stock-keeping-units(SKUs)for 2019 product collections(ov

59、er 5,300 SKUs for 2018 product collections).品牌建設從產品設計、分銷到推廣、促銷及購物環境等品牌發展的各方面，均由本集團管控。本集團亦通過微信平臺與終端顧客直接溝通。因此可了解顧客的購物模式及向顧客提供促銷活動和新品發佈信息。設計及產品開發截至二零一九年十二月三十一日，本集團分別於廣州市、香港、米蘭及巴黎有四間工作室，團隊共有84名成員，包括48名（二零一八年：54名）來自中國內地、其他亞洲國家、香港及歐洲的設計師。本集團亦與世界各地的設計機構及合約設計師合作。本集團的二零一九年產品系列有超過4,600個新款（二零一八年產品系列：超過5,300個新款

60、）。Retail outlets by city-tiers 按地區劃分的零售店舖Tier 1一線Tier 2二線Tier 3三線Tier 4四線Retail outlets by operation models 按經營模式劃分的零售店舖Wholesale批發Consignment代銷Self-managed自營As of 31 December 2018於二零一八年十二月三十一日As of 31 December 2019於二零一九年十二月三十一日As of 31 December 2018於二零一八年十二月三十一日As of 31 December 2019於二零一九年十二月三十一日As

61、 of 31 December 2018於二零一八年十二月三十一日As of 31 December 2019於二零一九年十二月三十一日As of 31 December 2018於二零一八年十二月三十一日As of 31 December 2019於二零一九年十二月三十一日Cabbeen卡賓Cabbeen Urban卡賓都市Cabbeen LOVECabbeen LOVE2AM凌晨兩點Multi-brands多品牌20182018201913.3%7.3%48.7%30.7%68.8%31.2%0.1%35.9%64.0%120182846263035411186543227332.5%29

62、646.7%42413.7%1257.1%65management dIsCussIon and analysIs(ContInued)管理層討論及分析（續）二零一九年年報卡賓服飾有限公司19Omni-ChannelThe Group has invested in building omni-channel capabilities in markets with retail outlets operated by consignment distributors.Its ERP system facilitated a single view of inventory across ch

63、annels,connecting physical stores directly to WeChat store.The Group offers a reserve online,pick up in store service to its customers which allows customers to select in-store inventory from WeChat platform.The Group has also started to fulfil orders from WeChat stores by shipping products either f

64、rom logistic centre or consignment stores.It will continue to optimize the omni-channel services for better customer shopping experience.PROSPECTSThe Group believes e-commerce will continue to be a key driver of its business.Accordingly,the priority investments of the Group will be in the area of om

65、ni-channel and e-commerce,development of CRM capabilities,improving in-store experiences and investing in brand building,while it will be prudent in physical store expansion.In addition,the Group has invested in upstream apparel production business.It believes in an era of fast-changing customer pre

66、ferences,being able to respond to shifting demand and tailor production accordingly and reduce lead time are competitive advantages.However,given the order size of each stock keeping unit and scale of operations of our new brands are generally small,the Group has been facing challenges in working wi

67、th quality suppliers at reasonable price and predictable lead time.Given the obstacles in supply chain management,it considers to overcome this by developing its own production facilities.The production business has started in November 2019.It is aware of the production costs are generally higher du

68、e to the smaller batch sizes.Therefore,the Group will proceed step by step to control the cost impact on its financial performance and focus on production of core products only.全渠道本集團已投資與代銷分銷商經營的零售店舖的市場全渠道能力建設。其ERP系統簡化了跨渠道的統一存貨視圖，直接將實體店舖與微商城相連。本集團向其客戶提供線上預訂及上門取件服務，可讓客戶自微商城挑選店內存貨。本集團亦已開始通過物流中心或代銷店舖付運

69、產品以完成微商城的訂單。本集團將繼續優化全渠道服務以帶來更優的客戶購物體驗。前景本集團堅信電商分部將繼續擔任其業務發展的中流砥柱。因此，本集團將主要投資於全渠道及電商領域、發展CRM能力、提升店內體驗以及投資至品牌建設，並於實體店舖擴展方面保持謹慎。此外，本集團已投資上游服裝生產業務。我們相信在這個客戶喜好瞬息萬變的時代，我們須迅速回應客戶日新月異及訂製產品的需求，並須縮短交付時間方能在眾多競爭對手中脫穎而出。而且，鑒於新品牌各庫存單訂單量及營運規模普遍較小，本集團在向優質供應商爭取合理合作價格及實現可預測交付周期方面面臨挑戰?？紤]到供應鏈管理之障礙，本集團考慮透過發展其自身生產設施克服有關困

70、難。生產業務已於二零一九年十一月開始。我們明白由於批量較小，生產成本通常較高。因此，本集團將逐步控制影響其財務表現的成本，並僅集中於生產核心產品。management dIsCussIon and analysIs(ContInued)管理層討論及分析（續）Annual Report 2019Cabbeen Fashion Limited20The Groups operations were adversely affected by the outbreak of the coronavirus in mainland China since January 2020.The Groups

71、 distributors temporarily closed more than 90%of our retail stores from 28 January 2020 to 9 February 2020 and the operation of approximately 17%of retail stores remained suspended as of the date of this report.Given the dynamic nature of these circumstances,the duration of business disruption and r

72、educed customer traffic,the Company expects that its operating results for 2020 will be materially and adversely affected,though the Company is not yet able to reasonably quantify the potential magnitude of such impact on its financial performance at the time of this annual report.The Group has star

73、ted to cut back purchase orders for 2020 summer collection and put on hold the opening of new shops and other material investments.The Group will also strengthen cost control and provide extended credit terms for its distributors.The Company will strive to stay vigilant and be proactive in respondin

74、g to these extraordinary circumstances and will be transparent in communicating with the Companys shareholders about the implication for the Groups business results.FINANCIAL REVIEWRevenueRevenue by sales channel Year ended 31 December 截至十二月三十一日止年度 2019 2018 二零一九年 二零一八年 RMB000%RMB000%人民幣千元 人民幣千元Onli

75、ne shops 線上店舖 481,545 37.8%430,481 33.8%Offline shops 線下店舖 Wholesale 批發 286,939 22.5%309,812 24.3%Consignment 代銷 506,482 39.7%535,853 42.1%Self-owned 自營 1,431 0.1%793,421 62.2%847,096 66.5%Less:Products 減：為代銷業務 repurchased for 購回產品 consignment business (4,104)(0.3%)Net revenue 淨收益 1,274,966 100.0%1,

76、273,473 100.0%本集團的業務自二零二零年一月起受到中國內地爆發新型冠狀病毒肺炎疫情的不利影響。由二零二零年一月二十八日至二零二零年二月九日，本集團的分銷商短暫關閉了超過90%的零售店舖，且截至本報告日期，約17%的零售店舖仍然暫停營業。鑒於疫情導致業務持續被中斷及客戶流量減少，本公司二零二零年的經營業績將會受到重大不利影響，儘管於本報告之時本公司尚未能合理量化本集團財務表現受該等影響的程度。本集團已開始削減二零二零年夏季系列產品的採購訂單，並且擱置設立新店舖及其他重大投資。本集團亦將加強控制成本及提供延長信貸期予分銷商。本公司將保持警惕及積極應對該等特殊情況，並且將會就對本集團業務

77、的影響與股東保持溝通。財務回顧收益按銷售渠道劃分的收益management dIsCussIon and analysIs(ContInued)管理層討論及分析（續）二零一九年年報卡賓服飾有限公司21Revenue by brands Year ended 31 December 截至十二月三十一日止年度 2019 2018 二零一九年 二零一八年 RMB000%RMB000%人民幣千元 人民幣千元Cabbeen 卡賓休閒 1,043,175 81.8%1,071,074 84.1%Cabbeen Urban 卡賓都市 185,764 14.6%182,947 14.4%Cabbeen Lov

78、e Cabbeen LOVE 7,851 0.6%2AM 淩晨兩點 15,610 1.2%12,700 1.0%Others 其他 22,566 1.8%6,752 0.5%1,274,966 100.0%1,273,473 100.0%Gross profit and gross profit marginThe gross profit was RMB560.1 million for the year ended 31 December 2019 compared to RMB578.7 million for the year ended 31 December 2018.Gross

79、profit margin decreased from 45.4%for the year ended 31 December 2018 to 43.9%for the year ended 31 December 2019.The decrease in gross profit margin was attributable to an increase in provision for sales rebates and an increase in sales discounts.Other incomeOther income primarily consists of inter

80、est income from bank deposits,government grants and net foreign exchange differences.The increase in other income from RMB58.1 million for the year ended 31 December 2018 to RMB66.8 million for the year ended 31 December 2019 was mainly due to an increase in government grant income.按品牌劃分的收益毛利及毛利率截至二

81、零一九年十二月三十一日止年度之毛利為人民幣560.1百萬元，而截至二零一八年十二月三十一日止年度為人民幣578.7百萬元。毛利率由截至二零一八年十二月三十一日止年度之45.4%減少至截至二零一九年十二月三十一日止年度之43.9%。毛利率減少乃由於積分返利撥備增加及提高銷售折扣。其他收入其他收入主要包括銀行存款的利息收入、政府補助及淨匯兌差額。其他收入由截至二零一八年十二月三十一日止年度的人民幣58.1百萬元增加至截至二零一九年十二月三十一日止年度的人民幣66.8百萬元，主要由於政府補助收入增加所致。management dIsCussIon and analysIs(ContInued)管理層

82、討論及分析（續）Annual Report 2019Cabbeen Fashion Limited22Selling and distribution expensesSelling and distribution expenses consist of mainly operating cost for e-commerce sales channels,advertising and promotion,and logistics and delivery expenses.Selling and distribution expenses for the year ended 31 D

83、ecember 2019 amounted to RMB218.9 million,representing an increase of RMB39.5 million or 22.0%,from that of the year ended 31 December 2018.The increase of selling and distribution expenses for the year ended 31 December 2019 was attributable to more promotion expenses for online platforms and launc

84、h of new brands.Selling and distribution expense for the year ended 31 December 2018 and 2019 mainly comprised of the following:2019 2018 二零一九年 二零一八年 RMB000 RMB000 人民幣千元 人民幣千元Staff costs 員工成本 33,566 32,501Advertising expenses 廣告開支 90,889 68,968Delivery and logistics 付運及物流 32,662 27,125e-commerce pla

85、tform 電商平臺開支 expenses 38,006 29,058Others 其他 23,792 21,771 218,915 179,423Administrative and other operating expensesAdministrative and other operating expenses mainly comprise staff costs,design,research and development expenses,management consulting expenses,provision for inventories and doubtful

86、debts,office rental,depreciation and amortization charges and other miscellaneous expenses.Administrative and other operating expenses for the year ended 31 December 2019 amounted to RMB164.5 million representing an increase of RMB18.1 million or 12.4%from the year ended 31 December 2018.The increas

87、e in administrative expenses for the year ended 31 December 2019 was mainly attributable to an increase in depreciation charges and staff costs.銷售及分銷開支銷售及分銷開支主要包括電子商貿銷售渠道的經營成本、廣告及推廣以及物流及付運費用。截至二零一九年十二月三十一日止年度，銷售及分銷開支為人民幣218.9百萬元，較截至二零一八年十二月三十一日止年度增加人民幣39.5百萬元或22.0%。截至二零一九年十二月三十一日止年度，銷售及分銷開支增加乃主要由於為在

88、線平臺及推出新品牌產生更多推廣開支。截至二零一八年及二零一九年十二月三十一日止年度之銷售及分銷開支主要由以下組成：行政及其他營運開支行政及其他營運開支主要包括員工成本、設計、研發開支、管理諮詢費用、存貨及呆賬撥備、辦公室租金、折舊及攤銷費用及其他雜項開支。截至二零一九年十二月三十一日止年度，行政及其他營運開支為人民幣164.5百萬元，較截至二零一八年十二月三十一日止年度增加人民幣18.1百萬元或12.4%。截至二零一九年十二月三十一日止年度，行政開支增加乃主要由於折舊費用及員工成本增加。management dIsCussIon and analysIs(ContInued)管理層討論及分析（

89、續）二零一九年年報卡賓服飾有限公司23Administrative and other operating expenses for the year ended 31 December 2018 and 2019 mainly comprised of the following:2019 2018 二零一九年 二零一八年 RMB000 RMB000 人民幣千元 人民幣千元Staff costs 員工成本 54,999 52,456Research and development 研發開支（員工成本除外）expenses,excludes staff costs 14,839 10,893A

90、mortization and depreciation 攤銷及折舊 21,828 7,020Auditors remuneration 核數師酬金 3,657 3,443Operating lease charges 經營租賃費用 6,598 9,938Legal and professional fee 法律及專業費用 3,771 2,590Impairment loss of trade 貿易應收款項及 and bills receivables 應收票據的減值虧損 319 661Inventory write-down 存貨撇減 37,384 42,010Others 其他 21,11

91、8 17,377 164,513 146,388Profit from operationsThe Group recorded a profit from operations of RMB243.4 million(2018:RMB311.0 million)for the year ended 31 December 2019,representing a decrease of approximately 21.7%.Operating margin dropped from 24.4%for the year ended 31 December 2018 to 19.1%for th

92、e year ended 31 December 2019 which was a result of a decreased gross profit margin and an increase in operating expenses.截至二零一八年及二零一九年十二月三十一日止年度之行政及其他營運開支主要由以下組成：經營溢利截至二零一九年十二月三十一日止年度，本集團錄得經營溢利人民幣243.4百萬元（二零一八年：人民幣311.0百萬元），跌幅為約21.7%。經營利潤率由截至二零一八年十二月三十一日止年度的24.4%下降至截至二零一九年十二月三十一日止年度的19.1%，此乃由於毛利率下降

93、及營運開支上升。management dIsCussIon and analysIs(ContInued)管理層討論及分析（續）Annual Report 2019Cabbeen Fashion Limited24Finance costsFor the year ended 31 December 2019,the Groups finance costs amounted to RMB21.6 million(2018:RMB19.9 million)or 1.7%(2018:1.6%)of the Groups revenue.Finance costs represent primar

94、ily interest expenses for a Hong Kong dollar bank loan of a subsidiary operated in Hong Kong.The increase in interest expenses was because of an increase in bank loan interest rate.Share of loss of an associateThe associated company is engaged in property development,in which the Group has 20.0%effe

95、ctive equity interest.The property held by this associated company is an office complex under construction in Guangzhou City,the Peoples Republic of China(the“PRC”).Income taxFor the year ended 31 December 2019,income tax expenses of the Group amounted to RMB63.6 million(2018:RMB80.7 million)and the

96、 effective tax rate was 28.7%(2018:27.7%).The increase in effective tax rate in 2019 was attributable to an increase in non-deductible expenses.Profit for the yearProfit for the year ended 31 December 2019 decreased by 24.8%to RMB158.1 million from RMB210.2 million for the year 2018.Net profit margi

97、n for the year ended 31 December 2019 was 12.4%(2018:16.5%).Basic and diluted earnings per share for the year ended 31 December 2019 were RMB23.58 cents(2018:RMB31.71 cents)and RMB23.58 cents(2018:RMB31.68 cents),respectively.融資成本截至二零一九年十二月三十一日止年度，本集團的融資成本為人民幣21.6百萬元（二零一八年：人民幣19.9百萬元）或佔本集團收益1.7%（二零一

98、八年：1.6%）。融資成本主要為於香港經營附屬公司之以港元計值的銀行貸款的利息開支。利息開支增加乃由於銀行貸款息率上升。分佔一間聯營公司之虧損聯營公司從事物業開發，其中本集團擁有20.0%實際股權。由此聯營公司持有的物業為一幢於中華人民共和國（中國）廣州市興建中的辦公大樓。所得稅截至二零一九年十二月三十一日止年度，本集團的所得稅開支為人民幣63.6百萬元（二零一八年：人民幣80.7百萬元），實際稅率為28.7%（二零一八年：27.7%）。二零一九年的實際稅率增加乃由於不能稅前抵扣的費用增加所致。年內溢利截至二零一九年十二月三十一日止年度的溢利由二零一八年的人民幣210.2百萬元減少24.8%至

99、人民幣158.1百萬元。截至二零一九年十二月三十一日止年度的純利率為12.4%（二零一八年：16.5%）。截至二零一九年十二月三十一日止年度，每股基本及攤薄盈利分別增至人民幣23.58分（二零一八年：人民幣31.71分）及人民幣23.58分（二零一八年：人民幣31.68分）。management dIsCussIon and analysIs(ContInued)管理層討論及分析（續）二零一九年年報卡賓服飾有限公司25Other key financial ratiosAverage inventory turnover days of the Group were 196 days for

100、the year ended 31 December 2019,as compared to 189 days for the year ended 31 December 2018.Average turnover days of trade and bills receivables increased to 123 days for the year ended 31 December 2019 as compared to 87 days for the year ended 31 December 2018,which was attributable to longer credi

101、t term granted to distributors during the year ended 31 December 2019.Average trade and bills payable turnover days decreased from 243 days for the year ended 31 December 2018 to 231 days for the year ended 31 December 2019,which was due to change of settlement method with more trade payables were s

102、ettled by bank direct fund transfer rather than 6-month bank bills.The Groups gearing ratio was 28.7%as at 31 December 2019(2018:24.5%),being a ratio of sum of bank loans of RMB354.7 million(2018:RMB287.5 million)to equity.The increase in gearing ratio was mainly due to an increase in discounted com

103、mercial acceptance bills.LIQUIDITY AND FINANCIAL RESOURCESAs at 31 December 2019,the Group held cash and cash equivalents,pledged deposits,other financial assets and time deposits with initial terms of over three months totaling RMB690.1 million(31 December 2018:RMB964.9 million).At 31 December 2019

104、,the Group was in net debt position of RMB87.7 million(31 December 2018:RMB67.0 million).Net debt equals all borrowings net of cash and cash equivalents.The increase in net debt as of 31 December 2019 was mainly attributable to an increase in discounted commercial acceptance bills,though the effect

105、of which was party net off by partial repayment of bank loans during the year and the transfers from time deposits with initial terms of over three months,wealth management products and pledged deposits into cash and cash equivalents.其他主要財務比率截至二零一九年十二月三十一日止年度，本集團平均存貨周轉天數為196日，而截至二零一八年十二月三十一日止年度則為189

106、日。截至二零一九年十二月三十一日止年度，貿易應收款項及應收票據平均周轉天數增至123日，而截至二零一八年十二月三十一日止年度則為87日，此乃由於於截至二零一九年十二月三十一日止年度內向分銷商授予較長信用期。貿易應付款項及應付票據平均周轉天數由截至二零一八年十二月三十一日止年度的243日減少至二零一九年十二月三十一日止年度的231日，原因為結算方法變更，較多貿易應付款項以銀行直接匯款方式而非以六個月銀行票據方式結清。本集團於二零一九年十二月三十一日的資產負債比率為28.7%（二零一八年：24.5%），即銀行貸款人民幣354.7百萬元（二零一八年：人民幣287.5百萬元）對股權的比率。資產負債比率

107、的增加乃主要由於貼現商業承兌票據增加。流動資金及財務資源於二零一九年十二月三十一日，本集團持有現金及現金等價物、已抵押存款、其他金融資產及原到期日逾三個月的定期存款合共人民幣690.1百萬元（二零一八年十二月三十一日：人民幣964.9百萬元）。於二零一九年十二月三十一日，本集團之債務淨額狀況為人民幣87.7百萬元（二零一八年十二月三十一日：人民幣67.0百萬元）。債務淨額等於所有借款減現金及現金等價物。債務淨額於二零一九年十二月三十一日增加主要是由於貼現商業承兌票據增加，儘管其影響部分因年內已償還部分銀行貸款以及已轉撥原到期日逾三個月的定期存款、理財產品及已抵押存款至現金及現金等價物所抵銷。m

108、anagement dIsCussIon and analysIs(ContInued)管理層討論及分析（續）Annual Report 2019Cabbeen Fashion Limited26The Group recorded net operating cash outflow of RMB45.7 million(2018:net operating cash inflow of RMB185.3 million)for the year ended 31 December 2019.The decrease in operating cash inflow for the year

109、 ended 31 December 2019 was mainly attributable to longer credit terms to customers and faster settlement of trade payables.Net cash generated from investing activities for the year ended 31 December 2019 was RMB123.2 million(2018:RMB22.5 million),which represented mainly the decrease in pledged dep

110、osits and bank deposits with initial terms of over three months,net of the consideration paid for the acquisition of Shishi City Junyuan Development Company Limited(石獅市駿源發展有限公司)(“Junyuan Development”).Net cash used in financing activities was RMB34.0 million(2018:RMB130.3 million)for the year ended

111、31 December 2019.This mainly consisted of payments of dividends of RMB73.2 million,a net increase of bank loans of RMB61.1 million and payment of bank loan interests of RMB19.8 million.Long term and short term bank loans as of 31 December 2018 and 31 December 2019 were at floating interest rate and

112、were denominated in the following currencies.At 31 December 於十二月三十一日 2019 2018 二零一九年 二零一八年 RMB000 RMB000 人民幣千元 人民幣千元Short term bank loans 短期銀行貸款 Hong Kong Dollar 港元 240,737 52,566 Renminbi 人民幣 114,000 354,737 52,566Long term bank loan 長期銀行貸款 Hong Kong Dollar 港元 234,886截至二零一九年十二月三十一日止年度，本集團錄得經營現金流出淨額

113、人民幣45.7百萬元（二零一八年：經營現金流入淨額人民幣185.3百萬元）。截至二零一九年十二月三十一日止年度經營現金流入減少主要由於給予客戶較長信用期及貿易應付款項加快結清所致。截至二零一九年十二月三十一日止年度，投資活動所得現金淨額為人民幣123.2百萬元（二零一八年：人民幣22.5百萬元），主要指減少抵押存款及原到期日逾三個月的銀行存款，扣除支付收購石獅市駿源發展有限公司（駿源發展）的代價。截至二零一九年十二月三十一日止年度，融資活動所用現金淨額為人民幣34.0百萬元（二零一八年：人民幣130.3百萬元），主要包括派付股息人民幣73.2百萬元、銀行貸款淨增加人民幣61.1百萬元及支付銀行

114、貸款利息人民幣19.8百萬元。截至二零一八年十二月三十一日及二零一九年十二月三十一日的長期及短期銀行貸款按浮動利率計息並按以下貨幣計值。management dIsCussIon and analysIs(ContInued)管理層討論及分析（續）二零一九年年報卡賓服飾有限公司27On 10 February 2017,the Group has fully drawn down a three-year term loan facility of HK$350,000,000(equivalent to RMB303,415,000).Pursuant to the facility,the

115、 controlling shareholder shall maintain his equity interest and voting rights in the Company at a certain level,and at the same time it is subject to the fulfilment of covenants relating to certain of the Groups financial ratios.A breach of these undertakings would result in the drawn down facilitie

116、s and interest becoming payable on demand.The Group regularly monitors its compliance with these covenants.During the year ended 31 December 2018 and 31 December 2019,the Group repaid a total of HK$80,000,000 according to the repayment schedule.As at 31 December 2019,none of the covenants relating t

117、o the drawn down facilities had been breached.The term loan are unsecured and carried at amortised cost of RMB240.7 million as at 31 December 2019(2018:RMB287.5 million).On 20 December 2019,the Group accepted bank facilities relating to a three-year term loan facilities in an aggregate amount of HK$

118、350,000,000 offered by a licensed bank in Hong Kong.Pursuant to the facility,the controlling shareholder shall maintain his equity interest and voting rights in the Company at a certain level,and at the same time it is subject to the fulfilment of covenants relating to certain of the Groups financia

119、l ratios.A breach of these undertakings would result in the drawn down facilities and interest becoming payable on demand.As of 31 December 2019,the facilities were not utilized.As at 31 December 2019,the Group had unutilized banking facilities amounted to RMB471.4 million.The Group adopts a set of

120、centralized financing and treasury policies in order to ensure the Groups funds are utilized efficiently.The Groups liquidity position remains healthy and the Group possesses sufficient cash and available banking facilities to meet its commitments and working capital requirements.於二零一七年二月十日，本集團已悉數提取

121、三年期貸款融資350,000,000港元（相當於人民幣303,415,000元）。根據該融資，控股股東於本公司之股權及投票權將維持在一定水平，同時其須達成有關本集團若干財務比率的契諾。倘違反該等承諾，須按要求支付已提取之融資及利息。本集團定期監控其遵守該等契諾之情況。於截至二零一八年十二月三十一日止年度及截至二零一九年十二月三十一日止年度，本集團根據償還時間表支付總值80,000,000港元。於二零一九年十二月三十一日，概無有關已提取融資之契諾遭違反。於二零一九年十二月三十一日，該定期貸款為無抵押及按攤銷成本人民幣240.7百萬元（二零一八年：人民幣287.5百萬元）列賬。於二零一九年十二月二

122、十日，本集團接納有關由香港一家持牌銀行授出總金額為350,000,000港元的三年期貸款融資的銀行融資。根據該融資，控股股東將按若干水平保留其於本公司的股權及投票權，同時，其須達成有關若干本集團財務比率的契諾。違反該等承諾將導致所提取融資及利息須按要求償還。於二零一九年十二月三十一日，並無動用融資。於二零一九年十二月三十一日，本集團未動用銀行融資人民幣471.4百萬元。本集團採納一套集中式融資及庫務政策以確保有效運用本集團資金。本集團維持健全的流動資金狀況，備有充足現金及可動用銀行融資以應付其承擔及營運資金所需。management dIsCussIon and analysIs(ContIn

123、ued)管理層討論及分析（續）Annual Report 2019Cabbeen Fashion Limited28The Groups primary objectives for managing its capital are to safeguard the Groups ability to provide returns to shareholders and benefits for other stakeholders,by pricing products commensurately with the level of risk and by securing access

124、 to finance at a reasonable cost.The Group actively and regularly reviews and manages its capital structure to maintain a balance between the higher shareholders returns that might be possible with higher level of borrowings and the advantages and security based on a sound capital position,and makes

125、 adjustments to the capital structure in light of changes in economic conditions.SIGNIFICANT INVESTMENTSOn 3 July 2019,a resolution was passed at the Companys adjourned extraordinary general meeting(the“Adjourned EGM”)to approve the acquisition of the entire registered capital of Junyuan Development

126、 by the Group for a tentative consideration of RMB105.5 million(the“Junyuan Acquisition”),details of which were disclosed in the Companys announcement dated 17 May 2019 and circular dated 6 June 2019.The Junyuan Acquisition was completed on 10 July 2019(the“Junyuan Acquisition Completion Date”)after

127、 all the conditions precedent as set out in the equity transfer agreement were met.At the Junyuan Acquisition Completion Date,total assets and total liabilities of Junyuan Development was RMB175.3 million and RMB67.7 million,respectively.The final consideration was RMB107.6 million.Juanyun Developme

128、nt has no business operations and its assets mainly consist of the land and buildings situated in Shishi city,Fujian Province of mainland China.Total assets of Junyuan Development was approximately 7.4%of the Groups total asset value as of 31 December 2019.For the period from Junyuan Acquisition Com

129、pletion Date to year end date,Junyuan Development recorded a net loss of RMB6.3 million,which represented 4.0%of the Groups net profit for the year ended 31 December 2019.本集團管理資本的首要目標為保障本集團透過因應風險水平為產品定價以及以合理成本取得融資，從而為股東帶來回報及為其他權益持有人帶來利益的能力。本集團積極定期審視及管理其資本架構，以期在可能須透過增加借款而爭取更高股東回報與維持穩健資本狀況帶來的好處及安全之間取得

130、平衡，並且因應經濟情況的變化調整資本架構。重大投資於二零一九年七月三日，一項決議案在本公司的股東特別大會續會（股東特別大會續會）上獲通過，以批準本集團收購駿源發展的全部註冊資本，暫定代價為人民幣105.5百萬元（駿源收購），有關詳情於本公司日期為二零一九年五月十七日的公告及日期為二零一九年六月六日的通函中披露。於股權轉讓協議所載的所有先決條件獲達成後，駿源收購已於二零一九年七月十日完成（駿源收購完成日期）。於駿源收購完成日期，駿源發展的總資產及總負債分別為人民幣175.3百萬元及人民幣67.7百萬元。最終代價為人民幣107.6百萬元。駿源發展並無經營業務，而其資產主要包括位於中國內地福建省石獅

131、市的土地及樓宇。駿源發展的總資產為本集團截至二零一九年十二月三十一日的總資產約7.4%。由駿源收購完成日期起直至年結日止期間，駿源發展錄得虧損淨額為人民幣6.3百萬元，佔本集團截至二零一九年十二月三十一日止年度純利的4.0%。management dIsCussIon and analysIs(ContInued)管理層討論及分析（續）二零一九年年報卡賓服飾有限公司29The Group believes in an era of fast-changing customer preferences,being able to respond to shifting demand and ta

132、ilor production accordingly and reduce lead time are competitive advantages.Given the obstacles in supply chain management the Group has been encountered,it considers to overcome this by developing its own production facilities.The Group has utilized part of the properties held by Junyuan Developmen

133、t for its own production lines.The Group will explore other options to best utilize the remaining area of the properties,including partnership with existing or other suppliers to develop enhanced production facilities.Enhancing the relevant production facilities in the properties would involve upgra

134、des of information system and machinery,and will enable better managed manufacturing operations and allow the Group and its strategic suppliers to collect and share data about customer demands,production schedules,and inventory levels.These enhancements will enable the supply chains to respond quick

135、ly to changing market conditions and customer demands.The management of the Company is of the view that such centralized production facilities have the added benefit of being close to the Groups existing logistics center,which is located at sections of Liantang,Gushan,Dongan Villages,Hanjiang Town,S

136、hihu Road East,Shishi City,Fujian Province,the PRC(中國福建省石獅市石湖路東側蚶江鎮蓮塘、古山、東安村段),for the development of the Groups e-commerce business and multi-brand strategy.本集團相信，在這個客戶喜好瞬息萬變的時代，本集團須迅速回應客戶的需求，並須縮短交付時間方能在眾多競爭對手中脫穎而出?？紤]到本集團所遇到的供應鏈管理之障礙，本集團考慮透過發展其自身生產設施克服有關困難。本集團已為其自有生產線動用駿源發展所持有的部分物業。本集團將發掘其他方案以最有效利用

137、該等物業餘下的面積，包括與現有或其他供應商合作發展優化生產設施。優化相關生產設施將涉及升級資訊系統及機器，可幫助更好地管理製造運作及允許本集團及其策略供應商蒐集及分享有關客戶需求、生產計劃及存貨水平的數據。該等優化將使供應鏈對瞬息萬變的市場狀況及客戶需求作出快速反應。本公司的管理層認為，該等集中化生產設施就發展本集團的電商業務及多品牌策略而言另有臨近本集團現有物流中心（位於中國福建省石獅市石湖路東側蚶江鎮蓮塘、古山、東安村段）的優勢。management dIsCussIon and analysIs(ContInued)管理層討論及分析（續）Annual Report 2019Cabbeen

138、 Fashion Limited30FOREIGN CURRENCY RISKSThe Group mainly operates in mainland China with most of the transactions originally denominated and settled in RMB.However,the Group pays dividends in Hong Kong dollars and majority of its bank loans are also denominated in Hong Kong dollars.Accordingly,the G

139、roup is exposed to foreign exchange risk arising from Hong dollar against RMB.The Group manages its foreign exchange risk by performing regular reviews of the Groups net foreign exchange exposures and to mitigate the impact on exchange rate fluctuations by entering into currency hedge arrangement if

140、 necessary.During the years ended 31 December 2018 and 2019,no forward foreign exchange or hedging contracts had been entered into by the Group.PLEDGE OF ASSETSAs at 31 December 2019,deposits with certain banks of approximately RMB119.8 million in total(2018:RMB240.5 million)and trade receivables of

141、 RMB114.0 million(2018:Nil)were pledged as securities for bank loans and bills payable facilities.The pledged bank deposits will be released upon the settlement of relevant loans and bills payable.CAPITAL COMMITMENTS AND CONTINGENCIESAs at 31 December 2019,the Group had total capital commitments of

142、RMB81.5 million(2018:RMB30.1 million),primarily related to ERP system upgrades,decoration cost of an office in Guangzhou City and investments in production facilities.As at 31 December 2018 and 2019,the Group had no material contingent liabilities.外匯風險本集團主要於中國內地營運業務，大部分交易以人民幣計值及結算。然而，本集團以港元派付股息，而其大部

143、分銀行貸款亦以港元計值。因此，本集團面臨主要由港元兌換人民幣所產生的外匯風險。本集團管理其外幣風險之方式為定期審視其淨外幣風險，並於有需要時訂立貨幣對沖安排，以減輕匯率波動帶來的影響。截至二零一八年及二零一九年十二月三十一日止年度，本集團概無訂立任何遠期外匯或對沖合約。資產抵押於二零一九年十二月三十一日，總額約人民幣119.8百萬元（二零一八年：人民幣240.5百萬元）的若干銀行存款及人民幣114.0百萬元（二零一八年：無）的應收賬款已抵押作為銀行貸款及應付票據融資的擔保。已抵押銀行存款將於清償相關貸款及應付票據後解除。資本承擔及或然負債 於二零一九年十二月三十一日，本集團有資本承擔總額人民幣

144、81.5百萬元（二零一八年：人民幣30.1百萬元），主要與升級ERP系統、裝修位於廣州市的辦公室以及投資生產設施有關。於二零一八年及二零一九年十二月三十一日，本集團並無重大或然負債。management dIsCussIon and analysIs(ContInued)管理層討論及分析（續）二零一九年年報卡賓服飾有限公司31HUMAN RESOURCESAs at 31 December 2019,the Group had 454 employees(2018:404 employees).Total staff costs,including directors emoluments,f

145、or the period amounted to approximately RMB88.6 million(2018:RMB85.0 million).Annual increment and year-end performance bonus mechanism were incorporated in the Groups remuneration policy to retain,reward and motivate individuals for their contributions to the Group.Share options are granted to elig

146、ible employees to recognise their contribution and provide incentives to achieve better performance in coming years.CLOSURE OF REGISTER OF MEMBERSThe register of members of the Company will be closed from Thursday,16 April 2020 to Tuesday,21 April 2020(both days inclusive)for the purpose of determin

147、ing the shareholders who are entitled to attend and vote at the forthcoming annual general meeting of the Company(the“2020 AGM”).In order to qualify for attending and voting at the 2020 AGM,all transfers accompanied by the relevant share certificate must be lodged with the Companys share registrar a

148、nd transfer office,Computershare Hong Kong Investor Services Limited at Shops 17121716,17/F.,Hopewell Centre,183 Queens Road East,Wanchai,Hong Kong not later than 4:30 p.m.on Wednesday,15 April 2020.In addition,subject to the approval of the proposed final dividend by the shareholders at the 2020 AG

149、M on Tuesday,21 April 2020,the register of members will be closed on Monday,27 April 2020 for the purpose of determining shareholders who qualify for the proposed final dividend.In order to qualify for the proposed final dividend,all transfers accompanied by the relevant share certificate must be lo

150、dged with the Companys share registrar and transfer office,Computershare Hong Kong Investor Services Limited at Shops 17121716,17/F.,Hopewell Centre,183 Queens Road East,Wanchai,Hong Kong not later than 4:30 p.m.on Friday,24 April 2020.人力資源於二零一九年十二月三十一日，本集團有454名僱員（二零一八年：404名僱員）。期內總員工成本（包括董事薪酬）約為人民幣8

151、8.6百萬元（二零一八年：人民幣85.0百萬元）。本集團薪酬政策內設有年度薪酬遞增及年終表現獎勵機制，藉此挽留人才、獎償及激勵員工對本集團所作的貢獻。購股權亦發放予合資格僱員，作為對彼等貢獻之認同，並提供獎賞以鼓勵於未來爭取更好的表現。暫停股份過戶登記本公司將於二零二零年四月十六日（星期四）至二零二零年四月二十一日（星期二）（首尾兩天包括在內）暫停辦理股份過戶登記手續，以確定符合資格出席本公司應屆股東週年大會（二零二零年股東週年大會）並於會上投票的股東的身份。為符合資格出席二零二零年股東週年大會並於會上投票，股東最遲須於二零二零年四月十五日（星期三）下午四時三十分前，將所有過戶文件連同有關股票

152、一併送達本公司的股份過戶登記處香港中央證券登記有限公司，地址為香港灣仔皇后大道東183號合和中心17樓1712-1716號舖。此外，倘股東於二零二零年四月二十一日（星期二）舉行的二零二零年股東週年大會批準擬派末期股息，本公司將於二零二零年四月二十七日（星期一）暫停辦理股份過戶登記手續，以確定符合資格收取擬派末期股息的股東。為符合資格收取擬派末期股息，股東最遲須於二零二零年四月二十四日（星期五）下午四時三十分前，將所有過戶文件連同有關股票一併送達本公司的股份過戶登記處香港中央證券登記有限公司，地址為香港灣仔皇后大道東183號合和中心17樓1712-1716號舖。management dIsCus

153、sIon and analysIs(ContInued)管理層討論及分析（續）Annual Report 2019Cabbeen Fashion Limited32FINAL DIVIDENDThe Board recommended the payment of a final dividend of HK3.0 cents(2018:HK4.8 cents)per ordinary share for the financial year.Including the interim dividend paid for the year ended 31 December 2019,tota

154、l dividend payout for the year is approximately HK$70.2 million(equivalent to approximately RMB63.2 million)(2018:HK$120.3 million,equivalent to approximately RMB104.2 million)or a dividend payout ratio of 40%(2018:50%).Subject to shareholders approval at the forthcoming annual general meeting of th

155、e Company,the final dividend will be paid in cash on or around 8 May 2020 to shareholders whose names appear on the register of members of the Company on Monday,27 April.DIVIDEND POLICYThe declaration,payment and amount of dividends will be subject to the Companys discretion.Dividends may be paid on

156、ly out of its distributable reserves as permitted under the relevant laws.Holders of the shares will be entitled to receive such dividends pro rata according to the amounts paid up or credited as paid up on the shares.Subject to the factors described above,the Company has adopted a general dividend

157、policy since the financial year ended 31 December 2018 of declaring and paying dividends on semi-annual basis of not more than 50%of its total net profit attributable to equity holders of the Company.The Board would review the Companys dividend policy from time to time considering factors including

158、but not limited to debt covenants,capital investment and business plan and macroeconomic and social environment.末期股息董事會建議就本財政年度派付末期股息每股普通股3.0港仙（二零一八年：4.8港仙）。計及截至二零一九年十二月三十一日止年度派付的中期股息，全年共派息約70.2百萬港元（相當於約人民幣63.2百萬元）（二零一八年：120.3百萬港元，相當於約人民幣104.2百萬元）或派息率40%（二零一八年：50%）。本公司將於二零二零年五月八日或前後以現金向於二零二零年四月二十七日（

159、星期一）名列本公司股東名冊的股東派付末期股息，惟須待股東於本公司即將舉行的股東週年大會批準。股息政策股息之宣派、派付及款額將由本公司酌情決定。股息僅可自有關法例許可下，其可供分派儲備派付。股份持有人將有權按股份之繳足或入賬列作繳足股款為比例收取有關股息。於上訴因素規限下，本公司自截至二零一八年十二月三十一日止財政年度已採納一般股息政策，以半年基準宣派及派付不超過本公司股權持有人應佔純利總額50%之股息。董事會將不時審閱本公司的股息政策，當中考慮的因素包括但不限於債務契諾、資本投資及業務計劃及宏觀經濟和社會環境。二零一九年年報卡賓服飾有限公司33Corporate governanCe repo

160、rt企業管治報告The Board is committed to upholding a high standard of corporate governance and business ethics in the firm belief that they are essential for enhancing investors confidence and maximizing shareholders returns.The Board reviews its corporate governance practices from time to time in order to

161、 meet the rising expectations of stakeholders,and to comply with increasingly stringent regulatory requirements as well as fulfill its commitment to excellence in corporate governance.After reviewing the Companys corporate governance practices and the relevant regulations of the Corporate Governance

162、 Code and Corporate Governance Report(the“CG Code”)as set out in Appendix 14 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited(the“Listing Rules”),the Board is satisfied that the Company complied with the CG Code provisions for the entire year ended 31 Decem

163、ber 2019.BOARD OF DIRECTORSThe Board is committed to providing effective and responsible leadership for the Company.The Directors,individually and collectively,must act in good faith and in the best interests of the Company and its shareholders.The Board has established four Board committees,being t

164、he Audit Committee,the Remuneration Committee,the Nomination Committee and the Corporate Governance Committee(each a“Board Committee”and collectively the“Board Committees”),to oversee different areas of the Companys affairs.The Board currently comprises three executive Directors,namely Mr.Ziming Yan

165、g,Mr.Siu Keung Ng and Mr.Rongqin Ke and three independent non-executive Directors,namely,Mr.Yung Kwok Tsui,Mr.Honghui Chen and Mr.Ming Shu Leung.董事會致力秉持高水平的企業管治及商業道德標準，堅信此乃提升投資者信心及增加股東回報的必然舉措。董事會不時檢討其企業管治慣例以符合權益持有人日益提高的期望、遵守愈發嚴格的監管規定並履行其對卓越企業管治的承擔。經審閱本公司的企業管治慣例以及香港聯合交易所有限公司證券上市規則（上市規則）附錄十四所載企業管治守則及企

166、業管治報告（企業管治守則）的相關規例，董事會信納本公司於截至二零一九年十二月三十一日止整個年度已遵守企業管治守則之守則條文。董事會董事會承諾為本公司提供有效及負責任的領導。董事須個別及共同地為本公司及其股東最佳利益真誠行事。董事會已成立四個董事會委員會，即審核委員會、薪酬委員會、提名委員會及企業管治委員會（各自稱為 董事會委員會 及統稱為 該等董事會委員會），以監察本公司事務的不同範疇。董事會現時包括三名執行董事楊紫明先生、吳少強先生及柯榕欽先生，以及三名獨立非執行董事徐容國先生、陳宏輝先生及梁銘樞先生。Annual Report 2019Cabbeen Fashion Limited34Co

167、rporate governanCe report(ContInued)企業管治報告（續）Their biographical details and(where applicable)their family relationships are set out in the section headed“Biographical Details of Directors and Senior Management”on pages 54 to 60 in this annual report.A list of the Directors identifying their roles an

168、d functions are available on the websites of the Company and The Stock Exchange of Hong Kong Limited(the“Stock Exchange”).Mr.Ziming Yang,the chairman of the Board(the“Chairman”)and an executive Director of the Company,is the brother-in-law of Mr.Rongqin Ke,who is an executive Director of the Company

169、.Save as disclosed herein,there are no other financial,business,family or other material/relevant relationships among members of the Board.The Board sets the Groups overall objectives and strategies,monitors and evaluates its operating and financial performance and reviews the corporate governance s

170、tandard of the Group.It also decides on matters such as annual and interim results,major transactions,director appointments or re-appointments,investment policy,dividend and accounting policies.The Board has delegated the authority and responsibility for implementing its business strategies and mana

171、ging the daily operations of the Groups businesses to the executive Directors and members of senior management.The functions and power that are so delegated are reviewed periodically to ensure that they remain appropriate.The Board is also responsible for developing,reviewing and monitoring the poli

172、cies and practices on corporate governance and legal and regulatory compliance of the Group,and the training and continuous professional development of directors and senior management.The Board also reviews the disclosures in the Corporate Governance Report to ensure compliance.All Board members hav

173、e separate and independent access to the Groups senior management to fulfill their duties.Independent professional advice can be sought to assist the relevant Directors to discharge their duties at the Groups expense upon their request.彼等的履歷詳情及（如適用）彼等的親屬關係載於本年報第54至60頁 董事及高級管理層履歷詳情 一節。列明董事角色及職能的董事名單可

174、於本公司及香港聯合交易所有限公司（聯交所）網站查閱。本公司董事會主席（主席）兼執行董事楊紫明先生為本公司執行董事柯榕欽先生的姻兄。除本年報所披露者外，董事會成員之間概無其他財務、業務、親屬或其他重大相關關係。董事會制訂本集團的整體目標及策略、監察及評估其營運及財務表現並審閱本集團的企業管治準則。其亦就年度及中期業績、主要交易、委任或續聘董事、投資政策、股息及會計政策等事宜作出決定。董事會已指派及授權執行董事及高級管理層成員負責執行其業務策略及管理本集團業務的日常營運。董事會定期檢討所委派職能及權力以確保有關指派仍屬合適。董事會亦負責制定、檢討及監察本集團的企業管治政策及慣例與遵守法律及法規情況

175、，以及董事及高級管理層的培訓及持續專業發展。董事會亦審閱企業管治報告內的披露資料以確保符合要求。各董事會成員可分別獨立接觸本集團的高級管理層，以履行彼等的職責。相關董事亦可要求徵詢獨立專業意見，協助彼等履行職責，費用由本集團承擔。二零一九年年報卡賓服飾有限公司35Corporate governanCe report(ContInued)企業管治報告（續）All Directors are required to declare to the Board upon their first appointment,the directorships or other positions they

176、 are concurrently holding at other companies or organizations.These interests are updated on an annual basis as and when necessary.BOARD COMMITTEESThe Board is supported by a number of committees,including the Audit Committee,Nomination Committee,Remuneration Committee and Corporate Governance Commi

177、ttee.Each Board Committee has its defined and written terms of reference approved by the Board covering its duties,powers and functions.Their terms of reference are available on the websites of the Company and the Stock Exchange.All Board Committees are provided with sufficient resources to discharg

178、e their duties,including access to management or professional advice if considered necessary.(i)Audit CommitteeThe Audit Committee was established on 8 October 2013.The Audit Committee comprises three Independent non-executive Directors,namely Mr.Yung Kwok Tsui,Mr.Honghui Chen,and Mr.Ming Shu Leung.

179、Mr.Yung Kwok Tsui,who has appropriate professional qualifications and experience in accounting matters,was appointed as the chairman of the Audit Committee.The principal responsibilities of the Audit Committee are to assist the Board in providing an independent view of the effectiveness of the finan

180、cial reporting process,internal control and risk management systems,and relationship with external auditors of the Group,overseeing the audit process and performing other duties and such responsibilities as assigned by the Board.The Audit Committee meets with the Companys external and internal audit

181、ors,and reviews their audit plans,the internal audit programs,the results of their examinations as well as their evaluations of the system of risk management and internal control.全體董事須於首次獲委任時向董事會申報彼等同時在其他公司或機構擔任的董事或其他職務。有關利益申報每年或於需要時更新。董事會委員會董事會獲得多個委員會包括審核委員會、提名委員會、薪酬委員會及企業管治委員會支援。各董事會委員會均設經董事會批準的明確

182、書面職權範圍，涵蓋其職責、權力及職能。彼等的職權範圍於本公司及聯交所網站可供查閱。所有該等董事會委員會均獲提供足夠資源以履行其職務，包括於需要時取得管理層或專業意見。(i)審核委員會審核委員會於二零一三年十月八日成立。審核委員會包括三名獨立非執行董事徐容國先生、陳宏輝先生及梁銘樞先生。徐容國先生擁有合適專業資格且具備會計事務經驗，獲委任為審核委員會主席。審核委員會的主要職責為協助董事會，就財務申報過程、內部監控及風險管理系統是否有效及維持與本集團外聘核數師關係提供獨立意見、監督審核過程及履行董事會委派的其他職責及有關責任。審核委員會與本公司之外聘核數師及內部核數師會晤，並審閱其審核計劃、內部審

183、核程序、其審查及評估風險管理及內部監控系統之結果。Annual Report 2019Cabbeen Fashion Limited36Corporate governanCe report(ContInued)企業管治報告（續）The Audit Committee held 2 meetings during the year ended 31 December 2019.Major work completed by the Audit Committee during the year includes:reviewedtheGroupsannualreport,interimfina

184、ncial information and annual financial statements;reviewedsignificantaccountingandauditissues;reviewedtheexternalauditorsqualifications,independence and performance;reviewedtheexternalauditorsmanagementletter and the managements response;reviewedannualinternalauditplans;assistedtheBoardtoevaluateont

185、heeffectiveness of financial reporting procedures and internal control system;advisedonmaterialeventordrawingtheattention of the management on related risks;reviewedtheadequacyandeffectivenessofthe Groups systems of internal control and risk management;andreviewedconnectedtransactionsenteredintoby t

186、he Group or subsisting during the year審核委員會於截至二零一九年十二月三十一日止年度舉行兩次會議。審核委員會於年內完成的重要工作包括：審閱本集團的年報、中期財務資料及年度財務報表；審閱主要會計及核數事宜；審閱外聘核數師的資格、獨立身份及表現；審閱外聘核數師的管理層函件及管理層的回應；審閱年度內部審核計劃；協助董事會評估財務申報流程及內部監控系統的有效性；就重大事件提供意見或敦請管理層垂注有關風險；審閱本集團內部監控及風險管理系統的合適性及有效性；及 審閱於本年度由本集團訂立或存續之關連交易。二零一九年年報卡賓服飾有限公司37Corporate govern

187、anCe report(ContInued)企業管治報告（續）(ii)Remuneration CommitteeThe Remuneration Committee was established on 8 October 2013.The Remuneration Committee comprises two independent non-executive Directors and one Executive Director,namely Mr.Yung Kwok Tsui,Mr.Ming Shu Leung and Mr.Siu Keung Ng.Mr.Yung Kwok Ts

188、ui is the chairman of the Remuneration Committee.The principal responsibilities of the Remuneration Committee are to review and make recommendations to the Board on the overall remuneration structure and policy for all Directors and senior management as well as the specific remuneration packages for

189、 the executive Directors and senior management and on the establishment of a formal and transparent process for developing such remuneration policy.No Director takes part in any discussion on his own remuneration.The Companys objective for its remuneration policy is to maintain fair and competitive

190、packages based on business requirements and industry practice.In order to determine the level of remuneration and fees paid to members of the Board,market rates and factors such as each directors workload,performance,responsibility,job complexity and the Groups performance are taken into account.The

191、 Remuneration Committee held one meeting during the year ended 31 December 2019 and has reviewed the remuneration policy and structure relating to the Directors and senior management of the Company and the Companys share option scheme.(ii)薪酬委員會薪酬委員會於二零一三年十月八日成立。薪酬委員會包括兩名獨立非執行董事徐容國先生及梁銘樞先生以及一名執行董事吳少強

192、先生。徐容國先生為薪酬委員會主席。薪酬委員會的主要職責為檢討全體董事及高級管理層的整體薪酬架構及政策以及執行董事及高級管理層的個別薪酬組合，及就制定此等薪酬政策設立正規而具透明度的程序，並就以上事項向董事會提供建議。概無董事參與有關其本身薪酬的任何討論。本公司對薪酬政策的目標是根據業務所需及行業慣例，確保薪酬待遇公平及具競爭力。本公司因應市場水準、各董事的工作量、表現、職責、工作難度及本集團表現等因素，釐定向董事會成員支付的薪酬及袍金水平。薪酬委員會於截至二零一九年十二月三十一日止年度內舉行一次會議，檢討有關董事及本公司高級管理層的薪酬政策及架構以及本公司之購股權計劃。Annual Repor

193、t 2019Cabbeen Fashion Limited38Corporate governanCe report(ContInued)企業管治報告（續）The remuneration of the members of the senior management of the Group by band for the year ended 31 December 2019 is set out below:Remuneration bands Number of persons酬金範圍 人數Nil to HK$1,000,000 零至1,000,000港元 7HK$1,000,001

194、to HK$1,500,000 1,000,001港元至1,500,000港元 2HK$1,500,001 to HK$2,000,000 1,500,001港元至2,000,000港元 1Further particulars regarding Directors remuneration and the five highest paid employees as required to be disclosed pursuant to Appendix 16 to the Listing Rules are set out in notes 6 and 7 to the financi

195、al statements.截至二零一九年十二月三十一日止年度按範圍劃分本集團高級管理層成員的酬金載列如下：根據上市規則附錄十六須予披露的有關董事酬金及五名最高薪酬僱員的進一步詳情載於財務報表附註6及7。二零一九年年報卡賓服飾有限公司39Corporate governanCe report(ContInued)企業管治報告（續）(iii)Nomination CommitteeThe Nomination Committee was established on 8 October 2013.It comprises one executive Director and two indepe

196、ndent non-executive Directors,namely Mr.Ziming Yang,Mr.Honghui Chen and Mr.Ming Shu Leung.Mr.Ziming Yang is the chairman of the Nomination Committee.The principal responsibilities of the Nomination Committee are to review the composition of the Board,including its structure,size and diversity at lea

197、st annually to ensure that it has a balance of expertise,skills and experience appropriate to the requirements of the business of the Group.It is also responsible for considering and recommending to the Board suitably qualified persons to become a member of the Board,monitor the succession planning

198、of Directors and assess the independence of independent non-executive Directors.The Nomination Committee will also give consideration to the Board Diversity Policy(as defined below)when identifying suitably qualified candidates to become members of the Board,and the Board will review the Board Diver

199、sity Policy(as defined below),so as to develop and review measurable objectives for the implementing the Board Diversity Policy(as defined below)and to monitor the progress on achieving these objectives.The Nomination Committee held one meeting during the year ended 31 December 2019 and reviewed the

200、 size,diversity and composition of the Board.(iii)提名委員會提名委員會於二零一三年十月八日成立。委員會包括一名執行董事楊紫明先生以及兩名獨立非執行董事陳宏輝先生及梁銘樞先生。楊紫明先生為提名委員會主席。提名委員會的主要職責為最少每年檢討董事會的組成一次，內容包括其架構、規模及多元化，以確保董事會在切合本集團業務所需的專業知識、技能及經驗方面取得平衡。提名委員會亦負責考慮及向董事會推薦適當合資格人士加入董事會、監察董事繼任安排以及評估獨立非執行董事的獨立身份。提名委員會於物色適當合資格人選成為董事會成員時，亦考慮董事會多元化政策（定義見下文），而

201、董事會將檢討董事會多元化政策（定義見下文）以為執行董事會多元化政策（定義見下文）訂立及檢討可計量目標，並監察達成該等目標的進度。提名委員會於截至二零一九年十二月三十一日止年度內舉行一次會議，檢討董事會的規模、多元化及組成。Annual Report 2019Cabbeen Fashion Limited40Corporate governanCe report(ContInued)企業管治報告（續）(iv)Corporate Governance CommitteeThe Corporate Governance Committee was established on 8 October 2

202、013.It comprises one executive Director and two independent non-executive Directors,namely Mr.Siu Keung Ng,Mr.Yung Kwok Tsui and Mr.Ming Shu Leung.Mr.Siu Keung Ng is the chairman of the Corporate Governance Committee.The principal responsibilities of the Corporate Governance Committee are to review

203、and monitor the Companys policies and practices on corporate governance,the training and continuous professional development of the Companys Directors and senior management,the Companys policies and practices on compliance with legal and regulatory requirements,and to review the Companys compliance

204、with the CG Code set out in Appendix 14 to the Listing Rules.The Corporate Governance Committee held one meeting during the year ended 31 December 2019 and has reviewed the Groups corporate governance policies and practices and sufficiency of training to the Companys Directors and senior management.

205、(v)Independent Board CommitteeAn independent committee of the Board,comprising all of the independent non-executive Directors,was formed for the purpose of advising the independent shareholders in respect of an acquisition of entire equity interest in Junyuan Development(i.e.the“Junyuan Acquisition”

206、).Junyuan Development is a company established under the laws of the People of China and was wholly owned by Mr.Ziming Yang,the Chairman,an executive Director and a controlling shareholder of the Company.The Independent Board Committee held two meetings during the year ended 31 December 2019 to revi

207、ew as to whether the terms of the Junyuan Acquisition were fair and reasonable,on normal commercial terms or better and were in the interests of the Group and its shareholders as a whole.(iv)企業管治委員會企業管治委員會於二零一三年十月八日成立。委員會包括一名執行董事吳少強先生以及兩名獨立非執行董事徐容國先生及梁銘樞先生。吳少強先生為企業管治委員會主席。企業管治委員會的主要職責為檢討及監察本公司的企業管治政

208、策及慣例、本公司董事及高級管理層的培訓及持續專業發展、本公司的政策及慣例是否遵守法律及監管規定，並檢討本公司遵守上市規則附錄十四所載企業管治守則的合規情況。企業管治委員會於截至二零一九年十二月三十一日止年度內舉行一次會議，檢討本集團的企業管治政策及慣例以及向本公司董事及高級管理層提供的培訓是否充足。(v)獨立董事委員會本公司已成立由全體獨立非執行董事組成的獨立董事委員會，以就收購駿源發展全部股權（即 駿源收購）向獨立股東提供意見。駿源發展為一間根據中國人民法律成立的公司，由本公司主席、執行董事兼控股股東楊紫明先生全資擁有。獨立董事委員會於截至二零一九年十二月三十一日止年度舉行兩次會議，以審議駿

209、源收購的條款是否屬公平合理、按一般商業條款或更佳條款訂立並符合本集團及其股東的整體利益。二零一九年年報卡賓服飾有限公司41Corporate governanCe report(ContInued)企業管治報告（續）BOARD MEETINGSBoard meetings are held regularly and at least four times a year at approximately quarterly intervals.For regular Board meetings,notices of at least 14 days are given to facilita

210、te maximum attendance of the Directors and agenda with supporting papers are sent to Directors not less than 3 days before the relevant meeting is held.Directors may propose to the Chairman or the Company Secretary to include matters in the agenda for regular board meetings.At the meeting,the Direct

211、ors are provided with the relevant documents to be considered and approved.Draft and final versions of minutes are sent to all Directors for their comments and records respectively within a reasonable time after the board meeting is held.Minutes of Board meetings are taken by the Company Secretary o

212、r a duly appointed secretary of the Board meeting and are open for inspection by any Director.The table below sets out the attendance of each Director at the annual general meeting(the“AGM”),Adjourned EGM,the meetings of the Board and other Board committees held during the year:Meetings attended/hel

213、d 出席舉行會議 Corporate Independent AGM Adjourned Board Audit Remuneration Nomination governance board EGM Committee committee committee committee committee 股東特別大會 企業管治 獨立董事 股東週年大會 續會 董事會 審核委員會 薪酬委員會 提名委員會 委員會 委員會Executive Directors 執行董事Mr.Ziming Yang 楊紫明先生 1/1 0/1 5/6 N/A 不適用 N/A 不適用 1/1 N/A 不適用 N/A 不適用

214、Mr.Siu Keung Ng 吳少強先生 1/1 1/1 6/6 N/A 不適用 1/1 N/A 不適用 1/1 N/A 不適用Mr.Rongqin Ke 柯榕欽先生 0/1 0/1 6/6 N/A 不適用 N/A 不適用 N/A 不適用 N/A 不適用 N/A 不適用Independent 獨立非執行董事 non-executive DirectorsMr.Yung Kwok Tsui 徐容國先生 1/1 1/1 6/6 2/2 1/1 N/A 不適用 1/1 2/2Mr.Honghui Chen 陳宏輝先生 0/1 1/1 6/6 2/2 N/A 不適用 1/1 N/A 不適用 2/2M

215、r.Ming Shu Leung 梁銘樞先生 0/1 1/1 6/6 2/2 1/1 1/1 1/1 2/2董事會會議董事會會議定期舉行，每年至少四次，約每季度舉行一次。就定期董事會會議而言，董事於舉行相關會議前最少14天接獲通知，以便更多董事出席會議，而議程（連同開會文件）於相關會議舉行前最少3天送呈各董事。董事可向主席或公司秘書建議於定期董事會會議議程內增加事項。於會議上，董事獲提供相關文件以供考慮及批準。於董事會會議召開後合理時間內，全體董事均獲發會議記錄的初稿及定稿，以供彼等提供意見和記錄存檔。董事會會議記錄由公司秘書或正式委任的董事會會議秘書負責保存，可公開由任何董事查閱。下表載列各

216、董事出席年內舉行的股東週年大會（股東週年大會）、股東特別大會續會、董事會會議及其他董事會委員會會議的情況：Annual Report 2019Cabbeen Fashion Limited42Corporate governanCe report(ContInued)企業管治報告（續）APPOINTMENT AND RE-ELECTION OF DIRECTORSEach of the executive Directors and independent non-executive Directors of the Company has entered into a service con

217、tract with the Company for a term of three years commencing from 28 October 2019,subject to his retirement and re-election at annual general meeting in accordance with the Companys articles of association.In accordance with the Companys articles of association,a person may be appointed as a Director

218、 either by the shareholders in general meeting or by the Board.Any Directors appointed by the Board as additional Directors or to fill casual vacancies shall hold office until the next following general meeting,and are eligible for re-election by the shareholders.In addition,all Directors are requir

219、ed to retire by rotation at least once every three years at the annual general meeting,and are eligible for re-election by the shareholders.BOARD NOMINATION POLICYThe Nomination Committee shall endeavor to find individuals of high integrity who have a solid record of accomplishment in their chosen f

220、ields and who possess the qualifications,qualities and skills to effectively represent the best interests of the Group and its shareholders.Candidates will be selected for their ability to exercise good judgment,and to provide practical insights and diverse perspectives.Candidates also will be asses

221、sed in the context of the then-current composition of the Board,the operating requirements of the Group.In conducting this assessment,the Nomination Committee will,in connection with its assessment and recommendation of candidates for director,consider diversity(including,but not limited to,gender,r

222、ace,ethnicity,age,experience and skills)and such other factors as it deems appropriate given the then current and anticipated future needs of the Board and the Company,and to maintain a balance of perspectives,qualifications,qualities and skills on the Board.委任及重選董事 本公司各執行董事及獨立非執行董事均與本公司訂有服務合約，任期為自二

223、零一九年十月二十八日起計三年，惟須根據本公司的組織章程細則於股東週年大會退任及重選。根據本公司的組織章程細則，任何人士均可由股東於股東大會上或由董事會委任為董事。任何獲董事會委任為新增董事或委任以填補臨時空缺的董事的任期僅直至下屆股東大會為止，惟彼等符合資格由股東重選。此外，全體董事均須最少每隔三年於股東週年大會上輪值告退，並符合資格由股東重選。董事會提名政策提名委員會致力於物色誠實守信並在彼等從事之領域擁有紮實成就及相關資格、資質及技能的人士加入本公司的董事會，以有效代表本集團及其股東的最佳權益。提名委員會甄選候選人時，將考慮及評估候選人的判斷力、提供實際及多元角度意見的能力、當時的董事會成

224、員的架構和本集團的業務需求。於進行有關評估時，提名委員會不僅考慮有關董事候選人的評估及推薦建議，亦考慮董事會成員的多樣性（包括但不限於性別、人種、民族、年齡、經驗及技能）及其認為符合董事會及本公司當時及預期未來需求的有關其他因素，以保持董事會觀點、資格、資質及技能的平衡。二零一九年年報卡賓服飾有限公司43Corporate governanCe report(ContInued)企業管治報告（續）The Nomination Committee considers the following qualifications at a minimum to be required of any B

225、oard members in recommending to the Board potential new board members,or the continued service of existing members:thehighestprofessionalandpersonalethics;broadexperienceinbusiness;abilitytoprovideinsightsandpracticalwisdombased on their experience and expertise;commitmenttoenhancingshareholdervalue

226、;sufficienttimetoeffectivelycarryouttheirduties;their service on other boards of public companies should be limited to a reasonable number;compliancewithlegalandregulatoryrequirements;andabilitytodevelopagoodworkingrelationshipwithother Board members and contribute to the Boards working relationship

227、 with senior management of the Group.BOARD DIVERSITY POLICYPursuant to the CG Code,the Board adopted a board diversity policy(the“Board Diversity Policy”)on 8 October 2013.The Company recognizes and embraces the benefits of diversity of Board members.While all Board appointments will continue to be

228、made on a merit basis,the Company will ensure that the Board has a balance of skills,experience and diversity of perspectives appropriate to the needs of the Companys business.Selection of candidates will be based on the Companys Board Nomination Policy and a range of diversity perspectives,includin

229、g but not limited to gender,age,cultural and educational background,experience(professional or otherwise),skills and knowledge.The Board also aspires to having an appropriate proportion of directors who have direct experience in the Groups core markets and distribution channels.The ultimate decision

230、 will be based on merit and contribution that the selected candidates will bring to the Board,having due regard to the benefits of diversity on the Board and also the needs of the Board without focusing on a single diversity aspect.在向董事會建議潛在新董事會成員或留任現有成員時，提名委員會認為董事成員至少須滿足以下資格：最高的職業及個人道德；豐富的從業經驗；能夠根據

231、彼等之經驗及專業知識提供意見及實踐智慧；致力於提升股東價值；有效履行職責的充足時間；彼等對其他公眾公司董事會的服務應限制在合理數目內；遵守法律及法規的規定；及 能夠與其他董事會成員建立良好工作關係並促進董事會與本集團高級管理層的工作關係。董事會多元化政策根據企業管治守則，董事會於二零一三年十月八日採納董事會多元化政策（董事會多元化政策）。本公司明白並深信董事會成員多元化所帶來的裨益。在董事會所有任命將繼續奉行任人唯才的原則的同時，本公司將確保董事會在切合本公司業務所需的技能、經驗、不同觀點方面取得平衡。挑選候選人時會基於本公司的董事會提名政策及從多個方面考慮董事會成員多元化，包括但不限於性別、

232、年齡、文化及教育背景、專業或其他經驗、技術及知識。董事會亦有意維持適當比例的具有本集團的核心市場及分銷渠道經驗的董事。最終決定乃基於選定候選人的能力及將會董事會帶來的貢獻作出，其中充分考慮董事會多元化的裨益及董事會的需要，而非專注於單一層面。Annual Report 2019Cabbeen Fashion Limited44Corporate governanCe report(ContInued)企業管治報告（續）DIRECTORS AND OFFICERS INSURANCEThe Company has arranged appropriate insurance cover in r

233、espect of potential legal actions against its Directors and officers.DIRECTORS CONTINUOUS TRAINING AND PROFESSIONAL DEVELOPMENTAll Directors are aware of their responsibilities to the shareholders and have exercised their duties with care,skill and diligence,in pursuit of the development of the Grou

234、p.All Directors are provided with monthly updates on the Companys performance and financial position to enable the Board as a whole and each Director to discharge their duties.In addition,briefings and updates on the latest development regarding the Listing Rules and other applicable regulatory requ

235、irements are provided to the Board during Board meetings to ensure compliance and enhance their awareness of good corporate governance practices.In November 2019,the Company,together with its legal adviser,organized a training session to provide the Directors with an update on the Listing Rules.CHAI

236、RMAN AND CHIEF EXECUTIVE OFFICERDuring the year ended 31 December 2019 and up to the date of this announcement,the roles of the Chairman and chief executive officer are separate and are not performed by the same individual as this ensures better checks and balances and hence better corporate governa

237、nce.Mr.Ziming Yang holds the position of the Chairman,who is primarily responsible for strategic positioning.Mr.Siu Keung Ng serves as the chief executive officer,who is primarily responsible for the operations and business development of the Group.董事及行政人員的保險本公司已就其董事及行政人員可能會面對的法律訴訟作出適當的投保安排。董事持續培訓及專

238、業發展 全體董事均知悉彼等對股東的責任，履行彼等的職責時以應有的謹慎、技能和勤勉行事，致力推動本集團的發展。全體董事每月均獲提供有關本公司表現及財務狀況的最新資料，以便董事會整體及各董事履行職務。此外，於董事會會議期間，各董事獲提供有關上市規則及其他適用監管規定的最新發展簡介及最新資料，確保有關規定獲得遵守及加強董事對良好企業管治常規的意識。於二零一九年十一月，本公司連同其法律顧問舉辦了一次培訓，向各董事提供上市規則的最新資料。主席及行政總裁 於截至二零一九年十二月三十一日止年度及截至本公告日期，主席及行政總裁的角色已有區分，且並非由同一人士兼任，此可確保較好的制衡作用，從而達至更佳的企業管治

239、。楊紫明先生擔任主席，主要負責制定策略。吳少強先生擔任行政總裁，主要負責本集團營運及業務發展。二零一九年年報卡賓服飾有限公司45Corporate governanCe report(ContInued)企業管治報告（續）Mr.Siu Keung Ng will step down as chief executive officer of the Group and Mr.Ziming Yang will hold the positions of Chairman and chief executive officer with effect from 12 March 2020.Mr.N

240、g will continue to be an executive Director of the Company.Such practice deviates from Code Provision A.2.1 which stipulates that the roles of Chairman and chief executive officer should be separate and should not be performed by the same individual.In view of Mr.Yangs extensive experience in the in

241、dustry and deep understanding of the Groups businesses,the Board believes that vesting the roles of both Chairman and chief executive officer in Mr.Yang provides the Group with strong and consistent leadership,allows for more effective planning and execution of long-term business strategies and enha

242、nces efficiency in decision-making.As all major decisions are made in consultation with members of the Board and relevant Board committees,and there are independent non-executive Directors on the Board offering independent perspectives,the Board is therefore of the view that there are adequate safeg

243、uards in place to ensure sufficient balance of powers within the Board.The Board will continue to review and monitor the practices of the Company for the purpose of complying with the CG Code and maintaining a high standard of corporate governance practices of the Company.INDEPENDENCE OF INDEPENDENT

244、 NON-EXECUTIVE DIRECTORSThe role of the Independent Non-executive Directors is to provide independent and objective opinions to the Board,giving adequate control and balances for the Group to protect the overall interests of the shareholders and the Group.They serve actively on the Board and its com

245、mittees to provide their independent and objective views.吳少強先生將辭任本集團行政總裁，而楊紫明先生將擔任主席及行政總裁的職位，於二零二零年三月十二日起生效。吳先生將繼續擔任本公司的執行董事。此做法偏離守則條文第A.2.1條，該條文列明主席與行政總裁的角色應分開，不應由同一人擔任。鑑於楊先生在行業中擁有豐富經驗，並對本集團業務具有深厚知識，董事會相信由楊先生兼任主席及行政總裁的職位可為本集團提供強而有力且貫徹一致的領導，並可更有效規劃及執行長期業務策略並提升作出決策的效率。由於所有主要決策均經諮詢董事會成員及相關董事委員會後作出，且董事

246、會的獨立非執行董事會提出獨立見解，故董事會認為已有足夠保障措施確保董事會權力足夠平衡。董事會將持續檢討及監督本公司的常規，以遵守企業管治守則並維持本公司高水平的企業管治常規。獨立非執行董事的獨立身份 獨立非執行董事的角色乃向董事會提供獨立及客觀的意見，為本集團提供足夠的制約及平衡，以保障股東及本集團整體利益。彼等於董事會及其委員會上積極提供獨立及客觀的意見。Annual Report 2019Cabbeen Fashion Limited46Corporate governanCe report(ContInued)企業管治報告（續）In compliance with Rules 3.10(

247、1)and 3.10A of the Listing Rules,the Company has appointed three independent non-executive Directors,representing more than one-third of the Board.One of the independent non-executive Directors has the appropriate professional qualifications in accounting or related financial management expertise as

248、 required by Rule 3.10(2)of the Listing Rules.Each independent non-executive Director has submitted annual confirmation of his independence to the Company pursuant to rule 3.13 of the Listing Rules.Based on the contents of such confirmations,the Company considers that all of the independent non-exec

249、utive Directors are independent.SECURITIES TRANSACTIONS BY DIRECTORSThe Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix 10 to the Listing Rules as the Companys code of conduct regarding Directors securities transactions(the“Securit

250、ies Dealing Code”).Upon specific enquiries,all Directors confirmed that they have complied with the relevant provisions of the Securities Dealing Code throughout the year ended 31 December 2019.Senior management who,because of their office in the Company,are likely to be in possession of inside info

251、rmation,have also been requested to comply with the provisions of the Securities Dealing Code when dealing in the Companys shares.COMPANY SECRETARYMs.Lai Wah Wong,the Company Secretary of the Company,is a full-time employee of the Group and has day-to-day knowledge of the Companys affairs.She also s

252、erves as the secretary of the Audit Committee,the Nomination Committee,the Remuneration Committee,the Corporate Governance Committee and other board committees as organised by the Board from time to time.Ms.Wong is responsible for advising the Board through the Chairman and/or the chief executive of

253、ficer on governance matters.為遵守上市規則第3.10(1)條及3.10A條，本公司已委任三名獨立非執行董事，超過董事會人數三分之一。按上市規則第3.10(2)條的規定，其中一名獨立非執行董事具備合適會計專業資格或相關財務管理專業知識。各獨立非執行董事已按上市規則第3.13條規定，向本公司提交其年度獨立身份確認書。根據該等確認書的內容，本公司認為全體獨立非執行董事均屬獨立。董事進行證券交易 本公司已採納上市規則附錄十所載上市發行人董事進行證券交易的標準守則作為本公司有關董事進行證券交易的行為守則（證券交易守則）。經作出特定查詢後，全體董事均已確認彼等於截至二零一九年十

254、二月三十一日止整個年度一直遵守證券交易守則的相關條文。因受聘於本公司而可能獲得內幕消息的高級管理層，於買賣本公司股份時亦須遵守證券交易守則的條文。公司秘書本公司公司秘書黃麗華女士為本集團全職僱員，熟悉本公司的日常事務。其亦擔任審核委員會、提名委員會、薪酬委員會、企業管治委員會及董事會不時組織的其他董事委員會的秘書。黃女士負責就管治事宜透過主席及或行政總裁向董事會提供意見。二零一九年年報卡賓服飾有限公司47Corporate governanCe report(ContInued)企業管治報告（續）During the financial year,the Company Secretary c

255、omplied with the relevant professional training requirement under Rule 3.29 of the Listing Rules.The biographical details of the Company Secretary is set out in the section headed“Biographical Details of Directors and Senior Management”on pages 54 to 60 in the annual report.RISK MANAGEMENT AND INTER

256、NAL CONTROLThe Board recognizes its responsibility to ensure the Company maintains a sound and effective risk management and internal control system.The Groups internal control system is designed to safeguard assets against misappropriation and unauthorized disposition and to manage operational risk

257、s.Review of the Groups internal controls covering major financial,operational and compliance controls,as well as risk management functions.The controls built into the risk management system are intended to manage,not eliminate,significant risks in the Groups business environment.The Groups risk mana

258、gement framework includes the following elements:identifysignificantrisksintheGroupsoperationenvironment and evaluate the impacts of those risks on the Groups business;developnecessarymeasurestomanagethoserisks;monitorandreviewtheeffectivenessofsuchmeasures.The implementation of risk management fram

259、ework of the Group was assisted by the Groups internal audit department so that the Group could ensure new and emerging risks relevant to the Groups operation are promptly identified by management,assess the adequacy of action plans to manage these risks and monitor and evaluate the effectiveness of

260、 the action plans.These are on-going processes and our Audit Committee reviews periodically the Groups risk management systems.於財政年度內，公司秘書已遵守上市規則第3.29條下相關專業培訓規定。公司秘書的履歷詳情載於本年報第54至60頁 董事及高級管理層履歷詳情 一節。風險管理及內部監控 董事會確認其確保本公司維持健全有效風險管理及內部監控系統的責任。本集團的內部監控系統乃為確保資產不會被不當挪用及未經授權處理以及管理經營風險而設計。本集團的內部監控檢討涵蓋主要財務、

261、營運及合規監控以及風險管理職能。風險管理系統中設立的監控乃為管理而非消除本集團業務環境的重大風險。本集團的風險管理框架包括以下部分：識別本集團業務環境的重大風險及評估該等風險對本集團業務的影響；制定必要措施以管理該等風險；監察及檢討有關措施的有效性。本集團內部審計部門協助執行本集團風險管理框架，因此本集團能確保與本集團營運有關的新出現風險可由管理層立即識別，評估執行計劃的充分性以管理該等風險以及監控及評估執行計劃的有效性。上述均為持續程序且審核委員會定期檢討本集團風險管理系統。Annual Report 2019Cabbeen Fashion Limited48Corporate govern

262、anCe report(ContInued)企業管治報告（續）Audit committee reported to the Board the implementation of the Groups risk management and internal control policy which,among other things,included the determination of risk factors,evaluation of risk level the Group could take and effectiveness of risk management mea

263、sures.Based on the reports from the Groups internal control department and the Audit Committee,the Board considers the Groups risk management and internal control system is adequate and effective and the Group has complied with the provisions on risk management and internal controls as set out in th

264、e CG Code.DIRECTORS RESPONSIBILITY IN PREPARING FINANCIAL STATEMENTSThe Board acknowledges its responsibility to prepare the Companys accounts which give a true and fair view of the Groups state of affairs,results and cash flows for the year and in accordance with the International Financial Reporti

265、ng Standards issued by the International Accounting Standards Board,and the Companies Ordinance.The Company has selected appropriate accounting policies and has applied them consistently based on prudent and reasonable judgments and estimates.The Board considers that the Group has adequate resources

266、 to continue in business for the foreseeable future and not aware of any material uncertainties relating to events or conditions that may affect the business of the Company or cast doubts on its ability to continue as going concern.EXTERNAL AUDITORKPMG has been appointed as the external auditor of t

267、he Company.The Audit Committee has been notified of the nature and the service charges of non-audit services performed by KPMG and considered that such services have no adverse effect on the independence of the external auditor.審核委員會向董事會呈報本集團的風險管理及內部監控政策的執行情況，其中包括釐定風險因素、評估本集團能承受的風險級別及風險管理措施的有效性。根據本集

268、團內部監控部門及審核委員會報告，董事會認為，本集團的風險管理及內部監控系統屬適當及有效且本集團已遵守企業管治守則所載之風險管理及內部監控條文。董事負責編製財務報表 董事會明白本身有責任根據國際會計準則理事會頒佈的國際財務報告準則及公司條例編製本公司賬目，真實公平反映本集團於本年度的事務狀況、業績及現金流量。本公司已根據審慎及合理的判斷及估計選擇合適的會計政策並貫徹採用。董事會認為本集團備有充足資源於可見未來繼續經營業務，且並不知悉任何可能影響本公司業務或致令本公司持續經營能力成疑的事件或狀況的重大不確定因素。外聘核數師畢馬威會計師事務所已獲委任為本公司的外聘核數師。審核委員會已獲知會畢馬威會計

269、師事務所提供非核數服務的性質及服務收費，認為有關服務對外聘核數師的獨立身份並無不利影響。二零一九年年報卡賓服飾有限公司49Corporate governanCe report(ContInued)企業管治報告（續）During the year,the fees payable to KPMG or its affiliated firms comprise service charges for the following:2019 2018 二零一九年 二零一八年 RMB000 RMB000 人民幣千元 人民幣千元Statutory audit 法定審核 2,200 2,200Revie

270、w of interim results 審閱中期業績 800 800Internal control review 內部監控審閱 200 200Other non-audit services 其他非審計服務 117There was no disagreement between the Board and the Audit Committee on the selection and appointment of the external auditor during the year under review.NON-COMPETE UNDERTAKING BY CONTROLLIN

271、G SHAREHOLDERSMr.Ziming Yang,Acute Result Holdings Limited(“Acute Result”),Ascend Fame Limited(“Ascend Fame”),Prime Ascend Limited(“Prime Ascend”)are the controlling shareholders(within the meaning of the Listing Rules)of the Company(the“Controlling Shareholders”).Each of the Controlling Shareholder

272、s has confirmed to the Company that none of them is engaged in,or interested in any business(other than the Group)which directly or indirectly competes or may compete with the business of the Group.To protect the Group from any potential competition,the Controlling Shareholders have given an irrevoc

273、able non-compete undertaking in the Groups favour on 8 October 2013(the“Deed of Non-competition”).於本年度，應付畢馬威會計師事務所或其聯屬公司的費用包括下列項目的服務費：於回顧年度，董事會與審核委員會就挑選及委任外聘核數師並無任何意見分歧?？毓晒蓶|作出的不競爭承諾 楊紫明先生、銳成控股有限公司（銳成）、昇譽有限公司（昇譽）及元陞有限公司（元陞）為本公司控股股東（控股股東，具上市規則涵義）。各控股股東已向本公司確認，彼等概無從事任何與本集團業務直接或間接構成或可能構成競爭的業務（本集團業務除外），亦

274、無於該等業務中擁有權益。為保障本集團免於面對任何潛在競爭，控股股東已於二零一三年十月八日向本集團作出不可撤回不競爭承諾（不競爭契據）。Annual Report 2019Cabbeen Fashion Limited50Corporate governanCe report(ContInued)企業管治報告（續）In order to properly manage any potential or actual conflict of interests between the Group and the Controlling Shareholders in relation to the

275、 compliance and enforcement of the non-compete undertaking,the Company has adopted the following corporate governance measures:(a)the independent non-executive Directors will review,on an annual basis,the compliance with the undertaking given by the Controlling Shareholders under the Deed of Non-com

276、petition;(b)the Controlling Shareholders undertake to provide all information requested by the Company which is necessary for the annual review by the independent non-executive Directors and the enforcement of the Deed of Non-competition;(c)the Company will disclose decisions on matters reviewed by

277、the independent non-executive Directors relating to compliance and enforcement of the non-compete undertaking of the Controlling Shareholders under the Deed of Non-competition in the annual reports of the Company;and(d)the Controlling Shareholders will make an annual declaration on compliance with t

278、heir undertaking under the Deed of Non-competition in the annual report of the Company.The Directors consider that the above corporate governance measures are sufficient to manage any potential conflict of interests between the Controlling Shareholders and their respective associates and the Group a

279、nd to protect the interests of the shareholders,in particular,the minority shareholders.Each of the Controlling Shareholders has confirmed to the Company that he/it has complied with the Deed of Non-competition.The independent non-executive Directors of the Company have reviewed the status of compli

280、ance and enforcement of the Deed of Non-competition and confirmed that all the undertakings thereunder have been complied with.為妥善管理本集團與控股股東之間有關遵守及執行不競爭承諾的任何潛在或實際利益衝突，本公司已採納以下企業管治措施：(a)獨立非執行董事將每年檢討控股股東遵守不競爭契據項下承諾的情況；(b)控股股東承諾提供本公司所要求就獨立非執行董事進行年度檢討及不競爭契據執行情況所必要的一切資料；(c)本公司將透過本公司年報披露獨立非執行董事有關檢討控股股東遵守及

281、執行不競爭契據項下不競爭承諾事宜的任何決定；及(d)控股股東將每年於本公司年報內就遵守彼等於不競爭契據項下承諾作出聲明。董事認為，上述企業管治措施足以管理控股股東及彼等各自的聯繫人與本集團之間任何潛在利益衝突，以及保障股東（尤其是少數股東）的利益。各控股股東已向本公司確認，其已遵守不競爭契據。本公司獨立非執行董事已檢討不競爭契據的遵守及執行情況，並確認契據項下一切承諾已獲遵守。二零一九年年報卡賓服飾有限公司51Corporate governanCe report(ContInued)企業管治報告（續）COMMUNICATION WITH SHAREHOLDERS AND SHAREHOLDE

282、RS RIGHTSThe Company aims to,via its corporate governance structure,enable all its shareholders an equal opportunity to exercise their rights in an informed manner and allow all shareholders to engage actively with the Company.Under the Companys articles of association,the shareholder communication

283、policy and other relevant internal procedures of the Company,the shareholders of the Company enjoy,among others,the following rights:(i)Participation at general meetingsThe general meetings of the Company provide an opportunity for direct communication between the Board and the shareholders.The Comp

284、any encourages the participation of the shareholders through annual general meetings and other general meetings where the shareholders meet and exchange views with the Board,and to exercise their right to vote at meetings.The Company shall arrange notices of meetings and circulars containing details

285、 on proposed resolutions to be sent to the shareholders no less than 20 business days before the meeting.At general meetings,separate resolutions are proposed on each substantial issue,including the election of individual Directors.(ii)Enquiries and proposals to the BoardThe Company encourages share

286、holders to attend shareholders meetings and make proposals by either directly raising questions on both operational and governance matters to the Board and Board Committees at the general meetings or providing written notice of such proposals for the attention of the Company Secretary at the registe

287、red office of the Company in Hong Kong currently situated at Unit A&B,26 Floor,Billion Plaza II,10 Cheung Yue Street,Cheung Sha Wan,Kowloon or via email to .與股東溝通及股東權利 本公司旨在透過其企業管治架構，讓全體股東有平等機會在知情情況下行使其權利，並讓全體股東積極參與本公司事務。根據本公司的組織章程細則、股東溝通政策及本公司其他相關內部程序，本公司股東可享（其中包括）以下權利：(i)參加股東大會本公司的股東大會提供機會讓董事會與股東直

288、接溝通。本公司鼓勵股東透過出席股東週年大會及其他股東大會參與本公司事務，會上股東可與董事會會面及交流意見，及行使其投票權利。本公司將安排於舉行大會前不少於20個營業日向股東發出大會通告及載有提呈決議案詳情的通函。於股東大會上，將就各重大事項（包括選舉個別董事）提呈獨立決議案。(ii)向董事會查詢及提出建議本公司鼓勵股東出席股東大會，並透過以下方式作出建議：於股東大會向董事會及董事會委員會就有關營運及管治事宜直接提問，或將有關建議以書面形式送交本公司的香港註冊辦事處，現時地址為九龍長沙灣長裕街10號億京廣場二期26樓A及B室，或電郵至以呈交公司秘書。Annual Report 2019Cabbe

289、en Fashion Limited52Corporate governanCe report(ContInued)企業管治報告（續）(iii)Convening extraordinary general meetingsThe Directors may,whenever they think fit,convene an extraordinary general meeting.Extraordinary general meetings shall also be convened on the requisition of one or more shareholders hold

290、ing,at the date of deposit of the requisition,not less than one tenth of the paid-up capital of the Company having the right of voting at general meetings.Such requisition shall be made in writing to the Directors or the Company Secretary and deposited at the registered office of the Company in Hong

291、 Kong currently situated at Unit A&B,26 Floor,Billion Plaza II,10 Cheung Yue Street,Cheung Sha Wan,Kowloon for the purpose of requiring an extraordinary general meeting to be called by the Directors for the transaction of any business specified in such requisition.Such meeting shall be held within t

292、wo months after the deposit of such requisition.If within twenty-one(21)days of such deposit the Directors fail to proceed to convene such meeting,the requisitionist(s)himself(themselves)may do so in the same manner,and all reasonable expenses incurred by the requisitionist(s)as a result of the fail

293、ure of the Directors shall be reimbursed to the requisitionist(s)by the Company.There are no provisions under the Companys articles of association or the Companies Law,Cap 22(Law 3 of 1961,as consolidated and revised)of the Cayman Islands regarding procedures for shareholders to put forward proposal

294、s at general meetings other than a proposal of a person for election as director.Shareholders may follow the procedures set out above to convene an extraordinary general meeting for any business specified in such written requisition.(iii)召開股東特別大會 董事可酌情隨時召開股東特別大會。於提呈有關要求當日擁有權利於股東大會投票的本公司繳足股本不少於十分之一的一

295、名或多名股東亦可要求召開股東特別大會。有關要求應以書面方式向董事或公司秘書提出，並送交本公司的香港註冊辦事處，現時地址為九龍長沙灣長裕街10號億京廣場二期26樓A及B室，以要求董事就處理有關要求所指任何事務召開股東特別大會。有關大會須於提出有關要求後兩個月內舉行。倘於提出有關要求後二十一(21)日內董事仍未著手召開有關大會，則提出要求的人士可以相同形式召開大會，而提出要求人士因董事未有因應要求召開大會而產生的一切合理開支將由本公司向提出要求的人士償付。本公司組織章程細則或開曼群島第22章公司法（一九六一年第3號法案，經綜合及修訂）概無有關股東在股東大會提出建議的程序的規定（提名候選董事的建議除

296、外）。股東可根據上文所載程序召開股東特別大會以處理有關書面要求提出的任何事務。二零一九年年報卡賓服飾有限公司53Corporate governanCe report(ContInued)企業管治報告（續）The notice of annual general meeting together with the accompanying circular setting out the relevant information as required under the Listing Rules are sent to shareholders at least 20 clear busi

297、ness days prior to the meeting.Poll voting has been adopted for decision-making at shareholders meetings to ensure that each share is entitled to one vote.Details of the poll voting procedures are set out in the circular sent to shareholders prior to the meeting and explained at the commencement of

298、the meeting.Voting results are posted on the Companys website on the day of the annual general meeting.(iv)Procedures for proposing a person for election as a DirectorPursuant to the Article 85 of the articles of associations of the Company,no person other than a Director retiring at the meeting sha

299、ll,unless recommended by the Directors for election,be eligible for election as a Director at any general meeting unless a Notice(as defined therein)signed by a Member(as defined therein)(other than the person to be proposed)duly qualified to attend and vote at the meeting for which such notice is g

300、iven of his intention to propose such person for election and also a Notice signed by the person to be proposed of his willingness to be elected shall have been lodged at the head office or at the Registration Office provided that the minimum length of the period,during which such Notice(s)are given

301、,shall be at least seven(7)days and that(if the Notices are submitted after the despatch of the notice of the general meeting appointed for such election)the period for lodgment of such Notice(s)shall commence on the day after the despatch of the notice of the general meeting appointed for such elec

302、tion and end no later than seven(7)days prior to the date of such general meeting.CONSTITUTIONAL DOCUMENTSThere was no change in the memorandum and articles of association of the Company during the year ended 31 December 2019.股東週年大會通告連同上市規則規定須列明相關資料的隨附通函於大會前至少20個完整營業日向股東發出。於股東大會上的決定乃採納按股數投票表決方式，以確保每

303、股股份均有一票投票權。投票表決程序的詳情載於在大會前寄發予股東的通函，並於大會開始時加以解釋。投票表決結果於股東週年大會當日在本公司網站公佈。(iv)提名人士參選董事的程序 根據本公司的組織章程細則第85條，除非獲董事推薦參選，或由正式合資格出席大會並可於會上投票的股東（定義見組織章程細則）（並非擬參選者）簽署通知（定義見組織章程細則），表明擬提名相關人士參選，且獲提名人士簽署該通知表明願意參選，否則除會上退任董事外，概無任何人士有資格於任何股東大會上參選董事。上述通知須呈交總辦事處或過戶登記處，通知期不得少於七(7)日，如該等通知是於就選舉董事而召開股東大會的通告寄發後始呈交，則呈交該（等）

304、通知的期間為就選舉董事而召開股東大會的通告寄發後翌日起計至不遲於該股東大會舉行日期前七(7)日。章程文件於截至二零一九年十二月三十一日止年度，本公司的組織章程大綱及細則概無變動。Annual Report 2019Cabbeen Fashion Limited54BIograpHICal detaIls of dIreCtors and senIor management董事及高級管理層履歷詳情EXECUTIVE DIRECTORSMr.Ziming Yang(楊紫明),aged 48,is the founder of the Group.He is also the chairman of

305、 the Board of the Company.He was appointed as an executive Director on 3 November 2011.Mr.Yang is primarily responsible for overall corporate strategies,planning and business development,and leads the Groups design and research and development team.From 12 March 2020 onwards,Mr.Yang will also be the

306、 chief executive officer of the Company.Mr.Yang first started his fashion and wholesale of apparel business in April 1992.In October 1997,Mr.Yang began to design and wholesale Cabbeen branded apparel.Mr.Yang has over 20 years of experience in design.He has been one of the most famous designers in Ch

307、ina,who won the award for“Best Menswear Designer”*(最佳男裝設計師)at the China International Fashion Week*(中國國際時裝週)in 2009 and“The 14th China Fashion Design Top Award”*(第14屆中國時裝設計金頂獎),which is the top honor in apparel design in China in 2010.Mr.Yang was accredited as“2010 Quanzhou Economic Figure”(2010年度泉州

308、經濟人物)and was the member of the 10th China Young Entrepreneurs Association(第十屆中國青年企業家協會會員)in 2010.In 2011,he was the honorable president of Shishi Textile&Garments Commerce Chambers Council(石獅市紡織服裝商會理事會名譽會長)and a committee member of the 11th Committee of All-China Youth Federation(中華全國青年聯合會第十一屆委員會委員)

309、.In 2012,Mr.Yang was the first president of the Fashion Designers Association of Fujian Province*(福建省服裝設計師協會第一屆會長)and the honorable president of Quanzhou APEC Commerce Chambers Council*(泉州APEC商務協會名譽會長).In March 2013,Mr.Yang became the consulting professor of Beijing Institute of Fashion Technology(北

310、京服裝學院).In April 2014,Fujian Normal University(福建師範大學)appointed Mr.Yang as a guest professor.In addition,Mr.Yang is currently the vice president and a member of the standing committee and the arts committee of the China Fashion Designers Association(中國服裝設計師協會).Mr.Yang has been the vice president of t

311、he 執行董事楊紫明先生，48歲，本集團創辦人。彼亦為本公司董事會主席。彼於二零一一年十一月三日獲委任為執行董事。楊先生主要負責整體公司策略、規劃及業務發展並領導本集團的設計及研發團隊。自二零二零年三月十二日起，楊先生亦將為本公司行政總裁。楊先生最初於一九九二年四月開始其時裝及服裝批發業務。一九九七年十月，楊先生開始設計及批發Cabbeen品牌服裝。楊先生在設計方面擁有逾二十年經驗。彼為中國最知名設計師之一，於二零零九年中國國際時裝週榮獲 最佳男裝設計師 獎，並於二零一零年榮獲中國服裝設計最高榮譽的 第14屆中國時裝設計金頂獎。楊先生於二零一零年獲評為 2010年度泉州經濟人物，並為第十屆中國

312、青年企業家協會會員。二零一一年，彼為石獅市紡織服裝商會理事會名譽會長及中華全國青年聯合會第十一屆委員會委員。二零一二年，楊先生擔任福建省服裝設計師協會第一屆會長及泉州APEC商務協會名譽會長。二零一三年三月，楊先生出任北京服裝學院顧問教授。二零一四年四月，楊先生獲福建師範大學聘任為客座教授。此外，楊先生現為中國服裝設計師協會BIograpHICal detaIls of dIreCtors and senIor management(ContInued)董事及高級管理層履歷詳情（續）二零一九年年報卡賓服飾有限公司55standing committee of the China Garment

313、 Association*(中國服裝協會)since October 2013.In April 2013,Mr.Yang was awarded as 2012 Innovative person of China textile industry*(2012中國紡織行業年度創新人物)by The Association of China Textile Industry*(中國紡織工業聯合會).In 2015,Mr.Yang was awarded the“New China Annual Award for Artistic Innovation”*(新中國藝術創新年度大獎)by the

314、 China Fashion Designers Association and New China Clothing Industry Innovation&Development Fund*(新中國服裝產業創新發展基金會).Since August 2019,Mr.Yang has been a consultant for the Guangdong branch of the China Fashion Designers Association.He also participated in the design and production of the apparel used

315、for the civilian parade held during the 70th anniversary of the Peoples Republic of China.Since 2020,Mr.Yang has been an anti-drug ambassador for Shishi city.Mr.Yang received his EMBA in Sun Yat-Sen University(中山大學)in June 2011.Mr.Yang is the brother-in-law of Mr.Rongqin Ke(柯榕欽)who is also our execu

316、tive Director.Mr.Siu Keung Ng(吳少強),aged 49,is one of the founding members of the Group and has been appointed as an executive Director of the Company on 18 February 2013.Mr.Siu Keung Ng is primarily responsible for overall corporate planning and strategy execution and is the chief executive officer

317、of the Group since July 2010.Mr.Ng will step down as chief executive officer with effect from 12 March 2020.He will remain as an executive Director and one of the authorized representatives of the Company,and will be responsible for investor relations and legal matters of the Company.Mr.Ng has over

318、20 years of experience in various aspects,including business operation,management,sales,procurement,financial and human resource.Mr.Ng obtained his bachelors degree in material engineering majoring in forge craft and equipment from Shanghai Jiao Tong University(上海交通大學)in July 1992.副主席及常務理事會理事和藝術委員會委

319、員。楊先生亦自二零一三年十月起擔任中國服裝協會理事會副會長。在二零一三年四月，楊先生獲中國紡織工業聯合會評為2012年中國紡織行業年度創新人物。二零一五年，楊先生榮獲中國服裝設計師協會和新中國服裝產業創新發展基金會共同頒發的 新中國藝術創新年度大獎。二零一九年八月起，楊先生擔任中國服裝設計師協會廣東代表處顧問，並參與設計、製作慶祝中華人民共和國成立70周年大會群眾遊行服裝。二零二零年，楊先生為石獅市禁毒宣傳形象大使。楊先生於二零一一年六月取得中山大學EMBA。楊先生為執行董事柯榕欽先生的姻兄。吳少強先生，49歲，本集團創辦人之一，於二零一三年二月十八日獲委任為本公司執行董事。吳少強先生主要負責

320、整體公司規劃及策略執行，自二零一零年七月起出任本集團的行政總裁。吳先生將辭任行政總裁，於二零二零年三月十二日日起生效。彼將繼續擔任本公司的執行董事及其中一名授權代表，並將會負責本公司投資者關係及法律事宜。吳先生於包括業務營運、管理、銷售、採購、財務及人力資源等多個範疇擁有逾二十年經驗。吳先生於一九九二年七月獲上海交通大學材料工程學士學位，主修熔爐工藝及設備。BIograpHICal detaIls of dIreCtors and senIor management(ContInued)董事及高級管理層履歷詳情（續）Annual Report 2019Cabbeen Fashion Limit

321、ed56Mr.Rongqin Ke(柯榕欽),aged 45,is one of the founding members of the Group and has been appointed as an executive Director of the Company on 18 February 2013.Mr.Rongqin Ke is primarily responsible for supply chain,human resources and financial management.Mr.Ke has over 20 years of experience in vari

322、ous aspects,including manufacturing,product design and research and development and procurement.Mr.Ke obtained his diploma certificate in business administration from Hunan University of Technology(湖南工業大學)in January 2008.Mr.Ke was accredited as“2011-2012 Top Ten Professional Managers of Apparel Indu

323、stry in Guangdong Province”*(2011-2012年度廣東省服裝行業十佳職業經理人)in August 2012.He completed the EMBA program at Lingnan College of Sun Yat-Sen University(中山大學嶺南學院)in June 2013.Mr.Rongqin Ke is the brother-in-law of Mr.Ziming Yang.INDEPENDENT NON-EXECUTIVE DIRECTORSMr.Yung Kwok Tsui(徐容國),aged 51,is an indepen

324、dent non-executive Director and was appointed to the Board on 18 February 2013.Mr.Tsui has over 20 years of extensive experience in auditing and accounting,including experience from corporations and an international accounting firm.Mr.Tsui joined Ju Teng International Holdings Limited(巨騰國際控股有限公司)(st

325、ock code:3336)in August 2004 and has been the companys executive director and chief financial officer since its listing in the Stock Exchange and served as the company secretary from August 2004 to March 2017.He has also respectively been an independent non-executive director of Shenguan Holdings(Gr

326、oup)Limited(神冠控股(集團)有限公司)(stock code:829)since September 2009,SITC International Holdings Company Limited(海豐國際控股有限公司)(stock code:1308)柯榕欽先生，45歲，本集團創辦人之一，於二零一三年二月十八日獲委任為本公司執行董事?？麻艢J先生主要負責供應鏈、人力資源及財務管理?？孪壬栋ㄑu造、產品設計、研發及採購等多個範疇擁有逾二十年經驗?？孪壬抖懔惆四暌辉氯〉煤瞎I大學工商管理文憑?？孪壬抖阋欢臧嗽芦@評為2011-2012年度廣東省服裝行業十佳職業經理人。彼於

327、二零一三年六月在中山大學嶺南學院完成EMBA課程?？麻艢J先生為楊紫明先生的姻弟。獨立非執行董事 徐容國先生，51歲，獨立非執行董事，於二零一三年二月十八日獲委任加入董事會。徐先生於審計及會計方面擁有逾二十年豐富經驗，曾任職多家企業及一家國際會計師事務所。徐先生於二零零四年八月加入巨騰國際控股有限公司（股份代號：3336），並自該公司於聯交所上市後擔任其執行董事及財務總監，並於二零零四年八月至二零一七年三月擔任該公司之公司秘書。彼亦分別自二零零九年九月、二零一零年九月及二零一八年七月起出任聯交所上市公司神冠控股（集團）有限公司（股份代號：829）、海豐國際控股有限公司（股份代號：1308）及英恒

328、科技控股有限公司（股份代號：1760）的獨立BIograpHICal detaIls of dIreCtors and senIor management(ContInued)董事及高級管理層履歷詳情（續）二零一九年年報卡賓服飾有限公司57since September 2010 and Intron Technology Holdings Limited(英恒科技控股有限公司)(stock code:1760)since July 2018,all of which are listed on the Stock Exchange.Mr.Tsui was also an independen

329、t non-executive director of 361 Degrees International Limited(361度國際有限公司)(stock code:1361)from September 2012 to May 2019.Mr.Tsui obtained his bachelors degree of business in accounting from Curtin University of Technology in August 1992 and his masters degree of corporate governance from The Hong K

330、ong Polytechnic University in December 2007.Mr.Tsui has been a member of Hong Kong Institute of Certified Public Accountants since February 1997,a member of Chartered Accountants Australia and New Zealand since June 2000,and a member of CPA Australia since September 1996.He has also been a member of

331、 The Hong Kong Institute of Chartered Secretaries since December 2007.Mr.Honghui Chen(陳宏輝),aged 48,is an independent non-executive Director and was appointed to the Board on 18 February 2013.Mr.Chen has over 20 years of extensive experience teaching universities in the fields of management,economics

332、 and corporate social responsibility.From July 1993 to June 2003,Mr.Chen worked in Wuhan University of Science and Technology,primarily teaching management and economics.From July 2003 till now,Mr.Chen has worked in Sun Yat-Sen University,primarily teaching courses including strategic management and

333、 corporate social responsibility.Mr.Chen had been granted the title of deputy professor from April 2004 to July 2008 and has been subsequently granted the title of professor since July 2008.Mr.Chen had also been the deputy dean of Lingnan College in Sun Yat-Sen University from November 2007 to March 非執行董事。自二零一二年九月至二零一九年五月，徐先生亦為361度國際有限公司（股份代號：1361）的獨立非執行董事。徐先生於一九九二年八月獲Curtin University of Technolo