NTPHARMA：AnnualReport2020.pdf

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1、Annual Report2020年報(Incorporated in the Cayman Islands with limited liability)(於開曼群島註冊成立之有限公司)CONTENTS 目錄2Financial Highlights財務摘要3Chairmans Statement主席報告6Management Discussion and Analysis管理層討論及分析23Directors and Senior Management董事及高級管理層29Corporate Governance Report企業管治報告55Environmental,Social and

2、Governance Report環境、社會及管治報告101Report of the Directors董事會報告117Board of Directors and Board Committees董事會及董事委員會118Corporate Information公司資料120Independent Auditors Report獨立核數師報告133Consolidated Statement of Profit or Loss綜合損益表135Consolidated Statement of Profit or Loss and Other Comprehensive Income綜合損益

3、及其他全面收益表136Consolidated Statement of Financial Position綜合財務狀況表138Consolidated Statement of Changes in Equity綜合權益變動表139Consolidated Statement of Cash Flows綜合現金流量表142Notes to the Consolidated Financial Statements綜合財務報表附註Financial Highlights財務摘要 China NT Pharma Group Company Limited I Annual Report 202

4、02FIVE-YEAR FINANCIAL SUMMARYResultsFor the year ended 31 December截至12月31日止年度20202019201820172016RMB000RMB000RMB000RMB000RMB000人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元(restated)(restated)（重列）（重列）Turnover營業額221,731153,468571,521604,846359,609Gross profit毛利134,90490,257422,002484,235253,833(Loss)/profit from operati

5、ons經營（虧損）溢利(113,752)(250,766)(480,944)269,57864,575(Loss)/profit before taxation除稅前（虧損）溢利(200,289)(355,141)(561,999)226,42835,543(Loss)/profit for the year from discontinued operations年內來自已終止經營業務的（虧損）溢利(168,644)(237,796)(361,903)(48,916)91,060(Loss)/profit for the year年內（虧損）溢利(359,913)(593,202)(963,

6、762)161,629115,760 Assets and LiabilitiesAt 31 December於12月31日20202019201820172016RMB000RMB000RMB000RMB000RMB000人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元 Total non-current assets非流動資產總值718,1101,488,9301,637,0711,670,5761,578,145 Total current assets流動資產總值480,860309,344590,0911,089,143984,594Total current liabilitie

7、s流動負債總額1,101,7701,625,5171,340,9851,207,0031,367,579 Net current liabilities流動負債淨額(579,477)(1,316,173)(750,894)(117,860)(382,985)Total assets less current liabilities總資產減流動負債138,633172,757886,1771,552,7161,195,160Total non-current liabilities非流動負債總額116,21170,834394,608123,963156,138 Net assets資產淨值22

8、,422101,923491,5691,428,7531,039,022 Total equity attributable to equity shareholders of the Company本公司權益股東應佔權益總額16,279105,258489,2921,420,3801,027,083 五年財務概要業績資產及負債Chairmans Statement主席報告 中 國 泰 凌 醫 藥 集 團 I 年 度 報 告 2 0 2 03Dear Shareholders,On behalf of the board(the“Board”)of directors(the“Director

9、s”)of China NT Pharma Group Company Limited(“NT Pharma”)together with its subsidiaries,the“Group”),I hereby present the annual report of the Company for the year ended 31 December 2020.NT Pharma is a technology-based pharmaceutical company integrated with research and development(“R&D”),manufacturin

10、g and sales of its own products.With its products covering therapeutic areas including central nervous system(“CNS”),oncology and hematology.NT Pharma owns two new National Class 1 drugs,one wellknown international innovative brand-name drug and a number of generic drugs.The Group conducts its drug

11、manufacturing through three subsidiaries,namely Suzhou First Pharmaceutical Co.,Ltd.*(“Suzhou First”),Jiangsu NT Biopharma Co.,Ltd.*(“Jiangsu Biopharma”)and NT Pharma(Changsha)Co.,Ltd.*(“Changsha Pharma”).The Group owns several sales and distribution companies with around 1,000 sales professionals a

12、nd R&D specialists.It also has an extensive sales network in the Peoples Republic of China(“China”or“PRC”),covering nearly 10,000 hospitals.In the year of 2020,the Group devoted much effort to the adjustment and restructuring of its sales model,tightening of cost control and improvement of its finan

13、cial condition.The overall revenue of the Group from continuing operations for the year ended 31 December 2020(the“Year under Review”)increased by RMB68.2 million to RMB221.7 million,as compared with RMB153.5 million for the corresponding period in 2019.Operating loss from continuing operations for

14、the year ended 31 December 2020 decreased by RMB137 million to RMB113.8 million,as compared with an operating loss of RMB250.8 million for the corresponding period in 2019.The Group recorded a loss of RMB191.3 million for the year ended 31 December 2020,as compared with a loss of RMB355.1 million fo

15、r the corresponding period in 2019,representing a decrease of 46.1%year on year.尊敬的各位股東：本人謹代表中國泰凌醫藥集團有限公司（泰凌醫藥，連同其附屬公司，合稱 本集團）董事（董事）會（董事會）呈列本公司截至2020年12月31日止年度之年報。泰凌醫藥是一間集研究與開發（研發）、生產、銷售自有藥品為一體化的科技製藥公司。藥品覆蓋中樞神經系統（中樞神經系統）、腫瘤及血液等治療領域。泰凌醫藥擁有兩個國家一類新藥、一個國際知名原研品牌藥及多個自有仿製藥。本集團通過三間附屬公司蘇州第壹製藥有限公司（蘇州第壹製藥）、泰凌生

16、物製藥江蘇有限公司（江蘇生物製藥）及泰凌醫藥（長沙）有限公司（長沙醫藥）進行藥品生產。本集團通過多家銷售及分銷公司，以及近1,000名專業的銷售及研發專業人員。我們的銷售網絡遍佈中華人民共和國（中國）全國，並覆蓋近萬家醫院。2020年，本集團投放大量資源於調整及重組銷售模式，嚴控成本，改善財務狀況。截至2020年12月31日止年度（回顧年內），本集團來自持續經營業務的整體收益增加人民幣68.2百萬元至人民幣221.7百萬元，2019年同期則為人民幣153.5百萬元。截至2020年12月31日止年度，來自持續經營業務的經營虧損減少人民幣137百萬元至人民幣113.8百萬元，而2019年同期的經營

17、虧損則為人民幣250.8百萬元。本集團於截至2020年12月31日止年度錄得虧損人民幣191.3百萬元，而2019年同期虧損則為人民幣355.1百萬元，同比減少46.1%。China NT Pharma Group Company Limited I Annual Report 20204Chairmans Statement(Continued)主席報告（續）2020年，新型冠狀病毒肺炎（COVID-19）疫情爆發，對經濟造成重大影響，中國政府實施了嚴格的疫情防控措施，遏制疾病蔓延。2020年3月至2020年5月，醫藥行業受到較大影響，因門診病人及病房數目急劇下降，導致銷售額驟減。儘管中國經

18、濟增長面臨巨大的下行壓力，但在 中國國民經濟和社會發展第十四個五年規劃綱要（20212025年）和 健康中國2030 規劃綱要 的指導下，受益於不斷增長的市場需求及政府加大對醫藥行業的投資，醫藥行業仍能保持增長勢頭，並向高品質、創新驅動的方向發展。繼去年簡化藥品監管框架的重大體制改革後，中國政府加大改革力度，修訂 藥品管理法，自2019年12月1日起生效，旨在完善衛生立法，加強藥品管理，加大對違規行為的處罰力度。立法改革和不斷出臺的延伸政策，包括提升品質和仿製藥一致性評價、調整醫保目錄藥品、發佈藥品重大監測名單、藥品集中採購計劃擴大到更多省市等，為醫藥市場及本集團帶來重大機遇及挑戰。In th

19、e year of 2020,the outbreak of novel coronavirus pneumonia(“COVID-19”)epidemic had a significant impact on the economy,and the Chinese government implemented strict pandemic prevention and control measures to contain the spread of the disease,with the pharmaceutical industry being more affected from

20、 March 2020 to May 2020,as outpatient and ward numbers fell sharply,resulting in a sudden drop in sales.Despite the tremendous downward pressure on Chinas economic growth,the pharmaceutical industry was able to maintain its growth momentum under the guidance of the Outline of the 14th Five-Year Plan

21、 for the National Economic and Social Development of the PRC“The Fourteen Five-Year Plan”(2021-2025)and the“Healthy China 2030”Planning Outline,and the benefits of growing market demand and the governments increased investment in the pharmaceutical industry,which is evolving in the direction of high

22、-quality and innovation-driven development.Following last years major institutional reform to streamline the regulatory framework for drugs,the Chinese government has intensified its reform efforts by amending the Drug Administration Law,effective from 1 December 2019,with the aim of improving healt

23、h legislation,strengthening drug administration and increasing penalties for non-compliance.The legislative reform and the continuous introduction of extended policies,including the promotion of consistency evaluation on quality and generic drugs,the adjustment of the reimbursement drug catalogue,th

24、e release of a major drug-monitoring list and the expansion of the centralised drug procurement program to more provinces and cities,have posed significant opportunities and challenges to the pharmaceutical market and the Group.中 國 泰 凌 醫 藥 集 團 I 年 度 報 告 2 0 2 05Chairmans Statement(Continued)主席報告（續）另

25、外，本集團將繼續積極物色及檢討合作、合資企業及投資合適之夥伴，一方面優化資產組合，進一步改善本集團財務狀況，另一方面通過與合作夥伴實現強強聯合優勢互補，為產品構建一個更有競爭力的平臺；我們會竭力進一步改善本集團的業務表現及盈利能力，為股東創造價值。最後，本人對全體僱員在上一財政年度的辛勤工作致以衷心謝意。本集團十分重視每名僱員獨一無二的貢獻。同時，本人謹此感謝我們業務夥伴、客戶和股東在此艱難時期的忠誠與支持。本人謹代表董事會對各董事、股東及本集團僱員於年內之努力和貢獻，以及所給予的支持致以衷心的感謝。吳鐵主席兼行政總裁香港，2021年3月31日Moreover,the Group will c

26、ontinue to explore and review cooperations,joint ventures and investments in suitable partners,optimizing the asset portfolio and further improve the Groups financial conditions.On the other hand,by complementing with the strength of our partners,we will build a more competitive platform for our pro

27、ducts;we will endeavour to further improve the Groups business performance and profitability so as to create value for our shareholders.Lastly,I would like to thank all our employees for their hard work in the last financial year.The Group values the unique contribution from every employee.In the me

28、antime,I would like to thank our business partners,customers and shareholders for their loyalty and support during this difficult time.On behalf of the Board,I would like to thank the Directors,the Shareholders and the employees of the Group for their efforts and dedications and for their support du

29、ring the year.Ng TitChairman and Chief Executive OfficerHong Kong,31 March 2021Management Discussion and Analysis管理層討論及分析China NT Pharma Group Company Limited I Annual Report 20206業務回顧嚴峻的經濟形勢及監管改變的加速推行，進一步加劇了醫藥行業各方面的競爭，令本集團的業績嚴重受壓?；仡櫮陜?，本集團之收益為人民幣221.7百萬元，較2019年同期錄得人民幣153.5百萬元，增加約44.4%。有關增加的主要原因是：(i)

30、行業政策變更、銷售模式及價格改變；(ii)受爆發COVID-19疫情影響，銷售受挫；及(iii)松梔丸在資源緊絀的背景下，未能加大市場推廣力度，導致銷量改變。中樞神經系統領域本集團的中樞神經系統領域的主要產品為舒思（通用名：富馬酸奎硫平片），是本集團首個自主研發、生產、銷售的產品。舒思主要用作治療精神分裂癥和雙相情感障礙的躁狂癥發作，是非典型抗精神病的一線用藥。舒思自2003年上市銷售逾十五年，已擁有強大的品牌效應，得到臨床醫生和市場的廣泛認可?；仡櫮陜?，本集團已完成一致性評價涉及藥學開發、生產轉移、臨床生物等效性等全部工作。本集團於2020年1月2日收到國家藥品監督管理局頒發的關於富馬酸奎硫

31、平片（舒思）通過仿製藥一致性評價。一致性評價工作的完成，不僅肯定了舒思的藥物品質及治療成效，而且有利於提升舒思於精神科臨床的認受性，對於擴大於奎硫平的市場份額具有積極作用。BUSINESS REVIEWChallenging economic conditions and the accelerated implementation of regulatory changes have further intensified competition in all aspects of the pharmaceutical industry,putting tremendous pressure

32、 on the Groups results.For the Year under Review,the revenue of the Group was RMB221.7 million,representing an increase of 44.4%as compared to RMB153.5 million recorded for the corresponding period in 2019.The increase was mainly attributable to:(i)the change in industry policies,change in sales mod

33、el and price;(ii)the sales hindered by the outbreak of COVID-19 epidemic;and(iii)a change in sales volume of Songzhi Wan due to the lack of ability to intensify the marketing efforts under the context of tight resources.Area of CNSShusi(generic name:quetiapine fumarate tablets)is the Groups major pr

34、oduct in the area of CNS.It is the first proprietary product which is researched and developed,manufactured and sold by the Group.Shusi is mainly used for the treatment of schizophrenia and maniacal is insult us as a result of bipolar affective disorder,which is an atypical antipsychotic first-tier

35、drug.Shusi has been in the market for more than 15 years since its debut in 2003.It has developed a strong brand image which is widely recognised by clinical practitioners and the market.During the Period Under Review,the Group has completed all the tasks involving consistency evaluations in pharmac

36、eutical development,production transfers and clinical bioequivalence.On 2 January 2020,the Group received a certification of consistency evaluation for the generic drug quetiapine fumarate tablets(Shusi)from the National Medical Products Administration.The completion of the consistency evaluation do

37、es not only represent the recognition of Shusis drug quality and therapeutic effect,but also facilitates the acceptance of Shusi in the field of clinical psychiatry,posing a positive effect on expanding the market share of quetiapine.中 國 泰 凌 醫 藥 集 團 I 年 度 報 告 2 0 2 07Management Discussion and Analys

38、is(Continued)管理層討論及分析（續）腫瘤及血液領域本集團的腫瘤及血液領域主要產品為喜滴克（通用名：尿多酸肽注射液）。喜滴克是國家一類新藥，已獲國家藥品監督管理局批準用作治療非小細胞肺癌和晚期乳腺癌，同時已先後進入江蘇、安徽、湖北及湖南共四個省份醫保目錄?；仡櫮陜?，本集團推進喜滴克骨髓增生異常綜合癥（MDS）新增適應癥的臨床試驗工作，現時正在進行II期臨床試驗?；仡櫮陜?，本集團由於流動資金壓力大，未能投入大量資源進行市場推廣及醫學討論，故該產品未有為本集團帶來新的收入來源。本集團管理層對完成II期及III期臨床試驗（即本集團新MDS產品獲得國家藥品監督管理局（國家藥品監督管理局）批準

39、取得證書的先決條件）持樂觀態度，且直到本集團取得國家藥品監督管理局有關MDS產品商業化的批準前，本集團可擁有進行MDS相關開發工作的必要資金。Area of Oncology and HematologyThe Groups main product in the area of oncology and hematology is Xi Di Ke(generic name:uroacitides injection).Xi Di Ke,a national class 1 new drug,has been approved by the National Medical Products

40、 Administration(國家藥品監督管理局)for the treatment of non-small cell lung cancer and terminal breast cancer.The product has successfully been admitted into the Medical Insurance Reimbursement Drug List of four provinces,including Jiangsu,Anhui,Hubei and Hunan.During the Year under Review,the Group pushed f

41、orward the work of clinical trials on Xi Di Ke in new Myelodysplastic Syndrome(the“MDS”)indications,which is in clinical trial phase II.Due to the high pressure on liquidity,the Group was unable to put a lot of resources in marketing promotions and medical forums,and as such the product did not gene

42、rated a new source of revenue for the Group during the Year under Review.The management of the Group is optimistic on completing clinical trial phase II and II,being the prerequisite for obtaining the certificates of the Groups new MDS products to be approved by the National Medical Products Adminis

43、tration(the“NMPA”),and that the Group can have necessary funds for carrying on the development work relating to MDS before obtaining the approval from the NMPA for commercialisation of MDS products by the Group.China NT Pharma Group Company Limited I Annual Report 20208Management Discussion and Anal

44、ysis(Continued)管理層討論及分析（續）營運業績銷售本集團現時營運一個主要業務分部，即自有產品生產及銷售。本集團的自有產品包括舒思、卓澳以及其他藥物。於截至2020年12月31日止年度，自有產品生產及銷售分部之總收益增加人民幣68.2百萬元或44.4%至人民幣221.7百萬元，2019年同期則為人民幣153.5百萬元?；仡櫮陜仁嫠际找嬖黾尤嗣駧?5.7百萬元或71.3%至人民幣181.8百萬元，2019年同期則為人民幣106.1百萬元。舒思銷售額增加因為回顧年內，舒思價格有所調整所致?；仡櫮陜茸堪氖找鎰t減少人民幣2.9百萬元或11.5%至人民幣22.4百萬元，2019年同期則為人民

45、幣25.3百萬元。卓澳銷售額減少，主要由於回顧年內，銷售模式由代理轉自營後，加上調整卓澳價格帶來負面影響。OPERATING RESULTSSalesThe Groups business is currently composed of one major operating segment,i.e.manufacturing and sales of proprietary products.The Groups proprietary products include Shusi,Zhuoao and other drugs.For the year ended 31 December

46、2020,the total revenue from manufacturing and sales of proprietary products increased by RMB68.2 million or 44.4%to RMB221.7 million,as compared with RMB153.5 million for the corresponding period in 2019.Revenue of Shusi increased by RMB75.7 million or 71.3%to RMB181.8 million for the Year under Rev

47、iew,as compared with RMB106.1 million for the corresponding period in 2019.The increase in sales of Shusi was attributable to the price adjustment of Shusi during the Year under Review.Revenue of Zhuoao decreased by RMB2.9 million or 11.5%to RMB22.4 million for the Year under Review,as compared with

48、 RMB25.3 million for the corresponding period in 2019.The decrease in sales amount of Zhuoao was mainly due to the negative impact brought by the price adjustment of Zhuoao after the shift of sales model from agency to proprietary sales during the Year under Review.中 國 泰 凌 醫 藥 集 團 I 年 度 報 告 2 0 2 09

49、Management Discussion and Analysis(Continued)管理層討論及分析（續）人力資源於2020年12月31日，本集團的全職僱員人數為224名（2019年12月31日：384名全職僱員）。截至2020年12月31日止年度，本集團薪酬、福利及社會保障的總成本為人民幣55.6百萬元（2019年12月31日：人民幣102.0百萬元）。本集團與其僱員關係良好，一直採取若干政策以確保僱員能獲得符合競爭水平的薪酬、優越的福利及持續的專業培訓。本集團的薪酬架構乃基於僱員表現、當地消費水平及人力資源市場現行市況釐定。董事酬金乃參考各董事的資歷、職責及當前市場水平釐定。除基本薪

50、金外，本集團或會根據其業績及個人表現發放花紅。其他員工福利包括香港的強制性公積金退休福利計劃及多項退休福利計劃供款，包括根據中國規則及規例及中國的現行監管規定，向本集團聘用僱員提供養老金基金、醫療保險、失業保險及其他相關保險。本集團僱員之薪資及福利維持在具競爭力的水平，且僱員亦會根據本集團薪金及花紅制度框架，按個人表現獲得獎勵，有關框架每年檢討一次。本集團亦已施行本公司於2014年9月22日採納之購股權計劃（購股權計劃）及於2015年9月4日採納之股份獎勵計劃（股份獎勵計劃），可分別向本集團董事及僱員授予購股權以認購股份及股份獎勵。HUMAN RESOURCESAs at 31 Decembe

51、r 2020,the Group had 224 full-time employees(31 December 2019:384 full-time employees).For the year ended 31 December 2020,the Groups total cost on remuneration,welfare and social security amounted to RMB55.6 million(31 December 2019:RMB102.0 million).The Group maintains good relationships with its

52、employees and certain policies have been carried out to ensure that the employees are receiving competitive remuneration,good welfare and continuous professional training.The remuneration structure of the Group is based on employee performance,local consumption levels and prevailing conditions in th

53、e human resources market.Directors remunerations are determined with reference to individual Directors experience,responsibilities and prevailing market standards.On top of basic salaries,bonuses may be paid according to the Groups performance as well as individuals performance.Other staff benefits

54、include contributions to the Mandatory Provident Fund retirement benefits scheme in Hong Kong and various retirement benefits schemes including the provision of pension funds,medical insurance,unemployment insurance and other relevant insurance for employees of the Group pursuant to the PRC rules an

55、d regulations and the prevailing regulatory requirements of the PRC.The salaries and benefits of the Groups employees are kept at a competitive level and employees are rewarded according to their individual performances within the framework of the Groups salary and bonus system,which is reviewed ann

56、ually.The Group also operates a share option scheme(the“Share Option Scheme”)adopted by the Company on 22 September 2014,and a share award scheme(the“Share Award Scheme”)adopted on 4 September 2015,where options to subscribe for shares and share awards may be granted to the Directors and employees o

57、f the Group,respectively.China NT Pharma Group Company Limited I Annual Report 202010Management Discussion and Analysis(Continued)管理層討論及分析（續）展望面對全球經濟放緩及國內的不利經濟因素，中國政府推出了強而有力的財政及貨幣政策，支援企業、刺激內需、保就業以期渡過難關。雖然中國經濟增速放緩，但預期政府將在 十四五 規劃中繼續投放資源於醫療改革。儘管推行了一系列監管改革，以理順藥價、提升獲取新藥的便利、更嚴格控制藥品品質及安全、促進創新和加強市場競爭，但由於人口快

58、速老化、生活水準不斷提高，以及近期COVID-19疫情的爆發導致健康意識提升，需求將持續增加，本集團仍對醫藥市場的巨大機遇保持樂觀態度。展望未來，經濟和經營環境將更加複雜多變。COVID-19疫情的爆發及行業監管格局的徹底改變，擾亂了市場及整個產業鏈，因而對本集團在中國經營的業務分部的生產及營運構成重大挑戰。由於本集團生產業務分部的積極進展反映了所採取的策略性措施的成效，因此，管理層致力推行該等策略性措施，並相信本集團將為長遠的收益及盈利能力持續增長奠定更穩固的基礎。鑒於COVID-19疫情對全球和中國經濟影響的廣度和深度仍存在不確定性，管理層將繼續努力採取靈活的策略應對市場變化，並在控制運營

59、成本方面保持審慎，以提高運營效率，保持本集團的財務靈活性。隨著本集團財務狀況的不斷改善，我們相信將擁有能力應對突發事件及挑戰，保持發展路上的光明前景。OUTLOOKIn the face of the global economic slowdown and domestic headwinds,the Chinese government has introduced strong fiscal and monetary policies to support businesses,stimulate domestic demand and maintain employment in or

60、der to tide over the difficult times.Although Chinas growth rate is slowing down,the government is expected to continue to invest in healthcare reform in“The Fourteen Five-Year Plan”.Despite the implementation of a series of regulatory reforms to rationalize drug prices,improve access to new drugs,s

61、tricter control over drug quality and safety,promote innovation and enhance market competition,the Group remains optimistic about the tremendous opportunities in the pharmaceutical market as demand will continue to increase due to the rapidly aging population,increasing living standards and rising h

62、ealth awareness as a result of recent COVID-19 epidemic outbreaks.Going forward,the economic and operating environment is expected to be more complex and volatile.The outbreak of COVID-19 epidemic and the sweeping changes in the regulatory landscape of the industry have caused disruptions to the mar

63、ket and the entire industry chain,thus posing significant challenges to the production and operations of the Groups business segments operating in the PRC.As the positive progress of the Groups manufacturing segment reflects the effectiveness of the strategic initiatives taken,the management is comm

64、itted to pursuing these strategic initiatives and believes that the Group will lay a stronger foundation for sustainable growth in revenue and profitability in the long run.In view of the uncertainty of the breadth and depth of the impact of the COVID-19 epidemic on the global and PRC economies,the

65、management will continue to strive to adopt flexible strategies to respond to market changes and remain vigilant in controlling operating costs in order to enhance operational efficiency and maintain the Groups financial flexibility.With the Groups improving financial position,the Group believes tha

66、t it is capable to cope with unexpected events and challenges and maintain its development path for a bright future.中 國 泰 凌 醫 藥 集 團 I 年 度 報 告 2 0 2 011Management Discussion and Analysis(Continued)管理層討論及分析（續）財務回顧 持續經營業務 收益自有產品生產及銷售的收益增加人民幣68.2百萬元至人民幣221.7百萬元，佔回顧年內總收益100%，相比2019年同期則為人民幣153.5百萬元或佔本集團收益

67、100%。自有產品生產及銷售的收益錄得增加，是由於回顧年內，銷售模式轉由蘇州第壹製藥負責銷售，自有產品舒思及卓澳單價有所調整所致。銷售成本截至2020年12月31日止年度，銷售成本增加人民幣23.6百萬元至人民幣86.8百萬元，相比截至2019年同期則為人民幣63.2百萬元。銷售成本增加的主要原因是回顧年內舒思的銷售收入亦相應增加。FINANCIAL REVIEW CONTINUING OPERATIONSRevenueFor the year ended 31 December截至12月31日止年度202020192020年2019年Sales volumeUnit priceSales a

68、mountProportionSales volumeUnit priceSales amountProportion銷售量單價銷售額佔比銷售量單價銷售額佔比000RMBRMB000(%)000RMBRMB000(%)千人民幣人民幣千元（%）千人民幣人民幣千元（%）Proprietary products production and sales自有產品生產及銷售Shusi舒思6,39328.4181,83282.0%3,69228.7106,13369.2%Zhuoao卓澳10,2662.222,37310.1%12,2032.125,33916.5%Others其他11,5281.517,

69、5267.9%15,3471.421,99614.3%Total總計221,731100%153,468100.0%Revenue from manufacturing and sales of proprietary products increased by RMB68.2 million to RMB221.7 million,accounting for 100%of the total revenue in the Year under Review,as compared with RMB153.5 million or 100%of the Groups revenue in t

70、he corresponding period in 2019.The increase in revenue from manufacturing and sales of proprietary products was due to the unit price adjustment of propriety products including Shusi and Zhuoao after the shift of sales model to Suzhou First being responsible for sales during the Year under Review.C

71、ost of SalesFor the year ended 31 December 2020,cost of sales increased by RMB23.6 million to RMB86.8 million,as compared with RMB63.2 million for the corresponding period in 2019.The increase in cost of sales was mainly due to the corresponding increase in revenue of sales of Shusi during the Year

72、under Review.China NT Pharma Group Company Limited I Annual Report 202012Management Discussion and Analysis(Continued)管理層討論及分析（續）毛利於截至2020年12月31日止年度，毛利增加人民幣44.6百 萬 元 至 人 民幣134.9百 萬 元，相比2019年同期則為人民幣90.3百萬元。截至2020年12月31日止年度，毛利率上升2個百分點至60.8%，相比2019年同期則為58.8%。毛利率的上升主要由於較高毛利率的產品如舒思的銷售貢獻因銷售模式變更、價格調整及更換業務合

73、作伙伴而增加，導致相關高毛利的產品收益上升所致。Gross ProfitFor the year ended 31 December截至12月31日止年度202020192020年2019年Gross ProfitGross Profit MarginGross ProfitGross Profit MarginProducts產品毛利毛利率毛利毛利率RMB000(%)RMB000(%)人民幣千元（%）人民幣千元（%）Proprietary products production and sales自有產品生產及銷售Shusi舒思125,95769.3%78,37773.8%Zhuoao卓澳1

74、3,50960.7%14,49457.2%Others其他(4,562)(26.5)%(2,614)(11.9)%Total總計134,90460.8%90,25758.8%Gross profit increased by RMB44.6 million to RMB134.9 million for the year ended 31 December 2020,as compared with RMB90.3 million in the corresponding period in 2019.Gross profit margin increased by 2 percentage

75、points to 60.8%for the year ended 31 December 2020,as compared with 58.8%for the corresponding period in 2019.The increase in gross profit margin was mainly due to the increase in sales contribution of products with higher gross profit margin such as Shusi as a result of the change in sales model,pr

76、ice adjustment and change in business partner which resulted in an increase of revenue of the relevant products with higher gross profit.中 國 泰 凌 醫 藥 集 團 I 年 度 報 告 2 0 2 013Management Discussion and Analysis(Continued)管理層討論及分析（續）可呈報分部經營虧損截至2020年12月31日止年度，本集團的經營開支減少人民幣96.7百萬元或37.6%至人民幣160.3百萬元，相比2019年

77、同期則為人 民幣257.0百萬元。於截至2020年12月31日止年度，本集團錄得經營虧損人民幣25.4百萬元，相比2019年同期經營虧損則為人民幣166.7百萬元。下表載列本集團截至2020年12月31日止年度按可呈報分部分析的經營虧損明細：減值本集團已就其他應收款項採用一般方式計提12個月預期信貸虧損。本集團計算預期信貸虧損率時考慮歷史虧損率及就前瞻性宏觀經濟數據作調整。於2020年及2019年12月31日，本集團估計其他應收款項的預期信貸虧損率屬微不足道，且於報告期末其他應收款項的信貸風險並未大幅增加。於截至2020年12月31日止年度，按金、預付款項及其他應收款項的減值虧損為人民幣67,

78、968,000元（2019年：人民幣23,187,000元），其中約人民幣57,410,000元（2019年：人民幣10,970,000元）指撇銷該等暫無業務的附屬公司的可收回增值稅，此乃由於管理層作出評估，並認為該等可收回增值稅的回收可能性極低。剩餘金額為與年內已終止經營的密蓋息業務的不可退回諮詢及營銷服務按金。此外，本集團應收款項減值撥備，截至2020年12月31日止年度確認貿易應收款項減值撥備人民幣6,323,000元（2019年：人民幣134,337,000元），詳情於經審核綜合財務報表附註22（b）中討論。Reportable Segments Operating LossThe o

79、perating expenses of the Group decreased by RMB96.7 million or 37.6%to RMB160.3 million for the year ended 31 December 2020,as compared with RMB257.0 million for the corresponding period in 2019.The Group reported an operating loss of RMB25.4 million for the year ended 31 December 2020,as compared w

80、ith an operating loss of RMB166.7 million for the corresponding period in 2019.The following table sets forth a breakdown of the Groups operating loss by reportable segments for the year ended 31 December 2020:For the year ended 31 December截至12月31日止年度202020192020年2019年RMB000(%)RMB000(%)人民幣千元（%）人民幣千元

81、（%）Proprietary products production and sales自有產品生產及銷售45,11320.317,89611.7%Total總計45,11320.317,89611.7%ImpairmentThe Group has applied the general approach to provide for 12 month-expected credit losses on other receivables.The Group considers the historical loss rate and adjusts for forward looking

82、macroeconomic data in calculating the expected credit loss rate.As at 31 December 2020 and 2019,the Group estimated that the expected credit losses rate for the other receivables was insignificant and there was no significant increase in credit risk for the other receivables at reporting period end.

83、During the year ended 31 December 2020,impairment loss on deposits,prepayments and other receivables amounted to RMB67,968,000(2019:RMB23,187,000),out of which,approximately RMB57,410,000(2019:RMB10,970,000)represented the written-off of VAT recoverable from those dormant subsidiaries since the mana

84、gement conducted an assessment and considered the recoverability of such VAT recoverable to be remote.The remaining are non-refundable consultation and marketing services deposits in relation to Miacalcic business discontinued during the year.In addition,the Group has recognised a provision for impa

85、irment loss of trade receivables of RMB6,323,000(2019:RMB134,337,000)during the year ended 31 December 2020.Details are discussed in note 22(b)to the audited consolidated financial statements.China NT Pharma Group Company Limited I Annual Report 202014Management Discussion and Analysis(Continued)管理層

86、討論及分析（續）融資成本本集團的融資成本包括銀行借貸的利息及銀行費用。截至2020年12月31日止年度，融資成本減少人民幣17.9百萬元或17.1%至人民幣86.5百萬元，相比截至2019年同期則為人民幣104.4百萬元。融資成本減少主要由於回顧年內未償還計息借貸較2019年同期有所減少。稅項截至2020年12月31日止年度，所得稅扺免開支為人民幣9.0百萬元，相比截至2019年同期則為所得稅開支人民幣0.3百萬元。本公司權益持有人應佔虧損核心虧損截至2020年12月31日止年度，本公司權益持有人應佔虧損為人民幣357.6百萬元，相比截至2019年同期則為本公司權益持有人應佔虧損人民幣587.

87、6百萬元。於截至2020年12月31日止年度，本公司權益持有人應佔核心虧損為人民幣360.8百萬元，相比截至2019年同期則為本公司權益持有人應佔核心虧損人民幣544.0百萬元。每股盈利每股基本盈利及每股基本核心盈利乃分別以本公司權益持有人應佔溢利及核心溢利除以截至2020年12月31日止年度本公司已發行普通股之加權平均數計算。每股攤薄盈利及每股攤薄核心盈利乃分別以本公司權益持有人應佔溢利及核心溢利除以截至2020年12月31日止年度本公司已發行普通股之加權平均數（已就普通股之所有潛在攤薄影響作調整）計算。Finance CostsThe Groups finance costs consis

88、t of interest on bank borrowings and bank charges.Finance costs decreased by RMB17.9 million or 17.1%to RMB86.5 million for the year ended 31 December 2020,as compared with RMB104.4 million for the corresponding period in 2019.The decrease in finance costs was mainly due to decrease in the outstandi

89、ng of interest-bearing borrowing for the Year under Review as compared with the corresponding period in 2019.TaxationIncome tax credit expense was RMB9.0 million for the year ended 31 December 2020 as compared with the income tax expense of RMB0.3 million for the corresponding period in 2019.Loss/Co

90、re Loss Attributable to Equity Holders of the CompanyLoss attributable to equity holders of the Company for the year ended 31 December 2020 was RMB357.6 million as compared with the loss attributable to equity holders of the Company of RMB587.6 million for the corresponding period in 2019.Core loss

91、attributable to equity holders of the Company for the year ended 31 December 2020 was RMB360.8 million as compared to a core loss attributable to equity holders of the Company of RMB544.0 million for the corresponding period in 2019.Earnings per ShareThe basic earnings per share and basic core earni

92、ngs per share are calculated by dividing the profit attributable to equity holders of the Company and the core profit attributable to equity holders of the Company,respectively,by the weighted average number of ordinary shares of the Company in issue as of the year ended 31 December 2020.The diluted

93、 earnings per share and diluted core earnings per share are calculated by dividing the profit attributable to equity holders of the Company and the core profit attributable to equity holders of the Company,respectively,by the weighted average number of ordinary shares of the Company in issue as of t

94、he year ended 31 December 2020(with adjustments made for all potential dilution effect of the ordinary shares).中 國 泰 凌 醫 藥 集 團 I 年 度 報 告 2 0 2 015Management Discussion and Analysis(Continued)管理層討論及分析（續）As at 31 December於12月31日202020192020年2019年 Loss attributable to equity shareholders of the Company

95、(RMB000)本公司權益股東應佔虧損（人民幣千元）(357,599)(587,590)Plus:e quity-settled share awarded and share option expenses(RMB000)加：以 權益結算並以股份獎勵及購股權開支（人民幣千元）1017,462Plus:s hare of(profit)/loss of an associate(RMB000)加：分 佔一間聯營公司之（溢利）虧損（人民幣千元）(8)27Plus:net exchange(gain)/loss(RMB000)加：匯 兌（收益）虧損淨額（人民幣千元）(16,131)1,508Plu

96、s:n et loss on disposal of property,plant and equipment,intangible assets and interests in subsidiaries(RMB000)加：出 售物業、廠房及設備、無形資產及附屬公司權益的虧損淨額（人民幣千元）160635Core loss attributable to equity shareholders of the Company(RMB000)本公司權益股東應佔核心虧損（人民幣千元）(373,477)(577,958)Less:F air value change on financial lia

97、bilities at fair value through profit or loss(RMB000)減：按 公允值列入損益的金融負債的公允值變動（人民幣千元）11,26529,853Less:I nterest on convertible bonds減：可 換股債券的利息1,4364,115Diluted core loss attributable to equity shareholders of the Company(RMB000)本公司權益股東應佔攤薄核心虧損（人民幣千元）(360,776)(543,990)Weighted average number of ordinar

98、y shares in issue(000)已發行普通股之加權平均數（千股）1,887,0471,764,008Weighted average number of ordinary shares in issue after the effect of shares issued upon exercise of share options(000)經計及因購股權獲行使而發行股份之影響後之已發行普通股之加權平均數（千股）1,887,0471,764,008Basic loss per share(RMB cent per share)每股基本虧損（每股人民幣分）(18.95)(33.31)D

99、iluted loss per share(RMB cent per share)每股攤薄虧損（每股人民幣分）(18.95)(33.31)Basic core loss per share (RMB cent per share)每股基本核心虧損（每股人民幣分）(19.79)(32.76)Diluted core loss per share (RMB cent per share)每股攤薄核心虧損（每股人民幣分）(19.79)(32.76)China NT Pharma Group Company Limited I Annual Report 202016Management Discus

100、sion and Analysis(Continued)管理層討論及分析（續）本公司權益股東應佔核心虧損乃本公司權益股東應佔虧損除去以權益結算購股權開支、分佔一間聯營公司之虧損、匯兌收益淨額及出售物業、廠房及設備及無形資產及附屬公司權益的虧損淨額。資本開支截至2020年12月31日止年度，資本開支總額減少人民幣83.5百萬元或95.7%至人民幣3.7百萬元，相比2019年同期則為人民幣87.2百萬元，主要用於在蘇州收購物業、廠房及設備。於過往年度，本集團的租賃土地及樓宇按歷史成本減累計折舊及減值虧損於綜合財務狀況表列賬。董事於年內重新評估此會計政策 之合適性，並認為使用香港會計準則第16號項下

101、重估模式，綜合財務報表將提供有關本集團業績及財務狀況之更為合適及相關的資料，相關詳情見本集團的綜合財務報表附註15（b)。流動資金及財務資源庫務政策本集團資本管理的主要目標是維持持續經營能力，有助本集團進行適當的產品定價並以合理成本取得融資，繼續為本公司股東提供回報及為其他利益相關者提供福利。本集團積極定期檢討及管理資本結構，並經考慮經濟狀況變動、日後資金需求、當前及預期的盈利能力及營運現金流量、預期資本開支及預期策略投資機會而作出調整。本集團密切監控其負債對資產比率（即借貸總額除以資產總值）。本集團已執行多個不同的措施和方案，以增加本集團的流動資金去維持持續經營能力，詳細內容見本集團的綜合財

102、務報表附註2(b)。The core loss attributable to equity shareholders of the Company is the loss attributable to equity shareholders of the Company excluding equity settled share option expenses,share of loss of an associate,net exchange gain and net loss on disposal of property,plant and equipment and intang

103、ible assets and interests in subsidiaries.Capital ExpenditureTotal capital expenditure spent for the year ended 31 December 2020 decreased by RMB83.5 million or 95.7%to RMB3.7 million,as compared with RMB87.2 million for the corresponding period in 2019,which was mainly used for acquiring property,p

104、lant and equipment in Suzhou.In previous years,the Groups leasehold land and buildings were carried in the consolidated statement of financial position at historical cost less accumulated depreciation and impairment losses.The directors reassessed the appropriateness of this accounting policy during

105、 the year and concluded that by using the revaluation model under HKAS 16,the consolidated financial statements would provide more appropriate and relevant information about the Groups results and financial position.The related financial impact was discussed in the Groups consolidated financial stat

106、ements note 15(b).LIQUIDITY AND FINANCIAL RESOURCESTreasury PoliciesThe primary objective of the Groups capital management is to maintain its ability to continue as a going concern so that the Group can constantly provide returns for shareholders of the Company and benefits for other stakeholders by

107、 implementing proper product pricing and securing access to financing at reasonable costs.The Group actively and regularly reviews and manages its capital structure and makes adjustments by taking into consideration the changes in economic conditions,its future capital requirements,prevailing and pr

108、ojected profitability and operating cash flows,projected capital expenditures and projected strategic investment opportunities.The Group closely monitors its debt/assets ratio,which is defined as total borrowings divided by total assets.Various measures and other matters for improving the Groups liq

109、uiding position to maintain its ability to continue as a going concern are further discussed in note 2(b)to the consolidated financial statements.中 國 泰 凌 醫 藥 集 團 I 年 度 報 告 2 0 2 017Management Discussion and Analysis(Continued)管理層討論及分析（續）外匯風險本集團面臨的外匯風險主要來自本集團的香港及中國附屬公司的銷售活動及以港元計值的若干銀行存款及銀行貸款。截至2020年1

110、2月31日止年度為匯兌收益淨額人民幣16.1百萬元，2019年同期，本集團匯兌虧損淨額為人民幣1.5百萬元。目前，本集團並無採用任何金融工具對沖外匯風險。利率風險本集團的利率風險主要來自銀行貸款、無抵押債券及銀行結餘。浮息借貸令本集團承受現金流利率風險。目前，本集團並無採用任何金融工具對沖利率風險。集團債務及流動資金本集團借貸之還款期如下：Foreign Currency ExposureThe Group is exposed to currency risks primarily through sales made by the Groups Hong Kong and PRC subs

111、idiaries,certain bank deposits and bank loans which are denominated in Hong Kong dollars.The Group recorded a net exchange gain of RMB16.1 million for the year ended 31 December 2020,while the net exchange loss of the Group for the corresponding period in 2019 was RMB1.5 million.Currently,the Group

112、does not employ any financial instruments to hedge against foreign exchange risk.Interest Rate ExposureThe Groups interest rate risk arises primarily from bank loans,unsecured debenture and bank balances.Borrowings at variable rates expose the Group to cash flow interest rate risk.Currently,the Grou

113、p does not employ any financial instruments to hedge against interest rate risk.Group Debt and LiquidityAs at 31 December於12月31日202020192020年2019年RMB000RMB000人民幣千元人民幣千元 Total debt債務總額(910,626)(1,475,667)Time deposits,pledged bank deposits,cash and cash equivalents定期存款、已抵押銀行存款、現金及現金等價物33,214112,988 N

114、et debt債務淨額(877,412)(1,362,679)The maturity profile of the Groups borrowings is set out as follows:As at 31 December於12月31日202020192020年2019年RMB000RMB000人民幣千元人民幣千元 Repayable:須於下列期間償還：Within one year 一年內796,248791,675 After one but within two years 超過一年但於兩年內16,024171,073 After two but within five yea

115、rs 超過兩年但於五年內29,61159,706 841,8831,022,454 China NT Pharma Group Company Limited I Annual Report 202018Management Discussion and Analysis(Continued)管理層討論及分析（續）本 集 團 銀 行 借 貸 於2020年12月31日約 為 人民 幣464.9百 萬 元（2019年12月31日：人 民 幣791.5百萬元）。其中由中國之銀行借出約為人 民 幣464.9百 萬 元（2019年12月31日：人 民幣598.1百 萬 元），固 定 利 率為 每 年4.

116、3%至6.75%。於2020年12月31日，本集團來自香港之銀行借 貸 約 為 人 民 幣 零 元（2019年12月31日：約人民幣193.4百萬元）。除上文披露者外，於2020年12月31日，本 集 團 有 人 民 幣355.3百萬元（2019年：人民幣231.0百萬元）的其他借貸。負債對資產比率本集團密切監察其負債對資產比率以優化其資本結構，以確保本集團的償付能力及持續經營能力。本集團資產抵押於2020年12月31日，本集團的銀行存款人民幣25.5百 萬 元（2019年12月31日：人 民 幣40.0百萬元）被抵押予銀行，主要用作獲取若干銀行貸款及應付票據。於2020年12月31日，本集團

117、若干銀行融資亦由本集團人民幣528.8百萬元的知識產權、固定資產及貿易應收款項作抵押（2019年12月31日：人民幣271.1百萬元）。The Groups bank borrowings as at 31 December 2020 were approximately RMB464.9 million(31 December 2019:RMB791.5 million),out of which RMB464.9 million were bank borrowings from banks in the PRC(31 December 2019:RMB598.1 million)with

118、 fixed interest rates ranging from 4.3%to 6.75%per annum.As at 31 December 2020,the Groups bank borrowings from banks in Hong Kong were approximately RMBNil million(31 December 2019:approximately RMB193.4 million).Save as disclosed above,as at 31 December 2020,the Group had other borrowings of RMB35

119、5.3 million(2019:RMB231.0 million).Debt-to-Assets RatioThe Group closely monitors its debt-to-assets ratio to optimize its capital structure so as to ensure solvency and the Groups ability to continue as a going concern.As at 31 December於12月31日202020192020年2019年RMB000RMB000人民幣千元人民幣千元 Total debt債務總額9

120、10,6261,475,667Total assets總資產1,295,0691,798,274Debt-to-assets ratio負債對資產比率70.3%82.1%Charges on the Groups AssetsAs at 31 December 2020,the Groups bank deposits of RMB25.5 million(31 December 2019:RMB40.0 million)were pledged to the banks to secure certain bank loans and bills payable.As at 31 Decem

121、ber 2020,certain banking facilities of the Group were secured by the Groups intellectual property rights,fixed assets and trade receivables,which amounted to RMB528.8 million(31 December 2019:RMB271.1 million).中 國 泰 凌 醫 藥 集 團 I 年 度 報 告 2 0 2 019Management Discussion and Analysis(Continued)管理層討論及分析（續

122、）資本承擔附註：本集團資本承擔詳情載於本集團的綜合財務報表附註39中。於2020年12月31日，本集團於不可解除經營租賃項下的日後應付最低租賃付款總額如下：本集團為根據經營租賃下租用多項物業的承租人。有關租賃一般初步為期一至三年，且並不包括或然租金。Capital CommitmentsAs at 31 December於12月31日202020192020年2019年RMB000RMB000人民幣千元人民幣千元 Contracted but not provided for已訂約但未撥備 in vestment in associates (2019:associate)(note)於 聯營

123、公司之投資（2019年：聯營公司）（附註）380,00020,000 intangible assets:Teriparatide 無形資產：特立帕肽156,965 380,000176,965 Note:Details of the Groups commitments at 31 December 2020 are disclosed in Note(39)to the consolidated financial statements.As at 31 December 2020,the Group had total future minimum lease payments unde

124、r non-cancellable operating leases payable as follows:As at 31 December於12月31日202020192020年2019年RMB000RMB000人民幣千元人民幣千元 Within one year於一年內5102,877After one year but within five years於一年後但於五年內 5102,877 The Group is the lessee of a number of properties under operating leases.The leases typically run f

125、or an initial period of one to three years.None of the leases includes contingent rentals.China NT Pharma Group Company Limited I Annual Report 202020Management Discussion and Analysis(Continued)管理層討論及分析（續）持有重大投資除投資於附屬公司外，本集團於截至2020年12月31日止年度並未於任何其他公司之股權當中持有任何重大投資。重大收購及出售事項於2020年4月21日，本公司與 北京康辰藥 業股份

126、有限公司（北京康辰，為本公司的獨立第三方）訂立買賣協議，據此，本公司同意出售，及北京康辰同意購買Pfenex的獨家分銷權以及泰凌醫藥國際有限公司（泰凌醫藥國際，為本公司全資擁有的附屬公司）之全部已發行股本。泰凌醫藥國際主要從事銷售及推廣密蓋息品牌產品，以及密蓋息可呈報分部下密蓋息注射劑及密蓋息鼻噴劑的知識產權及分銷權的再授權。出售事項旨在產生即時的現金流，以便將財務資源重新分配至任何合適的投資機會，償還銀行及其他借貸，以及結清尚未贖回的可換股優先股到期時的贖回款項。出售交易已於2020年9月3日完成，泰凌醫藥國際不再為本公司的附屬公司。於2020年11月11日，NT Pharma(Group)

127、Co.,Ltd.（NT Group，為 本公司 的 直 接 全 資 附屬公司）與Fortune Blaze Investments Limited（Fortune Blaze，為本公司的獨立第三方）訂立買賣協議，據此，NT Group同意出售而Fortune Blaze同意購買The Mountains Limited（其持有泰凌醫藥（中國）有限公司（泰凌醫藥（中國）100%股權）的全部已發行股本，估計代價為人民幣126,847,000元減去泰凌醫藥（中國）於完成日期的經審核資產淨值。除上文所披露者外，回顧年內，本集團無任何其他重大收購及出售事項。重大投資及資本資產的未來計劃 本集團於截至20

128、20年12月31日止年度並無重大投資及資本資產之其他計劃。Significant Investments HeldExcept for investments in its subsidiaries,the Group did not hold any significant investment in equity interest in any other company for the year ended 31 December 2020.Material Acquisition and DisposalOn 21 April 2020,the Company and Beijing

129、Kangchen Biological Technology Co.,Ltd.(“Beijing Kangchen”,an independent third party to the Company)entered into a sale and purchase agreement,pursuant to which,the Company agreed to sell and Beijing Kangchen agreed to purchase the exclusive distribution right of Pfenex and the entire issued share

130、capital of NT Pharma International Company Limited(“NT International”,a wholly-owned subsidiary of the Company),which was principally engaged in selling and marketing Miacalcic branded products and sub-licensing of intellectual property rights and distribution rights of Miacalcic Injection and Miaca

131、lcic Nasal Spray under the reportable segment of Miacalcic.The disposal was effected in order to generate immediate cash flows for the reallocation of the financial resources on any suitable investment opportunities and the repayment of bank and other borrowings as well as the settlement of the rede

132、mption of the outstanding redeemable convertible preference shares when they fall due.The disposal transaction was completed on 3 September 2020 and NT International ceased to be a subsidiary of the Company.On 11 November 2020,NT Pharma(Group)Co.,Ltd.(“NT Group”,a direct wholly-owned subsidiary of t

133、he Company)and Fortune Blaze Investments Limited(“Fortune Blaze”,an independent third party to the Company)entered into a sale and purchase agreement,pursuant to which,NT Group has agreed to sell and Fortune Blaze has agreed to purchase the entire issued share capital of The Mountains Limited,which

134、holds 100%equity interest in NT Pharma(China)Co.,Ltd.(“NT Pharma(China)”),at the estimated consideration of RMB126,847,000 minus the audited net assets value of NT Pharma(China)at the completion date.Save as disclosed above,during the Year under Review,the Group did not have any other material acqui

135、sition or disposal.Future Plans for Material Investments and Capital AssetsThe Group did not have other plans for material investments and capital assets for the year ended 31 December 2020.中 國 泰 凌 醫 藥 集 團 I 年 度 報 告 2 0 2 021Management Discussion and Analysis(Continued)管理層討論及分析（續）或然負債於2020年12月31日，本集

136、團並無重大或然負債。配售債券於2020年4月29日，本公司、配售代理及擔保人訂立配售協議，據此，配售代理有條件地同意按最大努力基準促使承配人於配售期內分兩批認購本金總額不超過100,000,000港元的債券。發行債券的所得款項淨額擬用作一般營運資金、償還現有債務及發展業務。有關配售協議的詳情，請參閱本公司日期2020年4月29日的公告（該公告）。本段使用的詞彙與該公告所界定的詞彙具有相同的涵義。除上文所披露者外，本公司於回顧年內並無發行其他股本證券（包括可轉換為股本證券之證券）以換取現金。購買、出售或贖回上市證券 本公司或其任何附屬公司於截至2020年12月31日止年度概無購買、出售或贖回任何

137、本公司上市證券。股息董事會不建議派付截至2020年12月31日止年度股息（2019年：無）。報告期末後重大事項 於2020年12月31日後，本集團按年息24%向獨立第三方取得約30,000,000港元（相當於約人民幣25,248,000元）的借貸，為其營運資金提供資金。Contingent LiabilitiesAs at 31 December 2020,the Group had no material contingent liabilities.PLACING OF BONDSOn 29 April 2020,the Company,the Placing Agent and the

138、Guarantor entered into the Placing Agreement,pursuant to which the Placing Agent has conditionally agreed to,on a best effort basis,procure Placee(s)to subscribe for the Bonds in an aggregate principal amount of up to HK$100,000,000 in up to two tranches within the Placing Periods.The net proceeds f

139、rom the issue of the Bonds are intended to be used for general working capital use,repayment of existing debts and for business development.For details of the Placing Agreement,please refer to the announcement of the Company dated 29 April 2020(the“Announcement”).Capitalised terms used in this parag

140、raph shall have the same meanings as those defined in the Announcement.Save as disclosed above,the Company did not issue other equity securities(including securities convertible into equity securities)for cash during the Year under Review.PURCHASE,SALE OR REDEMPTION OF LISTED SECURITIESNeither the C

141、ompany nor any of its subsidiaries has purchased,sold or redeemed any of the Companys listed securities during the year ended 31 December 2020.DIVIDENDSThe Board does not recommend the payment of final dividend for the year ended 31 December 2020(2019:Nil).SIGNIFICANT EVENTS AFTER THE END OF REPORTI

142、NG PERIODSubsequent to 31 December 2020,the Group obtained borrowings of approximately HK$30,000,000(equivalent to approximately RMB25,248,000)from an independent third party,bearing interest at 24%per annum,for financing its working capital.China NT Pharma Group Company Limited I Annual Report 2020

143、22Management Discussion and Analysis(Continued)管理層討論及分析（續）與主要持份者的關係人力資源作為本集團的重要資產之一，本集團致力於以清晰的職業發展路徑以及完善專業的培訓課程激勵僱員。此外，本集團亦為僱員提供具有市場競爭力的薪酬待遇，包括基本薪金、若干福利及其他績效獎勵。本集團從海外供應商直接或透過銷售代理間接採購進口藥品，然後通過經銷商及配送商轉售予醫院及藥房產生收益。供應商或其銷售代理授予我們在中國營銷、推廣產品及管理產品銷售渠道的權利。本集團與供貨商維持穩定長遠關係，讓供應商可以進入不斷增長的中國市場，獲得穩定的銷售增長。本集團將藥品售予經

144、銷商，再由其直接或經其分經銷商間接售予醫院及藥房。本集團與經銷商維持穩定長遠關係，為經銷商提供指引、培訓及支持，以在目標領域開展更多營銷及推廣活動。RELATIONSHIP WITH KEY STAKEHOLDERSHuman resources is one of the most important assets of the Group.The Group strives to motivate its employees by providing them with a clear career path as well as comprehensive and professiona

145、l training courses.In addition,the Group also offers competitive remuneration packages to its employees,including basic salary,certain benefits and other performance based incentives.The Group purchases imported pharmaceutical products from overseas suppliers,either directly or indirectly through th

146、eir sales agents,and generate revenue by on-selling them to hospitals and pharmacies through distributors and deliverers.Our suppliers or their sales agents have granted us the rights to market,promote and manage sales channels for their products in China.The Group maintains a stable and long-term r

147、elationship with its suppliers by providing them access to the growing Chinese market with steady sales growth.The Group sells pharmaceutical products to distributors,who on-sell the products to hospitals and pharmacies either directly or indirectly through their sub-distributors.The Group maintains

148、 stable and long-term relationship with its distributors by providing them guidance,training and support to carry out more targeted field marketing and promotion activities.Directors and Senior Management董事及高級管理層 中 國 泰 凌 醫 藥 集 團 I 年 度 報 告 2 0 2 023EXECUTIVE DIRECTORSMr.Ng Tit,aged 57,co-founder of t

149、he Group,has been the Chairman of the Board of Directors and Chief Executive Officer of the Company since 1995.Mr.Ng was appointed as the Companys executive Director on 1 March 2010,responsible for the overall strategic planning and management of the Group.He has extensive experience in the pharmace

150、utical industry,having been engaged in the pharmaceutical business for over 20 years.Prior to establishing the Group in 1995,Mr.Ng worked for a number of relevant organisations and enterprises.Mr.Ng is a member of Jiangsu Committee of the Chinese Peoples Political Consultative Conference(“CPPCC”)of

151、the PRC,deputy director of Jiangsu Committee of Hong Kong,Macau,Taiwan and Overseas(Foreign Affairs)of CPPCC,vice president of Overseas Friendship Association of Jiangsu Province,vice president of Federation of HK Jiangsu Community Organisations and Chairman of China Nation Culture Spread Ltd.(中華民族文

152、化傳播有限公司).Mr.Ng obtained his bachelor degree from Guizhou University in 1986,and an Executive Master of Business Administration(“EMBA”)from Fudan University(復旦大學)in 2007.He is the spouse of Ms.Chin Yu,who is an executive Director,and the brother-in-law of Dr.Qian Wei,who is a non-executive Director.M

153、s.Chin Yu,aged 57,co-founder of the Group.Ms.Chin has been re-designated from non-executive Director to executive Director of the Company since 1 February 2015.Ms.Chin is responsible for the daily operations of NT Pharma(Hong Kong)Co.,Ltd.Ms.Chin was appointed as non-executive Director on 1 March 20

154、10.Prior to the establishment of the Group,Ms.Chin was an accounting professional.Ms.Chin worked in Bank of Communications from 1987 to 1993.Ms.Chin is the spouse of Mr.Ng Tit,the Chairman of the Board of Directors and Chief Executive Officer,and the sister of Dr.Qian Wei,a non-executive Director.執行

155、董事吳鐵先生，57歲，本公司的聯合創辦人，自1995年以來一直擔任本集團董事局主席兼行政總裁。吳先生於2010年3月1日獲委任為本公司執行董事，負責本集團的總體策略計劃及管理。吳先生於醫藥行業積累豐富經驗，從事醫藥 業務逾20年。1995年創立本集團前，吳先生先後在有關機構及企業任職。吳先生為中國人民政治協商會議江蘇省政協委員、江蘇省政協港澳臺僑（外事）委員會副主任、江蘇省海外聯誼會副會長、香港江蘇社團總會副會長、以及中華民族文化傳播有限公司董事長。吳先生於1986年獲取貴州大學學士學位，於2007年獲取復旦大學高級管理人員工商管理碩士學位。吳先生為執行董事錢余女士的配偶及非執行董事錢唯博士的

156、妹夫。錢余女士，57歲，本集團的聯合創辦人，自2015年2月1日起由非執行董事調任為本公司執行董事。錢女士負責NT Pharma(Hong Kong)Co.,Ltd.之日常運作。錢女士於2010年3月1日獲委任為非執行董事。創立本集團前，錢女士為會計專業人士，1987年至1993年間曾於交通銀行任職。錢女士乃董事局主席兼行政總裁吳鐵先生的配偶，亦為非執行董事錢唯博士的胞妹。China NT Pharma Group Company Limited I Annual Report 202024Directors and Senior Management(Continued)董事及高級管理層（續

157、）吳為忠先生，51歲，於2015年3月20日獲委任為本公司的執行董事。吳先生同時擔任本集團高級副總裁、製造及供應鏈中心總經理、蘇州第壹董事長、泰凌醫藥（長沙）有限公司董事長，全面負責組織集團自有品牌產品的生產運營管理、供應鏈管理工作。吳先生在藥品生產方面擁有逾20年的豐富經驗。加入本集團前，彼曾任蘇州第四製藥廠有限公司工程師、助理經理及副廠長，以及蘇州第壹廠長。吳先生於1992年獲得大連理工大學化學工程學士學位，亦於2004年獲得復旦大學高級工商管理碩士學位。Mr.Wu Weizhong,aged 51,was appointed as an executive Director of the

158、 Company on 20 March 2015.Mr.Wu is also the Senior Vice President of the Group,General Manager of manufacturing and supply chain centre,chairman of Suzhou First and chairman of NT Pharma(Changsha)Co.,Ltd,having overall responsibilities for organization of its own brand product production,operational

159、 management and supply chain management.Mr.Wu has over 20 years of experience in pharmaceutical manufacturing.Prior to joining the Group,Mr.Wu worked at various positions including engineer,assistant manager and deputy factory manager of Suzhou No.4 Pharmaceutical Factory and was the factory manager

160、 of Suzhou First.Mr.Wu obtained a bachelors degree in Chemical Engineering from Dalian University of Technology in 1992.He also obtained an EMBA from Fudan University in 2004.中 國 泰 凌 醫 藥 集 團 I 年 度 報 告 2 0 2 025Directors and Senior Management(Continued)董事及高級管理層（續）非執行董事錢唯博士，64歲，於2010年3月1日獲委任為本公司的非執行董事

161、。錢博士現時為德克薩斯州立大學生物醫學工程學終生正教授，美國生物醫學工程學院院士(Fellow)，入選中國國家 千人計劃 創新專家兼任職於東北大學中荷生物醫學信息工程學院院長。錢博士自2009年於佛羅里達理工學院電子工程系擔任Allen Henry冠名教授。自2001年至2007年於南佛羅里達大學醫學學院Moffitt癌癥研究中心綜合治療腫瘤學系擔任副教授。錢博士2008年榮獲美國德克薩斯州立大學系統研究明星(Stars Award)獎，2000年榮獲美國癌癥協會研究優秀成果獎。1994年和1995年連續獲兩屆Martrin Silberg癌癥研究優秀成果獎。錢博士於1990年獲得東南大學生物

162、醫學工程博士學位，於1992年獲得美國聖母大學(Notre Dame)博士後，於1994年獲得南佛州大學醫學院博士。錢博士乃執行董事錢余女士的胞兄，本集團主席兼行政總裁吳鐵先生為錢博士的妹夫。獨立非執行董事 余梓山先生，64歲，於2017年6月29日獲委任為本公司獨立非執行董事。彼於1979年獲加拿大卡爾加里大學電機工程系工程學學士學位，並於1987年獲香港大學電機工程碩士學位以及於1995年獲香港城市大學仲裁及爭議解決學法學碩士學位，並完成投資管理深造文憑、香港法律和中藥深造證書課程。NON-EXECUTIVE DIRECTORDr.Qian Wei,aged 64,was appointe

163、d as a non-executive Director of the Company on 1 March 2010.Dr.Qian is currently a tenured full professor of Biomedical Engineering,University of Texas,and a fellow of American Institute for Medical and Biological Engineering.He also enrolled the Chinese 1000 Plan as an innovation expert.He is Dean

164、 of the Sino-Dutch Biomedical and Information Engineering School of Northeastern University.Dr.Qian was appointed as Allen Henry Endowed Chair Distinguished Professor of Electrical Engineering in the Engineering College at Florida Institute of Technology in 2009.He had previously been an associate p

165、rofessor of Department of Interdisciplinary Oncology at Moffitt Cancer Center,College of Medicine,University of South Florida from 2001 to 2007.Dr.Qian has been given the Stars Award of system research by University of Texas,US in 2008,Award for Outstanding Research Achievements by American Cancer S

166、ociety in 2000.Dr.Qian received Martrin Silberg Cancer Research Award for outstanding achievements for two consecutive years in 1994 and 1995.He obtained his doctorate of Biomedical Engineering at Southeast University in 1990.He was a Postdoctoral Research Associate of University of Notre Dame in 19

167、92,of University of South Florida in 1994.Dr.Qian is the brother of Ms.Chin Yu,an executive Director and the brother-in-law of Mr.Ng Tit,the Chairman and Chief Executive Officer of the Group.INDEPENDENT NON-EXECUTIVE DIRECTORSMr.Yu Tze Shan Hailson,aged 64,was appointed as an independent non-executi

168、ve Director of the Company on 29 June 2017.He was graduated from the University of Calgary with a bachelor degree in Electrical Engineering in 1979,graduated from the University of Hong Kong with a master degree in Electrical Engineering in 1987,graduated from City University of Hong Kong with a mas

169、ter degree of law in Arbitration and Dispute Resolution in 1995 and completed the postgraduate diploma in Investment Management and postgraduate certificates in Hong Kong Laws and Traditional Chinese Medicine courses.China NT Pharma Group Company Limited I Annual Report 202026Directors and Senior Ma

170、nagement(Continued)董事及高級管理層（續）余先生自1979年6月至1987年9月曾先後擔任香港安培泛達有限公司設備維護及測試工程師、設備維護及測試實驗室經理、計算器工程及系統工程經理。彼自1987年10月至1998年1月，加入中國國際信託投資公司香港（控股）有限公司，先後擔任工程研究及發展部總經理、石油發展及液化石油氣碼頭貨運站的顧問。彼自1998年2月起至今一直擔任港大科橋有限公司副董事總經理及香港大學技術轉移處副處長。余先生自2013年11月起至今擔任中國中藥控股有限公司（原盈天醫藥集團有限公司，於香港聯交所上市的公司，股份代號：570)獨立非執行董事。彼自2014年9月

171、起至2020年9月擔任國藥控股股份有限公司（於聯交所上市的公司，股份代號：1099）獨立非執行董事。余先生目前是英國特許工程師、英國電子工程師協會會士、香港工程師協會會士、英國特許仲裁司學會會士及香港仲裁司學會會士。Mr.Yu served as equipment maintenance and testing engineer,equipment maintenance and testing laboratory manager,computer engineering and system engineering manager of Ampex Ferrotec Limited(Ho

172、ng Kong)successively from June 1979 to September 1987.Mr.Yu joined China International Trust and Investment Corporation Hong Kong(Holdings)Limited and served as general manager of engineering research and development department and consultant of Petroleum Development and LPG Tank Terminal Port succe

173、ssively from October 1987 to January 1998.He has been serving as deputy managing director of Versitech Limited and deputy director of Technology Transfer Office of the University of Hong Kong since February 1998 till now.Mr.Yu has been serving as an independent non-executive director of China Tradit

174、ional Chinese Medicine Holdings Co.Limited(formerly known as Winteam Pharmaceutical Group Limited),a company listed on the Stock Exchange in Hong Kong(stock code:570),since November 2013 till now,and was an independent non-executive director of Sinopharm Group Co.Ltd.,a company listed on the Stock E

175、xchange(stock code:1099)from September 2014 to September 2020.Mr.Yu currently is a Chartered Engineer,fellow of each of the Institute of Electrical Engineers,Hong Kong Institution of Engineers,the Chartered Institute of Arbitrators and Hong Kong Institute of Arbitrators.中 國 泰 凌 醫 藥 集 團 I 年 度 報 告 2 0

176、 2 027Directors and Senior Management(Continued)董事及高級管理層（續）潘飛先生，65歲，於2020年3月20日獲委任為本集團獨立非執行董事。自2000年7月起，彼曾擔任上海財經大學會計學教授及會計學院副院長。自2009年7月至2016年3月，潘先生擔任在上海證券交易所上市的公司光明乳業股份有限公司（股份代號：600597）的獨立董事；自2003年6月至2014年5月，潘先生擔任於聯交所上市的公司上海復旦張江生物醫藥股份有限公司（股份代號：1349）的獨立非執行董事；自2015年6月至2017年7月，潘先生擔任同時在上海證券交易所及聯交所上市的公司

177、東方證券股份有限公司（股份代號：600958及3958）的獨立非執行董事；自2017年5月至2017年8月，潘先生擔任同時在聯交所、上海證券交易所及紐約證券交易所上市的公司中國石化上海石油化工股份有限公司（股份代號：338、600688及SH1）的獨立非執行董事；及自2015年5月至2018年3月，擔任在聯交所上市的公司中國恆石基業有限公司（股份代號：1197）（已除牌）的獨立非執行董事。自1983年3月至1995年6月及自1995年7月至2000年6月，潘先生分別擔任上海財經大學會計學講師及會計學副教授。潘先生分別於1983年1月、1991年3月及1998年7月自中國上海的上海財經大學取得會

178、計學學士學位、碩士學位及博士學位。Mr.Pan Fei,aged 65,was appointed as an independent non-executive Director of the Group on 20 March 2020.He has been a professor of accounting and the deputy dean of the school of accountancy in Shanghai University of Finance and Economics(上海財經大學)since July 2000.Mr.Pan served as an i

179、ndependent director of Bright Dairy&Food Co.,Ltd.(光明乳業股份有限公司)(Stock code:600597),a company listed on the Shanghai Stock Exchange,from July 2009 to March 2016;an independent non-executive director of Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co.,Ltd.(上海復旦張江生物醫藥股份有限公司)(stock code:1349),a company li

180、sted on the Stock Exchange,from June 2003 to May 2014;an independent non-executive director of Orient Securities Company Limited(東方證 券股份有限公司)(stock code:600958 and 3958),a company listed both on the Shanghai Stock Exchange and the Stock Exchange,from June 2015 to July 2017;an independent non-executi

181、ve director of Sinopec Shanghai Petrochemical Company Limited(中國石化上海石油化工股份有限公司)(stock code:338,600688 and SH1),a company listed on the Stock Exchange,the Shanghai Stock Exchange and the New York Stock Exchange,from May 2017 to August 2017;and an independent non-executive director of China Hengshi Fo

182、undation Company Limited(中國恆石基業有限公司)(stock code:1197)(delisted),a company listed on the Stock Exchange,from May 2015 to March 2018.From March 1983 to June 1995 and from July 1995 to June 2000,Mr.Pan had been a lecturer of accounting and an associate professor of accounting in Shanghai University of

183、Finance and Economics,respectively.Mr.Pan obtained a bachelors degree,a masters degree and a doctoral degree in accounting from Shanghai University of Finance and Economics in January 1983,March 1991 and July 1998 respectively,in Shanghai,China.China NT Pharma Group Company Limited I Annual Report 2

184、02028Directors and Senior Management(Continued)董事及高級管理層（續）趙玉彪博士，50歲，於2019年12月31日獲委任為本集團獨立非執行董事。彼於2013年6月畢業於吉林大學並取得經濟學博士學位。由1990年6月至1996年4月，彼就職於吉林信託投資公司（上海）證券業務部，分別擔任會計部及交易部經理；由1996年4月至2000年12月，彼就職於吉林信託投資公司（上海洪山路）證券營業部擔任總經理；由2000年12月至2002年12月，彼就職於上海金路達投資管理有限公司擔任總經理；由2002年12月至2017年5月，彼就職於天治基金管理有限公司，並分

185、別擔任總經理、副董事長及董事長；由2018年5月至今，彼於浙江南都電源動力股份有限公司（為一家於深圳證券交易所上市之公司（股份代號：300068）擔任董事長助理。由2019年5月起至今，彼於上海華峰超纖材料股份有限公司（為一家於深圳證券交易所上市之公司（股份代號：300180）擔任獨立董事。高級管理層方靖女士，51歲，於2019年5月27日起加入本公司為首席運營官，自2019年11月29日起進一步出任首席財務官，負責本集團的監督管理財務及財務風險事務。方女士已取得中國會計師的專業資格，於會計、財務管理及企業管理積累二十多年豐富經驗。加入本公司前，方女士於1997年至2019年期間於上海張江高科

186、技園區就職於上海張江（集團）有限公司及上海張江高科技園區開發股份有限公司（為一家於上海證券交易所上市的公司（股份代號：600895），先後擔任不同職務包括該集團的外派財務總監、資產經營事務部總經理及行政總監之職務。方女士於1990年畢業於上海立信會計金融學院，獲經濟學學士學位。方女士於2012年從中國職業技能鑑定管理中心培訓技術指導中心取得財務管理高級技師資格及於2013年從亞洲風險與危機管理協會取得國家註冊執業資格 企業風險管理師。Dr.Zhao Yubiao,aged 50,was appointed as an independent non-executive Director of

187、the Group on 31 December 2019.He obtained his doctorate degree in economics from Jilin University in June 2013.From June 1990 to April 1996,he served as the manager of accounting department and trading department of the securities business department of Jilin Trust Investment Company(Shanghai branch

188、);from April 1996 to December 2000,he served as the general manager of the securities business department of Jilin Trust Investment Company(Hongshan Road branch,Shanghai);from December 2000 to December 2002,he served as the general manager of Shanghai Jinluda Investment Management Co.,Ltd.;from Dece

189、mber 2002 to May 2017,he served successively as the general manager,vice chairman and chairman of Tianzhi Fund Management Co.,Ltd.;from May 2018 to present,he has been serving as the assistant to the chairman of Zhejiang Nandu Power Supply Co.,Ltd.,the shares of which are listed on the Shenzhen Stoc

190、k Exchange(stock code:300068);from May 2019 to present,he has been serving as an independent director of Huafon Microfibre(Shanghai)Co.,Ltd.,the shares of which are listed on the Shenzhen Stock Exchange(stock code:300180).SENIOR MANAGEMENTMs.Fang Jing,aged 51,joined the Company on 27 May 2019 as the

191、 Chief Operating Officer.She was further appointed as the Chief Financial Officer on 29 November 2019 and is responsible for the supervision and management of financial matters and financial risks of the Group.Ms.Fang has obtained the professional qualification as Chinese accountant and has over 20

192、years of extensive experience in accounting,financial management and corporate management.Prior to joining the Company,from 1997 to 2019,Ms.Fang worked at Shanghai Zhangjiang(Group)Co.,Ltd.and Shanghai Zhangjiang Hi-Tech Park Development Co.,Ltd.,a company listed on the Shanghai Stock Exchange(Stock

193、 Code:600895),both of which are located in the Shanghai Zhangjiang Hi-Tech Park,and served different positions successively including the groups external financial controller,general manager of the asset management department and administration director.Ms.Fang graduated from Shanghai Lixin Accounti

194、ng and Finance College in 1990 with a bachelors degree in economics.Ms.Fang obtained the senior technician qualification in the field of financial management from the Training Technical Instruction Center of China Vocational Skill Appraisal Management Center in 2012 and obtained the national registe

195、red practitioner qualification as“Enterprise Risk Manager”from the Asia Association of Risk and Crisis Management in 2013.Corporate Governance Report企業管治報告 中 國 泰 凌 醫 藥 集 團 I 年 度 報 告 2 0 2 029The Board is committed to maintaining a high standard of corporate governance.The Board believes that a high

196、standard of corporate governance will provide a framework for the Company to formulate its business strategies and policies,and manage and lower the associated risks through effective internal control procedures.It will also enhance the transparency of the Company and strengthen the accountability t

197、o its shareholders and stakeholders.CORPORATE GOVERNANCE CODEThe Company has adopted the code provisions set out in the Corporate Governance Code(the“Code”)contained in Appendix 14 to the Rules Governing the Listing of Securities of the Stock Exchange(the“Listing Rules”)and certain recommended best

198、practices.The Company has complied with all the applicable code provisions in the Code throughout the year ended 31 December 2020,save as disclosed below and in this corporate governance report:Code provision A.2.1 of the Code stipulates that the roles of chairman and chief executive officer should

199、be separate and should not be performed by the same individual.Mr.Ng Tit assumes both the roles of chairman and chief executive officer of the Company.Nevertheless,the division of responsibilities between the two roles is clearly defined.On the whole,the role of chairman is that of monitoring the du

200、ties and performance of the Board,whereas the role of chief executive officer is that of managing the Companys business.The Board believes that at the current stage of development of the Company,vesting the roles of both chairman and chief executive officer in the same person provides the Company wi

201、th a strong and consistent leadership and allows for effective and efficient planning and implementation of business decisions and strategies.Mr.Ng is the main founder of the Group and he is responsible for the overall strategic planning and management of the Group.He has played an important role du

202、ring the Groups expansion.Mr.Ng has extensive experience in the pharmaceutical industry,having been engaged in the pharmaceutical business for over 20 years.At present,the Board believes that it is beneficial to the management and development of the Groups businesses for Mr.Ng to be both the chairma

203、n and chief executive officer as it helps to facilitate the Boards decision-making.董事會承諾維持高水平的企業管治。董事會相信，高水平的企業管治將為本公司提供框架，以制定其業務戰略及政策，並透過有效的內部監控程序管理及降低相關風險。其亦將提高本公司的透明度，並增強對其股東及持份者的問責。企業管治守則本公司已採納香港聯交所證券上市規則（上市規則）附錄十四所載的企業管治守則（守則）所載的守則條文及若干建議最佳常規。於截至2020年12月31日止年度，本公司已一直遵守守則的所有適用守則條文，惟下文及本企業管治報告所披露

204、者除外：守則第A.2.1條守則條文訂明主席及行政總裁的角色應有區分，並不應由一人同時兼任。吳鐵先生同時擔任本公司的主席兼行政總裁，然而兩者職權的劃分已予清晰界定?？傮w而言，主席的角色為監控董事會職責及表現，而行政總裁的角色則為管理本公司的業務。董事會認為，於本公司現時的發展階段，由同一人兼任主席和行政總裁能為本公司帶來堅定和一致的領導，有助於有效及高效地作出並執行業務戰略決策。吳先生為本集團的主要創辦人並負責本集團的整體戰略規劃和管理。彼在本集團的擴張中擔當重要角色。吳先生從事藥品業務逾20年，在醫藥行業擁有豐富經驗。目前，董事會相信，讓吳先生出任主席兼行政總裁會有助促進董事會決策，對本集團的

205、業務管理和發展有利。China NT Pharma Group Company Limited I Annual Report 202030Corporate Governance Report(Continued)企業管治報告（續）董事會目前包括三名執行董事、一名非執行董事及三名獨立非執行董事，而獨立非執行董事佔董事會人數的多於三分之一。董事會有如此百分比的獨立非執行董事可確保彼等的意見舉足輕重並反映董事會的獨立性。董事進行證券交易本公司已採用上市規則附錄十所載的 上市發行人董事進行證券交易的標準守則（標準守則），作為其本身有關董事進行證券交易的行為守則。經向各董事作出特定查詢後確認，全體董

206、事於截至2020年12月31日止整個年度內已一直遵守標準守則所規定的準則。獨立非執行董事 除下文披露者外，自2020年1月1日起至2020年12月31日止期間，董事會一直符合上市規則第3.10條及第3.10A條，有關委任至少3名獨立非執行董事的規定，其中一名獨立非執行董事須具備適當的專業資格或會計或相關財務管理專長，以及獨立非執行董事的人數至少佔董事會三分之一的規定。辛定華先生於2019年12月31日辭任後，本公司並無獨立非執行董事具備適當的專業資格，或具備適當的會計或相關的財務管理專長和僅擁有兩名審核委員會成員，且主席空缺，因此，本公司不符合(i)上市規則第3.10(2)條所載的規定，至少一

207、名獨立非執行董事必須具有適當的專業資格或會計或相關財務管理專業知識；及(ii)上市規則第3.21條所載的規定，審核委員會必須由最少三名成員組成及必須由獨立非執行董事出任主席。The Board currently comprises three executive Directors,one non-executive Director and three independent non-executive Directors,with independent non-executive Directors representing more than one-third of the Boa

208、rd.Such percentage of independent non-executive Directors on the Board can ensure their views carry significant weight and reflect the independence of the Board.DIRECTORS SECURITIES TRANSACTIONSThe Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers(the“Mode

209、l Code”)contained in Appendix 10 to the Listing Rules as its own code of conduct regarding Directors securities transactions.After making specific enquiry to the Directors,it is confirmed that all Directors have complied with the standards as stipulated in the Model Code throughout the year ended 31

210、 December 2020.INDEPENDENT NON-EXECUTIVE DIRECTORSSave as disclosed below,for the period from 1 January 2020 to 31 December 2020,the Board had at all times met the requirements of Rules 3.10 and 3.10A of the Listing Rules relating to the appointment of at least three independent non-executive Direct

211、ors with at least one of them possessing appropriate professional qualifications or accounting or related financial management expertise and the number of independent non-executive Directors representing at least one-third of the Board.Following the resignation of Mr.Patrick Sun on 31 December 2019,

212、the Company had no independent non-executive Director who has the appropriate professional qualifications or accounting or related financial management expertise and had only two members in the Audit Committee with a chairman vacancy,as such,the Company failed to meet(i)the requirement set out in Ru

213、le 3.10(2)of the Listing Rules that at least one of the independent non-executive Directors must have appropriate professional qualifications or accounting or related financial management expertise;and(ii)the requirements set out in Rule 3.21 of the Listing Rules that the Audit Committee must compri

214、se a minimum of three members and must be chaired by an independent non-executive Director.中 國 泰 凌 醫 藥 集 團 I 年 度 報 告 2 0 2 031Corporate Governance Report(Continued)企業管治報告（續）於2020年3月20日，董事會於辛定華先生辭任生效日起三個月內委任潘飛先生（其具有適當的專業資格或會計或相關財務管理專業知識）以填補獨立非執行董事和審核委員會主席的職位空缺。自此本公司已遵守上市規則第3.10(2)條及第3.21條。本公司已收到各獨立非執

215、行董事根據上市規則第3.13條就彼等各自的獨立性發出的年度確認書。本公司認為，根據上市規則所載獨立性指引，所有現任獨立非執行董事均為獨立，亦概無可能對彼等作出獨立判斷造成重大干擾的任何關係。董事會董事會的職責是達致公司目標，制訂發展戰略，檢討組織架構，監察業務活動及管理層表現與決定公司企業管治政策，以保障並提升本公司及股東的整體利益。有關本集團日常運營的事務授權予管理層處理。於回顧年內，董事會已審議並批準年度預算及在管理層監察下的預算表現，以及管理層的業務報告。董事會亦已審閱並批準截至2020年12月31日止年度的年度業績及其他重要業務經營。董事會亦評估本集團的內部監控及財務事宜。On 20

216、March 2020,the Board appointed Mr.Pan Fei to fill the vacancy of the position of an independent non-executive Director who has the appropriate professional qualifications or accounting or related financial management expertise within three months from the effective date of the resignation of Mr.Patr

217、ick Sun and the chairman of the Audit Committee.Since then,the Company has complied with Rules 3.10(2)and 3.21 of the Listing Rules.The Company has received annual confirmations from each of the independent non-executive Directors in respect of their independence pursuant to Rule 3.13 of the Listing

218、 Rules.The Company considers that all existing independent non-executive Directors are independent in accordance with the independence guidelines set out in the Listing Rules and are free of any relationship that could materially interfere with the exercise of their independent judgments.THE BOARDTh

219、e Board is responsible for achieving corporate goals,formulating development strategy,reviewing the organizational structure,monitoring business activities and performance of management and determining the policy for corporate governance of the Company so as to protect and maximize the interests of

220、the Company and the shareholders as a whole.Matters relating to the daily operations of the Group are delegated to management.During the Year under Review,the Board considered and approved the annual budget and its performance under management supervision together with the business reports from mana

221、gement.The Board also reviewed and approved the final results for the year ended 31 December 2020 and other critical business operations.The Board also assessed the internal control and the financial matters of the Group.China NT Pharma Group Company Limited I Annual Report 202032Corporate Governanc

222、e Report(Continued)企業管治報告（續）董事會的組成截至2020年12月31日止年度及本報告日期，董事會的組成如下：執行董事吳鐵先生（主席兼行政總裁）錢余女士吳為忠先生非執行董事錢唯博士獨立非執行董事余梓山先生嚴弘博士（於2020年3月20日辭任）趙玉彪博士潘飛先生（於2020年3月20日獲委任）於本年報日期，董事會由7名董事組成，包括3名執行董事、1名非執行董事及3名獨立非執行董事。董事會成員具有豐富的經驗和多元化的行業背景，且具有適當的專業資格。有關各董事的履歷資料，請參閱 董事及高級管理層 一節。就董事會所知，除 董事及高級管理層 一節所披露者除外，董事會成員間並無財務、

223、業務、親屬或其他重大相關關係。董事會成員可自由作出獨立判斷。根據上市規則附錄十四守則第A.4.1條守則條文，非執行董事須按特定任期委任，可予重選。非執行董事任期為3年，可在適當時由本公司於股東大會上重選連任。Board CompositionThe Board composition for the year ended 31 December 2020 and up to the date of this report are as follows:Executive DirectorsMr.Ng Tit(Chairman and Chief Executive Officer)Ms.Chi

224、n YuMr.Wu WeizhongNon-executive DirectorsDr.Qian WeiIndependent Non-executive DirectorsMr.Yu Tze Shan HailsonDr.Yan Hong(resigned on 20 March 2020)Dr.Zhao YubiaoMr.Pan Fei(appointed on 20 March 2020)As at the date of this annual report,the Board comprises seven Directors,including three executive Di

225、rectors,one non-executive Director and three independent non-executive Directors.The members of the Board possess diverse and rich industry backgrounds with appropriate professional qualifications.Please refer to the section headed “Directors and Senior Management”for their profiles.To the best know

226、ledge of the Board,save as disclosed in the section headed“Directors and Senior Management”,there is no financial,business,family or other material/relevant relationship among members of the Board.Board members are free to exercise their independent judgment.Under code provision A.4.1 of the Code co

227、ntained in Appendix 14 to the Listing Rules,non-executive Directors should be appointed for a specific term,subject to re-election.The non-executive Directors were appointed for a term of three years,subject to re-election when appropriate by the Company in general meeting.中 國 泰 凌 醫 藥 集 團 I 年 度 報 告

228、2 0 2 033Corporate Governance Report(Continued)企業管治報告（續）董事會成員多元化政策為彰顯本公司對高水平企業管治的不斷追求，董事會於2013年8月採納董事會成員多元化政策以符合守則第A.5.6條守則條文對董事會成員多元化之規定。該政策如下：目的本政策旨在列載為達致董事會成員多元化而採取的方法。願景本公司明白並深信董事會成員多元化對提升本公司的表現裨益良多。政策聲明本公司認同並接受多元化董事會的好處，並視在董事會層面加強多元化乃維持本公司競爭優勢之要素。本公司相信，加強董事多元化程度對企業管治有利，並承諾：從盡可能最廣泛之既有人才庫當中，吸引及保留

229、具備能力組合之董事會人選；在各層面保持董事會之多元觀點，具體而言指與本公司之策略及目標一致者；定期評估董事會及（如適用）本公司繼承計劃下可預備擔任董事會職位之高級管理層之多元化組合，以及達成多元化目標（如有）之進展；確保董事會職位之甄選及提名事項已予適當構建，以可考慮來自不同範疇之人選；Board Diversity PolicyTo demonstrate the Companys continued commitment to high standards of corporate governance,the Board adopted a Board Diversity Policy

230、in August 2013 to comply with the code provision A.5.6 of the Code on board diversity.The policy is as follows:PurposeThis policy aims to set out the approach to achieve diversity on the Board.VisionThe Company recognises and embraces the benefits of having a diverse Board to enhance the quality of

231、its performance.Policy StatementThe Company recognises and embraces the benefits of having a diverse Board and sees increasing diversity at the board level as an essential element in maintaining the Companys competitive advantage.The Company believes that greater diversity of directors is good for c

232、orporate governance and is committed:to attract and retain candidate(s)for the Board with a combination of competencies from the widest possible pool of available talent;to maintain a Board with diversity perspectives at all levels,in particular,those are aligning with the Companys strategy and obje

233、ctives;to assess regularly the diversity profile of the Board and,where applicable,senior management prepared for Board positions under the succession planning of the Company and the progress on achieving diversity objectives,if any;to ensure that the selection and nomination of Board positions are

234、appropriately structured so that a diverse range of candidates can be considered;China NT Pharma Group Company Limited I Annual Report 202034Corporate Governance Report(Continued)企業管治報告（續）設立合適程序建立更全面更多元化的人才庫，具備能幹而具經驗之高級管理層，以備擔任董事會職位；及 確保董事會組成之變動可控而不受任何無謂干預?？捎嬃磕繕苏邕x人選將按一系列多元化範疇為基準，包括但不限於性別、年齡、文化及教育背景、

235、專業經驗、技能及知識。最終將按人選的長處及可為董事會作出的貢獻而作決定。檢討本政策董事會將定期檢討本政策，以確保本政策行之有效。就實施董事會多元化政策而言，乃採納以下可計量目標：(A)至少三分之一董事會成員須為獨立非執行董事；(B)至少1名董事會成員須獲得會計或其他專業資格；(C)至少70%董事會成員須於其專攻行業內擁有7年以上經驗；及(D)至少2名董事會成員須擁有中國相關工作經驗。董事會認為，在董事性別、年齡、文化及教育背景、專業經驗、技能及知識方面，其多元化程度屬恰當。然而，董事會將繼續監察董事會多元化政策，並就董事會多元化政策所載之目標考慮潛在人選，以達致董事會多元化。to set up

236、 appropriate procedures for development of a broader and more diverse pool of skilled and experienced senior management that would be prepared for Board positions;and to ensure that changes to the Boards composition can be managed without undue disruption.Measurable ObjectivesSelection of candidates

237、 will be based on a range of diversity perspectives,including but not limited to gender,age,cultural and educational background,professional experience,skills and knowledge.The ultimate decision will be based on merit and contribution that the selected candidates will bring to the Board.Review of th

238、is PolicyThe Board will review this policy on a regular basis to ensure its continued effectiveness.For the purpose of implementation of the Board Diversity Policy,the following measurable objectives were adopted:(A)at least one-third of the members of the Board shall be independent non-executive di

239、rectors;(B)at least one of the members of the Board shall have obtained accounting or other professional qualifications;(C)at least 70%of the members of the Board shall have more than seven years of experience in the industry he/she is specialised in;and(D)at least two of the members of the Board sh

240、all have China-related work experience.The Board is of the view that its diversity level is appropriate in terms of gender,age,cultural and educational background,professional experience,skills and knowledge of the Directors.However,the Board will continue to observe the Board Diversity Policy and c

241、onsider potential candidates against the objectives set out in the Board Diversity Policy in order to achieve diversity on the Board.中 國 泰 凌 醫 藥 集 團 I 年 度 報 告 2 0 2 035Corporate Governance Report(Continued)企業管治報告（續）董事會會議董事會定期舉行會議，並在有需要時召開臨時會議。本公司將每年至少召開4次定期會議。於2020年，本公司曾舉行12次定期董事會會議。於截至2020年12月31日止年

242、度內舉行的定期董事會會議的出席紀錄載列如下：Board MeetingsThe Board conducts meetings on a regular basis and on an ad hoc basis,whenever required.The Company will convene at least four regular meetings every year.In 2020,the Company convened twelve regular Board meetings.The attendance records of the regular Board meetin

243、gs held during the year ended 31 December 2020 are set out below:Meeting attendance/number of regular meetingsAttendance rate(%)Name of Directors董事姓名會議出席定期會議次數出席率(%)Executive Directors執行董事Mr.Ng Tit(Chairman and Chief Executive Officer)吳鐵先生（主席兼行政總裁）12/12100%Ms.Chin Yu錢余女士12/12100%Mr.Wu Weizhong吳為忠先生1

244、2/12100%Non-Executive Directors非執行董事Dr.Qian Wei錢唯博士12/12100%Independent Non-Executive Directors獨立非執行董事Mr.Yu Tze Shan Hailson余梓山先生12/12100%Dr.Yan Hong(resigned on 20 March 2020)嚴弘博士（於2020年3月20日辭任）N/AN/A不適用不適用Dr.Zhao Yubiao趙玉彪博士12/12100%Mr.Pan Fei(appointed on 20 March 2020)潘飛先生（於2020年3月20日獲委任）9/9100%

245、China NT Pharma Group Company Limited I Annual Report 202036Corporate Governance Report(Continued)企業管治報告（續）董事會定期會議的通知於會議舉行前至少14天向全體董事發出。對於其他董事委員會會議，一般會發出合理通知。議程及相關會議文件會適時向全體董事發出。為確保遵守董事會程序及所有適用規則及規定，所有董事均可全面及時查閱所有相關資料，並可獲公司秘書提供意見。向董事會提出要求後，所有董事均可就履行其職務獲取獨立專業意見，費用由本公司承擔。本公司於其香港辦事處保存董事委員會所有會議的會議紀錄。會議紀

246、錄初稿及最終稿一般於會議結束後合理時間內提交董事供提出意見，而最終稿可供董事查閱。董事培訓當有任何新董事獲委任，將向其提供入職課程，以確保其適當了解本公司的業務及營運以及完全知悉其根據上市規則及相關監管規定須履行的職責及義務。必要時亦向董事提供持續簡介及專業發展安排。於截至2020年12月31日止年度，本公司曾發送有關董事職責及責任的相關材料予本公司董事及管理層以供彼等閱讀及參考。Notices of regular Board meetings are given to all Directors at least 14 days before the meetings.For other

247、Board committee meetings,reasonable notice is generally given.The agendas and accompanying Board papers are given to all Directors in a timely manner.All Directors have full and timely access to all relevant information and the advice of the company secretary,to ensure that Board procedures and all

248、applicable rules and regulations are followed.Upon making request to the Board,all Directors may obtain independent professional advice at the Companys expense for carrying out their functions.The minutes of all Board committee meetings are kept by the Company at its Hong Kong office.Draft and final

249、 versions of the minutes are normally circulated to the Directors for comment within a reasonable time after each meeting and the final version is open for Directors inspection.Training for DirectorsFor each newly appointed Director,he/she will be provided with an induction course so as to ensure th

250、at he/she has appropriate understanding of the business and operations of the Company and that he/she is fully aware of his/her responsibilities and obligations under the Listing Rules and the relevant regulatory requirements.There are also arrangements in place for providing continuing briefing and

251、 professional development to Directors whenever necessary.During the year ended 31 December 2020,the Company circulated materials relevant to the Directors duties and responsibilities to Directors and management of the Company for their reading and reference.中 國 泰 凌 醫 藥 集 團 I 年 度 報 告 2 0 2 037Corpor

252、ate Governance Report(Continued)企業管治報告（續）截至2020年12月31日止年度至本報告日期，董事閱讀記錄及參加外部研討會簡介會等的概況如下：董事及高級職員的責任保險及彌償保證本公司已安排適當責任保險以就董事及高級職員因企業活動產生的責任向彼等作出彌償保證。截至2020年12月31日止年度，董事及高級職員並無遭索償。A summary of the reading record and attending external seminars/briefings of the Directors for the year ended 31 December 20

253、20 and up to the date of this report are as follows:Reading regulatory updateAttending external seminars/briefings閱讀監管事宜之最新訊息參加外部研討會簡介會等 Executive Directors執行董事Mr.Ng Tit(Chairman and Chief Executive Officer)吳鐵先生（主席兼行政總裁）Ms.Chin Yu錢余女士Mr.Wu Weizhong吳為忠先生 Non-executive Directors非執行董事Dr.Qian Wei錢唯博士Ind

254、ependent Non-executive Directors獨立非執行董事Mr.Yu Tze Shan Hailson余梓山先生 Dr.Yan Hong(resigned on 20 March 2020)嚴弘博士（於2020年3月20日辭任）Dr.Zhao Yubiao趙玉彪博士Mr.Pan Fei(appointed on 20 March 2020)潘飛先生（於2020年3月20日獲委任）Directors and Senior Officers Liability Insurance and IndemnityThe Company has arranged appropriate

255、 liability insurance to indemnify the Directors and senior officers for their liabilities arising out of corporate activities.For the year ended 31 December 2020,no claim has been made against the Directors and senior officers.China NT Pharma Group Company Limited I Annual Report 202038Corporate Gov

256、ernance Report(Continued)企業管治報告（續）董事委員會董事會設有3個董事委員會，即審核委員會、薪酬委員會及 提名委員會（統稱 董事委員會），監督本公司特定的具體事務。董事委員會獲提供履行職責的充足資源，並可在適當情況下提出合理要求後徵詢獨立專業意見，費用由本公司承擔。審核委員會董事會於2011年3月26日根據上市規則設立審核委員會，並書面訂明其職權範圍。目前，審核委員會主席為潘飛先生，另有2名成員余梓山先生及趙玉彪博士，全部為獨立非執行董事。審核委員會的主要職責為就委任及罷免外聘核數師向董事會提出建議、審閱財務報表、監督財務申報系統並提供建議、監督本公司內部監控程序及履

257、行企業管治職責。審核委員會負責執行下列的企業管治職能：1.制定及審閱本公司的企業管治政策及常規以及向董事作出推薦意見；2.審閱及監察董事及高級管理人員的培訓及持續專業發展；3.審閱及監察本公司的政策及常規以符合法定及監管規定；Board CommitteesThe Board has set up three Board committees,namely,the Audit Committee,the Remuneration Committee and the Nomination Committee(collectively the“Board Committees”),for over

258、seeing particular aspects of the Companys affairs.The Board Committees are provided with sufficient resources to discharge their duties and,upon reasonable request,are able to seek independent professional advice in appropriate circumstances,at the Companys expense.AUDIT COMMITTEEThe Board establish

259、ed the Audit Committee on 26 March 2011,with written terms of reference in compliance with the Listing Rules.Currently,it is chaired by Mr.Pan Fei and comprises two other members,namely Mr.Yu Tze Shan Hailson and Dr.Zhao Yubiao,all of whom are independent non-executive Directors.The primary duties o

260、f the Audit Committee are to make recommendations to the Board on the appointment and removal of the external auditors,review the financial statements,oversee and provide advice in respect of the financial reporting system,oversee the internal control procedures and perform the corporate governance

261、duties of the Company.The Audit Committee is responsible for performing the following corporate governance duties:1.to develop and review the Companys policies and practices on corporate governance and make recommendations to Directors;2.to review and monitor the training and continuous professional

262、 development of Directors and senior management;3.to review and monitor the Companys policies and practices on compliance with legal and regulatory requirements;中 國 泰 凌 醫 藥 集 團 I 年 度 報 告 2 0 2 039Corporate Governance Report(Continued)企業管治報告（續）4.制定、審閱及監察僱員及董事所適用的行為守則及合規手冊（如有）；及5.審閱本公司遵守上市規則附錄十四（企業管治守

263、則及企業管治報告）的情況。截至2020年12月31日止年度，審核委員會召開過3次會議：於回顧年內，審核委員會與本公司管理層已審閱本集團所採納的守則、會計原則及慣例，並就本集團的內部監控、風險管理及財務報告事宜（包括審閱截至2019年12月31日止年度的年度業績及截至2020年6月30日止六個月的中期業績）進行討論，並建議董事會批準。審核委員會亦向董事會建議，待股東於應屆股東週年大會上批準後，重新委任國富浩華（香港）會計師事務所有限公司為本公司外聘核數師。4.to develop,review and monitor the code of conduct and compliance manu

264、al(if any)applicable to employees and Directors;and5.to review the Companys compliance with Appendix 14 to the Listing Rules(Corporate Governance Code and Corporate Governance Report).During the year ended 31 December 2020,the Audit Committee convened three meetings:Meeting attendance/number of meet

265、ingsAttendance rate(%)Name of Directors董事姓名會議出席會議次數出席率(%)Mr.Pan Fei (Chairman)(appointed on 20 March 2020)潘飛先生（主席）（於2020年3月20日獲委任）3/3100%Mr.Yu Tze Shan Hailson余梓山先生3/3100%Dr.Yan Hong (resigned on 20 March 2020)嚴弘博士（於2020年3月20日辭任）N/A不適用N/A不適用Dr.Zhao Yubiao 趙玉彪博士3/3100%During the Year under Review,the

266、 Audit Committee together with the management of the Company reviewed the Code,the accounting principles and practices adopted by the Group and discussed the Groups internal control,risk management and financial reporting matters,including a review of the annual results for the year ended 31 Decembe

267、r 2019 and the interim results for the six months ended 30 June 2020,with recommendation to the Board for approval.The Audit Committee has also recommended to the Board that,subject to shareholders approval at the forthcoming annual general meeting,Crowe(HK)CPA Limited be re-appointed as the externa

268、l auditor of the Company.China NT Pharma Group Company Limited I Annual Report 202040Corporate Governance Report(Continued)企業管治報告（續）薪酬委員會董事會於2011年3月26日根據上市規則設立薪酬委員會，並書面訂明其職權範圍。目前，薪酬委員會主席為獨立非執行董事余梓山先生，另有2名成員，即獨立非執行董事趙玉彪博士及執行董事吳鐵先生。薪酬委員會的主要職責為評估董事及高級管理層的表現，並就彼等的薪酬待遇提出建議、評估本公司退休計劃、表現評估制度、紅利及傭金政策並提出建議。董

269、事酬金乃按各董事的技能、知識水平、本公司的表現、同業薪酬水平及當前市況而釐定。董事或高級管理層不會參與有關其本身酬金的任何討論。薪酬委員會亦可向主席諮詢有關其他執行人員及董事酬金的建議，並於必要時徵詢專業意見。薪酬政策的主要目標為確保本公司能夠吸引、留任及激勵高質素工作團隊，對本公司的成功至關重要。REMUNERATION COMMITTEEThe Board established the Remuneration Committee on 26 March 2011,with written terms of reference in compliance with the Listing

270、 Rules.Currently,Mr.Yu Tze Shan Hailson,an independent non-executive Director,is the chairman of the Remuneration Committee.Dr.Zhao Yubiao,an independent non-executive Director,and Mr.Ng Tit,an executive Director,are the other two members of the Remuneration Committee.The primary functions of the Re

271、muneration Committee are to evaluate the performance and make recommendations on the remuneration package of Directors and senior management,as well as the retirement scheme and the performance assessment system and bonus and commission policies of the Company.The remuneration of Directors is based

272、on their skills,knowledge,performance of the Company,industry benchmarks and prevailing market conditions.No Director or senior management will be involved in any discussion in connection with his or her own remuneration.The Remuneration Committee may also consult with the chairman on its proposals

273、relating to the remuneration of other executives and Directors and has access to professional advice if required.The main objective of the remuneration policy is to ensure that the Company is able to attract,retain and motivate a high caliber team which is essential to the success of the Company.中 國

274、 泰 凌 醫 藥 集 團 I 年 度 報 告 2 0 2 041Corporate Governance Report(Continued)企業管治報告（續）截至2020年12月31日止年度，薪酬委員會召開過2次會議：於回顧年內，薪酬委員會已審議本公司執行董事及高級管理人員的薪酬政策及架構，並向董事會提出有關建議。根據守則之守則條文第B.1.5條，截至2020年12月31日止年度，按薪酬範圍之高級管理人員載列如下：During the year ended 31 December 2020,the Remuneration Committee convened two meetings:Mee

275、ting attendance/number of meetingsAttendance rate(%)Name of Directors董事姓名會議出席會議次數出席率(%)Mr.Yu Tze Shan Hailson(Chairman)余梓山先生（主席）2/2100%Mr.Ng Tit吳鐵先生2/2100%Dr.Zhao Yubiao趙玉彪博士2/2100%During the Year under Review,the Remuneration Committee has reviewed the remuneration policy and structure of the execu

276、tive Directors and senior management of the Company,and offered advice on the same to the Board.Pursuant to code provision B.1.5 of the Code,the remuneration by band of the senior management for the year ended 31 December 2020 are set out below:Remuneration band(RMB)Number of individuals薪酬範圍（人民幣）人數

277、0 1,000,00031,000,001 2,000,00022,000,001 3,000,00013,000,001 4,000,00004,000,001 5,000,00005,000,001 above 以上0 China NT Pharma Group Company Limited I Annual Report 202042Corporate Governance Report(Continued)企業管治報告（續）NOMINATION COMMITTEEThe Board established the Nomination Committee on 26 March 20

278、11,with written terms of reference in compliance with the Listing Rules.Currently,it is chaired by Mr.Ng Tit,an executive Director,and comprises two other members,namely Dr.Zhao Yubiao and Mr.Yu Tze Shan Hailson,both of whom are independent non-executive Directors.The primary functions of the Nomina

279、tion Committee is to make recommendations to the Board regarding candidates to fill vacancies on the Board.The duties of the Nomination Committee also include reviewing the structure,number and composition of the Board;submitting proposals to the Board on the appointment of the chief executive offic

280、er and director;reviewing the independence of the independent non-executive Directors and submitting proposals to the Board.The authority and duties of the Nomination Committee are clearly set out in its terms of reference.During the year ended 31 December 2020,the Nomination Committee convened two

281、meetings:Meeting attendance/number of meetingsAttendance rate(%)Name of Directors董事姓名會議出席會議次數出席率(%)Mr.Ng Tit(Chairman)吳鐵先生（主席）2/2100%Mr.Yu Tze Shan Hailson余梓山先生2/2100%Dr.Zhao Yubiao趙玉彪博士2/2100%提名委員會董事會於2011年3月26日根據上市規則設立提名委員會，並書面訂明其職權範圍。目前，提名委員會主席為執行董事吳鐵先生，另有2名成員，即均為獨立非執行董事的趙玉彪博士及余梓山先生。提名委員會的主要職責為就提

282、名候選人填補本公司董事會職位空缺向董事會作出推薦建議。提名委員會的職責亦包括審閱董事會的架構、人數及組成；就委任行政總裁及董事向董事會提出建議；檢討獨立非執行董事的獨立性以及向董事會提交建議。提名委員會的職權範圍已清楚載列其權限及職責。截至2020年12月31日止年度，提名委員會召開過2次會議：中 國 泰 凌 醫 藥 集 團 I 年 度 報 告 2 0 2 043Corporate Governance Report(Continued)企業管治報告（續）During the Year under Review,the Nomination Committee has reviewed the

283、 structure,size and diversity(including the skills,knowledge,experience,gender,cultural and educational background)of the Board,considered the proposed appointment of director,conducted performance evaluations to assess whether the non-executive Directors have spent enough time in fulfilling their d

284、uties,assessed the independence of independent non-executive Directors,and kept under review the leadership needs of the organization,both executive and non-executive,with a view to ensuring the continued ability of the organization to compete effectively in the marketplace.A“Nomination Policy”for D

285、irectors was formally adopted and the nomination procedures,process and criteria to select and recommend candidates for directorship was set out in the Nomination Committees terms of reference.The Nomination Policy applies to the directors of the Company and where applicable,senior management prepar

286、ed for Board positions under the succession planning of the Company.The Nomination Policy aims to(i)set out the criteria and process in the nomination and appointment of directors of the Company;(ii)ensure that the Board of the Company has a balance of skills,experience and diversity of perspectives

287、 appropriate to the Company;and(iii)ensure the Board continuity and appropriate leadership at board level.In evaluating and selecting any candidate for directorship,the following criteria should be considered:character and integrity;qualifications including professional qualifications,skills,knowled

288、ge and experience and diversity aspects under the Board Diversity Policy that are relevant to the Companys business and corporate strategy;any measurable objectives adopted for achieving diversity on the Board;requirement for the Board to have independent non-executive directors in accordance with t

289、he Listing Rules and whether the candidate would be considered independent with reference to the independence guidelines set out in the Listing Rules;於回顧年內，提名委員會已檢討董事會架構、規模及多元化（包括技術、知識、經驗、性別、文化及教育背景），考慮擬委任董事事宜，開展表現評估以評估非執行董事是否投入足夠時間履行彼等的職責，評估獨立非執行董事的獨立性，審閱公司的領導（執行及非執行）需求，確保公司在市場上具備可持續有效競爭力。董事 提名政策 已

290、獲正式採納，而甄選及建議董事人選之提名程序、過程及準則均載於提名委員會的職權範圍內。提名政策適用於本公司的董事及（在適用情況下）按本公司的繼任計劃預備擔任董事職務的高級管理層。提名政策旨在：(i)載列本公司提名及委任董事的準則及程序；(ii)確保本公司的董事會成員具備切合本公司業務所需的技能、經驗及多元觀點；及(iii)確保本公司的董事會的持續性及維持其領導角色。於評核及挑選任何董事人選時，應考慮以下條件：性格及誠信；包括專業資格、技能、知識及經驗在內的資格，以及根據董事會多元化政策與本公司業務及公司策略有關的多元化範疇；為達致董事會多元化採納的任何可計量目標；根據上市規則董事會成員須包括獨立

291、非執行董事的規定，以及參照上市規則所載的獨立性指引，候選人是否被視為獨立；China NT Pharma Group Company Limited I Annual Report 202044Corporate Governance Report(Continued)企業管治報告（續）候選人在資格、技能、經驗、獨立性及性別多元化方面可對董事會作出的任何潛在貢獻；投放充份時間履行董事會及或本公司董事委員會成員的職務的意向及能力；及 就本公司的業務及繼任計劃而言屬適當的其他觀點；以及（如適用）董事會及或提名委員會不時就董事提名及繼任計劃可能採納及或修訂的其他觀點。提名程序委任新董事i.提名委員會

292、及或董事會可從不同渠道物色董事人選，包括但不限於內部提升、調任、其他管理層成員引介及外界招聘代理等。ii.提名委員會及或董事會應在收到委任新董事的建議及候選人的個人資料（或相關詳情）後，依據上述準則評估該候選人，以判斷該候選人是否合資格擔任董事。iii.如過程涉及一個或多個合意的候選人，提名委員會及或董事會應根據本公司的需要及每位候選人的證明審查（如適用）排列他們的優先次序。iv.提名委員會隨後應就委任合適人選擔任董事一事向董事會提出建議（如適用）。v.就任何經由股東提名於本公司股東大會上選舉為董事的人士，提名委員會及或董事會應依據上述準則評估該候選人，以判斷該候選人是否合資格擔任董事。any

293、 potential contributions the candidate can bring to the Board in terms of qualifications,skills,experience,independence and gender diversity;willingness and ability to devote adequate time to discharge duties as a member of the Board and/or Board committee(s)of the Company;and such other perspective

294、s that are appropriate to the Companys business and succession plan and where applicable,may be adopted and/or amended by the Board and/or the Nomination Committee from time to time for nomination of directors and succession planning.NOMINATION PROCESSAppointment of New Director i.The Nomination Com

295、mittee and/or the Board may select candidates for directorship from various channels,including but not limited to internal promotion,re-designation,referral by other member of the management and external recruitment agents.ii.The Nomination Committee and/or the Board should,upon receipt of the propo

296、sal on appointment of new director and the biographical information(or relevant details)of the candidate,evaluate such candidate based on the criteria as set out above to determine whether such candidate is qualified for directorship.iii.If the process yields one or more desirable candidates,the Nom

297、ination Committee and/or the Board should rank them by order of preference based on the needs of the Company and reference check of each candidate(where applicable).iv.The Nomination Committee should then recommend to the Board to appoint the appropriate candidate for directorship,as applicable.v.Fo

298、r any person that is nominated by a shareholder for election as a director at the general meeting of the Company,the Nomination Committee and/or the Board should evaluate such candidate based on the criteria as set out above to determine whether such candidate is qualified for directorship.中 國 泰 凌 醫

299、 藥 集 團 I 年 度 報 告 2 0 2 045Corporate Governance Report(Continued)企業管治報告（續）在適用情況下，提名委員會及或董事會可就於股東大會上選舉董事的提案向股東提出建議。於股東大會上重選董事i.提名委員會及或董事會應檢討退任董事對本公司的整體貢獻及服務，以及在董事會的參與程度及表現。ii.提名委員會及或董事會亦應檢討及確定重選的退任董事是否仍然符合上述準則。iii.提名委員會及或董事會應就於股東大會上重選退任董事的提案向股東提出建議。若董事會擬於股東大會上提呈決議案選舉或重選某位人士為董事，有關股東大會通告所隨附的致股東通函及或說明函件中

300、，將會按上市規則及或相關適用法律及規則要求載列候選人的有關資料。問責董事知悉彼等有責任於各年報及中期報告中提供一套客觀持平、清晰及易於明白的綜合財務報表。除獨立核數師報告 有關持續經營的重大不確定性 一節所披露者外，董事並不知悉任何有關可能對本集團於2020年12月31日的持續經營能力構成重大疑問的事件或情況的重大不明朗因素。詳情請參閱經審核綜合財務報表附註2(b)。董事認為，本集團及本公司將可持續經營，並已按該基準編製財務報表。Where appropriate,the Nomination Committee and/or the Board should make recommendat

301、ion to shareholders in respect of the proposed election of director at the general meeting.Re-election of Director at General Meeting i.The Nomination Committee and/or the Board should review the overall contribution and service to the Company of the retiring director and the level of participation

302、and performance on the Board.ii.The Nomination Committee and/or the Board should also review and determine whether the retiring director continues to meet the criteria as set out above.iii.The Nomination Committee and/or the Board should then make recommendation to shareholders in respect of the pro

303、posed re-election of director at the general meeting.Where the Board proposes a resolution to elect or re-elect a candidate as director at the general meeting,the relevant information of the candidate will be disclosed in the circular to shareholders and/or explanatory statement accompanying the not

304、ice of the relevant general meeting in accordance with the Listing Rules and/or applicable laws and regulations.ACCOUNTABILITYThe Directors acknowledge their responsibility to present a balanced,clear and understandable set of consolidated financial statements in each of the annual and interim repor

305、ts.Save as disclosed in the independent auditors report under the heading“Material Uncertainty Related to Going Concern”,the Directors are not aware of any material uncertainties relating to events or conditions that may cast significant doubt upon the Groups ability to continue as a going concern a

306、s at 31 December 2020.Please refer to note 2(b)of the audited consolidated financial statements for details.The Directors are of the view that the Group and the Company will be able to continue as going concern and that the financial statements have been prepared on that basis.China NT Pharma Group

307、Company Limited I Annual Report 202046Corporate Governance Report(Continued)企業管治報告（續）內部審核本集團的內部審核（內部審核）旨在幫助本集團保護其資產及資料。內部審核可令本集團在充滿挑戰的營商環境中實踐最佳的營商措施。本集團的內部審核涵蓋多個內部程序及政策（包括（其中包括）相關財務、營運及合規控制，以及風險管理程序）。內部審核對本集團內所有營業單位及附屬公司進行有系統地持續獨立檢討。對個別營業單位或附屬公司檢討的頻率則在評估所涉及的風險後釐定。審核委員會每年批核內部審核計劃。內部審核可在不受限制的情況下審查業務運作

308、的每個環節，且可在需要時直接聯絡各階層管理人員，包括主席或審核委員會主席。本集團管理層會就每次審閱後的審核結果進行討論並達成共識。主要審核結果的概要，連同本集團管理層就改善控制不足採取的行動將一併提交審核委員會。其後將實施有關補救行動，並於每次會議上向審核委員會報告實施進展。INTERNAL AUDITThe Internal Audit(“IA”)of the Group is designed to help the Group protect its assets and information.The presence of IA empowers the Group to imple

309、ment best business practices in challenging business environments.The Groups IA covers a number of in-house procedures and policies including,among others,the relevant financial,operational and compliance controls and risk management procedures.IA carries out systematic independent reviews of all bu

310、siness units and subsidiaries in the Group on an ongoing basis.The frequency of review of individual business unit or subsidiary is determined after an assessment of the risks involved.The Audit Committee endorses the internal audit plan annually.IA has unrestricted access to all parts of the busine

311、ss,and direct access to any level of management including the chairman,or the chairman of the Audit Committee,as it considers necessary.The audit result is discussed and agreed with the management of the Group subsequent to each review.A summary of major audit findings together with the actions to b

312、e taken by the Groups management for rectifying the control weaknesses is also submitted to the Audit Committee.The implementation of the remedial actions will then be followed up and the implementation progress will be reported to the Audit Committee each time it meets.中 國 泰 凌 醫 藥 集 團 I 年 度 報 告 2 0

313、 2 047Corporate Governance Report(Continued)企業管治報告（續）風險管理及內部控制 董事會有責任維持一個適當的風險管理及內部控制系統，並檢討其運作效果。風險管理及內部控制系統旨在促進營運的效用及效率、保障資產免受未經授權使用及處置、確保存置適當的會計記錄及財務報表的真實公平，以及確保遵守有關法例及法規。它會就是否存在重大錯誤陳述或損失作出合理但非絕對的確定，並會管理而非消除與其業務活動有關的風險。董事會於2020年內通過審核委員會對本集團風險管理及內部控制系統的成效進行檢討，涵蓋所有重要的控制及風險管理職能。該檢討乃根據守則的規定於每年進行。根據守則規

314、定，審核委員會已檢討有關本集團於截至2020年12月31日止年度的會計及財務申報職能方面的資源、員工資歷及經驗，以及員工所接受的培訓課程及有關預算是否充足，並對結果表示滿意。此外，內部審核對本集團風險管理及內部控制系統的運作成效進行定期及獨立檢討，而審核委員會則審閱內部審核對本集團風險管理及內部控制系統成效的檢討結果及意見，並向董事會報告。本集團已訂立 操守準則 為所有僱員界定道德標準，以確保業務上奉行最高的操守標準，並定期向所有僱員提供 操守準則 的培訓課程。董事會並不知悉有任何重大內部控制漏洞，亦無嚴重違反限制或風險管理政策。RISK MANAGEMENT AND INTERNAL CON

315、TROLThe Board is responsible for maintaining an adequate system of risk management and internal control and reviewing its effectiveness.The risk management and internal control system is designed to facilitate the effectiveness and efficiency of operations,safeguard assets against unauthorized use a

316、nd disposition,ensure the maintenance of proper accounting records and the truth and fairness of the financial statements,and ensure compliance with relevant legislation and regulations.It provides reasonable,but not absolute,assurance against material misstatement or loss and management rather than

317、 elimination of risks associated with its business activities.During the year 2020,the Board,through the Audit Committee,reviewed the effectiveness of the Groups risk management and internal control system covering all material controls and risk management functions.The review is conducted annually

318、in accordance with the requirement of the Code.In accordance with the Code requirements,the Audit Committee also reviewed and was satisfied with the adequacy of resources,qualifications and experience of staff of the Groups accounting and financial reporting function,and their training programmes an

319、d budget for the year ended 31 December 2020.In addition,IA conducts regular and independent reviews of the effectiveness of the Groups risk management and internal control system.The Audit Committee reviews the findings and opinion of IA on the effectiveness of the Groups risk management and intern

320、al control system and reports to the Board on such reviews.To ensure the highest standard of integrity in our businesses,the Group has adopted a“Code of Conduct”defining the ethical standards expected of all employees.Training courses on the“Code of Conduct”are held regularly for all employees.The B

321、oard is not aware of any significant internal control weaknesses nor significant breach of limits or risk management policies.China NT Pharma Group Company Limited I Annual Report 202048Corporate Governance Report(Continued)企業管治報告（續）風險因素本集團的業務、財務狀況、營運業績或發展前景均可能會受到與本集團業務直接或間接有關的風險及不明朗因素所影響。下列風險因素可能會導

322、致本集團的業務、財務狀況、營運業績或發展前景與預期或以往的業績出現重大差異。此等因素並不全面或所有因素未能詳錄，且除下列風險外，亦可能存在其他本集團未知的風險，或目前未必屬於重大但日後可能變成重大的風險。此外，本年報並不構成提供投資於本公司股份之建議或意見，投資者於投資本公司股份前，應自行作出判斷或諮詢其投資顧問。信息披露制度本集團訂有信息披露制度，確保能識別潛在內幕消息並加以保密，直至按照上市規則作出一致且適時的披露為止。發佈及處理內部消息的程序包括：業務部門經理作為信息報告負責人；高級管理層作為分管各自業務板塊信息保密的負責人；董事會作為信息披露負責人；及 投資者關係部負責信息披露管理，需

323、公開信息的報送、審核及披露事項，並對信息披露文件及公告進行歸檔保存。RISK FACTORSThe Groups businesses,financial conditions,results of operations or growth prospects may be affected by risks and uncertainties directly or indirectly pertaining to the Groups businesses.The risk factors set out below are those that could result in the G

324、roups businesses,financial conditions,results of operations or growth prospects differing materially from expected or historical results.Such factors are by no means exhaustive or comprehensive,and there may be other risks in addition to those shown below which are not known to the Group or which ma

325、y not be material now but could turn out to be material in the future.In addition,this Annual Report does not constitute a recommendation or advice to invest in the shares of the Company and investors are advised to make their own judgment or consult their own investment advisors before making any i

326、nvestment in the shares of the Company.Information Disclosure SystemThe Group has formulated its information disclosure system,to ensure the identification and confidentiality of potential inside information until it is disclosed according to the Listing Rules in a consistent and timely manner.The p

327、rocedures for publishing and processing inside information include:Business department managers as the people in charge of information reporting;Senior management as the people in charge of the information confidentiality of their respective business segments;The Board as the party in charge of info

328、rmation disclosure;and The Investor Relations Department as the parties responsible for managing information disclosure,the reporting,audit and disclosure of information which needs public announcement,and archiving and keeping such information disclosure documents and announcements.中 國 泰 凌 醫 藥 集 團

329、I 年 度 報 告 2 0 2 049Corporate Governance Report(Continued)企業管治報告（續）經濟環境及狀況我們絕大部分業務均在中國經營，且我們絕大部分銷售均在中國進行。因此，我們的業務、財務狀況、經營業績及前景可能受到中國經濟、政治及法律發展的重大影響。中國政府在政治、經濟及其他方面所採取的政策如有不利變動，或會對中國的整體經濟增長產生重大不利影響，而這可能會降低我們的產品需求，從而對我們的業務、營運或競爭地位造成重大不利影響。產品集中度我們在很大程度上依賴兩款核心產品的銷售：舒思及卓澳。倘我們無法保持該等核心產品的銷量、定價水平及利潤率，我們的收益及盈

330、利能力可能會受到不利影響。市場環境我們經營所在環境競爭激烈。我們未必能夠與現有及未來的競爭對手有效競爭。我們未能有效競爭或會導致銷售額減少、價格下降及市場份額流失，任何一項均可能對我們的經營業績及利潤率造成重大不利影響。省級招標在我們營銷我們產品的各個省份，我們須每年參與或每隔幾年參與政府主導的競標程序。在省級招標程序中，我們及我們的競爭對手向地方物價局提交定價及其他產品資料。挑選乃以投標價、臨床效果及各產品的質量以及投標者的聲譽為準則。對於各產品類別，地方物價局將準許有限數量的產品在相關省份或本區銷售。Economic Environment and Conditions Substanti

331、ally all of our operations are located in China,and substantially all of our sales are made in China.Accordingly,our business,financial condition,results of operations and prospects are affected significantly by economic,political and legal developments in China.Adverse changes in political,economic

332、 and other policies of the Chinese government could have a material adverse effect on the overall economic growth of China,which could reduce the demand for our products and could otherwise materially and adversely affect our business,operations or competitive position.Product ConcentrationWe are la

333、rgely dependent on sales of our two core products,Shusi and Zhuoao.If we are unable to maintain the sales volumes,pricing levels and profit margins of these core products,our revenue and profitability could be adversely affected.Market EnvironmentWe operate in a highly competitive environment and we may not be able to compete effectively against current and future competitors.Our inability to comp