中國煤層氣：二零一九年年報.pdf

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1、China CBM Group Company Limited中 國 煤 層 氣 集 團 有 限 公 司(於開曼群島註冊成立並在百慕達繼續營業之有限公司)Annual Report年度報告二零一九年年報 中國煤層氣集團有限公司CHARACTERISTICS OF THE GEM(“GEM”)OF THE STOCK EXCHANGE OF HONG KONG LIMITED(THE“STOCK EXCHANGE”)GEM has been positioned as a market designed to accommodate small and mid-sized companies t

2、o which a higher investment risk may be attached than other companies listed on the Stock Exchange.Prospective investors should be aware of the potential risks of investing in such companies and should make the decision to invest only after due and careful consideration.Given that the companies list

3、ed on GEM are generally small and mid-sized companies,there is a risk that securities traded on GEM may be more susceptible to high market volatility than securities traded on the Main Board of the Stock Exchange and no assurance is given that there will be a liquid market in the securities traded o

4、n GEM.Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this report,make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in relian

5、ce upon the whole or any part of the contents of this report.This report,for which the directors(the“Directors”)of China CBM Group Company Limited(the“Company”)collectively and individually accept full responsibility,includes particulars given in compliance with the Rules Governing the Listing of Se

6、curities on GEM of the Stock Exchange(the“GEM Listing Rules”)for the purpose of giving information with regard to the Company.The Directors,having made all reasonable enquiries,confirm that to the best of their knowledge and belief the information contained in this report is accurate and complete in

7、 all material respects and not misleading or deceptive,there are no other matters the omission of which would make any statement herein or this report misleading and that all opinions expressed in this report have been arrived at after due and careful consideration and are founded on bases and assum

8、ptions that are fair and reasonable.This report will remain on the“Latest Company Announcements”page of the GEM website at for at least seven days from the date of its publication.香港聯合交易所有限公司（聯交所）GEM（GEM）之特色GEM的定位，乃為中小型公司提供一個上市的市場，此等公司相比起其他在聯交所上市的公司帶有較高投資風險。有意投資之人士應了解投資於該等公司之潛在風險，並應經過審慎周詳之考慮後方作出投資決定

9、。由於GEM上市公司普遍為中小型公司，在GEM買賣之證券可能會較於聯交所主板買賣之證券承受較大之市場波動風險，同時無法保證在GEM買賣之證券將會有高流通量之市場。香港交易及結算所有限公司及香港聯合交易所有限公司對本報告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本報告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。本報告的資料乃遵照聯交所GEM證券上市規則（GEM上市規則）而刊載，旨在提供有關中國煤層氣集團有限公司（本公司）的資料；本公司的董事（董事）願就本報告的資料共同及個別地承擔全部責任。各董事在作出一切合理查詢後，確認就其所知及所信，本報告

10、所載資料在各重要方面均屬準確完備，沒有誤導或欺詐成份，並無遺漏其他事項致使本報告所載任何陳述或本報告產生誤導，且本報告所表達的一切意見乃經審慎周詳考慮後作出，並建基於公平和合理的基準及假設。本報告將自其刊發日期起最少一連七日載於GEM網站的 最新公司公告 網頁。2CHINA CBM GROUP COMPANY LIMITED Annual Report 2019Corporate Information公司資料3Corporate Profile公司簡介6Chairmans Statement主席報告7Management Discussion and Analysis管理層討論及分析11Co

11、rporate Governance Report企業管治報告18Biographical Information of Directors and Key Management董事及主要管理層履歷資料34Directors Report董事會報告37Independent Auditors Report獨立核數師報告50Consolidated Statement of Profit or Loss 綜合損益表56Consolidated Statement of Profit or Loss and Other Comprehensive Income綜合損益及其他全面收益表57Conso

12、lidated Statement of Financial Position綜合財務狀況表58Consolidated Statement of Changes in Equity綜合權益變動表60Consolidated Statement of Cash Flows綜合現金流量表61Notes to the Consolidated Financial Statements綜合財務報表附註63Five Year Financial Summary五年財務摘要191CONTENTS目錄CORPORATE INFORMATION公司資料二零一九年年報 中國煤層氣集團有限公司3BOARD OF

13、 DIRECTORSExecutive DirectorsMr.Wang Zhong Sheng(Chairman)Mr.Fu Shou Gang(resigned on 19 June 2019)Mr.Chang Jian(appointed in 19 June 2019)Non-Executive DirectorsMr.Liang Feng(appointed on 19 June 2019)Mr.Wang Chen(appointed on 19 June 2019)Mr.Wu Kun(appointed on 19 June 2019)Independent Non-Executi

14、ve DirectorsMr.Lau Chun PongMr.Luo Wei Kun(retired on 27 May 2019)Mr.Wang Zhi HeMr.Xu Yuan Jian(appointed on 23 August 2019)AUDIT COMMITTEEMr.Lau Chun Pong(Chairman of audit committee)Mr.Luo Wei Kun (retired on 27 May 2019)Mr.Wang Zhi HeMr.Xu Yuan Jian(appointed on 23 August 2019)NOMINATION COMMITTE

15、EMr.Wang Zhi He(Chairman of nomination committee)Mr.Lau Chun PongMr.Luo Wei Kun (retired on 27 May 2019)Mr.Xu Yuan Jian(appointed on 23 August 2019)董事會執行董事王忠勝先生（主席）付壽剛先生（於二零一九年六月十九日辭任）常建先生（於二零一九年六月十九日獲委任）非執行董事梁峰先生 （於二零一九年六月十九日獲委任）王琛先生 （於二零一九年六月十九日獲委任）鄔昆先生 （於二零一九年六月十九日獲委任）獨立非執行董事劉振邦先生羅維崑先生（於二零一九年五月二十

16、七日退任）王之和先生徐願堅先生 （於二零一九年八月二十三日獲委任）審核委員會劉振邦先生（審核委員會主席）羅維崑先生（於二零一九年五月二十七日退任）王之和先生徐願堅先生 （於二零一九年八月二十三日獲委任）提名委員會王之和先生（提名委員會主席）劉振邦先生羅維崑先生（於二零一九年五月二十七日退任）徐願堅先生 （於二零一九年八月二十三日獲委任）CORPORATE INFORMATION公司資料CHINA CBM GROUP COMPANY LIMITED Annual Report 20194REMUNERATION COMMITTEEMr.Lau Chun Pong(Chairman of remu

17、neration committee)Mr.Luo Wei Kun (retired on 27 May 2019)Mr.Wang Zhi HeMr.Xu Yuan Jian(appointed on 23 August 2019)COMPANY SECRETARYMr.Lui Chi Keung (resigned on 31 January 2020)Mr.Tse Chun Lai (appointed on 31 January 2020)COMPLIANCE OFFICERMr.Wang Zhong ShengAUTHORISED REPRESENTATIVESMr.Wang Zhon

18、g ShengMr.Tse Chun LaiHEAD OFFICE&PRINCIPAL PLACE OF BUSINESS IN HONG KONGRoom 20,19/F,Fortune Commercial Building362 Sha Tsui RoadTsuan Wan,Hong KongREGISTERED OFFICEClarendon House2 Church StreetHamilton HM11BermudaPRINCIPAL SHARE REGISTRAR AND TRANSFER OFFICECodan Services LimitedClarendon House2

19、 Church StreetHamilton HM11Bermuda薪酬委員會劉振邦先生（薪酬委員會主席）羅維崑先生（於二零一九年五月二十七日退任）王之和先生徐願堅先生 （於二零一九年八月二十三日獲委任）公司秘書呂志強先生（於二零二零年一月三十一日辭任）謝進禮先生（於二零二零年一月三十一日獲委任）監察主任王忠勝先生授權代表王忠勝先生謝進禮先生香港總辦事處兼主要營業地點香港荃灣沙咀道362號全發商業大廈19樓20室註冊辦事處Clarendon House2 Church StreetHamilton HM11Bermuda主要股份過戶登記處Codan Services LimitedClaren

20、don House2 Church StreetHamilton HM11BermudaCORPORATE INFORMATION公司資料二零一九年年報 中國煤層氣集團有限公司5HONG KONG BRANCH SHARE REGISTRAR AND TRANSFER OFFICE Tricor Tengis LimitedLevel 22,Hopewell Centre183 Queens Road EastHong KongAUDITORKTC Partners CPA LimitedLEGAL ADVISER AS TO HONG KONG LAWMichael Li&Co19th Fl

21、oorProsperity Tower39 Queens Road CentralCentral,Hong KongPRINCIPAL BANKERBank of China(Hong Kong)LimitedSTOCK CODE08270香港股份過戶登記分處卓佳登捷時有限公司香港皇后大道東183號合和中心22樓核數師和信會計師事務所有限公司香港法律之法律顧問李智聰律師事務所香港中環皇后大道中三十九號豐盛創建大廈十九樓主要往來銀行中國銀行（香港）有限公司股份代號08270CORPORATE PROFILE公司簡介CHINA CBM GROUP COMPANY LIMITED Annual Re

22、port 20196China CBM Group Company Limited and its subsidiaries(collectively referred to as the“Group”)currently conduct the business of manufacture and sales of liquefied coalbed gas whose operations are located in the PRC.The Company was incorporated in Cayman Islands as an exempted company with li

23、mited liability in July 2002 and continued in Bermuda as an exempted company with limited liabilities in accordance with the Company Act 1981(as amended)of Bermuda.It was initially listed on the GEM(“GEM”)of The Stock Exchange of Hong Kong Limited on 12 August 2003.The Group is principally engaged i

24、n the business of exploitation,liquefaction production and sales of natural gas in the PRC.Headquartered in Tianjin.The Groups production of liquefied coalbed gas is in Shanxi Qinshui Basin which boasts the richest liquefied coalbed gas,while its distribution network extends to Shanxi,Guangxi and Gu

25、angdong Provinces,etc.In order to stabilise our natural gas supply and hence raise the utilisation of our liquefied natural gas(“LNG”)plant,the Group has made significant investment in resources exploration and exploitation at the coalbed methane blocks located in Yangcheng,Shanxi since July 2011.Th

26、e Group had successfully supplied gas to the LNG plant.The commercial production of coalbed gas has transformed our Group into a vertically integrated natural gas company and continued to enhance our leading position in Chinas unconventional gas market.The Group will adhere to the principle of“socia

27、l responsibility is of overriding importance”while exploring and developing in the new energy sector with an aim to provide the world with high-quality clean energy and keep improving and promoting the harmonious coexistence of man and nature.中國煤層氣集團有限公司及其附屬公司（統稱 本集團）目前在中國經營液化煤層氣生產及銷售業務。本公司於二零零二年七月在

28、開曼群島註冊成立為獲豁免有限公司，並根據百慕達一九八一年公司法（經修訂）於百慕達存續為獲豁免有限公司。本公司股份於二零零三年八月十二日初次在香港聯合交易所有限公司GEM（GEM）上市。本集團目前主要於中國從事天然氣開採、液化生產及銷售業務。本集團之總部設於天津。本集團的液化煤層氣生產則設於液化煤層氣氣源最豐富的山西沁水盆地，銷售業務覆蓋山西、廣西、廣東等地。為獲得更為穩定的天然氣供應以提高我們液化天然氣（液化天然氣）工廠的利用率，自二零一一年七月起，本集團於山西陽城的煤層氣田的資源勘探及開採方面作出大量投資，已實現向液化天然氣工廠供氣。煤層氣的商業生產已令本集團成為垂直一體化的天然氣公司，並繼

29、續增強我們在中國非常規天然氣市場的領先地位。本集團將本著 社會責任高於一切 的工作態度，努力在新能源領域不斷探索和發展，為人類提供優質的清潔能源，持續改善和促進人與自然的和諧共存。CHAIRMANS STATEMENT主席報告二零一九年年報 中國煤層氣集團有限公司7Dear Shareholders,I am pleased to present the audited financial results of the Group for the year ended 31 December 2019.OVERALL BUSINESS REVIEWAfter years of developm

30、ent,we have achieved the goal of turning ourselves into a vertically integrated natural gas producer with complete value chain businesses.We have established a complete business process covering Coalbed Methane(“CBM”)extraction,liquefaction,pipelines and highway transportation,distribution network a

31、nd technical services.The Group adjusted its business in 2018 by suspending the LNG business,but its CBM extraction and production business did not stop.As at 31 December 2019,we have completed the groundwork and drilling of 244 wells in the Yangcheng gas block which resulted in stable increase of t

32、he number of production wells and gas output.Due to suspension of production by the Qinshui Shuntai LNG plant,the developed natural gas would be delivered directly to customers by pipeline.EXTRACTION AND PRODUCTION BUSINESS REVIEWDuring 2019,the construction of new wells was somewhat affected by our

33、 focus on improving capabilities of production wells.As at 31 December 2019,we have completed the ground work and drilling of a total of 244 CBM wells,of which 199 wells were producing gas.The gas output volume of the existing production wells amounts to 850 cubic meters per day per well on average.

34、Thanks to the stable gas output in gas blocks,the Group has generated revenue,profit and cash flow from the business of exploitation of natural gas,and its profitability and cash flow position will be further improved as the number and capabilities of production wells further increase.各位股東：本人欣然呈報本集團

35、截至二零一九年十二月三十一日止年度之經審核財務業績。整體業務回顧經過多年的努力，我們已經實現了將自身打造為垂直一體化的具有完整產業鏈的天然氣生產商的目標，建立了包括煤層氣開採、液化、管道和公路運輸、終端分銷、技術服務等在內的一整套產業流程。本集團於2018年對業務進行了調整，停止了液化天然氣業務，但本集團之開採及生產煤層氣業務並沒有停止。截至二零一九年十二月三十一日，我們完成了陽城天然氣區塊244口井的地面施工及打井，生產井數量和出氣井產量穩步提升，由於沁水順泰液化天然氣工廠停產，所以開發之天然氣會直接由管道輸送至銷售客戶。開採及生產業務回顧雖然二零一九年很大部分精力都放在了提高生產井的產能上

36、，新井的建設受到一定程度的影響，截至二零一九年十二月三十一日止，本集團已累計完成了244口煤層氣井的地面施工及打井，其中，投產井數目為199口?，F有的可出氣井之平均單井出氣量可達每天850立方米。由於天然氣區塊出氣量穩定，天然氣開採業務獲得收益、溢利及現金流量，隨著生產井數量的增加和產能的進一步提升，本集團的盈利能力和現金流情況將進一步改善。CHAIRMANS STATEMENT主席報告CHINA CBM GROUP COMPANY LIMITED Annual Report 20198 8MARKETING BUSINESS REVIEWAfter years of development,

37、the Group has developed a diversified customer base comprising industrial,commercial and resident customers and established complete distribution channel and network.In addition,we have also taken different measures to maximise the profitability of our gas sale.In 2019,we used different sales mix an

38、d flexibly selected various equipment such as pipeline,cylinder group,gas station and skid-mounted equipment to sell gas to our customers.With commencement of the related work,we will be able to reduce the uncertainty in future natural gas sales and optimise our sales mix,i.e.shifting towards a bala

39、nced mix from a residential user dominated mix.EMPHASIS ON TECHNOLOGIES ADVANCEMENTIn order to ensure the smooth development of our exploration and production business and the continuous improvement of technologies,and to maintain our leading position in technological advancement,we actively worked

40、with research institutes to build and expand our professional technical team,so as to provide professional and advanced technical services to our exploration and liquefaction production business.In the future,we will be investing heavily in developing and advancing our CBM extraction technology and

41、techniques.ENVIRONMENTAL,SOCIAL AND CORPORATE RESPONSIBILITYAs a responsible corporation,the Group is committed to observing its environmental and social responsibility,in order to ensure sustainable development of its business.To the knowledge of the Directors,the Group has complied with all materi

42、al relevant applicable laws and regulations in relation to its business including employment and the environment.The Group encourages employees,customers,suppliers and other stakeholders to participate in environmental and social activities.The Company as a leading CBM company will seize opportuniti

43、es to grow our CBM business on a long term sustainable basis.市場營銷業務回顧經過多年的經營，本集團已經積累了包括工業、商業和居民使用者在內的多種客戶群，形成了完善的銷售管道和終端，此外，我們亦已採取多項不同的措施來盡可能地改善我們天然氣銷售的利潤率。在二零一九年，我們通過不同的銷售組合，靈活選擇管道、瓶組、加氣站、撬裝等設備向客戶銷售天然氣。隨著相關工作進一步推進，我們將能夠降低未來天然氣銷售中的不確定性，並優化我們的銷售組合（即由居民用戶主導的組合轉變為一個更為均衡的組合）。注重技術升級為確保我們的開採及生產業務得以順利發展、專業

44、技術能夠不斷提升及保持技術領先的地位，我們積極開展和相關科研院校的合作，建立和擴充我們專業的技術團隊，為開採和液化生產業務提供專業、先進的技術服務。未來我們仍將投入大量資金來開發及提升我們的煤層氣開採技術及方法。環境、社會及企業責任作為一間負責任之企業，本集團致力履行其環境及社會責任，以確保其業務可持續發展。就董事所知，本集團已遵守所有與其業務有關且屬重大之相關適用法例及法規（包括就業及環境）。本集團亦鼓勵僱員、客戶、供應商及其他權益人參與環境及社會活動。本公司作為一間領先的煤層氣公司將把握機會推動其煤層氣業務長期持續增長。CHAIRMANS STATEMENT主席報告二零一九年年報 中國煤層

45、氣集團有限公司9PERMITTED INDEMNITY PROVISIONThe bye-laws provide that the directors shall be indemnified out of the assets and profits of the Company from and against all actions,costs,charges,losses,damages and expenses which they or any of them shall or may incur or sustain by or by reason of any act don

46、e,concurred in or omitted in or about the execution of their duty,or supposed duty,in their respective offices.The Company has taken out and maintained directors liability insurance which provides appropriate cover for the directors and directors of the subsidiaries of the Group.OUTLOOKAt present,de

47、mand for natural gas is increasing in China with huge growth potential.As pollution is worsening in China,governments at all levels are placing more emphasis on development of clean energy,which shows great potential in further development,recognizing the rising advocacy of safer especially under th

48、e recent nuclear power crisis and cleaner energy.However,the existing conventional natural gas production is unlikely to satisfy Chinas strong demand of natural gas in the coming years;and we believe that it is inevitable that the PRC government would need to encourage the unconventional gas product

49、ion.With all the favourable policies and measures in place,there is no doubt that the Company,as a leading CBM company,will gain major benefits.We will seize this opportunity to grow our CBM business on a long term sustainable basis and would try our very best to maximize our shareholders investment

50、 return.To carry through the Groups spirit of advancement by innovation,the Group has since the beginning of 2017 commenced the research and development(R&D)on natural gas production by coal.The Group has entered into in-depth strategic cooperation with Institute of Process Engineering under Chinese

51、 Academy of Sciences on projects of researching,developing and commercializing the natural gas production by coal.The Group has commenced the process of commercialized design in the second half of 2019 and small-scale production is expected to start in the second half of 2020.In addition,the Group p

52、lans to realize the daily output to 350,000 cubic meters at the end of 2020 and realize the daily output to 850,000 cubic meters by the mid of 2021.The Groups wells and projects of natural gas production by coals are expected to provide stable natural gas supply to its LNG plants in the second half

53、of 2020.Therefore,the Group expects the LNG business to resume operation in second half of 2020.獲準許之彌償條文公司細則規定，如董事在執行其各自職務之職責或假定職責或與此相關之事務時因所作出、發生之任何行為或不作為而應會或可能招致或蒙受訴訟、成本、費用、損失、損害及開支，則彼等或彼等任何一方均應自本公司之資產及溢利中獲彌償一切有關之款項。本公司已購買並維持董事責任保險，為董事及本集團附屬公司之董事提供適當保障。展望目前中國的天然氣需求不斷增長，市場潛力巨大。隨著國內污染情況的加劇，各級政府對發展清潔

54、能源的重視程度也與日俱增，顯示其進一步發展的潛力巨大，反映出市場對更安全（特別是經歷最近的核能源危機後）及潔淨能源的需求逐漸增加。然而，現有的常規天然氣產量不大可能滿足未來數年中國對天然氣的強勁需求；我們相信中國政府勢必會鼓勵非常規天然氣的生產。隨著各種優惠政策及措施的出臺，本公司作為領先的煤層氣公司無疑將會獲得重大利好。我們將緊抓這個機會推動煤層氣業務的長期持續增長，並將竭盡所能，力求最大程度地提升我們股東的投資回報。為貫徹本集團創新進步的精神，本集團自2017年起自主研發煤制天然氣項目，已經與中國科學院過程研究所達成深度戰略合作，共同研究開發並產業化煤製天然氣項目。本集團已於二零一九年下半

55、年開始產業化設計階段，預計2020年下半年實現小規模投產，更計劃於二零二零年年未實現產能日產35萬方，二零二一年中實現日產85萬方。預期2020年下半年本集團的井口自產氣與煤製天然氣能給予液化天然氣工廠穩定的天然氣供應，所以本集團估計液化天然氣業務將於2020年下半年重新起動。CHAIRMANS STATEMENT主席報告CHINA CBM GROUP COMPANY LIMITED Annual Report 20191010Lastly,I would like to take this opportunity to thank our team for all their hard wo

56、rk in the past years for turning the Group a better enterprise than I have ever seen.Going forward,I believe that our team will pay more efforts in making the Group a leading enterprise in Chinas CBM industry and other innovative industries.Wang Zhong ShengChairman11 May 2020最後，本人藉此機會，感謝我們的團隊在過去數年中為

57、推動本集團不斷進步而付出的辛勤努力。展望未來，我相信我們的團隊必會加倍努力，將本集團打造為中國煤層氣及其他創新行業的領先企業。王忠勝主席二零二零年五月十一日MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析二零一九年年報 中國煤層氣集團有限公司11FINANCIAL REVIEWThe Group recorded a consolidated turnover of approximately RMB168,229,000 for the year ended 31 December 2019,representing a slightly increase

58、 of approximately 0.08%compared with year ended 31 December 2018.It is mainly due to(1)the stable output volume of the coalbed methane wells in our coalbed methane blocks located in Yangcheng;(2)however,the decrease of 100%in sales of liquefied coalbed gas set off the increase of the sales of gas su

59、pply connection services.The Group recorded a loss attributable to equity shareholders of the Company for the year ended 31 December 2019 of approximately RMB63,510,000 compared with that of approximately RMB105,686,000 for the year ended 31 December 2018.The decrease in loss attributable to equity

60、shareholders of the Company are mainly due to(i)the written off of property,plant and equipment and other receivable decreased by RMB22,767,000 compared with 2018;(ii)a significant decrease in impairment loss under expected credit loss model,net of RMB28,118,000 compared with 2018.財務回顧本集團於截至二零一九年十二月

61、三十一日 止 年 度 錄 得 綜 合 營 業 額 約 人 民 幣168,229,000元，較截至二零一八年十二月三十一日止年度輕微增加約0.08%。主要由於(1)位於陽城的煤層氣田的煤層氣井產量穩定；(2)然而，液化煤層氣之銷售下跌100%，抵銷了供氣接駁服務銷售的增幅。本集團於截至二零一九年十二月三十一日止年度錄得本公司權益股東應佔虧損約人民幣63,510,000元，而截至二零一八年十二月三十一日止年度則約為人民幣105,686,000元。本公司權益股東應佔虧損減少主要由於(i)物業、廠房及設備撇銷及其他應收款項較二零一八年減少人民幣22,767,000元；(ii)預期信貸虧損模型下減值虧損

62、淨額較二零一八年大幅下跌人民幣28,118,000元。MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析CHINA CBM GROUP COMPANY LIMITED Annual Report 201912BUSINESS REVIEW AND DEVELOPMENT PROSPECTSResources and reservesYangcheng Huiyang New Energy Development Company Limited(hereinafter referred to as“Huiyang New Energy”)has interest

63、 in certain CBM properties located at Shanxi Province,the PRC.The Yangcheng area is approximately 96 km2 in the Shanxi Province,the PRC.Development within the Yangcheng gas block is focused on the#3 and#15 coal seams.These CBM properties are located at various coal mine areas owned by Shanxi Yangche

64、ng Yangtai Group Industrial Company Limited.Huiyang New Energy is a joint venture company and 60%of its equity interests is held by one of the wholly-owned subsidiaries of the Group.The movements in the reserves of certain CBM properties as of 31 December 2019 are set out below:Reserveevaluationof t

65、he CBMpropertiesas at31 December 2019BCF於二零一九年十二月三十一日的煤層氣資產儲量評估十億立方英呎Reserveevaluationof the CBMpropertiesas at31 March 2012BCF於二零一二年三月三十一日的煤層氣資產儲量評估十億立方英呎 Total original gas in place on all blocks所有區塊的原始天然氣地質總含量1,9362,724Net 1P(Proved)reserves已證實(1P)淨儲量1,08935Net 2P(Proved+Probable)reserves已證實加概略(2

66、P)淨儲量1,547277Net 3P(Proved+Probable+Possible)reserves已證實加概略加可能(3P)淨儲量1,9362,050 The change in the 1P,2P and 3P is based on the professional advice by the Engineer of our Group.業務回顧及發展前景資源及儲量陽城縣惠陽新能源發展有限公司（下稱 惠陽新能源）於位於中國山西省的若干煤層氣資產擁有權益。陽城地區位於中國山西省，面積約96平方公里。陽城天然氣區塊主要開發3號和15號煤層。該等煤層氣資產位於山西陽城陽泰集團實業有限公司

67、擁有的多個煤礦區域內?；蓐栃履茉礊橐婚g合營企業，其60%股本權益由本集團其中一間全資附屬公司持有。若干煤層氣資產截至二零一九年十二月三十一日的儲量變化於下文載列：(1P),(2P)及(3P)的變更乃基於本集團工程師的專業意見。MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析二零一九年年報 中國煤層氣集團有限公司13The reserve evaluation of the CBM properties as at 31 March 2012 is the results of evaluation conducted by an independent,US

68、-licensed natural gas reserve engineer,Netherlands,Sewell&Associates,Inc.(“NSAI”)engaged by the Company in 2011 to evaluate the CBM properties reserves.Due to continued development of the gas field blocks by the Company,the number and scope of the gas production wells are relatively increased as com

69、pared with that of 2012,enabling the Company to collect more data about the CBM properties to evaluate the CBM properties more accurately.Accordingly,the Company engaged an independent professional valuer in the PRC in July 2014 to evaluate certain CBM properties of“Huiyang New Energy”in terms of ne

70、t 3P(Proved+Probable+Possible)reserves,net 2P(Proved+Probable)reserves and net 1P(Proved)reserves based on substantially the same definitions and guidelines as that of NSAI in 2012.According to the results of the evaluation,the total original gas in place on all blocks was generally unchanged as com

71、pared with that of NSAI in 2012.Based on the current costs for developing wells,the technical department of the Group estimates the capital expenditure for each well to be approximately RMB1.4 million,mainly comprising of road maintenance fees of approximately RMB0.09 million,drilling expenses of ap

72、proximately RMB0.86 million,well testing fees of approximately RMB0.04 million and costs of equipment and materials of approximately RMB0.41 million.Gas volumes are expressed in billion of cubic feet(BCF)at standard temperature and pressure bases.The reserves shown in the above table are estimates o

73、nly and should not be construed as exact quantities.Proved reserves are those quantities of oil and gas which,by analysis of engineering and geoscience data,can be estimated with reasonable certainty to be commercially recoverable;probable and possible reserves are those additional reserves which ar

74、e sequentially less certain to be recovered than proved reserves.Estimates of reserves may increase or decrease as a result of market conditions,future operations,changes in regulations,or actual reservoir performance.二零一二年三月三十一日的煤層氣資產儲量評估是本公司於二零一一年委聘獨立美國持牌天然氣儲量工程師Netherlands,Sewell&Associates,Inc.（

75、NSAI）對煤層氣資產儲量的評估結果。由於氣田區塊得到本公司的持續發展，產氣井口數量及範圍比二零一二年相對地提高，這促使本公司能夠搜集更多煤層氣資產的數據，藉此對煤層氣資產作出更準確的評估。所以本公司於二零一四年七月已聘請中國境內之獨立專業評估機構對 惠陽新能源 的若干煤層氣資產作出以上對於已證實加概略加可能（3P）淨儲量、已證實加概略（2P）淨儲量和已證實（1P）淨儲量的評估，而評估的定義及指引與二零一二年NSAI之定義及指引大致相同。根據評估的結果，所有區塊的原始天然氣地質總含量與二零一二年NSAI之評估大致沒有變動。根據本集團技術部門以目前開發井口成本計算，預計每一口井的資本支出約人民幣

76、140萬元，主要包括道路維修費用約人民幣9萬元、鑽井費用約人民幣86萬元、測試井口費用約人民幣4萬元及設備材料費用約人民幣41萬元。天然氣儲量乃按標準溫度及壓力以十億立方英呎（BCF）表示。上表所載的儲量僅為估計之數，不應當作實際數量。已證實儲量為透過分析工程及地質數據可合理肯定可作商業性採收而加以估計的石油及天然氣數量；概略及可能儲量為可採收機會依次低於已證實儲量的額外儲量。儲量估計可能因市況、未來營運、監管變動或實際儲層情況而增加或減少。MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析CHINA CBM GROUP COMPANY LIMITED Ann

77、ual Report 201914Natural Gas Exploration and ExtractionAs at 31 December 2019,the Group has completed the ground work and drilling of 244 CBM wells,among which 199 wells were in production,representing no change in number of wells compared with the number of wells at the end of 2018.The existing gas

78、 output wells produce approximately 850 cubic meters of gas on average per day.Marketing and SalesDuring 2019,the marketing and sales systems did not change significantly and the personnel structure and sales strategies basically remained the same.Affected by overall environment,the sales price duri

79、ng traditional peak periods did not represent a substantial increase as the previous year,by contrast,the sales price took on a descending trend,which,to some extent,has affected the sales performance.Liquidity,Financial Resources and Capital StructureAs at 31 December 2019,the Group had net assets

80、of approximately RMB153,143,000,including cash and bank balances of approximately RMB18,265,000.To minimize financial risks,the Group implements stringent financial and risk management strategies and avoids the use of highly-geared financing arrangements.The Groups gearing ratio,calculated by the Gr

81、oups total external borrowings divided by its shareholders fund,was approximately 45.69%as at 31 December 2019(2018:28.61%).The Group is opportunistic in obtaining financing to further improve the cash position given that the natural gas drilling program is capital intensive.If the Group has adequat

82、e financing in the future(whether it is from internal cash flow due to increased gas sales,or from fund raising),the Group will accelerate the drilling program.Apart from the intended investment in upstream CBM exploration and extraction,the Group does not have any other plan for acquisition or inve

83、stment,disposal or scale-down of any current business.天然氣勘探及開採於二零一九年十二月三十一日，本集團已完成了244口煤層氣井的地面施工及打井，其中，投產井數目為199口，比二零一八年沒有增加井口數目?，F有的可出氣井之平均單井出氣量約為每天850立方米。市場營銷及銷售業務於二零一九年，市場營銷及銷售業務系統並無重大變動及員工結構及銷售策略基本維持一致。受整體經濟環境影響，銷售價格於傳統高峰期並未如往年般大幅上升，相反，銷售價格呈下調的勢頭，某程度上影響銷售表現。流動資金、財務資源及資本結構於 二 零 一 九 年 十 二 月 三 十 一 日

84、，本 集團的資產淨值約為人民幣153,143,000元，其中包括現金及銀行結存約人民幣18,265,000元。本集團為減低其財務風險，採取謹慎的財務及風險管理策略，盡量避免使用高槓桿比率之融資安排。故此，本集團於二零一九年十二月三十一日之資本與負債比率（按本集團對外借貸總額除以其股東資金計算）約為45.69%（二零一八年：28.61%）。由於天然氣打井項目需要大量資金，本集團有可能為進一步改善現金狀況獲得融資。倘本集團於日後擁有充足融資（無論是來自內部現金流量（因天然氣銷量增長）或者來自集資），本集團將加快打井項目進程。除擬於上游煤層氣勘探及開採進行投資外，本集團並無任何其他計劃進行收購事項或

85、投資、出售或縮減目前的業務規模。MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析二零一九年年報 中國煤層氣集團有限公司15The EmployeesAs at 31 December,2019,the employees of the Group totaled 348,among which 11 were R&D staff and 197 were project and customer service staff;119 were administration staff and 21 were marketing and sales staff.

86、During the year,the total cost of staff(including the remuneration of the Board Directors)recognised in profit or loss account was approximately RMB21,182,000(2018:approximately RMB23,221,000).The remuneration and salary packages and dividend policy of the Group were determined based on the individu

87、al performance of staff.The Group will continue to offer professional further studies and training to staff.Impairment of Property,Plant and Equipment and Right-of-use AssetsDuring the year ended 31 December 2018,due to obsolescence,an impairment loss of approximately RMB39,090,000 was recognised in

88、 respect of certain property,plant and equipment included in the Shanxi Qinshui CGU.During the year ended 31 December 2019,in arriving at the carrying amount of YangChang Huiyang CGU for impairment assessment of the CGU(see below),certain property,plant and equipment amounted to approximately RMB9,0

89、50,000(2018:RMB23,817,000)was written off due to wear and tear.In view of the continuing operating losses of certain subsidiaries operating in the PRC during the year ended 31 December 2019,the directors of the Company have performed impairment assessment on property,plant and equipment and right-of

90、-use assets(upon application of HKFRS 16)or prepaid land lease payment(before application of HKFRS 16)in these subsidiaries based on cash-generating units as at 31 December 2019.As a result of the impairment assessment of the CGUs,a further impairment loss of approximately RMB40,637,000 in aggregate

91、 had been recognised in respect of property,plant and equipment.Details are set out in Note 16 to the consolidated financial statements.僱員於二零一九年十二月三十一日，本集團共僱用348名僱員，其中研發人員11名及工程和客服人員197名；行政管理人員119名及市場營銷及銷售人員21名。於年內，員工總成本（包括董事酬金）於損益賬確認約人民幣21,182,000元（二零一八年：約人民幣23,221,000元）。酬金及薪酬組合及本集團股息政策乃根據僱員個人表現釐定。

92、本集團將繼續為僱員提供專業進修及培訓。物業、機器及設備減值於截至二零一八年十二月三十一日止年度，因陳舊而就山西沁水現金產生單位包含的若干物業、機器及設備確認減值虧損約人民幣39,090,000元。於截至二零一九年十二月三十一日止年度，就現金產生單位之減值評估（見下文）計算陽城惠陽現金產生單位之賬面值時，金額約人民幣9,050,000元（二零一八年：人民幣23,817,000元）的若干物業、機器及設備因損耗而撇銷。鑒於截至二零一九年十二月三十一日止年度於中國經營的若干附屬公司的持續經營虧損，本公司董事已於二零一九年十二月三十一日根據現金產生單位就該等附屬公司之物業、機器及設備及使用權資產（應用香

93、港財務報告準則第16號後）或預付土地租金（應用香港財務報告準則第16號前）進行減值評估。因現金產生單位減值評估的結果，於截至二零一九年十二月三十一日止年度，已就物業、機器及設備確認進一步減值虧損合共約人民幣40,637,000元。詳情載於綜合財務報表附註16。MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析CHINA CBM GROUP COMPANY LIMITED Annual Report 201916Risk in Foreign ExchangeThe group entities collect most of the revenue and i

94、ncur most of expenditures in their respective functional currencies.The Directors consider that the Groups exposure to foreign currency exchange is insignificant as the majority of the Groups transactions are denominated in the functional currency of each individual group entity.Significant Investme

95、nt,Material Acquisitions and Disposal of Subsidiaries and Associated CompaniesDuring the year ended 31 December 2019,there was no significant investment,material acquisition and disposal of subsidiaries and associated companies by the Company.CHARGES ON GROUP ASSETSAs at 31 December 2019,bank borrow

96、ings of RMB30,000,000 were secured by the Groups exclusive right for piped natural gas operation in Beiliu City,Guangxi Zhuang Autonomous Region.As at 31 December 2019,the Groups shareholding in Shanxi Qinshui and Yangcheng Huiyang and the Groups property,plant and equipment with carrying amount of

97、approximately RMB88,197,000 were pledged as security for lease liabilities of the Group.CONTINGENT LIABILITIESAs at 31 December 2019,the Group had no material contingent liabilities.外匯風險集團實體各自收取的大部份收益及產生的大部份開支均以其各自的功能貨幣計值。董事認為，由於本集團大部份交易以個別集團實體各自的功能貨幣計值，故本集團所面臨的外匯風險並不重大。重大投資、重大收購及出售附屬公司及聯營公司截至二零一九年十

98、二月三十一日止年度，本公司並無作出任何重大投資、重大收購及出售附屬公司及聯營公司。集團資產抵押於二零一九年十二月三十一日，人民幣30,000,000之銀行借貸乃由本集團之中國廣西壯族自治區北流市經營管道天然氣業務之獨家權利抵押。於二零一九年十二月三十一日，本集團於山西沁水和陽城惠陽的股權及本集團賬面值約人民幣88,197,000元之物業、機器及設備已獲質押，作為本集團租賃負債的抵押?；蛉回搨抖阋痪拍晔氯蝗?，本集團並無重大或然負債。MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析二零一九年年報 中國煤層氣集團有限公司17OUTLOOKThe ups

99、tream business of the Company is improving steadily and the well construction and gas output are both increasing constantly.During 2017,the Company made technological upgrade to some old wells to improve production capacity and output,laying a solid foundation for the Companys long-term performance.

100、However,the shortage in supply of raw gas kept handicapping the Company.Daily gas output of the upstream business was insufficient to allow the 500,000 cubic meters daily production capacity of liquefaction plants to be fully unleased.In view of this,the Group commenced the R&D on synthetic natural

101、gas production in 2017,and invited Institute of Process Engineering under Chinese Academy of Sciences to provide guidance on project testing.As at the date of this report,the experiment on synthetic natural gas production was successfully completed.The Group has commenced the process of commercializ

102、ed design in the second half of 2019 and small-scale production is expected to start in the second half of 2020.In addition,the Group plans to realize the daily output to 350,000 cubic meters at the end of 2020 and realize the daily output to 850,000 cubic meters by the mid of 2021.The Group also pl

103、ans to resume its LNG project second half of 2020,as the number of upstream wells and gas output are both steadily increasing,the group successfully developed synthetic natural gas production and LNG price stabilized.The Groups raw gas supply will be further consolidated and the advantage of vertica

104、l integration business will emerge.The production capacity of liquefaction plants will be fully unleashed.In 2019,thanks to the stable supply from self-produced well gas,the Company will be gradually less affected by external factors and the uncontrollable risks involved in the operation of the Comp

105、any will become less.As there are growing concerns over the environmental issues,it is foreseen that the highly-polluted energy will be eliminated from the market more rapidly and the use of replaceable clean energy will be more popular,resulting in a keener market demand for natural gas.The demand

106、growth of natural gas market will continue to retain its strong momentum.Management of the Company will spare no effort in overcoming difficulties and be devoted to making contribution to the Companys profit margin and long-term development.前景本公司之上游業務正穩定提升及井口建設及出氣量亦不斷提升。於二零一七年，本公司對若干舊井作出技術升級以改善產能及產量

107、，為本公司長期表現打下穩固基礎。然而未加工天然氣供應短缺問題一直困擾本集團，上游業務之每日出氣量不足以完全釋放液化工廠每日50萬立方米的產能。本集團有見及此，於二零一七年開始自主研發合成天然氣項目，更引入中國科學院過程工程研究所在項目試驗上做指導。截至本報告日，合成天然氣項目試驗已經成功完成，本集團已於二零一九年下半年開始產業化設計階段，預計2020年下半年實現小規模投產，更計劃於二零二零年年未實現產能日產35萬方，二零二一年中實現日產85萬方。隨著上游井口及出氣量的穩定增加，及合成天然氣的開發成功，本集團將計劃於二零二零年下半年重新啟動液化天然氣項目。由於本集團的未加工天然氣供應將進一步鞏固

108、及本集團垂直一體化業務的協同優勢將展現，而液化工廠的產能將完全釋放。隨著二零一九年井口自產天然氣的穩定供應，本集團將逐漸減少受外來因素的影響，同時本集團營運中不能控制的風險亦將會減少。隨著大眾日益關注環境問題，預期高污染能源將更快被市場淘汰，使用可替代潔淨能源將更普及，使天然氣市場需求更殷切，天然氣市場的需求將維持強勁的增長勢頭。本公司管理層將全力克服困難，致力為本公司利潤率及長期發展作出貢獻。CORPORATE GOVERNANCE REPORT企業管治報告CHINA CBM GROUP COMPANY LIMITED Annual Report 201918CORPORATE GOVERN

109、ANCE PRACTICES(a)Application of Corporate Governance PrinciplesThe Group is committed to promoting good corporate governance,with the objectives of(i)the maintenance of responsible decision making,(ii)the improvement in transparency and disclosure of information to shareholders,(iii)the continuance

110、of respect for the rights of shareholders and the recognition of the legitimate interests of shareholders,and(iv)the improvement in crisis management and the enhancement of performance by the Group.The Group has applied the principles set out in the Corporate Governance Code(the“Code”)contained in A

111、ppendix 15 to the GEM Listing Rules with these objectives in mind.(b)Promulgation of Companys Corporate Governance CodeTo this end,the Group has promulgated a set of code on corporate governance(the“Company Code”)which sets out the corporate standards and practices used by the Group to direct and ma

112、nage its business affairs.It is prepared by reference to the principles,code provisions and recommended best practices set out in the Code,which came into effect on 1 January 2005.In addition to formalising existing corporate governance principles and practices,the Company Code also serves the purpo

113、se of assimilating existing practices with benchmarks prescribed by the Code and ultimately ensuring high transparency and accountability to the Groups shareholders.(c)Compliance of Company Code and the code provisions under the Code(the“Code Provisions”)The Group has complied with all provisions in

114、 the Company Code and the Code Provisions under the Code during the year ended 31 December 2019 save for code provisions A.2.1 and A.4.1 of the Code,details of the derivation and reason for derivation are set out in the paragraphs headed“Chairman and Chief Executive”and“Appointment term of Non-execu

115、tive Directors”of this corporate governance report.The Company Code contains all the Code Provisions of the Code and other provisions.企業管治常規(a)應用企業管治原則本集團致力提高企業管治水平，宗旨在於(i)維持負責任的決策、(ii)改善對股東的透明度及向股東披露的資料、(iii)貫徹一向對股東權益的尊重及股東的合法權益的認同，及(iv)改善危機管理，提升本集團表現。在此等宗旨下，本集團已應用GEM上市規則附錄十五所載 企業管治守則（守則）中的原則。(b)頒佈

116、本公司的企業管治守則本集團為此頒佈一套企業管治守則（公司守則），載列集團在指導及管理其商業事務時所採用的企業準則及常規。公司守則在編製時已參考由二零零五年一月一日起生效的守則內所載的原則、守則條文及建議最佳常規。除訂定現有企業管治原則及常規外，公司守則亦將現有常規及守則所規定的基準兼收並蓄，最終確保高透明度及向集團股東負責。(c)公司守則及守則之守則條文（守則條文）的遵行本集團已於截至二零一九年十二月三十一日止年度遵守公司守則之所有條文及守則之守則條文，惟守則之守則條文第A.2.1條及A.4.1條除外。偏離之詳情及理由載於本企業管治報告主席及行政總裁 及 非執行董事之任期 各段。公司守則包括守

117、則內之所有守則條文以及其他條文。CORPORATE GOVERNANCE REPORT企業管治報告二零一九年年報 中國煤層氣集團有限公司19SECURITIES TRANSACTIONS BY DIRECTORSThe Company has adopted a code of conduct regarding Directors securities transactions on terms no less exacting than those as set out in Rules 5.48 to 5.67 of the GEM Listing Rules.Having made s

118、pecific enquiry of all Directors,all Directors have complied with the required standard of dealings and code of conduct regarding securities transactions by Directors as set out in the Companys code of conduct for the year 2019.BOARD COMPOSITION,ROLE AND FUNCTIONThe Board is entrusted with the overa

119、ll responsibility for promoting the success of the Company through direction and supervision of the Companys business and affairs.The Board comprises a total of eight Directors,comprising two executive Directors,namely,Mr.Wang Zhong Sheng(Chairman),and Mr.Chang Jian,three non-executive directors,nam

120、ely,Mr.Liang Feng,Mr.Wang Chen and Mr.Wu Kun and three independent non-executive Directors,namely,Mr.Xu Yuan Jian,Mr.Wang Zhi He and Mr.Lau Chun Pong.Mr.Lau Chun Pong has appropriate professional qualifications,accounting and financial management expertise as required under the GEM Listing Rules.Eac

121、h of the independent non-executive Directors has made an annual confirmation of independence pursuant to Rule 5.09 of the GEM Listing Rules.The Company is of the view that all Independent Non-executive Directors meet the independence guidelines set out in Rule 5.09 of the GEM Listing Rules and are i

122、ndependent in accordance with the terms of the guidelines.The Company has complied with Rules 5.05(1),5.05(2)and 5.05A of the GEM Listing Rules.During the year ended 31 December 2019,there were three independent non-executive Directors in the Board and the number of independent non-executive Directo

123、rs represents at least one-third of the Board.The Company has also complied with Rule 5.05(2)of the GEM Listing Rules,which stipulates that one of the independent non-executive Directors must possess appropriate professional qualifications or accounting or related financial management expertise.The

124、Board considers that the independent non-executive Directors are all independent persons with appropriate qualifications or expertise and the Company has complied with the relevant requirements of the GEM Listing Rules.董事進行證券交易本公司已採納一項董事進行證券交易之操守守則，其條款標準不低於GEM上市規則第5.48條至5.67條所載之董事進行證券交易之操守守則。經向全體董事提

125、出具體徵詢，所有董事於截至二零一九年度內均有遵守本公司操守守則所列示有關董事進行證券交易之規定買賣準則及操守守則。董事會組成、角色及職能董事會負責本公司業務及事務的整體領導與監管，促成本公司的成功。董事會由八名董事組成，其中兩名屬執行董事，包括王忠勝先生（主席）及常建先生，三名非執行董事，包括梁峰先生，王琛先生及鄔昆先生及另外三名屬獨立非執行董事，包括徐願堅先生、王之和先生及劉振邦先生。劉振邦先生擁有GEM上市規則所要求之適當專業資格及具備會計及財務管理專業知識。各獨立非執行董事已按GEM上市規則第5.09條作出年度獨立性確認。本公司認為，全部獨立非執行董事均已符合GEM上市規則第5.09條所

126、載的獨立性指引，並根據該指引的條款屬獨立人士。本公司已遵守GEM上市規則第5.05(1)條、第5.05(2)條及第5.05A條。截至二零一九年十二月三十一日止年度，董事會有三名獨立非執行董事，獨立非執行董事人數佔董事會至少三分之一。本公司亦已遵守GEM上市規則第5.05(2)條，該條規定，其中一名獨立非執行董事必須具備適當的專業資格或者會計或相關財務管理專長。董事會認為，獨立非執行董事均屬具備適當資格或專長的獨立人士且本公司已遵守GEM上市規則的相關規定。CORPORATE GOVERNANCE REPORT企業管治報告CHINA CBM GROUP COMPANY LIMITED Annua

127、l Report 201920Corporate Governance FunctionsThe Board is responsible for performing the corporate governance functions set out in code provision D.3.1 of the Code.In 2019,the Board has reviewed and monitored:(a)the Companys corporate governance policies and practices,(b)training and continuous prof

128、essional development of directors and senior management,(c)the Companys policies and practices on compliance with legal and regulatory requirements,(d)the Companys code of conduct and(e)the Companys compliance with the Code disclosure requirements.Appointment Term of Non-executive DirectorsUnder cod

129、e provision A.4.1 of the Code,non-executive directors should be appointed for a specific term,subject to re-election.Currently,the independent non-executive Directors have no fixed term of office but are subject to retirement by rotation at annual general meetings of the Company in accordance with t

130、he Companys Articles of Association.As such,the Company considers that sufficient measures have been taken to serve the purpose of this code provision.Roles of DirectorsThe Board assumes responsibility for leadership and control of the management of the Company and is collectively responsible for ap

131、pointing and supervising senior management to ensure that the operations of the Group are conducted in accordance with the objectives of the Group.The principal roles of the Board are:to lay down the Groups objectives,strategies,policies and business plans;to monitor and control operating and financ

132、ial performance through the determination of the annual budget;and to formulate internal control policies and set appropriate policies to manage risks in pursuit of the Groups strategic objectives.The Board is directly accountable to the shareholders and is responsible for preparing the accounts.企業管

133、治職能董事會負責履行守則的守則條文第D.3.1條所載的企業管治職能。於二零一九年，董事會已檢討及監察：(a)本公司的企業管治政策及常規；(b)董事及高級管理層的培訓及持續專業發展；(c)本公司遵守法律及法規規定的政策及常規；(d)本公司的操守守則；及(e)本公司遵守守則披露規定的情況。非執行董事之任期根據守則之守則條文第A.4.1條，非執行董事應有固定任期，並須接受重選。目前，獨立非執行董事並無固定任期，惟須根據本公司之公司組織章程細則於本公司股東週年大會上輪值告退。因此，本公司認為已就達致本守則條文之目的採取足夠措施。董事角色董事會肩負領導及監控本公司管理層的責任，同時集體負責委任及監督高級

134、管理層，以確保本集團之營運符合本集團之目標。董事會的主要角色為：制定本集團的目標、策略、政策及業務計劃；通過釐定每年財政預算，監察及控制營運及財務表現；及 制定內部管制政策及制定適當的風險管理政策，以達致本集團的策略目標。董事會直接向股東負責，並負責編製賬目。CORPORATE GOVERNANCE REPORT企業管治報告二零一九年年報 中國煤層氣集團有限公司21Delegation by the BoardThe Board has delegated the day-to-day management responsibility to the management staff unde

135、r the instruction/supervision of the Board.The management staff of the Company are principally responsible for:1.exercising all such other powers and perform all such other acts as may be exercised and performed by the Directors,save and except for those that may specifically be reserved by the Boar

136、d and/or the committees set up by the Board for decision and implementation;or those that may only be exercised by the Board pursuant to the Articles of Association,the GEM Listing Rules and other applicable laws and regulations;2.formulating and/or implementing policies for business activities,inte

137、rnal controls and administration of the Company;3.planning and deciding the Companys strategies on its business activities;and4.keeping proper written records of its decisions taken which may be inspected by any members of the Board or the Board committees upon request.The Board will review the abov

138、e arrangements on a periodic basis to ensure that they remain appropriate to the needs of the Group.Chairman and Chief ExecutiveUnder the code provision A.2.1 of the Code,the roles of the chairman and chief executive should be separate and should not be performed by the same individual.Prior to the

139、retirement of Mr.Feng San Li on 26 November 2012,Mr.Feng San Li was holding the title of CEO.Mr.Wang Zhong Sheng is the chairman of the Board.After Mr.Fengs retirement,Mr.Wang Zhong Sheng continues to act as the chairman and the duties of the chief executive have been undertaken by the other executi

140、ve Director.The Board meets regularly to consider major matters affecting the business and operations of the Group.The Board considers that this structure will balance the power and authority between the Board and management and believes that this structure enables the Group to make and implement de

141、cision promptly and efficiently.董事會授權董事會授權管理層人員在董事會的指示監察下，履行日常管理職責。本公司之管理人員主要負責：1.行使董事可行使的其他所有權力及進行董事可進行的其他所有行動（指定由董事會及或董事會成立的委員會負責決定及執行的事務，或根據公司組織章程細則、GEM上市規則及其他適用法律及法規之規定，僅可由董事會負責處理的事務則除外）；2.制定及或執行有關本公司業務活動、內部監控及行政的政策；3.計劃及決定本公司業務策略；及4.保留各項決定的適當書面紀錄，以便董事會或各董事委員會的任何成員按要求查閱。董事會定期對上述安排作出檢討以確保其一直符合本集團

142、所需。主席及行政總裁根據守則之守則條文第A.2.1條，主席與行政總裁的職能應予區分，不應由同一人士兼任。於馮三利先生於二零一二年十一月二十六日退任前，本公司行政總裁為馮三利先生。王忠勝先生為董事會主席。於馮先生退任後，王忠勝先生繼續擔任主席，而行政總裁的職責已由其他執行董事承擔。董事會定期開會審議影響本集團業務及運作的主要事項。董事會認為現時該結構可維持董事會與管理層的權力與職權的平衡，並相信該結構能使本集團迅速有效地作出與執行決定。CORPORATE GOVERNANCE REPORT企業管治報告CHINA CBM GROUP COMPANY LIMITED Annual Report 20

143、1922BOARD OPERATIONRegular Board meetings are held normally every three months,with additional meetings arranged,if and when required.In 2019,the Board held 10 meetings.The attendance record of each member of the Board at board meetings and general meetings of the Company are set out below:Attendanc

144、e ofBoard MeetingsAttendance ofGeneral Meetings董事會會議出席率股東大會出席率 Executive Directors執行董事Mr.Wang Zhong Sheng(Chairman)10/101/1王忠勝先生（主席）Mr.Fu Shou Gang(resigned on 19 June 2019)3/31/1付壽剛先生（於二零一九年六月十九日辭任）Mr.Chang Jian(appointed on 19 June 2019)7/70/0常建先生（於二零一九年六月十九日獲委任）Non-Executive Directors非執行董事Mr.Lian

145、g Feng(appointed on 19 June 2019)7/70/0梁峰先生（於二零一九年六月十九日獲委任）Mr.Wang Chen(appointed on 19 June 2019)7/70/0王琛先生（於二零一九年六月十九日獲委任）Mr.Wu Kun(appointed on 19 June 2019)7/70/0鄔昆先生（於二零一九年六月十九日獲委任）Independent Non-executive Directors獨立非執行董事Mr.Lau Chun Pong10/101/1劉振邦先生Mr.Luo Wei Kun(retired on 27 May 2019)3/31/

146、1羅維崑先生（於二零一九年五月二十七日退任）Mr.Wang Zhi He10/101/1王之和先生Mr.Xu Yuan Jian(appointed on 23 August 2019)5/50/0徐願堅先生（於二零一九年八月二十三日獲委任）Note:Number of board meeting and general meeting held during the tenure of the Director董事會運作董事會一般會每三個月定期會面一次，並在有需要時另外安排會面。董事會於二零一九年曾舉行10次會議。各董事會成員出席本公司董事會會議及股東大會的紀錄如下：附註：董事任期內舉行董事

147、會會議及股東大會的次數CORPORATE GOVERNANCE REPORT企業管治報告二零一九年年報 中國煤層氣集團有限公司23Directors are free to contribute alternative views at meetings and major decisions would only be taken after deliberation at Board meetings.Directors who are considered having conflict of interests or material interests in the proposed

148、 transactions or issues to be discussed would not be counted in the quorum of meeting and would abstain from voting on the relevant resolution.All Directors have access to the company secretary who is responsible for ensuring that the Board procedures are complied with,and advising the Board on comp

149、liance matters.Directors DutiesEvery Director is required to keep abreast of his responsibilities as a director of the Company and of the conduct,business activities and development of the Company:A comprehensive directors handbook is issued to every Director,which sets out guidelines on conduct by

150、making reference to the relevant sections of the statutes or the GEM Listing Rules,and reminds Directors of their responsibilities in making disclosure of their interests and potential conflict of interests.Orientation programmes are organised for providing induction to new Directors to help them fa

151、miliarise with the Companys management,business and governance practices.Management provides appropriate and sufficient information to Directors and the committee members in a timely manner to keep them apprised of the latest development of the Group and enable them to discharge their responsibiliti

152、es.Directors also have independent and unrestricted access to senior executives of the Company.董事於會上可自由發表不同的意見，重要決定只會在董事會會議上進行討論後始作出。如董事在建議的交易或即將討論的事宜上被視為存在利益衝突或擁有重大權益，有關董事將不計入會議法定人數，並須就有關決議案放棄表決權。全體董事均可接觸公司秘書；公司秘書負責確保董事會程序得以遵守，並就守規事宜向董事會提供意見。董事職責每名董事須不時瞭解其作為本公司董事的職責，以及本公司的經營方式、業務活動及發展：每名董事均獲發給資料完備的

153、 董事手冊。董事手冊 透過引述成文法或GEM上市規則的有關章節提供操守指引，及提醒董事必須履行的責任，包括披露權益及潛在的利益衝突。為新任董事舉辦介紹公司的活動，提供就任須知，協助董事熟悉本公司的管理、業務及管治常規。管理層向董事及委員會成員適時提供恰當及充足資料，讓他們知悉本集團的最新發展，以便他們履行職責。董事亦可有獨立及不受限制的途經接觸本公司高級行政人員。CORPORATE GOVERNANCE REPORT企業管治報告CHINA CBM GROUP COMPANY LIMITED Annual Report 201924DIRECTORS CONTINUOUS PROFESSIONA

154、L DEVELOPMENT PROGRAMMEEach newly appointed director is provided with necessary induction and information to ensure that he has a proper understanding of the Companys operations and businesses as well as his responsibilities under the relevant statutes,laws,rules and regulations.Directors training i

155、s an ongoing process.During the year ended 31 December 2019,Directors are provided with monthly updates on the Companys performance,position and prospects to enable the Board as a whole and each Director to discharge their duties.In addition,all Directors are encouraged to participate in continuous

156、professional development to develop and refresh their knowledge and skills.The Company updates Directors on the latest development regarding the GEM Listing Rules and other applicable regulatory requirements from time to time,to ensure compliance and enhance their awareness of good corporate governa

157、nce practices.Attending seminar(s)or programme(s)/reading relevant materialsin relation to the business,GEM Listing Rulesor directors duties(Yes/No)Mr.Wang Zhong ShengYesMr.Fu Shou Gang(resigned on 19 June 2019)YesMr.Chang Jian(appointed on 19 June 2019)YesMr.Liang Feng(appointed on 19 June 2019)Yes

158、Mr.Wang Chen(appointed on 19 June 2019)YesMr.Wu Kun(appointed on 19 June 2019)YesMr.Lau Chun PongYesMr.Luo Wei Kun(retired on 27 May 2019)YesMr.Wang Zhi HeYesMr.Xu Yuan Jian(appointed on 23 August 2019)Yes董事的持續專業發展計劃向各新任董事提供必要的就任須知及資料以確保彼適當了解本公司的運營及業務以及其根據相關成文法、法律、規則及法規須承擔的責任。董事持續進行培訓。截至二零一九年十二月三十一日

159、止年度，每月向董事提供有關本公司表現、狀況及前景的最新情況以使董事會整體及各董事能夠履行其職責。此外，鼓勵所有董事參與持續專業發展以增進及更新其知識及技能。本公司不時向董事提供有關GEM上市規則及其他適用監管規定的最新進展情況，以確保遵守及增強關注良好企業管治常規。參與研討會或計劃閱覽與業務、GEM上市規則或董事職責有關的相關資料（是否）王忠勝先生是付壽剛先生（於二零一九年 六月十九日辭任）是常建先生（於二零一九年 六月十九日獲委任）是梁峰先生（於二零一九年 六月十九日獲委任）是王琛先生（於二零一九年 六月十九日獲委任）是鄔昆先生（於二零一九年 六月十九日獲委任）是劉振邦先生是羅維崑先生（於二

160、零一九年 五月二十七日退任）是王之和先生是徐願堅先生（於二零一九年 八月二十三日獲委任）是CORPORATE GOVERNANCE REPORT企業管治報告二零一九年年報 中國煤層氣集團有限公司25The briefing sessions covered topics including the Code,listed company regulations and disclosure obligations in Hong Kong,discloseable transactions and connected transactions etc.REMUNERATION PAID TO

161、MEMBERS OF KEY MANAGEMENTDetails of remuneration paid to member of key management(exclude Director)fell within the following band:20192018二零一九年二零一八年Number ofNumber ofindividualsindividuals人數人數 Nil HK$1,000,000 (equivalent to approximately RMB883,000 (2018:RMB844,000)零至港元1,000,000元（相等於約人民幣883,000元（二零

162、一八年：人民幣844,000元）44 REMUNERATION COMMITTEEA remuneration committee of the Company(the“Remuneration Committee”)was established on 12 August 2005 for,inter alia,the following purposes:(a)to make recommendations to the Board on policies and structure for remuneration of directors and senior management a

163、nd on the establishment of a formal and transparent procedure for developing such policy on remuneration;(b)to make recommendations to the Board the remuneration packages for executive Directors and senior management and to make recommendations to the Board on the remuneration of non-executive Direc

164、tors.The Remuneration Committee is made up of all of the Companys independent non-executive Directors,namely,Mr.Lau Chun Pong(Chairman),Mr.Xu Yuan Jian and Mr.Wang Zhi He.The duties of Remuneration Committee is to review and make recommendations to the remuneration policy and packages of the executi

165、ve Directors and executives.簡介會涵蓋的主題包括守則、香港上市公司法規及披露責任、須予披露交易及關連交易等。支付予主要管理人員的薪酬支付予主要管理人員（不包括董事）的薪酬具體介乎以下範圍：薪酬委員會本公司的薪酬委員會（薪酬委員會）已於二零零五年八月十二日成立，當中目的包括：(a)就董事及高級管理層的薪酬政策及架構，及就設立正規而具透明度的程序以制定此等薪酬政策，向董事會提出建議；(b)就執行董事及高級管理層的酬金待遇向董事會提出建議，並就非執行董事的酬金向董事會提出建議。薪酬委員會由本公司全部獨立非執行董事組成，包括劉振邦先生（主席）、徐願堅先生及王之和先生。薪酬委

166、員會之職責為檢討及就執行董事及行政人員之薪酬政策及待遇提出建議。CORPORATE GOVERNANCE REPORT企業管治報告CHINA CBM GROUP COMPANY LIMITED Annual Report 201926In 2019,the Remuneration Committee held one meeting.The attendance record of each member of the Remuneration Committee is set out below:Attendance出席率 Mr.Lau Chun Pong(Chairman)1/1劉振邦先

167、生（主席）Mr.Luo Wei Kun(retired on 27 May 2019)1/1羅維崑先生（於二零一九年五月二十七日退任）Mr.Wang Zhi He1/1王之和先生Mr.Xu Yuan Jian(appointed on 23 August 2019)0/0徐願堅先生（於二零一九年八月二十三日獲委任）During the meeting,members of the Remuneration Committee reviewed the remuneration packages and overall benefits of the Directors by taking in

168、to account factors(such as remuneration packages and benefits offered by comparable companies,the respective contribution of each of the Directors to the Group and the business objectives of the Group).The executive Directors are responsible for reviewing all relevant remuneration data and market co

169、nditions as well as the performance of individuals and the profitability of the Group,and proposing to the remuneration committee for consideration and approval.The Remuneration Committee performed the major work as below:1.reviewed and discussed the remuneration policy and structure of the Company

170、and the remuneration and performance of duties of the executive Directors and senior management in the year under review;and2.made recommendation to the Board on the remuneration packages of individual executive directors and senior management.薪酬委員會於二零一九年曾舉行一次會議。薪酬委員會各成員的出席紀錄如下：在會議期間，薪酬委員會成員已根據若干因素（

171、如可資比較公司所提供的薪酬待遇及福利、各董事對本集團的貢獻及本集團業務目標）檢討董事的薪酬待遇及整體福利。執行董事負責檢討所有有關薪酬數據及市況以及個別員工表現與本集團盈利能力，並向薪酬委員會提呈考慮及批準。薪酬委員會執行主要工作如下：1.檢討及討論於回顧年度內本公司的薪酬政策及架構以及執行董事及高級管理層之薪酬及職責履行情況；及2.就各執行董事及高級管理層的酬金組合向董事會提出建議。CORPORATE GOVERNANCE REPORT企業管治報告二零一九年年報 中國煤層氣集團有限公司27NOMINATION COMMITTEEA nomination committee of the Co

172、mpany(the“Nomination Committee”)was established on 12 August 2005 for,inter alia,the following purposes:(a)to review the structure,size and composition(including the skills,knowledge and experience)of the Board;(b)to identify individuals suitably qualified to become Board members and make recommenda

173、tions to the Board on the selection of individuals nominated for directorship;and(c)to make recommendations to the Board on relevant matters relating to the appointment or reappointment of directors and succession planning for directors.In August 2013,the Board has adopted its board diversity policy

174、(the“Board Diversity Policy”).All Board appointments will be based on meritocracy,and candidates will be considered against selection criteria based on a range of diversity perspectives,which would include but not be limited to gender,age,cultural and educational background,professional experience,s

175、kills,knowledge and length of service.The ultimate decision will be based on merit and contribution that the selected candidates will bring to the Board.The Nomination Committee is made up of all of the Companys independent non-executive Directors,namely Mr.Wang Zhi He(Chairman),Mr.Xu Yuan Jian and

176、Mr.Lau Chun Pong.In 2019,the Nomination Committee held one meeting.The attendance record of each member of the Nomination Committee is set out below:Attendance出席率 Mr.Wang Zhi He(Chairman)1/1王之和先生（主席）Mr.Lau Chun Pong1/1劉振邦先生Mr.Luo Wei Kun(retired on 27 May 2019)1/1羅維崑先生（於二零一九年五月二十七日退任）Mr.Xu Yuan Jian

177、(appointed on 23 August 2019)0/0徐願堅先生（於二零一九年八月二十三日獲委任）提名委員會本公司的提名委員會（提名委員會）已於二零零五年八月十二日成立，當中目的包括：(a)檢討董事會的架構、規模及組成（包括技能、知識及經驗）；(b)物色具備適合資格成為董事會成員的人士，並就挑選被提名人士出任董事向董事會提出建議；及(c)就與委任或重新委任董事及董事之接任計劃有關的事宜向董事會提出建議。於二零一三年八月，董事會採納其董事會成員多元化政策（董事會成員多元化政策）。董事會所有委任均以用人唯才為原則，考慮人選之甄選標準以一系列多元化範疇為基準，包括但不限於性別、年齡、文化及

178、教育背景、專業經驗、技能、知識及服務年期。最終將按人選之長處及可為董事會作出之貢獻而作決定。提名委員會由本公司全部獨立非執行董事組成，包括王之和先生（主席）、徐願堅先生及劉振邦先生。提名委員會於二零一九年曾舉行一次會議。提名委員會各成員的出席紀錄如下：CORPORATE GOVERNANCE REPORT企業管治報告CHINA CBM GROUP COMPANY LIMITED Annual Report 201928At the meeting,the Nomination Committee reviewed the structure,size and composition of th

179、e Companys Board of Directors,made reference to criteria including,inter alia,reputation for integrity,accomplishment and experience in the relevant industry,professional and educational background,and commitment in respect of available time and relevant interest.The Nomination Committee was satisfi

180、ed with the existing composition of the Board and recommended no change in the near future,and performed the major work as below:1.examined the structure,size and composition of the Board,to ensure the Directors have the expertise,skills and experience required to meet the Companys business;2.assess

181、ed the independency of all independent non-executive Directors;and3.made recommendations to the Board in this regard.AMENDMENT TO THE TERMS OF REFERENCE OF NOMINATION COMMITTEEThe terms of reference of the nomination committee of the Company was amended on 14 August 2013 to include the review of the

182、 Companys board diversity policy and the progress on achieving the objectives set for implementing the said policy as one of its duty.AUDIT COMMITTEEThe Companys audit committee(the“Audit Committee”)was established on 28 July 2003 and currently comprises all three independent non-executive Directors

183、,namely,Mr.Lau Chun Pong(Chairman),Mr.Xu Yuan Jian and Mr.Wang Zhi He.The primary duties of the Audit Committee are(a)to review the Groups annual reports,financial statements,half year reports and quarterly reports;(b)to serve as a focal point for communication between Directors,the external auditor

184、s and internal auditors;(c)to assist the Board in fulfilling its responsibilities by providing an independent review and supervision of financial reporting,and the effectiveness of the Groups internal control and risk management system;and(d)to review the appointment of external auditors on an annua

185、l basis as well as to ensure independence of the continuing auditors.在會議期間，提名委員會檢討了本公司董事會的架構、規模及組成，製訂參考準則其中包括有關人士的誠信、其在相關行業的成就及經驗、其專業及教育背景以及其投入的程度，包括能夠付出的時間及對相關範疇的關注等。提名委員會滿意董事會的現有組合，建議於近期內毋須變動並執行主要工作如下：1.檢查董事會的架構、規模及組成，以確保董事具備符合本公司業務所需的專長、技能及經驗；2.評估所有獨立非執行董事的獨立性；及3.就此向董事會提出建議。修訂提名委員會之職權範圍本公司於二零一三年八

186、月十四日修訂提名委員會之職權範圍，以將檢討本公司之董事會成員多元化政策及達成就實施上述政策設定之目標之進度納入作為其職責之一。審核委員會本公司的審核委員會（審核委員會）於二零零三年七月二十八日成立，現任成員包括全部三名獨立非執行董事劉振邦先生（主席）、徐願堅先生及王之和先生。審核委員會之主要職責是(a)審閱本集團的年報、財務報表、半年度報告及季度報告；(b)作為董事、外聘核數師及內部核數師之間的一個溝通渠道；(c)透過對財務報告及集團內部監控及風險管理程序的有效性提供獨立檢討及監督，協助董事會履行職責；及(d)每年檢討外聘核數師之委任以及確保續任核數師之獨立性。CORPORATE GOVERN

187、ANCE REPORT企業管治報告二零一九年年報 中國煤層氣集團有限公司29In 2019,the Audit Committee held four meetings.The attendance record of each member of the Audit Committee is set out below:Attendance出席率 Mr.Lau Chun Pong(Chairman)4/4劉振邦先生（主席）Mr.Luo Wei Kun(retired on 27 May 2019)1/1羅維崑先生（於二零一九年五月二十七日退任）Mr.Wang Zhi He4/4王之和先生Mr

188、.Xu Yuan Jian(appointed on 23 August 2019)1/1徐願堅先生（於二零一九年八月二十三日獲委任）At the meetings,the Audit Committee has carefully reviewed the Companys quarterly,half-yearly and annual results and its system of internal control and has made suggestions to improve them.The Audit Committee also carried out and dis

189、charged its other duties set out in Code.In the course of doing so,the Audit Committee has met the companys management several times during year 2019.Each member of the Audit Committee has unrestricted access to the Groups external auditors and the management.During the financial year 2019,the Audit

190、 Committee has held four meetings.The Groups results for the year 2019 have been reviewed and commented by the Audit Committee members,and performed the major works as below:1.reviewed the annual financial results and report for the year ended 31 December 2018,interim financial results and report fo

191、r the six months ended 30 June 2019 and quarterly financial results and reports for each of the three months ended 31 March 2019 and 30 September 2019;2.reviewed the internal audit departments report regarding the reviewing and procedures of the internal control and risk management of the Company;an

192、d3.provided opinions to the Board in respect of the terms of appointment of external auditors.薪酬委員會於二零一九曾舉行四次會議。薪酬委員會各成員的出席紀錄如下：在會議期間，審核委員會已詳細審閱本公司的季度、半年度及年度業績，以及內部管制制度，並已提出改善建議。審核委員會亦已按守則進行及履行其他職責。過程中，審核委員會於二零一九年度曾與本公司的管理層舉行多次會議。本公司並無限制審核委員會各成員與本集團外聘核數師及管理層聯絡。於二零一九年財政年度內，審核委員會曾舉行四次會議，而本集團之二零一九年年度之業

193、績已由審核委員會成員審閱及提供意見並執行主要工作如下：1.審閱截至二零一八年十二月三十一日止年度之年度財務業績及報告、截至二零一九年六月三十日止六個月之中期財務業績及報告以及截至二零一九年三月三十一日及二零一九年九月三十日止三個月各自之季度財務業績及報告；2.審閱內部審核部門有關本公司內部監控及風險管理檢討與程序的報告；及3.就外聘核數師委任條款向董事會提供意見。CORPORATE GOVERNANCE REPORT企業管治報告CHINA CBM GROUP COMPANY LIMITED Annual Report 201930The Groups result for the year e

194、nded 31 December 2019 have been reviewed and commented by the audit committee members,which was of the opinion that the preparation of such results complied with the applicable accounting standards and requirements as well as the GEM Listing Rules and that adequate disclosures have been made.Procedu

195、res for directing Shareholders enquiries to the BoardShareholders may at any time send their enquiries and concerns to the Board in writing through mails whose contact details are as follows:Room 20,19/FFortune Commercial Building362 Sha Tsui RoadTsuan Wan,Hong KongTel No.:2366 1613Fax No.:2366 1665

196、Procedures for putting forward proposals at general meetings by ShareholdersPursuant to Article 58 of the Articles of Association,The Board may whenever it thinks fit call extraordinary general meetings.Any one or more members holding at the date of deposit of the requisition not less than one-tenth

197、 of the paid up capital of the Company carrying the right of voting at general meetings of the Company shall at all times have the right,by written requisition to the Board or the Secretary of the Company,to require an extraordinary general meeting to be called by the Board for the transaction of an

198、y business specified in such requisition;and such meeting shall be held within two(2)months after the deposit of such requisition.If within twenty-one(21)days of such deposit the Board fails to proceed to convene such meeting the requisitionist(s)himself(themselves)may do so in the same manner,and a

199、ll reasonable expenses incurred by the requisitionist(s)as a result of the failure of the Board shall be reimbursed to the requisitionist(s)by the Company.本集團於截至二零一九年十二月三十一日止年度之業績已由審核委員會成員審閱及提供意見，彼等認為編製該等業績已遵守適用之會計準則及要求以及GEM上市規則，且已作出充分披露。股東向董事會提出查詢之程序股東可隨時以書面透過郵遞向董事會提出查詢及關注，郵遞之聯絡詳情如下：香港荃灣沙咀道362號全發商業

200、大廈19樓20室電話：2366 1613傳真：2366 1665股東於股東大會上提出建議之程序根據公司組織章程細則第58條，董事會如認為適當可隨時召開股東特別大會。任何一位或以上於提請要求當日持有不少於本公司繳足股本（賦有權利在本公司股東大會投票）十分之一的股東，可隨時向本公司董事會或秘書發出書面要求，要求董事會召開股東特別大會，以處理有關要求所指明的事項，且須於提請該要求後兩(2)個月內舉行。倘提請後二十一(21)日內董事會未有召開大會，則提請要求的人士可自行以相同方式召開大會，而本公司須向提請要求的人士補償因董事會未有召開大會而自行召會大會的所有合理開支。CORPORATE GOVERNA

201、NCE REPORT企業管治報告二零一九年年報 中國煤層氣集團有限公司31Pursuant to Article 88 of the Articles of Association,no person other than a Director retiring at the meeting shall,unless recommended by the Directors for election,be eligible for election as a Director at any general meeting unless a notice signed by a member(o

202、ther than the person to be proposed)duly qualified to attend and vote at the meeting for which such notice is given of his intention to propose such person for election and also a notice signed by the person to be proposed of his willingness to be elected shall have been lodged at the head office or

203、 at the registration office provided that the minimum length of the period,during which such notice(s)are given,shall be at least seven(7)days and that the period for lodgment of such notice(s)shall commence no earlier than the day after the dispatch of the notice of the general meeting appointed fo

204、r such election and end no later than seven(7)days prior to the date of such general meeting.ACCOUNTABILITY AND AUDITFinancial reportingThe Directors are responsible for overseeing the preparation of the annual accounts which give a true and fair view of the Groups state of affairs of the results an

205、d cash flow for the year.In preparing the accounts for the year ended 31 December 2019,the Directors have:adopted suitable accounting policies and applied them consistently;and made judgements and estimates that are prudent and reasonable;and ensured the accounts are prepared on a going concern basi

206、s.The Company recognises that high quality corporate reporting is important in reinforcing the trust relationship between the Company and the its stakeholders and aims at presenting a balanced,clear and comprehensible assessment of the Companys performance,position and prospects in all corporate com

207、munications.根據公司組織章程細則第88條，除非獲董事推薦參選，或由正式合資格出席大會並可於會上投票的股東（並非擬參選者）簽署通知，表明建議提名相關人士參選的意向，且獲提名人士簽署該通知表明願意參選，否則除會上退任董事外，概無任何人士有資格於任何股東大會上參選董事。上述通知須呈交總辦事處或過戶登記處，通知期不得少於七(7)日，呈交該等通知之期間為寄發有關推選董事之股東大會通告翌日起計至不遲於該股東大會舉行日期前七(7)日。問責及審核財務報告董事負責監督年度賬目之編製，以真實公平地反映出本集團於年內之相關業績及現金流量狀況。於編製截至二零一九年十二月三十一日止年度賬目時，董事已：採用適

208、合之會計政策並貫徹應用；及 作出審慎合理之判斷及估計，以及確保賬目乃按持續經營基準編製。本公司認為高質素的公司報告對加強本公司與其權益人之間的信任非常重要，因此所有的企業傳訊均力求以平衡、清晰及全面的方式評估本公司的表現、狀況及前景。CORPORATE GOVERNANCE REPORT企業管治報告CHINA CBM GROUP COMPANY LIMITED Annual Report 201932Internal Control and risk managementThe Board,through the Audit Committee,has reviewed the effecti

209、veness of the Companys system of internal control and risk management over financial,operational and compliance issues for the year 2019.The Audit Committee concluded that,in general,the Group has set up a sound control environment and installed necessary control mechanisms to monitor and correct no

210、n-compliance.The Board,through the review of the Audit Committee,is satisfied that the Group in 2019,fully complied with the code provisions on internal controls and risk management as set forth in the Code.The Audit Committee also concluded that the Group has employed sufficient staff for the propo

211、se of accounting,financial and internal control.The Group has internal audit department.External AuditorsThe Groups external auditors are KTC Partners CPA Limited.The Audit Committee is mandated to ensure continuing auditors objectivity and safeguard independence of the auditors,and it has:determine

212、d the framework for the type and authorisation of non-audit services for which the external auditors may provide.In general,the engagement of the external auditors to perform non-audit services is prohibited except for tax related services;and agreed with the Board on the policy relating to the hiri

213、ng of employees or former employees of the external auditors and monitored the applications of such policy.During 2019,the remuneration payable to the Companys external auditors for audit and non-audit services were approximately RMB1,450,000 and RMB Nil respectively.內部管制及風險管理董事會已通過審核委員會於二零一九年內檢討本集團

214、內部管制及風險管理系統之有效性，其中涵蓋財務、營運與合規等職能。審核委員會認為，整體而言，本集團已建立妥善之管制環境，並已採用必需之管制機制監督及改正不合規問題。通過審核委員會之檢討，董事會滿意本集團於二零一九年內完全遵守守則所列載之內部管制及風險管理守則條文。審核委員會亦認為，本集團已聘用足夠的員工處理會計、財務及內部管制之工作。本集團設有內部管制部門。外聘核數師本集團之外聘核數師為和信會計師事務所有限公司。審核委員會有責任確保續任核數師的客觀性及保持核數師的獨立性，委員會已：釐定外聘核數師可提供之非核數服務的類別及授權的框架。一般而言，除稅項有關服務外，委員會禁止委任外聘核數師提供非核數服

215、務；及 與董事會協定有關聘請外聘核數師現職或前僱員的政策以及如何監察此等政策的應用。於二零一九年，本公司支付予外聘核數師之核數及非核數服務酬金分別約為人民幣1,450,000元及人民幣零元。CORPORATE GOVERNANCE REPORT企業管治報告二零一九年年報 中國煤層氣集團有限公司33The accounts for the year ended 31 December 2019 were audited by KTC Partners CPA Limited whose term of office will expire upon the forthcoming annual

216、general meeting of the Company.The Audit Committee has recommended to the Board that KTC Partners CPA Limited be re-appointed as the auditors of the Company at the forthcoming annual general meeting of the Company.The Group has not employed any staff who was formerly involved in the Groups statutory

217、 audit.Corporate CommunicationThe Group recognises the importance of shareholder feedback and the need for ongoing communication with its stakeholders,including the general public,investors,and the institutional and individual shareholders.The Company published annual,interim and quarterly reports w

218、hich contained detailed information about the Group.Inquiries by shareholders are directed and dealt with by senior management of the Group.Company secretaryMr.Lui Chi Keung has resigned as the Company Secretary and authorised person of the Company on 31 January 2020.Mr.Tse Chun Lai(“Mr.Tse”)has bee

219、n appointed as the Company Secretary and the Authorised Representative on 31 January 2020.The biographical details of Mr.Tse have been disclosed in the Companys announcement dated 31 January 2020.The company secretary has complied with Rule 5.15 of the GEM Listing Rules in relation to the profession

220、al training requirements.INVESTORS RELATIONSHIPThe Company has established a range of communication channels between itself and its Shareholders,investors and other stakeholders.These include the annual general meeting,the annual,interim and quarterly reports,notices,announcements and circulars and

221、the Companys website at http:/ the year ended 31 December 2019,there had been no significant change in the Companys constitutional documents.本公司於截至二零一九年十二月三十一日止年度之賬目已經由和信會計師事務所有限公司審核，其任期將於本公司應屆股東週年大會後屆滿。審核委員會已建議董事會於本公司應屆股東週年大會上提名和信會計師事務所有限公司獲續聘為本公司之核數師。本集團從未僱用任何曾參與本集團法定核數工作的人士。企業傳訊本集團明白到股東反饋的重要性以及與權

222、益人（包括公眾、投資者以及機構及個人股東）保持溝通的必要性。本公司發佈包含有關本集團之詳細資訊之年度、中期及季度報告。股東的一切查詢均有本集團高級管理層直接處理。公司秘書呂志強先生於二零二零年一月三十一日辭任公司秘書及本公司授權代表。謝進禮先生（謝先生）於二零二零年一月三十一日獲委任為公司秘書及授權代表。謝先生的履歷詳情已於本公司日期為二零二零年一月三十一日之公告內披露。公司秘書已遵守GEM上市規則第5.15條有關專業培訓的規定。投資者關係本 公 司 與 其 股 東、投 資 者 及 其 他 利 益相 關 者 之 間 設 有 一 系 列 溝 通 渠 道，包括股東週年大會、年度、中期及季度報告、通

223、知、公佈及通函以及本公司網站http:/ INFORMATION OF DIRECTORS AND KEY MANAGEMENT董事及主要管理層履歷資料CHINA CBM GROUP COMPANY LIMITED Annual Report 201934DIRECTORSExecutive DirectorsMr.Wang Zhong Sheng,aged 56,has been appointed as chairman of the Board,an executive Director and the compliance officer of the Company since Ma

224、y 2006.From 9 January 2004 to 26 May 2006,Mr.Wang was an executive director of Tianjin Jinran Public Utilities Company Limited(“Tianjin Jinran”)(formerly known as Tianjin Tianlian Public Utilities Company Limited),a company listed on the Main Board of the Stock Exchange(Stock Code:01265,former stock

225、 code:08290),and was responsible for its business strategies.He graduated from the University of Tianjin with a bachelor degree in engineering in 1984.Mr.Wang is also a director of Tianjin Leason Investment Group Company Limited(天津市聯盛投資集團有限公司).Mr.Wang is a substantial shareholder of the company whic

226、h holds 394,239,983 Shares in person or through controlled corporation,representing approximately 29.88%of the issued share capital of the Company as at the date of this report.In addition,as at the date of this report,Mr.Wang is interested as a grantee of options to subscribe for 324,750 shares und

227、er the share option scheme adopted by the Company on 18 May 2011 and as a holder of convertible bonds convertible to 94,142,021 conversion shares.Mr.Fu Shou Gang,aged 53,has been appointed as an executive Director since December 2010 and resigned as an executive Director with effect from 19 June 201

228、9.Mr.Fu has years of experiences in the natural gas sector.Prior to joining the Group,he worked in Tianjin Jinran,where was pointed as an executive Director.Mr.Fu is interested as a grantee of options to subscribe for 324,750 shares under the share options scheme adopted by the Company on 18 May 201

229、1.Mr.Chang Jian,aged 54,was appointed as an executive director on 19 June 2019.Mr.Chang has previously studied in the Safe Engineering department of Beijing Technical College of Economics(北京經濟學院).Mr.Chang has over 30 years of experience in industrial production and safety management.董事執行董事王忠勝先生，56歲，

230、自二零零六年五月起獲委任為本公司之董事會主席、執行董事及監察主任。王先生曾於二零零四年一月九日至二零零六年五月二十六日期間為天津津燃公用事業股份有限公司（天津津燃，一家於聯交所主板上市之公司，股份代號：01265）（前稱天津天聯公用事業股份有限公司，股份代號：08290）之執行董事，並負責其業務策略。王先生一九八四年於天津大學畢業，持有工程學學士學位。王先生亦為天津市聯盛投資集團有限公司之董事。王先生為本公司主要股東，以個人及透過受控法團方式持有394,239,983股股份，相當於本公司在本報告刊發日期之已發行股本約29.88%。此外，於本報告日期，王先生作為購股權之承授人，擁有可根據本公司於

231、二零一一年五月十八日採納的購股權計劃認購324,750股股份的購股權，並為可轉換為94,142,021股換股股份之可換股債券之持有人。付壽剛先生，53歲，自二零一零年十二月起獲委任為執行董事，並自二零一九年六月十九日起辭任執行董事一職。付先生有多年天然氣行業工作經驗，於加入本集團前，在天津津燃工作，期間獲委任為執行董事。付先生為購股權之承授人，擁有可根據本公司於二零一一年五月十八日採納的購股權計劃認購324,750股股份的購股權。常建先生，54歲，於二零一九年六月十九日獲委任為執行董事。常先生曾就讀於北京經濟學院，安全工程專業系，擁有超過30年之工業生產及安全管理經驗。BIOGRAPHICAL

232、 INFORMATION OF DIRECTORS AND KEY MANAGEMENT董事及主要管理層履歷資料二零一九年年報 中國煤層氣集團有限公司35Non-Executive DirectorsMr.Liang Feng,aged 41,was appointed as an non-executive director on 19 June 2019.Mr.Liang has previously studied in the Economic Development course offered by the School of Economics and Management of

233、 Tsinghua University.He has over 15 years of experience in corporate management.Mr.Wang Chen,aged 33,was appointed as an non-executive director on 19 June 2019.Mr.Wang has previously studied in Tianjin Bohai Vocational Technical College(天津渤?；ぢ殬I技術學院).He has over 10 years of experience in corporate m

234、anagement.Mr.Wang is the son of the Chairman of the Company.Mr.Wu Kun,aged 39,was appointed as an non-executive director on 19 June 2019.Mr.Wu was graduated from the Institute of Cadre Management of the State Administration of Radio,Film and Television(國家廣播電影電視總局幹部管理學院)majoring in television photogr

235、aphy.He has over 10 years of experience in corporate management.Independent Non-Executive DirectorsMr.Lau Chun Pong,aged 46,was appointed as an independent non-executive director on 13 November 2017.Mr.Lau graduated from the University of California,Los Angeles with a Bachelor of Arts degree in Busi

236、ness Economics in 1997.Mr.Lau is an associate member of the Hong Kong Institute of Certified Public Accountants and a member of the American Institute of Certified Public Accountants.Mr.Lau has extensive experience in accounting,auditing and corporate finance.He was(i)the qualified accountant and co

237、mpany secretary of Shenzhen Mingwah Aohan High Technology Corporation Limited(深圳市明華澳漢科技股份有限公司)(listed on the GEM of the Stock Exchange with stock code:8301)from April 2005 to May 2006;(ii)the financial controller and company secretary of We Solutions Limited(former names:Ming Fung Jewellery Group Li

238、mited and O Luxe Holdings Limited)(listed on the Main Board of the Stock Exchange with stock code:860)from June 2008 and November 2008 respectively to November 2017;(iii)the group financial controller and company secretary of AV Promotions Holdings Limited(listed on the GEM of the Stock Exchange wit

239、h stock code:8419)from June 2018 to June 2019;and(iv)the company secretary of Grand T G Gold Holdings Ltd(大唐潼金控股有限公司)(listed on the GEM of the Stock Exchange with stock code:8299)from January 2019 to February 2020.Mr.Lau is currently the Company Secretary and Chief Financial Officer of Clifford Mode

240、rn Living Holdings Limited(listed on the Main Board of the Stock Exchange with stock code:3686),and the independent non-executive director of China Longevity Group Company Limited(中國龍天集團有限公司)(listed on the Main Board of the Stock Exchange with stock code:1863).非執行董事梁峰先生，41歲，於二零一九年六月十九日獲委任為非執行董事。梁先生曾

241、就讀於清華大學經濟管理學院經濟發展課程，擁有超過15年之企業管理經驗。王琛先生，33歲，於二零一九年六月十九日獲委任為非執行董事。王先生曾就讀於天津渤?；ぢ殬I技術學院，擁有超過10年之企業管理經驗。王先生為本公司主席之兒子。鄔昆先生，39歲，於二零一九年六月十九日獲委任為非執行董事。鄔先生畢業於國家廣播電影電視總局幹部管理學院，電視攝像專業系，擁有超過10年之企業管理經驗。獨立非執行董事劉振邦先生，46歲，於二零一七年十一月十三日獲委任為獨立非執行董事。劉先生於一九九七年畢業於加州大學洛杉磯分校，獲得商業經濟學文學學士學位。劉振邦先生為香港會計師公會會員及美國註冊會計師協會會員。劉先生於會計

242、、核數及企業融資方面擁有豐富經驗。彼(i)於2005年4月至2006年5月為深圳市明華澳漢科技股份有限公司（一間於聯交所GEM上市的公司，股份代號：8301）的合資格會計師及公司秘書；(ii)分別於2008年6月及2008年11月至2017年11月為力世紀有限公司（前稱為明豐珠寶集團及奧立仕控股有限公司；一間於聯交所主板上市之公司，股份代號：860）的財務總監及公司秘書；(iii)於2018年6月至2019年6月為AV策劃推廣（控股）有限公司（一間於聯交所GEM上市的公司，股份代號：8419）的集團財務總監及公司秘書；及(iv)於2019年1月至2020年2月為大唐潼金控股有限公司（一間於聯交

243、所GEM上市的公司，股份代號：8299）的公司秘書。劉先生目前為祈福生活服務控股有限公司（一間於聯交所主板上市之公司，股份代號：3686）的首席財務官及公司秘書，及中國龍天集團有限公司（一間於聯交所主板上市之公司，股份代號：1863）的獨立非執行董事。BIOGRAPHICAL INFORMATION OF DIRECTORS AND KEY MANAGEMENT董事及主要管理層履歷資料CHINA CBM GROUP COMPANY LIMITED Annual Report 201936Mr.Luo Wei Kun,aged 81,has been an independent non-exe

244、cutive director of the Company since August 2006 and retired as an independent non-executive director with effect from 27 May 2019.He graduated from the Tsinghua University with a bachelors degree in civil engineering in 1964 and started postgraduate studies in the same year.He was awarded a postgra

245、duate diploma in civil engineering in 1967.He acted as a technician in Wuhan Branch of the Chinese Medicine Industrial Limited during 1968 to 1969 and as a technician,deputy section chief,section chief,engineer and vice chief engineer in the State Ministry of Medicine Hubei Medical Manufactory Branc

246、h during 1969 to 1985.He then worked as a senior engineer,section chief and assistant factory manager in Tianjin Second Coal Gas Factory during 1986 to 1992.From 1992 to 2000,he acted as a vice chief engineer in Tianjin Utility Department and at the same time,worked as a chief engineer in Tianjin Ci

247、ty Gas Administrative Office.After his retirement in March 2000,Mr.Luo acted as a consultant of Tianjin City Gas Administrative Office and Tianjin City Gas Planning Office.Mr.Wang Zhi He,aged 72,has been an independent non-executive director of the Company since August 2006.Mr.Wang is a senior accou

248、ntant.Mr.Wang graduated from Anhui University of Finance and Economics in February 1972,and was assigned to finance department of Anhui Huaibei Mining Bureau and worked as a commissioner,deputy section chief,section chief,deputy director and director.Mr.Wang was transferred to the Ministry of Coal I

249、ndustry in May 1995,and worked as a director of Asset Capital Management Division and State-owned Assets Management department.In October 1997,Mr.Wang was re-designated as a chief accountant of China Coal Construction Group Corporation,and worked as a deputy general manager and chief accountant in M

250、ay 1999.Mr.Wang was transferred to Zhonglian Gas Company Limited and worked as a chief accountant in March 2004.Mr.Wang has years of relevant experience.Mr.Xu Yuan Jian,aged 46,was appointed as an independent non-executive director on 23 August 2019.Mr.Xu graduated from Beijing Normal University wit

251、h a bachelors degree in Chemistry in 1994.He pursued the doctorate in the National University of Singapore from 1997 to 2000.Mr.Xu has years of working experience in research areas of organic chemical technology as well as in physiochemical treatment for organic pollutants.Senior ManagementMr.Tse Ch

252、un Lai,aged 36,was appointed as the company secretary and authorised representative of the Company on 31 January 2020.Mr.Tse obtained a degree of bachelor of arts in Accounting and Finance from Leeds Beckett University(formerly known as Leeds Metropolitan University).He is a certified public account

253、ant of Hong Kong Institute of Certified Public Accountants.Mr.Tse has over 15 years of experience in business and taxation advisory.羅維崑先生，81歲，自二零零六年八月起為本公司獨立非執行董事，並自二零一九年五月二十七日起退任獨立非執行董事一職。羅先生一九六四年畢業於清華大學，獲土木工程學士學位，同年繼續攻讀研究生，於一九六七年獲土木工程研究生畢業文憑。其後於一九六八年至一九六九年擔任中國醫藥工業公司武漢分公司技術員，一九六九年至一九八五年先後擔任國家醫藥總局湖北

254、製藥製劑分廠的技術員、副科長、科長、工程師和副總工程師。一九八六年至一九九二年任職天津市第二煤氣廠，期間曾任高級工程師、科長和副廠長，一九九二年至二零零零年擔任天津市公用局副總工程師，兼任天津市燃氣管理處總工程師。羅先生於二零零零年三月退休後，還曾任天津市燃氣管理處和天津市燃氣規劃辦公室顧問。王之和先生，72歲，自二零零六年八月起為本公司獨立非執行董事。王先生是一位高級會計師。王先生一九七二年二月畢業於安徽省財經學校，被分配到安徽淮北礦務局財務處工作，先後擔任專員、副科長、科長、副處長、處長。於一九九五年五月調到煤炭工業部工作，先後任資產資金管理處及國有資產管理處處長。於一九九七年十月調到中煤

255、建設集團公司任總會計師。於一九九九年五月任副總經理兼總會計師。於二零零四年三月調到中聯煤氣有限責任公司任總會計師。王先生累積多年相關工作經驗。徐願堅先生，46歲，於二零一九年八月二十三日獲委任為獨立非執行董事。徐先生於一九九四年畢業於北京師範大學，獲得化學專業學士學位，並於一九九七年至二零零零年期間在星加坡國立大學攻讀博士研究生。徐先生在有機化學工藝研究及有機污染物物化處理研究方面有多年工作經驗。高級管理人員謝進禮先生，36歲，自二零二零年一月三十一日起獲委任為本公司之公司秘書兼授權代表。謝先生於利茲貝克特大學（前稱 利茲都會大學）取得會計和財務文學學士學位。彼為香港會計師公會會員。謝先生於商

256、業及稅務咨詢方面擁有逾15年經驗。DIRECTORS REPORT董事會報告二零一九年年報 中國煤層氣集團有限公司37The Directors present their annual report and the audited consolidated financial statements of the Group for the year ended 31 December 2019.PRINCIPAL ACTIVITIESThe Company is an investment holding company.The principal activities of its sub

257、sidiaries are set out in note 18 to the consolidated financial statements.RESULTS AND APPROPRIATIONSThe results of the Group for the year ended 31 December 2019 are set out in the consolidated statement of profit or loss and consolidated statement of profit or loss and other comprehensive income on

258、page 57 to 58.The state of affairs of the Group and the Company as at 31 December 2019 are set out in the consolidated and company statements of financial position on pages 59 to 60 and note 38 respectively.The cash flows of the Group are set out in the consolidated statement of cash flows on pages

259、62 to 63.The Directors of the Company do not recommend the payment of a dividend for the year ended 31 December 2019.SHARE CAPITAL AND RESERVESDetails of the movements in share capital of the Company during the year are set out in note 31(a)to the consolidated financial statements.Movements in the r

260、eserves of the Group during the year is set out in page 61 to the consolidated financial statements.PROPERTY,PLANT AND EQUIPMENTDetails of the movements in property,plant and equipment of the Group are set out in note 16 to the consolidated financial statements.董事謹此提呈本集團截至二零一九年十二月三十一日止年度之年報及經審核綜合財務報

261、表。主要業務本公司為投資控股公司。其附屬公司之主要業務載於綜合財務報表附註18。業績及分派本集團截至二零一九年十二月三十一日止年度之業績載於第57至58頁之綜合損益表以及綜合損益及其他全面收益表。本 集 團 及 本 公 司 於 二 零 一 九 年 十 二 月三十一日之營運狀況分別載於第59至60頁及附註38之綜合及本公司之財務狀況表。本集團之現金流量載於第62至63頁之綜合現金流量表。本公司董事不建議就截至二零一九年十二月三十一日止年度派付股息。股本及儲備本公司於年內之股本變動詳情載於綜合財務報表附註31(a)。本集團於年內之儲備變動載於第61頁之綜合財務報表。物業、機器及設備有關本集團之物業

262、、機器及設備變動詳情載於綜合財務報表附註16。DIRECTORS REPORT董事會報告CHINA CBM GROUP COMPANY LIMITED Annual Report 201938CORPORATE GOVERNANCEA report on the principal corporate governance practices adopted by the Company is set out on pages 18 to 33 of this annual report.DONATIONSDonations by the Group for charitable and ot

263、her purposes amounted to approximately RMB nil(2018:approximately RMB nil).SUMMARY OF FINANCIAL INFORMATIONA summary of the results and assets and liabilities of the Group for the last five financial years is set out on page 191 to 192.DISTRIBUTABLE RESERVESIn accordance with the Companies Act 1981

264、of Bermuda and the Companys articles of association,the Companys reserves available for distribution to its shareholders comprise share premium,contributed surplus and accumulated losses which in aggregate amounted to approximately RMB139,558,000 as at 31 December 2019(2018:RMB134,807,000).The distr

265、ibutable reserves are available for distribution provided that immediately following the date on which the dividend is proposed,the Company will be able to pay off its debt as they fall due in the ordinary course of business.企業管治本公司採用的企業管治常規原則載於本年報第18至33頁。捐款本集團就慈善及其他目的作出的捐款達約人民幣零元（二零一八年：約人民幣零元）。財務資料

266、概要本集團於過往五個財政年度之業績及資產與負債概要刊載於第191至192頁?？煞峙蓛涓鶕倌竭_公司法（一九八一）及本公司組織章程細則，本公司可供向其股東分派的儲備包括股份溢價、實繳盈餘及累計虧損，於二零一九年十二月三十一日總計約為人民幣139,558,000元（二零一八年：人民幣134,807,000元）?？煞峙蓛淇勺鞣峙傻那疤崾庆毒o接建議宣派股息日期之後，本公司將有能力支付其於日常業務過程中的到期債務。DIRECTORS REPORT董事會報告二零一九年年報 中國煤層氣集團有限公司39DIRECTORSThe Directors who held office during the ye

267、ar ended 31 December 2019 were:Executive DirectorsMr.Wang Zhong Sheng(Chairman)Mr.Fu Shou Gang(resigned on 19 June 2019)Mr.Chang Jian(appointed on 19 June 2019)Non-Executive DirectorsMr.Liang Feng (appointed on 19 June 2019)Mr.Wang Chen (appointed on 19 June 2019)Mr.Wu Kun (appointed on 19 June 2019

268、)Independent Non-Executive DirectorsMr.Lau Chun PongMr.Luo Wei Kun (retired on 27 May 2019)Mr.Wang Zhi HeMr.Xu Yuan Jian(appointed on 23 August 2019)In accordance with article 87 of the Companys articles of association,Mr.Chang Jian and Mr.Wu Kun retire at the forthcoming annual general meeting and,

269、being eligible,offer themselves for re-election.The term of office for each of independent non-executive Directors is the period up to his retirement by rotation and re-election at annual general meeting of the Company in accordance with the provisions of the articles of association of the Company.董

270、事於截至二零一九年十二月三十一日止年度之在任董事如下：執行董事王忠勝先生（主席）付壽剛先生（於二零一九年六月十九日辭任）常建先生（於二零一九年六月十九日獲委任）非執行董事梁峰先生（於二零一九年六月十九日獲委任）王琛先生（於二零一九年六月十九日獲委任）鄔昆先生（於二零一九年六月十九日獲委任）獨立非執行董事劉振邦先生羅維崑先生（於二零一九年五月二十七日退任）王之和先生徐顧堅先生（於二零一九年八月二十三日獲委任）根據本公司組織章程細則第87條，常建先生及鄔昆先生須要在即將舉行的股東週年大會退任，並符合規定及願意膺選連任。各獨立非執行董事的任期為直至彼根據本公司組織章程細則的條款於本公司股東週年大會輪

271、值退任及重選為止。DIRECTORS REPORT董事會報告CHINA CBM GROUP COMPANY LIMITED Annual Report 201940Biographical information of the Directors is set out on page 34 to page 36 of this report.The Company has received from each of the independent non-executive Directors an annual confirmation of his independence pursuan

272、t to Rule 5.09 of the GEM Listing Rules and the Company considers the independent non-executive Directors have remained independent.DIRECTORS SERVICE CONTRACTSNone of the Directors has a service contract with the Company or any of its subsidiaries which is not terminable by the Group within one year

273、 without payment of compensation,other than statutory compensation.DIRECTORS AND KEY MANAGEMENTS REMUNERATIONDetails of Directors and key managements remuneration for the year are set out in notes 11 and 12 to the consolidated financial statements.The Directors remuneration are subject to shareholde

274、rs approval at general meetings.Other emoluments are determined by the Board with reference to Directors duties,responsibilities and performance and the results of the Group.DIRECTORS INTERESTS IN CONTRACTS OF SIGNIFICANCENo other contract of significance in relation to the Groups business subsisted

275、 at the year-end or any time during the year to which the Company or any of its subsidiaries was a party and in which a Director had a material interest,whether directly or indirectly.COMPETING INTERESTSNone of the Directors or the management shareholders of the Company or any of their respective as

276、sociates(as defined in the GEM Listing Rules)had an interest in a business which causes or may cause any significant competition with the business of the Group.有關該等董事之履歷資料載於本報告第34至36頁。本公司已接獲各獨立非執行董事根據GEM上市規則第5.09條就其獨立性而作出之年度確認函。本公司認為有關獨立非執行董事仍為獨立人士。董事服務合約董事均無與本公司或其任何附屬公司訂立本集團不可於一年內免付補償（法定補償除外）而終止之服務

277、合約。董事及主要管理人員之酬金董事及主要管理人員於年內之酬金詳情載於綜合財務報表附註11及12。董事酬金須由股東於股東大會批準。其他酬金由董事會參考董事之職務、責任及表現以及本集團業績後釐定。董事於重大合約之權益本公司或其任何附屬公司於年終或年內任何時間概無訂有任何董事於其中佔有重大權益（不論直接或間接）且與本集團業務有關之其他重大合約。競爭權益本公司董事或管理層股東或任何彼等各自之聯繫人士（定義見GEM上市規則）概無於對本集團業務構成或可能構成任何重大競爭之業務中擁有權益。DIRECTORS REPORT董事會報告二零一九年年報 中國煤層氣集團有限公司41SUFFICIENCY OF PUB

278、LIC FLOATBased on Information that is publicly available to the Company and within the knowledge of the Directors,at least 25%of the Companys total issued share capital was held by the public as at the date of this report.DIRECTORS AND CHIEF EXECUTIVES INTERESTS OR SHORT POSITIONS IN SHARES,UNDERLYI

279、NG SHARES AND DEBENTURESAs at 31 December 2019,the interests and short positions of the Directors and chief executive of the Company in the shares,underlying shares and debentures of the Company or any of its associated corporations(within the meaning of Part XV of the Securities and Futures Ordinan

280、ce(“SFO”)as recorded in the register required to be kept by the Company under section 352 of the SFO or as otherwise notified to the Company and the Stock Exchange pursuant to the required standard of dealings by directors of listed issuers as referred to in Rule 5.46 of the GEM Listing Rules were a

281、s follows:Long positions in shares,underlying shares and debentures of the CompanyNameCapacityNature ofinterestNumberof shares/underlyingsharesApproximate%of shareholdings姓名身份權益性質股份相關股份數目持股概約百分比 Mr.Wang Zhong Sheng王忠勝先生Interest of controlled corporation受控法團權益Corporateinterest公司權益18,118,500(Note 1)（附

282、註1）1.38%Beneficial ownerPersonal470,588,25435.66%實益擁有人個人(Note 2)（附註2）Mr.Fu Shou GangBeneficial ownerPersonal324,7500.02%付壽剛先生實益擁有人個人(Note 3)（附註3）足夠公眾持股量根據本公司可公開取得的資料，並就董事所知，於本報告日期，本公司已發行股本總額中有最少25%由公眾人士持有。董事及最高行政人員於股份、相關股份及債券之權益或淡倉於二零一九年十二月三十一日，按本公司根據證券及期貨條例（證券及期貨條例）第352條規定而存置之登記冊所記錄，或根據GEM上市規則第5.46

283、條所述上市發行人董事進行交易的規定標準已知會本公司及聯交所，董事及本公司最高行政人員在本公司或其任何相聯法團（定義見證券及期貨條例第XV部）的股份、相關股份及債券中之權益及淡倉如下：於本公司股份、相關股份及債券之好倉DIRECTORS REPORT董事會報告CHINA CBM GROUP COMPANY LIMITED Annual Report 201942Notes:1.Such shares are owned by Jumbo Lane Investments Limited.Mr.Wang Zhong Sheng owns 100%interest in the issued sha

284、re capital of Jumbo Lane Investments Limited and he is taken to be interested in the shares owned by Jumbo Lane Investments Limited pursuant to Part XV of the SFO(Chapter 571 of the Laws of Hong Kong).2.Out of the 470,588,254 long positions,Mr.Wang Zhong Sheng is interested as(i)a grantee of options

285、 to subscribe for 324,750 shares under the new share option scheme adopted by the Company on 18 May 2011;(ii)a beneficial owner of 376,121,483 issued shares of the Company;and(iii)a holder of convertible bonds convertible to 94,142,021 conversion shares.3.Mr.Fu Shou Gang is interested as a grantee o

286、f options to subscribe for 324,750 shares under the new share option scheme adopted by the Company on 18 May 2011.Mr.Fu resigned on 19 June 2019 as executive director.Save as disclosed above,as at 31 December 2019,none of the Directors or chief executive of the Company had any other interests or sho

287、rt positions in any shares,underlying shares or debentures of the Company or any of its associated corporations(within the meaning of Part XV of the SFO)which were required,pursuant to section 352 of the SFO,to be entered in the register referred to therein,or which were otherwise required,pursuant

288、to the required standard of dealings by directors of listed issuers as referred to in Rule 5.46 of the GEM Listing Rules,to be notified to the Company and the Stock Exchange.The Group had not issued any debentures during the Year.附註：1.該等股份由寶連投資有限公司擁有。王忠勝先生擁有寶連投資有限公司已發行股本之100%權益，根據香港法例第571章證券及期貨條例第XV

289、部，彼被視為於寶連投資有限公司擁有之股份中擁有權益。2.於該470,588,254股股份之好倉中，王忠勝先生以下列形式擁有權益：(i)購股權之承授人，可根據本公司於二零一一年五月十八日採納的新購股權計劃認購324,750股股份；(ii)實益擁有人，擁有376,121,483股本公司已發行股份；及(iii)可換股債券之持有人，可轉換為94,142,021股換股股份。3.付壽剛先生作為購股權之承授人擁有權益，可根據本公司於二零一一年五月十八日採納的新購股權計劃認購324,750股股份。付先生已於二零一九年六月十九日辭任執行董事。除上文所披露者外，於二零一九年十二月三十一日，董事或本公司最高行政人員

290、概無在本公司或其任何相聯法團（定義見證券及期貨條例第XV部）之任何股份、相關股份或債券中擁有根據證券及期貨條例第352條規定而須載入該條例所述登記冊內，或根據GEM上市規則第5.46條所述上市發行人董事進行交易的規定標準而須知會本公司及聯交所之任何其他權益或淡倉。本集團於本年度內並無發行任何債券。DIRECTORS REPORT董事會報告二零一九年年報 中國煤層氣集團有限公司43SUBSTANTIAL SHAREHOLDERS AND PERSONS WITH DISCLOSEABLE INTEREST AND SHORT POSITION IN SHARES AND UNDERLYING S

291、HARES UNDER THE SFOAs at 31 December 2019,the following persons(other than the Directors or chief executive of the Company as disclosed above)had an interest or short positions in the shares and underlying shares of the Company as recorded in the register required to be kept by the Company under sec

292、tion 336 of the SFO:Long positions in shares of the CompanyNameNumber of sharesNature of InterestPercentage ofshareholding姓名股份數目權益性質持股百分比 Ms.Zhao Xin(Note)488,706,754Interest of spouse37.04%趙馨女士（附註）配偶之權益Note:Ms.Zhao Xin(the spouse of Mr.Wang Zhong Sheng)is deemed to be interested in her spouses inte

293、rest in the Company pursuant to the SFO.Save as disclosed above,as at 31 December 2019,no other person(other than the Directors or chief executive of the Company)had an interest or short positions in the shares and underlying shares of the Company as recorded in the register required to be kept by t

294、he Company under to section 336 of the SFO.主要股東及於股份及相關股份擁有根據證券及期貨條例須予披露之權益及淡倉之人士於二零一九年十二月三十一日，按根據證券及期貨條例第336條規定本公司須予存置之登記冊所記錄，下列人士（已於上文披露之董事或本公司最高行政人員除外）於本公司股份及相關股份中擁有權益或淡倉：於本公司股份之好倉附註：根據證券及期貨條例，趙馨女士（王忠勝先生之配偶）被視為於本公司擁有其配偶權益之權益。除上文披露者外，按根據證券及期貨條例第336條規定本公司須予存置之登記冊所記錄，於二零一九年十二月三十一日，並無其他人士（董事或本公司最高行政人員

295、除外）於本公司股份及相關股份中擁有權益或淡倉。DIRECTORS REPORT董事會報告CHINA CBM GROUP COMPANY LIMITED Annual Report 201944DIRECTORS AND CHIEF EXECUTIVES RIGHTS TO ACQUIRE SHARES OR DEBENTURESApart from as disclosed under the heading“Directors and Chief Executives Interests or Short Positions in Shares,Underlying Shares and D

296、ebentures”above and in the section“Share Option Scheme”below,at no time during the Year were rights to acquire benefits by means of the acquisition of shares in or debentures of the Company granted to any Director or their respective spouse or minor children or chief executive or were any such right

297、s exercised by them;or was the Company or any of its subsidiaries a party to any arrangement to enable the Directors to acquire such rights in any other body corporate.SHARE OPTION SCHEMEPursuant to an ordinary resolution passed on 18 May 2011,the Companys share option scheme adopted on 28 July 2003

298、(the“Old Share Option Scheme”)was terminated and a new share option scheme(the“New Share Option Scheme”)was adopted which will remain in force for a period of 10 years from adoption of the New Share Option Scheme and will expire on 17 May 2021.On 30 May 2011,the Board approved to grant options in re

299、spect of 258,300,000 ordinary shares to the Companys Directors,employees and consultants under the New Share Option Scheme.There were no share options that had been granted remained outstanding under the Old Share Option Scheme prior to its termination.For details of the New Share Option Scheme,plea

300、se refer to the circular of the Company dated 20 April 2011.董事及最高行政人員購買股份或債券之權利除上文 董事及最高行政人員於股份、相關股份及債券之權益或淡倉 及下文 購股權計劃 章節所披露者外，於本年度內任何時間，概無授予任何董事或彼等各自之配偶或未成年子女或最高行政人員透過購買本公司股份或債券之方法而獲得利益之權利，或彼等亦無行使任何該等權利；或本公司或其任何附屬公司概無訂立任何安排，致使董事可購買任何其他法人團體之該等權利。購股權計劃根據於二零一一年五月十八日通過的普通決議案，本公司於二零零三年七月二十八日採納的購股權計劃（舊購

301、股權計劃）已告終止，及新的購股權計劃（新購股權計劃）已被採納，其將自採納新購股權計劃起十年期間內持續有效，並將於二零二一年五月十七日屆滿。於二零一一年五月三十日，董事會批準根據新購股權計劃授予本公司董事、僱員及顧問購股權以認購258,300,000股普通股。於舊購股權計劃終止前，已無根據其授出但尚未行使的購股權。有關新購股權計劃之詳情，請參閱本公司日期為二零一一年四月二十日之通函。DIRECTORS REPORT董事會報告二零一九年年報 中國煤層氣集團有限公司45Information in relation to share options disclosed in accordance w

302、ith the GEM Listing Rules was as follows:Name andcategory ofparticipants參與者姓名及類別As at1 January2019於二零一九年一月一日Grantedduring theyear年內已授出Exercisedduring theyear年內已行使Cancelled/lapsedduring theyear年內已註銷失效As at31 December2019於二零一九年十二月三十一日Date ofgrant ofshare options購股權授出日期Exerciseperiod ofshare options購股權

303、行使期Exerciseprice ofper shareas at the dateof grant ofshare options於購股權授出日期之每股行使價Adjustedexercise priceper shareoption每份購股權之經調整行使價 Executive Directors執行董事Mr.Wang Zhong Sheng324,750324,75030/5/201130/5/20110.4953.81王忠勝先生29/5/2021Mr.Fu Shou Gang*324,750324,75030/5/201130/5/20110.4953.81付壽剛先生*29/5/2021

304、649,500649,500Employees5,486,9765,486,97630/5/201130/5/20110.4953.81僱員29/5/2021Consultants25,982,59825,982,59830/5/201130/5/20110.4953.81顧問29/5/2021 32,119,07432,119,074 *Mr.Fu resigned on 19 June 2019 as executive director.根據GEM上市規則所披露有關購股權的資料如下：*付先生已於二零一九年六月十九日辭任執行董事。DIRECTORS REPORT董事會報告CHINA CBM

305、 GROUP COMPANY LIMITED Annual Report 201946Notes:(i)The terms and conditions of the grants that existed during the year are as follows:Number ofContractualoptionsVesting conditionslife of options購股權數目歸屬條件購股權合約年期 Options granted:已授出購股權：30 May 2011215,220,000Vest immediately10 years二零一一年五月三十日即時歸屬10年30

306、 May 201143,080,000Half on each of the first and second anniversaries of grant date10 years二零一一年五月三十日授出日期之首個及第二個週年日每次一半10年 (ii)The number and weighted average exercise prices of options are as follows:Weighted averageexercise price加權平均行使價HK$港元Number ofoptions購股權數目 Outstanding as at 1 January 2019於二零

307、一九年一月一日未行使3.8132,119,074Granted during the year年內已授出Outstanding as at 31 December 2019於二零一九年十二月三十一日未行使3.8132,119,074Exercisable as at 31 December 2019於二零一九年十二月三十一日可行使3.8132,119,074 The options outstanding as at 31 December 2019 had an exercise price of HK$3.81 and a weighted average remaining contra

308、ctual life of 1.4 years.As at the date of this Report,the total number of shares available for issue under the New Share Option Scheme was 32,119,074 ordinary shares,representing approximately 2.43%of the issued shares of the Company.The subscription price per share under the New Share Option Scheme

309、 is solely determined by the Board,and shall be at least the higher of:(i)the closing price of the shares as stated in the Stock Exchanges daily quotation sheet on the date of offer to grant option,which must be a business day;(ii)the average of the closing prices of the shares as stated in the Stoc

310、k Exchanges daily quotations sheets for the 5 business days immediately preceding the date of offer to grant option;and(iii)the nominal value of a share on the date of offer to grant option,provided that in the event of fractional prices,the subscription price per share shall be rounded upwards to t

311、he nearest whole cent.附註：(i)於本年度存續之授出條款及條件如下：(ii)購股權之數目及加權平均行使價如下：於二零一九年十二月三十一日之未行使購股權之行使價為3.81港元，加權平均合約剩餘年期為1.4年。於本報告日期，新購股權計劃項下可供發行之股份總數為32,119,074股普通股，佔本公司已發行股份約2.43%。新購股權計劃項下之每股認購價由董事會全權釐定，並須至少為以下各項之較高者：(i)股份於提呈授出購股權當日（須為營業日）於聯交所每日報價表上所列之收市價；(ii)股份於緊接提呈授出購股權當日前五個營業日在聯交所每日報價表所列之平均收市價；及(iii)股份於提呈授

312、出購股權當日之面值，前提為倘出現零碎價格，則每股認購價須上調至最接近而完整的一仙。DIRECTORS REPORT董事會報告二零一九年年報 中國煤層氣集團有限公司47MAJOR CUSTOMERS AND SUPPLIERSFor the year under review,the top five customers of the Group together accounted for approximately 39.10%of the Groups total sales for the year while the single largest customers accounted

313、 for approximately 15.37%of the Groups total sales during the year.The top five suppliers of the Group for the year under review together accounted for approximately 98.50%of the Groups total purchases for the year and the single largest supplier accounted for approximately 29.83%of the Groups total

314、 purchases.None of the Directors,their respective associates or any shareholders of the Company who owns more than 5%of the issued share capital of the Company has any interests in the Groups five largest customers and suppliers above mentioned.AMOUNT OF CAPITALISED INTERESTSave as disclosed in this

315、 report,no interest has been capitalised by the Group during the year.RETIREMENT BENEFITS SCHEMESParticular of the retirement benefits schemes of the Group are set out in note 33 to the consolidated financial statements.CONVERTIBLE SECURITIES,WARRANTS OR SIMILAR RIGHTSAs at the date of this report,t

316、he Company had outstanding options to subscribe for 32,119,074 shares under the share option scheme adopted on 18 May 2011 and outstanding convertible bonds convertible to 94,142,021 conversion shares.PRE-EMPTIVE RIGHTSThere is no provision for pre-emptive rights under the bye-laws of the Company or

317、 the laws of Bermuda,which would oblige the Company to offer new shares on a pro rata basis to existing Shareholders.主要客戶及供應商於回顧年內，本集團五大客戶合共佔本集團年內總銷售額約39.10%，而最大單一客戶則佔本集團年內總銷售額約15.37%。本集團五大供應商於回顧年內合共佔本集團年內總採購額約98.5%，而最大單一供應商則佔本集團總採購額約29.83%。董事、彼等各自之聯繫人士或任何擁有本公司已發行股本5%以上之本公司股東概無於上述本集團五大客戶及供應商中擁有任何權益。

318、已撥充資本之利息金額除本報告所披露者外，本集團於年內並無將任何利息撥充資本。退休福利計劃本集團退休褔利計劃詳情載於綜合財務報表附註33?？蓳Q股證券、認股權證或類似權利於本報告日期，本公司尚存於二零一一年五月十八日採納的購股權計劃項下可認購32,119,074股股份的仍未行使購股權以及可轉換為94,142,021股換股股份的未轉換可換股債券。優先購買權本公司之公司細則或百慕達法例並無訂有有關優先購買權之條文，規定本公司須向現有股東按比例提呈發售新股份。DIRECTORS REPORT董事會報告CHINA CBM GROUP COMPANY LIMITED Annual Report 201948

319、PURCHASE,SALE OR REDEMPTION OF THE COMPANYS LISTED SECURITIESDuring the year ended 31 December 2019,neither the Company nor any of its subsidiaries purchased,sold or redeemed any of the listed securities of the Company nor any of its subsidiaries.MATERIAL RELATED PARTY TRANSACTIONS AND CONTINUING CO

320、NNECTED TRANSACTIONSDetails of the related party transactions of the Company are set out in note 39 to the consolidated financial statements.During the year ended 31 December 2019,Shanxi Qinshui Prefecture Chengrong Investment Limited(“Chengrong Investment”)has provided financing to the Group in the

321、 sum of RMB24,200,000.As Chengrong Investment owns 17%equity interest in Shanxi Wanzhi Logistics Limited(a non-wholly owned subsidiary of the Company),Chengrong Investment is a connected person of the Company under the GEM Listing Rules.As the financing is financial assistance provided by a connecte

322、d person for the benefit of the Group on normal commercial terms(or better to the Company)where no security over the assets of the Group is granted in respect of the financial assistance,the transaction are exempt from the reporting,announcement and independent shareholders approval under Rule 20.65

323、 of the GEM Listing Rules.The Company has complied with the disclosure requirements in accordance with Chapter 20 of the GEM Listing Rules.Save as disclosed above,The Directors consider that those material related party transactions disclosed in note 39 to the consolidated financial statements did n

324、ot fall under the definition of“connected transactions”or“continuing connected transactions”in accordance with the GEM Listing Rules during the year under review.COMPETING INTERESTSNone of the Directors or the management shareholders of the Company or any of their respective associates(as defined in

325、 the GEM Listing Rules)had an interest in a business which causes or may cause any significant competition with the business as of the Group.購買、出售或贖回本公司上市證券於截至二零一九年十二月三十一日止年度，本公司或其任何附屬公司概無購買、出售或贖回本公司或其任何附屬公司的任何上市證券。重大關連人士交易及持續關連交易本公司關連人士交易之詳情載於綜合財務報表附註39。截至二零一九年十二月三十一日止年度，沁水縣盛融投資有限責任公司（盛融投資）向本集團提供資金

326、人民幣24,200,000元。由於盛融投資擁有山西萬志物流有限公司（本公司之非全資附屬公司）之17%股本權益，根據GEM上市規則，盛融投資為本公司之關連人士。由於有關資金為關連人士按一般商業條款（或對本公司而言更優）提供予本集團之財務資助，且並無就該財務資助抵押本集團之資產，故根據GEM上市規則第20.65條，該交易獲豁免遵守申報、公佈及獨立股東批準之規定。本公司已遵守GEM上市規則第20章之披露規定。除上文所披露者外，董事認為於回顧年度內綜合財務報表附註39所披露的重大關連人士交易根據GEM上市規則並不隸屬於 關連交易 或 持續關連交易。競爭權益本公司董事或管理層股東或任何彼等各自之聯繫人士

327、（定義見GEM上市規則）概無於對本集團業務構成或可能構成任何重大競爭之業務中擁有權益。DIRECTORS REPORT董事會報告二零一九年年報 中國煤層氣集團有限公司49DIVIDEND POLICYThe Company has a dividend policy,the objective of which is to allow shareholders of the Company to participate in the Companys profits whilst retaining adequate reserves to sustain the Groups future

328、growth.The declaration,form,frequency and amount of dividend paid by the Company must be in accordance with relevant laws and regulations and subject to the Articles.In deciding whether to declare any dividend,the Board will take into account a number of factors,including the financial results,the d

329、istributable reserves,the operations and liquidity requirements,and the current and future development plans of the Company.The Board will review the dividend policy of the Company as appropriate from time to time.AUDITORSThe accounts for the year ended 31 December 2019 were audited by KTC Partners

330、CPA Limited whose term of office will expire upon the annual general meeting.A resolution for the reappointment of KTC Partners CPA Limited as the auditors of the Company for the subsequent year is to be proposed at the forthcoming annual general meeting.By order of the BoardWang Zhong ShengChairman

331、11 May 2020股息政策本公司設有股息政策，其目標為讓本公司股東參與本公司利潤，同時保留足夠儲備使本集團於日後持續增長。本公司派付股息的宣派、形式、頻繁次數及金額必須根據相關法律及法規及受細則所限。於決定宣派任何股息與否時，董事會將計及多項因素，包括本公司的財務業績、可供分派儲備、經營及流動資金要求以及目前及未來發展計劃。董事會將不時適當審閱本公司的股息政策。核數師截至二零一九年十二月三十一日止年度的賬目乃由和信會計師事務所有限公司審核，其任期將於股東週年大會屆滿。有關重新委任和信會計師事務所有限公司為本公司核數師的決議案將於即將舉行的股東週年大會上提呈。承董事會命王忠勝主席二零二零年五

332、月十一日INDEPENDENT AUDITORS REPORT獨立核數師報告CHINA CBM GROUP COMPANY LIMITED Annual Report 201950TO THE SHAREHOLDERS OF CHINA CBM GROUP COMPANY LIMITED(Incorporated in the Cayman Islands and continued in Bermuda with limited liability)OPINIONWe have audited the consolidated financial statements of China CB

333、M Group Company Limited(the“Company”)and its subsidiaries(collectively referred to as“the Group”)set out on pages 57 to 190,which comprise the consolidated statement of financial position as at 31 December 2019,and the consolidated statement of profit or loss,consolidated statement of profit or loss and other comprehensive income,consolidated statement of changes in equity and consolidated stateme