申洲國際集團控股有限公司2019年年度報告（303頁）.PDF

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1、Stock Code 股份編號:2313SHENZHOU INTERNATIONALGROUP HOLDINGS LIMITED申洲國際集團控股有限公司*A n n u a lR e p o r t2019年報*For Identification only 僅供識別SHENZHOU INTERNATIONAL GROUP HOLDINGS LIMITED 申洲國際集團控股有限公司Annual Report 2019 年報SHENZHOU INTERNATIONAL GROUP HOLDINGS LIMITED申洲國際集團控股有限公司Ningbo Office 寧波辦事處18 Yongjian

2、g RoadNingbo Economic and TechnicalDevelopment ZoneNingbo,Zhejiang Province,PRC中國浙江省寧波市寧波經濟技術開發區甬江路18號Tel 電話:(86)574 8698 0102Fax 傳真:(86)574 8698 0162Hong Kong Office香港辦事處Unit 2708,27th FloorBillion Plaza8 Cheung Yue StreetKowloon,Hong Kong香港九龍長裕街8號億京廣場27樓2708室Tel 電話:(852)2310 4919Fax 傳真:(852)2310 4

3、929Shanghai Office上海辦事處26th Floor You Yi Time Building159 Zhao Jia Bang RoadXu Hui DistrictShanghai,PRC中國上海徐滙區肇家濱路159號上海友誼時代大廈26樓Tel 電話:(86)21 6403 1166Fax 傳真:(86)21 5496 0947 ii申洲國際集團控股有限公司 Shenzhou International Group Holdings Limited 1Annual Report 2019 年報2公司簡介Corporate Profile4財務撮要Financial High

4、lights7公司資料Corporate Information12主席報告Chairmans Statement18管理層討論及分析Management Discussion and Analysis40企業管治報告Corporate Governance Report57環境、社會及管治報告Environmental,Social and Governance Report153董事及高級管理層成員履歷Biographical Details of Directors and Members of Senior Management162董事會報告Report of the Directo

5、rs177獨立審計師報告Independent Auditors Report185綜合損益表Consolidated Statement of Profit or Loss186綜合全面收益表Consolidated Statement of Comprehensive Income187綜合財務狀況表Consolidated Statement of Financial Position189綜合權益變動表Consolidated Statement of Changes in Equity190綜合現金流量表Consolidated Statement of Cash Flows193財

6、務報表附註Notes to Financial Statements300財務資料摘要Financial Information Summary目 錄 C o n t e n t s公司簡介Corporate Profle 2申洲國際集團控股有限公司 Shenzhou International Group Holdings Limited 申洲國際集團控股有限公司（申洲國際）及其附屬公司（統稱 本集團）為全球最大的縱向一體化針織製造商之一，主要以代工(OEM)及委託設計(ODM)相結合方式為客戶製造質量上乘的針織品。本集團的布料生產基地位於中國寧波市經濟技術開發區和越南西寧省，並策略性地在中

7、國寧波市、衢州市及安慶市、越南胡志明市及西寧省和柬埔寨金邊市設有製衣工廠，在上海、香港及大阪均設有銷售辦事處或代表處?，F時本集團員工逾85,700人，廠房佔地面積逾538萬平方米，建築面積逾388萬平方米，每年生產各類針織服裝約四億三千萬件。本集團主要生產針織運動類用品、休閒服裝及內衣服裝，主要客戶包括NIKE、UNIQLO、ADIDAS及PUMA等國際知名品牌客戶。產品市場遍佈中國內地、日本、亞太區及歐美市場。為實現針織服裝生產全球最具競爭力企業目標，申洲國際已於二零零五年十一月成功在香港聯合交易所有限公司主板上市。本公司股份代號為2313，並於二零一零年三月八日起獲納入恒生綜合指數、恒生綜

8、合行業指數（消費品）及恒生綜合中型股指數成份股。自二零一三年六月一日起，申洲國際被納入MSCI明晟指數。同時，於二零一五年九月份起獲納入恒生可持續發展企業指數系列。再者，本集團於二零一八年三月五日起正式獲納入成為恒生中國企業指數成份股，並於同年九月十日起正式獲納入成為恒生指數成分股。於二零一八年四月，本集團獲得中華交易服務有限公司（中華交易服務）選為中華交易服務一帶一路指數的成份股公司之一，以表揚本集團對一帶一路倡議作出貢獻。另外，於二零一八年九月二十一日起正式獲納入成為富時中國50指數成分股。Shenzhou International Group Holdings Limited(“She

9、nzhou International”)and its subsidiaries(collectively the“Group”)is one of the largest vertically integrated knitwear manufacturer in the world.The Group is principally engaged in the manufacturing of high-end knitwear for the customers by the method of combining OEM and ODM.The Groups fabrics prod

10、uction base is located in Ningbo Economic&Technical Development Zone,the Peoples Republic of China(“PRC”)and Ty Ninh Province,Vietnam,and the Group has strategically set up garment factories in Ningbo,Quzhou and Anqing of China,Ho Chi Minh City and Ty Ninh Province of Vietnam and Phnom Penh of Cambo

11、dia.The Group also established sales offices or representative offices in Shanghai,Hong Kong and Osaka.The Group currently has over 85,700 employees.The area of the factories is over 5,380,000 sq.m.and floor area covers over 3,880,000 sq.m.,which can produce various knitwear of about 430,000,000 pie

12、ces every year.The Group focuses on producing sports wear,casual wear and lingerie wear for major international renowned clients including NIKE,UNIQLO,ADIDAS and PUMA.The products markets are widely spread in the PRC,Japan,Asia Pacific,Europe and the US.Shenzhou International was listed on the Main

13、Board of The Stock Exchange of Hong Kong Limited in November 2005 with an aim to be the most competitive knitwear manufacturer in the world.The stock code of the Company is 2313.Shenzhou International was included in Hang Seng Composite Index,Hang Seng Composite Industry Index(Consumer Goods)and Han

14、g Seng Composite MiddleCap Index,all effective from 8 March 2010.Shenzhou International has also been included in MSCI Index since June 1 2013.Meanwhile,Shenzhou International has been included in Hang Seng Corporate Sustainability Index Series since September 2015.Furthermore,the Group has become a

15、 constituent stock of Hang Seng China Enterprises Index(“HSCEI”)from 5 March 2018 and a constituent stock of Hang Seng Index from 10 September in the same year.In April 2018,the Group was selected by China Exchanges Services Company Limited(“CES”)as a constituent stock of the CES Belt and Road Index

16、,in recognition of the Groups contribution to the Belt and Road Initiative.In addition,the Group has become a constituent stock of FTSE China 50 index from 21 September 2018.公司簡介Corporate Profle 3Annual Report 2019 年報From the year of 2010 to the year of 2019,Shenzhou International has been named in

17、the“Top 1000 Asian Companies”List of Yazhou Zhoukan and named in the“100 Mainland Enterprises Listed in Hong Kong Ranking”by Yazhou Zhoukan in 2019.Meanwhile,in 2010,it was recognised by Forbes Asia as one of the“Best Under A Billion”Companies.Shenzhou International was selected by Finet and QQ.COM

18、as one of the“Top 100 HK Listed Companies”in 2012,2015 and 2016.In addition,Shenzhou International was recognized as one of the“2015 Best Listed Company in Corporate Governance”by Ta Kung Pao in November 2015,and was awarded“Best Investor Relations Listed Company 2017”prize by Ta Kung Pao in 2017.Me

19、anwhile,Shenzhou International was awarded“The Largest Capitalization Private Company Award”in Mainland Enterprises Listed in Hong Kong Ranking by Yazhou Zhoukan in 2015 and 2019.Shenzhou International was awarded“ENTERPRISE AWARD 2016”in the DHL/SCMP Hong Kong Business Awards 2016.In 2017 and 2019,

20、Shenzhou International won“Best IR Company”(Large-cap)at the third and the fifth Hong Kong Investor Relations Awards organised by Hong Kong Investor Relations Association(HKIRA).Shenzhou International was selected as one of the“Chinas 500 Largest Listed Companies 2018”and“Chinas Top 50 Boards of Dir

21、ectors 2018 and 2019”by Fortune China.In addition,Shenzhou International was named as one of the“Asias 50 Top Listed Companies 2018”by Forbes Asia in 2018.Meanwhile,Shenzhou International was awarded“Listed Companies Awards 2018(Apparel)”by Hong Kong Business Magazine in 2018.Furthermore,Shenzhou In

22、ternational was awarded“ListCo Excellence Awards 2018”by AM730,PR Asia and Roadshow in 2018.Shenzhou International was awarded“The Hong Kong Corporate Governance Excellence Awards 2018:Award for Sustainability Excellence”by The Chamber of Hong Kong Listed Companies in 2018,awarded“2018 Golden Lion A

23、ward:The Best Listed Company”by Sina Finance,and awarded“The 8th China Securities Golden Bauhinia Awards:Best Investment Value Award for Listed Companies”by Ta Kung Pao.In 2019,Shenzhou International was named as one of the winning in the“Listed Company Awards of Excellence 2019”by Hong Kong Economi

24、c Journal.於二零一零年至二零一九年申洲國際榮登亞洲週刊 全球華商一千 排行榜及於本年度榮登亞洲週刊中國大陸企業香港股市100 排行榜。同時，於二零一零年榮獲褔布斯亞洲評選為 最佳中小上市企業 之一。申洲國際獲財華社及騰訊網評選為二零一二年、二零一五年及二零一六年度香港上市公司100強。另外，申洲國際於二零一五年十一月獲大公報評選為二零一五年度最佳公司治理上市公司之一，而於二零一七年申洲國際再獲大公報評選為二零一七年最佳投資者關係管理上市公司獎項之一。同時，申洲國際亦於二零一五年及本年度獲亞洲週刊獲選為中國大陸企業組的香港股市排行榜的最大市值民企大獎。再者，申洲國際獲2016年DHL南

25、華早報香港商業獎項中獲選為2016年度傑出企業獎。於二零一七年及二零一九年，申洲國際獲香港投資者關係協會舉辦的第三屆及第五屆香港投資者關係大獎中獲得 最佳投資者關係公司（大型股組別）獎項。於二零一八年，申洲國際榮獲財富中國評選為 2018年中國最大的500家上市公司 和 2018年及2019年中國最佳董事會50強 之一。並於二零一八年，申洲國際榮獲福布斯亞洲評選為 2018年度亞洲最佳上市公司50強 之一。同時，於二零一八年申洲國際榮獲Hong Kong Business雜誌獲選為 2018年上市公司大獎（服裝類）。另外，申洲國際於二零一八年榮獲am 730、亞洲公關及路訊通頒發 傑出上市公司

26、大獎2018。申洲國際於二零一八年榮獲香港上市公司商會獲選為2018年度香港公司管治卓越獎：持續發展卓越獎；並榮獲新浪財經頒發 2018港股上市公司金獅獎：最佳上市公司；以及榮獲大公報頒發 第八屆中國證券金紫荊獎：最具投資價值上市公司。於二零一九年，申洲國際榮獲信報財經新聞獲選為 上市公司卓越大獎2019 之一。財務撮要Financial Highlights 4申洲國際集團控股有限公司 Shenzhou International Group Holdings Limited 過往五年主要財務資料 附註：1.淨資本負債比率之計算為總借貸（銀行貸款加可換股債券）扣除現金及現金等價物與總權益之比

27、率。二零一七年至二零一九年為淨現金。KEY FINANCIAL INFORMATION FOR THE LAST FIVE YEARS截至十二月三十一日止年度於十二月三十一日For the year ended 31 December/As at 31 December二零一九年二零一八年二零一七年二零一六年二零一五年20192018201720162015 主要財務資料（人民幣千元）Key Financial Information(RMB000)銷售額Sales22,665,27220,950,20518,085,24715,099,07612,639,332除所得稅前利潤Profit b

28、efore income tax5,571,7435,090,3464,288,2313,642,9472,886,901年度利潤Profit for the year4,958,5364,492,5433,759,9512,947,6802,354,842母公司擁有人應佔利潤Profit attributable to owners of the parent5,095,2064,540,4873,762,7212,947,6732,354,664 非流動資產Non-current assets11,360,6209,411,6278,886,7268,980,5677,450,113流動資

29、產Current assets20,494,23818,140,42715,206,47912,835,49510,911,501流動負債Current liabilities5,584,7184,919,6264,265,3553,094,4822,154,769流動資產淨值Net current assets14,909,52013,220,80110,941,1249,741,0138,756,732總資產Total assets31,854,85827,552,05424,093,20521,816,06218,361,614總資產減流動負債Total assets less curr

30、ent liabilities26,270,14022,632,42819,827,85018,721,58016,206,845總權益Total equity25,191,32722,454,27919,824,65315,309,60213,089,836現金及現金等價物Cash and cash equivalents5,060,8963,565,9162,471,4012,105,1841,815,678 主要財務比率Key Financial ratios毛利率(%)Gross profit margin(%)30.331.631.432.530.5淨利潤率(%)Net profit

31、 margin(%)21.921.420.819.518.6淨資本負債比率(%)(1)Net gearing ratio(%)(1)不適用 N/A不適用 N/A不適用 N/A16.615.0流動比率Current ratio3.73.73.64.15.1應收賬款之週轉期（日）Accounts receivable turnover period(days)5856555653存貨之週轉期（日）Inventory turnover period(days)122124120124121 Note:1.Net gearing ratio represents the ratio between t

32、otal borrowings(bank loans plus convertible bonds),less cash and cash equivalents and total equity.Net cash position was presented from 2017 to 2019.財務撮要Financial Highlights 5Annual Report 2019 年報ANALYSIS OF SALES OF THE GROUP BY PRODUCTS截至十二月三十一日止年度For the year ended 31 December二零一九年二零一八年二零一七年二零一六年

33、二零一五年20192018201720162015人民幣千元%人民幣千元%人民幣千元%人民幣千元%人民幣千元%RMB000%RMB000%RMB000%RMB000%RMB000%按產品By products運動類Sports wear16,321,97572.014,275,64368.112,048,89666.69,815,53765.08,028,05463.5休閒類Casual wear5,387,68323.85,167,35524.74,600,53425.43,886,02425.73,476,49927.5內衣類Lingerie wear802,8523.51,328,006

34、6.31,302,5807.21,293,1118.61,022,2338.1其他針織品Other knitting152,7620.7179,2010.9133,2370.8104,4040.7112,5460.9 銷售額總計Total sales22,665,272100.020,950,205100.018,085,247100.015,099,076100.012,639,332100.0 0.7%23.8%72.0%3.5%休閒類 Casual 運動類 Sports內衣類 Lingerie其他針織品 Other knitting20190.9%27.5%63.5%8.1%20150.

35、7%25.7%65.0%8.6%20160.8%25.4%66.6%7.2%20170.9%24.7%68.1%6.3%2018按產品類別分析的本集團銷售額財務撮要Financial Highlights 6申洲國際集團控股有限公司 Shenzhou International Group Holdings Limited 按市場分佈分析的本集團銷售額ANALYSIS OF SALES OF THE GROUP BY REGIONAL DISTRIBUTION OF MARKET截至十二月三十一日止年度For the year ended 31 December二零一九年二零一八年二零一七年二

36、零一六年二零一五年20192018201720162015人民幣千元%人民幣千元%人民幣千元%人民幣千元%人民幣千元%RMB000%RMB000%RMB000%RMB000%RMB000%按市場By market regions國際銷售International sales歐洲Europe3,890,27817.23,795,98218.14,031,07722.33,355,51622.22,319,86018.4日本Japan3,542,57215.63,236,00215.53,129,04217.33,003,73519.92,859,69222.6美國US3,475,42715.33

37、,252,72515.52,337,90312.91,548,38710.31,588,68912.6其他國家Others4,614,23920.44,353,08420.83,742,63720.73,501,56323.22,875,54822.7國內銷售Domestic sales7,142,75631.56,312,41230.14,844,58826.83,689,87524.42,995,54323.7 銷售額總計Total sales22,665,272100.020,950,205100.018,085,247100.015,099,076100.012,639,332100.

38、0 15.6%31.5%20.4%15.3%17.2%2019日本 Japan歐洲 Europe美國 USOthers其他市場 國內銷售 Domestic Sales22.6%23.7%22.7%12.6%18.4%201519.9%24.4%23.2%10.3%22.2%201617.3%26.8%20.7%12.9%22.3%201715.5%30.1%20.8%15.5%18.1%2018公司資料Corporate Information（於二零二零年三月二十三日（最後實際可行日期）(as at 23 March 2020(the“Latest Practicable Date”)7An

39、nual Report 2019 年報註冊名稱Shenzhou International Group Holdings Limited中文名稱申洲國際集團控股有限公司董事會執行董事馬建榮先生（主席）黃關林先生馬仁和先生王存波先生陳芝芬女士獨立非執行董事陳旭先生蔣賢品先生裘煒國先生張炳生先生公司秘書陳德興先生授權代表王存波先生陳德興先生REGISTERED NAMEShenzhou International Group Holdings LimitedCHINESE NAME申洲國際集團控股有限公司BOARD OF DIRECTORSExecutive DirectorsMr.Ma Jian

40、rong(Chairman)Mr.Huang GuanlinMr.Ma RenheMr.Wang CunboMs.Chen Zhifen Independent Non-executive DirectorsMr.Chen Xu Mr.Jiang XianpinMr.Qiu WeiguoMr.Zhang BingshengCOMPANY SECRETARYMr.Chan Tak Hing KenjiAUTHORIZED REPRESENTATIVESMr.Wang Cunbo Mr.Chan Tak Hing Kenji公司資料Corporate Information（於二零二零年三月二十三

41、日（最後實際可行日期）(as at 23 March 2020(the“Latest Practicable Date”)8申洲國際集團控股有限公司 Shenzhou International Group Holdings Limited KEY BOARD COMMITTEESAudit CommitteeMr.Jiang Xianpin(Chairman)Mr.Chen XuMr.Qiu WeiguoMr.Zhang BingshengRemuneration CommitteeMr.Chen Xu(Chairman)Mr.Ma RenheMr.Jiang XianpinMr.Zhang

42、 BingshengNomination CommitteeMr.Ma Jianrong(Chairman)Mr.Jiang XianpinMr.Qiu WeiguoMr.Zhang BingshengREGISTERED OFFICECricket SquareHutchins Drive,P.O.Box 2681Grand Cayman KY1-1111Cayman IslandsPLACE OF BUSINESS IN HONG KONGUnit 2708,27th FloorBillion PlazaNo.8 Cheung Yue StreetCheung Sha Wan,Kowloo

43、n,Hong KongAUDITORSErnst&YoungCertified Public AccountantsLEGAL ADVISERSLennon&LawyersMorrison&Foerster董事會主要委員會審核委員會蔣賢品先生（主席）陳旭先生裘煒國先生張炳生先生薪酬委員會陳旭先生（主席）馬仁和先生蔣賢品先生張炳生先生提名委員會馬建榮先生（主席）蔣賢品先生裘煒國先生張炳生先生註冊辦事處Cricket SquareHutchins Drive,P.O.Box 2681Grand Cayman KY1-1111Cayman Islands香港營業地點香港九龍長沙灣長裕街8號億京廣場2

44、7樓2708室審計師安永會計師事務所執業會計師法律顧問龍生律師事務所美富律師事務所公司資料Corporate Information（於二零二零年三月二十三日（最後實際可行日期）(as at 23 March 2020(the“Latest Practicable Date”)9Annual Report 2019 年報股份過戶登記總處Codan Trust Company(Cayman)LimitedCricket Square,Hutchins Drive,P.O.Box 2681Grand Cayman KY1-1111,Cayman Islands股份過戶登記處香港分處香港中央證券登記

45、有限公司香港灣仔皇后大道東183號合和中心17樓1712-1716號舖主要往來銀行中國銀行（香港）有限公司中國銀行股份有限公司交通銀行股份有限公司寧波銀行股份有限公司中國建設銀行股份有限公司中信銀行股份有限公司恒生銀行有限公司中國工商銀行股份有限公司上海浦東發展銀行股份有限公司渣打銀行（香港）有限公司香港上海滙豐銀行有限公司投資者及傳媒關係顧問iPR奧美公關公司網址股份編號2313PRINCIPAL SHARE REGISTRAR AND TRANSFER OFFICECodan Trust Company(Cayman)LimitedCricket Square,Hutchins Drive

46、,P.O.Box 2681Grand Cayman KY1-1111,Cayman IslandsHONG KONG BRANCH SHARE REGISTRAR AND TRANSFER OFFICEComputershare Hong Kong Investor Services LimitedShops 1712-1716,17th FloorHopewell Centre183 Queens Road EastWanchai,Hong KongPRINCIPAL BANKERSBank of China(Hong Kong)LimitedBank of China LimitedBan

47、k of Communications Company LimitedBank of Ningbo Company LimitedChina Construction Bank CorporationChina CITIC Bank Corporation LimitedHang Seng Bank LimitedIndustrial and Commercial Bank of China LimitedShanghai Pudong Development Bank Company LimitedStandard Chartered Bank(Hong Kong)LimitedThe Ho

48、ngkong and Shanghai Banking Corporation LimitedINVESTOR AND PRESS RELATIONS ADVISERiPR Ogilvy LimitedCOMPANY WEBSITESTOCK CODE2313 10申洲國際集團控股有限公司 Shenzhou International Group Holdings Limited 11Annual Report 2019 年報中國最大的縱向一體化針織製造商The Largest vertically-integrated knitwear manufacturer in China“主席報告C

49、hairmans Statement 12申洲國際集團控股有限公司 Shenzhou International Group Holdings Limited 致各位股東：本人謹代表申洲國際集團控股有限公司（本公司）的董事會（董事會 或 董事），欣然宣佈本公司及其附屬公司（統稱 本集團或 集團）二零一九年度全年業績，敬請各位股東審閱。過去之一年，全球經濟增長放緩，服裝消費需求回落，同時貿易環境更趨複雜多變，尤其是中美貿易摩擦影響了兩國間經貿規模的增長。為於困境中取得持續之增長，本集團年內之主要工作均聚焦於提升企業之長遠競爭力：海外工廠之產能規模繼續加大，且生產效率持續提升、運行管理更趨成熟；國

50、內基地之資源配置更為優化，能源消耗水平持續下降；年內完成了零售業務的清理退出，並集中資源提升對客戶之服務能力。當前行業之經營環境實屬艱難，但本集團之營業收入及經營業績再創歷史新高，本人希望本集團所取得之成績能得到投資者之認可，並能繼續支持本集團的業務發展策略。Dear Shareholders:On behalf of the board(the“Board”)of directors(the“Directors”)of Shenzhou International Group Holdings Limited(the“Company”),I am pleased to announce th

51、e annual results of the Company and its subsidiaries(collectively,the“Group”)for the year of 2019 for shareholders review.Over the past year,the slowdown of global economy growth has led to a drop in consumption demand for apparel.Meanwhile,trading environment becomes more complex and dynamic,the US

52、-China trade conflict has,in particular,affected the growth of the economy and trade scale of both countries.In order to obtain the sustainable growth amid the challenges,the Groups major job during the year are focused on enhancing the enterprises long term competitiveness.We have continued expandi

53、ng the production capacity and enhancing the production efficiency of our overseas factories,and the operation and management of which have become more mature.For our mainland bases,we have optimized resources allocation and kept continued lowering our energy consumption level.Meanwhile,we have comp

54、letely withdrawn from our retail business during the year,and focused our resources on enhancing our services ability to our customers.Notwithstanding the challenging operating environment currently faced by the industry,our Group recorded historical high sales revenue and operation results.I wish t

55、he Groups results can earn us the recognition from the investors and their continuous support for the Groups business development strategy.董事會主席Chairman of the Board 馬建榮 Ma Jianrong主席報告Chairmans Statement 13Annual Report 2019 年報For the year ended 31 December 2019,annual sales amount of the Group was

56、 approximately RMB22,665,272,000,representing an increase of approximately 8.2%as compared to that of 2018.For the year ended 31 December 2019,the profit attributable to owners of the parent was approximately RMB5,095,206,000,representing an increase of approximately 12.2%(if excluding the negative

57、effect brought by the retail business,up approximately 14.1%year-on-year)as compared to approximately RMB4,540,487,000 recorded for the year ended 31 December 2018,and we have realized an earnings per share of RMB3.39.As at 31 December 2019,the Groups cash and cash equivalents amounted to approximat

58、ely RMB5,060,896,000.Given the promising business performance and the strong financial position of the Group,the Board of the Company has recommended a final dividend of HK$1.00 per share.Together with the paid interim dividend of HK$0.90 per share,the total dividends proposed for the year will be H

59、K$1.90 per share.In 2019,affected by factors like weakening market demand,adverse trading environment and increasing manufacturing costs,the apparel industry of China faced more challenging operation environment,Chinas apparel products export has dropped by approximately 4%year-on-year,in particular

60、,we saw a drop in the export value of apparel products to the US,European Union and Japan,the three main export markets,which further lowered their occupied proportion in the total export value.In the long term,however,the current difficulties also represent growing opportunities for the development

61、 of enterprises,limited supply of major resources and higher prices have driven Chinas economy from speed-oriented growth to quality-oriented development.It has also promote the organic growth of textile and apparel enterprises,especially in areas like quality and efficiency enhancement,research&dev

62、elopment and innovation and flexible manufacturing,thus strengthened the competitiveness of the industry.The market scale and potential consumption power that are unique to China is crucial for the existence of the industry,while the huge working population,sufficient supply of talents and the compr

63、ehensive industry chain in China have secured the development of the industry.截至二零一九年十二月三十一日止年度，本集團之全年銷售額約達人民幣22,665,272,000元，較二零一八年度上升了約8.2%；截至二零一九年十二月三十一日止年度的母公司擁有人應佔利潤為約人民幣5,095,206,000元，較截至二零一八年十二月三十一日止年度的約人民幣4,540,487,000元上升了約12.2%（若剔除零售業務之負面影響，同比增長率為約14.1%），實現每股盈利人民幣3.39元。截至二零一九年十二月三十一日止，本集團的現

64、金及現金等價物為約人民幣5,060,896,000元。鑒於本集團業務表現良好及財務狀況穩健，本公司董事會建議派發末期股息每股1.00港元，連同中期已派發之股息每股0.90港元，全年合計建議派息為每股1.90港元。二零一九年度，中國服裝行業之經營環境更趨艱難，受市場需求疲軟、貿易環境不利及製造成本上漲等影響，中國服裝產品出口金額同比下降約4%，尤其對美國、歐盟、日本三個主要市場之出口金額均為下降，所佔份額比例進一步降低。但長期來看，當前之困境亦是企業發展之機遇，資源要素的供給有限和價格上漲，推動了中國經濟由高速增長轉向高質量發展，也推進了紡織服裝企業內生動力的提升，尤其在提質增效、研發創新、敏捷

65、製造等方面鞏固了行業的競爭力。中國特有之市場規模和消費潛力，是行業存在之必然，而中國龐大的勞動人口、豐富的人才資源以及完善的產業鏈配套，是行業發展之保障。主席報告Chairmans Statement 14申洲國際集團控股有限公司 Shenzhou International Group Holdings Limited 歲末年初，突如其來的新冠病毒疫情對社會運行和經濟活動帶來巨大衝擊，疫情在多個國家的擴散，將引起服裝產品之消費需求下降，並可能影響到產業供應鏈之安全。本集團之全球化生產佈局和垂直一體化運營，降低了疫情對生產帶來的不利影響。在加強防疫管控的同時，本集團中國基地於較短時期內實現了產

66、能之全部恢復，外派之中方管理人員亦提前結束休假並返回崗位，保證了海外工廠春節後的正常開工。本次疫情對企業既是一次困難考驗，亦有助於引起企業對突發事件應對能力的重視。我們把疫情困難視為企業全面提升的一次機會，從而促進企業之長遠發展。二零一九年為越南正式實施 全面與進步跨太平洋夥伴關係協定 之第一年，越南之紡織服裝行業的出口繼續保持增長，惟增幅較上年有較大回落。二零二零年二月十二日，越南與歐盟自由貿易協定獲歐洲議會正式批準通過，在越南國會審議通過後，最快將於二零二零年七月生效。同日，歐盟委員會宣佈將部分撤銷柬埔寨目前享有的 除武器外全部免稅(EBA)的待遇，涉及出口金額約佔柬埔寨對歐盟出口總額的五

67、分之一。歐盟之關稅政策變動，將對柬埔寨的服裝產業帶來不利影響，而越南所處之貿易環境將進一步改善，惟越南亦出現了資源供給受限和用工相對緊張的局面。本集團於越南之提前佈局，解決了相關資源供給之保障，同時亦有利於不同國家基地間之產品生產調配。年內，本公司繼續為各專業委員會提供履行職務之充分資源保障，董事會與各專業委員會緊密合作並保持有效之溝通，所推進之各項工作均富有成效。本公司所有成員致力追求卓越的企業管治及達至公平公正的決策過程，確保維持高透明度，盡力為所有股東及投資者提供開放的溝通管道。As at the end of last year and the beginning of this ye

68、ar,the unexpected outbreak of novel coronavirus(COVID-19)has seriously impacted the operation and economic activities of the society.The widespread of COVID-19 in various countries has led to a decrease in consumption demand for apparel products and the safety of the industrys supply chain has also

69、be affected.The global production layout and vertical integrated business model of the Group have alleviated the adverse impact to the production brought by the epidemic.With the stringent preventive measures we have implemented against the epidemic,the Groups bases in China has resumed full product

70、ion capacity in a relatively short period of time.Our Chinese management expatriates have ended their holiday earlier and resumed work at their respective overseas bases,ensuring that our overseas factories can be re-opened as usual after the Chinese New Year Holiday.This epidemic is a tough challen

71、ge for every enterprise,but can also continue to arouse their attention towards the ability of emergency response.We see the difficulty from epidemic as an opportunity for enterprises to upgrade comprehensively their operation thoroughly for promoting the enterprises long term development.2019 marks

72、 the first year of Vietnam officially implementing to the signing country of“Comprehensive Progressive Trans-Pacific Partnership”(“CPTPP”),export of Vietnams textile and apparel industry continue to grow,but the growth has slowed down a lot compared of that of last year.On 22 February 2020,the Europ

73、ean Parliament has officially approved the“EU-Vietnam Free Trade Agreement”(the“EVFTA”),which will become effective as early as July 2020 subject to deliberating the approval by the parliament of Vietnam.On the same day,the European Commission announced the partial suspension of the Everything But A

74、rms(“EBA”)status currently enjoyed by Cambodia,the export amount involved accounted for one-fifth of Cambodias export to the Europe Union.The change in tariff policy of the Europe Union has adversely affected Cambodias apparel industry,but on the other hand,Vietnams trading environment will further

75、improve.However,Vietnam is still facing the challenge brought by limited resources supply and relatively tight labor supply.The Groups early preparation layout in Vietnam has solved and secured the supply of relevant resources,and has facilitated the coordination of product production between differ

76、ent bases situated in different countries as well.During the year,the Company continued to ensure each of its professional committees has adequate and necessary secured resources to perform their respective duties.The Board also cooperated closely and maintained effective communication with each pro

77、fessional committee,thus achieving impressive results on various projects that we worked on.All members of the Company have been in pursuit of excellent corporate governance and a fair and just decision-making process to ensure maintenance of a highly transparent administration to provide all shareh

78、olders and investors with an open channel for communication.主席報告Chairmans Statement 15Annual Report 2019 年報本人感謝各位董事一年來的辛勤付出，也感謝各級管理人員和全體員工於年內的盡忠職守。本集團於逆境中取得的理想業績來自於全體職員之共同努力，尤其是當前疫情影響下，全體職員克服諸多困難，保證了海外基地之準時開工和國內基地之產能恢復，體現了極強之凝聚力和執行力！員工乃本集團之重要財富，過往之成績由大家共同創造，未來之發展更需大家齊心努力！相信在任何困難情況下，我們能夠踐行對客戶之承諾並提供優質

79、之服務！本人更要感謝各位股東、客戶及供應商對本公司的長期信任，期盼在今後的發展中得到一貫的支持！本集團之未來發展策略，將繼續專注於企業競爭力的積澱和提升。推進海外和國內生產基地之資源共享，加強海外工廠之獨立運行能力；促進各種資源之有效利用，優化能源之消耗結構；持續改善員工之生活設施及優化工作環境，建立更具激勵之薪酬福利政策。企業之競爭力既要夯實基礎，又要著眼長遠，惟此才有機會於逆境中謀求更好之發展。本集團將致力於追求卓越，為股東創造更佳之回報！董事會主席馬建榮香港，二零二零年三月二十三日I would like to express my sincerest gratitude to each

80、 of our directors for their relentless efforts over the past year,and all members of the management team and all staff members for their dedicated contribution during the year.Without the hard work of all of our staff,the Group cant achieve the satisfactory results amid the current challenging envir

81、onment.In particular,all of our staff has overcome various challenges during the current epidemic outbreak,which assured our overseas bases to work as scheduled and our China bases to resume production capacity.All these has demonstrated the extremely strong cohesion and execution power of our Group

82、.Staff are the Groups valuable assets,we have created and achieved outstanding results together in the past,and will work hard together for our future development.We believe that even during the harsh time,we can still fulfill our commitment to our client,and provide them with quality service.I woul

83、d also like to thank each of our shareholders,customers and suppliers for their lasting trust in the Company.I hope they will continue to show their support in our future development.The Groups future development strategy will continue to focus on strengthening and enhancing the enterprises competit

84、iveness.We will facilitate the sharing of resources among our overseas and domestic production bases,and strengthen the independent operating capability of our overseas bases.Besides,we will promote the effective use of each of resources and optimize our energy consumption structure.Besides,the Grou

85、p will continue to improve the living facilities and optimize working environment of its employees,and will establish a remuneration and welfare policy that can motivate our employees.In order to complete successfully,a solid foundation and fascinating insight into the future development is vital fo

86、r the competitive of the enterprises,only enterprises process with the said criteria will have the opportunity to seek better development in the face of adversity.The Group will strive for excellence and create better returns for shareholders!Ma JianrongChairman of the BoardHong Kong,23 March 2020 1

87、6申洲國際集團控股有限公司 Shenzhou International Group Holdings Limited 透過產品多元化及開拓優質客戶，並優化生產流程去提升集團競爭力Diversify the products,explore quality clients and optimize production process to enhance the Groups competitiveness“17Annual Report 2019 年報管理層討論及分析Management Discussion and Analysis 18申洲國際集團控股有限公司 Shenzhou Int

88、ernational Group Holdings Limited 經營環境二零一九年度，中國紡織服裝行業經歷了多重壓力，全球經濟復甦緩慢，貿易增速明顯下滑；全球貿易保護主義盛行，尤其是中美經貿摩擦不斷加劇，兩國間的貿易額受到很大影響；國內經濟面臨調整，內需增長明顯放緩。市場需求下降外，出口企業尚要應對成本上漲、匯率波動、環保收緊等經營壓力。BUSINESS ENVIRONMENTIn 2019,the textile and apparel industry in China was under multiple pressures given the slow global economi

89、c recovery and the apparent decline in trade growth;under the prevailing global trade protectionism,particularly the increasingly intense China-US trade conflict,the trading volume between the two countries was greatly affected;as the domestic economy was facing adjustment,the growth in domestic dem

90、and apparently slowed down.Apart from decreasing market demand,export enterprises also needed to deal with the operational pressures from rising costs,fluctuation in exchange rates and more stringent environmental protection policies.管理層討論及分析Management Discussion and Analysis 19Annual Report 2019 年報

91、According to statistical data from the China Customs,the total export value of Chinese textile and garment products(including textile yarns,fabrics and finished products as well as garments and apparel accessories,referred the same as below)in 2019 was USD271.57 billion,representing a decrease of ap

92、proximately 1.9%over last year.Out of the total export value,the export value of textile products amounted to USD120.2 billion,representing a growth of approximately 0.9%over the same period last year which was 7.2 percentage points lower than the previous year,demonstrating a significant decrease i

93、n export growth of textile products.The garment export value amounted to USD151.37 billion,representing a decrease of approximately 4.0%over the same period last year,of which USD60.6 billion was the export value of knitwear,representing a decrease of approximately 3.4%over the same period last year

94、 and accounting for 40.0%of the garment export value(2018:39.7%).In 2019,the aggregate amount of garment exported to the three major import markets,namely the European Union,the United States and Japan,accounted for 54.1%(2018:55.5%)of the total garment export value of China in the same year.Among w

95、hich,export to the European Union amounted to USD33.93 billion,representing a decrease of 6.1%over the same period last year;export to the United States amounted to USD32.75 billion,representing a decrease of 7.1%over the same period last year;export to Japan amounted to USD15.39 billion,representin

96、g a decrease of 5.4%over the same period last year.Affected by the unilateral trade policy across the world and industrial transfer,the market share of Chinas textile and garment products in major developed countries continued to decline,which was particularly obvious in the US market given the Chin

97、a-US trade conflict.As for the domestic apparels consumption markets aspect,according to data released by the National Bureau of Statistics,in the amount of retail sales of products manufactured by enterprises above designated size in 2019,total retail sales of apparels,footwear and headwear and kni

98、tted products was approximately RMB1,351.66 billion,representing a year-on-year growth of 2.9%(among which,year-on-year growth of apparels was 2.6%)which was 5.1 percentage points lower than that of the previous year.In addition,the amount of sales of national online retail products in the wearing s

99、egment has seen a year-on-year increase of approximately 15.4%.The increase in demand for apparels consumption in the domestic market was significantly lower than the previous year.根據中國海關統計資料，二零一九年度中國紡織服裝(包括紡織紗線、織物及製品和服裝及衣著附件，下同)出口總值為2,715.7億美元，較上年下降了約1.9%。出口總值中，紡織品出口金額為1,202.0億美元，同比上升約0.9%，但增幅較上年下降

100、了7.2個百分點，紡織品之出口增長率大幅回落；服裝出口金額為1,513.7億美元，同比下降約4.0%。其中針織服裝出口金額為606.0億美元，同比下降約3.4%，佔服裝出口金額之比例為40.0%（二零一八年度：39.7%）。二零一九年，出口至歐盟、美國和日本三個主要進口市場的服裝金額，合計佔中國當年服裝出口總值的54.1%（二零一八年度：55.5%）。其中，對歐盟出口339.3億美元，同比下降6.1%；對美國出口327.5億美元，同比下降7.1%；對日本出口153.9億美元，同比下降5.4%。受全球單邊貿易主義和產業轉移的影響，中國紡織服裝產品在主要發達國家市場中所佔份額繼續下降，而中美兩國間

101、的貿易摩擦，使得美國市場的份額下降更為明顯。國內消費市場方面，根據國家統計局公佈之資料，二零一九年度限額以上企業商品零售額中，服裝鞋帽及針紡織品類商品之零售總額為約人民幣13,516.6億元，同比增長2.9%（其中服裝類較上年同比增長2.6%），增幅較上年回落了5.1個百分點。此外，全國網上穿著類商品零售額較上年增長約15.4%。國內市場之服裝消費需求的增長率較過往年度亦大幅下降。管理層討論及分析Management Discussion and Analysis 20申洲國際集團控股有限公司 Shenzhou International Group Holdings Limited Acco

102、rding to statistics released by Chinas General Administration of Customs,total import and export value of Chinas foreign trade in 2019 was USD4,575.3 billion with a decrease of 1.0%than in 2018,demonstrating an obvious decrease in the total import and export value.Among which,the total export value

103、was USD2,498.41 billion,representing a increase of 0.5%than in 2018;and total import value was USD2,076.89 billion,representing a decrease of 2.8%than in 2018.Within the year,Chinas import and export surplus amount was USD421.51 billion with an increase of USD69.75 billion as compared to USD351.76 b

104、illion in 2018,which increased 19.8%.According to statistical materials of Chinas State Administration of Foreign Exchange,the amount of state foreign exchange reserves was USD3,107.92 billion as of 31 December 2019,which increased USD35.21 billion than at the end of the previous year.According to i

105、nformation of Chinas Ministry of Commerce,the amount of Chinas non-financial outward foreign direct investment in 2019 was approximately USD110.6 billion with a decrease of 8.2%than in the previous year,in which the investment flowing to the manufacturing industry amounted to USD20.08 billion with a

106、n increase of 6.7%than in the previous year.根據中國海關總署發佈的統計資訊，二零一九年中國對外貿易進出口總值為45,753.0億美元，比二零一八年下降了1.0%，進出口總值明顯回落。其中出口總值為24,984.1億美元，較二零一八年度上升了0.5%；進口總值為20,768.9億美元，較二零一八年度下降了2.8%。年內，中國的進出口順差金額為4,215.1億美元，較二零一八年度的3,517.6億美元增加了697.5億美元，增幅為19.8%。根據中國國家外匯管理局的統計資料，截至二零一九年十二月三十一日止的國家外匯儲備金額為31,079.2億美元，比上年

107、末增加了352.1億美元。根據中國商務部資訊，二零一九年度中國非金融類對外直接投資金額約1,106.0億美元，較上年度下降了8.2%，其中投向製造業的為200.8億美元，較上年增長了6.7%。管理層討論及分析Management Discussion and Analysis 21Annual Report 2019 年報According to preliminary statistical materials of Vietnam National Customs,in 2019,the export amount of Vietnams textile industry was appr

108、oximately USD37.03 billion with an increase of 7.3%than in the previous year,which is 8.9 percentage points lower than the previous year.Of which,the export amount of textile and garment was approximately USD32.85 billion with an increase of 7.7%from the previous year and the export amount of yarn w

109、as approximately USD4.18 billion with an increase of 3.8%from the previous year.Vietnams export of textile and garment products to the United States,Japan and South Korea amounted to USD14.85 billion,USD3.99 billion and USD3.35 billion,respectively,representing an increase of 8.4%,4.6%and 1.6%,respe

110、ctively,than the export amount in 2018,yarn was mainly exported to China,whose export amount was approximately USD2.4 billion with an increase of 8.3%from the previous year.In 2019,Vietnams total import value of fabrics from foreign countries was approximately USD13.28 billion,representing a growth

111、of 3.9%over the same period last year.Among which,the amount of fabrics imported from Mainland China was approximately USD7.74 billion with an increase of 9.0%from the previous year,accounting for 58.3%of the total amount of fabric imported to Vietnam.In addition,the amount of fabrics imported from

112、South Korea and Taiwan was approximately USD2.02 billion and USD1.61 billion respectively,accounting for 15.2%and 12.1%of total amount of imported fabrics of Vietnam,respectively.On 12 February 2020,the European Parliament officially passed the EU-Vietnam Free Trade Agreement(EVFTA).Vietnam plans to

113、 submit it to the national congress for approval in May 2020,which will come into effect at the earliest in July 2020.After the EVFTA becomes effective,the European Union will eliminate import duties on 85.6%of Vietnams tariff lines,representing 70.3%of Vietnams export value to the European Union.Up

114、on seven years from the effective date of the agreement,import duties on 99.2%of the tariff lines will be eliminated,representing 99.7%of Vietnams export value to the European Union.In 2019,the amount of textile and garments exported by Vietnam to the European Union(28 countries)was approximately US

115、D4.25 billion,representing nearly 10%of Chinas export to the European Union market.With the EVFTA coming into effect,it is expected that there is greater growth potential of Vietnams export of textile and garment to the European Union market.In order for Vietnams garment products to enjoy the tariff

116、 preference provided by the European Union,not only do the garments have to be manufactured in Vietnam,the fabrics must be manufactured in Vietnam or procured from other countries or regions which have signed relevant agreements with and have been recognized by the European Union as well.This is a r

117、elatively 根據越南國家海關的初步統計資料，二零一九年，越南紡織行業的出口金額約為370.3億美元，較上年增長了7.3%，增幅較上年下降了8.9個百分點。其中紡織服裝的出口金額約為328.5億美元，較上年增長了7.7%，紗線的出口金額約為41.8億美元，較上年增長了3.8%。越南紡織服裝產品出口至美國、日本和韓國的金額分別為148.5億美元、39.9億美元和33.5億美元，出口金額較二零一八年分別增長8.4%、4.6%和1.6%；紗線則主要出口至中國，出口金額約為24.0億美元，較上年增長了8.3%。二零一九年度，越南從其他國家進口的面料總金額約132.8億美元，較上年增長3.9%。其

118、中：從中國大陸進口的面料金額約為77.4億美，較上年增長9.0%，佔越南進口面料總金額的58.3%，此外，從韓國和臺灣進口的面料金額分別為約20.2億美元和16.1億美元，分別佔越南進口面料總金額的15.2%和12.1%。二零二零年二月十二日，歐洲議會正式批準通過了越南與歐盟自由貿易協定(EVFTA)，越南方面將計劃在二零二零年五月份提交給國會審議，最快將於二零二零年七月生效。生效後，歐盟將取消對越南85.6%稅目關稅，相當於越南對歐盟出口額的70.3%。在該協定生效七年後，將取消99.2%稅目關稅，相當於越南對歐盟出口額的99.7%。二零一九年越南出口歐盟（二十八國）的紡織服裝金額約為42.

119、5億美元，接近中國出口至歐盟市場所佔份額的10%，隨著EVFTA的生效，預計越南的紡織服裝出口歐盟市場將有較大的增長空間。若越南服裝產品要享受歐盟的關稅優惠，除成衣在越南生產外，其使用的面料亦必須在越南生產或來自於其他已經和歐盟簽有相關協議並受認可的國家或地區，這對面料依賴進口的越南服裝產業亦是一個較大挑戰。二零一九年是越南實施 全面與進步跨太平洋夥伴關係協定（簡稱CPTPP，Comprehensive Progressive Trans-Pacific Partnership）的第一年，當年度越南對CPTPP成員國的紡織服管理層討論及分析Management Discussion and A

120、nalysis 22申洲國際集團控股有限公司 Shenzhou International Group Holdings Limited great challenge to the garment industry in Vietnam as it has relied on import of fabrics.2019 is the first year Vietnam implemented the Comprehensive Progressive Trans-Pacific Partnership(the“CPTPP”).In this year,Vietnam recorded U

121、SD5.58 billion of export value of textile and garment products to the CPTPP member countries,representing a growth of 11.7%over last year which was 6.7 percentage points lower than the previous year.It will be undoubtedly more difficult for Vietnam to expand its market share in the CPTPP member coun

122、tries as it has to comply with the yarn forward rule in order to enjoy the tariff preference in CPTPP member countries for its garment products.Vietnam has raised the local investment threshold of textile and garment industry which becomes almost saturated after many Chinese enterprises had made sig

123、nificant industrial investment in Vietnam a few years ago.Other ASEAN countries such as the Philippines and Indonesia are further expanding the development of local textile industry in order to rapidly take up Chinas production capacity that is moving away from Vietnam.On 12 February 2020,the Europe

124、an Commission has announced to withdraw part of the tariff preferences currently enjoyed by Cambodia under the European Unions Everything But Arms(EBA)trade scheme due to its serious and systematic violations of the human rights relevant requirements specified in the preferential tariff agreement,in

125、volving part of garments and footwear goods worth EUR1 billion and all travel and sugar goods,representing approximately one-fifth of Cambodias total export value to the European Union.It was indicated in the statement that this decision would take effect on 12 August 2020 unless the European Parlia

126、ment and the European Council propose to objective opinion.However,the emerging industries as well as high value-added garments and footwear products of Cambodia will continue to enjoy the tariff preferences provided by the European Union.The tariff policy of the European Union,being the largest exp

127、ort market of Cambodia,has a great impact on the garment industry of Cambodia.In addition,Cambodia garment industry chain is not well-established and highly depends on foreign countries,in particular the import of fabrics and trims used for garments.It is expected that influences on the supply chain

128、 caused by the European Unions adjustment of the tariff policy against Cambodia and the outbreak of novel coronavirus pneumonia(Corona Virus Disease 2019,COVID-19)will have a relatively great impact on Cambodia garment industry.裝商品的出口金額為55.8億美元，較上年度增加了11.7%，但增幅較上年度低了6.7個百分點。服裝產品在CPTPP成員國間享受關稅優惠必須符合從

129、紗開始的規則，無疑加大了越南拓展CPTPP成員國市場份額的難度。前幾年，中國企業大規模在越南的產業投資，使得越南的紡織服裝業幾近飽和，越南已經提高了紡織服裝業在當地的投資門檻。而其他東盟國家，如菲律賓、印度尼西亞正進一步擴大本地紡織業的建設，加快承接從中國向越南溢出的產能。二零二零年二月十二日，歐盟委員會鑒於柬埔寨嚴重且系統性地違反關稅優惠協議中關於人權等方面的相關要求，宣佈歐盟將部分撤銷柬埔寨目前享有的 除武器外全部免稅(EBA)的待遇，涉及價值約為10億歐元的部分服裝鞋類商品，以及全部旅行商品和糖類商品，約佔柬埔寨對歐出口總額的五分之一。並聲明指出，如果歐洲議會和歐洲理事會不提出反對意見，

130、該決定將從二零二零年八月十二日起生效。但柬埔寨的新興產業以及高附加值的服裝和鞋類產品將繼續享受歐盟的關稅優惠。歐盟作為柬埔寨最大的出口市場，其關稅政策對柬埔寨的服裝產業具有重大影響。此外，柬埔寨的服裝產業鏈並不完善，對國外的依存度較高，尤其服裝的面輔料依賴進口。歐盟對柬埔寨關稅政策的調整和新型冠狀病毒肺炎(Corona Virus Disease 2019,COVID-19)疫情帶來的供應鏈影響，預計將對柬埔寨的服裝行業帶來較大衝擊。管理層討論及分析Management Discussion and Analysis 23Annual Report 2019 年報During the year

131、,the exchange rate of RMB to USD had a depreciation of approximately 1.6%at middle rate,and experienced a process of“depreciation followed by appreciation and then two-way fluctuations”.Since the reform of the RMB exchange rate formation mechanism in 2005 until the end of 2019,the exchange rate of R

132、MB to USD had a cumulative appreciation of approximately 18.6%.In recent years,the exchange rate of RMB to USD has strengthened its flexibility as it has changed from one-way appreciation to two-way fluctuations.Given the concerns over the economic outlook,US Federal Reserve and European Central Ban

133、k adopted more lenient monetary policies in 2019,which pushed several economies across the world to cut interest rates.US Federal Reserve stopped raising interest rates at the beginning of the year and subsequently continue to cut interest rates three times.During the year,the Peoples Bank of China

134、reduced the reserve requirement ratio three times and further pushed forward the reform of interest rate marketization to optimize the formation mechanism of loan prime rate(LPR)and effectively ensure sufficient liquidity of the banking system and reduce financing costs of the real economy.The multi

135、ple impacts on the economy caused by global economy growth slowdown and the outbreak of novel coronavirus will procure central banks in each country across the world to loosen their monetary policy.Although the credit environment may become more lenient,some enterprises with inadequate business dema

136、nds and pressure of profitability still face a big problem in guaranteeing their working capital.In 2019,the total gross domestic product(GDP)of Mainland China was approximately RMB99.1 trillion with an increase of 6.1%than in the previous year at comparable prices.Consumption expenditure retained t

137、o provide a high contribution rate to economic growth and the contribution rate of final consumption expenditure to the GDP growth for the year was 57.8%.According to statistical data of National Bureau of Statistics,the total population between 16 years old to 59 years old in Mainland China was 896

138、.4 million at the end of 2019 with a decrease of 0.89 million people than that of the end of 2018,while the total population above 60 years old was 253.88 million with an increase of 4.39 million than in the previous year.The level of aging population continued to be aggravated.As affected by the ch

139、anges in perception about employment and the difference between labour demand and supply structures,co-occurrence of employment pressure and labour shortage may become a phenomenon in the future.The labour intensive textile and garment industry in China will encounter the situations of recruitment d

140、ifficulty and expensive labour in the long-term.Improvement of industrial automation level and appropriate outward shift of industry chain will become the major measures to deal with the labour issues in the industry.年內，人民幣對美元的匯率按中間價貶值了約1.6%，並經歷了 先升值，再貶值，後雙向波動 的過程。自二零零五年人民幣匯率形成機制改革以來至二零一九年末，人民幣對美元累計

141、升值約18.6%。近年來，人民幣對美元的匯率由單邊升值改為雙向波動，彈性進一步增強。出於對經濟前景擔憂的考慮，二零一九年美聯儲、歐央行等貨幣政策轉向寬鬆，並帶動全球較多個經濟體降息，年初美聯儲停止加息，此後連續三次降息。年內，中國人民銀行三次降低存款準備金率，並進一步推進利率市場化改革，完善了貸款市場報價利率(LPR)形成機制，有效促進了銀行體系的流動性充裕和減輕了實體經濟的融資成本。全球經濟增長放緩和新型冠狀病毒肺炎疫情帶來對經濟的疊加影響，將促使各國央行出臺更為寬鬆的貨幣政策。儘管信貸環境可能趨向寬鬆，但對存在業務需求不足和盈利壓力的一些企業，運營資金的保障將依然是一個很大問題。二零一九年

142、度，中國大陸的國內生產總值約為99.1萬億人民幣元，按可比價格計算，比上年增長6.1%。消費支出對經濟增長的貢獻率保持高位，全年最終消費支出對國內生產總值增長的貢獻率為57.8%。根據國家統計局的統計數據，二零一九年年末中國大陸16歲至59歲的人口總量為89,640萬人，較二零一八年末下降了89萬人，而60歲及以上人口總量為25,388萬人，較上年增加了439萬人。人口老齡化程度繼續加深，受就業觀念變化和勞動力供需結構的差異，未來可能出現就業壓力和勞動力短缺並存的現象。用工密集的中國紡織服裝行業將長期面對招工難、用工貴的局面，提升產業的自動化程度和適度向外轉移產業鏈將成為行業應對勞動力問題的主

143、要措施。管理層討論及分析Management Discussion and Analysis 24申洲國際集團控股有限公司 Shenzhou International Group Holdings Limited During the year,the Chinese government continued to cut taxes and administrative fees.Since 1 April 2019,the value-added tax rate has been further reduced and the tax rate for industries such

144、as the manufacturing industry which were originally subject to a 16%tax rate decreased by 3 percentage points to 13%.Manufacturing enterprises and the retail industry mainly targeting the domestic market were apparently able to enjoy the tax cut from the reduction in value-added tax rate,but export-

145、oriented manufacturing enterprises may experience increased costs.As for personal income tax,employees received higher wages after tax due to a higher tax threshold and implementation of the additional special deductions policy.In order to alleviate the negative social and economic impacts brought b

146、y the outbreak of novel coronavirus,the government promulgated a series of preferential policies to reduce burdens of enterprises,including reduction or waiver of social insurance contributions and implementation of tax support policies.According to materials released by National Bureau of Statistic

147、s,in 2019,Chinas cotton plantation area was 3.34 million hectares with a decrease of 0.02 million hectares than in the previous year.The annual cotton output was 5.89 million tons with a decrease of 3.5%than in the previous year.Chinas cotton plantation area remained relatively stable,with yield per

148、 unit decreased slightly as compared with the previous year.The Chinese government has implemented a subsidy policy on cotton target price in Xinjiang to facilitate a stable growth of the cotton plantation area in Xinjiang,which accounted for 76%of the total cotton plantation area in China,up 2%from

149、 the previous year.According to information released by the United States Department of Agriculture(USDA)in February 2020,it is estimated that the global cotton output is approximately 26.42 million tons in 2019/20 with an increased production of approximately 0.59 million tons in 2018/19 and a grow

150、th rate of approximately 2.3%.The global cotton consumption volume in 2019/20 will be approximately 25.91 million tons with a decrease of 0.26 million tons than approximately 26.17 million tons in 2018/19 and a declining rate of approximately 1.0%.The global cotton carry-over stock will be 17.88 mil

151、lion tons with an increase of approximately 2.7%as compared with the previous year and the ratio of inventory to consumption is approximately 69%.It is estimated that Chinese cotton inventory volume is approximately 7.35 million tons,accounting for approximately 41%of global inventory volume;Chinese

152、 cotton consumption volume accounts for approximately 32%of total global consumption volume and the import amount accounts for approximately 20%of total global import amount.During the year,as affected by the tariff on cotton imported from the United States,the imported cotton structure in China was

153、 adjusted.The ratio of cotton imported from the United States dropped and Brazil became the largest country from which China imported cotton.The decrease in market price of cotton in 2019 is likely to result in the next round of reduction in cotton plantation area.The future development of the China

154、-US trade conflict and changes in the condition of the current novel coronavirus pneumonia outbreak will have a material impact on the demand for cotton.年內，中國政府繼續推進減稅降費，自二零一九年四月一日起，增值稅的稅率進一步下調，製造業等原適用16%稅率的行業，稅率下調3個百分點，降為13%。增值稅之稅率下調對於多數以國內為主要市場的製造企業和零售業，有較為明顯的節稅效應，但對產品出口為主的製造企業反而可能增加成本。個人所得稅方面，由於起征

155、點的提高及專項附加扣除政策的實施，增加了員工稅後工資的實得金額。為減輕當前新型冠狀病毒肺炎疫情對社會經濟帶來的不利影響，政府出臺了包括減免社保繳費、稅收政策支持等系列的為企業減負的優惠政策。根據國家統計局公佈的資料，二零一九年中國棉花種植面積334萬公頃，較上年減少了2萬公頃，全年棉花產量589萬噸，較上年減產3.5%，中國的棉花種植面積維持相對穩定，單產則較上年有輕微下降。中國政府對新疆地區實施棉花目標價格補貼政策，促進了新疆棉花種植面積的穩定增加，新疆的棉花種植面積已佔到全國的76%，並較上年增長了2%。據美國農業部(USDA)二零二零年二月份公佈的資料，預估2019/20年度全球棉花產量

156、約2,642萬噸，相比2018/19年度約增產59萬噸，增幅約為2.3%，2019/20年度全球棉花的消費量約2,591萬噸，較2018/19年度的2,617萬噸減少了26萬噸，降幅約為1.0%，全球棉花的結轉庫存量為1,788萬噸，較上一年度增加了約2.7%，庫存消費比約為69%。預估中國的棉花庫存量約735萬噸，佔全球庫存量約41%。中國的棉花消費量佔全球消費總量約32%，進口量佔全球進口總量約20%。年內，受進口美國棉花加征關稅影響，中國的棉花進口結構有所調整，美棉進口比例下滑，巴西成為我國最大的棉花進口來源國。二零一九年棉花市場價格的下跌，很可能引起下一輪棉花種值面積的減少。而中美貿易

157、摩擦的走向和當前新型冠狀病毒肺炎疫情的變化將對棉花的需求產生重大影響。管理層討論及分析Management Discussion and Analysis 25Annual Report 2019 年報Currently,the risk of global recession remains acute without substantial growth in consumption demand and significantly recover.The layout of industry chain across the world will be further adjusted

158、as affected by the inter-regional differences in production costs and changes in global trade environment.The outbreak of novel coronavirus since the end of 2019 has successively erupted in a number of countries and the situation has shown no sign of improvement,which seriously affected global consu

159、mption and production,bringing new challenges to the interdependent global industry chain where the industrial supply chain in some countries may even be interrupted.The garment industry will face multiple operational pressures such as decreasing demand,rising costs and delivery delay.BUSINESS REVIE

160、WAt the moment,the growth of global consumption demand for apparel products slows down and the ever-changing trading market becomes more complicated,thus driving the total production cost of enterprises upward generally.As a result,the industry suffers from the pressure of both insufficient demand a

161、nd increasing costs.During the year under review,the Group managed to deliver satisfactory growth notwithstanding the adversities.The sales revenue and profit attributable to owners of the parent for 2019 increased by 8.2%and 12.2%respectively when compared with those for 2018.Where the impact of re

162、tail business is excluded,the sales revenue and profit attributable to owners of the parent for 2019 increased by 10.1%and 14.1%respectively when compared with those of 2018.The realised earnings per share is RMB3.39.During the year,the Groups efforts were mainly focused on enhancing its long-term c

163、ompetitiveness of its enterprises,mainly including(1)the expansion and effectiveness of overseas bases and the improvement of efficiency,(2)the further optimisation of resource allocation and energy consumption structure of domestic bases and(3)the accelerating compression and even withdrawal of its

164、 retail business.當前全球經濟下行風險依然突出，消費需求增長仍未見明顯恢復。受區域間製造成本差異和全球貿易環境變化的影響，產業鏈的全球佈局進一步調整。二零一九年末起發生的新型冠狀病毒肺炎疫情相繼在多個國家爆發，至今未有平息，對全球消費和生產都帶來嚴重影響，互相依存的全球產業鏈迎來新的挑戰，一些國家的行業供應鏈甚至可能出現中斷現象。服裝行業將面臨需求下降、成本上漲、交期延誤等多重經營壓力。業務回顧當前，全球服裝消費需求增長放緩，貿易環境更趨複雜多變，企業用工成本普遍上升，行業承受著需求不足和成本上漲的雙重壓力?；仡櫮陜?，本集團仍於困難環境中取得了理想增長，二零一九年度之銷售收入和

165、母公司擁有人應佔利潤分別較二零一八年度上升了8.2%和12.2%。若剔除零售業務的影響，則二零一九年的銷售收入及母公司擁有人應佔利潤將分別較二零一八年度上升了10.1%和14.1%，實現每股盈利人民幣3.39元。年內本集團之工作均圍繞提升企業之長遠競爭力而開展，主要包括(1)海外基地的擴建和提效；(2)國內基地之資源配置及能源消耗結構進一步優化；及(3)零售業務加快收縮並完全退出。管理層討論及分析Management Discussion and Analysis 26申洲國際集團控股有限公司 Shenzhou International Group Holdings Limited Duri

166、ng the year,the Group continued to expand the production scale of its overseas bases.The garment factory newly built in Vietnam commenced operation as scheduled smoothly and the labour headcount increased steadily as a result.The new garment factory is strategically located in the same industrial ar

167、ea as the fabric factory in Vietnam,thereby facilitating the integration of industrial chain,reducing the transportation cost and improving the utilisation rate of raw materials.In Phnom Penh of Cambodia,the construction of a new garment factory commenced in the first half of 2019.The project is wel

168、l on track and is expected to be completed by the end of 2020 and commence production by stages in 2021.At the end of 2019,the Group commenced construction of another new garment factory in Vietnam,which will be assigned to serve a major client as a dedicated garment production factory.The productio

169、n of the fabric factory in Vietnam has continued to expand,with its capacity of fabric production accounting for over 45%of the total capacity of the Group,thus ensuring sufficient upstream supply of fabrics for the expansion of overseas garment factories.Along with the expansion of the scale of ove

170、rseas factories,the operation and management of these factories became mature and the production efficiency also improved significantly,thereby laying a solid foundation for the long-term development of the Group.The Group intends to moderately increase the productivity of fabrics of domestic produc

171、tion bases to a certain extent so as to replace the fabrics imported from current overseas bases,thereby achieving the ultimate goal of attaining a balance between the upstream and downstream productivity of each overseas and domestic bases.This helps to speed up the delivery schedule and lower logi

172、stics cost.Accordingly,during the year,the Group arranged for the acquisition of land parcels which was necessary for the production of fabrics at its base located in Ningbo.Given the continuous technology advancement of production equipment in recent years,the water and energy consumption of domest

173、ic bases decreased continuously during the year,thus solving the problem arising from the governmental limitation on environment emission index following the increase in productivity of fabrics.Currently,all of our domestic bases are completely using natural gas as basic fuel,thus effectively allevi

174、ating the adverse impact on the atmosphere.本集團於年內繼續擴大海外生產基地之產能規模，於越南新建之成衣工廠順利投產，員工人數穩步擴充，新成衣工廠和越南之面料工廠佈局於同一工業區內，將更有利於產業鏈的一體化，亦有利於運輸成本的降低和物料利用率的提高；於柬埔寨金邊市之一家新成衣工廠於二零一九年上半年正式開建，工程進展順利，預期可於二零二零年年底建成，並預期於二零二一年開始分階段投產。於二零一九年年末，本集團於越南又啟動了一家新成衣工廠的建設，並將為一家主要客戶之專用成衣生產工廠。越南面料工廠之產能亦得到持續擴充，其面料產能已佔本集團總產能45%以上，為海

175、外成衣工廠擴建提供了上游面料供給之保障。海外工廠在規模擴充同時，運行管理日趨成熟，生產效率提升明顯，為本集團之長遠發展奠定了紮實之基礎。本集團擬適度擴大國內生產基地之面料產能，以替代當前從海外基地進口的面料，並最終實現海內外生產基地之上下游產能各自平衡，此舉將有利於進一步縮短交期和降低物流成本。為此，年內本集團已安排於寧波基地購置面料生產所需之相應土地。通過近幾年對生產設備的連續技改更新，年內國內基地之水資源和能源消耗水平繼續下降，解決了面料增產後政府對環保排放指標的限制問題。目前，國內基地已全面使用天然氣作為基礎燃料，有效降低了對大氣環境的不利影響。管理層討論及分析Management Di

176、scussion and Analysis 27Annual Report 2019 年報The Group has been engaged in retail business for many years but was unable to achieve satisfactory results.In order to further focus our management efforts on the apparels manufacturing business and to provide our clients with better services,the Group a

177、ccelerated the scale-down of our retail business during the year.As at the end of 2019,all of our outlets directly under the retail business were closed.Despite the temporary adverse effect on the operating results for the year arising from the withdrawal from retail business,it is believed that thi

178、s will be beneficial to improving the long-term competitiveness of the Groups apparels manufacturing business.Although the Group has withdrawn its retail business,it does not change the Groups expectation and optimism on the long-term demand of the domestic apparels consumption market.FINANCIAL REVI

179、EWRevenueFor the year ended 31 December 2019,the revenue had been approximately RMB22,665,272,000,which increased by approximately RMB1,715,067,000 from approximately RMB20,950,205,000 for the year ended 31 December 2018,with a growth rate of approximately 8.2%.Without taking into account the impact

180、 on revenue caused by the scale-down of retail business,revenue from the Groups manufacturing business increased by approximately 10.1%as compared with last year.The major reasons for increase of revenue were:(1)the order demands from major customers maintained an ideal growth;(2)the production capa

181、city and productivity of the Groups overseas production bases further improved during the year.The comparison of revenue analyzed as per production classification between 2019 and 2018 of the Group is as below:本集團經營零售業務已有多年，但未能取得理想發展，為進一步將管理聚焦於服裝製造業務，更好服務於本集團之客戶，年內本集團加快了零售業務的收縮，於二零一九年年底，所有零售業務之直營門店已

182、全部關閉。儘管零售業務之清理對本年度之經營業績帶來較大短暫負面影響，但相信將有利於提升本集團製造業之長遠競爭力。退出零售業務，並不改變本集團對國內服裝消費市場需求長期看好之預期。財務回顧銷售額截至二零一九年十二月三十一日止年度的銷售額約為人民幣22,665,272,000元，較截至二零一八年十二月三十一日止年度的約人民幣20,950,205,000元，增加了約人民幣1,715,067,000元，增幅為約8.2%，若剔除因零售業務收縮帶來的銷售額影響，本集團製造業務的收入較上年增長約10.1%。銷售額增長的主要原因為：(1)主要客戶之訂單需求繼續保持理想增長；(2)年內本集團海外生產基地之產能規

183、模和生產效率進一步提升。以下為本集團二零一九年度及二零一八年度按產品類別分析的銷售額比較：截至十二月三十一日止年度For the year ended 31 December二零一九年二零一八年變動20192018Change人民幣千元%人民幣千元%人民幣千元%RMB000%RMB000%RMB000%按產品By Products運動類Sports wear16,321,97572.014,275,64368.12,046,33214.3休閒類Casual wear5,387,68323.85,167,35524.7220,3284.3內衣類Lingerie wear802,8523.51,3

184、28,0066.3(525,154)(39.5)其他針織品Other knitwear152,7620.7179,2010.9(26,439)(14.8)銷售總計Total revenue22,665,272100.020,950,205100.01,715,0678.2 管理層討論及分析Management Discussion and Analysis 28申洲國際集團控股有限公司 Shenzhou International Group Holdings Limited For the year ended 31 December 2019,revenue from sales of s

185、portswear had been approximately RMB16,321,975,000,which increased by approximately RMB2,046,332,000 from approximately RMB14,275,643,000 for the year ended 31 December 2018 with a growth rate of approximately 14.3%.The sales growth of sportswear mainly came from the increasing demands for sportswea

186、r in the Mainland China market and USA market.For the year ended 31 December 2019,revenue from sales of casual wear had been approximately RMB5,387,683,000,which increased by approximately RMB220,328,000 from approximately RMB5,167,355,000 for the year ended 31 December 2018 with a growth rate of ap

187、proximately 4.3%.It was mainly attributed to the increasing procurement demands for casual wear in the Japanese market.For the year ended 31 December 2019,revenue from sales of lingerie products had been approximately RMB802,852,000,which decreased by approximately RMB525,154,000 from approximately

188、RMB1,328,006,000 for the year ended 31 December 2018 with a decline rate of approximately 39.5%.It was mainly attributed to the decreasing procurement demands for lingerie in the Japanese market.The comparison of revenue analyzed as per market segmentation between 2019 and 2018 of the Group is as be

189、low:截至二零一九年十二月三十一日止年度，運動類產品之銷售額約為人民幣16,321,975,000元，較截至二零一八年十二月三十一日止年度之銷售額約人民幣14,275,643,000元，增加了約人民幣2,046,332,000元，增幅為約14.3%。運動類產品之銷售增長主要來自於中國大陸市場和美國市場之運動服裝需求上升。休閒類產品之銷售額由截至二零一八年十二月三十一日止年度的約人民幣5,167,355,000元，上升至截至二零一九年十二月三十一日止年度的約人民幣5,387,683,000元，增加了約人民幣220,328,000元，增幅為約4.3%。主要系來自日本市場之休閒服裝採購需求上升。內

190、衣類產品之銷售額由截至二零一八年十二月三十一日止年度的約人民幣1,328,006,000元，減少至截至二零一九年十二月三十一日止年度的約人民幣802,852,000元，減少了約人民幣525,154,000元，降幅為約39.5%。主要系來自日本市場之內衣採購需求減少所致。以下為本集團二零一九年度及二零一八年度按市場劃分之銷售額比較：截至十二月三十一日止年度For the year ended 31 December二零一九年二零一八年變動20192018Change人民幣千元%人民幣千元%人民幣千元%RMB000%RMB000%RMB000%按市場As per market歐洲Europe3,8

191、90,27817.23,795,98218.194,2962.5日本Japan3,542,57215.63,236,00215.5306,5709.5美國US3,475,42715.33,252,72515.5222,7026.8其他市場Others4,614,23920.44,353,08420.8261,1556.0 國際銷售小計Sub-total of international sales15,522,51668.514,637,79369.9884,7236.0 國內銷售Domestic sales7,142,75631.56,312,41230.1830,34413.2 銷售總計T

192、otal revenue22,665,272100.020,950,205100.01,715,0678.2 管理層討論及分析Management Discussion and Analysis 29Annual Report 2019 年報For the year ended 31 December 2019,revenue of the Group in the European market had been approximately RMB3,890,278,000,which increased by approximately RMB94,296,000 from approxi

193、mately RMB3,795,982,000 for the year ended 31 December 2018 with a growth rate of approximately 2.5%.It was mainly attributed to the more stable consumption demands for sportswear in the European market.For the year ended 31 December 2019,revenue of the Group in the Japanese market had been approxim

194、ately RMB3,542,572,000,which increased by approximately RMB306,570,000 from approximately RMB3,236,002,000 for the year ended 31 December 2018 with a growth rate of approximately 9.5%.It was mainly attributed to the increasing procurement demands for casual wear and sportswear in the Japanese market

195、.For the year ended 31 December 2019,revenue of the Group in the US market had been approximately RMB3,475,427,000,which increased by approximately RMB222,702,000 from approximately RMB3,252,725,000 for the year ended 31 December 2018 with a growth rate of approximately 6.8%.It was mainly attributed

196、 to the increasing order demands for sportswear in the US market.For the year ended 31 December 2019,revenue of the Group in other overseas markets had been approximately RMB4,614,239,000,which increased by approximately RMB261,155,000 from approximately RMB4,353,084,000 for the year ended 31 Decemb

197、er 2018 with a growth rate of approximately 6.0%.It was mainly attributed to increasing garments exported to the Russian,Canadian and Australian markets.For the year ended 31 December 2019,the revenue of the Group from the domestic market increased by approximately 13.2%as compared with last year.Am

198、ong domestic revenue,revenue from apparels was approximately RMB6,909,320,000,which increased by approximately RMB807,861,000 from approximately RMB6,101,459,000 last year,with a growth rate of approximately 13.2%.Domestic market continued to be the single largest market and the fastest growing mark

199、et of the Group,in particular the sportswear products which had an ideal growth in consumption demand.截至二零一九年十二月三十一日止年度，本 集 團 於 歐 洲 市 場 的 銷 售 額 約 為 人 民 幣3,890,278,000元，較截至二零一八年十二月三十一日止年度的約人民幣3,795,982,000元，增加了約人民幣94,296,000元，增幅為約2.5%。主要系歐洲市場對運動類服裝的消費需求趨於平穩所致。截至二零一九年十二月三十一日止年度，本 集 團 於 日 本 市 場 的 銷 售 額

200、 約 為 人 民 幣3,542,572,000元，較截至二零一八年十二月三十一日止年度的約人民幣3,236,002,000元，增加了約人民幣306,570,000元，增幅為約9.5%。主要系來自日本市場之休閒類服裝和運動類服裝之採購需求增加所致。截至二零一九年十二月三十一日止年度，本 集 團 於 美 國 市 場 的 銷 售 額 約 為 人 民 幣3,475,427,000元，較截至二零一八年十二月三十一日止年度的約人民幣3,252,725,000元，增加了約人民幣222,702,000元，增幅為約6.8%。主要系來自於美國市場之運動類服裝訂單需求增加所致。截至二零一九年十二月三十一日止年度，其

201、他海外市場之銷售額約為人民幣4,614,239,000元，較截至二零一八年十二月三十一日止年度的約人民幣4,353,084,000元，增加了約人民幣261,155,000元，增幅為約6.0%，主要系出口至俄羅斯、加拿大和澳大利亞等市場的服裝增加所致。截至二零一九年十二月三十一日止年度，本 集 團 於 國 內 市 場 的 銷 售 額 較 上 年 增 長了約13.2%。國內銷售中的成衣銷售額約為人民幣6,909,320,000元，較上年的約人民 幣6,101,459,000元，增 加 了 約 人 民 幣807,861,000元，增幅約為13.2%。國內市場繼續為本集團最大的單一市場及增長最快的市場

202、，特別是運動類產品的消費需求增長理想。管理層討論及分析Management Discussion and Analysis 30申洲國際集團控股有限公司 Shenzhou International Group Holdings Limited Cost of sales and gross profitFor the year ended 31 December 2019,cost of sales of the Group had been approximately RMB15,789,251,000(2018:RMB14,336,181,000).The gross profit ma

203、rgin of the Group in 2019 was approximately 30.3%,decreasing by approximately 1.3 percentage points than that of 31.6%in 2018.During the year,factors influencing gross profit margin were mainly attributed to:1)the scale-down of the Groups retail business,due to which discounted sales were conducted

204、to clean up inventory,and without taking into account the influence of the retail business,the gross profit margin of the manufacturing industry for the year was approximately 30.8%,representing a slight decrease of 0.3 percentage points as compared with last year;2)the rise in labour costs and incr

205、ease in average procurement prices of dyestuffs and chemicals during the year;and 3)increase in energy consumption costs due to adjustment of part of the energy structure.Equity attributable to owners of the parentAs at 31 December 2019,the Groups equity attributable to owners of the parent amounted

206、 to approximately RMB25,172,450,000(2018:RMB22,298,738,000),in which non-current assets was approximately RMB11,360,620,000(2018:RMB9,411,627,000),net current assets of approximately RMB14,909,520,000(2018:RMB13,220,801,000),non-current liability of approximately RMB1,078,813,000(2018:RMB178,149,000

207、)and equity attributable to non-controlling interests of approximately RMB18,877,000(2018:RMB155,541,000).The increase in equity attributable to owners of the parent was mainly attributable to the increase in retained earnings for the year.銷售成本及毛利截至二零一九年十二月三十一日止年度，本集團的銷售成本約為人民幣15,789,251,000元（二零一八年：

208、人民幣14,336,181,000元）。二零一九年度本集團的銷售毛利率約為30.3%，較二零一八年度的31.6%下降了約1.3個百分點。年內影響毛利率之因素主要為：1)因本集團收縮零售業務，為清理庫存而進行了折價銷售，若剔除零售業務的影響，本年度製造業的毛利率約為30.8%較上年微降了0.3個百分點；2)年內人工成本的上升和染化料平均採購價格的上漲；及3)因部分能源結構的調整，增加了用能成本。母公司擁有人應佔權益於 二 零 一 九 年 十 二 月 三 十 一 日，母 公司 擁 有 人 應 佔 本 集 團 權 益 約 為 人 民 幣25,172,450,000元（二零一八年：人民幣22,298,

209、738,000元）。其中非流動資產約為人民幣11,360,620,000元（二零一八年：人民幣9,411,627,000元）、流動資產淨值約為人民幣14,909,520,000元（二零一八年：人民幣13,220,801,000元）、非流動負債約為人民幣1,078,813,000元（二零一八年：人民幣178,149,000元）及非控制性權益應佔權益約為人民幣18,877,000元（二零一八年：人民幣155,541,000元）。母公司擁有人應佔權益增加主要因年內保留盈利增加所致。管理層討論及分析Management Discussion and Analysis 31Annual Report 2

210、019 年報Liquidity and financial resourcesFor the year ended 31 December 2019,the net cash flow from operating activities of the Group was approximately RMB5,604,360,000,while it was approximately RMB4,118,732,000 in 2018.The cash and cash equivalent of the Group as at 31 December 2019 was approximatel

211、y RMB5,060,896,000,in which approximately RMB911,024,000 was denominated in RMB,approximately RMB3,905,363,000 was denominated in US dollars(“USD”),approximately RMB202,877,000 was denominated in HK dollars(“HKD”),approximately RMB38,948,000 was denominated in Vietnamese dong,approximately RMB1,056,

212、000 was denominated in Euro and the remaining balance was denominated in other currencies(2018:RMB3,565,916,000,in which approximately RMB753,020,000 was denominated in RMB,approximately RMB2,769,983,000 was denominated in USD,approximately RMB19,575,000 was denominated in HKD,approximately RMB18,15

213、0,000 was denominated in Vietnamese dong,approximately RMB1,668,000 was denominated in Euro,and the remaining balance was denominated in other currencies).The balance of bank borrowings was approximately RMB3,968,578,000(2018:RMB2,516,749,000,of which the short-term bank borrowing was approximately

214、RMB2,434,391,000,and long-term bank borrowing was approximately RMB82,358,000),of which the short-term bank borrowing was approximately RMB3,192,164,000,and long-term bank borrowing was approximately RMB776,414,000.The net cash of the Group as at 31 December 2019(cash and cash equivalent less bank b

215、orrowing)was approximately RMB1,092,318,000,which increased by RMB43,151,000 from approximately RMB1,049,167,000 for the year ended 31 December 2018.流動資金及財務資源截至二零一九年十二月三十一日止年度，本 集 團 經 營 業 務 所 得 現 金 淨 額 約 為 人 民幣5,604,360,000元，二 零 一 八 年 則 約 為人 民 幣4,118,732,000元。本 集 團 於 二 零一 九 年 十 二 月 三 十 一 日 的 現 金 及 現

216、 金 等價 物 為 約 人 民 幣5,060,896,000元，其 中約人民幣911,024,000元以人民幣計值、約人民幣3,905,363,000元以美元計值、約人民幣202,877,000元以港元計值、約人民幣38,948,000元以越南盾計值、約人民幣1,056,000元以歐元計值及餘款以其他貨幣計值（二零一八年：人民幣3,565,916,000元，其中約人民幣753,020,000元以人民幣計值、約人民幣2,769,983,000元以美元計值、約人民幣19,575,000元以港元計值、約人民幣18,150,000元以越南盾計值、約人民幣1,668,000元以歐元計值及餘款以其他貨幣計

217、值）。銀行借貸餘額約為人民幣3,968,578,000元（二零一八年：人民幣2,516,749,000元，其中短期銀行借貸約為人民幣2,434,391,000元，長期銀行借貸約為人民幣82,358,000元），其中短期銀行借貸約為人民幣3,192,164,000元，長期銀行借貸約為人民幣776,414,000元。本集團於二零一九年十二月三十一日之現金淨額（現金及現金等價物減銀行借貸）約為人民幣1,092,318,000元，現金淨額較二零一八年十二月三十一日之餘額約人民幣1,049,167,000元增加了人民幣43,151,000元。管理層討論及分析Management Discussion a

218、nd Analysis 32申洲國際集團控股有限公司 Shenzhou International Group Holdings Limited Equity attributable to owners of the parent amounted to approximately RMB25,172,450,000(2018:RMB22,298,738,000).The Group had a good cash flow position and debt to equity ratio was 15.8%(which was calculated as percentage of to

219、tal outstanding borrowings to equity attributable to owners of the parent)(2018:11.3%).The major reason for the slight growth than the end of the previous year was the increase in debts in overseas subsidiary of the Group as a result of the expansion of production capacity.As a part of the overall t

220、reasury management policies of the Group,the Group purchased financial products from licensed banks of China(including financial assets at fair value through profit or loss,other financial assets and fixed deposits)to maximize the return brought by idle money of the Group through legal and low-risk

221、channel.The applicable size test about purchasing the financial products was lower than 5%,this purchase was therefore not subject to the notifiable transaction requirements under Chapter 14 of the Rules Governing the Listing of Securities on the Stock Exchange of Hong Kong Limited(the“Listing Rules

222、”).The purchase of the financial products was approved by the investment and lending committee established by the Board based on implementation of treasury management policies of the Company.Details of those financial products can be found in notes 21,22 and 23 to the Financial Statements contained

223、in this annual report.Pledge of assets of the groupAs at 31 December 2019,the Group did not have any pledge of assets.Financing costs and taxFor the year ended 31 December 2019,the financing cost had increased by approximately RMB28,129,000 to approximately RMB89,178,000 from approximately RMB61,049

224、,000 for the year ended 31 December 2018,which was mainly attributed to a higher average loan balance as compared to last year and recognition of the interest expenses on lease liabilities of the Group for the year.The annual rate of USD borrowings of the Group was between 2.6%and 5.0%during the yea

225、r(2018:USD annual borrowing rate was between 2.6%and 5.2%).母 公 司 擁 有 人 應 佔 權 益 約 為 人 民 幣25,172,450,000元（二零一八年：人民幣22,298,738,000元）。本集團現金流動狀況良好，負債對權益比率（按未償還總借貸佔母公司擁有人應佔權益百分比計算）為15.8%（二零一八年：11.3%），較上年末小幅上升，主要系本集團海外子公司擴張產能產生之債務增加所致。作為本集團整體理財政策的一部分，本集團向多間中國的持牌銀行購買金融產品（包括按公允值計量且變動計入損益之金融資產、其他金融資產及定期存款），透過

226、合法且低風險的管道最大化本集團閒置資金帶來的回報。有關購買該等金融產品的相關規模測試均低於5%，故而該等購買毋須遵守香港聯交所證劵上市規則（上市規則）第十四章須予公佈的交易之規定。購買該等金融產品已獲董事會就監察本公司庫務管理政策執行情況而成立之投資及借貸委員會批準。該等金融產品之詳情參閱本年年報之財務報表所載之附註21、22及23。本集團之資產抵押於二零一九年十二月三十一日，本集團概無已抵押之資產。融資成本及稅項於截至二零一九年十二月三十一日止年度，融資成本從截至二零一八年十二月三十一日止年度的約人民幣61,049,000元，增加至約人民幣89,178,000元，融資成本增加了約人民幣28,

227、129,000元，主要系本集團年內之平均貸款餘額高於上年及確認租賃負債利息開支所致。年內本集團的年度美元借貸利率介乎2.6%至5.0%（二零一八年：美元的年度借貸利率介乎2.6%至5.2%）。管理層討論及分析Management Discussion and Analysis 33Annual Report 2019 年報For the year ended 31 December 2019,the income tax expense of the Group was approximately RMB613,207,000,which increased by approximately

228、RMB15,404,000 from approximately RMB597,803,000 for the year ended 31 December 2018,which was mainly attributed to the increase in the assessable profit of the Mainland China subsidiary of the Group for the year.EXPOSURE TO FOREIGN EXCHANGEThe exchange rate fluctuation had a certain influence on cos

229、ts and operating profits of the Group as sales of the Group was mainly settled in USD and the procurement was mainly settled in RMB.Considering the current exchange rate fluctuation of USD to RMB,the Group adopted corresponding policies to hedge part of related exchange risk.The hedged amounts depen

230、d on USD earnings,procurement and capital expenditure of the Group,and market prediction of exchange rate fluctuation of USD to RMB.In order to avoid decrease in value of future cash flows and volatility caused by any change to the exchange rate of RMB to USD,the Group had arranged certain amount of

231、 loans denominated in USD and loans denominated in HKD with linked exchange rate with USD.Amongst total bank loan as at 31 December 2019,the loan of approximately RMB1,276,978,000 was denominated in USD(calculated based on original currency of approximately USD183,048,000)and loan of approximately R

232、MB1,791,600,000 was denominated in HKD(calculated based on original currency of HKD2,000,000,000)(31 December 2018:loan of approximately RMB702,449,000 was denominated in USD(calculated based on original currency of approximately USD102,350,000)and loan of approximately RMB1,314,300,000 was denomina

233、ted in HKD(calculated based on original currency of HKD1,500,000,000).The increased percentage of production capacity of the overseas production bases of the Group and increased market share in the domestic market apparently reduced the impact of exchange rate fluctuation of RMB to USD on the Groups

234、 business.於截至二零一九年十二月三十一日止年度，本集團的所得稅開支約為人民幣613,207,000元，較截至二零一八年十二月三十一日止年度的所得稅開支約人民幣597,803,000元增加了約人民幣15,404,000元，主要系本集團於中國大陸之子公司之本年度應稅利潤增加所致。外匯風險由於本集團銷售以美元結算為主，採購以人民幣結算為主，匯率波動對本集團的成本及經營利潤率構成一定影響。本集團針對美元兌人民幣的匯率波動的現狀，採用相應政策對沖部分有關外匯風險。對沖金額視乎本集團的美元收益、採購、資本開支，還需要顧及市場預測美元兌人民幣的匯率波動而定。為免因人民幣兌美元之匯率出現任何變動而導

235、致日後之現金流量減值及出現波動。本 集 團 已 安 排 適 當 數 量 之 美 元 借 款 及 與美元為聯繫匯率之港元借款，於二零一九年十二月三十一日，銀行借貸總額中，美元 借 款 約 人 民 幣1,276,978,000元（計 原幣金額約183,048,000美元），港元貸款約人 民 幣1,791,600,000元（計 原 幣 金 額 為2,000,000,000港元）（二零一八年十二月三十一日：美元貸款約人民幣702,449,000元（計原幣金額約102,350,000美元），港元貸款約人民幣1,314,300,000元（計原幣金額為1,500,000,000港元）。本集團海外生產基地產能

236、佔比的上升及國內銷售市場所佔份額的增加，使得人民幣兌美元匯率波動對經營帶來的影響明顯減弱。管理層討論及分析Management Discussion and Analysis 34申洲國際集團控股有限公司 Shenzhou International Group Holdings Limited EMPLOYMENT,TRAINING AND DEVELOPMENTAs at 31 December 2019,the Group employed approximately 85,700 employees in total.During the year,total labour costs

237、(including administration and management staff)accounted for approximately 26.3%of sales of the Group(2018:26.0%).The total staff cost as a proportion of the income increased by approximately 0.3 percentage points as compared with last year.The Group gave remunerations to employees based on their pe

238、rformance and qualifications as well as industrial convention and took regular review on remuneration policies.According to annual performance appraisal,employees would receive year-end bonuses and rewards.In addition,the Company would give rewards to employees or encouragement in other forms to pro

239、mote individual growth of employees and career development.For example,the Group continued to provide trainings for employees to improve their skills,product knowledge and understanding of industrial quality standards.All new staff of the Group must attend introductory courses and all staff could al

240、so participate in various training courses.CAPITAL EXPENDITURE AND CAPITAL COMMITMENTDuring the year,total investment in property,plant and equipment as well as prepaid land lease payment of the Group was approximately RMB2,841,366,000,in which approximately 37%was used for purchasing production equ

241、ipment,approximately 49%for construction and acquisition of new plant buildings as well as prepayment for land lease,and the remaining balance for procurement of other fixed assets.As at 31 December 2019,the Group had contracted capital commitments of approximately RMB623,897,000 for procurement of

242、land use right,property,plant and equipment,which were mainly financed with internal resources and bank borrowings.僱用、培訓及發展於二零一九年十二月三十一日，本集團共僱用約85,700名員工。年內，員工成本總額（包括行政及管理人員）佔本集團銷售額約26.3%（二零一八年：26.0%），員工成本總額佔收入的比例較上年上升了約0.3個百分點。本集團按僱員的表現、資歷及行業慣例釐定給予員工的報酬，而酬金政策會定期檢討。根據年度工作表現評核，僱員或會獲發放花紅及獎金。此外，本公司亦會給予

243、僱員獎勵或其他形式的鼓勵以推動僱員個人成長及事業發展。如本集團持續向員工提供培訓，以提升彼等的技術、產品知識以及對行業品質標準的認識及本集團所有新員工均須參加入門課程，而全體員工亦可參加各類培訓課程。資本開支及資本承擔 於本年度內，本集團於物業、廠房及設備和預付土地租賃款項之總投資約為人民幣2,841,366,000元，其中約37%用作購買生產設備、約49%用作興建與購買新工廠大樓和預付土地租賃款項，而餘款則用作購買其他固定資產。於二零一九年十二月三十一日，本集團已訂約購建之土地使用權、物業、廠房和設備之資本承擔約達人民幣623,897,000元，將主要以內部資源及銀行貸款撥付。管理層討論及分

244、析Management Discussion and Analysis 35Annual Report 2019 年報SIGNIFICANT INVESTMENTS,ACQUISITIONS AND DISPOSALSIn 2019,the Group established a new garment factory in Phnom Penh,Cambodia.The Company will invest approximately USD200,000,000 to build a downstream garment production facility in Cambodia(f

245、or processes including cutting,sewing,printing,embroidering,packaging and washing,etc.),which will be used for lease of land,construction of plant and staff quarters,construction of infrastructure,and purchase of machinery and equipment.During the year ended 31 December 2019,the main structure work

246、of the 40,000 m2 warehouse and two garment production workshops in the new garment factory in Cambodia has been completed.The two quarters for Chinese staff have topped out,while the construction work for the first 2 storeys of the 4-storey quarter for Cambodia staff has been completed,the investmen

247、t amount was approximately USD70,598,000,which is expected to come from bank borrowing.Meanwhile,the Group commenced construction of a garment production facility in Vietnam at the end of 2019.The Group will invest approximately USD100,000,000 for this new garment production facility.For the year en

248、ded 31 December 2019,the new garment factory in Cambodia was undergoing fence construction,land formation,pile testing,piling process,the investment amount was approximately USD1,000,000,which is expected to come from internal source funding.Apart from this,the Company did not have significant inves

249、tments,acquisitions and disposals during the year ended 31 December 2019.Please refer to the announcement of the Company dated 17 September 2018 and the Interim Report 2019 of the Company for the details of the project in Phnom Penh,Cambodia and the announcement dated 17 October 2019 for the details

250、 of the project in Vietnam.CAPITAL AND LIABILITIES RATIOAs at 31 December 2019,capital and liability ratio of the Group was 15.8%,which was calculated by percentage of total outstanding loans to equity attributable to owners of the parent.CONTINGENT LIABILITIESAs at 31 December 2019,the Group did no

251、t have any material contingent liabilities.重大投資、收購及出售 於二零一九年，本集團在柬埔寨金邊建立新製衣工廠。本公司將投資約200,000,000美元於柬埔寨建造下遊製衣設施（以進行剪裁、縫紉、印刷、刺繡、包裝及水洗等工序），有關金額將用作租地、興建廠房及員工宿舍、興建基礎設施及購買機器及設備。於截至二零一九年十二月三十一日止年度，柬埔寨新製衣工廠的一個4萬平方米的倉庫和兩棟製衣車間已完成主體，兩棟中方宿舍已經揭頂主體工程已經完成，以及柬埔寨員工的宿舍樓共四層已經建到第二層，投入約70,598,000美元，預期金額將來自銀行借貸。與此同時，本集團於

252、二零一九年年底在越南開始興建一座成衣生產設施。本集團將投資約100,000,000美元於該項新成衣生產設施。於截至二零一九年十二月三十一日止年度，越南新製衣工廠基建進度為圍牆、土地平整、試樁、打樁階段，投入約1,000,000美元，預期金額將來自內部資金。除此以外，本公司於截至二零一九年十二月三十一日止年度並無重大投資、收購及出售。有關柬埔寨金邊項目的詳情，請參閱日期為二零一八年九月十七日的公告及本公司二零一九年的中期報告，而有關越南項目的詳情，請參閱日期為二零一九年十月十七日的公告。資本負債比率於二零一九年十二月三十一日，本集團之資本負債比率為15.8%，由未償還總借貸佔母公司擁有人應佔權益

253、百分比計算?；蛉回搨抖阋痪拍晔氯蝗?，本集團概無任何重大或然負債。管理層討論及分析Management Discussion and Analysis 36申洲國際集團控股有限公司 Shenzhou International Group Holdings Limited EVENTS AFTER THE REPORTING PERIODThere were no significant events after the reporting period ended 31 December 2019,as at the date of this report which would

254、have any material effect to the Group.FUTURE PROSPECTS AND STRATEGIESThe COVID-19 virus has been spreading among a number of countries.Other than imposing a compulsory quarantine to restrict the movement of and interaction between people,it seems that there will not be an effective medical method to

255、 stop the epidemic in the foreseeable future.To prevent imported cases and the subsequent spread of COVID-19,the governments of most countries implemented certain specific control measures.The epidemic restricted the movement of and communication between people of different countries,and bringing a

256、blow to cross border co-operation on multinational industrial chains.As a result,the total global trading volume decreased as the consumption demand was constrained.Some sectors were forced to close temporarily or to operate at a level far below their designed capacities,thus seriously affecting the

257、 global economy.The supply chain of the global textile and apparel industry was heavily affected by the outbreak of COVID-19.In Mainland China,it was common to witness enterprises suffering from the delayed start of production activities and the lower-than-expected attendance rate of labourers retur

258、ning to work initially after the Chinese New Year holiday,resulting in delayed delivery of part of orders of some enterprises.Due to the insufficient ancillary facilities for domestic industrial chains,the productivity of certain apparel manufacturing countries in Southeast Asia,for example Banglade

259、sh,was affected by the shortage in supply of raw materials,such as fabric trims from China.Staff members of certain wholly foreign-owned enterprises were subject to restriction on entry to China and as a result management personnel failed to report for duty,thus jeopardising the normal operation of

260、enterprises.Apparel industry is commonly labour intensive and additional costs were incurred to prevent viral spread.Besides,the consumption demand of retail business was decreased by the epidemic,which may bring problems about an under insufficient utilisation of capacity to the textile and apparel

261、 industry.報告期後事項自二零一九年十二月三十一日至本報告日期為止，本集團概無任何重大影響的報告期後事項。未來前景及策略當前，新型冠狀病毒肺炎已在多個國家擴散，除對人員進行隔離阻斷外，短期內尚沒有較好之醫藥措施來應對病毒的傳染擴散。多個國家的政府為防止疫情輸入及擴散，採取了一些特別管制措施。疫情造成了國際間人員交流的受限，跨國產業鏈之合作受到衝擊，消費需求受到抑制，令全球貨物貿易總量下降，部分行業處於歇業或開工不足，全球經濟遭受了嚴重的影響。新冠疫情對全球紡織服裝行業的供應鏈帶來較大衝擊，中國大陸企業在春節後普遍出現開工推遲、復工初期員工返崗率較低等現象，並導致一些企業的部分訂單交期延

262、誤。東南亞、孟加拉等一些服裝生產國，因本國產業鏈配套不完整，產能亦受到中國面輔料等生產原料供應不足的影響。一些外國投資企業因人員入境受限，導致管理人員未到位而影響企業的正常運行。服裝行業普遍用工較多，為防止疫情擴散增加了額外的成本開支。而疫情導致的零售業消費需求下降，也可能帶來紡織服裝行業產能利用不足的問題。管理層討論及分析Management Discussion and Analysis 37Annual Report 2019 年報As affected by the recent COVID-19 outbreak continuously in Europe and America,

263、global apparel retailing industry experienced a drop in sales in general.We also noted that part of the core clients of the Group has closed their physical shops in certain countries.While the development of the epidemic in those countries is still not certain,it is not practical for us to estimate

264、the effect of the epidemic based on the revenue of the clients of the Group.At present,the utilization rate of the production capacity of the Group is still not significantly affected,however,the effect of the epidemic on our clients may eventually affect us,and as a result,if the situation of the o

265、utbreak is not improved,the Groups production capacity may experience underutilization for a period of time in the future.The industry is operating under significantly increasing and tremendous pressure at the moment.However,we believe that the challenge will not last long.An enterprises ability to

266、develop mainly depends on its competitiveness in the industry.Accordingly,the Group will continue to attach great importance to the rational planning of its production bases,the vertical optimisation of its industrial chain,the consistent innovation of products and the adequacy of cash reserve.Despi

267、te this difficult period,the Group will pay special attention to the accumulation and enhancement of its enterprises competitiveness so as to leverage on business opportunities arising from the latest round of industry integration.The Group will further facilitate the sharing of resources between ov

268、erseas production bases and domestic bases.Meanwhile,enhance overseas factories ability to operate independently.The Group will also continue to optimise the vertically integrated production model of overseas bases,to establish and broaden the category of ancillary facilities of the local supply cha

269、in overseas,to reinforce the reserve of talent pool and shift system for Chinese management personnel assigned to overseas countries and to train and attract candidates with localised management and technological expertise.In addition,the Group will facilitate the process of internal data integratio

270、n,particularly the sharing and optimisation in respect of research,development,innovation,production techniques,business management and information processing in daily operation.受新冠疫情最近在歐美持續爆發之影響，全球服裝零售業之銷售普遍下降，我們亦關注到本集團之部分核心客戶已關閉在一些國家的線下門店，而相關國家之疫情發展尚不明確，疫情對本集團客戶之營業收入影響尚難評估。當前，本集團之產能利用率暫未受到重大影響，而疫情

271、對客戶之影響，亦可能會傳導至本集團，如果疫情持續得不到改善，未來一段時期內本集團之產能亦可能會存在利用不足之情形。當前行業之經營壓力顯著加大，但我們相信這只是階段性的挑戰，企業之發展能力取決於自身之行業競爭力。本集團將繼續重視生產基地之合理佈局、產業鏈之垂直優化、產品之持續創新並保持充裕之現金儲備。在困難時期，本集團將更專注於企業競爭力的積澱和提升，在行業新一輪的整合中謀求更好的發展機遇。本集團將進一步推進海外生產基地與國內基地的資源共享，同時提升各海外工廠的獨立運行能力。持續優化海外基地的垂直一體化生產模式，建立並拓寬當地的供應鏈配套；強化外派中方管理人員的儲備、輪換機制，培養、吸收本地化之

272、管理和技術人才；進一步推動集團內部之信息一體化，尤其在研發創新、生產工藝、業務管理、信息處理等方面之作業共享及優化。管理層討論及分析Management Discussion and Analysis 38申洲國際集團控股有限公司 Shenzhou International Group Holdings Limited 本集團認為在環境保護方面的持續投入和成效提升，將成為未來重要的行業門檻和競爭優勢。本集團將努力促進水資源和各類能源利用效率的進一步提高，降低生產對周邊環境的不利影響，推行完整過程的清潔生產，並確保最終消費產品的環保性。未來，本集團將持續優化能源的消耗結構，增加清潔能源的使用比

273、例，在可行情況下逐步增加對太陽能、風能等清潔能源之利用。The Group believes that the ability in enhancing efficiency and continuing to invest in environmental protection will become the major entry barrier and competitive advantage of the industry in the future.As a result,the Group will make every effort to further improve the

274、 usage efficiency of consumption of water and other resources so as to alleviate the adverse impact of production activities on the surrounding environment,to promote clean production throughout the entire production process and to ensure that end consumed products have feature of environmental prot

275、ection.In the future,the Group will continue to optimise the structure of energy consumption and to increase the ratio of clean energy usage in its production activities,and will increase the usage of clean energy,including solar energy and wind energy,step by step whenever possible.管理層討論及分析Manageme

276、nt Discussion and Analysis 39Annual Report 2019 年報The Group considers our staff members as the most valuable and essential assets,and will sustain to improve their daily living facilities,to optimise their working environment and to establish a competitive compensation and fringe benefit system feat

277、uring a highly incentive scheme.The Group is also building several new staff dormitories in its domestic bases,providing better environment standard,living condition and ancillary facilities than the original dormitories.Furthermore,the Group intends to build more high quality staff dormitories and

278、apartments in the future so as to phase out the old dormitories gradually.Ancillary facilities like staff dormitories will also be included in the Groups new factories in Cambodia in which central air conditioning system will be installed.It is widely believed that a stable,well-trained and competen

279、t working team is the most important element of an enterprise featuring high production efficiency and sound product quality.Also,ambitious talents with a proactive attitude are definitely the major key to consistent innovation and management upgrade of an enterprise.Enterprises during the operation

280、 may encounter unknown adversities and risks anytime.What we can do is to strengthen our ability in accommodating to changes and to take a proactive role in pursuit for innovation and reformation.Given these abilities,enterprises will be able to maintain their organic growth and withstand adversity.

281、The Group is committed to enhancing its sustainability so as to provide our customers with services of the best quality and to create the highest value for our shareholders.本集團視員工為企業之最重要的資源，本集團將持續改善員工之生活設施及優化工作環境，並建立更具激勵性的薪酬福利體系。本集團於國內基地正建設若干員工宿舍，該等新宿舍之環境標準、居住條件、配套設施將優於原有宿舍，本集團亦計劃在未來新建更多高標準的員工宿舍和公寓樓

282、，用於逐步替換現有之陳舊宿舍。本集團於柬埔寨之新建工廠，亦有配套建設員工宿舍，並在新建工廠內安裝了中央空調系統。穩定而接受良好素質受訓的員工團隊，是企業生產效率和產品品質的重要保障；優秀而積極進取的各類人才，是企業持續創新和管理提升的核心關鍵。企業之經營中隨時會有不確定之困難和風險，惟有增強應對變化之能力，積極推進創新變革，企業才能在逆勢中保持成長！本集團致力於提升企業之可持續發展能力，以更好地為客戶提供服務、為股東創造價值！企業管治報告Corporate Governance Report 40申洲國際集團控股有限公司 Shenzhou International Group Holding

283、s Limited 企業管治本集團一貫的目標是努力提升企業價值，以淨利潤的良好增長及現金流量的長期穩定為核心，確保本集團的長期持續發展，為股東帶來良好的回報。本集團矢志提高企業管治水平，並全力增加透明度。通過持續為董事與員工提供培訓及外聘專業顧問，本公司將不斷提升企業管治素質，進而達致以上的目標。董事會自二零零五年十月九日起已採納本身的企業管治守則，其涵蓋香港聯合交易所有限公司（聯交所）證券上市規則附錄十四企業管治常規守則（企業管治守則）所載的全部守則條文，以及大部分的建議最佳常規守則。本公司於截至二零一九年十二月三十一日止年度內一直遵從企業管治守則內的所有守則條文。董事委員會之職權範圍為遵守

284、上市規則及企業管治守則，本公司之審核委員會、提名委員會及薪酬委員會之職權範圍乃根據上市規則及企業管治守則之變動定期作出修訂。各董事會委員會之職權範圍及董事名單及彼等的角色及職能已分別於本公司及聯交所網站登載。CORPORATE GOVERNANCEThe Groups stated objective is to enhance its corporate value,focusing on the solid growth in net profit and consistently stable cash flow,to ensure the Groups long-term,sustai

285、nable development and to achieve sound returns for shareholders.The Group is committed to raising its corporate governance standards and increasing the transparency of its operations.Such objective will be achieved by constantly improving the quality of corporate governance of the Company through th

286、e provision of continuous training for Directors as well as staff and the appointment of external professional advisers.The Board adopted its own Code of Corporate Governance,which covers all of the code provisions and most of the recommended best practices of the Code on Corporate Governance Practi

287、ces(the“CG Code”)as set out in Appendix 14 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited(the“Stock Exchange”)since 9 October 2005.The Company had complied with all the code provisions of the CG Code throughout the year ended 31 December 2019.Terms of Ref

288、erence of Board CommitteesIn order to comply with the Listing Rules and the CG Code,the terms of reference of each of the Audit Committee,Nomination Committee and Remuneration Committee of the Company are regularly revised based on amendments to the Listing Rules and the CG Code.Such terms of refere

289、nce and the list of Directors and their roles and functions are published on the websites of the Company and the Stock Exchange,respectively.企業管治報告Corporate Governance Report 41Annual Report 2019 年報Responsibilities of DirectorsAll Directors should participate in continuous professional development t

290、o develop and refresh their knowledge and skills pursuant to the code provision A.6.5 set out in the CG Code.The Company arranged for continuous professional development on the update of the Listing Rules and the related legal and regulatory requirements for the Directors.Independent non-executive d

291、irectorsFor the year ended 31 December 2019,the Board had complied with(1)the requirement that the board of a listed issuer must include at least three independent non-executive directors under Rule 3.10(1)of the Listing Rules;(2)the requirement that at least one of the independent non-executive dir

292、ectors must have appropriate professional qualifications or accounting or related financial management expertise under Rule 3.10(2)of the Listing Rules;and(3)the requirement that the number of independent non-executive directors must represent at least one-third of the Board under Rule 3.10A of the

293、Listing Rules.The Company has received written annual confirmation from each of its independent non-executive directors in respect of his independence in accordance with the independence guidelines set out in Rule 3.13 of the Listing Rules.The Company is of the view that all independent non-executiv

294、e Directors are independent.董事責任董事須參加持續專業發展以發展及補充根據企業管治守則所載守則條文第A.6.5條之知識及技術。本公司已就上市規則之更新及相關法律及監管規定，為董事安排持續專業發展。獨立非執行董事截至二零一九年十二月三十一日止年度，董事會符合(1)上市規則第3.10(1)條關於上市發行人的董事會必須包括至少三名獨立非執行董事的規定；(2)上市規則第3.10(2)條關於其中至少一名獨立非執行董事必須具備適當的專業資格，或具備適當的會計或相關的財務管理專長的規定；以及(3)上市規則第3.10A條所要求的獨立非執行董事必須佔董事會成員人數至少三分之一的規定。

295、本公司已取得各獨立非執行董事根據上市規則第3.13條所載的獨立指引就其獨立性作出的年度確認書。本公司認為所有獨立非執行董事均屬獨立人士。企業管治報告Corporate Governance Report 42申洲國際集團控股有限公司 Shenzhou International Group Holdings Limited 董事於截至二零一九年十二月三十一日止年度內接受培訓的概要如下：附註：A：出席由本公司安排之研討會B：閱讀有關上市規則及其他適用法律及監管規定最新發展的研討會材料與更新資料A summary of training received by the Directors duri

296、ng the year ended 31 December 2019 is as follows:董事姓名Name of Directors培訓類別（附註）Types of training(Notes)執行董事Executive Directors馬建榮先生A&BMr.Ma Jianrong黃關林先生A&BMr.Huang Guanlin馬仁和先生A&BMr.Ma Renhe王存波先生A&BMr.Wang Cunbo陳芝芬女士A&BMs.Chen Zhifen獨立非執行董事Independent Non-executive Directors陳旭先生A&BMr.Chen Xu蔣賢品先生A&B

297、Mr.Jiang Xianpin裘煒國先生A&BMr.Qiu Weiguo張炳生先生A&BMr.Zhang BingshengNotes:A:attending seminars organized by the CompanyB:reading seminar materials and updates relating to the latest development of the Listing Rules and other applicable legal and regulatory requirements企業管治報告Corporate Governance Report 43

298、Annual Report 2019 年報Corporate governance functionsThe Company adopted the terms of reference for corporate governance functions on 26 March 2012 in compliance with the code provision D.3 set out in the CG Code,effective from 1 April 2012.Pursuant to the terms of reference of the corporate governanc

299、e functions,the Board shall be responsible for developing and reviewing and/or monitoring the policies and practices on corporate governance of the Group;training and continuous professional development of Directors and senior management and making recommendations;compliance with legal and regulator

300、y requirements;the code of conduct and compliance manual(if any)applicable to employees and Directors;and the Groups compliance with the CG Code.Communications with shareholdersPursuant to the code provision E.1.2 set out in the CG Code,the Company invited representatives of the external auditors of

301、 the Company to attend the annual general meeting of the Company to be convened on 28 May 2020 to answer shareholders questions relating to the conduct of the audit,the preparation and content of the auditors report,the accounting policies and auditor independence.The Company adopted a shareholders

302、communication policy and procedures with effect from 26 March 2012 for shareholders to propose a person for election as a Director.The policy and the procedures are available on the website of the Company.企業管治職能本公司已於二零一二年三月二十六日根據企業管治守則所載守則條文第D.3條，採納企業管治職能之職權範圍，並於二零一二年四月一日起生效。根據企業管治職能之職權範圍，董事會須負責發展及檢

303、討及或監督本集團企業管治之政策及常規；董事及高級管理層之培訓及持續專業發展及提供建議；遵守法定及監管規定；僱員及董事適用之操守守則及合規手冊（如有）；本集團遵守企業管治守則。與股東之通訊根據企業管治守則所載之守則條文第E.1.2條，本公司邀請本公司外部核數師之代表出席本公司於二零二零年五月二十八日舉行之股東週年大會，回答股東關於進行核數、編製核數師報告及報告內容、會計政策及核數師獨立性之問題。本公司已採納股東通訊政策及程序，供股東提名董事候選人，由二零一二年三月二十六日起生效。政策及程序已登載於本公司網站。企業管治報告Corporate Governance Report 44申洲國際集團控股

304、有限公司 Shenzhou International Group Holdings Limited THE BOARDThe Group endeavours to enhance corporate efficiency and profitability through the Board.The Directors recognise their collective and individual responsibility to the shareholders and perform their duties diligently to contribute to positiv

305、e results for the Company and maximize returns for shareholders.As at date of this report being submitted to the Board,which was 23 March 2020,the Board comprised five Executive Directors and four Independent Non-executive Directors,whose biographical details and family relationships among certain D

306、irectors are set out in the section headed“Biographical Details of Directors and Members of Senior Management”on pages 153 to 161.There are no other material financial,business or relevant relationships among the Directors.The Board is responsible for governing the Company and managing assets entrus

307、ted by the shareholders.The principal responsibilities of the Board include formulating the Groups business strategies and management objectives,supervising the management and evaluating of the effectiveness of management strategies.The day-to-day management of the Groups businesses is delegated to

308、the Executive Directors or officers in charge of each division.The functions and power that are so delegated are reviewed periodically to ensure that they remain appropriate.Matters reserved for the Board are those affecting the Groups overall strategic policies,finances and shareholders including f

309、inancial statements,dividend policy,significant changes in accounting policy,material contracts and major investments.All Board members have separate and independent access to the Groups senior management to fulfill their duties.They also have full and timely access to relevant information about the

310、 Group and are kept abreast of the operating condition,business activities and development of the Group.Independent professional advice can be sought at the Groups expense upon their request.All Directors are required to declare to the Board upon their first appointment of the directorships or other

311、 positions they are concurrently holding at other companies or organizations.These interests are updated on an annual basis.A Director should declare his/her interests and abstain from voting in respect of any proposal or transaction discussed by the Board in which he/she is deemed by the Board to h

312、ave a conflicting interest.董事會本集團致力通過董事會來提升公司效率及利潤水平。全體董事深知彼等共同及個別對股東所負的責任，並勤勉盡職，為本公司的理想業績及股東的最大回報作出貢獻。於本年報呈報董事會日，即二零二零年三月二十三日，董事會由五名執行董事及四名獨立非執行董事組成。董事的個人履歷及若干董事之間的親屬關係均列載於第153頁至161頁 董事及高級管理層成員履歷 一節。董事之間概無其他重大財務、業務或相關關係。董事會負責本公司的管治工作，並負責管理股東所委託的資產。董事會的主要職責包括制訂本集團的業務策略方針、設定管理層目標、監管其表現及評估管理策略的有效性。本集團

313、的日常業務管理由執行董事或各部門的高級主管負責，而本集團會定期檢討彼等獲授的職能及權力，確保彼等仍適合履行職務。董事會則負責處理影響本集團整體策略政策、財務及股東的事務，包括財務報表、股息政策、重大會計政策變動、重大合約及主要投資等。各董事會成員均可分別獨立接觸本集團的高級管理層，以履行彼等的職責；亦可及時查閱所有有關本集團的資料，並可得悉本集團最新的經營狀況、業務活動及發展。董事會成員亦可要求徵詢獨立專業意見，費用由本集團承擔。所有董事須於首次獲委任時向董事會申報彼在其他公司或機構擔任之董事或其他職務，有關利益申報每年更新一次。倘董事會在討論任何動議或交易時認為董事在當中存在利益衝突，該董事

314、須申報利益及放棄投票。企業管治報告Corporate Governance Report 45Annual Report 2019 年報Directors are requested to declare their direct or indirect interests,if any,in any proposals or transactions to be considered by the Board at Board meetings and withdraw from the meetings as appropriate.The Company follows guidelin

315、es(available at the“Corporate Governance”section of our website)at each financial reporting period to seek confirmation from Directors in respect of any transactions of the Company or its subsidiaries which are related to Directors or their associates.The identified significant related party transac

316、tions are disclosed in the notes to the financial statements of this annual report.CHAIRMAN AND GROUP GENERAL MANAGERThe Chairman of the Board and the Group General Manager have separate and distinctive roles.The Chairman of the Board is responsible for the significant operational decisions of the G

317、roup,while the Group General Manager is responsible for managing the day-to-day operations of the Groups business.Mr.Ma Jianrong is the Chairman of the Board and Mr.Huang Guanlin is the Group General Manager.Independence of Independent Non-executive DirectorsAs at the Latest Practicable Date,Indepen

318、dent Non-executive Directors accounted for approximately 44.4%of the members of the Board.The Independent Non-executive Directors are outstanding executives or experts in the textile industry and business sectors who bring with them expertise in different areas.They provide adequate control and bala

319、nces for the Group to protect the overall interests of the shareholders and the Group.The role of the Independent Non-executive Directors is to provide independent and objective opinions to the Board for its consideration and decisions.All Independent Non-executive Directors have submitted annual wr

320、itten confirmation of their independence and compliance with the independence guidelines as set out in the Listing Rules.Board proceedingsRegular Board meetings are held to discuss the Groups operation,financial performance,corporate governance and future development.At least 14 days prior notice an

321、d an agenda with supporting papers of no less than 3 days of the Board meeting are given to Directors to ensure timely access to the relevant information for discharge of their duties.董事在董事會會議審議任何動議或交易時，須申報其涉及的任何直接或間接利益，並在適當情況下避席。本公司根據指引（請參閱本公司網站 企業管治 欄目），於每個財務申報期間，要求董事確認彼等或彼等之聯繫人士有否與本公司或其附屬公司進行任何交易

322、。經確認的重大關聯人士交易均已於此年報的財務報表附註披露。主席及集團總經理董事會主席與集團總經理之職責彼此分開。董事會主席負責管理董事會及本集團重大經營決策，而集團總經理則負責管理本集團業務的日常運作，職責劃分明確。馬建榮先生為董事會主席，黃關林先生為集團總經理。獨立非執行董事的獨立性於最後實際可行日期，獨立非執行董事所佔比率為董事會成員的約44.4%，彼等皆為優秀的行政管理人員或紡織業及商界範疇的專家，具備多方面專業知識，可為本集團提供足夠的制約及平衡，以保障股東及本集團的整體利益。獨立非執行董事的角色是向董事會提供獨立及客觀的意見，以供董事會作出考慮及決定。全體獨立非執行董事已提交確認獨立

323、性的年度確認書，並符合載於上市規則內獨立性指引的規定。董事會處事程序本集團會定期舉行董事會會議，以商討本集團的營運、財務表現、企業管治及未來發展。董事於舉行董事會會議前最少14天接獲通知，並於會議舉行前最少3天獲發議程及開會文件，確保董事可及時閱覽有關資料，方便彼等履行職務。企業管治報告Corporate Governance Report 46申洲國際集團控股有限公司 Shenzhou International Group Holdings Limited Minutes of the Board and Board Committees are taken by the Company

324、Secretary and,together with any supporting papers,are open for inspection following reasonable notice by any Directors.Draft and final versions of minutes are also sent to all Directors for their comment and records,respectively.The Company held 4 full Board meetings for the year ended 31 December 2

325、019,with all the existing members of the Board attended,except for Mr.Chen Xu who was absent from one meeting.Board meetings will be held at least four times a year with additional meetings convened as and when necessary to determine overall strategic directions and objectives and approve interim an

326、d annual results and other significant matters.During the year,the Chairman also held a separate meeting with all the Independent Non-executive Directors to address business issues and concerns.BOARD DIVERSITYIn order to achieve a diversity of perspectives among members of the Board,it is the policy

327、 of the Company to consider a number of factors when deciding on appointments to the Board and the continuation of those appointments.Such factors include gender,age,cultural and educational background,ethnicity,professional experience,skills,knowledge and length of service.BOARD COMMITTEESTo overse

328、e particular aspects of the Companys affairs and to assist in the execution of its responsibilities,the Board has three Committees,namely Audit Committee,Remuneration Committee and Nomination Committee.The Nomination Committee and the Remuneration Committee have been structured to include a majority

329、 of Independent Non-executive Directors as members in order to reinforce independence,while the Audit Committee only comprises Independent Non-executive Directors.All of the Committees are governed by its respective terms of reference,which are available on the Companys website and the Stock Exchang

330、es website www.hkexnews.hk.All Committees are provided with sufficient resources to discharge their duties.The Committees report to the Board on a regular basis to discuss significant issues and findings and to make recommendations to the Board for making decisions.公司秘書負責編列董事會及董事委員會的會議紀錄，董事可於發出合理通知後

331、查閱有關會議紀錄及開會文件。全體董事亦均獲發會議紀錄的初稿和定稿，以供彼等提供意見和紀錄存檔。本公司於截至二零一九年十二月三十一日止年度內共舉行四次全體董事會會議，除陳旭先生缺席一次外，全體董事會現任成員於相關時間均有出席。董事會將每年舉行最少四次會議，並於有需要時召開額外會議，以釐定整體策略方針及目標，及批準中期及年度業績及其他重大事宜。年內，主席亦與全體獨立非執行董事舉行獨立會議，以處理業務和關注事宜。董事會成員多元化為求令董事會成員具備多元化的視野，本公司制訂政策在決定董事會成員的委任及續任時考慮多項因素。該等因素包括性別、年齡、文化及教育背景、種族、行業經驗、技能、知識及服務年資。董事

332、委員會為監察本公司的特定事務及協助執行職務，董事會已成立三個委員會，即審核委員會、薪酬委員會及提名委員會。提名委員會和薪酬委員會的大部分成員為獨立非執行董事，以加強委員會的獨立性，同時，審核委員會只包含獨立非執行董事。所有委員會均由各自的職權範圍規管，有關職權範圍載於本公司網站及聯交所網站www.hkexnews.hk。所有委員會均擁有足夠資源以履行職務。各委員會定期向董事會匯報，以討論重要事宜及結果，並向董事會提供推薦建議以作決策。企業管治報告Corporate Governance Report 47Annual Report 2019 年報REMUNERATION COMMITTEETh

333、e Company established the Remuneration Committee in compliance with the CG Code on 9 October 2005.As of the issuance of this report,the Remuneration Committee comprises Mr.Ma Renhe,an executive director,Mr.Chen Xu,Mr.Jiang Xianpin and Mr.Zhang Bingsheng,three of them are independent non-executive directors.Mr.Chen Xu is the chairman of the Remuneration Committee.The principal responsibilities of t