1、年報CABBEEN FASHION LIMITEDCABBEEN FASHION LIMITEDWWW.CABBEEN.COM(Incorporated in the Cayman Islands with limited liability)Unit A&B,26/F,Billion Plaza II10 Cheung Yue StreetCheung Sha WanKowloonHong KongStock code 股份代號:2030 CABBEEN FASHION LIMITED卡賓服飾有限公司卡賓服飾有限公司(於開曼群島註冊成立的有限公司)香港九龍長沙灣長裕街10號億京廣場二期26樓
2、A及B室卡賓服飾有限公司ANNUAL REPORT 20242024 ANNUAL REPORT 2024年報Cabbeen is one of the leading Chinese designer brands.The Group designs and sells apparels for men and women.Its main brands include Cabbeen and 2AM.Its retail network covers 29 provinces,autonomous regions,municipalities and special administrat
3、ive regions and several online platforms in the Peoples Republic of China.卡賓是中國領先的設計師品牌之一。本集團設計及銷售男士及女士服裝。旗下主要品牌有卡賓及淩晨兩點。其零售網絡分佈中華人民共和國29個省份、自治區、直轄市及特別行政區 以及若干線上平臺。CONTENTS目錄Corporate Information公司資料Financial Highlights 財務摘要Chairmans Statement 主席報告Management Discussion and Analysis 管理層討論及分析Corporate
4、 Governance Report 企業管治報告Biographical Details of Directors and Senior Management 董事及高級管理層履歷詳情Report of the Directors 董事會報告Independent Auditors Report 獨立核數師報告Consolidated Statement of Profit or Loss and Other Comprehensive Income綜合損益及其他全面收益表Consolidated Statement of Financial Position 綜合財務狀況表Consolid
5、ated Statement of Changes in Equity 綜合權益變動表 Consolidated Cash Flow Statement 綜合現金流量表Notes to the Financial Statements 財務報表附註Five Years Summary 五年概要24693163708710110310510610822002Cabbeen Fashion Limited Annual Report 2024CORPORATE INFORMATION公司資料BOARD OF DIRECTORSExecutive DirectorsDr.Ziming Yang(Ch
6、airman and Chief Executive Officer)Mr.Rongqin KeIndependent Non-Executive DirectorsMr.Yung Kwok TsuiMr.Ming Shu LeungMs.Jing GuAUDIT COMMITTEEMr.Yung Kwok Tsui(Chairman)Mr.Ming Shu LeungMs.Jing GuREMUNERATION COMMITTEEMr.Yung Kwok Tsui(Chairman)Mr.Ming Shu LeungDr.Ziming YangNOMINATION COMMITTEEDr.Z
7、iming Yang(Chairman)Mr.Ming Shu LeungMs.Jing GuCORPORATE GOVERNANCE COMMITTEEDr.Ziming Yang(Chairman)Mr.Yung Kwok TsuiMr.Ming Shu LeungAUTHORIZED REPRESENTATIVESMr.Rongqin KeMr.Wai Fung Lui(appointed on 16 April 2024)Ms.Lai Wah Wong,FCPA (resigned on 16 April 2024)COMPANY SECRETARYMr.Wai Fung Lui(ap
8、pointed on 16 April 2024)Ms.Lai Wah Wong,FCPA (resigned on 16 April 2024)REGISTERED OFFICECricket Square,Hutchins DriveP.O.Box 2681Grand Cayman KY1-1111Cayman IslandsSTOCK CODE2030董事會執行董事楊紫明博士（主席兼行政總裁）柯榕欽先生獨立非執行董事徐容國先生梁銘樞先生谷晶女士審核委員會徐容國先生（主席）梁銘樞先生谷晶女士薪酬委員會徐容國先生（主席）梁銘樞先生楊紫明博士提名委員會楊紫明博士（主席）梁銘樞先生谷晶女士企業管
9、治委員會楊紫明博士（主席）徐容國先生梁銘樞先生授權代表柯榕欽先生雷偉峯先生（於二零二四年四月十六日獲委任）黃麗華女士，FCPA（於二零二四年四月十六日辭任）公司秘書雷偉峯先生（於二零二四年四月十六日獲委任）黃麗華女士，FCPA（於二零二四年四月十六日辭任）註冊辦事處Cricket Square,Hutchins DriveP.O.Box 2681Grand Cayman KY1-1111Cayman Islands股份代號203003卡 賓 服 飾 有 限 公 司 2024年報CORPORATE INFORMATION(CONTINUED)公司資料（續）WEBSITEHEADQUARTERS
10、IN CHINA9th Floor,Block CNo.8 Kai Tai Da RoadHuang Pu District,Guangzhou CityGuangzhou 510700PRCPRINCIPAL PLACE OF BUSINESS IN HONG KONGUnit A&B,26/F,Billion Plaza II10 Cheung Yue StreetCheung Sha WanKowloonHong KongCAYMAN ISLANDS SHARE REGISTRAR AND TRANSFER OFFICESuntera(Cayman)LimitedSuite 3204,U
11、nit 2ABlock 3,Building DP.O.Box 1586,Gardenia CourtCamana Bay,Grand CaymanKY1-1110Cayman IslandsHONG KONG BRANCH SHARE REGISTRARComputershare Hong Kong Investor Services LimitedShops 1712-171617/F,Hopewell Centre183 Queens Road EastWanchaiHong KongAUDITORKPMG,Certified Public AccountantsPublic Inter
12、est Entity Auditor registered in accordance with the Accounting and Financial Reporting Council OrdinanceLEGAL ADVISOR AS TO HONG KONG LAWMorgan,Lewis&BockiusPRINCIPAL BANKERSChina Construction Bank CorporationChina Minsheng Banking Corp.,Ltd.Industrial Bank Co.,Ltd.Shanghai Pudong Development Bank網
13、站中國總部中國廣州市黃埔區開泰大道8號C棟9樓郵編510700香港主要營業地點香港九龍長沙灣長裕街10號億京廣場二期26樓A及B室開曼群島股份過戶登記處 Suntera(Cayman)LimitedSuite 3204,Unit 2ABlock 3,Building DP.O.Box 1586,Gardenia CourtCamana Bay,Grand CaymanKY1-1110Cayman Islands香港股份過戶登記分處香港中央證券登記有限公司香港灣仔皇后大道東183號合和中心17樓1712-1716號舖核數師畢馬威會計師事務所，執業會計師於 會計及財務匯報局條例 下的註冊公眾利益
14、實體核數師香港法律顧問摩根路易斯律師事務所主要往來銀行中國建設銀行股份有限公司中國民生銀行股份有限公司興業銀行股份有限公司上海浦東發展銀行04Cabbeen Fashion Limited Annual Report 2024FINANCIAL HIGHLIGHTS財務摘要20242023二零二四年二零二三年RMB000RMB000人民幣千元人民幣千元Financial highlights財務摘要Revenue收益1,035,0081,188,648Gross profit毛利462,314511,630Profit from operation經營溢利89,58388,693Profit
15、for the year年內溢利28,89327,403EBITDA(1)EBITDA(1)148,507151,286Earnings per share (RMB cents)每股盈利（人民幣分）Basic 基本4.103.11 Diluted 攤薄4.103.11Dividend per share(HK cents)每股股息（港仙）Interim dividend 中期股息0.930.70 Final dividend 末期股息0.860.70 Total dividend 總股息1.791.40Profitability ratios盈利比率Gross profit margin毛利
16、率44.7%43.0%Operating margin經營利潤率8.7%7.5%Net profit margin純利率2.8%2.3%Return on total assets(2)資產總值回報率(2)1.4%1.2%Return on equity(3)權益回報(3)2.1%2.1%Liquidity ratios流動資金比率Average inventory turnover days(4)平均存貨周轉天數(4)185182Average trade and bills receivables turnover days(5)平均貿易應收款項及應收票據 周轉天數(5)218186Ave
17、rage trade and bills payables turnover days(6)平均貿易應付款項及應付票據 周轉天數(6)157157Capital ratio資金比率Interest coverage ratio(7)盈利對利息倍數(7)6.14.5Net debt to equity ratio(8)淨債權比率(8)-1.0%10.2%Gearing ratio(9)資產負債比率(9)16.8%25.2%7 05卡 賓 服 飾 有 限 公 司 2024年報FINANCIAL HIGHLIGHTS(CONTINUED)財務摘要（續）Notes:(1)EBITDA is earni
18、ngs before interest,taxes,depreciation and amortization.(2)Return on total assets equals net profit for the year divided by the closing balance of total assets.(3)Return on equity equals net profit for the year divided by the closing balance of total shareholders equity.(4)Average inventory turnover
19、 days is equal to the average of the beginning and closing inventory balance divided by cost of sales and multiplied by the number of days in the year.(5)Average trade and bills receivables turnover days is equal to the average of the beginning and closing trade and bills receivables balance divided
20、 by revenue(including value-added tax)and multiplied by the number of days in the year.(6)Average trade and bills payables turnover days is equal to the average of the beginning and closing trade and bills payables balance divided by costs of sales and multiplied by the number of days in the year.(7
21、)Interest coverage ratio equals profit before interest and tax for the year divided by interest expenses of the same year.(8)Net debt to equity ratio equals net debt divided by total equity as of the end of the year.Net debt includes all borrowings net of cash and cash equivalents.(9)Gearing ratio e
22、quals total debts divided by total equity.附註：(1)EBITDA為除利息、稅項、折舊及攤銷前盈利。(2)資產總值回報率等於年內純利除以資產總值年終結餘。(3)權益回報率等於年內純利除以股東權益總額年終結餘。(4)平均存貨周轉天數等於年初及年終存貨結餘的平均值除以銷售成本，再乘以年內天數。(5)平均貿易應收款項及應收票據周轉天數等於貿易應收款項及應收票據的年初及年終結餘的平均值除以收益（包括增值稅），再乘以年內天數。(6)平均貿易應付款項及應付票據周轉天數等於貿易應付款項及應付票據的年初及年終結餘的平均值除以銷售成本，再乘以年內天數。(7)盈利對利息倍
23、數等於年內的扣除利息及稅項前溢利除以同年利息開支。(8)淨債權比率等於年末債務淨額除以權益總額。債務淨額包括扣除現金及現金等價物的所有借款。(9)資產負債比率等於債務總額除以權益總額。Cabbeen Fashion Limited Annual Report 202406Chairmans Statement主席報告07卡 賓 服 飾 有 限 公 司 2024年報CHAIRMANS STATEMENT(CONTINUED)主席報告（續）DEAR SHAREHOLDERS,On behalf of the board(the“Board”)of directors(the“Director(s)
24、”)of Cabbeen Fashion Limited(the“Company”),I am pleased to present the annual results of the Company and its subsidiaries(collectively referred to as the“Group”or“Cabbeen”)for the year ended 31 December 2024.Due to factors such as weak market expectations,insufficient endogenous consumer demand,fier
25、ce competition among apparel brands and rising costs,the Chinese apparel industry faced pressures and challenges in 2024,with a noticeable slowdown in market growth during the year.For the year ended 31 December 2024,the Group recorded revenue of approximately RMB1,035.0 million,representing a decre
26、ase of 12.9%as compared with the corresponding period of the last year.The Groups net profit for the year ended 31 December 2024 amounted to RMB28.9 million,representing a increase of 5.4%as compared with the corresponding period of the last year.Consistently crafting every piece of clothing with ex
27、cellence”has always been Cabbeens business philosophy.Moving forward,the Group will continue to adhere to the brand concept of Chinese apparel designer,closely monitoring evolving consumer trends,swiftly adapting to product demands,and consistently enhancing clothing quality and craftsmanship to pro
28、vide customers with high-quality,cost-effective,and uniquely designed apparel.Moreover,the Group will strive to increase operational efficiency and strengthen its quick response and reorder operations to improve the product turnover days.致各位股東：本人謹此代表卡賓服飾有限公司（本公司）董事（董事）會（董事會），欣然呈列本公司及其附屬公司（統稱 本集團 或 卡
29、賓）截至二零二四年十二月三十一日止年度的年度業績。受市場預期偏弱、消費內生動力不足、服裝品牌競爭激烈及成本上升等因素影響，二零二四年中國服裝行業業務經營受到壓力及挑戰，於年內市場增速明顯放緩。截至二零二四年十二月三十一日止年度，本集團錄得收益約人民幣1,035.0百萬元，較去年同期減少12.9%。截至二零二四年十二月三十一日止年度，本集團純利為人民幣28.9百萬元，較去年同期增加5.4%。堅持做好每一件衣服 一直是卡賓的經營方針。展望未來，本集團將繼續堅持中國服裝設計師的品牌理念，密切關注消費者的變化趨勢，快速應對產品需求，持續提升服裝質量及工藝技術，為客戶提供高質價比且具設計個性的服裝產品。
30、另外，本集團將繼續致力提高營運效率，加強快反翻單操作，以提升商品周轉天數。08Cabbeen Fashion Limited Annual Report 2024CHAIRMANS STATEMENT(CONTINUED)主席報告（續）In the future,the Group will continue to pursuing scalable growth,actively expanding its physical retail store network and enhancing the image and service quality of physical stores
31、to provide consumers with an exceptional shopping experience.Meanwhile,the Group will deepen the development of its online sales platform,strengthen the synergistic integration of online and offline channels,and promote omni-channel operations to unleash the Groups brands potential and enhance custo
32、mers stickiness to the brand.Finally,on behalf of the Board,I would like to express our sincere gratitude to the shareholders,customers and business partners for their trust and support to the Company,and extend our heartfelt thanks to all the employees for their dedicated efforts.Dr.Ziming YangChai
33、rmanHong Kong,7 March 2025本集團未來將繼續保持規模增長，積極擴展實體零售店網路，提升實體店舖形象及服務質量，為消費者提供卓越的購物體驗。同時，本集團亦會深化線上銷售平臺業務發展，加強線上線下協同融合，全渠道流通經營，以釋放集團品牌勢能及提升客戶對品牌的黏性。最後，本人謹代表董事會衷心感謝股東、客戶及業務夥伴對本公司的信任及支持，亦由衷感謝全體員工付出的辛勤努力。楊紫明博士主席香港，二零二五年三月七日12Cabbeen Fashion Limited Annual Report 2024MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析
34、BUSINESS REVIEWOverviewCabbeen is a Chinese designer brand offering apparel and accessories for men and women.The Groups main brands include Cabbeen and 2AM.The Group derives its revenue mainly from sales of its products through franchise stores and online shops.Most of the products sold under its b
35、rands are designed by the Group,and the majority of the products sold are manufactured by independent manufacturers in the Peoples Republic of China(the“PRC”).As of 31 December 2024,the Group had 4 wholesale distributors,19 consignment distributors and 102 sub-distributors operating a total of 650(2
36、023:568)retail shops in mainland China,and 5(2023:6)retail shops in Hong Kong.In addition,the Group operates WeChat store and other online shops on e-commerce platforms including T-mall,JD.com,Vipshop,Douyin and also sells products to other online distributors.As of 31 December 2024,the Group had th
37、ree design workshops in Guangzhou,Milan and Paris,respectively,with a team of 19(2023:27)designers joining from mainland China,other Asian countries,Hong Kong and Europe.The Group also works with design institutes and contract designers from around the world.It offered over 2,000 new stock-keeping-u
38、nits(SKUs)for 2024 product collections(over 2,000 SKUs for 2023 product collections).業務回顧概覽卡賓是中國的設計師品牌，提供男士及女士服裝及配飾。本集團的主要品牌包括卡賓及凌晨兩點。本集團所得收益乃主要通過特許經營店舖及網店銷售其產品。旗下品牌銷售的絕大部分產品均由本集團設計，且銷售的大部分產品均為中華人民共和國（中國）獨立生產商所生產。截至二零二四年十二月三十一日，本集團有4名批發分銷商、19名代銷分銷商及102名二級分銷商，在中國內地共經營650間（二零二三年：568間）零售店舖，而本集團亦在香港經營五間
39、（二零二三年：六間）零售店舖。此外，本集團亦經營微商城及在天貓、京東、唯品會、抖音等電商平臺經營其他網店及向其他線上分銷商銷售產品。截至二零二四年十二月三十一日，本集團分別於廣州、米蘭及巴黎有三間設計工作室，團隊共有19名（二零二三年：27名）來自中國內地、其他亞洲國家、香港及歐洲的設計師。本集團亦與世界各地的設計機構及合約設計師合作。本集團的二零二四年產品系列有超過2,000個新款（二零二三年產品系列：超過2,000個新款）。13卡 賓 服 飾 有 限 公 司 2024年報MANAGEMENT DISCUSSION AND ANALYSIS(CONTINUED)管理層討論及分析（續）Reta
40、il channel performanceThe retail performance of physical retail stores and online shops operated by the Group,its distributors or sub-distributors for the year ended 31 December 2024 is summarized below.Total retail revenue from all retail channels for the year ended 31 December 2024 decreased by 13
41、.9%as compared to the year ended 31 December 2023.Retail sales revenue from physical retail stores for the year ended 31 December 2024 decreased by 11.0%as compared to the year ended 31 December 2023.Retail revenue from online platforms decreased by 19.7%for the year ended 31 December 2024 as compar
42、ed to the year ended 31 December 2023.Cabbeen had approximately 4.1 million WeChat fans and members as of 31 December 2024.The average retail discount at physical stores for the year ended 31 December 2024 was 27.6%(2023:25.9%).As of 31 January 2025,the sell-through rate of the Groups 2024 collectio
43、ns was over 73.2%.零售渠道表現下文概述由本集團、分銷商或二級分銷商經營的實體零售店舖及線上店舖於截至二零二四年十二月三十一日止年度的零售表現。截至二零二四年十二月三十一日止年度，來自所有零售渠道的零售收益總額較截至二零二三年十二月三十一日止年度減少13.9%。截至二零二四年十二月三十一日止年度的實體零售店舖所產生的零售收益較截至二零二三年十二月三十一日止年度減少11.0%。截至二零二四年十二月三十一日止年度的網上平臺所產生的零售收益較截至二零二三年十二月三十一日止年度減少19.7%。截至二零二四年十二月三十一日，卡賓微信粉絲及會員人數約為4.1百萬。截至二零二四年十二月三十一
44、日止年度，實體店舖平均零售折扣為27.6%（二零二三年：25.9%）。截至二零二五年一月三十一日，本集團二零二四年系列產品的售罄率超過73.2%。14Cabbeen Fashion Limited Annual Report 2024MANAGEMENT DISCUSSION AND ANALYSIS(CONTINUED)管理層討論及分析（續）零售店舖網絡按地理區域劃分的零售網絡RETAIL STORES NETWORKRetail network by geographical regionsAs of 31 December 2024As of 31 December 2023截至二零二四
45、年十二月三十一日截至二零二三年十二月三十一日WholesaleConsignmentSelf-operatedTotalWholesaleConsignmentSelf-operatedTotal批發代銷自營總計批發代銷自營總計Geographical地區Central China華中1243315712827155Southwestern China西南3772109316697Southern China華南4620825421196217Eastern China華東454584040Northern China華北4263032528Northwestern China西北122739
46、82028Northeastern China東北3333Hong Kong香港5566 Total總計22742356551913776574 Shopping mall商場Department store 百貨公司Street shops街舖Cabbeen卡賓Cabbeen Urban卡賓都市2AM凌晨兩點others其他Multi-brands and 多品牌及Tier 1一線Tier 2二線Tier 3三線Tier 4四線Retail outlets by brands 按品牌劃分的零售店舖Retail outlets by channel 按渠道劃分的零售店舖Retail outle
47、ts by city-tiers 按城市級別劃分的零售店舖As of 31 December 2024截至二零二四年十二月三十一日202412519.1%14722.4%38358.5%As of 31 December 2023截至二零二三年十二月三十一日202330453.0%14625.4%12421.6%2024As of 31 December 2024截至二零二四年十二月三十一日7020030.5%31848.6%6710.2%As of 31 December 2024截至二零二四年十二月三十一日48373.7%172.6%223.4%13320.3%2024202338767.
48、4%183.1%91.6%16027.9%As of 31 December 2023截至二零二三年十二月三十一日截至二零二三年十二月三十一日As of 31 December 202320236511.3%16729.1%27547.9%6711.7%10.7%15卡 賓 服 飾 有 限 公 司 2024年報MANAGEMENT DISCUSSION AND ANALYSIS(CONTINUED)管理層討論及分析（續）INDUSTRY OVERVIEWStating from 2024,as China society fully returns to normal operations,a
49、long with the implementation of various consumption-boosting policies,the conditions and foundation have been established for a stable and positive recovery of the Chinese market.However,due to factors such as weak market expectations,insufficient endogenous consumer demand and rising costs,the Chin
50、ese apparel industry faced challenges and pressures,with a noticeable slowdown in market growth during the year.Amid an overall slowdown in growth,domestic apparel brands have become increasingly homogenized and competitive,while foreign brands are also intensifying their efforts to capture market s
51、hare.Consumers have shown a tendency toward rational spending,being relatively cautious when purchasing non-essential goods and mid-range fashion products,which has dampened expectations for commodity consumption.In addition,consumer demands have diversified,with increasing expectations for clothing
52、 quality,functionality,and shopping and consumption experiences.We believe that the uncertain economic environment and unfavorable market factors are likely to persist in the short term,and the recovery trend of the Chinese apparel industry will continue to face challenges.行業概覽二零二四年起，隨著中國社會全面恢復常態化運行
53、，加上各項促消費政策措施落地，為中國市場平穩向好的恢復態勢創造了條件和基礎。然而，受市場預期偏弱、消費內生動力不足及成本上升等因素影響，中國服裝行業業務經營受到壓力，於年內市場增速明顯放緩。在整體增速放緩的大環境下，國內服裝品牌同質化及競爭更趨激烈，外資品牌亦加速搶佔了市場份額。消費者亦傾向理性消費，對非必需品及中端時裝產品消費相對審慎，抑制商品消費預期。另外，消費者需求多樣化，對服裝的品質、功能性及購物消費體驗等要求越來越高。我們認為經濟環境不明朗及市場不利因素預計於短期內將會持續，預計中國服裝行業的恢復態勢將繼續面臨挑戰。Shopping mall商場Department store 百貨
54、公司Street shops街舖Cabbeen卡賓Cabbeen Urban卡賓都市2AM凌晨兩點others其他Multi-brands and 多品牌及Tier 1一線Tier 2二線Tier 3三線Tier 4四線Retail outlets by brands 按品牌劃分的零售店舖Retail outlets by channel 按渠道劃分的零售店舖Retail outlets by city-tiers 按城市級別劃分的零售店舖As of 31 December 2024截至二零二四年十二月三十一日202412519.1%14722.4%38358.5%As of 31 Decem
55、ber 2023截至二零二三年十二月三十一日202330453.0%14625.4%12421.6%2024As of 31 December 2024截至二零二四年十二月三十一日7020030.5%31848.6%6710.2%As of 31 December 2024截至二零二四年十二月三十一日48373.7%172.6%223.4%13320.3%2024202338767.4%183.1%91.6%16027.9%As of 31 December 2023截至二零二三年十二月三十一日截至二零二三年十二月三十一日As of 31 December 202320236511.3%167
56、29.1%27547.9%6711.7%10.7%16Cabbeen Fashion Limited Annual Report 2024MANAGEMENT DISCUSSION AND ANALYSIS(CONTINUED)管理層討論及分析（續）PROSPECTSThe Group maintains a cautious outlook on the apparel market,and will focus on pragmatic development in the future.The Group will continue to collaborate with high-qu
57、ality suppliers,manufacturers,and business partners to consistently enhance the clothing quality and craftsmanship,closely monitor evolving consumer trends,swiftly adapt to product demands and provide customers with high-quality,cost-effective,and uniquely designed apparel products,in order to incre
58、ase customer satisfaction and improve the product turnover days.Meanwhile,the Group will remain focused on enhancing operational efficiency to control operating costs and expenses.The Group will continue to expand its physical retail stores network,focusing on third-and fourth-tier cities as well as
59、 provincial markets where it holds a competitive sales advantage,aiming to increase the brands domestic market share.In addition,the Group will continue to optimize its marketing strategies,service quality and customer experience,and elevate the image of its physical stores to provide consumers with
60、 an exceptional shopping experience and enhance customers brand stickiness and brand image.The Group will also further develop its online sales platform business,adjust its sales and pricing strategies according to market conditions,introduce top-tier online operators,strengthen the synergistic inte
61、gration of online and offline channels,and conduct omni-channel operations to meet consumers multi-touchpoint consumption needs.Furthermore,the Group will strengthen brand promotion and development by leveraging various channels such as social media,brand collaborations and brand apparel launch even
62、ts,to maintain the Groups brand image and value.前景本集團對服裝市場前景持審慎態度，未來發展方向以務實為主。本集團將繼續與優質的供應商、生產商及合作夥伴合作，持續提升服裝質量及工藝技術，並密切關注消費者的變化趨勢，快速應對產品需求，為客戶提供高質價比且具設計個性的服裝產品，以增加客戶對商品的滿意度及提升商品周轉天數。同時，本集團將繼續專注提高營運效率，以控制營運成本及費用。本集團未來將繼續擴展實體零售店網路，開店策略將會聚焦於三四線城市及集團有銷售優勢的省份市場，以增加品牌在國內的市場份額。另外，本集團亦將持續優化其營銷策略、服務質量及客戶體驗以
63、及提升實體店舖形象，為消費者提供卓越的購物體驗，提升客戶對品牌的黏性及品牌形象。本集團亦會深化線上銷售平臺業務發展，按市場調整其銷售及定價策略，引入行業優秀的線上運營商，加強線上線下協同融合，全渠道流通經營，以滿足消費者多觸點的消費需求。此外，本集團將加強品牌推廣及建設，以社交媒體渠道、品牌聯乘合作及品牌服飾發佈會等多方面進行宣傳，以維持集團品牌形象及價值。17卡 賓 服 飾 有 限 公 司 2024年報MANAGEMENT DISCUSSION AND ANALYSIS(CONTINUED)管理層討論及分析（續）FINANCIAL REVIEWRevenueRevenue by sales
64、channelYear ended 31 December截至十二月三十一日止年度20242023二零二四年二零二三年RMB000%RMB000%人民幣千元人民幣千元Online shops線上店舖545,03352.7%623,02952.4%Offline shops線下店舖Wholesale批發81,3487.9%145,26512.2%Consignment代銷335,41132.4%341,17528.7%Self-operated自營21,3272.0%24,6412.1%438,08642.3%511,08143.0%OEM代加工51,8895.0%54,5384.6%1,035
65、,008100.0%1,188,648100.0%財務回顧收益按銷售渠道劃分的收益18Cabbeen Fashion Limited Annual Report 2024MANAGEMENT DISCUSSION AND ANALYSIS(CONTINUED)管理層討論及分析（續）按品牌劃分的收益毛利及毛利率截至二零二四年十二月三十一日止年度之毛利為人民幣462.3百萬元，較截至二零二三年十二月三十一日止年度人民幣511.6百萬元減少9.6%。毛利率由截至二零二三年十二月三十一日止年度的43.0%增加至截至二零二四年十二月三十一日止年度的44.7%，主要由於購買成本減少所致。其他收入淨額其他收
66、入淨額主要包括銀行存款的利息收入、政府補助、外匯差額淨額以及其他雜項收入。截至二零二四年十二月三十一日止年度，其他收入淨額減少人民幣2.4百萬元至人民幣47.4百萬元（二零二三年：人民幣49.8百萬元），主要由於銷售推廣及展示材料收益增加以及政府補助減少及外匯虧損淨額的淨影響所致。銷售及分銷開支銷售及分銷開支主要包括電商銷售渠道的經營成本、廣告及推廣開支以及付運及物流費用。截至二零二四年十二月三十一日止年度，銷售及分銷開支較二零二三年減少19.4%，主要由於廣告及推廣開支以及付運及物流費用減少所致。Revenue by brandsYear ended 31 December截至十二月三十一日
67、止年度20242023二零二四年二零二三年RMB000%RMB000%人民幣千元人民幣千元Cabbeen卡賓619,73259.9%764,79264.3%Cabbeen Urban卡賓都市268,35625.9%270,03222.7%2AM凌晨兩點40,3053.9%34,8882.9%Other brands其他品牌54,7265.3%64,3985.5%OEM代加工51,8895.0%54,5384.6%1,035,008100.0%1,188,648100.0%Gross profit and gross profit marginThe gross profit was RMB46
68、2.3 million for the year ended 31 December 2024,representing a decrease of 9.6%as compared to RMB511.6 million for the year ended 31 December 2023.Gross profit margin increased from 43.0%for the year ended 31 December 2023 to 44.7%for the year ended 31 December 2024,which was mainly attributable to
69、the decrease in purchase cost.Other net incomeOther net income mainly consisted of interest income from bank deposits,government grants,net foreign exchange differences and other miscellaneous income.The decrease in other net income by RMB2.4 million to RMB47.4 million(2023:RMB49.8 million)for the y
70、ear ended 31 December 2024 was mainly due to net effect of the increase in gain on sale of promotion and display materials and the decrease in government grants and the net foreign exchange loss.Selling and distribution expensesSelling and distribution expenses mainly consisted of operating cost for
71、 e-commerce sales channels,advertising and promotion expenses,and delivery and logistics expenses.Selling and distribution expenses for the year ended 31 December 2024 decreased by 19.4%as compared to 2023 which was mainly attributable to the decrease in advertising and promotion expenses and delive
72、ry and logistics expenses.19卡 賓 服 飾 有 限 公 司 2024年報MANAGEMENT DISCUSSION AND ANALYSIS(CONTINUED)管理層討論及分析（續）Selling and distribution expense for the year ended 31 December 2024 and 2023 mainly comprised the following items:Year ended 31 December截至十二月三十一日止年度20242023二零二四年二零二三年RMB000RMB000人民幣千元人民幣千元Staff
73、 costs員工成本34,91942,574Advertising and promotion廣告及推廣75,39686,851Delivery and logistics付運及物流22,69948,597E-commerce platform and operating expenses電商平臺及營運開支43,66950,767Others其他20,96616,450197,649245,239 Administrative and other operating expensesAdministrative and other operating expenses mainly compr
74、ised staff costs,research and development expenses,provision for inventories and doubtful debts,depreciation and amortization charges and other expenses.Administrative and other operating expenses for the year ended 31 December 2024 amounted to RMB222.5 million,representing a decrease of RMB5.0 mill
75、ion or 2.2%from that of the last year,which was mainly attributable to the net effect of the increase in impairment loss of trade and other receivables;and the decrease in staff costs,research and development expenses and inventory write-down.截至二零二四年及二零二三年十二月三十一日止年度之銷售及分銷開支主要由以下組成：行政及其他營運開支行政及其他營運開支
76、主要包括員工成本、研發開支、存貨及呆賬撥備、折舊及攤銷費用及其他開支。截至二零二四年十二月三十一日止年度，行政及其他營運開支為人民幣222.5百萬元，較去年減少人民幣5.0百萬元或2.2%，主要由於貿易及其他應收款項減值虧損增加以及員工成本、研發開支及存貨撇減減少的淨影響所致。20Cabbeen Fashion Limited Annual Report 2024MANAGEMENT DISCUSSION AND ANALYSIS(CONTINUED)管理層討論及分析（續）Administrative and other operating expenses for the year ende
77、d 31 December 2024 and 2023 mainly comprised the following items:Year ended 31 December截至十二月三十一日止年度20242023二零二四年二零二三年RMB000RMB000人民幣千元人民幣千元Staff costs員工成本42,14146,973Research and development expenses,exclude staff costs研發開支（員工成本除外）4,17317,636Amortization and depreciation攤銷及折舊34,58232,229Auditors rem
78、uneration核數師酬金2,8383,144Legal and professional fee法律及專業費用5651,663Impairment loss of trade and other receivables貿易及其他應收款項的減值虧損44,91914,095Impairment loss of interest in an associate(note i)於一間聯營公司之權益的減值虧損（附註i）1,6767,098Inventory write-down存貨撇減43,13862,343Donations捐贈255273Others其他48,23942,027222,52622
79、7,481 (i)The impairment loss of interest in an associate was mainly attributable to the decrease in market value of an office complex in Guangzhou held by the associate.Profit from operationsThe Group recorded profit from operations of RMB89.6 million(2023:RMB88.7 million)for the year ended 31 Decem
80、ber 2024.The increase in profit from operations was mainly due to the net effect of decrease in gross profit,other net income and operating expenses during the year ended 31 December 2024.截至二零二四年及二零二三年十二月三十一日止年度之行政及其他營運開支主要由以下項目組成：(i)於一間聯營公司之權益的減值虧損乃主要由於聯營公司所持一幢位於廣州的辦公大樓市值減少。經營溢利截至二零二四年十二月三十一日止年度，本集
81、團錄得經營溢利人民幣89.6百萬元（二零二三年：人民幣88.7百萬元）。經營溢利增加主要由於截至二零二四年十二月三十一日止年度毛利、其他收入淨額及營運開支減少的淨影響所致。21卡 賓 服 飾 有 限 公 司 2024年報MANAGEMENT DISCUSSION AND ANALYSIS(CONTINUED)管理層討論及分析（續）Finance costsFor the year ended 31 December 2024,the Groups finance costs amounted to RMB13.1 million,representing 1.3%of the Groups r
82、evenue(2023:RMB18.7 million or 1.6%)for the year.Finance costs primarily included interest expenses for bank loans.The decrease in finance costs was mainly attributable to the net decrease of bank loans during the year.Share of loss of an associateThe associated company is engaged in property develo
83、pment,in which the Group has 33%(2023:33%)effective equity interest.The property held by the associated company is an office complex in Guangzhou City,the PRC.Income taxFor the year ended 31 December 2024,income tax expenses of the Group amounted to RMB37.8 million(2023:RMB37.1 million)and the effec
84、tive tax rate was 56.7%(2023:57.5%).Profit for the yearProfit for the year ended 31 December 2024 amounted to RMB28.9 million(2023:RMB27.4 million).Net profit margin for the same year was 2.8%(2023:2.3%).Basic and diluted earnings per share for the year ended 31 December 2024 were RMB4.10 cents(2023
85、:RMB3.11 cents)and RMB4.10 cents(2023:RMB3.11 cents),respectively.融資成本截至二零二四年十二月三十一日止年度，本集團的融資成本為人民幣13.1百萬元，佔本集團年內收益1.3%（二零二三年：人民幣18.7百萬元或1.6%）。融資成本主要包括銀行貸款的利息開支。融資成本減少主要由於年內銀行貸款淨減少所致。分佔一間聯營公司的虧損聯營公司從事物業開發，其中本集團擁有33%（二零二三年：33%）實際股權。聯營公司持有的物業為一幢於中國廣州市的辦公大樓。所得稅截至二零二四年十二月三十一日止年度，本集團的所得稅開支為人民幣37.8百萬元（二零
86、二三年：人民幣37.1百萬元）及實際稅率為56.7%（二零二三年：57.5%）。年內溢利截至二零二四年十二月三十一日止年度的溢利為人民幣28.9百萬元（二零二三年：人民幣27.4百萬元）。同年純利率為2.8%（二零二三年：2.3%）。截至二零二四年十二月三十一日止年度，每股基本及攤薄盈利分別為人民幣4.10分（二零二三年：人民幣3.11分）及人民幣4.10分（二零二三年：人民幣3.11分）。22Cabbeen Fashion Limited Annual Report 2024MANAGEMENT DISCUSSION AND ANALYSIS(CONTINUED)管理層討論及分析（續）LIQ
87、UIDITY AND FINANCIAL RESOURCESCash and bank balances and cash flowsAs at 31 December 2024,the Group held cash and cash equivalents,pledged deposits,financial assets and time deposits with initial terms of over three months totaling RMB514.5 million(2023:RMB516.9 million),which were denominated in Re
88、nminbi(“RMB”)and Hong Kong dollars(“HK$”)as to 99%and 1%,respectively.As at 31 December 2024,the Group was in net cash position of RMB13.2 million(2023:net debt position of RMB136.4 million).Net debt includes all borrowings net of cash and cash equivalents.The Group recorded net operating cash inflo
89、w of RMB154.4 million(2023:RMB95.9 million)for the year ended 31 December 2024.Operating cash inflow for the year ended 31 December 2024 was mainly attributable to the decrease in trade and other receivables and tax payment during the year ended 31 December 2024.Net cash generated from investing act
90、ivities for the year ended 31 December 2024 was RMB43.4 million(2023:net cash used in investing activities of RMB121.3 million),which was mainly attributable to the decrease in fixed deposits and pledged bank deposits.Net cash used in financing activities for the year ended 31 December 2024 was RMB1
91、59.4 million(2023:net cash generated from financing activities of RMB12.6 million),which was mainly attributable to the net decrease of bank loans of approximately RMB111.0 million,the dividend payments and lease rental payments during the year ended 31 December 2024.流動資金及財務資源現金及銀行結餘及現金流於二零二四年十二月三十一
92、日，本集團持有現金及現金等價物、已抵押存款、金融資產及原到期日逾三個月的定期存款合共人民幣514.5百萬元（二零二三年：人民幣516.9百萬元），其中99%及1%分別以人民幣（人民幣）及港元（港元）計值。於二零二四年十二月三十一日，本集團的淨現金狀況為人民幣13.2百萬元（二零二三年：淨債務狀況人民幣136.4百萬元）。債務淨額包括扣除現金及現金等價物的所有借款。截至二零二四年十二月三十一日止年度，本集團錄得經營現金流入淨額人民幣154.4百萬元（二零二三年：人民幣95.9百萬元）。截至二零二四年十二月三十一日止年度的經營現金流入主要由於截至二零二四年十二月三十一日止年度貿易及其他應收款項以及
93、稅項付款減少所致。截至二零二四年十二月三十一日止年度，投資活動所得現金淨額為人民幣43.4百萬元（二零二三年：投資活動所用現金淨額人民幣121.3百萬元），主要由於定期存款及已抵押銀行存款減少所致。截至二零二四年十二月三十一日止年度，融資活動所用現金淨額為人民幣159.4百萬元（二零二三年：融資活動所得現金淨額人民幣12.6百萬元），主要由於截至二零二四年十二月三十一日止年度銀行貸款淨減少約人民幣111.0百萬元、支付股息及支付租賃租金所致。23卡 賓 服 飾 有 限 公 司 2024年報MANAGEMENT DISCUSSION AND ANALYSIS(CONTINUED)管理層討論及分析
94、（續）Bank loans and bank facilitiesBank loans as of 31 December 2024 and 2023 were denominated in the following currencies:As at 31 December 2024As at 31 December 2023於二零二四年十二月三十一日於二零二三年十二月三十一日RMB000RMB000人民幣千元人民幣千元Short term bank loans短期銀行貸款HK$港元141,035RMB人民幣218,603195,603218,603336,638 Long term ban
95、k loans長期銀行貸款RMB人民幣7,0007,000 Total bank loans銀行貸款總額HK$港元141,035RMB人民幣225,603195,603225,603336,638 No short term bank loan denominated in HK$as at 31 December 2024(2023:RMB141.0 million),which was at floating interest rate,unsecured and drawn under a one-year revolving loan facility of HK$100.0 mill
96、ion offered by a licensed bank in Hong Kong.Pursuant to the facility,the controlling shareholder shall maintain his equity interest and voting rights in the Company at a certain level,and at the same time it is subject to the fulfilment of covenants relating to certain of the Groups financial ratios
97、.A breach of these undertakings would result in the drawn down facilities and interest becoming payable on demand.As of 31 December 2024,none of the undertakings was breached.銀行貸款及銀行融資截至二零二四年及二零二三年十二月三十一日的銀行貸款按以下貨幣計值：於二零二四年十二月三十一日，概無以港元計值的短期銀行貸款（二零二三年：人民幣141.0百萬元）按浮動利率計息，並屬無抵押及根據香港一家持牌銀行授出金額為100.0百萬
98、港元的一年期循環貸款融資提取。根據該融資，控股股東將保持其於本公司的股權及投票權於若干水平，同時，其須達成有關若干本集團財務比率的契諾。違反該等承諾將導致所提取融資及利息須按要求償還。截至二零二四年十二月三十一日，概無違反該等承諾。24Cabbeen Fashion Limited Annual Report 2024MANAGEMENT DISCUSSION AND ANALYSIS(CONTINUED)管理層討論及分析（續）No short term banks loans denominated in RMB were at fixed rate and unsecured as at
99、31 December 2024(2023:RMB5.4 million).Bank loans denominated in RMB of RMB225.6 million as at 31 December 2024(2023:RMB190.2 million),of which RMB7.0 million were repayable over 1 year(2023:Nil).The loans were at fixed rate,secured by certain pledged bank deposits,land use rights and certain propert
100、ies of the Group with aggregated carrying value of RMB226.6 million(2023:RMB255.9 million).As at 31 December 2024,the Group had total banking facilities of RMB476.9 million(2023:RMB638.9 million),of which RMB166.8 million(2023:RMB155.9 million)were unutilized.Working capitalInventoryAverage inventor
101、y turnover days of the Group remained relatively stable for the year ended 31 December 2024 and 31 December 2023 at 185 days and 182 days,respectively.Trade and bills receivablesAgeing and expected credit loss(“ECL”)allowance of trade and bills receivables as at 31 December 2024 and 2023 are set in
102、note 26(a)to the financial statements.Trade and bills receivables are generally due within 180-270 days from the date of billings.Average turnover days of trade and bills receivables increased to 218 days for the year ended 31 December 2024 as compared to 186 days for 2023,which was attributable to
103、the decrease in revenue for the year ended 31 December 2024 as compared to 2023 and the increase in average balances of trade and bills receivables.於二零二四年十二月三十一日，概無以人民幣計值的短期銀行貸款以固定利率計息且無抵押（二零二三年：人民幣5.4百萬元）。於二零二四年十二月三十一日，以人民幣計值的銀行貸款人民幣225.6百萬元（二零二三年：人民幣190.2百萬元），其中人民幣7.0百萬元於一年以上償還（二零二三年：無）。該等貸款以固定利率計
104、息，並以本集團若干已抵押銀行存款、土地使用權及若干物業作抵押，總賬面值為人民幣226.6百萬元（二零二三年：人民幣255.9百萬元）。於二零二四年十二月三十一日，本集團擁有總銀行融資人民幣476.9百萬元（二零二三年：人民幣638.9百萬元），其中人民幣166.8百萬元（二零二三年：人民幣155.9百萬元）尚未動用。營運資金存貨截至二零二四年十二月三十一日及二零二三年十二月三十一日止年度，本集團平均存貨周轉天數維持相對穩定，分別為185日及182日。貿易應收款項及應收票據於二零二四年及二零二三年十二月三十一日，貿易應收款項及應收票據之賬齡及預期信貸虧損（預期信貸虧損）撥備載列於財務報表附註26
105、(a)。貿易應收款項及應收票據一般於開票日期起計180至270日內到期。截至二零二四年十二月三十一日止年度，貿易應收款項及應收票據平均周轉天數增至218日，而二零二三年則為186日，乃由於截至二零二四年十二月三十一日止年度收益較二零二三年有所減少以及貿易應收款項及應收票據的平均結餘增加所致。25卡 賓 服 飾 有 限 公 司 2024年報MANAGEMENT DISCUSSION AND ANALYSIS(CONTINUED)管理層討論及分析（續）Approximately 80%of trade and bills receivables as at 31 December 2023 was
106、 subsequently settled during the year ended 31 December 2024.The Group has been in on-going negotiation with customers about the repayment plan.The Group also has periodic communications with its customers about their business plans in order to increase their retail revenue,which include the plan fo
107、r reshuffle their retail network,inventory management,merchandise order strategies,collaboration with shopping malls or other platforms for promotion activities.The Company also formed a committee led by an executive Director to closely monitor the progress of subsequent settlements.The Directors as
108、sessed the credit loss allowances using a provision matrix and took into account factors including the ageing of the trade and bills receivables balances,repayment history of the customers,current market condition and expected retail performance of shops operated by the Groups distributors.Taking in
109、to account all these factors,the Directors considered the loss allowances were adequate as at 31 December 2024.Trade and bills payablesAverage trade and bills payable turnover days of the Group remained relatively stable for the year ended 31 December 2024 and 31 December 2023 at 157 days and 157 da
110、ys,respectively.Gearing ratioThe Groups gearing ratio was 16.8%as at 31 December 2024(2023:25.2%),being a ratio of sum of bank loans of RMB225.6 million(2023:RMB336.6 million)to equity.The significant decrease in gearing ratio as at 31 December 2024 was due to the decrease in bank loans.FINANCING AN
111、D TREASURY POLICIESThe Group adopts centralized financing and treasury policies in order to ensure the Groups funding is utilized efficiently.The Groups liquidity position remains healthy and the Group possesses sufficient cash and available banking facilities to meet its commitments and working cap
112、ital requirements.於二零二三年十二月三十一日的約80%貿易應收款項及應收票據其後已於截至二零二四年十二月三十一日止年度期間清償。本集團仍在與客戶協商還款計劃。本集團亦定期與客戶交流分銷商之業務計劃，以增加其零售收益，包括調整零售網絡的計劃、存貨管理、商品訂單策略及與商場或其他平臺合作進行促銷活動。本公司亦已成立由執行董事領導的委員會，以密切監察隨後結清之過程。董事以撥備矩陣評估信貸虧損撥備，並考慮到包括貿易應收款項及應收票據結餘之賬齡、客戶還款記錄、當前市況及本集團分銷商所經營的零售店之預期表現等因素。經考慮所有該等因素，董事認為於二零二四年十二月三十一日的虧損撥備屬充足。貿
113、易應付款項及應付票據本集團貿易應付款項及應付票據平均周轉天數於截至二零二四年十二月三十一日及二零二三年十二月三十一日止年度維持相對穩定，分別為157日及157日。資產負債比率本集團於二零二四年十二月三十一日的資產負債比率為16.8%（二零二三年：25.2%），即銀行貸款總額人民幣225.6百萬元（二零二三年：人民幣336.6百萬元）對股權的比率。於二零二四年十二月三十一日，資產負債比率大幅下降乃由於銀行貸款減少所致。融資及庫務政策本集團採納集中式融資及庫務政策以確保有效運用本集團資金。本集團維持健全的流動資金狀況，備有充足現金及可動用銀行融資以應付其承擔及營運資金所需。26Cabbeen Fa
114、shion Limited Annual Report 2024MANAGEMENT DISCUSSION AND ANALYSIS(CONTINUED)管理層討論及分析（續）The Groups primary objectives for managing its capital are to safeguard the Groups ability to provide returns to shareholders and benefits for other stakeholders,by pricing products commensurately with the level
115、of risk and by securing access to finance at a reasonable cost.The Group actively and regularly reviews and manages its capital structure to maintain a balance between the higher shareholders returns that might be possible with higher level of borrowings and the advantages and security based on a so
116、und capital position,and makes adjustments to the capital structure in light of changes in economic conditions.FOREIGN CURRENCY RISKSThe Group mainly operates in mainland China with most of the transactions originally denominated and settled in RMB.However,the Group pays dividends in HK$and certain
117、of its banking facilities are also denominated in HK$.Accordingly,the Group is exposed to foreign exchange risk arising from HK$against RMB.The Group manages its foreign exchange risk by performing regular reviews of the Groups net foreign exchange exposures and to mitigate the impact on exchange ra
118、te fluctuations by entering into currency hedge arrangement if necessary.During the year ended 31 December 2024,the Group has not used derivative financial instruments to hedge against its foreign exchange risks.PLEDGE OF ASSETSAs at 31 December 2024,deposits with certain banks totaling RMB38.5 mill
119、ion(2023:RMB68.2 million)and certain land and properties thereon located in Fujian Province of the PRC with carrying amount of RMB188.1 million(2023:RMB187.7 million)were pledged as securities for bank loans and bills payable facilities.The pledged bank deposits will be released upon the settlement
120、of relevant bank loans and bills payable.本集團管理資本的首要目標為保障本集團透過因應風險水平為產品定價以及以合理成本取得融資，從而為股東帶來回報及為其他權益持有人帶來利益的能力。本集團積極定期審視及管理其資本架構，以期在可能須透過增加借款而爭取更高股東回報與維持穩健資本狀況帶來的好處及安全之間取得平衡，並且因應經濟情況的變化調整資本架構。外匯風險本集團主要於中國內地營運業務，大部分交易以人民幣計值及結算。然而，本集團以港元派付股息，而本集團若干銀行融資亦以港元計值。因此，本集團面臨主要由港元兌換人民幣所產生的外匯風險。本集團管理其外匯風險之方式為定期審
121、視本集團的淨外匯風險，並於有需要時訂立貨幣對沖安排，以減輕匯率波動帶來的影響。截至二零二四年十二月三十一日止年度，本集團概無使用衍生性金融工具對沖外匯風險。資產抵押於二零二四年十二月三十一日，合共人民幣38.5百萬元（二零二三年：人民幣68.2百萬元）的若干銀行存款及賬面值人民幣188.1百萬元（二零二三年：人民幣187.7百萬元）位於中國福建省的若干土地及其上的物業已抵押作為銀行貸款及應付票據融資的擔保。已抵押銀行存款將於清償相關銀行貸款及應付票據後解除。27卡 賓 服 飾 有 限 公 司 2024年報MANAGEMENT DISCUSSION AND ANALYSIS(CONTINUED)
122、管理層討論及分析（續）SIGNIFICANT INVESTMENTS HELD BY THE GROUPExcept for interest in an associate amounted to RMB20.4 million(2023:RMB31.9 million),there was no significant investment held by the Group as of 31 December 2024.The decrease in amount was mainly due to the impairment loss of goodwill amounted to
123、RMB1.7 million and share of loss of the associate of RMB9.8 million for the year ended 31 December 2024.Please refer to note 13 to the financial statements for details of such investment in the associate.The associated company is holding an office complex in Guangzhou,the PRC for sales and rental pu
124、rposes.The Groups investment in this associate is for long term capital appreciation.MATERIAL ACQUISITIONS AND DISPOSALS OF SUBSIDIARIES,ASSOCIATED COMPANIES AND JOINT VENTURE COMPANIESThere was no material acquisition and disposal of subsidiaries,associated companies and joint venture companies by
125、the Group during the year ended 31 December 2024.FUTURE PLAN FOR MATERIAL INVESTMENTS AND CAPITAL ASSETSThe Group did not have any future plans for material investments or capital assets as at 31 December 2024.CAPITAL COMMITMENTS AND CONTINGENCIESAs at 31 December 2024,the Group had no capital commi
126、tments(2023:Nil).As at 31 December 2024,the Group had no material contingent liabilities(2023:Nil).本集團所持重大投資除了於一間聯營公司之權益人民幣20.4百萬元（二零二三年：人民幣31.9百萬元）之外，本集團於截至二零二四年十二月三十一日概無持有重大投資。該金額減少主要由於截至二零二四年十二月三十一日止年度的商譽減值虧損人民幣1.7百萬元及分佔聯營公司虧損人民幣9.8百萬元。有關於聯營公司的投資詳情請參閱財務報表附註13。聯營公司擁有一幢位於中國廣州的辦公大樓，乃用作銷售及出租用途。本集團於該聯
127、營公司的投資旨在長期資本增值。附屬公司、聯營公司及合營企業之重大收購及出售 於截至二零二四年十二月三十一日止年度，本集團並無進行任何附屬公司、聯營公司及合營企業之重大收購及出售。重大投資及資本資產之未來計劃 於二零二四年十二月三十一日，本集團並無任何有關重大投資或資本資產之未來計劃。資本承擔及或然事項於二零二四年十二月三十一日，本集團並無資本承擔（二零二三年：無）。於二零二四年十二月三十一日，本集團並無重大或然負債（二零二三年：無）。28Cabbeen Fashion Limited Annual Report 2024MANAGEMENT DISCUSSION AND ANALYSIS(CO
128、NTINUED)管理層討論及分析（續）HUMAN RESOURCESAs at 31 December 2024,the Group had 126 employees(2023:225 employees).Total staff costs,including directors emoluments,for the year ended 31 December 2024 amounted to approximately RMB77.1 million(2023:RMB89.5 million).The decrease of workforce was primarily due to
129、 the optimization of the Groups organization structure,and subcontracting of certain non-core work tasks.The Groups remuneration policy includes annual increment and year-end performance bonus mechanism,which is designed to retain,reward and motivate employees for their contributions.CLOSURE OF REGI
130、STER OF MEMBERSFor Determining the Eligibility to Attend and Vote at the 2025 AGMThe register of members of the Company will be closed from Thursday,17 April 2025 to Thursday,24 April 2025(both days inclusive)for the purpose of determining the shareholders who are entitled to attend and vote at the
131、forthcoming annual general meeting of the Company(the“2025 AGM”).In order to qualify for attending and voting at the 2025 AGM,all transfers accompanied by the relevant share certificate must be lodged with the Companys share registrar and transfer office,Computershare Hong Kong Investor Services Lim
132、ited at Shops 1712-1716,17/F,Hopewell Centre,183 Queens Road East,Wanchai,Hong Kong not later than 4:30 p.m.on Wednesday,16 April 2025.人力資源於二零二四年十二月三十一日，本集團有126名僱員（二零二三年：225名僱員）。截至二零二四年十二月三十一日止年度，總員工成本（包括董事薪酬）約為人民幣77.1百萬元（二零二三年：人民幣89.5百萬元）。員工減少主要是本集團組織架構優化，部分非核心工作外包所致。本集團薪酬政策內設有年度薪酬遞增及年終表現獎勵機制，藉此挽留人
133、才、獎償及激勵員工所作的貢獻。暫停股份過戶登記釐定出席二零二五年股東週年大會及投票資格本公司將於二零二五年四月十七日（星期四）至二零二五年四月二十四日（星期四）（首尾兩天包括在內）暫停辦理股份過戶登記手續，以確定符合資格出席本公司應屆股東週年大會（二零二五年股東週年大會）並於會上投票的股東的身份。為符合資格出席二零二五年股東週年大會並於會上投票，股東最遲須於二零二五年四月十六日（星期三）下午四時三十分前，將所有過戶文件連同有關股票一併送達本公司的股份過戶登記處香港中央證券登記有限公司，地址為香港灣仔皇后大道東183號合和中心17樓 1712-1716號舖。29卡 賓 服 飾 有 限 公 司 2
134、024年報MANAGEMENT DISCUSSION AND ANALYSIS(CONTINUED)管理層討論及分析（續）For Determining the Eligibility to the Proposed Final DividendIn addition,subject to the approval of the proposed final dividend by the shareholders at the 2025 AGM on Thursday,24 April 2025,the register of members will be closed on Wednes
135、day,30 April 2025 for the purpose of determining shareholders who qualify for the proposed final dividend.In order to qualify for the proposed final dividend,all transfers accompanied by the relevant share certificate must be lodged with the Companys share registrar and transfer office,Computershare
136、 Hong Kong Investor Services Limited at Shops 1712-1716,17/F,Hopewell Centre,183 Queens Road East,Wanchai,Hong Kong not later than 4:30 p.m.on Tuesday,29 April 2025.FINAL DIVIDENDThe Board recommended the payment of a final dividend of HK$0.86 cents(2023:HK$0.70 cents)per ordinary share for the fina
137、ncial year ended 31 December 2024.Including the interim dividend paid for the year ended 31 December 2024,total dividend payout for the year is approximately HK$12.0 million(equivalent to approximately RMB11.0 million)(2023:HK$9.4 million,equivalent to approximately RMB8.6 million)or a dividend payo
138、ut ratio of 40%(2023:40%).Subject to shareholders approval at the 2025 AGM of the Company,the final dividend will be paid in cash on or around 13 May 2025 to shareholders whose names appear on the register of members of the Company on Wednesday,30 April 2025.釐定建議末期股息資格 此外，倘股東於二零二五年四月二十四日（星期四）舉行的二零二五
139、年股東週年大會批準建議末期股息，本公司將於二零二五年四月三十日（星期三）暫停辦理股份過戶登記手續，以確定符合資格收取建議末期股息的股東。為符合資格收取建議末期股息，股東最遲須於二零二五年四月二十九日（星期二）下午四時三十分前，將所有過戶文件連同有關股票一併送達本公司的股份過戶登記處香港中央證券登記有限公司，地址為香港灣仔皇后大道東183號合和中心17樓1712-1716號舖。末期股息董事會建議就截至二零二四年十二月三十一日止財政年度派付末期股息每股普通股0.86港仙（二零二三年：0.70港仙）。計及截至二零二四年十二月三十一日止年度派付的中期股息，全年共派息約12.0百萬港元（相當於約人民幣1
140、1.0百萬元）（二零二三年：9.4百萬港元，相當於約人民幣8.6百萬元）或派息率40%（二零二三年：40%）。本公司將於二零二五年五月十三日或前後以現金向於二零二五年四月三十日（星期三）名列本公司股東名冊的股東派付末期股息，惟須待股東於本公司二零二五年股東週年大會批準。30Cabbeen Fashion Limited Annual Report 2024MANAGEMENT DISCUSSION AND ANALYSIS(CONTINUED)管理層討論及分析（續）DIVIDEND POLICYThe declaration,payment and amount of dividends wi
141、ll be subject to the Companys discretion.Dividends may be paid only out of its distributable reserves as permitted under the relevant laws.Holders of the shares will be entitled to receive such dividends pro rata according to the amounts paid up or credited as paid up on the shares.Subject to the fa
142、ctors described above,the Company has adopted a general dividend policy since the financial year ended 31 December 2018 of declaring and paying dividends on semi-annual basis of not more than 50%of its total net profit attributable to equity shareholders of the Company.The Board would review the Com
143、panys dividend policy from time to time considering factors including but not limited to debt covenants,capital investment and business plan.股息政策股息之宣派、派付及款額將由本公司酌情決定。股息僅可自有關法例許可下，其可供分派儲備派付。股份持有人將有權按股份之繳足或入賬列作繳足股款為比例收取有關股息。於上述因素規限下，本公司自截至二零一八年十二月三十一日止財政年度已採納一般股息政策，以半年基準宣派及派付不超過本公司權益股東應佔純利總額50%之股息。董事會
144、將不時審閱本公司的股息政策，當中考慮的因素包括但不限於債務契諾、資本投資及業務計劃。31卡 賓 服 飾 有 限 公 司 2024年報CORPORATE GOVERNANCE REPORT企業管治報告The Board is committed to upholding a high standard of corporate governance and business ethics,believing that these are essential for enhancing investors confidence and maximizing shareholders returns
145、.The Board reviews its corporate governance practices from time to time in order to meet the rising expectations of stakeholders,comply with increasingly stringent regulatory requirements and fulfill its commitment to excellence in corporate governance.After reviewing the Companys corporate governan
146、ce practices and the relevant regulations of the Corporate Governance Code and Corporate Governance Report(the“CG Code”)as set out in Appendix C1 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited(the“Listing Rules”),the Board is satisfied that save for the d
147、eviation from code provision C.2.1 of Part 2 of the CG Code as disclosed below,the Company complied with the CG Code provisions for the year ended 31 December 2024.BOARD OF DIRECTORSThe Board is committed to providing effective and responsible leadership for the Company.The Directors,individually an
148、d collectively,must act in good faith and in the best interests of the Company and its shareholders.The Board has established four Board committees,being the Audit Committee,the Remuneration Committee,the Nomination Committee and the Corporate Governance Committee(each a“Board Committee”and collecti
149、vely the“Board Committees”),to oversee different areas of the Companys affairs.The Board currently comprises two executive Directors,namely Dr.Ziming Yang and Mr.Rongqin Ke and three independent non-executive Directors,namely Mr.Yung Kwok Tsui,Mr.Ming Shu Leung and Ms.Jing Gu.董事會致力秉持高水平的企業管治及商業道德標準，
150、堅信此乃提升投資者信心及增加股東回報的必然舉措。董事會不時檢討其企業管治慣例以符合權益持有人日益提高的期望、遵守愈發嚴格的監管規定並履行其對卓越企業管治的承擔。經審閱本公司的企業管治慣例以及香港聯合交易所有限公司證券上市規則（上市規則）附錄C1所載企業管治守則及企業管治報告（企業管治守則）的相關規例，董事會信納除下文提及偏離企業管治守則第2部守則條文第C.2.1條外，本公司於截至二零二四年十二月三十一日止年度已遵守企業管治守則。董事會董事會承諾為本公司提供有效及負責任的領導。董事須個別及共同地為本公司及其股東最佳利益真誠行事。董事會已成立四個董事會委員會，即審核委員會、薪酬委員會、提名委員會及
151、企業管治委員會（各自稱為 董事會委員會 及統稱為 該等董事會委員會），以監察本公司事務的不同範疇。董事會現時包括兩名執行董事楊紫明博士及柯榕欽先生，以及三名獨立非執行董事徐容國先生、梁銘樞先生及谷晶女士。32Cabbeen Fashion Limited Annual Report 2024CORPORATE GOVERNANCE REPORT(CONTINUED)企業管治報告（續）Their biographical details and(where applicable)their family relationships are set out in the section heade
152、d“Biographical Details of Directors and Senior Management”on pages 63 to 69 in this annual report.A list of the Directors identifying their roles and functions are available on the websites of the Company and The Stock Exchange of Hong Kong Limited(the“Stock Exchange”).Dr.Ziming Yang,the chairman of
153、 the Board(the“Chairman”)and an executive Director of the Company,is the brother-in-law of Mr.Rongqin Ke,who is an executive Director of the Company.Save as disclosed herein,there are no other financial,business,family or other material/relevant relationships among members of the Board,senior manage
154、ment or substantial or controlling shareholders of the issuer.The Board sets the Groups overall objectives and strategies,monitors and evaluates its operating and financial performance and reviews the corporate governance standard of the Group.It also decides on matters such as annual and interim re
155、sults,major transactions,director appointments or re-appointments,investment policy,dividend and accounting policies.The Board has delegated the authority and responsibility for implementing its business strategies and managing the daily operations of the Groups businesses to the executive Directors
156、 and members of senior management.The functions and power that are so delegated are reviewed periodically to ensure that they remain appropriate.The Board is also responsible for developing,reviewing and monitoring the policies and practices on corporate governance and legal and regulatory complianc
157、e of the Group,and the training and continuous professional development of Directors and senior management.The Board also reviews the disclosures in the Corporate Governance Report to ensure compliance.All Board members have separate and independent access to the Groups senior management to fulfill
158、their duties.Independent professional advice can be sought to assist relevant Directors to discharge their duties at the Groups expense upon their reasonable request.The Board reviews the implementation and effectiveness of such mechanism annually.彼等的履歷詳情及（如適用）彼等的親屬關係載於本年報第63至69頁 董事及高級管理層履歷詳情 一節。列明董
159、事角色及職能的董事名單可於本公司及香港聯合交易所有限公司（聯交所）網站查閱。本公司董事會主席（主席）兼執行董事楊紫明博士為本公司執行董事柯榕欽先生的姻兄。除本年報所披露者外，董事會成員、高級管理層或發行人主要或控股股東之間概無其他財務、業務、親屬或其他重大相關關係。董事會制訂本集團的整體目標及策略、監察及評估其營運及財務表現並審閱本集團的企業管治準則。其亦就年度及中期業績、主要交易、委任或續聘董事、投資政策、股息及會計政策等事宜作出決定。董事會已指派及授權執行董事及高級管理層成員負責執行其業務策略及管理本集團業務的日常營運。董事會定期檢討所委派職能及權力以確保有關指派仍屬合適。董事會亦負責制定
160、、檢討及監察本集團的企業管治政策及慣例與遵守法律及法規情況，以及董事及高級管理層的培訓及持續專業發展。董事會亦審閱企業管治報告內的披露資料以確保符合要求。各董事會成員可分別獨立接觸本集團的高級管理層，以履行彼等的職責。相關董事亦可合理要求徵詢獨立專業意見，協助彼等履行職責，費用由本集團承擔。董事會每年審閱有關機制的實行及有效性。33卡 賓 服 飾 有 限 公 司 2024年報CORPORATE GOVERNANCE REPORT(CONTINUED)企業管治報告（續）All Directors are required to declare to the Board upon their fi
161、rst appointment,the directorships or other positions they are concurrently holding at other companies or organizations.These interests are updated on an annual basis as and when necessary.BOARD COMMITTEESThe Board is supported by a number of committees,including the Audit Committee,Remuneration Comm
162、ittee,Nomination Committee,and Corporate Governance Committee.Each Board Committee has its defined and written terms of reference approved by the Board covering its duties,powers and functions.Their terms of reference are available on the websites of the Company and the Stock Exchange.All Board Comm
163、ittees are provided with sufficient resources to discharge their duties,including access to management or professional advice if considered necessary.(i)Audit CommitteeThe Audit Committee was established on 8 October 2013.The Audit Committee comprises three independent non-executive Directors,namely
164、 Mr.Yung Kwok Tsui,Mr.Ming Shu Leung and Ms.Jing Gu.Mr.Yung Kwok Tsui,who has appropriate professional qualifications and experience in accounting matters,was appointed as the chairman of the Audit Committee.The principal responsibilities of the Audit Committee are to assist the Board in providing a
165、n independent view of the effectiveness of the financial reporting process,internal control and risk management systems,and relationship with external auditors of the Group,overseeing the audit process and performing other duties and such responsibilities as assigned by the Board.The Audit Committee
166、 reviews and discusses audit plans of the Companys external auditors,the effectiveness of the internal audit function performed by external professional expert,the results of their examinations as well as their evaluations of the system of risk management and internal control.全體董事須於首次獲委任時向董事會申報彼等同時在
167、其他公司或機構擔任的董事或其他職務。有關利益申報每年或於需要時更新。董事會委員會董事會獲得多個委員會包括審核委員會、薪酬委員會、提名委員會及企業管治委員會支援。各董事會委員會均設經董事會批準的明確書面職權範圍，涵蓋其職責、權力及職能。彼等的職權範圍於本公司及聯交所網站可供查閱。所有該等董事會委員會均獲提供足夠資源以履行其職務，包括於需要時取得管理層或專業意見。(i)審核委員會審核委員會於二零一三年十月八日成立。審核委員會包括三名獨立非執行董事徐容國先生、梁銘樞先生及谷晶女士。徐容國先生擁有合適專業資格且具備會計事務經驗，獲委任為審核委員會主席。審核委員會的主要職責為協助董事會，就財務申報過程、
168、內部監控及風險管理系統是否有效及維持與本集團外聘核數師關係提供獨立意見、監督審核過程及履行董事會委派的其他職責及有關責任。審核委員會與本公司之外聘核數師審閱及討論審核計劃、外部專業專家履行內部審核職能的效力、其審查及評估風險管理及內部監控系統之結果。34Cabbeen Fashion Limited Annual Report 2024CORPORATE GOVERNANCE REPORT(CONTINUED)企業管治報告（續）The Audit Committee held two meetings during the year ended 31 December 2024.Major w
169、ork completed by the Audit Committee during the year includes:reviewed the Groups annual report,interim financial information and annual financial statements;reviewed significant accounting and audit issues;reviewed the external auditors qualifications,independence and performance;reviewed the exter
170、nal auditors management letter and the managements response;reviewed the effectiveness of the internal audit function performed by the external professional expert;assisted the Board to evaluate on the effectiveness of financial reporting procedures and internal control system;advised on material ev
171、ent or drew the attention of the management on related risks;reviewed the adequacy and effectiveness of the Groups systems of internal control and risk management;reviewed connected transactions entered into by the Group or subsisting during the year;and reviewed the effectiveness of the Groups risk
172、 management and internal control systems in respect of the previous fiscal year annually.審核委員會於截至二零二四年十二月三十一日止年度舉行兩次會議。審核委員會於年內完成的重要工作包括：審閱本集團的年報、中期財務資料及年度財務報表；審閱主要會計及核數事宜；審閱外聘核數師的資格、獨立身份及表現；審閱外聘核數師的管理層函件及管理層的回應；審閱外聘專業專家履行內部審核職能的效力；協助董事會評估財務申報流程及內部監控系統的有效性；就重大事件提供意見或敦請管理層垂注有關風險；審閱本集團內部監控及風險管理系統的合適性及
173、有效性；審閱於本年度由本集團訂立或存續之關連交易；及 每年審閱本集團有關上一個財政年度之風險管理及內部監控系統之成效。35卡 賓 服 飾 有 限 公 司 2024年報CORPORATE GOVERNANCE REPORT(CONTINUED)企業管治報告（續）(ii)Remuneration CommitteeThe Remuneration Committee was established on 8 October 2013.The Remuneration Committee comprises two independent non-executive Directors and on
174、e executive Director,namely Mr.Yung Kwok Tsui,Mr.Ming Shu Leung and Dr.Ziming Yang.Mr.Yung Kwok Tsui is the chairman of the Remuneration Committee.The principal responsibilities of the Remuneration Committee are to review and make recommendations to the Board on the overall remuneration structure an
175、d policy for all Directors and senior management as well as the specific remuneration packages for the executive Directors and senior management and on the establishment of a formal and transparent process for developing such remuneration policy.No Director takes part in any discussion on his/her ow
176、n remuneration.The Companys objective for its remuneration policy is to maintain fair and competitive packages based on business requirements and industry practice.In order to determine the level of remuneration and fees paid to members of the Board,market rates and factors such as each directors wo
177、rkload,performance,responsibility,job complexity and the Groups performance are taken into account.The remuneration policy for the Directors and our senior management members is based on their experience,level of responsibility,length of service and general market conditions.Any discretionary bonus
178、and other merit payments are linked to the financial results of the Group and the individual performance of the Directors and senior management members.(ii)薪酬委員會薪酬委員會於二零一三年十月八日成立。薪酬委員會包括兩名獨立非執行董事徐容國先生及梁銘樞先生以及一名執行董事楊紫明博士。徐容國先生為薪酬委員會主席。薪酬委員會的主要職責為檢討全體董事及高級管理層的整體薪酬架構及政策以及執行董事及高級管理層的個別薪酬組合，及就制定此等薪酬政策設立正
179、規而具透明度的程序，並就以上事項向董事會提供建議。概無董事參與有關其本身薪酬的任何討論。本公司對薪酬政策的目標是根據業務所需及行業慣例，確保薪酬待遇公平及具競爭力。本公司因應市場水準、各董事的工作量、表現、職責、工作難度及本集團表現等因素，釐定向董事會成員支付的薪酬及袍金水平。董事及高級管理人員之薪酬計劃乃基於彼等之經驗、責任水平、服務年期及一般市況。任何酌情花紅及其他績效獎金均與本集團財務業績以及董事及高級管理人員之個人表現掛鉤。36Cabbeen Fashion Limited Annual Report 2024CORPORATE GOVERNANCE REPORT(CONTINUED)
180、企業管治報告（續）The Remuneration Committee held one meeting during the year ended 31 December 2024.Major work completed by the Remuneration Committee during the year includes:reviewed the remuneration policy and structure relating to the Directors and senior management of the Company;reviewed the Companys
181、share option scheme;and assessed performance of our executive Directors,discussed and approved the terms of executive Directors service contracts.The remuneration of the senior management of the Group by band for the year ended 31 December 2024 is set out below:Remuneration bandNumber of person酬金範圍人
182、數HK$1,000,001 to HK$1,500,0001,000,001港元至1,500,000港元1 Particulars of Directors remuneration and the five highest paid employees during the year ended 31 December 2024 as disclosed pursuant to Appendix D2 to the Listing Rules are set out in notes 7 and 8 to the financial statements,respectively.薪酬委員會
183、於截至二零二四年十二月三十一日止年度舉行了一次會議。薪酬委員會於年內完成之主要工作包括：審閱有關董事及本公司高級管理人員之薪酬政策及架構；審閱本公司之購股權計劃；及 評估執行董事表現，討論並批準執行董事服務合約之條款。截至二零二四年十二月三十一日止年度按範圍劃分本集團高級管理層的酬金載列如下：根據上市規則附錄D2披露的截至二零二四年十二月三十一日止年度有關董事酬金及五名最高薪酬僱員的詳情分別載於財務報表附註7及8。37卡 賓 服 飾 有 限 公 司 2024年報CORPORATE GOVERNANCE REPORT(CONTINUED)企業管治報告（續）(iii)Nomination Comm
184、itteeThe Nomination Committee was established on 8 October 2013.It comprises one executive Director and two independent non-executive Directors,namely Dr.Ziming Yang,Mr.Ming Shu Leung and Ms.Jing Gu.Dr.Ziming Yang is the chairman of the Nomination Committee.The principal responsibilities of the Nomi
185、nation Committee are to review the composition of the Board,including its structure,size and diversity at least annually to ensure that it has a balance of expertise,skills and experience appropriate to the requirements of the business of the Group.It is also responsible for considering and recommen
186、ding to the Board suitably qualified persons to become a member of the Board,monitor the succession planning of Directors and assess the independence of independent non-executive Directors.The Nomination Committee will also give consideration to the Board Diversity Policy(as defined below)when ident
187、ifying suitably qualified candidates to become members of the Board,and the Board will review the Board Diversity Policy(as defined below),so as to develop and review measurable objectives for the implementation the Board Diversity Policy(as defined below)and to monitor the progress on achieving the
188、se objectives.The Nomination Committee held one meeting during the year ended 31 December 2024 and reviewed the size,diversity and composition of the Board,and discussed the policy for the nomination of directors.(iii)提名委員會提名委員會於二零一三年十月八日成立。委員會包括一名執行董事楊紫明博士以及兩名獨立非執行董事梁銘樞先生及谷晶女士。楊紫明博士為提名委員會主席。提名委員會的主
189、要職責為最少每年檢討董事會的組成一次，內容包括其架構、規模及多元化，以確保董事會在切合本集團業務所需的專業知識、技能及經驗方面取得平衡。提名委員會亦負責考慮及向董事會推薦適當合資格人士加入董事會、監察董事繼任安排以及評估獨立非執行董事的獨立身份。提名委員會於物色適當合資格人選成為董事會成員時，亦考慮董事會多元化政策（定義見下文），而董事會將檢討董事會多元化政策（定義見下文）以為執行董事會多元化政策（定義見下文）訂立及檢討可計量目標，並監察達成該等目標的進度。提名委員會於截至二零二四年十二月三十一日止年度內舉行一次會議，檢討董事會的規模、多元化及組成，並討論提名董事之政策。38Cabbeen F
190、ashion Limited Annual Report 2024CORPORATE GOVERNANCE REPORT(CONTINUED)企業管治報告（續）(iv)Corporate Governance CommitteeThe Corporate Governance Committee was established on 8 October 2013.It comprises one executive Director and two independent non-executive Directors,namely Dr.Ziming Yang,Mr.Yung Kwok Ts
191、ui and Mr.Ming Shu Leung.Dr.Ziming Yang is the chairman of the Corporate Governance Committee.The principal responsibilities of the Corporate Governance Committee are to review and monitor the Companys policies and practices on corporate governance,the training and continuous professional developmen
192、t of the Companys Directors and senior management,the Companys policies and practices on compliance with legal and regulatory requirements,and to review the Companys compliance with the CG Code set out in Appendix C1 to the Listing Rules.The Corporate Governance Committee held one meeting during the
193、 year ended 31 December 2024 and has reviewed the Groups corporate governance policies and practices and sufficiency of training to the Companys Directors and senior management,and reviewed duties performed by the Board under code provision A.2.1 of Part 2 of the CG Code set out in Appendix C1 to th
194、e Listing Rules.(iv)企業管治委員會企業管治委員會於二零一三年十月八日成立。委員會包括一名執行董事楊紫明博士以及兩名獨立非執行董事徐容國先生及梁銘樞先生。楊紫明博士為企業管治委員會主席。企業管治委員會的主要職責為檢討及監察本公司的企業管治政策及慣例、本公司董事及高級管理層的培訓及持續專業發展、本公司的政策及慣例是否遵守法律及監管規定，並檢討本公司遵守上市規則附錄C1所載企業管治守則的合規情況。企業管治委員會於截至二零二四年十二月三十一日止年度內舉行一次會議，檢討本集團的企業管治政策及慣例以及向本公司董事及高級管理層提供的培訓是否充足，並審閱董事會根據上市規則附錄C1所載企業管
195、治守則第2部守則條文第A.2.1條所履行的職責。39卡 賓 服 飾 有 限 公 司 2024年報CORPORATE GOVERNANCE REPORT(CONTINUED)企業管治報告（續）BOARD MEETINGSBoard meetings are held regularly and at least four times a year at approximately quarterly intervals.For regular Board meetings,notices of at least 14 days are given to facilitate maximum at
196、tendance of the Directors and agenda with supporting documents are sent to Directors not less than 3 days before the relevant meeting is held.Directors may propose to the Chairman or the company secretary of the Company(the“Company Secretary”)to include matters in the agenda for regular board meetin
197、gs.At the meeting,the Directors are provided with the relevant documents to be considered and approved.Draft and final versions of minutes are sent to all Directors for their comments and records respectively within a reasonable time after the board meeting is held.Minutes of Board meetings are take
198、n by the Company Secretary or a duly appointed secretary of the Board meeting and are open for inspection by any Director.The table below sets out the attendance of each Director at the annual general meeting(the“AGM”)and the meetings of the Board and other Board committees held during the year:Meet
199、ings attended/held出席舉行會議AGMBoardAudit CommitteeRemuneration CommitteeNomination CommitteeCorporate governance Committee股東週年大會董事會審核委員會薪酬委員會提名委員會 企業管治委員會Executive Directors執行董事Dr.Ziming Yang楊紫明博士1/14/4N/A不適用1/11/11/1Mr.Rongqin Ke柯榕欽先生1/14/4N/A不適用N/A不適用N/A不適用N/A不適用Independent non-executive Directors獨立非
200、執行董事Mr.Yung Kwok Tsui徐容國先生1/14/42/21/1N/A不適用1/1Mr.Ming Shu Leung梁銘樞先生0/14/42/21/11/11/1Ms.Jing Gu 谷晶女士0/14/42/2N/A不適用1/1N/A不適用董事會會議董事會會議定期舉行，每年至少四次，約每季度舉行一次。就定期董事會會議而言，董事於舉行相關會議前最少14天接獲通知，以便更多董事出席會議，而議程（連同開會文件）於相關會議舉行前最少3天送呈各董事。董事可向主席或本公司之公司秘書（公司秘書）建議於定期董事會會議議程內增加事項。於會議上，董事獲提供相關文件以供考慮及批準。於董事會會議召開後合理
201、時間內，全體董事均獲發會議記錄的初稿及定稿，以供彼等分別提供意見和記錄存檔。董事會會議記錄由公司秘書或正式委任的董事會會議秘書負責保存，可公開由任何董事查閱。下表載列各董事出席年內舉行的股東週年大會（股東週年大會）、董事會會議及其他董事會委員會會議的情況：40Cabbeen Fashion Limited Annual Report 2024CORPORATE GOVERNANCE REPORT(CONTINUED)企業管治報告（續）APPOINTMENT AND RE-ELECTION OF DIRECTORSEach of the executive Directors and indep
202、endent non-executive Directors of the Company has entered into a service contract with the Company for a term of three years,subject to his/her retirement and re-election at the AGM in accordance with the Companys articles of association.In accordance with the Companys articles of association,a pers
203、on may be appointed as a Director either by the shareholders in general meeting or by the Board.Any Directors appointed by the Board as additional Directors or to fill casual vacancies shall hold office until the next following general meeting,and are eligible for re-election by the shareholders.In
204、addition,all Directors are required to retire by rotation at least once every three years at the AGM,and are eligible for re-election by the shareholders.BOARD NOMINATION POLICYThe Nomination Committee shall endeavor to find individuals of high integrity who have a solid record of accomplishment in
205、their chosen fields and who possess the qualifications,qualities and skills to effectively represent the best interests of the Group and its shareholders.Candidates will be selected for their ability to exercise good judgment,and to provide practical insights and diverse perspectives.Candidates will
206、 also be assessed in the context of the then-current composition of the Board and the operating requirements of the Group.In conducting this assessment,the Nomination Committee will,in connection with its assessment and recommendation of candidates for director,consider diversity(including,but not l
207、imited to,gender,race,ethnicity,age,experience and skills)and such other factors as it deems appropriate given the then-current and anticipated future needs of the Board and the Company,and to maintain a balance of perspectives,qualifications,qualities and skills on the Board.委任及重選董事本公司各執行董事及獨立非執行董事
208、均與本公司訂有服務合約，任期為三年，惟須根據本公司的組織章程細則於股東週年大會退任及重選。根據本公司的組織章程細則，任何人士均可由股東於股東大會上或由董事會委任為董事。任何獲董事會委任為新增董事或委任以填補臨時空缺的董事的任期僅直至下屆股東大會為止，惟彼等符合資格由股東重選。此外，全體董事均須最少每隔三年於股東週年大會上輪值告退，並符合資格由股東重選。董事會提名政策提名委員會致力於物色誠實守信並在彼等從事之領域擁有紮實成就及相關資格、資質及技能的人士加入本公司的董事會，以有效代表本集團及其股東的最佳權益。提名委員會甄選候選人時，將考慮及評估候選人的判斷力、提供實際及多元角度意見的能力。候選人亦
209、將會就當時的董事會成員的架構和本集團的業務需求而予評估。於進行有關評估時，提名委員會不僅考慮有關董事候選人的評估及推薦建議，亦考慮董事會成員的多樣性（包括但不限於性別、人種、民族、年齡、經驗及技能）及其認為符合董事會及本公司當時及預期未來需求的有關其他因素，以保持董事會觀點、資格、資質及技能的平衡。41卡 賓 服 飾 有 限 公 司 2024年報CORPORATE GOVERNANCE REPORT(CONTINUED)企業管治報告（續）The Nomination Committee considers the following qualifications at a minimum to
210、 be required of any Board member when recommending the potential new board members,or the continued service of existing members to the Board:the highest professional and personal ethics;broad experience in business;ability to provide insights and practical wisdom based on their experience and expert
211、ise;commitment to enhancing shareholder value;sufficient time to effectively carry out their duties;their service on other boards of public companies should be limited to a reasonable number;compliance with legal and regulatory requirements;and ability to develop a good working relationship with oth
212、er Board members and contribute to the Boards working relationship with senior management of the Group.BOARD DIVERSITY POLICYPursuant to the CG Code,the Board adopted a board diversity policy(the“Board Diversity Policy”)on 8 October 2013.The Company recognizes and embraces the benefits of diversity
213、of Board members.While all Board appointments will continue to be made on a merit basis,the Company will ensure that the Board has a balance of skills,experience and diversity of perspectives appropriate to the needs of the Companys business.Selection of candidates will be based on the Companys Boar
214、d Nomination Policy and a range of diversity perspectives,including but not limited to gender,age,cultural and educational background,experience(professional or otherwise),skills and knowledge.The Board also aspires to having an appropriate proportion of directors who have direct experience in the G
215、roups core markets and distribution channels.在向董事會建議潛在新董事會成員或留任現有成員時，提名委員會認為董事成員至少須滿足以下資格：最高的職業及個人道德；豐富的從業經驗；能夠根據彼等之經驗及專業知識提供意見及實踐智慧；致力於提升股東價值；有效履行職責的充足時間；彼等對其他公眾公司董事會的服務應限制在合理數目內；遵守法律及法規的規定；及 能夠與其他董事會成員建立良好工作關係並促進董事會與本集團高級管理層的工作關係。董事會多元化政策根據企業管治守則，董事會於二零一三年十月八日採納董事會多元化政策（董事會多元化政策）。本公司明白並深信董事會成員多元化所
216、帶來的裨益。在董事會所有任命將繼續奉行任人唯才的原則的同時，本公司將確保董事會在切合本公司業務所需的技能、經驗、不同觀點方面取得平衡。挑選候選人時會基於本公司的董事會提名政策及從多個方面考慮董事會成員多元化，包括但不限於性別、年齡、文化及教育背景、專業或其他經驗、技術及知識。董事會亦有意維持適當比例的具有本集團的核心市場及分銷渠道經驗的董事。42Cabbeen Fashion Limited Annual Report 2024CORPORATE GOVERNANCE REPORT(CONTINUED)企業管治報告（續）The Board considers that independent
217、Directors can enhance the effectiveness and decision-making of the Board by providing independent view,objective judgement and constructive challenge to the Board and management of the Group.The ultimate decision will be based on merit and contributions that the selected candidates will bring to the
218、 Board,having due regard to the benefits of diversity on the Board and also the needs of the Board without focusing on a single diversity aspect.After reviewing the Board composition,the Board recognizes the importance and benefits of gender diversity at the Board level and shall continue to take in
219、itiatives to identify female candidate(s)to enhance the gender diversity among the Board members.As of the date of this report,the Board has one female Director out of five Directors.We will continue our endeavor to increase female representation in our Board.Our diversity philosophy,including gende
220、r diversity,was generally followed in the workforce throughout the Group.For the year ended 31 December 2024,the Group had 126 employees(including senior management),of which approximately 50.8%were female.DIRECTORS AND OFFICERS INSURANCEThe Company has arranged appropriate insurance cover in respec
221、t of potential legal actions against its Directors and officers.DIRECTORS CONTINUOUS TRAINING AND PROFESSIONAL DEVELOPMENTAll Directors are aware of their responsibilities to the shareholders and have exercised their duties with care,skill and diligence,in pursuit of the development of the Group.All
222、 Directors are provided with monthly updates on the Companys performance and financial position to enable the Board as a whole and each Director to discharge their duties.In addition,briefings and updates on the latest development regarding the Listing Rules and other applicable regulatory requireme
223、nts are provided to the Board during Board meetings to ensure compliance and enhance their awareness of good corporate governance practices.In November 2024,the Company,together with its legal adviser,organized a training session to provide the Directors with an update on the Listing Rules.董事會認為獨立董事
224、憑藉向董事會及本集團管理層提供獨立觀點、客觀判斷及建設性挑戰，能夠提升董事會之有效性及決策能力。最終決定乃基於選定候選人的能力及將會為董事會帶來的貢獻作出，其中充分考慮董事會多元化的裨益及董事會的需要，而非專注於單一層面。經審閱董事會的組成，董事會意識到在董事會層面性別多元化的重要性及益處，並應繼續採取措施物色女性候選人以加強董事會成員的性別多元化。截至本報告日期，五名董事中有一名為女性。我們將繼續致力於董事會內增加女性代表。本集團之員工普遍遵循包括性別多元化在內之多元化理念。截至二零二四年十二月三十一日止年度，本集團有126名僱員（包括高級管理層），其中約50.8%為女性。董事及行政人員的保
225、險本公司已就其董事及行政人員可能會面對的法律訴訟作出適當的投保安排。董事持續培訓及專業發展 全體董事均知悉彼等對股東的責任，履行彼等的職責時以應有的謹慎、技能和勤勉行事，致力推動本集團的發展。全體董事每月均獲提供有關本公司表現及財務狀況的最新資料，以便董事會整體及各董事履行職務。此外，於董事會會議期間，各董事獲提供有關上市規則及其他適用監管規定的最新發展簡介及最新資料，確保有關規定獲得遵守及加強董事對良好企業管治常規的意識。於二零二四年十一月，本公司連同其法律顧問舉辦了一次培訓，向各董事提供上市規則的最新資料。43卡 賓 服 飾 有 限 公 司 2024年報CORPORATE GOVERNAN
226、CE REPORT(CONTINUED)企業管治報告（續）CHAIRMAN AND CHIEF EXECUTIVE OFFICERDr.Ziming Yang holds the positions of Chairman and chief executive officer.Such practice deviates from code provision C.2.1 of the Part 2 of CG Code which stipulates that the roles of Chairman and chief executive officer should be sepa
227、rated and should not be performed by the same individual.In view of Dr.Yangs extensive experience in the industry and deep understanding of the Groups businesses,the Board believes that vesting the roles of both Chairman and chief executive officer in Dr.Yang provides the Group with strong and consi
228、stent leadership,allows for more effective planning and execution of long-term business strategies and enhances efficiency in decision-making.As all major decisions are made in consultation with members of the Board and relevant Board committees,and there are independent non-executive Directors on t
229、he Board offering independent perspectives,the Board is therefore of the view that there are adequate safeguards in place to ensure sufficient balance of powers within the Board.The Board will continue to review and monitor the practices of the Company for the purpose of complying with the CG Code a
230、nd maintaining a high standard of corporate governance practices of the Company.INDEPENDENCE OF INDEPENDENT NON-EXECUTIVE DIRECTORSThe role of the independent non-executive Directors is to provide independent and objective opinions to the Board,giving adequate control and balances for the Group to p
231、rotect the overall interests of the shareholders and the Group.They serve actively on the Board and its committees to provide their independent and objective views.In compliance with Rules 3.10(1)and 3.10A of the Listing Rules,the Company has appointed three independent non-executive Directors,repre
232、senting more than one-third of the Board.One of the independent non-executive Directors has the appropriate professional qualifications in accounting or related financial management expertise as required by Rule 3.10(2)of the Listing Rules.主席及行政總裁楊紫明博士擔任主席及行政總裁的職位。此做法偏離企業管治守則第2部守則條文第C.2.1條，該條文列明主席與行
233、政總裁的角色應分開，不應由同一人擔任。鑑於楊博士在行業中擁有豐富經驗，並對本集團業務具有深厚知識，董事會相信由楊博士兼任主席及行政總裁的職位可為本集團提供強而有力且貫徹一致的領導，並可更有效規劃及執行長期業務策略並提升作出決策的效率。由於所有主要決策均經諮詢董事會成員及相關董事委員會後作出，且董事會的獨立非執行董事會提出獨立見解，故董事會認為已有足夠保障措施確保董事會權力足夠平衡。董事會將持續檢討及監督本公司的常規，以遵守企業管治守則並維持本公司高水平的企業管治常規。獨立非執行董事的獨立身份 獨立非執行董事的角色乃向董事會提供獨立及客觀的意見，為本集團提供足夠的制約及平衡，以保障股東及本集團整
234、體利益。彼等於董事會及其委員會上積極提供獨立及客觀的意見。為遵守上市規則第3.10(1)條及3.10A條，本公司已委任三名獨立非執行董事，超過董事會人數三分之一。按上市規則第3.10(2)條的規定，其中一名獨立非執行董事具備合適會計專業資格或相關財務管理專業知識。44Cabbeen Fashion Limited Annual Report 2024CORPORATE GOVERNANCE REPORT(CONTINUED)企業管治報告（續）During the tenure of office,all of the independent non-executive Directors ha
235、ve performed their duties and responsibility to the satisfaction of the Board.In addition,each independent non-executive Director has submitted annual confirmation of his independence to the Company pursuant to Rule 3.13 of the Listing Rules.The Board is of the opinion that Mr.Yung Kwok Tsui and Mr.
236、Ming Shu Leung maintain their independence even they have served the Board for more than twelve years since February 2013,and believes that their valuable knowledge and experience continue to generate significant contribution to the Board,the Company and the shareholders as a whole.SECURITIES TRANSA
237、CTIONS BY DIRECTORSThe Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers(the“Model Code”)as set out in Appendix C3 to the Listing Rules as the Companys code of conduct regarding Directors securities transactions(the“Securities Dealing Code”).Upon specific
238、enquiries,all Directors confirmed that they have complied with the relevant provisions of the Securities Dealing Code throughout the year ended 31 December 2024.Senior management who,because of their office in the Company,are likely to be in possession of inside information,have also been requested
239、to comply with the provisions of the Securities Dealing Code.全體獨立非執行董事在其任職期間均已履行彼等的職務及責任，並已獲令董事會信納。此外，各獨立非執行董事已根據上市規則第3.13條向本公司提交其年度獨立身份確認書。董事會認為，即使徐容國先生及梁銘樞先生自二零一三年二月起，已於董事會任職超過十二年，但彼等仍能保持其獨立性，同時相信彼等的寶貴知識及經驗將繼續為董事會、本公司及股東整體帶來重大貢獻。董事進行證券交易本公司已採納上市規則附錄C3所載上市發行人董事進行證券交易的標準守則（標準守則）作為本公司有關董事進行證券交易的行為守則（
240、證券交易守則）。經作出特定查詢後，全體董事均已確認彼等於截至二零二四年十二月三十一日止整個年度一直遵守證券交易守則的相關條文。因受聘於本公司而可能獲得內幕消息的高級管理層亦須遵守證券交易守則的條文。45卡 賓 服 飾 有 限 公 司 2024年報CORPORATE GOVERNANCE REPORT(CONTINUED)企業管治報告（續）COMPANY SECRETARYMs.Lai Wah Wong resigned,and Mr.Wai Fung Lui(“Mr.Lui”)has been appointed as the Company Secretary with effect fro
241、m 16 April 2024.Mr.Lui is a full time employee of the Group with the day-to-day knowledge of the Companys affairs and has taken not less than 15 hours of the relevant professional training required under Rule 3.29 of the Listing Rules during the year.For details of Mr.Luis biography,please refer to“
242、Biographical Details of Directors and Senior Management Senior Management”.RISK MANAGEMENT AND INTERNAL CONTROLThe Board recognizes its responsibility to ensure the Company maintains a sound and effective risk management and internal control system.The system include a defined management structure w
243、ith limits of authority,and are designed to help the Group identify,evaluate and manage the significant risks to achieve its business objectives,safeguard its assets against unauthorized use or disposition,ensure the maintenance of proper accounting records for the provision of reliable financial in
244、formation for internal use or for publication,and ensure compliance with relevant laws and regulations.The Groups internal control system is designed to safeguard assets against misappropriation and unauthorized disposition and to manage operational risks.Review of the Groups internal controls cover
245、ing major financial,operational and compliance controls,as well as risk management functions.The controls built into the risk management system are intended to manage,not eliminate,significant risks in the Groups business environment.公司秘書黃麗華女士辭任，而雷偉峯先生（雷先生）已獲委任為公司秘書，自二零二四年四月十六日起生效。雷先生為本集團全職僱員，熟悉本公司日
246、常事務，並已於年內接受上市規則第3.29條規定不少於15小時的相關專業培訓。有關雷先生的履歷詳情，請參閱 董事及高級管理層履歷詳情 高級管理層。風險管理及內部監控董事會確認其確保本公司維持健全有效風險管理及內部監控系統的責任。該系統包括確立一個完善管理層授權體系，並能有助本集團識別、評估及管理各項重大風險，以達到管理層實現其經營目標、保護資產免遭未經授權使用或處置，確保維護適當會計記錄以提供予內部使用或發佈之可靠之財務信息，並確保符合相關法律法規。本集團的內部監控系統乃為確保資產不會被不當挪用及未經授權處理以及管理經營風險而設計。本集團的內部監控檢討涵蓋主要財務、營運及合規監控以及風險管理職能
247、。風險管理系統中設立的監控乃為管理而非消除本集團業務環境的重大風險。46Cabbeen Fashion Limited Annual Report 2024CORPORATE GOVERNANCE REPORT(CONTINUED)企業管治報告（續）The Board engaged external professional expert to carry out the internal audit functions to assess the effectiveness of the Groups risk management and internal control systems
248、 periodically which covered all material controls,including financial,operational and compliance controls as well as risk management functions.The Groups risk management framework includes the following elements:identify significant risks in the Groups operation environment and evaluate the impacts
249、of those risks on the Groups business;develop necessary measures to manage those risks;monitor and review the effectiveness of such measures;and review the effectiveness of the Groups risk management and internal control systems in respect of the previous fiscal year annually.Audit committee reporte
250、d to the Board the implementation of the Groups risk management and internal control policy which,among other things,included the determination of risk factors,evaluation of risk level the Group could take and effectiveness of risk management measures.Based on the reports from the Audit Committee,th
251、e Board considers the Groups risk management and internal control systems are adequate and effective and the Group has complied with the provisions on risk management and internal controls as set out in the CG Code throughout the year ended 31 December 2024.董事會已委聘外部專業專家履行內部審核職能、定期評估本集團之風險管理及內部監控系統之成
252、效，其涵蓋素有重要監控，包括財務、營運及合規之監控，以及風險管理之功能。本集團的風險管理框架包括以下部分：識別本集團業務環境的重大風險及評估該等風險對本集團業務的影響；制定必要措施以管理該等風險；監察及檢討有關措施的有效性；及 每年審閱本集團有關上一個財政年度之風險管理及內部監控系統之成效。審核委員會向董事會呈報本集團的風險管理及內部監控政策的執行情況，其中包括釐定風險因素、評估本集團能承受的風險級別及風險管理措施的有效性。根據審核委員會報告，董事會認為，本集團的風險管理及內部監控系統屬適當及有效且本集團已於截至二零二四年十二月三十一日止整個年度遵守企業管治守則所載之風險管理及內部監控條文。4
253、7卡 賓 服 飾 有 限 公 司 2024年報CORPORATE GOVERNANCE REPORT(CONTINUED)企業管治報告（續）DIRECTORS RESPONSIBILITY FOR THE FINANCIAL STATEMENTSThe Directors acknowledge their responsibility to prepare the consolidated financial statements which give a true and fair view of the Groups state of affairs,results and cash f
254、lows for the year and in accordance with the International Financial Reporting Standards issued by the International Accounting Standards Board and the statutory requirements.The Company has selected appropriate accounting policies and has applied them consistently based on prudent and reasonable ju
255、dgments and estimates.The Directors consider that the Group has adequate resources to continue in business for the foreseeable future and not aware of any material uncertainties relating to events or conditions that may affect the business of the Company or cast doubts on its ability to continue as
256、going concern.EXTERNAL AUDITORKPMG has been appointed as the external auditor of the Company.The Audit Committee has been notified of the nature and the service charges of non-audit services performed by KPMG and considered that such services have no adverse effect on the independence of the externa
257、l auditor.董事對財務報表之責任 董事明白本身有責任根據國際會計準則理事會頒佈的國際財務報告準則及法定規則編製綜合財務報表，真實公平反映本集團於本年度的事務狀況、業績及現金流量。本公司已根據審慎及合理的判斷及估計選擇合適的會計政策並貫徹採用。董事認為本集團備有充足資源於可見未來繼續經營業務，且並不知悉任何可能影響本公司業務或致令本公司持續經營能力成疑的事件或狀況的重大不確定因素。外聘核數師畢馬威會計師事務所已獲委任為本公司的外聘核數師。審核委員會已獲知會畢馬威會計師事務所提供非核數服務的性質及服務收費，認為有關服務對外聘核數師的獨立身份並無不利影響。48Cabbeen Fashion
258、Limited Annual Report 2024CORPORATE GOVERNANCE REPORT(CONTINUED)企業管治報告（續）During the year,the fees payable to KPMG or its affiliated firms comprise service charges for the following:20242023二零二四年二零二三年RMB000RMB000人民幣千元人民幣千元Statutory audit法定審計1,9001,900Review of interim results審閱中期業績800800Internal cont
259、rol review內部監控審閱180180Tax consultation services稅務諮詢服務10There was no disagreement between the Board and the Audit Committee on the selection and appointment of the external auditor during the year under review.NON-COMPETE UNDERTAKING BY CONTROLLING SHAREHOLDERSDr.Ziming Yang,Acute Result Holdings Lim
260、ited(“Acute Result”),Ascend Fame Limited(“Ascend Fame”),Prime Ascend Limited(“Prime Ascend”)are the controlling shareholders(within the meaning of the Listing Rules)of the Company(the“Controlling Shareholders”).Each of the Controlling Shareholders has confirmed to the Company that none of them is en
261、gaged in,or interested in any business(other than the Group)which directly or indirectly competes or may compete with the business of the Group.To protect the Group from any potential competition,the Controlling Shareholders have given an irrevocable non-compete undertaking in the Groups favour on 8
262、 October 2013(the“Deed of Non-competition”).於本年度，應付畢馬威會計師事務所或其聯屬公司的費用包括下列項目的服務費：於回顧年度，董事會與審核委員會就挑選及委任外聘核數師並無任何意見分歧?？毓晒蓶|作出的不競爭承諾 楊紫明博士、銳成控股有限公司（銳成）、昇譽有限公司（昇譽）及元陞有限公司（元陞）為本公司控股股東（控股股東，具上市規則涵義）。各控股股東已向本公司確認，彼等概無從事任何與本集團業務直接或間接構成或可能構成競爭的業務（本集團業務除外），亦無於該等業務中擁有權益。為保障本集團免於面對任何潛在競爭，控股股東已於二零一三年十月八日向本集團作出不可撤回
263、不競爭承諾（不競爭契據）。49卡 賓 服 飾 有 限 公 司 2024年報CORPORATE GOVERNANCE REPORT(CONTINUED)企業管治報告（續）In order to properly manage any potential or actual conflict of interests between the Group and the Controlling Shareholders in relation to the compliance and enforcement of the non-compete undertaking,the Company ha
264、s adopted the following corporate governance measures:(a)the independent non-executive Directors will review,on an annual basis,the compliance with the undertaking given by the Controlling Shareholders under the Deed of Non-competition;(b)the Controlling Shareholders undertake to provide all informa
265、tion requested by the Company which is necessary for the annual review by the independent non-executive Directors and the enforcement of the Deed of Non-competition;(c)the Company will disclose decisions on matters reviewed by the independent non-executive Directors relating to compliance and enforc
266、ement of the non-compete undertaking of the Controlling Shareholders under the Deed of Non-competition in the annual reports of the Company;and(d)the Controlling Shareholders will make an annual declaration on compliance with their undertaking under the Deed of Non-competition in the annual report o
267、f the Company.The Directors consider that the above corporate governance measures are sufficient to manage any potential conflict of interests between the Controlling Shareholders and their respective associates and the Group and to protect the interests of the shareholders,in particular,the minorit
268、y shareholders.Each of the Controlling Shareholders has confirmed to the Company that he/it has complied with the Deed of Non-competition.The independent non-executive Directors of the Company have reviewed the status of compliance and enforcement of the Deed of Non-competition and confirmed that al
269、l the undertakings thereunder have been complied with.為妥善管理本集團與控股股東之間有關遵守及執行不競爭承諾的任何潛在或實際利益衝突，本公司已採納以下企業管治措施：(a)獨立非執行董事將每年檢討控股股東遵守不競爭契據項下承諾的情況；(b)控股股東承諾提供本公司所要求就獨立非執行董事進行年度檢討及不競爭契據執行情況所必要的一切資料；(c)本公司將透過本公司年報披露獨立非執行董事有關檢討控股股東遵守及執行不競爭契據項下不競爭承諾事宜的任何決定；及(d)控股股東將每年於本公司年報內就遵守彼等於不競爭契據項下承諾作出聲明。董事認為，上述企業管治措施
270、足以管理控股股東及彼等各自的聯繫人與本集團之間任何潛在利益衝突，以及保障股東（尤其是少數股東）的利益。各控股股東已向本公司確認，其已遵守不競爭契據。本公司獨立非執行董事已檢討不競爭契據的遵守及執行情況，並確認契據項下一切承諾已獲遵守。50Cabbeen Fashion Limited Annual Report 2024CORPORATE GOVERNANCE REPORT(CONTINUED)企業管治報告（續）COMMUNICATION WITH SHAREHOLDERS AND SHAREHOLDERS RIGHTSThe Company aims to,via its corporate
271、 governance structure,enable all its shareholders an equal opportunity to exercise their rights in an informed manner and allow all shareholders to engage actively with the Company.Under the Companys articles of association,the shareholder communication policy and other relevant internal procedures
272、of the Company,the shareholders of the Company enjoy,among others,the following rights:(i)Participation at general meetingsThe general meetings of the Company provide an opportunity for direct communication between the Board and the shareholders.The Company encourages the participation of the shareh
273、olders through annual general meetings and other general meetings where the shareholders meet and exchange views with the Board,and to exercise their right to vote at meetings.The Company shall arrange notices of meetings and circulars containing details on proposed resolutions to be sent to the sha
274、reholders not less than 21 clear days(for annual general meeting)and 14 clear days(for extraordinary general meeting)before the meeting.At general meetings,separate resolutions are proposed on each substantial issue,including the election of individual Directors.(ii)Enquiries and proposals to the Bo
275、ardThe Company encourages shareholders to attend shareholders meetings and make proposals by either directly raising questions on both operational and governance matters to the Board and Board Committees at the general meetings or providing written notice of such proposals for the attention of the C
276、ompany Secretary at the principal place of business in Hong Kong at Unit A&B,26 Floor,Billion Plaza II,10 Cheung Yue Street,Cheung Sha Wan,Kowloon,Hong Kong or via email to .與股東溝通及股東權利 本公司旨在透過其企業管治架構，讓全體股東有平等機會在知情情況下行使其權利，並讓全體股東積極參與本公司事務。根據本公司的組織章程細則、股東溝通政策及本公司其他相關內部程序，本公司股東可享（其中包括）以下權利：(i)參加股東大會本公司
277、的股東大會提供機會讓董事會與股東直接溝通。本公司鼓勵股東透過出席股東週年大會及其他股東大會參與本公司事務，會上股東可與董事會會面及交流意見，及行使其投票權利。本公司將安排於舉行大會前不少於21個整日（就股東週年大會而言）及14個整日（就股東特別大會而言）向股東發出大會通告及載有提呈決議案詳情的通函。於股東大會上，將就各重大事項（包括選舉個別董事）提呈獨立決議案。(ii)向董事會查詢及提出建議本公司鼓勵股東出席股東大會，並透過以下方式作出建議：於股東大會向董事會及董事會委員會就有關營運及管治事宜直接提問，或將有關建議以書面形式送交香港主要營業地點，地址為香港九龍長沙灣長裕街10號億京廣場二期26
278、樓A及B室，或電郵至以呈交公司秘書。51卡 賓 服 飾 有 限 公 司 2024年報CORPORATE GOVERNANCE REPORT(CONTINUED)企業管治報告（續）(iii)Convening extraordinary general meetingsThe Directors may,whenever they think fit,convene an extraordinary general meeting(the“EGM”).EGM shall also be convened on the requisition of one or more shareholders
279、 holding,at the date of deposit of the requisition,not less than one-tenth of the paid-up capital of the Company having the right of voting at general meetings.Such requisition shall be made in writing to the Directors or the Company Secretary and deposited at the principal place of business in Hong
280、 Kong at Unit A&B,26 Floor,Billion Plaza II,10 Cheung Yue Street,Cheung Sha Wan,Kowloon,Hong Kong for the purpose of requiring an EGM to be called by the Directors for the transaction of any business specified in such requisition.Such meeting shall be held within 2 months after the deposit of such r
281、equisition.If within 21 days of such deposit the Directors fail to proceed to convene such meeting,the requisitionist(s)himself(themselves)may do so in the same manner,and all reasonable expenses incurred by the requisitionist(s)as a result of the failure of the Directors shall be reimbursed to the
282、requisitionist(s)by the Company.There are no provisions under the Companys articles of association or the Companies Law,Cap 22(Law 3 of 1961,as consolidated and revised)of the Cayman Islands regarding procedures for shareholders to put forward proposals at general meetings other than a proposal of a
283、 person for election as director.Shareholders may follow the procedures set out above to convene an EGM for any business specified in such written requisition.(iii)召開股東特別大會董事可酌情隨時召開股東特別大會（股東特別大會）。於提呈有關要求當日擁有權利於股東大會投票的本公司繳足股本不少於十分之一的一名或多名股東亦可要求召開股東特別大會。有關要求應以書面方式向董事或公司秘書提出，並送交香港主要營業地點，地址為香港九龍長沙灣長裕街10
284、號億京廣場二期26樓A及B室，以要求董事就處理有關要求所指任何事務召開股東特別大會。有關大會須於提出有關要求後兩個月內舉行。倘於提出有關要求後21日內董事仍未著手召開有關大會，則提出要求的人士可以相同形式召開大會，而提出要求人士因董事未有因應要求召開大會而產生的一切合理開支將由本公司向提出要求的人士償付。本公司組織章程細則或開曼群島第22章公司法（一九六一年第3號法案，經綜合及修訂）概無有關股東在股東大會提出建議的程序的規定（提名候選董事的建議除外）。股東可根據上文所載程序召開股東特別大會以處理有關書面要求提出的任何事務。52Cabbeen Fashion Limited Annual Rep
285、ort 2024CORPORATE GOVERNANCE REPORT(CONTINUED)企業管治報告（續）(iv)Procedures for proposing a person for election as a DirectorPursuant to the Article 85 of the articles of associations of the Company,no person other than a Director retiring at the meeting shall,unless recommended by the Directors for elect
286、ion,be eligible for election as a Director at any general meeting unless a Notice(as defined therein)signed by a Member(as defined therein)(other than the person to be proposed)duly qualified to attend and vote at the meeting for which such notice is given of his intention to propose such person for
287、 election and also a Notice signed by the person to be proposed of his willingness to be elected shall have been lodged at the head office or at the Registration Office provided that the minimum length of the period,during which such Notice(s)are given,shall be at least 7 days and that(if the Notice
288、s are submitted after the despatch of the notice of the general meeting appointed for such election)the period for lodgment of such Notice(s)shall commence on the day after the despatch of the notice of the general meeting appointed for such election and end no later than 7 days prior to the date of
289、 such general meeting.(iv)提名人士參選董事的程序 根據本公司的組織章程細則第85條，除非獲董事推薦參選，或由正式合資格出席大會並可於會上投票的股東（定義見組織章程細則）（並非擬參選者）簽署通知（定義見組織章程細則），表明擬提名相關人士參選，且獲提名人士簽署該通知表明願意參選，否則除會上退任董事外，概無任何人士有資格於任何股東大會上參選董事。上述通知須呈交總辦事處或過戶登記處，通知期不得少於7日，如該等通知是於就選舉董事而召開股東大會的通告寄發後始呈交，則呈交該（等）通知的期間為就選舉董事而召開股東大會的通告寄發後翌日起計至不遲於該股東大會舉行日期前7日。53卡 賓 服
290、 飾 有 限 公 司 2024年報CORPORATE GOVERNANCE REPORT(CONTINUED)企業管治報告（續）SHAREHOLDERS COMMUNICATION POLICYThe Company considers that effective communication with the shareholders and stakeholders is essential for enhancing investor relations and understanding of the Groups business,performance and strategies
291、.The Company is committed to enhancing long-term shareholders value through regular communication with its shareholders,both individual and institutional.The Company strives to ensure that all shareholders have ready,equal and timely access to all publicly available information of the Company that i
292、s accurate,comprehensible and informative.The shareholders communication policy sets out the framework in place to promote effective communication with shareholders so as to enable them to engage actively with the Company and exercise their rights as shareholders in an informed manner.The Company en
293、deavours to maintain an ongoing dialogue with the shareholders and in particular,through the AGM and the EGM.In respect of each matter to be considered at the AGM and the EGM,including the re-election of Directors,a separate resolution will be proposed by the Chairman.The Chairman and the chairmen o
294、f the Board Committees and,in their absence,other members of the respective committees,will be available at the AGM and the EGM to meet with the shareholders and answer their enquiries.The Company will also invite representatives of the auditor of the Company to attend the AGM of the Company to answ
295、er shareholders questions about the conduct of the audit,the preparation and content of the auditors report,the accounting policies and auditors independence.股東通訊政策本公司認為與股東及持份者之有效溝通對增進投資者關係及了解本集團業務、表現及策略而言乃屬必要。本公司致力透過與個別及機構股東定期溝通以提高股東之長遠價值。本公司力求確保所有股東可隨時、平等並及時取得本公司所有公開提供的準確、可理解及內容豐富的資訊。股東通訊政策載列促進與股東
296、之間有效溝通的框架，從而讓股東積極與本公司溝通並以知情方式行使其股東權利。本公司盡力維持與股東之間持續之溝通，尤其是透過股東週年大會及股東特別大會。就於股東週年大會及股東特別大會所審議之各項事宜（包括重選董事），董事會主席將另行提呈決議案。董事會主席及各董事會委員會之主席以及各委員會其他成員（倘主席未克出席）將在股東週年大會及股東特別大會上會見股東並回應其查詢。本公司亦將邀請本公司核數師代表出席本公司股東週年大會，以回答股東有關進行核數工作、編製核數師報告及其內容、會計政策及核數師獨立性等方面之問題。54Cabbeen Fashion Limited Annual Report 2024COR
297、PORATE GOVERNANCE REPORT(CONTINUED)企業管治報告（續）The communication strategies under the shareholders communication policy are as follows:(i)Shareholders EnquiriesShareholders may direct their questions about their shareholdings to the Companys share registrars.Shareholders and the investment community ma
298、y at any time make a request for the Companys information to the extent such information is publicly available.Shareholders and the investment community can contact the Company Secretary by email,fax,phone or mail via designated contacts of the Company during office hours in order to enable them to
299、make any query in respect of the Company.(ii)Corporate CommunicationsCorporate communication documents(including annual report,interim report,notice of meeting,circular and proxy form)would be provided to shareholders in plain language and in both English and Chinese versions to facilitate sharehold
300、ers understanding.Shareholders have the right to choose the language(either English or Chinese)or means of receipt of the corporate communications(in hard copy or through electronic means).Shareholders are encouraged to provide,amongst other things,in particular,their email addresses to the Company
301、in order to facilitate timely and effective communications.(iii)Corporate WebsiteInformation on the Companys investor relations website()is updated on a regular basis.根據股東通訊政策的通訊途徑如下(i)股東查詢股東如對名下持股有任何問題，可直接向本公司股份過戶登記處提出。股東及廣大投資者可隨時要求索取本公司的公開信息。股東及廣大投資者可透過本公司的指定聯絡方式以電郵、傳真、電話或郵件於辦公時間聯絡公司秘書，以便彼等就本公司提出任
302、何查詢。(ii)公司通訊向股東發放的公司通訊文件（包括年報、中期報告、會議通告、通函及代表委任表格）會以淺白中英雙語編寫，以便股東易於了解內容。股東有權選擇收取公司通訊的語言（英文或中文）或收取方法（印刷本或電子形式）。建議股東向本公司提供其中方式（尤其是其電郵地址），以助提供適時有效通訊。(iii)公司網站本公司投資者關係網站()上登載的信息定期更新。55卡 賓 服 飾 有 限 公 司 2024年報CORPORATE GOVERNANCE REPORT(CONTINUED)企業管治報告（續）Corporate communications are posted on the Company
303、website as soon as practicable following their publication on the website of the Stock Exchange.Such information includes,but not limited to,financial statements,results announcements,ESG reports,circulars and notices of general meetings and associated explanatory documents.All press releases issued
304、 by the Company would be made available on the Companys investor relations website as soon as practicable after their releases.A dedicated Corporate Governance section is also available on the Company website,which included director nomination policy and shareholder communication policy,and updated
305、on a regular basis.(iv)Shareholders MeetingsShareholders are encouraged to participate in general meetings or to appoint proxies to attend and vote at meetings for and on their behalf if they are unable to attend the meetings.The process of the Companys general meeting will be monitored and reviewed
306、 on a regular basis,and,if necessary,changes will be made to ensure that shareholders needs are best served.Board members,in particular,the chairmen of Board Committees or their delegates and external auditor would,where appropriate,attend the AGM to answer shareholders questions.聯交所網站所刊發的公司通訊亦會盡快登載
307、在本公司網站。有關信息包括（但不限於）財務報表、業績公告、ESG報告、通函、股東大會通告及相關說明文件。本公司刊發的所有新聞稿會盡快登載在本公司投資者關係網站。本公司網站亦專門設有企業管治部分，當中包括董事提名政策及股東通訊政策，並定期更新。(iv)股東大會建議股東出席股東大會，或倘未克出席有關大會，可委任代表代其出席大會並於會上投票。本公司將定期監察及審閱股東大會程序，如有需要時將作出改動，以確保切合股東所需。董事會成員（尤其是董事會委員會主席或其代表）及外聘核數師（倘適用）出席股東週年大會回應股東提問。56Cabbeen Fashion Limited Annual Report 2024
308、CORPORATE GOVERNANCE REPORT(CONTINUED)企業管治報告（續）(v)Investment Market CommunicationsInvestor/analyst briefings and one-on-one meetings,roadshows,media interviews,company visits and marketing activities would be available when and if appropriate,in order to facilitate communication between the Company,
309、shareholders and the investment community.Directors and employees who have contacts or dialogues with investors,analysts,media or other interested outside parties are required to comply with the disclosure obligations and requirements under the Companys information disclosure policy.The Company cont
310、inues to promote investor relations and enhance communication with the existing shareholders and potential investors.The Company welcomes suggestions from investors,stakeholders and the public.Enquiries to the Board or the Company may be sent by post to the Companys principal place of business in Ho
311、ng Kong.The Board reviewed the implementation and effectiveness of the shareholders communication policy and considered the policy was properly carried out during the year.(v)與投資市場的溝通本公司會適時舉辦各種活動，包括舉行投資者分析員簡介會及與其單獨會面、路演、傳媒採訪、訪問公司及宣傳推廣活動，以促進本公司與股東及廣大投資者之間的溝通。董事及僱員但凡與投資者、分析員、傳媒或其他外界相關人士聯絡接觸或溝通對話，均須遵守本
312、公司資訊披露政策的披露責任及規定。本公司繼續促進投資者關係，並加強與現有股東及有意投資者之溝通。本公司歡迎投資者、持份者及公眾人士提供意見。向董事會或本公司作出之查詢可郵寄至本公司之香港主要營業地點。董事會已檢討股東溝通政策的執行情況及成效，並認為該政策於年內獲妥善執行。57卡 賓 服 飾 有 限 公 司 2024年報CORPORATE GOVERNANCE REPORT(CONTINUED)企業管治報告（續）MISSION,CORE VALUE AND CORPORATE CULTUREVisionLeveraging Chinese culture to build a fashion b
313、rand for the world.MissionFocus on quality,pursue creative design,and continue to fulfil customers dressing needs for different occasions.Core valueWe work in fashion and pursue a quality life style;Constantly improve and surpass ourselves;We aim to create a harmonious and simple working environment
314、 that demonstrates individuality;We are grateful and dedicated to serve our society while working hard to create a new fashion trend in China.Business PhilosophyOur operation is our outline for enhancing our brand value,and our management is our foundation for building standardization of its systems
315、 and processes.Management PrinciplesShare responsibilities and results,more pay for more work,refuse mediocrity.使命、核心價值及公司文化願景用中華文化，樹世界時尚品牌。使命專注品質，追求創意設計，持續滿足人們多場景穿搭的需求。核心價值我們從事時尚工作，追求有品位的生活；不斷提升和超越自己；我們營造展現個性、和諧簡單的工作環境；我們心懷感恩、服務社會，為中國創造時尚新生力量而努力。經營理念經營以提升品牌價值為綱，管理以建設制度流程標準為本。管理原則共擔共享，多勞多得，拒絕平庸。58Ca
316、bbeen Fashion Limited Annual Report 2024CORPORATE GOVERNANCE REPORT(CONTINUED)企業管治報告（續）ANTI-CORRUPTION POLICYThe Group highly values honesty and integrity.The Group provides each employee with clear guidelines in staff handbook and organizes annual training on prevention of corruption.Employees of t
317、he Group may never offer,give,or accept gifts of cash(or cash equivalents)in any business relationship because these could be considered an illegal bribe or kickback.Gifts and hospitality from business partners to members of employees family,to those with whom the employee has a close personal relat
318、ionship,would be treated as if they were given to that employee as well and thus be prohibited.The Group requires all of its distributors and suppliers to sign anti-bribery sub-agreements when they enter into agreements with the Group.These anti-bribery sub-agreements impose obligations on the distr
319、ibutors or suppliers and the Group to comply with applicable laws and regulations in relation to unfair competition and anti-bribery.The Group is entitled to terminate the agreements with distributors or suppliers for their non-compliance with the terms of the anti-bribery sub-agreements.The Group e
320、ncourages whistle-blowing of suspected corruption,fraud or money laundering cases and offers rewards to whistle-blower if the case is proved to be valid.Whistle-blower can report suspected cases to any one of the directors or the head of human resources and administration of the Group who will then
321、work with the Board and/or our senior management team to carry out necessary approaches to investigate and solve these cases.反貪污政策本集團非常重視誠實守信。本集團的員工手冊及年度培訓就防止貪污為每位員工提供明確的指引。本集團員工於任何業務關係中不得提供、給予或接受現金（或現金等價物）餽贈，這些可能會被視為非法賄賂或回傭。商業夥伴向員工家屬或與員工存在緊密關係的人士贈送禮品及進行招待會被視為猶如向該員工贈送禮品及進行招待故被禁止。本集團要求其所有的經銷商及供應商於與本集
322、團簽訂協議時同步簽署防止賄賂附帶協議。上述防止賄賂的附帶協議規定，經銷商或供應商及本集團有責任遵守有關不正當競爭及防止賄賂的適用法律法規。本集團有權因經銷商或供應商不遵守防止賄賂協議的條款而終止與彼等的合作。本集團鼓勵舉報涉嫌貪污、欺詐或洗錢個案，並會向舉報人提供獎勵（倘舉報屬實）。舉報人可向本集團任何董事或人力行政負責人報告懷疑個案，該董事或人力行政負責人隨後將與董事會及或高級管理層團隊合作，執行必要措施調查並解決有關個案。59卡 賓 服 飾 有 限 公 司 2024年報CORPORATE GOVERNANCE REPORT(CONTINUED)企業管治報告（續）WHISTLEBLOWING
323、 POLICYThe Group has whistleblowing procedures(“Whistleblowing Policy”)sets out for dealing with allegations of illegal,unethical and improper conduct in the workplace.Whistleblowing Policy is intended to provide a means of making serious allegations about standards,conduct,financial irregularity or
324、 possible unlawful action in a way that will ensure confidentiality and protect those making such allegations in the reasonable belief that it is right to do so from being victimized,discriminated against or disadvantaged.Whistleblowing Policy applies to all employees and business partners of the Gr
325、oup.The identity of the whistleblower will be treated with strict confidence.Whistleblowing Policy is not designed to question financial or business decisions undertaken by the management,nor should it be used to reconsider any other matters which have been already addressed under other procedures.W
326、histleblowing Policy does not replace other complaints procedures.Anonymous allegationThe Group encourages whistleblowers to put their name to an allegation wherever possible as anonymous allegations may often be difficult to substantiate/prove.Allegations made anonymously are much less powerful but
327、 anonymous allegations will be considered at the discretion of the Audit Committee or the Board.In exercising discretion to accept an anonymous allegation the factors to be taken into account:the seriousness of the issue raised;the credibility of the allegation;and whether the allegation can realist
328、ically be investigated from factors or sources other than the complainant.舉報政策本集團已制定舉報程序（舉報政策），當中載列如何處理工作場所有關非法、不道德及不當行為等指控的方法。舉報政策旨在提供對標準、操守、財務違規行為或可能的非法行為提出嚴重指控的方式，同時確保保密並保護合理相信提出該等指控屬該做之事者免受傷害、歧視或處於不利境況。舉報政策適用於本集團所有僱員及業務夥伴。舉報人的身份將受到嚴格保密。舉報政策並非旨在質疑管理層作出的財務或業務決策，亦不應用於重新考慮已按其他程序處理的任何其他事項。舉報政策不會取代其他投
329、訴程序。匿名指控本集團鼓勵舉報人盡可能在指控中署名，因為匿名指控往往難以證實證明。匿名指控影響較小，審核委員會或董事會將酌情考慮匿名指控。在行使酌情權接受匿名指控時，應考慮以下因素：所提出的問題的嚴重程度；指控的可信度；及 指控是否可從投訴人以外的因素或來源進行實際調查。60Cabbeen Fashion Limited Annual Report 2024CORPORATE GOVERNANCE REPORT(CONTINUED)企業管治報告（續）Untrue AllegationsNo disciplinary or other action will be taken against a
330、 whistleblower who makes an allegation in the reasonable belief that it is a right thing to do even if the allegation is not substantiated by an investigation.However,disciplinary action may be taken against a whistleblower who makes an allegation without reasonable belief that it is true and in the
331、 interest of the Group(e.g.making an allegation frivolously,maliciously or for personal gain where there is no element of public interest).Procedure for Making an AllegationIt is preferable for allegations to be made to an employees immediate manager to whom they report.However,this may depend on th
332、e seriousness and sensitivity of the issues involved and who is suspected of the malpractice.The whistleblower may make an allegation direct to the chairman of Audit Committee or to the Chairman.Persons making a report should exercise due care in ensuring accuracy of the information they report.If t
333、he report concerns the chairman of Audit Committee or a member of Audit Committee,the whistleblower should raise his concerns to the Chairman.If the report concerns the Chairman,the person should raise his concerns to the chairman of Audit Committee.Action on receipt of an AllegationThe Audit Committee or the Board will appoint a team to record and investigate details of the allegation.If the alle
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