2013 2013 · 2014. 4. 24. · wastewater treatment and recycling and strengthen law enforcement, enterprises engaged in wastewater treatment will face a broader market. By the first

Annual Report20132013

年報

An

nu

al Rep

ort 2013 年

報

Chairman’s Statement ................................................................................................................................ 02

Management Discussion and Analysis ......................................................................................................... 05

Directors and Senior Management .............................................................................................................. 14

Corporate Governance Report .................................................................................................................... 18

Report of the Directors ................................................................................................................................ 24

Independent Auditor’s Report ..................................................................................................................... 33

Consolidated Balance Sheet ........................................................................................................................ 35

Company Balance Sheet ............................................................................................................................. 37

Consolidated Statement of Comprehensive Income .................................................................................... 38

Consolidated Statement of Changes in Equity ............................................................................................. 39

Consolidated Cash Flow Statement ............................................................................................................. 40

Notes to the Consolidated Financial Statements .......................................................................................... 41

Five-year Financial Summary ........................................................................................................................ 95

Corporate Information ................................................................................................................................ 97

CONTENTS

02

CHINA FIRST CHEMICAL HOLDINGS LIMITED Annual Report 2013

CHAIRMAN’S STATEMENT

On behalf of the board of directors (the “Board”) of China First Chemical Holdings Limited (the “Company”), I am pleased to present the annual results of the Company and its subsidiaries for the year ended 31 December 2013.

Since the listing of the Company on the Main Board of the Stock Exchange of Hong Kong Limited (the “Stock Exchange”) on 9 December 2011, the Company has been carefully responded to the external market environment, integrated and optimized resources of the industry, strengthened internal management and moderately controlled expenses and expenditures. Affected by the complex and volatile business environment, depressed economy, sluggish external markets and other unfavorable factors, the Company has remained capable of timely taking favorable conditions to steadily advance the integration of the industry and to boost the growth of water treatment eco-friendly chemicals business. In order to share the results with our shareholders, the Board has proposed to pay a final dividend of HK$0.0390 (RMB0.0312) per share for the year ended 31 December 2013 at an aggregate amount of approximately HK$31.302 million (RMB25.026 million) with a dividend ratio of 10%.

Market ReviewBetween 2012 and 2013, the global economy had experienced an extended downturn. Domestically, the economic growth decelerated and the economic growth model was facing a change. The extensive economic development model, the rapidly growing population and the disorderly emission and discharge of industrial wastage have resulted in a very severe scenario of water pollution seen today.

According to the Opinions on Accelerating the Development of Energy Conservation and Environmental Protection Industry published by the State Council in August 2013, by 2015, all cities and towns are required to have a daily-centralized sewage treatment capacity of over 200 million cubic meters. In September 2013, the State Council passed the Regulation on the Urban Water Drainage and Wastewater Treatment to enable sewage treatment to be legalized with both surveillance and punishment thereof intensified. As the government will increase investment in the field of wastewater treatment and recycling and strengthen law enforcement, enterprises engaged in wastewater treatment will face a broader market.

By the first half of 2013, the products of the Company had been mainly applied in the traditional bleaching and disinfection fields such textile, paper production, pulping and dyeing. Under the guidance of the national policy and with the intensifying law enforcement efforts of environmental protection, our eco-friendly products such as sodium chlorate and hydrogen peroxide have been used in the urban and industrial wastewater treatment in great numbers since the second half of 2013, reflecting a fast growth momentum in user demand.

Business ReviewStarting from the second half of 2013, the selling price of eco-friendly products such as sodium chlorate and hydrogen peroxide has been rising compared to that over the same period last year, thus enabling sewage treatment to be a new engine to drive market demands. In 2013, sales revenue of eco-friendly bleaching and disinfectant chemicals amounted to RMB669 million, representing an increase of 12% as compared against sales revenue of RMB597 million in 2012. The proportion of revenue from eco-friendly bleaching and disinfectant chemicals increased to 44.3% in 2013 from 36.9% in 2012. Revenue from sales of other products was RMB841 million in 2013, representing a decrease of 17.8% as compared against sales revenue of RMB1,022 million in 2012. The proportion of revenue from other products decreased to 55.7% in 2013 from 63.1% in 2012. As a result of foregoing, the effects of adjusting our product structure have preliminarily shown.

03


Chairman’s Statement (CONTINUED)

In February 2013, the Company and the Haixi Research Institute of Chinese Academy of Sciences jointly established a “Research Centre of Green Chemical Technology”. The Company will deepen cooperation with Chinese Academy of Sciences, constantly cultivate and reserving new technologies, accelerate the research and development of the products related to water treatment, and develop high value-added product portfolio, so as to keep raising the gross profit margin of the Company. In addition, after years of development, the Company has formed its relatively complete operating systems including employment, training and management, and has cultivated a large group of professionals with experience in management and proficient in technologies through cooperation with scientific research departments and colleges, thus accumulating valuable human resources for the Company to further expand by way of acquisitions and mergers.

In April 2013, the Company entered into an agreement with Chengdu Huaxi Hope Group Co., Ltd in relation to acquire 30% of the equity of Sichuan Minjiang Snow Salt Chemical Industry Co., Ltd. Sichuan Minjiang Snow currently possesses a combined production capacity of 180,000 tons of chlorate per annum, its production capacity of sodium chlorate is approximately two times of our production capacity of sodium chlorate. It is now the largest sodium chlorate production base in the PRC with its production capacity ranked number one across Asia.

In December 2013, Fujian Rongping Chemical Co., Ltd., a wholly-owned subsidiary of the Company, and Deutsche Investitions und Entwicklungsgesellschaft GmbH (DEG) entered into a facility agreement worth US$22 million with a repayment term of 7 years. Through the cooperation with DEG, the Company will proactively expand its international market.

In 2013, the Company invested funds of RMB214 million, mainly in a series of technical transformation and upgrade for the production equipment producing main products, power transfer routes and transformer substation. The Company focuses on technical innovation, energy conservation and energy consumption reduction, and has achieved remarkable results in the enhancement of power efficiency and the reduction of energy consumption. After technical transformation, our new annual production capacity of eco-friendly bleaching and disinfection products and other chemical products amounted to 50,000 tons and 15,000 tons respectively. It is expected that the aforesaid annual production capacity will be leashed and become the new growth point of our result performance.

Financial ReviewThe interest-bearing debt to equity ratio of the Company of approximately 26% from the Company’s latest published Consolidated Financial Statements as at 31 December 2012 continues to improve to 21% as at 31 December 2013 through the listing on the Stock Exchange in 2011 and the continuous operation development of the Company.

During the year under review, the revenue of the Company was approximately RMB1,510.0 million, representing a decrease of approximately RMB109.6 million or 6.8% from the revenue of approximately RMB1,619.6 million for the corresponding period last year. The decrease in revenue was mainly attributable to the decrease in the sales of other chemical products but partly offset by the increase in the sales of eco-friendly bleaching and disinfectant products during the year.

04


Chairman’s Statement (CONTINUED)

The gross profit for the year was RMB466.6 million, representing an increase of approximately RMB1.9 million or 5.7% from the gross profit of approximately RMB464.7 million for the corresponding period last year. The overall profit margin increased from 28.7% for 2012 to 30.9% for 2013, mainly due to (i) the increase of the average selling prices of eco-friendly bleaching and disinfection products affected by the improved market environment; (ii) the adjustment to the product structure which resulted in a rapid growth of sales of products with relatively higher gross profit margin; and (iii) the fact that the Company owns a complete package of key process technologies and has the advantages of stable and reliable production and sound energy-saving effects, whose product indicators outperform that of other domestic enterprises.

OutlookNotwithstanding that the external operating environment remains complex and austere in 2014, the Company will integrate the current market through acquisitions and mergers to cement its leading position within the industry, and constantly enhance the bargaining power for main products. Through intensive cooperation with the Haixi Research Institute of Chinese Academy of Sciences and colleges to research and develop new technologies on the one hand and to reserve backbone talents on the other, the Company will continue to improve the added value of its products. Leveraging on the “12th Five-year” Plan and other national policies to invest more investments in the comprehensive environmental protection treatment as its base, the Company will propel the explosively growing demand for our eco-friendly bleaching and disinfection products by fully utilizing the opportunities from the urban and industrial wastewater treatment, follow the trend of the times, and share those results achieved in performing the PRC environmental protection cause.

05


MANAGEMENT DISCUSSION AND ANALYSIS

RevenueRevenue for the year under review was approximately RMB1,510.0 million, representing a decrease of approximately RMB109.6 million or 6.8% from approximately RMB1,619.6 million for the corresponding period last year. The decrease was mainly attributable to the decrease in the sales of other chemical products, and partially offset by increase in the sales of bleaching and disinfectant chemicals during the year.

The table below sets out our revenue by product group for the year under review:

2013 2012Amount % of Revenue Amount % of Revenue

Revenue (RMB’000)Bleaching and disinfectant chemicals 669,280 44.3% 596,835 36.8%Other chemical products 840,742 55.7% 1,022,799 63.2%

Total 1,510,022 100.0% 1,619,634 100.0%

Sales (tons)Bleaching and disinfectant chemicals 339,985 278,566Other chemical products 104,014 115,067

Total 443,994 393,633

2013 2012Amount Amount

Average selling price (RMB/per ton)Bleaching and disinfectant chemicals 1,969 2,143Other chemical products 8,083 8,889

06


Management Discussion and Analysis (CONTINUED)

The table below sets out the Group’s pro-rated designed production capacity, actual output and utilization rate by product groups for the year under review:

Pro-rateddesigned

productioncapacity

Actualoutput

Utilizationrate

Pro-rateddesigned

productioncapacity

Actualoutput

Utilizationrate

Tons Tons % Tons Tons %

2013: 2012:Bleaching and disinfectant chemicals 380,000 339,330 89%

Bleaching and disinfectant chemicals 317,125 281,300 89%

Other chemical products 183,583 151,338 82% Other chemical products 145,500 135,155 93%

Total 563,583 490,668 87% Total 462,625 416,455 90%

Bleaching and disinfectant chemicalsThis segment mainly consists of sodium chlorate and hydrogen peroxide, which are two of our largest sales generating products. Sodium chlorate and hydrogen peroxide are the principal chemicals used in the ECF and TCF pulp bleaching process by our downstream customers, respectively.

As at 31 December 2013 and 31 December 2012, the pro-rated designed production capacity of bleaching and disinfectant chemicals was 380,000 tons and 317,125 tons respectively. In 2013, the annual pro-rated designed production capacity of bleaching and disinfectant chemicals increased by approximately 62,875 tons, which was mainly attributable to the upgrade in production facilities for sodium chlorate and hydrogen peroxide by increase of 11,625 tons 50,000 tons, respectively, that completed and commenced operation during the year.

During the year under review, the total revenue for the bleaching and disinfectant chemicals was RMB669.3 million, representing an increase of approximately 12.1% or RMB72.4 million from that in 2012. The increase was a net effect of: (1) the sales of sodium chlorate increased by approximately 10.1% to RMB422.5 million due to the production capacity expansion and the increase in sales volumes of sodium chlorate; and (2) the sales of hydrogen peroxide increased by approximately 26.3% to RMB232.4 million due to increase in sales volumes of hydrogen peroxide as a result of improvement of market condition.

In 2013, the utilization rate of the Group’s bleaching and disinfectant product segment (i.e. actual output to pro-rated designed production capacity) reached 89% (2012: 89%), which was demonstrating the new production capacity being absorbed by the strong demand of downstream enterprises.

07



Other chemical productsThis segment mainly consists of basic and modified grades of foaming agents, potassium chlorate, sodium perchlorate, potassium perchlorate, caustic soda, biurea and others.

As at 31 December 2013 and 31 December 2012, the pro- rated designed capacity of other chemical products was 183,583 tons and 145,500 tons respectively. In 2013, the annual pro-rated designed capacity of other chemical products increased by approximately 38,083 tons, which was mainly attributable to the upgrade in production facilities for foaming agent, potassium chlorate, biurea and concentrated acid by increase of 15,000 tons, 3,500 tons, 4,583, and 25,000 tons, respectively, that completed and commenced operation during the year. The increase is partially offset by the decrease in the partial suspension of operation for old caustic soda production in October 2012.

During the year under review, the total revenue for other chemical products was RMB840.7 million, representing a decrease of approximately 17.8% or RMB182.1 million from that in 2012. The decrease was mainly attributed to the decrease in outsourced production and increase in self-produced sales volumes after the upgrade of our production facilities, and the decrease in sales volume of caustic soda due to conversion into self-production of foaming agent during the year.

In 2013, the utilization rate of the Group’s other chemical products reached 82% (2012: 93%), demonstrating the new production facilitates of the Group’s other chemical products being absorbed by the strong demand of downstream enterprises.

Cost of salesOur cost of sales primarily consists of costs of raw materials used and changes in inventories, electricity and other utility fees, depreciation of property, plant and equipment, employee benefit expenses, transportation and related charges, repairs and maintenance, tax and levies on main operations, office and entertainment expenses, traveling expenses and other expenses. Raw materials used and changes in inventories, including foaming agent and sodium chlorate sourced from third parties, were the largest component of our cost of sales, representing 59.7% and 66.6% of our total cost of sales for the year ended 31 December 2013 and 2012, respectively.

During the year under review, our cost of sales decreased by approximately RMB111.5 million or 9.7% to RMB1,043.4 million from RMB1,155.0 million in the corresponding period last year, which was primarily due to the decrease in outsourced production volume of foaming agent. The percentage for cost of sales to revenue decreased from 71.3% for the year ended 31 December 2012 to 69.1% for the year ended 31 December 2013 reflecting decrease in cost of outsourcing production.

The percentage for cost of sales to revenue decreased from 71.3% for the year ended 31 December 2012 to 69.1% for the year ended 31 December 2013 reflecting decrease in cost of outsourcing production.

08



Gross profit and gross marginOur gross profit increased by approximately RMB1.9 million or 0.4% to RMB466.6 million for the year under review from RMB464.7 million for the corresponding period last year. The overall gross margin increased from 28.7% in 2012 to 30.9% in 2013, which was primarily due to: (i) the increase of the average selling prices of eco-friendly bleaching and disinfection products affected by the improved market environment; (ii) the adjustment to the product structure which resulted in a rapid growth of sales of products with relatively higher gross profit margin; and (iii) the fact that the Company owns a complete package of key process technologies and has the advantages of stable and reliable production and sound energy-saving effects, whose product indicators outperform that of other domestic enterprises.

The table below sets out our gross margins by product group for the year under review:

For the year ended 31 DecemberGross margin (%) 2013 2012 Change

Bleaching and disinfectant chemicals 34.7% 33.1% 4.8%Other chemical products 27.9% 26.1% 6.9%

Overall 30.9% 28.7% 7.7%

Bleaching and disinfectant chemicalsThe gross margin of bleaching and disinfectant chemicals increased from 33.1% for the year ended 31 December 2012 to 34.7% for the year ended 31 December 2013, which was primarily attributed to: (1) the increase in sales volume of hydrogen peroxide which has higher gross profit margin as a result of improving market condition; and (2) the decrease in cost of sales as a result of decreasing raw material price and cost saving after the upgrade of production facilities.

Other chemical productsThe gross margin of other chemical products increased from 26.1% for the year ended 31 December 2012 to 27.9% for the year ended 31 December 2013, which was primarily attributed to the upgrade of our production facilities and the increase in the usage of self-produced raw materials, for example of caustic soda and biurea, had improved the gross margin of foaming agent.

Selling and marketing expensesSelling and marketing expenses primarily consist of transportation and related charges for our products, sales taxes such as urban maintenance and construction tax, educational surtax, travelling expenses and other selling and marketing expenses. The selling and marketing expenses of the Group increased by 9.4% to RMB41.9 million for the year ended 31 December 2013 from RMB38.3 million for the year ended 31 December 2012, which was primarily attributed to the expansion of sales volume of the Group resulting in higher selling expenses.

09



Administrative expensesAdministrative expenses primarily consist of depreciation of property, plant and equipment, employee benefit expenses and office and entertainment expenses. The administrative expenses of the Group decreased by 0.2% to RMB66.3 million for the year ended 31 December 2013 from RMB66.4 million for the year ended 31 December 2012, which was primarily attributed to which was primarily to effective cost control.

Other incomeOther income primarily consists of profit from sales of raw materials and government subsidies. The other income of the Group increased by 65.2% to RMB3.4 million for the year ended 31 December 2013 from RMB2.0 million for the year ended 31 December 2012, which was primarily attributed to the increase in government subsidies as a result of energy saving.

Other losses — netOther losses — net, mainly consists of the net loss from the disposal of property, plant and equipment. The other losses, net of the Group increased by 8.1% to RMB1.9 million for the year ended 31 December 2013 from RMB1.8 million for the year ended 31 December 2012, which was primarily attributable to increase in loss on disposals of property, plant and equipment.

Finance incomeFinance income primarily represents interest income from our bank deposits. The finance income of the Group decreased by 31.9% to RMB3.5 million for the year ended 31 December 2013 from RMB5.2 million for the year ended 31 December 2012, which was primarily attributed to the decrease in interest earned on our bank deposits as a result of decrease in term deposits during the year.

Finance expensesFinance expenses primarily consist of interest expenses on bank borrowings, discount interest for bill payables, other finance charges and foreign exchange losses, less interest capitalized in property, plant and equipment. The finance costs of the Group decreased by 1.3% to RMB28.0 million for the year ended 31 December 2013 from RMB28.4 million for the year ended 31 December 2012, which was primarily attributed to increased foreign exchange gains.

Income tax expenseThe Group is subject to PRC enterprise income tax rate of 25% for all our PRC subsidiaries. The income tax expense of the Group decreased by 2.0% to RMB85.1 million for the year ended 31 December 2013 from RMB86.8 million for the year ended 31 December 2012. The effective tax rate decreased to 25.4% for the year ended 31 December 2013 from 25.7% for the year ended 31 December 2012 as a result of adjustments for income and expenses items which were not assessable or deductible for income tax purpose.

10



Profit for the yearAs a result of the foregoing factors, the profit attributable to the equity holders of the Company increased by 0.2% to RMB250.3 million for the year ended 31 December 2013 from RMB249.7 million for the year ended 31 December 2012.

Profit attributable to non-controlling interestsThere is no profit attributable to non-controlling interests of the Company for the year ended 31 December 2013 (2012: RMB0.5 million), which was primarily attributed to the acquisition of the non-controlling interest of Fuzhou Yihua Chemical Stock Co., Ltd. (“Fuzhou Yihua”) by Fujian Rongping Chemical Co., Ltd. (“Fujian Rongping”) during the last year. Both Fuzhou Yihua and Fujian Rongping are subsidiaries of the Group.

Liquidity and Capital ResourcesFinancial position and bank borrowingsThe Group has historically funded our cash requirements principally from cash generated from our operations and bank borrowings, as well as equity financing through shareholders.

The balance of the Group’s cash and cash equivalents amounted to approximately RMB784.2 million (2012: approximately RMB778.6 million), most of which were denominated in Renminbi. As at 31 December 2013, the interest bearing bank borrowings of the Group amounted to approximately RMB391.1 million (2012: approximately RMB418.1 million).

The Group’s current ratio (calculated as current assets divided by current liabilities) was 2.17 (2012: 1.84). The Group was in a strong net cash position as at 31 December 2012 and 2013. The Group has sufficient and readily available finance resource for both general working capital purpose and foreseeable capital expenditure.

Working capitalInventories were approximately RMB156.0 million in total as at 31 December 2013, as compared with approximately RMB166.1 million as at 31 December 2012. The decrease was primarily due to utilisation in work in process namely, working solution to be used to produce hydrogen peroxide. Average inventory turnover days was 56 days for the year 2013 (2012: 42 days).

As at 31 December 2013, trade receivables amounted to approximately RMB229.3 million in total, as compared with approximately RMB256.1 million as at 31 December 2012. The decrease was in line with decrease in our sales during the year. The average trade receivables turnover days was 58 days for the year 2013 (2012: 66 days).

As at 31 December 2013, trade and bills payables amounted to approximately RMB178.7 million in total, as compared with approximately RMB299.4 million as at 31 December 2012. The decrease was mainly due to the decrease in usage of 90 days letter of credit and bills guaranteed by banks in our payment. The average trade and bills payables turnover days was 83 days for the year 2013 (2012: 84 days).

11



Use of net proceeds from the initial public offeringThe net proceeds estimated to have been raised by the Company through the issue of 200,000,000 new shares (excluding those new shares to be issued upon the exercise of over — allotment option) at an offer price of HK$2.7 per share upon the listing on the Stock Exchange on 9 December 2011, after deducting brokerage and other costs and expenses payable by the Company, amounted to approximately HK$443.4 million (equivalent to approximately RMB361.2 million). The use of the net proceeds from the initial public offering by the Group was consistently the same as those set out in the section headed “Use of Proceeds” in the prospectus of the Company dated 29 November 2011. For the year ended 31 December 2013, the net proceeds were applied in the following manner:

Net proceeds from initial public offering

Use of proceeds Available AppliedNot yetapplied

(HK$ million)

To be used for the upgrade and expansion of existing production facilities 288.2 288.2 –To be used in merger and acquisition 110.9 – 110.9To be used for general working capital 44.3 44.3 –

Total 443.4 332.5 110.9

To the extent that the net proceeds were not yet applied as at 31 December 2013, the Company had deposited the same into short term bank deposits or term deposits at licensed banks in Hong Kong or the PRC.

Capital commitmentsAs at 31 December 2013, the capital commitments of the Group was NIL.

Contingent liabilitiesAs at 31 December 2013, the Group had not provided any form of guarantee for any company outside the Group. The Group is not involved in any current material legal proceedings, nor is our Group aware of any pending or potential material legal proceedings involving the Group.

Employees and Remuneration PolicyAs at 31 December 2013, the Group employed a total of 1,269 full time employees. For the year ended 31 December 2013, the employee benefit expense was approximately RMB67.8 million. The Group’s employee benefits included housing subsidies, shift subsidies, bonuses, allowances, medical check-up, staff quarters, social insurance contributions and housing fund contributions. The remuneration committee of the Company reviews such packages annually, or when the occasion requires. The executive Directors, who are also employees of the Company, receive remuneration in the form of fees, salaries, bonuses and other allowances.

12



OutlookThe year 2014 will be the first year for the PRC to thoroughly implement the spirit of the third plenary session of the 18th CPC Central Committee and to extensively deepen the reform. It is also crucial for the PRC to accomplish the “12th Five-year” Plan. Under the guidance of the national policies and more enforcement efforts to protect environment being increasingly intensified, the Group will propel the explosively growing demand for our eco-friendly bleaching and disinfectant products by fully utilizing the opportunities from the urban and industrial wastewater treatment and providing financial support to our major products such as sodium chlorate and hydrogen peroxide, so as to cement our leading position in the industry and to boost the rapid development of our water treatment chemical business.

Market recovery with the rising price of major productsOver the past two years, the global economy has remained sluggish and the growth speed of the domestic economy has slowed down. Under this background, the Group had strengthened internal management and moderately controlled each of expenses and expenditures, by adopting a series of measures such as technical transformation and energy conservation, whereby maintaining a higher profit margin over that achieved by other peers in the industry. In 2014, with the demand of the downstream industries resumed and driven by the strong growth of the needs from the wastewater treatment industry, the price of our major products is expected to rise step by step, which will in turn help raise the profit margin of the Group.

Wastewater treatment to shore up the market demand as a new engineBy the first half of 2013, the products of the Group had been mainly applied in the traditional bleaching and disinfection fields such textile, paper production, pulp and dyeing. Starting from the second half of 2013, our eco-friendly products such as sodium chlorate and hydrogen peroxide have been used in the urban and industrial wastewater treatment in great numbers, reflecting a fast growth momentum in user demand.

According to the up-to-date market survey, the production capacity of sodium chlorate is approximately 0.6 million tons, and the demand and supply are basically balanced. It is expected that by 2015, with the demand of the urban and industrial wastewater treatment for the eco-friendly bleaching and disinfectant products keeping rising, the market demand would be likely to increase dramatically.

Benefiting from the industrial development opportunities presented by the long-term national policy on environmental protectionAccording to the policy documents concerning the wastewater treatment industry successively introduced by the PRC Government, such as the Opinions on Accelerating the Development of Energy Conservation and Environmental Protection Industry and the Regulation on the Urban Water Drainage and Wastewater Treatment, by 2015, all cities and towns are required to have a daily-centralized sewage treatment capacity of over 200 million cubic meters.

In 2014, the government will introduce the “wastewater prevention and control campaign” scheme and the total investment worth RMB2 trillion is expected. As the government will increase investment in the field of wastewater treatment and recycling and strengthen law enforcement, enterprises engaged in wastewater treatment are now facing a broader market. The Group will benefit from the industrial development opportunities as presented by the long-term national policy on environmental protection and accelerate to develop into the leading water treatment and eco-friendly chemical supplier in the PRC.

13



Promotion of technical transformation and release of new production capacityIn 2013, the Group invested funds of RMB214 million, mainly in a series of technical transformation and upgrade for the production equipment producing main products, power transfer routes and transformer substation. After technical transformation, our new annual production capacity of hydrogen peroxide and foaming agent was 50,000 tons and 15,000 tons, respectively. It is expected that the aforesaid annual production capacity will be leashed and become the new growth point of our result performance.

Solidifying our leading position through acquisition and mergerIn April 2013, the Company entered into an agreement with Chengdu Huaxi Hope Group Co., Ltd in relation to acquire 30% of the equity of Sichuan Minjiang Snow Salt Chemical Industry Co., Ltd. Sichuan Minjiang Snow currently possesses a combined production capacity of 180,000 tons of chlorate per annum, its production capacity of sodium chlorate is approximately two times of our production capacity of sodium chlorate. It is now the largest sodium chlorate production base in the PRC with its production capacity ranked number one across Asia.

In 2014, the Group will solidify its leading position through acquisition and merger, and leverage on its edges in advanced technologies and brands to substantially lower the costs of merger. Currently, the Group has a lower level of debt than that of other companies in the industry and sufficient cash flow, which have provided financial guarantee for our rapid expansion in the future.

Accelerating the research and development of the products related to water treatmentIn February 2013, the Company and the Haixi Research Institute (海西研究院) of Chinese Academy of Sciences jointly established a “Research Centre of Green Chemical Technology” (綠色化工技術研發中心). The Company will deepen cooperation with Chinese Academy of Sciences, constantly cultivate and reserving new technologies, accelerate the research and development of the products related to water treatment, and develop high value-added product portfolio, so as to keep raising the gross profit margin of the Group.

Proactively expanding our international marketThe Group is largest sodium chlorate supplier in Japan and also the largest sodium chlorate exporter in China, whose brands enjoy a good reputation both at home and abroad. In December 2013, Fujian Rongping Chemical Co., Ltd., a wholly-owned subsidiary of the Company, and Deutsche Investitions und Entwicklungsgesellschaft GmbH (DEG) entered into a facility agreement worth US$22 million with a repayment term of 7 years. The interest rate is determined with reference to the six-month LIBOR plus 4.0%.

DEG is a development finance institution which is specialized in financing private sectors in developing and transition countries in order to contribute to sustainable progress, and has now become one of the largest European development finance institutions. Through the cooperation with DEG, the Group will proactively expand its international market.

Looking ahead, notwithstanding the macroeconomic conditions will tend to be more complex in 2014, facing the challenges from the decelerated growth and structural adjustment, the Group will propel the explosively growing demand for our eco-friendly bleaching and disinfectant products by fully utilizing the opportunities from the urban and industrial wastewater treatment, follow the trend of the times, and share those results achieved in performing the PRC environmental protection cause.

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DIRECTORS AND SENIOR MANAGEMENT

Biographies of DirectorsChairman and non-executive DirectorMr. Liem Djiang Hwa (林強華), aged 59, has been a non-executive Director and chairman of our Company since 10 June 2011. Mr. Liem is the elder brother of Mr. Lam Wai Wah, an executive Director. Mr. Liem has five years of experience in the chemicals industry and has been involved in corporate management and investments. Prior to establishing the Group, Mr. Liem had been involved in his family business in Indonesia spanning across industries such as food and beverages, building and construction, and horticulture since 1974. In the early 1980’s, Mr. Liem set up businesses in Indonesia involving plastic goods manufacturing and jewelleries. In 1998, Mr. Liem began to engage in trading business. In 2003, Mr. Liem went to the PRC to begin his investment and trading business in textiles and lumber, which was subsequently sold in 2004. Between 2005 and 2009, he acquired Fujian Rongping, Fujian Rongchang and Fuzhou Yihua.

Executive DirectorsMr. Chen Hong (陳洪), aged 49, has been an executive Director since 10 June 2011. He is responsible for the corporate and strategic development of the Group. Mr. Chen has more than 20 years of experience in the chemicals industry. He joined the Group in 1988. Mr. Chen is also the vice president of China Inorganic Salt Industry Association (中國無機鹽工業協會) and president of the Chlorate Salt Sub-Division of China Inorganic Salt Industry Association (中國無機鹽工業協會氯酸鹽分會). Mr. Chen obtained a bachelor’s degree in economics from Tianjin University of Commerce (天津商學院) in July 1988.

Ms. Miao Fei (繆妃), aged 40, has been an executive Director since 10 June 2011. Ms. Miao has more than 14 years of experience in human resources and operations management. She joined the Group in 2005 as administrative director. Ms. Miao is currently the vice president of our Company with a focus on human resources management. From 1996 to 2005, Ms. Miao worked for a number of private companies where she was responsible for human resources and operations management.

Mr. Lam Wai Wah (林維華), aged 57, has been an executive Director since 10 June 2011. He is responsible for the Group’s marketing and business development. He is also the marketing director of our Company. Mr. Lam joined the Group in 2006 as director of Fujian Rongping. Mr. Lam is the younger brother of Mr. Liem Djiang Hwa, a non-executive Director and the Chairman of the Company. He has more than 20 years of experience in international trade and sales in Hong Kong and other regions. From 1986 to 2001, he was involved in the management of companies in the textiles and manufacturing industries. From 2001 to 2006, he served as the general manager of Sino Bright International Enterprise Ltd. (香港耀華國際企業有限公司), a trading company in Hong Kong, involving in trading, including the export of electrical appliances and lumber.

15


Directors and Senior Management (CONTINUED)

Independent Non-executive DirectorsDr. Chen Xiao (陳曉), age 51, has been an independent non — executive Director since 10 June 2011. Dr. Chen has been appointed as an independent non-executive director and chairman of audit committee of Jintian Pharmaceutical Group Limited, a Company listed on the main board of Hong Kong Stock Exchange (stock code: 2211) since 18 November 2013. Since August 2012, Dr. Chen has served as an independent director of Changyou.com Ltd. (stock code: CYOU), a company listed on NASDAQ. Since June 2007, he has also served as an independent director and the chairman of the audit committee of Noah Education Holdings Ltd. (stock code: NED), a company listed on the New York Stock Exchange. Prior to 2012, he served as an independent director of five public companies listed on the Shanghai and Shenzhen Stock Exchanges. Dr. Chen obtained a bachelor’s degree in chemical engineering and machinery from Wuhan Institute of Technology (武漢工程大學) in 1983. He then obtained a master’s degree in management from University of Science and Technology of China (中國科學技術大學) in 1989 and a doctorate degree in economics from Tulane University respectively in 1996. Dr. Chen was a professor in and chairman of the Department of Accounting at the School of Economics and Management of Tsinghua University (清華大學). He had taught and conducted academic research in the fields of accounting and taxation at Tsinghua University for a period of 16 years. Dr. Chen is experienced in accountings and has published a number of articles in both domestic and international academic accounting journals covering topics such as financial accounting, corporate governance and taxation. Dr. Chen is also a board member of the Accounting Society of China and International Tax Society of China.

Mr. Kou Huizhong (寇會忠), aged 46, has been an independent non-executive Director since 10 June 2011. Mr. Kou is currently a professor in the Department of Chemistry at Tsinghua University and has held such position since 2007. He was a lecturer and an associate professor at the Department of Chemistry, Tsinghua University, from 2001 to 2002 and 2002 to 2007, respectively. Mr. Kou obtained a bachelor’s degree and a doctorate degree from Nankai University (南開大學) in 1990 and 1999 respectively. Mr. Kou then conducted his postdoctoral research in Peking University (北京大學). From 2004 to 2005, he was a special fellow of the Japanese Society for the Promotion of Science. Mr. Kou focuses his research on structural chemistry and multifunctional materials. Mr. Kou was awarded the Youth Chemical Prize (青年化學獎) from Chinese Chemical Society (中國化學會) in 2002 and Good Teachers and Helpful Friends Prize for graduate students from Tsinghua University in 2004.

Mr. Li Junfa (李君發), aged 51, has been an independent non-executive Director since 10 June 2011. Mr. Li has more than 30 years of experience in the petroleum and chemical engineering industry. Mr. Li is currently the chief engineer of China National Petroleum and Chemical planning Institute (石油和化學工業規劃院) (“NPCPI”). He is also an independent director of the following companies: Shangdong Hualu-Hengsheng Chemical Co., Ltd. (山東華魯恒升化工股份有限公司) (stock code: 600426), Nantong Jiangshan Agrochemical & Chemicals Co., Ltd. (南通江山農藥化工股份有限公司) (stock code: 600389) and Weifang Yaxing Chemical Co., Ltd (濰坊衞星化學股份有限公司) (stock code: 600319), all listed on the Shanghai Stock Exchange; and Yunnan Salt & Chemical Industry Co., Ltd. (雲南鹽化股份有限公司) (stock code: 002053), a company listed on the Shenzhen Stock Exchange. From 1983 to 1998, Mr. Li worked for China Hualu Chemical Engineering Co., Ltd. (中國華陸化學工程公司) where he was responsible for engineering design and technology development work. Mr. Li joined NPCPI in 1998, and he has been, and is currently, the chief engineer since 2007. Mr. Li has published numerous articles and received various awards in the petroleum and chemical engineering industry. Mr. Li received his bachelor’s degree in fundamental organic chemical engineering at Qingdao Science and Technology University (青島科技大學) in 1983 and participated in a training program on economics and management for senior managers at the School of Economics and Management, Tsinghua University, from 2001 to 2002. Mr. Li was qualified as professional-level senior engineer and registered chemical engineer in 2003 and 2004, respectively.

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Senior ManagementPlease refer to “Directors, Senior Management and Employees — Board of Directors” in this section for the biographies of Mr. Chen Hong, Ms. Miao Fei and Mr. Lam Wai Wah.

Mr. Zhang Heng (張亨 ), aged 38, is the chief financial officer of our Company. He is mainly responsible for overseeing our Group’s corporate investments and investor relations of our Group. Mr. Zhang has over 14 years of experience in the financial industry and capital market. Prior to joining our Group, Mr. Zhang worked for Industrial and Commercial Bank of China Limited (Head Office), a company listed on the Main Board of the Stock Exchange and the Shanghai Stock Exchange, Bank of China (Singapore Branch), a company listed on the Main Board of the Stock Exchange and the Shanghai Stock Exchange, and Sea Rainbow Holding Corp. (海虹企業（控股）股份有限公司 ), a company listed on the Shenzhen Stock Exchange. Mr. Zhang obtained a bachelor’s degree in economics from University of International Business and Economics (對外經濟貿易大學 ) in July 1997 and a master’s degree in business administration from National University of Singapore in July 2002. Mr. Zhang is a chartered financial analyst of the CFA Institute.

Mr. Tan Boon Chek, aged 36, is the finance director of our Company, responsible for handling corporate finance matters. He joined our Group in 2009. Mr. Tan has experience in accounting and finance. Prior to joining our Group, he worked for several international accounting firms, serving such positions as senior accountant at Baker Tilly in Singapore from 2002 to 2004, assistant audit manager at Ernst & Young LLP in Singapore from 2005 to 2006, and audit manager at Ernst & Young Hua Ming, CPA, in the PRC from 2006 to 2009. Mr. Tan graduated from University of Adelaide, Australia with a bachelor’s degree in commerce (accounting) in December 1999. Mr. Tan is a CA member of the Institute of Singapore Chartered Accountants and a CPA member of the CPA Australia. Mr. Tan obtained a master’s degree in business administration from Nanyang Technological University, Singapore in July 2012.

Mr. Chen Li (陳力), aged 46, is the director and general manager of Fuzhou Yihua. Mr. Chen has more than 20 years of experience in the chemical industry. Mr. Chen joined our Group in 1987 and has served on various positions within our Group, such as factory sub-chief of Fujian Rongping from 1998 to 2002, where he supervised facilities and supply management. He was executive vice general manager of Fuzhou Yihua from 2002 to 2006, where he managed the daily operations at Fuzhou Yihua. Since 2007, Mr. Chen was director and general manager of Fuzhou Yihua, overseeing its production and operational activities. Mr. Chen graduated from Fuzhou Gongren Yeyu University (福州市工人業餘大學) in 1991. He is also an assistant engineer.

Mr. Zhou Yi (周沂), aged 54, is the director and executive vice general manager of Fuzhou Yihua. Mr. Zhou has more than 28 years of experience in the chemical industry. Prior to joining our Group, Mr. Zhou worked at the Ministry of Light Industry (Changlu Bureau). He joined our Group in 1985 and served as director of production and technology department of Fuzhou Yihua from 1997 to 1999, where he led the research and development activities of Fuzhou Yihua. From 1999 to 2006, Mr. Zhou was the leader of various chemical production projects. From 2006 to 2009, he was vice manager of Fuzhou Yihua, where he supervised activities spanning from production and daily operations to quality assurance and property management. Since 2010, Mr. Zhou has been the vice general manager of Fuzhou Yihua. Mr. Zhou obtained a bachelor’s degree in engineering from East China University of Science Technology (華東理工大學) in July 1982. In December 2004, Mr. Zhou was awarded the title of “Senior Engineer” (高級工程師) by the Fujian Province Personnel Affairs Bureau, a provincial government authority responsible for employment and personnel matters, recognizing his achievements and knowledge in the industry.

17



Mr. He Zhong (何中), aged 46, is the director and general manager of Fujian Rongping. He has more than 20 years of experience in the chemical industry. Mr. He joined our Group in 1989 and has served on various positions within our Group, including director of production and technology department of Fuzhou Yihua from 1998 to 2002, where he led the research and development activities of Fuzhou Yihua. He was also executive vice general manager of Fujian Rongping from 2002 to 2008, managing technology and operational systems. Since 2008, Mr. He has been the director and general manager of Fujian Rongping and is in charge of business development and corporate management. Mr. He graduated from Fuzhou Teachers College (福州師範專科學院) in 1989.

Mr. Chen Tianzhen (陳天震), aged 50, is the director and executive vice general manager of Fujian Rongping. Mr. Chen joined our Group in 1985 and was deputy director of the equipment department of Fuzhou Yihua from 1989 to 1995, where he was in charge of managing chemical production facilities. He was vice general manager of Fujian Rongping since 2002, where he managed production facilities and daily operational activities of Fujian Rongping. Mr. Chen obtained a bachelor’s degree in chemical engineering and machinery from Fuzhou University (福州大學) in 1985.

Mr. Wei Gang (魏剛), aged 57, is the director and general manager of Fujian Rongchang. Mr. Wei joined Fujian Rongchang in 1981 and was director of the production department from 1995 to 2006, where he supervised chemical production processes. He has been the general manager of Fujian Rongchang since 2007, in charge of chemical production systems and product development. Mr. Wei obtained a certificate in inorganic chemical engineering from Jianyang District Industrial Diploma Program (建陽地區工業大專班) in 1981. In December 2003, Mr. Wei was awarded the title of “Senior Engineer” (高級工程師) by the Fujian Province Personnel Affairs Bureau, a provincial government authority responsible for employment and personnel matters, recognizing his achievements and knowledge in the industry.

Mr. Lin Guigui (林桂貴), aged 50, is the director and executive vice general manager of Fujian Rongchang. Mr. Lin has more than 22 years of experience in the chemical production industry. Mr. Lin joined our Group in 1988 and was general manager of Fuzhou Yihua from 2001 to 2005. From 2006 to 2007, Mr. Lin was vice general manager of Fujian Rongchang, where he managed production systems and led technical research activities. Mr. Lin obtained a bachelor’s degree in engineering from Fuzhou University (福州大學) in 1988. Mr. Lin is also a senior chemical engineer. In December 2004, Mr. Lin was awarded the title of “Senior Engineer” (高級工程師) by the Fujian Province Personnel Affairs Bureau, a provincial government authority responsible for employment and personnel matters, recognizing his achievements and knowledge in the industry.

18


CORPORATE GOVERNANCE REPORT

Corporate Governance PracticesThe board of directors (the “Board”) of the Company has committed to maintaining high corporate governance standards.

The Company’s corporate governance practices are based on the principles and code provisions as set out in the Corporate Governance Code (the “CG Code”) contained in Appendix 14 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the “Stock Exchange”) (the “Listing Rules”).

The Board believes that good corporate governance standards are essential in providing a framework for the Group to safeguard the interests of shareholders and to enhance corporate value and accountability.

In the opinion of the directors, throughout the year ended 31 December 2013, the Company has complied with all the code provisions as set out in the CG Code, save and except details as set out below.

Model Code for Securities TransactionsThe Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers (the “Model Code”) as set out in Appendix 10 to the Listing Rules.

Specific enquiry has been made of all the directors and the directors have confirmed that they have complied with the Model Code throughout the year ended 31 December 2013.

Board of DirectorsThe Board of the Company comprises the following directors:

Non-executive Director:Mr. Liem Djiang Hwa (Chairman)

Executive Directors:Mr. Chen HongMs. Miao FeiMr. Lam Wai Wah

Independent Non-executive Directors:Dr. Chen XiaoMr. Kou HuizhongMr. Li Junfa

The biographical information of the directors are set out in the section headed “Biographies of Directors” on pages 14 to 15 of the annual report for the year ended 31 December 2013. The relationships between the members of the Board are also disclosed in the same section.

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Corporate Governance Report (CONTINUED)

Chairman and Chief Executive OfficerThe positions of Chairman and Chief Executive Officer are held by Mr. Liem Djiang Hwa and Mr. Chen Hong respectively. The Chairman provides leadership and is responsible for the effective functioning and leadership of the Board. The Chief Executive Officer focuses on the Company’s business development and daily management and operations generally. Their respective responsibilities are clearly defined and set out in writing.

Independent Non-executive DirectorsDuring the year ended 31 December 2013, the Board at all times met the requirements of the Listing Rules relating to the appointment of at least three Independent Non-executive Directors representing one-third of the Board with one of whom possessing appropriate professional qualifications or accounting or related financial management expertise.

The Company has received written annual confirmation from each of the Independent Non-executive Directors in respect of his independence in accordance with the independence guidelines set out in Rule 3.13 of the Listing Rules. The Company is of the view that all Independent Non-executive Directors are independent.

Non-executive Directors and Directors’ Re-electionCode provision A.4.1 of the CG Code stipulates that Non-executive Directors shall be appointed for a specific term, subject to re-election, whereas code provision A.4.2 states that all directors appointed to fill a casual vacancy shall be subject to election by shareholders at the first general meeting after appointment and that every director, including those appointed for a specific term, shall be subject to retirement by rotation at least once every three years.

Each of the directors of the Company is appointed for a term of 3 years with effect from 9 December 2011 and is subject to retirement by rotation once every three years.

Responsibilities, Accountabilities and Contributions of the Board and ManagementThe Board is responsible for leadership and control of the Company and oversees the Group’s businesses, strategic decisions and performance and is collectively responsible for promoting the success of the Company by directing and supervising its affairs. Directors of the Board take decisions objectively in the interests of the Company.

All directors, including Non-executive Directors and Independent Non-executive Directors, have brought a wide spectrum of valuable business experience, knowledge and professionalism to the Board for its efficient and effective functioning.

All directors have full and timely access to all the information of the Company. The directors may, upon request, seek independent professional advice in appropriate circumstances, at the Company’s expenses for discharging their duties to the Company.

The directors shall disclose to the Company details of other offices held by them and the Board regularly reviews the contribution required from each director to perform his responsibilities to the Company.

The Board reserves for its decision all major matters relating to policy matters, strategies and budgets, internal control and risk management, material transactions (in particular those that may involve conflict of interests), financial information, appointment of directors and other significant operational matters of the Company. Responsibilities relating to implementing decisions of the Board, directing and coordinating the daily operation and management of the Company are delegated to the management.

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Continuous Professional Development of DirectorsDirectors keep abreast of responsibilities as a director of the Company and of the conduct, business activities and development of the Company.

Every newly appointed director will receive formal, comprehensive and tailored induction on the first occasion of his/her appointment to ensure appropriate understanding of the business and operations of the Company and full awareness of director’s responsibilities and obligations under the Listing Rules and relevant statutory requirements.

Directors should participate in appropriate continuous professional development to develop and refresh their knowledge and skills to ensure that their contribution to the Board remains informed and relevant. Internally-facilitated briefings for directors will be arranged and reading material on relevant topics will be issued to directors where appropriate. All directors are encouraged to attend relevant training courses at the Company’s expenses.

In October 2013, the Company has organised training session on updates on Listing Rules which was attended by all directors.

Board CommitteesThe Board has established 3 committees, namely, the Audit Committee, Remuneration Committee and Nomination Committee, for overseeing particular aspects of the Company’s affairs. All Board committees of the Company are established with defined written terms of reference. The terms of reference of the Board committees are posted on the Company’s website and the Stock Exchange’s website and are available to shareholders upon request.

The majority of the members of each Board committee are Independent Non-executive Directors and the list of the chairman and members of each Board committee is set out under “Corporate Information” on pages 97 and 98.

Audit CommitteeThe main duties of the Audit Committee are to assist the Board in reviewing the financial information and reporting process, internal control procedures and risk management system, audit plan and relationship with external auditors, and arrangements to enable employees of the Company to raise, in confidence, concerns about possible improprieties in financial reporting, internal control or other matters of the Company.

The Audit Committee held three meetings to review interim and annual financial results and reports in respect of the year ended 31 December 2013 and significant issues on the financial reporting and compliance procedures, internal control and risk management systems, scope of work and appointment of external auditors and arrangements for employees to raise concerns about possible improprieties.

The Audit Committee also met the external auditors twice without the presence of the Executive Directors.

Remuneration CommitteeThe primary functions of the Remuneration Committee include reviewing and making recommendations to the Board on the remuneration packages of individual Executive Directors and senior management, the remuneration policy and structure for all directors and senior management; and establishing transparent procedures for developing such remuneration policy and structure to ensure that no director or any of his/her associates will participate in deciding his/her own remuneration.

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The Remuneration Committee met once to review and make recommendation to the Board on the remuneration policy and structure of the Company, and the remuneration packages of the Executive Directors and senior management and other related matters.

Nomination CommitteeThe principal duties of the Nomination Committee include reviewing the Board composition and diversity (including but not limited to gender, age, cultural and educational background, professional and industry experience, skills, knowledge and experience) of the board, developing and formulating relevant procedures for the nomination and appointment of directors, making recommendations to the Board on the appointment and succession planning of directors, and assessing the independence of Independent Non-executive Directors.

The Nomination Committee has adopted a set of nomination procedures for selection of candidates for directorship of the Company by making reference to the skills, experience, professional knowledge, personal integrity and time commitments of such individuals, the Company’s needs and other relevant statutory requirements and regulations.

The Company has adopted a Board Diversity Policy on 28 August 2013 which aims to set out the approach to achieve diversity on the Company’s board of directors. The Company recognizes and embraces the benefits of having a diverse board, and see diversity at Board level as an essential element in maintaining a competitive advantage.

The Nomination Committee met once to review the structure, size and composition of the Board and the independence of the Independent Non-executive Directors, and to consider the qualifications of the retiring directors standing for election at the Annual General Meeting.

Attendance Record of Directors and Committee MembersThe attendance record of each director at the Board and Board Committee meetings and the general meetings of the Company held during the year ended 31 December 2013 is set out in the table below:

Attendance/Number of Meetings

Name of Director BoardNominationCommittee

RemunerationCommittee

AuditCommittee

AnnualGeneralMeeting

Liem Djiang Hwa 2/6 – – – 1/1Chen Hong 6/6 – – – 1/1Miao Fei 6/6 – 1/1 – 1/1Lam Wai Wah 5/6 1/1 – – 1/1Chen Xiao 6/6 – 1/1 3/3 1/1Kou Huizhong 6/6 1/1 1/1 3/3 1/1Li Junfa 6/6 1/1 – 3/3 1/1

Apart from regular Board meetings, the Chairman also held meetings with the Non-executive Directors (including Independent Non-executive Directors) without the presence of Executive Directors during the year.

22



The Board is responsible for performing the functions set out in the code provision D.3.1 of the CG Code.

The Board reviewed the Company’s corporate governance policies and practices, training and continuous professional development of directors and senior management, the Company’s policies and practices on compliance with legal and regulatory requirements, the compliance of the Model Code and Written Employee Guidelines, and the Company’s compliance with the CG Code and disclosure in this Corporate Governance Report.

Directors’ Responsibility in Respect of the Financial StatementsThe directors acknowledge their responsibility for preparing the financial statements of the Company for the year ended 31 December 2013.

The statement of the independent auditors of the Company about their reporting responsibilities on the financial statements is set out in the Independent Auditors’ Report on pages 33 to 34.

Auditors’ RemunerationThe remuneration paid to the Company’s external auditors of the Company in respect of audit services for the year ended 31 December 2013 amounted to RMB3,150,000.

An analysis of the remuneration paid to the external auditors of the Company, PricewaterhouseCoopers, in respect of audit services and non-audit services for the year ended 31 December 2013 is set out below:

Service Category Fees Paid/PayableRMB

Audit Services 3,150,000Non-audit Services –

3,150,000

Internal ControlsDuring the year under review, the Board, through the Audit Committee, conducted a review of the effectiveness of the internal control system of the Company, including the adequacy of resources, staff qualifications and experience, training programmes and budget of the Company’s accounting and financial reporting function.

Company SecretaryMs. Yuen Wing Yan, Winnie of Tricor Services Limited, external service provider, has been engaged by the Company as its company secretary. Its primary contact person at the Company is Ms. Miao Fei, Director of the Company. During 2013, the Company Secretary undertook over 20 hours of professional training to update her skills and knowledge.

23



Shareholders’ RightsTo safeguard shareholder interests and rights, a separate resolution is proposed for each substantially separate issue at shareholder meetings, including the election of individual directors. All resolutions put forward at shareholder meetings will be voted on by poll pursuant to the Listing Rules and poll results will be posted on the websites of the Company and of the Stock Exchange after each shareholder meeting.

Putting Forward Enquiries to the BoardFor putting forward any enquiries to the Board of the Company, shareholders may send written enquiries to the Company.

Note: The Company will not normally deal with verbal or anonymous enquiries.

Contact DetailsShareholders may send their enquiries or requests as mentioned above to the following:

Address: Level 54, Hopewell Centre, 183 Queen’s Road East, Hong Kong(For the attention of the Board of Directors)

Email: [email protected]

For the avoidance of doubt, shareholders must deposit and send the original duly signed written requisition, notice or statement, or enquiry (as the case may be) to the above address and provide their full name, contact details and identification in order to give effect thereto. Shareholders’ information may be disclosed as required by law.

Communication with Shareholders and InvestorsThe Company considers that effective communication with shareholders is essential for enhancing investor relations and investor understanding of the Group’s business performance and strategies. The Company endeavours to maintain an ongoing dialogue with shareholders and in particular, through annual general meetings and other general meetings. The Chairman of the Board, all Non-executive Directors, Independent Non-executive Directors, and the chairmen of all Board committees (or their delegates) will make themselves available at the annual general meetings to meet shareholders and answer their enquiries.

During the year under review, the Company has not made any changes to its Articles of Association. An up to date version of the Company’s Articles of Association is also available on the Company’s website and the Stock Exchange’s website.

24


REPORT OF THE DIRECTORS

The directors are pleased to present to shareholders their report and the audited financial statements of the Group for the year ended 31 December 2013.

Principal activitiesThe Company is an investment holding company. Principal activities of its subsidiaries are set out in note 1 to the financial statements.

ResultsThe results of the Group for the year ended 31 December 2013 are set out in the consolidated statement of comprehensive income on page 38.

Five year financial summaryA summary of the results and of the assets and liabilities of the Group for the latest five financial years is set out on page 95 of this annual report.

DividendThe Board has not recommended the payment of any interim dividend for the six months ended 30 June 2013.

The Board recommended the payment of a final dividend of HK3.90 cents (RMB3.12 cents) per Share for the year ended 31 December 2013 to shareholders whose names appear on the register of members of the Company on 20 June 2014. The proposed final dividend is subject to the approval by the shareholders at the forthcoming annual general meeting to be held on Friday, 13 June 2014. The final dividend is expected to be paid on or about 27 June 2014.

Closure of Register of MembersIn order to determine the entitlements of the shareholders to attend and vote at the annual general meeting, the register of members of the Company will be closed from Thursday, 12 June 2014 and Friday, 13 June 2014, both days inclusive, during which no transfer of Shares will be registered. In order to be eligible to attend and vote at the annual general meeting, all Share transfers, being accompanied by the relevant share certificates, must be lodged with the Company’s share registrar in Hong Kong, Tricor Investor Services Limited, at Level 22, Hopewell Centre, 183 Queen’s Road East, Hong Kong for registration no later than 4:30 p.m. on Wednesday, 11 June 2014.

In order to determine the entitlements of shareholders of receiving the proposed final dividend, the register of members of the Company will be closed on Thursday, 19 June 2014 and Friday, 20 June 2014, both days inclusive, during which no transfer of Shares will be registered. In order to be eligible of receiving the proposed final dividend, all Share transfers, being accompanied by the relevant share certificates, must be lodged with the Company’s share registrar in Hong Kong, Tricor Investor Services Limited, at the above address for registration no later than 4:30 p.m. on Wednesday, 18 June 2014.

ReservesDetails of movements in the reserves are set out in the consolidated statement of changes in equity on page 39 and Note 16 to the consolidated financial statements.

25


Report of the Directors (CONTINUED)

Distributable reservesThe Company’s reserves available for distribution to shareholders at the end of the reporting period amounted to RMB1,014.6 million (2012: RMB789.7 million).

Property, plant and equipmentDetails of movements in the property, plant and equipment of the Group are set out in Note 7 to the consolidated financial statements.

BorrowingsDetails of the borrowings of the Group are set out in Note 17 to the consolidated financial statements.

Share capitalDetails of movements in the share capital of the Company are set out in Note 15 to the consolidated financial statements.

Purchase, Sale and Redemption of Listed Securities of the CompanyNeither the Company nor any of its subsidiaries purchased, sold or redeemed any of the Company’s listed securities during the year ended 31 December 2013.

Pre-emptive rightsThere are no provisions for pre-emptive rights under the Company’s articles of association or the laws of the Cayman Islands which would oblige the Company to offer new shares on a pro rata basis to existing shareholders.

DirectorsThe directors of the Company during the year and up to the date of this report were:

Chairman and non-executive director:Mr. Liem Djiang Hwa

Executive directors:Mr. Chen HongMs. Miao FeiMr. Lam Wai Wah

Independent non-executive directors:Dr. Chen XiaoMr. Kou HuizhongMr. Li Junfa

In accordance with Article 16.18 of the Articles of Association of the Company, Mr. Chen Hong, Ms. Miao Fei and Mr. Lam Wai Wah will retire at the forthcoming annual general meeting of the Company, and, being eligible, offer themselves for re-election.

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Biographical information of directors and senior managementThe biographical information of directors and senior management of the Company is disclosed in the annual report of the Company.

Remuneration of directorsThe Directors’ fees are subject to shareholders’ approval at general meetings. Other emoluments are determined by the Board of the Company with reference to the Directors’ duties, responsibilities and performance and the results of the Group.

Directors’ service contractsEach of the executive Directors namely, Mr. Chen Hong, Mr. Lam Wai Wah and Ms. Miao Fei, has entered into a service contract with the Company for a term of three years since the Listing Date and is subject to termination by either party giving not less than one month’s written notice.

The Chairman and non-executive Directors namely, Mr. Liem Djiang Hwa, has entered into a service contract with the Company for a term of three years since the Listing Date and is subject to termination by either party giving not less than one month’s written notice.

Each of the independent non-executive Directors, namely Dr. Chen Xiao, Mr. Kou Huizhong and Mr. Li Junfa, has been appointed for a term of three years since the Listing Date and is subject to termination by either party giving not less than three months’ written notice.

No Director proposed for re-election at the AGM has a service contract with the Company which is not determinable by the Company within one year without payment of compensation, other than statutory compensation.

Directors’ interests in contracts of significanceNo Director had a material interest, either directly or indirectly, in any contract of significance to the business of the Group to which the Company or any of its subsidiaries was a party during the reporting period.

Directors’ interests in contractsNo contract of significance has been entered into during the year between the Company or any of its subsidiaries and the controlling Shareholders or any of its subsidiaries.

Directors’ rights to acquire shares or debenturesAt no time during the year was rights to acquire benefits by means of the acquisition of shares in or debentures of the Company granted to any Director or their respective spouse or minor children, or were any such rights exercised by them; or was the Company or any of its subsidiaries a party to any arrangement to enable the Directors, their respective spouses or minor children to acquire such rights in any other body corporate.

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Directors’ interests in securitiesAs at 31 December 2013, the interests and short positions of the directors and chief executive of the Company in the Shares, underlying shares and debentures of the Company or its associated corporations (within the meaning of Part XV of the Securities and Futures Ordinance (“SFO”)) which (a) were required to be notified to the Company and the Stock Exchange pursuant to Divisions 7 and 8 of Part XV of the SFO (including interests and short positions which they are taken or deemed to have taken under such provisions of the SFO); or (b) were required, pursuant to section 352 of the SFO, to be entered in the register required to be maintained by the Company; or (c) were required, pursuant to the Model Code, to be notified to the Company and the Stock Exchange, were as follows:

(I) Long position and short position in the shares and underlying shares of the Company

Name of directorsLong position/Short position Nature of interest

Number ofshares/

underlyingshares held

Percentage ofissued share

capital Note

Liem Djiang Hwa Long position Interests in controlled corporation

419,949,888 52.35% (1)

Lam Wai Wah Long position Interests in controlled corporation

419,949,888 52.35% (2)

Beneficial owner 4,000,000 0.49% (2)Chen Hong Long position Beneficial owner 4,000,000 0.49% (3)Miao Fei Long position Beneficial owner 4,000,000 0.49% (3)Chen Xiao Long position Beneficial owner 800,000 0.09% (3)Kou Huizhong Long position Beneficial owner 400,000 0.04% (3)Li Junfa Long position Beneficial owner 400,000 0.04% (3)

(II) Long positions in the shares of associated corporations

Name of directors

Name ofassociatedcorporations

Relationship withthe Company Nature of interest

Number ofshares held

in associatedcorporations


capital inassociated

corporations

Liem Djiang Hwa China First Chemical Ltd.

The Company’s holding corporation

Interests in controlled corporation

43,492,810 62.14%

Lam Wai Wah China First Chemical Ltd.

The Company’s holding corporation

Interests in controlled corporation

26,498,838 37.86%

Notes:

(1) Mr. Liem Djiang Hwa is indirectly interested in the Company through Yihua Crown Limited, which in turn is indirectly interested in our Company through China First Chemical Ltd.

(2) Mr. Lam Wai Wah is indirectly interested in 419,949,888 Shares of the Company through Yihua Fortune Limited, which in turn is indirectly interested in the Company through China First Chemical Ltd, Mr. Lam is also interested in 4,000,000 Shares in the underlying Share of the Company by virtue of the options granted to him under the Pre-IPO Share Option Scheme.

(3) The Company granted such options pursuant to the Pre-IPO Share Option Scheme.

28



Save as those disclosed above, as at 31 December 2013, the directors and chief executive of the Company did not have any interests or short positions in the Shares, underlying shares and debentures of the Company or its associated corporations (within the meaning of Part XV of the Securities and Futures Ordinance (“SFO”)) which were required to be notified to the Company and the Stock Exchange pursuant to Divisions 7 and 8 of Part XV of the SFO; or were required, pursuant to section 352 of the SFO, to be entered in the register required to be maintained by the Company; or were required, pursuant to the Model Code, to be notified to the Company and the Stock Exchange.

Interests of substantial shareholdersAs at 31 December 2013, the following persons had an interest or short position in the shares or underlying shares in the Company which would fall to be disclosed to the Company under the provisions of Divisions 2 and 3 of Part XV of the SFO as recorded in the register required to be kept by the Company under section 336 of the SFO, or who was, directly or indirectly, interest in 5% or more of the issued share capital of the Company:

Long position or short position in the shares of the Company

Name of shareholders Nature of interestNumber of

shares


capital

Mr. Liem Djiang Hwa Interests in controlled corporation 419,949,888 52.35%(1)

Mr. Lam Wai Wah Interests in controlled corporation 419,949,888 52.35%(2)

Beneficial owner 4,000,000 0.49%Yihua Crown Limited Interests in controlled corporation 419,949,888 52.35%(1)

Yihua Fortune Limited Interests in controlled corporation 419,949,888 52.35%(2)

China First Chemical Ltd. Beneficial owner 419,949,888 52.35%China Renaissance Capital Investment II GP Interests in controlled corporation 180,050,112 22.44%(3)

China Renaissance Capital Investment II, L.P. Interests in controlled corporation 180,050,112 22.44%(4)

China Harvest Fund II, L.P. Interests in controlled corporation 180,050,112 22.44%(5)

Trophy Group Limited Beneficial owner 180,050,112 22.44%

Notes:

(1) Mr. Liem Djiang Hwa is indirectly interested in the Company through Yihua Crown Limited, which in turn is indirectly interested in our Company through China First Chemical Ltd.

(2) Mr. Lam Wai Wah is indirectly interested in the Company through Yihua Fortune Limited, which in turn is indirectly interested in the Company through China First Chemical Ltd.

(3) China Renaissance Capital Investment II GP is the general partner of China Renaissance Capital Investment II, L.P. pursuant to a partnership agreement.

(4) China Renaissance Capital Investment II, L.P. is the general partner of China Harvest Fund II, L.P..

(5) China Harvest Fund II, L.P. is the sole shareholder of Trophy Group.

Save as those disclosed above, as at 31 December 2013, the directors of the Company were not aware of any persons (not being a director or chief executive of the Company) having an interest or short position in the shares or underlying shares in the shares or underlying shares of the Company which would fall to be disclosed to the Company under the provisions of Divisions 2 and 3 of Part XV of the SFO as recorded in the register required to be kept by the Company under section 336 of the SFO.

29



Major customers and suppliersThe percentages of sales and purchases attributable to the Group’s major customers and suppliers respectively during the year are as follows:

2013 2012

As a percentage of the Group’s total salesThe largest customer 9.7% 10.4%Five largest customers in aggregate 38.3% 36.2%

As a percentage of Group’s total purchasesThe largest supplier 18.6% 13.3%Five largest suppliers in aggregate 59.3% 49.2%

None of the Directors or any of their associates or any shareholders of the Company (which, to the best knowledge of the Directors, own more than 5% of the Company’s issued share capital) had any interest in the Group’s major customers and suppliers during the year ended 31 December 2013.

Share option schemeThe Company operates a share option scheme (the “Share Option Scheme”), which was adopted on 10 June 2011 and 12 June 2011, respectively (the “Adoption Date”), for the purpose of providing incentives or rewards to selected eligible participants for their contribution to the Group. Unless otherwise cancelled or amended, the Share Option Scheme will remain in force for 10 years from the Adoption Date.

Eligible participants of the Share Option Scheme include the following:

(i) any full-time or part-time employees, executives or officers of our Company or any of its subsidiaries;

(ii) any Directors (Including non-executive directors and independent non-executive directors) of the Company and its subsidiaries; and

(iii) any advisers, consultants, suppliers, customers and agents to our Company or any of its subsidiaries.

As at the date of this annual report, the total number of Shares available for issue under the Share Option Scheme is 80,000,000, representing approximately 10% of the issued share capital of the Company as at the date of this annual report. The maximum number of Shares issuable upon exercise of the options which may be granted under the Share Option Scheme and any other share option scheme of the Group (including both exercised and outstanding options) to each participant in any 12-month period shall not exceed 1% of the issued share capital of the Company for the time being. Any further grant of share options in excess of this limit is subject to Shareholders’ approval in a general meeting.

30



Share options granted to a Director, chief executive or substantial shareholder of the Company, or to any of their respective associates (as defined under the Listing Rules), are subject to approval in advance by the independent non-executive Directors (excluding independent non-executive Director who is the grantee of the options). In addition, where any grant of share options to a substantial shareholder or an independent non-executive Director, or to any of their respective associates, would result in the Shares already granted and to be granted (including options exercised, cancelled and outstanding) to such person in excess of 0.1% of the Shares in issue and with an aggregate value (based on the closing price of the Shares at the date of the grant) in excess of HK$5 million, in a 12-month period up to and including the date of grant, such grant of share options are subject to Shareholders’ approval in a general meeting.

The offer of a grant of share options may be accepted within 21 days from the date of the offer, upon payment of a nominal consideration of HK$1 by the grantee. The exercise period for the share options granted is determined by the Board, which period may commence from the date of acceptance of the offer for the grant of share options but shall end in any event not later than 10 years from the date of the grant of the option subject to the provisions for early termination under the Share Option Scheme.

The subscription price for Shares under the Share Option Scheme shall be a price determined by the Board, but shall not be less than the highest of:

(i) the official closing price of the Shares as stated in the Stock Exchange’s daily quotation sheers on the date of grant, which must be a day on which the Stock Exchange is open for the business of dealing in securities;

(ii) the average of the official closing prices of the Shares as stated in the Stock Exchange’s daily quotation sheets for the five business days immediately preceding the date of grant; or

(iii) the nominal value of a Share.

Since the Adoption Date and up to 31 December 2013, no share option has been granted by the Company.

Pre-IPO share option schemeThe Company operates a Pre-IPO share option scheme (the “Pre-IPO Share Option Scheme”), which was adopted on 10 June 2011 and 12 June 2011, respectively (the “Adoption Date”), for the purpose of providing incentives or rewards to selected eligible participants for their contribution to the Group. Unless otherwise cancelled or amended, the Pre-IPO Share Option Scheme will remain in force for 3 years from the IPO Date.

Eligible participants of the Pre-IPO Share Option Scheme include the following:

(i) any full-time or part-time employees, executives or officers of our Company or any of its subsidiaries; and

(ii) any Directors (Including non-executive directors and independent non-executive directors) of the Company and its subsidiaries.

31



As at the date of this annual report, the total number of Shares available for issue under the Pre-IPO Share Option Scheme is 16,000,000, representing approximately 2% of the issued share capital of the Company as at the date of this annual report. The maximum number of Shares in respect of which options may be granted under the Pre-IPO Share Option Scheme is 16,000,000 Shares.

HK$1 is payable by the grantee to the Company on acceptance of the options granted under the Pre-IPO Share Option Scheme. The grantees to whom an option has been granted under the Pre-IPO Share Option Scheme will be entitled to exercise his/her option in the following manner:

(i) up to 30% of the Shares that are subject to the option so granted to him/her at any time during the period commencing from the Listing Date and ending on the expiry of one year thereafter;

(ii) up to 60% of the Shares that are subject to the option so granted to him/her but less the number of Shares in respect of which the option has been exercised (rounded down to the nearest whole number) at any time during the period commencing from the Listing Date and ending on the expiry of two years thereafter; and

(iii) the remaining Shares that are subject to the option so granted to him/her but less the number of Shares in respect of which the option has been exercised (rounded down to the nearest whole number) at any time during the period commencing from the Listing Date and ending on the expiry of three years thereafter.

The subscription price for Shares under the Share Option Scheme is equivalent to HK$2.7 (the IPO’s Offer Price).

Since the Adoption Date and up to 31 December 2013, 16,000,000 options under the Pre-IPO Share Option Scheme have been granted by the Company, but not exercised, lapsed or cancelled.

Management contractsNo contracts concerning the management and administration of the whole or any substantial part of the business of the Company were entered into or existed during the year.

Retirement SchemesThe Group participates in a state-managed retirement scheme operated by the PRC government which covers the Group’s eligible employees in the PRC. Particulars of these retirement plans are set out in note 23 to the consolidated financial statements in this annual report.

Material related party transactionsA summary of the related parties transactions entered into by the Group during the year ended 31 December 2013 is set out in Note 35 to the consolidated financial in this annual report statements.

The Company has complied with the disclosure requirements prescribed in Chapter 14A of the Listing Rules with respect to the connected transactions entered into by the Group during the year ended 31 December 2013.

32



Continuing connected transactionsDuring the year ended 31 December 2013 and up to the date of this report, the Group has not conducted any transaction which constituted continuing connected transactions for the Company under the Listing Rules.

Sufficiency of public floatAccording to publicly available information of the Company and as far as the Directors were aware, as at the date of this report, there was a sufficient public float of the Company’s issued shares as required under the Listing Rules.

Annual Confirmation of IndependenceThe Company has received from each independent non-executive director an annual confirmation of his independence, and the Company considers such Directors to be independent in accordance with each and every guideline set out in rule 3.13 of the Listing Rules.

AuditorsThe Company has appointed PricewaterhouseCoopers as auditors since the listing of the Company on the Main Board of the Hong Kong Stock Exchange on 9 December 2011. The financial statements in the annual report for the year have been audited by PricewaterhouseCoopers. A resolution will be submitted at the annual general meeting of the Company to re-appoint PricewaterhouseCoopers as auditor of the Company.

By order of the Board

Mr. Liem Djiang HwaChairmanThe People’s Republic of China, 21 March 2014

33


INDEPENDENT AUDITOR’S REPORT

To the shareholders of China First Chemical Holdings Limited(incorporated in Cayman Islands with limited liability)

We have audited the consolidated financial statements of China First Chemical Holdings Limited (the “Company”) and its subsidiaries (together, the “Group”) set out on pages 35 to 94, which comprise the consolidated and company balance sheets as at 31 December 2013, and the consolidated statements of comprehensive income, the consolidated statement of changes in equity and the consolidated cash flow statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Directors’ Responsibility for the Consolidated Financial StatementsThe directors of the Company are responsible for the preparation of consolidated financial statements that give a true and fair view in accordance with International Financial Reporting Standards and the disclosure requirements of the Hong Kong Companies Ordinance, and for such internal control as the directors determine is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

Auditor’s ResponsibilityOur responsibility is to express an opinion on these consolidated financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation of consolidated financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the directors, as well as evaluating the overall presentation of the consolidated financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

34


Independent Auditor’s Report (CONTINUED)

OpinionIn our opinion, the consolidated financial statements give a true and fair view of the state of affairs of the Company and of the Group as at 31 December 2013, and of the Group’s profit and cash flows for the year then ended in accordance with International Financial Reporting Standards and have been properly prepared in accordance with the disclosure requirements of the Hong Kong Companies Ordinance.

Other MattersThis report, including the opinion, has been prepared for and only for you, as a body, and for no other purpose. We do not assume responsibility towards or accept liability to any other person for the contents of this report.

PricewaterhouseCoopersCertified Public Accountants

Hong Kong, 21 March 2014

35


CONSOLIDATED BALANCE SHEET

As at 31 December2013 2012

Note RMB’000 RMB’000

ASSETSNon-current assetsLand use rights 6 73,803 75,567Property, plant & equipment 7 1,165,438 1,064,238Intangible assets 8 4,105 4,499Investment accounted for using the equity method 21b – –Deferred income tax assets 9 1,425 523

1,244,771 1,144,827

Current assetsInventories 10 156,001 166,148Trade and other receivables 11 239,904 296,901Cash and cash equivalents 13 784,153 778,553Restricted cash 14 112,617 61,491

1,292,675 1,303,093

Total Assets 2,537,446 2,447,920

EQUITYEquity attributable to equity holders of the CompanyShare capital 15 65,346 65,346Reserves 16 780,100 777,033

— Proposed final dividend 30 25,026 25,007

— Others 755,074 752,026

Retained earnings 16 1,014,644 789,743

Total equity 1,860,090 1,632,122

36


Consolidated Balance Sheet (CONTINUED)



LiabilitiesNon-current liabilitiesBorrowings 17 68,078 90,750Deferred income 18 14,006 15,508Deferred income tax liabilities 9 743 –

82,827 106,258

Current liabilitiesDerivative financial instruments 19 – –Trade and other payables 20 246,135 369,837Current income tax liabilities 25,397 12,346Borrowings 17 322,997 327,357

594,529 709,540

Total liabilities 677,356 815,798

Total equity and liabilities 2,537,446 2,447,920

Net current assets 698,146 593,553

Total assets less current liabilities 1,942,917 1,738,380

The notes on pages 41 to 94 are an integral part of these financial statements.

The financial statements on pages 35 to 94 were approved by the Board of Directors on 21 March, 2014 and were signed on its behalf.

CHEN HONG MIAO FEIDirector Director

37


COMPANY BALANCE SHEET



ASSETSNon-current assetsInvestments in subsidiaries 21a 1,449,426 1,449,426Due from subsidiaries 12 393,838 –

1,843,264 1,449,426

Current assetsCash and cash equivalents 13 114 721Trade and other receivables 11 – 483,040

114 483,761

Total Assets 1,843,378 1,933,187

EQUITYEquity attributable to equity holders of the CompanyShare capital 15 65,346 65,346Reserves 16 1,815,274 1,837,563

— Proposed final dividend 30 25,026 25,007 — Others 1,790,248 1,812,556

Accumulated losses 16, 31 (37,242) (20,606)

Total equity 1,843,378 1,882,303

LiabilitiesCurrent liabilitiesTrade and other payables 20 – 50,884

– 50,884

Total liabilities – 50,884

Total equity and liabilities 1,843,378 1,933,187

Net current assets 114 432,877

Total assets less current liabilities 1,843,378 1,882,303


The financial statement on pages 35 to 94 was approved by the Board of Directors on 21 March 2014 and was signed on its behalf.

CHEN HONG MIAO FEIDirector Director

38


CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

Year ended 31 December2013 2012


Revenue 5 1,510,022 1,619,634Cost of sales 22 (1,043,436) (1,154,950)

Gross profit 466,586 464,684Selling and marketing expenses 22 (41,934) (38,302)Administrative expenses 22 (66,273) (66,394)Other income 24 3,369 2,039Other losses — net 25 (1,897) (1,755)

Operating profit 359,851 360,272

Finance income 26 3,512 5,157

Finance expenses 27 (28,004) (28,379)

Finance expenses-net (24,492) (23,222)Share of profit/loss of an investment accounted for using equity method 21b – –

Profit before income tax 335,359 337,050Income tax expense 28 (85,102) (86,801)

Profit and total comprehensive income for the year 250,257 250,249

Attributable to: — Equity holders of the Company 250,257 249,712 — Non-controlling interests – 537

250,257 250,249

Earnings per share attributable to the equity holders of the Company (RMB Yuan) — Basic 29 0.31 0.31

— Diluted 29 0.31 0.31

Proposed final dividend 30 25,026 25,007


39


CONSOLIDATED STATEMENT OF CHANGES IN EqUITY

Attributable to equity holders of the Company

Sharecapital

Sharepremium

Capitalreserve

Statutorysurplusreserve

Share-based

paymentreserve

Retainedearnings Sub-total

Non-controlling

interestsTotal

equityNote RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000

(Note 15)

Balance at 1 January 2012 65,168 312,699 371,150 100,942 145 565,854 1,415,958 10,402 1,426,360Profit for the year – – – – – 249,712 249,712 537 250,249Profit appropriation to statutory reserves 16(a) – – – 25,823 – (25,823) – – –Issue of ordinary shares in connection with the IPO over-allotment 178 4,629 – – – – 4,807 – 4,807Share-based payment expense 33(a) – – – – 2,403 – 2,403 – 2,403Acquisition of non-controlling interests – – (61) – – – (61) (10,939) (11,000)Dividend distribution 30 – – (40,697) – – – (40,697) – (40,697)

Balance at 31 December 2012 65,346 317,328 330,392 126,765 2,548 789,743 1,632,122 – 1,632,122

Balance at 1 January 2013 65,346 317,328 330,392 126,765 2,548 789,743 1,632,122 – 1,632,122Profit for the year – – – – – 250,257 250,257 – 250,257Profit appropriation to statutory reserves 16(a) – – – 25,356 – (25,356) – – –Share-based payment expense 33(a) – – – – 2,403 – 2,403 – 2,403Dividend distribution 30 – – (24,692) – – – (24,692) – (24,692)

Balance at 31 December 2013 65,346 317,328 305,700 152,121 4,951 1,014,644 1,860,090 – 1,860,090


40


CONSOLIDATED CASH FLOW STATEMENT



Cash flows from operating activitiesCash generated from operations 32 421,625 443,551Interest paid (33,529) (32,788)Interest received 3,512 5,157Income tax paid (72,210) (104,127)

Net cash generated from operating activities 319,398 311,793

Cash flows from investing activitiesPurchases of property, plant and equipment (214,071) (338,540)Proceeds from sale of property, plant and equipment 32 – 6,376Purchases of intangible assets – (4,717)Restricted cash reserve for serving loan and bills payable (51,126) –Proceeds from government grants 18 – 2,030

Net cash used in investing activities (265,197) (334,851)

Cash flows from financing activitiesBorrowings from banks 483,509 338,990Repayments of bank borrowings (505,239) (394,976)Acquisition of non-controlling interests – (11,000)Proceeds from issuing ordinary shares in connection with the IPO over-allotment – 4,807Payments of IPO expenses (1,517) (20,749)Dividend paid 30 (24,692) (40,697)

Net cash generated used in financing activities (47,939) (123,625)

Net increase/(decrease) in cash and cash equivalents 6,262 (146,683)Cash and cash equivalents at beginning of year 778,553 926,148Exchange loss on cash and cash equivalents (662) (912)

Cash and cash equivalents at end of year 784,153 778,553


41


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

1 General information and reorganisationChina First Chemical Holdings Limited (“the Company”) and its subsidiaries (together the “Group”) manufacture and sell bleaching and disinfectant chemical products, foaming agent and other specialty chemical products in the People’s Republic of China (the “PRC”).

The Company was incorporated in the Cayman Islands on 24 November 2010, as an exempted company with limited liability under the Companies Law, Cap 22 (Law 3 of 1961, as consolidated and revised) of the Cayman Islands. The address of its registered office is P.O. Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands.

The ultimate parent company of the Company is Yihua Crown Limited.

The Company’s shares have been listed on The Stock Exchange of Hong Kong Limited (the “Stock Exchange”) since 9 December 2011 (“Listing”).

These consolidated financial statements are presented in thousands of Renminbi (“RMB’000”), unless otherwise stated. These financial statements have been approved for issue by the Board of Directors on 21 March 2014.

2 Summary of significant accounting policiesThe principal accounting policies applied in the preparation of these consolidated financial statements are set out below. These policies have been consistently applied to both years presented, unless otherwise stated. The Group has adopted IFRSs that are effective for the accounting periods beginning on or before 1 January 2013.

2.1 Basis of preparationThe consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS). The consolidated financial statements have been prepared under the historical cost convention, as modified by the revaluation of derivative financial instruments at fair value through profit or loss, which are carried at fair value.

The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group’s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in note 4.

2.1.1 Changes in accounting policy and disclosures(a) New and amended standard adopted by the Group

The following standard has been adopted by the Group for the first time for the financial year beginning on 1 January 2013:

• Amendment to IAS1, ‘Financial statementpresentation’ regardingothercomprehensiveincome. The main change resulting from these amendments is a requirement for entities to Groupitemspresentedin‘othercomprehensiveincome’(OCI)onthebasisofwhethertheyare potentially classifiable to profit or loss subsequently (reclassification adjustments).

42


Notes to the Consolidated Financial Statements (CONTINUED)

2 Summary of significant accounting policies (Continued)2.1 Basis of preparation (Continued)

2.1.1 Changes in accounting policy and disclosures (Continued)(a) New and amended standard adopted by the Group (Continued)

• Amendmentto IFRS7, ‘Financial instruments:Disclosures’,onassetand liabilityoffseting.The amendments require new disclosure requirements which focus on quantitative information about recognised financial instruments that are offset in the statement of financial position, as well as those recognised financial instruments that are subject to master netting or similar arrangements irrespective of whether they are offset.

• IFRS10,‘Consolidatedfinancialstatements’buildsonexistingprinciplesby identifyingtheconcept of control as the determining factor in whether an entity should be included within the consolidated financial statements of the parent company. The standard provides additional guidance to assist in the determination of control where this is difficult to assess.

• IFRS12,‘Disclosuresofinterestsinotherentities’includesthedisclosurerequirementsforallforms of interests in other entities, including joint arrangements, associates, structured entities and other off balance sheet vehicles.

• IFRS13, ‘Fairvaluemeasurement’,aimsto improveconsistencyandreducecomplexitybyproviding a precise definition of fair value and a single source of fair value measurement and disclosure requirements for use across IFRSs. The requirements, which are largely aligned between IFRSs and US GAAP, do not extend the use of fair value accounting but provide guidance on how it should be applied where its use is already required or permitted by other standards within IFRSs.

• AmendmentstoIAS36,‘Impairmentofassets’,ontherecoverableamountdisclosuresfornon-financial assets. This amendment removed certain disclosures of the recoverable amount of CGUs which had been included in IAS 36 by the issue of IFRS 13.

The adoption of the new and revised IFRSs did not result in significant changes to the Group’s accounting policies, presentation of the Group’s financial statements and amounts reported for the current year and prior years.

(b) New standards and interpretations not yet adopted by the GroupA number of new standards and amendments to standards and interpretations are effective for annual periods beginning after 1 January 2014, and have not been applied in preparing these consolidated financial statements. None of these is expected to have a significant effect on the consolidated financial statements of the Group:

43




2.1.1 Changes in accounting policy and disclosures (Continued)(b) New standards and interpretations not yet adopted by the Group (Continued)

• IFRS9,‘Financialinstruments’,addressestheclassification,measurementandrecognitionoffinancial assets and financial liabilities. IFRS 9 was issued in November 2009 and October 2010. It replaces the parts of IAS 39 that relate to the classification and measurement of financial instruments. IFRS 9 requires financial assets to be classified into two measurement categories: those measured as at fair value and those measured at amortised cost. The determination is made at initial recognition. The classification depends on the entity’s business model for managing its financial instruments and the contractual cash flow characteristics of the instrument. For financial liabilities, the standard retains most of the IAS 39 requirements. The main change is that, in cases where the fair value option is taken for financial liabilities, the part of a fair value change due to an entity’s own credit risk is recorded in other comprehensive income rather than the income statement, unless this creates an accounting mismatch. Changes effective for the financial reporting periods is left open.

• IFRIC21,‘Levies’,setsouttheaccountingforanobligationtopayalevythatisnotincometax. The interpretation addresses what the obligating event is that gives rise to pay a levy and when should a liability be recognised. Changes effective for periods commencing after 1 January 2014.

• IAS32(Amendment),‘Offsettingfinancialassetsandfinancialliabilities’willbeeffectiveforannual periods beginning on or after 1 January 2014. These amendments clarify the offsetting criteria in IAS 32 and address inconsistencies in their application. This includes clarifying the meaning of “currently has a legally enforceable right of set-off” and that some gross settlement systems may be considered equivalent to net settlement. The amendments are effective from annual periods beginning after 1 January 2014.

• IAS36(Amendments) ‘Recoverableamountdisclosuresfornon-financialassets’.The IASBmade consequential amendments to the disclosure requirements of IAS 36 when it issued IFRS 13. One of the amendments was drafted more widely than intended. The unintended result requires to disclose the recoverable amount for each CGU with significant amount of goodwill or intangible assets with indefinite useful lives no matter whether there has been impairment. IASB has published limited amendments to remove such requirement for CGU without impairment and introduces additional disclosures about fair value measurements when there has been impairment or a reversal of impairment. The amendments are effective from annual periods beginning after 1 January 2014.

• IAS39(Amendments)‘Novationofderivatives’.IASBhasamendedIAS39toproviderelieffrom discontinuing hedge accounting when novation of the derivative contract which is designated as a hedging instrument to a central counterparty meets specified criteria. The amendments are effective from annual periods beginning after 1 January 2014.

44




2.1.1 Changes in accounting policy and disclosures (Continued)(b) New standards and interpretations not yet adopted by the Group (Continued)

• IFRS10,IFRS12andIAS27(Amendments)‘Investmententities’.Theamendmentsprovidean exception to the consolidation requirements in IFRS 10 and require investment entities to measure particular subsidiaries at fair value through profit or loss, rather than consolidate them. The amendments also set out disclosure requirements for investment entities. The amendments are effective from annual periods beginning after 1 January 2014.

• IFRS7andIFRS9(Amendments)“Mandatoryeffectivedateandtransitiondisclosures”delaythe effective date to annual periods beginning on or after 1 January 2015, and also modify the relief from restating prior periods. As part of this relief, additional disclosures on transition from IAS 39 to IFRS 9 are required. The amendments are effective from annual periods beginning after 1 January 2015.

• Annualimprovements2012,theseamendmentsincludechangesfromthe2010–2012cycleof the annual improvements project that affect below standards. The amendments are effective from annual periods beginning after 1 July 2014.

— IFRS2,‘Share-basedpayment’

— IFRS3, ‘Businesscombinations’andconsequentialamendments to IFRS9, ‘Financialinstruments’, IAS37, ‘Provisions,contingent liabilitiesandcontingentassets’,andIAS39,‘Financialinstruments—Recognitionandmeasurement’

— IFRS8,‘Operatingsegments’

— IAS16,‘Property,plantandequipment’andIAS38,‘Intangibleassets’

— IAS24,‘RelatedPartyDisclosures’

• Annualimprovements2013,theseamendmentsincludechangesfromthe2011–2013cycleof the annual improvements project that affect below standards. The amendment are effective from annual periods beginning after 1 July 2014.

— IFRS3,‘Businesscombinations’

— IFRS13,‘Fairvaluemeasurement’

— IAS40,‘Investmentproperty’

45



2 Summary of significant accounting policies (Continued)2.2 Subsidiaries

2.2.1 ConsolidationA subsidiary is an entity (including a structured entity) over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases.

(a) Business combinationsThe Group applies the acquisition method to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair values of the assets transferred, the liabilities incurred to the former owners of the acquiree and the equity interests issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. The Group recognises any non-controlling interest in the acquiree on an acquisition-by-acquisition basis, either at fair value or at the non-controlling interest’s proportionate share of the recognised amounts of acquiree’s identifiable net assets.

Acquisition-related costs are expensed as incurred.

If the business combination is achieved in stages, the acquisition date carrying value of the acquirer’s previously held equity interest in the acquiree is re-measured to fair value at the acquisition date; any gains or losses arising from such re-measurement are recognised in the consolidated statement of comprehensive income.

Any contingent consideration to be transferred by the Group is recognised at fair value at the acquisition date. Subsequent changes to the fair value of the contingent consideration that is deemed to be an asset or liability is recognised in accordance with IAS 39 either in profit or loss or as a change to other comprehensive income. Contingent consideration that is classified as equity is not remeasured, and its subsequent settlement is accounted for within equity.

The excess of the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition-date fair value of any previous equity interest in the acquiree over the fair value of the identifiable net assets acquired is recorded as goodwill. If the total of consideration transferred, non-controlling interest recognised and previously held interest measured is less than the fair value of the net assets of the subsidiary acquired in the case of a bargain purchase, the difference is recognised directly in the consolidated statement of comprehensive income.

Intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated. Unrealised losses are also eliminated. When necessary, amounts reported by subsidiaries have been adjusted to conform with the Group’s accounting policies.

46



2 Summary of significant accounting policies (Continued)2.2 Subsidiaries (Continued)

2.2.1 Consolidation (Continued)(b) Changes in ownership interests in subsidiaries without change of control

Transactions with non-controlling interests that do not result in a loss of control are accounted for as equity transactions — that is, as transactions with the owners of the subsidiary in their capacity as owners. The difference between fair value of any consideration paid and the relevant share acquired of the carrying amount of net assets of the subsidiary is recorded in equity. Gains or losses on disposals to non-controlling interests are also recorded in equity.

2.2.2 Separate financial statementsInvestments in subsidiaries are accounted for at cost less impairment. Cost includes direct attributable costs of investment. The results of subsidiaries are accounted for by the Company on the basis of dividend received and receivable.

Impairment testing of the investments in subsidiaries is required upon receiving a dividend from these investments if the dividend exceeds the total comprehensive income of the subsidiary in the period the dividend is declared or if the carrying amount of the investment in the separate financial statements exceeds the carrying amount in the consolidated financial statements of the investee’s net assets including goodwill.

2.3 AssociatesAn associate is an entity over which the Group has significant influence but not control, generally accompanying a shareholding of between 20% and 50% of the voting rights. Investments in associates are accounted for using the equity method of accounting. Under the equity method, the investment is initially recognised at cost, and the carrying amount is increased or decreased to recognise the investor’s share of the profit or loss of the investee after the date of acquisition. The Group’s investment in associates includes goodwill identified on acquisition.

If the ownership interest in an associate is reduced but significant influence is retained, only a proportionate share of the amounts previously recognised in other comprehensive income is reclassified to profit or loss where appropriate.

The Group’s share of post-acquisition profit or loss is recognised in the consolidated statement of comprehensive income, and its share of post-acquisition movements in other comprehensive income is recognised in other comprehensive income with a corresponding adjustment to the carrying amount of the investment. When the Group’s share of losses in an associate equals or exceeds its interest in the associate, including any other unsecured receivables, the Group does not recognise further losses, unless it has incurred legal or constructive obligations or made payments on behalf of the associate.

47



2 Summary of significant accounting policies (Continued)2.3 Associates (Continued)

The Group determines at each reporting date whether there is any objective evidence that the investment in the associate is impaired. If this is the case, the Group calculates the amount of impairment as the difference between the recoverable amount of the associate and its carrying value and recognises the amount adjacent to ‘shareofprofitof investmentsaccountedforusingequitymethod’ in theconsolidatedstatementofcomprehensive income.

Profits and losses resulting from upstream and downstream transactions between the Group and its associate are recognised in the Group’s financial statements only to the extent of unrelated investor’s interests in the associates. Unrealised losses are eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of associates have been changed where necessary to ensure consistency with the policies adopted by the Group.

Gain or losses on dilution of equity interest in associates are recognised in the consolidated statement of comprehensive income.

2.4 Segment reportingOperating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The chief operating decision-maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the executive directors that makes strategic decisions.

2.5 Foreign currency translation(a) Functional and presentation currency

Items included in the financial information of each of the Group’s entities are measured using the currency of the primary economic environment in which the entity operates (the “functional currency”). Since the majority of the assets and operations of the Group are located in the PRC, the consolidated financial statements are presented in Renminbi (“RMB”), which is the functional and presentation currency of the Company.

(b) Transactions and balancesForeign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions or valuation where items are re-measured. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the consolidated statement of comprehensive income.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented inthestatementofcomprehensive incomewithin ‘finance incomeorexpenses’.Allotherforeignexchangegainsandlossesarepresentedintheincomestatementwithin‘Otherlosses—net’.

Translation differences on non-monetary financial assets and liabilities such as equity instruments held at fair value through profit or loss are recognised in profit or loss as part of the fair value gain or loss.

48



2 Summary of significant accounting policies2.5 Foreign currency translation (Continued)

(c) Group companiesThe results and financial position of all the Group entities (none of which has the currency of a hyperinflationary economy) that have a functional currency different from the presentation currency are translated into the presentation currency as follows:

(i) assets and liabilities for each balance sheet presented are translated at the closing rate at the date of that balance sheet;

(ii) income and expenses for each consolidated statement of comprehensive income are translated at average exchange rates (unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the dates of the transactions); and

(iii) all resulting exchange differences are recognised as a separate comprehensive income.

2.6 Property, plant and equipmentProperty, plant and equipment other than construction-in-progress are stated at historical cost less accumulated depreciation and accumulated impairment losses. Historical cost includes expenditure that is directly attributable to the acquisition of the items.

Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognised. All other repairs and maintenance are expensed in the consolidated statement of comprehensive income during the financial period in which they are incurred.

Depreciation is calculated using the straight-line method to allocate the cost less residual value estimated for these assets less impairment loss of each asset over its estimated useful life, as follows:

Buildings 30–50 yearsMachinery 8–15 yearsMotor vehicles 8 yearsFurniture and office equipment 5 years

The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at each balance sheet date.

An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount.

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2 Summary of significant accounting policies (Continued)2.6 Property, plant and equipment (Continued)

Gains and losses on disposals are determined by comparing net sales proceeds with the carrying amount and arerecognisedwithin‘otherlosses—net’(Note25)intheconsolidatedstatementofcomprehensiveincome.

Construction-in-progress (the “CIP”) represents buildings, plant and machinery under construction or pending installation and is stated at cost less accumulated impairment losses, if any. Cost includes the costs of construction and acquisition and capitalised borrowing costs. No provision for depreciation is made on CIP until such time as the relevant assets are completed and ready for intended use. When the assets concerned are available for use, the costs are transferred to property, plant and equipment and depreciated in accordance with the policy as stated above.

2.7 Land use rightsLand use rights are up-front payments to acquire long-term interest in leasehold land, which are stated at cost less accumulated amortisation and accumulated impairment losses. Cost represents consideration paid for the rights to use the land from the date when the respective rights were granted. Amortisation of land use rights is calculated on a straight-line basis over the period of the lease and is recognised in the consolidated statement of comprehensive income within administrative expenses.

2.8 Intangible assetsPatent right is shown at the fair value upon acquisition. Patent right has a finite useful life and are carried at cost less accumulated amortisation. Amortisation is calculated using the straight-line method to allocate the cost of contract right over its estimated useful lives of 12 years.

2.9 Financial assets2.9.1 Classification

The Group’s financial assets include financial assets at fair value through profit or loss and loans and receivables. The classification depends on the purpose for which the financial assets were acquired. Management determines the classification of its financial assets at initial recognition.

(a) Financial assets at fair value through profit or lossFinancial assets at fair value through profit or loss are financial assets held for trading. A financial asset is classified in this category if acquired principally for the purpose of selling in the short term. Derivatives are also categorised as held for trading unless they are designated as hedges. Assets in this category are classified as current assets if expected to be settled within12 months; otherwise, they are classified as non-current.

(b) Loans and receivablesLoans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are included in current assets, except for maturities greater than 12 months after the end of the reporting period. These are classified as non-current assets.TheGroup’s loansandreceivablescomprise ‘tradeandotherreceivables’and‘cashandcash equivalents’ in the balance sheet (Notes 11 and 13).

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2 Summary of significant accounting policies (Continued)2.9 Financial assets (Continued)

2.9.2 Recognition and measurementRegular way purchases and sales of investments are recognised on trade-date — the date on which the Group commits to purchase or sell the asset. Financial assets are initially recognised at fair value plus transaction costs for all financial assets not carried at fair value through profit or loss. Financial assets are derecognised when the rights to receive cash flows from the investments have expired or have been transferred and the Group has transferred substantially all risks and rewards of ownership. Loans and receivables are carried at amortised cost using the effective interest method.

Gainsorlossesarisingfromchangesinthefairvalueofthe‘financialliabilityatfairvaluethroughprofitorloss’categoryarepresentedintheconsolidatedstatementofcomprehensiveincomeswithin‘Otherlosses — net’ in the period in which they arise.

2.9.3 OffsettingFinancial assets and liabilities are offset and the net amount reported in the consolidated balance sheet when there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously.

2.9.4 Impairment of financial assets(a) Assets carried at amortised cost

The Group assesses at the end of each reporting period whether there is objective evidence that a financial asset or Group of financial assets is impaired. A financial asset or a Group of financial assets is impaired and impairment losses are incurred only if there is objective evidence of impairment as a result of one or more events that occurred after the initial recognition of the asset(a‘lossevent’)andthat lossevent(orevents)hasan impactontheestimatedfuturecashflows of the financial asset or Group of financial assets that can be reliably estimated.

Evidence of impairment may include indications that the debtors or a Group of debtors is experiencing significant financial difficulty, default or delinquency in interest or principal payments, the probability that they will enter bankruptcy or other financial reorganisation, and where observable data indicate that there is a measurable decrease in the estimated future cash flows, such as changes in arrears or economic conditions that correlate with defaults.

For loans and receivables category, the amount of the loss is measured as the difference between the asset’s carrying amount and the present value of estimated future cash flows (excluding future credit losses that have not been incurred) discounted at the financial asset’s original effective interest rate. The carrying amount of the asset is reduced and the amount of the loss is recognised in the consolidated statement of comprehensive income. If a loan or held-to-maturity investment has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

If, in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognised (such as an improvement in the debtor’s credit rating), the reversal of the previously recognised impairment loss is recognised in the consolidated statement of comprehensive income.

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2 Summary of significant accounting policies (Continued)2.10 Inventories

Inventories are stated at the lower of cost and net realisable value. Cost is determined using the weighted average method. The cost of finished goods and work in progress comprises raw materials, direct labour, other direct costs and related production overheads (based on normal operating capacity). It excludes borrowing costs. Net realisable value is the estimated selling price in the ordinary course of business, less applicable variable selling expenses.

2.11 Trade and other receivablesTrade receivables are amounts due from customers for merchandise sold or services performed in the ordinary course of business. If collection of trade and other receivables is expected in one year or less they are classified as current assets. If not, they are presented as non-current assets.

Trade and other receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method, less provision for impairment.

2.12 Cash and cash equivalentsIn the consolidated statement of cash flows, cash and cash equivalents includes cash in hand, deposits held at call with banks, and other short-term highly liquid investments with original maturities of three months or less.

2.13 Share capitalOrdinary shares are classified as equity.

Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds.

2.14 Trade payablesTrade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.

Trade payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.

2.15 BorrowingsBorrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are subsequently carried at amortised cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognised in the income statement over the period of the borrowings using the effective interest method.

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2 Summary of significant accounting policies (Continued)2.15 Borrowings (Continued)

Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a pre-payment for liquidity services and amortised over the period of the facility to which it relates.

Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the end of the reporting period.

2.16 Current and deferred income taxThe tax expense for the period comprises current and deferred tax. Tax is recognised in the consolidated statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case the tax is also recognised in other comprehensive income or directly in equity, respectively.

(a) Current income taxThe current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the balance sheet date in the countries where the Company’s subsidiaries operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.

(b) Deferred income taxInside basis differencesDeferred income tax is recognised, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, deferred income tax liabilities are not recognised if they arise from the initial recognition of goodwill, the deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled.

Deferred income tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.

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2 Summary of significant accounting policies (Continued)2.16 Current and deferred income tax (Continued)

(b) Deferred income tax (Continued)Outside basis differencesDeferred income tax liabilities are provided on taxable temporary differences arising from investments in subsidiaries, associates and joint arrangements, except for deferred income tax liability where the timing of the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference will not reverse in the foreseeable future. Generally the Group is unable to control the reversal of the temporary difference for associates. Only where there is an agreement in place that gives the Group the ability to control the reversal of the temporary difference not recognised.

Deferred income tax assets are recognised on deductible temporary differences arising from investments in subsidiaries, associates and joint arrangements only to the extent that it is probable the temporary difference will reverse in the future and there is sufficient taxable profit available against which the temporary difference can be utilised.

(c) OffsettingDeferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income taxes assets and liabilities relate to income taxes levied by the same taxation authority on either the taxable entity or different taxable entities where there is an intention to settle the balances on a net basis.

2.17 Employee benefits(a) Pension obligations

The full-time employees of the Group in the PRC are covered by various government-sponsored pension plans under which the employees are entitled to a monthly pension based on certain formulas. The relevant government agencies are responsible for the pension liabilities to these retired employees. The Group contributes on a monthly basis to these pension plans. Under these pension plans, the Group has no obligation for post-retirement benefit beyond the contributions made. Contributions to these plans are expensed as incurred.

(b) Housing benefitsAll full-time employees of the Group are entitled to participate in various government-sponsored housing funds. The Group contributes on a monthly basis to these funds based on certain percentages of the salaries of the employees. The Group’s liability in respect of these funds is limited to the contributions payable in each year.

54



2 Summary of significant accounting policies (Continued)2.18 Share-based payment

Equity-settled share-based payment transactionsThe Group operates a number of equity-settled, share-based compensation plans, under which the entity receives services from employees as consideration for equity instruments (options) of the Group. The fair value of the employee services received in exchange for the grant of the options is recognised as an expense. The total amount to be expensed is determined by reference to the fair value of the options granted:

• Includinganymarketperformanceconditions(forexample,anentity’sshareprice);

• Excluding the impactofanyserviceandnon-marketperformancevestingconditions (forexample,profitability, sales growth targets and remaining an employee of the entity over a specified time period); and

• Includingthe impactofanynon-vestingconditions (forexample, therequirementforemployeestosave).

When the options are exercised, the Company issues new shares. The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium.

2.19 ProvisionProvisions for environmental restoration, restructuring costs and legal claims are recognised when: the Group has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount has been reliably estimated. Provisions are not recognised for future operating losses.

Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small.

Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.

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2 Summary of significant accounting policies (Continued)2.20 Revenue recognition

Revenue is measured at the fair value of the consideration received or receivable, and represents amounts receivable for goods supplied, stated net of discounts returns and value added taxes. The Group recognises revenue when the amount of revenue can be reliably measured; when it is probable that future economic benefits will flow to the entity; and when specific criteria have been met for each of the Group’s activities, as described below. The Group bases its estimates of return on historical results, taking into consideration the type of customer, the type of transaction and the specifics of each arrangement.

(a) Sales of goodsSales of goods are recognised when the Group has delivered products to the customer; the customer has accepted the products and collectability of the related receivables is reasonably assured.

(b) Interest incomeInterest income is recognised using the effective interest method.

(c) Dividend incomeDividend income is recognised when the right to receive prepayment is established.

2.21 Government grantsGrants from the government are recognised at their fair value where there is a reasonable assurance that the grant will be received and the Group will comply with all attached conditions.

Government grants relating to costs are deferred and recognised in the consolidated statement of comprehensive income over the period necessary to match them with the cost that they are intended to compensate.

Government grants relating to the purchase of property, plant and equipment are included in non-current liabilities as deferred government grants and are recognised in the consolidated statement of comprehensive income as other income on a straight-line basis over the expected lives of the related assets.

2.22 Operating leasesLeases in which a significant portion of the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases (net of any incentives received from the lessor) are charged to the consolidated statement of comprehensive income on a straight-line basis over the period of the lease.

2.23 Dividend distributionDividend distribution to the Company’s equity holders is recognised as a liability in the Group’s consolidated financial statements in the period in which the dividends are approved by the Company’s directors, where appropriate.

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3 Financial risk management3.1 Financial risk factors

The Group’s activities expose it to a variety of financial risks: foreign exchange risk, credit risk, liquidity risk and interest rate risk. The Group’s overall risk management program focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the Group’s financial performance. The Group regularly monitors its exposure and currently considers not necessary to hedge any of these financial risks.

(a) Foreign exchange riskThe Group mainly operates in the PRC with most of the transactions settled in RMB. Foreign exchange rate risk arises when future commercial transactions or recognised assets and liabilities are denominated in a currency that is not the entity’s functional currency.

For the years ended 31 December 2013 and 2012, approximately 15% and 14%, respectively of the Group’s sales are denominated in currencies other than the entity’s functional currency.

Other than certain bank balances, trade receivables, other payables and borrowings (Note 13, 11, 20, and 17), the Group’s assets and liabilities are primarily denominated in RMB.

At 31 December 2013, if RMB had weakened/strengthened by 5% against foreign currencies with all other variables held constant, profit after tax for the year ended 31 December 2013 would have been RMB5,031,000 lower/higher (2012: RMB3,741,000 lower/higher), mainly as a result of foreign exchange losses/gains on translation of USD, JPY and HKD denominated cash and trade receivables, other payables and borrowings.

The Group will constantly review the economic situation and its foreign exchange risk profile, and will consider appropriate hedging measures in the future, as may be necessary.

(b) Credit riskThe carrying amounts of cash and cash equivalents, restricted cash, and trade and other receivables, represent the Group’s maximum exposure to credit risk in relation to financial assets.

As at 31 December 2013 and 2012, 92% and 95% of the Group’s restricted cash and cash and cash equivalents are held in state-owned financial institutions, which management believes are of high credit quality. Management does not expect any losses from non-performance by these counterparties.

The Group has no significant concentrations of credit risk. The carrying amount of receivables included in the consolidated balance sheet represents the Group’s maximum exposure to credit risk in relation to these financial assets. Ageing analysis of the Group’s accounts receivable is disclosed in Note 11. The Group has policies in place to ensure that credit sales are only made to customers with an appropriate credit history and the Group performs periodic credit evaluations of its customers. The Group assesses the credit quality of its customers by taking into account various factors including their financial position and past experience. The utilisation of credit terms is regularly monitored and management does not expect any losses from non-performance by these counterparties.

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3 Financial risk management (Continued)3.1 Financial risk factors (Continued)

(b) Credit risk (Continued)Counterparty risk related to trade receivables is limited due to the large number of customers in the Group’s customer portfolio and their diversification throughout various business sectors, as well as geographic locations. As at 31 December 2013, the exposure to the top 15 customers did not exceed 68% (2012: 63%) of the gross trade and other receivables, with the exposure to the largest customer representing less than 9% (2012: 14%).

(c) Liquidity riskTo manage the liquidity risk, the Group monitors and maintains a level of cash and cash equivalents deemed adequate by management to finance the Group’s operations and mitigate the effects of fluctuations in cash flows. The Group expects to fund its future cash flow needs through internally generated cash flows from operations and bank borrowings. The Group does not expect significant difficulties in subsequent renewals of these borrowings.

The maturity analysis of borrowings that shows the remaining contractual maturities is disclosed in Note 17. Generally there is no specific credit period granted by the suppliers but the related trade payables are normally expected to be settled within three months after receipt of goods or services.

At 31 December 2013 and 2012 the Group held cash and cash equivalents of RMB784,153,000 and RMB778,553,000 (Note 13), trade receivables of RMB229,253,000 and RMB256,144,000 (Note 11) and restricted cash of RMB112,617,000 and RMB61,491,000 (Note 14) respectively, that are expected to readily generate cash inflows for managing liquidity risk.

The table below analyses the Group’s financial liabilities that will be settled into relevant maturity Groupings based on the remaining periods at 31 December 2013 and 2012 to the contractual maturity dates. The amounts disclosed in the table are the contractual undiscounted cash flows.

Less than1 year

Between1 and 2 years

Between2 and 5 years

RMB’000 RMB’000 RMB’000

At 31 December 2013Borrowings and interest payable 335,789 51,594 20,307Trade and other payables 246,132 – –

581,921 51,594 20,307

At 31 December 2012Borrowings and interest payable 342,030 52,059 50,520Trade and other payables 369,673 – –

711,703 52,059 50,520

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3 Financial risk management (Continued)3.1 Financial risk factors (Continued)

(d) Interest rate riskThe Group’s exposure to changes in interest rates is mainly attributable to its borrowings, restricted cash and bank deposits.

Borrowings at floating rates expose the Group to cash flow interest-rate risk. As at 31 December 2013 and 2012, approximately RMB305,735,000 and RMB225,834,000 of the Group’s borrowings were at variable rates, respectively.

The interest rates and maturities of the Group’s borrowings, bank balances and restricted cash are disclosed in Notes 17, 13 and 14 respectively.

The Group’s income and operating cash flows are substantially independent of changes in market interest rates as the Group has no significant interest-bearing assets. The details of the Group’s exposure to changes in interest rates attributable to its borrowings have been disclosed in Note 17. Borrowings carried at floating rates expose the Group to cash flow interest-rate risk whereas those carried at fixed rates expose the Group to fair value interest-rate risk.

At 31 December 2013 and 2012, if the interest rates on bank borrowings, deposits and bank balances had been 50 basis points higher/lower than the prevailing rate announced by People’s Bank of China, with all other variables held constant, profit for the year would have been RMB2,528,000 higher/lower and 2,210,000 higher/lower respectively.

3.2 Capital managementThe Group’s objectives when managing capital are to safeguard the Group’s ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital. The Group’s strategy remains consistent throughout the year.

In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt.

Consistent with others in the industry, the Group monitors capital on the basis of the gearing ratio. This ratio is calculated at net debt divided by total capital. Net debt is calculated as total borrowings as shown in the consolidated balance sheet, less cash and cash equivalents. Total capital is calculated as total equity as shown in the consolidated balance sheet plus net debt. The Group aims to maintain the gearing ratio at a level of not more than 65%.

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3 Financial risk management (Continued)3.2 Capital management (Continued)

The gearing ratios at 31 December 2013 and 2012 were as follows:


RMB’000 RMB’000

Bank borrowings (Note 17) 391,075 418,107Less: cash and cash equivalents (Note 13) (784,153) (778,553)

Net debt (393,078) (360,446)Total equity 1,860,090 1,632,122

Total capital 1,467,012 1,271,676Gearing ratio N/A N/A

3.3 Fair value estimationAs at 31 December 2013 and 2012, the carrying amounts of the Group’s financial assets, including cash and cash equivalents, restricted cash, receivables; and financial liabilities including payables, short-term borrowings, approximate their fair values due to their short maturities. The face values less any estimated credit adjustments for financial assets and liabilities with a maturity of less than one year are assumed to approximate their fair values.

The fair value of financial liabilities for disclosure purposes is estimated by discounting the future contractual cash flows at the current market interest rate available to the Group for similar financial instruments.

4 Critical accounting estimates and judgementsEstimates and judgements used in preparing the financial information are evaluated and based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal to the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

(a) DepreciationThe Group’s management determines the estimated useful lives and related deprecation charges for the property, plant and equipment with reference to the estimated periods that the Group intends to derive future economic benefits from the use of these assets. Management will revise the depreciation charge where useful lives are different to previously estimated, or it will write-off or write-down obsolete or non-strategic assets that have been abandoned or sold.

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4 Critical accounting estimates and judgements (Continued)(b) Impairment of receivables

Provision for impairment of receivables is determined based on the evaluation of collectability of receivables. A considerable amount of judgement is required in assessing the ultimate realisation of these receivables, including the current creditworthiness, the past collection history of each customer and the current market condition.

(c) TaxationThe Group’s subsidiary that operates in the PRC is subject to enterprise income tax in the PRC. Significant judgement is required in determining the provision for income tax. There are many transactions and calculations for which the ultimate determination is uncertain during the ordinary course of business. Where the final tax outcome of these matters is different from the amounts that were initially recorded, such difference will impact the income tax and deferred tax provision in the period in which such determination is made.

Deferred tax assets relating to certain temporary differences and tax losses are recognised when management considers to be probable that future taxable profit will be available against which the temporary differences or tax losses can be utilised. The outcome of their actual utilisation may be different.

5 Segment informationThe Group is principally engaged in the chemical products business in the PRC. Separate individual financial information of the three business units where the principal operations of the Group is located are presented to the chief operating decision maker (the executive Directors) who reviews the internal reports in order to assess performance and allocate resources. Due to the differences in gross profit, customers etc. for Bleaching and disinfectant chemicals, Forming agent and Other special chemicals respectively, operations of the Group are considered to be three reportable segments in accordance with IFRS 8 “Operating Segment”.

Majority of the Group’s products are sold to customers in the PRC. The Group has a large number of customers, which are widely dispersed within the PRC and overseas, no single customer accounted for more than 10% of the Group’s total revenues for the year ended 2013 and 2012.

The revenue from external customers and the cost, the total assets and the total liabilities are measured in a manner consistent with that of the Group’s consolidated financial statements.

The Board of Directors assesses the performance of the operating segments based on a measure of gross profit.

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5 Segment information (Continued)The segment information provided to the Board of Directors for the reportable segments for the year ended 31 December 2013 and as at 31 December 2013 is as follows:

Year ended 31 December 2013Bleaching and

disinfectantchemicals

Formingagent

Otherspecialty

chemicals TotalRMB’000 RMB’000 RMB’000 RMB’000

Segment revenue 669,280 586,841 253,901 1,510,022Inter-segment revenue – – – –

Revenue from external customers 669,280 586,841 253,901 1,510,022

Gross profit 232,062 144,713 89,811 466,586

UnallocatedDepreciation and amortisation 94,443Finance income 3,512Finance expense (28,004)Income tax expense (85,102)

Total assets 2,537,446

Total liabilities 677,356

62



5 Segment information (Continued)

Year ended 31 December 2012Bleaching and

disinfectantchemicals

Formingagent

Otherspecialty

chemicals TotalRMB’000 RMB’000 RMB’000 RMB’000

Segment revenue 596,835 759,378 263,421 1,619,634Inter-segment revenue – – – –

Revenue from external customers 596,835 759,378 263,421 1,619,634

Gross profit 197,739 160,204 106,741 464,684

UnallocatedDepreciation and amortisation 69,161Finance income 5,157Finance expenses (28,379)Income tax expense (86,801)

Total assets 2,447,920

Total liabilities 815,798

There is no information in relation segment assets and segment liabilities provided to CODM.

Revenue from external customers by geographical area is based on the geographical location of the customers.

Revenue is allocated based on the countries in which the customers are located.


RMB’000 RMB’000

RevenueMainland China 1,313,329 1,398,811Overseas 196,693 220,823

1,510,022 1,619,634

63



6 Land use rights


RMB’000 RMB’000

Cost 88,206 88,206Accumulated amortisation (14,403) (12,639)

Net book value 73,803 75,567

Representing:

Opening net book amount 75,567 77,331Amortisation (Note 22) (1,764) (1,764)

Closing net book amount 73,803 75,567

The Group’s interests in land use rights represent prepaid operating lease payments. All of the Group’s land use rights are located in PRC and with the lease period ranging from 50 to 70 years.

Land use rights with net value of RMB34,798,000 and RMB15,075,000 as at 31 December 2013 and 2012 respectively were secured for bank borrowings (Note 17).

Amortisation of land use rights have been charged to administrative expenses in the consolidated statement of comprehensive income.

64



7 Property, plant and equipment

Buildings MachineryMotor

vehicles

Furnitureand office

equipmentConstruction

in progress TotalRMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000

Year ended 31 December 2012 Opening net book amount 368,262 355,887 5,676 2,603 41,178 773,606 Additions – 16,121 395 2,701 346,725 365,942 Transfer upon completion 32,414 294,844 – – (327,258) – Disposals – (8,121) – (10) – (8,131) Depreciation (Note 22) (14,454) (51,046) (903) (776) – (67,179)

Closing net book amount 386,222 607,685 5,168 4,518 60,645 1,064,238

At 31 December 2012 Cost 523,664 925,960 9,261 8,821 60,645 1,528,351 Accumulated depreciation and impairment (137,442) (318,275) (4,093) (4,303) – (464,113)

Net book amount 386,222 607,685 5,168 4,518 60,645 1,064,238

Year ended 31 December 2013 Opening net book amount 386,222 607,685 5,168 4,518 60,645 1,064,238 Additions – 21,944 793 2,178 170,467 195,382 Transfer upon completion 49,255 181,857 – – (231,112) – Disposals (449) (1,443) – (5) – (1,897) Depreciation (Note 22) (16,259) (73,575) (997) (1,454) – (92,285)

Closing net book amount 418,769 736,468 4,964 5,237 – 1,165,438

At 31 December 2013 Cost 572,272 1,124,191 10,054 10,721 – 1,717,238 Accumulated depreciation and impairment (153,503) (387,723) (5,090) (5,484) – (551,800)

Net book amount 418,769 736,468 4,964 5,237 – 1,165,438

65



7 Property, plant and equipment (Continued)(a) Depreciation expenses have been charged to the consolidated statement of comprehensive income as follows:


RMB’000 RMB’000

Cost of sales 84,990 61,513Selling and marketing expenses 107 109Administrative expenses 7,188 5,557

92,285 67,179

(b) During the year, the Group has capitalised borrowing costs amounting to RMB2,305,000 (2012: RMB4,311,000) on qualifying assets. Borrowing costs were capitalised at the weighted average rate of its general borrowings of 6.45% (2012: 6.01%) (Note 27).

(c) As at 31 December 2013 and 2012, certain buildings and machinery with an aggregate carrying value of RMB154,509,000 and RMB156,282,000 were secured for bank borrowings respectively (Note 17).

(d) Lease rentals expenses amounting to RMB1,518,000 (2012: RMB1,349,000) relating to the lease of property is included in the consolidated statement of comprehensive income (Note 22).

8 Intangible assetsIntangible assets represent patents and details are as follows:


RMB’000 RMB’000

Year ended 31 DecemberOpening net book amount 4,499 –Additions – 4,717Amortisation (Note 22) (394) (218)


At 31 DecemberCost 4,717 4,717Accumulated amortisation (612) (218)

Net book amount 4,105 4,499

Amortisation of intangible assets has been charged to administrative expenses in the consolidated statement of comprehensive income.

66



9 Deferred income tax assets and liabilitiesDeferred income taxes are calculated in respect of temporary differences under the liability method using the tax rates enacted or substantively enacted by the balance sheet date.

The movement in the deferred income tax assets and liabilities are as follows:

Employeebenefit

obligationBargain

purchase

Share ofloss

from theassociate

Impairmentlosses Total

RMB’000 RMB’000 RMB’000 RMB’000 RMB’000

Deferred income tax assetsAt 1 January 2012 170 – – – 170Credited to the consolidated statement of comprehensive income 353 – – – 353

At 31 December 2012 523 – – – 523

At 1 January 2013 523 – – – 523(Charged)/credited to the consolidated statement of comprehensive income (41) – 743 200 902

At 31 December 2013 482 – 743 200 1,425

Deferred income tax liabilitiesAt 1 January 2013 – – – – –Charged to the consolidated statement of comprehensive income – (743) – – (743)

At 31 December 2013 – (743) – – (743)

Deferred income tax asset is expected to be recovered within 12 months after the balance sheet date.

Deferred income tax liabilities of RMB12,439,000 (2012: RMB9,418,000) have not been recognised for the withholding tax that would be payable on the unremitted earnings of subsidiaries. Such amounts are permanently reinvested. Unremitted earnings totalled RMB995,131,000 at 31 December 2013 (2012: RMB753,473,000).

67



10 Inventories


RMB’000 RMB’000

Raw materials 18,600 15,659Work in progress 126,119 133,796Finished goods 11,282 16,693

156,001 166,148

The cost of inventories recognised as expense and included in cost of sales for the years ended 31 December 2013 and 2012 amounted to RMB623,290,000 and RMB769,009,000 respectively.

11 Trade and other receivables

Group CompanyAs at 31 December

2013 2012 2013 2012RMB’000 RMB’000 RMB’000 RMB’000

Trade receivables (a) 229,253 256,144 – –

Due from third parties 230,052 256,144 – – Less: Provision for impairment of receivables (799) – – –

Prepayments (b) Prepayments for purchase goods from related parties 2,000 – – – Prepayments for purchase goods from third parties 2,000 2,117 – – Value added tax input credits 6,000 37,996 – –

Other receivables (c) Due from subsidiaries – – – 483,040 Due from third parties 651 644 – –

239,904 296,901 – 483,040

The carrying amounts of receivables approximate their fair values.

68



11 Trade and other receivables (Continued)(a) The Group has a large number of customers, which are widely dispersed within the PRC and Southeast Asia.

The outstanding balances are within credit terms of between 30 days and 90 days for both domestic customers and overseas customers. There is no concentration of credit risk with respect to trade receivables. As at 31 December 2013 and 2012, the ageing analysis of the trade receivables is set as follows:


2013 2012 2013 2012RMB’000 RMB’000 RMB’000 RMB’000

Within 3 months 228,409 253,653 – –Between 4 and 6 months 45 12 – –Between 7 and 12 months – 2,479 – –Between 1 and 2 years 1,598 – – –

230,052 256,144 – –

As of 31 December 2013 and 2012, trade receivables of RMB45,000 (2012: RMB2,491,000) were past due but not impaired. These relate to a number of independent customers, for whom there is no significant financial difficulty and based on past experiences, the overdue can be recovered. The ageing analysis of these past due but not impaired receivables is as follows:


2013 2012 2013 2012RMB’000 RMB’000 RMB’000 RMB’000

Between 4 and 6 months 45 12 – –Between 7 and 12 moths – 2,479 – –

45 2,491 – –

69



11 Trade and other receivables (Continued)(a) (Continued)

As of 31 December 2013, trade receivables of RMB799,000 (2012: nil) were impaired. The amount of the provision was RMB799,000 as of 31 December 2013 (2012: nil). The individually impaired receivables mainly relate to one customer, which is in unexpectedly difficult economic situation. It was assessed that a portion of the receivables is expected to be recovered. The ageing of this receivable is as follows:


2013 2012 2013 2012RMB’000 RMB’000 RMB’000 RMB’000

Between 1 and 2 years 1,598 – – –

The creation of provisions for impaired receivables has been included in “administrative expenses” in the consolidated statement of comprehensive income (Note 22).

The other classes within trade and other receivables do not contain impaired assets. The maximum exposure to credit risk at the reporting date is the carrying value of each class of receivable mentioned above. The Group does not hold any collateral as security.

(b) Prepayments


2013 2012 2013 2012RMB’000 RMB’000 RMB’000 RMB’000

Prepayments for raw materials 4,000 2,000 – –Value added tax input credits 6,000 37,996 – –Others – 117 – –

10,000 40,113 – –

70



11 Trade and other receivables (Continued)(c) Other receivables


2013 2012 2013 2012RMB’000 RMB’000 RMB’000 RMB’000

Due from subsidiaries – – – 483,040Advance to employees 20 40 – –Others 631 604 – –

651 644 – 483,040

(d) The carrying amounts of trade receivables and other receivables are denominated in the following currencies:


2013 2012 2013 2012RMB’000 RMB’000 RMB’000 RMB’000

RMB 222,745 236,298 – 127,224USD 7,159 20,490 – 127,702HKD – – – 228,114

229,904 256,788 – 483,040

12 Due from subsidiaries

CompanyAs at 31 December

2013 2012RMB’000 RMB’000

Due from subsidiaries 393,838 –

As at 31 December 2013, due to changes in the Company’s operation plan and capital fund budget, all the balances due from subsidiaries were non-interest bearing and will not be collected within one year. The fair value of the balance of due from subsidiaries is approximately equal to its carrying amount.

71



12 Due from subsidiaries (Continued)(a) The carrying amounts of the Company’s due from subsidiaries are denominated in the following currencies:


RMB’000 RMB’000

— RMB 29,113 –— HKD 221,193 –— USD 143,562 –

393,838 –

13 Cash and cash equivalents


2013 2012 2013 2012RMB’000 RMB’000 RMB’000 RMB’000

Cash in hand 80 40 – –Bank deposits 784,073 778,513 114 721

784,153 778,553 114 721

Cash and cash equivalents are denominated in the following currencies:


2013 2012 2013 2012RMB’000 RMB’000 RMB’000 RMB’000

— RMB 748,913 775,265 6 3— HKD 256 742 51 530— USD 34,984 2,546 57 188

784,153 778,553 114 721

Bank balances earn interest at floating rates based on daily bank deposit rates. The conversion of RMB denominated balances into foreign currencies is subject to the rules and regulations of foreign exchange control promulgated by the PRC government.

72



14 Restricted cash


RMB’000 RMB’000

For serving loan (a) 62,100 –For bills payable (b) 50,517 61,491

112,617 61,491

(a) As at 31 December 2013, RMB62,100,000 (2012: nil) were restricted deposits held at bank for serving loans.

(b) As at 31 December 2013 and 2012, RMB50,517,000 and RMB61,491,000 of restricted cash were secured for issuing of bills to its suppliers amounting to RMB127,660,000 and RMB231,783,000 respectively (Note 20(b)).

(c) All of the restricted cash is denominated in RMB and earns interest at floating rates based on daily bank deposit rates.

15 Share capital

Number ofordinary shares

Nominal value ofordinary shares

HKD

Authorised:Ordinary shares of HKD 0.1 each 5,000,000,000 500,000,000

NoteNumber of

ordinary shares

Nominalvalue of

ordinary shares

Equivalentnominalvalue of

ordinary sharesHKD RMB

Issued and fully paid:As at 1 January 2012 800,000,000 80,000,000 65,168,000Issue of ordinary shares in connection with the IPO over-allotment (a) 2,191,000 219,100 178,000

As at 31 December 2012 and 2013 802,191,000 80,219,100 65,346,000

(a) On 5 January 2012, 2,191,000 ordinary shares (at par value of HKD0.1 each) of the Company were allotted and issued at the price of HKD2.70 per share in connection with the IPO over-allotment.

73



16 Reserves and Retained earningsGroup

Sharepremium

Capitalreserve

Statutorysurplusreserve

Share-based

paymentreserve

Retainedearnings Sub-total

Note RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000

Balance at 1 January 2012 312,699 371,150 100,942 145 565,854 1,350,790 Profit for the year – – – – 249,712 249,712 Profit appropriations to statutory reserves (a) – – 25,823 – (25,823) – Issue of ordinary shares in connection with the IPO over-allotment 4,629 – – – – 4,629 Share-based payment expense 33(a) – – – 2,403 – 2,403 Acquisition of non-controlling interests – (61) – – – (61) Dividends distribution 30 – (40,697) – – – (40,697)

Balance at 31 December 2012 317,328 330,392 126,765 2,548 789,743 1,566,776

Balance at 1 January 2013 317,328 330,392 126,765 2,548 789,743 1,566,776 Profit for the year – – – – 250,257 250,257 Profit appropriations to statutory reserves (a) – – 25,356 – (25,356) – Share-based payment expense 33(a) – – – 2,403 – 2,403 Dividends distribution 30 – (24,692) – – – (24,692)

Balance at 31 December 2013 317,328 305,700 152,121 4,951 1,014,644 1,794,744

(a) Statutory surplus reserveUnder the relevant PRC laws and regulations, PRC companies are required to appropriate 10% of their respective net profits according to their statutory financial statements to statutory surplus reserve until such reserve reached 50% of the companies registered capital. The statutory surplus reserve can be utilised, upon approval by the relevant authorities, to offset accumulated losses or to increase registered capital of the companies, provide that such reserve is maintained at a minimum of 25% of the companies registered capital.

74



16 Reserves and Retained earnings (Continued)Company

Sharepremium

Capitalreserve

Share-basedpayment

reserveAccumulated

Losses Sub-totalNote RMB’000 RMB’000 RMB’000 RMB’000 RMB’000

Balance at 1 January 2012 312,699 1,558,384 145 (12,244) 1,858,984Losses for the year – – – (8,362) (8,362)Issue of ordinary shares in connection with the IPO over-allotment 4,629 – – – 4,629Dividends distribution 30 – (40,697) – – (40,697)Share-based payment expense 33(a) – – 2,403 – 2,403

Balance at 31 December 2012 317,328 1,517,687 2,548 (20,606) 1,816,957

Balance at 1 January 2013 317,328 1,517,687 2,548 (20,606) 1,816,957Losses for the year – – – (16,636) (16,636)Dividends distribution 30 – (24,692) – – (24,692)Share-based payment expense 33(a) – – 2,403 – 2403

Balance at 31 December 2013 317,328 1,492,995 4,951 (37,242) 1,778,032

17 Borrowings


RMB’000 RMB’000

Non-currentBank borrowings 68,078 90,750

CurrentCurrent portion of long-term bank borrowings 47,845 46,560Short-term bank borrowings 275,152 265,797Short-term borrowings in financial institutions – 15,000

322,997 327,357

Total borrowings 391,075 418,107

75



17 Borrowings (Continued)(a) The Group’s borrowings are secured by:


RMB’000 RMB’000

Group’s assets Buildings and land use rights (Note 6, Note 7(c)) 30,000 29,200 Restricted cash (Note 14) 57,873 –

87,873 29,200

(b) The Group’s borrowings are guaranteed by:


RMB’000 RMB’000

Corporate guarantee provided by subsidiaries of the Group 303,202 388,907

(c) The maturity dates of the borrowing were analysed as follows:


RMB’000 RMB’000

Within 1 year 322,997 327,357Between 1 and 2 years 48,108 47,060Between 2 and 5 years 19,970 43,690

391,075 418,107

76



17 Borrowings (Continued)(d) The exposure of the Group’s borrowings to interest rate changes and the contractual repricing dates at the

balance sheet date was as follows:


RMB’000 RMB’000

Bank borrowings — fixed rates 85,340 192,273 — floating rates 305,735 225,834

391,075 418,107

The weighted average effective interest rates (per annum) at the balance sheet date are set out as follows:


RMB’000 RMB’000

Bank borrowings 5.87% 5.68%

The carrying amount for the current borrowings approximated their fair values because of their short-term maturities. The carrying amount for non-current borrowings approximated their fair values because of the floating interest rates they carried.

(e) The Group’s borrowings are denominated in the following currencies:


RMB’000 RMB’000

— RMB 231,320 296,332— HKD 23,733 24,324— USD 136,022 –— JPY – 97,451

391,075 418,107

77



17 Borrowings (Continued)(f) The undrawn borrowing facilities at the balance date are set out as follows:


RMB’000 RMB’000

Undrawn borrowing facilities 742,724 896,359

On 6 December 2013 , a subs id ia r y o f the Group and the DEG-Deutsche In fes ta t ions -undEntwicklungsgesellschaft (a financial institution incorporated and existing as a limited liability company under the law of the Federal Republic of Germany) have entered into a long-term loan agreement with a credit limit of USD22,000,000. The fund is intended to be used to upgrade the subsidiary’s sodium chlorate and hydrogen peroxide plants. As at 31 December 2013, no drawn down have been made.

18 Deferred incomeDeferred income represented government grants related to the construction of property, plant and equipment which are credited to the consolidated statement of comprehensive income on a straight-line basis over the expected lives of the related assets.


RMB’000 RMB’000

Opening net book amount 15,508 14,743Additions – 2,030Amortisation (1,502) (1,265)


At end of yearCost 17,730 17,730Accumulated amortisation (3,724) (2,222)

Net book amount 14,006 15,508

78



19 Derivative financial instruments


RMB’000 RMB’000

Financial liability at fair value through profit or lossForward foreign exchange contracts – –

For the purpose of hedging foreign currency risk, the management entered into a forward foreign exchange contract (between RMB and JPY) for the loan denominated in Japanese Yen amounted to JPY950,000,000 at a pre-determined fixed rate with a bank in 2013.

The Group executed forward foreign exchange contract in September 2013 and the loss amounted to RMB16,708,000 (2012: Nil) was recorded in “finance expenses” (Note 27).

79



20 Trade and other payables


2013 2012 2013 2012RMB’000 RMB’000 RMB’000 RMB’000

Trade payables (a) Due to third parties 51,047 67,640 – –

Bills payable (b) (Note 14) Due to related parties (Note 35(b)) 1,500 – – – Due to third parties 126,160 231,783 – –

Other payables and accrual (c) Due to subsidiaries – – – 50,884 Due to third parties 67,428 70,414 – –

246,135 369,837 – 50,884

(a) Details of ageing analysis of trade payables are as follows:


2013 2012 2013 2012RMB’000 RMB’000 RMB’000 RMB’000

Within 3 months 51,032 67,640 – –Between 4 and 6 months 15 – – –

51,047 67,640 – –

(b) As at 31 December 2013 and 2012, the entire balances of bills payable were secured by restricted cash of RMB50,517,000 and RMB61,491,000 respectively (Note 14).

80



20 Trade and other payables (Continued)(c) Details of other payables are as follows:


2013 2012 2013 2012RMB’000 RMB’000 RMB’000 RMB’000

Due to subsidiaries – – – 50,884Advance from customers 3 164 – –Payable for property, plant and equipment purchases 10,409 29,098 – –Freight charges 8,846 10,082 – –Water and electricity 23,397 10,880 – –Salary and welfare payable 8,625 10,499 – –Taxes 11,651 2,086 – –Payable for IPO expenses – 1,517 – –Auditor’s remuneration 1,275 2,550 – –Others 3,222 3,538 – –

67,428 70,414 – 50,884

(d) The carrying amounts of the Group and Company’s trade and other payables are denominated in the following currencies:


2013 2012 2013 2012RMB’000 RMB’000 RMB’000 RMB’000

— RMB 246,132 368,157 – 49,368— USD – 9 – 9— HKD – 1,507 – 1,507

246,132 369,673 – 50,884

81



21a Investments in subsidiaries

CompanyAs at 31 December

2013 2012RMB’000 RMB’000

Investments in unlisted shares, at cost 1,449,426 1,449,426

As at 31 December 2013, the Company has direct and indirect interests in the following subsidiaries:

Name of Company

Country/place and date of incorporation Principal activities

Issued and fully paid

capital/registered capital

Effectiveinterest held

Directly ownedYihua Sub-Holding Alpha (BVI) Limited

BVI/3 December 2010 Investment holding USD1 100%

Yihua Sub-Holding Beta (BVI) Limited

BVI/3 December 2010 Investment holding USD1 100%

Indirectly ownedLongpower Corporation Limited

HK/3 December 2009 Investment holding HKD1 100%

Sun Champ Group Holdings Limited

HK/18 March 2010 Investment holding HKD1 100%

Fujian Rongchang Chemical Co., Ltd.

PRC/27 February 1997 Manufacturing and sale of chemical products

RMB228,000,000 100%

Fujian Rongping Chemical Co., Ltd.

PRC/26 December 2002 Manufacturing and sale of chemical products

RMB254,500,000 100%

Fuzhou Yihua Chemical Stock Co., Ltd.

PRC/7 June 2003 Manufacturing and sale of chemical products

RMB240,000,000 100%

Fujian Jinrong Technical Co., Ltd.

PRC/14 August 2012 Manufacturing and sale of chemical products

RMB100,000,000 100%

82



21b Investments accounted for using the equity method

As at 31 DecemberRMB’000

Share of net assets, as at 1 January 2013 –Addition 2,973Share of loss of investments accounted for using the equity method (2,973)

Share of net assets, as at 31 December 2013 –

On 12 April 2013, the Company acquired 30% of shares in Sichuan Minjiang Snow Salt Chemical Industry Co., Ltd. (“Minjiang Snow”) at nil consideration. As a result, Minjiang Snow became an associate of the Company. Details of Minjiang Snow as at the date of acquisition are as follow:

Provisionalfair value on

acquisition date

Effective equityinterest heldby the Group

The Group’sattributable shareof the provisional

fair value ofthe associate Consideration Bargain purchase

RMB’000 RMB’000 RMB’000

9,910 30% 2,973 – 2,973

The Group recognised bargain purchase of RMB2,973,000 in the share of profit/loss of investment accounted for using the equity method.

Nature of investment in Minjiang Snow and financial information of Minjiang Snow as at 31 December 2013 are as follow:

Name of entity

Place ofbusiness/country ofincorporation

% ofownership

interestNature of

relationshipMeasurement

method

Sichuan Minjiang Snow Salt Chemical Industry Co., Ltd. PRC 30 Note 1 Equity

Note 1: Mingjiang Snow is a Chinese sodium chlorate production base as well as through mutually-beneficial collaboration with Chengdu Huaxi Hope Group Co., Ltd (a famous private enterprise), the Group fortified its market share and regional deployment in the industry, which focuses on sodium chlorate and other specialty chemicals, thereby improving its result performance in the future.

Mingjiang Snow is a private company and there is no quoted market price available for its shares.

There are no contingent liabilities relating to the Group’s interests in Mingjiang Snow.

83



21b Investments accounted for using the equity method (Continued)

Summarised financial information for the associate

2013RMB’000

Total assets 700,780Total liabilities 781,185

Net liabilities (80,405)

Total revenue 138,478

Net Loss (68,722)

The Group’s share of losses in Minjing Snow in 2013 was only up to the investment amount as the Group has no obligations to make payment on behalf of this associate.

22 Expenses by nature


RMB’000 RMB’000

Raw materials used and changes in inventories 623,290 769,009Depreciation of property, plant and equipment (Note 7) 92,285 67,179Electricity and other utility fees 283,845 269,872Employee benefit expenses (Note 23) 67,836 66,799Transportation and related charges 36,403 26,975Tax and surcharges 9,028 12,984Amortisation of land use rights (Note 6) 1,764 1,764Amortisation of intangible assets (Note 8) 394 218Office and entertainment expenses 10,982 14,771Operating leases expenses 1,518 1,349Property insurance fee 2,231 2,048Travelling expenses 1,407 1,833Repairs and maintenance 6,330 9,985Auditors’ remuneration 3,150 3,050Research and development costs 1,361 –Impairment loss for trade and other receivables (Note 11) 799 –Other expenses 9,020 11,810

1,151,643 1,259,646

84



23 Employee benefit expenses


RMB’000 RMB’000

Wages, salaries and bonuses 48,529 46,934Contributions to pension plan (a) 8,774 8,286Welfare and other expenses 8,130 9,176Pre-IPO option scheme expense (Note 33(a)) 2,403 2,403

67,836 66,799

(a) The employees of the Group participate in certain defined contribution pension plans organised by the relevant municipal and provincial government, under which the Group are required by the plan to contribute at a rate of 18% of the employee’s basic salary, subject to certain caps, during the year.

(b) Directors’ emolumentsThe details of emoluments paid and payable to the directors for the year ended 31 December 2013 are set out below:


RMB’000 RMB’000

Salaries, wages and bonuses 2,350 2,329Contributions to pension plan 52 49Pre-IPO option scheme expenses 2,043 2,043

4,445 4,421

85



23 Employee benefit expenses (Continued)(b) Directors’ emoluments (Continued)

The emoluments of each of the directors are set out as follows:

Year ended 31 December 2013

Name of director

Salaries,wages and

bonuses

Contributionsto pension

plan

Pre- IPOoption scheme

expenses TotalRMB’000 RMB’000 RMB’000 RMB’000

Mr. Liem Djiang Hwa 360 – – 360Mr. Chen Hong 600 28 601 1,229Ms. Miao Fei 500 24 601 1,125Mr. Lam Wai Wah 500 – 601 1,101Dr. Chen Xiao* 130 – 120 250Mr. Kou Huizhong* 130 – 60 190Mr. Li Junfa* 130 – 60 190

Total 2,350 52 2,043 4,445

Year ended 31 December 2012

Name of director

Salaries,wages and

bonuses

Contributionsto pension

plan

Pre-IPOoption scheme

expenses TotalRMB’000 RMB’000 RMB’000 RMB’000

Mr. Liem Djiang Hwa 360 – – 360Mr. Chen Hong 600 25 601 1,226Ms. Miao Fei 500 24 601 1,125Mr. Lam Wai Wah 500 – 601 1,101Dr. Chen Xiao* 123 – 120 243Mr. Kou Huizhong* 123 – 60 183Mr. Li Junfa* 123 – 60 183

Total 2,329 49 2,043 4,421

* represent the independent non-executive directors

86



23 Employee benefit expenses (Continued)(c) Five highest paid individuals

The five individuals whose emoluments were the highest in the Group are as follows:


RMB’000 RMB’000

In the capacity as: Directors 3,809 3,812 Senior management 413 324

The five highest paid individuals include four directors during the year, whose emoluments were reflected in the analysis presented above. Details of remuneration of the remaining highest paid individual is as follows:


RMB’000 RMB’000

Salaries, wages and bonuses 388 300Contributions to pension plan 25 24

413 324

The emoluments of the member of senior management fell within the following band:

Number of individualsYear ended 31 December

2013 2012

Nil to HKD1,000,000 1 1

87



24 Other income


RMB’000 RMB’000

Subsidy income granted by government 3,369 2,039

25 Other losses — net


RMB’000 RMB’000

Loss on disposals of Property, plant and equipment (1,897) (1,755)

26 Finance income


RMB’000 RMB’000

Interest income from bank deposits 3,512 5,157

88



27 Finance expenses


RMB’000 RMB’000

Interest expenses: — Bank borrowings 24,285 27,796 — Discount interest for bill payables 8,880 7,521 — Other charges 2,669 1,782

35,834 37,099Less: Interest capitalised in property, plant and equipment (2,305) (4,311)

33,529 32,788

Loss on forward foreign exchange contracts (Note 19) 16,708 –Net foreign exchange gains (22,233) (4,409)

28,004 28,379


RMB’000 RMB’000

Weighted average effective interest rates used to calculate capitalisation amount 6.45% 6.01%

89



28 Income tax expense


RMB’000 RMB’000

Current income tax — PRC enterprise income tax (a) 85,155 87,154 — Hong Kong profits tax (b) 106 –Deferred tax (Note 9) (159) (353)

85,102 86,801

The tax on the Group’s profit before tax differs from the theoretical amount that would arise using the weighted average tax rate of companies comprising the Group is set out as follows:


RMB’000 RMB’000

Profit before income tax 335,359 337,050

Tax calculated at domestic tax rates applicable to profits in the respective countries 83,697 84,262Expenses not deductible for tax purposes 2,470 2,690Income not subject to taxation (1,065) (151)

85,102 86,801

The provision for PRC enterprise income tax is based on the statutory rate of 25% on the basis of the profit for the statutory financial reporting purposes, adjusted for income and expenses items which are not assessable or deductible for income tax purpose.

Hong Kong profits tax has been provided at the rate of 16.5% on the estimated assessable profits arising in Hong Kong for the year ended 31 December 2013.

90



29 Earnings per share(a) Basic

Basic earnings per share is calculated by dividing the profit for the year attributable to equity holders of the Company by the weighted average number of ordinary shares in issue during the year.


Profit attributable to equity holders of the Company (RMB’000) 250,257 249,712Weighted average number of ordinary shares in issue (thousand) 802,191 802,167

Basic earnings per share (RMB yuan) 0.31 0.31

(b) DilutedDiluted earnings per share is calculated based on the profit attributable to equity holders of the Company after adjusting the weighted average number of ordinary shares outstanding to assume conversion of all dilutive potential ordinary shares. The pre-IPO share options granted by the Company are taken into the consideration when the Company calculates the diluted earnings per share. The average market price of the shares for the year ended 31 December 2013 is lower than the exercise price of the pre-IPO share options, the pre-IPO share options are therefore not included in the diluted earnings per share calculation. The diluted earnings per share is the same as the basic earnings per share.

30 Dividend


RMB’000 RMB’000

Proposed final dividend 25,026 25,007

Dividend paid 24,692 40,697

The final dividend in respect of the year ended 31 December 2012 of HKD0.0386 per share, amounting to a total dividend of HKD30,965,000 (equivalent to RMB24,692,000) was paid in June 2013.

A dividend in respect of the year ended 31 December 2013 of HKD0.0390 (equivalent to RMB0.0312) per share, amounting to a total dividend of HKD31,302,000 (equivalent to RMB25,026,000) is to be proposed at the annual general meeting on 13 June 2014. The consolidated financial statements do not reflect this dividend payable.

91



31 Loss attributable to equity holders of the CompanyThe loss attributable to equity holders of the Company is dealt with in the financial statements of the Company to the extent of RMB16,636,000 (2012: RMB8,362,000).

32 Notes to consolidated cash flow statementsCash generated from operations


RMB’000 RMB’000

Profit for the year 250,257 250,249Adjustments for: — Income tax expenses (Note 28) 85,102 86,801 — Depreciation (Note 7) 92,285 67,179 — Amortisation of land use rights (Note 6) 1,764 1,764 — Amortisation of intangible assets (Note 8) 394 218 — Deferred income amortisation (Note 18) (1,502) (1,265) — Finance income (Note 26) (3,512) (5,157) — Finance expenses (Note 27) 28,004 28,379 — Loss on disposals of property, plant and equipment (Note 25) 1,897 1,755 — Pre-IPO Option Scheme expense (Note 33(a)) 2,403 2,403Changes in working capital: — Inventories 10,147 (65,092) — Trade and other receivables 57,882 45,079 — Trade and other payables (103,496) 55,037 — Restricted cash – (23,799)

Cash generated from operations 421,625 443,551

In the consolidated cash flow statement, proceeds from sale of property, plant and equipment comprise:

2013 2012RMB’000 RMB’000

Net book amount (Note 7) 1,897 8,131Loss on disposal of property, plant and equipment (Note 25) (1,897) (1,755)

Proceeds from disposal of property, plant and equipment – 6,376

92



33 Share-based paymenta. The Group adopted a pre-IPO share option scheme which was approved by the Board of Directors on 10 June

2011 and 12 June 2011 (“Pre-IPO Option Scheme”). Pursuant to the Pre-IPO Option Scheme, the three executive directors, two senior management members and three independent non-executive directors were granted the pre-IPO options to subscribe for up to 16,000,000 shares of the Company. The pre-IPO options will vest in three instalments at each of the first three anniversaries of the listing date and will only become exercisable from the respective vesting dates up to the third anniversary of the listing date. Commencing from the first, second and third anniversaries of the date of grant of an option, the relevant grantee may exercise up to 30%, 60%, and 100%, respectively, of the shares comprised in his or her option.

As at 31 December 2013, 9,600,000 outstanding options had been vested but not exercised (As at 31 December 2012: 4,800,000), 6,400,000 had not been vested and not exercised (As at 31 December 2012: 11,200,000). These options with an exercise price of HKD2.70 per share upon vesting will be expired on 8 December 2014.

The fair value of the options granted determined using the black-scholes model was HKD9,843,000. The options have been divided into three batches according to different vesting periods.

The significant inputs to the model are summarised as below:

Stock price (HKD) 2.72Exercise price (HKD) 2.70Expected holding year 3Risk-free rate per annum 0.41%Volatility 32.02%Expected dividend yield –

The expected volatility is estimated by making reference to the volatility of the other companies with the similar background or nature of business as the Company.

Fair value of Pre-IPO options is charged to the consolidated statement of comprehensive income over the vesting period of the options. Total share option expense charged to the consolidated income statement during the year ended 31 December 2013 amounted to RMB2,403,000 (2012: RMB2,403,000).

b. The Group adopted another share option scheme which was approved by the Board of Directors on 10 June 2011 and 12 June 2011 (“Share Option Scheme”). The Board of Directors of the Company may, under the Share Option Scheme, grant options to eligible persons for their contributions to the Group and their continuing efforts to promote the Group’s interests. The implementation of the Share Option Scheme is subject to a number of conditions being met, including the commencement of dealings in the Shares on the Stock Exchange.

No option has been granted under the Share Option Scheme as at 31 December 2013.

93



34 Commitments(a) Capital commitments

The Group has the following capital commitments not provided for in the consolidated financial statements:


RMB’000 RMB’000

Authorised and contracted but not provided for property, plant and equipment – 4,559

(b) Operating lease commitmentsThe Group has commitments to make the following future minimum lease payments relating to office building under non-cancellable operating leases:


RMB’000 RMB’000

No later than 1 year 378 1,4941–2 years 1,512 378

35 Related parties transactionsParties are considered to be related if one party has the ability, directly or indirectly, control the other party or exercise significant influence over the other party in making financial and operation decisions. Parties are also considered to be related if they are subject to common control.

(a) Purchases of goods from related parties


RMB’000 RMB’000

— Associate 11,667 –

Prepayment in relation to purchase of goods


RMB’000 RMB’000

— Associate 2,000 –

94



35 Related parties transactions (Continued)(b) Year-end balances


RMB’000 RMB’000

Due to related parties — Associate (Note 20(b)) 1,500 –

The payables to related parties arise mainly from purchase transactions and are due one year after the date of purchase. The payables bear no interest.

(c) Key management compensation:


RMB’000 RMB’000

Salaries, wages and bonuses 3,590 2,790Contributions to pension plan 176 173Pre-IPO option scheme expenses 1,803 1,803

5,569 4,766

Key management includes executive directors and certain executives who have important role in making operational and financial decisions.

36 Subsequent eventsThere is no significant subsequent event after 31 December 2013.

95


FIVE-YEAR FINANCIAL SUMMARY

2013 2012 2011 2010 2009RMB’000 RMB’000 RMB’000 RMB’000 RMB’000

Operating resultsRevenue 1,510,022 1,619,634 1,524,833 1,211,826 1,006,502Gross profit 466,586 464,684 492,741 320,817 275,656Operating profit 359,851 360,272 390,930 247,356 214,123Finance costs – net 24,492 23,222 24,144 19,581 29,225Profit before income tax 335,359 337,050 366,786 229,396 185,335

Profit and total comprehensive income for the year attributable to equity holders of the Company 250,257 249,712 268,169 168,051 134,413

Profit marginGross profit margin 30.9% 28.7% 32.3% 26.5% 27.4%Operating profit margin 23.8% 22.2% 25.6% 20.4% 21.3%Net profit margin 16.6% 15.4% 17.6% 13.9% 13.4%

Earnings per share Basic and diluted (RMB) 0.31 0.31 0.49 0.38 0.30

Assets and liabilitiesTotal assets 2,537,446 2,447,920 2,259,800 1,595,950 1,283,894Equity attributable to the equity holders of the Company 1,860,090 1,632,122 1,415,958 660,819 475,951Total liabilities 677,356 815,798 833,440 927,084 801,522Net asset value/total equity 1,860,090 1,632,122 1,426,360 668,866 482,372Interest-bearing bank borrowings 391,075 418,107 478,646 387,850 468,212Cash and cash equivalent 784,153 778,553 926,148 397,231 195,834

Quick ratio (X) 1.9 1.6 1.9 0.9 0.8Current ratio (X) 2.2 1.8 2.1 1.1 0.9Inventory turnover (days) 56 42 36 34 26Trade receivables turnover (days) 58 66 70 75 64Trade and notes payables turnover (days) 83 84 80 88 67Net asset value per share (RMB) 2.32 2.03 2.62 1.49 1.07

Gearing ratio N/A N/A N/A 24% 37%Total interest-bearing bank borrowings to total equity 21% 26% 34% 58% 97%

96


Five-year Financial Summary (CONTINUED)

Notes:

(1) China First Chemical Holdings Limited (the “Company”) was incorporated in the Cayman Islands on 24 November 2010 as an exempted company with limited liability. Pursuant to a group reorganisation that was completed on 14 June 2011 (the “Reorganisation”), the Company became the holding company of the subsidiaries now comprising the Group. Please refer to the prospectus of the Company dated 29 November 2011 for the details of the Reorganisation.

The Group resulting from the Reorganisation is regarded as a continuing entity under common control of the controlling shareholders. Accordingly, the financial information as contained in this section of the Annual Report had been prepared on the merger basis as if the Company had been the holding company of those companies comprising the Group for each of the relevant years, rather than from 14 June 2011. Accordingly, the results of the Group for the financial year ended 31 December 2008 include the results of the Company and its subsidiaries with effect from 1 January 2008 or since their respective dates of incorporation/establishment or from the effective dates of acquisition, whichever is the shorter period.

(2) The weighted average number of ordinary shares used in the calculation of earnings per share as stated in the table above for the years ended 31 December 2009 and 2010 was 450,000,000 shares,for the year ended 31 December 2011 was 544,247,000 shares, for the year ended 31 December 2012 was 802,167,000, and for the year ended 31 December 2013 was 802,191,000.

97


CORPORATE INFORMATION

Authorized RepresentativesMr. Lam Wai WahMs. Miao Fei

Alternate Authorized RepresentativeMs. Yuen Wing Yan, Winnie

Audit CommitteeDr. Chen Xiao (Chairman)Mr. Li JunfaMr. Kou Huizhong

Remuneration CommitteeMr. Kou Huizhong (Chairman)Dr. Chen XiaoMs. Miao Fei

Nomination CommitteeMr. Li Junfa (Chairman)Mr. Kou HuizhongMr. Lam Wai Wah

Principal Share RegistrarMaples Fund Services (Cayman) LimitedP.O. Box 1093,Boundary Hall Cricket Square,Grand Cayman, KY1–1102,Cayman Islands

Hong Kong Share RegistrarTricor Investor Services LimitedLevel 22, Hopewell Centre183 Queen’s Road EastHong Kong

Board of DirectorsChairman and Non-executive Director:Mr. Liem Djiang Hwa

Executive Directors:Mr. Chen HongMs. Miao FeiMr. Lam Wai Wah

Independent Non-executive Directors:Dr. Chen XiaoMr. Kou HuizhongMr. Li Junfa

Registered OfficeP.O. Box 309,Ugland House Grand Cayman,KY1–1104 Cayman Islands

Headquarters in the PRC19A, Ping An Building,No. 88 Wu Yi Zhong Road, Fuzhou City,Fujian Province,PRC

Place of Business in Hong KongLevel 54, Hopewell Centre,183 Queen’s Road East,Hong Kong

Company’s Websitewww.cfc2121.com

Company SecretaryMs. Yuen Wing Yan, Winnie FCIS, FCS

98


Corporate Information (CONTINUED)

Principal BankersIndustrial and Commercial Bank of China LimitedMindu Sub-branchNo. 108 Gu Tian Road, FuzhouFujian ProvincePRC

China Construction Bank Corporation LimitedPingnan Sub-branch1st and 2nd Floor, Oriental Pearl TowerNo. 88 Cheng Guan Pearl TowerPingnan County, NingdeFujian ProvincePRC

Bank of China LimitedNanping BranchNo. 459 Binjiang Central Road, NanpingFujian ProvincePRC

Annual Report20132013

年報

An

nu

al Rep

ort 2013 年

報

目錄主席報告書 .................................................................................................................................................02

管理層討論與分析 ......................................................................................................................................05

董事及高級管理層 ......................................................................................................................................14

企業管治報告 ..............................................................................................................................................18

董事報告書 .................................................................................................................................................24

獨立核數師報告 ..........................................................................................................................................33

合併資產負債表 ..........................................................................................................................................35

本公司資產負債表 ......................................................................................................................................37

合併綜合收益表 ..........................................................................................................................................38

合併權益變動表 ..........................................................................................................................................39

合併現金流量表 ..........................................................................................................................................40

合併財務報表附註 ......................................................................................................................................41

五年財務摘要 ..............................................................................................................................................95

公司資料 .....................................................................................................................................................97

02

主席報告書

一化控股（中國）有限公司二零一三年年報

本人代表一化控股（中國）有限公司（「本公司」）董事會（「董事會」）欣然呈報本公司及其附屬公司截止二零一三年十二

月三十一日止年度之年度業績。

隨著本公司於二零一一年十二月九日在香港聯合交易所有限公司（「聯交所」）主板上市以來，本公司認真應對外部市

場環境、整合和優化產業資源，夯實內部管理並適度控制各項費用支出。儘管受經營形勢複雜多變、經濟下行壓力、

外部市場低迷及其他不利因素的影響，本公司依然能及時把握有利條件，穩步推進行業整合，促進水處理環保型化學

品業務的增長。為與股東分享業務成果，董事會已建議就截至二零一三年十二月三十一日止年度派發末期股息每股

0.0390港元（人民幣0.0312元），派息總額相當於約31.302百萬港元（人民幣25.026百萬元），派息率約10%。

市場回顧二零一二至二零一三年全球經濟持續低迷，國內經濟增長減速，經濟增長模式面臨轉型。由於粗放型的經濟發展模

式，人口數量的快速增長，以及工業污水的無序排放，造成目前中國的水污染現狀十分嚴峻。

二零一三年八月國務院發佈《關於加快發展節能環保產業的意見》，要求到二零一五年，所有城鄉污水集中處理能力達

到每日2億立方米以上。二零一三年九月國務院通過《城鎮排水與污水處理條例》，將污水處理納入法制化軌道並加大

監管和處罰力度。隨著政府在污水處理及再生利用領域的投資和執法力度不斷加大，水處理企業面向的市場空間日益

廣闊。

截至二零一三年上半年，本公司產品主要應用於紡織造紙、紙漿印染等傳統漂白消毒領域。自二零一三年下半年開

始，本公司在國家政策引導和環保執法力度不斷加大的情況下，氯酸鈉和雙氧水等環保型漂白消毒產品大量應用於城

鎮和工業污水處理，用戶需求呈現快速增長態勢。

業務回顧自二零一三年下半年開始氯酸鈉和雙氧水等環保型產品的售價相比去年同期上升，污水處理成為拉動市場需求的新引

擎。二零一三年環保型漂白消毒化學品的銷售收入為人民幣6.69億元，同比二零一二年的銷售收入人民幣5.97億元

增長12%。環保型漂白消毒化學品的收入佔比由二零一二年的36.9%增加至二零一三年的44.3%。二零一三年其他

化学品的銷售收入為人民幣8.41億元，同比二零一二年的銷售收入人民幣10.22億元下降17.8%，其他化学品的收入

佔比由二零一二年的63.1%下降至二零一三年的55.7%，鑒此，本公司調整產品結構的效果初顯。

03


主席報告書（續）

二零一三年二月本公司與中國科學院海西研究院共建「綠色化工技術研發中心」。通過與中科院的深入合作，研發及

儲備新技術，加大水處理相關產品的研發力度，開發高附加值的產品組合，以不斷提升本公司的毛利率水平。此外，

本公司經過多年發展，人員聘用和培訓管理已形成比較完整的運行體系，通過與科研部門及高等院校的合作，本公司

培養了大批懂管理、精通技術的專業人員，為公司下一步的併購擴展積累了寶貴的人力資源。

二零一三年四月本公司與成都華西希望集團有限公司達成協議，收購四川岷江雪鹽化有限公司30%股權。四川岷江

雪目前總計氯酸鹽年產能為18萬噸，其氯酸鈉產能約為本公司的兩倍，現為中國最大的氯酸鈉生產基地，產能位居

亞洲第一。

二零一三年十二月本公司全資附屬公司福建省（屏南）榕屏化工有限公司與德國投資與開發有限公司 (DEG)訂立為期七

年，金額為22百萬美元的貸款融資協議。借助與德國投資與開發有限公司的合作，本公司將積極拓展國際市場。

二零一三年本公司資本性投入人民幣2.14億元，大部份用於主要產品的生產設備、輸電線路及變電站等一系列技術

改造和升級。本公司以技術創新和節能降耗為工作重點，在提高電效、降低能耗等方面取得了顯著成績。技改完成

後，環保型漂白消毒產品以及其他化學品分別新增年產能50,000噸及15,000噸。預計上述年產能將獲得釋放並成為

本公司新的業績增長點。

財務回顧透過二零一一年在聯交所上市及本公司的持續運營發展，本公司的計息債務對權益比率由本公司最後公開可得的合併

財務報表截止二零一二年十二月三十一日的約26%繼續改善至截止二零一三年十二月三十一日的約21%。

回顧年度內，本公司收入約為人民幣1,510.0百萬元，較去年同期的收入約人民幣1,619.6百萬元，減少約人民幣

109.6百萬元或6.8%。收入減少主要是由於年內其他化學品的銷售額減少，惟部分被環保型漂白消毒產品銷售額增加

而有所抵銷。

04


主席報告書（續）

年內毛利為人民幣466.6百萬元，較去年同期的人民幣464.7百萬元，增加約人民幣1.9百萬元或5.7%。整體毛利率

由二零一二年的28.7%增加至二零一三年的30.9%，主要是由於：(i)環保型漂白消毒產品的平均售價受到市場環境改

善而有所上調；(ii)產品結構調整，毛利率較高的產品銷售增長較快；及 (iii)本公司擁有成套關鍵工藝技術，具有生產

穩定可靠、節能效果好的優勢，產品指標優於國內其他企業。

展望儘管二零一四年外部經營環境依然複雜嚴峻，本公司將通過收購兼併整合現有市場，鞏固行業領導地位，不斷提升主

要產品之議價權。通過與中國科學院海西研究院和高等院校的深入合作，一方面研發新技術、另一方面儲備骨幹人

才，不斷提高本公司產品的附加值。依託國家「十二五」規劃以及加大環保綜合治理投入的國家政策，本公司將充分

利用城鎮與工業污水處理推動環保型漂白消毒產品需求的迅猛發展，順勢而為，分享中國環保事業的盛宴。

05

管理層討論與分析


收入回顧年度內收入約為人民幣1,510.0百萬元，較去年同期的收入約人民幣1,619.6百萬元，減少約人民幣109.6百萬元

或6.8%。收入減少主要是由於年內其他化學品的銷售額減少，惟部分被漂白消毒化學品銷售額增加而有所抵銷。

於回顧年度內，按產品組別劃分的收益載於下表：

二零一三年二零一二年

金額佔收入百分比金額佔收入百分比

收入（人民幣千元）

漂白消毒化學品 669,280 44.3% 596,835 36.8%

其他化學品 840,742 55.7% 1,022,799 63.2%

總計 1,510,022 100.0% 1,619,634 100.0%

銷量（噸）

漂白消毒化學品 339,985 278,566

其他化學品 104,014 115,067

總計 443,994 393,633


金額金額

平均售價（人民幣╱每噸）

漂白消毒化學品 1,969 2,143

其他化學品 8,083 8,889

06


管理層討論與分析（續）

下表載列於回顧年度本集團按產品組別劃分的額定設計產能、實際產量及利用率：

額定

設計產能實際產量利用率

額定

設計產能實際產量利用率

噸噸 % 噸噸 %

二零一三年：二零一二年：

漂白消毒化學品 380,000 339,330 89% 漂白消毒化學品 317,125 281,300 89%

其他化學品 183,583 151,338 82% 其他化學品 145,500 135,155 93%

總計 563,583 490,668 87% 總計 462,625 416,455 90%

漂白消毒化學品此分部主要包括氯酸鈉及雙氧水，該兩種產品為本集團銷售額最高的其中兩種產品。氯酸鈉及雙氧水分別為本公司下

遊客戶無元素氯技術與全無氯技術紙漿漂白工藝使用的主要化學品。

於二零一三年十二月三十一日及二零一二年十二月三十一日，漂白消毒化學品的年度額定設計產能分別為380,000噸

及317,125噸。於二零一三年，漂白消毒化學品的年度額定設計產能增加約62,875噸，主要原因為氯酸鈉及雙氧水生

產設施升級於年內竣工及並投產使得其分別增加11,625噸及50,000噸。

於回顧年度內，漂白消毒化學品的收入總額為人民幣669.3百萬元，較二零一二年增加約12.1%或人民幣72.4百萬元。

增加受下列因素淨影響：(1)由於產能擴充及氯酸鈉銷量增加致使氯酸鈉銷售額增加約10.1%至人民幣422.5百萬元；

及 (2)雙氧水銷量受到市場環境改善影響而有所增加，使其銷售額增加約26.3%至人民幣232.4百萬元。

於二零一三年，本集團漂白消毒化學品分部的利用率（即實際產量相對額定設計產能）達89%（二零一二年：89%），

此表明新產能被下游企業的殷切需求所吸收。

07



其他化學品此分部主要包括初級及改良型發泡劑、氯酸鉀、高氯酸鈉、高氯酸鉀、燒鹼、聯二脲及其他產品。

於二零一三年十二月三十一日及二零一二年十二月三十一日，其他化學品的額定設計產能分別為183,583噸及

145,500噸。於二零一三年，其他化學品的年度額定設計產能增加約38,083噸，主要原因是發泡劑、氯酸鉀、聯二脲

及濃酸生產設施升級於年內完工並投產，令其分別增產15,000噸、3,500噸、4,583噸及25,000噸。該增加部分被二

零一二年十月舊燒鹼生產設施部分停產而致的減產所抵銷。

於回顧年度內，其他化學品的收入總額為人民幣840.7百萬元，較二零一二年減少約17.8%或人民幣182.1百萬元。

收入減少主要由於本公司升級生產設施後外包生產減少及自產產品銷量增加，及年內燒鹼轉化為發泡劑自產產品使其

銷量減少所致。

於二零一三年，本集團其他化學品的利用率達82%（二零一二年：93%），顯示本集團其他化學品的新生產設施產能

被下游企業的殷切需求所吸收。

銷售成本本公司的銷售成本主要包括所用原材料成本及存貨變動、電費及其他水電費用、不動產、工廠及設備折舊、僱員福利

開支、運輸及相關支出、維修及保養、主要經營業務的稅項及徵費、辦公及應酬開支、差旅費用及其他開支。所用原

材料及存貨變動（包括從第三方購買的發泡劑及氯酸鈉）佔本公司銷售成本比例最大，截至二零一三年及二零一二年

十二月三十一日止年度分別佔總銷售成本的59.7%和66.6%。

回顧年內銷售成本為人民幣1,043.4百萬元，較去年同期人民幣1,155.0百萬元，減少約人民幣111.5百萬元或9.7%。

銷售成本減少主要是由於發泡劑的外包產量減少所致。截至二零一三年十二月三十一日止年度銷售成本佔收入比重由

截至二零一二年十二月三十一日止年度的71.3%下跌至69.1%，反映外包生產成本有所下降。

截至二零一三年十二月三十一日止年度銷售成本佔收入比重由截至二零一二年十二月三十一日止年度的71.3%下跌

至69.1%，反映外包生產成本有所降低。

08



毛利與毛利率回顧年度內毛利為人民幣466.6百萬元，較去年同期的人民幣464.7百萬元，增加約人民幣1.9百萬元或0.4%。整體

毛利率由二零一二年的28.7%增加至二零一三年的30.9%，主要是由於：(i)環保型漂白消毒產品的平均售價受到市場

環境改善而有所上調；(ii)產品結構調整，毛利率較高的產品銷售增長較快；及 (iii)本公司擁有成套關鍵工藝技術，具

有生產穩定可靠、節能效果好的優勢，產品指標優於國內其他企業。

下表載列於回顧年度內本集團按產品組別劃分的毛利率：

截至十二月三十一日止年度

毛利率 (%) 二零一三年二零一二年變動

漂白消毒化學品 34.7% 33.1% 4.8%

其他化學品 27.9% 26.1% 6.9%

整體 30.9% 28.7% 7.7%

漂白消毒化學品漂白消毒化學品的毛利率由截至二零一二年十二月三十一日止年度的33.1%增加到截至二零一三年十二月三十一日

止年度的34.7%，主要由於：(1)雙氧水銷量增加，因市場環境改善而錄得較高毛利率；及 (2)原材料價格下跌及升級

生產設施後成本節省使銷售成本減少所致。

其他化學品其他化學品的毛利率由截至二零一二年十二月三十一日止年度的26.1%增加到截至二零一三年十二月三十一日止年

度的27.9%，此乃主要由於升級生產設施以及增加使用自產原材料（例如燒鹼及聯二脲）提高了發泡劑的毛利率所致。

銷售及市場推廣費用銷售及市場推廣費用主要包括本集團產品運輸及相關費用、銷售稅（例如城市維護建設稅及教育附加稅）、差旅費用以

及其他銷售及市場推廣費用。本集團銷售及市場推廣費用由截至二零一二年十二月三十一日止年度的人民幣38.3百

萬元增加9.4%到截至二零一三年十二月三十一日止年度的人民幣41.9百萬元，主要是由於本集團銷量擴大導致銷售

費用增加。

09



行政費用行政費用主要包括不動產、工廠及設備的折舊、僱員福利開支及辦公及應酬開支。本集團行政費用由截至二零一二年

十二月三十一日止年度的人民幣66.4百萬元減少0.2%到截至二零一三年十二月三十一日止年度的人民幣66.3百萬元，

主要是由於有效控制成本所致。

其他收益其他收益主要包括出售原材料所得利潤及政府補貼。本集團其他收益由截至二零一二年十二月三十一日止年度的人民

幣2.0百萬元增加65.2%到截至二零一三年十二月三十一日止年度的人民幣3.4百萬元，主要是由於節能帶來的政府

補貼增加所致。

其他虧損 — 淨額其他虧損淨額主要包括出售不動產、工廠及設備所得虧損淨額。本集團其他虧損淨額由截至二零一二年十二月三十一

日止年度的人民幣1.8百萬元增加8.1%到截至二零一三年十二月三十一日止年度的人民幣1.9百萬元，主要是由於出

售不動產、工廠及設備之虧損增加。

財務收益財務收益主要指自銀行存款的利息收益。本集團財務收益由截至二零一二年十二月三十一日止年度的人民幣5.2百萬

元減少31.9%到截至二零一三年十二月三十一日止年度的人民幣3.5百萬元，主要是由於年內定期存款減少導致銀行

存款的利息收益減少所致。

財務費用財務費用主要包括銀行借貸利息開支、應付票據折現利息、其他財務費用以及外匯虧損，扣除撥入不動產、工廠及設

備的利息。本集團財務費用由截至二零一二年十二月三十一日止年度的人民幣28.4百萬元減少1.3%到截至二零一三

年十二月三十一日止年度的人民幣28.0百萬元，主要是因外匯收益增加所致。

所得稅費用本集團所有中國附屬公司須按25%稅率繳納中國企業所得稅。本集團所得稅費用由截至二零一二年十二月三十一日

止年度的人民幣86.8百萬元下降2.0%到截至二零一三年十二月三十一日止年度的人民幣85.1百萬元。實際稅率由截

至二零一二年十二月三十一日止年度的25.7%下降到截至二零一三年十二月三十一日止年度的25.4%，乃因對毋需

課稅或不可扣除所得稅的收入及開支項目進行調整所致。

10



年度利潤基於上述因素，本公司權益持有人應佔利潤由截至二零一二年十二月三十一日止年度的人民幣249.7百萬元增加0.2%

到截至二零一三年十二月三十一日止年度的人民幣250.3百萬元。

非控制性權益應佔利潤截至二零一三年十二月三十一日止年度，並無錄得本公司非控制性權益應佔利潤（二零一二年：人民幣0.5百萬元），

主要是由於上個年度福州一化化學品股份有限公司（「福州一化」）的非控制性權益被福建省（屏南）榕屏化工有限公司

（「福建榕屏」）收購所致。福州一化及福建榕屏均為本集團的附屬公司。

流動資金與資本資源財務狀況及銀行借貸本集團過往主要以運營所得現金、銀行借貸及透過股東進行股本融資應付現金需求。

本集團的現金及現金等價物結餘約人民幣784.2百萬元（二零一二年：約人民幣778.6百萬元），大部份以人民幣計值。

於二零一三年十二月三十一日，本集團的計息銀行借貸約為人民幣391.1百萬元（二零一二年：約人民幣418.1百萬元）。

本集團的流動比率（按流動資產除以流動負債計算）為2.17（二零一二年：1.84）。本集團於二零一二年及二零一三年

十二月三十一日均有強勁的淨現金狀況。本集團擁有充足及隨時可用的財務資源用作一般運營資金及可見將來的資本

開支。

運營資本於二零一三年十二月三十一日，總存貨約為人民幣156.0百萬元，於二零一二年十二月三十一日則為約人民幣166.1

百萬元，減少主要是由於動用生產雙氧水的在製品（即工作液）所致。於二零一三年，平均存貨周轉日數為56日（二零

一二年：42日）。

於二零一三年十二月三十一日，總應收賬款約為人民幣229.3百萬元，於二零一二年十二月三十一日則為約人民幣

256.1百萬元，減少與年內銷售減少一致。於二零一三年，平均應收賬款周轉日數為58日（二零一二年：66日）。

於二零一三年十二月三十一日，總應付賬款及應付票據約為人民幣178.7百萬元，於二零一二年十二月三十一日則為

約人民幣299.4百萬元，減少主要是由於我們付款時減少使用付款日為90天的信用證及銀行擔保票據所致。於二零

一三年，平均應付賬款及應付票據周轉日數為83日（二零一二年：84日）。

11



首次公開發售所得款項淨額用途本公司透過於二零一一年十二月九日在聯交所上市時按發售價每股2.7港元發行200,000,000股新股份（不包括行使超

額配股權發行的新股），扣除經紀佣金及本公司應付的其他費用及開支後，籌得的估計所得款項淨額約為443.4百萬

港元（折合約人民幣361.2百萬元）。本集團運用首次公開發售的所得款項淨額的方式，與本公司日期為二零一一年

十一月二十九日之招股章程中「所得款項用途」一節所載者一致。截至二零一三年十二月三十一日止年度，所得款項

淨額將用作以下用途：

首次公開發售所得款項淨額

所得款項用途可供動用已動用尚未動用

（百萬港元）

用於升級及擴充現有生產設施 288.2 288.2 –

用於併購 110.9 – 110.9

用於一般運營資金 44.3 44.3 –

總計 443.4 332.5 110.9

於二零一三年十二月三十一日，尚未動用的所得款項淨額已由本公司存放於香港或中國持牌銀行作為短期銀行存款或

定期存款。

資本承擔於二零一三年十二月三十一日，本集團的資本承擔為零。

或然負債於二零一三年十二月三十一日，本集團並無就集團以外任何公司作出任何形式的擔保。本集團並無涉及任何現有重大

法律訴訟，本集團亦不知悉涉及本集團的任何待定或潛在重大法律訴訟。

僱員及酬金政策於二零一三年十二月三十一日，本集團合共僱用1,269名全職僱員。截至二零一三年十二月三十一日止年度，僱員福

利開支約為人民幣67.8百萬元。本集團之僱員福利包括房屋補貼、輪班補貼、花紅、津貼、身體檢查、員工宿舍、社

保供款及住房基金供款。本公司之薪酬委員會每年或在有需要時檢討該等薪酬待遇。同時身為本公司僱員之執行董事

以薪金、花紅及其他津貼形式收取酬金。

12



前景二零一四年將是深入貫徹落實黨的十八屆三中全會精神、全面深化改革的開局之年，亦是完成「十二五」規劃的關鍵

之年。本集團將在國家政策引導和環保執法力度不斷加大的情況下，充分利用城鎮與工業污水處理推動環保型漂白消

毒產品需求的迅猛發展，加大對氯酸鈉和雙氧水等主要產品的財務投入，鞏固行業領導地位，促進水處理化學品業務

的快速增長。

市場回暖，主要產品價格逐步上升過去兩年在全球經濟持續低迷，國內經濟增長減速的背景下，本集團通過技術改造，節能降耗等一系列措施，加強內

部管理，適度控制各項費用支出，保持了行業內較高的利潤水平。二零一四年隨著下游行業需求恢復，來自污水處理

行業需求的強勁增長，預計主要產品價格將逐步回升，本集團的利潤率水平將獲得提升。

污水處理成為拉動市場需求的新引擎截至二零一三年上半年，本集團產品主要應用於紡織造紙、紙漿印染等傳統漂白消毒領域。從二零一三年下半年開

始，本集團的氯酸鈉和雙氧水等環保型產品大量應用於城鎮和工業污水處理，用戶需求呈現快速增長態勢。

據最新市場調研數據顯示，目前中國氯酸鈉產能約為60萬噸，供需基本平衡。預計到二零一五年，隨著城鎮和工業

污水處理對環保型漂白消毒化學品需求的不斷上升，市場需求有望大幅增加。

受益於長期環保國策的行業發展機遇根據中國政府相繼出台《關於加快發展節能環保產業的意見》、《城鎮排水與污水處理條例》等涉及污水處理行業的政策

文件。要求到二零一五年，所有城鄉污水集中處理能力將達到每日2億立方米以上。

二零一四年政府將出台《水污染防治行動計劃》，對水污染治理的總投資預計達人民幣2萬億元。隨著政府在污水處理

及再生利用領域的投資和執法力度不斷加大，污水處理企業面向的市場空間廣闊。本集團將受益於長期環保國策的行

業發展機遇，加快發展成為國內領先的水處理環保型化學品供應商。

13



提升技術改造，釋放新增產能二零一三年本集團資本性投入人民幣2.14億元，大部份用於主要產品的生產設備、輸電線路、變電站等一系列技術

改造和設備升級。技改完成後，新增年產能雙氧水50,000噸和發泡劑15,000噸。預計上述年產能將獲得釋放，成為

本集團新的業績增長點。

通過收購兼併鞏固行業領導地位二零一三年四月本公司與成都華西希望集團有限公司達成協議，收購四川岷江雪鹽化有限公司30%股權。四川岷江

雪目前總計氯酸鹽年產能為18萬噸，其氯酸鈉產能約為本公司的兩倍，現為中國最大的氯酸鈉生產基地，產能位居

亞洲第一。

二零一四年本集團將通過收購兼併鞏固行業領導地位，憑藉先進的技術和品牌優勢大幅降低併購成本。目前本集團負

債水平處於行業內較低水平，現金流量充足，這些都為下一步的快速擴張提供了資金保證。

加大水處理相關產品的研發力度二零一三年二月本公司與中國科學院海西研究院共建「綠色化工技術研發中心」。通過與中科院的深入合作，本公司

將不斷培養及儲備新技術，加大水處理相關產品的研發力度，開發高附加值的產品組合，不斷提升本集團的毛利率水

平。

積極拓展國際市場本集團是日本最大的氯酸鈉供應商，也是中國最大的氯酸鈉出口商，品牌享譽海內外。二零一三年十二月本公司全資

附屬公司福建省（屏南）榕屏化工有限公司與德國投資與開發有限公司 (DEG)訂立為期七年，金額為22百萬美元的貸款

融資協議，利率為按六月期倫敦銀行同業拆息加4.0%釐定。

德國投資與開發有限公司是一家以可持續性發展為目標，專注為發展中國家和轉型國家的私營企業提供融資服務的發

展金融機構，已成為歐洲最大的發展金融機構之一。借助與德國投資與開發有限公司的合作，本集團將積極拓展國際

市場。

展望將來，儘管二零一四年宏觀經濟形勢更趨複雜，且面臨來自增長減速和結構調整的挑戰，本集團將充分利用城鎮

與工業污水處理推動環保型漂白消毒產品需求的迅猛發展，順勢而為，分享中國環保事業的盛宴。

14

董事及高級管理層


董事履歷主席兼非執行董事林強華先生，59歲，自二零一一年六月十日起擔任本公司非執行董事兼主席。林先生是執行董事林維華先生之胞兄。

林先生有五年化工行業經驗，一直從事企業管理及投資。成立本集團前，林先生自一九七四年起於印尼經營家族生

意，涉及飲食業、建造業及園藝業務。八十年代初，林先生於印尼開展塑料製品生產及首飾業務，一九九八年開始從

事貿易業務，二零零三年於中國開展紡織及木材投資及貿易業務，其後於二零零四年出售該業務。二零零五年至二零

零九年，林先生收購福建榕屏、福建榕昌及福州一化。

執行董事陳洪先生，49歲，自二零一一年六月十日起擔任執行董事，負責本集團的企業及策略發展。陳先生擁有逾20年化工

行業經驗，於一九八八年加入本集團。陳先生亦為中國無機鹽工業協會副會長及中國無機鹽工業協會氯酸鹽分會會

長。陳先生於一九八八年七月獲得天津商學院經濟學學士學位。

繆妃女士，40歲，自二零一一年六月十日起擔任執行董事。繆女士擁有逾14年人力資源及營運管理經驗。繆女士於

二零零五年加入本集團，出任行政總監。繆女士現時擔任本公司的副總裁，專責人力資源管理。一九九六年至二零零

五年，繆女士任職多家私人公司，負責人力資源及營運管理。

林維華先生，57歲，自二零一一年六月十日起擔任執行董事，負責本集團的市場營銷及業務開發。林先生亦為本公

司市場營銷總監。林先生於二零零六年加入本集團，出任福建榕屏董事。林先生是本公司非執行董事兼主席林強華先

生的胞弟，擁有逾20年在香港及其它地區進行國際貿易與銷售的經驗，一九八六年至二零零一年於紡織及制衣業的

公司擔任管理層，二零零一年至二零零六年於香港耀華國際企業有限公司（一家香港貿易公司，從事電器及木材出口

等貿易）擔任總經理。

15


董事及高級管理層（續）

獨立非執行董事陳曉博士，51歲，自二零一一年六月十日起擔任獨立非執行董事。陳博士自二零一三年十一月十八日起獲委任為金

天醫藥集團股份有限公司（股份代號：2211，為一間於香港聯合交易所主板上市之公司）之獨立非執行董事兼審核委

員會主席。自二零一二年八月起，陳博士擔任納斯達克上市公司暢游股份有限公司（股份代號：CYOU）的獨立董事。

自二零零七年六月起，陳博士一直擔任紐約證券交易所上市公司諾亞舟教育控股有限公司（股份代號：NED）的獨立董

事兼審核委員會主席。二零一二年前，陳博士還曾先後擔任過五家上海和深圳證券交易所上市公司的獨立董事。陳博

士於一九八三年獲得武漢工程大學化工機械學士學位，其後分別於一九八九年及一九九六年獲得中國科學技術大學管

理學碩士學位及美國杜蘭大學經濟學博士學位。陳博士曾為清華大學經濟管理學院會計系主任，在清華大學經濟管理

學院從事會計與稅務領域的教學和研究工作，達十六年之久。陳博士具有豐富會計經驗，已在國內外會計學術期刊發

表多篇文章，涵蓋財務會計、公司治理及稅務等課題。陳博士亦為中國會計學會及中國國際稅收學會的理事。

寇會忠先生，46歲，自二零一一年六月十日起擔任獨立非執行董事。寇先生現時為清華大學化學系教授，自二零零

七年起擔任此職。二零零一年至二零零二年及二零零二年至二零零七年，寇先生分別擔任清華大學化學系講師及副教

授。寇先生分別於一九九零年及一九九九年獲得南開大學學士學位及博士學位，其後在北京大學進行博士後研究。二

零零四年至二零零五年，寇先生為日本學術振興會特別研究員。寇先生專註於研究結構化學及多功能材料，於二零零

二年獲中國化學會頒發青年化學獎，並於二零零四年獲評為清華大學優秀教師及研究生良師益友。

李君發先生，51歲，自二零一一年六月十日起擔任獨立非執行董事。李先生擁有逾30年的石油化工工程行業經驗，

現任石油和化學工業規劃院（「石油和化學工業規劃院」）總工程師。彼亦為以下公司之獨立董事：山東華魯恒升化工股

份有限公司（股份代號：600426）、南通江山農藥化工股份有限公司（股份代號：600389）及濰坊衛星化學股份有限公

司（股份代號：600319），（均為於上海證券交易所上市之公司）；及雲南鹽化股份有限公司（股份代號：002053），為

一間於深圳證券交易所上市之公司。於一九八三年至一九九八年，李先生任職於中國華陸化學工程公司，負責工程設

計及技術開發。李先生於一九九八年加入石油和化學工業規劃院，自二零零七年起至今一直為總工程師。李先生曾發

表多篇文章，獲得多項石油化工行業的獎項。李先生於一九八三年獲青島科技大學基本有機化工學學士學位，二零零

一年至二零零二年修讀清華大學經濟管理學院高層管理培訓課程。李先生分別於二零零三年及二零零四年成為合資格

專業高級工程師及註冊化學工程師。

16



高級管理層陳洪先生、繆妃女士及林維華先生的履歷請參閱本節的「董事會 — 董事、高級管理層及僱員」。

張亨先生，38歲，本公司首席財務官，主要負責監察本集團的企業投資及本集團的投資者關係。張先生擁有超過14

年財務及資本市場工作經驗。加入本集團前，張先生曾任職於中國工商銀行股份有限公司（聯交所主板及上海證券交

易所上市公司）總行、中國銀行（聯交所主板及上海證券交易所上市公司）新加坡分行及海虹企業（控股）股份有限公司

（深圳證券交易所上市公司）。張先生分別於一九九七年七月及二零零二年七月獲得對外經濟貿易大學經濟學學士學位

及新加坡國立大學工商管理碩士學位。張先生為美國特許金融分析師協會特許金融分析師。

Tan Boon Chek先生，36歲，本公司財務總監，負責處理企業財務事宜，於二零零九年加入本集團。Tan先生具有豐

富會計及財務經驗。加入本集團前，Tan先生曾任職多家國際會計公司，於二零零二年至二零零四年擔任新加坡Baker

Tilly的高級會計師、於二零零五年至二零零六年擔任新加坡Ernst & Young LLP的助理審計經理及於二零零六年至二零

零九年擔任中國註冊會計師安永華明會計師事務所的審計經理。Tan先生於一九九九年十二月畢業於澳大利亞阿德萊

德大學，獲得商學（會計）學士學位。Tan先生是新加坡特許會計師協會特許會計師會員及澳大利亞註冊會計師協會註

冊會計師會員。Tan先生於二零一二年七月獲得新加坡南洋理工大學高級工商管理碩士學位。

陳力先生，46歲，福州一化董事兼總經理。陳先生擁有逾20年化工行業經驗。陳先生於一九八七年加入本集團，曾

擔任本集團多個職務。如於一九九八年至二零零二年擔任福建榕屏的副廠長，監督設施及供應管理。陳先生於二零零

二年至二零零六年擔任福州一化的執行副總經理，管理福州一化的日常營運。二零零七年以來，陳先生擔任福州一化

的董事兼總經理，監察生產及營運活動。陳先生於一九九一年畢業於福州市工人業餘大學。陳先生亦為助理工程師。

周沂先生，54歲，福州一化董事兼執行副總經理。周先生擁有逾28年化工行業經驗。加入本集團前，周先生曾任職

輕工部長蘆分局。周先生於一九八五年加入本集團，於一九九七年至一九九九年擔任福州一化生產技術部主任，統籌

福州一化的研發活動。一九九九年至二零零六年，周先生擔任多個化工生產項目的領頭人。二零零六年至二零零九

年，周先生擔任福州一化的副經理，監督涵蓋生產與日常營運、質量保證及物業管理等的活動。二零一零年以來，周

先生一直是福州一化的副總經理。周先生於一九八二年七月獲得華東理工大學工程學學士學位。二零零四年十二月，

福建省人事勞動局（負責就業及人事事宜的省級政府機構）向周先生頒發「高級工程師」稱號，認可其在業內的成就及

學識。

17



何中先生，46歲，福建榕屏董事兼總經理。何先生擁有逾20年化工行業經驗。何先生於一九八九年加入本集團，曾

擔任本集團多個職務，包括於一九九八年至二零零二年擔任福州一化生產技術部主任，統籌福州一化的研發活動。何

先生於二零零二年至二零零八年亦為福建榕屏執行副總經理，管理技術及操作系統。二零零八年以來，何先生一直是

福建榕屏的董事兼總經理，負責業務開發及企業管理。何先生於一九八九年畢業於福州師範專科學院。

陳天震先生，50歲，福建榕屏董事兼執行副總經理。陳先生於一九八五年加入本集團，於一九八九年至一九九五年

擔任福州一化設備部副主任，負責管理化生產設施。陳先生自二零零二年起擔任福建榕屏副總經理，管理福建榕屏的

生產設施及日常營運活動。陳先生於一九八五年獲得福州大學化工機械學士學位。

魏剛先生，57歲，福建榕昌董事兼總經理。魏先生於一九八一年加入福建榕昌，於一九九五年至二零零六年擔任生

產部主任，監督化工生產工序。二零零七以來，魏先生一直是福建榕昌的總經理，負責化工生產系統及產品開發。魏

先生於一九八一年獲得建陽地區工業大專班無機化工證書。二零零三年十二月，福建省人事勞動局（負責就業及人事

事宜的省級政府機構）向魏先生頒發「高級工程師」稱號，認可其在業內的成就及學識。

林桂貴先生，50歲，福建榕昌董事兼執行副總經理。林先生擁有逾22年化工行業經驗。林先生於一九八八年加入本

集團，於二零零一年至二零零五年擔任福州一化總經理。二零零六年至二零零七年，林先生擔任福建榕昌的副總經

理，管理生產系統並統籌技術研究活動。林先生於一九八八年獲得福州大學工程學學士學位。林先生亦為高級化學工

程師。二零零四年十二月，福建省人事勞動局（負責就業及人事事宜的省級政府機構）向林先生頒發「高級工程師」稱

號，認可其在業內的成就及學識。

18

企業管治報告


企業管治常規本公司董事會（「董事會」）致力於維持高水準的企業管治。

本公司的企業管治常規乃以香港聯合交易所有限公司（「聯交所」）證券上市規則（「上市規則」）附錄十四所載企業管治

守則（「企業管治守則」）所載列的原則及守則條文為基準。

董事會相信高水平的企業管治在為本集團提供一個保障股東權益以及提高企業價值及問責性的架構方面屬必要。

董事認為，於截至二零一三年十二月三十一日止年度，本公司已遵守企業管治守則所載的所有守則條文，惟下列詳述

者除外。

進行證券交易的標準守則本公司已採納上市規則附錄十所載上市發行人董事進行證券交易的標準守則（「標準守則」）。

經向全體董事作出具體查詢後，董事確認，彼等於截至二零一三年十二月三十一日止年度內一直遵守標準守則。

董事會本公司董事會包括以下董事：

非執行董事：林強華先生（主席）

執行董事：陳洪先生

繆妃女士

林維華先生

獨立非執行董事：陳曉博士

寇會忠先生

李君發先生

董事的履歷詳情載於截至二零一三年十二月三十一日止年度的年報第14至15頁「董事履歷」一節。董事會成員間的

關係於同一節中披露。

19


企業管治報告（續）

主席及行政總裁主席及行政總裁的職位分別由林強華先生及陳洪先生出任。主席領導董事會及負責董事會有效運作及領導。行政總裁

專責本公司的業務發展、日常管理及一般業務。彼等各自的責任以書面清楚界定。

獨立非執行董事於截至二零一三年十二月三十一日止年度，董事會一直符合上市規則有關委任至少三名獨立非執行董事（佔董事會三

分之一），而當中至少一名獨立非執行董事須具有合適專業資格或會計或相關財務管理專業知識的規定。

本公司已接獲各獨立非執行董事根據上市規則第3.13條獨立指引規定有關其獨立性的年度確認書。本公司認為，全

體獨立非執行董事均為獨立人士。

非執行董事及董事重選企業管治守則的守則條文第A.4.1條規定非執行董事須按指定任期委任，並可予重選，而守則條文第A.4.2條則規定所

有獲委任以填補董事會空缺的董事須於委任後首次股東大會上獲股東重選，每名董事（包括按指定任期獲委任的董事）

須至少每三年輪席退任一次。

本公司各董事均於二零一一年十二月九日獲委任，為期三年，並須每三年輪值退任一次。

董事會及高級管理層的責任、問責性及貢獻董事會負責領導及監控本公司及本集團業務、策略決定及表現，並共同負責管理及監管其事務以帶領本公司邁向成

功。董事會成員就本公司的利益作出客觀決定。

全體董事（包括非執行董事及獨立非執行董事）為董事會提供寶貴的業務經驗、知識及專業知識，讓其可迅速及有效

運作。

全體董事可全面及即時取得有關本公司的所有資料。董事可於履行彼等於本公司的職務時要求索取獨立專業意見，費

用由本公司支付。

董事須向本公司披露彼等擔任其他職務的詳情，而董事會定期檢討各董事於履行其於本公司的職責時所需作出的貢獻。

董事會保留其就政策事務、策略及預算、內部監控及風險管理、重大交易（特別是涉及利益衝突的交易）、財務資料、

委任董事等所有主要事項以及本公司其他主要營運事項的決策。管理層獲授有關履行董事會決策、領導及統籌本公司

日常營運及管理的責任。

20



董事持續專業發展董事可獲取其履行作為本公司董事的責任以及有關本公司操守、業務活動及發展的最新資料。

每名新委任的董事均會於其獲委任之初接受正式、全面及因人施教的入職培訓，以確保彼等適當瞭解本公司業務及營

運以及充份認識到上市規則及相關法定規定項下董事的職責及責任。

董事應參與合適的持續專業發展以發展及更新彼等的知識及技能，以確保彼等對董事會作出知情及相關貢獻。本公司

安排董事出席內部簡介會及向董事刊發相關議題的閱讀材料（如適用）。本公司鼓勵全體董事出席有關培訓課程，費用

由本公司支付。

於二零一三年十月，本公司舉辦培訓講座，內容有關上市規則的最新資料，全體董事均出席該講座。

董事委員會董事會已設立三個委員會，分別為審核委員會、薪酬委員會及提名委員會，各自監察本公司事務的具體範疇。本公司

的所有董事委員會均有明文規定的職權範圍。董事委員會的職權範圍於本公司及聯交所網站刊載，並可應要求提供予

股東。

各董事委員會的過半數成員為獨立非執行董事。各董事委員會的主席及成員載於第97及98頁「公司資料」一節。

審核委員會審核委員會的主要職責為協助董事會審閱財務資料及申報程序、內部控制程序及風險管理制度、審核計劃及與外聘核

數師的關係，以及作出安排以確保本公司僱員以機密的形式就財務申報、內部控制或本公司其他事宜可能出現的不當

行為提出關注。

審核委員會舉行三次會議，以審閱中期及年度財務業績及截至二零一三年十二月三十一日止年度的年度報告，並檢討

就財務申報、合規程序、內部控制及風險管理制度、外聘核數師的工作範圍及委任的重大事項，以及安排員工就可能

出現的不當行為提出關注。

審核委員會亦於執行董事缺席的情況下與外聘核數師會面兩次。

薪酬委員會薪酬委員會的主要職能包括審閱個別執行董事與高級管理層的薪酬待遇、薪酬政策與全體董事與高級管理層架構，並

就此向董事會作出推薦意見；建立具透明度程序以發展有關薪酬政策與架構，以確保並無董事或其任何聯繫人士參與

制定其自身薪酬。

21



薪酬委員會曾會面一次，以審閱本公司薪酬政策與架構、執行董事與高級管理層的薪酬待遇以及其他相關事宜，並就

此向董事會作出推薦意見。

提名委員會提名委員會的主要職責包括審閱董事會組成、董事會成員之多元化（包括但不限於性別、年齡、文化及教育背景、專

業及行業經驗、技能、知識及經驗）、就提名及委任董事發展及制定相關程序、就董事委任及連任向董事會作出推薦

意見以及評估獨立非執行董事之獨立性。

提名委員會參考有關人選的技能、經驗、專業知識、個人誠信、投入時間、本公司需要及其他相關法定規定及規例，

採納一組甄選程序以挑選人選出任本公司董事。

本公司已於二零一三年八月二十八日採納董事會成員多元化政策，旨在載列實現本公司董事會成員多元化之方針。本

公司確認及深信擁有多元化董事會成員之益處，並將董事會層面之多元化視為維持競爭優勢之一項要素。

提名委員會曾會面一次，以審閱董事會的架構、人數及組成、獨立非執行董事的獨立性以及考慮退任董事於股東週年

大會重選的資格。

董事及委員會成員出席記錄下表載列各董事於截至二零一三年十二月三十一日止年度的董事會及董事委員會會議以及本公司股東大會的出席記錄：

出席╱會議次數

董事姓名董事會提名委員會薪酬委員會審核委員會股東週年大會

林強華 2/6 – – – 1/1

陳洪 6/6 – – – 1/1

繆妃 6/6 – 1/1 – 1/1

林維華 5/6 1/1 – – 1/1

陳曉 6/6 – 1/1 3/3 1/1

寇會忠 6/6 1/1 1/1 3/3 1/1

李君發 6/6 1/1 – 3/3 1/1

除一般董事會會議外，年內，主席在執行董事缺席的情況下亦與非執行董事（包括獨立非執行董事）舉行會議。

22



董事會負責履行企業管治守則的守則條文第D.3.1條所載的職能。

董事會檢討本公司的企業管治政策及常規、董事及高級管理層的培訓及持續專業發展、本公司在遵守法律法規規定方

面的政策及常規、遵守標準守則及書面僱員指引以及本公司遵守企業管治守則的情況及本企業管治報告中的披露情況。

董事就財務報表的職責董事知悉彼等就編製本公司截至二零一三年十二月三十一日止年度財務報表的責任。

本公司的獨立核數師就彼等對財務報表的申報責任發出的聲明，載於第33至34頁的獨立核數師報告中。

核數師酬金本公司就截至二零一三年十二月三十一日止年度的核數服務支付予本公司外聘核數師的酬金為人民幣3,150,000元。

本公司就截至二零一三年十二月三十一日止年度核數服務及非核數服務向外聘核數師羅兵咸永道會計師事務所支付的

酬金分析載列如下：

服務類別已付╱應付費用

人民幣元

核數服務 3,150,000

非核數服務 –

3,150,000

內部監控於回顧年度，董事會透過審核委員會檢討本公司內部監控制度的有效性，其中包括資源是否充足、本公司會計及財務

報告職務人員的資格及經驗及其培訓計劃及預算是否足夠。

公司秘書外聘服務供應商卓佳專業商務有限公司旗下的袁頴欣女士，已獲本公司委聘為公司秘書。其於本公司的主要聯絡人乃

本公司董事繆妃女士。於二零一三年，公司秘書已接受逾20小時的專業培訓，以更新彼的技能及知識。

23



股東權利為保障股東權益及權利，本公司將就各重大個別事宜（包括選舉個別董事）於股東大會提呈獨立決議案。股東大會上

提呈之所有決議案將根據上市規則進行投票表決，且投票表決之結果將於各股東大會結束後在本公司及聯交所網站上

刊載。

向董事會提呈的查詢股東可以書面查詢的形式寄發至本公司，向本公司董事會提呈任何查詢。

附註：本公司一般不會處理口頭或匿名的查詢。

聯絡詳情股東可就上述事宜寄發彼等的查詢或要求至以下地方：

地址：香港皇后大道東183號合和中心54樓

（致董事會收）

電郵： [email protected]

為免疑問，股東須將簽妥的要求書、通告或聲明或查詢（視情況而定）的正本寄發至以上地址，並提供彼等的姓名、聯

絡詳情及確認文件以令該等函件生效。股東資料可按法律規定披露。

與股東及投資者溝通本公司深信，與股東保持有效溝通，對促進投資者關係及加深投資者對本集團業務表現及策略瞭解至為重要。本公司

致力維持與股東持續溝通，尤其是透過股東週年大會及其他股東大會。董事會主席、全體非執行董事、獨立非執行董

事及所有董事委員會的主席（或彼等的代表）將出席股東週年大會以會見股東及回答彼等的查詢。

於回顧年內，本公司並無就其組織章程細則作出任何改動。本公司最新組織章程細則亦於本公司及聯交所網站內可供

閱覽。

24

董事報告書


董事欣然向股東提呈截至二零一三年十二月三十一日止年度之董事報告及本集團已審計的財務報表。

主要業務本公司為一間投資控股公司，其附屬公司之主要業務載於財務報表附註1。

業績本集團截至二零一三年十二月三十一日止年度業績載於第38頁之合併綜合收益表。

五年財務摘要本集團最近五個財政年度的業績以及資產及負債摘要載於本年報第95頁。

股息董事會不建議就截至二零一三年六月三十日止六個月派付任何中期股息。

董事會建議向於二零一四年六月二十日名列本公司股東名冊的股東派付截至二零一三年十二月三十一日止年度的末期

股息每股3.90港仙（人民幣3.12分）。建議末期股息需待擬定於二零一四年六月十三日（星期五）舉行的應屆股東週年

大會上經股東批准後方可作實。該末期股息預期於二零一四年六月二十七日或前後派付。

暫停辦理股份過戶登記手續為釐定出席股東週年大會及在會上投票的資格，本公司將於二零一四年六月十二日（星期四）至二零一四年六月十三

日（星期五）止（包括首尾兩天）期間暫停辦理股份過戶登記手續，期間將不會辦理任何股份過戶登記手續。為符合資

格出席股東週年大會及在會上投票，請於二零一四年六月十一日（星期三）下午四時三十分前將所有股份過戶表格連

同有關股票送達本公司的香港股份過戶登記處卓佳證券登記有限公司辦理過戶登記手續，地址為香港皇后大道東183

號合和中心22樓。

為釐定股東收取建議末期股息的資格，本公司將於二零一四年六月十九日（星期四）至二零一四年六月二十日（星期五）

（包括首尾兩天）期間暫停辦理股份過戶登記手續，期間將不會辦理任何股份過戶登記手續。為符合資格收取建議末期

股息，請於二零一四年六月十八日（星期三）下午四時三十分前將所有股份過戶表格連同有關股票送達本公司的香港

股份過戶登記處卓佳證券登記有限公司（地址如上）辦理過戶登記手續。

儲備儲備變動詳情載於第39頁之合併權益變動表及合併財務報表附註16。

25


董事報告書（續）

可分派儲備於報告期末，本公司可以分派予股東的儲備為人民幣1,014.6百萬元（二零一二年：人民幣789.7百萬元）。

不動產、工廠及設備本集團之不動產，工廠及設備變動詳情載於合併財務報表附註7。

借款本集團之借款詳情載於合併財務報表附註17。

股本本公司之股本變動詳情載於合併財務報表附註15。

購買、出售或贖回本公司上市證券於截至二零一三年十二月三十一日止年度，本公司或其任何附屬公司概無購買、出售或贖回本公司任何上市證券。

優先購置權根據本公司的組織章程細則或開曼群島法律，概無優先購置權的條文使本公司按比例向現有股東提呈發售新股份。

董事本年度及直至本報告日期內，本公司董事為：

主席兼非執行董事：林強華先生


繆妃女士

林維華先生


寇會忠先生

李君發先生

陳洪先生、繆妃女士及林維華先生將根據本公司之組織章程細則第16.18條，於本公司應屆股東週年大會退任，並符

合資格願意膺選連任。

26



董事及高級管理層簡歷本公司董事及高級管理層簡歷詳情於本公司之年報內披露。

董事酬金董事袍金須待股東於股東大會上批准後，方可作實。其他酬金則由本公司董事會經參考董事之職務、職責及表現及本

集團之業績後釐定。

董事會的服務合約執行董事陳洪先生、林維華先生及繆妃女士各自已與本公司訂立服務合約，自上市日期起為期三年，惟任何一方可發

出不少於一個月書面通知予以終止。

公司主席兼非執行董事林強華先生與本公司訂立服務合約，自上市日期起為期三年，惟任何一方可發出不少於一個月

書面通知予以終止。

獨立非執行董事陳曉博士、寇會忠先生及李君發先生已分別獲委任，自上市日期起為期三年，惟任何一方可發出不少

於三個月書面通知予以終止。

擬於股東週年大會膺選連任的董事概無與本公司訂立不可於一年內本公司不作出賠償（法定賠償除外）而終止的服務

合約。

董事於重大合約之權益本報告期內，概無董事在本公司或其任何附屬公司為訂約一方而對本集團業務有重大影響之任何合約中，直接或間接

擁有重大權益。

董事於合約的權益本公司或其任何附屬公司及控股股東或其任何附屬公司於本年度並無訂立任何重大合約。

董事收購股份或債券的權利於本年度任何時間，概無董事或彼等各自之配偶或未成年子女獲授可透過購入本公司之股份或債券而取得利益之權

利，或彼等亦無行使任何該等權利；或本公司或其任何附屬公司亦無參與任何安排，致使董事，彼等各自的配偶或未

成年子女可購入任何其他法人團體之上述權利。

27



董事的證券權益於二零一三年十二月三十一日，本公司董事及主要行政人員擁有 (a)根據證券及期貨條例（「證券及期貨條例」）第XV部

第7及8分部須知會本公司聯交所的本公司或其相聯法團（定義見證券及期貨條例第XV部）股份，相關股份及債券的

權益及淡倉（包括根據證券及期貨條例的有關條文彼等被當作或被視為擁有的權益及淡倉）；或 (b)根據證券及期貨條

例第352條須登記於該條規定本公司存置的登記冊內的權益及淡倉；或 (c)根據標準守則規定須知會本公司及聯交所

的權益及淡倉如下：

(I) 於本公司股份及相關股份的好倉及淡倉

董事姓名好倉╱淡倉權益性質

所持股份╱

相關股份數目

佔已發行

股本百分比附註

林強華好倉受控制公司的權益 419,949,888 52.35% (1)

林維華好倉受控制公司的權益 419,949,888 52.35% (2)

實益擁有人 4,000,000 0.49% (2)

陳洪好倉實益擁有人 4,000,000 0.49% (3)

繆妃好倉實益擁有人 4,000,000 0.49% (3)

陳曉好倉實益擁有人 800,000 0.09% (3)

寇會忠好倉實益擁有人 400,000 0.04% (3)

李君發好倉實益擁有人 400,000 0.04% (3)

(II) 於相聯法團股份的好倉

董事姓名相聯法團名稱與本公司關係權益性質

所持相聯法團

股份數目

佔相聯法團

已發行股本

百分比

林強華 China First Chemical Ltd. 本公司之控股公司受控制公司的權益 43,492,810 62.14%

林維華 China First Chemical Ltd. 本公司之控股公司受控制公司的權益 26,498,838 37.86%

附註：

(1) 林強華先生透過Yihua Crown Limited間接擁有本公司權益，而Yihua Crown Limited則透過China First Chemical Ltd.間接擁有本

公司權益。

(2) 林維華先生透過Yihua Fortune Limited間接擁有本公司419,949,888股股份權益，而Yihua Fortune Limited透過China First

Chemical Ltd.間接擁有本公司權益。本公司根據首次公開發售前購股權計劃授予其購股權，故林先生亦於本公司4,000,000股

相關股份中擁有權益。

(3) 本公司根據首次公開發售前購股權計劃授出該等購股權。

28



除上文披露者外，於二零一三年十二月三十一日，概無本公司董事及主要行政人員於本公司或其相聯法團（定義見證

券及期貨條例（「證券及期貨修例」）第XV部）的股份、相關股份及債券中擁有任何須根據證券及期貨條例第XV部第7

及8分部知會本公司及聯交所的權益或淡倉，或須根據證券及期貨條例第352條記錄於由本公司存置之登記冊內的權

益或淡倉，或須根據標準守則知會本公司及聯交所的權益或淡倉。

主要股東的權益於二零一三年十二月三十一日，下列人士擁有根據證券及期貨條例第XV第2及3分部的條文須向本公司披露的本公司

股份或相關股份的權益或淡倉（記錄於本公司根據證券及期貨條例第336條須存置的登記冊內），或直接或間接於本公

司已發行股本中擁有5%或以上權益：

於本公司股份的好倉或淡倉

股東名稱權益性質股份數目

佔已發行

股本百分比

林強華先生受控制公司的權益 419,949,888 52.35%(1)

林維華先生受控制公司的權益 419,949,888 52.35%(2)

實益擁有人 4,000,000 0.49%

Yihua Crown Limited 受控制公司的權益 419,949,888 52.35%(1)

Yihua Fortune Limited 受控制公司的權益 419,949,888 52.35%(2)

China First Chemical Ltd. 實益擁有人 419,949,888 52.35%

China Renaissance Capital Investment II GP 受控制公司的權益 180,050,112 22.44%(3)

China Renaissance Capital Investment II, L.P. 受控制公司的權益 180,050,112 22.44%(4)

China Harvest Fund II, L.P. 受控制公司的權益 180,050,112 22.44%(5)

Trophy Group Limited 實益擁有人 180,050,112 22.44%

附註：

(1) 林強華先生透過Yihua Crown Limited間接擁有本公司權益，而Yihua Crown Limited則透過China First Chemical Ltd.間接擁有本公司權益。

(2) 林維華先生透過Yihua Fortune Limited間接擁有本公司權益，而Yihua Fortune Limited透過China First Chemical Ltd.間接擁有本公司權益。

(3) 根據合夥協議，China Renaissance Capital Investment II GP為China Renaissance Capital Investment II, L.P.的普通合夥人。

(4) China Renaissance Capital Investment II, L.P.為China Harvest Fund II, L.P.的普通合夥人。

(5) China Harvest Fund II, L.P.為Trophy Group的唯一股東。

除上文披露者外，於二零一三年十二月三十一日，本公司董事並不知悉任何人士（並非本公司董事或主要行政人員）

於本公司之股份或相關股份中擁有須根據證券及期貨條例第XV部第2及3分部須向本公司披露之權益或淡倉（記錄於

本公司根據證券及期貨條例第336條須存置的登記冊內）。

29



主要客戶及供應商年內，本集團的主要客戶及供應商分別應佔銷售額及採購額的百分比如下：


佔本集團銷售總額的百分比

最大客戶 9.7% 10.4%

五大客戶合計 38.3% 36.2%

佔本集團採購總額的百分比

最大供應商 18.6% 13.3%

五大供應商合計 59.3% 49.2%

截至二零一三年十二月三十一日止年度，董事及其任何聯繫人士或本公司任何股東（根據董事所知擁有本公司已發行

股本5%以上者）概無於本集團主要客戶及供應商中擁有任何權益。

購股權計劃本公司設有一項購股權計劃（「購股權計劃」），該計劃分別於二零一一年六月十日及二零一一年六月十二日獲採納（「採

納日期」），以向本集團作出貢獻的經選定合資格參與人士提供獎勵或回報。除非另行註銷或修訂，否則購股權計劃自

採納日期起計10年有效。

購股權計劃的合資格參與人士包括下列人士：

(i) 本公司或其任何附屬公司的任何全職或兼職僱員、行政人員或高級職員；

(ii) 本公司或其任何附屬公司的任何董事（包括非執行董事及獨立非執行董事）；及

(iii) 本公司或其任何附屬公司的任何顧問、諮詢人、供應商、客戶及代理。

於本年報日期，根據購股權計劃可供發行的股份總數為80,000,000股，相當於本公司於本年報日期已發行股本約

10%。根據購股權計劃及本集團任何其他購股權計劃於任何12個月期間可授予各參與人士的購股權（包括已行使及尚

未行使的購股權）獲行使時而可予發行的股份最多數目，不得超過本公司當時已發行股本的1%。任何進一步授出超

過此限額的購股權必須於股東大會獲得股東批准。

30



授予董事、本公司行政總裁或主要股東或任何彼等各自的聯繫人士（定義見上市規則）的購股權必須事前經獨立非執

行董事（不包括作為購股權承授人得獨立非執行董事）批准。此外，倘向主要股東或獨立非執行董事或任何彼等各自

的聯繫人士授出任何購股權，將導致於截至授出日期（包括該日）止的12個月期間因向該人士已授出及將授出的股份（包

括已行使、已註銷及尚未行使的購股權）超過本公司已發行股份的0.1%，而總值（按股份於授出日期的收市價計算）

超過5百萬港元時，授出有關購股權須於股東大會獲得股東批准。

授出購股權的要約可於要約日期起計21日內由承授人支付名義代價1港元後予以接納。所授出購股權的行使期內由

董事會釐定，有關期間可由接納授出購股權的要約日期開始，惟在任何情況下不得遲於購股權授出日期起計10年屆

滿，並可根據購股權計劃的條文提早終止。

購股權計劃項下的股份認購價應為由董事會釐定的價格，惟不得低於以下最高者：

(i) 股份於授出日期（須為聯交所開放進行證券買賣業務的日子）在聯交所每日報價表所報的正式收市價；

(ii) 股份於緊接授出日期前五個營業日在聯交所每日報價表所報的平均正式收市價；或

(iii) 股份面值。

自採納日期至截至二零一三年十二月三十一日止，本公司概無授出購股權。

首次公開發售前購股權計劃本公司設有一項首次公開發售前購股權計劃（「首次公開發售前購股權計劃」），該計劃分別於二零一一年六月十日及二

零一一年六月十二日獲採納（「採納日期」），以向為本集團作出貢獻的經選定合資格參與人士提供獎勵或回報。除非另

行註銷或修訂，否則首次公開發售前購股權計劃自首次公開發售日期起計3年有效。

首次公開發售前購股權計劃的合資格參與人士包括下列人士：

(i) 本公司或其任何附屬公司的任何全職或兼職僱員、行政人員或高級職員；及

(ii) 本公司或其任何附屬公司的任何董事（包括非執行董事及獨立非執行董事）。

31



於本年報日期，根據首次公開發售前購股權計劃可供發行的股份總數為16,000,000股，相當於本公司於本年報日期

已發行股本約2%。根據首次公開發售前購股權計劃可授出的購股權所涉及的股數上限為16,000,000股股份。

承授人於接納根據首次公開發售前購股權計劃授出的購股權時須向本公司支付1港元。根據首次公開發售前購股權計

劃獲授權股權的承授人，將可按下列方式行使購股權：

(i) 自上市日期起至上市日期滿一週年期間，隨時行使獲授購股權認購至多30%所涉及的股份；

(ii) 自上市日期起至上市日期滿兩週年期間，隨時行使獲授購股權認購扣除已行使購股權所涉及的股份數目後至多

60%所涉及的股份（向下約整至最接近整數）；及

(iii) 自上市日期起至上市日期滿三週年期間，隨時行使其餘獲授購股權認購扣除已行使購股權所涉及的股份數目後

所涉及的股份（向下約整至最接近整數）。

根據購股權計劃所授出的股份認購價相當於2.7港元（即首次公開發售發售價）。

自採納日期至截至二零一三年十二月三十一日止，本公司已授出16,000,000份尚未行使、失效或註銷的首次公開發

售前購股權計劃項下購股權。

管理合約年內，概無訂立或存在任何與本公司整體業務或其任何重大部分業務之管理及行政有關之合約。

退休計劃本集團參與中國政府營運的國家管理退休金計劃以保障本集團於中國的合資格僱員。此等退休計劃詳情載於本年報的

合併財務報表附註23。

重大關聯方交易本集團於截至二零一三年十二月三十一日止年度內訂立的關聯方交易概要載於本年報合併財務報表附註35。

就本集團於截至二零一三年十二月三十一日止年度內訂立的關連交易而言，本公司一直遵守上市規則第14A章指定的

披露規定。

32



持續關聯交易於截至二零一三年十二月三十一日止年度內及直至本報告日期，本集團並無任何構成上市規則項下的本公司的持續關

連交易。

足夠公眾持股量根據本公司公開資料並就董事所知，於本報告日期，本公司之已發行股份維持上市規則所規定的足夠公眾持股量。

獨立性之年度確認本公司已自各獨立非執行董事獲取有關彼等獨立性之年度確認，根據上市規則第3.13條所載各項及每項指引，本公

司認為所有獨立非執行董事均為獨立。

核數師本公司自二零一一年十二月九日香港聯交所主板上市起聘用羅兵咸永道會計師事務所作為本公司之核數師。本年度報

告所載列之財務報表已由羅兵咸永道會計師事務所審核。本公司將於股東週年大會提呈續聘羅兵咸永道會計師事務所

作為本公司核數師的決議案。

承董事會命

主席

林強華先生

中華人民共和國，二零一四年三月二十一日

33


獨立核數師報告

致一化控股（中國）有限公司股東

（於開曼群島註冊成立的有限公司）

本核數師（以下簡稱「我們」）已審計列載於第35至94頁一化控股（中國）有限公司（以下簡稱「貴公司」）及其附屬公司（統

稱「貴集團」）的合併財務報表，此合併財務報表包括於二零一三年十二月三十一日的合併和公司資產負債表與截至該

日止年度的合併綜合收益表、合併權益變動表及合併現金流量表，以及主要會計政策概要及其他附註解釋資料。

董事就合併財務報表須承擔的責任貴公司董事須負責根據國際財務報告準則及香港《公司條例》的披露規定編製合併財務報表，以令合併財務報表作出真

實而公平的反映，及落實其認為編製合併財務報表所必要的內部控制，以使合併財務報表不存在由於欺詐或錯誤而導

致的重大錯誤陳述。

核數師的責任我們的責任是根據我們的審計對該等合併財務報表作出意見。我們已根據國際審計準則進行審計。該等準則要求我們

遵守道德規範，並規劃及執行審計，以合理確定合併財務報表是否不存在任何重大錯誤陳述。

審計涉及執行程序以獲取有關合併財務報表所載金額及披露資料的審計憑證。所選定的程序取決於核數師的判斷，包

括評估由於欺詐或錯誤而導致合併財務報表存在重大錯誤陳述的風險。在評估該等風險時，核數師考慮與該公司編製

合併財務報表以作出真實而公平的反映相關的內部控制，以設計適當的審計程序，但目的並非對公司內部控制的有效

性發表意見。審計亦包括評價董事所採用會計政策的合適性及作出會計估計的合理性，以及評價合併財務報表的整體

列報方式。

我們相信，我們所獲得的審計憑證能充足和適當地為我們的審計意見提供基礎。

羅兵咸永道會計師事務所，香港中環太子大廈22樓電話：+852 2289 8888，傳真：+852 2810 9888，www.pwchk.com

34


獨立核數師報告（續）

意見我們認為，該等合併財務報表已根據國際財務報告準則真實而公平地反映貴公司及貴集團於二零一三年十二月

三十一日的事務狀況，及貴集團截至該日止年度的利潤及現金流量，並已按照香港《公司條例》的披露規定妥為編製。

其他事項本報告（包括意見）乃為股東而編製並僅向整體股東報告，除此之外本報告別無其他目的。我們不會就本報告的內容

向任何其他人士負上或承擔任何責任。

羅兵咸永道會計師事務所

執業會計師

香港，二零一四年三月二十一日

35


合併資產負債表

於十二月三十一日


附註人民幣千元人民幣千元

資產

非流動資產

土地使用權 6 73,803 75,567

不動產、工廠及設備 7 1,165,438 1,064,238

無形資產 8 4,105 4,499

採用權益法核算的投資 21b – –

遞延所得稅資產 9 1,425 523

1,244,771 1,144,827

流動資產

存貨 10 156,001 166,148

應收賬款及其他應收款 11 239,904 296,901

現金及現金等價物 13 784,153 778,553

受限制現金 14 112,617 61,491

1,292,675 1,303,093

總資產 2,537,446 2,447,920

權益

歸屬於本公司所有者

股本 15 65,346 65,346

儲備 16 780,100 777,033

— 擬派末期股利 30 25,026 25,007

— 其他 755,074 752,026

留存收益 16 1,014,644 789,743

總權益 1,860,090 1,632,122

36


合併資產負債表（續）




負債

非流動負債

借款 17 68,078 90,750

遞延收入 18 14,006 15,508

遞延所得稅負債 9 743 –

82,827 106,258

流動負債

衍生金融工具 19 – –

應付賬款及其他應付款 20 246,135 369,837

當期所得稅負債 25,397 12,346

借款 17 322,997 327,357

594,529 709,540

總負債 677,356 815,798

總權益及負債 2,537,446 2,447,920

流動資產淨額 698,146 593,553

總資產減流動負債 1,942,917 1,738,380

第41頁至94頁的附註為財務報表的整體部分。

第35至94頁的財務報表已由董事會於二零一四年三月二十一日批核，並代表董事會簽署。

陳洪繆妃

董事董事

37


本公司資產負債表

於十二月三十一日二零一三年二零一二年


資產非流動資產對附屬公司的投資 21a 1,449,426 1,449,426應收附屬公司款項 12 393,838 –

1,843,264 1,449,426

流動資產現金及現金等價物 13 114 721應收賬款及其他應收款 11 – 483,040

114 483,761

總資產 1,843,378 1,933,187

權益歸屬於本公司所有者股本 15 65,346 65,346儲備 16 1,815,274 1,837,563

— 擬派末期股利 30 25,026 25,007 — 其他 1,790,248 1,812,556

累計虧損 16, 31 (37,242) (20,606)

總權益 1,843,378 1,882,303

負債流動負債應付賬款及其他應付款 20 – 50,884

– 50,884

總負債 – 50,884

總權益及負債 1,843,378 1,933,187

流動資產淨額 114 432,877

總資產減流動負債 1,843,378 1,882,303


第35至94頁的財務報表已由董事會於二零一四年三月二十一日批核，並代表董事會簽署。

陳洪繆妃董事董事

38


合併綜合收益表

截至十二月三十一日止年度二零一三年二零一二年


收入 5 1,510,022 1,619,634

銷售成本 22 (1,043,436) (1,154,950)

毛利 466,586 464,684

銷售及市場推廣費用 22 (41,934) (38,302)

行政費用 22 (66,273) (66,394)

其他收益 24 3,369 2,039

其他虧損 — 淨額 25 (1,897) (1,755)

經營利潤 359,851 360,272

財務收入 26 3,512 5,157

財務費用 27 (28,004) (28,379)

財務費用 — 淨額 (24,492) (23,222)

享有採用權益法核算的投資利潤╱虧損的份額 21b – –

除所得稅前利潤 335,359 337,050

所得稅費用 28 (85,102) (86,801)

本年利潤及總綜合收益 250,257 250,249

利潤歸屬於： — 本公司權益持有人 250,257 249,712

— 非控制性權益 – 537

250,257 250,249

歸屬於本公司權益持有人的每股收益（人民幣元） — 基本每股收益 29 0.31 0.31

— 稀釋每股收益 29 0.31 0.31

擬派末期股利 30 25,026 25,007


39


合併權益變動表

歸屬於本公司所有者

股本股份溢價資本儲備法定公積金

以股份

為基礎的

支付儲備留存收益小計

非控制

性權益總權益

附註人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元

（附註15）

二零一二年一月一日結餘 65,168 312,699 371,150 100,942 145 565,854 1,415,958 10,402 1,426,360

年度利潤 – – – – – 249,712 249,712 537 250,249

盈利轉撥至法定儲備 16(a) – – – 25,823 – (25,823) – – –

首次公開發售超額配售

發行普通股 178 4,629 – – – – 4,807 – 4,807

以股份為基礎的支付費用 33(a) – – – – 2,403 – 2,403 – 2,403

購買非控制性權益 – – (61) – – – (61) (10,939) (11,000)

股利分配 30 – – (40,697) – – – (40,697) – (40,697)

二零一二年十二月

三十一日結餘 65,346 317,328 330,392 126,765 2,548 789,743 1,632,122 – 1,632,122

二零一三年一月一日結餘 65,346 317,328 330,392 126,765 2,548 789,743 1,632,122 – 1,632,122

年度利潤 – – – – – 250,257 250,257 – 250,257

盈利轉撥至法定儲備 16(a) – – – 25,356 – (25,356) – – –

以股份為基礎的支付費用 33(a) – – – – 2,403 – 2,403 – 2,403

股利分配 30 – – (24,692) – – – (24,692) – (24,692)

二零一三年十二月

三十一日結餘 65,346 317,328 305,700 152,121 4,951 1,014,644 1,860,090 – 1,860,090


40


合併現金流量表



經營活動的現金流量經營產生的現金 32 421,625 443,551

已付利息 (33,529) (32,788)

已收利息 3,512 5,157

已付所得稅 (72,210) (104,127)

經營活動產生淨現金 319,398 311,793

投資活動的現金流量購買不動產、工廠及設備 (214,071) (338,540)

出售不動產、工廠及設備所得款項 32 – 6,376

購買無形資產 – (4,717)

貸款和應付票據的受限制現金儲備 (51,126) –

政府補助所得款項 18 – 2,030

投資活動所用淨現金 (265,197) (334,851)

融資活動的現金流量銀行借款 483,509 338,990

償還銀行借款 (505,239) (394,976)

購買非控制性權益 – (11,000)

首次公開發售超額配售發行普通股所得款項 – 4,807

支付首次公開發售費用 (1,517) (20,749)

已付股利 30 (24,692) (40,697)

融資活動所用淨現金 (47,939) (123,625)

現金及現金等價物淨增加╱（減少） 6,262 (146,683)

年初現金及現金等價物 778,553 926,148

現金及現金等價物匯兌損失 (662) (912)

年末現金及現金等價物 784,153 778,553


41


合併財務報表附註

1 一般資料及重組一化控股（中國）有限公司（「本公司」）及其附屬公司（統稱「本集團」）主要於中華人民共和國（「中國」）從事漂白

消毒化學品，發泡劑及其他特種化學品的製造及銷售。

本公司於二零一零年十一月二十四日根據開曼群島公司法第22章（一九六一年第3號法例，經合併及修訂）在開

曼群島註冊成立為獲豁免有限公司。其註冊辦事處地址為P.O. Box 309, Ugland House, Grand Cayman,

KY1-1104, Cayman Islands。

本公司之最終控股公司為一化皇冠有限公司。

本公司股份於二零一一年十二月九日起於香港聯合交易所有限公司（「聯交所」）上市。

本合併財務報表以人民幣千元列報（除非另有說明）。本財務報表已經由董事會在二零一四年三月二十一日批准

刊發。

2 重要會計政策摘要編製本合併財務報表採用的主要會計政策載於下文。除另有說明外，該等政策在所列報的所有年度內貫徹應用。

本集團貫徹採用於二零一三年一月一日或之前開始的會計期間生效的國際財務報告準則。

2.1 編製基準本合併財務報表是根據國際財務報告準則編製。合併財務報表按照歷史成本法編製，並就以公允價值計量

且其變動計入損益的衍生金融工具（按公允價值列賬）而作出修訂。

編製符合國際財務報告準則的財務報表需要使用若干關鍵會計估計。這亦需要管理層在應用本集團的會計

政策過程中行使其判斷。涉及高度的判斷或高度複雜性的範疇，或涉及對合併財務報表作出重大假設和估

計的範疇，在附註4中披露。

2.1.1 會計政策和披露的變動

(a) 本集團已採納的新訂和已修訂的準則

本集團已於二零一三年一月一日開始的財政年度首次採納下列準則：

• 國際會計準則第1號（修訂）「財務報表的呈報」有關其他綜合收益。此修改的主要變動為

規定主體將在「其他綜合收益」中呈報的項目，按此等項目其後是否有機會重分類至損益

（重分類調整）而組合起來。

42


合併財務報表附註（續）

2 重要會計政策摘要（續）2.1 編製基準（續）

2.1.1 會計政策和披露的變動（續）

(a) 本集團已採納的新訂和已修訂的準則（續）

• 國際財務報告準則（修訂）「金融工具：披露」有關資產和負債的對銷。該修定也規定了新

的披露要求，著重於在財務狀況表中被抵銷的金融工具，以及受總互抵協議或類似協議

約束的金融工具（無論其是否被抵銷）的量化信息。

• 國際財務報告準則第10號「合併財務報表」建基於現有原則，透過確定控制權概念作為

釐定是否應將某一主體納入母公司合併財務報表的決定性因素。這準則亦列載當難以釐

定時，提供額外指引以協助釐定控制權。

• 國際財務報告準則第12號「在其他主體權益的披露」包括在其他主體的所有形式的權益

的披露規定，包括合營安排、聯營、特別用途工具和其他資產負債表外工具。

• 國際財務報告準則第13號「公允價值計量」目的為透過提供一個公允價值的清晰定義和

作為各項國際財務報告準則╱香港財務報告準則就公允價值計量和披露規定的單一來源，

以改善一致性和減低複雜性。此規定大致與國際財務報告準則和美國公認會計原則接軌，

並無擴大公允價值會計法的使用，但提供指引說明當國際財務報告準則內有其他準則已

規定或容許時，應如何應用此準則。

• 國際會計準則第36號的修訂「資產減值」有關非金融資產可收回金額的披露。此修訂透

過發佈國際財務報告準則第13號，刪除了國際會計準則第36號所包括的現金產出單元的

可收回金額的若干披露。

採納的新訂和已修訂的國際財務報告準則不會對本集團的會計政策、財務報表的編製以及本年

和以前年度所呈報的金額產生重大影響。

(b) 本集團尚未採納的新準則和解釋

多項新準則和準則的修改及解釋在二零一四年一月一日後開始的年度期間生效，但未有在本合

併財務報表中應用。此等準則、修改和解釋預期不會對本集團的合併財務報表造成重大影響：

43





(b) 本集團尚未採納的新準則和解釋（續）

• 國際財務報告準則第9號「金融工具」，針對金融資產和金融負債的分類、計量和確認。

國際財務報告準則第9號在二零零九年十一月發佈。此準則為取代國際會計準則第39號

有關分類和計量金融工具。國際財務報告準則第9號規定金融資產必須分類為兩個計量

類別：按公允價值計量和按攤銷成本計量。此釐定必須在初次確認時作出。分類視乎主

體管理其金融工具的經營模式，以及工具的合同現金流量特點。對於金融負債，此準則

保留了國際會計準則第39號的大部分規定。主要改變為，如對金融負債採用公允價值法，

除非會造成會計錯配，否則歸屬於主體本身負債信貸風險的公允價值變動部分在其他綜

合收益中而非利潤表中確認。該修訂生效的財務呈報期間尚未決定。

• 國際財務報告解釋公告第21號：稅費，載列了對支付所得稅以外的稅費的責任作出的解

讀。該解釋講解，可能形成稅費支付的債務事件是什麼，以及何時確認負債。該修訂自

二零一四年一月一日之後開始的會計期間生效。

• 國際會計準則第32號（修訂），「金融資產和金融負債的抵銷」自二零一四年一月一日及以

後的會計年度開始生效。該修訂明確了國際會計準則第32號中的抵銷標準並講解了他們

在應用中的差異。包括明確「目前具有抵銷的法律強制權」的意思，及部分總額結算系統

可能被視作淨額結算。該修訂自二零一四年一月一日之後開始的年度期間生效。

• 國際會計準則第36號（修訂）「非金融資產可收回金額的披露」。國際會計準則理事會，在

頒佈國際財務報告準則第13號時，對國際會計準則第36號中的揭示要求做了後續修訂。

上述修訂中的某項修訂比預期的範圍更為寬泛。如果分攤到現金產出單元（或單元組合）

中的商譽或使用壽命不確定的無形資產的賬面金額是重大的，則該結果要求披露該現金

產出單元（單元組合）的可收回金額。國際會計準則理事會發佈了有限的修訂來移除未減

值的現金產出單元；對於出現減值或減值轉回時，國際會計準則理事會介紹了公允價值

計量的額外披露。該修訂自二零一四年一月一日之後開始的年度期間生效。

• 國際會計準則第39號（修訂）「衍生工具之約務更替」。國際會計準則理事會修訂了國際會

計準則第39號，旨在當指定為避險工具的衍生合同之約務更替至集中交易對方滿足指定

條件時，豁免終止套期會計。該修訂自二零一四年一月一日之後開始的年度期間生效。

44





(b) 本集團尚未採納的新準則和解釋（續）

• 國際財務報告第10號、12號及國際會計準則第27號（修訂），「投資主體」。該修訂提供

了國際財務報告第10號中的合併要求的例外情況，並要求投資主體對其特定附屬公司以

公允價值計量且其變動計入當期損益，而不將其納入合併範圍。該修訂同時載入了投資

主體相關的披露要求。該修訂自二零一四年一月一日之後開始的年度期間生效。

• 國際財務報告準則第7號及國際財務報告準則第9號（修訂）「強制性生效日期及過渡性披露」

將生效日期推遲至二零一五年一月一日或之後開始的年度期間，並修訂了重述前期間的

豁免。作為此豁免的一部分，必須提供從國際會計準則第39號過渡至國際財務報告準則

第9號的額外披露規定。該修訂自二零一五年一月一日之後開始的年度期間生效。

• 二零一二年年度改進，該修訂包括二零一零至二零一二年年度改進項目週期，該週期對

下列標準有影響。該修訂自二零一四年七月一日之後開始的年度期間生效。

— 國際財務報告準則第2號，「以股份為基礎的支付」

— 國際財務報告準則第3號，「企業合併」；及對國際財務報告準則第9號，「金融工具」

的後續修訂；國際會計準則第37號，「準備、或有負債和或有資產」；及國際會計準

則第39號，「金融工具：確認和計量」

— 國際財務報告準則第8號，「經營分部」

— 國際會計準則第16號，「不動產、工廠及設備」；及國際會計準則第38號，「無形資

產」

— 國際會計準則第24號，「關聯方披露」

• 二零一三年年度改進，該修訂包括二零一一至二零一三年年度改進項目週期，該週期對

下列標準有影響。該修訂自二零一四年七月一日之後開始的年度期間生效。

— 國際財務報告準則第3號，「企業合併」

— 國際財務報告準則第13號，「公允價值計量」

— 國際會計準則第40號，「投資性房地產」

45



2 重要會計政策摘要（續）2.2 附屬公司

2.2.1 合併賬目

附屬公司指本集團對其擁有控制權的主體（包括結構性主體）。在評定本集團是否控制另一主體時，

目前可行使或可兌換的潛在投票權的存在及影響均予考慮。附屬公司在控制權轉移至本集團之日全

面合併入賬。附屬公司在控制權終止之日起停止合併入賬。

(a) 業務合併

本集團利用購買法將業務合併入賬。購買一附屬公司所轉讓的對價，為所轉讓資產、對被收購

方的前所有人產生的負債，及本集團發行的股本權益的公允價值。所轉讓的對價包括或有對價

安排所產生的任何資產和負債的公允價值。在業務合併中所購買可辨認的資產以及所承擔的負

債及或有負債，首先以彼等於購買日期的公允價值計量。就個別收購基準，本集團可按公允價

值或按非控制性權益應佔被購買方確認的可辨認淨資產的比例，計量被收購方的非控制性權益。

購買相關成本在產生時支銷。

如業務合併分階段進行，收購方之前在被收購方持有權益於收購日期的賬面值，按收購日期的

公允價值重新計量，重新計量產生的任何盈虧在合併綜合收益表中確認。

集團將轉讓的任何或有對價按收購日期的公允價值計量。被視為資產或負債的或有對價公允價

值的其後變動，根據國際會計準則39的規定，在損益中或作為其他綜合收益的變動確認。分

類為權益的或有對價不重新計量，其之後的結算在權益中入賬。

所轉讓對價、被收購方的任何非控制性權益數額及在被收購方之前任何權益在收購日期的公允

價值，超過購入可辨識淨資產公允價值的數額記錄為商譽。如所轉讓對價、確認的任何非控制

性權益及之前持有的權益計量，低於購入附屬公司淨資產的公允價值，則將該數額直接在合併

綜合收益表中確認。

集團內公司之間的交易、結餘及未變現利得予以對銷。未變現虧損亦予以對銷。附屬公司的會

計政策已按需要作出調整，以確保與本集團採用的會計政策符合一致。

46



2 重要會計政策摘要（續）2.2 附屬公司（續）

2.2.1 合併賬目（續）

(b) 不導致失去控制權的附屬公司權益變動

本集團將其與非控制性權益進行、不導致失去控制權的交易入賬為權益交易 — 即與所有者以

其作為所有者身份進行的交易。所支付任何對價的公允價值與相關應佔所收購附屬公司淨資產

賬面值的差額記錄為權益。向非控制性權益的處置的盈虧亦記錄在權益中。

2.2.2 獨立財務報表

附屬公司投資按成本扣除減值列賬。成本亦包括投資的直接歸屬成本。附屬公司的業績由本公司按

已收及應收股利入賬。

如股利超過宣派股利期內附屬公司的總綜合收益，或如在獨立財務報表的投資賬面值超過合併財務

報表中被投資公司淨資產（包括商譽）的賬面值，則必須對附屬公司投資作減值測試。

2.3 聯營聯營指所有本集團對其有重大影響力而無控制權的主體，通常附帶有20% – 50%投票權的股權。聯營投

資以權益法入賬。根據權益法，投資初始以成本確認，而賬面值被增加或減少以確認投資者享有被投資者

在收購日期後的損益份額。本集團於聯營的投資包括購買時已辨認的商譽。

如聯營的權益持有被削減但仍保留重大影響力，只有按比例將之前在其他綜合收益中確認的數額重新分類

至損益（如適當）。

本集團應佔聯營購買後利潤或虧損於利潤表內確認，而應佔其購買後的其他綜合收益變動則於其他綜合收

益內確認，並相應調整投資賬面值。如本集團應佔一家聯營的虧損等於或超過其在該聯營的權益，包括任

何其他無抵押應收款，本集團不會確認進一步虧損，除非本集團對聯營已產生法律或推定債務或已代聯營

作出付款。

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2 重要會計政策摘要（續）2.3 聯營（續）

本集團在每個報告日期釐定是否有客觀證據證明聯營投資已減值。如投資已減值，本集團計算減值，數額

為聯營可收回數額與其賬面值的差額，並在合併綜合收益表中確認於「享有採用權益法核算的投資利得的

份額」旁。

本集團與其聯營之間的上流和下流交易的利潤和虧損，在集團的財務報表中確認，但僅限於無關連投資者

在聯營權益的數額。除非交易提供證據顯示所轉讓資產已減值，否則未實現虧損亦予以對銷。聯營的會計

政策已按需要作出改變，以確保與本集團採用的政策符合一致。

在聯營權益中所產生的稀釋利得和損失於合併綜合收益表確認。

2.4 分部報告經營分部按照向首席經營決策者提供的內部報告貫徹一致的方式報告。首席經營決策者被認定為作出策略

性決定的執行董事負責分配資源和評估經營分部的表現。

2.5 外幣折算(a) 功能和列報貨幣

本集團每個主體的財務報表所列項目均以該主體經營所在的主要經濟環境的貨幣計量（「功能貨幣」）。

由於本集團的大部分資產及業務位於中國，故合併財務報告以人民幣列報，人民幣為本公司的功能

貨幣及本集團的列報貨幣。

(b) 交易及結餘

外幣交易採用交易或項目重新計量的估值日期的匯率換算為功能貨幣。因結算此等交易產生的匯兌

利得和損失以及將外幣計值的貨幣資產和負債以年終匯率折算產生的匯兌利得和損失在合併綜合收

益表確認。

與借款和現金及現金等價物有關的匯兌利得和損失在綜合收益表內的「財務收益或費用」中列報。所

有其他匯兌利得和損失在利潤表內的「其他虧損 — 淨額」中列報。

非貨幣性金融資產及負債（例如以公允價值計量且變動計入損益的權益工具）換算差額於損益確認為

公允價值盈虧之一部分。

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2 重要會計政策摘要（續）2.5 外幣折算（續）

(c) 集團公司

其功能貨幣與本集團的列報貨幣不同的所有集團內的主體（當中沒有惡性通貨膨脹經濟的貨幣）的業

績和財務狀況按如下方法換算為列報貨幣：

(i) 每份列報的資產負債表內的資產和負債按該資產負債表日的收市匯率換算；

(ii) 每份利潤表內的收益和費用按平均匯率換算（除非此匯率並不代表交易日期匯率的累計影響的

合理約數﹔在此情況下，收支項目按交易日期的匯率換算）；及

(iii) 所有由此產生的匯兌差額在其他綜合收益中確認。

2.6 不動產、工廠及設備不動產、工廠及設備（在建工程除外）乃按歷史成本減折舊及累計減值虧損列賬。歷史成本包括購買該等項

目直接應佔的開支。

後續成本只有在很可能為本集團帶來與該項目有關的未來經濟利益，而該項目的成本能可靠計量時，才包

括在資產的賬面值或確認為一項單獨資產（按適用）。已更換零件的賬面值已被終止確認。所有其他維修費

用在產生的財政期間內於合併綜合收益表支銷。

折舊採用以下的估計可使用年期將其成本按直線法分攤至其剩餘價值計算（扣除該等資產的估計剩餘價值

及各項資產的減值虧損）：

樓宇 30–50年

機器 8–15年

車輛 8年

家具及辦公設備 5年

資產的剩餘價值及可使用年期在每個資產負債表日進行檢討，及在適當時調整。

若資產的賬面值高於其估計可收回價值，其賬面值實時撇減至可收回金額。

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2 重要會計政策摘要（續）2.6 不動產、工廠及設備（續）

處置的利得和損失按銷售所得款淨額與賬面值的差額釐定，並在合併綜合收益表內「其他虧損 — 淨額」中

確認。

在建工程指在建或有待安裝的樓宇、廠房及機器，按成本減累計減值虧損（如有）列賬。成本包括建設及收

購成本以及撥充資本的借貸成本。在建工程竣工及可作擬定用途前，不會計提折舊撥備。當有關資產可使

用，成本會轉撥至不動產、工廠及設備，並根據上述政策折舊。

2.7 土地使用權土地使用權為獲得租賃土地長期權益的預付款項，以成本減累計攤銷及累計減值虧損列賬。成本指授出相

關權利當日起就土地使用權支付的代價。土地使用權攤銷於租期內按直線法計算，並於合併綜合收益表的

行政開支中確認。

2.8 無形資產非專利技術於收購時以公允價值入賬。非專利技術有固定可使用年期，以成本減累計攤銷列賬。攤銷使用

直線法於估計可使用年期12年內分配合約權成本計算。

2.9 金融資產2.9.1 分類

本集團的金融資產包括以公允價值計量且其變動計入損益的金融資產、貸款及應收款項。分類視乎

購入金融資產之目的。管理層應在初始確認時釐定金融資產的分類。

(a) 以公允價值計量且其變動計入損益的金融資產

以公允價值計量且其變動計入損益的金融資產指交易性金融資產。金融資產若在購入時主要用

作在短期內出售，則分類為此類別。衍生工具除非被指定為套期，否則亦分類為持作交易性。

在此類別的資產假若預期在12個月內結算，分類為流動資產﹔否則分類為非流動資產。

(b) 貸款及應收款項

貸款及應收款項為有固定或可確定付款額且沒有在活躍市場上報價的非衍生金融資產。此等項

目包括在流動資產內，但預期將於報告期末起計超過12個月結算的數額，則分類為非流動資

產。本集團的貸款及應收款項由資產負債表「應收賬款及其他應收款」與「現金及現金等價物」

組成（附註11及13）。

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2 重要會計政策摘要（續）2.9 金融資產（續）

2.9.2 確認和計量常規購買及出售的投資在交易日確認 — 交易日指本集團承諾購買或出售該資產之日。對於以公允價值計量但其變動並非計入損益的所有金融資產，其投資初始按其公允價值加交易成本確認。當從投

資收取現金流量的權利已到期或已轉讓，而本集團已實質上將所有權的所有風險和報酬轉讓時，金

融資產即終止確認。貸款及應收款項其後利用實際利率法按攤銷成本列賬。

「以公允價值計量且其變動計入損益的金融負債」類別公允價值變動所產生的利得或損失在其產生期

間列入合併綜合收益表內「其他虧損 — 淨額」中。

2.9.3 金融資產減值當有法定可執行權力可抵銷已確認金額，並有意圖按淨額基準結算或同時變現資產和結算負債時，

金融資產與負債可互相抵銷，並在資產負債表報告其淨額。

2.9.4 金融資產減值(a) 以攤銷成本列賬的資產

本集團於每個報告期末評估是否存在客觀證據證明某一金融資產或某一金融資產組出現減值。

只有當存在客觀證據證明於因為首次確認資產後發生一宗或多宗事件導致出現減值（「損失事

項」），而該宗（或該等）損失事項對該項或該組金融資產的估計未來現金流量構成的影響可以合

理估計，有關的金融資產或金融資產組才算出現減值及產生減值虧損。

減值虧損的證據可包括債務人或一組債務人遇上嚴重財政困難、逾期或拖欠償還利息或本金、

債務人很有可能破產或進行其他財務重組，以及有可觀察數據顯示估計未來現金流有可計量的

減少，例如與違約有相互關連的拖欠情況或經濟狀況改變。

對於貸款及應收款類別，損失金額乃根據資產賬面值與按金融資產原實際利率貼現而估計未來

現金流量（不包括仍未產生的未來信用損失）的現值兩者的差額計量。資產賬面值予以削減，而

損失金額則在合併利潤表確認。如貸款或持有至到期投資有浮動利率，計量任何減值損失的貼

現率為按合同釐定的當前實際利率。

如在後繼期間，減值虧損的數額減少，而此減少可客觀地聯繫至減值在確認後才發生的事件（例

如債務人的信用評級有所改善），則之前已確認的減值虧損可在合併綜合收益表轉回。

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2 重要會計政策摘要（續）2.10 存貨

存貨按成本及可變現淨值兩者的較低者列賬。成本利用加權平均法釐定。製成品及在產品的成本包括原材

料、直接勞工、其他直接費用及相關生產費用（依據正常經營能力）。這不包括借款費用。可變現淨值為在

日常經營活動中的估計銷售價，減適用的變動銷售費用。

2.11 應收賬款及其他應收款應收賬款為在日常經營活動中就商品銷售或服務執行而應收客戶的款項。如應收賬款及其他應收款的收回

預期在一年或以內，其被分類為流動資產﹔否則分類為非流動資產。

應收賬款及其他應收款以公允價值為初始確認，其後利用實際利率法按攤銷成本扣除減值準備計量。

2.12 現金及現金等價物在合併現金流量表中，現金及現金等價物包括手頭現金、銀行通知存款、原到期為三個月或以下的其他短

期高流動性投資。

2.13 股本普通股被分類為權益。

直接歸屬於發行新股或期權的新增成本在權益中列為所得款的減少（扣除稅項）。

2.14 應付賬款應付賬款為在日常經營活動中購買商品或服務而應支付的債務。如應付款的支付日期在一年或以內，其被

分類為流動負債﹔否則分類為非流動負債。

應付賬款以公允價值為初始確認，其後利用實際利率法按攤銷成本計量。

2.15 借款一般及特定借款按公允價值並扣除產生的交易費用為初始確認。借款其後按攤銷成本列賬﹔所得款（扣除

交易成本）與贖回價值的任何差額利用實際利率法於借款期間內在利潤表確認。

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2 重要會計政策摘要（續）2.15 借款（續）

設立貸款融資時支付的費用倘部份或全部融資將會很可能提取，該費用確認為貸款的交易費用。在此情況

下，費用遞延至貸款提取為止。如沒有證據證明部份或全部融資將會很可能被提取，則該費用資本化作為

流動資金服務的預付款，並按有關的融資期間攤銷。

除非本集團可無條件將負債的結算遞延至資產負債表日後最少12個月，否則借款分類為流動負債。

2.16 當期及遞延所得稅本期間的稅項支出包括當期和遞延稅項。稅項在合併綜合收益表中確認，但與在其他綜合收益中或直接在

權益中確認的項目有關者則除外。在該情況下，稅項亦分別在其他綜合收益或直接在權益中確認。

(a) 當期所得稅

當期所得稅支出根據本公司的附屬公司及產生應課稅收入的國家於資產負債表日已頒佈或實質上已

頒佈的稅務法例計算。管理層就適用稅務法例解釋所規限的情況定期評估報稅表的狀況，並在適用

情況下根據預期須向稅務機關支付的稅款設定準備。

(b) 遞延所得稅

內在差異

遞延所得稅利用負債法確認資產和負債的稅基與資產和負債在合併財務報表的賬面值的差額而產生

的暫時性差異。然而，若遞延所得稅負債來自對商譽的初始確認，以及若遞延所得稅來自在交易（不

包括業務合併）中對資產或負債的初始確認，而在交易時不影響會計損益或應課稅利潤或損失，則不

作記帳。遞延所得稅採用在資產負債表日前已頒佈或實質上已頒佈，並在有關的遞延所得稅資產實

現或遞延所得稅負債結算時預期將會適用的稅率（及法例）而釐定。

遞延所得稅資產是就很可能有未來應課稅利潤而就此可使用暫時性差異而確認。

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2 重要會計政策摘要（續）2.16 當期及遞延所得稅（續）

(b) 遞延所得稅（續）

外在差異

遞延所得稅負債就附屬公司、聯營及合營安排投資產生的應納稅暫時性差異而準備，但假若本集團

可以控制暫時性差異的轉回時間，而暫時性差異在可預見將來很可能不會轉回則除外。通常，本集

團無法控制聯營企業暫時性差異的轉回。只有通過協議賦予公司控制未確認暫時性差異轉回的能力。

對與附屬公司、聯營及合營安排投資相關的可抵扣暫時性差異，確認遞延所得稅資產，僅以在未來

很可能取得轉回暫時性差異為限，且未來很可能獲得用來抵扣可抵扣暫時性差異的應納稅所得額。

(c) 抵銷

當有法定可執行權力將當期稅項資產與當期稅務負債抵銷，且遞延所得稅資產和負債涉及由同一稅

務機關對應課稅主體或不同應課稅主體但有意向以淨額基準結算所得稅結餘時，則可將遞延所得稅

資產與負債互相抵銷。

2.17 職工福利(a) 退休金債務

本集團的中國全職職工參與多項政府資助退休金計劃，職工可按若干公式每月獲得退休金。相關政

府機構承擔向此等退休職工支付退休金的責任。本集團每月向此等退休金計劃供款。根據此等退休

金計劃，除所作供款外，本集團並無退休後福利債務。該等計劃供款於產生時支銷。

(b) 住房福利

本集團所有全職職工均可參與多項政府資助住房公積金。本集團按職工薪金的一定百分比每月向該

等基金供款。本集團有關該等基金的責任僅限於每年應付的供款。

54



2 重要會計政策摘要（續）2.18 以股份為基礎的支付

以權益結算以股份為基礎的交易

本集團設有多項以權益結算、以股份為基礎的報酬計劃，根據該等計劃，主體收取職工的服務以作為本集

團權益工具（期權）的對價。職工為換取獲授予期權而提供服務的公允價值確認為費用。將作為費用的總金

額參考授予期權的公允價值釐定：

• 包括任何市場業績條件（例如主體的股價）﹔

• 不包括任何服務和非市場業績可行權條件（例如盈利能力、銷售增長目標和職工在某特定時期內留任

實體）的影響﹔及

• 包括任何非可行權條件（例如規定職工儲蓄）的影響。

在期權行使時，本公司發行新股。收取的所得款扣除任何直接歸屬交易成本撥入股本（面值）和股本溢價。

2.19 準備當本集團因已發生的事件而產生現有的法律或推定債務﹔很可能需要有資源的流出以結算債務﹔及金額已

被可靠估計時，當就環境復原、重組費用和法律索償作出準備。但不會就未來經營虧損確認準備。

如有多項類似債務，其需要在結算中有資源流出的可能性，則可根據債務的類別整體考慮。即使在同一債

務類別所包含的任何一個項目相關的資源流出的可能性極低，仍須確認準備。

準備採用稅前利率按照預期需結算有關債務的支出現值計量，該利率反映當時市場對金錢時間值和有關債

務固有風險的評估。隨著時間過去而增加的準備確認為利息費用。

55



2 重要會計政策摘要（續）2.20 收入確認

收入按已收或應收對價的公允價值計量，並相當於供應貨品的應收款項，扣除折扣、退貨和增值稅後列

帳。當收入的金額能夠可靠計量；當未來經濟利益很可能流入有關主體；及當本集團每項活動均符合具體

條件時（如下文所述），本集團便會將收入確認。本集團會根據退貨往績並考慮客戶類別、交易種類和每項

安排的特點作出估計。

(a) 貨品銷售

當集團公司將產品交付予客戶、客戶接收產品且合理保證可收回有關應收賬款，則確認貨品銷售。

(b) 利息收益

利息收益採用實際利率法確認。

(c) 股利收益

股收益在收取款項的權利確定時確認。

2.21 政府補助當能夠合理地保證政府補助將可收取，而本集團將會符合所有附帶條件時，將政府提供的補助按其公允價

值確認入賬。

與成本有關之政府補助遞延入賬，並按擬補償之成本配合其所需期間在利潤表中確認。

與購買不動產、工廠和設備有關之政府補助列入非流動負債作為遞延政府補助，並按有關資產之預計年期

以直線法在合併綜合收益表確認。

2.22 經營租賃如租賃所有權的重大部份風險和報酬由出租人保留，分類為經營租賃。根據經營租賃支付的款項（扣除自

出租人收取的任何激勵措施後）於租賃期內以直線法在合併綜合收益表支銷。

2.23 股利分配向本公司股東分配的股利在股利獲本公司股東或董事（按適當）批准的期間內於本集團合併財務報表內列

為負債。

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3 財務風險管理3.1 財務風險因素

本集團的活動承受著多種的財務風險：外匯風險、信貸風險、流動風險及利率風險。本集團的整體風險管

理計劃專注於財務市場的難預測性，並尋求儘量減低對本集團財務表現的潛在不利影響。本集團定期監察

其風險，而目前認為毋須對沖任何此等財務風險。

(a) 外匯風險

本集團主要在中國經營，絕大部分交易以人民幣結算。日後商業交易或已確認資產及負債以非公司

功能貨幣計值會產生外匯風險。

截至二零一三年及二零一二年十二月三十一日止年度，本集團銷售額分別為約15%及14%以非公司

功能貨幣計值。

除若干銀行結餘、應收賬款、其他應付款及借款（附註13、11、20及17）外，本集團的資產及負債

主要以人民幣計值。

於二零一三年及二零一二年十二月三十一日，倘人民幣兌美元分別貶值╱升值5%（其他變量維持不

變），截至二零一三年十二月三十一日止年度的除稅後盈利應會減少╱增加人民幣5,031,000元，（二

零一二年：減少╱增加人民幣3,741,000元），主要是由於換算美元、日元和港元計值的現金及應收

賬款而產生的匯兌收益╱虧損與換算美元、日元和港元計值的其他應付款而產生的匯兌虧損╱收益

所致。

本集團將持續檢討經濟狀況及其外匯風險情況，並會於必要時於未來考慮採用適當對沖措施。

(b) 信貸風險

現金及現金等價物、受限制現金以及應收及其他應收款的賬面值為本集團就有關金融資產的最高信

貸風險。

於二零一三年及二零一二年十二月三十一日，本集團分別92%及95%的受限制現金以及現金及現金

等價物存放在管理層認為具高信用質素的國有金融機構。管理層預計不會因該等交易對方不履行責

任而產生任何虧損。

本集團並無重大集中信貸風險。計入合併資產負債表的應收賬款賬面值為本集團就有關金融資產的

最大信貸風險。本集團應收賬款的賬齡分析於附註11披露。本集團實行政策確保僅向有良好信用紀

錄的客戶賒銷，本集團亦定期評估客戶的信用狀況。本集團評估客戶信用質素時考慮多項因素，包

括彼等客戶的財務狀況及過往紀錄。本集團亦定期監察信貸期的使用情況，管理層預計不會因該等

交易對方不履行責任而錄得任何虧損。

57



3 財務風險管理（續）3.1 財務風險因素（續）

(b) 信貸風險（續）由於本集團客戶組合眾多且彼等分佈於不同業務分部及地區，故有關應收賬款的交易對方風險有限。

於二零一三年十二月三十一日，15大客戶的應收賬款不超過應收及其他應收賬款總額的68%（二零一二年：63%），其中最大客戶的應收賬款不足9%二零一二年：14%）。

(c) 流動性風險

為管理流動性風險，本集團監控並維持管理層認為足夠的現金及現金等價物，以向本集團的經營提

供資金並減低現金流量波動的影響。本集團預計透過經營所得內部現金流量及銀行借款為其未來現

金流量需求提供資金。本集團預計其後延續該等借款並無重大困難。

顯示餘下合約到期日的借款到期日分析於附註17披露。一般而言，供貨商並無授出特定信貸期限，

但有關應付賬款一般預期於收到貨品或服務後三個月內結算。

於二零一三年及二零一二年十二月三十一日，本集團持有現金及現金等價物人民幣784,153,000及

人民幣778,553,000（附註13），應收賬款人民幣229,253,000及人民幣256,144,000（附註11），受限

制現金人民幣112,617,000及人民幣61,491,000（附註14），預期可實時產生現金流量以管理流動性

風險。

下表分析本集團將償還之金融負債，按二零一三年及二零一二年十二月三十一日至合約到期日之剩

餘期間劃分為相關到期組別。在表內披露的金額為未經折現的合同現金流量。

一年內一至兩年兩至五年

人民幣千元人民幣千元人民幣千元

於二零一三年十二月三十一日

借款及應付利息 335,789 51,594 20,307

應付及其他應付賬款 246,132 – –

581,921 51,594 20,307

於二零一二年十二月三十一日

借款及應付利息 342,030 52,059 50,520

應付及其他應付賬款 369,673 – –

711,703 52,059 50,520

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3 財務風險管理（續）3.1 財務風險因素（續）

(d) 利率風險（續）

本集團的利率變動風險主要源自其借款、受限制現金及銀行存款。

浮息借款使本集團面對現金流量利率風險。二零一三年及二零一二年十二月三十一日，本集團分別

約人民幣305,735,000元及人民幣225,834,000元的借款按可變利率計息。

本集團借款、受限制現金及銀行結餘的利率及到期日分別於附註17、13及14披露。

由於本集團並無重大計息資產，故本集團的收入及經營現金流量基本上不受市場利率變動的影響。

本集團與其借款有關的利率變動風險詳情披露於附註17。以浮動利率計息的借款使本集團面對現金

流量利率風險，而以固定利率計息的借款使本集團面對公允價值利率風險。

二零一三年及二零一二年十二月三十一日，若銀行借款、存款及銀行結餘的利率較中國人民銀行公

佈的當前利率高╱低50個基點，而其他所有變量保持不變，年內盈利將分別增加╱減少人民幣

2,528,000元及增加╱減少人民幣2,210,000元。

3.2 資本風險管理本集團的資本管理政策，是保障集團能繼續經營，以為股東提供回報和為其他利益關係者提供利益，同時

維持最佳的資本結構以減低資本成本。本年度本集團的策略保持不變。

為維持或調整資本結構，本集團可能調整支付予股東的股息數額、向股東退還資本、發行新股或出售資產

以減低債務。

本集團按照業內慣例基於資本負債比率監察資本。該比率以債務淨額除以總資本計算。債務淨額以合併資

產負債表列示的總借款減現金及現金等價物計算。總資本以合併資產負債表列示的總權益加債務淨額計

算。本集團旨在將資本負債比率維持在不超過65%的水平。

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3 財務風險管理（續）3.2 資本風險管理（續）

於二零一三年及二零一二年十二月三十一日的資本負債比率如下：



人民幣千元人民幣千元

銀行借款（附註17） 391,075 418,107

減：現金及現金等價物（附註13） (784,153) (778,553)

債務淨額 (393,078) (360,446)

總權益 1,860,090 1,632,122

總資本 1,467,012 1,271,676

資本負債比率不適用不適用

3.3 公允價值估計於二零一三年及二零一二年十二月三十一日，本集團金融資產（包括現金及現金等價物、受限制現金及應

收賬款）以及金融負債（包括應付賬款及短期借款）於短期內到期，故賬面值與公允價值相若。有效期不足

一年的金融資產及負債的賬面值減任何估計減值調整後，假設與其公允價值相若。

用作披露的金融負債公允價值透過按本集團自同類金融工具可獲得的當期市場利率貼現未來合約現金流量

而估計得出。

4 關鍵會計估計及判斷估計和判斷會根據過往經驗和其他因素進行評價，包括在有關情況下相信對未來事件的合理預測。

本集團對未來作出估計和假設。所得的會計估計如其定義，很少會與其實際結果相同。很大機會導致下個財政

年度的資產和負債的賬面值作出重大調整的估計和假設討論如下。

(a) 折舊本集團管理層參考本集團擬透過使用該等資產獲得未來經濟利益的估計期間釐定不動產、工廠及設備的估

計可使用年期及有關折舊開支。若可使用年期與先前估計有差異，管理層會修訂折舊開支，或撇銷或撇減

已廢棄或出售的過時或非策略資產。

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4 關鍵會計估計及判斷（續）(b) 應收賬款減值

應收賬款的減值準備乃根據對應收賬款的可收回程度評估而釐定。評估該等應收賬款項的最終變現金額時

須作出大量判斷，包括每位客戶的當前信譽、過往收款紀錄及當前市況。

(c) 稅項本集團於中國經營的附屬公司須繳納中國企業所得稅。釐定所得稅準備時須作出重大判斷。一般業務過程

中眾多交易及計算的最終釐定結果並不確定。若該等事項的最終稅項結果與最初入賬之金額不同，有關差

額會影響有關釐定期間的所得稅及遞延稅項準備。

有關若干暫時差額及稅項虧損的遞延稅項資產，乃於管理層認為日後可能會有應課稅盈利可抵銷暫時差額

或稅項虧損時確認。實際利用的結果或會不同。

5 分部信息本集團主要於中國從事化工產品業務。本集團三個主要業務單元所在地的獨立個別財務報表呈遞予主要經營決

策者（執行董事），其審閱內部報告以評估表現及分配資源。由於經濟特點、產品及生產性質、客戶等類似，故

匯總為單一可呈報分部。本集團大部分產品售予中國客戶。本集團客戶眾多，遍佈中國及東南亞，管理層並非

根據資產分配及績效按地域審閱經營業績，本集團並無透過地域編製個別財務資料，有關年度概無單一客戶佔

本集團總收益12%以上。由於漂白消毒化學品，發泡劑及其他特種化學品各自毛利、客戶等的差異，根據國際

財務報告準則第8號「經營分部」，本集團的業務分為三個報告分部。

本集團的大部分產品均銷售給中國境內的客戶。本集團擁有大量客戶，廣泛分佈於中國境內和海外。截至二零

一三年和二零一二年年末，並無單一客戶佔集團總收入的10%以上。

來自外界客戶的收入和成本、總資產和總負債以與本集團合併財務報表的計量方法一致。

董事會基於毛利的計量評估經營分部的業績。

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5 分部信息（續）截至二零一三年、二零一二年十二月三十一止年度，提供給董事會報告分部的分部信息如下：

截至二零一三年十二月三十一日止年度

漂白消毒

化學品發泡劑

他特種

化學品總計

人民幣千元人民幣千元人民幣千元人民幣千元

分部收入 669,280 586,841 253,901 1,510,022

分部間收入 – – – –

外界客戶收入 669,280 586,841 253,901 1,510,022

毛利 232,062 144,713 89,811 466,586

未分配

折舊及攤銷 94,443

財務收益 3,512

財務費用 (28,004)

所得稅費用 (85,102)

總資產 2,537,446

總負債 677,356

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5 分部信息（續）

截至二零一二年十二月三十一日止年度

漂白消毒

化學品發泡劑

他特種

化學品總計


分部收入 596,835 759,378 263,421 1,619,634分部間收入 – – – –

外界客戶收入 596,835 759,378 263,421 1,619,634

毛利 197,739 160,204 106,741 464,684

未分配折舊及攤銷 69,161財務收益 5,157財務費用 (28,379)所得稅費用 (86,801)

總資產 2,447,920

總負債 815,798

無主要經營決策者提供的分部資產和分部負債的資料。

按地區劃分來自外界客戶的收入是基於客戶所在的地區。

收入是根據客戶所在國家來分配的。



收入中國大陸 1,313,329 1,398,811海外 196,693 220,823

1,510,022 1,619,634

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6 土地使用權




成本 88,206 88,206

累計攤銷 (14,403) (12,639)

賬面淨值 73,803 75,567

代表：

期初賬面淨值 75,567 77,331

攤銷（附註22） (1,764) (1,764)

期末賬面淨值 73,803 75,567

本集團的土地使用權權益指預付經營租賃款項。本集團所有的土地使用權均位於中國，租期介乎50至70年。

二零一三年及二零一二年十二月三十一日淨值分別為人民幣34,798,000元及人民幣15,075,000元的土地使用權

作為銀行借款抵押（附註17）。

土地使用權攤銷已計入合併綜合收益表的行政開支。

64



7 不動產、工廠及設備

土地及樓宇機器車輛家具及

辦公設備在建工程總計人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元

截至二零一二年十二月三十一日止年度期初賬面淨值 368,262 355,887 5,676 2,603 41,178 773,606

增加 – 16,121 395 2,701 346,725 365,942

完成時轉撥 32,414 294,844 – – (327,258) –

出售 – (8,121) – (10) – (8,131)

折舊開支（附註22） (14,454) (51,046) (903) (776) – (67,179)

期末賬面淨值 386,222 607,685 5,168 4,518 60,645 1,064,238

於二零一二年十二月三十一日成本 523,664 925,960 9,261 8,821 60,645 1,528,351

累計折舊及減值 (137,442) (318,275) (4,093) (4,303) – (464,113)

賬面淨值 386,222 607,685 5,168 4,518 60,645 1,064,238

截至二零一三年十二月三十一日止年度期初賬面淨值 386,222 607,685 5,168 4,518 60,645 1,064,238

增加 – 21,944 793 2,178 170,467 195,382

完成時轉撥 49,255 181,857 – – (231,112) –

出售 (449) (1,443) – (5) – (1,897)

折舊開支（附註22） (16,259) (73,575) (997) (1,454) – (92,285)

期末賬面淨值 418,769 736,468 4,964 5,237 – 1,165,438

於二零一三年十二月三十一日成本 572,272 1,124,191 10,054 10,721 – 1,717,238

累計折舊及減值 (153,503) (387,723) (5,090) (5,484) – (551,800)

賬面淨值 418,769 736,468 4,964 5,237 – 1,165,438

65



7 不動產、工廠及設備（續）(a) 折舊開支按以下方式自合併綜合收益表扣除：



銷售成本 84,990 61,513銷售及市場推廣 107 109行政開支 7,188 5,557

92,285 67,179

(b) 在本年度中，集團的合資格資產已資本化借款成本為人民幣2,305,000（二零一二年：人民幣4,311,000）。借款成本根據一般借款的加權平均率6.45%（二零一二年：6.01%）（附註27）來進行資本化。

(c) 於二零一三年及二零一二年十二月三十一日，總賬面值分別為人民幣154,509,000元及人民幣156,282,000元的若干樓宇及機器抵押作銀行借款的擔保（附註17）。

(d) 與物業租賃有關的租賃租金費用分別為人民幣1,518,000（二零一二年：人民幣1,349,000），並包括在合併綜合收益表中（附註22）。

8 無形資產無形資產指專利，詳情如下：



截至十二月三十一日止年度期初賬面淨值 4,499 –增加 – 4,717攤銷（附註22） (394) (218)

賬面淨值 4,105 4,499

截至十二月三十一日止年度成本 4,717 4,717累計攤銷 (612) (218)

賬面淨值 4,105 4,499

無形資產攤銷計入合併綜合收益表的行政開支。

66



9 遞延所得稅資產和負債遞延所得稅就暫時差額根據負債法使用截至資產負債表日已頒佈或實質頒佈的稅率計算。

遞延所得稅資產和負債變動如下：

員工

福利責任廉價承購

來自聯營

公司的

虧損份額減值損失總額

人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元

遞延所得稅資產

於二零一二年一月一日 170 – – – 170

計入合併綜合收益表 353 – – – 353

於二零一二年十二月三十一日 523 – – – 523

於二零一三年一月一日 523 – – – 523

（扣自）╱計入合併綜合收益表 (41) – 743 200 902

於二零一三年十二月三十一日 482 – 743 200 1,425

遞延所得稅負債

於二零一三年一月一日 – – – – –

計入合併綜合收益表 – (743) – – (743)

於二零一三年十二月三十一日 – (743) – – (743)

遞延所得稅資產預期於結算日後十二個月內收回。

本集團並未就附屬公司的未匯返利潤須予支付的預提所得稅確認遞延所得稅負債人民幣12,439,000（二零一二年：

人民幣9,418,000）。此等未匯返收益會再作長期地投資。於二零一三年十二月三十一日的未匯返收益合共人民

幣995,131,000（二零一二年：人民幣753,473,000）。

67



10 存貨



原材料 18,600 15,659

半成品 126,119 133,796

產成品 11,282 16,693

156,001 166,148

截至二零一三年及二零一二年十二月三十一日止年度，確認為開支並計入銷售成本的存貨成本分別為人民幣

623,290,000元及人民幣769,009,000元。

11 應收賬款及其他應收款

本集團本公司於十二月三十一日

二零一三年二零一二年二零一三年二零一二年


應收賬款(a) 229,253 256,144 – –

應收第三方款項 230,052 256,144 – –

減：應收賬款減值準備 (799) – – –

預付款(b)

從關聯方購買商品支付的預付款 2,000 – – –

從第三方購買商品支付的預付款 2,000 2,117 – – 增值稅進項稅稅款 6,000 37,996 – –

其他應收款(c) 應收附屬公司款項 – – – 483,040 應收第三方款項 651 644 – –

239,904 296,901 – 483,040

應收款項的賬面值與公允價值相若。

68



11 應收賬款及其他應收款（續）(a) 本集團客戶眾多，遍佈中國及東南亞。國內外客戶未償付結餘的信貸期均介乎30至90天。應收賬款並無

集中信貸風險。於二零一三年及二零一二年十二月三十一日，應收賬款的賬齡分析如下：

本集團本公司




三個月內 228,409 253,653 – –

四至六個月 45 12 – –

七至十二個月 – 2,479 – –

一至兩年 1,598 – – –

230,052 256,144 – –

於二零一三年及二零一二年十二月三十一日，分別約人民幣45,000元及人民幣2,491,000元的應收賬款已

逾期但並無減值，主要與本集團數名近期並無違約紀錄的客戶有關。該等逾期但並無減值的應收賬款賬齡

分析如下：

本集團本公司




四至六個月 45 12 – –

七至十二個月 – 2,479 – –

45 2,491 – –

69



11 應收賬款及其他應收款（續）(a) （續）

於二零一三年十二月三十一日，應收賬款人民幣799,000（二零一二年：無）已減值。於二零一三年十二月

三十一日，準備金額為人民幣799,000（二零一二年：無）。個別減值的應收款主要來自處於預料以外的經

濟困境中的客戶。判斷部份應收款預計將可收回。此等應收款的賬齡如下：

本集團本公司




一至兩年 1,598 – – –

對已減值應收款準備的設立和轉回已包括在合併綜合收益表中「行政費用」內（附註22）。

應收賬款及其他應收款內的其他類別沒有包含已減值資產。在報告日期，信用風險的最高風險承擔為上述

每類應收款的賬面價值。本集團不持有任何作為抵押的擔保品。

(b) 預付款

本集團本公司




原材料預付款項 4,000 2,000 – –

進項增值稅抵免 6,000 37,996 – –

其他 – 117 – –

10,000 40,113 – –

70



11 應收賬款及其他應收款（續）(c) 其他應收款




應收附屬公司款項 – – – 483,040

向職工墊款 20 40 – –

其他 631 604 – –

651 644 – 483,040

(d) 本集團的應收賬款及其他應收款的賬面值以下列貨幣計值：




人民幣 222,745 236,298 – 127,224

美元 7,159 20,490 – 127,702

港元 – – – 228,114

229,904 256,788 – 483,040

12 應收附屬公司款項

本公司於十二月三十一日



應收附屬公司款項 393,838 –

於二零一三年十二月三十一日，由於本公司經營計劃和資本金預算發生變更，應收附屬公司款項的所有結餘均

不負擔利息且不會在一年之內收回。應收附屬公司款項的公允價值近似等於其賬面值。

71



12 應收附屬公司款項（續）(a) 本公司應收附屬公司款項的賬面值以下列貨幣計值：



— 人民幣 29,113 –— 港元 221,193 –— 美元 143,562 –

393,838 –

13 現金及現金等價物




庫存現金 80 40 – –銀行存款 784,073 778,513 114 721

784,153 778,553 114 721

現金及現金等價物以下列貨幣計值：




— 人民幣 748,913 775,265 6 3— 港元 256 742 51 530— 美元 34,984 2,546 57 188

784,153 778,553 114 721

銀行結餘基於每日銀行存款利率的浮動利率計息。以人民幣計值的結餘轉換為外幣須受中國政府頒佈的外匯管

制規則及法規規限。

72



14 受限制現金




提供貸款(a) 62,100 –

應付票據擔保(b) 50,517 61,491

112,617 61,491

(a) 於二零一三年十二月三十一日，人民幣62,100,000（二零一二年：無）作為銀行提供貸款的受限制存款。

(b) 於二零一三年及二零一二年十二月三十一日，人民幣50,517,000及人民幣61,491,000的受限制現金抵押作為應付供應商票據的

擔保，金額分別為人民幣127,660,000及人民幣231,783,000 respectively（附註20(b)）。

(c) 所有受限制現金均以人民幣計值且根據銀行每日存款浮動利率賺取利息。

15 股本

普通股數目普通股面值港元

法定：每股面值0.1港元的普通股 5,000,000,000 500,000,000

附註普通股數目普通股面值普通股等值面值港元人民幣

已發行及繳足：於二零一二年一月一日 800,000,000 80,000,000 65,168,000首次公開發售超額配售發行普通股 (a) 2,191,000 219,100 178,000

於二零一三年及二零一二年十二月三十一日 802,191,000 80,219,100 65,346,000

(a) 於二零一二年一月五日，本公司就首次公開發售超額配售，以每股2.70港元的價格，配發及發行2,191,000股普通股（每股面值

0.1港元）。

73



16 儲備及留存收益本集團

股份溢價資本儲備法定公積金

以股份支付

薪酬儲備留存收益小計

附註人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元

於二零一二年一月一日的結餘 312,699 371,150 100,942 145 565,854 1,350,790

年內利潤 – – – – 249,712 249,712

盈利轉撥至法定儲備 (a) – – 25,823 – (25,823) –

首次公開發售超額配售發行普通股 4,629 – – – – 4,629

以股份支付薪酬 33(a) – – – 2,403 – 2,403

購買非控制性權益 – (61) – – – (61)

股息分派 30 – (40,697) – – – (40,697)

於二零一二年十二月三十一日的結餘 317,328 330,392 126,765 2,548 789,743 1,566,776

於二零一三年一月一日的結餘 317,328 330,392 126,765 2,548 789,743 1,566,776

年內利潤 – – – – 250,257 250,257

盈利轉撥至法定儲備 (a) – – 25,356 – (25,356) –

以股份支付薪酬 33(a) – – – 2,403 – 2,403

股息分派 30 – (24,692) – – – (24,692)

於二零一三年十二月三十一日的結餘 317,328 305,700 152,121 4,951 1,014,644 1,794,744

(a) 法定公積金根據中國相關法律及法規，中國公司須按照其法定財務報表將各自純利的10%轉撥至法定公積金，直至

該儲備達該等公司註冊資本50%。經有關部門批准後，法定公積金可用於抵銷累計虧損或增加公司註冊

資本，惟該儲備須最少維持在公司註冊資本之25%。

74



16 儲備及留存收益（續）本公司

股分溢價資本儲備以股份支付薪酬儲備累計虧損小計

附註人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元

於二零一二年一月一日的結餘 312,699 1,558,384 145 (12,244) 1,858,984年內虧損 – – – (8,362) (8,362)首次公開發售超額配售發行普通股 4,629 – – – 4,629股息分派 30 – (40,697) – – (40,697)以股份支付薪酬 33(a) – – 2,403 – 2,403

於二零一二年十二月三十一日的結餘 317,328 1,517,687 2,548 (20,606) 1,816,957

於二零一三年一月一日的結餘 317,328 1,517,687 2,548 (20,606) 1,816,957年內虧損 – – – (16,636) (16,636)股息分派 30 – (24,692) – – (24,692)以股份支付薪酬 33(a) – – 2,403 – 2403

於二零一三年十二月三十一日的結餘 317,328 1,492,995 4,951 (37,242) 1,778,032

17 借款



非即期銀行借款 68,078 90,750

即期長期銀行借款的即期部分 47,845 46,560短期銀行借款 275,152 265,797短期金融機構借款 – 15,000

322,997 327,357

借款總額 391,075 418,107

75



17 借款（續）(a) 本集團的借款抵押情況如下：




本集團資產

樓宇及土地使用權（附註6，附註7(c)） 30,000 29,200

受限制的現金（附註14） 57,873 –

87,873 29,200

(b) 本集團的借款擔保情況如下：




本集團附屬公司提供之公司擔保 303,202 388,907

(c) 借款到期日分析如下：




一年以內 322,997 327,357

一至兩年 48,108 47,060

兩至五年 19,970 43,690

391,075 418,107

76



17 借款（續）(d) 於資產負債表日，本集團借款的利率變動風險與合約重新訂價日期如下：




銀行借款

— 定息 85,340 192,273

— 浮息 305,735 225,834

391,075 418,107

資產負債表日的加權平均實際（年）利率如下：




銀行借款 5.87% 5.68%

由於即期借款於短期內到期，故賬面值近似於其公允價值。由於非即期借款以浮動利率計息，故賬面值近

似等於公允價值。

(e) 本集團借款以下列貨幣計值：




— 人民幣 231,320 296,332

— 港元 23,733 24,324

— 美元 136,022 –

— 日元 – 97,451

391,075 418,107

77



17 借款（續）(f) 資產負債表日未動用的借款融資如下：




未動用的借款融資 742,724 896,359

於二零一三年十二月六日，本集團的附屬公司與DEG— 德意志 Infestations-undEntwicklungsgesellschaft（根

據德意志聯邦共和國法律註冊成立的金融機構，為有限責任公司）簽訂了一項長期貸款協議，信用額度為

USD 22,000,000。該資金旨在用於提升該附屬公司的氯酸鈉及過氧化氫工廠。於二零一三年十二月三十一

日，未發生任何提款。

18 遞延收入遞延收入指有關不動產、工廠及設備建設的政府補助，於有關資產的預計可用年期內按直線法計入合併綜合收

益表。




期初賬面淨值 15,508 14,743

增加 – 2,030

攤銷 (1,502) (1,265)

期末賬面淨值 14,006 15,508

年末

成本 17,730 17,730

累計攤銷 (3,724) (2,222)

賬面淨值 14,006 15,508

78



19 衍生金融資產




以公允價值計量且其變動計入損益的金融負債

遠期外匯合同 – –

出於套期外匯風險的目的，管理層於二零一三年按預先確定的固定利率與銀行簽訂一項遠期外匯合同（人民幣與

日元匯兌），貸款金額為 JPY 950,000,000，以日元計量。

本集團於二零一三年九月執行遠期外匯合同，虧損總計達人民幣16,708,000（二零一二年：無）已計入「財務費用」

（附註27）。

79



20 應付賬款及其他應付款

本集團本公司




應付賬款(a)

應付第三方款項 51,047 67,640 – –

應付票據(b)（附註14）

應付關聯方款項（附註35(b)） 1,500 – – –

應付第三方款項 126,160 231,783 – –

其他應付款(c)

應付附屬公司款項 – – – 50,884

應付第三方款項 67,428 70,414 – –

246,135 369,837 – 50,884

(a) 應付賬款的賬齡分析詳情如下：

本集團本公司




三個月內 51,032 67,640 – –

四至六個月 15 – – –

51,047 67,640 – –

(b) 於二零一三年及二零一二年十二月三十一日，應付票據的全部結餘分別以受限制現金人民幣50,517,000

及人民幣61,491,000作抵押（附註14）。

80



20 應付賬款及其他應付款（續）(c) 其他應付款詳情如下：

本集團本公司




應付附屬公司款項 – – – 50,884

客戶墊款 3 164 – –

購買不動產、工廠及設備應付款項 10,409 29,098 – –

運費 8,846 10,082 – –

水電費 23,397 10,880 – –

應付薪金及福利 8,625 10,499 – –

稅項 11,651 2,086 – –

應付首次公開發售費用 – 1,517 – –

核數師薪酬 1,275 2,550 – –

其他 3,222 3,538 – –

67,428 70,414 – 50,884

(d) 本集團和本公司的應付及其他應付款的賬面值以下列貨幣計值：

本集團本公司




— 人民幣 246,132 368,157 – 49,368

— 美元 – 9 – 9

— 港元 – 1,507 – 1,507

246,132 369,673 – 50,884

81



21a 對附屬公司的投資

本公司於十二月三十一日



對非上市附屬公司的投資，以成本計 1,449,426 1,449,426

於二零一三年十二月三十一日，本公司於下列附屬公司持有直接或間接權益：

公司名稱註冊成立國家╱地點及日期主要活動

已發行及繳足資本╱註冊資本實際所持權益

直接擁有Yihua Sub-Holding Alpha

(BVI) Limited

英屬維爾京群島╱

二零一零年十二月三日

投資控股 1美元 100%

Yihua Sub-Holding Beta

(BVI) Limited

英屬維爾京群島╱

二零一零年十二月三日

投資控股 1美元 100%

間接擁有遠力有限公司香港╱二零零九年

十二月三日

投資控股 1港元 100%

耀昌控股集團有限公司香港╱二零一零年

三月十八日

投資控股 1港元 100%

福建榕昌化工有限公司中國╱一九九七年

二月二十七日

製造及銷售化學品人民幣228,000,000元 100%

福建省（屏南）榕屏化工

有限公司

中國╱二零零二年

十二月二十六日


福州一化化學品股份

有限公司

中國╱二零零三年

六月七日


福建金榕科技有限公司中國╱二零一二年

八月十四日


82



21b 按權益法入賬的投資

於十二月三十一日人民幣千元

享有的淨資產份額，於二零一三年一月一日 –增加 2,973享有按權益法入賬投資的虧損份額 (2,973)

享有的淨資產份額，於二零一三年十二月三十一日 –

於二零一三年四月十二日，本公司購買四川岷江雪鹽化有限公司（「岷江雪」）30%的股權且無支付對價。因此，岷江雪成為本公司的一個聯營企業。岷江雪於購買日的詳情如下：

於購買日的暫定公允價值

本集團實際所持權益

歸屬於本集團的聯營企業暫定

公允價值的份額支付對價協議購買價人民幣千元人民幣千元人民幣千元

9,910 30% 2,973 – 2,973

本集團確認按權益法入賬投資應享有的收益╱虧損份額，議價購買價為人民幣2,973,000。

對岷江雪的投資性質及岷江雪於二零一三年十二月三十一日的財務信息如下：

企業名稱業務地點╱註冊成立國家所有權權益% 關係的性質計量法

四川岷江雪鹽化有限公司中國 30 附註1 權益法

附註1：岷江雪為一家中國的氯酸鈉生產基地，通過與成都華西希望集團有限公司（一家著名民營企業）的互利合作，本集團在行業

中不斷鞏固其市場份額和區域部署，專注於氯酸鈉和其他特種化學品生產，以提高其未來的業績表現。

岷江雪為私人公司，其股份沒有市場報價。

集團對岷江雪的權益中並沒有或有負債。

83



21b 按權益法入賬的投資（續）

聯營的摘要財務資料

二零一三年人民幣千元

總資產 700,780總負債 781,185

淨負債 (80,405)

總收入 138,478

淨虧損 (68,722)

本集團對岷江雪2013年虧損所佔有的份額以投資金額為上限，因為本集團並無以聯營公司的名義支付的義務。

22 按性質分類的費用



所使用的原材料及存貨變動 623,290 769,009不動產、工廠及設備折舊（附註7） 92,285 67,179電費及其他水電費 283,845 269,872員工福利開支（附註23） 67,836 66,799運輸及有關支出 36,403 26,975稅項及附加 9,028 12,984土地使用權攤銷（附註6） 1,764 1,764無形資產攤銷（附註8） 394 218辦公及應酬開支 10,982 14,771經營租賃開支 1,518 1,349財產保險費 2,231 2,048差旅費用 1,407 1,833維修及保養 6,330 9,985核數師薪酬 3,150 3,050研究及開發成本 1,361 –應收賬款及其他應收款減值虧損（附註11） 799 –其他費用 9,020 11,810

1,151,643 1,259,646

84



23 職工福利費用




工資、薪金及花紅 48,529 46,934

退休金計劃供款(a) 8,774 8,286

福利及其他開支 8,130 9,176

首次公開發售前購股權計劃開支（附註33(a)） 2,403 2,403

67,836 66,799

(a) 本年度本集團職工參與相關省市政府組織的若干設定供款退休金計劃，根據該計劃本集團須按職工基本薪金的18%供款，惟受若干上限規限。

(b) 董事薪酬截至二零一三年十二月三十一日止年度，已付及應付董事薪酬總額如下：




薪金、工資及花紅 2,350 2,329

退休金計劃供款 52 49

首次公開發售前購股權計劃開支 2,043 2,043

4,445 4,421

85



23 職工福利費用（續）(b) 董事薪酬（續）

各董事薪酬如下：

截至二零一三年十二月三十一日止年度

董事姓名

工資、薪金

及花紅

退休金

計劃供款

首次公開

招股前購股

權計劃開支總計


林強華先生 360 – – 360

陳洪先生 600 28 601 1,229

繆妃女士 500 24 601 1,125

林維華先生 500 – 601 1,101

陳曉博士* 130 – 120 250

寇會忠先生* 130 – 60 190

李君發先生* 130 – 60 190

總計 2,350 52 2,043 4,445

截至二零一二年十二月三十一日止年度

董事姓名

工資、薪金

及花紅

退休金

計劃供款

首次公開

招股前購股

權計劃開支總計


林強華先生 360 – – 360

陳洪先生 600 25 601 1,226

繆妃女士 500 24 601 1,125

林維華先生 500 – 601 1,101

陳曉博士* 123 – 120 243

寇會忠先生 123 – 60 183

李君發先生* 123 – 60 183

總計 2,329 49 2,043 4,421

* 指獨立非執行董事

86



23 職工福利費用（續）(c) 五名最高薪酬人士

本集團五名最高薪酬人士如下：




職位：

董事 3,809 3,812

高級管理層 413 324

本年度五名最高薪酬人士中，四名為董事，有關酬金於上文呈列的分析反映。其餘最高薪酬人士的薪酬詳

情如下：




薪金、工資及花紅 388 300


413 324

高級管理人員薪酬介乎以下範圍：

人數



港元零元至港元1,000,000 1 1

87



24 其他收益




政府給予的補貼收益 3,369 2,039

25 其他虧損 — 淨額




出售不動產、工廠及設備虧損 (1,897) (1,755)

26 財務收入




銀行存款的利息收入 3,512 5,157

88



27 財務費用




利息開支：

— 銀行借款 24,285 27,796

— 應付票據的貼現利息 8,880 7,521

— 其他支出 2,669 1,782

35,834 37,099

減：不動產、工廠及設備之利息資本化 (2,305) (4,311)

33,529 32,788

遠期外匯合共虧損（附註19） 16,708 –

匯兌收益淨額 (22,233) (4,409)

28,004 28,379




用於計算資本化金額的加權平均實際利率 6.45% 6.01%

89



28 所得稅費用




當期所得稅

— 中國企業所得稅(a) 85,155 87,154

— 香港利得稅(b) 106 –

遞延所得稅（附註9） (159) (353)

85,102 86,801

本集團就除稅前利潤的稅項，與採用合併主體利潤適用的加權平均稅率而應產生的理論稅額的差額列示如下：




除稅前利潤 335,359 337,050

按中國法定的稅率計算的稅項 83,697 84,262

不可扣除的費用 2,470 2,690

無需課稅的收益 (1,065) (151)

85,102 86,801

中國企業所得稅根據法定財務報告所呈列盈利按法定稅率25%計提撥備，並就毋須繳納所得稅的收入或不可扣

除所得稅的開支項目作出調整。

香港利得稅根據截至二零一三年十二月三十一日止年度內源自香港的應課稅盈利按16.5%計提。

90



29 每股收益(a) 基本

每股基本收益按本公司權益持有人應佔收益除以年內已發行普通股的加權平均數計算。



本公司權益持有人應佔收益（人民幣千元） 250,257 249,712

已發行普通股加權平均數（千股） 802,191 802,167

每股基本收益（人民幣元） 0.31 0.31

(b) 稀釋每股稀釋收益乃根據假設在所有潛在稀釋影響的普通股已被轉換之情況下調整已發行普通股加權平均數計

算。本公司潛在稀釋影響的普通股包含於其首次公開發售前購股權計劃項下可能發行的股份。截至二零

一三年十二月三十一日年度已發行普通股的平均市場價格低於首次公開發售的執行價格，首次公開發售前

購股權計劃項下未有可稀釋的潛在普通股。每股稀釋收益等同於每股基本收益。

30 股息




擬派股息 25,026 25,007

股息分派 24,692 40,697

截至二零一二年十二月三十一日止年度的本期股息每股0.0386港元，股息合共30,965,000港元 (人民幣

24,692,000)已於二零一三年六月派付。

於二零一四年六月十三日舉行的股東週年大會上擬派截至二零一三年十二月三十一日止年度的股息每股0.0390

港元 (人民幣0.0312)，股息合共31,302,000港元 (人民幣25,026,000)。

91



31 虧損歸屬於本公司權益持有者虧損歸屬於本公司權益持有者在本公司財務報表中處理的數額為人民幣16,636,000（二零一二年：人民幣

8,362,000）。

32 合併現金流量表附註經營活動的現金流量



年內盈利 250,257 250,249

調整：

— 所得稅費用（附註28） 85,102 86,801

— 折舊（附註7） 92,285 67,179

— 土地使用權攤銷（附註6） 1,764 1,764

— 無形資產攤銷（附註8） 394 218

— 遞延收入攤銷（附註18） (1,502) (1,265)

— 財務收入（附註26） (3,512) (5,157)

— 財務費用（附註27） 28,004 28,379

— 處置不動產、工廠及設備之虧損（附註25） 1,897 1,755

— 首次公開發售前購股權計劃開支（附註33(a)） 2,403 2,403

營運資金變動：

— 存貨 10,147 (65,092)

— 應收及其他應收款 57,882 45,079

— 應付及其他應付款 (103,496) 55,037

— 受限制現金 – (23,799)

經營所得現金 421,625 443,551

合併現金流量表中出售不動產、工廠及設備所得款項包括：



賬面淨值（附註7） 1,897 8,131

處置不動產、工廠及設備虧損（附註25） (1,897) (1,755)

處置不動產、工廠及設備所得款 – 6,376

92



33 以股份為基礎的支付a. 於二零一一年六月十日及二零一一年六月十二日，本集團董事會已批准採納首次公開發售前購股權計劃

（「首次公開發售前購股權計劃」）。根據首次公開發售前購股權計劃，三位執行董事，兩位高級管理層成員

及三位獨立非執行董事獲授首次公開發售前購股權，可認購最多達16,000,000股本公司股份。首次公開發

售前購股權將分三期在上市日期的首三個週年各年內歸屬，且僅會由各歸屬日期直至上市日期第三個週年

期間可予行使。相關受讓人在被授予股權日起的第一、第二及第三個週年內，可分別行使所認購股權的

30%、60%及100%。

於二零一三年十二月三十一日，9,600,000份已授出的購股權已歸屬但尚未行使（於二零一二年十二月

三十一日：4,800,000份），6,400,000份已授出的購股權尚未歸屬行使（於二零一二年十二月三十一日：

11,200,000份）。該等歸屬後行使價為每股2.70港元的購股權將於二零一四年十二月八日屆滿。

已授購股權按black-scholes模型釐定的公允價值為港元9,843,000。該等購股權已根據不同的歸屬期分為

三批。

模型中的重要輸入數據概述如下：

股價（港元） 2.72

行權價（港元） 2.70

預計持有期 3

無風險利率╱年 0.41%

波動性 32.02%

預期股息率 –

預期波動性參照其他與本公司背景或業務性質相似的公司的波動性而作出估計。

首次公開發售前購股權的公平值於購股權的歸屬期間於合併綜合收益表扣除。截至二零一三年十二月

三十一日止年度，於合併綜合收益表扣除的購股權開支總額為人民幣2,403,000（二零一二年：人民幣

2,403,000）。

b. 於二零一一年六月十日及二零一一年六月十二日，本集團董事會已批准採納購股權計劃（「購股權計劃」）。

本公司董事會根據購股權計劃向合資格人士就彼等對本集團作出的貢獻及其為促進本集團利益而作出的不

懈努力予以激勵。購股權計劃需待多項條件（包括股份開始於聯交所買賣）達致後始可落實。

於二零一三年十二月三十一日概無根據購股權計劃授予任何購股權。

93



34 承諾(a) 資本承諾

合併財務報表中並無撥備的本集團資本承諾如下：



已授權並訂約但未準備不動產、工廠及設備 – 4,559

(b) 經營租賃承諾本集團承諾根據不可撤銷的經營租約支付下列與辦公樓宇相關之日後最低租賃款項：



一年以內 378 1,494

一至兩年 1,512 378

35 關聯方交易若一方有能力直接或間接控制另一方，或在作出財務及經營決策時對另一方發揮重大影響力，即視為關連人士。

倘若所涉各方受共同控制，則亦視為相互關連。

(a) 從關聯方購買貨物



— 聯營 11,667 –

購買貨物預付款項



— 聯營 2,000 –

94



35 關聯方交易（續）(b) 期末結餘




應付關聯方款項

— 聯營（附註20(b)） 1,500 –

應付關聯方款項主要來自購貨交易且自購買日起一年內到期。應付款項不負擔利息。

(c) 關鍵管理人員薪金




薪金、工資及花紅 3,590 2,790


首次公開招股前購股權計劃開支 1,803 1,803

5,569 4,766

主要管理人員包括執行董事及對作出經營及財務決策發揮重要作用的若干行政人員。

36 報告期後事項二零一三年十二月三十一日後無重大報告期後事項。

95


五年財務摘要

二零一三年二零一二年二零一一年二零一零年二零零九年

人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元

經營業績收益 1,510,022 1,619,634 1,524,833 1,211,826 1,006,502毛利 466,586 464,684 492,741 320,817 275,656運營盈利 359,851 360,272 390,930 247,356 214,123融資成本 24,492 23,222 24,144 19,581 29,225除所得稅前盈利 335,359 337,050 366,786 229,396 185,335

本公司權益持有人應佔年度盈利及

全面收益總額 250,257 249,712 268,169 168,051 134,413

利潤率毛利率 30.9% 28.7% 32.3% 26.5% 27.4%運營利潤率 23.8% 22.2% 25.6% 20.4% 21.3%純利率 16.6% 15.4% 17.6% 13.9% 13.4%

每股盈利

基本與攤銷（人民幣元） 0.31 0.31 0.49 0.38 0.30

資產及負債資產總額 2,537,446 2,447,920 2,259,800 1,595,950 1,283,894本公司權益持有人應佔權益 1,860,090 1,632,122 1,415,958 660,819 475,951負債總額 677,356 815,798 833,440 927,084 801,522淨資產值╱權益總額 1,860,090 1,632,122 1,426,360 668,866 482,372計息銀行借貸 391,075 418,107 478,646 387,850 468,212現金及現金等價物 784,153 778,553 926,148 397,231 195,834

速動比率（倍） 1.9 1.6 1.9 0.9 0.8流動比率（倍） 2.2 1.8 2.1 1.1 0.9存貨周轉（天） 56 42 36 34 26貿易應收款周轉（天） 58 66 70 75 64貿易應付及應付票據周轉（天） 83 84 80 88 67每股資產淨值（人民幣元） 2.32 2.03 2.62 1.49 1.07

資產負債比率 N/A N/A N/A 24% 37%計息銀行借款總額對權益總額比率 21% 26% 34% 58% 97%

96


五年財務摘要（續）

附註：

(1) 一化控股（中國）有限公司（「本公司」）於二零一零年十一月二十四日於開曼群島註冊為豁免有限公司。根據於二零一一年六月十四日完

成的集團重組（「重組」），本公司成為本集團現時屬下各附屬公司的控股公司。有關重組的詳情載於本公司於二零一一年十一月二十九

日刊發的招股章程。

上述重組後的本集團被視為有控股股東共同控制尚未持續存在的實體。因此，年報本節載列的財務資料按合併基準編製，猶如本公司

於各有關年度而非二零一一年六月十四日起一直是本集團屬下各公司的控股公司。因此，本集團截至二零零八年十二月三十一日止財

政年度的業績包括二零零八年一月一日起或自各自註冊成立╱成立日期起或自收購生效日期起（以較短期間為准）本公司及其附屬公司

的業績。

(2) 上表所呈現的每股盈利按截至二零零九年及二零一零年十二月三十一日止各年度的普通股加權平均數450,000,000股，截至二零一一

年十二月三十一日止年度的普通股加權平均數544,247,000股，截至二零一二年十二月三十一日止年度的普通股加權平均數為

802,167,000，及截至二零一三年十二月三十一日止年度的普通股加權平均數為802,191,000。

97

公司資料


授權代表林維華先生

繆妃女士

替任授權代表袁頴欣女士

審核委員會陳曉博士（主席）

李君發先生

寇會忠先生

薪酬委員會寇會忠先生（主席）

陳曉博士

繆妃女士

提名委員會李君發先生（主席）

寇會忠先生

林維華先生

主要股份過戶登記處Maples Fund Services (Cayman) Limited

P.O. Box 1093,

Boundary Hall Cricket Square,

Grand Cayman,

KY1–1102,

Cayman Islands

香港股份過戶登記處卓佳證券登記有限公司

香港皇后大道東183號

合和中心22樓

董事會主席兼非執行董事：林強華先生


繆妃女士

林維華先生


寇會忠先生

李君發先生

註冊辦事處P.O. Box 309,

Ugland House Grand Cayman,

KY1–1104 Cayman Islands

中國總部中國

福建省福州市

五一中路88號

平安大廈19A

香港營業地點香港

皇后大道東183號

合和中心54樓

公司網址www.cfc2121.com

公司秘書袁頴欣女士FCIS, FCS

98


公司資料（續）

主要來往銀行中國工商銀行股份有限公司

閩都支行

中國

福建省

福州

古田路108號

中國建設銀行股份有限公司

屏南支行

中國

福建省

寧德市屏南縣

城關文化路88號

東方明珠大廈1及2樓

中國銀行股份有限公司

南平分行

中國

福建省

南平市

濱江中路459號

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