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1、SHENZHOU INTERNATIONAL GROUP HOLDINGS LIMITED 申洲國際集團控股有限公司 Annual Report 2017 年報SHENZHOU INTERNATIONAL GROUP HOLDINGS LIMITED申洲國際集團控股有限公司Ningbo Office 寧波辦事處18 Yongjiang RoadNingbo Economic and TechnicalDevelopment ZoneNingbo,Zhejiang Province,PRC中國浙江省寧波市寧波經濟技術開發區甬江路18號Tel 電話:(86)574 8698 0102Fax 傳真:

2、(86)574 8698 0162Hong Kong Office香港辦事處Unit 2708,27th FloorBillion Plaza8 Cheung Yue StreetKowloon,Hong Kong香港九龍長裕街8號億京廣場27樓2708室Tel 電話:(852)2310 4919Fax 傳真:(852)2310 4929Shanghai Office上海辦事處26th Floor You Yi Time Building159 Zhao Jia Bang RoadXu Hui DistrictShanghai,PRC中國上海徐滙區肇家濱路159號上海友誼時代大廈26樓Tel

3、電話:(86)21 6403 1166Fax 傳真:(86)21 5496 0947Stock Code 股份編號:2313SHENZHOU INTERNATIONALGROUP HOLDINGS LIMITED申洲國際集團控股有限公司*AnnualReport年報2017*For Identification only 僅供識別 1Annual Report 2017 年報目錄 Contents2公司簡介Corporate Profile4財務撮要Financial Highlights7公司資料Corporate Information12主席報告Chairmans Statement18

4、管理層討論及分析Management Discussion and Analysis40企業管治報告Corporate Governance Report57環境、社會及管治報告Environmental,Social and Governance Report116董事及高級管理層成員履歷Biographical Details of Directors and Members of Senior Management124董事會報告Report of the Directors137獨立審計師報告Independent Auditors Report144綜合損益表Consolidated

5、 Statement of Profit or Loss145綜合全面收益表Consolidated Statement of Comprehensive Income146綜合財務狀況表Consolidated Statement of Financial Position148綜合權益變動表Consolidated Statement of Changes in Equity149綜合現金流量表Consolidated Statement of Cash Flows152財務報表附註Notes to Financial Statements252財務資料摘要Financial Inform

6、ation Summary公司簡介Corporate Profle 2申洲國際集團控股有限公司 Shenzhou International Group Holdings Limited Shenzhou International Group Holdings Limited(“Shenzhou International”)and its subsidiaries(collectively the“Group”)is the largest vertically integrated knitwear manufacturer in China.The Group is principal

7、ly engaged in the manufacturing of high-end knitwear on an OEM basis.The Group was also the knitwear garment manufacturing enterprise with the largest exporting amount of knitwear and ranked first among PRC garment exporting enterprises according to the 2015 report on the development of Chinas home

8、textile trade in the garment industry and the 2015/2016 report on Chinas foreign trade in textiles and garment.The Groups production base is located in Ningbo Economic&Technical Development Zone and Vietnam,and the Group has strategically set up garment factories in Quzhou and Anqing of China,Ho Chi

9、 Minh City of Vietnam and Phnom Penh of Cambodia.The Group also established sales offices or representative offices in Shanghai,Hong Kong and Osaka.The Group currently has over 77,100 employees.The area of the factories is over 4,160,000 sq.m.and floor area covers over 3,260,000 sq.m.,which can prod

10、uce various knitwear of over 350 million pieces every year.The Group focuses on producing sports wear,casual wear and lingerie wear for major international renowned clients including UNIQLO,ADIDAS,NIKE and PUMA.The products market is also gradually expanding from Japan to Asia Pacific,Europe and the

11、 US.Shenzhou International was listed on the Main Board of The Stock Exchange of Hong Kong Limited in November 2005 with an aim to be the most competitive knitwear manufacturer in the world.The stock code of the Company is 2313.Shenzhou International was included in Hang Seng Composite Index,Hang Se

12、ng Composite Industry Index(Consumer Goods)and Hang Seng Composite MiddleCap Index,all effective from 8 March 2010.Shenzhou International has also been included in MSCI Index since June 1 2013.Meanwhile,Shenzhou International has been included in Hang Seng Corporate Sustainability Index Series since

13、 September 2015.Furthermore,the Group become a constituent stock of Hang Seng China Enterprises Index(“HSCEI”),effective on 5 March 2018.And in April 2018,the Group was selected by China Exchanges Services Company Limited(“CES”)as a constituent stock of the CES Belt and Road Index,in recognition of

14、the Groups contribution to the Belt and Road Initiative.申洲國際集團控股有限公司（申洲國際）及其附屬公司（統稱 本集團）為中國最大的縱向一體化針織製造商，主要以代工(OEM)方式為客戶製造質量上乘的針織品。根據二零一五年中國服裝家用紡織品貿易發展報告和2015/2016年中國紡織品服裝對外貿易報告，本集團是中國出口金額最大的針織服裝生產企業及中國服裝出口企業排名首位。本集團的生產基地位於寧波市經濟技術開發區和越南，並策略性地在中國衢州市及安慶市、越南胡志明市和柬埔寨金邊市設有製衣工廠，在上海、香港及大阪均設有銷售辦事處或代表處。現時本集團

15、員工逾77,100人，廠房佔地面積逾416萬平方米，建築面積逾326萬平方米，每年生產各類針織服裝逾3億5千萬件。本集團主要生產針織運動類用品、休閒服裝及內衣服裝，主要客戶包括UNIQLO、ADIDAS、NIKE及PUMA等國際知名品牌客戶。產品市場從日本市場逐步拓展至亞太區及歐美市場。為實現針織服裝代工全球最具競爭力企業目標，申洲國際已於二零零五年十一月成功在香港聯合交易所有限公司主板上市。本公司股份代號為2313，並於二零一零年三月八日起獲納入恒生綜合指數、恒生綜合行業指數（消費品）及恒生綜合中型股指數成份股。自二零一三年六月一日起，申洲國際被納入MSCI明晟指數。同時，於二零一五年九月份

16、起獲納入恒生可持續發展企業指數系列。再者，本集團於二零一八年三月五日起正式獲納入成為恒生中國企業指數成份股。並於二零一八年四月，本集團獲得中華交易服務有限公司（中華交易服務）選為中華交易服務一帶一路指數的成份股公司之一，以表揚本集團對一帶一路倡議作出貢獻。公司簡介Corporate Profle 3Annual Report 2017 年報From the year of 2010 to the year of 2015,Shenzhou International has been named in the“Top 1000 Asian Companies”List of Yazhou Zh

17、oukan and during the year of 2010,it was recognised by Forbes Asia as one of the“Best Under A Billion”Companies.Shenzhou International was selected by Finet and QQ.COM as one of the“Top 100 HK Listed Companies”in 2012,2015 and 2016.In addition,Shenzhou International was recognized as one of the“2015

18、 Best Listed Company in Corporate Governance”by Ta Kung Pao in November 2015,and was awarded“Best Investor Relations Listed Company 2017”prize by Ta Kung Pao in this Year.Meanwhile,Shenzhou International was awarded“The Largest Capitalization Private Company Award”in Mainland Enterprises Listed in H

19、ong Kong Ranking in 2014-2015 by Yazhou Zhoukan in 2015.Shenzhou International was awarded“ENTERPRISE AWARD 2016”in the DHL/SCMP Hong Kong Business Awards 2016.During the year,Shenzhou International won“Best IR Company”(Large-cap)at the third Hong Kong Investor Relations Awards organised by Hong Kon

20、g Investor Relations Association(HKIRA).於二零一零年至二零一五年申洲國際榮登亞洲週刊 全球華商一千 排行榜及於二零一零年榮獲褔布斯亞洲評選為 最佳中小上市企業 之一。申洲國際獲財華社及騰訊網評選為二零一二年、二零一五年及二零一六年度香港上市公司100強。另外，申洲國際於二零一五年十一月獲大公報評選為二零一五年度最佳公司治理上市公司之一，而於本年度申洲國際再獲大公報評選為二零一七年最佳投資者關係管理上市公司獎項之一。同時，申洲國際亦於二零一五年度獲亞洲週刊獲選為2014-2015年度中國大陸企業組的香港股市排行榜的最大市值民企大獎。再者，申洲國際獲2016

21、年DHL南華早報香港商業獎項中獲選為2016年度傑出企業獎。本年度，申洲國際獲香港投資者關係協會舉辦的第三屆香港投資者關係大獎中獲得 最佳投資者關係公司（大型股組別）獎項。財務撮要Financial Highlights 4申洲國際集團控股有限公司 Shenzhou International Group Holdings Limited KEY FINANCIAL INFORMATION FOR THE LAST FIVE YEARS截至十二月三十一日止年度於十二月三十一日For the year ended 31 December/As at 31 December二零一七年二零一六年二零

22、一五年二零一四年二零一三年200142013 主要財務資料（人民幣千元）Key Financial Information(RMB000)銷售額Sales18,085,24715,099,07612,639,33211,131,53210,047,217除所得稅前利潤Profit before income tax4,288,2313,642,9472,886,9012,543,3472,201,209年度利潤Profit for the year3,759,9512,947,6802,354,8422,066,6301,803,912本公司權益擁有人 應佔利潤Profi

23、t attributable to equity owners of the Company3,762,7212,947,6732,354,6642,065,8671,802,989 非流動資產Non-current assets8,886,7268,980,5677,450,1135,633,8844,324,581流動資產Current assets15,206,47912,835,49510,911,50110,309,1446,992,693流動負債Current liabilities4,265,3553,094,4822,154,7691,265,177985,617流動資產淨值N

24、et current assets10,941,1249,741,0138,756,7329,043,9676,007,076總資產Total assets24,093,20521,816,06218,361,61415,943,02811,317,274總資產減流動負債Total assets less current liabilities19,827,85018,721,58016,206,84514,677,85110,331,657總權益Total equity19,824,65315,309,60213,089,83611,811,32610,331,657現金及現金等價物Cash

25、 and cash equivalents2,471,4012,105,1841,815,6781,428,0742,609,050 主要財務比率Key Financial ratios毛利率(%)Gross profit margin(%)31.432.530.529.028.3淨利潤率(%)Net profit margin(%)20.819.518.618.618.0淨資本負債比率(%)(1)Net gearing ratio(%)(1)不適用N/A16.615.012.6不適用N/A流動比率Current ratio3.64.15.18.17.1應收賬款之週轉期（日）Accounts

26、receivable turnover period(days)5556534950存貨之週轉期（日）Inventory turnover period(days)6110 Note:1.Net gearing ratio represents the ratio between total borrowings(bank loans plus convertible bonds),less cash and cash equivalents and total equity.過往五年主要財務資料附註：1.淨資本負債比率之計算為總借貸（銀行貸款加可換股債券）扣除現金及現金

27、等價物與總權益之比率。財務撮要Financial Highlights 5Annual Report 2017 年報ANALYSIS OF SALES OF THE GROUP BY PRODUCTS截至十二月三十一日止年度For the year ended 31 December二零一七年二零一六年二零一五年二零一四年二零一三年200142013人民幣千元%人民幣千元%人民幣千元%人民幣千元%人民幣千元%RMB000%RMB000%RMB000%RMB000%RMB000%按產品By products運動類Sports wear12,048,89666.69,815,

28、53765.08,028,05463.56,830,43261.45,561,07055.4休閒類Casual wear4,600,53425.43,886,02425.73,476,49927.52,724,39424.52,872,10428.6內衣類Lingerie wear1,302,5807.21,293,1118.61,022,2338.11,452,27413.01,378,93213.7其他針織品Other knitting133,2370.8104,4040.7112,5460.9124,4321.1235,1112.3 銷售額總計Total sales18,085,2471

29、00.015,099,076100.012,639,332100.011,131,532100.010,047,217100.0 按產品類別分析的本集團銷售額0.8%25.4%66.6%7.2%休閒類 Casual 運動類 Sports內衣類 Lingerie其他針織品 Other knitting20172.3%28.6%55.4%13.7%20131.1%24.5%61.4%13%20140.7%25.7%65.0%8.6%0.9%27.5%63.5%8.1%20152016財務撮要Financial Highlights 6申洲國際集團控股有限公司 Shenzhou Internatio

30、nal Group Holdings Limited ANALYSIS OF SALES OF THE GROUP BY REGIONAL DISTRIBUTION OF MARKET截至十二月三十一日止年度For the year ended 31 December二零一七年二零一六年二零一五年二零一四年二零一三年200142013人民幣千元%人民幣千元%人民幣千元%人民幣千元%人民幣千元%RMB000%RMB000%RMB000%RMB000%RMB000%按市場By market regions國際銷售International sales歐洲Europe4,031

31、,07722.33,355,51622.22,319,86018.41,929,61317.31,744,07017.4日本Japan3,129,04217.33,003,73519.92,859,69222.63,081,13927.73,392,58033.8美國US2,337,90312.91,548,38710.31,588,68912.61,300,04011.7900,0138.9其他市場Others3,742,63720.73,501,56323.22,875,54822.72,333,31121.02,101,09020.9國內銷售Domestic sales4,844,588

32、26.83,689,87524.42,995,54323.72,487,42922.31,909,46419.0 銷售額總計Total sales18,085,247100.015,099,076100.012,639,332100.011,131,532100.010,047,217100.0 按市場分佈分析的本集團銷售額17.3%26.8%20.7%12.9%22.3%2017日本 Japan歐洲 Europe美國 USOthers其他市場 國內銷售 Domestic Sales33.8%19.0%20.9%8.9%17.4%201327.7%22.3%21.0%11.7%17.3%201

33、422.6%23.7%22.7%12.6%18.4%201519.9%24.4%23.2%10.3%22.2%2016公司資料Corporate Information（於二零一八年三月二十六日（最後實際可行日期）(as at 26 March 2018(the“Latest Practicable Date”)7Annual Report 2017 年報REGISTERED NAMEShenzhou International Group Holdings LimitedCHINESE NAME申洲國際集團控股有限公司BOARD OF DIRECTORSExecutive Directors

34、Mr.Ma Jianrong(Chairman)Mr.Huang GuanlinMr.Ma RenheMs.Zheng Miaohui (resigned on 1 January 2017)Mr.Wang CunboMs.Chen Zhifen Independent Non-executive DirectorsMr.Chen Genxiang (resigned on 1 January 2017)Mr.Chen Xu Mr.Jiang XianpinMr.Qiu WeiguoMr.Xu Changcheng(resigned on 2 June 2017)COMPANY SECRETA

35、RYMr.Chan Tak Hing KenjiAUTHORIZED REPRESENTATIVESMs.Zheng Miaohui (resigned on 1 January 2017)Mr.Wang Cunbo (appointed on 1 January 2017)Mr.Chan Tak Hing Kenji註冊名稱Shenzhou International Group Holdings Limited中文名稱申洲國際集團控股有限公司董事會執行董事馬建榮先生（主席）黃關林先生馬仁和先生鄭妙輝女士（於二零一七年一月一日辭任）王存波先生陳芝芬女士獨立非執行董事陳根祥先生（於二零一七年一

36、月一日辭任）陳旭先生蔣賢品先生裘煒國先生徐成先生（於二零一七年六月二日辭任）公司秘書陳德興先生授權代表鄭妙輝女士（於二零一七年一月一日辭任）王存波先生（於二零一七年一月一日獲委任）陳德興先生公司資料Corporate Information（於二零一八年三月二十六日（最後實際可行日期）(as at 26 March 2018(the“Latest Practicable Date”)8申洲國際集團控股有限公司 Shenzhou International Group Holdings Limited KEY BOARD COMMITTEESAudit CommitteeMr.Jiang Xia

37、npin(Chairman)Mr.Chen Genxiang (resigned on 1 January 2017)Mr.Chen XuMr.Qiu WeiguoMr.Xu Changcheng(resigned on 2 June 2017)Remuneration CommitteeMr.Chen Xu(Chairman)(appointed on 1 January 2017)Mr.Chen Genxiang(Chairman)(resigned on 1 January 2017)Mr.Ma RenheMr.Jiang XianpinMr.Xu Changcheng(resigned

38、 on 2 June 2017)Nomination CommitteeMr.Ma Jianrong(Chairman)Mr.Jiang XianpinMr.Qiu WeiguoREGISTERED OFFICECricket SquareHutchins Drive,P.O.Box 2681Grand Cayman KY1-1111Cayman IslandsPLACE OF BUSINESS IN HONG KONGUnit 2708,27th FloorBillion PlazaNo.8 Cheung Yue StreetCheung Sha Wan,Kowloon,Hong KongA

39、UDITORSErnst&YoungCertified Public AccountantsLEGAL ADVISERSAllen&OveryLennon&LawyersMorrison&Foerster董事會主要委員會審核委員會蔣賢品先生（主席）陳根祥先生（於二零一七年一月一日辭任）陳旭先生裘煒國先生徐成先生（於二零一七年六月二日辭任）薪酬委員會陳旭先生（主席）（於二零一七年一月一日獲委任）陳根祥先生（主席）（於二零一七年一月一日辭任）馬仁和先生蔣賢品先生徐成先生（於二零一七年六月二日辭任）提名委員會馬建榮先生（主席）蔣賢品先生裘煒國先生註冊辦事處Cricket SquareHutchins

40、 Drive,P.O.Box 2681Grand Cayman KY1-1111Cayman Islands香港營業地點香港九龍長沙灣長裕街8號億京廣場27樓2708室審計師安永會計師事務所執業會計師法律顧問安理國際律師事務所龍生律師事務所美富律師事務所公司資料Corporate Information（於二零一八年三月二十六日（最後實際可行日期）(as at 26 March 2018(the“Latest Practicable Date”)9Annual Report 2017 年報PRINCIPAL SHARE REGISTRAR AND TRANSFER OFFICECodan Tr

41、ust Company(Cayman)LimitedCricket Square,Hutchins Drive,P.O.Box 2681Grand Cayman KY1-1111,Cayman IslandsHONG KONG BRANCH SHARE REGISTRAR AND TRANSFER OFFICEComputershare Hong Kong Investor Services LimitedShops 1712-1716,17th FloorHopewell Centre183 Queens Road EastWanchai,Hong KongPRINCIPAL BANKERS

42、Bank of China(Hong Kong)LimitedBank of China LimitedBank of Communications Company LimitedBank of Ningbo Company LimitedChina Construction Bank CorporationChina CITIC Bank Corporation LimitedChina CITIC Bank International LimitedChina Everbright Bank Corporation LimitedHang Seng Bank LimitedIndustri

43、al and Commercial Bank of China LimitedShanghai Pudong Development Bank Company LimitedStandard Chartered Bank(Hong Kong)LimitedThe Hongkong and Shanghai Banking Corporation LimitedINVESTOR AND PRESS RELATIONS ADVISERiPR Ogilvy LimitedCOMPANY WEBSITESTOCK CODE2313CONVERTIBLE BOND CODE5762(The withdr

44、awal of listing of Convertible Bonds were on 6 October 2017)股份過戶登記總處Codan Trust Company(Cayman)LimitedCricket Square,Hutchins Drive,P.O.Box 2681Grand Cayman KY1-1111,Cayman Islands股份過戶登記處香港分處香港中央證券登記有限公司香港灣仔皇后大道東183號合和中心17樓1712-1716舖主要往來銀行中國銀行（香港）有限公司中國銀行股份有限公司交通銀行股份有限公司寧波銀行股份有限公司中國建設銀行股份有限公司中信銀行股份有

45、限公司中信銀行（國際）有限公司中國光大銀行股份有限公司恒生銀行有限公司中國工商銀行股份有限公司上海浦東發展銀行股份有限公司渣打銀行（香港）有限公司香港上海滙豐銀行有限公司投資者及傳媒關係顧問iPR奧美公關公司網址股份編號2313可轉股債券編號5762（於二零一七年十月六日 撤銷可轉股債券上市）中國最大的縱向一體化 針織製造商The Largest vertically-integrated knitwear manufacturer in China 董事會主席Chairman of the Board 馬建榮 Ma Jianrong主席報告Chairmans Statement 12申洲國際

46、集團控股有限公司 Shenzhou International Group Holdings Limited Dear Shareholders:On behalf of the board(the“Board”)of directors(the“Directors”)of Shenzhou International Group Holdings Limited(the“Company”),I am pleased to announce the annual results of the Company and its subsidiaries(collectively,the“Group

47、”)for the year of 2017 for shareholders review.The Group achieved satisfactory business growth in 2017.The operating revenue and operating results hit a record high again and the work during the year enhanced the foundation for the Groups future development.While production capacity of overseas base

48、s further expanded and management capacity became more mature,the garment factory in Vietnam made profits for a first year.The domestic fabrics base has completed to upgrade certain factory equipment as scheduled,which will benefit to lower resources consumption level and ensure stable product quali

49、ty.Moreover,the Group has commenced the new construction of natural gas boilers in batches and rolled out environmental projects including the renovation of wastewater pipelines,collection and treatment of exhaust gas and heat recovery of tenters.During the year,the significant improvement in produc

50、tion efficiency of the Group drove the rapid business growth.I would like to express my gratitude to our employees,who worked hard together for the Groups results.I hereby hope that investors will appreciate our achievement and continue to support our business development strategies.致各位股東：本人謹代表申洲國際集

51、團控股有限公司（本公司）的董事會（董事會 或 董事），欣然宣佈本公司及其附屬公司（統稱 本集團或 集團）二零一七年度全年業績，敬請各位股東審閱。二零一七年度，本集團之業務增長令人滿意，營業收入和經營業績均再創歷史新高，年內之工作為本集團之進一步發展奠定了更扎實的基礎。海外基地的產能進一步擴充，管理能力趨向成熟，越南成衣工廠首年度實現盈利；國內面料基地已按計劃完成部分工廠的設備更新，將有利於降低資源之消耗水準，並有助於產品品質之穩定；此外，本集團已開始分批新建天然氣鍋爐，並實施了污水管道改造、定型機尾氣收集處理及餘熱回收等環保項目；年內，本集團之生產效率明顯提升促進了業務之快速增長。本集團取得之

52、成績來自於全體職員之共同努力，本人在此表示衷心感謝！也希望投資者能肯定本集團所取得之成績，並繼續支持本集團的業務發展策略。主席報告Chairmans Statement 13Annual Report 2017 年報For the year ended 31 December 2017,the Groups revenue and results continued to report exciting growth.The annual sales were approximately RMB18,085,247,000,representing an increase of 19.8%as

53、 compared to 2016.The profit attributable to equity holders of the Company increased from RMB2,947,673,000 for the year ended 31 December 2016 to RMB3,762,721,000 for the year ended 31 December 2017,representing an increase of 27.7%.Earnings per share was RMB2.58.As at 31 December 2017,the Groups ca

54、sh and cash equivalents totalled RMB2,471,401,000.Given the excellent business performance and strong financial position of the Group,the Board of the Company proposes to declare a final dividend of HK$0.75 per share.Together with the interim dividend of HK$0.70 per share which had been declared,the

55、 total dividend declared was HK$1.45 per share for the year.In 2017,the global economy started to recover.Chinas exports of textile and apparel products increased slightly and domestic markets demand maintained healthy growth.In terms of the operating environment,continuous rising cost and tightenin

56、g environmental regulations remained the major pressure in the industry,while the rapid appreciation of Renminbi further eroded the profitability of export enterprises during the year.Despite PRCs steady economic growth,the industrys structure shifted towards high-quality and efficient operation due

57、 to faster aging population,increasing recruitment difficulties and continuous economic development.The apparel industry,which has a high demand for labour,faced more imminent needs of transformation.截至二零一七年十二月三十一日止年度，本集團繼續保持了收入及業績之理想增長。全年銷售額約達人民幣18,085,247,000元，較二零一六年度上升了19.8%；截至二零一七年十二月三十一日止年度的本公司

58、股權持有人應佔利潤為人民幣3,762,721,000元，較截至二零一六年十二月三十一日止年度的人民幣2,947,673,000元上升了27.7%，每股盈利為人民幣2.58元。截至二零一七年十二月三十一日止，本集團的現金及現金等價物為人民幣2,471,401,000元。鑒於本集團業務表現良好及財務狀況穩健，本公司董事會建議派發末期股息每股0.75港元，連同中期已派發之股息每股0.70港元，全年合計派息為每股1.45港元。二零一七年度，全球經濟轉向復蘇，中國紡織服裝產品的出口金額小幅回升，國內市場之需求保持良好增長。經營環境中，成本持續上漲和環保監管趨嚴仍是行業之主要壓力，年內人民幣之快速升值進一

59、步侵蝕了出口企業之盈利能力。中國經濟雖然保持了穩定之增長，但社會老齡化進一步加快，企業之招工困難逐年加大，經濟之持續增長要求產業結構向品質、效益方向轉變，用工密集的服裝行業更有轉型之迫切需求。主席報告Chairmans Statement 14申洲國際集團控股有限公司 Shenzhou International Group Holdings Limited Given the strengths of the industrial foundation and professional talents,the PRC textile and apparel industry outperfo

60、rmed other major apparel producing countries in terms of quality,delivery schedule and innovation.Nonetheless,it faced a number of difficulties and challenges including an aging population,stricter environmental regulations and limited resources supply.In order to consolidate market share as the wor

61、lds largest apparel exporting country,the development of the textile and apparels sector of China should focus on extending the applications of new technology in the industry and adjusting the traditional manufacturing model.It should boost efficiency to offset rising cost by adopting automation to

62、the applicable of equipment to change the situation of labour intensive operation in the industry.Through R&D and innovation,it should improve its ability of new product development.It should also capture more market share in the mid-to-high end market with high price-performance ratio products and

63、outstanding customer services as its key competitive factors.Since environmental protection became the government of each countrys common goal,the PRC government has imposed significantly tighter environmental regulations in recent years and pursued quality growth in economic development.Reduction o

64、f wastewater and exhaust gas produced in the manufacturing process,together with pollution treatment capacity,will become major barriers to corporate sustainability.In view of the challenging business environment,qualified enterprises should focus on long-term development and plan to respond initiat

65、ively and turn pressure into driving force for corporate development.Major apparel producing countries other than China have comparative advantages in production cost and trading environment.Through capacity cooperation in the textile and apparel industry chain with neighboring countries,Chinese ent

66、erprises have established a China-based apparel industry chain in Asia for the mutual sharing of development among participating countries.This would create complementary advantages of the resources between different countries and create a synergistic effect in the industry,and also promoted industr

67、ial upgrade in participating countries and enhance the relevant countries in their industrial competitiveness in the global market.中國大陸之紡織服裝行業在產業基礎、專業人才等方面的優勢，使得行業在品質、交期、創新等方面的產業競爭力高於其他主要服裝生產國，但面臨人口老齡化加重、環保監管加嚴、資源供給受限等困難挑戰。要鞏固全球第一大服裝出口國的市場份額，中國紡織服裝行業發展的重點在於加大新科技在行業中的應用，改變傳統的生產模式，通過效率提高來抵減成本上漲之壓力，通過自

68、動化設備的應用來改變產業用工密集的狀況，通過研發創新來提高新產品之開發能力，以產品的高性價比和對客戶的服務能力作為行業的主要競爭力，在中、高端產品上爭取更多的市場份額。保護環境已成為各國政府之共識，近年來中國政府對環境的監管力度明顯加強，在經濟發展上更是追求有品質的增長。能否減少製造過程中產生的廢水、廢氣等污染物以及對污染物的處理能力，將成為企業可否持續發展的一個重要門檻。經營環境中的諸多壓力，有條件的企業應著眼長遠，主動籌畫應對，將其轉化為企業發展的推動力。中國以外之其他主要服裝生產國，在生產成本及貿易環境上具有比較優勢，中國企業通過與周邊國家在紡織服裝產業鏈上的產能合作，在亞洲建立以中國為

69、中心的多國共享發展的服裝產業鏈，有利於不同國家之間的資源優勢互補，發揮產業的協同效應，帶動參與國的產業升級，並提高相關國家在全球的產業競爭力。主席報告Chairmans Statement 15Annual Report 2017 年報The Company continued to provide full resource safeguard for discharge of duty to each professional committee of the Company during the year.The Board cooperated closely and maintain

70、ed effective communication with each professional committee.The results of various projects that we worked on were impressive.All of the member of the Company are in pursuit of excellent corporate governance and a fair and just decision-making process.We are ensuring to maintain a high transparent a

71、dministration to provide all shareholders and investors with an open channel to communicate.I appreciate every directors great efforts over the past year.I would also like to thank management personnel of each level and all of staff members for their attentiveness to duties during the year.The outst

72、anding growth of results of the Group are attributable to their wisdom and dedication.Given the challenges and opportunities in the current operating environment,we should not be complacent with achieving the present result and stand still.Instead,we should insist on innovation and reform,seizing th

73、e development opportunities arising from the stage of industrial transfer and upgrade.We strive to put customers interests first and stay dedicated to producing more high-quality and new products to our customers,thereby further strengthening the Groups competitive advantage in the industry!I would

74、like to thank each shareholder,customer and supplier for their lasting trust in the Company.I hope their ongoing support will continue in the development of the future.The development strategy of the Group focuses on promoting corporate sustainability.The Group will work on the major strategic direc

75、tions of improving product innovation capability,boosting corporate operating efficiency and optimizing human resources management.It will also adopt a wide way measures for the ongoing upgrade of corporate environmental governance capability.In the ever-changing world,the Group will strengthen the

76、foundation and overcome challenges.It will capture opportunities and make plans for the future,with the view of endeavoring to become a leading enterprise creating new industrial development models.The Group is set to offer more comprehensive services to customers,better quality products to consumer

77、s and higher returns to shareholders.Ma JianrongChairman of the BoardHong Kong,26 March 2018年內，本公司繼續為各專業委員會提供履行職務之充分資源保障，董事會與各專業委員會緊密合作並保持有效之溝通，所推進之各項工作均富有成效。本公司所有成員致力追求卓越的企業管治及達至公平公正的決策過程，確保維持高透明度，盡力為所有股東及投資者提供開放的溝通管道。本人感謝各位董事一年來的辛勤付出，也感謝各級管理人員和全體員工於年內的盡忠職守，是各位之才智和敬業促成了本集團業績之理想增長。當前之經營環境中困難和機遇並存，所有

78、員工不應滿足於當前取得之成績而因循守舊、固步自封，而更應堅持創新變革之精神，抓住產業轉型升級階段中的發展機遇。並希望各位以客戶利益為重，敬業愛崗、精益求精，為客戶生產更多的新品、精品，進一步提升本集團於行業中之競爭優勢！本人更要感謝各位股東、客戶及供應商對本公司的長期信任，期盼在今後的發展中得到一貫的支持！本集團之發展策略以提升企業的可持續發展能力為中心，將改善產品創新能力、提高企業運營效率和優化人力資源管理等方面為主要策略方向，並通過多種途徑來持續改善企業的環保治理能力。在這個快速變化的時代，本集團既要夯實基礎、砥礪前行，又要搶佔先機、佈局未來，努力成為創造產業發展新模式的引領企業，為客戶提

79、供更全面之服務，為消費者提供更優質之產品，並為股東創造更理想之回報。董事會主席馬建榮香港，二零一八年三月二十六日透過產品多元化及開拓優質客戶，並優化生產流程去提升集團競爭力Diversify the products,explore quality clients and optimizeproduction process to enhance theGroups competitiveness 管理層討論及分析-經營環境、業務回顧及未來前景及策略Discussion and analysis of management on business environment,business re

80、view and future prospects and strategies 18申洲國際集團控股有限公司 Shenzhou International Group Holdings Limited BUSINESS ENVIRONMENTIn 2017,the global economy turned into recovery;demands in overseas market bottomed;domestic economy steadily increased;and the consumption demands for global clothing products p

81、erked up slightly.Affected by rising manufacturing costs,stricter environmental supervision and difficulty in recruitment,middle and small sized enterprises with weak profitability gradually quitted the industry or reduced production scale.Concentration ration of industry further increased,where sub

82、stantial large-scale enterprises focused more on application of automatic equipment,while some production of middle and low end products turned into low-cost countries.Within the year,rate of RMB to USD appreciated sharply,which brought more pressure to performance of export enterprises.The demand u

83、pgrading of consumers and slowdown of market increase made enterprises more cautious about scale expansion driven by investment,which sought more to win market shares with quality.According to statistical materials of China Customs,gross export value of Chinese textile and garment(including sewing t

84、hreads,fabric and products as well as clothing and accessories,the same below)in 2017 was 266.95 billion U.S.dollars,rising about 1.5%than in the previous year.Among which,the export amount of textile was 109.77 billion U.S.dollars with a year-on-year increase of about 4.5%;the export amount of clot

85、hing was 157.18 billion U.S.dollars with a year-on-year decrease of about 0.4%,in which,the export amount of knitwear was 62.18 billion U.S.dollars with a year-on-year decrease of about 5.8%.The export amount of textile had a slight rise after decline for two consecutive years,while the export amoun

86、t of clothing declined for three consecutive years,but the 經營環境二零一七年度，全球經濟轉入復蘇，海外市場需求止跌回穩，國內經濟穩定增長，全球服裝產品之消費需求小幅回升；受制造成本上升、環保監管加嚴及招工困難之影響，盈利能力較弱的中小企業逐步退出行業或縮減生產規模，行業集中度進一步上升，有實力的規模型企業更加重視自動化設備的應用，而一些中低端產品的生產更多的轉向低成本國家；年內，人民幣對美元匯率的大幅升值，對出口企業的業績帶來了較大壓力。消費者的需求升級和市場增長的放緩，促使企業對依靠投資帶動的規模擴張更為審慎，而更追求以品質取勝來提

87、升市場份額。根據中國海關統計資料，二零一七年度中國紡織服裝（包括紡織紗線、織物及製品和服裝及衣著附件，下同）出口總值為2,669.5億美元，較上年上升了約1.5%。出口總值中，紡織品出口金額為1,097.7億美元，同比上升約4.5%；服裝出口金額為1,571.8億美元，同比下降約0.4%，其中針織服裝出口金額為621.8億美元，同比下降約5.8%。紡織品之出口金額在連續兩年下跌後出現小幅回升，服裝之出口金額則為連續三年下降，但降幅較上年明顯收窄。針織類服裝之出口金額已連續四年下降，占服裝出口金額之比例為39.6%（二管理層討論及分析-經營環境、業務回顧及未來前景及策略 Discussion a

88、nd analysis of management on business environment,business review and future prospects and strategies 管理層討論及分析-經營環境、業務回顧及未來前景及策略Discussion and analysis of management on business environment,business review and future prospects and strategies 19Annual Report 2017 年報decreasing amplitude obviously narr

89、owed than the previous year.The export amount of knitwear had declined for four consecutive years,accounting for 39.6%of export amount of clothing(2016:42.1%).In 2017,the gross amount exported to three major import market,EU,the United States and Japan accounted for 42.7%of gross export value of Chi

90、nese textile and garment in current year(2016:43.0%).In which,the amount exported to EU was 48.86 billion U.S.dollars with a year-on-year decline of 1.1%narrowing 5.7%than in the previous year;the amount exported to the United States was 45.39 billion U.S.dollars with a year-on-year increase of 1.0%

91、;and the amount exported to Japan was 20.32 billion U.S.dollars,basically leveling off the previous year.The Japan market was estimated to top out after ending four consecutive years of decline.In 2017,the proportion of Chinese textile and garment on above major import market continued to decline,bu

92、t the decline was slower.Within the year,the export amount of textile on major markets was increased,while the export amount of clothing products was declined.Because rising of labor force cost had a larger affect on clothing products than textile and garment,the clothing industry born more pressure

93、 of industrial international transfer.In addition,textile and garment exported to ASEAN was 34.75 billion U.S.dollars with an increase of 4.5%than the previous year,in which,the export amount of textile was 25.69 billion U.S.dollars with a year-on-year increase of 6.7%and the export amount of clothi

94、ng was 9.06 billion U.S.dollars with a year-on-year decrease of 1.2%.In recent years,the clothing products with middle and low added value has been turned to Vietnam and Bangladesh,etc.,for production.Low-cost countries has accelerated industrial investment,and got improvement and development of clo

95、thing production chain,which will create greater competition against export of Chinese clothing industry.In the domestic market,the consumption demands of clothing was obviously better than in overseas market.According to materials released by National Bureau of Statistics,retail sales of garment by

96、 businesses above designated size reached RMB1,035.64 billion in 2017 with a year-on-year increase of 8.0%.In addition,growth of wearing commodity reached 20.3%in online volume of retail sales.The continuous improvement of domestic economy and convenience of online shopping would drive continuous in

97、crease of consumption demands.零一六年度：42.1%）。二零一七年，出口至歐盟、美國和日本三個主要進口市場的金額，合計占中國當年紡織服裝出口總值的42.7%（二零一六年度：43.0%）。其中，對歐盟出口488.6億美元，同比下降1.1%，降幅較上年收窄5.7個百分點；對美國出口453.9億美元，同比上升1.0%；對日本出口203.2億美元，基本與上年持平，日本市場在結束連續四年下降之後有望回穩。二零一七年，中國紡織服裝產品於上述主要進口市場之所占比例繼續下降，但降幅趨勢放緩。年內，紡織品於主要市場之出口金額均為增長，而服裝產品之出口金額均為下降，因勞動力成本上升對

98、服裝產品之影響遠大於紡織品，服裝業受到的產業跨國轉移的壓力更大。此外，對東盟出口紡織服裝347.5億美元，較上年增長了4.5%，其中紡織品出口金額為256.9億美元，同比增長6.7%，服裝出口90.6億美元，同比下降1.2%。近年來，中低附加值之服裝產品更多轉向越南、孟加拉等國生產，低成本國家之產業投資加快，服裝產業鏈亦得到了完善和發展，將對中國服裝產業出口造成較大競爭。國內市場方面，服裝消費需求明顯好於海外市場，根據國家統計局公佈的資料，二零一七年度，限額以上企業商品零售額中，服裝類商品之零售額為人民幣10,356.4億元，同比增長8.0%。此外，在網上商品零售額中，穿類商品增長達20.3%

99、。國內經濟的持續向好及網上購物的便利化，將帶動消費需求持續上升。管理層討論及分析-經營環境、業務回顧及未來前景及策略Discussion and analysis of management on business environment,business review and future prospects and strategies 20申洲國際集團控股有限公司 Shenzhou International Group Holdings Limited In 2017,the total export amount of textile and garments of top five

100、 maritime provinces in China accounted for 75.5%of total national export amount(2016:75.1%)with an increase of 0.4%than the previous year.The export amount of Zhejiang Province was 65.25 billion U.S.dollars with an increase of 0.9%than the previous year;the export amount of Guangdong Province was 49

101、.35 billion U.S.dollars with a decrease of 2.1%than the previous year;the export amount of Jiangsu Province was 47.00 billion U.S.dollars with an increase of 7.3%than the previous year;the export amount of Shandong Province was 21.37 billion U.S.dollars with an increase of 2.3%than the previous year

102、 and the export amount of Fujian Province was 19.94 billion U.S.dollars with a decrease of 5.1%than the previous year.The proportion of the export amount of top five maritime provinces accounting for national export amount has been increased for three consecutive years.The east maritime provinces re

103、mained the cluster of textile and garment industry,which represented the development direction of the industry in Mainland China.According to statistic information released by Chinas General Administration of Customs,total import and export value of chinas foreign trade in 2017 was 4,104.47 billion

104、U.S.dollars with an increase of 11.4%than in 2016.Among which,the total export value was 2,263.49 billion U.S.dollars and total import value was 1,840.98 billion U.S.dollars with a separate increase of 7.9%and 15.9%than in 2016.Within the year,Chinas import and export surplus amount was 422.51 billi

105、on U.S.dollars with a decrease of 87.45 billion U.S.dollars than 509.96 billion U.S.dollars in 2016,which declined 17.1%.According to statistical materials of State Administration of Foreign Exchange,the amount of state foreign exchange reserves has been 3,139.95 billion U.S.dollars as of 31 Decembe

106、r 2017,which increased 129.43 billion U.S.dollars than in the end of the previous year.According to information of Chinas Ministry of Commerce,the amount of Chinas non-financial outward foreign direct investment in 2017 was 120.08 billion U.S.dollars with a decrease of 29.4%than in the previous year

107、,in which the investment flowing to manufacturing industry was 19.12 billion U.S.dollars with a year-on-year decrease of 38.4%,where the amount of investments abroad greatly declined,but industries involved in investment were more optimized.二零一七年，紡織服裝出口金額位於中國前五位的沿海省份合計出口金額占全國出口總金額的比例為75.5%（二零一六年度：75

108、.1%），較上年度上升了0.4個百分點。浙江省出口金額為652.5億美元，較上年上升了0.9%；廣東省出口金額為493.5億美元，較上年下降了2.1%；江蘇省出口金額為470.0億美元，較上年上升了7.3%；山東省的出口金額為213.7億美元，較上年上升了2.3%；福建省出口金額為199.4億美元，較上年下降了5.1%。排名前五位的沿海省份出口金額占全國出口金額之占比已連續三年上升，東部沿海省份仍為紡織服裝產業之集聚區域，代表了該產業於中國大陸之發展方向。根據中國海關總署發佈的統計資訊，二零一七年中國對外貿易進出口總值為41,044.7億美元，比二零一六年上升了11.4%。其中出口總值22,6

109、34.9億美元，進口總值18,409.8億美元，分別較二零一六年度上升了7.9%和15.9%。年內，中國的進出口順差金額為4,225.1億美元，較二零一六年度的5,099.6億美元減少了874.5億美元，降幅為17.1%。根據中國國家外匯管理局的統計資料，截至二零一七年十二月三十一日止的國家外匯儲備金額為31,399.5億美元，比上年末增加了1,294.3億美元。根據中國商務部資訊，二零一七年度中國非金融類對外直接投資金額約1,200.8億美元，較上年度下降29.4%，其中流向製造業的投資為191.2億美元，同比下降38.4%，對外投資的金額大幅下降，但投資所涉的行業更加優化。管理層討論及分析

110、-經營環境、業務回顧及未來前景及策略Discussion and analysis of management on business environment,business review and future prospects and strategies 21Annual Report 2017 年報According to preliminary statistical materials of Vietnam National Customs,in 2017,the export amount of Vietnams textile industry was about 29.63

111、 billion U.S.dollars with an increase of 10.7%than in the previous year,in which,the export amount of textile and garment was about 26.04 billion U.S.dollars with an increase of 9.3%than in the previous year and the export amount of yarn was about 3.59 billion U.S.dollars with an increase of 22.7%th

112、an in the previous year.Textile and garment was mainly exported to the United States,Japan and South Korea,whose export amount was 12.28 billion U.S.dollars,3.11 billion U.S.dollars and 2.64 billion U.S.dollars with an increase of 7.2%,7.2%and 15.7%than in 2016,respectively;yarn was mainly exported

113、to China,whose export amount was about 2.04 billion U.S.dollars with an increase of 23.7%than in the previous year.According to statistics from China Customs,the amount of textile products exported to Vietnam from China was about 10.33 billion U.S.dollars in 2017 with an increase of 3.4%.According t

114、o statistical materials of Vietnam Customs,the amount of fabrics imported from Mainland China was 6.08 billion U.S.dollars,accounting for 53.5%of total amount of imported fabrics of Vietnam;in addition,the amount of fabrics imported from South Korea and Taiwan were 2.04 billion U.S.dollars and 1.57

115、billion U.S.dollars,accounting for 17.9%and 13.8%of total amount of imported fabrics of Vietnam,respectively.In recent years,Vietnams textile and garment industry has enlarged investment scale via introduction of foreign capital.Except for higher import dependence of fabrics,the upstream and downstr

116、eam industry chain in textile and garment has been improved.Lower salary and stable resource supply contributes to the international competence of Vietnams textile and garment.Compared with Vietnam,Mainland China has more advantages on domestic market,industry foundation and professional talents,whi

117、ch is more competitive in the market of medium and high-end product.根據越南國家海關的初步統計資料，二零一七年，越南紡織行業的出口金額約為296.3億美元，較上年增長了10.7%，其中紡織服裝的出口金額約為260.4億美元，較上年增長了9.3%，紗線的出口金額約為35.9億美元，較上年增長了22.7%。紡織服裝主要出口至美國、日本和韓國，出口金額分別為122.8億美元、31.1億美元和26.4億美元，出口金額較二零一六年分別增長7.2%、7.2%和15.7%；紗線則主要出口至中國，出口金額約為20.4億美元，較上年增長了23.

118、7%。根據中國海關的統計，二零一七年度中國出口至越南的紡織品金額約為103.3億美元，增幅為約3.4%。根據越南海關的統計資料，從中國大陸進口的面料金額為60.8億美元，占越南進口面料總金額的53.5%，此外，從韓國和臺灣進口的面料金額分別為20.4億美元和15.7億美元，分別占越南進口面料總金額的17.9%和13.8%。近幾年，越南紡織服裝業通過引進外資方式擴大了產業投資規模，除面料的進口依賴度較高外，紡織服裝產業鏈的上下游配套得到改善，較低的工資水準及穩定的資源供給，促進了越南紡織服裝產業在國際上的競爭力。相對於越南，中國大陸在內需市場、產業基礎和專業人才方面更具優勢，在中高端產品市場上更

119、具競爭力。管理層討論及分析-經營環境、業務回顧及未來前景及策略Discussion and analysis of management on business environment,business review and future prospects and strategies 22申洲國際集團控股有限公司 Shenzhou International Group Holdings Limited Within the year,rate of RMB to USD had an appreciation of about 6.2%at middle rate,which chang

120、ed the expectation of RMB devaluation in the beginning of the year;rate of RMB to Euro had a devaluation of about 6.3%at middle rate;and rate of RMB to Yen had an appreciation of about 3.0%at middle rate.Since RMB exchange rate forming mechanism reform in 2005 until the end of 2017,rate of RMB to US

121、D had a cumulative appreciation of about 26.7%;rate of RMB to Euro had a cumulative appreciation of about 28.3%;and rate of RMB to Yen had a cumulative appreciation of about 26.2%.Based on RMB exchange rate forming mechanism reform,the Peoples Bank of China will further reinforce market determining

122、exchange rate,enhance the flexibility in both directions of RMB exchange rate,and keep the basic stability of RMB exchange rate in reasonable equilibrium level.Relatively stable exchange rate is good for reducing exchange rate risk of export enterprises.In 2017,gross domestic product(GDP)of Mainland

123、 China was about RMB82.7 trillion with an increase of 6.9%than in the previous year,and the economic growth was relatively stable.According to statistical data of National Bureau of Statistics,the population gross from 16 years old to 59 years old in Mainland China was 901.99 million at the end of 2

124、017 with a decrease of 5.48 million people than in 2016,while the population gross above 60 years old was 240.9 million with an increase of 10.04 million than in the previous year.Compared with the previous year,the population of labor force further decreased,while increase of aging population set a

125、 new record again and the aging of population in Mainland China was further aggravated.The sustainable growth of Chinese economy depended more on the improvement of population quality and transformation of industrial structure than the past.For industries needing more labor force,it was more urgent

126、to improve traditional production pattern by machine replacing people and application of new technology.年內，受美元走弱影響，人民幣對美元的匯率按中間價升值了約6.2%，改變了年初人民幣貶值的預期；人民幣對歐元的匯率按中間價貶值了約6.3%；人民幣對日元的匯率按中間價升值了約3.0%。自二零零五年人民幣匯率形成機制改革以來至二零一七年末，人民幣對美元匯率累計升值約為26.7%，人民幣對歐元匯率累計升值約為28.3%，對日元匯率累計升值約為26.2%。在人民幣匯率形成機制管理上，中國人民銀行將

127、進一步加大市場決定匯率的力度，增強人民幣匯率雙向浮動彈性，並保持人民幣匯率在合理均衡水準上的基本穩定。相對穩定的匯率，有利於降低出口企業的匯率風險。二零一七年度，中國大陸的國內生產總值為約82.7萬億人民幣元，較上年增長了6.9%，經濟增速相對穩定。根據國家統計局的統計數據，二零一七年年末中國大陸16歲至59歲的人口總量為90,199萬人，較二零一六年下降了548萬人，而60歲及以上人口總量為24,090萬人，較上年增加了1,004萬人。相較於上年，勞動力人口數量進一步減少，而老年人口增加數量則創新高，中國大陸人口之老齡化進一步加重。中國經濟之持續增長較過往更依賴於人口素質的提高及產業結構的轉

128、型，對於勞動力用工較多的產業，通過機器換人和應用新技術來改進傳統生產模式更顯迫切。管理層討論及分析-經營環境、業務回顧及未來前景及策略Discussion and analysis of management on business environment,business review and future prospects and strategies 23Annual Report 2017 年報Within the year,the environmental pressure in the industry was significantly increased.The gover

129、nment of China has established special environmental inspection team to take inspections of pollution discharge of companies nationwide,which required rectification and even shutdown of some enterprises for disqualified discharge and required some factories to remove plant sites and upgrade equipmen

130、t;Ministry of Environmental Protection fully implemented pollutant discharging license for industries of textile and dyeing,etc.,where only enterprises with pollutant discharging license were allowed for normal production;With effect from 1 January 2018,Environmental Protection Tax Law of the People

131、s Republic of China was officially implemented.Enterprises pay for environmental protection tax legally and the sewage charge collected from enterprise in the past has been officially cancelled.The environmental requirements for textile and garment industry will be further improved in the future and

132、 increase of environmental costs of enterprises will have more significant effect on upstream dyeing industry.With more intensified environmental policies,the leading enterprise will benefit from the improvement of concentration ration of industry.According to materials released by National Bureau o

133、f Statistics,in 2017,Chinas cotton plantation area was 3.23 million hectares with a decrease of 0.12 million hectares than in the previous year.The annual cotton output was 5.49 million tons with an increase of 3.5%than in the previous year.With six consecutive years of decrease of Chinas cotton pla

134、ntation area,the increase of output mainly depends on increase of yield per unit which is controlled by many factors including planting technology,management and climates.If cotton plantation area is continuously reduced,Chinas cotton output will be hard to increase.According to materials in Februar

135、y 2018 released by United States Department of Agriculture(USDA),it is estimated that global cotton output is about 26.43 million tons in 2017/18 with an increase production of 3.23 million tons in 2016/17 and growing rate of 13.9%.The global cotton consumption in 2017/18 will be 26.24 million tons

136、with an increase of 1.26 million tons than 24.98 million tons in 2016/17 and growing rate of 5.0%.The global cotton carry-over stock will be 19.28 million tons with an increase of 1%and ratio of inventory to consumption is about 73%.It is estimated that Chinese cotton inventory is about 8.9 million

137、tons,accounting for 46%of global inventory;Chinese cotton consumption accounts for about 33%of total global consumption and the import amount accounts for about 13%of total global import amount.Currently,global cotton inventory is basically stable;Chinese cotton inventory continues to decline,while

138、cotton inventory 年內，行業之環保壓力明顯加大，中國政府成立專門的環保督查組對各地企業排汙情況進行檢查，排汙不合格的企業被要求整改甚至關停，一些工廠被要求遷移廠址及更新設備；環保部對紡織印染等行業全面推行排汙許可證，只有取得排汙許可證的企業才允許正常生產；二零一八年一月一日起，中華人民共和國環境保護稅法正式實施，企業依法繳納環境保護稅，過往向企業收取的排汙費則被正式取消。未來紡織服裝行業的環保要求將進一步提高，企業環保成本的增加對上游印染產業的影響更為明顯，在環保政策持續趨嚴下，龍頭企業將受益於行業集中度的提升。根據國家統計局公佈的資料，二零一七年中國棉花種植面積323萬公頃，

139、較上年減少了12萬公頃，全年棉花產量549萬噸，較上年增產3.5%，中國的棉花種植面積連續六年下降，產量之增加主要依賴單產提高，而單產受制於種植技術、管理、氣候等諸多因素，如果棉花種植面積繼續減少，則中國的棉花產量將很難再有增長。據美國農業部（USDA）二零一八年二月份公佈的資料，預估2017/18年度全球棉花產量約2,643萬噸，相比2016/17年度約增產323萬噸，增幅約為13.9%，2017/18年度全球棉花的消費量約2,624萬噸，較2016/17年度的2,498萬噸增加了126萬噸，增幅約為5.0%，全球棉花的結轉庫存量為1,928萬噸，較上一年度上升了約1%，庫存消費比約為73%

140、。預估中國的棉花庫存量約890萬噸，占全球庫存量約46%,。中國的棉花消費量占全球消費總量約33%，進口量占全球進口總量約13%。目前，全球棉花庫存量基本穩定，中國的棉花庫存量繼續下降，國際市場的棉花庫存量則有所上升。由於全球棉花增產，而消費量相對穩定，若中國未能增加棉花進口額度，則國際市場的庫存量很可能進一步上升，雖然中國棉花的消費需求量超過本國產量，管理層討論及分析-經營環境、業務回顧及未來前景及策略Discussion and analysis of management on business environment,business review and future prospec

141、ts and strategies 24申洲國際集團控股有限公司 Shenzhou International Group Holdings Limited in the international market is increased.If China doesnt increase the cotton import quota,the inventory in the international market will be increased due to increase production of global cotton and relatively stable consu

142、mption.Although the consumption demand sum of Chinese cotton exceeds its own yield,the dramatic increase of cotton price will be restrained by underselling of State Reserve Cotton and replacement of imported cotton yarn.Therefore,the cotton price is not estimated to fluctuate sharply in a short term

143、.Consumer prices of household in 2017 rose 1.6%than in 2016,whose growing rate decreased 0.4%than in the previous year;mill price of industrial producer had a year-on-year increase of 6.3%,whose growing rate increased 7.7%than in the previous year.Among which,price-rise of production data rose 10.1%

144、than in the previous year and production costs of enterprises improved than in the previous year.The government of China led the real economy to transfer to quality and efficiency type through supply-side reform and the mode of economic development was transformed into structure optimization from gr

145、oss expansion.Implementing steady and neutral monetary policy,Peoples Bank of China will optimize the liquid direction of investment and structure.Those enterprises conforming to direction of transition,such as advanced manufacturing industry and innovative enterprises,etc.,will have more opportunit

146、ies to obtain the support of financial resources.The concentration ratio of industries is possible to get more improvement and leading enterprises will benefit from the improvement of market shares.With recovery signs of global economy,consumption demands in the market of Mainland China maintained f

147、ast growth;other overseas clothing production countries also faced pressure of rising costs and short of industrial talents,then large-scale overseas industrial transfer might slow down;the effective promotion of supply-side reform reduced disordered competition of industries and export amount of Ch

148、inas textile and garment industry might be stabilized or slightly recovery.But,the textile and garment industry will still face many challenges,including how to respond to the upgrade of consumption demands,ease pressure caused by difficulty in recruitment and meet the increasing environmental super

149、vision requirements.但國儲棉的拋售和進口棉紗的替代，也會抑制棉花價格的大幅上漲，預計短期內棉花價格將不會有大幅波動。二零一七年度居民消費價格較二零一六年度上升了1.6%，漲幅比上年減少0.4個百分點；工業生產者出廠價格同比上漲6.3%，漲幅比上年提高7.7個百分點，其中生產資料價格漲幅較上年提高10.1個百分點，企業之生產成本較上年提高。中國政府通過供給側改革引導實體經濟向品質、效益型轉變，經濟增長模式由從總量擴張向結構優化轉變，人民銀行在實施穩健中性的貨幣政策下，將優化流動性的投向和結構，先進製造業、創新型企業等符合轉型方向的企業更有機會獲得金融資源的支持。行業之集中度很

150、有可能進一步提升，而龍頭企業將受益於市場份額的提升。全球經濟呈回暖跡象，中國大陸市場的消費需求保持較快增長；海外其他服裝生產國亦面臨成本上漲及行業人才短缺的壓力，大規模的海外產業轉移或會放緩；供給側改革的有效推進減少了行業的無序競爭，中國紡織服裝行業的出口金額可能趨穩或小幅回升。但紡織服裝行業仍將長期面臨諸多挑戰，包括如何應對消費需求的升級、緩解招工困難的壓力以及滿足不斷提高的環保監管要求。管理層討論及分析-經營環境、業務回顧及未來前景及策略Discussion and analysis of management on business environment,business review

151、 and future prospects and strategies 25Annual Report 2017 年報BUSINESS REVIEWUnder operation pressure of rising costs and sharp appreciation of RMB,sales income and operation performance of the Group in 2017 has experienced ideal increase,whose sales revenue and profit attributable to equity holders i

152、ncreased by 19.8%and 27.7%as compared with 2016,realizing earnings per share of RMB2.58.During the year,the Group obtained more achievements on capacity expansion of overseas bases,equipment upgrade of domestic bases,investment expansion for environmental protection and continuous improvement of all

153、 staff production efficiency,which focused on improvement of long-term sustainable development ability of the Group.Capacity expansion of overseas basesDuring the year,the production capacity of the Group located at overseas sites had expanded significantly,which played an important role for busines

154、s development of the Group.Operation of newly installed equipment in fabric plants in Vietnam made production capacity of upstream business of the Group to increase sharply and provided capacity supplement for upgrade and transformation of equipment in domestic bases;during the year,staff recruitmen

155、t of garment factories in Vietnam have met expectations,progresses were made in respect of the technical training provided to the staff and the management level has been matured.With the increase in staff size and efficiency,the garment factories in Vietnam had rapidly increased yield,and apportione

156、d fixed costs per finished product has significantly declined and made profit in the first year.Newly established special fabric factory of the Group in Vietnam was smoothly operated,which completed the talents reserve and training of management and technician,and laid foundation for further expansi

157、on of productivity scale.業務回顧在成本上漲、人民幣大幅升值等經營壓力下，二零一七年度本集團之銷售收入和經營業績繼續保持了理想增長，銷售收入和股權持有人應佔利潤分別較二零一六年度上升了19.8%和27.7%，實現每股盈利人民幣2.58元。年內，本集團在海外基地的產能擴充、國內基地的設備更新、環境保護的擴大投入以及全員生產效率的持續提升等方面取得了進一步的成績，工作重點均圍繞提高本集團之長期可持續發展能力。海外基地的產能擴充年內，本集團於海外基地之產能進一步擴充，為本集團之業務增長發揮了重要作用。越南面料工廠的新增設備投產，使得本集團上游業務的生產能力大幅提升，並為國內基

158、地的設備更新改造提供了產能彌補；年內，本集團於越南之成衣工廠員工招聘情況符合預期，技能培訓進展順利，管理水準趨向成熟，在員工規模和效率提升之帶動下，越南成衣工廠的產量快速增加，單位成品之固定成本分攤明顯下降，並首個年度實現了盈利。本集團於越南之新建特種面料工廠順利投產，完成了管理和技術人員的儲備培養，為進一步之產能規模擴充打下基礎。管理層討論及分析-經營環境、業務回顧及未來前景及策略Discussion and analysis of management on business environment,business review and future prospects and stra

159、tegies 26申洲國際集團控股有限公司 Shenzhou International Group Holdings Limited Equipment replacement in domestic basesBenefit from increasing production capacity of overseas fabric factory,within the year,the Group started to take upgrade and transformation of equipment of domestic fabric factories by stages,w

160、hich effectively reduced resource consumption of water and electricity,etc.,of unit product by introduction of more automatic and energy-saving equipment;meanwhile,took arrangement,operation and management of production plan by application of informatisation-based system,which reduced the number of

161、frontline operators,improved accuracy of production process and promoted stability of product quality.In addition to equipment transformation,the Group took all-round renewal of original sewer line facilities to avoid bad influence on environment by effluent seepage.In 2018,the Group will continue t

162、o make transformation and renovation of uncompleted workshops.Expanding input in environmental protectionDuring the year,the Group has completed the installation of two new natural gas boilers,which greatly reduced emission of nitrogen oxides and dust particle by using natural gas as basic fuels ins

163、tead of biomass.The construction of the project increased the investment and operation costs of the enterprise,but it had important significance to improvement of environment;in addition,the Group cooperated with scientific research institutions on exhaust collection and treatment of setter and recy

164、cle of waste heat to greatly reduced emission of exhaust gas;the Group has changed to use LED lamps as lightning source in all plants to effectively save electricity energy.The environmental protection ability will become an important barrier of entry to the industry and the Group will continue to i

165、nvest in environmental protection.國內基地的設備更新得益於海外面料工廠的產能上升，年內，本集團開始分階段對國內面料工廠的設備進行更新改造，通過引進更自動化、節能環保的設備，將有效降低單位產品的水、電等資源消耗量，同時，通過應用信息化系統進行生產計劃安排和操作管控，可減少一線操作員工的人數，並提高生產工藝的精准性，促進產品品質的穩定。此外，本集團在設備改造同時對原有的污水管道設施進行了全面更新，以防止污水滲漏對環境的不利影響。二零一八年，本集團將對尚未完成的生產車間繼續進行更新改造。擴大環境保護之投入年內，本集團已完成二台天然氣鍋爐的新建，通過用天然氣替代生物質

166、作為基礎燃料，可大幅降低氮氧化物及粉塵顆粒的排放，該項目的建設增加了企業的投資及運營成本，但對環境的改善具有重要意義；此外，本集團與科研機構對定型機的尾氣收集處理和餘熱回收利用進行了項目合作，以大幅減少廢氣之排放；本集團已在所有廠區改用LED燈具作為照明光源，有效的節約了電能。環保能力將成為行業准入的重要門檻，本集團在環保方面將持續加以投入。管理層討論及分析-經營環境、業務回顧及未來前景及策略Discussion and analysis of management on business environment,business review and future prospects and

167、 strategies 27Annual Report 2017 年報Continuous improvement of production efficiencyDuring the year,the Group had significantly improved production effectiveness to effectively promote increase of sales business.The labor pressure of the Group in domestic bases had been alleviated through popularizati

168、on and application of automation equipment,improvement and optimization of production process,continuous deepening of lean production management and intensified management and control of production plan;management and operation of overseas sites has been matured,where the number of newly recruited l

169、abor had been realized under the plan;business training had significant achievements;and the actual output of overseas plants had great improvement than the previous year.In addition,the Group focused on improvement of remuneration and welfare conditions of employees and continued to improve working

170、 and life environment of employees,whose enterprise culture and value have been recognized by all staff and the employee stability of the Group had been raised further.FINANCIAL REVIEWRevenueFor the year ended 31 December 2017,the revenue had been approximately RMB18,085,247,000,which increased by a

171、pproximately RMB2,986,171,000 than that of approximately RMB15,099,076,000 for the year ended 31 December 2016,with a growing rate of approximately 19.8%.Major reasons for increase of revenue were:(1)capacity expansion and operation management of production sites in Vietnam had been maturing;(2)prod

172、uction efficiency of the Group was continuously improved;and(3)the order demands of major customers kept ideal growth.The comparison of revenue analyzed as per production classification between 2017 and 2016 of the Group is as below:生產效率的持續提升年內，本集團生產效率之明顯提升，有效促進了銷售業務之增長。通過自動化設備的推廣應用、生產工藝的改進優化、精益生產管理

173、的持續深化以及生產計劃的管控強化，本集團國內基地的用工壓力得到緩解；海外工廠之管理運作趨向成熟，新招之員工人數按計劃得以實現，業務培訓之成效亦為顯著，海外工廠之實際產出較上年度得以大幅提升；此外，本集團注重提高員工的薪酬待遇和福利條件，持續改善員工的工作及生活環境，企業文化和價值觀受全體員工之認同，本集團之員工穩定性得到進一步的提高。財務回顧銷售額截至二零一七年十二月三十一日止年度的銷售額約為人民幣18,085,247,000元，較截至二零一六年十二月三十一日止年度的約人民幣15,099,076,000元，增加了約人民幣2,986,171,000元，增幅為約19.8%。銷售額增長的主要原因為：

174、(1)越南生產基地之產能擴充及運行管理趨向成熟；(2)本集團之生產效率持續提升；及(3)主要客戶之訂單需求保持理想增長。以下為本集團二零一七年度及二零一六年度按產品類別分析的銷售額比較：截至十二月三十一日止年度For the year ended 31 December二零一七年二零一六年變動20172016Change人民幣千元%人民幣千元%人民幣千元%RMB000%RMB000%RMB000%按產品By products運動類Sports wear12,048,89666.69,815,53765.02,233,35922.8休閒類Casual wear4,600,53425.43,886

175、,02425.7714,51018.4內衣類Lingerie wear1,302,5807.21,293,1118.69,4690.7其他針織品Other knitwear133,2370.8104,4040.728,83327.6 銷售總計Total revenue18,085,247100.015,099,076100.02,986,17119.8 管理層討論及分析-經營環境、業務回顧及未來前景及策略Discussion and analysis of management on business environment,business review and future prospec

176、ts and strategies 28申洲國際集團控股有限公司 Shenzhou International Group Holdings Limited For the year ended 31 December 2017,revenue from sales of sportswear had been approximately RMB12,048,896,000,which increased by approximately RMB2,233,359,000 than that of approximately RMB9,815,537,000 for the year ende

177、d 31 December 2016 with a growing rate of 22.8%.The revenue from sales growth of sportswear mainly come from the increasing clothing demands for international sports brands in European markets and American markets and increasing demands for sportswear fabric products.For the year ended 31 December 2

178、017,revenue from sales of casual wear had been approximately RMB4,600,534,000,which increased by approximately RMB714,510,000 than that of approximately RMB3,886,024,000 for the year ended 31 December 2016 with a growing rate of approximately 18.4%.It was mainly attributed to the increasing procurem

179、ent demands for casual wear in Mainland China markets and Japanese markets.For the year ended 31 December 2017,revenue from sales of lingerie products had been approximately RMB1,302,580,000,which increased by approximately RMB9,469,000 than that of approximately RMB1,293,111,000 for the year ended

180、31 December 2016 with a growing rate of approximately 0.7%.During the year,the procurement demands for lingerie of major customers kept relatively stable.The comparison of revenue analyzed as per market segmentation between 2017 and 2016 of the Group is as below:截至二零一七年十二月三十一日止年度，運動類產品之銷售額約為人民幣12,04

181、8,896,000元，較截至二零一六年十二月三十一日止年度之銷售額約人民幣9,815,537,000元，增加了約人民幣2,233,359,000元，增幅為22.8%。運動類產品之銷售增長主要來自國際運動品牌於歐洲市場和美國市場的服裝需求增長，及運動類面料產品之需求增加。休閒類產品之銷售額由截至二零一六年十二月三十一日止年度的約人民幣3,886,024,000元，上升至截至二零一七年十二月三十一日止年度的約人民幣4,600,534,000元，增加了約人民幣714,510,000元，增幅為約18.4%，主要因中國大陸市場及日本市場之休閒服裝採購需求上升。內衣類產品之銷售額由截至二零一六年十二月三十

182、一日止年度的人民幣約1,293,111,000元，上升至截至二零一七年十二月三十一日止年度的約人民幣1,302,580,000元，增加了約人民幣9,469,000元，增幅為約0.7%。年內，主要客戶之內衣類服裝採購需求保持相對穩定。以下為本集團二零一七年度及二零一六年度按市場劃分之銷售額比較：截至十二月三十一日止年度For the year ended 31 December二零一七年二零一六年變動20172016Change人民幣千元%人民幣千元%人民幣千元%RMB000%RMB000%RMB000%按市場As per market歐洲Europe4,031,07722.33,355,516

183、22.2675,56120.1日本Japan3,129,04217.33,003,73519.9125,3074.2美國USA2,337,90312.91,548,38710.3789,51651.0其他市場Others3,742,63720.73,501,56323.2241,0746.9 國際銷售小計Sub-total of international sales13,240,65973.211,409,20175.61,831,45816.1 國內銷售Domestic sales4,844,58826.83,689,87524.41,154,71331.3 銷售總計Total reven

184、ue18,085,247100.015,099,076100.02,986,17119.8 管理層討論及分析-經營環境、業務回顧及未來前景及策略Discussion and analysis of management on business environment,business review and future prospects and strategies 29Annual Report 2017 年報For the year ended 31 December 2017,revenue of the Group in European market had been approx

185、imately RMB4,031,077,000,which increased by approximately RMB675,561,000 than that of approximately RMB3,355,516,000 for the year ended 31 December 2016 with a growing rate of approximately 20.1%.It was mainly attributed to the increasing consumption demands for sportswear in European market.For the

186、 year ended 31 December 2017,revenue of the Group in Japanese market had been approximately RMB3,129,042,000,which increased by approximately RMB125,307,000 than that of approximately RMB3,003,735,000 for the year ended 31 December 2016 with a growing rate of approximately 4.2%.It was mainly attribu

187、ted to the increasing procurement demands for casual wear in Japanese market.For the year ended 31 December 2017,revenue of the Group in USA market had been approximately RMB2,337,903,000,which increased by approximately RMB789,516,000 than that of approximately RMB1,548,387,000 for the year ended 3

188、1 December 2016 with a growing rate of approximately 51.0%.The sharply increase in revenue of the Group in USA market was mainly attributed to recovery of the economy of the United States and the increasing demands for sportswear in USA market.For the year ended 31 December 2017,revenue of the Group

189、 in other overseas markets had been approximately RMB3,742,637,000,which increased by approximately RMB241,074,000 than that of approximately RMB3,501,563,000 for the year ended 31 December 2016 with a growing rate of approximately 6.9%.It was mainly attributed to increasing sports fabric products e

190、xported to Vietnam.截至二零一七年十二月三十一日止年度，本 集 團 於 歐 洲 市 場 的 銷 售 額 約 為 人 民 幣4,031,077,000元，較截至二零一六年十二月三十一日止年度的約人民幣3,355,516,000元，增加了約人民幣675,561,000元，增幅為約20.1%。主要系歐洲市場對運動類服裝的消費需求上升。截至二零一七年十二月三十一日止年度，本 集 團 於 日 本 市 場 的 銷 售 額 約 為 人 民 幣3,129,042,000元，較截至二零一六年十二月三十一日止年度的約人民幣3,003,735,000元，增加了約人民幣125,307,000元，增幅

191、為約4.2%。主要系日本市場之休閒類服裝採購需求增加所致。截至二零一七年十二月三十一日止年度，本 集 團 於 美 國 市 場 的 銷 售 額 約 為 人 民 幣2,337,903,000元，較截至二零一六年十二月三十一日止年度的約人民幣1,548,387,000元，增加了約人民幣789,516,000元，增幅為約51.0%。本集團於美國市場之銷售大幅增長，主要系美國經濟轉為復甦，美國市場對運動類服裝之需求上升所致。截至二零一七年十二月三十一日止年度，其他海外市場之銷售額約為人民幣3,742,637,000元，較截至二零一六年十二月三十一日止年度的約人民幣3,501,563,000元，增加了約人

192、民幣241,074,000元，增幅為約6.9%，主要系出口至越南之運動類面料產品增加所致。管理層討論及分析-經營環境、業務回顧及未來前景及策略Discussion and analysis of management on business environment,business review and future prospects and strategies 30申洲國際集團控股有限公司 Shenzhou International Group Holdings Limited For the year ended 31 December 2017,the revenue of the

193、 Group from domestic market increase 31.3%as compared with last year.Among domestic revenue,sales of the apparels in domestic markets had been approximately RMB4,693,054,000,which increased by approximately RMB1,091,394,000 than that of approximately RMB3,601,660,000 for the year ended 31 December 2

194、016 with a growing rate of approximately 30.3%.The continuous increasing of consumption demands in domestic market drove rapid increase of order demands in domestic markets.Cost of sales and gross profitFor the year ended 31 December 2017,cost of sales of the Group had been approximately RMB12,413,9

195、47,000(2016:RMB10,189,636,000).The gross profit margin of the Group in 2017 was approximately 31.4%,declining approximately 1.1 percentage points than that of 32.5%in 2016.During the year,factors influencing gross profit margin were mainly attributed to positive contribution of effective improvement

196、 of production efficiency of the Group to gross profit margin,while appreciation of exchange rate of RMB against USD,rising of labor costs and price of raw materials had negative effect on gross profit margin.Equities attributable to equity holders of the CompanyAs at 31 December 2017,the Groups equ

197、ity attributable to equity holders of the Company amounted to approximately RMB19,621,181,000(2016:RMB15,092,944,000),in which non-current assets was approximately RMB8,886,726,000(2016:RMB8,980,567,000),net current assets of approximately RMB10,941,124,000(2016:RMB9,741,013,000),non-current liabili

198、ty of approximately RMB3,197,000(2016:RMB3,411,978,000)and equity attributable to non-controlling interests of approximately RMB203,472,000(2016:RMB216,658,000).Increase of equities attributable to equity holders of the Company was mainly attributable to the increase of retained earnings within the

199、year and holders of convertible bonds converting their holding bonds into ordinary shares of the Company.Liquidity and financial resourcesFor the year ended 31 December 2017,the net cash of operating activities of the Group was approximately RMB3,689,266,000,while it was approximately RMB3,061,398,0

200、00 in 2016.The cash and cash equivalent of the Group as at 31 December 2017 was approximately RMB2,471,401,000,in which approximately RMB352,935,000 was denominated in RMB,approximately RMB2,080,308,000 was denominated in USD,approximately 截至二零一七年十二月三十一日止年度，本 集 團 於 國 內 市 場 的 銷 售 額 較 上 年 增 長了31.3%。國內

201、銷售中的成衣銷售額約為人 民 幣4,693,054,000元，較 上 年 的 人 民幣 約3,601,660,000元，增 加 了 約 人 民 幣1,091,394,000元，增幅約為30.3%。國內市場消費需求的持續增長，帶動了國內市場之訂單需求快速上升。銷售成本及毛利截至二零一七年十二月三十一日止年度，本集團的銷售成本約為人民幣12,413,947,000元（二零一六年：人民幣10,189,636,000元）。二零一七年度本集團的銷售毛利率約為31.4%，較二零一六年度的32.5%下降了約1.1個百分點。年內影響毛利率之因素主要為：本集團生產效率之有效提升對毛利率產生正面之貢獻，而人民幣兌

202、美元匯率之升值及人工成本和原料價格的上漲則對毛利率產生不利之影響。本公司股權持有人應佔權益於 二 零 一 七 年 十 二 月 三 十 一 日，本 公 司股 權 持 有 人 應 佔 本 集 團 權 益 約 為 人 民 幣19,621,181,000元（二零一六年：人民幣15,092,944,000元）。其中非流動資產約為人民幣8,886,726,000元（二零一六年：人民幣8,980,567,000元）、流動資產淨值約為人民幣10,941,124,000元（二零一六年：人民幣9,741,013,000元）、非流動負債約為人民幣3,197,000元（二零一六年：人民幣3,411,978,000元）

203、及非控制性權益應佔權益約為人民幣203,472,000元（二零一六年：人民幣216,658,000元）。本公司股權持有人應佔權益增加主要因年內保留盈利增加及可換股債券持有人將其持有之債券轉換為本公司之普通股份所致。流動資金及財務資源截至二零一七年十二月三十一日止年度，本 集 團 經 營 業 務 所 得 現 金 淨 額 約 人 民 幣3,689,266,000元，二 零 一 六 年 則 約 為人 民 幣3,061,398,000元。本 集 團 於 二 零一 七 年 十 二 月 三 十 一 日 的 現 金 及 現 金 等價 物 為 約 人 民 幣2,471,401,000元，其 中約人民幣352,

204、935,000元以人民幣計值、管理層討論及分析-經營環境、業務回顧及未來前景及策略Discussion and analysis of management on business environment,business review and future prospects and strategies 31Annual Report 2017 年報RMB20,220,000 was denominated in Euro,approximately RMB11,793,000 was denominated in HKD,approximately RMB4,451,000 was de

205、nominated in Vietnamese dong and the remaining balance was denominated in other currencies(2016:RMB2,105,184,000,in which RMB983,234,000 was denominated in RMB,RMB1,033,681,000 was denominated in USD,RMB39,168,000 was denominated in Euro,RMB35,925,000 was denominated in HKD,RMB12,256,000 was denomin

206、ated in Vietnamese dong and the remaining balance was denominated in other currencies).The balance of bank borrowings was approximately RMB2,130,409,000(2016:RMB1,241,433,000),all being short-term bank borrowing.The net cash of the Group as at 31 December 2017(cash and cash equivalent less bank borr

207、owing)was approximately RMB340,992,000,while net borrowing was approximately RMB2,546,394,000 as at 31 December 2016(bank borrowings and the balance of the debt component of convertible bonds less cash and cash equivalent)with net cash increasing approximately RMB2,887,386,000,which was mainly attri

208、buted that all convertible bonds issued in June 2014 were converted to ordinary shares of the company and then reduced related debts within the year.Equity attributable to equity holders of the Company amounted to approximately RMB19,621,181,000(2016:RMB15,092,944,000).The Group had a good cash flow

209、 position and debt to equity ratio was 10.9%(which was calculated as percentage of total outstanding borrowings to equities attributable to equity holders of the Company)(2016:30.8%),whose major reason for sharply decline than the previous year was converting share of convertible bonds less related

210、debts.The Company issued convertible bonds with an aggregate principal amount of HKD3,900,000,000(equivalent to approximately RMB3,097,380,000 according to calculate at exchange rate of HKD1.00 to RMB0.7942 on issue date)on 18 June 2014(“the Issue Date”)with 0.5%of coupon rate and payable semi-annua

211、lly.The maturity date of the bonds would be 18 June 2019(“the Maturity Date”)unless they were previously redeemed,converted,purchased or cancelled or otherwise provided in the terms and conditions of the bonds.The Company could redeem the convertible bonds as per 103.86%of the principal amounts on M

212、aturity Date.On the Issue Date,the initially recognition amount of debt part of the bonds was approximately RMB2,846,450,000,which was calculated as per 3.55%of market interest rate of non-convertible bonds in same class.Approximately RMB197,140,000 約 人 民 幣2,080,308,000元 以 美 元 計 值、約人民幣20,220,000元以歐元

213、計值、約人民幣11,793,000元以港元計值、約人民幣4,451,000元以越南盾計值及餘款以其他貨幣計值（二零一六年：人民幣2,105,184,000元，其 中 人 民 幣983,234,000元 以 人 民 幣計 值、人 民 幣1,033,681,000元 以 美 元 計值、人 民 幣39,168,000元 以 歐 元 計 值、人民幣35,925,000元以港元計值、人民幣12,256,000元 以 越 南 盾 計 值 及 餘 款 以 其他貨幣計值）。銀行借貸餘額約為人民幣2,130,409,000元（二 零 一 六 年：人 民 幣1,241,433,000元），均為短期銀行借貸。本集團

214、於二零一七年十二月三十一日之現金淨額（現金及現金等價物減銀行借貸）約為人民幣340,992,000元，於二零一六年十二月三十一日則為借貸淨額（銀行借貸及可換股債券之債務部分餘額減現金及現金等價物）約人民幣2,546,394,000元，現金淨額增加了約人民幣2,887,386,000元，現金淨額之大幅增加主要系二零一四年六月發行之可換股債券於年內全部轉換為本公司普通股而減少了相應債務。本 公 司 股 權 持 有 人 應 佔 權 益 約 為 人 民 幣19,621,181,000元（二零一六年：人民幣15,092,944,000元）。本集團現金流動狀況良好，負債對權益比率（按未償還總借貸佔本公司股

215、權持有人應佔權益百分比計算）為10.9%（二零一六年：30.8%），較上年大幅下降主要因可換股債券之轉股減少了相應債務。本公司於二零一四年六月十八日（發行日）發行了本金總額為3,900,000,000港元（若按發行日每1.00港元兌人民幣0.7942元之匯率計算，折合約人民幣3,097,380,000元）之可換股債券，票面利率為0.5%，每半年支付一次利息。除非先前已贖回、兌換、購買、註銷或債券條款及條件另有規定，債券之到期日為二零一九年六月十八日（到期日），本公司可於到期日按其本金額之103.86%贖回。於發行日，該債券之負債部份之初步確認金額約為人民幣2,846,450,000元，乃根據相

216、同類別但不可換股之債券之市場利率3.55%計算。權益部份金額約為人民幣197,140,000元已計入股東權益之儲備內。發行本債券所得款項淨管理層討論及分析-經營環境、業務回顧及未來前景及策略Discussion and analysis of management on business environment,business review and future prospects and strategies 32申洲國際集團控股有限公司 Shenzhou International Group Holdings Limited of equities component amount h

217、ad been calculated in reserves of shareholders equities.The net proceeds from issuing the bonds was approximately HKD3,832,271,000,which had been fully used for business expansion and normal corporate purposes.During the year,above convertible bonds had been totally converted to shares of the compan

218、y,correspondingly increasing 104,222,397 shares of ordinary shares of the Company.Details of the bank borrowings and convertible bonds of the Group are set out in notes 27 and 28 to the financial statements.As a part of overall treasury management policies of the Group,the Group purchased financial

219、products from licensed banks of China(including available-for-sale investments,entrusted loans,pledged deposits and structured deposits)to maximize the return brought by idle money of the Group through legal and low-risk channel.The results for applicable size test about purchasing the financial pro

220、ducts was lower than 5%,thus,this purchase was not subject to the notifiable transaction requirements under Chapter 14 of the Listing Rules(as defined below).The purchase of such financial products had get approval of investment and lending committee established by Board of directors based on implem

221、entation of treasury management policies of the Company.Details of those financial products can be fund in note 21,22,23 and 24 to the Financial Statements contained in this annual report.Pledge of assets of the groupBank borrowings of the Group in Vietnam amounted to approximately USD40,072,000(app

222、roximately RMB261,836,000)and unsettled balance of letter of credit amounted to approximately EUR22,935,000 and approximately USD1,506,000(totally equivalent to approximately RMB188,785,000)had been pledged by related equipments and real estate of Gain Lucky(Vietnam)Limited,a subsidiary of the Group

223、.For the year ended 31 December 2017,the costs of pledged assets was approximately USD158,000,000(equivalent to approximately RMB1,032,404,000)and net book value was approximately USD131,120,000(equivalent to approximately RMB856,765,000).As at 31 December 2017,certain of time deposit of the Group R

224、MB500,000,000(2016:RMB500,000,000)were pledged to secure bank loans granted to the Group.The term of time deposit exceeded one year and the fixed annual rate of return was 3.5%.額約為3,832,271,000港元，已用作業務擴張及一般企業用途。於年內，上述可換股債券已全部轉換為本公司之股份，相應增加本公司之普通股份104,222,397股。本集團之銀行借貸及可換股債券之詳情載於財務報表附註27及28。作為本集團整體理財

225、政策的一部分，本集團向多間中國的持牌銀行購買金融產品（包括可供出售投資、委託貸款、有抵押存款、結構性存款），透過合法且低風險的管道最大化本集團閒置資金帶來的回報。有關購買該等金融產品的相關規模測試結果均低於5%，故而該等購買毋須遵守上市規則（如下界定）第十四章須予公佈的交易之規定。購買該等金融產品已獲董事會就監察本公司庫務管理政策執行情況而成立之投資及借貸委員會批准。該等金融產品的詳情參閱本年報之財務報表所載之附註21、22、23及24。本集團之資產抵押本集團於越南之銀行貸款約40,072,000美元（約人民幣261,836,000元）及尚未結清之信用證餘款約22,935,000歐元和約1,5

226、06,000美元（合計約折人民幣188,785,000元），已用本集團之子公司Gain Lucky(Vietnam)Limited之相關設備及房產作為抵押。截至二零一七年十二月三十一日止年度，已抵押資產之原值約為158,000,000美元（約折人民幣1,032,404,000元），賬面淨值約為131,120,000美元（約折人民幣856,765,000元）。於二零一七年十二月三十一日，若干本集團定期存款人民幣500,000,000元（二零一六年：人民幣500,000,000元）已作為本集團獲授予有擔保銀行貸款之抵押。定期存款期限超過一年，固定年利率為3.5%。管理層討論及分析-經營環境、業務回

227、顧及未來前景及策略Discussion and analysis of management on business environment,business review and future prospects and strategies 33Annual Report 2017 年報Financing costs and taxFor the year ended 31 December 2017,the financing cost had increased to approximately RMB123,016,000 from approximately RMB119,834,

228、000 for the year ended 31 December 2016,which was mainly attributed to increasing of average balance of the group from the bank borrowing during the year.The annual rate of USD borrowings of the Group was between 2.1%and 4.1%during the year(2016:USD annual borrowing rate was between 3.1%and 3.5%).Fo

229、r the year ended 31 December 2017,the income tax expense of the Group was approximately RMB528,280,000,declining RMB166,987,000 than that of approximately RMB695,267,000 for the year ended 31 December 2016 which was mainly attributed that Vietnamese subsidiary of the Group made profit within the yea

230、r and benefited preferential policy for income tax and then reduced the whole tax burden of the Group.USE OF PROCEEDS FROM THE ISSUANCE OF CONVERTIBLE BONDS OF THE COMPANYIssuance of convertible bonds in June 2014The Company issued convertible bonds in an aggregate principal amount of HK$3,900,000,0

231、00(equivalent to approximately RMB3,097,380,000 when calculated with the exchange rate of HK$1.00=RMB0.7942 on the Issue Date)on the Issue Date,bearing a coupon rate of 0.5%and payable semi-annually.The maturity date of convertible bonds is on the Maturity Date,unless early redeemed,converted,purcha

232、sed,cancelled or otherwise provided in the terms and conditions of the bonds.The Company will redeem the convertible bonds at 103.86%of their principal amounts on the Maturity Date.The initial conversion price of the bonds is HK$38.56 per share(subject to adjustment)and the latest conversion price a

233、fter the adjustment on 10 June 2017 is HK$37.01 per share.On the Issue Date,the initial recognition amount of approximately RMB2,846,450,000 for the liability component of the bonds was calculated using a market interest rate of 3.55%for a non-convertible bond of the same class.Equity component amou

234、nt of approximately RMB197,140,000 was credited to the reserves of shareholders equity.Net proceeds from the issue of those bonds were approximately HK$3,832,271,000,which was intended to be used for business expansion and for general corporate purpose.As of 31 December 2017,the proceeds from such i

235、ssue had been all utilized for expansion of the Vietnam production bases and as general working capital.For details of the issuance of convertible bonds,please refer to the announcements of the Company dated 22 May 2014,18 June 2014 and 19 June 2014.融資成本及稅項於截至二零一七年十二月三十一日止年度，融資成本從截至二零一六年十二月三十一日止年度的約

236、人民幣119,834,000元，增加至約人民幣123,016,000元，主要系年內本集團於銀行的借款平均餘額增加所致。年內本集團的年度美元借貸利率介乎2.1%至4.1%（二零一六年：美元的年度借貸利率介乎3.1%至3.5%）。於截至二零一七年十二月三十一日止年度，本集團的所得稅開支約為人民幣528,280,000元，較截至二零一六年十二月三十一日止年度的所得稅開支約人民幣695,267,000元下降了人民幣166,987,000元，主要系本集團之越南附屬公司於年內獲利並享受所得稅優惠政策而降低了本集團之整體稅負。本公司發行可換股債券所得款項之用途於二零一四年六月發行可換股債券本 公 司 於 發

237、 行 日 發 行 了 本 金 總 額 為3,900,000,000港元（若按發行日每1.00港元兌人民幣元之匯率0.7942計算，折合人民幣約3,097,380,000元）之可換股債券，票面利率為0.5%，每半年支付一次利息。除非先前已贖回、兌換、購買、註銷或債券條款及條件另有規定，債券到期之日為到期日，本公司將於到期日按其本金額之103.86%贖回。該債券之初始換股價為每股38.56港元（可予調整），於二零一七年六月十日調整後之最新換股價為每股37.01港元。於發行日，該債券之負債部分之初步確認金額約為人民幣2,846,450,000元，乃根據相同類別但不可換股之債券之市場利率3.55%計算

238、。權益部分金額約為人民幣197,140,000元已計入股東權益之儲備內。發行本債券所得款項淨額約為3,832,271,000港元，擬用作業務擴張及一般企業用途。截至二零一七年十二月三十一日止，有關發行之所得款項已全部用作越南生產基地之擴充及一般營運資金。該次發行可換股債券詳情，可分別參閱本公司於二零一四年五月二十二日、二零一四年六月十八日及二零一四年六月十九日之本公司之公告。管理層討論及分析-經營環境、業務回顧及未來前景及策略Discussion and analysis of management on business environment,business review and fut

239、ure prospects and strategies 34申洲國際集團控股有限公司 Shenzhou International Group Holdings Limited As of 31 December 2017,all convertible bonds have been converted into a total of 104,222,397 shares of the Company pursuant to the relevant terms and conditions of the convertible bonds.Such convertible bonds w

240、ere officially cancelled on 26 September 2017.Details of which are set in the announcement of the Company on 26 September 2017.EXPOSURE TO FOREIGN EXCHANGEThe exchange rate fluctuation had a certain influence on costs and operating profits of the group as sales of the Group was mainly settled in USD

241、 and the procurement was mainly settled in RMB.For the current situation of exchange rate fluctuation of USD to RMB,the Group adopted related policies to hedge part of related exchange risk.As hedged amount depend on USD earnings,procurement and capital expenditure of the Group,and also determined b

242、y market prediction of exchange rate fluctuation of USD to RMB.In order to avoid decrease in value of future cash flows and volatility caused by any change of exchange rate of RMB to USD,the Group had arranged certain amount of loans denominated in USD and loans denominated in HKD with linked exchan

243、ge rate with USD.In total bank loan as at 31 December 2017,the loan of approximately RMB460,149,000 denominated in US dollars(calculating amount of original currency of approximately USD70,422,000)and loan of approximately RMB1,170,260,000 denominated in HK dollars(calculating amount of original cur

244、rency of approximately HKD1,400,000,000)(31 December 2016:loan of approximately RMB383,633,000 denominated in US dollars(calculating amount of original currency of approximately USD55,302,000)and loan of approximately RMB357,800,000 denominated in HKD(calculating amount of original currency of appro

245、ximately HKD400,000,000).The global layout of the production sites of the group would reduce impact of exchange rate fluctuation of RMB to USD on business.截至二零一七年十二月三十一日止，可換股債券已根據相關條款及條件全部兌換為本公司股份，共兌換104,222,397股本公司股份。有關可換股債券於二零一七年九月二十六日亦正式被註銷。詳情可參閱本公司二零一七年九月二十六日之公告。外匯風險由於本集團銷售以美元結算為主，採購以人民幣結算為主，匯率波

246、動對本集團的成本及經營利潤率構成一定影響。本集團針對美元兌人民幣的匯率波動的現狀，採用相應政策對沖部分有關外匯風險。對沖金額視乎本集團的美元收益、採購、資本開支，還需要顧及市場預測美元兌人民幣的匯率波動而定。為免因人民幣兌美元之匯率出現任何變動而導致日後之現金流量減值及出現波動。本集團已安排適當數量之美元借款及與美元為聯繫匯率之港元借款，於二零一七年十二月三十一日，銀行借貸總額中，美元借款約人民幣460,149,000元（計原幣金額約70,422,000美元），港元貸款約為人民幣1,170,260,000元（計原幣金額約為1,400,000,000港元）（二零一六年十二月三十一日：美元貸款約人

247、民幣383,633,000元（計原幣金額約55,302,000美元），港元貸款約人民幣357,800,000元（計原幣金額為400,000,000港元）。本集團生產基地的全球化佈局，將降低人民幣兌美元匯率波動對經營帶來的影響。管理層討論及分析-經營環境、業務回顧及未來前景及策略Discussion and analysis of management on business environment,business review and future prospects and strategies 35Annual Report 2017 年報EMPLOYMENT,TRAINING AND

248、DEVELOPMENTAs at 31 December 2017,the Group totally employed approximately 77,100 employees.During the year,total labor costs(including administration and management staff)accounted for approximately 27.2%of sales of the Group(2016:27.4%).The Group gave remunerations to employees based on their perf

249、ormance and qualifications as well as industrial convention and took regular review on remuneration policies.According to annual performance appraisal,employees would get year-end bonus and reward.In addition,the Company would give rewards to employees or encouragement in other forms to promote indi

250、vidual growth of employees and career development.For example,the Group continued to provide trainings for employees to improve their technologies,product knowledge and understanding of industrial quality standard.All new staff of the Group must attend introductory courses and all staff could also p

251、articipate in various training courses.僱用、培訓及發展於二零一七年十二月三十一日，本集團共僱用約77,100名員工。年內，員工成本總額（包括行政及管理人員）佔本集團銷售額約27.2%（二零一六年：27.4%）。本集團按僱員的表現、資歷及行業慣例釐定給予員工的報酬，而酬金政策會定期檢討。根據年度工作表現評核，僱員或會獲發放花紅及獎金。此外，本公司亦會給予僱員獎勵或其他形式的鼓勵以推動僱員個人成長及事業發展。如本集團持續向員工提供培訓，以提升彼等的技術、產品知識以及對行業品質標準的認識及本集團所有新員工均須參加入門課程，而全體員工亦可參加各類培訓課程。管理層

252、討論及分析-經營環境、業務回顧及未來前景及策略Discussion and analysis of management on business environment,business review and future prospects and strategies 36申洲國際集團控股有限公司 Shenzhou International Group Holdings Limited CAPITAL EXPENDITURE AND CAPITAL COMMITMENTDuring the year,total investment in property,plants and equi

253、pment as well as prepaid land lease payment of the Group was approximately RMB1,124,630,000,in which approximately 55%was used for purchasing production equipment,approximately 37%for construction and acquisition of new plant buildings as well as prepayment for land lease,and the remaining balance f

254、or procurement of other fixed assets.As at 31 December 2017,the Group had contracted capital commitments of approximately RMB683,052,000 for procurement of land using right,property,plants and equipment,which was mainly financed with internal resources.SIGNIFICANT INVESTMENTS,ACQUISITIONS AND DISPOS

255、ALSThe Company did not have significant investments,acquisitions and disposals during the Year.CAPITAL AND LIABILITIES RATIOAs at 31 December 2017,capital and liability ratio of the Group was 10.9%,which was calculated by percentage of total outstanding loans to equities attributable to equity holde

256、rs.CONTINGENT LIABILITIESAs at 31 December 2017,the Group had no any material contingent liabilities.EVENTS AFTER THE REPORTING PERIODThere were no significant events after the reporting period ended 31 December 2017,as at the date of this report which would have any material effect to the Group.資本開

257、支及資本承擔於本年度內，本集團於物業、廠房及設備和預付土地租賃款項之總投資約為人民幣1,124,630,000元，其中約55%用作購買生產設備、約37%用作興建與購買新工廠大樓和預付土地租賃款項，而餘款則用作購買其他固定資產。於二零一七年十二月三十一日，本集團已訂約購建之土地使用權、物業、廠房和設備之資本承擔約達人民幣683,052,000元，將主要以內部資源撥付。重大投資、收購及出售期內本公司並無重大投資、收購及出售。資本負債比率於二零一七年十二月三十一日，本集團之資本負債比率為10.9%，由未償還總借貸佔本公司股權持有人應佔權益百分比計算。或然負債於二零一七年十二月三十一日，本集團概無任何

258、重大或然負債。報告期後事項自二零一七年十二月三十一日至本報告日期為止，本集團概無任何重大影響的報告期後事項。管理層討論及分析-經營環境、業務回顧及未來前景及策略Discussion and analysis of management on business environment,business review and future prospects and strategies 37Annual Report 2017 年報Future Prospects and StrategiesAffected by factors including accelerated social agi

259、ng trend,intensified environmental supervision and restrained resource supply,Chinas textile and garment industry will face the operation pressure of hard recruitment and high costs in a long term.Therefore,the transformation and upgrading of the industry has become a spontaneous behavior of enterpr

260、ises.Meanwhile,supply-side reform pushed government guided the development of enterprises to turn to focusing on quality and transforming of efficiency from pursuit of speed and scale,where the configuration of resource and factors will be inclined to more competitive advantage enterprises.It is exp

261、ected that the overall capacity scale of the industry will be relatively stable in the future and the concentration ratio of the industry will be further raised.For the market part,increase of resident income in Mainland China has contributed to increase of consumption ability and has higher require

262、ments for quality upgrading.The domestic market will have more significant driving affect on Chinas textile and garment industry.Developing countries,such as Vietnam,Cambodia and Bangladesh will have more opportunities to undertake more order demands from overseas market due to their advantages of l

263、ower manufacturing costs and good international trading environment,but relatively lagging industrial basis also restricts their development scale.Chinas textile and garment industry will form a complete industry chain in Asia centered on China and with transnational cooperation through continuous p

264、rogress on technology and management and enhancement of capacity cooperation with neighboring countries.The synergistic effect of industry will also contribute to economic development of related countries.In view of such,the Group will continue to expand the overseas production scale in Southeast As

265、ia,in particular the expansion of garment production lines in Vietnam and Cambodia.未來前景及策略受社會老齡化趨勢加快、環保監管力度加大及資源供給受限等因素影響，中國紡織服裝產業將長期面臨招工難、成本高的經營壓力，行業的轉型升級已成為企業的自發行為。同時，政府推進的供給側改革亦引導企業的發展從追求速度、規模向注重品質、效益轉變，資源要素的配置更傾向於有競爭優勢的企業，預計未來行業的總體產能規模將相對穩定，而行業的集中度將進一步提高。市場方面，中國大陸居民收入的增長促進了消費能力的上升，並對品質升級有了更高的要求，

266、國內市場對中國服裝產業的拉動影響將更加明顯。越南、柬埔寨、孟加拉等發展中國家，因具有更低的製造成本和有利的國際貿易環境優勢，有機會承接更多海外市場的訂單需求，而相對落後的產業基礎又限制了其發展規模。中國紡織服裝產業通過技術、管理上的持續進步，並加強與周邊國家的產能合作，將在亞洲地區形成一個以中國為中心、跨國合作的完整產業鏈，而產業的協同效應亦將促進相關國家的經濟發展。有鑒於此，本集團將繼續擴大東南亞海外生產規模，特別是越南和柬埔寨成衣生產線的擴張。管理層討論及分析-經營環境、業務回顧及未來前景及策略Discussion and analysis of management on busines

267、s environment,business review and future prospects and strategies 38申洲國際集團控股有限公司 Shenzhou International Group Holdings Limited In order to pursue long-term sustainable development of the Group,the Group will focus on strategy direction of improvement of innovation ability of products,increase of ope

268、ration efficiency of the enterprise,enhancement of production automation and optimization of human resource management for the future development,as well as pay attention to continuous improvement of environmental protection in all process of product manufacturing including selection and purchase of

269、 raw materials,process formulation,equipment selection and end-of-pipe treatment.The quality of fabrics is the critical factors of competitiveness of clothing products.On the basis of improving traditional quality index of fabrics,the Group will focus on highlighting technological contents of fabric

270、,develop a series of new fabric with differentiation advantage on the aspect of function and environmental protection.The Group will integrate existing resources of research and development institution to cultivate and introduce high-end professional talents through increasing input in R&D and innov

271、ation as well as enhance the project cooperation with scientific research institution to build a leading fabric R&D center in the industry.Also,the Group will timely collect and coordinate market information,predict consumption popular trend to cater demands of consumption upgrading by innovative pr

272、oduct and win more market shares for customers of the Group.The Group will continue to enhance automation and informatisation level and increase application of various new technology in the industry to contribute to the improvement of production and management efficiency of the Group.It realizes cut

273、ting staff to improve efficiency by machine replacing person,improves working comfort of employees to response to the recruitment pressure in the future and proposes to conform a demand plan of personalized equipment conforming to production process of the Group.The garment innovation center of the

274、Group is a functional institution for promotion of automation project and trial of automation equipment.The informatisation construction of the Group is aimed at improving management efficiency and reducing manual input,especially forming prediction and early warning information to guide front inter

275、vention of management through data analysis and comparison in each link,to further improve the ability of short deliver time of the Group,contribute to the best utilization of existing capacity and prevent error in each link as well as achieves effective cost control;meanwhile,improve intelligent le

276、vel of production process by combination of informatisation and automation.為謀求本集團之長遠可持續發展，本集團之未來發展將以改善產品創新能力、提高企業運營效率、提高生產自動化和優化人力資源管理等為策略方向，並重視從原料選購、工藝制定、設備選型、末端處理等產品製造全過程對環保的持續改進。面料品質為服裝產品競爭力之關鍵因素，本集團在提升面料傳統品質指標之基礎上，將著重突出面料的科技含量，開發系列在功能性、環保性等方面具有差異化優勢的新穎面料。本集團將整合現有研發機構之資源，通過加大在研發創新上的投入，培養和引進高端專業人才

277、，加強與科研機構之項目合作，建立行業領先的面料研發中心。本集團亦將及時收集、整理市場訊息，預判消費流行趨勢，以創新產品來迎合消費升級需求，為本集團之客戶贏得更多市場份額。本集團將持續提升自動化、資訊化水準，加大各種新技術在本行業的應用，促進本集團生產和管理效率的提高。通過機器換人實現減員增效，並提高員工的工作舒適性，以應對未來之招工壓力，本集團之成衣創新中心為賦予自動化項目推進及自動化設備試用之職能機構，並提出符合本集團生產工藝的個性化設備的需求方案。本集團之信息化建設旨在提高管理效率和減少人工投入，尤其是通過各環節的資料分析、比對，形成預判、預警信息來引導管理的前置干預，以進一步提升本集團短

278、交期之能力、促進現有產能之最佳利用及預防各環節之差錯，並實現有效之成本控制。同時，通過信息化與自動化之融合，提高生產過程的智慧化水準。管理層討論及分析-經營環境、業務回顧及未來前景及策略Discussion and analysis of management on business environment,business review and future prospects and strategies 39Annual Report 2017 年報Talent is the source power of corporate innovation,therefore,optimizat

279、ion of human resource management is the basic guarantee for the development of the Group.The Group will improve key performance indicators of each layer of principals and employees to provide transparent and fair occupational development channel for all staff.Guiding employees to positively improve

280、occupational skills and professional technology with incentive mechanism,the Group will also provide various training and education opportunities as much as possible to push all staff to join in the corporate production improvement;contribute to technological innovation and process optimization of t

281、he Group by cultivating,introducing high-end talents of the industry and related multi-industry talents.The Group also pays attention to continuous improvement of employees work and life environments and provides competitive salary in the industry to make full use of human resource being the first p

282、roduction factor.The development of technology contributes to the transformation of production pattern in the industry of textile and garment.The Group makes the enterprise more lively and energetic by application of new technology,optimization of resource combinations and improvement of innovation

283、ability.The product quality is the competiveness of an enterprise and capacity scale is the influence of an enterprise.Based on quality first,the Group continues to promote technological content of products to pursue long-term sustainability of the corporate development.人才是企業創新的源動力，優化人力資源管理是本集團之發展基礎

284、保障。本集團將完善各級主管及員工的關鍵績效指標，為全體職員提供透明、公正的職業發展通道。以激勵機制引導員工主動提升職業技能、專業技術，本集團亦盡可能提供各種培訓、教育之機會，推動全員參與企業之生產改良。培養、引進本行業之高端人才及相關的跨行業人才來促進本集團之技術創新和流程優化。本集團亦重視對員工工作、生活環境的持續改善，並提供具行業競爭力之薪酬待遇，充分發揮人力資源作為第一生產要素的作用。科技的發展促進了紡織服裝行業生產模式的變革，本集團通過新技術的應用、資源組合的優化、創新能力的提升使企業發展更具生機和活力。產品品質是企業之競爭力，產能規模是企業之影響力。本集團立足於以品質為先，不斷提升產

285、品的科技含量，追求企業發展的長期可持續性。企業管治報告Corporate Governance Report 40申洲國際集團控股有限公司 Shenzhou International Group Holdings Limited CORPORATE GOVERNANCEThe Groups stated objective is to enhance its corporate value,focusing on the solid growth in net profit and consistently stable cash flow,to ensure the Groups long

286、-term,sustainable development and to achieve sound returns for shareholders.The Group is committed to raising its corporate governance standards and increasing the transparency of its operations.Such objective will be achieved by constantly improving the quality of corporate governance of the Compan

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

288、nance Practices(the“CG Code”)as set out in Appendix 14 to the Rules(the“Listing Rules”)Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited(the“Stock Exchange”)since 9 October 2005.The Company had complied with all the code provisions of the CG Code throughout the year ende

289、d 31 December 2017.Terms of Reference of Board CommitteesIn order to comply with the Listing Rules and the CG Code,the terms of reference of each of the Audit Committee,Nomination Committee and Remuneration Committee of the Company are regularly revised based on amendments to the Listing Rules and t

290、he CG Code.Such terms of reference and the list of Directors and their roles and functions are published on the websites of the Company and the Stock Exchange,respectively.企業管治本集團一貫的目標是努力提升企業價值，以淨利潤的良好增長及現金流量的長期穩定為核心，確保本集團的長期持續發展，為股東帶來良好的回報。本集團矢志提高企業管治水平，並全力增加透明度。通過持續為董事與員工提供培訓及外聘專業顧問，本公司將不斷提升企業管治素質

291、，進而達致以上的目標。董事會自二零零五年十月九日起已採納本身的企業管治守則，其涵蓋香港聯合交易所有限公司（聯交所）證券上市規則（上市規則）附錄十四企業管治常規守則（企業管治守則）所載的全部守則條文，以及大部分的建議最佳常規守則。本公司於截至二零一七年十二月三十一日止年度內一直遵從企業管治守則內的所有守則條文。董事委員會之職權範圍為遵守上市規則及企業管治守則，本公司之審核委員會、提名委員會及薪酬委員會之職權範圍乃根據上市規則及企業管治守則之變動定期作出修訂。各董事會委員會之職權範圍及董事名單及彼等的角色及職能已分別於本公司及聯交所網站登載。企業管治報告Corporate Governance R

292、eport 41Annual Report 2017 年報Responsibilities of DirectorsAll Directors should participate in continuous professional development to develop and refresh their knowledge and skills pursuant to the code provision A.6.5 set out in the CG Code.The Company arranged for continuous professional development

293、 on the update of the Listing Rules and the related legal and regulatory requirements for the Directors.Independent Non-executive DirectorsFor the year ended 31 December 2017,the Board had complied with(1)the requirement that the board of a listed issuer must include at least three independent non-e

294、xecutive directors under Rule 3.10(1)of the Listing Rules;(2)the requirement that at least one of the independent non-executive directors must have appropriate professional qualifications or accounting or related financial management expertise under Rule 3.10(2)of the Listing Rules;and(3)the require

295、ment that the number of independent non-executive directors must represent at least one-third of the Board under Rule 3.10A of the Listing Rules.The Company has received written annual confirmation from each of the independent non-executive Directors in respect of his independence in accordance with

296、 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.董事責任董事須參加持續專業發展以發展及補充根據企業管治守則所載守則條文第A.6.5條之知識及技術。本公司已就上市規則之更新及相關法律及監管規定，為董事安排持續專業發展。獨立非執行董事截至二零一七年十二月三十一日止年度，董事會符合(1)上市規則第3.10(1)條關於上市發行人的董事會

297、必須包括至少三名獨立非執行董事的規定；(2)上市規則第3.10(2)條關於其中至少一名獨立非執行董事必須具備適當的專業資格，或具備適當的會計或相關的財務管理專長的規定；以及(3)上市規則第3.10A條所要求的獨立非執行董事必須佔董事會成員人數至少三分之一的規定。本公司已取得各獨立非執行董事根據上市規則第3.13條所載的獨立指引就其獨立性作出的年度確認書。本公司認為所有獨立非執行董事均屬獨立人士。企業管治報告Corporate Governance Report 42申洲國際集團控股有限公司 Shenzhou International Group Holdings Limited A summ

298、ary of training received by the Directors during the year ended 31 December 2017 is as follows:董事姓名Name of Directors培訓類別（附註）Types of training(Notes)執行董事Executive Directors馬建榮先生A&BMr.Ma Jianrong黃關林先生A&BMr.Huang Guanlin馬仁和先生A&BMr.Ma Renhe王存波先生A&BMr.Wang Cunbo陳芝芬女士A&BMs.Chen Zhifen獨立非執行董事Independent No

299、n-executive Directors陳旭先生A&BMr.Chen Xu蔣賢品先生A&BMr.Jiang Xianpin裘煒國先生A&BMr.Qiu Weiguo徐成先生A&BMr.Xu Changcheng（於二零一七年六月二日辭任）(resigned on 2 June 2017)董事於截至二零一七年十二月三十一日止年度內接受培訓的概要如下：企業管治報告Corporate Governance Report 43Annual Report 2017 年報Notes:A:attending seminars organized by the CompanyB:reading semina

300、r materials and updates relating to the latest development of the Listing Rules and other applicable legal and regulatory requirementsCorporate governance functionsThe Company adopted the terms of reference for corporate governance functions on 26 March 2012 in compliance with the code provision D.3

301、 set out in the CG Code,effective from 1 April 2012.Pursuant to the terms of reference of the corporate governance functions,the Board shall be responsible for developing and reviewing and/or monitoring the policies and practices on corporate governance of the Group;training and continuous professio

302、nal development of Directors and senior management and making recommendations;compliance with legal and regulatory requirements;the code of conduct and compliance manual(if any)applicable to employees and Directors;and the Groups compliance with the CG Code.Communications with shareholdersPursuant t

303、o the code provision E.1.2 set out in the CG Code,the Company invited representatives of the external auditors of the Company to attend the annual general meeting of the Company to be convened on 25 May 2018 to answer shareholders questions relating to the conduct of the audit,the preparation and co

304、ntent of the auditors report,the accounting policies and auditor independence.The Company adopted a shareholders communication policy and procedures with effect from 26 March 2012 for shareholders to propose a person for election as a Director.The policy and the procedures are available on the websi

305、te of the Company.附註：A：出席由本公司安排之研討會B：閱讀有關上市規則及其他適用法律及監管規定最新發展的研討會材料與更新資料企業管治職能本公司已於二零一二年三月二十六日根據企業管治守則所載守則條文第D.3條，採納企業管治職能之職權範圍，並於二零一二年四月一日起生效。根據企業管治職能之職權範圍，董事會須負責發展及檢討及或監督本集團企業管治之政策及常規；董事及高級管理層之培訓及持續專業發展及提供建議；遵守法定及監管規定；僱員及董事適用之操守守則及合規手冊（如有）；本集團遵守企業管治守則。與股東之通訊根據企業管治守則所載之守則條文第E.1.2條，本公司邀請本公司外部核數師之代表出

306、席本公司於二零一八年五月二十五日舉行之股東週年大會，回答股東關於進行核數、編製核數師報告及報告內容、會計政策及核數師獨立性之問題。本公司已採納股東通訊政策及程序，供股東提名董事候選人，由二零一二年三月二十六日起生效。政策及程序已登載於本公司網站。企業管治報告Corporate Governance Report 44申洲國際集團控股有限公司 Shenzhou International Group Holdings Limited THE BOARDThe Group endeavours to enhance corporate efficiency and profitability th

307、rough the Board.The Directors recognise their collective and individual responsibility to the shareholders and perform their duties diligently to contribute to positive results for the Company and maximize returns for shareholders.As at the Latest Practicable Date,the Board comprised five Executive

308、Directors and three Independent Non-executive Directors,whose biographical details and family relationships among certain Directors are set out in the section headed“Biographical Details of Directors and Members of Senior Management”on pages 116 to 123.There are no other material financial,business

309、or relevant relationships among the Directors.The Board is responsible for governing the Company and managing assets entrusted by the shareholders.The principal responsibilities of the Board include formulating the Groups business strategies and management objectives,supervising the management and e

310、valuating of the effectiveness of management strategies.The day-to-day management of the Groups businesses is delegated to the Executive Directors or officers in charge of each division.The functions and power that are so delegated are reviewed periodically to ensure that they remain appropriate.Mat

311、ters reserved for the Board are those affecting the Groups overall strategic policies,finances and shareholders including financial statements,dividend policy,significant changes in accounting policy,material contracts and major investments.All Board members have separate and independent access to t

312、he Groups senior management to fulfill their duties.They also have full and timely access to relevant information about the Group and are kept abreast of the operating condition,business activities and development of the Group.Independent professional advice can be sought at the Groups expense upon

313、their request.All Directors are required to declare to the Board upon their first appointment of the directorships or other positions they are concurrently holding at other companies or organizations.These interests are updated on an annual basis.A Director should declare his/her interests and absta

314、in from voting in respect of any proposal or transaction discussed by the Board in which he/she is deemed by the Board to have a conflicting interest.董事會本集團致力通過董事會來提升公司效率及利潤水平。全體董事深知彼等共同及個別對股東所負的責任，並勤勉盡職，為本公司的理想業績及股東的最大回報作出貢獻。於最後實際可行日期，董事會由五名執行董事及三名獨立非執行董事組成。董事的個人履歷及若干董事之間的親屬關係均列載於第116頁至123頁 董事及高級管理

315、層成員履歷一節。董事之間概無其他重大財務、業務或相關關係。董事會負責本公司的管治工作，並負責管理股東所委託的資產。董事會的主要職責包括制訂本集團的業務策略方針、設定管理層目標、監管其表現及評估管理策略的有效性。本集團的日常業務管理由執行董事或各部門的高級主管負責，而本集團會定期檢討彼等獲授的職能及權力，確保彼等仍適合履行職務。董事會則負責處理影響本集團整體策略政策、財務及股東的事務，包括財務報表、股息政策、重大會計政策變動、重大合約及主要投資等。各董事會成員均可分別獨立接觸本集團的高級管理層，以履行彼等的職責；亦可及時查閱所有有關本集團的資料，並可得悉本集團最新的經營狀況、業務活動及發展。董事

316、會成員亦可要求徵詢獨立專業意見，費用由本集團承擔。所有董事須於首次獲委任時向董事會申報彼在其他公司或機構擔任之董事或其他職務，有關利益申報每年更新一次。倘董事會在討論任何動議或交易時認為董事在當中存在利益衝突，該董事須申報利益及放棄投票。企業管治報告Corporate Governance Report 45Annual Report 2017 年報Directors are requested to declare their direct or indirect interests,if any,in any proposals or transactions to be consider

317、ed by the Board at Board meetings and withdraw from the meetings as appropriate.The Company follows guidelines(available at the“Corporate Governance”section of our website)at each financial reporting period to seek confirmation from Directors in respect of any transactions of the Company or its subs

318、idiaries which are related to Directors or their associates.The identified significant related party transactions are disclosed in the notes to the financial statements of this annual report.CHAIRMAN AND GROUP GENERAL MANGERThe Chairman of the Board and the Group General Manager have separate and di

319、stinctive roles.The Chairman of the Board is responsible for the significant operational decisions of the Group,while the Group General Manager is responsible for managing the day-to-day operations of the Groups business.Mr.Ma Jianrong is the Chairman of the Board and Mr.Huang Guanlin is the Group G

320、eneral Manager.Independence of Independent Non-executive DirectorsAs at the Latest Practicable Date,Independent Non-executive Directors accounted for 37.5%of the members of the Board.The Independent Non-executive Directors are outstanding executives or experts in the textile industry and business se

321、ctors who bring with them expertise in different areas.They provide adequate control and balances for the Group to protect the overall interests of the shareholders and the Group.The role of the Independent Non-executive Directors is to provide independent and objective opinions to the Board for its

322、 consideration and decisions.All Independent Non-executive Directors have submitted annual written confirmation of their independence and compliance with the independence guidelines as set out in the Listing Rules.Board proceedingsRegular Board meetings are held to discuss the Groups operation,finan

323、cial performance,corporate governance and future development.At least 14 days prior notice and an agenda with supporting papers of no less than 3 days of the Board meeting are given to Directors to ensure timely access to the relevant information for discharge of their duties.董事在董事會會議審議任何動議或交易時，須申報其

324、涉及的任何直接或間接利益，並在適當情況下避席。本公司根據指引（請參閱本公司網站 企業管治 欄目），於每個財務申報期間，要求董事確認彼等或彼等之聯繫人士有否與本公司或其附屬公司進行任何交易。經確認的重大關聯人士交易均已於此年報的財務報表附註披露。主席及集團總經理董事會主席與集團總經理之職責彼此分開。董事會主席負責管理董事會及本集團重大經營決策，而集團總經理則負責管理本集團業務的日常運作，職責劃分明確。馬建榮先生為董事會主席，黃關林先生為集團總經理。獨立非執行董事的獨立性於最後實際可行日期，獨立非執行董事所佔比率為董事會成員的37.5%，彼等皆為優秀的行政管理人員或紡織業及商界範疇的專家，具備多方

325、面專業知識，可為本集團提供足夠的制約及平衡，以保障股東及本集團的整體利益。獨立非執行董事的角色是向董事會提供獨立及客觀的意見，以供董事會作出考慮及決定。全體獨立非執行董事已提交確認獨立性的年度確認書，並符合載於上市規則內獨立性指引的規定。董事會處事程序本集團會定期舉行董事會會議，以商討本集團的營運、財務表現、企業管治及未來發展。董事於舉行董事會會議前最少14天接獲通知，並於會議舉行前最少3天獲發議程及開會文件，確保董事可及時閱覽有關資料，方便彼等履行職務。企業管治報告Corporate Governance Report 46申洲國際集團控股有限公司 Shenzhou Internationa

326、l Group Holdings Limited Minutes of the Board and Board Committees are taken by the Company Secretary and,together with any supporting papers,are open for inspection following reasonable notice by any Directors.Draft and final versions of minutes are also sent to all Directors for their comment and

327、records,respectively.The Company held 4 full Board meetings for the year ended 31 December 2017,with all the existing members of the Board attended except for Mr.Xu Changcheng who was absent from 1 meeting as he had to attend to other business engagements.Board meetings will be held at least four ti

328、mes a year with additional meetings convened as and when necessary to determine overall strategic directions and objectives and approve interim and annual results and other significant matters.During the year,the Chairman also held a separate meeting with all the Independent Non-executive Directors

329、to address business issues and concerns.BOARD DIVERSITYIn order to achieve a diversity of perspectives among members of the Board,it is the policy of the Company to consider a number of factors when deciding on appointments to the Board and the continuation of those appointments.Such factors include

330、 gender,age,cultural and educational background,ethnicity,professional experience,skills,knowledge and length of service.BOARD COMMITTEESTo oversee particular aspects of the Companys affairs and to assist in the execution of its responsibilities,the Board has three Committees,namely Audit Committee,

331、Remuneration Committee and Nomination Committee.The Nomination Committee and the Remuneration Committee have been structured to include a majority of Independent Non-executive Directors as members in order to reinforce independence,while the Audit Committee only comprises Independent Non-executive D

332、irectors.All of the Committees are governed by its respective terms of reference,which are available on the Companys website and the Stock Exchanges website www.hkexnews.hk.All Committees are provided with sufficient resources to discharge their duties.The Committees report to the Board on a regular

333、 basis to discuss significant issues and findings and to make recommendations to the Board for making decisions.公司秘書負責編列董事會及董事委員會的會議紀錄，董事可於發出合理通知後查閱有關會議紀錄及開會文件。全體董事亦均獲發會議紀錄的初稿和定稿，以供彼等提供意見和紀錄存檔。本公司於截至二零一七年十二月三十一日止年度內共舉行四次全體董事會會議，除徐成先生因參與公務而缺席一次會議，全體董事會現任成員於相關時間均有出席。董事會將每年舉行最少四次會議，並於有需要時召開額外會議，以釐定整體策略方針及目標，及批准中期及年度業績及其他重大事宜。年內，主席亦與全體獨立非執行董事舉行獨立會議，以處理業務和關注事宜。董事會成員多元化為求令董事會成員具備多元化的視野，本公司制訂政策在決定董事會成員的委