1、2019年報Annual ReportSunny Optical Technology(Group)Company Limited舜宇光學科技(集團)有限公司Sunny Optical Technology(Group)Company Limited(the“Company”or“Sunny Optical Technology”,together with its subsidiaries,the“Group”)(Stock Code:2382.HK)is a global leading integrated optical components and products manufact

2、urer with more than thirty-five years of history.The Group is principally engaged in the design,research and development(the“R&D”),manufacture and sales of optical and optical-related products.Such products include optical components(such as glass spherical and aspherical lenses,plane products,hands

3、et lens sets,vehicle lens sets,security surveillance lens sets and other various lens sets)(the“Optical Components”),optoelectronic products(such as handset camera modules,three dimensional(the“3D”)optoelectronic products,vehicle modules and other optoelectronic modules)(the“Optoelectronic Products”

4、)and optical instruments(such as microscopes and intelligent equipment for testing)(the“Optical Instruments”).The Group focuses on the application fields of optoelectronic-related products,such as handsets,digital cameras,vehicle imaging and sensing systems,security surveillance systems,virtual real

5、ity(“VR”)/augmented reality(“AR”)and automated factories,which are combined with optical,electronic,software and mechanical technologies.舜宇光學科技（集團）有限公司（本公司 或舜宇光學科技，連同其附屬公司 本集團）（股份代號：2382.HK）為一間全球領先並擁有逾三十五年歷史的綜合光學零件及產品生產商。本集團主要從事設計、研究與開發（研發）、生產及銷售光學及光學相關產品。該等產品包括光學零件（例如玻璃球面及非球面鏡片、平面產品、手機鏡頭、車載鏡頭、安防監控鏡

6、頭及其他各種鏡頭）（光學零件）、光電產品（例如手機攝像模組、三維（3D）光電產品、車載模組及其他光電模組）（光電產品）及光學儀器（例如顯微鏡及智能檢測設備）（光學儀器）。本集團專注於結合光學、電子、軟件及機械技術的光電相關產品的應用領域：如手機、數碼相機、車載成像及傳感系統、安防監控系統、虛擬現實（VR）增強現實（AR）及自動化工廠。CORPORATE PROFILE公司簡介CONTENTS目錄Corporate Profile公司簡介2Financial Summary財務概要6Chairmans Statement主席報告13Management Discussion and Analys

7、is管理層討論與分析47Directors and Senior Management董事及高級管理層55Corporate Governance Report企業管治報告89Directors Report董事會報告110Independent Auditors Report獨立核數師報告116Consolidated Statement of Profit or Loss and Other Comprehensive Income綜合損益及其他全面收益表117Consolidated Statement of Financial Position綜合財務狀況表119Consolidate

8、d Statement of Changes in Equity綜合權益變動表121Consolidated Statement of Cash Flows綜合現金流量表124Notes to the Consolidated Financial Statements綜合財務報表附註275Corporate Information公司資料02 Sunny Optical Technology(Group)Company Limited ANNUAL REPORT 2019Financial Summary財務概要MAIN FINANCIAL INDEXES IN 2019二零一九年主要財務指標

9、Revenue收入37,848.7million 百萬元+46.0%YoYGross Profit Margin毛利率20.5%+1.6pptYoYNet Assets資產淨值12,726.2million 百萬元+37.0%YoYNet Profit 淨利4,019.4million 百萬元+60.0%YoYNet Profit Margin淨利率10.6%Earnings per Share Basic每股盈利基本3.65RMB 人民幣元+60.1%YoY+0.9pptYoY舜宇光學科技（集團）有限公司 2019 年報 03(In Renminbi(“RMB”)million,except

10、 per share amounts)（人民幣百萬元，每股金額除外）Financial Summary財務概要For the year ended 31 December截至十二月三十一日止年度200162015二零一九年二零一八年二零一七年二零一六年二零一五年Consolidated綜合 Operating results 經營業績Revenue 收入37,848.725,931.922,366.314,611.810,696.2Gross profit 毛利7,750.74,913.14,802.82,680.11,763.4Finance costs 融資成本(25

11、0.4)(202.1)(48.8)(16.2)(16.0)Profit before tax 除稅前溢利4,550.42,851.33,318.31,446.4862.3Income tax expense 所得稅開支(531.0)(338.6)(404.2)(174.8)(98.8)Profit for the year 年內溢利4,019.42,512.72,914.11,271.6763.5Attributable to:歸屬：Owners of the Company 本公司股東3,991.32,490.92,901.61,270.8761.6 Non-controlling inte

12、rests 非控股權益28.121.812.50.81.94,019.42,512.72,914.11,271.6763.5Earnings per share Basic(in RMB)每股盈利基本（人民幣）3.652.282.671.180.71Assets and liabilities 資產及負債Non-current assets 非流動資產8,247.16,083.74,090.92,318.71,619.2Current assets 流動資產22,446.016,768.411,635.49,317.96,017.1Total assets 總資產30,693.122,852.

13、115,726.311,636.67,636.3Bank borrowings 銀行借貸1,118.61,482.41,347.9904.3683.2Bonds payable 應付債券4,156.14,080.0Other liabilities 其他負債12,692.28,001.66,859.25,819.03,108.2Total liabilities 總負債17,966.913,564.08,207.16,723.33,791.4Net assets 資產淨值12,726.29,288.17,519.24,913.33,844.9Equity attributable to own

14、ers of the Company本公司股東應佔權益12,552.99,234.17,488.54,895.33,831.0Non-controlling interests 非控股權益173.354.030.718.013.9Total equity 權益總額12,726.29,288.17,519.24,913.33,844.9Key Financial Ratio 主要財務比率Gross profit margin(%)毛利率(%)20.518.921.518.316.5Net profit margin(%)淨利率(%)10.69.713.08.77.1Gearing ratio(%

15、)負債比率(%)17.224.38.67.88.9Current ratio(times)流動比率（倍）1.81.91.51.41.6Quick ratio(times)速動比率（倍）1.41.61.21.01.4FIVE-YEAR FINANCIAL SUMMARY五年財務概要共同創造CREATE TOgEThER06 Sunny Optical Technology(Group)Company Limited ANNUAL REPORT 2019Chairmans Statement主席報告Dear Shareholders,The Company is pleased to presen

16、t to the shareholders the annual report for the year of 2019.Taking advantages of the favourable opportunities arising from the further upgrade of camera products used in the smartphone industry and the rapid development of the vehicle camera field,the Group achieved a favourable performance growth

17、and delivered promising returns for our shareholders in 2019.致股東：本公司欣然向各位股東提呈二零一九年之年報。本集團繼續把握智能手機行業攝像頭產品升級換代及車載攝像頭領域快速發展的良好契機，於二零一九年實現良好的業績增長，為股東創造了理想的回報。Mr.YE Liaoning 葉遼寧先生舜宇光學科技（集團）有限公司 2019 年報 07 Chairmans Statement主席報告BUSINESS REVIEWLooking back at 2019,the global economic growth continued to s

18、low down with intensifying trade tensions.The global trade fell into a weak state.In particular,the volatile Sino-US trade dispute further led to the sluggish momentum of economic growth in the Peoples Republic of China(the“PRC”or“China”),but the overall economy of the PRC showed a steady trend.For

19、the smartphone industry,competition among different brands remained fierce with the continued market saturation,and overall sales volume momentum was sluggish.According to the report issued by Canalys,a market analyst firm,the shipment volume of smartphones for 2019 reached approximately 368.6 milli

20、on units in China mainland market,representing a decrease of approximately 6.8%compared to that of 2018.Nevertheless,by seizing the opportunity of technology upgrade,several domestic top smartphone brand manufacturers increased the number of cameras adopted per smartphone and expanded their applicat

21、ion scenarios to improve the consumer experiences in taking pictures,videos and 3D sensing,thereby stimulating consumers demand for replacement.Besides,5G technologies become increasingly mature and the promotion of their commercialisation is gradually expanded,which provides more possibilities for

22、the innovation of cameras specifications.The sales volume of automobiles in the global market in 2019 recorded a slight decrease with a flat overall performance.However,what cannot be ignored is that under the trend of“New Four Modernizations”represented by electrification,intelligence,connection an

23、d sharing,further technological development of autonomous driving and Internet of Vehicles will bring profound changes to the driving experience and promote the continuous upgrade of cars.On one hand,various intelligent operating systems are gradually penetrating from high-end car models to mid-end

24、car models.Consumers proactively add various intelligent safety devices to their cars,so as to improve their driving experiences.On the other hand,the governments of various countries have also adopted legislative enforcement measures to improve road traffic safety.At present,driven by factors such

25、as policy,cross-boundary competition of Internet and consumers demand,the advanced driver assistance systems(“ADAS”)continue to rapidly increase the penetration rate and become one of the fastest-growing sectors in the automotive electronics market.The vehicle cameras,as one category of the importan

26、t components of vehicle imaging and sensing systems,will maintain a rapid growth in the coming years.業務回顧回顧二零一九年，全球經濟增速持續放緩，貿易緊張局勢加劇，全球貿易陷入疲軟狀態，特別是中美貿易摩擦反復不斷，進一步滯緩了中華人民共和國（中國）經濟增長的動能，但中國經濟總體呈現平穩的態勢。對於智能手機行業而言，隨著市場的持續飽和，不同品牌間的競爭仍然激烈，整體銷量勢頭低迷。根據市場調研機構Canalys發佈的報告，二零一九年中國大陸市場智能手機出貨量約368,600,000部，較二零一八年

27、下降約6.8%。然而，中國前幾大智能手機品牌廠商抓住技術升級機遇，通過增加每部智能手機的攝像頭搭載數量並拓寬其應用場景，來完善消費者在拍照、攝像及3D感應方面的體驗，以此激發消費者的換機需求。此外，5G技術也日益成熟，相關商業化的推廣已逐步鋪開，為攝像頭的規格創新提供更多的可能。二零一九年的全球汽車市場銷量輕微下滑，總體表現平緩。但不可忽視的是，在以電動化、智能化、網聯化和共享化為代表的 新四化趨勢下，無人駕駛以及車聯網技術的進一步發展將給駕乘體驗帶來深刻變革，並推動汽車的不斷更新換代。一方面，各種智能化操控系統正在逐漸從高端車型向中端車型普及，消費者主動添置各種智能安全配置以提高駕駛體驗；另

28、一方面，多國政府亦採用立法強制手段，以改善道路交通安全。目前，在政策、互聯網跨界競爭和消費者需求等因素的驅動下，高級駕駛輔助系統（ADAS）的滲透率繼續快速提升，並成為汽車電子市場增長最快的領域之一。車載攝像頭作為車載成像和傳感系統的重要零部件之一，未來幾年仍將保持快速增長。08 Sunny Optical Technology(Group)Company Limited ANNUAL REPORT 2019Chairmans Statement主席報告儘管外部環境複雜多變，憑藉領先的技術優勢、多樣化的客戶結構、持續堅持 做精做透現有優勢業務 的發展策略和深入推進的人才隊伍建設，本集團的整體業

29、績取得了較好的增長，並進一步鞏固了本集團作為光學專家在行業中的領先地位。作為全球領先的手機鏡頭和手機攝像模組供應商以及全球最大的車載鏡頭供應商，本集團將會持續受益。經營業績於二零一九年，全體員工眾志成城，在充滿活力且富有經驗和前瞻性的管理層的帶領下始終堅持 共同創造 的核心價值觀，積極踐行員工為本的發展理念，誠信敬業的職業操守，知行合一的品格追求以及快速反應的行為作風，本集團各業務的市場競爭力得到提升，並取得了喜人的業績表現。截至二零一九年十二月三十一日止年度，本 集 團 的 收 入 增 加 約 4 6.0%至 約 人 民 幣37,848,700,000元。本公司股東應佔年內溢利增加約60.2

30、%至約人民幣3,991,300,000元。此外，每股基本盈利增加約60.1%至約人民幣364.81分。董事（董事）會（董事會）建議派發末期股息每股約人民幣0.728元（相等於0.810港元）（二零一八年：約人民幣0.568元）。In spite of the complex and changeable external environment,with leading technological advantages,diversified customer base,continued adherence to the development strategy of“Thoroughly

31、Refining the Existing Advantageous Businesses”and in-depth advancement of talent team construction,the Group achieved a relatively sound growth in its overall performance and further consolidated the leading position in the industry as an optical expert.As a global leading supplier of handset lens s

32、ets and handset camera modules as well as the global largest supplier of vehicle lens sets,the Group will continue to enjoy benefit.OPERATIONAL PERFORMANCEIn 2019,with concerted efforts of all employees and under the leadership of an energetic,experienced and forward-looking management,the Group alw

33、ays adhered to the core value of“Create Together”,and actively practiced the employee-oriented development philosophy,the professional ethics of honesty and dedication,the pursuit of the unity of theory and practice,and the behavior style of quick response.The market competitiveness of the Groups va

34、rious businesses has been enhanced and it has achieved a satisfying business performance.For the year ended 31 December 2019,the Groups revenue increased by approximately 46.0%to approximately RMB37,848.7 million.Profit for the year attributable to owners of the Company increased by approximately 60

35、.2%to approximately RMB3,991.3 million.Besides,the basic earnings per share increased by approximately 60.1%to approximately RMB364.81 cents.The board(the“Board”)of directors(the“Directors”,each a“Director”)has proposed a final dividend of approximately RMB0.728(equivalent to HK$0.810)(2018:approxim

36、ately RMB0.568)per share.舜宇光學科技（集團）有限公司 2019 年報 09 Chairmans Statement主席報告可持續發展本集團認為追求可持續發展是企業制定中長期戰略的重要依據。可持續發展的目標是否能達成，關係到公司能否基業長青及是否具有較強的長期市場競爭力。因此，本集團在生產經營活動中遵循各類國際環保政策及法規，並通過技術創新、生產製造改革等手段達到環境保護與可持續發展的目的。同時，本集團持續堅持反哺社會，積極投身於教育、慈善等公益事業，支援城市社區建設，為所在地區的經濟和社會發展貢獻力量。本集團二零一九年度的環境、社會及管治報告將於二零二零年六月二十二日

37、刊發，敬請於香港聯合交易所有限公司（香港聯交所）披露易之網站（http:/www.hkexnews.hk）或本集團網站（http:/）查閱。SUSTAINABLE DEVELOPMENTThe Group believes that the pursuit of sustainable development is an important basis for enterprises to formulate mid-to long-term strategies.Whether the Company can be built to last and whether it has stron

38、ger long-term competitiveness in the market is related to whether the goal of sustainable development can be achieved.Therefore,the Group complies with various international environmental protection policies and regulations in production and operation activities.Through technological innovation,manu

39、facturing reform and other methods,the Group aims to achieve the goals of environmental protection and sustainable development.At the same time,the Group adheres to contributing to the society on an ongoing basis,actively devotes to the public welfare such as education and charity,aids the construct

40、ion of urban communities,and contributes to the local economic and social development.The Environmental,Social and Governance Report for 2019 of the Group will be published on 22 June 2020,which will be available on the website of HKEXnews of The Stock Exchange of Hong Kong Limited(the“Hong Kong Sto

41、ck Exchange”)(http:/www.hkexnews.hk)or the website of the Group(http:/).10 Sunny Optical Technology(Group)Company Limited ANNUAL REPORT 2019Chairmans Statement主席報告展望進入二零二零年，全球經濟仍面臨較多不確定性，如全球經濟貿易紛爭、二零一九年新型冠狀病毒（COVID-19）疫情（疫情）的全球性蔓延、美國總統大選、英國脫歐及中東地緣政治衝突等，全球經濟及金融市場恐仍將受到影響。而在已處於存量時代的智能手機市場，中國品牌已逐步具有與國際一

42、線品牌競爭的實力。光學成為智能手機創新的焦點，光學產業也正處於 量、價 齊升的景氣週期。長遠來看，隨著5G和人工智能等應用的快速發展和廣泛商業化，智能手機市場以及光電相關領域必將迎來新的發展機遇。因此，憑藉所立足的光電產業廣闊的發展前景以及作為光學專家的領先優勢，本集團將緊緊抓住光電產業的發展商機及增長潛力，充分發揮自身獨特的競爭優勢，進一步拓寬產品的應用領域，致力於成為全球領先的綜合光學零件及產品生產商及國際知名企業的戰略合作夥伴，並以持續的增長和良好的業績回報股東，回饋社會。展望未來，本集團將堅定不移地實施 名配角戰略，為客戶創造價值；本集團也將把握新的市場機遇，加快新舊動能的接續轉換，推

43、動業務的綜合發展。本集團相信未來的機遇大於挑戰，全體員工將繼續發揚艱苦奮鬥的創業精神、與時俱進的創新精神及和衷共濟的團隊精神，最終實現 百年老字號 的企業願景。OUTLOOKEntering into 2020,the global economics is still facing many uncertainties,such as the global economic and trade dispute,the global spread of 2019 novel coronavirus(“COVID-19”)epidemic(“Epidemic”),the presidential

44、 election campaign in the United States,the Brexit and the geo-political conflict in the Middle East.The global economy and financial market will still be influenced by such risk factors.However,Chinese brands gradually have the strength to compete with top-tier international brands in the smartphon

45、e market which has already been in the stock era.Optics has become the focus of smartphone innovation,and the optical industry also enters into a boom cycle in terms of rising“quantity”and“price”.In the long run,with the rapid development and widespread commercialization of applications such as 5G a

46、nd artificial intelligence,the smartphone market and the optoelectronic-related fields will certainly usher in new development opportunities.Therefore,leveraging on the broad development prospects of the optoelectronic industry where the Group operates and the leading advantages as an optical expert

47、,the Group will seize the development opportunities and growth potential of the optoelectronic industry and fully leverage on its unique competitive advantages to further broaden the application fields of products.The Group is committed to becoming a manufacturer of integrated optical components and

48、 products and a strategic partner of international renowned enterprises.The Group will reward shareholders and society with continuous growth and good performance.Looking forward,the Group will firmly implement the strategy of“Mingpeijiao”(名配角)and create values for the customers.The Group will also

49、seize the new market opportunities and accelerate the shift in driving forces for development to promote comprehensive business development.The Group believes that there will be more opportunities than challenges in the future.All employees will continue to carry forward entrepreneurial spirit of ha

50、rd work,innovative spirit of keeping up with the times and the team spirit of solidarity,with a view to ultimately achieving the corporate vision of a“Hundred-Year-Old Brand”.舜宇光學科技（集團）有限公司 2019 年報 11 Chairmans Statement主席報告報告期後事項自二零二零年一月以來，COVID-19在中國爆發，中國多個省市已採取各項緊急公共衛生措施及行動以遏制疫情的蔓延，如延長中國農曆新年假期等。於

51、本年報日期，本集團在中國的四個生產基地分別位於浙江省餘姚市、上海市、廣東省中山市及河南省信陽市，並沒有在疫情嚴重地區（如湖北省）設立生產基地。本集團於二零二零年一月二十三日啟動一級應急預案，由本人與總裁孫泱先生親自掛帥，制定了 防疫應急響應組織及各管理小組的工作方案，成立了綜合協調、測溫、消毒、隔離、食堂、宿舍、採購、人力資源、財務、監察和宣傳外聯共十一個工作小組，上下聯動，對防疫工作做了周密安排和部署，嚴格落實各項防控措施。本集團特聘請兩位知名醫師擔任健康顧問，對防疫工作提供專業的醫學指導，切實保障員工健康及生產安全。本集團採取員工三色化分類管控和全員網格化管理，確保有序推進恢復生產的進程。

52、於本財務報表發行日期，本集團的產能利用率已恢復到正常水平。然而，鑒於COVID-19固有的不可預測性並在全世界範圍內迅速蔓延，本集團業務可能遭受影響，對此本公司董事將持續密切關注。展望未來，本集團將進一步完善突發事件的應急預案及實戰化演練，以加強風險管理及完善內部監控系統。EVENTS AFTER THE REPORTING PERIODSince the outbreak of the COVID-19 in the PRC in January 2020,various emergency public health measures and actions have been impos

53、ed by multiple provinces and municipalities in the PRC to curb the spread of the Epidemic,including extending the Chinese Lunar New Year holiday.As at the date of this annual report,the Groups four production bases in the PRC are located in Yuyao of Zhejiang Province,Shanghai,Zhongshan of Guangdong

54、Province and Xinyang of Henan Province,respectively.The Group has not established production bases in regions seriously affected by the Epidemic,such as Hubei Province.On 23 January 2020,the Group activated the first-level emergency plan,which was executed under the leadership of the Chief Executive

55、 Officer Mr.Sun Yang and me,formulated the“Working Plan of Emergency Response Organizations and Management Groups for Epidemic Prevention”,and established 11 working teams covering overall coordination,temperature measurement,sterilization,quarantine,canteen,dormitory,procurement,human resources,fin

56、ance,monitoring and outreach publicity in order to make deliberate arrangement and deployment for the Epidemic prevention and strictly implement various prevention and control measures in various departments of the Group.The Group has specially appointed two famous medical doctors as its health cons

57、ultants to provide professional medical guidance on the Epidemic prevention to effectively protect the health of staff and production safety.The Group adopted the“Three Colors Classified Management Method and Grid Management Method for the Staff(員工三色化分類管控和全員網格化管理)”to ensure the resumption of product

58、ion in an orderly manner.As at the date of issuance of these financial statements,the capacity utilization rate of the Group has resumed normal.However,given the inherent unpredictable nature and rapid spread relating to COVID-19 globally,the Groups business might be affected and the Directors of th

59、e Company will continue to closely monitor in this regard.Looking ahead,the Group will further improve the emergency response plan and conduct practical trainings to enhance the risk management and improve the internal control systems.12 Sunny Optical Technology(Group)Company Limited ANNUAL REPORT 2

60、019Chairmans Statement主席報告APPRECIATIONThe Group would like to express its appreciation to all of its staff for their long-term efforts and to the management for their outstanding contribution.It is the unremitting efforts of each member that enable the Group to make great achievements.Also,the Group

61、 wishes to express its sincere gratitude towards its shareholders,customers and business partners for their long-standing support and recognition.The Group will continue to strive for the sustainable development of the business,so as to realise higher values for its shareholders and other stakeholde

62、rs.Ye LiaoningChairman and Executive DirectorChina16 March 2020致謝本集團在此對全體員工的長期努力及管理層的傑出貢獻致以衷心謝意，正是每位成員的不懈努力才促使本集團取得了良好的成績。同時，本集團誠摯感謝各位股東、客戶及業務夥伴長期以來的支持與肯定。本集團將繼續致力於業務的可持續發展，為股東及其他持份者創造更多價值。葉遼寧主席及執行董事中國二零二零年三月十六日舜宇光學科技（集團）有限公司 2019 年報 13 Management Discussion and Analysis管理層討論與分析MARKET REVIEWLooking

63、back at 2019,the global economy remained sluggish,with the economic growth reaching the lowest point since the financial crisis in 2008.Meanwhile,the global shipment volume of smartphones continued to decline for the third consecutive year in 2019.According to the report issued by a market analyst f

64、irm,Canalys,the global shipment volume of smartphones in 2019 was approximately 1,366.7 million units,representing a decrease of approximately 1.6%compared to that of 2018.As the smartphone market has already been in the stock era,major smartphone brand manufacturers are looking for new functions to

65、 seek differentiated competitive advantages and breakthroughs of sales volume.The trend of industrial concentration is increasingly prevalent.In this context,a leapfrog improvement in camera functions leads to the rapid development of the camera technology in smartphone.In 2019,it became a mainstrea

66、m to equip smartphones with multi-camera.Specifications such as ultra-high resolution,large aperture,large image size,ultra-wide angle,ultra-miniaturisation,telephoto and time of flight(“TOF”)were continuously upgraded in order to enrich user experiences such as optical zoom,infinity screen and 3D s

67、ensing.Relying on the market-driven technological innovation,the Group actively invests in R&D of new products,and conducts in-depth cooperation with mainstream smartphone brand manufacturers to further develop and consolidate its leading technological advantages in the optical-related industries.市場

68、回顧回顧二零一九年，全球經濟仍然疲軟，經濟增速達到自二零零八年金融風暴以來的最低點。同時，二零一九年也是全球智能手機出貨量連續下滑的第三年。根據市場調研機構Canalys發佈的報告，二零一九年全球智能手機的出貨量約1,366,700,000部，較二零一八年下降約1.6%。智能手機市場已處於存量時代，各大智能手機品牌廠商都在尋找新的性能以謀求差異化的競爭優勢和銷量突破，行業集中化態勢愈發明顯。在此背景下，智能手機的相機功能得到跨越式的升級，這也帶動了智能手機攝像頭技術的快速發展。二零一九年，智能手機配備多攝像頭成為主流，而超高像素、大光圈、大像面、超廣角、超小型化、長焦、飛行時間（TOF）等規格

69、也持續升級，豐富了光學變焦、全面屏、3D感應等用戶體驗。本集團憑藉市場驅動的技術創新，為新產品研發積極投入資源，與主流智能手機品牌廠商展開深度合作，進一步發揮並鞏固自身在光學相關行業中的領先技術優勢。14 Sunny Optical Technology(Group)Company Limited ANNUAL REPORT 2019Management Discussion and Analysis管理層討論與分析In 2019,despite the slight decline in sales volume of the global automobile market,the gov

70、ernments of various countries have gradually agreed with the view that intelligent driving technology can improve traffic safety,and further increase the penetration rate of intelligent driving by encouraging installation and imposing mandatory requirements.In March 2019,the Japanese government revi

71、sed the“Road Transport Vehicle Act”,which requires the addition of“automatic operating devices”to security standard target devices,that is,devices such as cameras and radars that must be installed in the vehicle when it is driven automatically through a software program.The Japanese government expec

72、ts that autonomous driving can be achieved on the expressway and unmanned vehicles will be used to deliver services in sparsely populated areas in 2020.According to the“Safety Technical Conditions for Operating Passenger Vehicles”issued by the Ministry of Transport of China,operating passenger vehic

73、les with a length over 9 meters are required to be equipped with the lane departure warning system(“LDWS”)and forward collision warning system(“FCWS”)to enhance active safety.Besides,operating passenger vehicles that meet the requirements of the regulations have been officially and compulsorily inst

74、alled with autonomous emergency braking system(“AEBS”)since 1 April 2019.In addition,the“Safety Technical Conditions for the Operation of Motor Vehicles”also clearly emphasizes that highway passenger vehicles and sightseeing buses with a length of more than 11 meters should be compulsorily installed

75、 with lane-keeping assistance system(“LKAS”)and AEBS prior to 1 February 2021.In addition,a number of global automobile manufacturers also plan to start Level 3 of autonomous driving from 2020,including Honda,Nissan,Volkswagen and BMW,etc.In China,Shanghai has issued an intelligent connected vehicle

76、s demonstration application license,and Wuhan City has also issued the first batch of seven“road transportation business licenses”for autonomous driving vehicles to permit the manned trial operation.Driven by policies,Internet cross-border competition and consumer demand,the penetration rate of ADAS

77、 has increased rapidly.With its own technological innovation and leading advantages,the Group will fully benefit from the rapid growth of the vehicle camera industry.二零一九年，全球汽車市場銷量出現輕微下滑，但是各國政府逐步認同智能駕駛技術能夠提高交通安全的觀點，並通過鼓勵安裝及強制要求的方式來進一步提高智能駕駛的滲透率。二零一九年三月，日本政府修訂了 道路運輸車輛法，其中要求在安保標準對象裝置中追加 自動運行裝置，即通過軟件程序

78、使車輛自動行駛時必須安裝的一些裝置，例如攝像頭、雷達等，並且日本政府希望在二零二零年實現高速公路上的自動駕駛及在人口稀少地區開啟無人駕駛車輛運送服務。根據中國交通運輸部發佈的 營運客車安全技術條件，車長超過9米的營運客車都需加裝車道偏離預警系統（LDWS）和前車碰撞預警系統（FCWS），以增強主動安全性能。同時，符合規範要求的營運客車，在二零一九年四月一日起已正式強制安裝自動緊急制動系統（AEBS）。此外，機動車運行安全技術條件 也明確強調車長大於11米的公路客車和旅遊客車應在二零二一年二月一日前強制安裝車道保持輔助系統（LKAS）與AEBS。此外，全球多家汽車製造商也計畫從二零二零年開始實現

79、第三等級自動駕駛，包括本田、日產、大眾和寶馬等。在中國，上海市頒發了智能網聯汽車示範應用牌照，武漢市也頒發了首批七張自動駕駛汽車 道路運輸經營許可證，准許開展載人試運營。在政策、互聯網跨界競爭和消費者需求的驅動下，ADAS的滲透率快速提升。憑藉自身的技術創新及領先優勢，本集團將全面受益於車載攝像頭行業的快速增長。舜宇光學科技（集團）有限公司 2019 年報 15 Management Discussion and Analysis管理層討論與分析光學儀器市場方面，顯微鏡業務的市場需求疲弱。然而，隨著國內傳統製造業的轉型升級，市場對於自動化工廠所需的智能化機器及設備的需求不斷增加。本集團積極順應

80、技術發展潮流，並進一步整合內外部資源，開發重點市場，以抓住新業務發展機遇。此外，本集團在其他新興業務方面也取得了一定進展。隨著3D視覺相關市場應用的逐步落地與明朗化，本集團的TOF產品及技術方案可應用於機器人視覺、人臉支付、智能零售及智能物流等相關領域。其中，本集團在市場戰略定位上聚焦於機器人視覺領域，以掃地機器人視覺模組作為切入點，已配合知名客戶完成演算法匹配驗證。這標誌著本集團視覺解決方案應用於掃地機器人行業的正式落地。此外，在AR/VR領域，本集團佈局了一系列的光學元件產品，其中菲涅爾鏡片與傳統非球面鏡片相比更輕、更薄，更加貼近終端產品小型輕薄化的需求，成熟的功能性設計和高精度注塑工藝可

81、以滿足不同客戶的需求。本集團緊跟時代發展，積極拓展光學相關領域，提前做好技術儲備，以求在未來新領域的發展中佔有一席之地。For the optical instruments market,the market demand of microscopes business was week.However,due to the transformation and upgrade of the domestic traditional manufacturing industry,the demands for intelligent machines and equipment from a

82、utomated factories were increasing.The Group made proactive efforts to keep pace with the trend of technological development and further integrated its internal and external resources to develop key markets,with an aim to seize new opportunities for business development.In addition,the Group has als

83、o made certain improvements in other emerging businesses.With the gradual landing and clarification of 3D vision-related market applications,TOF products and technical solutions of the Group can be applied to robotic vision,facial recognition payment,smart retail,smart logistics and other various fi

84、elds.Among them,the Group has focused on the field of robotic vision in terms of its market strategic positioning.Taking the sweeping robotic vision module as an entry point,the Group has completed algorithm match verification for a renowned customer.This means the Groups vision solutions has offici

85、ally applied in sweeping robot industry.In addition,in the area of AR/VR,the Group has made the layout of a series of optical component products,among which Fresnel lens is lighter and thinner than traditional aspherical lens and closer to the demand for smaller,thinner and lighter of end products.I

86、ts mature functional design and high precision injection molding technology can meet the demands of different customers.The Group will keep up with the development of the times by expanding into optical related fields and making technological preparation in advance in order to survive in the develop

87、ment of these new fields in the future.16 Sunny Optical Technology(Group)Company Limited ANNUAL REPORT 2019Management Discussion and Analysis管理層討論與分析業務回顧於二零一九年，本集團的主要業務皆取得了不錯的業績。手機鏡頭全年出貨量較去年增長約41.3%。隨着行業地位的持續提升，市佔率於本年度穩居全球第二，產品結構和客戶結構也進一步優化。車載鏡頭全年出貨量較去年增長約25.4%，且持續保持了好於行業的增長勢頭及全球第一的領先地位，市場份額進一步得到提升。

88、在行業競爭激烈及全球經貿不穩定等多重壓力下，手機攝像模組業務迎難而上，全年出貨量較去年增長約27.7%，且該業務有效梳理和整改了製造體系及管理流程，並對組織架構進行了調整，同時也進一步打通了銷售、研發、製造、品質保證等各個環節，產品良率得到提升，經營成本進一步下降。於年內，本集團着眼未來，積極進行專利佈局，以有效防範知識產權方面存在的經營風險。於二零一九年十二月三十一日，本集團已獲授權專利1,521項，包括發明專利436項，實用新型專利1,032項及外觀設計專利53項。此外，另有2,490項待批核的專利。光學零件受惠於中高端智能手機市場與車載成像及傳感領域的良好發展，光學零件事業突破各項關鍵技

89、術要素，增強製造能力，提升產品及服務附加值，加快新興光學領域的技術探索與業務開拓，快速搶佔市場先機，並強化內部管理，秉承客戶至上及快速反應的文化理念，該事業的收入錄得快速增長。於年內，光學零件事業的收入約人民幣8,815,400,000元，較去年增長約46.4%。此業務部門佔本集團總收入約23.3%，而在去年則約佔23.2%。BUSINESS REVIEWDuring the year of 2019,the Groups major businesses achieved good results.The shipment volume of handset lens sets for th

90、e year increased by approximately 41.3%compared to that of last year.As the industrys position continued to enhance,it firmly ranked the second globally in terms of market share for the year.The product mix and customer base have also been further optimised.The shipment volume of vehicle lens sets f

91、or the year increased by approximately 25.4%compared to that of last year.It has continued to maintain a better growth momentum than the industry and ranked the first globally with increasing market share.Under the multiple pressure of fierce competition in the industry and global economic and trade

92、 instability,the handset camera modules business surmounted the challenges and its shipment volume for the year increased by approximately 27.7%compared to that of last year.This business effectively checked and rectified the manufacturing system and the management processes,and also adjusted the or

93、ganization structure.Meanwhile,with further getting through sales,R&D,manufacturing,quality control and other aspects,the product yield rate improved and operating costs further declined.During the year,the Group focused on the future and actively made patent layout to effectively avoid operating ri

94、sk in terms of intellectual property rights.As at 31 December 2019,the Group had 1,521 granted patents,including 436 invention patents,1,032 utility model patents and 53 exterior design patents.In addition,another 2,490 patent applications are pending for approval.OPTICAL COMPONENTSBenefiting from t

95、he good development of the mid-and high-end smartphone market and the vehicle imaging and sensing fields,the Optical Components business segment overcame multiple key technological factors and enhanced the manufacturing capabilities to increase the value added to the products and services.The Group

96、promoted the technological exploration and business development of the emerging optical field and seized the market opportunities quickly.The Group also fortified the internal management and adhered the cultural concept of the customer first and quick response.This business segment recorded a rapid

97、growth in terms of the revenue.During the year,the revenue of the Optical Components business segment amounted to approximately RMB8,815.4 million,representing an increase of approximately 46.4%compared to that of last year.This business segment accounted for approximately 23.3%of the Groups total r

98、evenue,compared to approximately 23.2%of last year.舜宇光學科技（集團）有限公司 2019 年報 17 Management Discussion and Analysis管理層討論與分析During the year,the Group has successfully completed the R&D of numerous handset lens sets with high specifications,mainly including ultra-large image size(1/1.5”and 1/1.3”)handset

99、lens sets and the 10-time optical zoom handset lens sets.Meanwhile,the 64-mega pixel large image size(1/1.7”)handset lens sets,ultra-miniaturised head(head size is 1.865 mm)handset lens sets and 5-time optical zoom handset lens sets have commenced mass production.Furthermore,with the extensive exper

100、ience and leading technological advantages in the optical field,the Group actively developed emerging optical markets and engaged in the development of lens sets and optical components applied in VR/AR,3D sensing,smart home,drones and optical communication,etc.During the year,the sales of the Groups

101、 VR lens sets and lenses,the optical components of 3D sensing and lens sets of smart home had further breakthrough and seized the market opportunities in advance.During the year,the vehicle lens sets of the Group achieved certain breakthroughs in technological innovation.The Group has completed the

102、R&D of front,side and rear view vehicle lens sets which are all 8-mega pixel.These vehicle lens sets can be applied to Level 4 of autonomous driving.And the Group obtained mass production orders.In addition,the Group also made satisfying achievements in emerging products.During the year,the Group ha

103、s completed the development of the core modules of the AR head-up display(“AR HUD”)in vehicles and delivered the samples to the clients.Meanwhile,the Group continued to promote the R&D of LiDAR optical mechanical modules and continuously deployed the optical sensing products for the upgrading ADAS a

104、nd autonomous driving system.As at 31 December 2019,a total of 715 granted patents have been obtained by the Group in the Optical Components business segment,including 229 invention patents,481 utility model patents and 5 exterior design patents.In addition,1,262 patents are pending for approval.於年內

105、，本集團成功完成了多款高規格手機鏡頭的研發，主要包括超大像面（1/1.5”和1/1.3”）手機鏡頭和10倍光學變焦手機鏡頭。同時，6,400萬像素大像面（1/1.7”）手機鏡頭、超小頭部（頭部尺寸為1.865mm）手機鏡頭及5倍光學變焦手機鏡頭都已實現量產。此外，憑藉在光學領域的深厚積累及技術領先優勢，本集團積極開拓新興光學市場，同時著力於VR/AR、3D感應、智能家居、無人機和光通訊等鏡頭與光學零部件的開發。於年內，本集團的VR類鏡頭與鏡片、3D感應光學零部件及智能家居類鏡頭的銷售也進一步突破，奪取了行業先機。於年內，本集團的車載鏡頭在技術創新方面也實現了一定的突破。本集團完成了前視、側視和

106、後視均為800萬像素的車載鏡頭的研發，此類車載鏡頭可應用於第四等級自動駕駛，並且已獲得量產訂單。此外，本集團在新興產品上也取得了喜人的成績，於年內，本集團完成了汽車增強現實抬頭顯示（AR HUD）核心模塊的開發，並已送樣給客戶。同時，本集團繼續推進激光雷達光機的研發，為不斷升級的ADAS及自動駕駛系統佈局光學傳感器產品。於二零一九年十二月三十一日，本集團在光學零件事業中已獲授權專利共715項，包括發明專利229項，實用新型專利481項及外觀設計專利5項。此外，另有1,262項專利正在申請當中。18 Sunny Optical Technology(Group)Company Limited A

107、NNUAL REPORT 2019Management Discussion and Analysis管理層討論與分析OPTOELECTRONIC PRODUCTSUnder the multiple pressure of the continuous decline in the global shipment volume of smartphones,the intense competition in the industry and the volatile Sino-US trade dispute,the Optoelectronic Products business seg

108、ment has made breakthroughs in the core technologies,optimised the organization functions and personnel allocation,strengthened supply chain management and improved the manufacturing system.As a result,the yield rates of new products further improved and this business segment has made decent achieve

109、ment.During the year,the revenue of the Optoelectronic Products business segment amounted to approximately RMB28,748.4 million,representing an increase of approximately 46.6%compared to that of last year.This business segment accounted for approximately 76.0%of the Groups total revenue,compared to a

110、pproximately 75.6%of last year.During the year,the specifications of smartphone cameras upgraded continuously and the application scenarios became increasingly abundant.Optical zoom is still an important technology for smartphone cameras to benchmark digital cameras and the Group has completed the R

111、&D of 10-time optical zoom handset camera modules.Besides,5-time optical zoom handset camera modules,ultra-large image size(1/1.3”)handset camera modules and ultra-large aperture(FNo.1.4)handset camera modules have achieved mass production.At the same time,the advent of the 5G era further stimulated

112、 the development for 3D sensing and the demand for TOF technology from smartphone brand manufacturers was particularly strong.The Group has mass produced TOF-related products in large amounts.In terms of packaging technology,the Group further developed and promoted the second-generation semiconducto

113、r packaging solution.This solution would enhance the strength and flatness of handset camera modules to improve the reliability of high-end products.光電產品在全球智能手機出貨量連續下滑、行業競爭激烈及中美貿易摩擦不斷反復等多重壓力下，光電產品事業部突破核心關鍵技術，優化組織職能和人員配置，強化供應鏈管理以及整改製造系統，新產品良率進一步提高，該事業實現了不錯的增長。於年內，光電產品事業的收入約人民幣28,748,400,000元，較去年增長約46

114、.6%。此業務部門佔本集團的總收入約76.0%，而在去年則佔約75.6%。於年內，智能手機攝像頭的規格持續升級且應用場景也日益豐富。光學變焦仍是智能手機攝像頭對標數碼相機攝像頭的重要技術，本集團已完成10倍光學變焦手機攝像模組的研發。此外，5倍光學變焦手機攝像模組、超大像面（1/1.3”）手機攝像模組及超大光圈(FNo.1.4)手機攝像模組已實現量產。與此同時，5G時代的來臨進一步推動了3D感應的發展，智能手機品牌廠商對TOF技術的需求尤為強烈，且本集團已大量量產TOF相關產品。在封裝工藝方面，本集團進一步研發和推廣第二代半導體封裝方案，該方案可以增強手機攝像模組的強度及平整度，提升高端產品的

115、可靠性。舜宇光學科技（集團）有限公司 2019 年報 19 Management Discussion and Analysis管理層討論與分析During the year,the production lines of the Groups handset camera modules were further optimised and the automation level was further improved.In terms of production line process,the Group pioneered the on-line assembly(“OLA”),w

116、hich used automatic loading and unloading and material transfer methods to achieve automatic production from chip on board(“COB”)to active alignment(“AA”).The Groups self-developed automated array camera assembly(“ACA”)has also been put into use.This can reduce the variance in the assembly process,i

117、mprove the attachment precision and achieve online production.In terms of inspection of finished products,the Group has achieved auto optical inspection(“AOI”),which has significantly improved the efficiency of inspection as compared to manual inspection.In addition,the Group has also initiated the

118、equipment of wafer level testing(“WLT”),which has significantly enhanced the testing efficiency.In respect of the vehicle modules business,the Group systematically laid out the product roadmaps in a market-oriented way,and launched the design of key technologies and new forward-looking products with

119、 the strong optoelectronic technology.The products were recognized in the market and the business achieved breakthroughs.During the year,the Group has completed the R&D of 8-mega pixel front-view vehicle modules.In addition,the Group will continue to take robotic vision as its strategic business thr

120、ough the advantages of 3D depth sensing technology and the integration of software and hardware so as to build a large robotic vision platform.The Group will develop core capabilities including high-precision TOF technology,color and depth(“RGBD”)camera calibration and mass production as well as the

121、 algorithm of robotic recognition and positioning.The Group will focus on the construction of two product lines for recognition and positioning,with sweeping robots and facial recognition payment as market entry points in order to speed up the implementation of strategic business.As at 31 December 2

122、019,a total of 659 granted patents have been obtained by the Group in the Optoelectronic Products business segment,including 186 invention patents,451 utility model patents and 22 exterior design patents.In addition,1,156 patents are pending for approval.於年內，本集團手機攝像模組的產線進一步優化且自動化水平進一步提升。在產線制程方面，本集團首

123、創連線組裝線體（OLA），該線體採用全自動上下料及物料傳送的方式，實現從板上芯片封裝（COB）到主動對準（AA）的生產自動化。本集團自主開發的自動化支架組裝線體（ACA）也已投入使用，其能減少多攝支架組裝過程中的變異，提高貼附精度且實現連線生產。在成品檢測方面，本集團已實現成品機器視覺檢測（AOI），相比人工檢測，該檢測方法能顯著提升檢驗效率。此外，本集團亦首推多拼版檢測設備（WLT），大幅提高檢測效率。在車載模組業務方面，本集團以市場為導向，系統性地佈局產品路線，並以深厚的光電技術展開關鍵技術和前瞻性新型產品的設計，產品得到市場認可，業務得到突破性進展。於年內，本集團已完成800萬像素前視車

124、載模組的研發。此外，本集團繼續以機器人視覺為戰略業務方向，藉助3D深度傳感技術及軟硬件結合的優勢，構建機器人視覺大平臺，建設高精度TOF技術、彩色和深度（RGBD）相機標定及量產、機器人識別及定位算法等核心能力，重點建設識別與定位兩條產品線，以掃地機器人及人臉支付作為市場切入點，加快戰略業務的分層落地。於二零一九年十二月三十一日，本集團在光電產品事業中已獲授權專利共659項，包括發明專利186項，實用新型專利451項及外觀設計專利22項。此外，另有1,156項專利正在申請當中。20 Sunny Optical Technology(Group)Company Limited ANNUAL RE

125、PORT 2019Management Discussion and Analysis管理層討論與分析OPTICAL INSTRUMENTSDuring the year,the market demand for optical instruments was weak.The revenue of the Optical Instruments business segment amounted to approximately RMB284.9 million,representing an decrease of approximately 5.0%compared to that o

126、f last year.This business segment accounted for approximately 0.7%of the Groups total revenue,compared to approximately 1.2%of last year.In the microscopes business,the Group completed the R&D of laser confocal scanning microscope.The field of view and imaging speed of the microscope are in the dome

127、stic leading position.Flexible switches can enable high-precision scanning and high-speed scanning which provides better hardware support for scientific researchers.At the same time,in the field of medical automated scanning,the Group pioneered and mass produced the first domestic 60-time apochromat

128、ic oil-immersion objective with a numerical aperture of 1.4.This objective can significantly enhance the coverage area with guaranteed distinguishability so as to improve the scanning efficiency.In the intelligent equipment business,the Group completed the R&D and batch sales of the pathological sec

129、tion scanner and has obtained certification from the China Food and Drug Administration.The scanner applies the technologies such as triple-prism micro-optical imaging,flight focus technology and ultra-depth of field to quickly form clear and high-level color rendition digital images of pathological

130、 sections,which in turn assist doctors in diagnosis and facilitate remote pathology and digital pathology storage.In addition,in the industrial field,the Group continued to increase the R&D investments in online optical inspection equipment and optimize the efficiency and performance of the equipmen

131、t.As at 31 December 2019,a total of 147 granted patents have been obtained by the Group in the Optical Instruments business segment,including 21 invention patents,100 utility model patents and 26 exterior design patents.In addition,72 patents are pending for approval.光學儀器於年內，光學儀器的市場需求疲弱。光學儀器事業的收入約人民

132、幣284,900,000元，較去年下降約5.0%。此業務部門佔本集團的總收入約0.7%，而在去年則佔約1.2%。在顯微鏡業務，本集團完成了激光共聚焦掃描顯微鏡的研發。該顯微鏡的視場大小和成像速度等均為國內領先水準，且能夠實現高精度掃描與高速掃描的靈活切換，為科研工作者提供了更好的硬件支持。同時，在醫療自動化掃描領域中，本集團於國內首創數值孔徑為1.4的複消色差60倍油鏡並實現量產。該物鏡能夠在保證分辨率的情況下，大幅提升一次成像區域，提高掃描效率。在智能裝備業務，本集團完成了病理切片掃描儀的研發且形成批量銷售，並已經取得國家食品藥品監督管理總局的認證。該掃描儀採用三棱鏡顯微光學成像、飛行對焦技

133、術和超景深等技術，快速形成清晰高色彩還原的病理切片數字圖像，輔助醫生進行診斷，並對遠程病理和數字病理存儲提供便利。此外，在工業領域方面，本集團持續加大研發投入於在線光學檢測設備，優化設備的效率與性能。於二零一九年十二月三十一日，本集團在光學儀器事業中已獲授權專利共147項，包括發明專利21項，實用新型專利100項及外觀設計專利26項。此外，另有72項專利正在申請當中。舜宇光學科技（集團）有限公司 2019 年報 21 Management Discussion and Analysis管理層討論與分析FINANCIAL REVIEWRevenueFor the year ended 31 De

134、cember 2019,the Groups revenue was approximately RMB37,848.7 million,representing an increase of approximately 46.0%or approximately RMB11,916.9 million compared to that of last year.The increase in revenue was mainly benefited from the Groups further development in smartphone related businesses and

135、 rapid growth in the vehicle imaging and sensing fields.Revenue generated from the Optical Components business segment increased by approximately 46.4%or approximately RMB2,792.6 million to approximately RMB8,815.4 million compared to that of last year.The increase in revenue was mainly attributable

136、 to the sound development of handset lens sets and vehicle lens sets businesses.Revenue generated from the Optoelectronic Products business segment increased by approximately 46.6%or approximately RMB9,139.3 million to approximately RMB28,748.4 million compared to that of last year.The increase in r

137、evenue was mainly attributable to the growth in the shipment volume and average selling price of handset camera modules.Revenue generated from the Optical Instruments business segment decreased by approximately 5.0%or approximately RMB15.0 million to approximately RMB284.9 million compared to that o

138、f last year.The decrease in revenue was mainly attributable to the weak market demand for optical instruments.Gross Profit and MarginThe gross profit of the Group for the year ended 31 December 2019 was approximately RMB7,750.7 million,which was approximately 57.8%higher compared to that of last yea

139、r.The gross profit margin was approximately 20.5%(2018:approximately 18.9%),which was approximately 1.6 percentage points higher compared to that of last year.The increase in gross profit margin was mainly attributable to the increase in gross profit margins of the Optical Components and Optoelectro

140、nic Products business segments compared to those of last year.The gross profit margins of Optical Components business segment,Optoelectronic Products business segment and Optical Instruments business segment were approximately 45.2%,9.3%and 41.3%,respectively(2018:approximately 41.5%,8.4%and 40.5%re

141、spectively).財務回顧收入截至二零一九年十二月三十一日止年度，本集團的收入約人民幣37,848,700,000元，較去年增長約46.0%或約人民幣11,916,900,000元。收入增長主要是因為本集團受惠於智能手機相關業務的進一步發展以及車載成像及傳感領域的快速增長。光學零件事業的收入較去年增長約46.4%或約人民幣2,792,600,000 元至約人民幣8,815,400,000元。收入增長主要是因為手機鏡頭及車載鏡頭的業務發展良好。光電產品事業的收入較去年增長約46.6%或約人民幣9,139,300,000 元至約人民幣28,748,400,000元。收入增長主要是因為手機攝像

142、模組的出貨量及平均銷售單價上升。光學儀器事業的收入較去年下降約5.0%或約人民幣15,000,000元至約人民幣284,900,000元。收入下降主要是因為光學儀器的市場需求疲弱。毛利及毛利率截至二零一九年十二月三十一日止年度，本集團的毛利約人民幣7,750,700,000元，較去年上升約57.8%。毛利率則約20.5%（二零一八年：約18.9%），較去年上升約1.6個百分點。毛利率的上升主要是由於光學零件事業及光電產品事業的毛利率較去年有所提升。光學零件事業的毛利率約45.2%（二零一八年：約41.5%），光電產品事業的毛利率約9.3%（二零一八年：約8.4%）及光學儀器事業的毛利率約41.

143、3%（二零一八年：約40.5%）。22 Sunny Optical Technology(Group)Company Limited ANNUAL REPORT 2019Management Discussion and Analysis管理層討論與分析Selling and Distribution ExpensesThe selling and distribution expenses of the Group for the year ended 31 December 2019 increased by approximately RMB68.7 million compared t

144、o that of last year to approximately RMB278.6 million.It accounted for approximately 0.7%of the Groups revenue during the year,compared to approximately 0.8%of last year.The increase in absolute amount was primarily attributable to the increase in the costs of selling,marketing and distribution pers

145、onnel resulted from the increased sales activities.R&D ExpenditureThe R&D expenditure of the Group for the year ended 31 December 2019 increased by approximately RMB847.0 million compared to that of last year to approximately RMB2,209.3 million.It accounted for approximately 5.9%of the Groups revenu

146、e during the year,compared to approximately 5.3%of last year.The increase in overall R&D expenditure was attributable to the Groups continuous investments in the upgrade of existing products and the R&D of the products related to the emerging businesses.Administrative ExpensesThe administrative expe

147、nses of the Group for the year ended 31 December 2019 increased by approximately RMB216.5 million compared to that of last year to approximately RMB650.4 million.It accounted for approximately 1.7%of the Groups revenue during the year,which was the same compared to that of last year.The increase in

148、absolute amount was mainly attributable to the increase in the headcount and remuneration of administrative staff,the grant of restricted shares and the corresponding increase in relevant fringe benefits.Income Tax ExpenseThe income tax expense of the Group for the year ended 31 December 2019 increa

149、sed by approximately RMB192.4 million compared to that of last year to approximately RMB531.0 million.The increase in income tax expense was mainly attributable to the increase in profit before tax.The Groups effective tax rate was approximately 11.7%during the year,compared to approximately 11.9%of

150、 last year.銷售及分銷開支截至二零一九年十二月三十一日止年度，本集團的銷售及分銷開支較去年增加約人民幣68,700,000元，達至約人民幣278,600,000元，於年內佔本集團收入約0.7%，去年佔比約0.8%。絕對金額的增加主要是由於營銷活動增加導致相關銷售、市場推廣及分銷人員的成本增加。研發開支截至二零一九年十二月三十一日止年度，本 集 團 的 研 發 開 支 較 去 年 增 加 約 人 民 幣847,000,000元，達至約人民幣2,209,300,000元，於年內佔本集團收入約5.9%，去年佔比約5.3%。總體研發開支的增加是由於本集團持續投放資金於現有產品的升級以及新興業

151、務相關產品的研發上。行政開支截至二零一九年十二月三十一日止年度，本 集 團 的 行 政 開 支 較 去 年 增 加 約 人 民 幣216,500,000元，達至約人民幣650,400,000元，於年內佔本集團收入約1.7%，與去年佔比相同。絕對金額的增加主要是因為行政員工數量及薪資的上升，限制性股份的授出及相關福利成本的提高。所得稅開支截至二零一九年十二月三十一日止年度，本集團的所得稅開支較去年增加約人民幣192,400,000元，達至約人民幣531,000,000元。所得稅開支增加的主要原因是除稅前溢利增加。於年內，本集團的有效稅率約11.7%，去年則約11.9%。舜宇光學科技（集團）有限公

152、司 2019 年報 23 Management Discussion and Analysis管理層討論與分析The tax rates applicable to the Groups subsidiaries in the PRC are shown as follows:Name of subsidiariesType of subsidiaries20021附屬公司名稱附屬公司類型二零一八年二零一九年二零二零年二零二一年(Expected)（預期）(Expected)（預期）+*Zhejiang Sunny Optics Co.,Ltd.(“Sunny Zheji

153、ang Optics”)+*浙江舜宇光學有限公司（舜宇浙江光學）Limited liability company (Taiwan,Hong Kong or Macau joint venture)有限責任公司（台港澳合資）15.0%15.0%15.0%15.0%+*Ningbo Sunny Instruments Co.,Ltd.(“Sunny Instruments”)+*寧波舜宇儀器有限公司（舜宇儀器）Limited liability company (Taiwan,Hong Kong or Macau joint venture)有限責任公司（台港澳合資）15.0%15.0%15.0

154、%15.0%+*Sunny Optics(Zhongshan)Co.,Ltd.(“Sunny Zhongshan Optics”)+*舜宇光學（中山）有限公司（舜宇中山光學）Limited liability company (Taiwan,Hong Kong or Macau and domestic joint venture)有限責任公司（台港澳與境內合資）15.0%15.0%15.0%15.0%+*Ningbo Sunny Opotech Co.,Ltd.(“Sunny Opotech”)+*寧波舜宇光電信息有限公司（舜宇光電）Limited liability company (Ta

155、iwan,Hong Kong or Macau and domestic joint venture)有限責任公司（台港澳與境內合資）15.0%15.0%15.0%15.0%+*Ningbo Sunny Infrared Technologies Co.,Ltd.(“Sunny Infrared Optics”)+*寧波舜宇紅外技術有限公司（舜宇紅外光學）Limited liability company (investment by foreign investment company)有限責任公司（外商投資企業投資）15.0%15.0%15.0%15.0%+*Ningbo Sunny Au

156、tomotive Optech Co.,Ltd.(“Sunny Automotive Optech”)+*寧波舜宇車載光學技術有限公司（舜宇車載光學）Limited liability company (legal person sole investment by foreign investment company)有限責任公司（外商投資企業法人獨資）15.0%15.0%15.0%15.0%下表顯示本集團各中國附屬公司的適用稅率：24 Sunny Optical Technology(Group)Company Limited ANNUAL REPORT 2019Management Di

157、scussion and Analysis管理層討論與分析Name of subsidiariesType of subsidiaries20021附屬公司名稱附屬公司類型二零一八年二零一九年二零二零年二零二一年(Expected)（預期）(Expected)（預期）+*Xinyang Sunny Optics Co.,Ltd.(“Sunny Xinyang Optics”)+*信陽舜宇光學有限公司（舜宇信陽光學）Limited liability company (investment by foreign investment company)有限責任公司（外商投資企

158、業投資）15.0%15.0%15.0%15.0%+*Yuyao Sunny Optical Intelligence Technology Co.,Ltd.(“Sunny Optical Intelligence(Yuyao)”)+*餘姚舜宇智能光學技術有限公司（舜宇智能光學（餘姚）Limited liability company (legal person sole investment)有限責任公司（法人獨資）25.0%15.0%15.0%15.0%Shanghai Sunny Yangming Precision Optics Co.,Ltd.(“Sunny Shanghai Opti

159、cs”)上海舜宇陽明精密光學有限公司（舜宇上海光學）Limited liability company (legal person sole investment by foreign investment company)有限責任公司（外商投資企業法人獨資）25.0%25.0%25.0%25.0%Ningbo Sunny Intelligent Technology Co.,Ltd.(“Sunny Intelligent Technology”)寧波舜宇智能科技有限公司（舜宇智能科技）Limited liability company (legal person sole investmen

160、t)有限責任公司（法人獨資）25.0%25.0%25.0%25.0%Sunny Group Company Limited(“Sunny Group”)舜宇集團有限公司（舜宇集團）Limited liability company (legal person sole investment by foreign investment company)有限責任公司（外商投資企業法人獨資）25.0%25.0%25.0%25.0%Zhejiang Sunny Optical Intelligence Technology Co.,Ltd.(“Sunny Optical Intelligence”)浙

161、江舜宇智能光學技術有限公司（舜宇智能光學）Limited liability company有限責任公司0%12.5%12.5%12.5%舜宇光學科技（集團）有限公司 2019 年報 25 Management Discussion and Analysis管理層討論與分析Name of subsidiariesType of subsidiaries20021附屬公司名稱附屬公司類型二零一八年二零一九年二零二零年二零二一年(Expected)（預期）(Expected)（預期）Sunny Optical(Zhejiang)Research Institute Co.,L

162、td.(“Sunny Research Institute”)舜宇光學（浙江）研究院有限公司（舜宇研究院）Limited liability company (legal person sole investment)有限責任公司（法人獨資）25.0%25.0%25.0%25.0%!Ningbo Mei Shan Bao Shui Gang Qu Sunxin Investment Partnership (Limited Partnership)(“Ningbo Sunxin Investment”)!寧波梅山保稅港區舜鑫投資管理 合夥企業（有限合夥）（寧波舜鑫投資）Limited part

163、nership company有限合夥企業N/A不適用N/A不適用N/A不適用N/A不適用Ningbo Mei Shan Bao Shui Gang Qu Sunyi Investment Co.,Ltd.(“Ningbo Sunyi Investment”)寧波梅山保稅港區舜翌投資管理有限公司（寧波舜翌投資）Limited liability company有限責任公司25.0%25.0%25.0%25.0%Yuyao City Sunny Huitong Microcredit Co.,Ltd.(“Sunny Huitong”)餘姚市舜宇匯通小額貸款有限公司（舜宇匯通）Limited li

164、ability company (legal person sole investment)有限責任公司（法人獨資）25.0%25.0%25.0%25.0%#Ningbo Sunny OmniLight Technology Co.,Ltd.(“Sunny OmniLight Technology”)#寧波舜宇奧來技術有限公司（舜宇奧來技術）Limited liability company (legal person sole investment)有限責任公司（法人獨資）N/A不適用25.0%25.0%25.0%#Sunny Mobility Technologies(Ningbo)Co.

165、,Ltd.(“Sunny Mobility”)#寧波舜宇智行傳感技術有限公司（舜宇智行傳感）Limited liability company (legal person sole investment)有限責任公司（法人獨資）N/A不適用25.0%25.0%25.0%26 Sunny Optical Technology(Group)Company Limited ANNUAL REPORT 2019Management Discussion and Analysis管理層討論與分析Name of subsidiariesType of subsidiaries2002

166、1附屬公司名稱附屬公司類型二零一八年二零一九年二零二零年二零二一年(Expected)（預期）(Expected)（預期）#Ningbo Wissen Intelligent Sensing Technology Co.,Ltd.(“Wissen Intelligent Sensing”)#寧波為森智能傳感技術有限公司（為森智能傳感）Limited liability company (legal person sole investment)有限責任公司（法人獨資）N/A不適用25.0%25.0%25.0%#Shanghai Wissen Automotive Sensing Technol

167、ogy Co.,Ltd.(“Shanghai Wissen”)#上海為森車載傳感技術有限公司（上海為森）Limited liability company (legal person sole investment)有限責任公司（法人獨資）N/A不適用25.0%25.0%25.0%*Companies were recognised as Hi-Tech Enterprises prior to the balance sheet date.+The companies have obtained Hi-Tech Enterprise Certification with the expiry

168、 dates on 31 December 2019,31 December 2020 or 31 December 2021.The company was recognised as a Software Company prior to the balance sheet date,and entitled preferential policies of exemption from enterprise income tax for the first two years and reduction half for the subsequent three years.！The p

169、artners of the company shall be responsible for the income tax because it is a limited partnership company.#Companies were established or acquired during the year.The companys registered name has been changed from Wuxi Wissen Intelligent Sensing Technology Co.,Ltd.to Sunny Mobility Technologies(Ning

170、bo)Co.,Ltd.during the year.*該等公司於結算日前被認定為高新技術企業。+該等公司已獲得高新技術企業證明，有效期至二零一九年十二月三十一日、二零二零年十二月三十一日或二零二一年十二月三十一日。該公司於結算日前被認定為軟件企業，享受企業所得稅兩免三減半優惠政策。！該公司為有限合夥企業，由合夥人自行承擔所得稅。#該等公司於年內成立或被收購。於年內，該公司註冊名稱已從無錫為森智能傳感技術有限公司改為寧波舜宇智行傳感技術有限公司。舜宇光學科技（集團）有限公司 2019 年報 27 Management Discussion and Analysis管理層討論與分析Profit

171、for the Year and Net Profit MarginThe profit for the year of the Group for the year ended 31 December 2019 increased by approximately RMB1,506.7 million compared to that of last year to approximately RMB4,019.4 million.The increase in profit for the year was mainly attributable to the increase in gr

172、oss profit.The net profit margin was approximately 10.6%(2018:approximately 9.7%).Profit for the Year Attributable to Owners of the CompanyThe profit for the year attributable to owners of the Company for the year ended 31 December 2019 increased by approximately RMB1,500.4 million compared to that

173、of last year to approximately RMB3,991.3 million.LIQUIDITY AND FINANCIAL RESOURCESCash FlowsThe table below summarises the Groups cash flows for the years ended 31 December 2019 and 31 December 2018:For the year ended 31 December截至十二月三十一日止年度20192018二零一九年二零一八年RMB millionRMB million人民幣百萬元人民幣百萬元Net cas

174、h from operating activities 經營活動所得現金淨額4,661.63,567.9Net cash used in investing activities 投資活動所用現金淨額(3,555.8)(5,499.3)Net cash(used in)from financing activities 融資活動(所用)所得現金淨額(1,441.4)2,956.8年內溢利及淨利率截 至 二 零 一 九 年 十 二 月 三 十 一 日 止 年度，本 集 團 的 年 內 溢 利 較 去 年 增 加 約 人民 幣 1,5 0 6,7 0 0,0 0 0 元，達 至 約 人 民 幣4,

175、019,400,000元。年內溢利增加主要是因為毛利增加。淨利率則約10.6%（二零一八年：約9.7%）。本公司股東應佔年內溢利截至二零一九年十二月三十一日止年度，本 公 司 股 東 應 佔 年 內 溢 利 較 去 年 增 加 約人民幣1,500,400,000 元，達至約人民幣3,991,300,000元。流動資金及財政來源現金流量下表載列本集團截至二零一九年十二月三十一日及二零一八年十二月三十一日止年度的現金流量概要：28 Sunny Optical Technology(Group)Company Limited ANNUAL REPORT 2019Management Discussi

176、on and Analysis管理層討論與分析The Group derives its working capital mainly from cash on hand and net cash generated from operating activities.The Board expects that the Group will rely on net cash from operating activities,bank borrowings and debt financing to meet the demand of working capital and other c

177、apital expenditure requirements in the short run.In the long run,the Group will be mainly funded by net cash from operating activities and,if necessary,by additional bank borrowings,debt financing or equity financing.There were no material changes in the funding and financial policy of the Group for

178、 the year ended 31 December 2019.The Groups balance of cash and cash equivalents was approximately RMB1,917.2 million as at 31 December 2019,representing an decrease of approximately RMB337.1 million compared to the balance at the end of last year.Operating ActivitiesCash inflow from operating activ

179、ities was mainly generated from cash receipt from sales of the Groups products.Cash outflow from operating activities was mainly due to the purchases of raw materials,staff costs,selling and distribution expenses,R&D expenditure and administrative expenses.Net cash generated from operating activitie

180、s was approximately RMB4,661.6 million for the financial year of 2019 and net cash generated from operating activities was approximately RMB3,567.9 million for the financial year of 2018.The increase in the net cash generated from operating activities was mainly attributable to the increase in profi

181、t before tax and the increase in trade and other payables,which was partly offset by the increase in inventories and increase in trade and other receivables and prepayment compared to those of last year.The trade receivable turnover days(average of the opening and closing trade receivable balances/r

182、evenue 365 days)decreased from approximately 67 days for the financial year of 2018 to approximately 65 days for the financial year of 2019.There was no significant difference in the number of trade receivable turnover days in these two financial years.The trade payable turnover days(average of the

183、opening and closing trade payable balances/cost of sales 365 days)decreased from approximately 83 days for the financial year of 2018 to approximately 82 days for the financial year of 2019.There was no significant difference in the number of trade payable turnover days in these two financial years.

184、本集團營運資金主要來自手頭現金及經營活動所得之現金淨額。董事會預期本集團將依賴經營活動所得現金淨額、銀行借貸及債券融資以應付短期內的營運資金及其它資本開支需求。長遠而言，本集團主要會以經營活動所得之現金淨額以及額外銀行借貸、債券融資或股權融資（如有需要）所得資金經營。截至二零一九年十二月三十一日止年度，本集團的資金及財務政策並無重大變動。本集團於二零一九年十二月三十一日的現金及現金等值項目餘額約人民幣1,917,200,000元，比 去 年 年 底 餘 額 下 降 約 人 民 幣337,100,000元。經營活動經營活動所得現金流入主要來自本集團產品銷售現金收入。經營活動所用現金流出主要用於購

185、買原材料、員工成本、銷售和分銷支出、研發開支及行政開支。二零一九年財政年度的經營活動所得現金淨額約人民幣4,661,600,000元，而二零一八年財政年度的經營活動所得現金淨額則約人民幣3,567,900,000元。經營活動所得現金淨額增加主要是由於相比於去年，除稅前溢利增加和貿易及其他應付款項增加，但被存貨的增加和貿易及其他應收款項及預付款項的增加部分抵銷。貿易應收款項周轉日數（期初和期末貿易應收款項平均餘額收入365日）由二零一八年財政年度的約67日下降至二零一九年財政年度的約65日。這兩個財政年度的貿易應收款項周轉日數沒有顯著差異。貿易應付款項周轉日數（期初和期末貿易應付款項平均餘額銷售

186、成本365日）由二零一八年財政年度的約83日下降至二零一九年財政年度的約82日。這兩個財政年度的貿易應付款項周轉日數沒有顯著差異。舜宇光學科技（集團）有限公司 2019 年報 29 Management Discussion and Analysis管理層討論與分析The inventory turnover days(average of the opening and closing inventory balances/cost of sales 365 days)increased from approximately 49 days for the financial year of

187、 2018 to approximately 50 days for the financial year of 2019.There was no significant difference in the number of inventory turnover days in these two financial years.Investing ActivitiesThe Group recorded a net cash used in investing activities of approximately RMB3,555.8 million for the financial

188、 year of 2019,which was mainly attributable to purchases and release of unlisted financial products of approximately RMB51,248.9 million and approximately RMB50,391.8 million during the year respectively,and the Groups capital expenditure amounted to approximately RMB3,167.9 million during the year.

189、Financing ActivitiesThe Group recorded a net cash used in financing activities of approximately RMB1,441.4 million for the financial year of 2019.The cash inflow mainly came from proceeds from new bank borrowings raised of approximately RMB3,071.5 million.Major outflows were the repayment of bank bo

190、rrowings of approximately RMB3,453.3 million and dividends paid to shareholders of approximately RMB623.0 million declared last year.Capital ExpenditureFor the year ended 31 December 2019,the Groups capital expenditure amounted to approximately RMB3,167.9 million,which was mainly used for the purcha

191、ses of property,plant and equipment,payments for leasehold lands,payment for intangible assets and purchase of other tangible assets.All of the capital expenditure was financed by internal resources and bank borrowings.存貨周轉日數（期初和期末存貨平均餘額銷售成本365日）由二零一八年財政年度的約49日增加至二零一九年財政年度的約50日。這兩個財政年度的存貨周轉日數沒有顯著差異。

192、投資活動本集團於二零一九年財政年度的投資活動所用現金淨額約人民幣3,555,800,000元，這主要是由於在年內分別購置及解除非上市金融產品約人民幣51,248,900,000元及約人民幣50,391,800,000元和本集團於年內的資本開支約人民幣3,167,900,000元。融資活動本集團於二零一九年財政年度的融資活動所用現金淨額約人民幣1,441,400,000元，流入現金主要來自新籌得的銀行借貸約人民幣3,071,500,000元，而主要流出則是償還銀行借貸約人民幣3,453,300,000元及向股東派付去年所宣派的股息約人民幣623,000,000元。資本開支截至二零一九年十二月三十

193、一日止年度，本集團的資本開支約人民幣3,167,900,000元，主要用作購置物業、機器及設備、租賃土地付款、無形資產付款和購置其他有形資產。所有資本開支均來源於內部資源及銀行借貸撥付。30 Sunny Optical Technology(Group)Company Limited ANNUAL REPORT 2019Management Discussion and Analysis管理層討論與分析CAPITAL STRUCTUREIndebtednessBank borrowingsBank borrowings of the Group as at 31 December 2019 a

194、mounted to approximately RMB1,118.6 million(2018:approximately RMB1,482.4 million).No bank borrowings were secured by certain buildings and land of the Group as at 31 December 2019 and 2018.Bank facilitiesAs at 31 December 2019,the Group had bank facilities of RMB2,615.0 million with Yuyao Branch of

195、 Agricultural Bank of China Limited,RMB893.0 million with Yuyao Branch of Bank of China Limited,RMB1,300.0 million with Ningbo Branch of The Export-Import Bank of China,RMB600.0 million with Yuyao Branch of Ningbo Bank Co.,Ltd.,RMB200.0 million with Yuyao Branch of Bank of Communication Co.,Ltd.,RMB

196、80.0 million with Ningbo Branch of Huaxia Bank Co.,Ltd.,RMB70.0 million with Xinyang Pingzhong Street Sub-branch of Industrial and Commercial Bank of China Limited,USD90.0 million with BNP Paribas Hong Kong Branch,USD30.0 million with BNP Paribas Shanghai Branch,USD60.0 million with The Hongkong and

197、 Shanghai Banking Corporation Limited Hong Kong Branch and USD30.0 million with Ningbo Branch of HSBC Bank(China)Co.,Ltd.Debt securitiesAs at 31 December 2019,debt securities of the Group amounted to approximately RMB4,156.1 million(2018:approximately RMB4,080.0 million).For details,please refer to

198、Note 34 of the notes to the consolidated financial statements.The Groups gearing ratio of approximately 17.2%refers to the ratio of total borrowings to total capital(total capital is the sum of total liabilities and shareholders equity),reflecting the Groups stable financial position.資本結構債務銀行借貸於二零一九

199、年十二月三十一日，本集團的銀行借貸約人民幣1,118,600,000元（二零一八年：約人民幣1,482,400,000元）。於二零一九年及二零一八年十二月三十一日，本集團並未就銀行借貸而抵押若干樓宇及土地。銀行授信於二零一九年十二月三十一日，本集團於中國農業銀行股份有限公司餘姚支行的銀行授信為人民幣2,615,000,000元，於中國銀行股份有限公司餘姚分行的銀行授信為人民幣893,000,000元，於中國進出口銀行寧波分行的銀行授信為人民幣1,300,000,000元，於寧波銀行股份有限公司餘姚支行的銀行授信為人民幣600,000,000元，於交通銀行股份有限公司餘姚支行的銀行授信為人民幣2

200、00,000,000元，於華夏銀行股份有限公司寧波分行的銀行授信為人民幣80,000,000元，於中國工商銀行股份有限公司信陽平中大街支行的銀行授信為人民幣70,000,000元，於法國巴黎銀行香港分行的銀行授信為90,000,000美元，於法國巴黎銀行上海分行的銀行授信為30,000,000美元，於滙豐銀行有限公司香港分行的銀行授信為60,000,000美元，於滙豐銀行（中國）有限公司寧波分行的銀行授信為30,000,000美元。債務證券於二零一九年十二月三十一日，本集團的債務證券約人民幣4,156,100,000元（二零一八年：約人民幣4,080,000,000元），有關詳情請參閱綜合財務

201、報表附註34。本集團的負債比率是指總借款佔總資本的比例（總資本為總負債與股東權益之和）約17.2%，反應出本集團財務狀況處於穩健的水平。舜宇光學科技（集團）有限公司 2019 年報 31 Management Discussion and Analysis管理層討論與分析Contingent liabilitiesAs at 31 December 2019,the Group did not have any material contingent liabilities or guarantees.Financing and fiscal policies and objectivesTh

202、e Group adopts prudent financing and fiscal policies.The Group will seek bank borrowings and debt financing when its operating demand grows,and will regularly review its bank borrowings and debt securities to achieve a sound financial position.PLEDGE OF ASSETSThe Group did not have any pledge or cha

203、rge on assets as at 31 December 2019,except for the pledged bank deposits of approximately RMB6.1 million.For details of the pledged bank deposits,please refer to Note 27 of the notes to the consolidated financial statements.COMMITMENTSAs at 31 December 2019,the capital expenditure of the Group in r

204、espect of acquisition of property,plant and equipment contracted for but not provided in the consolidated financial statements amounted to approximately RMB953.2 million(2018:approximately RMB880.9 million).As at 31 December 2019,the Group had no other capital commitments save as disclosed above.OFF

205、-BALANCE SHEET TRANSACTIONSAs at 31 December 2019,the Group did not enter into any material off-balance sheet transactions.或然負債於二零一九年十二月三十一日，本集團並無任何重大或然負債或擔保。融資及財政政策和目標本集團採納謹慎的融資及財政政策。本集團將於運營需求增長時尋求銀行借貸及債務融資，並定期審查其銀行借貸及債務證券情況以達致一個穩健的財務狀況。資產抵押於二零一九年十二月三十一日，除已抵押銀行存款約人民幣6,100,000元外，本集團並無任何資產抵押或押記。有關已抵押

206、銀行存款之詳情，請參閱綜合財務報表附註27。承擔於二零一九年十二月三十一日，本集團就收購物業、機器及設備有已訂約但未於綜合財務報表提供的資本開支約人民幣953,200,000元（二零一八年：約人民幣880,900,000元）。於二零一九年十二月三十一日，除上述披露外，本集團並無任何其他資本承擔。資產負債表以外交易於二零一九年十二月三十一日，本集團並無訂立任何重大的資產負債表以外交易。32 Sunny Optical Technology(Group)Company Limited ANNUAL REPORT 2019Management Discussion and Analysis管理層討論

207、與分析PERFORMANCE OF INVESTMENTS AND FUTURE INVESTMENTS PLANThe Groups investing activities primarily include the purchases and release of unlisted financial products,placement and release of pledged bank deposits,placement and withdrawal of short term fixed deposits and purchases of property,plant and

208、 equipment.In particular,purchase and disposal of financial assets at fair value through profit or loss include debt investments,equity investments,fund investments and unlisted financial products.Among them,the fund investments are managed by relevant financial institutions,mainly investing in debt

209、 securities linked to the performance of related senior debts while unlisted financial products are managed by relevant banks in China,mainly investing in certain financial assets such as bonds,trusts and cash funds,and their investment incomes are determined based on the performance of relevant gov

210、ernment debt instruments and treasury bills.Significant InvestmentsAs at 31 December 2019,the Group maintained a portfolio of unlisted financial products with the total carrying amount of approximately RMB5,289.2 million(31 December 2018:approximately RMB4,432.1 million).As at 31 December 2019,the s

211、ize of the unlisted financial products subscribed by the Group in aggregate represented approximately 17.2%of the Groups total assets(31 December 2018:approximately 19.4%).The investment costs for the unlisted financial products subscribed as at 31 December 2019 was approximately RMB5,289.2 million(

212、31 December 2018:approximately RMB4,432.1 million).During the year of 2019,the amount of investment income from the unlisted financial products was approximately RMB189.8 million(2018:approximately RMB181.3 million).投資表現及未來投資計劃本集團的投資活動主要包括購置及解除非上市金融產品、存放及解除已抵押銀行存款、存放及提取短期定期存款及購置物業、機器及設備。尤其是收購及出售按公允值

213、計入損益的金融資產包括：債務投資、股權投資、基金投資及非上市金融產品。其中，基金投資由相關金融機構管理，主要投資於和相關優先債表現掛鈎的債務證券；非上市金融產品由中國的相關銀行管理，主要投資於債券、信託及現金基金等若干金融資產，其投資收益則根據相關政府債務工具及國庫券的表現釐定。重大投資於二零一九年十二月三十一日，本集團維持一項非上市金融產品的組合，總賬面值約人民幣5,289,200,000元（二零一八年十二月三十一日：約人民幣4,432,100,000元）。於二零一九年十二月三十一日，本集團認購的非上市金融產品的總規模約佔本集團總資產的17.2%（二零一八年十二月三十一日：約19.4%）。於

214、二零一九年十二月三十一日，認購的非上市金融產品的投資成本約人民幣5,289,200,000元（二零一八年十二月三十一日：約人民幣4,432,100,000元）。於二零一九年年內，來自非上市金融產品的投資收益金額約人民幣189,800,000元（二零一八年：約人民幣181,300,000元）。舜宇光學科技（集團）有限公司 2019 年報 33 Management Discussion and Analysis管理層討論與分析The following table sets forth a breakdown of the major unlisted financial products su

215、bscribed by the Group as at 31 December 2019:Name of the unlisted financial products非上市金融產品名稱Name of banks銀行名稱Investment costs投資成本RMB000人民幣千元Fair value of the unlisted financial products as at 31 December 2019於二零一九年十二月三十一日非上市金融產品的公允值RMB000人民幣千元Percentage of fair value of the unlisted financial produ

216、cts relative to the total assets of the Group as at 31 December 2019於二零一九年十二月三十一日非上市金融產品的公允值佔本集團總資產的比例“An Xin Kuai Xian Bubugao”Open-ended RMB wealth management product for legal entity(Note 1)Agricultural Bank of China Limited安心快線步步高 法人專屬開放式 人民幣理財產品（附註1）中國農業銀行股份有限公司1,364,0001,364,0004.4%“Jin Yao Sh

217、i An Xin Kuai Xian”Tian Tian Li Gun Li Second Phase Open-ended RMB wealth management product(Note 2)Agricultural Bank of China Limited金鑰匙安心快線 天天利滾利 第2期開放式人民幣理財產品（附註2）中國農業銀行股份有限公司1,080,0101,080,0103.5%“Tian Li Kuai Xian”net-asset-value type wealth management productIndustrial Bank Co.,Ltd.添利快線 淨值型理財產

218、品興業銀行股份有限公司900,000900,0002.9%Close-ended private net-asset-value type 2019 No.140Bank of Ningbo Co.,Ltd.2019封閉式私募淨值型140號寧波銀行股份有限公司420,000420,0001.4%Others(Note 3)其他（附註3）1,525,1601,525,1605.0%Total總計5,289,1705,289,17017.2%下表載列本集團於二零一九年十二月三十一日認購的主要非上市金融產品明細：34 Sunny Optical Technology(Group)Company Li

219、mited ANNUAL REPORT 2019Management Discussion and Analysis管理層討論與分析Notes:1.During the year of 2019,the subscriptions of the unlisted financial product“An Xin Kuai Xian Bubugao”Open-ended RMB wealth management product for legal entity(“安心快線步步高”法人專屬開放式人民幣理財產品)by Sunny Opotech with Agricultural Bank of

220、China Limited reached RMB1,330.0 million between 27 December 2019 and 30 December 2019 and its peak at RMB1,364.0 million on 31 December 2019,rendering the assets ratio(as defined under the Rules Governing the Listing of Securities on the Hong Kong Stock Exchange(the“Listing Rules”)reached 5.35%,the

221、reby exceeded 5%but was/were less than 25%(based on the total assets of the Group as at 30 June 2019).Such subscriptions therefore constituted discloseable transactions of the Company under Rule 14.06 of the Listing Rules.Such unlisted financial product is non-principal guaranteed with floating retu

222、rn,with a low-to-medium product risk rating and an annualised rate of return between 2.10%and 3.45%,which depends on the number of deposit days.The major underlying investments of such unlisted financial product include state treasury bonds,central bank bills,financial bonds,repurchases and credit b

223、onds with high credit rating listed on the interbank bond market,debt financing instruments under private placement,cash and deposits,inter-bank deposits,investment trust plan,proceeds rights,entrusted assets and other investments that meet regulatory requirements.The amount of investment income fro

224、m such unlisted financial product during the year of 2019 was approximately RMB4.6 million.For further details,please refer to the announcement of the Company dated 2 March 2020.2.During the year of 2019,the subscriptions of the unlisted financial product“Jin Yao Shi An Xin Kuai Xian”Tian Tian Li Gu

225、n Li Second Phase Open-ended RMB wealth management product(“金鑰匙安心快線”天天利滾利第2期開放式人民幣理財產品)by the Company through its subsidiaries with Agricultural Bank of China Limited reached its peak at approximately RMB2,978.1 million and did not exceed the subscription cap of RMB3,000.0 million,which was determin

226、ed and approved by the resolutions of the Board on 19 March 2019.Such unlisted financial product is non-principal guaranteed with floating return,with a low-to-medium product risk rating and an annualised rate of return of 3.00%after payment of fees.The major underlying investments of such unlisted

227、financial product include state treasury bonds,financial bonds,central bank bills,credit bonds with high credit rating,repurchases,cash and deposits,inter-bank deposits,entrusted assets and other investments that meet regulatory requirements.The amount of investment income from such unlisted financi

228、al product during the year of 2019 was approximately RMB47.8 million.For further details,please refer to the announcement of the Company dated 19 March 2019.3.Other unlisted financial products included 12 other unlisted financial products with four different banks to lower the concentration risk.附註：

229、1.於二零一九年年內，舜宇光電於二零一九年十二月二十七日至二零一九年十二月三十日期間向中國農業銀行股份有限公司認購的安心快線步步高 法人專屬開放式人民幣理財產品達到人民幣1,330,000,000元，其峰值在二零一九年十二月三十一日達到人民幣1,364,000,000元，使其佔總資產（基於本集團於二零一九年六月三十日的總資產）比率（定義見香港聯交所證券上市規則（上市規則）達到5.35%，因此超過5%，但少於25%。因此，根據上市規則第14.06條，該認購事項構成本公司的須予披露交易。該非上市金融產品為非保本浮動收益型，產品風險評級為中低級，年化收益率取決於持有天數在2.10%至3.45%之間。

230、該非上市金融產品的主要投資標的包括銀行間債券市場的國債、央行票據、金融債、回購、高等級信用債券、非公開定向債務融資工具、現金、存款、同業存款、投資類信託計劃、收益權、委託類資產以及其他符合監管要求的投資品種。於二零一九年年內，來自該非上市金融產品的投資收益金額約人民幣4,600,000元。更多詳情請查閱本公司於二零二零年三月二日的公告。2.於二零一九年年內，本公司通過其附屬公司向中國農業銀行股份有限公司認購的 金鑰匙安心快線 天天利滾利第2期開放式人民幣理財產品非上市金融產品達到峰值約人民幣2,978,100,000元，不超過董事會於二零一九年三月十九日釐定批准的認購上限人民幣3,000,00

231、0,000元。該非上市金融產品為非保本浮動收益型，產品風險評級為中低級，年化收益率為費後3.00%。該非上市金融產品的主要投資標的包括國債、金融債、央行票據、高等級信用債券、回購、現金及存款、同業存款、委託類資產及其他符合監管要求的投資品種。於二零一九年年內，來自該非上市金融產品的投資收益金額約人民幣47,800,000元。更多詳情請查閱本公司於二零一九年三月十九日的公告。3.其他非上市金融產品包括與四家不同銀行的12項其他非上市金融產品，以降低集中風險。舜宇光學科技（集團）有限公司 2019 年報 35 Management Discussion and Analysis管理層討論與分析本公

232、司董事認為，於二零一九年年內，非上市金融產品的公允值變動並不重大。董事會認為，該等非上市金融產品的條款符合正常商業條款，屬公平合理及符合本公司及股東的整體利益。該等投資活動主要由本集團的閒置自有基金撥付。展望未來，本集團將繼續多元化其於不同銀行的投資，以降低風險集中度，並將密切監察根據其審慎政策所作投資及未來投資計劃之表現，以動用及增加本集團閒置資金收益，同時，維持高流動性及低風險。該等投資活動進行及將進行的前提為其不會對本集團營運資金或本集團主要業務營運產生不利影響。截至二零一九年十二月三十一日止年度，本集團動用約人民幣3,167,900,000元進行投資活動，主要用作購置物業、機器及設備、

233、新產品之產能初始化設置、租賃土地付款和新項目的必要設備配置。該等投資增強了本集團的研發及技術應用能力與生產效率，並拓寬了收入來源。本集團財務政策保持審慎原則，投資項目多為保本且帶來固定收益之項目，以求財務狀況穩健的同時，提高回報。本集團將考慮使用金融工具作對沖用途（如有需要），並將繼續以其自身的財務資源作為未來投資之資金來源。展望未來，本集團擬進一步投資以加強競爭力。In the opinion of the Directors of the Company,the fair value change of the unlisted financial products was insigni

234、ficant during the year of 2019.The Board considers that the terms of such unlisted financial products are on normal commercial terms,fair and reasonable and in the interests of the Company and its shareholders as a whole.Such investment activities were funded primarily by the idle self-owned funds o

235、f the Group.Going forward,the Group will continue to diversify its investments among different banks to lower the concentration risk and will closely monitor the performance of investments made and future investments plan in accordance with its prudent policy to utilise and to increase the yield of

236、the idle funds of the Group while maintaining a high level of liquidity and a low level of risk.Such investment activities were made and will be made on the premises that it would not adversely affect the working capital of the Group or the operation of the Groups principal business.For the year end

237、ed 31 December 2019,the Groups investments amounted to approximately RMB3,167.9 million,mainly involving in the purchases of property,plant and equipment,the initial production settings for new products,payments for leasehold lands and the necessary equipment configurations for new projects.These in

238、vestments enhanced the Groups R&D and technological application capability and production efficiency,and thus expanded the sources of revenue.The Group adopts prudent financial policies,having its investment projects mostly capital-protected with fixed income,so as to strive for a stable and healthy

239、 financial position while improving returns.The Group will consider to use financial instruments for hedging purposes if necessary and will continue to fund its future investment from its own financial resources.Looking forward,the Group intends to further invest to enhance its competitiveness.36 Su

240、nny Optical Technology(Group)Company Limited ANNUAL REPORT 2019Management Discussion and Analysis管理層討論與分析QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISKInterest Rate RiskThe Group is exposed to interest rate risks arising from its bank borrowings for working capital and capital expenditure

241、s that are associated with the expansion of the Group and for other uses.The rising of interest rates increases the costs of both existing and new debts.As at 31 December 2019,the effective interest rate on fixed-rate bank borrowings was approximately 2.77%per annum,while the effective interest rate

242、 of variable-rate bank borrowings was approximately 3.26%to 3.29%per annum.Foreign Exchange Rate Fluctuation RiskThe Group exports a portion of its products to and purchases a considerable amount of products from international markets where transactions are denominated in USD or other foreign curren

243、cies.Please refer to the information of the Groups foreign currency forward contracts and foreign currency options contracts at Note 28 of the notes to the consolidated financial statements.Except certain investments which are in line with the Groups business and which are denominated in foreign cur

244、rencies,the Group did not and has no plan to make any foreign currency investment.Credit RiskThe Groups financial assets include derivative financial assets,bank balances and cash,pledged bank deposits,short term fixed deposits,financial assets at fair value through profit or loss,trade and other re

245、ceivables,amount due from a related party,equity instruments that are included in other comprehensive income at fair value and debt instruments measured at amortised cost,which represent the Groups maximum exposure to credit risk in relation to financial assets.市場風險的量化和質化披露利率風險本集團面對作為營運資金以及用於本集團拓展和其

246、它用途的資本開支的銀行借貸利率風險。利率的上調會增加現有及新增債務之成本。於二零一九年十二月三十一日，固定利息銀行借貸的實際年利率約2.77%，而可變利息銀行借貸的實際年利率約3.26%至3.29%。匯率波動風險本集團部分產品會出口銷售至國際市場，同時也從國際市場購買大量產品，以上交易均以美元或其它外幣計算。有關本集團遠期外匯合約及外匯期權合約之詳情，請參閱綜合財務報表附註28。除就本集團業務所進行及以外幣列值的若干投資外，本集團並未及無計劃作出任何外幣投資。信貸風險本集團的金融資產包括衍生金融資產、銀行結餘及現金、已抵押銀行存款、短期定期存款、按公允價值計入損益之金融資產、貿易及其他應收款項

247、、應收關連人士款項、按公允值計入其他全面收益的權益工具及按攤銷成本計量的債務工具，為本集團所面對有關金融資產的最大信貸風險。舜宇光學科技（集團）有限公司 2019 年報 37 Management Discussion and Analysis管理層討論與分析In order to minimise the credit risk in relation to trade receivables,the management has delegated a team which is responsible for the determination of credit limits,cred

248、it approvals and other monitoring procedures to ensure that follow-up actions are taken to recover overdue debts.The Group also has purchased insurance relating to trade receivables.In addition,the Group reviews the recoverable amount of each individual trade debt at the end of each reporting period

249、 to ensure that adequate impairment losses are made for irrecoverable amounts.Therefore,the Directors consider that the Groups credit risk is significantly reduced.The amounts presented in the consolidated statement of financial position are net of allowance for bad and doubtful debts,estimated by t

250、he management based on prior experience,their assessment of the current economic environment and the discounted cash flows to be received in future.The Group has no significant concentration of credit risk since its trade receivables are dispersed to a large number of counterparties and customers.Th

251、e credit risk on liquidity is limited because a majority of the counterparties are banks with high credit-ratings as rated by international credit-rating agencies.Cash Flow Interest Rate RiskThe Groups cash flow interest rate risk relates primarily to variable rates applicable to short term bank dep

252、osits.Therefore,any future variations in interest rates will not have any significant impact on the results of the Group.Liquidity RiskThe Group manages liquidity risk by maintaining an adequate level of cash and cash equivalents through continuously monitoring forecast and actual cash flows and mat

253、ching the maturity profiles of financial assets and liabilities.為減低有關貿易應收款項的信貸風險，管理層已委派專責隊伍，負責釐定信貸限額、審批信貸及其他監察程序，以確保採取適當的跟進行動收回過期債務。本集團亦已購買有關貿易應收款項的相關保險。此外，本集團於每個報告期期末檢討各項貿易債務的可回收金額，確保已為不可收回的金額計提足夠減值虧損。因此，董事認為本集團的信貸風險已大大降低。綜合財務狀況表所示金額已扣除呆壞賬撥備，乃管理層根據過往經驗、對當時經濟環境的評估及將於日後收取的現金流量貼現值估計。本集團的貿易應收款項分散於大量交易對

254、手及客戶，故無重大信貸集中風險。由於本集團大部分交易對手為獲國際信貸評級機構評定有高信貸評級的銀行，故流動資金的信貸風險有限。現金流量利率風險本集團的現金流量利率風險主要與短期銀行存款的可變利率有關。因此，日後任何利率變化均不會對本集團業績有重大影響。流動資金風險本集團持續監察現金流量的預測及實際水平，並將其與各項金融資產與負債的到期狀況進行匹配，以維持足夠的現金及現金等值項目，從而控制流動資金風險。38 Sunny Optical Technology(Group)Company Limited ANNUAL REPORT 2019Management Discussion and Anal

255、ysis管理層討論與分析FINAL DIVIDENDSFor the year ended 31 December 2019,the dividends proposed by the Board was approximately RMB0.728(equivalent to HK$0.810)per share,with payout ratio of approximately 20.0%of the profit for the year attributable to owners of the Company.The final dividends payable on 24 Ju

256、ne 2020 is subject to the approval of the shareholders of the Company at the forthcoming annual general meeting(the“AGM”)to be held on 22 May 2020.DIVIDEND POLICYThe Directors consider sustainable returns to shareholders to be one of the main objectives.The basic policy is to pay final dividends in

257、each financial year.Retained profits are effectively used by the Board to fund the future development of the Group.The Directors currently intend to recommend a distribution to all the shareholders in an amount representing approximately 20%to 30%of the profit for the year attributable to owners of

258、the Company in respect of each financial year by way of dividends.The recommendation for dividends is subject to the discretion of the Board.The Board takes into account the following factors when considering the declaration and payment of dividends:the Companys cash position and available distribut

259、able reserves;the Groups general business condition;the Groups financial results;the Groups capital requirements;the interests of the shareholders of the Company;applicable laws and regulations and articles;and any other factors which the Board may deem relevant.Any dividend declared will be in Hong

260、 Kong dollars with respect to Shares on a per share basis and the Company will pay such dividend in Hong Kong dollars.No dividend shall be declared in excess of the amount recommended by the Board.Any final dividend for a fiscal year will be subject to approval by the shareholders.末期股息截至二零一九年十二月三十一日

261、止年度，董事會建議派發每股約人民幣0.728元（相等於0.810港元）的股息，支付比例約為本公司股東應佔年內溢利的20.0%。有關末期股息將於二零二零年六月二十四日支付，惟須於二零二零年五月二十二日舉行之應屆股東週年大會（股東週年大會）取得本公司股東批准。股息政策董事認為可持續的股東回報是主要目標之一。基本政策是在每個財政年度支付末期股息。保留盈利由董事會有效用於為本集團未來發展提供資金。董事目前擬建議向全體股東分派相當於各個財政年度本公司股東應佔年內溢利約20%至30%的款項作為股息。建議股息須由董事會酌情決定。董事會在考慮宣派及派付股息時，會考慮以下因素：本公司現金狀況及可分派儲備；本集團

262、的整體業務狀況；本集團的財務業績；本集團的資本需求；本公司股東的利益；相關法律與規例及細則；及 董事會可能認為相關的任何其他因素。任何股息將以港元就股份按每股基準宣派，且本公司將以港元派付有關股息。所宣派的股息不得超逾董事會建議的金額。各財政年度的任何末期股息須獲股東批准，方可作實。舜宇光學科技（集團）有限公司 2019 年報 39 Management Discussion and Analysis管理層討論與分析CLOSURE OF REGISTER OF MEMBERSIn order to determine the eligibility of shareholders to att

263、end the AGM,which is to be held on 22 May 2020,the register of members of the Company will be closed from 19 May 2020 to 22 May 2020,both days inclusive,during which no transfer of shares will be registered.All transfer of shares accompanied by the relevant share certificates must be lodged with the

264、 Companys branch share registrar in Hong Kong,Computershare Hong Kong Investor Services Limited at Shops 1712-1716,17th Floor,Hopewell Centre,183 Queens Road East,Wanchai,Hong Kong for registration no later than 4:30 p.m.on 18 May 2020.In order to determine the eligibility of shareholders to the div

265、idends,the register of members of the Company will be closed from 29 May 2020 to 3 June 2020,both days inclusive,during which no transfer of shares will be registered.All transfer of shares accompanied by the relevant share certificates must be lodged with the Companys branch share registrar in Hong

266、 Kong,Computershare Hong Kong Investor Services Limited at Shops 1712-1716,17th Floor,Hopewell Centre,183 Queens Road East,Wanchai,Hong Kong for registration no later than 4:30 p.m.on 28 May 2020.暫停辦理證券登記手續為符合出席二零二零年五月二十二日舉行的股東週年大會資格，本公司將由二零二零年五月十九日至二零二零年五月二十二日（包括首尾兩天）暫停辦理股份過戶登記手續。所有股份過戶文件連同有關股票，必須於

267、二零二零年五月十八日下午四時三十分前，送呈本公司於香港之證券登記分處香港中央證券登記有限公司，地址為香港灣仔皇后大道東183號合和中心17樓1712至1716號舖。為符合資格收取股息，本公司將由二零二零年五月二十九日至二零二零年六月三日（包括首尾兩天）暫停辦理股份過戶登記手續。所有股份過戶文件連同有關股票，必須於二零二零年五月二十八日下午四時三十分前，送呈本公司於香港之證券登記分處香港中央證券登記有限公司，地址為香港灣仔皇后大道東183號合和中心17樓1712至1716號舖。40 Sunny Optical Technology(Group)Company Limited ANNUAL REP

268、ORT 2019Management Discussion and Analysis管理層討論與分析生產本集團於中國的生產基地分別位於浙江省餘姚市、廣東省中山市、上海市及河南省信陽市。同時，本集團持續推進位於餘姚市的城西產業基地的工程建設，為本集團的長遠發展提供設施保障與後勤保障。城西產業基地的第一期工程自二零一六年開始動工，於二零一九年底已基本完工，並已順利投入生產；第二期工程自二零一八年開始動工，其中第一標段已於年內完成驗收並投入生產，第二標段的工程建設計劃於二零二零年完成。為了滿足客戶在海外市場快速增長的需求，本集團於二零一九年內分別在印度及越南設立新的生產基地，且印度工廠已於年內投入生

269、產。於二零一九年年內，本集團亦在德國設立附屬公司，負責歐洲地區的技術支持、市場推廣及客戶關係維護。PRODUCTIONThe Groups production bases locate in Yuyao of Zhejiang Province,Zhongshan of Guangdong Province,Shanghai and Xinyang of Henan Province in the PRC,respectively.Meanwhile,the Group continues to carry out the construction of the Chengxi produc

270、tion base in Yuyao which provides the facilities and logistics support for the long-term development of the Group.The construction of the phase I of the Chengxi production base in Yuyao has begun since 2016 and almost finished at the end of 2019.It also has been put into production.The construction

271、of the phase II has begun since 2018,the first section of which has been accepted and put into production during the year and the construction of the second section will be completed in 2020.In order to meet the clients rapidly growing demand in overseas markets,the Group has established new product

272、ion bases in India and Vietnam respectively in 2019 and the factories in India has begun its production during the year.In 2019,the Group also set up a subsidiary in Germany,which is responsible for the technical support,marketing and maintaining the relationship with clients in Europe.Yuyao Chengxi

273、 production base 餘姚城西產業基地舜宇光學科技（集團）有限公司 2019 年報 41 Management Discussion and Analysis管理層討論與分析EMPLOYEE AND REMUNERATION POLICYThe Group had a total of 20,180 dedicated full-time employees as at 31 December 2019,including 11,017 management and administrative staff members,8,405 production workers and

274、758 operation supporting staff members.In line with the performance of the Group and individual employees,a competitive remuneration package is offered to retain talents,including salaries,medical insurance,discretionary bonuses,other fringe benefits as well as mandatory provident fund scheme for em

275、ployees in Hong Kong and state-managed retirement benefit scheme for employees in the PRC.During the year of 2019,the Group has offered salaries,performance bonuses and various benefits(such as medical insurance,endowment insurance,unemployment insurance,etc.)to all of the full-time employees.The Gr

276、oup has also adopted the Restricted Share Award Scheme(“Restricted Share Award Scheme”),for the purposes of providing incentives and rewards to eligible participants to recognise their contribution to the Group and to enhance their ownership spirits.During the year ended 31 December 2019,an aggregat

277、e of 2,390,089 shares were granted to eligible participants in accordance with the terms of the Restricted Share Award Scheme by the Group.On 16 March 2020,the Board resolved to extend the Restricted Share Award Scheme period for ten years.As a result,the Restricted Share Awards Scheme,which shall o

278、riginally terminate on 21 March 2020,shall now,unless terminated earlier by a resolution of the Board,terminate on 21 March 2030.僱員和薪酬政策於二零一九年十二月三十一日，本集團擁有20,180名全職僱員，包括11,017名管理和行政人員，8,405名生產人員和758名營運支持人員。為挽留傑出人才，本集團根據集團整體及員工的個人表現，向僱員提供具競爭力之薪酬福利，包括薪資、醫療保險、酌情花紅、其他員工福利、強制性公積金計劃（香港）及國家管理退休福利計劃（國內）等。於二

279、零一九年年內，本集團已向全體全職僱員提供薪資、績效獎金及各項福利（如醫療保險、養老保險、失業保險等）。本集團亦採納限制性股份獎勵計劃（限制性股份獎勵計劃），旨在為對本集團有貢獻的合資格參與者提供鼓勵和獎勵，增強員工的主人翁精神。截至二零一九年十二月三十一日止年度，本集團根據限制性股份獎勵計劃授出2,390,089股股份予合資格參與者。於二零二零年三月十六日，董事會議決將限制性股份獎勵計劃的期限延長十年。因此，本應於二零二零年三月二十一日終止的限制性股份獎勵計劃現將於二零三零年三月二十一日終止，除非經董事會決議案提前終止。42 Sunny Optical Technology(Group)Com

280、pany Limited ANNUAL REPORT 2019Management Discussion and Analysis管理層討論與分析AWARDS AND RECOGNITIONSDuring the year,the Group received numerous honors from customers,industrial associates and institutions,local governments and the capital market.These awards and recognitions were shown as follows:Sunny

281、Automotive Optech was awarded the“Supplier of the Year 2018 Best Performance within Category Optical Devices”by Continental Automotive GroupSunny Zhongshan Optics was awarded the“2018 Excellent Supplier”by Zhejiang Dahua Co.,Ltd.Sunny Xingyang Optics was awarded the“2018 Excellent Supplier”by Panaso

282、nic Avc Networks Xiamen Co.,Ltd.Sunny Zhejiang Optics was awarded the“Excellent Supplier Award”and“Strategic Supplier Award”by Huaqin Communication Technology Co.,Ltd.Sunny Zhejiang Optics was awarded the“2018 Core Supplier”by Shenzhen O-film Tech Co.,Ltd.Sunny Zhejiang Optics was awarded the“Best D

283、elivery Support Award”by ZTE CorporationSunny Zhejiang Optics was awarded the“Excellent Supplier Award”and“Partner Award”by LenovoSunny Zhejiang Optics was awarded the“Strategic Supplier Award”by Wingtech Technology Co.,Ltd.Sunny Opotech was awarded the“2018 Special Quality Award”by Huawei Consumer

284、Business GroupSunny Opotech was awarded the“Supplier Appreciation Award”by LG ElectronicsSunny Opotech was awarded the“Best Quality Award”by Wingtech Technology Co.,Ltd.獎項及榮譽於年內，本集團獲得了來自客戶、行業協會和機構、地方政府和資本市場的多項榮譽。這些獎項及榮譽記錄如下：舜宇車載光學榮獲Continental Automotive Group的 二零一八年度光學零部件領域優秀供應商舜宇中山光學榮獲浙江大華股份有限公司的二

285、零一八年優秀供應商舜宇信陽光學榮獲廈門松下電子信息有限公司的 二零一八年度優秀供應商舜宇浙江光學榮獲華勤通訊技術有限公司的優秀供應商獎 及 戰略供應商獎舜宇浙江光學榮獲深圳歐菲光科技股份有限公司的 二零一八年度核心供應商舜宇浙江光學榮獲中興通訊股份有限公司的最佳交付支持獎舜宇浙江光學榮獲聯想的 優秀供應商 及 合作夥伴獎舜宇浙江光學榮獲聞泰科技股份有限公司的戰略供應商舜宇光電榮獲華為消費者業務的 二零一八質量專項獎舜宇光電榮獲LG電子的 優秀供應商獎舜宇光電榮獲聞泰科技股份有限公司的 質量優秀獎舜宇光學科技（集團）有限公司 2019 年報 43 Management Discussion an

286、d Analysis管理層討論與分析Sunny Opotech was awarded the“Best Strategic Cooperation Award”by Xiaomi CorporationSunny Optical Intelligence was awarded the“Technology Innovation Award”at the 20th China International Optoelectronic ExpositionSunny Optical Intelligence was awarded the“Innovation Awards”at the 20

287、20 International Consumer Electronics ShowThe Group was listed in the“Top 100 Enterprises in China Electronic Information Industry”for the sixth consecutive year,ranking 34thThe Group ranked the 329th in“2019 China Top 500 list”for five consecutive years and ranked 26th in“Top 40 Companies in return

288、 on equity”in the“Fortune”(Chinese edition)The Group was listed in the“Top 500 Chinese Manufacturing Enterprises”issued by China Enterprise Confederation and China Enterprise Directors Association for the fifth consecutive year,ranking 285thThe Company was awarded the“Best IR Company(Large Cap)”by H

289、ong Kong Investor Relations Association in 2019The Company was awarded the“The Most Remarkable Investor Relations Recognition(Hang Seng Index Category)”at“Quam IR Awards 2018The Company was ranked 1st in the“Best Investor Relations Program”for the fourth consecutive year,ranked 1st in the“Best CEO”,

290、“Best CFO”,“Best IR Professional”,“Best Corporate Governance”and“Best ESG SRI Metrics”and awarded the title of“Most Respected Company”among all-Asia technology/hardware companies by the US magazine,Institutional Investor.The Company was awarded the“2019 Golden Hong Kong Stocks Award”and“Best TMT Com

291、pany”at the 4th“Golden Hong Kong Stocks Awards”舜宇光電榮獲小米集團的 最佳戰略合作獎舜宇智能光學榮獲第20屆中國國際光電博覽會的 技術創新獎舜宇智能光學榮獲2020年度國際消費類電子產品展覽會 創新產品獎本集團連續第六年入圍 中國電子信息百強企業 榜單，位列第34位本集團連續第五年入圍 財富 中文版 2019年中國500強 榜單，位列第329位；同時入圍淨資產收益最高的40家公司 榜單，位列第26位本集團連續第五年入圍中國企業聯合會和中國企業家協會發佈的 中國製造業企業500強，位列第285位本公司榮獲香港投資者關係協會頒發的二零一九年 最佳投資

292、者關係公司（大型股）本公司於 華富卓越投資者關係大獎2018 評選活動中榮獲 投資者關係大獎（恒生指數類別）本公司連續第四年蟬聯美國 機構投資者 雜誌亞洲科技硬件類公司 最佳投資者關係公司 第一名，並榮登 最佳行政總裁、最佳財務總監、最佳投資者關係專才、最佳企業管治、最佳環境、社會及管治系列指標 的榜首，並榮獲 最受尊敬公司 的稱號本公司於第四屆 金港股 評選中榮獲 2019年度金港股大獎 和 最佳TMT公司44 Sunny Optical Technology(Group)Company Limited ANNUAL REPORT 2019Management Discussion and

293、Analysis管理層討論與分析OUTLOOK AND FUTURE STRATEGIESLooking into 2020,there are many uncertainties in the global economic situation and the COVID-19 spreads around the world rapidly.In the view of the Directors,2020 is still a year with both challenges and opportunities.The Groups management will closely m

294、onitor the development in the industries,capture the opportunities from the technological innovation,continue to make good use of the advantages of scale,technology,resources and talents by virtue of its business transformation and upgrade as well as thoroughly implement its development strategies,s

295、o as to obtain sustainable and steady development by the Group.1.Thoroughly refine the existing advantageous businesses and enhance the overall competitive advantagesIn 2020,the Group will continue to:Improve the R&D capabilities,make breakthroughs in key technologies,optimize the construction of th

296、e R&D system and enlarge the technological value added to the products;Strengthen the manufacturing capabilities,continuously optimise the manufacturing management procedures and organization structure,persistently innovate the technological skills,accelerate to propel the processes of automatic pro

297、duction and inspection,improve the production efficiency and product quality and elevate the value added to the production;and Enhance the capability of cost control,persistently optimize suppliers and supply channels,standardize the management procedures,improve the management systems,increase the

298、management efficiency and accuracy and reduce the operating cost.展望及未來策略展望二零二零年，全球經濟局面依然存在諸多不確定因素，且COVID-19在全世界範圍內迅速蔓延。董事認為，二零二零年仍是挑戰與機遇並存的一年。本集團管理層將密切關注行業發展，把握科技創新所帶來的機遇，以業務轉型升級為契機，繼續發揮規模、技術、資源和人才優勢，貫徹執行所制定的發展戰略，以實現本集團持續穩健的發展。1、做精做透現有優勢業務，強化整體競爭優勢本集團於二零二零年將繼續：提升研發能力，突破關鍵技術要素，完善研發體制建設，提升產品的技術附加值；提升製

299、造能力，不斷優化製造管理流程和組織架構，持續革新工藝技術，加速推進自動化製造和自動化檢測的進程，提高製造效率和產品品質，提升製造附加值；及 提升成本管控能力，持續優化供應商及供應渠道，規範管理流程，健全管理制度，提高管理效率和精細度，降低經營成本。舜宇光學科技（集團）有限公司 2019 年報 45 Management Discussion and Analysis管理層討論與分析2、緊緊圍繞 兩個轉變，加大新事業投入，培育新的業務增長點於二零二零年，本集團仍將緊緊圍繞從光學產品製造商向智能光學系統方案解決商的轉變及從儀器產品製造商向系統方案集成商的轉變。同時，本集團將繼續洞察市場趨勢，深度瞭

300、解客戶需求，加大研發投入，不斷推進現有產品的更新換代，快速滿足市場需求，並在細分市場形成優勢，增加市場競爭力。此外，本集團將繼續探索新的技術、新的領域，把握新趨勢，開闢新市場，如機器人視覺系統、AR光學顯示、空間定位與多傳感器融合等領域。同時，舜宇研究院也將不斷深入和外部企業及機構的溝通與合作，優勢互補，促進研發成果快速轉化為可靠產品推向市場。2.Closely concentrate on the“Two Transformations”,increase investments in new businesses and cultivate new growth points for bu

301、sinessesIn 2020,the Group will still closely focus on the transformation from an optical product manufacturer to a smart optical system solution provider and the transformation from an instrument product manufacturer to a system solution integrator.Also,the Group will continue to look into the marke

302、t trend,explore a deep insight on the clients demands,increase the R&D investments and promote the upgrade of existing products to quickly meet the market demand.The Group will also form the advantages in the segment markets to enhance the market competitiveness.Besides,the Group will continue to ma

303、ke an exploration into the new technologies and fields,follow the new trend and open up the new markets as well as other fields such as the robotic vision system,AR optical display,spatial positioning and multi-sensor fusion.At the same time,Sunny Research Institute will also continue to pursue clos

304、e communication and cooperation with external enterprises and institutes and complement each others advantages to enable the R&D achievements quickly transforming to the reliable products in the market.46 Sunny Optical Technology(Group)Company Limited ANNUAL REPORT 2019Management Discussion and Anal

305、ysis管理層討論與分析3、加強人才隊伍建設和企業文化建設，提升人才質量本集團將繼續深入分析用人需求、細緻策劃招聘方案，建立更穩定更高品質的人才供應渠道；同時，本集團將進一步優化人才成長體系，完善任職資格制度和培訓體系，打造更健全更合理的人才成長通道；此外，本集團將不斷落實 幹部管理辦法，優化幹部培養機制，打造一支擁有卓越管理能力、具備極強公司價值觀的幹部隊伍；以及本集團將持續推進 實踐與探索 的深入學習與探討，深化全體員工對企業文化的理解與認識。本集團將加強人才隊伍建設及企業文化建設，為持續高速發展提供保障。在未來幾年，本集團將持續受益於光電產業廣闊的發展前景，積極發揮本集團作為光學專家的行

306、業領先優勢，不斷順應市場需求，注重研發創新，追求產品品質，不斷提高自身的綜合競爭實力，為全球頂尖的高新技術企業提供更多優質產品與服務，推動企業的成長與價值的提升，持續為股東創造更多的回報。3.Strengthen the construction of the talent teams and the enterprise culture to improve the talents qualityThe Group will continue to make in-depth analysis on the employment demand and refine recruitment p

307、rogram to build a more stable and quality supply channel of talents.Meanwhile,the Group will further optimise the talent cultivation system,perfect the employment qualification and training system,and set up a more sound and reasonable developing path for talents.Moreover,the Group will implement th

308、e“Rules of Cadre Management”(幹部管理辦法),improve the cultivation system for cadre and build a cadre team with excellent management ability with strong enterprise value.The Group will promote the in-depth learning and discussion of the“Practice and Exploration”(實踐與探索)to deepen the understanding and knowl

309、edge on the enterprise culture.The Group will enhance the construction of talent teams and enterprise culture to support the sustainable and rapid development.In the coming years,the Group will continue to benefit from the broad development prospects of the optoelectronic industry.By actively utiliz

310、ing the Groups leader advantages in the industry as an optical expert,following the market demand,focusing on R&D and innovation,pursuing product quality and adhering to enhancing its comprehensive competitive strengths,the Group will continue to provide the global top-tier Hi-Tech companies with mo

311、re superior products and services,thereby promoting corporate growth and value enhancement to create more returns for the shareholders continuously.舜宇光學科技（集團）有限公司 2019 年報 47 Directors and Senior Management董事及高級管理層BOARD OF DIRECTORSDuring the year of 2019,the Board consisted of 7 Directors comprising

312、 3 executive Directors,1 non-executive Director and 3 independent non-executive Directors.The information on the Directors is set forth below.DIRECTORSExecutive DirectorsMr.Ye Liaoning(葉遼寧),aged 54,is one of the founders of the Group,and currently is an executive Director,the chairman of the Board a

313、nd the chairman of the Strategy and Development Committee of the Company.He is responsible for formulating the Groups policies and making decisions.Mr.Ye joined Yuyao County Chengbei Optical Instruments Factory in 1984 and became its deputy general manager since 1995.Mr.Ye has obtained a qualificati

314、on of senior economist issued by the Personnel Bureau of Zhejiang in 2008.Senior economist is a recognised qualification in the PRC and is generally granted to a person who has passed necessary examinations and has acquired substantial management experience.Mr.Ye obtained a diploma from Zhejiang Rad

315、io&TV University in 1999.Mr.Ye has been an executive Director since May 2007 and is currently a director of various subsidiaries of the Group.Mr.Ye was awarded the title of“Outstanding Entrepreneurs”(傑出甬商)and the title of“Zhejiang Province Outstanding Builder of Socialism with Chinese characteristic

316、s(Non-public Economic Person)(浙江省非公有制經濟人士新時代優秀中國特色社會主義事業建設者)”in the“40th Anniversary of Reform and Opening,Entrepreneurs of Time(改革開放40周年時代甬商)”by the Ningbo City Government in November 2018.Mr.Ye was awarded“National May-First Labor Medal”(全國五一勞動獎章)and acquired the title of“Zhejiang Province Model W

317、orker”(浙江省勞動模範)in April 2019.董事會於二零一九年，董事會由七名董事組成，其中包括三名執行董事、一名非執行董事及三名獨立非執行董事。董事資料載於下文。董事執行董事葉遼寧先生，54歲，本集團創辦人之一、現任本公司執行董事、董事會主席兼策略及發展委員會主席，負責本集團政策制訂及決策。葉先生於一九八四年加入餘姚縣城北光學儀器廠，自一九九五年起在該公司擔任副總經理。葉先生於二零零八年獲浙江省人事廳頒發高級經濟師資格。高級經濟師為中國的認可職稱，一般授予通過必需考核及具備豐富管理經驗的人士。於一九九九年，葉先生取得浙江廣播電視大學頒發的文憑。葉先生自二零零七年五月起擔任執行董事

318、，現時為本集團不同附屬公司的董事。葉先生於二零一八年十一月獲評寧波市政府 改革開放40周年時代甬商 之 傑出甬商 及 浙江省非公有制經濟人士新時代優秀中國特色社會主義事業建設者 的稱號。於二零一九年四月，葉先生獲評 全國五一勞動獎章及 浙江省勞動模範 稱號。48 Sunny Optical Technology(Group)Company Limited ANNUAL REPORT 2019Directors and Senior Management董事及高級管理層Mr.Sun Yang(孫泱),aged 47,currently is an executive Director and t

319、he Chief Executive Officer of the Company.He is responsible for the overall operation and management of the Group.Mr.Sun graduated from Ningbo University in 1995 with a bachelors degree in economics.He then obtained a masters degree in economics from Shanghai University of Finance and Economics in 2

320、005.He joined the Group as a chief officer of investment management centre in 2002.Mr.Sun has obtained a qualification of senior economist issued by the Personnel Bureau of Zhejiang in 2008 and awarded a qualification of chief senior economist issued by Zhejiang Province Human Resources and Social S

321、ecurity Department in December 2018.Currently,chief senior economist is the highest economics professional and technical title in the PRC,which is only granted to very few people who have passed strict examinations and acquired substantial management experience with major achievements.Mr.Sun has bee

322、n an executive Director since May 2009 and is currently a director of various subsidiaries of the Group.Mr.Wang Wenjie(王文杰),aged 52,currently is an executive Director and executive vice president of the Company.He is responsible for the strategic planning and information management of the Group,as w

323、ell as the management of Sunny Research Institute.Mr.Wang graduated from Zhejiang University with a bachelors degree in engineering in 1989 and joined the Group after his graduation.Mr.Wang obtained a qualification of senior economist in 2008 from the Personnel Bureau of Zhejiang.Senior economist is

324、 a recognised qualification in the PRC and is generally granted to a person who has passed necessary examinations and has acquired substantial management experience.In 2012,he was awarded the titles of“Outstanding Entrepreneur of Ningbo City”,“2012 Top 10 Yong Shang of Ningbo City”and“2012 National

325、Outstanding Young Entrepreneur of Electronic Engineering Industry”.He has been an executive Director since December 2013.He was elected as the vice chairman of the Chinese Optical Society in 2017,responsible for advancing the development of optical industry in China.孫泱先生，47歲，現任本公司執行董事及行政總裁，負責本集團全面營運

326、及管理。孫先生於一九九五年畢業於寧波大學，取得經濟學學士學位，並於二零零五年獲取上海財經大學頒授的經濟學碩士學位。孫先生於二零零二年加入本集團，擔任投資管理中心總監。孫先生於二零零八年獲浙江省人事廳頒發高級經濟師資格，並於二零一八年十二月獲得浙江省人力資源和社會保障廳授予的正高級經濟師職務任職資格。正高級經濟師是目前國內最高級別的經濟類專業技術職稱，需要通過嚴格的評審，且只有極少數具有豐富的管理經驗和取得重大成就的人士才能獲得。孫先生自二零零九年五月起擔任執行董事，現時為本集團不同附屬公司的董事。王文杰先生，52歲，現任本公司執行董事及常務副總裁，負責本集團戰略規劃及信息管理，並負責管理舜宇研

327、究院。王先生在一九八九年畢業於浙江大學，取得工學學士學位，並於畢業後加入本集團。王先生於二零零八年獲得浙江省人事廳授予的高級經濟師資格。高級經濟師為中國的認可職稱，一般授予通過必需考核及具備豐富管理經驗的人士。其於二零一二年獲頒 寧波市優秀企業家 的頭銜，並榮獲 寧波市2012年十大風雲甬商 及 2012年全國電子信息行業優秀青年企業家 的頭銜。其自二零一三年十二月起擔任執行董事。其於二零一七年被選舉為中國光學學會副理事長，負責推動中國光學行業發展。舜宇光學科技（集團）有限公司 2019 年報 49 Directors and Senior Management董事及高級管理層Non-exec

328、utive DirectorMr.Wang Wenjian(王文鑒),aged 72,former Chairman of the Board,executive Director and Chief Executive Officer,is one of the founders of the Group,and currently is a non-executive Director and the Honorary Chairman of the Board.Mr.Wang joined the Yuyao County Chengbei Optical Instruments Fac

329、tory in 1984 as factory manager and became its general manager since 1994 when it was transformed to a joint stock limited liability company.Mr.Wang obtained the title of“Outstanding Entrepreneur”from Ningbo Entrepreneurs Association and Ningbo Enterprise Unite League in 2006 and was granted the“Nin

330、gbo Excellent Entrepreneur Award”(寧波市卓越企業家獎)by the Personnel Office under Ningbo Municipal Party Committee in 2015.Mr.Wang was awarded the title of“Excellent Entrepreneurs(卓越甬商)”in the“40th Anniversary of Reform and Opening,Entrepreneurs of Time(改革開放40周年時代甬商)”by the Ningbo City Government in Novembe

331、r 2018.Mr.Wang acted as the Honorary President of Yuyao Charity Federation in 2003 and was appointed as a guest professor of the College of Information Science and Engineering,Zhejiang University in 2005.He obtained a qualification of senior economist in 1996 from Ningbo Municipal Government.Senior

332、economist is a recognised qualification in the PRC and is generally granted to a person who has passed necessary examinations and has acquired substantial management experience.Mr.Wang was redesignated as a non-executive Director in March 2012.Independent Non-executive DirectorsMr.Zhang Yuqing(張余慶),

333、aged 72,is an independent non-executive Director and the chairman of Audit Committee.Mr.Zhang has worked in MBCloud(Shenzhen)Information Technology Co.,Ltd.(招銀雲創（深圳）信息技術有限公司)as finance-in-charge since May 2017.Mr.Zhang worked in Shanghai Port Bureau as heads of the financial division as well as the auditing division.He was also appointed as a director of Shanghai Worldbest Industry Development Co.