[公告]威灵控股：2015年年报
CONTENTS 目錄 Corporate Information 2 公司資料 Chairman’s Statement 4 主席報告書 Management Discussion and Analysis 16 管理層討論與分析 Corporate Governance Report 20 企業管治報告 Biographical Details of Directors and Senior Management 42 董事及高級管理人員履歷詳情 Report of the Directors 47 董事會報告 Independent Auditor’s Report 70 獨立核數師報告 Consolidated Statement of Financial Position 72 綜合財務狀況表 Consolidated Income Statement 74 綜合收益表 Consolidated Statement of Comprehensive Income 75 綜合全面收益表 Consolidated Statement of Changes in Equity 76 綜合權益變動表 Consolidated Statement of Cash Flows 78 綜合現金流量表 Notes to the Consolidated Financial Statements 79 綜合財務報表附註 Five-Year Financial Summary 188 五年財務摘要 CORPORATE INFORMATION 公司資料 2 Welling Holding Limited . 威靈控股有限公司 董事 執行董事 向衛民先生（主席） 鐘林先生（首席執行官） 潘新玲女士 李力先生 袁利群女士 李飛德先生 獨立非執行董事 譚勁松先生 林明勇先生 曹洲濤女士 審核委員會 譚勁松先生（主席） 林明勇先生 曹洲濤女士 薪酬委員會 曹洲濤女士（主席） 譚勁松先生 林明勇先生 向衛民先生 李力先生 提名委員會 向衛民先生（主席） 李力先生 譚勁松先生 林明勇先生 曹洲濤女士 行政委員會 向衛民先生（主席） 鐘林先生 潘新玲女士 李力先生 袁利群女士 李飛德先生 Directors Executive Directors Mr. XIANG Weimin (Chairman) Mr. ZHONG Lin (Chief Executive Officer) Ms. PAN Xinling Mr. LI Li Ms. YUAN Liqun Mr. LI Feide Independent Non-executive Directors Mr. TAN Jinsong Mr. LAM Ming Yung Ms. CAO Zhoutao Audit Committee Mr. TAN Jinsong (Chairman) Mr. LAM Ming Yung Ms. CAO Zhoutao Remuneration Committee Ms. CAO Zhoutao (Chairman) Mr. TAN Jinsong Mr. LAM Ming Yung Mr. XIANG Weimin Mr. LI Li Nomination Committee Mr. XIANG Weimin (Chairman) Mr. LI Li Mr. TAN Jinsong Mr. LAM Ming Yung Ms. CAO Zhoutao Executive Committee Mr. XIANG Weimin (Chairman) Mr. ZHONG Lin Ms. PAN Xinling Mr. LI Li Ms. YUAN Liqun Mr. LI Feide CORPORATE INFORMATION 公司資料 3 Annual Report 2015 年報 公司秘書 張慧榆女士CPA FCCA 註冊辦事處 香港 九龍 尖沙咀 廣東道9號 海港城港威大廈 第6座39樓3904室 核數師 羅兵咸永道會計師事務所 執業會計師 香港 中環 太子大廈22樓 主要銀行 中國銀行股份有限公司 中國農業銀行股份有限公司 中國工商銀行股份有限公司 招商銀行股份有限公司 股份過戶登記處 香港中央證券登記有限公司 香港 灣仔皇后大道東183號 合和中心17M樓 公司網址 http://www.welling.com.cn 股份代號 382 Company Secretary Ms. CHEUNG Wai Yu CPA FCCA Registered Office Suite 3904, 39/F, Tower 6 The Gateway, Harbour City 9 Canton Road Tsim Sha Tsui Kowloon Hong Kong Auditor PricewaterhouseCoopers Certified Public Accountants 22/F, Floor Prince’s Building Central Hong Kong Principal Bankers Bank of China Ltd. Agricultural Bank of China Ltd. Industrial and Commercial Bank of China Ltd. China Merchants Bank Co., Ltd. Share Registrar Computershare Hong Kong Investor Services Limited 17M Floor, Hopewell Centre 183 Queen’s Road East, Wanchai Hong Kong Website Address http://www.welling.com.cn Stock Code 382 CHAIRMAN’S STATEMENT 主席報告書 4 Welling Holding Limited . 威靈控股有限公司 全年利潤 本人宣佈威靈控股有限公司（「本公司」）及其附屬 公司（合稱「本集團」）截至2015年12月31日止年度 （「本年度」）的營業額約港幣8,040,366,000元（2014 年：約港幣9,273,399,000元），經審核本公司擁有 人應佔利潤約港幣525,030,000元（2014年：約港幣 678,372,000元）及每股盈利為18.34港仙（2014年： 23.76港仙）；利潤較去年同期下跌22.6%。本集團 2015年之毛利率約13.8%（2014年：約15.4%）。主 要受市場不景氣和行業競爭持續加劇，以及大宗原 材料持續低位影響，令本集團營業額及毛利同比下 跌。本集團於本年度進行精簡組織，以提升經營管理 效率，導致辭退褔利大幅增加至約港幣38,366,000 元（2014年：約港幣10,318,000元）。另一方面，本 集團持續加大科技研究與開發（「研發」），工藝技 改的投入，本年度研發成本為港幣108,823,000元 （2014年：約港幣82,904,000元）。 業務回顧 主要業務經營情況分析 2015年，全球經濟持續不景氣，各經濟體出現明顯 分化，除了美日歐等發達經濟區採取強力的量化寬 鬆計劃使得經濟出現一定的復蘇跡象外，多數新興 市場因經濟基礎相對薄弱，且受到國際資本流出的 影響，經濟狀況不容樂觀。另外，金融市場的不穩定 也對世界經濟帶來衝擊，特別是各國累積的債務問 題。在經濟新常態下，中國經濟結構調整加快，2015 年經濟增長下行壓力、化解過剩產能壓力、生態環 境治理壓力、企業效益下降壓力都非常大，國家統 計局2016年1月公佈2015年全國國內生產總值同比 增長6.9%，創1990年以來新低。 Profit for the Year I hereby announce that Welling Holding Limited (the “Company”) and its subsidiaries (collectively, the “Group”) recorded a turnover of approximately HK$8,040,366,000 (2014: approximately HK$9,273,399,000) for the year ended 31 December 2015 (the “Year”). The audited profit attributable to the owners of the Company and earnings per share amounted to approximately HK$525,030,000 (2014: approximately HK$678,372,000) and HK18.34 cents (2014: HK23.76 cents) respectively, representing a decrease of 22.6% in profit compared to the same period last year. The Group’s gross profit margin for 2015 was approximately 13.8% (2014: approximately 15.4%). Due to the depressed market condition and intensifying industrial competition, as well as the continuous fall in commodity prices of raw materials, the Group recorded a year-onyear decrease in turnover and gross profit margin. During the Year, the Group streamlined its organisational structure to enhance the operational management efficiency, which lead to a significant increase in redundancy payments of approximately HK$38,366,000 (2014: approximately HK$10,318,000). On the other hand, the Group continued to make further investment in technology research and development (“R&D”) as well as improvement of manufacturing process. The R&D costs of the Year amounted to HK$108,823,000 (2014: approximately HK$82,904,000). Business Review Analysis of Major Business Operations In 2015, with continuous global economic downturn, the pace of growth in different economies showed distinct differentiation. Except some developed economic regions such as America, Japan and European countries showed certain signs of economic recovery by adopting quantitative easing programs, most emerging markets with relatively weak economic base demonstrated less optimistic performance due to the impact of international capital outflows. The global economy was also impacted by the fluctuation of financial markets, especially the accumulative debt issues of various countries. Under the “new normal” economy, China accelerated its economic restructuring to cope with the pressure on economic downward, excess production capacity, ecological environment treatment and lower profitability of enterprises in 2015. According to the data published by the National Bureau of Statistics in January 2016, China’s gross domestic product in 2015 recorded a year-on-year increase of 6.9%, representing the lowest growth since 1990. CHAIRMAN’S STATEMENT 主席報告書 5 Annual Report 2015 年報 2015年，受市場疲軟和社會經濟環境不景氣影響， 特別是房地產業的持續低迷，限制家電產品的剛性 需求增長，國內家電市場趨於飽和，行業進入「寒 冬」，各大家電廠商業績總體上看跌多漲少，空調、 冰箱、洗衣機及小家電都處於一個整體下滑的趨勢 中，而且下滑幅度巨大，增長空間微小。 但是，2015年的家電行業也表現的相當「熱鬧」，互 聯網企業的湧入，給傳統家電廠商帶來危機的同時 也帶來了更多的機會。智能廚房、智能浴室、智能臥 室的概念相繼提出，進一步完善了智能家居產業。 傳統家電廠商也紛紛與互聯網企業合作，更多的家 電創新產品陸續推出。 1. 電機業務 2015年，國內空調新增需求不足，整年的「價 格戰」並沒有有效消化管道庫存，同時產品競 爭升級、空調電商市場增速放緩等不利因素也 進一步阻礙了空調行業的發展，市場出現了 2009冷年以來史上最大的降幅。洗衣機市場維 持平穩增長的態勢，需求主要來自更新換代。 2015年，家用空調內外銷總量同比下滑8.2%， 中央空調內外銷總額同比下滑7.0%，洗衣機 內外銷總量同比下滑0.4%，冰箱壓縮機內外 銷總量同比增長1.5%。（以上資料來源自：產 業在綫） In 2015, affected by the sluggish market and unfavorable social and economic conditions and, especially the continued weakness of the real estate industry, the growth in the rigid demand for electrical household appliances was limited and the market of electrical household appliances in China became saturated, which indicated that the industry had stepped into a period of “freezing winter”. As a whole, most of the major electrical household appliance manufacturers recorded a decrease in performance. In addition, air-conditioners, refrigerators, washing machines and small electrical household appliances showed an overall downturn trend with significant drops and limited growth. However, the electrical household appliance industry performed excitedly in 2015. A large number of internet enterprises flooded into the industry, which brought more opportunities than risks to the traditional market players. The emerging of new concepts such as smart kitchen, smart bathroom and smart bedroom continued to furnish the intelligent household industry. Meanwhile, cooperation between traditional electrical household appliance manufacturers and internet enterprises gradually brought more innovative electrical household appliances to the market. 1. Motor Business In 2015, the new domestic demand for air-conditioners was insufficient, and the “price war” throughout the year failed to consume the pipeline stock effectively. Meanwhile, various unfavorable factors such as the escalation of product competition and the deceleration of growth in the air-conditioner e-commerce market also further hindered the development of the air-conditioner industry, which led to the biggest drop of sales in the market since the freezing year of 2009. The washing machine market maintained stable growth and the demand was mainly driven by product upgrading. In 2015, total domestic and export sales of household air-conditioners, central air-conditioners and washing machines decreased by 8.2%, 7.0% and 0.4% year-on-year respectively, while refrigerator compressors increased by 1.5% year-on-year. (Source: www.chinaIOL.com) 截 至2015年12月31日 止 年 度，本 集 團 電 機 業 務 內 銷 之 電 機 銷 量 約102,007,000台，出 口 之 電 機 銷 量 約31,082,000台，總 銷 量 較 去年同期下滑6%（其中空調類電機內銷佔 69,513,000台，以及外銷佔14,713,000台，總 銷量較去年同期下跌13%；而洗滌類電機內銷 佔15,156,000台，以及外銷佔13,867,000台， 總銷量較去年同期上升15%）。本集團2015 年之營業額約港幣8,040,366,000元（其中空 調類電機及洗滌類電機營業額分別為港幣 4,361,568,000元及港幣2,551,770,000元）， 2014年之營業額約港幣9,273,399,000元（其 中空調類電機及洗滌類電機營業額分別為港幣 5,384,026,000元及港幣2,681,642,000元）， 較去年下跌13%。 面對下游家電市場不景氣和行業競爭持續加 劇帶來的銷售波動和盈利空間縮小，本集團積 極拓展市場，爭取訂單，同時精簡組織，提升 經營管理效率，持續優化成本、費用，強化產 品技術含量，提升競爭優勢。 For the year ended 31 December 2015, the Group’s motor business recorded a domestic sales volume of approximately 102,007,000 units and an export sales volume of approximately 31,082,000 units, with the aggregate sales volume decreased by 6% as compared to the same period last year. Of which, domestic and export sales volumes of motors for air-conditioners were 69,513,000 units and 14,713,000 units respectively, with the aggregate sales volume decreased by 13% as compared to the same period last year; while the domestic and export sales volumes of motors for washing machines were 15,156,000 units and 13,867,000 units respectively, with the aggregate sales volume increased by 15% as compared to the same period last year. The Group’s turnover for 2015 amounted to approximately HK$8,040,366,000 (including HK$4,361,568,000 from motors for air-conditioners and HK$2,551,770,000 from motors for washing machines), representing a decrease of 13% as compared to a turnover of approximately HK$9,273,399,000 (including HK$5,384,026,000 from motors for air-conditioners and HK$2,681,642,000 from motors for washing machines) for 2014. Faced with the sluggish downstream market of household appliances as well as the sales fluctuation and narrowing profit margins brought by the intensifying industrial competition, the Group actively expanded the market by striving for more orders. Meanwhile, the Group streamlined its organisational structure to enhance the operational management efficiency, continuously optimised the costs and expenses and improved the technology of its products, so as to enhance its competitive advantages. 1.1 市場表現 1.1.1 空調類電機 受空調市場需求下滑影響，空調 類電機銷售業務的銷售量較去年 同期下滑13%，加之大宗原材料 價格下跌及行業競爭加劇影響， 銷售收入同比下滑19%。其中， 家用空調交流電機銷量較去年同 期下滑12%，但與日系高端客戶 的合作深化，訂單大幅提升；家用 空調無刷直流電機銷量同比下滑 15%，但客戶結構進一步完善；商 用電機銷量同比下滑18%,但直流 無刷商用電機與國際一線品牌家 電廠商取得合作；電抗器銷量同 比下滑12%,但新客戶拓展取得重 大進展。 1.1 Market Performance 1.1.1 Motors of Air-Conditioners Due to the shrinking market demand of air-conditioners, the sales volume of motors for air-conditioners decreased by 13% as compared to the same period last year, while the sales revenue recorded a year-on-year decline of 19% as a result of the fall in commodity prices of raw materials and the keen competition in the industry. In particular, the sales volume of alternating current motors for household air-conditioners dropped by 12% as compared to the same period last year, nevertheless, the orders from Japanese high-end customers increased significantly due to the strengthened cooperation with them; the sales volume of brushless direct current motors for household air-conditioners decreased by 15% year-on-year, however, the structure of its customer profile had been further improved; the sales volume of commercial motors fell by 18% as compared to the same period last year, nonetheless, the Company had entered into cooperation with first tier international brands of electrical household appliance manufacturers in relation to the brushless direct current commercial motors; the sales volume of reactors reduced by 12% year-on-year, while significant progress towards new customers exploration has been achieved. 1.1.2 洗滌類電機 國內洗衣機市場滾筒化、變頻化 已成主流，高端洗衣機份額呈上 升趨勢。受益於波輪電機、洗衣 機變頻電機、乾衣機電機的市場 開拓，洗滌類電機銷量同比上升 15%，但受產品價格下降及產品 結 構 影 響，銷 售 收 入 同 比 下 滑 5%。其中，串激電機銷量同比下 滑15%，主要受客戶需求下滑及 客戶產品結構調整影響；波輪電 機通過加大國內客戶的開發及大 客戶的訂單爭取，銷量同比上升 27%；變頻洗衣機電機方面，三相 變頻電機受益於國內市場需求的 增加和海外客戶的訂單爭取，銷 量同比上升113%，直流電機通過 深化原有客戶的合作及國內新客 戶的開發，銷量同比上升154%； 另外，直流無刷乾衣機已為國際 龍頭家電廠商批量供貨。 1.1.2 Motors of Washing Machines With the growing popularity of drum and inverter washing machines in the domestic market, proportion of high-end washing machines had experienced an upward trend. Benefiting from the market expansion of wavewheel motors, inverter motors for washing machines and motors for drying machines, the sales volume of washing machine motors delivered a year-on-year growth of 15%, while the sales revenue decreased by 5% yearon- year resulting from the reduction in product price and the change of product mix. In particular, the sales volume of series motors declined by 15% year-on-year, mainly due to the falling demand and the restructuring of products portfolio made by customers; whereas, the sales volume of wave-wheel motors increased by 27% year-on-year, which was attributable to the greater effort made to develop domestic customers and secure orders from major customers; in respect of the inverter motors for washing machines, the sales volume of the 3-phase variable frequency motors rose by 113% year-onyear, benefiting from the rising demand from domestic market and more orders obtained from overseas customers; the sales volume of direct current motors grew by 154% year-on-year due to the enhanced cooperation with existing customers and expansion of domestic new customers; furthermore, the supply of direct current brushless motors for drying machines had been commenced for the international leading electrical household appliance manufacturers. 1.1.3 其他產品 其他產品方面，直流無刷空氣清 新機電機已完成開發，並實現在 國內及日系大客戶的批量供貨； 直流無刷冰箱電機與國際龍頭家 電廠商達成合作，並批量供貨。伺 服電機項目團隊已獨立運作，相 關工作按規劃開展，2015年底已 完成全系列工程樣機的製作，產 品性能經測試可達到日系同類產 品水平。 1.2 其他表現 2015年，本集團繼續堅持經營轉型，從 產品本身出發，持續提升內部經營管 理、技術研發、製造工藝、供應鏈管理及 品質管控水平，推出的升級產品得到行 業的高度認可，新一代分體空調交流室 外機電機在3月舉辦的中國家電及消費 電子博覽會上榮獲2015年中國家電艾普 蘭獎專業評審類「核芯獎」，直流無刷滾 筒洗衣機電機在9月舉辦的洗衣機行業 高峰論壇榮獲2015年洗衣機行業「節能 芯動力獎」。本集團附屬公司廣東威靈 電機製造有限公司在2015年通過了廣東 省新型研發機構和廣東省佛山市技術企 業研究院的評定，佛山市洗滌電機製造 有限公司則通過了廣東省洗滌電機工程 技術研究中心的評定。 1.1.3 Other Products As for other products, we completed the development of direct current brushless air purifier motors and had commenced supply for domestic and Japanese major customers. On direct current brushless refrigerator motors, we had entered into cooperation with international leading electrical household appliance manufacturers and also commenced supply for them. In addition, the project team of servo motors had started operation independently and carried out relevant work as planned. At the end of 2015, the manufacturing of entire series of prototype tool had been completed, and the product performance was similar to Japanese products as proved by the performance tests taken. 1.2 Other Performance In 2015, the Group kept on product-led operational transforming with further enhancement in internal operational management, technology R&D, manufacturing process, supply chain management and quality control. The Group gained high recognition from the industry for its newlylaunched upgraded products. In particular, our new-generation alternating current motors for outdoor unit of split-type airconditioners was honored with the “Accessory Award” in the professional category of the 2015 China Appliance Award at the Appliance & Electronics World Expo held in March. At the Washing Machine Industry Summit held in September, our brushless direct current motor for washing machine was awarded with “Energy-Saving Motor Award” for the washing machine industry. In 2015, our subsidiary, Guangdong Welling Motor Manufacturing Co., Ltd. successfully passed the assessment for the New R&D Institutions of Guangdong Province and the Technical Enterprise Institute of Foshan City, Guangdong Province, while another subsidiary, Foshan Welling Washer Motor Manufacturing Co., Ltd. successfully passed the assessment for the Engineering Research Centre for Washing Machine Motors of Guangdong Province. 2. 聯營公司業務 山西華翔集團有限公司（「山西華翔」，本集 團佔49%股權的聯營公司）持續組織的深化改 革，依託轉型升級實現產品結構調整，受益於 電商增長帶來的物流叉車產品增長、產業鏈延 伸帶來的結構件機加件增長、新興市場帶來的 球鐵件產品增長、戰略轉型帶來的汽車件與 電力管閥件等高價值產品的結構佔比增長， 使得整體業務在下行的宏觀經濟環境中實現 了逆勢增長。 截至2015年12月31日止年度，山西華翔的營 業額約港幣1,480,331,000元（2014年：約港幣 1,532,972,000元），同比下跌3%，本集團應佔 山西華翔的利潤約港幣51,396,000元（2014 年：約港幣41,253,000元），同比增長25%，利 潤上升主要受益於工藝與技術改善帶來的產 品成品率提升、產品結構調整優化帶來的整體 毛利上升，以及規模效應帶來的邊際效益提 升。 回顧2015年，在惡劣的外部環境下，本集團堅持以 「客戶為中心，做好產品」，關注經營本質，持續加大 科技研發、產品設計、工藝技改、品質管控的投入和 改善升級，不斷優化並整合資源，推進精細化管理， 為客戶提供更好的產品與服務，並以開放的態度積 極尋找合作夥伴，追求創新與發展，在困難中，保證 了企業的正常良性經營。 2. Business of Associate Shanxi Huaxiang Group Co., Ltd. (“Shanxi Huaxiang”, an associate owned as to 49% by the Group) continued to work on its organisational reform and restructure its product portfolio through transformation and upgrade. Despite the depressing macroeconomic environment, the business of Shanxi Huaxiang achieved a growth as a whole resulting from the increased sales of logistics forklift products driven by e-commerce expansion, the increased sales of structural parts and machined processing parts brought by the industry chain extension, the increased sales of nodular iron castings supported by the emerging markets and the increased sales percentage of highvalue products such as vehicle parts and electrical pipe valve parts through the strategic transformation. For the year ended 31 December 2015, Shanxi Huaxiang recorded a turnover of approximately HK$1,480,331,000 (2014: approximately HK$1,532,972,000), representing a year-on-year decrease of 3%. The Group’s share of profit in Shanxi Huaxiang was approximately HK$51,396,000 (2014: approximately HK$41,253,000), representing a year-on-year growth of 25%. The increase in profits were mainly driven by the higher production yield rate resulted from process and technology improvement, higher overall gross margin brought by the adjustment of product mix and marginal effect of economy-of-scale. Looking back on 2015, the Group adhered to its established strategy of “placing customers at our core and making quality products” and focused on the essential elements of its operations. The Group continued its efforts in improving and upgrading technology R&D, product design, manufacturing process and quality control, and promoting lean management by continuous optimisation and integration of resources, so as to offer better products and services to its customers. Meanwhile, the Group has been actively seeking partners with an open mind to pursue innovation and development. With all of these efforts, we managed to sustain normal and sound operations despite the challenging condition. 業務展望 2016年全球經濟不容樂觀，不均衡的復甦態勢將 持續更長的時間，全球經濟增速受國際大宗商品價 格、美聯儲加息等因素影響，存在很大的不確定性。 美國經濟在就業市場改善、房地產市場增長等因素 推動下，預計將繼續增長並延續復蘇態勢。歐元區 經濟總體呈現緩慢增長的態勢，仍面臨較大的通貨 緊縮壓力。日本經濟受私人消費支出和出口疲軟影 響，增長存在較大的波動性。內外金融環境的惡化、 大宗商品價格的走低及自身的結構性問題都將加劇 新興經濟體經濟增長的不確定性。2016年作為中國 「十三五」規劃的第一年，政府將在適度擴大總需求 的同時，圍繞去產能、降成本、去庫存、防風險等重 點領域，著力加強供給側結構性改革，推動社會生 產力水平整體改善。中國社會科學院在2015年12月 16日發佈的2016年《經濟藍皮書》預計2016年中國 經濟增長6.6%-6.8%。家電行業市場需求將大幅放 緩，家電廠商將更專注於產品創新升級和商業模式 轉型。預計2016年電機行業產能將持續供大於求， 價格繼續下行，盈利空間進一步縮小，競爭將更加 激烈。本集團將繼續深化經營轉型，整合資源，提高 管理水平，致力於打造精品電機，鞏固行業領先地 位。 電機業務將繼續關注客戶需求，推進產品創新，升 級產品結構，整合自身研產銷優勢資源，提升客戶 響應速度，展現高效的銷售服務，強化競爭優勢，鞏 固並擴大市場份額。 Business Prospects Heading into 2016, the global economic outlook remains clouded. Economic recovery is expected to remain uneven for a long time. The growth of the global economy is quite uncertain due to the factors such as the decline of international commodity prices and the rise in Federal Reserve’s interest rate. The economy in the United States is expected to be on a sustaining recovery path with decent growth in job markets and property markets. Eurozone economy shows a trend of slow growth as a whole under significant deflation pressure. Japan’s economic growth is projected to fluctuate due to the depressing private consumption and export activities. The deteriorating internal and external financial environment, drop in commodity prices and internal structural issues could create uncertainty to the growth prospects of emerging economies. In 2016, the first year of China’s 13th Five-year Plan, the government will moderately expand overall demand and work more on the supply-side structural reforms with concrete measures including eliminating excess industrial capacity, cutting business costs, reducing inventory levels and defusing financial risks so as to improve the overall social productivity. In the 2016 Economic Blue Book released on 16 December 2015, the Chinese Academy of Social Sciences expected China’s economy to grow by 6.6% to 6.8% in 2016. The market demand for the electrical household appliance industry is expected to slow down significantly, which would urge the manufacturers to focus on product upgrade and innovation and business model transformation. It is expected that overcapacity will remain in the motor segment in 2016, which would further drive prices and profits down and lead to more intense competition. The Group will continue to work on operational transformation, integrate our resources and improve our management standard to offer high-quality motors so as to consolidate our leading position in the industry. We will continue to focus on our customers’ demand, promote product innovation, upgrade product structure, integrate our R&D, production and marketing resources, speed up response to customer needs to achieve efficient sales services, enhance competitive advantage and consolidate larger market share. 1. 電機業務 1.1 空調類電機 空調行業大盤下滑的趨勢難以改變， 高庫存和「價格戰」的風險依然存在， 變頻化、家用小多聯化仍是行業主流發 展趨勢。本集團將繼續強化升級產品開 發，特別是家用空調室外機交流塑封 電機、家用空調室內機交流塑封電機、 商用塑封盤管風機電機、北美用商用直 流電機，同時重點拓展南亞空調電機市 場，繼續推進北美商用新客戶的開拓， 實現北美商用直流電機的批量供貨，關 注並開發國內新的直流空調電機客戶。 同時，將針對特殊的客戶要求，推出基 於M0無位置控制平台的家用空調室內 機無刷直流電機，以解決更高的整機噪 音要求。 1.2 洗滌類電機 洗衣機行業延續微增長的市場發展趨 勢，隨著變頻洗衣機的需求提升，變頻 比例將進一步加大，變頻電機訂單競爭 也將更加激烈。本集團將加快變頻洗衣 機電機升級產品的研製和推出，在積極 爭取國內客戶訂單的同時，積極開拓直 流電機的歐美客戶。加大新一代串激電 機的推廣，替代原有產品，鞏固行業領 導地位，推出更具行業競爭力的波輪電 機升級產品，並針對日系客戶，開發塑 封波輪電機。同時，積極爭取乾衣機電 機與新的歐美客戶的合作機會。 1. Motor Business 1.1 Motors for Air-Conditioners The downturn of air-conditioning industry is inevitable as the risks of high level of inventory and “price war” still exist. The shifting towards inverter-driven, multi-connected household airconditioners remains the major trend of the industry. The Group will continue to strengthen and upgrade product development, especially on the alternating current motors of resin packages for indoor and outdoor household air-conditioners, the alternating current fan coil motors of resin packages for commercial air-conditioners, and the commercial direct current motors used in North America. At the same time, we will focus on expanding the market of motors for air-conditioners in South Asia, keep on developing new customers in North America to commence supply of commercial direct current motors, as well as contacting and developing new domestic customers of direct current motors for air-conditioners. Besides, we will launch brushless direct current motors for indoor household air-conditioners based on M0 positionsensorless control, tailored to the specific requirements of customers, to meet the higher requirement on reducing machine noise. 1.2 Motors for Washing Machines The washing machine industry continues a minimal growth trend. With the increasing demand for inverter washing machine, the proportion of inverter washing machine will further increase and the competition on obtaining orders for inverter motors will also become more intense. The Group will accelerate the R&D on the product upgrade of inverter washing machine motor and the launch of upgraded products, actively competing on obtaining orders from domestic customers while seeking customers for direct current motors in Europe and the United States. We will put effort in the promotion of new generation series motors to replace the original products, so as to consolidate our leading position in the industry. We will launch a more competitive upgraded product of wavewheel motors while developing wave-wheel motors of resin packages for Japanese customers. Meanwhile, we will strive for cooperation opportunities with new dryer motors customers in Europe and the United States. 1.3 其他產品 壓縮機電機著力開拓海外市場，特別是 南亞、中東、美洲和日本區域。洗碗機交 流電泵有望在美洲市場取得突破，直流 無刷泵將在歐洲市場實現批量供貨，同 時加快集成加熱泵的開發。600至800加 侖的淨水器增壓泵將在2016年完成開 發，並推出正式產品。加快推進伺服電 機產業化進度，加大市場開拓力度，伺 服電機計劃在2016年上半年實現批量供 貨，持續以開放的態度積極尋找並推進 行業合作。 2. 聯營公司業務 山西華翔將堅持「為客戶創造價值」的核心經 營價值觀，通過企業二次深化改革，通過組 織、機制、文化的持續再造，優化人才梯隊； 充分發揮技術與品質優勢，持續強化市場的核 心競爭能力。 面對整體經濟環境下行趨勢，山西華翔將持續 堅持「產品、品質、客戶」的三點一線戰略，以 客戶服務為導向，夯實基礎管理，構建全面、 高效的產供銷體系，穩定提升現有市場規模， 積極拓展新的戰略產品市場，為未來持續的業 績增長提供強勁動力。 1.3 Other Products In respect of the compressor motors, we will focus on developing in overseas markets, especially in the regions of South Asia, Middle East, America and Japan. The alternating current pump for dish-washing machines is expected to achieve a breakthrough in American market and the direct current brushless pump will commence supply in the European market. Meanwhile, we will accelerate the development of integrated heat pump. The development of water purifier booster pumps for 600 to 800 gallons will be completed in 2016 and official products will also be launched. We plan to expedite the industrialisation progress of servo motors and intensify the market exploitation, in order to commence supply of servo motors in the first half of 2016. We will continue to seek and promote industry cooperation actively in an openminded attitude. 2. Business of Associate Adhering to the core belief of “creating value for customers”, Shanxi Huaxiang will optimise its talent team through further deepening the reform of enterprise and continuous reengineering of organisation, mechanism and culture. It will also leverage on its advantage of technology and quality to continuously strengthen its core market competitiveness. In face of economic downturn, Shanxi Huaxiang will adhere to its business strategy focusing on three major aspects “products, quality and customers”. Through running on a customer service oriented approach, solidifying the basic management, building a comprehensive and efficient production and marketing system, steadily enhancing existing market scale and actively expanding new strategic product markets, so as to generate a strong and continuous performance growth momentum in the future. 公司經營策略 面對複雜的宏觀經濟環境和不容樂觀的市場行業 形勢，如何「不隨波逐流，永葆企業長青」，是本集 團必須迎接的挑戰。基於以上情況，本集團堅持「追 求精益求精」的工匠精神，不斷學習與創新，提倡 認真、負責、細心、勤奮的氛圍，努力打造「精品管 理團隊」。在營銷方面，著力完善市場建設、基礎管 理、體系搭建，提升產銷銜接和旺季供貨能力，為客 戶提供更好的差異化服務。在研發方面，繼續推進 開發與市場的結合，搭建客戶導向性的研發體系， 以創新為靈魂，持續開發升級產品，打造產品差異 化優勢。製造方面，提倡精細化生產、精細化工藝， 持續提升精益管理基礎，優化製造佈局，進一步發 揮製造資源的整合優勢，並通過推廣生產線連線和 製造過程品質自動化測試，改善產品品質，提升製 造效率，降低製造費用。關注供應鏈價值提升，強化 資源協同效應，與供應商夥伴建立長期的有競爭力 的共贏關係。進一步強化品質意識，堅持品質剛性 執行，將品質紅黃牌與人事任免直接掛鉤，期望實 現產品更好的市場品質表現。深化精細化管理，特 別是成本、庫存管理方面，提高企業經營管理效率， 保證企業的長期良性發展。 Corporate Business Strategies Amid the complex macroeconomic environment and depressive industrial market condition, it is challenging for the Group to figure out ways to maintain sustainable development. Due to aforementioned circumstances, the Group is devoted to striving for excellence, encouraging continuous learning and innovation while promoting merits of seriousness, responsibility, carefulness and diligence, aiming to develop an elite management team. In respect of marketing, the Group focuses on improving its market layouts, fundamental management and system construction, while enhancing the matching with manufacturing and sales as well as its supply capacity in peak seasons, with a view to offer better and differential services to customers. In respect of R&D, the Group is committed to building a customer-oriented R&D system through efforts in keeping product R&D in line with market needs. Meanwhile, the Group emphasises innovation in developing and upgrading its own products, which helps its products to gain differential advantages. In respect of production, the Group continues to enhance its lean management policy by encouraging refined manufacture and craftsmanship as well as optimising our manufacturing layouts so as to take advantages of integration of manufacturing resources. Besides, we strive to achieve product quality and manufacturing efficiency improvement as well as cost reduction by enhancing communication among production lines and the implementation of quality automated testing in manufacturing process. Further, the Group also emphasises on increasing the value of its supply chain and strengthening the synergy effect in respect of resources allocation, with a view to establish long term competitive win-win relationship with its suppliers. In order to achieve better quality performance in the market, the Group will further strengthen its quality consciousness and implement more stringent quality control, including but not limited to link up with the appointment or dismissal of personnel to the quality control mechanism. The Group will work on its lean management in respect of, in particular, cost and inventory control, in order to improve operation efficiency and ensure a long term healthy development. 致謝 最後，本人謹藉此機會感謝股東、客戶及合作夥伴的 支持，並感謝各董事會成員，各管理人員及全體員工 為本集團的業務發展於過去一年所做出的努力和貢 獻，使集團在困難的環境下持續了良性經營。我們希 望管理層與全體員工共同努力，協同作戰，實現逆勢 增長。 主席 向衛民 2016年3月14 日 Acknowledgement Last but not least, I would like to thank our shareholders, customers and business partners for their support, and the board members, the management and all employees for their efforts in and contributions to the Group’s business development over the past year, supporting the Group to continuously operate on an on-going basis under the challenging environment. We hope that the management and all employees will continue their concerted efforts to achieve growth against market downturn. Xiang Weimin Chairman 14 March 2016 MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論與分析 16 Welling Holding Limited . 威靈控股有限公司 業績 截至2015年12月31日止年度，本集團的營業額約港 幣8,040,366,000元（2014年：約港幣9,273,399,000 元 ），經 審 核 本 公 司 擁 有 人 應 佔 利 潤 約 港 幣 525,030,000元（2014年：約港幣678,372,000元）及每 股盈利為18.34港仙（2014年：23.76港仙）；利潤較去 年同期下跌22.6%。本集團2015年之毛利率約13.8% （2014年：約15.4%）。主要受市場不景氣和行業競爭 持續加劇，以及大宗原材料持續低位影響，令本集團 營業額及毛利同比下跌。本集團於本年度進行精簡 組織，以提升經營管理效率，導致辭退褔利大幅增加 至約港幣38,366,000元（2014年：約港幣10,318,000 元）。另一方面，本集團持續加大科技研發，工藝技改 的投入，本年度研發成本為港幣108,823,000元（2014 年：約港幣82,904,000元）。 財務回顧 流動資金及財務資源 本集團之財政及流動資金狀況維持穩健，於2015年12 月31日之流動比率為185%（2014年：166%）。 於2015年12月31日，本 集 團 持 有 現 金 淨 額 港 幣 1,292,519,000元（2014年：港幣1,931,761,000元）， 由 現 金 及 現 金 等 價 物 及 已 抵 押 銀 行 存 款 約 港 幣 1,313,169,000元減銀行借款總額約港幣20,650,000元 （於一年內到期）組成。 於2015年12月31日，本集團已認購財富管理產品約港 幣720,857,000元（2014年：無），該財富管理產品提供 相較於中國商業銀行所提供的定期存款利率更佳的 回報率。 Results The Group’s turnover for the year ended 31 December 2015 amounted to approximately HK$8,040,366,000 (2014: approximately HK$9,273,399,000). The audited profit attributable to the owners of the Company and earnings per share amounted to approximately HK$525,030,000 (2014: approximately HK$678,372,000) and HK18.34 cents (2014: HK23.76 cents) respectively, representing a decrease of 22.6% in profit as compared to the same period last year. The Group’s gross profit margin for 2015 was approximately 13.8% (2014: approximately 15.4%). Due to the depressed market condition and intensifying industrial competition, as well as the continuous fall in commodity prices of raw materials, the Group recorded a year-onyear decrease in turnover and gross profit margin. During the Year, the Group streamlined its organisational structure to enhance the operational management efficiency, which lead to a significant increase in redundancy payments of approximately HK$38,366,000 (2014: approximately HK$10,318,000). On the other hand, the Group continued to make further investment in technology R&D as well as improvement of manufacturing process. The R&D costs of the Year amounted to HK$108,823,000 (2014: approximately HK$82,904,000). Financial Review Liquidity and Financial Resources The Group has maintained a healthy financial and liquidity position with a current ratio of 185% as at 31 December 2015 (2014: 166%). As at 31 December 2015, the Group was in a net cash position of HK$1,292,519,000 (2014: HK$1,931,761,000), representing cash and cash equivalents and pledged bank deposits of approximately HK$1,313,169,000 less total bank borrowings of approximately HK$20,650,000, which would be due within one year. The Group has subscribed for wealth management products of approximately HK$720,857,000 as at 31 December 2015 (2014: Nil), which offered better returns compared to the fixed-term deposit interest rates provided by commercial banks in the PRC. MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論與分析 17 Annual Report 2015 年報 財務比率 下表載列本集團於綜合財務狀況表日期之若干財務 比率： 附註： 1. 存貨周轉期是根據年初存貨與年終存貨平均數除以當年之 銷售貨品成本，再乘以當年之總天數計算。 2. 貿易應收款周轉期是根據第三方及關聯方年初貿易應收款 與年終貿易應收款平均數除以當年之收入，再乘以當年之 總天數計算。 3. 貿易應付款周轉期是根據第三方及關聯方年初貿易應付款 與年終貿易應付款平均數除以當年之銷售貨品成本，再乘 以當年之總天數計算。 4. 流動比率是根據年終流動資產除以年終流動負債計算。 資產抵押 於2015年及2014年12月31日，本集團概無租賃土地及 土地使用權及物業、廠房及設備作為本集團銀行授信 的抵押。 或然負債 除下文所披露之融資擔保外，本集團於2015年及2014 年12月31日並無任何重大或然負債。 Financial Ratios The following are certain financial ratios of the Group as at the date of the consolidated statement of financial position: 2015 2014 Inventories turnover (Note 1) 存貨周轉期（附註1） 41 days天 43 days天 Trade receivables turnover (Note 2) 貿易應收款周轉期（附註2） 70 days天 65 days天 Trade payables turnover (Note 3) 貿易應付款周轉期（附註3） 72 days天 72 days天 Current ratio (Note 4) 流動比率（附註4） 1.85 times倍 1.66 times倍 Notes: 1. Inventories turnover is calculated based on the average of the opening inventories and closing inventories divided by the cost of goods sold of the year, and multiplied by the total number of days of the year. 2. Trade receivables turnover is calculated based on the average of the opening and closing of trade receivables of third parties and related parties, divided by the revenue of the year, and multiplied by the total number of days of the year. 3. Trade payables turnover is calculated based on the average of the opening and closing of trade payables of third parties and related parties, divided by the cost of goods sold of the year, and multiplied by the total number of days of the year. 4. Current ratio is calculated based on the year-end current assets divided by the year-end current liabilities. Pledge of Assets No leasehold land and land use rights and property, plant and equipment have been pledged as security for the Group’s banking facilities as at 31 December 2015 and 2014. Contingent Liabilities Save as the financial guarantees as disclosed below, as at 31 December 2015 and 2014, the Group did not have any material contingent liabilities. 融資擔保 於2015年12月31日，本集團就銀行向本集團聯營 公司提供約港幣656,497,000元（2014年：約港幣 986,183,000元）銀行授信作出擔保，其中約港幣 179,045,000元（2014年：約港幣423,374,000元）已被 提取。 資本開支 截至2015年12月31日止年度，本集團用於購買物業、 廠房及設備之資本開支約港幣266,140,000元（2014 年：約港幣243,811,000元）。 衍生金融工具 於2015年12月31日，本集團訂立若干銅及鋁期貨合約 及外匯遠期合約，未到期衍生金融工具資產及負債分 別約港幣9,249,000元及港幣7,751,000元（2014年：衍 生金融工具資產及負債分別約港幣25,975,000元及港 幣16,601,000元）。 匯率波動風險 於年內，本集團營業額中約30%來自以歐元及美元結 算之出口貿易。同時，本集團亦從供應商進口原料及 設備（以歐元及美元結算付款）。因此，由該等外幣引 起之匯兌風險彼此能作部分抵銷。另一方面，本集團 已安排購買外匯遠期合約，以對沖出口貿易產生之匯 兌風險。本集團嚴格監控匯率波動風險，並會不時檢 討現時用以對沖重大外幣風險之金融工具是否充足 及適當。 Financial Guarantees As at 31 December 2015, the Group has given guarantee to banks in respect of the banking facilities granted to an associate of the Group of approximately HK$656,497,000 (2014: approximately HK$986,183,000), of which approximately HK$179,045,000 (2014: approximately HK$423,374,000) have been drawn down. Capital Expenditure For the year ended 31 December 2015, the capital expenditure of the Group was approximately HK$266,140,000 (2014: approximately HK$243,811,000) related to the purchase of property, plant and equipment. Derivative Financial Instruments As at 31 December 2015, the Group’s outstanding derivative financial instrument assets and liabilities under various copper and aluminium future contracts and foreign exchange forward contracts amounted to approximately HK$9,249,000 and HK$7,751,000 respectively (2014: derivative financial instrument assets and liabilities of approximately HK$25,975,000 and HK$16,601,000 respectively). Exposure to Exchange Rate Fluctuations During the Year, approximately 30% of the Group’s turnover was derived from export trading settled in Euro and US dollars. In the meantime, the Group has also imported raw materials and equipment from the suppliers which were paid in Euro and US dollars for settlement. As a result, foreign exchange risks associated with these currencies were partially offset. On the other hand, the Group has made arrangements to purchase foreign exchange forward contracts to hedge against foreign exchange exposure arising from export trading. The Group has stringent control over the risk of exchange rate fluctuation, and will review from time to time the sufficiency and appropriateness of the financial instruments which were currently used to hedge significant foreign currency risks. 資本承擔 於2015年12月31日，本集團就購買物業、廠房及設備 已訂約之資本承擔約港幣67,906,000元（2014年：約 港幣196,928,000元）。 人力資源 （未完）  |