[公告]慧聪网：2015年年报
ANNUAL REPORT 2015 年報 Stock Code 股票代碼：HK2280 Contents 目錄 2 Corporate Information 公司資料 4 Corporate Portfolio 公司概況 6 Financial Highlights 財務摘要 8 Management’s Statement 管理層報告 20 Biographic Details of Directors and Senior Management 董事及高級管理人員簡介 27 Management’s Discussion and Analysis 管理層討論和分析 64 Report of the Directors 董事會報告 81 Corporate Governance Report 企業管治報告 93 Independent Auditor’s Report 獨立核數師報告 95 Consolidated Statement of Comprehensive Income 合併綜合收益表 97 Consolidated Statement of Financial Position 合併財務狀況表 99 Consolidated Statement of Changes in Equity 合併權益變動表 100 Consolidated Cash Flow Statement 合併現金流量表 101 Notes to the Consolidated Financial Statements 合併財務報表附註 Corporate Information 公司資料 2 HC International, Inc - Annual Report 2015 EXECUTIVE DIRECTORS GUO Fansheng (Chairman) GUO Jiang (Chief Executive Officer) LEE Wee Ong (Chief Financial Officer) NON-EXECUTIVE DIRECTORS LI Jianguang GUO Wei INDEPENDENT NON-EXECUTIVE DIRECTORS ZHANG Ke XIANG Bing ZHANG Tim Tianwei COMPANY SECRETARY KWONG Yin Ping Yvonne (HKICS) AUDIT COMMITTEE ZHANG Ke (Chairman) XIANG Bing LI Jianguang REMUNERATION COMMITTEE ZHANG Ke (Chairman) XIANG Bing GUO Wei GUO Jiang ZHANG Tim Tianwei NOMINATION COMMITTEE GUO Fansheng (Chairman) ZHANG Ke ZHANG Tim Tianwei COMPLIANCE OFFICER GUO Fansheng AUTHORISED REPRESENTATIVES GUO Fansheng GUO Jiang AGENT FOR ACCEPTANCE OF SERVICE OF PROCESS IN HONGKONG KWONG Yin Ping Yvonne 執行董事 郭凡生（主席） 郭江（行政總裁） LEE Wee Ong（首席財務官） 非執行董事 李建光 郭為 獨立非執行董事 張克 項兵 張天偉 公司秘書 鄺燕萍（香港特許秘書公會會士） 審核委員會 張克（主席） 項兵 李建光 薪酬委員會 張克（主席） 項兵 郭為 郭江 張天偉 提名委員會 郭凡生（主席） 張克 張天偉 監察主任 郭凡生 法定代表 郭凡生 郭江 於香港接收法律程序文件代理人 鄺燕萍 慧聰網有限公司 - 2015年年報 3 Corporate Information 公司資料 股票代號 02280 公司網頁 www.hc360.com www.hcgroup.com 核數師 羅兵咸永道會計師事務所 執業會計師 香港法律顧問 龍炳坤、楊永安律師行 主要往來銀行 香港上海滙豐銀行有限公司 香港股份過戶登記分處 香港中央證券登記有限公司 香港灣仔 皇后大道東183號 合和中心17樓 1712–1716室 註冊辦事處 4th Floor, One Capital Place P.O. Box 847 George Town Grand Cayman, Cayman Islands 總辦事處及主要營業地點 中華人民共和國 北京市 海淀區大鐘寺東路9號 京儀科技大廈B座(100098) 香港主要營業地點 香港灣仔 皇后大道東28號 金鐘匯中心18樓 STOCK CODE 02280 COMPANY’S WEBSITE www.hc360.com www.hcgroup.com AUDITORS PricewaterhouseCoopers Certified Public Accountants HONG KONG LEGAL ADVISORS Loong & Yeung PRINCIPAL BANKER The Hong Kong and Shanghai Banking Corporation Limited HONG KONG BRANCH SHARE REGISTRAR AND TRANSFER OFFICE Computershare Hong Kong Investor Services Limited Room 1712–1716 17th Floor, Hopewell Centre 183 Queen’s Road East Wanchai, Hong Kong REGISTERED OFFICE 4th Floor, One Capital Place P.O. Box 847 George Town Grand Cayman, Cayman Islands HEAD OFFICE AND PRINCIPAL PLACE OF BUSINESS Tower B, Jingyi Technical Building No. 9 Dazhongsi East Road Haidian District Beijing 100098 The People’s Republic of China PRINCIPAL PLACE OF BUSINESS IN HONG KONG 18/F, Tesbury Centre 28 Queen’s Road East Wanchai, Hong Kong Corporate Portfolio 公司概況 4 HC International, Inc - Annual Report 2015 COMPANY OVERVIEW HC International, Inc. (the “Company”) and its subsidiaries (together the “Group”) is one of the leading domestic B2B e-commerce operators in the People’s Republic of China (the “PRC” or “China”). With its professional information services and advanced internet technologies, it has established a reliable demand and supply platform for small to medium enterprises (“SMEs”), and has been providing them with complete business solutions. Through dedicated efforts and developments over the past 23 years, the Group has expanded its business scope to cover more than 100 cities nationwide, with branches in 12 cities and a service team of about 3,111 individuals as at 31 December 2015. With its professional experience and skills acquired from various industries over the past 23 years, the Group not only offers complete marketing solutions for SMEs through Mai-Mai-Tong, an internet technology based product, and relevant key search, it also offers customers with effective B2B2.0 service experience through the transaction matching team, the entrusted operation team, Xunpanbao products and mobile applications. The Group’s offline marketing activities such as “the joining hands campaign”, which conduct on-site inspection of distributing centre of commodities for premium buyers to provide seamless connection between the buyers and sellers; an “offline matching campaign”, which match transactions on spot between buyers with common demand and distributors or manufacturers. In addition, the Group successfully hosted Feasts for Industry Brands for many industry sectors through the Group’s strong media recourses and customer base, which help SMEs to build up their brand names. Offline marketing activities are merged with online internet products to provide comprehensive services of multi-channels and online-to-offline interworking. The Group also offers customers with internet financing products such as credit loans, trade loans and guaranteed loan to smooth the cash flow cycle for buyers and sellers, encourage closed-loop trading and complete transaction, through the Joint Venture established with Digital China Holdings Limited (“Digital China“), a substantial shareholder of the Company; the landing project of online-to-offline business exhibition centre model – Shunde O2O business exhibition centre completed on schedule and put into operation. Such a complementary and multi-dimensional structure allows the Group to create a unique development path amid the rapid expansion of the B2B industry in China. 公司概況 慧聰網有限公司（「本公司」）及其附屬公司（統稱「本集 團」）是中華人民共和國（「中國」）領先之內貿B2B電子 商務運營商之一。本公司憑藉專業之資訊服務與先進 之互聯網技術，為中小型企業（「中小企業」）搭建可靠 之供需平台，提供全面之商務解決方案。經過過去 23年之不懈努力與發展，本集團之業務範圍已經拓 展至全國上百城市，在12個城市擁有分公司。截至 到二零一五年十二月三十一日，服務團隊約3,111人。 憑藉過去23年來在各行業市場積累之專業經驗和技 能，本集團不僅以採用互聯網技術為基礎之產品買賣 通及關鍵詞搜索為中小企業提供全面之營銷解決方 案，還通過交易撮合團隊，代運營團隊，詢盤寶產 品，移動端應用為客戶提供效果可見的B2B2.0之服 務體驗。本集團之綫下營銷活動－例如「牽手活動」－ 帶領優質買家到商品集散地實地考察，買賣雙方無縫 對接；「綫下撮合活動」，集有共同需求之買家與行業 渠道商或生產廠商現場撮合交易；此外，本集團透過 其強大之媒體資源及客戶基礎，成功舉辦涉及眾多行 業界別之行業品牌盛宴，助中小企業樹立品牌。綫下 營銷活動結合綫上互聯網產品，為客戶提供多渠道、 綫上與綫下相互配合之全方位服務。本集團亦通過與 本公司主要股東神州數碼控股有限公司（「神州數碼」） 成立的合資公司為客戶提供互聯網金融產品，如信用 貸、貿易貸及抵押貸款為買賣雙方彌補現金流缺口， 鼓勵閉環交易，實現與交易的良好互動。本集團綫上 到綫下商業展覽中心模式的落地項目－順德O2O商業 展覽中心如期完工並投入運營。這種優勢互補、縱 橫立體之架構，使本集團在中國B2B行業之快速發展 下，打造出一條獨特之發展道路。 慧聰網有限公司 - 2015年年報 5 Corporate Portfolio 公司概況 在過去之幾年裏，本集團堅定地執行專業、專注之策 略，為傳統行業客戶提供專業、全方位之營銷解決方 案。同時，本集團亦積極拓展高增值服務領域之快速 消費品市場。本集團根據目標市場性質之差異，開發 了兩種分別適用於關係型客戶與交易型客戶之獨特業 務模式，配合本集團之直銷、代理商銷售及電話銷售 團隊，為關係型客戶提供一對一、深入及專業之解決 方案；為交易型客戶提供高效、易用及標準之解決方 案與業務平台。透過提供此等服務，滿足本集團不同 客戶之需求。本集團承諾會以專業和創新之服務與產 品來迎合市場和用戶需求，及促使達成交易。我們一 直致力於客戶體驗與服務質量。在過去幾年內，本集 團之業務更加專注、產品組合更加簡明、業務模式更 加切合市場需求。 Through the determined implementation of the professional and focused strategy, the Group has been offering professional and all dimensional marketing solutions to customers in those traditional industrial sectors during the past several years. At the same time, the Group has been actively expanding into the market segment of fast-moving consumer goods in the field of high added-value service. Based upon the different natures in our targeted markets, the Group has developed two unique business models for relationship-based customers and transaction-based customers, separately. Along with our direct sales, agency sales and telemarketing sales teams, the Group provides the relationship-based customers with one-to-one, indepth and professional solutions, and transaction-based customers with efficient, user-friendly and standardised solutions and business platforms. Through these services, the Group satisfies its customers’ needs. The Group is committed in providing professional and innovative services and products to meet market and users’ needs, and facilitating the conclusion of transactions. Customer experience and service quality are our constant focus. Within the last several years, the Group’s businesses became more focused, product portfolio became more precise, and business model and market demands became more in line. Financial Highlights 財務摘要 6 HC International, Inc - Annual Report 2015 2015 2014 2013 2012 2011 二零一五年 二零一四年 二零一三年 二零一二年 二零一一年 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元 Results from continuing and discontinued operations 持續經營及終止經營 業務之業績 Revenue 銷售收入 916,138 966,637 837,721 548,568 493,732 Gross profit 毛利 820,625 894,204 769,518 479,884 394,378 EBITDA EBITDA 121,215 277,584 216,414 97,111 74,881 Profit attributable to equity holders of the Company 本公司權益持有人 應佔溢利 52,552 187,633 153,326 66,724 41,205 Earnings per share (RMB) 每股盈利（人民幣元） – Basic －基本 0.0696 0.2833 0.2634 0.1204 0.0795 – Diluted －攤薄 0.0679 0.2729 0.2489 0.1133 0.0754 Financial position 財務狀況 Net current assets 流動資產淨值 141,176 936,319 585,484 171,338 33,492 Total assets 總資產 5,687,042 3,250,155 1,956,782 855,199 622,896 Total liabilities 總負債 3,088,096 1,934,988 946,308 412,507 350,389 Total equity 總權益 2,598,946 1,315,167 1,010,474 442,692 272,507 REVENUE 銷售收入 RMB’000 人民幣千元 GROSS PROFIT 毛利 RMB’000 人民幣千元 EBITDA RMB’000 人民幣千元 2011 2012 2013 2014 2015 493,732 548,568 837,721 966,637 916,138 2011 2012 2013 2014 2015 394,378 479,884 769,518 894,204 820,625 2011 2012 2013 2014 2015 74,881 97,111 216,414 277,584 121,215 慧聰網有限公司 - 2015年年報 7 Financial Highlights 財務摘要 REVENUE ANALYSIS 銷售收入分析 Online services Trade catalogues and yellow page directories Seminars and other services Anticounterfeiting products and services Financing services Market research and analysis (discontinued operations) Total 互聯網服務 工商業目錄 及黃頁目錄 會議及 其他服務 防偽 產品及服務 金融服務 市場研究 及分析（終止 經營業務） 總額 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元 2015 二零一五年 733,309 18,251 109,364 55,168 46 – 916,138 2014 二零一四年 812,935 35,630 101,879 16,193 – – 966,637 2013 二零一三年 693,903 42,924 100,894 – – – 837,721 2012 二零一二年 411,462 54,866 82,240 – – – 548,568 2011 二零一一年 289,581 82,289 66,486 – – 55,376 493,732 Online services 互聯網服務 Seminars and other services 會議及其他服務 Trade catalogues and yellow page directories 工商業目錄及黃頁目錄 Anti-counterfeiting products and services 防偽產品及服務 Market research and analysis 市場研究及分析 Financing services 金融服務 2015 916,138 2011 493,732 2013 837,721 2012 548,568 2014 966,637 13% 15% 12% 2% 12% 2% 6% 10% 4% 11% 5% 10% 17% 59% 83% 75% 84% 80% Management’s Statement 管理層報告 8 HC International, Inc - Annual Report 2015 FINANCIAL REVIEW For the financial year ended 31st December 2015, the Group generated a total revenue of approximately RMB916,138,000 (2014: RMB966,637,000). This represented a decrease of approximately 5.2% in revenue as compared to that in 2014. For the Group’s financial performance in different segments, a total revenue of approximately RMB733,309,000 was achieved from the online services segment in 2015, and represented a decrease of approximately 9.8% from approximately RMB812,935,000 in 2014. Revenue from the Group’s trade catalogues and yellow page directories segment decreased from approximately RMB35,630,000 in 2014 to approximately RMB18,251,000 in 2015 which represented a decrease of approximately 48.8%. Revenue derived from seminars and other services segment was approximately RMB109,364,000 in 2015, which represents an increase of approximately 7.3% from approximately RMB101,879,000 in 2014. Revenue from anticounterfeiting products and services segment increased from approximately RMB16,193,000 in 2014 to approximately RMB55,168,000 in 2015 which represent an increase of approximately 240.7%. Revenue from financing services segment was approximately RMB46,000 . The gross profit margin of the Group decreased by 2.9 percentage points to approximately 89.6% in 2015 (2014: 92.5%). It was mainly due to the decrease of profit derivating from the online services which have a higher gross profit. During the financial year ended 31st December 2015, the Group increased its operating expenses from approximately RMB709,974,000 in 2014 to approximately RMB797,100,000 which was mainly due to the increase of sales staff salaries and commissions and marketing expenses. The Group achieved a profit for the year of approximately RMB23,058,000 in 2015(2014: RMB183,261,000). During the year of 2015, cash generated from operating activities was approximately RMB209,130,000, while it was approximately RMB497,630,000 in 2014. The board (the “Board”) of directors (the “Directors”) of the Company does not recommend payment of a dividend for the year ended 31st December 2015 (2014: Nil). 財務回顧 截至二零一五年十二月三十一日止財政年度，本集團 錄得總銷售收入約人民幣916,138,000元（二零一四 年：人民幣966,637,000元），較二零一四年錄得之 銷售收入減少約5.2%。 就本集團不同業務分部之財務表現而言，於二零 一 五 年 來 自 互 聯 網 服 務 分 部 之 總 銷 售 收 入 約 為 人 民 幣 733,309,000 元 ， 較 二 零 一 四 年 約 人 民 幣 812,935,000元減少約9.8%。本集團來自工商業目錄 及黃頁目錄之分部銷售收入由二零一四年約人民幣 35,630,000元減少約48.8%至二零一五年約人民幣 18,251,000元。二零一五年自會議及其他服務分部之 銷售收入約為人民幣109,364,000元，較二零一四年 約人民幣101,879,000元增加約7.3%。防偽產品及服 務分部之銷售收入由二零一四年約人民幣16,193,000 元增加至二零一五年約人民幣55,168,000元，升幅 約為240.7%，金融服務分部之銷售收入約人民幣 46,000元。 二零一五年本集團之毛利率減少2.9個百分點至約 89.6%（二零一四年：92.5%），主要是由於來自毛利 較高互聯網服務之溢利減少所致。 截至二零一五年十二月三十一日止財政年度，本集團 之經營開支由二零一四年約人民幣709,974,000元增 加至約人民幣797,100,000元，主要是由於銷售員工 薪金及佣金和市場推廣費用。 於二零一五年，本集團錄得本年度溢利約人民幣 23,058,000 元（ 二 零 一 四 年： 人 民 幣 183,261,000 元）。 於 二 零 一 五 年 ， 經 營 活 動 產 生 之 現 金 約 為 人 民 幣 209,130,000 元 ， 二 零 一 四 年 則 約 為 人 民 幣 497,630,000元。 本公司董事（「董事」）會（「董事會」）不建議派發截至 二零一五年十二月三十一日止年度之股息（二零一四 年：無）。 慧聰網有限公司 - 2015年年報 9 Management’s Statement 管理層報告 BUSINESS REVIEW In 2015, our B2B business had gone through a series of reforms. Whilst the Chinese economy had encountered the structural adjustment of “New Normal”, with traditional large-scale enterprises capitalizing on the brand advantages or the booming development of new industries and enterprises on one hand and the large-scale enterprises and traditional SMEs with lowcompetitiveness products and overcapacity facing great difficulty in survival and transition on the other hand. Consequently, the survival and development of certain SMEs’ website users were affected by the macro-economy and their ability to pay information advertising fees for B2B websites was weak. Subsequent to the year of 2014, the Group continued to establish its own B2B ecosystem, including the building of the B2B2.0 transaction platform, providing the Internet financial products and services, promoting the added value of B2B1.0 service and proceeding the construction of the online to offline (“O2O”) business exhibition centre and various micro-innovation projects. In 2015, the Group underwent a series of reformation in the Internet technology service, including the transformation from Infomercials and Biao- Wang Search to the pay-for-performance B2B2.0, enabling sellers to count the effective number of buyers by adding the supplementary service of “Mai- Mai-Tong” (eg. Xunpanbao), establishing the professional team that could exactly match the upstream and downstream transaction information so as to match transactions eventually, and assisting sellers to operate the platform shops. As for Internet finance, the Group facilitated the completion of online and offline transactions by providing products such as Maoyidai, Xinyongdai and Position Management through its joint ventures and providing financing lease services through its wholly-owned subsidiaries. In addition, development of applications of mobile terminals in B2B transactions, B2B warehousing and logistics services provided by third parties through strategic cooperation, and technical support of anti-counterfeiting and anti-channel conflict provided by holding company are all significant components of the B2B ecosystem. Apart from product information in relation to B2B e-commerce value, the value of new generation of B2B2.0 business has been widely recognised by customers in 2015, and it has seen a significant trend recently. 業務回顧 二零一五年，本集團之B2B業務結構經歷了一系列 改革。值此期間，中國經濟進入結構性調整的「新常 態」，一方面傳統大型企業發揮品牌優勢，或新興行 業企業迅速發展；另一方面產品競爭力低且產能過剩 的大型企業和傳統中小企業面臨生存難、轉型難的困 境。受此影響，部分中小企業網站用戶的生存及發展 受宏觀經濟影響，於B2B網站的資訊廣告服務付費疲 弱。 繼二零一四年，本集團繼續構建自己的B2B生態系 統，包括建立B2B2.0交易平台，提供互聯網金融產 品及服務，提升B2B1.0服務的附加價值，繼續建設 線上到線下（「O2O」）商業展覽中心及各種微創新項 目。於二零一五年，本集團在互聯網技術服務方面 歷經一系列變革，包括從信息廣告及標王搜索，向按 效果付費的B2B2.0轉型，其中增加買賣通的附加服 務，如詢盤寶可以讓賣家看到有效買家數量；成立可 精准匹配上下游交易信息之專業撮合團隊；協助賣家 運營平台商鋪等。於發展互聯網金融方面，本集團 通過合資公司提供貿易貸，信用貸，頭寸管理等產 品及通過全資子公司提供融資租賃服務，鼓勵綫上 及綫下交易完成。此外，開發移動終端在B2B交易中 的應用，通過戰略合作由第三方提供B2B倉儲物及流 服務，通過控股公司提供防偽防串技術支持等，皆為 B2B生態圈之重要組成部分。B2B電子商務價值除產 品資訊外，新一代B2B2.0業務價值在二零一五年已 得到客戶廣泛認可，此趨勢近期尤為明顯。 10 HC International, Inc - Annual Report 2015 Management’s Statement 管理層報告 The Group encountered a tough transformation from offline to online under the internet boom, successfully spanning into the eighth year of operations under the internet environment indicating a new milestone for us. Now, we are facing another round of B2B e-Commerce reformation. We need to take the initiative to undergo changes while upgrading our B2B1.0 into a more vertical in-depth platform via merchandise-orientation. We are also strategically planning for B2B2.0 which is transaction based, along with internet finance and other B2B related services, to implement product upgrades and innovations, and at the same time, to enhance the quality of services so that we will eventually achieve considering fee-paying through efforts. In order to achieve a sound balance of the ecosystem of the B2B platform, we have been adhering to the motto of “servicing the buyers” since 2013. We also have been providing high quality procurement service for buyers to facilitate the balance between demand and supply and thus the closing of deals. We assisted the matching between buyers and sellers through online Biao- Wang Search, Mai-Mai-Tong, Cai-Gou-Tong and value-added services such as Xun-Pan-Bao and entrusted operation, which are based on the development of Mai-Mai-Tong, and through professional matching transaction services and online financial products to facilitate final deals. At the same time we also promoted the communication and activities within the community of industry via various offline forums, trade fairs, expositions, Feasts for Industry Brands, Trade Catalogues and Yellow Page Directories, enhancing the complementary effect of offline marketing in such a way that the marketing efforts of e-commerce will be maximised, so as to increase the successful rate of transactions. In 2015, the Group completed gross merchandise volume (“GMV”) amount of approximately RMB5.6 billion. As of 31st December 2015, the Group’s Stock Keeping Unit (SKU) had been further increased by 102.1% to 485 million from 240 million as of the end of 2014. In 2015, approximately 80.0% of the revenue of the Group is generated from online services, and approximately 12.0% is from seminars and other activities, only approximately 2.0% is from the early business of traditional printed media while 6.0% is from anti-counterfeiting products and services. (1) Products Online Products The Group provides its online services mainly through the platform of “www.hc360.com”, “www.zol.com.cn” and its online application, on which business information is collected and disseminated with an aim to facilitate the location and matching of buyers and sellers. The online platform is further divided by industries (such as household appliances, electronics and chemical painting, etc.) to assist users by providing information and updates of the relevant industries. The Group currently derives revenues from its online services mainly through Mai-Mai-Tong, Biao-Wang Member, entrusted operation and Xunpanbao performancebased services. 本集團曾在互聯網繁榮時代由線下到線上經歷過艱難 的轉型。成功進入互聯網環境下運營的第八個年頭見 證了我們一個新的里程碑現在，我們面臨著另一輪 B2B電子商務變革。我們需要主動迎接變化，繼續升 級我們的B2B1.0模式到一個重度垂直以商品為導向 的平台。我們也要為B2B2.0進行戰略規劃，B2B2.0 指的是以交易為核心，伴隨著互聯網金融及其他B2B 相關服務，來實現產品升級及創新，同時升級服務質 量，最終實現以效果考量付費。為實現一個良好平衡 的B2B生態平台，我們自二零一三年提出「服務買家」 的口號，一直提供高質量採購服務來幫助供求平衡並 促進交易達成。 我們通過綫上的標王搜索、買賣通、採購通及在買賣 通基礎上開發的詢盤寶和代運營等增值服務來幫助買 家及賣家速配，並通過專業撮合交易服務及互聯網金 融產品促進交易的最終達成。同時我們也通過各種綫 下洽談會、交易會、展會、行業品牌盛會、工商業目 錄和黃頁目錄等促進業界溝通與活動，加強綫上綫下 營銷互補效應，最大化電子商務營銷效果，從而提高 交易成功率。於二零一五年，本集團完成的GMV額 約人民幣56億元。 截至二零一五年十二月三十一日，本集團之存貨單位 數量(SKU)由二零一四年底之2.40億個單位，進一步 增加102.1%至4.85億個單位。 於二零一五年本集團約80.0%之收入來自於互聯網服 務，約12.0%之收入來自於會議及其他形式，僅約 2.0%之收入來自早期傳統紙媒體，而6.0%之收入來 自防偽產品及服務。 (1) 產品 在綫產品 本 集 團 主 要 通 過「 www.hc360.com 」、 「www.zol.com.cn」平台及移動端的應用提供互 聯網服務，在該平台上業務信息得以收集及傳 播，藉以促進買賣方之分布及匹配。在綫平台 進一步按行業劃分（如家電、電子及化工塗料 等），透過提供相關行業之信息及最新數據協助 用戶。本集團之收入目前源自互聯網服務，其 透過向主要服務包括買賣通及標王會員，代運 營及詢盤寶效果類服務等。 慧聰網有限公司 - 2015年年報 11 Management’s Statement 管理層報告 Mai-Mai-Tong Mai-Mai-Tong is the principal B2B product of the Group. Users subscribing for Mai-Mai-Tong have access to a range of services (free or fee-charging), which varies based on the category of memberships subscribed. Currently, Mai-Mai-Tong offers free subscription and feepaying membership (with subscription fee varying based on services attached). After registering for Mai-Mai-Tong, users may establish their online storefront on the Group’s online platform, on which they may disseminate information subject to vetting of the Group for promotion of its products and services. Users may join industry portals on the platform, and may view messages disseminated by counterparties on the platform. Supplementary services provided to Mai-Mai-Tong users include precise search, Cai-Gou-Tong, user quick match, integrated e-commerce services (such as industry news access, online trade meeting, smart shop backend). The Group also engages third party institutions to provide identity certification to fee-paying enterprises members of Mai-Mai-Tong. Services of Mai-Mai-Tong may be offered to users alone or together with other value-added services (for example, Biao-Wang search) as a package. In 2015, we carried out a series of reforms based on Mai-Mai- Tong and added value-added services. a) Mobile End Services We introduced Mai-Mai-Tong mobile services and online-shops on Wechat platform for customers which are serving over 10,000 customers in aggregate. b) Transaction Matching Services In July 2015, the Group established a transaction matching team to provide trade-matching services for B2B industry buyers and sellers based on Mai-Mai-Tong. Currently, over 1,000 effective daily matching contracts are entered into by the transaction matching team, of which some transactions are paid by Huifubao online payment system. The matching transactions are mainly from chemical engineering, engineering machinery and household appliance industry. c) Xunpanbao Services Xunpanbao aims at matching high cost-effective products and sellers with buyers, representing the value-added services of Mai- Mai-Tong currently. It is proposed that sellers will be charged by classes based on effective number of buyers in the future. 買賣通 買賣通乃本集團主要B2B產品。買賣通之註冊 用戶可享用多項服務（免費或收費），該等服務 應所註冊之會員類別而有所不同。目前，買賣 通提供免費會員及付費會員（會員費因應附加服 務而有所差異）。於買賣通註冊後，用戶可於 本集團在綫平台成立其在綫商店，其可於平台 上發布信息，惟本集團可因其推廣產品及服務 而進行審查。用戶可於平台上加入行業門戶網 站，並可於平台上觀看對手方發布之訊息。所 提供予買賣通用戶之附加服務包括精准搜索、 採購通、買家速配、綜合電子商務服務（如行業 信息定制、在綫商貿會議、智能店鋪後端等）。 本集團亦委托第三方機構為買賣通付費企業用 戶提供資質認證。買賣通服務可單獨提供予用 戶或連同其他增值服務（如標王搜索）以組合方 式提供予用戶。於二零一五年，我們基於買賣 通進行一系列革新，增加附加值服務： a) 移動端服務 推出移動版買賣通服務和微商鋪相關服 務，累計已經服務超過1萬家客戶。 b) 交易撮合服務 本集團於二零一五年七月，成立交易撮合 團隊，在買賣通基礎上為B2B行業買家賣 家提供交易撮合服務。 目前，交易撮合團隊的日撮合成功單數在 1,000單以上，部分交易使用慧付寶在綫 支付系統。撮合交易主要集中在化工、工 程機械和家電等行業。 c) 詢盤寶服務 詢盤寶旨在為買家找到高性價比產品及商 家，目前是買賣通的增值服務內容，未來 計劃以有效買家數量向賣家分級收取費 用。 12 HC International, Inc - Annual Report 2015 Management’s Statement 管理層報告 d) Entrusted Operation Services Based on Mai-Mai-Tong, the Group launched entrusted operation services in the end of 2015. With a view to assisting small enterprises for starting their e-commerce operation business, such services allow free shop keeping cost and provide services including website decoration, product distribution, buyer reception and real time maintenance for customers. The entrusted operation services have been recognised by customers. Currently, more than 2,000 customers subscribe to such services monthly. Search Products Search products, operated under the brand “Biao-Wang”, are one of the value-added services provided to fee-paying Mai-Mai-Tong users. It provides keyword search result services through improving and prioritizing users’ page links/products’ ranking and providing scrolling display on the Group’s platform upon searching specific keywords. The Group currently derives revenue from its search products by charging service fees annually per keyword. Such fixed fees are determined based on the ranking and display position on the Group’s platform, and are being charged on a pre-paid basis upon entering into service contracts with users, without regard to number of hits. Online Transaction Service “HuiFuBao” is a payment tool developed by the Group to facilitate online transactions. In light of the increasing demand of SMEs for transaction safety, speed and convenience, online transaction has become the future development of the B2B market. Based on its own strategies and business characteristics, and at the aim of fully satisfying customers’ requests, the Group has developed online transaction service tailored to the B2B market, which facilitates high value payment and addresses customers’ concern about the safety issue. HuiFuBao is a product provided to Mai-Mai-Tong users with an aim to assisting transactions between buyers and sellers of the online platform. HuiFuBao operates through the operation and cooperation pursuant to a payment services agreement (支付服務協議) and a transaction funding escrow services cooperation agreement (交易資金監管服務 合作協議). For the principal terms of such agreements, please refer to the announcement of the Company dated 25th September 2014. Currently, the Group does not derive any revenue or charge buyers or sellers for the use of HuiFuBao service. Focusing on the B2B transactions, the Group has continued to extend its online transaction services and develop respective transaction modules based on the needs of different industries so as to continue with the transactions of each sector. In order to build a B2B transaction-enabled platform, the Group will continue to explore various approaches to enhance the stability of the B2B loop operations, and to include various elements (such as O2O and internet finance) in order to further smoothen the operation. d) 代運營服務 本集團於二零一五年底，在買賣通基礎上 推出代運營服務。旨在幫助小微企業開展 電商運營業務。免除客戶專人守店的成 本，為客戶提供裝修網店、發布產品、接 待買家、實時維護等服務。代運營服務已 獲得客戶認可，目前每月超過2,000家客 戶報名使用該服務。 搜索產品 以「標王」品牌經營之搜索產品乃其中一項向買 賣通付費用戶提供之增值服務。其透過改良及 優先處理用戶頁面鏈接╱產品排名及於搜索特 定關鍵詞後在本集團平台上提供滾動條顯示， 提供關鍵詞搜索結果服務。本集團目前透過每 年收取每個關鍵詞之服務費用，賺取搜索產品 收入。該固定費用按本集團平台之排名及顯示 狀況界定，並與用戶訂立服務合約後按預繳基 準收取費用，而不論點擊次數。 在綫交易服務 「慧付寶」是本集團為促進綫上交易開發的支付 工具。隨著中小企業對交易安全、快捷及方便 等要求之提升，在綫交易成為B2B市場未來之 發展方向。為全面滿足客戶需求，本集團根據 自身戰略以及業務特點，開發了針對B2B市場 之在綫交易服務。以幫助客戶進行大額支付， 及響應其對安全性之擔憂。慧付寶乃提供予 買賣通用戶之產品，旨在協助買賣雙方於在綫 平台進行交易。根據支付服務協議及交易資金 監管服務合作協議，慧付寶之運作乃透過營運 及合作進行。有關該等協議之主要條款，請參 閱本公司日期為二零一四年九月二十五日之公 布。目前，本集團並無就使用慧付寶服務賺取 任何收入或收取買方或賣方任何費用。本集團 專注於B2B交易，繼續擴展其在綫交易服務， 並根據不同行業之需求，開發相應交易模塊， 使其更貼合各個行業之交易持續。為建立B2B 交易平台，本集團將繼續探索不同方法，提高 B2B循環操作之穩定性，加入不同元素（如O2O 及互聯網金融）使其運作更為暢順。 慧聰網有限公司 - 2015年年報 13 Management’s Statement 管理層報告 Online Advertising Online advertising services are also provided by the Group on the online platform and subdivided industry webpages. The Group derives advertisement income, which are determined based on, among others, display position and size, frequency of display, without regard to number of hits. Financial Service Products Trade Finance, Personal Credit and Guaranteed Loan, are micro-finance products developed by our joint venture company, Chongqing Digital China HC Micro-Credit Co., Ltd (重慶神州數碼慧聰小額貸款有限公司). Beside the joint-venture, we also cooperate with financial institutions to provide microfinance products to SMEs, namely Mai Mai Loan. Since December of 2015, we start to offer finance leasing services via HC Finance Leasing Company Ltd.(慧聰融資租賃有限公司). Today, SMEs are facing difficulties in securing bank loans with stringent requirements of loan approval resulted from the contracted capital liquidity in China. Mai Mai Loan, micro-loan products and finance leasing services offer our customers opportunities to apply for bridging finance or microloan or finance leasing. Internet financial products can to certain extent help SMEs improve their cash flows. We believe above internet finance products and services can facilitate the growth of B2B trading platform. Offline Products As for trade catalogues, “HC Trade Catalogues”, is an authoritative purchasing guide in China. It covers a myriad of corporate information and price fluctuations with extensive coverage and strong industrial influence established over the years. It is one of the leading catalogues in B2B industry. As for yellow page directories, as a business yearbook for specific industries, the “Yellow Page Directories” feature a systematic compilation of industry information, product technology and industry news. This product acts as an important reference that bridges manufacturers, suppliers, administrative organisations and users in different industries. Nevertheless, with the embracing of internet technologies and products, more and more users have migrated to our new online substitutes. The continuing operation of these trade catalogue and yellow page directory products will be carefully considered by the Group in 2016. Feasts for Industry Brands The Group launched the promotion campaign for industry brands in 2008, which aims at rewarding people and enterprises which made significant contribution to the industrial development, reform and transformation, building up brand influence for leading enterprises in the industry and thereby promoting industrial progress. In 2015, the Group once again successfully organised such campaign, and with the theme of “influence of China”, drove industry development. 網絡廣告服務 本集團亦於在綫平台及細分行業網頁上提供網 絡廣告服務。本集團賺取廣告收入，該收入按 其中包括顯示位置及大小、顯示頻率釐定，並 不以點擊次數計算。 金融服務產品 貿易貸、個人信貸及擔保貸款乃由我們之合資 公司重慶神州數碼慧聰小額貸款有限公司開發 之小額金融產品。除合資公司外，我們亦與金 融機構合作，向中小企業提供小額金融產品（即 買賣貸）。自二零一五年十二月起，我們開始 透過慧聰融資租賃有限公司提供融資租貸。目 前隨著中國資金流動性緊縮，導致批貸條件變 嚴，中小企業難以獲得銀行貸款。買賣貸、小 額貸款產品及融資租貸服務為客戶提供機會申 請臨時貸款或小額貸款或融資租貸。互聯網金 融產品能夠在一定程度上協助中小企業改善其 資金流。我們相信上述互聯網金融產品及服務 有助B2B交易平台之增長。 綫下產品 工商業目錄「慧聰商情廣告」是中國知名行業採 購名錄，其彙集海量之企業信息與產品價格動 態，發行範圍廣泛，長年以來行業影響力深 遠，是B2B業主要目錄之一。黃頁目錄「行業信 息大全」通過對行業信息、產品技術及行業黃頁 信息進行歸納匯總，系統化地整編成行業信息 年鑒，為行業生產商、供貨商、管理機構及用 戶溝通提供重要參考。儘管如此，隨著互聯網 技術及產品的涌現，越來越多用戶已轉向使用 我們新的在綫替代品。本集團將於二零一六年 審慎考慮該等工商業目錄及黃頁目錄產品之持 續經營業務。 行業品牌盛宴 本集團於二零零八年推出行業品牌推廣活動， 通過表彰為行業發展、革新及變革做出巨大貢 獻之人士及企業，為行業中領先企業打造品牌 影響力，從而推動行業發展。二零一五年，本 集團又成功地舉辦這一活動，以「贏享中國」為 主題，推動行業之發展。 14 HC International, Inc - Annual Report 2015 Management’s Statement 管理層報告 Anti-counterfeiting Products and Services This segment provides digital identity management services and unique identification labels and tools (such as anti-counterfeiting tags) to customers that require source-tracing, logistics-tracking and consumer brand building for “Original Brand”. The services and their database are rendered via both PC and mobile apps. Such business is operated by our subsidiary, Beijing Panpass Information Technology Company Limited. B2B2C Products and Services Since the acquisition of the domain name www.zol.com.cn (中關村在 線) (“ZOL”) by the Group in July 2015, the service scope of IT consumer products has been expanded to large-scale customers in order to open the information channels of high-worthy customers – retailers – consumers. (2) Marketing Channels Through three sales teams, namely the Industry Direct Sales, the Agency Sales and the Telemarketing Sales teams, hc360.com provides online and offline products and services of the Company to different targeted market segments. Established since 2006, such sales model helps enterprises to realise steady revenue growth with mature and active attitude to respond to changes in marketing. As one of the major sales forces of the Group, the Direct Sales Team focuses on selling high-end online and offline products, targeting at value-based and relationship-based customers. It also provides vertical and professional products and services to customers of various industries so as to achieve value enhancement. The Telemarketing Sales Team was formed in August 2006 to meet the needs of high value-added services and consumer product markets. The growth in its performance has been derived from the strengthening of its managing system, resulting in improvement in its working efficiency and market promotion ability. Today, the Telemarketing Sales Team has become a critical sales channel of the internet products of the Group. The Agency Sales team has been extending the regional market reach for the Group to the maximum degree and promoting brands. It has become an important supplementary sales force of the Group. 防偽產品及服務 此分部向需要源頭追踪、物流追踪之客戶提供 電子識別管理服務及獨特識別標簽及工具（如防 偽標貼）及為客戶提供品牌建立，以建立「原創 品牌」。該服務及其數據庫乃通過計算機及流動 應用程序提供。有關業務由附屬公司北京兆信 信息技術股份有限公司經營。 B2B2C產品及服務 本 集 團 自 二 零 一 五 年 七 月 併 購 中 關 村 在 綫 www.zol.com.cn（「ZOL」）, IT消費類產品服務範 圍拓展至大客戶，為大客戶到零售商到消費者 打通資訊渠道。 (2) 銷售渠道 慧聰網通過行業直銷、代理銷售及電話銷售三 大銷售團隊向細分專業市場客戶提供本公司綫 上綫下產品與服務。該銷售模型自二零零六年 確立以來，幫助企業以成熟積極之態度應對市 場宣傳變量，從而實現收益穩步增長。作為本 集團主要銷售力量之一，行業直銷團隊專注於 高端之在綫、綫下產品銷售，同時主攻價值 型、關系型客戶，為各行業客戶提供垂直專業 之產品與服務，從而實現價值提升。電話銷售 團隊成立於二零零六年八月，以滿足高增值服 務消費品市場之需求。電話銷售業績之增長源 自增強團隊之管理體系，從而使工作效率及市 場推廣能力得以提升，目前已成為本集團互聯 網產品銷售渠道之重要力量。代理商則為本集 團最大範圍地打開區域市場及推廣品牌，已成 為本集團銷售力量之重要補充。 慧聰網有限公司 - 2015年年報 15 Management’s Statement 管理層報告 (3) Major Customers and Suppliers The Group’s customers consist of a vast amount of SMEs in the PRC. Most of the Group’s revenue is derived from online products and since the relevant price of each online product is not significant and the online products are sold to a large number of customers, each customer’s contribution towards the Group’s revenue is relatively small. Therefore, the Company’s reliance on any individual customer is low. In respect of Mai-Mai-Tong, Biao-Wang products and services, sales agreements are entered into between the Group and its customers. The terms of the sale agreements are divided into one-year, two-year and/or three year depending on different products. Upon the expiry of the sales agreements, customers have an option to renew the sales agreements. The Company’s major suppliers are as follows: (i) the verification supplier provides verification services for Mai-Mai-Tong members. Our verification supplier is a limited company with the relevant verification qualifications, and is paid on a monthly basis according to the number of verifications carried out in that particular month. We have cooperated with this verification supplier for over 9 years and our supply contract with the current verification supplier is renewed yearly; (ii) the search product suppliers provide search engine and promotion services for Biao-Wang products, allowing our paid members to have a higher exposure of their products by getting more search engine hits and promoting their products and achieving transactions. We currently have search product suppliers which are leading search engine providers like Baidu and 360 Search and the respectively service contracts with them are renewed on a yearly basis; (iii) for our Group’s offline products like trade catalogues and yellow page directories, our Group also engages a printing supplier that provides industry and commerce catalogue and yellow pages printing services. The Group has been cooperating with the current printing supplier for over 10 years and a long-term service agreement has been entered; (iv) the anti-counterfeiting products and services of the Group include printing enterprises for producing anti-counterfeit labels. (4) Customer Service With its business covering over 50 sectors, the Group has dedicated service team serving both purchasers and clients. It facilitates transactions by way of supply and demand matching, online negotiations, offline trade meetings and group purchasing. The Group issues “Report on Purchasers Practice Analysis” on a regular basis, in order to thoroughly study the industry characteristics, member types and their spreads, process of making buying decision, buying practice, buying cycle and change of concerns, and also made predictions and justifications on buying trend to assist purchasers to complete their transactions in a more effective way. (3) 主要客戶及供貨商 本集團之客戶多為中國中小企業。本集團大部 分銷售收入來自在綫產品。由於各在綫產品之 價格並不昂貴，且在綫產品售予大量客戶，因 而各客戶佔本集團銷售收入之比重相對較少。 因此，本公司對於單個客戶之依賴程度不高。 就買賣通、標王產品及服務而言，本集團與其 客戶訂立銷售協議。銷售協議之年期分為一 年、兩年及╱或三年，視乎不同產品而定。待 銷售協議到期後，客戶可選擇重續銷售協議。 本公司之主要供貨商為：(i)認證供貨商，為買 賣通會員提供認證服務。我們之認證供貨商為 一間有限公司，具備相關認證資格，根據每月 進行之認證數目按月向其付款。我們與該認證 供貨商已合作逾九年，並每年重續與該認證供 應商訂立之供應合約；(ii)搜索產品供貨商，為 標王產品提供搜索引擎及推廣服務，讓我們繳 費會員之產品獲得更多搜索引擎點擊次數，從 而取得更高曝光率，並可推廣彼等之產品及促 成交易。我們目前擁有六間搜索產品供貨商， 該等公司均為首屈一指之搜索引擎供貨商，如 百度及360搜索等。我們與該等供貨商訂立之 相關服務合約按年重續；(iii)就如本集團工商業 目錄及黃頁目錄等綫下產品而言，本集團亦委 聘一間印刷供貨商提供工商業目錄及黃頁目錄 印刷服務。本集團與該印刷供貨商已合作超過 十年，並已訂立長期服務協議；(iv)為本集團之 防偽產品及服務製作防偽標簽的印刷企業。 (4) 客戶服務 本集團業務涉及50餘個行業，設有完善之買 家和客戶服務團隊，提供供求匹配、在綫洽談 會、綫下供需見面會、團購等方式協助企業實 現交易。本集團定期發佈《買家採購行為分析報 告》，以深入研究行業特色、買家會員類型及其 分布、採購決策流程、採購慣例、採購周期及 關注度變化，並據此對採購趨勢做出預判，從 而更有效地幫助買家達成交易。 16 HC International, Inc - Annual Report 2015 Management’s Statement 管理層報告 會員關懷 本集團通過整合慧聰網下之多種資源運用，形 成並完善了一套客戶服務滿意機制。同時為了 滿足客戶之變化需求，本集團力求加大在綫產 品之研發力度、增加在綫項目之運營投入，打 造更貼合市場需求之產品及服務體系。通過根 據會員狀態提供針對性服務，持續改善使用者 體驗及滿意度，打造有粘性之網絡商圈。 前景 自二零零三年在創業板（「創業板」）上市及二零一四年 轉主板上市以來，慧聰網從傳統媒體公司轉型為B2B 互聯網公司，通過轉型找到最適合自身之發展道路， 行業垂直縱深基因清晰顯現。我們時刻要求自己深入 理解客戶需求、市場狀況、產品服務以及商業運作， 將線上營銷與線下營銷互動互通，幫助企業建立互聯 網銷售渠道及線上交易渠道。 經過多年努力發展，逐漸形成了自有可持續發展戰 略，即專註B2B內貿及行業垂直細分，「交易+互聯 網金融」，O2O商業展覽中心及其他B2B相關服務 三大戰略。二零一六年，我們將繼續深化各個細分 領域門戶網站的專業性與撮合交易服務，同時加強 HC360.com作為綜合平台在綫上交易支付，互聯網 金融，第三方物流，防偽防串等相關B2B領域的服 務，以滿足中小企業之需求。其中提供撮合交易服務 將繼續是今年之重要任務。透過在買賣通基礎上開發 的代運營，詢盤寶及撮合服務，為客戶制定高附加值 的具針對性B2B解決方案。 Member Care The Group sets up and improves customer service ratings system on the basis of the integration of various resources under hc360.com. To meet the changing requirements of the customers, the Group aims at investing more resources in research and development for network products and the operation of online items to introduce product and service systems tailored to the market needs. The Group launched customised services in accordance with the status of the members in order to improve the experience and degree of satisfaction of users as well as building up a closely bound internet community. PROSPECTS Since being listed on the Growth Enterprise Market of the Stock Exchange (“GEM”) in 2003 and the transfer of listing to the Main Board in 2014, the Company has transformed from a traditional media company to a B2B online company and explored its most appropriate development path through transitions. A vertical in-depth services model is clearly formed. We committed ourselves to understanding about our customers’ needs, the market, the products and services, and business operations. Through the interactions of online and offline marketing, we help enterprises to establish internet sales network and online transaction channel. After years of developing efforts, our proprietary and sustainable development strategy is gradually formed, which focuses on three major strategies of B2B domestic trading, vertical industry segmentation, “transaction + internet finance”, O2O business exhibition centre and other B2B related services”. In 2016, we will continue to improve specialty of portals for each subdivided area and transaction matching services. At the same time, in order to satisfy the needs of SMEs, HC360.com will be enhanced in B2B services as an integrated platform for online transaction payment, internet finance, third parties logistics, anti-counterfeiting and anti-channel conflict, of which the provision of transaction matching services is still a major task this year. Through entrusted operation, Xunpanbao and matching services which are developed on the basis of Mai-Mai-Tong, high value-added and targeted B2B solutions will be formulated for customers. 慧聰網有限公司 - 2015年年報 17 Management’s Statement 管理層報告 基於B2B電子商務市場發展趨勢，本集團打算利用其 內貿知識，廣泛行業經驗與B2B2.0下新商業體驗來 迎合客戶對完整之電子商務及交易服務之需求。本集 團目前涉及50餘個行業，將繼續擴大其行業覆蓋度 的同時對細分領域中市場巨大且有增長潛力的行業 提供更專業化的深度服務，即縱深戰略。憑藉自身優 勢，本集團推出綫上交易體驗，O2O綫上綫下互動， 第三方物流服務及防偽防串服務等構成B2B生態圈之 重要分部。作為體驗之一部分，慧付寶（一個綫上交 易平台）可供所有用戶免費使用，預計今年將有部分 交易額，通過互聯網金融及O2O商業展覽中心的協同 效應，轉化成通過慧付寶的綫上交易額。目前本集團 已與20餘家第三方簽訂協議，提供更佳的倉儲及物 流服務。綫上交易的通暢推廣，將推動互聯網金融 服務規模的進一步擴大，並優化服務成本，從而反哺 B2B交易服務。本集團亦計劃開發與B2B相關之商務 APPs、大數據應用等更多構築B2B生態商圈的需求。 於二零一六年一月八日，本集團正式完成收購浙江中 服網絡科技有限公司（「中服」）之80.38%股權。收購 意向書於二零一五年七月三日簽訂。中服經營的主 要門戶網站包括：www.efu.com.cn（中國服裝網）， www.yifu.net（壹服），www.51fashion.com.cn（時尚 飾界）等，其主要為中國制衣業提供從紡織設備，到 配件材料到衣飾鞋帽成品之垂直產業資訊。 自二零一四年九月和神州數碼控股有限公司合資成立 重慶神州數碼慧聰小額貸款有限公司（「小貸公司」）以 來，本集團合理應用資源協助客戶完成貿易貸款，信 用貸款及頭寸管理等單一或組合融資方案。截至二零 一五年十二月三十一日，小貸公司向該等第三方客戶 所授出的貸款餘額約為人民幣十三億元。 Given the growing trend of the B2B eCommerce market, the Group intends to leverage its domestic trade expertise, extensive industry experience and new business experience under B2B2.0 to satisfy customer needs for comprehensive eCommerce and trading services. The Group currently covers （未完）  |