[公告]威灵控股：2016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 15 管理層討論與分析 Corporate Governance Report 21 企業管治報告 Environmental, Social and Governance Report 48 環境、社會及管治報告 Biographical Details of Directors and Senior Management 60 董事及高級管理人員履歷詳情 Report of the Directors 64 董事會報告 Independent Auditor’s Report 84 獨立核數師報告 Consolidated Statement of Financial Position 91 綜合財務狀況表 Consolidated Income Statement 93 綜合收益表 Consolidated Statement of Comprehensive Income 94 綜合全面收益表 Consolidated Statement of Changes in Equity 95 綜合權益變動表 Consolidated Statement of Cash Flows 97 綜合現金流量表 Notes to the Consolidated Financial Statements 98 綜合財務報表附註 Five-Year Financial Summary 204 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 肖明光先生 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 肖明光先生 李飛德先生 Directors Executive Directors Mr. XIANG Weimin (Chairman) Mr. ZHONG Lin (Chief Executive Officer) Ms. PAN Xinling Mr. LI Li Mr. XIAO Mingguang 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 Mr. XIAO Mingguang Mr. LI Feide CORPORATE INFORMATION 公司資料 3 Annual Report 2016 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 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, Prince’s Building Central Hong Kong Principal Bankers Bank of China Ltd. Agricultural Bank of China Ltd. Industrial and Commercial Bank of China 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2016年12月31日止年度 （「本年度」）的營業額約港幣7,954,460,000元（2015 年：約港幣8,040,366,000元），同比下跌1%，銷售量 約145,522,000台（2015年：約133,089,000台），同 比上升9%。經審核本公司擁有人應佔利潤約港幣 596,574,000元（2015年：約港幣525,030,000元）及 每股盈利為20.83港仙（2015年：18.34港仙）；利潤 較去年同期上升14%；毛利率約14.8%（2015年：約 13.8%）。本集團於本年度繼續嚴控各項費用，擴大 銷售規模，以提升經營管理質量。另一方面，本集團 持續加大研究與開發（「研發」），工藝技改的投入， 本年度研發成本為港幣142,011,000元（2015年：約 港幣108,823,000元）。本公司之董事會（「董事會」） 建議宣派截至2016年12月31日止年度的末期股息每 股普通股7.5港仙（2015年：6.5港仙）。 業務回顧 主要業務經營情況分析 2016年，全球經濟形勢複雜嚴峻，各經濟體出現明顯 分化。美國經濟緩慢復甦，歐洲經濟有所下滑，日本 經濟保持低迷，發達國家經濟體增速繼續下降，主要 新興市場國家經濟整體情況雖然在持續改善，但因經 濟基礎相對薄弱，並受到國際資本流出的影響，增長 速度有所放緩，且債務風險凸顯。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， 雖然2016年上半年經濟增長存在較大的下行壓力，但 是經過一系列經濟改革措施的落實，並受基礎建設投 資拉動，第三及第四季度國內經濟已明顯企穩，從而 全年保持了平穩增長。儘管如此，2016年中國國內生 產總值同比增長僅6.7%，仍創1990年以來新低，未來 國內生產總值增長將可能繼續保持低增長的態勢。 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$7,954,460,000 for the year ended 31 December 2016 (the “Year”) (2015: approximately HK$8,040,366,000), representing a year-onyear decrease of 1%, and recorded a sales volume of approximately 145,522,000 units (2015: approximately 133,089,000 units), representing a year-on-year increase of 9%. The audited profit attributable to the owners of the Company and earnings per share amounted to approximately HK$596,574,000 (2015: approximately HK$525,030,000) and HK20.83 cents (2015: HK18.34 cents) respectively, representing an increase of 14% in profit as compared to the same period last year. The gross profit margin was approximately 14.8% (2015: approximately 13.8%). During the Year, the Group retained stringent control over various expenses and expanded its scale of sales to enhance operational management quality. On the other hand, the Group continued to make further investments in research and development (“R&D”) as well as improvement of manufacturing process. The R&D costs for the Year amounted to HK$142,011,000 (2015: approximately HK$108,823,000). The board of Directors of the Company (the “Board”) proposed a final dividend of HK7.5 cents per ordinary share for the year ended 31 December 2016 (2015: HK6.5 cents). BUSINESS REVIEW Analysis of Major Business Operations In 2016, with global economy became tough and complicated, the pace of growth in different economies showed distinct differentiation. The economy recovery in United States was sluggish, the European economy declined, Japan remained its economic downturn, and the economic growth of developed countries was on a downward slope. Despite the overall economy had been improving in major emerging markets, given the economic foundations of these markets were relatively weak and impacted by the international capital outflows, the markets demonstrated a slowdown in economic growth with high risk of default. The global economy was also affected by the fluctuation of financial markets, especially the accumulative debt issues of various countries. Under the “new normal” economy, China accelerated its economic restructuring. Although the economic growth of China in the first half of 2016 encountered greater downward pressure, the domestic economies in the third and fourth quarters showed more stable and maintained a steady growth for the whole year driven by the implementation of a series of economic reform measures and the investments in infrastructure construction. Nevertheless, China’s gross domestic product in 2016 recorded a year-on-year increase of 6.7% only, representing the lowest growth since 1990. It is likely that China’s gross domestic product will continue to maintain its low growth momentum in the future. CHAIRMAN’S STATEMENT 主席報告書 5 Annual Report 2016 年報 2016年，家電行業上半年紛紛開展促銷活動，積極推 動庫存清理，取得一定的成效，加上房地產業的高速 增長，極大地提高了家電產品的剛性需求增長，這種 效果在下半年得到了集中體現，下半年家電消費呈現 快速增長態勢，各大家電廠商全年業績都出現一定水 平的增長，空調、冰箱、洗衣機及小家電都處於一個 整體上升的趨勢。家電行業經過幾年的低迷發展期， 隨著宏觀經濟的復甦和家電行業的「小週期」拐點出 現，可能將逐步迎來一個緩慢的上升期。 2016年，傳統家電迎互聯網，擁抱智能化趨勢愈發明 顯，主要家電企業在智能化研發上投入越來越大，一 系列智能化家電產品應運而生，完善了智能家居產 業，進一步優化了智能家電和家居產業生態圈。而部 分互聯網企業紛紛進入這個領域，充分利用大數據分 析，精準化開發出互聯網智能家電產品，滿足90、00 後的消費群體的個性化需求，將可預見的是未來智能 家電行業競爭將呈現「白熱化」，越來越激烈。 In the first half of 2016, the electrical household appliance industry achieved certain progress as a result of active promotion for inventory clearance sales. In addition, the rapid growth in the real estate industry had significantly boosted the rigid demand for electrical household appliances and the impact for which reflected in the second half of the year. In the second half of the year, the consumption of electrical household appliances increased rapidly, given this, most of the electrical household appliance manufacturers recorded a certain growth on performance for the year, while the demands of air-conditioners, refrigerators, washing machines and small electrical household appliances showed an overall upward trend. In the past few years, the electrical household appliance industry was suffering from a period of depressed development, following the recovery of macroeconomy and the emergence of the “short cycle”, the electrical household appliance industry may gradually move in a slow upward period. In 2016, the trend of welcoming internet and embracing intellectualisation was obvious for the traditional electrical household appliances. Investments in the R&D of intellectualisation become more and more for the major electrical household appliance enterprises, while a series of intelligent electrical household appliance products had emerged, for which strengthened the intelligent household appliance industry and further optimised the ecosphere of intelligent household appliances and household appliance industry. Moreover, some of the internet enterprises urged to enter into this sector by making good use of big data analysis, developing internet intelligent household appliance products precisely and meeting the personality needs of the consumer group of the 90s and 00s. It is expected that the competition of intelligent household appliance industry will be more competitive and intense in the future. 電機業務 2016年，中國空調行業同比增長8%，上半年產量同比 下跌10%，下半年上漲38%，全年呈現為旺季蕭條、淡 季暴漲的局面，下半年淡季因全球天氣炎熱拉動了空 調需求大幅上漲，各廠家基本完成了空調渠道庫存消 化，甚至出現加大生產以補充庫存的局面。洗衣機市 場維持平穩增長4%，冰箱壓縮機行業增長12%，需求 主要來自更新換代。（以上資料源自：產業在線）。 截至2016年12月31日止年度，本集團電機業務內銷 之電機銷量約110,712,000台，出口之電機銷量約 34,810,000台，總銷量較去年同期上升9%（其中空調 類電機內銷佔73,796,000台，以及外銷佔18,768,000 台，總銷量較去年同期上升10%；而洗滌類電機內銷 佔17,165,000台，以及外銷佔13,587,000台，總銷量較 去年同期上升6%）。本集團2016年之營業額約港幣 7,954,460,000元（其中空調類電機及洗滌類電機營業 額分別為港幣4,212,872,000元及港幣2,568,251,000 元），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），較去年下 跌1%。 面對行業競爭持續加劇，價格不斷下行帶來的銷售波 動和盈利空間縮小，本集團按照「價值營銷」經營方 針，積極拓展市場，爭取訂單，同時開展精細化管理， 提升經營管理質量，持續優化成本、費用，強化產品 研發能力，提升競爭優勢。 Motor Business In 2016, China’s air-conditioner industry recorded a year-on-year increase of 8%, in which production volume recorded a year-on-year decrease of 10% in the first half of the year and an increase of 38% in the second half of the year, which presented a situation of stagnancy in peak season but booming in slack season for the whole year. Due to the global hot weather, the demand for air conditioners increased significantly in slack season during the second half of the year. Manufacturers almost completed the channel inventory clearance of air conditioners and even increased production to replenish the inventories. Washing machine market maintained a stable growth of 4% and refrigerator compressor industry increased by 12%. Such demands were mainly driven by replacing old appliances. (Source: www.chinaIOL.com). For the year ended 31 December 2016, the Group’s motor business recorded a domestic sales volume of approximately 110,712,000 units and an export sales volume of approximately 34,810,000 units, with the aggregate sales volume increased by 9% as compared to the same period last year. Of which, domestic and export sales volumes of motors for air-conditioners were 73,796,000 units and 18,768,000 units respectively, with the aggregate sales volume increased by 10% as compared to the same period last year; while the domestic and export sales volumes of motors for washing machines were 17,165,000 units and 13,587,000 units respectively, with the aggregate sales volume increased by 6% as compared to the same period last year. The Group’s turnover for 2016 amounted to approximately HK$7,954,460,000 (including HK$4,212,872,000 from motors for air-conditioners and HK$2,568,251,000 from motors for washing machines), representing a decrease of 1% as compared to a turnover of approximately HK$8,040,366,000 (including HK$4,361,568,000 from motors for airconditioners and HK$2,551,770,000 from motors for washing machines) for 2015. To confront with the sales fluctuation and narrowed profit margins brought by the intensifying industrial competition and the continuous downward pricing trend, the Group actively expanded its market and strived for more orders in accordance with the operation policy of “value marketing”. Meanwhile, the Group carried out lean management to enhance the operational management quality, continuously optimised the costs and expenses and improved the R&D capability of its products so as to enhance its competitive advantages. 1. 空調類電機 受下半年空調市場需求上升拉動，空調類電機 銷售業務的銷售量較去年同期上升10%，但由 於行業競爭激烈，加上銷售價格持續下降及人 民幣貶值，導致銷售收入同比下滑3%。其中， 家用空調交流電機銷量較去年同期上升10%； 家用空調無刷直流電機銷量同比上升37%，引 領空調電機變頻化趨勢，客戶結構進一步改善， 商用電機銷量同比上升6%，無刷直流商用電機 銷量同比上升95%，並在歐美重點客戶取得突 破，未來商用電機將成為本集團重要的盈利產 品。 2. 洗滌類電機 國內洗衣機市場朝向滾筒化、變頻化趨勢發展， 高端洗衣機、洗乾一體機份額呈上升趨勢。得 益於整個洗衣機市場的需求增加，洗滌類電機 銷量同比上升6%，但由於人民幣貶值影響，銷 售收入同比上升僅1%，低於銷量增長。其中， 串激電機銷量同比下滑2%，主要受到串激電 機需求下滑影響；波輪電機受客戶產品結構影 響，銷量同比下滑1%；變頻洗衣機電機方面， 受益於變頻市場需求的增加，訂單大幅增加， 銷量同比上升56%，直流電機通過深化原有戰 略性客戶的合作，銷量同比上升318%。 1. Motors of Air-Conditioners Due to the increased market demand of air-conditioners in the second half of the year, sales volume of motors for air-conditioners increased by 10% as compared to the same period last year. However, the keen competition in the industry, continuous decline in the selling prices and the depreciation of Renminbi caused sales revenue recorded a year-on-year decline of 3%. In particular, the sales volume of alternating current motors for household airconditioners rose by 10% as compared to the same period last year; the sales volume of brushless direct current motors for household air-conditioners increased by 37% year-on-year, leading the trend of variable frequency motors for air-conditioners and further improving the structure of its customer profile. The sales volume of commercial motors increased by 6% as compared to the same period last year; the sales volume of brushless direct current commercial motors increased by 95% year-on-year, breakthrough was achieved by major customers from Europe and United States. Commercial motors will become major profitable products of the Group in the future. 2. Motors of Washing Machines With the growing popularity of drum and inverter washing machines in the domestic market, the proportion of high-end washing machines and integrated washer-dryer machines had experienced an upward trend. Benefiting from the increased demand in the entire washing machine market, the sales volume of washing machine motors delivered a year-on-year growth of 6%. Because of the depreciation of Renminbi, the sales revenue increased merely by 1% year-on-year, such increase was lower than that in sales volume. In particular, the sales volume of series motors declined by 2% year-onyear, which was mainly due to the falling demand of series motors; whereas, the sales volume of wave-wheel motors decreased by 1% year-on-year as a result of the restructuring of the products portfolio made by customers. The sales volume of inverter motors for washing machines rose by 56% year-on-year, benefited from the rising demand from inverter market and the significant increase in orders. The sales volume of direct current motors grew by 318% year-on-year due to the enhanced cooperation with existing strategic customers. 3. 其他產品 綜合內部產能、製造經濟性及產品標準化考慮， 本集團對其他產品採用謹慎接單、謹慎生產、 謹慎銷售的策略，2016年其他產品銷量同比增 長12%，其中受關聯客戶抽油煙機及熱水器需 求增長拉動，抽油煙機電機及熱水器電機分別 同比增長32%及21%。 2016年，本集團堅持按照「產品領先、效率驅動、全球 經營」的轉型要求，以「全球領先」戰略為指導思想， 持續提升產品力，不斷引入高技術人才，開發優質產 品滿足客戶需求，同時加強內部精細化管理，加大技 術研發和製造工藝的投入，改善供應鏈管理及質量 管控水平，提高產品交付能力，得到了客戶和行業的 高度認可，其中無刷直流滾筒洗衣機電機在3月榮獲 2016年中國家電艾普蘭獎專業評審類「核芯獎」，8月 在2016-2017年空調行業高峰論壇憑借優異的市場表 現及創新能力，榮膺「創新動力獎」，9月在2016年中 國洗衣機（乾衣機）行業高峰論壇憑借創新科技以及 在變頻領域的突出成就，榮獲「變頻動力獎」，令行業 側目，11月憑借無刷直流滾筒洗衣機電機再次獲得中 國家電科技進步獎。本集團附屬公司廣東威靈電機製 造有限公司在2016年通過了佛山市「中國製造2025」 試點示範企業的評定。 3. Other Products In 2016, with overall consideration of internal production capacity, manufacturing economic outcome and product standardisation, the Group adopted a prudent strategy in respect of receiving orders, manufacturing and selling of other products, the sales volume of other products increased by 12% year-on-year. In particular, benefiting from the increasing demands of range hoods and water heaters from customers of related parties of the Group, the sales volumes of range hood motors and water heater motors recorded a year-on-year increase of 32% and 21%, respectively. In 2016, the Group continued to enhance its product capability, bring in high-tech talents and develop high quality products to meet the needs of customers by adhering to strategic thinking of “global leading” with the transforming requirements of “product leadership, efficiency driven and global operation”. At the same time, the Group reinforced internal lean management, increased investments in technology R&D and manufacturing process, improved supply chain management and quality control standard and enhanced product delivery ability. With all of these efforts, the Group was highly recognised by our customers and the industry, in particular, our brushless direct current motors for washing machines were honored with the “Accessory Award” in the professional category of the 2016 China Appliance Award in March. We were honored with the “Award for Innovation Advance” at 2016-2017 China Air Conditioning Industry Symposium by virtue of its excellent market performance and innovation capability in August and the “Variable-frequency Power Award” at 2016 Washing Machine and Clothes Dryer Industry Summit by virtue of its innovative technology and the outstanding achievements made in the inverter territory in September, which impressed the industry. Furthermore, we were honored with the “Award for Scientific and Technological Advancement of China Electrical Household Appliances” by virtue of its brushless direct current motors for washing machines in November. Our subsidiary, Guangdong Welling Motor Manufacturing Co., Ltd. successfully passed the assessment as the “Made In China 2025” pilot demonstration enterprise of Foshan City in 2016. 回顧2016年，上半年需求受阻，下半年需求大幅升 高，全年銷售波動劇烈，給生產經營帶來極大的挑戰 和壓力，本集團堅持「以客戶為中心，做好產品」，關 注經營本質，圍繞「全球領先」的發展戰略，開展「價 值營銷」，持續優化客戶結構和產品結構，不斷加大 科技、產品設計、工藝技改、質量管控的投入和改善 升級，不斷挖掘內部潛力，推進精細化成本管理，為 客戶提供更好的產品與服務，並以積極主動的態度開 拓國內外優質客戶資源，追求創新與發展，有效地保 證了企業的正常良性經營。 業務展望 2017年全球經濟仍將「慢」步增長，經濟增速將進一 步放緩。其中，發達經濟體增速下降，新興市場增速 穩定，兩者的增速分化加劇。由於刺激性政策作用衰 退，結構性改革尚需時日，所以全球經濟復甦趨勢難 有改善，全球貨幣寬鬆和資產荒將延續，市場潛在風 險依舊廣泛存在。2017年，雖然短期內各主要經濟體 仍將維持寬鬆政策，但債務和央行的雙重極限已不斷 迫近。「加快結構性改革、改善生產效率、提升全要素 生產率」將成為新的增長路徑，各國宏觀政策也將從 危機應對向中長期經濟治理加速轉變。2017年，全球 經濟的中長期前景取決於美、中、歐「三極」的結構性 改革進展。美國的重點在於美聯儲何時展現行動的勇 氣，通過貨幣政策的正常化，推動美國經濟增長的正 常化；中國的重點在於供給側結構性改革和國企改革 的落地進程；而對於歐元區，防止區域一體化倒退、 優化勞動力結構將會是提振全要素生產率的關鍵。 Looking back on 2016, the demand was hindered in the first half of the year but climbed up substantially in the second half of the year, with annual sales fluctuated drastically, which imposed great challenges and pressure on production and operation. The Group adhered to its mission in “placing customers at our core and making quality products” and focused on the essential elements of its operations. The Group conducted “value marketing” by focusing on the development strategy of “global leading”, optimised the customer and product structures through putting more effort in technology, product design, manufacturing process, quality control, improvement in upgrade, explored internal potential and promoted lean cost management, so as to offer better products and services to customers. Meanwhile, the Group has been actively expanding domestic and overseas quality customer resources to pursue innovation and development and managed to sustain normal and sound operations of our Group in an effective manner. Business Prospects Heading into 2017, the global economy will maintain a “slow” growth and the pace of economic growth will further slowdown. In particular, the growth of the developed economies will slow down and the growth of emerging markets will remain stable, leading to intensified differentiation in growth. Due to the receding effect of stimulating policies while the structural reform has yet to mature, the global economic recovery trend is therefore difficult to improve and the global monetary easing and asset shortage will continue, the potential risks are still widely present in the market. In 2017, although each of the major economies will still engage in easing policy in the short term, the red line for debts and central banks is approaching. “Accelerating structural reform, improving production efficiency and enhancing total factor productivity” will become a new path for growth, and the macroeconomic policies of different countries will also shift rapidly from responding to crisis to economic governance in the middle and long run. In 2017, the middle and long term outlook of the global economy will rely on the progress of “tri-polar” structural reforms among United States, China and Europe. The focal point of United States is the time when the Federal Reserve will take action to boost the economic growth of United States through the normalisation of monetary policies. The focal point of China is the implementation process of supply-side structural reform and stateowned enterprises reform. Eurozone is committed to preventing the retreat of regional integration and optimising labour structure for increasing the total factor productivity. 2017年作為中國「改革攻堅年」，改革逐步進入深水 區，深化供給側結構性改革成為經濟改革的首要任 務。中國經濟在2016年企穩，此趨勢預計會在2017年 延續。隨著需求的提升，通縮壓力將繼續緩解，通貨 再膨脹將持續。價格的改善將有助於增加企業利潤、 減輕債務負擔，並使民間投資企穩甚至適度復甦。儘 管房地產市場增速似乎會在未來幾個月放緩，但我們 預期其對經濟增長的整體影響是可控的。明年中國將 可能繼續實行財政擴張，基礎設施投資仍將是主要的 增長驅動力。由於通縮壓力繼續緩解，預計明年將不 會加息或降準。然而，近期尚無全面的通脹壓力，我 們預計貨幣環境將維持大體寬鬆。與國內的穩定形勢 不同，中國外部經濟環境更具挑戰性。我們預計中美 雖然不會爆發全面的貿易戰，但是將就市場進入、知 識產權保護和國企改革等問題繼續展開一系列艱難 的談判。2017年國企去槓桿會提速，將有更多殭屍企 業被關閉、重工業將繼續去產能，壞賬處理將加快。 穩定的經濟增長和通縮壓力的緩解將為改革提供支 持。 得益於中國經濟的企穩和復甦，預計2017年家電行業 市場需求將溫和增長，但消費者對產品的要求將越來 越高，個性化、訂製化產品將更加受到青睞，因此家電 廠商將更專注於產品創新升級，深化商業模式轉型。 受空調、洗衣機整體需求拉動，預計2017年電機行業 將會有所增長，隨著原材料價格的不斷上行，迫使產 品價格可能回升，將有利於盈利能力的改善。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，不斷精簡產品型 號和零部件型號以改善產品結構，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。 2017 is the “critical year of reform” of China. The reform is moving gradually towards the maturity stage, while strengthening the supply-side structural reform should be the primary task of economic reform. The economy in China remained stable in 2016 and such trend is expected to continue in 2017. Along with the improvement in demand, the deflationary pressure will mitigate while reflation will continue. The improvement in prices will contribute to the increase in profits for enterprises, reduce debt burden, and enable private investments to stabilise or even recover moderately. Although the growth in real estate market may slow down in the next few months, we expect its overall impact on economic growth should be under control. In the coming year, China is likely to continue its implementation of fiscal expansion with infrastructure investments remained as driving force for the key growth. Due to the continuous mitigation of deflationary pressure, it is expected that increase in interest rates or reduction in reserve rates will not happen in next year. However, there is no comprehensive inflationary pressure recently, we expect the easing monetary environment will maintain in general. In compare to the stable domestic situation, China’s external economic environment will be more challenging. We expect China and United States will not be headed for trade war but a series of difficult negotiations on issues such as market entry, protection of intellectual property rights and state-owned enterprises reform are inevitable. In 2017, China will accelerate the de-leveraging of state-owned enterprises by closing down more zombie enterprises, continuing the de-capacity of heavy industries and speeding up the settlement of bad debts. Stable economic growth and mitigation of deflationary pressure will underpin the reform. Benefiting from the stabilisation and recovery of China’s economy, it is expected that the market demand for the electrical household appliance industry will demonstrate a moderate growth in 2017. However, due to increasingly high requirements from consumers on products, coupled with the increasing popularity of personalised and customised products, the electrical household appliance manufacturers will focus more on product innovation and upgrade as well as business model transformation. As driven by the overall demand for air-conditioners and washing machines, the motor industry is expected to grow in 2017. The continuous increase in raw material prices urges the possible increase in product prices, which will be beneficial to profitability improvement. The Group will continue to work on operational transformation, integrate our resources and enhance 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, constantly streamline the models of products and components to improve product structure, integrate the advantageous resources of our R&D, production and marketing, speed up the response to customer needs to achieve efficient sales services, strengthen competitive advantage, and consolidate and expand market share. 電機業務 1. 空調類電機 空調行業長期依然有較大增長空間，但增幅放 緩的趨勢未變。2016年尤其下半年的暴漲局面 在2017年預計很難重現。2017年上半年預計同 比有一定增長，一方面是由於去年同期水平較 低，另一方面空調廠家基於競爭及渠道備貨的 需要而繼續維持較高的產量水平。2017年下半 年市場可能出現較大不確定性，2016年的需求 透支加上渠道庫存的重新上漲，下半年可能出 現空調產量環比下滑的局面。本集團將積極抓 住上半年旺季，並提前預防下半年可能出現的 市場下滑局面，做好產銷平衡，積極推進產品 結構優化，推動電機標準化工作，外銷專門成 立亞太和歐美客戶分部，大力開拓日韓客戶及 歐美高價值客戶，保證盈利能力提升。產品技 術方面，變頻化、國內北方地區煤改電、家用小 多聯等行業發展趨勢凸顯。本集團將繼續加大 研發投入及強化產品升級開發，特別是家用空 調室內外風機電機、家庭戶式商用空調室內外 風機、北美用商用空調風機，同時重點關注國 內無刷直流商用空調風機切換應對及北美商用 空調風機高效鋁線切換應對，繼續推進北美商 用新客戶的開拓。 Motor Business 1. Motors for Air-conditioners Although there is still room for the air-conditioning industry to grow in the long run, the downward trend in growth remains unchanged. The surge situation in 2016, especially in the second half of the year, is unlikely to happen in 2017. The first half of 2017 may have a certain growth year-on-year, which on one hand is attributable to the relatively low base for the same period last year, and on the other hand is the need to sustain a higher production level by airconditioner manufacturers for market competition and channel inventory replenishment. In the second half of 2017, the market is likely to be uncertain, and the excessive demand in 2016 coupled with the channel inventory replenishment will lead to a possible decline in the production volume of air conditioners in the second half of the year as compared to the first half of the year. The Group has to strive the peak season in the first half of the year, and take precaution to prevent the possible market decline in the second half of the year by making a balance between production and sales, proactively promoting product mix optimisation, pushing forward the standardisation of motors, especially setting up customer segments in Asia Pacific, Europe and United States for export sales, expanding customers in Japan and South Korea as well as high value customers in Europe and United States so as to ensure the profitability increment. In respect of product technology, the industrial development trend in inverter-driven, coal-to-electricity in Northern China, multi-connected household appliances are obvious. The Group will continue to increase its investments in R&D and strengthen product upgrade and development, especially the indoor and outdoor fan motors for household air-conditioners, the indoor and outdoor fans for household commercial air-conditioners, and the fans for commercial air-conditioners in North America. At the same time, we will focus on the replacement of brushless direct current fans for commercial air conditioners in China and high performance aluminium wire of fans for commercial air conditioners in North America and keep on expanding new customers in North America. 2. 洗滌類電機 洗衣機行業預計繼續維持中低速增長的趨勢， 隨著全球能效提升和滾筒化、變頻化趨勢明朗， 本集團將積極佈局洗衣機電機產品，在已有合 作客戶內進行產品結構優化，主要推動直流電 機和直驅電機的銷售，提高高端產品比例，提升 產品毛利水平。產品技術方面，本集團將加快變 頻洗衣機電機升級產品的開發，同時強化變頻 洗衣機電機及驅動控制產品的技術研究。市場 客戶方面，在積極爭取國內客戶訂單的同時， 積極開拓直流電機日韓、歐美客戶；並推進無 刷直流乾衣機電機開發與新歐美客戶拓展等。 3. 其他產品 其他產品走「價值」路線，有價值產品和客戶繼 續深挖潛力，加大投入開發領先一代產品，如 用於吸塵器及抽油煙機等的高轉速電機、風機 及汽車電子冷卻泵等產品。 2. Motors for Washing Machines It is expected that the washing machine industry will continue to maintain its trend as medium-to-low growth. With the improvement of global efficiency and the growing popularity of drum and inverter, the Group will proactively layout its motors for washing machine products, with focus on the sales of direct current motors and direct drive motors by optimising product mix among the existing customers, increasing the proportion of high-end products and enhancing the product gross profit level. In respect of product technology, the Group will accelerate the development on the product upgrade of inverter washing machine motors and strengthen the technology research on inverter washing machine motors and driving control products at the same time. In respect of customers, the Group will strive to obtain orders from domestic customers, and meanwhile, to explore customers for direct current motors in Japan, Korea, Europe and United States, and accelerate the development on brushless direct current motors for drying machines and the expansion of new customers in Europe and United States. 3. Other Products The Group will apply “value” approach for other products, with emphasis on developing valuable products and potential customers, and investing in lead generation products, such as high speed motors and fans for vacuum cleaners and range hoods and electrical cooler pumps for automotive. 公司經營策略 面對複雜的宏觀經濟環境，如何做到基業長青，可 持續增長，是本集團在2017年面對的挑戰和壓力。 基於以上考慮，本集團將堅持「全球領先」戰略，堅 持「新、精、靈、輕」的經營指導方針，按照「認真、 負責、細心、勤奮」工作要求，努力打造「精品管理團 隊」。在營銷方面，圍繞「價值」營銷開展工作，隨著 原材料價格的不斷上行，將推動產品價格的剛性上 調；利用上半年的旺季階段，大力推動客戶結構和產 品結構優化，改善盈利能力；大力推動海外高價值客 戶的拓展，推動營銷基礎體系化、規範化管理，推動 產銷一體化，保證旺季供貨能力，為客戶提供更好的 服務。在研發方面，以「創新」為靈魂，推動先行研究 和產品開發分開，堅決實施「研發投入不受限、研發 人員不限編、大力引進國內外高技術人才」的宗旨， 推動產品標準化工作，大幅度精簡產品型號和零部件 型號，深化與客戶的聯合開發，不斷升級產品，打造 產品差異化優勢。製造方面，圍繞「精細化」管理和智 能製造，推動精益製造工作的落地和深化，開展電機 智能工廠搭建和試點，不斷加大工藝研究投入，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，並通過自動化生產和檢測，改善產 品質量，提升製造效率，降低製造費用。供應鏈方面， 堅持供應鏈建設原則，扶強汰弱，減少總體供應商數 目、增加供應商平均採購金額、增加多品類供應的供 應商數量、增加多基地供應的供應商數量的落地與實 施，強化資源協同效應，與供貨商夥伴建立長期的戰 略合作、共贏關係。品質方面，進一步強化質量意識， 堅持「品質一票否決權」，剛性執行，對內，將品質與 薪酬、績效、晉升和人事任免直接掛鉤，對外，加大供 應商來料品質問題的處罰力度，以實現更好的市場表 Corporate Business Strategies To build a solid business foundation and maintain sustainable development would be the greatest challenges and pressure faced by the Group in this complex macroeconomic environment in 2017. With all these consideration, the Group is committed to develop an “elite management team” by adhering to the “global leading” strategy, which is based on the operation guidelines of “innovative, refined, flexible and slim” together with the working attitudes of “seriousness, responsibility, carefulness and diligence”. In respect of marketing, the Group believes in “value” marketing, the continuous rise in raw material prices will drive the rigid increase in product prices. By making use of the peak season in the first half of the year, the Group should optimise customer and product mix structures in order to improve the profitability, expand high value overseas customers, facilitate systemic and regulated marketing management, and integrate manufacturing and sales as a whole, so as to ensure supply capability in the peak season and to offer better services to customers. In respect of R&D, the Group will devote to “innovation” with a view to promote the independence of preliminary research and product development, implement the strong mission of “no cap on R&D investment, no limit on the number of R&D staff, and to attract domestic and overseas high-tech talents”, promote product standardisation work, streamline the models of products and components significantly, deepen the joint development with customers, and upgrade products continuously, which help to gain product differential advantages. In respect of production, the Group will focus on “refined” management and intelligent manufacturing, facilitate the implementation and development of lean manufacturing works, carry out the establishment and trial operation of motor intelligent plant, and continuously increase the investments in the research on craftsmanship as well as optimise the manufacturing layout so as to take advantages of integration of manufacturing resources. Besides, we strive to enhance product quality and manufacturing efficiency as well as to reduce the production cost through automated production and testing. In respect of supply chain, the Group will adhere to the supply chain construction principle, work with reliable suppliers while eliminate the weaker ones, reduce the total number of suppliers, increase the average purchasing amount from suppliers, increase the number of suppliers with different varieties, increase the number of suppliers with multi-base supply, strengthen the synergy effect in respect of resources allocation and establish the long term strategic cooperation and achieve the win-win relationship with suppliers. In respect of quality, the Group will further strengthen its quality consciousness and implement stringent control with the rule of “one veto right on quality”. For internal, the Group will link quality with remuneration, performance, promotion and dismissal of personnel. For external, the Group will punish the suppliers with quality problems of raw 現，提升客戶滿意度。經營管理方面，將進一步精簡 組織，強化精細化成本核算，加強庫存和應收考核和 管理，提高企業經營管理質量，保證企業的長期良性 發展。 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，使本集團在多變的環境下持續良性經營。 我們希望2017年管理層與全體員工共同努力，協同 作戰，實現可持續增長。 主席 向衛民 2017年3月17日 materials in a greater extent, so as to achieve better market performance and enhance customer satisfaction. In respect of operation management, the Group will further streamline its organisation, strengthen refined cost calculation and improve the assessment and management of inventory and receivables, in order to enhance the quality of the corporate’s operation management and ensure a long term healthy development. 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 under the dynamic environment. We do hope that the management and all employees will continue their concerted efforts to achieve sustainable growth in 2017. Xiang Weimin Chairman 17 March 2017 MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論與分析 15 Annual Report 2016 年報 業績 截至2016年12月31日止年度，本集團的營業額約港 幣7,954,460,000元（2015年：約港幣8,040,366,000 元），同比下跌1%，銷售量約145,522,000台（2015 年：約133,089,000台），同比上升9%。經審核本公司 擁有人應佔利潤約港幣596,574,000元（2015年：約港 幣525,030,000元）及每股盈利為20.83港仙（2015年： 18.34港仙）；利潤較去年同期上升14%；毛利率約 14.8%（2015年：約13.8%）。本集團於本年度繼續嚴 控各項費用，擴大銷售規模，以提升經營管理質量。 另一方面，本集團持續加大研發，工藝技改的投入， 本年度研發成本為港幣142,011,000元（2015年：約港 幣108,823,000元）。董事會建議宣派截至2016年12月 31日止年度的末期股息每股普通股7.5港仙（2015年： 6.5港仙）。 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2016年12 月31日之流動比率為222%（2015年：185%）。 於2016年12月31日，本 集 團 持 有 現 金 淨 額 港 幣 1,698,219,000元（2015年：港幣1,292,519,000元），包 括現金及現金等價物及已抵押銀行存款，並無任何銀 行借款。 於2016年12月31日，本集團已認購財富管理產品約港 幣1,123,535,000元（2015年：港幣720,857,000元）， 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 recorded a turnover of approximately HK$7,954,460,000 for the year ended 31 December 2016 (2015: approximately HK$8,040,366,000), representing a year-on-year decrease of 1%, and recorded a sales volume of approximately 145,522,000 units (2015: approximately 133,089,000 units), representing a year-on-year increase of 9%. The audited profit attributable to the owners of the Company and earnings per share amounted to approximately HK$596,574,000 (2015: approximately HK$525,030,000) and HK20.83 cents (2015: HK18.34 cents) respectively, representing an increase of 14% in profit as compared to the same period last year. The gross profit margin was approximately 14.8% (2015: approximately 13.8%). During the Year, the Group retained stringent control over various expenses and expanded its scale of sales to enhance operational management quality. On the other hand, the Group continued to make further investments in R&D as well as improvement of manufacturing process. The R&D costs for the Year amounted to HK$142,011,000 (2015: approximately HK$108,823,000). The Board proposed a final dividend of HK7.5 cents per ordinary share for the year ended 31 December 2016 (2015: HK6.5 cents). Financial Review Liquidity and Financial Resources The Group has maintained a healthy financial and liquidity position with a current ratio of 222% as at 31 December 2016 (2015: 185%). As at 31 December 2016, the Group was in a net cash position of HK$1,698,219,000 (2015: HK$1,292,519,000), including cash and cash equivalents and pledged bank deposits, and did not have any bank borrowings. The Group has subscribed for wealth management products of approximately HK$1,123,535,000 as at 31 December 2016 (2015: HK$720,857,000), which offered better returns compared to the fixed-term deposit interest rates provided by commercial banks in the PRC. MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論與分析 16 Welling Holding Limited . 威靈控股有限公司 財務比率 下表載列本集團於綜合財務狀況表日期之若干財務 比率： 附註： 1. 存貨周轉期是根據年初存貨與年終存貨平均數除以當年之 銷售貨品成本，再乘以當年之總天數計算。 2. 貿易應收款周轉期是根據第三方及關聯方年初貿易應收款 與年終貿易應收款（不包括應收票據）平均數除以當年之收 入，再乘以當年之總天數計算。 3. 貿易應付款周轉期是根據第三方及關聯方年初貿易應付款 與年終貿易應付款（不包括應付票據）平均數除以當年之銷 售貨品成本，再乘以當年之總天數計算。 4. 流動比率是根據年終流動資產除以年終流動負債計算。 資產抵押 於2016年及2015年12月31日，本集團概無租賃土地及 土地使用權及物業、廠房及設備作為本集團銀行授信 的抵押。 或然負債 除下文所披露之融資擔保外，本集團於2016年及2015 年12月31日並無任何重大或然負債。 Financial Ratios The following are certain financial ratios of the Group as at the date of the consolidated statement of financial position: 2016 2015 HK$’000 HK$’000 港幣千元 港幣千元 Inventories turnover (Note 1) 存貨周轉期（附註1） 39 days天 41 days天 Trade receivables turnover (Note 2) 貿易應收款周轉期（附註2） 69 days天 70 days天 Trade payables turnover (Note 3) 貿易應付款周轉期（附註3） 69 days天 72 days天 Current ratio (Note 4) 流動比率（附註4） 2.22 times倍 1.85 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 (excluding notes receivable) of third parties and related parties, divided by the revenue of the year, and multiplied by the total number of days of the year. （未完）  |