t,

Corporate Information

2

公司資料

Financial Highlights

5

財務摘要

Management Discussion and Analysis

6

管理層討論及分析

Report on Review of Condensed Consolidated Interim Financial Information

20

簡明綜合中期財務資料的審閱報告

Interim Condensed Consolidated Balance Sheet

22

中期簡明綜合資產負債表

Interim Condensed Consolidated Statement of Income

24

中期簡明綜合收益表

Interim Condensed Consolidated Statement of Comprehensive Income

25

中期簡明綜合全面收益表

Interim Condensed Consolidated Statement of Changes in Equity

26

中期簡明綜合權益變動表

Interim Condensed Consolidated Statement of Cash Flows

28

中期簡明綜合現金流量表

Notes to the Condensed Consolidated Interim Financial Information

30

簡明綜合中期財務資料附註

Other Information

69

其他資料

The English text of this interim report shall prevail over the Chinese text in case of any inconsistency. 本中期報告中英文如有歧義,概以英文本為準。

1

公司資料

Corporate Information

LEGAL NAME OF THE COMPANY

公司法定名稱

Want Want China Holdings Limited

中國旺旺控股有限公司

PLACE OF LISTING AND TRADING CODE

上市地點及代號

The Stock Exchange of Hong Kong Limited

香港聯合交易所有限公司

Stock code: 0151

股份代號:0151

Guaranteed Bonds: 5446 (WANT WANT B2204)

有擔保債券:5446 (WANT WANT B2204)

DIRECTORS

董事

Executive Directors

執行董事

Mr. Tsai Eng-Meng (Chairman and Chief Executive Officer)

蔡衍明先生(主席及行政總裁)

Mr. Tsai Shao-Chung

蔡紹中先生

(re-designated as an executive Director on 1 July 2019)

(於 201971 日調任執行董事)

Mr. Tsai Wang-Chia (Chief Operating Officer)

蔡旺家先生(首席營運官)

Mr. Huang Yung-Sung (Chief Marketing Officer)

黃永松先生(市場營銷長)

Mr. Chu Chi-Wen (Chief Financial Officer)

朱紀文先生(財務總監)

Mr. Tsai Ming-Hui

蔡明輝先生

Ms. Lai Hong Yee

黎康儀女士

Non-executive Directors

非執行董事

Mr. Liao Ching-Tsun(Vice Chairman)

廖清圳先生(副主席)

Mr. Maki Haruo

春夫先生

Mr. Cheng Wen-Hsien

鄭文憲先生

Independent non-executive Directors

獨立非執行董事

Mr. Toh David Ka Hock

卓家福先生

Dr. Pei Kerwei

貝克偉博士

Mr. Lee Kwang-Chou (passed away on 19 June 2019)

李光舟先生(於 2019619 日辭世)

Mr. Hsieh Tien-Jen

謝天仁先生

Mr. Lee Kwok Ming

李國明先生

Mr. Pan Chih-Chiang (appointed on 21 August 2019)

潘志強先生(於 2019821 日獲委任)

COMPANY SECRETARY

公司秘書

Ms. Lai Hong Yee

黎康儀女士

AUDIT AND RISK MANAGEMENT COMMITTEE

審核及風險管理委員會

Mr. Toh David Ka Hock (Chairman)

卓家福先生(主席)

Dr. Pei Kerwei

貝克偉博士

Mr. Lee Kwang-Chou (passed away on 19 June 2019)

李光舟先生(於 2019619 日辭世)

Mr. Hsieh Tien-Jen

謝天仁先生

Mr. Lee Kwok Ming

李國明先生

Mr. Pan Chih-Chiang (appointed on 21 August 2019)

潘志強先生(於 2019821 日獲委任)

2 2019中期報告 INTERIM REPORT

公司資料

Corporate Information

REMUNERATION COMMITTEE

Mr. Toh David Ka Hock (Chairman) Dr. Pei Kerwei

Mr. Lee Kwang-Chou (passed away on 19 June 2019) Mr. Tsai Shao-Chung

Mr. Hsieh Tien-Jen

Mr. Lee Kwok Ming

Mr. Pan Chih-Chiang (appointed on 21 August 2019)

NOMINATION COMMITTEE

Dr. Pei Kerwei (Chairman) Mr. Toh David Ka Hock

Mr. Lee Kwang-Chou (passed away on 19 June 2019) Mr. Tsai Shao-Chung

Mr. Hsieh Tien-Jen

Mr. Lee Kwok Ming

Mr. Pan Chih-Chiang (appointed on 21 August 2019)

STRATEGY COMMITTEE

Mr. Tsai Eng-Meng(Chairman) Mr. Liao Ching-Tsun

Mr. Tsai Shao-Chung (appointed on 1 July 2019) Mr. Tsai Wang-Chia

Mr. Huang Yung-Sung Mr. Chu Chi-Wen Mr. Tsai Ming-Hui Ms. Lai Hong Yee Dr. Pei Kerwei

Mr. Hsieh Tien-Jen

Mr. Lee Kwok Ming

Mr. Pan Chih-Chiang (appointed on 21 August 2019)

AUDITOR

PricewaterhouseCoopers

LEGAL ADVISOR

Sullivan & Cromwell (Hong Kong) LLP

PRINCIPAL BANKERS

Bank of China (Hong Kong) Limited

China Merchants Bank Co., Limited

Citigroup Inc.

CTBC Bank Co., Ltd, Hong Kong Branch

薪酬委員會

卓家福先生(主席) 貝克偉博士

李光舟先生(於 2019619 日辭世) 蔡紹中先生

謝天仁先生 李國明先生

潘志強先生(於 2019821 日獲委任)

提名委員會

貝克偉博士(主席) 卓家福先生

李光舟先生(於 2019619 日辭世) 蔡紹中先生

謝天仁先生 李國明先生

潘志強先生(於 2019821 日獲委任)

策略委員會

蔡衍明先生(主席) 廖清圳先生

蔡紹中先生(於 201971 日獲委任) 蔡旺家先生

黃永松先生 朱紀文先生 蔡明輝先生 黎康儀女士 貝克偉博士 謝天仁先生 李國明先生

潘志強先生(於 2019821 日獲委任)

核數師

羅兵咸永道會計師事務所

法律顧問

蘇利文 克倫威爾律師事務所(香港) 有限法律責任合夥

主要往來銀行

中國銀行(香港)有限公司 招商銀行股份有限公司 花旗集團

中國信託商業銀行股份有限公司香港分行

2019中期報告 INTERIM REPORT 3

公司資料

Corporate Information

AUTHORIZED REPRESENTATIVES

Mr. Chu Chi-Wen

Ms. Lai Hong Yee

SHARE REGISTRAR AND TRANSFER OFFICE

Principal

SMP Partners (Cayman) Limited Royal Bank House - 3rd Floor

24 Shedden Road, P.O. Box 1586 Grand Cayman, KY1-1110 Cayman Islands

Hong Kong Branch

Computershare Hong Kong Investor Services Limited

Shops 1712-1716, 17th Floor, Hopewell Centre

183 Queen's Road East, Wanchai

Hong Kong

REGISTERED OFFICE

Maples Corporate Services Limited

P.O. Box 309, Ugland House

Grand Cayman, KY1-1104

Cayman Islands

PRINCIPAL PLACES OF BUSINESS AND ADDRESS OF HEADQUARTERS

Unit 918, 9/F, Mira Place Tower A

132 Nathan Road, Tsimshatsui, Kowloon Hong Kong

400 Orchard Road

#17-05 Orchard Towers

Singapore 238875

WEBSITE

www.want-want.com

QUICK RESPONSE CODE

法定代表

朱紀文先生 黎康儀女士

股份過戶登記處

總處

SMP Partners (Cayman) Limited Royal Bank House - 3rd Floor

24 Shedden Road, P.O. Box 1586 Grand Cayman, KY1-1110 Cayman Islands

香港分處

香港中央證券登記有限公司 香港

灣仔皇后大道東 183

合和中心17 1712-1716號舖

註冊辦事處

Maples Corporate Services Limited

P.O. Box 309, Ugland House

Grand Cayman, KY1-1104

Cayman Islands

主要營業地點及總部地址

香港

九龍尖沙咀彌敦道 132 號 美麗華廣場 A9918

400 Orchard Road

#17-05 Orchard Towers

Singapore 238875

網址

www.want-want.com

二維條碼

4 2019中期報告 INTERIM REPORT

財務摘要

Financial Highlights

Unaudited

未經審核

Six months ended

30 September

Change

截至 930日止六個月

變動

2019

2018

Key income statement items

主要收益表項目

RMB'000

RMB'000

%

人民幣千元

人民幣千元

Revenue

收益

9,304,071

9,248,125

+0.6

Gross profit

毛利

4,550,046

4,116,942

+10.5

Operating profit

營運利潤

2,053,767

1,772,352

+15.9

Profit attributable to equity holders

本公司權益持有人

  of the Company

應佔利潤

1,614,913

1,364,413

+18.4

% point

Key financial ratios

主要財務比率

%

%

個百分點

Gross profit margin

毛利率

48.9

44.5

+4.4

Operating profit margin

營運利潤率

22.1

19.2

+2.9

Margin of profit attributable to equity

本公司權益持有人

  holders of the Company

應佔利潤率

17.4

14.8

+2.6

Six months ended

Year ended

30 September

31 March

2019

2019

截至 2019

截至 2019

9 30

3 31

止六個月

止年度

(Restated)

(經重列)

Key operating ratios

主要營運比率

Inventory turnover days

存貨周轉天數

94

(1)

80

Trade receivables turnover days

貿易應收款周轉天數

19

(2)

19

Trade payables turnover days

貿易應付款周轉天數

43

(1)

37

  1. The calculation of inventory and trade payables turnover days is based on the average of the opening and closing balances divided by cost of sales and multiplied by 180 days.
  2. The calculation of trade receivables turnover days is based on the average of the opening and closing balances divided by revenue and multiplied by 180 days.
  1. 存 貨 及 貿 易 應 付 款 周 轉 天 數 的 計 算 按 期 初 及 期 末 結 餘 的 平 均 數 除 以 銷 貨 成 本 再 乘以 180 天。
  2. 貿 易 應 收 款 周 轉 天 數 的 計 算 按 期 初 及 期 末結餘的平均數除以收益再乘以 180 天。

2019中期報告 INTERIM REPORT 5

管理層討論及分析

Management Discussion and Analysis

SUMMARY

概覽

During the period from 1 April 2019 to 30 September 2019 (the

201941日至930日期間(「2019財年

"first half of 2019FY"), total revenue of the Group amounted

上半年」)集團總收益達 93.041 億人民幣,

to RMB9,304.1 million, representing an increase of 0.6%

2018 4 1 日至 9 30 日期間(「2018

as compared with that of the period from 1 April 2018 to 30

財年上半年」)增長 0.6%:其中佔集團總收

September 2018 (the "first half of 2018FY"). Core products (Hot-

益 比 近 85% 的 核 心 產 品( 旺 仔 牛 奶、 米 果

Kid Milk, core-brand rice crackers, candies and beans, jellies

主 品 牌、 糖 果、 豆 類、 果 凍 及 其 他 等 )成

and others) which, in aggregate, contributed around 85% of

長中個位數。得益於產品結構優化及大宗

the Group's total revenue posted a mid-single-digit revenue

原物料價格回落,集團 2019財年上半年毛

growth rate. Benefiting from the product mix optimization and the

利 率 較 去 年 同 期 上 升 4.4 個 百 分 點, 達 到

decrease in the cost of certain key raw materials, the Group's

48.9%。營業費用(分銷成本與行政費用合

gross profit margin for the first half of 2019FY increased by

計 )佔 收 益 比 率 28.5%, 較 去 年 同 期 上 升

4.4 percentage points year-on-year to 48.9%. The operating

4.0% 達到 26.556 億人民幣。營運利潤(剔

expense (the aggregate of distribution costs and administrative

除 其 他 收 入 及 其 他 收 益 - 淨 額 )較 去 年 同

expenses) as a percentage of revenue was 28.5% and increased

期上升 21.2% 達到 18.945 億人民幣。

by 4.0% year-on-year to RMB2,655.6 million. The operating profit

(excluding other income and other gains - net) increased by

21.2% to RMB1,894.5 million as compared with that of the same

period in the previous year.

As a result, the profit attributable to equity holders of the Company

綜上所述,2019 財年上半年本公司權益持

in the first half of 2019FY increased by 18.4% as compared

有人應佔利潤額較去年同期上升 18.4%

with that of the same period in the previous year and reached

16.149 億人民幣,本公司權益持有人應

RMB1,614.9 million. The margin of profit attributable to equity

佔利潤率上升 2.6 個百分點達到 17.4%

holders of the Company increased by 2.6 percentage points to

17.4%.

Summary of operating strategies

經營策略簡述

In recent years, the Group initiated a diversified digital marketing

近年來集團透過多元的數位行銷模式,增

approach which strengthened its brand image and enabled it to

強品牌形象,使之能與時俱進且與消費者

keep up with the trend and interact with consumers. As this year

產 生 情 感 互 動。 今 年 適 逢 中 國 國 慶 70

marks the 70th anniversary of the China's National Day as well

年,亦是「旺仔」IP 形象誕生 40 周年之際,

as the 40th anniversary of the establishment of the image of "Hot-

集 團 透 過 以 56 個 民 族 旺 仔 I P 形 象 為 主 題

Kid" IP, the Group launched promotion events with the Hot-Kid IP

的推廣活動,帶動線上線下一致好評與共

images of 56 ethnic groups as the theme and received positive

鳴;同時集團積極拓展新興渠道布點及海

responses and praises from consumers online and offline. At the

外 市場, 以覆蓋 更多 的消費 群體; 貼合消

same time, the Group actively extended the point-of-sale coverage

費 者的 個性化 需求, 定義品 牌訴 求,透過

of its emerging channels and expanded the overseas markets to

產品的升級和推陳出新,覆蓋相對空白的

cover more consumer groups. The Group, by taking into account

細分領域。特色新產品現已逐步成為集團

the consumers' personalized demands, defined the requirements

收益增長點。

of its brands, upgraded its products and introduced new products

which enabled the Group to enhance its presence in the relatively

untracked market segments. Those new products with special

features have gradually become a revenue growth driver of the

Group.

6 2019中期報告 INTERIM REPORT

管理層討論及分析

Management Discussion and Analysis

SUMMARY (continued)

Channel diversification

In the first half of 2019FY, the Group's core products (which, in aggregate, contributed around 85% of the Group's total revenue) achieved a mid-to-highsingle-digit revenue growth rate in terms of sales through the wholesale channels. Through brand marketing, the Group maintained the activeness of "Want Want" in the consumers' horizon. Through further channel penetration and collective efforts in both online and offline channels, our sales network coverage was strengthened. By maintaining the order in market price, channel profitability was safeguarded and distributors' confidence was enhanced. Strengthened support services at retail stores and the launch of a code scanning lucky draw event (with the code printed inside the box) with high winning rate helped to boost retail sales momentum. Inventory management was improved to ensure the freshness of our products on shelves and enhance our product competitiveness.

In the first half of 2019FY, the Group achieved a mid-to-highsingle-digit revenue growth rate in overseas markets. This was attributable mainly to its strong brand recognition and large variety of product offering. In the future, the Group will further optimize its overseas market footprint and focus on local channel development so as to promote Want Want's brand, and export its delicious products to every corner of the world.

Brand building and upgrade of products

The Group focuses on brand building and positions its brands according to consumers' age and their differentiated needs so as to serve the precise target customer groups. "Baby Mum-Mum"is a maternal and child brand specifically designed for babies and toddlers, which has earned the trust of young mothers for its quality assurance of product safety and healthiness and of ingredients that are suitable for the growth of babies and toddlers. Brands such as "Fix Body", "Queen Alice", "Mr. Bond" and "Shi Ji Yan" (食技研) are brands with distinctive characteristics for capturing the preferences of youngsters (i.e. in pursuit of innovation and changes, keen on keeping fit and keeping up with fashion trends). Meanwhile, the Group also attends to the demands of middle-agedand elderly people for nutrients in food and provides products tailored for them under the brand, namely "Prime of Love" ( 愛至尊 ).

Further, the Group also places great importance on innovation and bringing in new products as well as product optimization and upgrade. New products launched in recent years have become an important source of revenue for the Group. These products include the brown-sugar coated crackers and "Tian She Mi Shao" ( 田舍 米燒 ) which are not only healthy and nutritious but also tasty and has a unique texture, the "Dongchi" (凍癡) series which bring new experience to the consumers with its innovative packaging and consumption method, and the sugar-coated crackers and senbei ( 仙貝 ) in new packing which fulfills the demands in the market for bulk-size products. Product upgrades also help promote balanced development of the Group's product portfolios.

概覽(續)

渠道多元化經營

2019 財 年 上 半 年 集 團 的 核 心 產 品( 收 益 佔 比 近 85% 以 上 的 產 品 小 類 )在 批 發 渠 道 實 現了 中、高個 位數 收益成 長。集 團透過 品 牌行銷,保持「旺旺」在消費者視野中的活 躍度; 透由渠 道下 沉,及線 下線 上的組 合 拳,增 加銷售 網點 的覆蓋; 維護 市場價 格 秩序, 確保渠 道利 潤,提升 了經 銷商的 積 極性; 強化終 端服 務,推出 高中 獎率的 開 箱掃 碼抽獎 活動, 拉動終 端銷 售;強化 存 貨管理,新鮮的貨齡令產品在終端更具競 爭優勢。

2019 財 年 上 半 年, 集 團 在 海 外 市 場 取 得 了中高個位數的收益成長。這主要得益於 強大的品牌力及豐富的產品種類。未來將 進一 步完善 海外 佈局,精 耕當 地渠道, 將 旺旺的品牌及美味的產品送到世界各個角 落。

品牌塑造與產品升級

集團著力於品牌建設,依據消費者的年齡 和 差 異 化 需 求 定 位 品 牌, 使 之 能 精 準 服 務 目 標 人 群: 專 為 嬰 幼 兒 設 計 的 母 嬰 品 牌「 貝 比 瑪 瑪 」, 安 全、 健 康 的 品 質 保 證 及 更 適 合 嬰 幼 兒 成 長 的 配 方 元 素, 為 年 輕媽媽所信賴;而「Fix Body」、「Queen Alice」、「邦德」、「食技研」等特點鮮明的 品牌, 抓住了 年輕 族群獵 奇求 變、喜愛 健 身、追 求時尚 等特 性;同時 集團 也關注 到 了 中 老 年 人 群 的 膳 食 營 養 需 求, 透 由「 愛 至 尊 」品 牌, 帶 給 中 老 年 族 群 專 屬 的 健 康 食品。

此外,集團亦注重產品的推陳出新和優化 升級, 近年來 新上 市的產 品,開 始成為 集 團 重 要 的 收 益 來 源: 黑 糖 雪 餅、「 田 舍 米 燒 」兼 顧 了 健 康 營 養 與 口 感 美 味;「 凍 癡 」 系列創新性的包裝設計、食用方法帶給消 費者 全新體 驗;新 規格包 裝雪 餅及仙 貝, 填補了大規格市場的需求。產品的升級也 令集團品類的發展更為均衡。

2019中期報告 INTERIM REPORT 7

管理層討論及分析

Management Discussion and Analysis

SUMMARY (continued)

Digital marketing

The Group has successfully enhanced interaction and built closer relationship with young consumers by launching innovative and interesting digital marketing events. IP cooperation and marketing helped to build a more fresh and lively brand image of Want Want. Through engaging in social media activities and with the help of the product recommendations shared by KOL (Key Opinion Leaders), a Want Want fans ecosystem was created, which was beneficial to the expansion of customer base and channel construction in the medium to long term.

Classical marketing activities that the Group launched in recent years, such as "Getting Big" ( 搞大了 ) program, "Want Want- tyakasha" ( 旺旺 - tyakasha) cross-sector marketing activity, etc. have helped to shape a young and energetic brand image of Want Want. The 40th Anniversary Hot-Kid IP Theme Exhibition ( 旺仔 IP40 周年主題展 ) enhanced the communications with consumers of different age groups. The event of scanning QR Code on the package enabled our countless consumers to be further acquainted with Want Want. The innovatively rewritten Want Want Rock 'n' Roll cup jelly (搖滾凍) theme song together with the video of "I WANT Dong Li Lab" (I WANT 凍力實驗室 ) uploaded online have achieved a total of over 9 million views and a total activity exposure exceeding 50 million. Through the establishment and consolidation of a membership system, the Group can understand more about its consumer groups, narrow the distance with Want Want fans and provide fans with interesting and diverse shopping experience.

REVENUE

In the first half of 2019FY, total revenue of the Group amounted to RMB9,304.1 million, representing an increase of 0.6% as compared with that of the first half of 2018FY. The Group maintained its balanced product development strategy. Revenue from dairy products and beverages segment accounted for 53% of the Group's total revenue while that from rice crackers and snack foods segments together accounted for 47% of the Group's total revenue.

概覽(續)

數位化行銷

集團通過創新有趣的數位化行銷活動,拉 近與年輕一代消費者的距離; I P 合作及行 銷, 令品 牌形象 更為 鮮活生 動;透 由社交 媒 體 運 營, 聯 合 K O L( 關 鍵 意 見 領 袖 )宣 傳, 打造 旺粉生 態系 統,為拓 展客 群及渠 道中長期建設起到積極助推效益。

近 年 頗 為 經 典 的 行 銷 活 動:「 搞 大 了 」系 列、「旺旺 - tyakasha」跨界行銷等,塑造 了年輕活力的品牌形象; 旺仔 IP40 周年主 題 展,與 不同年 齡層 消費者 溝通; 掃描產 品包裝二維碼的活動,令千萬消費者進一 步熟知旺旺;創意改編旺旺搖滾凍主題曲 結合線上投放「I WANT 凍力實驗室」的視 頻,播放總量超 9 百萬,活動總曝光量超 5 千 萬。透由 會員 體系的 建立 和整合, 可以 更瞭解我們的消費群體,拉近與旺粉的距 離,為他們提供更為有趣多樣化的購物體 驗。

收益

2019 財 年 上 半 年 集 團 總 收 益 達 93.041 億 人 民 幣, 較 2018 財 年 上 半 年 增 長 0.6%。 集團仍保持品類均衡發展策略,乳品及飲 料 類 佔 53%, 米 果 類 及 休 閒 食 品 類 共 佔 47%

8 2019中期報告 INTERIM REPORT

管理層討論及分析

Management Discussion and Analysis

REVENUE (continued)

Rice crackers

In the first half of 2019FY, revenue from rice crackers segment decreased by 2.1% year-on-year to RMB1,820.6 million. This was due mainly to the Group's strategic decision to reduce the production volume of the low-marginsub-brandrice-crackers for profitability consideration. Revenue from core-brand rice crackers recorded a year-on-year increase of 3.4%, of which revenue from wholesale channels and revenue from overseas markets both achieved a mid-to-highsingle-digit growth rate and emerging channels such as vending machines, Want Want official online mall, OEM, etc. experienced a rapid growth.

Brand building and IP collaboration created an energetic and youthful image of "Want Want" among consumers. During the period, the hot topics included double colored wet paddy field showing the phrase "Want Want Rice Crackers Got Rice" grown on the black soil of Jiamusi, demonstrated the Group's quality control process that traced the origin of rice crackers' ingredients, the optimization and upgrade of products that fulfilled the demands of consumers for healthy and delicious products, the "brown-rice rice crackers" and "seaweed rice crackers" which have gradually become a new driving force for the revenue growth of rice crackers segment.

Alongside with the expansion of channels, sales through wholesale channels continued to maintain a healthy growing trend and rice cracker products also received great acceptance in emerging channels, such as theme stores, vending machines, Want Want official online mall, maternal and child channels, all recorded good repeated purchase rate, which drove the rapid growth in emerging channels for core-brand rice crackers. Meanwhile, sales of maternal and child products under the "Baby Mum-Mum" brand for export have been performed well for over 10 years and have become a major product in babies and toddlers food shelves in Europe and United States, enabling exported rice cracker products to maintain a mid-single-digit revenue growth rate. In the first half of 2019FY, the low sugar and trans-fatty acid free rice crackers, that are rich in dietary fibers and designed for elderlies, provided another choice of healthy snacks for them. Thus, the Group has developed a product range suitable for consumers from 6-month-old infants and youngsters to elderlies. By leveraging on our 36 years of solid experience in factory production management and innovative research and development capability in rice crackers, the orders for OEM have been increasing.

In the second half of 2019FY, with the arrival of the Chinese New Year, the peak sales season for rice cracker products, specialized festival gifts packs will be introduced to the market according to the consumers' needs and characteristics in different channels, and the festival version of ethnic group limited edition of rice cracker products will bring joyful shopping experience to consumers.

收益(續)

米果類

米 果 大 類 2019 財 年 上 半 年, 因 利 潤 率 考 慮政策調整低毛利率副品牌產量,故收益 18.206 億 人 民 幣 同 比 衰 退 2.1%, 但 米 果 主 品 牌 同 比 成 長 3.4%, 其 中 批 發 渠 道 及 海外市場實現中高個位數成長,自動售貨 機、旺旺官方網路商城、OEM 等新興渠道 高速成長。

品 牌 的 塑 造 及 I P 合 作, 令 旺 旺 在 消 費 者 心中 的形象 更為 鮮活年 輕。熱 點話題: 佳 木斯黑土地上出現「旺旺米果 G o t R i c e」 字樣的雙色水稻,向公眾展示了集團對米 果原料追本溯源的品質把控;產品的優化 升級, 兼顧了 消費 者健康、 美味 的雙重 需 求,「黑米雪餅」、「厚燒海苔」已逐步成為 米果收益成長的新動力。

伴隨渠道的拓展,除批發渠道繼續保持良 性的成長態勢外,米果類產品在新興渠道 也展 現出極 大的 被接受 度:主 題門店、 自 動售 貨機、旺 旺官 方網路 商城、 母嬰等 渠 道,均 有良好 的複 購率,從 而帶 動米果 主 品牌在新興渠道高速成長。同時外銷類母 嬰 產 品「 貝 比 瑪 瑪 」, 暢 銷 海 外 十 多 年, 成為歐美地區嬰幼兒食品貨架上的重要品 類, 令 外 銷 米 果 類 保 持 著 中 個 位 數 的 成 長;2019 財年上半年針對長青族研發的富 含膳 食纖維、 低糖、 不含反 式脂 肪酸的 米 果,讓 長青族 健康 食品多 了一 種選擇, 同 時 也 建 立 了 可 以 從 6 個 月 的 嬰 幼 兒 到 青 年 族到長青族都有適合的產品。憑藉米果 36 年堅實的工廠生產管理經驗及創新研發能 力,OEM 代工需求日益攀升。

2019 財年下半年,米果類將迎來春節銷售 旺季,禮包小類根據不同渠道消費者的需 求特 點,推出 節日 定制化 禮包, 而節慶 版 民族限定米果類產品也將給消費者帶來購 物的歡樂體驗。

2019中期報告 INTERIM REPORT 9

管理層討論及分析

Management Discussion and Analysis

REVENUE (continued)

Dairy products and beverages

In the first half of 2019FY, the revenue from dairy products and beverages segment amounted to RMB4,949.9 million, representing a year-on-year growth of 5.5%. The key product, "Hot-Kid Milk", which accounted for over 90% of the revenue from dairy products and beverages segment, recorded a year-on-year growth of 6.6% during this period. All channels achieved a growth, showing the realization of balanced development of both channels.

In recent years, various successful digital marketing campaigns have created a lively and youthful brand image of Want Want and promoted the emotional interaction with consumers. The commercials "Li Zi Ming has grown up" ( 李子明長大了 ) reminded consumers of their childhood memories towards Hot-Kid Milk. The co-branded clothing designed based on Hot-Kid Milk cans, which infused the brand with trendy elements, has resulted in an influx of over 700,000 fans to our official flagship store on Tmall platform and the clothing were all sold out within 7 seconds. The packaging design with the images of 56 ethnic groups for Hot-Kid Milk echoed the feelings for ethnicities of consumers and has become hot topic for online search that was searched for over 210 million times.

Benefiting from the operation at retail stores and refined management of channel inventories, together with the lively and diversified online digital marketing activities which boosted the sales at offline physical stores and increased distributors' confidence in Want Want's products, revenue of dairy and beverage products derived from the wholesale channels achieved a mid-single digit growth rate. Retail stores were also benefited, which realized the Company's operating philosophy of "Prosperity for you, for me and for all".

In addition, the Group focused on the expansion of dairy product portfolio. In the first half of 2019FY, the sugar-free"Hot-Kid Pure Milk" ( 旺仔純牛奶 ) which is made from 100% raw milk and rich in calcium and milk protein and the "Nuts Milk" ( 堅果牛奶 ) were ranked top among our products sold in e-commerce channels when they were just put on the market, which not only diversified the Hot-Kid IP images, but also further expanded and upgraded the Hot-Kid product series.

收益(續)

乳品及飲料類

2019 財 年 上 半 年 乳 品 及 飲 料 類 收 益 達

49.499 億 人 民 幣, 與 去 年 同 期 比 成 長 5.5%。主系佔乳品及飲料類收益90%以上 的「旺仔牛奶」在該期間的收益同比成長達 到 6.6%。同時所有渠道均實現成長,達到 了渠道的均衡發展。

近 年來, 多個 成功的 數位 行銷案 例,令 旺 旺的品牌形象更為鮮活而富有年輕態,增 進 了 與 消 費 者 的 情 感 交 流。《 李 子 明 長 大 了 》的 廣 告 片, 喚 起 一 代 消 費 者 童 年 對 旺 仔牛奶的記憶;以旺仔牛奶罐為設計項目 的 聯名 款服裝,將品 牌融 入了潮 流元 素, 引發 70 多萬粉絲湧入天貓官方旗艦店,在

7 秒 內 全 部 售 罄;56 個 民 族 形 象 的 旺 仔 牛 奶包裝設計呼應消費者的民族情懷,網路 話題搜索高達 2.1 億次。

得益於終端作業及渠道存貨管理精細化管 理,批發渠道中個位數成長配合生動活潑 多樣化的線上數位化營銷活動,也大大拉 動了線下實體門店的銷售,也提升了經銷 商經營旺旺產品信心,終端門店也因銷售 提 升 而 受 惠, 實 現 了「 你 旺, 我 旺, 大 家 旺」的公司經營理念。

此 外, 集 團 亦 注 重 乳 品 類 產 品 品 類 的 延 展,2019 財 年 上 半 年,100% 生 牛 乳、 高 鈣、 富 含 優 質 乳 蛋 白、 無 糖 的「 旺 仔 純 牛 奶」及「堅果牛奶」,甫上市即沖入電商產 品銷售排名的前列;不僅使旺仔 I P 更加多 元化,也使旺仔系列產品進一步延伸及升 級。

10 2019中期報告 INTERIM REPORT

管理層討論及分析

Management Discussion and Analysis

REVENUE (continued)

Snack foods

In the first half of 2019FY, revenue of snack foods reached RMB2,508.6 million, representing a decrease of 6.2% as compared with that of the same period in the previous year. This was due mainly to the weak sales of popsicles resulting from the weather conditions which were unfavourable to the popsicles business. The sales of candies recorded a revenue growth rate of 7.5% year-on-year. Revenue growth at a rate of 1.2% was seen in beans, jellies and other category of snack foods segment. The optimization and upgrade of products enriched the product offerings of snack foods in emerging channels. The focus of wholesale channels was on developing the third and fourth tier cities, unleashing the consumption potentials in those areas and expanding our consumer base.

The revenue of candies recorded a high single-digit growth rate while jellies, beans and other category also recorded revenue growth. In particular, core products such as Hot-Kid QQ gummy and jellies both achieved double-digit growth. In recent years, the Group focused on product upgrade and brand building, and providing each type of products with unique attributes catering to the new demands of the consumer market. "Queen Alice", a new product with unique taste and chewy texture, is of great appeal to young ladies. "Soft Pudding" ( 嫩布丁 ), a perfect blend of juice and New Zealand milk with smooth and silky texture and exquisite packaging gives consumers the experience of tasting high-end desserts experience anytime and anyplace. "Western Mushroom Mochi Rice Noodles" ( 西式蘑菇麻糬 Q 米撈麵 ) and "Spicy Red Swamp Crawfish Aiyo Rice Noodles" ( 麻辣小龍蝦哎

Q 米麵 ) from the "Aiyo" ( 哎呦 ) series of non-fried rice noodles, having a distinctive texture and novel eating method, together with fashionable taste, won the 2018-2019 "Best Innovation Award" and "Excellent Innovation Product Award" in the Chinese convenience food industry.

Due to the weather condition such as a "cool summer" and excessive rain, the sales performance of popsicles in the first half of 2019FY was adversely affected. However, the Group focused on investing its resources in high-margin new products and expanding sales channels and has achieved initial results. Products such as "Milky Sip & Slurp" ( 含乳吸吸冰 ), "Want Want Pocket Jelly" ( 旺旺吸的凍 ) and "Dongchi" ( 凍癡 ) were well received by consumers. In the second half of 2019FY, the Group will further optimize and upgrade the products, launch new hit products, comprehensively launch family-sized products with new packagings in accordance with demands of consumers and invest more resources in the cold beverages channel.

收益(續)

休閒食品類

2019 財 年 上 半 年 休 閒 食 品 類 實 現 收

25.086 億 人 民 幣, 較 去 年 同 期 衰 退 6.2%。 主 要 系 受 不 利 冰 品 作 業 之 天 氣 影 響,冰 品銷售 疲軟 所致。糖 果小 類與去 年 同期比成長 7.5%,果凍、豆類及其他小類 與 去 年 同 期 比 成 長 1.2%。 產 品 的 優 化 升 級,加速了休閒產品在新興渠道的推廣與 覆蓋, 批發渠 道注 重開發 三、四 線城市 的 消費潛力,拓展消費人群。

糖果 小類收 益實 現高個 位數 成長,果 凍、 豆類及其他小類亦成長,其中主力產品旺

Q Q 糖 及 果 凍 類 均 實 現 雙 位 數 成 長, 近 年來集團注重產品的升級及品牌塑造,並 賦予每一類產品獨特的屬性,迎合消費市 場的新需求:口味及咬感都獨樹一幟的新 品「Queen Alice」,深受年輕女性的喜愛; 將 果 汁 與 紐 西 蘭 牛 奶 完 美 融 合 的「 嫩 布 丁 」, 嬌 嫩 爽 滑 的 口 感 以 及 精 美 包 裝, 帶 給 消 費 者 隨 時 隨 地 的 高 端 甜 品 體 驗;「 哎 呦」系列非油炸米麵「西式蘑菇麻糬 Q 米撈 面」和「麻辣小龍蝦哎呦 Q 米麵」以獨特的 口感、 新穎的 食用 方法,結 合頗 具時尚 的 口味, 分別斬 獲 2018-2019 年度 中國 方便 食品行業「最佳創新獎」和「優秀創新產品 獎」。

因為「涼夏」及雨水偏多等天氣因素,影響 了冰品小類在 2019新財年上半年的收益表 現。但集團今年著力於資源投放在高獲利 能 力 新 品, 拓 展 售 賣 渠 道, 已 初 見 成 效:

「含乳吸吸冰」、「旺旺吸的凍」、「凍癡」等 產品均深受消費者喜愛。2019 財年下半年 將對產品進一步優化升級,推出有話題的 新品, 並結合 消費 者的需 求,全 面推出 家 庭裝新規格產品,同時加大對冷飲渠道的 資源投入。

2019中期報告 INTERIM REPORT 11

管理層討論及分析

Management Discussion and Analysis

COST OF SALES

銷貨成本

The cost of sales of the Group for the first half of 2019FY

2019財年上半年集團銷貨成本為47.540

amounted to RMB4,754.0 million, representing a decrease of 7.4%

人民幣,較去年同期下降 7.4%,主系:部

as compared with that of the corresponding period in the previous

分 主 要 原 物 料 如 紙 箱、 白 糖、 大 米、 棕 櫚

year. It was attributable mainly to the decrease in cost of certain

油等使用價格較同期有所回落。伴隨年節

key raw materials used by the Group such as carton boxes, sugar,

作業旺季的來臨,集團將提升供應鏈作業

rice and palm oil as compared with that of the same period of

效 率,優 化生 產線佈 局,為 年節作 業提 供

the previous year. As the peak season sales accompanying the

堅實保證。

Chinese New Year is around the corner, the Group will improve

the efficiency of its supply chain and optimize the planning of

production lines so as to provide solid support for the business in

the coming Chinese New Year.

GROSS PROFIT

毛利

Benefiting from the optimization of product structure and decrease

受 益 於 產 品 結 構 的 優 化 及 大 宗 原 物 料 使

in the cost of certain key raw materials, the gross profit margin of

用 價 格 的 回 落,2019 財 年 上 半 年 集 團 毛

the Group for the first half of 2019FY increased by 4.4 percentage

利 率 較 去 年 同 期 上 升 4.4 個 百 分 點, 達 到

points as compared with that of the same period in last year to

48.9%。毛利額達到 45.500 億人民幣,較

48.9%. Gross profit amounted to RMB4,550.0 million, representing

去 年 同 期 上 升 10.5%。 集 團 將 持 續 優 化 產

an increase of 10.5% as compared with that of the same period in

品結構,並推出獲利能力更為突出的新品

last year. The Group will continue to optimize its product structure,

及品牌,同時亦會持續優化產線佈局及自

introduce new products and brands with better profitability and will

動化進程,以確保產品的獲利能力。

continue optimize its production lines and promote automation to

ensure the profitability of its products.

Rice crackers

米果類

The gross profit margin of rice crackers was 43.1% for the first half

2019 財年上半年米果類毛利率 43.1%,較

of 2019FY, representing an increase of 4.1 percentage points as

同 期 上 升 4.1 個 百 分 點。 因 產 品 結 構 的 優

compared with that of the corresponding period in last year. The

化, 高毛 利率的 米果 主品牌 佔比 上升,帶

improvement in product mix, with an increased proportion of the

來獲利能力的穩步提升。2019 財年下半年

high-margincore-brand rice crackers, has brought about a steady

米果大類將透由推出更多高毛利率的禮包

increase in profitability. In the second half of 2019FY, more new

新品,並持續優化產品結構以穩定獲利能

gift pack products with high gross profit margin will be introduced

力。

and the Group will continue to optimize the product structure to

maintain the profitability of rice cracker segment.

Dairy products and beverages

乳品及飲料類

The gross profit margin of dairy products and beverages segment

2019 財 年 上 半 年 乳 品 及 飲 料 類 毛 利 率

was 51.0% for the first half of 2019FY, representing an increase of

51.0%,較去年同期上升 4.1個百分點。主

4.1 percentage points as compared with that of the corresponding

要得益於部分原材料成本下降及產品組合

period in last year. The increase was benefited mainly from the

的 優化, 提升了 產品 整體獲 利水 準。集團

decrease in the cost of some raw materials and optimization of

後續將持續拓展產品品類,推出滿足各類

product mix, which have improved the overall profitability. The

消費人群的新產品,繼續保持該品類健康

Group will continue to expand its product categories and launch

良好的獲利能力。

new products to meet the demand of various consumer groups in

order to maintain the healthy profitability.

12 2019中期報告 INTERIM REPORT

管理層討論及分析

Management Discussion and Analysis

GROSS PROFIT (continued)

Snack foods

The gross profit margin of snack foods segment was 48.7% for the first half of 2019FY, representing an increase of 4.6 percentage points as compared with that of the same period in the previous year. Such increase was attributable mainly to the optimization of product structure and the launch of new products with high gross profit margin. Furthermore, the decrease in the price of key raw material, white sugar, had a positive impact on the gross profit margin of the segment. The Group will continue to deepen its multi- brand strategy and launch new products extending its current price range in a timely manner, while continuing to consolidate the profitability of the segment.

OUTLOOK FOR THE SECOND HALF OF 2019FY

Diversified marketing

Leveraging on the online traffic and great exposure of the e-commerce platform on "Double 11 (Singles' Day)" in the second half of 2019FY, the Group promoted its new specialty products in the form of offline immersive experience and new product launch presentation. As the traditional Spring Festival is approaching, the Group will promote its brands with diversified marketing strategies and put on the market festive candies and snack foods that fit the festive atmosphere and new gift packs that fit the gift-giving culture of the Spring Festival. The Group will also increase the number of special displays at the point-of-sale and organize theme activities and fun games to get closer to the consumers and to build the jubilant atmosphere of the Spring Festival.

Brands and products differentiation

Multi-branding is an inevitable development of market segmentation to satisfy the demands of different consumer groups. In the second half of 2019FY, the Group will further expand the types of products under the "Fix Body" brand, a brand that combines nutritional health and diet management and newly launched in the first half of 2019FY. The brand currently has four series including Tasties, Snacks, Meals and Drinks with a total of 23 types of products. Another brand that is specially tailored to the elderly, namely "Prime of Love" ( 愛至尊 ) will also be launched. It is designed to provide nutritional supplements and snacks for the elderly to meet the health and dietary needs of the elderly and to enrich their dietary pattern. In addition, within the existing brands and product categories, product optimization and upgrade will be continued by launching milk products with health elements, and drinks and snacks that are unique in terms of their functions and taste.

毛利(續)

休閒食品類

2019 財 年 上 半 年 休 閒 食 品 類 毛 利 率 48.7%,較去年同期上升 4.6個百分點,主 要得益於產品結構的優化,及高毛利率新 品的 推出,此 外,主 要原料 白砂 糖的價 格 回落, 對該類 別毛 利率亦 有正 向影響。 集 團將不斷深化多品牌策略,適時推出新品 延展現有的價格帶,持續鞏固該品類的獲 利能力。

2019 財年下半年展望

多元化行銷

2019 財年下半年集團將利用「雙十一」電商 平台的流量及高曝光度,結合線下沉浸式 體 驗 + 新 品 發 佈 會 形 式, 推 廣 集 團 特 色 新 品;在 中國傳 統農 曆春節 來臨 之際,集 團 以多元化的行銷方式宣傳品牌,並將推出 符合春節氛圍的糖果、休閒小食以及符合 春節送禮文化的禮包新品;同時增加終端 特陳, 舉辦主 題活 動,通過 趣味 遊戲等 方 式拉近與消費群體距離,營造紅火的節日 氛圍。

品牌及產品差異化

多品牌是市場細分必然的發展,為滿足不 同 消 費 群 的 需 求,2019 財 年 下 半 年, 就 上半財年新推出的營養健康與瘦身飲食管 理相結合的「F i x B o d y」品牌,集團將進 一 步 擴 展 產 品 種 類, 分 為 饞 嘴、 點 心、 早 中晚及飲品四個系列,共 23 種產品;同時 將推出專為長青族群定制的一款系列產品 以「 愛 至 尊 」為 品 牌, 針 對 老 年 人 的 健 康 及膳食需要,設計系列的營養品及休閒小 食 等, 豐 富 老 年 人 的 飲 食 結 構。 此 外, 在 既有的品牌和產品小類中,將持續產品的 優化升級,推出具健康概念的系列牛奶產 品, 及 在 功 效、 口 味 上 別 具 一 格 的 飲 料、 休閒小食。

2019中期報告 INTERIM REPORT 13

管理層討論及分析

Management Discussion and Analysis

OUTLOOK FOR THE SECOND HALF OF 2019FY (continued)

Channel diversification

As the traditional Chinese New Year peak season is coming, we will optimize the operation of wholesale channels and increase the input of resources into the end points-of-sales and for festive special displays and enhance the interaction with consumers through promotional materials and engaging in-store promoters. As for the modern channels, customized products will be developed in the second half of 2019FY through product optimization. In addition, online discussions and sales were generated by the tailored products and "Hot-Kid ball cake" furniture that captured the hearts of all Hot-Kid fans in the "Double 11" Shopping Festival that had just been held for the e-commerce channels. The planning, establishment and further development of emerging channels will also be an important strategy for the Group's channel development.

DISTRIBUTION COSTS

The distribution costs for the first half of 2019FY amounted to RMB1,369.9 million, representing a decrease of RMB69.2 million or 4.8% as compared with that of the first half of 2018FY. Distribution costs as a percentage of revenue decreased by 0.9 percentage point to 14.7% as compared with that of the same period in the previous year. It was due mainly to a decrease in advertising and promotion expenses as a percentage of revenue by 0.4 percentage point to 3.3%, as compared with 3.7% for the same period in 2018, as a result of the Group's effective control over its promotion resources. In the first half of 2019FY, labour costs as a percentage of revenue decreased by 0.5 percentage point to 5.9% as compared with that of the same period in 2018, due mainly to the decrease in the number of sales representatives as a result of the rationalization of the structure of the Group's sales organization. Transportation expenses as a percentage of revenue was 3.9% in the first half of 2019FY, basically remained at similar level as compared with that of the same period in the previous year.

ADMINISTRATIVE EXPENSES

The Group's administrative expenses for the first half of 2019FY amounted to RMB1,285.7 million, representing an increase of RMB170.6 million or 15.3% as compared with that for the first half of 2018FY. Administrative expenses as a percentage of revenue was 13.8%, representing an increase of 1.7 percentage points from that of the same period in 2018, which was mainly attributable to the increase in research and development expenses and the increase in labour costs due to the adjustment of employee's salaries.

2019 財年下半年展望(續)

渠道多元化

春 節旺 季來臨, 批發 渠道優 化作 業節奏, 加 大終 端的資 源投 入,及年 節形 象特陳, 借 由 文 宣 品 及 導 購 增 加 與 消 費 者 的 互 動; 現 代 渠 道 2019 財 年 下 半 年 將 透 由 產 品 升 級, 開 發 客 製 化 單 品; 另 外, 電 商 渠 道 甫 於剛剛落幕的「雙十一」購物節,透過定制 化產品及令旺粉驚喜的「旺仔小饅頭」家俱 再次成功引爆網上熱點及銷售。新興渠道 的布建和深化,也將會是集團渠道發展的 重要策略。

分銷成本

2019 財 年 上 半 年 分 銷 成 本 較 2018 財 年 上 半 年下 降 0.692 億人民 幣,達 13.699 億 人 民幣,下降幅度 4.8%,分銷成本佔收益比 率 為 14.7%, 較 去 年 同 期 下 降 0.9 個 百 分 點。主系:廣促費用佔收益比率為 3.3%

2018年同期 3.7%下降 0.4個百分點,系 集團對促銷資源的有效管控。2019 財年上 半 年 用 人 費 用 佔 收 益 比 5.9%, 較 2018 年 同 期 比 下 降 0.5 個 百 分 點, 主 系 集 團 銷 售 組織整頓致業務人員人數下降。另 2019財 年上半年運輸費用佔收益比率為 3.9%,與 去年同期比基本持平。

行政費用

2019 財 年 上 半 年 行 政 費 用 較 2018 財 年 上 半 年上 升 1.706 億人民 幣,達 12.857 億 人 民 幣, 上 升 幅 度 15.3%, 行 政 費 用 佔 收 益 比 率 為 13.8%, 較 2018 年 同 期 上 升 1.7 個 百分點。主系研發費用增加及員工薪資調 整帶來的用人費用增加。

14 2019中期報告 INTERIM REPORT

管理層討論及分析

Management Discussion and Analysis

OPERATING PROFIT

營運利潤

Owing to the increase of 4.4 percentage points in gross profit

2019 財年上半年毛利率上升 4.4 個點的

margin for the first half of 2019FY, the Group's operating profit

影 響, 本 集 團 2019 財 年 上 半 年 營 運 利 潤

for the first half of 2019FY amounted to RMB2,053.8 million,

20.538億人民幣,較2018財年上半年增加

representing an increase of RMB281.4 million or 15.9% as

2.814 億 人 民 幣, 上 升 15.9%2019 財 年

compared with that for the first half of 2018FY. The operating profit

上半年營運利潤率達到 22.1%

margin for the first half of 2019FY reached 22.1%.

INCOME TAX EXPENSE

所得稅費用

The Group's income tax expense for the first half of 2019FY

本集團 2019 財年上半年所得稅費用 5.845

was RMB584.5 million, and the income tax rate was 26.7%,

億 人 民 幣, 所 得 稅 率 26.7%, 所 得 稅 率 較

representing a decrease of 1.2 percentage points as compared

2018 財年上半年下降 1.2 個點。

with that for the first half of 2018FY.

PROFIT ATTRIBUTABLE TO EQUITY HOLDERS

本公司權益持有人應佔利潤

OF THE COMPANY

Profit attributable to the equity holders of the Company for the first

2019 財年上半年,本公司權益持有人應佔

half of 2019FY amounted to RMB1,614.9 million, representing

利 潤 16.149 億 人 民 幣, 較 2018 財 年 上 半

an increase of 18.4% as compared with that for the first half of

年 上 升 18.4%, 權 益 持 有 人 應 佔 利 潤 率 為

2018FY. The margin of profit attributable to equity holders was

17.4%

17.4%.

LIQUIDITY AND CAPITAL RESOURCES

流動性與資本財力

Cash and Borrowings

現金與借款

We finance our operations and capital expenditure primarily

本集團營運所需資金及資本開支主要來源

by internally generated cash flows as well as banking facilities

於內部營運產生的現金流量,及主要往來

provided by our principal bankers. As at 30 September 2019, our

銀 行 提 供 的 信 貸 額 度。 於 2019930

bank and deposits balances amounted to RMB16,636.2 million

日, 本 集 團 銀 行 存 款 餘 額 為 166.362 億 人

(31 March 2019 (Restated): RMB17,160.4 million), in which

民 幣(2019 3 31 日:171.604 億 人 民

Renminbi accounted for approximately 95%, being approximately

幣(經重列))(其中人民幣約佔 95%,約為

RMB15,805.3 million, representing a decrease of RMB524.2

158.053 億 ), 較 2019 3 31 日 下 降 了

million as compared with that as at 31 March 2019, which was

5.242 億人民幣,主要為支應股利支出。

mainly caused by the making of dividend payments.

2019中期報告 INTERIM REPORT 15

管理層討論及分析

Management Discussion and Analysis

LIQUIDITY AND CAPITAL RESOURCES (continued)

流動性與資本財力(續)

Cash and Borrowings (continued)

現金與借款(續)

As at 30 September 2019, our total borrowings amounted to

本 集 團 於 2019930 日 的 總 借 款 為

RMB10,335.6 million (31 March 2019 (Restated): RMB9,517.4

103.356億人民幣(2019331日:95.174

million), representing an increase of RMB818.2 million as

人民幣(經重列)),較 2019331 日增

compared with that as at 31 March 2019. Short-term borrowings

加 了 8.182 億 人 民 幣。 短 期 借 款 為 16.379

amounted to RMB1,637.9 million (31 March 2019: RMB1,743.9

億人民幣(2019 3 31 日:17.439 億人

million), representing a decrease of RMB106.0 million as

民 幣 ), 較 2019331 日 下 降 1.060

compared with that as at 31 March 2019, and the long-term

人民幣;長期借款(包含已發行擔保債券)

borrowings, including the guaranteed bonds, amounted to

86.977 億 人 民 幣(2019 3 31 日:

RMB8,697.7 million (31 March 2019 (Restated): RMB7,773.5

77.735 億 人 民 幣( 經 重 列 )), 較 20193

million), representing an increase of RMB924.2 million as

31 日增加了 9.242 億人民幣,主要為支

compared with that as at 31 March 2019, which was mainly

應海外股利需求。集團境外大宗原物料採

caused by the need of making overseas dividend payments.

購及股利支付以美元為主,且大陸境內子

As the Group's overseas procurement of key raw materials and

公司的股利匯出存在時間差異,故集團為

dividend payments were mainly made in USD and due to the timing

支應海外地區營運資金缺口需要不定期辦

difference of payment of dividends by the subsidiaries in mainland

理美元貸款,但會適當增加人民幣借款比

China, the Group would obtain loans in USD from time to time in

例。

order to satisfy the need for working capital for overseas regions

but the Group would appropriately increase the ratio of RMB

borrowings.

In April 2017, the Group issued 5-year term guaranteed bonds

本 集 團 於 20174 月 發 行 5 年 期、 面 值 5

with a face value of US$500 million and a coupon rate of 2.875%

億 美 元、 票 面 利 率 2.875% 的 有 擔 保 債 券

(the "Bonds"). As at 30 September 2019, the balance of the Bonds

(「 債 券 」)。 於 2019930 日, 應 付 債

payable amounted to US$495.6 million (31 March 2019: US$494.8

券餘額為 4.956 億美元(2019 3 31 日:

million).

4.948 億美元)。

In June 2018, the Group issued private placement notes in an

本集團於 20186 月在中華人民共和國境

amount of RMB500 million for a term of 1 year with coupon rate

內 銀 行 間 市 場 發 行 金 額 為 5 億 人 民 幣, 期

of 5.4% per annum ("Private Placement Notes") in the interbank

限為 1 年,票面利率為每年 5.4%之非公開

market of the People's Republic of China. The Private Placement

定向債務融資工具(「非公開定向債務融資

Notes were fully settled at maturity in June 2019.

工具」)。於 20196 月已到期且償還。

The Group's net gearing ratio (total borrowings net of cash and

本集團於 2019930日的淨權益負債率

cash equivalents as a percentage of total equity (excluding

( 扣 除 現 金 及 現 金 等 價 物 的 總 借 款 除 以 期

non-controlling interests)) as at 30 September 2019 was -0.45

末總權益(不含非控制性權益))為 -0.45

time (31 March 2019 (Restated): -0.50 time). At present, we

2019331 日:-0.50 倍( 經 重 列 ))。

maintain sufficient cash and available banking facilities for our

本集團目前擁有充足的現金及銀行信貸額

working capital requirements and for capitalizing on any potential

度, 既能 滿足本 集團 營運資 金的 需求,也

investment opportunities in the future. The management will from

能滿足將來投資機會的資金需求。管理層

time to time make prudent financial arrangements and decisions

也會隨時針對國內外金融環境變化做出審

to address changes in the domestic and international financial

慎財務安排及決定。

environment.

16 2019中期報告 INTERIM REPORT

管理層討論及分析

Management Discussion and Analysis

LIQUIDITY AND CAPITAL RESOURCES (continued)

流動性與資本財力(續)

Cash flow

現金流量

For the first half of 2019FY, our cash and cash equivalents

2019 財 年 上 半 年, 本 集 團 現 金 及 現 金 等

decreased by RMB524.2 million. Among which, RMB1,934.5

價 物 減 少 5.242 億 人 民 幣。 其 中 營 運 活 動

million of net cash inflow was generated from our operating

產生的現金淨流入為 19.345 億人民幣;融

activities. Net cash outflow for financing activities was RMB2,410.9

資活動產生的現金淨流出為 24.109 億人民

million, and consists mainly of dividend payments of RMB2,543.4

幣,主要為支付股息 25.434 億人民幣;投

million. The net cash outflow for investment activities was

資 活 動 產 生 的 淨 現 金 流 出 為 1.322 億 人 民

RMB132.2 million.

幣。

Capital expenditure

資本開支

For the first half of 2019FY, our total capital expenditure amounted

2019 財 年 上 半 年, 本 集 團 的 資 本 開 支 為

to RMB135.4 million (for the year ended 31 March 2019:

1.354 億 人 民 幣( 截 至 2019331 日 止

RMB381.8 million). We spent approximately RMB17.00 million,

年度:3.818 億人民幣)。本集團分別投入

RMB47.02 million and RMB33.16 million respectively for the

了大約 1,700 萬人民幣、4,702 萬人民幣和

additions of production plant, facilities and equipment for the three

3,316 萬人民幣用於增加三大類產品(米果

product segments (rice crackers, dairy products and beverages

類、 乳 品 及 飲 料 類 及 休 閒 食 品 類 )的 生 產

and snack foods) and replacement and upgrade of some of the old

廠房和設備,更新部分老舊廠房與生產設

plant and production facilities to prepare for the further growth of

施以準備未來集團成長所需。剩餘的資本

our Group. The remaining capital expenditure was made mainly

支出,主要用於增加資訊設施和包裝設施

for the purpose of adding facilities for information technology,

等。

packaging, etc.

The above capital expenditure was financed mainly by our

上述資本開支的籌措主要來源於公司的內

internally generated cash flows and banking facilities.

部現金流以及銀行信貸額度。

Inventory analysis

Our inventory consists primarily of finished goods, goods in transit and work in progress for rice crackers, dairy products and beverages, snack foods and other products, as well as raw materials and packaging materials.

The following table sets forth the number of our inventory turnover days for the six months ended 30 September 2019 and for the year ended 31 March 2019:

存貨分析

存貨 主要包 括米 果類、乳 品及 飲料類、 休 閒食品類及其他類的製成品、運送中貨物 和在製品,以及原材料和包裝材料。

下表列示了本集團截至 2019930日止 六個月與截至 2019331日止年度的存 貨周轉天數:

Six months ended

Year ended

30 September 2019

31 March 2019

截至 2019

截至 2019

930日止六個月

331日止年度

(Restated)

(經重列)

Inventory turnover days

存貨周轉天數

94

80

As at 30 September 2019, the inventory balance amounted to RMB2,576.6 million (31 March 2019 (Restated): RMB2,387.7 million).

2019930 日 存 貨 金 額 為 25.766 億 人民幣(2019331 日:23.877 億人民 幣(經重列))。

2019中期報告 INTERIM REPORT 17

管理層討論及分析

Management Discussion and Analysis

LIQUIDITY AND CAPITAL RESOURCES (continued)

流動性與資本財力(續)

Trade receivables

貿易應收款

Our trade receivables represent the receivables from our

本集團的貿易應收款,指的是本集團對客

customers. The terms of credit granted to our customers are

戶賒銷產生的應收款項。本集團的賒銷期

usually 60 to 90 days. Our sales to most of the customers in China

限通常是 60天至 90天。本集團對中國的大

are conducted on a cash-on-delivery basis. We only grant credit

部份客戶以款到發貨的方式銷售產品。本

to customers in our modern distribution channels and certain

集團只給予現代分銷渠道及部分新興渠道

emerging channels, which then on-sell our products to end-

的信貸客戶提供賒銷,由他們將產品銷售

consumers.

給本集團的最終消費者。

The following table sets forth the number of our trade receivables

下表列示了截至 2019930日止六個月

turnover days for the six months ended 30 September 2019 and

與截至 2019331日止年度本集團的貿

for the year ended 31 March 2019:

易應收款周轉天數:

Six months ended

Year ended

30 September 2019

31 March 2019

截至 2019

截至 2019

930日止六個月

331日止年度

(Restated)

(經重列)

Trade receivables turnover days

貿易應收款周轉天數

19

19

Trade payables

Our trade payables relate mainly to the purchase of raw materials from our suppliers with credit terms generally between 30 days and 60 days after receipt of goods and invoices.

The following table sets forth the number of our trade payables turnover days for the six months ended 30 September 2019 and for the year ended 31 March 2019:

貿易應付款

本集團的貿易應付款主要由賒購原材料產 生。我們的供應商給予的信貸條件一般為

30 天至 60 天(從收到貨物及發票後的日期 算起)。

下表列示了截至 2019930日止六個月 與截至 2019331日止年度本集團的貿 易應付款周轉天數:

Six months ended

Year ended

30 September 2019

31 March 2019

截至 2019

截至 2019

930日止六個月

331日止年度

Trade payables turnover days貿易應付款周轉天數4337

Pledge of assets

資產抵押

As at 30 September 2019, none of our assets was pledged.

2019930日,本集團並無任何資產

抵押。

18 2019中期報告 INTERIM REPORT

管理層討論及分析

Management Discussion and Analysis

HUMAN RESOURCES AND REMUNERATION OF EMPLOYEES

For the first half of 2019FY, our average number of employees was approximately 42,140, representing a decrease of 3,960 employees as compared with the average number of employees for the year ended 31 March 2019. Our total remuneration expenses for the first half of 2019FY amounted to RMB1,876.0 million, representing a decrease of 1.6% as compared with that for the first half of 2018FY. The remuneration package of our employees includes fixed salary, commissions and allowances (where applicable), and performance-basedyear-end bonuses having regard to the performance of the Group and that of the individual.

Our Group always concerns about and have invested significant amount of resources in the continuing education and training programmes for our employees. Training programmes, both external and internal, are also provided to relevant staff as and when required to constantly improve their professional knowledge and skills.

FOREIGN EXCHANGE RISKS

The presentation currency of the Group is RMB but the Company's functional currency is still USD. More than 90% of our activities are conducted in mainland China, our China subsidiaries' functional currency is RMB. The Group's foreign exchange risks arise mainly from procurement of raw materials and equipment from overseas, overseas dividend payments and certain recognised assets and liabilities.

As procurement of raw materials and equipment from overseas and USD denominated borrowings of the Group are recognised in the financial statements of the subsidiaries of the Group whose functional currency is USD, the assets and liabilities subject to foreign exchange risks are minimal and the relevant exposure after offsetting is not significant. As such, RMB does not have a significant impact on exchange gains and losses presented on the "other gains - net" section of the consolidated income statement. During the year, the Group did not hedge against its foreign exchange risks.

人力資源和員工薪酬

2019 財年上半年本集團平均員工人數約為 42,140 人, 較 截 至 2019331 日 止 年 度平均人數減少 3,960 人。2019 財年上半 年總薪酬為18.760億人民幣,較2018財年 上半年下降 1.6%。員工的薪酬包括固定工 資,佣金及津貼(如適用),以及基於本集 團及個人表現的年終獎勵。

本集團長期關注對員工的持續教育和培訓 計劃並有相當資源投入,本集團經常在必 要時給相關的工作人員提供外部及內部的 培訓課程,以便不斷提升員工的專業知識 與技能。

外匯風險

本集團呈列貨幣為人民幣,但本公司的功 能 貨 幣 仍 為 美 元, 而 本 集 團 90% 以 上 經 營活動在中國大陸地區,中國境內附屬公 司的功能貨幣為人民幣。本集團的外匯風 險主要源自境外的原物料採購、設備採購 和海外股利支付,及若干已確認資產或負 債。

由於本集團的境外原物料、設備採購及美 元借款主要是由本集團以美元作為其功能 貨幣的附屬公司之財務報表確認,因此涉 及外匯風險的資產與負債皆很小,且抵消 後之風 險承 擔度亦 不重 大,故此, 人民 幣 並沒有對綜合收益表的「其他收益一淨額」 中列報的匯兌收益和虧損一項造成重大的 影響。本 年度 內,本集 團並 無對沖 其外 幣 匯率風險。

2019中期報告 INTERIM REPORT 19

簡明綜合中期財務資料的審閱報告

Report on Review of Condensed Consolidated Interim Financial Information

TO THE BOARD OF DIRECTORS OF WANT WANT CHINA HOLDINGS LIMITED

(Incorporated in the Cayman Islands with limited liability)

INTRODUCTION

We have reviewed the condensed consolidated interim financial information set out on pages 22 to 68, which comprises the interim condensed consolidated balance sheet of Want Want China Holdings Limited (the "Company") and its subsidiaries (together, the "Group") as at 30 September 2019 and the interim condensed consolidated statement of income, the interim condensed consolidated statement of comprehensive income, the interim condensed consolidated statement of changes in equity and the interim condensed consolidated statement of cash flows for the six-month period then ended, and a summary of significant accounting policies and other explanatory notes. The Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited require the preparation of a report on condensed consolidated interim financial information to be in compliance with the relevant provisions thereof and Hong Kong Accounting Standard 34 "Interim Financial Reporting" issued by the Hong Kong Institute of Certified Public Accountants. The directors of the Company are responsible for the preparation and presentation of this condensed consolidated interim financial information in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting". Our responsibility is to express a conclusion on this condensed consolidated interim financial information based on our review and to report our conclusion solely to you, as a body, in accordance with our agreed terms of engagement and for no other purpose. We do not assume responsibility towards or accept liability to any other person for the contents of this report.

致中國旺旺控股有限公司董事會

(於開曼群島註冊成立的有限公司)

引言

本核數師(以下簡稱「我們」)已審閱列載於

2268頁的簡明綜合中期財務資料,此 簡明綜合中期財務資料包括中國旺旺控股 有 限 公 司(「 貴 公 司 」)及 其 附 屬 公 司( 合 稱

「貴集團」)於 2019930 日的中期簡明 綜合資產負債表與截至該日止六個月期間 的中期簡明綜合收益表、中期簡明綜合全 面收益表、中期簡明綜合權益變動表和中 期簡明綜合現金流量表,以及主要會計政 策概要和其他附註解釋。香港聯合交易所 有限公司證券上市規則規定,就簡明綜合 中期財務資料編製的報告必須符合以上規 則的有關條文以及香港會計師公會頒佈的 香港會計準則第 34 號「中期財務報告」。貴 公司董事須負責根據香港會計準則第 34

「中期財務報告」編製及呈列該等簡明綜合 中期財務資料。我們的責任是根據我們的 審閱對該等簡明綜合中期財務資料作出結 論,並按照委聘之條款僅向整體董事會報 告, 除此 之外本 報告 別無其 他目 的。我們 不會就本報告的內容向任何其他人士負上 或承擔任何責任。

20 2019中期報告 INTERIM REPORT

簡明綜合中期財務資料的審閱報告

Report on Review of Condensed Consolidated Interim Financial Information

SCOPE OF REVIEW

We conducted our review in accordance with Hong Kong Standard on Review Engagements 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Hong Kong Institute of Certified Public Accountants. A review of condensed consolidated interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Hong Kong Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

審閱範圍

我們已根據香港會計師公會頒佈的香港審 閱準則第 2410 號「由實體的獨立核數師執 行 中 期 財 務 資 料 審 閱 」進 行 審 閱。 審 閱 簡 明綜合中期財務資料包括主要向負責財務 和會計事務的人員作出查詢,及應用分析 性和其他審閱程序。審閱的範圍遠較根據 香港審計準則進行審核的範圍為小,故不 能令我們可保證我們將知悉在審核中可能 被發現 的所 有重大 事項。 因此,我 們不 會 發表審核意見。

CONCLUSION

Based on our review, nothing has come to our attention that causes us to believe that the condensed consolidated interim financial information of the Group is not prepared, in all material respects, in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting".

PricewaterhouseCoopers

Certified Public Accountants

Hong Kong, 19 November 2019

結論

按 照 我 們 的 審 閱, 我 們 並 無 發 現 任 何 事 項,令我們相信貴集團之簡明綜合中期財 務資料在各重大方面未有根據香港會計準 則第 34 號「中期財務報告」編製。

羅兵咸永道會計師事務所 執業會計師

香港,2019 11 19

2019中期報告 INTERIM REPORT 21

中期簡明綜合資產負債表

Interim Condensed Consolidated Balance Sheet

As at 30 September 2019  2019 9 30

Unaudited

Audited

未經審核

經審核

30 September

31 March

2019

2019

2019

2019

9 30

3 31

Note

RMB'000

RMB'000

附註

人民幣千元

人民幣千元

(restated)

(經重列)

ASSETS

資產

Non-current assets

非流動資產

Property, plant and equipment

物業、機器及設備

8

7,082,819

7,331,250

Leasehold land and land use rights

租賃土地及土地使用權

8

-

939,914

Investment properties

投資物業

8

38,116

38,038

Intangible assets

無形資產

8

13,461

14,199

Investments in associates

聯營公司投資

7

17,004

18,779

Deferred income tax assets

遞延所得稅資產

261,465

242,205

Financial assets at fair value through

按公平值透過其他全面

  other comprehensive income

收益記賬的金融資產

38,538

38,671

Right-of-use assets

使用權資產

3(a(i))

1,046,569

-

Other non-current assets

其他非流動資產

27,108

25,980

Total non-current assets

非流動資產總額

8,525,080

8,649,036

Current assets

流動資產

Inventories

存貨

9

2,576,590

2,387,747

Trade receivables

貿易應收款

10

939,089

1,034,970

Prepayments, deposits and

預付款項、按金及

  other receivables

其他應收款

676,790

642,224

Cash and cash equivalents

現金及現金等價物

16,636,232

17,160,428

Total current assets

流動資產總額

20,828,701

21,225,369

Total assets

總資產

29,353,781

29,874,405

EQUITY

權益

Equity attributable to equity

本公司權益持有人

  holders of the Company

應佔權益

Share capital

股本

11

1,867,410

1,871,067

Reserves

儲備

12

12,005,212

13,491,223

13,872,622

15,362,290

Non-controlling interests

非控制性權益

84,887

97,537

Total equity

總權益

13,957,509

15,459,827

22 2019中期報告 INTERIM REPORT

中期簡明綜合資產負債表

Interim Condensed Consolidated Balance Sheet

As at 30 September 2019  2019 9 30

Unaudited

Audited

未經審核

經審核

30 September

31 March

2019

2019

2019

2019

9 30

3 31

Note

RMB'000

RMB'000

附註

人民幣千元

人民幣千元

(restated)

(經重列)

LIABILITIES

負債

Non-current liabilities

非流動負債

Borrowings

借款

14

8,697,704

7,773,478

Deferred income tax liabilities

遞延所得稅負債

236,074

267,528

Other non-current liabilities

其他非流動負債

77,243

75,037

Lease liabilities

租賃負債

3(a(i))

74,855

-

Total non-current liabilities

非流動負債總額

9,085,876

8,116,043

Current liabilities

流動負債

Trade payables

貿易應付款

13

1,217,600

1,034,900

Accruals and other payables

應計費用及其他應付款

2,053,106

2,061,082

Contract liabilities

合約負債

1,093,632

1,117,541

Current income tax liabilities

當期所得稅負債

263,340

341,130

Borrowings

借款

14

1,637,941

1,743,882

Lease liabilities

租賃負債

3(a(i))

44,777

-

Total current liabilities

流動負債總額

6,310,396

6,298,535

Total liabilities

總負債

15,396,272

14,414,578

Total equity and liabilities

總權益及負債

29,353,781

29,874,405

The notes on pages 30 to 68 form an integral part of this condensed consolidated interim financial information.

The condensed consolidated interim financial information on pages 22 to 68 was approved by the Board of Directors on 19 November 2019 and were signed on its behalf.

30 至第 68 頁之附註為簡明綜合中期財務 資料之一部分。

22 至第 68 頁之簡明綜合中期財務資料已 由董事會於 20191119日批准,並代表 董事會簽署。

Tsai Wang-Chia

Chu Chi-Wen

蔡旺家

朱紀文

Director

Director

董事

董事

2019中期報告 INTERIM REPORT 23

中期簡明綜合收益表

Interim Condensed Consolidated Statement of Income

For the six months ended 30 September 2019  截至 2019 9 30 日止六個月

Unaudited

未經審核

Six months ended

30 September

截至 930 日止六個月

2019

2018

Note

RMB'000

RMB'000

附註

人民幣千元

人民幣千元

Revenue

收益

9,304,071

9,248,125

Cost of sales

銷貨成本

17

(4,754,025)

(5,131,183)

Gross profit

毛利

4,550,046

4,116,942

Other gains/(losses) - net

其他收益(虧損)-淨額

15

1,787

(4,343)

Other income

其他收入

16

157,523

214,000

Distribution costs

分銷成本

17

(1,369,929)

(1,439,149)

Administrative expenses

行政費用

17

(1,285,660)

(1,115,098)

Operating profit

營運利潤

2,053,767

1,772,352

Finance income

融資收入

295,544

236,173

Finance costs

融資成本

(158,169)

(123,770)

Finance income - net

融資收入-淨額

137,375

112,403

Share of losses of associates

應佔聯營公司虧損

(1,775)

(3,697)

Profit before income tax

除所得稅前利潤

2,189,367

1,881,058

Income tax expense

所得稅費用

18

(584,518)

(525,590)

Profit for the period

期間利潤

1,604,849

1,355,468

Profit attributable to:

應佔利潤:

1,614,913

- Equity holders of the Company

-本公司權益持有人

1,364,413

- Non-controlling interests

-非控制性權益

(10,064)

(8,945)

1,604,849

1,355,468

Earnings per share for profit

本公司權益持有人

  attributable to equity holders

應佔利潤的

  of the Company

每股盈利

Basic earnings per share

每股基本盈利

19

RMB

RMB

12.99 Cents

10.96 Cents

人民幣

人民幣

12.99

10.96

Diluted earnings per share

每股攤薄盈利

19

RMB

RMB

12.99 Cents

10.96 Cents

人民幣

人民幣

12.99

10.96

The notes on pages 30 to 68 form an integral part of this

30 至第 68 頁之附註為簡明綜合中期財務

condensed consolidated interim financial information.

資料之一部分。

24 2019中期報告 INTERIM REPORT

中期簡明綜合全面收益表

Interim Condensed Consolidated Statement of Comprehensive Income

For the six months ended 30 September 2019  截至 2019 9 30 日止六個月

Unaudited

未經審核

Six months ended

30 September

截至 930 日止六個月

2019

2018

RMB'000

RMB'000

人民幣千元

人民幣千元

Profit for the period

期間利潤

1,604,849

1,355,468

Other comprehensive income

其他全面收益

Items that may be reclassified

其後可能會重新分類

  subsequently to profit or loss

至損益之項目

Currency translation differences

貨幣匯兌差額

(366,957)

(518,869)

Items that will not be reclassified

其後將不會重新分類

  subsequently to profit or loss

至損益之項目

Remeasurements on post-employment

退休福利責任

  benefit obligations

之重新計量

(7)

-

Change in value of financial assets

按公平值透過其他

  at fair value through other

全面收益記賬的

  comprehensive income

金融資產價值變動

(959)

(3,869)

Other comprehensive income

期間其他全面

  for the period

收益

(367,923)

(522,738)

Total comprehensive income

期間全面收益

  for the period

總額

1,236,926

832,730

Total comprehensive income for

應佔期間全面收益總額:

  the period attributable to:

-本公司權益持有人

1,248,039

- Equity holders of the Company

845,022

- Non-controlling interests

-非控制性權益

(11,113)

(12,292)

1,236,926

832,730

The notes on pages 30 to 68 form an integral part of this

30至第 68頁之附註為簡明綜合中期財務

condensed consolidated interim financial information.

資料之一部分。

2019中期報告 INTERIM REPORT 25

中期簡明綜合權益變動表

Interim Condensed Consolidated Statement of Changes in Equity

For the six months ended 30 September 2019  截至 2019 9 30 日止六個月

Unaudited

未經審核

Attributable to equity holders of the Company

本公司權益持有人應佔

Non-

Share

Other

Retained

controlling

Total

capital

reserves

earnings

Total

interests

equity

股本

其他儲備

保留盈利

總計

非控制性權益

總權益

Note

RMB'000

RMB'000

RMB'000

RMB'000

RMB'000

RMB'000

附註

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

Balance at 1 April 2019

201941日結餘

1,871,067

(3,953,856)

17,413,488

15,330,699

97,537

15,428,236

Adjustment due to business

因共同控制下業務

  combinations under common control

合併產生的調整

22

-

48,640

(17,049)

31,591

-

31,591

Balance at 1 April 2019

201941日之結餘

  (restated)

(經重列)

1,871,067

(3,905,216)

17,396,439

15,362,290

97,537

15,459,827

Total comprehensive income for the

截至 2019930日止

  period ended 30 September 2019

期間全面收益總額

-

(366,874)

1,614,913

1,248,039

(11,113)

1,236,926

Transactions with owners,

與擁有人之交易,

  recognised directly in equity

直接於權益內確認

Dividends relating to 2018 paid in 2019

2019年支付的2018年度股息 20

-

-

(2,543,364)

(2,543,364)

-

(2,543,364)

Share buy-back

股份購回

(3,657)

-

(138,700)

(142,357)

-

(142,357)

Business combinations under common

共同控制下之

  control

業務合併

22

-

(51,986)

-

(51,986)

-

(51,986)

Acquisition of non-controlling interests

收購非控制性權益

-

-

-

-

(2,240)

(2,240)

Capital contribution by non-controlling

非控制性權益

  interests

注資

-

-

-

-

703

703

Total transactions with owners,

與擁有人之交易總額,

  recognised directly in equity

直接於權益內確認

(3,657)

(51,986)

(2,682,064)

(2,737,707)

(1,537)

(2,739,244)

Balance at 30 September 2019

2019 9 30日結餘

1,867,410

(4,324,076)

16,329,288

13,872,622

84,887

13,957,509

26 2019中期報告 INTERIM REPORT

中期簡明綜合權益變動表

Interim Condensed Consolidated Statement of Changes in Equity

For the six months ended 30 September 2018  截至 2018 9 30 日止六個月

Unaudited

未經審核

Attributable to equity holders of the Company

本公司權益持有人應佔

Non-

Share

Other

Retained

controlling

Total

capital

reserves

earnings

Total

interests

equity

股本

其他儲備

保留盈利

總計

非控制性權益

總權益

Note

RMB'000

RMB'000

RMB'000

RMB'000

RMB'000

RMB'000

附註

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

Balance at 1 April 2018

201841日結餘

1,871,067

(3,834,098)

16,451,228

14,488,197

122,703

14,610,900

Adjustment due to business

因共同控制下業務

  combinations under common control

合併產生的調整

22

-

48,640

(17,049)

31,591

-

31,591

Balance at 1 April 2018

201841日之結餘

  (restated)

(經重列)

1,871,067

(3,785,458)

16,434,179

14,519,788

122,703

14,642,491

Total comprehensive income for the

截至 2018930日止

  period ended 30 September 2018

期間全面收益總額

-

(519,391)

1,364,413

845,022

(12,292)

832,730

Transactions with owners,

與擁有人之交易,

  recognised directly in equity

直接於權益內確認

Dividends relating to 2017 paid in 2018

2018年支付的2017年度股息 20

-

-

(1,842,996)

(1,842,996)

-

(1,842,996)

Changes in ownership interests in

不導致失去控制權的

  a subsidiary that do not result in

一間附屬公司

  a loss of control

權益變動

-

-

-

-

(11,091)

(11,091)

Total transactions with owners,

與擁有人之交易總額,

  recognised directly in equity

直接於權益內確認

-

-

(1,842,996)

(1,842,996)

(11,091)

(1,854,087)

Balance at 30 September 2018

2018 9 30日結餘

  (restated)

(經重列)

1,871,067

(4,304,849)

15,955,596

13,521,814

99,320

13,621,134

The notes on pages 30 to 68 form an integral part of this

30至第 68頁之附註為簡明綜合中期財務

condensed consolidated interim financial information.

資料之一部分。

2019中期報告 INTERIM REPORT 27

中期簡明綜合現金流量表

Interim Condensed Consolidated Statement of Cash Flows

For the six months ended 30 September 2019  截至 2019 9 30 日止六個月

Unaudited

未經審核

Six months ended

30 September

截至 930 日止六個月

2019

2018

Note

RMB'000

RMB'000

附註

人民幣千元

人民幣千元

(restated)

(經重列)

Cash flows from operating activities

營運活動的現金流量

  Cash generated from operations

營運產生的現金

2,585,259

1,610,592

  Income tax paid

已付所得稅

(716,787)

(648,470)

  Interest paid

已付利息

(148,638)

(118,083)

  Interest received

已收利息

214,672

215,538

Cash flows generated from

營運活動產生

  operating activities - net

的淨現金

1,934,506

1,059,577

Cash flows from investing activities

投資活動的現金流量

  Purchases of property,

購入物業、機器

    plant and equipment

及設備

(134,983)

(161,408)

  Purchases of intangible assets

購入無形資產

8

(434)

(509)

  Proceeds from disposal of property,

出售物業、機器及

    plant and equipment

設備所得款項

3,217

3,542

  Proceeds from disposal of leasehold

出售租賃土地及

    land and land use rights

土地使用權所得款項

-

3

  Prepayment of leasehold land and

預付租賃土地及

    land use rights

土地使用權款項

-

(19,743)

  Cash flows used in investing

投資活動所用

    activities - net

的淨現金

(132,200)

(178,115)

Cash flows from financing activities

融資活動的現金流量

  Dividends paid to equity holders

支付予權益持有人

之股息

12

(2,543,364)

(1,842,996)

  Shares repurchased and cancelled

已購回及註銷之股份

(142,357)

(49,189)

  Cash paid to the parent company of

已付根據共同控制所

    the entity acquired under common

收購實體母公司

    control

之現金

22

(51,986)

-

  Cash paid to non-controlling interests

收購附屬公司額外權益

    holder for additional ownership

而支付予非控制性

    interests in subsidiaries

權益持有人的現金

(2,240)

(11,091)

  Capital contribution by non-controlling

非控制性權益

    interests

注資

703

-

  Proceeds from borrowings

借款所得款項

3,801,633

5,827,523

  Repayments of borrowings

償還借款

14

(3,450,773)

(3,988,550)

  Lease payments

租賃付款

(22,555)

-

28 2019中期報告 INTERIM REPORT

中期簡明綜合現金流量表

Interim Condensed Consolidated Statement of Cash Flows

For the six months ended 30 September 2019  截至 2019 9 30 日止六個月

Unaudited

未經審核

Six months ended

30 September

截至 930 日止六個月

2019

2018

Note

RMB'000

RMB'000

附註

人民幣千元

人民幣千元

(restated)

(經重列)

Cash flows used in financing

融資活動所用

  activities - net

的淨現金

(2,410,939)

(64,303)

Net (decrease)/increase in cash and

現金及現金等價物

  cash equivalents

(減少)增加淨額

(608,633)

817,159

  Cash and cash equivalents at

期初現金及現金

    beginning of the period

等價物

17,160,428

12,526,029

  Exchange gains

匯兌收益

84,437

159,594

Cash and cash equivalents at end of 期末現金及

  the period

現金等價物

16,636,232

13,502,782

The notes on pages 30 to 68 form an integral part of this

30至第 68頁之附註為簡明綜合中期財務

condensed consolidated interim financial information.

資料之一部分。

2019中期報告 INTERIM REPORT 29

簡明綜合中期財務資料附註

Notes to the Condensed Consolidated Interim Financial Information

1. GENERAL INFORMATION

1. 一般資料

Want Want China Holdings Limited ("the Company") and its subsidiaries (together "the Group") are principally engaged in the manufacturing and distribution of food and beverages. The Group's activities are primarily conducted in the People's Republic of China ("the PRC"), Taiwan, Japan, Hong Kong and Singapore, and its products are also sold to the United States of America, Canada, countries in SouthEast Asia and Europe.

The Company was incorporated in the Cayman Islands on 3 October 2007 as an exempted company with limited liability under the Companies Law of the Cayman Islands. The address of its registered office is Maples Corporate Services Limited, P.O. Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands.

The Company has had its primary listing on the Main Board of The Stock Exchange of Hong Kong Limited since 26 March 2008.

This condensed consolidated interim financial information is presented in Renminbi ("RMB"), unless otherwise stated.

This condensed consolidated interim financial information was approved for issue on 19 November 2019.

This condensed consolidated interim financial information has been reviewed, not audited.

中 國 旺 旺 控 股 有 限 公 司(「 本 公 司 」) 及 其 附 屬 公 司( 統 稱「 本 集 團 」)主 要 從 事 製 造 及 分 銷 食 品 和 飲 料。 本 集 團 的 活 動 主 要 在 中 華 人 民 共 和 國 (「 中 國 」)、 台 灣、 日 本、 香 港 及 新 加 坡 進 行, 其 產 品 亦 銷 往 美 國、 加

拿大、東南亞及歐洲國家。

本 公 司 於 2007103 日 根 據 開 曼 群 島 公 司 法 在 開 曼 群 島 註 冊 成 立 為 獲 豁 免 有 限 公 司。 本 公 司 的 註 冊 辦事處地址為 M a p l e s C o r p o r a t e Services Limited, P.O. Box 309, Ugland House, Grand Cayman, KY1-1104,Cayman Islands

本 公 司 股 份 自 2008326 日 起 首 次 在 香 港 聯 合 交 易 所 有 限 公 司 主 板 上市。

除 另 有 註 明 外, 本 簡 明 綜 合 中 期 財 務資料均以人民幣(「人民幣」)呈列。

本 簡 明 綜 合 中 期 財 務 資 料 已 於 20191119 日獲批准刊發。

本 簡 明 綜 合 中 期 財 務 資 料 已 獲 審 閱 但未經審核。

2. BASIS OF PREPARATION

2. 編製基準

This condensed consolidated interim financial information

截 至 2019930 日 止 六 個 月 之 簡

for the six months ended 30 September 2019 has been

明 綜 合 中 期 財 務 資 料 已 按 照 香 港 會

prepared in accordance with HKAS 34, 'Interim Financial

計 準 則 第 34 號「 中 期 財 務 報 告 」編

Reporting'. The interim condensed consolidated financial

製。 簡 明 綜 合 中 期 財 務 資 料 不 包 括

information does not include all the notes of the type normally

所 有 一 般 載 於 年 度 綜 合 財 務 報 表 的

included in the annual consolidated financial statement.

附 註。 因 此, 簡 明 綜 合 中 期 財 務 資

Accordingly, it should be read in conjunction with the annual

料 應 與 截 至 2019331 日 止 年 度

financial statements for the year ended 31 March 2019,

之 年 度 財 務 報 表 一 併 閱 讀, 該 財 務

which have been prepared in accordance with HKFRSs,

報 表 是 根 據 香 港 財 務 報 告 準 則 編 製

except for the adoption of the new and amended standards

的, 唯 下 文 所 披 露 之 採 納 新 訂 準 則

as disclosed below.

及經修訂準則除外。

30 2019中期報告 INTERIM REPORT

簡明綜合中期財務資料附註

Notes to the Condensed Consolidated Interim Financial Information

3. ACCOUNTING POLICIES

3. 會計政策

The accounting policies applied are consistent with those of

除所得稅採用適用於預期年度盈利總

the annual financial statements for the year ended 31 March

額 的 稅 率 估 計 及 採 納 於 截 至 2020

2019, as described in those annual financial statements,

331 日止財政年度生效的香港財務

except for the estimation of income tax using the tax rate that

報告準則的修訂外,編製本簡明綜合

would be applicable to expected total annual earnings and

中期財務資料所採用之會計政策與截

the adoption of amendments to HKFRSs effective for the

2019331 日 止 年 度 之 年 度 財

financial year ending 31 March 2020.

務報表所採用的會計政策一致。

(a) New standards, amendments and interpretation of

(a) 本 集 團 採 納 的 香 港 財 務 報 告 準

HKFRSs adopted by the Group

則的新訂準則、修訂及詮釋

A number of new or amended standards became

多 項 新 訂 或 經 修 訂 準 則 適 用 於

applicable for the current reporting period and

本 報 告 期 間, 本 集 團 已 相 應 變

the Group had to change its accounting policies

更 其 會 計 政 策。 除 所 披 露 之 香

accordingly. None of them has significant financial

港 財 務 報 告 準 則 第 16 號 外,

impact to the Group except for HKFRS 16 as

該 等 新 訂、 經 修 訂 準 則 及 詮 釋

disclosed.

概 無 對 本 集 團 產 生 重 大 財 務 影

響:

(i) HKFRS 16 'Leases'

(i) 香 港 財 務 報 告 準 則 第 16

號「租賃」

The Group has adopted HKFRS 16 'Leases'

本集團自 201941

from 1 April 2019, but has not restated

起採納香港財務報告準則

comparatives for the 2018 reporting period,

16 號「 租 賃 」, 唯 按 該

as permitted under the simplified transition

準則的簡化過渡方法所允

approach in the standard. The reclassifications

許, 並 未 重 列 2018 年 報

and the adjustments arising from the new leasing

告 期 間 之 比 較 資 料。 因

standard are therefore recognised in the opening

此,該等新租賃準則所導

balance sheet on 1 April 2019.

致 的 重 新 分 類 及 調 整 於

2019 4 1 日的資產負

債表確認。

Adjustments recognised on adoption

採納時確認的調整

On adoption of HKFRS 16, the Group recognised

採納香港財務報告準則第

lease liabilities in relation to leases which had

16 號 時, 本 集 團 就 先 前

previously been classified as 'operating leases'

根 據 香 港 會 計 準 則 第 17

under the principles of HKAS 17 'Leases'. These

號「租賃」的原則被分類為

liabilities were measured at the present value

「經營租賃」的租賃確認了

of the remaining lease payments, discounted

租賃負債。該等負債按餘

using the lessee's incremental borrowing rate as

下租賃款項的現值計量,

of 1 April 2019. The weighted average lessee's

並 使 用 承 租 人 於 2019

incremental borrowing rate applied to the lease

41 日 的 增 量 借 款 利 率

liabilities on 1 April 2019 was 4.00%.

貼現。承租人於 20194

1 日 應 用 於 租 賃 負 債 的

加權平均增量借款利率為

4.00%

2019中期報告 INTERIM REPORT 31

簡明綜合中期財務資料附註

Notes to the Condensed Consolidated Interim Financial Information

3. ACCOUNTING POLICIES (continued)

3.

會計政策(續)

(a) New standards, amendments and interpretation of

(a)

本 集 團 採 納 的 香 港 財 務 報 告 準

HKFRSs adopted by the Group (continued)

則 的 新 訂 準 則、 修 訂 及 詮 釋

(續)

(i) HKFRS 16 'Leases' (continued)

(i) 香 港 財 務 報 告 準 則 第 16

號「租賃續)

Adjustments recognised on adoption (continued)

採納時確認的調整(續)

RMB'000

人民幣千元

Operating lease commitments

2019331 日披露之經營

(excluding leases relating to land use

租賃承擔(不包括與土地使用

  rights) disclosed as at 31 March 2019

權相關之租賃)

142,656

Less:

減:

Short-term leases to be recognised on

按直線法將確認為開支的短期

  a straight-line basis as expenses

租賃

(5,614)

Low-value leases to be recognised on

按直線法將確認為開支的低價值

  a straight-line basis as expenses

租賃

(2,605)

134,437

Discounted using the lessee's incremental

於初始應用日期採用承租人的

  borrowing rate at the date of initial

增量借貸利率進行的貼現,

  application, representing additional

相當於 201941 日確認

  lease liabilities recognised as

的額外租賃負債

105,596

  at 1 April 2019

Add:

加:

Reclassification of land use rights

土地使用權的重新分類

939,914

Right-of-use assets recognised as

201941 日確認的

  at 1 April 2019

使用權資產

1,045,510

The right-of-use assets were measured at the

使用權資產乃按相當於租

amount equal to the lease liabilities, adjusted

賃負債的金額計量,並根

by the amount of any prepaid or accrued lease

據於 201941 日資產

payments relating to that lease recognised in the

負債表確認之該租賃相關

balance sheet as at 1 April 2019. There were no

之任何預付或應計租賃付

onerous lease contracts that would have required

款金額進行調整。於初始

an adjustment to the right-of-use assets at the

應用日期,概無虧損性租

date of initial application.

賃合約需要對使用權資產

進行調整。

32 2019中期報告 INTERIM REPORT

簡明綜合中期財務資料附註

Notes to the Condensed Consolidated Interim Financial Information

3. ACCOUNTING POLICIES (continued)

3. 會計政策(續)

(a) New standards, amendments and interpretation of

(a) 本 集 團 採 納 的 香 港 財 務 報 告 準

HKFRSs adopted by the Group (continued)

則 的 新 訂 準 則、 修 訂 及 詮 釋

(續)

(i) HKFRS 16 'Leases' (continued)

(i) 香 港 財 務 報 告 準 則 第 16

號「租賃續)

Adjustments recognised on adoption (continued)

採納時確認的調整(續)

The recognised right-of-use assets relate to the

已確認的使用權資產與以

following types of assets:

下類別資產有關:

30 September

1 April

2019

2019

2019

2019

9 30

4 1

RMB'000

RMB'000

人民幣千元

人民幣千元

Land use rights

土地使用權

928,468

939,914

Buildings and warehouses

樓宇及倉庫

117,899

105,386

Equipment and others

設備及其他

202

210

Total right-of-use assets

使用權資產總值

1,046,569

1,045,510

Current lease liabilities

流動租賃負債

44,777

26,075

Non-current lease liabilities

非流動租賃負債

74,855

79,521

Total lease liabilities

租賃負債總額

119,632

105,596

2019中期報告 INTERIM REPORT 33

簡明綜合中期財務資料附註

Notes to the Condensed Consolidated Interim Financial Information

3. ACCOUNTING POLICIES (continued)

3. 會計政策(續)

(a) New standards, amendments and interpretation of

(a) 本 集 團 採 納 的 香 港 財 務 報 告 準

HKFRSs adopted by the Group (continued)

則 的 新 訂 準 則、 修 訂 及 詮 釋

(續)

(i) HKFRS 16 'Leases' (continued)

(i)

香 港 財 務 報 告 準 則 第 16

號「租賃續)

Adjustments recognised on adoption (continued)

採納時確認的調整(續)

The change in accounting policy affected the

201941 日,會計

following items in the balance sheet on 1 April

政策影響下列資產負債表

2019:

之項目:

• Leasehold land and land use rights -

租 賃 土 地 及 土 地 使

decrease by RMB939,914,000

用 權 - 減 少 人 民 幣

939,914,000

• r i g h t - o f - u s e a s s e t s - i n c r e a s e b y

使用權資產 -增加人

RMB1,045,510,000

民幣1,045,510,000

• lease liabilities (current portion) - increase

租 賃 負 債( 即 期 部

by RMB26,075,000

分 )- 增 加 人 民 幣

26,075,000

• lease liabilities (non-current portion) -

租 賃 負 債( 非 即 期

increase by RMB79,521,000

部分)-增加人民幣

79,521,000

There was no impact on retained earnings on 1

201941 日之保留

April 2019.

溢利並無受到任何影響。

Impact on segment disclosures and profit

對分部披露及溢利之影響

Segment profit for the six months ended 30

截 至 2019930 日 止

September 2019 decreased, while segments

六個月分部利潤減少,而

assets and segment liabilities as at 30 September

2019930日之分部

2019 both increased as a result of the changes in

資產及分部負債則增加,

accounting policies. The following segments were

兩者的增加均由於會計政

affected by the changes in policies:

策變動所致。以下分部受

政策變動影響:

Segment

Segment

Segment

profit

assets

liabilities

分部利潤

分部資產

分部負債

RMB'000

RMB'000

RMB'000

人民幣千元

人民幣千元

人民幣千元

Rice crackers

米果產品

405

20,101

20,361

Dairy products and beverages 乳品及飲料

1,313

65,201

66,047

Snack foods

休閒食品

628

31,202

31,606

Other products

其他產品

31

1,597

1,618

2,377

118,101

119,632

34 2019中期報告 INTERIM REPORT

簡明綜合中期財務資料附註

Notes to the Condensed Consolidated Interim Financial Information

3. ACCOUNTING POLICIES (continued)

  1. New standards, amendments and interpretation of HKFRSs adopted by the Group (continued)
    1. HKFRS 16 'Leases' (continued)
      Practical expedients applied
      In applying HKFRS 16 for the first time, the Group has used the following practical expedients permitted by the standard:
      • the use of a single discount rate to a portfolio of leases with reasonably similar characteristics;
      • reliance on previous assessments on whether leases are onerous;
      • the accounting for operating leases with a remaining lease term of less than 12 months as at 1 April 2019 as short-term leases;
      • the exclusion of initial direct costs for the measurement of the right-of-use asset at the date of initial application; and
      • the use of hindsight in determining the lease term where the contract contains options to extend or terminate the lease.

The Group has also elected not to reassess whether a contract is, or contains a lease at the date of initial application. Instead, for contracts entered into before the transition date the Group relied on its assessment made applying HKAS 17 'Leases' and HK (IFRIC) 4 'Determining whether an Arrangement contains a Lease'.

3. 會計政策(續)

  1. 本 集 團 採 納 的 香 港 財 務 報 告 準 則 的 新 訂 準 則、 修 訂 及 詮 釋

(續)

  1. 香 港 財 務 報 告 準 則 第 16 號「租賃續)
    所應用的可行權宜方法

  2. 於首次採納香港財務報告 準 則 第 16 號 時, 本 集 團 已使用以下該準則所允許 的可行權宜方法:
  • 對 具 有 合 理 相 似 特 徵 的 租 賃 組 合 使 用 單一貼現率;
  • 依 賴 先 前 關 於 租 賃 是否虧損的評估;
  • 對於 201941
    剩 餘 租 期 少 於 12 個 月 的 經 營 租 賃 的 會 計處理為短期租賃;
  • 在 首 次 應 用 日 期 排 除 初 始 直 接 成 本 以 計 量 使 用 權 資 產;
  • 當 合 約 包 含 延 長 或 終 止 租 約 的 選 擇 時, 以 事 後 分 析 結 果確定租期。

本集團亦已選擇不重新評 估合約在首次應用日期是 否或包含租賃。相反,對 於在過渡日期之前訂立的 合約,本集團依據其應用 香港會計準則第 17 號「租 賃」及香港(國際財務報告 詮 釋 委 員 會 )詮 釋 第 4

「釐定安排是否包括租賃」 作出的評估。

2019中期報告 INTERIM REPORT 35

簡明綜合中期財務資料附註

Notes to the Condensed Consolidated Interim Financial Information

3. ACCOUNTING POLICIES (continued)

  1. New standards, amendments and interpretation of HKFRSs adopted by the Group (continued)
    1. HKFRS 16 'Leases' (continued)
      The Group's leasing activities and how these are accounted for
      The Group leases various offices, warehouses and equipment. Rental contracts are typically made for fixed periods. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose any covenants, but leased assets may not be used as security for borrowing purposes.
      Until 31 March 2019, leases of buildings and warehouses, equipment and others were classified as operating leases. Payments made under operating leases were charged to profit or loss on a straight-line basis over the period of the lease.
      From 1 April 2019, leases are recognised as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by the Group. Each lease payment is allocated between the liability and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The right-of-use asset is depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis.
      Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of fixed payments (including in-substance fixed payments).

3. 會計政策(續)

  1. 本 集 團 採 納 的 香 港 財 務 報 告 準 則 的 新 訂 準 則、 修 訂 及 詮 釋

(續)

  1. 香 港 財 務 報 告 準 則 第 16 號「租賃續)
    本集團的租賃活動及其會 計方法

  2. 本集團租賃各種辦公室、 倉庫及設備。租約一般為 固定期。租賃條款按個別 基準協商且包含多種不同 條款及條件。租賃協議並 無施加任何條款,唯租賃 資產不得用作借款的擔保 品。
    截至2019331日,樓 宇及倉庫,設備及其他的 租賃分類為經營租賃。根 據經營租賃作出的付款於 租賃期內以直線法自損益 扣除。
    201941 日起,租 賃於租賃資產可供本集團 使用之日確認為使用權資 產及相應負債。每筆租賃 付款分配至負債及融資成 本。融資成本於租期內自 損益扣除,藉此制定各期 間負債結餘的固定週期利 率。使用權資產按資產可 使 用 年 期 或 租 期( 以 較 短 者為準)以直線法折舊。

租賃產生的資產及負債初 步按現值計量。租賃負債 包 括 固 定 付 款( 包 括 實 質 固定付款)的淨現值。

36 2019中期報告 INTERIM REPORT

簡明綜合中期財務資料附註

Notes to the Condensed Consolidated Interim Financial Information

3. ACCOUNTING POLICIES (continued)

  1. New standards, amendments and interpretation of HKFRSs adopted by the Group (continued)
    1. HKFRS 16 'Leases' (continued)
      The Group's leasing activities and how these are accounted for (continued)
      The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be determined, the lessee's incremental borrowing rate is used, being the rate that the lessee would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions.
      Right-of-use assets are measured at cost comprising the following:
      • the amount of the initial measurement of lease liabilities;
      • any lease payments made at or before the commencement date less any lease incentives received.

Payments associated with short-term leases and leases of low-value assets are recognised on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less. Low-value assets comprise small items of equipment and others.

Extension and termination options

Extension and termination options are included in a number of property and equipment leases across the Group. These terms are used to maximise operational flexibility in terms of managing contracts. The majority of extension and termination options held are exercisable only by the Group and not by the respective lessor. None of the extension option was exercised in the six months ended 30 September 2019.

3. 會計政策(續)

  1. 本 集 團 採 納 的 香 港 財 務 報 告 準 則 的 新 訂 準 則、 修 訂 及 詮 釋

(續)

  1. 香 港 財 務 報 告 準 則 第 16 號「租賃續)
    本集團的租賃活動及其會 計方法(續)
    租賃付款使用租賃所隱含 的利率予以貼現。倘未能 釐定該利率,則使用承租 人的增量借貸利率,即承 租人以類似條款及條件在 類似經濟環境中借入獲得 類似價值資產所需資金所 必須支付的利率。
    使用權資產按成本計量, 包括以下各項:
    • 租 賃 負 債 的 初 步 計 量金額;
    • 於 開 始 日 期 或 之 前 所 作 的 任 何 租 賃 付 款 減 任 何 已 收 取 租 賃優惠。

與短期租賃及低價值資產 租賃相關的付款以直線法 於損益確認為開支。短期 租 賃 指 租 賃 期 為 12 個 月 或以下的租賃。低價值資 產包括設備及其他。

延期及終止選擇權

本集團的若干物業及設備 租賃包含延期及終止選擇 權。該等條款乃用於就管 理合約令經營靈活性最大 化。所持有的大部分延期 及終止選擇權僅可由本集 團行使,唯不得由有關出 租 人 行 使。 截 至 2019930 日止六個月,概無 行使任何延期選擇權。

2019中期報告 INTERIM REPORT 37

簡明綜合中期財務資料附註

Notes to the Condensed Consolidated Interim Financial Information

3. ACCOUNTING POLICIES (continued)

3. 會計政策(續)

(a) New standards, amendments and interpretation of

(a) 本 集 團 採 納 的 香 港 財 務 報 告 準

HKFRSs adopted by the Group (continued)

則 的 新 訂 準 則、 修 訂 及 詮 釋

(續)

(i) HKFRS 16 'Leases' (continued)

(i) 香 港 財 務 報 告 準 則 第 16

號「租賃續)

Extension and termination options (continued)

延期及終止選擇權(續)

In determining the lease term, management

於釐定租期時,管理層會

considers all facts and circumstances that create

考慮構成經濟誘因以行使

an economic incentive to exercise an extension

延期選擇權的所有事實及

option. Extension options are only included in the

情況。延期選擇權僅會於

lease term if the lease is reasonably certain to be

合理肯定租賃將會延長時

extended.

計入租期。

(ii) Annual Improvements to HKFRSs 2015-2017

(ii) 2017 12 月 完 成 的 香 港

Cycle which were finalised in December 2017:

財 務 報 告 準 則 2015 年 至

2017 年週期年度改進:

• HKFRS 3 'Business Combinations'-clarified

香 港 財 務 報 告 準 則

that obtaining control of a business that is

3號「業務合併」-

a joint operation is a business combination

澄 清 了 取 得 合 營 業

achieved in stages.

務 控 制 權 乃 分 階 段

進行之業務合併。

• HKFRS 11 'Joint Arrangements'-clarified

香 港 財 務 報 告 準 則

that the party obtaining joint control of a

11 號「合營安排」

business that is a joint operation should not

- 澄 清 取 得 屬 共 同

remeasure its previously held interest in the

經 營 的 業 務 的 共 同

joint operation.

控 制 權 一 方 毋 須 重

新 計 量 其 先 前 於 該

共 同 經 營 中 持 有 的

權益。

• HKAS 12 'Disclosure of Interests in Other

香 港 會 計 準 則 第 12

Entities'-clarified that the income tax

號「披露其他實體的

consequences of dividends on financial

權 益 」 - 澄 清 了 分

instruments classified as equity should be

類 為 權 益 之 金 融 工

recognised according to where the past

具 之 股 息 所 得 稅 影

transactions or events that generated

響 應 根 據 過 去 產 生

distributable profits were recognised.

可 分 配 溢 利 之 交 易

或事件確認時確認。

• HKAS 23 'Borrowing Costs'-clarified that,

香 港 會 計 準 則 第 23

if a specific borrowing remains outstanding

號「借貸成本」-

after the related qualifying asset is ready for

清, 倘 特 定 借 貸 於

its intended use or sale, it becomes part of

相 關 合 資 格 資 產 可

general borrowings.

用 於 其 擬 定 用 途 或

銷 售 後 仍 未 清 償,

則 成 為 一 般 借 貸 之

一部分。

38 2019中期報告 INTERIM REPORT

簡明綜合中期財務資料附註

Notes to the Condensed Consolidated Interim Financial Information

3. ACCOUNTING POLICIES (continued)

  1. New standards, amendments and interpretation of HKFRSs adopted by the Group (continued)
    1. HK (IFRIC) 23 'Uncertainty over Income Tax Treatments', explains how to recognise and measure deferred and current income tax assets and liabilities where there is uncertainty over a tax treatment. In particular, it discusses:
      • how to determine the appropriate unit of account, and that each uncertain tax treatment should be considered separately or together as a group, depending on which approach better predicts the resolution of the uncertainty;
      • that the entity should assume a tax authority will examine the uncertain tax treatments and have full knowledge of all related information, i.e., detection risk should be ignored;
      • that the entity should reflect the effect of the uncertainty in its income tax accounting when it is not probable that the tax authorities will accept the treatment;
      • that the impact of the uncertainty should be measured using either the most likely amount or the expected value method, depending on which method better predicts the resolution of the uncertainty, and
      • that the judgements and estimates made must be reassessed whenever circumstances have changed or there is new information that affects the judgements.

While there are no new disclosure requirements, entities are reminded of the general requirement to provide information about judgements and estimates made in preparing the financial statements.

3. 會計政策(續)

  1. 本 集 團 採 納 的 香 港 財 務 報 告 準 則 的 新 訂 準 則、 修 訂 及 詮 釋

(續)

  1. 香 港( 國 際 財 務 報 告 詮 釋 委員會)詮釋第 23 號「所 得 稅 處 理 之 不 確 定 性 」, 闡述在存在稅務處理不確 定性的情況下遞延及當期 所得稅資產及負債的確認 及計量方法。具體而言, 其就以下各項進行討論:
    • 如 何 確 定 適 當 的 賬 戶 單 位, 及 須 釐 定 獨 立 或 集 中 考 慮 各 項 不 確 定 稅 項 處 理, 取 決 於 更 佳 預 測 不 確 定 性 之 解 決 方法;
    • 實 體 應 假 設 稅 務 機 關 將 檢 查 不 確 定 的 稅 務 處 理 並 充 分 了 解 所 有 相 關 資 料, 即應忽略檢測風險;
    • 當 稅 務 機 關 不 太 可 能 接 受 處 理 時, 實 體 應 反 映 其 所 得 稅 會 計 中 不 確 定 性 的 影響;
    • 應 使 用 最 可 能 發 生 的 金 額 或 期 望 值 法 來 衡 量 不 確 定 性 的 影 響, 具 體 取 決 於 何 種 方 法 可 最 佳 預 測 不 確 定 性 的 解 決 方案,及
    • 無 論 何 時 發 生 情 況 變 化 或 有 新 的 資 料 影 響 判 決, 均 須 重 新 評 估 所 做 出 的 判 斷及估計。

儘管並無新的披露規定, 各實體須注意提供有關編 製財務報表時作出的判斷 及估計資料的一般要求。

2019中期報告 INTERIM REPORT 39

簡明綜合中期財務資料附註

Notes to the Condensed Consolidated Interim Financial Information

3. ACCOUNTING POLICIES (continued)

  1. New standards, amendments and interpretation of HKFRSs adopted by the Group (continued)
    1. Amendments to HKFRS 9 regarding prepayment features with negative compensation, enable entities to measure certain prepayable financial assets with negative compensation at amortised cost. These assets, which include some loan and debt securities, would otherwise have to be measured at fair value through profit or loss.
      To qualify for amortised cost measurement, the negative compensation must be 'reasonable compensation for early termination of the contract' and the asset must be held within a 'held to collect' business model.
    2. Amendments to HKAS 28 regarding long-term interests in associates and joint ventures, clarify the accounting for long-term interests in an associate or joint venture, which in substance form part of the net investment in the associate or joint venture, but to which equity accounting is not applied. Entities must account for such interests under HKFRS 9 'Financial Instruments' before applying the loss allocation and impairment requirements in HKAS 28 'Investments in Associates and Joint Ventures'.

3. 會計政策(續)

  1. 本 集 團 採 納 的 香 港 財 務 報 告 準 則 的 新 訂 準 則、 修 訂 及 詮 釋

(續)

  1. 香 港 財 務 報 告 準 則 第 9 號 關於具有負補償的提前還 款特性之修訂,以便實體 按攤銷成本計量有負賠償 的若干可預付金融資產。 否則該等包括若干貸款及 債務證券的資產需按公平 值計入損益計量。
    負 賠 償 必 須 為「 對 提 前 終 止 合 同 的 合 理 賠 償 」及 資 產 的 業 務 模 式 必 須 為「 持 有 以 收 取 」, 以 符 合 以 攤 銷成本計量的資格。
  2. 香 港 會 計 準 則 第 28 號 關 於於聯營公司及合營企業 的長期權益之修訂,澄清 了在聯營公司或合營企業 中擁有長期利益,實質上 構成部分淨投資但未採用 權益法核算的會計處理。 實體必須在採用香港會計 準則第 28 號「於聯營公司 及 合 營 企 業 的 投 資 」規 定 的損失分配及減值的要求 前,先採用香港財務報告 準則第 9 號「金融工具」作 該等權益之會計核算。

40 2019中期報告 INTERIM REPORT

簡明綜合中期財務資料附註

Notes to the Condensed Consolidated Interim Financial Information

3. ACCOUNTING POLICIES (continued)

  1. New standards, amendments and interpretation of HKFRSs adopted by the Group (continued)
    1. Amendments to HKAS 19 regarding plan amendment, curtailment or settlement, clarify the accounting for defined benefit plan amendments, curtailments and settlements. They confirm that entities must:
      • calculate the current service cost and net interest for the remainder of the reporting period after a plan amendment, curtailment or settlement by using the updated assumptions from the date of the change;
      • recognise any reduction in a surplus immediately in profit or loss, either as part of past service cost or as a gain or loss on settlement. In other words, a reduction in a surplus must be recognised in profit or loss even if that surplus was not previously recognised because of the impact of the asset ceiling;
      • separately recognise any changes in the asset ceiling through other comprehensive income.

3. 會計政策(續)

  1. 本 集 團 採 納 的 香 港 財 務 報 告 準 則 的 新 訂 準 則、 修 訂 及 詮 釋

(續)

  1. 香 港 會 計 準 則 第 19 號 關 於計劃修改、縮減或結算 之修訂,澄清了對界定受 益計劃修改、縮減及結算 的會計核算。本次修改要 求實體:
    • 在 計 劃 修 改、 縮 減 或 結 算 後, 使 用 自 更 改 日 期 起 的 更 新 後 假 設 來 計 算 報 告 期 剩 餘 期 間 的 當 期 服 務 成 本 及 淨 利 息;
    • 立 即 在 損 益 中 確 認 盈 餘 減 少, 作 為 過 往 服 務 成 本 的 一 部 分 或 作 為 結 算 盈 利 或 虧 損, 即 使 由 於 資 產 上 限 的 影 響 該 盈 餘 之 前 並 未 確 認, 盈 餘 減 少 亦 必 須於損益中確認;
    • 在 其 他 全 面 收 益 單 獨 確 認 資 產 上 限 的 任何變化。

2019中期報告 INTERIM REPORT 41

簡明綜合中期財務資料附註

Notes to the Condensed Consolidated Interim Financial Information

3. ACCOUNTING POLICIES (continued)

3. 會計政策(續)

(b) The following new standard, new interpretations and

(b) 以 下 新 訂 準 則、 新 詮 釋 以 及 準

amendments to standards and interpretations have

則 及 詮 釋 之 修 訂 已 頒 佈 但 尚 未

been issued but are not effective for the financial year

201941 日 開 始 之 財 政

beginning on 1 April 2019 and have not been early

年 度 生 效, 且 未 獲 本 集 團 提 前

adopted by the Group:

採納:

(i)

HKFRS 17 'Insurance Contracts', effective for

(i)

香 港 財 務 報 告 準 則 第 17

annual periods beginning on or after 1 January

號「 保 險 合 約 」, 自 2021

2021.

11 日 或 之 後 起 年 度

期間生效。

(ii)

Amendments to HKAS 1 and HKAS 8 regarding

(ii)

香 港 會 計 準 則 第 1 號 及 香

definition of material, effective for annual periods

港 會 計 準 則 第 8 號 有 關 重

beginning on or after 1 January 2020.

大 定 義 之 修 訂, 自 2020

11 日 或 之 後 起 年 度

期間生效。

(iii)

Amendments to HKFRS 3 regarding definition

(iii)

香 港 財 務 報 告 準 則 第 3

of a business, effective for annual periods

有關業務定義之修訂,自

beginning on or after 1 January 2020.

2020 1 1 日或之後起

年度期間生效。

(iv)

Revised Conceptual Framework for Financial

(iv)

財務報告之經修訂概念框

Reporting, effective for annual periods beginning

架,自 202011 日或

on or after 1 January 2020.

之後起年度期間生效。

(v)

Amendments to HKFRS 10 and HKAS 28

(v)

香 港 財 務 報 告 準 則 第 10

regarding sale or contribution of assets between

號 及 香 港 會 計 準 則 第 28

an investor and its associate or joint venture,

號關於投資者與其聯營公

originally intended to be effective for annual

司或合營企業之間的資產

periods beginning on or after 1 January 2016.

出售或注資之修訂,原訂

The effective date has now been deferred/

201611 日或之後

removed.

開始之年度期間生效。有

關生效日期現已押後

除。

42 2019中期報告 INTERIM REPORT

簡明綜合中期財務資料附註

Notes to the Condensed Consolidated Interim Financial Information

4. ESTIMATES

4. 估計

The preparation of condensed consolidated interim financial information requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates.

In preparing this condensed consolidated interim financial information, the significant judgements made by management in applying the Group's accounting policies and the key sources of estimation of uncertainty were the same as those that applied to the consolidated financial statements for the year ended 31 March 2019, with the exception of changes in estimates that are required in determining the provision for income taxes.

編 製 簡 明 綜 合 中 期 財 務 資 料 要 求 管 理 層 對 影 響 會 計 政 策 的 應 用 和 所 報 告 資 產 和 負 債 以 及 收 支 的 數 額 作 出 判 斷、 估 計 和 假 設。 實 際 結 果 或 會 與此等估計不同。

在 編 製 此 簡 明 綜 合 中 期 財 務 資 料 時, 管 理 層 應 用 本 集 團 會 計 政 策 時 作 出 的 重 大 判 斷 和 估 計 不 確 定 性 的 關 鍵 來 源, 與 截 至 2019331 日 止 年 度 之 綜 合 財 務 報 表 所 應 用 的 相 同, 唯 於 釐 定 所 得 稅 撥 備 的 估 計 變 更除外。

5. FINANCIAL RISK MANAGEMENT

5.1 Financial risk factors

The Group's activities expose it to a variety of financial risks: market risk (including currency risk, fair value interest rate risk, cash flow interest rate risk and price risk), credit risk and liquidity risk.

The condensed consolidated interim financial information does not include all financial risk management information and disclosures required in the annual financial statements, and should be read in conjunction with the Group's annual financial statements as at 31 March 2019 as well as the credit risk of financial assets at fair value through profit or loss as described below.

As at 30 September 2019, all financial assets at fair value through profit or loss were deposited in the high quality financial institutions without significant credit risk.

There have been no changes in the risk management department since year end or in any risk management policies.

5. 財務風險管理

5.1 財務風險因素

本集團的活動承受着多種財務風險: 市 場 風 險( 包 括 貨 幣 風 險、 公 平 值 利 率 風 險、 現 金 流 量 利 率 風 險 及 價 格 風險)、信貸風險及流動性風險。

簡 明 綜 合 中 期 財 務 資 料 並 未 包 括 年 度 財 務 報 表 規 定 之 所 有 財 務 風 險 管 理 信 息 和 披 露, 且 須 與 本 集 團 之 於 2019331 日 的 年 度 財 務 報 表 以 及 下 文 所 述 按 公 平 值 透 過 損 益 記 賬 的金融資產的信用風險一併閱讀。

2019930 日, 按 公 平 值 透 過 損 益 記 賬 的 所 有 金 融 資 產 均 存 放 在 並 無 重 大 信 用 風 險 的 高 質 素 金 融 機 構。

自 年 末 以 來 風 險 管 理 部 門 或 風 險 管 理政策概無變動。

2019中期報告 INTERIM REPORT 43

簡明綜合中期財務資料附註

Notes to the Condensed Consolidated Interim Financial Information

5. FINANCIAL RISK MANAGEMENT (continued)

5. 財務風險管理(續)

5.2 Liquidity risk

5.2 流動性風險

Compared to year end, there was no material change in

與 年 末 相 比, 金 融 負 債 的 合 約 未 貼

the contractual undiscounted cash outflows for financial

現現金流出並無重大變動。

liabilities.

As at 30 September 2019, the contractual maturities of

2019930 日, 金 融 負 債 的 合

financial liabilities were as follows:

約到期情況如下:

Between

Between

Total

Less than

1 and 2

2 and 5

Over

contractual

1 year

years

years

5 years

cash flows

合約

少於 1

1年至 2

2年至 5

5年以上

現金流總額

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

At 30 September 2019

2019930

The Group

本集團

Trade payables (Note 13)

貿易應付款(附註 13

1,217,600

-

-

-

1,217,600

Borrowings (Note 14)

借款(附註 14

1,637,941

5,192,412

3,536,450

-

10,366,803

Interests payable

應付利息

277,045

195,139

62,133

-

534,317

Lease liabilities

租賃負債

49,091

33,354

28,165

20,794

131,404

Other payables and

其他應付款及其他

  other non-current liabilities

非流動負債

1,515,686

5,898

17,692

58,492

1,597,768

4,697,363

5,426,803

3,644,440

79,286

13,847,892

At 31 March 2019

2019331

(restated)

(經重列)

The Group

本集團

Trade payables (Note 13)

貿易應付款(附註 13

1,034,900

-

-

-

1,034,900

Borrowings (Note 14)

借款(附註 14

1,743,882

-

7,808,610

-

9,552,492

Interests payable

應付利息

268,746

253,879

326,331

-

848,956

Other payables and

其他應付款及其他

  other non-current liabilities

非流動負債

1,398,230

5,898

17,692

60,311

1,482,131

4,445,758

259,777

8,152,633

60,311

12,918,479

5.3 Fair value estimation

The table below analyses financial instruments carried at fair value, by valuation method. The different levels have been defined as follows:

  • Quoted prices (unadjusted) in active markets for identical assets or liabilities (level 1).

5.3 公平值估計

下 表 利 用 估 值 方 法 分 析 按 公 平 值 入 賬的金融工具。不同層級定義如下:

  • 相 同 資 產 或 負 債 在 活 躍 市 場 的 報價(未經調整)(第 1 層)。

44 2019中期報告 INTERIM REPORT

簡明綜合中期財務資料附註

Notes to the Condensed Consolidated Interim Financial Information

5. FINANCIAL RISK MANAGEMENT (continued)

5.

財務風險管理(續)

5.3 Fair value estimation (continued)

5.3

公平值估計(續)

• Inputs other than quoted prices included within level

除 了 第 1 層 所 包 括 的 報 價 外,

1 that are observable for the asset or liability, either

該 資 產 或 負 債 的 可 觀 察 的 其 他

directly (that is, as prices) or indirectly (that is, derived

輸 入可 為直接( 即例 如價格 )或

from prices) (level 2).

間接(即源自價格)(第 2 層)。

• Inputs for the asset or liability that are not based on

資 產 或 負 債 並 非 依 據 可 觀 察 市

observable market data (that is, unobservable inputs)

場 數 據 的 輸 入( 即 非 可 觀 察 輸

(level 3).

入)(第 3 層)。

The following table presents the Group's financial assets that

下 表 顯 示 本 集 團 按 2019930

are measured at fair value at 30 September 2019.

公平值計量之金融資產。

Level 1

Level 2

Level 3

Total

第一層

第二層

第三層

總計

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

Assets

資產

Financial assets at fair value through

按公平值透過其他全面

other comprehensive income

收益記賬的金融資產

38,533

-

5

38,538

The following table presents the Group's financial assets that

下 表 顯 示 本 集 團 按 2019331

are measured at fair value at 31 March 2019.

公平值計量之金融資產。

Level 1

Level 2

Level 3

Total

第一層

第二層

第三層

總計

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

Assets

資產

Financial assets at fair value through

按公平值透過其他全面

other comprehensive income

收益記賬的金融資產

38,666

-

5

38,671

("FVOCI")

In 2019, there were no significant changes in the business or economic circumstances that affect the fair value of the Group's financial assets.

2019 年, 業 務 或 經 濟 環 境 並 無 任 何 重 大 變 動 以 致 影 響 本 集 團 之 金 融 資產的公平值。

2019中期報告 INTERIM REPORT 45

簡明綜合中期財務資料附註

Notes to the Condensed Consolidated Interim Financial Information

5. FINANCIAL RISK MANAGEMENT (continued)

5. 財務風險管理(續)

5.4

Valuation techniques used to derive Level 2 fair values

5.4

用 以 取 得 第 2 層 公 平 值 的 估 值

技術

Level 2 represents financial assets at fair value through profit

2 層指按公平值透過損益記賬的金

or loss which have been fair valued using quoted market

融資產,乃按所報市價計算公平值。

price.

5.5

Fair value of financial assets and liabilities measured at

5.5

按 已 攤 銷 成 本 計 量 的 金 融 資 產

amortised cost

及負債之公平值

The fair value of the following financial assets and liabilities

於 結 算 日, 下 列 金 融 資 產 及 負 債 的

approximate their carrying amount as at the balance sheet

公平值接近其賬面值:

date:

Trade receivables

貿易應收款

Deposits and other receivables

按金及其他應收款

Cash and cash equivalents

現金及現金等價物

Trade payables

貿易應付款

Other payables

其他應付款

Lease liabilities

租賃負債

Borrowings

借款

Contract liabilities

合約負債

46 2019中期報告 INTERIM REPORT

簡明綜合中期財務資料附註

Notes to the Condensed Consolidated Interim Financial Information

6. SEGMENT INFORMATION

6. 分部資料

The chief operating decision-maker has been identified as the executive Directors. The executive Directors review the Group's internal reports in order to assess performance and allocate resources. Management has determined the operating segments based on their reports.

The executive Directors consider the business from a product perspective and assess the performance of the operating segments based on a measure of segment profit or loss. Management assesses the performance of rice crackers, dairy products and beverages, snack foods and other products.

The Group's operations are mainly organized under four business segments, including manufacturing and sale of:

  • Rice crackers, including sugar coated crackers, savoury crackers and fried crackers, gift packs;
  • Dairy products and beverages, including flavoured milk, room-temperature yogurt, yogurt drinks, ready-to- drink coffee, juice drinks, sports drinks, herbal tea and milk powder;
  • Snack foods, including candies, popsicles, ball cakes and jellies, beans, nuts and others; and
  • Other products, including mainly wine and other food products.

Over 90% of the Group's revenue and business activities are conducted in the PRC.

The executive Directors assess the performance of the business segments based on profit before income tax without allocation of unallocated costs, finance income-net and share of losses of associates, which is consistent with that in the financial statements.

執 行 董 事 為 主 要 營 運 決 策 者。 執 行 董 事 負 責 審 閱 本 集 團 之 內 部 報 告, 以 評 估 表 現 和 分 配 資 源。 管 理 層 乃 根據該等報告釐定營運分部。

執 行 董 事 從 產 品 的 角 度 考 慮 業 務 及 根 據 分 部 損 益 之 計 量 基 準 評 估 營 運 分 部 之 表 現。 管 理 層 評 估 米 果、 乳 品 及 飲 料、 休 閒 食 品 和 其 他 產 品 之 表現。

本 集 團 的 營 運 主 要 以 下 列 四 個 業 務 分部統籌,包括生產及銷售:

- 米 果 產 品, 包 括 糖 衣 燒 米 餅、 鹹酥米餅及油炸小食、大禮包;

- 乳 品 及 飲 料, 包 括 風 味 牛 奶、 常 溫 酸 奶、 乳 酸 飲 料、 即 飲 咖 啡、 果 汁 飲 料、 運 動 飲 料、 涼 茶及奶粉;

- 休 閒 食 品, 包 括 糖 果、 冰 品、 小 饅 頭 和 果 凍、 豆 類、 果 仁 和 其他;及

- 其 他 產 品, 主 要 為 酒 類 及 其 他 食品。

本 集 團 超 過 90% 的 收 益 及 業 務 都 是 在中國進行。

執行董事根據除所得稅前利潤(不計 對 未 分 配 成 本、 融 資 收 入 - 淨 額 及 應佔聯營公司虧損之分配)評估業務 分部之表現,與財務報表一致。

2019中期報告 INTERIM REPORT 47

簡明綜合中期財務資料附註

Notes to the Condensed Consolidated Interim Financial Information

6. SEGMENT INFORMATION (continued)

6.

分部資料(續)

The segment information for the six months ended 30

截 至 2019930 日 止 六 個 月 分 部

September 2019 is as follows:

資料如下:

Six months ended 30 September 2019

截至 2019930日止六個月

Dairy

Rice

products and

Snack

Other

crackers

beverages

foods

products

Group

米果

乳品及飲料

休閒食品

其他產品

集團

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

Segment results

分部業績

Revenue

收益

1,820,605

4,949,929

2,508,634

24,903

9,304,071

Timing of revenue recognition

收益確認之時間

  At a point in time

於某一個時間點

1,820,605

4,949,929

2,508,634

24,903

9,304,071

Segment profit

分部利潤

287,553

1,531,721

513,081

11,956

2,344,311

Unallocated costs

未分配成本

(290,544)

Finance income - net

融資收入-淨額

137,375

Share of losses of associates

應佔聯營公司虧損

(1,775)

Profit before income tax

除所得稅前利潤

2,189,367

Income tax expense

所得稅費用

(584,518)

Profit for the period

期間利潤

1,604,849

Other segment items included

計入收益表之其他

  in the income statement

分部項目

Depreciation of property,

物業、機器及

  plant and equipment

設備折舊

115,845

174,649

114,203

1,042

405,739

Amortisation of right-of-use assets

使用權資產攤銷

7,456

15,379

7,341

1,641

31,817

Depreciation of investment properties

投資物業折舊

-

-

-

731

731

Unallocated depreciation and

物業、機器及設備、

  amortisation of property, plant and

使用權資產、

  equipment, right-of-use assets,

投資物業及無形資產

  investment properties and

未分配折舊及攤銷

-

-

-

-

8,325

  intangible assets

Capital expenditure

資本開支

Capital expenditure by segments

按分部劃分之資本開支

16,997

47,024

33,164

7,021

104,206

Unallocated capital expenditure

未分配資本開支

31,211

Total capital expenditure

資本開支總額

135,417

48 2019中期報告 INTERIM REPORT

簡明綜合中期財務資料附註

Notes to the Condensed Consolidated Interim Financial Information

6. SEGMENT INFORMATION (continued)

6.

分部資料(續)

The segment assets and liabilities as at 30 September 2019

2019930 日 的 分 部 資 產 及 負

are as follows:

債如下:

30 September 2019

2019 9 30

Dairy

Rice

products and

Snack

Other

crackers

beverages

foods

products

Group

米果

乳品及飲料

休閒食品

其他產品

集團

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

Segment assets and liabilities

分部資產及負債

Segment assets

分部資產

2,229,700

6,896,981

3,328,331

120,990

12,576,002

Unallocated assets

未分配資產

124,543

Cash and cash equivalents

現金及現金等價物

16,636,232

Investments in associates

聯營公司投資

17,004

Total assets

總資產

29,353,781

Segment liabilities

分部負債

947,445

2,586,634

1,309,412

14,299

4,857,790

Unallocated liabilities

未分配負債

202,837

Borrowings

借款

10,335,645

Total liabilities

總負債

15,396,272

2019中期報告 INTERIM REPORT 49

簡明綜合中期財務資料附註

Notes to the Condensed Consolidated Interim Financial Information

6. SEGMENT INFORMATION (continued)

6. 分部資料(續)

The segment information for the six months ended 30

截 至 2018930 日 止 六 個 月 分 部

September 2018 is as follows:

資料如下:

Six months ended 30 September 2018

截至 2018930日止六個月

Dairy

Rice

products and

Snack

Other

crackers

Beverages

foods

products

Group

米果

乳品及飲料

休閒食品

其他產品

集團

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

Segment results

分部業績

Revenue

收益

1,859,329

4,690,316

2,675,834

22,646

9,248,125

Timing of revenue recognition

收益確認時間

  At a point in time

於某一個時間點

1,859,329

4,690,316

2,675,834

22,646

9,248,125

Segment profit

分部利潤

261,331

1,333,516

493,668

908

2,089,423

Unallocated costs

未分配成本

(317,071)

Finance income-net

融資收入-淨額

112,403

Share of losses of associates

應佔聯營公司虧損

(3,697)

Profit before income tax

除所得稅前利潤

1,881,058

Income tax expense

所得稅費用

(525,590)

Profit for the period

期間利潤

1,355,468

Other segment items included

計入收益表之其他

  in the income statement

分部項目

Depreciation of property,

物業、機器及

  plant and equipment

設備折舊

118,838

168,529

115,515

608

403,490

Amortisation of leasehold land and

租賃土地及土地

  land use rights

使用權攤銷

3,131

7,053

3,067

611

13,862

Depreciation of investment properties

投資物業折舊

-

-

-

730

730

Unallocated depreciation and

物業、機器及設備、租賃

  amortisation of property, plant and

土地及土地使用權、

  equipment, leasehold land and land

投資物業及無形資產

  use rights, investment properties

未分配折舊及攤銷

-

-

-

-

9,667

  and intangible assets

Capital expenditure

資本開支

Capital expenditure by segments

按分部劃分之資本開支

40,733

78,195

12,606

16,428

147,962

Unallocated capital expenditure

未分配資本開支

33,698

Total Capital expenditure

資本開支總額

181,660

50 2019中期報告 INTERIM REPORT

簡明綜合中期財務資料附註

Notes to the Condensed Consolidated Interim Financial Information

6. SEGMENT INFORMATION (continued)

6. 分部資料(續)

The segment assets and liabilities as at 31 March 2019 are

2019331 日 的 分 部 資 產 及 負

as follows:

債如下:

31 March 2019 (restated)

2019331日(經重列)

Dairy

Rice

products and

Snack

Other

Crackers

beverages

foods

products

Group

米果

乳品及飲料

休閒食品

其他產品

集團

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

Segment assets and liabilities

分部資產及負債

Segment assets

分部資產

2,518,037

6,711,871

3,223,981

120,879

12,574,768

Unallocated assets

未分配資產

120,430

Cash and cash equivalents

現金及現金等價物

17,160,428

Investments in associates

聯營公司投資

18,779

Total assets

總資產

29,874,405

Segment liabilities

分部負債

1,280,730

2,256,105

1,193,901

11,077

4,741,813

Unallocated liabilities

未分配負債

155,405

Borrowings

借款

9,517,360

Total liabilities

總負債

14,414,578

7. INVESTMENT IN ASSOCIATES

7.

聯營公司投資

Six months ended

30 September 2019

截至 2019 9 30

止六個月

RMB'000

人民幣千元

Opening balance

期初結餘

18,779

Share of losses of associates

應佔聯營公司虧損

(1,775)

Closing balance

期末結餘

17,004

2019中期報告 INTERIM REPORT 51

簡明綜合中期財務資料附註

Notes to the Condensed Consolidated Interim Financial Information

8. PROPERTY, PLANT AND EQUIPMENT,

8. 物業、機器及設備,租賃土地及土

LEASEHOLD LAND AND LAND USE

地使用權,投資物業以及無形資產

RIGHTS, INVESTMENT PROPERTIES AND

INTANGIBLE ASSETS

Property,

Leasehold

plant and

land and land

Investment

Intangible

equipment

use rights

properties

assets

物業、機器

租賃土地及

及設備

土地使用權

投資物業

無形資產

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

Six months ended

截至 2019930

30 September 2019

止六個月

Opening net book amount

201941

as at 1 April 2019

期初賬面淨值

(restated)

(經重列)

7,331,250

939,914

38,038

14,199

Additions

增添

164,521

-

-

434

Disposals

處置

(7,502)

-

-

-

Depreciation and amortisation

折舊及攤銷

(411,671)

-

(731)

(1,376)

Exchange differences

匯兌差額

6,221

-

809

204

Reclassification

重新分類

-

(939,914)

-

-

Closing net book amount

2019930

as at 30 September 2019

期末賬面淨值

7,082,819

-

38,116

13,461

Six months ended

截至 2018930

30 September 2018

止六個月

Opening net book amount

201841

as at 1 April 2018

期初賬面淨值

(restated)

(經重列)

7,807,934

1,149,627

39,293

15,968

Additions

增添

183,112

-

-

509

Disposals

處置

(7,360)

-

-

-

Depreciation and amortisation

折舊及攤銷

(411,690)

(13,964)

(730)

(1,365)

Exchange differences

匯兌差額

6,634

854

797

195

Closing net book amount

2018930

as at 30 September 2018

期末賬面淨值

(restated)

(經重列)

7,578,630

1,136,517

39,360

15,307

52 2019中期報告 INTERIM REPORT

簡明綜合中期財務資料附註

Notes to the Condensed Consolidated Interim Financial Information

9. INVENTORIES

9.

存貨

30 September

31 March

2019

2019

2019

2019

9 30

3 31

RMB'000

RMB'000

人民幣千元

人民幣千元

(restated)

(經重列)

Raw materials and packaging

原材料及

materials

包裝物料

1,577,929

1,367,994

Work in progress

在製品

213,795

214,805

Finished goods

製成品

672,228

603,542

Goods in transit

運送中貨物

112,638

201,406

Total

總計

2,576,590

2,387,747

10. TRADE RECEIVABLES

10. 貿易應收款

30 September

31 March

2019

2019

2019

2019

9 30

3 31

RMB'000

RMB'000

人民幣千元

人民幣千元

(restated)

(經重列)

Trade receivables

貿易應收款

  - from third parties

-應收第三方

995,810

1,094,011

  - from related parties (Note 21(b))

-應收關聯方(附註 21(b)

18,541

13,039

減:減值撥備

1,014,351

1,107,050

Less: provision for impairment

(75,262)

(72,080)

Trade receivables, net

貿易應收款,淨額

939,089

1,034,970

Most of the Group's sales are on cash-on-delivery basis whereas those made through modern distribution channels are normally on credit terms ranging from 60 to 90 days (for the year ended 31 March 2019: 60 to 90 days).

本 集 團 大 部 分 的 銷 售 以 款 到 發 貨 的 方 式 進 行, 透 過 現 代 分 銷 渠 道 的 信 貸客戶一般獲授予 60 天至 90 天的信 貸期(截至 2019331 日止年度: 60 天至 90 天)。

2019中期報告 INTERIM REPORT 53

簡明綜合中期財務資料附註

Notes to the Condensed Consolidated Interim Financial Information

10. TRADE RECEIVABLES (continued)

10. 貿易應收款(續)

As at 30 September 2019 and 31 March 2019, the ageing

2019 9 30 日及 2019 3 31

analysis of trade receivables based on invoice date is as

日 貿 易 應 收 款 根 據 賬 單 日 期 的 賬 齡

follows:

分析如下:

30 September

31 March

2019

2019

2019

2019

9 30

3 31

RMB'000

RMB'000

人民幣千元

人民幣千元

(restated)

(經重列)

Within 60 days

60 天內

632,285

447,461

61-90 days

61 90

155,235

368,864

91-180 days

91 180

72,266

199,770

181-365 days

181 365

92,026

36,511

Over 365 days

365 天以上

62,539

54,444

Total

總計

1,014,351

1,107,050

11. SHARE CAPITAL

11. 股本

Number of

Registered

shares

capital

股數

註冊資本

US$000

千美元

Authorized:

法定:

Shares of US$0.02 each

每股面值 0.02 美元之股份

As at 1 April 2019 till

201941日至

30 September 2019

2019 9 30

30,000,000,000

600,000

Number of

Share

shares

capital

股數

股本

RMB'000

人民幣千元

Issued and fully paid:

已發行及繳足:

Shares of US$0.02 each

每股面值 0.02 美元之股份

As at 1 April 2019

201941

12,449,287,135

1,871,067

Shares repurchased and cancelled

已購回及註銷之股份

(26,650,000)

(3,657)

As at 30 September 2019

2019930

12,422,637,135

1,867,410

54 2019中期報告 INTERIM REPORT

簡明綜合中期財務資料附註

Notes to the Condensed Consolidated Interim Financial Information

11. SHARE CAPITAL (continued)

11. 股本(續)

Number of

Share

shares

capital

股數

股本

RMB'000

人民幣千元

As at 1 April 2018 till

201841日至

30 September 2018

2018 9 30

12,449,287,135

1,871,067

The movements in issued share capital of the Company

本 公 司 於 截 至 2019930 日 止 六

during the six months ended 30 September 2019 were as

個月之已發行股本變動如下:

follows:

The Company acquired 26,650,000 of its own shares for

本 公 司 從 20194 月 至 9 月 在 香 港

the six months ended 30 September 2019 (for the six

聯 合 交 易 所 有 限 公 司 購 買 其 本 身

months ended 30 September 2018: nil) through purchases

26,650,000 股股份(截至 2018 9

on the Stock Exchange of Hong Kong Limited from April to

30 日止六個月:無),而有關股份已

September 2019, and the shares were cancelled in May

20195 月註銷。

2019.

The total amount paid to acquire the above shares for the six

截 至 2019930 日 止 六 個 月, 收

months ended 30 September 2019 was RMB142,357,000

購 上 述 股 份 所 支 付 之 金 額 為 人 民 幣

and was deducted from share capital of RMB3,657,000 and

142,357,000 元,並分別於股本及保

retained earnings of RMB138,700,000 respectively (for the

留盈利中扣除人民幣 3,657,000 元及

six months ended 30 September 2018: nil).

人民幣 138,700,000 元(截至 2018

930 日止六個月:無)。

2019中期報告 INTERIM REPORT 55

簡明綜合中期財務資料附註

Notes to the Condensed Consolidated Interim Financial Information

12. RESERVES

12. 儲備

Currency

Share

Capital

FVOCI

realignment

Statutory

Retained

premium

reserves

reserves

reserves

reserves

Subtotal

earnings

Total

按公平值

透過其他

全面收益

貨幣調整

股份溢價

資本儲備

記賬儲備

儲備

法定儲備

小計

保留盈利

總計

RMB'000

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

人民幣千元

Note

Note (a)

Note (b)

Note (c)

附註

附註 (a)

附註 (b)

附註 (c)

As at 1 April 2019

201941

462,130

(7,310,629)

19,323

(244,723)

3,120,043

(3,953,856)

17,413,488

13,459,632

Adjustment due to business

因共同控制下業務合併產生

combinations under common

的調整

-

48,640

-

-

-

48,640

(17,049)

31,591

control

22

As at 1 April 2019 (restated)

201941日之結餘(經重列)

462,130

(7,261,989)

19,323

(244,723)

3,120,043

(3,905,216)

17,396,439

13,491,223

Profit for the period

期間利潤

-

-

-

-

-

-

1,614,913

1,614,913

Other comprehensive income:

其他全面收益:

Fair value losses on FVOCI

按公平值透過其他全面

收益記賬的公平值虧損

-

-

(959)

-

-

(959)

-

(959)

Remeasurements of post-

退休福利責任

employment benefit

之重新計量

-

(7)

-

-

-

(7)

-

(7)

obligations

貨幣匯兌差額

Currency translation differences

-

-

-

(365,908)

-

(365,908)

-

(365,908)

Total comprehensive income

期間的全面收益

for the period

總額

-

(7)

(959)

(365,908)

-

(366,874)

1,614,913

1,248,039

Business combinations under

共同控制下之

common control

業務合併

22

-

(51,986)

-

-

-

(51,986)

-

(51,986)

Shares repurchased and

已購回及註銷

cancelled

之股份

-

-

-

-

-

-

(138,700)

(138,700)

Dividends relating to

2019年支付的

2018 paid in 2019

2018年度股息

20

-

-

-

-

-

-

(2,543,364)

(2,543,364)

As at 30 September 2019

2019930

462,130

(7,313,982)

18,364

(610,631)

3,120,043

4,324,076

16,329,288

12,005,212

56 2019中期報告 INTERIM REPORT

簡明綜合中期財務資料附註

Notes to the Condensed Consolidated Interim Financial Information

12. RESERVES (continued)

12. 儲備(續)

Currency

Share

Capital

FVOCI

realignment

Statutory

Retained

premium

reserves

reserves

reserves

reserves

Subtotal

earnings

Total

按公平值

透過其他

全面收益

貨幣調整

股份溢價

資本儲備

記賬儲備

儲備

法定儲備

小計

保留盈利

總計

RMB'000

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

人民幣千元

Note

Note (a)

Note (b)

Note (c)

附註

附註 (a)

附註 (b)

附註 (c)

As at 1 April 2018

201841

462,130

(7,313,620)

28,699

86,371

2,902,322

(3,834,098)

16,451,228

12,617,130

Adjustment due to business

因共同控制下業務合併產生

combinations under common

的調整

-

48,640

-

-

-

48,640

(17,049)

31,591

control

22

As at 1 April 2018 (restated)

201841日之結餘(經重列)

462,130

(7,264,980)

28,699

86,371

2,902,322

(3,785,458)

16,434,179

12,648,721

Profit for the period

期間利潤

-

-

-

-

-

-

1,364,413

1,364,413

Other comprehensive income:

其他全面收益:

Fair value losses on FVOCI

按公平值透過其他全面

收益記賬的公平值虧損

-

-

(3,869)

-

-

(3,869)

-

(3,869)

Currency translation differences

貨幣匯兌差額

-

-

-

(515,522)

-

(515,522)

-

(515,522)

Total comprehensive income

期間的全面

for the period

收益總額

-

-

(3,869)

(515,522)

-

(519,391)

1,364,413

845,022

Dividends relating to

2018年支付的

2017 paid in 2018

2017年度股息

20

-

-

-

-

-

-

(1,842,996)

(1,842,996)

As at 30 September 2018

2018930

(restated)

(經重列)

462,130

(7,264,980)

24,830

(429,151)

2,902,322

(4,304,849)

15,955,596

11,650,747

2019中期報告 INTERIM REPORT 57

簡明綜合中期財務資料附註

Notes to the Condensed Consolidated Interim Financial Information

12. RESERVES (continued)

12. 儲備(續)

(a)

Share premium

(a)

股份溢價

Pursuant to Section 34 of the Cayman Companies Law

根 據 開 曼 群 島 公 司 法(2003

(2003 Revision) and the Articles of Association of the

修 訂 )第 34 條 及 本 公 司 的 公 司

Company, share premium of the Company is available

章 程 細 則, 本 公 司 的 股 份 溢 價

for distribution to shareholders subject to a solvency

可 供 分 派 予 股 東, 唯 須 受 本 公

test on the Company and the provision of the Articles

司 的 償 債 能 力 測 試 及 本 公 司 的

of Association of the Company.

公司章程細則條文所限。

(b)

Capital reserves

(b)

資本儲備

This represents capital reserves arising from the share

此為於 2007 年本集團重組時進

swap transactions during the Group reorganisation in

行股份互換交易及於 2019 年共

2007 and the business combinations under common

同 控 制 下 企 業 合 併 產 生 的 資 本

control in 2019.

儲備。

(c)

Statutory reserves

(c)

法定儲備

The PRC laws and regulations require companies

中 國 法 律 法 規 要 求 在 中 國 註 冊

registered in the PRC to provide for certain statutory

的 公 司 從 各 自 法 定 財 務 報 表 所

reserves, which are to be appropriated from the net

呈報的淨利潤(抵銷以往年度的

profit (after offsetting accumulated losses from prior

累計虧損後)中,於分派利潤予

years) as reported in their respective statutory financial

權 益 持 有 人 前, 劃 撥 款 項 以 提

statements, before profit distributions to equity holders.

撥 若 干 法 定 儲 備 金。 所 有 法 定

All statutory reserves are created for specific purposes.

儲 備 金 均 為 特 定 用 途 而 設 立。

PRC companies are required to appropriate 10% of

中 國 公 司 於 分 派 當 年 度 的 除 稅

statutory net profits to statutory surplus reserves, upon

後 利 潤 時, 須 向 法 定 盈 餘 儲 備

distribution of their post-tax profits of the current year.

劃 撥 淨 利 潤 的 10%。 當 公 司 法

A company may discontinue the contribution when the

定 盈 餘 儲 備 的 總 和 超 過 其 註 冊

aggregate sum of the statutory surplus reserve is more

資 本 的 50% 時, 公 司 可 停 止 劃

than 50% of its registered capital. The statutory surplus

撥。 法 定 盈 餘 儲 備 只 可 用 作 彌

reserves shall only be used to make up losses of the

補 公 司 的 虧 損、 擴 大 公 司 的 生

companies, to expand the companies' production

產 營 運 或 增 加 公 司 的 資 本。 此

operations, or to increase the capital of the companies.

外, 按 照 董 事 會 的 決 議 案, 公

In addition, a company may make further contribution

司 可 使 用 其 除 稅 後 利 潤 酌 情 向

to the discretionary surplus reserve using its post-tax

盈餘儲備作出進一步供款。

profits in accordance with resolutions of the Board of

Directors.

The Taiwan Company Law requires a company to

台 灣 公 司 法 規 定 公 司 於 宣 派 任

appropriate 10% of its annual net income to a legal

何 部 分 的 年 度 淨 收 入 作 為 股 息

reserve before it declares any part of such net income

或 紅 利 前, 將 其 年 度 淨 收

as dividends and/or bonuses, until the accumulated

入 的 10% 劃 撥 為 法 定 儲 備, 直

legal reserve equals the total registered capital. This

至 累 計 法 定 儲 備 等 於 總 註 冊 資

reserve can only be used to cover losses, or, if the

本 為 止。 該 儲 備 只 可 用 作 彌 補

balance of the reserve exceeds 50% of the registered

虧 損, 或 假 若 該 儲 備 的 結 餘 超

capital, to increase the registered capital by an amount

逾 註 冊 資 本 的 50%, 則 可 用 作

not exceeding 50% of the legal reserve.

增 加 註 冊 資 本, 唯 數 額 不 得 超

過法定儲備的 50%

58 2019中期報告 INTERIM REPORT

簡明綜合中期財務資料附註

Notes to the Condensed Consolidated Interim Financial Information

13. TRADE PAYABLES

13. 貿易應付款

As at 30 September 2019 and 31 March 2019, the ageing

2019 9 30 日及 2019 3 31

analysis of the trade payables is as follows:

日,貿易應付款的賬齡分析如下:

30 September

31 March

2019

2019

2019

2019

9 30

3 31

RMB'000

RMB'000

人民幣千元

人民幣千元

Within 60 days

60 天內

1,195,166

970,721

61 to 180 days

61 180

5,773

43,194

181 to 365 days

181 365

3,446

6,422

Over 365 days

365 天以上

13,215

14,563

Total

總計

1,217,600

1,034,900

14. BORROWINGS

14. 借款

30 September

31 March

2019

2019

2019

2019

9 30

3 31

RMB'000

RMB'000

人民幣千元

人民幣千元

(restated)

(經重列)

Non-current

非流動

8,697,704

7,773,478

Current

流動

1,637,941

1,743,882

Total

總計

10,335,645

9,517,360

2019中期報告 INTERIM REPORT 59

簡明綜合中期財務資料附註

Notes to the Condensed Consolidated Interim Financial Information

14. BORROWINGS (continued)

14. 借款(續)

Movements in borrowings are analysed as follows:

借款變動分析如下:

RMB'000

人民幣千元

Six months ended 30 September 2019

截至 2019930 日止六個月

Opening amount as at 1 April 2019 (restated)

201941 日期初值(經重列)

9,517,360

Additions

增添

3,807,255

Repayments of borrowings

償還借款

(3,450,773)

Exchange differences

匯兌差額

461,803

Closing amount as at 30 September 2019

2019930 日期末值

10,335,645

Six months ended 30 September 2018

截至 2018930 日止六個月

Opening amount as at 1 April 2018 (restated)

201841 日期初值(經重列)

6,907,113

Additions

增添

5,833,209

Repayments of borrowings

償還借款

(3,988,550)

Exchange differences

匯兌差額

695,143

Closing amount as at 30 September 2018

2018930 日期末值

(restated)

(經重列)

9,446,915

In 2017, the Group issued US$500,000,000 guaranteed bonds (the "Bonds") which will be repayable in whole on 27 April 2022. The Bonds were issued with a principal amount of US$500,000,000, bearing interest at a fixed rate of 2.875% per annum, payable semi-annually and listed on the Stock Exchange of Hong Kong Limited. The offering price for the Bonds is 98.878% of its principal amount.

In June 2018, the Group issued the private placement notes in an amount of RMB500,000,000 for a term of 1 year with coupon rate of 5.4% per annum ("Private Placement Notes") in the interbank market of the People's Republic of China. As at 30 September 2019, the Private Placement Notes were fully redeemed at the maturity date of 27 June 2019 at their principal amount together with interest payable.

2017 年, 本 集 團 發 行 有 擔 保 債 券 (「債券」)500,000,000 美元,並將於 2022427 日 悉 數 償 還。 本 金 額 為 500,000,000 美元之債券獲發行, 並 按 2.875% 之 固 定 年 利 率 計 息( 每 半年支付一次)及於香港聯合交易所 有 限 公 司 上 市。 債 券 之 發 售 價 為 其

本金額之 98.878%

本 集 團 於 20186 月 在 中 華 人 民 共 和 國 境 內 銀 行 間 市 場 發 行 金 額 為 人 民 幣 500,000,000 元, 期 限 為 1 年, 票 面 利 率 為 每 年 5.4% 之 非 公 開 定 向 債 務 融 資 工 具(「 非 公 開 定 向 債 務 融 資 工 具 」)。 於 2019930 日, 非 公 開 定 向 債 務 融 資 工 具 已 於 2019627 日到期日全部贖回,按本金金 額連同應計利息悉數結算。

60 2019中期報告 INTERIM REPORT

簡明綜合中期財務資料附註

Notes to the Condensed Consolidated Interim Financial Information

14. BORROWINGS (continued)

14. 借款(續)

Interest expense on borrowings for the six months ended

截 至 2019930 日 止 六 個 月 的 借

30 September 2019 is RMB158,169,000 (for the six months

款利息開支為人民幣 158,169,000

ended 30 September 2018: RMB123,770,000).

(截至 2018930 日止六個月:人

民幣 123,770,000 元)。

The Group had the following undrawn borrowing facilities:

本集團有下列未提取的借款融通:

30 September

31 March

2019

2019

2019

2019

9 30

3 31

RMB'000

RMB'000

人民幣千元

人民幣千元

Floating rate:

浮動利息:

  - expiring within one year

-一年內到期

7,321,674

7,552,888

15. OTHER GAINS/(LOSSES) - NET

15. 其他收(虧損)-淨額

Six months ended

30 September

截至 930 日止六個月

2019

2018

RMB'000

RMB'000

人民幣千元

人民幣千元

Net foreign exchange gains/(losses)

匯兌淨收益(虧損)

8,270

(31,004)

Losses on disposal of property,

出售物業、機器及設備

plant and equipment, net

淨虧損

(4,285)

(3,818)

Gains on disposal of leasehold land

出售租賃土地及

and land use rights

土地使用權收益

-

3

Donation expenses

捐贈開支

(5,538)

(2,168)

Gains on fair value re-measurement

按公平值透過損益記賬

of financial assets at fair value

的金融資產重新計量

through profit or loss

公平值的收益

-

14,555

Others

其他

3,340

18,089

Total

總計

1,787

(4,343)

2019中期報告 INTERIM REPORT 61

簡明綜合中期財務資料附註

Notes to the Condensed Consolidated Interim Financial Information

16. OTHER INCOME

16. 其他收入

Six months ended

30 September

截至 930 日止六個月

2019

2018

RMB'000

RMB'000

人民幣千元

人民幣千元

Government grants

政府補助金

121,555

174,844

Sale of scraps

出售廢棄物資

31,079

30,806

Rental income from investment

投資物業所得

properties

租金收入

1,053

1,861

Others

其他

3,836

6,489

Total

總計

157,523

214,000

17. EXPENSES BY NATURE

17. 按性質分類的費用

Six months ended

30 September

截至 930 日止六個月

2019

2018

RMB'000

RMB'000

人民幣千元

人民幣千元

Raw materials used and

已用原材料及

changes in inventory

存貨變動

3,479,354

3,694,438

Employee benefit expenses

僱員福利開支

including directors' emoluments

(包括董事酬金)

1,876,004

1,905,595

Depreciation and amortisation

折舊及攤銷

445,881

427,019

Transportation expenses

運輸開支

363,578

368,854

Promotion and advertising expenses

宣傳及廣告開支

309,387

340,103

Water, electricity and energy

水電及

expenses

能源開支

279,977

300,852

Operating lease in respect of

有關租賃土地及

  leasehold land and buildings

樓宇的經營租賃

76,625

82,209

Losses on obsolete and write-down

陳舊及存貨

  of inventories

撇減虧損

40,443

17,673

Others

其他

538,365

548,687

Total of cost of sales, distribution

銷貨成本、分銷成本

  costs and administrative expenses

及行政費用總計

7,409,614

7,685,430

62 2019中期報告 INTERIM REPORT

簡明綜合中期財務資料附註

Notes to the Condensed Consolidated Interim Financial Information

18. INCOME TAX EXPENSE

18. 所得稅費用

Six months ended

30 September

截至 930 日止六個月

2019

2018

RMB'000

RMB'000

人民幣千元

人民幣千元

Current income tax

當期所得稅

  - Mainland China

-中國內地

509,156

500,205

  - Taiwan

-台灣

6,776

4,031

  - Hong Kong and overseas

-香港及海外

142

195

遞延所得稅

516,074

504,431

Deferred income tax

68,444

21,159

Total

總計

584,518

525,590

Income tax expense is recognised based on management's estimate of the weighted average annual income tax rate expected for the full financial year.

所 得 稅 費 用 乃 根 據 管 理 層 對 整 個 財 政 年 度 預 期 加 權 平 均 年 度 所 得 稅 稅 率作出的估計確認。

19. EARNINGS PER SHARE

  1. Basic
    Basic earnings per share is calculated by dividing the profit attributable to equity holders of the Company by the weighted average number of ordinary shares in issue during the period.

19. 每股盈利

  1. 基本
    每 股 基 本 盈 利 按 本 公 司 權 益 持 有 人 應 佔 利 潤 除 以 期 間 已 發 行 普通股之加權平均數計算。

Six months ended 30 September

截至 930日止六個月

2019

2018

Profit attributable to equity

本公司權益持有人

  holders of the Company

應佔利潤

  (RMB'000)

(人民幣千元)

1,614,913

1,364,413

Weighted average number of

已發行普通股加權

  ordinary shares in issue

平均數

  (thousands)

(千股)

12,428,837

12,449,287

Basic earnings per share

每股基本盈利

RMB 12.99 cents

RMB 10.96 cents

人民幣 12.99

人民幣 10.96

2019中期報告 INTERIM REPORT 63

簡明綜合中期財務資料附註

Notes to the Condensed Consolidated Interim Financial Information

19. EARNINGS PER SHARE (continued)

19. 每股盈利(續)

(b) Diluted

(b) 攤薄

Diluted earnings per share are the same as the basic earnings per share since the Company does not have diluted shares.

20. DIVIDENDS

Final dividend and special dividend of RMB2,543,364,000 for the year ended 31 March 2019 was paid in September 2019 (for the year ended 31 March 2019: RMB2,296,618,000).

An interim dividend for the six months ended 30 September 2019 of US0.64 cent per share (An interim dividend for the six months ended 30 September 2018: US0.53 cent) was declared by the Board of Directors on 19 November 2019. It is payable on 24 December 2019 to shareholders who are on the register of members of the Company on 6 December 2019. This interim dividend, amounting to RMB550,209,000 (as at 30 September 2018: RMB438,670,000), has not been recognised as a liability in this condensed consolidated interim financial information. It will be recognized in shareholders' equity in the financial year ending 31 March 2020.

由 於 本 公 司 並 無 攤 薄 股 份, 故 每 股 攤 薄 盈 利 與 每 股 基 本 盈 利 相等。

20. 股息

截至 2019331日止年度的末期股 息及特別股息人民幣2,543,364,000

已於20199月支付(截至2019331 日 止 年 度: 人 民 幣 2,296,618,000 元)。

董事會已於 20191119日宣派截 至 2019930 日 止 六 個 月 的 每 股

0.64 美 仙( 截 至 2018930 日 止 六個月的中期股息:0.53 美仙)的中 期股息,並將於 20191224日向 於 2019126 日 名 列 本 公 司 股 東 名 冊 的 股 東 支 付。 此 項 為 數 人 民 幣

550,209,000 元(2018930 日: 人 民 幣 438,670,000 元 )的 中 期 股 息 並 無 於 本 簡 明 綜 合 中 期 財 務 資 料 確 認 為 負 債, 但 將 於 截 至 2020331 日止財政年度確認為股東權益。

64 2019中期報告 INTERIM REPORT

簡明綜合中期財務資料附註

Notes to the Condensed Consolidated Interim Financial Information

21. RELATED PARTY TRANSACTIONS

21. 關聯方交易

The ultimate controlling parties of the Group are Mr. Tsai

本 集 團 之 最 終 控 制 方 為 本 集 團 主 席

Eng-Meng, the Chairman and Chief Executive Officer of the

及行政總裁蔡衍明先生及其家族。

Group, and his families.

(a) Transactions with related parties

(a) 與關聯方的交易

Six months ended

30 September

截至 930 日止六個月

2019

2018

RMB'000

RMB'000

人民幣千元

人民幣千元

Sales of goods

銷售貨物

- a minority of shareholder of a

-本集團一間附屬公司

subsidiary of the Group

之一名少數股東

15,327

14,389

Purchases of goods and services

購買商品及服務

- a company which a Director

-本集團一名董事

of the Group has beneficial

擁有實益權益

interest

之一間公司

1,988

1,654

- companies controlled by the

-本集團主席擁有

Chairman of the Group

控制權之公司

5,460

1,977

7,448

3,631

Advertising expense

廣告開支

- companies controlled

-本集團主席擁有控制權

by the Chairman of the Group

之公司

28,200

20,012

Rental expenses of buildings

樓宇租金開支

- companies controlled by the

-本集團主席擁有控制權

Chairman of the Group

之公司

24,511

20,979

Rental income of buildings

樓宇租金收入

- companies jointly controlled

-本集團主席擁有共同

by the Chairman of the Group

控制權之公司

896

896

2019中期報告 INTERIM REPORT 65

簡明綜合中期財務資料附註

Notes to the Condensed Consolidated Interim Financial Information

21. RELATED PARTY TRANSACTIONS (continued) 21. 關聯方交易(續)

(b) Balances with related parties

(b) 與關聯方的結餘

30 September

31 March

2019

2019

2019

2019

9 30

3 31

RMB'000

RMB'000

人民幣千元

人民幣千元

(restated)

(經重列)

Trade receivables (Note 10)

貿易應收款(附註 10

- a minority shareholder of a

-本集團一間附屬公司

subsidiary of the Group

之一名少數股東

18,541

13,039

Other receivables

其他應收款

- subsidiaries of a company which -本集團主席實益

is beneficially owned by the

擁有之公司的

Chairman of the Group

附屬公司

2,828

2,373

Other non-current liabilities

其他非流動負債

- a company jointly controlled

-本集團主席擁有共同

by the Chairman of the Group

控制權之一間公司

10,344

10,804

Other payables

其他應付款

- a company jointly controlled

-本集團主席擁有共同

by the Chairman of the Group

控制權之一間公司

919

919

The receivables are unsecured, bear no interest and

應 收 款 為 無 抵 押、 免 息 及 無 固 定 償

without fixed repayment terms. There is no provision

還 條 款。 本 公 司 並 未 就 應 收 關 聯 方

held against receivables from related parties (31 March

款 項 作 出 撥 備(2019331 日:

2019: nil).

無)。

In March 2013, a subsidiary of the Group entered

20133 月, 本 集 團 附 屬 公 司

into a building lease arrangement with Beijing Want-

與 北 京 旺 洋 食 品 有 限 公 司(「 北 京 旺

Yang Foods Ltd. ("Beijing Want-Yang"), a company

洋 」, 其 為 本 集 團 主 席 擁 有 共 同 控 制

jointly controlled by the Chairman of the Group,

權之公司)訂立樓宇租賃安排,合約

with a contract amount of RMB25,750,000 and a

金 額 為 人 民 幣 25,750,000 元, 租 期

rental period of 20 years. Beijing Want-Yang prepaid

為期 20 年。北京旺洋於 2013 年向本

RMB17,470,000 to the Group in 2013. During

集 團 預 付 人 民 幣 17,470,000 元。 截

the period ended 30 September 2019, the Group

2019930 日 止 期 間, 本 集 團

recognized rental income of RMB678,000 (for the six

於簡明綜合中期財務資料之「其他收

months ended 30 September 2018: RMB678,000)

入 」中 確 認 租 金 收 入 人 民 幣 678,000

in "other income" in the condensed consolidated

元( 截 至 2018930 日 止 六 個

interim financial information. The remaining balance

月: 人 民 幣 678,000 元 )。 餘 額 人

of RMB10,344,000 (31 March 2019: RMB10,804,000)

民 幣 10,344,000 元(2019 3 31

and RMB919,000 (31 March 2019: RMB919,000) is

日:人民幣 10,804,000 元)及人民幣

recognized as "other non-current liabilities" and "other

919,000 元(2019 3 31 日:人民

payables", respectively.

919,000 元)則分別於「其他非流動

負債」及「其他應付款」中確認。

66 2019中期報告 INTERIM REPORT

簡明綜合中期財務資料附註

Notes to the Condensed Consolidated Interim Financial Information

21. RELATED PARTY TRANSACTIONS (continued)

21. 關聯方交易(續)

(c) Key management compensation

(c) 主要管理人員補償

Key management includes Directors (executive and non-executive) and senior management. The compensation paid or payable to key management for employee services is shown below:

主要管理人員包括董事(執行董 事與非執行董事)和高級管理人 員。 向 主 要 管 理 人 員 支 付 作 為 員 工 服 務 的 已 付 或 應 付 酬 金 如 下:

Six months ended

30 September

截至 930 日止六個月

2019

2018

RMB'000

RMB'000

人民幣千元

人民幣千元

Fees

袍金

2,596

1,623

Salaries

薪金

2,901

3,603

Other benefits

其他福利

1,727

1,901

Employer's contribution to pension 僱主對退休金

scheme

計劃的供款

216

120

Total

總計

7,440

7,247

22. BUSINESS COMBINATION

22. 業務合併

Acquisition of Poyang County Linwang Forestry

收購鄱陽縣林旺林業開發有限公司

Development Co., Limited

In June 2019, Want Want (HK) Holdings Limited, a

20196月,本公司的子公司香港

subsidiary of the Company, entered into a share purchase

旺 旺 控 股 有 限 公 司 與 神 旺 控 股 有 限

agreement with San Want Holdings Limited, pursuant to

公 司 簽 訂 了 股 權 收 購 協 定, 根 據 該

which, Want Want (HK) Holdings Limited acquired Poyang

協 定, 香 港 旺 旺 控 股 有 限 公 司 從 神

County Linwang Forestry Development Co., Limited

旺 控 股 有 限 公 司 收 購 了 鄱 陽 縣 林 旺

(hereinafter referred to as "Poyang Linwang") from San

林 業 開 發 有 限 公 司(「 鄱 陽 林 旺 」),

Want Holdings Limited at a total consideration of USD7.35

總 對 價 為 735 萬 美 元。 公 司 董 事 認

million. In the opinion of the directors of the Company,

為, 鄱 陽 林 旺 經 營 一 項 業 務。 收 購

Poyang Linwang carries on a business. Before and after

前 後, 香 港 旺 旺 控 股 有 限 公 司 和

the acquisition, Want Want (HK) Holdings Limited and San

神 旺 控 股 有 限 公 司 均 由 蔡 衍 明 先 生

Want Holdings Limited were ultimately controlled by Mr. Tsai

最 終 控 制, 控 制 並 非 暫 時 性 的。 因

Eng-Meng, and the control was not temporary. As such,

此, 收 購 被 視 為 共 同 控 制 下 的 企 業

the acquisition is considered to be a business combination

合 併。 根 據 香 港 會 計 師 公 會 發 出 的

under common control. According to Hong Kong Accounting

香 港 會 計 準 則 第 5 號「 同 一 控 制 下 合

Guideline 5 "Merger Accounting for Common Control

併 會 計 處 理 」, 本 集 團 的 比 較 財 務 數

Combination" issued by the Hong Kong Institute of Certified

字 進 行 了 重 列, 猶 如 鄱 陽 林 旺 自 成

Public Accountants, the comparative financial figures of

立之日起就已納入合併。

the Group were restated as if Poyang Linwang had been

combined since the date of establishment.

The carrying amounts of the assets and liabilities of Poyang

於 交 易 日 期 鄱 陽 林 旺 之 資 產 及 負 債

Linwang as at the transaction date and the comparative

賬面值及財務比較數字載列如下:

financial figures are as follows:

2019中期報告 INTERIM REPORT 67

簡明綜合中期財務資料附註

Notes to the Condensed Consolidated Interim Financial Information

22. BUSINESS COMBINATION (continued)

22. 業務合併(續)

18 June 2019

31 March 2019

2019

2019

6 18

3 31

RMB'000

RMB'000

人民幣千元

人民幣千元

ASSETS

資產

Property, plant and equipment

物業、機器及設備

7,106

7,134

Inventories

存貨

4,617

3,701

Trade receivables

貿易應收款

678

21

Prepayments, deposits and other

預付款項、按金及其他應收款

receivables

現金及現金等價物

2,106

774

Cash and cash equivalents

16,750

26,337

LIABILITIES

負債

Borrowings

借款

-

3,000

Accruals and other payables

應計費用及其他應付款

361

3,266

Contract liabilities

合約負債

-

110

Net Assets

淨資產

30,896

31,591

Difference recognised in equity

於權益確認之差額

21,090

Total purchase consideration

購買代價總額

51,986

23. EVENTS OCCURRING AFTER THE BALANCE

23. 於結算日後發生之事項

SHEET DATE

In October 2019, the Company repurchased its own ordinary shares on The Stock Exchange of Hong Kong Limited as follows:

201910 月,本公司已於香港聯 合 交 易 所 有 限 公 司 購 回 其 本 身 之 普 通股股份:

Number

Highest

Lowest

of shares

price paid

price paid

Aggregate

repurchased

per share

per share

amount paid

已購回之

已付之最高

已付之最低

股份數目

每股價格

每股價格

已付總額

HK$

HK$

HK$'000

港元

港元

千港元

October 2019

2019 10

7,453,000

6.35

6.18

46,944

The repurchased shares were cancelled and the issued

已 購 回 之 股 份 已 被 註 銷, 而 本 公 司

share capital of the Company was reduced by the nominal

之已發行股本於 201910 月扣除該

value of these shares in October 2019.

等股份之面值。

68 2019中期報告 INTERIM REPORT

其他資料

Other Information

INTERIM DIVIDEND AND CLOSURE OF

中期股息及暫停辦理股份過戶登記

REGISTER OF MEMBERS

手續

On 19 November 2019, the board of directors of the Company

20191119 日,本公司董事會(「董

(the "Board") declared an interim dividend of the Company of

事 會 」)宣 派 本 公 司 截 至 2019930

US0.64 cent per ordinary share of the Company for the six months

止六個月之中期股息,每股普通股 0.64

ended 30 September 2019. The interim dividend will be paid on or

仙。中期股息將於 20191224 日或前

about 24 December 2019 to shareholders whose names appear

後派付予於 2019126日名列本公司股

on the register of members of the Company on 6 December

東名冊的股東。於開曼群島主要股東名冊

2019. Shareholders registered under the principal register of

登記之股東將會自動以美元收取彼等之現

members in the Cayman Islands will automatically receive their

金股息,而於香港股東名冊分冊登記之股

cash dividends in United States dollars ("US$") while shareholders

東將自動以港元收取彼等之現金股息。以

registered under the Hong Kong branch register of members will

港元派付之中期股息按 20191118

automatically receive their cash dividends in Hong Kong dollars

(即宣派股息日前一個營業日)美元兌港元

("HK$"). The HK$ equivalent of the interim dividend is HK$0.05 per

之 滙 率 1.00 美 元 對 7.824 港 元 換 算, 即 每

share which is based on the exchange rate of US$ against HK$ at

0.05 港元。

US$1.00 to HK$7.824 on 18 November 2019, being the business

day preceding the date of dividend declaration.

In order to qualify for the entitlement to the above mentioned

為確定符合獲派上述中期股息資格,所有

interim dividend, all transfers accompanied by the relevant share

轉讓文件連同有關之股票須於201912

certificates must be lodged with the Company's Hong Kong

3 日 下 午 430 分 前 送 達 本 公 司 之 香 港 股

branch share registrar and transfer office, Computershare Hong

份過戶登記分處香港中央證券登記有限公

Kong Investor Services Limited at Shops 1712-1716, 17th Floor,

司, 地 址 為 香 港 灣 仔 皇 后 大 道 東 183 號 合

Hopewell Centre, 183 Queen's Road East, Wanchai, Hong Kong,

和中心 1717121716 號舖辦理股份過

not later than 4:30 p.m. on 3 December 2019. The register of

戶登記手續。本公司將由 2019124

members of the Company will be closed from 4 December 2019 to

2019126日(包括首尾兩天)暫停辦

6 December 2019 (both dates inclusive).

理股份過戶登記手續。

DIRECTORS' AND CHIEF EXECUTIVE'S INTERESTS AND SHORT POSITIONS IN SHARES, UNDERLYING SHARES AND DEBENTURES OF THE COMPANY AND ITS ASSOCIATED CORPORATION

董事及最高行政人員於本公司及其相 聯法團之股份、相關股份及債券之權 及淡倉

As at 30 September 2019, the interests and short positions of the

2019930日,本公司董事(「董事」)

directors of the Company (the "Directors") in the shares, underlying

於 本 公 司 或 其 任 何 相 聯 法 團( 定 義 見 香 港

shares and debentures of the Company or any associated

法例 第 571 章證 券及期 貨條 例(「證券 及期

corporations (within the meaning of Part XV of the Securities

貨 條 例 」)第 X V 部 )之 股 份、 相 關 股 份 及

and Futures Ordinance, Chapter 571 of the Laws of Hong Kong

債 券 中 擁 有 根 據 證 券 及 期 貨 條 例 第 352

("SFO")) as recorded in the register required to be kept under

規定須存置之登記冊內所載,或根據香港

section 352 of the SFO or as otherwise notified to the Company

聯合交易所有限公司證券上市規則(「上市

and The Stock Exchange of Hong Kong Limited (the "HK Stock

規則」)附錄十就上市公司董事進行證券交

Exchange") pursuant to the Model Code for Securities Transactions

易的標準守則(「標準守則」)另行知會本公

by Directors of Listed Issuers (the "Model Code") as set out in

司及香港聯合交易所有限公司(「香港聯交

Appendix 10 to the Rules Governing the Listing of Securities on the

所」)之權益及淡倉如下:

HK Stock Exchange (the "Listing Rules") are as follows:

2019中期報告

INTERIM REPORT 69

其他資料

Other Information

DIRECTORS' AND CHIEF EXECUTIVE'S INTERESTS AND SHORT POSITIONS IN SHARES, UNDERLYING SHARES AND DEBENTURES OF THE COMPANY AND ITS ASSOCIATED CORPORATION (continued)

董事及最高行政人員於本公司及其相 聯法團之股份、相關股份及債券之權 及淡倉(續)

(i) Interests in the Company (long position)

(i)

於本公司的權益(好倉)

Number of ordinary shares held

持有普通股數目

Approximate %

Interests in

of the issued

Beneficial

Family

controlled

share capital of

interests

interests

corporations

Total

the Company (1)

Name of

受控制

佔本公司已發行

Directors

董事姓名

實益權益

家族權益

公司權益

總數

股本的概約百分比(1)

Tsai Eng-Meng

蔡衍明

154,000,000 (2) 6,143,843,100 (3)

6,297,843,100

50.6965%

Liao Ching-Tsun

廖清圳

90,200

90,200

0.0007%

Tsai Wang-Chia

蔡旺家

42,000

101,300,000 (4)

101,342,000

0.8158%

Huang Yung-Sung

黃永松

22,100

22,100

0.0002%

Chu Chi-Wen

朱紀文

197,200

197,200

0.0016%

Tsai Shao-Chung

蔡紹中

100,000,000 (5)

100,000,000

0.8050%

Maki Haruo

春夫

1,000,000

1,000,000

0.0080%

Cheng Wen-Hsien

鄭文憲

76,600

463,086,040 (6)

463,162,640

3.7284%

Tsai Ming-Hui

蔡明輝

57,200

57,200

0.0005%

Lai Hong Yee

黎康儀

8,000

8,000

0.0001%

(ii) Interests in an associated corporation of the Company

(ii)

於本公司相聯法團的權益

(long position)

(好倉)

Approximate

Number of

% of total issued

Name of the

ordinary

share capital of the

Name of Director

associated corporation

Nature of interests

shares held associated corporation

佔有關相聯法團已發行

董事姓名

相聯法團名稱

權益性質

持有普通股數目

股本總數概約百分比

Tsai Shao-Chung

Want Want Holdings Ltd.

Beneficial interests

9,665

0.0007%

蔡紹中

旺旺控股有限公司

實益權益

70 2019中期報告 INTERIM REPORT

其他資料

Other Information

DIRECTORS' AND CHIEF EXECUTIVE'S INTERESTS AND SHORT POSITIONS IN SHARES, UNDERLYING SHARES AND DEBENTURES OF THE COMPANY AND ITS ASSOCIATED CORPORATION (continued)

Notes:

  1. Based on the Company's issued share capital as at 30 September 2019, comprising 12,422,637,135 shares.
  2. These shares are beneficially owned by Mr. Tsai Eng-Meng's children under the age of 18.
  3. These shares are directly held by Want Power Holdings Limited ("WPHL") and Norwares Overseas Inc. ("NOI") as to 5,080,063,100 shares and 1,063,780,000 shares respectively. Both WPHL and NOI are wholly-owned by Mr. Tsai Eng-Meng.
  4. These shares are directly held by ThemePark Dome Limited, a company wholly-owned by Mr. Tsai Wang-Chia.
  5. These shares are directly held by Twitcher Limited, a company wholly-owned by Mr. Tsai Shao-Chung.
  6. These shares are directly held by Mr Big Capital Limited and Mr Big Limited as to 163,596,040 shares and 299,490,000 shares respectively. Mr Big Capital Limited is wholly-owned by Mr. Cheng Wen-Hsien. Mr. Cheng is also the controlling shareholder of Mr Big Limited holding 60% of its shares.

董事及最高行政人員於本公司及其相 聯法團之股份、相關股份及債券之權 及淡倉(續)

附註 :

  1. 根 據本 公 司 於 2019930 日 之 已 發 行 股本,包括 12,422,637,135 股股份。
  2. 該 等 股 份 由 蔡 衍 明 先 生 未 滿 18 歲 的 子 女 實益擁有。
  3. 該等股份為分別由 Want Power Holdings L i m i t e d(「 W P H L」) 及 N o r w a r e s O v e r s e a s I n c.N O I」)直 接 持 有 的 5,080,063,100 股 及 1,063,780,000 股 股 份。WPHLNOI均由蔡衍明先生全資擁 有。
  4. 該等股份由 ThemePark Dome Limited
    接 持 有, 而 該 公 司 由 蔡 旺 家 先 生 全 資 擁 有。
  5. 該等股份由 Twitcher Limited 直接持有, 而該公司由蔡紹中先生全資擁有。
  6. 該 等 股 份 為 分 別 由 M r B i g C a p i t a l LimitedMr Big Limited 直接持有的 163,596,040 股及 299,490,000 股股份。 Mr Big Capital Limited由鄭文憲先生全資 擁有。鄭先生是 Mr Big Limited 的控股股 東並持有其 60%股份。

Save as disclosed above, as at 30 September 2019, none of the

除上述所披露者外,於 2019930日,

Directors nor the chief executive of the Company had any interests

概無任何本公司董事或最高行政人員於本

or short positions in any of the shares, underlying shares or

公 司 或 其 任 何 相 聯 法 團( 定 義 見 證 券 及 期

debentures of the Company or any of its associated corporations

貨條例第 X V 部)之股份、相關股份或債券

(within the meaning of Part XV of the SFO) as recorded in the

中 擁 有 任 何 根 據 證 券 及 期 貨 條 例 第 352

register required to be kept under section 352 of the SFO or as

規定存置之登記冊內所載,或根據標準守

otherwise notified to the Company and the HK Stock Exchange

則另行知會本公司及香港聯交所之權益或

pursuant to the Model Code.

淡倉。

Save as disclosed above, none of the Directors or the chief

除上述所披露者外,概無本公司董事或最

executive of the Company, their spouses or children under the age

高行政人員或其配偶或未滿 18 歲子女擁有

of 18 had any right to subscribe for the securities of the Company,

任何權利以認購本公司之證券或行使任何

or had exercised any such right.

此等權利。

2019中期報告 INTERIM REPORT 71

其他資料

Other Information

OTHER PERSON'S INTERESTS AND SHORT

其他人士持有本公司股份及相關股份

POSITIONS IN SHARES AND UNDERLYING

之權及淡倉

SHARES OF THE COMPANY

As at 30 September 2019, insofar as the Directors are aware,

2019930日,就董事所悉,根據證

the interests and short positions of other person, other than any

券 及 期 貨 條 例 第 336 條 規 定 須 存 置 之 登 記

Director or the chief executive of the Company, in the shares and

冊內所載,或另行知會本公司及香港聯交

underlying shares of the Company as recorded in the register

所 者, 其 他 人 士( 本 公 司 董 事 或 最 高 行 政

required to be kept under section 336 of the SFO, or as otherwise

人 員 除 外 )於 本 公 司 股 份 或 相 關 股 份 中 擁

notified to the Company and the HK Stock Exchange, are as

有之權益及淡倉載列如下:

follows:

Interests in the Company (long position)

於本公司的權益(好倉)

Approximate %

Number of

of the issued share

ordinary

capital of

Name

Capacity

shares held

the Company (1)

佔本公司已發行

名稱

身份

持有普通股數目

股本的概約百分比(1)

WPHL

Beneficial owner

5,080,063,100

(2)

40.8936%

實益擁有人

NOI

Beneficial owner

1,063,780,000

(2)

8.5632%

實益擁有人

Notes:

  1. Based on the Company's 12,422,637,135 shares in issue as at 30 September 2019.
  2. The shares held by WPHL and NOI were beneficially owned by Mr. Tsai Eng-Meng and are the same shares as disclosed as Mr. Tsai Eng-Meng's interests in controlled corporations as set out under the heading "Directors' and chief executive's interests and short positions in shares, underlying shares and debentures of the Company and its associated corporation" above.

附註:

  1. 根 據 於 2019930 日本 公 司 已 發行 股 份 12,422,637,135 股計算。
  2. 上述 WPHLNOI所持有的股份均由蔡衍 明先生實益擁有,而該等股份為上文「董 事 及 最 高 行 政 人 員 於 本 公 司 及 其 相 聯 法 團 之 股 份、 相 關 股 份 及 債 券 之 權 益 及 淡 倉」一段蔡衍明先生所披露之受控制公司 權益所載之相同股份。

Save as disclosed above, as at 30 September 2019, the Company has not been notified by any persons (other than Directors and the chief executive of the Company) who had interests or short positions in the shares or underlying shares of the Company which requires disclosure to the Company under the provisions of Part XV of the SFO, or which were recorded in the register required to be kept under section 336 of the SFO.

除上文所披露者外,於 2019930日, 概 無 任 何 人 士( 本 公 司 董 事 或 最 高 行 政 人 員 除 外 )曾 知 會 本 公 司 擁 有 根 據 證 券 及 期 貨條例第 XV部份須向本公司披露或根據證 券 及 期 貨 條 例 第 336 條 須 存 置 於 本 公 司 之 登記冊中的本公司股份或相關股份之權益 或淡倉。

72 2019中期報告 INTERIM REPORT

其他資料

Other Information

PURCHASE, SALE OR REDEMPTION OF THE

購買、出售或贖回本公司上市證券

COMPANY'S LISTED SECURITIES

During the six months ended 30 September 2019, the Company

截 至 2019930 日 止 六 個 月 期 間, 本

repurchased a total of 26,650,000 shares on the HK Stock

公 司 在 香 港 聯 交 所 以 總 額( 不 包 括 費 用 )

Exchange for an aggregate amount (excluding expenses) of

162,322,352 港 元 購 回 合 共 26,650,000

HK$162,322,352 and such repurchased shares were cancelled.

股份, 該等已 購回 之股份 均已 註銷。期 間

Particulars of the shares repurchased on the HK Stock Exchange

於香港聯交所購回股份之詳情如下 :

during the period are as follows:

Aggregate

Total number

Highest

Lowest

amount paid

of shares

price paid

price paid

(excluding

repurchased

per share

per share

expenses)

Month of

支付每股

支付每股

支付總額

repurchases

購回月份

購回股份總數

最高價

最低價

(不包括費用)

(HK$)

(HK$)

(HK$)

(港元)

(港元)

(港元)

April 2019

2019 4

160,000

6.19

6.14

984,912

May 2019

2019 5

26,490,000

6.22

5.94

161,337,440

26,650,000

162,322,352

Subsequent to the balance sheet date of 30 September 2019 and

2019930 日 資 產 負 債 表 日 期 後 直

up to the date of this interim report, the Company repurchased

至 本 中 期 報 告 日 期, 本 公 司 在 香 港 聯 交

a total of 7,453,000 shares on the HK Stock Exchange for an

所 以 總 額( 不 包 括 費 用 )46,943,859.40

aggregate amount (excluding expenses) of HK$46,943,859.40.

元 購 回 合 共 7,453,000 股 股 份, 該 等 已 購

Such repurchased shares were subsequently cancelled in October

回 之 股 份 已 在 201910 月 註 銷。 於 本 中

2019. The number of issued shares of the Company as at the date

期 報 告 日 期, 本 公 司 已 發 行 股 份 數 目 為

of this interim report is 12,415,184,135 shares. Particulars of the

12,415,184,135 股。於資產負債表日期後

shares repurchased on the HK Stock Exchange after the balance

在香港聯交所購回股份之詳情如下:

sheet date are as follows:

Aggregate

Total number

Highest

Lowest

amount paid

of shares

price paid

price paid

(excluding

repurchased

per share

per share

expenses)

Month of

支付每股

支付每股

支付總額

repurchases

購回月份

購回股份總數

最高價

最低價

(不包括費用)

(HK$)

(HK$)

(HK$)

(港元)

(港元)

(港元)

October 2019

2019 10

7,453,000

6.35

6.18

46,943,859.40

2019中期報告 INTERIM REPORT 73

其他資料

Other Information

PURCHASE, SALE OR REDEMPTION OF THE

購買、出售或贖回本公司上市證券

COMPANY'S LISTED SECURITIES (continued)

(續)

The Directors of the Company believe that the above repurchases

本公司董事相信上述股份回購乃符合本公

are in the best interests of the Company and its shareholders

司及其股東之最佳利益,並可提高本公司

and that such repurchases would lead to an enhancement of the

之每股盈利。

earnings per share of the Company.

Save as disclosed above, neither the Company nor any of its

截至 2019930日止六個月及直至本中

subsidiaries had purchased, sold or redeemed any of the listed

期 報告日 期,除 以上 披露外, 本公司 或其

securities (including the Bonds) of the Company during the six

任何附屬公司概無購買、出售或贖回任何

months ended 30 September 2019 and up to the date of this

本公司之上市證券(包括債券)。

interim report.

MODEL CODE FOR DIRECTORS' SECURITIES

董事進行證券交易之標準守則

TRANSACTIONS

The Company has adopted the Model Code as set out in Appendix

本公司已採納上市規則附錄十就董事進行

10 to the Listing Rules regarding directors' securities transactions.

證券交易之標準守則。本公司已向每位董

Specific enquiries have been made with our Directors, and all

事 作特 定查詢, 並獲 得所有 董事 確認,彼

Directors confirmed that they have complied with the required

等於截至 2019930日止六個月期間已

standard set out in the Model Code throughout the six months

遵守標準守則所訂之標準。

ended 30 September 2019.

CORPORATE GOVERNANCE PRACTICES

企業管治常規

During the six months ended 30 September 2019, the Company

截至 2019930日止六個月期間,本公

has complied with the code provisions set out in the Corporate

司已遵守上市規則附錄十四企業管治守則

Governance Code (the "CG Code") as stated in Appendix 14 to the

(「企業管治守則」)所載之守則條文規定,

Listing Rules, except for the deviations from the code provisions

惟關於守則條文第 A.2.1 條及第 A.4.1 條有

A.2.1 and A.4.1. The reasons for these deviations are explained

所偏離除外。該等偏離之原因將於下文進

below.

一步說明。

Code provision A.2.1

守則條文第 A.2.1

Code provision A.2.1 provides that the roles of chairman and

根 據 守 則 條 文 第 A .2.1 條, 主 席 與 行 政 總

chief executive should be separate and should not be performed

裁 的 角 色 應 予 區 分, 不 應 由 一 人 同 時 兼

by the same person. The Company deviates from this provision

任。由於蔡衍明先生擔任主席兼行政總裁

because Mr. Tsai Eng-Meng performs both the roles of chairman

兩 個職 務,故本 公司 偏離此 條文。 蔡先生

and chief executive. Mr. Tsai is the founder of the Group and has

為本集團之創辦人,於食品及飲料方面擁

over 40 years of experience in the food and beverages industry.

有逾 40 年經驗。考慮到本集團目前之發展

Given the current stage of development of the Group, the Board

階 段,董 事會認 為,由 一人同 時兼 任主席

believes that vesting the two roles in the same person provides the

與行政總裁,在實施並執行本集團的業務

Company with strong and consistent leadership and facilitates the

策略時,可為本公司提供強大而貫徹之領

implementation and execution of the Group's business strategies.

導。 然而, 本集團 將根 據屆時 情況 不時檢

The Group shall nevertheless review the structure from time to

討現行架構。

time in light of the prevailing circumstances.

74 2019中期報告 INTERIM REPORT

其他資料

Other Information

CORPORATE GOVERNANCE PRACTICES

企業管治常規(續)

(continued)

Code provision A.4.1

守則條文第 A.4.1

Code provision A.4.1 provides that non-executive directors

根據守則條文第A.4.1條,非執行董事應以

should be appointed for a specific term, subject to re-election.

指定任期聘任並須接受重選。由於目前本

The Company deviates from this provision because the non-

公司之非執行董事及獨立非執行董事並無

executive Directors and independent non-executive Directors of

指 定 任 期, 故 本 公 司 偏 離 此 條 文。 然 而,

the Company do not currently have specific terms of appointment.

根據本公司之公司組織章程細則,所有董

However, the articles of association of the Company provide that

事 至 少 每 3 年 須 輪 席 退 任 一 次。 於 每 屆 股

all the Directors are subject to retirement by rotation at least once

東週年大會上,當時三分之一之在任董事

every three years and at each annual general meeting, one-third

( 倘 人 數 並 非 三 之 倍 數, 則 最 接 近 但 不 少

of the Directors for the time being or, if the number is not a multiple

於 三 分 之 一 之 人 數 )須 輪 值 卸 任 並 膺 選 連

of three, then, the number nearest to but not less than one-

任。因 此,董事 會認 為此方 面已 採取足 夠

third, shall retire from office by rotation and offer themselves for

措施確保本公司之企業管治常規可充分保

re-election. As such, the Board considers that sufficient measures

障股東之權益,並符合企業管治守則所規

have been put in place to ensure the Company's corporate

定的標準。

governance practice in this aspect provides sufficient protection for

the interests of shareholders to a standard commensurate with that

of the CG Code.

The Company will periodically review and improve its corporate

本公司將參考企業管治的最新發展定期檢

governance practices with reference to the latest corporate

討及提升其企業管治常規。

governance developments.

Prior non-compliance with Rule 3.10A of the Listing Rules

過往未遵守上市規則第 3.10A

Following the passing away of Mr. Lee Kwang-Chou, an

於本公司獨立非執行董事及審核及風險管

independent non-executive Director and a member of each of

理委員會、薪酬委員會及提名委員會之成

the audit and risk management committee, the remuneration

員李光舟先生於 2019619日逝世後,

committee and the nomination committee of the Company, on 19

本公司未符合上市規則第 3.10A 條,該條

June 2019, the Company was not in compliance with Rule 3.10A

規則規定本公司所委任的獨立非執行董事

of the Listing Rules, which stipulates that the Company must

必須佔董事會成員人數至少三分之一。

appoint independent non-executive Directors representing at least

one-third of the Board.

Mr. Pan Chih-Chiang has been appointed as an independent

潘志強先生已獲委任為本公司獨立非執行

non-executive Director of the Company and a member of each

董事、 審核及 風險 管理委 員會、 薪酬委 員

of the audit and risk management committee, the remuneration

會、 提 名 委 員 會 及 策 略 委 員 會 各 自 之 成

committee, the nomination committee and the strategy committee

員, 自 2019821 日 起 生 效。 緊 隨 對

of the Company, with effect from 21 August 2019. Following the

潘先生的任命,本公司已符合上市規則第

appointment of Mr. Pan, the Company has been in compliance with

3.10A 條。

Rule 3.10A of the Listing Rules.

2019中期報告 INTERIM REPORT 75

其他資料

Other Information

APPENDIX 16 TO THE LISTING RULES

上市規則附錄十六

According to paragraph 40 of Appendix 16 to the Listing Rules

根據上市規則附錄十六《財務資料的披露》

headed "Disclosure of Financial Information", save as disclosed

之第 40 段,除了在此報告已作披露者外,

herein, the Company confirms that the Company's current

本公司確認有關附錄十六第 32 段所列事宜

information in relation to those matters set out in paragraph 32

的 現 有 本 公 司 資 料 與 本 公 司 2018/2019

of Appendix 16 has not been changed significantly from the

報所披露的資料並無重大變動。

information disclosed in the Company's 2018/2019 Annual Report.

AUDIT AND RISK MANAGEMENT COMMITTEE

審核及風險管理委員會

The audit and risk management committee comprises five

審 核 及 風 險 管 理 委 員 會 由 5 名 獨 立 非 執 行

independent non-executive Directors, namely Mr. Toh David Ka

董 事 卓 家 福 先 生( 主 席 )、 貝 克 偉 博 士、

Hock (chairman), Dr. Pei Kerwei, Mr. Hsieh Tien-Jen, Mr. Lee

謝天仁先生、李國明先生及潘志強先生組

Kwok Ming and Mr. Pan Chih-Chiang.

成。

The unaudited interim results of the Group for the six months

本集團截至 2019930日止六個月之未

ended 30 September 2019 have been reviewed by the audit

經審核中期業績已由本公司審核及風險管

and risk management committee and PricewaterhouseCoopers,

理委員會及本公司外聘核數師羅兵咸永道

the external auditor of the Company, in accordance with Hong

會計師事務所根據香港會計師公會頒佈的

Kong Standard on Review Engagement 2410 "Review of Interim

香港審閱聘用準則第 2410 號「由實體的獨

Financial Information Performed by the Independent Auditor of

立 核 數 師 執 行 中 期 財 務 資 料 審 閱 」進 行 審

the Entity" issued by the Hong Kong Institute of Certified Public

閱。

Accountants.

On behalf of the Board

代表董事會

Tsai Eng-Meng

主席及行政總裁

Chairman and Chief Executive Officer

蔡衍明

Hong Kong, 19 November 2019

香港,2019 11 19

76 2019中期報告 INTERIM REPORT

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