飞亚达Ｂ：2017年年度报告（英文版）.PDF

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1、FIYTA HOLDINGS LTD.2017 Annual ReportMarch 2018Section 1Important Notice,Table of Contents and DefinitionThe Board of Directors,the Supervisory Committee,directors,supervisors and senior executives herebyindividually and collectively accept responsibility for the correctness,accuracy and completenes

2、s of thecontents of this report and confirm that there are neither material omissions nor errors which wouldrender any statement misleading.Huang Yongfeng,the Company leader,Chen Zhuo,chief financial officer,and Tian Hui,the manager ofthe accounting department(treasurer)hereby confirm the authentici

3、ty and completeness of the financialreport enclosed in this Annual Report.With the exception of the following directors,all the other directors personally attended the BoardMeeting for reviewing the Annual Report.Names of the directors failed inattending the meeting personallyPosts of the directorsf

4、ailed in attending themeeting personallyCause of failure inattending the meetingpersonallyNames of the attorneysWang MingchuanDirectorBusiness tripChen LibinXiao ZhanglinDirectorBusiness tripWang BoAny perspective description,such as future plan,development strategy,etc.involved in the AnnualReport

5、shall not constitute the Companys substantial commitment to the investors and the investorsshould please pay attention to their investment risks.In the Report,the Company has presented in detail the potential risks existing in the macro economyand operation.Investors are advised to read carefully th

6、e contents concerning risk factors possibly to beconfronted with in the Companys future development prospects and the countermeasures in Section 4Management Discussion and Analysis.The profit distribution preplan reviewed and approved by the said board meeting is summarized asfollows:with the Compan

7、ys total share capital being 438,744,881 shares as the base,the Companywould distribute cash dividend at the rate of CNY 2.00 for every 10 shares(with tax inclusive)and bonusshare at the rate of 0 share(with tax inclusive)to the whole shareholders and no reserves would beconverted into share capital

8、.Table of ContentsSection 1 Important Notice,Table of Contents and DefinitionsSection 2 Company Profile and Financial HighlightsSection 3 Business SummarySection 4 Discussion and Analysis of the ManagementSection 5 Significant EventsSection 6 Changes in Shares and Particulars about the ShareholdersS

9、ection 7 About the Preferred SharesSection 8 Directors,Supervisors,Officers and EmployeesSection 9 Corporate GovernanceSection 10 Bond Related InformationSection 11 Financial ReportSection 12 List of Documents Available for InspectionDefinitionsTerms to be definedDefinitionThis Company,the Company o

10、r FIYTARefers to FIYTAHoldings Ltd.AVIC InternationalRefers to AVIC International Holding Corporationthe Sales Co.Refers to FIYTASales Co.,Ltd.HarmonyRefers to Shenzhen Harmony World Watches Center Co.,Ltd.the Manufacture Co.Refers to Shenzhen FIYTASophisticated Timepieces Manufacture Co.,Ltd.the Te

11、chnology Co.Refers to Shenzhen FIYTATechnology Development Co.,Ltd.the Hong Kong Co.Refers to FIYTA(Hong Kong)LimitedSHIYUEHUIRefers to Shiyuehui Boutique(Shenzhen)Co.,Ltd.HENGDARUI.Refers to Liaoning Hengdarui Commerce&Trade Co.,Ltd.Harbin Co.Refers to Harbin Harmony World Watch Distribution Co.,Lt

12、d.Rainbow Ltd.Refers to Rainbow Department Store Co.,Ltd.AVIC Real EstateRefers to AVIC Real Estate Co.,Ltd.AVIC PropertyRefers to AVIC Property Management Co.,Ltd.Section 2Company Profile and Financial HighlightsI.Company ProfileShort form of the stock:FIYTAA,FIYTABStock Codes:000026 and 200026Stoc

13、k Exchange Listed withShenzhen Stock ExchangeCompany Name In ChineseFIYTAHoldings Ltd.Abbreviation of Registered CompanyName in Chinese飞亚达公司Company name in foreign language(ifany)FIYTAHOLDINGSLTD.Short form of the Company name inforeign language(if any)）FIYTALegal RepresentativeHuang YongfengRegiste

14、red address:FIYTATechnology Building,Gaoxin S.Road One,Nanshan District,ShenzhenPostal Code of the Registered Address518057OfficeAddress20thFloor,FIYTATechnology Building,Gaoxin S.Road One,Nanshan District,ShenzhenPostal Code of the OfficeAddress518057Internet Web SE-II.Liaison Persons and Communica

15、tion InformationSecretary of the BoardSecuritiesAffairs RepresentativeNamesLu WanjunZhang YongLiaison Address20thFloor,FIYTATechnology Building,Gaoxin S.RoadOne,Nanshan District,Shenzhen20thFloor,FIYTATechnology Building,Gaoxin S.RoadOne,Nanshan District,ShenzhenTel.075586013669075586013669Fax075583

16、348369075583348369E-III.Information Disclosure and Place where the Regular Reports are PreparedNewspapers Designated for Disclosing the Information:Securities Timesand Hong Kong Commercial DailyInternet Web Site Designated by China Securities RCommission for Publishing the annual report:Place of the

17、 CompanysAnnual Report Prepared for inquiryBoard Secretary OfficeIV.Changes in RegistrationOrganization Code91440300192189783KChanges in principal business activities since listing(ifany)The 13th session of the Eighth Board of Directors and 2016 Annual General Meeting reviewed and approved thePropos

18、al for Amendment of the Articles of Association in which design service was to be added in the Companysbusiness scope.After the amendment,the Companys business scope would be:production and sales of variouspointer type quartz watches and the driving units,components and parts,various timing instrume

19、nts,machining andwholesale of K gold ornament watches;domestic commerce and supply and marketing of materials(excluding thegoods subject to monopoly,exclusive control or monopolization);property management and property lease;designservice;self-managed import and export.Changes in the controlling sha

20、reholder over the pastyears(if any)No changeV.Other Relevant InformationCPAs appointedName of the CPAsRuihua Certified Public Accountants(Special General Partnership)Office address9/F,Taiping Finance Tower,Futian District,ShenzhenNames of the CPAs as the authorizedsignatoriesXing Xiangzong and Liu X

21、inThe sponsor performing persistent supervision duties engaged by the Company in the reporting periodName of the SponsorOffice AddressRepresentativesDuration of persistent supervisionHuachuang Securities Co.,Ltd.Huachuang Building,216 Zhonghua N.Road,Guiyang,Guizhou ProvinceLi Xiumin and Huang Junyi

22、January 15,2016 to December 31,2017The financial advisor performing persistent supervision duties engaged by the Company in the reporting periodInapplicableVI.Summary of Accounting/Financial DataDoes the Company need to make retroactive adjustment or restatement of the accounting data of the previou

23、s years?No20172016Year-on-yearincrease/decrease2015Operation revenues in CNY3,345,809,703.982,993,864,561.4311.76%3,162,196,212.90Net profit attributable to the Companysshareholders,in CNY140,216,258.28110,662,681.5926.71%121,702,057.44Net profit attributable to the Companysshareholders less the non

24、-recurring items,in123,918,527.7597,200,540.6427.49%113,441,715.91CNYNet cash flows arising from operating activities,in CNY564,954,561.97455,759,094.1523.96%396,236,992.41Basic earning per share(CNY/share)0.31960.252226.72%0.3099Diluted earning per share(CNY/share)0.31960.252226.72%0.3099Return on

25、equity,weighted average(%)5.79%4.74%1.05%7.24%End of 2017End of 2016Increase/decrease at the endof the year over the end of theprevious yearEnd of 2015Total assets,in CNY3,579,789,692.904,004,897,562.72-10.61%4,246,670,045.02Net assets attributable to the Companysshareholders(owners equity attributa

26、ble to theCompanys shareholders,in CNY)2,467,967,361.202,371,370,535.174.07%2,299,215,650.21VII.Difference in the Accounting Data based respectively on the Chinese Accounting Standards(CAS)and International Accounting Standards(IAS)(I)Differences in the net profit disclosed in the financial report&t

27、he net assets attributable to the Companys shareholdersrespectively according to the IAS and the CAS.Inapplicable(II)Didfferences in the net profit disclosed in the financial report&the net assets attributable to the Companysshareholders according to both the IAS and the CASInapplicableVIII.Financia

28、l Data Summary based on QuartersIn CNY1st Quarter2nd Quarter3rd Quarter4th QuarterOperating revenue817,002,183.65782,538,960.70876,113,517.26870,155,042.37Net profit attributable to the Companysshareholders45,319,028.2741,389,796.4949,839,227.963,668,205.56Net profit attributable to the Companysshar

29、eholders less the non-recurring profit andloss45,377,622.5440,560,834.4049,457,070.83-10,049,707.46Net cash flows arising from operating activities122,917,899.12153,797,761.4186,600,298.96201,638,602.48Does there exist significant difference in the foregoing financial data or their total sum from th

30、e relevant financial data asdisclosed in the quarterly reports and/or semi-annual report.NoIX.Non-recurring gain/loss items and amount involvedin CNYItemsAmount in 2017Amount in 2016Amount in 2015NoteGain/loss from disposal of non-current assets,including thepart offset from the provision for impair

31、ment of assets.7,321,993.36-660,129.9234,435.32InapplicableGovernment subsidy credited to the current gain and loss(except the government subsidies closely related with theCompanys business and enjoyable according to the unifiedstandard quota or fixed amount specified by the centralgovernment).17,50

32、8,255.9817,234,482.2510,889,579.23InapplicableReversal of the provision for impairment of accountsreceivable which have undergone impairment testingindividually1,903,056.740.000.00InapplicableOperating income and expenses other than the aforesaiditems1,238,972.99935,294.98-17,790.06InapplicableLess:

33、Amount affected by the income tax8,669,699.374,047,506.362,645,882.96InapplicableAmount affected by minority equity(after tax)3,004,849.170.000.00InapplicableTotal16,297,730.5313,462,140.958,260,341.53-For the Companys non-recurring gain/loss items as defined in the Explanatory Announcement No.1 on

34、InformationDisclosure for Companies Offering their Securities to the Public Non-recurring Gains and Losses and its non-recurringgain/loss items as illustrated in the Explanatory Announcement No.1 on Information Disclosure for Companies Offeringtheir Securities to the Public Non-recurring Gains and L

35、osses which have been defined as recurring gains and losses,itis necessary to explain the reason.InapplicableSection 3 Business SummaryI.Principal Businesses in the Reporting PeriodDoes the Company need to comply with the requirements on information disclosure for special industries?No(1)Principal B

36、usinesses and Business ModelFIYTA has been concentrating itself in watch industry under the strategy of brand building and has formed a proprietaryproduct brand cluster represented by FIYTA watch and watch retail network brand represented by HARMONY;has beencontinuously improving watch R&D,design an

37、d precision manufacture,enthusiastically carrying forward integration andupgrading of the key value chain,has preliminarily reached the vertical integration based brand development strategy(2)Development Status of Watch Industry and the Companys Position in the IndustryIn the reporting year,the revi

38、val of the global economy experienced frequent secret worry and Chinas domestic GDPgrowth rate turned to medium-high speed from the previous high speed.Facing the complicated and uncertainmacro-environment and market change,the Company kept deep ploughing in its principal business,fully excavated th

39、emarket potential,actively coped with the market challenge,accelerated business transformation and managementupgrading and achieved remarkable economic performance.In 2017,the Company set a new historical record inoperation revenues.The Company achieved good growth in the business of its own proprie

40、tary product brandsrepresented by FIYTA watches and watch retail channels represented by HARMONY:where revenues from the businessof FIYTA watches had a year-on-year growth of 9.21%and that from the business of HARMONY had a year-on-yeargrowth of 13.36%.After three decades courageous advance,FIYTA ha

41、s successfully become a leader of Chinas watchindustry.II.Significant Changes in the Prime Assets1.Significant Changes in the Prime AssetsInapplicable2.Prime Assets AbroadInapplicableIII.Analysis on Core CompetitivenessDoes the Company need to comply with the requirements on disclosure for special i

42、ndustriesNoFIYTAs core competitiveness mainly consists of the ability to build brand,ability to offer top quality services,ability ofproduct innovation,ability of knowledge management and ability of management of strategic human resources.Afterthree decades continuous development,the Company has est

43、ablished a brand building management system based on4P+C for brand construction,ensured constant healthy development of proprietary brands;through unceasinginnovation and continuous accumulation,the Company has formed customer-oriented services and three-tier marketingservice system as experienced a

44、nd ensured the high quality services to be effectively implemented and constantlyimproved the customers satisfaction;by continuously learning international outstanding brands,the Company hascreated a professional R&D and design team with international vision and powerful aesthetic judgment;the abili

45、ty ofproduct innovation has been continuously enhanced,the products have won international and domestic big prizes;theCompany always implements the strategy of building brand people in the practice of the Companys strategydevelopment,continuously energizes the team,has developed a brand people team

46、choosing and following what isgood,being created to beauty,pursuance for excellence,and constantly perfecting themselves,and better supported thecontinuous development of the brands.In order to satisfy the requirements on management and operation,the Companyhas attached importance on construction of

47、 the craftsmanship spirit.The Company has constructed the managementinnovation system with customers demand as the original point and the knowledge management platform based on theentire personnel,decentralization and interaction so as to promote various management results and innovation andcreativi

48、ty to be fully shared and used for reference internally.The Company is a national technological innovation demonstration enterprise,has established a national industrial designcenter and an enterprise technology center recognized by the state.All our manufacture enterprises are national hi-techenter

49、prises.In addition,the Company has participated in preparation or revision of a number of national and industrialstandards.In the reporting year,the Company took lead in and participated in amendment of and completed sevennational,industrial standards and technical specifications of Shenzhen Municip

50、ality.In the reporting year,the Companypublished three national standards prepared or amended with the Company playing the leading role.In 2017,theCompany was recognized as a unit integrating and implementing the standards for informationization and industrializationby the Ministry of Industry and I