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ANNUAL REPORT 2 0 1 0 a N N U Al 年 報 2 0 1 0 ANNUAL REPORT 2 0 1 0 A n n u al Repo 美克國際控股有限公司 美克國際控股有限公司 r MEIKE INTERNATIONAL HOLDINGS LIMITED 20 t MEIKE INTERNATIONAL HOLDINGS LIMITED (於開曼群島註冊成立之有限公司) (Incorporated in the Cayman Islands with limited liability) 10 10 股份代號:00953 Stock Code : 00953 年報 MEIKE INTERNATIONAL HOLDINGS LIMITED ANNUAL REPORT 2010 1 CONTENTS Corporate Information 2 Chairman’s Statement 3 Management Discussion and Analysis 5 Corporate Governance Report 13 Biographical Details of Directors and Senior Management 19 Directors’ Report 24 Independent Auditor’s Report 34 Consolidated Statement of Comprehensive Income 36 Consolidated Statement of Financial Position 37 Consolidated Statement of Changes In Equity 39 Consolidated Statement of Cash Flows 40 Notes to the Consolidated Financial Statements 42 Financial Summary 85 2 MEIKE INTERNATIONAL HOLDINGS LIMITED ANNUAL REPORT 2010 CORPORATE INFORMATION BoarD of DirectorS HeaD Office in THE PRC EXecUtiVE DirectorS Meike Industrial Park Xibian Village, Chendai Town Mr. Ding Siqiang (Chairman and President) Jinjiang City, Fujian Province, The PRC Ms. Ding Xueleng Mr. Sun Keqian PrincipaL PLace of BUSineSS in HonG KonG Ms. Ding Jinzhu Mr. Lin Yangshan Room 1602, 16/F Mr. Li Dongxing Harcourt House 39 Gloucester Road INDepenDent Non-EXecUtiVE DirectorS Wanchai, Hong Kong Mr. Xiang Shimin Stock CODE Mr. Yang Chengjie Mr. Xie Weichun 00953 BoarD CommitteeS CAYman ISLanDS PrincipaL SHare REGIStrar anD TranSfer Office AUDit Committee Butterfield Fulcrum Group (Cayman) Limited Mr. Xie Weichun (Chairman) Butterfield House, 68 Fort Street Mr. Xiang Shimin P.O. Box 609, Grand Cayman KY1-1107 Mr. Yang Chengjie Cayman Islands Nomination Committee HonG KonG SHare REGIStrar Mr. Ding Siqiang (Chairman) Tricor Investor Services Limited Mr. Xiang Shimin 26/F, Tesbury Centre Mr. Yang Chengjie 28 Queen’s Road East Hong Kong RemUneration Committee AUDitor Mr. Ding Siqiang (Chairman) Mr. Xie Weichun SHINEWING (HK) CPA Limited Mr. Xiang Shimin LeGAL ADVISerS CompanY SecretarY AS to HonG KonG LaW Mr. Li Yik Sang Loong & Yeung AUTHoriSED RepreSentatiVES CompLiance ADVISer Mr. Li Dongxing China Merchants Securities (HK) Co., Limited Mr. Li Yik Sang PrincipaL BankerS REGIStereD Office Industrial and Commercial Bank of China Limited Cricket Square, Hutchins Drive Agricultural Bank of China P.O. Box 2681, Grand Cayman KY1-1111 Cayman Islands CompanY WebSite www.meike.cn MEIKE INTERNATIONAL HOLDINGS LIMITED ANNUAL REPORT 2010 3 CHAIRMAN’S STATEMENT Dear Shareholders, On behalf of the board (the “Board”) of directors (the “Directors”) of Meike International Holdings Limited (the “Company”), I hereby present the audited annual results of the Company and its subsidiaries (collectively, the “Group”) for the year ended December 31, 2010 (the “Year”). ResULts HIGHLIGhts During the Year, the turnover of the Group amounted to RMB712,864,000 (2009: RMB499,420,000), representing a year-on-year growth of 42.7% or RMB213,444,000. Profit for the Year grew by 22.1% from RMB95,354,000 in the same period of 2009 to RMB116,452,000. Earnings per share amounted to RMB0.122 (2009: RMB0.121). During the Year, the domestic sales of the Group presented a rapid growth from RMB396,064,000 for the year ended December 31, 2009 to RMB601,137,000 for the Year, mainly attributable to the expansion of exclusive distribution network, from the total number of 1,318 outlets as at December 31, 2009 to 1,865 outlets as at December 31, 2010. Besides, it is also attributable to the enhancement of marketing strategies by broadcasting advertisements in national TV channels, making outdoor media advertisements and being the senior sponsor of the 2010 China Open Table Tennis Tournaments and apparel sponsor of United Nations Environment Programme in 2010 World Exposition. Moreover, we have also strengthened our product R&D, design and diversification of product mix. At the same time, the export business of the Group has almost recovered from the global financial tsunami, export revenue increased from RMB103,356,000 for the year ended December 31, 2009 to RMB111,727,000 for the Year. The Board recommended the payment of a final dividend of HK$0.03 per share in respect of the Year. Subject to the approval of the shareholders at the forthcoming annual general meeting, it is expected that the final dividend will be paid on or around June 2, 2011. FUTUre PROspects Firstly, I would like to thank all the parties for their joint efforts in making the listing of the Company on the Main Board of The Stock Exchange of Hong Kong Limited (the “Stock Exchange”) on February 1, 2010 successfully, which recorded a substantial over-subscription under the Hong Kong Public Offer, reflecting the confidence of investors on the business prospects and competitive strengths of the Group. 4 MEIKE INTERNATIONAL HOLDINGS LIMITED ANNUAL REPORT 2010 CHAIRMAN’S STATEMENT The Group has extended the total number of distributors from 23 to 24 and total number of outlets from 1,318 outlets to 1,865 outlets during the Year, and will continue to expand and extend its distribution network and it is expected that the total number of our distributor and retailer outlets will be up by 32% to approximately 2,465 outlets by the end of 2011, as compared to 1,865 outlets as at December 31, 2010. Besides, the Group has established a new office building in the Meike Industrial Park, Xibian Village, Chendai Town, Jiang City, Fujian Province and three apparel manufacturing facilities, one staff quarter with 5 storeys and one logistic center on the piece of land in Shanxia Village, Shanxia Town, Huian Conuty, Quanzhou City, Fujian Province during the Year. The Group plans to establish one more appareal manufacturing facility and 2 logistic centers in the year of 2011 and apply approximately RMB20 million for the purchase of machinery and equipment and the upgrade of current manufacturing facilities and machinery, thereby increasing the production capacity of apparel from approximately 1,600,000 pieces per annum as at the end of 2010 to approximately 5,800,000 pieces per annum by 2011. Finally, on behalf of the Board, I would like to thank the management and all the staff for their hard work and dedication to the Group, as well as the shareholders and customers for their support to the Group over the years. Ding Siqiang Chairman Hong Kong, March 23, 2011 MEIKE INTERNATIONAL HOLDINGS LIMITED ANNUAL REPORT 2010 5 MANAGEMENT DISCUSSION AND ANALYSIS IndustRY OVERVieW The continuous stimulus measures launched by the Chinese Government in driving domestic consumption after the global financial crisis have effectively restored market confidence and driven a robust growth in domestic consumption in 2010. Although China’s sportswear industry is under intensive competition with more entrants and new brands entering into the industry, growth potential is still huge as China has the most sizable population in the world and due to the rapid urbanization of rural areas in China, the number of consumers and their potential consumption power increased tremendously. Furthermore, with the continuous adoption of fiscal policies by the Chinese Government, the Group believes that the sportswear industry will grow steadily. Business ReVieW Since 2006, as the management saw the vast growth opportunities in the domestic market and a number of major PRC sportswear manufacturers began to market its branded products through distributors and outlets, the Group has began to change its business model through selling substantially all “Meike” branded products to its distributors (the “Meike distributors”) where the Meike distributors markets the “Meike” branded products through its distributor outlets (the “Meike distributor outlets”) or retailer outlets (the “Meike retailer outlets”) so as to further penetrate into the PRC market. As at December 31, 2010, the Group had 24 distributors, overseeing 1,865 outlets which comprised 771 Meike distributor outlets and 1,094 Meike retailer outlets. These outlets, together with the outlets owned and operated by the Group (the “Self-operated Meike Outlets”) cover 23 provinces, autonomous regions and municipalities and more than 521 districts, counties and county-level cities in the PRC. The number of outlets expanded by 547 outlets to 1,865 outlets as at December 31, 2010. The Group will continue to expand and optimize its retail network through cooperation with distributors and utilization of their local resources and business network. The Group expects that the number of its outlets will reach 2,465 by the end of 2011. The following diagram map sets out the Group’s distribution network in China as at December 31, 2010. Heilongjiang (22) Xinjiang (15) Jilin Liaoning Gansu (13) Inner Mongolia (15) (29) Beijing (18) Tianjin Hebei Qinghai (3) Ningxia (4) Shanxi (29) Shandong (115) Tibet Henan Shaanxi (107) Jiangsu (249) Sichuan Anhui (119) Chongqing Hubei (160) (94) Shanghai (96) (98) Hunan Jiangxi Zhejiang (44) (47) Guizhou (214) Yunnan (15) Fujian (143) (7) Guangxi (38) Taiwan Guangdong (171) Provinces and districts covered by the Group’s distribution network Hainan (numbers of outlets, including Meike distributor outlets, Meike retailer outlets and Self-operated Meike Outlets) 6 MEIKE INTERNATIONAL HOLDINGS LIMITED ANNUAL REPORT 2010 MANAGEMENT DISCUSSION AND ANALYSIS The following table sets out the total number of the Group’s distributors and outlets (including Meike distributor outlets and Meike retailer outlets) in China as at December 31, 2009 and December 31, 2010, respectively by geographical
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