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Annual Report 2020 Contents 天福(開曼)控股有限公司 Tenfu (Cayman) Holdings Company Limited (Incorporated in the Cayman Islands with limited liability) Stock Code: 6868 Annual Report 2020 Contents Corporate Profile 2 Corporate Information 3 Financial Highlights 5 Chairman’s Statement 6 Management Discussion and Analysis 9 Directors and Senior Management 20 Corporate Governance Report 24 Report of the Board of Directors 38 Independent Auditor’s Report 61 Consolidated Financial Statements ● Consolidated Balance Sheet 66 ● Consolidated Statement of 68 Comprehensive Income ● Consolidated Statement of Changes in 69 Equity ● Consolidated Cash Flow Statement 70 ● Notes to the Consolidated Financial 71 Statements Tenfu (Cayman) Holdings Company Limited >> 2020 ANNUAL REPORT 1 Corporate Profile Tenfu (Cayman) Holdings Company Limited (the “Company” or “we”, together with the subsidiaries, collectively the “Group”) are a leading traditional Chinese tea-product enterprise in the People’s Republic of China (the “PRC”) engaged in the sale and marketing of a comprehensive range of tea products and the development of product concepts, tastes and packaging designs. Our key products are tea leaves, tea snacks and tea ware, which we sell through a nationwide network of self-owned and third-party owned retail outlets and retail points. Pursuant to the data of Chinese Enterprises Brands Research Centre (中國企業品牌研究中心), Tenfu ranked first among 2019 China’s chain stores of tea in terms of brand index, the “Tenfu” (天福) brand has one of the highest levels of brand awareness amongst tea product consumers in the PRC. With its high level of brand awareness and more than 25 years of presence in the market, the Group believes that it is in a strong position to continue capturing such expected growth in the market for branded traditional Chinese tea leaves. We presently offer over 1,300 varieties of traditional Chinese tea-leaf products. Our branded traditional Chinese tea leaves had the largest market share in terms of retail sales value of all branded traditional Chinese tea leaves in the PRC and our Oolong tea and green tea dominated the respective market segments. We offer over 300 varieties of tea snacks, most of which are infused with the flavours of tea leaves and are produced at our own facilities. As part of our business, we also sell tea ware under our own brands. We adopt a multi-brand strategy to capture different segments of the traditional Chinese tea market in the PRC. Our most popular and well-known brand is the “Tenfu” brand. Our “Tenfu” brand tea products are primarily sold in our self-owned and third-party owned retail outlets and retail points where we strive to offer a personalised tea shopping experience. We also offer a separate line of products under the “Tenfu Ten Xin” (天福天心) and “Uncle Lee” (安可李) brands which are primarily sold through our concession points at hypermarkets in the PRC. As at 31 December 2020, our tea products were sold in 1,243 retail outlets and retail points across 31 provinces, autonomous regions and municipalities in the PRC, including stores with shop fronts at street level and in shopping malls and concession counters in department stores and hypermarkets. We have started sale of tea drink (including milk tea) since acquisition of Xiamen Tianqia Catering Management Co., Limited with the trademark of “放牛斑” and formation of a joint venture company, Xiamen Daily Plus Food Beverage Management Co., Ltd. with the trademark of “喫茶趣 TO GO”. 2 Tenfu (Cayman) Holdings Company Limited >> 2020 ANNUAL REPORT Corporate Information DIRECTORS REGISTERED OFFICE Executive Directors P.O. Box 2681 LEE Rie-Ho (Chairman) Cricket Square, Hutchins Drive LEE Chia Ling (Chief Executive Officer) Grand Cayman KY1-1111 LEE Kuo-Lin (Chief Operating Officer) Cayman Islands LEE Shih-Wei (resigned on 21 March 2020) HEADQUARTERS IN THE PRC Non-executive Directors 2901 Building C TSENG Ming-Sung Xinjing Commerce Center LI Jie (resigned on 21 March 2020) No. 25 Jiahe Road Independent Non-executive Directors Xiamen LO Wah Wai the PRC LEE Kwan Hung, Eddie Tel: +86-592-3389334 FAN Ren Da, Anthony Fax: +86-592-3389086 BOARD COMMITTEES Email: [email protected] Audit Committee PRINCIPAL PLACE OF BUSINESS IN HONG LO Wah Wai (Chairman) KONG Room E, 22/F TSENG Ming-Sung CNT Tower FAN Ren Da, Anthony 338 Hennessy Road LEE Kwan Hung, Eddie Wanchai Remuneration Committee Hong Kong FAN Ren Da, Anthony (Chairman) LEE Rie-Ho AUTHORISED REPRESENTATIVES LEE Chia Ling LO Wah Wai LAM Yuk Ling LEE Kwan Hung, Eddie LEE Chia Ling COMPANY SECRETARY LAM Yuk Ling Nomination Committee LEE Kwan Hung, Eddie (Chairman) LEE Kuo-Lin FAN Ren Da, Anthony LO Wah Wai Tenfu (Cayman) Holdings Company Limited >> 2020 ANNUAL REPORT 3 Corporate Information PRINCIPAL SHARE REGISTRAR NAME OF STOCK Suntera (Cayman) Limited Tenfu (Cayman) Holdings Company Limited Royal Bank House-3rd Floor STOCK CODE 24 Shedden Road, P.O. Box 1586 6868 (listed on the Stock Exchange since Grand Cayman KY1-1110 26 September 2011) Cayman Islands PRINCIPAL BANKERS HONG KONG BRANCH SHARE REGISTRAR Bank of China Limited, Zhangpu Sub-branch Computershare Hong Kong Investor Services Limited Bank of Communications Co. Ltd., Xiamen Branch Shops 1712-1716 AUDITOR 17th Floor, Hopewell Centre PricewaterhouseCoopers 183 Queen’s Road East Certified Public Accountants Wanchai 22/F, Prince’s Building Hong Kong Central PLACE OF LISTING Hong Kong The main board of The Stock Exchange of WEBSITE Hong Kong Limited (the “Stock Exchange”) www.tenfu.com 4 Tenfu (Cayman) Holdings Company Limited >> 2020 ANNUAL REPORT Financial Highlights • Revenue for the year ended 31 December 2020 decreased by 4.7% from RMB1,796.8 million for 2019 to RMB1,712.6 million; • Gross profit for the year ended 31 December 2020 decreased by 1.1% from RMB1,057.6 million for 2019 to RMB1,045.8 million, with an increase in gross profit margin from 58.9% for 2019 to 61.1% for the year ended 31 December 2020; • Profit for the year ended 31 December 2020 increased by 11.8% from RMB273.1 million for 2019 to RMB305.4 million, which corresponded to an increase in net profit margin from 15.2% for 2019 to 17.8% for the year ended 31 December 2020; • Basic earnings per share for the year ended 31 December 2020 was RMB0.28; and • The Board proposed a final dividend of HKD0.2 per share (equivalent to RMB0.17 per share). Comparison of Key Financial Figures Results For the year ended 31 December (RMB’000) 2016 2017 2018 2019 2020 Revenue 1,484,718 1,576,561 1,635,562 1,796,834 1,712,595 Gross profit 909,281 955,273 985,750 1,057,603 1,045,840 Gross profit margin (%) 61.2 60.6 60.3 58.9 61.1 Profit before income tax 245,703 335,106 371,272 415,979 467,091 Profit for the year, all attributable to the shareholders of the Company 165,420 243,511 268,618 273,137 305,409 Net profit margin (%) 11.1 15.4 16.4 15.2 17.8 Assets and liabilities As at 31 December (RMB’000) 2016 2017 2018 2019 2020 Total assets 2,406,261 2,696,591 2,837,648 2,903,112 2,967,721 Total equity 1,986,889 2,101,922 2,037,678 1,694,298 1,751,524 Total liabilities 419,372 594,669 799,970 1,208,814 1,216,197 Gearing ratio (%) 5 7.9 14.7 23.4 25.1 Trade receivables turnover days (days) 123 116 96 94 112 Trade payables turnover days (days) 60 59 72 86 93 Inventories turnover days (days) 287 287 330 349 448 Tenfu (Cayman) Holdings Company Limited >> 2020 ANNUAL REPORT 5 Chairman’s Statement Chairman’s Statement In 2020, it was extremely challenging, exacerbated by the significant negative impact of coronavirus disease (“COVID-19”) and China has experienced a slowdown in its economic growth in the midst of trade tension with the United States of America (the “United States” or “U.S.”), with customers’ daily-life consumption tightened. Although the economic environment may not be favourable to retailing market, the Group remained aggressive in adjusting its sales network, developed products to meet different consumers’ demand, continued to maintain its customer-oriented service, cut its operating costs, and accelerated the expansion of tea beverage market, which rewarded it with an overall revenue of RMB1.7 billion in 2020. Meanwhile, the Group strived to increase its procurement and production efficiency, continuously optimise cost management and effectively control expenses and shop opening costs, which enabled it to keep up the profit against the rising costs of raw materials and other items. The Group expects that these measures will have a positive influence on the Group’s financial performance for the foreseeable future. Operational Review for 2020 In order to make the Tenfu tea products and brands more popular in the ultimate markets and distribution channels and maintain its leading position and advantage in the highly competitive Chinese tea market, in 2020, the Group continued to implement a number of significant operational measures to streamline the Group’s organisation structure, adopt active marketing strategy to satisfy customers’ demand, sell tea products together with tea beverage to expand product categories and sales channels. In 2021, the Group will pursue the following moves to meet market demands: 1. Continuing to develop new stores and optimise sales network; 2. Holding tea fairs in major cities, promoting tea culture and the sales of tea and tea ware; 3. Developing new tea products, expanding market share of milk tea, and promoting the sales of milk tea, such as “放牛斑” brand milk tea, to meet the needs of different consumer groups and their changing preferences for fashion; 4.
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