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00B1802011 AR.Indb CORPORATE INFORMATION 公司資料 Board of Directors 董事會 Executive Directors 執行董事 Mr. Vincent CHOW Wing Shing 周永成先生 Chairman and Group General Manager 主席兼集團總經理 Dr. Gerald CHOW King Sing 周敬成醫生 Mr. Winston CHOW Wun Sing 周允成先生 Group Deputy General Manager 集團副總經理 Non-executive Directors 非執行董事 Dr. CHAN Bing Fun* 陳炳勳醫生* Mr. Stephen TING Leung Huel 丁良輝先生 Mr. CHUNG Pui Lam 鍾沛林先生 Mr. LEE Ka Lun* 李家麟先生* Dr. LO King Man* 盧景文博士* Mr. Stephen LAU Man Lung* 劉文龍先生* * Independent Non-executive Directors * 獨立非執行董事 Company Secretary 公司秘書 Mr. Theodore TAM Shing Chi 譚承志先生 Registered Office 註冊辦事處 Clarendon House, 2 Church Street Clarendon House, 2 Church Street Hamilton HM 11, Bermuda Hamilton HM 11, Bermuda Principal Place of Business 主要營業辦事處 4/F, Chow Sang Sang Building 香港 229 Nathan Road, Kowloon 九龍彌敦道二二九號 Hong Kong 周生生大廈四樓 Legal Advisers 法律顧問 Baker & McKenzie 貝克．麥堅時律師事務所 Wilkinson & Grist 高露雲律師行 Auditor 核數師 Ernst & Young 安永會計師事務所 Principal Bankers 主要往來銀行 The Hongkong and Shanghai Banking Corporation Limited 香港上海滙豐銀行有限公司 Standard Chartered Bank (Hong Kong) Limited 渣打銀行（香港）有限公司 Hang Seng Bank Limited 恒生銀行有限公司 The Bank of Nova Scotia 加拿大豐業銀行 Industrial and Commercial Bank of China Limited 中國工商銀行股份有限公司 Bank of China (Hong Kong) Limited 中國銀行（香港）有限公司 Website 網頁 www.chowsangsang.com www.chowsangsang.com You may go to our website by scanning this QR Code 如欲瀏覽集團網頁，可掃描此二維條碼 000B18020110B1802011 AAR.indbR.indb i 119/4/20189/4/2018 33:12:15:12:15 Dedicated to the Memory of Mr. CHOW Kwen Ling one of the Founders of Chow Sang Sang 永遠懷念 尊敬的 周君令先生 (1923 - 2017) 000B18020110B1802011 AAR.indbR.indb iivv 119/4/20189/4/2018 33:12:29:12:29 CONTENTS 目錄 2 Financial Highlights 財務摘要 3 Chairman’s Message 主席致辭 4 Board of Directors and Senior Management 董事會及高級管理人員 9 Management Discussion and Analysis 管理層討論及分析 14 Report of the Directors 董事會報告 23 Environmental, Social and Governance Report 環境、社會及管治報告 35 Corporate Governance Report 企業管治報告 47 Independent Auditor’s Report 獨立核數師報告 54 Consolidated Statement of Profit or Loss 綜合損益賬 55 Consolidated Statement of Comprehensive Income 綜合全面收益表 56 Consolidated Statement of Financial Position 綜合財務狀況表 58 Consolidated Statement of Changes in Equity 綜合權益變動表 60 Consolidated Statement of Cash Flows 綜合現金流量表 62 Notes to Financial Statements 財務報告附註 157 Particulars of Properties Held 所持物業詳情 The following abbreviations are used in this report: 本年報使用下列簡稱： Abbreviations 簡稱 Chow Sang Sang Holdings International Limited The Company 周生生集團國際有限公司 本公司 Chow Sang Sang Holdings International Limited The Group 周生生集團國際有限公司 本集團 and its subsidiaries 及其附屬公司 CHOW SANG SANG HOLDINGS INTERNATIONAL LIMITED 1 ANNUAL REPORT 2017 周生生集團國際有限公司 2017 年報 000B18020110B1802011 AAR.indbR.indb 1 119/4/20189/4/2018 33:12:15:12:15 FINANCIAL HIGHLIGHTS 財務摘要 2017 2016 HK$’000 HK$’000 Change 千港元 千港元 變動 Turnover 營業額 Jewellery retail 珠寶零售 14,516,326 14,045,322 +3% Other businesses 其他業務 2,117,055 2,047,215 +3% 16,633,381 16,092,537 +3% Profit attributable to equity holders 本公司權益持有人 of the Company 應佔溢利 876,418* 742,176 +18% Earnings per share 每股盈利 – Basic – 基本 129.5 cents 仙 109.6 cents 仙 +18% – Diluted – 攤薄 129.3 cents 仙 109.6 cents 仙 +18% Dividend per share 每股股息 – Interim – 中期 9.0 cents 仙 8.0 cents 仙 – Final – 末期 42.0 cents 仙 35.0 cents 仙 Total dividend per share for the year 全年每股股息總額 51.0 cents 仙 43.0 cents 仙 Dividend payout ratio 派息比率 39% 39% Equity attributable to equity holders 本公司權益持有人 of the Company 應佔權益 10,125,075 9,037,898 +12% Equity per share 每股權益 $15.0 元 $13.4 元 +12% * Profit attributable to equity holders of the Company for the year ended * 截至二零一七年十二月三十一日止年 31 December 2017 included a gain of HK$114 million on the disposal of 度，本公司權益持有人應佔溢利包括出 shares in Hong Kong Exchanges and Clearing Limited. 售香港交易及結算所有限公司股份所得 114,000,000港元收益。 Turnover Return on equity holders’ equity Year 營業額 權益持有人權益回報 年份 2017 14,516 2,117 16,633 % 18 ........................................................................................ 2016 14,045 2,048 16,093 15.4% 2015 16,723 2,346 19,069 16 ........................................................................................ 2014 16,933 2,313 19,246 14 ........................................................................................ 2013 19,943 5,199 25,142 12.5% 0 5,000 10,000 15,000 20,000 25,000 30,000 12 ........................................................................................ HK$’M 12.5% 百萬港元 Jewellery retail 珠寶零售 Other businesses 其他業務 10 ........................................................................................ 8.7% 8 ........................................................................................ 8.2% Profit attributable to equity holders of the Company Year 本公司權益持有人應佔溢利 6 ........................................................................................ 年份 2017 876 4 ........................................................................................ 2016 742 2 ........................................................................................ 2015 1,130 0 2014 1,082 2013 2014 2015 2016 2017 Year 2013 1,218 年份 0 200 400 600 800 1,000 1,200 1,400 HK$’M 百萬港元 CHOW SANG SANG HOLDINGS INTERNATIONAL LIMITED 2 ANNUAL REPORT 2017 周生生集團國際有限公司 2017 年報 000B18020110B1802011 AAR.indbR.indb 2 119/4/20189/4/2018 33:12:15:12:15 CHAIRMAN’S MESSAGE 主席致辭 In the year under review, 2017, the chill that had gripped Hong Kong 回顧二零一七年，業務開始從數年前瀰漫 the previous few years began to warm up. Shop leases were being 的寒氣中回暖過來，本港店舖租金獲調整 renewed at more rational levels, and sales started to improve. 至較理性水平續約，銷售亦見回升。 The turnover of the Group increased 3% after three years of 經歷三年的收縮後，集團營業額增加3%。 contraction. Profit for the Group climbed by 18% to HK$876 million, 利潤上升18%至八億七仟六佰萬港元，其 which included a gain of HK$114 million from the disposal of a part of 中包括沽售部分香港交易及結算所有限公 the holding of shares of Hong Kong Exchanges and Clearing Limited. 司股份的利潤一億一仟四佰萬港元。 Looking ahead, there are clouds on the economic horizon. Looming 展望二零一八年，巿場仍存有陰霾。貿易 trade disputes, interest rate rises, and regional tension could impact gold 爭端的暗湧、利率攀升、及地區衝突對金 price as well as consumer sentiments. Nevertheless, we will continue to 價及消費情緒影響難料。然而，集團將繼 grow our network, offline and online, especially on the mainland. At the 續擴展線上及線下網絡，尤其重視中國大 same time, we will watch carefully our inventory and costs. 陸巿場；同時亦必審慎監控存貨及成本。 I wish to pay tribute to Mr. CHOW Kwen Ling, my uncle and fellow 我們尊敬的集團董事周君令先生於 director, who passed away in May 2017 at the age of 93. He and his 二零一七年五月離世，享年九十三歲。 younger brothers Kwen Lim and Kwen Yum built up the business from a 他是我的伯父，他與弟弟君廉及君任從幾 few goldsmith shops into a company that was the first jewellery firm to 家金飾舖開始，建立業務，於一九七三年 be listed in Hong Kong, in 1973. He had been at the helm of the Group 成為首家在香港上巿的珠寶企業。他擔任 for 17 years before retiring as the Honorary Chairman in 1990. We owe 本集團掌舵人十七年，於一九九零年退任 it to their foresight and hardwork for the Group that we have today. 為名譽董事長。三昆仲的遠見與幹勁，造 就了本集團的今天。 I thank our shareholders, our customers and our staff for their loyalty 本人謹此感謝股東、顧客及員工對集團的 and support. 忠誠支持。 Vincent CHOW Wing Shing 主席 Chairman 周永成 Hong Kong 香港 27 March 2018 二零一八年三月二十七日 CHOW SANG SANG HOLDINGS INTERNATIONAL LIMITED 3 ANNUAL REPORT 2017 周生生集團國際有限公司 2017 年報 000B18020110B1802011 AAR.indbR.indb 3 119/4/20189/4/2018 33:12:15:12:15 BOARD OF DIRECTORS AND SENIOR MANAGEMENT 董事會及高級管理人員 Dr. CHAN Bing Fun, MB, BS, DMRT, aged 84, is an Independent 陳炳勳醫生，MB，BS，DMRT，八十四歲， Non-executive Director of the Company, and a member of the Audit 本公司之獨立非執行董事、審核委員會、 Committee, Remuneration Committee and Nomination Committee of 薪酬委員會及提名委員會成員。彼已服務 the Company. He has been with the Group for over 40 years. Dr. CHAN 本集團超過四十年。陳醫生為香港私人執 is a medical doctor in private practice in Hong Kong. 業醫生。 Mr. Vincent CHOW Wing Shing, BBS, MBE, JP, aged 71, is an 周永成先生，BBS，MBE，太平紳士， Executive Director of the Company, the Chairman of the Board, the 七十一歲，本公司之執行董事、董事會主 Group General Manager and a director of a number of subsidiaries 席、本集團總經理及本集團內多家附屬公 within the Group. Mr. CHOW has been with the Group for over 35 司之董事。周先生服務本集團超過三十五 years, having been the Group General Manager and the Chairman 年，彼分別於一九九八年及二零一三年起 since 1998 and 2013 respectively. He is the Deputy Chairman of the 出任本集團總經理及主席。彼現為香港城 Council of the City University of Hong Kong, where he is also the Vice 市大學校董會副主席、城市大學專上學院 Chairman of the Board of Management of the Community College of 管理委員會副主席。周先生獲委任為民政 City University. Mr. CHOW is appointed by the Home Affairs Bureau’s 事務局屬下藝術發展諮詢委員會主席及西 to its Advisory Committee on Arts Development as the Chairman as well 九文化區管理局董事局下的表演藝術委員 as the Performing Arts Committee under the Board of West Kowloon 會委員。彼獲香港演藝學院頒授榮譽院士 Cultural District Authority as a member. He was made an Honorary 銜；彼現為一非牟利機構– 香港國際電影 Fellow of the Hong Kong Academy for Performing Arts; and he serves 節協會有限公司之董事。周先生曾任中國 as a Director of the Board of The Hong Kong International Film Festival 人民政治協商會佛山市順德區委員。 Society Limited, which is a not-for-profit organization. Mr. CHOW was a member of the Shunde People’s Political Consultative Committee. Dr. Gerald CHOW King Sing, aged 61, is an Executive Director of 周敬成醫生，六十一歲，本公司之執行董 the Company. He is a member of the Nomination Committee of the 事、提名委員會成員及本集團內多家附屬 Company and a director of a number of subsidiaries within the Group. 公司之董事。彼服務本集團超過三十年。 He has joined the Group for over 30 years. Dr. CHOW is the elder 周醫生為周允成先生之兄及周永成先生之 brother of Mr. Winston CHOW Wun Sing and a cousin of Mr. Vincent 堂弟。在香港社會公職方面，周醫生現擔 CHOW Wing Shing. For community services in Hong Kong, Dr. CHOW 任香港特區政府民政事務局公共事務論壇 is a panel member of the Public Affairs Forum under
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