Annual Report 年報 Contents 目錄

(incorporated in the Cayman Islands with limited liability) (於開曼群島註冊成立的有限公司 ) (Stock Code 股份代號：00602) ANNUAL REPORT 年報 CONTENTS 目錄 Corporate Information 公司資料 2-5 Chairman’s Statement 董事長報告 6-10 Biography of Directors and Senior Management 董事及高層管理人員簡歷 11-13 Management Discussion and Analysis 管理層討論及分析 14-27 Corporate Governance Report 企業管治報告 28-38 Report of the Directors 董事會報告 39-56 Independent Auditor’s Report 獨立核數師報告 57-64 Consolidated Statement of Comprehensive Income 綜合全面收益表 65 Consolidated Statement of Financial Position 綜合財務狀況表 66-67 Consolidated Statement of Changes in Equity 綜合權益變動表 68 Consolidated Statement of Cash Flows 綜合現金流量表 69-70 Notes to the Consolidated Financial Statements 綜合財務報表附註 71-170 Five-Year Financial Summary 五年財務概要 171-172 CORPORATE INFORMATION 公司資料 STOCK CODE 股份代號 00602 00602 REGISTERED OFFICE 註冊辦事處 Cricket Square Cricket Square Hutchins Drive Hutchins Drive P.O. Box 2681 P.O. Box 2681 Grand Cayman KY1-1111 Grand Cayman KY1-1111 Cayman Islands Cayman Islands HEAD OFFICE AND PRINCIPAL PLACE OF 香港總辦事處及主要營業地點 BUSINESS IN HONG KONG Suite 715, 7th Floor 香港 Ocean Centre, Harbour City 九龍 5 Canton Road 尖沙咀 Tsimshatsui 廣東道5號 Kowloon 海港城海洋中心 Hong Kong 7樓715室 HEAD OFFICE AND PRINCIPAL PLACE OF 中國總辦事處及主要營業地點 BUSINESS IN THE PRC 4/F 中國 Jiahua Ming Yuan 深圳市 No. 2146 Xinhu Road 寶安中心區 Baoan Central District 新湖路2146號 Shenzhen 佳華名苑 The PRC 4樓 COMPANY WEBSITE 公司網站 www.szbjh.com www.szbjh.com AUDITOR 核數師 BDO Limited 香港立信德豪會計師事務所有限公司 Certified Public Accountants 執業會計師 25th Floor 香港 Wing On Centre 干諾道中111號 111 Connaught Road Central 永安中心 Hong Kong 25樓 AUTHORISED REPRESENTATIVES 授權代表 Mr. Zhuang Lu Kun 莊陸坤先生 Mr. Ho Yuet Lee, Leo 何悅利先生 2 Jiahua Stores Holdings Limited Annual Report 2016 Corporate Information (Continued) 公司資料（續） LEGAL ADVISERS TO THE COMPANY 公司法律顧問 As to Hong Kong law 香港法律 Woo Kwan Lee & Lo 胡關李羅律師行 26th Floor, Jardine House 香港 1 Connaught Place 中環 Central 康樂廣場1號 Hong Kong 怡和大廈26樓 As to the Cayman Islands law 開曼群島法律 Conyers Dill & Pearman Conyers Dill & Pearman Cricket Square Cricket Square Hutchins Drive Hutchins Drive P.O. Box 2681 P.O. Box 2681 Grand Cayman KY1-1111 Grand Cayman KY1-1111 Cayman Islands Cayman Islands As to PRC law 中國法律 Guang Dong Pinfang Law Firm 廣東品方律師事務所 Room 501, Main Building 中國 Peach Technology Innovation Park 深圳市 Baoan District 寶安區 Shenzhen 桃花源科技創新園主樓 The PRC 501室 PRINCIPAL SHARE REGISTRAR 主要股份過戶登記處 AND TRANSFER OFFICE Royal Bank of Canada Trust Royal Bank of Canada Trust Company (Cayman) Limited Company (Cayman) Limited 4th Floor, Royal Bank House 4th Floor, Royal Bank House 24 Shedden Road 24 Shedden Road P.O. Box 1586 P.O. Box 1586 Grand Cayman KY1-1110 Grand Cayman KY1-1110 Cayman Islands Cayman Islands BRANCH SHARE REGISTRAR AND TRANSFER 香港股份過戶登記分處 OFFICE IN HONG KONG Tricor Investor Services Limited 卓佳證券登記有限公司 Level 22 Hopewell Centre 香港 183 Queen’s Road East 皇后大道東183號 Hong Kong 合和中心22樓佳華百貨控股有限公司二零一六年年報 3 Location of Jiahua Stores 佳華商場位置圖台北 Taipei 廣西 Guangxi 鹽步店 Yanbu 桃源店 Taoyuan 大沙田店 Dashatian 香港 Hong Kong 澳門 Macao 海口東莞市 Dongguan Haikou 公明店 Gongming 松崗店 Songgang 寶安區 Baoan District 沙井店 Shajing Shenzhen 深圳市深 Sanlian Shiyan 三聯店西鄉店 Xixiang 龍華店 Longhua 書苑雅閣店 Shuyuan Yage 4 Jiahua Stores Holdings Limited Annual Report 2016 Xixiang Songgang Gongming 西鄉松崗公明 Shiyan Shuyuan Yage Taoyuan 石岩書苑雅閣桃源（廣西） Sanlian Dashatian Yanbu 三聯大沙田（廣西）鹽步（佛山） Longhua Shajing 龍華沙井佳華百貨控股有限公司二零一六年年報 5 CHAIRMAN’S STATEMENT 董事長報告 Chairman’s Statement 董事長報告 6 Jiahua Stores Holdings Limited Annual Report 2016 Chairman’s Statement (Continued) 董事長報告（續） INTRODUCTION 序言 During the year, the world economy was still under adjustment 年內，世界經濟仍處於危機後的深度調整階 period with lack of dynamic growth. The latest report as revealed 段，總體增長乏力，繼續保持平庸局面。國 by the International Monetary Fund (IMF) that the global economic 際貨幣基金組織(IMF)最新報告顯示，2016 growth rate was 3.1% for 2016. There was economic slump, 年全球經濟僅增長3.1%。發達經濟體增長 slowdown in private investment, weak spending demand, and loss 持續低迷，私人投資增長放緩，消費需求疲 of power for recovery in the developed countries. While the growth 弱，缺乏強勁復蘇動力；新興經濟體增長緩 rate was stable in the developing countries, but problems like lack 中趨穩，但分化態勢加劇，部分經濟體經濟 of development focus, single economic structure, fiscal overbudget 結構單一、財政赤字偏高等結構性問題未得 etc still existed. On the other hand, other potential risks including 到根本改善。此外，英國脫歐、歐洲難民問 the Brexit, European refugee problems and terrorism amplified the 題和恐怖襲擊等多重風險因素都加大了世界 unstable factors. 經濟增長的不確定性。 The global growth rate in 2016 was the weakest from 2014 onward. 2016 年的全球增長是自2014 年以來最弱 At the beginning of the year, it was disrupted from the global 的，原因是世界金融市場動盪導。2016年 financial market. The positive manufacturing activity index of the 中期，情況普遍好轉。新興和發達經濟體的 developing countries has turned around in the mid of the year. 製造業活動指標自去年夏初以來不斷上升。 There were many countries which have been alleviated from the 在許多國家，總體通脹過去面臨的下行壓力 downslope movement as the bulk commodity price index has risen. 減弱，在一定程度上是由於大宗商品價格回升。 China was the leading contribution country to the world economy 中國於2016年之經濟增長對世界經濟增長 in 2016. With the glooming world economic environment, China 的貢獻率仍居首位。在世界經濟較為低迷的 was keeping a vigorous market demand on the international bulk 環境下，中國仍然保持著強勁的市場需求， commodity and major industrial products. This situation has positive 對國際大宗商品和主要工業品進口的大幅增 effect on the international demand and supply relationship, and also 長，有力地改善了國際供求關係，不僅提振 became a stimulus for the resource and energy exporting countries. 了資源與能源出口國的經濟增長，而且對發 Moreover, this helps the recovery of the developed nations as well. 達工業國的經濟逐漸復蘇也起到了不可或缺的積極作用。佳華百貨控股有限公司二零一六年年報 7 Chairman’s Statement (Continued) 董事長報告（續） At the same time, China has playing an important role on the 與此同時，中國持續為世界提供著物美價廉 livelihood of people by providing cheap industrial products to lower 的工業製成品，對降低全球生產成本、推動 the production costs for other countries. In these few years, the 技術進步、改善各國人民生活做出了貢獻。 economic power has been strengthened which brought about the 近年來，隨著中國經濟實力的增強，特別是 strategic plan of “One belt one road”, there was trend of external 「一帶一路」發展戰略的穩步推進，企業「走 expansion of local enterprises to help develop the construction of 出去」步伐明顯加快，對外投資和經濟合作 foundation facilities and industrialization. These help the foreign 蓬勃發展，成為很多發展中國家完善基礎設 countries by exploring markets, increasing employment and 施、加快工業化進程的重要參與者，也對發 reducing financial liabilities. 達國家拓展市場、增加就業、緩解債務壓力發揮了重要作用。 China was under structural reform in the important area and major 近年來，中國以結構性改革為主線，深入推 segment. The benefit has been gradually appeared as the inward 進重點領域和關鍵環節，改革得益正逐漸顯 economy dynamic has created upon the development of mass 現，「大眾創業、萬眾創新」蓬勃發展，經 enterpreneurship and innovation. The China economy power has 濟內生動力不斷增強，持續向好勢頭得到鞏 been fastly grown and improved, which has positively affected the 固。中國經濟新動能加快成長，結構持續優 world economy. 化，對全球經濟的正向溢出效應將進一步增強。 BUSINESS REVIEW 業務回顧 During the year, traditional department stores, being the core of the 年內，零售業主體的傳統百貨業正面臨前所 retail business, faced unprecedented pressure, with the successive 未有的壓力，從大城市到二三線城市，不 closure of stores, in the non-core city area. The impact upon the 少零售巨頭連續關店，實體零售業進入「寒 operation in the retail industry posed by the surge of e-business 冬」。零售業除受高租金，高工資及其他成 gradually surfaced, not to mention the effect brought by high rents, 本不斷上脹之營運情況外，電商的壯大對傳 high wage and other rising costs. Apart from the difficult operating 統零售業的影響逐步浮現。儘管經營環境 environment, the Group still attained satisfactory operating results. 不佳，集團於本年仍取得合理滿意的營運業績。 In 2016, retail industry was generally operating under difficulties. 2016年，零售行業普遍面臨困難，集團面 Despite the negative factors, the Group has made changes to 對各種負面因素，在調整轉型中取得穩定 its operation and recorded a stable operating result. For the year 的經營業績。於截至2016年12月31日止年 ended 31 December 2016, the Group has recorded revenue of 度，本集團錄得收入約人民幣728,903,000 approximately RMB728.9 million, representing a year-on-year 元，比去年減少約13.2%；直接銷售之毛利 decrease of approximately 13.2%. Gross profit from direct sales 率約為人民幣87,429,000元，比去年上升約 was approximately RMB87.4 million, representing a year-on-year 1.3%；本公司權益持人人應佔利潤約為人民 increase of approximately 1.3%, and consolidated profit attributable 幣41,306,000元，比去年下降約9.4%；收入 to owners of the Company was approximately RMB41.3 million, 下跌的主要原因為年內已沒有消耗品批發業 representing a year-on-year decrease of approximately 9.4%. The 務之收入，而商場面積改動令分店作局部暫 decrease in revenue was mainly attributable to the absence of 停營業，對營業額有所影響。加上重整部份 income from wholesale of consumables. Besides, the renovation 銷售面積，由直接經營及專櫃轉為餐飲娛樂 works in stores has resulted in partial suspension of business which 消閒經營面積，使專櫃佣金有所減少但令租 has affected the sales turnover. In addition, there were reallocation 金收入有所增加。 of store floor area from direct sales and concessionaire to leisure and recreational operators, which made the drop in commission from concessionaire sales but increase in rental income. 8 Jiahua Stores Holdings Limited Annual Report 2016 Chairman’s Statement (Continued) 董事長報告（續） During the year, the Group has continued renovation enhancement 年內，集團繼續推進各門店超市、百貨的升 to the stores. Approximately RMB26.9 million has been spent 級調整。集團投入近人民幣貳仟柒佰萬元對 for store enhancement of Songgang store, Shiyan store and 松崗，石岩，公明等分店進行升級再造，探 Gongming store etc bringing a fresh shopping appearance to 索新消費體驗，打造新購物環境。另一方 consumers and creating a new shopping environment. On the 面，銷售信息化落實應用，啟動O2O模式， other hand, there were implementation of informatization on sales 充分利用移動互聯網技術，推進線上、線下 by starting online to offline sales through internet application. 等多管道協同行銷。擴充採購團隊，物色網 By expanding its procurement team, recruiting talents in online 購專才，成立網絡建設團隊，拓展全面網購 shopping, establishing

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