[HK]興業新材料:二零二一年第一季度業績報告

時間:2021年05月14日 20:30:41 中財網
原標題:興業新材料:二零二一年第一季度業績報告


2021
第一季度業績報告
First Quarterly
Report
(Incorporated in the Bermuda with limited liability)
(於百慕達註冊成立的有限公司)
(Incorporated in the Bermuda with limited liability)
(於百慕達註冊成立的有限公司)

CHARACTERISTICS OF GEM OF THE STOCK
EXCHANGE OF HONG KONG LIMITED
(THE “STOCK EXCHANGE”)

GEM has been positioned as a market designed to accommodate small and
mid-sized companies to which a higher investment risk may be attached
than other companies listed on the Stock Exchange. Prospective investors
should be aware of the potential risks of investing in such companies
and should make the decision to invest only after due and careful
consideration.

Given that the companies listed on GEM are generally small and midsized
companies, there is a risk that securities traded on GEM may be
more susceptible to high market volatility than securities traded on the
Main Board and no assurance is given that there will be a liquid market in
the securities traded on GEM.

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of
Hong Kong Limited take no responsibility for the contents of this report, make
no representation as to its accuracy or completeness and expressly disclaim
any liability whatsoever for any loss howsoever arising from or in reliance
upon the whole or any part of the contents of this report.

This report, for which the directors (the “Directors”) of China Singyes New
Materials Holdings Limited (the “Company”) collectively and individually
accept full responsibility, includes particulars given in compliance with the
Rules Governing the Listing of Securities on GEM (the “GEM Listing Rules”)
for the purpose of giving information with regard to the Company. The
Directors, having made all reasonable enquiries, confirm that to the best of
their knowledge and belief the information contained in this report is accurate
and complete in all material respects and not misleading or deceptive, and
there are no other matters the omission of which would make any statement
herein or this report misleading.

This report will be available on the Company’s website http://www.syeamt.com
and will remain on the “Latest Company Report” page on the GEM website at
http://www.hkgem.com for at least 7 days from the date of its posting.

香港聯合交易所有限公司
(「聯交所」)GEM的特色


GEM的定位,乃為中小型公司提供一個上市

的市場,此等公司相比起其他在聯交所上市

的公司帶有較高投資風險。有意投資的人士

應了解投資於該等公司的潛在風險,並應經

過審慎周詳的考慮後方作出投資決定。


由於GEM上市公司普遍為中小型公司,在


GEM買賣的證券可能會較於主板買賣之證券

承受較大的市場波動風險,同時無法保證在


GEM買賣的證券會有高流通量的市場。


香港交易及結算所有限公司及香港聯合交易
所有限公司對本報告之內容概不負責,對其
準確性或完整性亦不發表任何聲明,並明確
表示概不就因本報告全部或任何部分內容而
產生或因倚賴該等內容而引致之任何損失承
擔任何責任。


本報告的資料乃遵照
GEM證券上市規則

(「GEM上市規則」)之規定而刊載,中國興
業新材料控股有限公司(「本公司」)董事(「董
事」)願就本報告的資料共同及個別地承擔全
部責任。各董事經作出一切合理查詢後,確
認就彼等所知及所信,本報告所載資料在各
重大方面均屬準確及完整,且無誤導或欺詐
成份;及本報告並無遺漏其他事項致使本報
告內任何聲明或本報告有所誤導。


本報告將刊載於本公司網站
(http://www.syeamt.com)及自刊載日期起計在
GEM網站(http://www.hkgem.com)「最新公司
報告」頁內保留最少7日。



CONTENTS

目錄

Page頁碼


CORPORATE INFORMATION公司資料
3
UNAUDITED FINANCIAL STATEMENT未經審核財務報表
Unaudited consolidated statement of profit or loss and 未經審核綜合損益及其他全面收益表
other comprehensive income6
Unaudited consolidated statement of changes in equity未經審核綜合權益變動表
7
Notes to unaudited consolidated financial statements未經審核綜合財務報表附註
8
MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析
18
CORPORATE GOVERNANCE企業管治
25
OTHER INFORMATION其他資料
27


BOARD OF DIRECTORS

Executive Directors

Mr. Zhang Chao (Chairman)
Mr. Sun Jinli (resigned on 25 January 2021)
Mr. Tang Liwen (resigned on 25 January 2021)
Mr. Du Peng (appointed on 25 January 2021)
Mr. Nie Yuanzhou (appointed on 25 January 2021)


Non-executive Director

Mr. Liu Hongwei

Independent Non-executive Directors

Ms. Pan Jianli
Mr. Pan Jianguo
Dr. Li Ling

COMPLIANCE OFFICER

Mr. Zhang Chao

COMPANY SECRETARY

Ms. Lau Wai Han (CPA)

AUTHORISED REPRESENTATIVES

Mr. Zhang Chao
Ms. Lau Wai Han (CPA)


AUDIT COMMITTEE

Ms. Pan Jianli (Chairperson)
Mr. Pan Jianguo
Dr. Li Ling

董事會

執行董事

張超先生(主席)
孫金禮先生(於二零二一年一月二十五日辭任)
湯立文先生(於二零二一年一月二十五日辭任)
杜鵬先生(於二零二一年一月二十五日獲委任)
聶遠州先生
?。抖愣荒暌辉露迦斋@委任)

非執行董事

劉紅維先生

獨立非執行董事

潘建麗女士
潘建國先生
李玲博士

合規主任

張超先生

公司秘書

劉慧嫺女士(CPA)

授權代表

張超先生
劉慧嫺女士(CPA)

審核委員會

潘建麗女士(主席)
潘建國先生
李玲博士


REMUNERATION COMMITTEE

Mr. Pan Jianguo (Chairman)
Ms. Pan Jianli
Dr. Li Ling

NOMINATION COMMITTEE

Mr. Zhang Chao (Chairman)
Mr. Pan Jianguo
Dr. Li Ling

LEGAL ADVISER

Jeffrey Mak Law Firm
6th Floor, O.T.B Building
259 Des Voeux Road Central
Hong Kong

AUDITOR

Ernst & Young
22/F, CITIC Tower
1 Tim Mei Avenue, Central
Hong Kong

PRINCIPAL BANKERS

Agricultural Bank of China, Zhuhai South Bay Branch
Industrial and Commercial Bank of China (Asia) Limited

REGISTERED OFFICE

Clarendon House
2 Church Street
Hamilton HM11
Bermuda

薪酬委員會

潘建國先生(主席)
潘建麗女士
李玲博士

提名委員會

張超先生(主席)
潘建國先生
李玲博士

法律顧問

麥振興律師事務所
香港
德輔道中259號
海外銀行大廈6樓

核數師

安永會計師事務所
香港
中環添美道1號
中信大廈22樓

主要往來銀行

中國農業銀行珠海南灣支行
中國工商銀行(亞洲)有限公司

註冊辦事處


Clarendon House
2 Church Street
Hamilton HM11
Bermuda


HEADQUARTERS IN THE PRC

Levels 1 and 2 Factory Building No. 7
Zhuhai Xingye New Energy and Industrial Park
9 Jinzhu Road, Gaoxin District, Zhuhai City
Guangdong Province, the PRC

PRINCIPAL PLACE OF BUSINESS IN HONG KONG

Unit 3108, 31/F, China Merchants Tower
Shun Tak Centre
168–200 Connaught Road Central
Hong Kong

PRINCIPAL SHARE REGISTRAR

Conyers Corporate Services (Bermuda) Limited
Clarendon House
2 Church Street
Hamilton, HM 08
Bermuda

HONG KONG SHARE REGISTRAR

Tricor Investor Services Limited
Level 54, Hopewell Centre
183 Queen’s Road East
Hong Kong

COMPANY’S WEBSITE

www.syeamt.com

STOCK CODE

中國總部

中國廣東省
珠海市高新區金珠路9號
珠海興業新能源產業園
7號廠房1樓及2樓

香港主要營業地點

香港
干諾道中168–200號
信德中心
招商局大廈31樓3108室

主要股份過戶登記處


Conyers Corporate Services (Bermuda) Limited
Clarendon House
2 Church Street
Hamilton, HM 08
Bermuda

香港股份過戶登記分處

卓佳證券登記有限公司
香港
皇后大道東183號
合和中心54樓

公司網站


www.syeamt.com

股份代號


8073


Three months ended 31 March

截至三月三十一日止三個月


2021 2020

二零二一年二零二零年


Notes RMB’000 RMB’000

附註人民幣千元人民幣千元


(Unaudited) (Unaudited)

(未經審核)(未經審核)


REVENUE收入
3 19,384 13,838
Cost of sales銷售成本
(15,472) (11,408)

Gross profit毛利
3,912 2,430
Other income and gains其他收入及收益
4 3,296 1,833
Selling and distribution expenses銷售及分銷開支
(2,009) (2,105)
Administrative expenses行政開支
(4,044) (4,114)
Reversal of impairment loss on 貿易應收款項減值虧損
trade receivables撥回
– 3,707
Other expenses其他開支
(682) (1,256)
Interest expense利息開支
5 (92) (57)

PROFIT BEFORE TAX除稅前溢利
5 381 438
Income tax expense所得稅開支
6 (96) (121)

PROFIT FOR THE PERIOD本期間溢利
285

OTHER COMPREHENSIVE INCOME:其他全面收益:
Other comprehensive income that 不會於後續期間重新分類至
will not to be reclassified to profit or loss 損益的其他全面收益:
in subsequent periods:
Exchange differences on translation 換算財務報表的匯兌差額
of financial statements718 1,330

TOTAL COMPREHENSIVE INCOME 本期間全面收益總額
FOR THE PERIOD1,003 1,647

Profit/(loss) attributable to:以下人士應佔溢利╱(虧損):
Owners of the Company本公司擁有人
373 613
Non-controlling interests非控股權益
(88) (296)

285 317

Total comprehensive income/(loss) 以下人士應佔全面收益╱
attributable to:(虧損)總額:
Owners of the Company本公司擁有人
1,091 1,943
Non-controlling interests非控股權益
(88) (296)

1,003 1,647

EARNINGS PER SHARE 本公司普通股權益持有人
ATTRIBUTABLE TO ORDINARY EQUITY 應佔每股盈利
HOLDERS OF THE COMPANYBasic and diluted基本及攤薄
7 RMB0.001 RMB0.001
人民幣0.001元人民幣0.001元


Attributable to owners of the Company

本公司擁有人應佔


Share Share Exchange Non-
Issued premium Contributed Statutory option Capital fluctuation RetainedcontrollingTotal
capital account surplus reserve fund reserve reserves reserve profits Total interests equity
已發行股份繳入法定購股權股本匯兌波動保留非控股權益
股本溢價賬盈餘儲備金儲備儲備儲備盈利總計權益總額
RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000
人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元


As at 1 January 2020於二零二零年

一月一日
35,415 75,163 6,341 12,381 3,724 55,567 2,141 53,732 244,464 5,467 249,931
Profit/(loss) for the period本期間溢利╱(虧損)
– – – – – – – 613 613(296)317
Other comprehensive income 本期間其他全面收益:


for the period:
Exchange differences on 換算財務報表的

translation of financial 匯兌差額


statements– – – – – – 1,330 – 1,330 – 1,330

Total comprehensive income/ 本期間全面收益╱
(loss) for the period(虧損)總額
– – – – – – 1,330 613 1,943 (296) 1,647
Equity-settled share option 以權益結算之購股權
arrangements安排
– – – – 37 – – – 37 – 37

At 31 March 2020
(Unaudited)

As at 1 January 2021

Profit/(loss) for the period

Other comprehensive income
for the period:

Exchange differences on
translation of financial
statements

於二零二零年

三月三十一日

(未經審核)
35,415 75,163 6,341 12,381 3,761 55,567 3,471 54,345 246,444 5,171 251,615

35,415 65,163 11,583 13,216 3,438 55,567 (1,355) 53,481 236,508 4,944 241,452
– – – – – – – 373 373 (88) 285
– – – – – – 718 – 718 – 718
於二零二一年
一月一日


本期間溢利╱(虧損)


本期間其他全面
收益:
換算財務報表的
匯兌差額


Total comprehensive income/ 本期間全面收益╱

(loss) for the period(虧損)總額
– – – – – – 718 373 1,091 (88) 1,003
Equity-settled share option 以權益結算之購股權

arrangements安排
– – – –65 – – –65 –

65

At 31 March 2021 於二零二一年
(Unaudited)三月三十一日
(未經審核)
35,415 65,163 11,583 13,216 3,503 55,567 (637) 53,481 237,664 4,856 242,520


1. CORPORATE INFORMATION 1. 公司資料
China Singyes New Materials Holdings Limited (the “Company”) is 中國興業新材料控股有限公司(「本公
a limited liability company incorporated in Bermuda. The registered 司」)為於百慕達註冊成立的有限公司。

office of the Company is located at Clarendon House, 2 Church Street, 本公司的註冊辦事處地址為Clarendon
Hamilton HM 11, Bermuda. The principal place of business of the House, 2 Church Street, Hamilton
Company is located at Unit 3108, 31st Floor, China Merchants Tower, HM11, Bermuda。本公司主要營業地
Shun Tak Center, 168–200 Connaught Road Central, Hong Kong. 點位於香港干諾道中168–200號信德中
心招商局大廈31樓3108室。

The Company is an investment holding company. During the three 本公司為一間投資控股公司。截至二零
months ended 31 March 2021 (the “Period”), the Company’s 二一年三月三十一日止三個月(「本期
subsidiaries were involved in the sale and installation of Indium Tin 間」),本公司之附屬公司於中華人民
Oxide (“ITO”) film, and the research and development, production, 共和國(「中國」)大陸從事銦錫氧化物
sale and installation of Smart Light-adjusting Film, Smart Light(
「ITO」)導電膜的銷售及安裝,以及智
adjusting Glass and Smart Light-adjusting Projection System in the 能調光膜、智能調光玻璃及智能調光投
mainland of the People’s Republic of China (the “PRC”). 影系統的研發、生產、銷售及安裝。

In the opinion of the Directors, the parent company and the 董事認為,本公司的母公司及中間控
intermediate holding company are Top Access Management Limited 股公司分別為Top Access Management
(“Top Access”) and China Shuifa Singyes Energy Holdings Limited Limited(「Top Access」)及中國水發興
(“Shuifa Singyes”) and Shuifa Group Co., Ltd. (“Shuifa Group”), 業能源集團有限公司(「水發興業」)及
respectively. Top Access was incorporated in the British Virgin Islands. 水發集團有限公司(「水發集團」)。Top
Shuifa Singyes was incorporated in Bermuda and its shares are Access於英屬處女群島註冊成立。水發
listed on the Main Board of the Stock Exchange. Shuifa Group was 興業於百慕達註冊成立,其股份於聯
incorporated in the PRC. 交所主板上市。水發集團於中國註冊成
立。



2.1 BASIS OF PREPARATION
The unaudited interim condensed financial information for the Period
has been prepared in accordance with International Accounting
Standard 34 Interim Financial Reporting.

The unaudited interim condensed financial information does not
include all the information and disclosures required in the annual
financial statements, and should be read in conjunction with the
Group’s consolidated financial statements for the year ended 31
December 2020.

The unaudited condensed financial information has been reviewed by
the audit committee of the Company.

2.2 CHANGES IN ACCOUNTING POLICIES
The accounting policies adopted in the preparation of this interim
condensed financial information are consistent with those applied in
the preparation of the Group’s annual consolidated financial statements
for the year ended 31 December 2020, except for the adoption of the
following revised International Financial Reporting Standards (“IFRSs”)
for the first time for the current period’s financial information.

Amendments to IFRS 9, Interest Rate Benchmark Reform
IAS 39 and IFRS 7, – Phase 2
IFRS 4 and IFRS 16

The adoption of the above revised standards has had no significant
financial effect on the financial position or performance of the Group.

2.1 呈列基準
本期間未經審核中期簡明財務資料已
根據國際會計準則第34號「中期財務報
告」編製。


未經審核中期簡明財務資料並不包括所
有規定須列入年度財務報表的資料及披
露,並且應與本集團截至二零二零年
十二月三十一日止年度的綜合財務報表
一併閱讀。


未經審核簡明財務資料已由本公司審核
委員會審閱。



2.2 會計政策變動
編製本中期簡明財務資料時採納的會計
政策與編製本集團截至二零二零年十二
月三十一日止年度的年度綜合財務報表
所採納者一致,惟已就本期間之財務資
料首次採納下列經修訂國際財務報告準
則(「國際財務報告準則」)。


國際財務報告準則利率基準改革
第9號、國際會計-第二階段
準則第39號及國際
財務報告準則
第7號、國際財務
報告準則第4號及
國際財務報告準則
第16號(修訂本)

採納上述經修訂準則對本集團的財務狀
況或業績並無重大財務影響。



3. REVENUE AND OPERATING SEGMENT
INFORMATION
3. 收入及經營分部資料
An analysis of revenue is as follows: 收入分析如下:
Three months ended 31 March
截至三月三十一日止三個月
2021
二零二一年
RMB’000
人民幣千元
(Unaudited)
(未經審核)
2020
二零二零年
RMB’000
人民幣千元
(Unaudited)
(未經審核)


Revenue from contracts with customers來自客戶合約的收入
19,384 13,838

Revenue from contracts with customers 來自客戶合約的收入


(i) Disaggregated revenue information (i)分類收入資料
Three months ended 31 March

截至三月三十一日止三個月


2021 2020

二零二一年二零二零年


RMB’000 RMB’000

人民幣千元人民幣千元


(Unaudited) (Unaudited)

(未經審核)(未經審核)


Type of goods or services商品或服務類型
Sale of ITO film銷售ITO 導電膜
9,422 7,664
Sale of Smart Light-adjusting Film銷售智能調光膜
5,703 5,697
Sale of Smart Light-adjusting Glass銷售智能調光玻璃
2,786 255
Sale of Smart Light-adjusting 銷售智能調光投影系統
Projection System– 86
Installation services安裝服務
910 –
Sale of other products銷售其他產品
563 136

Total revenue from contracts with customers來自客戶合約之總收入
19,384 13,838


3. REVENUE AND OPERATING SEGMENT
INFORMATION (Continued)
3. 收入及經營分部資料(續)
Revenue from contracts with customers (Continued) 來自客戶合約的收入(續)
(i) Disaggregated revenue information (Continued) (i)分類收入資料(續)
Geographical markets 地區市場
Revenue from external customers 來自外部客戶的收入
Three months ended 31 March
截至三月三十一日止三個月
2021 2020
二零二一年二零二零年
RMB’000 RMB’000
人民幣千元人民幣千元
(Unaudited) (Unaudited)
(未經審核)(未經審核)


Domestic – Mainland China*國內-中國大陸* 17,697 12,827
Others其他
1,687 1,011

Total revenue from contracts with 來自客戶合約之總收入
customers19,384 13,838

* The place of domicile of the Group’s principal operating subsidiary * 本集團主要營運附屬公司的所
is Mainland China. The principal revenue of the Group is 在地為中國大陸。本集團的主
generated in Mainland China. 要收入產生自中國大陸。



3. REVENUE AND OPERATING SEGMENT
INFORMATION (Continued)
3. 收入及經營分部資料(續)
Revenue from contracts with customers (Continued) 來自客戶合約的收入(續)
(i) Disaggregated revenue information (Continued) (i)分類收入資料(續)
Timing of revenue recognition 收入確認之時間
Three months ended 31 March
截至三月三十一日止三個月
2021 2020
二零二一年二零二零年
RMB’000 RMB’000
人民幣千元人民幣千元
(Unaudited) (Unaudited)
(未經審核)(未經審核)


Goods transferred at a point in time於時間點轉讓之貨物
18,752 13,838
Services transferred over time隨時間轉移的服務
632 –

Total revenue from contracts with 來自客戶合約之總收入
customers19,384 13,838


3. REVENUE AND OPERATING SEGMENT
INFORMATION (Continued)
3. 收入及經營分部資料(續)
Operating segment information 經營分部資料
The Group’s revenue and contribution to consolidated results are
mainly derived from its sale of ITO film, Smart Light-adjusting Film,
Smart Light-adjusting Glass and Smart Light-adjusting Projection
System and installation of Smart Light-adjusting Projection System,
which is regarded as a single reportable segment in a manner
consistent with the way in which information is reported internally to
the Group’s senior management for the purpose of resource allocation
and performance assessment. In addition, the principal assets
employed by the Group are located in Mainland China. Accordingly, no
segment analysis is presented other than entity-wide disclosures.
本集團的收入及綜合業績貢獻主要來自
其銷售ITO導電膜、智能調光膜、智能
調光玻璃及智能調光投影系統,以及安
裝智能調光投影系統,其被視為單一可
呈報分部,與向本集團高級管理層就分
配資源及業績評估呈報內部資料的方式
一致。此外,本集團使用的主要資產位
於中國大陸。因此,除以整間公司的方
式披露外,無須呈報分部分析。

Entity-wide disclosures: 整間公司的披露:
Information about major customers 有關主要客戶的資料
Revenue from major customers, which amounted to 10% or more of
the total revenue, is set out below:
來自各主要客戶(佔總收入的10%或以
上)的收入載列如下:
Three months ended 31 March
截至三月三十一日止三個月
2021
二零二一年
RMB’000
人民幣千元
(Unaudited)
(未經審核)
2020
二零二零年
RMB’000
人民幣千元
(Unaudited)
(未經審核)


Customer A客戶A 2,502 N/A 不適用
Customer B客戶B N/A 不適用
1,653


4. OTHER INCOME AND GAINS 4. 其他收入及收益
An analysis of other income and gains is as follows: 其他收入及收益分析如下:
Three months ended 31 March
截至三月三十一日止三個月
2021
二零二一年
RMB’000
人民幣千元
(Unaudited)
(未經審核)
2020
二零二零年
RMB’000
人民幣千元
(Unaudited)
(未經審核)


Deferred income released to profit or loss撥至損益的遞延收入
115 1,625
Government grants*政府補助* 338 147
Bank interest income銀行利息收入
34 57
Waiver of other payables其他應付款項豁免
2,300 –
Others其他
509 4

3,296 1,833

* There were no unfulfilled conditions or contingencies relating to these * 概無有關該等補助的未達成條件或或
grants. 然事件。


5. PROFIT BEFORE TAX 5. 除稅前溢利
The Group’s profit before tax was arrived at after charging/(crediting): 本集團除稅前溢利乃經扣除
╱(計入)以
下各項:
Three months ended 31 March
截至三月三十一日止三個月
2021
二零二一年
RMB’000
人民幣千元
(Unaudited)
(未經審核)
2020
二零二零年
RMB’000
人民幣千元
(Unaudited)
(未經審核)


Cost of inventories sold已售存貨成本
15,026 11,408
Cost of installation services安裝服務成本
446 –

15,472 11,408

Employee benefit expense 僱員福利開支(包括董事及
(including directors’ and 行政總裁薪酬):
chief executive’s remuneration):
Wages and salaries工資及薪金
4,130 3,563
Pension scheme contributions退休金計劃供款
341 199
Equity-settled share option expense以權益結算之購股權開支
65 187

4,536 3,949

Depreciation of items of property, 物業、廠房及設備項目之折舊
plant and equipment2,654 2,739
Depreciation of right-of-use assets使用權資產折舊
497 244
Research costs研究成本
1,778 1,258
Interest on lease liabilities租賃負債的利息
92 57
Equity-settled share option expense以權益結算之購股權開支
65 187
Minimum lease payments under 經營租賃項下最低租賃付款
operating leases– 14
Reversal of impairment loss on 貿易應收款項減值虧損撥回
trade receivables– (3,707)
Foreign exchange losses, net匯兌虧損淨額
236 1,169


6. INCOME TAX 6. 所得稅
The major components of income tax expense were as follows: 所得稅開支之主要部分如下:
Three months ended 31 March
截至三月三十一日止三個月
2021
二零二一年
RMB’000
人民幣千元
(Unaudited)
(未經審核)
2020
二零二零年
RMB’000
人民幣千元
(Unaudited)
(未經審核)


Current – Mainland China當期-中國大陸
Charge for the Period本期間支出
– –
Deferred遞延
96 121

Total tax charge for the Period本期間稅項開支總額
96

Notes: 附註:
(a) Pursuant to the rules and regulations of Bermuda, the Group is not (a) 根據百慕達的法律法規,本集團無須
subject to any income tax in Bermuda. Losses incurred by the Company 繳納百慕達的任何所得稅。本公司於
during the Period mainly consist of remuneration of directors. These 本年度內產生之虧損主要包括董事薪
expenses are not expected to be tax deductible. 酬。該等開支預期不可扣減稅項。

(b) During the Period, Zhuhai Singyes New Materials Company Limited (b) 年內,由於珠海新材料(「珠海新材
(“Zhuhai New Materials”) was entitled to a preferential PRC corporate 料」)自二零一八年十一月二十八日至
income tax (“CIT”) rate of 15% as it was accredited as “High and 二零二一年十一月二十八日被認定為
New Technology Enterprise” (“HNTE”) from 28 November 2018 to 高新技術企業(「高新技術企業」),其
28 November 2021. Shenzhen Kangsheng Photoelectric Technology 有權享有15%的優惠中國企業所得
Company Limited (“Shenzhen Kangsheng”) was entitled to a preferential 稅稅率。由於深圳康盛自二零一九年
PRC CIT rate of 15% as it was accredited as HNTE from 9 December 十二月九日至二零二二年十二月九日
2019 to 9 December 2022. 被認定為高新技術企業,其有權享有
15%的優惠中國企業所得稅稅率。

(c) The applicable CIT rate for Hong Kong incorporated subsidiaries was (c) 於本年度,於香港註冊成立的附屬公
16.5% during the year. No provision for Hong Kong profits tax has been 司的適用企業所得稅率為16.5%。由
made as the Group had no assessable profits derived from or earned in 於本集團於本期間並無源自香港或在
Hong Kong during the Period. 香港賺取的應課稅溢利,故並無就香
港利得稅計提撥備。



7. EARNINGS PER SHARE ATTRIBUTABLE
TO ORDINARY EQUITY HOLDERS OF THE
COMPANY
7. 本公司普通股權益持有人應
佔每股盈利
The calculation of the basic earnings per share amounts is based on
the profit attributable to ordinary equity holders of the Company for
the period, and the number of ordinary shares of 520,000,000 (for the
three months ended 31 March 2020: 520,000,000) in issue during the
period.
每股基本盈利金額乃根據本公司普通股
權益持有人應佔本期間溢利,以及本
年度已發行普通股數目520,000,000股
(截至二零二零年三月三十一日止三個
月:520,000,000股)計算。

No adjustment has been made to the basic earnings per share
amounts in respect of a dilution as the exercise price of the Company’s
outstanding share options was higher than the average market price of
the Company’s shares for the three months ended 31 March 2021 and
2020.
由於截至二零二一年及二零二零年三月
三十一日止年度本公司尚未行使購股權
之行使價高於本公司股份之平均市價,
故概無就攤薄對每股基本盈利金額作出
調整。

8. EVENTS AFTER THE REPORTING PERIOD 8. 報告期後事項
The Group had no significant events after the end of the reporting
period and up to the date of this report.
於報告期末後及直至本報告日期,本集
團並無重大事項。



BUSINESS REVIEW

The Group carries out research and development on, and manufactures
and sells ITO film, Smart Light-adjusting Film, Smart Light-adjusting Glass
and Smart Light-adjusting Projection System. The Group uses ITO film as
one of the main materials for the development of downstream products,
namely: (i) polymer dispersed liquid crystal film (i.e. Smart Light-adjusting
Film); (ii) electronically switchable glass (i.e. Smart Light-adjusting Glass);
and (iii) Smart Light-adjusting Projection System. The Group is one of the few
integrated manufacturers in the PRC which produces and sells ITO film as
well as a range of related downstream products.

A year after the Coronavirus disease 2019 (COVID-19) outbreak, our sales
has resumed growth during first quarter of 2021 as compared to the same
period of 2020 during which the sales volume has dropped significantly due
to delays or cancellations of sales orders and reduction of demand for new
sales orders as a result of the pandemic and related measures imposed in
China.

ITO film can be applied for use in a variety of products including smart
phones, GPS systems and other touch-screen devices and equipment
such as automated teller machines. Our ITO film customers are primarily
domestic touch-screen device manufacturers. Revenue from sales of ITO
film was RMB9.4 million for the three months ended 31 March 2021, which
represented an increase of RMB1.7 million or 22.9%, from RMB7.7 million
for the same period in 2020.

Smart Light-adjusting Film is made from the integration of ITO film (which
we manufacture in-house) and polymer dispersed liquid crystals. Smart Lightadjusting
Film can be switched from a milky, cloudy, translucent and opaque
state into a colourless and transparent state when electricity is applied to it,
and may be applied to windows and glass to control the passing-through of
light. Our Smart Light-adjusting Film customers are primarily construction
companies and contractors of developers. Revenue from sales of Smart Lightadjusting
Film was RMB5.7 million for the three months ended 31 March
2021, which remained steady as compared to RMB5.7 million for the same
period in 2020.

業務回顧

本集團從事ITO導電膜、智能調光膜、智能調
光玻璃及智能調光投影系統的研發、生產及
銷售。本集團使用ITO導電膜作為主要材料之
一來開發下游產品,即(i)聚合物分散液晶膜
(即智能調光膜);(ii)電控智能調光玻璃(即智
能調光玻璃);及
(iii)智能調光投影系統。本
集團是中國為數不多的生產及銷售ITO導電膜

以及一系列相關下游產品的綜合製造商。


二零一九年新型冠狀病毒(COVID-19)爆發
後一年,與二零二零年同期相比,二零二一
年第一季度銷售恢復增長,而於二零二零年
同期,由於中國的疫情及國內實行的相關措
施,使銷售訂單延遲或取消以及新銷售訂單
需求減少,導致銷售量大幅下降。



ITO導電膜可以應用於多種產品(包括智能手
機、
GPS系統及自動櫃員機等其他觸摸屏裝
置及設備)。我們的
ITO導電膜客戶主要為國
內觸摸屏設備製造商。截至二零二一年三月
三十一日止三個月的ITO導電膜銷售收入為人
民幣9.4百萬元,較二零二零年同期的人民幣


7.7百萬元增加人民幣1.7百萬元或22.9%。

智能調光膜透過整合我們內部生產的ITO導
電膜及聚合物分散液晶而製成。通電後,智
能調光膜可由乳白色、朦朧、半透明及不透
明狀調節成無色及透明狀,可用於窗戶及玻
璃,以控制光線穿透。我們的智能調光膜客
戶主要為建築公司及開發商的承包商。截至
二零二一年三月三十一日止三個月的智能調
光膜銷售收入為人民幣5.7百萬元,相較二零
二零年同期的人民幣5.7百萬元保持穩定。



Smart Light-adjusting Glass is manufactured by placing a layer of Smart
Light-adjusting Film between two layers of glass. Smart Light-adjusting
Glass permits a user to control the permeability of light through the glass by
adjusting the voltage of electricity voltage applied to the Smart Light- adjusting
Film fixed therein. Our Smart Light-adjusting Glass customers are primarily
construction companies and contractors of developers. Revenue from sales
of Smart Light-adjusting Glass was RMB2.8 million for the three months
ended 31 March 2021, which represented a significant increase of RMB2.5
million or 9.9 times, from RMB0.3 million for the same period in 2020.

Smart Light-adjusting Projection System makes use of project technology
to project visual images onto projection screens. Such projection screens
are manufactured using Smart Light-adjusting Products which is opaque
when no power source is applied to it. Our Smart Light-adjusting Projection
System customers are primarily construction companies and commercial
users. Revenue from sales of Smart Light-adjusting Projection System has
been minimal since the beginning of 2020 because of the keen competition
caused by the emergence of similar projection system products supplied by
domestic home appliance companies.

Others include sales of other products and rendering of installation services.
The aggregated revenue was RMB1.5 million for the three months ended 31
March 2021, as compared to RMB136,000 for the same period in 2020.

Our Group strives to manufacture and supply high quality products to our
customers, and our Directors believe that our Group is a reputable supplier
of ITO film and related downstream products in the PRC. Our key operating
subsidiary was ranked as the leading manufacturer of Smart Light-adjusting
Products in the PRC in terms of market share by revenue. During the three
months ended 31 March 2021, our revenue and gross profit has recorded
growth of 40.1% and 61.0% as compared to the same period in 2020
respectively. The growth was mainly due to the recovery from the COVID-19
impact. However, the profit attributable to owners of the Company decreased
by RMB240,000 or 39.2%, to RMB373,000 for the three months ended 31
March 2021, from RMB613,000 for the same period in 2020. This is mainly
because reversal of impairment loss on trade receivables of RMB3.7 million
was recorded during the three months ended 31 March 2020, while no
reversal of impairment loss on trade receivables was recorded for the same
period in 2021.

智能調光玻璃透過在兩層玻璃中間放置一層
智能調光膜而製成。智能調光玻璃允許用戶
透過調節應用於智能調光玻璃內部的智能調
光膜的電壓控制透光性。我們的智能調光玻
璃客戶主要為建築公司及開發商的承包商。

截至二零二一年三月三十一日止三個月的智
能調光玻璃銷售收入為人民幣2.8百萬元,較
二零二零年同期的人民幣0.3百萬元大幅增加
人民幣2.5百萬元或9.9倍。


智能調光投影系統利用投影技術將視覺影像
投影至投影屏上。投影屏使用智能調光產品
製成,智能調光產品在斷電時呈不透明狀
態。我們智能調光投影系統的客戶主要為建
築公司及商業用戶。自二零二零年初開始,
智能調光投影系統銷售收入甚低,原因是國
內家電企業開始供應同類的投影系統產品,
導致激烈競爭。


其他包括其他產品銷售及提供安裝服務。截
至二零二一年三月三十一日止三個月的總收
入為人民幣1.5百萬元,而二零二零年同期為
人民幣136,000元。


本集團致力於製造及向客戶供應優質產品,
董事相信本集團是中國ITO導電膜及相關下游
產品的知名供應商。按收入所佔市場份額計
算,我們的主要營運附屬公司在中國智能調
光產品製造商中名列前茅。截至二零二一年
三月三十一日止三個月的收入及毛利較二零
二零年同期分別錄得40.1%及61.0%的增長。

增長主要是由於從COVID-19的影響中恢復。

然而,本公司擁有人應佔溢利從二零二零年
同期的人民幣
613,000元減少人民幣
240,000
元或39.2%至截至二零二一年三月三十一日
止三個月的人民幣373,000元。此乃主要由於
截至二零二零年三月三十一日止三個月內錄
得貿易應收款項減值虧損撥回人民幣3.7百萬
元,而於二零二一年同期並無錄得貿易應收
款項減值虧損撥回。




OUTLOOK AND PROSPECTS

Our Directors believe that, as a market participant which is active in the
technology sector, it is crucial for the business of our Group to devote
substantial resources towards research and development (including
identifying new materials and applications) which will advance or sustain its
competitiveness in light of evolving market trends and customer preferences
and needs. Further, our Directors believe that our Group’s current market
leading positions in the PRC by market share relating to its ITO film and
Smart Light-adjusting products is testimonial of sufficient market demand
for its products. In response to the changing market conditions of the Smart
Light-adjusting Glass and Smart Light-adjusting Projection System, our Group
changes to focus on the film products.

Looking into 2021, we believe that our sales will rebound in the year 2021
and our business will continue to improve, yet it still takes time for the market
demand to return to pre-pandemic level. Therefore, our Group will remain
cautious in expanding its production lines and carrying out research and
development projects to cater the expected demand in the future. In the
meantime, our Directors will closely monitor the economic change, maintain
a prudent and stable strategy and react proactively to the challenges and
opportunities ahead.

FINANCIAL REVIEW

Revenue

Our revenue was RMB19.4 million for the three months ended 31 March
2021, which represented an increase of RMB5.5 million or 40.1%, from
RMB13.8 million for the same period in 2020. The increase was mainly due
to the rebound of sales volume of ITO film and Smart Light-adjusting Glass.

前景及展望

我們董事認為,作為活躍於技術行業的市場
參與者之一,將大量資源投入到研發(包括識
別新材料及應用)對本集團的業務至關重要,
有鑒於不斷變化的市場趨勢以及客戶偏好及
需求,此舉將提升或保持本集團的競爭力。

此外,我們董事相信,按與本集團ITO導電膜
及智能調光產品有關的市場份額計,本集團
目前的市場領導地位佐證了其產品的充足市
場需求。為應對智能調光玻璃及智能調光投
影系統不斷變化的市場環境,本集團將重點
轉向膜類產品。


展望二零二一年,我們相信銷量將於二零
二一年回升,而我們的業務將持續改善,然
而,市場需求仍需一段時間才能恢復到疫情
前水平。因此,本集團在擴充生產線及開展
研發項目方面將保持謹慎態度,以滿足未來
的預期需求。與此同時,我們董事將密切注
視經濟變化,維持審慎及穩定的策略,並積
極應對未來的挑戰和機遇。


財務回顧

收入

截至二零二一年三月三十一日止三個月的收
入為人民幣19.4百萬元,較二零二零年同期
的人民幣13.8百萬元增加人民幣5.5百萬元或


40.1%。增加主要是由於ITO導電膜及智能調
光玻璃的銷量回升。


Cost of sales and gross profit

Our cost of sales was RMB15.5 million for the three months ended 31 March
2021, which represented an increase of RMB4.1 million or 35.6%, from
RMB11.4 million for the same period in 2020. The increase in cost of sales
mainly reflected the increase in sales.

Our gross profit increased by RMB1.5 million or 61.0%, from RMB2.4 million
for the three months ended 31 March 2020 to RMB3.9 million for the three
months ended 31 March 2021. Our gross profit margin increased to 20.2%
for the three months ended 31 March 2021 from 17.6% for the same period
in 2020. The increase in gross profit margin was mainly because the cost of
sales for the three months ended 31 March 2021 was lower as compared
to the same period in 2020, during which higher per-unit fixed costs was
charged to cost of sales as a result of the low production volume.

Other income and gains

Our other income and gains were RMB3.3 million for the three months ended
31 March 2021, which represented an increase of RMB1.5 million or 79.8%,
as compared to RMB1.8 million for the same period in 2020. The increase
was primarily attributable to the waiver of other payables.

Selling and distribution expenses

Our selling and distribution expenses were RMB2.0 million for the three
months ended 31 March 2021, which represented a slight decrease of
RMB0.1 million or 4.6%, from RMB2.1 million for the same period in
2020. The expenses mainly included remuneration for sales and marketing
employees based on sales performances and expenses relating to our
marketing efforts in business promotion and participation in exhibitions. The
selling and distribution expenses was 10.4% of the revenue for the three
months ended 31 March 2021, as compared to 15.2% for same period in
2020.

銷售成本及毛利

截至二零二一年三月三十一日止三個月的銷
售成本為人民幣15.5百萬元,較二零二零年
同期的人民幣11.4百萬元增加人民幣4.1百萬
元或35.6%。銷售成本增加主要反映銷量的
增加。


毛利由截至二零二零年三月三十一日止三個
月的人民幣2.4百萬元增加人民幣1.5百萬元
或61.0%至截至二零二一年三月三十一日止
三個月的人民幣3.9百萬元。毛利率由截至二
零二零年三月三十一日止三個月的
17.6%上
升至二零二一年同期的
20.2%。毛利率增加
主要由於截至二零二一年三月三十一日止三
個月的銷售成本較二零二零年同期低,於此
期間,由於產量低,較高的每單位固定成本
計入銷售成本。


其他收入及收益

截至二零二一年三月三十一日止三個月,我
們的其他收入及收益為人民幣3.3百萬元,較
二零二零年同期的人民幣1.8百萬元增加人民
幣1.5百萬元或79.8%。該增加主要由於其他
應付款項豁免。


銷售及分銷開支

截至二零二一年三月三十一日止三個月,我
們的銷售及分銷開支為人民幣2.0百萬元,較
二零二零年同期的人民幣2.1百萬元輕微減少
人民幣0.1百萬元或4.6%。該等開支主要包括
根據銷售業績增加銷售及營銷員工之薪酬,
以及與我們業務推廣及參與展覽相關的營銷
工作開支。截至二零二一年三月三十一日止
三個月的銷售及分銷開支佔收入的百分比為


10.4%,而二零二零年同期為15.2%。


Administrative expenses

Our administration expenses were RMB4.0 million for the three months
ended 31 March 2021, which remained steady as compared to RMB4.1
million for the same period in 2020. The expenses mainly included
remuneration for administrative employees (including Directors’ fee),
depreciation and research costs. The administrative expenses was 20.9%
of the revenue for the three months ended 31 March 2021, as compared to
29.7% for the same period in 2020.

Liquidity, financial resources and capital structure

Our primary use of cash is to satisfy our working capital and capital
expenditure needs. Historically, our Group’s use of cash has mainly been
financed through a combination of cash received from the sales of our
products and financial support from our Group’s related parties.

As at 31 March 2021, our Group did not have any bank borrowings. Going
forward, we believe our liquidity requirements will be satisfied using a
combination of cash generated from operating activities, bank borrowings
and proceeds from the listing of the shares of the Company on GEM on 21
July 2017 (the “Listing”). Our Directors believe that in the long term, our
Group’s operation will be funded by internally generated cash flows and, if
necessary, additional equity and/or debt financing.

Use of proceeds from the Listing

The shares of the Company were listed on GEM on 21 July 2017 (the “Listing
Date”) with net proceeds received by the Company from the Share Offer in
the amount of HK$93,500,000 after deducting underwriting commission and
all related listing expenses.

行政開支

截至二零二一年三月三十一日止三個月,我
們的行政開支為人民幣4.0百萬元,與二零二
零年同期的人民幣4.1百萬元相比維持穩定。

該等開支主要包括行政人員的薪酬(包括董事
袍金)、折舊及研究成本。截至二零二一年三
月三十一日止三個月的行政開支佔收入的百
分比為20.9%,而二零二零年同期為29.7%。


流動資金、財務資源及資本架構

我們的現金主要用於滿足我們的營運資金及
資本開支需要。以往,本集團的現金使用主
要透過綜合從銷售產品及本集團關連方財務
支持所獲得的現金予以撥付。


於二零二一年三月三十一日,本集團並無任
何銀行借貸。展望未來,我們相信,綜合使
用營運活動所得現金、銀行借貸及本公司股
份於二零一七年七月二十一日在GEM上市
(「上市」)之所得款項,我們的流動資金需求
將會得到滿足。董事相信,長遠而論,本集
團之營運將透過內部所得現金流以及(如必

要)額外股本及╱或債務融資撥付。


上市所得款項用途

本公司股份於二零一七年七月二十一日(「上
市日期」)於GEM上市,本公司自股份發售獲
得所得款項淨額
93,500,000港元(經扣除包銷
傭金及所有上市相關開支)。




An analysis of the utilization of the net proceeds from the Listing Date up to 上市日期至二零二一年三月三十一日止所得
31 March 2021 is set out below: 款項淨額的使用情況分析如下所列:


Planned use of
net proceeds
as stated in the Actual use of net Actual balances of
Prospectus up to proceeds up to proceeds up to
Business Strategy 31 March 2021 31 March 2021 31 March 2021
截至二零二一年
三月三十一日截至二零二一年截至二零二一年
招股章程所列三月三十一日三月三十一日
所得款項淨額的所得款項淨額所得款項
業務策略計劃使用情況實際使用情況實際結餘
HK$ million HK$ million HK$ million
百萬港元百萬港元百萬港元


Overseas business expansionResearch and development of
new materials and productsPurchase of machinery and equipment

for production of anti-ambient screenEnhancement to wide ITO filmSales and marketing effects in the PRCProject for full automation of production

line for Smart Light-adjusting ProductsEstablishment and mass production of
domestic laser home cinema systemsInstallation of extra-wide Production line
for Smart Light-adjusting ProductsInstallation of fully automated production
line for pressing of glassWorking capital

海外業務擴張
新材料和新產品研發


購買用於生產環境光遮蔽
螢幕的機器及設備
強化寬ITO導電膜
於中國的銷售及營銷工作
智能調光產品全自動生產線
項目
建立及批量生產國內激光
家庭影院系統
安裝智能調光產品超寬生產線


安裝玻璃加工全自動生產線


營運資金


9.8 9.8 –
21.2 21.2 –
6.8 6.8 –
4.3 4.3 –
8.7 8.7 –
12.0 12.0 –
3.0 3.0 –
11.5 – 11.5
9.0 3.1 5.9
7.3 7.3 –

The business strategies as set out in the prospectus of the Company dated
30 June 2017 (the “Prospectus”) were based on the best estimation of the
future market conditions made by the Group at the time of preparing the
Prospectus. The use of proceeds was applied in accordance with the actual
development of the market.

As at 31 March 2021, approximately HK$76.1 million out of the net proceeds
from the Share Offer had been used. The unused net proceeds have been
deposited in licensed banks.

The Company intends to apply the net proceeds in the manner consistent
with that set out in the Prospectus. However, the actual use of proceeds was
lower than planned use of proceeds because of the delay in automation and
installation of production lines. In response to the rapidly changing business
environment, it has taken more time than expected to look for suitable
machinery and equipment producers which could meet our production
requirements. Also, our plan of installing new production line in the year
2020 has been shelved due to the COVID-19 pandemic. The Directors will
constantly evaluate the Group’s business strategies and may change or
modify plans against the changing market condition to attain sustainable
business growth of the Group.

DIVIDEND

The Board of Directors (the “Board”) did not recommend the payment of
dividend for the three months ended 31 March 2021 (2020: Nil).

本公司日期為二零一七年六月三十日之招股
章程(「招股章程」)所載之業務策略乃基於本
集團於編製招股章程時對未來市況之最佳估
計。所得款項用途已按照市場之實際發展動
用。


於二零二一年三月三十一日,已動用股份發
售所得款項淨額為約76,100,000港元。未動
用所得款項淨額已存放於持牌銀行。


本公司擬按照招股章程所述方式動用所得款
項淨額。然而,由於生產線的自動化和安裝
延遲,所得款項的實際使用低於所得款項的
計劃使用。為應對瞬息萬變的營商環境,尋
找能夠滿足我們生產要求的適合機器及設備
生產商需要比預期耗費更多的時間。再者,
因COVID-19疫情的緣故,原定於二零二零年
安裝新生產線的計劃已被擱置。董事將持續
評估本集團之業務策略,並可能因應不斷變
化之市況更改或修訂計劃,以達致本集團之
可持續業務增長。


股息

董事會(「董事會」)不建議就截至二零二一年
三月三十一日止三個月派付股息(二零二零
年:無)。




OVERVIEW

The Board recognises the importance of incorporating elements of good
corporate governance in the management structures and internal control
procedures of the Group so as to achieve effective accountability. The
Directors consider that the Company has applied the principles and complied
with all the applicable code provisions set out in the code provisions of the
Corporate Governance Code as set out in Appendix 15 of the GEM Listing
Rules during the three months ended 31 March 2021 and up to the date of
this report (the “Relevant Period”) except for the deviation from paragraph

A.2.1 of the Code as described below.
During the period from 1 January 2021 to 25 January 2021, the positions
of Chairman and Chief Executive Officer were held by Mr. Liu Hongwei
and Mr. Sun Jinli respectively. The Chairman provides leadership and is
responsible for the effective functioning and leadership of the Board. The
Chief Executive Officer focuses on the Company’s business development and
daily management and operations generally. Their respective responsibilities
are clearly defined and set out in writing.

With effect from 25 January 2021, Mr. Sun Jinli resigned as an executive
Director and Chief Executive Officer, Mr. Liu Hongwei ceased to be the
Chairman, and Mr. Zhang Chao has been appointed as the Chairman and
Chief Executive Officer. The Company is aware of the requirement under
paragraph A.2.1 of the Code that the roles of chairman and Chief Executive
Officer should be separated and should not be performed by the same
individual. Nevertheless, the Board considers that the combination of the
roles of Chairman and Chief Executive Officer will not impair the balance
of power and authority between the Board and the management of the
Company as the Company has built up a structure of the Board and has
developed a set of procedural rules for the meeting of the Board to consider
major matters affecting the operations of the Group. The Board is of the view
that this structure provides the Group with strong and consistent leadership,
which can facilitate the formulation and implementation of its strategies and
decisions and enable it to grasp business opportunities and react to changes
efficiently. Moreover, the Board considers that the sufficient measures have
been taken and it will not impair the balance of power and authority between
the Board and the management. As such, it is beneficial to the business
prospects of the Group. Therefore, Mr. Zhang Chao is performing the roles of
both Chairman and Chief Executive Officer.

概覽

董事會認為在本集團管理架構及內部監控流
程引進良好企業管治元素十分重要,藉以達
致有效的問責性。董事認為,本公司於截至
二零二一年三月三十一日止三個月及直至本
報告日期(「有關期間」)已應用
GEM上市規則
附錄15所載企業管治守則載列之原則及遵守
當中載列之所有適用守則條文,惟下文所述
偏離守則第A.2.1段的情況除外。


於二零二一年一月一日至二零二一年一月
二十五日期間,主席及行政總裁的職位分別
由劉紅維先生及孫金禮先生擔任。主席發揮
領導作用,負責董事會的有效運作及領導。

行政總裁則專注於本公司的業務發展及日常
管理和整體營運。彼等各自的職責均以書面
清楚界定及列明。


自二零二一年一月二十五日起,孫金禮先生
辭任執行董事及行政總裁,劉紅維先生不再
擔任主席,而張超先生已獲委任為主席及行
政總裁。本公司知悉守則第A.2.1段之規定,
即主席及行政總裁之角色應有所區分,不應
由同一人擔任。儘管如此,董事會認為,由
於本公司已建立董事會架構,並制定了一套
董事會會議的程序規則,以考慮影響本集團
營運的重大事宜,因此合併主席及行政總裁
的角色不會損害董事會與本公司管理層之間
的權力及權限平衡。董事會認為,此架構為
本集團提供了強而有力及一致的領導,有助
制定及執行其策略及決策,使其能有效地把
握商機及應對變化。此外,董事會認為已經
採取充分的措施,不會破壞董事會與管理層
之間的權力及權限平衡,故對本集團的業務
前景有利。因此,張超先生同時擔任主席及
行政總裁的角色。



CODE OF CONDUCT FOR DIRECTORS’ SECURITIES
TRANSACTIONS

The Company has adopted a code of conduct regarding securities
transactions by directors on terms no less exacting than the required
standard of dealings as set out in Rules 5.48 to 5.67 of the GEM Listing
Rules. The Company has made specific enquiry of all Directors and all
Directors confirmed that they have complied with the required standard of
dealings and the code of conduct regarding directors’ securities transactions
adopted by the Company during the Relevant Period.

PURCHASE, SALE OR REDEMPTION OF THE
COMPANY’S LISTED SECURITIES

Neither did the Company redeem nor did the Company or any of its
subsidiaries purchase or sell any of the Company’s listed securities during
the Relevant Period.

AUDIT COMMITTEE

The Company has established the Audit Committee on 21 July 2017 in
compliance with Rule 5.28 of the GEM Listing Rules. Among other things,
the primary duties of the Audit Committee are to review and supervise the
Company’s financial reporting process, internal control system and risk
management system and to provide advice and recommendations to the
Board on the appointment, reappointment and removal of external auditors.

The Audit Committee consists of three independent non-executive Directors,
namely Ms. Pan Jianli, Mr. Pan Jianguo and Dr. Li Ling. Ms. Pan Jianli is the
chairperson of the Audit Committee.

The Audit Committee has reviewed the accounting principles and practices
adopted by the Group and discussed the financial reporting matters
with senior management and the auditors of the Company relating to the
preparation of the unaudited consolidated financial statements of the Group
for the three months ended 31 March 2021. This report has been reviewed
by the Audit Committee, which was of the opinion that the preparation of
such results complied with the applicable accounting principles and practices
adopted by the Group and that adequate disclosure has been made.

董事進行證券交易之行為守則

本公司已採納有關董事進行證券交易之行為
守則,其條款不遜於GEM上市規則第5.48條
至5.67條載列之規定交易準則。本公司已向
所有董事作出具體查詢,且所有董事已確認
彼等於有關期間一直遵守本公司採納之有關
董事證券交易之規定交易準則及行為守則。


購買、出售或贖回本公司之上
市證券

於有關期間,本公司概無贖回或本公司或其
任何附屬公司概無購買或出售本公司任何上
市證券。


審核委員會

本公司已遵照
GEM上市規則第
5.28條於二
零一七年七月二十一日成立審核委員會。其
中,審核委員會的主要職責為檢討及監督本
公司的財務申報過程、內部監控制度及風險
管理系統,並就外部核數師的委任、續聘及
罷免向董事會提供意見及建議。


審核委員會成員包括三名獨立非執行董事潘
建麗女士、潘建國先生及李玲博士。潘建麗
女士為審核委員會主席。


審核委員會已審閱本集團所採納的會計原則
及慣例,並與本公司高級管理層討論與編製
本集團截至二零二一年三月三十一日止三個
月的未經審核綜合財務報表相關的財務申報
事宜。本報告已經審核委員會審閱,其認為
編製該等業績符合本集團採納的適用會計原
則及常規,並已作充分披露。



SHARE OPTION SCHEME

On 17 October 2017, the Company adopted a share option scheme (the
“Share Option Scheme”). Under the Share Option Scheme, the Board may,
at its absolute discretion and on such terms as it may think fit, grant Share
Options to the any Eligible Person (who is (i) (a) any director or proposed
director (whether executive or non-executive, including any independent
non-executive director), employee or proposed employee (whether full time
or part time) of, or (b) any individual for the time being seconded to work for,
any member of the Group or any substantial shareholder or any company
controlled by a substantial shareholder (a “Category A Eligible Person”);
or (ii) any person or entity that provides research, development or other
technological support or any advisory, consultancy, professional or other
services to any member of the Group (a “Category B Eligible Person”) and,
for the purposes of the Share Option Scheme, shall include any company
controlled by one or more persons belonging to any of the above classes
of participants, collectively the “Eligible Person”) to subscribe at a price
calculated in accordance with the Share Option Scheme for such number of
Shares as it may determine in accordance with the terms of the Share Option
Scheme.

Purpose of the Share Option Scheme

The purpose of the Share Option Scheme is to enable the Company to grant
Share Options to the selected Eligible Persons as incentives or rewards for
their contribution or potential contribution to the growth and development of
the Group.

Total number of Shares available under the Share Option
Scheme

The total number of Shares which may be issued upon the exercise of all
share options to be granted under the Share Option Scheme and any other
share option schemes of the Company must not in aggregate exceed 10% of
the total issued share capital of the Company as at 17 October 2017, being
the date on which the Share Option Scheme is adopted (i.e. 480,000,000
Shares).

購股權計劃

於二零一七年十月十七日,本公司採納一項
購股權計劃(「購股權計劃」)。根據購股權計
劃,董事會可全權酌情及按其認為合適之有
關條款,向任何合資格人士(指(i)「A類合資格
人士」即本集團任何成員公司或任何主要股東
或主要股東控制的任何公司的(a)任何董事或
擬任董事(不論為執行董事或非執行董事,包
括任何獨立非執行董事)、僱員或擬任僱員

(不論為全職或兼職),或(b)當時借調為其工
作的任何個人;或
(ii)「B類合資格人士」即向
本集團任何成員公司提供研究、開發或其他
技術支持或任何顧問、諮詢、專業或其他服
務的任何人士或實體;就購股權計劃而言,
包括屬於上述任何一類參與者的一名或多名
人士控制的何公司,統稱「合資格人士」)授出
購股權,以按購股權計劃所載方法計算之價
格認購董事會根據購股權計劃條款釐定之有
關數目的股份。


購股權計劃之目的

購股權計劃之目的為讓本公司向選定的合資
格人士授予購股權,作為彼等對本集團之增
長及發展所作出或將會作出之貢獻之激勵或
獎賞。


購股權計劃項下可發行的股份總數

因行使根據購股權計劃及本公司任何其他購
股權計劃將予授出之所有購股權而可能發行
之股份總數合共不得超過本公司於二零一七
年十月十七日(即採納購股權計劃之日期)已
發行股總數的10%(即480,000,000股股份)。



On 31 January 2018, options to subscribe for a total of 21,000,000 shares
with a nominal amount of US$0.01 each in the share capital of the Company
were granted under the Scheme at the exercise price of HK$1.16 per share.
As at the date of this report, 8,590,000 share options has been granted
under the Share Option Scheme to entitle the holders of these share options
to subscribe for a total 8,590,000 Shares, representing 1.652% of the issued
Shares of the Company.

Maximum entitlement of each Eligible Participant

The maximum number of Shares issued and to be issued upon the exercise
of the Share Options granted under the Share Option Scheme and any other
share option schemes of the Company to any Eligible Person(s) (including
cancelled, exercised and outstanding Share Options), in any 12-month period
up to the date of grant shall not exceed 1% of the number of Shares in issue,
unless (i) a circular is despatched to the Shareholders; (ii) the Shareholders
approve the grant of the Share Options in excess of the 1% limit referred to in
this paragraph; and (iii) the relevant Eligible Person and his associates shall
abstain from voting. The number and terms (including the exercise price) of
Share Options to be granted to such Eligible Person(s) must be fixed before
Shareholders’ approval.

Time of exercise of option

A Share Option may be exercised in accordance with the terms of the Share
Option Scheme at any time during a period commencing on such date on
or after the date on which the Share Option is granted as the Board may
determine in granting the Share Options and expiring at the close of business
on such date as the Board may determine in granting the Share Options but
in any event shall not exceed ten (10) years from the date of grant (which
is the date of offer of grant if the offer for the grant of the Share Options is
accepted).

於二零一八年一月三十一日,根據該計劃授
出了認購本公司股本中總數為21,000,000股
每股面值0.01美元之購股權,行使價為每股


1.16港元。於本報告日期,根據購股權計劃
已授出8,590,000份購股權可賦予購股權持有
人認購總共8,590,000股股份的權利,即佔本
公司已發行股份的1.652%。

各合資格參與人可認購的股份數目上


根據購股權計劃及本公司任何其他購股權計
劃授予任何合資格人士之購股權(包括已註
銷、已行使及尚未行使之購股權)獲行使時
已發行及將予發行之股份總數,於截至授出
當日止任何十二個月期間,不得超過已發行
股份數目之1%,除非(i)已寄發予股東一份通
函;(ii)股東批準授出超過本段所述之1%上限
之購股權;及
(iii)有關合資格人士及其聯繫人
須放棄投票。將授予合資格人士之購股權之
數目及條款(包括行使價)必須於股東批準前
釐定。


購股權的行使時間

購股權可根據購股權計劃之條款,於董事會
授出購股權時決定之日起及於授出購股權之
後起,直至董事會於授出購股權時決定之日
及結束營業止之期間內隨時行使,惟在任何
情況下該期間不得超過授出當日(倘授出購股
權之要約獲接納則為授出要約當日)起計十


(10)年。


Acceptance of offers

An offer for the grant of Share Options must be accepted within thirty (30)
days inclusive of the day on which such offer was made. The amount payable
by the grantee of the Share Options to the Company on acceptance of the
offer for the grant of Share Options is HK$1.00.

Exercise price per Share for the exercise of a Share Option

The exercise price per Share payable on the exercise of a Share Option is
to be determined by the Board provided always that it shall be at least the
higher of (i) the closing price of the Shares as stated in the daily quotations
sheet issued by the Stock Exchange on the date of grant (which is deemed
to be the date of Board meeting for approving the grant of Options), which
must be a business day; and (ii) the average closing price of the Shares as
stated in the daily quotations sheets issued by the Stock Exchange for the five

(5) business days immediately preceding the date of offer of grant, provided
that the exercise price per Share shall in no event be less than the nominal
amount of the Share.
Remaining life of the Share Option Scheme

The Share Option Scheme will remain in force for a period of ten (10) years
commencing on 17 October 2017, the date on which the Share Option
Scheme is adopted by Shareholders in general meeting, and shall expire at
the close of business on the day immediately preceding the tenth anniversary
thereof unless terminated earlier by Shareholders in general meeting.

The Company may by resolution in general meeting or the Board may at any
time terminate the Share Option Scheme and in such event no further Share
Option shall be offered but the provisions of the Share Option Scheme shall
remain in force to the extent necessary to give effect to the exercise of any
Share Option granted prior to the termination or otherwise as may be required
in accordance with the provisions of the Share Option Scheme. Share Options
granted prior to such termination at the time of termination shall continue to
be valid and exercisable in accordance with the Share Option Scheme.

接納要約

授出購股權之要約必須在提出該等要約當日
起三十(30)日(包括當日)內予以接納。購股
權承授人於接納授出購股權之要約時,須支
付本公司之金額為1.00港元。


行使購股權的每股股份行使價

行使購股權時應付之每股股份的行使價由董
事會釐定,惟不得低於以下較高價:
(i)在授
出當日(該日將被視為批準授出購股權之董事
會會議日期)(必須為營業日)股份於聯交所發
出之日報表上所報收市價;及
(ii)緊接授出要
約當日前五(5)個營業日股份於聯交所發出之
日報表上所報平均收市價,惟在任何情況下
每股股份之行使價不得低於股股份之面值。


購股權計劃的餘下年限

購股權計劃自二零一七年十月十七日(即股東
在股東大會上採納購股權計劃當日)起十(10)
年期間一直有效,並於緊接十週年前一日營
業時間結束時屆滿(股東於股東大會上提早終
止者除外)。


本公司可經股東大會通過之決議案或董事會
隨時終止購股權計劃,而自此之後再無購股
權可予授出,惟購股權計劃之條文仍將維持
相當程度之效力,足以令在購股權計劃終止
前已授出之任何購股權的行使,或根據購股
權計劃之條文規定之其他方面仍然有效。該
終止於終止前授出之購股權仍可根據購股權
計劃生效及行使。



The movements of outstanding share options under the Scheme during the 於截至二零二一年三月三十一日止期間計劃
period ended 31 March 2021 are as follows: 下尚未行使購股權之變動如下:


Number of share options

購股權數量
Exercise At Granted Exercised Forfeited Surrendered Lapsed At
Exercisable price per 1 January during the during the during the during the during the 31 March
Category of participants Date of grant period share 2021 period period period period period 2021
於於
二零二一年二零二一年
參與者類別授出日期行使期每股行使價一月一日期內已授出期內行使期內沒收期內放棄期內失效三月三十一日
(HK$) ’000 ’000 ’000 ’000 ’000 ’000 ’000(港元)千份千份千份千份千份千份千份


Employees 31/01/2018 31/01/2021– 1.16 963 – – – – – 963
In aggregate30/01/2028

僱員

合計
31/01/2022– 1.16 963 – – – – – 963
30/01/2028

31/01/2023– 1.16 964 – – – – – 964
30/01/2028

Sub-total

小計
2,890 – – – – –2,890

Others* 31/01/2018 31/01/2021– 1.16 1,900 – – – – – 1,900
In aggregate30/01/2028

其他*

合計
31/01/2022– 1.16 1,900 – – – – – 1,900
30/01/2028

31/01/2023– 1.16 1,900 – – – – – 1,900
30/01/2028

Sub-total

小計
5,700 – – – – –5,700

Total

總計
8,590 – – – – –8,590

* Others include (i) individuals for the time being seconded to work for, any * 其他包括
(i)當時調派為本集團任何成員公司
member of the Group or any substantial shareholder or any company controlled 或任何主要股東或由主要股東控制的任何公
by a substantial shareholder, and (ii) person or entity that provides research, 司工作的個人;及
(ii)向本集團任何成員公
development or other technological support or any advisory, consultancy, 司提供研究、開發或其他技術支援或任何顧
professional or other services to any member of the Group.問、諮詢、專業或其他服務的人士或實體。



INTERESTS AND SHORT POSITIONS OF
SUBSTANTIAL SHAREHOLDERS IN SHARES AND
UNDERLYING SHARES

As at 31 March 2021, so far as the Directors are aware, the following persons
have or are deemed or taken to have an interest and/or short position in the
shares of the Company (the “Shares”) or the underlying Shares which would
fall to be disclosed under the provisions of Division 2 and 3 of Part XV of the
Securities and Futures Ordinance (the “SFO”) or which were recorded in the
register of the Company required to be kept by the Company under Section
336 of the SFO, or who is, directly or indirectly, interested in 5% or more of
the nominal value of any class of share capital carrying rights to vote in all
circumstances at general meetings of the Company or any other members of
the Group:

Long position in the Shares

Name of shareholders Capacity/Nature of interests

股東名稱身份╱權益性質

主要股東於股份及相關股份的
權益及淡倉

於二零二一年三月三十一日,就董事所知,

以下人士於本公司股份(「股份」)或相關股

份中擁有或被視作擁有根據證券及期貨條例
(「證券及期貨條例」)第XV部第2及第3分部
的條文須作出披露的權益及淡倉,或須載入
本公司根據證券及期貨條例第336條所存置
的本公司登記冊內的權益及淡倉,或直接或
間接擁有附帶權利可於任何情況下在本公司
或本集團任何其他成員公司之股東大會上投
票之任何類別股本面值5%或以上的權益:

於股份的好倉

Approximate
Number of percentage of
Shares held shareholding
所持股份數目概約持股百分比
(Note 4)
(附註4)


Top Access Management Limited (“Top Assess”)

China Shuifa Singyes Energy Holdings Limited
(“Shuifa Singyes”)

中國水發興業能源集團有限公司
(「水發興業」)


Water Development (HK) Holdings Co., Limited
(“Water Development (HK)”)

水發集團(香港)控股有限公司
(「水發集團(香港)」)


Shuifa Energy Group Co., Ltd. (“Shuifa Energy”)

水發能源集團有限公司(「水發能源」)


Shuifa Group Co., Ltd. (“Shuifa Group”)

水發集團有限公司(「水發集團」)


Beneficial owner

實益擁有人


Interest in a controlled corporation (Note 1)
受控法團權益(附註1)


Interest in a controlled corporation (Note 2)
受控法團權益(附註2)


Interest in a controlled corporation (Note 2)
受控法團權益(附註2)


Interest in a controlled corporation (Note 2)
受控法團權益(附註2)


324,324,325 62.37%

324,324,325 62.37%

324,324,325 62.37%

324,324,325 62.37%

324,324,325 62.37%


Approximate
Number of percentage of
Name of shareholders Capacity/Nature of interests Shares held shareholding
股東名稱身份╱權益性質所持股份數目概約持股百分比
(Note 4)
(附註4)


AMATA Limited Beneficial owner40,000,000 7.69%
實益擁有人
Mr. Luo JingxiInterest in a controlled corporation (Note 3)40,000,000 7.69%

羅靜熙先生
受控法團權益(附註3)


Notes:

1.
The entire issued share capital of Top Access is legally and beneficially owned
by Shuifa Singyes, which is deemed to be interested in the Shares held by Top
Access under Part XV of the SFO.
2.
Water Development (HK) is the legal and beneficial owner of 1,687,008,585
shares of Shuifa Singyes and have a security interest in 180,755,472 shares
of Shuifu Singyes, representing approximately 66.92% and 7.17% of the
issued share capital in Shuifa Singyes respectively. Water Development (HK)
is beneficially and wholly-owned by Shuifu Energy, which is in turn beneficially
and wholly- owned by Shuifu Group. As such, each of Water Development (HK),
Shuifu Energy and Shuifu Group is deemed to be interested in the Shares to
which Shuifa Singyes is interested in (through its shareholding in Top Access)
under Part XV of the SFO.
3.
AMATA Limited is legally and beneficially owned by Mr. Luo Jingxi, Mr. Hua
Jianjun, Mr. Zhong Qibo and Mr. He Qiangmin as to 39%, 27%, 20% and 14%
respectively. Mr. Luo Jingxi is deemed to be interested in the Shares held by
AMATA Limited under Part XV of the SFO.
4.
The percentage is calculated on the basis of 520,000,000 Shares in issue as at
31 March 2021.
Save as disclosed above, as at 31 March 2021, according to the register of
interests required to be kept by the Company under section 336 of the SFO,
there was no person or corporation other than the Directors and the Chief
Executives whose interests are set out in the section “Directors’ and Chief
Executives’ interests and short positions in Shares, underlying Shares and
debenture of the Company and its associated corporations” below, had any
interest or short position in the Shares or underlying Shares of the Company
that was required to be disclosed to the Company under the provisions of
Divisions 2 and 3 or Part XV of the SFO.

附註:


1.
Top Access的全部已發行股本由水發興業合
法及實益擁有,根據證券及期貨條例第XV
部,水發興業被視為於Top Access持有之股
份中擁有權益。

2.
水發集團(香港)為水發興業之1,687,008,585
股股份之合法及實益擁有人及於水發興業之
180,755,472股股份擁有擔保權益,分別佔
水發興業已發行股本之約
66.92%及7.17%。

水發集團(香港)由水發能源實益及全資擁
有,而水發能源由水發集團實益及全資擁
有。因此,根據證券及期貨條例第XV部,
水發集團(香港)、水發能源及水發集團均
被視為於水發興業擁有權益(透過其於Top
Access之股權)之股份中擁有權益。

3.
AMATA Limited分別由羅靜熙先生、華建軍
先生、鍾啟波先生及何強民先生合法及實益
擁有39%、27%、20%及14%。根據證券
及期貨條例第XV部,羅靜熙先生被視為於
AMATA Limited持有的股份中擁有權益。

4.
該百分比乃根據於二零二一年三月三十一日
已發行520,000,000股股份計算。

除上文所披露者外,於二零二一年三月
三十一日,根據本公司根據證券及期貨條例
第336條所存置的權益登記冊,除其權益已載
於下文「董事及最高行政人員於本公司及其相
聯法團股份、相關股份及債權證的權益及淡
倉」一節的董事及最高行政人員外,概無人士
或法團於本公司股份或相關股份中擁有須根
據證券及期貨條例第XV部第2及第3分部條文
須予披露的任何權益或淡倉。



DIRECTORS’ AND CHIEF EXECUTIVES’ INTERESTS
AND SHORT POSITIONS IN SHARES, UNDERLYING
SHARES AND DEBENTURE OF THE COMPANY AND
ITS ASSOCIATED CORPORATIONS

As at 31 March 2021, so far as the Directors are aware, the interests and
short positions of the Directors and chief executives of the Company in
the Shares, underlying Shares or debentures of the Company or any of its
associated corporations (within the meaning of Part XV of the SFO) which
have been notified to the Company and the Stock Exchange pursuant
to Divisions 7 and 8 of Part XV of the SFO (including interests and short
positions which they are taken or deemed to have under such provisions of
the SFO) or have been entered in the register maintained by the Company
pursuant to Section 352 of the SFO or which were required, pursuant to
Rules 5.46 to 5.67 of the GEM Listing Rules, have been notified to the
Company and the Stock Exchange, are as follows:

Long positions in the shares of Shuifa Singyes (Note 1)

Name of Director(s) Capacity/Nature of Interests

董事名稱身份╱權益性質

董事及最高行政人員於本公司
及其相聯法團股份、相關股份
及債權證的權益及淡倉

於二零二一年三月三十一日,就董事所知,
董事及本公司最高行政人員於本公司或其任
何相關法團(定義見證券及期貨條例第XV部)
的股份、相關股份或債權證中擁有已根據證
券及期貨條例第XV部第7及第8分部知會本公
司及聯交所的權益及淡倉(包括根據證券及期
貨條例有關條文彼等被當作或視為擁有的權
益及淡倉),或已載入本公司根據證券及期貨
條例第352條所存置的登記冊內的權益及淡
倉,或須根據
GEM上市規則第
5.46至5.67條
已知會本公司及聯交所的權益及淡倉如下:

於水發興業股份的好倉(附註1)

Approximate
percentage
Number of of total registered
Shares held share capital
佔註冊股本總額之
所持股份數目概約百分比
(Note 4)
(附註4)


Mr. Liu Hongwei Interest of a controlled corporation (Note 2) 202,038,750 8.08%
劉紅維先生受控法團權益(附註2)
Beneficial interest (Note 3) 1,500,000 0.06%
實益權益(附註3)


Total總計
203,538,750 8.14%


Notes:

1.
Shuifa Singyes is listed in the Main Board of the Stock Exchange with stock
code: 750. Shuifa Singyes is a holding company of the Company pursuant to the
SFO.
2.
202,038,750 shares of Shuifa Singyes are held by Strong Eagle Holdings Ltd.,
whose share capital is 53% owned by Mr. Liu Hongwei (the non-executive
Director of the Company). Mr. Liu Hongwei is deemed to be interested in these
shares by virtue of the SFO.
3.
Such interest represents the shares awards of Shuifa Singyes granted to Mr.
Liu Hongwei under a share award plan as announced by Shuifa Singyes on 29
December 2020. As at 31 March 2021, no share of Shuifa Singyes under the
share award plan has neither been purchased by Shuifa Singyes nor allocated to
Mr. Liu Hongwei.
4.
The percentage is calculated on the basis of 2,521,081,780 shares in issue of
Shuifa Singyes as at 31 March 2021.
Save as disclosed above, as at 31 March 2021, none of the Directors or chief
executives of the Company had any interests or short positions in the Shares,
underlying Shares or debentures of the Company or any of its associated
corporations (within the meaning of Part XV of the SFO) that was required to
be notified to the Company and the Stock Exchange pursuant to Divisions 7
and 8 of Part XV of the SFO (including interests and short positions which
was taken or deemed to have under such provisions of the SFO), or which
was required to be recorded pursuant to Section 352 of the SFO, or as
otherwise required pursuant to Rules 5.46 to 5.68 of the GEM Listing Rules
to be notified to the Company and the Stock Exchange.

附註:


1.
水發興業於聯交所主板上市,股份代號為
750。根據證券及期貨條例,水發興業為本
公司的控股公司。

2.
202,038,750股水發興業股份由Strong Eagle
Holdings Ltd.持有,而本公司非執行董事劉
紅維先生持有Strong Eagle Holdings Ltd.股本
之53%。根據證券及期貨條例,劉紅維先生
被視為於該等股份中持有權益。

3.
該權益指根據於二零二零年十二月二十九日
公佈的股份獎勵計劃授予劉紅維先生的水發
興業股份獎勵。於二零二一年三月三十一
日,概無股份獎勵計劃項下的水發興業股份
獲水發興業購買或分配予劉紅維先生。

4.
該百分比乃根據於二零二一年三月三十一日
水發興業已發行2,521,081,780股股份計算。

除上文所披露者外,於二零二一年三月
三十一日,概無董事或本公司最高行政人員
於本公司或其任何相關法團(定義見證券及期
貨條例第XV部)的股份、相關股份或債權證中
擁有須根據證券及期貨條例第XV部第7及8分
部知會本公司及聯交所的任何權益或淡倉(包
括根據證券及期貨條例條文被當作或視為擁
有的權益及淡倉),或須根據證券及期貨條例
第352條記錄的任何權益或淡倉,或須根據
GEM上市規則第
5.46條至
5.68條另行知會本
公司及聯交所的任何權益或淡倉。



RIGHTS TO ACQUIRE SHARES OR DEBENTURES

Save as disclosed under the section “Directors’ and Chief Executives’
Interests ad Short Positions in Shares, Underlying Shares and Debentures
of the Company and its associated corporations” above, at no time since the
Listing Date and up to the date of this report, was the Company or any of its
subsidiaries, or any of its fellow subsidiaries, a party to any arrangement to
enable the Directors or chief executives of the Company or their respective
associates (as defined in the GEM Listing Rules) to have any right to
subscribe for securities of the Company or any of its associated corporations
(within the meaning of Part XV of the SFO) or to acquire benefits by means
of acquisitions of shares in, or debentures of, the Company or any other body
corporate.

INTEREST IN COMPETING BUSINESSES

Shuifa Singyes, one of the controlling shareholders (as defined under
GEM Listing Rules) of the Company, has entered into the deed of noncompetition
dated 23 June 2017 (the “Deed of Non-competition”) in favour
of the Company, details of which were set out in the Prospectus. Pursuant
to the Deed of Non-competition, Shuifa Singyes has undertaken to our
Company (for ourselves and as trustee for each of our subsidiaries) that with
effect from the Listing Date, it shall not, and shall procure each of its close
associates (other than our Group) shall not, whether on its own account or in
conjunction with or on behalf of any person, firm or company and whether
directly or indirectly, whether as a shareholder, director, employee, partner,
agent or otherwise (other than being a director or shareholder of our Group
or members of our Group), carry on or be engaged in, directly or indirectly,
a business which is, or be interested or involved or engaged in or acquire
or hold any rights or interest or otherwise involved in (in each case whether
as a shareholder, partner, agent or otherwise and whether for profit, reward
or otherwise) any business which competes or may in any aspect compete
directly or indirectly with the business or which is similar to the business
currently and may from time to time be engaged by our Group (including but
not limited to the production and sale and businesses ancillary to any of the
foregoing).

收購股份或債權證的權利

除上文「董事及最高行政人員於本公司及其相
聯法團的股份、相關股份及債權證的權益及
淡倉」一節所披露者外,自上市日期後及截至
本報告日期止全部時間,本公司或其任何附
屬公司或其任何同系附屬公司概無訂立任何
安排,以使董事或本公司最高行政人員或彼
等各自的聯繫人(定義見GEM上市規則)有權
認購本公司或其任何相關法團(定義見證券及
期貨條例第XV部)的證券,或透過收購本公司
或任何其他法人團體的股份或債權證而獲益。


於競爭業務的權益

本公司控股股東(定義見GEM上市規則)之一
水發興業已以本公司為受益人訂立日期為二
零一七年六月二十三日的不競爭契據(「不競
爭契據」),其詳情載於招股章程。根據不競
爭契據,水發興業已向本公司(就我們及我們
各附屬公司的受託人)承諾自上市日期起,其
將不會,並將促使其緊密聯繫人(本集團除
外)不會(不論就其本身或聯同或代表任何人
士、事務所或公司以及不論直接或間接及不
論作為股東、董事、僱員、合夥人、代理人
或其他(本集團或本集團成員公司的董事或股
東除外)直接或間接進行或從事,於任何方面
與本集團業務或與本集團現時及可能不時從
事的業務(包括但不限於生產及銷售及與任何
前述業務配套的業務)類似的業務構成或可能
構成競爭的任何業務或於當中擁有權益或涉
及或從事受限制業務或收購或於當中持有任
何權利或權益或以其他方式牽涉其中(在各情
況下不論作為股東、合夥人、代理人或其他
身份及不論為換取溢利、回報或其他利益)。



During the three months ended 31 March 2021 and up to the date of this
report, none of the Directors, the controlling shareholders of the Company or
their respective close associates (as defined under the GEM Listing Rules)
had any business or interest in a business which competes or may compete
with the business of the Group and any other conflicts of interest with the
Group.

The controlling shareholders of the Company have confirmed to the Company
that during the three months ended 31 March 2021 and up to the date of
this report, Shuifa Singyes and its respective close associates (as defined
under the GEM Listing Rules) have complied with the undertakings contained
in the Deed of Non-competition.

截至二零二一年三月三十一日止三個月及截
至本報告日期止,概無董事、本公司控股股
東或彼等各自的緊密聯繫人(定義見GEM上市
規則)擁有任何與本集團業務構成或可能構成
競爭的業務,或於當中擁有權益,亦概無與
本集團擁有任何其他利益衝突。


本公司控股股東已向本公司確認,於截至二
零二一年三月三十一日止三個月及直至本報
告日期,水發興業及其各自的緊密聯繫人(定
義見GEM上市規則)已遵守不競爭契據所載的
承諾。




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