01919周大福 报.ppt

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1、Chow Tai Fook Jewellery Group Limited,周大福珠寶集團有限公司,Stock Code 股份代號:1929,Annual Report 2012 年報,CorporateProfile企業簡介,Chow Tai Fook Jewellery Group Limited is a leading jeweller in Mainland China,HongKong and Macau.Its principal products are mass luxury and high-end luxury jewelleryproducts including ge

2、m-set jewellery,gold products,platinum/karat gold products andwatches.The Company was listed on the Main Board of the Stock Exchange in 2011.The Groups iconic brand“Chow Tai Fook”and long-standing history of over 80 yearsof operations represent key competitive advantages of its business.The Chow Tai

3、 Fookbrand is recognised for its trustworthiness and authenticity,and its products are knownfor their design,quality and value.Chow Tai Fook has an extensive retail network,with over 1,600 points of sale inGreater China,Singapore and Malaysia.The Group has a vertically integrated businessmodel that

4、gives it effective and tight control over its processes from raw materialprocurement to design,production,marketing and sales through its extensive retailnetwork.周大福珠寶集團有限公司是中國內地及港澳地區的領先珠寶商，並於2011年在聯交所主板上市。本集團專注於主流珠寶及名貴珠寶產品，包括珠寶鑲嵌首飾、黃金產品、鉑金K金產品以及鐘錶。本集團標誌性品牌周大福及80多年輝煌經營歷史乃其業務的關鍵競爭優勢，周大福是信譽及正貨的象徵，其產品則

5、以設計、品質及價值聞名。周大福擁有龐大的零售網絡，其於大中華區、新加坡與馬來西亞的零售點合共逾1,600個。集團建立出一套高效的垂直整合經營的業務模式。此模式能使集團對整體業務作出有效和謹慎的監控，範圍涉及原材料採購、設計、生產、市場推廣以及通過龐大的零售網絡進行銷售。,02,06,12,27,33,38,48,56,69,71,Contents目錄Financial Highlights財務摘要 Chairmans Statement主席報告書 Management Discussion&Analysis管理層討論與分析 Major Events and Awards重要活動及獎項 Pros

6、pects and Strategies前景及策略 Profile of Directors and Senior Management董事及高級管理人員簡介 Corporate Governance Report企業管治報告 Report of the Directors董事會報告 Independent Auditors Report獨立核數師報告 Financial Statements財務報表,Financial Summary財務概要 Corporate Information公司資料 Glossary詞彙,143144146,(1),Financial Highlights財務摘要

7、,Revenue營業額HK$million百萬港元22,933.6,35,042.5,56,571.1,Profit attributable toowners of the Company本公司擁有人應佔溢利HK$million百萬港元6,340.63,537.6,Earnings per share每股盈利HK cent港仙39.5,68.5,18,410.9,1,896.7,2,138.6,21.2,23.9,2009,2010,2011,2012,2009,2010,2011,2012,2009,2010,2011,2012,$56,571.1m 百萬港元,$6,340.6m 百萬港元

8、,68.5 cents 港仙,The following table summarises the results of the Group for FY2009 to FY2012.下表概述本集團 2009 財政年度至 2012 財政年度的業績。,For the year ended 31 March 截至3月31日止年度Revenue 營業額Gross profit 毛利Profit for the year 年度溢利,2012HK$million 百萬港元56,571.116,447.96,570.9,2011HK$million 百萬港元35,042.59,927.63,672.5,2

9、010HK$million 百萬港元22,933.66,555.02,206.8,2009HK$million 百萬港元18,410.95,326.01,914.4,Profit attributable to:以下人士應佔溢利：,Owners of the Company 本公司擁有人Non-controlling interests 非控股權益Earnings per share(HK cent)每股盈利（港仙）Dividend per share(HK cent)每股派息（港仙）As at 31 March 截至3月31日Current assets 流動資產Current liabil

10、ities 流動負債Net current assets 流動資產淨額Net assets 資產淨額Total assets 資產總額Key ratios for the year ended 31 March截至3月31日止年度主要比率Gross margin 毛利率,6,340.6230.368.510.02012HK$million 百萬港元45,258.314,218.031,040.329,573.047,414.32012(%)29.1,3,537.6134.939.5n/a 不適用2011HK$million 百萬港元27,503.217,213.210,290.011,672.

11、929,048.72011(%)28.3,2,138.668.223.9n/a 不適用2010HK$million 百萬港元15,961.68,510.97,450.78,335.417,010.32010(%)28.6,1,896.717.721.2n/a 不適用2009HK$million 百萬港元13,504.37,783.85,720.56,441.914,409.52009(%)28.9,Operating margin 經營利潤率,(1),14.9,13.3,11.8,12.4,Net margin 淨利潤率Net gearing(2)淨資本負債比率(2),11.616.2,10.

12、565.2,9.634.5,10.446.7,02,(1),(2),(1),(2),03,Revenue by geography FY20122012財政年度按地區劃分的營業額,Revenue by product FY20122012財政年度按產品劃分的營業額,Revenue by operation model FY20122012財政年度按營運模式劃分的營業額,43%,57%,14%,6%,27%,16%,53%,84%,Mainland China 中國內地HK,Macau and other Asian markets 香港、澳門及其他亞洲市場,Gem-set jewellery

13、珠寶鑲嵌首飾Gold products 黃金產品Platinum/karat gold products 鉑金,K金產品,Retail 零售Wholesale 批發,Watches 鐘錶Note:The percentages calculated could include minor rounding differences.附註：百分比計算結果或略有進位差異。,Key operating data as at 31 March於3月31日之主要經營數據Jewellery POS 珠寶零售點Mainland China 中國內地HK,Macau and other Asian market

14、s香港、澳門及其他亞洲市場Watch POS 鐘錶零售點Total POS 零售點總計,20121,5411,44893861,627(%),20111,2871,20681711,358(%),20101,1151,03481641,179(%),200996589570965(%),Same Store Sales Growth 同店銷售增長,Mainland China 中國內地Hong Kong,Macau and Taiwan香港、澳門及台灣Overall 整體,32.048.440.3,35.232.433.8,15.216.015.6,n/a 不適用n/a 不適用n/a 不適用,

15、Earnings before net interest and taxation,divided by revenueAggregate of bank borrowings,gold loans,net amounts due to related companies,net of pledged bank deposits and bank balances and cash,and then dividedby total equity息稅前盈利除以營業額銀行貸款、黃金借貸、應付關聯公司款項淨額之總額（扣除已抵押銀行存款及銀行結餘及現金）並除以權益總額Chow Tai Fook Ann

16、ual Report 2012 周大福2012年年報,Chairmans Statement,主席報告書,04,05,Chairmans Statement,主席報告書,ChairmansStatement,主席報告書,Chow Tai Fook Annual Report 2012 周大福2012年年報,Chairmans Statement,主席報告書,“Chow Tai Fook jewellery representsthe best that money can buy.”,周大福珠寶是貨真價實的象徵。,06,07,“We excel at providing Chinese cus

17、tomers exactly what they arelooking for.”我們能為華人顧客提供稱心的產品。,Dear shareholders,Chow Tai Fook Jewellery Group Limited is a leading jewellery company withthe origins tracing back to 1929.After over 80 years in business as a privatecompany,Chow Tai Fook was successfully listed on the Main Board of theStoc

18、k Exchange on 15 December 2011,in what was one of the largest IPOs inHong Kong and globally last year.Chow Tai Fook became the largest listedpure play jeweller in the world by market capitalisation,and since listing wehave actually gained market share in Mainland China,Hong Kong andMacau,where we we

19、re already market leaders.Chow Tai Fook is a homegrown iconic Chinese luxury brand that is widelyknown and sought after,not to mention highly trusted,giving consumersfull confidence that our products are of the highest quality and authenticity.Chow Tai Fook jewellery represents the best that money c

20、an buy.Ourmotto of“sincerity eternity”has guided us all these years and means evenmore today as we strive for transparency,best-in-class corporategovernance,and long-term sustainable growth that will serve us well for ournext 80 years and beyond.Our listing was the logical next step forward forthe C

21、ompany.With our strong professional management,a committedboard setting strategic direction,and ample funds raised from globalinvestors who share our confidence in the untapped potential of the Chinesejewellery market,we are well poised to deliver on these goals.I am pleased to report a total revenu

22、e of HK$56,571.1 million for FY2012,which represents a robust growth of 61.4%over the same period last year.Profit attributable to shareholders of the Company increased by 79.2%toHK$6,340.6 million with an earnings per share of HK68.5 cents.The Boardrecommends the payment of a final dividend of HK10

23、.0 cents per share toreward our shareholders.We regard the main drivers for our sustainable growth to be POS expansionand Same Store Sales Growth,or in other words,acquiring new customersand encouraging repeat purchases.At the end of March 2012,the number of our POS totalled 1,627,an increaseof 19.8

24、%or 269 POS over the total number of jewellery and watch POS ayear earlier.Of the 1,627 POS,1,532 or 94.2%are located in Mainland China.Our overall Same Store Sales Growth was 40.3%in FY2012 compared to33.8%in FY2011.Growth in market share has also been a key to our success.According to the Frost&Su

25、llivan Report,our market share grew from 12.6%in 2010 to 14.4%in 2011 in Mainland China and from 20.1%to 21.4%in HongKong and Macau in that same period.,各位股東：周大福珠寶集團有限公司是一間始創於 1929 年的領先珠寶商。作為一家私人企業，周大福擁有逾 80 年歷史，並於 2011 年 12 月 15 日成功在聯交所主板上市，成為去年香港和全球最大規模的首次公開發售股份項目之一。周大福是全球市值最大的純珠寶業的上市公司。我們於中國內地和港澳

26、地區早已領先市場，自上市以來，市場佔有率更進一步擴大。周大福紮根於本地，並發展成家喻戶曉、備受市場推崇的華人名牌。作為信譽超著的品牌，消費者對我們優質和正貨充滿信心。周大褔珠寶是貨真價實的象徵。多年來，我們始終秉承真誠 永恒的經營理念；時至今日，這個理念顯得更為重要，它是支撑我們以提高透明度、實踐最佳企業管治及達至長期可持續發展的重要支柱，也必將帶領我們邁向下一個 80 周年和更長遠的未來。上市是周大福向前邁進的必然選擇。我們擁有強大而專業的管理團隊及專注制訂策略方向的董事會，加上環球投資者和我們一樣對中國珠寶市場尚待發掘的潛力充滿信心，為公司帶來了充裕的資金支持。憑藉以上的優勢，周大福已為實

27、現更遠大的目標作好準備。本人欣然報告，2012 財政年度錄得總營業額 56,571.1百萬港元，較去年同期大幅增長 61.4%。本公司股東應佔溢利增加 79.2%至 6,340.6 百萬港元，每股盈利為 68.5 港仙。董事會建議派發末期股息 10.0 港仙，以回饋股東。我們認為，可持續增長的主要動力來自零售點擴張和同店銷售增長。換言之，我們需一方面開拓新客源，另一方面提升顧客的再消費。截至 2012 年 3 月底，我們共有 1,627 個零售點，較去年同期的珠寶和鐘錶零售點總數，增加 19.8%或 269個。在上述 1,627 個零售點當中，有 1,532 個或 94.2%位於中國內地。20

28、12 財政年度整體同店銷售增長為40.3%，而 2011 財 政 年 度 的 整 體 同 店 銷 售 增 長 則 為33.8%。市場佔有率增長也是我們成功的關鍵之一。據 Frost&Sullivan 報告顯示，我們於 2010 年佔中國內 地 市 場 12.6%，於 2011 年 增 至 14.4%；同 期，於 港,澳地區的市場佔有率，亦由 20.1%上升至 21.4%。Chow Tai Fook Annual Report 2012 周大福2012年年報,劃。,Chairmans Statement主席報告書,Looking ahead,expansion of our retail net

29、work inland and into lower tiercities in Mainland China,where there is still huge potential and we are farahead of our peers,is the key to our continued sustainable growth.With ourPOS opening experience and track record,we have well exceeded previoustargets and we expect to reach a total of 2,000 PO

30、S by the end of FY2014,which is earlier than planned.Our even stronger financial position post-IPOenables us to adjust inventory levels in these POS to meet demand and alsoto open more outlets in Tier II to IV cities such as Chengdu,Chongqing,Xian,Nanning,Urumqi and Guiyang,where we see growth oppor

31、tunities.Domestic consumption is still rising in inland and lower tier cities and webelieve their economies are particularly resilient to slowdown.In addition,we plan to expand the gross floor area in certain carefullyselected existing POS to increase our Same Store Sales Growth byoptimising our pro

32、duct and collection offerings,such as the“Bao Bao FamilyCollection”and the“The Perfect One Wedding Collection”.Going forward,we have plans to introduce our designer collections,through innovativemarketing campaigns and events,including the roll out of an enhancedtiered customer loyalty programme acr

33、oss Hong Kong and Mainland China.We are also committed to building shareholder value and returns.With afocus on effective and tight control,our sophisticated vertically integratedbusiness model sets us apart from our peers,and enables us to furtherimprove our profitability.Our model gives us direct

34、preferential access to source the most soughtafter raw materials,such as diamonds.Coupled with our own productionfacilities,in-house design team and an extensive retail network,we are in fullcontrol of all critical steps in the supply chain,which underscores ourfundamental resilience in the current

35、uncertain macroeconomicenvironment.We are on track to complete construction of our new Mainlandheadquarters office in Shenzhen by the end of 2013.We have also identifieda site in the city of Wuhan,for an integrated production and logistics centreto not only support future growth and demand but also

36、further shortenproduction lead-time.From the mass luxury products that make up the bulk of our sales,to thehigh-end luxury jewellery that shows our excellent craftsmanship capability,to our lines for youth and weddings and other occasions,we excel atproviding Chinese customers with exactly what they

37、 are looking for.We dothis by means of our scale and reach,our retail management informationsystem,our deep understanding of Chinese jewellery-giving culture,and ourunrivalled ability to procure,design,and make products to meet marketneeds in all segments and age groups.The speed at which we can adj

38、ustour product mix is a great competitive advantage.Our extensivegeographical presence across Mainland China,a balanced product portfoliowith a growing focus on higher-margin gem-set jewellery,and our almostfully hedged position on gold result in stable long-term returns for ourshareholders.08,展望未來，

39、我們將繼續開拓更多的零售網絡，進一步擴展至中國內地的內陸及較次級城市，藉著領先的優勢，捕捉這些地區龐大的市場潛力，以維持周大福業務持續增長的勢頭。根據我們在開設零售點方面的經驗和往績記錄，我們已超額完成先前所訂目標，目前預計可於 2014 財政年度完結之前達到 2,000 個零售點的目標，即較原定計劃提前。成功上市後，我們的財政實力加強，現在，我們將根據市場需求來靈活調整零售點的存貨水平，同時在我們認為具備增長潛力的二線至四線城市如成都、重慶、西安、南寧、烏魯木齊及貴陽等增設零售點。中國內地的內陸和較次級的城市的內部消費一直保持增長，其本地經濟對外部衰退的抗逆能力也較強。此外，我們計劃精選若干

40、現有的零售點來實行擴充門市面積，以便優化產品和系列銷售，譬如福星寶寶系列以及The Perfect One 完美婚嫁系列，致力提升我們的同店銷售增長。未來我們將以創新的市場推廣活動與盛事配合促銷我們的設計師系列的產品，例如在香港及中國內地推行升級版的分級尊貴會員計我們也致力於為股東創造增值與回報。我們全面的垂直整合經營的業務模式，專注於有效和謹慎的監控，使我們領先同業，並進一步提高我們的盈利水平。基於此業務模式，我們得以建立直接採購渠道，以較優惠的條件採購如鑽石等備受歡迎的原材料。配合我們的生產設施、內部設計團隊和龐大零售網絡，我們能夠完全控制供應鏈內所有關鍵環節，實為我們能在當前充斥不明朗因

41、素的宏觀經濟環境中保持抗逆能力的原因。我們於深圳嶄新的中國內地總部辦公大樓，可望如期於 2013 年年底前竣工。此外我們已選址在武漢市興建生產物流一體化中心，投產後不僅可支持未來增長及需求，亦會進一步縮短生產所需時間。由佔我們銷售額較大份額的主流珠寶產品，或是展現我們精湛工藝的名貴珠寶，以至我們的年青系列、婚嫁及其他場合首飾等，我們均能為華人顧客提供稱心的產品，此乃得益於我們擁有龐大的經營規模，零售點網絡和零售管理資訊系統，對華人饋贈珠寶文化具有深刻了解，以及按照不同分部和年齡組別的市場需求去採購、設計及製作產品的無可比擬能力。迅速調整 產 品 組 合 的 能 力 是 我 們 獨 特 的 競

42、爭 優 勢 之 一。周大福業務遍佈中國內地各省各地，我們擁有均衡的產品結構尤專注於毛利率較高的珠寶鑲嵌首飾，以及接近全數對黃金作出對沖，因此，我們可為股東提供穩定長期的回報。,09,In fact,I am also chairing a“Reform and Development Committee”of seniorexecutives,founded in 2011,which has been reviewing operations and hasalready made a number of recommendations to the Board with a view to

43、enhancing overall operating efficiencies of the Group.These initiativesinclude refining our management information system and increasingproduction capability,starting with the facilities in Shenzhen and Wuhanthat I mentioned above.Our management team,led by loyal and talented professionals,is wellpo

44、ised to make progress on all these strategic initiatives.As a newly listedcompany,we are continuing to build a best-in-class organisation,including arecently augmented investor relations and corporate communications teamto help us engage with our esteemed shareholders and other stakeholders.We aim t

45、o give you operational updates on a quarterly basis going forward.At this time,I would also like to acknowledge the hard work of all ourcolleagues across the Group,who have embraced the transition we havegone through in becoming a listed company.Our philosophy of aligning ouremployees compensation w

46、ith our financial performance is one we arecommitted to adhering to going forward.Looking ahead,we are confident that we can achieve sustainable growth aswe continue to cater to Mainland Chinas rapidly growing and urbanisingmiddle class as well as a growing number of loyal and increasingly affluentV

47、IPs.With a combination of our core strengths such as our brand name,highly experienced and loyal team,a sophisticated management informationsystem,extensive retail network,innovative marketing,strong design andproduction capability,great financial strengths as well as our ability toswiftly adjust ou

48、r operations under different environments,I am confidentthat this model enables us to capture the growth opportunities indeveloping regions and make us more resilient in the current volatileenvironment.Our success is inseparable from the success and support of our staff,shareholders,customers,busine

49、ss partners and the communities in whichwe operate.On behalf of the Board,I would like to express my gratitude fortheir continual support and encouragement.To my fellow members of theBoard,I would also like to extend appreciation for their active contributionto our business and their inspiring leade

50、rship.Together we can set a newcorporate benchmark for excellence in Greater China.Dr.Cheng Kar-shun,HenryChairmanHong Kong,26 June 2012Chow Tai Fook Annual Report 2012 周大福2012年年報,事實上，本公司於 2011 年成立了改革發展委員會，由本人擔任主席，成員包括高層行政人員。此委員會負責檢討業務營運，並已向董事會提出多項有關加強本集團整體營運效益的建議，包括改進管理資訊系統和提升生產能力等，並以上述提及於深圳和武漢的設施作