成谦集团XXXX年度财务报表

AnnualReport2012realizingideassound2012realizingideassoundShinhintAcousticLinkHoldingsLimitedAnnualReport2012ContentsCorporateInformation.........................................................1Chairman’sStatement.........................................................3ManagementDiscussionandAnalysis.............................................5CorporateGovernanceReport...................................................9BiographicalDetailsofDirectorsandSeniorManagement.............................19ReportoftheDirectors........................................................22IndependentAuditor’sReport...................................................29ConsolidatedIncomeStatement.................................................31ConsolidatedStatementofComprehensiveIncome...................................32ConsolidatedStatementofFinancialPosition.......................................33ConsolidatedStatementofChangesinEquity.......................................34ConsolidatedStatementofCashFlows............................................35NotestotheConsolidatedFinancialStatements.....................................37FinancialSummary............................................................81ContentsCorporateInformation1AnnualReport2012BoardofDirectorsExecutiveDirectorsMr.CheungWahKeung(ChairmanoftheBoard)Mr.WongSauLik,WeekyPeterIndependentNon-ExecutiveDirectorsMr.LaiMing,JosephDr.LamKingSun,FrankieMr.GohGenCheungAuditCommitteeMr.LaiMing,Joseph(ChairmanoftheCommittee)Dr.LamKingSun,FrankieMr.GohGenCheungRemunerationCommitteeDr.LamKingSun,Frankie(ChairmanoftheCommittee)Mr.LaiMing,JosephMr.GohGenCheungMr.CheungWahKeungNominationCommitteeMr.GohGenCheung(ChairmanoftheCommittee)Mr.LaiMing,JosephDr.LamKingSun,FrankieMr.CheungWahKeungAuthorizedRepresentativesMr.CheungWahKeungMr.WongSauLik,WeekyPeterCompanySecretaryMs.LauMunYee(resignedon18July2012)Mr.LauWaiPiu,Patrick(appointedon18July2012andresignedon18March2013)Mr.ChanSiuKay(appointedon18March2013)AuditorDeloitteToucheTohmatsuRegisteredOfficeCricketSquareHutchinsDrive,P.O.Box2681GrandCaymanKY1-1111CaymanIslandsCorporateInformationCorporateInformation2ShinhintAcousticLinkHoldingsLimitedHeadOfficeUnit1506,15thFloor,NanyangPlaza57HungToRoadKwunTongKowloonHongKongPrincipalPlaceofBusinessinHongKongUnit1506,15thFloor,NanyangPlaza57HungToRoadKwunTongKowloonHongKongPrincipalShareRegistrarandTransferOfficeRoyalBankofCanadaTrustCompany(Cayman)Limited4thFloor,RoyalBankHouse24SheddenRoad,POBOX1586GrandCaymanKY1-1110CaymanIslandsHongKongBranchShareRegistrarandTransferOfficeComputershareHongKongInvestorServicesLimitedShops1712-1716,17thFloorHopewellCentre183Queen’sRoadEastWanchaiHongKongPrincipalBankersBankofChina(HongKong)LimitedNanyangCommercialBank,LimitedLegalAdviserConyersDill&Pearman,CaymanStockCode2728(listedontheMainBoardofTheStockExchangeofHongKongLimited)Website’sStatement3AnnualReport2012DearShareholders,Onbehalfoftheboardofdirectors(the“Board”)ofShinhintAcousticLinkHoldingsLimited(the“Company”),Iampleasedtopresenttoyoutheauditedannualresultsfortheyearended31stDecember,2012oftheCompanyanditssubsidiaries(the“Group”).Theglobaleconomycontinuedtobeveryuncertainin2012andmostofthecustomersoftheGroupreporteddisappointingresults.Asreportedintheinterimresult,theGrouphasbookedasubstantialimpairmentlossontradedebtorscausedbythesuddendiscontinuationofbusinessofalongstandingcustomer.Facingthechallengingmacro-economicenvironment,theGroupdiscontinuedseverallowmarginmodelsandhassuccessfullyreplacedthembynewproductsofbettermargin.Atthesametime,stringentcostreductionmeasuresweredulyexecuted.ThesecomprehensivestrategicactionsshowedeffectivenessandhavehelpedgenerateanetprofitofHK$26,363,000forthesecondhalfoftheyearbeingreported.WhilethefullyearresultwasstillreportingalossofHK$33,398,000,whichwasmostlyaresultoftheimpairmentloss,theGroupwasabletomaintainasimilarrevenuelevelandhasdecentlyimprovedthegrossprofitmargincomparingwith2011.OperatingcostinthePeople’sRepublicofChina(PRC)continuedtoriseinthereportingyear.AlthoughtheGuangdongprovincialgovernmenthasnotincreasedthemandatoryminimumwagein2012,laborcostcontinuedtoriseduetothelaborsupplyshortageinthearea.OtherfactorssuchasappreciationofRenminbi(RMB)andincreaseofConsumerPriceIndex(CPI)keptonraisingtheoperatingcostfortheGroup.Chairman’sStatementTheGroupshallstrivetocapitalizefromitsexpandedcustomerbaseandtheresearchanddevelopmentcapabilitiesacquiredinthelasttwoyears.CheungWahKeungChairmanChairman’sStatement4ShinhintAcousticLinkHoldingsLimitedTheconsumerelectronicmarkethasnotshownsignofrecoverywithaudioheadphonesbeingtheonlyexception.Theexpandingmarketsizeofaudioheadphoneswaspredominantlycausedbytheincreasingretailpricepointwiththembeingmarketedheavilyandsuccessfullyasafashionandlifestyle.Whilethesmartphoneandthetabletcomputermarketskeptgrowing,marketresearchshowedthatthesalesofmostoftheirrelatedacousticperipheralswerestayingflat.OneofthepushbackfactorswasAppleInc’sannouncementofintroducingthenewLightningconnecto