周黑鸭2018年中期报告

CORPORATE INFORMATION
公司資料 2
BUSINESS OVERVIEW AND OUTLOOK
業務回顧展 6
MANAGEMENT DISCUSSION AND ANALYSIS
理層討論與分析 13
OTHER INFORMATION
資料 25
INTERIM CONDENSED CONSOLIDATED STATEMENT OF PROFIT
OR LOSS AND OTHER COMPREHENSIVE INCOME
中期簡明綜合損益全面收益表 32
INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
中期簡明綜合財務狀況表 33
INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
中期簡明綜合權益變動表 35
INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
中期簡明綜合現金流量表 36
NOTES TO THE INTERIM CONDENSED CONSOLIDATED
FINANCIAL STATEMENTS
中期簡明綜合財務報表附註 392 ZHOU HEI YA INTERNATIONAL HOLDINGS COMPANY LIMITED INTERIM REPORT 2018
Corporate Information
公司資料
董事會
執行董事
周富裕先生（席）
郝立曉先生（行政總裁）
文勇先生
胡佳慶先生
李瑩女士（於二零八年四月二十三日獲委
）
朱於龍先生（於二零八年四月二十三日辭
）
非執行董事
潘攀先生
獨立非執行董事
胡志強先生
陳錦程先生
盧衛東先生
審核委員會
胡志強先生（席）
陳錦程先生
盧衛東先生
提名委員會
周富裕先生（席）
胡志強先生
盧衛東先生
薪酬委員會
陳錦程先生（席）
盧衛東先生
李瑩女士（於二零八年四月二十三日獲委
）
朱於龍先生（於二零八年四月二十三日辭
）
BOARD OF DIRECTORS
Executive Directors
Mr ZHOU Fuyu (Chairman)
Mr HAO Lixiao (Chief Executive Officer)
Mr WEN Yong
Mr HU Jiaqing
Ms LI Ying (Appointed on April 23 2018)
Mr ZHU Yulong (Resigned on April 23 2018)
Nonexecutive Director
Mr PAN Pan
Independent Nonexecutive Directors
Mr WU Chi Keung
Mr CHAN Kam Ching Paul
Mr LU Weidong
AUDIT COMMITTEE
Mr WU Chi Keung (Chairman)
Mr CHAN Kam Ching Paul
Mr LU Weidong
NOMINATION COMMITTEE
Mr ZHOU Fuyu (Chairman)
Mr WU Chi Keung
Mr LU Weidong
REMUNERATION COMMITTEE
Mr CHAN Kam Ching Paul (Chairman)
Mr LU Weidong
Ms LI Ying (Appointed on April 23 2018)
Mr ZHU Yulong (Resigned on April 23 2018)3周黑鴨國際控股限公司 2018 中期報告
Corporate Information
公司資料
策略發展委員會
郝 立 曉 先 生（ 席 於 二 零 八 年 四 月
二十三日生效）
胡佳慶先生
文勇先生（於二零八年四月二十三日獲委
）
朱於龍先生（於二零八年四月二十三日辭
）
公司秘書
張啟昌先生 (FCPA FCCA)
授權代表
郝立曉先生
張啟昌先生
核數師
安永會計師事務
執業會計師
香港中環
添美道 1 號
中信廈 22 樓
公司網站
wwwzhouheiyacn
股份代號
1458
STRATEGIC DEVELOPMENT COMMITTEE
Mr HAO Lixiao (Chairman with effect from April 23 2018)
Mr HU Jiaqing
Mr WEN Yong (Appointed on April 23 2018)
Mr ZHU Yulong (Resigned on April 23 2018)
COMPANY SECRETARY
Mr CHEUNG Kai Cheong Willie (FCPA FCCA)
AUTHORIZED REPRESENTATIVES
Mr HAO Lixiao
Mr CHEUNG Kai Cheong Willie
AUDITOR
Ernst & Young
Certified Public Accountants
22nd Floor CITIC Tower
1 Tim Mei Avenue
Central Hong Kong
COMPANY’S WEBSITE
wwwzhouheiyacn
STOCK CODE
14584 ZHOU HEI YA INTERNATIONAL HOLDINGS COMPANY LIMITED INTERIM REPORT 2018
Corporate Information
公司資料
HEADQUARTERS AND PRINCIPAL PLACE OF BUSINESS IN THE PRC
No 81 Huitong Road Zoumaling
Dongxihu District
Wuhan City Hubei Province PRC
Postal code 430040
CAYMAN ISLANDS PRINCIPAL SHARE REGISTRAR AND TRANSFER
OFFICE
Intertrust Corporate Services (Cayman) Limited
190 Elgin Avenue
George Town
Grand Cayman
KY19005
Cayman Islands
HONG KONG SHARE REGISTRAR
Computershare Hong Kong Investor Services Limited
Shops 17121716 17th Floor
Hopewell Centre
183 Queen’s Road East Wanchai
Hong Kong
REGISTERED OFFICE IN CAYMAN ISLANDS
190 Elgin Avenue
George Town
Grand Cayman
KY19005
Cayman Islands
總部中國營業點
中國
湖北省武漢市
東西湖區走馬嶺滙通道 81 號
郵編：430040
開曼群島股份過戶登記總處
Intertrust Corporate Services (Cayman)
Limited
190 Elgin Avenue
George Town
Grand Cayman
KY19005
Cayman Islands
香港證券登記處
香港中央證券登記限公司
香港
灣仔皇道東 183 號
合中心
17 樓 17121716 室
開曼群島註冊辦事處
190 Elgin Avenue
George Town
Grand Cayman
KY19005
Cayman Islands5周黑鴨國際控股限公司 2018 中期報告
Corporate Information
公司資料
香港營業點
香港
灣仔
皇道東 248 號
陽光中心 40 樓
來銀行
中國工商銀行股份限公司（西北湖支行）
交通銀行股份限公司（新世界支行）
交通銀行股份限公司（離岸金融部）
瑞士瑞信銀行（香港分行）
興業銀行股份限公司（武漢支行）
PRINCIPAL PLACE OF BUSINESS IN HONG KONG
40th Floor Sunlight Tower
No 248 Queen’s Road East
Wanchai
Hong Kong
PRINCIPAL BANKS
Industrial and Commercial Bank of China Limited (Xibeihu SubBranch)
Bank of Communications Co Ltd (Xinshijie SubBranch)
Bank of Communications Co Ltd (Offshore Finance Division)
Credit Suisse Bank (Hong Kong Branch)
Industrial Bank Co Ltd (Wuhan Branch)6 ZHOU HEI YA INTERNATIONAL HOLDINGS COMPANY LIMITED INTERIM REPORT 2018
Business Overview and Outlook
業務回顧展
MARKET OVERVIEW
In the first half of 2018 the macroeconomic data indicated a slowdown of gross domestic
product growth rate which has impacted the retail industry in general Evolving changes in
the consumer behavior and intensified competition have put huge pressure on traditional
retail market
Competition among casual braised food industry has been increasingly intensified
Particularly more and more online fullline casual brands have penetrated and tapped
into the braised food segement In the offline market retail brands compete for limited
resources in regional markets intensively Additionally the rising rent labor costs and raw
material expenses remain the main source of pressure for the industry
Currently the retail industry in China has been undergoing the third revolution which
brings the emergence of self checkin stores and local food ordering and delivery services
increased significantly The sizable potential customer base especially young customers
presents new consumption opportunities
OVERALL BUSINESS AND FINANCIAL PERFORMANCE
Store Network Expansion
In the first half of 2018 Zhou Hei Ya International Holdings Company Limited (the
Company) together with its subsidiaries (collectively the Group) continued to carry
out its store network expansion plans It newly opened 214 selfoperated retail stores and
closed 45 stores during the sixmonth period As a result as of June 30 2018 the total
number of the Group’s selfoperated retail stores reached 1196 covering 78 cities in 16
provinces and municipalities in China
Geographically central China regions remained the major regional market of the Group
in the six months ended June 30 2018 which contributed approximately 628 of total
revenue for the six months ended June 30 2018 Northern China experienced a significant
growth during the six months ended June 30 2018 and its revenue contribution increased
by approximately 142 compared with the corresponding period in 2017
市場概覽
二零八年半年宏觀資料顯示國內生產
總值增速放緩對零售行業帶來普遍衝
擊消費者行為迅速轉變競爭加劇給
傳統零售市場帶來巨壓力
休閒鹵製品行業競爭日趨激烈線湧現更
互聯網全品類休閒品牌進入鹵製品細
分線零售品牌局部區資源競
爭加劇外租金漲勞工成原材
料開支為行業壓力來源
目前零售行業正進行第三次變革浪潮：無
零售興起訂購外賣服務增長迅
猛潛戶數量特別年輕客群數量龐
形成新消費機會
整體業務財務表現
門店網絡擴展
於二零八年半年周黑鴨國際控股限
公司（「公司」）連附屬公司（統稱（「
集團」）繼續進行門店網絡擴展計劃於六
個月期間集團新開設 214 間營門店
關閉 45 間營門店截二零八
年六月三十日集團營門店總數達
1196 間覆蓋中國 16 個省份直轄市內 78
個城市
理華中區於截二零八年六月
三十日止六個月為集團區市場
佔截二零八年六月三十日止六個月總收
益約 628截二零八年六月三十日止
六個月華北區取顯著增長收益貢
獻較二零七年期增加約 1427周黑鴨國際控股限公司 2018 中期報告
Business Overview and Outlook
業務回顧展
The Group strategically locates its selfoperated retail stores in the transport infrastructure
such as airports railway stations and subway stations or the ancillary facilities surrounding
the transport infrastructure As of June 30 2018 among all selfoperated retail stores
operated by the Group 361 stores were transport hub stores and revenue derived from
such hub stores accounted for approximately 489 of the total revenue for the six
months ended June 30 2018
The table below sets forth a breakdown of the number of selfoperated retail store
network by geographic location for the periods indicated
Number of Stores
Six Months Ended June 30
截六月三十日止六個月
2018 2017
二零八年 二零七年
# #
數目 數目

Central China (1) 華中 (1) 520 434 400 449
Southern China (2) 華南 (2) 207 173 177 198
Eastern China (3) 華東 (3) 228 191 156 175
Northern China (4) 華北 (4) 178 149 108 121
Southwestern China (5) 西南 (5) 63 53 51 57

Total 總計 1196 1000 892 1000

集團策略將營門店設於交通樞紐
例機場火車站鐵站交通樞紐鄰
配套設施截二零八年六月三十日
集團經營營門店中361 間為交
通樞紐門店關交通樞紐門店於截二
零八年六月三十日止六個月帶來收益合
佔總收益約 489
表載列於示期間理位置呈列營
門店網絡數目明細：
門店數目8 ZHOU HEI YA INTERNATIONAL HOLDINGS COMPANY LIMITED INTERIM REPORT 2018
Business Overview and Outlook
業務回顧展
Revenue
Six Months Ended June 30
截六月三十日止六個月
2018 2017
二零八年 二零七年
RMB’000 RMB’000
民幣千元 民幣千元

Central China (1) 華中 (1) 865030 628 874010 641
Southern China (2) 華南 (2) 174540 126 179204 131
Eastern China (3) 華東 (3) 167378 122 159891 117
Northern China (4) 華北 (4) 147065 107 128801 94
Southwestern China (5) 西南 (5) 23376 17 23890 17

Total 總計 1377389 1000 1365796 1000

(1) Comprises Hubei Province Hunan Province Henan Province Jiangxi Province and Anhui Province
(2) Comprises Guangdong Province and Fujian Province
(3) Comprises Shanghai Jiangsu Province and Zhejiang Province
(4) Comprises Beijing Tianjin Hebei Province and Shandong Province
(5) Comprises Chongqing and Sichuan Province
Expanding Product Portfolio
The Group has been continuously developing new products to enhance its product
portfolio particularly focusing on innovative and trending products which are expected to
appeal to young customers
For example to cater the current consumption trend of pursuing for a health green and
fresh lifestyle among the young generation the Group upgraded its popular Zhou Hei Ya
Crayfish (聚蝦) by continuously improving the processing technologies The Group’s
product research team released the new vegetable taste of the Crayfish after careful and
repeated testing
收益
(1) 包括湖北省湖南省河南省江西省安
徽省
(2) 包括廣東省福建省
(3) 包括海江蘇省浙江省
(4) 包括北京天津河北省山東省
(5) 包括重慶四川省
擴產品組合
集團直斷開發新產品提升產品組
合尤專注於研發吸引年輕客戶創新
潮流產品
例為迎合年輕追求健康綠色
清新生活潮流消費趨勢集團通過
斷改進工藝技術對廣受歡迎周黑鴨「聚
蝦」進行升級研發團隊經過精挑細選反
復調試推出蔬菜口味龍蝦9周黑鴨國際控股限公司 2018 中期報告
Business Overview and Outlook
業務回顧展
In addition the Group continues its crossover promotion strategy through cooperation
with UniPresident Enterprises Corp or UniPresident and launched the Zhou Xiao Ban
(周伴) sparkling water during the period of World Cup 2018 which was offered in
the Group’s retail stores and contributed to the enhancement of customer experience
Production Capacity
The Group continued to optimize its production arrangements in order to increase its
production capacity and efficiency in the first half of 2018 The Group currently has two
processing facilities located in Hebei and Hubei and it is in the process of constructing
three additional processing facilities located in Guangdong Jiangsu and Sichuan
The processing facility of Hebei Zhou Hei Ya Foods Industrial Park Co Ltd or the Hebei
facility commenced full operation in April 2018 It currently serves the demands arising
from certain cities in northern and eastern China The processing facility located in Hubei
or the Hubei facility currently serves the demands arising from the rest of China
The Group’s Shanghai processing facility used to serve demands arising from eastern
China and since it was closed in June 2018 the Group shifted its production to the Hebei
facility and Hubei facility In addition a processing facility in Guangdong which is under
construction will serve the demands arising from cities in southern China and another
processing facility in Nantong Jiangsu which will serve the demands arising from cities
in eastern China The Sichuan facility on the other hand will be serving the needs from
southwestern China
The Group has continued to optimize the production capacity of its processing facilities
It is believed that with its current and new production facilities under development it has
sufficient production capacities to meet the customer needs nationwide
外與統企業股份限公司（統企
業）合作並於二零八年世界杯期間推出
合作氣泡水「周伴」集團零售店銷
售提升顧客體驗
產
於二零八年半年集團繼續優化生
產安排增加產效率集團目前
河北湖北設兩個加工工廠並正廣
東江蘇四川建設三個新加工工廠
於二零八年四月河北周黑鴨食品工業園
限公司（河北工廠）加工工廠開始全面
投產目前滿足華北華東部分城市產生
需求湖北加工工廠（湖北工廠）目
前滿足述外中國區需求
集團海加工工廠於滿足華東區
需求於二零八年六月關閉停產
後集團將生產轉移河北工廠湖北
工廠外集團正廣東建設家加工
工廠將滿足華南城市需求加工工
廠設江蘇南通將滿足華東城市需求
方面四川加工廠將滿足西南區域需
求
集團繼續優化加工工廠產隨著現
新生產工廠逐步投產集團相信
足夠產滿足全國客戶需求10 ZHOU HEI YA INTERNATIONAL HOLDINGS COMPANY LIMITED INTERIM REPORT 2018
Business Overview and Outlook
業務回顧展
Marketing and Branding Campaigns
The Group has endeavored to protect customer rights and continued to leverage its
strong marketing capacities to design various marketing and promotional activities In
addition as of June 30 2018 our WeChat official account has accumulated over 10
million followers In addition to the traditional localized advertisements on railways radio
programs and online social media the Group’s first flagship member store was opened
in Wuhan in 2018 showcasing retail business innovations which is featured with different
appealing benefits and privileges aiming at providing a superior shopping experience for its
loyal members Unlike the traditional ones the flagship member store is featured with its
open exhibition of products The flagship member store also has clip doll machines coffee
machines and 24hour vending machines customized gift redemption which are aimed to
provide privileged customer experiences
Moreover the Group also introduced the first smart store with selfcheckout in
Shenzhen Leveraging the advanced payment technologies supported by WeChat
therefore customers are able to pay with facial recognition conveniently The Group
expects to explore and leverage more advanced technologies and measures in order to
provide its customers with a superior shopping experience and to further carry out its
smart retail strategy
Other than the cooperation with UniPresident the Group innovatively cooperated with
a cosmetic products company and released limited edition lipsticks which quickly obtained
the attention among young customers During the World Cup 2018 we launched a cross
promotion event jointly with Tsingtao Brewery Co Ltd to market the classic combination
of snacks and beer which effectively reached a broad customer base in a short period of
time
營銷品牌計劃
集團注重客戶權益持續利強營
銷力設計種營銷推廣活動截 2018
年 6 月 30 日公司微信公眾號粉絲數量已
達 1000 萬鐵路廣播節目網絡社
交媒體中傳統化廣告外於二零八
年集團第家會員樂享店於武漢開
業該門店推出獨具吸引力會員福利特
權旨為忠實會員提供更優質購物
體驗展現零售業務創新與傳統門店
會員樂享店開放選購會員樂享店
設夾娃娃機咖啡機 24 時動售賣
機定制禮品兌換旨提供更客戶體
驗
外集團深圳推出首間無支付
「智慧門店」憑藉微信支持先進支付技
術顧客通過面部識別進行便捷支付
集團預期探索並利更先進技術措施
客戶提供更優質購物體驗進步實行
智零售策略
與統企業合作外集團與間化妝
品公司進行創新合作並發佈限量版唇膏迅
速吸引年輕客戶關注於二零八年世界
杯期間集團與青島啤酒股份限公司聯
合推出項交叉推廣活動推出吃配啤酒
經典組合並短時間內效建立廣泛
客戶群11周黑鴨國際控股限公司 2018 中期報告
Business Overview and Outlook
業務回顧展
ECommerce
The Group continued to implement its ecommerce strategies The Group has stablished
strong presence on approximately 16 domestic online marketplaces and local food
ordering and delivery platforms currently available in 65 cities In early 2018 the Group
deepened its cooperation with WeChat and developed its inapp miniprogram to offer
local food ordering and delivery service
Big Data Strategies
The Group is endeavored to strengthen its bigdata strategy and establish an enhanced
information technology platform to support the sustainable longterm growth In the first
half of 2018 the Group implemented its SAP system which has currently commenced
the trail test transforming from the traditional digital system architecture to the multi
level architecture It enables the Group to perform comprehensive and collaborative
management and control over the Group It also adapts to the new accounting and
management requirements of the Group and builds an integrated platform for it
improving the Group’s operating efficiency
Industry and Business Outlook
China’s braised food and retail industries have been in dire need of transition and
consumption upgrades These industries have been undergoing a revolution to adapt to
the trends of intelligentization and omnichannel operation
The Group believes that the digitalization of its bigdata will serve as a foundation and
the intelligentization of its operational procedures will be the key to achieve its smart
retail strategy While the omnichannel retailing is expected to be a new normal model
of its industry the Group believes that the establishment of a comprehensive value chain
centering the customers and addressing their needs will be critical for future success
電子商務
集團繼續實施電子商務策略集團已
覆蓋 16 個國內電商台目前 65 個城
市通過網訂購外賣服務於二零八
年初集團深化與微信合作並開發
程序提供訂購外賣服務
數據策略
集團致力於加強數據策略並建立強
化資訊科技台支持持續長期增
長於二零八年半年集團線
SAP 系統現已開始測試傳統數字
系統架構轉型層架構該系統集團
夠進行全面協作理控制該系統
適應集團新會計處理理規定並為
建立綜合台提升集團經營效率
行業業務展
中國滷製品業零售行業直急轉型
消費升級該等行業正經歷次適應智
化全渠道運營趨勢革命
集團認為數據數字化將成為基礎
運營程序智化將為實現智零售策略
關鍵時全渠道零售預期將成為行
業新常規模式集團相信建立客戶為
中心並滿足需求綜合價值鏈對未來成
功關重12 ZHOU HEI YA INTERNATIONAL HOLDINGS COMPANY LIMITED INTERIM REPORT 2018
Business Overview and Outlook
業務回顧展
In the second half of 2018 the Group expects to further strengthen and advance its
leadership and market share in China and intends to continue to
• Further expand retail store network and increase production capacities
• Store image upgrade and product mix upgrade
• Enhance brand building by further improving market efforts
• Adapt to New Retail consumption scenarios
• Precision marketing strategies based on members data analysis and improve repeat
purchase and
• Enhance employee incentives and optimize organization and process
於二零八年半年集團預期進步加
強推進於中國領先位市場份額
並意繼續：
‧ 加強門店網絡與產穩步步增
‧ 加速門店形象升級產品升級
‧ 加強品牌營銷投入優化品牌建設
‧ 加強「新零售」場景化應
‧ 針對會員展開精準營銷提升會員複
購率
‧ 加強激勵優化組織流程13周黑鴨國際控股限公司 2018 中期報告
Management Discussion and Analysis
理層討論與分析
The following table sets forth the Group’s unaudited consolidated statements of profits
or loss and other comprehensive income in absolute amounts and as percentage of the
Group’s total revenue for the periods indicated together with the change of the six
months ended June 30 2017 over the six months ended June 30 2018 (expressed in
percentages)
Six Months Ended June 30
截六月三十日止六個月
2018 2017
PeriodOver
Period Change
二零八年 二零七年 變動
RMB’000 RMB’000
民幣千元 民幣千元

Revenue 收益 1596582 1000 1618306 1000 (13)
Cost of sales 銷售成 (640905) (401) (632386) (391) 13

Gross profit 毛利 955677 599 985920 609 (31)
Other income and gains net 收入收益淨額 65217 41 39780 25 639
Selling and distribution expenses 銷售分銷開支 (495158) (310) (428180) (265) 156
Administrative expenses 行政開支 (86560) (55) (70725) (44) 224

Profit before tax 稅前溢利 439176 275 526795 326 (166)
Income tax expense 稅開支 (107665) (67) (125761) (78) (144)

Profit for the period 期內溢利 331511 208 401034 248 (173)

Other comprehensive income 全面收入
Other comprehensive income
to be reclassified to profit or
loss in subsequent periods
於期後重新分類損益
全面收入：
Availableforsale investments 供出售投資：
Changes in fair value net of tax 公值變動（稅後）
— — 726 00
NA
適
Reclassification adjustments for gains
and losses included in the profit
or loss gains on disposal net of tax
計入損益收益虧損
重新分類調整
－出售收益（稅後） — — (726) (00)
NA
適

表載列集團未經審核綜合損益
全面收益表當中呈列示期間個別項目
實際金額佔集團總收益連截
二零七年六月三十日止六個月截二零
八年六月三十日止六個月變動（百分
列示）14 ZHOU HEI YA INTERNATIONAL HOLDINGS COMPANY LIMITED INTERIM REPORT 2018
Management Discussion and Analysis
理層討論與分析
Six Months Ended June 30
截六月三十日止六個月
2018 2017
PeriodOver
Period Change
二零八年 二零七年 變動
RMB’000 RMB’000
民幣千元 民幣千元

Exchange differences on translation
of foreign operations
海外業務換算匯兌差額
12410 08 (71391) (44) 1174
Other comprehensive income for
the period net of tax
期內全面收入
（稅後） 12410 08 (71391) (44) 1174

Total comprehensive income for
the period
期內全面收入總額
343921 215 329643 204 43

Basic and diluted earnings
per share (RMB)
股基攤薄盈利
（民幣） 014
NA
適 017
NA
適 (176)

Revenue
The Group’s total revenue slightly decreased by approximately 13 from RMB16183
million for the six months ended June 30 2017 to RMB15966 million for the six months
ended June 30 2018 which was primarily due to (i) the intensified competition for online
and offline sales and marketing resources and (ii) a decrease in customer traffic in self
operated retail stores in certain regional markets where the Group has been facing
increasing pressure from its aging retail stores
Geographically central China region remained the major regional market of the Group
in the six months ended June 30 2018 which contributed approximately 628 of total
revenue for the six months ended June 30 2018 Northern China experienced a significant
growth during the six months ended June 30 2018 and its revenue contribution increased
by approximately 142 compared with the corresponding period in 2017
收益
集團總收益截二零七年六月三十
日止六個月民幣 16183 百萬元略微降
約 13 截二零八年六月三十日止六個
月民幣 15966 百萬元於 (i)
於線線銷售營銷資源競爭斷加
劇 (ii) 集團面臨來門店老化壓力
某區域市場營門店客流量流失
理華中區於截二零八年六月
三十日止六個月為集團區市場
佔截二零八年六月三十日止六個月總收
益約 628截二零八年六月三十日止
六個月華北區經歷顯著增長收益
貢獻較二零七年期增加約 14215周黑鴨國際控股限公司 2018 中期報告
Management Discussion and Analysis
理層討論與分析
Cost of Sales
Cost of sales increased by approximately 13 from RMB6324 million for the six months
ended June 30 2017 to RMB6409 million for the six months ended June 30 2018
primarily due to the overall price increase in our raw materials the increased labor costs
and the increased depreciation of equipment due to the commencement of operation of
our Hebei facility
Gross Profit and Gross Profit Margin
As a result of the foregoing the Group’s gross profit decrease by 31 from RMB9859
million for the six months ended June 30 2017 to RMB9557 million for the six months
ended June 30 2018
Gross profit margin slightly decreased from 609 for the six months ended June 30 2017
to 599 for the six months ended June 30 2018
Other Income and Gains Net
The Group’s other income and gains net increased by approximately 639 from
RMB398 million for the six months ended June 30 2017 to RMB652 million for the six
months ended June 30 2018 The increase was primarily due to (i) a RMB131 million
increase in interest income from structured deposits and (ii) a RMB48 million increase in
interest income from bank deposits
Selling and Distribution Expenses
The Group’s selling and distribution expenses increased by approximately 156 from
RMB4282 million for the six months ended June 30 2017 to RMB4952 million for the
six months ended June 30 2018 The increase was primarily due to the increases in lease
expenses advertising and marketing expenses and salary and welfare for the selling staff
each a result of the expansion of retail store network in the six months ended June 30
2018
銷售成
銷售成截二零七年六月三十日止六
個月民幣 6324 百萬元增加約 13 截
二零八年六月三十日止六個月民幣
6409 百萬元於們原材料價格整
體漲勞工成漲河北工廠開始營
運導致設備折舊增加
毛利毛利率
於述者集團毛利截二零七
年六月三十日止六個月民幣 9859 百萬
元減少 31 截二零八年六月三十日止
六個月民幣 9557 百萬元
毛利率截二零七年六月三十日止六個
月 609 輕微降截二零八年六月
三十日止六個月 599
收入收益淨額
集團收入收益淨額截二零
七年六月三十日止六個月民幣 398
百萬元增加約 639 截二零八年六月
三十日止六個月民幣 652 百萬元增加
於 (i) 結構性存款利息收入增加民
幣 131 百萬元 (ii) 銀行存款利息收入增
加民幣 48 百萬元
銷售分銷開支
集團銷售分銷開支截二零七年
六月三十日止六個月民幣 4282 百萬元
增加約 156 截二零八年六月三十日
止六個月民幣 4952 百萬元該增加
於截二零八年六月三十日止六個
月於門店網絡擴張導致租賃開支廣
告宣傳費銷售員工薪酬福利等增
加16 ZHOU HEI YA INTERNATIONAL HOLDINGS COMPANY LIMITED INTERIM REPORT 2018
Management Discussion and Analysis
理層討論與分析
Administrative Expenses
The Group’s administrative expenses increased by approximately 224 from RMB707
million for the six months ended June 30 2017 to RMB866 million for the six months
ended June 30 2018 primarily due to the increase in salary and welfare for the Group’s
general and administrative personal
Profit Before Tax
As a result of the foregoing the Group recorded profit before tax of RMB4392 million for
the six months ended June 30 2018 decreased by approximately 166 from RMB5268
million for the six months ended June 30 2017
Income Tax Expense
Income tax expense decreased by approximately 144 from RMB1258 million for the
six months ended June 30 2017 to RMB1077 million for the six months ended June 30
2018 primarily due to the decrease in taxable profit
Profit for the Period
As a result of the foregoing due to the fact that the Group’s revenue slightly decreased
and the increase in operating expenses and costs outpaced the store network expansion
the Group’s net profit decreased by approximately 173 from RMB4010 million for the
six months ended June 30 2017 to RMB3315 million for the six months ended June 30
2018 Net profit margin was 248 for the six months ended June 30 2017 and 208 for
the six months ended June 30 2018 respectively
Exchange Differences on Translation of Foreign Operations
Exchange differences on translation of foreign operations increased from a loss of
RMB714 million for the six months ended June 30 2017 to a gain of RMB124 million for
the six months ended June 30 2018 primarily represented the foreign exchange gains on
the cash and deposits held by the Group denominated in the US dollars
行政開支
集團行政開支截二零七年六月
三十日止六個月民幣 707 百萬元增加約
224 截二零八年六月三十日止六個
月民幣 866 百萬元於集團
般行政員薪金福利增加
稅前溢利
於述者集團於截二零八年六月
三十日止六個月錄稅前溢利民幣 4392
百萬元較截二零七年六月三十日止六
個月民幣 5268 百萬元減少約 166
稅開支
稅開支截二零七年六月三十日止
六個月民幣 1258 百萬元減少約 144
截二零八年六月三十日止六個月民
幣 1077 百萬元於應課稅溢利減少
致
期內溢利
於述者集團收益略微減少經
營開支成增長於門店網絡擴張
集團純利截二零七年六月三十日止
六個月民幣 4010 百萬元減少約 173
截二零八年六月三十日止六個月民
幣 3315 百萬元純利率於截二零七年
六月三十日止六個月截二零八年六月
三十日止六個月分別為 248 208
海外業務換算匯兌差額
海外業務換算匯兌差額截二零七年
六月三十日止六個月虧損民幣 714 百萬
元增截二零八年六月三十日止六個月
收益民幣 124 百萬元為集團持
美元計值現金存款外匯收益17周黑鴨國際控股限公司 2018 中期報告
Management Discussion and Analysis
理層討論與分析
Total Comprehensive Income for the Period
As a result of the foregoing the Group’s total comprehensive income for the six months
ended June 30 2018 increased by approximately 43 to RMB3439 million from
RMB3296 million for the six months ended June 30 2017
Liquidity and Capital Resources
During the six months ended June 30 2018 the Group financed its operations primarily
through cash generated from its business operations and the net proceeds received from
its initial public offering (the IPO) The Group intends to finance its expansion and
business development by internal resources and through organic and sustainable growth
as well as to use the net proceeds received from its IPO
Capital Structure
As of June 30 2018 the Group had net assets of approximately RMB41087 million as
compared to RMB40007 million as of December 31 2017 comprising current assets
of approximately RMB30827 million noncurrent assets of approximately RMB15077
million current liabilities of approximately RMB4410 million and noncurrent liabilities of
approximately RMB408 million
As of June 30 2018 and 2017 the Group had no borrowings from bank and financial
institution
Cash and Bank
As compared with RMB20392 million as of December 31 2017 the Group had cash and
bank of approximately RMB18943 million as of June 30 2018 which was consisted of
unrestricted cash and bank balances of approximately RMB1331 million and term deposits
with maturity over three months of approximately RMB17612 million
期內全面收入總額
於述者集團全面收入總額截
二零七年六月三十日止六個月民幣
3296 百萬元增加約 43 截二零八年
六月三十日止六個月民幣3439百萬元
流動資金資來源
截二零八年六月三十日止六個月集
團業務營運產生現金首次公開
發售（「首次公開發售」）款項淨額為營
運提供資金集團擬動內部資源通過
然持續發展首次公開發售款
項淨額為擴充業務營運提供資金
資架構
截二零八年六月三十日集團資產
淨值約為民幣 41087 百萬元截二零
七年十二月三十日則為民幣 40007 百
萬元當中包括流動資產約民幣 30827 百
萬元非流動資產約民幣 15077 百萬元
流動負債約民幣 4410 百萬元非流動負
債約民幣 408 百萬元
截二零八年二零七年六月三十日
集團並無銀行金融機構款
現金銀行存款
截二零八年六月三十日集團現
金銀行存款約為民幣 18943 百萬元（
截二零七年十二月三十日則為民幣
20392 百萬元）包括無限制現金銀行結
餘約民幣 1331 百萬元於三個月
期定期存款約民幣 17612 百萬元18 ZHOU HEI YA INTERNATIONAL HOLDINGS COMPANY LIMITED INTERIM REPORT 2018
Management Discussion and Analysis
理層討論與分析
Financial Risks
The Group is not subject to significant credit risk and liquidity risk The Group had cash at
banks denominated in foreign currencies which exposed the Group to foreign exchange
risk The Group does not use any derivative contracts to hedge against its exposure to
foreign exchange risk The management manages its currency risk by closely monitoring
the movement of the foreign currency rates and will take prudent measures to minimize
the currency translation risk
Use of Proceeds from the Initial Public Offering
Net proceeds from the IPO (including the exercise of the overallotment options on
November 30 2016) after deducting the underwriting commission and other estimated
expenses in connection with the Global Offering which the Company received amounted
to approximately HK27923 million comprising HK24281 million raised from the
IPO and HK3642 million from the issue of shares pursuant to the exercise of the over
allotment options respectively
財務風險
集團並無面臨重信貸風險流動資金風
險集團外幣列值銀行現金並面
臨外幣風險集團並無動衍生合約
對沖面臨外匯風險理層透過密切
監察外幣匯率變動理貨幣風險並將
採取審慎措施將貨幣換算風險降低
首次公開發售款項途
公司首次公開發售款項淨額（包括
於二零六年十月三十日行超額配股
權經扣包銷佣金關首次公開發售
估計開支）約為 27923 百萬港元分別
包括首次公開發售籌 24281 百萬港元
根據行超額配股權發行股份 3642
百萬港元19周黑鴨國際控股限公司 2018 中期報告
Management Discussion and Analysis
理層討論與分析
The table below sets forth the use of proceeds by the Group as of June 30 2018
Budget
Amount that
had been
utilized
as of June
30 2018
Remaining
balance as of
June 30 2018
預算
截
二零八年
六月三十日
已動金額
截
二零八年
六月三十日
餘結餘
(in RMB million)
（民幣百萬元列值）

Construction and improvement of processing facilities 建設改善加工設施 8583 5165 3418
Development of retail store network 開發門店網絡 3678 484 3194
Brand image campaigns including
the ecommerce marketing campaigns
品牌形象活動（包括電子
商務營銷活動） 2943 520 2423
Improvement of research and development 改善研發 2452 38 2414
Acquisition and strategic alliances 收購戰略聯盟 2452 179 2273
Upgrades of information technology systems
including the enterprise resource planning system
升級信息技術系統
（包括企業資源計劃系統） 1962 208 1754
General replenishment of working capital 於擴充般營運資 2452 460 1992

Total 總計 24522 7054 17468

As of June 30 2018 net proceeds not utilized had been deposited into shortterm
deposits and money market instruments including structured deposits There has been
no change to the intended use of net proceeds as previously disclosed in the prospectus
of the Company The proceeds were used and are proposed to be used as and when
appropriate based on the Group’s business needs according to the intentions previously
disclosed in the prospectus of the Company dated November 1 2016
表載列集團截二零八年六月三十日
款項途：
截二零八年六月三十日未動款
項淨額已存入短期存款貨幣市場工具
包括結構性存款誠先前於公司招股章
程披露款項淨額擬定途並無變
動款項已擬早前公司日期
為二零六年十月日招股章程披露
意願於適當時間集團業務需20 ZHOU HEI YA INTERNATIONAL HOLDINGS COMPANY LIMITED INTERIM REPORT 2018
Management Discussion and Analysis
理層討論與分析
Indebtedness
As of June 30 2018 the Group did not have any outstanding indebtedness or any loan
capital issued and outstanding or agreed to be issued bank overdrafts loans or similar
indebtedness liabilities under acceptances (other than normal trade bills) acceptance
credits debentures mortgages charges or hire purchase commitments guarantees or
other contingent liabilities or any covenant in connection thereof
Cash Flows
For the six months ended June 30 2018 net cash generated from operating activities
decreased to approximately RMB2072 million from RMB3262 million for the six months
ended June 30 2017 which was mainly attributed to profit before tax of RMB4392
million adjusted for certain noncash items such as depreciation and amortization of
RMB367 million Additional factors that affected net cash generated from operating
activities included the income tax paid of RMB1529 million a decrease of RMB401 million
in other payables and accruals an increase of RMB242 million in prepayments deposits
and other receivable a decrease of RMB134 million in trade payables and of RMB64
million in rental deposits as a result of our retail store network expansion
For the six months ended June 30 2018 net cash used in investing activities decreased
to approximately RMB184 million from RMB1499 million for the six months ended June
30 2017 which was mainly attributed to purchases of structured deposits of RMB11312
million purchases of financial assets at fair value through profit or loss of RMB3000
million contribution to investments in an associate of RMB2500 million and purchases of
property plant and equipment of RMB1838 million partially offset by the proceeds from
disposals of structured deposits of RMB13822 million proceeds from disposal of items of
financial assets at fair value through profit or loss of RMB3300 million and a decrease of
term deposits of maturity over three months of RMB1152 million
債務
截二零八年六月三十日集團並無
未償還債務已發行未償還意
發行貸資銀行透支貸款類似債
務承兌負債（般貿易票據外）承兌信
貸債券揭抵押租購承擔擔保
然負債與相關契諾
現金流量
截二零八年六月三十日止六個月經營
活動現金淨額截二零七年六月
三十日止六個月民幣 3262 百萬元減少
約民幣 2072 百萬元歸於稅
前溢利民幣 4392 百萬元干非現金項
目作出調整例折舊攤銷民幣 367 百
萬元影響經營活動產生現金淨額額
外素包括：已付稅民幣 1529 百萬
元應付款項應計費減少民幣
401 百萬元預付款項金應收款
項增加民幣 242 百萬元貿易應付款項減
少民幣 134 百萬元於門店網絡擴張租
賃金增加民幣 64 百萬元
截二零八年六月三十日止六個月投資
活動現金淨額截二零七年六月
三十日止六個月民幣 1499 百萬元減少
約民幣 184 百萬元歸於購入結
構性存款民幣 11312 百萬元購入公
值計量變動計入損益金融資產民幣
3000 百萬元投資間聯營公司增資
民幣 2500 百萬元購入物業廠房設
備民幣 1838 百萬元部份出售結構性
存款款項民幣 13822 百萬元公
值計量變動計入損益金融資產項目
款項民幣 3300 百萬元三個月
期定期存款減少民幣 1152 百萬元抵
銷21周黑鴨國際控股限公司 2018 中期報告
Management Discussion and Analysis
理層討論與分析
For the six months ended June 30 2018 net cash used financing activities increased to
approximately RMB2359 million from RMB2193 million for the six months ended June
30 2017 which represents the dividends paid in June 2018
Structured Deposits
The Group from time to time invests in asset management products primarily structured
deposits in order to better facilitate its cash management Structured deposits were
principalprotected products which typically had a fixed short term and may be redeemed
upon their respective expiry dates As at June 30 2018 the Group invested approximately
RMB7110 million of structured deposits (June 30 2017 approximately RMB7613
million) The underlying investments of the structured deposits were primarily shortterm
sovereign bonds financial bonds and central bank bills and other investment products
issued by commercial banks in the interbank market in China which were very liquid with
a relatively short term of maturity and which were considered to be similar to placing
deposits with banks whilst enabling the Group to earn a relatively higher rate of return In
the six months ended June 30 2018 interest income from structured deposits amounted
to approximately RMB223 million (June 30 2017 approximately RMB91 million)
The Group has implemented capital and investment policies to monitor and control
the risks relating to its investment activities The Group may only make investments in
asset management products when it has surplus cash Only make investments in low
risk products issued by qualified commercial banks or other financial institutions are
allowed and the investments should be nonspeculative in nature The Group’s capital and
investment policies also specify the criteria for selecting investments to be considered and
the detailed review procedures that each proposed investment shall go through
截二零八年六月三十日止六個月融資
活動現金淨額截二零七年六月
三十日止六個月民幣 2193 百萬元增加
約民幣 2359 百萬元二零八年六
月已付股息
結構性存款
集團時投資資產理產品（為結構
性存款）更助現金理結構性存
款為保產品通常具固定短期期限
於屆滿日期贖回於二零八年六月
三十日集團投資約民幣 7110 百萬元
結構性存款（二零七年六月三十日：約
民幣 7613 百萬元）關結構性存款
投資包括短期國債金融債中央銀行
票據商業銀行於中國銀行業市場發行
投資產品這產品流通性強屆滿期
限較短並認為類似於銀行存款惟時
集團獲相對較高回報率截二零
八年六月三十日止六個月結構性存款
利息收入約為民幣 223 百萬元（二零七
年六月三十日：約民幣 91 百萬元）
集團已實施資投資政策監控與們
投資活動關風險集團僅
現金盈餘情況投資於資產理產品僅
容許投資於合資格商業銀行財務機
構發行低風險產品投資應為非投機性
質集團資投資政策列明選擇投
資應考慮標準建議投資應遵從詳
盡審閱程序22 ZHOU HEI YA INTERNATIONAL HOLDINGS COMPANY LIMITED INTERIM REPORT 2018
Management Discussion and Analysis
理層討論與分析
In view of an upside of earning a relatively higher return than current saving or fixed
deposit rate under the low interest rate trend as well as the principalprotected nature
and a relatively short term of maturity of the structured deposits the directors of the
Company (the Directors) are of the view that the structured deposits pose trivial risk
to the Group and the terms and conditions of each of the structured deposits are fair and
reasonable and are in the interests of the Company and its shareholders as a whole
Capital Expenditure
The Group’s capital expenditures amounted to RMB1710 million for the six months
ended June 30 2018 mainly in connection with the establishment of SAP system
upgrades of production lines improvement of processing facilities and decoration and
improvement of selfoperated retail stores The Group financed its capital expenditures
primarily with cash generated from operations and the proceeds from the IPO
Contingent Liabilities and Guarantees
As of June 30 2018 the Group did not have any significant contingent liabilities
guarantees or any litigation against it
Major Investment
In March 2018 one of the Group’s indirect whollyowned subsidiary entered into a
partnership agreement with two subsidiaries of Shenzhen Tiantu Investment Co Ltd
(深圳市天圖投資理股份限公司) to jointly establish Shenzhen Tiantu Xingnan
Investment Partnership (Limited Partnership) (深圳市天圖興南投資合夥企業 (限
合夥)) (the Partnership) with a total size of RMB30 billion in Shenzhen of which the
Group subscribed for RMB5000 million As of the date of this report the Group had
made the full payment for its initial capital contribution of RMB2500 million which were
funded from its operations The Partnership is expected to serve an investment platform
to primarily explore investment opportunities related to consumption upgrade and new
retail Please refer to the announcement of the Group dated March 12 2018 for more
details
Other than the Partnership in the six months ended June 30 2018 the Group did not
conduct any other material investments acquisitions or disposals
鑑於低利率趨勢收益回報高於現
儲蓄定期存款利率並計結構性存款
保性質相對較短屆滿期限公司董
事（「董事」）認為結構性存款對集團構成
風險輕微結構性存款條款條件屬
公合理並符合公司股東整體利
益
資開支
截二零八年六月三十日止六個月集
團資開支為民幣 1710 百萬元
於建立 SAP 系統升級生產線改善加
工設施營門店裝修改善工程集
團經營現金首次公開發售
款項撥付資開支
然負債擔保
截二零八年六月三十日集團並無
重然負債擔保針對集團
訴訟
重投資
於二零八年三月集團間間接全資附
屬公司與深圳市天圖投資理股份限公
司兩間附屬公司訂立合夥協議深圳
成立深圳市天圖興南投資合夥企業（
限合夥）（「合夥企業」）規模總額為民幣
300 億元中集團認購民幣 5000 百萬
元截報告日期止集團已繳足初
始出資金額民幣 2500 百萬元該金額
經營款項撥付該合夥企業預期作為
投資台探索消費升級新零售相關
投資機會詳情請參閱集團日期為二零
八年三月十二日公告
截二零八年六月三十日止六個月合
夥企業外集團並未進行重投
資收購出售事項23周黑鴨國際控股限公司 2018 中期報告
Management Discussion and Analysis
理層討論與分析
Turnover Ratios
Average inventory turnover days increased from 618 days for the six months ended
June 30 2017 to 680 days for the six months ended June 30 2018 primarily because
the Group had increased the inventory reserves of certain major raw materials at lower
prevailing market prices
Average trade receivables turnover days slightly increased from 09 days for the six
months ended June 30 2017 to 27 days for the six months ended June 30 2018
primarily because the payment settlement cycles of certain transport hub stores increased
to approximately one month or more after contract renewal since the second half of
2017
Average trade payables turnover days decreased from 257 days for the six months ended
June 30 2017 to 223 days for the six months ended June 30 2018 primarily due to a
decrease in payables to suppliers
Employee and Labor Cost
As of June 30 2018 the Group had a total of 4778 employees among which
approximately 638 were retail store operations and sales staff and approximately 152
were manufacturing staff at its processing facilities
The Group has developed a performance evaluation system to assess the performance
of its employees annually which forms the basis for determining the salary levels bonuses
and promotions an employee may receive Sales and marketing personnel may also
receive bonuses based on the sales targets they accomplished by taking into account the
overall sales performance of the stores in the same regional market in the relevant period
For the six months ended June 30 2018 the Group incurred total labor costs of
RMB2176 million representing approximately 136 of total revenue of the Group
周轉率
均存貨周轉天數截二零七年六月
三十日止六個月 618 天增加截二零
八年六月三十日止六個月 680 天
於集團較低現行市價增加干
原材料存貨儲備
均貿易應收款項周轉天數截二零七
年六月三十日止六個月 09 天輕微增加
截二零八年六月三十日止六個月 27
天於干交通樞紐門店付款結算
週期於二零七年半年續期後增加約
個月
均貿易應付款項周轉天數截二零七
年六月三十日止六個月 257 天減少截
二零八年六月三十日止六個月 223 天
於應付供應商貨款減少
僱員勞工成
截二零八年六月三十日集團合
4778 名僱員中約 638 為門店營運銷
售員員約 152 為加工設施生產
員
集團已開發出套續效評估系統來
年評估僱員表現這構成釐定僱員薪
酬水花紅晉升基準銷售營銷
員根據彼等完成銷售目標並考慮相
關期間相區域市場店舖整體銷售表現收
取花紅
截二零八年六月三十日止六個月集
團產生勞工成總額民幣 2176 百萬元
佔集團總收益約 13624 ZHOU HEI YA INTERNATIONAL HOLDINGS COMPANY LIMITED INTERIM REPORT 2018
Management Discussion and Analysis
理層討論與分析
RSU Scheme
The Company adopted a restricted share unit scheme (the RSU Scheme) on July 25
2018 The purpose of the RSU Scheme is to incentivize Directors senior management
and employees of the Group for their contribution to the Group to attract motivate
and retain skilled and experienced personnel to strive for the future development and
expansion of the Group by providing them with the opportunity to own equity interests
of the Company The maximum number of restricted share units (RSUs) that may be
granted under the RSU Scheme in aggregate (excluding RSUs that have lapsed or been
cancelled in accordance with the Scheme Rules) shall be such number of Shares held
or to be held by Computershare Hong Kong Trustees Limited as the trustee for the
administration of the RSU scheme for the purpose of the RSU Scheme from time to time
Subject to early termination by the Board the RSU Scheme shall be valid and effective for
ten (10) years commencing on the date of the first grant of the RSUs For more details of
the RSU Scheme please refer to the announcements of the Company dated July 25 2018
and July 31 2018 As of August 29 2018 being the date of this interim report no any
RSUs have been issued
Top Suppliers and Top Customers
For the six months ended June 30 2018 purchases from the Group’s largest duck supplier
in terms of RMB amount accounted for approximately 92 of total purchase cost and the
aggregate purchases from its top five duck suppliers in terms of RMB amount in aggregate
accounted for approximately 261 of total purchase cost
For the six months ended June 30 2018 due to the nature of the Group’s business
revenue derived from its top five customers accounted for less than 30 of total revenue
Reserves
As of June 30 2018 the Group’s reserves available for distribution to shareholders of the
Company amounted to approximately RMB22004 million
Subsequent Events
No material events were undertaken by the Group subsequent to June 30 2018 and up
to the date of this interim report
受限制股份單位計劃
公司已於二零八年七月二十五日採納
受限制股份單位計劃（「受限制股份單位計
劃」）受限制股份單位計劃目為透過
集團董事高級理層僱員提供擁
公司股權機會獎勵彼為集團作出
貢獻吸引激勵挽留技術熟練與經驗
豐富員為集團未來發展擴張努
力根據受限制股份單位計劃授出受限制
股份單位（「受限制股份單位」）數目限總數
（包括根據計劃規則已失效註銷受限制
股份單位）須為作為理受限制股份單位計
劃受託香港中央證券信託限公司受
限制股份單位計劃時持將持股份
數目惟董事會提前終止受限制股份單位
計劃於首次授出受限制股份單位日期起計十
(10)年效生效關受限制股份單位計
劃詳情參閱公司日期為二零八年七
月二十五日二零八年七月三十日公
告截二零八年八月二十九日中
期報告日期並無受限制股份單位授出
供應商客戶
截二零八年六月三十日止六個月來
集團鴨供應商採購金額佔總
採購成約 92來五鴨供應商總採
購金額合佔總採購成約 261
截二零八年六月三十日止六個月於
集團業務性質來五客戶收益
佔總收益少於 30
儲備
截二零八年六月三十日集團供分
派予公司股東儲備約為民幣 22004 百
萬元
結算日後事項
公司於二零八年六月三十日後直
中期報告日期並無進行重事項25周黑鴨國際控股限公司 2018 中期報告
Other Information
資料
DIRECTORS’ AND CHIEF EXECUTIVE’S INTERESTS AND SHORT
POSITIONS IN SHARES UNDERLYING SHARES OR DEBENTURES OF THE
COMPANY OR ITS ASSOCIATE CORPORATIONS
As of June 30 2018 the interests and short positions of the Directors and the chief
executive of the Company in the Shares underlying Shares or debentures of the
Company or its associated corporations (within the meaning of Part XV of the Securities
and Futures Ordinance (the SFO)) as recorded in the register required to be kept by
the Company pursuant to section 352 of the SFO or as notified to the Company and The
Stock Exchange of Hong Kong Limited (the Stock Exchange) pursuant to the Model
Code for Securities Transactions by Directors of Listed Issuers (the Model Code) were
as follows
Name of DirectorChief Executive
董事╱高行政員姓名
Name of Group
memberassociated
corporation
集團成員╱
相關法團名稱
Capacity
Nature of interest
身份╱
權益性質
Number of
underlying Shares(1)
相關股份數目 (1)
Approximate
percentage of
shareholding
概約股權百分

Mr ZHOU Fuyu The Company Interest of spouse(3) 1473893500(2) 6185
周富裕先生 公司 配偶權益 (3)
Healthy Origin
Holdings Limited
Interest of spouse(3)
1 100
健源控股限公司 配偶權益 (3)
Notes
(1) All interests stated are long positions
(2) These 1473893500 Shares represent 1668000 Shares held by Ms Tang Jianfang 1190818000
Shares held by Healthy Origin Holdings Limited 32480300 Shares held by ZHY Holdings II
Company Limited and 248927200 Shares held by ZHY Holdings IV Company Limited
董事高行政員於公司
相聯法團股份相關股份債權
證權益淡倉
截二零八年六月三十日止董事公
司高行政員公司相聯法團（定
義見證券期貨條例（「證券期貨條例」）第
XV 部）股份相關股份債權證中擁根
據證券期貨條例第 352 條規定須存置公
司登記冊登記根據市發行董事
進行證券交易標準守則（「標準守則」）須知
會公司香港聯合交易（「聯交」）權
益淡倉：
附註：
(1) 示均為倉
(2) 於 該 1473893500 股 股 份 中 唐 建 芳 女 士
持 1668000 股 股 份 健 源 控 股 限 公 司
持 1190818000 股 股 份ZHY Holdings
II Company Limited 持 32480300 股 股 份
ZHY Holdings IV Company Limited 持
248927200 股股份26 ZHOU HEI YA INTERNATIONAL HOLDINGS COMPANY LIMITED INTERIM REPORT 2018
Other Information
資料
The entire issued share capital of Healthy Origin Holdings Limited and ZHY Holdings II Company
Limited are held by Ms Tang Jianfang therefore Ms Tang Jianfang is deemed to be interested in
1190818000 Shares and 32480300 Shares held by Healthy Origin Holdings Limited and ZHY
Holdings II Company Limited respectively Since Ms Tang Jianfang owns 67083 of ZHY Holdings
IV Company Limited Ms Tang Jianfang is also deemed to be interested in 248927200 Shares held
by ZHY Holdings IV Company Limited
(3) Mr Zhou is the spouse of Ms Tang Jianfang and is deemed to be interested in the Shares which
are interested by Ms Tang Jianfang under the SFO
Save as disclosed above as at June 30 2018 none of the Directors nor the chief executive
of the Company had any interests or short positions in any of the shares underlying
shares or debentures of the Company or any of its associated corporations (within the
meaning of Part XV of the SFO) as recorded in the register required to be kept by the
Company pursuant to section 352 of the SFO or as notified to the Company and the
Stock Exchange pursuant to the Model Code
健源控股限公司 ZHY Holdings II 限公
司全部已發行股唐建芳女士持
唐建芳女士視為分別於健源控股限公司
ZHY Holdings II Company Limited 持
1190818000 股股份 32480300 股股份中擁
權益於唐建芳女士擁 ZHY Holdings
IV Company Limited 67083％唐建芳女士
視為於 ZHY Holdings IV Company Limited
持 248927200 股股份中擁權益
(3) 周先生為唐建芳女士配偶根據證券
期貨條例視為於唐建芳女士持權益股
份中持權益
文披露者外於二零八年六月三十
日概無董事公司高行政員於公
司相聯法團（定義見證券期貨條例第
XV 部）股份相關股份債權證中擁須
根據證券期貨條例第 352 條須記錄於公
司存置股東名冊權益淡倉須
根據標準守則知會公司聯交權益
淡倉27周黑鴨國際控股限公司 2018 中期報告
Other Information
資料
SUBSTANTIAL SHAREHOLDERS’ AND OTHER PERSONS’ INTERESTS
AND SHORT POSITIONS IN SHARES AND UNDERLYING SHARES
DISCLOSEABLE UNDER THE SFO
As at June 30 2018 the following persons (other than the Directors or the chief executive
of the Company) have interests or short positions in the Shares or underlying Shares as
recorded in the register required to be kept by the Company under section 336 of the
SFO
Name of shareholder Nature of interest
Number of Shares
or securities held(1)
Approximate
percentage
of interest
股東姓名 權益性質 持股份證券數目 (1) 概約股權百分

Ms TANG Jianfang(2) Interests in a controlled corporation 1472225500 (L) 6178
唐建芳女士 (2) 受控制法團權益
Beneficial owner 1668000 (L) 007
實益擁
Healthy Origin Holdings Limited Beneficial owner 1190818000 (L) 4997
健源控股限公司 實益擁
ZHY Holdings IV Company Limited Beneficial owner 248927200(L) 1045
實益擁
Ms ZHOU Ping(3) Interests in a controlled corporation 136440000 (L) 573
周萍女士 (3) 受控制法團權益
ZHY Holdings III Company Limited Beneficial owner 136440000 (L) 573
實益擁
Mr WANG Yonghua(4) Interests in a controlled corporation 182886450 (L) 767
王永華先生 (4) 受控制法團權益
(Shenzhen Tiantu Investment
Management Co Ltd)(4)
Interests in a controlled corporation
受控制法團權益
182886450 (L) 767
深圳市天圖投資理股份限公司 (4)
根據證券期貨條例須予披露
股東士於股份相關股
份權益淡倉
於二零八年六月三十日士（董事
公司高行政員外）於公司股份
相關股份中擁須根據證券期貨條例第
336 條規定記錄於公司存置股東名冊
權益淡倉：28 ZHOU HEI YA INTERNATIONAL HOLDINGS COMPANY LIMITED INTERIM REPORT 2018
Other Information
資料
Name of shareholder Nature of interest
Number of Shares
or securities held(1)
Approximate
percentage
of interest
股東姓名 權益性質 持股份證券數目 (1) 概約股權百分

Tiantu Advisory Company Limited(4) Interests in a controlled corporation 182886450 (L) 767
天圖諮詢限公司 (4) 受控制法團權益
Tiantu Investments Limited(4) Beneficial owner 182886450 (L) 767
實益擁
UBS Group AG Interest in a controlled corporation 116417564 (L) 489
受控制法團權益
3565300 (S) 01529周黑鴨國際控股限公司 2018 中期報告
Other Information
資料
Notes
(1) The letter S denotes the person’s short position in such Shares The letter L denotes the
person’s long position in such Shares
(2) These 1472225500 Shares represent 1190818000 Shares held by Healthy Origin Holdings
Limited 32480300 Shares held by ZHY Holdings II Company Limited and 248927200 Shares
held by ZHY Holdings IV Company Limited
The entire issued share capital of Healthy Origin Holdings Limited and ZHY Holdings II Company
Limited are held by Ms Tang Jianfang therefore Ms Tang Jianfang is deemed to be interested in
1190818000 Shares and 32480300 Shares held by Healthy Origin Holdings Limited and ZHY
Holdings II Company Limited respectively Since Ms Tang Jianfang owns 67083 of ZHY Holdings
IV Company Limited Ms Tang Jianfang is also deemed to be interested in 248927200 Shares held
by ZHY Holdings IV Company Limited
(3) Since Ms Zhou Ping owns 7222 of ZHY Holdings III Company Limited Ms Zhou Ping is deemed
to be interested in 136440000 Shares held by ZHY Holdings III Company Limited
(4) Tiantu Investments Limited a company incorporated in the British Virgin Islands holds 182886450
Shares representing 767 of the total issued share capital of the Company Tiantu Advisory
Company Limited holds 9170 of Tiantu Investments Limited and is wholly owned by Shenzhen
Tiantu Investment Management Co Ltd (Shenzhen Tiantu) a company listed on the National
Equities Exchange and Quotations (NEEQ 833979) in the PRC Mr Wang Yonghua holds 5980
shareholding interest in Shenzhen Tiantu Therefore under Part XV of the SFO each of Tiantu
Investments Limited Tiantu Advisory Company Limited Shenzhen Tiantu and Mr Wang Yonghua
is deemed to be interested in 182886450 Shares held by Tiantu Investments Limited representing
767 of the total issued share capital of the Company
附註：
(1) 「S」指關士於該等股份淡倉「L」指
關士於該等股份倉
(2) 於該 1472225500 股股份中健源控股限
公司持 1190818000 股股份ZHY Holdings
II Company Limited持 32480300 股股份
ZHY Holdings IV Company Limited 持
248927200 股股份
健源控股限公司 ZHY Holdings II Company
Limited 全 部 已 發 行 股 唐 建 芳 女 士 持
唐建芳女士視為分別於健源控股
限公司 ZHY Holdings II Company Limited
持 1190818000 股 股 份 32480300 股
股份中擁權益於唐建芳女士擁 ZHY
Holdings IV Company Limited 67083唐建
芳女士視為於 ZHY Holdings IV Company
Limited持248927200股股份中擁權益
(3) 於周萍女士擁 ZHY Holdings III Company
Limited 7222 ％ 周 萍 女 士 視 為
於 ZHY Holdings III Company Limited
持136440000 股股份中擁權益
(4) Tiantu Investments Limited（家於英屬處女
群島註冊成立公司）持 182886450 股股
份佔公司已發行股總額 767％天圖
諮詢限公司持 Tiantu Investments Limited
9170％深圳市天圖投資理股份限
公司（「深圳天圖」）全資擁該公司為家
於中國全國中企業股份轉讓系統（NEEQ：
833979）掛牌公司王永華先生持深圳
天圖 5980％股權根據證券期貨
條例第 XV 部Tiantu Investments Limited
天圖諮詢限公司深圳天圖王永華先生
視為於 Tiantu Investments Limited 持
182886450 股股份中擁權益佔公司已
發行股總額 767％30 ZHOU HEI YA INTERNATIONAL HOLDINGS COMPANY LIMITED INTERIM REPORT 2018
Other Information
資料
Save as disclosed above as at June 30 2018 the Directors and chief executive of the
Company are not aware of any other personsentities not being a Director or chief
executive of the Company who has an interest or short position in the Shares or the
underlying Shares of the Company as recorded in the register required to be kept by the
Company under section 336 of the SFO
PURCHASE SALE AND REDEMPTION OF LISTED SECURITIES
The Company and its subsidiaries did not purchase sell or redeem any of the listed
securities of the Company during the six months ended June 30 2018
COMPLIANCE WITH THE CORPORATE GOVERNANCE CODE
During the six months ended June 30 2018 the Company has complied with the
applicable code provisions of the Corporate Governance Code (the CG Code) as
set out in Appendix 14 to the Rules Governing the Listing of Securities on the Stock
Exchange (the Listing Rules)
The Board will continue to review and monitor the practices of the Company for the
purpose of complying with the CG Code and maintaining a high standard of corporate
governance practices of the Company
MODEL CODE FOR SECURITIES TRANSACTIONS BY DIRECTORS
The Company has adopted the Model Code for Securities Transactions by Directors of
Listed Issuers (the Model Code) as set out in Appendix 10 to the Listing Rules as its
code of conduct regarding Directors’ securities transactions Having made specific enquiry
of all Directors of the Company they have confirmed that they have complied with the
Model Code throughout the six months ended June 30 2018
文披露者外於二零八年六月三十
日董事公司高行政員概知悉
董事公司高行政員外
士╱實體於公司股份相關股份中擁
記錄於根據證券期貨條例第 336 條須存置
於公司登記冊內權益淡倉
購買出售贖回市證券
截二零八年六月三十日止六個月公
司附屬公司概無購買出售贖回公
司市證券
遵守企業治守則
截二零八年六月三十日止六個月公
司已遵守聯交證券市規則（「市規則」）
附錄十四載企業治守則（「企業治守
則」）適守則條文
董事會將持續檢討監督公司企業治
狀況遵守企業治守則並維持公司高
水準企業治
董事進行證券交易標準守則
公司已採納市規則附錄十載市發
行董事進行證券交易標準守則（「標準守
則」）作為關董事進行證券交易行為守
則經已公司董事作詳細查詢
位董事已確認於截二零八年六月三十日
止六個月期間已遵從標準守則31周黑鴨國際控股限公司 2018 中期報告
Other Information
資料
AUDIT COMMITTEE
The Company established the Audit Committee with written terms of reference in
compliance with the CG Code As at the date of this report the Audit Committee
comprises three independent nonexecutive Directors namely Mr Wu Chi Keung Mr
Chan Kam Ching Paul and Mr Lu Weidong Mr WU Chi Keung is the chairman of the
Audit Committee
The Audit Committee has reviewed and discussed the interim results and the interim
reports for the six months ended June 30 2018
INTERIM DIVIDEND
The Board resolved not to declare any payment of interim dividend for the six months
ended June 30 2018
CHANGE IN DIRECTORS’ INFORMATION UNDER RULE 1351B(1) OF THE
LISTING RULES
On April 23 2018 Mr Zhu Yulong resigned as an executive Director of the Company
and ceased to be the chairman of the strategic development committee and a member of
the remuneration committee of the Company
Mr Hao Lixiao an executive Director Chief Executive Officer and a member of the
strategic development committee was been appointed as the chairman of the strategic
development committee of the Company with effect from April 23 2018
On the same date the Company appointed Ms Li Ying as an executive Director and a
member of the remuneration committee of the Company whose biographical details
were contained in the announcement of the Company in connection with the resignation
and appointment of executive Directors and change of composition of Board committees
on April 23 2018
Except as disclosed above there is no other change in the Directors’ information which is
required to be disclosed pursuant to rule 1351B(1) of the Listing Rules since the date of
2017 annual report of the Company
審核委員會
公司已企業治守則規定設立審核
委員會並制定書面職權範圍於報告日
期審核委員會包括三名獨立非執行董事
胡志強先生陳錦程先生盧衛東先生
胡志強先生為審核委員會席
審核委員會已審閱並討論截止二零八年六
月三十日止六個月中期業績中期報告
中期股息
董事會決議派發截二零八年六月三十
日止六個月中期股息
市規則第 1351B(1) 條項董事資
料變更
於二零八年四月二十三日朱於龍先生辭
公司執行董事擔公司策略發
展委員會席薪酬委員會成員
二零八年四月二十三日執行董事行
政總裁兼公司策略發展委員會成員郝立曉
先生已獲為策略發展委員會席
於日公司委李瑩女士為公司執行
董事薪酬委員會成員履歷詳情載於
公司於二零八年四月二十三日關執行董
事辭委變更董事委員會組成
公告
文披露者外公司二零七年年
報日期來概無根據市規則第 1351B(1)
條須予披露董事資料變更32 ZHOU HEI YA INTERNATIONAL HOLDINGS COMPANY LIMITED INTERIM REPORT 2018
Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income
中期簡明綜合損益全面收益表
For the six months ended 30 June 2018
截二零八年六月三十日止六個月
Six months ended 30 June
截六月三十日止六個月
2018 2017
二零八年 二零七年
Notes RMB’000 RMB’000
附註 民幣千元 民幣千元
(unaudited) (unaudited)
（未經審核） （未經審核）

REVENUE 收益 4 1596582 1618306
Cost of sales 銷售成 (640905) (632386)

Gross profit 毛利 955677 985920
Other income and gains net 收入收益淨額 4 65217 39780
Selling and distribution expenses 銷售分銷開支 (495158) (428180)
Administrative expenses 行政開支 (86560) (70725)

PROFIT BEFORE TAX 稅前溢利 5 439176 526795
Income tax expense 稅開支 6 (107665) (125761)

PROFIT FOR THE PERIOD 期內溢利 331511 401034

Attributable to 應佔：
Owners of the parent 母公司擁 331511 401034

OTHER COMPREHENSIVE INCOME 全面收入
Other comprehensive income to be reclassified
to profit or loss in subsequent periods
於期後重新分類損益
全面收入：
Availableforsale investments 供出售投資：
Changes in fair value net of tax 公值變動（稅後） — 726
Reclassification adjustments for gains and
losses included in profit or loss – gains on
disposal net of tax
計入損益收益虧損重新
分類調整－出售收益（稅後）
— (726)

Exchange differences 匯兌差額：
Exchange differences on translation of
foreign operations
海外業務換算匯兌差額
12410 (71391)

OTHER COMPREHENSIVE INCOME
FOR THE PERIOD NET OF TAX
期內全面收入（稅後）
12410 (71391)

TOTAL COMPREHENSIVE INCOME
FOR THE PERIOD
期內全面收入總額
343921 329643

Attributable to 應佔：
Owners of the parent 母公司擁 343921 329643

EARNINGS PER SHARE ATTRIBUTABLE
TO ORDINARY EQUITY
HOLDERS OF THE PARENT
母公司普通權益持應佔
股盈利
Basic and diluted (RMB) 基攤薄（民幣） 8 014 017
33周黑鴨國際控股限公司 2018 中期報告
Interim Condensed Consolidated Statement of Financial Position
中期簡明綜合財務狀況表
As at June 30 2018
於二零八年六月三十日
30 June 31 December
2018 2017
二零八年 二零七年
六月三十日 十二月三十日
Notes RMB’000 RMB’000
附註 民幣千元 民幣千元
(unaudited) (audited)
（未經審核） （經審核）

NONCURRENT ASSETS 非流動資產
Property plant and equipment 物業廠房設備 9 966415 839028
Prepaid land lease payments 預付土租賃款項 110258 111467
Prepayments 預付款項 53152 40288
Rental deposits 租賃金 76855 70459
Other intangible assets 無形資產 8094 7962
Investments in an associate 於間聯營公司投資 13 250000 —
Deferred tax assets 遞延稅項資產 42950 31410

Total noncurrent assets 非流動資產總值 1507724 1100614

CURRENT ASSETS 流動資產
Inventories 存貨 10 235890 248435
Trade receivables 貿易應收款項 11 22994 25506
Prepayments deposits and other receivables 預付款項金應收款項 12 193297 1108512
Due from the Controlling Shareholders 應收控股股東款項 20(c) 1305 1801
Structured deposits 結構性存款 711000 —
Availableforsale investments 供出售投資 — 30000
Restricted cash 受限制現金 14 20866 14911
Cash in transit 途現金 14 3124 3489
Cash and bank 現金銀行存款 15 1894306 2039166

Total current assets 流動資產總值 3082782 3471820
34 ZHOU HEI YA INTERNATIONAL HOLDINGS COMPANY LIMITED INTERIM REPORT 2018
Interim Condensed Consolidated Statement of Financial Position
中期簡明綜合財務狀況表
As at June 30 2018
於二零八年六月三十日
30 June 31 December
2018 2017
二零八年 二零七年
六月三十日 十二月三十日
Notes RMB’000 RMB’000
附註 民幣千元 民幣千元
(unaudited) (audited)
（未經審核） （經審核）

CURRENT LIABILITIES 流動負債
Trade payables 貿易應付款項 16 72857 86301
Other payables and accruals 應付款項應計費 304897 347281
Government grants current 政府補助流動 902 902
Income tax payable 應付稅 62332 96263

Total current liabilities 流動負債總額 440988 530747

NET CURRENT ASSETS 流動資產淨值 2641794 2941073

TOTAL ASSETS LESS CURRENT LIABILITIES 總資產減流動負債 4149518 4041687

NONCURRENT LIABILITIES 非流動負債
Deferred tax liabilities 遞延稅項負債 4334 4076
Government grants noncurrent 政府補助非流動 36487 36938

Total noncurrent liabilities 非流動負債總額 40821 41014

NET ASSETS 資產淨值 4108697 4000673

EQUITY 權益
Equity attributable to owners of the parent 母公司擁應佔權益
Share capital 股 17 16 16
Reserves 儲備 4108681 4000657

TOTAL EQUITY 總權益 4108697 4000673
35周黑鴨國際控股限公司 2018 中期報告
Interim Condensed Consolidated Statement of Changes in Equity
中期簡明綜合權益變動表
For the six months ended 30 June 2018
截二零八年六月三十日止六個月
Attributable to owners of the parent
母公司擁應佔
Exchange
Share Share Merger Statutory fluctuation Retained Total
capital premium reserve reserve reserve profits equity
股 股份溢價 合併儲備 法定儲備
匯兌
波動儲備 保留溢利 總權益
RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000
民幣千元 民幣千元 民幣千元 民幣千元 民幣千元 民幣千元 民幣千元

At 1 January 2018 於二零八年月日 16 2384336 12500 73675 (91399) 1621545 4000673
Profit for the period 期間溢利 — — — — — 331511 331511
Exchange differences on translation
of foreign operations
海外業務換算匯兌差額
— — — — 12410 — 12410

Total comprehensive income
for the period
期間全面收入總額
— — — — 12410 331511 343921

Final 2017 dividend declared 宣派二零七年末期股息 — (235897) — — — — (235897)

At 30 June 2018 (unaudited) 於二零八年六月三十日（未經審核） 16 2148439 12500 73675 (78989) 1953056 4108697

At 1 January 2017 於二零七年月日 16 2591169 12500 71161 58294 862431 3595571
Profit for the period 期間溢利 — — — — — 401034 401034
Exchange differences on translation
of foreign operations
海外業務換算匯兌差額
— — — — (71391) — (71391)

Total comprehensive income
for the period
期間全面收入總額
— — — — (71391) 401034 329643

Final 2016 dividend declared 宣派二零六年末期股息 — (206833) — — — — (206833)

At 30 June 2017 (unaudited) 於二零七年六月三十日（未經審核） 16 2384336 12500 71161 (13097) 1263465 3718381
36 ZHOU HEI YA INTERNATIONAL HOLDINGS COMPANY LIMITED INTERIM REPORT 2018
Interim Condensed Consolidated Statement of Cash Flows
中期簡明綜合現金流量表
For the six months ended 30 June 2018
截二零八年六月三十日止六個月
Six months ended 30 June
截六月三十日止六個月
2018 2017
二零八年 二零七年
RMB’000 RMB’000
Notes 民幣千元 民幣千元
附註 (unaudited) (unaudited)
（未經審核） （未經審核）

CASH FLOWS FROM OPERATING ACTIVITIES 經營活動現金流量
Profit before tax 稅前溢利 439176 526795
Adjustments for 項調整：
Depreciation of property plant and equipment 物業廠房設備折舊 34749 27401
Amortisation of prepaid land lease payments 預付土租賃款項攤銷 526 568
Amortisation of other intangible assets 無形資產攤銷 1422 862
Interest income from bank deposits 銀行存款利息收入 4 (25974) (21207)
Interest income from financial assets at fair value 公值計量變動計入
through profit or loss 損益金融資產利息收入 4 (908) —
Interest income from availableforsale investments 供出售投資利息收入 4 — (968)
Interest income from structured deposits measured
at fair value through profit or loss
公值計量變動
計入損益計量結構性
存款利息收入 4 (22250) (9143)
Loss on disposal of items of property
plant and equipment
出售物業廠房設備項目
虧損 4 7117 10526
Gain on foreign exchange 外匯收益 4 (5060) (7161)
Government grants 政府補助 (451) (545)

428347 527128

Decrease in restricted cash 受限制現金減少 — 60
Decrease in cash in transit 途現金減少 365 2090
Decrease(increase) in trade receivables 貿易應收款項減少╱（增加） 2512 (1028)
Increase in prepayments deposits and
other receivables
預付款項金
應收款項增加 (24213) (4869)
Decrease(increase) in amounts due from
the Controlling Shareholders
應收控股股東款項減少╱（增加）
496 (1070)
Increase in rental deposits 租賃金增加 (6396) (15327)
Decrease(increase) in inventories 存貨減少╱（增加） 12545 (21526)
(Decrease) increase in trade payables 貿易應付款項（減少）╱增加 (13444) 16769
Decrease in other payables and accruals 應付款項應計費減少 (40134) (26280)

Cash generated from operations 經營產生現金 360078 475947
Income tax paid 已付稅 (152878) (149749)

NET CASH FLOWS FROM
OPERATING ACTIVITIES
經營活動現金流量淨額
207200 326198
37周黑鴨國際控股限公司 2018 中期報告
Interim Condensed Consolidated Statement of Cash Flows
中期簡明綜合現金流量表
For the six months ended 30 June 2018
截二零八年六月三十日止六個月
Six months ended 30 June
截六月三十日止六個月
2018 2017
二零八年 二零七年
RMB’000 RMB’000
Notes 民幣千元 民幣千元
附註 (unaudited) (unaudited)
（未經審核） （未經審核）

CASH FLOWS FROM INVESTING ACTIVITIES 投資活動現金流量
Purchases of items of property plant and equipment 購買物業廠房設備項目 (183821) (128758)
Proceeds from disposal of items of 處置物業廠房設備項目
property plant and equipment 款項 137 1206
Increase of restricted cash for purchase of
property plant and equipment
購買物業廠房設備
受限制現金增加 (5955) —
Additions to prepaid land lease payments 預付土租賃款項增加 — (8388)
Additions to other intangible assets 無形資產添置 (1554) (826)
Contribution to investments in an associate 投資間聯營公司增資 (250000) —
Interest income from financial assets at fair
value through profit or loss
公值計量變動計入損益
金融資產利息收入 908 —
Interest income from availableforsale investments 供出售投資利息收入 — 968
Interest income from structured deposits measured
at fair value through profit or loss
公值計量變動計入損益
結構性存款利息收入 22250 9143
Purchase of financial assets at fair value through
profit or loss
購買公值計量變動
計入損益金融資產 (300000) —
Purchase of availableforsale investments 購買供出售投資 — (330000)
Purchase of structured deposits 購買結構性存款 (1131190) (1096770)
Decrease of term deposits of maturity over
three months
於三個月期定期存款減少
115244 204405
Interest received from bank deposits 銀行存款收取利息 3402 2007
Acquisition of a subsidiary net of cash 收購間附屬公司扣現金 — (13901)
Repayment of amounts due to a related party 償還應付名關聯方款項 — (149843)
Proceeds from disposal of items of financial assets
at fair value through profit or loss
出售公值計量變動計入
損益金融資產項目款項 330000 —
Proceeds from disposal of items of availableforsale 出售供出售投資項目款項
investments — 340000
Proceeds from disposal of structured deposits 出售結構性存款款項 1382190 1020817

NET CASH FLOWS USED IN
INVESTING ACTIVITIES
投資活動現金流量淨額
(18389) (149940)
38 ZHOU HEI YA INTERNATIONAL HOLDINGS COMPANY LIMITED INTERIM REPORT 2018
Interim Condensed Consolidated Statement of Cash Flows
中期簡明綜合現金流量表
For the six months ended 30 June 2018
截二零八年六月三十日止六個月
Six months ended 30 June
截六月三十日止六個月
2018 2017
二零八年 二零七年
RMB’000 RMB’000
Notes 民幣千元 民幣千元
附註 (unaudited) (unaudited)
（未經審核） （未經審核）

CASH FLOWS FROM FINANCING ACTIVITIES 融資活動現金流量
Dividends paid 已派付股息 (235897) (206833)
Payment of listing expenses 股份發行開支 — (12465)

NET CASH FLOWS USED IN
FINANCING ACTIVITIES
融資活動現金流量淨額
(235897) (219298)

NET DECREASE IN CASH AND
CASH EQUIVALENTS
現金現金等價物減少淨額
(47086) (43040)

Cash and cash equivalents at beginning of the period 期初現金現金等價物 162686 200709
Effect of foreign exchange rate changes net 匯率變動影響淨額 17470 (64230)

CASH AND CASH EQUIVALENTS AT END
OF THE PERIOD
期末現金現金等價物
133070 93439

ANALYSIS OF BALANCES OF CASH AND
CASH EQUIVALENTS
現金現金等價物結餘分析
Cash and cash in bank 現金銀行活期存款 133070 93439
39周黑鴨國際控股限公司 2018 中期報告
Notes to the Interim Condensed Consolidated Financial Statements
中期簡明綜合財務報表附註
30 June 2018
二零八年六月三十日
1 CORPORATE AND GROUP INFORMATION
The Company is an exempted company incorporated in the Cayman Islands with
limited liability under the Companies Law of the Cayman Islands on 13 May 2015
The registered and correspondence office of the Company is located at the offices
of Intertrust Corporate Services (Cayman) Limited 190 Elgin Avenue George
Town Grand Cayman KY19005 Cayman Islands The Company was listed on the
Main Board of The Stock Exchange of Hong Kong Limited (the Stock Exchange)
on 11 November 2016 (the Listing)
The Company is an investment holding company The Company and its subsidiaries
(collectively referred to as the Group) are principally engaged in the business of
casual braised duck related food production marketing and retailing (Zhou Hei Ya
Business) in the mainland of the People’s Republic of China (the PRC)
In the opinion of the directors of the Company (the Directors) the ultimate
controlling shareholders of the Company are Mr Zhou Fuyu and Ms Tang Jianfang
(together known as the Controlling Shareholders)
In the opinion of the Directors the ultimate holding company of the Company is
Healthy Origin Holdings Limited which is incorporated in the British Virgin Islands
1 公司集團資料
公司為於二零五年五月十三日根
據 開 曼 群 島 公 司 法 開 曼 群 島 註 冊
成 立 獲 豁 免 限 公 司 公 司
註 冊 辦 事 處 位 於 Intertrust Corporate
Services (Cayman) Limited 辦公室
通訊址為 190 Elgin Avenue George
Town Grand Cayman KY19005
Cayman Islands公司於二零六年
十月十日香港聯合交易限
公司（「聯交」）板市（「市」）
公司為間投資控股公司公司
附屬公司（統稱「集團」）
中華民國（「中國」）內從事鴨
類休閒滷製品生產營銷零售業務
（「周黑鴨業務」）
公司董事（「董事」）認為公司
終控股股東為周富裕先生唐建芳
女士（統稱「控股股東」）
董事認為公司終控股公司為
健源控股限公司該公司於英屬處
女群島註冊成立40 ZHOU HEI YA INTERNATIONAL HOLDINGS COMPANY LIMITED INTERIM REPORT 2018
Notes to the Interim Condensed Consolidated Financial Statements
中期簡明綜合財務報表附註
30 June 2018
二零八年六月三十日
2 BASIS OF PREPARATION AND CHANGES TO THE GROUP’S
ACCOUNTING POLICIES
21 Basis of Preparation
The interim condensed consolidated financial statements for the six months
ended 30 June 2018 have been prepared in accordance with HKAS 34
Interim Financial Reporting issued by the Hong Kong Institute of Certified
Public Accountants (the HKICPA)
The interim condensed consolidated financial statements do not include all
the information and disclosures required in the annual financial statements
and should be read in conjunction with the annual financial statements
for the year ended 31 December 2017 which have been prepared in
accordance with Hong Kong Financial Reporting Standards (HKFRS) issued
by the HKICPA
The interim condensed consolidated financial statements have been
prepared under the historical cost convention except availableforsale
investments and structured deposits which have been measured at fair value
The interim condensed consolidated financial statements are presented
in Renminbi (RMB) and all values are rounded to the nearest thousand
(RMB’000) except when otherwise indicated
2 編製基準集團會計政策變
動
21 編製基準
截二零八年六月三十日止六
個月中期簡明綜合財務報表已
根據香港會計師公會（「香港會計
師公會」）頒佈香港會計準則第
34 號中期財務報告編製
中期簡明綜合財務報表並包括
年度財務報表規定資料
披露應與根據香港會計師公
會頒佈香港財務報告準則（「香
港財務報告準則」）編製截二
零七年十二月三十日止年度
年度財務報表併閱讀
中期簡明綜合財務報表根據歷
史成基準編製惟公值計
量供出售投資結構性存款
則外說明者外中期
簡明綜合財務報表民幣（「
民幣」）呈列價值均已湊整
接千位（民幣千元）41周黑鴨國際控股限公司 2018 中期報告
Notes to the Interim Condensed Consolidated Financial Statements
中期簡明綜合財務報表附註
30 June 2018
二零八年六月三十日
2 BASIS OF PREPARATION AND CHANGES TO THE GROUP’S
ACCOUNTING POLICIES (Cont’d)
22 Changes In Accounting Policies and Disclosures
The accounting policies adopted in the preparation of the interim condensed
consolidated financial statements are consistent with those followed in the
preparation of the Group’s annual financial statements for the year ended 31
December 2017 except for the adoption of the revised Hong Kong Financial
Reporting Standards (HKFRSs) and interpretations as of 1 January 2018
noted below
The Group has adopted the following new and revised HKFRSs for the first
time for the current period’s financial statements
HKFRS 9 Financial Instruments 香港財務報告準則
第 9 號
金融工具
HKFRS 15 Revenue from Contracts
with Customers
香港財務報告準則
第 15 號
來客戶合約收益
Amendments to HKFRS 2 Classification and Measurement of
Sharebased Payment Transactions
香港財務報告準則
第 2 號修訂
股份支付交易
分類計量
Amendments to HKFRS 4 Applying HKFRS 9 Financial
Instruments with HKFRS 4
Insurance Contracts
香港財務報告準則
第 4 號修訂
與香港財務報告準則
第 9 號「金融工具」併
應香港財務報告準則
第 4 號「保險合約」
Amendments to HKFRS 15 Clarifications to HKFRS 15 Revenue
from Contracts with Customers
香港財務報告準則
第 15 號修訂
澄清香港財務報告準則
第 15 號來客戶
合約收益
Amendments to HKFRS 40 Transfers of Investment Property 香港財務報告準則
第 40 號修訂
轉讓投資物業
HK(IFRIC)Int 22 Foreign Currency Transactions and
Advance Consideration
香港（國際財務報告
詮釋委員會）－
詮釋第 22 號
外幣交易墊付代價
Annual Improvements
20142016 Cycle
Amendments to HKFRS 1
and HKAS 28
二零四年
二零六年週期
年度改進
香港財務報告準則第 1 號
香港會計準則
第 28 號修訂
2 編製基準集團會計政策變
動（續）
22 會計政策披露變動
編製中期簡明綜合財務報表採
納會計政策與編製集團截
二零七年十二月三十日止年
度年度財務報表採納會計
政策致惟採納截二零
八年月日經修訂香港財務
報告準則（「香港財務報告準則」）
詮釋外
集團於期間財務報表首次應
列新訂經修訂香港財務報
告準則42 ZHOU HEI YA INTERNATIONAL HOLDINGS COMPANY LIMITED INTERIM REPORT 2018
Notes to the Interim Condensed Consolidated Financial Statements
中期簡明綜合財務報表附註
30 June 2018
二零八年六月三十日
2 BASIS OF PREPARATION AND CHANGES TO THE GROUP’S
ACCOUNTING POLICIES (Cont’d)
22 Changes In Accounting Policies and Disclosures (Cont’d)
Other than explained below regarding the impact of adopting HKFRS 9 and
HKFRS 15 the other standards did not have any impact on the Group’s
accounting policies and did not require retrospective adjustments
(a) The impact on the financial statements
HKFRS 9 Financial Instruments was generally adopted without
restating comparative information with the exception of certain
aspects of hedge accounting The reclassifications and the adjustments
are therefore not reflected in the balance sheet as at 31 December
2017 but are recognised in the opening balance sheet on 1 January
2018
The Group presented in profit or loss (PL) changes in the fair
value of all its money market funds previously classified as available
forsale investments and structured deposits previously included
in prepayments deposits and other receivables because these
investments did not pass the contractual cash flow characteristics test
in HKFRS 9 As a result assets with a fair value of RMB30000000 and
RMB962000000 were reclassified from availableforsale investments
and prepayments deposits and other receivables respectively to
financial assets at fair value through profit or loss (FVPL) on January 1
2018
2 編製基準集團會計政策變
動（續）
22 會計政策披露變動（續）
文論述關採納香港財務報
告準則第 9 號香港財務報告準
則第 15 號影響外準則
對集團會計政策並無影
響無需追溯調整
(a) 對財務報表影響
採納香港財務報告準則第
9 號「金 融 工 具 」時 通 常 無
須重列較資料惟對沖
會計干方面則外
重新分類調整並
無 於 二 零 七 年 十 二 月
三十日資產負債表中反
映惟於二零八年月
日期初資產負債表中
確認
集團將於損益（「損益」）
內呈列先前分類為供出
售投資貨幣市場基
金先前計入預付款項
金應收款項結
構性存款公值變動
於該等投資並無通過香
港財務報告準則第 9 號
合約現金流量特徵測試
於二零八年月
日公值分別為民
幣 30000000 元 民 幣
962000000 元資產
供出售投資預付款項
金應收款項重新
分類公值計量
變動計入損益（「公值
計量變動計入損益」）
金融資產43周黑鴨國際控股限公司 2018 中期報告
Notes to the Interim Condensed Consolidated Financial Statements
中期簡明綜合財務報表附註
30 June 2018
二零八年六月三十日
2 BASIS OF PREPARATION AND CHANGES TO THE GROUP’S
ACCOUNTING POLICIES (Cont’d)
22 Changes In Accounting Policies and Disclosures (Cont’d)
(b) HKFRS 9 Financial Instruments – Impact of adoption
(i) Money market funds previously classified as availableforsale
investments and structured deposits previously included in
prepayments deposits and other receivables
The adoption of HKFRS 9 from 1 January 2018 resulted in
changes in accounting policies and adjustments to the amounts
recognised in the financial statements The new accounting
policies are set out in Note 22(c) below In accordance with
HKFRS 9 comparative figures have not been restated Any
adjustments to the carrying amounts of financial assets and
liabilities at the date of transition are recognized in the opening
retained profits of the current year
On 1 January 2018 (the date of initial application of HKFRS
9) the Group’s management has assessed which business
models apply to the financial assets held by the Group and has
classified its financial instruments into the appropriate HKFRS 9
categories The main effects resulting from this reclassification
are as follows
2 編製基準集團會計政策變
動（續）
22 會計政策披露變動（續）
(b) 香港財務報告準則第 9 號
「金融工具」－採納影響
(i) 先前分類為供出售
投資貨幣市場基金
先 前 計 入 預 付 款
項金應收
款項結構性存款
二零八年月
日起採納香港財務報
告準則第 9 號導致會
計政策變動財務報
表內已確認金額
調整新會計政策載
於 文 附 註 22(c)
根據香港財務報告準
則第 9 號並無重列
較數字於過渡日
期對金融資產負債
賬面值調整均
當年期初保留溢
利中確認
於二零八年月
日（首次應香港財
務報告準則第 9 號日
期）集團理層
已評估適於集團
持金融資產業務
模式並已將金融工
具分類為適當香港
財務報告準則第 9 號
類別該重新分類產
生影響：44 ZHOU HEI YA INTERNATIONAL HOLDINGS COMPANY LIMITED INTERIM REPORT 2018
Notes to the Interim Condensed Consolidated Financial Statements
中期簡明綜合財務報表附註
30 June 2018
二零八年六月三十日
2 BASIS OF PREPARATION AND CHANGES TO THE GROUP’S
ACCOUNTING POLICIES (Cont’d)
22 Changes In Accounting Policies and Disclosures (Cont’d)
(b) HKFRS 9 Financial Instruments – Impact of adoption (Cont’d)
(i) Money market funds previously classified as availableforsale
investments and structured deposits previously included in
prepayments deposits and other receivables (Cont’d)
Financial assets
included in
Available prepayments
forsale deposits and Financial assets
investments other receivables at FVPL
供
出售投資
計入預付
款項金
應收款項
金融資產
公值
計量
變動計入損益
金融資產
RMB’000 RMB’000 RMB’000
民幣千元 民幣千元 民幣千元

Closing balance as at
31 December 2017
於二零七年十二月
三十日期末結餘 30000 962000 —
Reclassification from available
forsale investments to
financial assets at FVPL
供出售投資
重新分類公值
計量變動計入
損益金融資產 (30000) — 30000
Reclassification from financial
assets included in
prepayments deposits and
other receivables to structured
deposits measured at FVPL
計入預付款項金
應收款項金融資產
重新分類公值
計量變動計入損益
結構性存款 — (962000) 962000

Opening balance as at
1 January 2018
於二零八年月日
期初結餘 — — 992000

2 編製基準集團會計政策變
動（續）
22 會計政策披露變動（續）
(b) 香港財務報告準則第 9 號
「金 融 工 具 」－ 採 納 影 響
（續）
(i) 先 前 分 類 為 供 出
售 投 資 貨 幣 市 場
基金先前計入預付
款項金應
收款項結構性存款
（續）45周黑鴨國際控股限公司 2018 中期報告
Notes to the Interim Condensed Consolidated Financial Statements
中期簡明綜合財務報表附註
30 June 2018
二零八年六月三十日
2 BASIS OF PREPARATION AND CHANGES TO THE GROUP’S
ACCOUNTING POLICIES (Cont’d)
22 Changes In Accounting Policies and Disclosures (Cont’d)
(b) HKFRS 9 Financial Instruments – Impact of adoption (Cont’d)
(ii) Impairment of financial assets
The Group has trade receivables for sales of products that are
subject to HKFRS 9’s new expected credit loss model and the
Group was required to revise its impairment methodology
under HKFRS 9 for these receivables
The Group applies the HKFRS 9 simplified approach to
measuring expected credit losses which uses a lifetime
expected loss allowance for all trade receivables from initial
recognition To measure the expected credit losses trade
receivables have been grouped based on shared credit risk
characteristics and the aging The adoption of new approach
did not result in any impact on the amounts reported in the
opening balance sheet on January 1 2018 and the financial
information during the six months ended June 30 2018
2 編製基準集團會計政策變
動（續）
22 會計政策披露變動（續）
(b) 香港財務報告準則第 9 號
「金 融 工 具 」－ 採 納 影 響
（續）
(ii) 金融資產減值
集團銷售產品
貿易應收款項該等
應收款項均受香港財
務報告準則第 9 號
新預期信貸虧損模式
規限集團須
該等應收款項根據
香 港 財 務 報 告 準 則
第 9 號修訂減值方
法
集團採香港財務
報告準則第 9 號簡化
方法計量預期信貸虧
損於初步確
認時確認貿易應收
款項採整個存續期
預期虧損撥備為
計量預期信貸虧損
貿易應收款項已根據
攤佔信貸風險特點
賬齡分類採納新方
法並未對於二零八
年月日期初資
產負債表中呈報金
額截二零八
年六月三十日止六個
月財務資料產生
影響46 ZHOU HEI YA INTERNATIONAL HOLDINGS COMPANY LIMITED INTERIM REPORT 2018
Notes to the Interim Condensed Consolidated Financial Statements
中期簡明綜合財務報表附註
30 June 2018
二零八年六月三十日
2 BASIS OF PREPARATION AND CHANGES TO THE GROUP’S
ACCOUNTING POLICIES (Cont’d)
22 Changes In Accounting Policies and Disclosures (Cont’d)
(b) HKFRS 9 Financial Instruments – Impact of adoption (Cont’d)
(ii) Impairment of financial assets (Cont’d)
Trade receivables are written off when there is no reasonable
expectation of recovery Indicators that there is no reasonable
expectation of recovery include amongst others the failure of
a debtor to engage in a repayment plan with the Group
While cash and cash equivalents and other receivables are
also subject to the impairment requirements of HKFRS 9 no
impairment loss was identified
2 編製基準集團會計政策變
動（續）
22 會計政策披露變動（續）
(b) 香港財務報告準則第 9 號
「金 融 工 具 」－ 採 納 影 響
（續）
(ii) 金融資產減值（續）
當無法合理預期收
回時貿易應收款項
予撇銷無法合理
預期收回指標包
括（中包括）債務
無法與集團達成還
款計劃
儘現金現金等價
物應收款項
須遵守香港財務報
告準則第 9 號減值
規定惟並無識別出
減值虧損47周黑鴨國際控股限公司 2018 中期報告
Notes to the Interim Condensed Consolidated Financial Statements
中期簡明綜合財務報表附註
30 June 2018
二零八年六月三十日
2 BASIS OF PREPARATION AND CHANGES TO THE GROUP’S
ACCOUNTING POLICIES (Cont’d)
22 Changes In Accounting Policies and Disclosures (Cont’d)
(c) HKFRS 9 Financial Instruments – Accounting policies applied from
1 January 2018
(i) Investments and other financial assets
Classification
From January 1 2018 the Group classifies its financial assets in
the following measurement category
‧ those to be measured subsequently at fair value (either
through other comprehensive income (OCI) or
through PL) and
‧ those to be measured at amortised cost
The classification depends on the Group’s business model for
managing the financial assets and the contractual terms of the
cash flows
2 編製基準集團會計政策變
動（續）
22 會計政策披露變動（續）
(c) 香港財務報告準則第 9 號
「金融工具」－二零八
年月日起應會計
政策
(i) 投資金融資產
分類
二零八年月
日起集團將金
融資產分類為計
量類別：
‧ 後公值
計 量（計 入
全 面 收 入
（「全面收
入」）計入損
益 ） 金 融 資
產
‧ 攤銷成計
量 金 融 資
產
該分類取決於集團
理金融資產業務
模式現金流量合
約條款48 ZHOU HEI YA INTERNATIONAL HOLDINGS COMPANY LIMITED INTERIM REPORT 2018
Notes to the Interim Condensed Consolidated Financial Statements
中期簡明綜合財務報表附註
30 June 2018
二零八年六月三十日
2 BASIS OF PREPARATION AND CHANGES TO THE GROUP’S
ACCOUNTING POLICIES (Cont’d)
22 Changes In Accounting Policies and Disclosures (Cont’d)
(c) HKFRS 9 Financial Instruments – Accounting policies applied from
1 January 2018 (Cont’d)
(i) Investments and other financial assets (Cont’d)
Classification (Cont’d)
For assets measured at fair value gains and losses will either be
recorded in PL or OCI For investments in equity instruments
that are not held for trading this will depend on whether the
Group has made an irrevocable election at the time of initial
recognition to account for the equity investment at financial
assets at fair value through OCI (FVOCI)
The Group reclassifies debt investments when and only when
its business model for managing those assets changes
2 編製基準集團會計政策變
動（續）
22 會計政策披露變動（續）
(c) 香港財務報告準則第 9 號
「金融工具」－二零八
年月日起應會計
政策（續）
(i) 投資金融資產
（續）
分類（續）
公值計量資
產言收益虧損
將計入損益全
面收入並非持作買
賣股工具投資將
視集團否
初步確認時作出
撤銷選擇公
值計量變動計
入全面收入（「
公值計量變動計
入全面收入」）
金融資產股投資
列賬
當僅當集團理
該等資產業務模式
改變時方會對債務
投資進行重新分類49周黑鴨國際控股限公司 2018 中期報告
Notes to the Interim Condensed Consolidated Financial Statements
中期簡明綜合財務報表附註
30 June 2018
二零八年六月三十日
2 BASIS OF PREPARATION AND CHANGES TO THE GROUP’S
ACCOUNTING POLICIES (Cont’d)
22 Changes In Accounting Policies and Disclosures (Cont’d)
(c) HKFRS 9 Financial Instruments – Accounting policies applied from
1 January 2018 (Cont’d)
(i) Investments and other financial assets (Cont’d)
Measurement
At initial recognition the Group measures a financial asset at
its fair value plus in the case of a financial asset not at FVPL
transaction costs that are directly attributable to the acquisition
of the financial asset Transaction costs of financial assets
carried at FVPL are expensed in PL
Financial assets with embedded derivatives are considered in
their entirety when determining whether their cash flows are
solely payment of principal and interest
2 編製基準集團會計政策變
動（續）
22 會計政策披露變動（續）
(c) 香港財務報告準則第 9 號
「金融工具」－二零八
年月日起應會計
政策（續）
(i) 投資金融資產
（續）
計量
於初步確認時集
團公值計量金融
資產金融資產並
非公值變動
計入損益則加收
購該金融資產直接應
佔交易成公
值計量變動計
入損益金融資產
交易成於損益中列
作開支
於確定現金流量
否僅支付金利息
時會全面考慮附帶嵌
入式衍生工具金融
資產50 ZHOU HEI YA INTERNATIONAL HOLDINGS COMPANY LIMITED INTERIM REPORT 2018
Notes to the Interim Condensed Consolidated Financial Statements
中期簡明綜合財務報表附註
30 June 2018
二零八年六月三十日
2 BASIS OF PREPARATION AND CHANGES TO THE GROUP’S
ACCOUNTING POLICIES (Cont’d)
22 Changes In Accounting Policies and Disclosures (Cont’d)
(c) HKFRS 9 Financial Instruments – Accounting policies applied from
1 January 2018 (Cont’d)
(i) Investments and other financial assets (Cont’d)
Debt instruments
Subsequent measurement of debt instruments depends on the
Group’s business model for managing the asset and the cash
flow characteristics of the asset There are two measurement
categories into which the group classifies its debt instruments
‧ Amortised cost Assets that are held for collection of
contractual cash flows where those cash flows represent
solely payments of principal and interest are measured
at amortised cost Interest income from there financial
assets is included in other income using the effective
interest rate method Any gain or loss arising on de
recognition is recognized directly in PL and presented as
separate line item in the statement of PL
2 編製基準集團會計政策變
動（續）
22 會計政策披露變動（續）
(c) 香港財務報告準則第 9 號
「金融工具」－二零八
年月日起應會計
政策（續）
(i) 投資金融資產
（續）
債務工具
債務工具後續計量
取決於集團理資
產業務模式資產
現金流量特徵
集團將債務工具分
類為兩種計量類別：
‧ 攤 銷 成 ：
為收取合約現
金流量持
資產現金
流量僅為金
利 息 付 款
則該等資產
攤 銷 成 計
量 該 等 金 融
資產利息收
入採實際利
率法計入
收 入 終 止 確
認產生
收益虧損直
接於損益中確
認 並 於 損 益
表內作為單獨
項目列示51周黑鴨國際控股限公司 2018 中期報告
Notes to the Interim Condensed Consolidated Financial Statements
中期簡明綜合財務報表附註
30 June 2018
二零八年六月三十日
2 BASIS OF PREPARATION AND CHANGES TO THE GROUP’S
ACCOUNTING POLICIES (Cont’d)
22 Changes In Accounting Policies and Disclosures (Cont’d)
(c) HKFRS 9 Financial Instruments – Accounting policies applied from
1 January 2018 (Cont’d)
(i) Investments and other financial assets (Cont’d)
Debt instruments (Cont’d)
‧ FVPL Assets that do not meet the criteria for amortised
cost or FVOCI are measured at FVPL A gain or loss
on a debt investment that is subsequently measured at
FVPL is recognised in PL and presented net within other
gains(losses) in the period in which it arises
2 編製基準集團會計政策變
動（續）
22 會計政策披露變動（續）
(c) 香港財務報告準則第 9 號
「金融工具」－二零八
年月日起應會計
政策（續）
(i) 投資金融資產
（續）
債務工具（續）
‧ 公值計量
變動計入
損 益： 符 合
攤銷成
公值計量
變動計入
全面收入標
準資產公
值計量
變動計入損益
計 量 後
公值計量
變動計入損
益債務投資
產生收益
虧損於損益內
確認並於產
生期間
收益╱（虧損）
淨值列示52 ZHOU HEI YA INTERNATIONAL HOLDINGS COMPANY LIMITED INTERIM REPORT 2018
Notes to the Interim Condensed Consolidated Financial Statements
中期簡明綜合財務報表附註
30 June 2018
二零八年六月三十日
2 BASIS OF PREPARATION AND CHANGES TO THE GROUP’S
ACCOUNTING POLICIES (Cont’d)
22 Changes In Accounting Policies and Disclosures (Cont’d)
(c) HKFRS 9 Financial Instruments – Accounting policies applied from
1 January 2018 (Cont’d)
(i) Investments and other financial assets (Cont’d)
Equity instruments
The Group subsequently measures all equity investments at fair
value Where the Group’s management has elected to present
fair value gains and losses on equity investments in OCI there
is no subsequent reclassification of fair value gains and losses to
PL following the derecognition of the investments Dividends
from such investments continue to be recognised in PL as
other income when the Group’s right to receive payments is
established
2 編製基準集團會計政策變
動（續）
22 會計政策披露變動（續）
(c) 香港財務報告準則第 9 號
「金融工具」－二零八
年月日起應會計
政策（續）
(i) 投資金融資產
（續）
股工具
集團後公值
計量股投資
集團理層已選
擇於全面收入呈
列股投資公值
收益虧損則於終
止確認類投資後
公值收益虧損
後重新分類損
益當集團收取付
款權利確立時
類投資股息繼續於
損益中確認為收
入53周黑鴨國際控股限公司 2018 中期報告
Notes to the Interim Condensed Consolidated Financial Statements
中期簡明綜合財務報表附註
30 June 2018
二零八年六月三十日
2 BASIS OF PREPARATION AND CHANGES TO THE GROUP’S
ACCOUNTING POLICIES (Cont’d)
22 Changes In Accounting Policies and Disclosures (Cont’d)
(c) HKFRS 9 Financial Instruments – Accounting policies applied from
1 January 2018 (Cont’d)
(i) Investments and other financial assets (Cont’d)
Impairment
From January 1 2018 the Group assesses the expected credit
losses associated with its financial assets on a forward looking
basis The impairment methodology applied depends on
whether there has been a significant increase in credit risk
For trade receivables the Group applies the simplified
approach permitted by HKFRS 9 which requires expected
lifetime losses to be recognised from initial recognition of the
receivables
2 編製基準集團會計政策變
動（續）
22 會計政策披露變動（續）
(c) 香港財務報告準則第 9 號
「金融工具」－二零八
年月日起應會計
政策（續）
(i) 投資金融資產
（續）
減值
二零八年月
日起集團前瞻
性基準評估與金融
資產相關預期信貸
虧損應減值
方法取決於信貸風險
否顯著增加
貿 易 應 收 款 項
言集團採香港
財務報告準則第 9 號
允許簡化方法
該方法規定預期整個
存續期虧損將初
步確認應收款項起確
認54 ZHOU HEI YA INTERNATIONAL HOLDINGS COMPANY LIMITED INTERIM REPORT 2018
Notes to the Interim Condensed Consolidated Financial Statements
中期簡明綜合財務報表附註
30 June 2018
二零八年六月三十日
2 BASIS OF PREPARATION AND CHANGES TO THE GROUP’S
ACCOUNTING POLICIES (Cont’d)
22 Changes In Accounting Policies and Disclosures (Cont’d)
(c) HKFRS 9 Financial Instruments – Accounting policies applied from
1 January 2018 (Cont’d)
(ii) Derivatives
Derivatives are initially recognised at fair value on the date a
derivative contract is entered into and are subsequently re
measured to their fair value at the end of each reporting
period The accounting for subsequent changes in fair value
depends on whether the derivative is designated as a hedging
instrument and if so the nature of the item being hedged
(d) HKFRS 15 Revenue from Contracts with Customers – Impact of
adoption
The Group has adopted HKFRS 15 Revenue from Contracts with
Customers from 1 January 2018 which resulted in changes in
accounting policies In accordance with the transition provisions in
HKFRS 15 the Group has adopted the new rules retrospectively The
Group assessed the impacts of adopting HKFRS 15 on its financial
statements Based on the assessment the adoption of HKFRS 15 has
no significant impact on the Group’s revenue recognition
2 編製基準集團會計政策變
動（續）
22 會計政策披露變動（續）
(c) 香港財務報告準則第 9 號
「金融工具」－二零八
年月日起應會計
政策（續）
(ii) 衍生工具
衍生工具於衍生工具
合約訂立當日公
值初始確認後於
報告期間末公
值重新計量後公
值 變 動 會 計 處
理取決於該衍生工具
否指定為對沖工
具指定為對沖
工具則取決於對沖
項目性質
(d) 香港財務報告準則第 15 號
「來客戶合約收益」－
採納影響
集團二零八年月
日起採納香港財務報告
準 則 第 15 號「來 客 戶 合
約收益」導致會計政策變
動根據香港財務報告準
則第 15 號過渡條文
集團已追溯採納新規則
集團評估採納香港財務
報告準則第 15 號對財務
報表影響根據評估
採納香港財務報告準則第
15 號對集團收益確認
並無重影響55周黑鴨國際控股限公司 2018 中期報告
Notes to the Interim Condensed Consolidated Financial Statements
中期簡明綜合財務報表附註
30 June 2018
二零八年六月三十日
2 BASIS OF PREPARATION AND CHANGES TO THE GROUP’S
ACCOUNTING POLICIES (Cont’d)
23 Issued But Not Yet Effective Hong Kong Financial Reporting Standards
The Group has not applied the following new and revised HKFRSs that have
been issued but are not yet effective in these financial statements
Amendments to HKFRS 9 Prepayment Features with Negative
Compensation 1
香港財務報告準則
第 9 號修訂
提早還款特性負補償 1
Amendments to HKFRS 10
and HKAS 28 (2011)
Sale or Contribution of Assets
between an Investor and its
Associate or Joint Venture 3
香港財務報告準則
第 10 號香港會計準則
第 28 號（二零年）
修訂
投資者與聯營公司
合資企業間資產
出售注資3
HKFRS 16 Leases1 香港財務報告準則第 16 號 租賃 1
HKFRS 17 Insurance Contracts 2 香港財務報告準則第 17 號 保險合約 2
Amendments to HKAS 28 Longterm Interests in Associates
and Joint Ventures 1
香港會計準則第 28 號
修訂
於聯營公司合營企業
長期權益1
HK(IFRIC)Int 23 Uncertainty over Income Tax
Treatments 1
香港（國際財務報告
詮釋委員會）
詮釋第 23 號
稅稅務處理
確定性1
Annual Improvements
20152017 Cycle
Amendments to HKFRS 3 HKFRS 11
HKAS 12 and HKAS 231
二零五年
二零七年
週期年度改進
香港財務報告準則第 3 號
香港財務報告準則
第 11 號香港會計準則
第 12 號香港會計準則
第 23 號修訂 1
1 Effective for annual periods beginning on or after 1 January 2019
2 Effective for annual periods beginning on or after 1 January 2021
3 No mandatory effective date yet determined but available for adoption
The Group is in the process of making an assessment of the impact of these
new and revised HKFRSs upon initial application So far the Group considers
that these new and revised HKFRSs may result in changes in accounting
policies and are unlikely to have a significant impact on the Group’s results of
operations and financial position
2 編製基準集團會計政策變
動（續）
23 已頒佈尚未生效香港財務報
告準則
集團並未於該等財務報表內應
列已頒佈尚未生效新訂
經修訂香港財務報告準則
1 於二零九年月日後
開始年度期間生效
2 於二零二年月日後
開始年度期間生效
3 尚未釐定強制生效日期惟目前
供採納
集團正評估首次應時該等新
訂經修訂香港財務報告準則
影響迄集團認為該等新
訂經修訂香港財務報告準則
會導致會計政策變動
對集團經營業績財務狀
況產生重影響56 ZHOU HEI YA INTERNATIONAL HOLDINGS COMPANY LIMITED INTERIM REPORT 2018
Notes to the Interim Condensed Consolidated Financial Statements
中期簡明綜合財務報表附註
30 June 2018
二零八年六月三十日
3 OPERATING SEGMENT INFORMATION
The Group’s principal business is the production marketing and retailing of casual
braised duckrelated casual food For management purposes the Group operates
in one business unit based on its products and has one reportable segment which
is the production marketing and retailing of casual braised duckrelated food
Information about geographical area
Since all of the Group’s revenue was generated from the production marketing and
retailing of casual braised duckrelated food in Mainland China and approximately
100 of the Group’s noncurrent assets were located in Mainland China no
geographical information is presented in accordance with HKFRS 8 Operating
Segments
Information about major customers
Since none of the Group’s sales to a single customer amounted to 10 or more of
the Group’s total revenue no information about major customers is presented in
accordance with HKFRS 8 Operating Segments
3 經營分部資料
集團業務為鴨類休閒滷製品
生產營銷零售理目
集團根據產品經營項業務單位
唯呈報分部為鴨類休閒滷製品
生產營銷零售
關理區域資料
於集團收益全部來中國內
鴨 類 休 閒 滷 製 品 生 產 營 銷 零
售集團約 100 非流動資產位
於中國內並無根據香港財務報
告準則第 8 號－經營分部 呈列區資
料
關客戶資料
於集團對單客戶銷售均未達
集團總收益 10 並
無根據香港財務報告準則第 8 號－經營
分部呈列客戶資料57周黑鴨國際控股限公司 2018 中期報告
Notes to the Interim Condensed Consolidated Financial Statements
中期簡明綜合財務報表附註
30 June 2018
二零八年六月三十日
4 REVENUE OTHER INCOME AND GAINS NET
Revenue represents the net invoiced value of goods sold after allowances for
returns and trade discounts
An analysis of revenue other income and gains net is as follows
Six months ended 30 June
截六月三十日止六個月
2018 2017
二零八年 二零七年
RMB’000 RMB’000
民幣千元 民幣千元
(unaudited) (unaudited)
（未經審核） （未經審核）

Type of goods 貨品類型
Vacuumpackaged products 真空包裝產品 141455 147270
ModifiedAtmospherePackaged products 氣調包裝產品 1443087 1462193
Other products 產品 12040 8843

Total revenue from contracts with customers 來客戶合約收益總額 1596582 1618306

The timing of the above revenue recognition is when goods were transferred at a
point in time
4 收益收入收益淨額
收益指已售貨品扣減退貨撥備貿易折
扣後發票淨值
收益收入收益淨額分析：
述收益確認時間為貨品轉讓某
個時間點58 ZHOU HEI YA INTERNATIONAL HOLDINGS COMPANY LIMITED INTERIM REPORT 2018
Notes to the Interim Condensed Consolidated Financial Statements
中期簡明綜合財務報表附註
30 June 2018
二零八年六月三十日
4 REVENUE OTHER INCOME AND GAINS NET (Cont’d)
Six months ended 30 June
截六月三十日止六個月
2018 2017
二零八年 二零七年
RMB’000 RMB’000
民幣千元 民幣千元
(unaudited) (unaudited)
（未經審核） （未經審核）

Other income and gains net 收入收益淨額
Government grants* 政府補助 * 13631 10912
Interest income from bank deposits 銀行存款利息收入 25974 21207
Interest income from financial assets at FVPL 公值計量變動計入損益
金融資產利息收入 908 —
Interest income from availableforsale investments 供出售投資利息收入 — 968
Interest income from structured deposits
measured at FVPL
公值計量變動計入損益計量
結構性存款利息收入 22250 9143
Gain on foreign exchange 外匯收益 5060 7161
Loss on disposal of items of property
plant and equipment
處置物業廠房設備項目虧損
(7117) (10526)
Others 4511 915

Total 總計 65217 39780

* There were no unfulfilled conditions and other contingencies attaching to government
grants that had been recognised
4 收益收入收益淨額（續）
* 已確認政府補助並無附帶未達成條
件然事項59周黑鴨國際控股限公司 2018 中期報告
Notes to the Interim Condensed Consolidated Financial Statements
中期簡明綜合財務報表附註
30 June 2018
二零八年六月三十日
5 PROFIT BEFORE TAX
The Group’s profit before tax is arrived at after charging(crediting)
Six months ended 30 June
截六月三十日止六個月
2018 2017
二零八年 二零七年
RMB’000 RMB’000
民幣千元 民幣千元
(unaudited) (unaudited)
（未經審核） （未經審核）

Cost of inventories sold 已售存貨成 541717 538690
Depreciation of property plant and equipment 物業廠房設備折舊 34749 27401
Amortisation of prepaid land lease payments 預付土租賃款項攤銷 526 568
Amortisation of other intangible assets 無形資產攤銷 1422 862
Auditor’s remuneration 核數師薪酬 1100 1200
Minimum lease payments under operating leases
in respect of stores and plant premises
門店廠房物業經營租約項
低租賃付款 191994 134607
Employee benefit expense (including directors’
and chief executive’s remuneration)
僱員福利開支（包括董事
高行政員薪酬）：
Wages and salaries 工資薪金 176762 165293
Pension scheme contributions 退休金計劃供款 28353 23742
Other welfare 福利 12508 11417
Advertising and promotion expenses 廣告推廣開支 30278 28946
Ecommerce and online ordering platform
related service and delivery fees
電商外賣台相關服務快遞費
62835 70563
Fuel cost 燃料費 8638 9320
Utility expenses 水電開支 16697 15367
Loss on disposal of items of property
plant and equipment
處置物業廠房設備項目虧損
7117 10526
Gain on foreign exchange 外匯收益 (5060) (7161)
Interest income from bank deposits 銀行存款利息收入 (25974) (21207)
Interest income from financial assets at FVPL 公值計量變動計入損益
金融資產利息收入 (908) —
Interest income from availableforsale investments 供出售投資利息收入 — (968)
Interest income from structured deposits
measured at FVPL
公值計量變動計入損益計量
結構性存款利息收入 (22250) (9143)
Transportation expenses 運輸開支 34155 33905

5 稅前溢利
集團稅前溢利經扣╱（計入）
項後達致：60 ZHOU HEI YA INTERNATIONAL HOLDINGS COMPANY LIMITED INTERIM REPORT 2018
Notes to the Interim Condensed Consolidated Financial Statements
中期簡明綜合財務報表附註
30 June 2018
二零八年六月三十日
5 PROFIT BEFORE TAX (Cont’d)
Note
The employees of the Group’s subsidiaries which operate in Mainland China are required to
participate in a central pension scheme operated by the local municipal government These
subsidiaries are required to contribute a certain percentage of the payroll costs to the central
pension scheme The contributions are charged to profit or loss as they become payable in
accordance with rules of the central pension scheme
6 INCOME TAX
The major components of income tax expenses are as follows
Six months ended 30 June
截六月三十日止六個月
2018 2017
二零八年 二零七年
RMB’000 RMB’000
民幣千元 民幣千元
(unaudited) (unaudited)
（未經審核） （未經審核）

Current income tax in PRC 中國當期稅 118947 129947
Deferred tax 遞延稅項 (11282) (4186)

Total tax charge for the period 期內稅項支出總額 107665 125761

The Group is subject to income tax on an entity basis on profits arising in or
derived from the jurisdictions in which members of the Group are domiciled and
operate
Pursuant to the rules and regulations of the Cayman Islands and British Virgin
Islands the Group is not subject to any income tax in the Cayman Islands and
British Virgin Islands
The provision for current income tax in PRC is based on a statutory rate of 25 (six
months ended 30 June 2017 25) of the assessable profits of subsidiaries of the
Group as determined in accordance with the PRC Corporate Income Tax Law
The statutory tax rate for the subsidiary in Hong Kong is 165 (six months ended
30 June 2017 165) No Hong Kong profits tax on the Group’s subsidiary has
been provided as there is no assessable profit arising in Hong Kong during the
period
5 稅前溢利（續）
附註：
集團於中國內經營附屬公司僱員須
參與項方市政府理中央退休金計
劃該等附屬公司須該中央退休金計劃繳
付工資成干百分供款根據中央
退休金計劃規定供款需支付時損
益中扣
6 稅
稅開支組成部分：
集團須集團成員公司於身處
經營司法權區產生錄
溢利實體基準繳納稅
根據開曼群島英屬處女群島規則
規例集團毋須繳納開曼群
島英屬處女群島稅
集團基於 25（截二零七年六月
三十日止六個月：25）法定稅率（根
據中國企業稅法釐定）對附屬公
司應課稅溢利計提中國當期稅撥
備
香港附屬公司法定稅率為 165（截
二零七年六月三十日止六個月：
165）並無集團附屬公司香
港利稅計提撥備於期內並無
香港產生應課稅溢利61周黑鴨國際控股限公司 2018 中期報告
Notes to the Interim Condensed Consolidated Financial Statements
中期簡明綜合財務報表附註
30 June 2018
二零八年六月三十日
7 INTERIM DIVIDENDS
The Directors proposed not to declare any interim dividend for the six months
ended 30 June 2018 (30 June 2017 Nil)
8 EARNINGS PER SHARE ATTRIBUTABLE TO ORDINARY EQUITY
HOLDERS OF THE PARENT
The calculation of the basic earnings per share amounts is based on the profit for
the period attributable to ordinary equity holders of the parent and the weighted
average number of ordinary shares of 2383140500 (six months ended 30 June
2017 2383140500 shares) in issue during the period
The Group had no potentially dilutive ordinary shares in issue during the six months
ended 30 June 2018 and 2017
The calculations of basic and diluted earnings per share are based on
Six months ended 30 June
截六月三十日止六個月
2018 2017
二零八年 二零七年
RMB’000 RMB’000
民幣千元 民幣千元
(unaudited) (unaudited)
（未經審核） （未經審核）

Earnings 盈利
Profit attributable to ordinary equity holders of
the parent used in the basic earnings
per share calculation
於計算股基盈利
母公司普通權益持
應佔溢利 331511 401034

Shares 股份
Weighted average number of ordinary shares
in issue during the period used in the basic
earnings per share calculation
於計算股基盈利期內
已發行普通股加權均數
2383140500 2383140500

Earnings per share 股盈利：
Basic and diluted (RMB) 基攤薄（民幣） 014 017

7 中期股息
董事並建議截二零八年六月
三十日止六個月派付中期股息（二
零七年六月三十日：無）
8 母公司普通權益持應佔
股盈利
股基盈利金額期內母公司普通
權益持應佔溢利期內已發行普
通 股 加 權 均 數 2383140500 股（截
二零七年六月三十日止六個月：
2383140500 股）計算
截 二 零 八 年 二 零 七 年 六 月
三十日止六個月集團並無潛攤
薄已發行普通股
股基攤薄盈利計算基於：62 ZHOU HEI YA INTERNATIONAL HOLDINGS COMPANY LIMITED INTERIM REPORT 2018
Notes to the Interim Condensed Consolidated Financial Statements
中期簡明綜合財務報表附註
30 June 2018
二零八年六月三十日
9 PROPERTY PLANT AND EQUIPMENT
During the six months ended 30 June 2018 the Group acquired assets with a cost
of RMB169390000 (the six months ended 30 June 2017 RMB262957000)
Items of property plant and equipment with a net book value of RMB7254000
were disposed of by the Group during the six months ended 30 June 2018 (six
months ended 30 June 2017 RMB11732000)
The Group pledged certain of its buildings to secure the Group’s government
support funds which are included as other payables RMB4000000 as at 30 June
2018 (31 December 2017 RMB7000000) The net carrying amounts of these
pledged buildings as at 30 June 2018 amounted to RMB4056000 (31 December
2017 RMB6582000)
10 INVENTORIES
30 June
2018
31 December
2017
二零八年
六月三十日
二零七年
十二月三十日
RMB’000 RMB’000
民幣千元 民幣千元
(unaudited) (audited)
（未經審核） （經審核）

At cost 成：
Raw materials 原材料 200162 196672
Work in progress 製品 2828 4532
Finished goods 製成品 22130 37473
Packaging materials 包裝材料 10770 9758

235890 248435

9 物業廠房設備
截 二 零 八 年 六 月 三 十 日 止 六 個
月集團成民幣 169390000
元（截二零七年六月三十日止六個
月：民幣 262957000 元）添置資產
截 二 零 八 年 六 月 三 十 日 止 六 個
月 集 團 處 置 賬 面 淨 值 為 民 幣
7254000 元物業廠房設備項目
（截二零七年六月三十日止六個
月：民幣 11732000 元）
集團質押干樓宇取集
團政府補助關政府補助已於
二零八年六月三十日計入應付
款項為民幣 4000000 元（二零七
年十二月三十日：民幣 7000000
元 ） 該 等 已 質 押 樓 宇 於 二 零 八
年 六 月 三 十 日 賬 面 淨 值 為 民 幣
4056000 元（二零七年十二月三十
日：民幣 6582000 元）
10 存貨63周黑鴨國際控股限公司 2018 中期報告
Notes to the Interim Condensed Consolidated Financial Statements
中期簡明綜合財務報表附註
30 June 2018
二零八年六月三十日
11 TRADE RECEIVABLES
30 June
2018
31 December
2017
二零八年
六月三十日
二零七年
十二月三十日
RMB’000 RMB’000
民幣千元 民幣千元
(unaudited) (audited)
（未經審核） （經審核）

Trade receivables 貿易應收款項 22994 25506
Less Impairment provision 減：減值撥備 — —

22994 25506

An aged analysis of the trade receivables as at the end of the reporting period
based on the invoice date and net of provisions is as follows
30 June
2018
31 December
2017
二零八年
六月三十日
二零七年
十二月三十日
RMB’000 RMB’000
民幣千元 民幣千元
(unaudited) (audited)
（未經審核） （經審核）

Within 3 months 三個月內 22994 25506
Over 3 months 三個月 — —

22994 25506

11 貿易應收款項
報告期末發票日期劃分貿易應收
款項（已扣撥備）賬齡分析：64 ZHOU HEI YA INTERNATIONAL HOLDINGS COMPANY LIMITED INTERIM REPORT 2018
Notes to the Interim Condensed Consolidated Financial Statements
中期簡明綜合財務報表附註
30 June 2018
二零八年六月三十日
11 TRADE RECEIVABLES (Cont’d)
The Group applies the simplified approach to provide for expected credit losses
prescribed in HKFRS 9 which permits the use of the lifetime expected loss
provision for all trade receivables The Group overall considers the shared credit
risk characteristics and the days past due of the trade receivables to measure the
expected credit losses As all of the receivables were neither past due nor impaired
and relate to diversified customers for whom there was no recent history of default
and there has not been a significant change in credit quality the Directors are of the
opinion that no provision for impairment is necessary in respect of these balances
12 PREPAYMENTS DEPOSITS AND OTHER RECEIVABLES
30 June
2018
31 December
2017
二零八年
六月三十日
二零七年
十二月三十日
RMB’000 RMB’000
民幣千元 民幣千元
(unaudited) (audited)
（未經審核） （經審核）

Prepaid rents 預付租金 84817 71787
Advances to employees 給予僱員暫支款 2914 2671
Advances to suppliers 給予供應商預付款 10040 6869
Deductible input VAT 扣減進項增值稅 51046 41685
Current portion of prepaid land lease payments 預付土租賃款項中短期部分 2417 2417
Structured deposits 結構性存款 — 962000
Other receivables 應收款項 42063 21083

193297 1108512

None of the above assets is either past due or impaired The financial assets
included in the above balances relate to receivables for which there was no recent
history of default
11 貿易應收款項（續）
集 團 採 簡 化 方 法 提 供 香 港 財 務
報告準則第 9 號規定預期信貸虧
損該準則允許貿易應收款
項整個存續期預期虧損撥備
集團整體考慮貿易應收款項攤佔信
貸風險特徵期日計量預期信貸
虧損於應收款項未逾期
未減值與期並無違約記錄
元化客戶關信貸質素並無重變
動董事認為毋須該等結餘作出減
值撥備
12 預付款項金應收款
項
述資產概無逾期減值計入述
結餘金融資產與期並無拖欠歷史
應收款項關65周黑鴨國際控股限公司 2018 中期報告
Notes to the Interim Condensed Consolidated Financial Statements
中期簡明綜合財務報表附註
30 June 2018
二零八年六月三十日
13 INVESTMENT IN AN ASSOCIATE
30 June
2018
31 December
2017
二零八年
六月三十日
二零七年
十二月三十日
RMB’000 RMB’000
民幣千元 民幣千元
(unaudited) (audited)
（未經審核） （經審核）

Share of net assets 分佔資產淨值 250000 —

Particulars of the Company’s material associate are as follows
Place Percentage of Principal
incorporation voting power activities
Name 名稱 註冊成立點 投票權百分 業務
Shenzhen Tiantu Xingnan
Investment China Partnership
(Limited Partnership)
深圳市天圖興南投資合伙企業
（限合伙）
中國 40 Investment Fund
投資基金
In March 2018 the Group through an indirect whollyowned subsidiary entered
into a partnership agreement with Shenzhen Tiantu Capital Management Centre
(limited partnership) and Shenzhen Tiantu Xing’an Investment Enterprise (limited
partnership) to jointly form Shenzhen Tiantu Xingnan Capital Partnership(LLP)
an investment fund as a limited partner with an initial subscription amount of
RMB500000000 representing 50 of the total initial subscription amount of this
fund The Group has contributed RMB250000000 as of 30 June 2018
13 於間聯營公司投資
公司重聯營公司詳情：
於二零八年三月集團透過間
接全資附屬公司與深圳天圖資理
中心（限合夥）深圳天圖興安投資
企業（限合夥）訂立合夥協議
成立深圳市天圖興南投資合伙企業（
限合伙）（間投資基金）集團作為
限合夥初始認購金額為民幣
500000000 元佔該基金首次認購總
額 50％截二零八年六月三十
日集團已出資民幣 250000000
元66 ZHOU HEI YA INTERNATIONAL HOLDINGS COMPANY LIMITED INTERIM REPORT 2018
Notes to the Interim Condensed Consolidated Financial Statements
中期簡明綜合財務報表附註
30 June 2018
二零八年六月三十日
14 RESTRICTED CASH AND CASH IN TRANSIT
30 June
2018
31 December
2017
二零八年
六月三十日
二零七年
十二月三十日
RMB’000 RMB’000
民幣千元 民幣千元
(unaudited) (audited)
（未經審核） （經審核）

Restricted cash 受限制現金 20866 14911

As at 30 June 2018 and 31 December 2017 restricted cash represented
deposits for letters of credit which are noninterestbearing cash deposits paid
to a commercial bank for purchasing equipment and will be returned upon the
completion of such activities
All of the restricted cash of the Group is denominated in RMB as of 30 June 2018
and 31 December 2017
30 June
2018
31 December
2017
二零八年
六月三十日
二零七年
十二月三十日
RMB’000 RMB’000
民幣千元 民幣千元
(unaudited) (audited)
（未經審核） （經審核）

Cash in transit 途現金 3124 3489

The cash in transit represents the sales proceeds settled by debit cards or credit
cards which have yet to be credited by the banks to the Group
14 受限制現金途現金
於二零八年六月三十日二零七
年十二月三十日受限制現金指信
證金為採購設備支付予商
業銀行計息現金金並將於關
活動完成後退還
於二零八年六月三十日二零七
年十二月三十日集團受限
制現金均民幣計值
途現金指記卡信卡結算
銀行尚未計入集團銷售款項67周黑鴨國際控股限公司 2018 中期報告
Notes to the Interim Condensed Consolidated Financial Statements
中期簡明綜合財務報表附註
30 June 2018
二零八年六月三十日
15 CASH AND BANK
30 June
2018
31 December
2017
二零八年
六月三十日
二零七年
十二月三十日
RMB’000 RMB’000
民幣千元 民幣千元
(unaudited) (audited)
（未經審核） （經審核）

Cash and cash in bank 現金銀行活期存款 133070 98712
Time deposits 定期存款 1761236 1940454

1894306 2039166

Less term deposits with maturity over three months 減：三個月期定期存款 1761236 1876480

Cash and cash equivalents 現金現金等價物 133070 162686

At the end of the reporting period the cash and bank balances and time deposits
of the Group denominated in RMB amounted to RMB172090000 (31 December
2017 RMB91781000)
The RMB is not freely convertible into other currencies however under Mainland
China’s Foreign Exchange Control Regulations and Administration of Settlement
Sale and Payment of Foreign Exchange Regulations the Group is permitted to
exchange RMB for other currencies through banks authorised to conduct foreign
exchange business
Cash at banks earns interest at floating rates based on daily bank deposit rates The
bank balances are deposited with creditworthy banks with no recent history of
default
15 現金銀行存款
於報告期末集團民幣計值
現 金 銀 行 結 餘 定 期 存 款 為 民
幣 172090000 元（二 零 七 年 十 二 月
三十日：民幣 91781000 元）
民幣兌換成貨幣然
根據中國內外匯理條例
結匯售匯付匯理規定集
團透過獲授權經營外匯業務銀行
將民幣兌換成貨幣
銀行活期存款基於日銀行存款利
率浮動利率賺取利息銀行結餘存
置於信譽卓越期並無拖欠歷史
銀行68 ZHOU HEI YA INTERNATIONAL HOLDINGS COMPANY LIMITED INTERIM REPORT 2018
Notes to the Interim Condensed Consolidated Financial Statements
中期簡明綜合財務報表附註
30 June 2018
二零八年六月三十日
16 TRADE PAYABLES
The aging analysis of outstanding trade payables as at the end of the reporting
period based on the invoice date is as follows
30 June
2018
31 December
2017
二零八年
六月三十日
二零七年
十二月三十日
RMB’000 RMB’000
民幣千元 民幣千元
(unaudited) (audited)
（未經審核） （經審核）

Within 3 months 三個月內 69765 84807
3 to 6 months 三六個月 2753 844
Over 6 months 六個月 223 30
Over 12 months 十二個月 116 620

72857 86301

The trade payables are noninterestbearing
17 SHARE CAPITAL
30 June
2018
31 December
2017
二零八年
六月三十日
二零七年
十二月三十日
RMB’000 RMB’000
民幣千元 民幣千元
(unaudited) (audited)
（未經審核） （經審核）

Authorised 法定：
50000000000 shares of USD0000001 each 50000000000 股股
面值 0000001 美元股份 306 306

Issued and fully paid 已發行繳足：
2383140500 shares of USD0000001 each 2383140500 股股
面值 0000001 美元股份 16 16

16 貿易應付款項
於報告期末發票日期劃分未支付
貿易應付款項賬齡分析：
貿易應付款項計息
17 股69周黑鴨國際控股限公司 2018 中期報告
Notes to the Interim Condensed Consolidated Financial Statements
中期簡明綜合財務報表附註
30 June 2018
二零八年六月三十日
18 OPERATING LEASE ARRANGEMENTS
As lessee
The Group is the lessee in respect of a number of properties and land held under
operating leases The leases typically run for an initial period of one to five years
with an option to renew the leases when all the terms are renegotiated
At 30 June 2018 the Group had total future minimum lease payments under non
cancellable operating leases falling due as follows
30 June
2018
31 December
2017
二零八年
六月三十日
二零七年
十二月三十日
RMB’000 RMB’000
民幣千元 民幣千元
(unaudited) (audited)
（未經審核） （經審核）

Within one year 年內 202613 166298
In the second to fifth years inclusive 二五年（包括首尾兩年） 314322 261156
After five years 五年後 4932 6240

521867 433694

18 經營租賃安排
作為承租
集團為根據經營租賃持干物業
土承租該等租賃初始期
限通常為五年於條款重新
磋商後選擇續期
於二零八年六月三十日集團根
據撤銷經營租賃於列年期期
未來低租賃付款總額：70 ZHOU HEI YA INTERNATIONAL HOLDINGS COMPANY LIMITED INTERIM REPORT 2018
Notes to the Interim Condensed Consolidated Financial Statements
中期簡明綜合財務報表附註
30 June 2018
二零八年六月三十日
19 COMMITMENTS
In addition to the operating lease commitments detailed in note 18 above the
Group had the following capital commitments at the end of the reporting period
30 June
2018
31 December
2017
二零八年
六月三十日
二零七年
十二月三十日
RMB’000 RMB’000
民幣千元 民幣千元
(unaudited) (audited)
（未經審核） （經審核）

Contracted but not provided for 已簽約未撥備：
Land and buildings 土樓宇 134302 63875
Plant and machinery 廠房機器 68049 115685
Software 軟件 13361 12370

215712 191930

In addition the Group’s undrawn capital calls to an associate is as follows
30 June
2018
31 December
2017
二零八年
六月三十日
二零七年
十二月三十日
RMB’000 RMB’000
民幣千元 民幣千元
(unaudited) (audited)
（未經審核） （經審核）

Capital contributions payable to an associate 應間聯營公司出資 250000 —

19 承擔
文 附 註 18 詳 述 經 營 租 賃 承 擔
外於報告期末集團列資
承擔：
外集團調聯營公司未提取
資金：71周黑鴨國際控股限公司 2018 中期報告
Notes to the Interim Condensed Consolidated Financial Statements
中期簡明綜合財務報表附註
30 June 2018
二零八年六月三十日
20 RELATED PARTY TRANSACTIONS
a) Name and relationship of related parties
Related parties for the six months ended 30 June 2018 and the year ended
31 December 2017 were as follows
Name Relationship
姓名╱名稱 關係

Mr Zhou Fuyu and Ms Tang Jianfang Ultimate controlling shareholder
周富裕先生唐建芳女士 終控股股東
Zhou Hei Ya Foods Joint Stock Limited
Company (ZHY Foods)
Subsidiary controlled by Controlling Shareholders
周黑鴨食品股份限公司（「周黑鴨食品」） 控股股東控制附屬公司
b) Transactions with related parties
The following transactions were carried out with related parties
Six months ended 30 June
截六月三十日止六個月
2018 2017
二零八年 二零七年
RMB＇000 RMB＇000
民幣千元 民幣千元
(unaudited) (unaudited)
（未經審核） （未經審核）

Rental expense 租賃開支：
Mr Zhou Fuyu and Ms Tang Jianfang (i) 周富裕先生唐建芳女士 (i) 1759 1392

Acquisition of a subsidiary from a related party 名關聯方收購間附屬公司：
ZHY Foods 周黑鴨食品 — 17938

Notes
(i) Pursuant to the agreements between the Group and the Controlling Shareholders
Hubei Shiji Yuanjing leased six stores for the six months ended 30 June 2018
(six months ended 30 June 2017 five) from the Controlling Shareholders for its
operation with periods ranging from 1 to 3 years The lease terms were mutually
agreed between parties
20 關聯方交易
a） 關聯方名稱關係
截二零八年六月三十日止六
個月截二零七年十二月
三十日止年度關聯方：
b） 與關聯方交易
列為與關聯方交易：
附註：
(i) 根據集團與控股股東間協
議湖北世紀願景截二零八
年六月三十日止六個月控股股
東租賃6間（截二零七年六
月三十日止六個月：5間）門店
於營運期限介13年
租賃條款經訂約方協定72 ZHOU HEI YA INTERNATIONAL HOLDINGS COMPANY LIMITED INTERIM REPORT 2018
Notes to the Interim Condensed Consolidated Financial Statements
中期簡明綜合財務報表附註
30 June 2018
二零八年六月三十日
20 RELATED PARTY TRANSACTIONS (Cont’d)
c) Balances with related parties
The Group had the following significant balances with its related parties at
the end of the reporting period
Due from the Controlling Shareholders
30 June
2018
31 December
2017
二零八年
六月三十日
二零七年
十二月三十日
RMB’000 RMB’000
民幣千元 民幣千元
(unaudited) (audited)
（未經審核） （經審核）

Mr Zhou Fuyu and Ms Tang Jianfang 周富裕先生唐建芳女士 1305 1801

Amounts due from the Controlling Shareholders were interestfree
unsecured and have no fixed terms of repayment
d) Compensation of key management personnel of the Group
Six months ended 30 June
截六月三十日止六個月
2018 2017
二零八年 二零七年
RMB＇000 RMB＇000
民幣千元 民幣千元
(unaudited) (unaudited)
（未經審核） （未經審核）

Short term employee benefits 短期僱員福利 2755 2988
Postemployee benefits 離職福利 281 297

3036 3285

20 關聯方交易（續）
c） 與關聯方結餘
於報告期末集團與關聯方
列重結餘：
應收控股股東款項：
應收控股股東款項為免息無抵
押無固定還款期限
d） 集團理員薪酬：73周黑鴨國際控股限公司 2018 中期報告
Notes to the Interim Condensed Consolidated Financial Statements
中期簡明綜合財務報表附註
30 June 2018
二零八年六月三十日
21 FINANCIAL INSTRUMENTS BY CATEGORY
The carrying amounts of each of the categories of financial instruments as at the
end of the reporting period are as follows
30 June 2018 (unaudited)
Financial assets
Financial assets
Financial assets measured
measured at at FVPL
amortised cost
攤銷成
公值計量
變動
計量 計入損益 Total
金融資產 金融資產 總計
RMB’000 RMB’000 RMB’000
民幣千元 民幣千元 民幣千元

Trade receivables 貿易應收款項 22994 — 22994
Financial assets included in other receivables 計入應收款項金融資產 26993 — 26993
Structured deposits 結構性存款 — 711000 711000
Rental deposits 租賃金 76855 — 76855
Due from the Controlling Shareholders 應收控股股東款項 1305 — 1305
Restricted cash 受限制現金 20866 — 20866
Cash in transit 途現金 3124 — 3124
Cash and bank 現金銀行存款 1894306 — 1894306

2046443 711000 2757443

Financial liabilities
Financial liabilities
measured at
amortised cost
攤銷
成計量
金融負債
RMB’000
民幣千元

Trade payables 貿易應付款項 72857
Financial liabilities included in other payables and accruals 計入應付款項應計費金融負債 100760

173617

21 金融工具－類別劃分
於報告期末類金融工具賬面值
：
二零八年六月三十日（未經審核）
金融資產
金融負債74 ZHOU HEI YA INTERNATIONAL HOLDINGS COMPANY LIMITED INTERIM REPORT 2018
Notes to the Interim Condensed Consolidated Financial Statements
中期簡明綜合財務報表附註
30 June 2018
二零八年六月三十日
21 FINANCIAL INSTRUMENTS BY CATEGORY (Cont’d)
The carrying amounts of each of the categories of financial instruments as at the
end of the reporting period are as follows (Cont’d)
31 December 2017 (audited)
Financial assets
Available
forsale
Loans and financial
receivables assets
貸款
應收款項
供出售
金融資產
Total
總計
RMB’000 RMB’000 RMB’000
民幣千元 民幣千元 民幣千元

Trade receivables 貿易應收款項 25506 — 25506
Financial assets included in other receivables 計入應收款項金融資產 967888 — 967888
Rental deposits 租賃金 70459 — 70459
Availableforsale investments 供出售投資 — 30000 30000
Due from the Controlling Shareholders 應收控股股東款項 1801 — 1801
Restricted cash 受限制現金 14911 — 14911
Cash in transit 途現金 3489 — 3489
Cash and bank 現金銀行存款 2039166 — 2039166

3123220 30000 3153220

21 金融工具－類別劃分（續）
於報告期末類金融工具賬面值
：（續）
二零七年十二月三十日（經審核）
金融資產75周黑鴨國際控股限公司 2018 中期報告
Notes to the Interim Condensed Consolidated Financial Statements
中期簡明綜合財務報表附註
30 June 2018
二零八年六月三十日
21 FINANCIAL INSTRUMENTS BY CATEGORY (Cont’d)
The carrying amounts of each of the categories of financial instruments as at the
end of the reporting period are as follows (Cont’d)
31 December 2017 (audited) (Cont’d)
Financial liabilities
Financial
liabilities at
amortised cost
攤銷成入
賬金融負債
RMB’000
民幣千元

Trade payables 貿易應付款項 86301
Financial liabilities included in other payables and accruals 計入應付款項應計費金融負債 98722

185023

22 FAIR VALUE AND FAIR VALUE HIERARCHY OF FINANCIAL
INSTRUMENTS
Management has assessed that the fair values of cash and bank cash in transit
restricted cash financial assets at fair value through profit or loss rental deposits
trade receivables structured deposits amounts due from the Controlling
Shareholders financial assets included in prepayments deposits and other
receivables trade payables and financial liabilities included in other payables and
accruals due to a related party amounts due to the Controlling Shareholders
approximate to their carrying amounts largely due to the short term maturities of
these instruments
21 金融工具－類別劃分（續）
於報告期末類金融工具賬面值
：（續）
二零七年十二月三十日（經審核）
（續）
金融負債
22 金融工具公值公值層級
理層已評估現金銀行存款途
現金受限制現金公值計量
變動計入損益金融資產租賃
金貿易應收款項結構性存款應
收控股股東款項計入預付款項
金應收款項金融資產貿易
應付款項計入應付款項金融
負債應付關聯方應計費應付
控股股東款項公值與賬面值相
於該等工具屬短期期76 ZHOU HEI YA INTERNATIONAL HOLDINGS COMPANY LIMITED INTERIM REPORT 2018
Notes to the Interim Condensed Consolidated Financial Statements
中期簡明綜合財務報表附註
30 June 2018
二零八年六月三十日
22 FAIR VALUE AND FAIR VALUE HIERARCHY OF FINANCIAL
INSTRUMENTS (Cont’d)
The Group’s finance department headed by the finance manager is responsible for
determining the policies and procedures for the fair value measurement of financial
instruments The finance manager reports directly to the chief financial officer and
the audit committee At each reporting date the finance department analyses
the movements in the values of financial instruments and determines the major
inputs applied in the valuation The valuation is reviewed and approved by the
chief financial officer The valuation process and results are discussed with the audit
committee twice a year for interim and annual financial reporting
The fair values of the financial assets and liabilities are included at the amount at
which the instrument could be exchanged in a current transaction between willing
parties other than in a forced or liquidation sale
Fair value hierarchy
The fair value measurement hierarchy of the Group’s availableforsale investments
as at 31 December 2017 was all of Level 2 – significant observable inputs as at the
end of the reporting period
The fair value measurement hierarchy of the Group’s structured deposits as at 30
June 2018 was all of Level 2 – significant observable inputs as at the end of the
reporting period
During the reporting period there were no transfers of fair value measurements
between Level 1 – quoted price in active markets and Level 2 – significant
observable inputs and no transfers into or out of Level 3 – significant unobservable
inputs
23 EVENTS AFTER THE REPORTING PERIOD
No material events were undertaken by the Group subsequent to 30 June 2018
22 金融工具公值公值層級
（續）
集團財務經理領導財務部門負
責釐定金融工具公值計量政策
程序財務經理直接財務總監審
核委員會報告於報告日期財務
部門分析金融工具價值變動並釐定
估值中應輸入數據估值
財務總監審核批准估值過程結
果於年中期年度財務報告與審
核委員會進行二次討論
金融資產負債公值願交易
方（強迫清盤出售外）當前交易中
該工具交易金額入賬
公值層級
於報告期末集團截二零七年
十二月三十日供出售投資公
值計量層級全部為第 2 層（重觀
察輸入資料）
於報告期末集團截二零八年
六月三十日結構性存款公值計
量層級全部為第 2 層（重觀察輸入
資料）
於報告期間第級（於活躍市場報
價）與第二級（重觀察輸入資料）公
值計量間並無轉移第三級（重
觀察輸入資料）無轉入轉出
23 報告期後事件
集團於二零八年六月三十日後
並無進行重事項

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