颐海国际（海底捞）2017年度报告

CONTENTS
目錄
2017 Annual Report 年 度 報 告 1
Definitions 釋義 2
Corporate Information 公司資料 10
FiveYear Performance Review 五年業績回顧 13
Chairman’s Statement 董事長報告書 14
Management Discussion and Analysis 理層討論與分析 17
Profiles of Directors and Senior Management 董事高級理層簡介 35
Corporate Governance Report 企業治報告 42
Directors’ Report 董事會報告 69
The Environmental Social and Governance Report 環境社會治報告 102
Independent Auditor’s Report 獨立核數師報告 146
Consolidated Statement of Balance Sheet 綜合資產負債表 154
Consolidated Statement of Comprehensive Income 綜合全面收益表 156
Consolidated Statement of Changes in Equity 綜合權益變動表 157
Consolidated Statement of Cash Flows 綜合現金流量表 158
Notes to the Consolidated Financial Statements 綜合財務報表附註 159頤海國際控股限公司 Yihai International Holding Ltd2
Definitions
釋義
「股東週年 指 將於2018年4月27日
會」 （星期五）午二時正
於北京舉行公司
股東週年會
續會
「組織章程 指 公司組織章程細
細則」 則（經時修訂）
「聯繫」 指 具市規則賦予
涵義
「審計委員 指 董事會轄審計委
會」 員會
「董事會」 指 公司董事會
「成 指 成悅頤海商貿限
悅頤海」 公司家於2014年
4月28日中國註冊
成立限公司為
公司間接全資附
屬公司
「成租賃 指 日期為2015年12月1
協議」 日租賃協議（經日
期為2016年1月5日
補充協議補充）
成悅頤海與四川海
底撈訂立內容關
四川海底撈出租予成
悅頤海幅土加
物業裝置
「中國」 指 中華民國
非文義指外
否則年報對中國
提述包括香港澳
門台灣
「公司」 指 頤海國際控股限公
司 家 於2013年
10月18日 開 曼 群
島註冊成立獲豁免
限公司
「公司條例」 指 香港法例第622章公
司 條 例 經 時修
訂補充方
式修改
AGM the annual general meeting of the Company to be
held in Beijing on Friday 27 April 2018 at 200 pm
or any adjournment thereof
Articles of the articles of association of the Company
Association as amended from time to time
associate(s) has the meaning ascribed thereto under the Listing
Rules
Audit Committee the audit committee of the Board
Board the board of Directors of the Company
Chengdu Chengdu Yueyihai Co Ltd* (成 悅 頤 海 商 貿
Yueyihai 限公司) a limited liability company incorporated in
the PRC on 28 April 2014 and an indirectly wholly
owned subsidiary of the Company
Chengdu Lease the lease agreement dated 1 December 2015
Agreement as supplemented by a supplemental agreement
dated 5 January 2016 which was entered into
between Chengdu Yueyihai and Sichuan Haidilao
in connection with the lease of a parcel of land
together with the properties and fixtures thereon by
Sichuan Haidilao to Chengdu Yueyihai
China or PRC the People’s Republic of China and except where
the context requires references in this annual
report to the PRC or China excluding Hong Kong
Macau and Taiwan
Company YIHAI INTERNATIONAL HOLDING LTD (頤海國際
控股限公司) an exempted company with limited
liability incorporated in the Cayman Islands on 18
October 2013
Companies the Companies Ordinance Chapter 622
Ordinance of the Laws of Hong Kong as amended
supplemented or otherwise modified from time to
time2017 Annual Report 年 度 報 告 3
Definitions
釋義
「控股股東」 指 具市規則賦予
涵義非文義
指 外 否 則 指
張 勇 先 生（非 執 行 董
事）舒萍女士（張勇
先生配偶）ZYSP
YIHAI Ltd
「企業治 指 市規則附錄十四
守則」 載企業治守則
「董事」 指 公司董事
「財務報表」 指 經羅兵咸永道會計師
事務審核集團
截 2017 年 12 月 31
日止年度綜合財務
報表
「產品互供 指 統稱頤海海與合資
框架協議」 公司頤海海
附屬公司合資公司
銷售火鍋底料產品訂
立 日 期 為2017年
9月18日火鍋底料
產品銷售協議合資
公司與頤海海合
資公司頤海海
附屬公司銷售火
鍋產品訂立日期為
2017年9月18日
加熱火鍋產品銷售
協議
「集團」 指 公司附屬公司
「海底撈 指 海底撈集團擁
定製產品」 配方製成並火
鍋餐廳火鍋底
料中式複合調味品
「海底撈 包括指 (i)於 年 報 日 期
集團」 新加坡海底撈附
屬公司業務為
中國海外國家經
營連鎖火鍋餐廳
(ii)截 2017年12月
31日止年度新加坡
海底撈四川海底撈
彼等附屬公司
Controlling has the meaning ascribed thereto under the Listing
Shareholders Rules and unless the context otherwise requires
refers to Mr Zhang Yong the nonexecutive
Director Ms Shu Ping (the spouse of Mr Zhang
Yong) and ZYSP YIHAI Ltd
Corporate Corporate Governance Code as set out in Appendix
Governance 14 to the Listing Rules
Code
Director(s) director(s) of the Company
Financial the consolidated financial statements of the
Statements Group for the year ended 31 December 2017 as
audited by PricewaterhouseCoopers
Framework Sales collectively the hotpot soup flavouring products
and Purchase sales agreement dated 18 September 2017 entered
Agreements into between Yihai Shanghai and the Joint Venture
in relation to the sales of hotpot soup flavouring
products from Yihai Shanghai and its subsidiaries
to the Joint Venture and the the selfserving
small hotpot products sales agreement dated 18
September 2017 entered into between the Joint
Venture and Yihai Shanghai in relation to the sales
of Small Hotpot Products by the Joint Venture to
Yihai Shanghai and its subsidiaries
Group the Company and its subsidiaries
Haidilao the hot pot soup flavoring and Chinesestyle
Customized compound condiment products manufactured
Products using formulas owned by Haidilao Group for use in
its hot pot restaurants
Haidilao Group comprises (i) as of the date of this annual report
Singapore Haidilao and its subsidiaries the
principal business of which is to operate hot
pot restaurant chain in the PRC and overseas
countries and (ii) for the year ended 31 December
2017 Singapore Haidilao Sichuan Haidilao and
their respective subsidiaries頤海國際控股限公司 Yihai International Holding Ltd4
Definitions
釋義
「海底撈 指 集團集團擁
零售產品」 配方製成零售
火鍋底料火鍋蘸料
中式複合調味品
海底撈集團火鍋餐
廳消費者展示銷
售與集團通過獨
立第三方經銷商銷售
產品相
「海底撈倉儲 指 四川海底撈與頤海
服務協議」 海（ 為 身
代表附屬公司）於
2016年6月24日訂立
倉儲服務協議四
川海底撈集團意
集團提供倉儲設施
相關服務包括分
類程序理庫存盤
點物流服務
供們售予海底撈
集團產品
「港元」 分別指 香港法定貨幣港元
「港仙」 港仙
「香港」 指 中國香港特別行政區
「投資合作 指 頤海海與新派海
協議」 於 2017 年 7 月 11 日
成立合資公司訂立
投資合作協議
「靜遠投資」 指 簡陽市靜遠投資限
公 司 家 於2009
年3月13日中國成
立限責公司
張勇先生舒洋女
士（控 股 股 東 ）持
68施永宏先生
（非執行董事）妻
子持32
「合資公司」 指 馥海（海）食品科技
限公司家中
國成立公司為
公司擁60股權
附屬公司
Haidilao Retail the retail hot pot soup flavoring hot pot dipping
Products sauce and Chinesestyle compound condiment
products manufactured by the Group using
formulas the Group owns for display and sale to
consumers in Haidilao Group hot pot restaurants
which are the same products as those sold by the
Group through independent thirdparty distributors
Haidilao warehouse storage service agreement dated 24
Warehouse June 2016 entered into between Sichuan Haidilao
Storage Service and Yihai Shanghai each for itself and on behalf of
Agreement its subsidiaries Sichuan Haidilao Group agreed to
provide warehousing facilities and related services
including sorting process management stock
taking and other logistics services to the Group for
products we sell to Haidilao Group
HK or HK Hong Kong dollars and cents respectively the
dollars and lawful currency of Hong Kong
cents
Hong Kong the Hong Kong Special Administrative Region of
the PRC
Investment the investment cooperation agreement dated 11
Cooperation July 2017 entered into between Yihai Shanghai and
Agreement Xinpai Shanghai in relation to the formation of the
Joint Venture
Jingyuan Jianyang City Jingyuan Investment Co Ltd* (簡
Investment 陽市靜遠投資限公司) a limited liability company
incorporated in the PRC on 13 March 2009 which
is held as to 68 by Mr Zhang and Ms Shu
(the Controlling Shareholders) 32 by Mr Shi
Yonghong (the nonexecutive Director) and his wife
Joint Venture Fuhai (Shanghai) Food Technology Co Ltd* (馥海
(海) 食品科技限公司) a company incorporated
in the PRC and a 60 owned subsidiary of the
Company2017 Annual Report 年 度 報 告 5
Definitions
釋義
「後實際 指 2018年3月27日
行日期」 年報付印前確定
中載干資料
後實際行日期
「市日期」 指 2016年7月13日股
份於聯交板市
日期
「市規則」 指 香港聯合交易限
公司證券市規則
「澳門」 指 中國澳門特別行政區
「總銷售 指 日期為2016年6月24
協議」 日總銷售協議
頤海海四川海底
撈新加坡海底撈（
為身代表
附屬公司）集團
海底撈集團供應海底
撈定製產品海底撈
零售產品訂立
「標準守則」 指 市規則附錄十載
市發行董事進行
證券交易標準守則
「提名委員 指 董事會轄提名委
會」 員會
「競爭 指 公司與控股股東於
承諾」 2016年6月25日訂立
競爭承諾
「招股章程」 指 公司於2016年6月
30日刊發招股章程
「薪酬委員 指 董事會轄薪酬委
會」 員會
「民幣」 指 中國法定貨幣民幣
元
「受限制股 指 根據受限制股份單位
份單位」 計劃受限制股份單
位參與者授出受限
制股份單位
Latest 27 March 2018 being the latest practicable date
Practicable prior to the printing of this annual report for the
Date purpose of ascertaining the information contained
herein
Listing Date 13 July 2016 the date on which the Shares were
listed on the main board of the Stock Exchange
Listing Rules the Rules Governing the Listing of Securities on
The Stock Exchange of Hong Kong Limited
Macau the Macau Special Administrative Region of the
PRC
Master Sales the master sales agreement dated 24 June 2016
Agreement entered into among Yihai Shanghai Sichuan
Haidilao and Singapore Haidilao each for itself
and on behalf of its subsidiaries in relation to
the supply of Haidilao Customized Products and
Haidilao Retail Products by the Group to the
Haidilao Group
Model Code the Model Code for Securities Transactions by
Directors of Listed Issuers as set out in Appendix
10 to the Listing Rules
Nomination the nomination committee of the Board
Committee
Noncompetition the noncompetition undertaking entered into
Undertaking between the Company and the Controlling
Shareholders on 25 June 2016
Prospectus the prospectus issued by the Company on 30 June
2016
Remuneration the remuneration committee of the Board
Committee
Renminbi or Renminbi yuan the lawful currency of the PRC
RMB
RSU the restricted share units granted to RSU
participants pursuant to the RSU Scheme頤海國際控股限公司 Yihai International Holding Ltd6
Definitions
釋義
RSU Scheme the RSU scheme approved and adopted by the
Company on 24 February 2016 for the grant of RSUs
to RSU participants a summary of the principal
terms of which is set forth in the section headed
Appendix IV — Statutory and General Information
— D RSU Scheme of the Prospectus
SFO the Securities and Futures Ordinance Chapter
571 of the Laws of Hong Kong as amended
supplemented or otherwise modified from time to
time
Share(s) ordinary share(s) in the share capital of the
Company with nominal value of US000001 each
Shareholder(s) shareholder(s) of the Company
Shuhai Sales the sales agreement dated 24 June 2016 which
Agreement was entered into among Yihai Shanghai and Shuhai
Supply Chain each for itself and on behalf of its
subsidiaries in relation to the sale of hot pot soup
flavoring products hot pot dipping sauce products
and other compound condiment products by the
Group to Shuhai Supply Chain Group
Shuhai Supply Shuhai (Beijing) Supply Chain Management Co
Chain Ltd* (蜀 海(北 京)供 應 鏈 理 限 責 公 司) a
limited liability company incorporated in the
PRC on 3 June 2014 and is indirectly held as to
approximately 5217 by Mr Zhang Yong and his
associates 24652 by Mr Shi Yonghong and his
wife and 1095 by Mr Gou Yiqun (Note)
「受限制股份 指 公司受限制股
單位計劃」 份單位參與者授出受
限 制 股 份 單 位 於
2016年2月24日批准
採納受限制股份
單位計劃條
款概載於招股章程
「附錄四－法定般
資料－D受限制股份
單位計劃」節
「證券期貨 指 香港法例第571章證
條例」 券期貨條例經
時修訂補充
方式修改
「股份」 指 公司股中股面
值000001美 元 普
通股
「股東」 指 公司股東
「蜀海銷售 指 日期為2016年6月24
協議」 日銷售協議頤
海海蜀海供應鏈
（為身代表
附屬公司）集團
蜀海供應鏈集團銷
售火鍋底料產品火
鍋蘸料產品複
合調味品訂立
「蜀海 指 蜀海（北京）供應鏈
供應鏈」 理限責公司
家 於2014年6月3日
中國成立限責
公司並間接張
勇先生聯繫持
約5217 施 永
宏 先 生 妻 子 持
約24652 苟
軼 群 先 生（註 ）持 約
10952017 Annual Report 年 度 報 告 7
Definitions
釋義
Shuhai Warehouse the Shuhai Warehouse Storages Service
Storage Service Agreement dated 24 June 2016 and entered into
Agreement between Shuhai Supply Chain and Yihai Shanghai
each for itself and on behalf of its subsidiaries
pursuant to which Shuhai Supply Chain and
its subsidiaries agreed to provide warehousing
facilities and related services including warehouse
storage sorting process management stock
taking and other logistics services to the Group in
connection with storage of our products
Sichuan Haidilao Sichuan Haidilao Catering Corporation Ltd* ( 四
川海底撈餐飲股份限公司) a joint stock limited
liability company incorporated in the PRC on 25
June 2009 or its predecessor Sichuan Jianyang
Haidilao Catering Co Ltd* (四川省簡陽市海底撈
餐飲限責公司) which was incorporated in the
PRC on 16 April 2001 Sichuan Haidilao is directly
held as to approximately 335 by Mr Zhang Yong
and Ms Shu Ping(the controlling shareholders)
50 by Jingyuan Investment and 16 by Mr Shi
Yonghong (the nonexecutive Director) and his wife
Sichuan Haidilao Sichuan Haidilao and its subsidiaries
Group
Singapore HAI DI LAO HOLDINGS PTE LTD a limited liability
Haidilao company incorporated in Singapore on 1 March
2013 and is indirectly held as to approximately
627 by Mr Zhang Yong and Ms Shu Ping (the
controlling shareholders) and 297 by Mr Shi
Yonghong (the nonexecutive Director) and his wife
Small Hotpot the selfserving small hotpot products manufactured
Products and sold by the Joint Venture
Stock Exchange The Stock Exchange of Hong Kong Limited
「蜀海倉儲 指 蜀海供應鏈頤海
服務 海為身代表
協議」 附屬公司間訂立
日期為2016年6月
24日蜀海倉儲服務
協議據蜀海供
應鏈附屬公司
意們產品儲存
集團提供倉儲設
施相關服務包括
倉庫存儲分類加工
理盤點物
流服務
「四川 指 四川海底撈餐飲股份
海底撈」 限公司為於2009
年6月25日中國成
立股份制限責
公司前身四川
省簡陽市海底撈餐飲
限責公司（於2001
年4月16日中國成
立）四川海底撈直接
張勇先生舒萍女
士（控股股東）持約
335 靜 遠投資
持約50施永
宏先生（非執行董事）
妻子持16
「四川海底 指 四川海底撈附屬
撈集團」 公司
「新加坡海底 指 HAI DI LAO HOLDINGS
撈」 PTE LTD（於2013年3
月1日新加坡註冊成
立限責公司）
張勇先生舒萍女士
（控股股東）間接持約
627施永宏先
生（非執行董事）妻
子持約297
「火鍋 指 合資公司將予生產
產品」 銷售加熱火鍋
產品
「聯交」 指 香港聯合交易限
公司頤海國際控股限公司 Yihai International Holding Ltd8
Definitions
釋義
subsidiary or has the meaning ascribed thereto under the Listing
subsidiaries Rules
Supplemental the supplemental master sales agreement dated
Master Sales 18 September 2017 entered into between Sichuan
Agreement Haidilao Singapore Haidilao and Yihai Shanghai to
regulate the sale of Small Hotpot Products by the
Group to the Haidilao Group
Xinpai Shanghai Xinpai (Shanghai) Catering Management Co
Ltd* (新派(海)餐飲理限公司) a company
incorporated in the PRC with limited liability and
is controlled as to approximately 6270 by the
Controlling Shareholders of the Company Mr
Zhang Yong and Ms Shu Ping 297by Mr
Shi Yonghong (the nonexecutive Director) and
his wife and 2 by Mr Gou Yiqun(Note) (the non
executive Director)
Yihai (China) Yihai (China) Food Co Limited (頤海(中國)食品
限公司) a company with limited liability incorporated
in Hong Kong on 6 December 2013 and an indirectly
whollyowned subsidiary of the Company
Yihai Shanghai Yihai (Shanghai) Food Co Ltd (頤海(海)食品限
公 司) a foreign investment enterprise incorporated
in the PRC on 1 December 2014 and an indirectly
whollyowned subsidiary of the Company
Youdingyou Beijing Youdingyou Catering Co Ltd* (北 京 優 鼎
優餐飲股份限公司) (formerly known as Beijing
Youdingyou Catering Management Co Ltd*) a
company with limited liability incorporated in the
PRC on 30 July 2012 which is indirectly held as to
approximately 3176 by Mr Zheng Yong and Ms
Shu Ping 1571 by Mr Shi Yonghong and his
wife and 086 by Mr Gou Yigun(Note)
「附屬公司」 指 具市規則賦予
涵義
「補充總銷售 指 四川海底撈新加坡
協議」 海底撈頤海海
間訂立日期為2017
年9月18日補充總
銷售協議為規
集團海底撈集團
銷售火鍋產品
「新派海」 指 新派（海）餐飲理
限公司家於中
國成立限公司
並公司控股股東
張 勇 先 生 舒 萍 女
士 控 制 約6270股
權施永宏先生（非執
行董事）妻子控制
約297股權苟軼
群 先 生（註 ）（非 執 行 董
事）控制約2股權
「頤海（中國）」 指 頤海（中國）食品限
公司家於2013年
12月6日香港註冊
成立限公司為
公司間接全資附
屬公司
「頤海海」 指 頤海（海）食品限
公司家於2014年
12月1日中國註冊
成立外資企業為
公司間接全資附
屬公司
「優鼎優」 指 北京優鼎優餐飲股份
限 公 司（前 稱 為 北
京優鼎優餐飲理
限公司）家於2012
年7月30日 中 國 成
立限責公司
張勇先生舒萍女士
間 接 控 制 約3176
股權施永宏先生
妻 子 間 接 控 制 約
1571股 權 苟 軼
群先生（註）間接控制約
086股權2017 Annual Report 年 度 報 告 9
Definitions
釋義
「優鼎優銷售 指 優鼎優頤海海
協議」 為身代表附
屬公司訂立日期為
2016年6月24日銷
售協議據們
意優鼎優出售火
鍋底料產品火鍋蘸
料產品複合調
味品營運辣
味混合燉菜餐廳
「ZYSP YIHAI 指 家 於2013年10月
Ltd」 10日英屬處女群島
註冊成立商業限
公司為控股股東

「」 指 百分
註： 苟 軼 群 先 生 已 辭 非 執 行 董 事
2018年3月21日生效
Youdingyou Sales the sales agreement dated 24 June 2016 and
Agreement entered into between Youdingyou and Yihai
Shanghai each for itself and on behalf of its
subsidiaries pursuant to which we agreed to sell
hot pot soup flavoring products hot pot dipping
sauce products and other compound condiment
products to Youdingyou for use at spicy mixed
stew restaurants it operates
ZYSP YIHAI Ltd a business company with limited liability
incorporated in the British Virgin Islands on 10
October 2013 one of the Controlling Shareholders
percentage
Note Mr Gou Yiqun has resigned from the post of nonexecutive Director with
effect from 21 March 2018頤海國際控股限公司 Yihai International Holding Ltd10
Corporate Information
公司資料
董事會
執行董事
黨春香女士
孫勝峰先生
非執行董事
施永宏先生（席）
張勇先生
苟軼群先生（註1）
潘迪先生
獨立非執行董事
邱家賜先生
錢明星先生
葉蜀君女士
審計委員會
邱家賜先生（席）
施永宏先生
葉蜀君女士
薪酬委員會
葉蜀君女士（席）
苟軼群先生（註1）
錢明星先生
註1 苟軼群先生已辭非執行董事薪酬委
員會成員2018年3月21日生效
舒萍女士獲委為執行董事薪酬委員
會成員2018年3月21日生效
BOARD OF DIRECTORS
Executive Directors
Ms Dang Chunxiang
Mr Sun Shengfeng
Nonexecutive Directors
Mr Shi Yonghong (Chairman)
Mr Zhang Yong
Mr Gou Yiqun (Note 1)
Mr Pan Di
Independent Nonexecutive Directors
Mr Yau Ka Chi
Mr Qian Mingxing
Ms Ye Shujun
AUDIT COMMITTEE
Mr Yau Ka Chi (Chairman)
Mr Shi Yonghong
Ms Ye Shujun
REMUNERATION COMMITTEE
Ms Ye Shujun (Chairman)
Mr Gou Yiqun (Note 1)
Mr Qian Mingxing
Note 1 Mr Guo Yiqun has resigned from the post of nonexecutive Director
and a member of the remuneration committee with effect from 21
March 2018 Ms Shu Ping has been appointed as an executive
Director and a member of the remuneration committee with effect from
21 March 20182017 Annual Report 年 度 報 告 11
Corporate Information
公司資料
提名委員會
施永宏先生（席）
錢明星先生
葉蜀君女士
聯席公司秘書
孫勝峰先生
黃日東先生
授權代表
孫勝峰先生
苟軼群先生（註2）
核數師
羅兵咸永道會計師事務
法律顧問
Davis Polk & Wardwell
合規顧問
新百利融資限公司
註冊辦事處
P O Box 31119 Grand Pavilion
Hibiscus Way
802 West Bay Road
Grand Cayman
KY1 1205 Cayman Islands
公司總部
中國
北京市
豐台區南三環中路
恒松園松雷寫字樓
6號樓1樓2樓
註2 黃日東先生2018年3月21日成為
公司授權代表
NOMINATION COMMITTEE
Mr Shi Yonghong (Chairman)
Mr Qian Mingxing
Ms Ye Shujun
JOINT COMPANY SECRETARIES
Mr Sun Shengfeng
Mr Wong Yat Tung
AUTHORIZED REPRESENTATIVES
Mr Sun Shengfeng
Mr Gou Yiqun (Note 2)
AUDITOR
PricewaterhouseCoopers
LEGAL ADVISER
Davis Polk & Wardwell
COMPLIANCE ADVISER
Somerley Capital Limited
REGISTERED OFFICE
P O Box 31119 Grand Pavilion
Hibiscus Way
802 West Bay Road
Grand Cayman
KY1 1205 Cayman Islands
CORPORATE HEADQUARTERS
1st and 2nd Building 6
Songlei Office Building Heng Song Yuan
Middle Road of South 3rd Ring Road
Fengtai District
Beijing PRC
Note 2 Mr Wong Yat Tung became an authorised representative of the
Company with effect from 21 March 2018頤海國際控股限公司 Yihai International Holding Ltd12
Corporate Information
公司資料
香港營業點
香港灣仔
皇道東28號
金鐘匯中心18樓
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
投資者關係
電話：+861057423508
電郵：tzzgx@yihchinacom
網站
wwwyihchinacom
股份代號
香港聯合交易限公司：1579
PRINCIPAL PLACE OF BUSINESS IN HONG KONG
18F Tesbury Centre
28 Queen’s Road East
Wanchai Hong Kong
HONG KONG SHARE REGISTRAR
Computershare Hong Kong Investor Services Limited
Shops 17121716
17th Floor Hopewell Centre
183 Queen’s Road East
Wanchai Hong Kong
INVESTOR RELATIONS
T +861057423508
E tzzgx@yihchinacom
WEBSITE
wwwyihchinacom
STOCK CODE
The Stock Exchange of Hong Kong Limited 15792017 Annual Report 年 度 報 告 13
FiveYear Performance Review
五年業績回顧
簡明綜合全面收益表
（民幣千元）
簡明綜合財務狀況表
（民幣千元）
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE
INCOME
(RMB’000)
Twelve months ended 31 December
截止12月31日止12個月
2017 2016 2015 2014 2013
2017年 2016年 2015年 2014年 2013年

Revenue 收入 1646221 1088014 847339 498231 315863
Gross Profit 毛利 611806 416942 294233 119478 69416
Profit before income tax 稅前溢利 369080 255089 166920 57156 29519
Profit for the period 期內溢利 261090 186720 124547 42510 22064

Profit attributable to 士應佔全面收入總額：
– Owners of the Company －公司擁 260670 186720 124547 42510 22064

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL
POSITION
(RMB’000)
As at 31 December
截止12月31日
2017 2016 2015 2014 2013
2017年 2016年 2015年 2014年 2013年

Noncurrent assets 非流動資產總額 288071 165874 136089 153384 134523
Current assets 流動資產總額 1518620 1257792 453275 132253 90218

Total Asset 資產總額 1806691 1423666 589364 285637 224741

Equity attributable to owners
of the company
公司擁應佔權益
1501389 1266205 141924 45738 37686

Total Equity 權益總額 1505809 1266205 141924 45738 37686

Noncurrent liabilities 非流動負債總額 — — 186667 — —
Current liabilities 流動負債總額 300882 157461 260773 239899 187055

Total liabilities 負債總額 300882 157461 447440 239899 187055

Total equity and liabilities 權益負債總額 1806691 1423666 589364 285637 224741
頤 海 國 際 控 股 限 公 司 Yihai International Holding Ltd14
Chairman’s Statement
董事長報告書
Throughout the year of 2017 the trend of the national economy shifted
from stable to uplifting and performed better than expected owing to
fast growth in the income of residents a clear trend of consumption
upgrade as well as expansion in the consumer goods market The
catering m arket maintained steady growth with overall recovery of the
condiment industry An increasing demand for consumption a trend
of c onsumption upgrade and a distinct brand edge as well as product
innovation and expanding channels and capacity allowed the Group
to continuously lead the hot pot soup flavoring and Chinesestyle
compound condiment industry in terms of rapid growth of its sales
revenue
BUSINESS REVIEW
In 2017 the Group upgraded its brand and partial packaging image
developed more featured products expanded its sales channels
Additionally the Group increased productivity management and
operation efficiency through a series of targeted promotional activities
2017年國 民 經 濟 穩 中 於 預
期居民收入增長加快消費轉型升級
態 勢 明 顯消費品市場規模進步擴
餐飲市場增長穩調味品行業總
體趨勢益於消費需求增長消
費升級趨勢與顯著品牌優勢
們產品創新渠道深化與產擴
集團銷售收入增速迅猛繼續領跑火
鍋底料中式複合調味料行業
業務回顧
2017年集團升級品牌部分包裝
形象研發更特色化產品拓寬
銷售網絡推出系列針對性推
廣活動擴生產力提高理
運營效率
Chairman
董事長
MR SHI YONGHONG
施 永 宏 先 生2017 Annual Report 年 度 報 告 15
Chairman’s Statement
董事長報告書
In 2017 the Group continued to position its product strategy at
medium to high compound condiment market while diversifying
product lines By staying marketoriented the Group focused on
the optimization of research and development and innovation For
instance to satisfy the demand in different regional markets the Group
introduced new products such as spicy fish and enhanced spicy beef
tallow To adapt to the development and change of diverse channels
the Group launched the new product series of selfserving hot pot
with the joint venture While ensuring product optimization upgrading
and innovation the Group still firmly grasped the development of the
major categories of core products In 2017 the Group’s hot pot soup
flavoring products accounted for 790 of its total revenue
In 2017 the Group continued to its sales channels We have
distributors covering 31 provincial regions in China the Hong Kong
Macau and Taiwan regions and 23 overseas countries and regions
During the year our management of and interactive communication
with distributors was enhanced We held a partner summit with the
theme soul of pot upgraded Chinesestyle taste (鍋魂升級中國味)
a communication meeting with the theme from distributors to golden
medal distributors for the national top 100 distributor brand managers
and a seminar with the theme stirring up marketing with content for
the national top 15 online distributors to build collaborative and win
win relationships with the distributors Through such cooperation with
the distributors we further extended and expanded the sales terminal
network which in turn increased our sales efficiency We continued to
develop our ecommerce sales network enhance our online marketing
and expand our portfolio of online products Total online sales revenue
to exceed RMB100 million during the year Upturn in the catering
industry has enabled us to continually develop thirdparty catering
channels and has allowed us to research and provide customized and
specialty products and services for more catering enterprises As of 31
December 2017 our thirdparty catering customtailored customers
reached a number of 82
In 2017 the Group enhanced its marketing campaign by organizing
various major promotional activities throughout the year including
January Year Start Dinner May Foodie Season and October Hot
Pot Festival and initiated multifaceted interactions with consumers
through themed displays lottery drawing and giftgiving promotions
etc
2017年集團產品戰略定位中
高端火鍋底料複合調味品市場元
化佈局產品線集團市場為導
重視研發優化與創新例為滿足
區域市場需求集團推出麻辣
魚加麻加辣牛油等新產品為契合
樣渠道發展變化集團與合資公
司推出「加熱火鍋」新產品系列保
證產品優化升級創新時集
團緊緊抓住核心產品品類發展
2017年度集團火鍋底料產品佔整體
收入790
2017年集團繼續深耕銷售網絡
們現經銷商覆蓋中國境內31個省
級區與港澳台區23個海外國
家區年度們加強對經銷
商理互動交流例們舉辦
「鍋魂升級中國味」為題合作夥
伴高峰會「從經銷商金銷商」為
題全國前100名經銷商品牌經理交
流會「內容引爆營銷」為題全國
前15名線分銷商討論會與經銷商
謀合作贏通過與經銷商合作
們進步深化並擴銷售終端網
絡提高銷售效率們繼續力發
展電商銷售網絡提高線營銷推廣力
度擴充線產品組合年度線
銷售總額突破民幣1億元隨著餐飲行
業回暖們持續開發第三方餐飲
渠道並為更餐飲企業研發提供定
制化特色化產品服務截2017
年12月31日們第三方餐飲定制客
戶達82家
2017年集團加市場推廣力度
推出1月開年檔5月吃貨季10月火鍋
節等場次貫穿全年型推廣活動並
通過題陳列與抽獎買贈促銷等方式
與消費者產生元化互動頤 海 國 際 控 股 限 公 司 Yihai International Holding Ltd16
Chairman’s Statement
董事長報告書
SUPPLY CHAIN MANAGEMENT
In 2017 we built a new factory in Maanshan to effectively relieve the
growing pressure of consumer demand on supply capacity while
reducing logistics costs The factory is based in eastern China and
extends to southern China
FINANCIAL REVIEW
In 2017 the Group maintained rapid momentum in its results The
Group recorded a sales revenue of RMB16462 million representing a
yearonyear increase of 513 and a net profit of RMB2611 million
representing a yearonyear increase of 399 The Group’s gross
profit increased by 467 from RMB4169 million in 2016 to RMB6118
million in 2017 and the gross profit margin decreased from 383 in
2016 to 372 in 2017
OUTLOOK
The catering industry is stabilizing and consumption upgrade is
accelerating Against such a backdrop the Group will continue to focus
on the midhighend condiment products and relevant markets The
Group will further increase its market share in the compound condiment
industry by means of innovation in products broadening of product
types and extending of channels which would also consolidate our
leadership in the midhighend hot pot condiment and Chinesestyle
compound condiment products markets We will continue to study
the condiment products market and keep abreast of consumer trends
and develop and launch more premium products to enlarge product
portfolio to seek a single hot selling product We will continue to build
up our sales force with incentives to the sales personnel To promote
cooperation with distributors for mutual benefits we will improve our
sales network and sales revenue from third parties We will further
our online sales efforts by capitalizing on online marketing platforms
and interacting with consumers more actively to increase online sales
revenue We will continue to expand our thirdparty catering channels
in which specialized products and services will be provided While
actively pursuing external expansion internally we will continue to
build our inhouse quality pool of talents thus establishing a solid basis
for the Group’s longterm and stable development
The Group will join hands with all of our colleagues to continue the pace
of innovation so as to provide higherquality products to consumers
and customers thereby creating more value for shareholders
供應鏈理
2017年集團新佈局建設馬鞍山工
廠工廠立足華東輻射華南降
低物流成時更效緩解日益
增加消費需求對於供應力壓力
財務回顧
2017年集團業績保持快速增長
趨勢集團銷售收入達民幣
16462百 萬 元 增 長513 淨
利潤達民幣2611百萬元增
長399集團毛利潤2016年
民幣4169百萬元增長4672017
年民幣6118百萬元毛利率則
2016年383降2017年372
未來展
餐飲行業企穩消費升級加快背景
集團將繼續專注於中高端調味品
相關市場通過產品創新品類拓展
渠道深耕進步提升們複合調
味料行業市場份額鞏固們中高
端火鍋調味料中式複合調味料行業
市場領導者位們將繼續研究調味
品市場消費趨勢重點研發並推出更
優質產品豐富產品組合造爆款
單品們將斷加強銷售隊伍建
設優化銷售員激勵並通過推動
與經銷商合作贏完善銷售網絡
提高第三方銷售收入們將持續加
線銷售力度充分利網絡營銷
台與消費者展開更積極交流互動
提高線銷售收入們將繼續拓展第
三方餐飲渠道並為提供特色化產品
服務積極對外擴展時於內
部們會繼續搭建們優質梯
隊為集團長期穩定發展堅定
基礎
集團全體員工將繼續堅持創新為消
費者客戶提供更優質產品為股東
創造更價值2017 Annual Report 年 度 報 告 17
Management Discussion and Analysis
理層討論與分析
2017年業績回顧
2017年國民經濟穩中於預
期居民收入增長加快消費轉型升級
持續深入消費品市場規模進步擴
餐飲市場增長穩調味品行業總
體趨勢
產品升級創新營銷全面鋪陳渠道深
入拓展產擴優化集團
2017年業務重點截2017年12月
31日止年度集團收入達民幣
16462百萬元增長513淨利
潤達民幣2611百萬元增長
399
2017年集團持續保持終端售點效率
提高營銷活動樣經銷網絡沉
新品持續發佈
第三方零售方面益於2016年對銷售
渠道優化改良龐持續沉
銷售渠道為集團帶來較為廣泛銷售
終端網絡並進步推動終端售點
效理細化建設截止2017年12月
31日集團經銷商覆蓋中國31
個省級區與港澳台區海外23
個國家與區
電商銷售方面集團持續加強電商渠
道發展優化通過對線新產品
推出營銷推廣力度增強渠道梳
理規範集團電商渠道進行角
度全方位剖析整頓並保持與時俱
進發展截2017年12月31日止
集團天貓京東等電商台擁5家
旗艦店集團2017年電商渠道銷售
收入為民幣1059百萬元增長
2652
2017 PERFORMANCE REVIEW
In 2017 the national economy was stable with growth that
outperformed expectations Income of residents increased rapidly with
further transformation and upgrading in consumption and market size
of consumer products further expanded The catering market recorded
stable growth and the overall trend in the condiment industry was
upward and optimistic
In 2017 the Group’s business mainly focused on product upgrading
and innovation elaborative marketing further development of
channels expansion and optimization of production capabilities For
the year ended 31 December 2017 the Group’s revenue amounted to
RMB16462 million representing a yearonyear increase of 513
Net profit amounted to RMB2611 million representing a yearonyear
increase of 399
In 2017 the Group continued to enhance the efficiency of terminal
points of sales diversify the marketing activities develop lowtier
distribution network and launch new products
For retail sales to third parties benefiting from the optimization and
improvement of sales channels in 2016 the extensive and lower
tier of sales channels brought a wider sales terminal network to the
Group and further facilitated the effective management and refined
establishment of the terminal points of sales As at 31 December 2017
the distributors of the Group covered 31 provincial regions and the
Hong Kong Macau and Taiwan regions in China and 23 overseas
countries and regions
For sales through ecommerce the Group continued to reinforce the
development and optimization of ecommerce channels By launching
new products online increasing marketing and promotional efforts
streamlining and regulating the channels the Group carried out multi
perspective and comprehensive analysis and reform on its ecommerce
channels to keep up with the latest developments As at 31 December
2017 the Group owned 5 flagship stores on ecommerce platforms
including Tmallcom and JDcom The Group’s sales revenue from
ecommerce channels in 2017 amounted to RMB1059 million
representing a yearonyear increase of 2652頤海國際控股限公司 Yihai International Holding Ltd18
Management Discussion and Analysis
理層討論與分析
2017年作為項戰略部署集團專
注於第三方餐飲企業銷售方面受益於
年服務海底撈集團經驗集團積
累對中國餐飲服務行業豐富經驗
通過繼續加強第三方餐飲企業提供
元化定制化產品與服務集團第
三方餐飲企業定制客戶涉類型餐
飲業態2017年12月31日達82
家較2016年增長8642017
年銷售收入達民幣2343百萬元較
2016年增長3040
產品組合方面集團繼續致力於原
產品改良升級新品研發
推出中包括對部分核心產品包裝
配方優化全新產品推出過
年裡陸續推市場產品包括麻
辣龍蝦（餐飲裝）清湯火鍋（餐飲裝）
五種口味加熱火鍋等新
品舊品優化更新新品推出
無疑集團產品更契合市場需求
效舒緩淡季產品足問題
2017年公司新增3款火鍋底料
產品5款中式複合調味料產品5款
加熱火鍋產品截2017年12月31
日公司擁44款底料產品6款
蘸料產品20款中式複合調味料產品
5款加熱火鍋產品
業務回顧
2017年全年國民經濟總體保持穩
發展態勢中國調味品行業總體趨勢
背景集團收入達民
幣16462百萬元增長513淨
利潤達民幣2611百萬元增長
399
The Group focused on sales to thirdparty catering enterprises in 2017
as strategic deployment Benefiting from the experience of serving
the Haidilao Group over the years the Group had accumulated ample
experience in the PRC catering service industry Through continuously
reinforcing the provision of diversified and customized products and
services to thirdparty catering enterprises the customized customers
of the Group’s thirdparty catering enterprises participated in various
types of catering services and amounted to 82 as at 31 December
2017 representing a yearonyear increase of 864 as compared
to 2016 The sales revenue for 2017 amounted to RMB2343 million
representing a yearonyear increase of 3040 as compared to 2016
In terms of product portfolio the Group continued to devote its
efforts on improving and upgrading the existing products as well as
on the research and development and launching of new products
including optimizing the packaging and formulae of some core
products and the launching of brand new products During the past
year products launched successively in the market included spicy red
swamp crawfish (catering pack) clear soup hot pot (catering pack)
and five different flavors of selfserving small hot pot new products
By optimizing and refreshing existing products together with the
launching of new products the Group’s products were undoubtedly
better in meeting market demand and could effectively ease the
problems of insufficient products during the low season In 2017 the
Company introduced a total of 3 new hot pot soup flavoring products
5 Chinesestyle compound condiment products and 5 Selfserving
small hotpot products As at 31 December 2017 the Company had a
total of 44 flavoring products 6 dipping sauce products 20 Chinese
style compound condiment products and 5 Selfserving small hotpot
products
BUSINESS REVIEW
Throughout the year of 2017 against the macro backdrop of an overall
stable development trend of the national economy and an overall
optimistic trend in the condiment industry of the PRC the revenue of
the Group amounted to RMB16462 million representing a yearon
year increase of 513 Net profit amounted to RMB2611 million
representing a yearonyear increase of 3992017 Annual Report 年 度 報 告 19
Management Discussion and Analysis
理層討論與分析
銷售渠道
2017年第三方零售渠道建設方面
集團經營重點為繼續深化渠道
沉加強終端銷售效率拓展終端銷售
方法擴充第三方零售產品組合
益於2016年經銷渠道改良優化截
止2017年12月31日集團經銷商
覆蓋中國31個省級區與港澳台區
23個海外國家區與時通過
對現經銷商擇優篩選拓展終端
售點產品鋪設力效率時抓取
市場終端數據控貨架陳列形式指
導終端銷售方法集團進步完善
經銷商渠道精耕深化工作加強市
場營銷手段力度提升貨架優
化理提振終端售點銷售力
集團進步加強電商渠道理
中包括拓展帶動消費者粘性
重消費情景增加促銷活動擴充線
新產品組合完善進貨渠道梳理
網絡體系價盤理等握集團
傳統產品銷售推廣時2017年
半年款新穎加熱火鍋推
出電商渠道銷售亮點截2017年
12月31日止集團天貓京東等電
商台擁5家旗艦店集團2017年
電商渠道銷售收入為民幣1059百萬
元增長2652
積極拓展第三方餐飲企業業務集團
戰略發展重點2017年付
諸量心血力量予全方位支持受
益於年服務海底撈經驗集團積
累對中國餐飲服務行業豐富經驗
通過繼續加強第三方餐飲企業提供
元化定制化產品與服務集團第
三方餐飲企業定制客戶涉類型餐
飲業態2017年12月31日達82
家較2016年增長864銷售收
入民幣2343百萬元較2016年
增長3040
Sales Channels
In 2017 in respect of establishing thirdparty retail channels the
Group’s focus of operation was on continuous penetration in channels
of lower tiers reinforcing the efficiency of terminal sales developing
the methods of terminal sales and expanding the portfolio of third
party retail products Benefiting from improvement and optimization
of distribution channels in 2016 as at 31 December 2017 the Group’s
distributors covered 31 provincial regions in China including all first
tier cities the Hong Kong Macau and Taiwan regions and 23 overseas
countries and regions Meanwhile through the selection and screening
of existing distributors reinforcing the product launching capability
and efficiency of terminal points of sales timely capturing the data
of market terminals manipulating the shelf arrangement of product
display and providing guidance on the methods of terminal sales the
Group had further improved the refined and indepth development of
the distributor channels reinforced the marketing measures and efforts
enhanced the optimized management of product shelves and boosted
the selling capability of the terminal points of sales
The Group had further reinforced the management over ecommerce
channels including mainly the development of multiple consumption
scenarios which could enhance consumers’ loyalty increase in
promotional activities expansion on online portfolio of new products
improvement in the arrangement of product shelves and the
management of order price on network system While the Group had
mastered the sales and marketing of traditional products the launching
of a number of brand new selfserving small hot pots in the secondhalf
of 2017 was the highlight in sales over ecommerce channels As at 31
December 2017 the Group owned 5 flagship stores on ecommerce
platforms including Tmallcom and JDcom The Group’s sales revenue
from ecommerce channels in 2017 amounted to RMB1059 million
representing a yearonyear increase of 2652
Active development of business for thirdparty catering enterprises was
one of the Group’s key strategic developments and significant mental
and physical efforts were contributed in 2017 to provide comprehensive
support Benefiting from the experience of serving the Haidilao Group
over the years the Group had accumulated ample experience in the
PRC catering service industry Through continuously reinforcing the
provision of diversified and customized products and services to third
party catering enterprises the customized customers of the Group’s
thirdparty catering enterprises participated in various types of catering
services and amounted to 82 as at 31 December 2017 representing
a yearonyear increase of 864 as compared to 2016 The sales
revenue for 2017 amounted to RMB2343 million representing a year
onyear increase of 3040 as compared to 2016頤海國際控股限公司 Yihai International Holding Ltd20
Management Discussion and Analysis
理層討論與分析
關聯方銷售方面（指海底撈集團關
聯公司）益於中國餐飲行業火鍋餐
飲消費市場增長海底撈集團僅
店收入增速穩定更門店數量擴張
取迅速拓展2017年集團關
聯方銷售收入為民幣9159百萬元
較2016年增長512
產品
隨著中國城鎮化普居民消費水
斷提升產品結構升級持續消
費者對食品安全重性認識日趨加
深選擇較高品牌知名度對食品質
量安全保證優質產品成為未來發
展趨勢作為中國中高端火
鍋底料調味料生產商公司先行抓住
行業趨勢進步加強產品研發結構
升級持續推出更加滿足消費者需求
調味料產品
2017年集團陸續推出麻辣龍蝦（餐
飲裝）清湯火鍋（餐飲裝）五種口
味加熱火鍋等新品整體新品
開發然圍繞改良升級現產品開
發迎合市場新興產品兩思路僅
產品更契合市場需求更效
舒緩淡季產品足問題通過舉辦
試吃活動造題推廣活動等方式
效拉動終端銷售集團利新
社交媒體（例微信）與消費者溝通並宣
傳們推廣信息
In terms of sales to related parties (referring to the Haidilao Group and
associated companies) benefiting from the growth of the catering
industry and the hot pot catering consumption market in the PRC the
Haidilao Group achieved not only stable growth in same store revenue
but also rapid expansion in the number of stores In 2017 the Group’s
revenue from sales to related parties amounted to RMB9159 million
representing a yearonyear increase of 512 as compared to of
2016
Products
As urbanization in China became more generalized the consumption
level of residents continued to rise enabling the continuous upgrading
in product structure and the consumers’ awareness of the importance
of food safety also strengthened over time Selecting quality products
with reputable brand recognition and with guaranteed food quality
and safety will be a general development trend in future As the largest
producer of mid to highend hot pot soup flavoring condiments in
China the Company took the lead in capturing the industry trend
further strengthened the research and development and structure
upgrading of products and continued to supply condiment products
which would better meet the needs of consumers
In 2017 the Group launched new products successively including
spicy red swamp crawfish (catering pack) clear soup hot pot (catering
pack) and five different flavors of selfserving small hot pot new
products The development of new products in general was still
surrounding the two key conceptual lines of improving and upgrading
existing products and developing emerging products to meet market
needs These would not only enable products to better satisfy market
demand but would also ease the problems of insufficient products
during the low season Through methods such as the launching of
tasting events and creating thematic promotional activities terminal
sales were effectively boosted The Group also communicated with
consumers and promoted its promotional materials by using new social
media (such as WeChat)2017 Annual Report 年 度 報 告 21
Management Discussion and Analysis
理層討論與分析
The table below sets forth the revenue sales volume and average
selling price (ASP) of the Group by product categories and
distribution channels for the periods as indicated
Twelve months ended 31 December
截12月31日止12個月
2017 2016
2017年 2016年
Revenue
收入
Sales
Volume
銷量
Average
Selling
Price per Kg
公斤
均售價
Revenue
收入
Sales
Volume
銷量
Average
Selling
Price per Kg
公斤
均售價
(RMB’000) (Tons) (RMB) (RMB’000) (Tons) (RMB)
（民幣千元） （噸） （民幣元） （民幣千元） （噸） （民幣元）

Hot pot soup flavoring 火鍋底料
Third parties 第三方 429921 14896 289 288745 9323 310
Related parties 關聯方 871282 31093 273 583778 21573 271

Subtotal 計 1301203 46799 278 872523 30896 282

Hot pot dipping sauce 火鍋蘸料
Third parties 第三方 93924 5059 186 73856 4290 172
Related parties 關聯方 281 11 255 104 6 188

Subtotal 計 94205 5070 186 73960 4296 172

Chinesestyle compound condiment 中式複合調味品
Third parties 第三方 142860 6007 238 116351 4962 234
Related parties 關聯方 43413 1908 228 18194 706 258

Subtotal 計 186273 7915 235 134545 5668 237

Selfserving small hotpot products 加熱火鍋產品
Third parties 第三方 61341 1359 451 — — —
Related parties 關聯方 104 2 520 — — —

Subtotal 計 61445 1361 451 — — —

Others(1) (1) 3095 872 35 6986 577 121

Total 總計 1646221 62017 265 1088014 41437 263

Note
(1) Mainly including the sales of certain products such as golden popcorn (黃
金豆) and snail rice noodle (螺螄粉)
表載列於示期間集團產品類別
經銷渠道劃分收入銷量均售
價數據：
附註：
(1) 包括銷售干產品黃金豆
螺螄粉等頤海國際控股限公司 Yihai International Holding Ltd22
Management Discussion and Analysis
理層討論與分析
The table below sets forth the absolute value of revenue of the
Company by product categories and as a percentage in the total
revenue of the Company
Twelve months ended 31 December
截12月31日止12個月
2017 2016
2017年 2016年
RMB’000
民幣千元
of
Revenue
佔收入
百分
RMB’000
民幣千元
of
Revenue
佔收入
百分

Revenue from hot pot soup flavoring 火鍋底料收入 1301203 790 872523 802
Revenue from hot pot dipping sauce 火鍋蘸料收入 94205 57 73960 68
Revenue from Chinesestyle
compound condiment
中式複合調味品收入
186273 113 134545 124
Revenue from selfserving
small hotpot products
加熱火鍋產品收入
61445 37 — 00
Other revenue 收入 3095 03 6986 06

Total revenue 總收入 1646221 1000 1088014 1000

In 2017 the three major product categories of the Group namely
hot pot soup flavoring hot pot dipping sauce and Chinesestyle
compound condiment increased as compared to 2016 In 2017 the
Group introduced a total of 3 new hot pot soup flavoring products 5
new Chinesestyle compound condiment products and 5 selfserving
small hotpot products As at 31 December 2017 the Group had a
total of 44 flavoring products 6 dipping sauce products 20 Chinese
style compound condiment products and 5 selfserving small hotpot
products
FINANCIAL REVIEW
Revenue
For the 12 months ended 31 December 2017 the revenue of the Group
increased by 513 from RMB10880 million for the 12 months ended
31 December 2016 to RMB16462 million for the same period in 2017
表載列示期間公司產品類別劃
分收入絕對值佔公司收入百
分：
2017年集團三類產品：火鍋
底料火鍋蘸料中式複合調味料較
2016年均實現增長2017年公司
新增3款火鍋底料產品5款中式複合
調味料產品5款加熱火鍋產品
截2017年12月31日公司擁
44款底料產品6款蘸料產品20款中
式複合調味料產品5款加熱火鍋產
品
財務回顧
收入
於 截 2017年12月31日 止 十 二 個 月
內集團收入截2016年12月
31日止十二個月民幣10880百萬
元 增 加5132017年 期 民 幣
16462百萬元2017 Annual Report 年 度 報 告 23
Management Discussion and Analysis
理層討論與分析
Revenue by product
Twelve months ended 31 December
截12月31日止12個月
2017 2016
2017年 2016年
Revenue
收入
(RMB’000)
（民幣千元）
of hot pot
soup
flavoring
revenue
佔火鍋底料
收入百分
Revenue
收入
(RMB’000)
（民幣千元）
of hot pot
soup
flavoring
revenue
佔火鍋底料
收入百分

Hot pot soup flavoring revenue 火鍋底料收入
Revenue from third parties 來第三方收入 429921 330 288745 331
Revenue from related parties 來關聯方收入 871282 670 583778 669

Total revenue from hot pot soup
flavoring products
火鍋底料產品總收入
1301203 1000 872523 1000

Revenue from hot pot soup flavoring products increased by 491
from RMB8725 million for the 12 months ended 31 December 2016 to
RMB13012 million for the same period in 2017 accounting for 790
of the revenue for the 12 months ended 31 December 2017 Of these
revenue from sales of hot pot soup flavoring products to related parties
increased by 492 while revenue from sales of hot pot soup flavoring
products to third parties increased by 489 The increase in revenue
from sales of hot pot soup flavoring products to related parties was
mainly due to steady growth in the same store revenue of Haidilao
an increase in the number of Haidilao restaurants and the effect of
an increase in the prices of products sold to certain related parties in
March 2017 due to cost factors of the Group With further improvement
in the refining and penetration of third party sales channels by the
Group in 2017 the selling capability of terminal points of sales had
increased the launching of new products received a certain level
of market recognition and the revenue of sales from third parties
recorded remarkable rapid growth
產品劃分收入
火鍋底料產品收入截2016年
12月31日止十二個月民幣8725百
萬 元 增 加4912017年 期 民
幣13012百萬元佔截2017年12月
31日止十二個月收入790中
關聯方銷售火鍋底料產品收入增長
492第三方銷售火鍋底料產品收
入增長489關聯方銷售火鍋底料
產品收入增長受海底撈店業績
穩定增長餐廳門店數量增長2017
年3月集團成原調高干關聯
方產品價格等方面影響隨著集團
2017年對第三方銷售渠道精耕深化工
作進步完善終端售點銷售力
提振新品推出取定市場認
第三方銷售收入顯著高速增長頤海國際控股限公司 Yihai International Holding Ltd24
Management Discussion and Analysis
理層討論與分析
Twelve months ended 31 December
截12月31日止12個月
2017 2016
2017年 2016年
Revenue
收入
(RMB’000)
（民幣千元）
of hot pot
dipping
sauce
revenue
佔火鍋蘸料
收入百分
Revenue
收入
(RMB’000)
（民幣千元）
of hot pot
dipping
sauce
revenue
佔火鍋蘸料
收入百分

Hot pot dipping sauce revenue 火鍋蘸料收入
Revenue from third parties 來第三方收入 93924 997 73856 999
Revenue from related parties 來關聯方收入 281 03 104 01

Total revenue from hot pot dipping
sauce products
火鍋蘸料產品總收入
94205 1000 73960 1000

Revenue from hot pot dipping sauce products increased by 273
from RMB740 million for the 12 months ended 31 December 2016 to
RMB942 million for the same period in 2017 accounting for 57 of
the revenue for the 12 months ended 31 December 2017 Of these
revenue from sales of hot pot dipping sauce products to related parties
increased by 1700 while revenue from sales of hot pot dipping
sauce products to third parties increased by 272 Revenue from
sales of hot pot dipping sauce products of the Group is primarily
derived from sales to third parties the rapid growth of which was
mainly attributable to the market recognition of the four dipping sauce
products on which the Group has focused its marketing efforts This
had driven the increased sales of hot pot dipping sauce products in
2017
火鍋蘸料產品收入截2016年
12月31日止十二個月民幣740百
萬元增加2732017年期民幣
942百萬元佔截2017年12月31日
止十二個月收入57中關聯
方銷售火鍋蘸料產品收入增長1700
第三方銷售火鍋蘸料產品收入增長
272集團火鍋蘸料產品銷售收
入來第三方銷售快速增長
益於集團重點營銷推廣四款蘸產
品取市場認推動2017年火
鍋蘸料產品銷售增長2017 Annual Report 年 度 報 告 25
Management Discussion and Analysis
理層討論與分析
Twelve months ended 31 December
截12月31日止12個月
2017 2016
2017年 2016年
Revenue
收入
(RMB’000)
（民幣千元）
of
Chinese
style
compound
condiment
revenue
佔中式複合
調味收入
百分
Revenue
收入
(RMB’000)
（民幣千元）
of
Chinese
style
compound
condiment
revenue
佔中式
複合調味入
百分

Chinesestyle compound
condiment revenue
中式複合調味品收入
Revenue from third parties 來第三方收入 142860 767 116351 865
Revenue from related parties 來關聯方收入 43413 233 18194 135

Total revenue from Chinesestyle
compound condiment products
中式複合調味品總收入
186273 1000 134545 1000

Revenue from Chinesestyle compound condiment products
increased by 385 from RMB1345 million for the 12 months ended
31 December 2016 to RMB1863 million for the same period in
2017 accounting for 113 of the revenue for the 12 months ended
31 December 2017 Of these revenue from sales of Chinesestyle
compound condiment products to related parties increased by 1386
while revenue from sales of Chinesestyle compound condiment
products to third parties increased by 228
In respect of sales to related parties the Group carried out cooperation
with certain catering customers in the Shuhai Supply Chain to develop
new drivers of revenue growth The Group introduced several Chinese
style compound condiment products in 2017 to complement with
the sales of existing improved products of Chinesestyle compound
condiment which has driven the increase in revenue from sales of
Chinesestyle compound condiment products to third parties
中式複合調味品收入截2016年
12月31日止十二個月民幣1345百
萬 元 增 加3852017年 期 民
幣1863百 萬 元 佔 截 2017年12月
31日止十二個月收入113中
關聯方銷售中式複合調味品收入增長
1386第三方銷售中式複合調味品
收入增長228
關聯方銷售方面集團蜀海供應
鏈部分餐飲客戶展開合作開發新
收入增長點集團2017年推出干
新款中式複合調味料新品已中式複
合調味料改良產品進行配套銷售帶
動第三方銷售中式複合調味品收入
升頤海國際控股限公司 Yihai International Holding Ltd26
Management Discussion and Analysis
理層討論與分析
Twelve months ended 31 December
截12月31日止12個月
2017 2016
2017年 2016年
Revenue
收入
(RMB’000)
（民幣千元）
of
Selfserving
small hotpot
products
revenue
佔加熱火鍋
產品收入百分
Revenue
收入
(RMB’000)
（民幣千元）
of
Selfserving
small hotpot
products
revenue
佔加熱火鍋
產品收入百分

Selfserving small hotpot products revenue 加熱火鍋產品收入
Revenue from third parties 來第三方收入 61341 998 — —
Revenue from related parties 來關聯方收入 104 02 — —

Total revenue from selfserving
small hotpot products
加熱火鍋產品總收入
61445 100 — —

Selfserving small hotpot products is a new category of the Group’s
products in 2017 the revenue from which accounted for 37 of total
revenue for the twelve months ended 31 December 2017
Revenue by Distribution Network
Twelve months ended 31 December
截12月31日止12個月
2017 2016
2017年 2016年
Revenue
收入
(RMB’000)
（民幣千元）
of total
revenue
佔總收入
百分
Revenue
收入
(RMB’000)
（民幣千元）
of total
revenue
佔總收入
百分

Relatedparty customers 關聯方客戶
Haidilao Group and its affiliates 海底撈集團聯屬公司 915911 556 605728 5570
Thirdparty customers 第三方客戶
Distributors 經銷商 587076 357 442358 4070
Ecommerce 電商 105942 64 28986 270
Others
Thirdparty catering companies 第三方餐飲企業 23434 14 5836 050
Oneoff sales events 次性銷售活動 13858 09 5106 040

Total revenue 總收入 1646221 1000 1088014 10000

加熱火鍋產品為2017年集團新
產品品類收入佔截2017年12月
31日止十二個月總收入37
經銷網絡劃分收入2017 Annual Report 年 度 報 告 27
Management Discussion and Analysis
理層討論與分析
Benefiting from the upgrade of and growth in consumption of hot pot
catering Haidilao maintained stable rapid growth in both the number
of restaurants and the same store revenue The Group’s sales revenue
from sales to related parties which mainly represents sales to the
Haidilao Group amounted to RMB9159 million in 2017 representing
an increase of 512 as compared to 2016
With further enhanced optimization of thirdparty sales channels
boosted sales capability of terminal sales points and continuous launch
of premium new products of the Group on 2017 sales revenue of third
party manufacturers was significantly increased Sales revenue from
sales to distributors was RMB5871 million representing a yearon
year increase of 327 sales revenue from ecommerce channels
was RMB1059 million representing a yearonyear increase of
2655 sales revenue from thirdparty catering was RMB234 million
representing a yearonyear increase of 3015 from 2016
Revenue by Geographic Region
The table below presents the revenue of the Company by geographic
region for the periods indicated
Twelve months ended 31 December
截12月31日止12個月
2017 2016
2017年 2016年
收入
(RMB’000)
（民幣千元）
of total
revenue
佔收入
百分
收入
(RMB’000)
（民幣千元）
of total
revenue
佔收入
百分

North China(2) 華北 (2) 874665 532 593427 5460
South China(3) 華南 (3) 715674 434 473799 4350
Overseas markets 海外市場 55882 34 20788 190

Total 合 1646221 1000 1088014 10000

Note
(2) Includes Heilongjiang Jilin Liaoning Inner Mongolia Beijing Tianjin
Hebei Shandong Shanxi Henan Ningxia Shanxi Gansu Qinghai
Xinjiang and Tibet
(3) Includes Jiangsu Shanghai Zhejiang Anhui Jiangxi Fujian Hubei
Hunan Guangdong Chongqing Guizhou Guangxi Sichuan Yunnan and
Hainan
益於中國火鍋餐飲消費升級與增
長海底撈餐飲業務2017年持續高速
增長無論門店數量還店業績
均保持穩定快速成長集團2017年
關聯方（指海底撈集團銷售）銷售
銷售收入為民幣9159百萬元
增長512
隨著集團2017年對第三方銷售渠
道精耕深化工作進步完善終端售
點銷售力提振優良新品斷
推出2017年第三方銷售收入顯
著高速增長中經銷商銷售銷售
收入為民幣5871百萬元增長
327電商渠道銷售收入為民幣
1059百萬元增長2655第三
方餐飲銷售收入民幣234百萬元較
2016年增長3015
域劃分收入
表列示公司於示期間域劃
分收入：
附註：
(2) 包括黑龍江吉林遼寧內蒙古北
京天津河北山東山西河南
寧夏陝西甘肅青海新疆西
藏
(3) 包括江蘇海浙江安徽江西
福建湖北湖南廣東重慶貴
州廣西四川雲南海南頤海國際控股限公司 Yihai International Holding Ltd28
Management Discussion and Analysis
理層討論與分析
銷售成
集團銷售成（包括原材料僱員福
利開支折舊攤銷公事業）截
2016年12月31日止十二個月民幣
6711百萬元增加5412017年期
民幣10344百萬元
2017年原材料總體單位成較2016年
期明顯升指豆油花椒
辣椒包裝材料單價升明顯
毛利毛利率
Cost of Sales
The Group’s cost of sales including raw materials employee benefit
expenses depreciation and amortization and utilities increased by
541 from RMB6711 million for the 12 months ended 31 December
2016 to RMB10344 million for the same period in 2017
The overall unit cost of raw materials increased significantly in 2017
compared to the same period of 2016 mainly indicated that the unit
price of soybean oil pepper chili and packaging materials increased
significantly
Gross Profit and Gross Profit Margin
Twelve months ended 31 December
截12月31日止12個月
2017 2016
2017年 2016年
Gross profit
毛利
Gross profit
margin
毛利率
Gross profit
毛利
Gross profit
margin
毛利率
RMB’000 RMB’000
民幣千元 民幣千元
Hot pot soup flavoring products 火鍋底料產品 471003 362 328037 376
Third parties 第三方 227928 530 161832 560
Related parties 關聯方 243075 279 166205 285
Hot pot dipping sauce products 火鍋蘸料產品 38072 404 25381 343
Third parties 第三方 37931 404 25338 343
Related parties 關聯方 141 501 43 414
Chinesestyle compound
condiment products 中式複合調味品 79157 425 63078 469
Third parties 第三方 66649 467 56282 484
Related parties 關聯方 12508 288 6796 374
Selfserving small hotpot products 加熱火鍋產品 21260 346 — —
Third parties 第三方 21217 346 — —
Related parties 關聯方 43 416 — —
Others 2312 747 446 64

Total 總計 611804 372 416942 383
2017 Annual Report 年 度 報 告 29
Management Discussion and Analysis
理層討論與分析
The Group’s gross profit increased by 467 from RMB4169 million
for the year of 2016 to RMB6118 million for the year of 2017 while
the gross profit margin decreased slightly from 383 for the year of
2016 to 372 for the year of 2017 The slight decrease is due to 1)
overall cost pressure thirdparty catering business enlarged during
2017 whose gross margin is much lower than retail sales and 3) some
distributors select to have sales rebate replenishment rather than have
expense subsidies from the Group
Distribution Expenses
The Group’s distribution expenses increased by 287 from RMB1279
million for the year of 2016 to RMB1646 million for the year of 2017
The Group’s distribution expenses as a percentage of the Group’s
revenue decreased from 118 for 2016 to 100 for the year of 2017
The decrease in distribution expenses was mainly because some
distributors select to request stock replenishment with expense subsidy
in the channel
Administrative Expenses
The Group’s administrative expenses increased by 419 from
RMB538 million for the year of 2016 to RMB764 million for the year
of 2017 The Group’s administrative expenses as a percentage of the
Group’s revenue decreased from 49 for 2016 to 46 for the year of
2017 with relatively stable ratio of administrative expense
Other Incomes and Gains
The Group’s other incomes and gainsnet increased by 1033 from
RMB215 million for the year of 2016 to RMB437 million for the year of
2017 mainly due to government grants received by the Group
Finance loss net
The Group’s finance incomenet decreased by 2347 from RMB337
million for the year of 2016 to a finance lossnet of RMB454 million for
the year of 2017 mainly due to exchange loss caused by depreciation
of Hong Kong dollar
集團毛利潤截2016年12月31
日止十二個月民幣4169百萬元增加
4672017年期民幣6118百
萬元毛利率截2016年12月31
日止十二個月383稍微降2017
年期372毛利率稍降原
整體成壓力毛利率相對
較低第三方餐飲業務2017年
力發展部分經銷商選擇價格折
扣來代渠道費補貼
經銷開支
集團經銷開支2016年民幣
1279百萬元增加2872017年
民幣1646百萬元集團經銷開支佔
集團收入百分2016年118
降低2017年100經銷開支降
原部分經銷商選擇價格折
扣來代渠道費補貼
行政開支
集團行政開支2016年民幣
538百萬元增加4192017年期
民幣764百萬元集團行政開支佔
集團收入百分2016年49
減少2017年46行政費率相
對穩定
收入收益
集團收入收益淨額2016
年民幣215百萬元增加1033
2017年期民幣437百萬元
於集團收政府補貼致
融資虧損－淨額
集團融資收入淨額2016年民
幣337百萬元減少23472017年
民幣454百萬元融資虧損淨額
於港幣貶值產生匯兌損失致頤海國際控股限公司 Yihai International Holding Ltd30
Management Discussion and Analysis
理層討論與分析
稅前利潤
於文述內容集團稅
前 利 潤 2016年 民 幣2551百 萬
元 增 加4472017年 期 民 幣
3691百萬元
稅開支
集團稅開支2016年民幣
684百萬元增加5792017年民
幣1080百萬元效稅率2016年
268增加2017年293
於港幣貶值滙兌損失稅前列支
致
年內淨利潤
於 文 述 內 容 集 團 淨 利 潤
2016年 民 幣1867百 萬 元 增 加
3992017年 民 幣2607百 萬
元股基盈利2016年民幣
0234元 增 加 截 2017年 民 幣
0269元 淨 利 率 截 2016年
172減少2017年159
資金流動性財政資源
截2017年12月31日止十二個月
集團通過經營現金為營運提供
資金集團擬動內部資源通過
然持續發展為擴展業務營運提
供資金
現金現金等價物
於2017年12月31日 集 團 現 金
現金等價物民幣港元
少量美金組成現金現金等價物約為
民 幣11302百 萬 元（2016年12月31
日：民幣10220百萬元）
Profit before Tax
As a result of the foregoing the Group’s profit before tax increased by
447 from RMB2551 million for the year of 2016 to RMB3691 million
for the year of 2017
Income Tax Expense
The Group’s income tax expense increased by 579 from RMB684
million for the year of 2016 to RMB1080 million for the year of 2017
The effective tax rate increased from 268 for the year of 2016 to
293 for the year of 2017 mainly due to nontax deductible exchange
loss for the year
Net profit for the Year
As a result of the foregoing net profit of the Group increased by 399
from RMB1867 million for the year of 2016 to RMB2607 million for
the year of 2017 Basic earnings per share increased from RMB0234
for the year of 2016 to RMB0269 for the year of 2017 and net profit
margin decreased from 172 for the year of 2016 to 159 for the
year of 2017
Capital Liquidity and Financial Resources
For the twelve months ended 31 December 2017 the Group’s business
was mainly funded by the cash generated from its operation The Group
intended to apply internal resources income derived from organic and
sustainable development for the purpose of funding its expansion and
business operation
Cash and Cash Equivalents
As at 31 December 2017 the Group’s cash and cash equivalents were
primarily denominated in RMB and HK dollars and to a less extent in
US dollars Its cash and cash equivalents amounted to approximately
RMB11302 million (31 December 2016 RMB10220 million)2017 Annual Report 年 度 報 告 31
Management Discussion and Analysis
理層討論與分析
資產負債率
於2017年12月31日 集 團 資 產
負 債 率(4)為167（2016年12月31
日：111）升原貿易應
付款客戶墊付應付稅項升
致集團並無銀行款
備註：
(4) 資產負債率財政期末總負債
總資產計算
存貨
存貨包括原材料製品與製成
品於2017年12月31日存貨約為民
幣1476百 萬 元（2016年12月31日：
民幣1305百萬元）存貨周轉天數從截
2016年12月31日止年度634天
降截2017年12月31日止十二個月
491天存貨周轉天數減少
原集團2017年對庫存效率
控提升
貿易應收賬款
貿易應收賬款為日常業務過程中銷售
商品應收客戶款項於2017年12
月31日貿易應收賬款約為民幣1315
百萬元（2016年12月31日：民幣671
百 萬 元 ） 變 動 原 2017年
末集團與關聯方部分第三方（餐
飲定制客戶）銷售量增加致貿易應收
賬款周轉天數從截2016年12月31日
止年度218天略微升截2017年
12月31日止十二個月220天
貿易應付賬款
貿易應付賬款為日常業務過程中供應
商購買商品服務應支付款項受
產銷淡旺季季節性採購週期影響
於2017年12月31日貿易應付賬款約為
民 幣1366百 萬 元（2016年12月31
日：民幣733百萬元）貿易應付賬款
周轉天數從截2016年12月31日止年
度312天升截2017年12月31
日止十二個月370天
Assetliability Ratio
As at 31 December 2017 the Group’s assetliability ratio(4) was 167
(31 December 2016 111) Such increase was mainly due to increase
in trade payables advance from customers and other tax payable The
Group did not have any bank borrowings
Note
(4) The assetliability ratio is calculated by dividing total liabilities by total
assets at the end of each financial period
Inventories
The Group’s inventories consist primarily of raw materials workin
progress and finished goods As at 31 December 2017 the Group had
inventories of approximately RMB1476 million (31 December 2016
RMB1305 million) The turnover days of inventories decreased from
634 days for the year ended 31 December 2016 to 491 days for the
twelve months ended 31 December 2017 The decrease in the turnover
days of inventories was mainly due to the fact that the Group increased
its control over the efficiency of inventories in 2017
Trade Receivables
Trade receivables represent amounts due from customers in respect of
sales of goods in the ordinary course of business As at 31 December
2017 we had trade receivables of approximately RMB1315 million
(31 December 2016 RMB671 million) The change was mainly due to
an increase in sales by the Group to related parties and certain third
parties (such as customized catering products) at the end of 2017 The
turnover days of trade receivables increased slightly from 218 days for
the year ended 31 December 2016 to 220 days for the twelve months
ended 31 December 2017
Trade Payables
Trade payables are obligations to pay for goods or services that have
been acquired in the ordinary course of business from suppliers As at
31 December 2017 we had trade payables of approximately RMB1366
million (31 December 2016 RMB733 million) which was due to the
effects of low and peak seasons for production and sales and the
seasonal procurement cycle The turnover days of trade payables
increased from 312 days for the year ended 31 December 2016 to 370
days for the twelve months ended 31 December 2017頤海國際控股限公司 Yihai International Holding Ltd32
Management Discussion and Analysis
理層討論與分析
然負債
於2017年12月31日公司並無
然負債
資產押記
於2017年12月31日公司並無抵押
固定資產作為款擔保
貸
於2017年12月31日公司並無
銀行款
資負債率
於2017年12月31日公司資負
債率(5)為零
附註(5)： 資負債率總債務總權
益計算總債務界定為包括並非
於日常業務過程中產生計息負
債
匯率波動風險相關對沖
集團中國經營部分交易
民幣列值結算然集團持
干港元美元列值現金面臨
外匯匯兌風險集團並無對沖外匯風
險然集團將密切監控關情況
並於必時採取定措施確保外匯風
險處於控範圍
僱員薪酬政策
於2017年12月31日集團員工總
數為1919（含臨時工）中包括生
產體系員工1370營銷體系員工334
行政理相關職體系員工215

截2017年12月31日止十二個月
集團總員工成為民幣1838百萬
元包括薪金工資津貼福利
股票激勵計劃成
Contingent Liabilities
As at 31 December 2017 the Company did not have any contingent
liabilities
Charge of Assets
As at 31 December 2017 the Company did not charge any fixed assets
as securities for borrowings
Borrowings
As at 31 December 2017 the Company did not have any bank
borrowings
Debttoequity Ratio
As at 31 December 2017 the Company’s debttoequity(5) was zero
Note (5) Debttoequity ratio is calculated by dividing total debt by total
equity Total debt is defined as including interestbearing liabilities
which are not incurred during the routine process of business
Foreign Exchange Risk and Hedging
The Group mainly operates in the PRC with most of the transaction
denominated and settled in RMB However the Group has certain cash
denominated in HKD and USD which is exposed to foreign currency
exchange risks The Group has not hedged its foreign currency
exchange risks but will closely monitor the exposure and will take
measures when necessary to make sure the foreign exchange risks are
manageable
Employees and Remuneration Policy
As at 31 December 2017 the Group had a total of 1919 employees
(including temporary workers) comprising of 1370 staffs for
production 334 staffs for marketing and 215 staffs for administration
and management functions respectively
For the twelve months ended 31 December 2017 the Group’s incurred
total staff costs (including salaries wages allowance benefits and
equity incentive plan costs) of RMB1838 million2017 Annual Report 年 度 報 告 33
Management Discussion and Analysis
理層討論與分析
重收購出售事項
於2017年7月11日頤海（海）食品
限公司（「頤海海」）與新派（海）餐飲
理限公司（「新派海」）訂立投資合
作協議據頤海海與新派海於
中國成立合資公司從事加熱火鍋產
品生產銷售成立合資公司後頤
海海與新派海將於合資公司註冊
股中分別擁6040權益
新派海公司控股股東張勇先生
舒萍女士控制約6270股權新
派海為公司關連士
市規則言成立合資公司構成公
司關連交易
未來前景
行業業務展
2017年國民經濟總體保持穩發展態
勢消費升級觀念斷增強餐飲業企
穩中國調味品行業總體趨勢
集團將繼續通過內生增長外延發展
方式積極優化並沉銷售渠道加強終
端銷售力擴充產品組合開拓新
商業模式斷提高集團市場佔
率行業位
產品研發方面集團僅將繼續
現產品升級改良現品類補充擴
方面給予斷嘗試努力還將繼
續緊隨市場趨勢變化開發元化新
口味新概念產品擴現業務補充
樣化餐場景刺激並吸引更
消費群體
渠道建設方面經過2017年渠道梳理
擇優2018年集團將進步深耕
渠道建設拓展渠道滲透率持續拓
展第三方零售渠道基礎引入新零
售思路並時擴充第三方餐飲渠道
建設
Material Acquisitions and Disposals
On 11 July 2017 Yihai (Shanghai) Food Co Ltd* (頤海海食品限公
司) (Yihai Shanghai) and Xinpai (Shanghai) Catering Management Co
Ltd* (新派海食品理限公司) (Xinpai Shanghai) entered into the
Investment Cooperation Agreement pursuant to which Yihai Shanghai
and Xinpai Shanghai will form the Joint Venture in the PRC to engage in
the manufacture and sales of selfserving small hotpot products Upon
the formation of the Joint Venture Yihai Shanghai and Xinpai Shanghai
will be interested in 60 and 40 of the registered capital of the Joint
Venture respectively
Xinpai Shanghai is controlled as to approximately 6270 interest by
the controlling shareholders of the Company Mr Zhang Yong and
Ms Shu Ping and is therefore a connected person of the Company
Accordingly the formation of the Joint Venture constitutes a connected
transaction of the Company for the purpose of the Listing Rules
FUTURE PROSPECT
Industry and Business Outlook
In 2017 the national economy maintained steady development
in general The concept of consumption upgrade was constantly
strengthened and the catering industry remained stable The overall
trend of the PRC condiment industry was positive Through organic
growth and external development the Group will continue to optimize
and deepen sales channels actively enhance terminal sales capacity
expand the product mix and develop new business models so as
to constantly enhance the market share and industry position of the
Group
In terms of product research and development the Group will not only
continue to upgrade and improve existing products constantly try and
put efforts in supplementing and broadening existing product types
but also continue to develop diversified products of new tastes and
concepts expand the existing business supplement diversified dining
scenarios stimulate and attract more consumption groups by following
changes in market trend
In terms of the establishment of channels through the tidying and
cherrypicking of channels in 2017 in 2018 the Group will further put
efforts in the establishment of channels expand the penetration rate
of channels introduce new retail ideas and at the same time expand
the construction of catering channels for thirdparty manufacturers
on the basis of ongoing expansion of retail channels of thirdparty
manufacturers頤海國際控股限公司 Yihai International Holding Ltd34
Management Discussion and Analysis
理層討論與分析
產品終端營銷方面將進步提升貨架
優化理改良基礎貨架陳列增強試
吃促銷等靈活度效性深度挖掘
提振終端銷售力效率方式方法
重投資情況與前景
為舒緩日益增長產利率壓力
集團2017年採取三項措施
繼續河北霸州項目建設集
團霸州項目總投資預計民幣3億元
預計期工程將於2018年底竣工並投
產二期工程2020年竣工並預
期期工程將帶來35萬噸產霸州
生產基僅夠充分增加集團現
產還夠效擴充新產品生產
線從優化集團產品組合更
夠化升級集團倉儲設備該
項目位於華北中心區助於集團
更控理物流成截2017
年12月31日霸州生產基計劃
穩步推進中
二現四川成工廠內增設新生
產線成工廠新設生產線已經
2017年半年投產時為集團帶來
約3000噸新產效舒緩現時
生產壓力
三新簽訂安徽馬鞍山項目建設
集團2017年半年與安徽馬鞍山當
政府簽署租賃協議集團通過
租賃廠房內增設新生產線來實現新產
釋放從舒緩旺季對產急劇增
加需求於馬鞍山位於華東區
時助於集團更控理
物流成截2017年12月31日馬
鞍山生產基已開始試生產
未來重投資計劃
集團將繼續廣泛尋找潛策略性投
資機會持續尋求為集團產品研
發產品組合渠道擴張抑成控制
等方面帶來協效應潛優質標

In terms of terminal sales the Group will continue to further enhance
optimized shelf management improve the display of basic shelves
strengthen the flexibility and effectiveness of tasting events and
promotion and intensively explore the means and methods of
improving terminal sales capacity and efficiency
Material Investments and Prospect
In order to ease the increasing pressure from production capacity
utilization rate the Group mainly adopted three measures in 2017
Firstly continuing the construction of the Bazhou Project in Hebei The
total investment amount of the Group’s Bazhou Project is expected
to be RMB300 million Phase I is expected to be completed and put
into operation at the end of 2018 while Phase II is expected to be
completed and put into use in 2020 It is expected that Phase I will
provide a production capacity of 35000 tons The Bazhou Production
Base not only effectively increases the Group’s existing production
capacity but also optimizes the Group’s product portfolio by effectively
expanding the production lines for new products and it can maximise
the upgrade to the Group’s storage facilities The project is located
in the middle of Northern China which enables the Group to better
control and manage logistics costs As of 31 December 2017 the
construction of the Bazhou Production Base was still steadily carried
out as scheduled
Secondly a new production line was installed in the existing factory in
Chengdu Sichuan The new production line in the factory in Chengdu
was put into production in the first half of 2017 and timely provided
additional production capacity of approximately 3000 tons to the
Group which effectively eased the existing production pressure
Thirdly the new conclusion for construction of the Ma An Shan project
The Group entered into agreements with the local government of Ma
An Sha in Anhui The Group can install new production lines in the
factory to be leased in order to release new production capacity so as
to ease the pressure from sharp increase in the demand for production
capacity during peak seasons As Ma An Shan is in Eastern China it
also helps the Group better control and manage logistics costs As of
31 December 2017 the Maanshan Production Base has started trial
production
Future Plans for Material Investments
The Group will continue to extensively identify potential strategic
investment opportunities and continuously seek to acquire potential
highquality target businesses that create synergies for the Group
in relation to aspects including product research and development
product portfolio channel expansion or cost control2017 Annual Report 年 度 報 告 35
Profiles of Directors and Senior Management
董事高級理層簡介
EXECUTIVE DIRECTORS
Ms Dang Chunxiang (黨春香) aged 45 was appointed as an executive
Director the chief executive officer and general manager of the
Company on 7 March 2016 She has been a Director since December
2015 and is primarily responsible for the overall management of the
Company implementation of the decisions of the Board Ms Dang has
been the general manager of Yihai Shanghai since December 2015
Prior to this Ms Dang worked as a sales manager of Kebao Boloni
Home Furnishing Co Ltd (科寶博洛尼家居限公司) from August 1998
to April 2002 From May 2002 to September 2008 she joined Beijing
Yuanzhou Decoration Co Ltd (北京元洲裝飾限公司) as a manager
of the kitchen cabinet department and was later promoted to director of
the home furnishing management department Ms Dang was the vice
general manager of Huawei Leren (Beijing) Trading Co Ltd (華威樂仁
(北 京)貿 易 限 公 司) a company engaging in construction materials
trading from January 2009 to November 2010 Ms Dang then joined
Sichuan Haidilao and served as the head of the operations department
from January 2011 to December 2014 Ms Dang served as the head
of the operations department and a standing deputy general manager
of Yihai Shanghai from December 2014 to January 2015 and from
January 2015 to December 2015 respectively Ms Dang completed
her graduate study in business administration at Renmin University of
China (中國民學) in May 2010 and completed EMBA professional
programme at Guanghua School of Management in July 2017
Mr Sun Shengfeng (孫勝峰) aged 38 was appointed as an executive
Director and the chief financial officer on 7 March 2016 He is primarily
responsible for overseeing matters relating to the financial investment
and risk management of the Company including budgeting disclosure
and reporting Mr Sun has also served as the chief financial officer
of Yihai Shanghai since August 2015 Mr Sun served as the head of
finance in Xi’an Yinqiao Biotechnology Co Ltd (西安銀橋生物科技限
公司) from September 2003 to August 2007 He joined Sichuan Haidilao
in September 2007 and has held various positions successively he
worked as assistant to the chief financial officer from September 2007
to November 2011 the chief accountant from November 2011 to
December 2012 deputy head of the finance management department
from December 2012 to August 2013 and deputy head of the asset
management department from August 2013 to August 2015 Mr Sun
passed the selftaught higher education examination for undergraduate
study in business administration with Xi’an University of Technology
(西安理工學) and obtained a graduation certificate in June 2009 He
completed his graduate study in business administration at Tsinghua
University in September 2010 He was accredited as an accountant by
the Ministry of Finance of the People’s Republic of China (中華民
國財政部) in May 2005
執行董事
黨春香女士45歲於2016年3月7日
獲委為執行董事首席執行官兼總經
理彼2015年12月起為公司董事
負責公司整體運營理執行
董事會決定黨女士2015年12月
起擔頤海海總經理前
黨女士於1998年8月2002年4月擔
科寶博洛尼家居限公司銷售經理
於2002年5月 2008年9月 彼 加 入
北京元洲裝飾限公司擔櫥櫃部門經
理後獲擢升為家居理部門總監
於2009年1月 2010年11月 黨 女 士
為華威樂仁（北京）貿易限公司（家從
事建材貿易公司）副總經理黨女士
後加入四川海底撈並於2011年1月
2014年12月擔營運理部門部長
於2014年12月 2015年1月 2015年
1月2015年12月黨女士分別擔頤
海海營運理部門部長常務副總
經理黨女士於2010年5月中國民
學完成工商理專業研究生課程並
於2017年7月北光華理學院完成
高級工商理碩士專業課程
孫勝峰先生38歲於2016年3月7日
獲委為執行董事兼財務總監彼
負責監督與公司財務投資風險
理相關事宜包括財務預算信息披
露報告孫先生2015年8月起擔
頤海海財務總監於2003年9月
2007年8月孫先生擔西安銀橋生
物科技限公司財務彼於2007
年9月加入四川海底撈並先後擔個職
務 包 括 於2007年9月 2011年11月
擔財務總監助理於2011年11月
2012年12月擔總會計師於2012年
12月2013年8月擔財務理部門
副部長於2013年8月2015年8月
擔資產理部門副部長孫先生通過
西安理工學工商企業理科高等教
育學考試並於2009年6月取畢業證
書彼於2010年9月清華學完成工
商理專業研究生課程彼於2005年5
月獲中華民國財政部認為會計
師頤海國際控股限公司 Yihai International Holding Ltd36
Profiles of Directors and Senior Management
董事高級理層簡介
非執行董事
施永宏先生48歲於2016年3月7日
獲委為公司非執行董事並於2017年
11月14日獲委為公司董事長施
先生為海底撈集團創辦並於海
底撈集團積累逾21年食品行業理經
驗彼2015年12月起擔公司董
事負責參與作出公司重決
策施先生1994年4月起於四川海底
撈擔個職位施先生於1994年4月
2001年3月擔四川海底撈副總經
理後於2001年4月2009年6月擔
四川海底撈監事施先生2009年
7月起為四川海底撈董事施先生於
公司控股股東聯繫擔董事施先
生於1988年6月於四川空分技工學校完
成機械課程
張勇先生47歲於2016年3月7日獲
委為公司非執行董事張先生為海
底撈集團創辦並於海底撈集團
積累逾21年食品行業理經驗
2015年12月起擔公司董事負
責參與作出公司重決策張先生
於1994年4月2001年3月擔四川海
底撈總經理2001年4月2009年6
月張先生擔四川海底撈執行董事
兼總經理2009年7月起張先生擔
四川海底撈董事兼董事長張先生
於公司控股股東聯繫擔董事
高級理層成員張先生分別於2011年
10月2012年8月分別完成長江商學院
高級理員工商理碩士課程長江
商學院金融工商理碩士課程
NONEXECUTIVE DIRECTORS
Mr Shi Yonghong (施永宏) aged 48 was appointed as a non
executive Director of the Company on 7 March 2016 and was appointed
as the Chairman of the Company on 14 November 2017 Mr Shi is one
of the founders of the Haidilao Group and has over 21 years of food
industry and management experience within the Haidilao Group He
has been a Director since December 2015 and is primarily responsible
for participating in making major decisions for the Company Mr Shi
has held various positions at Sichuan Haidilao since April 1994 Mr Shi
was the vice general manager at Sichuan Haidilao between April 1994
and March 2001 before assuming the role of supervisor at Sichuan
Haidilao between April 2001 and June 2009 Since July 2009 Mr
Shi has been a director at Sichuan Haidilao Mr Shi also serves as
a director of associates of the Company’s Controlling Shareholders
Mr Shi completed his study in mechanics at Sichuan Kongfen Group
Technical School (四川空分技工學校) in June 1988
Mr Zhang Yong (張勇) aged 47 was appointed as a nonexecutive
Director on 7 March 2016 Mr Zhang is one of the founders of the
Haidilao Group and has over 21 years of food industry and management
experience within the Haidilao Group He has been a Director since
December 2015 and is primarily responsible for participating in making
major decisions for the Company Mr Zhang served as the general
manager of Sichuan Haidilao from April 1994 to March 2001 Between
April 2001 and June 2009 Mr Zhang served as both the executive
director and the general manager of Sichuan Haidilao Since July
2009 Mr Zhang has served as the director and chairman of Sichuan
Haidilao Mr Zhang also serves as a director and member of senior
management of associates of the Company’s Controlling Shareholders
Mr Zhang completed the executive master of business administration
program and completed the finance master of business administration
program from Cheung Kong Graduate School of Business (長江商學院)
in October 2011 and August 2012 respectively2017 Annual Report 年 度 報 告 37
Profiles of Directors and Senior Management
董事高級理層簡介
Mr Gou Yiqun (苟軼群) aged 45 was appointed as a nonexecutive
Director of the Company on 7 March 2016 Mr Gou was a Chairman
of the Company during the period from 7 March 2016 to 14 November
2017 Mr Gou has over 17 years of food industry and management
experience within the Haidilao Group He has been a Director
since October 2013 He is primarily responsible for formulating the
Company’s corporate and business strategies and participating in the
decision making for the Company’s strategic marketing projects and
other major decisions Mr Gou has also served as the chairman of
Yihai (China) since December 2013 Prior to this Mr Gou worked as
a teacher at Xi’an University of Finance and Economics (西 安 財 經 學
院) from July 1994 to January 2000 Mr Gou joined Haidilao Group
in January 2000 and has held various positions successively after
joining Haidilao Group Mr Gou was the financial officer of Sichuan
Haidilao from December 2001 to June 2009 and has held the position
of director of Sichuan Haidilao since July 2009 Between July 2009 and
December 2014 Mr Gou was also Sichuan Haidilao’s chief financial
officer and vice general manager Mr Gou also serves as a director
and member of senior management of associates of the Company’s
Controlling Shareholders Mr Gou completed his study in commodity
business at Shaanxi Commerce College (陝 西 商 業 專 科 學 校) in July
1993 He received an executive master of business administration
degree from Renmin University of China (中國民學) in June 2010
Mr Guo Yiqun has resigned from the post of nonexecutive Director
and a member of the remuneration committee with effect from 21
March 2018
Mr Pan Di (潘迪) aged 36 was appointed as a nonexecutive Director
on 7 March 2016 Mr Pan has been a Director since December
2015 and is primarily responsible for participating in making major
decisions for the Company Since January 2010 Mr Pan has served
at Greenwoods Private Equity Funds (景 林 股 權 投 資 基 金)now as
Managing Director He was an attorney with the securities department
of King & Wood Mallesons in Shanghai from January 2007 to
December 2009 Since September 2015 Mr Pan has been a director
at Handu Yishe Electronics and Commerce Group Holdings Company
Limited (韓衣舍電子商務集團股份限公司) (stock code 838711)
and since March 2016 he has been a director at Hangzhou Taofen8
Internet Technology Company Limited (杭州淘粉吧網絡技術股份限公
司) (stock code 834805) both being enterprises listed on the National
Equities Exchange And Quotations Co Ltd Mr Pan also serves as a
director of an associate of the Company’s Controlling Shareholders
Mr Pan obtained a bachelor’s degree in law from Fudan University
in July 2004 He passed the National Judicial Exam in the PRC in
February 2008
苟軼群先生45歲於2016年3月7日
獲委為公司非執行董事苟先生
於2016年3月7日 2017年11月14日
期間出公司董事長苟先生於海底
撈集團積累逾17年食品行業理經
驗彼2013年10月起擔公司董
事彼負責制定公司企業業
務策略參與作出公司策略營銷
計劃決策重決策前
苟先生於1994年7月2000年1月西
安財經學院擔教師苟先生於2000年
1月加入海底撈集團並於加入海底撈集
團後相繼擔個職務苟先生於2001
年12月2009年6月擔四川海底撈
財務負責並2009年7月起擔四
川海底撈董事於2009年7月2014
年12月苟先生為四川海底撈財務
總監兼副總經理苟先生於公司控
股股東聯繫擔董事高級理層成
員苟先生於1993年7月陝西商業專
科學校完成商品經營學習於2010年6
月取中國民學高級理員工商
理碩士學位苟軼群先生已辭非執
行董事薪酬委員會成員2018年3
月21日生效
潘迪先生36歲於2016年3月7日獲
委為非執行董事潘先生2015年12
月起擔公司董事並負責參與
作出公司重決策潘先生2010
年1月起加入景林股權投資基金現擔
董事總經理彼於2007年1月2009年
12月為海金杜律師事務證券部門
律師潘先生2015年9月起擔新三
板掛牌企業韓衣舍電子商務集團股份
限公司（股份代號：838711）董事並
2016年3月起擔新三板掛牌企業杭
州淘粉吧網絡技術股份限公司（股份代
號：834805）董事潘先生於公司控
股股東聯繫擔董事潘先生於2004
年7月取復旦學法律學士學位彼於
2008年2月通過中國國家司法考試頤海國際控股限公司 Yihai International Holding Ltd38
Profiles of Directors and Senior Management
董事高級理層簡介
獨立非執行董事
邱 家 賜 先 生60歲 於 二 零 六 年 六
月二十日獲委為公司獨立非執行董
事邱先生擁逾31年專業會計服務
經驗包括20年服務中國企業經驗彼
於二零五年九月安永會計師事務
退休前先後於香港倫北京
辦公室職從事會計與審計首
次公開發售公司重組專業服務於安
永會計師事務職期間邱先生於二
零零七年七月二零零九年六月期間
中華區專業標準技術部合夥
於二零零年七月二零四年六月期
間中國華北區審計服務合夥
於二零二年五月二零五年六月期
間中華區石油天然氣業務合
夥於二零三年七月二零五
年六月期間中華區源資源業審
計合夥邱先生二零六年十
月起中國蒙牛乳業限公司（股份代
號：2319）獨立非執行董事二零
六年十二月起中國電力國際發展
限公司（股份代號：2380）獨立非執行
董事兩家公司均香港聯合交易
限公司板市邱先生持香港理
工學院（現稱為香港理工學）公司秘書
行政理專業文憑並為美國註冊會
計師協會伊利諾伊州註冊會計師協會
香港會計師公會會員邱先生持
美國伊利諾伊州財政專業監部頒
發執業會計師執
錢明星先生55歲於2016年6月20日
獲委為公司獨立非執行董事彼
負責參與作出公司重決策
公司治提名董事董事高級
理層薪酬關事宜提供意見錢先生
1999年8月起直北京學法學院
擔教授錢先生於1986年8月1988
年8月期間1988年8月1993年8月
期間分別北京學法律系擔助教
講師於1993年8月1999年8月錢
先生擔北京學法學院副教授錢先
生分別於1983年7月1986年7月取
北京學法律學士學位法律碩士學
位錢先生於2001年6月取北京學
法律博士學位
INDEPENDENT NONEXECUTIVE DIRECTORS
Mr Yau Ka Chi (邱家賜) aged 60 was appointed as an independent
nonexecutive director of the Company on 20 June 2016 Mr Yau has
over 31 years of professional accounting experience including 20 years
in serving China enterprises He had worked for Ernst & Young for over
20 years in its Hong Kong Toronto and Beijing offices with primary
focus in providing professional services in accounting and audit initial
public offering and corporate restructuring before retiring in September
2015 During his professional career with Ernst & Young Mr Yau was
appointed as the Professional Practice Director of Greater China from
July 2007 to June 2009 the Assurance Leader for China North Region
from July 2010 to June 2014 the Oil & Gas Industry Leader of Greater
China from May 2012 to June 2015 and the Assurance Leader of the
Energy & Resources Markets Segment of Greater China from July
2013 to June 2015 Mr Yau is an independent nonexecutive director
of China Mengniu Dairy Company Limited (中 國 蒙 牛 乳 業 限 公 司)
(Stock code 2319) since October 2016 and China Power International
Development Limited (中國電力國際發展限公司) (Stock code 2380)
since December 2016 both companies listed on the main board of The
Stock Exchange of Hong Kong Limited Mr Yau holds a professional
diploma in company secretaryship and administration from the
Hong Kong Polytechnic (now known as the Hong Kong Polytechnic
University) and is a member of the American Institute of Certified Public
Accountants the Illinois Certified Public Accountants Society and the
Hong Kong Institute of Certified Public Accountants Mr Yau also holds
a certified public accountant license issued by the Illinois Department
of Financial and Professional Regulation the United States
Mr Qian Mingxing (錢明星) aged 55 was appointed as an independent
nonexecutive Director on 20 June 2016 He is primarily responsible for
participating in making major decisions for the Company and advising
on issues relating to corporate governance nomination of Directors
and remuneration of Directors and senior management Mr Qian has
been a professor at Peking University Law School (北京學法學院)
since August 1999 He worked as a teaching assistant and a lecturer of
the law department at Peking University from August 1986 to August
1988 and August 1988 to August 1993 respectively From August
1993 to August 1999 Mr Qian was an associate professor at Peking
University Law School Mr Qian obtained a bachelor’s degree in law
and a master’s degree in law from Peking University in July 1983 and
July 1986 respectively In June 2001 Mr Qian obtained a doctoral
degree of laws from Peking University2017 Annual Report 年 度 報 告 39
Profiles of Directors and Senior Management
董事高級理層簡介
Ms Ye Shujun (葉蜀君) aged 56 was appointed as an independent
nonexecutive Director on 20 June 2016 She is primarily responsible
for participating in making major decisions for the Company and
advising on issues relating to corporate governance remuneration of
Directors and senior management nomination of Directors and audit
Ms Ye has been an independent director of Beijing New Universal
Science and Technology Co Ltd (北京萬新元科技股份限公司)
(stock code 300472) since June 2011 and an independent director of
Anhui Guozhen Environment Protection Technology Joint Stock Co
Limited (安徽國禎環保節科技股份限公司) (stock code 300388)
since August 2016 both being companies listed on the Shenzhen
Stock Exchange (深 圳 證 券 交 易 ) Ms Ye has been serving as
independent director of Anhui Telit Science and Technology Co Ltd
(stock code831918) a company listed on National Equities Exchange
and Quotation System since July 2017 and as independent director
of Wuhu Fuchun Dye And Weave Co Ltd (stock code 870898) a
company listed on the New Third Board since November 2017 Ms Ye
also served as lecturer associate professor and professor successively
at the economic management college of Beijing Jiaotong University (北
京 交 通 學) since December 1994 Ms Ye completed a program in
international accounting and international tax at Xiamen University in
January 1990 Ms Ye then obtained a master’s degree in economics
from Tsinghua University in July 1994 She obtained a doctoral degree
in management from Beijing Jiaotong University in July 2007
SENIOR MANAGEMENT
Ms Dang Chunxiang (黨春香) an executive Director the chief executive
officer and general manager of the Company See —Board of
Directors—Executive Directors in this section for her biographical
details
Mr Sun Shengfeng (孫勝峰) an executive Director the chief financial
officer and joint company secretary of the Company See —Board
of Directors—Executive Directors in this section for his biographical
details
葉蜀君女士56歲於2016年6月20日
獲委為公司獨立非執行董事彼
負責參與作出公司重決策
公司治董事高級理層薪酬
提名董事審計關事宜提供意見葉
女 士 2011年6月 起 直 出 北 京 萬
新元科技股份限公司（股份代號：
300472）獨立董事2016年8月起
出安徽國禎環保節科技股份限公
司（股份代碼：300388）獨立董事兩
家公司均為深圳證券交易市公司
葉 女 士 2017年7月 起 擔 全 國 中
企業股份轉讓系統掛牌市企業安
徽天立泰科技股份限公司（股票代碼
831918）獨立董事2017年11月起
新三板掛牌企業蕪湖富春染織股份
限公司（股票代碼870898）獨立董事葉
女士1994年12月起教於北京交
通學經濟理學院先後職講師
副教授教授葉女士於1990年1月
廈門學完成國際會計與國際稅收班課
程葉女士後於1994年7月取清華
學經濟學碩士學位彼於2007年7月
取北京交通學理工程學博士學位
高級理層
黨春香女士公司執行董事首席執行
官兼總經理關履歷詳情請參閱
節「－董事會－執行董事」
孫勝峰先生公司執行董事財務總監
聯席公司秘書關履歷詳情請
參閱節「－董事會－執行董事」頤海國際控股限公司 Yihai International Holding Ltd40
Profiles of Directors and Senior Management
董事高級理層簡介
杜壯先生43歲2017年8月1日起
公司銷售總監於2016年3月7
日獲委為公司副總經理彼負
責制定區域銷售策略方案理銷售
團隊控制銷售預算開支杜先生
於快速消費品分部擁逾15年銷售營
銷經驗彼2015年1月起擔頤海
海市場營銷總監彼於2001年6月
2008年10月擔天津頂津食品限公司
連鎖科科長杜先生於2008年10月加入
四川海底撈並先後擔個職務包括
於2008年10月 2009年8月 擔 市 場
營銷經理於2009年8月2010年8月
擔銷售經理於2010年9月2011年
6月擔高級銷售經理於2011年6月
2014年11月杜先生擔蜀海（北京）
投資限公司（四川海底撈全資附屬公
司）營運理部副部長杜先生於1996
年7月於北京農學院完成畜牧業科課
程
徐 海 先 生44歲 2017年8月 獲 委
為客戶總監於2016年3月7日
公司銷售總監負責客戶銷
售產品理工作徐先生於快速消費
品分部擁逾9年銷售理經驗彼
2015年1月起擔頤海海銷售總
監徐先生後於2007年10月2009
年3月擔北京百事樂飲料限公司
銷售總監徐先生後於2011年4月
2013年6月擔天津塚飲料限公司
全國銷售總監徐先生於2013年6月
2014年12月擔蜀海（北京）投資
限公司（四川海底撈全資附屬公司）
銷售總監徐先生於2009年7月取東
北學工商理碩士學位
Mr Du Zhuang (杜壯) aged 43 has served as the sales director of the
Company since 1 August 2017 He was appointed as the general manager of
the Company on 7 March 2016 He is mainly responsible for the development
of regional sales strategies and solutions management of the sales team and
control of sales budget and expense Mr Du has over 15 years of sales
and marketing experience in the fastmoving consumer goods sector
He has been a marketing director of Yihai Shanghai since January
2015 He worked as the head of the chain store department of Tianjin
Dingjin Food Co Ltd (天 津 頂 津 食 品 限 公 司) from June 2001 to
October 2008 Mr Du joined Sichuan Haidilao in October 2008 and
held various positions successively including marketing manager from
October 2008 to August 2009 sales manager from August 2009 to
August 2010 and senior sales manager from September 2010 to June
2011 From June 2011 to November 2014 Mr Du served as a deputy
head of the operation department of Shuhai (Beijing) Investment Co
Ltd* (蜀海(北京)投資限公司) a wholly owned subsidiary of Sichuan
Haidilao Mr Du completed his study for undergraduate program in
husbandry at Beijing College of Agriculture (北京農學院) in July 1996
Mr Xu Hai (徐海) aged 44 was appointed as the key account director
in August 2017 He has been the sales director of the Company since
7 March 2016 mainly responsible for key account sales and product
management Mr Xu has over 9 years of sales and management
experience in the fastmoving consumer goods sector He has been a
sales director of Yihai Shanghai since January 2015 Mr Xu then served
as sales director of Beijing PepsiCola Beverage Co Ltd (北京百事
樂飲料限公司) from October 2007 to March 2009 Mr Xu then served
as a national sales director of China of Tianjin Otsuka Beverage Co
Ltd (天津塚飲料限公司) from April 2011 to June 2013 From June
2013 to December 2014 Mr Xu served as a sales director of Shuhai
(Beijing) Investment Co Ltd* (蜀 海(北 京)投 資 限 公 司) a wholly
owned subsidiary of Sichuan Haidilao Mr Xu obtained a master’s
degree in business management from Northeastern University (東北
學) in July 20092017 Annual Report 年 度 報 告 41
Profiles of Directors and Senior Management
董事高級理層簡介
INFORMATION OF NEWLY APPOINTED DIRECTOR
Ms Shu Ping ( 舒萍 ) aged 47 was appointed as an executive
Director on 21 March 2018 She has been the director of Sichuan
Haidilao Catering Corporation Ltd* (四 川 海 底 撈 餐 飲 股 份 限 公 司)
since November 2014 She has been the nonexecutive director of
Xinpai International Investment Limited* (新派國際投資限公司) (to be
renamed as Haidilao International Holdings Limited* (海底撈國際控股
限公司)) since July 2015 Ms Shu has completed the EMBA (China)
programme and the FMBA programme run jointly by Cheung Kong
Graduate School of Business London Business School Columbia
Business School Graduate School of International Corporate Strategy
of Hitotsubashi University European School of Management and
Technology International Institute for Management Development
in Switzerland in November 2015 and completed the EMBA
programme run jointly by Shanghai Jiao Tong University and Nanyang
Technological University in Singapore in July 2016
新委董事資料
舒萍女士47歲2018年3月21日起
公司執行董事舒女士2014年11
月擔四川海底撈餐飲股份限公
司董事2015年7月起擔新派國際
投資限公司（擬更名為海底撈國際控股
限公司）非執行董事舒女士於2015
年11月完成長江商學院倫敦商學院
哥倫亞商學院日橋學國際企
業戰略研究學院歐洲理技術學院
瑞士國際理發展學院聯合開設高
級理員中國企業工商理碩士課程
金融工商理碩士課程並於2016
年7月完成海交通學與新加坡南洋理
工學合作舉辦高級工商碩士理課
程頤海國際控股限公司 Yihai International Holding Ltd42
Corporate Governance Report
企業治報告
公司董事會提呈集團截2017年12
月31日止年度年報內載企業
治報告
公司企業治常規
集團致力達致高水準企業治務
求保障股東權益提高企業價值問責
性
公司已應市規則附錄十四載企
業治守則原則企業治報告
企業治守則訂明良企業治原則
兩個層面企業治常規：
(a) 守則條文期市發行遵守
偏離行為提供審慎考慮理

(b) 建議佳常規僅屬指引鼓勵
市發行遵守
公司企業治常規企業治守
則載原則守則條文為據
公司定期審閱遵守企業制守則情
況公司於截2017年12月31日止
年度內已遵守企業治守則守則條文
The Board of the Company presents this corporate governance report
in the Group’s annual report for the year ended 31 December 2017
CORPORATE GOVERNANCE PRACTICES OF THE COMPANY
The Group is committed to achieving high standards of corporate
governance to safeguard the interests of the Shareholders and to
enhance corporate value and accountability
The Company has applied the principles as set out in the Corporate
Governance Code and also the corporate governance report as
contained in Appendix 14 to the Listing Rules
The Corporate Governance Code sets out the principles of good
corporate governance and two levels of corporate governance
practices as follows
(a) code provisions which listed issuers are expected to comply with
or to give considered reasons for deviation and
(b) recommended best practices for guidance only which listed
issuers are encouraged to comply with
The Company’s corporate governance practices are based on the
principles and code provisions as set out in the Corporate Governance
Code
The Company regularly reviews its compliance with corporate
governance codes and the Company was in compliance with the code
provisions of the Corporate Governance Code during the year ended
31 December 20172017 Annual Report 年 度 報 告 43
Corporate Governance Report
企業治報告
A 董事會
1 責
董事會負責領導控制公司
負責統籌監督公司事
務進促公司達致成功
董事會審閱遵守法律法規
規定方面政策常規董事
會設董事委員會並該等
董事委員會轉授職權範
圍載列項責該等董事
會委員會職權範圍刊載
於聯交公司網站
全體董事已真誠據適法
律規例標準履行職責並
時刻為公司股東佳
利益行事
2 理層職授權
董事會負責制定公司重
決策包括：批准監督
集團政策整體策
略內部控制風險理系
統須予公佈交易關連交
易董事聯席公司秘書提
名重財務營運事
項
全體董事均全面適時獲
取相關資料獲聯席
公司秘書意見與服務確
保董事會程序適規則
規例均獲遵從董事權
於適當情況尋求獨立專業意
見關開支公司承擔
公司日常理行政營
運均已委派予高級理層
獲授權職會定期予檢
討訂立重交易前必須
取董事會批准
A THE BOARD
1 Responsibilities
The Board is responsible for the leadership and control of
the Company and is responsible for promoting the success
of the Company by directing and supervising its affairs The
Board also reviews the policies and practices on compliance
with legal and regulatory requirements The Board has
established Board committees and has delegated to these
Board committees’ various responsibilities as set out in their
respective terms of reference which are published on the
websites of the Stock Exchange and the Company
All of the Directors have carried out their duties in good faith
and in compliance with the standards of applicable laws
and regulations and have acted in the best interests of the
Company and its Shareholders at all times
2 Delegation of Management Function
The Board is responsible for making all major decisions of
the Company including the approval and monitoring of all
major policies of the Group and overall strategies internal
control and risk management systems notifiable and
connected transactions nomination of the Directors and
joint company secretaries and other significant financial and
operational matters
All of the Directors have full and timely access to all relevant
information as well as the advice and services of the joint
company secretaries with a view to ensuring that Board
procedures and all applicable rules and regulations are
followed Each Director is entitled to seek independent
professional advice in appropriate circumstances at the
Company’s expense
The daytoday management administration and operation
of the Company are delegated to the senior management
The delegated functions are periodically reviewed Approval
has to be obtained from the Board before any significant
transaction is entered into頤海國際控股限公司 Yihai International Holding Ltd44
Corporate Governance Report
企業治報告
3 董事會組成
2017年公司董事會
董事組成：
執行董事 黨春香女士
孫勝峰先生
非執行董事 施永宏先生
（席）
張勇先生
苟軼群先生
潘迪先生
獨立 邱家賜先生
非執行董事 錢明星先生
葉蜀君女士
董事名單（分類）根據市
規則於公司時公佈
公司通訊內予披露獨立非
執行董事根據市規則於
公司通訊內明確列出
招股章程年報披露者
外據公司知董事會成
員間概無財務業務家庭
重╱相關關係
於市日期2017年12月31
日止期間內董事會直遵守
市規則關規定委少
三名獨立非執行董事佔董事
會成員數少三分
中少名獨立非執行董
事須擁適當專業資格會計
相關財務理專長
3 Board Composition
The Board of the Company comprised the following
Directors throughout 2017
Executive Directors Ms Dang Chunxiang
Mr Sun Shengfeng
Nonexecutive Directors Mr Shi Yonghong (Chairman)
Mr Zhang Yong
Mr Gou Yiqun
Mr Pan Di
Independent Mr Yau Ka Chi
nonexecutive Mr Qian Mingxing
Directors Ms Ye Shujun
The list of the Directors (by category) is also disclosed in all
corporate communications issued by the Company from
time to time pursuant to the Listing Rules The independent
nonexecutive Directors are expressly identified in all
corporate communications pursuant to the Listing Rules
Save as disclosed in the Prospectus and in this annual
report to the best knowledge of the Company there are
no financial business family or other materialrelevant
relationships among members of the Board
During the period from the Listing Date to 31 December
2017 the Board at all times met the requirements of the
Listing Rules relating to the appointment of at least three
independent nonexecutive Directors representing at
least onethird of the Board and at least one independent
nonexecutive Director with appropriate professional
qualifications or accounting or related financial management
expertise2017 Annual Report 年 度 報 告 45
Corporate Governance Report
企業治報告
公司已收獨立非執行董
事根據市規則規定發出確
認身獨立性年度確認函
公司認為根據市規則
載獨立性規定獨立非
執行董事均屬獨立士
4 董事委重選免職
董事委重選免職程序
過程已載於組織章程細則
提名委員會職責包括
限於審閱董事會架構規模
組成評估獨立非執行董事
獨立性關委董事
事宜董事會提出建議
執行董事非執行董事已
與公司訂立服務合約據
彼等分別意擔執行董
事非執行董事（視情況
定）期2016年3月7日
起初步為期三年（根據組織
章程細則於需時重選）直
根據服務合約條款條件
終止中方方發
出少於個月事先書面通
知予終止獨立非執行董
事已與公司簽立委函並已
獲 委 期 2016年6月
20日起為期三年委
中方方發出少於
個月事先書面通知予終
止
根據組織章程細則全體董事
須少三年輪值告退次
董事會權時隨時委
新董事填補臨時空缺
加入董事會述方式
獲委董事期僅公司
屆股東週年會惟屆時
於股東週年會膺選連
The Company has received written annual confirmation
from each independent nonexecutive Director of his or her
independence pursuant to the requirements of the Listing
Rules The Company considers all the independent non
executive Directors to be independent in accordance with
the independence requirements set out in the Listing Rules
4 Appointment Reelection and Removal of Directors
The procedures and process of appointment reelection
and removal of the Directors are laid down in the Articles
of Association The primary duties of the Nomination
Committee include but are not limited to reviewing the
structure size and composition of the Board assessing the
independence of the independent nonexecutive Directors
and making recommendations to the Board on matters
relating to the appointment of the Directors
Each of the executive Directors and nonexecutive Directors
has entered into a service contract with the Company
pursuant to which each of them has agreed to act as an
executive Director or a nonexecutive Director (as the case
may be) for an initial term of three years from 7 March 2016
(subject to reelection as and when required under the
Articles of Association) until terminated in accordance with
the terms and conditions of the service contract or by either
party giving to the other not less than one month’s prior
notice in writing Each of the independent nonexecutive
Directors has signed a letter of appointment with the
Company and has been appointed for a term of three years
from 20 June 2016 The appointment may be terminated by
either party giving to the other not less than one month’s
prior notice in writing
In accordance with the Articles of Association all of the
Directors are subject to retirement by rotation at least once
every three years and the Board has power from time to
time and at any time to appoint any new Director to fill a
causal vacancy or as an addition to the Board Any Director
so appointed shall hold office until the next following annual
general meeting of the Company and shall then be eligible
for reelection at that meeting頤海國際控股限公司 Yihai International Holding Ltd46
Corporate Governance Report
企業治報告
5 董事導引持續發展
公司於名新委董事首次
獲委時作出正式全面
特設導引確保
解公司業務運作並
完全知悉於市規則
關監規例職責責

董事持續獲提供關法律規
制度業務市場環境
新發展資料協助彼等履
行職責公司專業顧問
已為董事安排持續性簡介專
業知識介紹
截 2017年12月31日 止 年
度名董事均已參加公
司安排培訓課程該等課程
內容關市公司市公司
董事持續性義務市公司
披露義務市規則修
訂
根據董事提供記錄董事於
截 2017年12月31日 止 年
度獲培訓概：
董事姓名 培訓*
黨春香女士 √
孫勝峰先生 √
施永宏先生 √
張勇先生 √
苟軼群先生 √
潘迪先生 √
邱家賜先生 √
錢明星先生 √
葉蜀君女士 √
* 名董事均已參加公司
安排培訓課程該等課程
內容關「董事職責董
事委員會角色職」
「風險理內部監控：環
境社會治報告」「企
業治：董事公司秘書
角色」「董事股東買
賣證券相關事宜述
培訓外董事已研讀
外部專業顧問「香港
規則監更新」提供資
料
5 Induction and Continuing Development for Directors
Each newly appointed Director receives formal
comprehensive and tailored induction on the first occasion
of his appointment so as to ensure that he or she
understands the business and operations of the Company
and that he or she is fully aware of his or her responsibilities
and obligations under the Listing Rules and other relevant
regulatory requirements
The Directors are continually provided with information
relating to the developments in the legal and regulatory
regime and the business and market environments to
facilitate the execution of their responsibilities Continuing
briefings and professional development for the Directors were
arranged by the Company and its professional advisers
During the year ended 31 December 2017 each Director
has attended training sessions arranged by the Company
regarding the continuing obligations of listed companies and
its directors disclosure obligations of listed companies and
update on the Listing Rules
According to records provided by the Directors a summary
of training received by the Directors for the year ended 31
December 2017 is as follows
Name of Director Training*
Ms Dang Chunxiang √
Mr Sun Shengfeng √
Mr Shi Yonghong √
Mr Zhang Yong √
Mr Gou Yiqun √
Mr Pan Di √
Mr Yau Ka Chi √
Mr Qian Mingxing √
Ms Ye Shujun √
* Each of the Directors has attended training sessions arranged
by the Company on Duties of Directors and Roles and
Functions of the Board Committees Risk Management
and Internal Control Environmental Social and Governance
Report Corporate Governance Role of Directors and
the Company Secretary and Directors and Substantial
Shareholders Trading Securities and Related Matters On top
of the abovementioned trainings each of the Directors has
also read materials prepared by external professional advisers
on Main Regulations in Hong Kong and Regulatory Update2017 Annual Report 年 度 報 告 47
Corporate Governance Report
企業治報告
6 董事會會議出席記錄
a 會議次數董事出席率
企業治守則守則條文
A11條規定年少
召開四次定期董事會會
議少季度召開
次數董事須積
極參與會議（無論親身
通過電子通信方式）
於 截 2017年12月31
日止年度內董事會已
召開六次會議審閱
批 准 截 2016年12
月31日止年度經審核
年度業績截2017年
6月30日止六個月未
經審核中期業績與關
連方成立合資公司持
續關連交易年度限修
訂等
6 Attendance Record of Board Meetings
a Number of Meetings and Directors’ Attendance
Code provision A11 of the Corporate Governance
Code prescribes that at least four regular Board
meetings should be held in each year at approximately
quarterly intervals with active participation of majority
of directors either in person or through electronic
means of communication
The Board met six times during the year ended 31
December 2017 for reviewing and approving the
audited annual results for the year ended 31 December
2016 unaudited interim results for the six months
ended 30 June 2017 and forming a joint venture with
a connected person amendment to the annual caps of
continuing connected transactions and others頤海國際控股限公司 Yihai International Holding Ltd48
Corporate Governance Report
企業治報告
於 截 2017年12月31
日止年度內公司
席與非執行董事（包括
獨立非執行董事）進行
次會議執行董事未
出席次會議
於 截 2017年12月31
日止年度公司分別
於2017年5月31日
2017年11月6日舉行兩
次股東會於述股
東會提交建
議股東決議案已通過投
票方式表決並獲
正式通過項決議案
表決情況載於公司
於股東會當日發佈
公告
於截2017年12月31日
止年度內董事出席
董事會會議公司
股東會記錄載列
：
Attendance
Number of
Board Meetings
Attendance
Number of
General Meetings
Name of Director 董事姓名
出席次數╱
董事會會議次數
出席次數╱
股東會次數

Ms Dang Chunxiang 黨春香女士 66 22
Mr Sun Shengfeng 孫勝峰先生 66 22
Mr Shi Yonghong 施永宏先生 66 12
Mr Zhang Yong 張勇先生 66 12
Mr Gou Yiqun 苟軼群先生 66 12
Mr Pan Di 潘迪先生 66 22
Mr Yau Ka Chi 邱家賜先生 66 22
Mr Qian Mingxing 錢明星先生 66 22
Ms Ye Shujun 葉蜀君女士 66 22
於 截 2017年12月31
日止年度內公司並
無舉行股東
會
The chairman of the Company held meeting with the
nonexecutive Directors (including independent non
executive Directors) once during the year ended
31 December 2017 without the executive Directors
present
The Company held two general meetings on 31 May
2017 and 6 November 2017 respectively during
the year ended 31 December 2017 All proposed
Shareholders’ resolutions put to the above general
meetings were resolved by poll vote and were duly
passed The vote tally of each such resolution was set
out in the Company’s announcements released on the
day of the general meetings
The attendance records of each Director at the Board
meetings and general meeting of the Company during
the year ended 31 December 2017 are set out below
The Company has not held any other general meetings
during the year ended 31 December 20172017 Annual Report 年 度 報 告 49
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b 會議常規指引
年度會議時間表次
會議草擬議程會事先
董事提供
定期董事會會議通知均
少提前14日送交
董事董事會
委員會會議言
般情況將給予合理通
知
董事會會議材料連
適當完整資
料於次董事會會議
委員會會議前少提前
三日寄發予董事
便董事解公司
新發展動態財務狀況
董事知情情況
作出決定
於需時董事
單獨獨立聯絡公
司高級理層
b Practices and Conduct of Meetings
Annual meeting schedules and draft agenda of each
meeting are made available to the Directors in advance
Notices of regular Board meetings are served to all
of the Directors at least 14 days before the meetings
For other Board and committee meetings reasonable
notices were generally given
Board papers together with all appropriate complete
and reliable information were sent to all of the Directors
at least three days before each Board meeting or
committee meeting to keep the Directors apprised
of the latest developments and financial position of
the Company and to enable them to make informed
decisions
Each Director also had separate and independent
access to the senior management of the Company
whenever necessary頤海國際控股限公司 Yihai International Holding Ltd50
Corporate Governance Report
企業治報告
公司高級理層出席
定期董事會會議並
於需時出席董事
會委員會會議
公司業務發展財務
會計事項法律法
規合規事宜企業治
重事項提供意
見
聯席公司秘書負責記錄
董事會會議委員
會會議並保存關記
錄記錄草稿般於
次會議後合理時間內
交予董事傳閱便提
出意見定稿供董事
隨時查閱
組 織 章 程 細 則 載 規
定求關董事於批
准彼等聯繫
士擁重利益交易
時放棄投票計入會
議法定數
B 席行政總裁
企業治守則守則條文A21條訂
明席行政總裁職位應予區
分並應兼
施永宏先生2017年11月14日起
獲委為公司董事長負責制定
集團企業業務策略參與
作出集團策略行銷計劃決策
重決策前苟軼群先生
為公司董事長
黨春香女士為公司首席執行
官負責集團整體理執行
董事會決定
The senior management of the Company attend all
regular Board meetings and where necessary other
Board and committee meetings to advise on business
developments financial and accounting matters
statutory and regulatory compliance corporate
governance and other major aspects of the Company
The joint company secretaries are responsible for
taking and keeping minutes of all Board meetings
and committee meetings Draft minutes are normally
circulated to the Directors for comment within a
reasonable time after each meeting and the final
version is open for the Directors’ inspection
The Articles of Association contain provisions requiring
the Directors to abstain from voting and not to be
counted in the quorum at meetings for approving
transactions in which such Directors or any of their
associates have a material interest
B CHAIRMAN AND CHIEF EXECUTIVE
Code provision A21 of the Corporate Governance Code
stipulates that the roles of chairman and chief executive should be
separate and should not be performed by the same individual
Mr Shi Yonghong has been appointed as the chairman of
the Company since 14 November 2017 and is responsible for
formulating the Group’s corporate and business strategies
and participating in making decisions for the Group’s strategic
marketing projects and other major decisions Prior to that Mr
Gou Yiqun was the chairman of the Company
Ms Dang Chunxiang is the chief executive officer of the Company
and is responsible for the overall management of the Group
implementation of the decisions of the Board2017 Annual Report 年 度 報 告 51
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為方便董事會時討論重
合適事項公司董事會席與
公司高級理層合作全體董
事提供充足完整資料
供考慮審閱
C 董事委員會
董事會已成立三個委員會審計
委員會薪酬委員會提名委員
會監察公司特定事務三個
委員會均訂明確書面職權範圍
該等職權範圍於聯交公司
網站供查閱
審計委員會薪酬委員會提名委
員會成員數為獨立非執行董
事
董事委員會擁充足資源履行彼等
職責並於提出合理求時適
當情況尋求獨立專業意見費
公司承擔
1 審計委員會
們已市規則第321
條 企 業 治 守 則 第C3
D3段成立具職權範圍審計
委員會審計委員會三名董
事組成獨立非執行董事邱
家賜先生葉蜀君女士非
執行董事施永宏先生審計委
員會席為邱家賜先生
持市規則第310(2)
321條項規定適當專業資
格
To facilitate discussion of all key and appropriate issues by the
Board in a timely manner the chairman of the Company co
ordinates with the senior management of the Company to provide
adequate complete and reliable information to all of the Directors
for consideration and review
C BOARD COMMITTEES
The Board has established three committees namely the Audit
Committee the Remuneration Committee and the Nomination
Committee for overseeing particular aspects of the Company’s
affairs All of these three committees are established with defined
written terms of reference which are available at the websites of
the Stock Exchange and the Company
The majority of the members of the Audit Committee the
Remuneration Committee and the Nomination Committee are
independent nonexecutive Directors
The Board committees are provided with sufficient resources
to discharge their duties and upon reasonable request are
able to seek independent professional advice in appropriate
circumstances at the Company’s expense
1 Audit Committee
We have established the Audit Committee with terms
of reference in compliance with Rule 321 of the Listing
Rules as well as paragraphs C3 and D3 of the Corporate
Governance Code The Audit Committee consists of three
Directors namely the independent nonexecutive Directors
Mr Yau Ka Chi and Ms Ye Shujun and the nonexecutive
Director Mr Shi Yonghong The chairman of the Audit
Committee is Mr Yau Ka Chi who holds the appropriate
professional qualifications as required under Rules 310(2)
and 321 of the Listing Rules頤海國際控股限公司 Yihai International Holding Ltd52
Corporate Governance Report
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審計委員會年進行少兩次
會議審計委員會職責
包括（限於）方面協
助董事會：(i)檢討監控外聘
核數師與集團間關係
尤外聘核數師獨立性
客觀性效性(ii)集團
財務報告過程內部控制
合規風險理制度效性
提供獨立意見(iii)監察審核
過程履行董事會指派
職務與職責(iv)制訂檢
討公司企業治政策常
規法律法規求
市規則求合規情況(v)
審閱公司財務資料確保遵
守會計標準檢討核數出
現重調整(vi)制訂
檢討監控適於公司僱員
董事行為守則
於 截 2017年12月31日 止
年度內審計委員會已舉行三
次會議工作涉
項：
‧ 審 閱 截 2016年12月
31日止年度經審核年
度業績財務報告
‧ 審閱截2017年6月30
日止六個月未經審核
中期業績財務報告
‧ 審閱財務申報合規程
序
‧ 審閱企業治政策常
規
‧ 審閱遵守市規則附錄
十四載企業治守則
企業治報告披露
規定
The Audit Committee meets at least twice a year The
primary duties of the Audit Committee include but are
not limited to assisting the Board by (i) reviewing and
monitoring the relationship of the external auditor and
the Group particularly the independence and objectivity
and effectiveness of the external auditor (ii) providing
an independent view of the effectiveness of the financial
reporting process internal control compliance and risk
management systems of the Group (iii) overseeing the audit
process and performing other duties and responsibilities as
assigned by the Board (iv) developing and reviewing the
Company’s policies and practices on corporate governance
compliance with legal and regulatory requirements
and requirements under the Listing Rules (v) reviewing
the financial information of the Company and ensuring
compliance with accounting standards and reviewing
significant adjustments resulting from audit and (vi)
developing reviewing and monitoring the code of conduct
applicable to the Company’s employees and Directors
The Audit Committee held three meetings during the year
ended 31 December 2017 and its main work involved the
following
• reviewing the audited annual results and financial
report for the year ended 31 December 2016
• reviewing the unaudited interim results and financial
report for the six months ended 30 June 2017
• reviewing the financial reporting and the compliance
procedures
• reviewing the policies and practices on corporate
governance
• reviewing the compliance with the Corporate
Governance Code and the disclosure requirements
in the corporate governance report as contained in
Appendix 14 to the Listing Rules2017 Annual Report 年 度 報 告 53
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‧ 審閱僱員董事操守準
則合規手冊財務
運作合規監控
‧ 審閱風險理內部控
制系統
‧ 審閱風控審計審計部
內部審計工作
‧ 審閱外聘核數師工作
截 2017年12月31日 止 年
度審計委員會與公司核
數師進行次關為公司提
供核數服務會議公司
理層未出席次會議
審計委員會會議出席記錄載
列：
Attendance
Number of
Meeting(s)
Name of Committee Member 委員會成員姓名
出席次數╱
會議次數

Mr Yau Ka Chi 邱家賜先生 33
Mr Shi Yonghong 施永宏先生 33
Ms Ye Shujun 葉蜀君女士 33
公 司 截 2017年12月31
日止年度年度業績已審
計委員會於2018年3月19日
審閱審計委員會認為截
2017年12月31日 止 年 度
年度財務業績符合關會計標
準規則規定並已正式作
出適當披露
• reviewing the code of conduct and the compliance
manuals for employees and the Directors the financial
operational and compliance monitoring
• reviewing the risk management and internal control
systems
• reviewing the internal audit work of the risk management
and internal audit department and
• reviewing the work of the external auditor
The Audit Committee had met with the auditor of the
Company in the absence of management of the Company
once in relation to the provision of audit service to the
Company for the year ended 31 December 2017
The attendance records of the Audit Committee Meetings
are set out below
The Company’s annual results for the year ended 31
December 2017 have been reviewed by the Audit Committee
on 19 March 2018 The Audit Committee considers that the
annual financial results for the year ended 31 December
2017 are in compliance with the relevant accounting
standards rules and regulations and appropriate disclosures
have been duly made頤海國際控股限公司 Yihai International Holding Ltd54
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2 薪酬委員會
公司已企業治守則第
B1段成立具職權範圍薪酬
委員會薪酬委員會三名董
事組成獨立非執行董事葉
蜀君女士錢明星先生非
執行董事苟軼群先生葉蜀君
女士擔薪酬委員會席
薪酬委員會年進行少次
會議薪酬委員會職責
包括（限於）列項：(i)
全體董事高級理層薪
酬政策架構制定薪酬
政策正規透明度程序董
事會提出建議(ii)應董事會
訂立企業方針目標檢討
批准高級理層薪酬建議
(iii)個別董事高級理
層薪酬遇董事會提出建
議
於 截 2017年12月31日 止
年度內薪酬委員會已舉行
次會議檢討公司薪酬
政策架構考慮公司
董事高級理層薪酬遇
並董事會提出建議
薪酬委員會會議出席記錄載
列：
Attendance
Number of
Meeting(s)
Name of Committee Member 委員會成員姓名
出席次數╱
會議次數

Ms Ye Shujun 葉蜀君女士 1
Mr Gou Yiqun 苟軼群先生 1
Mr Qian Mingxing 錢明星先生 1
董事酬金詳情載列於財務報表
附註35外應付公司
高級理層（無兼董事）於截
2017年12月31日 止 年 度
薪酬等級載列於年報中
「企業治報告－D 高級理
層薪酬」節
2 Remuneration Committee
The Company has established the Remuneration Committee
with terms of reference in compliance with paragraph B1
of the Corporate Governance Code The Remuneration
Committee consists of three Directors namely the
independent nonexecutive Directors Ms Ye Shujun and
Mr Qian Mingxing and the nonexecutive Director Mr
Gou Yiqun Ms Ye Shujun serves as the chairman of the
Remuneration Committee
The Remuneration Committee meets at least once a
year The primary duties of the Remuneration Committee
include but are not limited to the following (i) making
recommendations to the Board on the Company’s policy
and structure for remuneration of all the Directors and senior
management and on the establishment of a formal and
transparent procedure for developing remuneration policy (ii)
reviewing and approving senior management’s remuneration
proposals with reference to the Board corporate goals and
objectives and (iii) making recommendations to the Board
on the remuneration packages of individual Directors and
senior management
The Remuneration Committee held one meeting during the
year ended 31 December 2017 to review the remuneration
policy and structure of the Company and consider and
make recommendation to the Board on the remuneration
packages of the Directors and the senior management of the
Company
The attendance records of the Remuneration Committee
Meetings are set out below
Details of the Directors’ remuneration are set out in note 35
to the Financial Statements In addition the remuneration
payable to the senior management of the Company
(who are not the Directors) by band for the year ended
31 December 2017 are set out in the section headed
Corporate Governance Report–D Remuneration of Senior
Management of this annual report2017 Annual Report 年 度 報 告 55
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3 提名委員會
公司已企業治守則第
A5段成立具職權範圍提名
委員會提名委員會三名董
事組成非執行董事施永宏
先生獨立非執行董事葉蜀
君女士錢明星先生施永宏
先生擔提名委員會席
於2017年11月14日苟軼群
先生辭提名委員會席
施永宏先生獲委為提名委員
會席
提名委員會年進行少次
會議提名委員會職責
包括（限於）(i)審閱董事會
架構規模組成(ii)評估
獨立非執行董事獨立性
(iii)關委董事事宜
董事會提出建議
於截2017年12月31日 止
年度內提名委員會已召開兩
次會議檢討董事會架
構規模組成成員元化
（包括技知識經驗性
別年齡文化教育背景
種族專業經驗服務期方
面）從確保董事會成員
專業知識技經驗方面
均衡配合公司業務
需審閱董事高級理員
培訓持續專業發展並評
核獨立非執行董事獨立性
3 Nomination Committee
The Company has established the Nomination Committee
with terms of reference in compliance with paragraph
A5 of the Corporate Governance Code The Nomination
Committee consists of three Directors namely the non
executive Director Mr Shi Yonghong and the independent
nonexecutive Directors Ms Ye Shujun and Mr Qian
Mingxing Mr Shi Yonghong serves as the chairman of
the Nomination Committee Mr Gou Yiqun has stepped
down as chairman of the Nomination Committee and Mr
Shi Yonghong has been appointed as chairman of the
Nomination Committee on 14 November 2017
The Nomination Committee meets at least once a year
The primary duties of the Nomination Committee include
but are not limited to (i) reviewing the structure size and
composition of the Board (ii) assessing the independence
of the independent nonexecutive Directors and (iii) making
recommendations to the Board on matters relating to the
appointment of Directors
The Nomination Committee held two meetings during the
year ended 31 December 2017 to review the structure size
composition and diversity (including the skills knowledge
experience gender age cultural and educational
background ethnicity professional experience and length
of service) of the Board to ensure that the Board has a
balance of expertise skills and experience appropriate for
the requirements of the business of the Company to review
the training and continuous professional development of
the Directors and senior management and to assess the
independence of the independent nonexecutive Directors頤海國際控股限公司 Yihai International Holding Ltd56
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提名委員會會議出席記錄載
列：
Attendance
Number of
Meeting(s)
Name of Committee Member 委員會成員姓名
出席次數╱
會議次數

Mr Gou Yiqun 苟軼群先生 22
Ms Ye Shujun 葉蜀君女士 22
Mr Qian Mingxing 錢明星先生 22
董事會出現空缺提名委員
會將參提名選技經
驗專業知識個誠信時
間付出公司需
相關法定規定規例啟動甄
選程序
The attendance records of the Nomination Committee
Meetings are set out below
Where vacancies on the Board arise the Nomination
Committee will carry out the selection process by making
reference to the skills experience professional knowledge
personal integrity and time commitments of the proposed
candidates the Company’s needs and other relevant
statutory requirements and regulations2017 Annual Report 年 度 報 告 57
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企業治報告
於市日期前通過採納董事會成員
元化政策們已考慮董事會組成
元化包括公司業務發展求
效領導適技與經驗必衡
全體執行非執行董事均擁豐富
元化理經驗廣泛行業經驗三
名獨立非執行董事分別具備理財
務會計法律專業知識並分別商
務諮詢理方面擁廣泛豐富經
驗董事會成員元化政策概載列
：
目： 董事會成員元化
政策旨訂明實現
董事會成員元化
方 法 董 事
會符合企業治守
則
董事會成員元化 公司視董事會層
政策聲明： 面日益元化為
支持達策略目
標持續發展
必 元 素 於 設 計
董 事 會 組 成 時
公司已從方面
（包 括 限 於 性
別 年 齡 文 化
教 育 背 景 種 族
專 業 經 驗 技
知識服務期）
考慮董事會成員
元 化 董 事 會
成員命將精
英 制 度 定 候
選將目標準
則 並 適 當 顧 董
事會成員元化
裨益予考慮
Prior to the Listing Date the composition and diversity of the Board
were considered by adopting the Board Diversity Policy including
the necessary balance of skills and experience appropriate for the
requirements of the business development of the Company and for
effective leadership All the executive and nonexecutive Directors
possess extensive and diversified experience in management and
broad industrial experience The three Independent Nonexecutive
Directors possess professional knowledge in management finance
accountancy and legal respectively with broad and extensive
experience in business advisory and management respectively A
summary of the Board Diversity Policy is set out below
Purpose The Board Diversity Policy aims to
set out the approach to achieve
diversity of the Board and enable
the Board to comply with the
Corporate Governance Code
Board Diversity
Policy statement
The Company considers increasing
diversity at the Board level as an
essential element in supporting the
attainment of its strategic objectives
and its sustainable development In
designing the Board’s composition
Board diversity has been considered
from a number of aspects including
but not limited to gender age
cultural and educational background
ethnicity professional experience
skills knowledge and length of
service All Board appointments
will be based on meritocracy and
candidates will be considered against
objective criteria having due regard
for the benefits of diversity on the
Board頤海國際控股限公司 Yihai International Holding Ltd58
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計量目標： 候選篩選將基
於 個 方 面（包 括
限 於 性 別 年
齡 文 化 教 育 背
景 種 族 專 業 經
驗 技 知 識
服務期）終
決定將基於獲選
候選為董事會
帶來價值貢獻
定
於檢討董事會架構數組成
元化時提名委員會已考慮董事會成
員元化政策載計量目標提名
委員會認為董事會成員元化水
董事知識經驗技言屬合
適然提名委員會將繼續遵守董事
會成員元化政策董事會成員元
化政策載目標準則考慮潛候選
令董事會成員日益元化
Measurable Objectives Selection of candidates will be
based on a range of diversity
perspectives including but not
limited to gender age cultural and
educational background ethnicity
professional experience skills
knowledge and length of service
The ultimate decision will be based
on merit and contribution that the
selected candidates will bring to
the Board
In reviewing the structure size composition and diversity of the Board
the Nomination Committee has taken into account the measurable
objectives as set out in the Board Diversity Policy The Nomination
Committee is of the view that the diversity level of the Board is
appropriate in terms of knowledge experience and skills of the
directors However the Nomination Committee will continue to observe
the Board Diversity Policy and consider potential candidates against
the objective criteria set out in the Board Diversity Policy in order to
achieve increasing diversity at the Board level2017 Annual Report 年 度 報 告 59
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企業治報告
D 高級理層薪酬
應付公司高級理層（無兼董
事）薪酬等級圖列示：
2017 2016
2017年 2016年
(members
of senior
management
of the Company)
(members
of senior
management
of the Company)
(RMB)
（民幣）
（公司高級
理層成員）
（公司高級
理層成員）

11000000 2 2

E 證券交易標準守則
公司已採納標準守則公司已
董事作出具體查詢董事
均已確認彼等已於截2017年12
月31日止年度內直遵守標準守
則
掌握公司內幕消息公司
僱員已遵守證券交易標準守
則 截 2017年12月31日 止 年
度公司並無注意出現公司
僱員遵守標準守則事件
D REMUNERATION OF SENIOR MANAGEMENT
The remuneration payable to the senior management of the
Company (who are not the Directors) is shown in the following
table by band
E MODEL CODE FOR SECURITIES TRANSACTIONS
The Company has adopted the Model Code Specific enquiries
have been made to all the Directors and the Directors have
confirmed that they have complied with the Model Code during
the year ended 31 December 2017
The Company’s employees who are likely to be in possession
of inside information of the Company have also been subject to
the Model Code for securities transactions No incident of non
compliance of the Model Code by the Company’s employees was
noted by the Company during the year ended 31 December 2017頤海國際控股限公司 Yihai International Holding Ltd60
Corporate Governance Report
企業治報告
F 董事進行財務申報責
董事確認彼等編製公司截2017
年12月31日止年度財務報表責

董事會負責對年度中期報告內
幕消息公佈市規則監
求規定財務披露作出
衡清晰理解評估
公司高級理層已需時董
事會提供該等解釋資料便董
事會對公司財務資料狀況作出
知情評估提呈該等資料予董事
會批准
G 外聘核數師核數師酬金
根據2017年股東會決議案
公司已重新委聘羅兵咸永道會計師
事務作為根據國際財務報告準則
編製財務報表核數師
公司外聘核數師財務報表申
報責作出聲明載於年報「獨立
核數師報告」節
公司將邀請外聘核數師出席股東
週年會回答關審核工作核
數師報告編製內容核數師
獨立性等問題
截2017年12月31日止年度
公司截2017年12月31日止年
度獲提供審核服務公司外聘
核數師支付╱應支付酬金為民
幣21百萬元
F DIRECTORS’ RESPONSIBILITIES FOR FINANCIAL
REPORTING
The Directors acknowledge their responsibility for preparing
the financial statements of the Company for the year ended 31
December 2017
The Board is responsible for presenting a balanced clear and
understandable assessment of annual and interim reports inside
information announcements and other financial disclosures
required by the Listing Rules and other regulatory requirements
The senior management of the Company has provided such
explanation and information to the Board as necessary to enable
the Board to carry out an informed assessment of the financial
information and position of the Company in order to put forward
such information to the Board for approval
G EXTERNAL AUDITOR AND AUDITOR REMUNERATION
Pursuant to the resolution of the 2017 Shareholders’ general
meeting PricewaterhouseCoopers was reappointed by the
Company as the auditor of financial statements prepared under
International Financial Reporting Standards
The statement of the external auditor of the Company about their
reporting responsibilities for the financial statements is set out
under the section headed Independent Auditor’s Report in this
annual report
The external auditor of the Company will be invited to attend the
annual general meeting to answer questions about the conduct of
the audit the preparation and content of the auditor’s report and
auditor’s independence
During the year ended 31 December 2017 the remuneration paid
payable to the external auditor of the Company for the provision
of audit services for the year ended 31 December 2017 amounted
to RMB21 million 2017 Annual Report 年 度 報 告 61
Corporate Governance Report
企業治報告
於 截 2017年12月31日 止 年 度
內截2017年12月31日止年
度非審核服務公司外聘核數
師支付╱應支付酬金為民幣03
百萬元該等非審核服務性質為
諮詢服務
H 風險理內部控制
公司董事會負責建立維持與集團
戰略目標相匹配健全效風
險理內部監控系統集團建
立風險理內部監控系統旨
保障集團股東利益確保集團遵
守相關法律法規效識別理
影響公司戰略目標實現重風
險保護集團資產安全保證恰
當合規會計記錄財務報告
公司董事會負責評估集團達成戰
略目標時願意接納風險性質
程度並確保集團設立維持合適
效風險理內部監控系
統時負責監督集團理層對
風險理內部監控系統維護
實施與監察
公司董事會定期（少年次）收
集團理層關於集團財務
運作合規監控內部監控
風險理建立審閱評估報
告重風險均會董事會
匯報董事會對相應風險應對
計劃做出評估集團會審核
會計內部監控財務匯報職方
面資源員工資歷經驗否足
夠培訓課程關預算否
充足
During the year ended 31 December 2017 the remuneration paid
payable to the external auditor of the Company in respect of non
audit services for the year ended 31 December 2017 amounted
to RMB03 million The nature of such nonaudit services is to
provide advisory services
H RISK MANAGEMENT AND INTERNAL CONTROLS
The Board of Directors is responsible for the establishment
and maintenance of sound and effective risk management and
internal control systems that are in line with the strategic objective
of the Group The Group established risk management and
internal control systems to protect the interests of the Group and
shareholders ensure the Group is in compliance with relevant
laws and regulations effectively identify and manage significant
risks in achieving its strategic objectives protect the safety
of the Group’s assets and ensure the maintenance of proper
compliance accounting records and financial reports
The Board of Directors is responsible for evaluating the nature
and extent of the risks the Group is willing to take in achieving
strategic objectives and ensuring that the Group establishes
and maintains appropriate and effective risk management and
internal control systems as well as overseeing management of the
Group in the design implementation and monitoring of the risk
management and internal control systems
The Board periodically receives (at least once a year) reports from
the Group’s management regarding financial operational and
compliance controls as well as the establishment review and
assessment of the internal control and risk management functions
of the Group All significant risks are reported to the Board The
Board will also evaluate the corresponding risks and the response
plan The Group would review among other things adequacy of
resources staff’s qualifications and experience training programs
and budget of our accounting internal control and financial
reporting functions頤海國際控股限公司 Yihai International Holding Ltd62
Corporate Governance Report
企業治報告
集團理層董事會授權負責集
團風險理工作內部監控組織
實施負責制定風險理內部
監控制度規範集團實施風險理
內部監控組織機構授權責
流程方法負責持續監督集
團風險理內部監控工作並
定期審計委員會並董事會
報告集團風險理內控建設情況
集團風控審計部協助董事會審計
委員會對集團風險理與內部
監控系統否足夠效性進
行分析獨立評估風控審計部採
風險控制為審核方法
風控審計部全年工作計劃涵蓋
集團營運業務服務單位項
工作過程並理層
求進行特別檢討審核工作
結果會交予審計委員會風控審計
部集團內部監控否足夠
效董事會審計委員會公司
理層提供獨立保證
風險理方面集團選美國
COSO委員會制定企業風險理
框 架 並 ISO 31000：2009標
準風險理－原則與指南作為重
參考形成套設計實施監
控評審持續改進風險理體
系集團理層根據戰略制定風
險理總體目標策略識別分
析評估公司綜合風險重點
重決策重事件重業務流
程方面負責審查批准對重
風險應對方案時蹤與定期
回顧已識別風險應對方案實施情
況確保公司類重風險
足夠關注監控與應對風險
理報告定期董事會呈交
The Group’s management is authorized by the Board to be in
charge with the organization and implementation of the risk
management and internal control of the Group and be responsible
for establishing the risk management and internal control systems
standardizing the organization authorization responsibilities
procedures and methods of the risk management and internal
control systems and also responsible for ongoing monitoring of
the risk management and internal control systems of the Group
and makes periodic reports to the Board regarding the status of
the risk management and internal control systems of the Group
The risk management and internal audit department of the Group
assists the Board and the Audit Committee in their analysis and
independent appraisal of the adequacy and effectiveness of
the Group’s risk management and internal control systems The
risk management and internal audit department adopts an audit
approach based on risk and control The annual work plan of the
risk management and internal audit department covers the major
activities and processes of the Group’s operations businesses
and service units Special reviews are also performed at the
management’s request The results of these audit activities are
communicated to the Audit Committee The risk management and
internal audit department provides independent assurance to the
Board the Audit Committee and the management of the Company
as to whether the Group’s internal controls are adequate and
effective
With respect to risk management the Group has chosen and
adopted the risk management framework issued by COSO
in the United States of America (COSO) established a risk
management system covering design implementation monitoring
assessment and continuous improvement based on the ISO
310002009 Risk Management – Principles and Guidelines The
Group’s management established the overall targets and policies
of the risk management system which are in line with the strategic
objectives and identified analysed and assessed the overall risk
of the Company especially the risks in making major decisions
important events and key business processes The Group’s
management is also responsible for reviewing and approving
the response plans to major risks as well as followingup and
periodically reviewing the implementation of such response
plans of risks identified in order to make sure that sufficient
attention monitor and responses will be paid to all key risks of
the Company The risk management reports are submitted to the
Board periodically2017 Annual Report 年 度 報 告 63
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企業治報告
內部監控方面集團選美
國COSO委 員 會 制 定 內 部 監 控
框架建立關財務監控營運監
控合規監控內部監控系統機
制對集團內部監控進行持續
審視與評估確保項報告信息
時準確完整
‧ 理層已經對公司截二零
七年十二月三十日財務報
告內部監控設計運行效
性進行評估通過評估未發
現實質性漏洞未發現
將對公司財務狀況經營
業績造成重影響需加關
注事項認為風險理
內部監控系統整體言充足並
具成效包括具備充足資源
適當員工資歷經驗員工
培訓課程並會計內部審
計財務匯報職方面足夠
預算評估基礎董
事會認為截二零七年十二
月三十日集團與財務報
告相關內部監控效
‧ 時集團建立套內部
監控缺陷整改機制單位
負責對單位內部監控缺
陷負明確整改責
‧ 集團已制定內幕消息政
策並定期提醒董事僱員妥
善遵守關內幕消息政
策
‧ 集團設立公開渠道處
理討論關於財務內部監控
舞弊等方面內部外部舉
報確保項舉報足夠
關注重內部監控缺陷
舉報直達審計委員會
集團風險理內部監控系統
旨理非消未達成業務目
標風險會重
失實陳述損失作出合理非絕
對保證
關集團面對風險性質
程度請參閱年報董事會報告
「e風險確定性」
With respect to internal control the Group has chosen and
adopted the internal control framework issued by COSO
established an internal control system and mechanism over
financial operational and compliance controls and has conducted
continuing review and evaluation of the internal control system of
the Group to ensure the timeliness accuracy and completeness
of all information reported
• The management has evaluated the design and operating
effectiveness of its internal control regarding the financial
report as of 31 December 2017 and did not identify any
material weakness as a result of the evaluation and were
not aware of any areas of concern that would have a
material impact on the Company’s financial position or
results of operations and considered the risk management
and internal control systems to be generally adequate
and effective including with respect to the adequacy of
resources staff qualifications and experience training
programs and budget of the accounting internal audit and
financial reporting functions On the basis of such evaluation
the Board considers that as of 31 December 2017 internal
control of the Group in relation to financial reporting was
effective
• At the same time the Group has established a mechanism
for remediating internal control deficiency under which
the person in charge of each unit is assigned with clear
responsibilities relating to remediating internal control
deficiency of the unit
• The Group has formulated an inside information policy and
regularly reminds its Directors and employees to comply
with all inside information policies
• The Group established an open channel to handle and
discuss internal and external whistleblowing regarding
financial internal control and fraud to ensure that every
accusation receives sufficient attention Significant internal
control deficiencies or accusations will be reported directly
to the Audit Committee
The risk management and internal control systems of the Group
are designed to manage rather than eliminate risks of failure to
achieve business objectives and can only provide reasonable but
not absolute assurance against material misstatement or loss
For details of the nature and extent of the principal risks faced by
the Group please refer to the section headed e Principal Risk
and Uncertainties in the Directors’ Report of this annual report頤海國際控股限公司 Yihai International Holding Ltd64
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企業治報告
I 與股東投資者溝通
公司認為與股東效溝通對於
促進投資者關係投資者解集
團業務表現策略關重公
司認識公司資料透明度
時披露公司資料便股東投資
者夠作出佳投資決定重性
公司股東會為董事會股
東提供溝通台董事會席
審計委員會薪酬委員會提名委
員會席（彼等未出席則關
委員會成員）（適）獨立董
事委員會席將會出席股東會
並回答提問會議席將提供進行
投票詳細程序投票表決回答
股東提問
為促進效溝通公司設網站
wwwyihchinacom該網站載
公司業務發展營運資料新
情況財務資料企業治常規
資料供公眾士查閱
J 修訂組織章程細則
截2017年12月31日止年度並
無公司組織章程細則作出變
更
I COMMUNICATION WITH SHAREHOLDERS AND
INVESTORS
The Company considers that effective communication with the
Shareholders is essential for enhancing investor relations and
investor understanding of the Group’s business performance
and strategies The Company also recognizes the importance
of transparency and timely disclosure of corporate information
which will enable the Shareholders and investors to make the best
investment decisions
The general meetings of the Company are expected to provide
a forum for communication between the Board and the
Shareholders The chairman of the Board as well as chairmen
of the Audit Committee the Remuneration Committee and the
Nomination Committee and in their absence other members of
the respective committees and where applicable the chairman
of the independent Board committee will be available to answer
questions at the general meetings The chairman of a meeting will
provide the detailed procedures for conducting a poll and answer
any questions from the Shareholders on voting by poll
To promote effective communication the Company maintains a
website at wwwyihchinacom where information and updates on
the Company’s business developments and operations financial
information corporate governance practices and other information
are available for public access
J AMENDMENTS OF THE ARTICLES OF ASSOCIATION
For the year ended 31 December 2017 no change had been
made to the articles of association of the Company2017 Annual Report 年 度 報 告 65
Corporate Governance Report
企業治報告
K 股東權利
為保障股東權益權利重事
宜（包括重選個別董事）獨立決議
案形式於股東會提呈股
東根據關程序提出(i)召開股東
特別會(ii)董事會查詢(iii)
股東會提呈議案
根據組織章程細則第135條
股東會提呈決議案均將
投票方式表決惟席秉誠決定容
許市規則規定純粹關於程序
行政事宜決議案舉手方式表
決則外
外投票表決結果將於相關股東
會後登載於公司聯交網站

1 股東召開股東特別會
根 據 組 織 章 程 細 則 第123
條兩名股東為
獲認結算（代名）
名股東（「請求士」）於
遞呈請求（遞呈公司於香港
辦事處公司
設該辦事處則遞呈
註冊辦事處當中列明會議事
項並請求士簽署）當日持
少於公司權於公司
股東會投票繳足股十
分則於時候均權
提呈書面請求求董事會
該請求指定事務交易
召開股東特別會
K SHAREHOLDERS’ RIGHTS
To safeguard the Shareholders’ interests and rights separate
resolutions are proposed at general meetings on each
substantial issue including the reelection of individual Directors
Meanwhile the procedures for the Shareholders to (i) convene
an extraordinary general meeting (ii) direct their enquiries to the
Board and (iii) put forward proposals at general meetings are
available
In accordance with Article 135 of the Articles of Association
all resolutions put forward at a general meeting will be taken by
poll save that the chairman may in good faith allow a resolution
which relates purely to a procedural or administrative matter as
prescribed under the Listing Rules to be voted on by a show of
hands
In addition the poll results will be posted on the websites of the
Company and the Stock Exchange after the relevant general
meeting
1 Convening an Extraordinary General Meeting by
Shareholders
Pursuant to Article 123 of the Articles of Association any
two or more Shareholders or any one Shareholder which
is a recognised clearing house (or its nominee(s)) (the
Requisitionist(s)) holding at the date of deposit of the
requisition (deposited at the principal office of the Company
in Hong Kong or in the event the Company ceases to have
such a principal office the registered office specifying the
objects of the meeting and signed by the requisitionists) not
less than onetenth of the paidup capital of the Company
and carrying the right of voting at general meetings of
the Company shall at all times have the right on written
requisition to require an extraordinary general meeting to
be called by the Board for the transaction of any business
specified in such requisition頤海國際控股限公司 Yihai International Holding Ltd66
Corporate Governance Report
企業治報告
遞呈請求日期起21日內
董事會未恰當召開須於
外21日內舉行會則請
求士請求士持當
中請求士總投票權過半
數則董事會召開股東
會等方式盡快召開股東
會惟該關會必須遞呈
請求日期起計三個月內舉行
董事會合作令請求
士產生合理開支
公司報銷
根 據 組 織 章 程 細 則 第124
條召開股東特別會
須發出少於14日書面通
知根據市規則規定通
知期包括送達日期視為送
達日期通知日期並須註
明舉行會議時間點議
程將於會議討論決議
案詳情該事項般性質
為通過特別決議案召開會
通告須註明擬提呈決議案
為特別決議案目股東
會通告須交予公司核數師
全體股東惟組織章程
細則條文持股份發行
條款規定無權從公司收取
通告者外
2 股東會提呈議案
組織章程細則開曼群島公司
法對於股東股東會提呈
決議案並無單規定意願
提呈決議案股東段
載程序請求公司召開股東
會
If the Board does not within 21 days from the date of deposit
of the requisition proceed duly to convene the meeting to be
held within a further 21 days the Requisitionist(s) themselves
or any of them representing more than onehalf of the total
voting rights of all of them may convene the general meeting
in the same manner as nearly as possible as that in which
meetings may be convened by the Board provided that any
meeting so convened shall not be held after the expiration of
three months from the date of deposit of the requisition and
all reasonable expenses incurred by the Requisitionist(s) as a
result of the failure of the Board shall be reimbursed to them
by the Company
According to Article 124 of the Articles of Association any
extraordinary general meeting shall be called by not less
than 14 days’ notice in writing Subject to the requirement
under the Listing Rules the notice shall be exclusive of the
day on which it is served or deemed to be served and of the
day for which it is given and shall specify the time place
and agenda of the meeting particulars of the resolutions
and the general nature of the business to be considered
at the meeting The notice convening a meeting to pass a
special resolution shall specify the intention to propose the
resolution as a special resolution Notice of every general
meeting shall be given to the auditors of the Company
and to all the Shareholders other than those who under
the provisions hereof or the terms of issue of the shares
they hold are not entitled to receive such notice from the
Company
2 Putting Forward Proposals at General Meetings
There is no single provision in the Articles of Association or
the Cayman Islands Companies Law for the Shareholders
to put forward proposals at general meetings The
Shareholders who wish to propose a resolution may request
the Company to convene a general meeting in accordance
with the procedures set out in the preceding paragraph2017 Annual Report 年 度 報 告 67
Corporate Governance Report
企業治報告
3 董事會作出查詢
公司董事會提出查詢
時股東公司發出書面
查詢公司通常會處理口
頭匿名查詢
股東公司發出查詢
關注請求址為香港灣仔
皇道東28號金鐘匯中心
18樓
為免生疑問股東須寄發正式
簽署書面求通知聲明
查詢（視情況定）正
述址並提供彼等全名
聯絡詳情身份便公司
回覆股東資料根據法律
規定予披露
L 全球發售款項途
全球發售款項淨額約為7202
百萬港元
截2017年12月31日公司
目累計全球發售款
項1056：(1)建設公司位於
河北省霸州霸州生產基期
(2)潛策略性收購機會(3)推廣
公司產品品牌(4)提高們
研發實力(5)營運資金般
企業途
3 Putting Forward Enquiries to the Board
For putting forward any enquiries to the Board of the
Company the Shareholders may send written enquiries
to the Company The Company will not normally deal with
verbal or anonymous enquiries
Shareholders may send their enquiries concerns or requests
to the Company at 18F Tesbury Centre 28 Queen’s Road
East Wanchai Hong Kong
For the avoidance of doubt the Shareholders must deposit
and send the original duly signed written requisition notice
or statement or enquiry (as the case may be) to the above
address and provide their full name contact details and
identification in order to give effect thereto The information
of the Shareholders may be disclosed as required by law
L USE OF PROCEEDS FROM THE GLOBAL OFFERING
The net proceeds from the Global Offering amounted to
approximately HK7202 million
As at 31 December 2017 the Company cumulatively used 1056
of the proceeds from the global offering for (1) constructing Phase
I of the Company’s Bazhou Production Base located in Bazhou
Hebei Province (2) potential strategic acquisition opportunities (3)
promoting the Company’s products and brand (4) enhancing our
research and development capabilities and (5) working capital
and general corporate purposes頤海國際控股限公司 Yihai International Holding Ltd68
Corporate Governance Report
企業治報告
M 聯席公司秘書
外部服務供應商信永方圓企業服務
集團限公司黃日東先生（「黃先
生」）公司執行董事兼財務總監
孫勝峰先生（「孫先生」）已獲委為
公司聯席公司秘書委於
2016年3月12日生效孫先生獲
公司委為授權代表
於 截 2017年12月31日 止 年 度
內黃先生孫先生已參加15時
相關專業培訓提高技
知識
N 公司聯絡
孫勝峰先生（執行董事兼財務總監）
為聯席公司秘書黃先生公司
聯絡
O 持續經營力
集團會對資進行理確保
集團旗公司夠持續經營
時透過優化債務與資間衡
限度提高股東回報
概無關事件情況重
明朗素對公司持續經營
力構成重疑問
M JOINT COMPANY SECRETARIES
Mr Wong Yat Tung (Mr Wong) of SW Corporate Services
Group Limited external service provider and Mr Sun Shengfeng
(Mr Sun) the executive Director and chief financial officer
of the Company have been engaged by the Company as joint
company secretaries effective on 12 March 2016 Mr Sun
has been engaged by the Company as one of the authorized
representatives
During the year ended 31 December 2017 Mr Wong and Mr Sun
have undertaken over 15 hours of professional training to update
their skill and knowledge
N PRIMARY CORPORATE CONTACT PERSON
Mr Sun Shengfeng the executive Director and chief financial
officer is the primary corporate contact person of the joint
company secretary Mr Wong
O GOING CONCERN
The Group manages its capital to ensure that entities in the Group
will be able to continue as a going concern while maximizing the
return to the Shareholders through the optimization of the debt
and equity balance
There are no material uncertainties relating to events or conditions
that cast significant doubt upon the Company’s liability to
continue as a going concern2017 Annual Report 年 度 報 告 69
Directors’ Report
董事會報告
公司董事會提呈集團截2017年12
月31日止年度年報內載董事會報
告
業務
們中國領先高速發展複合調味
料生產商專注於火鍋調味料市
場們海底撈集團中國火鍋底
料產品獨家供應商們採經銷商
模式銷售們產品們實體經
銷網絡期顯著發展電商渠道第
三方餐飲渠道補充集團繼續拓
展海外市場銷售網絡
集團業務研發生產經銷
銷售優質火鍋底料火鍋蘸料中式
複合調味品截2017年12月31日止
年度集團業務性質並無重
變動
業績
集團截2017年12月31日止年度
業績載於年報綜合全面收益表內
末期股息
董事會決議於2018年4月27日（星期五）
舉行應屆股東週年會公司股
東建議分派截2017年12月31日止年
度末期股息股民幣497985分末
期股息預期於2018年5月17日（星期四）
前 後 派 付 予 於2018年5月7日（星 期
）名列公司股東名冊股東金額合
為民幣52134百萬元股東於股
東週年會考慮批准後末期股息
將根據董事會會議日期前五個工作天（
包括董事會會議日期）中國民銀行公
佈民幣兌換港元匯率中間價港
元派付股股份617415港仙
The Board of the Company presents this directors’ report in the
Group’s annual report for the year ended 31 December 2017
PRINCIPAL ACTIVITIES
We are a leading and fastgrowing compound condiment manufacturer
in China primarily focused on the hot pot condiment market We are
the sole supplier of hot pot soup flavoring products for Haidilao Group
in China We employ a distributor model to sell our products and our
physical distribution network is supplemented by ecommerce channels
& thirdparty catering companies which have recently experienced
significant development The Group is also expanding its sales network
in overseas markets
The principal activities of the Group are researching and developing
manufacturing distributing and selling highquality hot pot soup
flavoring hot pot dipping sauce and Chinesestyle compound
condiment products There were no significant changes in the nature
of the Group’s principal activities during the year ended 31 December
2017
RESULTS
The results of the Group for the year ended 31 December 2017 are set
out in the Consolidated Statement of Comprehensive Income of this
annual report
FINAL DIVIDEND
The Board resolved to propose to the Shareholders in the forthcoming
AGM on Friday 27 April 2018 for the distribution of a final dividend of
RMB497985 cents per share for the year ended 31 December 2017
The final dividend is expected to be paid on or about Thursday 17
May 2018 to the Shareholders whose names are listed in the register
of members of the Company on Monday 7 May 2018 in an aggregate
amount of RMB52134 million Subject to the consideration and
approval of the Shareholders at the AGM the final dividend will be paid
in Hong Kong dollars based on the average benchmark exchange rate
of Renminbi against Hong Kong Dollars as announced by the People’s
Bank of China in the five working days prior to but excluding the date
of the Board Meeting that is HK617415 cents per Share頤海國際控股限公司 Yihai International Holding Ltd70
Directors’ Report
董事會報告
股
關集團於截2017年12月31日止
年度已發行股份詳情載於財務報表附
註17
儲備
關集團於截2017年12月31日止
年度儲備變動詳情載於年報綜合權
益變動表內
分派儲備
截2017年12月31日公司供分
派分派儲備合為民幣19924百
萬元
財務概
集團於過五個財政年度財務概
載於年報「五年業績回顧」節
銀行貸款款
截止2017年12月31日集團並無銀
行貸款款
物業廠房設備
關集團於截2017年12月31日止
年度物業廠房設備變動詳情載於
財務報表附註8
SHARE CAPITAL
Details of the issued shares of the Group during the year ended 31
December 2017 are set out in note 17 to the Financial Statements
RESERVES
Details of the movements in reserves of the Group during the year
ended 31 December 2017 are set out in the Consolidated Statement of
Changes In Equity of this annual report
DISTRIBUTABLE RESERVES
As at 31 December 2017 the Company has distributable reserves of
RMB19924 million in total available for distribution
FINANCIAL SUMMARY
The Group’s financial summary for the last five financial years is set out
in the section headed FiveYear Performance Review of this annual
report
BANK LOANS AND OTHER BORROWINGS
As at 31 December 2017 the Group has recorded no bank loans and
other borrowings
PROPERTY PLANT AND EQUIPMENT
Details of movements in the property plant and equipment of the
Group during the year ended 31 December 2017 are set out in note 8
to the Financial Statements2017 Annual Report 年 度 報 告 71
Directors’ Report
董事會報告
足夠公眾持股量
根據公司獲公開資料據公
司董事知公司截後實際行
日期直維持市規則規定公眾持股
量
優先購買權
公司章程細則並無載列優先購買權
條文並無對關權利限制求
公司須例基準現股東發售新股
份
稅務寬免
董事並知悉公司股東基於持公
司證券為理獲稅務寬免
全球發售款項
全球發售款項淨額約為7202百萬
港元詳情請參閱年報中「企業治報
告－全球發售款項途」節
SUFFICIENCY OF PUBLIC FLOAT
Based on information that is publicly available to the Company and
within the knowledge of the Directors the Company has maintained
the amount of public float as required under the Listing Rules as at the
Latest Practicable Date
PREEMPTIVE RIGHTS
There is no provision for preemptive rights under the Articles of
Association and there is no restriction against such rights which would
oblige the Company to offer new shares on a prorata basis to the
existing Shareholders
TAX RELIEF
The Directors are not aware of any tax relief available to the
shareholders of the Company by reason of their holding of the
Company’s securities
USE OF PROCEEDS FROM THE GLOBAL OFFERING
The net proceeds from the Global Offering amounted to approximately
HK7202 million For details please refer to the section headed
Corporate Governance Report – Use of Proceeds from the Global
Offering of this annual report頤海國際控股限公司 Yihai International Holding Ltd72
Directors’ Report
董事會報告
業務回顧
a 年度回顧表現
關集團業務回顧財務回顧分
析刊載於年報理層討論與分
析章節
b 環境政策表現
促進持續發展利保護環境
們企業社會責們致
力節省電力並持續方式推動
企業事務將對環境影響減
少
集團已進行系列效節
防污措施（例節水節電於生產工
序中減少製造排放污染物優
化生產線）
外們採納套緊急規劃應
變控制程序作為發生出意料
環境污染意外時抵禦措施儘量
減少對環境衝擊們業務
利 影 響 截 2017年12月31日
止年度們錄環境合規成
民幣134百萬元（2016年：民幣
10百萬元）環境合規成為推行
環境保護政策支出截2017
年12月31日止年度集團沒
為環境污染導致須繳付罰款
BUSINESS REVIEW
a Overview and performance of the Year
Business review and financial review are provided in the
Management’s Discussion and Analysis section of this annual
report
b Environmental Policies and Performance
It is our corporate and social responsibility in promoting a
sustainable and environmentalfriendly environment we strive to
minimize our environmental impact by saving electricity and to
build our corporation in a sustainable way
The Group has undergone a series of effective energysaving
and pollutantreducing measures such as conserving water and
electricity reducing the creation and emission of pollutants during
the production process and optimizing production lines
Additionally we have adopted a set of emergency planning
response and control procedures as countermeasures for
unexpected environmental pollution accidents to minimize
our impact on the environment and the adverse effect on our
business We incurred RMB134 million (2016 RMB10 million)
in environmental compliance costs for the year ended 31
December 2017 Such environmental compliance costs relate to
expenditures in implementing environmental protection policies
and for the year ended 31 December 2017 the Group has not
incurred any fines as a result of environmental pollution2017 Annual Report 年 度 報 告 73
Directors’ Report
董事會報告
c 遵守相關法律法規
集團（中包括）資料披露企
業治直遵守公司條例市規
則證券期貨條例企業治守
則規定集團直遵守對營
運重影響關法律規例
關詳情請參閱招股章程「法規」
節
d 與利益相關士關係
與海底撈集團聯屬公司關係
公司中組客戶為海底撈
集團聯屬公司們海底撈
集團中國火鍋底料產品獨家供
應商們海底撈集團銷售供
火鍋餐廳火鍋底料產品
滿足海底撈集團具體求定製
產品外們零售產品於海
底撈火鍋餐廳展示並直接消費
者出售整體言海底撈集團根
據客戶需發出購買訂單們
預計旺季安排提早生產儲存製
成品們過並無陳舊存貨
們們聯屬公司蜀海供應
鏈優鼎優銷售零售定製調味品
c Compliance with Relevant Laws and Regulations
The Group has complied with the requirements under the
Companies Ordinance the Listing Rules the SFO and the
Corporate Governance Code for among other things the
disclosure of information and corporate governance The Group
has also complied with other relevant laws and regulations that
have a significant impact on the operations of the Group Please
refer to the section headed Regulations in the Prospectus for
details
d Key Relationships with Stakeholders
Relationship with Haidilao Group and its Affiliates
One group of the primary customers of the Company is Haidilao
Group and its affiliates We are the sole supplier of hot pot soup
flavoring products to Haidilao Group in China The hot pot soup
flavoring products that we sell to Haidilao Group for use in its
hot pot restaurants are customized products meeting Haidilao
Group’s specific requirements In addition our retail products
are displayed and sold directly to consumers in Haidilao hot pot
restaurants In general Haidilao Group makes purchase orders
based on customer demands We have the right to arrange
production ahead of time and stock the finished products in
anticipation of peak seasons We also sell retail and customized
condiment products to Shuhai Supply Chain and Youdingyou our
affiliated companies頤海國際控股限公司 Yihai International Holding Ltd74
Directors’ Report
董事會報告
與經銷商關係
公司組別客戶為經銷
商經銷商轉將產品轉售予級
經銷商零售商（包括遍佈全國
型超市超市雜貨店社區門店
肉 食 店 ） 截 2017年12月31
日們已委聘逾814名經銷商
建立起覆蓋中國31個省級區與港
澳台區23個外國國家市
場龐經銷網絡
1 理們經銷商
們經銷商般為區域經銷
商從事經銷食品調
味品具備成熟方經銷網
絡們根據經銷商業務資
格經銷力等素個區
域甄選經銷商們考慮經
銷力包括銷售網絡廣度
質量聲譽信譽財務狀況
事倉儲物流運輸
力
們與經銷商間買賣關
係產品權與產品
關風險回報均經
銷商驗收後轉移經銷商
般言們對經銷商銷售
均根據們與經銷商訂立經
銷協議「交貨前付款」基準作
出惟們於旺季干情況
例外們根據過銷售市
場需求制定月生產計劃
於接獲購買訂單後們首先
會根據相對保守月計劃交
付先前準備產品並進
步生產交付缺少數量（
）於們效生產
存貨理們製成品倉
儲時間零售產品言約為7
日售予關聯方定製產品
言約為30日產品經送
經銷商時便退回（惟
缺陷產品外）
Relationship with our distributors
The other group of the Company’s primary customers is the
distributors who in turn resell our products to subdistributors
and retailers including hypermarkets supermarkets grocery
stores neighborhood stores and butcher shops across China
As at 31 December 2017 we had more than 814 distributors and
an extensive distribution network covering 31 provincial regions
of China and the Hong Kong Macau and Taiwan regions and 23
overseas countries and markets
1 Management of Our Distributors
Our distributors are typically regional distributors primarily
involved in the distribution of food and condiment products
with wellestablished local distribution networks We select
our distributors in each region based on factors including
their business qualifications and distribution capabilities
The distribution capabilities we consider include breadth
and quality of sales network reputation creditworthiness
and financial conditions and capabilities in personnel
warehousing logistics and transportation
We have a sellerbuyer relationship with our distributors The
ownership of the products as well as all risks and rewards
associated therewith are transferred to them upon delivery
and acceptance In general our sales to our distributors
are made on a paymentbeforedelivery basis according
to our distribution agreements with our distributors with
certain exceptions during our peak seasons We formulate
a monthly production plan based on historical sales and
market demand Upon receipt of purchase orders we will
first deliver the products previously prepared based on the
relatively conservative monthly plan and further produce and
deliver the shortfall if any Due to our effective production
and inventory management our warehouse time of finished
products is approximately 7 days for retail products and 30
days for customized products sold to related parties Once
the products are delivered to the distributors they cannot be
returned except for defective products2017 Annual Report 年 度 報 告 75
Directors’ Report
董事會報告
2 經銷商表現存貨理
們密切監察經銷商表現
例們銷售員時檢
查經銷商監察銷售銷售
價市場營銷活動儲存條
件物流設施員工素質質
量控制存貨水般
言們求經銷商兩個星
期們匯報存貨記錄
與們內部數據庫進行交叉
核對們員工月核查
隨機抽選經銷商存貨情況
當們注意經銷商擁過
存貨銷售量幅跌時
們進行詢問並採取必措
施（暫停供應關產品）
們禁止們經銷商銷售
期產品透過造訪零售商
級經銷商核實們產品
印製二維碼們監察經
銷商否指定區內經銷產
品無出售假產品
透過該等活動們確保經
銷商作出銷售反映真實市
場需求經銷商遵守經銷協議
條款條件們發現
合規事宜們將告知相關經
銷商並求經銷商規定期間
內終止類活動經銷商對
違反經銷協議承擔責
們相關違規申索賠
償經銷商違反經銷協議訂
明重條文們終止經
銷協議
2 Distributors Performance and Inventory Management
We closely monitor the performance of our distributors For
example our sales personnel conduct inspections of our
distributors from time to time to monitor their sales sales
prices marketing activities storage conditions logistics
facilities staff quality quality control and inventory levels
Generally we require our distributors to report to us their
inventory records every two weeks to crosscheck with our
internal data base Our staff also conduct monthly inventory
checks at randomly selected distributors When we notice
that our distributors have excessive inventories or their
sales volumes drop significantly we may make inquiries and
adopt necessary measures such as suspending the supply
of relevant products We prohibit our distributors from selling
any expired products Through visiting the retailers and sub
distributors and verifying the twodimensional code that we
implanted on our products we also monitor whether our
distributors distribute our products within their designated
geographic regions and whether they sell any counterfeit
products Through these activities we ensure that our sales
to distributors reflect genuine market demand and our
distributors are complying with the terms and conditions of
their distribution agreements If we discover noncompliance
issues we inform the relevant distributor and request the
distributor to cease the noncompliant activities within a
specified period of time Our distributors are also liable for
breaches of their distribution agreements and we can claim
compensation from them for relevant breaches We can
terminate the distribution agreements if they breach material
provisions stipulated therein頤海國際控股限公司 Yihai International Holding Ltd76
Directors’ Report
董事會報告
們第三方經銷商達超
過經銷協議載銷售目標時
彼等提供銷售折扣作為獎
勵經銷協議載銷售目標
基於過表現市場狀況等
項素磋商釐定經銷
商達超過銷售目標
們將為該經銷商年度採購
提供折扣關銷售折扣
們關期間收入中扣
們並無於經銷協議中施加
低年度購買求經銷商未
達銷售目標將無權
享述銷售折扣
與第三方餐飲服務供應商關係
憑們海底撈集團提供定製化
服務經驗們第三方餐飲服
務供應商（為火鍋餐廳麻辣香
鍋餐廳燒烤餐廳）提供定製複合
調味品
們為提供述服務標準化協
議們客戶達訂單前將與
們討論求們協定定製
調味品詳細規定包裝規定購
買價格後客戶將預先支付相等於
總購買價格50金額供們
進行製造並交貨前支付餘款
幾客戶驗收後退回
產品定製調味品限於客戶提
供餐飲服務將調味品轉
售方般言第三方餐
飲服務供應商公司零售
產品則為公司產品配
方為定製調味料則將
海底撈集團進行關連銷售相
安排公司將會擁產品
配方知識產權
於數目愈來愈餐飲服務供應
商意信譽良型生產商
提供貫質優產品們相
信為餐飲服務供應商提供定製化
服務相當增長潛力
We provide sales rebate as an incentive to our thirdparty
distributors when they achieve or exceed the sales targets
set out in their distribution agreements which are negotiated
and determined based on various factors such as past
performance and market conditions If a distributor achieves
or exceeds its sales target we will grant the rebate by
providing certain discount for such distributor’s purchases
in the next year Such sales rebates are deducted from our
revenue for each of the relevant periods We do not impose
minimum annual purchase requirement in the distribution
agreements If a distributor fails to achieve its sales target
then it will not be entitled to the sales rebate as described
above
Relationship with Thirdparty Catering Service Providers
Leveraging our experience in providing customized services to
Haidilao Group we provide customized compound condiment
products to thirdparty catering service providers primarily hot
pot restaurants spicy stirfry pot restaurants and barbecue
restaurants
We use a standardized agreement for these services Our
customers will discuss their requirements with us before placing
orders Following our agreement on the detailed requirements
of the customized condiment products packaging requirements
and purchase prices our customers will pay an advance
payment equal to 50 of the total purchase price for our
manufacturing and pay the remainder before delivery Almost
all of our customers are not allowed to return any products after
completion of inspection and acceptance Our customers are
required to use the customized condiment products only for their
provision of catering services and may not resell the condiment
products to other parties Typically if the thirdparty catering
service providers consume the Company’s retail products
then they are the Company’s own product formula But if it is
customized condiment then it will be the same arrangements as
the connected sales to Haidilao Group ie the Company will not
own the intellectual property right of the product formula
As an increasing number of service providers intend to take
advantage of the high quality and consistent products offered by
large and reputable manufacturers we believe there is significant
growth potential for us in providing customized services to third
party catering service providers2017 Annual Report 年 度 報 告 77
Directors’ Report
董事會報告
與供應商關係
們原材料般從名供應商
採購為維持高標準產品質量
食品安全們極為重視聲譽卓
著型供應商採購優質原材
料們盡量減少賴單
供應來源類原材料維持少
兩名供應商們實行種措施
監察供應商表現包括抽樣檢查
實檢查
們通常年與供應商訂立供應協
議們供應商須提供達供應
協議質量求原材料並對產品
瑕疵導致責負責們
供應協議並無動續期條款
與僱員關係
們認為僱員集團寶貴資
產集團力資源理目標
具競爭力薪酬遇回饋
肯定傑出僱員貢獻實施具
適當獎勵完善績效考核制度
並藉提供足夠培訓機會推
動集團內服務士事業前途與
發展
與股東關係
們認識保護股東權益與進
行效溝通重性們相信與
股東溝通個雙過程並竭
力確保信息披露質量效性
保持與股東定期對話認真聆聽
來股東意見與反饋這已通過
股東會公司通訊中期報告與
年報業績公佈實現
Relationship with Our Suppliers
Our raw materials are generally available from various suppliers
To maintain high standards of product quality and food safety
we place strong emphasis on sourcing highquality raw materials
from large suppliers with good reputations We minimize our
reliance on any single source of supply by maintaining at least
two suppliers for each type of raw material We also implement
various measures to monitor the performance of our suppliers
including sample examination and onsite inspections
We usually enter into supply agreements with our suppliers on an
annual basis Our suppliers are required to provide raw materials
adhering to the quality requirement under the supply agreements
and are responsible for any liabilities caused by product defects
Our supply agreements do not have an automatic renewal clause
Relationship with Our Employees
We embrace our employees as the most valuable assets of
the Group The objective of the Group’s human resources
management is to reward and recognize outstanding
employees by providing competitive remuneration packages
and implementing a sound performance appraisal system with
appropriate incentives and to promote career development and
progression within the Group by providing adequate training and
opportunities
Relationship with Shareholders
We recognize the importance of protecting the interests of the
Shareholders and of having effective communication with them
We believe communication with the Shareholders is a twoway
process and have thrived to ensure the quality and effectiveness
of information disclosure maintain regular dialogue with the
Shareholders and listen carefully to the views and feedback from
the Shareholders This has been done through general meetings
corporate communications interim and annual reports and results
announcements頤海國際控股限公司 Yihai International Holding Ltd78
Directors’ Report
董事會報告
e 風險確定性
關連交易風險
於集團與海底撈關連交易
收入中佔較高果海底撈品
牌受損銷售幅降會對
集團銷售收入利潤造成負面影
響
應對措施：集團將通過內部機制
變革道沉產品升級
提升產品市場銷售額時積
極尋找併購機會拓展市場規模
原材料供應風險
於國環保求斷提高
會導致部分原材料供應時
採購成增加影響生產供應
時性
應對措施：集團生產供應部門將
建立安全庫存規劃原材料出現
供應風險時生產計劃提前進
行貨物儲備
行業競爭風險
於調味品市場競爭加劇市場變
化較快果沒對競爭環境做深
入分析並未時做出相應
產品策略應對措施導致集團
產品市場佔率降
應對措施：集團將進步完善市
場競爭分析機制關注市場動態並
收集市場訊息時市場環境
背景斷推動產品結構優化
產品升級
e Principal Risk and Uncertainties
Risk of Connected Transactions
As connected transactions with Haidilao take up a relatively high
proportion of the Company’s revenue there will be an adverse
impact on the sales and profit of the Group if the Haidilao brand is
harmed or its sales is reduced significantly
Response measures The Group will increase the market sales of
its products through internal mechanism changes channel sinking
and product upgrades At the same time it actively looks for M&A
opportunities to expand the market size
Risk of Raw Materials Supply
As the environmental requirements in China becomes more and
more stringent the supply of some raw materials may not be
timely and this may in turn increase procurement costs or affect
the timely supply for production
Response measures The Group’s production and supply
department will establish a safety stock plan and when there is
a supply risk for raw materials the Group reserves the goods in
advance according to the production plan
Risk of Competition within the Industry
Competition in the condiment market has intensified and has
experienced rapid changes Without indepth analysis of the
competitive environment there may not be corresponding product
strategies and responses promptly causing a fall in the market
share of the Group’s products
Response measures The Group will further improve its market
competition analysis mechanism focus on market dynamics
and collect market information and at the same time continue to
promote product structure optimization and product upgrades in
the context of market environment2017 Annual Report 年 度 報 告 79
Directors’ Report
董事會報告
產品質量與安全風險
集團產品質量安全對集團
成功關重保持產品質量
安全取決於質量控制體系效
性包括質量控制體系設計確
保僱員遵守執行該等質量控制政
策指引力果質量控制體
系出現控制失效執行位則
造成質量食品安全問題
從對集團公司聲譽經營業
績財務狀況造成重利影響
應對措施：集團將進步完善食
品安全風險評估標準從法規風
險性評估產品風險性評估運營
風險性評估三個方面進行全方
位風險評估通過風險評估識別
風險點並蹤評估風險整改效
果確保集團運營風險控
新產品市場風險
於部分新品類產品屬於新興產
業行業標準規範生產商資質
良莠齊破壞品類環境導致
消費者對新產品信賴整個行
業發展受限從影響公司新產品
銷售目標實現
應對措施：集團將積極參與新興
產業標準制定過程參加相關行
業協會活動為行業標準修改
制定提供建議次根據生產
加工組裝理求對
工廠進行嚴格理保證身產品
品質
展
關公司未來業務發展描述分別載
於年報席報告理層討論與分
析
Risk of Product Quality and Safety
The quality and safety of the Group’s products are critical to the
success of the Group Maintaining product quality and safety
depends on the effectiveness of the quality control systems which
includes the design of quality control systems and our ability to
ensure that our employees adhere to and implement those quality
control policies and guidelines If the quality control system is not
effective or not sufficiently executed it may lead to quality or food
safety issues and in turn have a material adverse effect on our
reputation results of operations and financial conditions
Response measures The Group will further improve the Food
Safety Risk Assessment Criteria and conduct comprehensive
risk assessments from three aspects regulatory risk assessment
product risk assessment and operational risk assessment The
Group identifies risk points through risk assessment and tracks
the effectiveness of risk rectification to ensure that the Group’s
operational risks are controllable
Risk of Market for New Products
Some products of the new product types are under emerging
industries These industries lack regulated standards across the
industry and the manufacturers are of vastly different qualities
which may damage the product type environment The lack
of consumer confidence in the new products may limit the
development of the entire industry This may in turn hinder the
Company from achieving the sales targets for new products
Response measures The Group will actively participate in the
standard setting process of emerging industries participate
in the activities of relevant industry associations and provide
suggestions for the revision and formulation of industry standards
Secondly according to the processing and assembly management
requirements at the production site strict management at each
factory ensures the quality of its own products
PROSPECTS
A description of the future development in the Company’s business
is provided in the Chairman’s Statement and the Management’s
Discussion and Analysis section of this annual report頤海國際控股限公司 Yihai International Holding Ltd80
Directors’ Report
董事會報告
截2017年12月31日後事項
於2017年12月31日後直報告日
期董事概知悉重事項須予披
露
董事
截年報日期董事為：
執行董事
黨春香女士（首席執行官）
孫勝峰先生
舒萍女士
非執行董事
施永宏先生（席）
張勇先生
潘迪先生
獨立非執行董事
邱家賜先生
錢明星先生
葉蜀君女士
根據組織章程細則第1618條三分
董事將於屆股東週年會輪換退
（惟名董事須少三年輪換退
次）並合資格膺選連張勇先生邱家
賜先生葉蜀君女士將於股東週年會
董事會輪換退並合資格膺選連
根據組織章程細則第162條舒萍女士
委為填補董事會臨時空缺將於
股東週年會董事會輪換退並合
資格膺選連
概無擬於股東週年會膺選連董
事與公司附屬公司訂立無
作出賠償（法定賠償外）則釐定於
年內終止未屆滿服務合約
EVENTS AFTER THE END OF 31 DECEMBER 2017
The Directors are not aware of any significant event requiring disclosure
that has taken place subsequent to 31 December 2017 and up to the
date of this report
DIRECTORS
The Directors up to the date of this annual report are
Executive Directors
Ms Dang Chunxiang (Chief Executive Officer)
Mr Sun Shengfeng
Ms Shu Ping
Nonexecutive Directors
Mr Shi Yonghong (Chairman)
Mr Zhang Yong
Mr Pan Di
Independent Nonexecutive Directors
Mr Yau Ka Chi
Mr Qian Mingxing
Ms Ye Shujun
In accordance with Article 1618 of the Articles of Association onethird
of the Directors will retire by rotation at every annual general meeting
(provided that every Director shall be subject to retirement by rotation
at least once every three years) and being eligible offer themselves for
reelection Mr Zhang Yong Mr Yau Ka Chi and Ms Ye Shujun will
retire from the Board by rotation at the AGM and being eligible offer
themselves for reelection
In accordance with Article 162 of the Articles of Association Ms Shu
Ping who was appointed to fill up causal vacancy on the Board shall
retire from office as Director and being eligible offer herself for re
election at the AGM
No Director proposed for reelection at the AGM has an unexpired
service contract which is not determinable by the Company or any
of its subsidiaries within one year without payment of compensation
other than statutory compensation2017 Annual Report 年 度 報 告 81
Directors’ Report
董事會報告
董事高級理層履歷
董事集團高級理層履歷詳情載
於年報「董事高級理層簡介」節
董事資料變動
施永宏先生獲委為公司董事長
公司提名委員會席接苟軼群先
生2017年11月14日起生效苟
軼群先生欲將更時間投入與公
司業務並無構成競爭商業事務
葉蜀君女士2017年7月起於新三板
掛牌安徽天立泰科技股份限公司（股
份代號：831918）獨立董事並2017
年11月起於新三板掛牌蕪湖富春染
織股份限公司（股份代號：870898）獨
立董事彼2017年5月起已擔
於深圳證券交易市北京三夫戶外
品股份限公司（股份代號：002780）
獨立董事
潘迪先生現為景林股權投資基金董事
總經理彼已辭於聯交市波
路控股限公司（股份代號：1856）董事
文披露者外截2017年12月
31日止年度董事資料概無出現根據
市規則第1351B條須予披露變
動
DIRECTORS’ AND SENIOR MANAGEMENT’S BIOGRAPHIES
Biographical details of the Directors and the senior management of
the Group are set out in the section headed Profiles of Directors and
Senior Management of this annual report
CHANGES IN THE INFORMATION OF THE DIRECTORS
Mr Shi Yonghong was appointed as the chairman of the Company and
chairman of the nomination committee of the Company in place of Mr
Gou Yiqun with effect from 14 November 2017 as he wants to devote
more time for business affairs which do not compete with the business
of the Company
Ms Ye Shujun has been an independent director of Anhui Telit Science
and Technology Co Limited (安 徽 天 立 泰 科 技 股 份 限 公 司) (a
company listed on National Equities Exchange And Quotations Co Ltd
with stock code 831918) since July 2017 and an independent director
of Wuhu Fuchun Dye and Weave Co Limited (蕪湖富春染織股份限
公司) (a company listed on National Equities Exchange and Quotations
Co Ltd with stock code 870898) since November 2017 She is no
longer being an independent director of Beijing Sanfo Outdoors
Products Co Ltd (北京三夫戶外品股份限公司) (a company listed
on the Shenzhen Stock Exchange with stock code 002780) since May
2017
Mr Pan Di is currently the Managing Director of Greenwoods Private
Equity Funds He resigned as a director of Ernest Borel Holdings
Limited (a company listed on the Stock Exchange with stock code
1856)
Save as disclosed above during the year ended 31 December 2017
there has been no change in the information of the Directors as
required to be disclosed pursuant to Rule 1351B of the Listing Rules頤海國際控股限公司 Yihai International Holding Ltd82
Directors’ Report
董事會報告
董事服務合約
執行董事非執行董事已與公司
訂立服務合約據彼等意擔執
行董事非執行董事（視情況定）
期2016年3月7日舒萍女士
2018年3月21日起初步為期三年（根
據組織章程細則於需時重選）直根
據服務合約條款條件終止中
方方發出少於個月事先
書面通知予終止
獨立非執行董事已與公司簽立委
函並已獲委期2016年6月20
日起為期三年委中方
方發出少於個月事先書面通知
予終止
概無董事與公司附屬公司訂
立無作出賠償（法定賠償外）則
釐定於年內終止未屆滿服務合約
獨立非執行董事獨立性確認
公司已接獲名獨立非執行董事（邱
家賜先生錢明星先生葉蜀君女士）
根據市規則第313條彼等獨
立性發出確認書公司已妥為審閱
該等董事獨立性確認書們認
為獨立非執行董事彼等獲委日期
起2017年12月31日均為獨立士
截年報日期為獨立士
DIRECTORS’ SERVICE CONTRACTS
The executive Directors and nonexecutive Directors have each entered
into a service contract with the Company pursuant to which they agree
to act as an executive Director or a nonexecutive Director (as the
case may be) for an initial term of three years from 7 March 2016 or
from 21 March 2018 for Ms Shu Ping (subject to reelection as and
when required under the Articles of Association) until terminated in
accordance with the terms and conditions of the service contract or by
either party giving to the other not less than one month’s prior notice in
writing
The independent nonexecutive Directors have each signed a letter of
appointment with the Company and have been appointed for a term of
three years from 20 June 2016 The appointment may be terminated by
either party giving to the other not less than one month’s prior notice in
writing
None of the Directors have an unexpired service contract which is not
determinable by the Company or any of its subsidiaries within one year
without payment of compensation other than statutory compensation
C O N F I R M A T I O N O F I N D E P E N D E N C E F R O M T H E
INDEPENDENT NONEXECUTIVE DIRECTORS
We have received from each of the independent nonexecutive
Directors namely Mr Yau Ka Chi Mr Qian Mingxing and Ms Ye
Shujun the confirmation of their respective independence pursuant
to Rule 313 of the Listing Rules The Company has duly reviewed the
confirmation of independence of each of these Directors We consider
that the independent nonexecutive Directors have been independent
from the date of their appointments to 31 December 2017 and remain
so as of the date of this annual report2017 Annual Report 年 度 報 告 83
Directors’ Report
董事會報告
董事高行政員於股份相關股份
債權證中擁權益淡倉
於2017年12月31日公司董事
高行政員於公司們相聯法
團（定義見證券期貨條例第XV部）股
份相關股份債權證中擁(a)根據
證券期貨條例第XV部第7第8分部須
知會公司聯交權益淡倉（包括
根據證券期貨條例關條文當作
視作擁權益淡倉）(b)根據證券
期貨條例第352條須登記於該條指登
記冊權益淡倉(c)根據標準守則
須知會公司聯交權益淡倉載列
：
(L)代表倉
DIRECTORS’ AND CHIEF EXECUTIVES’ INTERESTS AND
SHORT POSITIONS IN SHARES UNDERLYING SHARES AND
DEBENTURES
As at 31 December 2017 the interests and short positions of the
Directors and chief executives of the Company in the shares underlying
shares or debentures of the Company or any of our associated
corporations (within the meaning of Part XV of the SFO) which were
required (a) to be notified to the Company and the Stock Exchange
pursuant to Divisions 7 and 8 of Part XV of the SFO (including interests
and short positions which they were taken or deemed to have under
such provisions of the SFO) or (b) pursuant to Section 352 of the SFO
to be entered in the register referred to therein or (c) to be notified to
the Company and the Stock Exchange pursuant to the Model Code
were as follows
Name of Director CapacityNature of Interest
Number of
Ordinary Shares
Approximate
percentage of
shareholding in
the total issued
share capital ()
董事姓名 身份╱權益性質 普通股數目
於已發行
股總額中
概約持股百分

Mr Shi Yonghong(1) Founder of a discretionary trust interest
of controlled corporation and interest of spouse
177243492 (L) 1693 (L)
施永宏先生 (1) 全權信託創立受控制法團權益配偶權益
Mr Zhang Yong(2) Founder of a discretionary trust and interest
of controlled corporation
372547021 (L) 3559 (L)
張勇先生 (2) 全權信託創立受控制法團權益
Mr Gou Yiqun(3) Interest of controlled corporation 25974000 (L) 248 (L)
苟軼群先生 (3) 受控制法團權益
Ms Dang Chunxiang(4) Beneficiary of a trust 1010000 (L) 010 (L)
黨春香女士 (4) 信託受益
Mr Sun Shengfeng(5) Beneficiary of a trust 500000 (L) 005 (L)
孫勝峰先生 (5) 信託受益
(L) denotes a long position頤海國際控股限公司 Yihai International Holding Ltd84
Directors’ Report
董事會報告
附註：
(1) 施永宏先生李海燕女士（作為財產授
予保護）為彼等身利益成立SL
信 託 間 接 持 SYH YIHAI Ltd
LHY YIHAI Ltd 全 部 股 SYH
YIHAI LtdLHY YIHAI Ltd則持合
177243492股股份證券期貨條
例言施永宏先生李海燕女士視
為 於SYH YIHAI LtdLHY YIHAI Ltd
擁權益股份中擁權益
施永宏先生為李海燕女士配偶並證
券期貨條例言視為於李海燕女士
擁權益相股份數目中擁權益
李海燕女士為施永宏先生配偶並證
券期貨條例言視為於施永宏先生
擁權益相股份數目中擁權益
(2) 張勇先生舒萍女士（作為財產授予
保護）為彼等身利益成立ZYSP
信 託 持 ZYSP YIHAI Ltd 全
部 股 ZYSP YIHAI Ltd則 持
372547021股股份證券期貨條
例言張勇先生舒萍女士視為於
ZYSP YIHAI Ltd擁權益股份中擁
權益
張勇先生為舒萍女士配偶證券
期貨條例言視為舒萍女士擁權
益相數目股份中擁權益舒萍女
士為張勇先生配偶證券期貨條
例言視為張勇先生擁權益相
數目股份中擁權益
(3) 苟軼群先生直接持GYQ YIHAI Ltd
100權益證券期貨條例言
視為於GYQ YIHAI Ltd持股份中
擁權益
(4) 於2016年12月28日1010000份 受
限制股份單位已根據受限制股份單位計
劃授予黨春香女士
(5) 於2016年12月28日500000份 受 限
制股份單位已根據受限制股份單位計劃
授予孫勝峰先生
Notes
(1) Mr Shi Yonghong and Ms Li Haiyan as the settlors and protectors
established for their own benefit the SL Trust which indirectly holds the
entire share capital of SYH YIHAI Ltd and LHY YIHAI Ltd which in turn
holds a total of 177243492 Shares For the purpose of the SFO Mr Shi
Yonghong and Ms Li Haiyan are deemed to be interested in the Shares in
which SYH YIHAI Ltd and LHY YIHAI Ltd are interested
Mr Shi Yonghong is the spouse of Ms Li Haiyan and is deemed to be
interested in the same number of the Shares in which Ms Li Haiyan is
interested for the purpose of the SFO Ms Li Haiyan is the spouse of Mr
Shi Yonghong and is deemed to be interested in the same number of the
Shares in which Mr Shi Yonghong is interested for the purpose of the
SFO
(2) Mr Zhang Yong and Ms Shu Ping as the settlors and protectors
established for their own benefit the ZYSP Trust which holds the entire
share capital of ZYSP YIHAI Ltd which in turn holds 372547021
Shares For the purpose of the SFO Mr Zhang Yong and Ms Shu Ping
are deemed to be interested in the Shares in which ZYSP YIHAI Ltd is
interested
Mr Zhang Yong is the spouse of Ms Shu Ping and is deemed to be
interested in the same number of the Shares in which Ms Shu Ping is
interested for the purpose of the SFO Ms Shu Ping is the spouse of Mr
Zhang Yong and is deemed to be interested in the same number of the
Shares in which Mr Zhang Yong is interested for the purpose of the SFO
(3) Mr Gou Yiqun directly holds 100 interest in GYQ YIHAI Ltd and is
deemed to be interested in the Shares held by GYQ YIHAI Ltd for the
purpose of the SFO
(4) 1010000 RSUs were granted to Ms Dang Chunxiang pursuant to the
RSU Scheme on 28 December 2016
(5) 500000 RSUs were granted to Mr Sun Shengfeng pursuant to the RSU
Scheme on 28 December 20162017 Annual Report 年 度 報 告 85
Directors’ Report
董事會報告
文披露者外截2017年12月
31 日公司董事高行政員於
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
權證中概無擁視為擁根據證券
期貨條例第XV部第78分部將須知
會公司聯交權益淡倉（包
括彼等根據證券期貨條例關條文
當作視為擁權益淡倉）
根據證券期貨條例第352條將須記錄
於公司存置登記冊內權益
淡倉根據標準守則將須知會公
司聯交權益淡倉
股東於股份相關股份中擁
權益淡倉
截 2017年12月31日 公 司 董
事高行政員外列士為擁
根據證券期貨條例第XV部第2第3
分部規定須知會公司聯交
公司股份相關股份權益淡倉
士根據證券期貨條例第336條
公司須存置登記冊記錄權益淡
倉士：
Save as disclosed above as at 31 December 2017 none of the
Directors or chief executives of the Company has or is deemed to have
any interests or short positions in the shares underlying shares or
debentures of the Company or any of its associated corporations (within
the meaning of Part XV of the SFO) which will be required to be notified
to the Company and the Stock Exchange pursuant to Divisions 7 and
8 of Part XV of the SFO (including interests and short positions which
they were taken or deemed to have taken under such provisions of the
SFO) or which will be required to be recorded in the register to be kept
by the Company pursuant to Section 352 of the SFO or which will be
required pursuant to the Model Code to be notified to the Company
and the Stock Exchange
SUBSTANTIAL SHAREHOLDERS’ INTERESTS AND SHORT
POSITIONS IN SHARES AND UNDERLYING SHARES
As at 31 December 2017 the followings are the persons other than
the Directors or chief executives of the Company who had interests
or short positions in the shares and underlying shares which would
be required to be notified to the Company and the Stock Exchange
under the provisions of Divisions 2 and 3 of Part XV of the SFO or
as recorded in the register of interests required to be kept by the
Company pursuant to Section 336 of Part XV of the SFO頤海國際控股限公司 Yihai International Holding Ltd86
Directors’ Report
董事會報告
Name of Shareholder CapacityNature of Interest
Total number
of shares
Approximate
Percentage of
Shareholding
()
股東姓名 身份╱權益性質 股份總數 概約持股百分()
Shu Ping (1) Founder of a discretionary trust and
interest of controlled corporation
372547021 (L) 3559 (L)
舒萍 (1) 全權信託創立受控制法團權益
UBS Trustees (BVI) Limited (1) Trustee (other than a bare trustee) 372547021 (L) 3559 (L)
受託（非無條件受託）
ZYSP YIHAI Ltd(1) Beneficial owner 372547021 (L) 3559 (L)
實益擁
Cititrust Private Trust (Cayman) Limited(2) Trustee (other than a bare trustee) 177243492 (L) 1693 (L)
受託（非無條件受託）
Li Haiyan(2) Founder of a discretionary trust
interest of controlled corporation and
interest of spouse
177243492 (L) 1693 (L)
李海燕女士 (2) 全權信託創立受控制法團權益配偶權益
Twice Happiness Limited(2) Interest of controlled corporation 177243492 (L) 1693 (L)
受控制法團權益
LHY YIHAI Ltd(2) Beneficial owner 88621746 (L) 847 (L)
實益擁
SYH YIHAI Ltd(2) Beneficial owner 88621746 (L) 847 (L)
實益擁
JLJH YIHAI Ltd(3) Beneficial owner and nominee
for another person
77220000 (L) 738 (L)
實益擁名士代名
Vistra Fiduciary (HK) Limited(3) Trustee (other than a bare trustee) 77220000 (L) 738 (L)
受託（非無條件受託）
FIL Limited(4) Investment manager 52232000 499 (L)
投資經理 52232000 499 (L)
FIL Asia Holdings Pte Limited(4) Investment manager 52232000 499 (L)
投資經理 52232000 499 (L)
FIL Investment Management
(Hong Kong) Limited(4)
Investment manager 52232000 499 (L)
富達基金（香港）限公司 (4) 投資經理 52232000 499 (L)
(L) denotes a long position (L)代表倉2017 Annual Report 年 度 報 告 87
Directors’ Report
董事會報告
Notes
(1) ZYSP Trust is a discretionary trust set up by Mr Zhang Yong and Ms
Shu Ping as the settlors and protectors on 1 June 2016 for their own
benefit The entire share capital of ZYSP YIHAI Ltd is wholly owned
by UBS Trustees (BVI) Limited as the trustee of the ZYSP Trust Mr
Zhang Yong and Ms Shu Ping (as founders of the ZYSP Trust) and UBS
Trustees (BVI) Limited are taken to be interested in the Shares held by
ZYSP YIHAI Ltd for the purpose of the SFO
(2) SL Trust is a discretionary trust set up by Mr Shi Yonghong and Ms
Li Haiyan as the settlors and protectors on 2 June 2016 for their own
benefit The entire share capital of SYH YIHAI Ltd and LHY YIHAI Ltd
is wholly owned by Twice Happiness Limited and ultimately owned by
Cititrust Private Trust (Cayman) Limited as the trustee of the SL Trust
Mr Shi Yonghong and Ms Li Haiyan (as founders of the SL Trust) Twice
Happiness Limited and Cititrust Private Trust (Cayman) Limited are taken
to be interested in the Shares held by SYH YIHAI Ltd and LHY YIHAI Ltd
for the purpose of the SFO Mr Shi Yonghong is the spouse of Ms Li
Haiyan and is deemed to be interested in the same number of the Shares
in which Ms Li Haiyan is interested for the purpose of the SFO Ms Li
Haiyan is the spouse of Mr Shi Yonghong and is deemed to be interested
in the same number of the Shares in which Mr Shi Yonghong is interested
for the purpose of the SFO
(3) Vistra Fiduciary (HK) Limited is the trustee and JLJH YIHAI Ltd is the
nominee to administer the RSU Scheme JLJH YIHAI Ltd holds the Shares
underlying the RSU granted by us for the benefit of eligible participants
pursuant to the RSU Scheme
(4) FIL Limited owns 100 of FIL Asia Holdings Pte Limited which owns
100 of FIL Investment Management (Hong Kong) Limited Each of FIL
Limited and FIL Asia Holdings Pte Limited is therefore deemed to be
interested in 52232000 Shares (long position) held by FIL Investment
Management (Hong Kong) Limited
附註：
(1) ZYSP信託為張勇先生舒萍女士財
產授予保護身份為身利益
於2016年6月1日 成 立 全 權 信 託
ZYSP YIHAI Ltd 全 部 股 UBS
Trustees (BVI) LimitedZYSP 信 託
受託身份全資擁張勇先生
舒萍女士（作為ZYSP 信託創立）
UBS Trustees (BVI) Limited證券期
貨條例言當作於ZYSP YIHAI Ltd持
股份擁權益
(2) SL信託為施永宏先生李海燕女士
財產授予保護身份為身
利 益 於2016年6月2日 成 立 全 權 信
託SYH YIHAI LtdLHY YIHAI Ltd
全部股Twice Happiness Limited
全 資 擁 Cititrust Private Trust
(Cayman) LimitedSL信 託 受 託
身份終擁施永宏先生李海燕
女 士（作 為SL信 託 創 立 ）Twice
Happiness LimitedCititrust Private
Trust (Cayman) Limited證券期貨
條 例 言 當 作 於SYH YIHAI Ltd
LHY YIHAI Ltd持股份擁權益
施永宏先生為李海燕女士配偶並證
券期貨條例言視為於李海燕女士
擁權益相股份數目中擁權益
李海燕女士為施永宏先生配偶並證
券期貨條例言視為於施永宏先生
擁權益相股份數目中擁權益
(3) Vistra Fiduciary (HK) Limited為受託
JLJH YIHAI Ltd為理受限制股份單
位計劃代名JLJH YIHAI Ltd根據
受限制股份單位計劃為合資格參與者
利益持們授出涉受限制股份單
位相關股份
(4) FIL Limited擁 FIL Asia Holdings Pte
Limited100權 益 FIL Asia
Holdings Pte Limited則擁富達基金
（香港）限公司100權益
FIL Limited FIL Asia Holdings Pte
Limited視為於富達基金（香港）
限公司持52232000股股份（
倉）中擁權益頤海國際控股限公司 Yihai International Holding Ltd88
Directors’ Report
董事會報告
文披露者外截2017年12月
31 日公司董事高行政員並
知悉士（公司董事高
行政員外）擁根據證券期貨條例第
XV部第2第3分部規定須知會公
司聯交股份相關股份權益
淡倉根據證券期貨條例第XV部第
336條公司須存置登記冊記錄權
益淡倉
董事收購股份債權證權利
文「董事高行政員於股份相
關股份債權證中擁權益淡倉」
節披露者外於截2017年12月
31 日止年度年報日期期間公
司附屬公司均非安排
中方讓董事通過收購公司
法團體股份債權證方式收
取利益概無董事彼等配偶
18歲子女獲授權利認購
公司法團體股債
務證券已行該等權利
董事控股股東於競爭性業務權益
招股章程中「歷史重組公司架構－
重組」節披露者彼等於集團
權益外截2017年12月31日止年
度董事控股股東概無與集
團業務產生競爭產生競爭業務
中擁權益
們已接獲控股股東（包括張勇先生舒
萍女士ZYSP YIHAI Ltd）控股股東
緊密聯繫對競爭承諾條文合規
情況發出年度書面確認書
獨立非執行董事已根據控股股東提供
給予資料確認書審閱於截
2017年12月31日止年度競爭承諾
合規情況並信納控股股東已妥為遵守
競爭承諾
Save as disclosed above as at 31 December 2017 the Directors and
the chief executives of the Company are not aware of any other person
(other than the Directors or chief executives of the Company) who had
an interest or short position in the shares or underlying shares of the
Company which would be required to be notified to the Company and
the Stock Exchange under the provisions of Divisions 2 and 3 of Part
XV of the SFO or as recorded in the register required to be kept by the
Company pursuant to Section 336 of the SFO
DIRECTORS’ RIGHTS TO ACQUIRE SHARES OR DEBENTURES
Save as disclosed in the section headed Directors and Chief
Executives’ Interests and Short Positions in Shares Underlying Shares
and Debentures above at no time during the year ended 31 December
2017 and up to the date of this annual report was the Company or any
of its subsidiaries a party to any arrangement that would enable the
Directors to acquire benefits by means of acquisition of the shares in
or debentures of the Company or any other body corporate and none
of the Directors or any of their spouses or children under the age of 18
were granted any right to subscribe for the equity or debt securities of
the Company or any other body corporate or had exercised any such
right
DIRECTORS AND CONTROLLING SHAREHOLDERS’
INTERESTS IN COMPETING BUSINESS
Save as disclosed in the section headed Our History Reorganization
and Corporate Structure — Reorganization in the Prospectus and save
for their respective interests in the Group none of the Directors and the
Controlling Shareholders was interested in any business which competes
or is likely to compete with the businesses of the Group for the year
ended 31 December 2017
We have received annual written confirmations from the Controlling
Shareholders consisting of Mr Zhang Yong Ms Shu Ping and
ZYSP YIHAI Ltd of the compliance with the provisions of the Non
competition Undertaking by such Controlling Shareholders and their
close associates
The independent nonexecutive Directors have reviewed the
compliance with the Noncompetition Undertaking during the year
ended 31 December 2017 based on the information and confirmation
provided by or obtained from the Controlling Shareholders and were
satisfied that our Controlling Shareholders have duly complied with the
Noncompetition Undertaking2017 Annual Report 年 度 報 告 89
Directors’ Report
董事會報告
換股債券
截年報日期公司並無發行
換股債券
附涉控股股東履行特定責契諾
貸款協議
截年報日期公司並無訂立
載求控股股東履行特定責契諾
貸款協議
關連持續關連交易
於財務報表附註33中披露關連方交易
中列交易根據市規則第14A31條
構成公司持續關連交易根據
市規則第14A71條求須於年報中
披露公司確認關聯方交易歸入
市規則第十四A章關7「關連交易」
「持續關連交易」定義（視屬情況
定）符合市規則第十四A章披露
規定請見列遵守市規則第十四A
章規定須披露資料
1 成租賃協議
於2015年12月1日 2016年1月
5日四川海底撈與們全資附
屬公司成悅頤海訂立成租賃協
議（包括補充協議）據成悅
頤海意從四川海底撈租幅土
連物業裝置作生產
倉庫四川海底撈為們
關連士根據市規則第
十四A章成租賃協議項交
易構成持續關連交易
成租賃協議初始年期為2016
年1月1日起計為期三年並
時行續期三年惟須符合市規
則適法律法規關詳情請參
閱招股章程「關連交易」節
CONVERTIBLE BONDS
As at the date of this annual report the Company has not issued any
convertible bonds
LOAN AGREEMENT WITH COVENANTS RELATING TO
SPECIFIC PERFORMANCE OF THE CONTROLLING
SHAREHOLDERS
As at the date of this annual report the Company has not entered
into any loan agreement which contain covenants requiring specific
performance of the Controlling Shareholders
CONNECTED AND CONTINUING CONNECTED TRANSACTIONS
Among the related party transactions disclosed in note 33 to the
Financial Statements the following transactions constitute continuing
connected transactions for the Company under Rule 14A31 of the
Listing Rules and are required to be disclosed in this annual report
in accordance with Rule 14A71 of the Listing Rules The Company
confirmed that the related party transactions do not fall under the
definition of connected transaction or continuing connected
transaction (as the case may be) in Chapter 14A of the Listing Rules
and complied with the disclosure requirements in accordance with
Chapter 14A of the Listing Rules Please see below the information
required to be disclosed in compliance with Chapter 14A of the Listing
Rules
1 Chengdu Lease Agreement
On 1 December 2015 and 5 January 2016 Sichuan Haidilao
and Chengdu Yueyihai our wholly owned subsidiary entered
into the Chengdu Lease Agreement including the supplemental
agreement pursuant to which Chengdu Yueyihai agreed to lease
from Sichuan Haidilao a parcel of land together with properties
and fixtures thereon to be used for production and warehousing
Sichuan Haidilao is our connected person and therefore the
transactions under the Chengdu Lease Agreement constitute
continuing connected transactions under Chapter 14A of the
Listing Rules
The Chengdu Lease Agreement has an initial term of three years
commencing from 1 January 2016 and is renewable for a further
term of three years from time to time subject to compliance with the
Listing Rules and applicable laws and regulations Please refer to
the section headed Connected Transaction in the Prospectus for
details頤海國際控股限公司 Yihai International Holding Ltd90
Directors’ Report
董事會報告
截2016年2017年2018年12
月31日止年度根據成租賃協議
應付租金年度限分別為民幣
4000000元民幣4300000元
民幣4500000元關詳情
請參閱財務報表附註33截2017
年12月31日止年度根據成租
賃協議產生總交易金額為民幣
2869000元
2 海底撈倉儲服務協議
於2016年6月24日 四 川 海 底 撈
與們全資附屬公司頤海海（
為身代表附屬公司）訂立
海底撈倉儲服務協議據四川
海底撈集團意們產品儲存
集團提供倉儲設施相關服務
（包括倉儲分類加工理盤點
物流服務）四川海底撈為們
關連士根據市規則第
十四A章海底撈倉儲服務協議項
交易構成持續關連交易
海底撈倉儲服務協議初始年期為
2016年1月1日起計為期三年
並時行續期三年惟須符合
市規則適法律法規關詳
情請參閱招股章程「關連交易」節
截2016年2017年2018年12月
31日止年度根據海底撈倉儲服
務協議應付租金年度限分別
為 民 幣2200000元 民 幣
2800000元 民 幣3600000
元關詳情請參閱財務報表附
註33截2017年12月31日止年
度根據海底撈倉儲服務協議產生
總交易金額為民幣764000元
The annual caps for the rental payable under the Chengdu Lease
Agreement for the years ended 31 December 2016 2017 and
2018 are RMB4000000 RMB4300000 and RMB4500000
respectively Please also refer to note 33 to the Financial
Statements for details The aggregate transaction amount incurred
in accordance with the Chengdu Lease Agreement for the year
ended 31 December 2017 was RMB2869000
2 Haidilao Warehouse Storage Service Agreement
On 24 June 2016 Sichuan Haidilao and Yihai Shanghai our wholly
owned subsidiary each for itself and on behalf of its subsidiaries
entered into the Haidilao Warehouse Storage Service Agreement
pursuant to which Sichuan Haidilao Group agreed to provide
warehousing facilities and related services including warehouse
storage sorting process management stocktaking and other
logistics services to the Group in connection with storage of our
products Sichuan Haidilao is our connected person and therefore
the transactions under the Haidilao Warehouse Storage Service
Agreement constitute continuing connected transactions under
Chapter 14A of the Listing Rules
The Haidilao Warehouse Storage Service Agreement has an
initial term of three years commencing from 1 January 2016 and
is renewable for further term of three years from time to time
subject to compliance with the Listing Rules and applicable laws
and regulations Please refer to the section headed Connected
Transaction in the Prospectus for details
The annual caps for the rental payable under the Haidilao
Warehouse Storage Service Agreement for the years ended
31 December 2016 2017 and 2018 are RMB2200000
RMB2800000 and RMB3600000 respectively Please also refer
to note 33 to the Financial Statements for details The aggregate
transaction amount incurred in accordance with the Haidilao
Warehouse Storage Service Agreement for the year ended 31
December 2017 was RMB7640002017 Annual Report 年 度 報 告 91
Directors’ Report
董事會報告
3 蜀海倉儲服務協議
於2016年6月24日 蜀 海 供 應 鏈
與們全資附屬公司頤海海（
為身代表附屬公司）訂立
蜀海倉儲服務協議據蜀海供應
鏈集團意儲存們產品
集團提供倉庫設施相關服務（包括
倉儲分類加工理盤點
物流服務）蜀海供應鏈為們關
連士根據市規則第十四
A章蜀海倉儲服務協議項交
易構成持續關連交易
蜀海倉儲服務協議初始年期為
2016年1月1日起計為期三年並
時行續期三年惟須符合
市規則適法律法規關詳情
請參閱招股章程「關連交易」節
截 2016年2017年 2018年12
月31日止年度根據蜀海倉儲服
務協議應付租金年度限分別修
訂為民幣3000000元民幣
6000000元 民 幣9000000
元關詳情請參閱財務報表
附註33公司日期為2017年9
月18日 公 告 截 2017年12
月31日止年度根據蜀海倉儲服
務協議產生總交易金額為民幣
3544000元
4 總銷售協議補充總銷售協議
於2016年6月24日 四 川 海 底
撈新加坡海底撈們全資附
屬公司頤海海（為身代
表附屬公司）訂立總銷售協議據
們意海底撈集團供應海
底撈定製產品海底撈零售產品
四川海底撈新加坡海底撈為們
關連士根據市規則第
十四A章總銷售協議項交易
構成持續關連交易
3 Shuhai Warehouse Storage Service Agreement
On 24 June 2016 Shuhai Supply Chain and Yihai Shanghai
our wholly owned subsidiary each for itself and on behalf of its
subsidiaries entered into the Shuhai Warehouse Storage Service
Agreement pursuant to which Shuhai Supply Chain Group agreed
to provide warehousing facilities and related services including
warehouse storage sorting process management stocktaking
and other logistics services to the Group in connection with
storage of our products Shuhai Supply Chain is our connected
person and therefore the transactions under the Shuhai
Warehouse Storage Service Agreement constitute continuing
connected transactions under Chapter 14A of the Listing Rules
The Shuhai Warehouse Storage Service Agreement has an
initial term of three years commencing from 1 January 2016 and
is renewable for further term of three years from time to time
subject to compliance with the Listing Rules and applicable laws
and regulations Please refer to the section headed Connected
Transaction in the Prospectus for details
The annual caps for the rental payable under the Shuhai
Warehouse Storage Service Agreement for the years ended
31 December 2016 2017 and 2018 have been revised to
RMB3000000 RMB6000000 and RMB9000000 respectively
Please also refer to note 33 to the Financial Statements and the
Company’s announcement dated 18 September 2017 for details
The aggregate transaction amount incurred in accordance with
the Shuhai Warehouse Storage Service Agreement for the year
ended 31 December 2017 was RMB3544000
4 Master Sales Agreement and Supplemental Master Sales
Agreement
On 24 June 2016 Sichuan Haidilao Singapore Haidilao and
Yihai Shanghai our wholly owned subsidiary each for itself
and on behalf of its subsidiaries entered into the Master Sales
Agreement pursuant to which we agreed to supply to Haidilao
Group both Haidilao Customized Products and Haidilao Retail
Products Sichuan Haidilao and Singapore Haidilao are our
connected persons and therefore the transactions under the
Master Sales Agreement constitute continuing connected
transactions under Chapter 14A of the Listing Rules頤海國際控股限公司 Yihai International Holding Ltd92
Directors’ Report
董事會報告
總銷售協議初始年期為2016年
1月1日起計為期三年並時
行續期三年惟須符合市規則
適法律法規關詳情請參閱招
股章程「關連交易」節公司日
期為2017年10月18日通函
於2017年9月18日 四 川 海 底
撈新加坡海底撈頤海海（
為身代表附屬公司）訂立補
充總銷售協議據們意
海底撈集團銷售火鍋產品
根據市規則第十四A章補充總
銷售協議項交易構成關連交易
補充總銷售協議2017年11月6
日起生效並將於2018年12月31日
屆滿關詳情請參閱公司日期
為2017年10月18日通函
截2016年2017年2018年12月
31日止年度根據總銷售協議（經
補充總銷售協議補充）應收年度
限分別修訂為民幣598000000
元 民 幣994800000元
民 幣1569700000元 關 詳 情
請參閱財務報表附註33公
司 日 期 為2017年10月18日 通
函 截 2017年12月31日 止 年
度根據總銷售協議補充總銷
售協議產生總交易金額為民幣
905333000元
The Master Sales Agreement has an initial term of three years
commencing from 1 January 2016 and is renewable for further
term of three years from time to time subject to compliance with
the Listing Rules and applicable laws and regulations Please refer
to the section headed Connected Transaction in the Prospectus
and the circular of the Company dated 18 October 2017 for
details
On 18 September 2017 Sichuan Haidilao Singapore Haidilao and
Yihai Shanghai each for itself and on behalf of its subsidiaries
entered into the Supplemental Master Sales Agreement pursuant
to which we agreed to sell Small Hotpot Products to the Haidilao
Group The transactions under the Supplemental Master Sales
Agreement therefore constitute connected transactions under
Chapter 14A of the Listing Rules
The Supplemental Master Sales Agreement commenced from 6
November 2017 and will expire on 31 December 2018 Please
refer to the circular of the Company dated 18 October 2017 for
details
The annual caps receivable under the Master Sales Agreement
(as supplemented by the Supplemental Master Sales Agreement)
for the years ended 31 December 2016 2017 and 2018 have
been revised to RMB598000000 RMB994800000 and
RMB1569700000 respectively Please also refer to note 33
to the Financial Statements and the Company’s circular dated
18 October 2017 for details The aggregate transaction amount
incurred in accordance with the Master Sales Agreement and
Supplemental Master Sales Agreement for the year ended 31
December 2017 was RMB9053330002017 Annual Report 年 度 報 告 93
Directors’ Report
董事會報告
5 蜀海銷售協議
於2016年6月24日 蜀 海 供 應 鏈
與們全資附屬公司頤海海（
為身代表附屬公司）訂
立蜀海銷售協議據們意
蜀海供應鏈集團銷售火鍋底料產
品火鍋蘸料產品複合調味
品供餐飲服務供應商客戶
進行銷售經銷蜀海供應鏈為
們關連士根據市規則
第十四A章蜀海銷售協議項
交易構成持續關連交易
蜀海銷售協議初始年期為2016
年1月1日起計為期三年並
時行續期三年惟須符合市規
則適法律法規關詳情請參
閱招股章程「關連交易」節
截 2016年2017年 2018年12
月31日止年度根據蜀海銷售協
議交易年度限分別為民幣
7210000元民幣9630000元
民幣12680000元關詳情
請參閱財務報表附註33截2017
年12月31日止年度根據蜀海銷
售協議產生總交易金額為民幣
8775000元
6 優鼎優銷售協議
於2016年6月24日 優 鼎 優 與
們全資附屬公司頤海海（為
身代表附屬公司）訂立優鼎
優銷售協議據們意優
鼎優銷售火鍋底料產品火鍋蘸料
產品複合調味品供經
營辣味混合燉菜餐廳優鼎
優為們關連士根據
市規則第十四A章優鼎優銷售協
議項交易構成持續關連交易
5 Shuhai Sales Agreement
On 24 June 2016 Shuhai Supply Chain and Yihai Shanghai
our wholly owned subsidiary each for itself and on behalf of
its subsidiaries entered into the Shuhai Sales Agreement
pursuant to which we agreed to sell hot pot soup flavoring
products hot pot dipping sauce products and other compound
condiment products to Shuhai Supply Chain Group for sales and
distribution to its customers who are catering service providers
Shuhai Supply Chain is our connected person and therefore
the transactions under the Shuhai Sales Agreement constitute
continuing connected transactions under Chapter 14A of the
Listing Rules
The Shuhai Sales Agreement has an initial term of three years
commencing from 1 January 2016 and is renewable for further
term of three years from time to time subject to compliance with
the Listing Rules and applicable laws and regulations Please refer
to the section headed Connected Transaction in the Prospectus
for details
The annual caps for the transactions under the Shuhai Sales
Agreement for the years ended 31 December 2016 2017 and
2018 are RMB7210000 RMB9630000 and RMB12680000
respectively Please also refer to note 33 to the Financial
Statements for details The aggregate transaction amount
incurred in accordance with the Shuhai Sales Agreement for the
year ended 31 December 2017 was RMB8775000
6 Youdingyou Sales Agreement
On 24 June 2016 Youdingyou and Yihai Shanghai our wholly
owned subsidiary each for itself and on behalf of its subsidiaries
entered into the Youdingyou Sales Agreement pursuant to
which we agreed to sell hot pot soup flavoring products hot
pot dipping sauce products and other compound condiment
products to Youdingyou for use at spicy mixed stew restaurants it
operates Youdingyou is our connected person and therefore the
transactions under the Youdingyou Sales Agreement constitute
continuing connected transactions under Chapter 14A of the
Listing Rules頤海國際控股限公司 Yihai International Holding Ltd94
Directors’ Report
董事會報告
優鼎優銷售協議初始年期為
2016年1月1日起計為期三年並
時行續期三年惟須符合
市規則適法律法規關詳情
請參閱招股章程「關連交易」節
截2016年2017年2018年12
月31日止年度根據優鼎優銷售協
議交易年度限分別為民幣
8900000元 民 幣16300000
元民幣26400000元關詳
情請參閱財務報表附註33截
2017年12月31日止年度根據優
鼎優銷售協議產生總交易金額為
民幣1803000元
7 投資合作協議
於2017年7月11日 新 派 海 與
們全資附屬公司頤海海訂立
投資合作協議據新派海與
頤海海於中國成立合資公司從事
加熱火鍋產品生產銷售
根據投資合作協議條款建議成
立合資公司註冊資將為民
幣50百萬元中(i)頤海海將
現金方式出資民幣30百萬元相
等於註冊資60(ii)新派
海將現金方式出資民幣20百萬
元相當於註冊資40新派
海為們關連士根據
市規則第十四A章投資合作協
議項交易構成關連交易關
詳情請參閱公司日期為2017年7
月11日公告
The Youdingyou Sales Agreement has an initial term of three years
commencing from 1 January 2016 and is renewable for further
term of three years from time to time subject to compliance with
the Listing Rules and applicable laws and regulations Please refer
to the section headed Connected Transaction in the Prospectus
for details
The annual caps for the transactions under the Youdingyou Sales
Agreement for the years ended 31 December 2016 2017 and
2018 are RMB8900000 RMB16300000 and RMB26400000
respectively Please also refer to note 33 to the Financial
Statements for details The aggregate transaction amount incurred
in accordance with the Youdingyou Sales Agreement for the year
ended 31 December 2017 was RMB1803000
7 Investment Cooperation Agreement
On 11 July 2017 Xinpai Shanghai and Yihai Shanghai our wholly
owned subsidiary entered into the Investment Cooperation
Agreement pursuant to which Xinpai Shanghai and Yihai Shanghai
formed the Joint Venture in the PRC to engage in the manufacture
and sales of selfserving small hotpot products Pursuant to the
terms of the Investment Cooperation Agreement the registered
capital of the Joint Venture proposed to be established shall be
RMB50 million of which (i) Yihai Shanghai shall contribute RMB30
million by way of cash representing 60 of the registered capital
and (ii) Xinpai Shanghai shall contribute RMB20 million by way of
cash representing 40 of the registered capital Xinpai Shanghai
is our connected person and therefore the transaction under the
Investment Cooperation Agreement constitutes a connected
transaction under Chapter 14A of the Listing Rules Please refer to
the announcement of the Company dated 11 July 2017 for details2017 Annual Report 年 度 報 告 95
Directors’ Report
董事會報告
8 產品互供框架協議
於2017年9月18日 合 資 公 司 與
們全資附屬公司頤海海（為
身代表附屬公司）訂立產
品互供框架協議據(i)們
意合資公司出售火鍋底料產品
作生產火鍋產品原材料
(ii)合資公司意們出售火鍋
產品合資公司為們關連附屬
公司根據市規則第十四A
章產品互供框架協議項交易
構成持續關連交易
產品互供框架協議初步為期三年
2017年11月6日 起 2020年8
月31日止時外續期三年
惟須符合市規則適法律法規
求關詳情請參閱公司日
期為2017年9月18日2017年11
月6日公告
截 2017年2018年 2019年
12月31日 止 年 度 截 2020
年8月31日 止 八 個 月 根 據 產
品 互 供 框 架 協 議 交 易 年 度
限 分 別 為 民 幣50700000
元 民 幣141300000元
民 幣205500000元 民 幣
178333000元關詳情請參
閱財務報表附註33截2017年
12月31日止年度根據產品互供
框架協議產生總交易金額為民
幣2560000元
述持續關連交易於釐定截2017年12
月31日止年度進行交易價格條款時
已遵守政策指引
集團核數師已審閱述持續關連交
易並董事會確認該等持續關連交
易：(i)已獲董事會批准(ii)符合集團
定價政策(iii)根據規交易相關協
議訂立(iv)並無超出限
8 Framework Sales and Purchase Agreements
On 18 September 2017 the Joint Venture and Yihai Shanghai
our wholly owned subsidiary and for itself and on behalf of its
subsidiaries entered into the Framework Sales and Purchase
Agreements pursuant to which (i) we agreed to sell hotpot soup
flavouring products to the Joint Venture as raw materials for the
manufacture of Small Hotpot Products and (ii) the Joint Venture
agreed to sell Small Hotpot Products to us The Joint Venture is
our connected subsidiary and therefore transactions under the
Framework Sales and Purchase Agreements constitute continuing
connected transactions under Chapter 14A of the Listing Rules
The Framework Sales and Purchase Agreements have an initial
term of three years from 6 November 2017 to 31 August 2020
and is renewable for further term of three years from time to
time subject to compliance with the Listing Rules and applicable
laws and regulations Please refer to the announcement of the
Company dated 18 September 2017 and 6 November 2017 for
details
The annual caps for the transactions under the Framework Sales
and Purchase Agreements for the years ended 31 December
2017 2018 and 2019 and the eight months ended 31 August
2020 are RMB50700000 RMB141300000 RMB205500000
and RMB178333000 respectively Please also refer to note 33
to the Financial Statements for details The aggregate transaction
amount incurred in accordance with the Framework Sales and
Purchase Agreements for the year ended 31 December 2017 was
RMB2560000
The above continuing connected transactions has followed the
policies and guidelines when determining the price and terms of the
transactions conducted for the year ended 31 December 2017
The auditor of the Group has reviewed the continuing connected
transactions referred to above and confirmed to the Board that the
continuing connected transactions (i) have received the approval of the
Board (ii) were in accordance with the pricing policies of the Group (iii)
were entered into in accordance with the relevant agreement governing
the transaction and (iv) have not exceeded the caps頤海國際控股限公司 Yihai International Holding Ltd96
Directors’ Report
董事會報告
獨立非執行董事確認集團(i)於
日常般業務過程中(ii)根據正常
更佳商業條款(iii)根據規交易相
關協議（包括中規定定價原則指
引）並公合理符合公司股東
整體利益條款訂立述持續關連交易
公司已指定支業務經營法律
風險控制財務部門董事會辦公室
組成高級理層團隊監察持續關連
交易確保與文提關連士進行
持續關連交易公磋商釐定
並無超出年度限關高級理層團
隊持續追蹤定期監察持續關連交易進
程並公司理層報告彼等與財
務部審閱持續關連交易確保並無超出
年度限彼等將會月（需）
與審計委員會理層董事會進行溝
通報告持續關連交易進程並求
批准現交易條款新變動公司
部門將會獲定期知會持續關連交
易條款定價政策審計委員會指派
獨立內部審計團隊務確保關持續
關連交易公司內部控制措施保持
效完整隨著該等措施獨立非執行
董事評估於段給予確認
文披露者外們於截2017年
12月31日止年度並無訂立根據市
規則第14A49條第14A71條須予披露
關連交易持續關連交易
董事於重交易安排合約中重
權益
文「關連持續關連交易」節披
露者外並無公司附屬公司屬
中名訂約方董事關連實體（
公司條例第486條定義）於中直接
間接擁重權益於截2017年
12月31日止年度於2017年12月31日
然存續重交易安排合約
The independent nonexecutive Directors have confirmed that the
above continuing connected transactions were entered into by the
Group (i) in the ordinary and usual course of its business (ii) on normal
commercial terms or better and (iii) in accordance with the relevant
agreement (including the pricing principle and guidelines set out
therein) governing them and on terms that were fair and reasonable and
in the interests of the Company and the Shareholders as a whole
The Company has designated a team of senior management from
business operation legal risk control and finance departments
and Board office to monitor the continuing connected transactions
and ensure that the continuing connected transactions with the
abovementioned connected persons are on arm’s length basis and that
the annual caps are not exceeded Such team of senior management
continuously traces and regularly monitors the progress of the
continuing connected transactions and reports to management of the
Company They review the continuing connected transactions with the
finance department to ensure that annual caps are not exceeded They
will also communicate with the Audit Committee management and
the Board of Directors monthly or as needed to report the progress
of the continuing connected transactions and request for approval
of new changes of existing transaction terms The heads of different
departments of the Company will be informed on a periodic basis in
relation to the terms and pricing policies of the continuing connected
transactions as well The Audit Committee has also assigned the
independent internal audit team the task to ensure that the Company’s
internal control measures in respect of the continuing connected
transactions remain effective and complete With these measures the
independent nonexecutive Directors could therefore assess and give
the confirmations in the preceding paragraph
Save for disclosed above during the year ended 31 December 2017
we have not entered into any connected transaction or continuing
connected transaction which should be disclosed pursuant to the Rules
14A49 and 14A71 of the Listing Rules
DIRECTORS’ MATERIAL INTERESTS IN TRANSACTIONS
ARRANGEMENTS OR CONTRACTS OF SIGNIFICANCE
Save as disclosed in the section headed Connected and Continuing
Connected Transactions above there were no transactions
arrangements or contracts of significance to which the Company or any
of its subsidiaries was a party and in which a Director or its connected
entity (within the meaning of Section 486 of the Companies Ordinance)
had a material interest whether directly or indirectly and subsisting
during the year ended 31 December 2017 or as of 31 December 20172017 Annual Report 年 度 報 告 97
Directors’ Report
董事會報告
重合約
文「關連持續關連交易」節披
露者外於截2017年12月31日止年
度公司中間附屬公司與
控股股東附屬公司間概無訂立
重合約
理合約
於截2017年12月31日止年度直
年報日期為止概無訂立存
關公司全部重部分業務理
行政合約
董事獲准許彌償條文
根據組織章程細則第33條受開曼群島
公司法約束董事權從公司資
產中獲彌償彌償作為董事勝
訴無罪民事刑事法律訴訟中
進行抗辯招致蒙受切損失法
律責
於截2017年12月31日止年度公
司已為集團董事安排適當董事責
保險
薪酬政策董事薪酬退休金計劃
截2017年12月31日們擁1919
名僱員僱員薪酬包括薪金津貼
們為員工提供培訓提升技術
產品知識集團薪酬政策基於
僱員個表現制定並會定期予檢
討
集團為董事提供具競爭力薪酬
遇酬金董事會經參董事職
務職責表現集團業績釐
定於截2017年12月31日止年度董
事酬金詳情載於財務報表附註35
根據中國法律法規集團已安排
中國僱員加入中國政府組織界定供
款計劃當中包括退休金醫療住房
福利計劃並無供沒收供款
供削減未來年度應付供款集團
為集團僱員提供社保當中包括退休
CONTRACT OF SIGNIFICANCE
Save as disclosed in the section headed Connected and Continuing
Connected Transactions above no contract of significance was
entered into between the Company or one of its subsidiary companies
and any of its Controlling Shareholders or subsidiaries during the year
ended 31 December 2017
MANAGEMENT CONTRACTS
No contracts concerning the management and administration of the
whole or any substantial part of the business of the Company were
entered into or existed during the year ended 31 December 2017 and
up to the date of this annual report
DIRECTORS’ PERMITTED INDEMNITY PROVISION
Pursuant to Article 33 of the Articles of Association and subject to
Cayman Islands Companies Law each Director shall be indemnified
out of the assets of the Company against all losses or liabilities
incurred or sustained by him as a Director in defending any
proceedings whether civil or criminal in which judgment is given in his
her favor or in which heshe is acquitted
The Company has arranged appropriate directors’ liability insurance
coverage for the Directors of the Group during the year ended 31
December 2017
REMUNERATION POLICY DIRECTORS’ REMUNERATION AND
PENSION SCHEME
As at 31 December 2017 we had 1919 employees The remuneration
of our employees includes salaries and allowances We provide training
to our staff to enhance technical and product knowledge The Group’s
remuneration policies are formulated based on the performance of
individual employees and are reviewed regularly
The Group offers competitive remuneration packages to the Directors
Other emoluments are determined by the Board with reference to the
Directors’ duties responsibilities and performance and the results of
the Group Details of the Directors’ remuneration during the year ended
31 December 2017 are set out in note 35 to the Financial Statements
In accordance with the laws and regulations in the PRC the Group
has arranged for its PRC employees to join defined contribution
plans including pension medical housing and other welfare benefits
organised by the PRC government No forfeited contribution under this
scheme is available to reduce the contribution payable in future years 頤海國際控股限公司 Yihai International Holding Ltd98
Directors’ Report
董事會報告
金保險失業保險工傷保險醫療保
險
購股權計劃
於截2017年12月31日止年度公
司並無須予披露購股權計劃
受限制股份單位計劃
公司已根據股東於2016年2月24日
決議案董事會於2016年2月24日決
議案批准採納受限制股份單位計劃
受限制股份單位計劃並受限於市規
則第十七章條文為受限制股份單
位計劃並涉公司授出認購新
股份購股權
受限制股份單位並無附帶於公
司股東會投票權利非直
該等與受限制股份單位獎勵（「獎勵」）相
關股份於受限制股份單位歸屬時實際
轉讓予受限制股份單位受託否則並
無受限制股份單位受託根據受限制
股份單位計劃授出獎勵享股東
權利非董事會全權酌情決定別行指
明否則受限制股份單位受託並無
權利分享與獎勵相關股份
現金非現金收入股息分派╱
出售非現金非實物分派款項
關詳情請參閱招股章程「附錄四－法
定般資料」章節
於2016年12月28日公司已根據受
限制股份單位計劃批准授出9140000
個受限制股份單位中1510000份
授予兩名董事詳情請參閱公司日期
為2016年12月28日公告
文披露者外截2017年12月
31日並無受限制股份單位已獲公司
根據受限制股份單位計劃授出意授
出
The Group also provides social insurance including pension insurance
unemployment insurance workrelated injury insurance and medical
insurance for the employees of the Group
SHARE OPTION SCHEME
During the year ended 31 December 2017 the Company did not have
any share option scheme which was required to be disclosed
THE RESTRICTED SHARE UNIT SCHEME
The Company has approved and adopted a RSU Scheme by a
resolution of the Shareholders on 24 February 2016 and a resolution of
the Board on 24 February 2016 The RSU Scheme is not subject to the
provisions of Chapter 17 of the Listing Rules as the RSU Scheme does
not involve the grant of options by the Company to subscribe for new
Shares
The RSUs do not carry any right to vote at general meetings of the
Company No RSU grantee shall enjoy any of the rights of a Shareholder
by virtue of the grant of an award of RSUs (the Award) pursuant to
the RSU Scheme unless and until such Shares underlying the Award
are actually transferred to the RSU grantee upon vesting of the RSU
Unless otherwise specified by the Board in its entire discretion the
RSU grantees do not have any rights to any cash or noncash income
dividends or distributions andor the sale proceeds of noncash and non
scrip distributions from any Shares underlying an Award Please refer to
the section headed Appendix IV — Statutory and General Information
of the Prospectus for details
The Company approved and granted 9140000 RSUs among which
1510000 were granted to two Directors pursuant to the RSU Scheme
on 28 December 2016 Please refer to the announcement of the
Company dated 28 December 2016 for details
Save as disclosed above as at 31 December 2017 no RSU had been
granted or agreed to be granted by the Company pursuant to the RSU
Scheme2017 Annual Report 年 度 報 告 99
Directors’ Report
董事會報告
EQUITYLINKED AGREEMENT
Save as disclosed in this annual report there was no equitylinked
agreement entered into by the Company during the year ended 31
December 2017
MAJOR CUSTOMERS AND SUPPLIERS
During the year ended 31 December 2017 the respective percentage
of purchases attributable to the Group’s largest supplier and five
largest suppliers in aggregate was 75 and 268 and the respective
percentage of the total sales attributable to the Group’s largest
customer and five largest customers in aggregate was 335 and
546
Our largest customer was Xinpai Shanghai second largest customer
was Sichuan Xinpai Catering Management Co Ltd* (四川新派餐飲
理限公司) which is a whollyowned subsidiary of Singapore Haidilao
third largest customer was Sichuan Haidilao and fifth largest customer
was Singapore Haidilao
Except as disclosed above none of the Directors or any of their close
associates or any Shareholders (which to the best knowledge of the
Directors owned more than 5 of the Company’s issued share capital)
had a material interest in our five largest suppliers or customers
PURCHASE SALE OR REDEMPTION OF THE COMPANY’S
LISTED SECURITIES
Neither the Company nor any of its subsidiaries purchased redeemed
or sold any of the Company’s listed securities during the year ended 31
December 2017
MODEL CODE FOR SECURITIES TRANSACTIONS
The Company has adopted the Model Code Specific enquiries have
been made to all the Directors and the Directors have confirmed that
they have complied with the Model Code since the Listing Date and up
to the date of this annual report
The Company’s employees who are likely to be in possession of inside
information of the Company have also been subject to the Model Code
for securities transactions No incident of noncompliance of the Model
Code by the Company’s employees was noted by the Company since
the Listing Date and up to the date of this annual report
股權掛鈎協議
年報披露者外公司於截2017
年12月31日止年度並無訂立股權掛鈎協
議
客戶供應商
於截2017年12月31日止年度集
團供應商五供應商應佔相關採
購百分合為75268集
團客戶五客戶應佔銷售總額相
關百分為335546
們客戶為新派海第二客
戶為四川新派餐飲理限公司為
新加坡海底撈全資附屬公司第三
客戶為四川海底撈第五客戶為新加
坡海底撈
述披露者外董事彼等緊密聯繫
股東（據董事知擁公司
超過5已發行股）概無於五供應
商客戶中擁重權益
收購出售贖回公司市證券
於截2017年12月31日止年度公
司附屬公司均無購買贖回
出售公司市證券
證券交易標準守則
公司已採納標準守則已董事
作出特別查詢董事已確認彼等
市日期起報告日期直遵守標準
守則
擁公司內幕消息公司僱員
須遵守證券交易標準守則市
日期起年報日期公司並無注意
出現公司僱員遵守標準守則事
件頤 海 國 際 控 股 限 公 司 Yihai International Holding Ltd100
Directors’ Report
董事會報告
COMPLIANCE WITH THE CORPORATE GOVERNANCE CODE
The Company had applied the principles and code provisions as set
out in the Corporate Governance Code and has complied with the code
provisions in the Corporate Governance Code for the year ended 31
December 2017
AUDITOR
The consolidated financial statements of the Group for the year ended
31 December 2017 have been audited by PricewaterhouseCoopers
certified public accountants
PricewaterhouseCoopers will retire and being eligible offer themselves
for reappointment A resolution for their reappointment as auditor of
the Company will be proposed at the AGM
CLOSURE OF REGISTER OF MEMBERS AND RECORD DATE
The register of members of the Company will be closed from Sunday
22 April 2018 to Friday 27 April 2018 both days inclusive in order
to determine the eligibility of the Shareholders to attend and vote at
the AGM The Shareholders whose names appear on the register of
members of the Company at the close of business on Friday 20 April
2018 will be eligible to attend and vote at the AGM In order to be
eligible to attend and vote at the AGM all transfers accompanied by
the r elevant share certificates and transfer forms must be lodged with
the Company’s branch share registrar in Hong Kong Computershare
Hong K ong Investor Services Limited at Shops 1712–1716 17th Floor
Hopewell Centre 183 Queen’s Road East Wanchai Hong Kong before
430 pm on Friday 20 April 2018
遵守企業治守則
公司已採納企業治守則原則守
則條文並於截2017年12月31日止年
度為止直遵守企業治守則內守則
條文
核數師
集團截2017年12月31日止年度
綜合財務報表執業會計師羅兵咸永
道會計師事務審核
羅兵咸永道會計師事務將會退並合
資格應聘續該等聘續決議案
將於股東周年會提呈
暫停辦理過戶登記記錄日
公司將於2018年4月22日（星期日）
2018年4月27日（星期五）（包括首尾兩
日）暫停辦理股份過戶登記手續釐定
合資格出席股東週年會於中投票
股東於2 018年4月20日（星期五）營
業時間結束時名列公司股東名冊
股東將資格參加股東週年會並於
中投票為符合資格出席股東週年
會並於會投票過戶文件連
關股票證書過戶表格須於2018年4
月20 日（星期五）午四時三十分前送交
公司香港股份過戶登記分處香港中
央證券登記限公司址為香港灣仔
皇道東183號合中心17樓1712
1716室2017 Annual Report 年 度 報 告 101
Directors’ Report
董事會報告
The register of members of the Company will also be closed from
Friday 4 May 2018 to Monday 7 May 2018 both days inclusive in
order to determine the entitlement of the Shareholders to the final
dividend The Shareholders whose names appear on the register of
members of the Company at the close of business on Monday 7 May
2018 will be entitled to the final dividend In order to be eligible to entitle
to the final dividend all transfers accompanied by the relevant share
certificates and transfer forms must be lodged with the Company’s
branch share registrar in Hong Kong Computershare Hong Kong
Investor Services Limited at Shops 1712–1716 17th Floor Hopewell
Centre 1 83 Queen’s Road East Wanchai Hong Kong before 430 pm
on Thursday 3 May 2018
By order of the Board
Shi Yonghong
Chairman of the Board
Hong Kong 4 April 2018
公司將於2018年5月4日（星期五）
2 018年5月7日（星 期 ）（包 括 首 尾
兩日）暫停辦理股份過戶登記手續釐
定合資格領取末期股息股東於2 018
年5月7日（星期）營業時間結束時名列
公司股東名冊股東將資格收取末
期股息為符合資格收取末期股息
過戶文件連關股票證書過戶表
格須遲於2018年5月3日（星期四）
午四時三十分前送交公司香港股
份過戶登記分處香港中央證券登記限
公司址為香港灣仔皇道東183
號合中心17樓17121716室
承董事會命
施永宏
董事會席
香港2018年4月4日頤海國際控股限公司 Yihai International Holding Ltd102
The Environmental Social and Governance Report
環境社會治報告
關於報告
頤海國際控股限公司（稱「頤海」
「集團」「們」）欣然呈列2017年度
環境社會治報告該報告系
集團連續第二年社會發佈們環
境社會治方面理理念與實踐
績效表現們希報告披露具
透明度方式傳遞公司持續發展理念
與實踐促進利益相關方對公司
解溝通
報告範圍
報告涵蓋期間為二零七年月日
十二月三十日與公司年報內容
涵蓋時間相部分內容追溯年
份報告內涉數據均來集團
內部文件統計報告
報告編製標準
報告編製據香港交易結算限
公司（「香港交易」）發佈香港聯合
交易限公司證券市規則（「市規
則」）載附錄二十七環境社會
治報告指引（ESG報告指引）遵循重
性量化衡致性匯報原則
力求充分反映公司環境社會治
方面理現狀績效成果關集
團業績詳情請參閱頤海國際控股限
公司2017年度報告
ABOUT THIS REPORT
Yihai International Holding Ltd (hereinafter Yihai the Group or
We) is pleased to present the Environmental Social and Governance
(ESG) report for the year ended 31 December 2017 This is the
second ESG report we have disclosed to the public regarding our ESG
management philosophy and performance of our practices We hope
that this report will disclose the concepts and practices on sustainable
development of the Group in a transparent manner and enhance the
mutual understanding and communication of the various stakeholders
of the Group
SCOPE OF THIS REPORT
This report covers the period from 1 January to 31 December 2017
the same as the annual report with some parts dated back to previous
years All data are from the Group’s internal documents or statistical
reports
PREPARATION BASIS OF THIS REPORT
This report is prepared in accordance with the Environmental Social
and Governance Reporting Guide (ESG Reporting Guide) Appendix
27 to the Rules Governing the Listing of Securities on the Stock
Exchange of Hong Kong Limited (Exchange Listing Rules) by Hong
Kong Exchange and Clearing Limited (HKEX) We follow the principles
of importance quantification balance and consistency and strive to
fully represent our current management status and performance results
in terms of environment society and governance For details of the
Group’s performance results please refer to the Annual Report of Yihai
International Holding Ltd For the Year Ended 31 December 20172017 Annual Report 年 度 報 告 103
The Environmental Social and Governance Report
環境社會治報告
1 環境社會治(ESG)理念體
系
集團相信持續穩健環境社
會治表現對公司業務與公司
社區持續發展關重商
業社會需求機結合方產生
更具影響社會效應們僅致
力於實現強健財務業績致力
於積極識別利益相關方期
斷發掘身業務發展環境社
會需求契合點審慎理身
環境社會風險充分整合現
潛資源為社會創造更具價值
產品服務實現更整體效益
11 ESG責架構
為更效將ESG責理
念融入集團戰略決策進
步指導相關工作落實們設
立公司理層牽頭環
境社會治(ESG)工作
組該工作組員均來
職部門負責公司理層
參與橫協調職部門
縱覆蓋屬公司ESG
理體系根符合集團
身業務發展模式為切實提
高公司環境社會治表現
提供堅實組織保障
1 The Environmental Social and Governance (ESG) Concept
and System
The Group believes that sustainable and sound ESG performance
is essential to the sustainable development of our business
and the community we operate in The dynamic combination
of commercial and social needs is bound to embrace more
influential social effects Yihai is not only committed to achieving
sound financial performance but also realising greater overall
benefits through actively identifying stakeholders’ expectations
discovering areas where our business development coheres
with environmental and social demands exercising prudent
management over our environmental and social risks and fully
integrating our existing and potential resources to provide more
valueadded products and services for the society
11 ESG Accountability Structure
In order to integrate the idea of ESG accountability into the
Group’s strategic decisions in a more effective way and to
further guide the implementation of related work we have
established an ESG working group led by the Group’s
senior management with all group members consisting of
persons in charge of the respective functional departments
In addition we have also formed an ESG management
organisational structure which includes the participation
of the senior management horizontal coordination of
all functional departments and vertical coverage of all
subsidiary companies to ensure our ESG management
system is fundamentally in line with the Group’s own
business development mode thus laying solid foundation for
improving our ESG performance頤海國際控股限公司 Yihai International Holding Ltd104
The Environmental Social and Governance Report
環境社會治報告
12 利益相關方溝通
們深知企業持續發展與
利益相關方參與支持息息
相關從公司成立們
通過方渠道與利益相關方
進行長效溝通時解並積
極回應方意見與訴求斷
加強內部優化與理促公
司業務與運營更滿足需
求與期
12 Stakeholder Engagement
We are deeply aware that the sustainable development
of an enterprise is closely related to the participation and
support of the stakeholders Therefore we have maintained
effective communication with the stakeholders through
various channels since our establishment in an attempt to
duly understand and actively respond to their comments and
demands thus making our business and operations better
satisfy their needs and expectations through continuous
enhancement of internal optimisation and management
Major Stakeholders Top Concerns Communication Channels Our Responses
利益相關方 關注議題 溝通渠道 公司回應

Governmental
regulatory
authorities
• Implementation of
energy conservation
and emission reduction
• Policy orientation • Implementing
regulatory policies
政府部門 落實節減排 政策導 落實監督與制政策
• Improvement of
corporate governance
• Legislative and non
legislative documents
• Accepting relevant
examinations
完善公司治理 立法非立法性文件 接受相關考核
• Lawful operation • Onsite and offsite
inspections
• Executing green
operations
合法合規經營 實非實查驗 貫行綠色經營
• Optimising corporate
governance system
優化公司治理體系
Investors • The Group’s business
strategies
• Disclosure of relevant
reports
• Publishing our
performance results
on a regular basis
投資者 公司經營戰略 相關報告披露 定期公示公司業績
• Return on investment • Shareholders’
Meeting
• Strengthening
management of risk
and internal control
投資回報 股東會 強化風險內控理
• Securing the interests
of investors
• Disclosure of the
Group’s performance
results
• Maintaining and
enhancing our brand
value
保障投資者權益 公司狀況業績公示 維護提升品牌價值
• Accuracy and
transparency of
information disclosure
信息披露準確透明2017 Annual Report 年 度 報 告 105
The Environmental Social and Governance Report
環境社會治報告
Major Stakeholders Top Concerns Communication Channels Our Responses
利益相關方 關注議題 溝通渠道 公司回應

Employees • Remuneration and
welfare benefits
• Staff activities • Providing diversified
staff activities
僱員 薪酬福利 員工活動 元化員工活動
• Occupational health
and safety
• Internal
communication
• Developing platforms
for learning and
development
職業健康安全 內部交流 拓展學習發展台
• Career development
and trainings
• Fully protecting
employees’ rights
員工發展培訓 全面保障員工權益
Consumers • Product quality and
safety
• The Group’s official
media platform
• Optimising product
quality assurance
system
消費者 產品質量與安全 公司官方媒體台 優化產品質量體系
• Precautionary
measures for
information leakage
• Customer complaint
hotline
• Improving service
quality
防範資料洩露 客戶投訴電話 提升服務質量
• Sound customer
service
• Product marketing
channels
• Protecting
consumers’ rights
and interests
健全客戶服務 產品銷售渠道 保障消費者項權益
Suppliers • Fair cooperation • Regular
communication
• Developing a fair and
impartial procurement
system
供應商 公合作 定期溝通 公公正採購制度
• Honesty and promise
keeping
• Routine return visits • Attaching importance
to environmental and
social risks
誠信踐約 日常回訪 重視環境與社會風險
• Coordinated
development
• Business meetings • Realising sustainable
partnerships
協發展 商業會談 實現持續合作關係
• Cooperation
agreements
合作協定頤海國際控股限公司 Yihai International Holding Ltd106
The Environmental Social and Governance Report
環境社會治報告
13 ESG議題重性評估
們結合2016年公司利益相
關方調研基礎2017年度
與利益相關方代表通過線
問卷調查組討論電話訪
談等形式進行次溝通
解利益相關方對於環境僱
傭員工健康與發展勞工
準則供應商理產品責
反貪污社區投資11
項ESG議題重性真實評
估與具體訴求從悉知公司
改善環節進步提升
關環境社會治工作
質量
根據利益相關方反饋結果
時綜合考慮集團業務發展
方們完成報告年內
ESG議題重性分析評估
評估結果顯示排放物資源
環境社會資源勞工
準則產品責反貪污相關
議題綜合重性程度較高
們嚴格遵守ESG報告指
引披露求前提對重
性程度較高議題予更具
針對性回應矩陣圖顯
示集團重性評估結果
Major Stakeholders Top Concerns Communication Channels Our Responses
利益相關方 關注議題 溝通渠道 公司回應

Community and
the public
• Charity and public
welfare
• Charitable activities • Carrying out
charitable and
voluntary activities
社區與公眾 公益與慈善 公益慈善活動 開展公益志願者活
動
• Community sustainable
development
• Voluntary activities • Caring for returns
on community
investment
社區持續發展 志願者活動 注重社區投資回饋
• Community relations • Community
investment
社區關係 社區投資
13 Materiality Assessment of ESG Topics
Based on the stakeholder engagement study conducted in
the previous year we communicated with representatives
of stakeholders this year through various ways like online
questionnaire group discussion and telephone interview
to understand their specific requests and real assessment
on the materiality of 11 ESG topics such as environment
employment employee health and development labour
standards supply chain management product liability anti
corruption and community investment so as to detect areas
that can be improved and further enhance the quality of
ESGrelated practices
Based on the feedback from the stakeholders and taking
into account the trend of the Group’s business development
we have accomplished materiality analysis and assessment
of ESG topics for this reporting year The assessment results
showed that topics in relation to emissions resources
utilisation environmental and social resources labour
standards product responsibility and anticorruption were
of higher importance from a comprehensive perspective We
have provided more targeted responses to these topics of
higher importance without prejudice to the strict compliance
with disclosure requirements in the ESG Reporting Guide
The following matrix shows the results of our materiality
assessment2017 Annual Report 年 度 報 告 107
The Environmental Social and Governance Report
環境社會治報告頤海國際控股限公司 Yihai International Holding Ltd108
The Environmental Social and Governance Report
環境社會治報告
2 Environmental Management
The Group practices sustainable development concepts of low
carbon environmental protection energy saving and emission
reduction while simultaneously updating the base of applicable
laws and regulations in real time through paying close attention
to official websites of the national and local authorities governing
safety and environmental protection affairs At the same time we
make continuous improvements to our systems in accordance
with updated requirements to ensure the Group’s operational
activities are legitimate and in line with regulations In 2017 we
actively identified and complied with environmentconcerned
laws and regulations newly issued at national and local levels
including the Environmental Protection Tax Law of the People’s
Republic of China the Administrative Measures for the Licensing
of Radioisotopes and Radiation Devices the Catalogue for
Classification Management of Stationary Source Emission Permit
(2017) the Regulations on the Administration of Construction
Project Environmental Protection and the Administrative
Measures for Environmental Protection Acceptance of Completed
Construction Projects (Decree No 13 of the Ministry of
Environmental Protection) While enhancing our environmental
management system the Group has been exploring feasible
energysaving and emission reduction technologies and
procedures during the course of business Besides The Group
has also attempted to strengthen the effective supervision and
management at all levels to shape and enhance the staff’s
awareness of environmental protection with an attempt to
minimise the impact of our production and operation activities on
the surrounding environment No violation of laws and regulations
or legal action concerning environmental protection was reported
in 2017
2 環境理
集團切實踐行低碳環保節減
排持續發展理念通過國家
方安全環保類官方網站實時更
新相適相關法律法規庫時
根據關求斷完善公司制度
保證公司運營活動合法合規2017
年度們積極識別並遵守
國家方層面環境領域新法
律法規包括：中華民國環境
保護稅法放射性位素與射線
裝置安全許理辦法固定污
染源排污許分類理名錄（2017
年版）建設項目環境保護理條
例建設項目竣工環境保護驗收
理辦法13號令等集團強
化身環境理體系時
斷探索經營過程中行節減排
技術與工藝加強對級部門
效監督理建立提升員工環
境保護意識努力降低公司生產
運營活動對周邊環境造成影響
過2017年度內集團環
境保護領域未發生相關違法違規訴
訟事件2017 Annual Report 年 度 報 告 109
The Environmental Social and Governance Report
環境社會治報告
21 完善環境理體系
為進步提升集團環境
理水實際理中們
結合身運營業務特點於
2017年半年更新編製包
括安全環保檢查理制度
安全環保培訓理制度
安全環保隱患理制度等
內12項安全生產A類理
制度系統梳理公司業務流
程明確級環保理責
制並施行屬化理
效執行項節減排與危廢監
控措施們環境理
事業更加標準化與規範化為
效監督工廠對該制度執
行情況集團風控審計部
月進行次專項審計為進
步提高制度落實行性公
司定期組織工廠組長
級別員工對制度進行磨修
訂供應理部則針對工廠
安全環保體系運行情況進行
合規性審計確保工廠相關
業務完全合法合規
22 控制污染物排放
集團控制污染物排放方面
持續推進項控措施
涵蓋控制廢氣污水處理
固廢理三個層面
控制廢氣
減少廢氣排放方面集團
工廠淘汰老舊設備均
新天然氣為燃料節蒸
汽鍋爐炒制車間部分燃氣
炒鍋已更換為蒸汽炒鍋極
降低廢氣排放量時
工廠均安裝抽油煙罩油煙
淨化器炒料過程中產生油
煙廢氣經集抽油煙機罩吸收並
通過油煙淨化裝置淨化達標
後方排放
21 Improving Environmental Management System
In view of further improving our environmental management
we integrated characteristics of our own operations
to update and prepare 12 class A production safety
management systems in 2017 including the Management
System of Inspection on Safety and Environmental
Protection the Management System of Trainings on
Safety and Environmental Protection and the Safety and
Environmental Hazards Management System which helped
to sort out our business processes in a systematic way
These systems specified the environmental management
accountability at different levels and implemented localised
management to effectively perform energysaving and waste
control measures making our environmental management
more standardised and normalised The Group’s Risk
Management and Audit Department conducts special audits
on a monthly basis to monitor factories’ implementation of
these systems in an effective way Moreover we organise
factory employees at the group leader level or above on a
regular basis to polish and revise the relevant systems for
further improvement on the implementation feasibility The
Supply Management Department conducts compliance
audits for the operation of safety and environmental
protection systems in factories to ensure their businesses
are completely compliant with laws and regulations
22 Controlling Pollutant
The group has continued to push ahead various regulatory
measures in term of controlling pollutant covering three
primary aspects such as emission control wastewater
treatment and solid waste management
Emission Control
Regarding the aspect of emission control factories of the
Group cleaned out old and obsolete equipment introduced
new energysaving steam boilers that primarily use natural
gas as fuel and replaced some gasfired woks with steam
heated woks in the stirfrying workshops resulting in greatly
reducing exhaust gas emissions At the same time all
factories have been equipped with extraction hoods and oil
smoke purifiers When stirfrying ingredients the oily fames
are first absorbed by gascollecting hoods and then purified
by the oil smoke purifier until it meets the standards required
for discharge頤海國際控股限公司 Yihai International Holding Ltd110
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環境社會治報告
污水處理
基於公司業務特點污水
為工廠炒制車間產生炒鍋清
洗廢水對公司工廠均已
單獨安裝整套刷鍋水真空集
中吸排系統油水分離系統
避免含廢油污水直接排
放外工廠均設污水
處理站廠區食堂餐飲產生
廢水通過隔油淨化池預處理
後與廠區生活污水起進入
工廠污水處理站進行處理
後排入工業園區市政污水處理
廠
固廢理
公司制定完善固廢處理機
制並於月進行符合性審
計時配置廢棄物存儲倉
庫分類存儲垃圾箱廢棄物
統收集後分類為般固體
廢棄物與危險廢棄物工廠
產生輔料廢渣隔油渣
油煙淨化器收集廢油廢包
裝材料等均交資質專業
公司進行處理廠區生活垃圾
日清日潔集中處理全部危
險廢棄物包括廢化學試劑
廢舊硒鼓墨盒專門標識
危廢電池等交資質第三
方處置商進行合規處理集
團工廠產生全部危險廢棄
物均已實現合法合規處置
外集團節燈代
熒光燈進步達節環
保效果減少危險廢棄物
產生
Wastewater Treatment
Due to our business nature sewage mainly comes from the
wok washing water discharged by stirfrying workshops
In this regard all factories have installed a set of vacuum
centralised suction and discharge system and oilwater
separation system for the wok washing water to avoid
direct discharge of sewage containing waste oil In addition
all the factories of the Group have sewage treatment
stations Waste water produced from factory canteen is first
pretreated by an oil filter and purification tank and is then
together with domestic sewage from the factory area sent
to the sewage treatment station in the factory area for further
treatment Finally the treated wastewater is discharged into
the municipal sewage treatment plant in the industrial park
Solid Waste Management
The Group has developed a sound solid waste treatment
mechanism and performs compliance audit monthly
Meanwhile waste storage warehouses and classified
storage bins are equipped and the wastes collected are
classified into general solid waste and hazardous waste
Wastes produced by all the factories have been sent to
qualified professional waste treatment companies for
processing These include solid waste residues from primary
and auxiliary materials oil residue waste oil collected by oil
smoke purifiers and waste package materials Household
wastes have been handled in a centralised manner on a
daily basis We have employed qualified third parties for
the treatment of all hazardous wastes including waste
chemical reagents waste toner cartridges and ink cartridges
and hazardous waste batteries with special symbols All
hazardous wastes produced by factories of the Group
have been treated in line with laws and regulations In
addition the Group uses energysaving lamps instead of
fluorescent lamps to further achieve energy conservation
and environmental protection and reduce the production of
hazardous waste2017 Annual Report 年 度 報 告 111
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環境社會治報告
23 推進節降耗
們生產運營中堅持探索
推行切實行節降耗技術
措施更新制定系列
關提高源水資源生產原
材料效益理辦法操
作規程
2017年2月 全 公 司 發 起
頭腦風暴對現整個工藝
過程進行分析評估梳理道
工序流程中存穩定風險
素損失浪費點對員工操
作生產設備工藝參數進行標
準化設定生產工藝優化調
整保證產品品質穩定前提
進步實現資源效率
提升2017年集團生產
工藝優化案例成果包
括：
23 Promoting Energy Efficiency
We have continued to explore and implement practical
energysaving technologies and measures in our daily
production and operation and have updated and developed
a series of management methods and operating procedures
for improving utilisation efficiency of energy water resources
and raw materials for production
In February 2017 a brainstorm session was launched
companywide to analyse and evaluate the existing process
to detect unstable risk factors and waste points existed
in process flows and standardise the staff operation and
processing parameters of production equipment The
optimisation and adjustment of the production process not
only ensured the stability of product quality but also further
improved the efficiency of resource utilization Casebased
results achieved in the optimisation and adjustment of the
Group’s production process in 2017 include
Improvement in the
repeated processing
of chicken essence
Originally the chicken essence in condiment products had to be processed
again after ingredients proportioning After the modification we returned
to the original chicken essence formula no longer involving processing
procedures like drying and granulation which in turn reduced energy
consumption and processing cost The implementation of this project has
shortened the processing chain and also provided quality assurance with
an annual saving in processing cost of RMB 350000
雞精重複加工改善項目 原底料產品中雞精經過配料後需次加工改造後們還原回雞精原
始配方進行乾燥造粒等加工工藝減少耗加工成該項目
實施縮短加工鏈保證產品品質年實現節約加工費35萬元民
幣
Improvements of net
weight control
By introducing SPC (Statistics Process Control) tools we analysed the
accuracy and process capability of each equipment with a focus on over
packaged or shortpackaged products This project has not only guaranteed
the stability of the product tastes but also improved the yield rate realising
a cost saving of approximately RMB 600000 per year
淨含量改善項目 通過統計過程控制(SPC)工具們分析台設備精度制程力對
灌少灌部分進行理該項目運行保證產品口味穩定提高出成
率年實現節約成約60萬元民幣頤海國際控股限公司 Yihai International Holding Ltd112
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環境社會治報告
2017年第四季度們開始
公司總部與鄭州工廠配備精
益工程師專門負責精益生產
規劃組織與推進工作實
現更高水節減排增效
配備精益工程師後們
實現層面改進：
‧ 進行瓶頸工序動化改
造改善作業環境
降低員工疲勞度提高
生產製造效率
‧ 推 行5S現 場 精 益 理
工具消現場物料呆
滯提高場率
減少資源浪費
‧ 引 入OEE（設 備 綜 合 效
率 ）指 標 並 開 展TPM
（全面生產維護）項目
降低設備停機率提升
設備運行效率
‧ 推行工藝改善控制溢
加量縮短物料炒制時
間降低物料投入提
升 工 藝 參 數 精 益 化 水
降低耗
Improvements of
defective products
We made statistics on losses and waste in production process batches
and analysed categories and causes of defective products Meanwhile
Green Belt DMAIC tools were also engaged to improve defective products
The implementation of this project has shortened the batching process and
mitigated the risk of defective goods flowing into the market
次品改善項目 建立生產過程批次損失浪費數據統計分析次品類別產生原時利
DMAIC綠帶工具改善次品項目該項目落實減少過程批次降低次品
流入市場風險
In the fourth quarter of 2017 we employed in our
headquarters and Zhengzhou factory lean engineers
specialised in planning organisation and promotion of lean
production in an attempt to achieve a higher level of energy
saving emission reduction and energy efficiency With
the engagement of lean engineers we have achieved the
following improvements
• Application of automation to the bottleneck process
to better the working environment reduce staff fatigue
and improve production and manufacturing efficiency
• Implementation of 5S onsite lean management tools
to eliminate onsite material sluggish improve site
utilization and reduce waste of resources
• Introduction of the OEE (Overall Equipment
Effectiveness) indicator and development of the TPM
(Total Productive Maintenance) project to reduce
equipment downtime and improve equipment operating
efficiency
• Promotion of process improvements to control overflow
amounts shorten stirfrying time reduce material input
improve the lean level of process parameters and
reduce energy consumption2017 Annual Report 年 度 報 告 113
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環境社會治報告
水資源方面公司工
廠蒸發式冷凝器提高間
接冷卻水循環率日常檢查
水點跑滴漏現象取消次
水點車間味設備加裝
噴淋水循環系統減少水資
源浪費外集團組織
部門制定節水節電措施並
通過張貼宣傳標語與宣傳圖
案加節水節電節氣
宣傳力度通過推進類節
降耗舉措工廠單位產品綜
合耗降公司員工節
環保意識強化
24 降低對然影響
基於集團業務特點們
對環境天然資源造成影響
程度較為限們然
致力於日常運營中採取項
行效理措施來進步
減低業務活動對然產生重
影響公司工廠尤
於2017年新建馬鞍山工
廠選採購生產原材料
時盡選購工廠
鄰區出產原材料
儘量縮短運貨距離程
度降低運輸車輛燃油尾氣排
放時減少運輸對環境
產生碳足跡
In terms of the use of water resources factories of the
Group have introduced evaporative condensers to improve
the recycling rate of indirect cooling water conducted daily
inspection on water dripping and leakage at each water
consuming point and cancelled unnecessary ones Our
spraying water circulation system was also newly installed
for deodorisers in the workshop to reduce the waste of
water resources In addition the Group also organised
relevant departments to formulate watersaving and energy
saving measures and strengthened efforts on enhancing
watersaving energysaving and gassaving awareness
through posting slogans and posters Through the promotion
of various energysaving measures comprehensive
energy consumption per unit product of each factory has
declined and employees’ awareness on energysaving and
environmental protection has been enhanced
24 Minimising our Impact on Nature
Because of the business characteristics of the Group our
impact on the environment and natural resources is limited
nevertheless we are still committed to taking effective
management measures in daytoday operations to further
reduce any significant impact of our business activities on
the nature When selecting and procuring raw materials
for production factories of the Group particularly our
Maanshan Production Base was newly established in 2017
sourced raw materials as close as possible to the factory
location or its vicinity to shorten the delivery distance with
maximum reduction in vehicle fuel consumption and exhaust
gas emissions thus reducing the carbon footprint in the
environment by transportation頤海國際控股限公司 Yihai International Holding Ltd114
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25 提升環保表現
說明外部分相關數
據績效表現覆蓋期間為二
零七年月日十二月
三十日涵蓋頤海國際成
悅頤海商貿限公司鄭州蜀
海實業限公司相關數據河
北霸州生產基還建設過程
中安徽馬鞍山生產基於
2018年開始正式運營
包含年度披露範圍內
排放物
25 Enhancing Environmental Performance
Unless otherwise stated the information listed below
represents the data and performance of Yihai International
Chengdu Yueyihai Trading Co Ltd and Zhengzhou Shuhai
Industrial Co Ltd for the period from 1 January to 31
December 2017 The Production Bases in Bazhou city Hebei
Province is still under construction and the Production Base
in Maanshan city Anhui Province will commence operation
formally in 2018 therefore they are not included in the scope
of disclosure this year
Emissions
Total
Chengdu
Yueyihai
Zhengzhou
Shuhai
Indicators 指標 匯總 成悅頤海 鄭州蜀海

Annual production (tonnes) 全年生產產量（噸） 5068138 1643662 3424476
Emissions (tonnes) 廢氣排放總量（噸） 2812 163 2649
Stationary sources
emission (tonnes)1
固定源廢氣排放（噸）1 2812 163 2649
No2 (tonnes) 二氧化氮（噸） 067 023 044
So2 (tonnes) 二氧化硫（噸） 027 009 018
Fume (tonnes) 油煙（噸） 2652 033 2543
Smoke and dust (tonnes) 煙塵（噸） 066 022 044
Annual emissions per unit of
production (tonnestonnes) 2
全年單位產量廢氣排
放總量（噸╱噸）2 000055 000009 000077
Total waste water pollutants
discharged (tonnes)3
廢水污染物排放
總量（噸）3
907 131 776
COD emission (tonnes) 化學需氧量(COD)
排放量（噸）
375 048 327
BOD5 emission (tonnes) 5日生化需氧量(BOD5)
排放量（噸）
093 009 084
Suspended solids (tonnes) 懸浮物（噸） 329 061 268
Ammonia and nitrogen (tonnes) 氨氮（噸） 073 012 0612017 Annual Report 年 度 報 告 115
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Total
Chengdu
Yueyihai
Zhengzhou
Shuhai
Indicators 指標 匯總 成悅頤海 鄭州蜀海

Animal and vegetable oils
(tonnes)
動植物油（噸）
037 001 036
Annual waste water pollutants
discharged per unit of
production (tonnestonnes)
全年單位產量廢水
污染物排
放總量（噸╱噸） 000018 0000080 000023
Total hazardous
waste (tonnes)
害廢棄物總量（噸）
04 0 0
Waste chemical reagent (tonnes)廢化學試劑（噸） 0 0 0
Waste engine oil (tonnes) 廢機油（噸） 0 0 0
Waste mineral oil (tonnes) 廢礦物油（噸） 0 0 0
Waste leadacid accumulators
(tonnes)
廢鉛蓄電池（噸）
0 0 0
Waste fluorescent
lamps (tonnes)
廢熒光燈（噸）
0 0 0
Others (tonnes) （噸） 0 0 0
Annual hazardous waste per unit
of production (tonnestonnes)
全年單位產量害
廢棄物總量（噸╱噸） 0 0 0
Total nonhazardous
waste (tonnes)5
無害廢棄物總量（噸）5
583135 193925 389210
Household waste (tonnes) 生活垃圾（噸） 19825 1825 18000
Sludge at sewage treatment
stations (tonnes) 污水站污泥（噸） 120000 12000 108000
Production waste (tonnes) 生產廢物（噸） 443310 180100 263210
Annual nonhazardous waste
per unit of production
(tonnestonnes)
全年單位產量無害廢
棄物總量（噸╱噸） 012 012 011頤海國際控股限公司 Yihai International Holding Ltd116
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環境社會治報告
註：
1 固定源廢氣工廠排放廢
氣中氮氧化物二氧化硫
油煙顆粒物等組成
來源於天然氣燃燒中二
氧化氮排放根據煤天然
氣燃燒污染物產生係數
進行核算二氧化硫排放
根據環境保護實數據手
冊進行核算油煙排放根
據第三方監測報告內數據指
標進行估算煙塵排放根據
煤天然氣燃燒污染物
產生係數進行核算
2 公司交通工具汽油柴
油年消耗量較少根據重
性原則暫披露移動源廢
氣排放數據
3 固定源廢水中化學需氧
量(COD)排放量5日生化
需氧量(BOD5)排放量懸
浮物氨氮指標根據污水處
理站排水口總排水量分別
排水口BOD5均濃
度排水口總磷均濃
度排水口氨氮均濃度
計算出數據
4 害廢棄物交給資質第三
方處理根據報告期內危
險廢物轉移聯單廢物回收
商回收單據記錄數據進
行核算報告期內沒發
生轉移售賣期數據
為0
5 無害廢棄物包括生活垃圾
污水站污泥生產廢物根
據工廠垃圾清運單位第
三方收購單位提供數據進
行核算
Note
1 Waste gases emitted from stationary sources are consisted
of nitrogen oxides sulphur dioxide fume and particulates
contained in exhausted gases emitted by factories which
mainly come from the burning of natural gas Among others
the nitrogen dioxide emission is calculated based on the
Coefficients on Pollutants Generated from the Combustion of
Coal and Natural Gas sulphur dioxide emission is calculated
based on the Practical Data Handbook for Environmental
Protection fume emission is calculated based on the data
in monitoring reports prepared by third parties and smoke
and dust emission is calculated based on the Coefficients
on Pollutants Generated from the Combustion of Coal and
Natural Gas
2 Our selfowned vehicles did not consume much petrol and
diesel and according to the principle of materiality the data
of mobile source emissions is not disclosed
3 The data of COD (Chemical Oxygen Demand) emission BOD5
(5th Biochemical Oxygen Demand) emission suspended
solids ammonia nitrogen indicator in waste water discharged
from stationary sources is calculated based on total waste
water discharged at the outlet of sewage treatment stations
multiplied respectively by the average concentration of BOD5
total phosphorus ammonia and nitrogen at the outlet
4 Hazardous waste is handed over to qualified third parties for
treatment and is calculated based on the data recorded on
the hazardous waste transfer manifests or receipts of waste
recyclers during the reporting period It is 0 we recorded as
no transfer or sales were made during the reporting period
Therefore the data of the current report period is 0
5 Nonhazardous waste includes household waste sludge
at sewage treatment stations and production waste and is
calculated based on the data provided by factories waste
pickup units or thirdparty waste recyclers2017 Annual Report 年 度 報 告 117
The Environmental Social and Governance Report
環境社會治報告
源水資源消耗標
註：
6 源消耗量數據根據電力
燃料消耗量中華民
國國家質量監督檢疫總
局中國國家標準化理委
員會刊發綜合耗計算
通則(GBT 25892008 )提
供相關轉換子進行計
算包含電力天然氣公
車耗油
Energy and water resources consumption
Total
Chengdu
Yueyihai
Zhengzhou
Shuhai
Indicator 指標 匯總 成悅頤海 鄭州蜀海

Total energy consumption
(MWh)6
源消耗總量
（兆瓦時）6 3816797 1270138 2546659
Direct energy consumption
(MWh) 直接源消耗（兆瓦時） 3013063 1025158 1987905
Natural gas consumption (MWh) 天然氣消耗量（兆瓦時） 2995782 1015883 1979899
Petrol consumption (MWh) 汽油消耗量（兆瓦時） 3052 0 3052
Diesel consumption (MWh) 柴油消耗量（兆瓦時） 14229 9275 4954
Indirect energy consumption
(MWh)
間接源消耗（兆瓦時）
803734 244980 558754
Electricity consumption (MWh) 電消耗量（兆瓦時） 803734 244980 558754
Annual energy consumption per
unit of production
(MWhtones)
全年單位產量源消
耗量（兆瓦時╱噸）
075 077 074
Municipal water consumption
(tonnes)
市政來水耗量（噸）
16552900 5253200 11299700
Annual municipal water
consumption per unit of
production (tonnestonnes)
全年單位產量市政
來水耗量（噸╱噸）
327 320 330
Note
6 Energy consumption data including electricity consumption
natural gas consumption and fuel consumption of company
financed vehicles is calculated based on the consumption of
electricity and fuel and the conversion factors provided in the
General Principles for Calculation of Total Production Energy
Consumption (GBT 25892008) by the General Administration
of Quality Supervision Inspection and Quarantine of
the People’s Republic of China and the Standardization
Administration of the People’s Republic of China頤海國際控股限公司 Yihai International Holding Ltd118
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環境社會治報告
溫室氣體排放量
註：
7 溫室氣體清單包括二氧化
碳甲烷氧化亞氮
源外購電力天然氣消
耗柴油發電機交通
工具耗油溫室氣體核算
二氧化碳當量呈列
並根據中國國家發展與改
革委員會刊發2015中國
區域電網基準線排放子
政府間氣候變化專門委
員會(IPCC)刊發2006年
IPCC國家溫室氣體清單指
南進行核算
Greenhouse Gas Emissions
Total
Indicator 指標 匯總

Total greenhouse emissions
(Scope 1 and Scope 2) (Tonnes)
溫室氣體排放總量
（範疇範疇二）（噸）7 1113302
Direct emissions (Scope 1) (tonnes) 直接排放（範疇）（噸） 590272
Natural gas 天然氣 585784
Petrol and diesel 汽油柴油 4488
Indirect emissions (Scope 2) (tonnes) 間接排放（範疇二）（噸） 523030
Outsourced power 外購電力 523030
Annual greenhouse gas emissions per
unit of production (tonnestonnes)
全年單位產量溫室氣體排放（噸╱噸）
022
Note
7 Greenhouse gas include carbon dioxide methane and nitrous
oxide mainly resulted from outsourcing electricity natural
gas consumption diesel consumption of dieselpowered
generators and companyfinanced vehicles Greenhouse
gas emissions are measured in carbon dioxide equivalents
and calculated based on the Baseline Emission Factors for
Regional Power Grids in China (2015) issued by National
Development and Reform Commission and the 2006 IPCC
Guidelines for National Greenhouse Gas Inventories of
Intergovernmental Panel on Climate Change2017 Annual Report 年 度 報 告 119
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環境社會治報告
包裝材料量Packaging Materials Consumption
Total
Chengdu
Yueyihai
Zhengzhou
Shuhai
Indicator 指標 匯總 成悅頤海 鄭州蜀海

Total packaging materials
consumption (tonnes) 包裝材料總量（噸） 456919 104670 352249
Tabs consumption (tonnes) 標簽量（噸） 3237 1363 1874
Inner packing bags consumption
(tonnes) 底料內袋量（噸） 36064 17476 18588
Condiment product packaging
boxes consumption (tonnes) 底料箱量（噸） 251083 61564 189519
White boxes consumption
(tonnes) 白箱量（噸） 15531 645 14886
Sauce product packaging boxes
consumption (tonnes) 蘸料包裝箱量（噸） 14733 8464 6269
Trays consumption (tonnes) 託盤量（噸） 53221 7492 45729
Small white barrels (including
cover barrel body and handle)
consumption (tonnes)
餐飲裝白桶
（面蓋桶身提手）
量（噸） 12621 873 11748
Condiment product rolling film
consumption (tonnes) 底料卷膜量（噸） 70429 6793 63636
Annual packing materials
consumption per unit of
production (tonnestonnes)
全年單位產量包裝
材料量（噸╱噸） 009 006 010 頤海國際控股限公司 Yihai International Holding Ltd120
The Environmental Social and Governance Report
環境社會治報告
3 為
員工們寶貴資產公
司規劃長遠發展關鍵搭建
集團事理體系編製事理
制度過程中們持續追蹤並參
考與僱傭員工關懷相關國家法
律法規中華民國勞
動法中華民國勞動合
法中華民國未成年保
護法中華民國婦女兒童
權益保護法等並遵守運營場
關理條例們非常
關注等工作理措施與員
工簽訂續訂終止解勞動合
等過程中們嚴格遵守法定程
序相關流程保證公公開
公正頤海員工招聘理制度
進行明確規定允許於民
族年齡膚色域家庭狀況
等素導致歧視行為杜絕招
聘過程中涉歧視現象
們明確規定禁止招聘童工通
過增加事信息系統防呆模塊
保證未滿16周歲求職者信息無法
錄入公司系統考勤與福利制
度中增加彈性工時制禁止出現強
迫勞動現象集團確認於2017年
度內並無非法聘勞工
員工年齡分佈情況
員工僱傭情況
3 Employment
Employees are not only our most valuable asset but also
the key for the planning and longterm development of the
Group When establishing and developing the Group’s human
resources management system we have been tracking and
referring to national laws and regulations governing employment
and employees such as the Labour Law of People’s Republic
of China the Labour Contract Law of the People’s Republic
of China the Law of the People’s Republic of China on the
Protection on Minors the Law of the People’s Republic of
China on the Protection of Rights and Interests of Women as
well as administrative rules at operating sites The Group pays
great attention to having measures in place to ensure equal
employment opportunities We strictly abide by the legal laws and
regulations in the process of signing renewing terminating and
cancelling labour contracts with employees in order to guarantee
all relevant procedures are implemented in terms of fair open
and justice Any discrimination such as nationality age race
geographical location and family status in the recruitment process
are also forbidden pursuant to the Yihai Employee Recruitment
Management Policy In addition employment of child labour
is strictly prohibited and foolproof modules have been newly
integrated into our human resource information system to ensure
that the information of candidates under 16 years old cannot be
input successfully Further the system of flexible working hours
was introduced in the Attendance and Welfare System to prohibit
any forced labour The Group confirms that it did not engage in
any illegal employment in 2017
Total Headcount by Age Group
Total
Description 項目 匯總

Under 30 years old 30歲（） 889
3040 (exclusive) years old 30歲40歲（含）（） 652
4050 (exclusive) years old 40歲50歲（含）（） 343
Over 50 years old 50歲（含）（） 35
Employment Overview
Total
Description 項目 匯總

Total Headcount 僱員總數 1919
Male 男性僱員總數（） 1116
Female 女性僱員總數（） 8032017 Annual Report 年 度 報 告 121
The Environmental Social and Governance Report
環境社會治報告
員工區分佈情況 8
註：
8 華東區：海江蘇浙江
安徽福建江西山東
中南區：河南湖北湖南
廣東廣西海南
華北區：北京天津河北
山西內蒙古
西北區：寧夏新疆青海
陝西甘肅
西南區：重慶四川貴州
雲南西藏
東北區：遼寧吉林黑龍江
員工僱傭類型
員工流失情況
Total Headcount by Region8
Total
Description 項目 匯總

Employees in East China 華東區員工數（） 368
Employees in Central and South China 中南區員工數（） 983
Employees in North China 華北區員工數（） 292
Employees in Northwest China 西北區員工數（） 28
Employees in Southwest China 西南區員工數（） 226
Employees in Northeast China 東北區員工數（） 22
Note
8 East China covers Shanghai Jiangsu Zhejiang Anhui Fujian
Jiangxi and Shandong
Central and South China covers Henan Hubei Hunan Guangdong
Guangxi and Hainan
North China covers Beijing Tianjin Hebei Shanxi and Inner
Mongolia
Northwest China covers Ningxia Xinjiang Qinghai Shaanxi and
Gansu
Southwest China covers Chongqing Sichuan Guizhou Yunnan
and Tibet
Northeast China covers Liaoning Jilin and Heilongjiang
Type of Employment
Total
Description 項目 匯總

Fulltime staff 全職員工數（） 1314
Contract staff 臨時合約工數（） 605
Employee Turnover
Total
Description 項目 匯總

Employees resigned 離職員工數（） 349
Male employees resigned 男性離職員工數（） 238
Female employees resigned 女性離職員工數（） 111頤海國際控股限公司 Yihai International Holding Ltd122
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環境社會治報告
員工流失年齡分佈
員工流失區分佈
註：
華東區：海江蘇浙江安徽
福建江西山東
中南區：河南湖北湖南廣東
廣西海南
華北區：北京天津河北山西
內蒙古
西北區：寧夏新疆青海陝西
甘肅
西南區：重慶四川貴州雲南
西藏
東北區：遼寧吉林黑龍江
Employee Turnover by Age Group
Total
Description 項目 匯總

Under 30 years old 30歲（） 175
3040 (exclusive) years old 30歲40歲（含）（） 124
4050 (exclusive) years old 40歲50歲（含）（） 46
Over 50 years old 50歲（含）（） 4
Employee Turnover by Region
Total
Description 項目 匯總

Employees in East China 華東區員工數（） 62
Employees in Central and South China 中南區員工數（） 195
Employees in North China 華北區員工數（） 54
Employees in Northwest China 西北區員工數（） 5
Employees in Southwest China 西南區員工數（） 29
Employees in Northeast China 東北區員工數（） 4
Note
East China covers Shanghai Jiangsu Zhejiang Anhui Fujian Jiangxi and
Shandong
Central and South China covers Henan Hubei Hunan Guangdong
Guangxi and Hainan
North China covers Beijing Tianjin Hebei Shanxi and Inner Mongolia
Northwest China covers Ningxia Xinjiang Qinghai Shaanxi and Gansu
Southwest China covers Chongqing Sichuan Guizhou Yunnan and
Tibet
Northeast China covers Liaoning Jilin and Heilongjiang2017 Annual Report 年 度 報 告 123
The Environmental Social and Governance Report
環境社會治報告
31 薪酬福利與遇
作為等機會僱集團遵
守國家關於低工資標準
法律法規求基福利制
度員工法享類法定福
利法定假期年度為
強化隊伍建設集團進
步完善公透明薪酬考
核與晉升機制業務崗位
求員工個技表
現提供具競爭力薪酬
遇時公司制定全面福
利保障包括住房補貼育嬰
補貼父母補貼子女教育補
貼慶生╱結婚╱生育賀禮
傷病慰問金祖父母╱外祖父
母福利等提升員工滿意度
歸屬感
對於從事銷售員工年度
們對擁車輛駕
員工級別增加相應車輛
補貼增加員工工作積極
性時增加與經銷
商分銷商終端售點拜訪
頻次提高客戶滿意度
第三方勞務公司員工作為公司
資架構中重組成部分
為保證這部分員工權益
年們採取資行政部為
臨時工錄入考勤指紋明確考
勤制度生產部負責紙質版考
勤月底薪酬績效專員對
部門匯總工時進行審核
工廠生產淡旺季需求
年度半年生產員需求增
加們從2014年左右開始
非關鍵崗位招聘臨時員工滿
足生產需求對於符合崗位
求臨時員工們為提供
薪酬與正式員工致均
計件方式發放並統購買
商業意外醫療險高危崗位
工作員工工廠還為購買
僱責險
31 Remuneration and Welfare Benefits
As an equal opportunity employer the Group abides by the
national laws and regulations regarding minimum wage and
the basic welfare Employees are entitled to various social
benefits and public holidays according to relevant laws This
year in order to strengthen the capacity of our talent team
the Group has further improved the fair and transparent
remuneration review and promotion mechanism providing
competitive remuneration based on different businesses
and job requirements as well as employees’ personal
skills and performances At the same time the Group
provides comprehensive welfare benefits including housing
subsidies child care allowance parental care allowance
child education allowance congratulatory gifts for birthday
marriagegiving birth injury allowance and welfare for
grandparents etc to enhance employee satisfaction and
their sense of belonging
For the sales personnel we offered vehicle subsidies this
year based on job title for employees who drive to work
with a driver’s license in an attempt to keep them motivated
and to increase the frequency of visiting distributors
dealers and points of sales at the same time thus improving
customer satisfaction accordingly
We regard the staff of thirdparty labour service companies
as an important part of our human resources framework In
order to ensure their rights and interests the Group recorded
their fingerprints for attendance checking by the Human
Resources Department while the Production Department
was responsible for attendance recording in paper sheet At
the end of each month remuneration specialists review the
total working hours reported by all departments
Due to different demands at different seasons for the
working force we have started recruiting contract staff for
noncritical positions since around 2014 to satisfy increasing
demand for production personnel in the second half of each
year For qualified contract staff we provided piece rate pay
and commercial accident medical insurance the same as
our employees For those at highrisk positions they were
additionally covered by the employer’s liability insurance頤海國際控股限公司 Yihai International Holding Ltd124
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32 Health and Safety of Employees
The Group has been tracking and strictly complying with
national laws and regulations related to health and safety
that has a significant impact on production management and
daytoday operations including Labor Law of the People’s
Republic of China Law of the People’s Republic of China
on the Prevention and Control of Occupational Diseases
Production Safety Law of the People’s Republic of China
and Interim Provisions on Supervision and Administration
of Work Safety at Food Production Enterprises etc On this
basis and combined with features of its operations the
Group established a series of safety management policies
including the Safety Inspection Management Policy Hidden
Safety Risks Identification and Elimination Policy Yihai
Workrelated Injury Management Policy in order to firmly
implement production safety management effectively
implement the identification of sources of dangers and risk
management standardize production safety procedures
reduce occupation hazardous risks to our employees
standardize the workrelated accident reporting process
hold the management accountable and thereby gradually
perfect the safety management system of the Group As of
the end of 2017 there had been no deaths of the Group’s
employee arising from production safety accidents
In 2017 the Group improved the occupational health
and safety management system continuously through
establishing and updating 12 Aclass safety systems such
as The Safety Training System Environmental Protection
The Fire Protection Occupational Health Safety Production
Responsibility System and The Safety Incident Management
System In addition more than 20 training materials for
safety production and occupational health were developed
and integrated into the Group’s training system resulted in
the number of trainees reached 8204 in 2017 In order to
strengthen the cultural of safety production internally the
Group organized 12 safety cultural events such as Safety
Promotion Month Safety Knowledge Contest and
Safety Highvoltage Line to promote the importance of
safety production Meanwhile in order to raise employees’
awareness of safety production a total of 18 fire and
emergency drills were conducted in the past year with a
total of 968 participants
32 員工健康與安全
公司持續追蹤並嚴格遵守對
生產理日常運營重影
響健康安全相關法律規
例包括中華民國勞
動法中華民國職業
病防治法中華民國
安全生產法食品生產企業
安全生產監督理暫行規定
等基礎結合身運
營特點公司進步完善建
立安全檢查理制度
安全隱患排查制度頤海
工傷安全事理制度等
系列安全理制度扎實推
行安全生產理工作效落
實危險源辨識與風險控規
範生產安全作業流程降低員
工遭受職業性危害風險落
實生產安全事報流程與問
責制度逐步完善公司
安全理體系截2017年
底公司未員工生產安
全事死亡情況發生
公司2017年度加強職
業健康安全體系建設編製
更新安全培訓理制度
環保消防職業衛生安
全生產責制度安全事
理制度等12個A類安全
理制度制定20余份安全
生產職業健康方面培訓教
材並納入公司培訓體系年
度培訓次達8204次為
加強公司內部安全生產文化
建設公司舉辦12次
「安全宣傳月」「安全知識
競賽」「安全高壓線」等安全
文化活動宣傳安全生產重
性時為提高員工安
全生產意識年度還開展
計18次消防安全應急演
練累計參與數968次2017 Annual Report 年 度 報 告 125
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環境社會治報告
Every year the Group regularly organizes medical
examinations for all employees and new recruits Relying
on the citylevel Centers for Disease Control and Prevention
Center the new recruits and employees with expired healthy
certification are subject to medical examinations The Group
also cooperates with thirdparty physical examination
companies to arranges for an additional physical
examination every year for female employees employees
with a high frequency business trip record employees at
the management level or above and employees over 50
years so as to help them recognize their health status
comprehensively and reduce occupational health risks In
2017 the Group organized 387 medical examinations
Occupational Health and Safety9
Total
Description 項目 匯總

Workrelated deaths (persons) 工作原導致員工死亡數（） 0
Percentage of workrelated deaths () 工死亡員率() 0
Workrelated injuries (persons) 工受傷數（） 2
Loss of work time due to workrelated
injuries (personday) 工傷損失工作時間（╱天） 171
Note
9 Data of health and safety is based on the information on
attendance sheets and statistics of manual recording
公司年定期組織員工進行
全員體檢入職體檢託
市級疾病預防控制中心對新
入職員工健康證期員工進
行體檢公司還與第三方體
檢理公司展開合作對女性
員工長期出差員工經理級
員工50歲員工額
外組織次體檢幫助員工更
加全面解身健康狀況降
低職業健康風險2017年度
內員工組織387次體
檢
健康安全情況 9
註：
9 健康與安全數據來源於考勤
表手工台賬統計頤海國際控股限公司 Yihai International Holding Ltd126
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環境社會治報告
33 員工培訓發展
們致力於成為員工理想職
業發展台通過建立品牌
化專業化發展體系
培養與公司目標發展戰略
致時基於調味品行
業特點對從業員綜合素質
求日益提高對業務團隊年
輕化知識化專業化求
斷提升們持續更新內
部培養理念
年為滿足公司馬鞍山霸
州工廠投建配套研發財
務市場客服等職部門完
善需時為效搭建
梯隊降低成們
面農業類院校開展規模
校園招聘崗位需求針
對新工廠產品研發生產
品保等類改善公司機
構時吸引戶籍學
畢業生回家鄉業提高新入
職員工穩定性
33 Training and Development of Employees
We are committed to forging an ideal career development
platform for our employees and cultivating talents in line with
our goals and development strategies through establishing
branded and professional talent development system At the
same time we constantly update our internal concepts on
talent cultivation based on the characteristics of condiment
industry in combination with increasing requirements on the
comprehensive quality of employees and the tendency of
younger better educated and more professional business
teams
In 2017 we carried out largescale campus recruitment in
agricultural colleges and universities for positions related
to product development production quality insurance and
others at new Production Bases located in Maanshan and
Bazhou The goal was to improve the functional departments
of R&D finance marketing and customer service and
reduce employment costs through effective construction of
talent echelon at the same time Besides we also strive to
attract university graduates to return to their hometown for
employment to improve the stability of new recruits2017 Annual Report 年 度 報 告 127
The Environmental Social and Governance Report
環境社會治報告
2017年9月 集 團 啟 動 新
「雛鷹計劃」理培訓生項
目集中面河南安
徽河北陝西四川5個省
份二院校食品科學與工
程專業畢業生為年度
們通過「雛鷹計劃」招聘新
批培生30為銷
售 客 服 研 發 財 務 外
貿供應市場品保辦公
室工廠等部門提供優質
新生力量公司計劃通過23
年培養期「雛鷹計劃」
學員們成為基層理技術
崗位中堅力量對於優化公
司員工結構改善基層理產
生積極影響
「雛鷹計劃」
In September 2017 the Group launched a new Eyas
Programme for management trainees and targeted
graduates that majored in food science and engineering at
universities in Anhui Henan Hebei Shaanxi and Sichuan
provinces We recruited 30 new management trainees
through the Eyas Programme this year injecting fresh blood
into various departments such as sales customer service
R&D finance foreign trade supply marketing and quality
assurance as well as offices and factories The Group
expects these trainees of Eyas Programme to become the
backbone of firstline management and technical positions
after 23 years of training and to make a positive influence
on improving the staff structure and firstline management
Eyas Programme
Objectives Our management trainee programme aims to enhance trainees’ sense of
organisational discipline and improve their comprehensive quality and ability
by changing their attitude teaching them knowledge and coaching them
skills through systematic trainings and at the same time expose them to
Yihai’s corporate culture during the period of training to make them better
integrated into the Group and become qualified Yihaiers
項目目 理培訓生集訓旨通過系統化培訓通過「轉變態度(Attitude)講授給
知識(Knowledge)傳授給技(Skill)」三方面轉變提升強化理培
訓生組織紀律性提升綜合素質力時集訓期間學生親身感受頤
海企業文化更快融入頤海成為名優秀頤海
Training Plan The Group provides centralised training for management trainees
including onboard training the training on company rules and regulations
career development planning and internship The management trainees
rotate between factorybased and skillbased positions with a focus on
the selected position After the internship trainings are customized for
the position determined based on a trainee’s position selection and in
combination with the results of professional knowledge and occupational
personality tests
項目培訓方案 公司對培生集中培訓包括入職培訓公司規章制度培訓職業發展規劃
頂崗實習等培生輪崗涉工廠類職類個崗位工作時
選定崗位為實習結束後根據選定崗位方並結合專業知識職
業性格測試等進行定崗後定培養頤海國際控股限公司 Yihai International Holding Ltd128
The Environmental Social and Governance Report
環境社會治報告
性別劃分受訓情況
員工類別劃分受訓情況
Development Route Position determination Understand and track trainees’ adaptation
integration and communication with their tutors at new positions through
seminars and summary meetings in order to provide them with timely
guidance and assistance
Position determination analysis semiannually Evaluate whether trainees
meet actual requirements of each position and whether any adjustment
is necessary If yes adjustment can be made based on considerations
integrated requirements of others positions and personal willingness
項目發展路線 員定崗：階段性通過研討會總結會進行蹤解新工作崗位適
應融入情況與師傅事溝通否順暢便時輔導幫扶
培生
半年複盤：評估培生否匹配崗位實際需求否調整必需
根據崗位求與個意願綜合考慮
Trainees by Gender
Total
Description 項目 匯總

Male (persons) 男性員工受訓數（） 136
Female (persons) 女性員工受訓數（） 99
Male () 男性員工受訓百分() 12
Female () 女性員工受訓百分() 12
Trainees by Position
Total
Description 項目 匯總

Total senior management (persons) 高級理層員總數（） 17
Trainees from senior management (persons) 高級理層員受訓總數（） 2
Percentage of trainees in
senior management ()
高級理層受訓百分() 12
Total middle management (persons) 中級理層員總數（） 60
Trainees from middle management
(persons)
中級理層員受訓總數（） 11
Percentage of trainees in
middle management ()
中級理層受訓百分() 18
Total employees other than senior or
middle management (persons)
員工員總數（） 1842
Trainees from employees other than
senior or middle management (persons)
員工受訓數（） 220
Percentage of trainees in employees other
than senior or middle management ()
員工受訓百分() 122017 Annual Report 年 度 報 告 129
The Environmental Social and Governance Report
環境社會治報告
Training Completion by Gender
Total
Description 項目 匯總

Total hours of training 員工受訓總時數 4360
Male 男性員工受訓時數 2688
Female 女性員工受訓時數 1672
Training Completion by Position
Total
Description 項目 匯總

Training hours of senior management 高級理層受訓時數 576
Training hours of middle management 中級理層受訓時數 264
Training hours of employees other
than senior or middle management
員工受訓時數
3520
4 Product Responsibility
We always attach great importance to product quality
management and devote ourselves to ensuring product safety
and quality and the legitimate rights and interests of consumers
through the continuous improvement of quality management The
Group strictly abides by laws and regulations relating to products
and services advertising labelling and privacy issues within the
scope of business and continues to follow up and identify the
latest updates to relevant laws and regulations
During the reporting period the Group was not aware of any
violation of laws and regulations governing product responsibility
regarding product quality advertising labelling consumer privacy
and protection of their rights and interests as well as any lawsuit
with significant impact on the Group
性別劃分名員工完成受訓
情況
員工類別劃分名員工完成
受訓情況
4 產品責
直來們非常重視產品質
量理通過對質量理斷改
進完善確保產品安全優質與
消費者合法權益集團嚴格遵
守業務涉範圍內產品服務
廣告標簽隱私事宜相關法律法
規並持續追蹤識別相關法律法
規新更新情況
於報告期內集團未悉知
違反產品質量廣告標簽消費
者隱私權益保護等產品責方面
法律法規並對公司造成重影響
訴訟案件頤海國際控股限公司 Yihai International Holding Ltd130
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環境社會治報告
41 專注食品質量與安全
作為負責食品類生產企
業們嚴格控個生產環
節2017年集團繼續嚴
格遵守食品相關法律法規與規
章制度標準致力於為消費者
提供優質安全放心產
品全面提升消費者對公司產
品信賴度與滿意度們
開展產品100穩定提供項
目通過對全供應鏈風險分
析進步優化原料品相
生產過程成品質量標準
時集團建立感官測試制
度產品放行過程中通過
組模擬消費場景品評產品
口味為提高消費者感官體驗
提供改進方並減少
終端產品口味穩定造成
消費者佳體驗
為進步確保產品品質們
更新產品檢定與產品召回流
程們更加嚴格執行從原
材料產成品全方位質量檢
定過程：繼續強化供應商准入
資質審核並對提供樣
品進行檢測合格後方引入
該供應商批原材料貨
後相關標準進行檢驗
生產過程中生產工藝流程
進行參數檢定控制產成品
出廠前對批次進行檢
定確保件出廠產品
達們質量求
2017年們與IBM公司合
作調研開展產品二維碼追溯項
目策略與方法產品二維碼
實施與推廣將產品質量
檢定更加準確便利
41 Product Quality and Safety
As a responsible food production enterprise we strictly
manage and control each and every part of the production
procedure In 2017 the Group continued to strictly observe
foodrelated laws and regulations and regulatory standards
and committed ourselves to providing consumers with
qualified safe and assured products and comprehensively
enhancing consumer confidence and satisfaction in our
products We also carried out a project aiming to ensure all
products supplied in a stable quality and further optimised
the appearance of raw materials the production process and
quality standards of finished products through risk analysis
of the whole supply chain At the same time the Group has
set up a sensory testing system under which a product was
tasted for feedback on its flavour in simulated consumption
scenarios during product release process in an attempt to
provide a direction for improvement on consumers’ sensory
experience and reduce poor consumer experience due to
unstable taste of our products
In addition we have updated the product verification and
product recall process to further ensure product quality We
implemented allround quality verification process from raw
materials to finished products in a more rigorous way For
example we continued to strengthen the examination on
supplier access qualification and introduce only the qualified
suppliers by sample testing Each batch of raw materials
were verified upon their delivery in accordance with relevant
standards During production process parameters were
determined and controlled based on the work flow Each
batch of finished products were verified before delivery
from the factory to ensure every single product was in good
quality We cooperated with IBM in 2017 to research and
develop the strategy and approach for a project focusing
on product traceability by twodimensional code in which
implementation and popularisation would make the product
quality verification more accurate and convenient2017 Annual Report 年 度 報 告 131
The Environmental Social and Governance Report
環境社會治報告
外產品召回方面根據
國頒佈實施中華民
國食品召回理辦法
們修訂集團食品召回
理辦法細化完善相關
產品召回類別應急措施並
新增工廠監部
門聯繫方式工廠負責信
息等相關內容產品召
回流程更加合規清晰便
捷規定發現庫
產品存質量安全問題立
通知公司計劃與倉儲部第
時間將問題產品進行隔離避
免出倉發貨發現已發貨產
品存異常則通知物流部調
取產品發貨時聯繫相
關經銷商物流站門店停止
銷售隔離檢並
合格品處理流程進行後續
進處理切實保證避免問題產
品市面流通已出售產品發
現安全問題集團內部根
據消費者反饋進行時備案
相關部門分析問題產生原
並提出改進方案時公司品
質控制部與客服中心積極溝通
合作切實效解決消費者問
題
2017年集團分別成工
廠鄭州工廠開展產品召回
模擬演練該演練均修訂
後食品召回理辦法並
進行正反雙模
擬為時妥善處理質量事
緊急情況提供供參考
方
In terms of product recall we revised our Food Recall
Management Policy in line with the enacted Measures for
the Administration of Food Recall Through such revision we
elaborated and improved relevant categories and emergency
measures for product recall and added contact information
of local regulators information of factory leaders and other
information making product recall process more compliant
clear and convenient If a problem of quality or safety
was detected in the products instock the Planning and
Warehousing Department would be informed immediately as
required to isolate the defective products in a timely manner
to stop delivery If the delivered products were defective
the Logistics Department would be informed to learn the
shipping destinations and communicate with relevant
distributors logistics stations or stores in a timely manner
to stop selling and isolate such products for inspection
Followup measures would be taken later in accordance
with the Process for Handling Nonconforming Products to
prevent defective products flowing into the market If the
sold products were reported to have safety problems the
Group would make internal records according to consumers’
feedback in a timely manner and relevant departments
would analyse the causes and put forward schemes for
improvement at the same time the Quality Assurance
Department and Customer Service Centre would coordinate
and cooperate to solve the problems of consumers in an
effective way
The Group carried out product recall simulation drills
respectively in Chengdu and Zhengzhou factories in 2017
in accordance with the revised Food Recall Management
Policy and simulated the whole process in a twoway
manner providing references for handling qualityrelated
emergencies in a timely and proper way頤海國際控股限公司 Yihai International Holding Ltd132
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環境社會治報告
2017年度內集團未發生
安全與健康理召回產品
事件食品安全消費者合
法權益效保障
42 暢通消費者監督與反饋
為夠積極應對消費者反饋
投訴意見建議時消消
費者疑慮集團建立完善
客戶服務體系與客戶投訴應
對機制消費者監督與反饋
渠道更加順暢
集團特設客戶投訴專員崗
位專門負責記錄項客訴情
況並根據頤海客訴理辦
法將具體信息傳達公司品
質控制部等關部門進行明確
責劃分與後續對接處理
時們會時啟動產品檢定
追溯召回流程從根
解決客訴問題
In 2017 there was no product recall due to product safety
and health problems and food safety and the legitimate
rights and interests of consumers were effectively protected
42 Consumer Supervision and Feedback
With an attempt to actively respond to consumers’ feedback
complaints opinions and suggestions and provide them
reassurance in a timely manner the Group has established
a sophisticated customer service system and customer
complaint response mechanism to make consumer
supervision and feedback channels
Customer complaint staff are designated to record the
details of all types of complaints In accordance with
Yihai Customer Complaint Management Measures such
information will then be relayed to relevant departments of
the Group such as the Quality Assurance Department to
allocate responsibilities and to handle the case directly with
the complainant Meanwhile we will initiate processes for
product verification and recall in order to solve the problem
from its root2017 Annual Report 年 度 報 告 133
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環境社會治報告
2017年們進步優化
產品裝箱方式調整生產現場
控重點產品外箱無日
期類客訴基杜絕少裝類客
訴明顯減少通過改進產品包
裝袋材質包裝方式手做牛
油漏氣類客訴降低93
通過更新生產工藝調整產品
配方蘸料發稀類客訴
效解決時們持續整理
並斷豐富產品特性描述
標準話術消費者中廣泛
開展原料知識普活動效
提升消費者對產品原料認知
力與辨別水針對新市
煮火鍋產品出現消費者
投訴們時調整頤海
客訴理辦法中相關客訴類
型並增加新控方式
根據實際情況集團派出專
對食材供應商產品組
裝工廠進行駐場式監控理
時更新相應供應商激勵與
處罰標準通過現場控
煮火鍋產品出現品質異常問
題相關客訴情況較短時間
內效控制進步提
升消費者對公司新產品信
心年度內產品漏油異
物類客訴然佔高針對
造成漏油問題灌裝頭磨損
物流運輸等原們新
定灌裝頭更換與維護標準
並物流運輸合中完善承運
商對產品防護責條款
時們進步加強對農副類
原料挑選與品質控
效減少異物類客訴
In 2017 we further optimised the product packing process
and adjusted the priorities of production site control
resulting in almost no complaints process regarding no
production date on the outer box and far less complaints
on shortpackaged products Besides complaints on
airtightness of handmade beef fat condiment products were
reduced by 93 through the improvement of packaging
materials and methods and complaints on dilution of
sauce products were effectively settled by updating the
production process and adjusting product formulations
At the same time we continued to sort out and enrich
the Standard Terms for Product Feature Description and
extensively carry out activities to popularise the knowledge
of our raw materials among consumers to enhance their
cognitive ability and discernment in an effective way In
response to consumers’ complaints on newly launched
selfservice hotpot products we duly adjusted relevant
categories in Yihai Customer Complaint Management
Measures and added new control measures The Group
designated according to the situation special personnel
to suppliers of the main materials and product assembly
plants to perform onsite monitoring and management and
while simultaneously updating the corresponding supplier
incentives and penalties Through such onsite measures
quality problems of selfservice hotpot products and related
customer complaints have been effectively controlled in a
short time which further enhanced consumer confidence
in our new products Customer complaints related to
product oil leakage and foreign matters still accounted for
the highest proportion this year In response to oil leakages
resulting from the worn filling heads and transportation we
have established new standards for filling heads and fulfilled
the carrier’s responsibility for product protection in logistic
contract Meanwhile we further strengthened the selection
and quality control of agricultural and sideline raw materials
in an attempt to effectively reduce customer complaints
regarding foreign matters in products頤海國際控股限公司 Yihai International Holding Ltd134
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環境社會治報告
客戶投訴相關績效指標數據 10
註：
10 當年客戶投訴事件（次）＝全
年客訴起數╱全年生產量
（百萬包計）
43 保護客戶資料與隱私
集團銷售模式分為經銷商
分銷線銷售經銷商分銷
模式直接消費者銷售商
品該部分生產銷
售過程中涉客戶隱私保護
事宜對於線銷售為保
護相關部門客戶資料信息
規範理線店鋪賬號並維護
公司權益們制定互聯
網營銷部保密制度明確相
關保密措施細則監察方法
並對類違反該保密制度行
為做出相應懲處規定
2017年們進步優化
訂單賬務處理流程將原
工導出訂單並進行相關數
據處理後導入SAP做賬改
進優化為ERP數據直接傳送
SAP取代工處理中間
環節程度降低訂單賬
務信息外泄風險嚴格效保
護消費者個資料信息隱
私讓訂貨購買更放心
Performance Indicator Related to Customer Complaints10
Description 項目 2017年數據 2016年數據 2015年數據

Customer Complaints (times) 客戶投訴事件（次） 1862 2358 220

Note
10 Customer complaints (times) for the year Total complaints
that yearannual production (in millions of packages)
43 Customer Information Privacy
The Group has two sales channels namely distributor
sales and online sales As we do not sell goods to
consumers directly in the case of distribution consumer
privacy protection is not involved in such production and
sales processes In relation to online sales we have
established the Customer Information Confidentiality Policy
for Internet Marketing Department which specifies data
security measures and supervision methods as well as
corresponding punitive measures in case of any violation
to protect the information of relevant departments and
customers standardise online store accounts and maintain
the Group＇s rights and interests
In 2017 we further optimised online orders accounting
Originally orders were exported manually and then imported
into SAP for accounting after data processing After our
modification the ERP data was directly transferred to SAP
for accounting replacing manual processing and minimising
the risk of order information leakage and while protecting
consumer personal information and privacy in a strict and
effective way thus making orders and the purchase more
assured2017 Annual Report 年 度 報 告 135
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環境社會治報告
44 規範廣告營銷與品牌標識
2017年集團繼續嚴格
遵守中華民國廣告法
等與廣告宣傳營銷標識規範
相關項法律法規
時們已制定頤海市場
活動理辦法旨效
控重市場活動宣傳文
案合法合規性為程
度規避集團互聯網營銷部
互聯網新渠道展示圖片
文字與視頻等信息時存
侵權風險保障公司權
益們制定互聯網營
銷部規避侵權理辦法明
確規定防止相關侵權措施
與監察方法並對違反辦法
行為制定相應懲處辦
法集團完善廣告宣傳與
標識理機制制度強
力保障們誠信營銷避
免消費者傳遞謬誤信息
45 保障專利與知識產權
公司十分重視知識產權建
立維護為們系統梳理
並匯總公司已項知識
產權申請流程重新制定知
識產權理辦法規範化
理公司內知識產權相關事
宜對們知識產權庫建
立更新補充等方面作出詳
細極具操作性規定
集團部門申請商標專利
時需完整填寫並提交商
標申請書技術交底書等
材料闡明該申請背景必
性等信息相關部門負責
簽字確認並指定具體對接
後計劃進行申請與實
施
44 Advertising and Labelling
In 2017 the Group continued to adhere to applicable laws
and regulations governing advertising and labelling such as
the Advertising Law of the People＇s Republic of China and
has developed the Yihai Marketing Management Procedures
to ensure the compliance of all promotion materials of major
marketing activities in an effective way In order to minimise
possible risks of our Internet Marketing Department from
committing intriguing publishing pictures texts videos and
other information in new internet channels and safeguarding
the rights and interests of the Group we also formulated
the Management Procedures for Infringement Avoidance of
Internet Marketing Department which specifies measures
and supervision methods to prevent infringement as well as
corresponding punitive measures in case of any violation
The wellestablished advertising and labelling management
mechanism has strongly safeguarded the integrity of
our marketing and avoided sending false information to
consumers
45 Patents and Intellectual Property
The Company highly values protection and acquisition of
intellectual property To this end we have systematically
sorted and summarized our existing application procedures
regarding the different intellectual property the Company
owns and formulated a new version of Administrative
Measures for Intellectual Property which covers detailed
and highly operable provisions for establishment and
updating of the intellectual property database as well as its
supplement striving to achieve standardised management
of all intellectual property related matters within the Group
When applying for a trademark and patent departments
within the Group would complete and submit an Application
for Trademark and Technical Disclosure Statement etc in
which such information as the background and necessity of
the application would be specified Prior to proceeding with
the application flow as planned the above documents would
be approved and signed and specific personnel responsible
for taking over the issue would be assigned by heads of the
relevant departments頤海國際控股限公司 Yihai International Holding Ltd136
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5 供應鏈理
「注重食品安全質量防範原材料供
應風險」集團發展戰略中重
組成部分集團建立系列供
應鏈理制度力求造責供應
鏈推動整個供應鏈體系進步與
發展
51 供應商准入原則
對食品食品接觸類供貨商進
行篩選時盡選擇全國
性品牌當知名品牌前3名
前提集團求產品供
應商需集團索證制度
提交類資質證件牌對
於證件資質符合求廠家
予准入審核評估階段
廠家需集團求填寫
供應商評審表通過公司審
核廠家開展正式合
作合作關係確定正式
業務發生前求供貨商必
須簽訂效合供應商廉
潔承諾書並意遵守集
團供應商獎勵制度供
應商處罰制度供應商送
貨規定供應商突擊審廠
函確保供應商接受們
監督與審核年為響應
國家政策提高企業社會責
集團供應商評審表
裡新增加ESG範疇審核
求重點評估供應商工廠環
保合規狀況降低供應商環
境問題影響對集團正常供
貨風險
5 Supply Chain Management
An important component of the development strategy of the
Group is to emphasise safe and quality food and prevent risks in
the supply of raw materials The Group has established a series
of supply chain management systems to develop a responsible
supply chain and to promote the improvement and development
of the entire supply chain system
51 Selection Criteria
The Group prefers national brands or top 3 renowned local
brands when it comes to suppliers of food The Group
requires suppliers to submit qualification certificates and
licenses Those who fail to provide satisfactory certificates
will not be selected During the review and assessment
process suppliers will fill in the Supplier Assessment Form
as required by the Group and only those approved by the
Group will get potential cooperation After establishing
partnership suppliers must sign valid contracts and
the Letter of Commitment Relating to Supplier Integrity
and agree to abide by Supplier Award System Supplier
Punishment System Supplier Delivery Rules and the
Letter Relating to Spot Check on Supplier Factories prior
to setting off on formal business so as to ensure that the
suppliers accept supervision and review from the Group
Requirements for supplier assessment from the ESG
perspective was incorporated in the Supplier Assessment
Form by the Group in response to relevant national policies
this year which emphasised on assessing environment
compliance of suppliers’ factories to lower risks arising from
environmental issues of suppliers that may affect regular
supply2017 Annual Report 年 度 報 告 137
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環境社會治報告
年度集團新開發供應商
113家 中 華 東 區
47家中南區30家華北
區21家 西 北 區3家
西 南 區11家 東 北 區1
家擴供應商覆蓋範
圍更保障原輔材料
供應時效降低整體採
購成
52 供應商日常理
供貨商理體系中集團
相關部門嚴格執行供應商
理規定為降低公司原材
料供應風險避免於風險事
件（例天氣道路供應商
內部理失誤非為預判
素等）導致原料無法
時供應情況出現全品項
原料允許單供應商
存
Over the year the Group established partnerships with
113 new suppliers with 47 in East China 30 in Mid
South China 21 in North China 3 in Northwest China 11
in Southwest China and 1 in Northeast China and has
effectively expanded the coverage of suppliers provided
a better guaranteed of the supply of raw materials and
auxiliary materials and effectively reduced the overall cost of
procurement
52 Daily Management for Suppliers
In the supplier management system relevant departments of
the Group have strictly executed the Suppliers Management
Rules There are more than one supplier of raw materials
for all categories of products in prevention of short supply
arising from risky events such as bad weather unfavourable
road conditions internal management oversight of the
suppliers and other unpredictable factors頤海國際控股限公司 Yihai International Holding Ltd138
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環境社會治報告
時積極開展供應商回訪工
作著重解關注原輔材料
行情供應商加工生產狀況
抗風險力經營狀況等方
面從更判斷否
滿足公司產品後期採購策略
對於生產原料供應商
求負責採購員需半年
回訪次確保供應商產品原
料安全性產品價格穩定
性完成後需填寫供應商回
訪考察表並提報給供應商
理員進行存檔備案集團建
立績效評價體系據供
應商績效考核評價表定期對
供應商進行考核評分等級劃
分為ABCD4個等
級對評價結果為優秀供應
商集團給予資金支持技
術指導理員指導品控
駐廠指導等優惠政策對連續
兩次評價結果為D供應商
則將納入集團淘汰供應商
名單列表納入淘汰名單供
應商需重新啟律
供應商新建流程供應商理
系統中進行申請對於違反
集團相關規定供應商會
納入集團供應商黑名單列
表納入黑名單供貨商原
則永啟遇特殊情況
需啟必須嚴格審批拉黑
時間啟時間需少間隔
年時供貨商應提供保證
書次出現類似問題將永
合作
Meanwhile the departments also proactively revisit the
suppliers to pay close attention to market information
regarding raw materials and auxiliary materials processing
and manufacturing conditions risk resistance capabilities
and state of operation of the suppliers so as to make better
decisions as to whether the suppliers can meet subsequent
procurement strategies of the Group Purchasing staff
responsible for contacting major production material
suppliers are required to revisit these suppliers every half a
year to ensure material safety and stabilised product prices
After the revisits the purchasing staff is required to fill in the
Suppliers Revisit and Assessment Form and submit to the
supplier administrator for documentation The Group has
established a performance evaluation system to regularly
assess suppliers according to the Suppliers Performance
Assessment and Evaluation Form where ranking is divided
into four grades of A B C and D For suppliers with
excellent evaluation results the Group would provide them
with preferential policies such as financial support technical
coaching and guidance to its management personnel and
onsite directions from the Group＇s quality control team
Suppliers rated as D twice in a row will be added to the
list of eliminated suppliers If there is a need to engage
such a supplier again the supplier shall go through the
application procedures in the Contract Management System
in accordance with the procedures for engaging a new
supplier Suppliers who violate relevant regulations of the
Group will be added into the Group’s supplier blacklist and
in principle such suppliers will never be engaged again
If they are needed under special conditions they must
undergo strict assessment and there must be at least a
gap year after the supplier is blacklisted In addition such
suppliers shall provide a warranty statement and if similar
problems occur again there will be no chance for future
cooperation2017 Annual Report 年 度 報 告 139
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環境社會治報告
實考察時集團會重
點關注產品原材料行情
供產品後期行業發展環
境對於行業整體規範
產品具定特色供應
商公司會成立專門幫扶
組對供應商經營理食
品工藝提供指導夠保留
產品特色性降低集
團食品安全風險提高行業整
體水
53 供應商溝通
集團建立投訴郵箱熱線
電話微信台等種溝通
渠道接投訴後集團將
供應商投訴問題處理流程
進行處理並回復供應商意見
反饋回復函對於供應商投
訴申訴屬實集團會根
據供應商獎勵制度落實供應
商獎勵集團半年進行
次供應商意見調查將供應
商反饋問題時與相關部門
員溝通並將處理方案結
果回復給供應商
During the field visits the Group also focused on market
information regarding productrelated raw materials and
future development in the industry For the industries
which lacks standardised management but offers products
with characteristics we provide guidance on operating
management and food processing for suppliers In doing
so characteristics of the products are retained risks of food
safety are lowered and consequently enhancing the overall
level of the industry
53 Communication with Suppliers
The Group has established various communication channels
such as email hotline and Wechat platform to deal with the
complaints Once a complaint is received the Group will
handle the case in accordance with the Suppliers Complaint
Response Procedures and reply with a Response Letter to
Supplier’s Opinion For true and verified supplier complaints
the Group will reward the supplier in accordance with the
Suppliers Award Regulations The Group conducts opinion
surveys for suppliers every half a year gives timely feedback
to relevant departments and personnel and replies to the
suppliers regarding solutions and their outcomes頤海國際控股限公司 Yihai International Holding Ltd140
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環境社會治報告
供應商情況
註：
11 供應商註冊址
確定
12 已完成環境社會風險評估
供應商：已公司相關部
門完成對環境社會類
（包括對環護工作
資理職業健康與安全等
方面）相關風險評估供應
商
2017年供應商投訴事
件類型收貨現場等時間過
長針對該問題集團工
廠端入手通過協調計劃倉
儲部門優化排產計劃避免
供應商集中貨供應商
端求供應商嚴質量關
避免貨合格次貨增加
餘驗收次數減少驗收環節
問題縮減驗收時間經過
部門努力目前供應商收貨
時間已幅度縮短
Information about Suppliers
Description 項目
Total
匯總
Total suppliers 11 供應商總數量（個）11 383
Overseas suppliers 境外供應商數量（個） 0
Suppliers in East China 華東區供應商數量（個） 115
Suppliers in Central and South China 中南區供應商數量（個） 100
Suppliers in North China 華北區供應商數量（個） 89
Suppliers in Northwest China 西北區供應商數量（個） 5
Suppliers in Southwest China 西南區供應商數量（個） 73
Suppliers in Northeast China 東北區供應商數量（個） 1
Suppliers having completed risk
assessment on environment and society12
已完成環境社會風險評估供應商
數量 12 137
Note
11 The location of a supplier is determined by its place of
registration
12 Suppliers having completed risk assessment on environment
and society refer to those which went through the risk
assessment initiated by relevant departments of the Group on
environment and safety (including environmental protection
human resource management occupational health and
safety etc)
The most common complaint we received in 2017 from
suppliers was about the lengthy waits at the delivery site
This problem was rectified from two aspects the factories
and the suppliers The Group optimised the production
scheduling of the factories in coordination with the Planning
and Warehousing Department so as to prevent concurrent
delivery While for suppliers the Group required them to
strictly control quality in avoidance of additional acceptance
arising from unqualified deliverables such that procedures
and duration of acceptance could be simplified and
shortened Duration of acceptance has been by far greatly
cut down after joint efforts made by relevant departments2017 Annual Report 年 度 報 告 141
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環境社會治報告
6 企業治
集團嚴格遵守與防止賄賂勒
索欺詐洗黑錢相關國家法律
法規基於們公司層面制
定頤海國際反貪污反舞弊理
制度旨規範董事高中級
理層職員普通職員職業行為
嚴格遵守相關法律行業規範準
則職業道德公司規章制度樹
立廉潔勤勉敬業良風氣防
止損害公司股東利益行為發
生該制度明確描述內容：
‧ 倡導誠信正直企業文化營
造反舞弊反貪腐企業文化
環境
‧ 評估舞弊貪腐風險並建立具
體控制程序機制降低
舞弊貪腐發生機會
‧ 建立反舞弊反貪腐工作常設
機構進行舞弊貪腐舉報
接收調查報告並提出處理
意見接受來董事會監
督
時為維護企業價值觀時發
現並糾正與集團事務關失當
行為舞弊情況違規事件們
設專門舉報熱線員工
合作夥伴均通過該熱線隨時舉
報
6 Corporate Governance
In strict compliance with applicable national laws and regulations
related to bribery extortion fraud and money laundering we have
formulated the Yihai International Antifraud and Anticorruption
Management System to regulate occupational behaviours of the
directors senior and middle management and the general staff
so that they would strictly comply with relevant laws industry
standards and norms occupational ethics and the Group’s
regulations The system also aims to establish a culture of
integrity diligence and dedication to one’s job and to prevent
infringement of the interests of the Group and its shareholders
The followings are specified in the system
• Promoting and creating a corporate culture of honesty
integrity antifraud and anticorruption
• Assessing the risk of fraud and corruption and establishing
the procedures and mechanisms of control to lower the
possibility of fraud and corruption
• Establishing a standing body for antifraud and anti
corruption which is supervised by the Board of Directors
and responsible for receiving investigating and reporting of
corruption revealed as well as for offering suggestions on
solutions
Meanwhile we have set up a dedicated hotline through which
all staff and partners can report on misconduct fraud and non
compliances related to the issues of the Group at any time such
that we could detect and rectify them in a timely manner and
maintain our corporate value頤海國際控股限公司 Yihai International Holding Ltd142
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環境社會治報告
們系統化建立起公司內部反貪
腐理制度針對公司董事包括
全職兼職臨時工內全部
員工制定董事職員紀律守
則規定員工執行公司事
務時必須嚴格遵守反賄賂舞弊
相關制度條例禁止直接間接索
取接受提供利益
公司職員欲兼集團外工
作均須事先申請書面批准核准
員應綜合考慮該項工作否與
申請集團職務集團利益
構成衝突後作出相應批覆外
們繼續堅持執行頤海禁令理辦
法令行禁止包括貪污舞弊弄虛
作假內六項違規失當行為針
對採購銷售推廣等高風險崗位
們求崗位從業員工需簽署採
購廉潔承諾書銷售推廣承諾
書明確從業過程中
觸碰高壓線效約束並規範
行為增強道德操守與廉潔從業意
識時集團還建立針對關
鍵崗位擔保制度強調公司
理者對屬員工廉潔從業負相
應監督指導責
集團注重外部商業合作中
廉潔與誠信重商業合作夥伴
於們正式簽署合前需首先
簽署廉潔承諾書例供應商需簽
訂供應商廉潔承諾書經銷商需
簽訂經銷商廉潔承諾書該廉潔
承諾書供應商與經銷商明確表
達集團廉潔求並告知
相關投訴舉報渠道程度
杜絕合作過程中出現貪腐
舞弊事件外供應商經銷
商等合作方違反廉潔合作承諾
條款集團權合約定
解合作關係執行合中約
定相應違約責承擔條款合
作方投訴舉報集團工作員
違規舞弊等行為相關情況
經查實們將對該合作夥伴進行
相應獎勵
The Group has systematically established an internal system for
anticorruption Code of Discipline for Directors and Employees
for instance is applicable to all our staff including fulltime
parttime and temporary employees According to the code
employees are required to strictly observe the applicable rules
and regulations on anticorruption and antifraud while performing
business on behalf of the Group Directindirect requests receipts
and offers of any benefits are equally prohibited Besides prior to
accepting other work outside the Group employees shall apply
for a written approval from appropriate approvers who shall make
the decision by considering whether the work is in conflict with
the applicant’s position in the Group and the Group’s interests
In addition we have been continually implementing the Yihai
Misconduct Management Measures which specified six types
of noncompliances and misconduct by employees including
corruption fraud and deception In terms of highrisk positions
such as procurement marketing and promotion we require
employees to sign a Letter of Commitment relating to Integrity
in Procurement or Letter of Commitment Relating to Sales and
Promotion to enable them to get a better understanding of
misconduct which is explicitly prohibited in performance of their
business efficiently restraining and regulating their behaviours
and enhancing the awareness of ethical conduct and integrity
At the same time the Group has established a guarantee system
for key positions which expressly states that the management
assumes the responsibility for supervising and guiding
subordinates to perform their duties with integrity
We have also attached great importance to integrity and
honesty in the external business cooperation The key partners
including suppliers and distributors are required to sign Letters
of Commitment Relating to Supplier Integrity or Letters of
Commitment Relating to Distributor Integrity prior to officially
signing contracts with us These letters of commitment explicitly
express our integrity requirement for suppliers and distributors
and informs them of complaint and reporting channels that
aim to prevent possible corruption and fraud to the greatest
extent during cooperation The Group is entitled to terminated
partnership with suppliers distributors or other partners under
the contracts if they violate any clause under their commitment
to cooperate with integrity and to hold them liable to any breach
of contract pursuant to the liability clause in the contract If any
partner discloses that an employee of the Group was found
breaching any regulation or committing fraud once the claim is
verified such partner would be rewarded2017 Annual Report 年 度 報 告 143
The Environmental Social and Governance Report
環境社會治報告
作為集團反貪污舞弊重負責
部門風控審計部年制定專項審
計內控審計審計計劃並根據
該計劃相關舉報信息進行反舞弊
稽查範圍覆蓋集團業流程
重點關注領域時風控審計
部會對公司關鍵崗位員調動
離職執行離審計2017年
們開展超過10次專項審計內
控檢查動時發現並改進
業務流程中存相關理問題
保障公司利益外年度
風控審計部啟動陽光宣傳行動
通過該行動們對公司內部員工
重商業合作夥伴進行集團
廉潔政策培訓與宣導進步
深化對公司廉潔政策反舞弊
求理解
於報告年內集團未發生公司
僱員提出貪污欺詐勒索
洗黑錢等素導致並對公司造成
重影響訴訟案件未發現
重內控缺陷隨著公司業務水
斷提升反腐倡廉對企業持
續發展重性愈加凸顯們將
始終堅持並完善廉潔誠信公司制
度體系將公司內控監督與治提
升個新水
The Group’s Risk Control and Audit Department the major
responsible department for anticorruption and antifraud works
out annual plans for special audit and audit on internal control
and conducts antifraud audits on procedures of main business
and critical focus areas of the Group based on such plans
and relevant reporting In addition the Risk Control and Audit
Department also conducts audits on assignment or resignation
of personnel in key positions Management issues were timely
found and addressed in more than 10 times of special audits
and internal control audits that were proactively conducted by
the Group in 2017 which protected the interests of the Group
Over the year the Risk Control and Audit Department launched
campaigns to advocate integrity In the campaigns we publicised
our policies on integrity among staff and key partners and
provided relevant training and guidance to enable them to get a
better understanding of our policies on integrity and antifraud
The Group was not involved in any litigation caused either
by itself or its employee’s misconduct relating to corruption
fraud extortion and moneylaundering with material impact on
the Group nor were there any material weaknesses in internal
control over the reporting year Combating corruption and
building a clean governance is increasingly vital to the sustainable
development of the Group as our business improves We will
always adhere to and perfect our system for integrity and honesty
to further enhance internal control and governance頤海國際控股限公司 Yihai International Holding Ltd144
The Environmental Social and Governance Report
環境社會治報告
7 社區公益
集團繼續傳承優良社會責理
念為市場廣消費者提供安
全優質食品時注重履行企業
責關注公益事業努力回饋社
會們動解運營社區
周邊內需求與期鼓勵員
工參與項社區公益活動實際
行動將社區利益與公司業務融
斷將企業積極社會價值取傳
遞社會眾
過2017年度公司更加重視
社區投資開展系列形式樣
社會公益活動項相關事宜
公司董事會辦公室牽頭財務總監
控涉工會總經理辦公室
採購部市場推廣部區域銷售
部門投入總資金約114萬元民
幣
71 關注高校學生群體
高校學生未來社會發展
中堅力量們始終關注
重點群體為更
幫助校學生解社會規
劃職業時倡導綠色健康
校園氛圍豐富學生課餘生
活2017年度們走進
校園贊助場高校活動
學生烹飪賽
2017年11月們支持並贊
助中國傳媒學南廣學院
烹飪美食賽次賽
中參賽學生團隊集團產
品為烹飪調味料學生品鑒
團選出口味評前三名獲
公司頒發獎勵外參與
轉發該活動信息學生收
禮品次烹飪賽
學生解更飲食健康相
關知識並充分體驗團隊協
作樂趣
7 Community Investment
The Group has constantly carried forward the idea for undertaking
social responsibility that provides safety and quality food for
the market and customers Efforts are made in giving back to
the society by fulfilling its social responsibility and getting more
involved in public welfare undertakings The Group takes the
initiative to understand the needs and expectation of local and
neighbouring communities where we operate and encourages
the staff to participate in community public welfare activities The
Group also takes concrete actions to ensure that it has taken the
interests of local communities into consideration when conducting
its business activities and to pass on its positive social value to
the public
In 2017 more emphasis was given to community investment
The office of the Board of Directors took the lead in organising
diversified social welfare activities with an investment amount of
nearly RMB 114000 under control of the financial director which
involved the labour union the office of the general manager the
procurement department the marketing department and the
regional sales department
71 Caring for College Students
As the backbone in the future development of our society
college students are one of the groups that we are most
concerned about In 2017 the Group sponsored various
oncampus activities to assist college students in career
planning with a better understanding of the society
promote green and healthy campus atmosphere and enrich
extracurricular life of college students
Cooking Competition
We sponsored the cooking competition held in Nanguang
College of Communication University of China in November
2017 In this competition condiments produced by the
Group were adopted The top three contestants were
selected by judges consisting of students and were awarded
prizes provided by the Group Students that were involved
in the forwarding of the activities on the competition were
also provided with gifts Because of the competition college
students acquired more knowledge relating to healthy diet
and fully experience the fun of working as a team2017 Annual Report 年 度 報 告 145
The Environmental Social and Governance Report
環境社會治報告
學生廣告創意賽
2017年12月們贊助中
山學Maxcell協會辦第
十二屆廣告創意賽通過
高校學生社團線公眾號推
送線推廣活動活動宣傳
覆蓋包括中山學暨南
學華南理工學華南師範
學南方醫科學廣東財
經學廣州學吉林學
珠海分校內眾廣州珠
海高校吸引70余支學生
隊伍參加賽直接參與活動
學生超過15000名次廣告
創意賽成功舉辦進步激
發廣珠高校圈內活躍創新
校園氛圍利於學生綜
合素質培養與業軟實力
提高
72 回饋社區務工員
2017年5月 8月 持 續 高
溫天氣中公司華東區部門
海區部門當社區周邊
5000家農貿市場網點務
工員免費贈送西瓜綠豆湯
等消暑食品飲品達31800
餘場次計總金額約95萬
元民幣們盡力量
為暑熱環境中勞作務工
員回饋清涼優化務工條
件
73 助力緩解業壓力
公司業務斷發展益於
為社會創造更業崗位
緩解社會尤運營
業壓力於2017年11月建
成投產馬鞍山工廠為300
名業員創造新業崗
位中招聘員工60餘
名們始終致力於為解決社
會業問題盡綿薄力實現
企業與社會進步與諧
發展
Competition for Advertisement Creativity
In December 2017 the Group sponsored the 12th
Competition for Advertisement Creativity hosted by the
Maxcell Association of Sun Yatsen University which
involved colleges in Guangzhou and Zhuhai including Sun
Yatsen University Ji＇nan University South China University
of Technology South China Normal University Southern
Medical University Guangdong University of Finance and
Economics Guangzhou University and Zhuhai College
of Jilin University through online push based on official
accounts of students associations and offline promotion
activities Over 70 teams consisting of college students
participated in the competition with more than 15000
students directly taking part in the event The competition
further stimulated a dynamic and innovative campus
atmosphere among colleges in Guangzhou and Zhuhai
which was beneficial to improving of the overall quality of
college students
72 Caring for Workers in Local Community
The Group’s departments in East China and Shanghai gave
away food and drinks including watermelons and sweet
mung bean soup to workers from more than 5000 markets
of agricultural products around local communities for free
to relieve summer heat from May to August 2017 when the
high temperature sustained A total of about RMB 95000
was spent in 31800 activities on this front We use our best
efforts to optimize the working conditions of the workers that
have to work in the heat
73 Assisting in Alleviating the Pressure of Employment
The continuous development of the Group’s business has
helped create more jobs which could effectively relieve the
pressure of employment in the society specifically in local
communities where we operate Our Production Base in
Maanshan which commenced its operation in November
2017 has created jobs for 300 job seekers over 60 of
whom were from the local community We are committed
in making due contributions to address the problem of
social employment to achieve mutual advancement and
harmonious development between the Group and the
society頤海國際控股限公司 Yihai International Holding Ltd146
Independent Auditor’s Report
獨立核數師報告
To the Shareholders of Yihai International Holding Ltd
(incorporated in Cayman Islands with limited liability)
OPINION
What we have audited
The consolidated financial statements of Yihai International Holding
Ltd (the Company) and its subsidiaries (the Group) set out on
pages 154 to 244 which comprise
• the consolidated balance sheet as at 31 December 2017
• the consolidated statement of comprehensive income for the year
then ended
• the consolidated statement of changes in equity for the year then
ended
• the consolidated statement of cash flows for the year then ended
and
• the notes to the consolidated financial statements which include
a summary of significant accounting policies
Our opinion
In our opinion the consolidated financial statements give a true and
fair view of the consolidated financial position of the Group as at 31
December 2017 and of its consolidated financial performance and its
consolidated cash flows for the year then ended in accordance with
International Financial Reporting Standards (IFRSs) and have been
properly prepared in compliance with the disclosure requirements of
the Hong Kong Companies Ordinance
致頤海國際控股限公司股東
（於開曼群島註冊成立限公司）
意見
們已審計內容
頤海國際控股限公司（簡稱「貴公
司」）附屬公司（統稱「貴集團」）
列載於第154244頁綜合財務報表
包括：
‧ 於2017年12月31日綜合資產負
債表
‧ 截該日止年度綜合全面收益
表
‧ 截該日止年度綜合權益變動
表
‧ 截該日止年度綜合現金流量
表
‧ 綜合財務報表附註包括會計
政策概
們意見
們認為該等綜合財務報表已根據國
際財務報告準則真實中肯反映貴
集團於2017年12月31日綜合財務狀
況截該日止年度綜合財務表現
綜合現金流量並已遵香港公司條
例披露規定妥為擬備2017 Annual Report 年 度 報 告 147
Independent Auditor’s Report
獨立核數師報告
BASIS FOR OPINION
We conducted our audit in accordance with International Standards
on Auditing (ISAs) Our responsibilities under those standards are
further described in the Auditor’s Responsibilities for the Audit of the
Consolidated Financial Statements section of our report
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our opinion
Independence
We are independent of the Group in accordance with the International
Ethics Standards Board for Accountants’ Code of Ethics for
Professional Accountants (IESBA Code) and we have fulfilled our
other ethical responsibilities in accordance with the IESBA Code
KEY AUDIT MATTERS
Key audit matters are those matters that in our professional judgment
were of most significance in our audit of the consolidated financial
statements of the current year These matters were addressed in the
context of our audit of the consolidated financial statements as a
whole and in forming our opinion thereon and we do not provide a
separate opinion on these matters
意見基礎
們已根據國際審計準則進行審計
們該等準則承擔責已報
告核數師審計綜合財務報表承擔責
部分中作進步闡述
們相信們獲審計憑證充
足適當為們審計意見提供基礎
獨立性
根據國際會計師專業操守理事會頒佈
專業會計師道德守則（簡稱「道德
守則」）們獨立於貴集團並已履行
道德守則中專業道德責
關鍵審計事項
關鍵審計事項根據們專業判斷
認為對年度綜合財務報表審計為
重事項這事項們審計整
體綜合財務報表出具意見時進行處理
們會對這事項提供單獨意
見頤海國際控股限公司 Yihai International Holding Ltd148
Independent Auditor’s Report
獨立核數師報告
Key audit matter identified in our audit is summarised as follows
• Impairment provision for inventory
Key Audit Matter
Impairment provision for inventory
Refer to Note 2 (Summary of significant accounting policies) and Note
12 of the consolidated financial statements
Inventory is carried at the lower of cost and net realisable value being
selling price less estimated selling costs where applicable impairment
provision is made to write down the inventory to its net realisable value
As at 31 December 2017 the Group’s balance of gross inventory was
RMB147617000
The estimation of impairment provision for each type of inventories
involves significant management judgment based on consideration
of key factors such as aging profile prior experiences and estimated
future selling price and production costs subsequent to year end
The impairment assessment is an area of focus for us given the
inherent uncertainties and the significant amount of the gross inventory
balance
們審計中識別關鍵審計事項概述
：
‧ 存貨減值準備
關鍵審計事項
存貨減值準備
請參閱綜合財務報表附註2（重會計政
策概）附註12
存貨成與變現淨值（為銷售
價格減預估銷售成）孰低者列賬
適時撇減存貨減值準備變
現淨值
於2017年12月31日 貴集團存貨總
額為147617000元民幣
種類型存貨減值準備估計涉理
層重判斷該等判斷需考慮庫齡結
構過經驗預估未來售價年結
日後生產成等關鍵素
鑒於減值固確定性存貨總額
金額重們尤為關注減值評估2017 Annual Report 年 度 報 告 149
Independent Auditor’s Report
獨立核數師報告
How our audit addressed the Key Audit Matter
Our audit procedures relating to impairment provision for inventory
included
• Obtained and understood the Group’s inventory provisioning
policy
• Understood and evaluated the relevant controls over the
generation of inventory aging schedule and the process of the
estimation of inventory impairment provision
• In respect of finished goods on sample basis we evaluated
the assumptions in estimating future sales prices and selling
expenses by reference to historical records and sales
transactions after year end
• In respect of raw materials and work in progress on sample
basis we evaluated the assumptions in estimating future
production costs by reference to historical records and
production records after year end
• On sample basis we tested the aging profile of the year end raw
materials and finished goods
• Observed physical condition of inventories during stocktake to
identify if any inventory was slowmoving damaged or obsolete
We found the assumptions adopted and judgment applied by
management were supported by the evidence we gathered and
consistent with our understanding
們審計處理關鍵審計
針對存貨減值準備們審計程序包
括：
‧ 獲並解貴集團存貨準備政
策
‧ 對存貨庫齡時間表生成存貨減
值準備估計過程相關控制進行
解評估
‧ 針對產成品們參考歷史記錄
年結日後銷售交易抽樣基
礎對預估未來售價銷售費
假設進行評估
‧ 針對原材料產品們參考歷
史記錄年結日後生產記錄
抽樣基礎對預估未來生產成
假設進行評估
‧ 抽樣基礎們對年結日
原材料產成品庫齡結構進行
測試
‧ 存貨盤點期間查存貨物理
狀況確定存貨否出現滯銷
損壞報廢
們發現理層採取假設運
判斷均據並與們解情
況致頤海國際控股限公司 Yihai International Holding Ltd150
Independent Auditor’s Report
獨立核數師報告
OTHER INFORMATION
The directors of the Company are responsible for the other information
The other information comprises the information included in the
Corporate Governance Report and Management Discussion and
Analysis which we obtained prior to the date of this auditor’s
report and the Directors’ Report and the Environmental Social and
Governance Report which are expected to be made available to us
after that date
Our opinion on the consolidated financial statements does not cover
the other information and we do not and will not express any form of
assurance conclusion thereon
In connection with our audit of the consolidated financial statements
our responsibility is to read the other information identified above
and in doing so consider whether the other information is materially
inconsistent with the consolidated financial statements or our
knowledge obtained in the audit or otherwise appears to be materially
misstated
If based on the work we have performed on the other information that
we obtained prior to the date of this auditor’s report we conclude
that there is a material misstatement of this other information we are
required to report that fact We have nothing to report in this regard
When we read the Director’s Report and the Environmental Social
and Governance Report if we conclude that there is a material
misstatement therein we are required to communicate the matter to
the Audit Committee and take appropriate action considering our legal
rights and obligations
信息
貴公司董事須對信息負責信
息包括們核數師報告日前取
企業治報告理層討論與分析
預期會核數師報告日後取董
事會報告環境社會制報告
們對綜合財務報表意見並涵蓋
信息們將對該等信
息發表形式鑒證結論
結合們對綜合財務報表審計們
責閱讀述信息過
程中考慮信息否與綜合財務報
表們審計過程中解情況存
重抵觸者似存重錯誤陳述
情況
基於們對核數師報告日前取
信息執行工作果們認為
信息存重錯誤陳述們需
報告該事實這方面們沒
報告
當們閱讀董事會報告環境社會
治報告後果們認為中存重
錯誤陳述們需將關事項與審
計委員會溝通並考慮們法律權利
義務後採取適當行動2017 Annual Report 年 度 報 告 151
Independent Auditor’s Report
獨立核數師報告
RESPONSIBILITIES OF DIRECTORS AND THE AUDIT
COMMITTEE FOR THE CONSOLIDATED FINANCIAL
STATEMENTS
The directors of the Company are responsible for the preparation
of the consolidated financial statements that give a true and fair
view in accordance with IFRSs and the disclosure requirements of
the Hong Kong Companies Ordinance and for such internal control
as the directors determine is necessary to enable the preparation
of consolidated financial statements that are free from material
misstatement whether due to fraud or error
In preparing the consolidated financial statements the directors are
responsible for assessing the Group’s ability to continue as a going
concern disclosing as applicable matters related to going concern
and using the going concern basis of accounting unless the directors
either intend to liquidate the Group or to cease operations or have no
realistic alternative but to do so
The Audit Committee of the Company is responsible for overseeing the
Group’s financial reporting process
AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE
CONSOLIDATED FINANCIAL STATEMENTS
Our objectives are to obtain reasonable assurance about whether the
consolidated financial statements as a whole are free from material
misstatement whether due to fraud or error and to issue an auditor’s
report that includes our opinion We report our opinion solely to you
as a body and for no other purpose We do not assume responsibility
towards or accept liability to any other person for the contents of this
report Reasonable assurance is a high level of assurance but is not a
guarantee that an audit conducted in accordance with ISAs will always
detect a material misstatement when it exists Misstatements can
arise from fraud or error and are considered material if individually or
in the aggregate they could reasonably be expected to influence the
economic decisions of users taken on the basis of these consolidated
financial statements
董事審計委員會綜合財務報表須承
擔責
貴公司董事負責根據國際財務報告準
則香港公司條例披露規定擬備真
實中肯綜合財務報表並對認為
為綜合財務報表擬備存於欺
詐錯誤導致重錯誤陳述需
內部控制負責
擬備綜合財務報表時董事負責評估
貴集團持續經營力並適情況
披露與持續經營關事項
持續經營為會計基礎非董事意
將貴集團清盤停止經營別無
實際代方案
審計委員會須負責監督貴集團財務報
告過程
核數師審計綜合財務報表承擔責
們目標對綜合財務報表整體
否存於欺詐錯誤導致重
錯誤陳述取合理保證並出具包括
們意見核數師報告們僅閣（作
為整體）報告們意見外報
告別無目們會報告
內容士負承擔責
合理保證高水保證
保證國際審計準則進行審計
某重錯誤陳述存時總發現
錯誤陳述欺詐錯誤引起果
合理預期們單獨匯總起來影響
綜合財務報表者賴綜合財務報表
作出經濟決定則關錯誤陳述
視作重頤海國際控股限公司 Yihai International Holding Ltd152
Independent Auditor’s Report
獨立核數師報告
As part of an audit in accordance with ISAs we exercise professional
judgement and maintain professional skepticism throughout the audit
We also
• Identify and assess the risks of material misstatement of the
consolidated financial statements whether due to fraud or error
design and perform audit procedures responsive to those risks
and obtain audit evidence that is sufficient and appropriate to
provide a basis for our opinion The risk of not detecting a material
misstatement resulting from fraud is higher than for one resulting
from error as fraud may involve collusion forgery intentional
omissions misrepresentations or the override of internal control
• Obtain an understanding of internal control relevant to the audit
in order to design audit procedures that are appropriate in the
circumstances but not for the purpose of expressing an opinion
on the effectiveness of the Group’s internal control
• Evaluate the appropriateness of accounting policies used and the
reasonableness of accounting estimates and related disclosures
made by the directors
• Conclude on the appropriateness of the directors’ use of the
going concern basis of accounting and based on the audit
evidence obtained whether a material uncertainty exists related
to events or conditions that may cast significant doubt on the
Group’s ability to continue as a going concern If we conclude that
a material uncertainty exists we are required to draw attention in
our auditor’s report to the related disclosures in the consolidated
financial statements or if such disclosures are inadequate to
modify our opinion Our conclusions are based on the audit
evidence obtained up to the date of our auditor’s report However
future events or conditions may cause the Group to cease to
continue as a going concern
• Evaluate the overall presentation structure and content of the
consolidated financial statements including the disclosures
and whether the consolidated financial statements represent the
underlying transactions and events in a manner that achieves fair
presentation
根據國際審計準則進行審計過程
中們運專業判斷保持專業
懷疑態度們：
‧ 識別評估於欺詐錯誤導致
綜合財務報表存重錯誤陳述
風險設計執行審計程序應對
這風險獲取充足適當
審計憑證作為們意見基礎
於欺詐涉串謀偽造蓄
意遺漏虛假陳述凌駕於內部
控制未發現欺詐
導致重錯誤陳述風險高於未
發現錯誤導致重錯誤陳
述風險
‧ 解與審計相關內部控制設
計適當審計程序目並非對
貴集團內部控制效性發表意見
‧ 評價董事採會計政策恰當性
作出會計估計相關披露合理
性
‧ 對董事採持續經營會計基礎恰
當性作出結論根據獲取審計
憑證確定否存與事項情況
關重確定性從導
致對貴集團持續經營力產生重
疑慮果們認為存重
確定性則必核數師報告中
提請者注意綜合財務報表中
相關披露假關披露足
則們應當修訂們意見們
結論基於核數師報告日止取
審計憑證然未來事項
情況導致貴集團持續經營
‧ 評價綜合財務報表整體列報方
式結構內容包括披露
綜合財務報表否中肯反映相關交
易事項2017 Annual Report 年 度 報 告 153
Independent Auditor’s Report
獨立核數師報告
‧ Obtain sufficient appropriate audit evidence regarding the
financial information of the entities or business activities within
the Group to express an opinion on the consolidated financial
statements We are responsible for the direction supervision and
performance of the group audit We remain solely responsible for
our audit opinion
We communicate with the Audit Committee regarding among other
matters the planned scope and timing of the audit and significant audit
findings including any significant deficiencies in internal control that we
identify during our audit
We also provide the Audit Committee with a statement that we have
complied with relevant ethical requirements regarding independence
and to communicate with them all relationships and other matters that
may reasonably be thought to bear on our independence and where
applicable related safeguards
From the matters communicated with the Audit Committee we
determine those matters that were of most significance in the audit
of the consolidated financial statements of the current period and
are therefore the key audit matters We describe these matters in our
auditor’ s report unless law or regulation precludes public disclosure
about the matter or when in extremely rare circumstances we
determine that a matter should not be communicated in our report
because the adverse consequences of doing so would reasonably
be expected to outweigh the public interest benefits of such
communication
The engagement partner on the audit resulting in this independent
auditor’ s report is Brian Ming Yan Choi
PricewaterhouseCoopers
Certified Public Accountants
Hong Kong 21 March 2018
‧ 貴集團內實體業務活動財務
信息獲取充足適當審計憑證
便對綜合財務報表發表意見
們負責貴集團審計方監督
執行們為審計意見承擔全部責

事項外們與審計委員會溝通
計劃審計範圍時間安排重審
計發現等包括們審計中識別出內
部控制重缺陷
們還審計委員會提交聲明說明
們已符合關獨立性相關專業道德
求並與們溝通合理認為
會影響們獨立性關係事
項適情況相關防範
措施
從與審計委員會溝通事項中們確
定事項對期綜合財務報表審計
為重構成關鍵審計事項
們核數師報告中描述這事項非
法律法規允許公開披露這事項
極端罕見情況果合理預期
們報告中溝通某事項造成負面後果
超過產生公眾利益們決定應
報告中溝通該事項
出具獨立核數師報告審計項目合夥
蔡明仁
羅兵咸永道會計師事務
執業會計師
香港二零八年三月二十日頤海國際控股限公司 Yihai International Holding Ltd154
Consolidated Balance Sheet
綜合資產負債表
As at 31 December
於12月31日
Note 2017 2016
附註 2017年 2016年
RMB’000 RMB’000
民幣千元 民幣千元

Assets 資產
Noncurrent assets 非流動資產
Land use rights 土權 6 35152 31738
Property plant and equipment 物業廠房設備 8 180088 116141
Intangible assets 無形資產 7 5182 2803
Deferred tax assets 遞延稅項資產 11 10554 6584
Prepayments for property
plant and equipment
物業廠房設備
預付款項 14 57095 8608

Total noncurrent assets 非流動資產總值 288071 165874

Current assets 流動資產
Inventories 存貨 12 147617 130496
Trade receivables 貿易應收款項 13 33 131457 67080
Prepayments and other receivables 預付款項應收款項 14 33 76670 38217
Cash and cash equivalents 現金現金等價物 15 1130205 1021999
Financial assets at fair value through
profit or loss
公值計入損益
金融資產 16 32671 —

Total current assets 流動資產總值 1518620 1257792

Total assets 資產總值 1806691 1423666

Equity 權益
Share capital 股 17 68 68
Shares held for employee share scheme 僱員股份計劃
持股份 18 (5) (5)
Reserves 儲備 19 1501326 1266142

Capital and reserves attributable to
owners of the Company
歸屬於公司擁
資儲備 1501389 1266205
Noncontrolling interests 非控股權益 4420 —

Total equity 權益總額 1505809 1266205
2017 Annual Report 年 度 報 告 155
Consolidated Balance Sheet
綜合資產負債表
As at 31 December
於12月31日
Note 2017 2016
附註 2017年 2016年
RMB’000 RMB’000
民幣千元 民幣千元

Current liabilities 流動負債
Trade payables 貿易應付款項 21 33 136582 73277
Other payables and accruals 應付款項應計費 22 33 115033 54747
Current tax liabilities 期稅項負債 49267 29437

Total current liabilities 流動負債總額 300882 157461

Total liabilities 負債總額 300882 157461

Total equity and liabilities 權益負債總額 1806691 1423666

The above consolidated balance sheet should be read in conjunction
with the accompanying notes
The financial statements on pages 154 to 158 were approved by the
Board of Directors on 21 March 2018 and were signed on its behalf
DANG CHUNXIANG SUN SHENGFENG
黨春香 孫勝峰
Director Director
董事 董事
述綜合資產負債表應與隨附附註併
閱讀
第154頁第158頁財務報表於2018
年3月21日獲董事會批准並列董
事代為簽署頤海國際控股限公司 Yihai International Holding Ltd156
Consolidated Statement of Comprehensive Income
綜合全面收益表
As at 31 December
於12月31日
Note 2017 2016
附註 2017年 2016年
RMB’000 RMB’000
民幣千元 民幣千元

Revenue 收入 5 1646221 1088014
Cost of sales of goods 貨品銷售成 23 (1034415) (671072)

Gross profit 毛利 611806 416942
Distribution expenses 經銷開支 23 (164615) (127921)
Administrative expenses 行政開支 23 (76415) (53841)
Other incomes and gains net 收入收益淨額 25 43748 21481
Fair value loss of redeemable
convertible preferred shares
贖回換股優先股
公值虧損 — (35264)
Finance income 融資收入 26 6651 33692
Finance costs 融資成 26 (52095) —

Finance (costs)income net 融資（成）╱收入－淨額 26 (45444) 33692

Profit before income tax 稅前溢利 369080 255089
Income tax expense 稅開支 27 (107990) (68369)

Profit for the year 期內溢利 261090 186720

Profit attributable to 士應佔溢利：
Owners of the Company 公司擁 260670 186720
Noncontrolling interests 非控股權益 420 —

Other comprehensive income 全面收入
Items that may be reclassified to profit or loss 重新分類損益項目
Cash flow hedges 現金流量對沖 19 — (514)
Other comprehensive income for
the year net of tax
年內全面收入
（扣稅項） — (514)

Total comprehensive income 全面收入總額 261090 186206

Total comprehensive income
attributable to
士應佔全面
收入總額：
– Owners of the Company －公司擁 260670 186206
– Noncontrolling interests －非控股權益 420 —

Earnings per share attributable to
ordinary equity holders of the Company
公司普通權益持
應佔股盈利
(expressed in RMB cents per share) （股民幣分列示）
– Basic －基 28 269 234
– Diluted －攤薄 28 267 234

The above consolidated statement of comprehensive income should be
read in conjunction with the accompanying notes
述綜合全面收益表應與隨附附註併
閱讀2017 Annual Report 年 度 報 告 157
Consolidated Statement of Changes in Equity
綜合權益變動表
Attributable to owners of the Company
公司擁應佔
Share
capital
(Note 17)
Shares
held for
employee
share
scheme
(Note 18)
Reserves
(Note19) Total
Non
controlling
interests
Total
equity
股
（附註17）
僱員
股份計劃
持股份
（附註18）
儲備
（附註19） 總計 非控股權益 權益總額
Note RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000
附註 民幣千元 民幣千元 民幣千元 民幣千元 民幣千元 民幣千元

Balance at 1 January 2016 於2016年1月1日結餘 31 — 141893 141924 — 141924
Comprehensive income 全面收入
Profit for the year 年內溢利 — — 186720 186720 — 186720
Other comprehensive income 全面收入 — — (514) (514) — (514)

Total comprehensive income 全面收入總額 — — 186206 186206 — 186206

Transactions with owners 與擁交易
Issuance of new ordinary shares 發行新普通股 17(c) 17 — 759284 759301 — 759301
Capitalisation issue 資化發行 17(b) 16 — (16) — — —
Conversion of redeemable
convertible preferred shares
轉換贖回轉換優先股
17(a) 4 — 221927 221931 — 221931
Share issuance costs 股份發行成 17(c) — — (39093) (39093) — (39093)
Sharebased payment expense 股份為基礎付款開支 20 — — 102 102 — 102
Shares repurchased 購回股份 19 — (5) (4161) (4166) — (4166)

Total transactions with owners 與擁交易總額 37 (5) 938043 938075 — 938075

Balance at 31 December 2016 於2016年12月31日結餘 68 (5) 1266142 1266205 — 1266205

Balance at 1 January 2017 於2017年1月1日結餘 68 (5) 1266142 1266205 — 1266205
Comprehensive income 全面收入
Profit for the year 年內溢利 — — 260670 260670 420 261090

Total comprehensive income 全面收入總額 — — 260670 260670 420 261090

Transactions with owners in
their capacity as owners
與擁擁身份
進行交易：
Noncontrolling interests on
acquisition of subsidiary
收購附屬公司
非控股權益 — — — — 4000 4000
Sharebased payment expense 股份為基礎付款開支 20 — — 8510 8510 — 8510
Dividends provided for or paid 已計提已派付股息 — — (33996) (33996) — (33996)

Total transactions with owners 與擁交易總額 — — (25486) (25486) 4000 (21486)

Balance at 31 December 2017 於2017年12月31日結餘 68 (5) 1501326 1501389 4420 1505809

The above consolidated statement of changes in equity should be read
in conjunction with the accompanying notes
述綜合權益變動表應與隨附附註併
閱讀頤海國際控股限公司 Yihai International Holding Ltd158
Consolidated Statement of Cash Flows
綜合現金流量表
Note 2017 2016
附註 2017年 2016年
RMB’000 RMB’000
民幣千元 民幣千元

Cash flows from operating activities 經營活動現金流量
Cash generated from operations 經營現金 31(a) 438681 283242
Interest received 已收利息 6651 933
Income tax paid 已付稅 (92130) (60182)

Net cash generated from
operating activities
經營活動現金淨額
353202 223993

Cash flows from investing activities 投資活動現金流量
Purchases of land use right 購買土權 6 (4187) (24911)
Purchases of property plant and equipment 購買物業廠房設備 (127989) (22649)
Purchases of intangible assets 購買無形資產 (3260) (2352)
Proceeds from disposal of
property plant and equipment and
intangible assets
出售物業廠房設備
無形資產款項
31(b) 460 5534
Purchase of financial assets 購買金融資產 (32934) —
Interest income from financial assets 金融資產利息收入 5241 —

Net cash used in investing activities 投資活動現金淨額 (162669) (44378)

Cash flows from financing activities 融資活動現金流量
Capital injections from
noncontrolling interests
非控股權益注資
4000 —
Decrease in other payables due to
related parties
應付關聯方款項
減少 — (141633)
Proceeds from issuance of ordinary
shares net
發行普通股款項淨額
17(c) — 720208
Repurchase of shares 購回股份 18 19 — (4166)
Dividends paid to the Company’s
shareholders
公司股東派付股息
19 (33996) —

Net cash generated from financing
activities
融資活動現金淨額
(29996) 574409

Net increase in cash and cash equivalents 現金現金等價物
增加淨額 160537 754024
Cash and cash equivalents at beginning of
the financial year
年初現金
現金等價物 15 1021999 235216
Effects of exchange rate changes on cash and
cash equivalents
現金現金等價物
匯率變動影響 (52331) 32759

Cash and cash equivalents at end of year 年末現金現金等價物 15 1130205 1021999

The above consolidated statement of cash flows should be read in
conjunction with the accompanying notes
述綜合現金流量表應與隨附附註併
閱讀2017 Annual Report 年 度 報 告 159
Notes to the Consolidated Financial Statements
綜合財務報表附註
1 GENERAL INFORMATION
Yihai International Holding Ltd (the Company) and its
subsidiaries (together the Group) are principally engaged in
the production and sale of hot pot soup flavoring products
hot pot dipping sauce products and Chinese style compound
condiment products in the People’s Republic of China (the PRC)
collectively referred to as the Listed Business
The Company was incorporated in the Cayman Islands on 18
October 2013 as an exempted company with limited liability under
the Companies Law Cap 22 (Law 3 of 1961 as consolidated and
revised) of the Cayman Islands The address of the Company’s
registered office is PO Box 31119 Grand Pavilion Hibiscus Way
802 West Bay Road Grand Cayman KY11205 Cayman Islands
The Company’s global offering of its shares (the Global Offering)
on the Main Board of The Stock Exchange of Hong Kong Limited
(the HKSE) was completed on 13 July 2016
The consolidated financial statements are presented in Renminbi
(RMB) unless otherwise stated These financial statements have
been approved for issue by the Board of Directors on 21 March
2018
1 般資料
頤海國際控股限公司（「公司」）
附屬公司（統稱「集團」）中
華民國（「中國」）從事火
鍋底料火鍋蘸料中式複合調味
料 生 產 銷 售（統 稱 為「 市 業
務」）
公司於2013年10月18日開曼
群島根據開曼群島1961年第3號法
例第22章公司法（經綜合修訂）
註冊成立為獲豁免限公司公
司註冊辦事處址為PO Box
31119 Grand Pavilion Hibiscus
Way 802 West Bay Road Grand
Cayman KY11205 Cayman
Islands
公司股份香港聯合交易限
公司（「香港聯交」）板全球發
售（「全球發售」）已於2016年7月13
日完成
非指明否則綜合財務報
表民幣（「民幣」）呈列該等
財務報表已於2018年3月21日獲
董事會批准刊發頤海國際控股限公司 Yihai International Holding Ltd160
Notes to the Consolidated Financial Statements
綜合財務報表附註
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
This note provides a list of the significant accounting policies
adopted in the preparation of these consolidated financial
statements These policies have been consistently applied to
all the years presented unless otherwise stated The financial
statements are for the Group consistency of the Company and its
subsidiaries
21 Basis of preparation
(i) Compliance with IFRS and HKCO
The consolidated financial statements of the Group
has been prepared in accordance with all applicable
International Financial Reporting Standards (IFRS)
and the disclosure requirements of the Hong Kong
Companies Ordinance (HKCO) Cap 622
(ii) Historical cost convention
The financial statements have been prepared on a
historical cost basis as modified by revaluation of
financial assets at fair value through profit or loss which
are carried at fair value
(iii) New and amended standards adopted by the Group
The following amendments to standards have been
adopted by the Group for the first time for the financial
year beginning on or after 1 January 2017
• Recognition of Deferred Tax Assets for Unrealised
Losses – Amendments to IAS 12 and
• Disclosure initiative – amendments to IAS 7
The adoption of these amendments did not have any
impact on the amounts recognised in prior periods
Most of the amendments will also not affect the current
or future periods
2 重會計政策概
附註提供於編製等綜合財務報
表時採納重會計政策清單
註明外等政策於列報
年度內貫徹應集團財務報表
與公司附屬公司致
21 編製基準
(i) 遵守國際財務報告準則
香港公司條例
集團綜合財務報表
已國際財務報告準
則（「國 際 財 務 報 告 準
則」）香港公司條例（第
622章 ） 披 露 規 定 編
製
(ii) 歷史成法
財務報表已歷史成
基準編製並通過重估
公值計入損益金
融資產作出修訂
公值列賬
(iii) 集團採納新訂經
修訂準則
集 團 於2017年1月1
日後開始財政年
度首次採納列準則
修訂：
‧ 未變現虧損確認
遞延稅項資產－國
際 會 計 準 則 第12
號修訂
‧ 披露動議－國際會
計準則第7號修
訂
採納該等修訂對過期間確認
金額並無影響部分修訂
將會影響目前未來期間2017 Annual Report 年 度 報 告 161
Notes to the Consolidated Financial Statements
綜合財務報表附註
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(Cont’d)
21 Basis of preparation (Cont’d)
(iv) New standards and interpretations not yet adopted
The following new standards and amendments to
standards and interpretations are effective for annual
periods beginning after 1 January 2018 and have not
been applied in preparing these consolidated financial
statements
• Classification and Measurement of Sharebased
Payment Transactions – Amendments to IFRS 2
• Annual Improvements to IFRS Standards 2014
2016 Cycle and
• Transfers of Investment Property – Amendments
to IAS 40
None of these above new standards and amendments
to standards and interpretations is expected to have
a significant effect on the consolidated financial
statements of the Group except the following set out
below
IFRS 9 Financial Instruments’
Nature of change
IFRS 9 Financial Instruments’ addresses the
classification measurement and derecognition of
financial assets and financial liabilities introduces new
rules for hedge accounting and a new impairment
model for financial assets
2 重會計政策概（續）
21 編製基準（續）
(iv) 尚未採納新訂準則
詮釋
新訂準則準則
修訂詮釋於2018年
1月1日 後 開 始 年 度
期間生效編製該等
綜合財務報表時並無應
：
‧ 股份為基礎付
款交易分類計
量－國際財務報告
準則第2號修訂

‧ 國際財務報告準則
2014年 2016年
週期年度改進

‧ 轉讓投資物業－國
際 會 計 準 則 第40
號修訂
該等新訂準則準則修訂
詮釋預期會對集團綜合財
務報表造成重影響惟文載
者外：
國際財務報告準則第9號「金融工
具」
變動性質
國際財務報告準則第9號「金融工
具」針對金融資產金融負債分
類計量終止確認並引進對沖
會計新規則金融資產新減值
模型頤海國際控股限公司 Yihai International Holding Ltd162
Notes to the Consolidated Financial Statements
綜合財務報表附註
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(Cont’d)
21 Basis of preparation (Cont’d)
(iv) New standards and interpretations not yet adopted
(Cont’d)
Impact
The Group has reviewed its financial assets and
liabilities and is expecting the following impact from the
adoption of the new standard on 1 January 2018
The financial assets held by the Group include
investments currently measured at fair value
through profit or loss (FVPL) which will continue
to be measured on the same basis under IFRS 9
Accordingly the Group does not expect the new
guidance to affect the classification and measurement
of these financial assets
There will be no impact on the Group’s accounting
for financial liabilities as the new requirements only
affect the accounting for financial liabilities that are
designated at fair value through profit or loss and
the Group does not have any such liabilities The
derecognition rules have been transferred from IAS 39
Financial Instruments Recognition and Measurement
and have not been changed
The new standard also introduces expanded disclosure
requirements and changes in presentation These
are expected to change the nature and extent of the
Group’s disclosures about its financial instruments
particularly in the year of the adoption of the new
standard
2 重會計政策概（續）
21 編製基準（續）
(iv) 尚未採納新訂準則
詮釋（續）
影響
集團已審閱金融資
產負債並預期於2018
年1月1日採納新訂準則
將產生列影響：
集團持金融資產包
括目前透過損益公
值（「透過損益公值
計量」）計量投資
將繼續根據國際財務報
告準則第9號相基
準計量集團
預期新指引會對該等
金融資產分類計量
產生影響
於新規定僅影響指定
公值計入損益金
融負債會計處理
集團並無關負
債會對集團金
融負債會計處理
影響終止確認規則
引國際會計準則第39
號「金融工具：確認計
量」並無變動
新訂準則引進範圍擴
披露規定呈列變
動預期該等規定變
動將改變集團關金
融工具披露性質範
圍（尤採納新訂準則
年度）2017 Annual Report 年 度 報 告 163
Notes to the Consolidated Financial Statements
綜合財務報表附註
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(Cont’d)
21 Basis of preparation (Cont’d)
(iv) New standards and interpretations not yet adopted
(Cont’d)
Date of adoption by Group
Must be applied for financial years commencing on
or after 1 January 2018 The Group will apply the new
rules retrospectively from 1 January 2018 with the
practical expedients permitted under the standard and
corporative for 2017 will not be restated
IFRS 15 Revenue from contracts with customers’
Nature of change
The IASB has issued a new standard for the recognition
of revenue This will replace IAS 18 which covers
contracts for goods and services and IAS 11 which
covers construction contracts and the related literature
2 重會計政策概（續）
21 編製基準（續）
(iv) 尚未採納新訂準則
詮釋（續）
集團採納日期
須 2018年1月1日
後開始財政年度應
集團將2018年
1月1日起追溯應新規
則該準則項允
許行權宜處理
2017年較數字將
予重列
國際財務報告準則第15
號「客戶合收入」
變動性質
國際會計準則理事會已
為確認收入頒佈項新
準則該準則將取代國
際會計準則第18號涵
蓋關貨品服務合約
國際會計準則第11號
涵蓋關建造合
相關文獻規定頤海國際控股限公司 Yihai International Holding Ltd164
Notes to the Consolidated Financial Statements
綜合財務報表附註
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(Cont’d)
21 Basis of preparation (Cont’d)
(iv) New standards and interpretations not yet adopted
(Cont’d)
The new standard establishes a comprehensive
framework for determining when to recognise revenue
and how much revenue to recognise through a 5step
approach (1) Identify the contract(s) with customer
(2) Identify separate performance obligations in a
contract (3) Determine the transaction price (4) Allocate
transaction price to performance obligations and (5)
Recognise revenue when performance obligation is
satisfied The core principle is that a company should
recognise revenue to depict the transfer of promised
goods or services to the customer in an amount that
reflects the consideration to which the company
expects to be entitled in exchange for those goods or
services It moves away from a revenue recognition
model based on an earnings processes to an asset
liability’ approach based on transfer of control
The standard permits either a full retrospective or a
modified retrospective approach for the adoption
Impact
Management has assessed the effects of applying the
new standard on the Group’s financial statements and
has identified the following areas that may be affected
‧ rights of return IFRS 15 requires separate
presentation on the balance sheet of the right
to recover the goods from the customer and the
refund obligation
2 重會計政策概（續）
21 編製基準（續）
(iv) 尚未採納新訂準則
詮釋（續）
新準則利五個步驟
確立釐定確認收益時間
金額全面框架：(1)
識 別 客 戶 合 約(2)識
別合約中個別履約責
(3)釐定交易價格
(4)將交易價格分配履
約 責 (5)於 完 成
履約責時確認收益
核心原則公司應反
映公司預期從交換協定
貨品服務收取代價
金額確認客戶轉
移關貨品服務收
益該準則「盈利過
程」為基礎收益確認模
式轉轉移控制權
為基礎「資產負債」方
式
該準則允許採納完整追
溯調整法經修訂追溯
調整法
影響
理層已評估採納新準
則對集團財務報表
影響並已識別列方
面會受影響：
‧ 退貨權－國際財務
報 告 準 則 第15號
規定資產負債
表內獨立呈列從客
戶收回貨品權利
退款責2017 Annual Report 年 度 報 告 165
Notes to the Consolidated Financial Statements
綜合財務報表附註
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(Cont’d)
21 Basis of preparation (Cont’d)
(iv) New standards and interpretations not yet adopted
(Cont’d)
The new standard provides specific guidance
on capitalisation of contract cost and licence
arrangements It also includes a cohesive set of
disclosure requirements about the nature amount
timing and uncertainty of revenue and cash flows
arising from the entity’s contracts with customers
Management expected that the new standard of IFRS
15 will not have significant effect on the financial
statement of the Group
Date of adoption by Group
Mandatory for financial years commencing on or after 1
January 2018 The Group intends to adopt the standard
using the modified retrospective approach which
means that the cumulative impact of the adoption will
be recognised in retained earnings as of 1 January
2018 and that comparatives will not be restated
2 重會計政策概（續）
21 編製基準（續）
(iv) 尚未採納新訂準則
詮釋（續）
新準則合約成資
化特許安排提供具體
指引實體與客
戶訂立合約產生
收 益 現 金 流 量 性
質金額時間明
朗素設定套嚴密
披露規定
理層預期國際財務報
告新準則第15號將會
對集團財務報表產生重
影響
集團採納日期
須 2018年1月1日
後開始財政年度強
制採納集團擬採納
經修訂追溯方式
準則換言採納準
則累計影響將於截
2018年1月1日 確 認 為
累計虧損關較
數字將予重列頤海國際控股限公司 Yihai International Holding Ltd166
Notes to the Consolidated Financial Statements
綜合財務報表附註
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(Cont’d)
21 Basis of preparation (Cont’d)
(iv) New standards and interpretations not yet adopted
(Cont’d)
IFRS 16 Leases’
Nature of change
IFRS 16 was issued in January 2016 It will result in
almost all leases being recognised on the balance
sheet as the distinction between operating and finance
leases is removed Under the new standard an asset
(the right to use the leased item) and a financial liability
to pay rentals are recognised The only exceptions are
shortterm and lowvalue leases
The accounting for lessors will not significantly change
Impact
The standard will affect primarily the accounting for
the Group’s operating leases The Group has not yet
determined to what extent these commitments will
result in the recognition of an asset and a liability for
future payments and how this will affect the Group’s
profit and classification of cash flows
Mandatory application dateDate of adoption by Group
Mandatory for financial years commencing on or after 1
January 2019 At this stage the Group does not intend
to adopt the standard before its effective date
2 重會計政策概（續）
21 編製基準（續）
(iv) 尚未採納新訂準則
詮釋（續）
國際財務報告準則第16
號「租賃」
變動性質
國際財務報告準則第16
號 已 於2016年1月 頒
佈於經營租賃與融
資租賃劃分已移
將導致絕部分租賃
資產負債表確認根
據新訂準則資產（租賃
項目權）支付租
金金融負債會予確
認唯例外者為短期
低價值租賃
對承租會計處理
會重變動
影響
該準則將影響集
團 經 營 租 賃 會 計 處
理然集團未
釐定該等承擔將導致資
產負債未來付款確
認程度將
影響集團溢利現
金流量分類
強制應日期╱集團
採納日期
須 2019年1月1日
後開始財政年度強
制採納目前集團
擬生效日期前採納
該準則2017 Annual Report 年 度 報 告 167
Notes to the Consolidated Financial Statements
綜合財務報表附註
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(Cont’d)
21 Basis of preparation (Cont’d)
(iv) New standards and interpretations not yet adopted
(Cont’d)
There are no other standards that are not yet effective
and that would be expected to have a material impact
on the Group
22 Principles of consolidation and equity accounting
(i) Subsidiaries
Subsidiaries are all entities (including structured
entities) over which the Group has control The Group
controls an entity when the Group is exposed to or
has rights to variable returns from its involvement with
the entity and has the ability to affect those returns
through its power to direct the activities of the entity
Subsidiaries are fully consolidated from the date on
which control is transferred to the Group They are
deconsolidated from the date that control ceases
The acquisition method of accounting is used to
account for business combinations by the Group (refer
to Note 23)
Intercompany transactions balances and unrealised
gains on transactions between group companies are
eliminated Unrealised losses are also eliminated unless
the transaction provides evidence of an impairment
of the transferred asset Accounting policies of
subsidiaries have been changed where necessary to
ensure consistency with the policies adopted by the
Group
Noncontrolling interests in the results and equity of
subsidiaries are shown separately in the consolidated
statement of profit or loss statement of comprehensive
income statement of changes in equity and balance
sheet respectively
2 重會計政策概（續）
21 編製基準（續）
(iv) 尚未採納新訂準則
詮釋（續）
概無尚未生效預期對
集團造成重影響
準則
22 合併權益會計原則
(i) 附屬公司
附屬公司指集團擁
控制權實體（包括
結構性實體）當集團
透過參與實體業務享
權取該實體
變回報力透過
指揮該實體業務權
力影響該等回報時則
集團控制該實體附
屬公司控制權轉移
集團日起全部合併
入賬並控制終止
日起取消合併
集團採收購會計法
將業務合併入賬（請參閱
附註23）
集團公司間公司間交
易結餘未變現交易
收益予對銷未變現
虧損會予抵銷
非關交易顯示轉讓
資產減值證據附屬
公司會計政策已需
調整確保與集
團採納政策貫徹致
業績內非控股權益
附屬公司權益分別獨立
呈列於綜合損益表全
面收入表權益變動表
資產負債表頤海國際控股限公司 Yihai International Holding Ltd168
Notes to the Consolidated Financial Statements
綜合財務報表附註
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(Cont’d)
23 Business combinations
The acquisition method of accounting is used to account
for all business combinations regardless of whether equity
instruments or other assets are acquired The consideration
transferred for the acquisition of a subsidiary comprises the
• fair values of the assets transferred
• liabilities incurred to the former owners of the acquired
business
• equity interests issued by the Group
• fair value of any asset or liability resulting from a
contingent consideration arrangement and
• fair value of any preexisting equity interest in the
subsidiary
Identifiable assets acquired and liabilities and contingent
liabilities assumed in a business combination are with
limited exceptions measured initially at their fair values
at the acquisition date The Group recognises any non
controlling interest in the acquired entity on an acquisition
byacquisition basis either at fair value or at the non
controlling interest’s proportionate share of the acquired
entity’s net identifiable assets
Acquisitionrelated costs are expensed as incurred
The excess of the
• consideration transferred
• amount of any noncontrolling interest in the acquired
entity and
• acquisitiondate fair value of any previous equity
interest in the acquired entity
2 重會計政策概（續）
23 業務合併
集團採收購會計法將
業務合併入賬論收購股
權工具資產收購附屬
公司已轉讓代價包括：
‧ 轉讓資產公值
‧ 收購業務先前擁
產生負債
‧ 集團發行股權
‧ 然代價安排產生
資 產 負 債 公
值
‧ 於附屬公司已存
股權公值
少數特殊情況外業務合
併中收購識別資產
承擔負債然負債初步
收購日期公值計量集
團逐項收購基準確認收購
實體非控股權益公
值非控股權益應佔收購
實體識別資產淨值例計
量
收購相關成於產生時支銷
‧ 轉讓代價
‧ 於收購實體非
控股權益金額
‧ 於收購實體過
股權於收購日期公
值2017 Annual Report 年 度 報 告 169
Notes to the Consolidated Financial Statements
綜合財務報表附註
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(Cont’d)
23 Business combinations (Cont’d)
over the fair value of the net identifiable assets acquired is
recorded as goodwill If those amounts are less than the fair
value of the net identifiable assets of the business acquired
the difference is recognised directly in profit or loss as a
bargain purchase
Contingent consideration is classified either as equity or a
financial liability Amounts classified as a financial liability are
subsequently remeasured to fair value with changes in fair
value recognised in profit or loss
If the business combination is achieved in stages the
acquisition date carrying value of the acquirer’s previously
held equity interest in the acquiree is remeasured to fair
value at the acquisition date Any gains or losses arising
from such remeasurement are recognised in profit or loss
24 Separate financial statements
Investments in subsidiaries are accounted for at cost
less impairment Cost includes direct attributable costs
of investment The results of subsidiaries are accounted
for by the company on the basis of dividend received and
receivable
Impairment testing of the investments in subsidiaries is
required upon receiving a dividend from these investments
if the dividend exceeds the total comprehensive income of
the subsidiary in the period the dividend is declared or if the
carrying amount of the investment in the separate financial
statements exceeds the carrying amount in the consolidated
financial statements of the investee’s net assets including
goodwill
2 重會計政策概（續）
23 業務合併（續）
高於收購識別資產淨值
公值時差額商譽列
賬該等金額低於收購業
務識別資產淨值公值
差額將直接損益內確認為
議價購入
然代價分類為權益金融負
債分類為金融負債金額隨
後公值重新計量公
值變動則於損益內確認
業務合併分階段進行收購
方前收購方持股權
於收購日期賬面值於收購日
期公值重新計量重新計
量產生收入虧損於損
益內確認
24 獨立財務報表
於附屬公司投資成扣
減值入賬成包括直接應佔
投資成公司已收應
收股息基準將附屬公司業績
入賬
股息超過附屬公司於股息宣
派期間全面收入總額於獨
立財務報表中關投資賬面
值超過投資對象淨資產（包
括商譽）於綜合財務報表中
賬面值則於收取該等投資
股息時須對附屬公司投資
進行減值測試頤海國際控股限公司 Yihai International Holding Ltd170
Notes to the Consolidated Financial Statements
綜合財務報表附註
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(Cont’d)
25 Segment reporting
Operating segments are reported in a manner consistent
with the internal reporting provided to the chief operating
decisionmakers (CODM) The CODM who is responsible
for allocating resources and assessing performance of
the operating segments has been identified as the chief
executive officer vice presidents and directors of the
Company
26 Foreign currency translation
(i) Functional and presentation currency
Items included in the financial statements of each of
the Group’s entities are measured using the currency of
the primary economic environment in which the entity
operates (the functional currency’) The consolidated
financial statements are presented in Renminbi (RMB)
which is the Group’s functional and presentation
currency
(ii) Transactions and balances
Foreign currency transactions are translated into the
functional currency using the exchange rates at the
dates of the transactions Foreign exchange gains
and losses resulting from the settlement of such
transactions and from the translation of monetary
assets and liabilities denominated in foreign currencies
at year end exchange rates are generally recognised
in profit or loss They are deferred in equity if they
relate to qualifying cash flow hedges and qualifying net
investment hedges or are attributable to part of the net
investment in a foreign operation
2 重會計政策概（續）
25 分部報告
經營分部呈報方式與
經營決策者（「經營決策
者」）作出內部呈報方式貫徹
致經營決策者負責分
配資源評估經營分部表
現並已認定為公司
高行政員副總裁董事
26 外幣換算
(i) 功呈報貨幣
計入集團實體財務
報表項目均採該實
體經營經濟環
境貨幣（「功貨幣」）
計量綜合財務報表
集團功呈報貨
幣民幣（「民幣」）呈
列
(ii) 交易結餘
外幣交易均交易當日
匯 率 折 算 為 功 貨
幣結算該等交易
將外幣計價貨幣資
產負債年終匯率折
算產生匯兌收入虧
損般於損益內確認
與合資格現金流量
對沖合資格淨投資對
沖關屬於海外業務
淨投資部分則於
權益遞延2017 Annual Report 年 度 報 告 171
Notes to the Consolidated Financial Statements
綜合財務報表附註
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(Cont’d)
26 Foreign currency translation (Cont’d)
(ii) Transactions and balances (Cont’d)
Foreign exchange gains and losses that relate to
borrowings and cash and cash equivalents are presented
in the consolidated statements of comprehensive
income within finance cost net’ All other foreign
exchange gains and losses are presented in the
consolidated statements of comprehensive income
within Other incomes and gains net’
Nonmonetary items that are measured at fair value in
a foreign currency are translated using the exchange
rates at the date when the fair value was determined
Translation differences on assets and liabilities carried
at fair value are reported as part of the fair value gain
or loss For example translation differences on non
monetary assets and liabilities such as equities held at
fair value through profit or loss are recognised in profit
or loss as part of the fair value gain or loss
(iii) Group companies
The results and financial position of foreign operations
(none of which has the currency of a hyperinflationary
economy) that have a functional currency different
from the presentation currency are translated into the
presentation currency as follows
• assets and liabilities for each balance sheet
presented are translated at the closing rate at the
date of that balance sheet
2 重會計政策概（續）
26 外幣換算（續）
(ii) 交易結餘（續）
與款現金現金
等價物關匯兌收入
虧損於綜合全面收
益表「融資成淨額」內
呈列匯兌收
入虧損於綜合全面
收益表「收入收益
淨額」內呈列
外幣公值計量非
貨幣項目於釐定公
值當日匯率換算
公值列賬資產
負債換算差額呈報為
公值收入虧損
部分例非貨幣資
產負債（公值計
入損益權益）換算差
額於損益內確認為公
值收入虧損部
分
(iii) 集團公司
功貨幣與呈列貨幣
海外業務（當中涉
嚴重通脹經濟體貨
幣）業績財務狀況
列方法換算為呈列貨
幣：
• 份呈報資產負
債表內資產與負
債該資產負債表
日期收市匯率換
算頤海國際控股限公司 Yihai International Holding Ltd172
Notes to the Consolidated Financial Statements
綜合財務報表附註
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(Cont’d)
26 Foreign currency translation (Cont’d)
(iii) Group companies (Cont’d)
• income and expenses for each statement of
profit or loss and statement of comprehensive
income are translated at average exchange rates
(unless this is not a reasonable approximation
of the cumulative effect of the rates prevailing
on the transaction dates in which case income
and expenses are translated at the dates of the
transactions) and
• all resulting exchange differences are recognised
in other comprehensive income
On consolidation exchange differences arising from
the translation of any net investment in foreign entities
and of borrowings and other financial instruments
designated as hedges of such investments are
recognised in other comprehensive income When a
foreign operation is sold or any borrowings forming
part of the net investment are repaid the associated
exchange differences are reclassified to profit or loss
as part of the gain or loss on sale
27 Property plant and equipment
Property plant and equipment other than construction in
progress are stated at historical cost less accumulated
depreciation and impairment Historical cost includes
expenditures that are directly attributable to the acquisition
of the items
Subsequent costs are included in the asset’s carrying
amount or recognised as a separate asset as appropriate
only when it is probable that future economic benefits
associated with the item will flow to the Group and the
cost of the item can be measured reliably The carrying
amount of any component accounted for as a separate
asset is derecognised when replaced All other repairs
and maintenance are charged to profit or loss during the
reporting period in which they are incurred
2 重會計政策概（續）
26 外幣換算（續）
(iii) 集團公司（續）
• 損益全面收入
表收入開支
均 匯 率 換 算（
非該匯率並非交
易當日匯率累計
影 響 合 理 估 計
內情況
收入開支於交易
日期換算）
• 產生換
算差額於全面
收入確認
於合併時換算海外實體投資
淨額款指定為對沖關投
資金融工具產生匯兌差額
均於全面收入確認當出售海
外業務償還構成該投資淨額部分
款相關匯兌差額於損益
重新歸類為出售部分收入虧損
27 物業廠房設備
物業廠房設備（建工程
外）歷史成減累計折舊
減值列賬歷史成包括收
購該等項目直接應佔開支
後續成該項目
為集團帶來與關未來
經濟利益成計
量時計入資產賬面值
確認為項單獨資產（適
）入賬列作獨立資產
部分換時賬面值會
終止確認維修保
養費產生報告期間內
於損益扣2017 Annual Report 年 度 報 告 173
Notes to the Consolidated Financial Statements
綜合財務報表附註
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(Cont’d)
27 Property plant and equipment (Cont’d)
Depreciation is calculated using the straightline method to
allocate their cost or revalued amounts net of their residual
values over their estimated useful lives or in the case
of leasehold improvements and certain leased plant and
equipment the shorter lease term as follows
Buildings 20 years
Machinery 510 years
Equipment 35 years
Vehicles and furniture 5 years
The assets’ residual values and useful lives are reviewed
and adjusted if appropriate at the end of each reporting
period
An asset’s carrying amount is written down immediately
to its recoverable amount if the asset’s carrying amount is
greater than its estimated recoverable amount (Note 210)
Gains and losses on disposals are determined by comparing
proceeds with carrying amount These are included in profit
or loss
28 Land use rights
Land use rights represent upfront prepayments made for
the land use rights and are expensed in the consolidated
statements of comprehensive income of on a straight
line basis over the periods of the leases or when there is
impairment the impairment is expensed in the consolidated
statements of comprehensive income
2 重會計政策概（續）
27 物業廠房設備（續）
折舊直線法於估計
年期（為租賃裝修干
租賃廠房設備）較短租期內
分配成重估金額（扣
剩餘價值）詳情：
樓宇 20年
機器 510年
設備 35年
汽車傢具 5年
資產剩餘價值年期
呈報期末進行檢討
適當時調整
資產賬面值高於估計
收回金額賬面值時撇減
收回金額（附註210）
出售收入虧損款項與
賬面值差額釐定並計入損
益
28 土權
土權指土權作
出前期預付款項並於租約
期內直線法綜合全面收益
表中支銷出現減值則
減值綜合全面收益表中支
銷頤海國際控股限公司 Yihai International Holding Ltd174
Notes to the Consolidated Financial Statements
綜合財務報表附註
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(Cont’d)
29 Intangible assets
Intangible assets mainly represent computer software
Acquired computer software are capitalised on the basis of
the costs incurred to acquire and bring to use the specific
software There cots are amortised over their estimated
useful lives of 5 years
210 Impairment of nonfinancial assets
Intangible assets that have an indefinite useful life are
not subject to amortisation and are tested annually for
impairment or more frequently if events or changes in
circumstances indicate that they might be impaired Other
assets are tested for impairment whenever events or
changes in circumstances indicate that the carrying amount
may not be recoverable An impairment loss is recognised
for the amount by which the asset’s carrying amount
exceeds its recoverable amount The recoverable amount
is the higher of an asset’s fair value less costs of disposal
and value in use For the purposes of assessing impairment
assets are Grouped at the lowest levels for which there
are separately identifiable cash inflows which are largely
independent of the cash inflows from other assets or groups
of assets (cashgenerating units) Nonfinancial assets other
than goodwill that suffered an impairment are reviewed
for possible reversal of the impairment at the end of each
reporting period
2 重會計政策概（續）
29 無形資產
無形資產指電腦軟件購
買電腦軟件購買投入
特定軟件產生成資
化該等成於估計年
期5年攤銷
210 非金融資產減值
年期限定無形資產
毋須攤銷年須減值進
行測試於發生事項情況
出現變化顯示出現減值
時作出更頻密減值測試
資產會於發生事項情況出
現變化顯示賬面值未必
夠收回時進行減值測試減
值虧損關資產賬面值超逾
收回金額數額確認
收回金額為資產公值減出
售成與價值兩者較高
者減值評估言資產
獨立識別現金流入低分
類組合（現金產生單位）分類
產生現金流入基獨
立於資產資產組別出
現減值非金融資產（商譽
外）於報告期末檢討否
撥回減值2017 Annual Report 年 度 報 告 175
Notes to the Consolidated Financial Statements
綜合財務報表附註
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(Cont’d)
211 Investments and other financial assets
(i) Classification
The Group classifies its financial assets into the
following categories loans and receivables held
to maturity investment financial assets at fair value
through profit or loss and availableforsale financial
assets The classification depends on the purposes for
which the financial assets were acquired Management
determines the classification of its financial assets
at initial recognition As at year end the Group has
financial assets at fair value through profit or loss and
loans and receivables
a Financial assets at fair value through profit or loss
The Group classifies financial assets at fair
value through profit or loss if they are acquired
principally for the purpose of selling in the
short term ie are held for trading They are
presented as current assets if they are expected
to be sold within 12 months after the end of the
reporting period otherwise they are presented
as noncurrent assets The group has elected
to designate some financial assets at fair value
through profit or loss
2 重會計政策概（續）
211 投資金融資產
(i) 分類
集團將金融資產分
為類別：貸款應
收款項持期
投資公值計入損
益金融資產供出
售金融資產分類取決
於金融資產收購目
理層初始確認
釐定金融資產類別於
年末集團公
值計入損益金融資產
貸款應收款項
a 公值計入損益
金融資產
金融資產為
於短期內出售購
入持作買賣
則集團會分類
公值計入損益
金融資產預期
金融資產將於報告
期 末 後12個 月 內
出售則呈列為流
動資產否則呈列
為非流動資產
集團已選擇指定部
分公值計入損
益金融資產頤海國際控股限公司 Yihai International Holding Ltd176
Notes to the Consolidated Financial Statements
綜合財務報表附註
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(Cont’d)
211 Investments and other financial assets
b Loans and receivables
Loans and receivables are nonderivative financial
assets with fixed or determinable payments
that are not quoted in an active market They
are included in current assets except for those
with maturities greater than 12 months after
the balance sheet date which are classified
as noncurrent assets Loans and receivables
are included within trade receivables other
receivables and cash and cash equivalents in the
balance sheets (Notes 215 and 216)
2 重會計政策概（續）
211 投資金融資產
b 貸款應收款項
貸款應收款項為
活躍市場並無報價
具 固 定 釐
定付款額非衍生
金融資產計入
流動資產惟屆滿
日超過結算日起計
12個 月 者 外
該資產分類為非流
動資產貸款應
收款項計入資產負
債表內貿易應收款
項應收款項
現金現金等
價 物（附 註215
216）2017 Annual Report 年 度 報 告 177
Notes to the Consolidated Financial Statements
綜合財務報表附註
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(Cont’d)
211 Investments and other financial assets (Cont’d)
(ii) Recognition and derecognition
Regular way purchases and sales of financial assets
are recognised on the tradedate — the date on which
the Group commits to purchase or sell the asset
Investments are initially recognised at fair value plus
transaction costs for all financial assets not carried at
fair value through profit or loss Financial assets carried
at fair value through profit or loss are initially recognised
at fair value and transaction costs are expensed in the
consolidated statements of comprehensive income
Financial assets are derecognised when the rights to
receive cash flows from the investments have expired
or have been transferred and the Group has transferred
substantially all risks and rewards of ownership
(iii) Measurement
At initial recognition the Group measures a financial
asset at its fair value plus in the case of a financial
asset not at fair value through profit or loss transaction
costs that are directly attributable to the acquisition of
the financial asset Transaction costs of financial assets
carried at fair value through profit or loss are expensed
in profit or loss
Loans and receivables are subsequently carried at
amortised cost using the effective interest method
Financial assets at fair value through profit or loss are
subsequently carried at fair value Gains or losses
arising from changes in the fair value are presented
of the financial assets at fair value through profit or
loss’ in the consolidated statement of comprehensive
income within Other incomes and gainsnet’
2 重會計政策概（續）
211 投資金融資產（續）
(ii) 確認終止確認
常規購入出售金融
資產於交易日（集團承
諾購入出售該資產
日 期 ）確 認 並 非
公值計入損益金
融資產投資於初始時
公值加交易成確
認公值計入損益
金融資產於初始時
公值確認交易
成則綜合全面收益
表中支銷於從該等投
資收取現金流量權利
屆滿已轉讓集團
已實質轉移切
權風險回報時終止
確認關金融資產
(iii) 計量
初步確認時集團
公 值 加（ 並 非 公
值計入損益金融資
產）收購金融資產直接應
佔交易成計量金融資
產公值計入損益
金融資產交易成
於損益支銷
貸款應收款項後採
實際利率法攤銷成
列賬
公值計入損益金
融資產後公值列
賬「公值計入損益
金融資產」類中公
值變動產生收入
虧損於綜合全面收益表
內「 收 入 收 益 淨
額」呈列頤海國際控股限公司 Yihai International Holding Ltd178
Notes to the Consolidated Financial Statements
綜合財務報表附註
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(Cont’d)
211 Investments and other financial assets (Cont’d)
(iii) Measurement (Cont’d)
Interest income from financial assets at fair value
through profit or loss is included in the Other incomes
and gains net’ Loans and receivables calculated
using the effective interest method is recognised in
the statement of profit or loss as part of revenue from
continuing operations
Details on how the fair value of financial instruments is
determined are disclosed in Note 33
212 Offsetting financial instruments
Financial assets and liabilities are offset and the net amount
reported in the balance sheet when there is a legally
enforceable right to offset the recognised amounts and there
is an intention to settle on a net basis or realise the asset
and settle the liability simultaneously The legally enforceable
right must not be contingent on future events and must be
enforceable in the normal course of business and in the
event of default insolvency or bankruptcy of the Company
or the counterparty
2 重會計政策概（續）
211 投資金融資產（續）
(iii) 計量（續）
公值計入損益金
融 資 產 利 息 收 入 計
入「 收 入 收 益 淨
額」實際利率法計
算貸款應收款項於
損益表內確認為持續經
營業務收入部分
關釐定金融工具
公值詳情於附註33
披露
212 抵銷金融工具
當法定強制執行權力抵
銷已確認金額並意圖
淨額基準結算時變現資產
結算負債時關金融資產
與負債互相抵銷並資產
負債表報告淨額法定強
制執行權利賴未來事件
定般業務過程中
公司對手方出現違
約無償債力破產時
必須強制執行2017 Annual Report 年 度 報 告 179
Notes to the Consolidated Financial Statements
綜合財務報表附註
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(Cont’d)
213 Impairment of financial assets
The Group assesses at the end of each reporting period
whether there is objective evidence that a financial asset or
group of financial assets is impaired A financial asset or a
group of financial assets is impaired and impairment losses
are incurred only if there is objective evidence of impairment
as a result of one or more events that occurred after the
initial recognition of the asset (a loss event’) and that loss
event (or events) has an impact on the estimated future cash
flows of the financial asset or group of financial assets that
can be reliably estimated In the case of equity investments
classified as availableforsale a significant or prolonged
decline in the fair value of the security below its cost is
considered an indicator that the assets are impaired
Assets carried at amortised cost
Evidence of impairment may include indications that the
debtors or a group of debtors is experiencing significant
financial difficulty default or delinquency in interest or
principal payments the probability that they will enter
bankruptcy or other financial reorganisation and where
observable data indicate that there is a measurable decrease
in the estimated future cash flows such as changes in
arrears or economic conditions that correlate with defaults
For loans and receivables category the amount of the loss
is measured as the difference between the asset’s carrying
amount and the present value of estimated future cash
flows (excluding future credit losses that have not been
incurred) discounted at the financial asset’s original effective
interest rate The carrying amount of the asset is reduced
and the amount of the loss is recognised in the consolidated
statements of comprehensive income
If in a subsequent period the amount of the impairment loss
decreases and the decrease can be related objectively to an
event occurring after the impairment was recognised (such
as an improvement in the debtor’s credit rating) the reversal
of the previously recognised impairment loss is recognised
in the consolidated statements of comprehensive income
2 重會計政策概（續）
213 金融資產減值
集團於報告期末評估否
存客觀證據顯示金融資產
組金融資產出現減值僅
於首次確認項資產後發生
宗宗事件導致出現減值
（「虧損事件」）客觀證據
該宗（該等）虧損事件對金融
資產該組金融資產估計未
來現金流量已構成估計
影響則該金融資產該組
金融資產出現減值產生減值
虧損對於歸類為供出售
股投資證券公值顯
著持續跌低於成則
視為資產減值跡象
攤銷成列賬資產
減值證據包括指
標：債務組債務正處
於重財政困難違約拖欠
利息金付款彼等將
破產進行財務重組
當觀察數據顯示估
計未來現金流量出現計量
減少例欠款與違約相關
經濟狀況出現變動
貸款應收款項類別言
虧損金額資產賬面值與估
計未來現金流量（包括尚未
產生未來信貸虧損）現值
間差額並金融資產初
實際利率折讓計量資產
賬面值削減虧損金額於
綜合全面收益表確認
於後期間減值虧損金額減
少減少與確認減值後發生
事件（例債務信貸評級
改善）客觀相關則撥回過
確認減值虧損於綜合全面收
益表中確認頤海國際控股限公司 Yihai International Holding Ltd180
Notes to the Consolidated Financial Statements
綜合財務報表附註
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(Cont’d)
213 Impairment of financial assets (Cont’d)
Impairment testing of trade receivables is described in Note
13
214 Inventories
Raw materials and stores work in progress and finished
goods are stated at the lower of cost and net realisable
value Cost comprises direct materials direct labour and
an appropriate proportion of variable and fixed overhead
expenditure the latter being allocated on the basis of normal
operating capacity Cost includes the reclassification from
equity of any gains or losses on qualifying cash flow hedges
relating to purchases of raw material but excludes borrowing
costs Costs are assigned to individual items of inventory
on the basis of weighted average costs Costs of purchased
inventory are determined after deducting rebates and
discounts Net realisable value is the estimated selling price
in the ordinary course of business less the estimated costs
of completion and the estimated costs necessary to make
the sale
215 Trade receivables
Trade receivables are amounts due from customers for
goods sold or services performed in the ordinary course of
business Trade receivables are generally due for settlement
within 30 days and therefore are all classified as current
Trade receivables are recognised initially at fair value and
subsequently measured at amortised cost using the effective
interest method less provision for impairment See Note
211 for further information about the Group’s accounting
for trade receivables and Note 213 for a description of the
Group’s impairment policies
2 重會計政策概（續）
213 金融資產減值（續）
貿易應收款項減值測試載於附
註13
214 存貨
原材料儲備製品製成
品成與變現淨值兩者中
較低者入賬成包括直接材
料直接勞工適當例
變固定經常開支（後者
般運作產分配）成包
括權益重新分類與購買原材
料關合資格現金流量對沖
收益虧損包括
款成成加權均成
分配個別存貨項目購買
存貨成經扣減回扣折
讓後釐定變現淨值日常
業務過程中估計售價減完成
估計成進行銷售需估計
成計算
215 貿易應收款項
貿易應收款項為日常業務過
程中銷售商品提供服
務應收客戶款項貿易應
收款項般於30日內進行結
算全部分類為流動資
產
貿易應收款項初步公值確
認後實際利率法攤
銷成扣減值撥備計量
關集團貿易應收款項會計處
理進步資料集團減
值政策描述請分別參閱附
註211附註2132017 Annual Report 年 度 報 告 181
Notes to the Consolidated Financial Statements
綜合財務報表附註
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(Cont’d)
216 Cash and cash equivalents
For the purpose of presentation in the statement of cash
flows cash and cash equivalents includes cash on hand
deposits held at call with financial institutions other short
term highly liquid investments with original maturities of
three months or less
217 Share capital and shares held for employee share
scheme
Ordinary shares are classified as equity
Incremental costs directly attributable to the issue of new
shares or options are shown in equity as a deduction net of
tax from the proceeds
Where the company’s shares are repurchased from YIHAI
JLJH LTD one of the shareholders of the Company held
by the RSU Trustee (as mentioned in Note 19) under the
employee share scheme the total consideration of shares is
presented as shares held for employee share scheme and
deducted from total equity Upon vesting the related costs
of the vested shares for employee share scheme purchased
from the market are credited to shares held for employee
share scheme with a corresponding decrease in employee
sharebased compensation reserve for employee share
scheme
2 重會計政策概（續）
216 現金現金等價物
於現金流量表呈列言
現金現金等價物包括手頭現
金金融機構通知存款
初始期期限為三個月
短期高流動性投資
217 股僱員股份計劃持
股份
普通股分類為權益
直接歸屬於發行新股份購股
權新增成於權益列為
款項扣減（稅）
公司股份公司名
股東YIHAI JLJH LTD購回
根據僱員股份計劃受限
制股份單位受托持（附
註19述）股份總代價呈
列為僱員股份計劃持股
份權益總額扣歸屬
後從市場購買僱員股份計
劃已歸屬股份相關成計入
僱員股份計劃持股份
僱員股份計劃僱員股份為
基礎薪酬儲備會相應減少頤海國際控股限公司 Yihai International Holding Ltd182
Notes to the Consolidated Financial Statements
綜合財務報表附註
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(Cont’d)
218 Trade payables
These amounts represent liabilities for goods and services
provided to the Group prior to the end of financial year which
are unpaid The amounts are unsecured and are usually paid
within 30 days of recognition Trade payables are presented
as current liabilities unless payment is not due within 12
months after the reporting period They are recognised
initially at their fair value and subsequently measured at
amortised cost using the effective interest method
219 Current and deferred income tax
The income tax expense or credit for the period is the tax
payable on the current period’s taxable income based on the
applicable income tax rate for each jurisdiction adjusted by
changes in deferred tax assets and liabilities attributable to
temporary differences and to unused tax losses
Current income tax
The current income tax charge is calculated on the basis of
the tax laws enacted or substantively enacted at the end of
the reporting period in the countries where the company’s
subsidiaries and associates operate and generate taxable
income Management periodically evaluates positions taken
in tax returns with respect to situations in which applicable
tax regulation is subject to interpretation It establishes
provisions where appropriate on the basis of amounts
expected to be paid to the tax authorities
2 重會計政策概（續）
218 貿易應付款項
該等款項指於財政年度結束前
集團提供商品服務尚
未支付負債該等款項為無抵
押通常於確認後30日內
支付非付款並非於報告期
後12個月內期否則貿易
應付款項呈列為流動負債
初步公值確認隨後
實際利率法攤銷成計量
219 期遞延稅
期間稅開支抵免指
期間應課稅收入司法
權區適稅稅率支付
稅項（暫時差額未動稅
項虧損應佔遞延稅項資產
負債變動作出調整）
期稅
期稅支出根據公司附
屬公司聯營公司營運產生
應課稅收入國家於報告
期末已頒佈實質已頒佈稅
法計算理層適稅務法
規須作出詮釋情況定期評估
報稅表狀況並須適情
況根據預期稅務機關支付
稅款計提撥備2017 Annual Report 年 度 報 告 183
Notes to the Consolidated Financial Statements
綜合財務報表附註
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(Cont’d)
219 Current and deferred income tax (Cont’d)
Deferred income tax
Deferred income tax is provided in full using the liability
method on temporary differences arising between the tax
bases of assets and liabilities and their carrying amounts in
the consolidated financial statements However deferred
tax liabilities are not recognised if they arise from the initial
recognition of goodwill Deferred income tax is also not
accounted for if it arises from initial recognition of an asset
or liability in a transaction other than a business combination
that at the time of the transaction affects neither accounting
nor taxable profit or loss Deferred income tax is determined
using tax rates (and laws) that have been enacted or
substantially enacted by the end of the reporting period and
are expected to apply when the related deferred income tax
asset is realised or the deferred income tax liability is settled
Deferred tax assets are recognised only if it is probable
that future taxable amounts will be available to utilise those
temporary differences and losses
Deferred tax liabilities and assets are not recognised for
temporary differences between the carrying amount and
tax bases of investments in foreign operations where the
company is able to control the timing of the reversal of the
temporary differences and it is probable that the differences
will not reverse in the foreseeable future
2 重會計政策概（續）
219 期遞延稅（續）
遞延稅
遞延稅採負債法資產
負債稅基與綜合財務
報表中賬面值間暫時差
額計提全額撥備然遞
延稅項負債於初步確認商譽時
產生則予確認初步
確認項交易（業務合併外）
中資產負債產生遞延
稅於交易時對會計應課
稅損益並構成影響則該遞
延稅會列賬遞延
稅於報告期末已頒佈
實質已頒佈預期將於相關
遞延稅資產變現遞延
稅負債結算時適稅率
（稅法）釐定
遞延稅項資產僅於獲未
來應課稅款項動該等暫時
差額虧損情況予確
認
公司夠控制撥回暫時差
額時間該等差額
會於見將來撥回則會
海外業務投資賬面值與稅基
間暫時差額確認遞延稅項
負債資產頤海國際控股限公司 Yihai International Holding Ltd184
Notes to the Consolidated Financial Statements
綜合財務報表附註
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(Cont’d)
219 Current and deferred income tax (Cont’d)
Deferred tax assets and liabilities are offset when there is
a legally enforceable right to offset current tax assets and
liabilities and when the deferred tax balances relate to the
same taxation authority Current tax assets and tax liabilities
are offset where the entity has a legally enforceable right to
offset and intends either to settle on a net basis or to realise
the asset and settle the liability simultaneously
Current and deferred tax is recognised in profit or loss
except to the extent that it relates to items recognised in
other comprehensive income or directly in equity In this
case the tax is also recognised in other comprehensive
income or directly in equity respectively
220 Employee benefits
In accordance with the rules and regulations in the PRC the
Group has arranged for its PRC employees to join defined
contribution plans including pension medical housing and
other welfare benefits recognised by the PRC government
According to the relevant regulations the monthly
contributions that should be borne by the PRC subsidiaries
of the Company are calculated based on percentages of
the total salary of employees subject to a certain ceiling
The assets of these plans are held separately from those
of the Group in independent funds managed by the PRC
government
The Group has no further payment obligations once
the above contributions have been paid The Group’s
contributions to these plans are charged in the consolidated
statements of comprehensive income as incurred
2 重會計政策概（續）
219 期遞延稅（續）
當存合法強制執行權利
將期稅項資產與負債抵銷
遞延稅項結餘涉稅務
機關遞延稅項資產與負債互
相抵銷實體擁合法強
制執行權利抵銷並意淨
額結算變現資產時償付
負債則期稅項資產與稅項
負債互相抵銷
與於全面收入直接於
權益確認項目關外期
遞延稅項於損益內確認於
情況稅項分別於
全面收入直接於權益確認
220 僱員福利
根據中國規則法規集
團已安排中國僱員參與中國政
府組織界定供款計劃包括
退休醫療住房福
利根據關規例月供款
應公司中國附屬公司承
擔供款額僱員總薪金百
分計算設干限
該等計劃資產與集團
資產分開中國政府理
獨立基金持
集團於支付述供款後
承擔支付責集團對述
計劃供款於產生時計入綜合
全面收益表2017 Annual Report 年 度 報 告 185
Notes to the Consolidated Financial Statements
綜合財務報表附註
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(Cont’d)
221 Sharebased payments
The Group adopted a restricted share unit scheme in 2016
to reward directors and employees The fair value of the
services received in exchange for the grant of the restricted
shares is recognised as an expense The total amount to be
expensed is determined by reference to the fair value of the
restricted shares granted as at date of grant including any
market performance conditions excluding the impacts of
any service and nonmarket performance vesting conditions
as well as including any nonvesting conditions when
applicable The total amount expensed is recognised over
the vesting period which is the period over which all of the
specified vesting conditions are to be satisfied
At the end of each reporting period the Group revises
its estimates of the number of restricted shares that
are expected to vest based on the nonmarket vesting
conditions It recognises the impact of the revision of
original estimates if any in the consolidated statement of
comprehensive income with a corresponding adjustment to
equity
222 Revenue recognition
Revenue is measured at the fair value of the consideration
received or receivables and represents amounts receivables
for goods supplied stated net of discounts and value added
taxes The Group recognise revenue when the amount of
revenue can be reliably measured when it is probable that
future economic benefits will flow to the entity and when
specific criteria have been met for each of the Group’s
activities as described below
2 重會計政策概（續）
221 股份為基礎付款
集團於2016年採納受限制
股份單位計劃獎勵董事
僱員為獲授受限制股份提
供服務公值確認為開
支將予支銷總額參考授出
日期授出受限制股份公值
釐定包括市場表現條
件包括服務非市
場表現歸屬條件影響包
括非歸屬條件（適）
已支銷總額於歸屬期內確認
期內特定歸屬條件將獲達
成
於報告期末集團會根據
非市場歸屬條件修改估計預
期將予歸屬受限制股份數
目並於綜合全面收益表內確
認修改原來估計數字（）
影響對權益作出相應
調整
222 收入確認
收入已收應收代價公
值計量供應貨品扣折
扣增值稅後應收款項當
收入數額夠計量當未
來經濟利益流入關實
體當集團項活動均符
合具體標準時（文述）
則集團便會確認收入頤海國際控股限公司 Yihai International Holding Ltd186
Notes to the Consolidated Financial Statements
綜合財務報表附註
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(Cont’d)
222 Revenue recognition (Cont’d)
Sale of goods
The Group manufactures and sells a range of hot pot
condiment products and Chinesestyle compound
condiment products to customers including hot pot
restaurants and wholesalers Sales of goods are recognised
when a group entity has delivered products to the customers
and there is no unfulfilled obligation that could affect the
customer’s acceptance of the products Revenue is adjusted
for the value of sales discount and rebates Delivery does
not occur until the products have been delivered to the
specified location the risks of obsolescence and loss have
been transferred to the customers and either the customers
have accepted the products in accordance with the sales
contracts or the Group has objective evidence that all
criteria for acceptance have been satisfied
Provision of services
The Group provides consultancy services to other
companies and revenue is recognised as other incomes
and gainsnet in consolidated statement of comprehensive
income in the accounting period in which the services are
rendered
2 重會計政策概（續）
222 收入確認（續）
銷售貨品
集團製造種火鍋調味品
中式複合調味品並出售予火鍋
店批發商等客戶當集團實
體交付產品予客戶並無
償付責影響客戶對該
等產品接納時確認銷售貨
品收入銷售折扣回佣
價值進行調整產品貨運
特定點陳舊過時虧損風
險已轉移予客戶時客戶銷
售合約規定已接納產品集
團客觀憑證顯示接納
標準均已達致時方確認交付
提供服務
集團公司提供諮詢服
務收入於提供該等服務
會計期間綜合全面收益表內
確認為收入收益淨額2017 Annual Report 年 度 報 告 187
Notes to the Consolidated Financial Statements
綜合財務報表附註
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(Cont’d)
223 Interest income
Interest income is recognised using the effective interest
method
224 Leases
Leases in which a significant portion of the risks and rewards
of ownership are not transferred to the Group as lessee are
classified as operating leases (Note 32) Payments made
under operating leases (net of any incentives received from
the lessor) are charged to profit or loss on a straightline
basis over the period of the lease
225 Dividends distribution
Dividend distribution to the Company’s shareholders is
recognised as a liability in the Group’s financial statements
in the period in which the dividends are approved by the
Company’s shareholders or directors where appropriate
2 重會計政策概（續）
223 利息收入
利息收入實際利率法確
認
224 租賃
擁權部分風險回報
未轉移集團（作為承租）
租賃皆歸類為經營租賃
（附註32）根據經營租賃支
付款項（扣出租給予
優惠）於租期內直線
法損益扣
225 股息分派
公司股東分派股息於
公司股東董事（視情況定）
批准股息期間內集團
財務報表內確認為負債頤海國際控股限公司 Yihai International Holding Ltd188
Notes to the Consolidated Financial Statements
綜合財務報表附註
3 FINANCIAL RISK MANAGEMENT
This note explains the Group’s exposure to financial risks and how
these risks could affect the Group’s future financial performance
Current year profit and loss information has been included where
relevant to add further context
Risk Exposure arising from Measurement
風險 風險產生原 計量
Market risk –
foreign exchange
Recognised financial assets and liabilities
denominated in foreign currency different
from its functional currency
Cash flow forecasting
Sensitivity analysis
市場風險－外匯 於功貨幣外幣計值已確認
金融資產負債
現金流量預測
敏感性分析
Credit risk Cash and cash equivalents trade
receivables and other receivables
Aging analysis
Credit limit
信風險 現金現金等價物貿易應收款項
應收款項
賬齡分析
信限額
Liquidity risk Other liabilities Rolling cash flow forecasts
流動資金風險 負債 滾動現金流量預測
31 Financial risk factors
(a) Market risk
(i) Foreign exchange risk
The Group operates internationally and is
exposed to foreign exchange risk arising from
foreign currency transactions primarily with
respect to the US and HK Foreign exchange
risk arises from future commercial transactions
and recognised assets and liabilities denominated
in a currency that is not the functional currency
of the relevant group entity The risk is measured
through a forecast of highly probable US and
HK expenditures The objective of the hedges
is to minimise the volatility of the Hong Kong
dollar cost of highly probable forecast inventory
purchases
3 財務風險理
附註闡述集團面臨財務風險
該等風險對集團未來財務表現
影響與增加額外內容關
則載入年度溢利虧損資料
31 財務風險素
(a) 市場風險
(i) 外匯風險
集團經營國際業
務須承受外匯交
易 產 生 外 匯
風險關美
元港元外匯風
險來非相關集
團實體功貨幣計
值未來商業交易
已確認資產負
債風險通過對極
美元港元開
支預測計量
對沖旨降低極
未來存貨採購
港元成波動性2017 Annual Report 年 度 報 告 189
Notes to the Consolidated Financial Statements
綜合財務報表附註
3 FINANCIAL RISK MANAGEMENT (Cont’d)
31 Financial risk factors (Cont’d)
(a) Market risk (Cont’d)
(i) Foreign exchange risk (Cont’d)
Exposure
The Group’s exposure to foreign currency risk at
the end of the reporting period expressed in RMB
was as follows
31 December 2017 31 December 2016
2017年12月31日 2016年12月31日
US HK US HK
美元 港元 美元 港元
RMB’000 RMB’000 RMB’000 RMB’000
民幣千元 民幣千元 民幣千元 民幣千元

Bank deposits 銀行存款 43364 665383 80786 745946
Financial assets at
fair value through
profit or loss
公值計入
損益金融資產
32671 — — —
Trade and other
receivables
貿易
應收款項 — 154 — —
Trade and other
payables
貿易
應付款項 (457) (306) (451) (163)

3 財務風險理（續）
31 財務風險素（續）
(a) 市場風險（續）
(i) 外匯風險（續）
風險
集團於報告期末
民幣列示外
匯風險：頤海國際控股限公司 Yihai International Holding Ltd190
Notes to the Consolidated Financial Statements
綜合財務報表附註
3 FINANCIAL RISK MANAGEMENT (Cont’d)
31 Financial risk factors (Cont’d)
(a) Market risk (Cont’d)
(i) Foreign exchange risk (Cont’d)
Amounts recognised in profit or loss and other
comprehensive income
During the year the following foreignexchange
related amounts were recognised in the
consolidated statement of other comprehensive
income
2017 2016
2017年 2016年
RMB’000 RMB’000
民幣千元 民幣千元

Amounts recognised
in the consolidated
statement of other
comprehensive income
於綜合全面收入表
確認款項
Net foreign exchange
loss included
in other income
and gains net
於收入收益
淨額確認
外匯虧損淨額
(263) —
Net foreign exchange
(losses)gains included
in finance income net
於融資收入淨額確認
外匯（虧損）╱
收益淨額 (52095) 32759
Total net foreign
exchange
(losses)gains
recognised in profit
before income tax
for the period
於期內稅前溢利
確認外匯（虧損）╱
收益總淨額
(52358) 32759

3 財務風險理（續）
31 財務風險素（續）
(a) 市場風險（續）
(i) 外匯風險（續）
於損益全面
收入確認款項
於年內綜合
全面收入表確認
列外匯相關款項：2017 Annual Report 年 度 報 告 191
Notes to the Consolidated Financial Statements
綜合財務報表附註
3 FINANCIAL RISK MANAGEMENT (Cont’d)
31 Financial risk factors (Cont’d)
(a) Market risk (Cont’d)
(i) Foreign exchange risk (Cont’d)
Sensitivity
As shown in the table above the Group is
primarily exposed to changes in HKRMB
exchange rates The sensitivity of profit or loss
to changes in the exchange rates arises mainly
from the deposits denominated in HK in the PRC
subsidiaries the functional currency of which is
RMB and the deposits of the Company which are
denominated in RMB
Impact on post tax profit
對稅後溢利影響
2017 2016
2017年 2016年
RMB’000 RMB’000
民幣千元 民幣千元

HKRMB exchange
rate – increase 10
港元兌民幣匯率
－升10 (41715) (50044)
HKRMB exchange
rate – decrease 10
港元兌民幣匯率
－降10 41715 50044

3 財務風險理（續）
31 財務風險素（續）
(a) 市場風險（續）
(i) 外匯風險（續）
敏感性
表示集
團承受港元兌
民 幣 匯 率 變
動風險損益對匯
率變動敏感性
來中國附屬公
司（該 等 附 屬 公 司
功貨幣為民
幣）港元存款
公司民幣存款頤海國際控股限公司 Yihai International Holding Ltd192
Notes to the Consolidated Financial Statements
綜合財務報表附註
3 FINANCIAL RISK MANAGEMENT (Cont’d)
31 Financial risk factors (Cont’d)
(b) Credit risk
Credit risk arises from cash and cash equivalents and
deposits with banks and financial institutions as well
as credit exposures to wholesale and retail customers
including outstanding receivables
(i) Risk management
The Group is exposed to credit risk in relation to
its cash and deposits trade and other receivables
The carrying amounts of each class of the above
financial assets represent the Group’s maximum
exposure to credit risk in relation to financial
assets To manage this risk arising from cash
and deposits the Group only transacts with
stateowned financial institutions and reputable
commercial banks which are all highcredit
quality financial institutions in the PRC and Hong
Kong There has been no recent history of default
in relation to these financial institutions
3 財務風險理（續）
31 財務風險素（續）
(b) 信風險
信風險產生現金
現金等價物銀行金
融機構存款批發
零售客戶信風險包
括尚未收取應收款項
(i) 風險理
集團面對與現金
存款貿易
應收款項關
信風險
述類金融資產
賬面值為集團
面 對 與 金 融 資
產關信
風險為理現
金存款引起
風險集團僅與
國金融機構信
譽良商業銀行
（均為中國香港
高信質量金融
機構）交易期
並無與該等金融機
構 關 違 約 記
錄2017 Annual Report 年 度 報 告 193
Notes to the Consolidated Financial Statements
綜合財務報表附註
3 FINANCIAL RISK MANAGEMENT (Cont’d)
31 Financial risk factors (Cont’d)
(b) Credit risk (Cont’d)
(i) Risk management (Cont’d)
Trade receivables at the end of each reporting
period were mainly due from HAI DI LAO
HOLDINGS PTE LTD and its subsidiaries
Sichuan Haidilao and the distributors in
cooperation with the Group Both HAI DI LAO
HOLDINGS PTE LTD and Sichuan Haidilao are
related parties of the Group (Note 33) As at 31
December 2017 the amounts due from HAI DI
LAO HOLDINGS PTE LTD and its subsidiaries
represented 98 while the amounts due from
Sichuan Haidilao represented 1 of total trade
receivables of the Group respectively The
management of the Group believes the credit
risk on amounts due from related parties is
limited because they continuously monitor the
credit quality and financial conditions of the
related parties Ageing analysis of the Group’s
trade receivables is disclosed in Note 13 The
directors of the Company believe that the credit
risk inherent in the Group’s outstanding trade
receivables balances due from the distributors is
low
3 財務風險理（續）
31 財務風險素（續）
(b) 信風險（續）
(i) 風險理（續）
報告期末貿易
應 收 款 項 為
應 收HAI DI LAO
HOLDINGS PTE
LTD 附 屬
公 司 四 川 海 底
撈 與 集 團 合
作 經 銷 商 款
項HAI DI LAO
HOLDINGS PTE
LTD 四 川 海 底
撈均為集團關
聯 方（附 註33）
於 2017 年 12 月 31
日 應 收HAI DI
LAO HOLDINGS
PTE LTD 附
屬公司款項應
收四川海底撈款
項分別佔集團貿
易應收款項總額
981 集
團理層認為應
收關聯方款項信
風險限為
彼等持續監察關聯
方信質量財
務狀況對集團
貿易應收款項賬
齡 分 析 於 附 註13
中披露公司董
事認為集團應收
第三方經銷商未
收取貿易應收款項
結餘固信風
險較低頤海國際控股限公司 Yihai International Holding Ltd194
Notes to the Consolidated Financial Statements
綜合財務報表附註
3 FINANCIAL RISK MANAGEMENT (Cont’d)
31 Financial risk factors (Cont’d)
(b) Credit risk (Cont’d)
(i) Risk management (Cont’d)
For other receivables management makes
periodic collective assessments as well as
individual assessment on the recoverability of
other receivables based on historical settlement
records and past experience The directors of the
Company believe that there is no material credit
risk inherent in the Group’s outstanding balance
of other receivables
(c) Liquidity risk
The Group aims to maintain sufficient cash and
cash equivalents Due to the dynamic nature of the
underlying business the Group’s finance department
maintains flexibility in funding by maintaining adequate
cash and cash equivalents
Cash flow forecasting is performed by the finance
department of the Group The Group’s finance
department monitors rolling forecasts of the Group’s
liquidity requirements to ensure it has sufficient cash to
meet operational needs as well as the liabilities to other
parties
3 財務風險理（續）
31 財務風險素（續）
(b) 信風險（續）
(i) 風險理（續）
應收款項
言理層根據過
結算記錄過
經驗對應收款
項收回性定期
進行整體個別評
估公司董事認
為集團應收
款項未結餘額並
無重固信風
險
(c) 流動資金風險
集團致力保持充裕
現金現金等價物
於 相 關 業 務 屬 動 態 性
質集團財務部門
持充足現金現金
等價物從維持資金方
面靈活性
現金流量預測集
團財務部作出集團
財務部監控對集團流
動資金需求滾動預測
確保持充足資金滿
足營運需求對方
負債2017 Annual Report 年 度 報 告 195
Notes to the Consolidated Financial Statements
綜合財務報表附註
3 FINANCIAL RISK MANAGEMENT (Cont’d)
31 Financial risk factors (Cont’d)
(c) Liquidity risk (Cont’d)
The table below analyses the Group’s financial
liabilities into relevant maturity groupings based on
the remaining period at the balance sheet date to the
contractual maturity date The amounts disclosed in
the table are the contractual undiscounted cash flows
Less than 1 year
少於1年
RMB’000
民幣千元

As at 31 December 2017 於2017年12月31日
Trade payables (Note 21) 貿易應付款項（附註21） 136582
Other payables and accruals 應付款項應計費 56720

Total 總計 193302

As at 31 December 2016 於2016年12月31日
Trade payables (Note 21) 貿易應付款項（附註21） 73277
Other payables and accruals 應付款項應計費 37068

Total 總計 110345

3 財務風險理（續）
31 財務風險素（續）
(c) 流動資金風險（續）
表載列集團金融
負債資產負債表
日期合約期日餘
期間分成相關期
組別進行分析表內
披露金額為合約未貼
現現金流量頤海國際控股限公司 Yihai International Holding Ltd196
Notes to the Consolidated Financial Statements
綜合財務報表附註
3 FINANCIAL RISK MANAGEMENT (Cont’d)
32 Capital risk management
(a) Risk management
The Group’s objectives when managing capital are to
safeguard the Group’s ability to continue as a going
concern in order to provide returns for shareholders
and to maintain an optimal capital structure to enhance
shareholders’ value in the long term
The Group monitors capital (including share capital
reserves and preferred shares on an asif converted
basis) by regularly reviewing the capital structure As
a part of this review the directors of the Company
consider the cost of capital and the risks associated
with the issued share capital The Group may adjust
the amount of dividends paid to shareholders return
capital to shareholders issue new shares or repurchase
the Company’s shares In the opinion of the directors
of the Company the Group’s capital risk is low
33 Fair value estimation
(i) Fair value hierarchy
This section explains the judgements and estimates
made in determining the fair values of the financial
instruments that are recognised and measured at fair
value in the financial statements
3 財務風險理（續）
32 資風險理
(a) 風險理
集團資理目標
為保障集團持續運
營 為 股 東 提 供 回
報保持優資架
構長期內提升股東
價值
集團透過定期審閱資
架構監控資（包括股
儲備優先股（假
設轉換基準計算））
作為審閱部分
公司董事會考慮發行股
相關資成風
險集團會調整
股東支付股息金額
對股東回報資發
行新股購買公司股
份公司董事認為
集團資風險為低
33 公值估計
(i) 公值層級
節說明於釐定財務報
表內公值確認計
量金融工具公值時
作出判斷估計2017 Annual Report 年 度 報 告 197
Notes to the Consolidated Financial Statements
綜合財務報表附註
3 FINANCIAL RISK MANAGEMENT (Cont’d)
33 Fair value estimation (Cont’d)
(i) Fair value hierarchy (Cont’d)
The Group analyses the financial instruments carried at
fair value by valuation method The different level have
been defined as follow
Level 1 The fair value of financial instruments traded
in active markets (such as publicly traded
derivatives and trading and availablefor
sale securities) is based on quoted market
prices at the end of the reporting period The
quoted market price used for financial assets
held by the group is the current bid price
These instruments are included in level 1
3 財務風險理（續）
33 公值估計（續）
(i) 公值層級（續）
集團根據公值估值
方法對公值計量
金 融 資 產 進 行 分
析級次定義
：
第層： 對 於 市 場
交 易 活 躍
金 融 工 具
（ 公 開 買
賣 衍 生 工
具 與 持 作 買
賣 途
供 出 售 證
券 ） 公
值 根 據
於 報 告 期 末
市 場 報 價
計 算 集
團 持 金
融 資 產
市 場 報 價 為
期 市 值 報
價 該 等 工
具 計 入 第
層頤海國際控股限公司 Yihai International Holding Ltd198
Notes to the Consolidated Financial Statements
綜合財務報表附註
3 FINANCIAL RISK MANAGEMENT (Cont’d)
33 Fair value estimation (Cont’d)
(i) Fair value hierarchy (Cont’d)
Level 2 The fair value of financial instruments that
are not traded in an active market (for
example overthecounter derivatives) is
determined using valuation techniques
which maximise the use of observable
market data and rely as little as possible on
entityspecific estimates If all significant
inputs required to fair value an instrument
are observable the instrument is included in
level 2
Level 3 If one or more of the significant inputs is
not based on observable market data the
instrument is included in level 3 This is the
case for unlisted equity securities
3 財務風險理（續）
33 公值估計（續）
(i) 公值層級（續）
第二層： 對 於 未
活 躍 市 場
交 易 金 融
工 具（ 場 外
衍生工具）
公 值
估 值 技
術 釐 定
從 盡 量
觀 察 市
場 數 據 並 盡
少 賴
針 對 實 體
估 計 工
具 公 值
需 重
輸 入 數 據
觀 察 則
該 工 具 計 入
第二層
第三層： 項
項 重 輸 入
數 據 並 非 基
於 觀 察 市
場 數 據 則
該 工 具 計 入
第 三 層 未
市 股 證
券 則 屬 種
情況2017 Annual Report 年 度 報 告 199
Notes to the Consolidated Financial Statements
綜合財務報表附註
3 FINANCIAL RISK MANAGEMENT (Cont’d)
33 Fair value estimation (Cont’d)
(ii) Fair value measurements using significant unobservable
inputs (Level 3)
The following table presents the changes in level 3
items for the periods ended 31 December 2017 and 31
December 2016
Redeemable
convertible
preferred
shares
Financial
assets
designated
at fair value
through
profit or
loss Total
贖回
換股優先股
指定
公值計入
損益
金融資產 總計
RMB’000 RMB’000 RMB’000
民幣千元 民幣千元 民幣千元

Opening balance
1 January 2016
於2016年1月1日
年初結餘 186667 — 186667
Change in fair value 公值變動 35264 35264
Converted into
ordinary shares 轉換為普通股 (221931) — (221931)

Closing balance
31 December 2016
於2016年12月31日
年末結餘 — — —

Addition 添置 — 32934 32934
Change in fair value (a) 公值變動(a) — (263) (263)

Closing balance
31 December 2017
於2017年12月31日
年末結餘 — 32671 32671

3 財務風險理（續）
33 公值估計（續）
(ii) 重觀察輸入
項目（第三層）公值
計量
表呈列截2017年12
月31日 2016年12月
31日止期間第三層項目
變動：頤海國際控股限公司 Yihai International Holding Ltd200
Notes to the Consolidated Financial Statements
綜合財務報表附註
3 FINANCIAL RISK MANAGEMENT (Cont’d)
33 Fair value estimation (Cont’d)
(ii) Fair value measurements using significant unobservable
inputs (Level 3) (Cont’d)
(a) At 31 December 2017 the Group held the
financial assets designated at fair value
through profit or loss Due to one or more of
the significant impacts used in the valuation
of the unlisted equity securities was not on
observable market data the instrument was
included in level 3
4 CRITICAL ESTIMATES JUDGEMENTS AND ERRORS
The preparation of financial statements requires the use of
accounting estimates which by definition will seldom equal the
actual results Management also needs to exercise judgement in
applying the group’s accounting policies
Estimates and judgements are continually evaluated They are
based on historical experience and other factors including
expectations of future events that may have a financial impact
on the entity and that are believed to be reasonable under the
circumstances
3 財務風險理（續）
33 公值估計（續）
(ii) 重觀察輸入
項目（第三層）公值
計量（續）
(a) 於 2017 年 12 月 31
日集團持指
定公值計入損
益金融資產
於未市股證券
估值項
項重輸入數
據並非觀察市場
數據該工具計入
第三層
4 重估計判斷失誤
編製財務報表需會計估計
顧名思義該等估計甚少符合實際
結果理層須應集團會
計政策時作出判斷
估計判斷會予持續評估基
於歷史經驗素包括對未
來事件預期該等事件對
實體造成財務影響據信某情
況屬合理2017 Annual Report 年 度 報 告 201
Notes to the Consolidated Financial Statements
綜合財務報表附註
4 CRITICAL ESTIMATES JUDGEMENTS AND ERRORS
(Cont’d)
(a) Net realisable value of inventories
Net realisable value of inventories is the estimated selling
price in the ordinary course of business less estimated
costs of completion and selling expenses These estimates
are based on the current market condition and historical
experience of manufacturing and selling products of similar
nature Management reassesses these estimates at each
balance sheet date
(b) Impairment of trade and other receivables
The Group’s management determines the provision for
impairment of trade and other receivables This estimate
is based on the credit history of its customers and current
market conditions Management reassesses the provision
at each balance sheet date Management reassesses the
adequacy of impairment provision on a regular basis by
reviewing the individual account based on past credit history
and any prior knowledge of debtor insolvency or other
credit risk which might not be public information or easily
accessible public information and market volatility that might
bear a significant impact but might not be easily ascertained
4 重估計判斷失誤（續）
(a) 存貨變現淨值
存貨變現淨值日常業務
過程中估計售價減估計完成
成銷售開支計算該等估
計基於當前市況製造
銷售類型性質產品過經驗
作出理層於資產負債表
日期重估該等估計
(b) 貿易應收款項減值
集團理層負責釐定貿易
應收款項減值撥備基
於客戶信貸記錄現行市
況作出估計理層於個資
產負債日期重估撥備理層
根據過信貸記錄先前關
債務無力償債信貸風
險知識（並非公開資料
輕易取公開數據）
市場波動性（具無法
輕易確定重影響）通過
定期審查個賬戶重估減值撥
備充足性頤海國際控股限公司 Yihai International Holding Ltd202
Notes to the Consolidated Financial Statements
綜合財務報表附註
4 CRITICAL ESTIMATES JUDGEMENTS AND ERRORS
(Cont’d)
(c) Income taxes and deferred tax
There are certain transactions and calculations for which the
ultimate tax determination is uncertain during the ordinary
course of business The Group recognises liabilities based
on estimates of whether additional taxes will be due Where
the final tax outcome of these matters is different from the
amounts that were initially recorded such differences will
be reflected in the income tax expense and deferred tax
provisions in the period in which such determination is
made In addition the realisation of future income tax assets
is dependent on the Group’s ability to generate sufficient
taxable income in future years to utilise income tax benefits
and tax loss carryforwards Deviations of future profitability
from estimates or in the income tax rate would result in
adjustments to the value of future income tax assets and
liabilities that could have a significant effect on the income
tax expenses
5 REVENUE AND SEGMENT INFORMATION
Management determines the operating segments based on
the reports reviewed by the chief operating decision makers
(CODM) that are used to make strategic decisions The Group’s
revenue expenses assets liabilities and capital expenditure are
primarily attributable to the manufacture and sales of hot pot soup
flavoring products hot pot dipping sauce products Chinesestyle
compound condiment products and selfserving small hotpot
products to external customers which are considered as one
segment The Group’s principal market is the PRC and its sales
to overseas customers contributed to less than 10 of the total
revenues Accordingly no geographical information is presented
4 重估計判斷失誤（續）
(c) 稅遞延稅項
於日常業務過程中干交易
計算難明確作出終稅
務釐定集團根據對否將
繳付額外稅項估計確認負
債該等事宜終稅務結
果與初步記錄金額差
異則關差異將於作出關
釐定期間內稅開支遞延
稅項撥備中反映外未來
稅資產否變現視集
團於未來年度否產生足夠應
課稅收入稅利益
結轉稅項虧損力定
估計未來盈利力
稅稅率偏離則須對未來
稅資產負債價值作出調
整繼對稅開支構
成重影響
5 收入分部資料
理層基於首席經營決策者（「首席
經營決策者」）審閱報告（來作出
戰略決策）釐定經營分部集團
收入開支資產負債資支
出來源於製造外部客戶銷
售火鍋底料火鍋蘸料中式複合
調味料加熱火鍋產品（視作
個分部）集團市場中
國海外客戶銷售額總
收入10並無呈列區
資料2017 Annual Report 年 度 報 告 203
Notes to the Consolidated Financial Statements
綜合財務報表附註
5 REVENUE AND SEGMENT INFORMATION (Cont’d)
Breakdown of revenue by product category is as follows
Year ended 31 December
截12月31日止年度
2017 2016
2017年 2016年
RMB’000 RMB’000
民幣千元 民幣千元

Revenue 收入
Hot pot soup flavoring products 火鍋底料產品
– Related parties －關聯方 871282 583778
– Third parties －第三方 429921 288745

Subtotal 計 1301203 872523

Hot pot dipping sauce products 火鍋蘸料產品
– Related Parties －關聯方 281 104
– Third Parties －第三方 93924 73856

Subtotal 計 94205 73960

Chinese style compound
condiment products
中式複合調味品
– Related parties －關聯方 43413 18194
– Third parties －第三方 142860 116351

Subtotal 計 186273 134545

Selfserving small hotpot products 加熱火鍋產品
– Related parties －關聯方 104 —
– Third parties －第三方 61341 —

Subtotal 計 61445 —

Others
– Related parties －關聯方 831 3652
– Third parties －第三方 2264 3334

Subtotal 計 3095 6986

Total 總計 1646221 1088014

Revenue from sales attributable to related parties accounted for
556 and 557 of the total revenue for the years ended 31
December 2017 and 2016 respectively
5 收入分部資料（續）
產品系列劃分收入明細：
關聯方應佔銷售收入佔截2017年
2016年12月31日止年度總收入
分別為556557頤海國際控股限公司 Yihai International Holding Ltd204
Notes to the Consolidated Financial Statements
綜合財務報表附註
6 LAND USE RIGHTS
2017 2016
2017年 2016年
RMB’000 RMB’000
民幣千元 民幣千元

Opening net book amount
as at 1 January
於1月1日年初賬面淨值
31738 7330
Additions 添置 4187 24911
Amortisation charge 攤銷費 (773) (503)

Closing net book amount
as at 31 December
於12月31日年末賬面淨值
35152 31738

At 31 December 於12月31日
Cost 成 37429 33242
Accumulated amortisation 累計攤銷 (2277) (1504)

Net book amount 賬面淨值 35152 31738

Land use rights represent the net book amount of prepaid
operating lease payment All the land use rights of the Group are
located in the PRC and are held on leases from 4650 years
6 土權
土權指預付經營租賃付款
賬面淨值集團全部土
權位於中國4650年
租賃持2017 Annual Report 年 度 報 告 205
Notes to the Consolidated Financial Statements
綜合財務報表附註
7 INTANGIBLE ASSETS
Software
軟件
RMB’000
民幣千元

At 31 December 2016 於2016年12月31日
Opening net book amount 年初賬面淨值 823
Additions 添置 2352
Amortisation charge 攤銷費 (372)

Closing net book amount 年末賬面淨值 2803

At December 31 2016 於2016年12月31日
Cost 成 3237
Accumulated amortisation 累計攤銷 (434)

Net book amount 賬面淨值 2803

Year ended December 31 2017 截2017年12月31日止年度
Opening net book amount 年初賬面淨值 2803
Additions 添置 3260
Disposals 出售 (30)
Amortisation charge 攤銷費 (851)

Closing net book amount 年末賬面淨值 5182

At 31 December 2017 於2017年12月31日
Cost 成 6467
Accumulated amortisation 累計攤銷 (1285)

Net book amount 賬面淨值 5182

7 無形資產頤海國際控股限公司 Yihai International Holding Ltd206
Notes to the Consolidated Financial Statements
綜合財務報表附註
8 PROPERTY PLANT AND EQUIPMENT
Buildings Machinery
Equipment
and other
Vehicles and
furniture
Construction
in process Total
樓宇 機器 設備 車輛家具 建工程 總計
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

As at 1 January 2016 於2016年1月1日
Cost 成 68634 76993 19381 2166 — 167174
Accumulated depreciation 累計攤銷 (15573) (19462) (10790) (858) — (46683)

Net book amount 賬面淨值 53061 57531 8591 1308 — 120491

Year ended 31 December 2016 截2016年12月31日
止年度
Opening net book amount 年初賬面淨值 53061 57531 8591 1308 — 120491
Additions 添置 2047 9580 2263 127 1772 15789
Disposals 出售 — (5850) (215) (249) — (6314)
Depreciation charge 折舊費 (2877) (6978) (3575) (395) — (13825)

Closing net book amount 年末賬面淨值 52231 54283 7064 791 1772 116141

As at 31 December 2016 於2016年12月31日
Cost 成 70681 80723 21429 2044 1772 176649
Accumulated depreciation 累計攤銷 (18450) (26440) (14365) (1253) — (60508)

Net book amount 賬面淨值 52231 54283 7064 791 1772 116141

Year ended 31 December 2017 截2017年12月31日
止年度
Opening net book amount 年初賬面淨值 52231 54283 7064 791 1772 116141
Additions 添置 5153 12251 11576 1345 48807 79132
Disposals 出售 — (628) (65) (21) — (714)
Depreciation charge 折舊費 (2967) (7625) (3466) (413) — (14471)

Closing net book amount 年末賬面淨值 54417 58281 15109 1702 50579 180088

As at 31 December 2017 於2017年12月31日
Cost 成 75834 92346 32940 3368 50579 255067
Accumulated depreciation 累計折舊 (21417) (34065) (17831) (1666) — (74979)

Net book amount 賬面淨值 54417 58281 15109 1702 50579 180088

8 物業廠房設備2017 Annual Report 年 度 報 告 207
Notes to the Consolidated Financial Statements
綜合財務報表附註
8 PROPERTY PLANT AND EQUIPMENT (Cont’d)
Depreciation expense has been charged to the consolidated
statements of comprehensive income as follows
Year ended 31
截12月31日止年度
2017 2016
2017年 2016年
RMB’000 RMB’000
民幣千元 民幣千元

Cost of sales 銷售成 13284 12044
Administrative expense 行政開支 199 223
Distribution costs 經銷成 988 1558

14471 13825

8 物業廠房設備（續）
折舊開支已於綜合全面收益表中扣
列示：頤海國際控股限公司 Yihai International Holding Ltd208
Notes to the Consolidated Financial Statements
綜合財務報表附註
9 FINANCIAL INSTRUMENTS BY CATEGORY
Assets as per balance sheet
Financial
assets
designated at
fair value
through
profit or loss
Loans and
receivables Total
指定公值
計入損益
金融資產
貸款
應收款項 總計
RMB’000 RMB’000 RMB’000
民幣千元 民幣千元 民幣千元

At 31 December 2016 於2016年12月31日
Trade and other receivables 貿易應收款項 — 72397 72397
Cash and cash equivalents 現金現金等價物 — 1021999 1021999

Total 總計 — 1094396 1094396

At 31 December 2017 於2017年12月31日
Trade and other receivables 貿易應收款項 — 135725 135725
Financial assets designated
at fair value through profit or loss
指定公值計入
損益金融資產 32671 — 32671
Cash and cash equivalents 現金現金等價物 — 1130205 1130205

Total 總計 32671 1265930 1298601

Liabilities as per balance sheet
Other financial
liabilities at
amortised cost
攤銷成
列賬
金融負債
RMB’000
民幣千元

At 31 December 2016 於2016年12月31日
Trade and other payables 貿易應付款項 110345

Total 總計 110345

At 31 December 2017 於2017年12月31日
Trade and other payables 貿易應付款項 193302

Total 總計 193302

9 類別劃分金融工具
根據資產負債表資產
根據資產負債表負債2017 Annual Report 年 度 報 告 209
Notes to the Consolidated Financial Statements
綜合財務報表附註
10 SUBSIDIARIES
(a) The following is a list of subsidiaries at 31 December
2017
Name of company
Place of incorporation
and operation and kind
of legal entity
Principal activities
and place of operation
Particulars of
issued share
capital and
debt securities
Ownership
interest held
by the Group
Ownership
interest held
by noncontrolling
interests
公司名稱
註冊成立經營點
法定實體類型
活動
經營點
已發行股
債務證券詳情
集團持
權權益
非控制權益持
權權益
2017 2016 2017 2016
2017年 2016年 2017年 2016年

Directly held
直接持：
Yihai Ltd British Virgin Islands
Limited liability company
Investment holding and
consulting in British
Virgin Islands
US1 100 100 — —
Yihai Ltd 英屬處女群島限責公司 英屬處女群島從事
投資控股與諮詢
1美元 100 100 — —
Indirectly held
間接持：
Yihai (China) Food
Co Ltd
Hong Kong
Limited liability company
Investment holding and
consulting in Hong Kong
HK10000000 100 100 — —
頤海（中國）食品限公司 香港限責公司 香港從事投資控股與諮詢 10000000港元 100 100 — —
Yihai (Shanghai) Food
Co Ltd
The PRC
Limited liability company
Sales of hot pot condiment
in China
HK10000000 100 100 — —
頤海（海）食品限公司 中國限責公司 中國銷售火鍋調料 10000000港元 100 100 — —
Zhengzhou Shuhai
Enterprise Co Ltd
(Zhengzhou Shuhai)
The PRC
Limited liability company
Manufacture and sales of
hot pot condiment in China
RMB1000000 100 100 — —
鄭州蜀海實業限公司
（「鄭州蜀海」）
中國限責公司 中國生產銷售火鍋調料 民幣
1000000元
100 100 — —
Zhengzhou Shuhai
Enterprise Co Ltd
(Zhengzhou shuhai)
The PRC
Limited liability company
Manufacture and sales of
hot pot condiment in China
RMB1000000 100 100 — —
鄭州蜀海實業限公司
（「鄭州蜀海」）
中國限責公司 中國生產銷售火鍋調料 民幣
1000000元
100 100 — —
10 附屬公司
(a) 2017年12月31日附屬公司名
單：頤海國際控股限公司 Yihai International Holding Ltd210
Notes to the Consolidated Financial Statements
綜合財務報表附註
10 SUBSIDIARIES (Cont’d)
(a) The following is a list of subsidiaries at 31 December
2017 (Cont’d)
Name of company
Place of incorporation
and operation and kind
of legal entity
Principal activities
and place of operation
Particulars of
issued share
capital and
debt securities
Ownership
interest held
by the Group
Ownership
interest held
by noncontrolling
interests
公司名稱
註冊成立經營點
法定實體類型
活動
經營點
已發行股
債務證券詳情
集團持
權權益
非控制權益持
權權益
2017 2016 2017 2016
2017年 2016年 2017年 2016年

Indirectly held (Cont’d)
間接持：（續）
Chengdu Yueyihai
Co Ltd
The PRC
Limited liability company
Manufacture and sales of
hot pot condiment in China
RMB1000000 100 100 — —
成悅頤海商貿限公司 中國限責公司 中國生產銷售火鍋調料 民幣
1000000元
100 100 — —
Yihai Beijing Trading
Co Ltd
The PRC
Limited liability company
Sales of hot pot condiment
in China
RMB1000000 100 100 — —
頤海（北京）商貿
限責公司
中國限責公司 中國銷售火鍋調料 民幣
1000000元
100 100 — —
Yihai (Bazhou) Food
Co Ltd
The PRC
Limited liability company
Yet to commence operation
in China
RMB10000000 100 100 — —
頤海（霸州）食品限公司 中國限責公司 尚未中國營運 民幣
10000000元
100 100 — —
Yihai (Maanshan) Food
Co Ltd
The PRC
Limited liability company
Yet to commence operation
in China
RMB30000000 100 — — —
頤海（馬鞍山）食品限公
司
中國限責公司 尚未中國營運 民幣
30000000元
100 － － －
Fuhai (Maanshan) Food
Co Ltd
The PRC
Limited liability company
Manufacture and sales of
hot pot condiment in China
RMB2000000 100 — — —
馥海（馬鞍山）食品
限公司
中國限責公司 中國生產銷售火鍋調料 民幣
2000000元
100 — — —
Fuhai (Shanghai) Food
Technology Co Ltd
The PRC
Limited liability company
Manufacture and sales of
hot pot condiment in China
RMB6000000 60 — 40 —
馥海（海）食品科技
限公司
中國限責公司 中國生產銷售火鍋調料 民幣
6000000元
60 － 40 －
(b) Noncontrolling interests
The total noncontrolling interests as at 31 December 2017
amounted to RMB4420000 (2016 Nil) No subsidiary has
noncontrolling interests that are material to the Group
10 附屬公司（續）
(a) 2017年12月31日附屬公司名
單：（續）
(b) 非控制權益
2017年12月31日非控制權
益總額為民幣4420000元
（二零六年：無）並無附屬
公司擁對集團言屬重
非控制權益2017 Annual Report 年 度 報 告 211
Notes to the Consolidated Financial Statements
綜合財務報表附註
11 DEFERRED INCOME TAX
(i) Deferred tax assets
As at 31 December
於12月31日
2017 2016
2017年 2016年
RMB’000 RMB’000
民幣千元 民幣千元

Deferred income tax assets 遞延稅資產：
Deferred tax asset to be recovered
after more than 12 months
12個月後收回
遞延稅資產 867 1019
Deferred tax asset to be recovered
within 12 months
12個月內收回
遞延稅資產 9687 5565

Total 總計 10554 6584

11 遞延稅
(1) 遞延稅項資產頤海國際控股限公司 Yihai International Holding Ltd212
Notes to the Consolidated Financial Statements
綜合財務報表附註
11 DEFERRED INCOME TAX (Cont’d)
(i) Deferred tax assets (Cont’d)
The movement in deferred income tax assets and liabilities
during the year ended 2017 without taking into consideration
of the offsetting of balances within the same tax jurisdiction
is as follows
Deferred income
tax assets 遞延稅資產
Sales
rebates
銷售返利
Depreciation
differences
折舊差額
Unrealised
profit on
intra
group sales
未變現收益
虧損
Payroll and
welfare
payables
應付薪金
福利
Provision of
trade and
other
receivables
貿易
應收款項撥備
Tax losses
稅項虧損
Total
總計
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

As at 1 January 2016 於2016年1月1日 3866 1324 — 638 40 — 5868
Credited(Charged) to the
consolidated statements
of comprehensive
於綜合全面收益表
計入╱（扣）
(1677) (305) 2501 169 28 — 716

As at 31 December 2016 於2016年12月31日 2189 1019 2501 807 68 — 6584

Credited(Charged) to the
consolidated statements
of comprehensive
於綜合全面收益表
計入╱（扣）
1857 (152) 181 — 19 2065 3970

As at 31 December 2017 於2017年12月31日 4046 867 2682 807 87 2065 10554

(ii) Deferred tax liabilities
Cash flow
hedging
現金流對沖
RMB’000
民幣千元

As at 1 January 2016 於2016年1月1日 (171)
Credited to the comprehensive income 計入全面收入 171

As at 31 December 2016 and 2017 於2016年2017年12月31日 —

11 遞延稅（續）
(i) 遞延稅項資產（續）
考慮相稅務司法權區內
抵銷餘額情況於截
2017年止年度遞延稅
資產負債變動：
(ii) 遞延稅負債2017 Annual Report 年 度 報 告 213
Notes to the Consolidated Financial Statements
綜合財務報表附註
12 INVENTORIES
As at 31 December
於12月31日
2017 2016
2017年 2016年
RMB’000 RMB’000
民幣千元 民幣千元

Raw materials 原材料 41519 35633
Work in progress 製品 6889 3247
Finished goods 製成品 99209 91616

Total inventories 存貨總額 147617 130496

The cost of inventories recognised as expense and included
in cost of sales’ amounted to RMB909564000 (2016
RMB583819000) which included inventory writedown of
RMB279000 (2016 RMB152000)
12 存貨
確認為開支並計入「銷售成」存貨
成為民幣909564000元（2016
年：民幣583819000元）包
括存貨撇減民幣279000元（2016
年：民幣152000元）頤海國際控股限公司 Yihai International Holding Ltd214
Notes to the Consolidated Financial Statements
綜合財務報表附註
13 TRADE RECEIVABLES
As at 31 December
於12月31日
2017 2016
2017年 2016年
RMB’000 RMB’000
民幣千元 民幣千元

Third parties 第三方 21352 12866
Related parties (Note 33(d)) 關聯方（附註33(d)) 110107 54224

Subtotal 計 131459 67090
Less provision for impairment (a) 減：減值撥備(a) (2) (10)

Trade receivables net 貿易應收款項－淨額 131457 67080

(a) The majority of the Group’s third party sales are conducted
through receiving advances from customers before
delivering the goods to customers with only few customers
are granted with credit periods ranged from 30 to 90 days
The related party customers of the Group are granted with
30 days credit period Ageing analysis based on recognition
date of the gross trade receivables at the respective balance
sheet dates is as follows
As at 31 December
於12月31日
2017 2016
2017年 2016年
RMB’000 RMB’000
民幣千元 民幣千元

Within 3 months 3個月內 131457 66878
3 to 6 months 36個月 — 202

Total 總結 131457 67080

The carrying amounts of trade receivables above
approximate their fair values
13 貿易應收款項
(a) 集團第三方銷售部分
客戶交付貨物前收取客戶墊
款方式進行當中僅少數
客戶獲授出介3090天
信貸期集團關聯方客戶
獲授出30天信貸期根據
總貿易應收款項確認日期於
結算日賬齡分析：
述貿易應收款項賬面值與
公值相2017 Annual Report 年 度 報 告 215
Notes to the Consolidated Financial Statements
綜合財務報表附註
13 TRADE RECEIVABLES (Cont’d)
(b) As at 31 December 2017 no trade receivables were past
due but not impaired (2016 RMB202000 which related to
a number of independent customers for whom there was no
significant financial difficulty and based on past experience
the overdue amounts can be recovered) The ageing analysis
of these trade receivables is as follows
As at 31 December
於12月31日
2017 2016
2017年 2016年
RMB’000 RMB’000
民幣千元 民幣千元

3 to 6 months 36個月 — 202

Movements in the provision for impairment of trade
receivables are as follows
As at 31 December
於12月31日
2017 2016
2017年 2016年
RMB’000 RMB’000
民幣千元 民幣千元

As at 1 January 於1月1日 10 —
(Reversal of)Provision
for impairment
減值（撥回）╱撥備
(8) 10

As at 31 December 於12月31日 2 10

The creation and release of provision for impaired
receivables have been included in Administrative expenses’
in the consolidated statement of comprehensive income
13 貿易應收款項（續）
(b) 截 2017年12月31日 並
無貿易應收款項（2016年：
民幣202000元）已逾期未
減值該等款項與並無重財
務困難干獨立客戶關
基於過經驗逾期金額
收回該等貿易應收款項賬
齡分析：
貿易應收款項減值撥備變動
：
設立解已減值應收款項撥
備已計入綜合全面收益表
「行政開支」頤海國際控股限公司 Yihai International Holding Ltd216
Notes to the Consolidated Financial Statements
綜合財務報表附註
14 PREPAYMENTS AND OTHER RECEIVABLES
As at 31 December
於12月31日
2017 2016
2017年 2016年
RMB’000 RMB’000
民幣千元 民幣千元

Prepayments 預付款項
Prepayments for purchase of raw
materials
購買原材料
預付款項 46202 24276
Prepayments for property
plant and equipment
物業廠房設備
預付款項 57095 8608
Value added tax recoverable 收回增值稅 11499 4150
Prepayments for legal and
professional fees
法律專業費
預付款項 8676 1933
Prepayments for rental and warehouse 租金倉儲預付款項 5667 2032
Others 358 508

Subtotal 計 129497 41507
Less Noncurrent portion 減：非流動部分 (57095) (8608)

Current portion 流動部分 72402 32899

Other receivables 應收款項
Deposit for utilities 公設施押金 3672 3271
Advance to employees 提供予僱員墊款 522 1595
Related parties (Note 33(d)) 關聯方（附註33(d)） — 390
Others 420 323
Less provision for impairment (a) 減：減值撥備(a) (346) (261)

Subtotal 計 4268 5318

Total 總計 76670 38217

14 預付款項應收款項2017 Annual Report 年 度 報 告 217
Notes to the Consolidated Financial Statements
綜合財務報表附註
14 PREPAYMENTS AND OTHER RECEIVABLES (Cont’d)
(a) Movements in the provision for impairment of other
receivables are as follows
As at 31 December
於12月31日
2017 2016
2017年 2016年
RMB’000 RMB’000
民幣千元 民幣千元

As at 1 January 於1月1日 261 159
Provision for impairment 減值撥備 85 102

As at 31 December 於12月31日 346 261

15 CASH AND CASH EQUIVALENTS
As at 31 December
於12月31日
2017 2016
2017年 2016年
RMB’000 RMB’000
民幣千元 民幣千元

Cash at bank and in hand 銀行手頭現金 1130205 1021999

As at 31 December
於12月31日
2017 2016
2017年 2016年
RMB’000 RMB’000
民幣千元 民幣千元

RMB 民幣 421458 195267
US 美元 43364 80786
HK 港元 665383 745946

Total 總計 1130205 1021999

14 預付款項應收款項（續）
(a) 應收款項減值撥備變動
：
15 現金現金等價物頤海國際控股限公司 Yihai International Holding Ltd218
Notes to the Consolidated Financial Statements
綜合財務報表附註
15 CASH AND CASH EQUIVALENTS (Cont’d)
As at 31 December 2017 the balance of RMB3462000 (2016
RMB1749000) represented deposits held in certain on line
payment platforms
The conversion of RMB denominated balances into foreign
currencies and the remittance of such foreign currencies
denominated bank balances and cash out of the PRC are subject
to relevant rules and regulations of foreign exchange control
promulgated by the PRC government
16 FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT
OR LOSS
As at 31 December
於12月31日
2017 2016
2017年 2016年
RMB’000 RMB’000
民幣千元 民幣千元

Current portion 流動部份
Designated (a) 指定(a) 32671 —

(a) Balance represented treasury products issued by an unlisted
company with guaranteed principal and expected rate of
return Such assets are denominated in US with maturity
date in September 2018 and are designated as financial
assets are fair value through profit or loss
15 現金現金等價物（續）
於2017年12月31日 結 餘 民
幣3462000元（2016年： 民 幣
1749000元）為干網絡付款
台持存款
將民幣列值結餘換算為外幣
將該等外幣計值銀行結餘現
金匯出中國須遵守中國政府頒佈
關外匯制規則法規
16 公值計入損益金融資產
(a) 公值計入損益金融資
產為非市公司發行保
型擁預期浮動回報率產
品該產品美元計值期
日為2018年9月2017 Annual Report 年 度 報 告 219
Notes to the Consolidated Financial Statements
綜合財務報表附註
16 FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT
OR LOSS (Cont’d)
(i) Amounts recognised in profit or loss
During this year loss of RMB 263000 represented changes
in fair values of financial assets at fair value through profit
or loss are recorded in the consolidated statements of
comprehensive income within Other incomes and gains
net’ (2016 Nil)
17 SHARE CAPITAL
2017 2016 2017 2016
2017年 2016年 2017年 2016年
Shares Shares US’000 US’000
股份 股份 千美元 千美元

Authorised ordinary
shares 法定普通股
– On 1 January 2016
31 December 2016
and 2017
於 2016 年 1 月 1 日
2016年12月31日
2017年12月31日 5000000000 5000000000 50000 50000

16 公值計入損益金融資產
（續）
(i) 於損益內確認金額
年 內 虧 損 民 幣263000
元指公值計入損益金
融資產公值變動於綜合全
面收益表內「收入收益
淨額」（二零六年：無）
17 股頤海國際控股限公司 Yihai International Holding Ltd220
Notes to the Consolidated Financial Statements
綜合財務報表附註
17 SHARE CAPITAL (Cont’d)
Issued and fully paid ordinary shares
Number of
ordinary
shares
Nominal value
of ordinary
shares
Equivalent
nominal value
of ordinary
shares
普通股數目 普通股面值
普通股
等值面值
US RMB’000
美元 民幣千元

At 1 January 2016 於2016年1月1日 488000000 4880 31
Conversion of redeemable
convertible preferred shares (a)
轉換贖回轉換
優先股(a) 54222222 542 4
Capitalisation issue (b) 資化發行(b) 237777778 2378 16
Issuance of ordinary shares upon
Global Offering (c)
全球發售後發行
普通股(c) 260000000 2600 17
Issuance of ordinary shares
upon exercise of
overallotment option (c)
超額配股權獲行後
發行普通股(c)
6900000 69 —

At 31 December 2016 and 2017 於2016年
2017年12月31日 1046900000 10469 68

(a) Conversion of redeemable convertible preferred shares
As at 13 July 2016 the redeemable convertible preferred
shares have been automatically converted into 54222222
ordinary shares (before the capitalisation issue mentioned in
Note (b) below) upon listing of the Company’s shares on the
Main Board of HKSE
17 股（續）
已發行繳足普通服：
(a) 轉換贖回轉換優先股
於2016年7月13日 於 公
司股份香港聯交板市
後贖回轉換優先股已
動 轉 換 為54222222股 普 通
股（於文附註(b)述資化
發行前）2017 Annual Report 年 度 報 告 221
Notes to the Consolidated Financial Statements
綜合財務報表附註
17 SHARE CAPITAL (Cont’d)
(b) Capitalisation issue
Pursuant to a written resolution of all shareholders of
the Company (the Shareholders) passed on 20 June
2016 conditional upon the share premium account of the
Company being credited as a result of the issuance of new
shares pursuant to the Global Offering the directors of
the Company (the Director) were authorised to capitalise
an amount of US2378 towards paying up in full at par
of 237777778 ordinary shares of US000001 each for
allotment and issue to the persons whose names appear
on the register of members of the Company at the close
of business on the business day before 13 July 2016 in
proportion to their then existing shareholding Accordingly
237777778 ordinary shares with par value of US000001
each were issued and US2378 (equivalent to RMB 15907)
were credited to share capital
(c) Issuance of new ordinary shares to public upon Global
Offering
On 13 July 2016 the Company completed its global offering
of its shares on the Main Board of The Stock Exchange of
Hong Kong Limited in July 2016 (the Global Offering) by
issuing 260000000 new ordinary shares with nominal value
of US000001 each at a price of HK33 per share Since
then the Company’s shares have been listed on the Main
Board of HKSE
On 12 August 2016 the Company issued additional
6900000 new ordinary shares with nominal value of
US000001 each at a price of HK33 per share pursuant
to the exercise of the overallotment option of the Global
Offering
The total gross proceeds from the Global Offering were
approximately HK 880770000 (equivalent to approximately
RMB 759301000) of which US 2669 (equivalent to
approximately RMB 17000) was credited to share capital
HK 880749000 (equivalent to approximately RMB
759284000) was credited to share premium The share
issuance costs relating to the Global Offering amounted to
RMB 39093000 were recorded in the share premium
17 股（續）
(b) 資化發行
根據公司全體股東（「股東」）
於2016年6月20日通過書
面決議案公司董事（「董
事」）獲授權將2378美元予
資化面值全數繳
足237777778股 股 面 值
000001美元普通股
於2016年7月13日營業時間
結束時名列公司股東名冊
士彼等當時持股例配
發發行惟須公司股
份溢價賬根據全球發售
進賬後方作實
237777778股股面值
000001美元普通股已獲發
行2378美元（相等於民
幣15907元）已計入股內
(c) 全球發售後公眾士發行新
普通股
於2016年7月13日 公 司
透過股33港元價格發
行260000000股 股 面 值
000001美元新普通股於
2016年7月完成香港聯合
交易限公司全球發售股
份（「全球發售」）公司股份
於香港聯交板市
於2016年8月12日 全 球
發售超額配股權獲行
公司股33港元價格額
外發行6900000股股面值
000001美元新普通股
全球發售款項總額約為
880770000港 元（相 當 於 約
民 幣759301000元 ）
中2669美元（相當於約
民 幣17000元 ）計 入 股
880749000港 元（相 當 於 約
民 幣759284000元 ）計 入
股份溢價全球發售關股
份發行成民幣39093000
元記錄於股份溢價頤海國際控股限公司 Yihai International Holding Ltd222
Notes to the Consolidated Financial Statements
綜合財務報表附註
18 SHARES HELD FOR EMPLOYEE SHARE SCHEME
2017
2017年
Shares
股
2016
2016年
Shares
股
2017
2017年
RMB’000
民幣千元
2016
2016年
RMB’000
民幣千元

Shares held for employee
share scheme
僱員股份計劃
持股份 77220000 77220000 5 5

These shares that are held by the Group’s RSU Trustee for the
purpose of issuing shares under the Group’s RSU Scheme (see
Note 20 for further information) Shares issued to employees are
recognised on a firstinfirstout basis
19 RESERVES
Share
Merger
reserve
(Note a)
Statutory
reserve
(Note b)
Sharebased
payment
reserve
(Note c)
股份為基礎
Hedging
reserve
(Note d) Retained
premium 合併儲備 法定儲備 付款儲傋 對沖儲備 earnings Total
股份溢價 （附註a） （附註b） （附註c） （附註d） 保留盈利 總計
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

As at 1 January 2016 於2016年1月1日 17649 (445) 8843 — 514 115332 141893
Profit for the year 年內溢利 — — — — — 186720 186720
Shares repurchased 購回股份 (4161) — — — — — (4161)
Cash flow hedging 現金流對沖 — — — — (514) — (514)
Appropriation to statutory reserves 撥作法定儲備 — — 14316 — — (14316) —
Issuance of new ordinary shares
(Note 17(c))
發行新普通股（附註17(c)）
759284 — — — — — 759284
Capitalisation issue (Note 17(b)) 資化發行（附註17(b)） (16) — — — — — (16)
Conversion of redeemable
convertible preferred shares
(Note 17(a))
轉換贖回轉換優先股
（附註17(a)）
221927 — — — — — 221927
Share issuance costs (Note 17(c)) 股份發行成（附註17(c)） (39093) — — — — — (39093)
Sharebased payment expense
(Note 20)
股份為基礎付款開支
（附註20） — — — 102 — — 102

As at 31 December 2016 於2016年12月31日 955590 (445) 23159 102 — 287736 1266142

As at 1 January 2017 於2017年1月1日 955590 (445) 23159 102 — 287736 1266142
Profit for the year 年內溢利 — — — — — 260670 260670
Appropriation to statutory reserves 撥作法定儲備 — — 30339 — — (30339) —
Sharebased payment expense
(Note 20)
股份為基礎付款開支
（附註20） — — — 8510 — — 8510
Dividends paid (Note 29) 已付股息（附註29） (33996) — — — — — (33996)

As at 31 December 2017 於2017年12月31日 921594 (445) 53498 8612 — 518067 1501326

18 僱員股份計劃持股份
集團受限制股份單位受托持
股份於集團受限制股份
單位計劃發行股份途（請參見附
註20）僱員發行股份先進
先出基準確認
19 儲備2017 Annual Report 年 度 報 告 223
Notes to the Consolidated Financial Statements
綜合財務報表附註
19 RESERVES (Cont’d)
(a) The merger reserve represented the aggregate difference
between the considerations paid and the carrying amounts
of the acquired Listed Business pursuant to the completion
of the Reorganisation
(b) The Company’s subsidiaries incorporated in the PRC are
required to make appropriations to statutory reserves from
their profit for the year after offsetting accumulated losses
carried forward from prior years as determined under the
PRC accounting regulations and before distribution to
equity holders The percentages to be appropriated to such
statutory reserve are determined according to the relevant
regulations in the PRC and further appropriation is optional
when the accumulated fund is 50 or more of the registered
capital of the subsidiaries
(c) In February 2016 the Company adopted Restricted Share
Unit (RSU) Scheme repurchased 53680000 ordinary
shares from JLJH YIHAI Ltd one of the shareholders of the
Company at a total consideration of US638108 (equivalent
to RMB4166000) These shares have been held by Vistra
Fiduciary (HK) Limited (RSU Trustee) in trust for the benefit
of the participants to the scheme and will be released to
participants upon granting and vesting of each RSU The
shares under the RSU Scheme have been changed to
77220000 after the capitalisation issue as mentioned in
Note 17(b)
(d) The hedging reserve represented the effective portion of the
accumulative change in the fair value of hedging instruments
net of tax pending subsequent recognition in profit or loss
19 儲備（續）
(a) 合併儲備指已付代價與根據重
組完成收購市業務賬面
值間總差額
(b) 公司於中國註冊成立附屬
公司須年內溢利中經抵銷
根據中國會計規例釐定過
年度結轉累計虧損後於
股權持分派盈利前提撥
法定儲備法定儲備撥款
百分中國相關規例釐
定累計資金達附屬公司
註冊資50則
選擇否作進步提撥
(c) 於2016年2月 公 司 採 納
受限制股份單位（受限制股份
單位）公司名股東JLJH
YIHAI Ltd購回53680000股
普通股總代價為638108美
元（相 當 於 民 幣4166000
元）該等股份信託方式
Vistra Fiduciary (HK) Limited
（「受限制股份單位受託」）
計劃參與者利益持並將
於個受限制股份單位（「根據
受限制股份單位計劃授予受限
制股份單位參與者受限制股
份單位」）授出歸屬後發放予
參與者資化發行後受限
制股份單位計劃普通股數
目更改為77220000股（附註
17(b)）
(d) 對沖儲備指對沖工具公值
累計變動效部分（扣稅
項後於損益確認）頤海國際控股限公司 Yihai International Holding Ltd224
Notes to the Consolidated Financial Statements
綜合財務報表附註
20 SHAREBASED COMPENSATION
Restricted Share Unit Scheme
The Company adopted the RSU Scheme on 24 February 2016
with a duration of 10 years commencing from the adoption date
The objective of the RSU Scheme is to encourage and retain
selected participants which include directors employees officers
and distributors of the Group to work with the Group and to
provide additional incentive for them to achieve performance
goals
The RSU Trustee holds the Company’s shares before they are
vested and transferred to selected participants As the financial
and operational policies of the Trust are governed by the Group
and Group benefits from the Trust’s activities the Trust is
consolidated in the Group’s financial statements as a special
purpose entity
Upon vesting of shares by selected participants (Restricted
Shares) the RSU Trustee will release these Restricted Shares
Restricted Shares will vest gradually after participants complete
a period of service in the Group of 36 months from the date
of grant The vested shares are transferred to participants at
US00082 per share
The maximum number of Restricted Shares shall not exceed 5
of the Company’s share capital in issue from time to time For
each selected participant the maximum number of Restricted
Shares granted in aggregate shall not exceed 10469000 shares
being 1 of the Company’s issued share capital as at the
adoption date of 24 February 2016
During the year ended 31 December 2017 no shares were
granted under the RSU Scheme (2016 9140000 shares with fair
value of HK28484000)
The fair value of Restricted Shares charged to the consolidated
comprehensive income statement was RMB8510000 during the
year ended 31 December 2017 (2016 RMB102000)
20 股份為基礎補償
受限制股份單位計劃
公司於2016年2月24日採納受
限制股份單位計劃採納日期起
計為期10年受限制股份單位計劃
目為鼓勵留住特定參與者（包
括集團董事僱員高級職員
經銷商）於集團工作並為彼等提
供額外獎勵實現業績目標
受限制股份單位受託於公司股
份歸屬轉讓予特定參與者前持
該等股份於信託財務營運
政策集團規集團受益
於信託活動信託於集團財務報
表作為特殊目實體綜合入賬
特定參與者股份（「受限制股份」）
歸屬後受限制股份單位受託將
釋出該等股份受限制股份於參與
者授出日期起計集團36個
月服務期屆滿後逐步歸屬已歸屬
股份股00082美元轉讓予特定
參與者
受限制股份高數目超過
公 司 時 已 發 行 股 份 5
對於特定參與者已授出受限
制股份高數目合超過
10469000股 採 納 日 期2016
年2月24日 公 司 已 發 行 股
1
截2017年12月31日止年度並
無根據受限制股份單位計劃授出股
份（2016年：9140000股公值
為28484000港元股份）
截2017年12月31日止年度扣
綜合全面收益表受限制股份
公值為民幣8510000元（2016
年：民幣102000元）2017 Annual Report 年 度 報 告 225
Notes to the Consolidated Financial Statements
綜合財務報表附註
21 TRADE PAYABLES
Trade payables were mainly arising from the purchase of
materials The credit terms of trade payables granted by the
vendors are usually 30 to 90 days At 31 December 2017 the
ageing analysis of the trade payables based on invoice date is as
follows
As at 31 December
於12月31日
2017 2016
2017年 2016年
RMB’000 RMB’000
民幣千元 民幣千元

Within 3 months 3個月內 134084 70156
3 to 6 months 3個月6個月 1582 2576
6 months to 1 year 6個月1年 916 545

Total 總計 136582 73277

22 OTHER PAYABLES AND ACCRUALS
As at 31 December
於12月31日
2017 2016
2017年 2016年
RMB’000 RMB’000
民幣千元 民幣千元

Advances from customers 客戶墊款 30823 8746
Other tax payables 應付稅項 27490 8933
Wages salaries and other
employee benefits
工資薪金
僱員福利 25572 16019
Sales rebates 銷售返利 16182 8755
Suppliers’ deposits 供應商金 9417 3281
Payables for legal and professional fees 應付法律專業費 3420 135
Payables for construction 應付工程款 806 1176
Related parties (Note 33(d)) 關聯方（附註33(d)） 258 4045
Listing related expenses 市關開支 — 2802
Others 1065 855

Total 總計 115033 54747

21 貿易應付款項
貿易應付款項源購買原材
料賣方授出貿易應付款項信貸
期通常為3090天於2017年12
月31日基於發票日期貿易應付
款項賬齡分析：
22 應付款項應計費頤海國際控股限公司 Yihai International Holding Ltd226
Notes to the Consolidated Financial Statements
綜合財務報表附註
23 EXPENSES BY NATURE
Expenses included in cost of sales distribution expenses and
administrative expenses are analysed as follows
Year ended 31 December
截12月31日止年度
2017 2016
2017年 2016年
RMB’000 RMB’000
民幣千元 民幣千元

Cost of inventories recognised as
cost of goods sold
確認為已售貨品成
存貨成 909285 583667
Employee benefit expenses (Note 24) 僱員褔利開支（附註24） 183768 122303
Transportation and related charges 運輸相關支出 37469 19499
Advertising and other
marketing expenses
廣告營銷開支
30110 33116
Nonincome taxes and surcharges 非稅稅項附加費 17729 12295
Depreciation of property
plant and equipment (Note 8)
物業廠房設備折舊
（附註8） 14471 13825
Utilities 水電燃氣費 14108 9854
Rental expenses 租金開支 14001 10753
Warehouse expenses 倉儲費 12541 7061
Legal and professional fees 法律專業費 11674 5696
Travel and entertainment expenses 差旅招費 9027 5825
Auditor’s remuneration 核數師薪酬
– Reporting accountant’s services
in relation to listing
－申報會計師市
供服務 — 1196
– Audit services －核數服務 2055 1950
– Nonaudit services －非核數服務 322 330
Amortisation of intangible assets
(Note 7)
無形資產攤銷
（附註7） 851 372
Amortisation of land use rights (Note 6) 土權攤銷（附註6） 773 503
Writedown of inventories (Note 12) 存貨撇減（附註12） 279 152
Provision for impairment of receivables
(Note 13 and 14)
應收款項減值撥備
（附註1314） 77 112
Listing related expenses 市相關開支 — 10345
Other expenses 開支 16905 13980

Total 總計 1275445 852834

23 性質劃分開支
計入銷售成經銷開支行政開
支開支分析：2017 Annual Report 年 度 報 告 227
Notes to the Consolidated Financial Statements
綜合財務報表附註
24 EMPLOYEE BENEFIT EXPENSE
2017 2016
2017年 2015年
RMB’000 RMB’000
民幣千元 民幣千元

Wages salaries and bonuses 工資薪金花紅 183768 122303

Five highest paid individuals
The five individuals whose emoluments were the highest in the
Group for the year ended 2017 include 2 (20162) directors whose
emoluments are reflected in the analysis shown in Note 35 The
aggregate amounts of emoluments paid and payable to the
remaining 3 (2016 3) individuals whose emoluments were the
highest in the Group for the years are as follows
2017 2016
2017年 2015年
RMB’000 RMB’000
民幣千元 民幣千元

Wages salaries and bonuses 工資薪金花紅 2992 2098

The emoluments fell within the following bands
Number of individuals
數
2017 2016
2017年 2016年

Emolument bands (in HK) 酬金範圍（港元）
Nil HK1000000 零1000000港元 — 3
HK1000000 to HK1500000 1000000港元
1500000港元 3 —

None of the above employees were paid by the Group as
an inducement to join or upon joining the Group or as a
compensation for loss of office No retirement benefits were paid
to or receivable by any of the above employees
24 僱員福利開支
五名高薪酬士
集團截2017年止年度五名
高薪酬士包括2名董事（2016
年：2名）酬金於附註35示
分析反映於關年度已付
應付集團餘3名高薪酬士
（2016年：3名）酬金：
酬金介於範圍：
集團並無述僱員支付款項
作為彼等加入集團時加入集
團後獎勵作為離職補償述
僱員概無收取應收取退休福
利頤海國際控股限公司 Yihai International Holding Ltd228
Notes to the Consolidated Financial Statements
綜合財務報表附註
25 OTHER INCOMES AND GAINS NET
Year ended 31 December
截12月31日止年度
2017 2016
2017年 2016年
RMB’000 RMB’000
民幣千元 民幣千元

Government grants 政府補助 23008 12523
Investment income from financial assets 金融資產投資收益 5241 —
Sales of scrap materials 廢料銷售 887 517
Change in fair value of
financial instruments at
fair value through profit or loss
公值計入損益
金融資產公值虧損
(263) —
Loss on disposal of property plant
and equipment and intangible assets
處置物業廠房設備
無形資產虧損 (284) (780)
Consulting service income 顧問服務收入 — 7547
Others (a) (a) 15159 1674

Total other incomes and gains net 收入收益淨額總額 43748 21481

(a) Included an amount of RMB14 million which represented a reward
provided by an independent third party the authorised operator as
approved by the local government for planning and construction
of an industrial park in the PRC in which the Company has
incorporated an indirectly whollyowned subsidiary in 2015
25 收入收益淨額
(a) 中民幣14百萬元為受當
政府授權委托開發建設產業園區
獨立第三方提供給公司於
2015年該產業園區成立全資
子公司籌建獎勵金2017 Annual Report 年 度 報 告 229
Notes to the Consolidated Financial Statements
綜合財務報表附註
26 FINANCE INCOME AND COSTS
Year ended 31 December
截12月31日止年度
2017 2016
2017年 2016年
RMB’000 RMB’000
民幣千元 民幣千元

Finance Income 融資收入
– Foreign exchange gains －滙兌收入 — 32759
– Interest income －利息收入 6651 933
Finance Costs 融資成
– Foreign exchange losses －滙兌損失 (52095) —

Finance (cost)income net 融資（成）╱收入－淨額 (45444) 33692

27 INCOME TAX EXPENSE
Year ended 31 December
截12月31日止年度
2017 2016
2017年 2016年
RMB’000 RMB’000
民幣千元 民幣千元

Current income tax 期稅 111960 69085
Deferred tax credit (Note 11) 遞延稅項抵免（附註11） (3970) (716)

Income tax expense 稅開支 107990 68369

26 融資收入成
27 稅開支頤海國際控股限公司 Yihai International Holding Ltd230
Notes to the Consolidated Financial Statements
綜合財務報表附註
27 INCOME TAX EXPENSE (Cont’d)
(a) Cayman Islands income tax
The Company was incorporated in Cayman Islands as
an exempted company with limited liability under the
Companies Law of Cayman Islands and accordingly is
exempted from payment of local income tax
(b) Hong Kong income tax
Hong Kong profits tax has not been provided as there are no
estimated assessable profits arising in or derived from Hong
Kong during the year ended 31 December 2017
(c) PRC Corporate Income Tax (CIT)
The income tax provision of the Group in respect of
operations in the PRC has been calculated at the tax rate
of 25 on the estimated assessable profits for the years
end 31 December 2017 and 2016 based on the existing
legislation interpretations and practices in respect thereof
(d) PRC withholding tax (WHT)
According the applicable PRC tax regulations dividends
distributed by a company established in the PRC to a foreign
investor with respect to profit derived after 1 January 2008
are generally subject to a 10 WHT If a foreign investor
incorporated in Hong Kong meets the conditions and
requirements under the double taxation treaty arrangement
entered into between the PRC and Hong Kong the relevant
withholding tax rate will be 5
According to a shareholder’s resolution of the immediate
holding company of the PRC subsidiaries of the Group dated
31 December 2017 the retained earnings of the Group’s
subsidiaries incorporated in the PRC as at 31 December
2017 will not be distributed in the foreseeable future As a
result no deferred tax liability was recognised
27 稅開支（續）
(a) 開曼群島稅
公司根據開曼群島公司法於
開曼群島註冊成立為獲豁免
限責公司獲豁免繳納當
稅
(b) 香港利稅
於 截 2017年12月31日
止年度公司並未香港產
生賺取估計應課稅盈利
毋須繳付香港利稅
(c) 中國企業稅（「企業
稅」）
集團已根據現行法例詮釋
關慣例於截2017年
2016年12月31日 止 年 度
估計應課稅溢利25稅
率計算中國業務稅撥
備
(d) 中國預扣稅（「預扣稅」）
根據適中國稅務法規
於中國成立公司2008年
1月1日後賺取溢利境
外投資者分派股息般須繳納
10預扣稅境外投
資者於香港註冊成立並符合
中國與香港訂立雙邊稅務安
排項條件規定則相關
預扣稅稅率將為5
根 據 日 期 為2017年12月31
日集團中國附屬公司直
接控股公司股東決議案於
2017年12月31日集團於中
國註冊成立附屬公司保留
盈利將會於見未來分派
並無確認遞延稅項負
債2017 Annual Report 年 度 報 告 231
Notes to the Consolidated Financial Statements
綜合財務報表附註
27 INCOME TAX EXPENSE (Cont’d)
(d) PRC withholding tax (WHT) (Cont’d)
The tax on the Group’s profit before tax differs from the
theoretical amount that would arise using the statutory tax
rate as follows
Year ended 31 December
截12月31日止年度
2017 2016
2017年 2016年
RMB’000 RMB’000
民幣千元 民幣千元

Profit before income tax 稅前溢利 369080 255089

Tax calculated at domestic tax
rates applicable to profits in
the respective countries
關國家適於溢利
國內稅率計算稅項
108408 66703
Expenses not deductible
for tax purposes
扣稅開支
672 1666
Income not subject to tax 毋須課稅收入 (1090) —

Taxation charge 稅項支出 107990 68369

27 稅開支（續）
(d) 中國預扣稅（「預扣稅」）（續）
對集團稅前溢利徵稅款
與法定稅率產生理論稅款
差額：頤海國際控股限公司 Yihai International Holding Ltd232
Notes to the Consolidated Financial Statements
綜合財務報表附註
28 EARNINGS PER SHARE
(a) Basic earnings per share
Basic earnings per share for each of the years ended
31 December 2017 and 2016 are calculated by dividing
the profit of the Group attributable to the owners of the
Company by the weighted average number of ordinary
shares in issue less shares held for RSU Scheme during the
year
Year ended 31 December
截12月31日止年度
2017 2016
2017年 2016年
RMB’000 RMB’000
民幣千元 民幣千元

Profit attributable to owners
of the Company (RMB’000)
公司擁應佔
溢利（民幣千元） 260670 186720

Weighted average number
of ordinary shares in issue
less shares held for
RSU Scheme (thousands)
已發行普通股加權
均數減受限制
股份單位計劃持
股份（千股） 969680 797220

Basic earnings per share
(RMB cents)
股基盈利（民幣分）
269 234

(b) Diluted earnings per share
Diluted earnings per share is calculated by adjusting the
weighted average number of ordinary shares outstanding
to assume conversion of all dilutive potential ordinary
shares The restricted share granted and assumed vested
(Restricted Shares) are the only dilutive potential ordinary
shares during the year ended 31 December 2017 During
the year ended 31 December 2016 the RCPS as well as
Restricted Shares were the dilutive potential ordinary shares
They were antidilutive and the dilutive earnings per share as
the same as basic earnings per share
28 股盈利
(a) 股基盈利
截 2017年 2016年12月
31日止年度年股基
盈利公司擁應佔
集團溢利已發行普通股
加權均數減受限制股份單
位計劃持股份計算
(b) 股攤薄盈利
股攤薄盈利透過假設
潛攤薄普通股均已轉換從
調整已發行普通股加權
均數計算出截2017年
12月31日止年度已授出
假設歸屬受限制股份（「受限
股份」）為唯潛攤薄普通
股 截 2016年12月31日
止年度贖回轉換優先股
受限股份為潛攤薄普通
股彼等為反攤薄股攤薄
盈利與股基盈利相2017 Annual Report 年 度 報 告 233
Notes to the Consolidated Financial Statements
綜合財務報表附註
28 EARNINGS PER SHARE (Cont’d)
(b) Diluted earnings per share (Cont’d)
Year ended 31 December
截12月31日止年度
2017 2016
2017年 2016年

Earnings 盈利－
Profit attributable to owners
of the Company (RMB’000)
公司擁應佔溢利
（民幣千元） 260670 186720
Adjustment for fair value loss
of RCPS (RMB’000) (a)
贖回轉換優先股
公值虧損調整
（民幣千元）(a) — 35264

Profit used to determine
diluted earnings per share
(RMB’000)
釐定股攤薄盈利
溢利（民幣千元）
260670 221984

Weighted average number
of ordinary shares in issue
for basic earnings per share
(thousands)
於計算股基盈利
已發行普通股加權
均數（千股）
969680 797220
Adjustments for 項作出調整：
– Assumed conversion
of RCPS (thousands)
－假設贖回轉換
優先股已轉換（千股） — 41458
– Restricted Shares
granted and assumed
vested (thousands)
－已授出假設已歸屬
受限制股份（千股）
5291 9
Weighted average number
of ordinary shares for
diluted earnings per
share (thousands)
於計算股攤薄盈利
普通股加權均數（千股）
974971 838687

Diluted earnings per
share (RMB cent)
股攤薄盈利（民幣分）
267 234

(a) On 14 December 2015 the Company issued 54222222
shares of Series A preferred shares with redemption and
conversion features (RCPS) On 13 July 2016 all RCPS
were automatically converted into ordinary shares
28 股盈利
(b) 股攤薄盈利（續）
(a) 於2015年12月14日
公 司 發 行54222222股
贖回換股A系列優先股
（「贖回轉換優先股」）
於2016年7月13日
贖回轉換優先股動轉
換為普通股頤海國際控股限公司 Yihai International Holding Ltd234
Notes to the Consolidated Financial Statements
綜合財務報表附註
29 DIVIDENDS
The total dividends paid in 2017 amounted to RMB36642000 or
RMB35671 cents per share (2016 Nil) of which RMB2646000
were paid to the shares held by the RSU Trustee
Pursuant to resolution passed on 21 March 2018 the board
of directors of the Company proposed a final dividend of
RMB497985 cents per ordinary share of the Company amounting
to RMB52134 million for the year ended 31 December 2017 from
the Company’s retain earnings account The final dividend is to be
proposed for approval by the shareholders of the Company at the
annual general meeting to be held on 27 April 2018
The aggregate amounts of the dividends paid during 2017 have
been disclosed in the consolidated statement of changes in equity
in accordance with the disclosure requirements of the Hong Kong
Companies Ordinance
30 CONTINGENT LIABILITIES
As at 31 December 2017 the Group did not have any contingent
liabilities
29 股息
於2017年已付股息總額為民幣
36642000元股民幣35671
分（2016年： 零 ） 中 民 幣
2646000元已派付予受限制股
份單位受托持股份
根據於2018年3月21日通過決
議案公司董事會建議公司
未分配溢利賬派付末期股息股
公司普通股民幣497985分
截2017年12月31日止年度金
額為民幣52134百萬元末期股
息將於2018年4月27日舉行股
東週年會提呈公司股東批准
根據香港公司條例披露規定於
2017年支付股息總額已綜合權
益變動表披露
30 然負債
於2017年12月31日集團並無
擁然負債2017 Annual Report 年 度 報 告 235
Notes to the Consolidated Financial Statements
綜合財務報表附註
31 NOTES TO THE CONSOLIDATED STATEMENTS OF CASH
FLOWS
(a) Reconciliation of profit before income tax to net cash flows
used in operations
Year ended 31 December
截12月31日止年度
2017 2016
2017年 2016年
RMB’000 RMB’000
民幣千元 民幣千元

Profit before income tax 稅前溢利 369080 255089
Adjustments for 項作出調整：
Change in fair value of financial
instruments at fair value through
profit or loss
公值計入損益
金融工具公值變動
263 —
Changing in fair value of RCPS 贖回轉換優先股
公值變動 — 35264
Sharebased payment
expense (Note 20)
股份為基礎付款
開支（附註20） 8510 102
Depreciation of property
plant and equipment (Note 8)
物業廠房設備折舊
（附註8） 14471 13825
Amortisation of land use rights
(Note 6)
土權攤銷（附註6）
773 503
Amortisation of intangible assets
(Note 7)
無形資產攤銷（附註7）
851 372
Losses on disposal of property
plant and equipment (Note 25)
處置物業廠房設備
虧損（附註25） 284 780
Provision for impairment of
receivables (Note 13 and 14)
應收款項減值撥備
（附註1314） 77 112
Writedown of inventories
(Note 12)
撇銷存貨（附註12）
279 152
Finance cost(income) 融資成╱（收入） 45680 (33692)
Investment income from
financial assets
金融資產投資收入
(5241) —
Changes in working capital 營運資金變動：
Inventories 存貨 (17400) (27894)
Trade and other receivables and
prepayments
貿易應收款項
預付款項 (102907) 9896
Trade and other payables and
accruals
貿易應付款項
應計費 123961 28733

Cash generated from operations 經營現金 438681 283242

31 綜合現金流量表附註
(a) 稅前溢利與經營現
金流量淨額對賬：頤海國際控股限公司 Yihai International Holding Ltd236
Notes to the Consolidated Financial Statements
綜合財務報表附註
31 NOTES TO THE CONSOLIDATED STATEMENTS OF CASH
FLOWS (Cont’d)
(b) Proceeds from disposal of property plant and equipment
and intangible assets comprise
Year ended 31 December
截12月31日止年度
2017 2016
2017年 2016年
RMB’000 RMB’000
民幣千元 民幣千元

Net book amount property plant
and equipment and intangible
assets (Note 7 and 8)
賬面淨值－物業廠房
設備無形資產
（附註78） 744 6314
Loss on disposal of property
plant and equipment and
intangible assets (Note 25)
處置物業廠房設備
無形資產虧損
（附註25） (284) (780)

Proceeds from disposal of property
plant and equipment and
intangible assets
處置物業廠房
設備無形資產
款項 460 5534

31 綜合現金流量表附註（續）
(b) 出售物業廠房設備款
項包括：2017 Annual Report 年 度 報 告 237
Notes to the Consolidated Financial Statements
綜合財務報表附註
32 COMMITMENTS
(a) Capital commitments
Capital expenditure contracted for the year end but not yet
incurred is as follow
As at 31 December
於12月31日
2017 2016
2017年 2016年
RMB’000 RMB’000
民幣千元 民幣千元

Property plant and equipment 物業廠房設備 40186 100002

(b) Noncancellable operating leases
The Group leases various offices warehouses and retail
stores under noncancellable operating leases expiring
within two to eight years The leases have varying terms
escalation clauses and renewal rights On renewal the terms
of the leases are renegotiated Excess warehouse space is
sublet to third parties also under noncancellable operating
leases
As at 31 December
於12月31日
2017 2016
2017年 2016年
RMB’000 RMB’000
民幣千元 民幣千元

Within 1 year 年內 4416 3013
Between 1 to 5 years 五年間 2455 3013

6871 6026

32 承擔
(a) 資承擔
年末已訂約尚未產生資
開支：
(b) 撤銷經營租賃
集團根據撤銷經營租賃
租賃處辦公室倉庫零售
店舖於兩八年期該等
租賃擁年期動調
整條款重續權重續時租
賃年期重新協商餘倉庫空
間根據撤銷經營租賃轉
租予第三方頤海國際控股限公司 Yihai International Holding Ltd238
Notes to the Consolidated Financial Statements
綜合財務報表附註
33 RELATED PARTY TRANSACTIONS
(a) Name and relationship with related parties
Names of the related parties Nature of relationship
關聯方名稱 關係性質

Sichuan Haidilao and its subsidiaries Companies beneficially owned
by the Ultimate Shareholders
四川海底撈附屬公司 終股東實益擁公司
HAI DI LAO HOLDINGS PTE LTD and its subsidiaries
(Singapore Haidilao Group)
Companies beneficially owned
by the Ultimate Shareholders
HAI DI LAO HOLDINGS PTE LTD
附屬公司（「新加坡海底撈集團」）
終股東實益擁公司
Shuhai (Beijing) Supply Chain Management Co Ltd
(Shuhai Supply Chain)
Company beneficially owned
by the Ultimate Shareholders
蜀海（北京）供應鏈理限責公司（「蜀海供應鏈」） 終股東實益擁公司
Youdingyou (Beijing) Food Ltd (Youdingyou) Company beneficially owned
by the Ultimate Shareholders
北京優鼎優餐飲理限公司（優鼎優） 終股東實益擁公司
Sichuan Haidilao Group and Singapore Haidilao Group are
collectively referred to as Haidilao Group
The following transactions occurred with related parties
Sales and purchases of goods and services
Year ended 31 December
截12月31日止年度
2017 2016
2017年 2016年
RMB’000 RMB’000
民幣千元 民幣千元

Sales of goods to related parties 關聯方銷售商品 915911 605728

33 關聯方交易
(a) 名稱與關聯方關係：
四川海底撈集團新加坡海底
撈集團統稱為海底撈集團
列交易與關聯方進行：
銷售購買商品服務2017 Annual Report 年 度 報 告 239
Notes to the Consolidated Financial Statements
綜合財務報表附註
33 RELATED PARTY TRANSACTIONS (Cont’d)
(b) Warehouse and rental expenses
Year ended 31 December
截12月31日止年度
2017 2016
2017年 2016年
RMB’000 RMB’000
民幣千元 民幣千元

Warehouse expenses 倉庫開支 4308 3468
Rental expenses 租賃開支 2869 2917

All the Transactions with related parties were conducted in
accordance with the terms of contracts entered into between
the Group and the related parties
(c) Key management compensation
Year ended 31 December
截12月31日止年度
2017 2016
2017年 2016年
RMB’000 RMB’000
民幣千元 民幣千元

Salaries allowance
and other benefits
薪金津貼福利
4422 2917

33 關聯方交易（續）
(b) 倉庫租賃開支
與關聯方交易根據
集團關聯方間訂立合約
條款進行
(c) 理層薪酬頤海國際控股限公司 Yihai International Holding Ltd240
Notes to the Consolidated Financial Statements
綜合財務報表附註
33 RELATED PARTY TRANSACTIONS (Cont’d)
(d) Yearend balances with related parties were as follows
As at 31 December
於12月31日
2017 2016
2017年 2016年
RMB’000 RMB’000
民幣千元 民幣千元

Assets 資產
Trade receivables 貿易應收款項 110107 54224
Other receivables 應收款項 — 390

Total 總計 110107 54614

As at 31 December
於12月31日
2017 2016
2017年 2016年
RMB’000 RMB’000
民幣千元 民幣千元

Liabilities 負債
Trade payables 貿易應付款項 218 —
Other payables and accrual 應付款項應計費 258 4045

Total 總計 476 4045

All the balances with related parties are unsecured bear no
interest and shortterm in nature
(e) Free trademark license agreement
On 1 December 2015 the Group entered into two trademark
license agreements with Sichuan Haidilao in respect of
certain trademarks which had been registered by the name
of Sichuan Haidilao in the PRC and certain trademarks which
are in the process of registration by Sichuan Haidilao in the
PRC (collectively the Trademark License Agreements)
pursuant to which Sichuan Haidilao agreed to license such
trademarks for the Group to use in connection with the
Group’s operations on an exclusive and royaltyfree basis
for a perpetual term commencing from 1 January 2007 to
the extent permissible under the Listing Rules of The Stock
Exchange of Hong Kong Limited (the HKSE) relevant laws
and regulations
33 關聯方交易（續）
(d) 與關聯方年末結餘：
與關聯方結餘性質均
屬於無抵押免息短期
(e) 免費商標許協議
於2015年12月1日 集
團與四川海底撈四川海底撈
已中國四川海底撈名義註
冊干商標正中國辦理
註冊干商標訂立兩份商標
許協議（統稱「商標許協
議」）據四川海底撈意
獨家免特許權費基準
許集團香港聯交市
規則相關法律法規允許情
況於業務營運永久該
等商標2007年1月1日開
始2017 Annual Report 年 度 報 告 241
Notes to the Consolidated Financial Statements
綜合財務報表附註
34 BALANCE SHEET AND RESERVE MOVEMENT OF THE
COMPANY
Balance sheet of the Company
As at 31 December
於12月31日
2017 2016
2017年 2016年
RMB’000 RMB’000
民幣千元 民幣千元

Assets 資產
Noncurrent assets 非流動資產
Investments in subsidiaries 於附屬公司投資 1130000 1130000

Current assets 流動資產
Other receivables 應收款項 165408 139508
Cash and cash equivalents 現金現金等價物 700426 819096

Total current assets 流動資產總值 865834 958604

Total assets 資產總值 1995834 2088604

Equity 權益
Equity attributable to equity
holders of the Company
公司權益持
應佔權益
Share capital 股 68 68
Shares held for employee share scheme 僱員股份計劃持股份 (5) (5)
Reserves 儲備 1992436 2087927

Total equity 權益總額 1992499 2087990

Liabilities 負債
Current liabilities 流動負債
Other payables 應付款項 3335 614

Total liabilities 負債總額 3335 614

Total equity and liabilities 權益負債總額 1995834 2088604

The balance sheet of the Company was approved by the Board of
Directors on 21 March 2018 and was signed on its behalf
DANG CHUNXIANG SUN SHENGFENG
黨春香 孫勝峰
Director Director
董事 董事
34 公司資產負債表儲備變動
公司資產負債表
公司資產負債表已於2018年3月21日
獲董事會批准並已代簽署頤海國際控股限公司 Yihai International Holding Ltd242
Notes to the Consolidated Financial Statements
綜合財務報表附註
34 BALANCE SHEET AND RESERVE MOVEMENT OF THE
COMPANY (Cont’d)
Reserve movement of the Company
Share
premium
Sharebased
payment
reserve
Capital
reserve
Retained
earnings
(Accumulated
losses) Total
股份溢價
股份為
基礎
付款儲備 資儲備
保留盈利╱
（累計虧損） 總計
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

As at 1 January 2016 於2016年1月1日 17649 — 1130000 1404 1149053
Profit for the year 年內溢利 — — — 831 831
Issuance of new ordinary shares
(Note 17(c))
發行新普通股（附註17(c)）
759284 — — — 759284
Capitalisation issue (Note 17(b)) 資化發行（附註17(b)） (16) — — (16)
Share issuance costs 股份發行成 (39093) — — — (39093)
Conversion of Redeemable
convertible preferred shares
轉換贖回轉換優先股
221927 — — — 221927
Sharebased payment expense
(Note 20)
股份為基礎付款開支
（附註20） — 102 — — 102
Shares repurchased 購回股份 (4161) — — — (4161)

As at 31 December 2016 於2016年12月31日 955590 102 1130000 2235 2087927

As at 1 January 2017 於2017年1月1日 955590 102 1130000 2235 2087927
Loss for the year 年內虧損 — — — (67359) (67359)
Sharebased payment expense
(Note 20)
股份為基礎付款開支（附註20）
— 8510 — — 8510
Dividends declaredpaid 已宣派╱已付股息 (36642) — — — (36642)

As at 31 December 2017 於2017年12月31日 918948 8612 1130000 (65124) 1992436

34 公司資產負債表儲備變動
（續）
公司儲備變動2017 Annual Report 年 度 報 告 243
Notes to the Consolidated Financial Statements
綜合財務報表附註
35 BENEFITS AND INTERESTS OF DIRECTORS
(a) Directors’ and chief executives’ emoluments
During the year end 31 December 2017 there were no
director fees paidpayable The remuneration of the directors
for the years ended 31 December 2017 and 2016 is set out
below
Salaries bonus
allowance and benefits
薪金花紅津貼福利
2017 2016
2017年 2016年
RMB’000 RMB’000
Name 姓名 民幣千元 民幣千元

Executive directors 執行董事
Ms Dang Chunxiang (黨春香) 黨春香女士 1285 785
Mr Sun Shengfeng (孫勝峰) 孫勝峰先生 1033 749
Nonexecutive directors 非執行董事
Mr Gou Yiqun (苟軼群) 苟軼群先生 — —
Mr Zhang Yong (張勇) 張勇先生 — —
Mr Shi Yonghong (施永宏) 施永宏先生 — —
Mr Pan Di (潘迪) 潘迪先生 — —
Independent
nonexecutive Directors
獨立非執行董事
Mr Yau Ka Chi (邱家賜) (e) 邱家賜先生(e) 173 86
Mr Qian Mingxing (錢明星) (e) 錢明星先生(e) 173 86
Ms Ye Shujun (葉蜀君) (e) 葉蜀君女士(e) 173 86
Chief executives 行政員
Mr Du Zhuang (杜壯) 杜壯先生 849 607
Mr Xu Hai (徐海) 徐海先生 736 518

4422 2917

Ms Dang Chunxiang and Mr Sun Shengfeng were
appointed as executive directors on 7 March 2016 Mr Gou
Yiqun Mr Zhang Yong Mr Shi Yonghong and Mr Pan
Di were appointed as nonexecutive directors on 7 March
2016 Mr Yau Ka Chi Mr Qian Mingxing Ms Ye Shujun
were appointed as independent nonexecutive directors on
20 June 2016Mr Du Zhuang and Mr Xu Hai were appointed
as chief executive on 7 March 2016
35 董事利益權益
(a) 董事行政員酬金
截 2017年12月31日 止 年
度概無已付╱應付董事袍
金 董 事 於 截 2017年
2016年12月31日止年度薪
酬：
黨春香女士孫勝峰先生於
2016年3月7日獲委為執行
董事苟軼群先生張勇先
生施永宏先生潘迪先生
於2016年3月7日獲委為非
執行董事邱家賜先生錢明
星先生葉蜀君女士於2016
年6月20日獲委為獨立非
執行董事杜壯先生徐海先
生於2016年3月7日獲委為
行政員頤海國際控股限公司 Yihai International Holding Ltd244
Notes to the Consolidated Financial Statements
綜合財務報表附註
35 BENEFITS AND INTERESTS OF DIRECTORS
(b) No directors of the Company waived any emoluments
and no emoluments were paid by the Group to any of the
directors of the Company as an inducement to join or upon
joining the Group or as a compensation for loss of office as
director
(c) No retirement benefits were paid to or receivable by any
directors in respect of their other services in connection
with the management of the affairs of the Company or its
subsidiary undertaking
(d) No payment was made to directors as compensation for the
early termination of the appointment during the year ended
31 December 2017
(e) No payment was made to the former employer of directors
for making available the services of them as a director of the
Company
(f) There are no loans quasiloans and other dealings in favour
of directors controlled bodies corporate by and connected
entities with such directors during the year ended 31
December 2017
(g) Save for the disclosure in the connected transactions section
of the prospectus and the circular of the Company dated
18 October 2017 no significant transactions arrangements
and contracts in relation to the Group’s business to which
the Company was a party and in which a director of the
Company had a material interest whether directly or
indirectly subsisted at the end of or at any time during the
year ended 31 December 2017
35 董事利益權益（續）
(b) 概無公司董事放棄收取
酬金集團並無公司
董事支付酬金作為
彼等加入集團時加入集
團後獎勵作為失董事職
位補償
(c) 概無董事彼等關公司
附屬公司事務理服
務收取應收取退休福
利
(d) 截 2017年12月31日 止 年
度公司並無提前終止
期董事作出付款作為補
償
(e) 公司並無董事提供董事服
務前僱員作出付
款
(f) 截 2017年12月31日 止 年
度概無董事關董事
受控制法團體關聯實體為
受益貸款準貸款
交易
(g) 招股章程關連交易公司
日 期 為2017年10月18日
通函內披露事項外公司
概無參與訂立於截2017
年12月31日止年度結束時
截 2017年12月31日 止 年
度時間內存續致董事
擁重權益（無論直接
間接）與 貴集團業務關
重交易安排合
約

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