嘉利國際定期财报：嘉利國際：二零一八／二零一九年年報

ProfitsPreservationandTransformationEstablishmentCenturiesofLegacyProfitabilityisessentialforanenterpriseinordertodemonstrateitsvalue.Eversinceitsestablishment40yearsago,theGrouphasbeenpersistentlyidentifyingandseizingbusinessopportunities,transformingitself,strengtheningitscorebusinesses,forgingaheadandgeneratingprofitforitsshareholderseveryyear.Withtheconcertedeffortofthemanagement,thediversifiedbusinessprofileiswhatmakesthefertilesoilfortheGrouptoflourishlikeatree.Buildingacentennialenterpriseisnotjustasloganoraone-timecorporateinitiative.Itisaconstanteffortandaconsistentdevelopmentpolicythatrequirescontinuoustalentsupport.Acentennialenterprisemusthavethefollowingqualities:(1)robustadaptability;(2)diversifieddevelopment;(3)strongcommitmenttocorevalues;and(4)highalertness(fordetails,pleaserefertothesectionentitled“BuildingaCentennialEnterprise”intheChairman’sStatement).Onlywiththesevaluescananenterprisemoveforwardthroughupsanddowns,stayabreastofmarketdevelopmentsandachievesustainability.Inadditiontocreatingvalueforitsshareholders,theGroupalsohastoearntherecognitionofthesocietyandsatisfytheneedsofdifferentstakeholders.Itwillfulfilitscorporatesocialresponsibilities,strikeabalanceamongeconomicdevelopment,theenvironmentandthesociety,andrealisesustainability.Lastbutnotleast,afteryearsofsuccessinmaintainingprofitsandtransformation,theGroupisstrivingtowardsthegoalofbuildingacentennialenterprise.Itcallsfortheconcertedeffortoftheentirestafftocreatevalueandfightforthefuture.持盈變新創造百年企業必先有盈利，才能衍生其價值。

本集團創立近四十年，其間不斷尋找商機，革新求變，穩固基業，向前邁進，每年皆為股東帶來利潤，猶如管理層携手掌握着堅實土壤，樹木因而能在多元業務孕育下，茁壯豐盛成長。

創造百年不是一個口號，也不是一次性的企業行動，而是要有持續性的發展、一致性的政策及延續性的人才，必須兼備（1）堅毅的適應能力；（2）多元化發展；（3）堅守核心價值及（4）充滿危機意識（詳見主席報告內「創造百年」的命題）。

故企業能在跌宕起伏的巨輪，仍然長青不敗，永續發展。

同時，本集團除了為股東創造了價值外，還要深受社會認同，滿足不同持份者的需要，履行企業社會責任，推行經濟、環境及社會共融發展，成為可持續發展的企業。

最後，本集團經年保持盈利，不時蛻變革新，為建立百年企業而努力，希冀各員皆能創價值、展未來，共勉之。

Contents目錄CorporateInformation公司資料2KeyInformationforShareholders主要股東資料4CorporateCalendar企業大事日誌8FinancialHighlights財務概要9Chairman’sStatement主席報告12CorporateGovernanceReport企業管治報告書37SeniorManagementProfile高級管理人員之個人資料63ReportoftheDirectors董事會報告69IndependentAuditor’sReport獨立核數師報告101ConsolidatedFinancialStatements綜合財務報表114Five-yearFinancialSummary五年財務摘要296PropertiesHeldbytheGroup本集團持有之物業298KARRIEINTERNATIONALHOLDINGSLIMITED嘉利國際控股有限公司2CorporateInformation公司資料註冊辦事處ClarendonHouse2ChurchStreetHamiltonHM11Bermuda總辦事處及主要營業地點香港新界荃灣青山公路611–619號東南工業大廈10樓網址董事執行董事何焯輝先生（主席兼行政總裁）陳名妹小姐趙凱先生陳毅文先生非執行董事何卓明先生（非執行董事兼副主席）何啟文先生獨立非執行董事蘇偉俊先生方海城先生任重誠先生審核委員會蘇偉俊先生方海城先生何卓明先生任重誠先生薪酬委員會蘇偉俊先生何卓明先生任重誠先生REGISTEREDOFFICEClarendonHouse2ChurchStreetHamiltonHM11BermudaHEADOFFICEANDPRINCIPALPLACEOFBUSINESS10thFloorSoutheastIndustrialBuilding611–619CastlePeakRoadTsuenWanNewTerritoriesHongKongWEBSITEDIRECTORSExecutiveDirectorsMr.HOCheukFai(Chairman&CEO)Ms.CHANMingMui,SilviaMr.ZHAOKaiMr.CHANRaymondNon-executiveDirectorsMr.HOCheukMing(Non-executiveDirectorandDeputyChairman)Mr.HOKaiManIndependentNon-executiveDirectorsMr.SOWaiChunMr.FONGHoiShingMr.YAMChungShingAUDITCOMMITTEEMr.SOWaiChunMr.FONGHoiShingMr.HOCheukMingMr.YAMChungShingREMUNERATIONCOMMITTEEMr.SOWaiChunMr.HOCheukMingMr.YAMChungShingANNUALREPORT2018/19年報3CorporateInformation公司資料公司秘書鄧榮輝先生核數師畢馬威會計師事務所執業會計師香港中環遮打道10號太子大廈8樓法律顧問溫斯頓律師事務所香港中環花園道1號中銀大廈42樓主要往來銀行恒生銀行東亞銀行有限公司中國建設銀行（亞洲）香港上海匯豐銀行有限公司瑞穗銀行渣打銀行（香港）有限公司三井住友銀行主要股份過戶登記處MUFGFundServices(Bermuda)Limited4/F.,NorthCedarHouse41CedarAvenueHamiltonHM12Bermuda香港股份過戶登記分處香港中央證券登記有限公司香港灣仔皇后大道東183號合和中心17樓1712-1716室COMPANYSECRETARYMr.TANGWingFaiAUDITORKPMGCertifiedPublicAccountants8thFloorPrince’sBuilding10ChaterRoadCentral,HongKongLEGALADVISERWINSTON&STRAWN42ndFloor,BankofChinaTower1GardenRoadCentralHongKongPRINCIPALBANKERSHangSengBankTheBankofEastAsia,LimitedChinaConstructionBank(Asia)TheHongkongandShanghaiBankingCorporationLimitedMizuhoBank,Ltd.StandardCharteredBank(HongKong)LimitedSumitomoMitsuiBankingCorporationPRINCIPALSHAREREGISTRARANDTRANSFEROFFICEMUFGFundServices(Bermuda)Limited4/F.,NorthCedarHouse41CedarAvenueHamiltonHM12BermudaHONGKONGBRANCHSHAREREGISTRARANDTRANSFEROFFICEComputershareHongKongInvestorServicesLimitedRooms1712–1716,17thFloorHopewellCentre183Queen’sRoadEastWanChai,HongKongKARRIEINTERNATIONALHOLDINGSLIMITED嘉利國際控股有限公司4KeyInformationforShareholders主要股東資料二零一九年財務年誌財務年結日二零一九年三月三十一日二零一八年╱一九年度業績公佈日期二零一九年六月二十六日享有參與二零一八年╱一九年度股東週年大會及投票之最後登記日期二零一九年八月十六日二零一八年╱一九年股東週年大會二零一九年八月二十三日二零一八年╱一九年度末期股息最後登記日期二零一九年八月二十八日預計二零一八年╱一九年度末期股息派息日二零一九年九月十八日股本FINANCIALCALENDAR2019FinancialYearEnd31March2019Announcementof2018/19results26June2019Lastdaytoregisterfortheentitlementtoattendandvoteatthe2018/19AnnualGeneralMeeting16August20192018/19AnnualGeneralMeeting23August2019Lastdaytoregisterfor2018/19FinalDividends28August20192018/19FinalDividendexpectedPaymentDate18September2019SHARECAPITALAsat截至31March201930June2019二零一九年二零一九年三月三十一日六月三十日Authorised(HK$)法定（港元）400,000,000400,000,000Issued(HK$)已發行（港元）199,183,320199,183,320ANNUALREPORT2018/19年報5KeyInformationforShareholders主要股東資料股權結構及股東分佈之分析截至二零一九年六月三十日，本公司共發行1,991,833,200股股份（「股」），其中公眾持股量約佔25.36%(1)。

截至同日，本公司擁有註冊股東854名。

根據股東名冊及中央結算交收系統於二零一九年六月三十日編纂的參與者股權報告，我們編製了以下股東分佈表供投資者參考：備註:(1)公眾持股量代表（除NewSenseEnterprisesLimited、嘉輝房地產拓展有限公司、婚紗城有限公司、何氏家族及本公司董事所持股份數量外）公眾人士所持有的股份數量。

(2)何氏家族由主席兼行政總裁何焯輝先生，非執行董事兼副主席何卓明先生及何寶珠女士組成。

(3)董事代表（除何焯輝先生及何卓明先生外）本公司之董事。

(4)本公司回購了622,000股，仍未註銷。

ANALYSISOFSHAREHOLDINGSTRUCTUREANDSHAREHOLDERDISTRIBUTIONAsat30June2019,theCompanyhadissued1,991,833,200shares(the“Share”)ofwhichapproximately25.36%(1)washeldbythepublic.Asatthatdate,theCompanyhadatotalof854registeredshareholders.ThefollowingtableshowsthedistributionofownershipaccordingtotheRegisterofMembersandtheParticipantShareholdingReportgeneratedfromtheCentralClearingandSettlementSystemasof30June2019:CategoryNumberofregisteredshareholders%ofnumberofshareholdersNumberofShares%oftotalissuedsharecapital類別註冊股東數目佔註冊股東比例%持股數量佔已發行股份比例%NewSenseEnterprisesLimited10.12%487,608,00024.48%CastfastPropertiesDevelopmentCo.,Ltd.嘉輝房地產拓展有限公司10.12%330,000,00016.57%TheWeddingCityCo.Limited婚紗城有限公司10.12%260,000,00013.05%Ho’sfamily(2)何氏家族(2)30.35%400,462,00020.11%Directors(3)董事(3)50.59%8,604,0000.43%Individuals個人投資者66677.98%20,509,7301.03%Institutions,corporatesandnominees機構投資者、企業投資者及代理人17720.72%484,649,47024.33%Total合計854100.00%1,991,833,200100.00%Notes:(1)Publicshareholdingrepresentssharesheldbythepublic,excludingthoseheldbyNewSenseEnterprisesLimited,CastfastPropertiesDevelopmentCo.,Limited,TheWeddingCityCo.,Limited,Ho’sfamilyandDirectorsoftheCompany.(2)Ho’sfamilycomprisesMr.HoCheukFai,ChairmanandChiefExecutiveOfficer,Mr.HoCheukMing,Non-executiveDirectorandDeputyChairmanandMs.HoPoChu.(3)DirectorsrepresentDirectorsoftheCompanyexcludingMr.HoCheukFaiandMr.HoCheukMing(4)TheCompanyrepurchased622,000Shares,whichhadnotbeencancelled.KARRIEINTERNATIONALHOLDINGSLIMITED嘉利國際控股有限公司6KeyInformationforShareholders主要股東資料市值截至二零一九年三月三十一日（收市價：1.20港元）2,390,199,840港元截至二零一九年六月三十日（收市價：1.13港元）2,250,771,516港元MARKETCAPITALISATIONAsat31March2019(ClosingPrice:HK$1.20)HK$2,390,199,840Asat30June2019(ClosingPrice:HK$1.13)HK$2,250,771,5161.300.901.001.101.201.300.901.001.101.20SharePrice(HK$)股價（港元）SharePrice(HK$)股價（港元）Jul18Oct18Jan19Apr18Jul18Oct18Jan19Apr18SharePriceMovementandTradeVolumeinFinancialYear2018/19二零一八/一九財政年度之股價走勢及成交00321321TradeVolume(Sharesinmillion)成交量（百萬股）TradeVolume(Sharesinmillion)成交量（百萬股）ANNUALREPORT2018/19年報7KeyInformationforShareholders主要股東資料股份編號香港聯合交易所有限公司主板1050每手股數2,000股股東服務假若有任何關於　閣下股份之事宜，包括股份轉讓、更改姓名或地址、遺失股票等，請以書面聯絡我們的香港股份過戶登記分處：香港中央證券登記有限公司香港灣仔皇后大道東183號合和中心17樓1712–1716室電話：(852)2862-8628傳真：(852)2529-6087投資者關係如有任何垂詢，請聯絡：蔡瑋軒先生首席財務官嘉利國際控股有限公司香港新界荃灣青山公路611–619號東南工業大廈10樓電話：(852)2411-0913傳真：(852)2415-1608電郵：ir@karrie.comSTOCKCODETheStockExchangeofHongKongLimitedMainBoard1050BOARDLOT2,000SharesSHAREHOLDERSERVICESAnymattersrelatingtoyourshareholding,suchastransferofshares,changeofnameoraddress,andlossofsharecertificatesshouldbeaddressedinwritingtotheHongKongbranchshareregistraroftheCompany:ComputershareHongKongInvestorServicesLimitedRooms1712–1716,17thFloorHopewellCentre183Queen’sRoadEastWanchai,HongKongTel:(852)2862-8628Fax:(852)2529-6087INVESTORRELATIONSForenquiries,pleasecontact:Mr.ChoiWaiHin,HenryChiefFinancialOfficerKarrieInternationalHoldingsLimited10thFloor,SoutheastIndustrialBuilding611–619CastlePeakRoadTsuenWan,NewTerritoriesHongKongTel:(852)2411-0913Fax:(852)2415-1608Email:ir@karrie.comKARRIEINTERNATIONALHOLDINGSLIMITED嘉利國際控股有限公司8CorporateCalendar企業大事日誌2018August8月TheconstructionoftheGroup’sPRCheadquarters,inFenggangDongguanwascompleted.Thebuilding,namedasKarrieGroupTower,isnowinoperation集團位於中國東莞鳳崗之總部辦事處，已完成建設並命名為嘉利集團大廈，已正式投入使用October10月ReceivedtheOutstandingImportandExportEnterpriseAwards2018—CorporateAchievementAwardfromTheHongKongChineseImporters’&Exporters’Associationforthesecondconsecutiveyear再次獲香港中華出入口商會頒發「進出口企業大獎2018-卓越成就獎」ReceivedtheBestQualitySupplierAward2018fromInventec獲英業達頒發「2018品質最佳供應商」獎November11月ReceivedtheSocialCapitalBuilderLogoAwards2018fromtheCommunityInvestmentandInclusionFundundertheHongKongProductivityCouncil獲香港生產力促進局社區投資共享基金頒發「社會資本動力獎2018-標誌獎」2019February2月Receivedthe10YearsPlusCaringCompanyLogofor2005–2019fromTheHongKongCouncilofSocialService獲香港社會服務聯會頒發「10年Plus商界展關懷」（2005–2019）標誌ReceivedtheBestinReportingAwards—SmallMarketCapitalisation(MainBoard)oftheESGAwards2019fromBDO獲BDO舉辦的「環境、社會及管治大獎2019」頒發「最佳ESG報告大獎-主板小市值」ReceivedthetitleofHongKongGreenOrganisationfromtheEnvironmentalCampaignCommittee獲環境運動委員會頒發「香港綠色機構」名銜April4月ReceivedthetitleofEcoChallengerfromtheBOCHKCorporateEnvironmentalLeadershipAwards2018獲「中銀香港企業環保領先大獎2018」頒發「環保優秀企業EcoChallenger」名銜May5月ReceivedtheSmartWayAhead2019—OutstandingServiceabilityAwardfromLenovo獲聯想頒發「智同道合2019-卓越服務獎」ANNUALREPORT2018/19年報9FinancialHighlights財務概要0.01.20.60.01.20.6201520162017201820191.81.8SharePrice(HK$)股價（港元）SharePrice(HK$)股價（港元）SharePriceMovementofthepast5years過去五年之股價走勢圖*Includecontinuingoperationsonly只包括持續經營業務RevenueHK$million收入百萬港元BasicearningspershareHKcents每股基本溢利港仙權益持有人應佔溢利百萬港元DividendspershareHKcents每股股息港仙201920152016201720182019201520162017201820192015201620172018201920152016201720182,5912,8982,700*2,920*11.13.85.98.49.28.03.33.56.58.9221761171681832,651*KARRIEINTERNATIONALHOLDINGSLIMITED嘉利國際控股有限公司10FinancialHighlights財務概要TurnoverpercentagebyProductsTurnoverpercentagebyGeographicalLocation(basedonthecountryinwhichthefinaldestinationofshipmentislocatedorservicesareprovided)按產品所在地劃分的營業額百分率（根據最終付運目的地或服務提供所在國家分配）按產品劃分的營業額百分率53%44%2%2019201851%8%0%1%41%MetalandPlasticBusiness五金塑膠業務ElectronicsManufacturingServicesBusiness電子專業代工業務ConsumerandServicesBusiness消費者及服務業業務RealEstateBusinessandothers房地產業務及其他Discontinuedoperations已終止經營業務Continuingoperations持續經營業務31%6%13%12%31%28%9%13%15%2019201833%Japan日本Asia(excludingJapan,HongKongandthePRC)亞洲（不包括日本、香港及中國）NorthAmerica北美洲WesternEurope西歐HongKong香港ThePRC中國4%5%20192018%Changes二零一九年二零一八年變動百分比HK$million百萬港元Continuingoperations持續經營業務Revenue收入2,6512,920-9%Grossprofit毛利440423+4%Operatingprofit經營溢利316264+20%Profitfortheyearfromcontinuingoperations年度來自持續經營業務之溢利221218+1%Lossfortheyearfromdiscontinuedoperations年度來自已終止經營業務之虧損–35-100%Profitattributabletoequityshareholders權益持有人應佔溢利221183+21%Totalassets資產總值2,4642,644-7%Shareholders’equity股東權益1,1671,188-2%InMillion百萬股Numberofshares股份數目1,9921,995–PerShareData每股資料HKcents港仙Basicearnings基本溢利11.19.2+21%Dilutedearnings攤薄後溢利11.09.1+21%Totalcashdividends總現金股息8.08.9-10%HK$港元Netassetvaluepershare每股資產淨值0.60.6–FinancialRatios財務比率Grossprofitmargin(%)*邊際毛利(%)*16.614.5+14%Netprofitmargin(%)*邊際純利(%)*8.47.5+12%Currentratio流動比率2.21.8+22%Quickratio速動比率1.71.4+21%Netgearingratio(%)淨銀行借貸比率(%)34.029.8+14%Interestcoverage*利息涵蓋比率*19.421.2-8%Dividendpayout(%)派息比率(%)72.196.7-25%Revenuetonetbankborrowings*收入與淨銀行借貸比率*6.78.3-19%Non-currentassetstototalequity(%)非流動資產與權益總值比率(%)74.475.8-2%*Includecontinuingoperationsonly只包括持續經營業務ANNUALREPORT2018/19年報11FinancialHighlights財務概要DEFINITIONSBasicearningsperShareProfitattributabletoequityshareholdersWeightedaveragenumberofSharesDilutedearningsperShareProfitattributabletoequityshareholdersDilutedweightedaveragenumberofSharesNetassetvalueperShareNetassetsNumberofSharesasatyearendGrossprofitmargin(%)Grossprofitfromcontinuingoperationsx100%RevenuefromcontinuingoperationsNetprofitmargin(%)Profitfortheyearfromcontinuingoperationsx100%RevenuefromcontinuingoperationsCurrentratioCurrentassetsCurrentliabilitiesQuickratioCurrentassetslessinventoriesCurrentliabilitiesNetgearingratio(%)BankborrowingslesscashandbankdepositsTotalequityInterestcoverageEarningsbeforeinterestexpenses,tax,depreciationandamortisationfromcontinuingoperationsInterestexpensesfromcontinuingoperationsDividendpayout(%)DividendperSharex100%EarningsperShareRevenuetonetbankborrowingsRevenuefromcontinuingoperationsBankborrowingslesscashandbankdepositsNon-currentassetstototalequity(%)Non-currentassetsTotalequity定義每股基本溢利權益持有人應佔溢利加權平均股數每股攤薄後溢利權益持有人應佔溢利攤薄加權平均股數每股資產淨值資產淨值年底股數邊際毛利(%)來自持續經營業務之毛利x100%來自持續經營業務之收入邊際純利(%)年度來自持續經營業務之溢利x100%來自持續經營業務之收入流動比率流動資產流動負債速動比率流動資產減存貨流動負債淨銀行借貸比率(%)銀行借貸減現金及銀行存款權益總值利息涵蓋比率來自持續經營業務之扣除利息支出、稅項、折舊及攤銷前溢利來自持續經營業務之利息支出派息比率(%)每股股息x100%每股溢利收入與淨銀行借貸比率來自持續經營業務之收入銀行借貸減現金及銀行存款非流動資產與權益總值比率(%)非流動資產權益總值KARRIEINTERNATIONALHOLDINGSLIMITED嘉利國際控股有限公司12Chairman’sStatement主席報告伺服器外殼SERVERCASINGS自動售賣機AUTOMATICVENDINGMACHINE存儲產品STORAGEPRODUCT收銀機系統POSSYSTEM存儲產品Storageproduct五金塑膠業務METALANDPLASTICBUSINESS電子專業代工業務ELECTRONICMANUFACTURINGSERVICESBUSINESSPRINCIPALACTIVITIESANDRESULTSFortheyearended31March2019,theGroupwasprincipallyengagedin:—MetalandPlasticBusiness(“M&P”):manufacturingandsaleofmetalandplasticproducts,includingservercasings,moulds,plasticandmetalpartsandhouseholdproducts;—ElectronicManufacturingServicesBusiness(“EMS”):manufacturingandsaleofmagnetictapedatastorage,point-of-sale(“POS”)system,officeautomationproductsandothercomputerperipherals;and—RealEstateBusiness:urbanrenewal,realestateprojectinvestment,propertyleasinganddevelopment.主要業務及業績截至二零一九年三月三十一日止，本集團主要從事：—五金塑膠業務（「五金塑膠」）：製造及銷售五金及塑膠產品，包括伺服器外殼、模具、塑膠與金屬部件及家居產品等；—電子專業代工業務（「電子代工」）：製造及銷售磁帶機數據儲存器、收銀機系統、辦公室文儀產品及其他電腦周邊產品；及—房地產業務：舊城改造、房地產項目投資、物業租賃及發展。

ANNUALREPORT2018/19年報13Chairman’sStatement主席報告(1)BusinessReviewI.ResultsFortheyearended31March2019,therevenueoftheGroupwasHK$2,651,169,000(fortheyearended31March2018:HK$2,919,880,000),whichdecreasedbyapproximately9%whencomparedwiththecorrespondingperiodlastyear.ProfitfortheyearattributabletotheequityshareholdersoftheCompanyamountedtoHK$221,386,000(fortheyearended31March2018:HK$182,563,000),whichincreasedbyapproximately21%whencomparedwiththecorrespondingperiodlastyear.ThedropinrevenuewasmainlyduetothedeclineinrevenuefrombothM&PandEMS(the“IndustrialBusinesses”).ThedirectimpactofthetradedisputebetweenChinaandtheUnitedStatesontheGroup’sbusinessisrelativelyminorasonlyaninsignificantportionoftheGroup’sindustrialproductsaredirectlysoldandexportedtotheUnitedStates.However,thenumberoforderswasinevitablyaffectedbytheprevailingexternaluncertaintiesandhencethefence-sitting.TherevenueoftheIndustrialBusinessesfortheyearended31March2019decreasedbyapproximately16%toHK$2,425,461,000whencomparedwiththecorrespondingperiodlastyear(fortheyearended31March2018:HK$2,870,921,000).Theoperatingprofitofthesesegmentswasdownbyapproximately20%toHK$208,114,000whencomparedwiththecorrespondingperiodlastyear(fortheyearended31March2018:HK$260,432,000).（一）業務回顧I.業績方面截至二零一九年三月三十一日止年度，本集團之收入為2,651,169,000港元（截至二零一八年三月三十一日止年度：2,919,880,000港元）較去年同期下降約9%，而本公司權益持有人應佔溢利為221,386,000港元（截至二零一八年三月三十一日止年度：182,563,000港元）較去年同期增加了約21%。

收入下降主要是五金塑膠及電子代工（「工業業務」）的收入均錄得下跌。

雖然，本集團工業貨品較少直接銷售出口到美國，中美貿易糾紛對本集團業務直接影響較微，但在外圍環境不明朗下，觀望氣氛濃厚，訂單不免受到影響。

工業業務於截至二零一九年三月三十一日止年度之收入較去年同期下降了約16%至2,425,461,000港元（截至二零一八年三月三十一日止年度：2,870,921,000港元）。

而有關分部之經營溢利較去年同期下降約20%至208,114,000港元（截至二零一八年三月三十一日止年度：260,432,000港元）。

KARRIEINTERNATIONALHOLDINGSLIMITED嘉利國際控股有限公司14Chairman’sStatement主席報告房地產業務方面，本年度錄得收入為225,708,000港元（截至二零一八年三月三十一日止年度：48,540,000港元），收入上升主要是本年度陸續交付嘉輝豪庭第三期項目單位及完成嘉輝豪庭B區項目銷售所帶動，而此分部之經營溢利亦因此大幅上升至107,772,000港元（截至二零一八年三月三十一日止年度：3,665,000港元）。

房地產業務開始進入收成階段，對盈利的貢獻將逐漸增大。

II.工業業務方面二零一八╱一九年度收入較去年下降約16%，主要是：(a)五金塑膠於截至二零一九年三月三十一日止年度之收入較去年同期下降了約14%至1,348,230,000港元（截至二零一八年三月三十一日止年度：1,576,143,000港元）。

收入下降主要受制於中美貿易糾紛及全球經濟不明朗等因素拖累，市場氣氛漸趨審慎，客戶採購變得保守，對產品需求下降。

TheRealEstateBusinessrecordedarevenueofHK$225,708,000fortheyear(fortheyearended31March2018:HK$48,540,000).SuchincreasewasmainlyattributabletothegradualdeliveryoftheunitsofPhase3ofCastfastVillas(嘉輝豪庭)andthecompletionofthesaleofAreaB,CastfastVillas(嘉輝豪庭B區)duringtheyear.Accordingly,theoperatingprofitofthissegmentalsosurgedtoHK$107,772,000(fortheyearended31March2018:HK$3,665,000).WiththeRealEstateBusinessbeginningtoreapitsharvest,agreaterprofitcontributionisexpected.II.IndustrialBusinessesRevenueforyear2018/19droppedbyapproximately16%whencomparedwithlastyear,whichwasprincipallythenetresultofthefollowing:(a)thedropintherevenueofM&Pfortheyearended31March2019ofapproximately14%toHK$1,348,230,000whencomparedwiththecorrespondingperiodlastyear(fortheyearended31March2018:HK$1,576,143,000),mainlyduetotheprudentattitudeofclientsinmakingpurchasesandadropinproductdemandinviewofthecautiousmarketsentimentamidtheSino-UStradedisputeandglobaleconomicuncertainties.ANNUALREPORT2018/19年報15Chairman’sStatement主席報告(b)電子代工於截至二零一九年三月三十一日止年度之收入較去年同期下降了約17%至1,077,231,000港元（截至二零一八年三月三十一日止年度：1,294,778,000港元）。

主要由於集團策略性地減低生產邊際利潤較低之辦公室文儀產品及存儲產品出貨量較少所致。

(c)工業業務雖受全球經濟放緩憂慮影響，而有所下跌，但憑著本集團管理層及員工上下一心，齊心協力，工業業務得以穩健發展，保持於國際伺服器外殼生產市場的領導地位。

(b)thedropintherevenueofEMSfortheyearended31March2019ofapproximately17%toHK$1,077,231,000whencomparedwiththecorrespondingperiodlastyear(fortheyearended31March2018:HK$1,294,778,000),mainlyowingtotheGroup’sstrategicdecisiontoreducethemanufactureoflower-marginofficeautomationproductsandthedecreaseinthesaleofstorageproducts.(c)thedeclineintheIndustrialBusinessesasfearsofaglobaleconomicslowdownlingers.However,withtheconcertedeffortsandunremitteddedicationsoftheGroup’smanagementandstaff,theGroupsawasteadydevelopmentoftheIndustrialBusinessesandmaintainedaleadingpositionintheinternationalservercasingsproductionmarket.KARRIEINTERNATIONALHOLDINGSLIMITED嘉利國際控股有限公司16Chairman’sStatement主席報告(d)除了與現有客戶維持良好合作關係，本集團在擴展客戶群方面繼續取得突破，從全球領先的知名科技企業取得伺服器零部件及外殼相關的訂單，進一步鞏固本集團的客戶基礎。

同時，在產品結構方面，已適時作出調整，逐步退出低毛利率產品生產，集中投入伺服器外殼及相關產品的投資；此外，本集團已成功獲取現有客戶的新一代伺服器外殼項目訂單直至二零二二年；同時，本集團成功開拓伺服器及電動車周邊產品，並接獲相關訂單。

(e)持續深化自動化產能，以節省生產成本，為本集團之既定政策，拓闊了自動化實施應用範圍及水平也得以提昇，裝配線工站自動化亦已全面推進。

工藝革新方面，本集團已完成整合注塑產品的加工工序一體化；數控折床，打磨披鋒自動化已全面應用，降低了生產期間轉接次數，有效地提高生產效率及減輕持續上漲的人力成本壓力。

(d)theorderfromaworld-leadingrenownedtechnologyenterpriseforserverpartsandcasings.SuchfurtherbreakthroughinclienteleexpansionhasdemonstratedthefurtherconsolidationoftheclientbaseandtheeffortsmadebytheGroupinadditiontomaintaininggoodrelationshipwithitsexistingclients.Meanwhile,theGrouphastomaketimelyadjustmentstoitsproductmixbyphasingouttheproductionoflow-marginproductssoastodivertinvestmenttoservercasingsandrelatedproducts.Ontheotherhand,ordershavebeensecuredfromexistingclientsfornew-generationservercasingprojectsuntil2022.TheGrouphasalsosuccessfullyexpandedintoserverandelectricvehicleperipheralproductsandobtainedrelevantorders.TheBestQualitySupplierAward2018fromInventec英業達頒發「2018品質最佳供應商」獎TheSmartWayAhead2019—OutstandingServiceabilityAwardfromLenovo聯想頒發「智同道合2019-卓越服務獎」TheBestinReportingAwards—SmallMarketCapitalisation(MainBoard)fromBDOBDO頒發「最佳ESG報告大獎-主板小市值」(e)theGroup’sestablishedpolicyofloweringproductioncostbycontinuouslyincreasingitsautomationcapacity.Thishasallowedtheexpansionofthescopeofautomationapplicationandenhancementofautomationstandard.TheGroup’sworkshopoftheinstallationandassemblylinehasundergonefullautomation.Intermsoftechniqueinnovation,theGrouphascompletedtheintegrationoftheplasticinjectionproductsprocessingprocedures.Theprocessesofnumerically-controlledbendingaswellaspolishandtrimminghavebeenfullyautomated,therebyreducingthenumberoftransfersduringproduction,effectivelyboostingproductionefficiencyandreducingthepressureofrisinglabourcosts.ANNUALREPORT2018/19年報17Chairman’sStatement主席報告現節省2人Nowreduce2people現節省2人Nowreduce2people提高視覺檢測系統的通用性Raisetheutilizationratioandcommonalityofequipment自動化項目AutomationProject效率提升IncreaseinEfficiency原4名員工操作From4operators原20名員工操作From20operators原4名員工操作From4operators改變模面視覺檢測系統的固定方式，便於在不同機台上移動安裝ChangetheCCDsystemfixedmethod,easytomovebetweenthedifferentmachineandinstallation原4名員工操作From4operators現全自動操作，節省4人Nowfullyautomation,reduce4people現節省15人，每小時每人產出由25件提升至60件Nowreduce15people,theefficiencyofUPPHwasimprovedfrom25to60pcs全自動組裝線Automaticassemblyline自動放釘項目Automaticstandoff機器人3D視覺檢測自動收料項目The3DAOIcheckingforreceiveproject衝壓視覺模面檢測項目MovableopticalCCDcheckmetalslug/chipinthetool.自動組裝貼標機AutomaticassemblyandsticklabelKARRIEINTERNATIONALHOLDINGSLIMITED嘉利國際控股有限公司18Chairman’sStatement主席報告(f)theadoptionofthehumanresourcesmanagementsystemtounifyitselectronicmanagementinformationplatformsforthepurposeofenhancinghumanresourcesmanagementandstandardisingoperationefficiency.Withtheintroductionoftheappraisalofkeyperformanceindicators(“KPI(s)”),theevaluationmechanismfortalentshasbeenfurtherperfected.TheGroupalsoattachesgreatimportancetoteambuilding,expandingthereserveoftalents,steppinguptrainingandcultivatingteamspiritwithaviewtomeetingtheGroup’srequirementsforbusinessgrowth.III.RealEstateBusinessTheRealEstateBusinesshasbeguntoreapitsharvestwitharevenueofHK$225,708,000fortheyear(fortheyearended31March2018:HK$48,540,000),whichwasmainlyattributableto:1)thedeliveryof,andrecognitionofrevenuefrom,over170unitsofPhase3ofCastfastVillas(嘉輝豪庭)duringtheyear;and2)therecognitionofrevenuefromthesaleoftheremaining16unitsofAreaB,CastfastVillas(嘉輝豪庭B區).Theprogressofthemajorprojectsisasfollows:(a)TheconstructionworkoftheresidentialprojectofPhase3ofCastfastVillas(嘉輝豪庭),whichisajointresidentialdevelopmentproject,hasbeencompleted.Thedevelopmentproject,fromwhichtheGroupwouldenjoy50%oftheprofits,hasasaleablefloorareaofapproximately61,000squaremetreswithatotalofmorethan600units.Asat31March2019,thetotalnumberofunitsdeliv……