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1、FIYTAHOLDINGS LTD. 2018Annual Report, Full Text1FIYTA HOLDINGS LTD.2018 Annual ReportFebruary, 2019FIYTAHOLDINGS LTD. 2018Annual Report, Full Text2Section 1Important Notice, Table of Contents and DefinitionThe Board of Directors, the Supervisory Committee, directors, supervisors and senior executive
2、s herebyindividually and collectively accept responsibility for the correctness, accuracy and completeness of thecontents of this report and confirm that there are neither material omissions nor errors which would render anystatement misleading.Huang Yongfeng, the Company leader, Chen Zhuo, chief fi
3、nancial officer, and Tian Hui, the manager of theaccounting department (treasurer) hereby confirm the authenticity and completeness of the financial reportenclosed in this Annual Report.All the directors attended the board meeting for reviewing the Annual Report.Any perspective description, such as
4、the future plan, development strategy, etc. involved in the Annual Reportshall not constitute the Companys substantial commitment to the investors and the investors should please payattention to their investment risks.In this report, the Company has described in detail the existing macro-economic ri
5、sks as well as operation risks.Investors are advised to refer to the contents concerning risk factors possibly tobe confronted with and thecountermeasures in the Companys future development prospect in Section 4Discussion and Analysis of theManagementThe profit distribution preplan reviewed and appr
6、oved by the Board of Directors is summarized as follows: Withthe Companys total share capital of 438,744,881 shares as the base, the Company would distribute cashdividend at the rate of CNY 2.00 for every 10 shares (with tax inclusive), bonus share at the rate of 0 share forevery 10 shares (with tax
7、 inclusive) to the whole shareholders and capitalize no capital reserve to the wholeshareholders.FIYTAHOLDINGS LTD. 2018Annual Report, Full Text3Table of ContentsSection 1 Important Notice, Table of Contents and DefinitionsSection 2 Company Profile and Financial HighlightsSection 3 Business SummaryS
8、ection 4 Discussion and Analysis of the ManagementSection 5 Significant EventsSection 6 Changes in Shares and Particulars about the ShareholdersSection 7 About the Preferred SharesSection 8 Directors, Supervisors, Officers and EmployeesSection 9 Corporate GovernanceSection 10 Bond Related Informatio
9、nSection 11 Financial ReportSection 12 List of Documents Available for InspectionFIYTAHOLDINGS LTD. 2018Annual Report, Full Text4DefinitionsTerms to be definedReferstoDefinitionThis Company, the Company or FIYTAReferstoFIYTAHOLDINGS LTD.AVICReferstoAviation Industry Corporation of China, Ltd.AVIC In
10、ternationalReferstoAVIC International Holding CorporationAVIC International ShenzhenReferstoAVIC International Shenzhen Co., Ltd.AVIC IHLReferstoAVIC International Holding LimitedThe Sales Co.ReferstoFIYTASales Co., Ltd.HarmonyReferstoShenzhen Harmony World Watches Center Co., Ltd.the Manufacture Co
11、.ReferstoShenzhen FIYTASophisticated Timepieces Manufacture Co., Ltd.the Technology Co.ReferstoShenzhen FIYTATechnology Development Co., Ltd.the Hong Kong Co.ReferstoFIYTA(Hong Kong) LimitedSHIYUEHUIReferstoShiyuehui Boutique (Shenzhen) Co., Ltd.HengdaruiReferstoLiaoning Hengdarui Commerce & Trade C
12、o., Ltd.Harbin Co.ReferstoHarbin Harmony World Watch Distribution Co., Ltd.AVIC SUNDAReferstoAVIC SUNDACo., Ltd.Rainbow Ltd.ReferstoRainbow Department Store Co., Ltd.Shennan CircuitReferstoShennan Circuit Co., Ltd.FIYTAHOLDINGS LTD. 2018Annual Report, Full Text5AVIC PropertyReferstoAVIC Property Man
13、agement Co., Ltd.FIYTAHOLDINGS LTD. 2018Annual Report, Full Text6Section 2Company Profile and Financial HighlightsI. Company InformationShort form of the stockFIYTAA,FIYTABStock Codes:000026 and 200026Stock Exchange Listed withShenzhen Stock ExchangeCompany Name in ChineseFIYTAHOLDINGS LTD.Abbreviat
14、ion of the Company Namein Chinese飞亚达公司Company name in English (if any)FIYTAHOLDINGSLTD.Abbreviation ofthe Company namein English (if any)FIYTALegal RepresentativeHuang YongfengRegistered address:FIYTATechnology Building, Gaoxin S. Road One, Nanshan District, ShenzhenPostal Code of the RegisteredAddr
15、ess518057Office Address20th Floor, FIYTATechnology Building, Gaoxin S. Road One, Nanshan District, ShenzhenPostal Code of the RegisteredAddress518057Website:E-mail:II. Liaison Persons and Communication InformationSecretary of the BoardSecuritiesAffairs RepresentativeNameLu WanjunZhang YongLiaison Ad
16、dress20th Floor, FIYTATechnology Building, Gaoxin S.Road One, Nanshan District, Shenzhen20th Floor, FIYTATechnology Building, Gaoxin S.Road One, Nanshan District, ShenzhenTel.0755-860136690755-86013669Fax0755-833483690755-83348369EIII. Information Disclosure and Place where the Regular Reports are P
17、reparedName of the media selected by the Company for disclosinginformationSecurities Times and Hong Kong Commercial DailyFIYTAHOLDINGS LTD. 2018Annual Report, Full Text7Internet Web Site Designated by China Securities RegulatoryCommission for Publishing the annual report:Place where the CompanysAnnu
18、al Report was prepared and isplaced for inquiryThe Companys Strategic Operation DepartmentIV. Changes in RegistrationOrganization Code91440300192189783KChanges in principal business activities since listing (ifany)No changeChanges in the controlling shareholder over the pastyears (if any)No changeV.
19、 Other Relevant InformationThe CPAs appointed by the CompanyName of the CPAsRuihua Certified Public Accountants (Special General Partnership)Office address9th Floor,Taiping Financial Building, Futian District, ShenzhenNames of the CPAs as the authorizedsignatoriesWang Yuqiao and Liu XinThe sponsor p
20、erforming persistent supervision duties engaged by the Company in the reporting periodInapplicableThe financial advisor performing persistent supervision duties engaged by the Company in the reporting periodInapplicableVI. Summary of Accounting/Financial DataDoes the Company need to make retroactive
21、 adjustment or restatement of the accounting data of the previous yearsNo20182017Increase/Decrease of thereporting year over theprevious year2016Revenuein CNY3,400,450,599.903,345,809,703.981.63%2,993,864,561.43Net profit attributable to the Companysshareholders, in CNY183,835,095.29140,216,258.2831
22、.11%110,662,681.59Net profit attributable to the Companysshareholders less the non-recurring items,in CNY162,758,061.00123,918,527.7531.34%97,200,540.64Net cash flows arising from operatingactivities, in CNY331,627,789.62564,954,561.97-41.30%455,759,094.15FIYTAHOLDINGS LTD. 2018Annual Report, Full T
23、ext8Basic earning per share (CNY/share)0.41900.319631.10%0.2522Diluted earning per share (CNY/share)0.41900.319631.10%0.2522Return on equity, weighted average7.30%5.79%1.51%4.74%End of 2018End of 2017Increase/Decrease of theend of the reporting yearover the end of theprevious yearEnd of 2016Total as
24、sets (in CNY)3,599,691,650.263,579,789,692.900.56%4,004,897,562.72Net profit attributable to the Companysshareholders, in CNY2,570,134,782.902,467,967,361.204.14%2,371,370,535.17VII. Discrepancy in accounting data between IAS and CAS1. Differences in the net profit disclosed in the financial report
25、& the net assets attributable to the Companysshareholders respectively according to the IAS and the CAS.Inapplicable2. Differences in the net profit disclosed in the financial report & the net assets attributable to the Companysshareholders according to both the IAS and the CASInapplicableVIII. Fina
26、ncial Data Summary based on QuartersIn CNYThe first quarterThe second quarterThe third quarterThe fourth quarterOperating revenue851,815,980.69844,075,452.03868,796,654.10835,762,513.08Net profit attributable to the Companysshareholders59,518,000.7552,849,920.6950,293,172.8321,174,001.02Net profit l
27、ess the non-recurring profit/lossattributable to the Companys shareholders54,825,312.9044,934,058.2648,421,717.5514,576,972.29Net cash flows arising from operatingactivities67,632,201.86157,040,072.2365,916,200.6341,039,314.90Does there exist any significant difference between the above financial in
28、dicators or their sum total and the correspondingfinancial indicators as disclosed by the Company in its quarterly reports or semi-annual reportNoIX. Extraordinary items and amountIn CNYFIYTAHOLDINGS LTD. 2018Annual Report, Full Text9ItemsAmount in 2018Amount in 2017Amount in 2016NotesGain/loss from
29、 disposal of non-current assets, includingthe part offset from the provision for impairment ofassets.-180,302.247,321,993.36-660,129.92It was mainly the incomefrom disposal of thenon-operating real estateof Station 68 Ltd. in 2017.Governmentsubsidiesincludedincurrentprofitor loss,otherthanon-goinggo
30、vernmentsubsidieswhich are closely related to the Companys normaloperation,meettherequirementsofgovernmentpolicies and are subject to certain limits and conditions.19,375,618.4817,508,255.9817,234,482.25Reversaloftheimpairmentprovisionforreceivables which are tested individually for impairment7,533,
31、121.861,903,056.740.00Other non-operating income and expenses apart fromthe aforesaid items792,842.561,238,972.99935,294.98Less:Amount affected by the income tax6,444,246.378,669,699.374,047,506.36Amount affecting the minority shareholders equity(after tax)3,004,849.170.00Total21,077,034.2916,297,73
32、0.5313,462,140.95-For the Companys non-recurring gain/loss items as defined in the Explanatory Announcement No. 1 on InformationDisclosure for Companies Offering their Securities to the Public Non-recurring Gains and Losses and its non-recurringgain/loss items as illustrated in the Explanatory Annou
33、ncement No. 1 on Information Disclosure for Companies Offeringtheir Securities to the Public Non-recurring Gains and Losses which have been defined as recurring gains and losses, itis necessary to explain the reason.InapplicableSection 3 Business SummaryI. Principal Businesses in the Reporting Perio
34、d(1) Principal Business and Operation ModelFIYTA concentrates itself in watch industry, takes the brand strategy as the guidance, integrates watch R & D, design,manufacture, sales and services, and has formed two core businesses - watch brand management and watch retail andservices. The Company poss
35、esses its proprietary watch brands, includingFIYTA, Emile Chouriet, JONAS&VERUS andlicenced cooperative brands - JEEP and BEIJING, which have different styles and can satisfy segmentized marketdemands; has watch retail and service brands - HARMONY and BRAND GALLERY, which cover the nationwide market
36、and satisfy high and medium and fashion consumption demands.FIYTAHOLDINGS LTD. 2018Annual Report, Full Text10(2) Development Status of Watch Industry and the Companys Position in the IndustryModern watch industry is an advanced manufacture with high precision machinery integrated with information te
37、chnologyand is a special highly sophisticated and accurate time-keeping product. Watch is also a consumer product with aestheticand fashion character and cultural connotation, as well as high quality consumer goods with outstanding brand value.Under a favorable trend of the peoples pursuance for bet
38、ter life and consumption upgrading, watch industry, whichintegrates high-end sophisticated manufacture and brand aesthetics, enjoys a good development prospect.In 2018, under the background that the macro economy held pressure and the consumption market was weak in growth,the Company conducted in-de
39、pth study on the consumption demand and fashion trend in its brand management business,worked hard on breakthrough and innovation in technology, process and product design and constantly improved theproduct quality and continuously satisfied the customers demand. Meanwhile, in light of the segmented
40、 market, theCompany continued to increase the input in multi-brand strategical planning, channel construction, marketing andpromotion, etc, continuously enrich the brand connotation and build brands with differentiation. During the reporting period,the Company constantly maintained powerful competit
41、ion superiority with it brand businesses in the domestic watchmarket of which FIYTA Brand further took the leading position in the industry in terms of its influence. In respect of retailservices, the Company seized the opportunity of sales recovery of medium- and high-end brands, positively adjuste
42、d theshop brand structure and channel layout, continuously developed the medium- and high-end quality channels, kept doinga good job in service quality improvement and arrangement of the technical service network. During the reporting period,the Companys superiority in retail service business compet
43、ition was further consolidated; where Harmony World Watchkept the leading position in the industry in terms of sales size and channel arrangement. The Company created again anew historical record in annual revenue and total profit and kept advancing towards the vision of “becoming a leadinginternati
44、onalized watch brand enterprise”.II. Significant Changes in the Prime Assets1. Significant Changes in the Prime AssetsInapplicable2. Prime Assets AbroadInapplicableIII. Analysis on Core CompetitivenessI. Unique Business Layout of “Watch Brand Management + Watch Retail Services” in the IndustryIncorp
45、orated in 1987, FIYTA experienced over three decades accumulation and innovation breakthrough, constructed thebrand management business with FIYTA Brand as the core and watch retail business with Harmony as the core and thetwo businesses supplemented each other and developed in a coordinated way; bo
46、th take the leading position in theFIYTAHOLDINGS LTD. 2018Annual Report, Full Text11domestic market at present. The unique business layout of “Watch Brand Management + Watch Retail Services” haveprovided a guarantee for the Companys sustainable development and “becoming a leading internationalized w
47、atch brandenterprise”.II. Profound Brand Management Experience and Clear Setmented Market PositioningWith reference to the experience of brand management experience of various world watches distributed by HARMONYretail business as well as its own FIYTA Brand molding experience, the Company took a le
48、ad in constructing multi-brandtribe with watch brands of FIYTA,Emile Chouriet, JONAS&VERUS, JEEP and BEIJING as the key brands, constantlyconstructed brand identities of professional watch manufacture, classic and elegance, young fashion, intelligence andoutdoors, oriental aethetics, etc. These bran
49、ds have become the leading brands in the segmented market.III. National Watch Base and First Class Product Design AbilityThe Company is a national technological innovation demonstration enterprise, national industrial design center andnational technology certification center for enterprises, andan o
50、rganization integrating and implementing the standardsfor informationization and industrialization by the Ministry of Industry and Information Technology. All its subordinativemanufacturersare national hi-tech enterprises; has constructed its professional watch manufacture ability in respect ofdrivi