貿易通2019 年年報

Tradelink Electronic Commerce Limited Annual Report 2019 24 Management Discussion and Analysis (Continued) 管理層討論及分析 （續） Business Review (Continued) Investment in PRC Associate Review The performance of our major associate in China, Nanfang in 2019 was disappointing as our share of gain from it of HK$0.8 million was down 48.2% compared to the HK$1.5 million share gain in 2018. As mentioned in the 2019 Interim Report, Nanfang received a one-off lump sum payment from the local government as compensation for cessation of their river manifest declaration service since the nationwide single window was implemented in China in late 2018. Effectively, Nanfang received no revenue from users for their core river manifest declaration service in 2019 except the one-off compensation payment from the government which was only about 50% of what they normally would have recorded as the annual revenue from this service in the past. Though Nanfang has shifted their business focus to government projects, they have had success in some projects but not so in others due to the damage to their business reputation and relationship with some government agencies caused by the shareholder involved in litigation with some outside parties in addition to Nanfang. The damage to their reputation was serious and would need considerable time to recover if at all possible. As such, Nanfang has undertaken a major review and revamped its business with the support of their controlling shareholder, a reputable state-owned enterprise. Meanwhile, with a view to exploring new business opportunities, Nanfang has deployed more resources on research and development work on new services and products since the latter part of the year. These measures described above have generally summed up Nanfang’s business situation and difficulties in 2019. As China’s economy is slowing down and Nanfang’s internal issues would unlikely be completely resolved in the near future, we expect Nanfang’s business outlook to be rather gloomy and our share of profit from Nanfang would further drop in 2020. 業務回顧（續） 投資中國聯營公司回顧 於二零一九年，中國主要聯營公司南方的表現令 人失望，我們的分佔收益為港幣 800,000 元，較二 零一八年分佔收益港幣 1,500,000 元減少 48.2% 。 如二零一九年中期報告所述，由於中國於二零 一八年年底實施國家單一窗口，南方自地方政府 收取一筆一次性付款，作為終止小船艙單報關服 務的補償。實際上，除政府的一次性補償付款 外，南方於二零一九年並無就核心小船艙單報關 服務從用戶收取任何收益，惟該補償僅為過往此 項服務年度收益的約 50% 。南方已將業務焦點轉 移至政府項目，於一些項目亦取得成果，但有些 項目則由於股東牽涉與若干外部人士及南方的訴 訟，損害商業聲譽及與某些政府機關的關係而不 甚成功。聲譽受損嚴重，即使可以，亦需長時間 始能恢復。南方的控股股東為一家信譽超卓的國 有企業，在其支持下就此進行重大檢討及業務整 改。同時，為探求新商機，自本年度後期，南方 已投放更多資源於新服務及產品研發工作上。上 述該等措施整體概述了南方於二零一九年的業務 狀況及困難。 由於中國經濟正在放緩，加上南方的內部問題不 太可能於近期完全解決，我們預期南方的業務前 景甚為黯淡，我們分佔南方的溢利亦會於二零二 零年進一步減少。