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Tradelink Electronic Commerce Limited
Annual Report 2017
Management Discussion and Analysis
(Continued)
管理層討論及分析
（續）
Business Review (Continued)
Investment in PRC Associates Review (Continued)
Though the result of U-Link would not affect our performance, we shall
continue to monitor their development and see if there could be any
breakthrough. We understand that they have started to change their
business model in late 2017 but the result from such a change has yet
to be seen.
Regarding Nanfang, with the growth momentum they have been
building up since 2017 after their settlement of their previous legal
issues, we have confidence in their business prospect in coming years.
Though one of their key challenges is their nation-wide single window
development in China affecting one of their core businesses, they have
been diverting their businesses to other areas and have focused on
winning development projects for Government agencies which they have
had some successes in 2017.
Financial Review
The Group’s revenue for the year rose 4.6% or HK$10.5 million from
HK$231.3 million in 2016 to HK$241.8 million in 2017. The GETS
revenue at HK$169.1 million, was higher than the revenue of 2016 at
HK$166.6 million by 1.5% or HK$2.5 million. The increase was benefited
from the overall GETS market growth. The revenue of Commercial
Services dropped HK$1.9 million to HK$13.6 million in 2017 from
HK$15.5 million in 2016. Despite a strong growth recorded for the first
half of 2017, the decline in revenue of Commercial Services in the
second half of the year was mainly due to some project delays by
customers. Revenue of our Security Solutions segment in 2017 grew
35.0% to HK$40.1 million, higher than the revenue in 2016 at HK$29.7
million by HK$10.4 million. We had a high volume of security tokens
delivery for our major bank client during 2017. The increase was also
attributed to the successful deployment of our biometric authentication
solutions to our banking clients in the second half of 2017. The revenue
of Other Services in 2017 at HK$19.0 million was slightly lower by
HK$0.5 million when compared to HK$19.5 million in 2016.
The Group’s interest income in 2017 was HK$16.9 million, a drop of
12.9% or HK$2.5 million compared to HK$19.4 million in 2016. The
other net income of HK$1.5 million in 2017 came from the switching of
part of our corporate bonds during the year, lower than the net income
in 2016 at HK$6.4 million by HK$4.9 million due to the high volatility of
bond prices in the anticipation of interest rate increase in the market.
業務回顧（續）
投資中國聯營公司回顧（續）
即使上海匯通的業績並不會影響我們的表現，我
們仍會繼續監察其發展情況，留意是否有任何突
破。我們了解，該公司於二零一七年年底開始改
變業務模式，但尚未見到改變後的結果。
就南方方面，於解決過往法律問題後，自二零
一七年以來，其增長勢頭持續向好，我們對其未
來數年的業務前景充滿信心。雖然其中一個重大
挑戰來自中國全國單一窗口發展，對該公司的其
中一個核心業務造成影響，但該公司已將業務轉
向其他領域，集中於投得政府機構的發展項目，
並於二零一七年略有所成。
財務回顧
本集團本年度收益由二零一六年港幣
231,300,000
元增加
4.6%
或港幣
10,500,000
元至二零一七年港
幣
241,800,000
元。
GETS
收 益 達 港 幣
169,100,000
元，較二零一六年收益港幣
166,600,000
元高出
1.5%
或 港 幣
2,500,000
元。該 升 幅 乃 受 惠 於 整
體
GETS
市場增長。商業服務收益由二零一六年
港 幣
15,500,000
元 下 跌 港 幣
1,900,000
元 至 二 零
一七年港幣
13,600,000
元。儘管二零一七年上
半年錄得強勁增長，但下半年商業服務收益則
下跌，主要乃由於一些項目遭客戶延後所致。
於二零一七年，保安方案分部收益增加
35.0%
至港幣
40,100,000
元，較二零一六年收益港幣
29,700,000
元高出港幣
10,400,000
元。於二零一七
年，我們向主要銀行客戶交付大量保安編碼。該
增幅亦歸因於我們在二零一七年下半年為銀行
客戶成功推出生物認證解決方案。於二零一七
年，其他服務的收益為港幣
19,000,000
元，較二
零一六年港幣
19,500,000
元微跌港幣
500,000
元。
於 二 零 一 七 年，本 集 團 的 利 息 收 入 為 港 幣
16,900,000
元，較二零一六年港幣
19,400,000
元減
少
12.9%
或港幣
2,500,000
元。於二零一七年，由
於預期市場加息，債券價格大幅波動，轉換部分
公司債券所得其他收益淨額港幣
1,500,000
元，較
二 零 一 六 年 收 益 淨 額 港 幣
6,400,000
元 低 港 幣
4,900,000
元。