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复星医药参股的东瑞制药2010年报（节选）
我的感想：
复星医药去年花一亿四千多万和三千多万在二级市场买入了先声药业和民生银行，均获利。还有以前买入的香港上市的东瑞制药，一千万的投资现在约为三千万左右。
这些投资相对于复星医药公司来说，投资金额比较小，但可以看出复星医药愿意投资的都是什么公司，他的投资眼光如何。
适当关注这些公司。
東瑞製葯2010年報
ANNUAL REPORT 2010 東瑞製葯（控股）有限公司 DAWNRAYS PHARMACEUTICAL
(HOLDINGS) LIMITED 1
Corporate Information 公司資料 2
Group Structure 本集團架構圖 4
Chairman’ s Statement 主席報告 5
Management Discussion and Analysis 管理層討論與分析 9
Corporate Governance Report 企業管治報告 16
Directors’ and Senior Management’ s Biographies 董事及高級管理層履歷
Report of the Directors 董事會報告 33
Independent Auditors’ Report 獨立核數師報告 44
Consolidated Income Statement 綜合收益表 46
Consolidated Statement of Comprehensive Income 綜合全面收益表 47
Consolidated Statement of Financial Position 綜合財務狀況表 48
Consolidated Statement of Changes in Equity 綜合權益變動表 50
Consolidated Statement of Cash Flows 綜合現金流量表 52
Notes to Financial Statements 財務報表附註 54
Five Year Financial Summary 五年財務概要 131
Information for Shareholders 股東資料 132
2 DAWNRAYS PHARMACEUTICAL (HOLDINGS) LIMITED 東瑞製葯（控股）有限公司ANNUAL
REPORT 2010 二零一零年報
Corporate Information
BOARD OF DIRECTORS
EXECUTIVE DIRECTORS
Ms. LI Kei Ling (Chairman)
Mr. HUNG Yung Lai
Mr. LI Tung Ming
Mr. GAO Yi
NON-EXECUTIVE DIRECTOR
Mr. LEUNG Hong Man
INDEPENDENT NON-EXECUTIVE DIRECTORS
Mr. PAN Xue Tian
Mr. CHOI Tat Ying Jacky
Mr. LO Tung Sing Tony
CHIEF EXECUTIVE OFFICER
Mr. GAO Yi
AUDIT COMMITTEE
Mr. CHOI Tat Ying Jacky (Chairman)
Mr. PAN Xue Tian
Mr. LO Tung Sing Tony
REMUNERATION COMMITTEE
Ms. LI Kei Ling (Chairman)
Mr. PAN Xue Tian
Mr. CHOI Tat Ying Jacky
Mr. LO Tung Sing Tony
NOMINATION COMMITTEE
Ms. LI Kei Ling (Chairman)
Mr. PAN Xue Tian
Mr. CHOI Tat Ying Jacky
Mr. LO Tung Sing Tony
Ernst & Young
Certified Public Accountants, Hong Kong
李其玲女士（主席）
熊融禮先生
李東明先生
非執行董事
梁康民先生
獨立非執行董事
潘學田先生
蔡達英先生
勞同聲先生
審核委員會
蔡達英先生（主席）
潘學田先生
勞同聲先生
薪酬委員會
李其玲女士（主席）
潘學田先生
蔡達英先生
勞同聲先生
提名委員會
李其玲女士（主席）
潘學田先生
蔡達英先生
勞同聲先生
安永會計師事務所
執業會計師，香港
二零一零年報 ANNUAL REPORT 2010 東瑞製葯（控股）有限公司 DAWNRAYS PHARMACEUTICAL
(HOLDINGS) LIMITED 3
Corporate Information
PRINCIPAL BANKERS
Bank of China (Hong Kong) Limited, Hong Kong
The Hongkong and Shanghai Banking Corporation Limited, Hong
Hang Seng Bank Limited, Hong Kong
Industrial and Commercial Bank of China Suzhou Wuzhong
Sub-Branch
Agricultural Bank of China Suzhou Nanmen Sub-Branch
HEAD OFFICE AND PRINCIPAL PLACE OF BUSINESS
Suites 3212-13, Shell Tower, Times Square
1 Matheson Street
Causeway Bay
REGISTERED OFFICE
Cricket Square
Hutchins Drive
P.O. Box 2681
Grand Cayman KY1-1111
Cayman Islands
PRINCIPAL SHARE REGISTRAR AND TRANSFER OFFICE
HSBC Trustee (Cayman) Limited
P.O.Box 484
HSBC House
68 West Bay Road
Grand Cayman KY1-1106
Cayman Islands
HONG KONG BRANCH SHARE REGISTRAR AND
TRANSFER OFFICE
Tricor Abacus Limited
26/F, Tesbury Centre
28 Queen’s Road East
主要往來銀行
中國銀行（香港）有限公司，香港
香港上海匯豐銀行有限公司，香港
恒生銀行有限公司，香港
中國工商銀行蘇州市吳中支行
中國農業銀行蘇州市南門支行
總辦事處及主要營業地點
勿地臣街一號時代廣場
蜆殼大廈3212-13室
註冊辦事處
Cricket Square
Hutchins Drive
P.O. Box 2681
Grand Cayman KY1-1111
Cayman Islands
主要股份過戶登記處
HSBC Trustee (Cayman) Limited
P.O.Box 484
HSBC House
68 West Bay Road
Grand Cayman KY1-1106
Cayman Islands
香港股份過戶登記分處
卓佳雅柏勤有限公司
皇后大道東28號
金鐘匯中心26樓
4 DAWNRAYS PHARMACEUTICAL (HOLDINGS) LIMITED 東瑞製葯（控股）有限公司ANNUAL
REPORT 2010 二零一零年報
Group Structure
本集團架構圖
Dawnrays Pharmaceutical (Holdings) Ltd.
東瑞製葯（控股）有限公司
(incorporated in the Cayman Islands with limited liability)
（於開曼群島註冊成立的有限公司）
Listed on the Main Board of SEHK (Stock Code：2348)
香港聯交所主板上市（股份代號：2348）
Dawnrays International Co. Ltd.
東瑞國際有限公司
(incorporated in the British Virgin Islands with limited
liability)
（於英屬維爾京群島註冊成立的有限公司）
Dawnrays International Co. Ltd.
東瑞國際股份有限公司
(incorporated in Hong Kong with limited liability)
（於香港註冊成立的有限公司）
Su Zhou Dawnrays
Pharmaceutical Science and
Technology Co., Ltd.
蘇州東瑞醫藥科技有限公司
Suzhou Dawnrays
Pharmaceutical Co., Ltd.
蘇州東瑞製藥有限公司
Dawnrays Pharma
(Hong Kong) Ltd.
東瑞葯業（香港）有限公司
Guangdong Dawnrays
Pharmaceutical Co., Ltd.
廣東東瑞藥業有限公司
Dawnrays (Nantong)
Pharmaceutical Science and
Technology Co., Ltd.
東瑞（南通）醫藥科技有限公司
100% 100% 100% 100%
二零一零年報 ANNUAL REPORT 2010 東瑞製葯（控股）有限公司 DAWNRAYS PHARMACEUTICAL
(HOLDINGS) LIMITED 5
Chairman’s Statement
Dear SHAREHOLDERS:
On behalf of the board (the “Board”) of the directors (the
“Directors”)
of Dawnrays Pharmaceutical (Holdings) Limited (the “Company”)
its subsidiaries (collectively referred to as the “Group”). I am
present the results of the Group for the year ended 31
2010 (the “reporting period”).
The Group has recorded revenue of approximately
RMB1,286,683,000
for the year ended 31 December :
RMB1,082,110,000),
which represents an increase of 18.9% from the revenue of
Profit attributable to owners of the parent was
approximately
RMB166,840,000 (2009: RMB118,388,000), which was an increase
of 40.9% from 2009. The increase in revenue was mainly due
the increase in sales of intermediates and bulk medicines by
compared with the corresponding of last year. The sales of
soliddosage-
forms (mainly system specific medicines) increased by 43.9%
compared with the corresponding of last year.
Also, from the strategic development perspective, the Group
been enhancing the market penetration actions in the field
cardiovascular system specific medicines and expanding the
effect. Therefore, the market share for system specific
medicines was
increased. The growth of the system specific medicines optimized
product portfolio in 2010. In addition, the Group insists on
the tight cost-control principle of corporate finance. The net
flows from operating activities was RMB252,344,000 in 2010
RMB138,987,000), which was an increase of 81.6%. Hence, for
year ended 31 December 2010, under the condition of
maintaining
a stable dividend payout policy, almost all the development
have been funded by the Group’s own sufficient internal
resources.
FINAL DIVIDEND
The Board recommends the payment of a final dividend of
per share for the year ended 31 December 2010, amounting to
total sum of approximately HK$62,169,000 (approximately
equivalent
to RMB52,472,000), to the shareholders whose names listed in
registers of members as of Friday, 6 May 2011 subject to the
of the shareholders at the forthcoming 2011 Annual General
(the “2011 AGM”). Taking into consideration the interim dividend
HK$0.02 per share, the total annual dividend distributed for the
is HK$0.098 per share. The dividend payout ratio is
approximately
致各股東：
本人欣然代表東瑞製葯（控股）有限公司（「本公司」）
之董事（「董事」）會（「董事會」）提呈本公司及其附屬
公司（統稱「本集團」）截至二零一零年十二月三十一
日止年度（「報告期間」）之業績報告。
本集團截至二零一零年十二月三十一日止年度
錄得營業額約人民幣1,286,683,000元（二零零
九年：人民幣1,082,110,000元），較二零零九年
增長18.9%。母公司擁有人應佔溢利約人民幣
166,840,000元（二零零九年：人民幣118,388,000
元），較二零零九年增長40.9％。營業額增長主要
是中間體及原料藥銷售額較去年同期增長27.9％，
固型劑（主要是系統專科藥）銷售額較去年同期增長
另外，在發展戰略方面，本集團繼續加大在心血管
等系統專科藥的市場滲透，擴展規模效應。所以，
系統專科藥的市場份額進一步擴大。系統專科藥業
務的增長使本集團產品結構得到優化。此外，本集
團一貫堅持嚴格控制費用的財務原則。二零一零年
全年經營業務現金流入為人民幣252,344,000元（二
零零九年：人民幣138,987,000元），較二零零九年
增長81.6％。故此，截至二零一零年十二月三十一
日止年度，在保證派息政策穩定的前提下，基本上
本集團的所有發展項目，仍然採用充裕的自有資金
加以安排。
董事會建議派發截至二零一零年十二月三十一日
止年度末期股息為每股港幣0.078元（合共約港幣
62,169,000元（約相當於人民幣52,472,000元））予
於二零一一年五月六日（星期五）已登記在股東名
冊上之股東，惟須待股東在即將舉行之二零一一年
股東週年大會上（「二零一一年股東週年大會」）批准
通過，方可作實。連同中期股息每股港幣0.02元計
算，本年度全年共派息每股港幣0.098元，派息比例
約39.7％。
6 DAWNRAYS PHARMACEUTICAL (HOLDINGS) LIMITED 東瑞製葯（控股）有限公司ANNUAL
REPORT 2010 二零一零年報
Chairman’s Statement
OVERVIEW OF 2010
The rapid economic growth during the first decade of the
century and the exposure of a global financial crisis are
redrawing the
boundaries of China’s business landscape. Globalization
determines
regional economic, social, and business trends, which
inevitably
shape competition among firms. Within the rapidly changing
environment, predicting and anticipating major trends and
impacts can help firms succeed by riding the current rather
swimming against it. The top management team’s criteria in
fixing and
balancing the key products portfolios do reflect the strategic
and visions of the enterprise.
As the latest China National Five-Year Strategic Plan indicates,
economic growth engine is domestic consumption rather than
on international exports. In order to fulfill this strategic
objective, the
keys are national innovation capability, institutional
protection for
new products and patents, and healthcare coverage for all
citizens. Hence, the central government of China announced a
stream of healthcare reform policies. The goal of healthcare
is very substantial and unprecedented: To establish a basic
healthcare system capable of covering 1.3 billion Chinese
effectively, and economically. Therefore, these healthcare
procedures are influencing all aspects of healthcare, including
limited to insurance, basic healthcare, hospital administration,
and public policy of healthcare management.
In summary, we believe that firms need to design and deploy
portfolios in order to compete in a high-growth
pharmaceutical
market. In fact, many pharmaceutical firms have been
in the Chinese pharmaceutical sector. Multinational enterprises
enhancing their market penetration in China, as well as
establishing
research and development centers for the purposes of
(internal)
clinical trials. Newcomer domestic firms in China, with the
of national competitors, are launching new generations of drugs
incrementally constructing the organizational capabilities to
strengthen
their business landscape in Asia and the world.
We thoroughly understand the co-existing condition of
newcomers and multinational enterprises, and the
hyper-competition
brought by these firms. We are exploring the development model
domestic newcomers, co-developing new products with
alliances,
and exploiting new business models for the purpose of growing
sustaining our performance in China and Asia Pacific.
二零一零年概覽
在21世紀頭10年中期的繁榮以及隨後而至的金融危
機中，中國的商業環境迅速變化。全球發展趨勢決
定著地區性的商業格局，因此不可避免地影響到企
業間的競爭。在迅速變化的商業環境下，能否準確
地看清趨勢，關係到企業在機會面前是順水推舟，
還是逆勢而上。在當今中國的轉型經濟體制下，企
業高層管理者在關鍵產品結構的選擇和權衡標準，
足以明確反映企業的戰略目標和遠景。
中國最新的五年發展規劃承諾，要使其經濟從依賴
出口轉向將國內消費作為推動增長的引擎。為了實
現這一目標，關鍵是中國必須增強其經濟的創新能
力，對於新產品和知識產權的保護能力，以及對於
全體國民的醫療保障。正基於此，中國中央政府於
二零零九年宣佈了一系列醫療改革措施。其目標
十分遠大：建立全民基本醫療衛生體系，該體系能
夠為13億中國人提供安全、高效、便捷和低成本的
醫療服務。因此，這些改革影響到醫療衛生的各方
面，包括保險、基礎醫療、醫院管理、藥品以及公
所以，我們認為，面對一個高速增長的醫藥市場，
成功的企業必須利用業務組合來展開競爭。實際
上，很多製藥企業近年來在中國市場脫穎而出。全
球型競爭對手正在擴大在中國的市場深度，以在華
設立研究中心作臨床的（自我發展的）方式。本土私
營製藥企業，作為活力型後起之秀，正在大多數國
內競爭者的關注視線之內不斷推出新產品，同時又
有條不紊地構建走向亞洲乃至全球所需要的各種能
我們充分認識到這些活力型後起之秀與跨國製藥企
業的存在，以及它們將會帶來的激烈競爭。我們正
在探索創新型本土企業的發展模式，通過合作開發
新技術或探索新的商業模式，進一步在中國和亞洲
市場力辟蹊徑。
二零一零年報 ANNUAL REPORT 2010 東瑞製葯（控股）有限公司 DAWNRAYS PHARMACEUTICAL
(HOLDINGS) LIMITED 7
Chairman’s Statement
Indeed, during the Group’s history, we have continually
opportunities to penetrate markets in high-growth,
cannibalized
market segments. Based on accumulated business logic and
years’ experience in China’s pharmaceutical market, the
responds to new industry trends and changes with a rapid and
approach. The Group also control the cost of manufacturing
enhance our competitive advantages and to sustain the dynamics
future development.
Years of rapid growth and globalization are redefining the
boundaries
of the pharmaceutical firms that are competing in China. A
classification is required to depict this newly emerging,
competitive
landscape. Currently, some multinational enterprises are fully
in the domestic competition among C they
directly with hundreds of domestic players for identical
consumers.
The capital intensive state-owned enterprises in China, in
contrast, are
expanding their production capabilities and market share.
In the meantime, the State Food and Drug Administration (SFDA)
China is going to refer to the Good Manufacturing Practice
of the World Health Organization as the benchmark of China’s
GMP. China’s SFDA will also follow the GMP standards set by
USA and EU in order to upgrade China’s GMP to the cutting
of global standards. From the perspective of the SFDA, this is
major force to push domestic pharmaceutical firms to compete
the global arena. Hence, the current small and mid-sized firms
old technologies and limited resources will face the stress of
eliminated in the near future.
Therefore, Directors believe that the Group will continuously
flexible future development directions. Attention to cost, speed
market, and decision-making of capital allocations can still
rewards and enhance our R&D productivity. In
2011, the Board will
consider the agenda of research and development, new product
marketing plans, and optimization of resource allocations as
priorities. In this way, we can create value and maintain
sustainability
for all the shareholders.
實際上，本集團在發展歷史過程中，總是把握機會
在快速增長的細分行業裏開闢市場。根據多年的對
中國醫藥市場的商業決策，董事會致力於對新的行
業趨勢和變化做出迅速而靈活的反應，並對通過控
制成本來提高競爭力、保持企業持續增長的動力。
多年的快速經濟增長和參與全球競爭正在重新界
定在中國的營運的製藥企業的分類。中國企業界的
新格局要求用新的方式來描述這一競爭舞臺。目
前，一些跨國製藥企業已完全參與到中國醫藥的競
爭中，與數百家面向相同客戶的國內企業展開激烈
的商業較量。而有些規模龐大的國有企業與過去一
樣，不斷擴大產能，繼續加大市場份額。
同時，中國國家食品藥品監督管理局按照世界衛生
組織的GMP為基本藍本，參照美國、歐洲聯盟GMP
的標準，使中國GMP標準提升到國際公認的先進水
準，使中國製藥企業能夠全面參與國際競爭。目前
中國技術落後、生存困難的中小企業將面臨逐步被
淘汰的壓力。
所以，董事認為，本集團要繼續依靠靈活的發展方
向，從提高研發效率的角度出發，關注成本、新產
品上市速度以及資源配置決策等管理領域。在二零
一一年，董事會在研發項目和新產品計劃的加速、
資源利用和優先項目方面會做出快速決策，為企業
的發展創造推動力。
8 DAWNRAYS PHARMACEUTICAL (HOLDINGS) LIMITED 東瑞製葯（控股）有限公司ANNUAL
REPORT 2010 二零一零年報
Chairman’s Statement
HUMAN RESOURCES
As always, the Board believes that the direction of building
pharmaceutical enterprise should be based on cutting-edge
knowledge and technology. We have devoted our efforts to
recruiting
and promoting top talent. We believe that human resources are
most valuable intangible assets of the Group and the essential
force for the sustainable development of the Group. I would like
take this opportunity to express my sincere gratitude to my
colleagues
spread across China for their dedicated performance and
diligence.
Li Kei Ling
Hong Kong, 14 March 2011
多年以來，董事會認為製藥企業的建設方向是以知
識密集為基礎的。我們將一如既往地加大人才引進
和培養力度。我們一致認為人才是我們企業的最寶
貴的無形資產和下一步可持續發展的根本所在。我
借此機會，對認真敬業、努力工作的、分佈在全中
國各地的同事深表謝意。
香港，二零一一年三月十四日
二零一零年報 ANNUAL REPORT 2010 東瑞製葯（控股）有限公司 DAWNRAYS PHARMACEUTICAL
(HOLDINGS) LIMITED 9
Management Discussion and Analysis
管理層討論與分析
BUSINESS REVIEWPRODUCTION
& SALES OPERATION
In the second half of 2010, in view of continuous launching
new products and also facilitating the management assessing
business performance and organizing resources allocation,
Group has grouped the products into 2 main reportable
1) intermediates & bulk medicines and 2)
finished drugs respectively.
Intermediates & bulk medicines include all the
Group’s chemical
and pharmaceutical intermediates and bulk medicines.
drugs include all the Group’s antibiotic and non-antibiotic
preparations with dosage forms of powder for injection and
solid-dosage-form etc. Currently, all the Group’s system
medicines are solid-dosage-form in the non-antibiotic
preparations segment.
For the year ended 31 December 2010, the production and
volume of intermediates and bulk medicines of the Group
by 10.1% and 27.9% respectively as compared to the
corresponding
period of 2009. For the finished drugs, the production and
volume of powder for injection decreased by 24.4% and 21.7%
respectively as compared to the corresponding period of last
The production and sales volume of solid-dosage-forms
by 19.0% and 29.4% respectively as compared to the
corresponding
period of last year. The main products such as
anti-infective
medicines “Xianshu” (先舒)(Cefoperazone Sodium and Sulbactam
Sodium for Injection), “Xiankang” (先康) (Cefepime
Hydrochlorde
for injection), and system specific medicines including
“Anneizhen”
(安內真) (Amlodipine Besylate Tablets), “Anneixi” (安內喜)
Potassium and Hydrochlorothiazide Tablets), “Anneiqiang”
(Telmisartan Tablets), “Xikewei”(西可韋) (Cetirizine
Hydrochloride
Tablets), “Leiyide” (雷易德) (Entecavir Dispersible Tablets)etc
continued positive growth in sales. Export sales,
approximately
RMB214,790,000 equivalent to 16.7% of turnover, further
by 115.5% as compared to the corresponding period of last
DEVELOPMENT OF NEW PRODUCTS
In 2010, the Group obtained 3 production permits for
Lansoproazole
Tablets (蘭索拉唑片), Entecavir Bulk Medicines and Dispersible
Tablets (恩替卡韋原料及分散片) from the State Food and Drug
Administration, received 28 supplemental production permits for
products, 82 re-registered production permits for 37 products
1 clinical permit. 4 new products had been applied for
production
permits (including 3 antibiotic products and 1 system
medicine for cardiovascular system). 5 products were under
生產銷售情況
於二零一零年下半年，鑒於新產品陸續上市及方便
管理層評估業務表現和安排資源分配，本集團把產
品分為兩個可報告分類，分別為1）中間體及原料藥
及2）成藥。中間體及原料藥包括本集團所有化工及
醫藥中間體及原料藥。成藥包括本集團所有抗生素
及非抗生素製劑產品，劑型有粉針劑和固型劑等。
現時，本集團所有系統專科藥物均為固型劑，歸屬
於非抗生素製劑產品。
截至二零一零年十二月三十一日止年度，本集團中
間體及原料藥的生產及銷售量較去年同期增加了
10.1%及27.9%；成藥方面，粉針劑生產及銷售量較
去年同期減少了24.4%及21.7%；固型劑的生產及
銷售量較去年同期增長了19.0%及29.4%，主要品
種抗感染藥“先舒”（注射用頭孢哌酮鈉舒巴坦鈉）、
“先康”（注射用鹽酸頭孢吡肟）、以及系統專科藥“安
內真”（苯磺酸氨氯地平片）、“安內喜”（氯沙坦鉀氫
氯噻嗪片）、“安內強”（替米沙坦片）、“西可韋”（鹽
酸西替利嗪片）、“雷易得”（恩替卡韋分散片）等繼
續保持良性增長。出口銷售額進一步增長，達人民
幣21,479萬元，約佔總營業額的16.7%，較去年同
期增長115.5%。
新產品情況
二零一零年本集團獲國家食品藥品監督管理局生產
批件3個，分別為：蘭索拉唑片、恩替卡韋原料及分
散片；16個品種獲得28個補充批件；37個品種獲得
82個再註冊批件；獲臨床批件1個。4個新品種申報
生產批件（其中3個為抗生素產品、1個為心血管系
統專科藥），5個品種進行臨床試驗。
10 DAWNRAYS PHARMACEUTICAL (HOLDINGS) LIMITED 東瑞製葯（控股）有限公司ANNUAL
REPORT 2010 二零一零年報
Management Discussion and Analysis
管理層討論與分析
2010 HONOURABLE RECOGNITIONS
1) The Group’s products, namely Cefoperazone Sodium for
and its bulk medicine, Cefoperazone Sodium and Sulbactam
Sodium for injection and its bulk medicine and Cefotaxime
Sodium for injection and its bulk medicine, have been
recognized
as the new technology products of Jiangsu Province by
Province Sci-tech Department in 2010.
2) Suzhou Dawnrays Pharmaceutical Co., Ltd. was evaluated as
“AAA” credit rating by Jiangsu Branch of China Chengxin
Management Co., Ltd. in May 2010.
3) According to the information released at the 27th
Pharmaceutical Industry Annual Information Meeting (全國
醫藥工業信息年會) held in August 2010, Suzhou Dawnrays
Pharmaceutical Co., Ltd. was listed 78th in the National
Pharmaceutical Enterprise Ranking (全國醫藥工業企業排名)
announced in “Statistics Yearbook of Chinese Medicine and
Pharmacy” (《中國醫藥統計年報》) of 2009.
4) In December 2010, Suzhou Dawnrays Pharmaceutical Co.,
was recognized as A-level tax credit rating unit (A級納稅信用等級
單位) by Suzhou taxation bureau at the national and local
(蘇州市國家及地方稅務局).
CONSTRUCTION PROJECTS FOR THE EXPANSION OF
PRODUCTION FACILITIES
Pharmaceutical Intermediates
Phase II of the construction project in Dawnrays (Nantong)
Pharmaceutical Science and Technology Co., Ltd. had been
proceeding as planned.
Bulk Medicines
The new bulk medicines workshop of Suzhou Dawnrays
Pharmaceutical Co., Ltd. completed equipment installing and
commissioning, and started trial production. It is planned to
using in the first half of 2011.
The non-cephalosporin bulk medicines workshop of Suzhou
Pharmaceutical Co., Ltd. Hedong Industrial Park phase I
construction
project progressed into the stage of equipment installation
commissioning while construction of the supporting utility
Pharmaceutical Preparations
Design works for the non-cephalosporin solid-dosage-forms
workshop in Hedong Indust r ial Park of Suzhou Dawnrays
Pharmaceutical Co., Ltd. had been completed.
二零一零年獲得之榮譽
1) 本集團產品：注射用頭孢哌酮鈉及其原料、注
射用頭孢哌酮鈉舒巴坦鈉及其原料、注射用頭
孢噻肟鈉及其原料於二零一零年被江蘇省科技
廳認定為江蘇省高新技術產品。
2) 於二零一零年五月蘇州東瑞製藥有限公司由江
蘇中誠信信用管理有限公司審定為資信等級
3) 根據二零一零年八月（第27屆）全國醫藥工業
信息年會中發佈信息，蘇州東瑞製藥有限公司
在《中國醫藥統計年報》二零零九年全國醫藥
工業企業排名第78位。
4) 於二零一零年十二月蘇州東瑞製藥有限公司由
蘇州市國家及地方稅務局認定為A級納稅信用
等級單位。
生產設施項目建設
醫藥中間體
東瑞（南通）醫藥科技有限公司二期項目施工進度正
蘇州東瑞製藥有限公司新建的原料藥車間完成調
試，開始試生產。計劃於二零一一年上半年投入使
蘇州東瑞製藥有限公司河東廠區一期工程：非頭孢
原料藥車間項目進入設備安裝、調試階段；同時開
始配套公用工程建設。
蘇州東瑞製藥有限公司河東廠區非頭孢的固體製劑
車間完成方案設計。
二零一零年報 ANNUAL REPORT 2010 東瑞製葯（控股）有限公司 DAWNRAYS PHARMACEUTICAL
(HOLDINGS) LIMITED 11
Management Discussion and Analysis
管理層討論與分析
CHANGE NAME OF SUZHOU DAWNRAYS CHEMICAL CO., LTD.
Suzhou Dawnrays Chemical Co., Ltd. was approved to change
name to Su Zhou Dawnrays Pharmaceutical Science and
Technology
Co., Ltd. in October 2010. The scope of business has been
from a pharmaceutical and chemical raw material producer to
technological innovative enterprise focused on
pharmaceuticals
R&D and amplified test production by industrial
manufacturing
requirements, providing strong support for the Group’s
innovative
development.
VOLUNTARY WINDING-UP OF SHANGHAI DAWNRAYS
CHEMICAL CO., LTD.
In February 2010, the Shanghai Jiading District People’s
Government
officially approved the resolution to voluntary liquidate and
Shanghai Dawnrays Chemical Co., Ltd.. Its deregistration issues
completed and the business was carried on by Dawnrays
Pharmaceutical Science and Technology Co., Ltd.
OUTLOOK IN 2011
2011 is the year for China to achieve new medical reforms. A
of policies were introduced by the end of 2010 to push forward
accomplishment of the goals of medical reform phase by phase,
such policies will continue in 2011. The above is primarily
reflected in
the start of comprehensive implementation of essential drugs
further enhancement of the reform on payment methods for
care, stable pattern of hospital medication, encourage
innovation
and pricing guide by good quality good price remain
Implementation of the new edition of GMP will bring a new round
consolidations and restructures and accelerate the process of
integration of pharmaceutical industry. The Government will
innovative R&D projects of key domains with
various measures.
These policy factors are expected to have great impact on
pharmaceutical economy of China. The management of Dawnrays
Pharmaceutical will proactively react according to the medical
continue to develop by following the direction of
“professionalism,
excellence, specialization, and innovation”, while further
reinforcing
and expanding the market share of the Group’s products in the
of anti-infection, cardiovascular, anti-
speeding up
the construction of solid-dosage-forms workshop for system
medicines, so as to get prepared for the enhancement in
production
capacity of system specific medicines, steadily push forward the
process of new products and further improve the production
quality of
the products.
蘇州東瑞化工有限公司更名
於二零一零年十月蘇州東瑞化工有限公司獲批准更
名為蘇州東瑞醫藥科技有限公司，從原有醫藥化工
原料生產型企業轉為醫藥研發和中試放大為主的科
技創新型企業，為本集團的創新發展提供強而有力
的服務支撐。
自願性結束上海東瑞化工有限公司
上海東瑞化工有限公司終止經營進行清算解散的決
議於二零一零年二月經上海市嘉定區人民政府批
准，已經全部完成註銷工作。原有的業務已全部由
東瑞（南通）醫藥科技有限公司承接。
二零一一年前景
二零一一年是中國新醫改的實現年，在二零一零年
年底為推動醫改階段性目標實現，一系列政策陸續
出台，並將延續至二零一一年。主要體現在：基本
藥物制度開始全面實施，醫保支付方式改革將進一
步推進，醫院用藥格局基本穩定，鼓勵創新、優質
優價的定價導向不變。新版GMP的實施進展將帶來
新一輪的兼併重組，醫藥行業整合進程加快。政府
將通過各種方式扶持重點領域的創新研發項目。這
些政策性因素對中國醫藥經濟將產生重大影響。東
瑞製葯管理層將積極順應醫改的大環境，繼續按照
“專、精、特、新” 的方向發展，在二零一一年進一
步鞏固和擴大集團製成品在抗感染領域、心血管領
域、抗病毒領域及抗過敏領域的市場佔有率；加快
系統專科藥的固體製劑車間建設，為擴大系統專科
藥的生產能力做好準備；穩步推進新產品的研發進
程，鞏固產品的生產質量。
12 DAWNRAYS PHARMACEUTICAL (HOLDINGS) LIMITED 東瑞製葯（控股）有限公司ANNUAL
REPORT 2010 二零一零年報
Management Discussion and Analysis
管理層討論與分析
FINANCIAL REVIEW
SALES AND GROSS PROFIT
For the year ended 31 December 2010, the Group has achieved
the revenue of approximately RMB1,286,683,000, equivalent to
increase of 18.9% compared with the corresponding period of
year. Gross profit was approximately RMB376,157,000, equivalent
an increase of 14.7% compared with the corresponding period of
year. Gross profit margin was 29.2% which was slightly
from 30.3% as in the corresponding period of last year. The
reason for the decrease in gross profit margin was the sales
of intermediates increased by 100.1% when compared with the
corresponding period of last year, however its cost of sales
by 10.6% when compared with the corresponding period of last
year, which was caused by the fluctuation of quality in 7ACA,
reduced the overall gross profit margin. The sales volume and
of the system specific medicines under finished drugs
steady increase by 29.4% and 43.9% respectively compared with
corresponding period of last year.
TABLE OF TURNOVER ANALYSIS
PRODUCT TURNOVER (RMB’ 000) SALES BREAKDOWN (%)
產品 營業額（人民幣千元） 銷售比例(%)
二零一零年 二零零九年 變幅 二零一零年 二零零九年 變幅
Intermediates and 中間體及
Bulk Medicines 原料藥 813,415 636,014 177,401 63.22 58.78 4.44
Finished Drugs 成藥 473,268 446,096 27,172 36.78 41.22 -4.44
Overall 總體 1,286,683 1,082,110 204,573 100.00 100.00 0.00
The total expenses incurred during the year decreased by
RMB4,761,000 making total of RMB176,423,000 compared with
corresponding period of last year, equivalent to 13.7% of
(%). Total expenses decreased sharply were mainly due
the Group had tight control in managing expenses while selling
distribution expenses were not increased with the increase in
simultaneously.
銷售及毛利
截至二零一零年十二月三十一日止年度，本集團全
年營業額約人民幣1,286,683,000元，較去年同期
增長18.9%。毛利額約人民幣376,157,000元，較去
年同期增長14.7%。毛利率為29.2%，較去年同期
的30.3%略為下降。毛利率下降的主要原因是中間
體的銷售數量較去年同期增長100.1%，而其成本
由於7ACA的質量波動引致較去年同期增加10.6%，
從而拉低了整體毛利率；成藥中的系統專科藥銷售
繼續保持平穩增長，銷售數量及銷售金額分別增長
29.4%及43.9%。
營業額分析－按產品劃分
年內，費用總支出約共人民幣176,423,000元，較去
年同期降低人民幣4,761,000元。佔營業額的比例為
13.7%（二零零九年：16.7%）。費用率大幅下降的
原因主要是本集團對費用管理的嚴謹控制，而銷售
費用並未隨著銷售額的增加而同步增加。
二零一零年報 ANNUAL REPORT 2010 東瑞製葯（控股）有限公司 DAWNRAYS PHARMACEUTICAL
(HOLDINGS) LIMITED 13
Management Discussion and Analysis
管理層討論與分析
PROFIT ATTRIBUTABLE TO OWNERS OF THE PARENT
For the year ended 31 December 2010, profit attributable to
the parent amounted to approximately RMB166,840,000 equivalent
an increase of 40.9% compared with the corresponding period of
ANALYSIS ON THE RETURN ON ASSETS
As at 31 December 2010, net assets attributable to owners of
parent were approximately RMB834,954,000. Net return on net
assets, which is defined as the profit attributable to owners of
parent for the year divided by net assets attributable to owners
the parent, was 20.0% (%). The current ratio and
ratio was 1.71 and 1.39 respectively. Turnover days for trade
notes receivables was approximately 133 days. The turnover days
inventory was approximately 73 days.
LIQUIDITY AND FINANCIAL RESOURCES
As at 31 December 2010, the Group held cash and cash
equivalents of approximately RMB210,975,000(as at 31
2009: RMB86,450,000). During the year, the net cash flows
operating activities was approximately RMB252,344,000(2009:
RMB138,987,000). Net cash flows used in investing activities
approximately RMB79,357,000 (2009: RMB60,396,000). Net cash
flows used in financing activities was approximately
RMB46,379,000
(2009: RMB30,987,000).
As at 31 December 2010, the Group has HK$60,000,000 short
bank loans which are interest-bearing. As at 31 December 2010,
debt ratio (defined as sum of bank advances for discounted bills
interest-bearing bank loans over total assets) of the Group was
(as at 31 December %).
As at 31 December 2010, the Group’s bank loans are guaranteed
corporate guarantee of the Company and some of its
subsidiaries.
Besides, a subsidiary of the Group undertook to maintain
deposits of not less than RMB49,700,000 throughout the loan
of HK$56,000,000 bank loans. The fixed bank deposits carries
interest at market rate. In order to convert the floating rate
bank loans
to a fixed annual interest rate, the Group entered into an
rate swap contract with a notional amount of HK$40,000,000 with
bank. The purpose is to execute the Group’s financial
management
requirement to exclude any risk of interest rate fluctuations of
interest rate loans for achieving the planned financial
母公司擁有人應佔溢利
截至二零一零年十二月三十一日止年度，母公司擁
有人應佔溢利約人民幣166,840,000元，較去年同
期增加40.9%。
資產盈利能力分析
截至二零一零年十二月三十一日止年度，母公司擁
有人應佔淨資產約人民幣834,954,000元，淨資產
收益率（界定為母公司擁有人應佔本年度溢利除以
母公司擁有人應佔淨資產）為20.0%（二零零九年：
16.6%）。流動比率和速動比率分別為1.71和1.39，
應收賬款（含應收票據）周轉期約133日，存貨周轉
期約73日。
流動資金及財政資源
於二零一零年十二月三十一日，本集團持有現金及
現金等價物約人民幣210,975,000元（於二零零九年
十二月三十一日：人民幣86,450,000元）。年內，從
經營業務流入的現金流量淨額約人民幣252,344,000
元（二零零九年：人民幣138,987,000元）；使用在投
資活動的現金流出淨額約人民幣79,357,000元（二
零零九年：人民幣60,396,000元）；使用在融資活動
的現金流出淨額約人民幣46,379,000元（二零零九
年：人民幣30,987,000元）。
於二零一零年十二月三十一日，本集團共有短期計
息銀行貸款港幣60,000,000元。於二零一零年十二
月三十一日，本集團之負債比率（界定為銀行貼現
票據及計息銀行貸款除以資產總額）為3.6%（於二
零零九年十二月三十一日：0.9%）。
於二零一零年十二月三十一日，本集團之銀行貸款
由本公司及部份附屬公司作公司擔保。其中港幣
56,000,000元銀行貸款由本集團附屬公司承諾於貸
款期間維持銀行定期存款人民幣49,700,000元，銀
行定期存款按市場年利率計息。為將浮息銀行貸款
轉為固定年利率，本集團與銀行訂立一張名義總額
港幣40,000,000元的利息掉期合約，其目的是執行
本集團的財務管理要求，排除浮動利息借貸可能面
對的利率波動風險，達致計劃的財務效果。
14 DAWNRAYS PHARMACEUTICAL (HOLDINGS) LIMITED 東瑞製葯（控股）有限公司ANNUAL
REPORT 2010 二零一零年報
Management Discussion and Analysis
管理層討論與分析
As at 31 December 2010, the Group had aggregate bank
facilities
of approximately RMB827,012,000 (as at 31 December 2009:
RMB700,568,000).
As at 31 December 2010, the Group’s capital commitments
amounted to approximately RMB273,680,000 (as at 31 December
2009: RMB154,410,000), which mainly derived from the
construction
of new workshops for non-cephalosporin bulk medicines and
solid-dosage-forms preparation in Hedong Industrial Park and
construction of dangerous goods godown in Suzhou Dawnrays
Pharmaceutical Co., Ltd., the phase II of plant construction
(including
the construction of workshops for the intermediates of system
medicines) in Dawnrays (Nantong) Pharmaceutical Science and
Technology Co., Ltd., the construction works for oral
cephalosporin
intermediates workshop in Suzhou Dawnrays Pharmaceutical
and Technology Co. Ltd. etc. The Group has sufficient financial
internal resources to bear the capital expenditure.
Save as aforesaid disclosure, the Group had no significant
investments or material acquisitions or disposal of subsidiaries
associated companies during the year.
FOREIGN EXCHANGE AND TREASURY POLICIES
As the Group’s substantial business activities, assets and
liabilities are
denominated in Renminbi, the risk derived from the foreign
to the Group is not high. The treasury policy of the Group is
manage any risk of foreign exchange (if any) only if it will
potentially
impose a significant impact on the Group. The Group continues
observe the foreign exchange and interest rate market, and
hedge against foreign currency risk with foreign exchange
contracts and interest rate risk with interest rate swap
contracts if
necessary.
STAFF AND REMUNERATION POLICY
As at 31 December 2010, the Group employed 1,527 employees.
For the year ended 31 December 2010, the total remuneration
was approximately RMB89,758,000 (2009: RMB83,165,000). The
Group regards human resources as the most valuable assets
truly understands the importance of attracting and retaining
highperformance
employees. The remuneration policy is generally based
on the references of market salary index and individual
qualifications.
The Group provides its employees with other fringe benefits,
defined contribution retirement schemes, share option scheme
medical coverage. The Group also offers some of its
stationed in the PRC with dormitory accommodation.
於二零一零年十二月三十一日，本集團的銀行信貸
總額約人民幣827,012,000元（於二零零九年十二月
三十一日：人民幣700,568,000元）。
於二零一零年十二月三十一日，本集團的資本開支
承擔約人民幣273,680,000元（於二零零九年十二月
三十一日：人民幣154,410,000元），主要涉及蘇州
東瑞製藥有限公司河東項目的非頭孢原料藥車間和
新固型劑車間的建設以及危險品倉庫建設；東瑞（南
通）醫藥科技有限公司的二期生產車間的建設，包
括系統專科藥的中間體車間的建設；蘇州東瑞醫藥
科技有限公司口服頭孢中間體車間的建設等方面。
本集團有充足的財政資源，內部資源足以支付其資
年內，除上述披露以外，本集團並無對外作出重大
投資、購入或出售附屬公司及聯營公司。
外幣及庫務政策
由於本集團大部份業務交易、資產、負債均主要以
人民幣結算，故本集團所承受的外匯風險不大。本
集團的庫務政策為只會在外匯風險（如有）對本集團
有潛在重大影響時進行管理。本集團將繼續監察其
外匯及利率市場狀況，並於有需要時以外匯遠期合
約對沖外匯風險或利率掉期合約對沖利率風險。
僱員及薪酬政策
於二零一零年十二月三十一日，本集團約有員工
1,527名，員工費用總額約為人民幣89,758,000元
（二零零九年：人民幣83,165,000元）。本集團視人
力資源為最寶貴的財富，深明吸納及挽留表現稱職
的員工的重要性。薪酬政策一般參考市場水準及個
別員工的資歷而定。本集團為員工提供的其他褔利
包括定額供款退休計劃、購股權計劃及醫療福利。
本集團並在中國為其若干中國的僱員提供宿舍。
二零一零年報 ANNUAL REPORT 2010 東瑞製葯（控股）有限公司 DAWNRAYS PHARMACEUTICAL
(HOLDINGS) LIMITED 15
Management Discussion and Analysis
管理層討論與分析
CHARGE ON ASSETS
As at 31 December 2010, the Group had no asset being pledged
banks to obtain credit facilities (as at 31 December 2009:
CONTINGENT LIABILITIES
As at 31 December 2010, the Group had no material contingent
liabilities (as at 31 December 2009: Nil).
PLANS FOR SIGNIFICANT INVESTMENTS AND EXPECTED
SOURCE OF FUNDING
Save for those disclosed above in connection with capital
commitments under the section “Liquidity and Financial
Resources”,
the Group does not have any plan for material investments or
acquisition of capital assets.
SEGMENT INFORMATION
An analysis of the Group’s segment information for the year
December 2010 is set out in note 3 to the financial
statement.
於二零一零年十二月三十一日，本集團無任何資產
抵押予銀行，以取得信貸額度（於二零零九年十二
月三十一日：無）。
於二零一零年十二月三十一日，本集團並無重大或
有負債（於二零零九年十二月三十一日：無）。
未來作重大投資及預期融資來源
除於上述「流動資金及財政資源」一節所載有關資本
開支承擔所披露者外，本集團目前並無任何未來重
大投資計劃或購入資本資產計劃。
本集團截至二零一零年十二月三十一日止年度之分
類資料分析載於財務報表附註3。
16 ANNUAL REPORT 2010 二零一零年報
Corporate Governance Report
企業管治報告
DAWNRAYS PHARMACEUTICAL (HOLDINGS) LIMITED 東瑞製葯（控股）有限公司
The board of Directors (the “Board”) of Dawnrays
Pharmaceutical
(Holdings) Limited (the “Company”) believes that corporate
governance is essential to the success of the Company and
subsidiaries (collectively referred to as the “Group”). Good
governance can safeguard the interests of all shareholders
enhance corporate value. Therefore, the Board has adopted
measures to ensure that a high standard of corporate governance
maintained.
In the opinion of the Directors, the Company has complied
all code provisions set out in the Code on Corporate
Governance
Practices (the “Code on CGP”) contained in Appendix 14 of the
Governing the Listing of Securities (the “Listing Rules”) on The
Exchange of Hong Kong Limited (the “Stock Exchange”) for the
ended 31 December 2010.
DIRECTORS’ SECURITIES TRANSACTIONS
The Company has adopted the Model Code for Securities
Transactions by Directors of Listed Issuers (the “Model Code”)
out in Appendix 10 of the Listing Rules as the Company’s code
conduct for dealings in securities of the Company by the
Directors.
Based on specific enquiry of all Directors, the Company confirms
all the Directors have complied with the required standard set
the Model Code, throughout the accounting period covered by
2010 annual report.
The Board is responsible for the leadership and control of
Company and oversees the Group’s businesses, strategic
and performance. The management has been delegated the
and responsibility by the Board for the management of the Group.
addition, the Board has also delegated various responsibilities
board committees. Further details of these committees are set
this report.
On 9 July 2010, Mr. Sik Siu Kwan resigned from the office as
independent non-executive director of the Company. Mr. Lo
Sing Tony was appointed as an independent non-executive
of the Company effective from 1 October 2010. Save as
above, there was no other change in the composition of the
during the year ended 31 December 2010.
東瑞製葯（控股）有限公司（「本公司」）之董事會（「董
事會」）深信企業管治為本公司及其附屬公司（統稱
「本集團」）成功的關鍵,良好的企業管治能保障全體
股東權益及提升企業價值，因此董事會已採取各項
措施，以確保維持高標準的企業管治。
董事認為，於截至二零一零年十二月三十一日止年
度，本公司一直遵守香港聯合交易所有限公司（「聯
交所」）證券上市規則（「上市規則」）附錄十四之企業
管治常規守則（「企業管治守則」）內所載之有關守則
條文規定。
董事進行證券交易
本公司已採納上市規則附錄十的上市發行人董事進
行證券交易的標準守則（「標準守則」）作為董事買賣
本公司證券的行為守則。根據對所有董事作出的特
定查詢後，本公司確認所有董事於二零一零年年報
覆蓋的會計期內一直遵守標準守則所規定的準則。
董事會負責領導及監控本公司，並負責監管本集團
之業務、策略方針及表現。董事會亦轉授權力及責
任予管理層，以管理本集團。此外，董事會亦已將
各種職責分派至董事會轄下委員會。該等委員會之
詳情載於本報告內。
薛兆坤先生於二零一零年七月九日辭任本公司獨立
非執行董事一職。勞同聲先生獲委任本公司獨立非
執行董事，自二零一零年十月一日生效。除上述者
外，截至二零一零年十二月三十一日止年度，董事
會成員並無其他變動。
二零一零年報 ANNUAL REPORT 2010 17
Corporate Governance Report
企業管治報告
東瑞製葯（控股）有限公司 DAWNRAYS PHARMACEUTICAL (HOLDINGS) LIMITED
Following the resignation of Mr. Sik Siu Kwan on 9 July 2010,
number of independent non-executive directors of the Company
fallen below the minimum number required under Rule 3.10 (1) of
Listing Rules, and the number of audit committee members of
company had fallen below the minimum number required under
3.21 of the Listing Rules. Upon the appointment of Mr. Lo Tung
Tony effective 1 October 2010, the Company has duly complied
Rule 3.10 (1) and Rule 3.21 of the Listing Rules.
The Board had 7 full board meetings for the year ended 31
2010 to consider, among other things, reviewing and approving
interim and annual results of the Group, overall group strategy,
budgets, approval of major capital transactions and other
significant
operational and financial matters. During the year, ad-hoc
were convened when circumstance required such as review and
approve capital expenses for production facilities.
Details of the attendance of Directors at full board meetings
three other board committees’ meetings (the Audit Committee,
Nomination Committee and the Remuneration Committee) during
year 2010 are set out in the following table:
No. of meetings attended/held
會議出席次數/舉行次數
Audit Nomination Remuneration
Board Committee Committee Committee
Name of Directors 董事姓名 董事會 審核委員會 提名委員會 薪酬委員會
Executive Directors 執行董事
Ms. Li Kei Ling (Chairman) 李其玲女士（主席） 7/7 2/2 2/2
Mr. Hung Yung Lai 熊融禮先生 7/7
Mr. Li Tung Ming 李東明先生 7/7
Mr. Gao Yi 高毅先生 7/7
Non-executive Director 非執行董事
Mr. Leung Hong Man 梁康民先生 4/7
Independent Non-executive Directors 獨立非執行董事
Mr. Pan Xue Tian 潘學田先生 7/7 2/2 2/2 2/2
Mr. Sik Siu Kwan* 薛兆坤先生* 3/3 1/1 0/0 1/1
Mr. Choi Tat Ying Jacky 蔡達英先生 6/7 2/2 2/2 2/2
Mr. Lo Tung Sing Tony** 勞同聲先生** 1/1 0/0 1/1 0/0
* resigned on 9 July 2010
** appointed on 1 October 2010
薛兆坤先生於二零一零年七月九日退任後，本公司
獨立非執行董事人數低於上市規則第3.10(1)條之最
低人數規定，而本公司審核委員會之人數低於上市
規則第3.21條之最低人數規定。勞同聲先生於二零
一零年十月一日獲委任後，本公司已符合上市規則
第3.10(1)及第3.21條之規定。
董事會於截至二零一零年十二月三十一日止年度內
已舉行七次全體董事會議，以考慮（其中包括）審閱
及批准本集團中期及全年業績、整體企業策略、年
度預算、批准重大資本交易及其他重大營運及財務
事宜。亦於情況需要時例如考慮及批准生產設備的
資本開支召開特別會議。
於二零一零年，各董事於全體董事會會議及另外三
個董事委員會會議（審核委員會、提名委員會及薪
酬委員會）的出席詳情列載於下表：
* 於二零一零年七月九日辭任
** 於二零一零年十月一日獲委任
18 ANNUAL REPORT 2010 二零一零年報
Corporate Governance Report
企業管治報告
DAWNRAYS PHARMACEUTICAL (HOLDINGS) LIMITED 東瑞製葯（控股）有限公司
At least 14 days notice of regular board meeting is given to
Directors. The agenda and board papers are sent to the Directors
least 3 days before the meetings of the Board and board
committees
so that the Directors have the time to review the documents.
can include matters for discussion in the agenda if the need
Minutes of meetings of the Board and board committees are
in sufficient details that matters considered and decisions
The draft and final versions of the minutes will be sent to
within a reasonable time after the meetings. Minutes of meetings
the Board and board committees are kept by the company
of the Company and open for inspection on reasonable notice by
All Directors are entitled to have unrestricted access to the
advice and
service of the company secretary with a view to ensuring that
procedures, and all applicable rules and regulations are
Upon reasonable request and appropriate circumstances,
can seek independent professional advice to assist them to
their duties, at the Company’s expenses.
If a substantial shareholder or a Director has a conflict of
in a matter to be considered by the Board which the Board
determined to be material, the matter will be dealt with by
board meeting with the presence of disinterested Independent
Nonexecutive
Directors or a meeting of a board committee set up for that
purpose pursuant to a resolution passed in a board meeting.
BOARD COMPOSITION
The Board currently comprises eight Directors, of whom four
Executive Directors, one is Non-executive Director and three
Independent Non-executive Directors. The composition meets
recommended practice under the Code on CGP for the Board to
at least one-third in number of its members comprising
Independent
Non-executive Directors. The three Independent Non-executive
Directors are persons of high caliber, with academic and
professional
qualifications in the fields of accounting, business
management
and pharmaceutical industry respectively. With their
experience
gained from senior positions held in other companies, they
strong support towards the effective discharge of the duties
responsibilities of the Board. The biographies of the Directors
out in pages 26 to 32 to the 2010 annual report, which
demonstrates
the skills, expertise, experience and qualifications.
The Company has received annual confirmation of independence
from the three Independent Non-executive Directors in
accordance
with Rule 3.13 of the Listing Rules. The Board has assessed
independence and concluded that all the Independent
Non-executive
Directors are independent within the definition of the Listing
董事會定期會議的通告於會議舉行最少十四天前發
出予各董事。董事會及其轄下委員會會議的議程及
相關會議文件，至少在每次會議三天前送交予各董
事，使各董事有時間審閱該等文件。如有需要，董
事可在議程中加插欲討論的事項。董事會及其轄下
委員會的會議記錄均詳盡記錄會議上考慮事項及達
致的決定，並於會議後合理時間內把初稿及最終定
稿發送給董事。董事會及轄下委員會會議記錄由本
公司公司秘書存置，並於任何董事發出合理通知時
供公開查閱。
所有董事均有權取得公司秘書的意見和服務，以確
保董事會程序及所有適用規則及規例均獲得遵守；
根據合理要求並在適當情況下，董事可尋求獨立專
業意見，以妥善履行彼等之職責，費用由本公司支
倘董事會認為主要股東或董事在董事會將予考慮的
事項中存有董事會認為屬重大的利益衝突，將以在
該事項中本身沒有重大利益的獨立非執行董事出席
的董事會議或根據董事會會議通過之決議案就此而
成立之董事委員會會議處理。
董事會組成
董事會現由八名董事組成，其中四位成員為執行董
事、一位為非執行董事及三位為獨立非執行董事。
其組成情況符合守則所推薦董事會成員最少須有三
分一為獨立非執行董事之做法，三位獨立非執行董
事極具才幹，在會計、工商管理及製藥業各範疇擁
有學術及專業資歷；加上他們在其他公司擔任高層
職位所累積的經驗，對董事會有效地履行其職責上
提供強大的支持。各董事履歷載於二零一零年報第
26至32頁，當中載列各董事之技能、專業知識、經
驗及資格。
本公司已接獲該三名獨立非執行董事根據上市規則
第3.13條發出之年度獨立性確認書。董事會已評估
彼等之獨立性，並確定全體獨立非執行董事均屬上
市規則所界定之獨立人士。
二零一零年報 ANNUAL REPORT 2010 19
Corporate Governance Report
企業管治報告
東瑞製葯（控股）有限公司 DAWNRAYS PHARMACEUTICAL (HOLDINGS) LIMITED
Ms. Li Kei Ling, the Chairman of the Company and Mr. Hung
Yung Lai, one of the Executive Director, are directors and
shareholders of several companies incorporated in Hong Kong
British Virgin Islands.
Save as disclosed above, the Board members have no
financial,
business, family or other material/relevant relationships with
other. The balanced Board composition is formed to ensure
independence exits across the Board which can effectively
independent judgement.
APPOINTMENTS, RE-ELECTION AND REMOVAL OF
The nomination committee will consider the appointment of
Directors first by reviewing the profiles of the candidates and
recommendations to the Board. New Directors appointed by the
Board during the year to fill a casual vacancy shall retire and
themselves for re-election at the first general meeting
immediately
followed their appointment.
Non-executive Directors are appointed for a fixed term of
years and are subject to retirement by rotation and re-election
shareholders at annual general meeting (“AGM”) in accordance
the Company’s articles of association (the “Articles”).
At each AGM, one-third of the Directors are required to retire
office according to the Company’s Articles. As the Company has
Directors, at least one third of them shall retire subject to
rotation, and
barring unforeseen resignation/retirement during a year, each
is effectively appointed for an average term of not more than 3
Ms. Li Kei Ling, Mr. Leung Hong Man and Mr. Pan Xue Tian will
at the forthcoming AGM. Mr. Lo Tung Sing Tony was appointed
the board to fill a casual vacancy with effect from 1 October
will retire at the forthcoming AGM. All retiring Directors are
eligible for
re-election.
RESPONSIBILITIES OF DIRECTORS
Every newly appointed Director will receive a comprehensive,
and tailored induction on his first appointment to have a
understanding of the operations and business of the Group and
he is fully aware of his responsibilities under statute and
law, the Listing Rules, applicable legal requirements and
regulatory requirements and the business and governance
of the Company. The Directors endeavour to give sufficient time
attention to the Group’s affairs and are continually updated
with legal
and regulatory developments, business and market changes and
strategic development of the Group to facilitate the discharge
responsibilities.
董事會主席李其玲女士及其中一位執行董事熊融禮
先生為數家於香港及英屬維爾京群島註冊成立的私
人公司的董事及最終股東。
除上文披露外，董事會成員間並無任何財務、業
務、家族或其他重大╱相關關係。董事會以如此均
衡之架構組成，目的在確保整個董事會擁有穩固之
獨立性，能夠有效地作出獨立判斷。
委任、重選及罷免董事
新董事之委任先經提名委員會考慮，審閱候選人之
履歷後向董事會作出建議。年內獲董事會委任填補
臨時空缺之新董事須退任並於緊隨彼等獲委任後之
股東大會上膺選連任。
非執行董事的固定委任年期為兩年，並須根據本公
司組織章程細則（「組織章程細則」）於股東週年大會
（「股東週年大會」）上輪值告退並重選連任。
根據組織章程細則於每屆股東週年大會上，三分之
一董事須退任。由於共有八名董事，當中最少三分
之一須輪席告退，因此在排除年內出現不可預見的
辭任╱退任的情況下，每名董事的有效任期平均為
不超過三年。李其玲女士、梁康民先生及潘學田先
生將於應屆股東週年大會上告退。勞同聲先生於二
零一零年十月一日起獲董事會委任以填補董事會臨
時空缺，他將於應屆股東週年大會上告退。所有退
任董事符合資格膺選連任。
董事之責任
每位新委任董事均會在首次接受委任時獲得全面、
正式兼特為其而設的就任須知，以對本集團之營運
及業務有適當理解，以及完全知悉彼在法規及普通
法、上市規則、適用之法律規定及其他監管規定以
及本公司之業務及管治政策下之職責。董事將致力
付出足夠時間及精神以處理本公司事務，並獲持續
更新有關法律及規管變更、業務及市場變動以及本
集團之策略發展，以便履行彼等之職責。
20 ANNUAL REPORT 2010 二零一零年報
Corporate Governance Report
企業管治報告
DAWNRAYS PHARMACEUTICAL (HOLDINGS) LIMITED 東瑞製葯（控股）有限公司
The Independent Non-executive Directors take an active role in
meetings, contribute to the development of strategies and
and make sound and independent judgement on issues of
policy, performance, accountability, resources, key appointments
standard of conduct. They will take lead where potential
conflicts of
interests arise. They are also members of various board
committees
and scrutinize the overall performance of the Group in
agreed corporate goals and objectives, and monitoring the
of performance.
SUPPLY OF AND ACCESS TO INFORMATION
The management has the obligation to supply the Board and
committees with adequate information in a timely manner to
it to make informed decisions on matters placed before it.
any Director requires more information than is volunteered by
management, each Director has separate and independent
to the Group’s management to make further enquires if
necessary.
Where queries are raised by Directors, management will respond
promptly and fully as possible.
CHAIRMAN AND CHIEF EXECUTIVE OFFICER
The roles of the chairman (the “Chairman”) and the chief
officer (the “CEO”) of the Company are separated and are
by two separate individuals who have no relationship with
other to strike a balance of power and authority so that the
responsibilities are not concentrated on any one individual. The
has appointed Ms. Li Kei Ling as the Chairman. She has
responsibilities and provides leadership to the Board such as
all Directors are properly briefed on issues arising at Board
and received complete and reliable information in a timely
that the Board works effectively and discharges its
responsibilities.
Mr. Gao Yi, an Executive Director and the CEO, is delegated
the authority and responsibility for managing the Group’s
operation and implementing the development strategies. Mr.
will present the quarterly results to the Board. Variances
between the actual performances and the budget targets are
explained in the meeting. This helps the Board to monitor the
business operations and to amend the targets when required. He
periodically present the updated market situation, long term
strategies
and objectives of the Group at the Board meeting to ensure
Directors are aware of the targets the Group achieves. In
addition, Mr.
Gao will also present the coming year budget summary to the
for approval at the Board meeting held in December each
獨立非執行董事在董事會會議上擔當活躍角色，可
為制訂策略及政策作出貢獻，並就策略、政策、表
現、問責、資源、重大委任及行為準則事宜作出可
靠及獨立之判斷。彼等會於潛在利益衝突出現時發
揮牽頭引導作用。彼等亦出任多個董事會轄下委員
會之成員，審查本集團在實現議定企業目標及指標
時之整體表現，並監察表現之呈報。
資料之提供及獲取
管理層有責任向董事會及轄下委員會及時提供充足
之資料，以供董事會對提呈事項作出知情決定。倘
有任何董事要求獲得除管理層自願提供之資料以外
之其他資料，董事於必要時可透過不同及獨立途徑
接觸管理層，以作出進一步諮詢。若有董事提出問
題，管理層將儘快作出全面的回應。
主席及總裁
本公司的主席（「主席」）與總裁（「總裁」）的角色是分
開的，由兩位獨立人士承擔，他們之間沒有任何關
係，以確保權力和授權分布均衡，不致工作責任僅
集中於一位人士。董事會委任李其玲女士為主席，
彼負有執行責任及領導董事會，如確保董事會會議
上所有董事均適當知悉當前的事項和及時收到完備
可靠的資訊，使董事會有效地運作和履行其職責。
高毅先生為執行董事兼總裁，獲授予權力和責任管
理本集團業務營運及推行發展策略。高先生於每一
季度向董事會提呈季度業績。會上闡述實際表現與
預算目標有所差異之分析，此舉有助董事會監控本
集團之業務營運及於必要時修訂目標。彼將定期於
董事會提呈本集團經更新之市場情況、長期策略及
目標，此舉旨在保證所有董事獲悉本集團所追求之
目標。此外，高先生亦於每年十二月份召開之董事
會會議上向董事會提呈下一年度之預算概要，尋求
董事會批准。
二零一零年報 ANNUAL REPORT 2010 21
Corporate Governance Report
企業管治報告
東瑞製葯（控股）有限公司 DAWNRAYS PHARMACEUTICAL (HOLDINGS) LIMITED
ACCOUNTABILITY AND AUDIT
The management provides explanation and information to the
so as to enable the Board to make an informed assessment of
financial and other information put before the approval by the
The Directors acknowledge their responsibility to prepare
statements for each financial year which give a true and fair
the state of affairs of the Group and in presenting the interim
annual financial statements, and announcements to
shareholders.
The Board is not aware of any material uncertainties that may
significant doubt upon the Group’s ability to continue as a
concern, the Board therefore continues to adopt the going
approach in preparing the accounts.
The Board acknowledges its responsibility to present a
clear and understandable assessment in the Company’s annual
and interim reports, other price-sensitive announcement and
financial disclosures required under the Listing Rules, and
to the regulators as well as the information required to be
pursuant to the statutory requirements.
INTERNAL CONTROLS
The Board has delegated to management the implementation of
internal control system as well as the review of relevant
financial,
operational and compliance controls, and risk management
procedures.
The internal control system has been designed to safeguard
Group’s assets against loss
to maintain
accounting records for producing reliable f
provide reasonable, but not absolute assurance against
fraud and errors. The Group has clearly defined the authorities
key responsibilities of each business and operational unit to
adequate checks and balances. Policies are established to
compliance with applicable laws, regulations, and industry
standards.
Rules and guidelines are set to control treasury activities,
and management reporting, human resources functions and
systems’ operations. Systems and procedures are also
established
to identify, measure, manage and control different risks arising
different business and functional activities.
The Board monitors and reviews the adequacy and effectiveness of
internal control systems through a programme of internal audit.
internal audit function is set up by the Company to review the
operational and financial control of the Group in compliance
established processes and standards on a continuing basis and
to cover all major operations of the Group on a rotational
basis. The
internal audit team reports directly to the Chairman of the
the Audit Committee.
問責及核數
管理層向董事會提供有關解釋及資料，令董事會可
對提呈董事會批准之財務及其他資料作出知情評估。
董事確認須負責為每一財政年度編製能真實及公允
地反映本集團業務狀況之財務報告及向股東提呈中
期及年度財務報表及公佈。董事會並不知悉任何重
大不確定因素會對本集團的持續經營能力投下重大
疑惑，因此，董事會仍然採用持續經營基準編製賬
董事會確認，其有責任在本公司年度報表及中期報
告、其他涉及股價敏感資料的通告及根據上市規則
規定須予披露的其他財務資料、以及向監管者提交
的報告書以至根據法例規定須予披露的資料，提供
平衡、清晰及易於理解之評估。
董事會授權管理層推行內部監控系統，並檢討有關
財務、營運與監管控制及風險管理之程序。
內部監控系統是為保障本集團資產免受損失或被
盜用；妥善保存會計記錄以提供可靠的財務資料；
就欺詐及重大錯誤合理地作出防範，惟不能確保其
絕對不會發生。本集團已清楚界定各業務及營運部
門的權責，以確保有效之制衡。制訂政策以確保遵
照有關法律、規例和生產製造標準；訂立規則及指
引以監控本集團庫務事宜、財務與管理匯報、人力
資源功能及電腦系統之運作；制定系統及程序以識
別、量度、管理及控制各業務及營運部門的各種風
董事會透過內部稽核程序監察及檢討其內部監控系
統是否足夠及有效。本公司設立內部稽核功能以持
續基準審閱本集團之主要營運及財務控制，及旨在
以循環基準涵蓋本集團之所有主要營運。該內部稽
核小組直接向董事會主席及審核委員會匯報。
22 ANNUAL REPORT 2010 二零一零年報
Corporate Governance Report
企業管治報告
DAWNRAYS PHARMACEUTICAL (HOLDINGS) LIMITED 東瑞製葯（控股）有限公司
The Board also monitors and assesses the adequacy of
resources,
qualifications and experience of staff of the accounting and
reporting function, and their training programmes and budget on
ongoing basis.
Based on the assessments made by the internal audit team in
the Board and the audit committee of the Company considered
the key areas of the Group’s internal control system are
reasonably
implemented with room for improvement. The Group shall endeavor
further improve the Company’s internal control system.
DELEGATION BY THE BOARD
The day-to-day management of the Company is delegated to the
management by the Board, with division heads responsible for
individual department’s daily operations.
Major corporate matters that are specifically delegated by
Board to the management include the preparation of interim
annual reports and announcements for the Board’s approval
publishing, execution of business strategies and initiatives
adopted by
the Board, implementation of adequate systems of internal
and risk management procedures, and compliance with relevant
statutory requirements and rules and regulations.
BOARD COMMITTEES
The Board has established the nomination committee,
remuneration
committee and audit committee. The committees’ terms of
references
defined their functions and responsibilities have posted on
Company’s website.
Nomination committee
As at 31 December 2010, the nomination committee of the
(the “Nomination Committee”) had Ms. Li Kei Ling as the
committee’s
chairman, and the three Independent Non-executive Directors,
Pan Xue Tian, Mr. Choi Tat Ying Jacky and Mr. Lo Tung Sing
as the committee’s members. The Nomination Committee’s terms
reference are summarized as follows:
i) to review the structure, size and composition (including the
knowledge and experiences) of the Board on a regular basis
to make recommendation to the Board regarding any proposed
ii) to identify suitable individual qualified to become
董事會亦會持續監察及評估本集團在會計及財務匯
報職能方面的資源、員工資歷及經驗、以及員工所
接受的培訓課程及有關預算是否足夠。
按照本集團內部稽核於二零一零年作出之評估，審
核委員會及董事會認為，本集團內部監控制度之主
要範疇已獲合理推行，惟仍有改善空間。本集團將
盡最大努力，務求進一步改善本集團之內部監控制
董事會權力的轉授
董事會轉授本集團之日常管理權力給管理層，部門
主管負責各部門的日常運作。
董事會特別委託管理層執行之主要企業事宜包括籌
備中期及年度報告及通告以供董事會於公佈前批
核，執行董事會所採納之業務策略及措施、推行妥
善內部監控制度及風險管理程序以及遵守有關法定
規定、規則與規例。
董事會轄下的委員會
董事會成立提名委員會、薪酬委員會及審核委員
會。闡明委員會的權力及職責的職權範圍登載於本
公司網站上。
提名委員會
於二零一零年十二月三十一日，本公司提名委員會
（「提名委員會」）以李其玲女士為委員會主席及三名
獨立非執行董事－潘學田先生、蔡達英先生及勞同
聲先生為委員會成員。提名委員會之職權範圍概述
i) 為定期檢討董事會之架構、人數及組成（包括
技術、知識及經驗）；並就任何擬作出之變動
向董事會提出建議；
ii) 物色合資格成為董事會成員之適當人選；及
二零一零年報 ANNUAL REPORT 2010 23
Corporate Governance Report
企業管治報告
東瑞製葯（控股）有限公司 DAWNRAYS PHARMACEUTICAL (HOLDINGS) LIMITED
iii) to make recommendation to the Board on relevant matters
relating to the appointment or reappointment of Directors if
necessary, in particular, candidates who can add value to
management through their contributions in the relevant
business areas and which appointments will result on the
constitution of strong and diverse Board.
During the year 2010, the Nomination Committee had two meetings
review the appointment of director and renewal of Directors’
contracts.
Remuneration Committee
As at 31 December 2010, the remuneration committee of the
Company (the “Remuneration Committee”) had Ms. Li Kei Ling
the committee’s chairman, the three Independent
Non-executive
Directors, Mr. Pan Xue Tian, Mr. Choi Tat Ying Jacky and Mr.
Tung Sing Tony as the committee’s members. The Remuneration
Committee’s terms of reference are summarized as follows:
i) to ensure that no Director or any of her/his associates is
in deciding her/ and
ii) to make recommendations with respect to the remuneration
the Directors and the senior management of the Company for
approval by the Board.
The Group’s remuneration policy bases on the market practice,
qualification, duties and responsibilities of Directors and
employees.
In order to attract, retain, and motivate high-performance
the Company has adopted a share option scheme in 2003 to
those participants who contribute to the success of the
operations.
Details of the amount of Directors’ emoluments are set out in
to the financial statements and the details of the 2003 Share
Scheme are set out in note 31 to the financial statements.
The Remuneration Committee had two meetings in 2010 to
and recommend to the Board the salaries and welfare of the
and new appointed director.
iii) 如必要，就委任或重新委任董事之有關事宜向
董事會提出推薦建議，尤其是通過在有關策略
性業務領域之貢獻為本集團管理增值之候選
者，且彼等之委任將可產生一個強大及多元化
之董事會。
於二零一零年，提名委員會舉行了二次會議評審董
事委任及董事服務合同的續期。
薪酬委員會
於二零一零年十二月三十一日，本公司薪酬委員
（「薪酬委員會」）以李其玲女士為委員會主席，三名
獨立非執行董事－潘學田先生、蔡達英先生及勞同
聲先生為委員會成員。薪酬委員會職權範圍概述如
i) 確保任何董事或其任何聯繫人不得自行釐定薪
ii) 就本公司執行董事及高級管理人員之薪酬提供
推薦意見，以尋求董事會批准。
本集團的薪酬政策是參照市場慣例、董事及員工的
資歷、職務及責任釐訂，為招攬、挽留及激勵表現
稱職人員，本公司於二零零三年採納購股權計劃，
從而對為本}