中國秦發：二零二三年年報

CONTENTS目錄CORPORATEINFORMATION公司資料FINANCIALHIGHLIGHTS財務摘要CHAIRMAN’SSTATEMENT主席報告書MANAGEMENTDISCUSSIONANDANALYSIS管理層討論與分析DIRECTORS’ REPORT董事會報告PROFILEOFDIRECTORSANDSENIORMANAGEMENT董事及高級管理層履歷CORPORATEGOVERNANCEREPORT企業管治報告ENVIRONMENTAL, SOCIALANDGOVERNANCEREPORT環境、社會及管治報告CONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表INDEPENDENTAUDITOR’SREPORT獨立核數師報告CONSOLIDATEDSTATEMENTOFCOMPREHENSIVEINCOME綜合全面收入表CONSOLIDATEDSTATEMENTOFFINANCIALPOSITION綜合財務狀況表CONSOLIDATEDSTATEMENTOFCHANGESINEQUITY綜合權益變動表CONSOLIDATEDSTATEMENTOFCASHFLOWS綜合現金流量表NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註2 5 6 8 28 66 72 92 145 159 161 163 166 1682 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司CORPORATEINFORMATION公司資料BOARDOFDIRECTORSExecutive DirectorsMr. XUDa (Chairman)Mr. BAITao (Chief Executive Officer)Mr. ZHAIYifeng (appointed with effect from 1 March 2023)Ms. DENGBingjing (appointed with effect from 19 April 2024)Mr. TANYingzhong (resigned on 1 March 2023)Independent Non-Executive DirectorsProf. SHAZhenquanMr. JINGDachengMr. HOKa Yiu Simon (appointed with effect from 20 June 2023)Mr. LAUSik Yuen (retired on 20 June 2023)AUDITCOMMITTEEMr. HOKa Yiu Simon (Chairperson)(appointed with effect from 20 June 2023)Mr. LAUSik Yuen (Chairperson) (retired on 20 June 2023)Prof. SHAZhenquanMr. JINGDachengREMUNERATIONCOMMITTEEProf. SHAZhenquan (Chairperson)Mr. BAITaoMr. JINGDachengNOMINATIONCOMMITTEEProf. SHAZhenquan (Chairperson)Mr. BAITaoMr. JINGDachengENVIRONMENTAL, SOCIALANDGOVERNANCE COMMITTEEMr. XUDa (Chairman)Mr. BAITaoMr. ZHAIYifeng (appointed with effect from 1 March 2023)Mr. TANYingzhong (resigned on 1 March 2023)董事會執行董事徐達先生（主席）白韜先生（行政總裁）翟依峰先生（自二零二三年三月一日起獲委任）鄧冰晶女士（自二零二四年四月十九日起獲委任）譚映忠先生（於二零二三年三月一日辭任）獨立非執行董事沙振權教授靜大成先生何嘉耀先生（自二零二三年六月二十日起獲委任）劉錫源先生（於二零二三年六月二十日退任）審核委員會何嘉耀先生（主席）（自二零二三年六月二十日起獲委任）劉錫源先生（主席）（於二零二三年六月二十日退任）沙振權教授靜大成先生薪酬委員會沙振權教授（主席）白韜先生靜大成先生提名委員會沙振權教授（主席）白韜先生靜大成先生環境、社會及管治委員會徐達先生（主席）白韜先生翟依峰先生（自二零二三年三月一日起獲委任）譚映忠先生（於二零二三年三月一日辭任）3二零二三年年報 ANNUALREPORT 2023CORPORATEINFORMATION公司資料公司秘書柯俊瑋先生法定代表白韜先生柯俊瑋先生註冊辦事處Cricket SquareHutchins Drive, P.O. Box 2681Grand Cayman KY1–1111, Cayman Islands本集團中國附屬公司之主要營業地點中國廣州市海珠區琶洲大道東1號保利國際廣場南塔22樓2201至2208室中國香港主要營業地點中國香港灣仔港灣道18號中環廣場57樓5706室主要股份過戶登記處SMPPartners (Cayman) LimitedRoyal Bank House,3rd Floor,24 Shedden RoadP.O. Box 1586, Grand Cayman KY1-1110Cayman Islands中國香港股份過戶登記分處聯合證券登記有限公司中國香港北角英皇道338號華懋交易廣場2期33樓3301–04室COMPANYSECRETARYMr. ORChun Wai DennisAUTHORISEDREPRESENTATIVESMr. BAITaoMr. ORChun Wai DennisREGISTEREDOFFICECricket SquareHutchins Drive, P.O. Box 2681Grand Cayman KY1–1111, Cayman IslandsPRINCIPALPLACEOFBUSINESSOFTHEGROUP’S SUBSIDIARIESINCHINAUnit Nos.2201 to 2208Level 22, South Tower, Poly International PlazaNo.1 Pazhou Avenue East, Haizhu DistrictGuangzhou City, The PRCPRINCIPALPLACEOFBUSINESSINHONGKONG CHINARoom 5706,57th Floor, Central Plaza18 Harbour RoadWanchai, Hong Kong, ChinaPRINCIPALSHAREREGISTRARANDTRANSFER OFFICESMPPartners (Cayman) LimitedRoyal Bank House,3rd Floor,24 Shedden RoadP.O. Box 1586, Grand Cayman KY1-1110Cayman IslandsHONGKONGCHINABRANCHSHAREREGISTRAR ANDTRANSFEROFFICEUnion Registrars LimitedSuites 3301–04,33/FTwo Chinachem Exchange Square338 King’s RoadNorth Point, Hong Kong, China4 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司CORPORATEINFORMATION公司資料核數師大華馬施雲會計師事務所有限公司執業會計師及註冊公眾利益實體核數師中國香港九龍尖沙咀廣東道30號新港中心第1座801–806室法律顧問競天公誠律師事務所有限法律責任合夥中國香港中環皇后大道中15號置地廣場公爵大廈32樓3203-3207室主要往來金融機構中國華融資產管理股份有限公司中國長城資產管理股份有限公司晉商銀行股份有限公司山西銀行股份有限公司華夏銀行股份有限公司股份代號00866網站AUDITORMoore CPALimitedCertified Public Accountants and Registered Public Interest Entity Auditor801–806 Silvercord, Tower 1,30 Canton Road, Tsimshatsui Kowloon, Hong Kong ChinaLEGALADVISORJingtian & Gongcheng LLPSuites 3203-3207,32/F, Edinburgh TowerThe Landmark,15 Queen’s Road Central, Hong Kong ChinaPRINCIPALFINANCIALINSTITUTIONSChina Huarong Asset Management Co., Ltd.China Great Wall Asset Management Co., Ltd.Jinshang Bank Co., Ltd.Shanxi Bank Co., Ltd.Hua Xia Bank Co., Ltd.STOCKCODE00866WEBSITE5二零二三年年報 ANNUALREPORT 2023FINANCIALHIGHLIGHTS財務摘要Summary of the Group’s results, assets, liabilities and equity for the last five financial years is set out below:RESULTSFor the year ended 31 December截至十二月三十一日止年度20232022202120202019二零二三年二零二二年二零二一年二零二零年二零一九年RMB’000 RMB’000 RMB’000 RMB’000 RMB’000人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元 Turnover營業額3,449,1823,794,0394,559,1802,247,3632,799,520Gross profit毛利878,0201,273,2831,941,119355,315406,558Operating profit/(loss)經營溢利╱（虧損） 523,8591,020,4704,330,857 (3,946,158) 287,071Profit/(loss) before taxation除稅前溢利╱（虧損）352,137766,7813,970,096 (4,312,998) (4,506)Income tax (expense)/credit所得稅（開支）╱抵免(160,110) (276,745) (782,186) 876,12885,229Profit/(loss) for the year年內溢利╱（虧損） 192,027490,0363,187,910 (3,436,870) 80,723Profit/(loss) attributable to:應佔溢利╱（虧損）：Equity shareholders of the Company本公司權益持有人200,346456,5432,793,546 (2,901,499) 81,421Non-controlling interests非控股權益(8,319) 33,493394,364 (535,371) (698) 192,027490,0363,187,970 (3,436,870) 80,723Coal handling and trading volume (’000 tonnes)煤炭經營及貿易量（千噸）5,1874,5286,1155,9647,602 ASSETS, LIABILITIESANDEQUITYAs at 31 December於十二月三十一日20232022202120202019二零二三年二零二二年二零二一年二零二零年二零一九年RMB’000 RMB’000 RMB’000 RMB’000 RMB’000人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元 Total assets資產總值7,857,5737,850,5317,896,5135,297,9259,354,633Total liabilities負債總值7,538,6557,037,320 (7,579,998) (8,194,009) (8,789,369)Total equity/(deficit)權益╱（虧絀）總額318,918813,211316,515 (2,896,084) 565,264 本集團於過去五個財政年度的業績、資產、負債及權益摘要如下：業績資產、負債及權益6 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司CHAIRMAN’SSTATEMENT主席報告書Dear Shareholders,On behalf of the board of directors (the “Directors” or the “Board”) of China Qinfa Group Limited (the “Company”), I hereby present the annual result of the Company and its subsidiaries (the “Group”) for the year ended 31 December 2023.I am pleased to announce that after the Group’s acquisition of the SDE project in Indonesia in 2021, with the rich experience and strength accumulated over the years, we have completed the construction and put into operation the first large-scale modern underground coal mine in Indonesia. We invested capital and brought advanced underground mining equipment, technology and management experience to Indonesia. While developing the Group’s overseas business, we have promoted the mining technology upgrade of Indonesia’s coal industry and helped it give full play to its natural resource advantages. Among which, SDEMine No.1 has started trial operation in the fourth quarter of 2023. The opening ceremony was attended by business people from Indonesia and China to witness the historic moment of the Group’s entry into the overseas coal industry. SDEMine No.1 has officially entered the production stage from the construction stage, confirming the joint efforts of the Group and the Indonesian authorities. I would like to thank the Indonesian authorities once again for actively providing a stable, fair and friendly business environment for foreign-invested enterprises, allowing the Group to truly enter, integrate and take root in Indonesia.The Group firmly believes that a company’s long-term success cannot be achieved only by focusing on the Group’s profits. “Take from the society and give back to the society” is the Group’s development belief. As I mentioned in the opening ceremony of SDEMine No.1, “Only when we land can we take root.” We will take root in Indonesian, build local communities, promote local employment, and thereby improve the quality of life of local residents. The Group has always regarded talents as the most important asset of the Company. Committed to talents cultivation and development, the Group provides on-the-job training programs for local employees, striving to train them to become professional technicians and prepare them for their long-term development in the Group. It also provides a high-quality talent reserve for the Indonesian coal industry.尊敬的各位股東：本人謹代表中國秦發集團有限公司（「本公司」）董事會（「董事」或「董事會」）提呈本公司及其附屬公司（「本集團」）截至二零二三年十二月三十一日止年度之全年業績。

本人在此欣然宣佈本集團自二零二一年收購印尼SDE項目後，藉著多年來累積的豐富經驗及實力，已完成建設並投產了印尼第一座大型現代化井工煤礦，投放資金並把先進的井工礦開採設備、技術與管理經驗帶到印尼，在發展本集團的海外業務同時促進印尼煤產業的開採技術升級，協助其充分發揮先天的資源優勢。

當中的SDE一礦已於二零二三年第四季開始試營運，開幕儀式獲印尼及中國的工商各界蒞臨道賀，一同見證本集團進軍海外煤炭產業的歷史性時刻。

SDE一礦正式由建設階段步入生產階段，印證了本集團及印尼當局的共同努力，本人在此再次感謝印尼當局積極為外資企業提供穩定、公平及友好的營商環境，讓本集團真正走入印尼、融入印尼、紮根印尼。

本集團深信一間企業能走得長遠並不能只著眼於集團盈利，「取諸社會，用諸社會」是本集團的發展信念。

如本人在SDE一礦的開幕儀式中提到的一句說話「落地才能生根」，我們將根植印尼土地，建設當地社區，促進當地就業，從而改善當地居民的生活素質。

本集團一直視人才為企業最重要的資產，本集團致力培育及發展人才，為當地員工提供在職培訓計劃，致力培養他們成為專業技術人員，並為其在本集團的長遠發展作好準備，同時為印尼煤炭行業提供高品質人才儲備。

7二零二三年年報 ANNUALREPORT 2023CHAIRMAN’SSTATEMENT主席報告書二零二三年無疑是對本集團非比尋常的一年，同時也是中印兩國建立全面策略夥伴關係的第十個年頭。

十年來，在「21世紀海上絲綢之路」倡議下，雙邊貿易規模不斷擴大、推動中國與印尼經貿發展和人員交流合作走向深化。

本集團非常珍惜當前雙邊關係的大好形勢，展望未來，預料這條海上絲綢之路將越走越寬、發展潛能無限。

回望過去數十載，本集團經歷了許多挑戰，在面對各種困難時，本集團都上下一心，迎難而上。

最後，本人亦謹藉此機會，向董事會和全體員工致以衷心謝意，感謝眾人長年累月的努力、堅毅不屈，成就了今天的中國秦發集團，一間紮根中國邁向國際的煤炭企業。

徐達主席二零二四年三月二十八日2023 is undoubtedly a remarkable year for the Group. It is also the tenth year of the establishment of the comprehensive strategic partnership between China and Indonesia. Over the past ten years, under the “21st Century Maritime Silk Road” initiative, the scale of bilateral trade has continued to expand, promoting the deepened economic and trade development and personnel exchanges and cooperation between China and Indonesia. The Group cherishes the current excellent situation of bilateral relations. Looking into the future, this Maritime Silk Road is expected to be further widen, providing unlimited development potential.Looking back over the past few decades, the Group has experienced many challenges. When faced with various difficulties, the Group has been united as one to overcome them. Finally, I would like to take this opportunity to extend my sincere gratitude to the Board and all our staff. I would like to thank everyone for years of hard work and perseverance which have made China Qinfa Group what it is today, a coal enterprise rooted in China and moving towards the international market.Xu DaChairman28 March 20248 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司MANAGEMENTDISCUSSIONANDANALYSIS管理層討論與分析The Group is a leading non-state owned thermal coal supplier in China, and it operates an integrated coal supply chain, including coal mining, purchase and sales, filtering, storage and blending of coal in the PRC and Indonesia. During the year ended 31 December 2023, the Group continued to focus on these business activities and expanded its integrated coal supply chain to the overseas.BUSINESSREVIEWAs the COVID-19 pandemic that has lasted for three years has subsided, China’s economy and society have fully returned to normal operations since the first quarter of 2023. However, it will still take longer for domestic productivity to fully return to the growth trajectory before the pandemic.Accelerating the release of high-quality production capacity to ensure the supply of thermal coal has remained the central tenet of the coal industry. According to the National Bureau of Statistics, raw coal output in 2023 was 4.66 billion tonnes, representing a year-on-year increase of 2.9%. Imported coal was 470 million tonnes, representing a year-on-year increase of 61.8%. From the supply side, new domestic production capacity has continued to be released in 2023. At the same time, due to factors such as China’s opening up of Australian coal imports and Russia’s coal trade moving eastward due to Western sanctions, the total amount of imported coal this year has surged as compared with last year, and the coal inventory levels has been at a high level. From the demand side, the macroeconomy has been in an adjustment stage, and the demand for thermal coal from domestic downstream industries has yet to be fully released. Domestic thermal coal has maintained the fundamentals of broad supply and demand.Overall, the coal market price in 2023 has showed a trend of first falling and then rising. Under the policy of improving the coal market price formation mechanism promoted by China, coal prices have fallen from the highs in 2022. However, coal prices have not fluctuated significantly and have stabilized within a reasonable range.本集團是中國領先的非國有動力煤供應商，經營一體化煤炭供應鏈，包括於中國及印尼採煤、煤炭購銷、選煤、存儲及配煤。

截至二零二三年十二月三十一日止年度，本集團繼續專注該等業務活動並將其一體化煤炭供應鏈拓展至海外。

業務回顧隨著持續三年的新冠疫情消退，自二零二三年第一季，中國的經濟社會全面恢復常態化運行，惟國內生產力全面恢復到疫情前的增長軌跡仍需時日。

加快優質產能釋放以保障電煤供應仍然是煤炭行業的主旋律。

按國家統計局資料，二零二三年原煤產量為46.6億噸，同比增長2.9%。

進口煤炭為4.7億噸，同比增長61.8%。

從供應端來看，二零二三年國內的新增產能不斷釋放，同時受中國開放澳洲煤炭進口、俄羅斯受西方制裁而煤炭貿易東移等因素影響，本年的進口煤炭總量較去年激增，煤炭庫存水平處於高位置。

從需求端來看，宏觀經濟處於調整階段，國內下游產業對動力煤需求仍有待全面釋放，國內動力煤維持著供需偏鬆的基本面。

整體而言，二零二三年煤炭市場價格呈先跌後升走勢，在國家推展的完善煤炭市場價格形成機制政策下，煤炭價格從二零二二年的高位有所回落，惟煤炭價格未見大幅波動，穩定在合理區間運行。

9二零二三年年報 ANNUALREPORT 2023MANAGEMENTDISCUSSIONANDANALYSIS管理層討論與分析SDE煤礦之採礦經營許可證續期印尼煤礦項目是本集團近年來重大投資項目之一。

二零二一年五月二十五日，本集團收購PT Sumber Daya Energi （「SDE」）70%股權，SDE持有印尼南加里曼丹省哥打巴魯縣Sungai Durian之煤礦之採礦經營許可證。

經過數年的積極籌備，SDE已於二零二三年第四季開始於印尼進行煤礦試採。

SDE已於二零二三年成功續期其位於印尼南加里曼丹省哥打巴魯縣Sungai Durian的煤礦的採礦經營許可證。

續期後的採礦經營許可證將於二零三四年五月十四日到期。

本集團於年內自一名第三方進一步收購SDE的5%股權。

於二零二三年十二月三十一日，本集團持有SDE的75%股權。

掘煤機採購及煤炭銷售協議於二零二三年一月五日，本公司間接全資附屬公司青島秦發能源有限公司（「秦發能源」）與鄭州煤礦機械集團股份有限公司（「鄭煤機」）訂立年期由二零二三年一月五日起至二零二三年十二月三十一日止的煤炭銷售協議，據此，秦發能源將向鄭煤機出售每年0.2百萬噸煤炭，再由鄭煤機轉售予兩名本公司的現有客戶。

上述安排的唯一目的為確保本公司另一間接全資附屬公司青島秦發物資供應有限公司（「青島秦發」）與鄭煤機就採購設備所訂立日期為二零二二年十二月二十八日的採購合約項下，青島秦發對鄭煤機須履行的付款義務。

Renewal of SDECoal Mine’ Mining Business LicenseThe Indonesian coal mine project has been one of the Group’s major investment projects in recent years. On 25 May 2021, the Group acquired 70% equity interests in PTSumber Daya Energi (“SDE”), which held the coal mining operation license of the Sungai Durian coal mine in Kotabaru, South Kalimantan Province, Indonesia. After several years of active preparations, SDE has begun operating coal mining trials in Indonesia in the fourth quarter of 2023.In 2023, SDE has successfully renewed its mining business license in respect of a coal mine located in Sungai Durian, Kotabaru, South Kalimantan, Indonesia. The renewed mining business license will expire on 14 May 2034. The Group further acquired 5% equity interest of SDE from a third party during the year. As at 31 December 2023, the Group holds 75% equity interests in SDE.Coal Excavator Procurement and Coal Sales AgreementOn 5 January 2023, Qingdao Qinfa Energy Ltd. (“Qinfa Energy”), an indirect wholly-owned subsidiary of the Company, entered into a coal sales agreement with Zhengzhou Coal Mining Machinery Group Company Limited (“ZMJ”) for a term starting from 5 January 2023 to 31 December 2023, pursuant to which, Qinfa Energy would sell 200,000 tonnes of coal to ZMJ per year, which would then be resold by ZMJ to two existing customers of the Company. The sole purpose of the above arrangement is to ensure that under the procurement contract dated 28 December 2022 entered into between Qingdao Qinfa Materials Supply Limited (“Qingdao Qinfa”), another indirect wholly-owned subsidiary of the Company, and ZMJ in respect of the procurement of equipment, Qingdao Qinfa will fulfil its payment obligations to ZMJ.10 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司MANAGEMENTDISCUSSIONANDANALYSIS管理層討論與分析於二零二三年十二月三十一日，本集團在中國擁有五個煤礦並在印尼擁有一個煤礦。

下表載列有關該等煤礦的若干資料。

As of 31 December 2023, the Group owned five coal mines in China and one coal mine in Indonesia. The table sets forth certain information about these coal mines.Location Ownership Site areaProduction capacity Operation status地點擁有百分比面積生產能力營運狀況(sq. km)(million tonnes)（平方公里） （百萬噸） Huameiao Energy– Xingtao CoalShuozhou Shanxi 80% 4.251.5 Under operation華美奥能源–興陶煤業山西朔州營運中Huameiao Energy – Fengxi CoalShuozhou Shanxi 80% 2.430.9 Under operation華美奥能源–馮西煤業山西朔州營運中Huameiao Energy– Chongsheng CoalShuozhou Shanxi 80% 2.880.9 Under operation華美奥能源–崇升煤業山西朔州營運中Shenda Energy – Xinglong CoalXinzhou Shanxi 100% 4.010.9 Under development (Temporarily suspended)神達能源–興隆煤業山西忻州開發中（暫停）Shenda Energy – Hongyuan CoalXinzhou Shanxi 100% 1.320.9 Under development (Temporarily suspended)神達能源–宏遠煤業山西忻州開發中（暫停）Sumber Daya Energi – SDECoalKalimantan, Indonesia75% 185 N/ATrial operationSumber Daya Energi – SDE煤業印尼加里曼丹不適用試行投產11二零二三年年報 ANNUALREPORT 2023MANAGEMENTDISCUSSIONANDANALYSIS管理層討論與分析煤炭特徵本集團的運營煤礦所生產的商業煤的特徵及典型商業煤質量如下：COALCHARACTERISTICSCharacteristics and typical commercial coal quality of the commercial coal produced by the Group’s operating mines are as follows:Huameiao Energy – Xingtao CoalHuameiao Energy – Fengxi CoalHuameiao Energy – Chongsheng CoalShenda Energy – Xinglong CoalShenda Energy – Hongyuan CoalSumber Daya Energi – SDECoalCoal Quality Characteristic煤質特徵華美奥能源– 興陶煤業華美奥能源– 馮西煤業華美奥能源– 崇升煤業神達能源– 興隆煤業神達能源– 宏遠煤業SumberDaya Energi– SDE煤業 Coal Seam煤層4,8,9,10,11119.2,112,52,5,6 BMoisture (%)水分(%) 7–108–128–128.58.56.8–7.7Ash (db,%)灰分(db，%) 20–2820–2820–2821.4530–7233.7–35.1Sulfur (db,%)含硫量（db，%） 1.4–1.91.2–1.61.6–2.51.521.450.6–1Calorific Value (average, kcal/kg, net, ar)高發熱值（平均、千卡╱千克、淨值、ar） 4,650–5,2004,500–5,1004,600–5,1504,8384,1874,450–4,50012 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司MANAGEMENTDISCUSSIONANDANALYSIS管理層討論與分析運營數據儲量及資源量附註：本集團委託一間獨立礦業顧問公司，根據下列JORC守則估計總煤炭儲量及資源量：(i)馮西煤業、崇升煤業及SDE煤業，截止日期為二零二三年十二月三十一日；(ii)興陶煤業、興隆煤業及宏遠煤業，截止日期為二零二零年十二月三十一日。

OPERATINGDATAReserves and ResourcesHuameiao Energy – XingtaoCoalHuameiao Energy – FengxiCoalHuameiao Energy –Chongsheng CoalShenda Energy – Xinglong CoalShenda Energy – Hongyuan CoalSumber Daya Energi – SDECoal Total華美奥能源–興陶煤業華美奥能源–馮西煤業華美奥能源–崇升煤業神達能源–興隆煤業神達能源–宏遠煤業Sumber Daya Energi – SDE煤業總計 Reserves儲量Reserves as of 1 January 2023 (Mt)截至二零二三年一月一日的儲量（百萬噸） 12.416.874.4313.5010.46308.71356.38Less: Total coal reserve depleted from mining operation for the year (Mt)減：年內採礦作業消耗的總煤炭儲量（百萬噸） (2.88) (2.89) (1.74) – – (0.76) (8.27) Reserves as of 31 December 2023 (Mt)截至二零二三年十二月三十一日的儲量（百萬噸） 9.533.982.6913.5010.46307.95348.11– Proven reserves –已探明儲量5.51 – – – – 8.7014.21– Probable reserves –估計儲量4.023.982.6913.5010.46299.25333.90Resources (measured + indicated)資源量（探明+控制的）Resources as of 1 January 2023 (Mt)截至二零二三年一月一日的資源量（百萬噸） 44.838.129.8835.0820.87589.22708.00Less: Total coal reserve depleted from mining operation for the year (Mt)減：年內採礦作業消耗的總煤炭儲量 （百萬噸） (2.88) (2.89) (1.74) – – (0.31) (7.82) Resources (measured + indicated) as of 31 December 2023 (Mt)截至二零二三年十二月三十一日的資源量（探明+控制的） （百萬噸） 41.955.238.1435.0820.87588.91700.18Resources (inferred) as of31 December 2023 (Mt)截至二零二三年十二月三十一日的資源量（推論） （百萬噸） 5.821.403.9710.752.58379.4403.92Note:The Group engaged an independent mineral industry consultant to estimate the total coal reserves and resources in accordance with the JORCCode of:(i) the Fengxi Coal, Chongsheng Coal and SDECoal with cut-off date of 31 December 2023;(ii) the Xingtao Coal, Xinglong Coal and Hongyuan Coal with cut-off date of 31 December 2020.13二零二三年年報 ANNUALREPORT 2023MANAGEMENTDISCUSSIONANDANALYSIS管理層討論與分析下表列示上述煤礦於所示年度的全年產量記錄：The following table sets forth the full-year production figures at the abovementioned mines for the years indicated:Year ended 31 December截至十二月三十一日止年度20232022二零二三年二零二二年’000 tonnes ’000 tonnesRaw coal production volume原煤產量千噸千噸 Huameiao Energy – Xingtao Coal華美奥能源–興陶煤業2,8781,837Huameiao Energy – Fengxi Coal華美奥能源–馮西煤業2,8942,259Huameiao Energy – Chongsheng Coal華美奥能源–崇升煤業1,7402,870Sumber Daya Energi – SDECoal Sumber Daya Energi – SDE煤業139 – Total總計7,6516,966Year ended 31 December截至十二月三十一日止年度20232022二零二三年二零二二年’000 tonnes ’000 tonnesCommercial coal production volume (Note)商業煤產量（附註）千噸千噸 Huameiao Energy – Xingtao Coal華美奥能源–興陶煤業1,8701,188Huameiao Energy – Fengxi Coal華美奥能源–馮西煤業1,8811,468Huameiao Energy – Chongsheng Coal華美奥能源–崇升煤業1,1311,866 Total總計4,8824,522Note: According to the competent person’s report as at cut-off date of 31 December 2021, the historical operation of the Xingtao Coal achieved an average of 65% of mixed marketable raw coal yield. According to the competent person’s report as at cut-off date of 31 December 2023, the historical operation of the Fengxi Coal and Chongsheng Coal achieved an average of 65% of mixed marketable raw coal yield.附註：根據截止日期為二零二一年十二月三十一日的合資格人士報告，興陶煤業的過往營運平均達到65%的混合可銷原煤產量。

根據截止日期為二零二三年十二月三十一日的合資格人士報告，馮西煤業及崇升煤業的過往營運平均達到65%的混合可銷原煤產量。

14 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司MANAGEMENTDISCUSSIONANDANALYSIS管理層討論與分析勘探、開採及開發費用本集團的勘探、開採及開發費用包括以下金額：財務回顧收益Exploration, Mining and Development ExpensesThe Group’s exploration, mining and development expenses consist of the following amounts:Year ended 31 December截至十二月三十一日止年度20232022二零二三年二零二二年RMB’000 RMB’000人民幣千元人民幣千元 Materials and consumables物料及消耗品210,661115,022Staff cost員工成本406,239455,921Utilities公用事業47,63559,951Overhead and others間接成本及其他1,038,8031,152,120Evaluation fee評估費1131,054 Total總計1,703,4511,784,068FINANCIALREVIEWRevenueYear ended 31 December截至十二月三十一日止年度20232022二零二三年二零二二年RMB’000 RMB’000人民幣千元人民幣千元 Coal business煤炭業務3,449,1823,794,039 3,449,1823,794,03915二零二三年年報 ANNUALREPORT 2023MANAGEMENTDISCUSSIONANDANALYSIS管理層討論與分析煤炭業務截至二零二三年十二月三十一日止年度，本集團的煤炭經營及貿易量較二零二二年有所增加。

截至二零二三年十二月三十一日止年度，煤炭售價介乎每噸人民幣330元至每噸人民幣941元之間，而二零二二年的煤炭售價則介乎每噸人民幣528元至每噸人民幣1,295元之間。

平均煤炭售價於年內減少。

截至二零二三年十二月三十一日止三個年度各年，平均煤炭售價與平均每月煤炭經營及貿易量載列於下表：Coal businessYear ended 31 December截至十二月三十一日止年度20232022二零二三年二零二二年’000 tonnes ’000 tonnes千噸千噸 Coal Handling and Trading Volume of Coal Business煤炭業務的煤炭經營及貿易量5,1874,528During the year ended 31 December 2023, the volume of the Group’s coal handling and trading increased as compared with 2022. The coal selling prices during the year ended 31 December 2023 were in range between RMB330 per tonne and RMB941 per tonne, as compared to the coal selling prices between RMB528 per tonne and RMB1,295 per tonne in 2022. Average coal selling price decreased during the year.The average coal selling price and the average monthly coal handling and trading volume for each of the three years ended 31 December 2023 are set forth in the table below:Year ended 31 December截至十二月三十一日止年度202320222021二零二三年二零二二年二零二一年 Average coal selling price (RMB per tonne)平均煤炭售價（每噸人民幣元） 665838736Average monthly coal handling and trading volume (’000 tonnes)平均每月煤炭經營及貿易量（千噸） 43237751016 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司MANAGEMENTDISCUSSIONANDANALYSIS管理層討論與分析本集團將其僅自中國國內市場採購的煤炭經配煤後轉售予發電廠及煤炭貿易商等客戶。

本集團客戶多數位於中國沿海地區，發電廠採購煤炭用於燃燒過程，以產生蒸汽用於發電及發熱。

下表載列本集團於截至二零二三年及二零二二年十二月三十一日止年度按行業分部劃分的煤炭業務收益的資料：銷售成本本集團於二零二三年的銷售成本為人民幣2,571,200,000元，而二零二二年則為人民幣2,520,800,000元。

成本大致持平。

The Group sells blended coal which is sourced solely from the PRC domestic markets to customers, including power plants and coal traders. Most of the Group’s customers are located in the coastal regions of China. Power plants purchase coal for use in the combustion processes to produce steam for power and heat. The following table sets forth information regarding the Group’s revenue from coal business by industry segment during the years ended 31 December 2023 and 2022:Year ended 31 December截至十二月三十一日止年度20232022二零二三年二零二二年RevenuePercentage of revenue RevenuePercentage of revenue收益佔總收益的百分比收益佔總收益的百分比RMB’000% of total RMB’000% of total人民幣千元(%)人民幣千元(%) Power plants發電廠347,34210.1850,41422.4Coal traders煤炭貿易商3,101,84089.92,943,62577.6 Total總計3,449,1821003,794,039100Cost of SalesCost of sales of the Group in 2023 amounted to RMB2,571.2 million compared with RMB2,520.8 million in 2022. The cost remained largely constant.17二零二三年年報 ANNUALREPORT 2023MANAGEMENTDISCUSSIONANDANALYSIS管理層討論與分析下表載列煤炭業務分部的銷售成本：本集團主要自中國山西省生產煤炭。

下表載列有關本集團於二零二三年及二零二二年按銷量及收益分類之煤炭來源資料：本集團擁有穩定的煤炭生產且與其主要中國國內客戶建立了穩定合作關係。

The table below set forth the cost of sales of the coal business segment:Year ended 31 December截至十二月三十一日止年度20232022二零二三年二零二二年RMB million RMB million人民幣百萬元人民幣百萬元 Cost of coal transportation煤炭運輸的成本868737Cost of self-produced coal自產煤炭的成本1,7031,784 Materials, fuel, power 原料、燃料、動力258175Staff costs 員工成本406456Depreciation and amortisation 折舊及攤銷898958Others 其他141195Total cost of sales of coal business segment煤炭業務分部的總銷售成本2,5712,521The Group produced coal mainly from Shanxi province in the PRC. The following table sets forth information regarding the Group’s origins of coal based on sales volume and revenue in 2023 and 2022:Year ended 31 December截至十二月三十一日止年度20232022二零二三年二零二二Sales volume RevenueSales volume Revenue銷量收益銷量收益’000 tonnes RMB’000 ’000 tonnes RMB’000Origins of coal煤炭來源千噸人民幣千元千噸人民幣千元 China中國5,1873,449,1824,5283,794,039The Group has stable coal production and has established stable cooperative relationships with its key PRC domestic customers.18 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司MANAGEMENTDISCUSSIONANDANALYSIS管理層討論與分析毛利截至二零二三年十二月三十一日止年度，本集團的毛利率為25.5%，而截至二零二二年十二月三十一日止年度的毛利率則為33.6%。

毛利率減少主要由於動力煤平均售價減少所致。

其他收入、收益及虧損截至二零二三年十二月三十一日止年度，與二零二二年收益淨額人民幣85,500,000元相比，本集團的其他收入、收益及虧損為收益淨額人民幣2,000,000元，減少約人民幣83,500,000元。

二零二三年的其他收入、收益及虧損減少主要由於借貸重大╱非重大修訂之收益淨額由截至二零二二年十二月三十一日止年度約人民幣42,500,000元減少至截至二零二三年十二月三十一日止年度的借貸非重大╱非重大修訂之虧損淨額約人民幣14,500,000元所致。

分銷開支分銷開支較二零二二年的人民幣2,100,000元增加5.1%至截至二零二三年十二月三十一日止年度的人民幣2,200,000元。

分銷開支持平，但交易量有所增加。

行政開支截至二零二三年十二月三十一日止年度，本集團的行政開支為人民幣297,600,000元，較二零二二年人民幣305,300,000元減少2.5%。

行政開支大致持平。

其他開支截至二零二三年十二月三十一日止年度，本集團的其他開支為人民幣11,200,000元，較二零二二年人民幣27,900,000元減少59.9%。

其他開支減少主要由於罰款減少所致。

Gross ProfitThe Group’s gross profit margin was 25.5% during the year ended 31 December 2023 as compared with gross profit margin of 33.6% during the year ended 31 December 2022. Gross profit margin decreased mainly due to the decrease in average selling price of thermal coal.Other Income, Gains and LossesDuring the year ended 31 December 2023, the Group’s other income, gains and losses amounted to a net gain of RMB2.0 million, representing a decrease of approximately RMB83.5 million, as compared with a net gain of RMB85.5 million in 2022. The decrease in other income, gains and losses in 2023 was mainly due to a decrease in net gain on the substantial/non-substantial modification of borrowing from approximately RMB42.5 million for the year ended 31 December 2022 to net loss on non-substantial/non-substantial modification of borrowing approximately RMB14.5 million for the year ended 31 December 2023.Distribution ExpensesDistribution expenses increased by 5.1% to RMB2.2 million for the year ended 31 December 2023, as compared with RMB2.1 million in 2022. The distribution expenses remained constant although trading volume increased.Administrative ExpensesDuring the year ended 31 December 2023, the Group’s administrative expenses amounted to RMB297.6 million, representing a decrease of 2.5%, as compared with RMB305.3 million in 2022. The administrative expenses remained largely constant.Other ExpensesDuring the year ended 31 December 2023, the Group’s other expenses amounted to RMB11.2 million, representing a decrease of 59.9%, as compared with RMB27.9 million in 2022. The decrease in other expenses was mainly due to decrease in penalty.19二零二三年年報 ANNUALREPORT 2023MANAGEMENTDISCUSSIONANDANALYSIS管理層討論與分析財務成本淨額本集團於二零二三年的財務成本淨額為人民幣171,700,000元，較二零二二年人民幣253,700,000元減少32.3%。

減少主要由於償還借貸所致。

本公司權益持有人應佔溢利截至二零二三年十二月三十一日止年度本公司權益持有人應佔溢利為人民幣200,300,000元，而於二零二二年的本公司權益持有人應佔溢利則為人民幣456,500,000元。

本公司權益持有人應佔溢利減少主要由於下列各項的淨影響：(i)二零二三年平均煤炭售價較二零二二年減少；(ii)二零二三年煤炭經營及貿易量較二零二二年增加；及(iii)平均煤炭售價減少導致物業、廠房及設備以及煤炭採礦權產生減值虧損。

流動負債淨額及流動比率於二零二三年十二月三十一日，本集團的流動負債淨額為人民幣3,324,800,000元，而於二零二二年十二月三十一日則為人民幣4,155,800,000元。

本集團於二零二三年十二月三十一日的流動比率為0.36，而於二零二二年十二月三十一日則為0.33。

流動負債及流動比率有所改善，原因為若干借貸的還款時間表經已續期。

資本支出及承擔截至二零二三年十二月三十一日止年度，本集團產生資本支出總額人民幣1,136,300,000元（二零二二年：人民幣780,300,000元），主要與購買廠房及設備有關。

本集團於二零二三年十二月三十一日已訂約惟尚未產生的資本承擔為人民幣26,200,000元（二零二二年：人民幣264,400,000元），主要與購買廠房及設備有關。

Net Finance CostsNet finance costs of the Group in 2023 amounted to RMB171.7 million, representing a decrease of 32.3%, as compared with RMB253.7 million in 2022. The decrease was mainly due to repayment in borrowings.Profit attributable to the equity shareholders of the CompanyProfit attributable to the equity shareholders of the Company for the year ended 31 December 2023 was RMB200.3 million, as compared with profit attributable to the equity shareholders of the Company of RMB456.5 million in 2022. The decrease in profit attributable to equity shareholders of the Company was mainly attributable to the net effect of:(i) the decrease in the average coal selling price in 2023 as compared with 2022;(ii) the increase in the coal handling and trading volume in 2023 as compared with 2022; and(iii) impairment losses on property, plant and equipment and coal mining rights due to decrease in average coal selling price.NETCURRENTLIABILITIESANDCURRENTRATIOAs of 31 December 2023, the Group had net current liabilities of RMB3,324.8 million, compared with RMB4,155.8 million as of 31 December 2022. The Group’s current ratio as of 31 December 2023 was 0.36, compared with 0.33 as of 31 December 2022. The current liabilities and current ratio was improved because repayment schedule of certain borrowing is renewed.CAPITALEXPENDITUREANDCOMMITMENTSFor the year ended 31 December 2023, the Group incurred an aggregate capital expenditure of RMB1,136.3 million (2022: RMB780.3 million) mainly related to the purchase of plant and equipment. Capital commitments contracted for but not incurred by the Group as of 31 December 2023 amounted to RMB26.2 million (2022: RMB264.4 million), which were mainly related to the purchase of plant and equipment.20 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司MANAGEMENTDISCUSSIONANDANALYSIS管理層討論與分析資本架構本公司於年內的資本架構概無重大變化。

本集團公司的資本主要為普通股及永久次級可換股證券（「永久次級可換股證券」）。

流動資金、財務資源及資本架構本集團採納嚴謹的財務管理政策並致力維持穩健的財務狀況。

本集團通過內部產生的財務資源及銀行及其他借貸撥付其業務活動及一般營運資金。

於二零二三年十二月三十一日，本集團錄得流動負債淨額人民幣3,324,800,000元（二零二二年：人民幣4,155,800,000元）。

本集團已採取措施，透過多元化融資基礎提升財務靈活性，並取得中期貸款以取代短期貸款。

本集團正與金融機構進行磋商，以重續及延長銀行借貸，並設法改善本集團的營運資金。

於二零二三年十二月三十一日，本集團現金及現金等價物達人民幣302,700,000元（二零二二年：人民幣856,600,000元），原因為於二零二三年年底償還貸款。

CAPITALSTRUCTUREThere has been no material change in the capital structure of the Company during the year. The capital of the Group companies are mainly the ordinary shares and perpetual subordinated convertible securities (“PSCS”). LIQUIDITY, FINANCIALRESOURCESANDCAPITAL STRUCTUREThe Group adopts stringent financial management policies and strives to maintain a healthy financial condition. The Group funds its business operations and general working capital by internally generated financial resources and bank and other borrowings. As at 31 December 2023, the Group recorded net current liabilities of RMB3,324.8 million (2022: RMB4,155.8 million).The Group has taken initiative to enhance the financial flexibility by diversifying the funding bases and obtain medium term loans to replace short term loans. The Group is currently negotiating with financial institutions to renew and extend bank borrowings and consider ways to improve the Group’s working capital. As of 31 December 2023, the cash and cash equivalents of the Group amounted to RMB302.7 million (2022: RMB856.6 million) because of the repayment of loan at the end of 2023.21二零二三年年報 ANNUALREPORT 2023MANAGEMENTDISCUSSIONANDANALYSIS管理層討論與分析於二零二三年十二月三十一日，本集團人民幣1,876,100,000元（二零二二年十二月三十一日：人民幣3,447,500,000元）的銀行及其他借貸分類為流動負債。

由於違反貸款契諾及╱或發生違約事件（包括違反交叉違約條款），總賬面值約為人民幣492,400,000元（二零二二年十二月三十一日：人民幣1,330,600,000元）的若干銀行及其他借貸（其中總額人民幣492,400,000元（二零二二年十二月三十一日：人民幣739,600,000元））已逾期，而根據各自貸款協議所載協定計劃還款時間表自報告日期結束起計須分別於一年內及一年後償還的總額零（二零二二年十二月三十一日：人民幣536,000,000元）及零（二零二二年：人民幣55,000,000元）已到期，須即時償還。

該等銀行及其他借貸按年利率介乎1.85%至7.8%（於二零二二年十二月三十一日：2.5%至7.8%）計息。

於二零二三年十二月三十一日，本集團銀行借款的90.4%及9.6%（二零二二年：90.3%及9.7%）分別按固定利率及浮動利率計息。

於二零二三年十二月三十一日，本集團之銀行及其他借貸授信額度總額為人民幣3,566,000,000元（二零二二年：人民幣3,520,800,000元），其中人民幣3,566,000,000元（二零二二年：人民幣3,520,800,000元）已動用。

於二零二三年十二月三十一日，本集團之現金及現金等價物主要以人民幣持有，惟人民幣12,700,000元以美元（「美元」）、人民幣800,000元以港元、人民幣21,600,000元以印尼盾、人民幣1,700,000元以歐元、人民幣700,000元以新加坡元持有則除外。

本集團之所有銀行及其他借貸均以人民幣作出。

本集團於二零二三年十二月三十一日的資產負債比率（按借貸抵銷現金及現金等價物及已抵押及受限制存款之總額後除以資產總值計算）為29.8%（二零二二年：32.1%）。

資產負債比率減少的原因為於二零二三年償還貸款。

就籌資政策而言，本集團通過各種來源組合（包括但不限於內部資源及按合理利率的外部借貸）向其營運資金及其他資本性需求提供資金。

As at 31 December 2023, the bank and other borrowings of the Group amounting to RMB1,876.1 million (31 December 2022: RMB3,447.5 million) were classified as current liabilities. Due to breach of loan covenants and/or occurrence of default events (including the breach of cross default clauses), certain bank and other borrowings with the aggregate carrying amount of approximately RMB492.4 million (31 December 2022: RMB1,330.6 million), in which the aggregate amount of RMB492.4 million (31 December 2022: RMB739.6 million) was past due, and aggregate amounts of nil (31 December 2022: RMB536.0 million) and nil (2022: RMB55.0 million) were repayable within one year and after one year respectively from the end of reporting date based on the agreed scheduled repayments set out in the respective loan agreements, had become due for immediate repayment. The bank and other borrowings carried interest at rates ranging from 1.85% to 7.8% (as at 31 December 2022: 2.5% to 7.8%) per annum. As at 31 December 2023,90.4% and 9.6% (2022: 90.3% and 9.7%) of the Group’s bank borrowings are at fixed interest rate and floating interest rate, respectively. As at 31 December 2023, 90.4% and 9.6% (2022: 90.3% and 9.7%) of the Group’s bank borrowings are at fixed interest rate and floating interest rate, respectively.As at 31 December 2023, the Group had total banking and other borrowing facilities of RMB3,566.0 million (2022: RMB3,520.8 million), of which RMB3,566.0 million (2022: RMB3,520.8 million) were utilised.As at 31 December 2023, the Group’s cash and cash equivalents were held predominantly in RMB, except amount of RMB12.7 million in United States dollars (“USD”), amount of RMB0.8 million in HKD, amount of RMB21.6 million in Indonesian Rupiah, amount of RMB1.7 million in Euro, amount of RMB0.7 million in Singapore Dollar. All the Group’s bank and other borrowings were made in RMB.The gearing ratio (calculated as borrowings netted off sum of cash and cash equivalents and pledged and restricted deposits divided by total assets) of the Group as at 31 December 2023 was 29.8% (2022: 32.1%). The gearing ratio decreased due to repayment of loan during the year of 2023.For the funding policy, the Group funds its working capital and other capital requirements from a combination of various sources, including but not limited to internal resource and external borrowing at reasonable interest rates.22 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司MANAGEMENTDISCUSSIONANDANALYSIS管理層討論與分析就財政政策而言，本集團採納集中化管理融資活動，並於資金運用上採納審慎的財務管理方法。

於二零二三年十二月三十一日，本集團擁有銀行及其他借貸合共人民幣3,566,000,000元（二零二二年十二月三十一日：人民幣3,520,800,000元），其中人民幣84,100,000元（二零二二年十二月三十一日：人民幣74,700,000元）以歐元作出，而人民幣3,481,900,000元（二零二二年十二月三十一日：人民幣3,446,100,000元）以人民幣作出。

匯率波動風險本集團之現金及現金等價物主要以人民幣、美元及印尼盾持有。

本集團中國附屬公司之營運支出主要以人民幣列值，而海外採購則一般以美元及印尼盾列值。

本集團附屬公司普遍以人民幣收取收益。

因此，董事認為本集團並無面臨重大匯率波動風險。

本集團的資產抵押於二零二三年十二月三十一日，本集團以共計人民幣2,899,500,000元（二零二二年：人民幣2,732,700,000元）的物業、廠房及設備、煤炭採礦及銀行存款等資產作為銀行和資產管理公司向本集團授信的抵押。

For the treasury policy, the Group adopts centralized management on financing activities and prudent financial management approach on the use of capital.As at 31 December 2023, the Group had total banking and other borrowing of RMB3,566.0 million (31 December 2022: RMB3,520.8 million), of which RMB84.1 million (31 December 2022: RMB74.7 million) were made in Euro and RMB3,481.9 million (31 December 2022: RMB3,446.1 million) were made in RMB.EXPOSURETOFLUCTUATIONSINEXCHANGE RATESThe Group’s cash and cash equivalents are held predominately in RMB, USD and Indonesian Rupiah. Operating outgoings incurred by the Group’s subsidiaries in the PRC are mainly denominated in RMB while overseas purchases are usually denominated in USD and Indonesian Rupiah. The Group’s subsidiaries usually receive revenue in RMB. Hence, the Directors do not consider that the Group faces significant exposure to foreign exchange fluctuation risk.PLEDGEOFASSETSOFTHEGROUPAs at 31 December 2023, the Group’s assets in an aggregate amount of RMB2,899.5 million (2022: RMB2,732.7 million) in forms of property, plant and equipment, coal mining and bank deposits were pledged to banks and asset management companies for credit facilities granted to the Group.23二零二三年年報 ANNUALREPORT 2023MANAGEMENTDISCUSSIONANDANALYSIS管理層討論與分析控股股東抵押股份為擔保由本集團若干附屬公司欠付一名債權人於二零二三年十二月三十一日約為人民幣1,666,500,000元的貸款（於二零二二年十二月三十一日：人民幣2,008,400,000元），由控股股東徐吉華先生全資擁有的珍福國際有限公司已抵押949,000,000股本公司股份，相當於本公司已發行股本約38.06%。

此外，根據債務重組提案，倘本公司控股股東持有的本公司股權發生任何重大變動，則債權人有權撤銷已授予本集團的減債額度及經修訂還款時間表。

有關詳情，請參閱本公司日期為二零一八年八月九日、二零二零年十二月二十二日、二零二一年五月十日及二零二三年十二月二十二日的公佈。

附屬公司、聯營公司及合營企業的重大投資、主要收購及出售事項年內，本集團並無進行任何附屬公司、聯營公司及合營企業的重大投資、主要收購及出售事項。

或然負債及訴訟除本公佈綜合財務報表附註39所披露有關訴訟的若干事項外，於二零二三年十二月三十一日，本集團並無任何重大或然負債。

截至二零二三年十二月三十一日止年度之末期股息董事會不建議派發截至二零二三年十二月三十一日止年度之末期股息（二零二二年：無）。

PLEDGEOFSHARESBYTHECONTROLLING SHAREHOLDERFortune Pearl International Limited, which is wholly-owned by Mr. Xu Jihua, the controlling shareholder, pledged 949,000,000 shares of the Company, representing approximately 38.06% of the issued share capital of the Company, for the purpose of securing the loans of approximately RMB1,666.5 million as at 31 December 2023 (as at 31 December 2022: RMB2,008.4 million) owed by certain subsidiaries of the Group to a creditor. In addition, pursuant to the debt restructuring proposal, if there is any material change in the shareholding of the Company held by the controlling shareholder of the Company, the creditor shall have the right to withdraw the debt reduction and the revised repayment schedule granted to the Group. For details, please refer to the announcement of the Company dated 9 August 2018,22 December 2020,10 May 2021 and 22 December 2023.SIGNIFICANTINVESTMENTS, MATERIAL ACQUISITIONSANDDISPOSALSOFSUBSIDIARIES, ASSOCIATESANDJOINTVENTURESDuring the year, the Group did not have any significant investments, material acquisitions or disposals of subsidiaries, associates and joint ventures.CONTINGENTLIABILITIESANDLITIGATIONSExcept for certain matters related to litigations disclosed in Note 39 to the consolidated financial statements in this announcement, the Group did not have any material contingent liabilities as at 31 December 2023.FINALDIVIDENDFORTHEYEARENDED 31 DECEMBER 2023The Board does not recommend the payment of a final dividend for the year ended 31 December 2023 (2022: Nil).24 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司MANAGEMENTDISCUSSIONANDANALYSIS管理層討論與分析僱員及薪酬於二零二三年十二月三十一日，本集團僱用3,348名僱員。

為鼓勵僱員，本集團已採用一套以表現為基礎之獎勵制度並定期對該制度進行檢討。

除基本薪金外，本集團將向表現出眾的員工提供年終花紅。

本公司於中國成立的附屬公司亦須參與當地市政府所運作的中央退休金計劃。

根據相關國家及地方勞動及社會福利法律及法規，本公司於中國成立的附屬公司須每月為僱員支付社會保險金，包括養老保險、醫療保險、失業保險及其他相關保險。

本公司於中國香港註冊成立的附屬公司已根據強制性公積金計劃條例參加強制性公積金計劃（倘適用）。

此外，本公司已採納一項首次公開發售後購股權計劃，以激勵及留任為本集團成功作出貢獻的員工。

董事相信，與市場準則及慣例相比較，本集團提供予員工的薪酬待遇具有競爭力。

業務展望展望二零二四年，國內穩定經濟政策將陸續落實，生產供給穩步增加。

預期國家持續推出的各項穩經濟、促增長、優結構政策措施能有效擴大市場需求、改善就業市場。

從需求端而言，國內良好的經濟基礎將支撐著煤炭需求，預期在二零二四年產能需求全面釋放。

EMPLOYEESANDREMUNERATIONAs of 31 December 2023, the Group employed 3,348 employees. The Group has adopted a performance-based reward system to motivate its staff and such system is reviewed on a regular basis. In addition to the basic salaries, year-end bonuses may be offered to staff members with outstanding performance.Subsidiaries of the Company established in the PRC are also subject to central pension scheme operated by the local municipal government. In accordance with the relevant national and local labour and social welfare laws and regulations, subsidiaries of the Company established in the PRC are required to pay on behalf of their employees a monthly social insurance premium covering pension insurance, medical insurance, unemployment insurance and other relevant insurance. Subsidiaries of the Company incorporated in Hong Kong China have participated in mandatory provident fund scheme, if applicable, in accordance with Mandatory Provident Fund Schemes Ordinance.Moreover, the Company adopted a post-IPO share option scheme to incentivise and retain staff members who have made contribution to the success of the Group. The Directors believe that the compensation packages offered by the Group to its staff are competitive in comparison with market standards and practices.BUSINESSOUTLOOKLooking forward to 2024, domestic stabilising economic policies will gradually be put into place, and production and supply are steadily increasing. It is expected that various policies and measures that China will continue to be introduced to stabilise, promote growth, and optimise the structure of the economy, which should increase market demand and improve the job market. From the demand side, good domestic economic fundamentals will support coal demand, and production capacity and demand are expected to be fully released in 2024.25二零二三年年報 ANNUALREPORT 2023MANAGEMENTDISCUSSIONANDANALYSIS管理層討論與分析從供應端而言，國家推行的增產保供政策延續，優質煤炭產能將繼續釋放；在亞洲國家中能源消費結構仍以煤炭為主，缺乏新的煤炭供應來源將使得各國間的煤炭競爭變得激烈，預計煤炭進口量與二零二三年相比或將略降。

國內動力煤維持著供需偏鬆的基本面。

整體而言，二零二四年的全球經濟仍然處於深度調整期，但基於煤炭作為主體能源在未來一段時期內未能被取代，各國間的博弈、對煤炭採購的競爭支撐國際煤炭市場價格，受眾多國際因素影響下，國際煤炭價格預計將維持相對平穩。

SDE煤礦是本集團近年大力投資的重點項目，亦是本集團走進國際的一個里程碑。

自二零二一年成功在印尼收購SDE後，本集團持續在當地深耕細作，直到二零二三第四季SDE一礦正式開始試營運。

在二零二四年，本集團將充分利用SDE煤礦的資源，以高標準開展SDE項目後續建設，包括加強碼頭建設，確保煤炭能從SDE礦區通過海運快捷運到中國南方港口。

本集團將不斷開發新的井工礦項目，推動印尼煤礦行業產業升級，協助當地煤炭行業從露天開採轉向井工開採，把智慧型採礦技術輸入到當地。

現階段，SDE二礦仍在全力建設中，待SDE二礦開始營運後，相信SDE兩礦所發揮的協同效應會為本集團創造無限的發展潛力。

From the supply side, China’s policy of increasing production and ensuring supply will continue, and high-quality coal production capacity will continue to be released. The energy consumption structure in Asian countries is still dominated by coal. In the absence of new coal supply sources, competition for coal among countries will be fierce. It is expected that coal imports may decrease slightly as compared with 2023. Supply and demand of domestic thermal coal is expected to remain fundamentally sufficient.Overall, the global economy in 2024 will face in-depth adjustment. However, as coal is expected to remain as a main energy source in the foreseeable future, and international tensions and the competition for coal procurement will support the international coal market price, the international coal price is expected to remain relatively stable under the influence of many international factors.SDECoal Mine is an important project in which the Group has invested huge resources in recent years. It is also a milestone in the Group’s international expansion. Since the successful acquisition of SDE in Indonesia in 2021, the Group has been carrying out hard work in the local area until the first SDE mine officially started trial operation in the fourth quarter of 2023. In 2024, the Group will make full use of resources of SDE Coal Mine and carry out follow-up construction of the SDE project with high standards, including strengthening terminal construction to ensure that coal can be quickly transported by sea from the SDE mining area to ports in southern China. The Group will continue to develop new underground mining projects, promote the industrial upgrading of Indonesia’s coal mining industry, assist the local coal industry in upgrading open-pit mining to underground mining, and import smart mining technology to the local area. At this stage, the second SDE mine is still under active construction. Once the second SDE mine begins its operation, it is believed that the synergy between the two SDE mines will create great development potential for the Group.26 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司MANAGEMENTDISCUSSIONANDANALYSIS管理層討論與分析創造利潤並不是本集團面對未來發展的唯一著眼點，保障和尊重廣大持分者的利益同樣重要。

本集團肩負起社會責任，嚴格執行印尼的勞工、環保、安全生產等各方面要求。

在未來，本集團會透過在當地社區修建公路、新建學校和資助醫院等社會公益活動，進一步與當地社群加強溝通，促進共融。

除了投放資金在當地社區外，本集團會持續積極在當地招聘人手，通過各種培訓計劃、技能開發和知識交流，提高印尼採礦業人力資源的品質。

企業管治截至二零二三年十二月三十一日止財政年度，本公司已遵守聯交所證券上市規則（「上市規則」）附錄C1企業管治守則（「守則」）所載列之適用守則條文。

有關持續經營的重大不明朗因素吾等謹此提述綜合財務報表附註2，附註2指出本集團的流動負債淨額約為人民幣3,324,762,000元。

於二零二三年十二月三十一日，分別約人民幣492,444,000元及約人民幣176,405,000元的借貸及應計利息已到期須即時支付。

此外，於二零二三年十二月三十一日，有若干宗針對本集團的未決訴訟，主要要求本集團立即償付部分計息應付賬款。

以上情況連同綜合財務報表附註2所載的其他事項，表明存在或會引致對本集團持續經營能力產生重大懷疑的重大不明朗因素。

Creating profits is not the only focus of the Group’s future development. It is equally important to protect and respect the interests of all stakeholders. The Group shoulders its social responsibilities and strictly adhere to Indonesia’s labour, environmental protection, production safety and other requirements. In the future, the Group will further strengthen communication with local people and promote inclusion through social welfare activities such as building roads, building new schools and subsidising hospitals in local communities. In addition to investing in local communities, the Group will continue to actively recruit locally and improve the quality of human resources in the Indonesian mining industry through various training programmes, skills development and knowledge exchange.CORPORATEGOVERNANCEThe Company has complied with the applicable code provisions in the Corporate Governance Code (the “Code”) as set out in Appendix C1 to the Rules Governing the Listing of Securities on the Stock Exchange (the “Listing Rules”) during the financial year ended 31 December 2023.MATERIALUNCERTAINTIESRELATEDTOGOING CONCERNWe draw attention to note 2 to the consolidated financial statements, which highlights that the Group had net current liabilities of approximately RMB3,324,762,000. As at 31 December 2023, the borrowings and accrued interest amounting to an aggregate amount of approximately RMB492,444,000 and approximately RMB176,405,000 respectively had been due for immediate payment. In addition, as at 31 December 2023, there were several unsettled litigations against the Group mainly requesting the Group to repay certain payables with interest immediately.These conditions, along with other matters as set forth in note 2 to the consolidated financial statements, indicate the existence of material uncertainties which may cast significant doubt over the Group’s ability to continue as a going concern. 27二零二三年年報 ANNUALREPORT 2023MANAGEMENTDISCUSSIONANDANALYSIS管理層討論與分析董事會審核委員會董事會於二零零九年六月十二日成立審核委員會，並按照守則制訂書面職權範圍。

審核委員會的主要職責為審閱及監督本集團的財務申報程式及內部監控。

董事會審核委員會成員包括三名獨立非執行董事何嘉耀先生、沙振權教授及靜大成先生。

何嘉耀先生為董事會審核委員會主席。

審核委員會已審閱本集團截至二零二三年十二月三十一日止財政年度之經審核綜合財務報表。

AUDITCOMMITTEEOFTHEBOARDAn audit committee was established by the Board on 12 June 2009 with written terms of reference in compliance with the Code. The primary duties of the audit committee are to review and supervise the Group’s financial reporting process and internal controls. The members of the audit committee of the Board are the three independent non-executive Directors, namely Mr. HOKa Yiu Simon, Prof. SHAZhenquan and Mr. JINGDacheng. Mr. HOKa Yiu Simon is the chairperson of the audit committee of the Board.The audit committee has reviewed the audited consolidated financial statements of the Group for the financial year ended 31 December 2023.28 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司DIRECTORS’ REPORT董事會報告The Board presents this annual report, together with the audited consolidated financial statements of the Group for the year ended 31 December 2023 (the “Consolidated Financial Statements”).PRINCIPALACTIVITIESThe principal activity of the Company is investment holding. The Group is principally engaged in the coal operation business involving coal mining, purchase and sales, filtering, storage, blending of coal. The principal activities of the major subsidiaries of the Company are set out in note 20 to the consolidated financial statements.BUSINESSREVIEWDetails of the business review and outlook of the Group are set out in the section headed “Management Discussion and Analysis” on pages 8 to 27 of this report.PRINCIPALRISKSANDUNCERTAINTIESThe Directors are aware that the Group’s financial condition, results of operation, businesses and prospects may be affected by a number of risks and uncertainties as follows:Risks of macroeconomic fluctuations and national policiesCoal industry is closely linked to the macroeconomy and industrial regulatory policies. With current complex external environment, there have been economic downward pressure and relative measures by government. The Group will continue to monitor the macroeconomic development and to adjust its strategies to cope with the risks.Risk of fluctuation on commodity priceInternational and domestic coal prices are affected by various microeconomic factors, industrial factors, national policies, market demand and supply, characteristics of coal and volatility in prices of other raw materials for power generation etc. The Group will flexibly adjust its strategies and implement measures such as cost control to minimise the impact on profit margin caused by fluctuation on coal price.董事會提呈本集團截至二零二三年十二月三十一日止年度之年報連同經審核綜合財務報表（「綜合財務報表」）。

主要業務本公司主要業務為投資控股。

本集團主要從事煤炭經營業務，包括煤炭開採、購銷、選煤、儲存及配煤。

本公司主要附屬公司之主要業務載於綜合財務報表附註20。

業務回顧本集團業務回顧及展望的詳請載於本報告第8至27頁「管理層討論與分析」一節。

主要風險及不確定因素董事認為本集團的財務狀況、經營業績、業務及前景或會受到以下一系列風險及不確定因素的影響：來自宏觀經濟波動及國家政策的風險煤炭行業與宏觀經濟及行業監管政策密切相關。

於當前複雜的外部環境下，經濟下行壓力及政府相關舉措隨之而生。

本集團將繼續監測宏觀經濟發展，並調整其策略以應對該風險。

商品價格波動風險國際及國內煤炭價格乃受各種微觀經濟因素、行業因素、國家政策、市場供求、煤炭特徵以及發電所用其他原材料的價格波動等的影響。

本集團將靈活調整其策略，實施成本控制等措施以盡量減少煤炭價格波動對利潤率的影響。

29二零二三年年報 ANNUALREPORT 2023DIRECTORS’ REPORT董事會報告安全生產的風險煤礦生產過程中存在複雜的不確定因素，該等不確定因素涉及較高安全風險。

本集團透過對重大安全風險進行評估、採取風險防範措施、定期檢查、定期安全生產培訓、提升生產過程自動化水平、檢查安全隱患處理程序以及提高員工安全意識，以持續加強其安全管控體系。

信譽及流動性風險由於國內經濟增長放緩，本集團客戶或會出現流動資金及現金流問題，此將不可避免地影響本集團應收貿易賬款的可回收性及本集團的資金流動性。

本集團將密切監察其信貸風險，持續評估客戶的歷史收賬情況，調整予客戶的信貸限額及信貸期限，並持續密切監測本集團流動資金需求以維持足夠現金儲備以滿足經營需要。

財務關鍵表現指標下表列示本集團於所示日期及年度的若干關鍵財務比率。

Risk of safety productionThe production process of coal mining involve complex uncertainties that involve higher safety risks. The Group continues to strengthen its safety management and control system by implementing assessment on significant safety risks, risk prevention measures, regular inspections, regular safety production training, upgrade on automation of production process, review of procedure on addressing potential safety hazards and promotion of safety awareness among employee.Risks of creditability and liquidityDue to slowdown of domest ic economy, the Group’s customers may suffer from liquidity and cash flow problems that will inevitably affect the recoverability of the Group’s trade receivables and the Group’s liquidity. The Group will closely monitor its credit exposure, continuously evaluate the collection history of its customers, adjust the credit line and credit period given to customers and closely monitor the Group’s liquidity requirements on ongoing basis in order to maintain sufficient reserves of cash for operational need.FINANCIALKEYPERFORMANCEINDICATORSThe following table sets forth certain of our key financial ratios as of the dates and for the years indicated.Year ended 31 December截至十二月三十一日止年度Notes 20232022附註二零二三年二零二二年 Profitability ratios盈利能力比率Gross profit margin毛利率125.5% 33.6%Net profit/(loss) margin淨溢利╱（虧損）率25.6% 12.9%Liquidity ratios流動資金比率Current ratio流動比率30.360.33Gearing ratio資產負債比率429.8% 32.1%30 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司DIRECTORS’ REPORT董事會報告附註：(1)毛利率乃按所示年度的毛利除以收入再乘以100%計算得出。

毛利率下降是由於動力煤平均售價下降所致。

(2)淨溢利率乃按所示年度的溢利╱（虧損）除以收入再乘以100%計算得出。

淨溢利╱（虧損）率減少乃由於以下因素的淨影響：(i)煤炭平均售價下降；(ii)煤炭裝卸量及交易量增加；(iii)由於煤炭平均售價下降，導致物業、廠房及設備以及煤炭採礦權減值虧損；及(iv)借貸重大╱非重大修訂之收益淨額由截至二零二二年十二月三十一日止年度約人民幣42,500,000元減少至截至二零二三年十二月三十一日止年度的借貸非重大╱非重大修訂之虧損淨額約人民幣14,500,000元。

(3)流動比率乃按於二零二三年十二月三十一日的流動資產除以流動負債計算得出。

流動比率因續訂部分借款而有所改善。

(4)資產負債比率乃按借貸抵銷現金及現金等價物及已抵押及受限制存款之總額後除以資產總值計算得出。

資產負債比率因於年內償還貸款而略為下降。

Notes: (1) The calculation of gross profit margin is based on gross profit divided by revenue for the year indicated and multiplied by 100%. Gross profit margin is decreased due to decrease in average selling price of thermal coal.(2) The calculation of net profit margin is based on profit/(loss) for the year divided by revenue for the year indicated and multiplied by 100%. Net profit/(loss) margin is decreased due to the net effect of:(i) the decrease in the average coal selling price;(ii) the increase in the coal handling and trading volume;(iii) impairment losses on property, plant and equipment and coal mining rights due to decrease in average coal selling price; and(iv) decrease in net gain on the substantial/non-substantial modification of borrowing from approximately RMB42.5 million for the year ended 31 December 2022 to net loss on non-substantial/non-substantial modification of borrowing approximately RMB14.5 mil l ion for the year ended 31 December 2023.(3) The calculation of current ratio is based on current assets divided by current liabilities as of 31 December 2023. Current ratio was improved due to renewal of certain borrowings.(4) The calculation of gearing ratio is based on borrowings netted off sum of cash and cash equivalents and pledged and restricted deposits divided by total assets. The gearing ratio slightly decreased due to repayment of loan during the year.31二零二三年年報 ANNUALREPORT 2023DIRECTORS’ REPORT董事會報告環境政策及表現本公司的環境、社會及管治政策載列如下。

有關環境表現的詳情，請參閱本年報的「環境、社會及管治報告」。

環境嚴格遵守中華人民共和國（「中國」）環境法律法規，包括但不限於《中國環境保護法》、《中國環境影響評價法》、《中國清潔生產促進法》、《中國水污染防治法》、《中國固體廢物污染環境防治法》、《中國節約能源法》和《中國可再生能源法》；嚴格遵守印尼共和國（「印尼」）環境法律法規，包括但不限於《環境保護與管理法》、《環境保護及管理實施政府條例》、《林業法》、《林業實施政府條例》；將營運對環境可能造成之影響減至最低，包括提升資源效益、減少污染物排放和加強有害及無害廢棄物管理；推行綠色生產，從而減少碳足跡，務求在營運中建立氣候變化復原力；和定期識別並評估氣候轉變及實體風險與機遇，以制定適當的應變機制。

ENVIRONMENTALPOLICIESANDPERFORMANCEEnvironmental, social and governance policies of the Company are listed out below. For details of environmental performance, please refer to “Environmental, Social and Governance Report” of this annual report.Environment To strictly abide by environmental laws and regulations in the People’s Republic of China (the “PRC”), including but not limited to Environmental Protection Law of the PRC, Environmental Impact Assessment Law of PRC, Law of the PRC on Promotion of Cleaner Production, Law of the PRC on Prevention and Control of Water Pollution, Law of the PRC on Prevention and Control of Environmental Pollution by Solid Waste, Law of the PRC on Energy Conservation, and Renewable Energy Law of the PRC; To strictly abide by environmental laws and regulations in the Republic of Indonesia (the “Indonesia”), including but not limited to Law on Environmental Protection and Management, Government Regulation on Implementation of Environmental Protection and Management, Law on Forestry, Government Regulation on Implementation of Forestry; To minimise the possible impact of our operations on the environment by enhancing the efficiency of our resource consumption, reducing our pollutant emissions and improving our hazardous and non-hazardous waste management; To promote green production to reduce our carbon footprint, and to build climate resilience into our operations; and To identify and assess climate change-related physical risks and opportunities on a regular basis with a view to developing appropriate response mechanisms.32 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司DIRECTORS’ REPORT董事會報告社會嚴格遵守中國社會相關的法律法規，包括但不限於貪污和賄賂、歧視、信息保密、利益沖突、反競爭、洗黑錢、健康與安全以及舉報，如《煤礦安全檢測規範》、《煤礦安全規程》、《中國煤炭法》、《中國職業病防治法》、《禁止使用童工規定》、《未成年工特殊保護規定》、《中國刑法》有關禁止腐敗及賄賂的規定和《中國勞動法》；嚴格遵守印尼社會相關法律法規，包括但不限於《人力資源法》、《使用外籍工人政府條例》、《關於固定期限僱傭合約、外包、工作及休息時間以及終止僱傭關係的政府條例》、《土地原則法》、《政府管理權、土地權、公寓與土地登記條例》、《印尼刑法》、《根除貪腐法》；為業務所屬的社區帶來價值，並為本集團的員工、客戶和供應商創造長期利益；構建安全健康和多元共融的工作環境，並提供公平的學習機會予員工；實行負責任採購並影響供應鏈，包括確保供貨商符合可持續發展標準；提供優質煤炭產品，以符合並超越行業標準及可持續發展要求；和鼓勵員工在工作及社區中積極履行社會責任。

Society To strictly abide by society-related laws and regulations in PRC, including but not limited to those related to corruption and bribery, discrimination, confidentiality, conflicts of interest, anti-competitive behaviour, money laundering, health and safety as well as whistleblowing, such as Testing Specifications for Coal Mine Safety, Coal Mine Safety Procedures, Law of the PRC on the Coal Industry, Law of PRC on the Prevention and Treatment of Occupational Diseases, Provisions on the Prohibition of Using Child Labour, Special Protection Regulations for Juvenile Employees, Provisions on Prohibiting Corruption and Bribery of the Criminal Law of PRC, and Labour Law of the PRC; To strictly abide by society-related laws and regulations in Indonesia, including but not limited to those related to Law on Manpower, Government Regulation on Foreign Workers Utilization, Government Regulation on Definite Employment Contract, Outsourcing, Working and Rest Hours, and Termination of Employment, Law on Agrarian Principles, Government Regulation on Management Rights, Land Rights, Flats, and Land Registration, Law on Indonesian Criminal Code, Law on Corruption Eradication; To bring value to the communities in which we operate and create long-term benefits for our employees, customers and suppliers; To build a safe and healthy, diverse and inclusive working environment and provide fair learning opportunities to our employees; To practice responsible procurement, and exert our influence on the supply chain to ensure that our suppliers meet sustainability standards; To provide quality coal products that meet and exceed industry standards and sustainability requirements; and To encourage our employees to actively fulfill their social responsibilities at work and in their community.33二零二三年年報 ANNUALREPORT 2023DIRECTORS’ REPORT董事會報告管治於二零二一年十二月六日成立環境、社會及管治委員會（「環境、社會及管治委員會」），其工作內容包括：監察本政策的實施，並不時檢視此政策，認可本政策的更改或更新，和確保集團業務及整個供應鏈實踐盡責任採購，營運中不會對人和環境產生負面影響；收集持份者對我們在可持續發展表現上的意見並作出改善；保持與本集團員工、供應商、客戶對話，處理好與集團有關的環境、社會及管治的議題；定期識別對持份者及對營運地區在經濟、環境和社會層面有重大影響的議題，並作適當管理；和定期監測公司可持續發展上的表現及匯報。

與客戶的關係本集團深明與客戶維持良好關係，對於實現即時及長遠業務目標與發展十分重要。

因此，本集團善用流暢的溝通渠道，聆聽客戶意見，協助本集團持續改善產品質量、確保準時交付。

有關與客戶溝通渠道的詳情，請參閱本年報「環境、社會及管治報告」內「持份者參與」一節。

Governance The Environmental, Social and Governance Committee (the “ESGCommittee”) was established on 6 December 2021, which is responsible for: Monitoring the implementation of this policy and reviewing it from time to time, Approving changes or updates to this policy, and Ensuring that responsible procurement is practiced during our course of business and along the entire supply chain, and that our operations do not have a negative impact on people and the environment; To collect stakeholders’ views on our sustainability performance and make improvements to it; To maintain dialogues with our employees, suppliers and customers, and properly handle ESG issues related to the Group; To identify, on a regular basis, issues that have significant economic, environmental and social impacts on stakeholders and regions in which we operate, and manage them properly; and To monitor and report on our sustainability performance on a regular basis.RELATIONSHIPWITHCUSTOMERSThe Group understands the importance of maintaining a good relationship with customers to meet its immediate and long-term business goals and development. Therefore, the Group encourages smooth communication channels and customers feedback for the Group’s continuous improvement on product quality and timely transportation.For details of communication channels with customers, please refer to “Stakeholder Engagement” in the “Environmental, Social and Governance Report” in this annual report.34 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司DIRECTORS’ REPORT董事會報告與持份者的關係有關本集團與僱員及供應商的關係的詳情，請參閱本年報「環境、社會及管治報告」內「持份者參與」、「賦權僱員」、「培訓及發展」及「供應鏈管理」各節。

遵守法律及法規董事認為，本集團在所有重大方面均已遵守與本集團業務及運營有關的法律法規。

就或會對其業務產生重大影響的相關法律法規而言，概無重大違反或不遵守的情形。

本集團受到多種法律法規的規限，如《中華人民共和國公司法》、《中華人民共和國合同法》、《中華人民共和國物權法》、《中華人民共和國煤炭法》、《中華人民共和國環境保護法》、《中國勞動法》、《中國禁止使用童工規定》、上市規則、《公司條例》（第622章）、《印尼有限責任公司法》、《投資法》、《印尼礦產及煤炭開採法》、《印尼採礦業務活動實施政府條例》、《能源及礦產資源部長關於礦產及煤炭開採業務活動的區域授予、許可及報告程序的條例》、《能源及礦產資源部長關於工作計劃及預算的編製、提交及批准程序以及礦產及煤炭開採業務活動實施情況報告程序的條例》、《環境保護管理法》及《人力法》等。

本集團將透過密切監察或會對其業務及經營產生重大影響的適用法律法規以持續確保合規。

RELATIONSHIPWITHSTAKEHOLDERSFor details of relationship with the employees and suppliers, p lease refer to “Stakeholder Engagement”, “People Empowerment”, “Training and Development” and “Supply Chain Management” in the “Environmental, Social and Governance Report” in this annual report.COMPLIANCEWITHLAWSANDREGULATIONSThe directors believe that the Group has complied in all material aspects with the relevant laws and regulations that are related to the business and operation of the Group. There was no material breach of or non-compliance with relevant laws and regulations which might have a significant impact on its business.The Group is subject to various laws and regulations such as the Company Law of the People’s Republic of China, the Contract Law of the People’s Republic of China, the Property Law of the People’s Republic of China, the Coal Industry Law of the People’s Republic of China, the Environmental Protection Law of the People’s Republic of China, Labour Law of PRC, Provisions in the Prohibition of Using Child Labour, the Listing Rules, the Companies Ordinance (Chapter 622), Law on Limited Liability Company in Indonesia, Law on Investments, Law on Mineral and Coal Mining in Indonesia, Government Regulation on Implementation of Mining Business Activities in Indonesia, Minister of Energy and Mineral Resources on Procedures for Granting Areas, Licensing and Reporting to Mineral and Coal Mining Business Activities, Minister of Energy and Mineral Resources Regulation on Procedures for Preparing, Submitting and Approving Work Plans and Budgets and Procedures for Reporting on the Implementation of Mineral and Coal Mining Business Activities, Law on Environmental Protection and Management and Law on Manpower, etc. The Group will continuously ensure compliance through closely monitor on applicable law and regulations that may have a significant impact on its business and operation.35二零二三年年報 ANNUALREPORT 2023DIRECTORS’ REPORT董事會報告業績及分派本集團年度業績載於本報告第159頁之綜合全面收入表。

董事並不建議就截至二零二三年十二月三十一日止年度派發股息。

可供分派儲備根據開曼群島公司法，股份溢價賬及繳入盈餘之資金可供分派予股東，惟緊隨作出有關分派或股息建議之日期後，本公司可在日常業務過程中償還到期債務。

於二零二三年十二月三十一日，本公司並無可供分派的儲備（二零二二年：零）。

RESULTSANDAPPROPRIATIONSThe results of the Group for the year are set out in the consolidated statement of comprehensive income on of this report.The Directors did not recommend the payment of a dividend for the year ended 31 December 2023.DISTRIBUTABLERESERVESUnder the Companies Law of the Cayman Islands, the funds in share premium account and contributed surplus are distributable to shareholders, subject to the condition that immediately following the date on which the distribution or dividend is proposed to be made, the Company is able to pay its debts as they fall due in the ordinary course of business.As at 31 December 2023, the Company did not have any distributable reserves (2022: Nil).36 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司DIRECTORS’ REPORT董事會報告PRE-EMPTIVERIGHTSThere are no provisions for pre-emptive rights under the Company’s articles of association (the “Articles”) or the laws of the Cayman Islands, being the jurisdiction in which the Company was incorporated, which would oblige the Company to offer new shares on a pro rata basis to existing shareholders.FINANCIALSUMMARYA summary of the Group’s result for each of the five years ended 31 December and the Group’s assets, liabilities and equity as at 31 December 2019,2020,2021,2022 and 2023 are set out on of this report.PURCHASE, SALEORREDEMPTIONOFTHE COMPANY’SLISTEDSECURITIESDuring the year ended 31 December 2023, neither the Company nor any of its subsidiaries purchased, sold or redeemed any listed securities of the Company.優先購買權本公司之組織章程細則（「章程細則」）或開曼群島（即本公司註冊成立司法權區）法例並無有關優先購買權之條文，規定本公司須按比例向現有股東提呈發售新股份。

財務概要本集團截至十二月三十一日止五個年度各年之業績摘要及本集團於二零一九年、二零二零年、二零二一年、二零二二年及二零二三年十二月三十一日之資產、負債及權益載於本報告第5頁。

購買、出售或贖回本公司上市證券截至二零二三年十二月三十一日止年度，本公司或其任何附屬公司概無購買、出售或贖回本公司任何上市證券。

37二零二三年年報 ANNUALREPORT 2023DIRECTORS’ REPORT董事會報告董事二零二三年年度至本報告日期，董事如下：執行董事：徐達先生（主席）白韜先生（行政總裁）翟依峰先生（自二零二三年三月一日起獲委任）鄧冰晶女士（自二零二四年四月十九日起獲委任）譚映忠先生（自二零二三年三月一日起辭任）獨立非執行董事：沙振權教授靜大成先生何嘉耀先生（自二零二三年六月二十日起獲委任）劉錫源先生（於二零二三年六月二十日退任）根據章程細則第83(3)條，董事有權不時及隨時委任任何人士為董事以填補董事會臨時空缺或增加現行董事會席位。

就此獲委任之任何董事之任期至本公司下屆股東週年大會止，並合資格重選連任。

根據章程細則第83(3)條委任之任何董事，在釐定輪值告退之特定董事或董事人數時，不得計算在內。

按照章程細則第84條，在每屆股東週年大會上，當時三分之一之董事須輪值告退，惟每位董事至少每三年於股東週年大會上輪值告退並符合資格膺選連任。

何嘉耀先生及鄧冰晶女士（分別於二零二三年六月二十日及二零二四年四月十九日獲董事會委任）將根據章程細則第83(3)條退任，而沙振權教授及靜大成先生將根據章程細則第84(1)條輪值退任。

鄧冰晶女士、沙振權教授、何嘉耀先生及靜大成先生符合資格並將願意於應屆股東週年大會上膺選連任。

DIRECTORSThe Directors during the year of 2023 and up to the date of this report are as follows:Executive Directors:Mr. XUDa (Chairman)Mr. BAITao (Chief Executive Officer)Mr. ZHAIYifeng (appointed with effect from 1 March 2023)Ms. DENGBingjing (appointed with effect from 19 April 2024)Mr. TANYingzhong (resigned with effect from 1 March 2023)Independent non-executive Directors:Prof. SHAZhenquanMr. JINGDachengMr. HOKa Yiu Simon (appointed with effect from 20 June 2023)Mr. LAUSik Yuen (retired on 20 June 2023)Pursuant to Article 83(3) of the Articles, the Directors shall have the power from time to time and at any time to appoint any person as a Director either to fill a casual vacancy on the Board or as an addition to the existing Board. Any Director so appointed shall hold office until the next following annual general meeting of the Company and shall then be eligible for re-election. Any Director appointed pursuant to Article 83(3) of the Articles shall not be taken into account in determining which particular Directors or the number of Directors who are to retire by rotation. Pursuant to Article 84 of the Articles, at each annual general meeting one-third of the Directors for the time being shall retire from office by rotation provided that every Director shall be subject to retirement at an annual general meeting at least once every three years and shall then be eligible for re-election.Mr. HOKa Yiu Simon and Ms. DENGBingjing, who were appointed by the Board on 20 June 2023 and 19 April 2024, respectively will retire in accordance with Article 83(3) of the Articles while Prof. SHAZhenquan and Mr. JINGDacheng will retire by rotation in accordance with Article 84(1) of the Articles. Ms. DENGBingjing, Prof. SHAZhenquan, Mr. HOKa Yiu Simon and Mr. JINGDacheng, being eligible, would offer themselves for re-election at the forthcoming annual general meeting.38 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司DIRECTORS’ REPORT董事會報告董事服務合約擬於股東週年大會上膺選連任之董事概無與本公司訂立不可由本公司於一年內終止而毋須支付賠償（法定賠償除外）之未屆滿服務合約。

董事於交易、安排及合約之權益除架構合約（定義見招股章程）（其詳情載於下文「關連交易」段落內）外，本公司及其任何附屬公司或控股公司並無訂立與本集團業務有關並於年末或年內任何時間仍然生效且董事直接或間接擁有或曾擁有重大權益之重要交易、安排及合約。

獨立非執行董事之獨立性根據聯交所證券上市規則（「上市規則」）第3.13條，本公司已從各獨立非執行董事獲得其獨立性確認函，且董事會認為獨立非執行董事為獨立。

董事及高級管理層履歷於年報刊發日期的董事及高級管理層的履歷詳情載於本報告第66至71頁。

DIRECTORS’ SERVICECONTRACTSNone of the Directors who are proposed for re-election at the annual general meeting has an unexpired service contract with the Company which is not determinable by the Company within one year without payment of compensation, other than statutory compensation.DIRECTORS’ INTERESTSINTRANSACTIONS, ARRANGEMENTSANDCONTRACTSSave for the Structure Contracts (as defined in the Prospectus), the detai ls of which are set for th in the paragraphs under “Connected Transactions” below, no transactions, arrangements and contracts of significance in relation to the Group’s business to which the Company and any of its subsidiaries or holding company was a party and in which a Director is or was materially interested or had a material interest, whether directly or indirectly, subsisted at the end of the year or at any time during the year.INDEPENDENCEOFTHEINDEPENDENTNON- EXECUTIVEDIRECTORSThe Company has received from each of its independent non-executive Directors the confirmation of his independence pursuant to Rule 3.13 of the Rules Governing the Listing of Securities on the Stock Exchange (the “Listing Rules”) and the Board considers the independent non-executive Directors to be independent.BIOGRAPHICALDETAILSOFDIRECTORSAND SENIORMANAGEMENTBrief biographical details of Directors and senior management as at the date of publication of the annual report are set out on pages 66 to 71 of this report.39二零二三年年報 ANNUALREPORT 2023DIRECTORS’ REPORT董事會報告董事及最高行政人員於股份、相關股份及債券中之權益及淡倉於二零二三年十二月三十一日，本公司董事及最高行政人員於本公司及其相聯法團（定義見香港法例第571章證券及期貨條例（「證券及期貨條例」）第XV部）之股份、相關股份及債券中擁有(a)根據證券及期貨條例第352條須記錄於本公司所存置登記冊內；或(b)根據上市規則附錄C3所載上市公司董事進行證券交易之標準守則（「標準守則」）須通知本公司及聯交所之權益及淡倉如下：於本公司之權益附註：1.董事徐達先生亦兼任董事會主席。

2.實益權益為根據於二零一五年四月三十日的購股權計劃項下授予翟依峰先生的購股權獲悉數行使而可能發行的2,000,000股股份。

除上文所披露者外，於二零二三年十二月三十一日，本公司董事或最高行政人員概無於本公司及其任何相聯法團（定義見證券及期貨條例第XV部）之股份、相關股份或債券中擁有(a)證券及期貨條例第352條規定須記錄於本公司存置登記冊內；或(b)根據標準守則須知會本公司及聯交所之權益或淡倉。

DIRECTORS’ ANDCHIEFEXECUTIVE’SINTERESTS ANDSHORTPOSITIONSINTHESHARES, UNDERLYINGSHARESANDDEBENTURESAs at 31 December 2023, the interests and short positions of the Directors and chief executive of the Company in the shares, underlying shares and debentures of the Company or its associated corporations (within the meaning of Part XV of the Securities and Futures Ordinance (Cap.571 of the Laws of Hong Kong) (the “SFO”)), which were required (a) to be recorded in the register required to be kept by the Company pursuant to section 352 of the SFO; or (b) to be notified to the Company and the Stock Exchange pursuant to the Model Code for Securities Transactions by Directors of Listed Companies (the “Model Code”) contained in Appendix C3 to the Listing Rules were as follows:Interests in the CompanyNumber of sharesApproximate percentage of issued share capital of the Company (%)股份數目佔本公司已發行股本之概約百分比(%)Name of Director Nature of interestLong positionsShort positionsLong positionsShort positions董事姓名權益性質好倉淡倉好倉淡倉 Mr. XUDa (Note 1) Beneficial Owner 93,135,251 Nil 3.74 Nil徐達先生（附註1）實益擁有人無無Mr. BAITao Beneficial Owner 50,000,000 Nil 2.01 Nil白韜先生實益擁有人無無Mr. Zhai Yifeng Beneficial Owner (Note 2) 2,000,000 Nil 0.08 Nil翟依峰先生實益擁有人（附註2）無無 Notes:1. Mr. XUDa, being a Director, is also acting as the Chairman of the Board.2. The beneficial interest represents 2,000,000 shares that may be issued pursuant to the full exercise of the options granted to Mr. ZHAIYifeng under the Share Option Scheme on 30 April 2015.Save as disclosed above, as at 31 December 2023, none of the Directors or chief executive of the Company had interests or short positions in the shares, underlying shares or debentures of the Company and its associated corporations (within the meaning of Part XV of the SFO) which were required (a) to be recorded in the register required to be kept by the Company pursuant to section 352 of the SFO; or (b) to be notified to the Company and the Stock Exchange pursuant to the Model Code.40 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司DIRECTORS’ REPORT董事會報告主要股東於本公司股本中之權益及淡倉於二零二三年十二月三十一日，下列人士（除本公司董事或最高行政人員外）於本公司之股份及相關股份中，擁有於本公司根據證券及期貨條例第336條存置之權益登記冊所記錄之權益及淡倉：附註：1.徐吉華先生為徐達先生的父親及鄧冰晶女士的家翁。

徐達先生是本公司的主席兼執行董事。

鄧女士獲委任為本公司執行董事，自二零二四年四月十九日起生效。

徐吉華先生擁有珍福國際有限公司（「珍福」）100%股權，而珍福擁有由其直接持有的1,232,618,938股股份及於悉數兌換永久次級可換股證券後予以配發及發行之118,000,000股股份權益。

根據證券及期貨條例，徐吉華先生被視為於由珍福持有之股份中擁有權益。

除上文所披露者外，於二零二三年十二月三十一日，概無任何人士（不包括本公司董事或最高行政人員）知會本公司其於本公司股份或相關股份中，擁有根據證券及期貨條例第XV部第2及第3分部有關條文，須向本公司披露之權益或淡倉，或須根據證券及期貨條例第336條記錄於本公司存置之登記冊內之權益或淡倉。

SUBSTANTIALSHAREHOLDERS’ INTERESTSAND SHORTPOSITIONSINTHESHARECAPITALOFTHE COMPANYAs at 31 December 2023, the interests and short positions of the persons, other than a Director or chief executive of the Company, in the shares and underlying shares of the Company as recorded in the register of interests required to be kept by the Company pursuant to Section 336 of the SFO were as follows:Number of sharesApproximate percentageof issued share capital ofthe Company (%)股份數目佔本公司已發行股本之概約百分比(%)Name of shareholder Nature of interest Long positionsShort positionsLong positionsShort positions股東姓名╱名稱權益性質好倉淡倉好倉淡倉 Mr. XUJihua (Note 1) Beneficial owner 14,229,610 Nil 0.57 Nil徐吉華先生（附註1）實益擁有人無無Interest in a controlled corporation 1,350,618,938 Nil 54.17 Nil於受控制公司之權益無無Fortune Pearl International Limited (Note 1)Beneficial owner1,350,618,938 Nil 54.17 Nil珍福國際有限公司（附註1）實益擁有人無無 Note:1. Mr. XUJihua is the father of Mr. XUDa and father-in-law of Ms. DENG Bingjing. Mr. XUDa is the chairman and an executive Director of the Company. Ms. DENG was appointed as the executive Director of the Company with effect from 19 April 2024. Mr. XUJihua is interested in 100% shareholding of Fortune Pearl International Limited (“Fortune Pearl”), which in turn is interested in 1,232,618,938 shares and 118,000,000 shares which may be allotted and issued upon full conversion of the PSCS held directly by Fortune Pearl. By virtue of the SFO, Mr. Xu Jihua is deemed to have interests in the shares so held by Fortune Pearl.Save as disclosed above, as at 31 December 2023, the Company had not been notified by any persons (other than Directors or the chief executive of the Company) who had interests or short positions in the shares or underlying shares of the Company which would fall to be disclosed to the Company under the provisions of Divisions 2 and 3 of Part XV of the SFO, or which were recorded in the register required to be kept by the Company under Section 336 of the SFO.41二零二三年年報 ANNUALREPORT 2023DIRECTORS’ REPORT董事會報告董事購入股份或債券之權利除綜合財務報表附註33所詳述根據購股權計劃外，本公司或其任何附屬公司概無於截至二零二三年十二月三十一日止年度任何時間訂立任何安排，以讓董事通過購入本公司或任何其他法團之股份或債務證券（包括債券）而獲利；董事、其配偶或18歲以下之子女，亦概無任何認購本公司證券之任何權利，或已行使任何此等權利。

永久次級可換股證券於二零二三年十二月三十一日，本公司擁有金額為194,700,000港元可轉換為本公司普通股的未換股永久次級可換股證券，初始轉換價為每股轉換股份1.65港元（可予調整）。

假設按初始轉換價悉數行使永久次級可換股證券附帶的轉換權，則合共118,000,000股轉換股份將予發行。

該等永久次級可換股證券由珍福持有。

珍福的唯一最終實益擁有人為徐達先生的父親及鄧冰晶女士的家翁及本公司控股股東徐吉華先生。

獲准許的彌償條文在適用法律的規限下，本集團各公司每名董事有權根據各公司的組織章程細則獲有關公司彌償其在執行及履行職責時引致或與此有關的所有成本、收費、損失、費用及債務。

此等條文在截至二零二三年十二月三十一日止財政年度期間有效，並於本報告日期亦維持有效。

DIRECTORS’ RIGHTTOACQUIRESHARESOR DEBENTURESOther than pursuant to the Share Option Scheme detailed in note 33 to the consolidated financial statements, at no time during the year ended 31 December 2023 was the Company or any of its subsidiaries a party to any arrangements to enable the Directors to acquire benefits by means of the acquisition of shares in, or debts securities (including debentures) of, the Company or any other body corporate and none of the Directors, their spouses or children under the age of 18, had any rights to subscribe for securities of the Company, or had exercised any such rights.PERPETUALSUBORDINATEDCONVERTIBLE SECURITIESThe Company had outstanding PSCS in the principal amount of HKD194,700,000 as at 31 December 2023, which was convertible into ordinary shares in the Company at the initial conversion price of HKD1.65 per conversion share (subject to adjustments). Assuming the exercise in full of the conversion rights attaching to the PSCS at the initial conversion price, a total of 118,000,000 conversion shares will be issued. The PSCS were held by Fortune Pearl. The sole ultimate beneficial owner of the Fortune Pearl is Mr. Xu Jihua, who is the father of Mr. Xu Da and the father-in-law of Ms. Deng Bingjing and the controlling shareholder of the Company.PERMITTEDINDEMNITYPROVISIONSubject to the applicable laws, every director of the Group’s companies shall be entitled to be indemnified by the relevant company against all costs, charges, losses, expenses and liabilities incurred by him or her in the execution and discharge of his or her duties or in relation thereto pursuant to their respective Articles of Associations. Such provisions were in force during the course of the financial year ended 31 December 2023 and remained in force as of the date of this report.42 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司DIRECTORS’ REPORT董事會報告薪酬政策本集團的薪酬政策為根據僱員表現、職責、資歷及所展現的能力以回報其僱員。

為鼓勵僱員，本集團已採用一套以表現為基礎之獎勵制度並定期對該制度進行檢討。

除基本薪金外，本集團將向表現出眾的員工提供年終花紅。

應付予本集團高級管理層之薪酬由董事會之薪酬委員會依據本集團之經營業績，個人經驗、表現及職責，及從事類似業務可比規模公司採用之薪金水平而釐定。

應付予董事之薪酬由董事會之薪酬委員會依據從事類似業務可比規模公司採用之薪金水平而釐定。

本集團董事薪酬及五名最高薪酬人士的詳情載於綜合財務報表附註12及13。

管理合約年內，本公司並無就整體業務或任何重要業務之管理及行政工作签订或存有任何合約。

捐款年內，本集團作出慈善捐款人民幣263,404元（二零二二年︰人民幣4,248,000元），用以促進社會各方面發展。

REMUNERATIONPOLICYThe remuneration policy of the Group to reward its employees is based on their performance, duties and responsibilities, qualifications and competence displayed. The Group has adopted a performance based rewarding system to motivate its employees and such system is reviewed on a regular basis. In addition to the basic salaries, year end bonuses will be offered to those staff members with outstanding performance.Emoluments payable to the senior management of the Group are decided by the remuneration committee of the Board, having regard to the Group’s operating results, individual experience, performance and responsibi l i ty, and the compensation levels adopted by companies of comparable size engaging in similar business.Emoluments payable to the Directors are decided by the remuneration committee of the Board, having regard to the compensation levels adopted by companies of similar size engaging in similar business.Details of the Directors’ emoluments and emoluments of the five highest paid individuals in the Group are set out in notes 12 and 13 to the consolidated financial statements.MANAGEMENTCONTRACTSNo contracts concerning the management and administration of the whole or any substantial part of the business of the Company were entered into or existed during the year.DONATIONSDuring the year, charitable donations of RMB263,404 were made by the Group (2022: RMB4,248,000) to enhance social development in various aspects.43二零二三年年報 ANNUALREPORT 2023DIRECTORS’ REPORT董事會報告主要供應商及客戶本集團主要供應商及客戶所佔採購及銷售額之百分比如下：概無董事、彼等之緊密聯繫人士或股東（如股東所知，擁有本公司股本5%以上之股東）於該等主要供應商或客戶中擁有任何權益。

關連交易有關收購採礦經營許可證C及採礦經營許可證G以及減少新採礦公司C及新採礦公司G股權之該等新協議綱領鑒於外資擁有權的限制，於二零二三年十月三十日，本公司全資附屬公司力躍能源投資有限公司（「力躍能源」）及景崇能源投資有限公司（「景崇能源」）訂立該等新協議綱領，對交易進行重組，減少其於新採礦公司C及新採礦公司G之股權至70%，並就投資上述公司修訂協議綱領C及協議綱領G的若干條款。

MAJORSUPPLIERSANDCUSTOMERSThe percentages of purchases and sales for the year attributable to the Group’s major suppliers and customers were as follows:Purchases採購額 – the largest supplier – 最大供應商30.19%– five largest suppliers in aggregate – 五大供應商合計48.51% Sales銷售額 – the largest customer – 最大客戶34.6%– five largest customers in aggregate – 五大客戶合計89.1% None of the Directors, their close associates or any shareholder (which to the knowledge of the Directors owns more than 5% of the Company’s share capital) had an interest in these major suppliers or customers.CONNECTEDTRANSACTIONSNew Heads of Agreements in Relation to the Acquisition of Mining Business License C and Mining Business License G and Reduction of Shareholding Interest in New Mining Company C and New Mining Company GIn light of the foreign ownership limitation, on 30 October 2023, Initiative Energy Investment Limited (“Initiative Energy”) and Veneration Energy Investment Limited (“Veneration Energy”), the wholly-owned subsidiaries of the Company, entered into the new heads of agreements to restructure the transaction and reduce its shareholding interest in a new mining company C and new mining company G to 70% and to amend certain terms of the heads of agreement C and heads of agreement G in relation to the investment in the said companies.44 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司DIRECTORS’ REPORT董事會報告持有分別與力躍能源及景崇能源訂立協議綱領的各賣方99%以上股權之Kokos Jiang之繼承人擁有本公司非全資附屬公司PTSumber Daya Energi（「SDE」）25%股權。

由於SDE不屬於上市規則第14A.09條項下非重大附屬公司的範圍，故(i)Kokos Jiang之繼承人（包括Inneke Wiratirana（為SDE的主要股東））；(ii)賣方（由Kokos Jiang之繼承人擁有超過99%）；(iii) Eric Wiratirana（為Inneke Wiratirana之兄弟）；及(iv) PTWidyanusa Mandiri（一間由Kokos Jiang之繼承人擁有99%之公司）根據上市規則第14A章於附屬公司層面上被視為本公司之關連人士。

因此，該等新協議綱領項下擬進行的交易構成上市規則第14A章項下之關連交易。

由於(i)董事會（包括獨立非執行董事）已批准該等新協議綱領及其項下擬進行的交易；及(ii)獨立非執行董事已確認該等新協議綱領項下的交易條款屬公平合理，乃按一般商業條款進行，符合本公司及股東的整體利益，根據上市規則第14A.101條，該等新協議綱領項下擬進行的交易須遵守申報及公告規定，惟豁免通函、獨立財務意見及獨立股東批准規定。

詳情請參閱本公司日期為二零二三年十月三十日及二零二三年十一月七日的公告。

Heirs of Kokos Jiang, who hold over 99% shareholding interest in each of the sellers who entered into the new heads of agreements with Initiative Energy and Veneration Energy respectively, own 25% equity interest in PTSumber Daya Energi (“SDE”), which is a non-wholly owned subsidiary of the Company. As SDE does not fall within the ambit of insignificant subsidiaries under Rule 14A.09 of the Listing Rules, (i) heirs of Kokos Jiang, including Inneke Wiratirana (who are substantial shareholder of SDE), (ii) the sellers (which are owned as to over 99% by heirs of Kokos Jiang), (iii) Eric Wiratirana (brother of Inneke Wiratirana) and (iv) PTWidyanusa Mandiri (a company owned as to 99% by heirs of Kokos Jiang) are regarded as connected persons of the Company at the subsidiary level under Chapter 14A of the Listing Rules. As such, the transactions contemplated under the New Heads of Agreements constituted connected transactions under Chapter 14A of the Listing Rules.As (i) the Board (including the independent non-executive Directors) has approved the new heads of agreements and the transactions contemplated thereunder; and (ii) the independent non-executive Directors have confirmed that the terms of the transactions under the new heads of agreements are fair and reasonable, on normal commercial terms and in the interests of the Company and the Shareholders as a whole, the transactions contemplated under the New Heads of Agreements are subject to reporting and announcement requirements but are exempt from circular, independent financial advice and independent shareholders’ approval requirements pursuant to Rule 14A.101 of the Listing Rules.For details, please refer to the Company’s announcements dated 30 October 2023 and 7 November 2023.45二零二三年年報 ANNUALREPORT 2023DIRECTORS’ REPORT董事會報告Reduction of Shareholding Interest in New Mining Company ADuring the vetting process of obtaining approval for the transfer of the mining business license A to PTSuprema Marulabo Energi (“SME”), the Minister of Energy and Mineral Resources in Indonesia advised that the foreign ownership in SME shall be limited to 70%. As such, Splendid Energy Investment Limited (“Splendid Energy”), the wholly-owned subsidiary of the Company, entered into the sale and purchase agreement (the “Transfer Agreement”) with a new company (the “Seller Controlled Entity”), which is owned as to 99% by Inneke Wiratirana and as to 1% by Eric Wiratirana, to restructure the transaction and reduce its shareholding interest in SME from 75% to 70%. Pursuant to the Transfer Agreement, Splendid Energy shall transfer 5% shareholding interest in SME to the seller Controlled Entity.Pursuant to the heads of agreement A (as amended and supplemented by the addendum A) in respect in investment in a new mining company A, the sel ler of the mining business license A shall be entitled to 15% of total saleable coal production instead of dividend payment from SME. Notwithstanding the reduction of the Group’s shareholding interest in SME, the Group’s entitlement to 85% of the total saleable coal production of SME shall remain unchanged. Save for the reduction of the Group’s shareholding interest in SME, the other terms and conditions of the heads of agreement A (as amended and supplemented by the addendum A) remain unchanged and in full force and effect in all respects.減持新採礦公司A股權於向PTSuprema Marulabo Energi（「SME」）轉讓採礦經營許可證A取得批准的審批過程中，印尼能源與礦產資源部告知SME的外資擁有權比例不得超過70%。

因此，本公司全資附屬公司逸鼎能源投資有限公司（「逸鼎能源」)與一間由Inneke Wiratirana擁有99%權益及由Eric Wiratirana擁有1%權益的新公司（「賣方控制實體」）訂立買賣協議（「轉讓協議」），對交易進行重組，將其於SME的股權由75%減少至70%。

根據買賣協議，逸鼎能源將轉讓其於SME的5%股權予賣方控制實體。

根據有關投資新採礦公司A的協議綱領A（經補充協議A修訂及補充），採礦經營許可證A的賣方有權從SME獲得總可銷售煤炭產品的15%，而非股息支付。

儘管本集團於SME的股權減少，本集團獲得SME總可銷售煤炭產品85%的權利將維持不變。

除本集團於SME的股權減少外，協議綱領A（經補充協議A修訂及補充）的其他條款及條件維持不變，且於各方面繼續具有十足效力及效用。

46 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司DIRECTORS’ REPORT董事會報告Heirs of Kokos Jiang (including Inneke Wiratirana) own 25% equity interest in SDE, which is a non-wholly owned subsidiary of the Company. As SDE does not fall within the ambit of insignificant subsidiaries under Rule 14A.09 of the Listing Rules, the Seller Controlled Entity, which is owned as to 99% by Inneke Wiratirana and as to 1% by Eric Wiratirana (brother of Inneke Wiratirana), is regarded as a connected person of the Company at the subsidiary level under Chapter 14A of the Listing Rules. As such, the transaction contemplated under the Transfer Agreement constituted connected transaction under Chapter 14A of the Listing Rules. As (i) the Board (including the independent non-executive Directors) has approved the transaction contemplated under the Transfer Agreement; and (ii) the independent non-executive Directors have confirmed that the terms of the transaction contemplated under the Transfer Agreement are fair and reasonable, on normal commercial terms and in the interests of the Company and the Shareholders as a whole, the transaction contemplated under the Transfer Agreement is subject to reporting and announcement requirements but exempt from circular, independent financial advice and independent shareholders’ approval requirements pursuant to Rule 14A.101 of the Listing Rules.For details, please refer to the Company’s announcements dated 3 January 2020,13 May 2021,3 January 2022,30 October 2023 and 17 November 2023.Kokos Jiang的繼承人（包括Inneke Wiratirana）擁有本公司非全資附屬公司SDE 25%股權。

由於SDE不屬於上市規則第14A.09條項下非重大附屬公司的範圍，故由Inneke Wiratirana擁有99%權益及由Eric Wiratirana（為Inneke Wiratirana的兄弟）擁有1%權益的賣方控制實體根據上市規則第14A章於附屬公司層面上被視為本公司的關連人士。

因此，轉讓協議項下擬進行的交易構成上市規則第14A章項下的關連交易。

由於(i)董事會（包括獨立非執行董事）已批准轉讓協議項下擬進行的交易；及(ii)獨立非執行董事已確認轉讓協議項下擬進行的交易條款屬公平合理，乃按一般商業條款進行，且符合本公司及股東的整體利益，故根據上市規則第14A.101條，轉讓協議項下擬進行的交易須遵守申報及公告規定，惟豁免通函、獨立財務意見及獨立股東批准規定。

詳情請參閱本公司日期為二零二零年一月三日、二零二一年五月十三日、二零二二年一月三日、二零二三年十月三十日及二零二三年十一月十七日的公佈。

47二零二三年年報 ANNUALREPORT 2023DIRECTORS’ REPORT董事會報告架構合約本集團於截至二零二三年十二月三十一日止年度已進行下列持續關連交易（除豁免遵守上市規則第14A.76(1)條規定之持續關連交易外）：於二零零九年六月十二日，珠海秦發物流有限公司（「秦發物流」）（本公司之全資附屬公司）與中國秦發集團各成員公司（定義見招股章程）及彼等各自權益持有人（包括徐吉華先生、徐達先生、劉敬偉先生及周璐莎女士（均為本公司當時之控股股東（定義見招股章程））訂立架構合約（定義見招股章程），期限為十年。

據此，秦發物流同意每年向中國秦發集團各成員公司支付年費人民幣10,000元以獨家管理並經營中國秦發集團煤炭經營業務及內陸航運業務。

中國秦發集團業務產生的全部經濟利益及風險則轉讓予秦發物流。

架構合約的詳情載於招股章程「重組及架構合約」一節。

聯交所已根據當時上市規則第14A.105條，就架構合約下的所有交易授予本公司永久豁免嚴格遵守上市規則第十四A章項下的適用公佈及獨立股東批准的規定。

根據上市規則第14A.56條，董事會委聘本公司核數師就上述持續關連交易根據香港會計師公會頒佈的香港核證委聘準則第3000號（經修訂）「審核或審閱過去財務資料以外之核證委聘」，並參照實務說明第740號「關於香港上市規則所述持續關連交易之核數師函件」執行程序。

核數師已根據上市規則第14A.56條就本集團的持續關連交易發出無保留意見函件，當中載有其發現及結論。

STRUCTURECONTRACTSThe Group carried out the following continuing connected transactions (other than continuing connected transactions that are exempted under Rule 14A.76(1) of the Listing Rules) during the year ended 31 December 2023:On 12 June 2009, Zhuhai Qinfa Logistics Co., Ltd. (“Qinfa Logistics”), which is a wholly-owned subsidiary of the Company, each member of the China Qinfa Group (as defined in the Prospectus), and their respective equity interest holders (which include Mr. XUJihua, Mr. XUDa, Mr. LIUJingwei and Ms. ZHOULusha, all being the then Controlling Shareholders of the Company (as defined in the Prospectus)) entered into the Structure Contracts (as defined in the Prospectus) for a term of 10 years pursuant to which Qinfa Logistics agreed to pay an annual fee of RMB10,000 to each member of the China Qinfa Group for the exclusive management and operation of the coal operation business and the inland shipping transportation business of the China Qinfa Group, and all economic benefits and risks arising from the business of the China Qinfa Group are transferred to Qinfa Logistics. Further details of the Structure Contracts are set forth in the section headed “Reorganisation and the Structure Contracts” in the Prospectus.The Stock Exchange has granted a perpetual waiver pursuant to the Rule 14A.105 of the Listing Rules to the Company for all transactions under the Structure Contracts from strict compliance with the applicable announcement and independent shareholders’ approval requirements under Chapter 14A of the Listing Rules.In accordance with Rule 14A.56 of the Listing Rules, the Board engaged the auditor of the Company to perform procedures on the above continuing connected transactions in accordance with Hong Kong Standard on Assurance Engagements 3000 (Revised) “Assurance Engagements Other Than Audits or Reviews of Historical Financial Information” and with reference to Practice Note 740 “Auditor’s Letter on Continuing Connected Transactions under the Hong Kong Listing Rules” issued by the Hong Kong Institute of Certified Public Accountants.The auditor has issued his unqualified letter containing his findings and conclusions in respect of the continuing connected transactions in accordance with Rule 14A.56.48 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司DIRECTORS’ REPORT董事會報告獨立非執行董事認為上述本公司之持續關連交易乃(i)於本集團一般日常業務過程中訂立；(ii)根據該等交易有關協議規定訂立，而條款屬公平合理且符合本公司股東整體利益；及(iii)按正常商業條款訂立，或按不遜於獨立第三方向本集團開出或本集團向獨立第三方開出之條款訂立。

此外，獨立非執行董事已就架構合約進行年度檢討並確認(i)於二零二三年間進行之交易已於本集團業務的日常及一般過程中落實；(i i)於二零二三年間進行之交易已根據架構合約之相關條款訂立，而中國秦發集團產生之所有收益已由秦發物流保留；(iii)任何新合約或續期合約按照與現有架構合約相同之條款進行訂立且就本集團而言，屬公平合理且符合股東整體利益；及(iv)中國秦發集團的任何成員公司概無向其權益持有人作出股息或其他分派。

本集團由中國秦發集團（定義見招股章程）及香港秦發集團（定義見招股章程）組成。

經考慮中國對海外進口煤炭的需求及本集團擴充海外煤炭經營業務，董事策略性地計劃統一本集團的中國及海外市場煤炭業務的管理及經營，並於二零零八年二月決定香港秦發集團應透過設立珠海秦發物流有限公司（「秦發物流」，為香港秦發集團的成員公司及本公司的間接全資附屬公司）來管理及經營中國煤炭業務。

The independent non-executive Directors have confirmed that the above-mentioned continuing connected transactions for the Company were entered into: (i) in the ordinary and usual course of the Group’s business; (ii) in accordance with the terms of the respective agreements governing such transactions on terms that were fair and reasonable and in the interests of the shareholders of the Company as a whole; and (iii) either on normal commercial terms or on terms no less favourable to the Group than those available to or from independent third parties.Besides, the independent non-executive Directors have conducted an annual review on the Structure Contracts and have confirmed that (i) the transactions carried out during 2023 have been entered into in the ordinary and usual course of the Group’s business; (ii) the transactions carried out during 2023 have been entered into in accordance with the relevant provisions of the Structure Contracts and so that all revenue generated by China Qinfa Group has been retained by Qinfa Logistics; (iii) any new contracts or renewed contracts have been entered into on the same terms as the existing Structure Contracts and are fair and reasonable so far as the Group is concerned and in the interests of the shareholders as a whole; and (iv) no dividends or other distributions have been made by any member of China Qinfa Group to its equity interest holders.The Group comprises China Qinfa Group (as defined in the Prospectus) and Hong Kong Qinfa Group (as defined in the Prospectus). Having considered the demand for coal imported from overseas into China and the expansion of the Group’s overseas coal operation business, the Directors strategically planned to centralise the management and operation of the Group’s coal business in China and overseas markets and determined that Hong Kong Qinfa Group should manage and operate the coal operation business in China through the establishment of Zhuhai Qinfa Logistics Co. Ltd. (“Qinfa Logistics”), a member of Hong Kong Qinfa Group and an indirect wholly-owned subsidiary of the Company in February 2008.49二零二三年年報 ANNUALREPORT 2023DIRECTORS’ REPORT董事會報告如招股章程所披露，於口頭諮詢本集團經營煤炭業務所在的珠海的相關中國政府機關後，董事了解到，中國政府機關慣例上不授予外資控股公司煤炭經營資格證。

另外，根據(i)《鼓勵外商投資產業目錄（二零一九年版）》的相關規定，國內水路運輸行業未列入外商投資鼓勵類；(ii)《外商投資准入特別管理措施（負面清單）（二零一九年版）》（「《負面清單》（二零一九年版）」）的相關規定，國內水上運輸公司需由中方控股；及(iii)二零二零年二月二十四日修訂的《國內水路運輸管理規定》的相關規定，中國政府對相關企業從事國內水路運輸業務實施行政許可制度，在實施該項行政許可時，將依據上述《負面清單》（二零一九年版）審查該企業的外方股東及其持股比例，如該比例不符合《負面清單》（二零一九年版）的要求，將無法取得該等行政許可。

該等意見已經本公司的中國法律顧問確認。

As disclosed in the Prospectus, after verbal consultations with the relevant PRC governmental authorities at Zhuhai at which the Group operated its coal business, the Directors understood that the PRC governmental authorities did not grant Coal Operation Certificates to foreign equity controlled companies as a matter of practice. In addition, according to the relevant provisions of (i) the Catalog of Industries for Encouraged Foreign Investment (2019 Edition), the domestic waterway transport industry is not included in the category of encouraged foreign investment; (ii) the Special Administrative Measures (Negative List) for Foreign Investment Access (2019 Edition) (the “Negative List (2019 Edition)”), a domestic waterway transportation company shall be controlled by PRC parties; and (iii) the Regulations on the Management of Domestic Waterway Transportation revised on 24 February 2020, the PRC government implements an administrative licensing system for relevant companies engaged in domestic waterway transportation business, while reviewing the foreign shareholders and their proportion of shareholding in the company according to the above-mentioned Negative List (2019 Edition). If the proportion does not meet the requirements of the Negative List (2019 Edition), such administrative licenses cannot be obtained. These views had been confirmed by the PRC legal advisers of the Company.50 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司DIRECTORS’ REPORT董事會報告委託協議及質押合同（定義見招股章程）（統稱「架構合約」）是為使香港秦發集團管理及經營中國煤炭業務而訂立，據此，中國秦發集團的所有業務活動由秦發物流管理及經營，而中國秦發集團業務產生的全部經濟利益及風險則轉讓予秦發物流。

根據日期為二零一零年十月二十五日、二零一零年十二月十五日及二零一零年十二月十七日的股權轉讓協議，秦皇島開發區秦發貿易有限公司、陽原國通煤炭運銷有限公司及大同解家莊晉發運銷有限公司的股權已轉讓予本集團。

截至二零二二年十二月三十一日，本集團仍根據架構合約控制珠海秦發貿易有限公司（「珠海秦發貿易」）及珠海秦發航運有限公司（「珠海秦發航運」）。

據本公司的中國法律顧問所告知，根據《外商投資產業指導目錄（二零一七年修訂）》，允許外商投資經營煤炭貿易業務。

因此，本公司建議於適當時候解除珠海秦發貿易的合約安排。

另外，由於珠海秦發航運《企業法人營業執照》所載經營範圍及實際從事的業務中，國內沿海及長江中下游普通貨船運輸列示為負面清單管理，經營主體需中方控股，因此珠海秦發航運仍需與珠海秦發物流有限公司及╱或其他主體簽署相關框架協議，以滿足合規要求。

In order to allow Hong Kong Qinfa Group to manage and operate the coal operation business in China, the Engagement Agreements and the Pledge Agreements (as defined in the Prospectus) (collectively the “Structure Contracts”) were entered into under which all the business activities of China Qinfa Group are managed and operated by Qinfa Logistics and all economic benefits and risks arising from the business of China Qinfa Group are transferred to Qinfa Logistics. Pursuant to the equity transfer agreements dated 25 October 2010,15 December 2010 and 17 December 2010, equity interests of Qinhuangdao Development Zone Qinfa Trading Co., Ltd., Yangyuan Guotong Coal Trading and Transportation Co., Ltd. and Datong Xiej iazhuang Jinfa Trading and Transportation Co., Ltd have been transferred to the Group. As of 31 December 2022, Zhuhai Qinfa Trading Co., Ltd (“Zhuhai Qinfa Trading”) and Zhuhai Qinfa Shipping Co., Ltd. (“Zhuhai Qinfa Shipping”) remained controlled by the Group under the Structure Contracts. As advised by the PRC legal advisers of the Company, foreign investment is allowed to operate coal trading business according to the Guidance of Foreign Investment (Amended 2017). As such, the Company proposes to unwind the contractual arrangement of Zhuhai Qinfa Trading in due course. In addition, as the business scope set out in the Business License for Corporation of Zhuhai Qinfa Shipping and the general cargo ship transportation it actually engaged in domestic coastal regions and central and downstream Yangtze River regions are managed under the Negative List, the operating entity shall be controlled by PRC parties. Accordingly, Zhuhai Qinfa Shipping still needs to sign relevant framework agreements with Zhuhai Qinfa Logistics Co., Ltd. and/or other entities to meet compliance requirements.51二零二三年年報 ANNUALREPORT 2023DIRECTORS’ REPORT董事會報告徐吉華先生、王劍飛女士、徐達先生、珠海秦發貿易及珠海秦發航運於二零零九年六月十二日訂立委託協議及質押合同。

秦發物流有權收取珠海秦發貿易及珠海秦發航運的所有收入（經扣除所有有關成本及開支（包括稅項），並有權於相關中國法律及法規許可的時間按相關中國法律及法規所許可最低可能金額收購珠海秦發貿易及珠海秦發航運的任何或全部股權及╱或資產。

為確保履行架構合約的合約責任，珠海秦發貿易及珠海秦發航運的所有權益持有人已授予秦發物流對權益持有人的股權所作抵押。

對架構合約作出任何修訂均須獲(i)秦發物流任命至珠海秦發貿易及珠海秦發航運的董事批准，及(ii)為推廣良好的企業管治須於股東大會上獲股東批准。

除非屬上市規則之規定或經秦發物流事先書面批准，否則不得對架構合約作出任何修訂。

有關架構合約的詳情，請參閱招股章程「重組及架構合約」一節。

架構合約整體上准許將珠海秦發貿易及珠海秦發航運的財務業績及其業務的經濟利益流入秦發物流。

此外，珠海秦發貿易及珠海秦發航運的所有董事須由秦發物流提名。

通過秦發物流對珠海秦發貿易及珠海秦發航運董事的控制權，秦發物流可監察、監督及有效控制珠海秦發貿易及珠海秦發航運的業務、營運及財務政策，從而確保適當履行架構合約。

架構合約亦可使秦發物流對珠海秦發貿易及珠海秦發航運的股權及╱或資產施加控制及可按有關中國法律及法規所准許的最低價值及有關時間收購該等股權及╱或資產，而控股股東均承諾將向秦發物流提供全部根據任何該等收購已收取的代價。

基於架構合約，董事認為，儘管珠海秦發貿易及珠海秦發航運與香港秦發集團各成員公司之間沒有股權所有權關係，但秦發物流實質上有權控制珠海秦發貿易及珠海秦發航運的業務。

有鑒於此，珠海秦發貿易及珠海秦發航運的財政狀況及經營業績均計入本集團綜合財務報表內。

Mr. Xu Jihua, Ms Wang Jianfei, Mr. Xu Da, Zhuhai Qinfa Trading and Zhuhai Qinfa Shipping entered into the Engagement Agreements and the Pledge Agreements on 12 June 2009. Qinfa Logistics is entitled to all the revenue of Zhuhai Qinfa Trading and Zhuhai Qinfa Shipping after deducting all relevant costs and expenses (including taxes) and has the right to acquire any or all of the equity interests and/or assets of Zhuhai Qinfa Trading and Zhuhai Qinfa Shipping at the lowest possible amount and at such time as permitted by the relevant PRC laws and regulations. All equity holders of Zhuhai Qinfa Trading and Zhuhai Qinfa Shipping have granted to Qinfa Logistics a pledge over the equity interests in equity holders for the purpose of securing the performance of the contractual obligations under the Structure Contracts. Any amendment to the Structure Contracts shall be subject to the approvals of (i) the directors nominated by Qinfa Logistics to Zhuhai Qinfa Trading and Zhuhai Qinfa Shipping, and (ii) for the purpose of promoting good corporate governance, the shareholders in general meeting. No amendments to the Structure Contracts can be made unless required under the Listing Rules or approved by Qinfa Logistics in writing in advance. For details of the Structure Contracts, please refer to the section headed “Reorganisation and the Structure Contracts” in the Prospectus.The Structure Contracts, taken as a whole, permit the financial results of Zhuhai Qinfa Trading and Zhuhai Qinfa Shipping and economic benefits of their business to flow onto Qinfa Logistics. In addition, all the directors in Zhuhai Qinfa Trading and Zhuhai Qinfa Shipping are to be nominated by Qinfa Logistics. Through its control over the directors of Zhuhai Qinfa Trading and Zhuhai Qinfa Shipping, Qinfa Logistics is able to monitor, supervise and effectively control the business, operations and financial policies of Zhuhai Qinfa Trading and Zhuhai Qinfa Shipping so as to ensure due implementation of the Structure Contracts. The Structure Contracts also enable Qinfa Logistics to exercise control over and to acquire the equity interests and/or assets of Zhuhai Qinfa Trading and Zhuhai Qinfa Shipping at the lowest value and at such time as permitted by the relevant PRC laws and regulations with an undertaking from the Controlling Shareholders to provide to Qinfa Logistics all the consideration received pursuant to any such acquisition. Based on the Structure Contracts, the Directors consider that, notwithstanding the lack of equity ownership between members of Zhuhai Qinfa Trading and Zhuhai Qinfa Shipping and Hong Kong Qinfa Group, Qinfa Logistics is entitled to control the business of Zhuhai Qinfa Trading and Zhuhai Qinfa Shipping in substance. On this basis, the financial position and operating results of Zhuhai Qinfa Trading and Zhuhai Qinfa Shipping are included in the Group’s consolidated financial statements.52 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司DIRECTORS’ REPORT董事會報告基於架構合約，珠海秦發貿易及珠海秦發航運均入賬作為本公司的附屬公司，而其財政狀況及經營業績均在本集團的綜合財務報表內綜合入賬。

截至二零二三年十二月三十一日止年度及截至二零二三年十二月三十一日，受制於架構合約項下安排的收益及資產總值分別為零（二零二二年：人民幣11,464,000元）及約人民幣318,529,840元（二零二二年：人民幣127,382,000元）。

架構合約受中國法律規管，並透過於中國根據當時生效的中國國際經濟貿易仲裁委員會仲裁規則（「貿仲委仲裁規則」）進行仲裁解決爭議。

因此，架構合約將按中國法律作出詮釋，而任何爭議最終將根據貿仲委仲裁規則進行仲裁予以解決。

本集團在架構合約項下的業務涉及各種風險。

據董事所深知，倘架構合約被視為違反任何現有或日後的中國法律或法規，則有關監管機關在處理有關違反情況時將有高度酌情權，包括：–實施經濟處分；–終止或限制香港秦發集團或珠海秦發貿易及珠海秦發航運的業務；–就架構合約實施珠海秦發貿易及珠海秦發航運未必有能力遵行的條件或規定；–要求本集團重組有關所有權架構或業務；–採取其他可能對本集團業務產生不利影響的監管或強制執行行動；及As a result of the Structure Contracts, Zhuhai Qinfa Trading and Zhuhai Qinfa Shipping are accounted for as the Company’s subsidiaries, and their financial position and operating results are consolidated in the Group’s consolidated financial statements. The revenue and total asset value subject to the arrangements under the Structure Contracts amounted to nil (2022: RMB11,464,000) for the year ended 31 December 2023 and approximately RMB318,529,840 (2022: RMB127,382,000) as of 31 December 2023, respectively.The Structure Contracts are governed by the PRC laws and provide for the resolution of disputes through arbitration in accordance with the arbitration rules of China International Economic and Trade Arbitration Commission in force at that time (the “CIETACArbitration Rules”) in China. Accordingly, the Structure Contracts would be interpreted in accordance with the PRC law and any disputes would be finally resolved by arbitration in accordance with the CIETACArbitration Rules.There are risks involved with the operation of the Group under the Structure Contracts. To the best knowledge of the Directors, if the Structure Contracts are considered to be in breach of any existing or future PRC laws or regulations, the relevant regulatory authorities would have broad discretion in dealing with such breach, including:– imposing economic penalties;– discontinuing or restricting the operations of Hong Kong Qinfa Group or Zhuhai Qinfa Trading and Zhuhai Qinfa Shipping;– imposing conditions or requirements in respect of the Structure Contracts with which Zhuhai Qinfa Trading and Zhuhai Qinfa Shipping may not be able to comply;– requir ing the Group to restructure the relevant ownership structure or operations;– taking other regulatory or enforcement actions that could adversely affect the business of the Group; and53二零二三年年報 ANNUALREPORT 2023DIRECTORS’ REPORT董事會報告–撤銷珠海秦發貿易及珠海秦發航運的營業執照及╱或牌照或許可證及╱或作廢架構合約。

本集團採取以下措施以減低風險及確保妥為落實架構合約：(a)作為內部監控措施的一部分，秦發物流董事會定期檢討因落實及履行架構合約所產生的主要事項，頻率不少於每季一次；(b)有關合規及政府機關的監管查詢事宜（如有）會在相關例行會議上討論，頻率不少於每季一次；及(c)香港秦發集團的相關業務單位及營運部門會定期向秦發物流的高級管理層報告架構合約的合規及履行情況以及其他相關事宜，頻率不少於每月一次。

董事會確認，架構合約項下的合約安排及╱或採納架構合約項下合約安排的情況以及其對本集團產生的影響概無重大變動。

董事會亦確認，除上文所披露刪除有關外資控股公司經營煤炭貿易業務的限制外，概無刪除任何導致採納架構合約的限制。

委託協議及質押協議於二零一九年六月十二日重續。

– revoking the business licences and/or the licences or certificates of Zhuhai Qinfa Trading and Zhuhai Qinfa Shipping and/or voiding the Structure Contracts.The Group takes the following measures to mitigate the risk and to ensure proper implementation of the Structure Contracts:(a) as part of the internal control measures, major issues arising from implementation and performance of the Structure Contracts are reviewed by the board of directors of Qinfa Logistics on a regular basis which is no less frequent than on a quarterly basis;(b) matters relating to compliance and regulatory enquiries from governmental authorities (if any) are discussed at such regular meetings which is no less frequent than on a quarterly basis; and(c) the relevant business units and operation divisions of the Hong Kong Qinfa Group report regularly, which is no less frequent than on a monthly basis, to the senior management of Qinfa Logistics on the compliance and performance conditions under the Structure Contracts and other related matters.The Board confirmed that there is no material change in the contractual arrangements under the Structure Contracts and/or the circumstances under which they were adopted, and their impact on the Group. The Board also confirmed that save for the removal of restrictions on foreign equity controlled companies to operate coal trading business as disclosed above, there is no removal of restrictions that led to the adoption of the Structure Contracts. The Engagement Agreements and the Pledge Agreements were renewed on 12 June 2019.54 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司DIRECTORS’ REPORT董事會報告二零二零年一月一日同時施行的《中華人民共和國外商投資法》（「《外商投資法》」）、《中華人民共和國外商投資法實施條例》（「《實施條例》」）及最高人民法院《關於適用<中華人民共和國外商投資法>若干問題的解釋》（「《司法解釋》」）未有更新，但國家發展改革委、商務部於二零二一年十二月二十七日發佈第47號令和第48號令，分別發佈了《外商投資准入特別管理措施（負面清單）（二零二一年版）》和《自由貿易試驗區外商投資准入特別管理措施（負面清單）（二零二一年版）》，自二零二二年一月一日起施行。

《外商投資准入特別管理措施（負面清單）（二零二零年版）》和《自由貿易試驗區外商投資准入特別管理措施（負面清單）（二零二零年版）》同時廢止。

二零二一年版的外商准入負面清單仍然列示國內沿海及長江中下游普通貨船運輸為負面清單管理，經營主體需中方控股。

二零二三年二月十七日，中國證監會發佈《境內企業境外發行證券和上市管理試行辦法》（「《管理試行辦法》」）及其五項配套指引（「備案制度」），正式施行時間為二零二三年三月三十一日。

上述《管理試行辦法》及備案制度規定，境內企業直接上市（即H股上市）及境內企業間接上市（即業內通常所述的「紅籌」上市，包括採用架構合約（「VIE」的企業）皆需適用《管理試行辦法》及備案制度的規定由中國證監會進行備案管理，備案時點為提The Foreign Investment Law of the People’s Republic of China (the “PRC”) (the "Foreign Investment Law"), the Regulations on the Implementation of the Foreign Investment Law of the People’s Republic of China (the "Implementation Regulations") and the Interpretation of the Supreme People’s Court on Several Issues Concerning the Application of the Foreign Investment Law of the People’s Republic of China (the "Judicial Interpretation"), which came into force simultaneously on 1 January 2020, have not been updated. However, the National Development and Reform Commission and the Ministry of Commerce issued Order No.47 and Order No.48 on 27 December 2021, thereby promulgating respectively the Special Administrative Measures (Negative List) for Foreign Investment Access (2021 Edition) and the Special Administrative Measures (Negative List) for Foreign Investment Access in Pilot Free Trade Zones (2021 Edition), effective 1 January 2022, while the Special Administrative Measures (Negative List) for Foreign Investment Access (2020 Edition) and the Special Administrative Measures (Negative List) for Foreign Investment Access in Pilot Free Trade Zones (2020 Edition) will be repealed on the same date. General cargo shipping in Chinese coastal cities and the middle and lower reaches of the Yangtze River is still on the 2021 edition of the negative list for foreign investment access, as an operating entity in such business is required to be controlled by a Chinese party. On 17 February 2023, the China Securities Regulatory Commission (CSRC) issued the “Trial Administrative Measures for the Overseas Issuance and Listing of Securities by Domestic Companies” (the “Trial Administrative Measures”) with five supporting guidelines (the “Filing System”), with effect from 31 March 2023. The “Trial Administrative Measures” and the Filing System above stipulate that these measures and this system apply to both domestic companies that seek to be listed directly (i.e. H-share companies) and those that seek to be listed indirectly (i.e. “red-chip” companies, as they are commonly known in the industry, including companies operating with a variable interest entity (“VIE”) structure), and these companies are required to go through the filing procedure with the CSRC. They are required to file their overseas listing application with the CSRC 55二零二三年年報 ANNUALREPORT 2023DIRECTORS’ REPORT董事會報告交境外上市申請後三個工作日內，中國證監會收齊所有資料後二十個工作日內出具備案通知書並通過網站公示。

關於VIE結構的備案管理事項，中國證監會在答記者問中提及，「對於VIE架構企業境外上市，備案管理將堅持市場化、法治化原則，加強監管協同。

證監會將徵求有關主管部門意見，對滿足合規要求的VIE架構企業境外上市予以備案，支持企業利用兩個市場、兩種資源發展壯大。

」此處明確，VIE架構企業需履行備案，方可赴境外上市，在這種情況下，若中國證監會不予備案，則VIE架構企業將可能無法境外上市。

同時，中國證監會在答記者問時明確提及，「堅持法不溯及既往的原則，堅持穩字當頭、穩中求進，確保備案管理平穩實施」。

因此，可以理解，已上市的企業，本身不會因過往的上市事宜被追究責任。

中國證監會答記者問中明確，「《管理試行辦法》施行之日起已在境外發行上市的企業將視為存量企業，存量企業不要求立即備案，後續如涉及再融資等備案事項時按要求備案即可。

」中國政府未來對外商投資法律體系的進一步詮釋亦可能對本公司的企業架構、附屬公司管理、企業管治及業務運營帶來不確定因素。

本公司將密切關注中國政府相關部門對外商投資法律體系的實施及可能做出的進一步詮釋，並會聘請法律顧問及行業顧問就有關影響及可能方案提供意見以確保能夠及時按照外商投資法律體系的實施及進一步詮釋情況做出反應及必要的調整。

within 3 working days after submitting their application. The CSRC will issue a filing notice and publicize it on its website within 20 working days after receiving all the information. Regarding the filing management of VIE-structured companies, the CSRC, when answering reporters’ questions, mentioned that “for the overseas listing of VIE-structured companies, the filing management will adhere to the principles of marketization and the rule of law to enhance regulatory coordination. The CSRC will solicit opinions from relevant competent authorities, file for the overseas listing of VIE-structured companies that meet compliance requirements, and support companies to use two markets and two kinds of resources to develop and grow.” Thus, it is clear that a VIE-structure company must complete the filing procedure before it is eligible to be listed overseas. In that case, a VIE-structured company may not be eligible to be listed overseas if the CSRC refuses to accept its filing. In answering reporters’ questions, the CSRC also expressly stated that “they will adhere to the principle of non-retroactivity of laws, prioritize stability, and seek progress in stability, thereby ensuring the smooth implementation of our filing management". Thus, it is understood that a company that has already been listed will not be liable for its past listing. When answering reporter’s questions, the CSRC made it clear that “companies that have already been listed overseas when the ‘Trial Administrative Measures’ come into effect will be regarded as existing companies, and existing companies are not required to file with us immediately. These companies only need to file with us as required for any subsequent filing matters such as refinancing.” Further interpretations of the PRC government in future on legal systems governing foreign investment may also bring uncertainties to the Company’s corporate structure, subsidiary management, corporate governance and business operations.The Company will pay close attention to the implementation and possible further interpretation of the Foreign Investment Law by the relevant PRC authorities, and will engage legal advisors and industry consultants to provide opinions on the impact and possible solutions to ensure timely compliance with the Foreign Investment Law by making necessary responses and adjustments to its implementation and further interpretation.56 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司DIRECTORS’ REPORT董事會報告本集團截至二零二三年十二月三十一日止年度的關連方交易詳情載於綜合財務報表附註38。

附註38(b)所披露的關連方交易、附註38(a)所披露與秦發實業的交易以及構成附註38(d)所述「關鍵管理層人士酬金」一部分的本公司董事酬金構成上市規則第十四A章項下的豁免持續關連交易，因此獲豁免遵守上市規則第十四A章項下的披露規定。

除上文所披露者外，綜合財務報表附註38所披露的其他關聯方交易並不構成上市規則第十四A章項下的關連交易或持續關連交易。

本公司確認已根據上市規則第十四A章遵守相關披露規定。

永久次級可換股證券於二零一二年十二月三十一日獲獨立股東批准。

鑒於本公司現時的財務狀況，截至二零二三年十二月三十一日止年度，本公司選擇根據永久次級可換股證券的條款分派約5,841,000港元。

董事確認，本公司已遵守根據上市規則第十四A章之披露規定。

購股權計劃本公司已於二零零九年六月十二日採納購股權計劃（「二零零九年購股權計劃」）及於二零一八年六月二十七日採納購股權計劃（「二零一八年購股權計劃」）。

該等計劃的主要條款如下：Details of the related party transactions of the Group for the year ended 31 December 2023 are set out in note 38 to the consolidated financial statements. The related party transactions as disclosed in note 38(b), the transactions with Qinfa Industry as disclosed in note 38(a) and the remuneration to the directors of the Company, which formed part of the “Key management personnel remuneration” described in note 38(d) to the consolidated financial statements constituted exempt continuing connected transactions under Chapter 14A of the Listing Rules and accordingly, are exempted from the disclosure requirements in Chapter 14A of the Listing Rules. Save as disclosed above, the other related party transactions as disclosed in note 38 to the consolidated financial statements did not constitute connected transactions or continuing connected transactions under chapter 14A of the Listing Rules. The Company confirmed that it has complied with the disclosure requirements in accordance with Chapter 14A of the Listing Rules.The PSCS was approved by the independent shareholders on 31 December 2012. In view of the current financial position of the Company, the Company elected to distribute payments of approximately HKD5,841,000 for the year ended 31 December 2023 pursuant to the terms of the PSCS.The Directors confirm that the Company has complied with the disclosure requirements in accordance with Chapter 14A of the Listing Rules.SHAREOPTIONSCHEMESThe Company has adopted a Share Option Scheme (the “2009 Share Option Scheme”) on 12 June 2009 and a Share Option Scheme on 27 June 2018 (the “2018 Share Option Scheme”). The principal terms of the schemes are as follows:57二零二三年年報 ANNUALREPORT 2023DIRECTORS’ REPORT董事會報告購股權計劃於二零零九年六月十二日，本公司採納二零零九年購股權計劃，其於二零零九年六月十二日起計十年期間內有效及生效。

根據股東於二零一八年六月二十七日的股東大會上通過一項決議案，本公司已終止二零零九年購股權計劃及已採納二零一八年購股權計劃。

二零一八年購股權計劃於二零一八年六月二十七日起計十年期間內有效及生效。

概無進一步的購股權可根據二零零九年購股權計劃授出。

然而，二零零九年購股權計劃終止前授出的購股權將繼續有效及可根據二零零九年購股權計劃的規則行使。

採納二零一八年購股權計劃後，概無購股權於其項下獲授出。

二零零九年購股權計劃及二零一八年購股權計劃（統稱「購股權計劃」）的主要條款（兩者大致上相同）載列下文。

Share Option SchemesOn 12 June 2009, the Company adopted the 2009 Share Option Scheme which shall be valid and effective for a period of ten years commencing from 12 June 2009. The Company has terminated the 2009 Share Option Scheme and adopted the 2018 Share Option Scheme pursuant to a resolution passed by the Shareholders at the general meeting on 27 June 2018. The 2018 Share Option Scheme shall be valid and effective for a period of 10 years commencing from 27 June 2018. No further options can be granted pursuant to the 2009 Share Option Scheme. Nonetheless, options granted prior to the termination of the 2009 Share Option Scheme shall continue to be valid and exercisable in accordance with the rules of the 2009 Share Option Scheme. No share options had been granted under the 2018 Share Option Scheme since its adoption. The major terms of the 2009 Share Option Scheme and the 2018 Share Option Scheme (collectively, the “Share Option Schemes”), which are substantially the same, are set out below.58 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司DIRECTORS’ REPORT董事會報告該等購股權計劃旨在激勵或嘉獎對本公司有貢獻的合資格人士（包括本集團的全職或兼職僱員、執行、非執行董事及獨立非執行董事）及推動彼等繼續為本公司利益而努力，以及促使本公司及其附屬公司能聘請及留任能幹之僱員。

認購價須由董事釐定，惟不得低於以下三者之最高者：(i)股份之面值；(ii)股份於提呈購股權日期之收市價；及(iii)股份於緊接提呈購股權日期前五個交易日之平均收市價。

於任何十二個月期間內，因根據購股權計劃授予僱員行使的購股權而已發行及可予發行的股份總數，不得超過已發行股份數目的1%。

倘進一步授出超逾此限額的任何購股權，須經股東於股東大會上批准。

購股權可於任何時間予以行使，惟無論如何自授出日期起計不得超過十年。

該等購股權計劃並無規定最短持有期。

授購股權人接納購股權時須於提呈購股權日期起計三十日內繳交1.00港元，此款項將不獲退還。

於二零一二年一月十七日，本公司根據二零零九年購股權計劃向二零零九年購股權計劃的15名合資格參與者授出購股權（「購股權」），以認購合共20,751,196股本公司的新普通股，行使價為每股1.50港元（即(i)於授出日期聯交所每日報價表所列收市價每股1.50港元；(ii)緊接授出日期前5個交易日聯交所每日報價表所列平均收市價每股1.392港元；及(iii)名義價值每股0.10港元三者中之最高者）。

購股權的有效期為期10年，自二零一二年一月十七日起至二零二二年一月十六日止。

概無承授人為本公司的董事、最高行政人員或主要股東或彼等任何之聯繫人（定義見上市規則）。

The purpose of the Share Option Schemes is to provide incentive or reward to eligible persons (including full time or part time employees, executive, non-executive directors and independent non-executive directors of our Group) for their contribution to, and continuing efforts to promote the interests of, the Company and to enable the Company and its subsidiaries to recruit and retain high-caliber employees.The subscription price shall be a price determined by the Directors, but shall not be less than the highest of (i) the nominal value of the share; (ii) the closing price of the shares on the date of the offer; and (iii) the average closing price of the shares for the five trading days immediately preceding the date of the offer.The total number of shares issued and which may be issued upon exercise of the options granted under the Share Option Scheme to an employee in any 12-month period shall not exceed 1% of the shares in issue. Any further grant of options in excess of this limit shall be subject to the approval of shareholders in a general meeting.An option may be exercised at any time during a period to be determined by the Board, which shall not in any event exceed ten years from the date of grant. The Share Option Schemes do not specify any minimum holding period. The acceptance of an offer must be made within 30 days from the date of offer with a non-refundable payment of HKD1.00.On 17 January 2012, the Company has granted share options (the “Options”) to subscribe for a total of 20,751,196 new ordinary shares of the Company under the 2009 Share Option Scheme to 15 eligible participants of the 2009 Share Option Scheme at the exercise price HKD1.50 per share (which represents the highest of (i) the closing price of HKD1.50 per share as stated in the Stock Exchange’s daily quotation sheet on the date of grant; (ii) the average closing price of HKD1.392 per share as stated in the Stock Exchange’s daily quotation sheets for the 5 trading days immediately preceding the date of grant; and (iii) the nominal value of HKD0.10 per share). The Options are valid for a period of 10 years from 17 January 2012 to 16 January 2022. None of the Grantees is a director, chief executive or substantial shareholder of the Company or an associate (as defined in the Listing Rules) of any of them.59二零二三年年報 ANNUALREPORT 2023DIRECTORS’ REPORT董事會報告購股權於購股權有效期內可隨時行使，惟各承授人有權於以下期間行使的購股權最高數目：(a)自二零一二年一月十七日起至二零一三年一月十六日止，不得超過向其授出的購股權總數的40%；(b)自二零一三年一月十七日起至二零一四年一月十六日止，不得超過向其授出的購股權總數的30%；及(c)自二零一四年一月十七日起至二零一五年一月十六日止，不得超過向其授出的購股權總數的30%。

於二零一五年四月三十日，本公司根據二零零九年購股權計劃進一步向二零零九年購股權計劃的合資格參與者授出購股權，以認購合共157,500,000股本公司的新普通股，行使價為每股0.485港元（即(i)於授出日期聯交所每日報價表所列收市價每股0.485港元；(ii)緊接授出日期前5個交易日聯交所每日報價表所列平均收市價每股0.484港元；及(iii)名義價值每股0.10港元三者中之最高者）。

購股權的有效期為期10年，自二零一五年四月三十日起至二零二五年四月二十九日止。

在於授出日期授出的共157,500,000份購股權中，1,500,000份購股權乃授予董事，而156,000,000份購股權則授予合資格參與者（彼等並非本公司的董事、最高行政人員或主要股東或彼等任何之聯繫人（定義見上市規則））。

在授出156,000,000份購股權的合資格參與者中，三名合資格參與者（彼等獲授予24,000,000份購股權）其後分別於二零一七年四月十二日及二零二三年三月一日獲委任為董事。

在授予董事的25,500,000份購股權中，23,500,000份購股權於二零一八年五月四日、二零一八年九月二十一日、二零一九年四月三日、二零二一年三月五日及二零二三年六月二十日董事辭任或退任後已失效。

The Options may be exercisable at any time during the option period, provided that the maximum number of Options which each Grantee is entitled to exercise at the below period shall not exceed:(a) in respect of the period from 17 January 2012 to 16 January 2013,40% of the total number of Options granted to him;(b) in respect of the period from 17 January 2013 to 16 January 2014,30% of the total number of Options granted to him; and(c) in respect of the period from 17 January 2014 to 16 January 2015,30% of the total number of Options granted to him.On 30 April 2015, the Company has further granted Options to subscribe for a total of 157,500,000 new ordinary shares of the Company under the 2009 Share Option Scheme to eligible participants of the 2009 Share Option Scheme at the exercise price HKD0.485 per share (which represents the highest of (i) the closing price of HKD0.485 per share as stated in the Stock Exchange’s daily quotation sheet on the date of grant; (ii) the average closing price of HKD0.484 per share as stated in the Stock Exchange’s daily quotation sheets for the 5 trading days immediately preceding the date of grant; and (iii) the nominal value of HKD0.10 per share). The Options are valid for a period of 10 years from 30 April 2015 to 29 April 2025. Among the total of 157,500,000 Options granted at the date of grant,1,500,000 Options were granted to the Directors, and 156,000,000 Options were granted to eligible participants who were not directors, chief executive or substantial shareholders of the Company, nor an associate (as defined in the Listing Rules) of any of them. Among the eligible participants of 156,000,000 Options granted, three eligible participants with 24,000,000 Options granted to them were subsequently appointed as Director on 12 April 2017 and 1 March 2023 respectively. Among the 25,500,000 Options granted to Directors,23,500,000 Options were lapsed upon resignation or retirement of Directors on 4 May 2018,21 September 2018,3 April 2019,5 March 2021 and 20 June 2023.60 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司DIRECTORS’ REPORT董事會報告購股權於購股權有效期內可隨時行使，惟各承授人有權於以下期間行使的購股權最高數目：(a)自二零一五年四月三十日起至二零一六年四月二十九日止，不得超過向其授出的購股權總數的40%；(b)自二零一六年四月三十日起至二零一七年四月二十九日止，不得超過向其授出的購股權總數的30%；及(c)自二零一七年四月三十日起至二零一八年四月二十九日止，不得超過向其授出的購股權總數的30%。

據二零零九年購股權計劃授出的尚未行使購股權的進一步詳情載列如下：The Options may be exercisable at any time during the option period, provided that the maximum number of Options which each Grantee is entitled to exercise at the below period shall not exceed:(a) in respect of the period from 30 April 2015 to 29 April 2016,40% of the total number of Options granted to him;(b) in respect of the period from 30 April 2016 to 29 April 2017,30% of the total number of Options granted to him; and(c) in respect of the period from 30 April 2017 to 29 April 2018,30% of the total number of Options granted to him.Set out below is further information on the outstanding options granted under the 2009 Share Option Scheme as at the date of this report:Number of share options outstanding尚未行使購股權數目Category/Name of participant Date of grantAt 1 January 2023Lapsed during the yearAt 31 December 2023Exercise price HKDExercise periodApproximate percentage of issued share capital of the Company(%)參與者類別╱姓名授出日期於二零二三年一月一日於年內失效於二零二三年十二月三十一日行使價港元行使期佔本公司已發行股本概約百分比(%) Executive Director執行董事Mr. Zhai Yifeng (Appointed with effect from 1 March 2023)翟依峰先生（自二零二三年三月一日起獲委任）30 April 2015二零一五年四月三十日2,000,000 – 2,000,0000.48530/04/2015 to 29/04/2025二零一五年四月三十日至二零二五年四月二十九日0.0861二零二三年年報 ANNUALREPORT 2023DIRECTORS’ REPORT董事會報告Number of share options outstanding尚未行使購股權數目Category/Name of participant Date of grantAt 1 January 2023Lapsed during the yearAt 31 December 2023Exercise price HKDExercise periodApproximate percentage of issued share capital of the Company(%)參與者類別╱姓名授出日期於二零二三年一月一日於年內失效於二零二三年十二月三十一日行使價港元行使期佔本公司已發行股本概約百分比(%) Independent non-executive Director獨立非執行董事Mr. LAUSik Yuen (Retired on 20 June 2023)劉錫源先生（於二零二三年六月二十日退任）30 April 2015二零一五年四月三十日500,000 (500,000) – 0.48530/04/2015 to 29/04/2025二零一五年四月三十日至二零二五年四月二十九日–Sub-total小計2,500,000 (500,000) 2,000,0000.08Employees僱員30 April 2015二零一五年四月三十日42,000,000 – 42,000,0000.48530/04/2015 to 29/04/2025 二零一五年四月三十日至二零二五年四月二十九日1.68Sub-total小計42,000,000 – 42,000,0001.68Total合計44,500,000 (500,000) 44,000,0001.7662 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司DIRECTORS’ REPORT董事會報告附註：分別於二零一二年一月十七日及二零一五年四月三十日根據二零零九年購股權計劃授出的購股權的公允值乃採用「二項式購股權定價模型」釐定。

輸入該模式的主要輸入值為：無風險回報率–每年分別1.51%及1.64%；預測股價波幅–分別55.31%及53.89%；及預測股息收益率–每年分別2.11%及0%。

根據上述「二項式購股權定價模型」的輸入值，於授出日期（即分別二零一二年一月十七日及二零一五年四月三十日）尚未行使的購股權總公允值約為11,642,000港元及28,667,000港元。

「二項式購股權定價模型」乃為評估購股權公允值而設，是多種用作評估購股權公允值的購股權定價模式中常用的選擇。

購股權價值取決於按變數的若干主觀假設而達致的估值。

所使用變數的任何變動可能對購股權公允值評估造成重大影響。

於二零二三年十二月三十一日，二零零九年購股權計劃項下尚未行使的購股權總數為44,000,000份。

截至二零二三年十二月三十一日止年度，500,000份購股權經已失效，概無根據二零零九年購股權計劃授出或註銷購股權。

概無進一步的購股權可根據二零零九年購股權計劃授出。

採納二零一八年購股權計劃後概無購股權於其項下獲授出，而分別於二零二三年一月一日及二零二三年十二月三十一日概無二零一八年購股權計劃項下購股權未獲行使。

於二零二三年一月一日及二零二三年十二月三十一日，根據二零一八年購股權計劃的計劃授權可授出的購股權數目分別為249,341,398份。

於本年度報告日期，二零一八年購股權計劃項下可供發行的本公司證券數目為249,341,398，即於本報告日期本公司已發行股本的約10%。

Notes:The fair value of options granted on 17 January 2012 and 30 April 2015 under 2009 Share Option Scheme respectively was determined using the “Binomial Option Pricing Model”. The significant inputs into the model were: risk-free rate of return – 1.51% and 1.64% per annum respectively; forecast fluctuations in share price – 55.31% and 53.89% respectively; and forecast dividend yield – 2.11% and 0% per annum respectively.Based on the inputs above to the “Binomial Option Pricing Model”, the total fair value of the outstanding options as at the grant date (i.e.17 January 2012 and 30 April 2015 respectively) was approximately HKD11,642,000 and HKD28,667,000. The “Binomial Option Pricing Model” is designed to assess the fair value of options and is a common choice among various option pricing models for assessing the fair value of options. The value of the options depends on the valuation arrived at based on certain subjective assumptions on variables. Any changes in the variables used may cause a substantial effect on the assessment of the fair value of the options.As at 31 December 2023, the total number of share options outstanding under the 2009 Share Option Scheme was 44,000,000. During the year ended 31 December 2023, 500,000 share options were lapsed, and no share options had been granted or cancelled under the 2009 Share Option Scheme. No further options can be granted pursuant to the 2009 Share Option Scheme.No share options had been granted under the 2018 Share Option Scheme since i ts adopt ion and there was no outstanding share option under the 2018 Share Option Scheme as at 1 January 2023 and 31 December 2023, respectively. The number of share options available for grant under the scheme mandate of the 2018 Share Option Scheme was 249,341,398 as at 1 January 2023 and 31 December 2023, respectively. As at the date of this annual report, the number of securities of the Company available for issue under the 2018 Share Option Scheme was 249,341,398, representing approximately 10% of the issued share capital of the Company as at the date of this report.63二零二三年年報 ANNUALREPORT 2023DIRECTORS’ REPORT董事會報告銀行及其他借貸本集團於二零二三年十二月三十一日之銀行及其他借貸總額約人民幣35.660億元。

銀行及其他借貸詳情載於綜合財務報表附註28。

足夠公眾持股量根據本公司所得之公開資料及就其董事所知，於本報告日期，本公司維持足夠的公眾持股量，因公眾人士持有最少25%之股份，此符合上市規則之規定。

董事於競爭業務之權益概無董事截至二零二三年十二月三十一日止年度至本報告日期任何時間內持有或曾持有與本集團業務形成競爭或可能形成競爭（直接或間接）的業務中持有權益。

誠如招股章程所披露，珍福、徐吉華先生、王劍飛女士、徐達先生、翁立先生、劉敬偉先生、周璐莎女士及劉曉梅女士（「初始承諾人」）與本公司訂立日期為二零零九年六月十二日的不競爭契據（「二零零九年不競爭契據」）。

於二零二二年九月三十日，本公司與珍福、徐吉華先生及徐達先生（統稱「承諾人」）訂立不競爭契據（經日期為二零二二年十月十日的補充不競爭契據修訂及補充）（「二零二二年不競爭契據」），以修訂現有不競爭承諾，取代二零零九年不競爭契據。

承諾人向本集團發出書面確認函，確認其及其聯繫人（本集團成員公司除外）截至二零二三年十二月三十一日止整個年度已全面遵守二零二二年不競爭契據。

BANKANDOTHERBORROWINGSThe total bank and other borrowings of the Group as at 31 December 2023 amounted to approximately RMB3,566.0 million. Particulars of the bank and other borrowings are set out in note 28 to the consolidated financial statements.SUFFICIENCYOFPUBLICFLOATBased on the information that is publicly available to the Company and within the knowledge of the Directors, the Company has maintained sufficient public float with at least 25% of the shares held by the public as required by the Listing Rules as at the date of this report.DIRECTORS’ INTERESTINCOMPETINGBUSINESSNone of the Directors is or was interested in any business apart from the Group’s business, that competes or is likely to compete (either directly or indirectly) with the Group’s business at any time during the year ended 31 December 2023 and up to the date of this report.As disclosed in the Prospectus, Fortune Pearl, Mr. Xu Jihua, Ms. Wang Jianfei, Mr. Xu Da, Mr. Weng Li, Mr. Liu Jingwei, Ms. Zhou Lusha and Ms. Liu Xiaomei (the “Initial Covenantors”) entered into the deed of non-competition dated 12 June 2009 (the “2009 Deed of Non-Competition”) in favour of the Company.On 30 September 2022, the Company and Fortune Pearl, Mr. Xu Jihua and Mr. Xu Da (collectively, the “Covenantors”) entered into a deed of non-competit ion (as amended and supplemented by a supplemental deed of non-competition dated 10 October 2022) (the “2022 Deed of Non-Competition”) to amend the existing non-competition undertakings and supersede the 2009 Deed of Non-Competition. The Covenantors have provided the Group with written confirmations that they and their associates (other than members of the Group) have fully complied with the 2022 Deed of Non-Competition throughout the year ended 31 December 2023.64 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司DIRECTORS’ REPORT董事會報告獨立非執行董事每年檢討該等契諾承諾人有否遵守二零二二年不競爭契據，控股股東就現有或日後競爭業務提供之選擇權、優先認購權或優先購買權。

於截至二零二三年十二月三十一日止年度內，承諾人及彼等各自的緊密聯繫人並無將任何業務機遇（定義見二零二二年不競爭契據）轉交予本集團。

因此，獨立非執行董事並無就業務機遇作出的決定進行任何檢討。

股份持有人之稅項中國香港買賣及轉讓於本公司之香港股東名冊分冊登記之股份須繳納香港印花稅。

買方及賣方（或承讓人及轉讓人）各自繳納之現行稅率為代價或被購買╱出售或轉讓股份之公允值（不足之數當作千港元計算）之0.1%。

此外，每份股份轉讓文件現時須繳納固定稅額5.00港元。

開曼群島根據開曼群島現行法例，轉讓及或以其他方式處置股份無須繳納開曼群島印花稅。

諮詢專業顧問倘有意持有本公司股份之人士及投資者對認購、購買、持有、出售或買賣股份之稅務影響（包括稅務減免）有任何疑問，本公司建議諮詢彼等之專業顧問。

謹此強調，本公司或其董事或高級行政人員概不對本公司股份持有人因認購、購買、持有、出售或買賣該等股份所產生之任何稅務影響或責任承擔任何責任。

The independent non-executive Directors have conducted an annual review on the Covenantors’ compliance with the 2022 Deed of Non-Competition, the options, pre-emptive rights or first rights of refusals provided by the Controlling Shareholders on their existing or future competing businesses.During the year ended 31 December 2023, the Covenantors and their respective close associates did not direct any Business Opportunity (as defined in the 2022 Deed of Non-Competition) to the Group. Therefore, the independent non-executive Directors did not conduct any review on the decision made in relation to Business Opportunity.TAXATIONOFHOLDERSOFSHARESHong Kong ChinaThe purchase, sale and transfer of shares registered in the Company’s Hong Kong branch register of members will be subject to Hong Kong stamp duty. The current rate charged on each of the purchaser and seller (or transferee and transferor) is 0.1% of the consideration or the value of the shares being bought/sold or transferred (rounded up to the nearest HKD’000). In addition, a fixed duty of HKD5.00 is currently payable on each instrument of transfer of shares.Cayman IslandsUnder the present Cayman Islands laws, transfers and other dispositions of shares in the Company are exempt from Cayman Islands stamp duty.Consultation with professional advisersIntending holders and investors of the Company’s shares are recommended to consult their professional advisers if they are in any doubt as to the taxation implications (including tax relief) of subscribing for, purchasing, holding, disposing of or dealing in shares. It is emphasised that none of the Company or its Directors or officers will accept any responsibility for any tax effect on, or liabilities of, holders of shares in the Company resulting from their subscription for, purchase, holding, disposal of or dealing in such shares.65二零二三年年報 ANNUALREPORT 2023DIRECTORS’ REPORT董事會報告核數師本公司將於應屆股東週年大會上提呈一項決議案，以續聘大華馬施雲會計師事務所有限公司為本公司之核數師。

代表董事會徐達主席廣州，二零二四年三月二十八日AUDITORA resolution will be submitted to the forthcoming annual general meeting to re-appoint Moore CPALimited (formerly known as Moore Stephens CPALimited) as auditor of the Company.On behalf of the Board,XUDaChairmanGuangzhou,28 March 202466 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司PROFILEOFDIRECTORSANDSENIORMANAGEMENT董事及高級管理層履歷Biographies of Directors and Senior Management as at the date of publication of this report are set out below:DIRECTORSExecutive DirectorsMr. XUDa （徐達）, aged 39, was appointed as an executive Director on 9 October 2014. Mr. XU is also the Chairman of the Group and the Chairman of the Environmental, Social and Governance Committee of the Board. Mr. XU achieved a bachelor degree in 2008. Mr. XU has more than 10 years of working experience in the Group. He joined the Group as import and export manager in 2009. Mr. XU did not hold other directorship in any listed companies during the last three years.Mr. BAITao （白韜）, aged 40, was appointed as an executive Director on 9 October 2014. Mr. BAI is also the Chief Executive Officer and a member of the remuneration committee, nomination committee and the Environmental, Social and Governance Committee of the Board. Mr. BAI is principally responsible for the Group’s overall management and operation. Mr. BAI graduated from Cardiff University with a bachelor and master degree in civil engineering. In 2022, Mr. BAI obtained a master degree in business administration from Tsinghua University. He joined the Group as general manager of Zhuhai Hengqin Coal Exchange Centre in 2012. Prior to joining the Group in 2012, Mr. BAI worked as a manager of engineering management department in a company listed in the Shanghai Stock Exchange. Mr. BAI did not hold other directorship in any listed companies during the last three years.於本報告刊發日期的董事及高級管理層履歷載列如下：董事執行董事徐達先生，39歲，於二零一四年十月九日獲委任為執行董事。

徐先生亦為本集團主席及董事會環境、社會及管治委員會主席。

徐先生於二零零八年獲得學士學位。

徐先生於本集團擁有超過10年的工作經驗。

彼於二零零九年加入本集團，出任進出口經理。

在過往三年，徐先生並無於其他上市公司擔任任何董事職位。

白韜先生，40歲，於二零一四年十月九日獲委任為執行董事。

白先生亦為行政總裁及董事會薪酬委員會、提名委員會及環境、社會及管治委員會成員。

白先生主要負責本集團整體管理及營運。

白先生於卡迪夫大學畢業，獲土木工程學學士及碩士學位。

於二零二二年，白先生獲取清華大學工商管理碩士學位。

彼於二零一二年加入本集團，出任珠海橫琴煤炭交易中心總經理。

於二零一二年加入本集團前，白先生曾任一家上海證券交易所上市公司之工程管理部經理。

在過往三年，白先生並無於其他上市公司擔任任何董事職位。

67二零二三年年報 ANNUALREPORT 2023PROFILEOFDIRECTORSANDSENIORMANAGEMENT董事及高級管理層履歷翟依峰先生，40歲，於二零二三年三月一日獲委任為執行董事。

翟先生亦為董事會環境、社會及管治委員會成員。

翟先生於二零零八年加入本集團，目前為本集團副總裁及本集團運銷事業部董事長，負責監督煤炭的物流及銷售。

翟先生亦為本公司若干附屬公司的董事。

翟先生於煤炭營銷及煤炭進出口業務方面擁有逾14年經驗。

翟先生於過去三年並無於任何其他上市公司擔任任何董事職務。

鄧冰晶女士，39歲，於二零二四年四月十九日獲委任為執行董事。

鄧女士為本集團附屬公司珠海秦發物流有限公司北京分公司總經理。

鄧女士亦為本集團主席徐達先生的妻子以及本公司控股股東徐吉華先生的兒媳。

鄧女士畢業於英國卡迪夫大學，本科為理科學士。

於二零零九年，鄧女士獲取英國卡迪夫大學理科碩士，主修國際經濟,銀行與金融。

鄧女士曾於國內主要銀行工作，獲得金融產品及銀行業務操作的經驗。

在過往三年，鄧女士並無於其他上市公司擔任任何董事職位。

Mr. ZHAIYifeng (翟依峰), aged 40, was appointed as an executive Director on 1 March 2023. Mr. ZHAI is also a member of the Environmental, Social and Governance Committee of the Board. Mr. ZHAI joined the Group in 2008 and is currently the vice president of the Group and the chairman of the sales and logistics department of the Group, responsible for overseeing the logistics and sales of coal. Mr. ZHAI is also a director of certain subsidiaries of the Company. Mr. ZHAI has over 14 years of experience in coal marketing and coal import-export business. Mr. ZHAI did not hold any directorship in any other listed companies in the past three years.Ms. DENGBingjing, aged 39, was appointed as an executive Director with effect from 19 April 2024. Ms. DENG is the general manager of the Beijing branch of Zhuhai Qinfa Logistics Co., Ltd, a subsidiary of the Group. Ms. DENG is also the wife of Mr. XUDa, the Chairman of the Group and the daughter-in-law of Mr. XUJihua, the controlling shareholder of the Company. Ms. DENG graduated from Cardiff University in the United Kingdom with a Bachelor of Science degree. In 2009, Ms. DENG obtained a Master of Science degree in International Economics, Banking and Finance from Cardiff University in the United Kingdom. Ms. DENG had worked in major banks in the PRC and gained experience in financial products and banking operations. In the past three years, Ms. DENG did not hold any directorship in other listed companies.68 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司PROFILEOFDIRECTORSANDSENIORMANAGEMENT董事及高級管理層履歷獨立非執行董事沙振權教授，64歲，自二零一八年九月起擔任本公司獨立非執行董事。

沙教授亦為董事會薪酬委員會及提名委員會主席以及審核委員會成員。

彼自二零零三年四月起擔任華南理工大學工商管理學院教授。

沙教授為中國人民政治協商會議第十二屆全國委員會委員。

沙教授自二零一九年三月起獲廣東省政府聘為省政府參事。

沙教授自二零一四年起擔任粵豐環保電力有限公司（股份代號：1381）的獨立非執行董事，自二零二零四月年起擔任深圳證券交易所上市公司深圳華僑城股份有限公司（股份代號：000069）的獨立非執行董事。

彼於二零零九年十二月至二零一五年十二月擔任深圳諾普信農化股份有限公司（股份代號：002215）的獨立董事，於二零一二年五月至二零一四年九月擔任新加坡交易所上市公司Sincap Group Limited（股份代號：5UN）的獨立董事，於二零一二年六月至二零二零年一月擔任深圳證券交易所上市公司廣州東淩國際投資股份有限公司（前稱廣州東凌糧油股份有限公司，股份代號：000893）的獨立董事，於二零一三年八月至二零一九年八月擔任深圳證券交易所上市公司珠海樂通化工股份有限公司（股份代號：002319）的獨立董事。

沙教授於一九八二年取得華東師範大學的數學理學士學位，於一九九一年取得華南理工大學的工程碩士學位，並於二零零一年取得香港城市大學哲學博士學位。

除上文所披露者外，在過往三年，沙教授並無於其他上市公司擔任過任何董事職位。

Independent non-executive DirectorsProfessor SHAZhenquan (沙振權), aged 64, has been an independent non-executive Director of our Company since September 2018. Prof. SHA is also the Chairman of the remuneration committee and the nomination committee of the Board and a member of audit committee. He has been a professor of the School of Business Administration of South China University of Technology (華南理工大學) since April 2003. Professor Sha is a member of the 12th National Committee of Chinese People’s Political Consultative Conference (中國人民政治協商會議全國委員會). Professor Sha was engaged as a counselor of Guangdong Province by Guangdong Provincial Government since March 2019. Professor Sha has been an independent non-executive director of Canvest Environmental Protection Group Company Limited (粵豐環保電力有限公司) (stock code: 1381) since 2014 and Shenzhen Overseas Chinese Town Co., Ltd. (深圳華僑城股份有限公司) (stock code: 000069) since April 2020, a company listed on the Shenzhen Stock Exchange. He was an independent director of Shenzhen Noposion Pesticide Co., Ltd (深圳諾普信農化股份有限公司) (stock code: 002215) from December 2009 to December 2015, an independent director of Sincap Group Limited (stock code: 5UN), a company listed on Singapore Exchange from May 2012 to September 2014, an independent director of Dongling International Investment Co., Ltd. (廣州東淩國際投資股份有限公司) (formerly known as Dongling Grain and Oil Co., Ltd. (廣州東凌糧油股份有限公司))(stock code: 000893) from June 2012 to January 2020, Letong Chemical Co., Ltd. (珠海樂通化工股份有限公司) (stock code: 002319) from August 2013 to August 2019, which are companies listed on the Shenzhen Stock Exchange. Professor Sha obtained a bachelor of science degree in mathematics from East China Normal University (華東師範大學) in 1982, a master’s degree in engineering from South China University of Technology (華南理工大學) in 1991 and a doctor’s degree in philosophy from City University of Hong Kong in 2001. Save as disclosed above, Prof. SHA did not hold any directorship in other listed companies during the last three years.69二零二三年年報 ANNUALREPORT 2023PROFILEOFDIRECTORSANDSENIORMANAGEMENT董事及高級管理層履歷靜大成先生，75歲，於二零一九年四月三日獲委任為獨立非執行董事、董事會薪酬委員會、提名委員會及審核委員會成員。

靜先生為中國共產黨黨員，擁有多年擔任公職的經驗。

一九六八年應徵入伍，在部隊歷任戰士、班長、河北省軍區守備四師政治部文化科長、秘書科長和秦皇島軍分區組幹科科長。

靜先生於一九八六年五月至二零零七年六月先後在河北省秦皇島市海港區擔任區委常委、武裝部政委，中共海港區委付書記兼海港區人民政府常務副區長及海港區人民代表常務委員會主任等職務，二零零八年八月正式辦理退休手續。

在過往三年期間，靜先生並無於其他上市公司擔任任何董事職位。

何嘉耀先生，45歲，於二零二三年六月二十日獲委任為獨立非執行董事。

何先生亦為董事會審核委員會主席。

何先生持有香港理工大學會計學學士學位。

彼為香港會計師公會會員。

何先生於審計、專業會計及財務管理方面擁有逾20年經驗。

彼自二零二二年九月起擔任加立（香港）生物科技有限公司（一間生物醫藥公司）首席財務官。

何先生於二零一八年十二月至二零二二年九月擔任寶新金融集團有限公司（股份代號：1282）首席財務官及公司秘書，並於二零一一年五月至二零一八年十二月擔任中國能源開發控股有限公司（其股份於香港聯合交易所有限公司主板上市，股份代號：228）（「中國能源」）首席財務官及公司秘書（於二零一四年六月辭任）。

於二零一一年五月加入中國能源前，何先生於其中一間頂尖國際會計公司擔任高級審計經理。

除上文所披露者外，在過往三年期間，何先生並無於其他上市公司擔任任何董事職位。

Mr. JINGDacheng （靜大成）, aged 75, was appointed on 3 April 2019 as an independent non-executive Director, member of the remuneration committee, nomination committee and audit committee of the Board. Mr. JING is a member of the Communists’ Party of the PRC and has years of experience in public service. He was recruited by the military in 1968 and served the positions of soldier, squad leader in the army, cultural section chief of the political department of guard force division no.4 of Hebe provincial military region, secretarial section chief and chief of coordination section of Qinhuangdao military division. From May 1986 to June 2007, Mr. JING served as a member of district committee and standing committee and political committee of the armed forces division of Haigang District, Qinhuangdao, Hebe Province, CPCHaigang District designated secretary and executive deputy district chief of the people’s government of Haigang District and chairman of the standing committee of the National People’s Congress in Haigang District. He officially retired from his duties in August 2008. Mr. JING did not hold any directorship in other listed companies during the last three years.Mr. HOKa Yiu Simon, aged 45, was appointed as an independent non-executive Director on 20 June 2023. Mr. HO is also the chairman of the audit committee of the Board. Mr. HO holds a Bachelor degree in Accountancy from The Hong Kong Polytechnic University. He is an associate member of the Hong Kong Institute of Certified Public Accountants. Mr. HO has over 20 years of experience in auditing, professional accounting and financial management. He has been the chief financial officer of Cali (Hong Kong) Biosciences Limited, a biopharmaceutical company, since September 2022. Mr. Ho served as chief financial officer and company secretary of Glory Sun Financial Group Limited (stock code: 1282) from December 2018 to September 2022 and he served as Chief Financial Officer and company secretary (resigned on June 2014) of China Energy Development Holdings Limited (stock code:228) (“China Energy”) from May 2011 to December 2018, whose shares are listed on the Main Board of The Stock Exchange of Hong Kong Limited. Mr. HO was a senior audit manager in one of the top tier international accounting firms before joining China Energy in May 2011. Save as disclosed above, Mr. HO did not hold any directorship in other listed companies during the last three years.70 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司PROFILEOFDIRECTORSANDSENIORMANAGEMENT董事及高級管理層履歷高級管理人員齊錦源先生，55歲，本集團煤礦事業部董事長，主要負責煤礦業務方面管理及經營工作。

齊先生於一九九零年畢業於中國人民大學，獲國民經濟計劃與管理學士學位，並於二零零三年獲得河北省委黨校工商管理碩士學位。

齊先生於投資管理，財務規劃範疇擁有逾20年經驗，財務方面專長於稅務規劃工作。

齊先生於二零一五年九月獲委任為本集團成員公司山西華美奥能源集團有限公司副董事長，彼於二零一六年二月獲委任為本集團副總裁。

陳科先生，41歲，本集團煤礦事業部總經理，負責本集團煤礦事業管理及經營工作。

陳先生於二零零七年畢業於中國礦業大學，本科為採礦工程。

陳先生亦於二零一零年獲得中國礦業大學採礦工程碩士。

陳先生曾於大型國有煤炭企業徐礦集團的下屬公司擔任總工程師及首席工程師等重要職務。

陳先生於二零一七年加入本集團後，曾任本集團崇升煤礦的總工程師及礦長等職務。

陳先生於二零二二年獲晉升為集團煤礦事業部副總經理，並於二零二三年獲晉升為總經理，主管本集團煤礦事業。

陳先生於煤礦有關行業擁有逾12年工作經驗，具備國內採礦高級工程師的專業資格。

賈優良先生，60歲，煤礦事業部副總經理，主要負責本集團煤礦業務管理及經營工作。

賈先生於二零一三年畢業於山東科技大學，獲礦業工程領域工程碩士學位。

賈先生於二零一八年加入本集團任煤礦事業部副總經理。

賈先生於礦業工程領域擁有十多年經驗，具備國內採礦高級工程師的專業資格。

SENIORMANAGEMENTMr. QIJinyuan （齊錦源）, aged 55, is the chairman of the Group’s Coal Mine Division, and is principally responsible for the management and operation works on coal mine business. Mr. QI graduated from Renmin University of China in 1990 with a bachelor’s degree in national economic planning and management, and obtained a master degree in business administration from河北省委黨校(Hebei Provincial Party School) in 2003. Mr. QI has more than 20 years of experience in the field of investment management and financial planning with specialty in taxation planning works on financial aspect. Mr. QI was appointed as the vice chairman of Shanxi Huameiao Energy Group Company Limited, a member of the Group in September 2015 and as the vice president of the Group in February 2016.Mr. CHENKe (陳科), aged 41, is the general manager of the coal mining division of the Group and is responsible for the management and operation of the coal mining business of the Group. Mr. CHEN graduated from China University of Mining and Technology in 2007 with a bachelor’s degree in mining engineering. Mr. CHEN also obtained a master’s degree in mining engineering from China University of Mining and Technology in 2010. Mr. CHEN held key positions as engineer-in-charge and chief engineer in a subsidiary of Xuzhou Coal Mining Group, a large state-owned coal enterprise. Since joining the Group in 2017, Mr. CHEN has held the positions of engineer-in-charge and mine manager of Chongsheng Coal Mine of the Group. Mr. Chen was promoted to the deputy general manager of the coal mining division in 2022 and was promoted to the general manager in 2023 to head the coal mining business of the Group. Mr. CHEN has over 12 years of working experience in the coal mining related industry and possesses professional qualifications as a senior mining engineer in the PRC.Mr. JIAYouliang (賈優良), aged 60, is the deputy general manager of the coal mining division and is responsible for the management and operation of the coal mining business of the Group. Mr. JIA graduated from Shandong University of Science and Technology in 2013 with a master’s degree in engineering in the field of mining engineering. Mr. JIA joined the Group in 2018 as the deputy general manager of the coal mining division. Mr. JIA has over 10 years of experience in the field of mining engineering and possesses professional qualifications as a senior mining engineer in the PRC.71二零二三年年報 ANNUALREPORT 2023PROFILEOFDIRECTORSANDSENIORMANAGEMENT董事及高級管理層履歷劉兆義先生，56歲，興陶煤礦礦長，主要負責本集團煤礦興陶煤礦的管理工作。

劉先生於二零一八年三月一日加入本集團，曾任煤礦事業部副總經理。

劉先生於二零零五年畢業於中國礦業大學，獲採礦工程學士學位，並於二零一三年獲得中國礦業大學礦業工程領域碩士學位。

加入本集團前，劉先生曾於大型國有煤炭企業徐礦集團的下屬公司擔任副總工程師及董事長等職務。

劉先生於二零一八年加入本集團任煤礦事業部總經理助理，同年晉升為崇升煤礦礦長，並於二零二二年調任興陶煤礦礦長。

劉先生於煤炭行業生產管理及開採技術範疇擁有30餘年經驗，具備國內高級工程師的專業資格。

文維勝先生，52歲，本集團副總裁。

彼負責本集團投融資管理工作。

文先生畢業於華南理工大學，本科為工商管理專業，先後在中國銀行和交通銀行及世界500強民企從事金融工作及擔任中層管理崗位。

文先生於2019年加入本集團，先後任總裁助理至副總裁。

文先生擁有國內金融行業超過25年工作經驗，持有中國註冊理財師及高級國際財務管理師SIFM證書。

柯俊瑋先生，36歲，為本公司公司秘書。

彼於二零一七年加入本公司出任財務經理。

彼持有新南威爾斯大學商學士（會計及財經）學位，並為香港會計師公會成員。

於加入本公司之前，柯先生曾於香港的國際核數師行工作，在對不同業務領域的上市公司及私人企業進行審計工作方面累積豐富經驗。

Mr. LIUZhaoyi (劉兆義), aged 56, is the mine manager of Xingtao Coal Mine and is mainly responsible for the management of Xingtao Coal Mine, a coal mine of the Group. Mr. LIU joined the Group on 1 March 2018 and was the deputy general manager of the coal mining business. Mr. LIU graduated from China University of Mining and Technology with a bachelor’s degree in mining engineering in 2005 and obtained a master’s degree in mining engineering from China University of Mining and Technology in 2013. Prior to joining the Group, Mr. LIU held the positions of deputy engineer-in-charge and chairman of the board of directors of a subsidiary of Xuzhou Coal Mining Group, a large state-owned coal enterprise. Mr. Liu joined the Group in 2018 as the assistant general manager of the coal mining division and was promoted to the chief of the Chongsheng Coal Mine in the same year and was re-designated to the chief of the Xingtao Coal Mine in 2022. Mr. LIU has over 30 years of experience in production management and mining technology in the coal industry and possesses the professional qualifications as a senior engineer in the PRC.Mr. Wen Weisheng (文維勝), aged 52, is the vice president of the Group. He is responsible for the Group’s investment and financing management. Mr. Wen graduated from South China University of Technology with a Bachelor’s Degree in Business Administration. He has worked in finance and held middle management positions in Bank of China and Bank of Communications as well as Fortune 500 private enterprises. Mr. Wen joined the Group in 2019 and served as assistant to the president and vice president. Mr. Wen has over 25 years of working experience in the financial industry in the PRC and holds certificates of Certified Financial Planner and Senior International Financial Manager (SIFM) in the PRC.Mr. ORChun Wai Dennis （柯俊瑋）, aged 36, is the company secretary of the Company. He joined the Company in 2017 as the financial manager. He holds a Bachelor of Commerce (Accounting and Finance) with The University of New South Wales. He is a member of the Hong Kong Institute of Certified Public Accountants. Prior to joining the Company, Mr. OR has extensive experience in audit of listed companies and private companies in different business sectors gained from international audit firms in Hong Kong.72 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司CORPORATEGOVERNANCEREPORT企業管治報告CORPORATEGOVERNANCEPRACTICESThe Company is dedicated to maintaining and ensuring high standards of corporate governance practices. The corporate governance principles of the Company emphasise on accountability and transparency and are adopted in the best interest of the Company and its shareholders. The Board reviews its corporate governance practices from time to time in order to meet the rising expectations of shareholders and to fulfil its commitment to excellence in corporate governance.The Company has adopted the Corporate Governance Code as set out in Appendix C1 to the Listing Rules as its corporate governance code of practices since the listing of its shares on the Stock Exchange. In the opinion of the Board, the Company had complied with the code provisions as set out in the Corporate Governance Code throughout the year ended 31 December 2023.The Board recognises that corporate governance should be the collective responsibility of Directors and their corporate governance duties include: – to develop and review the policies and practices of the Company on corporate governance and make recommendations;– to review and monitor the training and professional development of the Directors and senior management;– to monitor and review the policies and practices of the Company in compliance with legal and regulatory requirements;– to develop, monitor and review the code of conduct and compliance manual applicable to the Directors and employees; and– to review the Company’s compliance with the Code Provisions of the CGCode and disclosure in the corporate governance report.企業管治常規本公司致力維持及確保高水準的企業管治常規。

本公司的企業管治原則強調問責性與透明度，並以本公司及其股東之最佳利益而採納。

董事會不時檢討其企業管治常規確保符合股東不斷提高的期望及履行其優良企業管治之承諾。

自其股份於聯交所上市起，本公司已採納上市規則附錄C1所載企業管治常規守則作為其企業管治常規守則。

董事會認為，本公司於截至二零二三年十二月三十一日止年度已遵守企業管治守則所載守則條文。

董事會深明企業管治應屬全體董事的共同職責，而彼等的企業管治職責包括：–制定及檢討本公司有關企業管治的政策及慣例，並作出推薦建議；–檢討及監督董事及高級管理層的培訓及專業發展；–監督及檢討本公司在遵守法律及監管規定方面的政策及慣例；–制定、監察及審閱適用於董事及僱員的行為守則及合規手冊；及–檢討本公司在遵守企業管治守則守則條文的情況及企業管治報告內的披露。

73二零二三年年報 ANNUALREPORT 2023CORPORATEGOVERNANCEREPORT企業管治報告董事會職責及授權董事會負責向本公司提供有效率及可信賴的領導。

董事會的責任是監督本公司的一切主要事務，包括制定及審批本集團的整體目標及策略、內部監控及風險管理制度，監察其營運及財務表現，履行企業管治職責，以及評估高級管理層的表現。

董事個人及全體須以本公司及其股東的最佳利益客觀地作出決策。

全體董事均可聯絡本集團高級管理人員及公司秘書，並獲提供管理資料，以便參與會議，而有關資料亦會應要求向董事提供。

公司秘書向董事會提供秘書支援，同時確保遵循董事會程序以及本公司適用之相關規則及規例。

董事會保留本公司所有重要事項的決策權，包括批准及監察所有政策事宜、整體策略及預算、內部監控及風險管理系統、重大交易（特別是涉及利益衝突之交易）、財務資料、委任董事及其他重要財務及營運事宜。

在行政總裁的領導下，本公司的日常管理、行政及經營乃由本公司的執行董事及高級管理層管理。

董事會對該等高級行政人員分別委以各項職責，由彼等負責執行董事會的決策。

董事會定期檢討所指派的職責及工作。

在訂立任何重大交易前，上述高級行政人員必須取得董事會批准。

董事會組成董事會現時包括七名董事，其中四名為執行董事及三名為獨立非執行董事。

BOARDOFDIRECTORSResponsibilities and DelegationThe Board is charged with providing effective and responsible leadership for the Company. The Board takes responsibility to oversee all major matters of the Company, including the formulation and approval of the Group’s overall objectives and strategies, internal control and risk management systems, monitoring its operating and financial performance, performing the corporate governance duties and evaluating the performance of the senior management. The Directors, individually and collectively, have to make decisions objectively in the best interests of the Company and its shareholders.All Directors have access to the senior management of the Group and the company secretary. Management information is provided to enable them to participate at the meetings or as and when requested. The company secretary provides secretarial support to the Board and ensures adherence to Board procedures and the relevant rules and regulations which are applicable to the Company.The Board reserves for its decision on all major matters of the Company, including the approval and monitoring of all policy matters, overall strategies and budgets, internal control and risk management systems, material transactions (in particular those that may involve conflict of interests), financial information, appointment of directors and other significant financial and operational matters.The day-to-day management, administration and operation of the Company are managed by the executive Directors and senior management of the Company under the leadership of the Chief Executive Officer. The Board has delegated a schedule of responsibil it ies to these officers for the implementation of Board decisions. The Board periodically reviews the delegated functions and work tasks. Prior to entering into any significant transactions, the aforesaid officers have to obtain Board approval.Board compositionThe Board currently consists of seven Directors, four of whom are executive Directors and three are independent non-executive Directors.74 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司CORPORATEGOVERNANCEREPORT企業管治報告執行董事：徐達先生（主席）白韜先生（行政總裁）翟依峰先生（自二零二三年三月一日起獲委任）鄧冰晶女士（自二零二四年四月十九日起獲委任）譚映忠先生（於二零二三年三月一日辭任）獨立非執行董事：沙振權教授靜大成先生何嘉耀先生（自二零二三年六月二十日起獲委任）劉錫源先生（於二零二三年六月二十日退任）所有執行董事負責按照一切適用規則及法規（包括但不限於上市規則）實行業務策略及管理本集團之業務。

本集團所有主要及重大事宜均會向所有董事（包括獨立非執行董事）徵詢意見。

本公司購買合適的董事及高級行政人員責任保險。

獨立非執行董事的人數符合上市規則的規定，而何嘉耀先生擁有適當之會計專業資格。

獨立非執行董事為本公司帶來各種經驗與專業知識。

獨立非執行董事履歷詳情載於本年報第68至69頁。

各獨立非執行董事已按照上市規則第3.13條之規定就其獨立性作出書面確認。

董事會認為所有獨立非執行董事均符合上市規則第3.13條所載的獨立身份指引規定。

各董事均已訂立服務合約（就執行董事而言）或委任函（就獨立非執行董事而言），具體任期為三年。

董事的一切委任須按照章程細則於本公司股東週年大會輪流退任及重選。

Executive Directors:Mr. XUDa (Chairman)Mr. BAITao (Chief Executive Officer) Mr. ZHAIYifeng (appointed with effect on 1 March 2023)Ms. DENGBingjing (appointed with effect on 19 April 2024)Mr. TANYingzhong (resigned on 1 March 2023)Independent non-executive Directors:Prof. SHAZhenquanMr. JINGDachengMr. HOKa Yiu Simon (appointed with effect from 20 June 2023)Mr. LAUSik Yuen (retired on 20 June 2023)All executive Directors are responsible for implementing the business strategies and managing the business of the Group in accordance with all applicable rules and regulations, including, but not limited to, the Listing Rules. All Directors (including the independent non-executive Directors) have been consulted on all major and material matters of the Group. The Company maintains appropriate directors’ and officers’ liabilities insurance.The number of independent non-executive Directors has met the requirements under the Listing Rules and Mr. HOKa Yiu Simon has appropriate accounting professional qualifications. The independent non-executive Directors bring a variety of experience and expertise to the Company. Biographical details of the independent non-executive Directors are set out on pages 68 to 69 of this annual report. Each of the independent non-executive Directors has confirmed in writing of his independence pursuant to Rule 3.13 of the Listing Rules. The Board is of the view that all independent non-executive Directors meet the independence guidelines set out in Rule 3.13 of the Listing Rules.Each of the Directors is engaged on a service contract (in the case of the executive Directors) or a letter of appointment (in the case of the independent non-executive Directors) for a specific term of three years.All the appointments of Directors are subject to retirement by rotation and re-election at the annual general meeting of the Company in accordance with the Articles.75二零二三年年報 ANNUALREPORT 2023CORPORATEGOVERNANCEREPORT企業管治報告董事會會議之記錄由本公司之公司秘書保管，並可供董事查閱。

截至二零二三年十二月三十一日止年度，本公司舉行了一次股東週年大會，而董事會共舉行七次董事會會議（所有會議均根據章程細則召開），各董事個人出席情況載列如下：主席及行政總裁董事會主席兼執行董事徐達先生負責就整體管理及策略發展提供意見，並監督董事會運作。

執行董事白韜先生為行政總裁，負責本集團整體管理、企業發展、策略規劃以及監督日常運作。

主席與行政總裁之職務及職責獨立區分，確保權力與職權之分立平衡。

Minutes of Board meetings are being kept by the company secretary of the Company and are available for inspection by the Directors.During the year ended 31 December 2023, the Company held an annual general meeting, and the Board held seven Board meetings, all of which were convened in accordance with the Articles, and the individual attendance of each Director is set out below:Number of attendance/Number of meetings entitled to attend出席次數╱有權出席次數Name of Directors董事姓名General Meeting股東大會Board Meeting董事會會議 Mr. XUDa徐達先生1/15/7Mr. BAITao白韜先生1/16/7Mr. ZHAIYifeng (appointed with effect from 1 March 2023)翟依峰先生（自二零二三年三月一日起獲委任）1/15/6Ms. DENGBingjing (appointed with effect on 19 April 2024)鄧冰晶女士（自二零二四年四月十九日起獲委任）0/00/0Mr. TANYingzhong (resigned with effect from 1 March 2023)譚映忠先生（自二零二三年三月一日起辭任）0/00/1Mr. LAUSik Yuen (retired on 20 June 2023)劉錫源先生（於二零二三年六月二十日退任）1/13/3Prof. SHAZhenquan沙振權教授1/17/7Mr. JINGDacheng靜大成先生1/17/7Mr. HOKa Yiu Simon (appointed with effect from 20 June 2023)何嘉耀先生（自二零二三年六月二十日起獲委任）0/04/4CHAIRMANANDCHIEFEXECUTIVEOFFICERMr. XUDa is the chairman of the Board and an executive Director, responsible for providing advice for the overall management and strategic development and overseeing the operation of the Board. Mr. BAITao, an executive Director, is the Chief Executive Officer, who is responsible for the Group’s overall management, corporate development, strategic planning and the supervision of day-to-day operation. The segregation of duties and responsibilities between the chairman and the chief executive officer ensures a balance of power and authority.76 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司CORPORATEGOVERNANCEREPORT企業管治報告薪酬委員會董事會於二零零九年六月十二日成立薪酬委員會，並制訂具體的書面職權範圍。

薪酬委員會包括一名執行董事白韜先生及兩名獨立非執行董事，即沙振權教授及靜大成先生。

沙振權教授為董事會薪酬委員會主席。

薪酬委員會主要職責乃審閱及釐定薪酬待遇、花紅及應付本集團董事及高級管理層之其他薪金之條款，以及上市規則第十七章項下有關股份計劃的事宜。

薪酬委員會亦負責確立具透明度之程序，以擬定有關薪酬政策及架構，確保概無董事或彼任何緊密聯繫人士將參與決定彼之個人薪酬，有關薪酬將參考個人及本公司表現以及市場慣例及狀況釐定。

根據企業管治守則之守則條文第E.1.5條，截至二零二三年十二月三十一日止年度高級管理層按範圍劃分之薪酬載於綜合財務報表附註13。

薪酬委員會於二零二三年內舉行了三次會議，以評估執行董事及若干高級管理層的表現以及檢討其薪酬。

薪酬委員會的職責包括經授予責任釐定董事及高級管理層的薪酬組合。

所有成員均有出席會議。

REMUNERATIONCOMMITTEEThe Board established a remuneration committee on 12 June 2009 with specific written terms of reference. The remuneration committee consists of an executive Director, Mr. BAITao and two independent non-executive Directors, namely Prof. SHA Zhenquan and Mr. JINGDacheng. Prof. SHAZhenquan is the chairperson of the remuneration committee of the Board.The primary duties of the remuneration committee of the Board are to review and determine the terms of remuneration packages, bonuses and other compensation payable to the Directors and senior management of the Group, as well as matters relating to share schemes under Chapter 17 of the Listing Rules. The remuneration committee is also responsible for establishing transparent procedures for developing such remuneration policy and structure to ensure that no Director or any of his/her close associates will participate in deciding his/her own remuneration, which remuneration will be determined by reference to the performance of the individual and the Company as well as market practice and conditions.Pursuant to code provision E.1.5 of the CGCode, the remuneration of the senior management by band for the year ended 31 December 2023 is set out in note 13 to the consolidated financial statements.The remuneration committee held three meetings during 2023 to assess performance of executive Directors and certain senior management and review their remuneration. The duties of the remuneration committee include determining, with delegated responsibility, the remuneration packages of Directors and senior management. All the members attended the meetings.Name of Directors董事姓名Number of attendance/Number of meetings entitled to attend出席次數╱有權出席次數 Mr. BAITao白韜先生3/3Prof. SHAZhenquan沙振權教授3/3Mr. JINGDacheng靜大成先生3/377二零二三年年報 ANNUALREPORT 2023CORPORATEGOVERNANCEREPORT企業管治報告提名委員會董事會於二零零九年六月十二日成立提名委員會，並制訂具體的書面職權範圍。

提名委員會包括一名執行董事白韜先生及兩名獨立非執行董事，即沙振權教授及靜大成先生。

沙振權教授為董事會提名委員會主席。

董事會提名委員會主要職責包括釐定董事的提名政策，就董事的委任及繼任計劃向董事會作出建議及評估獨立非執行董事的獨立性。

提名委員會藉參考董事候選人之技能、經驗、專業知識、個人誠信及投放之時間、本公司之需要以及其他相關法定規定及規例，執行挑選及推薦董事候選人之程序。

提名委員會於二零二三年內舉行了三次會議，確保董事會具備適當的專業、技能及經驗的平衡，以滿足本公司業務所需。

提名委員會亦評估了董事會多元化政策的有效性。

所有成員均有出席會議。

NOMINATIONCOMMITTEEThe Board established a nomination committee on 12 June 2009 with specific written terms of reference. The nomination committee consists of an executive Director, Mr. BAITao and two independent non-executive Directors, namely Prof. SHA Zhenquan and Mr. JINGDacheng. Prof. SHAZhenquan is the chairperson of the nomination committee of the Board.The primary duties of the nomination committee of the Board include determining the policy for the nomination of Directors, making recommendations to the Board on the appointment and succession planning of Directors, and assessing of the independence of the independent non-executive Directors. The nomination committee carries out the process of selecting and recommending candidates for directorships by making reference to the skills, experience, professional knowledge, personal integrity and time commitments of such individuals, the Company’s needs and other relevant statutory requirements and regulations.The nomination committee held three meetings during 2023 to ensure that the Board has a balance of expertise, skills and experience appropriate to meet the requirements of the business of the Company. The nomination committee also evaluated the effectiveness of the board diversity policy. All the members attended the meetings.Name of Directors董事姓名Number of attendance/Number of meetings entitled to attend出席次數╱有權出席次數 Mr. BAITao白韜先生3/3Prof. SHAZhenquan沙振權教授3/3Mr. JINGDacheng靜大成先生3/378 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司CORPORATEGOVERNANCEREPORT企業管治報告委任、重選和罷免董事各執行董事已與本公司签订服務協議，初始任期三年。

各獨立非執行董事已與本公司签订續委任函，任期為三年。

該條款視乎根據章程細則彼等於本公司股東週年大會上是否輪值告退及重選連任而定。

提名政策本公司已制定提名政策，其載列本公司提名委員會之關鍵挑選標準及程序，以就董事之委任及重選向本公司董事會作出提名及推薦建議。

(1)提名標準提名委員會評估獲提呈人選的適合性時，須考慮若干挑選標準，包括但不限於以下各項：(a)個人道德、信譽及誠信；(b)與本公司業務以及企業發展及策略相關之專業資格、技術、知識及經驗；(c)奉獻充足時間以履行董事職務之意願及能力，並作出所需要之承諾；(d)就委任獨立非執行董事而言，符合上市規則第3.13條規定之獨立標準；APPOINTMENTS, RE-ELECTIONANDREMOVALOF DIRECTORSEach of the executive Directors has entered into a service contract with the Company for an initial term of three years. Each of the independent non-executive Directors has entered into renewed appointment letters with the Company for a term of three years. Such term is subject to retirement by rotation and re-election at the Company’s annual general meeting in accordance with the Articles.NOMINATIONPOLICYThe Company formulated the nomination policy, which set out the key selection criteria and procedures for the Nomination Committee of the Company to nominate and make recommendation to the board of directors of the Company on the appointment of directors and re-election for directors.(1) Nomination criteriaThe Nomination Committee shall consider a number of selection criteria when assessing the suitability of a proposed candidate, including but not limited to the following:(a) personal ethics, reputation and integrity;(b) professional qualifications, skills, knowledge and experience that are relevant to the Company’s businesses and corporate development and strategy;(c) willingness and ability to devote adequate time to discharge the duties as a director and to make required commitments;(d) compliance with the criteria of independence as prescribed under Rule 3.13 of the Listing Rules for the appointment of independent non-executive Directors;79二零二三年年報 ANNUALREPORT 2023CORPORATEGOVERNANCEREPORT企業管治報告(e)本公司採納「董事會多元化政策」，參考本公司之業務模式及特定需要以達致董事會多元化，包括但不限於性別、年齡、教育背景、種族、專業經驗、技術、知識及服務年期；(f)適用之法律及監管規定；及(g)提名委員會或董事會不時可能釐定之任何其他相關因素。

(2)提名程序(a)填補董事會臨時空缺或委任額外董事時，提名委員會可能根據上述載列之標準挑選及評估有關人選，以釐定人選是否符合董事資格。

(b)就獲股東於本公司股東大會上提名選舉為董事之任何人士而言，提名委員會應根據上述載列之標準評估有關人選，以釐定人選是否符合資格。

(c)於股東大會上重選董事時，提名委員會亦應審閱及釐定退任董事是否繼續符合上述載列之標準。

(d)作出推薦建議時，提名委員會可能向董事會提呈有關人選之個人履歷以作考慮。

(e)董事會就有關推薦人選於股東大會上選舉之所有事宜擁有最終決定權。

(e) the “Board Diversity Policy” adopted by the Company for achieving diversity on the Board with reference to the Company’s business model and specific needs, including but not limited to gender, age, educational background, ethnicity, professional experience, skills, knowledge and length of service;(f) applicable legal and regulatory requirements; and(g) any other relevant factors as may be determined by the Nomination Committee or the Board from time to time.(2) Nomination Procedures(a) For filling a casual vacancy or appointing an additional director to the Board, the Nomination Committee may select and evaluate such candidate based on the criteria as set out above to determine whether such candidate is qualified for directorship.(b) Fo r any pe rson tha t i s nomina ted by a shareholder for election as a director at the general meeting of the Company, the Nomination Committee should evaluate such candidate based on the criteria as set out above to determine whether such candidate is qualified.(c) For the re-election of Director at General Meeting, the Nomination Committee should also review and determine whether the retiring director continues to meet the criteria as set out above.(d) On making recommendation, the Nomination Committee may submit the candidate’s personal profile to the Board for consideration.(e) The Board shall have the final decision on all matters relating to the recommendation of a candidate to stand for election at a general meeting.80 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司CORPORATEGOVERNANCEREPORT企業管治報告(f)倘若適合，提名委員會及╱或董事會應於股東大會上就提呈董事選舉向股東作出推薦建議。

環境、社會及管治委員會董事會於二零二一年十二月六日成立環境、社會及管治委員會，並制訂具體書面職權範圍。

環境、社會及管治委員會由三名執行董事徐達先生、白韜先生、翟依峰先生（自二零二三年三月一日起獲委任）及譚映忠先生（自二零二三年三月一日起辭任）組成。

董事會轄下環境、社會及管治委員會的主席為徐達先生。

董事會轄下環境、社會及管治委員會主要負責協助董事會指導及監督本公司及其附屬公司（「本集團」）制定及落實環境、社會及管治（「環境、社會及管治」）政策及工作，並定時檢視成果，確保符合相關法律、法規、標準及監管規定。

環境、社會及管治委員會於二零二三年內舉行了一次會議，以制定及檢討本集團的環境、社會及管治責任、願景、策略、框架、原則及政策，並向董事會作出推薦建議。

所有成員均有出席會議。

(f) Where appropriate, the Nomination Committee and/or the Board should make recommendation to shareholders in respect of the proposed election of director at the general meeting.ENVIRONMENTAL, SOCIALANDGOVERNANCE COMMITTEEThe Board establ ished an Environmental, Social and Governance Committee on 6 December 2021 with specific written terms of reference. The Environmental, Social and Governance Committee consists of three executive Directors, namely Mr. XUDa, Mr. BAITao, Mr. ZHAIYifeng (appointed with effect from 1 March 2023) and Mr. TANYingzhong (resigned with effect from 1 March 2023). Mr. XUDa is the chairperson of the Environmental, Social and Governance Committee of the Board.The pr imary dut ies of the Environmental, Social and Governance Committee of the Board are to assist the Board in guiding and monitoring the formulation and implementation of the environmental, social and governance (“ESG”) policy and work of the Company and its subsidiaries (the “Group”), and to regularly review the results to ensure compliance with relevant laws, regulations, standards and regulatory requirements.The Environmental, Social and Governance Committee held one meeting during 2023 to formulate and review the environmental, social and governance responsibilities, visions, strategies, framework, principles and policies of the Group and make recommendations to the Board of Directors. All the members attended the meeting.Name of Directors董事姓名Number of attendance/Number of meetings entitled to attend出席次數╱有權出席次數 Mr. XUDa徐達先生1/1Mr. BAITao白韜先生1/1Mr. ZHAIYifeng (appointed with effect from 1 March 2023)翟依峰先生（自二零二三年三月一日起獲委任） 1/1Mr. TANYingzhong (resigned with effectfrom 1 March 2023)譚映忠先生（自二零二三年三月一日起辭任） 0/081二零二三年年報 ANNUALREPORT 2023CORPORATEGOVERNANCEREPORT企業管治報告董事會多元化政策本公司制定了董事會多元化政策，其中列明有關董事會成員多元化及董事甄選標準之要求。

(1)政策概要為達致可持續的均衡發展，本公司視董事會成員日益多元化為支持其達到策略目標及維持可持續發展的關鍵要素。

本公司在設定董事會成員組合時，會從多個方面考慮並實現董事會成員多元化，包括但不限於性別、年齡、文化及教育背景、種族、專業經驗、技能、知識及服務任期。

董事會所有委任均以用人唯才為原則，並以客觀條件考慮人選，同時會充分顧及董事會成員多元化的裨益。

(2)董事會多元化政策的可計量目標及達標進度本公司甄選人選將以一系列多元化範疇為基準，包括但不限於性別、年齡、文化及教育背景、種族、專業經驗、技能、知識及服務任期。

最終將按人選的長處及可為董事會提供的貢獻而作決定。

於報告期間，提名委員會對本公司董事會組成進行審查，本公司董事在年齡、文化及教育背景、專業經驗、技能及知識方面達到多元化要求。

未來在委任及重新委任董事時，提名委員會將按董事會多元化政策的要求提名新董事，以達致董事會成員多元化目標。

BOARDDIVERSITYPOLICYThe Company formulated the board diversity policy, which set out the requirements for diversity in Board members and the principles for the selection of Directors.(1) Policy summaryTo achieve sustainable and balanced development, the Company sees increased diversity at the Board level as an essential element in supporting the attainment of its strategic objectives and its sustainable development. In planning the Board’s composition, board diversity needs to be considered from a number of aspects, including but not limited to gender, age, cultural and educational background, ethnicity, professional experience, skills, knowledge and length of service. All Board appointments will be based on meritocracy, and candidates will be considered against objective criteria, having due regard for the benefits of diversity on the Board.(2) Quantifiable measurers and the progress of the Board Diversity PolicySelection of candidates of the Company will be based on a range of diversity perspectives, including but not limited to gender, age, cultural and educational background, ethnicity, professional experience, skills, knowledge and length of service. The ultimate decision will be based on merit and contribution that the selected candidates will bring to the Board.During the reporting period, the nomination committee reviewed the composition of the Board and concluded that the Company had met the diversification requirements with regard to age, cultural and educational background, professional experience, skills and knowledge. When making the appointment and re-appointment of Directors in the future, the nomination committee will nominate new Directors pursuant to the requirements of the board diversity policy to achieve the objective of diversity in Board members.82 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司CORPORATEGOVERNANCEREPORT企業管治報告可計量的目標包括：(i)至少三分之一的董事會成員為獨立非執行董事；(ii)至少一名董事為女性；及(iii)至少一名董事已取得會計或其他專業資格。

於報告期內，第(i)及(iii)項已得到滿足。

鑑於第(ii)項，一名女性董事已於二零二四年四月十九日獲委任。

於二零二三年十二月三十一日，本集團僱員按職能的性別比率如下：董事會於二零二四年四月十九日委任一名女性董事，此後董事會由七名董事組成，其中一名為女性。

由於男性在傳統上比女性更有興趣接受煤礦工程高等教育的行業特點，故男性於中級管理層及營運人員中佔有相當大的比例。

此外，煤礦行業對男性員工更具吸引力，可能是由於女性在地下煤礦工作有一定的局限性，例如體力勞動工作。

另外，本集團致力於可能的範圍內維持行政職能的性別多元化。

據悉，行政職能已有20.31%女性僱員。

Measurable objectives include (i) at least one third of the Board shall be independent non-executive Directors; (ii) at least one Director is female and (iii) at least one Director shall have obtained accounting or other professional qualifications. During the reporting period, items (i) and (iii) have been fulfilled. Whereas in respect of item (ii), a female director has been appointed on 19 April 2024.Gender ratio of employees of the Group as at 31 December 2023 by functions is:Number of male employeesNumber of female employeesFunctions職能男性僱員數目女性僱員數目 Senior management高級管理層100Middle management中級管理層545Administration行政人員557142Operation營運人員2,49694 Total合計3,117231The Board has appointed a female director on 19 April 2024, after which the Board comprises seven Directors, one of which is female. Male has significant portion in middle management and operation possibly due to the industry characteristic that male is traditionally more interested to attend tertiary education in coal mining engineering than female. Moreover, the coal mining industry is more attractive to male employee possibly because there are certain limitations for female in the underground coal mine such as physically demanding works. Moreover, the Group strived to maintain gender diversity in administration function to the possible extent. It is noted that the administration function has 20.31% of female employees.83二零二三年年報 ANNUALREPORT 2023CORPORATEGOVERNANCEREPORT企業管治報告股息政策於股息政策下，董事會有權根據本公司組織章程細則及所有適用法律法規，宣派及分發股息予本公司股東。

董事會決定是否建議宣派股息及釐定股息金額時，須於宣派或建議宣派股息前考慮以下因素：–營運及財務業績；–現金流量狀況；–營運資金要求及開支計劃；–股東權益；–業務狀況及策略；–稅務考慮；–相關法律、規則及法規下分發股息之限制；及–董事會可能認為相關之任何其他因素。

根據組織章程細則，宣派後一年無人認領之任何股息，董事會可在其被認領前將其投資或作其他用途，收益撥歸本公司所有。

宣派日期後六年無人認領之任何股息或紅利，可予以沒收及復歸本公司。

董事會將任何無人認領的股息或其他就股份應付的款項存入一獨立賬戶並不使本公司成為該等股息或款項的信託人。

本公司將定期檢討股息政策。

概不能保證將在任何既定期間或是否派付任何特定金額之股息。

DIVIDENDPOLICYUnder the Dividend Policy, the Board has the discretion to declare and distribute dividends to the shareholders of the Company, subject to the articles of association of the Company and all applicable laws and regulations.In deciding whether to propose a dividend and in determining the dividend amount, the Board shall consider the following factors before declaring or recommending dividends:– operating and financial results;– cash flow position;– working capital requirements and expenditure plan;– interests of shareholders;– business conditions and strategies;– taxation considerations;– restriction on distribution of dividends under the relevant laws, rules and regulations; and– any other factors that the Board may consider relevant.In accordance with the Articles of Association, any dividend unclaimed for one year after having been declared may be invested or otherwise made use of by the Board for the benefit of the Company until claimed. Any dividend or bonuses unclaimed after a period of six years from the date of declaration shall be forfeited and shall revert to the Company. The payment by the Board of any unclaimed dividend or other sums payable on or in respect of a share in a separate account shall not constitute the Company a trustee in respect thereof.The Company will review the Dividend Policy periodically. There can be no assurance that dividends will be paid in any particular amount for any given period or at all.84 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司CORPORATEGOVERNANCEREPORT企業管治報告董事進行證券交易之標準守則本公司已採納標準守則作為董事買賣證券之守則。

本公司亦定期提醒各董事於標準守則下須履行之責任。

經向本公司作出特定查詢後，所有董事確認截至二零二三年十二月三十一日止整個年度至本報告日期已遵守標準守則所載之規定標準。

審核委員會董事會於二零零九年六月十二日成立審核委員會，並制訂具體的書面職權範圍。

審核委員會包括三名獨立非執行董事，即何嘉耀先生、沙振權教授及靜大成先生。

何嘉耀先生為董事會審核委員會主席。

審核委員會主要職責為審閱及批准本集團之財務呈報程序及內部監控體系。

審核委員會已審閱截至二零二三年十二月三十一日止年度之經審核綜合財務報表，亦已討論審核、內部監控及財務報告事宜，包括本集團所採納之會計常規及原則。

審核委員會亦監察財務報表、年度報告及賬目以及中期報告之完整性，並審閱當中所載之重大財務申報判斷。

MODELCODEFORDIRECTORS’ SECURITIES TRANSACTIONSThe Company has adopted the Model Code as its code of conduct regarding directors’ securities transactions. Directors are reminded of their obligations under the Model Code on a regular basis. Following specific enquiry by the Company, all Directors have confirmed that they have complied with the required standard set out in the Model Code throughout the year ended 31 December 2023 and up to the date of this report.AUDITCOMMITTEEThe Board established an audit committee on 12 June 2009 with specific written terms of reference. The audit committee consists of three independent non-executive Directors, namely Mr. HOKa Yiu Simon, Prof. SHAZhenquan and Mr. JING Dacheng. Mr. HOKa Yiu Simon is the chairperson of the audit committee of the Board.The primary duties of the audit committee are to review and approve the Group’s financial reporting process and internal control system. The audit committee had reviewed the audited consolidated financial statements for the year ended 31 December 2023 and had also discussed auditing, internal control and financial reporting matters including accounting practices and principles adopted by the Group.The audit committee has also monitored the integrity of the financial statements, annual report and accounts and interim report and reviewed significant financial reporting judgements contained therein.85二零二三年年報 ANNUALREPORT 2023CORPORATEGOVERNANCEREPORT企業管治報告年內，審核委員會舉行了三次會議，所有成員均有出席會議。

於會議期間，審核委員會已審閱本公司截至二零二三年十二月三十一日止年度之業績公佈與年報及截至二零二三年六月三十日止六個月之中期報告並建議董事會批准。

審核委員會亦已審閱本公司獨立核數師就截至二零二三年十二月三十一日止年度的綜合財務報表所提出的會計事項及下文「風險管理及內部控制」段落所述的有關事項。

董事就任須知及持續專業發展本集團向所有董事提供全面的就任須知資料檔，其中包括本公司業務營運、內部程序及一般政策及的介紹，以及董事根據上市規則及其他相關法律與法規的法定與監管責任的概要。

年內，董事獲定期提供本集團業務、營運、風險管理及企業管治事宜的最新資料，使董事會整體及各董事能履行其職責。

本公司亦鼓勵董事出席內部培訓及由獨立服務供應商提供的培訓。

根據董事提交予本公司的培訓記錄，各董事(即徐達先生、白韜先生、翟依峰先生、沙振權教授、靜大成先生及何嘉耀先生)已確認，彼於回顧年度內已獲得閱讀及培訓資料，並已出席有關多個範疇之培訓，內容包括但不限於董事職責及上市規則修訂與企業管治常規的最新資料。

此外，本集團定期向各名董事提供線上培訓。

年內，本集團向各名董事組織兩小時的培訓。

During the year, the audit committee held three meetings and all the members attended the meetings.Name of Directors董事姓名Number of attendance/Number of meetings entitled to attend出席次數╱有權出席次數 Mr. HOKa Yiu Simon (appointed with effect from 20 June 2023)何嘉耀先生（自二零二三年六月二十日起獲委任）2/2Prof. SHAZhenquan沙振權教授3/3Mr. JINGDacheng靜大成先生3/3Mr. LAUSik Yuen (retired on 20 June 2023)劉錫源先生（於二零二三年六月二十日退任） 1/1During the meetings, the audit committee had reviewed and recommended the Company’s results announcements and annual report for the year ended 31 December 2023 and interim report for the six months ended 30 June 2023 to the Board for approval. The audit committee also reviewed the accounting issues raised by the independent auditor of the Company in respect of the consolidated financial statements for the year ended 31 December 2023 and the relevant issues as described in the paragraphs under “Risk Management and Internal control” below.DIRECTORS’ INDUCTIONANDCONTINUOUS PROFESSIONALDEVELOPMENTThe Group provides to all the Directors a comprehensive induction package which includes introduction on the business operations, internal procedures and general policy of the Company and a summary of statutory and regulatory obligations of directors under the Listing Rules and other relevant laws and regulations. During the year, the Directors are provided with regular updates on the Group’s business, operations, risk management and corporate governance matters to enable the Board as a whole and each Director to discharge their duties. The Directors are also encouraged to attend both in-house training and training provided by independent service providers. According to the training records provided by the Directors to the Company, each of the directors, namely, Mr. XUDa , Mr. BAITao , Mr. ZHAI Yifeng, Prof. SHAZhenquan, Mr. JINGDacheng and Mr. HO Ka Yiu Simon has confirmed that he/she has obtained reading and training materials during the year under review and has attended the trainings in relation to various aspects, including but not limited to, Director’s duties, update on the Listing Rules amendments and corporate governance practices. In addition, the Group regularly offers online training to each Director. During the year, the Group organised 2 hours training to each Director.86 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司CORPORATEGOVERNANCEREPORT企業管治報告風險管理及內部控制董事會全面負責評估及釐定為達成本集團策略目標所願承擔的風險性質及程度，以及維持穩健的風險管理及內部控制制度，並檢討其成效以保障本集團的整體利益。

該等系統的設計旨在管理（而非消除）未能實現業務目標的風險，並僅能就不會有重大的失實陳述或損失作出合理而非絕對的保證。

根據企業管治守則之守則條文第D.2.5條，本集團應具備內部審核職能。

本公司並無內部審核職能，原因為本公司已委聘外部風險諮詢專家審閱本集團的內部控制系統，並就本集團內部控制的成效向審核委員會及董事會匯報及提供意見。

審核委員會已與外部風險諮詢專家溝通，以了解是否有任何重大控制缺陷。

審核委員會及董事會認為內部控制系統的實施屬有效。

雖然如此，本公司將每年檢討是否有需要設有內部審核職能。

本集團亦已採納內部控制政策，以管理及降低財務及其他風險，確保及時準確編製及報告財務資料，及監督本集團高級管理層在履行彼等職責時遵守法律。

本集團管理層負責制訂、維持、推行及監控風險管理及內部控制制度，以及確保本集團建立及維持適當有效的制度。

管理層亦透過識別及評估所面對的風險，協助董事會執行本集團的政策、程序及監控，並參與制訂、運作及監察合適的內部控制措施，以降低及控制此等風險。

RISKMANAGEMENTANDINTERNALCONTROLThe Board has overall responsibility for evaluating and determining the nature and extent of the risks it is willing to take in achieving the Group’s strategic objectives, maintaining sound systems of risk management and internal controls and reviewing their effectiveness to safeguard interests of the Group as a whole. These systems are designed to manage rather than eliminate the risk of failing to achieve business objectives, and can only provide reasonable but not absolute assurance against material misstatement or loss.Under code provision D.2.5 of the CGCode, the Group should have an internal audit function. The Company has no internal audit function because the Company has engaged an external risk advisory expert to review the Group’s internal control system, and report to and advise the Audit Committee and the Board on the effectiveness of the Group’s internal control. The Audit Committee has communicated with the external risk advisory expert to understand if there is any material control deficiency. The implementation of the internal control system has been considered effective by the Audit Committee and the Board. Nevertheless, the Company will review the need for an internal audit function on an annual basis. The Group has also adopted internal control policies to manage and minimise financial and other risks, ensuring timely and accurate preparation and reporting of financial information, and monitoring compliance with laws by the senior management of the Group in the performance of their duties.The management of the Group is responsible for designing, maintaining, implementing and monitoring of the r isk management and internal control system and ensuring that the Group established and maintained appropriate and effective systems. Management also assists the Board in the implementation of the Group’s policies, procedures and controls by identifying and assessing the risks faced, and in the design, operation and monitoring of suitable internal controls to mitigate and control these risks.87二零二三年年報 ANNUALREPORT 2023CORPORATEGOVERNANCEREPORT企業管治報告本集團已成立董事會審核委員會，此部門具監督本集團高級管理層及其於日常營運中守法情況之職能，及對涉嫌違法行為展開調查。

本公司與審核委員會定期召開會議，以討論財務、營運及合規控制情況以及風險管理職能。

此外，審核委員會協助董事會領導管理層，並監督風險管理及內部控制制度之制訂、推行及監控。

董事會檢討風險管理程序及風險管理報告之有效性，包括主要風險及緩減措施，以監督本集團風險管理制度發展及實施情況。

董事會每年檢討風險管理及內部監控系統，有關檢討已涵蓋截至二零二三年十二月三十一日止年度的期間。

截至二零二三年十二月三十一日止年度，董事會已檢討制度之有效性，並認為本集團風險管理及內部控制制度及程序合理有效及充分，且並無發現任何重大缺陷。

董事及核數師對綜合財務報表之責任董事知曉其須就根據國際會計準則委員會頒佈的國際財務報告準則及香港《公司條例》的披露規定，編製真實而公允地反映情況的綜合財務報表，及落實董事釐定對編製綜合財務報表屬必要的有關內部監控承擔責任，以使綜合財務報表不會存在由於欺詐或錯誤而導致的重大錯誤陳述。

The Group has established an audit committee under the Board, which has the functions of monitoring compliance with laws by the Group’s senior management and in its daily operations, and of carrying out investigations for suspected breaches of law. The Company convened meetings with the audit committee periodically to discuss financial, operational and compliance controls and risk management functions. Moreover, the Audit Committee assists the Board in leading the management and overseeing their design, implementing and monitoring of the risk management and internal control systems.The Board reviewed the effectiveness of risk management process and risk management report including key risks and mitigation measure, in which it oversaw the development and implementation of the Group’s risk management system. The risk management and internal control systems are reviewed every year and the review covered the period of the year ended 31 December 2023.The Board has reviewed the effectiveness of systems and considered that, for the year ended 31 December 2023, the risk management and internal control system and procedures of the Group were reasonably effective and adequate, and no material deficiencies has been identified.DIRECTORS’ ANDAUDITOR’SRESPONSIBILITYFOR THECONSOLIDATEDFINANCIALSTATEMENTSThe Directors acknowledge their responsibility for preparing the consolidated financial statements that give a true and fair view in accordance with International Financial Reporting Standards issued by the International Accounting Standards Board and the disclosure requirements of the Hong Kong Companies Ordinance, and for such internal control as the Directors determine is necessary to enable the preparation of Consolidated Financial Statements that are free from material misstatement, whether due to fraud or error.88 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司CORPORATEGOVERNANCEREPORT企業管治報告在編製綜合財務報表時，董事負責評估本集團持續經營的能力，並披露與持續經營有關的事項（如適用）。

除非董事擬將本集團清盤或停止營運，或除此之外並無其他實際可行的辦法，否則須採用以持續經營為基礎的會計法。

董事亦已揀選合適的會計政策及貫徹地運用，採納適當的國際財務報告準則及作出審慎合理的判斷和估計，並以持續經營基礎編製綜合財務報表。

董事亦保證本集團的綜合財務報表將會準時刊發。

審核委員會協助董事履行其監督本集團財務報告流程之職責。

本集團核數師有關其對本集團綜合財務報表呈報責任的聲明載於本報告第145至158頁「獨立核數師報告」一節。

有關持續經營的重大不明朗因素誠如綜合財務報表附註2所載，其中指出本集團的流動負債淨額約為人民幣3,324,762,000元。

於二零二三年十二月三十一日，分別共計約人民幣492,444,000元及約人民幣176,405,000元的借貸及應計利息已到期須即時支付。

此外，於二零二三年十二月三十一日，有若干宗針對本集團的未決訴訟，主要要求本集團立即償付若干計息應付賬款。

以上情況連同綜合財務報表附註2所載的其他事項，表明存在或會引致對本集團持續經營能力產生重大懷疑的重大不明朗因素。

我們對該等事項的意見並無改變。

In preparing the consolidated financial statements, the Directors are responsible for assessing the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the group or to cease operations, or have no realistic alternative but to do so.The Directors have also selected suitable accounting policies and applied them consistently, adopted appropriate International Financial Reporting Standards, and made prudent and reasonable judgements and estimates, and have prepared the consolidated financial statements on a going concern basis. The Directors also warrant that the Group’s consolidated financial statements will be published in a timely manner.The Directors are assisted by the audit committee in discharging their responsibilities for overseeing the Group’s financial reporting process.The statement of the auditor of the Group about their reporting responsibilities for the consolidated financial statements of the Group is set out in the section headed “Independent Auditor’s Report” on pages 145 to 158 of this report.MATERIALUNCERTAINTYRELATEDTOGOING CONCERNWe draw attention to note 2 to the consolidated financial statements, which highlights that the Group had net current liabilities of approximately RMB3,324,762,000. As at 31 December 2023, the borrowings and accrued interest amounting to an aggregate amount of approximately RMB492,444,000 and approximately RMB176,405,000 respectively had been due for immediate payment. In addition, as at 31 December 2023, there were several unsettled litigations against the Group mainly requesting the Group to repay certain payables with interest immediately. These conditions, along with other matters as set forth in note 2 to the consolidated financial statements, indicate the existence of material uncertainties which may cast significant doubt over the Group’s ability to continue as a going concern. Our opinion is not modified in respect of these matter.89二零二三年年報 ANNUALREPORT 2023CORPORATEGOVERNANCEREPORT企業管治報告誠如綜合財務報表附註2所載，為改善本集團之財務狀況、可即時動用之流動資金及現金流，以及讓本集團繼續以持續經營基準營運，本公司董事已採納若干措施而其他措施亦正在進行。

董事認為，就彼等作出一切合理查詢後所深知、盡悉及確信，彼等並不知悉與或會引致對本集團持續經營能力產生重大懷疑的事件或情況有關的任何其他重大不確定性。

因此，董事認為，本集團將有能力持續經營。

獨立核數師意見並未就該等事項作出修訂，及本公司獨立核數師大華馬施雲會計師事務所有限公司有關其對本集團財務報表的申報責任的聲明乃載於獨立核數師報告第145至158頁。

核數師酬金截至二零二三年十二月三十一日止年度，本集團之外聘核數師向本集團提供之審核及非審核服務之酬金載列如下：*非核數服務為協助本公司審閱本集團截至二零二三年六月三十日止六個月的簡明綜合財務報表之商定程序以及年內主要交易的函件。

In order to improve the Group’s financial position, immediate liquidity and cash flows, and otherwise to sustain the Group as a going concern, the directors of the Company have adopted several measures together with other measures in progress as set forth in note 2 to the consolidated financial statements. The directors consider that, to the best of their knowledge, information and belief, having made all reasonable enquiries, they are not aware of any other material uncertainties relating to events or conditions that may cast significant doubt upon the Group’s ability to continue as a going concern. Accordingly, the Directors consider the Group will be able to continue to operate as a going concern.The independent auditors opinion is not modified in respect of these matters and the statement of the independent auditors of the Company, Moore CPALimited, about their reporting responsibilities on the financial statements of the Group is set out in the Independent Auditor’s Report on pages 145 to 158.AUDITOR’SREMUNERATIONFor the year ended 31 December 2023, the remuneration to the Group’s external auditor in respect of audit and non-audit services provided to the Group is set forth below:RMB’000人民幣千元 Audit services核數服務2,380Non-audit services*非核數服務* 1,070 Total合計3,450* Non-audit services related to agreed-upon procedures for assisting the Company review its condensed consolidated financial statements of the Group for the six months ended 30 June 2023 and letters on major transaction during the year.90 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司CORPORATEGOVERNANCEREPORT企業管治報告與股東的溝通及投資者關係本公司嚴格遵守及履行上市規則之規定，以真實、準確、完整及及時地披露可予披露資料，並積極、及時地披露對股東與其他相關人士可能有重大影響的一切其他資料。

此外，本公司致力確保全體股東可獲提供同樣的資料。

本集團鼓勵與私營及機構投資者有效溝通，並及時對彼等的諮詢作出詳盡答覆。

本集團已建立各種形式的溝通渠道，以提高其透明度，包括定期於本公司網站()以中文及英文更新其公司資料。

本集團每年均舉行股東週年大會，而董事可於股東週年大會上回答有關本集團業務的問題。

本集團亦鼓勵股東及持份者將彼等意見發送電郵至ir@qinfagroup.com。

本公司已審閱股東溝通政策的實施及有效性，認為本公司已與其股東建立有效的溝通渠道。

管理層相信與投資界有效溝通非常重要。

本公司執行董事及財務總監舉行定期簡報會及業績公佈，出席投資者論壇及答覆投資者致電查詢，參與於中國、香港和海外國家之機構投資者和財務分析員訪問，使其瞭解本公司業務和發展之最新情況以及經營策略和前景。

在向投資者發佈資訊之同時，本公司亦會聽取及收集彼等之意見及反饋，旨在與本公司的投資者發展互動及互惠關係。

COMMUNICATIONWITHSHAREHOLDERSAND INVESTORSRELATIONSThe Company strictly complies with and implements the Listing Rules to disclose discloseable information on a true, accurate, complete and timely basis and all other information that might have significant impact on the decisions of shareholders and other concerned parties in an active and timely manner. Also, the Company takes effort in ensuring all shareholders have equal access to information.The Group encourages effective communication with both private and institutional investors and responds to their enquiries in an informative and timely manner. The Group has established various forms of communication channels to improve its transparency, including regular updates on its corporate information on the Company’s website () in both English and Chinese. An annual general meeting is called each year and the Directors are available at the annual general meeting to answer questions on the Group’s business. Shareholders and stakeholders are also encouraged to email their views to ir@qinfagroup.com.The Company has reviewed the implementat ion and effectiveness of the shareholder communication policy and considers that the Company has established an effective channel of communication with its shareholders.The management believes that effective communication with the investment community is essential. The executive Directors and the chief financial officer of the Company hold regular briefings and results presentation, attend investor forums and respond to investors’ call-in enquiries, participate in interviews with institutional investors and financial analysts in the PRC, Hong Kong and overseas countries to keep them abreast of the Company’s business and development as well as operating strategies and prospects. In delivering information to investors, the Company also listens to their advice and collects the feedback from them, in the interests of developing an interactive and mutually beneficial relationship with the Company’s investors.91二零二三年年報 ANNUALREPORT 2023CORPORATEGOVERNANCEREPORT企業管治報告股東權利為保障股東權益及權利，包括選舉各董事在內之各項重大事宜均會於股東大會上提呈獨立決議案。

股東大會上提呈之所有決議案將根據上市規則投票表決，投票結果將於股東大會結束後於本公司及聯交所網頁公佈。

根據本公司組織章程細則第58條，持有不少於本公司已繳足股本十分之一的股東可提出書面請求予董事會或公司秘書要求召開股東特別大會。

該書面請求須列明會議的目的，並由有關股東簽署及遞交至本公司註冊辦事處，現址為中國香港灣仔港灣道18號中環廣場57樓5706室。

該程序亦適用於擬於股東大會提呈的任何議案。

本公司歡迎股東垂詢。

董事會將定期審閱股東查詢。

股東若有特別查詢或建議，亦可通過書面方式遞交董事會或本公司秘書。

股東亦可在本公司之股東大會上向董事會作出查詢。

修訂組織章程文件截至二零二三年十二月三十一日止年度，本公司組織章程文件並無重大變更。

於二零二四年三月二十八日，本公司董事會宣佈，其建議於本公司應屆股東週年大會上修訂本公司現行經修訂及經重列組織章程細則（「章程細則」），藉以（其中包括）使章程細則符合於二零二三年十二月三十一日生效之上市規則有關擴大無紙化上市制度及上市發行人以電子方式發佈公司通訊的最新監管規定及相關修訂以及其他內部修訂。

有關詳情，請參閱本公司應屆股東週年大會的通函，其將於適時寄發予股東。

SHAREHOLDERS’ RIGHTSTo safeguard shareholders’ interests and rights, a separate resolution is proposed for each substantially separate issue at shareholder meetings, including the election of individual directors.All resolutions put forward at shareholder meetings will be voted on by poll pursuant to the Listing Rules and poll results will be posted on the websites of the Company and of the Stock Exchange after each shareholder meeting.Shareholder(s) holding not less than one-tenth of the paid up capital of the Company can make a written requisition to the Board or the Company secretary to convene an extraordinary general meeting pursuant to article 58 of the Company’s articles of association. The written requisition must state the objects of the meeting, and must be signed by the relevant shareholder(s) and deposited at the registered office of the Company, which is presently situated at Room 5706,57th Floor, Central Plaza, No.18 Harbour Road, Wanchai, Hong Kong China. The same procedure also applies to any proposal to be tabled at shareholder meetings.The Company welcomes enquires from shareholders. The Board will review shareholders’ enquires on a regular basis. Specific enquiries and suggestions by shareholders can be sent in writing to the Board or the Company Secretary. Shareholders may also make enquiries with the Board at the general meetings of the Company.AMENDMENTSTOCONSTITUTIONALDOCUMENTSThere has been no significant change in the Company’s constitutional document during the year ended 31 December 2023.On 28 March 2024, the board of directors of the Company announced that it proposed to amend the existing amended and restated articles of association of the Company (the “Articles”) at the forthcoming annual general meeting of the Company, for the purpose of, among others, bringing the Articles in line with the latest regulatory requirements in relation to the expanded paperless listing regime and electronic dissemination of corporate communications by listed issuers and the relevant amendments made to the Listing Rules which took effect on 31 December 2023, as well as other housekeeping changes.For details, please refer to the circular for the forthcoming annual general meeting of the Company to be despatched to the Shareholders in due course.92 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司ENVIRONMENTAL, SOCIALANDGOVERNANCEREPORT環境、社會及管治報告ABOUTTHISREPORTPURPOSEANDOBJECTIVEChina Qinfa Group Limited (“Qinfa” or the “Company”, together with its subsidiaries the “Group” or “We”) is pleased to publish the eighth Environmental, Social and Governance (“ESG”) report (the “Report”) to our stakeholders. The Report presents stakeholders with a clear overview of our ESG management approach, measures and performance of our material sustainability issues, with an aim to strengthen their confidence and understanding of the Group and our ESG efforts.REPORTINGSCOPEANDPERIODUnless otherwise stated, the reporting scope includes the operations at our Guangzhou office, Xingtao Coal Mine and Fengxi Coal Mine, which account for approximately 76.80% of the Group’s total revenue for the period from 1 January 2023 to 31 December 2023 (the “Reporting Period” or “FY2023”). The reporting scope is determined by the materiality of each entity to our business and operations, as well as its ESG impacts.REPORTINGSTANDARDSThe Report has been prepared in accordance with the latest disclosure requirements of the Environmental, Social and Governance Reporting Guide (the “ESGReporting Guide”) as set out in Appendix C2 to the Rules Governing the Listing of Securities (the “Listing Rules”) issued by The Stock Exchange of Hong Kong Limited (the “HKEX”).關於本報告目的及目標中國秦發集團有限公司（「秦發」或「本公司」，連同其附屬公司統稱「本集團」或「我們」）欣然向持份者發表第八份環境、社會及管治（「ESG」）報告（「報告」）。

本報告向持份者清晰概述我們的ESG管理方針、措施以及重大可持續發展問題上的表現，旨在加強持份者對本集團及我們於ESG方面所做努力的信心及了解。

報告範圍及期間除另有說明外，報告範圍包括廣州辦事處、興陶煤礦及馮西煤礦業務，佔本集團二零二三年一月一日至二零二三年十二月三十一日期間（「報告期間」或「二零二三年財政年度」）總收入約76.80%。

報告範圍根據各實體對我們的業務及營運的重要性及其ESG影響釐定。

報告標準本報告根據香港聯合交易所有限公司（「港交所」）證券上市規則（「上市規則」）附錄C2所載的環境、社會及管治報告指引（「ESG報告指引」）的最新披露要求編製。

93二零二三年年報 ANNUALREPORT 2023ENVIRONMENTAL, SOCIALANDGOVERNANCEREPORT環境、社會及管治報告報告原則本報告乃遵從ESG報告指引，根據下列四項報告原則編製：REPORTINGPRINCIPLESThis Report has been prepared in accordance with the four reporting principles below, as stipulated in the ESGReporting Guide:Reporting Principle Description The Group’s Response報告原則描述本集團回應 Materiality重要性The Report should cover ESG issues that are sufficiently important to investors and other stakeholders.報告應涵蓋就投資者及其他持份者而言足夠重要的ESG事宜。

The Group identifies and prioritises material ESG issues through stakeholder engagement and materiality assessment. For more details, please refer to the sections “Stakeholder Engagement” and “Materiality Assessment”.本集團通過持份者參與及重要性評估識別重大ESG問題，並對其進行優先排序。

詳情請參閱「持份者參與」及「重要性評估」章節。

Quantitative量化The Report should disclose key performance indicators (“KPI”) that are measurable. Targets should be set to reduce a particular impact. Quantitative information should be accompanied by a narrative, explaining its purpose, impacts and giving comparative data where appropriate.報告應披露可衡量的關鍵績效指標（「關鍵績效指標」）。

應設定減少特定影響的目標。

量化資訊應附有說明，解釋其目的及影響，並適時提供比較數據。

The Report discloses its environmental and social KPIs in a quantitative manner, where appropriate.報告適時以量化方式披露其環境及社會關鍵績效指標。

Balance平衡The Report should provide an unbiased picture of the Group’s p e r f o r m a n c e , a n d s h o u l d avoid selections, omissions, or presentat ion formats that may inappropriately influence a decision or judgement by the report reader.報告應公正地反映本集團績效，並應避免可能不適當影響報告讀者決策或判斷的選擇、遺漏或表述格式。

The Report presents both achievements and challenges in an objective manner, to provide a balanced and unbiased picture of the Group’s ESG performance.報告以客觀的方式呈列成就及挑戰，以平衡、公正地反映本集團ESG表現。

94 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司ENVIRONMENTAL, SOCIALANDGOVERNANCEREPORT環境、社會及管治報告查閱報告作為本集團年度報告一部分，本報告以中英文編寫。

本報告可於本集團官方網站及港交所網站查閱。

中英文版本如有歧義，概以英文版本為準。

閣下之意見閣下對我們的可持續發展績效及報告的反饋意見，是我們不斷改進可持續發展的關鍵。

閣下可透過以下方式提供意見：地址︰廣州市海珠區琶洲大道東1號保利國際廣場南塔22樓2201至2208室電話︰86–020–89898239電郵︰ir@qinfagroup.comReporting Principle Description The Group’s Response報告原則描述本集團回應 Consistency一致性T h e m e t h o d o l o g i e s u s e d t o calculate the KPIs in this Report should be consistent with those used in the previous year, to allow for meaningful comparisons of ESG data over time.本報告中用於計算關鍵績效指標的方法應與上年度一致，以便對不同時期的ESG數據進行有意義的比較。

Unless otherwise stated, the reporting scope and methodologies are consistent with those adopted in the previous year, with comparative data being disclosed in this Report. Explanations have been provided on any changes to the reporting scope and methodologies as compared to the previous year in the Report.除另有說明外，本報告的報告範圍及方法與上年度一致，並於本報告中披露比較數據。

報告中對報告範圍及方法與上年度相比的任何變化均進行說明。

ACCESSTOTHEREPORTAs part of the Group’s annual report, this Report has been prepared in both English and Chinese. It is available on the official website of the Group, as well as the website of the HKEX. In case of any discrepancy between these two versions, the English version shall prevail.YOURFEEDBACKYour feedback on our sustainabil i ty performance and reporting is key to our continual improvement on sustainable development. We invite you to share your comments using any of the following means:Address: Room 2201–2208,22/F, South Tower, Poly International Plaza, No.1, Pazhou Avenue East, Haizhu District, Guangzhou CityTelephone: 86–020–89898239Email: ir@qinfagroup.com95二零二三年年報 ANNUALREPORT 2023ENVIRONMENTAL, SOCIALANDGOVERNANCEREPORT環境、社會及管治報告關於秦發業務回顧秦發於一九九六年成立，並於二零零九年於港交所主板上市，現已發展成為中國領先的非國有動力煤供應商。

本集團成功的關鍵在於其一體化的煤炭供應鏈，該供應鏈支撐著本集團核心業務，包括：秦發文化願景成為國內具有影響力的，產運銷高度一體化的能源集團公司。

通過不斷提升客戶服務品質和創造可持續增長利潤模式樹立企業的策略競爭優勢，擴大企業規模效益，達成企業願景。

核心價值誠信、包容、創新、卓越、責任、共享ABOUTQINFAOURBUSINESSOVERVIEWEstablished in 1996 and listed on the Main Board of the HKEX since 2009, Qinfa has grown into a leading non-state owned thermal coal supplier in China. Central to the Group’s success is its integrated coal supply chain, which underpins its core businesses, including:Coal Business煤炭業務Coal mining, purchases and sales, filtering, storage and blending of coal in the PRC於中國採煤、煤炭購銷、選煤、儲煤及配煤OURCULTUREVision Become an influential, producing and transporting and sales highly integrated energy group company.By constantly improving the quality of customer service and creating sustainable profit growth pattern, build up enterprise strategic competition advantage, enlarge economics of scale, and achieve corporate vision.Core Value Integrity, Tolerance, Creativity, Brilliance, Responsibility, Sharing96 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司ENVIRONMENTAL, SOCIALANDGOVERNANCEREPORT環境、社會及管治報告OURAPPROACHTOSUSTAINABILITYSUSTAINABILITYMANAGEMENTAPPROACHAND STRATEGYAs a committed corporate citizen, we strive to integrate sustainability into our business operations and foster a culture of responsibility. Our dedication is reflected in our sustainability strategy, which has been approved by the Board. Built upon four key pillars with corresponding goals and targets, our sustainability strategy, together with our ESG policy, guide our efforts on driving positive change to create a better and more resilient future for all our stakeholders.Approach: Provide outstanding coal products and services that meet and exceed customers’ expectations方針：提供卓越煤炭產品及服務，滿足並超越客戶的期望Goal: To enhance the quality of our products and services to increase customer satisfaction目標：提升產品及服務質素，提高客戶滿意度Approach: Create a safe, inclusive and nurturing work environment for our employees to grow方針：為僱員成長創造安全、包容及良好工作環境Goal: To strengthen employee well-being, training and occupational health and safety measures目標：加強員工福利、培訓及職業健康安全措施Approach: Care for our community topromote harmonious socialdevelopment方針：關心社區，促進社會和諧發展Goal: To enhance community investment contributions in line with community needs目標：根據社區需要，加強社區投資貢獻Approach:Strengthen our climate resilience and reduce our environmental footprint for a greener future方針：加強氣候抵禦力，減少環境足跡，創造更加綠色的未來Goal: To reduce our greenhouse gas and waste emissions, while enhancing energy and water efficiency目標：減少溫室氣體及廢物排放，同時提高能源用水效益Please refer to the section headed “Green Operations” for our green targets.有關我們的綠色目標，請參閱「綠色營運」一節。

ProductExcellence卓越產品GreenOperations綠色營運ThrivingCommunity繁榮社區PeopleEmpowerment賦權僱員我們的可持續發展方針可持續發展管理方針及策略作為一名盡責的企業公民，我們致力將可持續發展融入業務營運中，並培養責任文化。

可持續發展策略體現我們的奉獻精神，該策略已獲得董事會批准。

可持續發展策略以四大支柱為基礎，並已制定相應目標，與ESG政策共同指導我們努力推動積極變革，為所有持份者創造更美好、更有韌性的未來。

97二零二三年年報 ANNUALREPORT 2023ENVIRONMENTAL, SOCIALANDGOVERNANCEREPORT環境、社會及管治報告可持續發展管治及董事會監督健全的ESG管治是推動本集團長期成功及實現價值的關鍵。

因此，我們建立健全的ESG管治架構，以提高於ESG績效。

董事會（「董事會」）對ESG策略及匯報負最終責任，並對ESG事宜進行監督，包括可持續發展管理方針、策略及措施。

董事會授權ESG委員會負責進一步協助董事會監督本集團ESG管理方針及策略，以及評估、優次排列及管理ESG相關重大事宜（包括風險）。

ESG委員會領導ESG工作小組實施可持續發展政策，該工作小組亦由董事會授權，由所有職能部門的負責人組成。

ESG委員會由董事會成員領導，由三名執行董事組成，每年向董事會報告一次。

SUSTAINABILITYGOVERNANCEANDBOARD’S OVERSIGHTSound ESG governance is key to driving the long-term success and value of the Group. As such, we have established a robust ESG governance structure to enhance our ESG performance. The Board of Directors (the “Board”) bears the ultimate responsibility for our ESG strategy and reporting, and provides oversight of ESG issues, including our sustainability management approach, strategies and measures.Delegated by the Board, the ESGCommittee is responsible for further assisting the Board in overseeing the Group’s ESG management approach and strategy, as well as evaluating, prioritising and managing material ESG-related issues (including risks). The ESGCommittee leads the ESG Taskforce, which is also authorised by the Board and consists of the heads of all functional departments, to implement our sustainability policies. The ESGCommittee, which is led by board members and composed of three executive directors, reports to the Board on an annual basis.98 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司ENVIRONMENTAL, SOCIALANDGOVERNANCEREPORT環境、社會及管治報告The Board董事會ESGCommitteeESG委員會ESGTaskforceESG工作小組 Bears the overall responsibility for the Group’s ESG strategy and reporting, oversees ESG issues and reviews the ESG risks, opportunities, performance and progress made against goals and targets regularly整體負責本集團ESG策略及匯報，監督ESG事宜，定期審查ESG風險、機遇、績效以及按相關目標檢討進度 Monitors, reviews and reports on the ESG strategy, performance and progress against targets and goals監督、審查及報告ESG策略、績效以及目標進度 Identifies, evaluates, prioritises and manages material ESG-related risks and opportunities (including but not limited to climate-related risks and opportunities as well as environmental and social risks of the supply chain), and integrate ESG risks into our risk management and risk control systems識別、評估、優次排列及管理ESG相關重大風險及機遇（包括但不限於與氣候相關的風險及機遇以及供應鏈的環境及社會風險），並將ESG風險納入風險管理及風險控制系統 Formulates ESG visions, objectives, targets, strategies, frameworks, principles and policies of the Group制定本集團ESG願景、目標、指標、策略、框架、原則及政策 Communicates our ESG policy and requirements with internal and external stakeholders與內部及外部持份者溝通我們的ESG政策及要求 Assists the ESGCommittee in coordinating the implementation of sustainability policies協助ESG委員會協調可持續發展政策的實施工作99二零二三年年報 ANNUALREPORT 2023ENVIRONMENTAL, SOCIALANDGOVERNANCEREPORT環境、社會及管治報告ESG相關風險管理董事會全面負責監督本集團ESG風險管理。

受董事會委託，ESG委員會負責識別、評估、優次排列及管理重大ESG相關風險，包括氣候相關風險以及供應鏈環境及社會風險。

ESG委員會亦制定並實施ESG相關控制措施，以降低已識別ESG風險。

有關我們的企業管治及風險管理方針的更多詳情，請參閱年報中的「企業管治報告」一節。

ESG-RELATEDRISKMANAGEMENTThe Board has the overall responsibility in the oversight of the Group’s ESG risk management. Delegated by the Board, the ESGCommittee identifies, evaluates, prioritises, and manages material ESG-related risks, including climate-related risks as well as environmental and social risks of the supply chain. The ESGCommittee also establishes and implements ESG-related control measures to mitigate the ESG risks identified.For more details on our corporate governance and risk management approach, please refer to the “Corporate Governance Report” section of the Annual Report.100 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司ENVIRONMENTAL, SOCIALANDGOVERNANCEREPORT環境、社會及管治報告ESG政策我們的可持續發展框架由全面的環境、社會及管治政策（「ESG政策」）支持，該政策持續指導我們將可持續發展納入業務策略。

我們於整個營運及供應鏈中優先考慮負責任採購，確保活動不會對人類及環境造成負面影響。

於必要時，ESG委員會會定期審查並更新ESG政策。

ESG政策涵蓋企業可持續發展績效各方面，包括但不限於：ESGPOLICYOur sustainability framework is supported by a comprehensive Environmental, Social and Governance Policy (the “ESG Policy”), which has consistently guided us to incorporate sustainable development into our business strategies. We prioritize responsible procurement throughout our operations and supply chain, ensuring that our activities do not have a negative impact on both people and the environment.The ESGCommittee regularly reviews and updates the ESG Policy, when necessary. The ESGPolicy covers various aspects for corporate sustainability performance, including but not limited to:Environment環境Climate Change and Resilience氣候變化及抵禦力Responsible Procurement負責任採購ESGGovernanceESG管治Quality of Products產品質素Diversity and Equal Opportunity多元化及平等機會Health and Safety健康及安全Community Engagement社區參與Anti-corruption反貪污101二零二三年年報 ANNUALREPORT 2023ENVIRONMENTAL, SOCIALANDGOVERNANCEREPORT環境、社會及管治報告持份者參與本集團致力與所有持份者保持密切溝通，為其創造長期價值。

我們建立一系列渠道，與主要持份者進行有效溝通，包括投資者與股東、客戶、僱員、供應商及業務合作夥伴、政府機關及監管機構以及社區。

通過了解持份者期望及需求，我們能夠進一步加強可持續發展策略及措施。

STAKEHOLDERENGAGEMENTThe Group is committed to maintaining close communication with all stakeholders and creating long-term value for them. We have established a range of channels to enable effective communication with our key stakeholders, including investors and shareholders, customers, employees, suppliers and business partners, government authorities and regulators, as well as communities. By understanding our stakeholders’ expectations and needs, we are able to further enhance our sustainability strategies and measures.Stakeholder Groups Communication Channels持份者組別溝通渠道 Investors and Shareholders投資者與股東 Company website公司網站 Company announcements公司公告 Annual general meeting股東週年大會 Annual and interim reports年報及中期報告Customers客戶 Company website公司網站 Customer direct communication與客戶直接溝通 Customer feedback and complaints客戶意見及投訴Employees僱員 Training and orientation培訓及迎新 Emails and opinion box電郵及意見箱 Regular meetings定期會議 Employee performance evaluations僱員表現評估 Employee activities員工活動102 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司ENVIRONMENTAL, SOCIALANDGOVERNANCEREPORT環境、社會及管治報告重要性評估於報告期間，我們於獨立可持續發展顧問的協助下進行重要性評估，以識別就業務及持份者而言最重要的ESG事宜。

ESG委員會及董事會每年定期審查重要性評估結果及相關ESG議題。

Stakeholder Groups Communication Channels持份者組別溝通渠道 Suppliers and Business Partners供應商及業務合作夥伴 Selection assessment甄選評估 Procurement process採購流程 Performance assessment表現評估 Regular communication with business partners (e.g., emails, meetings, on-site visits etc.)與業務合作夥伴定期溝通（如透過電郵、會議及實地考察等）Government Authorities and Regulators政府機關及監管機構 Documented information submission提交記錄資料 Compliance inspections and checks合規巡查及檢查Communities社區 Company website公司網站 Community activities社區活動MATERIALITYASSESSMENTDuring the Reporting Period, we conducted a materiality assessment w i th the ass is tance o f an independent sustainability consultant, to identify the most important ESG issues to our business and our stakeholders. The results of the materiality assessment and relevant ESG topics are regularly reviewed by the ESGCommittee and the Board every year.103二零二三年年報 ANNUALREPORT 2023ENVIRONMENTAL, SOCIALANDGOVERNANCEREPORT環境、社會及管治報告重要性評估包括下列步驟：Our materiality assessment consists of the following steps:Step 1: Identification步驟1：識別Step 2: Prioritisation步驟2：優次排列Step 3: Validation步驟3：驗證We consolidated and presented the prioritised list of material ESG topics and submitted them to the Board for discussion and confirmation.我們整合並向董事會提交重大ESG議題優先列表，以供其討論及確認。

We invited our major internal and external stakeholders to partici-pate in an online ques-tionnaire and rate the 24 relevant ESG topics based on the degree of materiality. 我們邀請主要內部及外部持份者參與線上問卷調查，並根據重要性程度對24個相關ESG議題進行評分。

A materiality matrix was developed to illustrate the rating based on the importance to the Group and our stakeholders.重要性矩陣已獲制定，以根據對本集團及持份者重要性顯示評級。

We identified a total of 24 relevant ESG topics based on the HKEX ESGReporting Guide, industry trends and stakeholder feedback.我們根據港交所ESG報告指引、行業趨勢及持份者反饋意見，共識別24個相關ESG議題。

The degree of materiality of the 24 ESG issues to our business and our stakeholders is demonstrated in the following materiality matrix. Based on the results of the online questionnaire, a total of 24 ESG topics were determined to be the most material during the Reporting Period, shown in Tier 1 of the materiality matrix. Information relevant to the 10 top material ESG topics (highlighted in bold text below) have been addressed in the subsequent sections of this Report.24個ESG議題對業務及持份者的重要程度於以下重要性矩陣中呈列。

根據線上問卷調查結果，共有24個ESG議題被釐定為報告期間最重要議題，如重要性矩陣第1層級所示。

與10個最重要ESG議題（於下文以粗體文字突出顯示）相關資訊已於本報告後續章節中論述。

104 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司ENVIRONMENTAL, SOCIALANDGOVERNANCEREPORT環境、社會及管治報告Tier 1: Most Material Topics第一層級：最重要議題Tier 2: Material Topics第二層級：重要議題Tier 3: Relatively Less Material Topics第三層級：相對較不重要議題Green Operations綠色營運People Empowerment賦權僱員Product Excellence卓越產品Thriving Community繁榮社區1. Air emissions廢氣排放2. Waste廢棄物3. Carbon emission and energy efficiency碳排放及能源效益4. Water consumption水源消耗5. Climate adaptation and resilience氣候適應及抵禦力6. Impacts on ecosys-tems, diversity and natural resources對生態系統、多樣性及自然資源的影響7. Green procurement綠色採購8. Environmental risk in supply chain供應鏈環境風險9. Staff welfare員工福利10. Equal-opportunity, diversity and anti-discrimination平等機會、多元化及反歧視11. Occupational health and safety職業健康與安全12. Staff development and training員工發展及培訓13. Employment compliance僱傭合規14. Social risk in supply chain供應鏈社會風險15. Product assurance and quality產品保證及質素16. Customer health and safety客戶健康及安全17. Customer service客戶服務18. Marketing and advertising市場營銷及廣告19. Anti-corruption反貪污20. Data protection and cybersecurity數據保護及網絡安全21. Economic perfor-mance經濟表現22. Business growth業務增長23. Community needs and relations社區需求及關係24. Community investment社區投資Importance to the GroupMateriality Matrix LowerLowerHigher1 2 3 4 5 6 7 8 9 10 11 12 13 14 1516 17 18 19 20 21 22 2324Tier 2Tier 1Tier 3較高較高對持份者重要性Importance tostakeholders對本集團重要性重要性矩陣較低較低Higher第一層級第二層級第三層級105二零二三年年報 ANNUALREPORT 2023ENVIRONMENTAL, SOCIALANDGOVERNANCEREPORT環境、社會及管治報告卓越產品卓越的產品是我們成功的基石。

通過不斷提高客戶服務質素，促進可持續經濟效益及業務增長，我們適應客戶不斷變化的需求及動態商業環境。

我們制定與所提供產品及服務相關的健康與安全以及私隱事宜有關政策及程序，以及補救方法。

此外，我們亦嚴格遵守所有與產品責任及反貪污相關法律法規1，確保所有工作的誠信和責任標準。

於報告期間，我們並不知悉任何嚴重違反與所提供的產品及服務相關健康與安全、廣告、標籤及私隱事宜以及補救方法相關法律法規的行為，並不知悉賄賂、勒索、欺詐及洗黑錢行為。

1有關對本集團業務營運重大的產品責任及反貪污相關法律法規清單，請參閱「主要法律法規」一節。

PRODUCTEXCELLENCEApproach方針Provide outstanding coal products and services that meet and exceed customers’ expectations提供卓越煤炭產品及服務，滿足並超越客戶的期望Goal目標To enhance the quality of our products and services to increase customer satisfaction提升產品及服務質量，提高客戶滿意度Material Topic(s)重大議題 Customer service客戶服務 Anti-corruption反貪污 Data protection and cybersecurity 數據保護及網絡安全Product excellence serves as the cornerstone of our success. Through continuous improvement in customer service quality and fostering sustainable economic performance and business growth, we adapt to the evolving needs of our customers and the dynamic business landscape. We have established policies and procedures relating to health and safety and privacy matters relating to products and services provided and methods of redress. Moreover, we adhere compliance with all relevant laws and regulations concerning product responsibility and anti-corruption1, ensuring integrity and accountability in all our endeavours.During the Reporting Period, we were not aware of any material non-compliance with relevant laws and regulations relating to health and safety, advertising, labelling and privacy matters relating to our products and services provided and methods of redress, as well as bribery, extortion, fraud and money laundering.1 Please refer to the “Key Laws and Regulations” section for a list of product responsibility and anti-corruption related laws and regulations that are significant to the Group’s business operations.106 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司ENVIRONMENTAL, SOCIALANDGOVERNANCEREPORT環境、社會及管治報告供應鏈管理確保產品質素及安全取決於全面供應鏈管理。

我們制定供應商管理內部指引。

供應商必須遵守供應鏈管理的相關法律法規。

SUPPLYCHAINMANAGEMENTEnsuring product quality and safety hinges on comprehensive supply chain management. We have established internal guidance for supplier management. Our suppliers are mandated to adhere to relevant laws and regulations governing supply chain management.Supplier Selection供應商選擇Supply Chain Risk Management供應鏈風險管理Monitoring Supplier Performance監督供應商表現 We select suppliers who meet regulatory requirements and our internal criteria, considering ESG-related factors such as: 我們選擇符合法規要求及內部標準的供應商，同時考慮ESG相關因素，如：o Lower environmental impacts對環境影響較小o Higher quality高質素o Compliance status合規情況 S u p p l i e r s m u s t f u r n i s h documented ev idence fo r evaluation, encompassing the following certificates:供應商必須提供書面證據進行評估，包括以下證書：o Product quality inspection產品質素檢驗o National environmental product國家環保產品o Management system管理體系 In our da i ly operat ion, we closely monitor the potential environmental and socials risks of our major suppliers along the supply chain, with the goal of effectively mitigating these risks.我們在日常營運中密切監察供應鏈上主要供應商的潛在環境及社會風險，從而有效降低該等風險。

We conduct regular evaluations of both current and potential suppliers to ensure adherence to our requirements, including:我們對現有及潛在供應商進行定期評估，以確保其符合要求，包括：o Product quality產品質素o Environmental responsibilities環境責任o Pricing價格o Overall capabilities整體能力o Asset position資產狀況o Business nature業務性質o Industry reputation行業聲譽o Goods delivery貨物交付o Compliance with law and regulations遵守法律法規107二零二三年年報 ANNUALREPORT 2023ENVIRONMENTAL, SOCIALANDGOVERNANCEREPORT環境、社會及管治報告截至二零二三年十二月三十一日，按地區劃分的主要供應商明細如下：^已調整二零二二年數字以反映實際情況。

於報告期間，本集團核心業務的全部1,105間（二零二二年：1,033間）供應商均已實施與聘用供應商相關的措施。

Supplier Selection供應商選擇Supply Chain Risk Management供應鏈風險管理Monitoring Supplier Performance監督供應商表現 Site inspections are carried out by the procurement team t o a s s e s s p o t e n t i a l r i s k s associated with new suppliers when necessary採購團隊於必要時會進行實地考察，以評估與新供應商相關的潛在風險 We conduct ongoing monitoring and assessment are conducted of our suppliers, with major suppliers and service providers subject to annual reviews. This process may lead to the disqualification of unsatisfactory vendors.我們對供應商進行持續監督及評估，對主要供應商及服務供應商進行年度審查。

此過程可能導致不合格供應商被取消資格。

The procurement department promptly reports any significant changes or incidents in the supply chain to the Group’s management to update internal policies and strategies and ensure timely implementation and monitoring.採購部門會及時向本集團管理層報告供應鏈中任何重大變動或事件，以更新內部政策及策略，確保及時實施及監督。

As of 31 December 2023, the breakdown of major suppliers by geographical region was as follows:The PRC (including Hong Kong) Other region(s)中國（包括香港）其他地區 2023二零二三年1,050552022^二零二二年^ 834199^ Figures for 2022 have been adjusted to reflect the actual situation.During the Reporting Period, practices relating to engaging suppliers were implemented for all 1,105 (2022: 1,033) suppliers in the Group’s core businesses.108 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司ENVIRONMENTAL, SOCIALANDGOVERNANCEREPORT環境、社會及管治報告產品及服務質素保證及客戶安全為提供最高質素及安全的煤炭產品，我們制定符合相關法律法規2的嚴格生產及銷售政策及程序。

該等措施保證產品卓越品質及安全標準：於指定或室內區域儲存煤炭產品，以保持質素完整性適時於國家級合格實驗室進行產品檢驗，確保符合行業標準及可持續發展要求根據質素保證政策，確保檢查過程中發現的任何不合格產品均符合健康及安全標準制定應急計劃，以應對產品供應或服務交付中的意外中斷，確保可靠性對設施進行定期審核及檢查，以發現並解決任何健康及安全隱患煤炭運抵客戶現場時進行取樣及測試定期評估及檢查產品質量，以評估供應商及表現通過各種溝通渠道提供快速響應的客戶服務和支援，及時處理問題或疑慮於極少數需要召回產品的情況下，我們一般為客戶提供適當補救方案，包括必要賠償方案（如必要），以及積極對話及磋商，以保持對客戶滿意度及質量的承諾。

2有關對本集團業務營運重大的產品責任相關法律法規清單，請參閱「主要法律法規」一節。

PRODUCTANDSERVICEQUALITYASSURANCEAND CUSTOMERSAFETYTo provide the highest quality and safety coal products, we have established stringent policies and procedures for production and sales that align with relevant laws and regulations2. These measures guarantee excellence and adherence to safety standards: Storing coal products in designated or indoor areas to maintain quality integrity Conducting timely product inspections in nationally qualified laboratories to ensure adherence to industry standards and sustainability requirements Ensuring health and safety standards are upheld for any products identified as unqualified during inspections, in accordance with our Quality Assurance Policy Developing contingency plans to address unexpected disruptions in product supply or service delivery to ensure reliability Conducting regular audits and inspections of facilities to identify and address any health and safety hazards Sampling and testing coal upon arrival at customer sites Regularly assessing and inspecting product quality to evaluate the supplier’s performance Providing responsive customer service and support through various communication channels to promptly address issues or concernsIn the rare event warranting product recalls, we generally provide customers with appropriate remedial solutions, including compensation packages if necessary, as well as proactive dialogue and negotiation, to maintain our commitment to customer satisfaction and quality.2 Please refer to the “Key Laws and Regulations” section for a list of product responsibility related laws and regulations that are significant to the Group’s business operations.109二零二三年年報 ANNUALREPORT 2023ENVIRONMENTAL, SOCIALANDGOVERNANCEREPORT環境、社會及管治報告我們堅持嚴格質素標準，確保產品卓越品質。

本集團生產的煤炭具有以下特點：於報告期間，我們收到與產品及服務相關客戶投訴為0（二零二二年：0）宗。

此外，概無煤炭產品因安全及健康原因被召回（二零二二年：0）。

We maintained stringent quality standards to ensure the excellence of our products. The features of coals produced by the Group are as follows:Huameiao Energy – Xingtao CoalHuameiao Energy – Fengxi CoalHuameiao Energy – Chongsheng CoalShenda Energy – Xinglong CoalShenda Energy – Hongyuan CoalSumber Daya Energi – SDECoal UnitCoal Features煤炭特徵華美奥能源–興陶煤業華美奥能源–馮西煤業華美奥能源–崇升煤業神達能源–興隆煤業神達能源–宏遠煤業Sumber Daya Energi – SDE煤業單位 Coal seam煤層4,8,9,10,11119.2,112,52,5,6 B –Moisture水分7–108–128–128.58.56.8–7.7%Ash灰分20–2820–2820–2821.4530–7233.7–35.1 db,%Sulphur含硫量1.4–1.91.2–1.61.6–2.51.521.450.6–1 db,%Calorific value高發熱值4,650–5,2004,500–5,1004,600–5,1504,8384,1874,450–4,500 (average,kcal/kg, net, ar)（平均、千卡╱千克、淨值、ar）During the Reporting Period, we encountered 0 complaints from customers related to our products and service (2022: 0). Also, no coal products were subject to recalls for safety and health reasons (2022: 0).110 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司ENVIRONMENTAL, SOCIALANDGOVERNANCEREPORT環境、社會及管治報告數據私隱保護及網絡安全我們高度重視客戶數據私隱及網絡安全。

保護客戶數據方面，我們提供有關政策及內部指引的培訓，為保護專有及機密資料提供明確指導，包括：由專職人員處理及儲存所有客戶訂單及數據，未經授權僱員不得訪問強制僱員加入本集團時签订協議，確保維護本公司數據機密就任何違規或泄露資料行為迅速採取法律行動，並立即終止僱傭合約安裝防火墻及╱或入侵檢測系統，加強網絡防禦能力，防止未經授權訪問及網絡攻擊定期分享有關資訊安全及網絡安全的最新資訊及提示，以提高防範意識及能力DATAPRIVACYPROTECTIONANDCYBERSECURITYWe place paramount importance on customer data privacy and cybersecurity. In safeguarding customer data, we provide training on our policies and internal guidelines to provide clear instruction to safeguard proprietary and confidential information, include: Exclusive processing and storage of all customer orders and data by dedicated personnel, with no unauthorized employee access permitted Mandating agreement upon joining the Group, ensuring employees uphold the confidentiality of Company data Swiftly taking legal action and immediately terminating employment contracts for any violation or divulgence of information Installing firewalls and/or intrusion detection systems to fortify the network against unauthorized access and cyberattacks Regularly sharing of updates and tips on information security and cybersecurity to enhance awareness and preparedness111二零二三年年報 ANNUALREPORT 2023ENVIRONMENTAL, SOCIALANDGOVERNANCEREPORT環境、社會及管治報告知識產權保護於保護我們及第三方知識產權方面，我們嚴格遵守有關知識產權保護法律法規3。

內部指引包括以下規定：僅從合法製造商或供應商採購產品不參與侵犯知識產權的活動從第三方購買知識產權進行盡職調查，以確保合法性及時調查任何涉嫌侵犯知識產權的案件定期提醒員工尊重他人及本集團（如適用）的知識產權鼓勵舉報可疑侵權案件反貪污我們對營運中的賄賂、勒索、欺詐及洗黑錢行為採取零容忍態度，其包括我們的僱員、供應商及業務合作夥伴。

誠信及公平競爭於業務實踐中至關重要，我們的管治架構建立於最高道德標準之上，以維護該等原則。

3有關對本集團業務營運重大的產品責任相關法律法規清單，請參閱「主要法律法規」一節。

INTELLECTUALPROPERTYPROTECTIONIn safeguarding intellectual property rights, both ours and those of third parties, we strictly adhere to relevant laws and regulations concerning the protection of intellectual property rights3. Our internal guidelines include the following provisions: Sourcing products exclusively f rom legi t imate manufacturers or suppliers Refraining from participating in activities that infringe upon intellectual property rights Conducting due diligence before purchasing intellectual property rights from third parties to ensure legality Promptly invest igating any suspected cases of intellectual property infringement Regular ly reminding staf f members to respect intellectual property rights belonging to others and to the Group, if applicable Encouraging repor t ing of suspected cases of infringementANTI-CORRUPTIONWe maintain a zero-tolerance against bribery, extortion, fraud, and money laundering in our operations, extending to our employees, suppliers, and business partners. Integrity and fair competition are paramount in our business practices, our governance structure is built upon the highest ethical standards to uphold these principles.3 Please refer to the “Key Laws and Regulations” section for a list of product responsibility related laws and regulations that are significant to the Group’s business operations.112 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司ENVIRONMENTAL, SOCIALANDGOVERNANCEREPORT環境、社會及管治報告Policies and Procedures Our pol icies reinforce our commitment to ant i-corruption, bribery, extortion, fraud, money laundering, anti-competitive behaviour and conflict of interestWhistleblowing System and Reporting Concerns Guided by our policies, we encourage employees, suppliers and customers to report any suspected malpractice or misconduct through our whistleblowing channels. These channels operate under a strict policy of whistleblower identity protection and prohibition of retaliatory actions Subsequent investigations will be conducted in a fair manner, and corrective measures and follow-up actions will be taken promptly In the event of confirmed misconduct, appropriate disciplinary action will be taken and instances of criminal offenses are reported to the relevant authorities The Board has an overal l responsibi l i ty for the mechan ism, whereas the Aud i t Commi t tee i s responsible for overseeing and implementing the systemTraining and Awareness During the Report ing Period, we provided anti-corruption training for both directors and employees, where we share with them the information from ICAC regarding ways to handle corrupt related situations. Regular training on anti-corruption policies is conducted for employees and directors The Group reviews relevant policy periodicallyDuring the Reporting Period, there were no concluded legal cases regarding corrupt practices brought against the Group or our employees (2022: 0).政策及程序我們的政策強化我們對反貪污、賄賂、勒索、欺詐、洗黑錢、反競爭行為及利益衝突的承諾舉報制度及疑慮匯報於政策指導下，我們鼓勵僱員、供應商及客戶通過舉報渠道舉報任何可疑不當行為或不端行為。

該等渠道嚴格遵守保護舉報人身份及禁止報復行為的政策以公平方式開展後續調查，並及時採取糾正措施及後續行動倘證實存在不當行為，將採取適當紀律處分，並向有關當局報告刑事犯罪事件董事會對機制整體負責，而審核委員會則負責監督及實施該系統培訓及意識於報告期間，我們為董事及僱員提供反貪污培訓，與彼等分享廉政公署有關處理貪污相關情況的資料。

定期為僱員及董事提供有關反貪污政策的培訓本集團定期審查相關政策於報告期間，概無針對本集團或僱員提出並已審結的貪污訴訟案件（二零二二年：0）。

113二零二三年年報 ANNUALREPORT 2023ENVIRONMENTAL, SOCIALANDGOVERNANCEREPORT環境、社會及管治報告GREENOPERATIONSApproach方針Strengthen our climate resilience and reduce our environmental footprint for a greener future加強氣候抵禦力，減少環境足跡，創造更加綠色的未來Goal目標To reduce our greenhouse gas and waste emissions, while enhancing energy and water efficiency減少溫室氣體及廢物排放，同時提高能源用水效益Material Topic(s)重大議題 Waste廢棄物 Climate adaptation and resilience氣候適應及抵禦力 Impacts on ecosystems, diversity and natural resources對生態系統、多樣性及自然資源的影響We firmly believe it is our responsibility to promote climate resilience and contribute to a greener future. Recognizing the environmental implications of our operations, the Group prioritizes environmental stewardship and the implementation of cleaner mining methods. Policies and internal guidelines are formulated to guide our employees in strengthening climate resilience, mitigating pollution, ensuring responsible resource util ization, and minimizing environmental footprints, in accordance with relevant environmental laws and regulations4.Furthermore, overseen by the CEO, an environmental team manages the environmental management system (“EMS”) and monitors environmental KPIs. Regular risk and impact assessments inform our stewardship approach, addressing air pollutants, greenhouse gases (“GHG”), water, waste, noise, and soil quality.During the Reporting Period, the Group was not aware of any material non-compliance with relevant laws and regulations relating to air and GHG emissions, discharges into water and land, and generation of hazardous and non-hazardous waste.4 Please refer to the “Key Laws and Regulations” section for a list of environmental laws and regulations that are significant to the Group’s business operations.綠色營運我們堅信，我們有責任促進氣候抵禦力，為更加綠色的未來作出貢獻。

我們認識營運對環境的影響，本集團將環境管理及實施更清潔的採礦方法作為優先事項。

我們制定相關政策及內部指引，以指導僱員根據相關環境法律法規4加強氣候抵禦力、減少污染、確保負責任利用資源，以及最大限度減少環境足跡。

此外，於行政總裁監督下，環境團隊負責管理環境管理系統（「EMS」）並監控環境關鍵績效指標。

定期進行風險及影響評估為我們的管理方法提供依據，以解決空氣污染物、溫室氣體（「溫室氣體」）、水源、廢物、噪音及土壤質素等問題。

於報告期間，本集團並不知悉任何嚴重違反廢氣及溫室氣體排放、向水及土地的排污以及有害及無害廢棄物的產生相關法律法規的情況。

4有關對本集團業務營運重大的環境法律法規清單，請參閱「主要法律法規」一節。

114 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司ENVIRONMENTAL, SOCIALANDGOVERNANCEREPORT環境、社會及管治報告CLIMATERESILIENCEANDMANAGEMENTAs climate change advances the frequency and intensity of extreme weather events like heavy rainfall are expected to increase. Hence, our board and ESG committee regularly assess and evaluate climate-related risks and opportunities to devise effective strategies in response.Risk Description Our Response Actions風險描述應對行動 Climate-related Risks氣候相關風險Physical Risk實體風險 Extreme weather events, including flooding極端天氣事件（包括洪水） Develop protocols to ensure employee safety and minimize operational impact during extreme weather events, such as heavy rainfall leading to flooding and landslides. These protocols strictly adhere to government-issued extreme weather guidelines and necessitate adjustments to mining activities.制定規程，確保僱員安全，並最大限度減少極端天氣事件（如暴雨導致洪水及山泥傾瀉）對營運的影響。

該等規程嚴格遵守政府發佈的極端天氣指引，並對採礦活動進行必要調整。

Establish emergency guidelines and measures to mitigate the impacts of natural disasters on operations.制定應急指引及措施，減輕自然災害對營運的影響。

Transition Risk轉型風險 Policy and legal risk政策及法律風險 Review our climate-related policies on a regular basis to ensure their effectiveness.定期審查氣候相關政策，確保其有效性。

氣候抵禦力及管理隨著氣候變化加劇，預計暴雨等極端天氣事件頻率及強度均將增加。

因此，董事會及ESG委員會定期評估與氣候相關的風險及機遇，以制定有效應對策略。

115二零二三年年報 ANNUALREPORT 2023ENVIRONMENTAL, SOCIALANDGOVERNANCEREPORT環境、社會及管治報告Risk Description Our Response Actions風險描述應對行動 Climate-related Opportunities氣候相關機遇 Climate-related Opportunities氣候相關機遇 Enhance procurement procedures to improve resource efficiency.加強採購程序，提高資源效率。

Implement a comprehensive clearance and warehouse management system to optimize inventory management.實施全面的清倉及倉儲管理系統，優化庫存管理。

Streamline the transportation process of coal production and trade by establishing consolidation and delivery stations in Shanxi, Hebei, Inner Mongolia, and other strategic locations, thereby reducing internal transportation costs, and enhancing market flexibility and efficiency.簡化煤炭生產及貿易運輸流程，於山西、河北、內蒙古等策略要地建立集運站，從而降低內部運輸成本，提高市場靈活性及效率。

116 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司ENVIRONMENTAL, SOCIALANDGOVERNANCEREPORT環境、社會及管治報告To enhance our operations’ resilience to climate change, we have set the following green targets:Our Green Targets Progress綠色目標進度 Emission排放物 To reduce our air and GHG emission by improving energy efficiency and incorporating energy-saving measures通過提高能源效益及採取節能措施，減少氣體及溫室氣體排放In Progress進行中Waste廢棄物 To reduce our waste generation by applying 3R principles, avoiding unnecessary consumption採用3R原則，避免不必要消耗，從而減少廢物產生In Progress進行中Energy能源 To reduce our energy consumption by enhancing energy efficiency of our equipment通過提高設備能源效益，減少能源消耗In Progress進行中Water用水 To improve water efficiency by implementing water conservation measures實施節水措施，提高用水效率Achieved已達成為提高營運對氣候變化的抵禦力，我們已制定以下綠色目標：117二零二三年年報 ANNUALREPORT 2023ENVIRONMENTAL, SOCIALANDGOVERNANCEREPORT環境、社會及管治報告ENERGY, AIRANDGHGEMISSIONSOur primary sources of air emissions, GHG emissions, and energy consumption originate from purchased electricity as well as fuel consumption in boilers and product transportation. The Group incorporates the management of emissions into our daily operations and evaluates the progress of emission reduction annually. We have implemented a set of green measures as stated below: Gradually transitioning from natural gas boilers to desulfurization and denitrification boilers Implementing centralized management of vehicle use and utilizing modern communication tools Upgrading mining equipment for enhanced energy efficiency, including replacing conveyor motors with inverter-integrated motors Promoting conservation awareness of energy and resources among employees Adopting energy-efficient equipment and technologies to reduce energy consumption Phasing out traditional lighting with energy-saving alternatives like LEDs Prioritizing equipment with energy efficiency labels during procurement Promoting green office practices, by switching off idle lights, computers, and other electronic devices, to minimize unnecessary energy consumption in the workplace能源、廢氣及溫室氣體排放我們的廢氣排放、溫室氣體排放及能源消耗主要來自外購電力以及鍋爐及產品運輸燃料消耗。

本集團將排放管理納入日常營運，並每年評估減排進展。

我們實施以下一系列綠色措施：從天然氣鍋爐逐步過渡至脫硫脫硝鍋爐對車輛使用實行集中管理，並利用現代通訊工具升級採礦設備以提高能源效益，包括以變頻器集成發電機取代輸送發電機提高僱員能源及資源保護意識採用節能設備及技術，減少能源消耗以LED等節能替代品逐步淘汰傳統照明設備採購時優先考慮有能源效益標籤的設備推廣綠色辦公實踐，關閉閒置電燈、電腦及其他電子設備，最大限度減少工作場所不必要能源消耗118 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司ENVIRONMENTAL, SOCIALANDGOVERNANCEREPORT環境、社會及管治報告Below is a summary of our air, GHG emissions and energy consumption data5:FY 2023 FY 20226 Unit二零二三年財政年度二零二二年財政年度6單位 Air Emission7廢氣排放7Nitrogen Oxides (NOx) 17,335,392.971,100.00 kg氮氧化物(NOx)千克Sulphur Oxides (SOx) 284,561.600.00 kg硫氧化物(SOx)千克Particulate Matters (PM) 646,950.27150.00 kg顆粒物(PM)千克GHGEmission溫室氣體排放Total GHG (Scopes 1 & 2) Emission847,836.4641,585.24 Tonnes CO2e溫室氣體（範圍1&2）排放總量8噸二氧化碳當量Direct Emission (Scope 1) 5,980.974,120.79 Tonnes CO2e直接排放（範圍1）噸二氧化碳當量Energy Indirect Emission (Scope 2) 41,855.4937,464.45 Tonnes CO2e能源間接排放（範圍2）噸二氧化碳當量Total GHG (Scopes 1 & 2) Emissions Intensity 14.2913.56 Tonnes CO2e/employee溫室氣體（範圍1&2）排放總密度噸二氧化碳當量╱僱員Energy能源Total Energy Consumption 30,163,325.9517,451,315.06 MWh能源總消耗量兆瓦時Purchased Electricity 68,604.3164,482.70 MWh外購電力兆瓦時Unleaded Petrol 199.2363.86 MWh無鉛汽油兆瓦時Diesel Oil 9,026.737,846.01 MWh柴油兆瓦時Liquefied Natural Gas (“LNG”)930,085,495.6917,378,922.49 MWh液化天然氣（「液化天然氣」）9兆瓦時Total Energy Consumption Intensity 9,009.365,690.03 MWh/employee能源總消耗量總密度兆瓦時╱僱員5 Totals may not be the exact sum of numbers shown here due to rounding.6 Figures for 2022 have been adjusted to reflect the actual situation.7 Our data collection system was enhanced during the Reporting Period to cover the emission from transportation.8 In accordance with The Greenhouse Gas Protocol – ACorporate Accounting and Reporting Standard (Revised Edition) published by the World Business Council for Sustainable Development and World Resources Institute, Scope 1 direct emissions are resulted from operations that are owned or controlled by the Group, while Scope 2 indirect emissions are resulted from the generation of purchased or acquired electricity, heating, cooling, and steam consumed within the Group.9 Our data collection system was enhanced during the Reporting Period to cover LNG in an additional operating site in Xingtao Coal Mine.以下為我們的廢氣、溫室氣體排放及能源消耗數據概要5：5基於四捨五入，總計未必為所示數字的準確總和。

6已調整二零二二年數字以反映實際情況。

7於報告期間，我們加強資料收集系統，以涵蓋運輸排放量。

8根據世界可持續發展工商理事會及世界資源研究所發佈的《溫室氣體議定書 –企業會計及報告標準（修訂版）》，範圍1直接排放源於本集團擁有或控制的業務，而範圍2間接排放源於本集團內部購買或獲得的發電、供暖、製冷及蒸汽消耗。

9於報告期間，我們加強資料收集系統，以涵蓋興陶煤礦額外作業點的液化天然氣。

119二零二三年年報 ANNUALREPORT 2023ENVIRONMENTAL, SOCIALANDGOVERNANCEREPORT環境、社會及管治報告WATERANDWASTEWATERMANAGEMENTThe Group sources water from local water suppliers in the regions where we conduct our operations. During the Reporting Period, the Group did not encounter any difficulties in sourcing water. We emphasize water conservation proactively and wastewater management. Various measures have been implemented, including: Placing conspicuous signage to remind employees of water conservation Promptly maintaining dripping faucets Gradually replacing equipment with water-saving alternatives Treating wastewater before releasing it into the environment Implementing water recycling and reuse systems in our operations to utilize water from on-site sources for coal preparation and road-dust suppressionBelow shows our water consumption data10:FY 2023 FY 2022 Unit二零二三年財政年度二零二二年財政年度單位 Water水源Total Water Consumption 56,920.0069,323.00 m3用水總量立方米Total Water Consumption Intensity 17.0022.60 m3/employee用水總密度立方米╱僱員10 Water consumption data covers Xingtao Coal Mine and Fengxi Coal Mine only as the water consumption of Guangzhou office is controlled by the property management and there is no sub-metering available.用水及廢水管理本集團於開展業務地區向當地供水商採購水源。

於報告期間，本集團於獲取水源方面未遇到任何困難。

我們積極強調節約用水及廢水管理，並採取多項措施，包括：於當眼位置設置標誌，提醒僱員節約用水及時維修滴水水龍頭逐步更換節水設備對廢水進行處理後再排放到環境中於營運中實施水循環及再利用系統，將現場水源用於煤炭製備及道路粉塵抑制工作以下為我們的用水數據10:10用水數據僅涵蓋興陶煤礦及馮西煤礦，此乃由於廣州辦公室的用水由物業管理處控制，並無分錶數據。

120 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司ENVIRONMENTAL, SOCIALANDGOVERNANCEREPORT環境、社會及管治報告WASTEMANAGEMENTThe Group is committed to responsible waste management practices, prioritizing waste segregation and recycling to minimize environmental impact. Hazardous waste, such as waste mineral oil and waste oil drums, is collected for treatment by qualified third parties, while non-hazardous waste like domestic waste, boiler slag and gangue from the washing process are either reused in road repairs or handled by the environmental officials for treatment. Minimizing waste and optimizing resource efficiency, we have implemented several waste management measures: Simpl i fy ing our operat ional process to reduce unnecessary waste generation Selecting raw materials that generate less waste Phasing out traditional boilers that generate significant waste Optimizing warehouse management systems to improve material turnover Monitor ing consumption closely to avoid over-purchasing Advocating the 3R (Reduce, Reuse, Recycle) principles throughout operations Diligently monitoring and managing resource use to improve efficiency Encouraging a paperless off ice culture through electronic communications and digital documentation廢棄物管理本集團致力進行負責任的廢棄物管理實踐，優先考慮廢物分類及回收，以最大限度減少對環境的影響。

廢礦物油及廢油桶等有害廢棄物由合資格第三方收集處理，而家居垃圾、清洗過程中產生的鍋爐渣及脈石等無害廢棄物則重新用於道路維修或由環境保護局人員處理。

為最大限度減少廢物，優化資源利用效率，我們實施多項廢棄物管理措施：簡化操作流程，減少不必要廢物產生選擇產生廢物較少的原材料淘汰產生大量廢物的傳統鍋爐優化倉庫管理系統，提高材料週轉率密切監控消耗量，避免過度採購於整個營運過程中倡導3R（減少使用、再利用、循環再用）原則嚴格監控及管理資源使用，提高效率通過電子通訊及數碼文檔鼓勵無紙化辦公文化121二零二三年年報 ANNUALREPORT 2023ENVIRONMENTAL, SOCIALANDGOVERNANCEREPORT環境、社會及管治報告Below shows the Group’s waste data11:FY 2023 FY 2022 Unit二零二三年財政年度二零二二年財政年度單位 Waste廢棄物Total Hazardous Waste Generated 543.751,251.48 Tonnes產生有害廢棄物總量噸Total Hazardous Waste Intensity 0.160.41 Tonnes/employee有害廢棄物總密度噸╱僱員Total Non-hazardous Waste Generated123,885.94 N/ATonnes產生無害廢棄物總量12不適用噸Total Non-hazardous Waste Intensity 1.16 N/ATonnes/employee無害廢棄物總密度不適用噸╱僱員GREENPROCUREMENTWe are keen on emphasizing green procurement practices and promoting environmentally preferable products and services when selecting suppliers. Through ongoing monitoring and assessment of our suppliers, we strive to ensure the environmental considerations are upheld throughout the procurement process. Our approach includes: Prioritizing local suppliers to minimize environmental impacts associated with transportation Assessing potential environmental risks posed by our major suppliers along the supply chain and implementing measures to mitigate these risks Upgrading our centralized inventory management system to optimize stock management, ensuring timely tracking and avoiding over-procurement Considering the energy and water consumption and efficiency of items during procurement Minimizing or avoiding the use of disposable, single-use items to reduce waste11 Due to the nature of our business, no packaging material is consumed.12 Our data collection system was enhanced during the Reporting Period to cover the non-hazardous waste generated in our operations.下列本集團廢棄物數據11：綠色採購於選擇供應商時，我們非常重視綠色採購實踐，促使多用環保產品及服務。

通過對供應商持續監督及評估，我們致力確保整個採購過程中堅持環保理念，方法包括：優先選擇本地供應商，以盡量減少與運輸相關的環境影響評估供應鏈中主要供應商可能帶來的環境風險，並採取措施降低該等風險升級中央庫存管理系統，優化庫存管理，確保及時跟蹤，避免過度採購於採購過程中考慮能源及水源消耗以及物品使用效率盡量減少或避免使用一次性用品，以減少浪費11由於我們的業務性質，並無消耗包裝材料。

12於報告期間，我們加強資料收集系統，以涵蓋營運產生的無害廢棄物。

122 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司ENVIRONMENTAL, SOCIALANDGOVERNANCEREPORT環境、社會及管治報告BIODIVERSITYANDECOLOGICALPROTECTIONAs a socially responsible enterprise, we recognize the importance of respecting nature and the environment during our operation. We prioritize initiatives that reduce natural resource consumption and environmental impacts, ensuring profitability while safeguarding our planet’s ecosystems and biodiversity. Our commitment to long-term sustainability involves: Integrating environmental preservation and resource conservation into our operational strategies and development planning Regu la r l y conduc t i ng r i s k assessmen ts and environmental impact assessments on the production facilities to monitor the emissions of air pollutants, GHG, water, sewage, hazardous and non-hazardous waste, noise pollution and soil quality Implementing rehabilitation measures for areas affected by mining activities Maintaining close relationships with the local community nearby the mining site Monitoring air quality and noise levels during mining operations Conducing toxicity tests to detect potential water quality issues that could impact local farming生物多樣性及生態保護作為一間對社會負責的企業，我們意識到於營運過程中尊重自然環境的重要性。

我們優先考慮減少自然資源消耗及環境影響的措施，於保護地球生態系統及生物多樣性的同時確保盈利能力。

我們對長期可持續發展的承諾包括：將環境保護及資源保護納入營運策略及發展規劃中定期對生產設施進行風險評估及環境影響評估，監測空氣污染物、溫室氣體、水、污水、有害及無害廢棄物的排放情況、噪音污染及土壤質素對受採礦活動影響的地區實施復原措施與礦區附近的當地社區保持密切聯繫監測採礦作業期間的空氣質素及噪音水平進行毒性測試，以檢測可能影響當地農業的潛在水質問題123二零二三年年報 ANNUALREPORT 2023ENVIRONMENTAL, SOCIALANDGOVERNANCEREPORT環境、社會及管治報告PEOPLEEMPOWERMENTApproach方針Create a safe, inclusive and nurturing work environment for our employees to grow為僱員成長創造安全、包容及良好工作環境Goal目標To strengthen employee well-being, training and occupational health and safety measures.加強員工福利、培訓及職業健康安全措施Material Topic(s)重大議題 Staff welfare員工福利 Occupational health and safety職業健康與安全 Employment compliance僱傭合規The Group views our employees as our most valuable assets. We are committed to creating a harmonious work environment for our employees, and we strictly abide by employment-related laws and regulations in our areas of operation13. We have establ ished a comprehensive human resources management strategy with a set of policies and standards that clearly outline our policies on compensation and dismissal, recruitment and promotion, working hours, rest periods, equal opportunity, diversity, anti-discrimination, performance management, training and development and other benefits and welfare.During the Reporting Period, we were not aware of any material non-compliance of relevant employment-related laws and regulations.13 Please refer to the “Key Laws and Regulations” section for a list of employment-related laws and regulations that are significant to the Group’s business operations.賦權僱員本集團視僱員為最寶貴的資產。

我們致力為僱員創造和諧工作環境，並嚴格遵守業務領域內與僱傭相關法律法規13。

我們已建立全面人力資源管理策略，並制定一套政策及標準，明確概述我們於薪酬及解僱、招聘及晉升、工作時數、假期、平等機會、多元化、反歧視、績效管理、培訓及發展以及其他待遇及福利方面的政策。

於報告期間，我們並不知悉任何嚴重違反相關僱傭法律法規的情況。

13有關對本集團業務營運重大的僱傭相關法律法規清單，請參閱「主要法律法規」一節。

124 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司ENVIRONMENTAL, SOCIALANDGOVERNANCEREPORT環境、社會及管治報告EMPLOYEEOVERVIEWAs of 31 December 2023, we employed a total of 3,348 employees (2022: 3,067 employees). The number of our employees14 by gender, age group and geographical region is outlined below:FY 2023 FY 2022 Unit二零二三年財政年度二零二二年財政年度單位 By Gender按性別Male 3,1172,802 Number男性人數Female 231265 Number女性人數By Employee Category按僱員類別Management 6961 Number管理層人數Functional Departments 699324 Number職能部門人數Frontline Departments (including local teams and groups)2,5802,682 Number前線部門（包括地方團隊及組別）人數By Employment Type按僱傭類別Full-time 3,3423,067 Number全職人數Part-time 60 Number兼職人數By Age Group按年齡組別At or below 24392252 Number24歲或以下人數Between 25–401,5631,445 Number25–40歲人數Between 41–591,3361,297 Number41–59歲人數At or above 605773 Number60歲或以上人數By Geographical Location按地區The PRC (including Hong Kong) 2,0802,249 Number中國（包括香港）人數Indonesia 1,268818 Number印尼人數14 Data of the whole Group has been included.僱員概況截至二零二三年十二月三十一日，我們共聘用3,348名僱員（二零二二年：3,067名僱員）。

按性別、年齡組別及地區劃分僱員人數14如下：14包括本集團整體數據。

125二零二三年年報 ANNUALREPORT 2023ENVIRONMENTAL, SOCIALANDGOVERNANCEREPORT環境、社會及管治報告The turnover in our workforce 15 as of 31 December 2023 is shown below:FY 2023 FY 2022 Unit二零二三年財政年度二零二二年財政年度單位 Turnover Rate (by gender)流失率（按性別）Male 29.077.24%男性Female 37.2311.70%女性Turnover Rate (by age group)流失率（按年齡組別）At or below 2447.707.54%24歲或以下Between 25–4032.956.99%25–40歲Between 41–5919.698.02%41–59歲At or above 6047.3713.70%60歲或以上Turnover Rate (by geographical location)流失率（按地區）The PRC (including Hong Kong) 22.457.43%中國（包括香港）Indonesia 41.408.19%印尼15 Data of the whole Group has been included.截至二零二三年十二月三十一日的員工流失情況15如下：15已包括本集團整體數據。

126 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司ENVIRONMENTAL, SOCIALANDGOVERNANCEREPORT環境、社會及管治報告EQUALOPPORTUNITYWe are committed to providing a fair work environment for our employees that is free from workplace discrimination, to ensure our employees are not subject to discrimination due to factors such as gender, age, race, family status, religious belief, and disability. As such, we have established an Equal Opportunity Policy as well as recruitment and human resources procedures to ensure that recruitment and promotion decisions are made based on the qualification, experience and performance of applicants and employees.LABOURSTANDARDSThe Group strives to uphold human rights and promote ethical employment in our business operations, and strictly comply with all labour-related laws and regulations in our areas of operation16.We adopt a zero-tolerance approach on child and any form of forced labour, including slavery, debt-induced labour and coercion in the workplace. As such, we have developed robust and systematic measures for recruitment and selection. All candidates qualified for employment must reach the statutory required age and be in possession of valid identification documents, which are examined by the Human Resources Department during recruitment and upon employment. If any child or forced labour is discovered during our selective identity checks, we wil l take prompt remedial actions including but not limited to taking action to terminate the work immediately, filing a report to the relevant authorities, and review our management approaches the resolve the loophole. Furthermore, we require all workers to enter labour contracts voluntarily and fairly, and they are free to quit their jobs with proper notice. To further promote ethical standards, we have established a whistle-blowing procedure to encourage employees to report any suspected cases of child and forced labour.Our Human Resources Department reviews our recruitment practices on a regular basis, to ensure the effectiveness of our existing measures against child and forced labour. During the Reporting Period, we were not aware of any material non-compliance of relevant labour-related laws and regulations.16 Please refer to the “Key Laws and Regulations” section for a list of labour standards-related laws and regulations that are significant to the Group’s business operations.平等機會我們致力於為僱員提供一個無職場歧視的公平工作環境，確保僱員不會因性別、年齡、種族、家庭狀況、宗教信仰及殘疾等因素而受到歧視。

因此，我們已制定平等機會政策以及招聘及人力資源程序，以確保根據申請人及僱員的資質、經驗及表現作出招聘及晉升決定。

勞工準則本集團於業務營運中致力維護人權及促進道德招聘，並嚴格遵守業務營運所在區域內所有與勞工相關法律法規16。

我們對童工及任何形式的強迫勞動（包括奴役、債務誘導勞動及工作場所脅迫）採取零容忍態度。

因此，我們已制定穩健而有系統的招聘及選拔措施。

所有符合錄用條件的應聘者必須達到法定年齡，並持有有效身份證件，人力資源部會於招聘及錄用時對該等證件進行審查。

倘於選擇性身份檢查中發現任何童工或強制勞工情況，我們將迅速採取補救措施，包括但不限於立即終止工作、向有關部門報告，以及審查我們的管理方法以解決漏洞。

此外，我們要求所有員工自願、公平地签订勞動合約，並可於適當通知情況下自由辭職。

為進一步提升道德標準，我們已制定舉報程序，鼓勵僱員舉報任何涉嫌童工及強制勞工的案件。

人力資源部定期審查我們的招聘慣例，以確保現有防止童工及強制勞工措施的有效性。

於報告期間，我們並不知悉任何嚴重違反相關勞動法律法規的情況。

16有關對本集團業務營運重大的勞工準則相關法律法規清單，請參閱「主要法律法規」一節。

127二零二三年年報 ANNUALREPORT 2023ENVIRONMENTAL, SOCIALANDGOVERNANCEREPORT環境、社會及管治報告COMPENSATIONANDBENEFITSThe Group provides our employees with fair and competitive remuneration to recruit and retain talented individuals. Apart from a base wage, the remuneration package includes social security insurance and other fringe benefits. The package is evaluated regularly to ensure its competitiveness in the labour market and alignment with the Group’s performance.We also provide our employees with a wide range of benefits, to encourage them to adopt healthy lifestyles and cultivate a strong sense of belonging to the Group. As such, we organise regular medical check-ups for our employees and provide fringe benefits such as housing provident fund and supplementary medical insurance to enhance employees’ pension, medical insurance and quality of life. Additional benefits, such as maternity and paternity leave are provided to employees in order to meet their diverse needs.OCCUPATIONALHEALTHANDSAFETYGiven the substantial occupational health and safety (“OHS”) risks in the coal mining business, ensuring the health and safety of our employees is of utmost importance for the Group, particularly for those who work on mine sites. We strictly abide by health and safety-related laws and regulations in our areas of operation, including those that are specific to our industry.17We have established a comprehensive range of OHS procedures and rules, with safety as our top priority and work-related injury prevention as our primary objective. Additionally, we have implemented a risk assessment and occupational health management system that includes specified procedures for risk identification, analysis, evaluation, treatment, monitoring and review.The Group regularly performs hazard identification in addition to establishing, reviewing and monitoring OHS objectives and policy. Our safety policy and guidelines set out our working procedures and measures, and we expect our employees to strictly comply with them. We provide our employees with protective equipment, as well as adopting safety protection measures for machines that may pose safety risks. Clear procedures and regulations have been established for operations with identified hazards, and we regularly carry out safety inspections and maintenance on our daily operations and machines. Rectification will be performed promptly if any non-compliance is identified.17 Please refer to the “Key Laws and Regulations” section for a list of health and safety-related laws and regulations that are significant to the Group’s business operations.薪酬與福利本集團為僱員提供公平、有競爭力的薪酬，以招聘及挽留優秀人才。

除基本工資外，薪酬福利亦包括社會保險及其他附帶福利。

我們定期對薪酬福利進行評估，以確保其於勞動力市場上的競爭力，並與本集團業績保持一致。

我們亦為僱員提供各種福利，鼓勵其採用健康生活方式，培養其對本集團的強烈歸屬感。

因此，我們為僱員組織定期體檢，並提供住房公積金及補充醫療保險等附帶福利，以提高僱員的養老金、醫療保險及生活質素。

我們亦為僱員提供產假及陪產假等額外福利，以滿足僱員不同需求。

職業健康與安全鑒於煤炭開採業務存在重大職業健康與安全（「職業健康安全」）風險，確保僱員健康與安全對本集團至關重要，尤其是對於礦區工作的員工。

我們嚴格遵守營運領域內與健康及安全相關的法律法規，包括本行業特有的法律法規。

17我們己制定一系列全面的職業健康安全程序及規則，將安全作為首要任務，將預防工傷作為首要目標。

此外，我們亦實施風險評估及職業健康管理系統，其中包括風險識別、分析、評估、處理、監測及審查的具體程序。

除制定、審查及監督職業健康安全目標及政策外，本集團亦定期進行危險識別。

我們的安全政策及指引規定我們的工作程序及措施，而我們期望僱員嚴格遵守。

我們為僱員提供防護設備，並對可能存在安全風險的機器採取安全保護措施。

我們對存在危險操作制定明確的程序及規定，並定期對日常操作及機器進行安全檢查及維護。

倘發現任何不合規情況，將立即進行整改。

17有關對本集團業務營運重大的健康及安全相關法律法規清單，請參閱「主要法律法規」一節。

128 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司ENVIRONMENTAL, SOCIALANDGOVERNANCEREPORT環境、社會及管治報告We are deeply aware of the need to prepare for workplace accidents and incidents, despite strong safety precautions being in place. As such, the Group has developed emergency preparedness plans to guide our employees in reporting, responding and conducting invest igat ions in various emergency situations. Additionally, should an accident occur, we ensure that our employees receive appropriate medical care and compensation under social insurance. We have also established a medical service agreement with nearby hospitals to ensure effective rescue efforts from coal mines.During the Reporting Period, we were not aware of any material non-compliance of relevant health and safety-related laws and regulations. There have been no work-related fatalities in each of the past three years including the Reporting Period, and there were 0 lost days due to work injury (2022: 0 lost days), underscoring the Group’s steadfast commitment to health and safety.TRAININGANDDEVELOPMENTThe Group aspires to grow with our employees and drive business growth and success together. As such, we actively invest in our employees and encourage them to engage in personal development and job-related training courses. We have developed an employee training policy that outlines the management’s duties for recognising the training needs of each department.In our daily operations, we provide on-board training to new employees, with experienced employees being assigned as mentors to guide new joiners. These mentoring arrangements not only encourage collaboration and teamwork, but also strengthen employees’ technical skills and managerial capability. In addition, the Group regularly encourages our employees to explore opportunities for further learning and development, and we have also consistently enhanced our training system based on operational needs. During the Reporting Period, weekly vocational training was provided for relevant staff to enhance their technical knowledge. We also provided training to directors and the finance team to further strengthen their understanding of corporate governance.我們深刻認識到，儘管已採取強力安全預防措施，惟仍有必要為工作場所意外事故做好準備。

因此，本集團已制定應急準備計劃，指導僱員於各種緊急情況下進行報告、應對及調查。

此外，一旦發生意外，我們會確保僱員獲得適當醫療服務及社會保險補償。

我們亦與鄰近醫院签订醫療服務協議，以確保有效的煤礦救援工作。

於報告期間，我們並不知悉任何嚴重違反相關健康及安全法律法規的情況。

於過去三年各年（包括報告期間），概無因工死亡事故，亦無因工傷損失工作日（二零二二年：0日），凸顯本集團對健康及安全的堅定承諾。

培訓及發展本集團期望與僱員一同成長，共同推動業務增長及成功。

因此，我們積極投資僱員，鼓勵其參加個人發展及與工作相關的培訓課程。

我們制定僱員培訓政策，其中概述管理層於了解各部門培訓需求方面的職責。

日常營運中，我們為新僱員提供入職培訓，並指派經驗豐富的僱員擔任導師，指導新員工。

該等指導安排不僅能鼓勵協作及團隊精神，亦能加強僱員技術技能及管理能力。

此外，本集團亦定期鼓勵僱員探索進一步學習及發展的機會，並根據營運需求不斷強化培訓體系。

於報告期間，我們每週為相關員工提供職業培訓，以提高其技術知識。

我們亦為董事及財務團隊提供培訓，進一步加強其對企業管治的了解。

129二零二三年年報 ANNUALREPORT 2023ENVIRONMENTAL, SOCIALANDGOVERNANCEREPORT環境、社會及管治報告During the Reporting Period, we provided a total of 472,680 training hours to our employees (2022: 489,946 hours). Our training performance is shown below:18FY 2023 FY 2022 Unit二零二三年財政年度二零二二年財政年度單位 Percentage of Employees Trained (by gender)受訓僱員百分比（按性別）Male 9596%男性Female 54%女性Percentage of Employees Trained(by employee category)受訓僱員百分比（按僱員類別）Management 22%管理層Functional Departments 2210%職能部門Frontline Departments (including local teams and groups)7688%前線部門（包括地方團隊及組別）Average Training Hours (by gender)平均受訓時數（按性別）Male 112174 Hours男性小時Female 6914 Hours女性小時Average Training Hours (by employee category)平均受訓時數（按僱員類別）Management 117244 Hours管理層小時Functional Departments 124115 Hours職能部門小時Frontline Departments (including local teams and groups)105182 Hours前線部門（包括地方團隊及組別）小時18 The calculations of training data have included the relevant training data of resigned staff during the Reporting Period, to present an accurate reflection of the training resources invested by the Group.於報告期間，我們共為僱員提供472,680小時的培訓（二零二二年：489,946小時）。

我們的培訓表現如下：1818培訓數據計算包括報告期間辭職員工的相關培訓數據，以準確反映本集團投入的培訓資源。

130 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司ENVIRONMENTAL, SOCIALANDGOVERNANCEREPORT環境、社會及管治報告THRIVINGCOMMUNITYApproach方針Care for our community to promote harmonious social development關心社區，促進社會和諧發展Goal目標To enhance community investment contributions in line with community needs根據社區需要，加強社區投資貢獻Material Topic(s)重大議題 Community needs and relations社區需求及關係To bring value to the communities in which we operate, the Group has established relevant policies and encourages our employees to embrace their social responsibilities towards the community. In alignment with our commitment to fostering positive community impact, we actively engaged in various initiatives during the Reporting Period. These efforts included both charitable donations and employee engagement in volunteer activities, focusing on areas such as community welfare and education.During the Reporting Period, we sponsored local events celebrating Indonesia’s Independence Day in Gedabaru, providing support towards the construction and renovation of infrastructure within the village. Additionally, we organized visits and offered donations to support elderly residents in the community and contributing funds to local nursing homes during festivals. Also, we distributed festive allowances to villages neighbouring our mining sites, reinforcing our commitment to enriching the lives of those in our surrounding communities.繁榮社區為於營運所在社區帶來價值，本集團制定相關政策，並鼓勵僱員承擔對社區的社會責任。

於報告期間，我們積極參與各種活動，以踐行對促進社區產生積極影響的承諾。

該等努力包括慈善捐款及僱員參與義工活動，重點關注社區福利及教育等領域。

於報告期間，我們贊助Gedabaru當地的印尼獨立日慶祝活動，為村內基礎設施的建設及翻新提供支持。

此外，我們亦組織探訪活動，並於節日期間向當地養老院捐款，以支持社區老年居民。

此外，我們亦向礦場附近的村莊發放節日津貼，以加強我們對豐富週邊社區居民生活的承諾。

131二零二三年年報 ANNUALREPORT 2023ENVIRONMENTAL, SOCIALANDGOVERNANCEREPORT環境、社會及管治報告Furthermore, our commitment to education was exemplified through the donation of essential learning materials, such as stationery, to underprivileged students at Magalau Primary School in Indonesia.During the Reporting Period, the total value ofdonations and resources assistance amounted to 於報告期間，捐款及資源援助總值為RMB 263,404人民幣263,404元Moving forward, the Group remains dedicated to continually rev iewing our object ives and di rect ions concerning community investments, sponsorships, and donation activities. Furthermore, we are committed to evaluating the alignment of our social performance with our community investment policy and objectives. We will also prioritize enhancing our team’s capabilities to ensure the effective implementation of our community investment policies, thereby maximizing our positive impact on the communities we serve.OUTLOOKAs we look ahead into 2024, our commitment to advancing sustainabi l i ty remains unwavering. By reviewing and developing relevant ESG policies and targets, we will continue to explore opportunities to strengthen our climate resilience while delivering product excellence, as well as empowering our employees and surrounding communities. Together, we can build a more sustainable and resilient future.此外，我們亦向印尼Magalau小學的貧困學生捐贈文具等必要學習用品，體現我們對教育的承諾。

展望未來，本集團將繼續致力持續審查於社區投資、贊助及捐贈活動方面的目標及方向。

此外，我們亦致力評估社會績效與社區投資政策及目標的一致性。

我們亦將優先提升團隊的能力，以確保有效實施社區投資政策，從而最大限度發揮我們對所服務社區的積極影響。

展望展望二零二四年，我們對推進可持續發展的承諾依然堅定不移。

通過審查及制定相關ESG政策及目標，我們將繼續探索各種機會，於提供卓越產品的同時加強氣候抵禦力，並賦權僱員及週邊社區。

通過共同努力，我們可以建設更可持續、更具韌性的未來。

132 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司ENVIRONMENTAL, SOCIALANDGOVERNANCEREPORT環境、社會及管治報告KEYLAWSANDREGULATIONSESGAspect Significant Laws and RegulationsESG層面主要法律法規 Aspect A: Environment層面A：環境 Environmental Protection Law of the PRC《中華人民共和國環境保護法》 Law of the PRC on Promoting Clean Production《中國人民共和國清潔生產促進法》 Law of the PRC on Appraising Environmental Impacts《中華人民共和國環境影響評價法》 Ambient Air Quality Standards of the PRC(GB3095–1996)《中華人民共和國環境空氣質量標準》（GB3095–1996） Energy Conservation Law of the PRC《中華人民共和國節約能源法》 Renewable Energy Law of the PRC《中華人民共和國可再生能源法》 Water Pollution Prevention and Control Law of the PRC《中華人民共和國水污染防治法》 Law of the PRC on the Prevention and Control of Environmental Pollution by Solid Waste《中華人民共和國固體廢物污染環境防治法》 Standard for Pollution Control on Hazardous Waste Incineration of the PRC(GB18484–2001)《中華人民共和國有害廢棄物焚燒污染控制標準》（GB18484–2001） Standard for Pollution Control on Hazardous Waste Storage of the PRC(GB18597–2001)《中華人民共和國危險廢物貯存污染控制標準》（GB18597–2001） Standard for Pollution Control on the Hazardous Waste Landfill(GB18598–2001)《危險廢物填埋污染控制標準》（GB18598–2001）Aspect B1: Employment層面B1：僱傭 Provisions on the Prohibition of Using Child Labor《禁止使用童工規定》Aspect B4: Labour Standards層面B4：勞工準則 Special Protection Regulations for Juvenile Employees《未成年工特殊保護規定》 Labor Law of the PRC《中華人民共和國勞動法》 Labor Contract Law of the PRC《中華人民共和國勞動合同法》主要法律法規133二零二三年年報 ANNUALREPORT 2023ENVIRONMENTAL, SOCIALANDGOVERNANCEREPORT環境、社會及管治報告ESGAspect Significant Laws and RegulationsESG層面主要法律法規 Aspect B2: Health and Safety層面B2：健康與安全 Work Safety Law of the PRC《中華人民共和國安全生產法》 Law of the PRC on Occupational Disease Prevention and Control《中華人民共和國職業病防治法》 The PRC’s Regulation on Safety Supervision of Coal Mines《中國煤礦安全監察條例》 The Coal Mine Safety Rules《煤礦安全規程》 The Regulation on Safety Testing and Inspection of Air Compressors, and the Primary Ventilation System and Primary Drainage System《煤礦在用空氣壓縮機、主通風機系統、主排水系統安全檢測檢驗規範》 Safety Inspecting-testing Specifications for Coal Mine(AG1011 – AG1013)《煤礦安全檢測規範》（AG1011 – AG1013） Coal Industry Law of the PRC《中國煤炭法》Aspect B6: Product Responsibility層面B6：產品責任 Grade for Closed Process Water Circuit in Coal Preparation Plant(MT/T810–1999)《選煤廠洗水閉路循環等級》（MT/T810–1999） Coal Sizing Equipment Performance Evaluation (GB/T15716–1995)《煤用篩分設備工藝性能評定方法》(GB/T15716–1995) General Rules for Analytical and Testing Methods of Coal (GB/T483– 2007)《煤炭分析試驗方法一般規定》(GB/T483–2007） Determination of Total Moisture in Coal(GB/T211–2007)《煤中全水分的測定方法》（GB/T211–2007） Determination of Mineral Matter in Coal(GB/T7560–2001)《煤中礦物質的測定方法》（GB/T7560–2001） Determination of Calorific Value of Coal(GB/T479– 2000)《煤的發熱量測定方法》（GB/T479–2000) Personal Information Protection Act《個人資料保護法》Aspect B7: Anti-corruption層面B7：反貪污Criminal Law of the PRC《中國刑法》134 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司ENVIRONMENTAL, SOCIALANDGOVERNANCEREPORT環境、社會及管治報告HKEXESGREPORTINGGUIDEINDEXSubject Areas, aspects, general disclosure andkey performance indicators (“KPIs”) Section Page Number主題領域、方面、一般披露及關鍵績效指標（「關鍵續效指標」）章節頁數A. EnvironmentalA.環境Aspect A1: Emissions層面A1：排放物General Disclosure一般披露Information on:(a) the policies; and(b) compl iance wi th re levant laws and regulations that have a significant impact on the issuerrelating to air and greenhouse gas emissions, discharges into water and land, and generation of hazardous and non-hazardous waste.Note: Air emissions include NOx, SOx, and other pollutants regulated under national laws and regulations. Greenhouse gases include carbon dioxide, methane, nitrous oxide, hydrofluorocarbons, perfluorocarbons and sulphur hexafluoride. Hazardous wastes are those defined by national regulations.有關廢氣及溫室氣體排放、向水及土地的排污、有害及無害廢棄物的產生等的：(a)政策；及(b)遵守對發行人有重大影響的相關法律及規例的資料。

註：廢氣排放包括氮氧化物、硫氧化物及其他受國家法律及規例規管的污染物。

溫室氣體包括二氧化碳、甲烷、氧化亞氮、氫氟碳化合物、全氟化碳及六氟化硫。

有害廢棄物指國家規例所界定者。

GREEN OPERATIONS 綠色營運KEYLAWSAND REGULATIONS主要法律法規P.113-122第113至122頁P.132-133第132至133頁KPIA1.1關鍵績效指標A1.1The types of emissions and respective emissions data.排放物種類及相關排放數據。

ENERGY, AIRANDGHGEMISSIONS能源、廢氣及溫室氣體排放P.117-118第117至118頁港交所ESG報告指引索引135二零二三年年報 ANNUALREPORT 2023ENVIRONMENTAL, SOCIALANDGOVERNANCEREPORT環境、社會及管治報告Subject Areas, aspects, general disclosure andkey performance indicators (“KPIs”) Section Page Number主題領域、方面、一般披露及關鍵績效指標（「關鍵續效指標」）章節頁數KPIA1.2關鍵績效指標A1.2Direct (Scope 1) and energy indirect (Scope 2) greenhouse gas emissions (in tonnes) and, where appropriate, intensity (e.g. per unit of production volume, per facility).直接（範圍1）及能源間接（範圍2）溫室氣體排放量（以噸計算）及（如適用）密度（如以每產量單位、每項設施計算）。

ENERGY, AIR ANDGHG EMISSIONS能源、廢氣及溫室氣體排放P.117-118第117至118頁KPIA1.3關鍵績效指標A1.3Total hazardous waste produced (in tonnes) and, where appropriate, intensity (e.g. per unit of production volume, per facility).所產生有害廢棄物總量（以噸計算）及（如適用）密度（如以每產量單位、每項設施計算）。

WASTE MANAGEMENT廢棄物管理P.120-121第120至121頁KPIA1.4關鍵績效指標A1.4Total non-hazardous waste produced (in tonnes) and, where appropriate, intensity (e.g. per unit of production volume, per facility).所產生無害廢棄物總量（以噸計算）及（如適用）密度（如以每產量單位、每項設施計算）。

WASTE MANAGEMENT廢棄物管理P.120-121第120至121頁KPIA1.5關鍵績效指標A1.5Description of emission target(s) set and steps taken to achieve them.描述已設定的排放目標及已採取達成目標的步驟。

GREEN OPERATIONS綠色營運P.113-122第113至122頁KPIA1.6關鍵績效指標A1.6Description of how hazardous and non-hazardous wastes are handled, and a descript ion of reduction target(s) set and steps taken to achieve them.描述處理有害及無害廢棄物的方法，以及描述已設定的減排目標及已採取達成目標的步驟。

WASTE MANAGEMENT廢棄物管理P.120-121第120至121頁136 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司ENVIRONMENTAL, SOCIALANDGOVERNANCEREPORT環境、社會及管治報告Subject Areas, aspects, general disclosure andkey performance indicators (“KPIs”) Section Page Number主題領域、方面、一般披露及關鍵績效指標（「關鍵續效指標」）章節頁數Aspect A2: Use of Resources層面A2：資源使用General Disclosure一般披露Policies on the eff icient use of resources, including energy, water and other raw materials.Note: Resources may be used in production, in storage, transportation, in buildings, electronic equipment, etc.有效使用資源（包括能源、水及其他原材料）的政策。

註：資源可用於生產、儲存、運輸、樓宇、電子設備等。

GREEN OPERATIONS綠色營運P.113-122第113至122頁KPIA2.1關鍵績效指標A2.1Direct and/or indirect energy consumption by type (e.g. electricity, gas or oil) in total (kWh in ’000s) and intensity (e.g. per unit of production volume, per facility).按類型劃分的直接及╱或間接能源（如電、氣或油）總耗量（以千個千瓦時計算）及密度（如以每產量單位、每項設施計算）。

ENERGY, AIR ANDGHG EMISSIONS能源、廢氣及溫室氣體排放P.117-118第117至118頁KPIA2.2關鍵績效指標A2.2Water consumption in total and intensity (e.g. per unit of production volume, per facility).總耗水量及密度（如以每產量單位、每項設施計算）。

WATERAND WASTEWATER MANAGEMENT用水及廢水管理P.119第119頁KPIA2.3關鍵績效指標A2.3Description of energy use efficiency target(s) set and steps taken to achieve them.描述能源使用效益，以及已設定的目標及已採取達成目標的步驟。

GREEN OPERATIONS綠色營運P.113-122第113至122頁KPIA2.4關鍵績效指標A2.4Description of whether there is any issue in sourcing water that is fit for purpose, water efficiency target(s) set and steps taken to achieve them.描述求取適用水源上可有任何問題，提升用水效益，以及已設定的目標及已採取達成目標的步驟。

WATERAND WASTEWATER MANAGEMENT用水及廢水管理P.119第119頁137二零二三年年報 ANNUALREPORT 2023ENVIRONMENTAL, SOCIALANDGOVERNANCEREPORT環境、社會及管治報告Subject Areas, aspects, general disclosure andkey performance indicators (“KPIs”) Section Page Number主題領域、方面、一般披露及關鍵績效指標（「關鍵續效指標」）章節頁數KPIA2.5關鍵績效指標A2.5Total packaging material used for finished products (in tonnes) and, if applicable, with reference to per unit produced.製成品所用包裝材料的總量（以噸計算）及（如適用）每生產單位佔量。

Due to the business nature, the Group does not generate a significant amount of packaging material.由於業務性質，本集團並無生產大量包裝物料。

N/A不適用Aspect A3: The Environment and Natural Resources層面A3：環境及天然資源General Disclosure一般披露Policies on minimizing the issuer’s significant impact on the environment and natural resources.減低發行人對環境及天然資源造成重大影響的政策。

GREEN OPERATIONS綠色營運P.113-122第113至122頁KPIA3.1關鍵績效指標A3.1Description of the significant impacts of activities on the environment and natural resources and the actions taken to manage them.描述業務活動對環境及天然資源的重大影響及已採取管理有關影響的行動。

BIODIVERSITY AND ECOLOGICAL PROTECTION生物多樣性及生態保護P.122第122頁Aspect A4: Climate Change層面A4：氣候變化General Disclosure一般披露Policies on identif ication and mitigation of significant climate-related issues which have impacted, and those which may impact, the issuer.識別及應對已經及可能會對發行人產生影響的重大氣候相關事宜的政策。

CLIMATE RESILIENCE AND MANAGEMENT氣候抵禦力及管理P.114-116第114至116頁KPIA4.1關鍵績效指標A4.1Description of the significant climate-related issues which have impacted, and those which may impact, the issuer, and the actions taken to manage them.描述已經及可能會對發行人產生影響的重大氣候相關事宜，及應對行動。

CLIMATE RESILIENCE AND MANAGEMENT氣候抵禦力及管理P.114-116第114至116頁138 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司ENVIRONMENTAL, SOCIALANDGOVERNANCEREPORT環境、社會及管治報告Subject Areas, aspects, general disclosure andkey performance indicators (“KPIs”) Section Page Number主題領域、方面、一般披露及關鍵績效指標（「關鍵續效指標」）章節頁數B. SocialB.社會Employment and Labour Practices僱傭及勞工常規Aspect B1: Employment層面B1：僱傭General Disclosure一般披露Information on:(a) the policies; and(b) compl iance wi th re levant laws and regulations that have a significant impact on the issuerre la t ing to compensat ion and d ismissa l , recruitment and promotion, working hours, rest periods, equal opportunity, diversity, anti-discrimination, and other benefits and welfare.有關薪酬及解僱、招聘及晉升、工作時數、假期、平等機會、多元化、反歧視以及其他待遇及福利的：(a)政策；及(b)遵守對發行人有重大影響的相關法律及規例的資料。

PEOPLE EMPOWERMENT 賦權僱員KEYLAWSAND REGULATIONS主要法律法規P.123-129第123至129頁P.132-133第132至133頁KPIB1.1關鍵績效指標B1.1Total workforce by gender, employment type (for example, full-or part-time), age group and geographical region.按性別、僱傭類型（例如全職或兼職）、年齡組別及地區劃分的僱員總數。

EMPLOYEE OVERVIEW僱員概況P.124-125第124至125頁KPIB1.2關鍵績效指標B1.2Employee turnover rate by gender, age group and geographical region.按性別、年齡組別及地區劃分的僱員流失比率。

EMPLOYEE OVERVIEW僱員概況P.124-125第124至125頁139二零二三年年報 ANNUALREPORT 2023ENVIRONMENTAL, SOCIALANDGOVERNANCEREPORT環境、社會及管治報告Subject Areas, aspects, general disclosure andkey performance indicators (“KPIs”) Section Page Number主題領域、方面、一般披露及關鍵績效指標（「關鍵續效指標」）章節頁數Aspect B2: Health and Safety層面B2：健康與安全General Disclosure一般披露Information on:(a) the policies; and(b) compl iance wi th re levant laws and regulations that have a significant impact on the issuerrelating to providing a safe working environment and protecting employees from occupational hazards.有關提供安全工作環境及保障僱員避免職業性危害的：(a)政策；及(b)遵守對發行人有重大影響的相關法律及規例的資料。

OCCUPATIONAL HEALTHAND SAFETY 職業健康與安全KEYLAWSAND REGULATIONS主要法律法規P.127-128第127至128頁P.132-133第132至133頁KPIB2.1關鍵績效指標B2.1Number and rate of work-related fatal i t ies occurred in each of the past three years including the reporting year.過去三年（包括匯報年度）每年因工亡故的人數及比率。

OCCUPATIONAL HEALTHAND SAFETY職業健康與安全P.127-128第127至128頁KPIB2.2關鍵績效指標B2.2Lost days due to work injury.因工傷損失工作日數。

OCCUPATIONAL HEALTHAND SAFETY職業健康與安全P.127-128第127至128頁KPIB2.3關鍵績效指標B2.3Description of occupational health and safety measures adopted, how they are implemented and monitored.描述所採納的職業健康與安全措施，以及相關執行及監察方法。

OCCUPATIONAL HEALTHAND SAFETY職業健康與安全P.127-128第127至128頁140 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司ENVIRONMENTAL, SOCIALANDGOVERNANCEREPORT環境、社會及管治報告Subject Areas, aspects, general disclosure andkey performance indicators (“KPIs”) Section Page Number主題領域、方面、一般披露及關鍵績效指標（「關鍵續效指標」）章節頁數Aspect B3: Development and Training層面B3：發展及培訓General Disclosure一般披露Policies on improving employees’ knowledge and skills for discharging duties at work. Description of training activities.Note: Training refers to vocational training. It may include internal and external courses paid by the employer.有關提升僱員履行工作職責的知識及技能的政策。

描述培訓活動。

註：培訓指職業培訓，可包括由僱主付費的內外部課程。

TRAININGAND DEVELOPMENT培訓及發展P.128-129第128至129頁KPIB3.1關鍵績效指標B3.1The percentage of employees trained by gender and employee category (e.g. senior management, middle management).按性別及僱員類別（如高級管理層、中級管理層）劃分的受訓僱員百分比。

TRAININGAND DEVELOPMENT培訓及發展P.128-129第128至129頁KPIB3.2關鍵績效指標B3.2The average training hours completed per employee by gender and employee category.按性別及僱員類別劃分，每名僱員完成受訓的平均時數。

TRAININGAND DEVELOPMENT培訓及發展P.128-129第128至129頁Aspect B4: Labour Standards層面B4：勞工準則General Disclosure一般披露Information on:(a) the policies; and(b) compl iance wi th re levant laws and regulations that have a significant impact on the issuerrelating to preventing child and forced labour.有關防止童工或強制勞工的：(a)政策；及(b)遵守對發行人有重大影響的相關法律及規例的資料。

LABOUR STANDARDS 勞工準則KEYLAWSAND REGULATIONS主要法律法規P.126第126頁P.132-133第132至133頁141二零二三年年報 ANNUALREPORT 2023ENVIRONMENTAL, SOCIALANDGOVERNANCEREPORT環境、社會及管治報告Subject Areas, aspects, general disclosure andkey performance indicators (“KPIs”) Section Page Number主題領域、方面、一般披露及關鍵績效指標（「關鍵續效指標」）章節頁數KPIB4.1關鍵績效指標B4.1Description of measures to review employment practices to avoid child and forced labour.描述檢討招聘慣例的措施以避免童工及強制勞工。

LABOUR STANDARDS勞工準則P.126第126頁KPIB4.2關鍵績效指標B4.2Description of steps taken to eliminate such practices when discovered.描述在發現違規情況時消除有關情況所採取的步驟。

LABOUR STANDARDS勞工準則P.126第126頁Operating Practices營運常規Aspect B5：Supply Chain Management層面B5：供應鏈管理General Disclosure一般披露Policies on managing environmental and social risks of the supply chain.管理供應鏈的環境及社會風險政策。

SUPPLYCHAIN MANAGEMENT供應鏈管理P.106-107第106至107頁KPIB5.1關鍵績效指標B5.1Number of suppliers by geographical region.按地區劃分的供應商數目。

SUPPLYCHAIN MANAGEMENT供應鏈管理P.106-107第106至107頁KPIB5.2關鍵績效指標B5.2Description of practices relating to engaging suppl iers, number of suppl iers where the practices are being implemented, how they are implemented and monitored.描述有關聘用供應商的慣例，向其執行有關慣例的供應商數目，以及相關執行及監察方法。

SUPPLYCHAIN MANAGEMENT供應鏈管理P.106-107第106至107頁KPIB5.3關鍵績效指標B5.3Descr ipt ion of pract ices used to ident i fy environmental and social risks along the supply chain, and how they are implemented and monitored.描述有關識別供應鏈每個環節的環境及社會風險的慣例，以及相關執行及監察方法。

SUPPLYCHAIN MANAGEMENT供應鏈管理P.106-107第106至107頁KPIB5.4關鍵績效指標B5.4Descript ion of pract ices used to promote environmentally preferable products and services when selecting suppliers, and how they are implemented and monitored.描述在揀選供應商時促使多用環保產品及服務的慣例，以及相關執行及監察方法。

SUPPLYCHAIN MANAGEMENT 供應鏈管理GREEN PROCUREMENT綠色採購P.106-107第106至107頁P.121第121頁142 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司ENVIRONMENTAL, SOCIALANDGOVERNANCEREPORT環境、社會及管治報告Subject Areas, aspects, general disclosure andkey performance indicators (“KPIs”) Section Page Number主題領域、方面、一般披露及關鍵績效指標（「關鍵續效指標」）章節頁數Aspect B6: Product Responsibility層面B6：產品責任General Disclosure一般披露Information on:(a) the policies; and(b) compl iance wi th re levant laws and regulations that have a significant impact on the issuerrelating to health and safety, advertising, labelling and privacy matters relating to products and services provided and methods of redress.有關所提供產品和服務的健康與安全、廣告、標籤及私隱事宜以及補救方法的：(a)政策；及(b)遵守對發行人有重大影響的相關法律及規例的資料。

PRODUCT EXCELLENCE 卓越產品KEYLAWSAND REGULATIONS Due to our business nature, advertising and labelling are not applicable to us.主要法律法規由於業務性質，廣告及標籤並不適用。

P.105-112第105至112頁P.132-133第132至133頁KPIB6.1關鍵績效指標B6.1Percentage of total products sold or shipped subject to recalls for safety and health reasons.已售或已運送產品總數中因安全與健康理由而須回收的百分比。

PRODUCT ANDSERVICE QUALITY ASSURANCE ANDCUSTOMER SAFETY產品及服務質素保證及客戶安全P.108-109第108至109頁KPIB6.2關鍵績效指標B6.2Number of products and serv ice re la ted complaints received and how they are dealt with.接獲關於產品及服務的投訴數目以及應對方法。

PRODUCT ANDSERVICE QUALITY ASSURANCE ANDCUSTOMER SAFETY產品及服務質素保證及客戶安全P.108-109第108至109頁143二零二三年年報 ANNUALREPORT 2023ENVIRONMENTAL, SOCIALANDGOVERNANCEREPORT環境、社會及管治報告Subject Areas, aspects, general disclosure andkey performance indicators (“KPIs”) Section Page Number主題領域、方面、一般披露及關鍵績效指標（「關鍵續效指標」）章節頁數KPIB6.3關鍵績效指標B6.3Description of practices relating to observing and protecting intellectual property rights.描述與維護及保障知識產權有關的慣例。

INTELLECTUAL PROPERTY PROTECTION知識產權保護P.111第111頁KPIB6.4關鍵績效指標B6.4Description of quality assurance process and recall procedures.描述質量檢定過程及產品回收程序。

PRODUCT ANDSERVICE QUALITY ASSURANCE ANDCUSTOMER SAFETY產品及服務質素保證及客戶安全P.108-109第108至109頁KPIB6.5關鍵績效指標B6.5Description of consumer data protection and privacy policies, how they are implemented and monitored.描述消費者資料保障及私隱政策，以及相關執行及監察方法。

DATAPRIVACY PROTECTION AND CYBERSECURITY數據私隱保護及網絡安全P.110第110頁Aspect B7: Anti-corruption層面B7：反貪污General Disclosure一般披露Information on:(a) the policies; and(b) compl iance wi th re levant laws and regulations that have a significant impact on the issuerrelating to bribery, extortion, fraud and money laundering.有關防止賄賂、勒索、欺詐及洗黑錢的：(a)政策；及(b)遵守對發行人有重大影響的相關法律及規例的資料。

ANTI-CORRUPTION 反貪污KEYLAWSAND REGULATIONS主要法律法規P.111-112第111至112頁P.132-133第132至133頁144 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司ENVIRONMENTAL, SOCIALANDGOVERNANCEREPORT環境、社會及管治報告Subject Areas, aspects, general disclosure andkey performance indicators (“KPIs”) Section Page Number主題領域、方面、一般披露及關鍵績效指標（「關鍵續效指標」）章節頁數KPIB7.1關鍵績效指標B7.1Number of concluded legal cases regarding corrupt practices brought against the issuer or its employees during the reporting period and the outcomes of the cases.於匯報期內對發行人或其僱員提出並已審結的貪污訴訟案件的數目及訴訟結果。

ANTI-CORRUPTION反貪污P.111-112第111至112頁KPIB7.2關鍵績效指標B7.2Description of preventive measures and whistle-blowing procedures, how they are implemented and monitored.描述防範措施及舉報程序，以及相關執行及監察方法。

ANTI-CORRUPTION反貪污P.111-112第111至112頁KPIB7.3關鍵績效指標B7.3Description of anti-corruption training provided to directors and staff.描述向董事及員工提供的反貪污培訓。

ANTI-CORRUPTION反貪污P.111-112第111至112頁Community社區Aspect B8: Community Disclosure層面B8：社區披露General Disclosure一般披露Policies on community engagement to understand the needs of the communities where the issuer operates and to ensure its activities take into consideration the communities’ interests.有關以社區參與來了解營運所在社區需要和確保其業務活動會考慮社區利益的政策。

THRIVING COMMUNITY繁榮社區P.130-131第130至131頁KPIB8.1關鍵績效指標B8.1Focus areas of contribution (e.g. education, environmental concerns, labour needs, health, culture, sport).專注貢獻範疇（如教育、環境事宜、勞工需求、健康、文化、體育）。

THRIVING COMMUNITY繁榮社區P.130-131第130至131頁KPIB8.2關鍵績效指標B8.2Resources contributed (e.g. money or time) to the focus area.在專注範疇所動用資源（如金錢或時間）。

THRIVING COMMUNITY繁榮社區P.130-131第130至131頁145二零二三年年報 ANNUALREPORT 2023INDEPENDENTAUDITOR’SREPORT獨立核數師報告Independent Auditor’s Report to the Shareholders ofChina Qinfa Group Limited(Incorporated in the Cayman Islands with limited liability)OPINIONWe have audited the consolidated financial statements of China Qinfa Group Limited (the “Company”) and its subsidiaries (together, the “Group”) set out on pages 159 to 356 which comprise the consolidated statement of financial position as at 31 December 2023, and the consolidated statement of comprehensive income, the consolidated statement of changes in equity and the consolidated statement of cash flows for the year then ended, and notes to the consolidated financial statements, including material accounting policy information.In our opinion, the consolidated financial statements give a true and fair view of the consolidated financial position of the Group as at 31 December 2023, and of its consolidated financial performance and its consolidated cash flows for the year then ended in accordance with IFRSAccounting Standards (“IFRSs”) issued by the International Accounting Standards Board (“IASB”) and have been properly prepared in compliance with the disclosure requirements of the Hong Kong Companies Ordinance.致中國秦發集團有限公司股東之獨立核數師報告（於開曼群島註冊成立的有限公司）意見吾等已審核載列於第159至356頁中國秦發集團有限公司（「貴公司」）及其附屬公司（統稱「貴集團」）的綜合財務報表，該等綜合財務報表包括於二零二三年十二月三十一日的綜合財務狀況表與截至該日止年度之綜合全面收入表、綜合權益變動表及綜合現金流量表，以及綜合財務報表之附註，包括重大會計政策資料。

吾等認為，綜合財務報表已根據國際會計準則理事會（「國際會計準則理事會」）頒佈的國際財務報告準則（「國際財務報告準則」）真實而公允地反映貴集團於二零二三年十二月三十一日的綜合財務狀況以及其截至該日止年度的綜合財務表現及綜合現金流量，並已遵照香港《公司條例》的披露規定妥為編製。

146 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司INDEPENDENTAUDITOR’SREPORT獨立核數師報告意見的基礎吾等根據香港會計師公會（「香港會計師公會」）頒佈的香港審計準則（「香港審計準則」）進行審核工作。

吾等在該等準則下須負的責任於核數師報告內核數師就審核綜合財務報表須承擔的責任一節進一步闡述。

根據香港會計師公會的《專業會計師道德守則》（「守則」）連同有關在開曼群島審核綜合財務報表的道德要求，吾等乃獨立於貴集團並已遵照該等規定及守則履行其他道德責任。

吾等相信所獲得的審核憑證能充分而恰當地為吾等的審核意見提供基礎。

有關持續經營的重大不明朗因素吾等謹此提述綜合財務報表附註2，附註2指出 貴集團的流動負債淨額約為人民幣3,324,762,000元。

於二零二三年十二月三十一日，分別約人民幣492,444,000元及約人民幣176,405,000元的借貸及應計利息已到期須即時支付。

此外，於二零二三年十二月三十一日，有若干宗針對貴集團的未決訴訟，主要要求貴集團立即償付部分計息應付賬款。

BASISFOROPINIONWe conducted our audit in accordance with Hong Kong Standards on Auditing (“HKSAs”) issued by the Hong Kong Institute of Certified Public Accountants (“HKICPA”). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the consolidated financial statements section of our report. We are independent of the Group in accordance with the HKICPA’s Code of Ethics for Professional Accountants (the “Code”) together with the ethical requirements that are relevant to our audit of the consolidated financial statements in the Cayman Islands, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.MATERIALUNCERTAINTIESRELATEDTOGOING CONCERNWe draw attention to note 2 to the consolidated financial statements, which highlights that the Group had net current liabilities of approximately RMB3,324,762,000. As at 31 December 2023, the borrowings and accrued interest amounting to an aggregate amount of approximately RMB492,444,000 and approximately RMB176,405,000 respectively had been due for immediate payment. In addition, as at 31 December 2023, there were several unsettled litigations against the Group mainly requesting the Group to repay certain payables with interest immediately.147二零二三年年報 ANNUALREPORT 2023INDEPENDENTAUDITOR’SREPORT獨立核數師報告有關持續經營的重大不明朗因素（續）以上情況連同綜合財務報表附註2所載的其他事項，表明存在或會引致對貴集團持續經營能力產生重大懷疑的重大不明朗因素。

吾等對此等事宜的意見並無修訂。

關鍵審核事項關鍵審核事項乃根據吾等的專業判斷在審核本期間綜合財務報表過程中最為重要的事項。

吾等在審核整體綜合財務報表並對其達致意見時處理該等事項，而不會就該等事項單獨發表意見。

除有關持續經營的重大不明朗因素一節所載事項外，吾等亦將下列事項釐定為將於核數師報告內傳達的關鍵審核事項。

MATERIALUNCERTAINTIESRELATEDTOGOING CONCERN (CONTINUED)These conditions, along with other matters as set forth in note 2 to the consolidated financial statements, indicate the existence of material uncertainties which may cast significant doubt over the Group’s ability to continue as a going concern. Our opinion is not modified in respect of these matters.KEYAUDITMATTERSKey audit matters are those matters that, in our professional judgement, were of most significance in our audit of the consolidated financial statements of the current period. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. In addition to the matter described in the Material Uncertainty Related to Going Concern section, we have determined the matters described below to be the key audit matters to be communicated in our report.148 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司INDEPENDENTAUDITOR’SREPORT獨立核數師報告關鍵審核事項（續）KEYAUDITMATTERS (CONTINUED)Key audit matter How the matter was addressed in our audit關鍵審核事項吾等的審核如何處理該事項 Impairment assessment of coal mining rights and related property, plant and equipment煤炭採礦權及相關物業、廠房及設備之減值評估As a t 31 December 2023, the Group had coa l m in ing r igh ts and re la ted proper ty , p lan t and equipment of approximately RMB1,864,159,000 and RMB3,810,074,000 respectively, as disclosed in notes 15 and 16 respectively to the consolidated financial statements. Impairment losses of RMB12,443,000 and RMB32,712,000 in relation to coal mining right and property, plant and equipment of the coal business segment were recognised respectively during the year.誠如綜合財務報表附註15及16分別披露，於二零二三年十二月三十一日，貴集團的煤炭採礦權及相關物業、廠房及設備分別約為人民幣1,864,159,000元及人民幣3,810,074,000元。

年內就煤炭業務分部的煤炭採礦權以及物業、廠房及設備分別確認減值虧損人民幣12,443,000元及人民幣32,712,000元。

Our p rocedures to eva lua te the impa i rment assessment of coal mining rights and related property, plant and equipment made by the management of the Group included:在評估貴集團管理層所進行的煤炭採礦權及相關物業、廠房及設備減值評估時，吾等採取了以下程序： We assessed management’s identification of individual assets and CGUs to test the assets for impairment based on the Group’s accounting policies and our understanding of the Group’s business;吾等根據貴集團的會計政策及對貴集團業務的了解，評估管理層為對資產進行減值測試而對單項資產及現金產生單位進行的識別； We evaluated the competence, capabilities, objectivity and independence of the external valuers;吾等評估外部估值師的技術水平、能力、客觀性及獨立性；149二零二三年年報 ANNUALREPORT 2023INDEPENDENTAUDITOR’SREPORT獨立核數師報告關鍵審核事項（續）Key audit matter How the matter was addressed in our audit關鍵審核事項吾等的審核如何處理該事項 Impairment assessment of coal mining rights and related property, plant and equipment (continued)煤炭採礦權及相關物業、廠房及設備之減值評估（續）For the purpose o f management ’s impa i rment assessment, the recoverable amounts of the individual assets or the cash generating units (“CGUs”), to which the assets belonged were determined by management, with assistance of an independent qualified external valuers engaged by the Group, based on their values in use using cash flow projections. In carrying out the impairment assessments, significant management judgements were used to determine the key assumptions, including projected sales quantities, unit selling prices, unit costs, gross margins, growth rates, coal reserves, production plan taking into account the time required for the renewal of coal mining rights, and discount rates, underlying the value-in-use calculations. Accordingly, the impairment assessment of these assets and CGUs were considered to be the most significance in the audit and therefore determined to be a key audit matter.就管理層進行的減值評估而言，單項資產或資產所屬的現金產生單位（「現金產生單位」）的可收回金額乃由管理層在貴集團委聘的獨立合資格外部估值師的協助下採用現金流量預測按其使用價值釐定。

在進行減值評估時，管理層作出重大判斷以釐定主要假設，包括與計算使用價值相關的預期銷量、單位售價、單位成本、毛利、增長率、煤炭儲量、生產計劃（計及重續採礦權所需的時間）及貼現率。

因此，該等資產及現金產生單位的減值評估被視為審核過程中最為重要的事項之一，故被釐定為關鍵審核事項。

We assessed the value-in-use calculations and methodology adopted by management and the external valuers;吾等評估管理層及外部估值師進行的使用價值計算及所採用的方法； We assessed the reasonableness of key assumptions (including projected sales quantities, unit selling prices, unit costs, gross margins, production plan, growth rates, coal reserves and discount rates) based on our knowledge of the business and industry; and吾等根據本身對該業務及行業的認識，評估主要假設（包括預期銷量、單位售價、單位成本、毛利、生產計劃、增長率、煤炭儲量及貼現率）是否合理；及 We evaluated the sensitivity analysis performed by the management and the external valuer in respect of the growth rates and discount rates to assess the extent of impact on the calculations of the value in use.吾等評估管理層及外部估值師就增長率及貼現率進行的敏感度分析，以評估對使用價值計算的影響程度。

KEYAUDITMATTERS (CONTINUED)150 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司INDEPENDENTAUDITOR’SREPORT獨立核數師報告Key audit matter How the matter was addressed in our audit關鍵審核事項吾等的審核如何處理該事項 Valuation of new borrowings to be recognised on extinguishment of original borrowings於償還原借貸時將予確認的新借貸的估值We identified the valuation of new borrowings recognised on extinguishment of the original borrowings as key audit matter due to the significance of the balance to the consolidated financial statements as a whole, and the significant judgment involved by the management in determining the fair value of the new borrowings to be recognised.鑑於結餘對綜合財務報表整體的重要性，以及管理層在釐定新借貸的公允值時所涉及的重大判斷，吾等將償還原借貸時確認的新借貸估值識別為關鍵審核事項。

As explained in note 28 to the consolidated financial statements, there were modifications to the terms of the Group’s certain borrowings which the management of the Group had concluded that the modifications were substantial modifications and hence should be treated as extinguishment of the original financial liabilities and recognition of new liabilities. The new liabilities are measured at fair values on respective dates of extinguishment of the original borrowings with the difference between the carrying amounts of the original borrowings derecognised and the fair values of the new borrowings being recognised in profit or loss.誠如綜合財務報表附註28所說明，貴集團若干借貸條款有所修訂，貴集團管理層認為該等修訂屬重大修訂，因此應視為償還原金融負債及確認新負債處理。

新負債按償還舊借貸的相關日期的公允值計量，終止確認的原借貸的賬面金額與新借貸公允值之間的差額於損益確認。

Our procedures in relation to valuation of the other borrowings included:吾等有關其他借貸估值的程序包括： We obtained the settlement agreements and assessed the appropriateness of accounting t reatment on ext inguishment of or iginal borrowings and recognition of new borrowings with reference to terms and conditions of the agreements;吾等取得和解協議，並參考協議的條款及條件評估償還原借貸及確認新借貸的會計處理的適當性； We assessed the appropriateness of the valuat ion methodologies and key inputs adopted by the management in determining the discount rates to be applied when determining the fair values of the new borrowings;吾等評估管理層在決定新借貸公允值時，就釐定貼現率所採用的估值方法及關鍵輸入資料的適當性；KEYAUDITMATTERS (CONTINUED)關鍵審核事項（續）151二零二三年年報 ANNUALREPORT 2023INDEPENDENTAUDITOR’SREPORT獨立核數師報告Key audit matter How the matter was addressed in our audit關鍵審核事項吾等的審核如何處理該事項 Valuation of new borrowings to be recognised on extinguishment of original borrowings (continued)於償還原借貸時將予確認的新借貸的估值（續）In determining the fair values of new borrowings to be recognised on extinguishment of the original borrowings, the management of the Group is required to estimate a suitable discount rates. The management of the Group had taken into account key inputs such as risk-free rate, credit spread and illiquidity spread when determining the discount rate applied to determine the discount rates.於釐定償還原借貸時確認的新借貸的公允值時，貴集團管理層需要估計適當的貼現率。

貴集團管理層於釐定貼現率時已考慮無風險利率、信貸息差及非流動性息差等關鍵輸入資料，以釐定貼現率。

For the year ended 31 December 2023, the Group had recognised net loss on extinguishment of old liabilities and recognition of new liabilities of approximately RMB8,982,000 comprising of loss of RMB211,121,000 on substantial modification upon loan restructuring of a loan and gain of RMB202,139,000 from a substantial modification upon loan restructuring of another loan, as disclosed in note 8 to the consolidated financial statements.截至二零二三年十二月三十一日止年度，貴集團已確認償還舊負債及確認新負債的虧損淨額約人民幣8,982,000元，包括一筆貸款於貸款重組時作出重大修訂之虧損人民幣211,121,000元及另一筆貸款於貸款重組時作出重大修訂之收益人民幣202,139,000元，披露於綜合財務報表附註8。

We checked the accuracy of the calculations prepared by the management for determining the fair values of the new other borrowings; and吾等檢查管理層為釐定新其他借貸公允值而編製的計算的準確性；及 We evaluated the sufficiency of the relevant disclosures in accordance with the applicable accounting standards in the consolidated financial statements.吾等根據綜合財務報表中適用的會計準則評估相關披露事項是否充分。

KEYAUDITMATTERS (CONTINUED)關鍵審核事項（續）152 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司INDEPENDENTAUDITOR’SREPORT獨立核數師報告Key audit matter How the matter was addressed in our audit關鍵審核事項吾等的審核如何處理該事項 Litigation claims relating to dividends to non-controlling shareholders of Shanxi Huameiao Energy Group Co., Ltd. (“Huameiao Energy”)有關向山西華美奥能源集團有限公司（「華美奥能源」）非控股股東派付股息的訴訟申索As at 31 December 2023, there was an outstanding litigation initiated by the non-controlling shareholders against the Group to claim for their entitled benefits in respect of acquiring 20% of coal production of Shanxi Shuozhou Pinglu District Huameiao Xingtao Coal Company Limited (“Xingtao Coal Mine”), Shanxi Shuozhou Pinglu Distr ict Huameiao Fengxi Coal Company Limited (“Fengxi Coal Mine”) and Shanxi Shuozhou Pinglu District Huameiao Chongsheng Coal Company Limited (“Chongsheng Coal Mine”) held by subsidiaries of Huameiao Energy from the year of 2013 to 2020 at production cost prices as the distributions entitled to non-controlling shareholders of Huameiao Energy for the aforesaid period, which were equivalent to aggregate amount of approximately RMB705,860,000.於二零二三年十二月三十一日，非控股股東向貴集團提出未決訴訟，要求就華美奥能源的附屬公司所持有山西朔州平魯區華美奥興陶煤業有限公司（「興陶煤業」）、山西朔州平魯區華美奥馮西煤業有限公司（「馮西煤業」）及山西朔州平魯區華美奥崇升煤業有限公司（「崇升煤業」）的20%權益申索彼等於二零一三年至二零二零年按煤炭生產價格計算的應有利益，作為華美奥能源非控股股東在上述期間有權應得的分派，相當於合計約人民幣705,860,000元。

Our procedures in relation to repayment to the non-controlling shareholders of Huameiao Energy included:吾等有關向華美澳能源非控股股東還款的程序包括： We discussed with the Group’s management and evaluated the appropriateness of the methodology of the assessment prepared by the management;吾等與貴集團管理層討論及評估管理層所編製的評估方法的適當性； We evaluated the competence, capabilities, objectivity and independence of the external lawyer engaged by the Group;吾等評估貴集團委聘的外聘律師的才能、能力、客觀性及獨立性；KEYAUDITMATTERS (CONTINUED)關鍵審核事項（續）153二零二三年年報 ANNUALREPORT 2023INDEPENDENTAUDITOR’SREPORT獨立核數師報告Key audit matter How the matter was addressed in our audit關鍵審核事項吾等的審核如何處理該事項 Litigation claims relating to dividends to non-controlling shareholders of Shanxi Huameiao Energy Group Co., Ltd. (“Huameiao Energy”) (continued)有關向山西華美奥能源集團有限公司（「華美奥能源」）非控股股東派付股息的訴訟申索（續）Pursuant to the judgment issued by the Shanxi Provincial Shouzhou Municipal Intermediate People’s Court on 14 October 2023, the Group was ordered to deliver approximately 6.03 million tonnes of coal to non-controlling shareholders without any charge. The directors of the Company are of the opinion that the court judgment deviated from the legal claims by the non-controlling shareholders and also the clauses stated in the relevant shareholders’ agreements. Subsequently, the Group filed an appeal, which was accepted by Shanxi Provincial High People’s Court. Up to the date when the consolidated financial statements are authorised for issue, the litigation claim is still in progress.根據山西省朔州市中級人民法院於二零二三年十月十四日作出的判決，貴集團被判令向非控股股東無償交付約6,030,000噸煤炭。

貴公司董事認為，法院判決與非控股股東的合法索賠及相關股東協議所述條款有偏差。

其後，貴集團提出上訴，山西省高級人民法院已受理有關上訴。

截至綜合財務報表獲授權刊發日期，該訴訟申索仍在進行中。

We assessed the reasonableness of key inputs and assumptions (including the historical production volume, unit selling price, historical production costs and possible outcome of litigation) adopted in the assessment; and吾等評估該評估中採用的關鍵輸入資料及假設（包括歷史產量、單位售價、歷史生產成本及可能的訴訟結果）的合理性；及 We engaged an external lawyer to provide legal advice and assist in reviewing the legal opinion issued by the external lawyer engaged by the Group and the court judgement.吾等委聘外聘律師提供法律意見，並協助審閱貴集團委聘的外聘律師所簽發的法律意見及法院判決。

KEYAUDITMATTERS (CONTINUED)關鍵審核事項（續）154 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司INDEPENDENTAUDITOR’SREPORT獨立核數師報告Key audit matter How the matter was addressed in our audit關鍵審核事項吾等的審核如何處理該事項 Litigation claims relating to dividends to non-controlling shareholders of Shanxi Huameiao Energy Group Co., Ltd. (“Huameiao Energy”) (continued)有關向山西華美奥能源集團有限公司（「華美奥能源」）非控股股東派付股息的訴訟申索（續）Management assessed and recognised the provision for the dividends payable to non-controlling shareholders according to the circumstances and the assessment requires significant management judgment. To support their determination, management sought a legal opinion from an external lawyer engaged by the Group.管理層根據情況評估及確認應付非控制股東股息的撥備，該評估需要作出重大管理判斷。

為支持彼等的決定，管理層向 貴集團委聘的外聘律師尋求法律意見。

For the year ended 31 December 2023, the Group had recognised the provision for dividends to non-controlling shareholders of RMB672,856,000.截至二零二三年十二月三十一日止年度，貴集團已確認向非控股股東派付股息的撥備人民幣672,856,000元。

KEYAUDITMATTERS (CONTINUED)關鍵審核事項（續）155二零二三年年報 ANNUALREPORT 2023INDEPENDENTAUDITOR’SREPORT獨立核數師報告INFORMATIONOTHERTHANTHECONSOLIDATED FINANCIALSTATEMENTSANDAUDITOR’SREPORT THEREONThe directors are responsible for the other information. The other information comprises all the information included in the annual report for the year ended 31 December 2023 of the Group other than the consolidated financial statements and our auditor’s report thereon.Our opinion on the consolidated financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.In connection with our audit of the consolidated financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the consolidated financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of the other information, we are required to report that fact. We have nothing to report in this regard.RESPONSIBILITIESOFDIRECTORSFORTHE CONSOLIDATEDFINANCIALSTATEMENTSThe directors are responsible for the preparation of the consolidated financial statements that give a true and fair view in accordance with IFRSs issued by the IASB and the disclosure requirements of the Hong Kong Companies Ordinance, and for such internal control as the directors determine is necessary to enable the preparat ion of consolidated financial statements that are free from material misstatement, whether due to fraud or error.In preparing the consolidated financial statements, the directors are responsible for assessing the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or to cease operations, or have no realistic alternative but to do so.The directors are assisted by the audit committee in discharging their responsibilities for overseeing the Group’s financial reporting process.綜合財務報表及其核數師報告以外的資料董事須對其他資料承擔責任。

其他資料包括所有貴集團載於截至二零二三年十二月三十一日止年度年報中除綜合財務報表及其核數師報告以外的資料。

吾等對綜合財務報表出具的意見並不涵蓋其他資料，亦不會對其他資料發表任何形式的核證結論。

在審核綜合財務報表時，吾等的責任是閱讀其他資料，同時考慮其他資料是否與綜合財務報表或吾等在審核過程中獲得的資料存在重大不符，或於其他方面似乎存在重大錯誤陳述。

倘吾等根據已進行的工作認為其他資料存在重大錯誤陳述，則吾等須報告有關事實。

就此而言，吾等並無任何事項須要報告。

董事就綜合財務報表須承擔的責任董事須負責根據國際會計準則理事會頒佈的國際財務報告準則及香港《公司條例》的披露規定編製真實而公允地反映情況的綜合財務報表，並落實董事認為對編製綜合財務報表而言屬必要的內部監控，以使綜合財務報表不會存在由於欺詐或錯誤而導致的重大錯誤陳述。

在編製綜合財務報表時，董事負責評估貴集團持續經營的能力，並披露與持續經營有關的事項（如適用）。

除非董事擬將貴集團清盤或停止營運，或除此之外並無其他實際可行的辦法，否則須採用以持續經營為基礎的會計法。

審核委員會協助董事履行其監督貴集團財務報告流程的職責。

156 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司INDEPENDENTAUDITOR’SREPORT獨立核數師報告AUDITOR’SRESPONSIBILITIESFORTHEAUDITOF THECONSOLIDATEDFINANCIALSTATEMENTSOur objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion solely to you, as a body, in accordance with our agreed terms of engagement, and for no other purpose. We do not assume responsibility towards or accept liability to any other person for the contents of this report. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with HKSAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements.As part of an audit in accordance with HKSAs, we exercise professional judgement and maintain professional skepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s internal control.核數師就審核綜合財務報表須承擔的責任吾等的目標為合理確定綜合財務報表整體而言是否存在由於欺詐或錯誤而導致的重大錯誤陳述，並出具載有吾等意見的核數師報告。

吾等根據協定的委聘條款僅向全體股東報告，本報告除此之外不作其他用途。

吾等概不就本報告的內容向任何其他人士負責或承擔任何責任。

合理確定屬高層次的核證，惟根據香港審計準則進行的審核工作不能保證總能察覺存在的重大錯誤陳述。

錯誤陳述可因欺詐或錯誤而產生，倘錯誤陳述個別或整體而言可合理預期會影響使用者根據本綜合財務報表作出的經濟決定時，則被視為重大錯誤陳述。

在根據香港審計準則進行審核的過程中，吾等運用專業判斷並保持專業懷疑態度。

吾等亦：識別並評估由於欺詐或錯誤而導致綜合財務報表存在重大錯誤陳述的風險，設計並執行審核程序以應對該等風險，以及獲得充分而恰當的審核憑證為吾等的意見提供基礎。

由於欺詐可能涉及串謀、偽造、蓄意遺漏、虛假陳述或凌駕內部監控的情況，因此未能發現因欺詐而導致的重大錯誤陳述的風險高於未能發現因錯誤而導致的重大錯誤陳述的風險。

對與審核相關的內部監控取得了解，以便設計適用於相關情況的審核程序，惟並非旨在對貴集團內部監控的成效發表意見。

157二零二三年年報 ANNUALREPORT 2023INDEPENDENTAUDITOR’SREPORT獨立核數師報告AUDITORSRESPONSIBILITIESFORTHEAUDITOF THECONSOLIDATEDFINANCIALSTATEMENTS (CONTINUED) Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group to cease to continue as a going concern. Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation. Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.核數師就審核綜合財務報表須承擔的責任（續）評估董事所用的會計政策是否恰當以及所作的會計估計及相關披露是否合理。

對董事採用持續經營會計基準是否恰當作出結論，並根據所獲得的審核憑證確定是否存在與事項或情況相關的重大不明朗因素，從而可能導致對貴集團的持續經營能力產生重大懷疑。

倘吾等認為存在重大不明朗因素，則有必要在核數師報告中提請使用者注意綜合財務報表中的相關披露。

倘有關披露不足，則出具非無保留意見。

吾等的結論乃基於截至核數師報告日期所取得的審核憑證。

然而，未來事項或情況可能導致貴集團無法持續經營。

評估綜合財務報表的整體呈列形式、結構及內容（包括披露資料），以及綜合財務報表是否公允反映相關交易及事項。

就貴集團內實體或業務活動的財務資料獲得充分而恰當的審核憑證，以便對綜合財務報表發表意見。

吾等負責集團審核的方向、監督及執行。

吾等為審核意見承擔全部責任。

158 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司INDEPENDENTAUDITOR’SREPORT獨立核數師報告AUDITOR’SRESPONSIBILITIESFORTHEAUDIT OFTHECONSOLIDATEDFINANCIALSTATEMENTS (CONTINUED)We communicate with the audit committee regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.We also provide the audit committee with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.From the matters communicated with the audit committee, we determine those matters that were of most significance in the audit of the consolidated financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.Moore CPALimitedCertified Public AccountantsCheung Sai KitPractising Certificate Number: P05544Hong Kong,28 March 2024核數師就審核綜合財務報表須承擔的責任（續）吾等與審核委員會就（其中包括）審核的計劃範圍、時間安排及重大審核發現溝通，該等發現包括吾等在審核過程中識別的內部監控的任何重大缺失。

吾等亦向審核委員會作出聲明，表示吾等已符合有關獨立性的相關道德要求，並與彼等溝通可能被合理認為會影響吾等獨立性的所有關係及其他事宜，以及相關防範措施（如適用）。

從與審核委員會溝通的事項之中，吾等釐定在審核本期間綜合財務報表過程中最為重要的事項，即關鍵審核事項。

吾等在核數師報告中描述該等事項，除非法律或法規不允許公開披露該等事項，或在極端罕見的情況下，倘合理預期在核數師報告中傳達某事項造成的負面後果超出帶來的公眾利益，則吾等決定不應在報告中傳達有關事項。

大華馬施雲會計師事務所有限公司執業會計師張世杰執業證書編號：P05544香港，二零二四年三月二十八日159二零二三年年報 ANNUALREPORT 2023For the year ended 31 December 2023截至二零二三年十二月三十一日止年度CONSOLIDATEDSTATEMENTOFCOMPREHENSIVEINCOME綜合全面收入表20232022二零二三年二零二二年Notes RMB’000 RMB’000附註人民幣千元人民幣千元 Revenue收益73,449,1823,794,039Cost of sales銷售成本(2,571,162) (2,520,756) Gross profit毛利878,0201,273,283Other income, gains and losses其他收入、收益及虧損82,01685,533Distribution expenses分銷開支(2,207) (2,100)Administrative expenses行政開支(297,643) (305,286)Impairment losses on coal mining rights煤炭採礦權之減值虧損(12,443) –Impairment losses on property, plant and equipment物業、廠房及設備之減值虧損撥回(32,712) –Impairment losses on prepayments and other receivables, net預付賬款及其他應收賬款之減值虧損淨額(3) (3,082)Other expenses其他開支(11,169) (27,878) Operating profit經營溢利523,8591,020,470 Finance income財務收入12,95016,197Finance costs財務成本(184,672) (269,886) Net finance costs財務成本淨額9 (171,722) (253,689) Profit before taxation除稅前溢利10352,137766,781Income tax expense所得稅開支11 (160,110) (276,745) Profit after taxation除稅後溢利192,027490,036 Other comprehensive (loss)/income其他全面（虧損）╱收入Item that may be reclassified subsequently to profit or loss:其後可能重新分類至損益賬的項目：Foreign currency translation differences for foreign operations海外業務產生之外幣換算差額(8,191) 11,714 Other comprehensive (loss)/income for the year, net of tax年內其他全面（虧損）╱收入，除稅後(8,191) 11,714 Total comprehensive income for the year年內全面收入總額183,836501,750160 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司For the year ended 31 December 2023截至二零二三年十二月三十一日止年度CONSOLIDATEDSTATEMENTOFCOMPREHENSIVEINCOME綜合全面收入表20232022二零二三年二零二二年Notes RMB’000 RMB’000附註人民幣千元人民幣千元 Profit for the year attributable to:應佔年內溢利：Equity shareholders of the Company本公司權益持有人200,346456,543Non-controlling interests非控股權益(8,319) 33,493 Profit for the year年內溢利192,027490,036Total comprehensive income for the year attributable to:應佔年內全面收入總額：Equity shareholders of the Company本公司權益持有人192,155468,257Non-controlling interests非控股權益(8,319) 33,493 Total comprehensive income for the year年內全面收入總額183,836501,750Earnings per share attributable to the equity shareholders of the Company during the year年內本公司權益持有人應佔每股盈利14Basic earnings per share每股基本盈利RMB7.8 Cents人民幣7.8分RMB18.1 Cents人民幣18.1分Diluted earnings per share每股攤薄盈利RMB7.7 Cents人民幣7.7分RMB17.5 Cents人民幣17.5分161二零二三年年報 ANNUALREPORT 202331 December 2023二零二三年十二月三十一日CONSOLIDATEDSTATEMENTOFFINANCIALPOSITION綜合財務狀況表20232022二零二三年二零二二年Notes RMB’000 RMB’000附註人民幣千元人民幣千元(Restated)（經重列） Non-current assets非流動資產Coal mining rights煤炭採礦權151,864,1592,367,351Property, plant and equipment物業、廠房及設備164,099,7283,432,903Right-of-use assets使用權資產1718,90917,325Other deposit其他按金2328,33127,858Interest in an associate於一間聯營公司之權益18 – – 6,011,1275,845,437 Current assets流動資產Inventories存貨21201,046439,373Trade receivables應收貿易賬款2265,741178,867Prepayments and other receivables預付賬款及其他應收賬款23358,632387,181Pledged and restricted deposits已抵押及受限制存款24918,295143,676Cash and cash equivalents現金及現金等價物25302,732855,997 1,846,4462,005,094 Current liabilities流動負債Trade payables應付貿易賬款26 (420,599) (387,564)Other payables and contract liabilities其他應付賬款及合約負債27 (2,579,441) (1,967,025)Lease liabilities租賃負債30 (3,487) (8,794)Borrowings借貸28 (1,876,125) (3,447,453)Tax payable應付稅項(289,656) (350,097)Deferred income遞延收入31 (1,900) – 5,171,2086,160,933 Net current liabilities流動負債淨額(3,324,762) (4,155,839) Total assets less current liabilities資產總值減流動負債2,686,3651,689,598 Non-current liabilities非流動負債Accrued reclamation obligations預提復墾費用29 (115,320) (179,614)Lease liabilities租賃負債30 (7,321) (1,534)Borrowings借貸28 (1,689,917) (73,307)Deferred taxation遞延稅項19 (538,497) (621,932)Deferred income遞延收入31 (16,392) – (2,367,447) (876,387) 162 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司31 December 2023二零二三年十二月三十一日CONSOLIDATEDSTATEMENTOFFINANCIALPOSITION綜合財務狀況表於二零二四年三月二十八日獲中國秦發集團有限公司董事會批准及授權刊發。

20232022二零二三年二零二二年Notes RMB’000 RMB’000附註人民幣千元人民幣千元(Restated)（經重列） Net asset資產淨值318,918813,211Capital and reserves股本及儲備Share capital股本32211,224211,224Perpetual subordinated convertible securities永久次級可換股證券32156,931156,931Deficit虧絀(841,024) (355,050) Total (deficit)/equity attributable to equity shareholders of the Company本公司權益持有人應佔（虧絀）╱權益總額(472,869) 13,105Non-controlling interests非控股權益791,787800,106 Total equity權益總額318,918813,211Approved and authorised for issue by the Board of directors of China Qinfa Group Limited on 28 March 2024.Xu Da Bai Tao徐達白韜Director Director董事董事163二零二三年年報 ANNUALREPORT 2023For the year ended 31 December 2023截至二零二三年十二月三十一日止年度CONSOLIDATEDSTATEMENTOFCHANGESINEQUITY綜合權益變動表Attributabletoequity shareholdersofthe Company本公司權益持有人應佔SharecapitalSharepremiumPerpetual subordinatedconvertible securitiesMerger reserveReservesExchangereserveShare-based compensation reserveAccumulatedlossesTotalNon-controllinginterestsTotalequity/ (deficit)股本股份溢價永久次級可換股證券合併儲備儲備匯兌儲備以股份為基礎之酬金儲備累計虧損總計非控股權益權益╱（虧絀）總額RMB’0 00RMB’0 00RMB’0 00RMB’0 00RMB’0 00RMB’0 00RMB’0 00RMB’0 00RMB’0 00RMB’0 00RMB’0 00人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元NotesNote 32(b)Note 32(d)(i)Note 32(c)Note 32(d)(ii)Note 32(d)(iii)Note 32(d)(iv)Note 32(d)(v)附註附註32(b)附註32(d)(i)附註32(c)附註32(d)(ii)附註32(d)(iii)附註32(d)(iv)附註32(d)(v)At1 January20 22於二零二二年一月一日21 1,2 24 31 8,1 60*15 6,9 31 12 7,4 42*74 7,3 36*(96,003) *3,7 25*(1,91 8,9 13) *(45 0,0 98)76 6,6 13 31 6,5 15Profit forthe year年內溢利–––––––45 6,5 43 45 6,5 43 33,49 3 49 0,0 36Other comprehensiveloss其他全面虧損Foreigncurrency translation differences for foreign operations海外業務產生之外幣換算差額–––––11,71 4––11,71 4–11,71 4Totalcomprehensive Income for theyear年內全面收入總額–––––11,71 4–45 6,5 43 46 8,2 57 33,49 3 50 1,7 50Transactions withequity shareholders and non-controllinginterests,recordeddirectlyinequity與權益持有人及非控股權益之交易，於權益直接列賬Distributionrelatingtoperpetual subordinatedconvertible securities有關永久次級可換股證券之分派–(5,054)––––––(5,054)–(5,054)Appropriationtomaintenanceand production funds分配維護及生產資金32(d)(iii)––––16 7,5 08––(16 7,5 08)–––Utilisation of maintenanceand production funds動用維護及生產資金32(d)(iii)––––(13 9,2 15)––13 9,2 15–––Appropriationtoreserves分配至儲備––––8,9 92––(8,992)–––Shareoptionslapsed已失效之購股權––––––(655)65 5–––Totaltransactionswith equity shareholdersand non-controllinginterests與權益持有人及非控股權益之交易總額–(5,054)––37,28 5–(655)(36,630)(5,054)–(5,054)At31December 2 02 2於二零二二年十二月三十一日21 1,2 24 31 3,1 06*15 6,9 31 12 7,4 42*78 4,6 21*(84,289) *3,0 70*(1,49 9,0 00) *13,10 5 80 0,1 06 81 3,2 11164 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司For the year ended 31 December 2023截至二零二三年十二月三十一日止年度CONSOLIDATEDSTATEMENTOFCHANGESINEQUITY綜合權益變動表Attributable to equity shareholdersofthe Company本公司權益持有人應佔SharecapitalSharepremiumPerpetual subordinatedconvertible securitiesMerger reserveReservesExchangereserveShare-based compensation reserveAccumulatedlossesTotalNon-controllinginterestsTotalequity/ (deficit)股本股份溢價永久次級可換股證券合併儲備儲備匯兌儲備以股份為基礎之酬金儲備累計虧損總計非控股權益權益╱（虧絀）總額RMB’00 0RMB’00 0RMB’00 0RMB’00 0RMB’00 0RMB’00 0RMB’00 0RMB’00 0RMB’00 0RMB’00 0RMB’00 0人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元NotesNote 32(b)Note 32(d)(i)Note 32(c)Note 32(d)(ii)Note 32(d)(iii)Note 32(d)(iv)Note 32(d)(v)附註附註32(b)附註32(d)(i)附註32(c)附註32(d)(ii)附註32(d)(iii)附註32(d)(iv)附註32(d)(v)At1 January20 23於二零二三年一月一日21 1,2 24 31 3,1 06*15 6,9 31 12 7,4 42*78 4,6 21*(84,289) *3,0 70*(1,49 9,0 00) *13,10 5 80 0,1 06 81 3,2 11Profit forthe year年內溢利–––––––20 0,3 46 20 0,3 46(8,319)19 2,0 27Other comprehensiveloss其他全面虧損Foreigncurrency translation differences for foreign operations海外業務產生之外幣換算差額–––––(8,191)––(8,191)(8,191)Totalcomprehensive Income for theyear年內全面收入總額–––––(8,191)–20 0,3 46 19 2,1 55(8,319)18 3,8 36Transactions withequity shareholdersand non-controllinginterests,recorded directly in equity與權益持有人及非控股權益之交易，於權益直接列賬Distributionrelatingtoperpetual subordinatedconvertible securities有關永久次級可換股證券之分派–(5,273)––––––(5,273)–(5,273)Appropriationtomaintenanceand production funds分配維護及生產資金32(d)(iii)––––16 7,9 43––(16 7,9 43)–––Utilisation of maintenanceand production funds動用維護及生產資金32(d)(iii)––––(80,104)––80,10 4–––Appropriationtoreserves分配至儲備––––32,02 0––(32,020)–––Shareoptionslapsed已失效之購股權––––––(1,071)1,0 71–––Provisionfor dividendstonon-controlling shareholders(Note)向非控股股東派付股息的撥備（附註）–––––––(67 2,8 56)(67 2,8 56)–(67 2,8 56)Totaltransactionswith equity shareholdersand non-controllinginterests與權益持有人及非控股權益之交易總額–(5,273)––11 9,8 59–(1,071)(79 1,6 44)(67 8,1 29)–(67 8,1 29)At31December 2 02 3於二零二三年十二月三十一日21 1,2 24 30 7,8 33*15 6,9 31 12 7,4 42*90 4,4 80*(92,480) *1,9 99*(2,09 0,2 98) *(47 2,8 69)79 1,7 87 31 8,9 18165二零二三年年報 ANNUALREPORT 2023For the year ended 31 December 2023截至二零二三年十二月三十一日止年度CONSOLIDATEDSTATEMENTOFCHANGESINEQUITY綜合權益變動表* 該等儲備包括於綜合財務狀況表內人民幣84 1,02 4,000元（二零二二年：人民幣35 5,05 0,000元）之綜合虧絀。

附註：向非控股股東派付股息的撥備詳情載於附註39。

本公司董事認為，根據國際財務報告準則編製的該等附屬公司財務報表中有關附屬公司可供分派的儲備（不包括股本）不足以作出上述撥備，因此歸屬於擁有人權益已相應扣減。

* Thesereserves accountscomprisetheconsolidateddeficitof RMB8 41,0 2 4,0 00(2 02 2 : RMB3 55,0 5 0,0 00) intheconsolidated statement of financialposition.Note:The detailsof theprovisionfor dividendstonon-controllingshareholders are set out innote 39. The directors oftheCompanyareof the opinion thattherespective subsidiaries’ reserves(excludingsharecapital) availablefordistributionsin those subsidiaries’financialstatementspreparedinaccordancewithIFRSs are not sufficient for the aforesaid provision, and therefore the equityattributableto ownersaredebited accordingly.166 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司For the year ended 31 December 2023截至二零二三年十二月三十一日止年度CONSOLIDATEDSTATEMENTOFCASHFLOWS綜合現金流量表20232022二零二三年二零二二年Notes RMB’000 RMB’000附註人民幣千元人民幣千元 Operating activities經營活動Profit before taxation除稅前溢利352,137766,781Adjustments for:就下列各項作出調整：Depreciation of property, plant and equipment物業、廠房及設備折舊10426,421324,711Amortisation of coal mining rights煤炭採礦權攤銷10491,012622,739Depreciation of right-of-use asset使用權資產折舊105,27515,589Finance income財務收入9 (12,950) (16,197)Finance costs財務成本9184,672269,886Net loss on disposal of property, plant and equipment出售物業、廠房及設備虧損淨額849210Impairment losses on coal mining rights煤炭採礦權之減值虧損1512,443 –Impairment losses on property, plant and equipment物業、廠房及設備之減值虧損1632,712 –Impairment losses on prepayments and other receivables, net預付賬款及其他應收賬款之減值虧損淨額33,082Net loss/(gain) on substantial modification upon loan restructuring於貸款重組時作出重大修訂之虧損╱（收益）淨額88,982 (11,321)Net loss/(gain) on non-substantial modification of borrowings借貸之非重大修改虧損╱（收益）淨額85,476 (31,203)Fair value gain on financial asset at fair value through profit or loss按公允值計入損益的金融資產之公允值收益8 – (438) 1,506,2321,943,839Changes in working capital:營運資金變動：Change in inventories存貨變動253,263 (224,825)Change in trade receivables應收貿易賬款變動118,1692,288Change in prepayments and other receivables預付賬款及其他應收賬款變動190,73986,800Change in trade payables應付貿易賬款變動3,98074,620Change in other payables and contract liabilities其他應付賬款及合約負債變動(208,022) (336,465)Change in deferred income遞延收入變動18,292 – Cash generated from operations經營活動所得現金1,882,6531,546,257 167二零二三年年報 ANNUALREPORT 2023For the year ended 31 December 2023截至二零二三年十二月三十一日止年度CONSOLIDATEDSTATEMENTOFCASHFLOWS綜合現金流量表20232022二零二三年二零二二年Notes RMB’000 RMB’000附註人民幣千元人民幣千元 Interest paid已付利息(118,369) (155,910)PRCCorporate Income tax paid已付中國企業所得稅(303,986) (405,915) Net cash generated from operating activities經營活動所得現金淨額1,460,298984,432 Investing activities投資活動Interest received已收利息12,95016,197Proceeds from disposal of property, plant and equipment出售物業、廠房及設備所得款項332300Proceeds from disposal of financial asset at fair value through profit or loss出售按公允值計入損益的金融資產所得款項– 20,550Payments for property, plant and equipment就物業、廠房及設備之付款(1,081,452) (731,108)Placement of pledged and restricted deposits存放已抵押及受限制存款(774,619) (141,573) Net cash used in investing activities投資活動所用現金淨額(1,842,789) (835,634) Financing activities融資活動Proceeds from borrowings借貸所得款項251,132,210641,871Repayments of borrowings償還借貸25 (1,332,123) (939,478)Repayments of principle portion of lease liabilities償還租賃負債的本金部分(12,159) (10,207) Net cash used in financing activities融資活動所用現金淨額(212,072) (307,814) Net decrease in cash and cash equivalents現金及現金等價物減少淨額(594,563) (159,016)Cash and cash equivalents at 1 January於一月一日之現金及現金等價物855,9971,030,439Effect of foreign exchange rate changes匯率變動的影響41,298 (15,426) Cash and cash equivalents at 31 December於十二月三十一日之現金及現金等價物302,732855,997168 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註1. GENERALChina Qinfa Group Limited (the “Company”) was incorporated in the Cayman Islands on 4 March 2008 as an exempted company with limited liability under the Companies Law, Cap.22 (2007 Revision) of the Cayman Islands. The directors of the Company consider the immediate and ultimate holding companies of the Group to be Fortune Pearl International Limited (“Fortune Pearl”), a company incorporated in the British Virgin Islands and the ultimate controlling shareholder to be Mr. Xu Jihua (“Mr. Xu”), the sole shareholder of Fortune Pearl. The Company’s shares were listed on the Main Board of The Stock Exchange of Hong Kong Limited (the “Stock Exchange”) with effect from 3 July 2009 (the “Listing Date”). The address of its registered office is Cricket Square, Hutchins Drive, P.O. Box 2681, Grand Cayman KY1–1111, Cayman Islands and the principal place of business of the Company is Unit Nos.2201 to 2208, level 22, South Tower, Poly International Plaza, No.1 Pazhou Avenue East, Haizhu District, Guangzhou City, the People’s Republic of China (the “PRC”).The principal activi t ies of the Company and its subsidiaries (together, the “Group”) are coal mining, purchases and sales, filtering, storage, blending of coal in the PRC and shipping transportation.The Company’s functional currency is Hong Kong dollars (“HKD”). However, the presentation currency of the consolidated financial statements is Renminbi (“RMB”) in order to present the operating results and financial position of the Group based on the economic environment in which the operating subsidiaries of the Group operate.1.一般資料中國秦發集團有限公司（「本公司」）於二零零八年三月四日在開曼群島根據開曼群島法例第22章公司法（二零零七年修訂本）註冊成立為一間獲豁免有限責任公司。

本公司董事認為，本集團的直接及最終控股公司為珍福國際有限公司（「珍福」）（一家在英屬處女群島註冊成立的公司）及最終控股股東為珍福唯一股東徐吉華先生（「徐先生」）。

本公司股份於二零零九年七月三日（「上市日期」）在香港聯合交易所有限公司（「聯交所」）主板上市，其註冊辦事處地址為Cricket Square, Hutchins Drive, P.O. Box 2681, Grand Cayman KY1–1111, Cayman Islands，而本公司主要營業地點為中華人民共和國（「中國」）廣州市海珠區琶洲大道東1號保利國際廣場南塔22層2201至2208室。

本公司及其附屬公司（統稱為「本集團」）的主要業務活動為於中國從事採煤、煤炭購銷、選煤、儲煤、配煤及航運運輸。

本公司的功能貨幣為港元（「港元」）。

然而，綜合財務報表的呈列貨幣為人民幣（「人民幣」），以根據本集團營運附屬公司經營所在的經濟環境呈列本集團的經營業績及財務狀況。

169二零二三年年報 ANNUALREPORT 2023For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註2.綜合財務報表的編製基準於二零二三年十二月三十一日，本集團的流動負債淨額約為人民幣3,324,762,000元（二零二二年：流動負債淨額約人民幣4,155,839,000元）。

於二零二三年十二月三十一日，借貸及應計利息（包括拖欠利息）分別約人民幣492,444,000元（二零二二年：人民幣1,330,634,000元）及約人民幣176,405,000元（二零二二年：人民幣219,718,000元）已到期須即時支付，其中短期銀行借貸零（二零二二年：人民幣590,990,000元）為短期銀行授信額度，已於過去數年各自到期時滾存；其他借貸人民幣492,444,000元（二零二二年：人民幣492,444,000元）及相關應付利息人民幣176,405,000元（二零二二年：人民幣199,402,000元）已根據貸款III結算協議（定義及詳情均見附註28）分類為流動負債，倘僅基於貸款III結算協議所載經修訂計劃還款條款（解釋見附註28），二零二三年十二月三十一日起計十二個月內（二零二二年：二零二二年十二月三十一日起計十二個月內）應付的賬面值總額僅為人民幣219,918,000元（二零二二年：人民幣50,602,000元）；其他借貸為零（二零二二年：人民幣247,200,000元）乃應付資產管理公司或其他貸款人，且並無達成及签订任何結算協議。

此外，根據截至二零一八年及二零二一年十二月三十一日止年度訂立的結算協議（詳見附註28），違約條款訂明一旦發生違約事件，資產管理公司可要求本集團即時支付原借貸的未償還結餘及應付利息。

於二零二三年十二月三十一日，就結算協議而言，截至報告期末並無發生違約事件而賬面值僅為人民幣2,257,498,000元（二零二二年：人民幣2,607,894,000元）的其他借貸及人民幣176,405,000元（二零二二年：人民幣199,402,000元）的相關應付利息已於本集團的綜合財務狀況表中確認。

2. BASISOFPREPARATIONOFTHE CONSOLIDATEDFINANCIALSTATEMENTSAs at 31 December 2023, the Group had net current l iabi l i t ies of approx imate ly RMB3,324,762,000 (2022: net current l iab i l i t ies o f approx imate ly RMB4,155,839,000). As at 31 December 2023, borrowings and accrued interest (including default interest) amounting to approximately RMB492,444,000 (2022: RMB1,330,634,000) and approx imate ly RMB176,405,000 (2022: RMB219,718,000) respectively had been due for immediate payment, in which short-term bank borrowings of nil (2022: RMB590,990,000) are short-term bank facilities that have been rolled over upon respective maturities in the past several years; other borrowing of RMB492,444,000 (2022: RMB492,444,000) and related interest payable of RMB176,405,000 (2022: RMB199,402,000) classified as current liabilities in respect of Settlement Agreement of Loan III (as defined and detailed in note 28) only have total carrying amount of RMB219,918,000 (2022: RMB50,602,000) payable within twelve months from 31 December 2023 (2022: twelve months from 31 December 2022) if only based on the revised scheduled repayment terms set out in the Settlement Agreement of Loan III (as explained in note 28); other borrowings of nil (2022: RMB247,200,000) are due to an asset management company or other lenders that no settlement agreement has been reached and signed.In addition, pursuant to the settlement agreements (as detailed in note 28) entered into during the years ended 31 December 2018 and 2021, there are default clauses that the asset management companies can require the Group to pay the outstanding balance of the original borrowings and interest payable immediately in the event of default. As at 31 December 2023, in respect of the settlement agreements, other borrowings, which had no event of default occurred so far up to the end of the reporting period, with carrying amounts of only RMB2,257,498,000 (2022: RMB2,607,894,000) and related interest payable of RMB176,405,000 (2022 RMB199,402,000) were recognised in the Group’s consolidated statement of financial position.170 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註2.綜合財務報表的編製基準（續）此外，尚有若干宗針對本集團的訴訟，詳情載於綜合財務報表附註39，主要要求本集團償還長期未償還應付賬款連利息，而誠如綜合財務報表附註24所載，本集團銀行存款約人民幣458,000元（二零二二年：人民幣13,000元）被限制用於該等訴訟程序。

此等情況表明存在一項重大不明朗因素，令本集團持續經營的能力可能存在重大疑問。

儘管於二零二三年十二月三十一日及其後截至綜合財務報表獲授權刊發當日出現上述情況，綜合財務報表仍假設本集團將繼續以持續經營基準營運而編製。

為改善本集團之財務狀況、可即時動用之流動資金及現金流，以及讓本集團繼續以持續經營基準營運，本公司董事已採納若干措施而其他措施於綜合財務報表獲授權刊發當日亦正在進行，包括但不限於以下各項：(i)就將於二零二四年十二月三十一日之前到期的借貸而言，本集團正於其到期前積極與銀行╱貸款人磋商，以確保重續有關貸款，進而確保必要資金將到位，以持續滿足本集團日後的營運資金及財務需求。

本公司董事認為，根據過往經驗加上目前與銀行╱貸方的溝通，預期貸方的借貸及銀行短期循環借貸到期時重續不會有重大困難；2. BASISOFPREPARATIONOFTHE CONSOLIDATEDFINANCIALSTATEMENTS (CONTINUED)Moreover, there are a number of litigations against the Group of which the details are set out in note 39 to the consolidated financial statements, mainly requesting the Group to settle long outstanding payables with interest. And the Group’s bank deposits of approximately RMB458,000 (2022: RMB13,000) were restricted for use in relation to the litigation proceeding, as set out in note 24 to the consolidated financial statements.These conditions indicate the existence of material uncertainties which may cast significant doubt on the Group’s ability to continue as a going concern.The consolidated financial statements have been prepared on the assumptions that the Group will continue to operate as a going concern notwithstanding the conditions prevailing as at 31 December 2023 and subsequently thereto up to the date when the consolidated financial statements are authorised for issue. In order to improve the Group’s financial position, immediate liquidity and cash flows, and otherwise to sustain the Group as a going concern, the directors of the Company have adopted several measures together with other measures in progress at the date when the consolidated financial statements are authorised for issue, which include but not limited to, the followings:(i) For borrowings which will be maturing before 31 December 2024, the Group is actively negotiating with banks/lenders before they fall due to secure their renewals so as to ensure that the necessary funds will be in place to meet the Group’s working capital and financial requirements in the future will continue to be met. The directors of the Company are of the view that based on past experience and the current communication with banks/lenders, no significant difficulties are expected in renewing the lender’s borrowings and banks’ short-term revolving borrowings upon their maturities;171二零二三年年報 ANNUALREPORT 2023For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註2.綜合財務報表的編製基準（續）(ii)就已逾期的借貸或由於相關貸款協議所載交叉違約條款而須即時償還的借貸（分類為流動負債，詳見附註28）而言，本集團正與有關銀行及其他貸款人進行磋商，以延長還款日期及向銀行及貸款人尋求豁免。

本公司董事認為，根據過往經驗加上目前與銀行╱貸款人的溝通，銀行不大可能行使交叉違約條款要求即時支付；(iii)本集團將於有需要時積極地獲取新增融資來源；(iv)鑒於煤炭市場需求穩定及煤炭價格仍屬適度有利範圍，本集團將加快目前在產煤礦的煤炭生產，以及申請續期尚未開始生產的煤礦的已到期煤炭採礦權，同時在銷售成本、行政開支及資本開支方面採取成本控制措施，以於未來數年持續增加本集團的內部產生資金及經營現金流入。

本集團年內錄得經營現金淨流入約人民幣1,460,298,000元（二零二二年：人民幣984,432,000元）；及2. BASISOFPREPARATIONOFTHE CONSOLIDATEDFINANCIALSTATEMENTS (CONTINUED)(ii) in relat ion to those borrowings that have been past due or those borrowings that became immediately repayable due to cross-default clauses set out in the respective loan agreements, which are classified as current liabilities and detailed in note 28, the Group is in the process of negotiating with the relevant banks and other lenders to extend the repayment dates and to obtain waivers from banks and other lenders. The directors of the Company are of the view that based on past experience and the current communication with banks/lenders, it is not probable that the banks will exercise the cross-default clauses to demand immediate payment; (iii) the Group will actively obtain additional new sources of financing as and when needed;(iv) given the stability of demand in coal market and coal prices still within moderately favourable range, the Group wil l accelerate the coal production of those coal mines currently under production and apply for the renewal of those expired coal mining rights of coal mines not yet commenced production, together with applying cost control measures in cost of sales, administrative expenses and capital expenditures, to increase the Group’s internally generated funds and operating cash inflows in coming years continuously. The Group recorded a net operating cash inflow of approximately RMB1,460,298,000 (2022: RMB984,432,000) during the year; and172 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註2.綜合財務報表的編製基準（續）(v)本集團已委聘外部律師及╱或委派內部律師處理未決訴訟，及降低任何法律申索帶來的風險。

就部分訴訟而言，本公司董事認為本集團有合理理由就申索抗辯。

假設上述措施能於可見將來成功實施，對本集團目前及預測現金狀況進行評估後，本公司董事有信心，本集團將有能力悉數履行本集團於二零二三年十二月三十一日起計十二個月內到期的財務責任。

因此，本集團之綜合財務報表已按持續經營基準編製。

倘本集團未能繼續按持續經營基準經營業務，則需要作出調整以將本集團資產之賬面值撇減至其可收回金額，並就任何進一步負債計提撥備，並將非流動資產及非流動負債分別重新分類為流動資產及流動負債。

該等調整之影響並未於該等綜合財務報表內反映。

2. BASISOFPREPARATIONOFTHE CONSOLIDATEDFINANCIALSTATEMENTS (CONTINUED)(v) the Group has appointed external lawyers and/or assigned internal lawyers to handle the outstanding litigations, and to mitigate the risk exposure from any legal claims. In respect of some of the litigations, the directors of the Company are of the opinion that the Group has valid grounds to defend against the claims.On the basis of the successful implementation of the measures described above in the foreseeable future and after assessing the Group’s current and forecasted cash positions, the directors of the Company are optimistic that the Group will be able to meet in full the Group’s financial obligations as they fall due for the twelve months from 31 December 2023. Accordingly, the consolidated financial statements of the Group have been prepared on the going concern basis.Should the Group be unable to continue in business as a going concern, adjustments would have to be made to write down the carrying amounts of the Group’s assets to their recoverable amounts, to provide for any further liabilities and to reclassify non-current assets and non-current liabilities as current assets and current liabilities respectively. The effects of these adjustments have not been reflected in these consolidated financial statements.173二零二三年年報 ANNUALREPORT 2023For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註3.應用新訂及經修訂國際財務報告準則（「國際財務報告準則」）於本年度強制生效的新訂及經修訂國際財務報告準則本集團已就編製綜合財務報表於本年度首次應用由國際會計準則委員會（「國際會計準則委員會」）頒佈的下列新訂及經修訂國際財務報告準則，該等準則於二零二三年一月一日或之後開始的年度期間強制生效：國際財務報告準則第17號（包括二零二零年六月及二零二一年十二月的經修訂國際財務報告準則第17號）保險合約經修訂國際會計準則第8號會計估計的定義經修訂國際會計準則第12號與單一交易產生的資產及負債有關的遞延稅項經修訂國際會計準則第12號國際稅務改革 –第二支柱示範規則經修訂國際會計準則第1號及國際財務報告準則實務公告第2號會計政策的披露除下述者外，於本年度應用新訂及經修訂國際財務報告準則對本集團於本年度及過往年度的財務狀況及表現及╱或綜合財務報表所載披露並無重大影響。

3. APPLICATIONOFNEWANDAMENDMENTSTO IFRSACCOUNTINGSTANDARDS (“IFRSs”)New and amendments to IFRSs that are mandatorily effective for the current yearIn the current year, the Group has appl ied the following new and amendments to IFRSs issued by the International Accounting Standards Board (“IASB”) for the first time, which are mandatorily effective for the annual periods beginning on or after 1 January 2023 for the preparation of the consolidated financial statements:IFRS 17 (including the June 2020 and December 2021 Amendments to IFRS17)Insurance ContractsAmendments to IAS 8 Definition of Accounting EstimatesAmendments to IAS 12 Deferred Tax related to Assets and Liabilities arising from a Single TransactionAmendments to IAS 12 International Tax Reform–Pillar Two model RulesAmendments to IAS 1 and IFRS Practice Statement 2Disclosure of Accounting PoliciesExcept as described below, the application of the new and amendments to IFRSs in the current year has had no material impact on the Group’s financial positions and performance for the current and prior years and/or on the disclosures set out in these consolidated financial statements.174 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註3.應用新訂及經修訂國際財務報告準則（「國際財務報告準則」）（續）於本年度強制生效的新訂及經修訂國際財務報告準則（續）應用經修訂國際會計準則第12號「與單一交易產生的資產及負債有關的遞延稅項」的影響本集團已於本年度首次應用修訂。

該等修訂本收窄國際會計準則第12號所得稅第15及24段中遞延稅項負債及遞延稅項資產的確認豁免範圍，使其不再適用於初始確認時產生相等應課稅及可扣減暫時差額的交易。

根據過渡條文：(i)本集團已就二零二三年一月一日或之後發生的租賃交易追溯應用新會計政策；(ii)對於所有與使用權資產和租賃負債有關的可抵扣及應課稅暫時差額，本集團亦於二零二三年一月一日確認遞延稅項資產（前提是存在可動用應課稅溢利用於抵銷可抵扣暫時差額）及遞延稅項負債。

除本集團按總額基準於附註19披露於二零二三年十二月三十一日有關年內訂立的新租約的相關遞延稅項資產人民幣1,696,000元及遞延稅項負債人民幣2,143,000元外，應用該等修訂本對本集團的財務狀況及表現並無重大影響，惟對所呈列最早期間的保留盈利並無影響。

3. APPLICATIONOFNEWANDAMENDMENTSTO IFRSACCOUNTINGSTANDARDS (CONTINUED)New and amendments to IFRSs that are mandatorily effective for the current year (continued)Impact on application of Amendments to IAS 12 – Deferred Tax related to Assets and Liabilities arising from a Single TransactionThe Group has applied the amendments for the first time in the current year. The amendments narrow the scope of the recognition exemption of deferred tax liabilities and deferred tax assets in paragraphs 15 and 24 of IAS 12 Income Taxes so that it no longer applies to transactions that, on initial recognition, give rise to equal taxable and deductible temporary differences.In accordance with the transition provision:(i) the Group has applied the new accounting policy retrospectively to leasing transactions that occurred on or after 1 January 2023;(ii) t he Group a l so , as a t 1 Janua ry 2023, recognised a deferred tax asset (to the extent that it is probable that taxable profit will be available against which the deductible temporary difference can be utilised) and a deferred tax liability for all deductible and taxable temporary difference associated with right-of-use-assets and lease liabilities.The application of the amendments has had no material impact on the Group’s financial position and performance, except that the Group disclosed the related deferred tax assets of RMB1,696,000 and deferred tax liabilities of RMB2,143,000 on a gross basis as at 31 December 2023 in respect of new leases entered during the year in note 19 but it has no impact on the retained earnings at the earliest period presented.175二零二三年年報 ANNUALREPORT 2023For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註3.應用新訂及經修訂國際財務報告準則（「國際財務報告準則」）（續）已頒佈但尚未生效的新訂及經修訂國際財務報告準則本集團並無提早應用以下已頒佈但尚未生效的新訂及經修訂國際財務報告準則：經修訂國際財務報告準則第10號及國際會計準則第28號投資者與其聯營公司或合營企業之間的資產出售或注資1經修訂國際財務報告準則第16號售後租回的租賃負債2經修訂國際會計準則第1號將負債分類為流動或非流動2經修訂國際會計準則第1號附有契諾的非流動負債2經修訂國際會計準則第7號及國際財務報告準則第7號供應商融資安排2經修訂國際會計準則第21號缺乏可交換性31於待定日期或之後開始的年度期間生效。

2於二零二四年一月一日或之後開始的年度期間生效。

3於二零二五年一月一日或之後開始的年度期間生效。

除下文所述的新訂及經修訂國際財務報告準則外，本公司董事預期應用所有其他新訂及經修訂國際財務報告準則於可見將來不會對綜合財務報表造成重大影響。

3. APPLICATIONOFNEWANDAMENDMENTSTO IFRSACCOUNTINGSTANDARDS (CONTINUED)New and amendments to IFRSs in issue but not yet effectiveThe Group has not early applied the following new and amendments to IFRSs that have been issued but are not yet effective:Amendments to IFRS 10 and IAS 28Sale or Contribution of Assets between an Investor and its Associate or Joint Venture1Amendments to IFRS 16 Lease Liability in a Sale and Leaseback2Amendments to IAS 1 Classification of Liabilities as Current or Non-current2Amendments to IAS 1 Non-current Liabilities with Covenants2Amendments to IAS 7 and IFRS 7 Supplier Finance Arrangements2Amendments to IAS 21 Lack of Exchangeability31 Effective for annual periods beginning on or after a date to be determined.2 Effective for annual periods beginning on or after 1 January 2024.3 Effective for annual periods beginning on or after 1 January 2025.Except for the new and amendments to IFRSs mentioned below, the directors of the Company anticipate that the application of all other new and amendments to IFRSs will have no material impact on the consolidated financial statements in the foreseeable future.176 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註3.應用新訂及經修訂國際財務報告準則（「國際財務報告準則」）（續）已頒佈但尚未生效的新訂及經修訂國際財務報告準則（續）經修訂國際會計準則第1號「將負債分類為流動或非流動」及經修訂國際會計準則第1號「附有契諾的非流動負債」（「二零二二年修訂」）二零二零年修訂就如何評估實體是否有權將負債的清償自報告日期起計遞延至少十二個月從而將負債分類為流動或非流動，作出了釐清及補充指引，其中：釐清了倘負債的條款訂明，交易對手可選擇透過轉讓實體本身的權益工具將負債清償，則僅當實體應用國際會計準則第32號「財務工具：呈報」將選擇權單獨確認為權益工具時，該等條款方不會對將負債分類為流動或非流動造成影響。

指明將負債分類為流動或非流動應基於在報告期末存在的權利。

具體而言，該等修訂釐清了分類不應受管理層是否有意或期望於十二個月內清償負債所影響。

3. APPLICATIONOFNEWANDAMENDMENTSTO IFRSACCOUNTINGSTANDARDS (CONTINUED)New and amendments to IFRSs in issue but not yet effective (continued)Amendments to IAS 1 Classification of Liabilities as Current or Non-current and Amendments to IAS 1 Non-current Liabilities with Covenants (the “2022 Amendments”)The 2020 Amendments provide clarif ication and additional guidance on the assessment of right to defer settlement for at least twelve months from reporting date for classification of liabilities as current or non-current, which: clarify that if a liability has terms that could, at the option of the counterparty, result in its settlement by the transfer of the entity’s own equity instruments, these terms do not affect its classification as current or non-current only if the entity recognises the option separately as an equity instrument applying IAS 32 Financial Instruments: Presentation. specify that the classification of liabilities as current or non-current should be based on rights that are in existence at the end of the reporting period. Specifically, the amendments clarify that the classification should not be affected by management intentions or expectations to settle the liability within 12 months.177二零二三年年報 ANNUALREPORT 2023For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註3.應用新訂及經修訂國際財務報告準則（「國際財務報告準則」）（續）已頒佈但尚未生效的新訂及經修訂國際財務報告準則（續）經修訂國際會計準則第1號「將負債分類為流動或非流動」及經修訂國際會計準則第1號「附有契諾的非流動負債」（「二零二二年修訂」）（續）對於以遵從契約為條件的自報告日期起至少延遲十二個月結算的權利，二零二二年修訂已對二零二零年修訂引入的要求作出修改。

二零二二年修訂列明只有實體必須在報告期末或以前遵從的契約，才會影響實體將結清負債期限延遲至報告日期後最少十二個月的權利。

只在報告期後才必須遵從的契約不會影響有關權利在報告期末是否存在。

此外，二零二二年修訂訂明有關資料的披露要求，倘實體必須在報告期後十二個月內遵從契約方能享有延遲結清負債的權利，並且實體將貸款安排產生的負債分類為非即期負債，則有關資料有助財務報表使用者瞭解負債可能在報告期後十二個月內變成應付的風險。

3. APPLICATIONOFNEWANDAMENDMENTSTO IFRSACCOUNTINGSTANDARDS (CONTINUED)New and amendments to IFRSs in issue but not yet effective (continued)Amendments to IAS 1 Classification of Liabilities as Current or Non-current and Amendments to IAS 1 Non-current Liabilities with Covenants (the “2022 Amendments”) (continued)For rights to defer settlement for at least twelve months from reporting date which are conditional on the compliance with covenants, the requirements introduced by the 2020 Amendments have been modi f ied by the 2022 Amendments. The 2022 Amendments specify that only covenants with which an entity is required to comply with on or before the end of the reporting period affect the entity’s right to defer settlement of a liability for at least twelve months after the reporting date. Covenants which are required to comply with only after the reporting period do not affect whether that right exists at the end of the reporting period.In addit ion, the 2022 Amendments speci fy the disclosure requirements about information that enables users of financial statements to understand the risk that the liabilities could become repayable within twelve months after the reporting period, if an entity classifies liabilities arising from loan arrangements as non-current when the entity’s right to defer settlement of those liabilities is subject to the entity complying with covenants within twelve months after the reporting period.178 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註3.應用新訂及經修訂國際財務報告準則（「國際財務報告準則」）（續）已頒佈但尚未生效的新訂及經修訂國際財務報告準則（續）經修訂國際會計準則第1號「將負債分類為流動或非流動」及經修訂國際會計準則第1號「附有契諾的非流動負債」（「二零二二年修訂」）（續）二零二二年修訂亦將應用二零二零年修訂的生效日期推遲到二零二四年一月一日或之後開始的年度報告期間。

二零二二年修訂與二零二零年修訂於二零二四年一月一日或之後開始的年度報告期間生效，並允許提早應用。

倘實體在頒佈二零二二年修訂後的早期應用二零二零年修訂，該實體亦應在該期間應用二零二二年修訂。

本公司董事預期，未來應用該等修訂可能會影響本集團負債的分類及相關披露事項。

然而，於本集團完成詳細審閱前，對該等修訂的影響提供合理估計並不可行。

3. APPLICATIONOFNEWANDAMENDMENTSTO IFRSACCOUNTINGSTANDARDS (CONTINUED)New and amendments to IFRSs in issue but not yet effective (continued)Amendments to IAS 1 Classification of Liabilities as Current or Non-current and Amendments to IAS 1 Non-current Liabilities with Covenants (the “2022 Amendments”) (continued)The 2022 Amendments also defer the effective date of applying the 2020 Amendments to annual reporting periods beginning on or after 1 January 2024. The 2022 Amendments, together with the 2020 Amendments, are effective for annual reporting periods beginning on or after 1 January 2024, with early application permitted. If an entity applies the 2020 Amendments for an earlier period after the issue of the 2022 Amendments, the entity should also apply the 2022 Amendments for that period.The directors of the Company anticipate that the application of the amendments in the future may affect the classification of the Group’s liabilities and related disclosures. However, it is not practicable to provide a reasonable estimate of the effect of the amendments until the Group completes a detailed review.179二零二三年年報 ANNUALREPORT 2023For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註4.重大會計政策此等綜合財務報表的編製乃根據由國際會計準則理事會所頒佈的所有國際財務報告準則，包括所有適用的個別國際財務報告準則、國際會計準則及相關詮釋，以及聯交所證券上市規則（「上市規則」）及香港公司條例的適用披露規定。

此等綜合財務報表乃於各報告期末根據歷史成本法編製，如下文所載會計政策所闡釋。

歷史成本通常根據於貨品及服務交換中所獲代價的公允值釐定。

公允值乃指市場參與者之間在計量日進行的有序交易中出售一項資產所收取的價格或轉移一項負債所支付的價格，無論該價格是否為直接觀察到的結果，或是採用其他估值技術作出的估計。

在對資產或負債的公允值作出估計時，本集團考慮了市場參與者在計量日為該資產或負債進行定價時將會考慮的該等特徵。

於此等綜合財務報表中計量及╱或披露的公允值均按此基準予以釐定，惟國際財務報告準則第2號「以股份為基礎的付款」範圍內的以股份為基礎的支付交易、根據國際財務報告準則第16號列賬的租賃交易及與公允值類似但並非公允值的計量（例如國際會計準則第2號中的可變現淨值或國際會計準則第36號「資產減值」中的使用價值）除外。

4. MATERIALACCOUNTINGPOLICIESThese consolidated financial statements have been prepared in accordance with all IFRSs, which collective term includes all applicable individual IFRS, IAS and related Interpretations, promulgated by the IASB and the applicable disclosure requirements of the Rules Governing the Listing of Securities on the Stock Exchange (“Listing Rules”) and of the Hong Kong Companies Ordinance.The consolidated financial statements have been prepared on the historical cost basis at the end of each reporting period, as explained in the accounting policies set out below.Historical cost is generally based on the fair value of the consideration given in exchange for goods and services.Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market part icipants at the measurement date, regardless of whether that price is directly observable or estimated using another valuation technique. In estimating the fair value of an asset or a liability, the Group takes into account the characteristics of the asset or liability if market participants would take those characteristics into account when pricing the asset or liability at the measurement date. Fair value for measurement and/or disclosure purposes in these consolidated financial statements is determined on such a basis, except for share-based payment transactions that are within the scope of IFRS 2 “Share-based Payment”, leasing transactions that are accounted for in accordance with IFRS 16, and measurements that have some similarities to fair value but are not fair value, such as net realisable value in IAS 2 or value in use in IAS 36 “Impairment of Assets”.180 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註4.重大會計政策（續）此外，就財務報告而言，公允值計量根據公允值計量的輸入數據可觀察程度及公允值計量的輸入數據對其整體的重要性分類為第一級、第二級或第三級，詳情如下：第一級輸入數據乃實體於計量日可取得的相同資產或負債於活躍市場之報價（未經調整）；第二級輸入數據乃就資產或負債直接或間接地可觀察之輸入數據（第一級內包括的報價除外）；及第三級輸入數據乃資產或負債的不可觀察輸入數據。

以下載列主要會計政策。

綜合基準綜合財務報表載有本公司以及受其控制實體及其附屬公司的財務報表。

倘本公司符合以下條件，則視為擁有控制權：可對投資對象行使權力；因參與投資對象業務而承擔可變回報的風險或享有權利；及有能力使用其權利影響其回報。

4. MATERIALACCOUNTINGPOLICIES (CONTINUED)In addition, for financial reporting purposes, fair value measurements are categorised into Level 1,2 or 3 based on the degree to which the inputs to the fair value measurements are observable and the significance of the inputs to the fair value measurement in its entirety, which are described as follows: Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date; Level 2 inputs are inputs, other than quoted pr ices inc luded wi th in Leve l 1, that are observable for the asset or liability, either directly or indirectly; and Level 3 inputs are unobservable inputs for the asset or liability.The principal accounting policies are set out below.Basis of consolidationThe consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Company and its subsidiaries. Control is achieved when the Company: has power over the investee; is exposed, or has rights, to variable returns from its involvement with the investee; and has the ability to use its power to affect its returns.181二零二三年年報 ANNUALREPORT 2023For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註4.重大會計政策（續）綜合基準（續）倘事實及情況顯示上文所述控制權三項元素中的一項或以上元素出現變動，則本集團會重新評估其對投資對象是否仍擁有控制權。

附屬公司於本集團取得有關附屬公司的控制權時開始綜合入賬，並於本集團失去有關附屬公司的控制權時終止綜合記賬。

具體而言，年內所收購或出售附屬公司的收入及開支乃自本集團取得控制權當日起計入綜合全面收入表，直至本集團不再控制有關附屬公司之日為止。

損益及其他全面收入各項目歸屬於本公司擁有人及非控股權益。

附屬公司的全面收入總額歸於本公司擁有人及非控股權益內，即使此舉會導致非控股權益產生虧絀結餘。

倘有需要，附屬公司的財務報表將作出調整，以使其會計政策與本集團的會計政策一致。

有關本集團成員公司之間交易的所有集團內公司間資產及負債、權益、收入、開支以及現金流量於綜合賬目時全數對銷。

附屬公司的非控股權益與本集團的權益分開呈列，指現時擁有之權益且賦予持有人權利於清盤時按比例分佔相關附屬公司淨資產。

4. MATERIALACCOUNTINGPOLICIES (CONTINUED)Basis of consolidation (continued)The Group reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above.Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Specifically, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated statement of comprehensive income from the date the Group gains control until the date when the Group ceases to control the subsidiary.Profit or loss and each item of other comprehensive income are attributed to the owners of the Company and to the non-controlling interests. Total comprehensive income of subsidiaries is attributed to the owners of the Company and to the non-controlling interests even if this results in the non-controlling interests having a deficit balance.When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies in line with the Group’s accounting policies.All intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation.Non-controlling interests in subsidiaries are presented separately from the Group’s equity therein, which represent present ownership interests entitling their holders to a proportionate share of net assets of the relevant subsidiaries upon liquidation.182 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註4.重大會計政策（續）本集團於現有附屬公司權益的變動本集團於附屬公司權益的變動並無導致本集團對附屬公司失去控制權，會作為權益交易入賬。

本集團相關權益部分及非控股權益之賬面值經調整以反映彼等於附屬公司之相對權益變動，包括相關儲備根據本集團與非控股權益的權益比例在兩者間的重新分配。

經調整的非控股權益的金額與已付或已收代價的公允值間任何差額直接於權益中確認，並歸屬於本公司之擁有人。

業務合併或資產收購選擇性集中度測試本集團可選擇按逐項交易基準應用選擇性集中度測試，可以簡化對所購置的一組活動及資產是否非業務之評估。

倘若所收購的總資產之實質上所有公允值都集中在單個可識別資產或一組類似可識別資產中，則滿足集中度測試。

評估中之總資產不包括現金及現金等價物、遞延稅項資產及因遞延稅項負債的影響而產生之商譽。

倘若滿足集中度測試，則一組活動及資產被釐定為非業務，不需進一步評估。

4. MATERIALACCOUNTINGPOLICIES (CONTINUED)Changes in the Group’s interests in existing subsidiariesChanges in the Group’s interests in subsidiaries that do not result in the Group losing control over the subsidiaries are accounted for as equity transactions. The carry ing amounts of the Group’s re levant components of equity and the non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiaries, including re-attribution of relevant reserves between the Group and the non-controlling interests according to the Group’s and the non-controlling interests’ proportionate interests.Any difference between the amount by which the non-controlling interests are adjusted, and the fair value of the consideration paid or received is recognised directly in equity and attributed to owners of the Company.Business combinations or asset acquisitionsOptional concentration testThe Group can elect to apply an optional concentration test, on a transaction-by-transaction basis, that permits a simplified assessment of whether an acquired set of activities and assets is not a business. The concentration test is met if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets. The gross assets under assessment exclude cash and cash equivalents, deferred tax assets, and goodwill resulting from the effects of deferred tax liabilities. If the concentration test is met, the set of activities and assets is determined not to be a business and no further assessment is needed.183二零二三年年報 ANNUALREPORT 2023For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註4.重大會計政策（續）業務合併或資產收購（續）資產收購本集團收購一組不構成業務的資產及負債時，本集團透過首先將購買價按照各自的公允值分配至金融資產╱金融負債，以識別及確認所收購的個別可識別資產及所承擔的負債，其後將購買價的餘下結餘按其於購買日期的相對公允值分配至其他可識別資產及負債。

有關交易並不會產生商譽或議價購買收益。

業務合併業務乃一組綜合活動及資產，當中包含投入及實質性流程，兩者共同對創造產出的能力作出重大貢獻。

倘所收購的流程對持續創造產出的能力至關重要（包括一群有組織的僱員，彼等具備必需的技術、知識或經驗去進行相關流程）或對持續創造產出的能力作出重大貢獻且被認為屬獨特或罕有或無法在毋須付出巨大成本或努力的情況下或毋須延遲持續創造產出的能力的情況下被替代，則被視為實質性。

收購業務乃以收購法入賬。

業務合併所轉讓代價按公允值計量，乃按本集團所轉讓資產、本集團所產生對被收購人之前擁有人之負債及本集團為交換被收購人之控制權而發行之股權於收購日期之公允值之總和計算。

收購相關成本一般於產生時於損益確認。

4. MATERIALACCOUNTINGPOLICIES (CONTINUED)Business combinations or asset acquisitions (continued)Asset acquisitionsWhen the Group acquires a group of assets and liabilities that do not constitute a business, the Group identifies and recognises the individual identifiable assets acquired and liabilities assumed by allocating the purchase price first to financial assets/financial liabilities at the respective fair values, the remaining balance of the purchase price is then allocated to the other identifiable assets and liabilities on the basis of their relative fair values at the date of purchase. Such a transaction does not give rise to goodwill or bargain purchase gain.Business combinationsA business is an integrated set of activities and assets which includes an input and a substantive process that together significantly contribute to the ability to create outputs. The acquired processes are considered substantive if they are critical to the ability to continue producing outputs, including an organised workforce with the necessary skills, knowledge, or experience to perform the related processes or they significantly contribute to the ability to continue producing outputs and are considered unique or scarce or cannot be replaced without significant cost, effort, or delay in the ability to continue producing outputs.Acquisitions of businesses are accounted for using the acquisition method. The consideration transferred in a business combination is measured at fair value, which is calculated as the sum of the acquisition-date fair values of the assets transferred by the Group, liabilities incurred by the Group to the former owners of the acquiree and the equity interests issued by the Group in exchange for control of the acquiree. Acquisition-related costs are generally recognised in profit or loss as incurred.184 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註4.重大會計政策（續）業務合併或資產收購（續）業務合併（續）所收購的可識別資產及所承擔的負債必須符合財務呈報概念框架（「概念框架」）中資產及負債的定義，惟在國際會計準則第37號或國際財務報告準則第21號範圍內的交易及事件除外（就該等交易及事件，本集團應用國際會計準則第37號或國際財務報告準則第21號而非概念框架去識別在業務合併中所承擔的負債）。

本集團不確認或然資產。

於收購日期，所收購可識別資產及所承擔負債按其公允值予以確認，惟：遞延稅項資產或負債及有關僱員福利安排之資產或負債已分別根據國際會計準則第12號「所得稅」及國際會計準則第19號「僱員福利」確認及計量；涉及被收購人以股份為基礎的付款安排或為取代被收購人以股份為基礎的付款安排而訂立之本集團以股份為基礎的付款安排之負債或股本工具按國際財務報告準則第2號於收購日期予以計量（見下文會計政策）；4. MATERIALACCOUNTINGPOLICIES (CONTINUED)Business combinations or asset acquisitions (continued)Business combinations (continued)The identifiable assets acquired and liabilities assumed must meet the definitions of an asset and a liability in the Conceptual Framework for Financial Reporting (the “Conceptual Framework”) except for transactions and events within the scope of IAS 37 or IFRIC 21, in which the Group applies IAS 37 or IFRIC 21 instead of the Conceptual Framework to identify the liabilities it has assumed in a business combination. Contingent assets are not recognised.At the acquisition date, the identifiable assets acquired and the liabilities assumed are recognised at their fair value, except that: deferred tax assets or liabilities, and assets or l iabi l i t ies re lated to employee benef i t arrangements are recognised and measured in accordance with IAS 12 “Income Taxes” and IAS 19 “Employee Benefits” respectively; liabilities or equity instruments related to share-based payment arrangements of the acquiree or share-based payment arrangements of the Group entered into to replace share-based payment arrangements of the acquiree are measured in accordance with IFRS 2 at the acquisition date (see the accounting policy below);185二零二三年年報 ANNUALREPORT 2023For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註4.重大會計政策（續）業務合併或資產收購（續）業務合併（續）按國際財務報告準則第5號「持作銷售之非流動資產及已終止經營業務」分類為持作銷售之資產（或出售類別）按該準則予以計量；及租賃負債按剩餘租賃付款（定義見國際財務報告準則第16號）的現值確認及計量，猶如收購的租賃於收購日為新租賃，惟(a)租賃期限於收購日期12個月內結束；或(b)相關資產為低價值的租賃除外。

使用權資產按與相關租賃負債相同的金額確認及計量，並進行調整以反映與市場條件相比租賃的有利或不利條款。

商譽乃按已轉讓代價、於被收購人之任何非控股權益金額及收購公司先前於被收購人持有之股權公允值（如有）之總額超逾於收購日期所收購可識別資產與所承擔負債之淨額之差額計量。

倘經重新評估後，所收購可識別資產與所承擔負債之淨額超逾已轉讓代價、於被收購人之任何非控股權益金額及收購公司先前於被收購人持有之股權公允值（如有）之總和，超出部分即時於損益中確認為議價購買收益。

4. MATERIALACCOUNTINGPOLICIES (CONTINUED)Business combinations or asset acquisitions (continued)Business combinations (continued) assets (or disposal groups) that are classified as held for sale in accordance with IFRS 5 “Non-current Assets Held for Sale and Discontinued Operations” are measured in accordance with that standard; and lease liabilities are recognised and measured at the present value of the remaining lease payments (as defined in IFRS 16) as if the acquired leases were new leases at the acquisition date, except for leases for which (a) the lease term ends within 12 months of the acquisition date; or (b) the underlying asset is of low value. Right-of-use assets are recognised and measured at the same amount as the relevant lease liabilities, adjusted to reflect favorable or unfavorable terms of the lease when compared with market terms.Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree, and the fair value of the acquirers previously held equity interest in the acquiree (if any) over the net amount of the identifiable assets acquired and the liabilities assumed as at acquisition date. If, after re-assessment, the net amount of the identifiable assets acquired and liabilities assumed exceeds the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree and the fair value of the acquirers previously held interest in the acquiree (if any), the excess is recognised immediately in profit or loss as a bargain purchase gain.186 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註4.重大會計政策（續）商譽因收購一項業務產生之商譽乃按收購業務當日設立的成本值（見上述會計政策）減累計減值虧損（如有）列賬。

就減值測試而言，商譽分配至預期受益於合併協同效應之本集團各現金產生單位，其為就內部管理目的而言監察商譽的最低層次及不大於一個經營分部。

已獲分配商譽的現金產生單位每年進行減值測試，倘有跡象顯示單位已減值，則更頻密地測試。

倘於報告期內的收購產生商譽，已獲分配商譽的現金產生單位於該報告期末前進行減值測試。

倘可收回金額少於其賬面值，減值虧損首先分配，以削減任何商譽之賬面值，然後再分配至其他資產，分配按比例根據單位內各項資產的賬面值作出。

於出售有關現金產生單位或現金產生單位類別內的任何現金產生單位時，商譽應佔金額乃於釐定出售損益金額時計入。

當本集團出售現金產生單位內的營運，出售的商譽金額按所出售經營的相對價值及保留現金產生單位部分的基準計量。

本集團就收購聯營公司產生的商譽的政策如下所述。

4. MATERIALACCOUNTINGPOLICIES (CONTINUED)GoodwillGoodwill arising on an acquisition of a business is carried at cost as established at the date of acquisition of the business (see the accounting policy above) less accumulated impairment losses, if any.For the purposes of impairment testing, goodwill is allocated to each of the Group’s cash-generating units that is expected to benefit from the synergies of the combination, which represent the lowest level at which the goodwill is monitored for internal management purposes and not larger than an operating segment.A cash-generating unit to which goodwill has been allocated is tested for impairment annually or more frequently when there is indication that the unit may be impaired. For goodwill arising on an acquisition in a reporting period, the cash-generating unit to which goodwill has been allocated is tested for impairment before the end of that report ing per iod. I f the recoverable amount is less than its carrying amount, the impairment loss is allocated first to reduce the carrying amount of any goodwill and then to the other assets on a pro-rata basis based on the carrying amount of each asset in the unit.On disposal of the relevant cash-generating unit or any of the cash-generating unit within the group of cash-generating units, the attributable amount of goodwill is included in the determination of the amount of profit or loss on disposal. When the Group disposes of an operation within the cash-generating unit, the amount of goodwill disposed of is measured on the basis of the relative values of the operation disposed of and the portion of the cash-generating unit retained.The Group’s pol icy for goodwi l l ar is ing on the acquisition of an associate is described below.187二零二三年年報 ANNUALREPORT 2023For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註4.重大會計政策（續）於聯營公司之投資聯營公司為本集團擁有重大影響力的實體。

重大影響力乃參與投資對象財務及經營政策決定的權力，但對該等政策並無控制權或共同控制權。

聯營公司之業績及資產與負債以權益會計法計入綜合財務報表內。

就權益會計法目的使用的聯營公司財務報表乃採用與本集團在類似情況下就相似交易及事件所採用者相一致的會計政策編製。

根據權益法，於聯營公司之投資乃按成本及隨後調整於綜合財務狀況表初步確認，以確認本集團應佔聯營公司溢利或虧損及其他全面收入。

損益及其他全面收入以外的聯營公司資產淨值變動不會入賬，除非該等變動導致本集團持有的所有權權益有所變動。

當本集團分佔聯營公司虧損超過本集團在該聯營公司的權益（包括實際上構成本集團對聯營公司投資淨額部分之任何長期權益）時，本集團不再確認其分佔的進一步虧損。

本集團僅會在其須向該聯營公司承擔法律或推定義務，或代其支付款項之情況下，確認額外虧損。

4. MATERIALACCOUNTINGPOLICIES (CONTINUED)Investment in an associateAn associate is an entity over which the Group has significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control over those policies.The results and assets and liabilities of an associate are incorporated in these consolidated financial statements using the equity method of accounting. The financial statements of the associate used for equity accounting purposes are prepared using uniform accounting policies as those of the Group for like transactions and events in similar circumstances. Under the equity method, an investment in an associate is initially recognised in the consolidated statement of financial position at cost and adjusted thereafter to recognise the Group’s share of the profit or loss and other comprehensive income of the associate. Changes in net assets of the associate other than profit or loss and other comprehensive income are not accounted for unless such changes resulted in changes in ownership interest held by the Group. When the Group’s share of losses of an associate exceeds the Group’s interest in that associate (which includes any long-term interests that, in substance, form part of the Group’s net investment in the associate), the Group discontinues recognising its share of further losses. Additional losses are recognised only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the associate.188 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註4.重大會計政策（續）於聯營公司之投資（續）於聯營公司之投資由投資對象成為聯營公司當日起採用權益法入賬。

收購於聯營公司之投資時，投資成本超出本集團分佔該投資對象的可識別資產及負債公允值淨額的任何部分乃確認為商譽，並計入投資的賬面值。

超出本集團分佔可識別資產及負債公允值淨額的任何投資成本，於重新評估後即時於收購投資期內於損益內確認。

本集團評估是否有客觀證據顯示於聯營公司之權益可能已減值。

倘存在任何客觀證據，投資的全部賬面值（包括商譽）將會根據國際會計準則第36號作為單一資產進行減值測試，方式為比較其可收回金額（使用價值及公允值減出售成本的較高者）與其賬面值。

被確認的任何減值虧損均構成投資賬面值的一部分。

該減值虧損的任何撥回根據國際會計準則第36號確認，惟以隨後增加的可收回投資金額為限。

4. MATERIALACCOUNTINGPOLICIES (CONTINUED)Investment in an associate (continued)An investment in an associate is accounted for using the equity method from the date on which the investee becomes an associate. On acquisition of the investment in an associate, any excess of the cost of the investment over the Group’s share of the net fair value of the identifiable assets and liabilities of the investee is recognised as goodwill, which is included within the carrying amount of the investment. Any excess of the Group’s share of the net fair value of the identifiable assets and liabilities over the cost of the investment, after reassessment, is recognised immediately in profit or loss in the period in which the investment is acquired.The Group assesses whether there is an objective evidence that the interest in an associate may be impaired. When any objective evidence exists, the entire carrying amount of the investment (including goodwill) is tested for impairment in accordance with IAS 36 as a single asset by comparing its recoverable amount (higher of value in use and fair value less costs of disposal) with its carrying amount. Any impairment loss recognised forms part of the carrying amount of the investment. Any reversal of that impairment loss is recognised in accordance with IAS 36 to the extent that the recoverable amount of the investment subsequently increases.189二零二三年年報 ANNUALREPORT 2023For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註4.重大會計政策（續）於聯營公司之投資（續）當本集團不再對聯營公司擁有重大影響力時，則按出售於該投資對象的全部權益入賬，所產生的收益或虧損於損益中確認。

倘本集團保留於前聯營公司的權益且該保留權益為國際財務報告準則第9號╱國際會計準則第39號範圍內的金融資產，則本集團會按於該日的公允值計量保留權益，而該公允值被視為其於初步確認時的公允值。

聯營公司的賬面值與任何保留權益及出售聯營公司相關權益的任何所得款項公允值之間的差額，會於釐定出售該聯營公司的收益或虧損時入賬。

此外，本集團會將先前在其他全面收入就該聯營公司確認的所有金額入賬，基準與該聯營公司直接出售相關資產或負債所需基準相同。

因此，倘該聯營公司先前已於其他全面收入確認的收益或虧損會於出售相關資產或負債時重新分類至損益，則本集團會於出售╱部分出售相關聯營公司時將收益或虧損由權益重新分類至損益（作為重新分類調整）。

當本集團減少其於聯營公司之所有權權益，惟本集團繼續使用權益法時，而倘該收益或虧損將於出售相關資產或負債時重新分類至損益之情況下，本集團會將先前就減少所有權權益於其他全面收入中確認的收益或虧損之部分重新分類至損益。

當集團實體與本集團的聯營公司進行交易，與該聯營公司進行交易產生的損益於本集團的綜合財務報表內確認，惟僅以與本集團無關的聯營公司權益為限。

4. MATERIALACCOUNTINGPOLICIES (CONTINUED)Investment in an associate (continued)When the Group ceases to have significant influence over an associate, it is accounted for as a disposal of the entire interest in the investee with a resulting gain or loss being recognised in profit or loss. When the Group retains an interest in the former associate and the retained interest is a financial asset within the scope of IFRS 9/IAS 39, the Group measures the retained interest at fair value at that date and the fair value is regarded as its fair value on initial recognition. The difference between the carrying amount of the associate and the fair value of any retained interest and any proceeds from disposing the relevant interest in the associate is included in the determination of the gain or loss on disposal of the associate. In addition, the Group accounts for all amounts previously recognised in other comprehensive income in relation to that associate on the same basis as would be required if that associate had directly disposed of the related assets or liabilities. Therefore, if a gain or loss previously recognised in other comprehensive income by that associate would be reclassified to profit or loss on the disposal of the related assets or liabilities, the Group reclassifies the gain or loss from equity to profit or loss (as a reclassification adjustment) upon disposal/partial disposal of the relevant associate.When the Group reduces its ownership interest in an associate but the Group continues to use the equity method, the Group reclassifies to profit or loss the proportion of the gain or loss that had previously been recognised in other comprehensive income relating to that reduction in ownership interest if that gain or loss would be reclassified to profit or loss on the disposal of the related assets or liabilities.When a group entity transacts with an associate of the Group, profits and losses resulting from the transactions with the associate are recognised in the Group’s consolidated financial statements only to the extent of interests in the associate that are not related to the Group.190 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註4.重大會計政策（續）物業、廠房及設備確認及計量物業、廠房及設備的項目於綜合財務狀況表按成本減累計折舊及其後累計減值虧損（如有）列賬。

成本包括收購資產直接應佔的支出。

自建資產的成本包括物料成本和直接勞工成本、令資產符合工作條件作其擬定用途的應佔任何其他直接成本，以及拆卸和搬遷項目及恢復項目所在地原貌的成本及資本化借貸成本，以及就清償債務所需的時間或資源流出的變化或折現率的變化所引致之該等成本而確認的現有負債的計量變動。

購買對相關設備的功能所必需的軟件，會作為該設備的一部分予以資本化。

倘已確定已探明及估計煤炭儲量，用於開發煤礦的費用資本化為採礦建築物成本之一部分。

所有其他支出（包括清理廢料的費用、修理及維護以及大修成本）於產生時支銷。

倘物業、廠房及設備項目主要部分的估計可使用年期不同，則會以物業、廠房及設備的獨立項目（主要部分）列賬。

4. MATERIALACCOUNTINGPOLICIES (CONTINUED)Property, plant and equipmentRecognition and measurementItems of property, plant and equipment are stated in the consolidated statement of financial position at cost less accumulated depreciation and subsequent accumulated impairment losses, if any.Cost includes expenditure that is directly attributable to the acquisition of the asset. The cost of self-constructed assets includes the cost of materials and direct labour, any other costs directly attributable to bringing the asset to a working condition for its intended use, the costs of dismantling and removing the items and restoring the site on which they are located and capitalised borrowing costs and changes in the measurement of existing liabilities recognised for these costs resulting from changes in the timing or outflow of resources required to settle the obligation or from changes in the discount rate. Purchased software that is integral to the functionality of the related equipment is capitalised as part of that equipment.When proved and probable coal reserves have been determined, costs incurred to develop coal mines are capitalised as part of the cost of the mining structures. All other expenditures, including the costs of removing waste materials, the cost of repairs and maintenance and major overhaul, are expensed as they are incurred.If significant parts of an item of property, plant and equipment have different estimated useful lives, then they are accounted for as separate items (major components) of property, plant and equipment.191二零二三年年報 ANNUALREPORT 2023For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註4.重大會計政策（續）物業、廠房及設備（續）確認及計量（續）倘物業、廠房及設備項目需要到達某地點及達到某條件方能按管理層所擬定的方式運作，則在此過程中所生產項目（如在測試該資產是否正常運作時所生產的樣辦）的銷售所得款項以及生產該等項目的相關成本於損益中確認。

該等項目的成本按國際會計準則第2號的計量規定予以計量。

物業、廠房及設備項目於出售時或當持續使用該資產已無預期於日後產生的經濟利益時取消確認。

出售物業、廠房及設備項目的任何收益或虧損（按出售所得款項淨額與項目的賬面值之差額計算）於綜合全面收入表中確認。

後續成本倘更換物業、廠房及設備項目部分會於日後為本集團帶來經濟利益，而其成本亦可以可靠地計量，則其成本會按該項目的賬面值確認。

替代部分的賬面值將取消確認。

物業、廠房及設備的日常服務成本會於其產生時在綜合全面收入表確認。

4. MATERIALACCOUNTINGPOLICIES (CONTINUED)Property, plant and equipment (continued)Recognition and measurement (continued)Sale proceeds of items that are produced while bringing an item of property, plant and equipment to the location and condition necessary for it to be capable of operating in the manner intended by management (such as samples produced when testing whether the asset is functioning properly), and the related costs of producing those items are recognised in the profit or loss. The cost of those items are measured in accordance with the measurement requirements of IAS 2.An i t em o f p roper ty , p lan t and equ ipment i s derecognised upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. Any gain or loss on disposal of an item of property, plant and equipment (calculated as the difference between the net proceeds from disposal and the carrying amount of the item) is recognised in the consol idated statement of comprehensive income.Subsequent costsThe cost of replacing a component of an item of property, plant and equipment is recognised in the carrying amount of the item if it is probable that the future economic benefits embodied within the part will flow to the Group and its cost can be measured reliably. The carrying amount of the replaced component is derecognised. The costs of the day-to-day servicing of property, plant and equipment are recognised in the consolidated statement of comprehensive income as incurred.192 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註4.重大會計政策（續）物業、廠房及設備（續）折舊折舊乃按資產成本減其剩餘價值計算。

個別資產的重要部分會予以評估，倘任何部分的估計可使用年期與資產的其他部分不同，則該部分會單獨予以折舊。

折舊乃按物業、廠房及設備項目（採礦建築物除外）各部分的估計可使用年期以直線法為基準於綜合全面收入表中確認。

物業、廠房及設備重大項目於目前及比較年度的估計可使用年期如下：樓宇10至30年廠房及機器3至30年電子及其他設備3至10年汽車5至15年貨船10至30年採礦建築物根據已探明及估計煤炭儲量，以耗蝕基準利用單位生產法予以折舊。

在建資產在完成並可作擬定用途前不計提折舊。

各在建資產於建造完成後，會撥入物業、廠房及設備的有關類別。

折舊方法、估計可使用年期及剩餘價值會於各報告期末檢討及調整（如適用），估計的任何變動的影響按預期基準入賬。

4. MATERIALACCOUNTINGPOLICIES (CONTINUED)Property, plant and equipment (continued)DepreciationDepreciation is based on the cost of an asset less its residual value. Significant components of individual assets are assessed and if a component has an estimated useful life that is different from the remainder of the asset, that component is depreciated separately.Depreciat ion is recognised in the consolidated statement of comprehensive income on a straight-line basis over the estimated useful lives of each component of an item of property, plant and equipment, other than mining structures.The est imated useful l ives for the current and comparative years of significant items of property, plant and equipment are as follows:Buildings 10–30 yearsPlant and machinery 3–30 yearsElectronic and other equipment 3–10 yearsMotor vehicles 5–15 yearsVessels 10–30 yearsMining structures are depreciated using the units-of-production method, utilising proved and probable coal reserves in the depletion base.No deprec ia t ion is prov ided for assets under construction until such time as the relevant assets are completed and available for intended use. Assets under construction are transferred to the relevant categories of property, plant and equipment upon the completion of their respective construction.Depreciation methods, estimated useful lives and residual values are reviewed at the end of each reporting period and adjusted if appropriate, with the effect of any changes in estimate accounted for on a prospective basis.193二零二三年年報 ANNUALREPORT 2023For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註4.重大會計政策（續）煤炭採礦權煤炭採礦權指從政府或透過業務合併收購的煤礦開採權。

煤炭採礦權於綜合財務狀況表中按成本減累計攤銷及其後累計減值虧損（如有）列賬。

煤炭採礦權使用探明及估計煤炭儲量，以耗蝕基準利用單位生產法予以攤銷。

商譽以外的有形及無形資產減值於報告期末，本集團審閱可使用年期有限的有形資產（包括物業、廠房及設備以及使用權資產）及煤炭採礦權之賬面值，以釐定是否出現任何跡象顯示該等資產正面臨減值虧損。

倘若存在任何該等跡象，則會估計相關資產的可收回金額，以釐定減值虧損（如有）程度。

有形資產的可收回金額個別地作出估計，當無法個別地估計可收回金額，本集團會估計該資產所屬現金產生單位的可收回金額。

當可以識別合理及一貫的分配基準，公司資產亦分配至個別現金產生單位，或在可識別的合理及一貫分配基準上分配至最小現金產生單位類別。

4. MATERIALACCOUNTINGPOLICIES (CONTINUED)Coal mining rightsCoal mining rights represent coal mining rights acquired from the government or through a business combination. Coal mining rights are stated in the consolidated statement of financial position at cost less accumulated amortisation in and subsequent accumulated impairment losses, if any.Coal mining rights are amortised using the units-of-production method, utilising proved and probable coal reserves in the depletion base.Impairment on tangible and intangible assets other than goodwillAt the end of the reporting period, the Group reviews the carrying amounts of its tangible assets (including property, plant and equipment and right-of-use assets) and coal mining rights with finite useful lives to determine whether there is any indication that these assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the relevant asset is estimated in order to determine the extent of the impairment loss (if any).The recoverable amount of tangible assets are estimated individually, when it is not possible to estimate the recoverable amount individually, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. When a reasonable and consistent basis of allocation can be identified, corporate assets are also allocated to individual cash-generating units, or otherwise they are allocated to the smallest group of cash-generating units for which a reasonable and consistent allocation basis can be identified.194 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註4.重大會計政策（續）商譽以外的有形及無形資產減值（續）可收回金額為以下兩項較高者：公允值減出售成本及使用價值。

評估使用價值時，估計未來現金流量按稅前折現率折現至其現值，該折現率反映當前市場對資金時間值的評估及該資產（或現金產生單位，有關未來現金流量估計未經調整）的特定風險。

倘一項資產（或現金產生單位）的可收回金額估計低於其賬面值，則該資產（或現金產生單位）賬面值須減至其可收回金額。

於分配減值虧損時，減值虧損將首先分配以減低任何商譽的賬面值（如適用），其後則根據該單位內各項資產的賬面值按比例分配至其他資產。

資產賬面值不得減少至低於其公允值減出售成本（如可計量）、其使用價值（如可釐定）及零之中的最高值。

已另行分配至資產的減值虧損金額按比例分配至該單位的其他資產。

減值虧損即時於損益中確認。

倘減值虧損其後撥回，則資產（或現金產生單位）賬面值將增至其經修訂估計可收回金額，惟所增加的賬面值不得超過該資產（或現金產生單位）於過往年度並無確認減值虧損而釐定的賬面值。

減值虧損撥回即時於損益中確認。

4. MATERIALACCOUNTINGPOLICIES (CONTINUED)Impairment on tangible and intangible assets other than goodwill (continued)Recoverable amount is the higher of fair value less costs of disposal and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset (or a cash-generating unit) for which the estimates of future cash flows have not been adjusted.If the recoverable amount of an asset (or a cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or a cash-generating unit) is reduced to its recoverable amount. In allocating the impairment loss, the impairment loss is allocated first to reduce the carrying amount of any goodwill (if applicable) and then to the other assets on a pro-rata basis based on the carrying amount of each asset in the unit. The carrying amount of an asset is not reduced below the highest of its fair value less costs of disposal (if measurable), its value in use (if determinable) and zero. The amount of the impairment loss that would otherwise have been allocated to the asset is allocated pro rata to the other assets of the unit. An impairment loss is recognised immediately in profit or loss.Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or a cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.195二零二三年年報 ANNUALREPORT 2023For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註4.重大會計政策（續）現金及現金等價物呈列於綜合財務狀況表的現金及現金等價物包括：(a)現金，包括手頭現金及活期存款，不包括因受監管限制而使其不再符合現金定義的銀行結餘；及(b)現金等價物，包括可輕易轉換成已知金額的現金且價值變動風險極低的短期（一般而言原到期日為三個月或以下）高流動性投資。

現金等價物乃持作短期現金開支用途，而非持作投資或作其他用途。

就綜合現金流量表而言，現金及現金等價物包括符合上述定義的現金及現金等價物，扣除須按要求償還並構成本集團現金管理中不可或缺一部分的未償還銀行透支。

該等銀行透支於綜合財務狀況表呈列為短期借貸。

本集團使用時須受第三方合約限制所限的銀行結餘納入為現金的一部分，惟該等限制導致銀行結餘不再符合現金的定義則除外。

影響使用銀行結餘的合約限制於附註28披露。

4. MATERIALACCOUNTINGPOLICIES (CONTINUED)Cash and cash equivalentsCash and cash equ iva lents presented on the consolidated statement of financial position include:(a) cash, which comprises of cash on hand and demand deposits, excluding bank balances that are subject to regulatory restrictions that result in such balances no longer meeting the definition of cash; and(b) cash equivalents, which comprises of short-term (generally with original maturity of three months or less), highly liquid investments that are readily convertible to a known amount of cash and which are subject to an insignificant risk of changes in value. Cash equivalents are held for the purpose of meeting short-term cash commitments rather than for investment or other purposes.For the purposes of the consolidated statement of cash flows, cash and cash equivalents consist of cash and cash equivalents as defined above, net of outstanding bank overdrafts which are repayable on demand and form an integral part of the Group’s cash management. Such overdrafts are presented as short-term borrowings in the consolidated statement of financial position.Bank balances for which use by the Group is subject to third party contractual restrictions are included as part of cash unless the restrictions result in a bank balance no longer meeting the definition of cash. Contractual restrictions affecting use of bank balances are disclosed in note 28.196 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註4.重大會計政策（續）存貨存貨乃按成本及可變現淨值兩者中的較低者列賬。

存貨成本按加權平均成本法計算，包括採購存貨的成本、生產成本或改裝成本及使存貨達到目前地點及現狀而產生的其他成本。

可變現淨值乃日常業務過程中的估計售價減去估計完成成本及進行銷售的估計必要費用後所得的數額。

出售存貨時，該等存貨的賬面值於相關收益確認期間確認為銷售成本。

存貨撇減至可變現淨值及存貨的所有虧損，均在出現撇減或虧損的期間內於綜合全面收入表內確認為銷售成本。

存貨的任何撇減撥回的數額，均在出現撥回的期間內於綜合全面收入表內確認為銷售成本的存貨數額之扣除。

4. MATERIALACCOUNTINGPOLICIES (CONTINUED)InventoriesInventories are carried at the lower of cost and net realisable value.The cost of inventories is calculated using the weighted average cost formula and comprises expenditure incurred in acquiring the inventories, production or conversion costs and other costs incurred in bringing them to their existing location and condition.Net realisable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale.When inventories are sold, the carrying amount of those inventories is recognised as cost of sales in the period in which the related revenue is recognised. The amount of any write-down of inventories to net realisable value and all losses of inventories are recognised as cost of sales in the consolidated statement of comprehensive income in the period the write-down or loss occurs. The amount of any reversal of any write-down of inventories is recognised as a reduction in the amount of inventories recognised as cost of sales in the consolidated statement of comprehensive income in the period in which the reversal occurs.197二零二三年年報 ANNUALREPORT 2023For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註4.重大會計政策（續）復墾承擔本集團的復墾承擔包括根據中國法規及法例規定對露天礦及地下礦的估計開支。

本集團根據為從事必要工程投放未來現金而詳細計算的金額及時間估計其就最後復墾及礦井關閉作出的承擔。

估計開支因應通脹而調高，其後按反映現時市場對貨幣時間價值的評估以及負債特定風險的折現率折現，致使撥備金額反映為償付承擔預期所須開支的現值。

本集團錄得與最後復墾及礦井關閉的負債有關聯的物業、廠房及設備中採礦建築物的額外成本。

該承擔及相應資產於負債產生期間確認。

資產於其預計年期內按單位生產法予以折舊，負債則累計至預定開支日期。

由於出現估計變動（如礦場計劃修訂、估計成本變動或進行復墾活動的時間變動），該承擔及相應資產的修訂按適當折現率予以確認。

4. MATERIALACCOUNTINGPOLICIES (CONTINUED)Obligations for reclamationThe Group’s obligations for reclamation consist of spending estimates at both surface and underground mines in accordance w i th the PRC ru les and regulations. The Group estimates its liabilities for final reclamation and mine closure based upon detailed calculations of the amount and timing of the future cash spending to perform the required work. Spending estimates are escalated for inflation, then discounted at a discount rate that reflects current market assessments of the time value of money and the risks specific to the liability such that the amount of provision reflects the present value of the expenditures expected to be required to settle the obligation. The Group records as additional costs of the mining structures in property, plant and equipment associated with the liability for final reclamation and mine closure. The obligation and corresponding asset are recognised in the period in which the liability is incurred. The asset is depreciated on the units-of-production method over its expected life and the liability is accreted to the projected spending date. As changes in estimates occur (such as mine plan revisions, changes in estimated costs, or changes in timing of the performance of reclamation activities), the revisions to the obligation and the corresponding asset are recognised at the appropriate discount rate.198 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註4.重大會計政策（續）股本普通股普通股分類為權益。

發行普通股之直接應佔遞增成本確認為權益削減，扣除任何稅務影響。

永久次級可換股證券本集團發行的永久次級可換股證券給予持有人權利，可隨時按指定的每股行使價將該等證券兌換為本公司固定數目的股份。

不附帶任何償還本金或支付分派之合約責任的永久次級可換股證券乃分類為權益。

相關分派於宣佈時被視作權益股息。

股息股息於宣派期間確認為負債。

來自客戶合約的收益根據國際財務報告準則第15號，本集團於完成履約責任時（或就此）確認收益，即於特定履約責任相關的貨品或服務的「控制權」轉讓予客戶時。

履約責任指明確的一個貨品及一項服務（或一批貨品或服務）或一系列大致相同的明確貨品或服務。

4. MATERIALACCOUNTINGPOLICIES (CONTINUED)Share capitalOrdinary sharesOrdinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares, net of any tax effects, are recognised as a deduction from equity.Perpetual subordinated convertible securitiesPerpetual subordinated convertible securities issued by the Group gives the right to the holder to convert these securities into a fixed number of the Company’s shares at any time at a fixed exercise price per share. Perpetual subordinated convertible securities with no contractual obligation to repay its principal and no contractual obligation to pay any distribution are classified as equity. Respective distributions if and when declared are treated as equity dividends.DividendsDividends are recognised as a liability in the period in which they are declared.Revenue from contracts with customersUnder IFRS 15, the Group recognises revenue when (or as) a performance obligation is satisfied, i.e. when “control” of the goods or services underlying the particular performance obligation is transferred to the customer.A performance obligation represents a good or service (or a bundle of goods or services) that is distinct or a series of distinct goods or services that are substantially the same.199二零二三年年報 ANNUALREPORT 2023For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註4.重大會計政策（續）來自客戶合約的收益（續）控制權隨時間轉移，倘符合以下其中一項標準，則收益隨時間參考相關履約責任的完成進度予以確認：隨本集團履約，客戶同時取得或耗用本集團履約所提供的利益；隨本集團履約而創建及改良了客戶於本集團履約時控制的資產；或本集團的履約並無創建對本集團有替代用途的資產，且本集團對迄今已完成的履約付款具有可強制執行的權利。

否則，收益於客戶獲得明確貨品或服務控制權的時點確認。

合約資產指本集團就與客戶交換本集團已轉讓的貨品或服務收取代價的權利（尚未成為無條件）。

其根據國際財務報告準則第9號評估減值。

相反，應收賬款指本集團收取代價的無條件權利，即代價付款到期前僅需時間推移。

4. MATERIALACCOUNTINGPOLICIES (CONTINUED)Revenue from contracts with customers (continued)Control is transferred over t ime and revenue is recognised over time by reference to the progress towards complete sat is fact ion of the re levant performance obligation if one of the following criteria is met: the customer s imul taneously receives or consumes the benefits provided by the Group’s performance as the Group performs; the Group’s performance creates and enhances an asset that the customer controls as the Group performs; or the Group’s performance does not create an asset with an alternative use to the Group and the Group has an enforceable right to payment for performance completed to date.Otherwise, revenue is recognised at a point in time when the customer obtains control of the distinct good or service.A contract asset represents the Group’s right to consideration in exchange for goods or services that the Group has transferred to a customer that is not yet unconditional. It is assessed for impairment in accordance with IFRS 9. In contrast, a receivable represents the Group’s uncondi t iona l r ight to consideration, i.e. only the passage of time is required before payment of that consideration is due.200 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註4.重大會計政策（續）來自客戶合約的收益（續）合約負債指本集團就已向客戶收取代價（或代價金額已到期）而承擔轉移貨品的責任。

有關一份合約的合約資產及合約負債以淨額基準入賬及呈列。

商品銷售當商品轉移至客戶（即客戶獲得商品控制權的時點）及履約責任完成時，則確認收益。

商品銷售收益於一般活動過程中按已收或應收代價扣除退款、貿易折扣及增值稅後的公允值列賬。

外幣於編製各個別集團實體的財務報表時，以該實體的功能貨幣以外的貨幣（外幣）計值的交易，按交易日期的現行匯率確認。

於報告期末，以外幣計值的貨幣性項目按該日的現行匯率重新折算。

以外幣計值按公允值列賬的非貨幣性項目按釐定公允值當日的現行匯率重新折算。

以外幣計值按歷史成本計量的非貨幣性項目不會重新折算。

因結算貨幣性項目及重新折算貨幣性項目而產生的匯兌差額，於其產生期間於損益確認。

4. MATERIALACCOUNTINGPOLICIES (CONTINUED)Revenue from contracts with customers (continued)A contract liability represents the Group’s obligation to transfer goods for which the Group has received consideration (or an amount of consideration is due) from the customer.A contract asset and a contract liability relating to a contract are accounted for and presented on a net basis.Sales of goodsRevenue is recognised when goods are transferred to customers which are taken to be the point in time when the customer has control on the goods and thus, the performance obligation was satisfied. Revenue from the sales of goods in the course of ordinary activities is measured at the fair value of the consideration received or receivable, net of returns, trade discounts and value added tax.Foreign currenciesIn preparing the financial statements of each individual group entity, transactions in currencies other than the functional currency of that entity (foreign currencies) are recognised at the rates of exchanges prevailing on the dates of the transactions. At the end of the reporting period, monetary i tems denominated in foreign currencies are retranslated at the rates prevailing at that date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the date when the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated.Exchange differences arising on the settlement of monetary items, and on the retranslation of monetary items, are recognised in profit or loss in the period in which they arise.201二零二三年年報 ANNUALREPORT 2023For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註4.重大會計政策（續）外幣（續）就呈列綜合財務報表而言，本集團營運的資產及負債按各報告期末的現行匯率折算為本集團的呈列貨幣（即人民幣）。

收入及開支項目按該期間的平均匯率折算。

由此產生的匯兌差額（如有）於其他全面收入內確認並累計至權益中的匯兌儲備（如適合則歸入非控股權益）。

稅項所得稅開支指即期及遞延所得稅開支的總和。

即期應繳稅項乃按該年度的應課稅溢利計算。

應課稅溢利與除稅前溢利不同，原因是其不包括於其他年度應課稅或可扣稅的收入或開支，亦不包括永不課稅或永不扣稅的項目。

本集團即期稅項負債乃採用報告期末已制定或實際制定的稅率計算。

4. MATERIALACCOUNTINGPOLICIES (CONTINUED)Foreign currencies (continued)For the purposes of presenting the consolidated financial statements, the assets and liabilities of the Group’s operations are translated into the presentation currency of the Group (i.e. RMB) using exchange rates prevailing at the end of each reporting period. Income and expenses items are translated at the average exchange rates for the period. Exchange differences arising, if any, are recognised in other comprehensive income and accumulated in equity under the heading of exchange reserve (attributed to non-controlling interests as appropriate).TaxationIncome tax expense represents the sum of current and deferred income tax expense.The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit before tax because of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.202 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註4.重大會計政策（續）稅項（續）遞延稅項乃就綜合財務報表內資產及負債的賬面值與計算應課稅溢利採用的相應稅基之間的暫時差額確認。

遞延稅項負債通常就所有應課稅暫時差額確認。

遞延稅項資產通常就所有可扣稅暫時差額確認，惟限於很可能將有可用應課稅溢利對銷該等可扣稅暫時差額。

倘暫時差額乃自並不影響應課稅溢利或會計溢利的交易中的資產及負債初步確認（業務合併除外）產生，則該等遞延稅項資產及負債不予確認，且於交易時不會產生同等應課稅及可扣稅暫時差額。

此外，倘暫時差額產生自商譽的初步確認，遞延稅項負債將不予確認。

遞延稅項負債乃就與附屬公司及聯營公司投資相關的應課稅暫時差額而確認，惟若本集團可以控制暫時差額撥回及暫時差額很可能未必於可見未來撥回之情況除外。

僅當很可能取得足夠的應課稅溢利以動用暫時差額的利益對銷，並且暫時差額預期於可見未來撥回時，方才確認有關投資及權益相關可扣稅暫時差額所產生的遞延稅項資產。

遞延稅項資產的賬面值會於各報告期末進行審核，並削減至不再可能取得足夠應課稅溢利以收回全部或部分資產。

4. MATERIALACCOUNTINGPOLICIES (CONTINUED)Taxation (continued)Deferred tax is recognised on temporary differences between the carrying amounts of assets and liabilities in the consolidated financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. Such deferred tax assets and liabilities are not recognised if the temporary difference arises from the initial recognition (other than in a business combination) of assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit and at the time of the transaction does not give rise to equal taxable and deductible temporary differences. In addition, deferred tax liabilities are not recognised if the temporary difference arises from the initial recognition of goodwill.Deferred tax liabilities are recognised for taxable temporary differences associated with investments in subsidiaries and associates, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets arising from deductible temporary differences associated with such investments and interests are only recognised to the extent that it is probable that there will be sufficient taxable profits against which to utilise the benefits of the temporary differences and they are expected to reverse in the foreseeable future.The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.203二零二三年年報 ANNUALREPORT 2023For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註4.重大會計政策（續）稅項（續）遞延稅項資產及負債乃根據於報告期末時已頒佈或實際頒佈的稅率（及稅法），按償付負債或變現資產期間的預期適用稅率計量。

遞延稅項負債及資產的計量反映本集團預期於報告期末收回或結清其資產及負債賬面值之方式所引致的稅務影響。

就計量本集團確認使用權資產及相關租賃負債的租賃交易的遞延稅項而言，本集團首先釐定稅項扣減是否歸因於使用權資產或租賃負債。

就稅項扣減歸因於租賃負債之租賃交易而言，本集團對租賃負債及相關資產分別應用國際會計準則第12號規定。

本集團以很可能可用於抵扣可扣盾暫時性差額的應課稅溢利為限，確認與租賃負債相關的遞延所得稅資產，並就所有應課稅暫時性差額確認遞延所得稅負債。

當有合法執行權利將即期稅項資產抵銷即期稅項負債，且彼等與同一稅務機關向同一納稅實體徵收的所得稅有關時，則遞延稅項資產及負債可互相對銷。

4. MATERIALACCOUNTINGPOLICIES (CONTINUED)Taxation (continued)Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset is realised, based on tax rate (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Group expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.For the purposes of measuring deferred tax for leasing transactions in which the Group recognises the right-of-use assets and the related lease liabilities, the Group first determines whether the tax deductions are attributable to the right-of-use assets or the lease liabilities.For leasing transactions in which the tax deductions are attributable to the lease liabilities, the Group applies IAS 12 requirements to the lease liabilities and the related assets separately. The Group recognises a deferred tax asset related to lease liabilities to the extent that it is probable that taxable profit will be available against which the deductible temporary difference can be utilised and a deferred tax liability for all taxable temporary differences.Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied to the same taxable entity by the same taxation authority.204 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註4.重大會計政策（續）稅項（續）即期及遞延稅項於損益確認，惟當彼等涉及於其他全面收入中或直接於權益中確認的項目除外，在此情況下，即期及遞延稅項亦分別於其他全面收入中或直接於權益中確認。

借貸成本借貸成本包括借貸成本，乃與需長時間收購、建造或生產才可以投入擬定用途或出售的資產直接相關，其予以資本化並構成該資產的一部分成本。

其他借貸成本於產生期間支銷。

屬於合資格資產成本一部分的借貸成本在資產產生開支、借貸成本產生及使資產投入擬定用途或出售所必須的準備工作進行期間開始資本化。

在使合資格資產投入擬定用途或出售所必須的絕大部分準備工作中斷或完成時，借貸成本便會暫停或停止資本化。

政府補助政府補助僅在可合理保證本集團將會遵守政府補助所附條件且將會收到補助的情況下方會確認。

4. MATERIALACCOUNTINGPOLICIES (CONTINUED)Taxation (continued)Current and deferred tax are recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax are also recognised in other comprehensive income or directly in equity respectively.Borrowing costsBorrowing costs comprise borrowing costs, which are directly attributable to the acquisition, construction or production of an asset which necessarily takes a substantial period of time to get ready for its intended use or sale are capitalised as part of the cost of that asset. Other borrowing costs are expensed in the period in which they are incurred.The capitalisation of borrowing costs as part of the cost of qualifying asset commences when expenditure for the asset is being incurred, borrowing costs are being incurred and activities that are necessary to prepare the asset for its intended use or sale are in progress. Capitalisation of borrowing costs is suspended or ceases when substantially all the activities necessary to prepare the qualifying asset for its intended use or sale are interrupted or complete.Government grantsGovernment grants are not recognised until there is reasonable assurance that the Group will comply with the conditions attaching to them and that the grants will be received.205二零二三年年報 ANNUALREPORT 2023For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註4.重大會計政策（續）政府補助（續）政府補助在本集團將補助擬補償的相關成本確認為開支的期間內系統性地於損益確認。

具體而言，以本集團應購買、建造或以其他方式取得非流動資產為主要條件的政府補助，在綜併財務狀況表中確認為遞延收入，並在相關資產使用年期內按有系統及合理的基礎轉撥至損益。

僱員福利短期僱員福利薪金、年度花紅、有薪年假及非貨幣福利成本，於僱員使用有關服務之年度內累計。

倘延遲付款或結算會帶來重大影響，該等數額須按現值列賬。

退休計劃責任本集團根據強制性公積金計劃條例，為其所有香港僱員提供定額供款強制性公積金退休福利計劃（「強積金計劃」）。

供款乃根據僱員基本薪金之百分比計算，並於有關款項根據強積金計劃之規則須予支付時計入綜合全面收入表。

強積金計劃之資產乃獨立於本集團之資產，並由獨立管理之基金持有。

4. MATERIALACCOUNTINGPOLICIES (CONTINUED)Government grants (continued)Government grants are recognised in profit or loss on a systematic basis over the periods in which the Group recognises as expenses the related costs for which the grants are intended to compensate. Specifically, government grants whose primary condition is that the Group should purchase, construct or otherwise acquire non-current assets are recognised as deferred income in the consolidated statement of financial position and transferred to profit or loss on a systematic and rational basis over the useful lives of the related assets.Employee benefitsShort-term employee benefitsSalaries, annual bonuses, paid annual leave and the cost of non-monetary benefits are accrued in the year in which the associated services are rendered by employees. Where payment or settlement is deferred and the effect would be material, these amounts are stated at their present values.Retirement plan obligationsThe Group operates a defined contribution Mandatory Provident Fund ret i rement benefi t scheme (the MPFScheme) under the Mandatory Provident Fund Schemes Ordinance for all of its employees in Hong Kong. Contributions are made based on a percentage of the employees’ basic salaries and are charged to the consolidated statement of comprehensive income as they become payable in accordance with the rules of the MPFScheme. The assets of the MPFScheme are held separately from those of the Group in an independently administered fund.206 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註4.重大會計政策（續）僱員福利（續）退休計劃責任（續）本集團於中國經營之附屬公司之僱員須參加由當地市政府所運作的中央退休金計劃。

該等中國附屬公司須按其薪金成本的若干百分比向當地市政府指定的中央退休金計劃供款。

有關供款於根據該中央退休金計劃之規則須支付時計入綜合全面收入表。

本集團於各年度概無使用任何沒收供款減少現有供款額。

以股份為基礎之付款授予僱員購股權的公允值會確認為僱員成本，並相應在權益內增加資本儲備。

公允值於授予日期按二項式模型及二項式點陣模型計量，當中考慮到授予購股權的條款及條件。

倘若僱員須符合歸屬條件才無條件擁有購股權，則購股權的估計公允值總額會於考慮到購股權歸屬的可能性後在歸屬期內分攤。

4. MATERIALACCOUNTINGPOLICIES (CONTINUED)Employee benefits (continued)Retirement plan obligations (continued)The employees of the subsidiaries within the Group which operate in the PRC are required to participate in the central pension scheme operated by the local municipal government. These PRC subsidiaries are required to contribute a percentage of their payroll costs to the central pension scheme as specified by the local municipal government. The contributions are charged to the consolidated statement of comprehensive income as they become payable in accordance with the rules of the central pension scheme.There were no forfeited contributions utilised by the Group to reduce existing level of contributions for each of the years.Share-based paymentsThe fair value of share options granted to employees is recognised as an employee cost with a corresponding increase in a capital reserve within equity. The fair value is measured at grant date using the Binomial Model and Binomial Lattice Model, taking into account the terms and conditions upon which the options were granted. Where the employees have to meet vesting conditions before becoming unconditionally entitled to the options, the total estimated fair value of the options is spread over the vesting period, taking into account the probability that the options will vest.207二零二三年年報 ANNUALREPORT 2023For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註4.重大會計政策（續）僱員福利（續）以股份為基礎之付款（續）於歸屬期內會檢討預期歸屬的購股權數目。

對過往年度已確認的累積公允值所作出的調整，會在檢討年度扣自╱計入綜合全面收入表，除非原有僱員開支符合資格確認為資產，則作別論，並在資本儲備內作出相應調整。

在歸屬日期，確認為開支的金額會作出調整，以反映實際歸屬的購股權數目（並在以股份為基礎之酬金儲備內作出相應調整），惟倘若僅因未能滿足本公司股份市場價格的歸屬條件而沒收則除外。

權益金額於以股份為基礎之酬金儲備內確認，直至購股權獲行使（於轉撥至股本及股份溢價賬時）或購股權到期（於直接撥回至保留盈利或累計虧損時）。

撥備及或然負債如因過往事件導致本集團負上法律或推定責任且很可能須流出經濟利益以結算該責任及作出可靠估計，則會確認撥備。

確認為撥備的金額乃於報告期末結算當前責任所需代價的最佳估計，考慮因素包括該責任有關的風險及不確定性。

倘撥備按結算當前責任估計的現金流量計量，其賬面值即為該等現金流量的現值（倘金錢時間價值影響屬重大）。

4. MATERIALACCOUNTINGPOLICIES (CONTINUED)Employee benefits (continued)Share-based payments (continued)During the vesting period, the number of share options that is expected to vest is reviewed. Any resulting adjustment to the cumulative fair value recognised in prior years is charged/credited to the consolidated statement of comprehensive income for the year of the review, unless the original employee expenses qualify for recognition as an asset, with a corresponding adjustment to the capital reserve. On vesting date, the amount recognised as an expense is adjusted to reflect the actual number of options that vest (with a corresponding adjustment to the share-based compensation reserve) except where forfeiture is only due to not achieving vesting conditions that relate to the market price of the Company’s shares. The equity amount is recognised in the share-based compensation reserve until either the option is exercised (when it is transferred to share capital and share premium accounts) or the option expires (when it is released directly to retained earnings or accumulated losses).Provisions and contingent liabilitiesProvisions are recognised when the Group has a legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made.The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the r isks and uncertaint ies surrounding the obligation. When a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (where the effect of the time value of money is material).208 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註4.重大會計政策（續）撥備及或然負債（續）如不大可能須流出經濟利益，或金額不能可靠估計，則該責任披露為或然負債，除非經濟利益流出的可能性極微則作別論。

可能責任（其存在將僅透過一項或多項未來事件發生或不發生而確認）亦披露為或然負債，除非經濟利益流出的可能性極微則作別論。

金融工具倘集團實體成為工具合約條文的訂約方，則金融資產及金融負債予以確認。

所有常規方式的金融資產購買或出售均按交易日基礎確認及終止確認。

常規方式購買或出售指需要在市場法規或慣例規定的期限內交付資產的金融資產購買或出售。

金融資產及金融負債初步以公允值計量，惟來自客戶合約的應收貿易賬款除外，其根據國際財務報告準則第15號初步計量。

收購或發行金融資產及金融負債應佔之直接交易成本乃於初步確認時在金融資產或金融負債的公允值中加入或扣除（如適當）。

4. MATERIALACCOUNTINGPOLICIES (CONTINUED)Provisions and contingent liabilities (continued)Where it is not probable that an outflow of economic benefits will be required, or the amount cannot be estimated reliably, the obligation is disclosed as a contingent liability, unless the probability of outflow of economic benefits is remote. Possible obligations, whose existence wi l l only be conf irmed by the occurrence or non-occurrence of one or more future events are also disclosed as contingent liabilities unless the probability of outflow of economic benefits is remote.Financial instrumentsFinancial assets and financial liabilities are recognised when a group entity becomes a party to the contractual provisions of the instrument. All regular way purchases or sales of f inancial assets are recognised and derecognised on a trade date basis. Regular way purchases or sales are purchases or sales of financial assets that require delivery of assets within the time frame established by regulation or convention in the market place.Financial assets and financial liabilities are initially measured at fair value except for trade receivables arising from contracts with customers which are initially measured in accordance with IFRS 15. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition.209二零二三年年報 ANNUALREPORT 2023For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註4.重大會計政策（續）金融工具（續）實際利率法乃計算金融資產或金融負債的攤銷成本及分配有關期間利息收入及利息開支的方法。

實際利率乃可準確將金融資產或金融負債預計年期內，或在較短期間內（如適用）估計未來現金收入和支付（包括所有支付或收取構成整體實際利率的費用、交易成本及其他溢價或折讓）折算為初步確認時賬面淨值的利率。

金融資產金融資產的分類及其後計量滿足以下條件的金融資產其後按攤銷成本計量：金融資產於以收取合約現金流量為目的之經營模式下持有；及合約條款於指定日期產生之現金流量純粹為支付本金及未償還本金之利息。

滿足以下條件的金融資產其後按公允值計入其他全面收入（「按公允值計入其他全面收入」）計量：金融資產於以收取合約現金流量兼出售為目的之經營模式下持有；及合約條款於指定日期產生之現金流量純粹為支付本金及未償還本金之利息。

4. MATERIALACCOUNTINGPOLICIES (CONTINUED)Financial instruments (continued)The effective interest method is a method of calculating the amortised cost of a financial asset or financial liability and of allocating interest income and interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts and payments (including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the financial asset or financial liability, or, where appropriate, a shorter period, to the net carrying amount on initial recognition.Financial assetsClassification and subsequent measurement of financial assetsFinancial assets that meet the following conditions are subsequently measured at amortised cost: the financial asset is held within a business model whose objective is to collect contractual cash flows; and the contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.Financial assets that meet the following conditions are subsequently measured at fair value through other comprehensive income (“FVTOCI”): the financial asset is held within a business model whose objective is achieved by both collecting contractual cash flows and selling; and the contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.210 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註4.重大會計政策（續）金融工具（續）金融資產（續）金融資產的分類及其後計量（續）所有其他金融資產其後按公允值計入損益（「按公允值計入損益」）計量，惟在初步應用╱初步確認金融資產之日，倘該股本投資並非持作買賣，亦非收購方在國際財務報告準則第3號所適用的業務合併中確認的或然代價，則本集團可不可撤銷地選擇於其他全面收入中呈列股本投資公允值的其後變動。

倘符合下列條件，則金融資產分類為持作買賣：其乃主要獲收購以於短期內出售；或於初步確認時，其為本集團共同管理之已識別金融工具組合的一部分，並具有短期套利的近期實際模式；或其屬並非指定及作為有效對沖工具的衍生工具。

此外，倘如此可消除或大幅減少會計錯配，則本集團可不可撤銷地指定符合按攤銷成本或按公允值計入其他全面收入計量的金融資產為按公允值計入損益計量。

4. MATERIALACCOUNTINGPOLICIES (CONTINUED)Financial instruments (continued)Financial assets (continued)Classification and subsequent measurement of financial assets (continued)All other financial assets are subsequently measured at fair value through profit or loss (“FVTPL”), except that at the date of initial application/initial recognition of a financial asset the Group may irrevocably elect to present subsequent changes in fair value of an equity investment in other comprehensive income if that equity investment is neither held for trading nor contingent consideration recognised by an acquirer in a business combination to which IFRS 3 applies.A financial asset is classified as held for trading if: it has been acquired principally for the purpose of selling in the near term; or on initial recognition it is a part of a portfolio of identified financial instruments that the Group manages together and has a recent actual pattern of short-term profit-taking; or it is a derivative that is not designated and effective as a hedging instrument.In addition, the Group may irrevocably designate a financial asset that are required to be measured at the amortised cost or FVTOCI as measured at FVTPL if doing so eliminates or significantly reduces an accounting mismatch.211二零二三年年報 ANNUALREPORT 2023For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註4.重大會計政策（續）金融工具（續）金融資產（續）金融資產的分類及其後計量（續）(i)攤銷成本及利息收入其後按攤銷成本計量的金融資產乃使用實際利息法予以確認利息收入。

利息收入乃根據金融資產賬面總值計算，除非金融資產出現信貸減值，則利息收入根據金融資產攤銷成本計算。

就其後成為信貸減值的金融資產而言，自下一報告期間起，利息收入乃對金融資產攤銷成本應用實際利率予以確認。

倘信貸減值金融工具的信貸風險好轉，使金融資產不再出現信貸減值，則於釐定資產不再出現信貸減值後的報告期間開始起利息收入乃對金融資產賬面總值應用實際利率予以確認。

(ii)按公允值計入損益的金融資產不符合按攤銷成本或按公允值計入其他全面收入計量或指定按公允值計入其他全面收入的金融資產乃按公允值計入損益計量。

按公允值計入損益的金融資產於各報告期末按公允值計量，任何公允值收益或虧損於損益內確認。

4. MATERIALACCOUNTINGPOLICIES (CONTINUED)Financial instruments (continued)Financial assets (continued)Classification and subsequent measurement of financial assets (continued)(i) Amortised cost and interest incomeInterest income is recognised using the effective interest method for financial assets measured subsequently at amortised cost. Interest income is calculated based on the gross carrying amount of the financial asset unless the financial asset is credit impaired, in which case interest income is calculated based on amortised cost of the financial asset. For financial assets that have subsequently become credit-impaired, interest income is recognised by applying the effective interest rate to the amortised cost of the financial asset from the next reporting period. If the credit risk on the credit-impaired financial instrument improves so that the financial asset is no longer credit-impaired, interest income is recognised by applying the effective interest rate to the gross carrying amount of the financial asset from the beginning of the reporting period following the determination that the asset is no longer credit impaired.(ii) Financial assets at FVTPLFinancial assets that do not meet the criteria for being measured at amortised cost or FVTOCI or designated as FVTOCI are measured at FVTPL.Financial assets at FVTPL are measured at fair value at the end of each reporting period, with any fair value gains or losses recognised in profit or loss.212 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註4.重大會計政策（續）金融工具（續）金融資產（續）金融資產減值本集團根據國際財務報告準則第9號就出現減值的金融資產（包括應收貿易賬款、其他應收賬款及金融擔保合約）確認預期信貸虧損的虧損撥備。

預期信貸虧損的金額於各報告日更新，以反映自初步確認以來信貸風險的變化。

全期預期信貸虧損指相關工具預期年期內所有可能的違約事件導致的預期信貸虧損。

相對而言，12個月預期信貸虧損指預期於報告日後12個月內可能發生的違約事件導致的全期預期信貸虧損部分。

評估乃根據本集團的歷史信貸虧損經驗進行，並根據債務人特有的因素、一般經濟狀況以及對報告日當前狀況的評估及對未來狀況的預測作出調整。

本集團一直就應收貿易賬款確認全期預期信貸虧損。

該等資產的預期信貸虧損乃使用合適類別的撥備矩陣根據應收貿易賬款的逾期分析進行集體評估。

對於所有其他工具，本集團計量的虧損撥備等於12個月預期信貸虧損，除非自初步確認後信貸風險顯著增加，則本集團確認全期預期信貸虧損。

應否確認全期預期信貸虧損的評估乃基於自初步確認以來發生違約的可能性或風險是否顯著增加。

4. MATERIALACCOUNTINGPOLICIES (CONTINUED)Financial instruments (continued)Financial assets (continued)Impairment of financial assetsThe Group recognises a loss allowance for ECL on financial assets which are subject to impairment under IFRS 9 (including trade receivables, other receivables and financial guarantee contract). The amount of ECL is updated at each reporting date to reflect changes in credit risk since initial recognition.Lifetime ECL represents the ECL that will result from all possible default events over the expected life of the relevant instrument. In contrast,12m ECL represents the portion of lifetime ECL that is expected to result from default events that are possible within 12 months after the reporting date. Assessment are done based on the Group’s historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of both the current conditions at the reporting date as well as the forecast of future conditions.The Group always recognises lifetime ECL for trade receivables. The ECL on these assets are assessed collectively using a provision matrix with appropriate groupings based on the past due analysis of the trade receivables.For all other instruments, the Group measures the loss allowance equal to 12m ECL, unless when there has been a significant increase in credit risk since initial recognition, the Group recognises lifetime ECL. The assessment of whether lifetime ECL should be recognised is based on significant increases in the likelihood or risk of a default occurring since initial recognition.213二零二三年年報 ANNUALREPORT 2023For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註4.重大會計政策（續）金融工具（續）金融資產（續）金融資產減值（續）(i)信貸風險顯著增加於評估自初步確認後信貸風險是否顯著增加時，本集團將於報告日期金融工具發生違約風險與於初步確認日期金融工具發生違約風險進行比較。

在進行該評估時，本集團會考慮合理且可支持的定量和定性資料，包括無需付出不必要的成本或努力而可得的歷史經驗及前瞻性資料。

特別是，在評估信貸風險是否顯著增加時，會考慮以下資料：金融工具的外部（如有）或內部信貸評級的實際或預期顯著惡化；外部市場信貸風險指標的顯著惡化，如信貸利差大幅增加、債務人的信貸違約掉期價格；預計會導致債務人償還債務能力大幅下降的業務、財務或經濟狀況的現有或預測的不利變化；4. MATERIALACCOUNTINGPOLICIES (CONTINUED)Financial instruments (continued)Financial assets (continued)Impairment of financial assets (continued)(i) Significant increase in credit riskIn assessing whether the credi t r isk has increased significantly since initial recognition, the Group compares the r isk of a default occurring on the financial instrument as at the reporting date with the risk of a default occurring on the financial instrument as at the date of initial recognition. In making this assessment, the Group considers both quantitative and qualitative information that is reasonable and supportable, including historical experience and forward-looking information that is available without undue cost or effort.In particular, the following information is taken into account when assessing whether credit risk has increased significantly: an ac tua l o r expec ted s ign i f i can t deterioration in the financial instruments external (if available) or internal credit rating; significant deterioration in external market indicators of credit risk, e.g. a significant increase in the credit spread, the credit default swap prices for the debtor; existing or forecast adverse changes in business, f inancia l or economic conditions that are expected to cause a significant decrease in the debtor’s ability to meet its debt obligations;214 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註4.重大會計政策（續）金融工具（續）金融資產（續）金融資產減值（續）(i)信貸風險顯著增加（續）債務人經營業績的實際或預期顯著惡化；或對債務人監管、經濟或技術環境重大不利的實際或預期變化，導致債務人償還債務能力大幅下降。

不論上述評估結果如何，經參考本集團客戶歷史付款模式，本集團認為，當合約付款逾期超過30日，則自初步確認以來信貸風險已顯著增加，除非本集團有合理且可支持的資料否定，則作別論。

本集團定期監控用以識別信貸風險有否顯著增加的標準之效益，且修訂標準（如適當）來確保標準能在金額逾期前識別信貸風險顯著增加。

4. MATERIALACCOUNTINGPOLICIES (CONTINUED)Financial instruments (continued)Financial assets (continued)Impairment of financial assets (continued)(i) Significant increase in credit risk (continued) an ac tua l o r expec ted s ign i f i can t deterioration in the operating results of the debtor; or an actual or expected significant adverse change in the regulatory, economic, or technological environment of the debtor that results in a significant decrease in the debtors ability to meet its debt obligations.Irrespective of the outcome of the above assessment, the Group presumes that the credit risk has increased significantly since initial recognition when contractual payments are more than 30 days past due with reference to the historical payment pattern of customers of the Group, unless the Group has reasonable and supportable information that demonstrates otherwise.The Group regularly monitors the effectiveness of the criteria used to identify whether there has been a significant increase in credit risk and revises them as appropriate to ensure that the criteria are capable of identifying significant increase in credit r isk before the amount becomes past due.215二零二三年年報 ANNUALREPORT 2023For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註4.重大會計政策（續）金融工具（續）金融資產（續）金融資產減值（續）(ii)違約的定義就內部信貸風險管理而言，本集團認為，違約事件在內部制訂或得自外界來源的資料顯示債務人不大可能悉數向債權人（包括本集團）還款（未計及本集團所持任何抵押品）時發生。

不論上文為何，經參考本集團客戶歷史付款模式，本集團認為，當金融資產逾期超過一年，即發生違約，除非本集團有合理且可支持的資料顯示更加滯後的違約標準更為恰當，則作別論。

4. MATERIALACCOUNTINGPOLICIES (CONTINUED)Financial instruments (continued)Financial assets (continued)Impairment of financial assets (continued)(ii) Definition of defaultFor internal credit risk management, the Group considers an event of default occurs when information developed internally or obtained from external sources indicates that the debtor is unlikely to pay its creditors, including the Group, in full (without taking into account any collaterals held by the Group).Irrespective of the above, the Group considers that default has occurred when a financial asset is more than 1 year past due with reference to the historical payment pattern of customers of the Group, unless the Group has reasonable and supportable information to demonstrate that a more lagging default criterion is more appropriate.216 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註4.重大會計政策（續）金融工具（續）金融資產（續）金融資產減值（續）(iii)信貸減值金融資產金融資產在一項或以上違約事件（對該金融資產估計未來現金流量構成不利影響）發生時出現信貸減值。

金融資產出現信貸減值的證據包括有關下列事件的可觀察數據：發行人或借款人的重大財困；違反合約（如違約或逾期事件）；借款人的貸款人因有關借款人財困的經濟或合約理由而向借款人批出貸款人不會另行考慮的優惠；借款人將很可能陷入破產或其他財務重組；或由於財困導致該金融資產失去活躍市場。

4. MATERIALACCOUNTINGPOLICIES (CONTINUED)Financial instruments (continued)Financial assets (continued)Impairment of financial assets (continued)(iii) Credit-impaired financial assetsA financial asset is credit-impaired when one or more events of default that have a detrimental impact on the estimated future cash flows of that financial asset have occurred. Evidence that a financial asset is credit-impaired includes observable data about the following events: significant financial difficulty of the issuer or the borrower; a breach of contract, such as a default or past due event; the lender(s) of the borrower, for economic or contractual reasons relating to the borrower’s financial difficulty, having granted to the borrower a concession(s) that the lender(s) would not otherwise consider; it is becoming probable that the borrower will enter bankruptcy or other financial reorganisation; or the disappearance of an active market for that financial asset because of financial difficulties.217二零二三年年報 ANNUALREPORT 2023For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註4.重大會計政策（續）金融工具（續）金融資產（續）金融資產減值（續）(iv)撇銷政策當資料顯示對手方處於嚴重財困及無實際收回可能時（例如對手方被清盤或已進入破產程序時，或就應收貿易賬款而言，該等金額逾期超過兩年，較早發生者為準），本集團則撇銷金融資產。

經考慮法律意見後（倘合適），遭撇銷的金融資產可能仍須按本集團收回程序進行強制執行活動。

撇銷構成取消確認事項。

任何其後收回在損益中確認。

4. MATERIALACCOUNTINGPOLICIES (CONTINUED)Financial instruments (continued)Financial assets (continued)Impairment of financial assets (continued)(iv) Write-off policyThe Group writes off a financial asset when there is information indicating that the counterparty is in severe financial difficulty and there is no realistic prospect of recovery, for example, when the counterparty has been placed under liquidation or has entered into bankruptcy proceedings, or in the case of trade receivables, when the amounts are over two years past due, whichever occurs sooner. Financial assets written off may still be subject to enforcement activities under the Group’s recovery procedures, taking into account legal advice where appropriate. A write-off constitutes a derecognition event. Any subsequent recoveries are recognised in profit or loss.218 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註4.重大會計政策（續）金融工具（續）金融資產（續）金融資產減值（續）(v)預期信貸虧損的計量及確認預期信貸虧損的計量為違約概率、違約虧損（即違約時虧損大小）及違約時風險敞口的函數。

違約概率及違約虧損的評估乃基於歷史數據按前瞻性資料作調整。

預期信貸虧損的估計乃無偏概率加權金額，以各自發生違約的風險為權重釐定。

一般而言，預期信貸虧損為根據合約應付本集團的所有合約現金流量與本集團預期收取的現金流量之間的差額（按初步確認時釐定的實際利率折現）。

就財務擔保合約而言，本集團僅須在債務人違約的情況下根據擔保工具條款付款。

因此，預期信貸虧損為就產生的信貸虧損償還持有人的預期付款的現值減去本集團預期自持有人、債務人或任何其他人士收到的任何金額。

4. MATERIALACCOUNTINGPOLICIES (CONTINUED)Financial instruments (continued)Financial assets (continued)Impairment of financial assets (continued)(v) Measurement and recognition of ECLThe measurement of ECL is a function of the probability of default, loss given default (i.e. the magnitude of the loss if there is a default) and the exposure at default. The assessment of the probability of default and loss given default is based on historical data adjusted by forward-looking information. Estimation of ECL reflects an unbiased and probability-weighted amount that is determined with the respective risks of default occurring as the weights.Generally, the ECL is the difference between all contractual cash flows that are due to the Group in accordance with the contract and the cash f lows that the Group expects to receive, discounted at the effective interest rate determined at initial recognition.For a financial guarantee contract, the Group is required to make payments only in the event of a default by the debtor in accordance with the terms of the instrument that is guaranteed. Accordingly, the ECL is the present value of the expected payments to reimburse the holder for a credit loss that it incurs less any amounts that the Group expects to receive from the holder, the debtor or any other party.219二零二三年年報 ANNUALREPORT 2023For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註4.重大會計政策（續）金融工具（續）金融資產（續）金融資產減值（續）(v)預期信貸虧損的計量及確認（續）倘預期信貸虧損按集體基準計量或迎合個別工具水平證據未必存在的情況，則金融工具按以下基準歸類：金融工具性質；逾期狀況；債務人的性質、規模及行業；及外部信貸評級（如有）。

歸類工作經管理層定期檢討，以確保各類別成份繼續共同擁有類似信貸風險特性。

利息收入根據金融資產的賬面總值計算，除非該金融資產為信貸減值，則利息收入根據該金融資產的攤銷成本計算。

4. MATERIALACCOUNTINGPOLICIES (CONTINUED)Financial instruments (continued)Financial assets (continued)Impairment of financial assets (continued)(v) Measurement and recognition of ECL (continued)Where ECL is measured on a collective basis or cater for cases where evidence at the individual instrument level may not yet be available, the financial instruments are grouped on the basis of: nature of financial instrument; past-due status; nature, size and industry of debtors; and external credit ratings where available.The g roup ing i s regu la r l y rev iewed by management to ensure the constituents of each group continue to share similar credit risk characteristics.Interest income is calculated based on the gross carrying amount of the financial asset unless the financial asset is credit impaired, in which case interest income is calculated based on amortised cost of the financial asset.220 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註4.重大會計政策（續）金融工具（續）金融資產（續）匯兌收益及虧損外幣計值金融資產的賬面值按該外幣釐定，並以各報告期末的即期匯率換算。

具體而言，就以攤銷成本計量的金融資產而言，匯兌差額於損益中的「其他收入、收益及虧損」項目（附註8）中確認為匯兌收益╱（虧損）的一部分。

取消確認金融資產倘自金融資產收取現金流量的合約權利已屆滿，或當該金融資產及其所有權的實質上全部風險及回報轉移予另一實體，則本集團取消確認該金融資產。

於取消確認按攤銷成本計量的金融資產時，該資產賬面值與已收取及應收代價總和之間的差額於損益內確認。

金融負債及權益分類為債務或權益債務及權益工具乃根據合約安排的實質內容以及金融負債及權益工具的定義分類為金融負債或權益。

4. MATERIALACCOUNTINGPOLICIES (CONTINUED)Financial instruments (continued)Financial assets (continued)Foreign exchange gains and lossesThe carrying amount of financial assets that are denominated in a foreign currency is determined in that foreign currency and translated at the spot rate at the end of each reporting period. Specifically, for financial assets measured at amortised cost, exchange differences are recognised in profit or loss in the “other income, gain and losses” line item (note 8) as part of the foreign exchange gains/(losses).Derecognition of financial assetsThe Group derecognises a financial asset when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity.On derecognition of a financial asset measured at amortised cost, the difference between the assets carrying amount and the sum of the consideration received and receivable is recognised in profit or loss.Financial liabilities and equityClassification as debt or equityDebt and equity instruments are classified as either financial liabilities or as equity in accordance with the substance of the contractual arrangements and the definitions of a financial liability and an equity instrument.221二零二三年年報 ANNUALREPORT 2023For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註4.重大會計政策（續）金融工具（續）金融負債及權益（續）權益工具權益工具乃證實扣除實體所有負債後其資產的剩餘權益的任何合約。

本公司發行之權益工具按已收所得款項扣除直接發行成本確認。

按攤銷成本入賬的金融負債金融負債（包括應付貿易賬款、其他應付賬款、租賃應付款項及借貸）其後採用實際利率法按攤銷成本計量。

匯兌收益及虧損就於各報告期末按攤銷成本計量的外幣計值金融負債而言，匯兌收益及虧損按該工具的攤銷成本釐定。

該等匯兌收益及虧損於損益的「其他收入、收益及虧損」項目（附註8）中確認為金融負債匯兌收益╱（虧損）的一部分。

金融負債的取消確認╱修改金融負債於及僅於本集團的責任獲解除、取消或屆滿時，本集團方會取消確認。

已取消確認金融負債的賬面值與已付及應付代價之間的差額於損益中確認。

4. MATERIALACCOUNTINGPOLICIES (CONTINUED)Financial instruments (continued)Financial liabilities and equity (continued)Equity instrumentsAn equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. Equity instruments issued by the Company are recognised at the proceeds received, net of direct issue costs.Financial liabilities at amortised costFinancial liabilities including trade payables, other payables, lease payables and borrowings are subsequently measured at amortised cost, using the effective interest method.Foreign exchange gains and lossesFor financial liabilities that are denominated in a foreign currency and are measured at amortised cost at the end of each reporting period, the foreign exchange gains and losses are determined based on the amortised cost of the instruments. These foreign exchange gains and losses are recognised in the “other income, gain and losses” line item in profit or loss (note 8) as part of foreign exchange gains/(losses) for financial liabilities.Derecognition/modification of financial liabilitiesThe Group derecognises financial liabilities when, and only when, the Group’s obligations are discharged, cancelled or have expired. The difference between the carrying amount of the financial liability derecognised and the consideration paid and payable is recognised in profit or loss.222 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註4.重大會計政策（續）金融工具（續）金融負債及權益（續）金融負債的取消確認╱修改（續）當金融負債之合約條款被修訂，本集團評估經修訂條款是否將原有條款作出重大修訂（計及所有相關事實及情況，包括定性因素）。

倘對金融負債的合約條款作出調整導致原有條款出現重大修改，經考慮所有有關事實及情況（包括定性因素），有關修改入賬列作終止確認原本金融負債及確認新金融負債。

終止確認金融負債的賬面值與已付或應付代價的公允值之間的差異（包括任何所承擔的負債及已確認衍生部份）於損益中確認。

倘質量評估未能作出結論，本集團認為，倘新條款下之現金流量經貼現現值（包括任何已付款扣除任何已收款，及按原本實際利率貼現），跟原金融負債尚餘現金流之貼現值有最少百分之十之差異，該條款就有重大差異。

據此，該條款之修訂作為債務償還入賬，而任何成本或已產生之費用作為債務償還之部份收益或虧損被確認。

當該差異少於百分之十時，該交換或修訂被視為非重大修訂。

4. MATERIALACCOUNTINGPOLICIES (CONTINUED)Financial instruments (continued)Financial liabilities and equity (continued)Derecognition/modification of financial liabilities (continued)When the contractual terms of a financial liability are modified, the Group assess whether the revised terms result in a substantial modification from original terms taking into account all relevant facts and circumstances including qualitative factors. When the contractual terms of financial liability are modified such that the revised terms would result in a substantial modification from the original terms, after taking into account all relevant facts and circumstances including qualitative factors, such modification is accounted for as derecognition of the original financial liability and the recognition of new financial liability. The difference between the carrying amount of financial liability derecognised and the fair value of consideration paid or payable, including any liabilities assumed and derivative components recognised, is recognised in profit or loss.If quali tat ive assessment is not conclusive, the Group considers that the terms are substantially different if the discounted present value of the cash flows under the new terms, including any fees paid net of any fees received, and discounted using the original effective interest rate, is at least 10 per cent different from the discounted present value of the remaining cash flows of the original financial liability. Accordingly, such modification of terms is accounted for as an extinguishment, and any costs or fees incurred are recognised as part of the gain or loss on the extinguishment. The exchange or modification is considered as non-substantial modification when such difference is less than 10 per cent.223二零二三年年報 ANNUALREPORT 2023For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註4.重大會計政策（續）金融工具（續）金融負債及權益（續）金融負債的取消確認╱修改（續）就並無導致終止確認的金融負債非重大修訂而言，相關金融負債的賬面值將按以金融負債原實際利率折現之經修改合約現金流量現值計算。

所產生之交易成本或費用乃調整至經修改金融負債之賬面值，並於剩餘年期內攤銷。

對金融負債賬面值之任何調整均於修改日期在損益內確認。

財務擔保合約財務擔保合約為須發行人作出特定付款以償付持有人因特定債務人未能根據債務工具的條款於到期時還款而產生的虧損的合約。

有關財務擔保為代表同系附屬公司向銀行及金融機構提供，以取得計息銀行借貸及其他銀行融資。

財務擔保初步按作出擔保當日的公允值於綜合財務報表確認。

初步確認後，本公司於該等擔保下的責任按以下較高者計量：根據國際財務報告準則第9號釐定的虧損撥備金額；及初步確認金額減（如適用）於擔保期間確認的累計攤銷。

4. MATERIALACCOUNTINGPOLICIES (CONTINUED)Financial instruments (continued)Financial liabilities and equity (continued)Derecognition/modification of financial liabilities (continued)For non-substantial modifications of financial liabilities that do not result in derecognition, the carrying amount of the relevant financial liabilities will be calculated at the present value of the modified contractual cash flows discounted at the financial liabilities’ original effective interest rate. Transaction costs or fees incurred are adjusted to the carrying amount of the modified financial liabilities and are amortised over the remaining term. Any adjustment to the carrying amount of the financial liability is recognised in profit or loss at the date of modification.Financial guarantee contractsFinancial guarantee contracts are contracts that require the issuer to make specified payments to reimburse the holder for a loss it incurs because a specified debtor fails to make payments when due, in accordance with the terms of a debt instrument. Such financial guarantees are given to banks and financial institutions on behalf of subsidiaries to secure interest-bearing bank borrowings and other banking facilities.Financial guarantees are initially recognised in the consolidated financial statements at fair value on the date the guarantee was given. Subsequent to initial recognition, the Company’s liabilities under such guarantees are measured at the higher of: the amount of the loss allowance determined in accordance with IFRS 9; and the amount initially recognised less, where appropriate, cumulative amortisation recognised over the guarantee period.224 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註4.重大會計政策（續）金融工具（續）財務擔保合約（續）倘無償提供有關附屬公司或聯營公司之計息銀行借貸之擔保，則公允值作為出資入賬，並於本公司財務報表內確認為部分投資成本。

租賃租賃之定義倘合約賦予權利於一段時間內控制已識別資產的用途以換取代價，則該合約為租賃或包含租賃。

承租人會計處理方法本集團採用實際權宜方法，不將非租賃組成部分從租賃組成部分區分開來，而是將租賃組成部分及任何相關非租賃組成部分作為一項單獨的租賃組成部分進行入賬。

作為實際權宜方案，當本集團合理預期於財務報表之影響將不會跟組合內之個別租賃有重大差別時，類似性質的租賃乃按組合基準入賬。

短期租賃及低值資產租賃本集團對租賃期自開始日期計12個月或更短者且並無包含購買權之租賃應用短期租賃確認豁免。

同時就低值資產租賃也應用確認豁免。

短期租賃及低值資產租賃之租賃付款於租賃期內按直線法確認為費用。

4. MATERIALACCOUNTINGPOLICIES (CONTINUED)Financial instruments (continued)Financial guarantee contracts (continued)Where guarantees in relation to interest-bearing bank borrowings of subsidiaries or associates are provided for no compensation, the fair values are accounted for as contributions and recognised as part of the cost of the investment in the financial statements of the Company.LeasesDefinition of a leaseA contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.Lessee accountingThe Group applies practical expedient not to separate non-lease components from lease component, and instead account for the lease component and any associated non-lease components as a single lease component.As a prac t ica l expedien t , leases w i th s imi la r characteristics are accounted on a portfolio basis when the Group reasonably expects that the effects on the financial statements would not differ materially from individual leases within the portfolio.Short-term leases and leases of low-value assetsThe Group applies the short-term lease recognition exemption to leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option. It also applies the recognition exemption for lease of low-value assets. Lease payments on short-term leases and leases of low-value assets are recognised as expense on a straight-line basis over the lease term.225二零二三年年報 ANNUALREPORT 2023For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註4.重大會計政策（續）租賃（續）承租人會計處理方法（續）使用權資產使用權資產成本包括：租賃負債初始計量金額；於開始日期或之前作出之任何租賃付款，減去任何已收租賃補助；本集團產生之任何初始直接成本；及本集團涉及拆卸及遷移相關資產、恢復相關資產所在地點或恢復相關資產按租賃條款及條件要求之狀況之估計成本，除非該等成本乃因生產存貨而產生。

使用權資產以成本減去任何累計折舊及減值虧損計量，並就租賃負債的任何重新計量作出調整。

本集團合理確定於租賃期完結時可獲得相關租賃資產擁有權之使用權資產，從開始日期至可使用年期完結計算折舊。

除此之外，使用權資產按其估計可使用年期及租賃年期較短者，以直線法計算折舊。

4. MATERIALACCOUNTINGPOLICIES (CONTINUED)Leases (continued)Lessee accounting (continued)Right-of-use assetsThe cost of right-of-use asset includes: the amount of the initial measurement of the lease liability; any lease payments made at or before the commencement date, less any lease incentives received; any initial direct costs incurred by the Group; and an estimate of costs to be incurred by the Group in dismantling and removing the underlying assets, restoring the site on which it is located or restoring the underlying asset to the condition required by the terms and conditions of the lease, unless those costs are incurred to produce inventories.Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities.Right-of-use assets in which the Group is reasonably certain to obtain ownership of the underlying leased assets at the end of the lease term is depreciated from commencement date to the end of the useful life. Otherwise, right-of-use assets are depreciated on a straight-line basis over the shorter of its estimated useful life and the lease term.226 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註4.重大會計政策（續）租賃（續）承租人會計處理方法（續）可退回之租金按金已付之可退回租金按金根據國際財務報告準則第9號入賬及以公允值初始計量。

就於初始確認之公允值所作之調整乃視為額外租賃付款及包括在使用權資產成本內。

租賃負債於租賃開始日期，本集團以該日未付租賃付款現值確認及計量租賃負債。

於計算租賃付款現值時，倘隱含在租約中之利率未能明顯確定，本集團則採用租賃開始日期之增量借款利率。

租賃付款包括：固定付款（包括實質上固定付款）減去任何應收租賃補助；取決於一項指數或比率之可變租賃付款，初步採用開始日期的指數或比率計量；本集團根據剩餘價值擔保預期應支付之金額；本集團合理確定將會行使購買權之行使價；及倘租賃條款反映本集團行使終止租賃權，終止租賃所支付之罰金。

4. MATERIALACCOUNTINGPOLICIES (CONTINUED)Leases (continued)Lessee accounting (continued)Refundable rental depositsRefundable rental deposits paid are accounted under IFRS 9 and initially measured at fair value. Adjustments to fair value at initial recognition are considered as additional lease payments and included in the cost of right-of-use assets.Lease liabilitiesAt the commencement date of a lease, the Group recognises and measures the lease liability at the present value of lease payments that are unpaid at that date. In calculating the present value of lease payments, the Group uses the incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease is not readily determinable.The lease payments include: fixed payments (including in-substance fixed payments) less any lease incentives receivable; variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date; amounts expected to be payable by the Group under residual value guarantees; the exercise price of a purchase option if the Group is reasonably certain to exercise the option; and payments of penalties for terminating a lease, if the lease term reflects the Group exercising an option to terminate the lease.227二零二三年年報 ANNUALREPORT 2023For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註4.重大會計政策（續）租賃（續）承租人會計處理方法（續）租賃負債（續）於開始日期後，租賃負債按利息增長及租賃付款作調整。

每當出現下列情況，本集團重新計量租賃負債（及對相關使用權資產作出對應調整，惟對使用權資產導致使用權資產的賬面值變為零且租賃負債的計量進一步減少除外，在此情況下，重新計量的任何剩餘金額在損益中確認）：租賃條款已變更或行使購買權之評估變更，在此情況下相關租賃負債按於重新評估當日之已修訂貼現率將已修訂租賃付款貼現來重新計量。

用於釐定未來租賃付款的指數或比率變動導致該等付款發生變動，例如包括反映按照市場租金檢視之市場租金率變動的變動或根據保證剩餘價值預期應支付之金額變動，在此情況下相關租賃負債按初始貼現率將已修訂租賃付款貼現來重新計量。

本集團在綜合財務狀況表中將租賃負債作為單獨的項目列報。

4. MATERIALACCOUNTINGPOLICIES (CONTINUED)Leases (continued)Lessee accounting (continued)Lease liabilities (continued)After the commencement date, lease liabilities are adjusted by interest accretion and lease payments.The Group remeasures lease liabilities (and makes a corresponding adjustment to the related right-of-use assets unless the adjustment to the right of use assets results in the carrying amount of the right of assets becoming zero and there is a further reduction in the measurement of the lease liability, in which case, any remaining amount of the remeasurement is recognised in profit or loss) whenever: there is a change in the lease term or there is a change in the assessment of exercise of a purchase option, in which case the related lease liability is remeasured by discounting the revised lease payments using a revised discount rate at the date of reassessment. there is a change in future lease payments resulting from changes in an index or rate used to determine those payments, including for example a change to reflect changes in market rental rates following a market rent review or there is a change in the amounts expected to be payable under a guaranteed residual value, in which cases the related lease liability is remeasured by discounting the revised lease payments using the initial discount rate.The Group presents lease liabilities as a separate line item on the consolidated statement of financial position.228 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註4.重大會計政策（續）租賃（續）作為出租人租賃之分類及計量本集團為出租人之租賃乃分類為經營租賃。

經營租賃之租金收入乃按有關租賃之租期以直線法於損益中確認。

協商及安排所產生之初步直接成本乃加至租賃資產之賬面值，而有關成本按租期以直線法確認為開支。

來自本集團日常業務過程的租金收入呈列為收入。

可退回租金按金已收取的可退回租金按金根據國際財務報告準則第9號入賬，並按公允值進行初步計量。

對初步確認公允值的調整視為來自承租人的額外租賃付款。

分部報告綜合財務報表中報告的經營分部和每個分部項目的金額源自於定期向本集團總營運決策人提供的財務資料，以供管理層對本集團不同業務和地區進行資源分配和業績評價。

4. MATERIALACCOUNTINGPOLICIES (CONTINUED)Leases (continued)As a lessorClassification and measurement of leasesLeases for which the Group is a lessor are classified as operating leases.Rental income from operating leases is recognised in profit or loss on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset, and such costs are recognised as an expense on a straight-line basis over the lease term.Rental income which are derived from the Group’s ordinary course of business are presented as revenue.Refundable rental depositsRefundable rental deposits received are accounted under IFRS 9 and initially measured at fair value. Adjustments to fair value at initial recognition are considered as additional lease payments from lessees.Segment reportingOperat ing segments, and the amounts of each segment item reported in the consolidated financial statements, are identified from the financial information provided regularly to the Group’s most senior executive management for the purposes of allocating resources to, and assessing the performance of, the Group’s various lines of business and geographical locations.229二零二三年年報 ANNUALREPORT 2023For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註4.重大會計政策（續）分部報告（續）重大的單個經營分部不會因財務報告目的而進行加總，除非該等分部擁有相似的經濟特性、產品及服務性質、生產流程、客戶類型或級別、銷售產品或提供服務的方式及監管環境的性質。

不重大的單個經營分部如果享有大部分以上相似性質，則可以進行加總。

關連方(a)倘屬以下人士，即該人士或該人士之近親與本集團有關連：(i)控制或共同控制本集團；(ii)對本集團有重大影響；或(iii)為本集團或本公司母公司的主要管理層成員。

4. MATERIALACCOUNTINGPOLICIES (CONTINUED)Segment reporting (continued)Individually material operating segments are not aggregated for financial reporting purposes unless the segments have similar economic characteristics and are similar in respect of the nature of products and services, the nature of production processes, the type or class of customers, the methods used to distribute the products or provide the services, and the nature of the regulatory environment. Operating segments which are not individually material may be aggregated if they share a majority of these criteria.Related parties(a) A person, or a close member of that person’s family, is related to the Group if that person:(i) has control or joint control over the Group;(ii) has significant influence over the Group; or(iii) is a member of the key management personnel of the Group or the Company’s parent.230 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註4.重大會計政策（續）關連方（續）(b)倘符合下列任何條件，即實體與本集團有關連：(i)該實體與本集團屬同一集團之成員公司（即各母公司、附屬公司及同系附屬公司彼此間有關連）；(ii)一間實體為另一實體的聯營公司或合營企業（或另一實體為成員公司之集團旗下成員公司之聯營公司或合營企業）；(iii)兩間實體均為同一第三方的合營企業；(iv)一間實體為第三方實體的合營企業，而另一實體為該第三方實體的聯營公司；(v)實體為本集團或與本集團有關連之實體就僱員利益設立的離職福利計劃；(vi)實體受(a)所識別人士控制或受共同控制；(vii)於(a)(i)所識別人士對實體有重大影響力或屬該實體（或該實體的母公司）主要管理層成員；及(viii)實體，或該實體為其中一部分的某個集團的任何成員公司向本集團或本公司的母公司提供主要管理人員服務。

個人的近親家庭成員指預期可影響，或受該個人影響彼等與該實體交易的家庭成員。

4. MATERIALACCOUNTINGPOLICIES (CONTINUED)Related parties (continued)(b) An entity is related to the Group if any of the following conditions applies:(i) The entity and the Group are members of the same group (which means that each parent, subsidiary and fellow subsidiary is related to the others);(ii) One entity is an associate or joint venture of the other entity (or an associate or joint venture of a member of a group of which the other entity is a member);(iii) Both entities are joint ventures of the same third party;(iv) One entity is a joint venture of a third entity and the other entity is an associate of the third entity;(v) The entity is a post-employment benefit plan for the benefit of employees of either the Group or an entity related to the Group;(vi) The entity is controlled or jointly controlled by a person identified in (a);(vii) A person identified in (a)(i) has significant influence over the entity or is a member of the key management personnel of the entity (or of a parent of the entity); and(viii) The entity, or any member of a group of which i t is a par t , prov ides key management personnel services to the Group or to the parent of the Company.Close members of the family of a person are those family members who may be expected to influence, or be influenced by, that person in their dealings with the entity.231二零二三年年報 ANNUALREPORT 2023For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註5. SIGNIFICANTACCOUNTINGJUDGMENTSAND ESTIMATESThe preparation of consolidated financial statements requires the directors of the Company to make judgements, estimates and assumptions that affect the application of accounting policies and reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis for making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.The following are the key assumptions concerning the future, and other key sources of estimation uncertainty at the end of the reporting period that may have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.(i) Provision of ECL for trade receivables and other receivablesThe Group uses provision matrix to calculate ECL for the trade receivables. The provision rates are based on nature of goods provided to the customers as groupings of various receivables that have similar loss patterns. The provision matrix is based on the Group’s historical default rates taking into consideration forward-looking information that is available without undue costs or effort. At every reporting date, the historical observed default rates are reassessed and changes in the forward-looking information are considered.5.重大會計判斷及估計本公司董事需在編製綜合財務報表時作出判斷、估計及假設。

該等判斷、估計及假設會影響會計政策的應用和資產、負債、收入與支出的呈報數額。

該等估計及各相關假設是根據以往經驗和在當時情況下認為合理的多項其他因素作出，其結果構成就無法從其他途徑實時得知的資產與負債賬面值所作判斷的基礎。

實際結果可能有別於該等估計。

該等估計和有關假設乃持續進行審閱。

會計估計的修訂於估計作出修訂的期間確認（倘修訂僅對當期產生影響）或於修訂當期及以後期間均確認（倘修訂對當期及以後期間均產生影響）。

以下為有關未來的主要假設，以及於報告期末估計不確定性的其他主要來源，該等不確定性可能存在重大風險，而導致須對下一個財政年度的資產及負債賬面值作出重大調整。

(i)應收貿易賬款及其他應收賬款預期信貸虧損撥備本集團使用撥備矩陣計算應收貿易賬款的預期信貸虧損。

撥備率乃基於向客戶提供貨品的性質，按擁有類似虧損模式的不同應收賬款分類。

撥備矩陣乃基於本集團的歷史違約率，並考慮無需付出不必要成本或努力而可得的前瞻性資料。

於每一報告日期，歷史觀察違約率經重新評估及前瞻性資料的變動經考慮。

232 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註5. SIGNIFICANTACCOUNTINGJUDGMENTSAND ESTIMATES (CONTINUED)(i) Provision of ECL for trade receivables and other receivables (continued)The Group makes periodic individual assessment on the recoverability of other receivables based on historical settlement records, past experience, and also quantitative and qualitative information that is reasonable and supportive forward-looking information.In addi t ion, t rade receivables and other receivables with significant balances and credit impaired are assessed for ECL individually. The provision of ECL is sensitive to changes in estimates. The information about the ECL and the Group’s trade receivables and other receivables are disclosed in note 35. As at 31 December 2023, the carrying amount of trade receivables and other receivables are approximately RMB65,741,000 and RMB271,120,000 (2022: RMB178,867,000 and RMB280,234,000) respectively, net of impairment loss allowance and impairment loss allowance of approximately RMB36,302,000 and RMB342,179,000 (2022: RMB36,302,000 a n d RMB342,105,000 ) respectively.5.重大會計判斷及估計（續）(i)應收貿易賬款及其他應收賬款預期信貸虧損撥備（續）本集團會根據歷史結算記錄、過往經驗及合理且可作支持之前瞻性定量及定性資料，定期對其他應收賬款之可收回程度進行個別評估。

此外，結餘重大及信貸減值的應收貿易賬款及其他應收賬款個別地作預期信貸虧損評估。

預期信貸虧損撥備對估計的變動敏感。

有關預期信貸虧損的資料以及本集團的應收貿易賬款及其他應收賬款於附註35披露。

於二零二三年十二月三十一日，應收貿易賬款及其他應收賬款的賬面值分別約為人民幣65,741,000元及人民幣271,120,000元（二零二二年：人民幣178,867,000元及人民幣280,234,000元），已扣除減值虧損撥備及減值虧損撥備分別約人民幣36,302,000元及人民幣342,179,000元（二零二二年：人民幣36,302,000元及人民幣342,105,000元）。

233二零二三年年報 ANNUALREPORT 2023For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註5. SIGNIFICANTACCOUNTINGJUDGMENTSAND ESTIMATES (CONTINUED)(ii) Impairment assessment of coal mining rights and property, plant and equipmentWhen there is indication that coal mining rights and property, plant and equipment may be impaired, the Group estimates the recoverable amounts of the relevant assets or the cash-generating unit to which the assets belong. When it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of the cash-generating unit in which the relevant assets are attached to, which is the higher of the value in use or fair value less costs of disposal. The value in use calculation requires the Group to estimate the future cash flows expected to arise from the cash-generating units projected with reference to the projected sales quantities, unit selling prices, unit costs, gross margins, growth rates and discounted at a suitable discount rate in order to calculate the present value. The estimated uncertainty mainly includes production plan taking into account the time required for the renewal of coal mining rights, gross margin, discount rate and growth rate. Where the actual future cash flows are less than expected, or change in facts and circumstances which results in downward revision of future cash, a material impairment loss or a further impairment loss may arise.5.重大會計判斷及估計（續）(ii)煤炭採礦權及物業、廠房及設備減值評估倘有跡象顯示煤炭採礦權及物業、廠房及設備可能出現減值，本集團估計相關資產或該等資產隸屬的現金產生單位的可收回金額。

倘不可能估計個別資產的可收回金額，本集團估計相關資產隸屬的現金產生單位的可收回金額，即使用價值或公允值減出售成本兩者之中的較高者。

計算使用價值時，本集團需要估計現金產生單位預期產生的未來現金流量（參考預期銷量、單位售價、單位成本、毛利、增長率而作預測並以適合的折現率折現），以計算現值。

估計的不確定性主要包括生產計劃（計及重續採礦權所需的時間）、毛利、折現率及增長率。

倘實際未來現金流量較預期少或事實及情況有變以致未來現金向下調整，則可能會產生重大減值虧損或進一步的減值虧損。

234 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註5. SIGNIFICANTACCOUNTINGJUDGMENTSAND ESTIMATES (CONTINUED)(ii) Impairment assessment of coal mining rights and property, plant and equipment (continued)As disclosed in the notes 15 and 16, impairment loss o f coa l min ing r ights amount ing to RMB12,443,000 (2022: nil) and impairment loss of related property, plant and equipment amounting to RMB32,712,000 (2022: nil) were recognised as at 31 December 2023, and the carrying amounts of coal mining rights and property, plant and equipment of coal mining cash-generating units are RMB1,864,159,000 and RMB3,810,074,000 respectively (2022: RMB2,367,351,000 and RMB3,404,125,000 respectively).Details of the recoverable amount calculation are disclosed in note 15.(iii) DepreciationOther than mining structures and assets under construction, property, plant and equipment are depreciated on a straight-line basis over the estimated useful lives, after taking into account the estimated residual values. The management periodically reviews changes in technology and industry condit ions, asset ret irement act ivi ty and residual values to determine adjustments to estimated remaining useful lives and depreciation rates. Actual economic lives may differ from estimated useful lives. Periodic reviews could result in a change in depreciable lives and therefore depreciation expenses in future periods. As at 31 December 2023, the carrying amount of the property, plant and equipment, other than mining structures and assets under construction, was approximately RMB1,339,443,000 (2022: RMB1,184,079,000). Further details are disclosed in note 16.5.重大會計判斷及估計（續）(ii)煤炭採礦權及物業、廠房及設備減值評估（續）誠如附註15及16所披露，於二零二三年十二月三十一日，已確認煤炭採礦權減值虧損人民幣12,443,000元（二零二二年：零）及相關物業、廠房及設備減值虧損人民幣32,712,000元（二零二二年：零），而煤炭採礦現金產生單位的煤炭採礦權以及物業、廠房及設備的賬面值分別為人民幣1,864,159,000元及人民幣3,810,074,000元（二零二二年：分別為人民幣2,367,351,000元及人民幣3,404,125,000元）。

可收回金額計算詳情於附註15披露。

(iii)折舊經計及估算剩餘價值後，物業、廠房及設備按估計可使用年期以直線法予以折舊，惟採礦建築物及在建資產除外。

管理層定期檢討技術及行業狀況變動、資產報廢狀況和剩餘價值，以釐定對估計餘下可使用年期及折舊率的調整。

實際經濟年期可能與估計可使用年期不同。

定期檢討可改變折舊年期以及日後期間的折舊開支。

於二零二三年十二月三十一日，物業、廠房及設備（採礦建築物及在建資產除外）的賬面值約為人民幣1,339,443,000元（二零二二年：人民幣1,184,079,000元）。

進一步詳情於附註16披露。

235二零二三年年報 ANNUALREPORT 2023For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註5. SIGNIFICANTACCOUNTINGJUDGMENTSAND ESTIMATES (CONTINUED)(iv) Coal reservesEngineering estimates of the Group’s coal reserves are inherently imprecise and represent only approximate amounts because of the subjective judgements involved in developing such information. There are authori tat ive guidelines regarding the engineering criteria that have to be met before estimated coal reserves can be designated as proved and probable reserves. Proved and probable coal reserve estimates are updated on a regular basis and have taken into account recent production and technical information about each mine. In addition, as prices and cost levels change from year to year, the estimate of proved and probable coal reserves also change as adverse changes in prices and cost levels would affect the cost-effect iveness of mining the coal and hence may cause reclassifications from reserves to resources categories. This change is considered a change in estimate for accounting purposes and is reflected on a prospective basis in related depreciation and amortisation rates.Despite the inherent imprecision in these engineering estimates, these estimates are used in determining depreciation and amortisation expenses and impairment loss. Depreciation and amortisation rates are determined based on estimated proved and probable coal reserve quantity (the denominator) and capitalised costs of mining structures and coal mining rights (the numerator). The capitalised cost of mining structures is depreciated and coal mining rights are amortised based on the units of coal produced.5.重大會計判斷及估計（續）(iv)煤炭儲量本集團有關煤炭儲量的工程估計存在固有不精確性，且僅為約數，因為編製該等資料涉及主觀判斷。

估計的煤炭儲量須符合有關工程標準的權威指引，才能被定為已探明儲量和估計儲量。

已探明及估計煤炭儲量之估計會定期更新，並考慮到有關各個煤礦的近期生產及技術資料。

此外，由於價格及成本水平隨年份變動，因此已探明及估計煤炭儲量之估計亦會出現變動，原因是價格及成本水平的不利變動將影響採煤的成本效益，因而可能導致由儲備重新分類至資源類別。

該變化被視為就會計用途作出的估計變化，並按預期基準反映有關折舊及攤銷比率。

儘管該等工程估計存在固有不精確性，該等估計乃用於釐定折舊及攤銷開支及減值虧損。

折舊及攤銷比率乃根據估計已探明及估計煤炭儲量（作為分母）和採礦建築物的資本化成本及煤炭採礦權（作為分子）而釐定。

採礦建築物的資本化成本及煤炭採礦權根據所生產的煤炭單位分別予以折舊及進行攤銷。

236 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註5. SIGNIFICANTACCOUNTINGJUDGMENTSAND ESTIMATES (CONTINUED)(iv) Coal reserves (continued)At 31 December 2023, the net carrying amounts of the Group’s coal mining rights and the Group’s mining structures recognised in property, plant and equipment were approximately RMB1,864,159,000 (2022: RMB2,367,351,000) and approximately RMB360,893,000 (2022: RMB501,829,000) respectively. Further details are disclosed in notes 15 and 16 respectively.(v) Obligations for reclamationThe est imat ion of the l iab i l i t ies for f ina l reclamation and mine closure involves the estimates of the amount and timing for the future cash spending as well as the discount rate used for reflecting current market assessments of the time value of money and the risks specific to the liability. The Group considers various factors, including production volume and development plan, the geological structure of the mining regions, to determine the scope, amount and timing of reclamation and mine closure works to be performed. Determination of the effect of these factors involves judgements from the Group and the estimated liabilities may turn out to be different from the actual expenditure incurred. The discount rate used by the Group may also be altered to reflect the changes in the market assessments of the time value of money and the risks specific to the liability, such as changes of the borrowing rate and inflation rate in the market. As changes in estimates occur (such as mine plan revisions, changes in estimated costs, or changes in timing of the performance of reclamation activities), revisions to the obligations will be recognised. As at 31 December 2023, the carrying amount of accrued reclamation obligations approximately RMB115,320,000 (2022: RMB179,614,000). Further details are disclosed in note 29.5.重大會計判斷及估計（續）(iv)煤炭儲量（續）於二零二三年十二月三十一日，已於物業、廠房及設備確認的本集團煤炭採礦權及本集團採礦建築物的賬面淨值分別為約人民幣1,864,159,000元（二零二二年：人民幣2,367,351,000元）及約人民幣360,893,000元（二零二二年：人民幣501,829,000元）。

進一步詳情分別於附註15及16披露。

(v)復墾承擔最後復墾及礦井關閉的估計負債涉及對未來現金花費的金額及時間估計以及為反映貨幣時間價值的當前市場評估及特定負債風險而使用的折現率。

本集團考慮產量及發展計劃、開採區域地質結構等多個因素以釐定復墾及礦井關閉的範圍、數量和時間。

釐定該等因素的影響涉及本集團的判斷，而估計負債可能會與實際產生的支出有所不同。

本集團採用的折現率亦可能被改變，以反映市場對貨幣時間價值的評估及特定負債風險出現的變動，例如市場借款利率及通貨膨脹率的變動。

由於估計發生變化（如採礦計劃的修訂、估計成本的變動或進行復墾活動的時間變化），該等承擔的修訂將予以確認。

於二零二三年十二月三十一日，預提復墾費用的賬面值約為人民幣115,320,000元（二零二二年：人民幣179,614,000元）。

進一步詳情於附註29披露。

237二零二三年年報 ANNUALREPORT 2023For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註5. SIGNIFICANTACCOUNTINGJUDGMENTSAND ESTIMATES (CONTINUED)(vi) Deferred tax assetAs at 31 December 2023, no deferred tax asset has been recognised on the tax losses of RMB702,056,000 (2022: RMB489,659,000) due to the unpredictability of future profit streams. The realisability of the deferred tax asset mainly depends on whether sufficient future profits or taxable temporary differences will be available in future. In cases where the actual future taxable profits or taxable temporary differences generated are less or more than expected, or change in facts and circumstances which result in revision of future taxable profits estimation, a material reversal or further recognition of deferred tax assets may raise, which would be recognised in consolidated income statement for the period in which such a reversal or further recognition takes place.5.重大會計判斷及估計（續）(vi)遞延稅項資產於二零二三年十二月三十一日，由於未來溢利流無法預測，因此概無就稅項虧損人民幣702,056,000元（二零二二年：人民幣489,659,000元）確認遞延稅項資產。

遞延稅項資產能否變現主要視乎日後是否有足夠的未來溢利或可扣稅暫時差額。

倘產生的實際未來應課稅溢利或可扣稅暫時差額少於或多於預期，或事實及情況有變而令對未來應課稅溢利的估計有所修訂，則遞延稅項可能出現重大撥回或進一步確認（將於有關撥回或進一步確認發生的期間於綜合收入表中確認）。

238 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註5. SIGNIFICANTACCOUNTINGJUDGMENTSAND ESTIMATES (CONTINUED)(vii) Valuation of other borrowings on extinguishmentAs explained in note 28 to the consolidated financial statements, there are modifications to the terms of the Group’s borrowings which the management of the Group had concluded that the modifications are significant modifications and hence should be treated as extinguishment of the original financial liabilities and recognition of new liabilities. As explained in the Group’s accounting pol icy, the new l iabi l i t ies are measured at fair value on extinguishment of the old borrowings with the difference between the carrying amount of the old borrowings derecognised and the fair value of the new borrowings being recognised in profit or loss. In determining the fair value of the new liabilities to be recognised on extinguishment of the original liabilities, the management of the Group is required to estimate a suitable discount rate. The Group’s management believes that the adopted discount rate of 7.31% best reflects the Group’s facts and circumstances and the market conditions. Any significant change in the adopted discount rate may have significant impact on the consol idated statement of comprehensive income. For the year ended 31 December 2023, the Group had recognised net loss on extinguishment of old liabilities and recognition of new liabilities of approximately RMB8,982,000.5.重大會計判斷及估計（續）(vii)其他借貸於償還時的估值誠如綜合財務報表附註28所說明，本集團借貸條款有所修訂，本集團管理層認為該等修訂屬重大修訂，因此應視為償還原金融負債及確認新負債處理。

誠如本集團會計政策所說明，新負債按償還舊借貸時的公允值計量，終止確認的舊借款的賬面金額與新借貸公允值之間的差額於損益確認。

於釐定償還原負債時確認的新負債的公允值時，本集團管理層須估計適當的貼現率。

本集團管理層認為，所採用的7.31%貼現率最能反映本集團的事實及情況以及市場狀況。

所採用的貼現率發生重大變動可能會對綜合全面收入表產生重大影響。

截至二零二三年十二月三十一日止年度，本集團已確認償還舊負債及確認新負債的虧損淨額約人民幣8,982,000元。

239二零二三年年報 ANNUALREPORT 2023For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註5. SIGNIFICANTACCOUNTINGJUDGMENTSAND ESTIMATES (CONTINUED)(viii) Contingent liabilities/provisionThe Group is the defendant in various litigation and arbitration cases for various reasons. Management assesses the likelihood of the outcome and estimated the probable charges the Group is liable to for each of the cases, taking into account of all available facts and circumstances and relevant legal advice. Such assessment involved significant management’s judgement on the likelihood of the case outcome and estimate on the charges. Where the final outcomes of these cases different from the amounts originally estimated and recorded by management, the differences will impact on the expenses in the period in which the differences realise.As explained in note 39, there was a litigation initiated by the non-controlling shareholders against the Group to claim for their entitled benefits in respect of acquiring 20% of coal production from the year of 2013 to 2020 at production cost prices as the distributions entitled to them as non-controlling shareholders. Management assessed and recognised the provision for the dividends payable to non-control l ing shareholders according to the circumstances and the assessment requires significant management judgment. For the year ended 31 December 2023, the Group had recognised the provision of dividends to non-controlling shareholders of RMB672,856,000.5.重大會計判斷及估計（續）(viii)或然負債╱撥備本集團因各種原因而成為幾宗訴訟及仲裁案件的被告。

管理層評估結果的可能性並估計本集團須就每宗案件承擔的可能費用，當中考慮所有可知的事實及情況及相關法律意見。

該評估涉及管理層對案件結果可能性的重大判斷及對費用的估計。

倘該等案件的最終結果有別於管理層原先估計及記錄的金額，有關差異將影響其變現期間的開支。

誠如附註39所說明，非控股股東對本集團提出訴訟，要求申索彼等於二零一三年至二零二零年按煤炭生產價格計算有關收購20%煤炭生產的應有利益，作為非控股股東有權應得的分派。

管理層根據情況評估及確認應付非控制股東股息的撥備，該評估需要作出重大管理判斷。

截至二零二三年十二月三十一日止年度，本集團已確認向非控股股東派付股息的撥備人民幣672,856,000元。

240 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註5. SIGNIFICANTACCOUNTINGJUDGMENTSAND ESTIMATES (CONTINUED)(viii) Contingent liabilities/provision (continued)The directors of the Company are of the opinion that the respect ive subsidiar ies’ reserves (excluding share capital) available for distributions in those subsidiaries’ financial statements prepared in accordance with IFRSs are not sufficient for the above mentioned provision, and therefore the equity attributable to owners are debited accordingly.6. SEGMENTREPORTING(a) Segment results, assets and liabilitiesThe Chief Executive Officer (the “CEO”) reviews the “operating profit” as presented below and the consolidated results when making decisions about allocating resources and assessing performance of the Group as a whole. The Group has only one reportable segment, coal business, which mainly operates its business in the PRC and Indonesia and earns substantially all of the revenues from external customers attributed to the PRC. As at the end of the reporting period, substantially all of the non-current assets of the Group were located in the PRC and Indonesia. Geographical segments of the non-current asset are disclosed in note 6(c).For the strategic business unit, the CEO reviews internal management reports on a monthly basis.5.重大會計判斷及估計（續）(viii)或然負債╱撥備（續）本公司董事認為，根據國際財務報告準則編製的該等附屬公司財務報表中有關附屬公司可供分派的儲備（不包括股本）不足以作出上述撥備，因此歸屬於擁有人權益已相應扣減。

6.分部報告(a)分部業績、資產及負債行政總裁於作出有關分配資源的決策及評估本集團整體表現時審閱以下呈列的「經營溢利」以及綜合業績。

本集團僅有一個可呈報分部（為煤炭業務），其主要在中國及印尼運營業務並自中國外部客戶賺取絕大部分收入。

於報告期末，本集團絕大部分非流動資產位於中國及印尼。

非流動資產按地區劃分的分部資料披露於附註6(c)。

行政總裁每月審閱各策略業務單位之內部管理報告。

241二零二三年年報 ANNUALREPORT 2023For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註6. SEGMENTREPORTING (CONTINUED)(a) Segment results, assets and liabilities (continued)For the purposes of assess ing segment performance and allocating resources between segments, the CEO monitors the results, assets and liabilities attributable to the reportable segment on the following basis:– The measure used for reporting segment profit is adjusted profit before net finance costs and income tax credit items not specifically attributable to individual segments, such as unallocated head office and corporate expenses are further adjusted.– Segment assets include all tangible assets, coal mining rights, right-of-use assets, interest in an associate and current assets with the exception of unallocated corporate assets. Segment liabilities include trade payables, other payables attributable to activities of the individual segments, accrued reclamation obligations and borrowings managed directly by the segment.– Revenue and expenses are allocated to the reportable segment with reference to revenue generated by the segment and the expenses incurred by the segment.6.分部報告（續）(a)分部業績、資產及負債（續）就評估分部業績及分部間分配資源而言，行政總裁按下列基準監察可報告分部應佔業績、資產及負債：–用於報告分部溢利的指標為扣除財務成本淨額及所得稅抵免項目前之經調整溢利，並無指明各分部應佔的項目，如未分配總公司及公司開支將進一步進行調整。

–分部資產包括所有有形資產、煤炭採礦權、使用權資產、於一間聯營公司權益及流動資產，惟未分配公司資產除外。

分部負債包括各分部活動應佔的應付貿易賬款、其他應付賬款、預提復墾費用及分部直接管理的借貸。

–收益及開支乃經參考分部產生之收益及開支分配予可報告分部。

242 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註6.分部報告（續）(a)分部業績、資產及負債（續）6. SEGMENTREPORTING (CONTINUED)(a) Segment results, assets and liabilities (continued)Coal business煤炭業務20232022二零二三年二零二二年RMB’000 RMB’000人民幣千元人民幣千元 Revenue from external customers外部客戶收益3,449,1823,794,039Inter-segment revenue分部間收益– – Reportable segment revenue可報告分部收益3,449,1823,794,039Reportable segment profit before taxation可報告分部除稅前溢利534,9231,021,808Depreciation and amortisation折舊及攤銷(921,443) (962,249)Net loss on disposal of property, plant and equipment出售物業、廠房及設備的虧損淨額(49) (210)Impairment losses on other receivables, net其他應收款項之減值虧損淨額(3) (3,082)Impairment losses on coal mining rights煤炭採礦權之減值虧損(12,443) –Impairment losses on property, plant and equipment物業、廠房及設備之減值虧損(32,712) –Additions to property, plant and equipment添置物業、廠房及設備1,121,038768,003Reportable segment assets可報告分部資產8,603,6978,348,550Reportable segment liabilities可報告分部負債(7,367,925) (6,490,787)243二零二三年年報 ANNUALREPORT 2023For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註6.分部報告（續）(b)可報告分部收益、除稅前溢利、資產及負債的對賬收益除稅前溢利6. SEGMENTREPORTING (CONTINUED)(b) Reconciliations of reportable segment revenue, profit before taxation, assets and liabilitiesRevenue20232022二零二三年二零二二年RMB’000 RMB’000人民幣千元人民幣千元 Total of reportable segments revenue可報告分部收益總額3,449,1823,794,039Elimination of inter-segment revenue分部間收益之對銷– – Consolidated revenue綜合收益3,449,1823,794,039Profit before taxation20232022二零二三年二零二二年RMB’000 RMB’000人民幣千元人民幣千元 Total of reportable segments profit before taxation可報告分部除稅前溢利總額528,3591,021,808Unallocated head office and corporate expenses未分配總公司及公司開支(4,500) (1,338)Net finance costs財務成本淨額(171,722) (253,689) Consolidated profit before taxation綜合除稅前溢利352,137766,781244 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註6.分部報告（續）(b)可報告分部收益、除稅前溢利、資產及負債的對賬（續）資產負債6. SEGMENTREPORTING (CONTINUED)(b) Reconciliations of reportable segment revenue, profit before taxation, assets and liabilities (continued)Assets20232022二零二三年二零二二年RMB’000 RMB’000人民幣千元人民幣千元 Total of reportable segments assets可報告分部資產總額8,603,6978,348,550Elimination of inter-segment receivables分部間應收賬款之對銷(752,750) (699,208)Unallocated assets未分配資產6,626201,189 Consolidated total assets綜合資產總值7,857,5737,850,531Liabilities20232022二零二三年二零二二年RMB’000 RMB’000人民幣千元人民幣千元 Total of reportable segments liabilities可報告分部負債總額7,367,9256,490,787Elimination of inter-segment payables分部間應付賬款之對銷(950,259) (530,344)Tax payable應付稅項289,656350,097Deferred taxation遞延稅項538,497621,932Unallocated liabilities未分配負債292,836104,848 Consolidated total liabilities綜合負債總額7,538,6557,037,320245二零二三年年報 ANNUALREPORT 2023For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註6.分部報告（續）(c)區域資料本集團全部外部客戶收益均來自本集團實體的所在國家（即中國）。

本集團業務於不同地區營運。

本集團非流動資產的地理位置如下：(d)有關主要客戶之資料於年內，其交易佔本集團收益超過10%之以下煤炭業務分部客戶的收益如下：*來自相關客戶的收益佔本集團於該年度的總收益低於10%。

6. SEGMENTREPORTING (CONTINUED)(c) Geographic informationAl l of the Group’s revenue f rom external customers is attributed to the Group entities’ country of domicile (i.e. in the PRC).The business of the Group operates in different geographic areas. The geographical location of the Group’s non-current assets as follows:20232022二零二三年二零二二年RMB’000 RMB’000人民幣千元人民幣千元 PRC (including Hong Kong)中國（包括香港） 4,241,7265,088,230Indonesia印尼1,769,401757,207 6,011,1275,845,437(d) Information about major customersDuring the year, revenue derived from the following customers in coal business segment with whom transactions have exceeded 10% of the Group’s revenue are as follows:20232022二零二三年二零二二年RMB’000 RMB’000人民幣千元人民幣千元 Customer A客戶A 1,192,352970,472Customer B客戶B 636,466650,161Customer C客戶C 487,647625,983Customer D*客戶D* 458,102 –** Revenue from relevant customer was less than 10% of the Group’s total revenue for the respective year.246 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註7.收益按服務種類劃分的客戶合約收益分拆如下：商品銷售收益於商品轉移時確認。

商品交付時履約責任即完成。

7. REVENUEDisaggregation of revenue from contracts with customers by service lines is as follows:20232022二零二三年二零二二年RMB’000 RMB’000人民幣千元人民幣千元 Sales of coal煤炭銷售3,449,1823,794,039Revenue from sales of goods are recognised when the goods are transferred at a point in time. The performance obligation is satisfied upon the delivery of the goods.247二零二三年年報 ANNUALREPORT 2023For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註8.其他收入、收益及虧損附註：(i)來自兩項政府補助計劃的政府補助金人民幣3,211,000元（二零二二年：人民幣17,488,000元）已授出及已收取作為本集團截至二零二三年十二月三十一日止年度業務發展的財政補助。

上述其中一項補助金約人民幣983,000元的條件為各實體須於同年在指定地區維持其主要營業地點，而有關條件已達成。

年內已確認另一項補助金約人民幣708,000元，進一步詳情載於附註31。

餘下政府補助金人民幣1,520,000元的全部條件已經達成。

8. OTHERINCOME, GAINSANDLOSSES20232022二零二三年二零二二年RMB’000 RMB’000人民幣千元人民幣千元 Loss on substantial modification upon loan restructuring – Loan I (Note 28)於貸款重組時作出重大修訂之虧損–貸款I（附註28） (211,121) –Gain on substantial modification upon loan restructuring – Loan IV (Note 28)於貸款重組時作出重大修訂之收益–貸款IV（附註28） 202,139 –Gain on substantial modification upon loan restructuring – Loan V (Note 28)於貸款重組時作出重大修訂之收益–貸款V（附註28） – 11,321 (Loss)/gain on substantial modification upon loan restructuring (Note 28)於貸款重組時作出重大修訂之（虧損）╱收益（附註28） (8,982) 11,321(Loss)/gain on non-substantial modification of borrowings, net (Note 28)借貸非重大修訂之（虧損）╱收益淨額（附註28）(5,476) 31,203Foreign exchange gain, net匯兌收益淨額4,31620,656Net loss on disposal of property, plant and equipment出售物業、廠房及設備之虧損淨額(49) (210)Government subsidies (note (i))政府補助金（附註(i)） 3,21117,488Fair value gain on financial asset at fair value through profit or loss按公允值計入損益的金融資產之公允值收益– 438Others其他8,9964,637 2,01685,533Note:(i) The government subs id ies o f RMB3,211,000 (2022: RMB17,488,000) were granted and received as financial subsidies on the Group’s business development for the year ended 31 December 2023 from two government subsidies schemes. One of the aforesaid subsidies with amount of approximately RMB983,000 is with conditions that the respective entities would maintain their principal places of businesses at the designated area for the same year, which were fulfilled. Another subsidy with amount of approximately RMB708,000 is recognised during the year and further details are set out in note 31. All conditions of the remaining government subsidies with amount of RMB1,520,000 were fulfilled.248 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註9.財務成本淨額9. NETFINANCECOSTS20232022二零二三年二零二二年RMB’000 RMB’000人民幣千元人民幣千元 Interest income利息收入(12,950) (16,197) Interest on borrowings借貸利息121,169123,197Interest charge on unwinding of discounts (note (ii))解除貼現之利息開支（附註(ii)）118,305158,454 Total interest expense on financial liabilities not at fair value through profit or loss並非按公允值計入損益的金融負債之利息開支總額239,474281,651Less: Interest capitalised into property, plant and equipment (note (i))減：物業、廠房及設備中已資本化利息（附註(i)） (54,802) (11,765) Finance costs財務成本184,672269,886Net finance costs財務成本淨額171,722253,689249二零二三年年報 ANNUALREPORT 2023For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註9.財務成本淨額（續）附註：(i)截至二零二三年十二月三十一日止年度，財務成本已按每年7.13%的比率（二零二二年：6.69%）資本化。

(ii)此項目指利用實際利率解除以下負債的貼現：附註：截至二零二三年十二月三十一日止年度，本集團參考由本集團委聘的地質調查專家所編製的有關興隆煤礦、宏遠煤礦及SDE煤礦最新地質環境保護及土地復墾計劃，重新估算估計成本及調整預提復墾費用，以變更發展及生產計劃。

因此，物業、廠房及設備以及預提復墾費用分別減少人民幣39,971,000元及人民幣66,384,000元（二零二二年︰零及零）及相關解除貼現之利息開支人民幣26,413,000元（二零二二年︰零）已於年內撥回。

此外，年內已確認解除貼現之利息開支人民幣5,728,000元（上述重新評估除外）。

9. NETFINANCECOSTS (CONTINUED)Notes:(i) During the year ended 31 December 2023, the finance costs have been capitalised at a rate of 7.13% (2022: 6.69%) per annum.(ii) This item represents the unwinding of discount for the following liabilities using the effective interest rate:20232022二零二三年二零二二年RMB’000 RMB’000人民幣千元人民幣千元 Borrowings (note 25)借貸（附註25） 138,359147,083Lease liabilities (note 25)租賃負債（附註25） 631978Accrued reclamation obligations (note)預提復墾費用（附註） (20,685) 10,393 118,305158,454 Note: During the year ended 31 December 2023, the Group reassessed the estimated costs and adjusted the accrued reclamation obligations by reference to the latest geological environment protection and land reclamation plans of Xinglong Coal, Hongyuan Coal and SDECoal Mine prepared by geological survey experts engaged by the Group for the change of development and production plans. As a result, the property, plant and equipment and the accrued reclamation obligation has decreased by RMB39,971,000 and RMB66,384,000 (2022: nil and nil) respectively and the corresponding interest charge on unwinding of discounts of RMB26,413,000 (2022: nil) has been reversed during the year. In addition, the interest charge on unwinding of discounts of RMB5,728,000 (other than the aforesaid reassessment) has been recognised during the year.250 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註10.除稅前溢利除稅前溢利已扣除以下各項：附註：(i)存貨成本包括與僱員福利開支、物業、廠房及設備折舊以及煤炭採礦權攤銷相關的約人民幣1,305,536,000元（二零二二年：人民幣1,416,740,000元），有關金額亦已計入就各該等開支類別於上文單獨披露的相關總金額。

10. PROFITBEFORETAXATIONProfit before taxation is arrived at after charging:20232022二零二三年二零二二年RMB’000 RMB’000人民幣千元人民幣千元 Cost of inventories (note (i))存貨成本（附註(i)） 1,752,8661,840,799Short-term leases payment短期租賃的付款1,9802,261Depreciation of property, plant and equipment物業、廠房及設備折舊426,421324,711Amortisation of coal mining rights (included in cost of sales)煤炭採礦權攤銷（計入銷售成本） 491,012622,739Depreciation of right-of-use assets使用權資產折舊5,27515,589Auditors remuneration核數師酬金– audit services –審核服務2,5272,324– non-audit services –非審核服務1,8731,722Employee benefit expenses (excluding directors and chief executives) remuneration (note 12))僱員福利開支（不包括董事及最高行政人員酬金（附註12））– Salaries, allowances and benefits in kind–薪金、津貼及實物福利588,281504,167– Contributions to retirement benefit schemes–退休福利計劃供款41,27436,093 629,555540,260Note:(i) Cost of inventories included approximately RMB1,305,536,000 (2022: RMB1,416,740,000) relating to employee benefit expenses, depreciation of property, plant and equipment and amortisation of coal mining rights which amounts are also included in the respective total amounts disclosed separately above for each of these types of expenses.251二零二三年年報 ANNUALREPORT 2023For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註11.所得稅開支綜合全面收入表內的所得稅開支指：11. INCOMETAXEXPENSEIncome tax expense in the consolidated statement of comprehensive income represents:20232022二零二三年二零二二年RMB’000 RMB’000人民幣千元人民幣千元 Current tax expense即期稅項開支– PRCCorporate Income Tax –中國企業所得稅223,329286,017– Underprovision of PRCCorporate Income Tax in prior years– 過往年度中國企業所得稅撥備不足20,21674 243,545286,091Deferred tax (note 19)遞延稅項（附註19） (83,435) (9,346) Income tax expense所得稅開支160,110276,745252 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註11.所得稅開支（續）年內的所得稅開支與根據綜合全面收入表的除稅前溢利對賬如下：附註：(i)根據開曼群島及英屬處女群島的規則及規例，本集團毋須繳納開曼群島及英屬處女群島的任何所得稅（二零二二年：無）。

(ii)香港利得稅乃根據於香港從事業務之附屬公司之應課稅溢利按法定稅率16.5%（二零二二年：16.5%）計提撥備。

(iii)中國企業所得稅乃根據於中國從事業務之附屬公司之應課稅溢利按法定稅率25%（二零二二年：25%）計提撥備。

(iv)印尼企業所得稅乃根據於印尼從事業務之附屬公司之應課稅溢利按法定稅率22%（二零二二年：22%）計提撥備。

由於本集團於截至二零二三年及二零二二年十二月三十一日止年度於印尼並無應課稅溢利，因此於綜合財務報表中概無計提印尼企業所得稅撥備。

11. INCOMETAXEXPENSE (CONTINUED)Income tax expense for the year can be reconciled to the profit before taxation per the consolidated statement of comprehensive income as follows:20232022二零二三年二零二二年RMB’000 RMB’000人民幣千元人民幣千元 Profit before taxation除稅前溢利352,137766,781Notional tax expense on profit before taxation, calculated at the applicable tax rates採用適用稅率計算的除稅前溢利的名義稅項開支109,133216,817Tax effect of unused tax losses not recognised未確認之未動用稅項虧損之稅務影響39,35629,726Tax effect of expenses non-deductible for tax purpose不可扣稅開支之稅務影響17,87322,225Tax effect of income non-taxable for tax purpose非課稅收入之稅務影響(12,584) (19,600)Tax effect of deductible temporary difference not recognised未確認之可扣稅暫時差額之稅務影響14,45648,617Utilisation of tax loss and deductible temporary difference not recognised in prior years動用過往年度未確認之稅務虧損及可扣稅暫時差額(28,311) (20,467)Underprovision of PRCCorporate Income tax in prior years過往年度中國企業所得稅撥備不足20,216429Effect of additional tax deduction enacted by tax authority稅務機關頒佈額外稅項減免之影響(29) (1,002) Income tax expense所得稅抵免開支160,110276,745Notes:(i) Pursuant to the rules and regulations of the Cayman Islands and the British Virgin Islands, the Group is not subject to any income tax in the Cayman Islands and the British Virgin Islands (2022: nil).(ii) Provision for the Hong Kong Profit Tax was based on the statutory rate of 16.5% (2022: 16.5%) of the assessable profit of subsidiaries which carried on business in Hong Kong.(iii) Provision for the PRCCorporate Income Tax was based on the statutory rate of 25% (2022: 25%) of the assessable profits of subsidiaries which carried on businesses in the PRC.(iv) Provision for the Indonesia Corporate Income Tax was based on the statutory rate of 22% (2022: 22%) of the assessable profits of subsidiaries which carried on businesses in the Indonesia. No provision for Indonesia Corporate Income Tax has been made in the consolidated financial statements as the Group had no assessable profits in Indonesia for the years ended 31 December 2023 and 2022.253二零二三年年報 ANNUALREPORT 2023For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註12.董事及最高行政人員酬金年內董事酬金根據上市規則、香港公司條例第383(1)(a)、(b)、(c)及(f)條及公司（披露董事利益資料）規例第2部披露如下：12. DIRECTORS’ ANDCHIEFEXECUTIVE’S REMUNERATIONDirectors’ remuneration for the year, disclosed pursuant to the Listing Rules, section 383(1)(a), (b), (c) and (f) of the Hong Kong Companies Ordinance and Part 2 of the Companies (Disclosure of Information about Benefits of Directors) Regulation, is as follows:Directors’ feeSalaries, allowances and benefits in kindContributions to retirement benefit schemes Sub-totalShare-based payments Total董事袍金薪金、津貼及實物福利退休福利計劃供款小計以股份為基礎之付款總計RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000Name of directors董事姓名人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元 For the year ended 31 December 2023截至二零二三年十二月三十一日止年度Executive directors執行董事Mr. Xu Da徐達先生7451,6571102,512 – 2,512Mr. Bai Tao (note (i))白韜先生（附註(i)） 7461,7351042,585 – 2,585Mr.Tan Yingzhong (note (ii))譚映忠先生（附註(ii)） 9346045598 – 598Mr.Zhai Yifeng (note (iii))翟依峰先生（附註(iii)） 6521,4451112,208 – 2,208Independent non-executive directors獨立非執行董事Mr. Lau Sik Yuen (note (iv))劉錫源先生（附註(iv)） 141 – – 141 – 141Prof. Sha Zhenquan沙振權教授240 – – 240 – 240Mr. Jing Dacheng靜大成先生240 – – 240 – 240Mr. Ho Ka Yiu Simon (note (v))何嘉耀先生（附註(v)） 146 – – 146 – 146 3,0035,2973708,670 – 8,670254 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註12.董事及最高行政人員酬金（續）附註：(i)本公司執行董事白韜先生亦為本公司最高行政人員。

(ii)譚映忠先生於二零二一年四月一日獲委任為本公司執行董事並於二零二三年三月一日辭任。

(iii)翟依峰先生於二零二三年三月一日獲委任為本公司執行董事。

(iv)劉錫源先生於二零二三年六月二十日辭任本公司執行董事。

(v)何嘉耀先生於二零二三年六月二十日獲委任為本公司獨立非執行董事。

12. DIRECTORS’ ANDCHIEFEXECUTIVE’S REMUNERATION (CONTINUED)Directors’ feeSalaries, allowances and benefits in kindContributions to retirement benefit schemes Sub-totalShare-based payments Total董事袍金薪金、津貼及實物福利退休福利計劃供款小計以股份為基礎之付款總計RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000Name of directors董事姓名人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元 For the year ended 31 December 2022截至二零二二年十二月三十一日止年度Executive directors執行董事Mr. Xu Da徐達先生8351,6551002,590 – 2,590Mr. Bai Tao (note (i))白韜先生（附註(i)） 8351,582802,497 – 2,497Mr.Tan Yingzhong (note (ii))譚映忠先生（附註(ii)） 8351,2021012,138 – 2,138Independent non-executive directors獨立非執行董事Mr. Lau Sik Yuen (iv)劉錫源先生(iv) 343 – – 343 – 343Prof. Sha Zhenquan沙振權教授240 – – 240 – 240Mr. Jing Dacheng靜大成先生240 – – 240 – 240 3,3284,4392818,048 – 8,048Notes:(i) Mr. Bai Tao, an executive director of the Company, is also the chief executive of the Company.(ii) Mr. Tan Yingzhong appointed and resigned as an executive director of the Company on 1 April 2021 and 1 March 2023 respectively.(iii) Mr. Zhai Yifeng appointed as an executive director of the Company on 1 March 2023.(iv) Mr. Lau Sik Yuen resigned as an executive director of the Company on 20 June 2023.(v) Mr. Ho Ka You Simon appointed as an independent non-executive director of the Company on 20 June 2023.255二零二三年年報 ANNUALREPORT 2023For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註12.董事及最高行政人員酬金（續）年內，本公司並無向董事支付任何與彼等自本集團退任有關之款項或任何加盟獎勵（二零二二年：無）。

已支付予執行董事或執行董事的董事袍金、薪金、津貼及實物福利一般指就該等人士管理本公司及本集團的事務相關的其他服務而支付予該等人士或該等人士應收的酬金。

上述獨立非執行董事的酬金與彼等作為本公司董事以提供服務相關。

13.僱員及高級管理人員薪酬僱員薪酬年內，本集團五名最高薪酬之人士包括本公司之三名（二零二二年：三名）董事，彼等之薪酬詳情載列於上文附註12。

向本集團其餘兩名（二零二二年：兩名）最高薪酬人士支付之薪酬詳情如下：12. DIRECTORS’ ANDCHIEFEXECUTIVE’S REMUNERATION (CONTINUED)There were no amounts paid during the year (2022: nil) to the directors in connection with their retirement from employment with the Group, or inducement to join.Director’s fee, salaries, allowances and benefits in kind paid to or for the executive directors are generally emoluments paid or receivable in respect of those persons other services in connection with the management of the affairs of the Company and the Group.The independent non-executive directors’ emoluments shown above were for their services as directors of the Company.13. EMPLOYEES’ ANDSENIORMANAGEMENT’S EMOLUMENTSEmployees’ emolumentsThe five highest paid individuals of the Group during the year include three (2022: three) directors of the Company, details of whose remuneration are set out in note 12 above. Details of remuneration for the year paid to the remaining two (2022: two) highest paid individuals of the Group are as follows:20232022二零二三年二零二二年RMB’000 RMB’000人民幣千元人民幣千元 Salaries, allowances and benefits in kind薪金、津貼及實物福利4,1103,899Contributions to retirement benefit schemes退休福利計劃供款133147 4,2434,046256 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註13.僱員及高級管理人員薪酬（續）僱員薪酬（續）兩名（二零二二年：兩名）最高薪酬人士之薪酬分佈如下：年內，並無向五名最高薪酬僱員支付任何與彼等自本集團退任有關之款項或任何加盟獎勵（二零二二年：無）。

高級管理人員薪酬截至二零二三年十二月三十一日止年度，本集團十二名（二零二二年：九名）高級管理人員（並非本公司董事）之薪酬分佈如下：本集團高級管理人員之中八位（二零二二年：六位）為本公司董事，彼等之薪酬已包括於附註12。

13. EMPLOYEES’ ANDSENIORMANAGEMENT’S EMOLUMENTS (CONTINUED)Employees’ emoluments (continued)The emoluments of the two (2022: two) individuals with the highest emoluments are within the following bands:20232022二零二三年二零二二年Number of individualsNumber of individualsHKD港元人數人數 1,000,001–1,500,0001,000,001–1,500,000111,500,001–2,000,0001,500,001–2,000,000 – –2,000,001–2,500,0002,000,001–2,500,000 – 12,500,001–3,000,0002,500,001–3,000,0001 –There were no amounts paid during the year (2022: nil) to the five highest paid employees in connection with their retirement from employment with the Group, or inducement to join.Senior management’s emolumentsThe emoluments of the twelve (2022: nine) senior managements of the Group who are not directors of the Company for the year ended 31 December 2023 were within the following bands:20232022二零二三年二零二二年Number of individualsNumber of individualsHKD港元人數人數 Less than 500,000500,000以下3 –500,001–1,000,000500,001–1,000,000431,000,001–1,500,0001,000,001–1,500,000451,500,001–2,000,0001,500,001–2,000,000 – –2,000,001–2,500,0002,000,001–2,500,000 – 12,500,001–3,000,0002,500,001–3,000,0001 –Of the senior management of the Group, eight (2022: six) were the directors of the Company, whose emoluments are included in Note 12.257二零二三年年報 ANNUALREPORT 2023For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註14.每股盈利每股基本盈利每股基本盈利乃基於年內本公司普通權益持有人應佔溢利及已發行普通股的加權平均數計算。

截至二零二三年及二零二二年十二月三十一日止年度本公司普通權益持有人分別應佔每股基本盈利乃基於以下數據計算：14. EARNINGSPERSHAREBasic earnings per shareThe calculations of basic earnings per share is based on the profit attributable to ordinary equity shareholders of the Company and the weighted average number of ordinary shares in issue during the year.The calculations of basic earnings per share attributable to ordinary equity shareholders of the Company for the years ended 31 December 2023 and 2022 respectively are based on the following data:20232022二零二三年二零二二年RMB’000 RMB’000人民幣千元人民幣千元 Earnings盈利Profit for the year attributable to equity shareholders of the Company本公司權益持有人應佔年內溢利200,346456,543Less: Distribution relating to perpetual subordinated convertible securities classified as equity (note 32(c))減：有關分類為權益之永久次級可換股證券之分派（附註32(c)）(5,273) (5,054) Profit for the year attributable to ordinary equity shareholders of the Company in calculating basic earnings per share用於計算每股基本盈利之本公司普通權益持有人應佔年內溢利195,073451,489Number of sharesShares股份股份數目 Weighted average number of ordinary shares for the purpose of basic earnings per share計算每股基本盈利所用普通股加權平均數2,493,413,9852,493,413,985258 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註14.每股盈利（續）每股攤薄盈利截至二零二三年及二零二二年十二月三十一日止年度本公司普通權益持有人分別應佔每股攤薄盈利乃基於以下數據計算：14. EARNINGSPERSHARE (CONTINUED)Diluted earnings per shareThe calculat ions of di luted earnings per share attributable to ordinary equity shareholders of the Company for the years ended 31 December 2023 and 2022 respectively are based on the following data:20232022二零二三年二零二二年RMB’000 RMB’000人民幣千元人民幣千元 Earnings盈利Profit for the year attributable to ordinary equity shareholders of the Company used in calculating basic earnings per share用於計算每股基本盈利之本公司普通權益持有人應佔年內溢利195,073451,489Add: Distribution relating to perpetual subordinated convertible securities classified as equity (note 32(c))加：有關分類為權益之永久次級可換股證券之分派（附註32(c)）5,2735,054 Adjusted profit for the year attributable to equity shareholders of the Company used in calculating diluted earnings per share用於計算每股攤薄盈利之本公司權益持有人應佔年內經調整溢利200,346456,543Number of sharesShares股份股份數目 Weighted average number of ordinary shares for the purpose of diluted earnings per share計算每股攤薄盈利所用普通股加權平均數2,493,413,9852,493,413,985Adjustments for calculation of diluted earnings per share:就計算每股攤薄盈利作出調整：Perpetual subordinated convertible securities永久次級可換股證券118,000,000118,000,000 Adjusted weighted average number of shares classified as equity for the purpose of diluted earnings per share計算每股攤薄盈利所用分類為權益的股份經調整加權平均數2,611,413,9852,611,413,985259二零二三年年報 ANNUALREPORT 2023For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註14.每股盈利（續）每股攤薄盈利（續）截至二零二三年及二零二二年十二月三十一日止年度，由於有關購股權之經調整行使價高於截至二零二三年及二零二二年十二月三十一日止年度餘下期間股份之平均市價，計算每股攤薄盈利時並未假設本公司之未行使購股權獲行使。

15.煤炭採礦權14. EARNINGSPERSHARE (CONTINUED)Diluted earnings per share (continued)For the years ended 31 December 2023 and 2022, the computation of diluted earnings per share has not assumed the exercise of the Company’s outstanding share options since the adjusted exercise prices of these options were higher than the average market prices of shares for the outstanding period during the years ended 31 December 2023 and 2022.15. COALMININGRIGHTSRMB’000人民幣千元 Cost成本At 1 January 2022,31 December 2022 and 1 January 2023於二零二二年一月一日、二零二二年十二月三十一日及二零二三年一月一日4,810,569Exchange differences匯兌差額263 At 31 December 2023於二零二三年十二月三十一日4,810,832 Accumulated amortisation and impairment losses累計攤銷及減值虧損At 1 January 2022於二零二二年一月一日(1,820,479)Charge for the year年內扣除(622,739) At 31 December 2022二零二二年十二月三十一日(2,443,218) Charge for the year年內扣除(491,012)Impairment for the year年內減值(12,443) At 31 December 2023於二零二三年十二月三十一日(2,946,673) Net carrying amounts賬面淨值At 31 December 2023於二零二三年十二月三十一日1,864,159At 31 December 2022於二零二二年十二月三十一日2,367,351260 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註15. COALMININGRIGHTS (CONTINUED)The balance represents the r ights to conduct mining activities in Shanxi Province, PRC and South Kalimantan, Indonesia. The Group has no formal title of ownership over the lands where the PRC mine sites are located, hence none of the carrying amount of right-of-use assets (see note 17) relates to these lands located in the PRC. The Department of Land Resources of Shanxi Province, PRC and Kalimantan Province, Indonesia issued and renewed several mining rights certificates to the Group. Details of the Group’s coal mining rights are as follows:Coal mining rights Expiry dateShanxi Province, PRCXingtao Coal Mine 14 September 2034Fengxi Coal Mine 24 January 2034Chongsheng Coal Mine 14 December 2039Xinglong Coal Mine 29 November 2019Hongyuan Coal Mine 13 July 2030Kalimantan, IndonesiaSDECoal Mine 14 May 2034As at 31 December 2023, the Group’s coal mining rights in the PRC with net carrying amount of approximately RMB1,830,198,000 (2022: RMB2,333,653,000) were pledged for the Group’s borrowings (Note 28).In respect of the expiry of coal mining rights of Shanxi Xinzhou Shenchi Xinglong Coal Company Limited (“Xinglong Coal”), the directors of the Company are of the opinion that the renewal of mining rights certificates by the relevant government authorit ies is highly probable as long as the Group submits the relevant regulation documents and fully settles the mineral exploration and mining right expense, and the renewal of the mining rights certificates can be completed at minimal cost. In addition, with reference to the legal opinion from an external lawyer engaged by the Group, the Group will be able to continuously renew the mining rights and the business licenses of the respective mining subsidiaries at minimal charges.15.煤炭採礦權（續）餘額指於中國山西省及印尼南加里曼丹開展採礦業務的權利。

本集團並無中國礦場所在土地的正式業權，因此亦無與該等位於中國的土地相關的使用權資產賬面值（附註17）。

中國山西省國土資源廳及印尼南加里曼丹省向本集團頒發及重續多份採礦權證書。

本集團煤炭採礦權的詳情如下：煤炭採礦權到期日中國山西省興陶煤礦二零三四年九月十四日馮西煤礦二零三四年一月二十四日崇升煤礦二零三九年十二月十四日興隆煤礦二零一九年十一月二十九日宏遠煤礦二零三零年七月十三日印尼加里曼丹SDE煤礦二零三四年五月十四日於二零二三年十二月三十一日，本集團賬面淨值約為人民幣1,830,198,000元（二零二二年：人民幣2,333,653,000元）的中國煤炭採礦權已被抵押以獲得本集團借貸（附註28）。

就山西忻州神池興隆煤業有限公司（「興隆煤業」）的採礦權到期事宜，本公司董事認為，只要本集團呈交相關監管文件並悉數結付煤礦勘探及採礦權開支，相關政府當局很大可能向本集團重續採礦權證書，並可以最低成本完成重續採礦權證書。

此外，經參考本集團委聘外部律師的法律意見，本集團將能夠繼續以最低費用重續採礦權及相關採礦附屬公司的營業執照。

261二零二三年年報 ANNUALREPORT 2023For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註15. COALMININGRIGHTS (CONTINUED)During the year ended 31 December 2023, the coal prices were relatively lower than those in prior year. As at 31 December 2023, with the aforesaid coal market circumstances of the coal business segment, the directors of the Company, with the assistance from independent professional qualified valuers, namely AVISTAValuation Advisory Limited and BMI Appraisals Limited, assessed the recoverable amounts of the Group’s coal mines and related property, plant and equipment. Each of the Group’s coal mines and the related property, plant and equipment are considered as an individual cash-generating unit. The recoverable amount of each of the cash-generating unit was estimated based on its value in use calculation which uses cash flow projections based on the most recent financial budgets approved by the directors of the Company covering a five-year period, and discount rates ranging from 16.29% to 24.03% (2022: 15.92% to 23.33%), and the available coal reserves of approximately 41.43 million tonnes (2022: 41.48 million tonnes), which comprise of approximately 12.40 million tonnes (2022: 12.41 million tonnes) in Xingtao Coal Mine, approximately 2.78 million tonnes (2022: 2.81 million tonnes) in Fengxi Coal Mine, approximately 2.29 million tonnes (2022: 2.30 million tonnes) in Chongsheng Coal Mine, approximately 13.50 million tonnes (2022: 13.50 million tonnes) in Xinglong Coal Mine and approximately 10.46 million tonnes (2022: 10.46 million tonnes) in Hongyuan Coal Mine, together with other key inputs including the estimated coal prices ranging from RMB499 to RMB566 per tonne (2022: RMB610 to RMB708 per tonne) and production costs etc.. Cash flows beyond the five-year period have been extrapolated using an estimated 2% (2022: 2%) growth rate which do not exceed the average growth rate for the relevant markets. The directors of the Company concluded that the estimated recoverable amounts of Xingtao Coal Mine and Chongsheng Coal Mine of the following cash-generating units as at 31 December 2023 were lower than their carrying amounts. As a result, impairment losses on the Group’s coal mining rights and the related property, plant and equipment, amounting to approximately RMB12,443,000 and RMB32,712,000 respectively, were recognised for the year ended 31 December 2023.15.煤炭採礦權（續）截至二零二三年十二月三十一日止年度，煤炭價格較上年度相對較低。

於二零二三年十二月三十一日，鑑於上述煤炭業務分部的煤炭市場環境，本公司董事在獨立專業合資格估值師艾華迪評估諮詢有限公司及中和邦盟評估有限公司的協助下，評估本集團煤礦及相關物業、廠房及設備的可收回金額。

本集團各煤礦及相關物業、廠房及設備均被視為獨立的現金產生單位。

各現金產生單位的可收回金額乃根據其使用價值估算，而在計算使用價值時採用了根據本公司董事最近期所批准涵蓋五年期間財務預算的現金流量預測，以及介乎16.29%及24.03%的貼現率（二零二二年：15.92%至23.33%）及可利用的煤炭儲量約41.43百萬噸（二零二二年：41.48百萬噸）（包括興陶煤礦約12.40百萬噸（二零二二年：12.41百萬噸）、馮西煤礦約2.78百萬噸（二零二二年：2.81百萬噸）、崇升煤礦約2.29百萬噸（二零二二年：2.30百萬噸）、興隆煤礦約13.50百萬噸（二零二二年：13.50百萬噸）及宏遠煤礦約10.46百萬噸（二零二二年：10.46百萬噸）），連同其他主要輸入數據（包括介乎每噸人民幣499元至人民幣566元的估計煤炭價格（二零二二年：每噸人民幣610元至人民幣708元）及生產成本等）。

超過五年期間的現金流量已採用2%（二零二二年：2%）的估計增長率推算，有關比率並無超過相關市場的平均增長率。

本公司董事認為，下列興陶煤礦及崇升煤礦現金產生單位於二零二三年十二月三十一日的估計可收回金額低於其賬面值。

因此，已於截至二零二三年十二月三十一日止年度確認本集團的煤炭礦業權及相關物業、廠房及設備的減值虧損分別約人民幣12,443,000元及人民幣32,712,000元。

262 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註15.煤炭採礦權（續）於二零二三年十二月三十一日，分配至中國煤炭採礦權以及物業、廠房及設備的可收回金額如下：15. COALMININGRIGHTS (CONTINUED)As at 31 December 2023, the recoverable amounts of coal mining rights and property, plant and equipment in the PRC had been allocated as follows:As at 31 December 2023於二零二三年十二月三十一日Pre-tax discount rate ofCGURecoverable amount of CGURecoverable amount of coal mining rightsRecoverable amount of property, plant and equipment現金產生單位的稅前貼現率現金產生單位的可收回金額分配至煤炭採礦權的可收回金額分配至物業、廠房及設備的可收回金額RMB’000 RMB’000 RMB’000人民幣千元人民幣千元人民幣千元(Note 16)CGU現金產生單位（附註16） Xingtao Coal Mine興陶煤礦24.03% 1,511,8461,063,954447,892Fengxi Coal Mine馮西煤礦22.84% 744,492205,818538,674Chongsheng Coal Mine崇升煤礦16.40% 536,791111,904424,887Xinglong Coal Mine興隆煤礦17.14% 1,281,593858,941422,652Hongyuan Coal Mine宏遠煤礦16.29% 1,295,309359,543935,766 5,370,0312,600,1602,769,871263二零二三年年報 ANNUALREPORT 2023For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註15.煤炭採礦權（續）於二零二二年十二月三十一日，分配至中國煤炭採礦權以及物業、廠房及設備的可收回金額如下：於二零二三年十二月三十一日，印尼現金產生單位的可收回金額為人民幣10,356,839,000元，而現金產生單位的稅前貼現率則為15.61%。

15. COALMININGRIGHTS (CONTINUED)As at 31 December 2022, the recoverable amounts of coal mining rights and property, plant and equipment in the PRC had been allocated as follows:As at 31 December 2022於二零二二年十二月三十一日Pre-tax discount rate of CGURecoverable amount of CGURecoverable amount allocated to coal mining rightsRecoverable amount allocated to property, plant and equipment現金產生單位的稅前貼現率現金產生單位的可收回金額分配至煤炭採礦權的可收回金額分配至物業、廠房及設備的可收回金額RMB’000 RMB’000 RMB’000人民幣千元人民幣千元人民幣千元(Note 16)CGU現金產生單位（附註16） Xingtao Coal Mine興陶煤礦23.33% 2,408,0581,742,516665,542Fengxi Coal Mine馮西煤礦22.17% 848,904264,772584,132Chongsheng Coal Mine崇升煤礦15.92% 734,365212,698521,667Xinglong Coal Mine興隆煤礦16.90% 1,506,190742,520763,670Hongyuan Coal Mine宏遠煤礦16.06% 1,469,669196,3991,273,270 6,967,1863,158,9053,808,281As at 31 December 2023, the recoverable amount of CGU in the Indonesia is RMB10,356,839,000, and the pre-tax discount rate of CGU is 15.61%.264 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註16.物業、廠房及設備16. PROPERTY, PLANTANDEQUIPMENTPlant and Buildings MachineryElectronic and other equipmentMotor vehiclesMining structuresAssets under construction Total廠房及樓宇機器電子及其他設備汽車採礦建築物在建資產總計RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元 Cost成本At 1 January 2022於二零二二年一月一日213,0021,501,58333,331179,3641,126,0931,216,4314,269,804Additions添置5,810176,9004,05726,97027,020539,550780,307Transfer轉播– – – – 8,784 (8,784) –Disposals出售– (10,275) (3,925) (9,938) (87) – (24,225)Exchange differences匯兌差額95 (335) (5) 296 – (202) (151) At 31 December 2022於二零二二年十二月三十一日218,9071,667,87333,458196,6921,161,8101,746,9955,025,735Additions添置30,488242,6807,33245,04147,668763,0441,136,253Transfer轉撥– 134,547 – – – (134,547) –Disposals出售– (147) (1,818) (4,982) – – (6,947)Exchange differences匯兌差額793,533 (446) 1,346 – 23,90128,413Effect on change of accrued reclamation obligations (note 29)對預提復墾費用變動的影響（附註29） – – – – (39,971) – (39,971) At 31 December 2023於二零二三年十二月三十一日249,4742,048,48638,526238,0971,169,5072,399,3936,143,483 Accumulated depreciation累計折舊At 1 January 2022於二零二二年一月一日(87,430) (615,013) (28,662) (95,070) (465,299) – (1,291,474)Charge for the year年內支出(7,151) (100,361) (3,865) (18,573) (194,763) – (324,713)Disposals出售– 10,1413,9259,59281 – 23,739Exchange differences匯兌差額(97) 253 (315) – – (384) At 31 December 2022於二零二二年十二月三十一日(94,678) (705,208) (28,599) (104,366) (659,981) – (1,592,832)Charge for the year年內支出(10,817) (248,868) (1,636) (20,780) (144,320) – (426,421)Impairment losses減值虧損(10,996) (16,802) (44) (557) (4,313) – (32,712)Disposals出售– 1471,7564,455 – – 6,358Exchange differences匯兌差額1881115021,051 – – 1,852 At 31 December 2023於二零二三年十二月三十一日(116,303) (970,620) (28,021) (120,197) (808,614) – (2,043,755)Net carrying amounts賬面淨值At 31 December 2023於二零二三年十二月三十一日133,1711,077,86610,505117,900360,8932,399,3934,099,728At 31 December 2022於二零二二年十二月三十一日124,229962,6654,85992,326501,8291,746,9953,432,903265二零二三年年報 ANNUALREPORT 2023For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註16. PROPERTY, PLANTANDEQUIPMENT (CONTINUED)The Group does not have the title certificates for certain items of plant and buildings with an aggregate net carrying amount of approximately RMB71,792,000 as at 31 December 2023 (2022: RMB486,698,000). The directors of the Company are of the opinion that the Group is entitled to lawfully and validly occupy and use the above mentioned properties and therefore the aforesaid matter does not affect the ownership rights of the Group over these assets and hence did not have any significant impact on the Group’s financial position as at 31 December 2023As described in note 15, the directors of the Company estimated the recoverable amounts of each of the cash-generating units to which coal mining rights and related property, plant and equipment have been allocated. As a result, impairment losses amounted to RMB12,443,000 and RMB32,712,000 on the Group’s coal mining rights and the related property, plant and equipment in the PRC (2022: no impairment losses on the Group’s coal mining rights and the related property, plant and equipment in the PRC) were recognised for the year ended 31 December 2023. As at 31 December 2023, the carrying amounts of coal mining related property, plant and equipment amounted to RMB3,810,074,000 (2022: RMB3,404,125,000).16.物業、廠房及設備（續）本集團並無持有於二零二三年十二月三十一日總賬面淨值約人民幣71,792,000元（二零二二年：人民幣486,698,000元）的若干廠房及樓宇項目的業權證書。

本公司董事認為本集團有權合法及有效佔有及使用上述物業，因此，上述事項並不影響本集團對該等資產的所有權並對本集團於二零二三年十二月三十一日的財務狀況並無任何重大影響。

誠如附註15所述，本公司董事估計煤炭採礦權以及相關物業、廠房及設備所分配至的各現金產生單位的可收回金額。

因此，截至二零二三年十二月三十一日止年度就本集團的中國煤炭採礦權以及相關物業、廠房及設備確認減值虧損人民幣12,443,000元及人民幣32,712,000元（二零二二年：本集團的中國煤炭採礦權以及相關物業、廠房及設備並無減值虧損）。

於二零二三年十二月三十一日，與煤炭採礦有關的物業、廠房及設備的賬面值為人民幣3,810,074,000元（二零二二年：人民幣3,404,125,000元）。

266 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註16.物業、廠房及設備（續）本集團賬面淨值約人民幣139,069,000元（二零二二年：人民幣255,348,000元）的物業、廠房及設備被抵押以獲得本集團借貸（附註28），如下所示：16. PROPERTY, PLANTANDEQUIPMENT (CONTINUED)The Group’s property, plant and equipment with net carrying amount of approximately RMB139,069,000 (2022 RMB255,348,000) were pledged for the Group’s borrowings (note 28), as follows:20232022二零二三年二零二二年RMB’000 RMB’000人民幣千元人民幣千元 Plant and buildings廠房及樓宇118,450125,311Machinery機器16,74323,469Electronic and other equipment電子及其他設備212212Motor vehicles汽車2,2513,527Mining structures採礦建築物1,413102,829 139,069255,348267二零二三年年報 ANNUALREPORT 2023For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註17.使用權資產*即供本集團自用的位於中國的土地使用權。

17. RIGHT-OF-USEASSETSLeasehold lands * MachineryOffice buildings Total租賃土地*機器辦公樓宇總計RMB’000 RMB’000 RMB’000 RMB’000人民幣千元人民幣千元人民幣千元人民幣千元 At 31 December 2022於二零二二年十二月三十一日Carrying amount賬面值4,2344,7158,37617,325At 31 December 2023於二零二三年十二月三十一日Carrying amount賬面值4,094 – 14,81518,909For the year ended 31 December 2022截至二零二二年十二月三十一日止年度Depreciation charge折舊費用(140) (9,318) (6,131) (15,589)For the year ended 31 December 2023截至二零二三年十二月三十一日止年度Depreciation charge折舊費用(140) – (5,135) (5,275)20232022二零二三年二零二二年RMB’000 RMB’000人民幣千元人民幣千元 Expense relating to short-term leases and other leases with lease terms and within 12 months與短期租賃及租期於12個月內屆滿的其他租賃有關的開支1,980788Total cash outflow for leases租賃現金流出總額(14,771) (11,973)Additions to right-of-use assets添置使用權資產12,9903,693* Being land use rights located in the PRC for the Group’s own use.268 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註17.使用權資產（續）於兩個年度，本集團租賃多個辦公室用於運營。

租賃合約以固定租期1年至3年訂立。

租賃條款乃在個別基礎上磋商，包括各種不同條款及條件。

於釐定租期及評估不可撤回期間的長度時，本集團應用合約的定義並釐定合約可強制執行的期間。

該等租賃負債的到期日分析於附註25呈列。

18.於一間聯營公司之權益17. RIGHT-OF-USEASSETS (CONTINUED)For both years, the Group leases various offices for its operations. Lease contracts are entered into for fixed terms of 1 year to 3 years. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. In determining the lease terms and assessing the length of the non-cancellable periods, the Group applies the definition of a contract and determines the period for which the contract is enforceable.The maturity analysis of lease liabilities is presented in note 25.18. INTERESTINANASSOCIATE20232022二零二三年二零二二年RMB’000 RMB’000人民幣千元人民幣千元 Unlisted investment:非上市投資：Unlisted shares, at cost非上市股份，按成本值49,00049,000Share of post-acquisition loss and other comprehensive loss分佔收購後虧損及其他全面虧損(2,433) (2,433)Impairment loss減值虧損(46,567) (46,567) – –269二零二三年年報 ANNUALREPORT 2023For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註18.於一間聯營公司之權益（續）下表載列本集團一間聯營公司於二零二三年及二零二二年報告期末的詳情：同煤秦發於中國出售煤炭，並為本集團煤炭業務方面的策略合作夥伴。

本集團已自截至二零一六年十二月三十一日止年度起終止確認其分佔同煤秦發虧損，乃由於其於聯營公司之累積應佔虧損已超過其投資成本減累計減值虧損。

摘錄自聯營公司相關管理賬目之年內及累計分佔聯營公司金額的未確認部分如下：18. INTERESTINANASSOCIATE (CONTINUED)The following list contains the particulars of the Group’s associate at the end of the reporting period of 2023 and 2022:Proportion of ownership interest擁有權權益比例Name of associatePlace of establishmentGroup’s effective interestHeld by the CompanyHeld by a subsidiaryPrincipal activities and place of operation聯營公司名稱成立地點本集團實際權益由本公司持有由一間附屬公司持有主要業務及營運地點 Tongmei Qinfa (Zhuhai) Holdings Co, Ltd. (“Tongmei Qinfa”)PRC 49%(2022: 49%)– 49%(2022: 49%)Sales of coal in the PRC同煤秦發（珠海）控股有限公司 （「同煤秦發」）中國49%（二零二二年：49%）– 49%（二零二二年：49%）煤炭銷售中國Tongmei Qinfa sells coal in the PRC and is a strategic partnership for the Group for its coal business.The Group had discontinued recognition of its share of losses of Tongmei Qinfa since the year ended 31 December 2016 because its cumulative share of losses in the associate had exceeded its investment cost less accumulated impairment losses. The amounts of unrecognised shares of the associate, extracted from the relevant management accounts of the associate, both for the year and cumulatively, are as follows:20232022二零二三年二零二二年RMB’000 RMB’000人民幣千元人民幣千元 Unrecognised share of loss/(profit) of an associate for the year年內分佔一間聯營公司虧損╱（溢利）的未確認部分21,120 (4,756) Accumulated unrecognised share of loss of an associate累計分佔一間聯營公司虧損的未確認部分59,23738,117270 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註19.遞延稅項就於綜合財務狀況表呈列的目的而言，若干遞延稅項資產及負債已作抵銷。

以下為就財務報告目的而言的遞延稅項結餘的分析：19. DEFERREDTAXATIONFor the purpose of presentation in the consolidated statement of financial position, certain deferred tax assets and liabilities have been offset. The following is the analysis of the deferred tax balances for financial reporting purposes:20232022二零二三年二零二二年RMB’000 RMB’000人民幣千元人民幣千元 Deferred tax assets遞延稅項資產2,8551,159Deferred tax liabilities遞延稅項負債(541,352) (623,091) (538,497) (621,932)271二零二三年年報 ANNUALREPORT 2023For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註19.遞延稅項（續）以下為於本年度及過往年度確認的主要遞延稅項資產╱（負債）及其變動：於報告期末，本集團錄得未使用稅項虧損人民幣702,056,000元（二零二二年：人民幣489,659,000元），可用於抵銷未來溢利，及錄得可扣稅暫時差額人民幣57,988,000元（二零二二年：人民幣194,466,000元）。

概無就稅項虧損及可扣稅暫時差額確認遞延稅項資產，乃由於未來溢利流的不可預測性。

稅項虧損將於五年內到期。

19. DEFERREDTAXATION (CONTINUED)The following are the major deferred tax assets/(liabilities) recognised and the movements thereon during the current and prior years:Impairment allowance of trade and other receivablesLease liabilitiesRight of use assetsRevaluation arising from loan restructuringRevaluation surplus arising from business combinationsDepreciation allowances in excess of the related depreciation and amortisation Total貿易及其他應收賬款的減值撥備租賃負債使用權資產貸款重組產生的重估業務合併產生的重估盈餘超過相關折舊及攤銷的折舊撥備總計RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元 At 1 January 2022於二零二二年一月一日457 – – (4,269) (583,626) (43,840) (631,278)Credit/(charged) for the year年內抵免╱（扣除） 702 – – (19,944) 148,523 (119,935) 9,346 At 31 December 2022於二零二二年十二月三十一日1,159 – – (24,213) (435,103) (163,775) (621,932)Credit/(charged) for the year年內抵免╱（扣除） – 1,696 (2,143) (14,849) 91,6837,04883,435 At 31 December 2023於二零二三年十二月三十一日1,1591,696 (2,143) (39,062) (343,420) (156,727) (538,497)At the end of the reporting period, the Group has unused tax losses o f RMB702,056,000 (2022: RMB489,659,000) available for offset against future profits and has deductible temporary differences of RMB57,988,000 (2022: RMB194,466,000). No deferred tax asset has been recognised in respect of the tax losses and the deductible temporary differences due to the unpredictability of future profit stream. The tax loss will expire within five years.272 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註20.於附屬公司之投資於二零二三年十二月三十一日，本公司於下列附屬公司擁有直接及間接權益，所有附屬公司均為私人公司。

該等主要附屬公司的詳情載列如下：20. INVESTMENTSINSUBSIDIARIESAs at 31 December 2023, the Company has direct and indirect interests in the subsidiaries, all of which are private companies. The particulars of the major subsidiaries are set out below:Proportion of ownership interest擁有權權益比例Name of companyPlace of establishment/ incorporationGroup’s effective interestHeld by The CompanyHeld by subsidiariesIssued and fully paid-up/registered capitalPrincipal activities and place of operation公司名稱成立╱註冊成立地點本集團實際權益由本公司持有由附屬公司持有已發行及繳足╱註冊資本主要業務及營運地點 Qinfa Investment Limited (“Qinfa Investment”)British Virgin Islands100%(2022: 100%)100%(2022: 100%)– USD4,801/ USD50,000Investment holding in the Hong Kong China秦發投資有限公司（「秦發投資」）英屬處女群島100%（二零二二年：100%）100%（二零二二年：100%）– 4,801美元╱50,000美元投資控股中國香港Hong Kong Qinfa International Trading Hong Kong China100% (2022: 100%)– 100% (2022: 100%)HKD689,635,000/ N/ASales of coal and investment holding in the Hong Kong China香港秦發國際貿易有限公司中國香港100%（二零二二年：100%）– 100%（二零二二年：100%）689,635,000港元╱不適用煤炭銷售及投資控股中國香港Qinhuangdao DevelopmentZone Qinfa Trading Co., Ltd. (i)The PRC 100%(2022: 100%)– 100%(2022: 100%)RMB68,000,000/RMB68,000,000Sales of coal in the PRC秦皇島開發區秦發貿易有限公司(i)中國100%（二零二二年：100%）– 100%（二零二二年：100%）人民幣68,000,000元╱人民幣68,000,000元煤炭銷售中國Zhuhai Qinfa Trading Co., Ltd. (i) The PRC 100% (2022: 100%)– 100% (2022: 100%)RMB5,000,000/ RMB5,000,000Sales of coal in the PRC珠海秦發貿易有限公司(i)中國100%（二零二二年：100%）– 100%（二零二二年：100%）人民幣5,000,000元╱人民幣5,000,000元煤炭銷售中國Zhuhai Qinfa Logistics Co., Ltd. (ii) The PRC 100% (2022: 100%)– 100% (2022: 100%)HKD315,000,000/ HKD315,000,000Sales of coal in the PRC珠海秦發物流有限公司(ii)中國100%（二零二二年：100%）– 100%（二零二二年：100%）315,000,000港元╱315,000,000港元煤炭銷售中國273二零二三年年報 ANNUALREPORT 2023For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註Proportion of ownership interest擁有權權益比例Name of companyPlace of establishment/ incorporationGroup’s effective interestHeld by The CompanyHeld by subsidiariesIssued and fully paid-up/registered capitalPrincipal activities and place of operation公司名稱成立╱註冊成立地點本集團實際權益由本公司持有由附屬公司持有已發行及繳足╱註冊資本主要業務及營運地點 Shuozhou Guangfa Energy Co., Ltd. (i) (“Shuozhou Guangfa”)The PRC 100% (2022: 100%)– 100% (2022: 100%)RMB10,000,000/ RMB10,000,000Investment holding in the PRC朔州市廣發能源投資有限公司(i) （「朔州廣發」）中國100%（二零二二年：100%）– 100%（二零二二年：100%）人民幣10,000,000元╱人民幣10,000,000元投資控股中國Shanxi Huameiao Energy Group Co., Ltd. (i) (“Huameiao Energy”)The PRC 100% (2022: 100%)– 100% (2022: 100%)RMB300,000,000/ RMB300,000,000Investment holding in the PRC山西華美奥能源集團有限公司(i) （「華美奥能源」）中國100%（二零二二年：100%）– 100%（二零二二年：100%）人民幣300,000,000元╱人民幣300,000,000元投資控股中國Shanxi Shuozhou Pinglu District Huameiao Xingtao Coal Co., Ltd. (i) (“Xingtao Coal”)The PRC 80% (2022: 80%)– 100% (2022: 100%)RMB129,590,000/ RMB129,590,000Coal mining and operation in the PRC山西朔州平魯區華美奥興陶煤業有限公司(i)（「興陶煤業」）中國80%（二零二二年：80%）– 100%（二零二二年：100%）人民幣129,590,000元╱人民幣129,590,000元煤炭開採及營運中國Shanxi Shuozhou Pinglu District Huameiao Fengxi Coal Co., Ltd. (i) (“Fengxi Coal”)The PRC 80% (2022: 80%)– 100% (2022: 100%)RMB32,000,000/ RMB32,000,000Coal mining and operation in the PRC山西朔州平魯區華美奥馮西煤業有限公司(i)（「馮西煤業」）中國80%（二零二二年：80%）– 100%（二零二二年：100%）人民幣32,000,000元╱人民幣32,000,000元煤炭開採及營運中國Shanxi Shuozhou Pinglu District Huameiao Chongsheng Coal Co., Ltd. (i) (“Chongsheng Coal”)The PRC 80% (2022: 80%)– 100% (2022: 100%)RMB107,290,000/ RMB107,290,000Coal mining and operation in the PRC山西朔州平魯區華美奥崇升煤業有限公司(i)（「崇升煤業」）中國80%（二零二二年：80%）– 100%（二零二二年：100%）人民幣107,290,000元╱人民幣107,290,000元煤炭開採及營運中國20. INVESTMENTSINSUBSIDIARIES (CONTINUED) 20.於附屬公司之投資（續）274 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註Proportion of ownership interest擁有權權益比例Name of companyPlace of establishment/ incorporationGroup’s effective interestHeld by The CompanyHeld by subsidiariesIssued and fully paid-up/registered capitalPrincipal activities and place of operation公司名稱成立╱註冊成立地點本集團實際權益由本公司持有由附屬公司持有已發行及繳足╱註冊資本主要業務及營運地點 Shanxi Xinzhou Shenchi Xinglong Coal Industry Co., Ltd. (i) (“Xinglong Coal”)The PRC 80% (2022: 80%)– 100% (2022: 100%)RMB100,000,000/ RMB100,000,000Coal mining and operation in the PRC山西忻州神池興隆煤業有限公司(i) （「興隆煤業」）中國80%（二零二二年：80%）– 100%（二零二二年：100%）人民幣100,000,000元╱人民幣100,000,000元煤炭開採及營運中國Shanxi Xinzhou Shenchi Hongyuan Coal Industry Co., Ltd. (i) (“Hongyuan Coal”)The PRC 100% (2022: 100%)– 100% (2022: 100%)RMB100,000,000/ RMB100,000,000Coal mining and operation in the PRC山西忻州神池宏遠煤業有限公司(i) （「宏遠煤業」）中國100%（二零二二年：100%）– 100%（二零二二年：100%）人民幣100,000,000元╱人民幣100,000,000元煤炭開採及營運中國Hong Kong Qinfa Shipping Limited Hong Kong China100% (2022: 100%)– 100% (2022: 100%)HKD10,000/ N/ARental office in Hong Kong China香港秦發航運有限公司中國香港100%（二零二二年：100%）– 100%（二零二二年：100%）10,000港元╱不適用租賃辦公室中國香港Zhuhai Qinfa Shipping Co., Ltd. (i) The PRC 100% (2022: 100%)– 100% (2022: 100%)RMB5,000,000/ RMB100,000,000Goods transport and logistics, and charter hire in the PRC珠海秦發航運有限公司(i)中國100%（二零二二年：100%）– 100%（二零二二年：100%）人民幣5,000,000元╱人民幣100,000,000元商品運輸及物流以及貨船租賃中國Ordos City Lianhang Trading Co., Ltd. (i) The PRC 100% (2022: 100%)– 100% (2022: 100%)RMB1,000,000/ RMB1,000,000Sales of coal in the PRC鄂爾多斯市聯行貿易有限公司(i)中國100%（二零二二年：100%）– 100%（二零二二年：100%）人民幣1,000,000元╱人民幣1,000,000元煤炭銷售中國Qingdao Qinfa Energy Ltd. (i) The PRC 100% (2022: 100%)– 100% (2022: 100%)RMB100,000,000/ RMB100,000,000Sales of coal in the PRC青島秦發能源有限公司(i)中國100%（二零二二年：100%）– 100%（二零二二年：100%）人民幣100,000,000元╱人民幣100,000,000元煤炭銷售中國20. INVESTMENTSINSUBSIDIARIES (CONTINUED) 20.於附屬公司之投資（續）275二零二三年年報 ANNUALREPORT 2023For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註Proportion of ownership interest擁有權權益比例Name of companyPlace of establishment/ incorporationGroup’s effective interestHeld by The CompanyHeld by subsidiariesIssued and fully paid-up/registered capitalPrincipal activities and place of operation公司名稱成立╱註冊成立地點本集團實際權益由本公司持有由附屬公司持有已發行及繳足╱註冊資本主要業務及營運地點 Qingdao Qinfa Material Supply Ltd. (i) The PRC 100% (2022: 100%)– 100% (2022: 100%)N/A/ RMB50,000,000Sales of machine materials in the PRC青島秦發物資供應有限公司(i)中國100%（二零二二年：100%）– 100%（二零二二年：100%）不適用╱人民幣50,000,000元銷售機械材料中國Qingdao Qinfa Changsheng Equipment Maintenance Supply Ltd (i)The PRC 100% (2022: 100%)– 100% (2022: 100%)N/A/ RMB5,000,000Machine repairing in the PRC青島秦發昌盛設備維修有限公司(i)中國100%（二零二二年：100%）– 100%（二零二二年：100%）不適用╱人民幣5,000,000元機械維修中國Qinfa Overseas Investment Limited Hong Kong China100% (2022: 100%)– 100% (2022: 100%)HKD10,000/ N/AInvestment holding in Hong Kong China秦發海外投資有限公司中國香港100%（二零二二年：100%）– 100%（二零二二年：100%）10,000港元╱不適用投資控股中國香港PT. Qinfa Mining Industri Indonesia 100% (2022: 100%)– 100% (2022: 100%)N/A/ USD1,000,000Coal mining and operation in IndonesiaPT. Qinfa Mining Industri印尼100%（二零二二年：100%）– 100%（二零二二年：100%）不適用╱1,000,000美元煤炭開採及營運印尼PT. Sumber Daya Energi Indonesia 75%(2022: 70%)– 75%(2022: 70%)IDR 7,750,000,000/IDR 10,000,000,000Coal mining and operation in IndonesiaPT. Sumber Daya Energi印尼75%（二零二二年：70%）– 75%（二零二二年：70%）7,750,000,000印尼盾╱10,000,000,000印尼盾煤炭開採及營運印尼Shanxi Qinfa Changsheng Equipment Maintenance Co., Ltd. (i)The PRC 100% (2022: 100%)– 100% (2022: 100%)RMB5,000,000/ RMB5,000,000Sales of machines in the PRC山西秦發昌盛設備維修有限公司(i)中國100%（二零二二年：100%）– 100%（二零二二年：100%）人民幣5,000,000元╱人民幣5,000,000元機械銷售中國20. INVESTMENTSINSUBSIDIARIES (CONTINUED) 20.於附屬公司之投資（續）276 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註(i)該等實體為於中國成立的內資公司。

該等實體的類型為有限責任公司。

(ii)該等實體為於中國成立的外商獨資企業。

該等實體的類型為有限責任公司。

上表列出董事認為對本集團年內業績造成重大影響或構成本集團資產淨值重要部分的本公司附屬公司。

董事認為，如列出其他附屬公司的資料，將會使篇幅過於冗長。

於二零二三年及二零二二年十二月三十一日，本集團的借貸由本集團於華美奥能源、興陶煤業、馮西煤業、崇升煤業、興隆煤業、宏遠煤業、陽原國通及朔州廣發的股權作抵押（附註28）。

Proportion of ownership interest擁有權權益比例Name of companyPlace of establishment/ incorporationGroup’s effective interestHeld by The CompanyHeld by subsidiariesIssued and fully paid-up/registered capitalPrincipal activities and place of operation公司名稱成立╱註冊成立地點本集團實際權益由本公司持有由附屬公司持有已發行及繳足╱註冊資本主要業務及營運地點 Shanghai Pusheng Trading Company Ltd. (i)The PRC 100% (2022: 100%)100% (2022:100%)RMB50,000,000 Coal mining上海浦晟貿易有限公司(i)中國100%（二零二二年：100%）100%（二零二二年：100%）人民幣50,000,000元煤炭開採Guangzhou Silk Road Energy Investment Co., Ltd. (i)The PRC 100% (2022: 100%)– 100% (2022: 100%)RMB100,000,000 Coal mining廣州絲路能源有限公司(i)中國100%（二零二二年：100%）– 100%（二零二二年：100%）人民幣100,000,000元煤炭開採Guangzhou Lisheng Supply Chain Management Co., Ltd. (i)The PRC 100% (2022: 100%)– 100% (2022: 100%)RMB100,000,000 Coal mining廣州利晟供應鏈管理有限公司(i)中國100%（二零二二年：100%）– 100%（二零二二年：100%）人民幣100,000,000元煤炭開採(i) These entities were established in the PRC as domestic companies. The type of these entities is limited liability company.(ii) These entities were established in the PRC as wholly foreign-owned enterprises. The type of these entities is limited liability company.The above table lists the subsidiaries of the Company which, in the opinion of the directors, principally affected the results for the year or formed a substantial portion of the net assets of the Group. To give details of other subsidiaries would, in the opinion of the directors, result in particulars of excessive length.As at 31 December 2023 and 2022, the Group’s borrowings are secured by the Group’s equity interest in Huameiao Energy, Xingtao Coal, Fengxi Coal, Chongsheng Coal, Xinglong Coal, Hongyuan Coal, Yangyuan Guotong and Shuozhou Guangfa (note 28).20.於附屬公司之投資（續）20. INVESTMENTSINSUBSIDIARIES (CONTINUED)277二零二三年年報 ANNUALREPORT 2023For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註20.於附屬公司之投資（續）概無附屬公司於年末已發行任何債券。

下表載列興陶煤業、馮西煤業及崇升煤業（本公司擁有重大非控股權益（「非控股權益」）的附屬公司）相關的財務資料。

以下呈列的財務資料概要為對銷任何公司間交易前的金額。

興陶煤業20. INVESTMENTSINSUBSIDIARIES (CONTINUED)None of the subsidiaries has issued any debt securities at the end of the year.The following tables list out the financial information relating to Xingtao Coal, Fengxi Coal and Chongsheng Coal, subsidiaries of the Company which have material non-controlling interest (“NCI”). The summarised financial information presented below represents the amounts before any inter-company elimination.Xingtao Coal20232022二零二三年二零二二年RMB’000 RMB’000人民幣千元人民幣千元 As at 31 December於十二月三十一日NCI percentage非控股權益比例20% 20%Non-current assets非流動資產2,617,3143,031,851Current assets流動資產3,839,6803,246,610Current liabilities流動負債(4,560,345) (4,047,205)Non-current liabilities非流動負債(372,981) (455,705)Net asset資產淨值1,523,6681,775,551Carrying amount of NCI非控股權益賬面值304,735355,111During the year ended 31 December截至十二月三十一日止年度Revenue收益710,630587,101Loss and total comprehensive loss for the year年內虧損及全面收入總額(251,883) (136,767)Loss and total comprehensive loss allocated to NCI分配至非控股權益的虧損及全面收入總額(50,377) (27,353)Cash flows generated from operating activities經營活動所得現金流量4,77521,613Cash flows used in investing activities投資活動所用現金流量(26,283) (5,563)278 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註20.於附屬公司之投資（續）馮西煤業20. INVESTMENTSINSUBSIDIARIES (CONTINUED)Fengxi Coal20232022二零二三年二零二二年RMB’000 RMB’000人民幣千元人民幣千元 As at 31 December於十二月三十一日NCI percentage非控股權益比例20% 20%Non-current assets非流動資產456,630677,112Current assets流動資產1,409,9531,098,874Current liabilities流動負債(529,824) (573,550)Non-current liabilities非流動負債(74,309) (73,970)Net asset資產淨值1,262,4501,128,466Carrying amount of NCI非控股權益賬面值252,490225,693During the year ended 31 December截至十二月三十一日止年度Revenue收益745,113718,126Profit and total comprehensive income for the year年內溢利及全面收入總額133,98464,031Profit and total comprehensive income allocated to NCI分配至非控股權益的溢利及全面收入總額26,79712,806Cash flows generated from operating activities經營活動所得現金流量6,39520,487Cash flows used in investing activities投資活動所用現金流量(24,187) (18,883)279二零二三年年報 ANNUALREPORT 2023For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註20.於附屬公司之投資（續）崇升煤業於年內，並無向非控股股東派發任何股息（二零二二年：無）。

20. INVESTMENTSINSUBSIDIARIES (CONTINUED)Chongsheng Coal20232022二零二三年二零二二年RMB’000 RMB’000人民幣千元人民幣千元 As at 31 December於十二月三十一日NCI percentage非控股權益比例20% 20%Non-current assets非流動資產536,791693,830Current assets流動資產1,377,3231,168,475Current liabilities流動負債(544,372) (551,189)Non-current liabilities非流動負債(148,714) (166,391)Net asset資產淨值1,221,0281,144,725Carrying amount of NCI非控股權益賬面值244,206228,945During the year ended 31 December截至十二月三十一日止年度Revenue收益484,081940,282Profit and total comprehensive income for the year年內溢利及全面收入總額76,305240,201Profit and total comprehensive income allocated to NCI分配至非控股權益的溢利及全面收入總額15,26148,040Cash flows generated from operating activities經營活動所得現金流量85,509213,911Cash flows used in investing activities投資活動所用現金流量(95,871) (202,229)During the year, there were no dividend paid to the non-controlling shareholders (2022: nil).280 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註21.存貨22.應收貿易賬款於二零二二年一月一日，來自客戶合約的應收貿易賬款為人民幣218,723,000元。

21. INVENTORIES20232022二零二三年二零二二年RMB’000 RMB’000人民幣千元人民幣千元 Finished goods製成品Coal 煤炭26,680205,944Materials and supplies 物料及供應品174,366233,429 201,046439,37322. TRADERECEIVABLES20232022二零二三年二零二二年RMB’000 RMB’000人民幣千元人民幣千元 Trade receivables應收貿易賬款102,043215,169Less: allowance for credit loss減：信貸虧損撥備(36,302) (36,302) 65,741178,867As at 1 January 2022, trade receivables from contracts with customers amounted to RMB218,723,000.281二零二三年年報 ANNUALREPORT 2023For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註22.應收貿易賬款（續）賬齡分析本集團所面臨與貿易及其他應收賬款有關的信貸風險於附註35(b)(i)披露。

本集團的應收貿易賬款（扣除信貸虧損撥備）賬齡分析如下：賬齡自應收貿易賬款獲確認當日起計算。

附註：於二零二三年十二月三十一日，賬齡超過兩年的應收貿易賬款約人民幣22,507,000元（二零二二年：人民幣59,317,000元）來自本集團擁有應付貿易賬款及其他應付賬款結餘的客戶，而結餘金額於報告期末不少於相關應收貿易賬款。

基於過往經驗及應收貿易賬款還款記錄，本公司董事認為毋須就該等結餘計提減值撥備。

向客戶授出的信貸期主要介乎0至60日（二零二二年：0至60日），視乎客戶與本集團的關係、彼等的信譽及過往償付記錄而定。

截至二零二三年及二零二二年十二月三十一日止年度應收貿易賬款的信貸政策減值評估詳情載於附註35。

22. TRADERECEIVABLES (CONTINUED)Ageing analysisThe Group’s exposure to credit risk related to trade and other receivables are disclosed in note 35(b)(i).An ageing analysis of trade receivables (net of allowance for credit losses) of the Group is as follows:20232022二零二三年二零二二年RMB’000 RMB’000人民幣千元人民幣千元 Within 2 months兩個月內43,234119,550Over 2 months but within 6 months兩個月以上但不超過六個月– –Over 6 months but within 1 year六個月以上但不超過一年– –Over 1 year but within 2 years一年以上但不超過兩年– –Over 2 years (note)超過兩年（附註） 22,50759,317 65,741178,867The ageing is counted from the date when trade receivables are recognised.Note:As at 31 December 2023, trade receivables aged over 2 years amounting to approximately RMB22,507,000 (2022: RMB59,317,000) were due from customers which the Group has trade and other payable balances with amounts not less than the respective trade receivables as at the end of the reporting period. Based on past experience and repayment history of the trade debtors, the directors of the Company believe that no impairment allowance is necessary in respect of these balances.Credit terms granted to customers mainly range from 0 to 60 days (2022: 0 to 60 days) depending on customers relationship with the Group, their creditworthiness and past settlement record.Details of credit policy impairment assessment of trade receivable for the years ended 31 December 2023 and 2022 are set out in note 35.282 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註23.預付賬款及其他應收賬款附註：(i)採購煤炭及運輸費的預付賬款分別約人民幣14,156,000元（二零二二年：人民幣14,156,000元）及人民幣10,664,000元（二零二二年：人民幣12,655,000元）已計入其他按金及預付賬款。

餘下金額人民幣79,838,000元（二零二二年：人民幣94,049,000元）主要為支持本集團一般業務的供應商服務預付賬款。

(ii)應收華美奥能源非控股股東款項為無抵押、免息及無固定還款期。

於二零二三年十二月三十一日，賬面值約人民幣322,703,000元（二零二二年：人民幣322,703,000元）已於過往年度全額減值。

(iii)其他非貿易應收賬款主要為可收回增值稅及應收政府補貼，分別約為人民幣235,049,000元及零（二零二二年：分別為人民幣186,892,000元及人民幣5,141,000元）。

23. PREPAYMENTSANDOTHERRECEIVABLES20232022二零二三年二零二二年RMB’000 RMB’000人民幣千元人民幣千元 Included in non-current assets計入非流動資產Other deposit (note (v))其他按金（附註(v)） 28,33127,858 Included in current assets計入流動資產Other deposits and prepayments (note (i))其他按金及預付賬款（附註(i)）104,138119,860Amounts due from non-controlling shareholders (note (ii))應收非控股股東款項（附註(ii)）322,703322,703Other non-trade receivables (note (iii))其他非貿易應收賬款（附註(iii)） 279,699289,404 706,540731,967Less: Allowance for credit losses (note (iv))減：信貸虧損撥備（附註(iv)）(347,908) (344,786) 358,632387,181Notes:(i) Prepayments for purchase of coal and transportation fee amounting to approximately RMB14,156,000 (2022: RMB14,156,000) and RMB10,664,000 (2022: RMB12,655,000) respectively are included in other deposits and prepayments. T h e r e m a i n i n g a m o u n t o f RMB79,838,000 ( 2022 : RMB94,049,000) are mainly prepayments for the supplier services to support the Group’s ordinary business.(ii) Amounts due from non-controlling shareholders of Huameiao Energy are unsecured, interest free, have no fixed term of repayment. As at 31 December 2023, the carrying amount of approximately RMB322,703,000 (2022: RMB322,703,000) were fully impaired in prior years.(iii) Other non-trade receivable mainly represented value added tax recoverable and the government grant receivables of approximately RMB235,049,000 and nil respectively. (2022: RMB186,892,000 and RMB5,141,000 respectively).283二零二三年年報 ANNUALREPORT 2023For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註23.預付賬款及其他應收賬款（續）附註：（續）(iv)預付賬款及其他應收賬款的虧損撥備如下：截至二零二三年及二零二二年十二月三十一日止年度的預付賬款及其他應收賬款的減值評估詳情載於附註35。

於二零二三年十二月三十一日，其他應收賬款（扣除信貸撥備）為人民幣271,120,000元（二零二二年：人民幣280,234,000元）。

(v)誠如本公司日期為二零二一年五月十三日及二零二二年一月三日的公佈所披露，本集團訂立了一系列協議，包括日期為二零二一年五月十二日的協議綱領（「協議綱領」）及日期為二零二一年十二月三十一日的協議綱領補充協議（統稱為「建議收購協議」），以向四名獨立第三方（「四名賣方」）建議收購PTIndonesia Multi Energy （「IME」）、PTPersada Berau Jaya Sakti （「PBJS」）、PTTansri Madjid Energi （「TME」）及PTVipronity Power Energy（「VPE」）各公司（統稱為「目標公司」，均為根據印度尼西亞共和國法律正式成立的公司，於印尼從事煤炭開採及煤炭貿易）的70%股權，總代價為1,540,000,000印尼盾（相當於約人民幣687,200元）。

根據建議收購協議，四名賣方（於建議收購事項完成後作為目標公司的非控股股東）享有目標公司可銷售煤炭總產量的15%作為溢利分配，且該等四名賣方的權利以本集團支付的按金合計4,000,000美元（相當於人民幣28,903,000元）作抵押。

本集團支付的上述按金以四名賣方於SDE的約25%股權及四名賣方的其中一名賣方於PT Widyanusa Mandiri的99%股權作抵押，直至建議收購事項完成為止。

23. PREPAYMENTSANDOTHERRECEIVABLES (CONTINUED)Notes: (continued)(iv) Allowance for losses of prepayments and other receivables are as follows:20232022二零二三年二零二二年RMB’000 RMB’000人民幣千元人民幣千元 Other deposits and prepayments其他按金及預付賬款5,7462,697Amounts due from non-controlling shareholders應收非控股股東款項322,703322,703Other non-trade receivables其他非貿易應收賬款19,45919,386 347,908344,786 Details of impairment assessment of prepayments and other receivables for the years ended 31 December 2023 and 2022 are set out in note 35. As at 31 December 2023, other receivables (net of credit allowances) amounted to RMB271,120,000 (2022: RMB280,234,000).(v) As disclosed in the Company’s announcements dated 13 May 2021 and 3 January 2022, a series of agreements, including heads of agreement (“HOA”) dated 12 May 2021 and addendum of HOA dated 31 December 2021 (collectively, the “Proposed Acquisition Agreements”) were entered by the Group for proposed acquisitions of 70% equity shareholding of PTIndonesia Multi Energy (“IME”), PTPersada Berau Jaya Sakti (“PBJS”), PTTansri Madjid Energi (“TME”) and PTVipronity Power Energy (“VPE”) companies (collectively referred to as the “Targets”) duly established under the laws of Republic of Indonesia that are engaged in coal mining and trading at coals in Indonesia, from four independent third parties (the “Four Sellers”) at an aggregate consideration of IDR1,540,000,000 (equivalent to approximately RMB687,200). Pursuant to the Proposed Acquisition Agreements, the Four Sellers (as non-controlling shareholders of the Targets after completion of the proposed acquisition) would be entitled to 15% of the total saleable coal production of the Targets as profit distributions and such Four Sellers’ entitlements are secured by the deposits of aggregate USD4,000,000 (equivalent to RMB28,903,000) paid by the Group. The aforesaid deposits paid by the Group are secured by Four Sellers’ approximately 25% equity interest in SDE and one of the Four Sellers’ 99% equity interest in PTWidyanusa Mandiri until the completion of the proposed acquisitions.284 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註23.預付賬款及其他應收賬款（續）附註：（續）(v) （續）鑑於印尼政府頒佈有關採礦權的新政府法規，協議綱領項下的交易結構已經修改，本集團及四名賣方已成立新採礦公司，該等公司由本集團持有75%，及由四名賣方分別持有25%，而採礦經營許可證其後將由四名賣方轉讓至新採礦公司。

誠如本公司日期為二零二二年八月二十二日的公佈所披露，TME採礦經營許可證的登記已從政府系統中移除。

此後，TME已申請恢復採礦經營許可證，結果未如理想及未能成功。

因此，本集團與TME雙方同意不再繼續有關採礦經營許可證的建議交易。

TME須於約定期限內向本集團退還保證金1,000,000美元。

誠如本公司日期為二零二三年十一月二十日的公佈所披露，PBJS未能從政府部門取得批准向新採礦公司轉讓採礦經營許可證。

因此，本集團與PBJS訂立協議綱領的第二份補充協議以終止協議綱領項下擬進行的交易。

PBJS須於協定的時間表內或透過減少PTWidyanusa Mandiri於SDE可銷售煤炭15%部分的權益的方式，向本集團退還按金資金1,000,000美元。

董事會認為，與TME終止上述交易將不會對本集團現有業務、經營及╱或財務狀況造成任何重大不利影響。

24.已抵押及受限制存款於二零二三年十二月三十一日，銀行存款約人民幣917,837,000元（二零二二年：人民幣143,663,000元）及人民幣458,000元（二零二二年：人民幣13,000元）分別因附註28所披露的借貸擔保以及訴訟程序而被限制使用。

23. PREPAYMENTSANDOTHERRECEIVABLES (CONTINUED)Notes: (continued)(v) (continued)In view of the new government regulation in relation to mining right promulgated by the Government of the Indonesia, the transaction structure under the HOAs was modified, such that, the Group and the Four Sellers established new mining companies, which are owned as to 75% by the Group and 25% by the respective Four Sellers, and the mining business licenses will subsequently be transferred from the Four Sellers to the new mining companies.As disclosed in the Company’s announcements dated 22 August 2022, the registration of the mining business license of TME has been removed from government system. Since then, TME has applied for the restoration of the mining business license and the outcome is so far unfavorable and unsuccessful. Therefore, the Group and TME mutually agreed not to proceed with the proposed transaction in respect of the mining business license. TME shall refund the deposit fund of US$1,000,000 to the Group within the agreed timeline.As disclosed in the Company’s announcements dated 20 November 2023, PBJS has failed to obtain approval from the government authority for the transfer of mining business license to new mining company. Therefore, the Group and PBJS entered into a second addendum of the heads of agreement to terminate the transactions contemplated under the HOAs. PBJS shall refund the deposit fund of US$1,000,000 to the Group within the agreed timeline or through the deduction of PTWidyanusa Mandiri’s rights to 15% portion of saleable coals at SDE.The Board considers that the termination of the aforesaid transaction with TME will not have any material adverse effect on the existing business, operations and/or financial position of the Group.24. PLEDGEDANDRESTRICTEDDEPOSITSA s a t 31 D e c e m b e r 2023, b a n k d e p o s i t s o f a p p r o x i m a t e l y RMB 917,837,000 ( 2022 : RMB143,663,000) and RMB458,000 (2022: RMB13,000) were restricted for use in relation to the borrowing guarantee as disclosed in note 28 and lit igation proceedings respectively.285二零二三年年報 ANNUALREPORT 2023For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註25.現金及現金等價物於二零二三年及二零二二年十二月三十一日，本集團以人民幣計值的現金及現金等價物分別為人民幣265,129,000元及人民幣840,629,000元。

人民幣不可自由兌換為其他貨幣，但根據中國內地的外匯管理條例及結匯、售匯及付匯管理規定，本集團可透過獲授權進行外匯業務的銀行將人民幣兌換為其他貨幣。

截至二零二三年及二零二二年十二月三十一日止年度，本集團已為銀行結餘進行減值評估，結論是對手方銀行違約的概率並不重大，因此並無就信貸虧損計提撥備。

已抵押及受限制銀行存款減值評估截至二零二三年及二零二二年十二月三十一日止年度的詳情載列於附註35。

主要非現金交易截至二零二三年十二月三十一日止年度，本集團使用權資產及租賃負債的非現金增加分別約為人民幣12,990,000元及人民幣12,990,000元（二零二二年：分別為人民幣3,693,000元及人民幣3,693,000元），與租賃物業的租賃安排有關。

來自融資活動的負債的對賬下表詳述本集團來自融資活動的負債變動，包括現金及非現金變動。

來自融資活動的負債為現金流量曾就此或日後現金流量將就此於本集團綜合現金流量表分類為融資活動所得現金流量的負債。

25. CASHANDCASHEQUIVALENTSAs at 31 December 2023 and 2022, the cash and cash equivalents of the Group denominated in RMB amounted to RMB265,129,000 and RMB840,629,000, respectively. The RMB is not freely convertible into other currencies, however, under Mainland China’s Foreign Exchange Control Regulations and Administration of Settlement, Sale and Payment of Foreign Exchange Regulations, the Group is permitted to exchange RMB for other currencies through banks authorised to conduct foreign exchange business.For the years ended 31 December 2023 and 2022, the Group performed impairment assessment on bank balances and concluded that the probability of defaults of the counterparty banks are insignificant and accordingly, no allowance for credit losses is provided.Details of impairment assessment of pledged and restricted bank deposits for the years ended 31 December 2023 and 2022 are set out in note 35.Major non-cash transactionsDuring the year ended 31 December 2023, the Group had non-cash additions to right-of-use assets and lease liabilities of approximately RMB12,990,000 and RMB12,990,000 respectively (2022: RMB3,693,000 and RMB3,693,000 respectively), in respect of lease arrangements for leased properties.Reconciliation of liabilities arising from financing activitiesThe table below details change in the Group’s liabilities from financing activities, including both cash and non-cash changes. Liabilities arising from financing activities are liabilities for which cash flows were, or future cash flows will be, classified in the Group’s consolidated statement of cash flows as cash flows from financing activities.286 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註25.現金及現金等價物（續）來自融資活動的負債的對賬（續）25. CASHANDCASHEQUIVALENTS (CONTINUED)Reconciliation of liabilities arising from financing activities (continued)BorrowingsLease liabilities Total借貸租賃負債總計RMB’000 RMB’000 RMB’000人民幣千元人民幣千元人民幣千元 At 1 January 2022於二零二二年一月一日3,692,63215,7583,708,390Changes from financing cash flows:融資現金流量之變動：Proceeds from borrowings借貸所得款項641,871 – 641,871Repayments of borrowings/lease liabilities償還借貸╱租賃負債(939,478) (10,207) (949,685) (297,607) (10,207) (307,814) Non-cash changes:非現金變動：Extinguishment of other borrowings upon loan restructuring (note i)於貸款重組時償還其他借貸（附註i）(50,870) – (50,870)Recognition of new other borrowings upon loan restructuring (note i)於貸款重組時確認新其他借貸（附註i）62,189 – 62,189Non-substantial modification of borrowing upon loan restructuring於貸款重組時作出借貸非重大修訂(31,203) – (31,203)Interest charge on unwinding of discounts (Note 9)解除貼現之利息開支（附註9） 147,083978148,061New leases entered into訂立新租約– 3,6933,693Exchange differences匯兌差額(1,464) 106 (1,358) 125,7354,777130,512 At 31 December 2022於二零二二年十二月三十一日3,520,76010,3283,531,088287二零二三年年報 ANNUALREPORT 2023For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註25.現金及現金等價物（續）來自融資活動的負債的對賬（續）BorrowingsLease liabilities Total借貸租賃負債總計RMB’000 RMB’000 RMB’000人民幣千元人民幣千元人民幣千元 Changes from financing cash flows:融資現金流量之變動：Proceeds from borrowings借貸所得款項1,132,210 – 1,132,210Repayments of borrowings/lease liabilities償還借貸╱租賃負債(1,332,123) (12,159) (1,344,282) (199,913) (12,159) (212,072) Non-cash changes:非現金變動：Extinguishment of other borrowings upon loan restructuring (note ii)於貸款重組時償還其他借貸（附註ii）(2,011,019) – (2,011,019)Recognition of new other borrowings upon loan restructuring (note ii)於貸款重組時確認新其他借貸（附註ii）2,100,061 – 2,100,061Non-substantial modification of borrowing upon loan restructuring於貸款重組時作出借貸非重大修訂5,476 – 5,476Interest charge on unwinding of discounts (Note 9)解除貼現之利息開支（附註9） 138,359631138,990New leases entered into訂立新租約– 12,99012,990Termination of a contract終止合約– (1,019) (1,019)Exchange differences匯兌差額12,3183712,355 245,19512,639257,834 At 31 December 2023於二零二三年十二月三十一日3,566,04210,8083,576,85025. CASHANDCASHEQUIVALENTS (CONTINUED)Reconciliation of liabilities arising from financing activities (continued)288 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註25.現金及現金等價物（續）來自融資活動的負債的對賬（續）附註：(i)就本集團於截至二零二二年十二月三十一止年度訂立的貸款II結算協議及貸款III結算協議（定義及詳情均見附註28）而言，本集團終止確認未償還原借貸合共人民幣50,870,000元及相關未償還利息（包括罰息）合共人民幣22,640,000元。

本集團於相關償債日期確認按公允值計量的新借貸及應付利息合共人民幣62,189,000元而無應付利息。

截至二零二二年十二月三十一日止年度，上述已終止確認借貸及應付利息的賬面值與上述已確認新借貸及應付利息的公允值之差額約人民幣11,321,000元確認為借貸重大修訂之收益（載於附註8）。

(ii)就本集團於截至二零二三年十二月三十一止年度訂立的貸款II結算協議、貸款III結算協議及貸款IV結算協議（定義及詳情均見附註28）而言，本集團終止確認未償還原借貸合共人民幣2,011,019,000元及相關未償還利息（包括罰息）合共人民幣80,060,000元。

本集團於相關償債日期確認按公允值計量的新借貸及應付利息合共人民幣2,100,061,000元而無應付利息。

截至二零二三年十二月三十一日止年度，上述已終止確認借貸及應付利息的賬面值與上述已確認新借貸及應付利息的公允值之差額約人民幣8,982,000元確認為於借貸重大修訂之虧損及借貸非重大修訂的收益淨額（載於附註8）。

25. CASHANDCASHEQUIVALENTS (CONTINUED)Reconciliation of liabilities arising from financing activities (continued)Notes:(i) In respect o f Set t lement Agreement o f Loan II and Settlement Agreement of Loan III (as defined and detailed in Note 28) entered by the Group during the year ended 31 December 2022, the Group derecognised the original borrowings outstanding of RMB50,870,000 in total and the relevant outstanding interests (including penalty interests) of RMB22,640,000 in total. The Group recognised new borrowings and interest payables measured at fair values amounting to RMB62,189,000 in total with no interest payables as at the respective dates of extinguishment. The differences between the aforesaid carrying amounts of the borrowings and interest payables derecognised and the aforesaid fair values of the new borrowings and interest payables recognised amounting to approximately RMB11,321,000 are recognised as gain on substantial modification of borrowings for the year ended 31 December 2022, as set out in note 8.(ii) In respect of Settlement Agreement of Loan II, Settlement Agreement of Loan III and Settlement Agreement of Loan IV (as defined and detailed in Note 28) entered by the Group during the year ended 31 December 2023, the Group derecognised the original borrowings outstanding of RMB2,011,019,000 in total and the relevant outstanding interests (including penalty interests) of RMB80,060,000 in total. The Group recognised new borrowings and interest payables measured at fair values amounting to RMB2,100,061,000 in total with no interest payables as at the respective dates of extinguishment. The differences between the aforesaid carrying amounts of the borrowings and interest payables derecognised and the aforesaid fair values of the new borrowings and interest payables recognised amounting to approximately RMB8,982,000 are recognised as loss on substantial modification of borrowings for the year ended 31 December 2023, as set out in note 8.289二零二三年年報 ANNUALREPORT 2023For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註26.應付貿易賬款本集團應付貿易賬款按發票日期的賬齡分析如下：27.其他應付賬款26. TRADEPAYABLESAn ageing analysis of trade payables of the Group based on invoice date is as follows:20232022二零二三年二零二二年RMB’000 RMB’000人民幣千元人民幣千元 Within 1 year一年內372,346187,906Over 1 year but within 2 years一年以上但不超過兩年32,55779,814Over 2 years兩年以上15,696119,844 420,599387,56427. OTHERPAYABLES20232022二零二三年二零二二年RMB’000 RMB’000人民幣千元人民幣千元 Accrued expenses應計開支461,475491,066Contract liabilities (note (i))合約負債（附註(i)） 16,04422,871Amount due to ultimate controlling shareholder應付最終控股股東款項– 161Amount due to ultimate holding company (note (iii))應付最終控股公司款項（附註(iii)） 27,46921,816Amount due to an associate (note (iii))應付一間聯營公司款項（附註(iii)） 215,276215,276Amounts due to directors of the Company (note (iii))應付本公司董事款項（附註(iii)） 185656Amount due to a related party (note (iii))應付一名關連方款項（附註(iii)） – 141Provision for dividends to non-controlling shareholders (note 39 (a)(i))向非控股股東派付股息的撥備（附註39(a)(i)） 672,856 –Other payables (note (ii))其他應付賬款（附註(ii)） 1,186,1361,215,038 2,579,4411,967,025290 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註27.其他應付賬款（續）附註：(i)所有合約負債預期於收取後的一年內獲確認為收入。

本集團通常於客戶取得煤炭產品控制權前已就煤炭銷售收取客戶100%的付款，因而於合約開始時產生合約負債，直至收益於控制權轉交時獲確認。

合約負債變動如下：(ii)其他應付賬款包括應付建築賬款約人民幣617,137,000元（二零二二年：人民幣595,792,000元）及應付煤礦勘探及採礦權賬款約人民幣234,668,000元（二零二二年：人民幣255,057,000元）。

(iii)應付本公司最終控股公司、本公司最終控股股東、一間聯營公司、本公司董事及一名關連方的款項為無抵押、免息及無固定還款期。

27. OTHERPAYABLES (CONTINUED)Notes:(i)20232022二零二三年二零二二年RMB’000 RMB’000人民幣千元人民幣千元 Contract liabilities合約負債Sale of coal煤炭銷售16,04422,871 All contract liabilities are expected to be recognised as income within one year from dates of receipts.The Group typically received 100% payment from customers for sales of coal before the customers obtain the control of coal products which give rise to contract liabilities at the start of a contract, until the revenue recognised upon the pass of controls.Movements in contract liabilities are as follows:20222021二零二三年二零二二年RMB’000 RMB’000人民幣千元人民幣千元 At 1 January於一月一日22,87142,248Revenue recognised that was included in the contract liabilities at the beginning of the year於年初已計入合約負債的已確認收益(22,871) (42,248)Forward sale deposits and instalments received during the year年內收取的遠期銷售按金及分期付款16,04422,871 As at 31 December於十二月三十一日16,04422,871 (ii) Construction payables of approximately RMB617,137,000 (2022 : RMB595,792,000) and payab les r e l a ted t o mineral exploration and mining rights of approximately RMB234,668,000 (2022: RMB255,057,000) are included in other payables.(iii) The amounts due to ultimate holding company of the Company, ultimate controlling shareholder of the Company, an associate, directors of the Company and a related party are unsecured, interest free and have no fixed term of repayment.291二零二三年年報 ANNUALREPORT 2023For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註28.借貸附註：(i)於二零二三年十二月三十一日，有抵押銀行貸款按年利率1.85%至4.00%（二零二二年：2.50%）計息。

(ii)於二零二三年十二月三十一日，無抵押銀行貸款按年利率介乎5.40%至7.80%（二零二二年：5.85%至7.80%）計息。

(iii)於二零二三年十二月三十一日，其他借貸按年利率介乎7.24%至7.31%（二零二二年：4.91%至7.28%）計息。

28. BORROWINGS20232022二零二三年二零二二年Notes RMB’000 RMB’000附註人民幣千元人民幣千元 Bank loans銀行貸款– Secured – 有抵押(i) 731,79974,676– Unsecured – 無抵押(ii) 531,000590,990 1,262,799665,666 Other borrowings其他借貸(iii)– Secured Loan I (as defined below)–有抵押貸款I （定義見下文） 1,666,5202,008,380– Secured Loan II (as defined below)–有抵押貸款II （定義見下文） 98,533107,070– Secured Loan III (as defined below)–有抵押貸款III （定義見下文） 492,444492,444– Unsecured –無抵押45,746247,200 2,303,2432,855,094 Total borrowings借貸總額3,566,0423,520,760Notes:(i) Secured bank loans bear interest at rates of 1.85% to 4.00% (2022:2.50%) per annum as at 31 December 2023.(ii) Unsecured bank loans bear interest at rates ranging from 5.40% to 7.80% (2022: 5.85% to 7.80%) per annum as at 31 December 2023.(iii) Other borrowings bear interest at rates ranging from 7.24% to 7.31% (2022: 4.91% to 7.28%) per annum as at 31 December 2023.292 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註28.借貸（續）於二零二三年十二月三十一日，本集團借貸的還款情況如下：由於違反貸款契諾及╱或發生違約事件（包括違反交叉違約條款），總賬面值約為人民幣492,444,000元（二零二二年：人民幣1,330,634,000元）的若干銀行及其他借貸（其中總額人民幣492,444,000元（二零二二年：人民幣739,644,000元）已逾期），而總額零（二零二二年：人民幣535,990,000元）及零（二零二二年：人民幣55,000,000元）（根據相關貸款協議所載協定計劃還款時間表自報告日期結束起計須分別於一年內及一年後償還）已到期須立即償還。

28. BORROWINGS (CONTINUED)As at 31 December 2023, borrowings of the Group were repayable as follows:20232022二零二三年二零二二年RMB’000 RMB’000人民幣千元人民幣千元 Within 1 year or on demand一年內或按要求1,876,1253,447,453Over 1 year but within 2 years一年以上但不超過兩年1,337,9171,370Over 2 years but within 5 years兩年以上但不超過五年352,00071,937 1,689,91773,307 3,566,0423,520,760Due to breach of loan covenants and/or occurrence of default events (including the breach of cross default clauses), certain bank and other borrowings with the aggregate carrying amount of approximately RMB492,444,000 (2022: RMB1,330,634,000), in which the aggregate amount of RMB492,444,000 (2022: RMB739,644,000) was past due, and aggregate amounts of nil (2022: RMB535,990,000) and nil (2022: RMB55,000,000) were repayable within one year and after one year respectively from the end of reporting date based on the agreed scheduled repayments set out in the respective loan agreements, had been due for immediate payment.293二零二三年年報 ANNUALREPORT 2023For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註28.借貸（續）未逾期但由於發生違約事件（包括違反交叉違約條款）而須立即償還的借貸的應付利息及已逾期的借貸的應付利息分別約為零（二零二二年：人民幣207,000元）及人民幣176,405,000元（二零二二年：人民幣219,511,000元），已計入其他應付賬款。

於二零二三年十二月三十一日，無抵押銀行貸款、有抵押其他借貸及無抵押其他借貸分別約為零（二零二二年：人民幣590,990,000元）、人民幣492,444,000元（二零二二年：人民幣492,444,000元）及零（二零二二年：人民幣247,200,000元）已到期須即時償還（包括已逾期者或因違反貸款契諾及╱或發生違約事件（如違反交叉違約條款）者）。

該等借貸按年利率4.91%至7.28%（二零二二年：4.91%至7.80%）計息，逾期後亦按2.26%至3.50%（二零二二年：2.26%至3.50%）的年利率計算額外罰息。

28. BORROWINGS (CONTINUED)The interest payables of borrowings not yet past due but due for immediate payment due to occurrence of default events (including the breach of cross default clauses) and of borrowings that have become past due amounting to approximately nil (2022: RMB207,000) and RMB176,405,000 (2022: RMB219,511,000) respectively were included in the other payables.A s a t 31 D e c e m b e r 2023, u n s e c u r e d b a n k loans, secured other borrowings and unsecured o ther bor row ings o f approx imate ly n i l (2022: RMB 590,990,000 ) , RMB 492,444,000 ( 2022 : RMB492,444,000) and nil (2022: RMB247,200,000) respectively, had been due for immediate payment (including those overdue or those due to breach of loan covenants and/or occurrence of default events (e.g. breach of cross default clauses). These borrowings carried interest at rates 4.91% to 7.28% (2022: 4.91% to 7.80%) per annum and also carried additional penalty interest at rate 2.26% to 3.50% (2022: 2.26% to 3.50%) per annum after past due.294 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註28.借貸（續）貸款I結算協議（定義見下文）及其補充協議截至二零一八年十二月三十一日止年度，本集團與中國一間資產管理公司訂立一份具法律約束力的結算協議（「貸款I結算協議」或「貸款I」），以削減兩間銀行所轉讓銀行貸款未償還本金額及相關未償還利息（包括罰息）合共分別約人民幣4,027,188,000元及人民幣582,028,000元。

本集團管理層認為，貸款I結算協議的條款差異頗大，原因是根據新條款利用原實際利率貼現現金流量的已貼現現值與原金融負債餘下現金流量的已貼現現值相差逾10%，而貸款I結算協議（因其經修訂還款時間表、經修訂貸款本金額、違約條款、貸款人變更等）已取代相關的原銀行貸款協議。

故此，有關條款修改以償還原金融負債及確認新金融負債入賬。

因此，本集團終止確認原未償還借貸及應付利息，並於償債日期確認按公允值計量的新借貸。

已終止確認借貸賬面值及應付利息合共人民幣4,609,216,000元與已確認新借貸公允值人民幣2,704,363,000元之差額約人民幣1,904,853,000元於截至二零一八年十二月三十一日止年度的損益中確認。

28. BORROWINGS (CONTINUED)Settlement Agreement of Loan I (as defined below) and its supplemental agreementsDuring the year ended 31 December 2018, the Group entered into a legal binding settlement agreement (the “Settlement Agreement of Loan I” or “Loan I”) with an asset management company in the PRC, to reduce the outstanding principal amounts of bank loans assigned by two banks and the relevant outstanding interests (including penalty interests) amounting to approximately RMB4,027,188,000 and RMB582,028,000 in total respectively. The management of the Group considers that the terms of the Settlement Agreement of Loan I are substantially different as the discounted present value of the cash flows under the new terms discounted using the original effective interest rate is different from the discounted present value of the remaining cash flows of the original financial liability by more than 10 per cent, and the Settlement Agreement of Loan I (with revised repayment schedules, revised loan principal amounts, default clauses, change of lender, etc.) superseded the respective original bank loan agreements. Accordingly, such modification of terms is accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. Therefore, the Group derecognised the original borrowings and interest payables outstanding and recognised new borrowings measured at fair value as at the date of extinguishment. The difference between the aggregate carrying amount of the borrowings and interest payables of RMB4,609,216,000 derecognised and the fair value of RMB2,704,363,000 of the new borrowings recognised amounting to approximately RMB1,904,853,000 was recognised in profit or loss for the year ended 31 December 2018.295二零二三年年報 ANNUALREPORT 2023For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註28.借貸（續）貸款I結算協議（定義見下文）及其補充協議（續）於二零二零年三月，就上述借貸而言，本集團進一步與該資產管理公司訂立一份具法律約束力的補充協議（「貸款I補充結算協議」），以修訂及延長二零二零年及二零二一年的還款時間表。

二零二二年的還款時間表維持不變。

本集團管理層認為，貸款I補充結算協議的條款與貸款I結算協議並無重大差異，原因為根據經修訂條款使用原實際利率貼現現金流量的已貼現現值與原金融負債剩餘現金流量的已貼現現值相差少於10%。

故此，於截至二零二零年十二月三十一日止年度，有關條款修訂入賬列作非重大修訂，而對金融負債賬面值作出的調整約人民幣10,700,000元於修訂日期確認為其他虧損。

於二零二零年十二月，本集團進一步與該資產管理公司訂立一份具法律約束力的補充協議（「貸款I補充結算協議II」），以修訂及延長二零二零年十二月及二零二一年的還款時間表。

二零二零年十二月的還款時間表已變更至二零二三年。

本集團管理層認為，貸款I補充結算協議II的條款與貸款I補充結算協議並無重大差異，原因為根據經修訂條款使用原實際利率貼現現金流量的已貼現現值與原金融負債剩餘現金流量的已貼現現值相差少於10%。

故此，於截至二零二零年十二月三十一日止年度，有關條款修訂入賬列作非重大修訂，而對金融負債賬面值作出的調整約人民幣183,651,000元於修訂日期確認為其他虧損。

28. BORROWINGS (CONTINUED)Settlement Agreement of Loan I (as defined below) and its supplemental agreements (continued)In March 2020, in respect of the above-mentioned borrowings, the Group further entered into a legally binding supplemental agreement (the “Supplemental Settlement Agreement of Loan I”) with the asset management company to revise and extend the repayment schedule for year of 2020 and 2021. The repayment schedule for year of 2022 remained unchanged. The management of the Group considers that the terms of the Supplemental Set t lement Agreement of Loan I are not substantially different from the Settlement Agreement of Loan I as the discounted present value of the cash flows under the revised terms discounted using the original effective interest rate is different from the discounted present value of the remaining cash flows of the original financial liability by less than 10 per cent. Accordingly, such modification of terms was accounted for as non-substant ial modification, and the adjustment of approximately RMB10,700,000 to the carrying amount of the financial liability was recognised as other losses at the date of modification during the year ended 31 December 2020.In December 2020, the Group further entered into a legal ly binding supplemental agreement (the “Supplemental Settlement Agreement II of Loan I”) with the asset management company to revise and extend the repayment schedule for December 2020 and year of 2021. The repayment schedule for December 2020 has been changed to 2023. The management of the Group considers that the terms of the Supplemental Settlement Agreement II of Loan I are not substantially different from the Supplemental Settlement Agreement of Loan I as the discounted present value of the cash flows under the revised terms discounted using the original effective interest rate is different from the discounted present value of the remaining cash flows of the original financial liability by less than 10 per cent. Accordingly, such modification of terms was accounted for as non-substantial modification, and the adjustment of approximately RMB183,651,000 to the carrying amount of the financial liability was recognised as other losses at the date of modification during the year ended 31 December 2020.296 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註28.借貸（續）貸款I結算協議（定義見下文）及其補充協議（續）於二零二二年三月，本集團進一步與該資產管理公司訂立一份具法律約束力的補充協議（「貸款I補充結算協議III」），以修訂二零二二年及二零二三年的還款時間表。

本集團管理層認為，貸款I補充結算協議III的條款與貸款I補充結算協議II並無重大差異，原因為根據經修訂條款使用原實際利率貼現現金流量的已貼現現值與原金融負債剩餘現金流量的已貼現現值相差少於10%。

故此，於截至二零二二年十二月三十一日止年度，有關條款修訂入賬列作非重大修訂，而對金融負債賬面值作出的調整約人民幣33,261,000元於修訂日期確認為附註8所載的其他收益。

28. BORROWINGS (CONTINUED)Settlement Agreement of Loan I (as defined below) and its supplemental agreements (continued)In March 2022, the Group further entered into a legally binding supplemental agreement (the “Supplemental Settlement Agreement III of Loan I”) with the asset management company to revise the repayment schedule for year of 2022 and 2023. The management o f the Group cons iders tha t the te rms o f the Supplemental Settlement Agreement III of Loan I are not substantially different from the Supplemental Settlement Agreement II of Loan I as the discounted present value of the cash flows under the revised terms discounted using the original effective interest rate is different from the discounted present value of the remaining cash flows of the original financial liability by less than 10 per cent. Accordingly, such modification of terms was accounted for as non-substantial modification, and the adjustment of approximately RMB33,261,000 to the carrying amount of the financial liability was recognised as other gain as set out in note 8 at the date of modification during the year ended 31 December 2022.297二零二三年年報 ANNUALREPORT 2023For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註28.借貸（續）貸款I結算協議（定義見下文）及其補充協議（續）於二零二三年十二月，本集團進一步與該資產管理公司訂立一份具法律約束力的補充協議（「貸款I補充結算協議IV」），以修訂二零二三年的還款時間表。

本集團管理層認為，貸款IV結算協議的條款差異頗大，原因是根據新條款利用原實際利率貼現現金流量的已貼現現值與原金融負債餘下現金流量的已貼現現值相差逾10%，而貸款IV結算協議（因其經修訂還款時間表、經修訂貸款本金額、違約條款、貸款人變更等）已取代相關的原銀行貸款協議。

故此，有關條款修改以償還原金融負債及確認新金融負債入賬。

因此，本集團終止確認原借貸人民幣1,769,819,000元，並於償債日期確認按公允值計量的新借貸人民幣1,974,941,000元。

於截至二零二三年十二月三十一日止年度，上述已終止確認借貸的賬面值與上述已確認新借貸公允值之差額約人民幣211,121,000元於修訂日期確認為附註8所載的其他虧損。

於二零二三年十二月三十一日，本集團來自該資產管理公司的借貸賬面值約為人民幣1,666,520,000元（二零二二年十二月三十一日：人民幣2,008,380,000元）。

28. BORROWINGS (CONTINUED)Settlement Agreement of Loan I (as defined below) and its supplemental agreements (continued)In December 2023, the Group further entered into a legal ly binding supplemental agreement (the “Supplemental Settlement Agreement IV of Loan I”) with the asset management company to revise the repayment schedule for year of 2023. The management of the Group considers that the terms of the Settlement Agreement of Loan IV are substantially different as the discounted present value of the cash flows under the new terms discounted using the original effective interest rate is different from the discounted present value of the remaining cash flows of the original financial liability by more than 10 per cent, and the Settlement Agreement of Loan IV (with revised repayment schedules, revised loan principal amounts, default clauses, change of lender, etc.) superseded the respective original bank loan agreements. Accordingly, such modification of terms was accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. Therefore, the Group derecognised the original borrowings of RMB1,769,819,000, and recognised new borrowings measured at fair value amounting to RMB1,974,941,000 as at the date of extinguishment. The difference between the aforesaid carrying amounts of the borrowings derecognised and the aforesaid fair value of the new borrowings recognised amounting to approximately RMB211,121,000 was recognised as other losses set out in note 8 at the date of modification during the year ended 31 December 2023.As at 31 December 2023, the carrying amount of the Group’s borrowings from the asset management company was approximately RMB1,666,520,000 (31 December 2022: RMB2,008,380,000).298 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註28.借貸（續）貸款I結算協議（定義見下文）及其補充協議（續）貸款I結算協議包含一項違約條款，即倘本集團未能按貸款I補充結算協議III所訂明相關經修訂還款時間表分期償還有關借貸，本集團將須償付原借貸的未償還結餘及應付利息分別約人民幣4,027,188,000元及人民幣102,856,000元（二零二二年十二月三十一日：人民幣4,027,188,000元及人民幣458,887,000元）。

截至報告期末並無發生貸款I結算協議、貸款I補充結算協議、貸款I補充結算協議II、貸款I補充結算協議III及貸款I補充結算協議IV項下的違約事件（二零二二年十二月三十一日：並無發生違約事件）。

28. BORROWINGS (CONTINUED)Settlement Agreement of Loan I (as defined below) and its supplemental agreements (continued)The Settlement Agreement of Loan I contained a default clause which the Group will be required to repay the outstanding balance of the original borrowings and interest payable of approximately RMB4,027,188,000 a n d RMB 102,856,000 ( 31 D e c e m b e r 2022 : RMB4,027,188,000 and RMB458,887,000) respectively if the Group fails to repay the borrowings by instalments in accordance with the respective revised repayment schedule as stipulated in the Supplement Settlement Agreement III of Loan I. There is no occurrence of event of default under the Settlement Agreement of Loan I, Supplemental Settlement Agreement of Loan I, Supplemental Settlement Agreement II of Loan I, Supplemental Settlement Agreement III of Loan I and Supplemental Settlement Agreement IV of Loan I so far up to the end of the reporting period (31 December 2022: no occurrence of event of default).299二零二三年年報 ANNUALREPORT 2023For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註28.借貸（續）貸款II結算協議（定義見下文）於二零二一年五月，本集團與該資產管理公司訂立另一份具法律約束力的結算協議（「貸款II結算協議」或「貸款II」），以削減兩間銀行所轉讓銀行貸款未償還本金額及相關未償還利息（包括罰息）合共分別約人民幣295,739,000元及人民幣108,647,000元。

本集團管理層認為，貸款II結算協議的條款差異頗大，原因是根據新條款利用原實際利率貼現現金流量的已貼現現值與原金融負債餘下現金流量的已貼現現值相差逾10%，而貸款II結算協議（因其經修訂還款時間表、經修訂貸款本金額、違約條款、貸款人變更等）已取代相關的原銀行貸款協議。

故此，有關條款修改以償還原金融負債及確認新金融負債入賬。

因此，本集團終止確認未償還的原借貸人民幣295,739,000元及應付利息人民幣108,647,000元，並於償債日期確認按公允值計量的新借貸人民幣165,713,000元。

於截至二零二二年十二月三十一日止年度，上述已終止確認借貸及應付利息的賬面值與上述已確認新借貸公允值之差額約人民幣238,673,000元於修訂日期確認為其他收益。

28. BORROWINGS (CONTINUED)Settlement Agreement of Loan II (as defined below)In May 2021, the Group entered into another legally binding sett lement agreement (the “Sett lement Agreement of Loan II” or “Loan II”) with the asset management company to reduce the outstanding principal amounts of bank loans assigned by two banks and the relevant outstanding interests (including penal ty interests) amount ing to approximately RMB295,739,000 and RMB108,647,000 in tota l respectively. The management of the Group considers that the terms of the Settlement Agreement of Loan II are substantially different as the discounted present value of the cash flows under the new terms discounted using the original effective interest rate is different from the discounted present value of the remaining cash flows of the original financial liability by more than 10 per cent, and the Settlement Agreement of Loan II (with revised repayment schedules, revised loan principal amounts, default clauses, change of lender, etc.) superseded the respective original bank loan agreements. Accordingly, such modification of terms was accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. Therefore, the Group derecognised the original borrowings of RMB295,739,000 and interest payable of RMB108,647,000 outstanding, and recognised new borrowings measured at fair value amounting to RMB165,713,000 as at the date of extinguishment. The di f ference between the aforesaid carrying amounts of the borrowings and interest payables derecognised and the aforesaid fair value of the new borrowings recognised amounting to approximately RMB238,673,000 was recognised as other gain at the date of modification during the year ended 31 December 2022.300 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註28.借貸（續）貸款II結算協議（定義見下文）（續）於二零二二年二月，本集團就上述借貸進一步與該資產管理公司訂立一份具法律約束力的補充協議（「貸款II補充結算協議」），以修訂二零二二年及二零二三年的還款時間表。

本集團管理層認為，貸款II補充結算協議的條款與貸款II結算協議並無重大差異，原因為根據經修訂條款使用原實際利率貼現現金流量的已貼現現值與原金融負債剩餘現金流量的已貼現現值相差少於10%。

故此，於截至二零二二年十二月三十一日止年度，有關條款修訂入賬列作非重大修訂，而對金融負債賬面值作出的調整約人民幣2,058,000元於修訂日期確認為附註8所載的其他虧損。

28. BORROWINGS (CONTINUED)Settlement Agreement of Loan II (as defined below) (continued)In February 2022, in respect of the above-mentioned borrowings, the Group further entered into a legally binding supplemental agreement (the “Supplemental Settlement Agreement of Loan II”) with the asset management company to revise the repayment schedule for year of 2022 and 2023. The management o f the Group cons iders tha t the te rms o f the Supplemental Settlement Agreement of Loan II are not substantially different from the Settlement Agreement of Loan II as the discounted present value of the cash flows under the revised terms discounted using the original effective interest rate is different from the discounted present value of the remaining cash flows of the original financial liability by less than 10 per cent. Accordingly, such modification of terms was accounted for as non-substantial modification, and the adjustment of approximately RMB2,058,000 to the carrying amount of the financial liability was recognised as other losses as set out in note 8 at the date of modification during the year ended 31 December 2022.301二零二三年年報 ANNUALREPORT 2023For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註28.借貸（續）貸款II結算協議（定義見下文）（續）於二零二三年十二月，本集團就上述借貸進一步與該資產管理公司訂立一份具法律約束力的補充協議（「貸款II補充結算協議II」），以修訂二零二三年的還款時間表。

本集團管理層認為，貸款II補充結算協議II的條款與貸款II補充結算協議並無重大差異，原因為根據經修訂條款使用原實際利率貼現現金流量的已貼現現值與原金融負債剩餘現金流量的已貼現現值相差少於10%。

故此，於截至二零二三年十二月三十一日止年度，有關條款修訂入賬列作非重大修訂，而對金融負債賬面值作出的調整約人民幣5,476,000元於修訂日期確認為附註8所載的其他虧損。

於二零二三年十二月三十一日，本集團就貸款II來自該資產管理公司的借貸賬面值約為人民幣98,533,000元（二零二二年十二月三十一日：人民幣107,070,000元）。

貸款II結算協議包含一項違約條款，即倘本集團未能按貸款II補充結算協議所訂明相關經修訂還款時間表分期償還有關借貸，本集團將須償付原借貸的未償還結餘及應付利息分別約人民幣295,206,000元及人民幣114,159,000元（二零二二年十二月三十一日：人民幣295,206,000元及人民幣108,432,000元）。

截至報告期末並無發生貸款II結算協議及貸款II補充結算協議項下的違約事件（二零二二年十二月三十一日：並無發生違約事件）。

28. BORROWINGS (CONTINUED)Settlement Agreement of Loan II (as defined below) (continued)In December 2023, in respect of the above-mentioned borrowings, the Group further entered into a legally binding supplemental agreement (the “Supplemental Settlement Agreement II of Loan II”) with the asset management company to revise the repayment schedule for year of 2023. The management of the Group considers that the terms of the Supplemental Settlement Agreement II of Loan II are not substantially different from the Supplemental Settlement Agreement of Loan II as the discounted present value of the cash flows under the revised terms discounted using the original effective interest rate is different from the discounted present value of the remaining cash flows of the original financial liability by less than 10 per cent. Accordingly, such modification of terms was accounted for as non-substantial modification, and the adjustment of approximately RMB5,476,000 to the carrying amount of the financial liability was recognised as other loss as set out in note 8 at the date of modification during the year ended 31 December 2023.As at 31 December 2023, the carrying amount o f t h e G r o u p ’ s b o r r o w i n g s f r o m t h e a s s e t management company in respect of Loan II was approximately RMB98,533,000 (31 December 2022: RMB107,070,000).The Settlement Agreement of Loan II contained a default clause which the Group will be required to repay the outstanding balance of the original borrowings and interest payable of approximately RMB295,206,000 and RMB114,159,000 (31 December 2022: RMB295,206,000 and RMB108,432,000) respectively if the Group fails to repay the borrowings by instalments in accordance with the respective revised repayment schedule as stipulated in the Supplemental Settlement Agreement of Loan II. There is no occurrence of event of default under the Settlement Agreement of Loan II and Supplemental Settlement Agreement of Loan II so far up to the end of the reporting period (31 December 2022: no occurrence of event of default).302 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註28.借貸（續）貸款III結算協議（定義見下文）於二零二一年十二月，本集團與一間資產管理公司訂立一份具法律約束力的結算協議（「貸款III結算協議」或「貸款III」），以削減一間銀行所轉讓銀行貸款未償還本金額及相關未償還利息（包括拖欠罰息）合共分別約人民幣492,444,000元及人民幣261,645,000元。

本集團管理層認為，貸款III結算協議的條款差異頗大，原因為貸款III結算協議（因其經修訂還款時間表、違約條款、貸款人變更等）已取代相關的原銀行貸款協議。

故此，有關條款修改以償還原金融負債及確認新金融負債入賬。

因此，本集團終止確認未償還的原借貸人民幣492,444,000元及應付利息人民幣261,645,000元，並於償債日期根據貸款III的條款分別確認新借貸及應付利息人民幣492,444,000元及人民幣261,645,000元。

因此，於修訂日期並無確認來自貸款重組的收益或虧損。

於二零二二年十二月三十一日，本集團就貸款III結算協議來自該資產管理公司的借貸賬面值及相關應付利息分別約人民幣492,444,000元及人民幣226,479,000元已計入流動負債。

因此，於截至二零二一年十二月三十一日止年度，於修訂日期並無確認來自貸款重組的收益或虧損。

於二零二三年十二月三十一日，本集團就貸款III來自該資產管理公司的借貸賬面值及相關應付利息分別約人民幣492,444,000元及人民幣176,405,000元（二零二二年十二月三十一日：人民幣492,444,000元及人民幣199,402,000元）已計入流動負債。

28. BORROWINGS (CONTINUED)Settlement Agreement of Loan III (as defined below)In December 2021, the Group entered into a legally binding sett lement agreement (the “Sett lement Agreement of Loan III” or “Loan III”) with an asset management company to reduce the outstanding principal amounts of bank loans assigned by a bank and the relevant outstanding interests (including penalty interests in arrears) amounting to approximately RMB492,444,000 and RMB261,645,000 in tota l respectively. The management of the Group considers that the terms of the Settlement Agreement of Loan III are substantially different as the Settlement Agreement of Loan III (with revised repayment schedules, default clauses, change of lender, etc.) superseded the respective original bank loan agreement. Accordingly, such modification of terms was accounted for as an extinguishment of the original financial liability and the recognit ion of a new f inancial l iabi l i ty. Therefore, the Group derecognised the original borrowings of RMB492,444,000 and interest payables of RMB261,645,000 outstanding, and recognised new borrowings and interest payables amounting to RMB492,444,000 and RMB261,645,000 respectively based on the terms of Loan III, as at the date of extinguishment. Therefore, no gain or loss arising from the loan restructuring was recognised at the date of modification. As at 31 December 2022, the carrying amounts of the Group’s borrowings from the asset management company in respect of Settlement Agreement of Loan III and the related interest payable were approximately RMB492,444,000 and RMB226,479,000 respectively, which are included in current liabilities. Therefore, no gain or loss arising from the loan restructuring was recognised at the date of modification during the year ended 31 December 2021.As at 31 December 2023, the carrying amounts of the Group’s borrowings from the asset management company in respect of Loan III and the related interest payable were approximately RMB492,444,000 and RMB176,405,000 (31 December 2022: RMB492,444,000 and RMB199,402,000) respectively, which are included in current liabilities.303二零二三年年報 ANNUALREPORT 2023For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註28.借貸（續）貸款III結算協議（定義見下文）（續）貸款III結算協議包含一項有條件條款，即除非獲該資產管理公司通知要求償還原借貸的未償還結餘及應付利息，或本集團未能按經修訂還款時間表還款，否則本集團應根據相關經修訂還款時間表分期償還借貸，而誠如貸款III結算協議所訂明，分期還款的總額低於原借貸的未償還結餘及應付利息。

因此，於二零二三年十二月三十一日，根據貸款III結算協議所載的經修訂計劃還款條款並撇除該資產管理公司一旦要求償還原借貸的未償還結餘及應付利息以及本集團未能按經修訂還款時間表還款的任何影響，到期償還的貸款III及其相關利息的賬面值如下：28. BORROWINGS (CONTINUED)Settlement Agreement of Loan III (as defined below) (continued)The Settlement Agreement of Loan III contained a conditional clause which the Group, unless otherwise notified by the asset management company to repay the outstanding balance of the original borrowings and interest payable or the Group fails to repay in accordance with the revised repayment schedule, should repay the borrowings by insta lment in accordance with the respective revised repayment schedule and the total sum of the instalments is less than the outstanding balance of the original borrowings and interest payable, as stipulated in the Settlement Agreement of Loan III. Therefore, as at 31 December 2023, the carrying amount of Loan III and its related interest due for repayment, based on the revised scheduled repayment terms set out in the Settlement Agreement of Loan III and without taking into account the effect of any demand by the asset management company to repay the outstanding balance of the original borrowings and interest payable and the Group’s failure to repay in accordance with the revised repayment schedule, is as follows:20232022二零二三年二零二二年RMB’000 RMB’000人民幣千元人民幣千元 Within 1 year一年內219,91850,602Over 1 year but within 2 years一年以上但不超過兩年– 219,918 219,918270,520304 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註28.借貸（續）貸款III結算協議（定義見下文）（續）由於上述有條件條款加上有關條件截至報告期末仍未達成，因此於二零二三年十二月三十一日，有關貸款III結算協議賬面值分別為人民幣492,444,000元及人民幣176,405,000元（二零二二年十二月三十一日：人民幣492,444,000元及人民幣199,402,000元）的新借貸及應付利息於本集團綜合財務狀況表中確認。

於報告期末，並無發生貸款III結算協議項下的違約事件（二零二二年：並無發生違約事件）。

28. BORROWINGS (CONTINUED)Settlement Agreement of Loan III (as defined below) (continued)Due to the above-mentioned conditional clause and the conditions have not been satisfied so far up to the end of the reporting period, new borrowing and interest payable with carrying amounts of RMB492,444,000 and RMB176,405,000 (31 December 2022: RMB492,444,000 and RMB199,402,000) respectively in respect of Settlement Agreement of Loan III were recognised in the Group’s consolidated statement of financial position as at 31 December 2023.There is no occurrence of event of default under the Settlement Agreement of Loan III as at the end of the reporting period (2022: no occurrence of event of default).305二零二三年年報 ANNUALREPORT 2023For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註28.借貸（續）貸款IV結算協議（定義見下文）於二零二三年十二月，本集團與該資產管理公司訂立另一份具法律約束力的結算協議（「貸款IV結算協議」或「貸款IV」），以削減兩間銀行所轉讓銀行貸款未償還本金額及相關未償還利息（包括罰息）合共分別約人民幣247,200,000元及人民幣80,060,000元。

本集團管理層認為，貸款IV結算協議的條款差異頗大，原因是根據新條款利用原實際利率貼現現金流量的已貼現現值與原金融負債餘下現金流量的已貼現現值相差逾10%，而貸款IV結算協議（因其經修訂還款時間表、經修訂貸款本金額、違約條款、貸款人變更等）已取代相關的原銀行貸款協議。

故此，有關條款修改以償還原金融負債及確認新金融負債入賬。

因此，本集團終止確認原未償還借貸人民幣247,200,000元及應付利息人民幣80,060,000元，並於償債日期確認按公允值計量的新借貸人民幣125,121,000元。

截至二零二三年十二月三十一日止年度，上述已終止確認借貸賬面值及應付利息與上述已確認新借貸公允值之差額約人民幣202,139,000元於修訂日期確認為附註8所載的其他收益。

於二零二三年十二月三十一日，本集團就貸款IV來自該資產管理公司的借貸賬面值約為人民幣45,746,000元（二零二二年十二月三十一日：人民幣247,200,000元）。

28. BORROWINGS (CONTINUED)Settlement Agreement of Loan IV (as defined below)In December 2023, the Group entered into another legally binding settlement agreement (the “Settlement Agreement of Loan IV” or “Loan IV”) with the asset management company to reduce the outstanding principal amounts of bank loans assigned by two banks and the relevant outstanding interests (including penal ty interests) amount ing to approximately RMB247,200,000 and RMB80,060,000 in to ta l respectively. The management of the Group considers that the terms of the Settlement Agreement of Loan IV are substantially different as the discounted present value of the cash flows under the new terms discounted using the original effective interest rate is different from the discounted present value of the remaining cash flows of the original financial liability by more than 10 per cent, and the Settlement Agreement of Loan IV (with revised repayment schedules, revised loan principal amounts, default clauses, change of lender, etc.) superseded the respective original bank loan agreements. Accordingly, such modification of terms was accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. Therefore, the Group derecognised the original borrowings of RMB247,200,000 and interest payable of RMB80,060,000 outstanding, and recognised new borrowings measured at fair value amounting to RMB125,121,000 as at the date of extinguishment. The di f ference between the aforesaid carrying amounts of the borrowings and interest payables derecognised and the aforesaid fair value of the new borrowings recognised amounting to approximately RMB202,139,000 was recognised as other gain as set out in note 8 at the date of modification during the year ended 31 December 2023.As at 31 December 2023, the carrying amount o f t h e G r o u p ’ s b o r r o w i n g s f r o m t h e a s s e t management company in respect of Loan IV was approximately RMB45,746,000 (31 December 2022: RMB247,200,000).306 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註28.借貸（續）其他截至二零二二年十二月三十一日止年度，本集團與中國一間資產管理公司訂立一份具法律約束力的結算協議（「貸款V結算協議」或「貸款V」），以削減一間銀行所轉讓銀行貸款未償還本金額及相關未償還利息（包括罰息）合共分別約人民幣50,870,000元及人民幣22,641,000元。

本集團管理層認為，貸款V結算協議的條款差異頗大，原因是根據新條款利用原實際利率貼現現金流量的已貼現現值與原金融負債餘下現金流量的已貼現現值相差逾10%，而貸款V結算協議（因其經修訂還款時間表、經修訂貸款本金額、違約條款、貸款人變更等）已取代相關的原銀行貸款協議。

故此，有關條款修改以償還原金融負債及確認新金融負債入賬。

因此，本集團終止確認原未償還借貸及應付利息，並於償債日期確認按公允值計量的新借貸。

已終止確認借貸賬面值及應付利息合共人民幣50,870,000元及人民幣22,641,000元與已確認新借貸公允值人民幣62,190,000元之差額約人民幣11,321,000元於二零二二年修訂日期確認為附註8所載的其他收益。

於截至二零二三年十二月三十一日止年度，本集團已悉數清償貸款V的未償還本金額及相關利息（包括罰息）。

28. BORROWINGS (CONTINUED)OtherDuring the year ended 31 December 2022, the Group entered into a legal binding settlement agreement (the “Settlement Agreement of Loan V” or “Loan V”) with an asset management company in the PRC, to reduce the outstanding principal amounts of bank loans assigned by a bank and the relevant outstanding interests (including penalty interests) amounting to approximately RMB50,870,000 and RMB22,641,000 in total respectively. The management of the Group considers that the terms of the Settlement Agreement of Loan V are substantially different as the discounted present value of the cash flows under the new terms discounted using the original effective interest rate is different from the discounted present value of the remaining cash flows of the original financial liability by more than 10 per cent, and the Settlement Agreement of Loan V (with revised repayment schedules, revised loan principal amounts, default clauses, change of lender, etc.) superseded the respective original bank loan agreements. Accordingly, such modification of terms is accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. Therefore, the Group derecognised the original borrowings and interest payables outstanding and recognised new borrowings measured at fair value as at the date of extinguishment. The difference between the aggregate carrying amount of the borrowings and interest payables of RMB50,870,000 and RMB22,641,000 derecognised and the fair value of RMB62,190,000 of the new borrowings recognised amounting to approximately RMB11,321,000 was recognised as other gain as set out in note 8 at the date of modification in 2022. During the year ended 31 December 2023, the outstanding principal amount and relevant interest (including penalty interests) of Loan V was fully settled by the Group.307二零二三年年報 ANNUALREPORT 2023For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註28.借貸（續）其他（續）本集團的有抵押借貸（包括已到期須即時償還者及尚未到期須即時償還者）由下列本集團資產作抵押：於二零二三年及二零二二年十二月三十一日，本集團的總借貸亦由一間由徐先生擔任股東的關連公司的其他應收賬款、徐先生持有的一項物業、珍福於本公司的股權及本集團於華美奥能源、興陶煤業、馮西煤業、崇升煤業、興隆煤業、宏遠煤業、陽原國通及朔州廣發的股權作抵押。

於二零二三年十二月三十一日，總借貸約人民幣2,834,243,000元（二零二二年：人民幣3,446,084,000元）由本公司、本公司的若干附屬公司、關連方及╱或徐先生作擔保（附註38(b)）。

28. BORROWINGS (CONTINUED)Other (continued)The Group’s secured borrowings (including those due for immediate payment and those not due for immediate payment) are secured by the following assets of the Group:20232022二零二三年二零二二年Notes RMB’000 RMB’000附註人民幣千元人民幣千元 Property, plant and equipment物業、廠房及設備15139,069255,348Coal mining rights煤炭採礦權161,830,1982,333,653As at 31 December 2023 and 2022, the Group’s total borrowings are also secured by other receivables of a related company of which Mr. Xu is the shareholder, a property held by Mr. Xu, Fortune Pearls equity interest in the Company and the Group’s equity interest in Huameiao Energy, Xingtao Coal, Fengxi Coal, Chongsheng Coal, Xinglong Coal, Hongyuan Coal, Yangyuan Guotong and Shuozhou Guangfa. As at 31 December 2023, total borrowings of approximately RMB2,834,243,000 (2022: RMB3,446,084,000) were guaranteed by the Company, certain subsidiaries of the Company, related parties and/or Mr. Xu (note 38(b)).308 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註29.預提復墾費用截至二零二三年十二月三十一日止年度，本集團參考由本集團委聘的地質調查專家所編製的有關興隆煤礦及宏遠煤礦最新地質環境保護及土地復墾計劃，重新估算估計成本及調整預提復墾費用，以變更發展及生產計劃。

因此，物業、廠房及設備以及預提復墾費用分別減少人民幣16,564,000元及人民幣42,977,000元（二零二二年︰零及零）及相關解除貼現之利息開支人民幣26,413,000元（二零二二年︰零）已於年內撥回。

此外，本集團參考本集團委聘的Geotama Mining Exploration專家編製的最新SDE煤礦復墾計劃文件，就發展生產計劃的變更重新評估估計成本，並調整預提復墾費用。

因此，年內物業、廠房及設備以及預提復墾費用減少人民幣23,407,000元。

29. ACCRUEDRECLAMATIONOBLIGATIONS20232022二零二三年二零二二年RMB’000 RMB’000人民幣千元人民幣千元 At 1 January於一月一日179,614144,090Change in the estimation of reclamation復墾估計變動(39,971) 25,131Interest charge on unwinding of discounts (note 9(ii))解除貼現之利息開支（附註9(ii)）(20,685) 10,393Accrued reclamation obligations utilised已動用預提復墾費用(3,638) – At 31 December於十二月三十一日115,320179,614During the year ended 31 December 2023, the Group reassessed the estimated costs and adjusted the accrued reclamation obligations by reference to the latest geological environment protection and land reclamation plans of Xinglong Coal Mine and Hongyuan Coal Mine prepared by geological survey expert engaged by the Group for the change of development and production plans. As a result, the property, plant and equipment and the accrued reclamation obligation has decreased by RMB16,564,000 and RMB42,977,000 (2022: nil and nil) respectively and the corresponding in teres t charge on unwind ing o f d iscounts o f RMB26,413,000 (2022: nil) has been reversed during the year.In addition, the Group reassessed the estimated costs and adjusted the accrued reclamation obligations by reference to the latest Document Plan Reclamation of SDECoal Mine prepared by Geotama Mining Exploration expert engaged by the Group for the change of development and production plans. As a result, the property, plant and equipment and the accrued reclamation obligation has decreased by RMB23,407,000 during the year.309二零二三年年報 ANNUALREPORT 2023For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註30.租賃負債30. LEASELIABILITIES20232022二零二三年二零二二年RMB’000 RMB’000人民幣千元人民幣千元 Within 1 year一年內3,4878,794Over 1 year but within 2 years一年以上但不超過兩年7,3211,534 10,80810,328Less: Amount due for settlement within 12 months shown under current liabilities減：流動負債項下列示的 12個月內到期結算的 款項(3,487) (8,794) Amount due for settlement after 12 months shown under non-current liabilities非流動負債項下列示的12個月後到期結算的款項7,3211,534310 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註31.遞延收入遞延收入指自政府機關收到的政府補助，條件為各實體自政府補助之日起計十年將其主要營業地點維持在指定地區。

遞延收入變動如下：於二零二三年十二月三十一日，本集團的遞延收入如下：31. DEFERREDINCOMEDeferred income represented government grants received from governmental authorities with conditions that respective entities would maintain their principal places of businesses at the designated area for a period of ten years, starting from the respective dates of government grants. The movement of deferred income is as below:Government grants政府補助RMB’000人民幣千元 At 1 January 2023於二零二三年一月一日–Additions增加19,000Credit to profit or loss計入損益(708) At 31 December 2023於二零二三年十二月三十一日18,292As at 31 December 2023, the Group’s deferred income is as follows:2023二零二三年RMB’000人民幣千元 Within 1 year一年內1,900Over 1 year but within 2 years一年以上但不超過兩年1,900Over 2 years超過兩年14,492 18,292311二零二三年年報 ANNUALREPORT 2023For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註32.資本、儲備及股息(a)權益部分變動本集團各部分綜合權益於期初及期末的對賬載列於綜合權益變動表。

(b)股本32. CAPITAL, RESERVESANDDIVIDENDS(a) Movements in components of equityThe reconciliation between the opening and closing balances of each component of the Group’s consolidated equity is set out in the consolidated statement of changes in equity.(b) Share capitalAmount金額No. of share RMB’000股數人民幣千元 Ordinary shares of HKD0.10 each每股面值0.10港元的普通股Authorised法定At 1 January 2022, 31 December 2022 and 31 December 2023於二零二二年一月一日、二零二二年十二月三十一日及二零二三年十二月三十一日20,000,000,0001,763,000Ordinary shares, issued and fully paid普通股，已發行及繳足At 1 January 2022, 31 December 2022 and 31 December 2023於二零二二年一月一日、二零二二年十二月三十一日及二零二三年十二月三十一日2,493,413,985211,224312 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註32.資本、儲備及股息（續）(c)永久次級可換股證券於二零一二年十二月三十一日，本公司發行本金價值為194,700,000港元（相當於約人民幣157,872,000元）的可換股證券予珍福。

因可換股證券產生的直接交易費用約人民幣941,000元。

可換股證券可於二零一二年十二月三十一日之後的任何時間按照可換股證券持有人的選擇兌換為本公司普通股，初步兌換價為每股本公司普通股1.65港元（惟可作出反攤薄調整）。

儘管可換股證券賦予權利可收取每年3%的分派額，本公司仍可全權選擇根據可換股證券的條款延遲作出分派。

可換股證券並無到期日，可由本公司選擇每次按可換股證券本金額的100%或50%予以贖回，於任何分派額支付日為將予贖回的可換股證券已發行本金額面值另加於相關日期累算的分派額的100%或50%（視乎情況而定）。

由於可換股證券概無任何償還本金額或支付任何分派額的約定責任，故並不符合國際會計準則第32號內對金融負債類別的界定。

因此，全部該類金融工具均分類為權益，而各分派額於宣派時作為權益股息處理。

32. CAPITAL, RESERVESANDDIVIDENDS (CONTINUED)(c) Perpetual subordinated convertible securities On 31 December 2012, the Company issued convertible securities to Fortune Pearl with a principal value of HKD194,700,000 (equivalent to approximately RMB157,872,000). The direct transaction costs attributable to the convertible s e c u r i t i e s a m o u n t e d t o a p p r o x i m a t e l y RMB941,000.The convertible securities are convertible at the option of the holder of convertible securities into ordinary shares of the Company at any time after 31 December 2012 at the initial conversion price of HKD1.65 per ordinary share of the Company (subject to anti-dilutive adjustments). While the convertible securities confer a right to receive distributions at 3% per annum, the Company may, at its sole discretion, elect to defer a distribution pursuant to the terms of the convertible securities.The convertible securities have no maturity date and are redeemable at the option of the Company at 100% or 50% of the principal amount of the convertible securities each time, on any distribution payment date at the face value of the outstanding principal amount of the convertible securities to be redeemed plus 100% or 50% (as the case may be) of distributions accrued to such date.As the convertible securities have no contractual obligation to repay its principal nor to pay any distributions, they do not meet the definition for classification of a financial liabilities under IAS 32. As a result, the whole instrument is classified as equity, and respective distributions if and when declared are treated as equity dividends.313二零二三年年報 ANNUALREPORT 2023For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註32.資本、儲備及股息（續）(c)永久次級可換股證券（續）截至二零二三年十二月三十一日止年度，本集團選擇就本年度分派約5,841,000港元（相當於約人民幣5,273,000元）的款項（截至二零二二年十二月三十一日止年度：選擇就該年度分派約5,841,000港元（相當於約人民幣5,054,000元）的款項）。

於二零二三年十二月三十一日，並無累計遞延分派（二零二二年十二月三十一日：無）計入本公司可供分派儲備中。

(d)虧絀(i)股份溢價本集團的股份溢價賬包括：(i)於過往年度發行新股份所產生的溢價；(ii)就過往年度發行新股份所產生的開支；(i i i)於過往年度派發及支付的股息；及(iv)於行使購股權時轉自以股份為基礎之酬金儲備的金額。

於二零一六年一月六日，215,000,000股股份透過將部分應付賬款資本化配發及發行予債權人。

已發行股份公允值超出已發行普通股總數面值的總額33,325,000港元（相當於約人民幣27,822,000元）經扣除發行費用後計入股份溢價賬。

32. CAPITAL, RESERVESANDDIVIDENDS (CONTINUED)(c) Perpetual subordinated convertible securities (continued)During the year ended 31 December 2023, the Group elected to distribute payments of approximately HKD5,841,000 (equivalent to approximately RMB5,273,000) in respect of current year (year ended 31 December 2022: elected to distribute payments of approximately HKD5,841,000 (equivalent to approximately RMB5,054,000) in respect of the year). As at 31 December 2023, no accumulated deferred distribution payments (31 December 2022: nil) are included in the reserves of the Company available for distribution.(d) Deficit(i) Share premiumThe share premium account of the Group includes: (i) the premium arising from the issue of new shares in prior years; (ii) the expense incurred in connection with issuance of new shares in prior years; (iii) dividends declared and paid in prior years; and (iv) amount transferred from share-based compensation reserve upon exercise of share options.On 6 January 2016,215,000,000 shares were allotted and issued to the Creditor by capitalisation of part of the Payables. The excess of the fair value of shares issued totalling HKD33,325,000 (equivalent to approximately RMB27,822,000) over the nominal value of the total number of ordinary shares issued was credited to the share premium account, after deducting the issuing expenses.314 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註32.資本、儲備及股息（續）(d)虧絀（續）(ii)合併儲備合併儲備指本公司的附屬公司的實繳資本總額與作為於二零零九年六月十二日重組的一部分，為交換本集團所有成員公司的全部股權而向珍福轉讓及發行的本公司的股本之間的差額。

(iii)儲備法定儲備金根據外商獨資公司適用的相關中國規例，本集團旗下的若干實體須就董事會決定按中國公認會計原則分配若干除稅後溢利（不少於10%）至法定儲備金（「法定儲備金」），直至該儲備達註冊資本的50%為止。

法定儲備金為不可分派，惟出現清盤情況及根據相關中國規例所載若干限制可用於抵銷累計虧損或撥充資本為已發行股本則除外。

32. CAPITAL, RESERVESANDDIVIDENDS (CONTINUED)(d) Deficit (continued)(ii) Merger reserveMerger reserve represents the difference between the aggregate amount of paid-in capital of the subsidiaries of the Company and the amount of share capital of the Company transferred and issued to Fortune Pearl in exchange for the entire equity interests in all members of the Group as part of a reorganisation on 12 June 2009.(iii) ReservesStatutory reserve fundIn accordance with the relevant PRC regulations applicable to wholly-foreign-owned companies, cer ta in ent i t ies within the Group are required to allocate certain portion (not less than 10%), as determined by their Board of Directors, of their profit after tax in accordance with PRCGAAP to the statutory reserve fund (the SRF) until such reserve reaches 50% of the registered capital.The SRF is non-distributable other than in the event of liquidation and, subject to certain restrictions set out in the relevant PRC regulations, can be used to offset accumulated losses or be capitalised as issued capital.315二零二三年年報 ANNUALREPORT 2023For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註32.資本、儲備及股息（續）(d)虧絀（續）(iii)儲備（續）專項儲備維護及生產資金根據中國有關規定，本集團須根據煤炭產量，將一定款項撥入專項儲備用作維修及生產資金以及其他有關開支。

專項儲備變動如下：(iv)匯兌儲備匯兌儲備包括換算海外業務的財務報表而產生的全部外匯差額。

32. CAPITAL, RESERVESANDDIVIDENDS (CONTINUED)(d) Deficit (continued)(iii) Reserves (continued)Specific reserve maintenance and production fundsAccording to relevant PRC regulations, the Group is required to transfer an amount to speci f ic reserve for the maintenance and production funds and other related expenditures based on coal production volume. The movement of specific reserve is as follows:RMB’000人民幣千元 At 1 January 2022於二零二二年一月一日340,961Provision for the year年內撥備167,508Utilisation for the year年內動用(139,215) At 31 December 2022 and 1 January 2023於二零二二年十二月三十一日及於二零二三年一月一日369,254Provision for the year年內撥備167,943Utilisation for the year年內動用(80,104) At 31 December 2023於二零二三年十二月三十一日457,093(iv) Exchange reserveThe exchange reserve comprises all foreign exchange differences arising from the translation of the financial statements of foreign operations.316 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註32.資本、儲備及股息（續）(d)虧絀（續）(v)以股份為基礎之酬金儲備以股份為基礎之酬金儲備指與根據首次公開發售前購股權計劃及附註32所載的購股權計劃而授出的購股權有關的董事及僱員服務價值。

(vi)可供分派儲備應用股份溢價賬受開曼群島公司法所規管。

根據開曼群島公司法，股份溢價賬及繳入盈餘的資金可供分派予本公司股東，惟緊隨建議分派股息日期後，本公司須有能力償還其於日常業務過程中已到期的債務。

於二零二三年十二月三十一日，本公司並無可供分派儲備（二零二二年：無）。

32. CAPITAL, RESERVESANDDIVIDENDS (CONTINUED)(d) Deficit (continued)(v) Share-based compensation reserveShare-based compensation reserve represents the value of directors and employee services in respect of share options granted under a Pre-IPO share opt ion scheme and a share opt ion scheme as set out in note 32.(vi) Distributability of reservesThe application of the share premium account is governed by the Companies Law of the Cayman Islands. Under the Companies Law of the Cayman Islands, the funds in share premium account and contributed surplus are distributable to shareholders of the Company provided that immediately following the date on which the dividend is proposed to be distributed, the Company will be in a position to pay off its debts as they fall due in the ordinary course of business.As at 31 December 2023, the Company did not have any distributable reserves (2022: nil).317二零二三年年報 ANNUALREPORT 2023For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註32.資本、儲備及股息（續）(e)資本管理本集團管理資本的首要目標乃保障本集團能夠繼續根據持續經營基準經營，以便透過與風險水平相應的產品及服務定價以及獲得合理成本的融資，繼續為股東創造回報及為其他權益持有人帶來利益。

本集團的整體策略與過往年度維持不變。

本集團之資本架構包括債務淨額，其包括附註25及28分別披露的扣除現金及現金等價物、借貸，以及附註30所披露的本公司權益持有人應佔權益（包括股本、永久次級可換股證券及虧絀）。

本集團積極及定期對資本架構進行檢討及管理，以在較高股東回報情況下可能伴隨的較高借貸水平與良好資本狀況帶來的好處及保障之間取得平衡，並因應經濟狀況的變化對資本架構作出調整。

(f)股息本公司董事並不建議向普通股東派發截至二零二三年十二月三十一日止年度的任何股息（二零二二年：無）。

32. CAPITAL, RESERVESANDDIVIDENDS (CONTINUED)(e) Capital managementThe Group’s primary objectives when managing capital are to safeguard the Group’s ability to continue as a going concern, so that it can continue to provide returns for shareholders and benefits for other stakeholders, by pricing products and services commensurately with the level of risk and by securing access to finance at a reasonable cost. The Group’s overall strategy remains unchanged from that of prior year.The capital structure of the Group consists of net debt, which included net of cash and cash equivalents, borrowings, as disclosed in notes 25 and 28 respectively, and equity attributable to equity shareholders of the Company, comprising share capital, perpetual subordinated convertible securities and deficit, as disclosed in note 30.The Group actively and regularly reviews and manages its capital structure to maintain a balance between the higher shareholder returns that might be possible with higher levels of borrowings and the advantages and security afforded by a sound capital position, and makes adjustments to the capital structure in light of changes in economic conditions.(f) DividendsThe directors of the Company do not recommend the payment of any dividends to its ordinary shareholders for the year ended 31 December 2023 (2022: nil).318 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註33.按權益結算以股份為基礎之付款購股權計劃根據唯一股東於二零零九年六月十二日通過的書面決議案，本公司亦已採納一項購股權計劃（「購股權計劃」）。

因行使根據購股權計劃及本公司任何其他購股權計劃當時已授出且尚未行使的所有購股權後而可能發行的最高股份數目，在無取得股東批准情況下，合共不得超過不時已發行股份總數的30%。

除非經股東批准，否則，倘悉數行使截至向某人全新授出購股權當日（包括該日）前12個月期間已向該人士授出或將予授出之購股權（包括已行使、已註銷及未行使購股權）後，會導致已發行及將予發行的股份總數超過全新授出購股權當日的已發行股份總數1%，則不得向該人士授出購股權。

購股權計劃項下的購股權可根據購股權計劃條款於本公司董事會釐定的期間內隨時行使，而有關期間自授出日期起計不得超過10年。

33. EQUITY-SETTLEDSHARE-BASEDPAYMENTSShare option schemeThe Company has also adopted a Share Option Scheme (the Share Option Scheme) pursuant to the sole shareholders written resolutions passed on 12 June 2009.The maximum number of shares that may be issued upon exercise of all options which then has been granted and have yet to be exercised under the Share Option Scheme and any other share option schemes of the Company shall not, in the absence of the shareholders approval, in aggregate exceed 30% of the shares in issue from time to time. Unless approved by the shareholders, no option may be granted to any person which if exercised in full would result in the total number of shares issued and to be issued upon exercise of the share options already granted or to be granted to such person (including exercised, cancelled, and outstanding share option) in the 12-month period up to and including the date of such new grant exceeding 1% of the total number of shares in issue as at the date of such new grant.An option under the Share Option Scheme may be exercised in accordance with the terms of the Share Option Scheme at any time during a period as determined by the board of directors of the Company, which must not be more than 10 years from the date of the grant.319二零二三年年報 ANNUALREPORT 2023For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註33.按權益結算以股份為基礎之付款（續）購股權計劃（續）(i)授出條款及條件如下：33. EQUITY-SETTLEDSHARE-BASEDPAYMENTS (CONTINUED)Share option scheme (continued)(i) The terms and conditions of the grants are as follows:Date of grantNumber of options Vesting conditionsContractual life of options授出日期購股權數目歸屬條件購股權的合約期限 17 January 201220,751,19640% on the grant date,30% on both of the first and second anniversary of the grant date10 years二零一二年一月十七日20,751,196於授出日期為40%，於授出日期後第一及第二週年均為30%10年30 April 2015157,500,00040% on the grant date,30% on both of the first and second anniversary of the grant date10 years二零一五年四月三十日157,500,000於授出日期為40%，於授出日期後第一及第二週年均為30%10年320 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註33.按權益結算以股份為基礎之付款（續）購股權計劃（續）(ii)購股權計劃的數目及加權平均行使價如下：截至二零二三年十二月三十一日止年度33. EQUITY-SETTLEDSHARE-BASEDPAYMENTS (CONTINUED)Share option scheme (continued)(ii) The number and weighted average exercise prices of share options scheme are as follows:For the year ended 31 December 2023Outstanding number of options尚未行使購股權數目Type of grantee Date of grant Exercisable periodExercisepriceBalance at1 January2023Lapsedduringthe yearBalance at31 December2023承授人類別授出日期行使期行使價於二零二三年一月一日的結餘年內失效於二零二三年十二月三十一日的結餘HKD ’000 ’000 ’000港元千份千份千份 Executive Director執行董事Mr. Zhai Yifeng 30 April 201530 April 2015 to 29 April 20250.4852,000 – 2,000翟依峰先生二零一五年四月三十日二零一五年四月三十日至二零二五年四月二十九日Independent non-executive director獨立非執行董事Mr. Lau Sik Yuen 30 April 201530 April 2015 to 29 April 20250.485500 (500) –劉錫源先生二零一五年四月三十日二零一五年四月三十日至二零二五年四月二十九日 2,500 (500) 2,000 Employees僱員In aggregate 30 April 201530 April 2015 to 29 April 20250.48542,000 – 42,000總額二零一五年四月三十日二零一五年四月三十日至二零二五年四月二十九日 42,000 – 42,000 44,500 (500) 44,000321二零二三年年報 ANNUALREPORT 2023For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註33.按權益結算以股份為基礎之付款（續）購股權計劃（續）(ii)購股權計劃的數目及加權平均行使價如下：（續）截至二零二二年十二月三十一日止年度33. EQUITY-SETTLEDSHARE-BASEDPAYMENTS (CONTINUED)Share option scheme (continued)(ii) The number and weighted average exercise prices of share options scheme are as follows: (continued)For the year ended 31 December 2022Outstanding number of options尚未行使購股權數目Type of grantee Date of grant Exercisable periodExercisepriceBalance at1 January2022Lapsedduringthe yearBalance at31 December2022承授人類別授出日期行使期行使價於二零二二年一月一日的結餘年內失效於二零二二年十二月三十一日的結餘HKD ’000 ’000 ’000港元千份千份千份 Independent non-executive director獨立非執行董事Mr. Lau Sik Yuen 30 April 201530 April 2015 to 29 April 20250.485500 – 500劉錫源先生二零一五年四月三十日二零一五年四月三十日至二零二五年四月二十九日 500 – 500 Employees僱員In aggregate 17 January 201217 January 2012 to 16 January 20221.501,482 (1,482) –總額二零一二年一月十七日二零一二年一月十七日至二零二二年一月十六日In aggregate 30 April 201530 April 2015 to 29 April 20250.48544,000 – 44,000總額二零一五年四月三十日二零一五年四月三十日至二零二五年四月二十九日 45,482 (1,482) 44,000 45,982 (1,482) 44,500322 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註33.按權益結算以股份為基礎之付款（續）購股權計劃（續）(ii)購股權計劃的數目及加權平均行使價如下：（續）於二零二三年十二月三十一日，購股權計劃項下可行使股份的數目約為44,000,000股（二零二二年：44,500,000股）。

截至二零二三年十二月三十一日止年度，購股權計劃項下概無購股權獲授出及行使（二零二二年：無）。

於二零二三年十二月三十一日尚未行使的購股權的加權平均剩餘合約期限為1.33年（二零二二年十二月三十一日：2.33年）。

於二零二三年十二月三十一日尚未行使的購股權的加權平均行使價為每股0.49港元（二零二二年：0.49港元）。

33. EQUITY-SETTLEDSHARE-BASEDPAYMENTS (CONTINUED)Share option scheme (continued)(ii) The number and weighted average exercise prices of share options scheme are as follows: (continued)At 31 December 2023, the number of the exercisable shares under the Share Option Scheme was approximately 44,000,000(2022: 44,500,000) shares.During the year ended 31 December 2023, no share option under the Share Option Scheme were granted and exercised (2022: nil).The share options outstanding at 31 December 2023 had a weighted average remaining contractual life of 1.33 years (31 December 2022: 2.33 years). The weighted average exercise price for the outstanding share options as at 31 December 2023 was HKD0.49 (2022: HKD0.49) per share.323二零二三年年報 ANNUALREPORT 2023For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註34.財務擔保合約於二零二三年十二月三十一日，本公司就其若干本公司附屬公司獲授的一般銀行信貸及借貸約人民幣5,415,490,000元（二零二二年：人民幣5,604,570,000元）向若干銀行及其他借貸債權人發出公司擔保。

此外，誠如附註38(c)所披露，於二零二三年十二月三十一日，本公司及本公司若干附屬公司就一間聯營公司獲授的借貸約人民幣259,000,000元（二零二二年：人民幣259,000,000元）向一間銀行發出公司擔保，該借貸已逾期及未有提出訴訟，目前正在與中國一間銀行續期。

該聯營公司仍在與銀行進行磋商，以重續未償還貸款及已轉讓貸款的條款（包括還款時間表）。

本集團並未就該聯營公司的一般銀行信貸獲授的擔保確認任何金融負債（二零二二年：無），此乃由於本公司董事認為金融擔保負債的金額並不重大。

35.金融風險管理及金融工具之公允值(a)金融工具類別34. FINANCIALGUARANTEECONTRACTSAs at 31 December 2023, the Company has issued corporate guarantee to certain banks and other borrowing creditors with respect to general banking facilities and borrowings granted to certain subsidiaries of the Company of approximately RMB5,415,490,000 (2022: RMB5,604,570,000).In addition, as at 31 December 2023, the Company and certain subsidiar ies of the Company have issued corporate guarantee to a bank with respect to borrowings granted to an associate of approximately RMB259,000,000 (2022: RMB259,000,000) as disclosed in note 38(c), which had been past due without lawsuit and is in the process of renewal, to a bank in PRC.The associate is still in the process of negotiating with the bank to renew the terms (including the repayment schedule) of the outstanding loan and loan assigned.The Group has not recognised any financial liability (2022: nil) in respect of the guarantees granted for general banking facilities of the associate as the directors of the Company considered that the amounts of financial guarantee liabilities are immaterial.35. FINANCIALRISKMANAGEMENTANDFAIR VALUESOFFINANCIALINSTRUMENTS(a) Categories of financial instruments20232022二零二三年二零二二年RMB’000 RMB’000人民幣千元人民幣千元 Financial assets金融資產At amortised cost按攤銷成本計量1,557,8881,458,774Financial liabilities金融負債At amortised cost按攤銷成本計量6,550,0385,852,478324 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註35.金融風險管理及金融工具之公允值（續）(b)財務風險管理目標及政策本集團會在正常業務過程中面對信貸、流動資金、利率及貨幣風險。

本集團面對的該等風險以及本集團管理該等風險所採用的財務風險管理政策及慣例，詳情載於下文。

(i)信貸風險及減值評估於二零二三年十二月三十一日，本集團的信貸風險主要來自應收貿易賬款及其他應收賬款。

管理層已實施信貸政策，並按持續經營基準監察信貸風險。

本集團對所有要求超過某一特定信貸金額的客戶進行信貸評估。

鑒於與該等客戶的業務往來記錄及應收彼等的應收賬款的收款記錄良好，管理層認為本集團尚未收回來自客戶及其他債務人的應收賬款結餘本身並無重大信貸風險。

管理層根據過往付款記錄、欠款期間的長度、債務人的財務實力及債務人是否存在任何爭議就應收貿易賬款及其他應收賬款的可收回性作出定期評估。

此外，本集團根據預期信貸虧損就應收貿易賬款個別地或根據撥備矩陣進行減值評估。

就此而言，管理層認為本集團的信貸風險已顯著地減少。

35. FINANCIALRISKMANAGEMENTANDFAIR VALUESOFFINANCIALINSTRUMENTS (CONTINUED)(b) Financial risk management objectives and policiesExposure to credit risk, liquidity risk, interest risk and currency risk arises in the normal course of the Group’s businesses. The Group’s exposure to these risks and the financial risk management policies and practices used by the Group to manage these risks are described below.(i) Credit risk and impairment assessmentAs at 31 December 2023, the Group’s credit risk is primarily attributable to trade receivables and other receivables. Management has a credit pol icy in place and the exposure to credit risk is moni tored on an ongoing basis. Credit evaluations are performed on all customers requiring credit over a certain amount. In view of the history of business dealings with the customers and the sound collection history of the receivables due from them, management believes that there is no material credit risk inherent in the Group’s outstanding receivable balance due from the customers and other debtors. Management makes periodic assessment on the recoverability of the t rade receivables and other receivables based on historical payment records, the length of the overdue period, the financial strength of the debtors and whether there is any dispute with the debtors. In addition, the Group performs impairment assessment under ECL on trade receivables individually or based on provision matrix. In this regard, the management considers that the Group’s credit risk is significantly reduced.325二零二三年年報 ANNUALREPORT 2023For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註35.金融風險管理及金融工具之公允值（續）(b)財務風險管理目標及政策（續）(i)信貸風險及減值評估（續）銀行結餘的信貸風險有限，原因是對手方乃銀行╱金融機構，其獲內部信貸評級機構給予高的信貸評級。

本集團的信貸風險在地理上主要集中於中國，其於二零二三年十二月三十一日佔應收貿易賬款總額的100%（二零二二年：100%）。

於二零二三年十二月三十一日，本集團集中於客戶的信貸風險為100%（二零二二年：100%）。

此外，於二零二三年十二月三十一日，其他應收賬款淨額中的8.68%（二零二二年：12.13%）為應收五大其他債務人的賬款。

該等五大其他債務人包括中國國有企業及過往與本集團的信貸記錄良好的公司。

除此之外，本集團並無任何其他重大集中的信貸風險。

35. FINANCIALRISKMANAGEMENTANDFAIR VALUESOFFINANCIALINSTRUMENTS (CONTINUED)(b) Financial risk management objectives and policies (continued)(i) Credit risk and impairment assessment (continued)The credit risks on bank balances are limited because the counterparties are banks/financial institutions with high credit rating assigned by internal credit-rating agencies.The Group’s concentration of credit risk by geographical locations is mainly in the PRC, which accounted for 100% (2022: 100%) of the total trade receivables as at 31 December 2023.The Group’s concentration of credit risk by customers is 100% (2022: 100%) as at 31 December 2023. In addition, 8.68% (2022: 12.13%) of the net other receivables was due from the five largest other debtors as at 31 December 2023. These five largest other debtors include state-owned enterprise in the PRC and companies with good past credit records with the Group. Other than these, the Group does not have any other significant concentration of credit risk.326 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註35.金融風險管理及金融工具之公允值（續）(b)財務風險管理目標及政策（續）(i)信貸風險及減值評估（續）本集團的內部信貸風險分級評估包括以下除應收貿易賬款以外之金融資產類別：35. FINANCIALRISKMANAGEMENTANDFAIR VALUESOFFINANCIALINSTRUMENTS (CONTINUED)(b) Financial risk management objectives and policies (continued)(i) Credit risk and impairment assessment (continued)The Group’s internal credit risk grading assessment comprises the following categories for financial assets other than trade receivables:Internal credit rating DescriptionOther financial assets/other items內部信貸分級描述其他金融資產╱其他項目 Stage 1 Financial instruments for which credit risk has not increased. significantly since initial recognition12m ECL第1階段自初始確認後信貸風險未顯著增加的金融工具12個月預期信貸虧損Stage 2 Financial instruments for which credit risk has increased significantly since initial recognition but that are not credit-impaired financial assetsLifetime ECL– non-credit impaired第2階段自初始確認後信貸風險顯著增加，但並無信貸減值的金融工具全期預期信貸虧損– 並無信貸減值Stage 3 Financial assets that are credit-impaired at the reporting date (but that are not purchased or originated credit-impaired)Lifetime ECL– credit impaired第3階段於報告日期已出現信貸減值（但並非購買或原始信貸減值）的金融資產全期預期信貸虧損–已出現信貸減值327二零二三年年報 ANNUALREPORT 2023For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註35.金融風險管理及金融工具之公允值（續）(b)財務風險管理目標及政策（續）(i)信貸風險及減值評估（續）面臨信貸風險的金融資產應收貿易賬款本集團就應收貿易賬款按相等於全期預期信貸虧損的金額計量虧損撥備，並使用撥備矩陣計算。

由於本集團的歷史信貸虧損經驗並無顯示就不同客戶分部存在重大不同的虧損模式，根據逾期狀態的虧損撥備不再進一步區分本集團不同的客戶基礎。

35. FINANCIALRISKMANAGEMENTANDFAIR VALUESOFFINANCIALINSTRUMENTS (CONTINUED)(b) Financial risk management objectives and policies (continued)(i) Credit risk and impairment assessment (continued)Financial asset with credit risk exposureTrade receivablesThe Group measures loss allowance for trade receivables at an amount equal to lifetime ECLs, which is calculated using a provision matrix. As the Group’s historical credit loss experience does not indicate significant different loss patterns for different customer segments, the loss allowance based on past due status is not further distinguished between the Group’s different customer bases.328 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註35.金融風險管理及金融工具之公允值（續）(b)財務風險管理目標及政策（續）(i)信貸風險及減值評估（續）面臨信貸風險的金融資產（續）應收貿易賬款（續）下表提供有關本集團應收貿易賬款面臨的信貸風險及預期信貸虧損的資料：35. FINANCIALRISKMANAGEMENTANDFAIR VALUESOFFINANCIALINSTRUMENTS (CONTINUED)(b) Financial risk management objectives and policies (continued)(i) Credit risk and impairment assessment (continued)Financial asset with credit risk exposure (continued)Trade receivables (continued)The following table provides information about the Group’s exposure to credit risk and ECLs for trade receivables as follow:Expected loss rateGross carrying amountLoss Allowance預期虧損率賬面總值虧損撥備RMB’000 RMB’000 RMB’000人民幣千元人民幣千元人民幣千元 As at 31 December 2023於二零二三年十二月三十一日Type 1: Customers within the Group expected that they will pay on time:類別1：預期將準時付款的本集團客戶：Neither past due nor impaired未逾期亦未作減值0% 43,234 –Past due for less than 60 days逾期少於60天– – –Past due for more than 60 days but less than 180 days逾期60天以上但少於180天– – –Past due for more than 180 days but less than one year逾期180天以上但少於一年– – – 43,234 – Type 2: Credit impaired customer:類別2：信貸減值客戶：Past due more than one year逾期一年以上62% 58,809 * 36,302 102,04336,302329二零二三年年報 ANNUALREPORT 2023For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註35.金融風險管理及金融工具之公允值（續） (b)財務風險管理目標及政策（續） (i)信貸風險及減值評估（續） 面臨信貸風險的金融資產（續）應收貿易賬款（續）*總賬面值約人民幣58,809,000元（二零二二年：人民幣95,619,000元）包括賬齡超過兩年的應收貿易賬款約人民幣22,507,000元（二零二二年：人民幣59,317,000元）來自本集團擁有應付貿易賬款及其他應付賬款結餘的客戶，而結餘金額於報告期末不少於相關應收貿易賬款。

有關詳情載於附註22。

35. FINANCIALRISKMANAGEMENTANDFAIR VALUESOFFINANCIALINSTRUMENTS (CONTINUED)(b) Financial risk management objectives and policies (continued)(i) Credit risk and impairment assessment (continued)Financial asset with credit risk exposure (continued)Trade receivables (continued)Expected loss rateGross carrying amountLoss Allowance預期虧損率賬面總值虧損撥備RMB’000 RMB’000 RMB’000人民幣千元人民幣千元人民幣千元 As at 31 December 2022於二零二二年十二月三十一日Type 1: Customers within the Group expected that they will pay on time:類別1：預期將準時付款的本集團客戶：Neither past due nor impaired未逾期亦未作減值0% 119,550 –Past due for less than 60 days逾期少於60天– – –Past due for more than 60 days but less than 180 days逾期60天以上但少於180天– – –Past due for more than 180 days but less than one year逾期180天以上但少於一年– – – 119,550 – Type 2: Credit impaired customer:類別2：信貸減值客戶：Past due more than one year逾期一年以上38% 95,619 * 36,302 6,550,0385,852,478* Included in the gross carrying amount of approximately RMB58,809,000 (2022: RMB95,619,000) are trade receivables aged over 2 years amounting to RMB22,507,000 (2022: RMB59,317,000) due from customers which the Group has trade and other payable balances with amounts not less than the respective trade receivables as at the end of the reporting period. Details are set out in note 22.330 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註35.金融風險管理及金融工具之公允值（續）(b)財務風險管理目標及政策（續）(i)信貸風險及減值評估（續）面臨信貸風險的金融資產（續）應收貿易賬款（續）估計虧損率乃根據歷史觀察違約率作出估計，並就毋須付出不必要成本或努力而可得的前瞻性資料作出調整。

管理層定期審閱有關分組，以確保有關特定債務人的相關資料獲更新。

下表顯示以簡化方法確認的應收貿易賬款的全期預期信貸虧損的變化。

35. FINANCIALRISKMANAGEMENTANDFAIR VALUESOFFINANCIALINSTRUMENTS (CONTINUED)(b) Financial risk management objectives and policies (continued)(i) Credit risk and impairment assessment (continued)Financial asset with credit risk exposure (continued)Trade receivables (continued)The estimated loss rates are estimated based on historical observed default rate and are adjusted for forward-looking information that is available without undue cost or effort. The grouping is regularly reviewed by management to ensure relevant information about specific debtor is updated.The following table shows the movement in lifetime ECL that has been recognised for trade receivables under the simplified approach.Lifetime ECL(Credit impaired)全期預期信貸虧損（已出現信貸減值）RMB’000人民幣千元 As at 1 January 2022,31 December 2022,1 January 2023 and 31 December 2023於二零二二年一月一日、二零二二年十二月三十一日、二零二三年一月一日及二零二三年十二月三十一日36,302331二零二三年年報 ANNUALREPORT 2023For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註35.金融風險管理及金融工具之公允值（續）(b)財務風險管理目標及政策（續）(i)信貸風險及減值評估（續）其他應收賬款本集團就其他應收賬款按相等於12個月預期信貸虧損的金額計量虧損撥備。

就預期自初步確認以來信貸風險顯著增加的結餘而言，本集團根據不同信貸風險特徵及敞口的分類的賬齡應用全期預期信貸虧損。

於二零二三年十二月三十一日，本集團的其他應收賬款包括應收非控股股東款項賬面總值合計為人民幣322,703,000元（二零二二年：人民幣322,703,000元）。

鑒於有關款項已逾期一段長時間，本集團管理層認為違約可能性重大，故於二零二三年十二月三十一日就該等款項作出虧損撥備人民幣322,703,000元（二零二二年：人民幣322,703,000元）。

至於本集團餘下其他非貿易應收賬款，本集團管理層透過評估對手方的財務背景及信譽考慮違約的可能性，並於二零二三年十二月三十一日作出虧損撥備約人民幣19,459,000元（二零二二年：人民幣19,386,000元）。

35. FINANCIALRISKMANAGEMENTANDFAIR VALUESOFFINANCIALINSTRUMENTS (CONTINUED)(b) Financial risk management objectives and policies (continued)(i) Credit risk and impairment assessment (continued)Other receivablesThe Group measures the loss allowance equal to 12m ECL of other receivables. For those balances expected to have significant increase in credit risk since initial recognition, the Group apply lifetime ECL based on aging for classes with different credit risk characteristics and exposures.As at 31 December 2023, included in other receivables of the Group are amounts due f rom non-cont ro l l ing shareholders of aggregate gross carrying amounts of RMB322,703,000(2022: RMB322,703,000). Loss a l lowance o f RMB 322,703,000 ( 2022 : RMB322,703,000) was provided for these amounts as at 31 December 2023 since the management of the Group considers the probability of default is significant in view that these amounts have been overdue for a long period of time.F o r t h e r e m a i n i n g o t h e r n o n -trade receivables of the Group, the management of the Group considers the probability of default by assessing the counterparties financial background and credi tab i l i ty and accord ingly, l o s s a l l o w a n c e o f a p p r o x i m a t e l y RMB19,459,000 (2022: RMB19,386,000) was provided as at 31 December 2023.332 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註35.金融風險管理及金融工具之公允值（續）(b)財務風險管理目標及政策（續）(i)信貸風險及減值評估（續）其他應收賬款（續）下表顯示了以違約機率法確認的其他應收賬款的12個月及全期預期信貸虧損的變化。

35. FINANCIALRISKMANAGEMENTANDFAIR VALUESOFFINANCIALINSTRUMENTS (CONTINUED)(b) Financial risk management objectives and policies (continued)(i) Credit risk and impairment assessment (continued)Other receivables (continued)The following table shows the movement in 12 month and lifetime ECL that has been recognised for other receivables under the probability of default approach.12 Month ECL(Non-Credit impaired)Lifetime ECL(Credit impaired) Total12個月預期信貸虧損（並無信貸減值）全期預期信貸虧損（已出現信貸減值）總計RMB’000 RMB’000 RMB’000人民幣千元人民幣千元人民幣千元 As at 1 January 2022於二零二二年一月一日1,491337,179338,670Impairment loss recognised已確認減值虧損2,8052773,082Exchange realignment匯兌重整– 353353 At 31 December 2022於二零二二年十二月三十一日4,296337,809342,105Impairment loss recognised已確認減值虧損3 – 3Exchange realignment匯兌重整– 7171 At 31 December 2023於二零二三年十二月三十一日4,299337,880342,179333二零二三年年報 ANNUALREPORT 2023For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註35.金融風險管理及金融工具之公允值（續）(b)財務風險管理目標及政策（續）(i)信貸風險及減值評估（續）財務擔保合約於報告期末，本公司董事已進行減值評估，得出的結論是財務擔保合約自初步確認以來的信貸風險並無顯著增加。

因此，本集團發出的財務擔保合約的任何虧損撥備按相等於12個月預期信貸虧損的金額計量。

根據國際財務報告準則第9號，於二零二三年十二月三十一日並無確認虧損撥備，原因是該金額並不重大。

該財務擔保合約的詳情載列於附註34。

35. FINANCIALRISKMANAGEMENTANDFAIR VALUESOFFINANCIALINSTRUMENTS (CONTINUED)(b) Financial risk management objectives and policies (continued)(i) Credit risk and impairment assessment (continued)Financial guarantee contractAt the end of the reporting period, the directors of the Company have performed impairment assessment, and concluded that there has been no significant increase in credit risk since initial recognition of the financial guarantee contract. Accordingly, any loss allowance for financial guarantee con t rac ts i ssued by the Group i s measured at an amount equal to 12m ECL. No loss allowance was recognised as at 31 December 2023 in accordance with IFRS 9 as the amount is immaterial. Details of the financial guarantee contract are set out in note 34.334 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註35.金融風險管理及金融工具之公允值（續）(b)財務風險管理目標及政策（續）(ii)流動資金風險本集團內個別營運實體須自行負責現金管理，但借貸須取得母公司管理層批准。

本集團的政策為定期監察其流動資金需求及其遵守任何放款契諾的情況，以確保其維持足夠現金儲備及來自主要金融機構的適度承諾資金額度，以應付其長短期的流動資金需求。

下表列示本集團的非衍生金融負債及租賃負債於報告日之剩餘合約到期日（假設並無發生違約事件），有關到期日乃按合約未折現現金流量（包括使用合約利率計算之利息付款，或倘為浮息，則按報告日當時的利率計算）以及本集團可能須付款的最早日期計算（假設就詳載於附註28的貸款I結算協議及其補充協議以及貸款II結算協議而言將不會發生違約事件）。

35. FINANCIALRISKMANAGEMENTANDFAIR VALUESOFFINANCIALINSTRUMENTS (CONTINUED)(b) Financial risk management objectives and policies (continued)(ii) Liquidity riskIndividual operating entities within the Group are responsible for their own cash management, but the borrowings are subject to approval by the parent company’s management. The Group’s policy is to regularly monitor its liquidity requirements and its compliance with any lending covenants, to ensure that it maintains sufficient reserves of cash and adequate committed lines of funding from major financial institutions to meet its liquidity requirements in the short and longer term.The following tables show the remaining contractual maturities which assume that no occurrence of event of default at the reporting date of the Group’s non-derivative financial liabilities and lease l iabil i t ies which are based on contractual undiscounted cash flows (including interest payments computed using contractual rates or, if floating, based on rates current at the reporting date) and the earliest date the Group can be required to pay (with assumption that there will be no breach of events in respect of Settlement Agreement of Loan I and its supplemental agreements and Settlement Agreement of Loan II as detailed in note 28).335二零二三年年報 ANNUALREPORT 2023For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註35.金融風險管理及金融工具之公允值（續）(b)財務風險管理目標及政策（續）(ii)流動資金風險（續）35. FINANCIALRISKMANAGEMENTANDFAIR VALUESOFFINANCIALINSTRUMENTS (CONTINUED)(b) Financial risk management objectives and policies (continued)(ii) Liquidity risk (continued)As at 31 December 2023於二零二三年十二月三十一日Withinone year oron demandMore thanone yearandless thanfive yearsTotalundiscountedcash flowCarryingamount一年內或一年後未折現現金按要求但五年內流量總額賬面值RMB’000 RMB’000 RMB’000 RMB’000人民幣千元人民幣千元人民幣千元人民幣千元 Current即期Trade payables應付貿易賬款420,599 – 420,599420,599Financial liabilities included in other payables計入其他應付賬款的金融負債2,563,397 – 2,563,3972,563,397Lease liabilities租賃負債3,766 – 3,7663,487Borrowings借貸2,058,821 – 2,058,8211,876,125 5,046,583 – 5,046,5834,863,608 Non-current非即期Lease liabilities租賃負債– 9,1149,1147,321Borrowings借貸– 1,808,2531,808,2531,689,917 – 1,817,3671,817,3671,697,238 5,046,5831,817,3676,863,9506,560,846 Maximum exposure of financial guarantee contracts (note 34)財務擔保合約最大風險（附註34）259,000 – 259,000259,000336 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註35.金融風險管理及金融工具之公允值（續）(b)財務風險管理目標及政策（續）(ii)流動資金風險（續）35. FINANCIALRISKMANAGEMENTANDFAIR VALUESOFFINANCIALINSTRUMENTS (CONTINUED)(b) Financial risk management objectives and policies (continued)(ii) Liquidity risk (continued)As at 31 December 2022於二零二二年十二月三十一日Withinone year oron demandMore thanone yearandless thanfive yearsTotalundiscountedcash flowCarryingamount一年內或一年後未折現現金按要求但五年內流量總額賬面值RMB’000 RMB’000 RMB’000 RMB’000人民幣千元人民幣千元人民幣千元人民幣千元 Current即期Trade payables應付貿易賬款387,564 – 387,564387,564Financial liabilities included in other payables計入其他應付賬款的金融負債1,944,154 – 1,944,1541,944,154Lease liabilities租賃負債9,199 – 9,1998,794Borrowings借貸3,706,254 – 3,706,2543,447,453 6,047,171 – 6,047,1715,787,965 Non-current非即期Lease liabilities租賃負債– 1,6191,6191,534Borrowings借貸– 80,27180,27173,307 – 81,89081,89074,841 6,047,17181,8906,129,0615,862,806 Maximum exposure of financial guarantee contracts (note 34)財務擔保合約最大風險（附註34）259,000 – 259,000259,000337二零二三年年報 ANNUALREPORT 2023For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註35.金融風險管理及金融工具之公允值（續）(b)財務風險管理目標及政策（續）(ii)流動資金風險（續）上述財務擔保合約的金額乃本集團根據悉數獲擔保金額的安排而可被要求償付的金額上限（倘擔保之對手方索償該筆金額）。

根據報告期末的預期，本集團認為很大可能毋須根據安排支付款項。

然而，上述估計將視乎對手方根據擔保提出申索的可能性而有變，而提出申索的可能性則取決於對手方所持獲擔保財務應收賬款出現信貸虧損的可能性。

下表根據貸款協議所載議定計劃還款日期概述包含交叉還款要求條款的借貸及就一間聯營公司獲授的借貸財務擔保到期日分析。

金額包括使用合約利率計算的利息付款。

因此，該等金額較上表所載到期日分析中「按要求」時間範圍內所披露的金額為高。

35. FINANCIALRISKMANAGEMENTANDFAIR VALUESOFFINANCIALINSTRUMENTS (CONTINUED)(b) Financial risk management objectives and policies (continued)(ii) Liquidity risk (continued)The amounts included above for financial guarantee contracts are the maximum amounts the Group could be required to settle under the arrangement for the full guaranteed amount if that amount is claimed by the counterparty to the guarantee. Based on expectations at the end of the reporting period, the Group considers that it is more likely than not that no amount will be payable under the arrangement. However, this estimate is subject to change depending on the probability of the counterparty claiming under the guarantee which is a function of the likelihood that the financial receivables held by the counterparty which are guaranteed suffer credit losses.The table below summarises the maturity analysis of borrowings and financial guarantee with respect to borrowings granted to an associate with a repayment on cross demand clause based on agreed scheduled repayments set out in the loan agreements. The amounts include interest payments computed using contractual rates. As a result, these amounts were greater than the amounts disclosed in the on demand time band in the maturity analysis contained in the above table.338 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註35.金融風險管理及金融工具之公允值（續）(b)財務風險管理目標及政策（續）(ii)流動資金風險（續）本公司董事認為銀行及其他借貸債權人將行使其酌情權要求即時還款的可能性不大。

本公司董事認為本集團及一間聯營公司的該等借貸將根據貸款協議所載計劃還款日期償還（假設就詳載於附註28的貸款I結算協議及其補充協議以及貸款II結算協議而言將不會發生違約事件，以及貸款III結算協議的最大風險）。

35. FINANCIALRISKMANAGEMENTANDFAIR VALUESOFFINANCIALINSTRUMENTS (CONTINUED)(b) Financial risk management objectives and policies (continued)(ii) Liquidity risk (continued)The directors of the Company do not consider that it is probable that the bank and other borrowing creditors will exercise their discretion to demand immediate repayment. The directors of the Company believe that such borrowings of the Group and an associate will be repaid in accordance with the scheduled repayment dates set out in the loan agreements (with assumption that there will be no breach of events in respect of Settlement Agreement of Loan I and its supplemental agreements and Settlement Agreement of Loan II as detailed in note 28, and with maximum exposure of Settlement Agreement of Loan III).339二零二三年年報 ANNUALREPORT 2023For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註35.金融風險管理及金融工具之公允值（續）(b)財務風險管理目標及政策（續）(ii)流動資金風險（續）於二零二三年十二月三十一日，本集團的流動負債淨額約為人民幣3,324,762,000元。

本集團的資金流動性依賴其執行附註2所述的措施改善本集團即時資金流動性及現金流量的能力。

35. FINANCIALRISKMANAGEMENTANDFAIR VALUESOFFINANCIALINSTRUMENTS (CONTINUED)(b) Financial risk management objectives and policies (continued)(ii) Liquidity risk (continued)Maturity analysis Borrowings and financialguarantee with respect to borrowings granted toan associate subject to a repayment on crossdefault clause based on scheduled repayments到期日分析就根據計劃還款受按交叉違約條款償還規限的借貸及授予一間聯營公司借貸的財務擔保合約Withinone year oron demandMore thanone yearandless thanfive yearsTotalundiscountedcash flowCarryingamount一年內或一年後未折現現金按要求但五年內流量總額賬面值RMB’000 RMB’000 RMB’000 RMB’000人民幣千元人民幣千元人民幣千元人民幣千元 At 31 December 2023於二零二三年十二月三十一日Borrowings借貸2,048,5951,698,8223,747,4173,566,042Maximum exposure of financial guarantee contracts財務擔保合約最大風險259,000 – 259,000259,000At 31 December 2022於二零二二年十二月三十一日Borrowings借貸3,643,228143,2973,786,5253,520,760Maximum exposure of financial guarantee contracts財務擔保合約最大風險259,000 – 259,000259,000As at 31 December 2023, the Group had net current liabilities of approximately RMB3,324,762,000. The liquidity of the Group is dependent on its abil i ty to implement the measures to improve the Group’s immediate liquidity and cash flows as described in note 2.340 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註35.金融風險管理及金融工具之公允值（續）(b)財務風險管理目標及政策（續）(iii)利率風險本集團的利率風險主要來自已抵押及受限制存款、現金及現金等價物及借貸。

按可變利率及固定利率借入的借貸使本集團分別承受現金流量利率風險及公允值利率風險。

管理層監控的本集團利率概況載列如下：35. FINANCIALRISKMANAGEMENTANDFAIR VALUESOFFINANCIALINSTRUMENTS (CONTINUED)(b) Financial risk management objectives and policies (continued)(iii) Interest rate riskThe Group’s interest rate risk arises primarily from pledged and restricted deposits, cash and cash equivalents and borrowings. Borrowings issued at variable rates and at fixed rates expose the Group to cash flow interest rate risk and fair value interest rate risk respectively. The Group’s interest rate profile as monitored by management is set out as below:341二零二三年年報 ANNUALREPORT 2023For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註35.金融風險管理及金融工具之公允值（續）(b)財務風險管理目標及政策（續）(iii)利率風險（續）利率概況下表詳列本集團的借貸淨額於報告日的利率概況：35. FINANCIALRISKMANAGEMENTANDFAIR VALUESOFFINANCIALINSTRUMENTS (CONTINUED)(b) Financial risk management objectives and policies (continued)(iii) Interest rate risk (continued)Interest rate profileThe following table details the interest rate profile of the Group’s net borrowings at the reporting date:20232022二零二三年二零二二年Effective interest rate per annumCarryingvalueEffective interest rate per annumCarryingvalue實際年利率賬面值實際年利率賬面值RMB’000 RMB’000 RMB’000 RMB’000人民幣千元人民幣千元人民幣千元人民幣千元 Fixed rate borrowings:固定利率借貸：Borrowings借貸1.80% – 7.80% 3,566,0422.50% – 7.80% 3,465,760 Variable rate net borrowings:可變利率借貸淨額：Borrowings借貸5.80% 52,0005.85% 55,000Pledged and restricted deposits已抵押及受限制存款0.00% – 0.35% (918,295) 0.00% – 0.35% (143,676)Cash and cash equivalents現金及現金等價物0.00% – 0.35% (302,732) 0.00% – 0.35% (855,997) (1,169,027) (944,673) Total net borrowings總借貸淨額2,397,0152,521,087Net fixed rate borrowings as a percentage of total net borrowings固定利率借貸淨額佔總借貸淨額的百分比149% 137.47%342 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註35.金融風險管理及金融工具之公允值（續）(b)財務風險管理目標及政策（續）(iii)利率風險（續）敏感度分析假設所有其他變數保持不變，於報告日可變利率借貸淨額的利率整體上升╱下降100個基點，估計會導致截至二零二三年十二月三十一日止年度的本集團除稅後溢利及累計虧損減少╱增加約人民幣11,690,000元（二零二二年：人民幣9,447,000元）。

上述敏感度分析指本集團的除稅後溢利及綜合權益產生的即時變動，當中假設利率變動於報告日已經發生，並已用於重新計量本集團所持有並於報告日使本集團面臨現金流量利率風險的浮息非衍生金融工具。

對本集團除稅後溢利及綜合權益的影響是以因利率變動對利息支出的年度化影響作出估計。

該分析乃採取與二零二二年相同的基準進行。

35. FINANCIALRISKMANAGEMENTANDFAIR VALUESOFFINANCIALINSTRUMENTS (CONTINUED)(b) Financial risk management objectives and policies (continued)(iii) Interest rate risk (continued)Sensitivity analysisIt is estimated that a general increase/decrease of 100 basis points in the in te res t ra tes o f va r iab le ra te ne t borrowings prevailing at the reporting date, w i th a l l o ther var iab les he ld constant, would decrease/increase the Group’s profit after tax and accumulated losses by approximately RMB11,690,000 (2022: RMB9,447,000) for the year ended 31 December 2023.The sensitivity analysis above indicates the instantaneous change in the Group’s profit after tax and consolidated equity that would ar ise assuming that the change in interest rates had occurred at the reporting date and had been applied to re-measure those floating rate non-derivative instruments held by the Group which expose the Group to cash flow interest rate risk at the reporting date. The impact on the Group’s profit after tax and consolidated equity is estimated as an annualised impact on interest expense of such a change in interest rates. The analysis is performed on the same basis for 2022.343二零二三年年報 ANNUALREPORT 2023For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註35.金融風險管理及金融工具之公允值（續）(b)財務風險管理目標及政策（續）(iv)外幣風險人民幣不可自由兌換為外幣。

所有涉及人民幣的外匯交易必須透過中國人民銀行或其他獲授權可買賣外幣的機構進行。

外匯交易所採用的匯率為中國人民銀行所報的匯率，該等匯率主要由供求釐定。

本集團的外匯風險主要來自因購買而產生的以美元計值的現金結餘以及以歐元計值的借貸餘額，而本集團所有其他業務主要以人民幣進行交易。

匯率變動影響以外幣計值商品採購成本的人民幣價值。

下表顯示本集團於報告日因確認資產或負債，而其以有關交易實體的功能貨幣以外的貨幣計值，因而產生的貨幣風險。

35. FINANCIALRISKMANAGEMENTANDFAIR VALUESOFFINANCIALINSTRUMENTS (CONTINUED)(b) Financial risk management objectives and policies (continued)(iv) Foreign currency riskRMB is no t f ree ly conver t ib le in to foreign currencies. All foreign exchange transactions involving RMB must take place through the Peoples Bank of China or other institutions authorised to buy and sell foreign exchange. The exchange rate adopted for the foreign exchange transactions are the rates of exchange quoted by the Peoples Bank of China that are determined largely by supply and demand. The Group is exposed to foreign currency risk primarily through purchases giving rise to cash balances that are denominated in USD and borrowing balance that are denominated in EUR, while all the other operations of the Group are mainly transacted in RMB. Changes in exchange rate affect the RMB value of purchase costs of commodities that are denominated in foreign currencies.The following table demonstrates the Group’s exposure at the reporting date to currency risk arising from recognised assets or l iabi l i t ies denominated in a currency other than the functional currency of the entity to which they relate.344 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註35.金融風險管理及金融工具之公允值（續）(b)財務風險管理目標及政策（續）(iv)外幣風險（續）未呈列敏感度分析乃由於本公司董事認為有關本集團金融資產及負債的外匯風險將不重大。

(c)金融工具的公允值本集團按攤銷成本入賬的金融工具的賬面值，與其於二零二三年及二零二二年十二月三十一日的公允值分別不大。

35. FINANCIALRISKMANAGEMENTANDFAIR VALUESOFFINANCIALINSTRUMENTS (CONTINUED)(b) Financial risk management objectives and policies (continued)(iv) Foreign currency risk (continued)2023Denominated in USD2022Denominated in USD二零二三年以美元計值二零二二年以美元計值RMB’000 RMB’000人民幣千元人民幣千元 Cash and cash equivalents現金及現金等價物10,9222,1032023Denominated in EUR2022Denominated in EUR二零二三年以歐元計值二零二二年以歐元計值RMB’000 RMB’000人民幣千元人民幣千元 Bank borrowing銀行借貸85,78174,676N o s e n s i t i v i t y a n a l y s i s h a s b e e n presented as, in the opinion of the directors of the Company, the foreign exchange r isk associated wi th the Group’s financial assets and liabilities will not be significant.(c) Fair values of financial instrumentsThe carrying amounts of the Group’s financial instruments carried at amortised cost are not materially different from their fair values as at 31 December 2023 and 2022.345二零二三年年報 ANNUALREPORT 2023For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註36.資本承擔於各報告日，並未於綜合財務報表作出撥備的未履行資本承擔如下：37.經營租賃作為出租人的租賃不可撤銷經營租賃項下的未來最低應收租賃付款總額如下：本集團根據期限為十年的協議租賃鐵路。

該等協議不包括延期選擇權。

36. CAPITALCOMMITMENTSAt each repor t ing date, cap i ta l commi tments outstanding not provided for in the consolidated financial statements are as follows:20232022二零二三年二零二二年RMB’000 RMB’000人民幣千元人民幣千元 Property, plant and equipment物業、廠房及設備26,228264,39437. OPERATINGLEASESLeases as lessorThe future minimum lease payments receivable under non-cancellable operating leases are as follows:20232022二零二三年二零二二年RMB’000 RMB’000人民幣千元人民幣千元 Within 1 year一年內1,364 –Over 1 year but within 2 years一年以上但不超過兩年2,729 –Over 2 years兩年以上9,251 – 13,344 –The Group leases railway under ten years agreements. The agreements do not include an extension option.346 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註38.關連方交易本集團與本集團的關連方進行若干交易，包括(i)本公司控股股東徐先生及其直系親屬；(ii)執行董事徐達先生及其直系親屬；(iii)徐先生控制的公司秦皇島秦發實業集團有限公司（「秦發實業」）；(iv)徐達先生及秦發實業控制的公司遠帆科技有限公司（「遠帆科技」）；(v)聯營公司同煤秦發；(vi)徐先生控制的公司渤海投資有限公司（「渤海投資」）；及(vii)本公司最終控股公司珍福。

本集團年內與上述關連方的交易詳情如下：(a)經常性交易38. RELATEDPARTYTRANSACTIONSThe Group has conducted certain transactions with related parties of the Group, including (i) Mr. Xu, the controlling shareholder of the Company, and his close family members; (ii) Mr. Xu Da, an executive director and his close family members; (iii) Qinhuangdao Qinfa Industry Group Co., Ltd. (“Qinfa Industry”), a company controlled by Mr. Xu; (iv) Yuanfan Technology Co., Ltd. (“Yuanfan Technology”), a company controlled by Mr. Xu Da and Qinfa Industry; (v) Tongmei Qinfa, an associate; (vi) Bo Hai Investment Limited (Bo Hai Investment), a company controlled by Mr. Xu; and (vii) Fortune Pearl, the ultimate holding company of the Company.Particulars of transactions between the Group and the above related parties for the year are as follows:(a) Recurring transactionsTransaction amount for the years ended 31 DecemberPayable outstandingas at 31 December截至十二月三十一日止年度的交易金額於十二月三十一日尚未支付的應付賬款2023202220232022二零二三年二零二二年二零二三年二零二二年RMB’000 RMB’000 RMB’000 RMB’000人民幣千元人民幣千元人民幣千元人民幣千元 Purchase of coal from – Tongmei Qinfa採購煤炭自–同煤秦發36,68520,138128,94392,258Advertising – Qinfa Industry廣告–秦發實業1,2181,429 – –347二零二三年年報 ANNUALREPORT 2023For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註38.關連方交易（續）(b)關連方提供的擔保由關連方提供的最高擔保金額如下︰部分上述最高擔保金額乃就相同的借貸而作出。

總括而言，由任何上述關連方為本集團借貸而作出的最高擔保金額（包括附註28所詳述有關借貸違約的最高擔保風險）為人民幣6,730,830,000元（二零二二年：人民幣7,049,910,000元）。

38. RELATEDPARTYTRANSACTIONS (CONTINUED)(b) Guarantees provided by related partiesThe maximum amounts of guarantees provided by related parties are as follows:20232022二零二三年二零二二年RMB’000 RMB’000人民幣千元人民幣千元 Guarantees of borrowings provided by Mr. Xu徐先生提供的借貸擔保6,730,8307,049,910Guarantees of borrowings provided by Mr. Xu’s close family members徐先生的直系親屬提供的借貸擔保4,423,8304,423,830Guarantees of borrowings provided by Mr. Xu Da徐達先生提供的借貸擔保4,163,8304,482,910Guarantees of borrowings provided by Mr. Xu Da’s close family members徐達先生的直系親屬提供的借貸擔保1,080,0001,080,000Guarantees of borrowings provided by Qinfa Industry秦發實業提供的借貸擔保2,746,5002,746,500Guarantees of borrowings provided by Yuanfan Technology遠帆科技提供的借貸擔保152,000152,000Guarantees of borrowings provided by Bo Hai Investment渤海投資提供的借貸擔保2,035,0002,035,000Guarantees of borrowings provided by Fortune Pearl珍福提供的借貸擔保2,800,0002,800,000Certain of the above maximum guarantee amounts are made for the same borrowings. Overall, the maximum amounts guaranteed by any of the above related parties for the Group’s borrowings (including the maximum guarantee exposure for default of borrowings as detailed in Note 28) is RMB6,730,830,000 (2022: RMB7,049,910,000).348 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註38.關連方交易（續）(c)提供予一名關連方的擔保(d)關鍵管理層人士酬金關鍵管理層人士指直接或間接擁有規劃、指導及控制本集團活動的權力及責任的人士（包括本公司董事）。

關鍵管理層人士的酬金如下：38. RELATEDPARTYTRANSACTIONS (CONTINUED)(c) Guarantees provided to a related party20232022二零二三年二零二二年RMB’000 RMB’000人民幣千元人民幣千元 Guarantees given by the Group for borrowings obtained by Tongmei Qinfa本集團就同煤秦發獲得的借貸提供的擔保259,000259,000(d) Key management personnel remunerationKey management personnel are those persons holding positions with authority and responsibility for planning, directing and controll ing the activities of the Group, directly or indirectly, including the directors of the Company. Key management personnel remuneration are as follows:20232022二零二三年二零二二年RMB’000 RMB’000人民幣千元人民幣千元 Directors fee董事袍金3,0033,328Salaries, allowances and benefits in kind薪金、津貼及實物福利15,69814,501Contributions to retirement benefit schemes退休福利計劃供款745764Share-based payments以股份為基礎之付款– – 19,44618,593349二零二三年年報 ANNUALREPORT 2023For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註39.或然負債(a)未決訴訟(i)有關向華美奥能源的非控股股東派付股息的訴訟申索於二零二零年九月一日，非控股股東向本集團提起訴訟，要求就華美奥能源的附屬公司所持有興陶煤業、馮西煤業及崇升煤業的20%權益申索彼等於二零一三年至二零二零年按煤炭生產價格計算的應有利益，作為華美奥能源非控股股東在上述期間有權應得的分派，相當於合計約人民幣705,860,000元。

根據山西省朔州市中級人民法院於二零二三年十月十四日作出的判決，本集團被判令向非控股股東無償交付6,030,000噸煤炭。

本公司董事認為，法院判決與非控股股東的合法索賠及相關股東協議所述條款有偏差。

其後，本集團提出上訴，山西省高級人民法院已受理有關上訴。

截至綜合財務報表獲授權刊發日期，該訴訟申索仍在進行中。

39. CONTINGENTLIABILITIES/PROVISION(a) Outstanding litigations(i) Litigation claims relating to dividends to non-controlling shareholders of Huameiao EnergyOn 1 September 2020, there was a litigation initiated by the non-controlling shareholders against the Group to claim for their entitled benefits in respect of acquiring 20% of coal production of Xingtao Coal Mine, Fengxi Coal Mine and Chongsheng Coal Mine held by subsidiaries of Huameiao Energy from the year of 2013 to 2020 at production cost prices as the distributions entitled to non-controlling shareholders of Huameiao Energy for the aforesaid period, which were equivalent to aggregate amount of approximately RMB705,860,000.Pursuant to the judgment issued by the Shanxi Provincial Shouzhou Municipal In termediate People’s Court on 14 October 2023, the Group was ordered to deliver 6.03 million tonnes of coal to non-controlling shareholders without any charge. The directors of the Company are of the opinion that the court judgment dev ia ted f rom the lega l c la ims by the non-controlling shareholders and also the clauses stated in the relevant shareholders’ agreements. Subsequently, the Group filed an appeal, which was accepted by Shanxi Provincial High People’s Court. Up to the date when the consolidated financial statements are authorised for issue, the litigation claim is still in progress.350 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註39.或然負債（續）(a)未決訴訟（續）(ii)有關償還華美奥能源一項已收購業務的前股東款項的訴訟申索於二零二一年二月，本集團接獲山西省朔州市中級人民法院的通知，華美奥能源一項已收購業務的一名前股東對本集團提起訴訟，要求支付業務轉讓的未結算代價款項人民幣30,469,000元及相關賠償人民幣3,000,000元。

截至綜合財務報表獲授權刊發日期，該訴訟申索仍在進行中。

根據中華人民共和國最高人民法院日期為二零二三年十一月二十九日作出的判決，由於缺乏實質證據及法律依據，法院駁回前股東提出的上訴申請。

本公司董事認為毋須向該前股東支付賠償。

39. CONTINGENTLIABILITIES/PROVISION (CONTINUED)(a) Outstanding litigations (continued)(ii) Litigation claims relating to repayment to a former shareholder of an acquired business of Huameiao EnergyIn February 2021, the Group received no t ice f rom the Shanx i P rov inc ia l Shuozhou Mun ic ipa l In te rmed ia te People’s Court that a lawsuit was filed by a former shareholder of an acquired business of Huameiao Energy against t h e G r o u p t o c l a i m f o r u n s e t t l e d consideration payment amounting to RMB30,469,000 for transfer of business and related compensation amounting to RMB3,000,000.Pursuant to the judgement issued by the Supreme People’s Court of the People’s Republic of China, dated 29 November 2023, the court dismissed the appeal application filed by the former shareholder due to the lack of substantial evidence and legal basis. The directors of the Company believe that no compensation is required to be paid to the former shareholder.351二零二三年年報 ANNUALREPORT 2023For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註39.或然負債（續）(a)未決訴訟（續）(iii)有關榆林中礦萬通建築有限公司（「榆林中礦」）與宏遠煤業之間履行合約的訴訟申索截至二零一九年十二月三十一日止年度，榆林中礦向本集團提起訴訟申索，要求償付與中止採礦基礎設施建設項目有關的經濟損失，其中金額與項目實施期間產生的員工成本及設備成本的補償有關。

該申索的法院命令約為人民幣10,121,000元。

根據山西省朔州市中級人民法院於二零二三年十一月十七日作出的判決，本集團被判令即時償還部分應付賬款（即上述應付該供應商的部分款項約人民幣3,000,000元）及逾期罰息約人民幣24,000元。

本公司董事認為，於二零二三年十二月三十一日的綜合財務狀況表中就上述訴訟作出的撥備屬充足。

39. CONTINGENTLIABILITIES/PROVISION (CONTINUED)(a) Outstanding litigations (continued)(iii) Litigation claims relating to the performance of the contract execution between Yu Lin Zhong Kuang Wan Tong Construction Limited Company (“Yu Lin Zhong Kuang”) and Hongyuan CoalDuring the year ended 31 December 2019, Yu Lin Zhong Kuang initiated a lit igation claim against the Group to demand for economic losses in relation to the suspension of construction project of coal mining infrastructure, of which amount are related to compensation to the staff costs and equipment costs incurred during the implementation of the project. The court order for the claim is approximately RMB10,121,000.Pursuant to the judgement issued by Shanxi Provincial Shouzhou Municipal Intermediate People’s Court, dated 17 November 2023, the Group was ordered to make immediate repayment of part of the payable, which are part of the aforesaid payable to this supplier of approximately RMB3,000,000 and late penalty interest of approximately RMB24,000. T h e d i r e c t o r s o f t h e Company are of the opinion that the provision for the above l i t igat ion is sufficient in the consolidated statement of financial position as at 31 December 2023.352 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註39.或然負債（續）(a)未決訴訟（續）(iv)有關山西雲信國際貿易有限公司（「山西雲信」）與華美奥能源及馮西煤業之間履行購買合約的訴訟申索截至二零一九年十二月三十一日止年度，山西雲信向本集團提起訴訟申索，要求立即償還與本集團購買消耗品及設備有關的逾期應付賬款。

總索賠金額約人民幣71,522,000元，包括上述應付該供應商的賬款約人民幣54,124,000元及逾期罰息約人民幣17,398,000元。

截至綜合財務報表獲授權刊發日期，該訴訟申索仍在進行中。

本公司董事認為，就以上所有訴訟而言，本集團均有合理的理由就申索抗辯或（如有需要）已於二零二三年十二月三十一日的綜合財務狀況表中就有關訴訟計提足夠撥備。

39. CONTINGENTLIABILITIES/PROVISION (CONTINUED)(a) Outstanding litigations (continued)(iv) Litigation claims relating to the performance of the purchase contract execution between Shanxi Yunxin International Trade Co., Ltd (“Shanxi Yunxin”) and Huameiao Energy and Fengxi CoalDuring the year ended 31 December 2019, there was a litigation claim initiated by Shanxi Yunxin against the Group to demand immediate repayment of overdue payable in relation to purchases of consumables and equipment by the Group. The overal l claim amount of approximately RMB71,522,000, which including the aforesaid payable to this supplier of approximately RMB54,124,000 and late penalty interest of approximately RMB17,398,000. Up to the date when the consolidated financial statements are authorised for issue, the litigation claim is still in progress.The directors of the Company are of the opinion in respect of all the above litigation that the Group has a valid ground to defend against the claim or else made sufficient provision when necessary in the consolidated statement of financial position as at 31 December 2023.353二零二三年年報 ANNUALREPORT 2023For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註39.或然負債（續）(a)未決訴訟（續）除上文所披露者外，於二零二三年十二月三十一日，本集團並未涉及任何其他重大訴訟或仲裁。

據本公司董事所知，本集團並無其他未決或對本集團構成威脅的重大訴訟或申索。

於二零二三年十二月三十一日，本集團為若干非重大訴訟的被告，亦涉及一般業務過程中所產生的若干訴訟。

該等或然負債、訴訟或其他法律程序的可能結果目前無法確定，但本公司董事認為，上述案件可能導致的任何可能法律責任均不會對本集團的財務狀況造成任何重大影響。

39. CONTINGENTLIABILITIES/PROVISION (CONTINUED)(a) Outstanding litigations (continued)Other than the disclosure of above, as at 31 December 2023, the Group was not involved in any other material litigation or arbitration. As far as the directors of the Company were aware, the Group had no other material litigation or claim which was pending or threatened against the Group. As at 31 December 2023, the Group was the defendant of certain non-material litigations, and also a party to certain litigations arising from the ordinary course of business. The likely outcome of these contingent liabilities, litigations or other legal proceedings cannot be ascertained at present, but the directors of the Company believe that any possible legal liability which may be incurred from the aforesaid cases will not have any material impact on the financial position of the Group.354 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註39.或然負債（續）(b)已發出財務擔保於各報告期末，本集團已就本集團聯營公司同煤秦發作出的借貸向若干銀行及一名其他借貸債權人發出擔保。

根據擔保，本集團作為擔保一方共同及個別對同煤秦發自該等銀行及該名其他借貸債權人獲取的一切借貸負責。

本集團於二零二三年十二月三十一日於已發出擔保項下的最高責任為同煤秦發未償還借貸金額約人民幣259,000,000元（二零二二年：人民幣259,000,000元）的一部分。

(c)借貸違約條款本集團與資產管理公司訂立的結算協議包含違約條款，即倘本集團未能按有關還款時間表分期償還有關新借貸，本集團將須償付原借貸的未償還結餘及應付利息。

該等結算協議的詳情於附註28披露。

39. CONTINGENTLIABILITIES (CONTINUED)(b) Financial guarantees issuedAs at the end of each reporting period, the Group has issued the guarantees to certain banks and one other borrowing creditor in respect of borrowings made by Tongmei Qinfa, an associate of the Group. Under the guarantee, the Group that is a party to the guarantee are jointly and severally liable for any of the borrowings of Tongmei Qinfa from those banks and the other borrowing creditor.The maximum l iabi l i ty of the Group at 31 December 2023 under the guarantees issued is a port ion of the outstanding amount of the borrowings of Tongmei Qinfa amounting to approximately RMB259,000,000 (2022: RMB259,000,000).(c) Borrowing default clauseThe settlement agreements entered into between the Group and asset management companies contained default clauses which the Group will be required to repay the outstanding balance of the original borrowings and interest payable if the Group fails to repay the new borrowings by instalments in accordance with the respective repayment schedule. Particulars of the settlement agreements are disclosed in note 28.355二零二三年年報 ANNUALREPORT 2023For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註40.本公司的財務狀況表有關本公司於年末的財務狀況表的資料如下：於二零二四年三月二十八日獲中國秦發集團有限公司董事會批准及授權刊發。

40. STATEMENTOFFINANCIALPOSITIONOFTHE COMPANYInformation about the statement of financial position of the Company at the end of the year is as follows:20232022二零二三年二零二二年RMB’000 RMB’000人民幣千元人民幣千元 Non-current assets非流動資產Investments in subsidiaries於附屬公司之投資342,797328,930Current assets流動資產Amounts due from subsidiaries應收附屬公司款項29,546Cash and cash equivalents現金及現金等價物326106 3289,652 Current liabilities流動負債Other payables其他應付賬款(30,062) (24,376) Net current assets/(liabilities)流動資產淨值╱（負債淨額） (29,734) (14,724) Net assets資產淨值313,063314,206Capital and reserves股本及儲備Share capital股本211,224211,224Perpetual subordinated convertible securities永久次級可換股證券156,931156,931Deficit虧絀(55,092) (53,949) Total equity權益總額313,063314,206Approved and authorised for issue by the Board of Directors of China Qinfa Group Limited on 28 March 2024.Xu Da Bai Tao徐達白韜Director Director董事董事356 CHINAQINFAGROUPLIMITED 中國秦發集團有限公司For the year ended 31 December 2023截至二零二三年十二月三十一日止年度NOTESTOTHECONSOLIDATEDFINANCIALSTATEMENTS綜合財務報表附註40.本公司的財務狀況表（續） 本公司個別權益部分於年初及年末的變動詳情載列如下：*該等儲備賬包括於本公司財務狀況表內的虧絀人民幣55,092,000元（二零二二年：人民幣53,949,000元）。

#本公司之繳入盈餘指根據重組已收購秦發投資有限公司的資產淨值與本公司作交換所發行股份的面值兩者的差額。

40. STATEMENTOFFINANCIALPOSITIONOFTHE COMPANY (CONTINUED)Details of the changes in the Company’s individual components of equity between the beginning and the end of the year are set out below:Share capitalShare premiumPerpetual subordinated convertible securitiesContributed surplus #Exchange reserveShare-based compensationreserveAccumulatedlossesTotal equity股本股份溢價永久次級可換股證券繳入盈餘#匯兌儲備以股份為基礎之酬金儲備累計虧損權益總額RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元Note 30(b) Note 30 (d)((i)) Note 30(c) Note 30 (d)(iv)附註30(b)附註30(d)(i)附註30(c)附註30(d)(iv) At 1 January 2022於二零二二年一月一日211,224318,160 * 156,931658,719 * (56,704) * 3,725 * (1,007,463) * 284,592Profit for the year年內溢利– – – – – – 522522Other comprehensive income Foreign currency translation differences其他全面收入外幣換算差額– – – – 34,144 – – 34,144 Total comprehensive income全面收入總額– – – – 34,144 – 52234,666 Transactions with equity shareholders, recorded directly in equity與權益持有人之交易，於權益直接列賬– (5,052) – – – – – (5,052)Distribution relating to perpetual subordinated convertible securities有關永久次級可換股證券之分派Share options lapsed已失效購股權– – – – – (655) 655 – Total transactions with equity shareholders與權益持有人之交易總額– (5,052) – – – (655) 655 (5,052) At 31 December 2022 and 1 January 2023於二零二二年十二月三十一日及二零二三年一月一日211,224313,108 * 156,931658,719 * (22,560) * 3,070 * (1,006,286) * 314,206Loss for the year年內虧損– – – – – – (269) (269)Other comprehensive income Foreign currency translation differences其他全面收入外幣換算差額– – – – 4,413 – – 4,413 Total comprehensive income全面收入總額– – – – 4,413 – (269) 4,144 Transactions with equity shareholders, recorded directly in equity與權益持有人之交易，於權益直接列賬Distribution relating to perpetual subordinated convertible securities有關永久次級可換股證券之分派– (5,287) – – – – – (5,287)Share options lapsed已失效購股權– – – – – (1,071) 1,071 – Total transactions with equity shareholders與權益持有人之交易總額– (5,287) – – – (1,071) 1,071 (5,287) At 31 December 2023於二零二三年十二月三十一日211,224307,821 * 156,931658,719 * (18,147) * 1,999 * (1,005,484) * 313,063* T h e s e r e s e r v e s a c c o u n t s c o m p r i s e t h e d e f i c i t o f RMB55,092,000 (2022: RMB53,949,000) in the statement of financial position of the Company.# Contributed surplus of the Company represents the difference between the net asset value of Qinfa Investment Limited acquired pursuant to the reorganisation and the nominal value of the share issued by the Company in exchange. 封面 目錄 公司資料 財務摘要 主席報告書 管理層討論與分析 董事會報告 董事及高級管理層履歷 企業管治報告 環境、社會及管治報告 獨立核數師報告 綜合全面收入表 綜合財務狀況表 綜合權益變動表 綜合現金流量表 綜合財務報表附註 封底