Financial Performance - For the six months ended September 30, 2022, total revenue decreased by approximately 7.6% to approximately HK$606.1 million, primarily due to decreased sales performance in the management and sale of properties in agricultural produce exchange markets[15]. - The Group recorded a loss attributable to owners of the parent amounting to approximately HK$53.4 million, compared to a profit of approximately HK$14.1 million for the same period in 2021[16]. - The loss was mainly due to a decrease in fair value gains on investment properties, impairment losses on property, plant and equipment, and a decrease in revenue from property sales in agricultural produce exchange markets in the PRC[16]. - Revenue for the six months ended 30 September 2022 was HK$606,127,000, a decrease from HK$656,082,000 in the same period of 2021, representing a decline of approximately 7.6%[180]. - Gross profit for the same period was HK$268,189,000, down from HK$275,213,000, reflecting a decrease of about 2.4%[180]. - The Company reported a loss before tax of HK$19,023,000 for the six months ended 30 September 2022, compared to a profit of HK$54,289,000 in the prior year[180]. - The profit for the period was a loss of HK$35,643,000, contrasting with a profit of HK$35,320,000 in the same period of 2021[180]. - The company reported a total comprehensive loss attributable to owners of the parent of HK$239,983,000 for the six months ended September 30, 2022, compared to a comprehensive income of HK$81,851,000 in the same period of 2021[187]. - The profit attributable to owners of the parent was a loss of HK$53,385,000 for the six months ended September 30, 2022, compared to a profit of HK$14,109,000 in the same period of 2021[187]. Revenue Sources - The revenue of Chinese pharmaceutical and health food products business recorded a healthy growth of approximately 11.1% compared to the same period in 2021[22]. - The total revenue of Western pharmaceutical and personal care products business delivered a growth of approximately 80.6% over the corresponding period in 2021[24]. - The decline in revenue from property sales in the PRC was attributed to the performance of the Company's 53.37%-owned subsidiary, China Agri-Products Exchange Limited[16]. - CAP managed 11 agricultural produce exchange markets across five provinces in the PRC, generating revenue of approximately HK$303.6 million, down from approximately HK$393.6 million in the same period of 2021[31]. - Revenue from operating agricultural produce exchange markets was approximately HK$195.4 million, compared to approximately HK$203.0 million in the previous year[31]. - Revenue from the sale of properties was approximately HK$108.2 million, a decline from approximately HK$190.6 million in the same period of 2021[31]. Operational Developments - The Group has launched three Chinese specialists centers in Central, Causeway Bay, and Jordan to provide specialized solutions for patients with special medical needs[24]. - The Group plans to introduce nutritious soft meals for the elderly and an advanced disinfectant range under the brand name "Pearl's" in the coming year[24]. - The Group has been actively deploying resources to establish e-commerce channels, including distribution through its own online platform and selected third-party platforms[27]. - The Group expanded its property portfolio by subdividing a property in Mongkok, increasing owned properties from 13 to 14[29][33]. - The Group aims to improve the performance of the existing retail outlet portfolio to counteract the negative impact of the current uncertain business environment[24]. - The Group's efforts in strategic sales and marketing activities have contributed to its market leadership in the mosquito repellent product market in Hong Kong[24]. Financial Position - As of September 30, 2022, the Group's total assets were approximately HK$6,914.2 million, down from approximately HK$7,597.7 million as of March 31, 2022[43]. - The Group's total interest-bearing debts amounted to approximately HK$1,752.8 million as of September 30, 2022, an increase from approximately HK$1,681.2 million as of March 31, 2022[47]. - The current ratio was approximately 1.7 as of September 30, 2022, compared to approximately 1.5 as of March 31, 2022[50]. - The gearing ratio increased to approximately 51.1% as of September 30, 2022, up from approximately 45.3% as of March 31, 2022[50]. - The Group held financial assets at fair value through other comprehensive income of approximately HK$143.7 million and financial assets at fair value through profit or loss of approximately HK$46.0 million as of September 30, 2022[55]. - The Group's total non-current assets decreased to HK$4,315,163,000 as of September 30, 2022, from HK$4,709,007,000 as of March 31, 2022[190]. - Current assets totaled HK$2,599,038,000 as of September 30, 2022, down from HK$2,888,706,000 as of March 31, 2022[190]. - The company's cash and cash equivalents increased to HK$584,962,000 as of September 30, 2022, compared to HK$510,146,000 as of March 31, 2022[190]. Shareholder Information - The CAP Group owns approximately 73.54% of CAP's total issued share capital, amounting to 7,320,095,747 shares[124]. - Mr. Tang Ching Ho holds 67.26% of the company's total issued share capital, with 810,322,940 shares[117]. - The shareholding structure indicates that Mr. Tang and his associates have significant control over the Company through various subsidiaries[142]. - The Company has not granted any rights to acquire shares or debentures to its Directors or chief executives during the reporting period[137]. - The total number of shares held by major shareholders reflects a concentrated ownership structure, with Rich Time and its affiliates holding a substantial portion[139]. Corporate Governance - The company emphasizes maintaining a high standard of corporate governance with a focus on transparency, accountability, integrity, and independence[155]. - The board comprises three executive directors and four independent non-executive directors, ensuring a balance of skills and experience[154]. - The Company has established an Audit Committee to oversee financial reporting, internal controls, and risk management[177]. - The company does not propose to comply with code provision C.2.1 of the Corporate Governance Code for the time being but will continue to review such deviation[154]. Legal Matters - Since 2011, CAP Group has been involved in multiple civil proceedings in the PRC and Hong Kong regarding the Baisazhou Acquisition[82]. - The Hubei Court dismissed Ms. Wang and Tian Jiu's counterclaim for the return of CAP Group's 90% interest in Baisazhou Agricultural in December 2019[90]. - The Supreme People's Court upheld the Hubei Court's decision on 29 March 2021, confirming CAP Group's ownership of Baisazhou Agricultural[88]. - The former director of Baisazhou Agricultural was found guilty of misappropriating funds amounting to RMB 40.0 million and was sentenced to five years in prison[95]. Market Strategy - The Group plans to expand its market share by opening more retail outlets in the PRC, Hong Kong, and Macau, leveraging the development of the Guangdong-Hong Kong-Macau Greater Bay Area[106]. - The Group aims to launch more unique health supplements under the "Madame Pearl's" brand to meet market needs[107]. - The CAP Group will continue to build a nationwide agricultural produce exchange network, leveraging its leading industry position and advanced management systems[108]. - The Group's strategy includes enhancing cross-border e-commerce to reach consumers in the Greater Bay Area and the Asia Pacific Region[107]. - The CAP Group is pursuing an "asset light" strategy to expand operations in the PRC, focusing on partnerships and electronic platform development to leverage technology advancements promoted by the government[112].

Company Overview - Wai Yuen Tong Medicine Holdings Limited has maintained a strong reputation in providing Chinese and Western pharmaceutical products and services for over 125 years[19]. - The company has been recognized as a "Caring Company" for over 10 years by the Hong Kong Council of Social Service[17]. - The annual report for the year ended March 31, 2022, highlights the company's commitment to health and wellness in the community[22]. - The company continues to focus on excellence in both Chinese and Western medicine, as well as outpatient clinic services[19]. - The company aims to leverage the synergy between traditional Chinese medicine and Western pharmaceuticals to enhance its market position[68]. Product Performance - The company reported a significant achievement with its Hou Tsao Powder, ranking 1st in sales value and volume for 8 consecutive years in Hong Kong[14]. - Wai Yuen Tong's Madame Pearl's Cough Syrup has been the sales champion for 12 consecutive years in Hong Kong[17]. - The sales performance of Western pharmaceutical and personal care products increased by 61% compared to the previous year[49]. - The Group's flagship product, Hou Tsao Powder, ranked first in sales value and volume for 8 consecutive years in Hong Kong[37]. - The key brand "Madame Pearl's" has been the sales champion for cough syrup in Hong Kong for 12 consecutive years, with a target to achieve an annual production capacity of 10 million bottles of cough syrup[83]. Market Expansion and Development - Wai Yuen Tong aims to expand its market reach and enhance its product development strategies moving forward[19]. - The Group opened 4 new retail stores in local districts, increasing the total to 63 stores providing one-stop Chinese medicine healthcare services as of March 31, 2022[38]. - The first "Wai Yuen Tong Chinese Medicine Specialist Center" was launched, with two more expected to open by the end of 2022, enhancing access to traditional Chinese medicine services[39]. - The Group plans to expand the production capacity of cough syrup to 10 million bottles annually at the Yuen Long Factory[49]. - The Group's flagship stores on Tmall.com and JD.com were established to serve domestic consumers in Mainland China[45]. Community and Health Initiatives - The Chairman expressed gratitude for the dedication of all colleagues during a challenging year, emphasizing the importance of tradition and community health[19]. - The Group actively cooperated with the Hong Kong government in pandemic prevention, providing remote diagnosis and treatment services during the COVID-19 outbreak[32]. - The Group donated 7,000 tablets of Angong Niuhuang Wan and 100,000 bags of flu tea to support community health during the pandemic[53]. - The Group's Angong Niuhuang Wan was included in the National Health Commission's treatment protocol for critically ill COVID-19 patients[37]. Financial Performance - Total revenue for the financial year ended March 31, 2022, increased by approximately 25.5% to approximately HK$1,391.4 million, driven by growth in the production and sale of Chinese and Western pharmaceutical and health food products[70]. - The loss attributable to owners decreased to approximately HK$108.9 million from approximately HK$376.0 million in the previous year, primarily due to the absence of a significant loss on disposal of an investment recorded in the prior year[71]. - Revenue from Chinese pharmaceutical and health food products rose to approximately HK$512.6 million, reflecting a growth of approximately 13.1% compared to the previous year[74]. - The Group's retail store services saw a significant increase in demand during the Omicron variant outbreak, particularly in residential areas[41]. - The Group's sales of Western medicine and personal care products increased significantly by 61% compared to the previous year[51]. Legal and Regulatory Matters - CAP continues to be the legal and beneficial owner of Baisazhou Agricultural following the dismissal of the counterclaim by Ms. Wang and Tian Jiu[200]. - CAP is seeking legal advice for the recovery of the balance of the damages awarded to it[200]. - The court order from 2012 prevented CAP from making payments under the instruments until the final determination of the proceedings[200]. - The judgement from the Jianghan Court was delivered on November 19, 2021, regarding the misappropriation case[200]. - CAP's litigation efforts highlight ongoing legal challenges related to its acquisition activities[200]. Environmental Initiatives - The Group plans to install solar panels at the Yuen Long Factory in 2022 to reduce carbon emissions, aligning with the government's carbon neutrality target by 2050[24]. Economic Context - Hong Kong's economy grew by 6.4% in 2021, the highest growth rate since 2010, but remained approximately 2% below the 2018 level[29]. - The overall economy of Hong Kong grew by 6.4% in 2021, despite challenges posed by the Omicron variant and the fifth wave of COVID-19[73]. - The economic recovery in Hong Kong remains uneven, with sectors like import and export performing well, while inbound tourism is still largely inactive[73].

Financial Performance - For the six months ended September 30, 2021, the Group recorded a revenue increase of approximately 28.8% to approximately HK$656.1 million, compared to approximately HK$509.5 million in the same period of 2020[11]. - The Group recorded a profit attributable to owners of the parent amounting to approximately HK$14.1 million, a significant recovery from a loss of approximately HK$226.9 million in the same period of 2020[12]. - The profit increase was mainly due to the absence of a HK$209.0 million impairment recorded in the previous year and the overall revenue growth[12]. - Revenue from the production and sale of Chinese pharmaceutical and health food products increased by approximately 13.5% to approximately HK$239.9 million, while revenue from Western pharmaceutical and health food products increased by approximately 6.5% to approximately HK$18.3 million[11]. - Revenue from the management and sale of properties in agricultural produce exchange markets in the PRC increased by approximately 42.0% to approximately HK$393.6 million[11]. - Total comprehensive income for the period was HK$97,703,000, a turnaround from a loss of HK$30,561,000 in the same period of 2020[174]. - The profit for the period attributable to owners of the parent was HK$14,109,000, compared to a loss of HK$226,920,000 in the previous year[178]. - Gross profit for the period was HK$275,213,000, compared to HK$172,584,000 in the previous year, reflecting a gross margin improvement[171]. Economic Environment - The economic recovery in the PRC, Hong Kong, and Macau contributed to the improved financial performance, as strict anti-pandemic measures brought COVID-19 under control[11]. - The Hong Kong economy is on a recovery track with real GDP continuing to grow compared to last year, supported by improving global economic conditions and a decrease in local COVID-19 cases[18]. - The total employment rate has gradually improved, indicating a strengthening labor market, which is expected to align with the pace of economic recovery[18]. - The Consumption Voucher Scheme (CVS) is anticipated to continue supporting consumption-related activities in the near term, contributing to consumer sentiment[18]. - The government is enhancing vaccination measures and discussing border reopening with the central government to boost the economy, particularly in tourism and retail sectors[18]. Strategic Focus and Market Expansion - The Group's strategic focus on Chinese and Western pharmaceutical products has shown positive results, reflecting a growing market demand[11]. - The Group continues to explore opportunities for market expansion and new product development in response to changing consumer needs[11]. - The Group plans to expand its market share by opening retail outlets in the PRC, Hong Kong, and Macau, leveraging the Guangdong-Hong Kong-Macau Greater Bay Area policy for business development[105]. - The Group is focusing on branding efforts to strengthen customer loyalty for its "Madame Pearl's" and "Pearl's" product lines[20]. - The Group continues to invest in research and development for core medical solutions targeting institutional clients, local clinics, and medical groups[20]. Investment and Financial Strategy - The Group's investment strategy remains prudent, with a focus on long-term holdings aimed at generating stable income[57]. - The Group's treasury policy aims to ensure adequate financial resources for business growth while managing financial risks, including currency and interest rate risks[68]. - The Group intends to closely monitor market changes and adjust its investment portfolio as necessary to align with its strategic goals[57]. - The Group is adopting an "asset light" strategy to expand operations in the PRC, confident that this approach will yield long-term benefits for shareholders[110]. Employee and Corporate Governance - As of September 30, 2021, the Group employed 1,825 employees, with approximately 33.2% located in Hong Kong and Macau[97]. - The Group provides discretionary bonuses and share options based on performance, alongside regular remuneration[97]. - The Company has complied with the Corporate Governance Code throughout the six months ended September 30, 2021, except for a deviation regarding the role of the chairman and managing director[153]. - The Company emphasizes maintaining high standards of corporate governance with a focus on transparency, accountability, integrity, and independence[154]. Share Capital and Ownership - As of September 30, 2021, Mr. Tang Ching Ho holds 810,322,940 shares, representing approximately 65.79% of the company's total issued share capital[116]. - The total issued share capital of the company is 11,400,000,000 shares[130]. - The company is directly wholly-owned by Loyal Fame International Limited, which is owned by Mr. Tang[129]. - The 2013 Share Option Scheme allows share options to be granted to participants for a consideration of HK$1.00 per lot, which must be accepted within 30 days from the offer date[145].

0 艺元堂 Wai Yuen Tong Medicine Holdings Limited 位 元 堂 藥 業 控 股 有 限 公 司 Incorporated in Bermuda with limited liability 於百慕遴註冊成立之有限公司 Stock Code 股份代號: 897 Annual Repor 2 Corporate Information 公司資料 85 Independent Auditor's Report 獨立核數師報告 95 Consolidated Statement of Profit or Loss and Other Comprehensive Income 綜合損益及其他全面收益表 4 Awards 獎項 6 Chairman's Statement 主席報告 98 Consolidated Statement of Financial Position 綜合財務狀況表 14 Management Discussion and Analysis 管理層討論及分析 100 Consolidated Statement of Changes in Equity 綜 ...

Financial Performance - The company reported a significant decline in revenue due to market challenges, with specific figures not provided in the extracted content [12]. - For the six months ended 30 September 2020, the Group recorded revenue of HK$509.5 million, an increase of 80.9% compared to HK$281.6 million in the same period of 2019 [16]. - Revenue from Traditional Chinese Medicine and health food products decreased by 4.9% to HK$211.4 million, down from HK$222.3 million in 2019 [16]. - Revenue from Western pharmaceutical and health food products dropped by 68.5% to HK$17.1 million, compared to HK$54.2 million in 2019 [27]. - The Group recorded a loss attributable to owners of the parent amounting to HK$233.2 million, compared to a profit of HK$32.2 million in 2019 [16]. - The Group reported a loss before tax of HK$212,682,000 for the six months ended September 30, 2020, compared to a profit of HK$32,559,000 in 2019 [142]. - Profit attributable to owners of the parent was a loss of HK$233,191,000, contrasting with a profit of HK$32,213,000 in the previous year [149]. - Total comprehensive loss for the period was HK$42,311,000, compared to a comprehensive income of HK$12,838,000 in 2019 [146]. - Basic and diluted loss per share attributable to ordinary equity holders of the parent was HK(18.93) cents, compared to HK2.62 cents in 2019 [149]. Market Strategy and Outlook - Future outlook remains cautious as the company navigates ongoing market uncertainties and competition [12]. - The company is focusing on enhancing its product offerings and exploring new market opportunities to drive growth [12]. - The company aims to expand its market presence, particularly in regions with growth potential, although specific strategies were not outlined [12]. - Overall, the company is committed to adapting its strategies in response to evolving market conditions [12]. - The Group aims to explore new product development and sales platforms to adapt to changing market conditions [82]. - The Group plans to enhance its distribution network by penetrating more local communities and diversifying its product range to meet customer needs, while promoting scientific development in Chinese Medicine regulation [91]. Cost Management and Profitability - Management emphasizes the importance of cost control measures to maintain profitability during challenging times [12]. - Selling and distribution expenses were reduced to HK$81,547,000 from HK$114,001,000, a decrease of 28% [142]. - Administrative expenses increased significantly to HK$113,334,000 from HK$66,664,000, marking a 70% rise [142]. Investments and Acquisitions - The company is evaluating potential mergers and acquisitions to strengthen its market position, although no specific targets were disclosed [12]. - The Group's acquisition of 53.37% equity interests in China Agri-Products Exchange Limited contributed HK$277.2 million in revenue for the Period [16]. - The Group continues to invest in research and development for core medical solutions targeting institutional clients and local clinics [31]. Financial Position and Assets - As of September 30, 2020, the Group's total assets were HK$7,931.2 million, an increase from HK$7,730.2 million as of March 31, 2020 [50]. - The Group's cash and cash equivalents increased to HK$539.3 million from HK$475.7 million as of March 31, 2020 [51]. - The total interest-bearing debts amounted to HK$1,803.9 million, slightly up from HK$1,800.8 million as of March 31, 2020 [51]. - The current ratio remained stable at 1.2, consistent with the ratio as of March 31, 2020 [52]. - The gearing ratio improved to 55.3% from 57.6% as of March 31, 2020, indicating a more conservative financial management approach [52]. Employee and Corporate Governance - As of September 30, 2020, the Group employed 1,881 employees, an increase from 1,803 employees as of March 31, 2020, with 31.2% located in Hong Kong and Macau [81]. - The Group recognizes the importance of maintaining good relationships with stakeholders to achieve long-term business growth and enhance brand competitiveness [80]. - The Company has complied with the applicable provisions of the Corporate Governance Code throughout the period for the six months ended 30 September 2020, except for a deviation regarding the chairman also serving as managing director [130]. Share Capital and Ownership - As of September 30, 2020, Mr. Tang Ching Ho holds 715,322,940 shares, representing approximately 58.08% of the Company's total issued share capital [98]. - The total issued share capital of the Company as of September 30, 2020, is 1,231,642,888 shares [113]. - Following the privatization of Easy One on October 16, 2020, Mr. Chan Chun Hong's share options were cancelled [107]. Economic and Market Conditions - The overall economic situation in Hong Kong showed signs of stabilization in the second half of 2020, following a significant downturn due to the pandemic and social conditions [81]. - The COVID-19 pandemic significantly affected market performance in early 2020, but operations returned to normal with steady and satisfactory results thereafter [38].

Financial Performance - For the financial year ended March 31, 2020, the company reported total revenue of HK$620.7 million, despite a challenging economic environment[19] - Total revenue for the fiscal year ending March 31, 2020, reached HK$620.7 million[21] - For the financial year ended 31 March 2020, total revenue decreased by 17.4% to HK$620.7 million[62] - Revenue from Chinese pharmaceutical and health food products dropped by 25.2% to HK$467.0 million, accounting for 75.2% of total revenue[65] - Revenue from Western pharmaceutical and health food products decreased by 13.5% to HK$100.3 million[62] - The Group recorded a profit attributable to owners of the parent amounting to HK$95.8 million, an increase from HK$74.6 million in 2019[63] Market Conditions - The retail sales volume in Hong Kong fell by 12.3% year-on-year in 2019, marking the largest annual decline since 1998, which impacted the company's performance[19] - Visitor arrivals to Hong Kong decreased by 14.2% year-on-year in 2019, contributing to a slump in the retail market[19] - The total retail sales value in Hong Kong fell by 31.8% year-on-year in the first two months of 2020, indicating a challenging operating environment for the retail industry[44] - The Hong Kong retail environment is expected to remain challenging in the short term due to social unrest and the COVID-19 pandemic[46] - The retail environment in Hong Kong, Macau, and mainland China is expected to face significant challenges due to ongoing social unrest, COVID-19, and the Sino-US trade war, leading to potential slower or negative economic growth[179][181] Business Strategy and Development - The company aims to revitalize its century-old brand by improving product series and Chinese medical consultation services, focusing on sustainable development[16] - The Group plans to expand its business in mainland China, including the establishment of TCM plantation bases to ensure quality[49][51] - The Group aims to enhance its professional Chinese medical services and consolidate distribution channels for long-term growth[65] - The Group plans to open new stores in community districts in Hong Kong to serve local residents, particularly targeting the elderly market for TCM products and healthcare services[45] - The Group intends to open new stores in Macao in the second half of 2020 to capitalize on the growing tourism and gaming industry[45] - The Group will continue to enhance its online retail layout in mainland China to achieve an omni-channel operation model, connecting online and offline sales[45] Product Development and Innovation - The Group launched the "Angong Sanbao" series, including "Angong Niuhuang Wan," to address cardiovascular and cerebrovascular health needs[24] - New products launched during the year include "Colla Corii Asini Powder" and "Ejiao Cake," catering to urban healthcare needs[25] - The Group aims to enhance brand loyalty for its "Pei Fu Ren" and "Pei Shi" product lines through increased marketing resources[82] - Continuous cooperation with scientific research institutes will be pursued to promote the scientific development of Chinese Medicine and enhance the distribution network[186] Retail and Distribution - The Group maintains over 55 retail stores in Hong Kong, with around 40 staffed by professional registered TCM practitioners[31] - The Group has expanded its distribution network to over 3,000 sales points in Hong Kong, ensuring comprehensive coverage of major distribution channels[33] - The Group completed the disposal of five retail shops, recognizing a total gain of HK$60.9 million during the year[37] - The group plans to relocate retail shops to more successful locations to enhance customer attraction and optimize the distribution network[70] Financial Position and Risks - As of March 31, 2020, the Group's total assets were HK$7,730.2 million, an increase of 123.1% from HK$3,454.7 million in 2019[124] - The Group's cash and cash equivalents increased to HK$475.7 million, up 178.5% from HK$171.2 million in 2019[125] - Total interest-bearing debts rose to HK$1,800.8 million, a 111.5% increase from HK$852.2 million in 2019[125] - The current ratio decreased to 1.2 from 3.5 in 2019, indicating a decline in liquidity[128] - The gearing ratio increased to 57.6% from 27.9% in 2019, reflecting higher leverage[128] - The Group faces risks including a slow growth in customer base due to a decrease in mainland tourists and the recession in Hong Kong's economy[174] - The Group has identified risks related to supply chain disruptions and cost control challenges due to rising product costs[174] Leadership and Management - Mr. Chen Zhenkang has been appointed as the Executive Director since April 1, 2018, and is responsible for managing the group's corporate affairs[198] - Ms. Tang Mui Fun has extensive experience in the pharmaceutical industry and is responsible for overall strategic planning and development for the core business[200] - The company has a strong leadership team with members holding significant positions in various committees related to pharmacy and Chinese medicine[200]

Wai Yuen Tong Medicine Holdings Limited 位 元 堂 藥 業 控 股 有 限 公 司 Incorporated in Bermuda with limited liability 於百慕娃註冊成立之有限公司 Stock Code 股份代號: 897 Preparing Medicine with Dedication Growing Strong with Reputation 以誠意用心造藥 憑信譽繼往開來 Annual Report Contents 目錄 2 Corporate Information 公司資料 4 Awards 獎項 6 Chairman's Statement 主席報告 12 Management Discussion and Analysis 管理層討論及分析 28 Board of Directors and Senior Management 董事會及高級管理層 34 Environmental, Social and Governance Report 環境、社會及管治報告 62 Corporate Governance Report 企 ...