Annual Report 2020

舜宇光學科技（集團）有限公司 • 2020 年報 29 Management Discussion and Analysis 管理層討論與分析 本集團營運資金主要來自手頭現金及經營活動 所得之現金淨額。董事會預期本集團將依賴經 營活動所得現金淨額、銀行借貸及債務融資以 應付短期內的營運資金及其他資本開支需求。 長遠而言，本集團主要會以經營活動所得之現 金淨額以及額外銀行借貸、債務融資或股權融 資（如有需要）所得資金經營。截至二零二零年 十二月三十一日止年度，本集團的資金及財務 政策並無重大變動。 於二零二零年十二月三十一日，本集團的流動 資產約為人民幣 25,629,500,000 元（二零一九 年十二月三十一日：約人民幣 22,446,000,000 元 ）， 包 括 銀 行 結 餘 及 現 金 約 人 民 幣 2,841,800,000 元（二零一九年十二月三十一 日：約人民幣 1,917,200,000 元）；及流動負 債約為人民幣 13,411,100,000 元（二零一九年 十二月三十一日：約人民幣 12,630,400,000 元）。本集團的流動比率為 1 . 9 倍（二零一九 年十二月三十一日： 1.8 倍）。本集團於二零 二零年十二月三十一日的總資產約為人民幣 35 , 438 , 100 , 000 元，較二零一九年十二月 三十一日增加約 15.5% 。 經營活動 經營活動所得現金流入主要來自本集團產品銷 售現金收入。經營活動所用現金流出主要用於 購買原材料、員工成本、銷售和分銷開支、研 發開支及行政開支。截至二零二零年十二月 三十一日止年度的經營活動所得現金淨額約 人民幣 7,160,000,000 元，而截至二零一九年 十二月三十一日止年度的經營活動所得現金淨 額則約人民幣 4,661,600,000 元。經營活動所 得現金淨額增加主要是由於除稅前溢利增加。 貿易應收款項周轉日數（期初和期末貿易應收 款項平均餘額╱收入 ×365 日）由截至二零一九 年十二月三十一日止年度的約 65 日上升至截至 二零二零年十二月三十一日止年度的約 73 日。 本集團給予其貿易客戶平均 90 天的信貸期。貿 易應收款項周轉日數增加主要是因為年內較長 賬期客戶的收入增長較快。 The Group derives its working capital mainly from cash on hand and net cash from operating activities. The Board expects that the Group will rely on net cash from operating activities, bank borrowings and debt financing to meet the demand of working capital and other capital expenditure requirements in the short run. In the long run, the Group will be mainly funded by net cash from operating activities and, if necessary, by additional bank borrowings, debt financing or equity financing. There were no material changes in the funding and financial policy of the Group for the year ended 31 December 2020. As at 31 December 2020, the Group had current assets of app r o x i ma t e l y RMB25 , 629 . 5 m i l l i on ( 31 De c embe r 2019 : approximately RMB22,446.0 million), comprising bank balances and cash of approximately RMB2,841.8 million (31 December 2019: approximately RMB1,917.2 million); and current liabilities of approximately RMB13,411.1 million (31 December 2019: approximately RMB12,630.4 million). The Group’s current ratio was 1.9 times (31 December 2019: 1.8 times). The Group’s total assets as at 31 December 2020 was approximately RMB35,438.1 million, represented an increase by approximately 15.5% compared to that as at 31 December 2019. Operating Activities Cash inflow from operating activities was mainly generated from cash receipt from sales of the Group’s products. Cash outflow from operating activities was mainly used for the purchases of raw materials, staff costs, selling and distribution expenses, R&D expenditure and administrative expenses. Net cash from operating activities was approximately RMB7,160.0 million for the year ended 31 December 2020 and net cash from operating activities was approximately RMB4,661.6 million for the year ended 31 December 2019. The increase in the net cash from operating activities was mainly attributable to the increase in profit before tax. The trade receivables turnover days (average of the opening and closing trade receivables balances/revenue × 365 days) increased from approximately 65 days for the year ended 31 December 2019 to approximately 73 days for the year ended 31 December 2020. The Group allows a credit period of average 90 days to the trade customers. The increase in trade receivables turnover days was mainly attributable to the revenue from those customers with longer credit terms grew faster during the year.