我們的使命以卓越和創新教育引領學生走向成功

ChinaEdu 839 2017

目錄 2 4 9 17 64 76 84 113 120 122 125 127 130 217 219

Gerard A. Postiglione Gerard A. Postiglione Gerard A. Postiglione Gerard A. Postiglione 88 35 29 20 The offices of Walkers Corporate Limited Cayman Corporate Centre 27 Hospital Road George Town Grand Cayman KY1-9008 Cayman Islands 20 17 2017 2

Walkers Corporate Limited Cayman Corporate Centre 27 Hospital Road George Town Grand Cayman KY1-9008 Cayman Islands 183 17 1712-1716 www.chinaeducation.hk 839 3

839 2017 12 15 2017 2017 8 14 18% 2017 2018 3 13 2017 4

2017 2017 9 498,000 26,000 2017 201793.1% 2016 92.4% 2017 3 30 ISO9001 2017 6

2018 3 13 7

80 個普通本科課程 38 個繼續教育課程 2017 年 /2018 年度學生數目 76,204 108 個職業教育課程 32 個普通專科課程 2017 8

2017 12 31 76,204 32108 80 38 2016/2017 97.7%91.9% 2017 12 15 6.45 2018 1 520,202,000 25.75% 33 27 2017 8 14 750 13,000 9 10 7 9

2017/2018 76,204 2016/20171.3% 2017/2018 2016/2017 36,368 35,982 1.1% 26,416 25,741 2.6% 13,420 13,532-0.8% 76,204 75,255 1.3% 0% 10% 2017/2018 2016/2017 2017/2018 2016/2017 15,000-20,000 14,000-18,000 1,600-2,000 1,480-1,680 12,500-14,000 11,300-12,500 1,600-2,000 1,480-1,680 5,000 7,300-7,800 19,000-28,000 19,000-26,000 1,500 1,500 30,000 30,000 1,500 1,500 3,000-6,000 3,000-6,000 11,500-14,000 11,500-12,000 1,500 1,500 11,000-13,500 11,000-11,500 1,500 1,500 12,500 12,500 1,500 1,500 2017 10

2017 949.210.2% 12 31 2017 2016 857,539 786,285 +9.1% 65,279 53,779 +21.4% 26,353 21,225 +24.2% 949,171 861,289 +10.2% 2017 8 14 2017 67.47.1% 90.3% 6.9% 2.8% 2016 404.62017 389.4 3.7% 2017 2016 456.7 22.6% 559.7 201653.0% 2017 59.0% 2017 11

2017 8 8 2017 12 45.5 82.3 2016 26.92017 21.2 12.0 2016 20172.7 24.1% 2017 12

2017 2017 12 31 140.1 2017 12 31 3,243.12016 12 31 247.1 2016 12 31 453.1 2017 12 31 3,243.1 2016205.9 2017 12 31 0% 2016 12 31 17.9% 13

20172016 12 31 2017 12 31 2017 14

2017 12 31 700 2017 9 489,000 26,000 15

2017 16

1. 1.1 ESG 2017 ESG 1.2 HK WFOE 2017 1 12017 12 31 2017 1.3 17

1.4 1.5 sprg_chinaeducation@sprg.com.hk 2. 2017 30 19891993 1999 2005 400 201793.1%2017 78% 2017 18

30097.7% 91.9% 31 100% 201733% 201746% 30 19

3. (IFC) ESG 3.1 IFC IFC IFC IFC IFC 3.2 IFC IFC 2017 11IFC IFC IFC EDGE 20% IFC IFC EDGEIFC EDGE IFC 2017 20

4. 4.1 (NOx) (SO 2 ) (PM) (CO 2 ) (CH 4 ) (N 2 O) (CO 2 ) 21

2017 2017 (NOx) 4,543.9 (SO 2 ) 3.7 (PM) 318.5 4,866.1 1,469,203 139,039 1,608,242 17,120 6,711 (530) 6,181 2017 22

530 2017 2017 280154 2017 1 1,976 15,502 19,956 1,183 12,459 2 1,856 4,520 48,965 1,299 25,986 3 254 7,965 2,365 236 126 4 1,786 20,556 1,688 1,226 554 5 2,156 19,957 6,793 1,669 1,067 6 2,258 8,759 4,697 1,046 258 7 8,874 2,265 8,517 2,998 229 8 110 775 94,763 635 117 9 13,603 12,789 26,543 11,586 196 10 8,635 42,369 2,369 5,257 1,059 11 2,657 32,568 1,412 1,167 8,712 12 1,026 20,234 18,864 1,117 9,654 45,191 188,259 236,932 29,419 60,417 560,218 280 23

2017 1 985 10,292 500 1,118 220 2 829 13,316 570 1,049 547 3 1,702 16,603 402 1,185 0 4 3,251 12,962 648 1,771 152 5 4,059 18,122 661 1,751 104 6 4,528 62,322 1,577 1,911 1,287 7 2,146 37,362 2,754 1,613 1,087 8 294 3,512 254 835 0 9 8,661 27,097 1,208 3,053 235 10 3,802 10,714 532 1,320 110 11 3,548 14,713 751 1,660 123 12 1,395 12,272 426 967 134 35,200 239,287 10,283 18,233 3,999 307,002 154 2017 1 1,427 1 641 1 (435) 2 23,327 24,960 2017 24

2017 12 3160% 81 13.7 4351.7% 25

530 4.2 2017 26

2017 38,235,180 2,145,399 530,000 94,408 146,082 53,773 191,130 27

LED 26 C 2017 2017 28

4.3 29

5. 100% 5.1 5.1.1 2017 30

1 31

8 5 40 2017 32

2017 12 314,660 % 2,525 54.2% 2,135 45.8% 4,660 100.0% 80% % & 9 0.2% 3,589 77.0% 116 2.5% 467 10.0% 37 0.8% 84 1.8% 358 7.7% 4,660 100.0% 33

67% 31-5010 3015.4% 10 % 30 716 15.4% 31-40 1,995 42.8% 41-50 1,108 23.8% 51-60 676 14.5% 60 165 3.5% 4,660 100.0% 2017 12 3134% % 1,751 37.6% 1,308 28.1% 1,601 34.3% 4,660 100.0% 170 3.5% 2017 34

% 107 2,525 2,632 2.2% 63 2,135 2,198 1.3% 170 4,660 4,830 3.5% % 30 68 716 784 1.4% 31-40 57 1,995 2,052 1.2% 41-50 20 1,108 1,128 0.4% 51-60 16 676 692 0.3% 60 9 165 174 0.2% 170 4,660 4,830 3.5% % 13 1,751 1,764 0.3% 65 1,308 1,373 1.3% 92 1,601 1,693 1.9% 170 4,660 4,830 3.5% 35

5.1.2 ISO 9001QB-0703-04 QB-0810-18 05 92.5153 159 409.5 2017 36

2017 10 2611 30 37

2017 11 9 2017 12 40 7 24 22 200 5.1.3 2017 38

200 60 39

2017 1 5 400 2017 3 22 150 2017 7 57 7 2,000 2017 2017 11 2017 12 11 200 2017 40

2017 12 13-14 30 2017 12 31 410.9% 23 12 6 3,131 67.2% % 1,608 2,525 34.5% 1,523 2,135 32.7% 3,131 4,660 67.2% 41

% 20 0.4% 182 3.9% 2,929 62.9% 3,131 67.2% 194 197 191 194 83 70 202 194 2017 42

5.1.4 43

5.2 5.2.1 75% % 66 36.7% 70 38.9% 23 12.8% 21 11.7% 180 100.0% 2017 44

5.2.2 45

2017 46

17 12 313,000 24 9050 1 420 9 47

11 9 12 2017 APP 2017 48

2017/18 6512017 12 31 28 49

9 2017 50

2545 2 3 130 100 15 51

1,07780% 105 88752017 165 8,312 2017 52

9 53

5.2.3 2017 54

5.3.1 2017 2017 2017 56

141 332 1,072 53637,767 2,330 450 5 2017 1 3 6 201720 402017 1,135 2017 5 2017 4 86 28 10 113140 400 2017 6 12 54 57

11 300 2017 100 2017 612 1,765 58 2017 195 㘵 2017612 42 2017 4114,670 8 8628 100 2017 58

201712 150 2017136 4301,018 1-3 20172 160 5 121 2017 10 23 400 2017 31,352 39 2017 16 857 2017 5 3,310 2 4,500 2017 8 480 2017 11 350 600 59

60 2017 2017 12 2100 63 1,000 2017 6 A1 A2 A3 B1 B2 B3 B4 B5

B6 B7 B8 A1. A1.1 A1.2 A1.3 A1.4 A1.5 A1.6 61

A2. A2.1 A2.2 A2.3 A2.4 A2.5 KPI A3. A3.1 B1. B1.1 B1.2 B2. B2.1 B2.2 B2.3 B3. B3.1 B3.2 2017 62

B4. B4.1 B4.2 B5. B5.1 B5.2 B6. B6.1 B6.2 B6.3 B6.4 B6.5 B7. B7.1 B7.2 B8. B8.1 B8.2 63

2017 12 152017 12 31 Gerard A. Postiglione 2017 64

3.13 3.13 2017 66

14 2017 12 312018 2017 12 31 2017 11 293Gerard A. Postiglione 3.10(2) 2017 12 312018 67

2017 12 31 2017 2017 11 293 Gerard A. Postiglione Gerard A. Postiglione 2017 12 31 2018 3,500,000 960,000 2018 2 1 2017 11 293 Gerard A. Postiglione 2017 68

2017 12 31 2018 2017 12 3112 2017 12 31 0 1,000,000 1 1,000,001 2,000,000 2,000,001 3,000,000 3,000,001 4,000,000 1 2017 12 31 69

2017 12 31 2017 12 31 2017 70

2017 12 31 3,800 6,880 600 420 11,700 2017 12 3115 71

2017 72

2012 6 2017 7 73

www.chinaeducation.hk 2018 6 14 113 (i) 13.51(2) (ii) (7) 2017 74

64 21 sprg_chinaeducation@sprg.com.hk 2017 11 29 75

55 2017 52017 8 24 1998 32003 3 2002 7 2003 32008 3 2008 32013 3 2008 1 2013 32018 3 2018 3 2013 3 1998 11 2000 11 2004 9 2005 4 2007 1 2017 76

2014 92017 9 1998 2006 IESECEO XVBVI 53 2017 52017 8 29 2003 22008 1 2004 82008 7 2008 12013 1 2008 5 2013 12018 1 77

1999 5 2007 12 2008 12 2011 6 2015 9 2014 92017 9 1999 2002 3 XVBVI 33 2017 8 2009 112017 6 2014 8 2014 10 2017 78

2010 42010 62010 122011 4 2010 92011 5 2013 9 2015 32015 6 2016 11 35 2016 10 2010 6 2010 12 2010 12 2011 9 2012 12 2014 12 2015 11 200520062009 2016 79

55 2017 8 20 2003 42006 10 2012 12017 1 1996 9 2008 3 2012 8 20 1991 1999 2017 80

GERARD A. POSTIGLIONE 66 2017 8 Postiglione Postiglione 2017 7Postiglione2015 62017 62013 122016 7 2002 72005 3 Postiglione2010 122011 32003 9 Postiglione (Crossing Borders in East Asian Higher Education) (Asian Higher Education) (Education and Social Change in China)(Mass Higher Education Development in East Asia) Postiglione 19721980 50 2017 12 2012 12015 10 2000 9 (CFA) 2010 4 (FRM) 81

1990 1993 19961997 66 2017 12 1994 92012 10 2014 1 1989 5 (Harvard Educational Review) 197219741976 1995 56 2017 5 2017 8 29 2011 11 2017 5 Fortune Oil PLC 2015 3 2004 42010 10 PF Group Holdings Limited 2017 82

19841987 33 2017 5 2013 62017 4 2012 32013 5 2008 62011 5 2008 2017 2016 13.51B(1) 83

2017 12 31 2017 5 19 2017 12 15 41 2017 12 31120 121 2017 12 31 622 5 2017 84

2017 12 31 2016 2018 6 14 2018 6 11 2018 6 14 2018 6 8 183 17 1712-1716 30 85

2017 12 31 15 2017 12 3121642 2017 12 31 2,613 2017 12 31 2017 5 19 2017 5 19 2017 8 28 2017 8 28 Gerard A. Postiglione2017 12 5 2017 12 5 2017 12 5 108 2017 86

2017 12 15 3.13 2017 12 31 XV352 87

(%) 10,000,000 (1) 750,000,000 (2) 760,000,000 (4) 1,520,000,000 76.00% 10,000,000 (1) 750,000,000 (3) 760,000,000 (4) 1,520,000,000 76.00% 10,000,000 (1) 10,000,000 0.50% 10,000,000 (1) 10,000,000 0.50% (1) 10,000,000 (2) BVI BVI750,000,000 (3) BVI BVI750,000,000 (4) BVI BVI BVI BVI BVI BVI (5) 100% 50% 100% 50% 2017 12 31 XV 352 2017 88

2017 12 31 336 5% (%) (1) 750,000,000 37.50 10,000,000 0.50 760,000,000 38.00 (2) 760,000,000 38.00 1,520,000,000 76.00 (3) 750,000,000 37.50 10,000,000 0.50 760,000,000 38.00 (2) 760,000,000 38.00 1,520,000,000 76.00 BVI (1) 750,000,000 37.50 (2) 770,000,000 38.50 1,520,000,000 76.00 BVI (3) 750,000,000 37.50 (2) 770,000,000 38.50 1,520,000,000 76.00 (1) BVI (2) BVI BVI BVI BVI BVI BVI (3) BVI 2017 12 31 336 89

2017 11 27 45,500,000 2.25% 2017 90

10 1.00 2017 11 27 2017 11 27 91

2017 11 27 6.45 45,500,000 2017 12 14 2017 5 19 2017 12 31 10,000,000 10,000,000 10,000,000 10,000,000 10,000,000 10,000,000 10,000,000 10,000,000 5,500,000 5,500,000 45,500,000 45,500,000 20% 102017 12 14 6.452017 12 2017 92

2017 11 29 200,000,000 10% 9.90% 30% 10% 93

12 1% 12 12 (i) 0.1% (ii) 5 10 2017 94

20 1.00 (i) (ii) (iii) 2017 11 29 95

2017 11 29 2017 96

40,000,000 2,000,000,0002%) 1.98% A a b 97

2017 11 29 2017 12 31 2017 12 31 2017 2017 2017 12 31 2017 12 31 2017 12 31 2017 98

2017 12 31 30% 2017 12 31 30% 2016 12 31 2017 6 30 23.7 3.1 5.9% 1.9% 7.0 0.7 1.7% 0.4%2016 12 31 70%30% 2017 5 2017 12 31 5% 99

(i) (ii) (iii) 14A.07(1) A (i) 14A.105(ii) 14A.53 (iii) 14A.52 3000740 14A.56 2017 100

(i)2017 6 30(ii) 2017 6 30(iii) 2017 8 14 (i)2017 6 30(ii)2017 6 30 (iii)2017 8 14 (a) (b) (c) (d) (e) (f) (g) (h) (a) (b) (c) (d) (e) (f)(g) (h) (i) (j) (k) (l)(m) 101

(i)2017 6 30(ii) 2017 6 30(iii) 2017 8 14 (i) 2017 6 30(ii) 2017 6 30(iii)2017 8 14 (i)(ii) 2017 102

(i)2017 6 30(ii) 2017 6 30 (i) (ii) (iii) (iv) 103

(i) 2017 8 15(ii) 2017 8 28 (a) (b) 2017 8 14 2017 104

2017 12 31(i) (ii) (iii) (iv) 3000 740 14A.56 (a) (b) (c) A 105

2017 2017 106

50% 2017 107

188,666 2018/2019 2017 12 3140 2017 108

1 109

2017 12 314,6602016 12 313,975 12 2017 110

6.45520,202,000 2018 12,618.5 2017 12 5 253.4 2017 12 31 1,000,000 111

2017 12 31 2018 1 5 6.45 20,202,000 2017 12 13 80% 855,000,000 2018 3 13 2017 12 31 62% 576,600,000 2018 3 13 2018 3 13 2017 112

120216 2017 12 31 2017 12 31 113

352017 12 31 750,000,000 2017 12 31 325,629,000 239,547,000 200,396,000 2017 12 31 2017 114

2017 12 31 2017 12 31 115

2017 116

117

2017 118

2018 3 13 119

2017 12 31 12 31 2017 2016 5 949,171 861,289 (389,448) (404,577) 559,723 456,712 6 54,814 73,879 7a 14,568 17,861 7b 1,105 2,627 (9,676) (9,367) (133,369) (101,523) (45,498) 8 (18,472) (14,889) 423,195 425,300 9 (1,730) (1,949) 421,465 423,351 11 7,407 (10,836) 10 428,872 412,515 421,465 423,351 7,419 (11,997) 428,884 411,354 2017 120

2017 12 31 12 31 2017 2016 (12) 1,161 428,872 412,515 14 28.16 27.42 28.16 14 27.67 28.22 27.67 121

2017 12 31 12 31 2017 2016 15 2,638,560 2,415,697 16 54,946 50,663 17 325,629 17 239,547 29 1,526 19 40,496 66,130 2,405 3,147 3,301,583 2,537,163 254 316 20 71,563 39,612 29 168,952 29 446,032 21 3,402 7,356 22 50,500 418,201 16 1,506 1,321 23 3,243,144 247,133 3,370,369 1,328,923 2017 122

2017 12 31 12 31 2017 2016 24 727,280 595,208 25 10,715 9,296 26 196,908 207,684 29 38,478 12,214 9,283 27 209,936 947,117 1,069,885 2,423,252 259,038 5,724,835 2,796,201 24 25,905 25,722 27 243,140 28 59,887 85,792 268,862 5,639,043 2,527,339 123

2017 12 31 12 31 2017 2016 30 17 181,680 5,639,026 2,341,938 5,639,043 2,523,618 3,721 5,639,043 2,527,339 120 216 2018 3 13 2017 124

2017 12 31 i ii iii 2016 1 1 181,680 (27,642) 972,882 991,536 2,118,456 2,560 2,121,016 411,354 411,354 1,161 412,515 98,906 (98,906) (6,192) (6,192) (6,192) 2016 12 31 181,680 (33,834) 1,071,788 1,303,984 2,523,618 3,721 2,527,339 428,884 428,884 (12) 428,872 78,060 (78,060) 2,250 2,250 2,250 17,166 17,166 17,166 36 (17,891) (7) 17,898 (1,957) (1,957) (181,679) 181,679 (1,752) (1,752) 3,077 3,077 3,077 30(e)) 17 2,746,286 2,746,303 2,746,303 (1) (1) (1) (82,254) (82,254) (82,254) 2017 12 31 17 2,664,032 181,679 (32,309) 3,077 1,149,841 1,672,706 5,639,043 5,639,043 125

2017 12 31 i. 1 1 ii. iii. (i)(ii) (iii) (iv) 29 (i)(ii) (i) (ii) 10% 50% 25% 2017 126

2017 12 31 12 31 2017 2016 428,872 412,515 1,733 2,862 3,077 127,546 112,705 1,390 1,321 7,448 18,472 14,889 1,285 367 1,021 2,904 (7,130) (8,982) (6,040) (8,045) (11,763) (2,012) (2,356) (4,637) (3,807) 276 142 36 (15,559) (4,600) 5,295 550,050 519,139 (2) 21 (23,376) (4,780) 2,933 93,526 (47,175) 116,649 (11,952) (413) 2,452 (3,735) 3,631 (29,471) 19,444 706,161 480,780 (26) (229) 706,135 480,551 127

2017 12 31 12 31 2017 2016 35 (657,282) (370,500) (1,031,300) (112,376) (285,224) (56,774) (303,693) (23,159) (20,603) 36 (5,741) (231) 794,183 876,140 513,101 207,973 15,926 1,600 9,377 10,692 7,315 4,637 3,807 1,217 434 (31,714) (6,515) 5,600 119,693 (572,803) 2017 128

2017 12 31 12 31 2017 2016 2,746,303 110,000 224,770 17,166 3,898 (563,076) (232,339) (77,355) (34,532) (21,171) (26,925) (3,898) (1,752) (211) (1,498) 1,523 2,175,372 (34,469) 3,001,200 (126,721) 247,133 373,854 (5,189) 3,243,144 247,133 129

2017 12 31 1. 2017 5 1922 2017 12 15 Walkers Corporate Limited, Cayman Corporate Centre, 27 Hospital Road, George Town, Grand Cayman KY1-9008, Cayman Islands 2017 20172016 12 31 2007 12 18 50% 2017 130

2017 12 31 1. 2017 12 5 2017 6 30 2017 8 14 20172016 12 31 2017 8 1435 131

2017 12 31 1. 36 2017 132

2017 12 31 1. 20172016 12 31 12 31 2017 2016 970,572 901,307 482,724 415,377 12 31 2017 2016 3,265,852 2,537,163 1,443,132 1,328,923 917,689 1,069,885 93,348 268,862 133

2017 12 31 2. 2017 1 1 9 1 15 1 16 2 17 4 22 1 23 2 2 1 4 9 4 1 9 2 10 28 3 19 2 28 2 40 1 28 20142016 1 20152017 2 1 2018 1 1 2 2019 1 1 3 4 2021 1 1 2017 134

2017 12 31 2. 9 9 9 9 9 39 9 2017 12 31 9 135

2017 12 31 2. 9 39 9 9 39 2017 136

2017 12 31 2. 15 15 15 18 11 15 15 15 15 201615 15 137

2017 12 31 2. 15 15 15 16 16 16 17 16 16 2017 138

2017 12 31 2. 16 16 17 16 2017 12 31 3781,154,000 16 16 6,563,00017 16 23 23 9 139

2017 12 31 2. 3. 2 17 2 36 2017 140

2017 12 31 3. (i) (ii) (iii) 141

2017 12 31 3. (i)(ii) 2017 142

2017 12 31 3. 12 19 2 5 143

2017 12 31 3. 2017 144

2017 12 31 3. 145

2017 12 31 3. 2017 146

2017 12 31 3. 147

2017 12 31 3. 2017 148

2017 12 31 3. 149

2017 12 31 3. 2017 150

2017 12 31 3. 151

2017 12 31 3. 2017 152

2017 12 31 3. 153

2017 12 31 3. 155

2017 12 31 3. 2017 156

2017 12 31 4. 3 (a) 157

2017 12 31 4. (a) (b) 17 (c) 9 12 2017 158

2017 12 31 4. (d) 2017 12 31 325,629,000 200,396,000 18 (e) 2017 12 31 2,638,560,000 2016 2,415,697,000 159

2017 12 31 4. (f) 50 2017 12 31 56,452,000 2016 51,984,000 5. 35 35 120 121 3 2017 160

2017 12 31 5. 2017 12 31 11 12 31 2017 2016 857,539 786,285 65,279 53,779 26,353 21,225 949,171 861,289 20172016 12 31 10% 161

2017 12 31 6. 12 31 2017 2016 6,750 47,175 14,907 10,358 5,817 6,861 3,164 1,959 12,478 2,524 2,753 2 3,004 1,244 5,941 3,756 54,814 73,879 7a. 12 31 2017 2016 8,045 11,763 2,012 2,356 4,511 3,742 14,568 17,861 2017 162

2017 12 31 7b. 12 31 2017 2016 (5,295) (1,285) (367) (1,021) (2,904) (276) (142) 8,982 6,040 8. 1,105 2,627 12 31 2017 2016 21,171 26,925 (2,699) (12,036) 18,472 14,889 5.08% 20165.79% 163

2017 12 31 9. 12 31 2017 2016 7,610 1,949 (4,019) 28 (1,861) 1,730 1,949 12 31 2017 2016 423,195 425,300 25% 105,799 106,325 (248,980) (231,859) 150,069 127,483 (4,019) (1,139) 1,730 1,949 2017 164

2017 12 31 9. 25% 2017 1 12017 12 31 15%20% 2017 8 31 2017 9 1 2017 12 31 927,436,000 2016 917,389,000 606,858,000 2016 509,932,000 165

2017 12 31 10. 12 31 2017 2016 222,543 188,494 37,328 34,966 3,077 262,948 223,460 124,646 109,532 1,390 1,321 7,448 3,700 36 10,819 11,052 11. 36 12 31 2017 2016 (8,152) (10,836) 36 15,559 7,407 (10,836) 2017 166

2017 12 31 11. 12 31 2017 2016 21,401 40,018 (27,141) (36,987) 3,566 199 300 4,591 (18) (835) (6,257) (16,909) (8,149) (9,923) (3) (913) (8,152) (10,836) 2,900 3,173 4,600 12 31 2017 2016 37,814 3,434 (10,257) (15,588) (10,219) 7,346 17,338 (4,808) 167

2017 12 31 12. 2017 12 31 i 135 329 12 682 1,158 i 135 275 1,633 55 682 2,780 ii 102 43 7 682 834 iii 102 271 794 55 682 1,904 iv 11 11 iv 11 11 Gerard A. Postiglione iv 11 11 507 918 2,427 129 2,728 6,709 2016 12 31 i 276 12 288 i 286 1,583 57 1,926 ii 42 42 iii 282 744 57 1,083 886 2,327 126 3,339 2017 168

2017 12 31 12. i. 2017 5 19 ii. iii. iv. 2017 8 28 2017 8 28 2017 12 5 2017 12 31320162 2017 12 31 220163 12 31 2017 2016 3,632 2,178 37 107 174 3,843 2,285 169

2017 12 31 12. 12 31 2017 2016 1,000,000 3 1,000,001 1,500,000 1 3,000,001 3,500,000 1 2017 12 31 32 13. 2016 2017 170

2017 12 31 14. 12 31 2017 2016 421,465 423,351 12 31 2017 2016 '000 '000 1,523,288 1,500,000 14 1,523,302 2017 12 5 1,500,000,00030 2016 1 1 2017 12 31 32 20162016 171

2017 12 31 14. 0.49 0.49 2016 0.8 7,419,000 2016 11,997,000 2017 172

2017 12 31 15. 2016 1 1 2,000,392 246,349 36,830 387,054 141,178 2,811,803 81,920 739 75,617 140,023 298,299 263,029 (263,029) (1,074) (6,047) (7,121) 2016 12 31 2,263,421 328,269 36,495 456,624 18,172 3,102,981 3,827 1,717 36,632 98,533 140,709 35 192,111 34,212 1,583 18,854 1,644 248,404 21,944 12,372 20,240 (54,556) (4,215) (18,650) (22,865) 36 (14,960) (197) (29,280) (44,437) 2017 12 31 2,477,476 363,720 35,383 484,420 63,793 3,424,792 2016 1 1 275,631 33,783 29,268 242,442 581,124 40,356 29,246 2,237 40,866 112,705 (859) (5,686) (6,545) 2016 12 31 315,987 63,029 30,646 277,622 687,284 44,884 33,715 1,820 47,127 127,546 (3,719) (17,653) (21,372) 36 (1,237) (45) (5,944) (7,226) 2017 12 31 360,871 95,507 28,702 301,152 786,232 2017 12 31 2,116,605 268,213 6,681 183,268 63,793 2,638,560 2016 12 31 1,947,434 265,240 5,849 179,002 18,172 2,415,697 173

2017 12 31 15. 50 10 4 5 4 5 2017 12 31 327,463,000 2016 214,978,000 16. 12 31 2017 2016 54,946 50,663 1,506 1,321 56,452 51,984 50 2017 12 31 26,074,000 2016 26,872,000 2017 174

2017 12 31 17. (i) (ii) (iii) 2016 1 12016 12 31 35 325,629 200,396 46,599 246,995 2017 12 31 325,629 200,396 46,599 246,995 2016 1 12016 12 31 7,448 7,448 2017 12 31 7,448 7,448 2017 12 31 325,629 200,396 39,151 239,547 i. 18 ii. iii. 18 175

2017 12 31 18. 17 2017 12 31 325,629,000 2016200,396,000 2016 2017 12 31 16.43% 3% 10% 5,529,000 17.82% 19. 2017 176

2017 12 31 20. 12 31 2017 2016 i 24,679 10,312 ii 440 7,315 1,018 1,512 21,693 11,809 4,601 6,563 4,365 5,361 11,507 71,563 39,612 i. ii. 20172016 12 31 2017 12 31 24,679,000 2016 10,312,000 12 31 2017 2016 0 90 30 157 91 120 15,829 5,074 121 365 365 8,820 5,081 24,679 10,312 177

2017 12 31 20. 21. 12 31 2017 2016 3,402 7,356 34(c) 22. 2017 12 31 12 31 2017 2016 1.80% 4.60% 1.80% 5.10% 2017 12 312016 8 102 2017 178

2017 12 31 23. 2017 12 310.74% 2016 1.16% 24. 12 31 2017 2016 652,114 534,039 51,935 39,262 10,506 7,372 12,725 14,535 727,280 595,208 25,905 25,722 753,185 620,930 179

2017 12 31 25. 30 60 12 31 2017 2016 0 30 7,207 5,349 31 90 53 104 91 365 1,106 2,943 365 2,349 900 26. 10,715 9,296 12 31 2017 2016 15,108 40,386 65,989 74,990 10,795 18,872 15,698 21,366 38,280 21,917 29,132 27,999 16,238 7,822 196,908 207,684 2017 180

2017 12 31 27. 12 31 2017 2016 240,700 212,376 453,076 209,936 106,920 136,220 453,076 (209,936) 243,140 181

2017 12 31 27. i. 2016 12 31 4.62% 5.51% ii. iii. iii. 2017 12 31 2016 12 31324,076,0002016 12 31 2016 12 31 250,000 300,000 * 558,000 1,108,000 * 2017 12 31 2017 12 31 2017 182

2017 12 31 28. 2016 1 12016 12 31 35 61,748 9 (1,861) 2017 12 31 59,887 2008 1 1 2017 12 31 8,774,000 183

2017 12 31 29. 12 31 1 1 12 31 2017 2016 2016 2017 2016 i 367,287 305,289 411,559 425,106 ii 78,745 39,452 91,247 90,387 446,032 344,741 446,032 191,296 153,445 446,032 344,741 165,552 95,418 181,058 168,579 iv 1,526 1,526 1,526 1,526 v 3,400 5,000 3,400 5,000 v 11,000 170,478 101,944 168,952 52,325 1,526 49,619 170,478 101,944 2017 184

2017 12 31 29. 12 31 2017 2016 vi 34,532 vii 3,570 iii 211 iv 165 38,478 i. 2017 12 314.8% 2016 4.8%2017 12 316,486,000 2016 9,482,000 ii. 2017 12 314.8% 2016 4.8%2017 12 311,559,000 2016 2,281,000 185

2017 12 31 29. iii. 2016 12 31 2016 12 31 93,526,000 12 31 2016 0 90 26,542 91 120 121 365 20,633 365 46,351 93,526 iv. 2017 12 31 0 902017 12 31 v. 2017 12 31 vi. vii. 2017 12 31 2017 12 310 902017 12 31 2017 186

2017 12 31 30. 2016 12 31 2017 12 31 2017 12 31 a 50,000 50,000 c 50,000,000,000 500,000 d (50,000 ) (50,000) 2017 12 31 50,000,000,000 500,000 b 100 100 1 d 1,500,000,000 15,000 13 d (100) (100) (1) e 500,000,000 5,000 4 2017 12 31 2,000,000,000 20,000 17 187

2017 12 31 30. (a) (b) (c) (d) (e) 2017 5 19 50,000 50,000 1 2017 5 19BVI 49BVI 50 BVI 2017 8 30500,000 50,000,000,000 0.00001 BVI BVI 750,000,000 7,5001,500,000,000 BVI BVI50 1.007,500 50,000 1.00 0.00001500,000,000 6.45 31. 2017 8 14 10 2017 188

2017 12 31 32. (a) 2017 11 27 10 45,500,000 20% 45,500,000 2.28% 189

2017 12 31 32. (a) 2017 12 14 2017 12 15 2018 12 14 2018 12 15 2027 12 14 6.45 26,529 2017 12 14 2017 12 15 2019 12 15 6.45 27,151 2019 12 14 2027 12 14 2017 12 14 2017 12 15 2020 12 15 6.45 27,902 2020 12 14 2027 12 14 2017 12 14 2017 12 15 2021 12 15 6.45 28,630 2021 12 14 2027 12 14 2017 12 14 2017 12 15 2022 12 15 6.45 29,287 2022 12 14 2027 12 14 2017 190

2017 12 31 32. (a) 2017 2017 1 1 12 31 10,000,000 10,000,000 10,000,000 10,000,000 10,000,000 10,000,000 10,000,000 10,000,000 40,000,000 40,000,000 5,500,000 5,500,000 45,500,000 45,500,000 HK$6.45 HK$6.45 2017 12 31 45,500,0002017 12 14 139,499,000 191

2017 12 31 32. (a) 2017 6.45 6.45 52.58% 10 1.79% 0% 2017 12 313,077,000 2017 192

2017 12 31 32. (a) 2017 11 27 10 200,000,00010% 30% 10% 12 1% 12 193

2017 12 31 32. (a) 12 (i) 0.1%(ii) 5 (i) (ii) (iii) 2017 194

2017 12 31 32. (b) 2017 11 29 10 40,000,0002% 2,000,000,0002%) 195

2017 12 31 32. (b) A 33. 27 2017 196

2017 12 31 34. (a) 12 31 2017 2016 50,500 418,201 3,402 7,356 3,309,346 891,748 3,363,248 1,317,305 139,841 663,537 (b) 197

2017 12 31 34. (b) 2017 2016 2017 2016 1,928,415 858 16,614 5% 5% 5% 5% 5% 2017 198

2017 12 31 34. (b) 2017 2016 96,355 (831) 27 10 50 10 50 1,121,000 20161,514,000 199

2017 12 31 34. (b) 5% 128,000 2016 276,000 2017 200

2017 12 31 34. (b) % 139,841 139,841 139,841 2017 12 31 139,841 139,841 139,841 171,983 171,983 171,983 38,478 38,478 38,478 5.13 1,937 16,373 191,510 285,845 495,665 453,076 2016 12 31 212,398 16,373 191,510 285,845 706,126 663,537 201

2017 12 31 35. 2017 8 14 750 7502017 8 2018 12 31 60,000,000 2018 12 31 2018 60,000,000 2017 204

2017 12 31 35. =60 2018 x 12.5 750,000 248,404 5,858 246,995 23,505 47,000 92,718 (40,700) (86,197) (268) (51,196) (61,748) 424,371 22,783,000 205

2017 12 31 35. 750,000 (424,371) 325,629 750,000 (92,718) 657,282 36,000,000 67,421,000 2017 1 11,082,775,000 470,315,0002017 1 1 2017 206

2017 12 31 36. (d) 30 3,500 5,800 26,000 35,330 286 30 1,282 35,613 37,211 973 973 1,526 1,526 64 64 883 3 3,676 4,562 100 11,735 5,399 23,837 41,071 (37,837) (37,837) (2,000) (5,218) (7,218) (229) (5,866) (610) (11,014) (17,719) (905) (905) (960) 6,523 6,071 10,094 21,728 30 3,500 5,800 26,000 35,330 960 (6,523) (6,071) (10,094) (21,728) 1,957 1,957 990 (1,066) (271) 15,906 15,559 2017 208

2017 12 31 36. (d) 30 3,500 5,800 26,000 35,330 (100) (11,735) (5,399) (23,837) (41,071) 37. (70) (8,235) 401 2,163 (5,741) 12 31 2017 2016 8,210 6,815 58,392 25,040 14,552 33,558 81,154 65,413 209

2017 12 31 38. 12 31 2017 2016 1,646 16,435 367,190 43,802 39. 368,836 60,237 2016 1 1 460,645 34,718 495,363 i (34,494) 25 (34,469) 26,925 26,925 2016 12 31 453,076 34,743 487,819 i (1,752) (77,355) (474,247) (211) (34,532) (588,097) ii (34,532) 34,532 2,699 2,699 1,752 1,752 82,254 18,472 100,726 2017 12 31 4,899 4,899 2017 210

2017 12 31 39. i ii 2017 12 31 40. 12 31 2017 2016 6,750 47,175 4,120 53 61 184 186 29 211

2017 12 31 40. 12 31 2017 2016 7,209 3,213 184 126 3,077 10,470 3,339 41. 12 31 2017 2016 BVI 2017 5 17 100 100% 2017 5 25 100 100% 2017 212

2017 12 31 41. 12 31 2017 2016 2017 6 13 1999 7 20 10,000,000 100% 51,680,000 100% 100% 2015 5 14 26,000,000 100% (i) 2015 12 30 6,000,000 100% (ii) 2009 9 18 2,000,000 100% (iii) 2015 12 17 5,000,000 100% (ii) 1999 3 12 1996 4 9 130,000,000 100% 100% 60,000,000 100% 213

2017 12 31 41. 12 31 2017 2016 2004 2 9 5,000,000 70% (iv) 2012 6 8 30,000 100% (v) 2017 7 10 2017 8 2 2017 7 26 100 100% 4,800,000 100% 4,800,000 100% i. 2017 5 2736 ii. iii. iv. 2017 5 936 2017 6 6 2017 5 2336 v. 2017 5 2436 2017 214

2017 12 31 42. 2017 1 721,920 13 1,242 1,924,439 2,647,614 21,740 10,032 31,772 2,615,842 2,615,843 17 2,615,826 2,615,843 215

2017 12 31 42. (51,283) (51,283) 3,077 3,077 2,746,286 2,746,286 (82,254) (82,254) 2017 12 31 2,664,032 3,077 (51,283) 2,615,826 43. 2018 1 52017 12 5 20,202,0006.45 2017 12 31 80% 62% 855,000,000 576,600,000 2017 216

12 31 2014 2015 2016 2017 821,934 846,016 811,289 949,171 (408,613) (413,191) (404,577) (389,448) 413,251 430,119 456,162 559,723 313,362 364,407 425,300 423,195 309,519 348,259 412,515 421,465 93 (13,642) (10,836) 7,407 309,519 348,259 412,515 428,872 1 309,519 348,259 412,515 474,370 12 31 2014 2015 2016 2017 50.3% 50.8% 53.0% 58.0% 37.7% 41.2% 47.9% 50.0% 1 12 31 2014/2015 2015/2016 2016/2017 2017/2018 63,548 63,367 75,255 76,204 2 2 3 3 56,059 55,355 71,177 70,027 98.9% 98.2% 91.5% 92.6% 217

12 31 2014 2015 2016 2017 2,143,281 2,523,329 2,537,163 3,301,583 744,188 915,078 1,328,923 3,370,369 836,965 1,033,843 1,069,885 947,117 (92,777) (118,765) 259,038 2,423,252 2,050,504 2,406,564 2,796,201 5,724,835 1,800,884 2,121,016 2,527,339 5,639,043 249,620 285,548 268,862 85,792 2,050,504 2,406,564 2,796,201 5,724,835 12 31 2014 2015 2016 2017 1,969,425 2,230,679 2,415,697 2,638,560 332,081 373,854 247,133 3,243,144 288,000 460,645 453,076 602,824 622,190 620,930 753,185 12 31 2014 2015 2016 2017 2 16.0% 21.7% 17.9% 0.0% 2 2017 218

BVI BVI 14 622 219

BVI BVI 2017 11 29 BVI BVI HK 571 2017 220

2017 12 15 10 221

0.00001 15 WFOE BVI % 2017 222

我們的使命 以卓越和創新教育引領學生走向成功

我們的使命以卓越和創新教育引領學生走向成功