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1、2010,報,(Incorporated in the Cayman Islands with limited liability),股份代號 Stock Code:8055,（,CHARACTERISTICS OF THE GROWTH ENTERPRISE MARKET(“GEM”)OF THE STOCK EXCHANGE OF HONG KONGLIMITED(THE“STOCK EXCHANGE”),GEM has been positioned as a market designed to accommodate companies to which a higher inves
2、tment risk may beattached than other companies listed on the Stock Exchange.Prospective investors should be aware of the potentialrisks of investing in such companies and should make the decision to invest only after due and careful consideration.The greater risk profile and other characteristics of
3、 GEM mean that it is a market more suited to professional and othersophisticated investors.,Given the emerging nature of companies listed on GEM,there is a risk that securities traded on GEM may be moresusceptible to high market volatility than securities traded on the Main Board and no assurance is
4、 given that there willbe a liquid market in the securities traded on GEM.,Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility forthe contents of this report,make no representation as to its accuracy or completeness and expressly disclaim any li
5、abilitywhatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of its report.,This report,for which the directors of China E-Learning Group Limited collectively and individually accept full responsibility,includes particulars given in compliance with
6、the Rules Governing the Listing of Securities on the Growth Enterprise Market ofThe Stock Exchange of Hong Kong Limited(“GEM Listing Rules”)for the purpose of giving information with regard to ChinaE-Learning Group Limited.The directors,having made all reasonable enquiries,conrm that,to the best of
7、their knowledgeand belief:(1)the information contained in this report is accurate and complete in all material respects and not misleading;(2)there are no other matters the omission of which would make any statement in this report misleading;and(3)all opinionsexpressed in this report have been arriv
8、ed at after due and careful consideration and are founded on bases and assumptionsthat are fair and reasonable.,香港聯合交易所有限公司（聯交所）創業板（創業板）之 特 色,創業板的定位，乃為相比起其他在聯交所其他上市公司帶有較高投資風險的公司提供一個上市的市場。有意投資的人士應瞭解投資於該等公司的潛在風險，並應經過審慎周詳的考慮後方作出投資決定。創業板的較高風險及其他特色表示創業 板較適合專業及其他資深投資者。,由於創業板上市公司新興的性質所然，在創業板買賣的證券可能會較於主板買賣的
9、證券承受較大的市場波動風險，同時無 法保證在創業板買賣的證券會有高流通量的市場。,香港交易及結算所有限公司及香港聯合交易所有限公司對本報告之內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本報告全部或任何部份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。,本報告（中國網絡教育集團有限公司各董事願共同及個別對此負全責）乃遵照香港聯合交易所有限公司創業板證券上市規 則創 業 板 上 市 規 則）的 規 定 而 提 供 有 關 中 國 網 絡 教 育 集 團 有 限 公 司 的 資 料，各 董 事 經 作 出 一 切 合 理 查 詢 後，確 認就彼等所知及所信：(1)本
10、報告所載資料在各重大方面均屬準確及完整，且無誤導成份；(2)本報告並無遺漏任何事實致使本報告所載任何內容產生誤導；及(3)本報告內表達的一切意見乃經審慎周詳的考慮後方作出，並以公平合理的基準和假設為依據。,2,4,6,12,14,22,28,30,31,32,33,34,35,37,7,13,1,CONTENTSCorporate InformationChairmans StatementManagement Discussion and AnalysisBiographical Details of Directors and Senior ManagementReport of the
11、DirectorsCorporate Governance ReportIndependent Auditors ReportConsolidated Income StatementConsolidated Statement of Comprehensive IncomeConsolidated Statement of Financial PositionStatement of Financial PositionConsolidated Statement of Changes in EquityConsolidated Statement of Cash FlowsNotes to
12、 the Consolidated Financial Statements目錄,公司資料主席報告管理層論述及分析董事 及高級管理人員履歷董事會報告企 業管治報告獨立核數師報告綜合收益表綜 合全面收益表綜合財務狀況表財 務狀況表綜合 權益變動表綜合現金流量表綜 合財務報表附註中國網絡教育集團有限公司,二零一零年年報,3515232930313233343537,2,CORPORATE INFORMATION,Board of DirectorsCompany secretaryAuthorised representativesCompliance officerQualified accou
13、ntantRegistered officeHead office and principal place of businessPrincipal bankersPrincipal share registrar andtransfer office in the Cayman IslandsBranch share registrar andtransfer office in Hong KongAuditorLegal advisersStock CodeCompany website,Executive DirectorsMr.Chen Hong(Chairman)Ms.Wei Jia
14、nyaIndependent Non-Executive DirectorsMr.Cheung Wai TakDr.Huang Chung HsingMr.Wu TaoMr.Lau Kwok FaiMr.Chen HongMr.Lau Kwok FaiMr.Chen HongMr.Chan Ka Kit Benny ACA CPACricket SquareHutchins DriveP.O.Box 2681Grand Cayman KY1-1111Cayman IslandsUnit 3306,33/F,West TowerShun Tak Centre168-200 Connaught R
15、oad CentralHong KongAgricultural Bank of ChinaBank of China(Hong Kong)LimitedChina Construction BankIndustrial and Commercial Bank of China LimitedButtereld Fund Services(Cayman)LimitedButtereld House68 Fort StreetP.O.Box 705Grand Cayman KY1-1107Cayman IslandsTricor Tengis Limited26/F Tesbury Centre
16、28 Queens Road EastHong KongParker Randall CF(H.K.)CPA LimitedConyers Dill&Pearman8055http:/www.chinae-,CHINA E-LEARNING GROUP LIMITED,Annual Report 2010,3,生,公司資料,董事會公司秘書授權代表監督主任合資格會計師註冊辦事處總辦事處及主要營業地點主要往來銀行開曼群島股份登記及過戶總處香港股份登記及過戶分處核數師法 律顧問股 份代號本 公司網站中國網絡教育集團有限公司,執行 董 事陳宏 先（主席）韋健 亞 女 士獨立 非 執 行 董 事張偉 德
17、 先 生黃崇 興 博 士武濤 先 生劉國 輝 先 生陳宏 先 生劉國 輝 先 生陳宏 先 生陳家 傑 先 生 ACA CPACricket SquareHutchins DriveP.O.Box 2681Grand Cayman KY1-1111Cayman Islands香港干 諾 道 中168-200號信德 中 心西座33樓3306室中國農業銀行中國銀行（香 港）有 限 公 司中國 建 設 銀 行中國 工 商 銀 行 股 份 有 限 公 司Buttereld Fund Services（Cayman）LimitedButtereld House68 Fort StreetP.O.Box 7
18、05Grand Cayman KY1-1107Cayman Islands卓佳 登 捷 時 有 限 公 司香港皇后 大 道 東28號金鐘 匯 中 心26樓暉誼（香 港）會 計 師 事 務 所 有 限 公 司Conyers Dill&Pearman8055http:/www.chinae-,二零一零年年報,4,CHAIRMANS STATEMENTOn behalf of the Board,I am pleased to report the results of the Company and its subsidiaries(the“Group”)for the year ended31
19、December 2010 to the shareholders.REVIEWThe year 2010 is full of reforms for the Group.The Group has completed,as decided earlier,the re-structuring of itsorganisation and business so as to better cope with its future development and meet the operational needs.Despite the factthat the global economi
20、c conditions have been recovering slowly,the economy in Mainland China is going strong.It hasundoubtedly affected the Groups strategies in formulating investment plans due to higher operational risk.The Group remainscautiously optimistic,however,and focused on rationalising its resources.Hence,the G
21、roup is able to achieve targetedgrowth,increasing opportunities in market penetration,as well as preparing itself for arriving at market expectations.BUSINESS SCOPEEver since the acquisition of New Beida Business StudyNet Group in 2008,and the subsequent acquisition of IIN Medical(BVI)Group in 2009,
22、the Group has been continuously looking for promising businesses,for the nurturing of an e-learningdevelopment platform.However,having restrained by the varying degrees of success on its scientific research andtechnological development,the Groups investment direction has inevitably been affected by
23、market trends.Thus,theGroup has gradually reduced its investment on individual projects which failed to produce the expected returns;and further,reorganising relevant subsidiaries,in order to better use the Group resources.STRENGTHENED CONTROLDuring the year,the Company has conducted a review of int
24、ernal control procedures,for avoiding conflicts of interest,and for enhancing internal communication.The Company also took on board more professionals,for improving the overallmanagement quality,for optimising corporate governance,and for assuring the investors on its prospects.OPERATIONAL RESULTSTu
25、rnover for the year has remarkably increased by 65.9%to approximately HK$38,575,000.Of which the IIN Medical Grouphas contributed approximately HK$35,660,000 and loss of approximately HK$12,650,000 to our results.I expect that the IINMedical Group will continue to contribute stable income as well as
26、 cash ows to the Group.E-LEARNING BUSINESS PROSPECTCurrently,the development of e-learning in China is more matured.The market awareness on,and the demand for e-learninghas reached higher level.It is not only the basic education and the qualication education that are required to cover.The latestdeve
27、lopment has extended further into occupational training in business,which opens up more opportunities for future.On theother hand,the media platform is also changing rapidly from desktop to Tablet PC and smartphone,enriching the number oflearning tools with the new generation.OUTLOOKIn the coming ye
28、ars,the Group will continue exploring existing and new business opportunities.The Group is considering aplan in developing the Groups medical education platform both vertically and horizontally,expanding our network further topotentially serving the medical and hospital services industry.As part of
29、an on-going effort to improve the Groups cash owposition,the Group has been nalising negotiations with some existing creditors,with an intention to extend some of our loansarrangement.APPRECIATIONSFinally,I would like to take this opportunity to express my sincere gratitude to the members of the Boa
30、rd of Directors,management team and our employees for their dedication and contribution to the Group.I would also like to express myappreciation to our shareholders and business partners for their enduring support and condence in the Group.Chen HongChairmanHong Kong,29 March 2011,CHINA E-LEARNING GR
31、OUP LIMITED,Annual Report 2010,5,主席報告本人謹代表董事會欣然向股東報告本公司及其附屬公 司（本 集 團）截 至 二 零 一 零 年 十 二 月 三 十 一 日 止 年 度 之 業 績。回顧對於本集團而言，二零一零年是充滿改革的一年。如較早之前的計劃，本集團已完成組織架構和業務的重組，以更好地面對未來發展及應付營運需要。雖然全球經濟復甦緩慢，中國內地的經濟依然強勁。由於營運風險偏高，本集團在制定各項投資計劃時的策略無疑受到影響。然而，本集團仍抱持樂觀審慎的態度，充分運用資源，並得以繼續實現增長目標，增加對市場的滲透，為本集團做好準備，面對及達至 市 場 對 我
32、們 的 各 種 期 望。業務範圍從二零零八年收購新北大商學網集團開始，到二零零九年收購國訊醫藥(BVI)集團為止，本集團一直著重拓展有發展前景的業務，亦同時為網絡教學營造發展平台。然而，限於科研研究及技術開發有著不同程度的成就，投資方向難免受市場趨勢所影響，所以有個別未能產生預期利益的項目，本集團已逐步減少該等項目的投放資源，並啟動有關附屬公司的重組計 劃，務求更有效地運用本集團的資源。加強監管年 內，本 公 司 對 內 部 監 控 程 序 進 行 檢 討，以 避 免 產 生 利 益 衝 突，進 一 步 加 強 內 部 溝 通。本 公 司 亦 增 聘 專 才，提 高 整 體 管理質素，優化公司
33、管治，務求令投資者對本集團的發 展 前 景 更 具 信 心。營運業績本 年 度 營 業 大 幅 上 升65.9%至38,575,000港 元，其 中 國 訊 醫 藥 集 團 之 收 益 約 為35,660,000 港 元，為 本 集 團 之 業 績 貢 獻 約12,650,000港元虧損。本人預期，國訊醫藥集團將繼 續 為 本 集 團 帶 來 穩 定 收 入 及 現 金 流。網絡教育業務前景目前，網絡教育的發展在中國內地已漸趨成熟，市場對網上學習的認知程度及需求已到達較高水平，當中需要涵蓋的不 單 是 基 礎 教 育、資 歷 教 育，最 新 的 發 展 已 延 伸 至 企 業 的 職 業 性
34、培 訓，大 大 開 拓 了 市 場 上 的 發 展 空 間。此 外，媒 體 平 台亦 從桌上電腦迅速普及到平板電腦、智能電話等，令 新 一 代 的 學 習 工 具 更 加 豐 富 多 樣。展望未來數年，本集團將繼續就現有業務及新業務發掘商機。本集團正在考慮縱橫向發展本集團醫療教育平台，進一步擴展服 務 網 絡 以 開 發 醫 療 及 醫 院 服 務 行 業 市 場 之 一 項 計 劃。本 集 團 繼 續 致 力 改 善 現 金 流 狀 況，已 與 部 分 現 有 債 權 人 進 行 協商，以延長部分貸款安排。致謝最後，本人謹藉此機會對董事會成員、管理層及僱員之辛勤工作及對本集團之寶貴貢獻致以衷
35、心感謝。本人亦藉此感謝股東及業務夥伴對本集團長久的支持及信任。主席陳宏香港，二零一一年三月二十九日,中國網絡教育集團有限公司,二零一零年年報,6,MANAGEMENT DISCUSSION AND ANALYSISFINANCIAL REVIEWFor the year ended 31 December 2010,the Group recorded a turnover of approximately HK$38,575,000(2009:HK$23,253,000)representing an increase of approximately 66%compared to the
36、previous year.The increase in turnover wasmainly due to the contributed turnover of IIN Medical Group.Gross prot margin increased to approximately 49%for the yearended 31 December 2010 from approximately 21%for the year ended 31 December 2009.The increase in gross prot marginwas primarily due to the
37、 substantial increase in IIN Medical Groups turnover.Other income for the year under review increased from approximately HK$3,192,000 in 2009 to approximately HK$20,634,000.It was mainly attributable to the Companys gain on redemption of convertible notes during the year of approximatelyHK$19,537,00
38、0.Administrative expenses of the Group increased from approximately HK$43,290,000 in 2009 to approximately HK$45,517,000in 2010.Of these expenses,staff related costs have been decreased by approximately 81%from approximatelyHK$27,848,000 in 2009 to approximately HK$5,384,000 due to no payment in sha
39、re-based payment expenses(2009:approximately HK$18,851,000).Impairment loss on other receivables has been increased from approximately HK$1,176,000in 2009 to approximately HK$19,818,000 in 2010.Depreciation of property,plant and equipment has been increased byapproximately 33%to HK$2,147,000 in 2010
40、 from approximately HK$1,618,000 in 2009.Finance costs decreased from approximately HK$78,059,000 in 2009 to approximately HK$14,730,000 in 2010.Finance costsprimarily consist of accretion of interest on the liability portion of convertible loan notes of approximately HK$14,911,000(2009:HK$35,220,00
41、0)and fair value changes on the derivative portion of convertible loan notes of HK$181,000 gain(2009:loss ofHK$42,839,000).As a result,the consolidated loss for the year decreased from approximately HK$475,378,000 in 2009 to approximatelyHK$52,079,000 in 2010.Capital structure,liquidity and financia
42、l resourcesThe Group nanced its business operations mainly with cash revenue generated from operating activities and additional fundsraised by issuance of new shares.As at 31 December 2010,the Group had current assets of approximately HK$97,367,000(2009:HK$52,698,000),including bank balances and cas
43、h of approximately HK$33,717,000(2009:HK$37,218,000).Totalnon-current assets of the Group amounted to approximately HK$14,033,000(2009:HK$41,858,000),which comprisedgoodwill,other intangible assets,nancial derivatives in relation to the convertible notes,property,plant and equipment,prepaid land lea
44、se payments and available-for-sales nancial assets.Total assets of the Group amounted to approximatelyHK$111,400,000 as at 31 December 2010(2009:HK$94,556,000).As at 31 December 2010,the Group did not have any outstanding bank borrowing.Total current liabilities of the Groupamounted to approximately
45、 HK$113,847,000(2009:HK$25,413,000),which mainly comprised the amounts due to directors,convertible notes and the related nancial derivatives,tax payable and trade and other payables.Total non-current liabilitiesof the Group amounted to approximately HK$49,435,000(2009:HK$305,449,000),which comprise
46、d the convertible notes,nancial derivatives in relation to the convertible notes and other loan.Total liabilities of the Group amounted to approximatelyHK$163,282,000(2009:HK$330,862,000).As at 31 December 2010,the Group had net liabilities of HK$51,882,000(2009:net liabilities of HK$236,306,000).Ge
47、aring ratio of the Group,as expressed as the ratio of total liabilities to total assets,wasapproximately 1.5 as at 31 December 2010(2009:3.50).Share CapitalAs at 1 January 2010,the authorised share capital of the Company was HK$1,000,000,000 divided into 2,000,000,000 sharesof HK$0.50 each and the i
48、ssued share capital of the Company was approximately HK$236,282,000 divided into 472,563,895shares of HK$0.50 each.Pursuant to an ordinary resolution passed on 11 May 2010,the authorised share capital of the Company was increased toHK$5,000,000,000 divided into 10,000,000,000 shares by the creation
49、of additional 8,000,000,000 shares.,CHINA E-LEARNING GROUP LIMITED,Annual Report 2010,7,管理層論述及分析財務回顧截至二零一零年十二月三十一日止年度，本集團錄得營業額約38,575,000港元（二零零九年：23,253,000港元），較去年增加約66%。營業額增加主要是因為國訊醫藥集團之營業額貢獻所致。毛利率由截至二零零九年十二月三十一日止年度約21%升至截至二零一零年十二月三十一日止年度約49%。毛 利 率 上 升 主 要 是 因 為 國 訊 醫 藥 集 團 的 營 業 額 大 幅 增 加 所 致。回 顧
50、年 度 其 他 收 益 由 二 零 零 九 年 約3,192,000港 元 上 升 至 約20,634,000港 元，主 要 來 自 本 公 司 於 年 內 贖 回 可 換 股 票 據 之 收益約19,537,000港元。本集團之行政開支由二零零九年約43,290,000港元增至二零一零年之約45,517,000港元。該等開支中，僱員成本由二零零九年約27,848,000港元減少約81%至約5,384,000港元，此乃由於以股份支付開支減少（二零零九年：約18,851,000港元）所致。其 他 應 收 款 項 減 值 虧 損 由 二 零 零 九 年 約1,176,000港 元 增 至 二 零
