云锋金融年报2023

This annual report, in both English and Chinese versions, is available on the Company’s website atwww.yff.com (the “Company Website”). Shareholderswho have chosen or have been deemed consented to receive the corporatecommunications of the Company (the“Corporate Communications”) via the Company Websiteand who for any reason have difficulty in receiving or gaining access to the annual report posted onthe Company Website will promptly upon request be sent the annual report in printed form free ofcharge. Shareholders may at any time change their choice of the means of receipt (either in printed form orvia the Company Website) of Corporate Communications. Shareholders may send their request to receive the annual report in printed form, and/or to changetheir choice of the means of receipt of Corporate Communications by notice in writing to the shareregistrar of the Company, Computershare Hong Kong Investor Services Limited at 17M Floor,Hopewell Centre, 183 Queen’s Road East, Wanchai, Hong Kong or by sending an email to the shareregistrar of the Company at yunfeng.ecom@computershare.com.hk. 本年度報告的中、英文本已登載於本公司網站www.yff.com（「本公司網站」）。 已選擇或被視為同意透過本公司網站收取本公司的公司通訊（「公司通訊」）的股東，如因任何理由在收取或下載於本公司網站登載的年度報告有任何困難，只要提出要求，均可立刻獲免費發送本年度報告的印刷本。 股東可以書面通知本公司的股份過戶登記處，香港中央證券登記有限公司，地址為香港灣仔皇后大道東183號合和中心17M樓，或以電郵致本公司的股份過戶登記處（電郵地址為yunfeng.ecom@computershare.com.hk）提出收取本年度報告印刷本的要求，及╱或更改收取公司通訊的方式。 Pages Corporate Information2Management Discussion and Analysis4Independent Actuaries Report on Review of Embedded Value Information29Embedded Value31Biographical Details of Directors and Senior Management40Corporate Governance Report45Report of the Directors64Environmental, Social and Governance Report88Independent Auditor’s Report123Consolidated Statement of Profit or Loss135Consolidated Statement of Profit or Loss and Other Comprehensive Income137Consolidated Statement of Financial Position139Consolidated Statement of Changes in Equity141Consolidated Statement of Cash Flows143Notes to the Financial Statements145Five Year Financial Summary385Definitions387 Corporate Information BOARD OF DIRECTORS ChairmanMr. Yu Feng(Non-Executive Director) Executive Directors Mr. Fang Lin(Chief Executive Officer)Mr. Huang Xin Non-Executive Directors Mr. Michael James O’ConnorMs. Hai Olivia Ou Michael James O’Connor Independent Non-Executive Directors Mr. Qi DaqingMr. Chu Chung Yue, HowardMr. Xiao Feng AUDIT COMMITTEE Mr. Chu Chung Yue, Howard(Chairman)Mr. Qi DaqingMr. Xiao Feng REMUNERATION COMMITTEE Mr. Qi Daqing(Chairman)Mr. Huang XinMr. Chu Chung Yue, HowardMr. Xiao Feng NOMINATION COMMITTEE Mr. Yu Feng(Chairman)Mr. Qi DaqingMr. Chu Chung Yue, Howard AUTHORISED REPRESENTATIVES Mr. Fang LinMr. Chan Man Ko Corporate Information COMPANY SECRETARY Mr. Chan Man Ko AUDITOR KPMGCertified Public AccountantsPublic Interest Entity Auditor registered in accordancewith the Accounting and Financial Reporting CouncilOrdinance BANKERS Bank of CommunicationsChina Construction Bank (Asia)Bank of China (Hong Kong)China Minsheng Banking Corporation LimitedThe Hongkong and Shanghai Banking CorporationLimited REGISTERED AND PRINCIPAL OFFICE Rooms 1803-180618th Floor, YF Life Centre38 Gloucester Road, WanchaiHong Kong 38181803-1806 SHARE REGISTRAR 183171712-1716 Computershare Hong Kong Investor Services LimitedShops 1712-1716,17th Floor, Hopewell Centre,183 Queen’s Road East,Wanchai, Hong Kong WEBSITE www.yff.com www.yff.com STOCK CODE 376 376 Management Discussion and Analysis OVERVIEW During the Year, the high interest rate environmentseverely dampened the overall investment climate inHong Kong’s capital market. In view of the challengesand opportunities during the economic recovery, theGroup implemented its business plan in an effectivemanner,while actively seeking suitable businessopportunityunder the current market conditionst oe x p a n d s o u r c e o f r e v e n u e a n d e n h a n c e t h eShareholders’ value. TheGroup’s main sources of revenue include lifei n s u r a n c ep r e m i u m i n c o m e a n d o t h e r f i n a n c i a lbusinesses including subscription fees and managementfees for products launched by the Group, platform feesfor distribution of third-parties products, administrationfee for employees stock ownership plan managementservices and brokerage commission income etc. Thereis no material change in the Group’s core businessactivities compared to that of year 2022. 171726.2524.477%7.136.646.433.97 For the Year, the Group adopted the new accountingstandard HKFRS 17Insurance Contracts to presentconsolidated financial statements in accordance withthe related requirements with Prior Period comparativesrestated. The adoption of HKFRS 17 is an accountingchange with no impact on the underlying economics ofour business. With the accounting change for the Year,the Group’s insurance revenue amounted to HK$2,625million, representing an increase of 7% compared tothat of HK$2,447 million for year 2022. The Group’sconsolid