CIE 興 發 錄 業 控 股 有 限 公 司 XINGFA ALUMINIUM HOLDINGS LIMITED (於開疊群島註冊成立之有限公司) (香港交易所股份代號: 98) 2024 中期報告 and manufacture in the 目 錄 公司資料 2 引言 4 簡明綜合財務報表審閱報告 5 未經審核綜合財務報表 • 簡明綜合損益表 7 • 簡明綜合損益及其他全面收益表 8 • 簡明綜合財務狀況表 9 • 簡明綜合權益變動表 11 • 簡明綜合現金流量表 12 • 簡明綜合財務報表附註 14 管理層討論及分析 27 其他資料 40 興發鋁業控股有限公司 / 2024年度中期報告 何君堯 公司資料 董事及董事委員會 薪酬委員會 何君堯（主席） 陳默 | --- | --- | --- | |--------|-------|-------| | | | | | | | | | | | | | | | | | | | | | 林英鴻 | | | | | | | | 廖玉慶 | | | | 王立 | | | 提名委員會 | --- | --- | |----------|-------| | | | ...

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公佈之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不就因本公佈全部或任何部分內容 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。 XINGFA ALUMINIUM HOLDINGS LIMITED 興 發 鋁 業 控 股 有 限 公 司 （於開曼群島註冊成立之有限公司） （股份代號：98） 截至二零二四年六月三十日止六個月中期業績公佈 | --- | --- | --- | |-------|-----------------------------------------------------------------------------------------------|-------| | | | | | | 財務摘要 | | | 1. | 營業額增加 6.7% 至約人民幣 8,349.8 百萬元（二三年上半年：人民幣 7,826.7 百萬元）。 | | | 2. | 銷量上升 3.1% 至約 362,049 噸（二三年上半年： 351,101 噸）。 | | | 3. | 本公司擁有人應佔溢利增加 45.2% 至約人 ...

Financial Performance - Revenue increased by 2.5% year-on-year to approximately RMB17,352.6 million (2022: RMB16,933.1 million)[15] - Sales volume increased by 6.6% year-on-year to 757,480 tonnes (2022: 710,534 tonnes)[15] - Gross profit increased by 12.1% year-on-year to approximately RMB1,990.2 million (2022: RMB1,774.7 million)[15] - Profit attributable to shareholders increased by 75.7% year-on-year to RMB804.2 million (2022: RMB457.8 million)[15] - Revenue increased by 2.5% year-on-year to approximately RMB 17,352,600,000, with sales volume growing by 6.6% to 757,480 tons, both reaching historical highs[16] - Gross profit rose by 12.1% to approximately RMB 1,990,200,000, and net profit attributable to shareholders surged by 75.7% to RMB 804,200,000[16] - Revenue increased by 2.5% to RMB 17,352.6 million, and sales volume increased by 6.6% to 757,480 tonnes in 2023[30] - Gross profit rose by 12.1% to RMB 1,990.2 million, with gross profit margin improving to 11.5% from 10.5% in 2022[30] - Profit attributable to owners surged by 75.7% to RMB 804.2 million in 2023[30] - Revenue increased by 2.5% year-on-year to RMB 17,352.6 million, with sales volume up 6.6% to 757,480 tonnes[40][41] - Gross profit rose 12.1% to RMB 1,990.2 million, with gross profit margin increasing by 1 percentage point to 11.5%[43][44] - Profit attributable to shareholders surged 75.7% to RMB 804.2 million, driven by reduced impairment losses and increased sales orders[55] Product and Revenue Breakdown - Construction aluminium profiles accounted for 81.4% of revenue, while industrial aluminium profiles accounted for 15.2%[15] - Construction aluminum profiles accounted for 81.4% of revenue, while industrial aluminum profiles contributed 15.2%[16] - Construction aluminium profiles revenue grew by 2.9% to RMB 14,121.8 million, with sales volume up 9.2% to 622,678 tonnes[31] - Industrial aluminium profiles revenue decreased by 2.9% to RMB 2,642.8 million, with sales volume down 5.1% to 126,171 tonnes[32] - Construction aluminium profiles sales volume grew 9.2% to 622,678 tonnes, while industrial aluminium profiles sales volume decreased 5.1% to 126,171 tonnes[40][41] - Construction aluminium profiles gross profit margin improved to 11.5%, while industrial aluminium profiles gross profit margin declined to 5.7%[45][46] Dividend and Shareholder Returns - The Board recommended a final dividend of HK$0.64 per share, with a distribution ratio of 30.3%[15] - The company proposed a final dividend of HKD 0.64 per share, with a payout ratio of 30.3%[16] - Final dividend recommended at HKD0.64 per ordinary share for the year ended 31 December 2023, compared to HKD0.37 in 2022[119] - The company has adopted a dividend policy, with a minimum final dividend of 30% of audited consolidated profit attributable to shareholders[158] Market and Industry Challenges - The Group faced challenges in winning new orders, maintaining profit margins, and collecting receivables due to the evolving real estate industry in the PRC[11] - The Group adopted a more prudent approach to overseas business expansion due to global trade frictions and export pressures[11] - China's GDP grew by 5.2% in 2023, but the real estate market faced challenges with a 8.5% decline in commercial housing sales area and a 6.5% drop in sales amount[22][24] Strategic Initiatives and Expansion - The Group received orders from industries such as photovoltaic and electric vehicles, diversifying its revenue streams[12] - The Group participated in landmark projects, including Xiamen New Airport and Shenzhen Tencent Global Headquarters, enhancing its market reputation[14] - The company's second-generation digital factory project in Zhejiang has entered the trial production stage, incorporating cloud computing, big data, and smart logistics[18] - Plants in Vietnam and Australia are expected to commence operations within the next two years, enhancing the company's strategic presence in Asia[18] - The Group plans to expand production capacity with the Zhejiang smart manufacturing plant expected to commence production in 2024[28] - The Australian joint venture project plant is completed, with trial production expected to start in 2024[28] - The Group aims to strengthen its presence in the photovoltaic and new energy vehicle sectors[37] - The ASEAN production base is under construction, further enhancing the company's production network[38] - The company plans to expand production capacity with new smart manufacturing facilities in Zhejiang, Australia, and ASEAN regions[39] - The company aims to strengthen its position in the photovoltaic and new energy vehicle sectors by developing high-toughness, lightweight aluminium products[39] Financial Ratios and Liquidity - Current ratio increased to 1.80 in 2023 from 1.56 in 2022, primarily due to a decrease in current liabilities[57][58] - Quick ratio improved to 1.52 in 2023 from 1.29 in 2022, driven by reduced trade and other payables[57][58] - Gearing ratio rose to 24.5% in 2023 from 20.7% in 2022, mainly due to increased loans and borrowings[60] - Inventory turnover days remained stable at 34 days in 2023 compared to 35 days in 2022, reflecting improved production planning[63] - Debtors' turnover days decreased to 90 days in 2023 from 98 days in 2022, as the company tightened credit terms[65] - Creditors' turnover days reduced to 79 days in 2023 from 92 days in 2022, due to strategic supplier negotiations[67] - Loans and borrowings increased to RMB 3,147.5 million in 2023 from RMB 2,499.0 million in 2022, with fixed-rate borrowings rising to RMB 1,146.6 million[67] - Banking facilities expanded to RMB 14,176.2 million in 2023 from RMB 12,004.0 million in 2022, with utilization at RMB 4,509.0 million[67] - Capital expenditure increased to RMB 980.9 million in 2023 from RMB 975.1 million in 2022, primarily for equipment and land use rights[68][69] - Net cash generated from operating activities in 2023 was RMB 1,466,607 thousand, a significant increase from RMB 790,767 thousand in 2022[72] - Cash and cash equivalents as of 31 December 2023 amounted to RMB 2,840.4 million, with 2.4% held in US dollars, 4.7% in HK dollars, and the remainder in RMB[73] - The group's liquidity is primarily funded through internally generated cash flows and bank borrowings, with additional equity financing or bank borrowings as needed[72] - The group maintains a policy of monitoring liquidity requirements and compliance with lending covenants to ensure sufficient cash reserves[70] - The group's treasury policies include managing currency risks due to transactions denominated in US dollars and HK dollars[70] Environmental and Social Responsibility - The company formulated the Xingfa Aluminium Protection System to govern production emissions and reduce environmental pollution[159] - The company strictly complied with relevant environmental laws and regulations in China and Hong Kong during the year ended 31 December 2023[161][162][163] - The company's environmental policy focuses on reducing pollution through technological advancements and clean production[161] - The Group made a donation of RMB100,000 for charitable or other purposes during the year, down from RMB102,000 in 2022[127] Corporate Governance and Leadership - Mr. Wang Li, aged 45, has been an executive Director and Chairman since 14 April 2022, with over 19 years of experience in investment banking, mergers and acquisitions, and operation management[82][83] - Mr. Liao Yuqing, aged 55, is the CEO and responsible for the Group's sales and marketing activities, with a background in military service and banking[84] - Mr. Law Yung Koon, aged 66, has been an executive Director since 28 April 2009, focusing on overseas market sales and marketing, with prior experience as the general manager of Hang Fat Aluminium Profiles Company Limited[84] - Mr. Wang Lei, aged 54, has been an executive Director since 4 August 2021, with extensive business management experience and a background in mechanical engineering and business administration[85][86] - Mr. Wang Zhihua, aged 53, has been an executive Director since 1 March 2008, with a background in statistics and experience in Guanglian Industrial Co., Ltd. and Huaxia Securities Co., Ltd.[86] - Mr. Luo Jianfeng has 31 years of experience in accounting and finance and is an executive director of China Lesso Group Holdings Limited (stock code: 2128)[88][89] - Mr. Zuo Manlun has 24 years of experience in the plastic pipe industry and is the CEO of China Lesso Group[90][92] - Ms. Xie Jingyun has extensive experience in strategic investment and capital operation and is currently the senior director and general manager of the capital investment center of Guangxin Holdings[91][92] - Mr. Chen Mo has been a practicing lawyer in China since 1993 and holds multiple legal qualifications, including the Certificate of Engaging in Securities Law Business[93] - Junius K.Y. Ho was admitted as a solicitor in Hong Kong in 1988 and later in Singapore, England, and Wales in 1995 and 1997 respectively[96] - Junius K.Y. Ho was appointed as a China-Appointed Attesting Officer in 2003 and admitted as a lawyer in the Guangdong-Hong Kong-Macao Greater Bay Area in 2022[96] - Junius K.Y. Ho serves as a Member of the 14th National Committee of the Chinese People's Political Consultative Conference since 2023[96] - Junius K.Y. Ho has been a Member of the Legislative Council of HKSAR since 2016[96] - Junius K.Y. Ho is a Representative of the non-governmental organization (IPLSA) granted Special Consultative Status by the United Nations Economic and Social Council since 2022[96] - Junius K.Y. Ho was awarded the Bronze Bauhinia Star from the Government of the Hong Kong Special Administrative Region in 2023[96] - Junius K.Y. Ho has been a Justice of the Peace of the Hong Kong Special Administrative Region since 2016[96] - Junius K.Y. Ho is an Accredited Speaker on National Security Education and Chairman of the Examination Board of the National Security Education since 2022[96] - Junius K.Y. Ho is the Founder and Chairman of International Probono Legal Services Association Limited (IPLSA) since 2018[97] - Junius K.Y. Ho serves as an Arbitrator of the China International Economic and Trade Arbitration Commission Hong Kong Arbitration Centre from 2021 to 2026[97] - Mr. Lam, Ying Hung Andy, aged 59, has over 30 years of experience in accounting, banking, and finance sectors and currently serves as the managing consultant of Lontreprise Consulting Limited[99] - Mr. Lam holds a master's degree in professional accounting from The Hong Kong Polytechnic University and is a fellow member of The Association of Chartered Certified Accountants and the Hong Kong Institute of Certified Public Accountants[99] - Mr. Lam is currently an independent non-executive director of Litu Holdings Limited (stock code: 1008), Synertone Communication Corporation (stock code: 1613), and Weiye Holdings Limited (stock code: 1570)[99] - Mr. Wen Xianjun, aged 61, has approximately 37 years of experience in the non-ferrous metals industry and holds a master's degree in metallic materials from Beijing Non-Ferrous Research Institute[101] - Mr. Wen served as the chairman of China Non-ferrous Metals Processing Industry Association from 2010 to 2017 and is currently an independent non-executive director of China Hongqiao Group Limited (stock code: 1378)[101] - Ms. Zheng Jianhua, aged 50, has been the chief financial officer of the Company since 30 September 2022 and holds a bachelor's degree in economics (majoring in accounting) from Sun Yat-Sen University[103] - Ms. Zheng has extensive experience in accounting, finance, and business management, having served in various roles within Guangxin Holdings, including as the general manager of the information management department since February 2020[103] - Ms. Zheng also served as a director in various companies invested by Guangxin Holdings, including Guangdong Foreign Trade Imp. & Exp. Co., Ltd. from June 2020 to June 2022[104] - Ms. Zheng Jianhua, aged 50, appointed as CFO of the company since September 30, 2022, with extensive experience in accounting, finance, and business management[105] - Mr. Lin Yan, aged 55, serves as deputy general manager of Guangdong Xingfa Group, with over 20 years of experience in international trade[106] - Mr. Liu Yuntang, aged 55, appointed as deputy general manager of Guangdong Xingfa Group, with a background in engineering and extensive experience in aluminum production[107][108] - Mr. Chen Wensi, aged 53, serves as deputy general manager of Guangdong Xingfa Group, with expertise in mechanical engineering and participation in national and provincial research projects[109][111] - Mr. Guan Dubiao, aged 53, serves as deputy general manager of Guangdong Xingfa Group, with a strong background in finance and accounting[110][111] - Mr. Wu Xi Kun, aged 52, appointed as deputy general manager of Guangdong Xingfa Group since May 12, 2020, with over 20 years of experience in aluminum production and quality control[112][113] Shareholder and Ownership Structure - The company had 420,649,134 ordinary shares issued as of 31 December 2023, with no new shares issued during the year[70] - GuangXin (Hong Kong) Investment Limited holds 132,382,000 ordinary shares, representing 31.47% of the company's total shares[177] - Lesso Group Holdings Limited holds 109,842,900 ordinary shares, representing 26.11% of the company's total shares[177] - Sure Keen Limited holds 48,200,100 ordinary shares, representing 11.46% of the company's total shares[178] - China Lesso Group Holdings Limited, a substantial shareholder, holds approximately 26.11% of the company's issued shares[180] - Guangdong Guangxin Holding Group Co., Ltd., the controlling shareholder, indirectly holds approximately 31.47% of the company's total issued shares[180] - The company's Chairman, Mr. WANG Li, and CEO, Mr. LIAO Yuqing, hold significant shares in the company, with Mr. LIAO Yuqing owning 48,200,100 shares, representing 11.46% of the company's total shares[171] - Mr. LAW Yung Koon, a Director, holds 19,432,000 shares, representing 4.62% of the company's total shares, with an additional 1,719,000 shares held by his spouse[171] - Mr. WANG Zhihua, a Director, holds 128,000 shares, representing 0.03% of the company's total shares[171] Connected Transactions and Agreements - Guangdong Xingfa Aluminium Co., Ltd. entered into a master supply agreement with Xingfa Curtain Wall for the supply of aluminium profiles from 1 January 2021 to 31 December 2023[182] - The annual cap for the Xingfa Curtain Wall Agreement transactions in 2023 was RMB 165.0 million, with actual sales transactions amounting to approximately RMB 63.7 million[185][188] - The annual cap for the 2023 Lesso Master Supply Agreement transactions was RMB 300.0 million, with actual purchase and sales transactions totaling approximately RMB 202.7 million[193][195] - The annual cap for the 2023 Guangdong Foreign Trading Group Master Supply Agreement from October 16 to December 31, 2023, was RMB 30.0 million, with actual sales transactions amounting to approximately RMB 8.7 million[200] - The company monitors the average price of aluminum ingots daily from the Guangdong Nanhai Nonferrous Metals Market and/or Shanghai Nonferrous Metals Market to ensure fair pricing in transactions[186][189][196][197] - The company compares the prices and terms of aluminum profiles supplied to Xingfa Curtain Wall and China Lesso Group with those offered to independent customers to ensure no preferential treatment[187][196][197] - Monthly financial reports detailing all connected transactions, including those under the Xingfa Curtain Wall Agreement and the 2023 Lesso Master Supply Agreement, are submitted to the Board[190][196][197] Operational and Financial Details - The company's second-generation digital factory project in Zhejiang has entered the trial production stage, incorporating cloud computing, big data, and smart logistics[18] - Plants in Vietnam and Australia are expected to commence operations within the next two years, enhancing the company's strategic presence in Asia[18] - The Group plans to expand production capacity with the Zhejiang smart manufacturing plant expected to commence production in 2024[28] - The Australian joint venture project plant is completed, with trial production expected to start in 2024[28] - The Group aims to strengthen its presence in the photovoltaic and new energy vehicle sectors[37] - The ASEAN production base is under construction, further enhancing the company's production network[38] - The company plans to expand production capacity with new smart manufacturing facilities in Zhejiang, Australia, and ASEAN regions[39] - The company aims to strengthen its position in the photovoltaic and new energy vehicle sectors by developing high-toughness, lightweight aluminium products[39] - The company's reserves available for distribution amounted to RMB639,723,000 as of 31 December 2023, an increase from RMB585,605,000 in 2022[144] - Sales to the Group's five largest customers accounted for 12.4% of the Group's revenue, with the largest customer contributing 5.6% of the revenue for the year ended

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公佈之內 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 就因本公佈全部或任何部分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。 XINGFA ALUMINIUM HOLDINGS LIMITED 興發鋁業控股有限公司 （於 開 曼 群 島 註 冊 成 立 之 有 限 公 司） （股 份 代 號：98） 截至二零二三年十二月三十一日止年度 末期業績公佈 | --- | --- | --- | |-------|-----------------------------------------------------------------------------------|----------------------------------------------------------| | | | | | | 財務摘要 | | | 1. | 營業額增加 2.5% 至約人民幣 17,352,600,000 16,933,100,000 元）。 | 元（二 零 ...

dlib 興 發 銘 業 控 股 有 限 公 司 XlNGFA ALUMlNlUM HOLDlNGS LlMlTED (於関曼群島註冊成立之有限公司) (香港交易所股份代號: 98) 0 2023 目 錄 公司資料 2 引言 4 未經審核綜合財務報表 獨立審閱報告 33 管理層討論及分析 35 公司资料 • 綜合損益及其他全面收益表 6 其他资料 2 引言 • 綜合損益表 5 • 綜合財務狀況表 7 • 綜合權益變動表 9 • 簡明綜合現金流量表 10 • 未經審核中期財務報告附註 12 其他資料 47 35 47 興發鋁業控股有限公司 / 2023 年度中期報告 王立(主席) 廖玉慶(行政總裁) 王磊 羅用冠 王志菲 躍建峰 非執行董事 左滿倫 謝景要 獨立非執行董事 陳默 何君笑 林英鴻 文獻軍 林英鴻(主席) 陳默 何君笑 謝景 要 公司資料 董事及董事委員會 董事 執行董事 薪酬委員會 何君樊(主席) 陕默 林英鴻 度玉慶 王立 提名委員會 王立(主席) 陳默 何君矣 林英鴻 左滿倫 公司秘書 彭章豪 授權代表 王立 慶玉慶 王志華(廖玉慶之替任代表) 註冊辦事處 Cricket Square Hut ...

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公佈之內 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 就因本公佈全部或任何部分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。 XINGFA ALUMINIUM HOLDINGS LIMITED 興發鋁業控股有限公司 （於 開 曼 群 島 註 冊 成 立 之 有 限 公 司） （股 份 代 號：98） 截至二零二三年六月三十日止六個月中期業績公佈 | --- | --- | |-------|--------------------------------------------------------------------------------------------------------| | | | | | 財務摘要 | | 1. | 營業額減少 0.4% 至約人民幣 7,826.7 百萬元（二二年上半年：人民幣 7,855.0 百 萬 元）。 | | 2. | 銷量上升 10.5% 至 約 351,101 噸（二 二 年 上 半 年： 317,78 ...

S 興 發 銘 業 控 股 有 限 公 司 XlNGFA ALUMlNlUM HOLDlNGS LlMlTED (Incorporated in the Cayman Islands with limited liability) (於開曼群島註冊成立之有限公司) (HKEX stock code: 98) (香港交易所股份代號: 98) b == JAL REPOR Al 生報 XINGFA ALUMINIUM HOLDINGS LIMITED 興發鋁業控股有限公司 Annual Report 2022 年報 ITENT 2 Corporate Information 公司資料 6 Chairman's Statement 主席報告 10 Management Discussion and Analysis 管理層討論及分析 24 Directors and Senior Management 董事及高級管理人員 38 Report of the Directors 董事會報告 72 Corporate Governance Report 企業管治報告 Environmental, Social and G ...

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公佈之內 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 就因本公佈全部或任何部分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。 XINGFA ALUMINIUM HOLDINGS LIMITED 興發鋁業控股有限公司 （於 開 曼 群 島 註 冊 成 立 之 有 限 公 司） （股 份 代 號：98） 截至二零二二年十二月三十一日止年度 末期業績公佈 | --- | --- | --- | |-------|-----------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------| | | | | | | 財務摘要 | | | 1. | 營業額增加 9.7% 至約人民 ...