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） 截至二零二四年十二月三十一日止年度 末期業績公佈 財務摘要 — 1 — 1. 營業額增加8.7%至約人民幣18,854.6百萬元（二零二三年：人民幣17,352.6百萬元）。 2. 銷量上升6.8%至809,312噸（二零二三年：757,480噸）。 3. 毛利減少11.4%至約人民幣1,763.7百萬元（二零二三年：人民幣1,990.2百萬元）。 4. 股東應佔本年度溢利增加2.7%至約人民幣826.0百萬元（二零二三年：人民幣804.2百 萬元）。 5. 每股盈利為人民幣1.96元（二零二三年：人民幣1.91元）。 6. 董事會建議派發截至二零二四年十二月三十一日止年度之末期股息每股普通股0.64 港元（二零二三年：0.64港元）。 業績 興 ...

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

Financial Performance - Revenue increased by 2.5% to approximately RMB 17,352,600,000 compared to RMB 16,933,100,000 in the previous year[2] - Sales volume rose by 6.6% to 757,480 tons from 710,534 tons in the previous year[2] - Gross profit increased by 12.1% to approximately RMB 1,990,200,000 compared to RMB 1,774,700,000 in the previous year[2] - Profit attributable to shareholders increased by 75.7% to approximately RMB 804,200,000 from RMB 457,800,000 in the previous year[2] - Earnings per share were RMB 1.91, up from RMB 1.09 in the previous year[2] - Operating profit rose to RMB 1,056,298,000 from RMB 655,774,000 in the previous year[4] - Total comprehensive income for the year was RMB 811,414,000, compared to RMB 394,216,000 in the previous year[6] - The gross profit for the year was RMB 1,990,200,000, representing a year-on-year increase of 12.1%, with the gross profit margin rising to 11.5% from 10.5%[59] - The profit before tax for the year was RMB 916,323,000, compared to RMB 511,884,000 in the previous year, showing a substantial increase of approximately 79%[22] Dividends and Shareholder Returns - The board proposed a final dividend of HKD 0.64 per share, compared to HKD 0.37 per share in the previous year[2] - The proposed final dividend per ordinary share for 2023 is HKD 0.64, up from HKD 0.37 in 2022, totaling RMB 243,968,000[37] - The company paid dividends of RMB 141,047 thousand in 2023, compared to RMB 285,419 thousand in 2022, showing a reduction in dividend payouts[10] Cash Flow and Liquidity - Operating cash flow for 2023 was RMB 1,466,607 thousand, a significant increase from RMB 790,767 thousand in 2022, representing an 85.3% growth[10] - The total cash and cash equivalents at the end of 2023 reached RMB 2,840,415 thousand, up from RMB 1,849,773 thousand at the end of 2022, marking a 53.7% increase[10] - The current ratio improved to 1.80 from 1.56, and the quick ratio increased to 1.52 from 1.29, indicating better liquidity[75] Assets and Liabilities - Non-current assets increased to RMB 4,239,211,000 from RMB 3,640,771,000 in the previous year[8] - Net assets attributable to equity shareholders increased to RMB 5,318,308,000 from RMB 4,651,871,000 in the previous year[9] - The total liabilities measured at amortized cost decreased to RMB 3,784,158,000 in 2023 from RMB 4,375,022,000 in 2022, a reduction of 13.5%[50] - The company reported a decrease in the value of notes payable to RMB 1,853,247,000 in 2023 from RMB 2,638,202,000 in 2022, a decline of 29.7%[50] Revenue Breakdown - The revenue from aluminum profiles sales was RMB 16,764,600 thousand, compared to RMB 16,450,403 thousand in the previous year, indicating a growth of about 1.9%[17] - The revenue from aluminum plates, alloys, molds, and components increased to RMB 585,582 thousand from RMB 472,824 thousand, reflecting a significant growth of approximately 23.8%[17] - Sales of building aluminum profiles increased by 2.9% to approximately RMB 14,121,800,000, with sales volume up by 9.2% to about 622,678 tons[60] - Industrial aluminum profile revenue decreased by 2.9% to approximately RMB 2,642,800,000, with sales volume down by 5.1% to about 126,171 tons[61] Cost and Expenses - Employee costs totaled RMB 1,097,199 thousand in 2023, a marginal increase from RMB 1,092,542 thousand in 2022[26] - Distribution costs rose by 29.7% to approximately RMB 374,100,000, accounting for 2.2% of revenue, up from 1.7%[70] - Administrative expenses increased by 7.0% to approximately RMB 439,300,000, representing 2.5% of revenue, compared to 2.4% in the previous year[71] Market and Strategic Outlook - The company is focused on expanding its market presence in the aluminum manufacturing and sales sector, which is its primary business[15] - The group plans to enhance production capacity and expand overseas, with a digital and automated production base in Zhejiang Province expected to start production in 2024[57] - The group aims to strengthen cooperation with state-owned enterprises and real estate companies with healthy cash flows, while exploring public construction project opportunities[63] - The group is focusing on the photovoltaic sector and new energy vehicles, aiming to develop high-strength, lightweight aluminum products to capture market opportunities[63] - The group anticipates a cautious yet optimistic outlook for the aluminum profile industry in 2024, despite challenges in the real estate sector[62] Compliance and Governance - The audit committee has reviewed the consolidated financial statements for the year ended December 31, 2023, ensuring compliance with financial reporting procedures[99] - The group's auditor, KPMG, confirmed that the financial data disclosed in the preliminary announcement is consistent with the audited financial statements[100] - The company has adhered to all corporate governance codes as of December 31, 2023[95]

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 ...

Revenue and Profitability - Revenue decreased by 0.4% to approximately RMB 7,826.7 million compared to RMB 7,855.0 million in the first half of 2022[2] - Profit attributable to shareholders decreased by 15.3% to approximately RMB 260.6 million, down from RMB 307.6 million in the first half of 2022[2] - Earnings per share were RMB 0.62, compared to RMB 0.73 in the first half of 2022[2] - Total comprehensive income for the period was RMB 261.1 million, compared to RMB 281.2 million in the previous year[6] - The group reported a gross profit of RMB 866,854 thousand for the six months ended June 30, 2023, compared to RMB 781,286 thousand in 2022, marking an increase of about 10.95%[23] - The pre-tax profit for the six months ended June 30, 2023, was RMB 268,692 thousand, down from RMB 340,235 thousand in the same period of 2022, representing a decrease of approximately 21.05%[24] - Profit attributable to shareholders decreased by 15.3% to approximately RMB 260.6 million, with a net profit margin of 3.3%, down from 3.9% in the first half of 2022[66] Sales and Volume - Sales volume increased by 10.5% to approximately 351,101 tons, up from 317,780 tons in the first half of 2022[2] - Revenue from the construction aluminum section increased to RMB 6,396,885 thousand from RMB 6,193,091 thousand, reflecting a growth of approximately 3.28%[22] - Revenue from industrial aluminum profiles decreased by 14.8% to approximately RMB 1,245.7 million, with sales volume declining by 4.3% to approximately 62,650 tons[56] - The revenue from building aluminum profiles increased by 3.3% to approximately RMB 6,396.9 million, with sales volume rising by 16.4% to approximately 284,850 tons[55] Cash Flow and Investments - Operating cash flow for the six months ended June 30, 2023, was RMB 196,692 thousand, a decrease of 17.7% from RMB 239,134 thousand in the same period of 2022[11] - Net cash used in investing activities was RMB (478,998) thousand, compared to RMB (592,802) thousand in the prior year, indicating a 19.2% improvement[11] - Net cash generated from financing activities increased significantly to RMB 1,222,242 thousand, up 91% from RMB 640,358 thousand in the previous year[11] - The net increase in cash and cash equivalents for the period was RMB 939,936 thousand, compared to RMB 286,690 thousand in the same period last year, reflecting a substantial growth[11] - Cash and cash equivalents at the beginning of the year were RMB 1,849,773 thousand, rising to RMB 2,793,247 thousand by June 30, 2023[11] Assets and Liabilities - Non-current assets increased to RMB 3,288.1 million from RMB 3,044.9 million year-on-year[8] - Total equity attributable to shareholders increased to RMB 4,771.6 million from RMB 4,651.9 million year-on-year[10] - Trade receivables, net of impairment, amounted to RMB 3,931,166,000 as of June 30, 2023, down from RMB 4,591,932,000 at the end of 2022, representing a decline of about 14.4%[42] - The impairment provision for trade receivables increased to RMB 986,050,000 as of June 30, 2023, compared to RMB 776,561,000 at the end of 2022, indicating a rise of approximately 26.9%[43] - The total value of trade payables and other payables as of June 30, 2023, is yet to be disclosed in the provided content, but it is essential for assessing liquidity[46] Expenses and Costs - Total employee compensation expenses for the six months ended June 30, 2023, amounted to RMB 481,695,000, an increase from RMB 458,181,000 in the same period of 2022, representing a growth of approximately 5.3%[25] - Research and development costs for the six months ended June 30, 2023, were RMB 371,676,000, slightly down from RMB 379,610,000 in the same period of 2022, indicating a decrease of about 2.5%[26] - Distribution costs rose by 26.2% to approximately RMB 152.8 million in the first half of 2023, accounting for 2.0% of revenue compared to 1.5% in the same period of 2022[64] - Administrative expenses increased by 10.9% to RMB 210.4 million, representing 2.7% of revenue, up from 2.4% in the previous year[65] Dividends and Shareholder Returns - The board of directors did not recommend any interim dividend for the first half of 2023, consistent with the first half of 2022[2] - The company did not recommend the payment of an interim dividend for the six months ended June 30, 2023, compared to a dividend of RMB 0.80 per share in the same period of 2022[32] Accounting and Compliance - The company did not adopt any new standards or interpretations that would significantly impact the financial reporting for the current or prior periods[14] - The company expects to reflect changes in accounting policies in the annual financial statements for the year ending December 31, 2023[12] - The group has begun implementing changes to its accounting policies in accordance with new guidelines from the Hong Kong Institute of Certified Public Accountants, with a retrospective application expected in the annual financial statements for the year ending December 31, 2023[16] Market and Strategic Developments - The company aims to enhance its market share in the construction aluminum materials sector while actively exploring opportunities in large-scale public construction projects[51] - The company is focusing on developing industrial aluminum materials, including applications in photovoltaic fields and new energy vehicles[52] - The group remains optimistic about the medium to long-term development of the aluminum profile industry despite short-term pressures[58] - The group is actively expanding its sales and production network both domestically and overseas to enhance operational flexibility[57] Other Income and Financial Metrics - Other income decreased by 37.4% year-on-year to approximately RMB 40.4 million in the first half of 2023, primarily due to increased losses from the sale of properties and a decline in interest income[63] - The income tax expense for the six months ended June 30, 2023, was RMB 40,329,000, a decrease from RMB 43,530,000 in the same period of 2022, indicating a reduction of approximately 9.1%[28] - The company benefited from a tax reduction of RMB 46,284,000 due to approved additional deductions for research and development expenses for the six months ended June 30, 2023[31]

Financial Performance - In 2022, Xingfa Aluminium achieved record revenue and sales volume despite a challenging external environment, including geopolitical tensions and fluctuations in raw material prices[9]. - In 2022, the revenue of Xingfa Aluminium increased by 9.7% year-on-year to approximately RMB 16,933,100,000, setting a record high[12]. - The sales volume rose by approximately 3.7% year-on-year to a record high of 710,534 tonnes, with construction aluminium profiles and industrial aluminium profiles accounting for 81.1% and 16.1% of the revenue, respectively[12]. - Gross profit for the year was approximately RMB 1,774,700,000, reflecting a year-on-year decrease of 2.0% due to pandemic impacts and increased market competition[12]. - Profit attributable to owners of the Company was approximately RMB 457.8 million, a decrease of 48.4% year-on-year[27]. - The Group's gross profit for the year was approximately RMB 1,774.7 million, representing a decrease of 2.0% year-on-year, with a gross profit margin of 10.5%[27]. - The impairment loss on trade and other receivables increased significantly by RMB472.6 million to RMB552.1 million, primarily due to credit-impaired trade receivables[43][45]. - Finance costs rose by 37.4% to approximately RMB138.9 million, attributed to an increase in loans and borrowings during the year[46]. Market Conditions - The real estate industry remained sluggish, impacting market demand for aluminium profiles, yet the company responded with innovation and stable production orders[9]. - The construction aluminium profile market was negatively impacted by the downturn in the real estate sector, leading to a downward trend in processing fees[19]. - In 2022, the sales area of commercial housing in China was 1.36 billion square meters, a decrease of 24.3% year-on-year, with sales amounting to RMB 13.3 trillion, down 26.7% compared to the previous year[19]. - The Group remains cautiously optimistic about the aluminium profile processing industry, anticipating a recovery in the real estate sector which will drive demand for aluminium profile products[30]. Strategic Initiatives - Xingfa Aluminium is focusing on dual-engine development with construction and industrial profiles to establish a healthier revenue portfolio[15]. - Future strategies include promoting intelligent manufacturing and digital transformation to enhance production efficiency and reduce costs[13]. - The company aims to leverage recent favorable policies for the real estate sector to support its recovery and growth[17]. - The Group plans to establish a new production base in an ASEAN member state to enhance operational efficiency and business synergy with the Australian joint venture project expected to commence production in 2023[32]. - The Group is actively expanding its overseas presence to better understand customer needs and improve delivery speed, aiming to become an international aluminium profile manufacturer and distributor[32]. Operational Developments - The Foshan Sanshui Precision Manufacturing Base was fully operational in 2022, significantly improving production efficiency and receiving a subsidy of RMB 15 million[24]. - A new factory project in Huzhou City, Zhejiang Province, has commenced, aiming to enhance digitalization and automation, expected to start production in 2023[24]. - The Group is expanding its retail market presence by supplying aluminium profiles to door and window manufacturers and decoration companies, enhancing brand influence[22]. - The Group's operational challenges included disruptions in the supply chain and production efficiency due to pandemic-related restrictions and high summer temperatures[19]. Human Resources and Management - Employee remuneration expenses for the group totaled approximately RMB 1,092.5 million, representing about 6.5% of the group's revenue[73]. - The group employed approximately 9,366 full-time employees in the PRC and Hong Kong as of December 31, 2022[73]. - The management team collectively holds advanced degrees, including EMBA and engineering qualifications, enhancing their strategic decision-making capabilities[107][109]. - The company emphasizes the importance of innovation and strategic management, with Ms. Zheng previously leading the innovation and strategic management department[105]. Corporate Governance - The company has a diverse board with members experienced in law, investment, and business management, enhancing its strategic decision-making capabilities[89]. - All independent non-executive directors have confirmed their independence as per the listing rules[158]. - The company has maintained compliance with the relevant regulations regarding substantial shareholders and their interests[167]. Shareholder Information - As of December 31, 2022, Liao Yuqing holds 48,200,100 shares, representing an 11.46% interest in the company[163]. - GuangXin (Hong Kong) Investment Limited is a substantial shareholder with 132,382,000 shares, accounting for 31.47% of the company[168]. - The Group's final dividend for the year ended December 31, 2022, is recommended at HKD0.37 per ordinary share, down from HKD0.80 in 2021[115]. Environmental and Compliance - The Group is committed to environmental protection and has developed the Xingfa Aluminium Protection System to govern production emissions and reduce pollution[151]. - The Group has complied with relevant environmental laws and regulations in both the PRC and Hong Kong[151]. - The Group recognizes the importance of compliance with regulatory requirements to avoid adverse impacts on business operations and financial position[153].

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 ...

Revenue and Profitability - Revenue for the six months ended June 30, 2022, was RMB 7,854,963 thousand, an increase of 18.1% compared to RMB 6,645,617 thousand for the same period in 2021[9] - Total revenue for the group was RMB 7,854,963,000, reflecting a year-over-year increase of 18.1% from RMB 6,645,617,000[30] - The company reported a net profit attributable to shareholders decreased by 20.8% to approximately RMB 307.6 million, with a net profit margin dropping to 3.9% from 5.8% in the previous year[98] - Profit for the period was RMB 308,490 thousand, a decrease of 20.4% from RMB 387,397 thousand in the previous year[10] - Basic and diluted earnings per share for the period were RMB 0.73, down from RMB 0.93 in the previous year[9] Gross Profit and Margins - Gross profit for the same period was RMB 781,286 thousand, up 3.2% from RMB 756,659 thousand year-on-year[9] - The overall gross profit for the first half of 2022 increased by 3.3% to approximately RMB 781.3 million, with a gross margin decreasing to 9.9% from 11.4% in the previous year[94] - Gross profit for the construction aluminum profiles segment was RMB 651,023,000, up from RMB 574,020,000, indicating a growth of 13.4%[33] Assets and Liabilities - Non-current assets amounted to RMB 3,416,823 thousand as of June 30, 2022, compared to RMB 3,126,054 thousand at the end of 2021[12] - Total liabilities increased to RMB 1,719,422 thousand from RMB 492,617 thousand year-over-year, representing a significant rise of 248%[15] - The company reported a net asset value of RMB 4,478,224 thousand, slightly down from RMB 4,479,400 thousand year-over-year, indicating a marginal decrease of 0.03%[16] - The company’s total assets less current liabilities stood at RMB 5,566,675 thousand, down from RMB 5,799,103 thousand, a decrease of 4%[15] Cash Flow and Financing - Net cash generated from operating activities decreased to RMB 239,134 thousand compared to RMB 503,795 thousand in the previous year, a decline of 52.7%[20] - Financing activities generated a net cash inflow of RMB 640,358 thousand, up from RMB 489,310 thousand, marking an increase of 30.8%[22] - Cash used in investment activities amounted to RMB (592,802) thousand, compared to RMB (297,945) thousand in the previous year, reflecting an increase of 99%[19] - The company’s cash flow from operating activities was impacted by income tax payments of RMB 88,089 thousand, compared to RMB 70,899 thousand last year, an increase of 24%[20] Inventory and Receivables - The company reported a significant increase in inventory and other contract costs, reaching RMB 1,748,695 thousand, up from RMB 1,481,803 thousand[14] - The total inventory as of June 30, 2022, was RMB 7,073,677,000, compared to RMB 5,888,958,000 as of June 30, 2021, marking an increase of 20.2%[53] - The impairment provision for trade receivables increased to RMB 348,158,000 as of June 30, 2022, from RMB 223,611,000 as of December 31, 2021, representing a significant rise of 55.7%[56] Employee and R&D Expenses - Employee costs rose to RMB 505,642,000, up from RMB 449,858,000, driven by increased salaries and benefits[37] - Research and development expenses amounted to RMB 379,610,000, compared to RMB 272,876,000 in the previous year, highlighting a focus on innovation[39] Market and Product Development - The company plans to continue expanding its market presence and investing in new technologies to enhance operational efficiency and product offerings[7] - The company plans to start construction of a new manufacturing base in Zhejiang in the second half of 2022, aiming for full production in 2023[86] - The company is investing $10 million in R&D for new technologies aimed at improving production efficiency[131] Customer and Sales Performance - The customer base is diversified, with no individual customer accounting for more than 10% of total revenue for the six months ended June 30, 2022[31] - Sales volume reached 317,780 tons, a slight increase of 0.8% from 315,357 tons in the first half of 2021[86] - The company achieved overseas sales of RMB 895 million, accounting for approximately 1.1% of total sales[87] Corporate Governance and Compliance - The board confirmed compliance with the corporate governance code throughout the first half of 2022[128] - The audit committee, consisting of three independent non-executive directors, reviewed the group's financial results for the first half of 2022[130] Future Outlook - The company provided a future outlook with a revenue guidance of $600 million for Q3 2023, representing a 20% increase compared to Q2 2023[131] - New product launches are expected to contribute an additional $50 million in revenue by the end of the fiscal year[131] - Market expansion plans include entering two new countries, projected to increase market share by 5%[131]