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]

Financial Performance - In 2021, the Group's revenue increased by 29.8% to approximately RMB 15,432,900,000 compared to RMB 11,886,900,000 in 2020[16] - Net profit attributable to shareholders increased by 16.0% to approximately RMB 887,800,000 compared to RMB 765,400,000 in 2020[16] - Gross profit reached RMB 1,811,800,000, representing a year-on-year increase of 11.2% with a gross profit margin of 11.7%[16] - The sales of construction aluminum profiles and industrial aluminum profiles accounted for 78.4% and 18.6% of the revenue, respectively[16] - Revenue from construction aluminium profiles rose by 30.6% to approximately RMB12,093.5 million, with sales volume increasing by 6.2% to 534,309 tonnes[50] - Revenue from industrial aluminium profiles increased by 23.7% to approximately RMB2,869.9 million, while sales volume remained stable at approximately 144,096 tonnes[53] - The Group's gross profit for the year was RMB1,811.8 million, reflecting an 11.2% increase, although the gross profit margin decreased to 11.7% from 13.7% due to rising raw material costs[49] - The Group's net profit attributable to shareholders increased by 16.0% year-on-year to RMB887.8 million[49] Dividends and Shareholder Returns - The Directors recommended a final dividend of HKD 0.80 per ordinary share for the year ended 31 December 2021, up from HKD 0.36 in 2020[16] - The final dividend proposed for the year ended December 31, 2021, is HKD 0.80 per ordinary share, an increase from HKD 0.36 in 2020[192] Market Position and Strategy - The Group continued to supply high-end aluminum profiles for major landmark projects, reinforcing its market position[15] - The Group's leading position as a premier brand of construction aluminum profiles in the PRC was further strengthened[15] - Despite challenges in the real estate sector, there remains significant demand for construction aluminum profiles in the PRC market[35] - The Group aims to double the annual consumption of aluminium for photovoltaic use by 2025, capitalizing on the growing demand in this sub-sector[37] - The Group plans to strengthen its domestic business while preparing for full expansion into overseas markets post-pandemic[45] - The Group's strategic focus includes enhancing sales outlets in under-developed regions, showing positive results in regional sales data[38] Operational Efficiency and Investments - The company plans to invest in new production bases to meet the growing demand for construction and industrial aluminum profiles[24] - Xingfa Aluminium aims to enhance operational efficiency through upgrades in intelligent production and digital management[25] - The production capacity for industrial aluminium profiles was enhanced with the official commencement of the precision manufacturing base in Foshan, Guangdong Province, which has nine production lines[43] - A new manufacturing base in Zhejiang is under construction, expected to begin trial production in the second half of 2023, with an anticipated annual output of 200,000 tonnes[58] - The Group plans to establish its first overseas manufacturing base in Australia, aiming to enhance its overseas business expansion[58] Employee and Management - As of December 31, 2021, the Group employed approximately 8,854 full-time employees in China and Hong Kong, with total employee remuneration expenses of approximately RMB 1,019.1 million, representing about 6.6% of the Group's revenue[125][127] - The Group's emolument policies are based on individual performance and are reviewed annually, including discretionary bonuses and employee share options[125][127] - The Group provides both in-house and external training programs as needed to enhance employee skills[125][127] - The Group's management team includes experienced professionals with extensive backgrounds in finance, marketing, and engineering[134][136] Financial Health and Ratios - Current ratio improved to 1.48 in 2021 from 1.30 in 2020, indicating better liquidity[83] - Gearing ratio increased to 15.4% in 2021 from 13.4% in 2020, primarily due to higher loans and borrowings[84] - Distribution costs decreased by 12.6% to approximately RMB 314.6 million, accounting for 2.0% of revenue in 2021[73] - Administrative expenses increased by 1.3% to approximately RMB 401.1 million, representing 2.6% of revenue[74] - Net cash generated from operating activities was RMB1,333.3 million in 2021, up from RMB973.4 million in 2020[121] Innovation and Technology - The company is committed to exploring new technologies and business models to enhance its value chain and corporate development[28] - The management team emphasizes the importance of technological advancements and innovation in product development to maintain competitive advantage[162] Challenges and Market Outlook - The Group's performance was positively impacted despite challenges in the real estate industry due to the COVID-19 pandemic[14] - The Group is optimistic about the recovery of the construction aluminium profile market post-adjustment, supported by the healthy development of the real estate industry in China[54]

Financial Performance - For the six months ended June 30, 2021, the company reported revenue of RMB 6,645,617 thousand, an increase of 47.0% compared to RMB 4,526,551 thousand for the same period in 2020[14] - The gross profit for the same period was RMB 756,659 thousand, representing a gross margin of approximately 11.4%, compared to RMB 576,257 thousand in 2020[14] - Operating profit increased to RMB 476,818 thousand, up 51.2% from RMB 315,296 thousand in the previous year[14] - The net profit attributable to equity shareholders for the period was RMB 388,520 thousand, a significant increase of 53.6% compared to RMB 252,761 thousand in 2020[15] - The total comprehensive income for the period was RMB 404,965 thousand, compared to RMB 305,532 thousand in the same period last year, reflecting a growth of 32.5%[16] - The profit before tax for the six months ended June 30, 2021, was RMB 443,198,000, an increase of 66% from RMB 267,058,000 in the same period of the previous year[37] - Basic earnings per share for the six months ended June 30, 2021, were RMB 0.928, compared to RMB 0.603 for the same period in 2020, representing a 54% increase[48] - Diluted earnings per share for the six months ended June 30, 2021, were RMB 0.925, up from RMB 0.603 in the same period of 2020, indicating a 53.5% increase[50] Revenue Breakdown - The revenue from industrial aluminum profiles was RMB 1,469,472,000, up 52% from RMB 968,494,000 in the previous year[32] - The revenue from architectural aluminum profiles reached RMB 4,949,735,000, representing a 43% increase from RMB 3,457,194,000 in the prior year[32] - Revenue from construction aluminum profiles increased by 43.2% to approximately RMB 4,949,700,000, with sales volume rising by 20.0% to about 234,348 tons[96] - Industrial aluminum profiles revenue surged by 51.7% to approximately RMB 1,469,500,000, with sales volume increasing by 26.2% to about 78,164 tons[98] Cash Flow and Liquidity - The net cash generated from operating activities for the six months ended June 30, 2021, was RMB 503,795,000, compared to RMB 208,082,000 for the same period in 2020, representing an increase of approximately 142.5%[27] - The total net cash increase for cash and cash equivalents for the six months ended June 30, 2021, was RMB 693,203,000, significantly up from RMB 15,725,000 in the same period of 2020[28] - The company reported cash and cash equivalents of RMB 1,197,399 thousand, up from RMB 509,639 thousand in the previous year[18] - The current ratio improved to 1.40 from 1.30, reflecting an increase in cash and cash equivalents due to more bank financing[111] - The group's cash and cash equivalents as of June 30, 2021, were approximately RMB 1,197,400,000, up from RMB 509,600,000 as of December 31, 2020[120] Assets and Liabilities - Current assets as of June 30, 2021, totaled RMB 6,950,561 thousand, an increase from RMB 5,692,350 thousand at the end of 2020[18] - Total liabilities increased to RMB 4,978,428 thousand, compared to RMB 4,387,097 thousand in 2020, indicating a rise in financial obligations[20] - The company's total non-current liabilities as of June 30, 2021, amounted to RMB 776,708,000, compared to RMB 318,868,000 as of December 31, 2020, indicating a substantial increase[21] - The company's total liabilities as of June 30, 2021, were RMB 1,206,000,000, which is a significant increase from the previous reporting period[21] - Total borrowings increased to RMB 3,437,927,000 as of June 30, 2021, from RMB 1,130,292,000 at the end of 2020, reflecting a substantial rise in leverage[67] Operational Efficiency and Costs - Employee costs for the six months ended June 30, 2021, amounted to RMB 449,858,000, an increase of 30.1% from RMB 345,860,000 for the same period in 2020[40] - Research and development costs for the six months ended June 30, 2021, were RMB 272,876,000, up 35.8% from RMB 200,898,000 in the prior year[41] - The cost of inventory for the six months ended June 30, 2021, was RMB 5,888,958,000, compared to RMB 3,950,294,000 for the same period in 2020, reflecting a 49.2% increase[41] - The distribution costs increased by 3.7% to approximately RMB 148,600,000, accounting for 2.2% of revenue, down from 3.2%[108] Strategic Plans and Future Outlook - The company plans to continue expanding its market presence and investing in new technologies to enhance operational efficiency[11] - Future guidance indicates a focus on increasing production capacity and exploring potential mergers and acquisitions to drive growth[11] - The company anticipates continued growth in revenue driven by increased demand in both industrial and architectural aluminum sectors[38] - The company plans to strategically reduce orders from smaller developers while focusing on long-term partnerships with leading real estate developers to mitigate operational risks[99] - The company is committed to enhancing production efficiency and risk resilience through digital upgrades in production management and aims to expand capacity[99] Corporate Governance and Compliance - The board held only one full board meeting in the first half of 2021, deviating from the corporate governance code which recommends at least four meetings annually[140] - The audit committee consists of three independent non-executive directors and one non-executive director, ensuring compliance with listing rules[142] - The audit committee is chaired by a member with professional qualifications in financial matters, enhancing oversight of financial reporting[142] - The company confirmed compliance with the standards of the code of conduct for securities transactions by directors during the first half of 2021[141] Dividends and Shareholder Returns - The company did not declare an interim dividend for the six months ended June 30, 2021, consistent with the previous year[71] - For the six months ended June 30, 2021, the company declared a dividend of HKD 0.36 per share, compared to HKD 0.28 per share for the same period in 2020, representing a 28.57% increase[72]

Financial Performance - In 2019, Xingfa Aluminium achieved a revenue of approximately RMB 11,280.8 million, a 13.7% increase from RMB 9,924.5 million in 2018[19]. - The sales volume rose by approximately 18.2% to 612,223 tonnes in 2019, compared to 517,982 tonnes in 2018[19]. - Net profit attributable to shareholders increased by 22.4% to approximately RMB 606.1 million in 2019, up from RMB 495.2 million in 2018[19]. - The gross profit for the year increased by 10.3% year-on-year to approximately RMB 1,489.8 million, with a gross profit margin of 13.2%[53]. - The Group's revenue increased by 13.7% year-on-year to approximately RMB 11,280.8 million, with sales volume rising by 18.2% to 612,223 tonnes[55]. - The profit attributable to shareholders increased by 22.4% year-on-year to approximately RMB 606.1 million in 2019, up from RMB 495.2 million in 2018[86]. - Distribution costs increased by 5.1% to approximately RMB 293.1 million, accounting for 2.6% of revenue in 2019[83]. - Administrative expenses rose by 19.4% to approximately RMB 430.3 million, representing 3.8% of revenue in 2019[84]. - Other income increased significantly by 92.9% to approximately RMB 106.0 million, mainly due to higher interest income on accounts receivables[80]. Market Expansion - Xingfa expanded its sales into three new overseas markets: Egypt, Chile, and Japan in 2019, following previous successes in several other countries[23]. - The Group expanded its overseas sales, successfully entering three new markets: Egypt, Chile, and Japan in 2019[26]. - The Group aims to expand its market presence in Southeast Asia, recognizing the region's population of 600 million and strong economic growth[66]. Strategic Focus and Development - The company aims to optimize its product mix and broaden its sales network while enhancing operational efficiency and financial management[25]. - Xingfa plans to achieve breakthroughs in industrial aluminum profiles development and extend its industrial chain[25]. - The Group's strategic focus includes optimizing product mix, expanding sales networks, and enhancing management efficiency[26]. - The Group's strategic focus includes promoting lightweight transportation aluminium profiles in response to market demand and environmental concerns[44][46]. - The Group plans to raise the proportion of revenue from industrial aluminium profiles and deep-processing products to 40% of total revenue within the next three to five years[65]. Operational Efficiency - The Group has implemented IT top-level design and digital factory projects in collaboration with Siemens to enhance production and management efficiency[26]. - The current ratio improved slightly to 1.19 in 2019, compared to 1.13 in 2018, due to increased cash balances[95]. - The gearing ratio decreased to 21.9% in 2019 from 26.0% in 2018, indicating improved financial stability[95]. - Inventory turnover days decreased from 51 days in 2018 to 42 days in 2019, indicating improved production efficiency and reduced inventory backlog[100][101]. - Debtors' turnover days remained stable at 88 days in 2019, compared to 85 days in 2018, reflecting consistent collection practices[105][107]. - Creditors' turnover days increased from 63 days in 2018 to 75 days in 2019, attributed to longer credit periods granted by suppliers due to improved negotiation power[112][113]. Environmental Initiatives - The Group invested over RMB 5 million in environmental protection initiatives, focusing on facility upgrades and hazardous waste treatment[52]. - Guangdong Xingfa Group has a strong focus on environmental protection and safety in its operations, led by Mr. Chen Wensi[175]. Management and Governance - The management team includes experienced executives, such as Mr. Liu Libin as Chairman and Mr. Liao Yuqing as CEO, overseeing sales and marketing strategies[138][140]. - The company has a strong management team with diverse backgrounds in finance, accounting, and business management, enhancing its operational capabilities[152]. - The board of directors includes members with extensive experience in various sectors, ensuring comprehensive oversight and strategic direction[153]. - The management team has a diverse background in engineering, finance, and international trade, contributing to the company's strategic direction[172][173][176]. Employee and Remuneration - As of December 31, 2019, the Group employed approximately 7,650 full-time employees, with total employee remuneration expenses amounting to approximately RMB 837.6 million, representing about 7.4% of the Group's revenue[134][137]. - The Group's emolument policies are based on individual performance and are reviewed annually, with additional benefits including discretionary bonuses and employee share options[134][137]. - The Group has a focus on training programs for employees, both in-house and external, to enhance skills and performance[134][137]. Dividend and Donations - The Group recommended a final dividend of HKD 0.28 per ordinary share for the year ended December 31, 2019, compared to HKD 0.20 in 2018[19]. - The Group made donations totaling RMB 380,000 during the year, down from RMB 590,000 in 2018[199].