Financial Performance - Revenue from continuing operations increased by 32.0% to HK$2,694,810,000 in 2021 from HK$2,041,553,000 in 2020[23] - Gross profit from continuing operations rose by 5.1% to HK$414,547,000 in 2021 compared to HK$394,322,000 in 2020[23] - Profit for the year decreased by 45.4% to HK$80,879,000 in 2021 from HK$148,254,000 in 2020[23] - Basic earnings per share dropped by 45.1% to 4.26 HK cents in 2021 from 7.76 HK cents in 2020[23] - Total equity increased by 5.3% to HK$1,732,946,000 in 2021 from HK$1,645,571,000 in 2020[23] - Net asset value per share improved by 4.6% to 0.91 HK$ in 2021 from 0.87 HK$ in 2020[23] - The Group's net profit for the year decreased by 45.4% to HK$80,879,000 from HK$148,254,000 in the previous year[87] - The gross profit margin fell to 15.4% due to significant increases in raw material prices and ocean freight rates that could not be passed on to customers in time[74] Dividends and Shareholder Information - Proposed final dividend per share remained unchanged at 1.5 HK cents[23] - The final dividend for 2021 is set at HK1.5 cents per share, with an interim dividend of nil[26] - The payment date for the 2021 final dividend is scheduled for 29 July 2022[26] - The total number of issued shares was 1,898,652,556 as of December 31, 2021, with a net asset value of HK$1,732,946,000, reflecting a 5.3% increase from the previous year[133] Operational Capacity and Market Position - The company aims to achieve an annual manufacturing capacity exceeding 300,000 tonnes of high-quality steel cords[9] - Shougang Century aims to become one of the three major manufacturers in the steel cord industry in China[9] - The steel cord/wire production capacity at TESC expanded to an annual capacity of 160,000 tonnes during the year[72] - TESC's annual production capacity of steel cords has increased to 160,000 tonnes, contributing to a total Group capacity of 240,000 tonnes as of December 31, 2021[157] Sales and Market Trends - The Group's total sales volumes grew by 10.6% year-on-year in 2021, with export sales of steel cords increasing by 76.1%[71] - The anticipated growth in demand for replacement tyres is driven by rising car ownership and increased production of electric vehicles, which is expected to expand the domestic steel cord market[78] - The increasing production of electric vehicles, driven by China's energy-saving and emission-reduction regulations, is boosting demand for supporting tires, which will accelerate the market expansion for radial tire steel cord[174] Challenges and Economic Environment - The Group faced challenges from rising raw material prices, increased freight costs, inflation pressure, and energy prices in the second half of 2021[72] - The COVID-19 epidemic caused economic and social disruptions, impacting the Group's operations[71] - The Group's performance was influenced by the complex international environment and domestic COVID-19 epidemic[71] Corporate Governance and Board Structure - The company considers all independent non-executive directors, including Mr. Yip, to be independent throughout the year under review[196] - The roles of chairman and managing director are performed by Mr. Su Fanrong, which deviates from Code Provision A.2.1, but the board believes this arrangement allows for prompt decision-making[200] - The board will review the management structure periodically to assess the need for separating the roles of chairman and managing director[200] - The board maintains sufficient checks and balances to ensure decisions are made in the interests of the company and its shareholders[200] Research and Development - Research and development expenses grew by 45.2% to HK$103,676,000, all incurred by the steel cord segment[119] Financial Management - The Group's treasury policies focus on managing liquidity and monitoring financial risks to ensure adequate financial resources for business growth[130] - The net interest-bearing borrowings decreased from HK$483,372,000 at December 31, 2020, to HK$418,332,000 at December 31, 2021[141] - The gearing ratio decreased from 29.4% at December 31, 2020, to 24.1% at December 31, 2021[145] Future Plans and Sustainability - The company aims to achieve green, low-carbon, and sustainable development by reducing carbon emissions through energy conservation, clean energy use, and the development of low-carbon products and new technologies[174] - In 2022, the company plans to explore other businesses specifically, believing this will create synergies with its core steel cord and wire manufacturing business and drive growth under the "14th Five-Year Plan"[174]

[ 首長寶佳集團有限公司 股份代號 : 103 21 中期報告 1 首長寶佳集團有限公司 目錄 頁次 公司概況 2 公司資料 3 財務概要 5 給投資者的資料 6 業務查詢 7 中期財務資料的審閱報告 8 簡明綜合損益表 10 簡明綜合全面收益表 11 簡明綜合財務狀況表 12 簡明綜合權益變動表 14 簡明綜合現金流量表 16 簡明綜合中期財務資料附註 18 管理層論述及分析 46 中期股息 54 購買、出售或贖回上市證券 54 根據證券及期貨條例董事於股份、債權證或相關股份之權益及淡倉 54 根據證券及期貨條例股東於股份或相關股份之權益及淡倉 55 購股權計劃 57 董事資料披露 57 企業管治守則 57 致謝 59 釋義 60 公司概況 首長寶佳集團有限公司（「首長寶佳」；及其附屬公司，統稱為「本集團」）於一九九二年四 月在聯交所上市。首鋼集團（北京國有資產監督管理委員會直接監督之國有企業）與其受 控法團，Bekaert及李嘉誠基金會為主要股東。 本集團主要從事下列業務： 1. 製造子午線輪胎用鋼簾線 2. 製造切割鋼絲及膠管鋼絲 公司的目標 ‧ 本著誠信、務實、高效的原則在鋼簾線行業中打造出一個具有影 ...

SHOUGANG CONCORD CENTURY HOLDINGS LIMITED 首長寶佳集團有限公司 Stock Code 股份代號 : 103 2020 Annual Report 年 報 Pages 頁次 Corporate Profile 公司概況 2 Corporate Information 公司資料 3 Financial Highlights 財務概要 5 Information for Investors 給投資者的資料 6 Business Contacts 業務查詢 7 Biographical Details of Directors 董事簡歷 8 Main Operational Structure 主要業務架構 19 Chairman's Statement 董事長報告書 20 Management Discussion and Analysis 管理層論述及分析 24 Corporate Governance Report 企業管治報告 41 Report of the Directors 董事會報告書 82 Independent Auditor's Report 獨立核數師 ...

Financial Performance - The company's revenue for the six months ended June 30, 2020, was HKD 862,997,000, a decrease of 21.2% compared to HKD 1,095,773,000 for the same period in 2019[26]. - Gross profit for the same period was HKD 152,758,000, down 16.0% from HKD 181,821,000 in 2019, with a gross margin of 17.7%, an increase of 1.1 percentage points year-on-year[26]. - Adjusted EBITDA for the six months was HKD 101,562,000, representing an 18.0% decline from HKD 123,816,000 in the previous year[26]. - Basic earnings per share for the period were HKD 1.87 cents, a 2.2% increase from HKD 1.83 cents for the year ended December 31, 2019[26]. - The net profit attributable to the company for the period was HKD 35,863,000, slightly up from HKD 35,201,000 in the previous year[40]. - The total comprehensive income for the period was HKD 3,307 thousand, down from HKD 28,749 thousand in the previous year, reflecting a decrease of approximately 88.5%[45]. - The company reported a profit of HKD 35,863 thousand for the period, compared to a loss in the previous period, indicating a significant turnaround[45]. - The company reported a loss from discontinued operations of HKD (142,000) for the six months ended June 30, 2020, compared to a loss of HKD (4,370,000) in the same period of 2019, indicating a significant reduction in losses[149]. Assets and Liabilities - Net assets as of June 30, 2020, were HKD 1,396,219,000, a decrease of 1.3% from HKD 1,415,072,000 in 2019[26]. - Total assets as of June 30, 2020, amounted to HKD 3,143,918,000, compared to HKD 2,746,096,000 as of December 31, 2019[42]. - The company’s non-current liabilities decreased significantly from HKD 236,985,000 to HKD 26,368,000, indicating improved financial stability[42]. - Total current liabilities decreased from HKD 1,491,861 thousand in December 2019 to HKD 1,323,509 thousand in June 2020, representing a reduction of approximately 11.3%[43]. - Total liabilities decreased from HKD 1,728,846 thousand in December 2019 to HKD 1,349,877 thousand in June 2020, a decline of about 22%[43]. - The company’s accumulated losses stood at HKD 225,335 thousand as of June 30, 2020, compared to HKD 233,547 thousand at the beginning of the year, showing a reduction of approximately 3.5%[45]. - The company had no contingent liabilities as of June 30, 2020[192]. Cash Flow and Financing - Cash generated from operating activities for the six months ended June 30, 2020, was HKD 204,898 thousand, compared to HKD 106,369 thousand for the same period in 2019, reflecting an increase of about 92%[59]. - The net cash generated from operating activities was HKD 203,415 thousand for the six months ended June 30, 2020, up from HKD 106,835 thousand in 2019, marking an increase of approximately 90.5%[59]. - The company’s cash and cash equivalents decreased to HKD 30,300,000 from HKD 53,921,000 at the end of 2019[42]. - The company’s bank loans increased from HKD 400,461 thousand in December 2019 to HKD 508,193 thousand in June 2020, an increase of about 27%[43]. - The net cash outflow from financing activities related to discontinued operations was HKD (18) thousand, consistent with the previous year[61]. - The company reported a cash inflow from discounted bills of HKD 162,946 thousand, which is an increase of 30.6% compared to HKD 124,800 thousand in the prior year[61]. - The company incurred a net impairment loss of HKD (209,000) in 2020, a significant improvement from HKD (2,719,000) in 2019, suggesting better asset management[149]. Operational Highlights - The company aims to become one of the top three independent manufacturers in the steel cord industry in China[4]. - The company is focused on expanding its brand recognition in the steel cord industry as a successful "Eastern" brand[4]. - The company continues to diversify its product offerings in the metal products manufacturing sector[4]. - The company managed to maintain mid-year performance in 2020 at the same level as 2019 despite a significant decline in sales, attributed to timely financial and fiscal support from the government[193]. - The company has implemented strict epidemic prevention measures to ensure compliance with local government requirements and maintain uninterrupted production, with no recorded infections in its factories and offices[193]. - The company is focusing on automating production processes to reduce health risks associated with infections[193]. Shareholder Information - The company proposed a final dividend of HKD 0.01 per ordinary share, totaling approximately HKD 19,064,000, to be paid in June 2020[115]. - The board decided not to declare an interim dividend for the six months ended June 30, 2020, compared to no dividend declared for the same period in 2019[195]. - A total of 14,594,000 shares were repurchased at a total cost of approximately HKD 3,095,536, with all repurchased shares being cancelled[196]. Market and Sales Performance - The sales revenue from the steel wire segment was HKD 862,235,000 for the six months ended June 30, 2020, down from HKD 1,094,905,000 in the same period of 2019, representing a decrease of approximately 21.2%[92][101]. - The overall sales volume for the period was 87,958 tons, down 14.7% from 103,124 tons in the same period last year[166]. - Sales volume of steel cord decreased by 15.3% to 83,405 tons, down from 98,482 tons in the same period last year[165]. - Export sales volume decreased by 21.2% to 16,742 tons, compared to 21,250 tons in the previous year[168].

Financial Performance - Revenue from continuing operations for 2019 was HK$2,141,380,000, representing a 0.9% increase from HK$2,122,933,000 in 2018[17] - Gross profit from continuing operations increased by 41.5% to HK$377,944,000, up from HK$267,104,000 in the previous year[17] - Gross profit margin improved to 17.6%, an increase of 5.0 percentage points from 12.6%[17] - Adjusted EBITDA rose by 49.5% to HK$273,740,000, compared to HK$183,114,000 in 2018[17] - The company reported a profit for the year of HK$108,344,000, a significant turnaround from a loss of HK$8,681,000 in 2018[17] - Basic earnings per share increased to 5.63 HK cents, compared to a loss of 0.45 HK cents per share in the previous year[18] - Total equity increased by 5.7% to HK$1,415,072,000 from HK$1,339,150,000[18] - The Group's net profit for the year ended December 31, 2019, was HK$108,344,000, a significant improvement from a net loss of HK$8,681,000 in the previous year[91] - Basic earnings per share for the year were HK5.63 cents, compared to a loss per share of HK0.45 cent in the previous year[92] Dividends and Shareholder Information - Proposed final dividend per share is 1 HK cent, with no previous dividend reported[18] - The final dividend for 2019 was declared at HK1 cent per share[22] - The payment date for the final dividend is set for June 26, 2020[22] - The company has not declared any interim dividend for 2019[22] - The annual general meeting is scheduled for May 27, 2020[22] - The closure of the register of members for the annual general meeting will be from May 21 to May 27, 2020[22] Market and Sales Performance - The total national car sales in China fell by 8.2% to approximately 25,769,000 units in 2019, marking a decline for the second consecutive year since 1990[90] - The Group's sales tonnage in steel cords increased during the year, contributing to a drop in production costs[91] - The sales volume of Steel cords increased by 4.9% to 194,006 tonnes from 184,910 tonnes in the previous year[112] - Export sales volume of Steel cords rose by 13.3% to 40,134 tonnes, representing 20.7% of total sales volume for the year, compared to 19.2% in the previous year[118] - The sales of "off the road" Steel cords increased by 50.2% for the year, indicating successful market expansion efforts[116] Operational Efficiency and Cost Management - The Group's turnaround from loss to profit was primarily attributable to an increase in gross profit driven by sales volume growth and reduced production costs[110] - The Group aims to further reduce production costs by streamlining manufacturing processes and increasing automation[6] - Distribution and selling expenses increased by 32.8% to HK$90,033,000, primarily due to higher sales in export markets despite a 25% tariff imposed by the United States[135][136] - Research and development expenses decreased by 3.2% to HK$74,493,000, aligning with the requirements from tyre manufacturing customers[139][143] Management and Directors - Mr. Su currently receives a monthly salary of HK$220,000[33] - Mr. Tang holds 10,480,000 shares, with 200,000 shares jointly owned with his wife[37] - Mr. Tang's current monthly salary is HK$165,000[40] - Mr. Ye was appointed as a non-executive Director on June 28, 2019, and re-designated as an executive Director on January 1, 2020[43] - Mr. Li was appointed as an executive Director effective January 1, 2020[49] - The emoluments of Directors are determined based on the Company's performance and profitability, as well as industry benchmarks and prevailing market conditions[62] Financial Position and Ratios - Gearing ratio improved significantly to 50.8%, down from 71.4%, a decrease of 20.6 percentage points[18] - The Group's bank balances and cash decreased by 30.0% to HK$101,732,000 as of December 31, 2019, down from HK$145,312,000 in 2018[155] - Total interest-bearing borrowings decreased by 25.4% to HK$821,290,000 as of December 31, 2019, compared to HK$1,100,809,000 in 2018[155] - The current ratio improved to 1.28 times at December 31, 2019, compared to 1.19 times at December 31, 2018[159][162] Future Plans and Challenges - The Group anticipates a lagging performance in Q1 2020 compared to strong results in 2019 due to challenges such as the coronavirus crisis and trade disputes[3] - The Group plans to expand its Steel cord manufacturing capacity by an additional 100,000 tonnes as part of the "14th Five Year Plan"[4] - The Group aims to enhance its competitive edge through product innovation and research and development efforts[98] Other Financial Information - Other income surged by 349.7% to HK$16,891,000, mainly due to increased government grants[140] - Other losses, net, rose by 229.3% to HK$13,179,000, attributed to impairment losses and fair value losses on Convertible Bonds[141] - The Copper and brass products segment was discontinued in September 2019, contributing no revenue in 2019 compared to HK$131,177,000 in 2018[125][129]

首長寶佳集團有限公司 股份代號 : 103 2019 2019 中期報告 目錄 | --- | --- | |------------------------------------------------------------|-------| | | 頁次 | | 公司概況 | 2 | | 公司資料 | 3 | | 財務概要 | 5 | | 給投資者的資料 | 6 | | 業務查詢 | 7 | | 中期財務資料的審閱報告 | 8 | | 簡明綜合損益表 | 10 | | 簡明綜合全面收益表 | 11 | | 簡明綜合財務狀況表 | 12 | | 簡明綜合權益變動表 | 14 | | 簡明綜合現金流量表 | 16 | | 簡明綜合中期財務資料附註 | 18 | | 管理層論述及分析 | 54 | | 中期股息 | 68 | | 購買、出售或贖回上市證券 | 68 | | 根據證券及期貨條例董事於股份、債權證或相關股份之權益及淡倉 | 68 | | 根據證券及期貨條例股東於股份或相關股份之權益及淡倉 | 69 | | 購股權計劃 | 73 | | 董事資料披露 | 76 | | 企業管治守則 | 77 | ...

Financial Performance - Revenue for the year ended December 31, 2018, was HK$2,254,170,000, representing a 6.7% increase from HK$2,113,258,000 in 2017[13] - Gross profit increased by 36.4% to HK$267,467,000 from HK$196,065,000 in the previous year[13] - EBITDA for 2018 was HK$179,293,000, a significant increase of 72.2% compared to HK$104,096,000 in 2017[13] - The company reported a loss for the year of HK$8,681,000, a substantial improvement of 87.3% from a loss of HK$68,518,000 in 2017[13] - Operating profit for the year was HK$89,404,000, compared to an operating loss of HK$44,979,000 in the previous year[88] - The Group recorded a net loss of HK$8,681,000, which is a decrease of HK$49,837,000 compared to the previous year's loss[88] - Loss per share narrowed to HK$0.45 cents from HK$3.56 cents in the previous year[89] - The Group reported a net loss of HK$8,681,000 for the year, significantly improved from a net loss of HK$68,518,000 in the previous year, marking an 87.3% reduction in losses[182] Assets and Liabilities - Total assets as of December 31, 2018, were HK$3,414,467,000, a slight decrease of 0.9% from HK$3,444,076,000 in 2017[14] - The Group's total assets decreased by 0.9% to HK$3,414,467,000, while total liabilities increased by 1.1% to HK$2,075,317,000[184] - The net current assets increased by 13.4% to HK$335,348,000, compared to HK$295,752,000 in 2017[184] Shareholder Information - The market capitalization as of the last trading day of 2018 was HK$361,505,305[19] - The closing share price on the last trading day of 2018 was HK$0.188[20] - Shareholders' equity decreased by 3.8% to HK$1,339,150,000 from HK$1,391,528,000 in the previous year[14] Segment Performance - The steel cord segment achieved a sales volume growth of 7.9% over last year, reflecting successful strategies to expand coverage among large-scale tyre manufacturers[123] - Revenue for the steel cord segment increased by 17.5% to HK$2,121,189,000, up from HK$1,805,523,000 last year[135] - The gross profit margin for the steel cord segment increased to 12.5% from 10.3% last year, indicating improved profitability[115] - Sales revenue for the steel cord segment grew significantly, with a gross profit of HK$265,397,000, representing a 42.3% increase from HK$186,543,000 last year[124] - The copper and brass products segment incurred an operating loss of HK$3,860,000, down from an operating profit of HK$2,127,000 last year, due to declining sales volume[116] Director Compensation and Experience - The company reported a monthly salary of HK$150,000 for the chairman under his service contract[46] - The deputy managing director is entitled to a monthly salary of HK$165,000[53] - Mr. Yip receives an annual director's fee of HK$240,000, determined by the company's performance and market conditions[67] - Mr. Liao's current annual director's fee is HK$150,000, also based on the company's performance and industry benchmarks[61] - Mr. Deng's monthly salary is HK$165,000, with a service contract that can be terminated with three months' notice[56] - Mr. Yip has served as an independent non-executive director since 1993 and chairs the audit and remuneration committees[66] - Mr. Law has over 30 years of extensive professional experience in auditing, accounting, corporate taxation, and financial advisory[71] Research and Development - Research and development expenses amounted to HK$76,941,000, a significant increase of 23.3% compared to HK$62,385,000 in 2017[149] - The Group aims to optimize its product mix and improve product quality to meet customer demands in 2019[97] - The Group will enhance product innovation and research and development efforts to maintain competitive advantages[97] Market Conditions - The production of new vehicles in the PRC decreased by 4.2% in 2018, marking the first negative annual growth in 30 years[122] - The PRC economy grew by 6.6% in 2018, the weakest pace since 1990, influenced by trade disputes and weakening domestic demand[107] Customer and Supplier Concentration - The revenue from the top five customers accounted for 48.3% of total revenue, with the largest customer contributing 16.5%[165][172] - Purchases from the five largest suppliers represented approximately 61.8% of total purchases, with the largest supplier accounting for 17.1%[173] Other Financial Information - Other income increased by 9.9% to HK$3,756,000, primarily due to an increase in government grants[137] - The Group recognized a full impairment of prepaid lease payments amounting to HK$72,523,000 for the year 2017[141] - A loss on disposal of fixed assets amounted to HK$569,000 due to the closure of the copper and brass products segment's factory[169]