Performance Highlights - BeiGene (06160.HK) reported a revenue of 17.518 billion yuan for the first half of the year, a year-on-year increase of 46%; product revenue was 17.36 billion yuan, up 45.8%; net profit was 450 million yuan, turning from loss to profit [2] - Uni-President China (00220.HK) achieved approximately 17.087 billion yuan in revenue for the first half, a year-on-year increase of 10.6%; net profit was about 1.287 billion yuan, up 33.2% [2] - Zhiyu City Technology (09911.HK) announced a positive profit forecast, expecting mid-term revenue of approximately 3.135 to 3.215 billion yuan, a year-on-year increase of about 38.0% to 41.5%; net profit is expected to be around 470 to 510 million yuan, a year-on-year growth of approximately 108.9% to 126.7% [2] Earnings Forecasts - New World Development Company (00086.HK) expects mid-term net profit to increase to no less than 800 million HKD year-on-year [3] - Weizhi Jinkou (02003.HK) anticipates mid-term net profit exceeding 200 million HKD, a significant increase year-on-year [3] - Wing Chan Industrial (01596.HK) forecasts mid-term net profit of approximately 48.7 million HKD, turning from loss to profit [3] - Huaxian Optoelectronics (00334.HK) expects mid-term net profit to exceed 48.8 million HKD, a year-on-year increase of over 600% [3] - Maifushi (02556.HK) predicts mid-term net profit of approximately 31.8 to 41 million HKD, turning from loss to profit [4] - Xinwei Medical-B (06609.HK) expects mid-term net profit to exceed 40 million HKD, turning from loss to profit [5] - China Nuclear Technology (00611.HK) anticipates mid-term net profit growth of over 15% [6] Earnings Warnings - Hongxing Printing Group (00450.HK) expects mid-term net loss of approximately 49 million HKD, a significant increase year-on-year [7] - Zhongyu Land (01224.HK) forecasts mid-term net loss of approximately 40 million HKD, turning from profit to loss [7] - Beihai Group (00701.HK) anticipates mid-term net loss of 36 to 40 million HKD [8] Real Estate Sales Data - China Overseas Development (00688.HK) reported cumulative contract property sales of approximately 132 billion yuan for the first seven months, a year-on-year decrease of 18.3% [9] - Yuexiu Property (00123.HK) achieved cumulative contract sales of approximately 67.506 billion yuan for the first seven months, a year-on-year increase of about 11.7% [9] - Poly Property Group (00119.HK) reported contract sales of approximately 29.5 billion yuan for the first seven months, a year-on-year decrease of 13.49% [10] - China Overseas Hongyang Group (00081.HK) reported cumulative contract sales of 18.649 billion yuan for the first seven months, a year-on-year decrease of 12.2% [10] - Jindi Commercial Real Estate (00535.HK) reported cumulative contract sales of approximately 6.98 billion yuan for the first seven months, a year-on-year decrease of 37.37% [10] - Agile Group (03383.HK) reported pre-sale amount of approximately 5.69 billion yuan for the first seven months [11] - Hongyang Real Estate (01996.HK) reported cumulative contract sales of 3.208 billion yuan for the first seven months, a year-on-year decrease of 41.6% [12] - Zhengrong Real Estate (06158.HK) reported cumulative contract sales of approximately 2.701 billion yuan for the first seven months, a year-on-year decrease of 30.6% [12] - Jingrui Holdings (01862.HK) reported cumulative contract sales of approximately 571 million yuan for the first seven months, a year-on-year decrease of 52.54% [13] Company News - CITIC Securities (06030.HK) reported that its subsidiary, Huaxia Fund, achieved revenue of 4.258 billion yuan and net profit of 1.123 billion yuan in the first half, with assets under management totaling 285.1237 billion yuan [14] - Xinyi International (00732.HK) reported a cumulative operating revenue of approximately 9.566 billion HKD for the first seven months, a year-on-year decrease of about 5.3% [15] - Heng Rui Pharmaceutical (01276.HK) received orphan drug designation from the US FDA for its injection of Rikan Trastuzumab combined with Adebali for gastric cancer or gastroesophageal junction adenocarcinoma indications [15] - Fuhong Hanlin (02696.HK) completed the first patient dosing in a Phase II clinical study of HLX79 injection combined with Hanlikang® for active renal glomerulonephritis in China [15] - China Biopharmaceutical (01177.HK) announced that its self-developed TQ05105 (JAK/ROCK inhibitor) has been included in the breakthrough therapy designation program for the treatment of chronic graft-versus-host disease [15] Buyback Activities - HSBC Holdings (00005.HK) repurchased approximately 1.65 billion HKD worth of about 1.714 million shares at a price of 95.8 to 96.75 HKD [16] - Hang Seng Bank (00011.HK) spent approximately 22.6347 million HKD to repurchase 200,000 shares at a price of 112.8 to 113.6 HKD [17] - Yum China (09987.HK) repurchased approximately 6.264 million HKD worth of 16,800 shares at a price of 369.8 to 376 HKD [17]

鸿兴印刷集团(00450)发布公告，预期截至2025年6月30日止6个月本集团取得本公司权益持有人应占亏 损约4900万港元，对比去年同期本集团取得亏损400万港元。鉴于美国关税及持续的政策不确定性对全 球贸易以及截至2025年6月30日止6个月期间的出口货运量及利润率造成不利影响，集团已采取积极行 动，调整业务组合(例如加快越南的新生产能力)、重组营运以提高效率，并在中国香港和中国内地开发 新的业务，以实现可持续增长。 ...

格隆汇8月6日丨鸿兴印刷集团(00450.HK)公布，截至2025年6月30日止6个月，预期集团录得公司权益持 有人应占亏损约4900万港元，对比去年同期集团录得亏损400万港元。 监于美国关税及持续的政策不确定性对全球贸易以及截至2025年6月30日止六个月期间的出口货运量及 利润率造成不利影响，集团已采取积极行动，调整业务组合(例如加快越南的新生产能力)、重组营运以 提高效率，并在香港和中国开发新的业务，以实现可持续增长。 ...

鸿兴印刷集团(00450)发布公告，预期截至2025年6月30日止6个月本集团取得本公司权益持有人应占亏 损约4900万港元，对比去年同期本集团取得亏损400万港元。鉴于美国关税及持续的政策不确定性对全 球贸易以及截至2025年6月30日止6个月期间的出口货运量及利润率造成不利影响，集团已采取积极行 动，调整业务组合(例如加快越南的新生产能力)、重组营运以提高效率，并在中国香港和中国内地开发 新的业务，以实现可持续增长。 ...

鴻 興 印 刷 集 團 有 限 公 司 (於香港註冊成立之有限公司) (股份代號: 450) 盈利警告 本 公 佈 由 鴻 興 印 刷 集 團 有 限 公 司 ( 「 本 公 司」 ， 連 同 其 附 屬 公 司 「 本 集 團 」 ) 根 據 香 港 聯 合 交 易 所 有 限 公 司 證 券 上 市 規 則 ( 「 上 市 規 則 」 ) 第 1 3 . 0 9 ( 2 ) ( a ) 條 及 證 劵 及 期 貨 條 例 ( 香 港 法 例 第 5 7 1 章) 第 X I V A 部 之 內 幕 消 息 條 文 ( 如 上 市 規 則 所 定 義 ) 而 作 出 。 本 公 司 董 事 會 ( 「 董 事 會 」 ) 謹 此 通 知 本 公 司 股 東 ( 「 股 東 」 ) 及 本 公 司 之 有 意 投 資 者 ， 根 據 初 步 審 閱 本 集 團 截 至 二 零 二 五 年 六 月 三 十 日 止 六 個 月 之 未 經 審 核 綜 合 管 理 賬 目 及 董 事 會 最 近 期 所 得 之 資 料 ， 預 期 本 集 團 錄 得 本 公 司 權 益 持 有 人 應 佔 虧 損 約 港 幣 四 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年7月31日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 鴻興印刷集團有限公司 | | | 呈交日期: | 2025年8月1日 | | | I. 法定/註冊股本變動 不適用 | | | FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00450 | 說明 | | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | | 已發行股份總數 | | | 上月底結存 | | | 907,864,974 | | | 0 | | 907,864,974 | | 增加 / 減少 (-) ...

Company Overview - Hong Hing Printing Group Limited is a Hong Kong investment holding company engaged in printing business, operating through four main divisions: book and packaging printing, consumer product packaging, corrugated carton supply, and paper trading [3]. Financial Performance - As of December 31, 2024, Hong Hing Printing Group reported total revenue of 2.032 billion yuan, a year-on-year decrease of 8.05% [2]. - The company recorded a net profit attributable to shareholders of -40.1568 million yuan, representing a year-on-year decline of 132.08% [2]. - The gross profit margin stood at 13.97%, while the debt-to-asset ratio was 13.88% [2]. Stock Performance - Over the past month, Hong Hing Printing Group has seen a cumulative increase of 1.04%, but it has declined by 1.02% year-to-date, underperforming the Hang Seng Index, which has risen by 13.54% [2]. - The stock closed at 1.05 HKD per share on May 9, with an increase of 8.25% and a trading volume of 220,000 shares [1]. Valuation Metrics - The company's price-to-earnings (P/E) ratio is -20.31, ranking 29th in its industry, while the average P/E ratio for the industrial support sector is 17.88 [2]. - Comparatively, other companies in the sector have P/E ratios such as Zhongbao New Materials at 2.21, Changda Holdings at 2.67, and Shenglong Jinxiu International at 3.03 [2].

Company Overview - Hung Hing Printing Group has a total production floor space of over 600,000 square meters and employs approximately 5,000 staff across Hong Kong, mainland China, and Vietnam[12]. - The company operates seven manufacturing facilities, including one in Hong Kong, five in mainland China, and one in Vietnam, with the Vietnam operation starting in Q4 2019[12][28]. Financial Performance - Revenue for the year ended December 31, 2024, decreased by 8% to HK$2,195 million compared to HK$2,387 million in 2023[38]. - The company reported a loss attributable to equity shareholders of HK$43 million in 2024, a significant decline from a profit of HK$135 million in 2023[38]. - Basic loss per share for 2024 was HK(4.8) cents, compared to earnings of HK15.0 cents per share in 2023[38]. - Total assets decreased to HK$3,435,577 thousand in 2024 from HK$3,811,213 thousand in 2023[38]. - The Group recorded a loss attributable to equity shareholders of approximately HK$43 million, compared to a profit of HK$135 million last year, with a basic loss per share of HK$4.8 cents versus HK$15 cents in 2023[65]. - The Book and Packaging Printing (BPP) business unit experienced a revenue decline of 12.3% to HK$1,490 million in 2024, down from HK$1,700 million in 2023[86]. - The Consumer Product Packaging (CPP) business unit achieved a revenue increase of 14.5% to HK$339 million in 2024, compared to HK$296 million in 2023, due to the resumption of full operations at the Wuxi plant[87]. - Overall profit contribution from BPP decreased to HK$25.7 million in 2024, impacted by global economic uncertainty and increased logistics costs[86]. - The Corrugated Box (CB) business achieved a revenue growth of 6% to HK$198 million in 2024, compared to HK$187 million in 2023, but reported a segment loss of HK$15 million due to unfavorable market conditions[98]. - The Paper Trading (PT) business experienced a revenue decline of 17.9% to HK$167 million in 2024, primarily due to weak market demand and disruptions in paper supply and prices[99]. Dividends and Shareholder Returns - A special dividend of HK5 cents per share and a final dividend of HK4 cents per share were recommended, maintaining a total dividend of HK13 cents per share for 2024[39]. - The Group maintained a strong financial position with net cash holdings of HK$914 million, allowing for long-term sustainable growth investments and shareholder rewards[104]. Sustainability and Environmental Goals - The company is committed to achieving net carbon zero by 2050 and is reviewing key materials usage to minimize consumption and reduce waste[52]. - The Group is focusing on sustainability by introducing a new collection of samples showcasing eco-friendly materials in response to global demand[66]. - In 2024, the company expanded its solar panel capacity to 8,662 kWp, up from 6,101 kWp in 2023, resulting in a 33% increase in green energy generation to 7,313 MWh from 5,478 MWh[197]. - The company purchased a green energy certificate for a one-time offset of its carbon emissions as part of its commitment to long-term environmental goals[195]. - The intensity of Scope 1 & 2 CO2 emissions was recorded at 12.36 in 2024, with a target of 10.44[197]. - The electricity usage intensity was 27.8 in 2024, with a target of 20.83[197]. - The hazardous waste intensity was recorded at 0.22 in 2024, with a target of 0.21[197]. - The company remains committed to achieving meaningful reductions in its carbon footprint despite temporary setbacks[195]. Innovation and Development - Hung Hing has developed new educational platforms such as Yum Me Play, STEM Plus, and Active Minds, expanding its portfolio in children's education[13]. - The company aims to drive innovation through its design hub Beluga and investments in digital+print products[13]. - The children's book distribution business, AML, has optimized its bookstore network and invested in RFID technology for smart warehousing solutions to enhance inventory efficiency[71]. - Yum Me Print, a subsidiary, has launched an upgraded model capable of printing documents at over 50 locations across the city, utilizing FSC™-certified paper for environmentally friendly practices[72]. - The company is investing in digital transformation and smart warehousing solutions to enhance inventory efficiency[74]. Operational Efficiency and Strategy - The company emphasizes operational efficiency, cost optimization, and innovation to navigate the complex external environment[37]. - Hung Hing's strategy includes resilience and long-term commitment in fixed and human assets to enhance operational efficiency[14]. - The company is committed to diversifying its business while consolidating core operations to adapt to market pressures and competition[68]. - Geopolitical tensions and supply chain disruptions have led to increased logistics costs and challenges in the export business, affecting both exports and domestic sales[64]. Corporate Governance - The Board of Directors consists of 9 members, including 2 Executive Directors, 4 Non-executive Directors, and 3 Independent Non-executive Directors[117]. - The Company has satisfied the Listing Rules by having one Independent Non-executive Director with appropriate accounting qualifications on the Audit Committee[118]. - All Independent Non-executive Directors have confirmed their independence annually as per Rule 3.13 of the Listing Rules[119]. - The attendance record for the Board meetings shows that all Directors participated actively, with the Executive Chairman attending 4 out of 4 meetings[130]. - The Company Secretary ensures that Board papers are sent to Directors at least three days before meetings, allowing for adequate preparation[130]. - Directors have full access to information on the Group and can obtain independent professional advice when necessary[131]. - Newly appointed Directors receive a comprehensive induction and ongoing professional development to ensure they understand the Company's operations[134]. - The Nomination Committee, primarily composed of Independent Non-executive Directors, is responsible for recommending candidates for directorship[121]. - The Board meets regularly and can convene additional meetings as required to address key business matters[126]. - The Company emphasizes internal control and risk management, with the Audit Committee assisting the Board in maintaining an effective system[145]. - The Internal Audit Department formulates audit plans covering key internal control areas on a rotational basis for review by the Audit Committee[146]. - All Directors confirmed compliance with the required standards of dealings and the code of conduct throughout the year ended December 31, 2024[140]. - The Board is satisfied that the overall financial, operational, and compliance controls, and risk management of the Group continue to be effective[148]. - The Company has adopted the Model Code for Securities Transactions by Directors, ensuring proper notification and acknowledgment for securities dealings[142]. - The incentive bonus program for Executive Directors and Senior Management is linked to the financial targets of the Group for the year ended December 31, 2024[170]. - The Audit Committee held four meetings during the financial year ended December 31, 2024, with full attendance from three Independent Non-executive Directors[178]. - The Company plans to renew the current restricted share award scheme for an additional three years, extending it until June 30, 2027, under similar terms as the existing scheme[170]. - The Board Diversity Policy aims to enhance performance by considering factors such as skills, regional and industry experience, and gender diversity[171]. - The Audit Committee reviewed the financial statements for the six months ended June 30, 2024, focusing on business highlights and compliance with accounting standards[180]. - The Company has adopted a Shareholders Communication Policy to ensure timely information is provided to shareholders and to facilitate active engagement[182]. - The external auditors' performance and audit fees were reviewed, and their reappointment for the financial year ending December 31, 2025, has been recommended[181]. - The Nomination Committee will report annually on the composition of the Board from a diversified perspective and monitor the implementation of the Board Diversity Policy[172]. - The recommendation for the re-election of retiring directors at the annual general meeting was made[174]. - The Company emphasizes the importance of communication with shareholders, providing opportunities for engagement during the annual general meeting[183]. Community Engagement - The company organized a corporate blood drive and various community engagement activities to promote work-life balance[198]. - The company received the Green Dot Award from Koenig & Bauer and multiple awards at the Hong Kong Smart Design Awards 2024 for its innovative designs[200].

一、特种印刷行业概述 内容概况：特种印刷因其具有高获利、竞争小和成长空间大等特点，被越来越多的印刷企业看好。特种 印刷涵盖面广、承印范围大，包括印刷手工艺品、T恤、瓶体、烟包、金属制体表面、服装吊牌、PVC 卡和激光压纹标识等。近年来，中国特种印刷行业的市场规模呈现出快速增长的趋势。随着经济的发展 和人们消费水平的提高，对特种印刷产品的需求也将不断增加。数据显示，2024年中国特种印刷市场规 模约为460亿元。未来，随着中国经济的发展，卷烟、酒类、食品、医药、小家电、化妆品、智能卡等 产品市场规模的不断扩大，特种印刷行业发展前景广阔。 相关上市企业：紫江企业（600210）、盛通股份（002599）、鸿兴印刷集团（00450）、东峰集团 （601515）、合兴包装（002228）、东港股份（002117）、鸿博股份（002229）、长荣股份 （300195）、宝钢包装（601968）、嘉美包装（002969）等。 相关企业：上海易连实业集团股份有限公司等。 关键词：特种印刷、市场规模、特种纸及纸板产量、包装行业规模以上企业营业收入 | | 特种印刷的技术优势 | | --- | --- | | 优势 | 相关 ...

Financial Performance - The total revenue for the year ended December 31, 2024, was HKD 2,194,763, a decrease of 8.0% compared to HKD 2,386,862 in 2023[3] - The gross profit for the year was HKD 306,508, down 21.2% from HKD 388,912 in the previous year[3] - The operating loss for the year was HKD 34,947, compared to an operating profit of HKD 177,207 in 2023[3] - The net loss attributable to equity holders of the company was HKD 43,364, compared to a profit of HKD 135,155 in the previous year[3] - Basic and diluted loss per share for the year was HKD 4.8, compared to earnings per share of HKD 15.0 in 2023[3] - Total comprehensive loss for the year was HKD 99,297, compared to a total comprehensive income of HKD 100,236 in 2023[4] - The company reported a net loss of HKD 51,787,000 for 2024, compared to a profit of HKD 131,268,000 in 2023, representing a significant decline[17] - Basic loss per share for 2024 was HKD 4.8, compared to earnings of HKD 15.0 per share in 2023[26] - The company reported a loss attributable to equity holders of approximately HKD 43 million for 2024, compared to a profit of HKD 135 million in 2023, resulting in a basic loss per share of HKD 0.048[32] Asset and Equity Changes - Non-current assets decreased to HKD 1,553,555 from HKD 1,661,908 in the previous year, a decline of 6.5%[6] - Current assets decreased to HKD 1,882,022 from HKD 2,149,305, a decline of 12.5%[6] - Total equity decreased to HKD 2,958,612 from HKD 3,175,155, a decline of 6.8%[6] Segment Performance - The book and packaging printing segment generated revenue of HKD 1,495,398,000 in 2024, down from HKD 1,705,643,000 in 2023, a decrease of 12.3%[17] - The consumer products packaging segment reported a loss of HKD 38,788,000 in 2024, compared to a loss of HKD 51,114,000 in 2023, indicating an improvement[17] - The revenue from paper trading was HKD 412,578,000 in 2024, down from HKD 477,100,000 in 2023, reflecting a decline of 13.5%[17] - Sales in the book and packaging printing (BPP) segment decreased by 12.3% to HKD 1.49 billion in 2024, while the overall profit contribution fell to HKD 25.7 million[37] - The consumer products packaging (CPP) segment saw a sales increase of 14.5% to HKD 339 million in 2024, supported by the full recovery of operations at the Wuxi factory[37] - The sales of the corrugated box business (CB) in 2024 recorded a slight increase of 6%, reaching HKD 198 million (2023: HKD 187 million), but the segment incurred a loss of HKD 15 million due to various market adverse factors[38] - The paper trading business (PT) experienced a significant decline in sales in 2024, down 17.9% to HKD 167 million, primarily due to weak market demand and fluctuations in paper supply and prices[38] Cost and Expense Management - The company reported a significant increase in distribution costs to HKD 57,052 from HKD 48,432, reflecting a rise of 17.0%[3] - Financing costs decreased to HKD 4,539,000 in 2024 from HKD 9,391,000 in 2023, a reduction of 51.7%[19] - The total tax expense for 2024 was HKD 10,474,000, a decrease from HKD 73,249,000 in 2023[22] Dividends and Shareholder Returns - The company proposed a special dividend of HKD 0.05 per share and a final dividend of HKD 0.04 per share, subject to shareholder approval, totaling HKD 118.023 million for 2024[29] - The company plans to distribute a special dividend of HKD 0.05 per share and a final dividend of HKD 0.04 per share, maintaining the total dividend for the fiscal year at HKD 0.13 per share[47] Operational Developments - The company is expanding its operations in Vietnam with a new factory set to be completed by the end of 2025, covering approximately 62,300 square meters[35] - The construction of the second factory in Vietnam, HHDream Thai Ha, is progressing as planned, with the first phase expected to be completed by mid-2025, aimed at meeting local and export market demands[44] - The group invested HKD 51 million in 2024 to expand and upgrade existing equipment and acquire new machinery and technology for core business facilities and a new plant in Vietnam[40] Strategic Initiatives - STEM PLUS is actively expanding in the education sector, with participation in events increasing from fewer than 200 institutions in 2023 to over 300 in 2024[35] - The company is enhancing its digital transformation efforts, including the introduction of an online store and the use of RFID technology for inventory management[36] - The group is actively enhancing its STEM PLUS education consulting services and expanding its digital bookstore to attract target audiences[45] - The application of artificial intelligence (AI) in the printing industry is expected to transform operations, with the company committed to training employees to leverage AI for improved efficiency[45] - The company is focusing on cost-saving measures and new revenue sources to improve operational efficiency amid economic uncertainties[37] Financial Position and Governance - The group holds a strong financial position with a net cash of HKD 914 million, allowing for continued pursuit of quality investment opportunities and sustainable business development[40] - The debt ratio remains at a conservative level of 2.1% (2023: 4.0%), effectively managing interest rate risks[41] - The board believes that the company has complied with the corporate governance code, with the exception of the separation of roles between the chairman and the CEO[51] - The audit committee reviewed the preliminary results for the year ending December 31, 2024, and confirmed consistency with the consolidated financial statements[55] - The audit was conducted by KPMG, but it did not constitute an audit or review under Hong Kong auditing standards[55] - The board consists of an executive chairman and several non-executive and independent directors, ensuring effective oversight of business performance[56] Regulatory Environment - The EU's Deforestation Regulation (EUDR) has extended its implementation date to December 2025, providing the industry more time to comply with regulations, which may create better opportunities in the long run[42] Share Transactions - The company did not purchase, redeem, or sell any of its shares during the year[50]