Financial Performance - Revenue for the year ended December 31, 2021, was RMB 3,464.3 million, representing a 14.0% increase from RMB 3,038.9 million in 2020[9] - Gross profit decreased by 13.4% to RMB 697.7 million from RMB 805.6 million in the previous year[9] - Net profit fell by 16.8% to RMB 285.1 million compared to RMB 342.8 million in 2020[9] - Basic and diluted earnings per share decreased by 19.2% to RMB 0.21 from RMB 0.26 in 2020[9] - The company did not declare a dividend for the year, compared to a proposed dividend of HKD 0.14 in 2020[9] - Revenue increased by approximately 14.0% from RMB 3,038.9 million in 2020 to RMB 3,464.3 million in 2021, driven by higher sales volumes in both domestic and international markets[51] - Revenue from the China segment rose by RMB 287.6 million or 13.6% to RMB 2,402.8 million, primarily due to increased sales volume[51] - International segment revenue increased by RMB 137.8 million or 14.9% to RMB 1,061.5 million, attributed to improved customer penetration and acquisition of new clients[51] - Gross profit decreased by RMB 107.9 million or 13.4% to RMB 697.7 million, with gross margin declining from approximately 26.5% to 20.1% due to price reductions and rising raw material costs[53] - Net profit decreased by RMB 57.7 million or 16.8% to RMB 285.1 million, with net profit margin declining from approximately 11.3% to 8.2%[60] Operational Highlights - The company achieved a sales volume of over 21 billion packages, marking an approximate growth of 20.1%[23] - The total annual production capacity of the company is approximately 30 billion packages, with a production of about 21.2 billion packages in 2021, resulting in a utilization rate of approximately 70.6%, up from 59.0% in 2020[35] - The company sold approximately 21 billion packaging units in 2021, representing a 20.1% increase compared to 2020[30] - Selling costs rose by RMB 533.4 million or 23.9% to RMB 2,766.7 million, mainly due to increased sales volume and raw material price hikes[52] - Inventory turnover days improved from approximately 111.4 days to 101.6 days, indicating better inventory management[63] Market and Product Development - The company launched new packaging specifications, including the "Greatview® Planet" sustainable packaging material, to enhance product sustainability and expand its customer base[32] - The company is committed to developing environmentally friendly products to meet the diverse and growing market demand for aseptic packaging materials[32] - The company launched a new packaging material, "Greatview® Planet," made from wood fiber polyethylene, and the German factory has successfully started production of this material[95] - In 2021, the company launched two new packaging products, the 200ml and 180ml slim packages, enhancing product differentiation and competitiveness for customers[38] - The company aims to create and enhance industry value for the liquid food sector, focusing on providing customized, high-quality, and affordable products[91] Strategic Initiatives - The company is focusing on enhancing its digital capabilities to improve operational efficiency and customer service in digital marketing[23] - The company aims to build a resilient supply chain and enhance its core capabilities while focusing on carbon reduction and circular economy manufacturing[24] - The company plans to deepen cooperation with existing customers and expand its market share in China through digitalization and innovation[74] - The company aims to enhance its international business by strengthening local operations and promoting new product development[74] - The company is actively seeking alternative sources for key raw materials to address supply chain disruptions caused by COVID-19, while maintaining reasonable safety stock levels[185] Risk Management and Governance - The company has identified major risks and uncertainties that could impact its financial condition, operating performance, and business outlook[92] - The board believes that its risk management and internal control systems are effective and sufficient to protect shareholder investments and company assets[173] - The company conducts annual reviews of its risk management and internal control systems to ensure their effectiveness[173] - The company has established a "three lines of defense" risk management framework to enhance its risk management and internal control systems[175] - The company has implemented a risk management plan that includes identifying, reviewing, and analyzing potential risks in its operations[179] Corporate Governance - The company’s board of directors and senior management have confirmed their independence as of December 31, 2021, in accordance with listing rules[100] - The board consists of seven members, including two executive directors, two non-executive directors, and three independent non-executive directors[139] - The company has adopted a board diversity policy, considering factors such as gender, age, cultural background, and professional experience to enhance performance[141] - The roles of the chairman and CEO are separated to ensure a balance of power, with Mr. Hong serving as chairman and Mr. Bi as CEO[145] - The company emphasizes the importance of board diversity for improving overall performance and will continue to seek potential successors to enhance gender diversity[141] Environmental and Social Responsibility - The company is committed to minimizing its environmental impact through clean production and efficient resource utilization[93] - The company has made charitable donations totaling approximately RMB 121,000 thousand during the year, compared to none in the previous year[129] - In July 2021, the company contributed to building 10 "Hope Houses" in Gaotang County, supporting children aged 8 to 14 without independent living and learning environments[93] - The company is actively participating in initiatives to improve the recycling rate of beverage paper-based composite packaging, aiming for a 40% resource utilization rate by 2025[44] - The company installed solar panels at its German factory, expected to generate approximately 2.28 million kWh of electricity annually, equivalent to the annual electricity consumption of about 500 households, reducing CO2 emissions by approximately 1,000 tons per year[95]

& GREATVIEW 纷美包装 中期報告 紛美包裝有限公司 股份代號:0468（於開曼群島註冊成立之有限公司） 2021 目錄 財務概要 5 公司資料 3 管理層討論及分析 6 其他資料 14 簡明綜合利潤表 19 簡明綜合全面利潤表 20 簡明綜合財務狀況表 21 簡明綜合權益變動表 23 簡明綜合現金流量表 24 簡明綜合財務報表附註 25 1 紛美包裝有限公司 • 二零二一年中期報告 | --- | --- | --- | --- | --- | |-------|------------|-------|----------------------------------------------------------------------------------------|-------| | | | | | | | | | | | | | | | | | | | | 修復地球， | | | | | | | | 我們一起 "給我一瓶水"到"給我一盒水"，意義大不同 | | | | | | 喊塑包装替代塑料包裝 Reuse 復用 ■ 融排 ■收 再生 管理 纷美加减包 替代 减少塑料包裝 | | ...

& GREATVIEW 2020 年 度 報 紛美包裝有限公司 股份代號: 0468 ( 於開曼群島註冊成立之有限公司 ) 目錄 and and and a see | --- | --- | |-------|--------------------| | | | | 3 | 公司資料 | | 5 | 財務概要 | | 7 | 五年財務概要 | | 9 | 行政總裁報告書 | | 10 | 管理層討論及分析 | | 21 | 董事會及高級管理層 | | 28 | 董事會報告書 | | 42 | 企業管治報告 | | 57 | 獨立核數師報告 | | 62 | 綜合財務狀況表 | | 64 | 綜合全面利潤表 | | 65 | 綜合權益變動表 | | 66 | 綜合現金流量表 | | 67 | 綜合財務報表附註 | Chocolate Power r Carrots OmL 250mL O CREATVIEW TVIEW Super Carrots UTIT First 250mL Fr @ CREATVIEW g #44 Super Carrots 250mL Str O CREATVIEW 75 & CR ...

Company Information [Directors and Company Secretary](index=5&type=section&id=%E8%91%A3%E4%BA%8B) Outlines the company's board members, joint company secretaries, and the composition of board committees - Executive Directors: **Mr. Bi Hua** (Chief Executive Officer) and **Mr. Chang Fuquan**[6](index=6&type=chunk) - Non-Executive Directors: **Mr. Hong Gang** (Chairman), **Mr. Pang Yiu Kai** (appointed March 30, 2020), and **Mr. Xu Liqing** (resigned March 30, 2020)[6](index=6&type=chunk) - Independent Non-Executive Directors: **Mr. LUETH Allen Warren**, **Mr. BEHRENS Ernst Hermann**, and **Mr. Zhu Jia**[6](index=6&type=chunk) - Joint Company Secretaries: **Ms. Qi Zhaohui** and **Ms. Su Lishan**[6](index=6&type=chunk) - Audit Committee Chairman: **Mr. LUETH Allen Warren**; Remuneration Committee Chairman: **Mr. Zhu Jia**; Nomination Committee Chairman: **Mr. Hong Gang**[6](index=6&type=chunk) [Company Contact and Registration Information](index=5&type=section&id=%E6%B3%A8%E5%86%8C%E5%8A%9E%E4%BA%8B%E5%A4%84) Provides key contact and registration details: registered office, principal business locations, auditor, legal counsel, bankers, and share registrar - Registered Office: Cricket Square, Hutchins Drive, P.O. Box 2681, Grand Cayman, KY1-1111 Cayman Islands[6](index=6&type=chunk) - China Headquarters: No. 14 Jiuxianqiao Road, Chaoyang District, Beijing, China, Postcode: 100015[6](index=6&type=chunk) - Auditor: PricewaterhouseCoopers[6](index=6&type=chunk) - Principal Bankers: DBS Bank (Hong Kong) Limited, Commerzbank AG, The Hongkong and Shanghai Banking Corporation Limited, Citibank, China Construction Bank, Industrial and Commercial Bank of China, China Merchants Bank[6](index=6&type=chunk) - Hong Kong Share Registrar: Tricor Investor Services Limited[6](index=6&type=chunk) - Company Website: www.greatviewpack.com[6](index=6&type=chunk) Financial Highlights [Key Financial Indicators for the Six Months Ended June 30](index=7&type=section&id=%E6%88%AA%E8%87%B3%E5%85%AD%E6%9C%88%E4%B8%89%E5%8D%81%E6%97%A5%E6%AD%A2%E5%85%AD%E5%80%8B%E6%9C%88) For H1 2020, revenue grew **14.7%** to **RMB1,357.2 million**, gross profit **23.8%** to **RMB356.0 million**, but net profit and EPS both declined **9.4%**, with dividend maintained at **HKD0.13** 2020 H1 vs 2019 H1 Key Financial Indicators Comparison | Metric | 2020 (RMB million) | 2019 (RMB million) | Percentage Change | | :------------- | :-------------------- | :-------------------- | :--------- | | Revenue | 1,357.2 | 1,182.8 | 14.7% | | Gross Profit | 356.0 | 287.5 | 23.8% | | Net Profit | 155.7 | 171.8 | -9.4% | | Profit Attributable to Shareholders | 155.7 | 171.8 | -9.4% | | Earnings Per Share (RMB) | 0.116 | 0.128 | -9.4% | | Proposed Interim Dividend Per Share (HKD) | 0.13 | 0.13 | - | Management Discussion and Analysis [Business Review](index=8&type=section&id=%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7) Greatview, a leading roll-fed supplier, provides integrated liquid food packaging solutions, showing stable China growth and accelerated international expansion, with innovation in sustainability and digitalization - The company is the world's second-largest roll-fed supplier, providing aseptic packaging materials, filling machines, accessories, technical services, data marketing, and product traceability solutions[13](index=13&type=chunk) - In H1 2020, China business sales volume grew by approximately **15.3%**, and revenue increased by approximately **11.7%**, demonstrating strong resilience[16](index=16&type=chunk) - International business sales volume rose by approximately **18.2%**, and revenue increased by approximately **21.2%**, driven by enhanced customer penetration and new client acquisition[16](index=16&type=chunk) - Greatview Germany factory has used **100% renewable carbon-free electricity** since 2020 and launched eco-friendly 330mL packaging to reduce plastic use[16](index=16&type=chunk)[19](index=19&type=chunk) - Launched innovative products like the 'Greatview Scratch-and-Win Pack' and new 'Greatview Brick 1000mL Square' format, actively advancing digitalization for production big data and supply chain services[19](index=19&type=chunk) - Approximately **7.7 billion packs** were sold in H1 2020, an increase of approximately **16.7%** compared to H1 2019, primarily due to increased sales in China and international markets[19](index=19&type=chunk) - As of June 30, 2020, total annual production capacity was approximately **30 billion packs**, with a utilization rate of approximately **54.0%** (H1 2019: 44.7%), mainly due to increased output[22](index=22&type=chunk) - Raw material costs remained stable under effective supply chain management[22](index=22&type=chunk) - Received recognition and appreciation from clients, such as China Mengniu Dairy Company Limited, for ensuring supply during the pandemic[22](index=22&type=chunk) - CEO Mr. Bi Hua was invited to the Global Intelligent Manufacturing Conference to share Greatview's smart manufacturing practices in the context of Industry 4.0[22](index=22&type=chunk) [Financial Review](index=12&type=section&id=%E8%B2%A1%E5%8B%99%E5%9B%9E%E9%A1%A7) In H1 2020, revenue increased but net profit declined due to reduced other income and higher expenses; gross margin improved, the company maintained net cash flow, paid interim dividends, and optimized product mix and efficiency - In H1 2020, revenue increased but profit decreased; the company addressed challenges by optimizing product portfolio and production efficiency[24](index=24&type=chunk) 2020 H1 Revenue Composition and Y-o-Y Change | Metric | H1 2020 (RMB million) | H1 2019 (RMB million) | Y-o-Y Change | | :--------------- | :-------------------------- | :-------------------------- | :------- | | Total Revenue | 1,357.2 | 1,182.8 | 14.7% | | China Segment Revenue | 893.9 | 800.5 | 11.7% | | International Segment Revenue | 463.3 | 382.3 | 21.2% | | Dairy Customers Revenue | 1,142.5 | 988.4 | 15.6% | | Non-Carbonated Soft Drink Customers Revenue | 205.4 | 194.4 | 5.7% | 2020 H1 Cost and Profit Metrics Y-o-Y Change | Metric | H1 2020 (RMB million) | H1 2019 (RMB million) | Y-o-Y Change | | :------------- | :-------------------------- | :-------------------------- | :------- | | Cost of Sales | 1,001.2 | 895.3 | 11.8% | | Gross Profit | 356.0 | 287.5 | 23.8% | | Gross Margin | 26.2% | 24.3% | +1.9pp | | Net Other Income and Gains | 17.0 | 62.1 | -72.6% | | Distribution Expenses | 82.0 | 68.0 | 20.6% | | Administrative Expenses | 82.1 | 63.5 | 29.3% | | Income Tax Expense | 54.3 | 45.5 | 19.3% | | Effective Tax Rate | 25.9% | 20.9% | +5.0pp | | Net Profit | 155.7 | 171.8 | -9.4% | | Net Profit Margin | 11.5% | 14.5% | -3.0pp | - As of June 30, 2020, cash and cash equivalents were **RMB504.3 million** (December 31, 2019: RMB562.8 million)[33](index=33&type=chunk) - Inventory turnover days increased from **109.5 days to 126.3 days**, trade receivables turnover days from **65.6 days to 72.9 days**, and trade payables turnover days from **42.0 days to 52.3 days**[34](index=34&type=chunk) - Total borrowings decreased from **RMB320.8 million to RMB272.1 million**, and the gearing ratio decreased from **0.13 to 0.11**[36](index=36&type=chunk)[37](index=37&type=chunk) - Working capital was approximately **RMB1,043.2 million** (December 31, 2019: RMB995.7 million)[38](index=38&type=chunk) - Recorded an exchange loss of approximately **RMB2.6 million** (H1 2019: exchange gain of approximately RMB1.7 million)[39](index=39&type=chunk) - Total

Financial Performance - Revenue for 2019 was RMB 2,706.9 million, an increase of 8.6% compared to RMB 2,492.7 million in 2018[12] - Gross profit for 2019 was RMB 668.2 million, reflecting an 8.1% increase from RMB 617.9 million in 2018[12] - Net profit decreased by 6.3% to RMB 337.3 million in 2019 from RMB 360.1 million in 2018[12] - Basic and diluted earnings per share for 2019 were RMB 0.25, down 7.4% from RMB 0.27 in 2018[12] - Total assets as of December 31, 2019, were RMB 3,592.4 million, an increase from RMB 3,220.5 million in 2018[22] - Total liabilities for 2019 were RMB 1,139.2 million, compared to RMB 781.1 million in 2018[22] - The company sold approximately 15.3 billion packages in the year ended December 31, 2019, an increase of about 13.3% compared to 2018, primarily driven by sales growth in the Chinese market[43] - Domestic revenue from the Chinese market rose by approximately RMB 316.2 million or 19.8% to approximately RMB 1,914.9 million in 2019, mainly due to increased sales volume[61] - International revenue decreased by approximately RMB 102.0 million or 11.4% to approximately RMB 792.0 million in 2019, due to strategic business integration efforts[61] - The company's gross profit increased by approximately RMB 50.3 million or 8.1% to approximately RMB 668.2 million, with a gross margin of about 24.7%[65] Strategic Initiatives - The company aims to enhance R&D investment and expand its technical service scope to improve product quality and operational efficiency[25] - The company launched a multi-year growth plan in 2019, focusing on higher-value technical services and digital solutions to improve its world-class aseptic packaging solutions[37] - The company aims to optimize its customer portfolio and expand its service value chain to ensure sustainable growth in a competitive market[40] - The company aims to diversify its product offerings and enhance its customer base through new product development and strategic acquisitions[44] - The company is focused on market expansion and new product development, aiming to leverage its expertise in sterile packaging to capture new market opportunities[89] Product Development and Innovation - Greatview's smart packaging has provided at least 5 billion digital touchpoints for target consumers through unique QR codes on each carton[25] - The company is transitioning to a provider of highly digitalized aseptic packaging solutions in response to market trends[25] - The company successfully developed and launched the "Fengmei Eco-Pack" and filling machines, significantly reducing plastic usage in production[37] - The company introduced new product sizes, including a 330ml variant of "Fengmei Brick" and a 1000ml-Square variant of "Fengmei Diamond," broadening its product range[37] - The company is committed to digital innovation, enhancing operational efficiency and customer interaction through data analysis and demand forecasting[40] Awards and Recognition - The "Smart Packaging Traceability Project" received recognition as an "Outstanding Golden Cauldron Project" from the National Technical Standard Innovation Base (Dairy Industry) in China[25] - The company received several awards in 2019, including the "Best Strategic Support Award" and "Most Valuable Creative Award" from Mengniu Dairy[50] - The company’s "Smart Packaging Traceability Project" won the "Outstanding Golden Cauldron Project" award from the National Technical Standards Innovation Base (Dairy Industry) in November 2019[40] Operational Efficiency - Total annual production capacity was approximately 30 billion packages as of December 31, 2019, up from approximately 25.4 billion packages in 2018[45] - The production volume for the year was approximately 15.2 billion packages, with a utilization rate of about 50.7%, down from 52.8% in 2018[45] - Inventory turnover days decreased from approximately 117.2 days to about 109.5 days, while trade receivables turnover days increased from approximately 57.0 days to about 65.6 days for the year ended December 31, 2019[74] Corporate Governance - The company has adopted the corporate governance code as its own governance code and has complied with all relevant provisions[187] - The board of directors consists of seven members, including two executive directors, two non-executive directors, and three independent non-executive directors[193] - The company emphasizes the importance of board diversity for enhancing performance quality[199] - The board has adopted a diversity policy for its members, focusing on factors such as gender, age, cultural and educational background, race, professional experience, skills, knowledge, and tenure[200] Financial Management - Cash and cash equivalents held as of December 31, 2019, were approximately RMB 562.8 million, compared to RMB 556.4 million as of December 31, 2018[73] - Other income decreased by approximately RMB 3.3 million or 4.0% to about RMB 79.7 million for the year ended December 31, 2019, primarily due to a reduction in government subsidies, foreign exchange gains, and income from financial products[66] - Distribution expenses increased by approximately RMB 26.7 million or 19.6% to about RMB 163.0 million for the year ended December 31, 2019, mainly due to higher transportation and promotional expenses[67] - Administrative expenses rose by approximately RMB 15.0 million or 11.6% to about RMB 145.0 million for the year ended December 31, 2019, primarily due to increases in salaries, benefits, and R&D expenses[68] - Income tax expenses increased by approximately RMB 19.9 million or 23.6% to about RMB 104.4 million for the year ended December 31, 2019, with the effective tax rate rising from approximately 19.0% to about 23.6%[69] Market Expansion - The company expanded its customer base to seven new countries, covering over 50 markets, resulting in increased average selling prices and profit margins[33] - The "Smart Packaging" service was expanded from China to Central Asia, with a successful collaboration with Oman’s Topfruit brand, indicating broad overseas market potential[37] - The company plans to expand market share in China by increasing existing customer penetration and broadening the customer base, while also developing international business and enhancing product range and after-sales service[87] Shareholder Returns - The board proposed a final dividend of approximately HKD 187.2 million (HKD 0.14 per share) for the year ended December 31, 2019, compared to HKD 164.0 million for the previous year[174] - The company aims to provide stable and sustainable returns to shareholders as part of its dividend policy, which is subject to review and potential updates by the board[136] Risk Management - The group has identified various risks and uncertainties that may affect its financial condition, operational performance, and business outlook[119] - The company is closely monitoring the impact of COVID-19 on its financial condition and operational performance[179] - The company has implemented emergency measures including increasing logistics options and assessing supplier readiness[178]

GREATVIEW 纷美包裝 GREATVIEV 紛美包裝有限公司 中期報告2019 股份代號：0468（於開曼群島註冊成立之有限公司 ) per and and the production of the support of the support of the support of the support of the support of the support of the support of the status and the support of the sup personal program and the production of the support of the support of the support of the support of the support of the support of the support of the status of the support of 目錄 公司資料 3 1 紛美包裝有限公司 • 二零一九年中期報告 財務概要 5 管理層討論及分析 6 其他資料 13 簡明綜合利潤表 20 簡明綜合全面利潤表 21 簡明綜合財務狀況表 22 ...

EREATVIEW 纷美包装 年度報告 紛 美 包 裝 有 限 公 司 股份代號: 0468（ 於開曼群島註冊成立之有限公司 ) 目錄 3 公司資料 | --- | --- | |-------|-------------------------| | | | | | 5 財務概要 | | | 7 五年財務概要 | | | 9 行政總裁報告書 | | | 10 管理層討論及分析 | | | 21 董事會及高級管理層 | | | 25 董事會報告書 | | | 37 企業管治報告 | | | 52 獨立核數師報告 | | | 56 綜合財務狀況表 | | | 58 綜合利潤表 | | | 59 綜合全面利潤表 | | | 60 綜合權益變動表 | | | 61 綜合現金流量表 | | | 62 綜合財務報表附註 | | | | USE TT CHILLER AUDIO ({} CREAT VIEW ({} { 纷美砖® 1000mL 香港 銅鑲灣 勿地臣街1號 時代廣場 2座31樓 | --- | --- | |-------------------------------------------------- ...