Alltronics Holdings Limited 華 訊 股 份 有 限 公 司 （於開曼群島註冊成立之有限公司） 股份代號 : 833 2020 年 報 目錄 | --- | --- | --- | --- | |----------------------|-------|-------|-------| | | | | | | | | | | | 公司資料 | | | 2 | | 主席報告 | | | 3 | | 管理層討論及分析 | | | 4 | | 董事及高級管理層履歷 | | | 12 | | 環境、社會及管治報告 | | | 15 | | 企業管治報告 | | | 32 | | 董事會報告 | | | 45 | | 獨立核數師報告 | | | 56 | | 綜合損益表 | | | 61 | | 綜合全面收益表 | | | 63 | | 綜合財務狀況表 | | | 64 | | 綜合權益變動表 | | | 66 | | 綜合現金流量表 | | | 67 | | 綜合財務報表附註 | | | 69 | | 五年財務概要 | | | 152 | 公司資料 Grand Cayman KY1-11 ...

Financial Performance - Revenue from continuing operations for the six months ended June 30, 2020, was HKD 722.812 million, an increase of 13.7% compared to HKD 635.728 million in 2019[3] - Gross profit for the same period was HKD 147.282 million, representing a 46.8% increase from HKD 100.304 million in 2019[3] - Operating profit increased significantly to HKD 94.679 million, compared to HKD 43.089 million in the previous year, marking a growth of 119.5%[3] - The net profit for the period was HKD 44.093 million, a turnaround from a loss of HKD 90.891 million in 2019[3] - Basic earnings per share for the period was HKD 4.47, compared to a loss per share of HKD 1.78 in the previous year[5] - The company reported a total comprehensive income of HKD 48.790 million for the period, compared to a loss of HKD 12.916 million in 2019[7] - The group reported a profit attributable to owners of the parent of HKD 42,300,000 for the period, compared to a loss of HKD 16,800,000 in the same period of 2019[125] Assets and Liabilities - Total assets as of June 30, 2020, amounted to HKD 1,232.781 million, an increase from HKD 1,036.117 million as of December 31, 2019[9] - Current assets increased to HKD 859.577 million from HKD 626.536 million at the end of 2019, reflecting a growth of 37.0%[9] - The company’s total equity rose to HKD 377.935 million as of June 30, 2020, compared to HKD 329.145 million at the end of 2019[11] - The total receivables as of June 30, 2020, amounted to HKD 14,272, a decrease from HKD 20,877 as of December 31, 2019, indicating a reduction of 31.5%[79] - The total trade payables as of June 30, 2020, reached HKD 307,204, compared to HKD 232,331 as of December 31, 2019, reflecting an increase of 32.2%[91] Cash Flow - The operating cash flow from continuing operations for the six months ended June 30, 2020, was 61,366 thousand HKD, a significant improvement from a loss of 81,254 thousand HKD in the same period of 2019[27] - Cash and cash equivalents increased significantly to HKD 184.267 million from HKD 61.381 million at the end of the previous year[9] - The company recorded a net cash inflow from financing activities of 14,394 thousand HKD for the six months ended June 30, 2020, compared to a net outflow of 101,400 thousand HKD in the same period of 2019[30] Revenue Segmentation - Revenue from the electronic products segment was HKD 720,999,000, while the biodiesel products segment generated HKD 993,000, and the energy-saving business contributed HKD 820,000[44] - Revenue from external customers by region showed that the United States contributed HKD 488,827,000, an increase from HKD 319,389,000 in 2019, reflecting a growth of approximately 52.9%[48] - The energy-saving business segment's service revenue was HKD 820,000, compared to HKD 1,038,000 in the previous year, indicating a decline of about 20.9%[50] Cost Management - The company reported a decrease in financing costs to 8,021 thousand HKD for the six months ended June 30, 2020, down from 45,358 thousand HKD in the same period of 2019, indicating improved cost management[27] - Overall gross profit margin improved from 15.8% in 2019 to 20.4% in 2020, attributed to product mix changes and cost control efforts[120] Strategic Outlook - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[20] - The company has indicated a focus on enhancing operational efficiency and exploring potential mergers and acquisitions as part of its growth strategy[20] - The company anticipates continued strong demand for its electrostatic disinfectant sprayers, which are expected to be a major revenue source in the second half of the year[117] - The company is preparing to achieve better results in the second half of 2020 by focusing on its core electronic products segment and expanding opportunities with existing and potential customers[145] Corporate Governance - The company has established an audit committee consisting of three independent non-executive directors to review financial statements[170] - The board of directors emphasizes corporate governance as a key to the group's success and aims to follow best practices[168] - The company has adopted the standard code for securities transactions by directors, ensuring compliance throughout the reporting period[169] Shareholder Information - Profit International Holdings Limited holds 439,740,000 shares, representing 46.48% of the company's issued share capital[163] - Liu Jing holds 95,509,600 shares, accounting for 10.09% of the company's issued share capital[163]

Financial Performance - Total revenue for the year ended December 31, 2019, was approximately HKD 1,260,800,000, a slight decrease of 1.9% from HKD 1,284,800,000 in 2018[16] - Sales revenue from electronic products was HKD 1,255,843,000, down from HKD 1,277,160,000 in the previous year[17] - The company recorded a net loss attributable to shareholders of approximately HKD 262,000,000 for the year, compared to a profit of HKD 104,000,000 in 2018[7] - The total sales revenue for the biodiesel and energy-efficient gas stove business segment was approximately HKD 3,400,000[18] - The total revenue for the energy-saving business segment was HKD 1,600,000, down from HKD 3,500,000 in 2018, primarily due to the expiration of an energy management contract with a hotel operated by HNA Group[18] - The overall gross profit margin for continuing operations slightly increased from 14.5% in 2018 to 14.6% in 2019[20] Operational Developments - The company has expanded its production facilities in Yichun to meet increasing customer demand[7] - New products are expected to be launched in 2020 to maintain growth momentum[9] - The company has three production facilities in China for electronic products, with capital expenditures of approximately HKD 7,800,000 to expand production capacity[29] - The company has completed installations in over 650 Suning retail stores, generating energy savings[48] Cash Management and Dividends - The company did not recommend any dividend payment for the year to retain cash for operational needs and future expansion[11] - The board of directors does not recommend the payment of any final dividend for the year ended December 31, 2019, in order to retain more cash for operational needs and future business expansion[49] - The company has not paid any final dividend for the year ended December 31, 2018, indicating a consistent approach to cash retention[49] - The net cash balance was HKD 37.3 million, a decrease of HKD 0.6 million from the previous year[35] - The net cash generated from operating activities for the year was HKD 150.9 million, while cash generated from investing activities was HKD 0.3 million[35] Debt and Financing - The total bank borrowings amounted to HKD 254.2 million, with HKD 82.4 million secured by land and buildings[37] - The net debt as of December 31, 2019, was approximately HKD 191.4 million, down from HKD 330.8 million the previous year[38] - Financing costs increased by HKD 1,600,000, primarily due to an increase in lease liabilities and financing lease interest[22] Environmental and Social Responsibility - The company emphasizes its commitment to environmental protection and sustainable development, integrating green practices into all aspects of production, procurement, and marketing[72] - The management highlights the importance of controlling emissions and optimizing energy usage to mitigate environmental impact[72] - The group has adopted a 3R waste management strategy focusing on reducing, reusing, and recycling waste to minimize landfill impact[87] - The group has established and implemented energy-saving and water-saving policies to promote resource conservation[91] - The group has achieved a Clean Production Certificate for the Shenzhen factory, demonstrating its commitment to sustainable development[98] Employee Management and Safety - The company has implemented various measures to ensure employee health and safety, providing a comprehensive employment system and a safe working environment[72] - The employee gender distribution in the Shenzhen factory is 49% male and 51% female[110] - The company reported zero work-related fatalities and zero lost workdays due to injuries over the past three years[125] - The average training hours for employees at the Shenzhen facility is 2 hours, with a structured training program in place to enhance employee skills and productivity[135] Corporate Governance - The company adheres to high standards of corporate governance, ensuring the protection of shareholder interests[177] - The board of directors consists of six executive directors, one non-executive director, and four independent non-executive directors[183] - The company has not established a corporate governance committee, and the board is responsible for corporate governance functions[192] - The company has a policy for disclosing any potential conflicts of interest by directors during board meetings[191] Stakeholder Engagement - Stakeholder engagement is prioritized, with regular communication to understand their concerns and enhance long-term value[78] - The company actively collects feedback from stakeholders during annual general meetings and through various communication channels to address their needs[78] Future Outlook - The company anticipates strong and stable demand for its electronic products in the coming year, with the US accounting for approximately 47.7% of total revenue[9] - The company expects stable demand for its sprinkler controllers and other main electronic products in 2020[46] - The company plans to continue exploring new markets and customers to expand its client base in 2020[46]

Financial Performance - Revenue for the six months ended June 30, 2019, was HKD 635,728,000, an increase from HKD 606,123,000 in the same period of 2018, representing a growth of approximately 4.0%[3] - Gross profit for the same period was HKD 100,304,000, compared to HKD 83,956,000 in 2018, indicating a gross margin improvement from 13.9% to 15.7%[3] - The operating profit was HKD 43,089,000, significantly up from HKD 19,166,000 in the previous year, reflecting a year-on-year increase of approximately 124.9%[3] - The loss attributable to the owners of the parent company for the period was HKD 16,805,000, compared to a profit of HKD 35,350,000 in the same period last year, marking a decline of 147.6%[5] - Total comprehensive loss for the period was HKD 12,916,000, a decrease from a comprehensive income of HKD 37,118,000 in 2018[7] - The company reported a basic loss per share of HKD 1.78 for the period, compared to earnings per share of HKD 3.74 in the same period last year[5] - For the six months ended June 30, 2019, the company reported a loss before tax from continuing operations of HKD 81,254,000 compared to a profit of HKD 27,820,000 in the same period of 2018[17] - The total comprehensive income for the period was a loss of HKD 16,805,000, compared to a loss of HKD 12,922,000 in the same period last year[14] Assets and Liabilities - Non-current assets as of June 30, 2019, totaled HKD 344,828,000, an increase from HKD 324,874,000 at the end of 2018[9] - Current assets decreased to HKD 884,379,000 from HKD 950,332,000 at the end of 2018, reflecting a decline of approximately 6.9%[9] - Current liabilities decreased to HKD 630,755,000 from HKD 718,869,000 at the end of 2018, indicating a reduction of about 12.2%[11] - The net asset value as of June 30, 2019, was HKD 578,302,000, slightly down from HKD 579,780,000 at the end of 2018[11] - The company’s total assets as of June 30, 2019, were HKD 284,117,000, compared to HKD 267,312,000 at the end of the previous year[14] - The total liabilities of interest-bearing bank and other borrowings were HKD 300,535,000, a decrease of 24.5% from HKD 397,621,000 in the previous year[98] Cash Flow - The cash flow from operating activities for the six months ended June 30, 2019, was HKD 151,778,000, significantly up from HKD 32,664,000 in the prior year[17] - The company recorded a net cash outflow from investing activities of HKD 659,000, an improvement from HKD 1,500,000 in the previous year[19] - Cash flow from operating activities for the six months ended June 30, 2019, was HKD 35,528,000, while cash outflow from financing activities was HKD 36,151,000[68] Revenue Segmentation - Revenue from the electronic products segment was HKD 632,664,000, while the biodiesel products segment generated HKD 1,957,000, and the energy-saving business segment contributed HKD 1,107,000[48] - Approximately HKD 257,185,000 of the revenue came from a single external customer, attributed to the electronic products segment[51] - Revenue from external customers in the United States was HKD 319,389,000, an increase from HKD 304,111,000 in the previous year, while revenue from Europe decreased from HKD 115,996,000 to HKD 89,644,000[50] Impairment and Losses - The group incurred an impairment loss of HKD 113,740,000 on receivables due to non-payment by the agreed settlement date[56] - The company recognized an impairment loss of approximately HKD 113,700,000 related to the buyer's overdue payment[116] - The company confirmed an impairment loss of approximately HKD 113,700,000 related to the sale of a discontinued operation[132] Corporate Governance - The company believes that corporate governance is key to its success and adheres to best practices[179] - The company has established a Compensation Committee, which consists of at least five members, with a majority being independent non-executive directors[183] - The Nomination Committee has also been formed, with similar composition requirements as the Compensation Committee[184] - The audit committee, consisting of three independent non-executive directors, reviewed the interim financial statements on August 30, 2019, ensuring compliance with applicable accounting standards[181] Future Outlook - The company plans to continue expanding its market presence and investing in new technologies to enhance operational efficiency[21] - The group anticipates stable demand for its sprinkler controllers and other major electronic products in the second half of 2019[149] - The group expects to launch new products for new customers in China and Europe in Q4 2019, driving future revenue growth[149] Shareholder Information - As of June 30, 2019, Profit International Holdings Limited holds 439,740,000 shares, representing 46.48% of the company's issued share capital[172] - Liu Jing holds 95,509,600 shares, accounting for 10.09% of the company's issued share capital[172] - The company has no directors or key executives holding any stock options as of June 30, 2019[164] - The company did not recommend any interim dividend for the six months ended June 30, 2019, and 2018[73]

Financial Performance - Total revenue for the year ended December 31, 2018, increased by 0.8% to HKD 1,284,800,000 compared to HKD 1,275,200,000 in 2017[19]. - Net profit attributable to shareholders decreased by 6.1% to HKD 104,200,000 from HKD 111,000,000, primarily due to a decline in average gross margin of electronic products[7]. - Overall gross profit margin decreased from 21.7% in 2017 to 14.5% in 2018, primarily due to fluctuations in raw material prices and increased labor costs[24]. - The group recorded a profit attributable to owners of the company of HKD 75,400,000 for the year, down from HKD 108,700,000 in 2017, mainly due to the decline in gross profit margin in the electronics segment[28]. - Total financing costs increased by HKD 5,600,000 due to higher borrowings for ongoing operations[26]. Market and Revenue Segments - The United States remained the largest market, accounting for approximately 47.3% of total revenue[8]. - Revenue from energy-efficient gas stoves amounted to HKD 2,400,000, while biodiesel product sales totaled approximately HKD 1,700,000[21]. - The energy-saving business segment reported revenue of HKD 3,500,000, a significant decrease from HKD 36,000,000 in 2017[21]. - The group expects stable demand for its sprinkler controllers and other major electronic products in 2019, with new intercom products and smart educational toys driving revenue growth[50]. - The group anticipates that the biodiesel product revenue will remain stable in 2019, while the energy-efficient gas stove business is expected to grow steadily[55]. Strategic Initiatives - The company plans to continue seeking new investment opportunities to diversify its business and enhance shareholder returns[11]. - New strategic investors have joined Yichun Yilian Printing Technology Co., Ltd. to expand its shareholder base and provide additional funding for rapid business development[9]. - The group plans to enhance cost control and improve production efficiency to boost gross margins in the electronics division[24]. - The group expects to expand its overall production capacity with the establishment of new electronic product and component manufacturing facilities in Yichun[50]. Corporate Governance - The board of directors has decided not to recommend any dividend for the year to retain more cash for operational needs and future business expansion[14]. - The company emphasizes the importance of corporate governance and compliance with regulatory requirements[67]. - The board consists of six executive directors, one non-executive director, and four independent non-executive directors, with no other changes during the year[184]. - The board is responsible for approving annual and interim results, risk management, major acquisitions, and other significant operational and financial matters[184]. Employee and Workplace Policies - The company has a strong management team with over 40 years of experience in the electronics industry, led by founder and executive director Mr. Lin Xianqi[60]. - The company has implemented a "Life Balance Policy" to enhance employee well-being, including recreational facilities and various cultural activities[123]. - The company has a strict policy against child labor and forced labor, ensuring compliance with national laws and regulations[140]. - Employees have the right to participate in training and are encouraged to engage in self-directed learning to improve professional knowledge and skills[138]. Environmental Responsibility - The company is committed to sustainable development and environmental protection as part of its corporate social responsibility initiatives[84]. - Total greenhouse gas emissions amounted to 4,451.84 metric tons of CO2 equivalent, with a density of 3.64 metric tons of CO2 equivalent per employee[89]. - The company implemented LED lighting upgrades, resulting in an annual electricity cost reduction of approximately RMB 183,200, saving about 66% in power consumption[95]. - The company has established a waste management strategy focusing on reduction, reuse, and recycling (3R) principles[89]. Stakeholder Engagement - Stakeholder engagement is prioritized, with feedback collected through various channels including surveys and meetings[80]. - Customers express concerns regarding delivery dates, product quality, and environmental issues related to production processes[83]. - The company actively monitors carbon emissions and complies with stock exchange requirements for greenhouse gas disclosures[86]. - Customer feedback is actively sought through satisfaction surveys to improve products and services[158].