Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 13, representing a potential upside of 32.9% from the current price of HKD 9.78 [2][4]. Core Insights - The company demonstrates strong operational resilience and continues to benefit from a marginal recovery in the real estate sector. Revenue and profit are stable, with a year-on-year revenue growth of 4.1% to HKD 26.8 billion in 2023. The gross margin slightly decreased by 1.6 percentage points to 32.1% due to high costs in the first half of the year, but improved in the second half [2][5]. - The company is expected to maintain a positive earnings trend, with projected net profits of HKD 6.6 billion, HKD 7.3 billion, and HKD 7.8 billion for 2024-2026. The company has a stable dividend payout ratio of 49% and a low net debt-to-equity ratio of 13.3% [2][6]. Financial Performance Summary - For 2023, the company's revenue from float glass, automotive glass, and architectural glass was HKD 17.5 billion, HKD 6 billion, and HKD 3.3 billion, respectively. The gross margins for these segments were 32.1%, 34.8%, and 34.8% [2][5]. - The company reported a net profit of HKD 5.4 billion for 2023, with a significant increase of 50% in the second half of the year [2][6]. - The company’s cash position is strong, with HKD 3.4 billion in cash on hand, supporting its high dividend capability [2][5]. Market Outlook - The supply-demand situation in the industry is expected to improve marginally, with a forecasted balance in the float glass market as new capacity additions slow down and maintenance activities increase. The report anticipates a stable recovery in glass prices driven by policy stimuli in the real estate sector [2][6]. - The report projects that the average price of float glass will see a slight increase in the first quarter of 2024, with expectations of stabilization and recovery in the second half of the year [2][5].

Financial Performance - The group's revenue for the fiscal year ended December 31, 2023, increased by approximately 4.1% to HKD 26,798.5 million, while the attributable profit to equity holders rose by about 4.6% to HKD 5,365.1 million[8]. - Basic earnings per share for the year were HKD 1.29, compared to HKD 1.27 in the previous year[8]. - Net profit attributable to equity holders rose by 4.6% to HKD 5,365.1 million in 2023, up from HKD 5,127.2 million in 2022[34]. - Total revenue for 2023 reached HKD 26,798.5 million, a 4.1% increase from HKD 25,746.0 million in 2022[38]. - Gross profit for 2023 was HKD 8,611.8 million, a slight decrease of 0.9% from HKD 8,686.4 million in 2022, with a gross margin decline from 33.7% to 32.1%[42]. - Operating expenses decreased by 27.6% to HKD 1,310.3 million due to lower domestic and overseas transportation costs[45]. - The share of profits from associates rose to HKD 1,007.4 million in 2023, compared to HKD 922.8 million in 2022[47]. - The current ratio improved to 1.20 in 2023 from 1.09 in 2022, reflecting an increase in receivables[54]. - The group recorded a non-cash foreign exchange reserve decrease of HKD 926.8 million due to RMB depreciation, resulting in a balance of HKD 3,507.0 million as of December 31, 2023[68]. - The net debt-to-equity ratio improved to 13.3% in 2023 from 16.7% in 2022[60]. - The group has secured new bank borrowings of HKD 7,193.9 million during the fiscal year ending December 31, 2023, indicating strong cash flow to support capital expenditures and future expansion[21]. Market Dynamics - The demand for float glass in China showed a slow recovery, reflected in the increase in average selling prices and sales volume, driven by the completion of real estate projects and window installation works[11]. - The float glass supply was limited due to the government's restrictions on new production capacity, contributing to the market dynamics[11]. - The group anticipates a cautious optimistic outlook for the float glass market in 2024, based on government measures to ensure property project completions and the latest "white list" announcements[23]. - The company is optimistic about the growth of the automotive glass aftermarket and OEM business due to expected increases in global vehicle numbers and new car sales in China in 2024[27]. - The company faces risks related to supply and demand levels in the float glass market, which are influenced by macroeconomic factors and the construction industry[156]. Strategic Initiatives - The group has strengthened its market leadership and enhanced economies of scale through strategic expansion and acquisitions in China and Malaysia, including the acquisition of additional float glass production facilities in Chongqing, China, to increase capacity at lower production costs[14]. - The group has continued to explore opportunities for expanding overseas production capacity to address various import tariff issues, particularly in response to the ongoing US-China trade conflict[24]. - The group plans to continue developing and launching various unique glass products with different colors, thicknesses, special coatings, and high-value functions, leveraging favorable policies under China's 14th Five-Year Plan[14]. - A new float glass production facility is being established in East Java, Indonesia, to expand business coverage in ASEAN member countries[27]. - The group has implemented a series of measures to improve performance, including cost control of raw material supply and consumption, and the use of rooftop distributed solar power systems and low-temperature waste heat recovery systems to generate electricity and hot water for internal use[14]. Corporate Governance - The company has a commitment to corporate governance and maintaining high standards of transparency and accountability[81]. - The board of directors is composed of four executive directors, four non-executive directors, and four independent non-executive directors, ensuring compliance with the listing rules regarding independent directors[96]. - The company has established a management structure and internal control processes to ensure all business activities and decisions are properly regulated[91]. - The board is responsible for preventing fraud and safeguarding the company's assets while formulating overall business strategies[94]. - The company has adhered to the corporate governance code as per the Hong Kong Stock Exchange's listing rules throughout the year ending December 31, 2023[92]. Employee and Social Responsibility - As of December 31, 2023, the company has 15,816 full-time employees, with 14,861 based in China and 955 in Hong Kong and other regions[63]. - Employee compensation and benefits are generally aligned with current market rates and are reviewed regularly[63]. - The company emphasizes maintaining good relationships with customers, suppliers, and employees, with no significant disputes reported during the fiscal year[153]. - The group reported a charitable donation of HKD 3,013,000 for the fiscal year, a decrease from HKD 9,837,000 in 2022[163]. Environmental Initiatives - The company has implemented environmental measures, including using natural gas as the main energy source for glass furnaces and utilizing waste heat for power generation[150]. - The company has established a green finance certification for its energy-saving low-emission coated glass project, confirming compliance with green project requirements[150]. - The company plans to continue allocating resources for R&D, product quality improvement, and market expansion to achieve carbon neutrality goals[28]. Financial Policies and Risk Management - The group maintains a financial policy to optimize the use of financial resources and reduce financing costs for its subsidiaries[67]. - The company has implemented mechanisms to mitigate foreign exchange risks, primarily operating in RMB and USD[68]. - The company has a policy in place to ensure timely and equal disclosure of insider information to the public[129]. - The company maintains an effective risk management and internal control system, with no significant deficiencies identified as of December 31, 2023[128].

公司研究 | 动态跟踪 信义玻璃 00868.HK 买入（维持） 地产竣工修复，经营呈现韧性 股价（2024年04月19日） 7.82港元 目标价格 9.86港元 52周最高价/最低价 14.68/6.01港元 信义玻璃业绩公告点评 总股本/流通H股（万股） 422,454/422,454 H股市值（百万港币） 33,036 核心观点 国家/地区 中国 行业 建材 ⚫ 事件：信义玻璃发布 2023 年业绩公告，公司 2023 年年度实现营业收入 275 亿港 报告发布日期 2024年04月21日 元，同增5.7%，实现归母净利润54亿港元，同增4.6%。 1周 1月 3月 12月 ⚫ 受益于国内地产竣工推进，业绩恢复性增长。2023 年，得益于保交楼等政策的推 绝对表现% -8.11 -10.63 11.08 -44.55 动，我国房屋竣工面积达10亿平方米，同增17.0%。2023初，地产竣工延续22年 相对表现% -5.13 -8.78 5.1 -24.21 颓势，浮法玻璃需求疲软，价格仍然承压。但此后需求回暖，价格提升，企业盈利 恒生指数% -2.98 -1.85 5.98 -20.34 逐步增长。据商 ...

Investment Rating - Buy rating with a target price of HKD 12.5, representing a 32% upside from the current price of HKD 8.48 [2][9] Core Investment Thesis - Significant differentiated competitive advantage with stable profit growth in 2023 [3][6] - Revenue increased by 4.1% to HKD 26,798.5 million in 2023, with net profit rising 4.6% to HKD 5,365.1 million [6][11] - Differentiated products accounted for over 47% of float glass production, up 10 percentage points from 2022 [6][11] - Capacity expansion from Chongqing production lines, Huarun relocation lines, and overseas Indonesia plant expected in 2024-2025 [6][11] Financial Health - Significant reduction in bank loans by HKD 5,342.0 million, lowering net gearing ratio to 13.3% [7][12] - Cash on hand stood at HKD 3,426.6 million as of December 31, 2023 [7][12] - Dividend payout ratio of 49.3% with a total dividend of 63.0 HK cents per share in 2023 [7][12] - Expected reduction in financial costs in 2024 due to lower bank loans and increased RMB-denominated loans [7][12] Industry and Market Dynamics - National float glass daily production reached 173,700 tons as of March 7, 2024, up 0.78% week-on-week [8][13] - Inventory levels increased by 6.32% week-on-week to 59.24 million weight cases, with inventory days rising to 24.5 days [8][13] - Supply-demand imbalance with increasing production and weak demand, leading to inventory accumulation [8][13] Valuation and Projections - Target price of HKD 12.5 based on 9.05x and 9x PE for 2024 and 2025, respectively [9][14] - Revenue growth projected at 1.3% in 2024 and 3.4% in 2025, reaching HKD 28,072 million [10] - Net profit expected to grow by 8.7% in 2024 and 0.7% in 2025, reaching HKD 5,833 million [10] - Dividend yield forecasted at 7.16% in 2024 and 7.21% in 2025 [10]

证券研究报告 公 2024年03月11日 司 报 告 信义玻璃(00868) 行 业： 建筑材料/玻璃玻纤 │ 港 投资评级： 买入（首次） 股 当前价格： 9.48港元 23H2 浮法景气改善，业绩增长韧性或被低估 - 公 目标价格： 13.87港元 司 年 公司公告23年全年业绩，23年收入268亿港元，同比+4%；归母净利润54 基本数据 报 亿港元，同比+5%。其中23H2收入142亿港元，同比+17%，环比+12%；归 点 总股本/流通股本(百万股) 4,222.55/4,222.55 母净利润32亿港元，同比+77%，环比+50%。 评 流通市值(百万港元) 40,029.73  23H2收入增长动能强劲，受益浮法玻璃需求景气度边际较好改善 每股净资产(元) 7.66 分业务，23 年公司浮法玻璃/汽车玻璃/建筑玻璃收入分别 175/60/33 亿港 元，同比分别+5%/-2%/+9%；其中，23H2分别94/30/17亿港元，同比分别 资产负债率(%) 38.51 +28%/-5%/+9%，环比分别+18%/-0%/+8%。保交楼等积极政策支撑竣工需求 一年内最高/最低(港元) 15.32/6 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HKD 8.06 [2][4] Core Views - The company's profitability improved significantly in H2 2023, driven by policy support for property delivery and cost reductions [6] - Revenue grew 4.1% YoY to HKD 26.8 billion in 2023, with net profit increasing 4.6% YoY to HKD 5.37 billion [6] - H2 2023 revenue rose 17.2% YoY to HKD 14.18 billion, with net profit surging 76.6% YoY to HKD 3.22 billion [6] - The company declared a dividend of 63 HK cents per share, representing a payout ratio of 49% [6] Financial Performance - Float glass revenue in H2 2023 reached HKD 9.45 billion, up 17.8% QoQ and 28.4% YoY [6] - Automotive glass revenue declined 1.6% YoY to HKD 5.98 billion in 2023, with gross margin dropping 2.4ppt to 47.9% [6] - Building glass revenue grew 8.9% YoY to HKD 3.35 billion in 2023, though gross margin fell 5.8ppt to 33.4% [6] - The company reduced sales and administrative expenses by HKD 50 million and HKD 13 million respectively in 2023 [6] Industry Outlook - Short-term demand remains resilient due to property completion needs, while low raw material costs support profitability [6] - The company is expanding overseas capacity in Malaysia and Indonesia, while acquiring domestic competitors to strengthen its market position [6] - Revenue is forecast to decline 0.2% in 2024 to HKD 26.75 billion, with net profit expected to grow 8.9% to HKD 5.84 billion [6] Valuation - The stock trades at 5.7x 2024E P/E and 0.86x P/B, with a potential dividend yield of 8.5% [6] - EPS is projected to be HKD 1.41 in 2024, up from HKD 1.29 in 2023 [5][8]

Investment Rating - Maintains an "Overweight" rating for the company [1][3] Core Views - The company achieved a net profit attributable to shareholders of HKD 5.37 billion in 2023, meeting expectations [1] - Revenue for 2023 was HKD 26.8 billion, a year-on-year increase of 4.1%, with net profit attributable to shareholders increasing by 4.6% year-on-year [1] - Forecasts net profit attributable to shareholders for 2024-2026 to be HKD 6.3 billion, HKD 6.8 billion, and HKD 7.2 billion respectively [1] - The target price is set at HKD 10.45, with a 2024 PE ratio of 7x based on comparable company valuations [1] Financial Performance - Float glass revenue in 2023 was HKD 17.5 billion, a year-on-year increase of 5.3%, with gross profit of HKD 4.6 billion and a gross margin of 26.5% [1] - Automotive glass revenue in 2023 was HKD 5.98 billion, a year-on-year decrease of 1.6%, with a gross margin of 47.9%, down 2.4 percentage points year-on-year [1] - Architectural glass revenue in 2023 was HKD 3.35 billion, a year-on-year increase of 8.9%, with a gross margin of 33.4% [1] - The company's revenue for 2023 was HKD 26.8 billion, with a net profit of HKD 5.38 billion, representing a year-on-year increase of 4.56% [2] Operational Highlights - Float glass profitability improved in the second half of 2023, with a gross margin exceeding 30% [1] - The company's float glass production capacity expanded with the ignition of new production lines in Yingkou and Chongqing in 2023, and further capacity increases are expected from the Jiangmen renovation line and overseas Indonesia production line in 2024-2025 [1] - The company remains the only player in the industry with capacity expansion [1] - Automotive glass profitability is expected to remain stable due to the company's strong pricing power in the aftermarket and its strategic construction of automotive glass processing lines in Malaysia and Indonesia [1] - Architectural glass revenue and profitability improved quarter-on-quarter, indicating a divergence in order-taking capabilities between large manufacturers and small processors [1] Shareholder and Dividend Information - Core management and shareholders have continued to increase their holdings since the second half of 2023 [1] - The company maintains a high dividend payout ratio of 49%, with dividend yields of 8% and 9% for 2023 and 2024 respectively [1] Market and Valuation - The current stock price is HKD 8.00 as of March 1, 2024 [3] - The 52-week stock price range is HKD 6.18 to HKD 16.28 [4] - The current market capitalization is HKD 33.78 billion [4]

Financial Performance - Revenue for the year ended December 31, 2023, was HKD 26,798.5 million, representing a 4.1% increase from HKD 25,746.0 million in 2022[3] - Profit attributable to equity holders of the company increased by 4.6% to HKD 5,365.1 million, compared to HKD 5,127.2 million in the previous year[3] - Basic earnings per share rose by 2.1% to HKD 129.2 cents from HKD 126.6 cents in 2022[3] - Operating profit for the year was HKD 5,643.4 million, up from HKD 5,337.9 million in 2022[5] - The company reported a total comprehensive income of HKD 4,450.7 million for the year, compared to HKD 730.9 million in 2022[6] - The company's pre-tax profit for 2023 was HKD 6,344,348, an increase from HKD 5,999,966 in 2022, indicating a growth of about 5.7%[24] - The group's revenue increased by 4.1% to HKD 26,798.5 million in 2023, compared to HKD 25,746.0 million in 2022[53] - Profit attributable to equity holders rose by 4.6% to HKD 5,365.1 million, up from HKD 5,127.2 million in 2022[53] - The compound annual growth rate of sales over the past five years was 13.3%[53] Dividends - The proposed final dividend per share increased significantly by 68.2% to HKD 0.37 from HKD 0.22 in the prior year[3] - The interim dividend for 2023 is HKD 0.26 per share, down from HKD 0.40 in 2022, totaling HKD 1,082,672,000 compared to HKD 1,614,395,000 in the previous year[37] - The proposed final dividend for 2023 is HKD 0.37 per share, an increase from HKD 0.22 in 2022, with a total amount of HKD 1,562,342,000 compared to HKD 907,734,000 in 2022[39] - The board proposed a final dividend of HKD 0.37 per share for the year ending December 31, 2023, subject to shareholder approval at the annual general meeting on May 31, 2024[126] - Shareholders will have the option to receive the final dividend in cash or in newly issued shares under a scrip dividend scheme, pending approval from the stock exchange[126] - The scrip dividend scheme will be further detailed, including the market value of the shares to be issued, which is expected to be at a discount based on the average closing price over five consecutive trading days[126] - The annual general meeting will be held on May 31, 2024, with a suspension of share transfer registration from May 28 to May 31, 2024, to determine voting rights[127] - To qualify for the final dividend, share transfer documents must be submitted by June 5, 2024[129] Assets and Liabilities - Total assets decreased to HKD 50,813.4 million from HKD 52,231.8 million in the previous year[8] - Total liabilities reduced significantly to HKD 14,947.6 million from HKD 20,144.2 million[9] - Non-current assets increased to HKD 37,201.5 million from HKD 39,313.1 million[8] - The total assets as of December 31, 2023, amounted to HKD 50,813,419,000, an increase from HKD 52,231,789,000 in the previous year[21][23] - The total liabilities were reported at HKD 14,947,566,000, compared to HKD 20,144,166,000 in the previous year, showing a significant reduction of approximately 25.7%[21][23] - Trade receivables decreased to HKD 1,782,172,000 in 2023 from HKD 1,966,830,000 in 2022, with a net amount of trade receivables and notes receivable totaling HKD 3,358,388,000, up from HKD 2,648,695,000[40] - The provision for trade receivables decreased to HKD 59,852,000 in 2023 from HKD 62,087,000 in 2022, indicating a reduction in expected credit losses[43] - Trade payables decreased to HKD 1,561,526,000 in 2023 from HKD 1,594,545,000 in 2022, while total other payables increased to HKD 2,382,277,000 from HKD 2,100,276,000[45] - The company reported a total liability of HKD (14,947,566) in 2023, down from HKD (20,144,166) in 2022, indicating a reduction of approximately 25.7%[26] Operational Highlights - The company operates primarily in China and Malaysia, focusing on the production and sale of float glass, automotive glass, and architectural glass[11] - The revenue from the float glass segment was HKD 21,650,172,000, while the automotive glass segment generated HKD 5,981,015,000, and the architectural glass segment contributed HKD 3,349,614,000[20] - The company's segment gross profit for 2023 was HKD 8,611,759, a slight decrease from HKD 8,686,375 in 2022, reflecting a decline of approximately 0.9%[24] - Sales revenue from float glass products was HKD 17,467.9 million, accounting for 65.2% of total sales, while automotive glass revenue was HKD 5,981.0 million, representing 22.3%[55] - The group recorded a 4.6% increase in net profit for the year ended December 31, 2023, driven by higher sales volumes of float glass, automotive glass, and architectural glass in the second half of the year[92] - The group implemented strict production cost and energy-saving policies, enhancing cost control efficiency and improving product differentiation in float glass, automotive glass, and architectural glass[92] - The group faced challenges in sales volume and pricing across its three main glass product lines due to a strong US dollar, rising interest rates, and a slowdown in the Chinese real estate market[51] Future Outlook and Strategies - The company plans to adopt new accounting standards effective January 1, 2024, which may impact future financial reporting[18] - The company is optimistic about the global automotive glass aftermarket and OEM business due to an expected increase in the number of vehicles and new car sales in China in 2024[110] - A new automotive glass production line in Indonesia is planned to commence operations in 2025, which will help mitigate the impact of tariffs and inflation in the U.S. market[109] - The company is expanding its production capacity in Southeast Asia, including a new float glass production facility in East Java, Indonesia, to enhance market coverage[110] - The company has established a dedicated department for carbon neutrality, which is responsible for planning and implementing energy-saving initiatives to improve overall energy cost structure[110] - The company is investing in a new polysilicon joint venture in Yunnan, which is expected to increase investments and profits in green and renewable energy by 2024[113] - The company continues to allocate resources for R&D to enhance product quality and develop new products, materials, and production processes[113] - The company anticipates increased demand for float glass and construction glass due to more construction and window installation activities in 2024[110] - The company is exploring opportunities for overseas capacity expansion to address various import tariff issues[109] - The outlook for the float glass market in 2024 is cautiously optimistic, supported by government measures to ensure project completions and a stable energy cost environment[108] - The group has not encountered any significant difficulties or liquidity issues due to exchange rate fluctuations, maintaining a balanced approach to currency risk management[86] - The group is exploring new sources of silica sand and raw materials in Asia to maintain control over production costs and quality[108] Capital Expenditures and Financial Position - Capital expenditures for the year totaled HKD 3,513.9 million, an increase from HKD 2,624.4 million in 2022, primarily for purchasing plants and machinery[76] - The net current asset value increased to HKD 2,263.5 million from HKD 1,016.0 million in 2022, consistent with the increase in current ratio and net profit[75] - The group's financial costs rose significantly by 35.5% to HKD 503.4 million, mainly due to an increase in Hong Kong interbank offered rates[68] - The effective tax rate was 15.2%, lower than the standard rate, primarily due to profits generated by subsidiaries qualifying for reduced tax rates[70] - The net cash inflow from operating activities for the year 2023 was HKD 5,001.2 million, a decrease from HKD 6,737.3 million in 2022, attributed to increased net profit and effective working capital management[78] - As of December 31, 2023, the group's bank borrowings amounted to HKD 8,174.0 million, a reduction of 39.5% from HKD 13,515.7 million as of December 31, 2022, due to repayment of bank loans using available cash[79] - The net debt-to-capital ratio as of December 31, 2023, was 13.3%, down from 16.7% a year earlier, indicating improved financial stability[79] - The financial position is robust, with cash and bank deposits amounting to HKD 3,426.6 million and a current ratio of 1.20, indicating strong liquidity[104]

Financial Performance - The company's revenue for the first half of 2023 decreased by 7.5% to HKD 12,621,221,000 compared to the same period in 2022[4]. - Profit attributable to equity holders of the company fell by 35.0% to HKD 2,147,890,000, with basic earnings per share at HKD 0.521, down from HKD 0.821 in the previous year[6]. - For the first half of 2023, the group's revenue and net profit were HKD 12,621,200,000 and HKD 2,147,900,000, representing a decrease of 7.5% and 35.0% compared to the first half of 2022[37]. - Gross profit for the first half of 2023 was HKD 3,659,500,000, a significant decrease of 30.2% from HKD 5,241,900,000 in the same period of 2022, with the gross profit margin falling to 29.0% from 38.4%[41]. - The overall revenue decline was primarily due to the depreciation of the RMB and a 13.1% drop in the average selling price of float glass products compared to the first half of 2022[38]. - The net profit before tax for the six months ended June 30, 2023, was HKD 2,473,259, a decrease of 36.5% from HKD 3,898,907 in 2022[109]. - The company reported a profit of HKD 2,147,890,000 for the period, reflecting its financial performance[147]. Market Conditions - The overall market conditions remain challenging due to high inflation and rising interest rates affecting overseas demand[8]. - The group anticipates a cautious optimistic outlook for the float glass market in 2023, with expectations of lower energy costs compared to 2022 due to increased supply and low global oil prices[27]. - The average selling price of float glass products declined, primarily due to delays in property project completions in the Chinese real estate market[11]. Product Development and Innovation - The company is focusing on developing new glass products for advanced driver-assistance systems (ADAS) and other value-added components, preparing for future launches[14]. - A series of new glass products with different colors, thicknesses, and special coatings are being developed to improve competitiveness[18]. - The company plans to continue focusing on expanding its production capabilities and enhancing product offerings in the automotive and construction sectors[106]. - The management is optimistic about future growth prospects, driven by increasing demand in the automotive and construction markets[106]. Strategic Initiatives - Strategic expansions and acquisitions have been made to enhance production capacity, including additional float glass production facilities in China[14]. - The acquisition of the float glass business in Chongqing has strengthened the group's production capacity and market coverage in Southwest China[30]. - The group is establishing a new float glass production facility in East Java, Indonesia, to expand its coverage in the ASEAN region[28]. - The group continues to explore opportunities for acquisitions and expansions in China and overseas to improve production and energy costs[28]. Cost Management - The company is implementing cost control measures for raw materials and improving supply chain processes to enhance efficiency[15]. - Selling and promotional expenses decreased by 29.5% to HKD 670,600,000, attributed to lower transportation and international freight costs post-COVID[44]. - Administrative expenses decreased by 15.7% to HKD 1,098,900,000, primarily due to reduced R&D expenditures during the period[46]. - Financial costs increased by 122.3% to HKD 275,600,000, driven by rising overall bank borrowing rates[48]. Cash Flow and Liquidity - As of June 30, 2023, the group has cash and bank deposits of HKD 7,593.0 million and a low net debt ratio of 16.8%[22]. - For the first half of 2023, the net cash inflow from operating activities was approximately HKD 1,417,600,000, a decrease from HKD 3,936,400,000 for the same period in 2022[59]. - The company reported a decrease in cash and cash equivalents, ending the period with HKD 3,778,263, down from HKD 11,468,786 at the end of the previous year[87]. - The total assets as of June 30, 2023, were HKD 51,599,914,000, a decrease from HKD 52,231,789,000 at the end of 2022[72]. Shareholder Returns - The company declared an interim dividend of HKD 0.26 per share, reflecting its commitment to returning value to shareholders[6]. - The interim dividend for the first half of 2023 is set at HKD 0.26 per share, down from HKD 0.40 per share in the first half of 2022[198]. - Shareholders will have the option to receive the interim dividend in cash or in new shares under the scrip dividend scheme, pending approval from the stock exchange[199]. Employee Relations - The group maintained a good relationship with its 15,151 full-time employees, with a focus on providing adequate training and benefits[68]. - The group is committed to ensuring sufficient resources for R&D to enhance product quality and develop new products, while also focusing on employee training to maintain safety standards and competitiveness[31].

[1 -> 9] 好接下来我们第二场第二场这个心意玻璃心意玻璃的录演与分享那么有请 [9 -> 34] 大家好歡迎來到今天的會議也謝謝大家今天的時間參加Cindy Board的會議首先你們現在在屏幕上面看的到的就是我們2023年中企業季的PIP我這個部分就先簡單的花個10到15分鐘的時間跟大家分享一下然後後面我們再進行一個交流的時間 [36 -> 39] 我們可以直接看到去 [40 -> 67] 第四頁的這個部分這個部分的話可能大家有一直在關注我們公司的都會有一點點的留意到因為大家其實都了解到我們公司相對來講是跟內地房地產是有一點點關係的公司所以說這個部分我們其實在六月的時候也發過一個通知信給大家說可能今年的一個上半年的成績可能會有一個退步沒有那麼 [67 -> 77] 跟過往比沒有那麼好的情況但我們看到數字上面上半年的營業額按年下降了7.5%也去到126個億的感覺 [78 -> 104] 那那個下降的原因很好理解剛剛也稍微有講過了跟整體的一個房地產的情況是有關係的那所以對於浮法玻璃這一邊的需求是下降的那我們整體的有一大部分的生意額是來自於浮法玻璃的那所以浮法玻璃這一邊整體的一個 ASV 下降所以影響到整體營 ...