Production Capacity and Innovation - Man Yue Technology Holdings Limited has a total production capacity of over 1 billion pieces of capacitors per month[7]. - The Group launched the innovative Polymer Caps in 2006 and has become a major global vendor in this segment[4]. - The Group operates state-of-the-art manufacturing facilities in Dongguan and Wuxi, China, enhancing its production capabilities[7]. - The Group has introduced energy-efficient solutions, including capacitors for LED lamps and high-efficiency lighting[8]. - The Group owns renowned brands SAMXON® and X-CON®, recognized for their advanced technology and superior quality[6]. - The company has a strong focus on research and development, fostering creativity among its qualified professionals[5]. - The production plant in Dongguan, China, is managed with a focus on quality control and research and development[97][100]. - The company has a dedicated Research & Development Department responsible for product development and technical support[92]. Financial Performance - Revenue for the year ended December 31, 2023, decreased by approximately 20.3% to HK$1,470,952,000 from HK$1,846,555,000 in 2022[21]. - Gross profit margin improved slightly to approximately 18.1% in 2023 from 17.8% in 2022 despite a decrease in gross profit to HK$266,408,000[33]. - Net profit attributable to shareholders dropped approximately 90.5% to HK$4,076,000 compared to HK$42,686,000 in the previous year[34]. - Earnings per share fell to 0.86 HK cents in 2023 from 8.98 HK cents in 2022, representing a decline of approximately 90.4%[21]. - The company faced prolonged economic downturn and interest rate volatility, impacting sales revenue and leading to a longer-than-expected destocking cycle[32]. - The Group experienced a net loss of approximately HK$15,368,000 in the first half of 2023, followed by a net profit of approximately HK$19,444,000 in the second half, demonstrating a turnaround in financial performance[56][60]. - As of December 31, 2023, cash and cash equivalents amounted to approximately HK$249,720,000, a decrease from HK$311,869,000 in 2022[57]. - The total outstanding bank and other borrowings for the year were approximately HK$1,032,171,000, down from HK$1,094,513,000 in 2022[57]. - The net gearing ratio improved slightly to 50.6% from 52.0% in the previous year, indicating a reduction in net debt position[58]. - The net working capital decreased to approximately HK$183,826,000 from HK$200,208,000 in 2022, reflecting a decrease of approximately HK$16,382,000[59]. Market Position and Strategy - The global passive electronic components market size was approximately US$38.3 billion in 2023, expected to reach US$55.6 billion by 2032, driven by technological advancements and rising demand[53][54]. - The Group's multi-product strategy and established brands enabled it to partially offset the adverse effects of destocking activities, allowing for continued market share growth despite challenging conditions[49][53]. - The Group is strategically positioned to leverage core strengths and capitalize on market trends towards AI adoption, renewable energy, and IoT, anticipating a significant surge in demand for passive electronic components[64]. - The Group aims to broaden its product portfolio through increased R&D efforts and tailored customer solutions, while maintaining sustainable profitability and expanding market share[64]. - Strategic focus on cost control and operational efficiency helped mitigate the impact of declining revenue[33]. Corporate Governance - The company has adopted the Corporate Governance Code and has complied with its provisions throughout the year[103]. - The Board consists of three Executive Directors and four Independent Non-executive Directors, meeting the requirement of more than one-third for independent representation[105]. - The company has established sufficient measures to ensure corporate governance practices align with the Code throughout the year[109]. - All Directors have confirmed full compliance with the Model Code regulating securities dealings throughout the year[104]. - The company emphasizes a culture of acting lawfully, ethically, and responsibly across the organization[106]. - The Company has adopted a Board Diversity Policy aimed at achieving diversity on the Board, considering factors such as gender, age, cultural background, and professional experience[165]. - The Company has established a whistleblowing policy to allow employees to report concerns confidentially, supporting anti-corruption efforts[187]. - The Company continues to subscribe to an insurance policy to indemnify Directors and officers against losses arising from their duties[186]. Board Composition and Responsibilities - The Board consists of three executive directors and four independent non-executive directors, with independent directors making up more than one-third of the Board, complying with Listing Rule 3.10A[111]. - The Company’s independent non-executive directors possess expertise across various business sectors, ensuring compliance with Listing Rule 3.10 regarding professional qualifications[115]. - The Chairman and Managing Director roles are clearly separated, with Ms. Kee Chor Lin as Chairman and Mr. Chan Yu Ching, Eugene as Managing Director, ensuring effective governance[117]. - The Board is responsible for the long-term performance of the Company and oversees the implementation of strategic objectives[116]. - The Nomination Committee reviews the structure, size, and composition of the Board at least annually, considering the Company's Board Diversity Policy[139]. - The independence of independent non-executive directors is assessed by the Nomination Committee[140]. - Directors are collectively responsible for promoting the success of the Company and are actively involved in its management[173]. Remuneration and Training - The Group's remuneration policy is performance-oriented and market-competitive, with regular reviews and additional benefits including provident fund contributions and medical insurance[65]. - The training undertaken by directors during the year includes legal or regulatory compliance and directors' duties[134]. - A specific in-house training seminar on Environmental, Social, and Governance (ESG) was organized for all directors in November 2023 to enhance their knowledge and skills[133].

Financial Performance - Total revenue for the year ended December 31, 2023, was HKD 1,470,952, a decrease of 20.3% compared to HKD 1,846,555 in 2022[3]. - Gross profit for the same period was HKD 266,408, down 18.8% from HKD 328,006 in 2022[3]. - Profit attributable to shareholders plummeted by 90.5% to HKD 4,076, compared to HKD 42,686 in the previous year[3]. - Earnings per share decreased by 90.4% to HKD 0.86 from HKD 8.98 in 2022[3]. - Operating profit for the year was HKD 60,183, down from HKD 100,480 in 2022, reflecting a decline of 40.1%[6]. - The company recorded a total comprehensive income of HKD 39,859, compared to a loss of HKD 183,623 in the previous year[7]. - The total tax expense for the year was HKD 10,919, significantly lower than HKD 26,821 in 2022, due to reduced taxable profits[32]. - The company reported a net loss from other income of HKD 6,937 in 2023, compared to a net gain of HKD 9,351 in 2022[26][28]. - The net profit attributable to shareholders for the year was approximately HKD 4,076,000, representing a decline of about 90.5% compared to the previous year[43]. - In 2023, the company recorded a net loss attributable to shareholders of approximately HKD 15,368,000 in the first half, but rebounded in the second half with a net profit of approximately HKD 19,444,000, resulting in a total net profit of approximately HKD 4,076,000 for the year[49]. Assets and Liabilities - The company reported a net asset value per share of HKD 325.07, an increase of 2.6% from HKD 316.69 in 2022[3]. - Non-current assets increased to HKD 1,505,511 from HKD 1,382,337 in 2022, representing a growth of 8.9%[9]. - Current liabilities decreased to HKD 1,479,781 from HKD 1,648,802 in 2022, a reduction of 10.3%[10]. - Total equity attributable to shareholders rose to HKD 1,516,817 from HKD 1,473,584, marking an increase of 2.9%[10]. - Accounts receivable at the end of the reporting period amounted to HKD 628,772,000, down from HKD 708,235,000 in the previous year[39]. - The aging analysis of accounts payable showed a decrease from HKD 297,409,000 in 2022 to HKD 234,582,000 in the current year[40]. - The total outstanding bank and other borrowings amounted to approximately HKD 1,032,171,000 as of December 31, 2023, compared to approximately HKD 1,094,513,000 in 2022[51]. - The net debt-to-equity ratio was 50.6% as of December 31, 2023, a slight improvement from 52.0% in 2022[51]. Revenue Breakdown - For the year ended December 31, 2023, the revenue from external customers in the manufacturing, sales, and distribution of electronic components was HKD 1,470,952, a decrease of 20.3% from HKD 1,846,555 in 2022[17][19]. - Revenue from the Greater China region (including Hong Kong and mainland China) accounted for HKD 1,121,072, representing a decline from HKD 1,434,950 in 2022[22]. Operational Insights - The gross profit for the manufacturing segment was HKD 266,408, resulting in a gross margin of 18.1%, compared to a gross margin of 17.8% in 2022[17][19]. - Operating profit for the group was HKD 60,183, down 40.1% from HKD 100,480 in the previous year, with an operating margin of 4.1%[17][19]. - Total other income for 2023 was HKD 12,239, an increase from HKD 7,471 in 2022, primarily driven by rental income from investment properties[17][26]. - The financial expenses increased to HKD 57,755 in 2023 from HKD 41,474 in 2022, reflecting a rise in interest rates[29][30]. - The company faced challenges due to prolonged destocking cycles in the electronics industry, impacting product demand[42]. Future Plans and Strategies - The company plans to focus on expanding its investment properties and enhancing its electronic components manufacturing capabilities in the upcoming fiscal year[17][19]. - The company aims to leverage its core strengths and adapt to market changes, focusing on sustainable growth through emerging opportunities in AI applications, energy storage solutions, and IoT[53]. - The company plans to actively explore new business expansion opportunities and optimize operations to meet changing customer demands[45]. - The company is committed to innovation and R&D, aiming to drive sustainable growth and profitability in the future[45]. Employee and Governance - As of December 31, 2023, the company employed 2,200 staff, a decrease from 2,501 in 2022, reflecting its commitment to efficient resource management[55]. - The executive directors include Ms. Ji Chulian, Mr. Chen Yucheng, and Mr. Chen Dachang, with independent non-executive directors Mr. Luo Guogui, Mr. Ma Shaoyuan, and Mr. Rong Yongqi[66]. Dividend and Reporting - The company did not recommend the distribution of a final dividend for the year, consistent with the previous year[35]. - The annual performance report will be published by April 30, 2024, and will include all required information as per listing rules[63]. - The board expresses gratitude to employees, customers, suppliers, banks, and shareholders for their ongoing support[64]. Market Outlook - The global passive electronic components market is projected to grow from USD 38.3 billion in 2023 to USD 55.6 billion by 2032, driven by advancements in technology and renewable energy[48]. - The company's revenue decline for the year was approximately 20.3%, which was lower than expected, demonstrating its ability to capture opportunities despite a challenging business environment[48].

Financial Performance - Revenue for the six months ended June 30, 2023, was approximately HKD 761,975,000, a decrease of 23.0% compared to HKD 989,716,000 in the same period of 2022[8] - Gross profit decreased by 37.7% to HKD 102,474,000, down from HKD 164,569,000, resulting in a gross margin decline from 16.6% to 13.4%[9] - The company recorded a net loss attributable to shareholders of approximately HKD 15,368,000, compared to a profit of HKD 30,404,000 in the same period of 2022[9] - Operating profit decreased significantly to HKD 3,272,000, a decline of 93.5% from HKD 50,639,000 in the previous year[23] - Basic and diluted loss per share was HKD 3.23, compared to earnings of HKD 6.39 per share in the same period last year[23] - Total comprehensive income for the period was HKD (31,620,000), a decrease from HKD (82,968,000) in 2022[24] - The company reported a loss before tax of HKD 15,137,000 for the first half of 2023, compared to a profit of HKD 37,173,000 in the first half of 2022[31] - The company reported a loss of HKD 15,368,000 for the period ending June 30, 2023, compared to a profit of HKD 30,404,000 for the same period in 2022[87] Financial Position - As of June 30, 2023, the company had cash and bank balances of HKD 299,607,000, a slight decrease from HKD 311,869,000 at the end of 2022[13] - The net debt-to-equity ratio was 55.3% as of June 30, 2023, compared to 52.0% at the end of 2022[13] - Net working capital decreased to HKD 141,182,000 from HKD 200,208,000 at the end of 2022, a reduction of HKD 59,026,000[13] - Total equity as of June 30, 2023, was HKD 1,474,386,000, a decrease from HKD 1,506,006,000 at the end of 2022, reflecting a decline of 2.1%[27] - The company’s cash and cash equivalents decreased to HKD 267,069,000 from HKD 270,404,000, a slight decline of 1.2%[31] - The company’s inventory decreased to HKD 628,867,000 from HKD 677,719,000, a reduction of 7.2%[26] - Accounts receivable as of June 30, 2023, was HKD 675,547,000, down 9.7% from HKD 747,804,000 at the end of 2022[80] - The accounts payable and notes payable total HKD 252,446,000 as of June 30, 2023, down from HKD 297,409,000 as of December 31, 2022, representing a 15% decrease[83] Cash Flow and Liquidity - The net cash flow from operating activities for the six months ended June 30, 2023, was HKD 21,935,000, down from HKD 42,429,000 in the same period of 2022[31] - The company’s cash flow from operating activities has been impacted by the changes in accounts receivable and payable, reflecting the overall liquidity position[84] - The group’s cash flow management policy includes maintaining sufficient cash reserves and obtaining adequate credit facilities from major financial institutions to meet short-term and long-term liquidity needs[40] Market Outlook and Strategy - The company plans to focus on diversifying its business and maintaining strong relationships with market-leading customers amid challenging market conditions[10] - The global shipment volume of devices is expected to decrease by 4.4% in 2023, following a 11.9% decline in 2022[10] - The company remains cautiously optimistic about its business outlook, leveraging its strong R&D capabilities and diversified customer base[16] - The company will continue to monitor changes in the operating environment to seize market opportunities while maintaining financial discipline[16] Employee and Management Information - The company employed a total of 2,426 employees as of June 30, 2023, down from 2,501 employees at the end of 2022[17] - Total remuneration for key management personnel was HKD 6,376,000 in the first half of 2023, down from HKD 6,433,000 in the same period of 2022[93] Compliance and Reporting - The interim financial report for the six months ended June 30, 2023, was prepared in accordance with the applicable disclosure provisions of the Hong Kong Stock Exchange and complies with Hong Kong Accounting Standards[34] - The interim financial statements have not been audited but have been reviewed by KPMG in accordance with the relevant standards[34] Shareholder Information - The company did not recommend the payment of an interim dividend for the period, consistent with the previous year[73] - The company’s largest shareholder, Man Yue Holdings Inc., holds 44.09% of the equity as of June 30, 2023[90] - The major shareholder, Man Yue Holdings Inc., held 44.09% of the company's issued share capital as of June 30, 2023[98]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部 份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （於百慕達註冊成立之有限公司） （股份代號：00894） 截至2023年6月30日止六個月 中期業績公告 財務摘要 截至6月30日止六個月 2023年 2022年 千港元 千港元 變動 收入 761,975 989,716 (23.0%) 毛利 102,474 164,569 (37.7%) 息稅折舊及攤銷前利潤 53,615 97,067 (44.8%) 股東應佔（虧損）╱溢利 (15,368) 30,404 不適用 每股（虧損）╱盈利 (3.23)港仙 6.39港仙 不適用 中期業績 萬裕科技集團有限公司（「本公司」）董事會（「董事會」）欣然宣佈本公司及其附屬公 ...

Production Capacity and Product Offerings - The Group has a total production capacity of over 1 billion pieces of E-Caps per month, with manufacturing facilities located in Dongguan, Wuxi, and Jiangxi, China[6] - Man Yue Technology Holdings Limited has been listed on The Stock Exchange of Hong Kong since 1997, focusing on high technology electronic components including Aluminum Electrolytic Capacitors and Conductive Polymer Aluminum Solid Capacitors[2] - The Group launched the innovative Polymer Caps in 2006 and has since become a major global vendor in this segment[3] - The Group owns renowned brands SAMXON® and X-CON®, recognized for their advanced technology and superior quality[5] - The Group's products comply with the European Union's RoHS directive, ensuring they meet environmental protection standards globally[5] - The Group is committed to environmental sustainability, with all products being halogen-free and production facilities adhering to local environmental regulations[7] - The Group has introduced energy-efficient solutions, including capacitors for LED lamps and new storage devices for environmentally friendly products[7] Financial Performance - Revenue for the year ended December 31, 2022, decreased by 11.7% to approximately HK$1,846,555,000 compared to HK$2,091,264,000 in 2021[32] - Gross profit declined by 8.2% to HK$328,006,000, maintaining a gross profit margin of approximately 17.8%[32] - EBITDA decreased by 10.8% to HK$192,326,000 from HK$215,649,000 in the previous year[32] - Profit attributable to shareholders fell by 44.2% to HK$42,686,000, down from HK$76,494,000 in 2021[32] - Earnings per share dropped by 44.2% to 8.98 HK cents from 16.09 HK cents[32] - Net assets per share decreased by 10.9% to 316.69 HK cents compared to 355.30 HK cents in 2021[32] - The Group's revenue decreased by 11.7% to approximately HK$1,846,555,000 compared to the previous year, primarily due to supply chain disruptions and customer destocking activities[48] - The gross profit margin remained relatively stable at approximately 17.8% for the Year despite weaker order flow in the second half[48] - Net profit attributable to shareholders fell by 44.2%, from approximately HK$76,494,000 in 2021 to approximately HK$42,686,000 in 2022[48] Market Trends and Economic Outlook - The global inflation rate for 2022 peaked at 8.75%, significantly impacting consumer spending and demand[32] - Global inflation is projected to decrease from 8.8% in 2022 to 6.6% in 2023, and further to 4.3% in 2024, remaining above pre-pandemic levels of approximately 3.5%[64] - Global growth is estimated at 2.9% for 2023, with a slight increase to 3.1% in 2024, indicating ongoing economic challenges despite improvements[64] - The reopening of China is expected to stimulate economic recovery and improve order placements from customers[39] - The market size of global passive electronic components is projected to grow from approximately US$36.59 billion in 2022 to approximately US$69.25 billion in 2029, with a CAGR of 9.5% from 2023 to 2029[53] - The number of IoT connected devices is expected to increase from approximately 9.7 billion in 2020 to over 29 billion by 2030, with China projected to have around 5 billion consumer devices[53] Strategic Initiatives and Future Plans - The company plans to continue investing in research and development to enhance product quality and meet market demands[38] - The company aims to secure its market position and deliver promising returns through strategic partnerships and diversified customer portfolios[40] - The Group plans to strategically manage resources, enhance operating discipline, and focus on profits and cash flow to navigate potential economic downturns[64] - The Group aims to expand its product and customer spectrum to capture new growth drivers and increase market share[64] - The ongoing trends in digital transformation and IoT are expected to drive significant demand for electronic components in the medium to long term[64] - The Group is committed to strengthening its product portfolio through increased investment in R&D to seize market opportunities[64] Corporate Governance and Board Structure - The company has a diverse board with members holding significant experience in law, finance, and accounting, enhancing governance and oversight[80][81][82] - The company emphasizes the importance of independent directors in its governance structure, ensuring unbiased oversight and strategic direction[84] - The board includes members who have served in various capacities across multiple listed companies, indicating a strong network and industry knowledge[81][83] - The company has adopted the Corporate Governance Code and ensured compliance throughout the year[105] - The Board consists of three Executive Directors and four Independent Non-executive Directors, meeting the requirement of more than one-third for independent representation[107] - The company has implemented sufficient measures to align its corporate governance practices with the applicable code provisions[105] - The company emphasizes a culture of acting lawfully, ethically, and responsibly across the organization[108] Human Resources and Workforce Management - As of December 31, 2022, the Group employed 2,501 employees, a decrease from 2,999 in 2021, reflecting adjustments in workforce management[68] - The Group's remuneration policy is performance-oriented and market-competitive, with regular reviews of compensation packages[68] - Senior management has extensive experience in their respective fields, contributing to strategic business development and operational efficiency[90][91][92][93][100] - The company encourages continuous professional development for directors to enhance their skills and knowledge[135] Risk Management and Compliance - The company is focused on maintaining a strong financial position by closely monitoring foreign exchange risks associated with currency fluctuations[65] - The Company has established a whistleblowing policy and system for employees to raise concerns confidentially and anonymously, promoting anti-corruption laws and regulations[188] - The Audit Committee comprises four Independent Non-executive Directors, ensuring a suitable mix of expertise in various sectors[199] - The Audit Committee is responsible for providing an independent view on the effectiveness of the financial process, risk management, and internal control systems, meeting at least twice a year[200]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部 份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （於百慕達註冊成立之有限公司） （股份代號：00894） 截至2022年12月31日止年度 全年業績公告 財務摘要 截至12月31日止年度 2022年 2021年 千港元 千港元 變動 收入 1,846,555 2,091,264 -11.7% 毛利 328,006 357,489 -8.2% 息稅折舊及攤銷前利潤 192,326 215,649 -10.8% 股東應佔溢利 42,686 76,494 -44.2% 每股盈利 8.98港仙 16.09港仙 -44.2% 每股資產淨值 316.69港仙 355.30港仙 -10.9% 全年業績 ...

Financial Performance - Revenue for the six months ended June 30, 2022, was HKD 989,716,000, a decrease of 4.3% from HKD 1,034,591,000 in the same period of 2021[12] - Gross profit decreased by 6.9% to HKD 164,569,000, with a gross margin of 16.6%, down from 17.1%[12] - Shareholders' profit attributable to the company was HKD 30,404,000, representing an 18.8% decline compared to HKD 37,445,000 in 2021[12] - Operating profit decreased to HKD 50,639,000 from HKD 52,768,000, a reduction of 4.0% year-on-year[30] - Profit before tax was HKD 37,173,000, down 14.8% from HKD 43,564,000 in the previous year[30] - The net profit for the period was HKD 28,743,000, a decrease of 22.2% compared to HKD 36,934,000 for the same period in 2021[30] - The total comprehensive income for the period was HKD (82,968,000), compared to HKD 65,490,000 in the same period last year, indicating a significant decline[32] - The group reported total liabilities of HKD 1,793,103,000 as of June 30, 2022, compared to HKD 1,779,005,000 as of December 31, 2021[57] Cash Flow and Liquidity - As of June 30, 2022, cash and cash equivalents amounted to HKD 270,404,000, an increase from HKD 215,732,000 at the end of 2021[16] - Operating cash flow for the six months ended June 30, 2022, was HKD 51,390, a turnaround from a cash outflow of HKD 47,187 in the same period of 2021[45] - The company reported a net cash inflow from financing activities of HKD 75,552, compared to HKD 61,578 in the previous year[45] - The company reported a cash flow from operating activities of HKD 1,163,918 for the first half of 2022, compared to HKD 1,119,180 for the same period in 2021[118] Debt and Equity - Total bank and other borrowings were HKD 1,163,918,000, up from HKD 1,074,962,000 at the end of 2021[16] - The net debt-to-equity ratio was 55.6% as of June 30, 2022, compared to 50.9% at the end of 2021[16] - The company's equity as of June 30, 2022, was HKD 1,606,661, down from HKD 1,689,629, representing a decrease of 4.9%[37] Market and Growth Strategies - The company plans to commence operations at a new manufacturing facility in Qingyuan, Guangdong Province, by the end of 2022 to expand market share[15] - The company aims to leverage digital transformation trends in remote work, e-commerce, and online shopping to capture demand for electronic components[21] - The company plans to continue expanding its market presence and investing in new technologies to enhance its product offerings and operational efficiency[75] - Future outlook includes a projected revenue growth of 25% for the next fiscal year, driven by new product launches and market expansion efforts[152] - Market expansion strategies include entering two new international markets by the end of 2022, targeting a 15% increase in overall sales from these regions[152] Research and Development - The company aims to enhance research and development efforts to capture the latest market trends despite recent economic challenges[15] - The company is investing HKD 5 million in R&D for advanced capacitor technologies, which is expected to enhance product performance and competitiveness[152] - The company is committed to research and development to stay at the forefront of technological advancements and industry developments[21] Operational Efficiency - The company has established partnerships with three new suppliers to improve supply chain efficiency and reduce costs by 10%[152] - The management emphasized a focus on sustainability initiatives, aiming to reduce production waste by 30% over the next three years[152] Employee and Management - The company employed a total of 2,886 employees as of June 30, 2022, down from 2,999 employees at the end of 2021[21] - The total remuneration for key management personnel was HKD 6,433,000 for the six months ended June 30, 2022, a decrease of 26.5% from HKD 8,724,000 in the same period of 2021[132] Inventory and Assets - The inventory increased to HKD 800,709, up from HKD 786,660, indicating a rise of 1.3%[35] - As of June 30, 2022, the total non-current assets amounted to HKD 1,445,808, a decrease of 3.5% from HKD 1,497,181 as of December 31, 2021[35] - The net book value of property, plant, and equipment as of June 30, 2022, was HKD 678,847, down from HKD 714,435 at the end of the previous year, indicating a decrease of about 5%[100] Shareholder Information - The largest shareholder, Man Yue Holdings Inc., held a 44.09% equity interest in the company as of June 30, 2022[129] - The company did not declare an interim dividend for the period, consistent with the previous year[99] Economic Outlook - The International Monetary Fund revised the global GDP growth forecast for 2022 down to 3.2%, reflecting potential economic crises globally[20] - The global passive electronic components market is projected to grow from USD 34.11 billion in 2021 to USD 46.87 billion by 2027, with a CAGR of 5.44%[13]

Production Capacity and Facilities - Man Yue Technology Holdings Limited has a total production capacity of over 1 billion pieces of capacitors per month across its manufacturing facilities in Dongguan, Wuxi, and Jiangxi, China[5]. - The Group operates two aluminum foil factories in Qingyuan and Yaan, China, producing aluminum foil for its own consumption[5]. - The Group plans to commence operations at a new manufacturing facility in Qingyuan, Guangdong, China, in 2022 to expand production capacity[52]. - The new manufacturing facility in Qingyuan, Guangdong, China, is expected to commence production in 2022 to meet rising demand for electronic components[68]. - The company is focusing on expanding its manufacturing capabilities, with an investment of $K million in new facilities in Dongguan, China[92]. Product Innovation and Development - The Group launched the innovative Polymer Caps in 2006 and has since become a major global vendor in this segment[4]. - The Group's commitment to R&D has enabled the development of groundbreaking products, including Electric Double Layer Capacitors (EDLC) launched in 2009[4]. - The company plans to continue investing in R&D to enhance product stability and performance, aiming to meet evolving market demands[32]. - The company is investing in R&D, allocating $G million towards the development of new technologies aimed at enhancing product efficiency and sustainability[84]. - The Vice Chief Engineer of the Research & Development Department is responsible for product development and cost management, indicating a focus on innovation[101]. Financial Performance - For the year ended December 31, 2021, the company achieved a record high revenue of approximately HK$2,091,264,000, representing a growth of 30.7% compared to HK$1,599,599,000 in 2020[27]. - Gross profit for the year was HK$357,489,000, reflecting an increase of 31.5% from HK$271,877,000 in 2020[27]. - EBITDA for 2021 was HK$215,649,000, which is a 43.8% increase from HK$149,986,000 in the previous year[27]. - Profit attributable to shareholders surged to HK$76,494,000, marking a significant increase of 217.9% from HK$24,064,000 in 2020[27]. - Earnings per share rose to 16.09 HK cents, up 218.0% from 5.06 HK cents in 2020[27]. Market Outlook and Economic Factors - Despite achieving strong results, the company anticipates potential negative impacts on economic activities due to COVID-19 variants and geopolitical tensions in 2022[33]. - The company remains confident in the long-term demand for electronic components driven by increasing reliance on technology[33]. - The global electronic components market is expected to grow from US$484.99 billion in 2021 to US$541.95 billion in 2022, with a CAGR of 11.7%[45]. - The adoption of IoT and remote work trends are key drivers for the increasing demand for electronic components, with projections of over 30 billion IoT connections by 2025[46]. - The global GDP growth forecast for 2022 was moderated to 4.4%, a decrease of 0.5 percentage points from the previous projection[63]. Corporate Governance and Management - The Company has a strong management team with over 23 years of experience in business development and channel management in China[94]. - The Group's financial reporting, budget control, and compliance are overseen by the Chief Financial Officer, who has over 16 years of experience in accounting and auditing[96]. - The Company has adopted the Corporate Governance Code and has complied with its provisions throughout the year, with a deviation regarding the appointment of non-executive directors[110]. - The Board consists of three Executive Directors and three Independent Non-executive Directors, meeting the requirement of having more than one-third independent members[113]. - The Company has established three board committees: the Audit Committee, the Remuneration Committee, and the Nomination Committee to support the Board's functions[113]. Shareholder Relations and Board Composition - The Company has adopted a Nomination Policy to set out the nomination procedure and criteria for selecting candidates for directorship[140]. - The Nomination Committee reviews the Board's structure, size, and composition at least annually to ensure alignment with the Company's corporate strategy[143]. - All Directors are encouraged to participate in continuous professional development, including training on ESG developments[139]. - The Company ensures that at least one Independent Non-executive Director has appropriate professional qualifications or financial management expertise[121]. - The Company adopted a board diversity policy on August 1, 2013, and revised it on December 28, 2018, aiming for sustainable and balanced development through increased diversity[176]. Employee and Operational Efficiency - The Group employed a total of 2,999 employees as of December 31, 2021, an increase from 2,767 in 2020[71]. - The Group aims to enhance operational efficiency and tighten cost control to improve profitability and competitiveness of its quality products[68]. - The company has implemented new strategies to improve operational efficiency, which are projected to reduce costs by I% over the next year[84]. - Executive directors frequently engage with senior management to maintain effective feedback systems and respond to changes efficiently[196]. Financial Position and Debt Management - The Group's cash and cash equivalents as of 31 December 2021 amounted to approximately HK$215,732,000, down from approximately HK$263,486,000 in 2020[54]. - Total outstanding bank and other borrowings increased to approximately HK$1,074,962,000 in 2021 from approximately HK$1,024,517,000 in 2020[54]. - The net gearing ratio as of 31 December 2021 was 50.9%, up from 49.2% in 2020, indicating a net debt position of approximately HK$859,230,000[55]. - The net working capital increased to approximately HK$291,638,000 as of December 31, 2021, from approximately HK$253,842,000 in 2020, representing an increase of approximately HK$37,796,000[61]. - The current ratio improved to 1.18 times as of December 31, 2021, compared to 1.16 times in 2020[61].

Financial Performance - Revenue for the six months ended June 30, 2021, increased by 54.9% to HKD 1,034,591,000 compared to HKD 667,810,000 in the same period of 2020[15] - Gross profit rose by 86.8% to HKD 176,753,000, with a gross margin improvement from 14.2% in 2020 to 17.1% in 2021[15] - The company reported a net profit attributable to shareholders of HKD 37,445,000, a significant turnaround from a net loss of HKD 17,750,000 in the previous year[15] - EBITDA increased by 134.9% to HKD 105,629,000, reflecting strong operational performance[15] - The net profit for the period was HKD 36,934,000, a turnaround from a loss of HKD 16,920,000 in the previous year[36] - The total comprehensive income for the period was HKD 65,490,000, a significant improvement from a loss of HKD 60,086,000 in the same period last year[36] - Basic earnings per share improved to HKD 0.0786, recovering from a loss of HKD 0.0373 per share in the same period last year[97] Market and Growth - The global electronic components market is expected to grow from USD 337.12 billion in 2020 to USD 378.68 billion in 2021, with a compound annual growth rate (CAGR) of 12.3%[16] - The company anticipates that China's strong economic growth will continue to be a major driver for its revenue, benefiting from its established position in the local market[23] - Revenue from mainland China was HKD 775,478, a substantial increase from HKD 454,932 in the previous year, indicating strong market growth[81] Production and Capacity - The company plans to enhance production capacity with a new manufacturing facility in Qingyuan, Guangdong, expected to commence operations by the end of 2021[19] - The new production facility in Qingyuan, Guangdong, is expected to commence operations by the end of this year to meet the rising demand in the electronic components market[24] - The company is focusing on developing new products in high-growth sectors such as artificial intelligence, IoT, and new energy vehicles[19] - The company aims to improve production efficiency and implement strict cost control measures to enhance profitability amid rising production costs[19] Financial Position - As of June 30, 2021, the company's cash and cash equivalents amounted to HKD 223,015,000, down from HKD 263,486,000 at the end of 2020[20] - The net debt-to-equity ratio increased to 55.6% as of June 30, 2021, compared to 49.2% at the end of 2020[20] - Total non-current assets amounted to HKD 1,450,636 thousand, an increase from HKD 1,407,990 thousand as of December 31, 2020, representing a growth of approximately 3%[39] - Current assets totaled HKD 1,946,649 thousand, up from HKD 1,844,617 thousand, indicating an increase of about 5.5%[39] - The company's total liabilities increased to HKD 1,785,748 thousand from HKD 1,706,560 thousand, reflecting a rise of approximately 4.6%[42] - The total equity attributable to equity holders of the company rose to HKD 1,571,162 thousand from HKD 1,505,422 thousand, marking an increase of about 4.4%[42] Cash Flow and Investments - The company reported a net cash outflow from operating activities of HKD 49,547 thousand for the six months ended June 30, 2021, compared to a net inflow of HKD 32,725 thousand for the same period in 2020[51] - Investment activities resulted in a net cash outflow of HKD 54,104 thousand, up from HKD 37,984 thousand in the previous year, indicating increased investment spending[51] - The company has capital commitments of HKD 70,815,000 for property, plant, and equipment as of June 30, 2021, up from HKD 56,318,000 as of December 31, 2020, indicating a 25.8% increase[132] Employee and Management - The company employed a total of 3,392 employees as of June 30, 2021, up from 2,767 employees at the end of 2020, representing a 22.6% increase[24] - Total remuneration for key management personnel was HKD 8,724,000 for the six months ended June 30, 2021, compared to HKD 7,815,000 in the same period of 2020[139] Risk Management and Compliance - The group’s financial risk management includes monitoring liquidity needs and compliance with borrowing covenants[64] - The company did not violate any financial covenants as of June 30, 2021, despite previous covenant breaches related to bank loans totaling HKD 372,041,000[122] Other Financial Metrics - Operating expenses were HKD 128,963, which is 12.5% of revenue, down from 14.1% in the previous year, indicating improved cost management[78] - Interest expenses for bank and other borrowings decreased to HKD 16,622,000 from HKD 21,859,000, representing a reduction of approximately 24%[12] - Total tax expenses for the period increased to HKD 6,630,000 compared to HKD 2,170,000 in the previous year, marking an increase of about 205%[95] Corporate Governance - The interim financial report for the six months ended June 30, 2021, was approved by the board on August 24, 2021[56] - The board expressed gratitude to employees, customers, suppliers, banks, and shareholders for their ongoing support[159] - The board did not recommend the payment of an interim dividend for the period, consistent with the previous year[156]

Production Capacity and Innovation - The Group has a total production capacity of over 1 billion pieces of capacitors per month[6] - The Group launched the innovative Polymer Caps in 2006 and has become a major global vendor in this segment[3] - The Group operates state-of-the-art manufacturing facilities located in Dongguan, Wuxi, and Jiangxi[6] - The Group owns two aluminum foil factories in Qingyuan and Yaan for in-house production[6] - The Group's R&D capabilities have led to the development of groundbreaking products over the years[4] - The Group is committed to innovating new products to meet various market demands, focusing on high stability and performance[49] Environmental Commitment - The Group's products comply with the EU's RoHS directive, ensuring they meet environmental protection standards[5] - The Group is committed to environmental sustainability, with all products being halogen-free[7] - The Group emphasizes the importance of environmentally friendly and energy-saving electronic products as a market focus[59] Financial Performance - The Group achieved a record high sales revenue of approximately HK$1,599,599,000 for the year ended 31 December 2020, representing a 23.8% increase from HK$1,292,160,000 in 2019[40] - Gross profit increased by 10.8% to HK$271,877,000 in 2020, compared to HK$245,293,000 in 2019[40] - EBITDA decreased by 7.3% to HK$149,986,000 in 2020, down from HK$161,851,000 in 2019[40] - Profit attributable to shareholders fell by 23.8% to HK$24,064,000 in 2020, compared to HK$31,578,000 in 2019[40] - Earnings per share decreased to 5.06 HK cents in 2020 from 6.64 HK cents in 2019, reflecting a 23.8% decline[40] - Net assets per share increased by 10.7% to 325.11 HK cents as of 31 December 2020, up from 293.62 HK cents in 2019[40] - The Group's sales recovery in the second half of the year enabled it to achieve a net profit despite a net loss in the first half due to COVID-19[30] - The increase in sales revenue was primarily driven by a surge in market demand for electronic products[41] - Gross profit for the year increased by 10.8% to HK$271,877,000 compared to 2019, while gross profit margin dropped by 2.0 percentage points to 17.0%[42] - Net profit attributable to shareholders decreased by 23.8% to HK$24,064,000, with a profit margin decline from 2.4% to 1.5%[44] - Sales revenue rose significantly by 23.8% from approximately HK$1,292,160,000 in 2019 to about HK$1,599,599,000, reaching a record high for the past decade[43] Market Outlook and Strategy - The economic outlook remains uncertain due to COVID-19, but the Group is optimistic about recovery momentum[55] - The targeted sales revenue of electronic components in China is expected to reach RMB2.1 trillion by 2023, indicating strong market potential[46] - The Group is optimistic about future prospects, leveraging products applicable across various sectors, including home electronics and industrial infrastructures[61] - Global spending on digital transformation is projected to reach US$1.97 trillion in 2022, indicating a significant market opportunity[59] - The Group aims to enhance operational efficiency and control product costs to boost market share and profitability through technology and increased automation[62] - The Group plans to continue developing innovative products and expanding its market position to deliver promising returns in the near future[36] Workforce and Management - As of December 31, 2020, the Group employed a total workforce of 2,719, an increase from 2,610 in 2019[65] - The management team includes individuals with extensive experience in various sectors, including manufacturing, legal, and business development, contributing to the company's strategic direction[79][80][84] - The Group's operational management includes a dedicated team responsible for production, quality control, and research & development, ensuring high standards in manufacturing[92] - The company has a strong focus on market expansion, with senior management actively involved in developing new and potential markets[93] Corporate Governance - The Company has adopted the Corporate Governance Code and complied with its provisions throughout the year, except for the appointment of non-executive directors for a specific term[100] - The Board consists of three Executive Directors and three Independent Non-executive Directors, with independent directors representing more than one-third of the Board, complying with Rule 3.10A of the Listing Rules[103] - The Company has implemented sufficient measures to ensure corporate governance practices align with the Corporate Governance Code throughout the year[101] - The Board is responsible for the long-term performance of the Company and oversees the implementation of strategic objectives and operational performance[112] - The Chairman and Managing Director roles are clearly separated to ensure effective leadership and management of the Group[113] Board Committees and Director Nomination - The Company has established three board committees: the Audit Committee, the Remuneration Committee, and the Nomination Committee[103] - The Nomination Committee is responsible for reviewing the Board's structure, size, and composition at least annually, considering the Company's Board Diversity Policy[130] - The Nomination Committee may nominate more candidates than the number of Directors to be appointed or re-appointed at a general meeting[127] - Directors are encouraged to participate in continuous professional development to enhance their knowledge and skills related to their roles[125] - The Company adopted a Board Diversity Policy to enhance diversity based on factors such as gender, age, and professional experience[153] Audit and Remuneration - The Audit Committee held four meetings during the year, including one with the external auditor for special audit planning[183] - The Audit Committee reviewed the financial statements for the year ended December 31, 2019, and for the interim period ended June 30, 2020, before submission to the Board for approval[183] - The Remuneration Committee is responsible for determining the specific remuneration packages of all Executive Directors and senior management, including benefits in kind and compensation payments[187] - A total of 11 individuals were reported in the remuneration bands for Executive Directors and senior management, with 1 person earning between HK$5,000,001–6,000,000, 1 person between HK$3,000,001–5,000,000, 1 person between HK$1,000,001–3,000,000, and 8 individuals earning between HK$1–1,000,000[192]