Financing Dynamics - Chobani, a Greek yogurt producer, will invest $1.2 billion to build its third dairy processing plant in New York, expected to create over 1,000 full-time jobs [3] - Huug, a brand specializing in machine-washable bras, raised $6 million in Series A funding led by Kaylim Capital to expand its business [5] Delisting & Listing - Orijin announced the completion of its cash acquisition of COFCO Packaging, leading to COFCO Packaging's delisting from the Hong Kong Stock Exchange due to loss of equity financing and prolonged trading stagnation [7] - JBS received approval from the SEC for its New York listing plan, which could increase its market value to $30 billion [10] Brand Dynamics - Charoen Pokphand Group will acquire the remaining 23.8% stake in CP Foods from Itochu Corporation for $1.1 billion, achieving full control [11] - Nestlé Japan launched two new concentrated beverages, Nescafé Espresso Base, to cater to the growing demand for iced coffee [18] - Bunge announced the sale of its North American dry corn and cornmeal processing business to Grain Craft, marking a strategic business optimization [21] Personnel Dynamics - Nike appointed Jennifer Hartley as Chief Strategy Officer, aiming to drive and execute the company's strategic initiatives [27]

Group 1 - The mandatory acquisition notice was sent to remaining minority shareholders on February 13, 2025, and they have two months to raise objections [1] - As of April 14, 2025, no objections have been received, allowing the acquirer to proceed with the acquisition of all remaining offer shares [1] - The mandatory acquisition will be completed on April 17, 2025, with shareholders listed on April 16, 2025, transferring their shares to the acquirer [1] Group 2 - Following the completion of the mandatory acquisition, the company will be wholly owned by the acquirer and its concert parties [2] - The Stock Exchange has approved the delisting of the company's shares, which will take effect on April 22, 2025, at 9:00 AM [2]

CPMC CPMC HOLDINGS LIMITED 中糧包裝控股有限公司 (Incorporated in Hong Kong with Iimited Iiability) (於香港註冊成立之有限公司) Stock code: 906 股份代號：906 202 INTERIM REPORT 中期報告 Contents 目錄 CORPORATE INFORMATION 公司資料2 FINANCIAL HIGHLIGHTS 財務摘要5 INDEPENDENT REVIEW REPORT 獨立審閱報告6 UNAUDITED INTERIM FINANCIAL INFORMATION 未經審核中期財務資料 Condensed Consolidated: 簡明綜合： Statement of Profit or Loss 損益表8 Statement of Profit or Loss and Other Comprehensive Income 損益及其他全面收益表9 Statement of Financial Position 財務狀況表 10 Statement of Changes in Equity 權 ...

Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 5,547,547 thousand, representing a 4.8% increase from RMB 5,293,583 thousand in the same period of 2023[2] - EBITDA for the same period was RMB 736,127 thousand, up 7.6% from RMB 684,164 thousand year-on-year[2] - Net profit for the period was RMB 274,743 thousand, a slight increase of 1.2% compared to RMB 271,568 thousand in the previous year[2] - Basic earnings per share decreased by 2.3% to RMB 0.240 from RMB 0.245 in the prior period[2] - Gross profit for the six months was RMB 892,081 thousand, compared to RMB 794,281 thousand, indicating a growth in profitability[4] - Total comprehensive income for the period was RMB 235,541 thousand, significantly higher than RMB 150,591 thousand in the same period last year[5] - The group's net profit before tax for the six months ended June 30, 2024, was RMB 59,604,000, compared to RMB 63,888,000 for the same period in 2023[21] - The net profit for the first half of 2024 was approximately RMB 275 million, a slight increase of about RMB 3 million or 1.2% from RMB 272 million in the same period of 2023[40] Cash Flow and Liquidity - Cash generated from operating activities for the six months ended June 30, 2024, was RMB 457,803 thousand, compared to RMB 242,160 thousand in the same period of 2023, indicating an increase of 89.0%[9] - Net cash generated from operating activities for the six months ended June 30, 2024, was RMB 251,346 thousand, significantly up from RMB 51,798 thousand in the same period of 2023, reflecting a growth of 384.5%[9] - The net cash used in investing activities for the six months ended June 30, 2024, was RMB (186,522) thousand, a decrease from RMB (362,712) thousand in the same period of 2023, showing an improvement of 48.5%[10] - Current liabilities decreased to RMB 7,825,866 thousand from RMB 7,905,712 thousand at the end of 2023, indicating improved liquidity[6] - The total cash and cash equivalents at the end of June 30, 2024, were RMB 2,232,579 thousand, up from RMB 1,938,933 thousand at the end of June 30, 2023, indicating a growth of 15.2%[11] Assets and Liabilities - Non-current assets as of June 30, 2024, totaled RMB 6,737,250 thousand, down from RMB 6,861,579 thousand at the end of 2023[6] - The company's net assets increased to RMB 6,163,433 thousand from RMB 5,927,892 thousand, reflecting a stronger financial position[7] - The company's total liabilities decreased from RMB 2,582,046 thousand in the first half of 2023 to RMB 2,582,046 thousand in the first half of 2024, indicating a stable financial position[10] - Trade receivables from third parties increased to RMB 3,142,735 thousand as of June 30, 2024, compared to RMB 2,530,346 thousand as of December 31, 2023[26] - The total trade receivables and notes receivable amounted to RMB 3,496,247 thousand as of June 30, 2024, up from RMB 2,819,521 thousand as of December 31, 2023[26] Revenue Breakdown - Revenue from tinplate packaging reached RMB 2,279,739,000, up 9.6% from RMB 2,080,934,000 in the previous year[18] - Revenue from aluminum packaging was RMB 2,904,612,000, slightly up from RMB 2,891,628,000, indicating a growth of 0.4%[18] - Revenue from plastic packaging increased to RMB 363,196,000, a rise of 13.1% from RMB 321,021,000[18] - The sales revenue of the tinplate packaging segment was approximately RMB 2.280 billion, up about 9.6% from RMB 2.081 billion in the same period of 2023, accounting for approximately 41.1% of total sales[33] - The steel drum business reported sales revenue of approximately RMB 919 million, a significant increase of about 24.7% from RMB 737 million in the same period of 2023, achieving record highs in sales revenue, sales volume, and operating profit[34] Employee and Operational Metrics - Employee costs for the period were RMB 445,053,000, up from RMB 426,975,000, reflecting a growth of 4.2%[20] - The total employee cost for the group was approximately RMB 445 million for the first half of 2024, compared to RMB 427 million in the same period last year[51] - The group employed 6,163 full-time employees as of June 30, 2024, a decrease from 6,292 employees in the same period last year[49] Corporate Governance - The company has applied the Corporate Governance Code principles during the six-month period ending June 30, 2024[54] - The board of directors has undergone changes, with Mr. Zhang Xian resigning and Mr. Zhang Ye appointed as the new chairman[55] - The company has established a Remuneration Committee primarily composed of independent non-executive directors to oversee compensation policies[58] - The Audit Committee is responsible for reviewing the financial reporting process and ensuring the effectiveness of internal controls[59] - The Nomination Committee has been formed to evaluate the board's structure and propose changes as necessary[60] - The Risk Management Committee reviews the company's risk management framework and key emerging risks[61] Dividends - The company does not intend to declare an interim dividend for the six months ended June 30, 2024[2] - The company proposed an interim dividend of RMB 0 per share for the six months ended June 30, 2024, down from RMB 0.122 per share in the same period of 2023[24] - The interim dividend for 2023 is not recommended, with the previous interim dividend being RMB 0.122 per share (equivalent to 13.3 HK cents)[57]

Financial Performance - CPMC achieved a revenue of RMB 10,265,310, representing a slight increase of 0.1% compared to RMB 10,255,225 in 2022[2] - The profit attributable to equity holders of the Company was RMB 474,760, a decrease of 2.4% from RMB 486,512 in the previous year[2] - Earnings per share decreased by 2.5% to RMB 0.426 from RMB 0.437 in 2022[2] - The Group's total revenue for the year ended 31 December 2023 was approximately RMB10,265 million, which was basically flat from 2022, with a gross profit margin of 15.6%[41] - The net profit for the year ended 31 December 2023 remained flat at approximately RMB485 million[42] - The Group's profit before income tax increased by approximately 5.1% to RMB626 million in 2023[43] - Finance costs increased to approximately RMB238 million in 2023, up by RMB151 million or 171.9% compared to 2022[44] - Income tax expenses were approximately RMB141 million in 2023, with an effective income tax rate of approximately 22.5%[44] Sales and Revenue Breakdown - The Group's sales revenue from aluminium packaging was approximately RMB5,346 million in 2023, accounting for approximately 52.1% of overall sales, with a gross profit margin of 14.6%[31] - The sales revenue from the tinplate packaging business amounted to approximately RMB4,210 million in 2023, representing approximately 41.0% of overall sales, with a gross profit margin of 17.1%[31] - The sales revenue from the milk powder can business was approximately RMB774 million in 2023, reflecting a year-on-year decrease of approximately 4.0%[32] - The sales revenue from the aerosol cans business increased by approximately 8.6% to RMB568 million in 2023[33] - The Group's plastic packaging business recorded sales revenue of approximately RMB709 million in 2023, representing a year-on-year increase of approximately 5.2%[36] Operational Developments - The Group's sales volume exceeded RMB 10 billion, marking a record net profit for the year[13] - CPMC focused on high-quality development and innovation, enhancing its core competitiveness in the packaging industry[14] - The newly-built two-piece can production lines in Kunming and Shenyang achieved profitability in their first year of operation[14] - CPMC launched new products, including 1L fresh beer cans and Heineken 5L abnormal-shaped beer cans, which are now in mass production[14] - The Group emphasized the establishment of a "3+N" technology innovation platform to enhance digital development and product quality[15] - CPMC plans to continue its focus on risk prevention and control while promoting green carbon reduction in manufacturing upgrades[16] - The Group aims to optimize production processes and improve gross profit margins through enhanced R&D and efficiency measures[19] Investment and Capital Expenditure - Capital expenditure for the year ended December 31, 2023, was approximately RMB571 million, with the two-piece cans project accounting for 67.1%[50] - Contracted capital commitments for property, plant, and equipment amounted to RMB225.67 million as of December 31, 2023, down from RMB463.02 million in 2022[51] Human Resources - The Group's total staff cost increased to approximately RMB877 million in 2023, compared to RMB799 million in the previous year[54] - The Group had 6,252 full-time employees as of December 31, 2023, an increase from 5,945 in 2022[54] Risk Management and Governance - The Group's management identified major risks including operational risks from macroeconomic control and fluctuations in raw material prices[55] - The Board conducted a review of the effectiveness of the Group's risk management and internal control systems during the financial year ended December 31, 2023[131] - The Group implemented the SAP system to enhance operational efficiency and improve internal control systems[134] - The Risk Management Committee held 1 meeting during the year ended December 31, 2023, to review major risks and the effectiveness of the risk management function[121] Corporate Governance - The Board held 7 meetings during the year ended December 31, 2023, with all Directors attending either in person or by telephone[80] - The Audit Committee conducted 3 meetings in 2023, with full attendance from its members[97] - The Company Secretary provided support for Board meetings, ensuring that all substantive agenda items were sent to Directors at least 3 days prior[83] - The Nomination Committee reviewed the Board's structure and made recommendations for re-election at the 2023 AGM[106] - The Company has arranged directors' and officers' liability insurance for all Directors and senior management for the year 2023/2024[88] - The Company Secretary has complied with professional training requirements as per the Listing Rules[92] - The Board is responsible for corporate governance duties and reviewed its governance policy during the year[93] - All Directors participated in continuous professional development, including reading regulatory updates and attending seminars[96] - The Company has a policy for assessing the suitability of proposed candidates for the Board, considering factors such as skills, experience, and diversity[107] Diversity and Inclusion - As of December 31, 2023, male employees accounted for 65.9% and female employees accounted for 34.1% of all employees, with a commitment to increase the proportion of female employees in senior management positions[112] - The Company aims to appoint at least 1 female director by 2024 to improve board diversity[111] - The Company is committed to creating favorable conditions to attract more women to join the Group, aiming for a gender-balanced workforce[112] ESG Initiatives - The Company has established an ESG governance structure with three levels: the Board, the Audit Committee, and the ESG task force[165][166] - In 2023, the Company identified product responsibility, employment, emissions, and environmental resources as highly material issues[170] - The Company aims to enhance ESG management and continuously communicate with stakeholders to promote sustainable development[163] - The Board assesses and manages material ESG issues annually, incorporating them into the risk management system[160] - The Company has set environmental targets related to business operations, reviewed by the Board and Audit Committee[161] - The ESG task force is responsible for formulating specific annual work plans and managing daily ESG risks[166] - The Company emphasizes communication with stakeholders, addressing their expectations and demands through various channels[167] Integrity and Compliance - CPMC conducted 62 integrity education trainings covering 3,217 employees, totaling 21.5 training hours in 2023[179] - CPMC's integrity risk prevention and control system was continuously improved, proactively identifying integrity risk points and reducing violations[175] - The company implemented a whistle-blowing system with multiple channels, ensuring confidentiality and protection for whistle-blowers[182] - CPMC's integrity awareness training included 390 participants in warning education briefings and 1,075 participants in integrity meetings and trainings[178] - The company maintained a 100% passing rate in food safety inspections conducted by government authorities, with no food safety incidents reported during the year[193] Quality Management - In 2023, CPMC's quality management system achieved a 100% passing rate in 394 batches of product sampling, involving 1,749 indicators[193] - The two-piece can conductivity online detection technology was successfully implemented in several branches, enhancing product quality and traceability[194] - CPMC developed an intelligent vision detection system for milk powder cans, achieving higher defect detection precision and obtaining 1 utility model patent and 1 software copyright[196] - The Wuxi company received the AA-Grade Integration of Informatisation and Industrialisation Management System Certificate, promoting intelligent and digital transformation[200]

Financial Performance - Total revenue for the year ended December 31, 2023, was RMB 10,265,310 thousand, a slight increase of 0.1% compared to RMB 10,255,225 thousand in 2022[2] - EBITDA for the year increased by 17.8% to RMB 1,351,991 thousand from RMB 1,147,316 thousand in the previous year[2] - Net profit for the year was RMB 485,478 thousand, up 0.2% from RMB 484,678 thousand in 2022[2] - Basic earnings per share decreased by 2.5% to RMB 0.426 from RMB 0.437 in the previous year[2] - Gross profit margin improved, with gross profit rising to RMB 1,605,297 thousand from RMB 1,282,140 thousand, reflecting a significant increase in profitability[4] - The company reported a total comprehensive income of RMB 435,943 thousand for the year, compared to RMB 140,649 thousand in 2022[5] - The company's net assets increased to RMB 5,927,892 thousand from RMB 5,728,402 thousand in the previous year[7] - The group reported a significant increase in bank interest income to RMB 26,068 thousand in 2023, compared to RMB 15,608 thousand in 2022, representing a growth of 67.1%[28] - The company's income tax for 2023 was RMB 140,814,000, an increase of 26.4% from RMB 111,415,000 in 2022[35] - The basic earnings per share for 2023 was RMB 0.426, a decrease from RMB 0.437 in 2022, with total profit attributable to ordinary shareholders of RMB 474,760,000[39][40] Assets and Liabilities - Total non-current assets increased to RMB 6,861,579 thousand in 2023 from RMB 6,683,943 thousand in 2022[6] - Total current assets slightly decreased to RMB 7,381,180 thousand from RMB 7,390,563 thousand in the previous year[6] - Total liabilities increased, with current liabilities rising to RMB 7,905,712 thousand from RMB 6,828,393 thousand in 2022[6] - As of December 31, 2023, the group's net assets were approximately RMB 59.28 billion, up from RMB 57.28 billion in 2022[57] - The total borrowings amounted to approximately RMB 52.81 billion as of December 31, 2023, with a leverage ratio of about 52.0%, down from 52.6% in 2022[58] Cash Flow and Investments - Operating cash flow for 2023 was RMB 1,224,829,000, an increase from RMB 1,047,125,000 in 2022, representing a growth of approximately 17%[9] - The company reported a net cash flow from operating activities of RMB 810,357,000 for 2023, compared to RMB 894,550,000 in 2022, indicating a decrease of about 9%[9] - Cash used in investing activities for 2023 was RMB 522,868,000, a reduction from RMB 807,463,000 in 2022, indicating a decrease of approximately 35%[10] - New bank loans raised in 2023 amounted to RMB 85,091,000, a significant decrease from RMB 1,383,415,000 in 2022[11] - The company reported a net cash outflow from financing activities of RMB 286,426,000 in 2023, compared to a net inflow of RMB 346,155,000 in 2022[11] - The ending cash and cash equivalents balance for 2023 was RMB 2,391,737,000, slightly up from RMB 2,380,067,000 in 2022[11] Revenue Breakdown - Revenue from tinplate packaging was RMB 4,209,774 thousand in 2023, slightly down from RMB 4,212,735 thousand in 2022, indicating a decrease of 0.1%[22] - Revenue from aluminum packaging was RMB 5,346,209 thousand in 2023, down from RMB 5,368,106 thousand in 2022, reflecting a decrease of 0.4%[22] - Revenue from plastic packaging increased to RMB 709,327 thousand in 2023, up from RMB 674,384 thousand in 2022, showing a growth of 5.2%[22] - Revenue from external customers in China was RMB 9,442,898 thousand in 2023, a decrease from RMB 9,572,088 thousand in 2022, representing a decline of 1.4%[23] - Overseas revenue increased to RMB 822,412 thousand in 2023, up from RMB 683,137 thousand in 2022, indicating a growth of 20.4%[23] Customer Contributions - Major customer A contributed RMB 1,264,768 thousand in 2023, down from RMB 1,380,647 thousand in 2022, a decrease of 8.4%[24] - Major customer B's revenue contribution was RMB 1,150,533 thousand in 2023, an increase from RMB 1,101,412 thousand in 2022, reflecting a growth of 4.5%[24] Operational Metrics - The company operates 38 subsidiaries and joint ventures in China, enhancing its service capabilities to customers[44] - The effective tax rate for the company's subsidiaries in China is 15%, with one subsidiary qualifying for a reduced rate of 2.5%[36] - The company has implemented strict credit control measures to minimize credit risk associated with trade receivables[41] - Trade receivables from third parties increased to RMB 2,530,346,000 in 2023 from RMB 2,481,450,000 in 2022, while total trade receivables and notes receivable reached RMB 2,819,521,000[41] - Trade payables decreased to RMB 2,300,044,000 in 2023 from RMB 2,422,478,000 in 2022, indicating improved cash flow management[43] Dividends and Shareholder Returns - The company does not recommend the distribution of a final dividend for the year ending December 31, 2023, compared to a final dividend of RMB 0.098 per share in 2022[37] - The company did not recommend a final dividend for the year ended December 31, 2023, following a mid-term dividend of RMB 0.122 per share paid on September 25, 2023[64] Audit and Compliance - The company has submitted unaudited financial data for the year ending December 31, 2023, and the audited financial statements for the year ending December 31, 2022, to the Hong Kong Companies Registry[14] - The auditor has issued a report on the financial statements for the year ending December 31, 2022, with no reservations or emphasis of matter[14] - The audit committee reviewed the draft consolidated financial statements for the year ending December 31, 2023, and found no objections to the annual performance announcement[67] - The preliminary performance announcement figures have been agreed upon by the company's auditor, indicating that they reflect the draft consolidated financial statements for the year[70] - The annual report for 2023 will be published on the stock exchange and the company's website in due course[71]

CPMC HOLDINGS LIMITED CPMC 中糧包裝控股有限公司 (Incorporated in Hong Kong with limited liability) (於香港註冊成立之有限公司) Stock code: 906 股份代號：906 INTERIM REPORT 中期報告 Contents 目錄 CORPORATE INFORMATION 公司資料2 FINANCIAL HIGHLIGHTS 財務摘要5 INDEPENDENT REVIEW REPORT 獨立審閱報告6 UNAUDITED INTERIM FINANCIAL INFORMATION 未經審核中期財務資料 Condensed Consolidated: 簡明綜合： Statement of Profit or Loss 損益表8 Statement of Profit or Loss and Other Comprehensive Income 損益及其他全面收益表9 Statement of Financial Position 財務狀況表 10 Statement of Changes in Equity 權益變動表 ...

Financial Performance - Revenue for the six months ended June 30, 2023, was RMB 5,293,583 thousand, representing a 1.3% increase from RMB 5,226,576 thousand in the same period of 2022[2] - Profit before tax increased by 29.6% to RMB 436,812 thousand compared to RMB 336,927 thousand in the previous year[2] - Basic earnings per share rose to RMB 0.245, up 2.1% from RMB 0.240 in the same period last year[2] - Total comprehensive income for the period was RMB 150,591 thousand, significantly up from RMB 70,467 thousand in the previous year[6] - The group reported a profit attributable to ordinary shareholders of RMB 273.269 million for the six months ended June 30, 2023, compared to RMB 267.469 million for the same period in 2022[28] - The net profit for the first half of 2023 was approximately RMB 272 million, an increase of about 3.5% from RMB 262 million in the same period of 2022[43] Dividends - The interim dividend declared is RMB 0.122 per share, equivalent to 13.3 Hong Kong cents, a decrease of 4.3% from 13.9 Hong Kong cents in the previous year[2] - The mid-term dividend declared was RMB 0.122 per ordinary share, compared to RMB 0.120 per ordinary share in the previous year[56] - A 10% corporate income tax will be withheld on the declared 2023 interim dividend for non-resident shareholders[58] - The expected distribution date for the 2023 interim dividend is around September 25, 2023[60] Assets and Liabilities - Non-current assets as of June 30, 2023, totaled RMB 6,856,744 thousand, an increase from RMB 6,683,943 thousand at the end of 2022[7] - Current liabilities decreased to RMB 7,569,826 thousand from RMB 6,828,393 thousand at the end of 2022[8] - Net assets as of June 30, 2023, were RMB 5,769,878 thousand, compared to RMB 5,728,402 thousand at the end of 2022[9] - As of June 30, 2023, the group's net current liabilities amounted to approximately RMB 371,393,000, with available undrawn financing of RMB 1,454,938,000[15] - The group's net assets as of June 30, 2023, were approximately RMB 57.70 billion, an increase from RMB 57.28 billion as of December 31, 2022[45] Cash Flow and Investments - The net cash generated from operating activities was RMB 51,798 thousand, a significant improvement from a net cash used of RMB 224,572 thousand in the previous year[10] - The company reported a net cash outflow from investing activities of RMB 362,712 thousand, compared to RMB 321,802 thousand in the same period of 2022, indicating increased investment activity[11] - New bank loans raised amounted to RMB 1,276,685 thousand, a substantial increase from RMB 552,328 thousand in the prior year, reflecting a strategy to enhance liquidity[11] - The total cash and cash equivalents at the end of the period were RMB 1,938,933 thousand, up from RMB 1,809,552 thousand at the end of June 2022[12] - The company's cash flow from financing activities showed a net outflow of RMB 144,822 thousand, a significant decrease from a net inflow of RMB 432,912 thousand in the same period last year, indicating changes in financing strategy[11] Revenue Breakdown - Revenue from tinplate packaging decreased to RMB 2,080,934,000 from RMB 2,169,397,000, a decline of 4.1% year-on-year[20] - Revenue from aluminum packaging increased to RMB 2,891,628,000, up 5.2% from RMB 2,748,790,000 in the previous year[20] - The sales revenue of the two-piece can business reached approximately RMB 2.785 billion in the first half of 2023, an increase of about 4.9% compared to RMB 2.655 billion in the same period of 2022[34] - The sales revenue of the single-piece can products was approximately RMB 106 million in the first half of 2023, up about 12.8% from RMB 94 million in the same period of 2022[35] - The sales revenue of the tinplate packaging segment was approximately RMB 2.081 billion in the first half of 2023, a decrease of about 4.1% from RMB 2.169 billion in the same period of 2022, accounting for approximately 39.3% of total sales[36] Employee Costs - Employee costs for the six months ended June 30, 2023, totaled RMB 426,975,000, an increase from RMB 387,033,000 in the previous year, reflecting a rise of 10.3%[23] - The total employee cost for the group was approximately RMB 427 million as of June 30, 2023, compared to RMB 387 million in the same period last year[51] - The group employed 6,292 full-time employees as of June 30, 2023, an increase from 5,776 employees in the same period last year[51] Financial Ratios and Metrics - The total borrowings increased to RMB 53.65 billion as of June 30, 2023, compared to RMB 52.11 billion as of December 31, 2022, resulting in a leverage ratio of 63.2%, up 10.6 percentage points[46] - The current ratio as of June 30, 2023, was approximately 1.0, down from 1.1 as of December 31, 2022[46] Corporate Governance - The remuneration committee consists of two independent non-executive directors and one non-executive director, ensuring no director participates in determining their own remuneration[61] - The audit committee is responsible for reviewing the financial reporting process and monitoring the effectiveness of internal control systems[62] - The nomination committee evaluates the board's structure and proposes changes to the board as necessary[63] - The Risk Management Committee was established on December 22, 2016, to oversee the group's enterprise risk management framework and policies[64] - The committee consists of one independent non-executive director, one non-executive director, and one executive director, chaired by Mr. Chen Jihua[64] - The board of directors includes Mr. Zhang Xin as the chairman and executive director, with several other executive and non-executive directors[65] Strategic Initiatives - The group aims to enhance its market share and optimize investment strategies while focusing on sustainable development and green initiatives[44] - The group plans to continue expanding new development opportunities both domestically and internationally, emphasizing high-quality and differentiated product offerings[44]

Financial Performance - CPMC Holdings Limited reported a revenue of RMB 10,255,225, representing a 7.2% increase from RMB 9,566,382 in 2021[5] - Profit attributable to equity holders increased by 5.2% to RMB 486,512 compared to RMB 462,498 in the previous year[5] - Earnings per share rose by 5.3% to RMB 0.437 from RMB 0.415 in 2021[5] - In 2022, the Group's revenue amounted to approximately RMB10,255 million, representing an increase of 7.2% compared to RMB9,566 million in 2021[62] - The net profit for 2022 was approximately RMB485 million, reflecting a year-on-year increase of 2.4% from RMB473 million in 2021[63] - The Group's gross profit margin for 2022 was approximately 12.5%, a decrease from 13.9% in 2021, primarily due to rising raw material prices[62] Business Segments Performance - The aluminium packaging business saw a sales revenue increase of 20.3% year-on-year, contributing to the overall growth of the company[32] - Sales revenue from aluminium packaging products reached approximately RMB5,368 million in 2022, a 20.3% increase from RMB4,463 million in 2021, accounting for 52.3% of overall sales[45] - The sales revenue from tinplate packaging decreased by approximately 5.6% to RMB4,213 million in 2022, down from RMB4,461 million in 2021, representing 41.1% of overall sales[49] - The sales revenue from the milk powder can business increased by approximately 9.4% to RMB806 million in 2022, compared to RMB737 million in 2021[52] - The plastic packaging segment's sales revenue from new product categories accounted for 21% of the annual sales revenue, indicating successful market expansion[34] Strategic Initiatives - CPMC is focusing on high-quality development and risk prevention, aiming to enhance manufacturing upgrades and achieve green carbon reduction[28] - The company is expanding its production capacity with new plants in Kunming and Shenyang, and a third production line in Chengdu to meet productivity targets for 2023[32] - The Group plans to enhance low-carbon product innovation and invest in digitalisation to improve competitive advantages and shareholder returns[60] - CPMC's strategic layout is being optimized to cover key consumer markets across China, enhancing its competitive position in the packaging industry[24] Risk Management - The Group identified major risks including operational risks from macroeconomic control, fluctuations in raw material prices, market competition, food safety, and quality risks, which could significantly impact sales and profits[78] - The Group's risk management framework includes guidelines and policies for risk assessment and management, focusing on major risks such as credit and market risk[143] Corporate Governance - The Board of Directors is committed to maintaining high corporate governance standards, having adopted all code provisions of the Corporate Governance Code since its listing in 2009[81] - The Company aims to maintain clear and effective communication with shareholders, with the next annual general meeting scheduled for May 29, 2023[162] - The Board conducted a review of the effectiveness of the Group's shareholders' communication policy during the financial year ended 31 December 2022, deeming it effective[168] - The Company has not made any changes to its Articles during the year ended 31 December 2022, and an up-to-date version is available on its website[169] Environmental, Social, and Governance (ESG) - The Board is responsible for the environmental, social, and governance (ESG) governance of CPMC, with the Audit Committee supervising ESG-related matters[185] - CPMC identified product responsibility, employment, and emissions as highly material issues during the year, with health and safety and development and training also noted as material[197] - CPMC's ESG governance structure integrates ESG management into corporate governance, ensuring effective implementation of ESG strategies[191] - The ESG task force, comprising 11 departments, formulates specific annual work plans and manages daily ESG risks[192] Financial Position - The Group's cash and cash equivalents increased to approximately RMB2,380 million in 2022, up from RMB1,917 million in 2021[67] - The gearing ratio as of 31 December 2022 was 52.6%, an increase from 41.9% in 2021, indicating a rise in financial leverage[67] - As of December 31, 2022, the current ratio was approximately 1.1, down from 1.4 in 2021, while the gearing ratio increased to approximately 52.6% from 41.9% due to a decrease in equity and an increase in interest-bearing bank loans, which totaled approximately RMB5,211 million[71] Employee and Workforce - The total staff cost for the Group increased to approximately RMB799 million in 2022 from RMB769 million in the previous year, with a total of 5,945 full-time employees as of December 31, 2022[75] - The Group's workforce included approximately 1,598 engineers and technical staff, representing 26.9% of total employees, highlighting a focus on technical expertise[75] - As of December 31, 2022, male employees accounted for 67.0% and female employees accounted for 33.0% of all employees, with a commitment to increase the proportion of female employees in senior management positions[133] - The Board comprises 9 directors, all of whom are male, with a target to appoint at least 1 female director by 2024[132] Meetings and Committees - The Board held 6 meetings during the year ended December 31, 2022, with all Executive Directors attending all meetings[100] - The Audit Committee held 3 meetings in 2022, with full attendance from its members[118] - The Remuneration Committee held 2 meetings during the year ended December 31, 2022, with full attendance from its members[139] - The Risk Management Committee held 1 meeting during the year ended December 31, 2022, with full attendance from its members[144] Auditor and Financial Reporting - The total auditor's remuneration for the year ended December 31, 2022, was RMB 2,400,000, comprising RMB 1,700,000 for audit services and RMB 700,000 for non-audit services[159] - The Audit Committee recommended the re-appointment of Baker Tilly Hong Kong Limited as the external auditor for the year ending December 31, 2023[123] Integrity and Compliance - CPMC adopts a zero-tolerance policy towards corruption and fraud, emphasizing internal integrity construction[199] - The company regularly updates its rules and regulations to enhance integrity management and operational mechanisms[199]

Financial Performance - Revenue for the year ended December 31, 2022, was RMB 10,255,225 thousand, representing a 7.2% increase from RMB 9,566,382 thousand in 2021[1] - Profit attributable to equity holders of the company increased by 5.2% to RMB 486,512 thousand, compared to RMB 462,498 thousand in the previous year[3] - Basic earnings per share rose to RMB 0.437, up 5.3% from RMB 0.415 in 2021[3] - The company reported a total comprehensive income of RMB 140,649 thousand for the year, down from RMB 553,639 thousand in 2021[5] - The company reported a pre-tax profit of RMB 596,093 thousand for 2022, up from RMB 566,659 thousand in 2021, reflecting a growth of 5.2%[9] - The company’s basic earnings per share increased to RMB 0.436 in 2022 from RMB 0.414 in 2021, reflecting a growth of about 5%[35] - The company's net profit attributable to ordinary shareholders for 2022 was RMB 486,512,000, an increase from RMB 462,498,000 in 2021, representing a growth of approximately 5.4%[36] - The group’s net profit for 2022 was approximately RMB 485 million, reflecting a growth of about RMB 12 million or 2.4% year-on-year[51] Dividends - The company proposed a final dividend of RMB 0.098 per share, equivalent to 11.0 HKD cents[1] - The proposed final dividend for 2022 is RMB 0.098 per share, compared to RMB 0.095 per share in 2021, indicating a slight increase[33] - The board proposed a final dividend of RMB 0.098 per ordinary share for the year ended December 31, 2022, compared to RMB 0.095 per share in 2021, representing an increase of 3.2%[61] - The interim dividend paid on September 26, 2022, was RMB 0.120 per ordinary share, an increase from RMB 0.112 per share in 2021, reflecting a rise of 7.1%[61] - The board's recommendation for the final dividend is subject to approval at the annual general meeting scheduled for May 29, 2023[61] - The company has established a dividend entitlement deadline for shareholders on June 1, 2023, at 4:30 PM[65] Assets and Liabilities - Total non-current assets increased to RMB 6,683,943 thousand from RMB 6,225,095 thousand in 2021[6] - Total current assets rose to RMB 7,390,563 thousand, compared to RMB 6,766,719 thousand in the previous year[6] - Total liabilities increased significantly, with current liabilities reaching RMB 6,828,393 thousand, up from RMB 4,891,907 thousand in 2021[6] - Net assets attributable to equity holders decreased to RMB 5,728,402 thousand from RMB 5,819,039 thousand in 2021[7] - The total trade receivables and notes receivable at the end of 2022 amounted to RMB 2,738,201,000, up from RMB 2,488,620,000 in 2021, indicating an increase of about 10.0%[38] - The trade payables and notes payable at the end of 2022 totaled RMB 2,422,478,000, an increase from RMB 2,323,753,000 in 2021[39] Cash Flow and Investments - Operating cash flow for 2022 was RMB 1,047,125 thousand, an increase of 28.3% from RMB 816,079 thousand in 2021[9] - Net cash used in investing activities was RMB (807,463) thousand, compared to RMB (510,068) thousand in 2021, indicating a 58.2% increase in cash outflow[10] - Cash flow from operating activities after tax payments was RMB 894,550 thousand, an increase of 37.1% from RMB 652,227 thousand in 2021[9] - Cash and cash equivalents at the end of 2022 reached RMB 2,380,067 thousand, a 24.1% increase from RMB 1,917,295 thousand in 2021[11] - The group had contracted but unrecognized property, plant, and equipment amounting to RMB 463,023 thousand as of December 31, 2022, slightly up from RMB 459,311 thousand in 2021[57] Revenue Breakdown - Revenue from tinplate packaging decreased to RMB 4,212,735 thousand in 2022 from RMB 4,461,124 thousand in 2021, representing a decline of 5.6%[19] - Revenue from aluminum packaging increased significantly to RMB 5,368,106 thousand in 2022, up 20.3% from RMB 4,463,374 thousand in 2021[19] - Revenue from plastic packaging rose to RMB 674,384 thousand in 2022, a growth of 5.0% compared to RMB 641,884 thousand in 2021[19] - Revenue from mainland China accounted for RMB 9,572,088 thousand in 2022, up from RMB 8,846,844 thousand in 2021, marking a growth of 8.2%[20] - Revenue from overseas customers was RMB 683,137 thousand in 2022, a decrease of 5.0% from RMB 719,538 thousand in 2021[20] - Major customer A contributed RMB 1,380,647 thousand to total revenue in 2022, while major customer B contributed RMB 1,101,412 thousand[21] Costs and Expenses - Gross profit for the year was RMB 1,282,140 thousand, down from RMB 1,330,211 thousand in 2021[3] - Bank loan interest expenses increased significantly to RMB 101,964,000 in 2022 from RMB 71,080,000 in 2021, representing a rise of about 43%[27] - Total finance costs, including bank loan interest and lease liabilities, amounted to RMB 104,494,000 in 2022, up from RMB 87,717,000 in 2021, marking an increase of approximately 19%[27] - Research and development costs rose to RMB 93,366,000 in 2022, compared to RMB 90,053,000 in 2021, an increase of approximately 4%[29] - Other income decreased to RMB 136,476,000 in 2022 from RMB 162,672,000 in 2021, a decline of approximately 16%[25] Operational Highlights - The company operates 38 subsidiaries and has established a strong customer base, including many well-known domestic and international brands[40] - The company continues to focus on digitalization and new product development to enhance its competitive edge in the packaging industry[44] - The group plans to enhance low-carbon product innovation and environmental product development to meet consumer demand for sustainable packaging[50] - The group aims to improve its core competitive advantage through increased investment in digitalization and information development[50] Employee and Governance - As of December 31, 2022, the group had a total employee cost of approximately RMB 799 million, compared to RMB 769 million in the same period last year, reflecting an increase of 3.9%[60] - The group employed 5,945 full-time employees as of December 31, 2022, a decrease from 6,049 employees in 2021, indicating a reduction of 1.7%[59] - The employee distribution by function as of December 31, 2022, shows that production and quality control accounted for 71.7% of total employees, with 4,263 individuals in that category[60] - The company has confirmed compliance with the Corporate Governance Code for the year ending December 31, 2022[67] - The company has a Compensation Committee, Audit Committee, Nomination Committee, and Risk Management Committee, primarily composed of independent non-executive directors[66][68][69] Audit and Compliance - The company’s auditor has issued a report without reservation for the financial statements for the year ended December 31, 2021[14] - The Audit Committee has reviewed the draft consolidated financial statements for the year ending December 31, 2022, and has no objections to the annual performance announcement[67] - The preliminary financial figures for the year ending December 31, 2022, have been agreed upon by the auditors, but no assurance has been provided regarding the preliminary performance announcement[71] - The annual report for 2022 will be published on the stock exchange and the company's website in due course[71] Foreign Exchange and Risk Management - The group’s foreign exchange risk is minimal as most assets, revenues, and cash balances are settled in RMB, with only a portion in USD, EUR, and HKD[58]