MOBI DEV(00947)

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摩比发展(00947) - 2019 - 年度财报
2020-04-28 09:27
Company Overview - MOBI Development Co., Ltd. operates as a one-stop provider of wireless communication antennas and base station RF subsystems in China[4]. Financial Performance - The company reported a significant increase in revenue, with a year-over-year growth of 15% in 2019[6]. - In 2019, the company achieved operating revenue of approximately RMB 1,214.93 million, representing a year-on-year decrease of about 3.4%[26]. - The net profit attributable to shareholders was approximately RMB 23.61 million, reflecting a year-on-year increase of 41.5%[26]. - Basic earnings per share were approximately RMB 0.03[26]. - The company's gross profit for 2019 was RMB 279.8 million, compared to RMB 258.0 million in 2018[19]. - The company has set a revenue guidance of 150 million USD for the upcoming fiscal year, representing a 10% increase[6]. - The company's profit for the year increased by approximately 41.5% to approximately RMB 23.61 million in 2019, with a net profit margin of approximately 1.9% compared to 1.3% in 2018[100]. Market Expansion and Strategy - MOBI aims to expand its market presence in Southeast Asia, targeting a 25% increase in sales in that region over the next two years[6]. - The company is focusing on the development of 5G technology, with plans to invest 10 million USD in R&D for new products[6]. - The company aims to further develop markets for overseas network operators and increase its global market share, which is currently very small[38]. - The company is positioned to capture early opportunities in the 5G development wave due to its leading position in customer channels and technology[34]. - The company expects that the large-scale construction of the 5G network in 2020 will promote further development of the communications industry and bring more business opportunities[48]. Product Performance - Sales of antenna systems increased by approximately 3.6% to approximately RMB737.80 million, while sales of base station RF subsystems decreased by approximately 30.5% to approximately RMB320.22 million[46]. - In 2019, sales revenue from 5G products increased significantly by 517.8% compared to the previous year, maintaining a sustained and rapid growth trend[49]. - Revenue from low-band refarming/IoT antennas increased by approximately 2.9% to approximately RMB 153.40 million in 2019[56]. - The revenue from the Company's base station RF subsystem decreased by approximately 30.5% to approximately RMB 320.22 million, primarily due to delays in network construction by major domestic telecom operators[60]. Research and Development - The company is committed to building long-term relationships with customers, which is expected to drive repeat business and customer loyalty[4]. - The Company undertook various R&D projects for major system equipment manufacturers, including 5G RF subsystems, which are expected to contribute to future growth[61]. - Research and development expenses increased by approximately 9.2% from approximately RMB 89.07 million in 2018 to approximately RMB 97.24 million in 2019, driven by increased salaries and costs related to 5G technology development[90]. Corporate Governance - The Company has complied with the Corporate Governance Code provisions as set out in the Listing Rules during the year ended December 31, 2019, with no significant deviations reported[161]. - The Board is responsible for the overall management of the business, including strategic development and financial objectives[169]. - The Company has adopted sound governance and disclosure practices, continuously upgrading its internal control system and risk management[161]. - The Company has adopted a Board Diversity Policy to enhance diversity at the Board level, considering factors such as gender, age, and professional experience[171]. Financial Management - The current ratio improved to 1.82 from 1.57 in the previous year[19]. - The Group's inventories decreased to approximately RMB281.69 million in 2019 from RMB448.69 million in 2018, indicating improved inventory management[141]. - The average receivables turnover was approximately 196 days, improved from 232 days in 2018[143]. - The gearing ratio improved to approximately 5.0% as of December 31, 2019, down from 8.5% in 2018[143]. Challenges and Risks - The COVID-19 outbreak has introduced uncertainties in the operating environment, but the company has implemented contingency measures to mitigate its impact[129]. - The Group faces competition in antenna system products, base station RF subsystem products, and coverage extension solutions, which may force price reductions and increased capital expenditures[112]. Shareholder Returns - A final dividend of HK$0.02 per ordinary share was recommended by the Board of Directors[30]. - The Board recommended a final dividend of HK$0.02 per share for the year ended December 31, 2019[156].
摩比发展(00947) - 2019 - 中期财报
2019-09-11 09:06
Revenue Performance - Revenue for the six months ended June 30, 2019, reached RMB 387 million, representing a 22.5% increase compared to the same period in 2018[10]. - The Group's unaudited consolidated revenue for the six months ended 30 June 2019 amounted to approximately RMB583.6 million, representing a decrease of approximately 2.0% compared to RMB595.8 million in the corresponding period of 2018[17]. - Revenue from base station RF subsystem products significantly increased by approximately 17.1% to approximately RMB205.4 million[17]. - Revenue from low-band refarming/IoT antennas increased by approximately 50.8% to approximately RMB116.1 million compared to the corresponding period of 2018[20]. - Revenue from PRE5G antennas climbed significantly by approximately 112.7% to approximately RMB1.10 million compared to the corresponding period of last year[20]. - Revenue from WCDMA/FDD-LTE antennas declined by approximately 35.0% to approximately RMB58.39 million, and TD/TD-LTE antennas decreased by approximately 34.1% to approximately RMB18.20 million[17]. - Revenue from multi-frequency and multi-system antennas dropped by approximately 19.0% to approximately RMB110.1 million compared to the corresponding period of 2018[17]. - The Group expects an increase in demand for base station antennas in the second half of 2019 due to significant increases in demands for RF subsystem products[21]. - The Group achieved gradual sales growth in the European market in the first half of 2019, despite delays in network construction in certain emerging markets like India[52]. - The total revenues for the Group decreased to RMB 583,632,000 from RMB 595,766,000, reflecting a decline of about 2%[177]. Profitability - Profit attributable to shareholders for the same period was RMB 58.3 million, with a profit margin of 24.4%[12][14]. - The profit margin for the base station RF subsystem was reported at 23.2% for the first half of 2019[12]. - Gross profit rose by approximately RMB10.30 million or 7.8% to approximately RMB142.2 million, with an overall gross profit margin increasing to approximately 24.4% from 22.1% in the corresponding period last year[36]. - Profit before taxation increased by approximately RMB4.62 million or 60.0% to approximately RMB12.38 million, with the net profit margin before tax rising to approximately 2.1%[42]. - Profit for the first half of 2019 significantly increased by approximately 87.9% from approximately RMB7.41 million in 2018 to approximately RMB13.92 million, with a net profit margin of approximately 2.4% compared to 1.2% in the previous year[49]. - The overall segment results showed a profit before taxation of RMB 12,337,000, up from RMB 7,760,000, indicating a growth of approximately 59%[177]. Expenses and Costs - Distribution and selling expenses increased by approximately 11.7% to approximately RMB44.93 million, primarily due to rising staff salaries and business expenditures[36]. - Administrative expenses rose by approximately 9.3% to approximately RMB50.47 million, driven by increased costs including wages and travel expenses[40]. - Research and development costs increased by approximately 0.4% to approximately RMB45.57 million, mainly due to adjustments in personnel structure and rising costs[41]. - Other income and expenses increased by approximately 10.3% to approximately RMB17.36 million, mainly due to an increase in government subsidies[36]. - The Group's gross profit margin picked up steadily due to product structural optimization and continuous cost reduction[25]. Market Strategy and Development - The company is focused on expanding its market presence in wireless communication solutions, including 5G technology and satellite communication[6]. - Research and development efforts are ongoing to innovate new products in the wireless communication sector[6]. - The Group is exploring potential mergers and acquisitions to strengthen its market position[6]. - Future guidance indicates a continued focus on increasing revenue through enhanced product solutions and market expansion strategies[6]. - The Group aims to maximize market opportunities in LTE, 5G, and next-generation wireless technology to enhance integrated competitiveness[60]. - Continuous investment in research and development is expected to create new business growth opportunities for the Group[58]. - The Group believes that the launch of new products and technologies will strengthen customer trust and satisfaction[58]. - The Group is positioned to capture early opportunities in 5G network construction due to its leading technology in antennas and RF subsystems[55]. Financial Position - As of June 30, 2019, the Group had net current assets of approximately RMB 640.2 million, a slight increase from RMB 637.9 million as of December 31, 2018[62]. - Inventories increased to approximately RMB 503.4 million from RMB 448.7 million as of December 31, 2018, indicating a growth of about 12%[62]. - Trade and notes receivables rose to approximately RMB 706.1 million from RMB 692.8 million, reflecting an increase of around 1.9%[62]. - Trade and notes payables decreased to approximately RMB 784.9 million from RMB 803.6 million, showing a reduction of about 2.3%[62]. - The current ratio increased to approximately 1.59 times as of June 30, 2019, compared to 1.57 times as of December 31, 2018[67]. - The gearing ratio decreased to approximately 8.1% as of June 30, 2019, from approximately 8.5% as of December 31, 2018[67]. - The Group's net assets stood at RMB 1,162,247,000, a minor decrease from RMB 1,162,762,000 at the end of 2018[146]. - Bank balances and cash decreased to RMB 169,842,000 from RMB 296,341,000 at the end of 2018, reflecting a decline of 42.8%[143]. Shareholding and Corporate Governance - As of June 30, 2019, Hu Xiang holds 25,710,500 shares and 1,500,000 underlying shares, totaling 27,210,500 shares, which represents 3.32% of the company's issued capital[74]. - Liao Dong owns 12,000,000 shares and 2,700,000 underlying shares, amounting to 14,700,000 shares, equating to 1.79% of the company's issued capital[74]. - Fangyi Collaboration Holdings Limited is a substantial shareholder with 230,607,300 shares, representing 28.12% of the company's issued capital[80]. - The financial report indicates a stable performance with no significant changes in shareholding structures among directors[89]. - The Company has maintained compliance with the Corporate Governance Code, except for the deviation of code provision A.2.1 regarding the roles of Chairman and CEO[138]. Lease and Accounting Standards - The Group has adopted HKFRS 16 for leasing activities, recognizing leases as a right-of-use asset and corresponding liability from January 1, 2019[162]. - The right-of-use asset is depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis[164]. - The Group's leases primarily consist of rentals for land, factory, and office premises, with typical lease terms of 3 years or less for factory and office premises, and 20 to 30 years for land[164]. - The financial cost of lease payments is charged to profit or loss over the lease period to produce a constant periodic rate of interest on the remaining liability[164]. - The Group anticipates that the impact of adopting HKFRS 16 will be disclosed in future reports[162].
摩比发展(00947) - 2018 - 年度财报
2019-04-16 09:18
Financial Performance - MOBI Development Co., Ltd. reported revenue of RMB 671 million for the year 2018, reflecting a significant increase compared to previous years[12]. - In 2018, the company achieved operating revenue of approximately RMB 1,257.22 million, representing a year-on-year increase of approximately 11.6%[26]. - The net profit attributable to shareholders was approximately RMB 16.69 million, reflecting a year-on-year increase of 134.4%[26]. - Basic earnings per share were approximately RMB 0.02, compared to a loss of RMB 0.0592 in the previous year[21]. - The total assets of the company were RMB 2,302.4 million, slightly down from RMB 2,348.0 million in 2017[21]. - The company maintained a current ratio of 1.57, indicating stable liquidity[21]. - The gearing ratio improved to 8.5% from 12.2% in the previous year, reflecting a decrease in financial leverage[21]. - The gross profit margin has gradually recovered compared to 2017 due to product structural optimization and continuous cost reduction[59]. - In 2018, the company's gross profit increased by approximately 4.9% to approximately RMB 258.03 million, with a gross profit margin of approximately 20.5%[72]. - Profit before taxation increased to approximately RMB 10.02 million in 2018, compared to a loss of approximately RMB 60.98 million in 2017[79]. - Profit for the year 2018 increased by approximately 134.4% to approximately RMB 16.69 million, with a net profit margin of approximately 1.3%[82]. Market Position and Strategy - The company operates as a one-stop provider of wireless communication antennas and base station RF subsystems, serving both domestic and international network operators[3]. - MOBI is committed to developing sophisticated products and building long-term relationships with customers to ensure sustained growth[3]. - The company aims to leverage its expertise in RF subsystems to capture emerging opportunities in the telecommunications market[3]. - MOBI's strategic initiatives include enhancing its research and development capabilities to support new product launches[3]. - The company is actively exploring potential mergers and acquisitions to strengthen its competitive position in the industry[3]. - The company aims to capture early opportunities in the 5G development wave, which is expected to bring new industrial development opportunities[40]. - The company plans to further develop overseas markets and increase its share in the global market, which is currently considered extremely small[40]. - The company believes that upgrades in 5G technology and overseas growth will drive future growth in its antenna business[59]. - The company aims to become a global leading provider of RF technology for mobile communications, offering RF solutions to leading system equipment manufacturers and telecommunication operators worldwide[110]. - The company plans to focus on both domestic and overseas markets, particularly in RF technology for wireless communication[97]. Product Development and Innovation - The company is focused on expanding its market presence and enhancing product offerings in the 5G technology sector[3]. - The company has accumulated extensive experience in multi-frequency and multi-system antennas, which is believed to enable it to upgrade its antenna development platform effectively[117]. - The company expects a rapid increase in R&D investment in 2019 due to the development demand of 5G technology and overseas projects[76]. - The company plans to invest more R&D resources into aesthetic antennas in 2018 to meet the increasing demand from domestic telecom operators due to the scarcity of base station sites[117]. - The complexity of 5G technology is increasing, and the company is strengthening its strategic partnerships with domestic equipment manufacturers to enhance its market advantages[111]. Sales and Revenue Growth - The company reported an increase of 43.5% in the scale of its international direct sales business compared to the same period last year[30]. - Revenue from sales to Nokia increased by more than 16.6%, maintaining high growth momentum for two consecutive years[30]. - Sales of TD/TD-LTE antennas increased by approximately 27.6% to approximately RMB 60.21 million in 2018, while WCDMA/FDD-LTE antennas sales rose by approximately 8.5% to approximately RMB 128.13 million[55]. - Multi-frequency and multi-system antennas sales grew by approximately 44.8% to approximately RMB 293.62 million, expected to be a major growth driver for the antenna business[55]. - Sales to PRC operators increased by approximately 16.9% to approximately RMB 432.56 million, with the proportion in total revenue rising by approximately 8 percentage points to approximately 34.4%[65]. - Sales to China Mobile grew significantly by approximately 1,184.7% to approximately RMB 290.77 million, mainly due to large-scale demand for TD-LTE Phase 5 and NB-IoT base station antennas[65]. - Revenue from direct sales to international operators increased significantly by over approximately 43.5% compared to the previous year, gaining recognition from many European customers[111]. Corporate Governance and Management - The Company has complied with the Corporate Governance Code provisions during the year ended 31 December 2018, with no significant deviations reported[141]. - The Board consists of seven Directors, including three executive Directors, one non-executive Director, and three independent non-executive Directors, ensuring a balanced core competence[144]. - The Company adopted sound governance and disclosure practices, continuously upgrading its internal control system and risk management[141]. - The Audit Committee is chaired by Zhang Han and serves as a communication focal point between Directors, external auditors, and the chief financial officer regarding financial reporting and internal controls[163]. - The Company aims to attract and retain high-caliber Directors and senior management to successfully develop its business[155]. - The Board Diversity Policy aims to enhance diversity through various factors such as gender, age, and professional experience to support strategic objectives and sustainable development[152]. Environmental and Social Responsibility - The company emphasizes sustainable development and environmental protection throughout its product life cycle[197]. - The company has achieved ISO 9001, TL 9000, ISO 14001, and OHSAS 18001 certifications, indicating strong quality and environmental management systems[197]. - The company has established a comprehensive corporate social responsibility framework, including environmental protection and community involvement[199]. - The company aims to minimize environmental impact through systematic planning and efficient resource use[197]. - The company is dedicated to creating a good working atmosphere and providing reasonable incentives for employee growth[197].