股份代號: 969 於開曼群島註冊成立之有限公司 Stock Code: 969 Incorporated in the Cayman Islands with limited liability Hua Lien International (Holding) Company Limited 華聯國際(控股)有限公司 Annual Report 2024 年報 目錄 | | 頁次 | | --- | --- | | 公司資料 | 02 | | 主席報告及管理層討論與分析 | 03 | | 董事及高層管理人員簡介 | 12 | | 董事會報告 | 16 | | 企業管治報告 | 25 | | 獨立核數師報告 | 47 | | 綜合損益及其他全面收益表 | 51 | | 綜合財務狀況報表 | 52 | | 綜合權益變動報表 | 53 | | 綜合現金流量表 | 54 | | 綜合財務報表附註 | 55 | | 五年財務概要 | 100 | 01 華聯國際（控股）有限公司 華聯國際（控股）有限公司 公司資料 執行董事 獨立非執行董事 吳麗文博士 陳傳仁先生 石柱先生 公司秘書 吳樹榮先生 王相先生 劉俊先生 李寶 ...

Financial Performance - The company's revenue for the year ended December 31, 2024, was HKD 147,289,000, an increase of 3.5% compared to HKD 142,298,000 in 2023[2]. - Gross profit for the year was HKD 40,757,000, significantly up from HKD 21,595,000 in the previous year, representing an increase of 88.6%[2]. - The net loss for the year was HKD 41,410,000, a reduction of 29% from a net loss of HKD 58,267,000 in 2023[2][3]. - The basic and diluted loss per share improved to HKD 1.47 from HKD 1.88 in the previous year, reflecting a decrease of 21.8%[3]. - The company reported a total comprehensive loss of HKD 24,692,000 for the year, down from HKD 48,929,000 in 2023, indicating a 49.6% improvement[3]. - The total loss before tax for the fiscal year ending December 31, 2024, was 41,410 thousand HKD, which is an increase from a loss of 58,267 thousand HKD in the previous year, indicating an improvement in financial performance[16]. - Loss before tax decreased by approximately HKD 16,900,000 to about HKD 41,400,000 in 2024, down from HKD 58,300,000 in 2023[35]. - The net loss for the division decreased to approximately 28,100,000 HKD in 2024 from about 57,900,000 HKD in 2023, attributed to increased gross profit and reduced fair value losses on biological assets[46]. Assets and Liabilities - Total assets decreased to HKD 65,775,000 from HKD 86,071,000, a decline of 23.5% year-over-year[4]. - Total assets as of December 31, 2024, amounted to 65,775 thousand HKD, a decrease from 86,071 thousand HKD in the previous year, reflecting a reduction in asset base[19]. - The total liabilities as of December 31, 2024, were 1,192,528 thousand HKD, slightly up from 1,188,132 thousand HKD in the previous year, indicating a stable liability position[19]. - The company had issued 2,191,180,000 ordinary shares with a par value of HKD 0.1 each, and the attributable capital deficit was approximately HKD 908,600,000, compared to HKD 890,300,000 in 2023[50]. - Total borrowings as of December 31, 2024, amounted to approximately HKD 1,174,800,000, an increase from HKD 1,148,400,000 in 2023, with non-controlling interest payables at approximately HKD 631,300,000[51]. - Current liabilities remained relatively stable at HKD 1,168,501,000 compared to HKD 1,163,890,000 in 2023[4]. Operational Highlights - The ethanol business segment reported a loss of 1,794 thousand HKD for the fiscal year ending December 31, 2024, compared to a profit of 1,053 thousand HKD in the previous year, showing a significant decline in performance[16]. - The company incurred impairment losses on property, plant, and equipment amounting to 1,896 thousand HKD in 2024, compared to 1,179 thousand HKD in 2023, indicating increased asset write-downs[23]. - The expected credit loss on trade receivables for the fiscal year ending December 31, 2024, was a loss of 2,652 thousand HKD, a significant increase from a gain of 303 thousand HKD in the previous year[23]. - The company invested approximately HKD 4,231,000 in property, plant, and equipment during the year, compared to HKD 2,252,000 in 2023[28]. - The company experienced an increase in administrative expenses by approximately HKD 7,600,000, primarily due to professional fees related to corporate actions and rising labor costs[35]. Market and Pricing - Revenue increased by approximately 5,000,000 Jamaican dollars to about 2,900,000,000 Jamaican dollars (approximately 147,300,000 HKD) in 2024, compared to about 2,800,000,000 Jamaican dollars (approximately 142,300,000 HKD) in 2023, driven by a 6.3% increase in average prices of raw sugar and a 23.9% increase in molasses prices[39]. - Average prices for raw sugar and molasses per ton in 2024 were approximately 228,400 Jamaican dollars (approximately 11,400 HKD) and 34,900 Jamaican dollars (approximately 1,700 HKD), respectively, reflecting increases of about 6.3% and 23.9% from 2023[40]. - Sales volume for raw sugar and molasses decreased by approximately 2.5% and 3.6%, respectively, due to a reduction in production, with 176,200 tons of sugarcane processed in 2024, producing about 11,100 tons of raw sugar and 9,100 tons of molasses[41]. - The production of raw sugar and molasses decreased by approximately 200 tons (about 1.9%) and 1,900 tons (about 17.3%), respectively, due to a reduction of about 12,800 tons (about 6.8%) in sugarcane input[41]. - Average production costs for raw sugar and molasses per ton decreased by approximately 7% and 12.1%, respectively, with costs of about 166,700 Jamaican dollars (approximately 8,300 HKD) and 23,600 Jamaican dollars (approximately 1,200 HKD) in 2024[45]. Future Outlook and Strategy - The company plans to purchase two new harvesters to improve harvesting efficiency and reduce reliance on high-cost manual labor in response to expected increases in labor costs and decreases in sugarcane supply[64]. - The company plans to continue suspending the construction of its ethanol plant until a suitable alternative business plan is determined, expected to last until 2025[68]. - The company is focusing on improving factory and agricultural machinery maintenance to reduce equipment failures during the sugar cane crushing season[65]. - The company has implemented measures to enhance the quality and quantity of sugar cane, including weed control and timely recruitment of harvesting workers[65]. - The global supply of edible sugar is expected to increase in 2025, with an allowance for 1,000,000 tons of raw sugar exports from India, although Jamaican sugar prices are anticipated to adjust minimally due to high import tariffs[64]. Governance and Compliance - The company has adopted a code of conduct for directors' securities trading, which complies with the standards set out in the listing rules[77]. - The company has complied with the corporate governance code, with the exception of certain deviations regarding the separation of roles between the chairman and the CEO[69]. - The group did not purchase, sell, or redeem any of its listed securities during the year[78]. - The company did not engage in any significant acquisitions or disposals of subsidiaries or associates during the review period[57]. Cash Flow and Liquidity - Cash and cash equivalents decreased by approximately HKD 7,700,000 to about HKD 29,700,000 as of December 31, 2024, primarily due to net cash inflow from operating activities of approximately HKD 10,500,000[53]. - The company has received a commitment from its major shareholder to provide ongoing financial support, ensuring liquidity through at least December 31, 2025[7]. - The financial statements were prepared on a going concern basis despite significant doubts regarding the company's ability to continue operations[6].

Financial Performance - For the six months ended June 30, 2024, the company reported a revenue of HKD 87,896,000, an increase of 6.1% compared to HKD 82,396,000 for the same period in 2023[1] - The gross profit for the same period was HKD 33,682,000, representing a gross margin of 38.3%, up from HKD 29,128,000 in 2023[1] - The net loss for the six months ended June 30, 2024, was HKD 10,607,000, an improvement from a net loss of HKD 15,009,000 in the previous year, indicating a reduction in losses by 29.9%[2] - The total comprehensive loss for the period was HKD 2,579,000, an improvement from HKD 6,016,000 in the same period last year[3] - The total loss before tax for the six months ended June 30, 2024, was HKD 10,607,000, compared to a loss of HKD 15,009,000 for the same period in 2023, indicating an improvement in financial performance[20][29] - The loss for the period decreased by approximately HKD 4,400,000 to about HKD 10,600,000, compared to HKD 15,000,000 for the same period in 2023[59] Assets and Liabilities - The total assets as of June 30, 2024, amounted to HKD 101,456,000, an increase from HKD 86,071,000 as of December 31, 2023[4] - Current assets increased to HKD 95,395,000 from HKD 80,300,000, reflecting a growth of 18.8%[4] - The total liabilities as of June 30, 2024, were HKD 1,104,640,000, slightly up from HKD 1,102,061,000 at the end of 2023[5] - Total liabilities as of June 30, 2024, were approximately HKD 1,104,640,000, slightly up from HKD 1,102,061,000 as of December 31, 2023[11] - As of June 30, 2024, the company has an equity deficit of approximately HKD 893,900,000, slightly increased from approximately HKD 890,300,000 as of December 31, 2023[73] - Total borrowings as of June 30, 2024, amount to approximately HKD 1,166,500,000, up from approximately HKD 1,148,400,000 as of December 31, 2023[74] Cash Flow and Investments - Cash and cash equivalents decreased by HKD 6,586,000, ending at HKD 35,642,000 as of June 30, 2024, down from HKD 43,438,000 at the beginning of the period[5] - The company experienced a net cash outflow from operating activities of HKD 9,889,000 for the six months ended June 30, 2024, compared to a net cash inflow of HKD 3,264,000 in the same period of 2023[5] - The company’s net cash used in investing activities was HKD 3,094,000 for the six months ended June 30, 2024, compared to HKD 2,086,000 in the same period in 2023[5] - The company’s financing activities resulted in a net cash inflow of HKD 8,499,000, primarily from non-controlling interests[5] - The group invested approximately HKD 3,125,000 in the acquisition of properties, plants, and equipment during the period[33] Inventory and Receivables - The company reported a significant increase in inventory, which rose to HKD 48,208,000 from HKD 22,394,000, indicating a 115.5% increase[4] - As of June 30, 2024, the total inventory was HKD 76,915,000, with a net realizable value of HKD 48,208,000[35] - Trade receivables amounted to HKD 47,755,000, with a provision for impairment loss of HKD 46,080,000[40] Operational Segments - The company operates in three main segments: support services for saccharin and ethanol, sugar cane planting and sugar production, and ethanol biofuel[17] - The company did not record any revenue from external customers in the support services segment for the six months ended June 30, 2024, due to the inability to engage in ongoing related transactions[70] - The ethanol business segment reported a net operating loss of approximately 600,000 HKD for the six months ended June 30, 2024, primarily due to foreign exchange losses[70] - The ethanol business in Benin continues to be on hold due to the government's inability to execute land lease terms, resulting in an operating loss of approximately HKD 700,000 for the six months ended June 30, 2024, compared to an operating profit of approximately HKD 800,000 for the same period in 2023[72] Corporate Governance and Management - The company has adopted a new share option plan to attract and retain top personnel, although no options have been granted under this plan since its adoption[90] - The company has complied with the corporate governance code, except for the ongoing acquisition of insurance for directors' legal liability, which is expected to be completed in 2024[94] - The roles of the chairman and the CEO are clearly defined and separated, ensuring a balance of power within the board[95] - Independent non-executive directors are expected to actively participate in board meetings and contribute their expertise[95] - The company has not filled the vacancy of the managing director position following the resignation of Mr. Liao Yuanjiang on December 16, 2010[95] Future Outlook and Risks - The report contains forward-looking statements regarding the company's financial condition and business performance, which are subject to known and unknown risks[100] - The international sugar prices are expected to decline from current high levels due to improved global export supply, with production in India and Brazil projected to increase[85] - Jamaica's sugar prices will rise further in August 2024 to address rising production costs, including labor costs, with the new minimum wage effective from June 2024[85] - Hurricane "Beryl" impacted Jamaica in July 2024, causing damage to sugarcane and expected to reduce revenue and gross profit in the second half of 2024[85] - The company will not engage in export activities in 2024, focusing on meeting local demand in Jamaica due to government restrictions on raw sugar imports[85]

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分內容 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。 HUA LIEN INTERNATIONAL (HOLDING) COMPANY LIMITED 華 聯 國 際（ 控 股 ）有 限 公 司 * （於開曼群島註冊成立之有限公司） （股份代號：969） 截至二零二四年六月三十日止六個月之 中期業績公告 華聯國際（控股）有限公司（「本公司」）董事會（「董事會」）欣然公佈本公司及其附屬公司 （「本集團」）截至二零二四年六月三十日止六個月之未經審核綜合中期業績連同比較數字 如下： 簡明綜合損益及其他全面收益表 截至二零二四年六月三十日止六個月 截至六月三十日止六個月 | --- | --- | --- | --- | |---------------------------------|-------|------------------------------------|--------------------------------| | | 附註 | ...

年 報 公司資料 2 董事會報告 17 綜合損益及其他全面收益表 50 綜合現金流量表 53 公司資料 華 聯 國 際 ( 控 股 ) 有 限 公 司 於 開 曼 群島 註 冊 成 立 之 有 限 公 司 股份代號：969 頁次 董事及高層管理人員簡介 12 獨立核數師報告 46 綜合權益變動報表 52 五年財務概要 98 註冊辦事處 韓宏先生 王朝暉先生 張琪先生 目錄 主席報告及管理層討論與分析 3 企業管治報告 26 綜合財務狀況報表 51 綜合財務報表附註 54 01 華聯國際（控股）有限公司 華聯國際（控股）有限公司 執行董事 牙買加的甘蔗種植及製糖業務（續） 整體業務表現（續） 下表列示有關食用糖及糖蜜收益之地域分析。 二零二三年每噸原糖及糖蜜的平均生產成本約為179,000牙買加元（約9,100港元）及26,900牙買加元（約1,400港元）， 而二零二二年則分別約為142,000牙買加元（約7,200港元）及約22,400牙買加元（約1,100港元），即每噸原糖及糖蜜的 平均生產成本分別增加約26.2%及約20.0%。生產成本主要由於(i)每噸甘蔗平均成本由二零二二年約5,900牙買加元（約 ...

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分內容 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。 HUA LIEN INTERNATIONAL (HOLDING) COMPANY LIMITED 華 聯 國 際（ 控 股 ）有 限 公 司 * （ 於 開 曼 群 島 註 冊 成 立 之 有 限 公 司 ） （股份代號：969） 截至二零二三年十二月三十一日止年度之全年業績公告 華聯國際（控股）有限公司（「本公司」）董事會（「董事會」）欣然公佈本公司及其附屬公司 （「本集團」）截至二零二三年十二月三十一日止年度之經審核綜合業績連同二零二二年同 期比較數字如下： 綜合損益及其他全面收益表 截至二零二三年十二月三十一日止年度 | | | 二零二三年 | 二零二二年 | | --- | --- | --- | --- | | | 附註 | 千港元 | 千港元 | | 收益 | (3) | 142,298 | 142,835 | | 銷售成本 | | (120,703) | (121,989) | | 毛利 ...

智通财经APP讯，华联国际(00969)发布公告，预期集团于截至2023年12月31日止年度将取得亏损净额约5800万港元，而2022年度则取得亏损净额约4500万港元。 董事会认为，预期集团报告年内亏损净额较上年增加约1300万港元，主要由于以下因素：财务成本增加约2500万港元，乃由于年内附属公司功能货币贬值，导致换算附属公司业绩及财务状况时产生的外汇亏损增加约2500万港元所致;生物资产公允值变动亏损增加约500万港元，主要由于年内因犁耕低产甘蔗区以将新鲜养分带到土地表面，同时掩埋杂草及甘蔗残渣以分解新的养分灌入土壤，从而导致甘蔗面积减少约600公顷所致;毛利增加约100万港元，乃由于年内原糖及糖蜜平均售价上升导致毛利率增加约1%;年内有关当地销售的包装成本减少及出口销售下降时出口相关开支减少，行政费用因此减少约600万港元;及由于年内物业、厂房及设备备件存货撇减减少约1000万港元，导致其他经营开支减少约1000万港元所致。 ...

中期報告 2023 01 華聯國際（控股）有限公司 未經審核中期業績 華聯國際（控股）有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然公佈本公司及其 附屬公司（「本集團」）截至二零二三年六月三十日止六個月之未經審核綜合中期業績連 同比較數字如下： 簡明綜合損益表 截至二零二三年六月三十日止六個月 | | | 截至六月三十日止六個月 | | | --- | --- | --- | --- | | | | 二零二三年 | 二零二二年 | | | | （未經審核） | （未經審核） | | | 附註 | 千港元 | 千港元 | | 營業額 | (3) | 82,396 | 80,759 | | 銷售成本 | | (53,268) | (67,258) | | 毛利 | | 29,128 | 13,501 | | 生物資產公允值變動 | (11) | (10,340) | (9,852) | | 其他收入淨額 | | 3,712 | 3,405 | | 行政費用 | | (12,568) | (13,652) | | 其他經營支出 | (4) | (877) | (1,783) | | 財務（成本）收入 | ...

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 部分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。 HUA LIEN INTERNATIONAL (HOLDING) COMPANY LIMITED 華 聯 國 際（ 控 股 ）有 限 公 司 * （於開曼群島註冊成立之有限公司） （股份代號：969） 截至二零二三年六月三十日止六個月之 中期業績公告 華聯國際（控股）有限公司（「本公司」）董事會（「董事會」）欣然公佈本公司及其附屬 公司（「本集團」）截至二零二三年六月三十日止六個月之未經審核綜合中期業績連同 比較數字如下： 簡明綜合損益及其他全面收益表 截至二零二三年六月三十日止六個月 截至六月三十日止六個月 附註 二零二三年 二零二二年 （未經審核） （未經審核） 千港元 千港元 ...

董事及高層管理人員簡介 董事（續） 獨立非執行董事（續） 陸珩博士，57歲，於二零一七年十二月獲委任為獨立非執行董事兼審核委員會、薪酬委員會及提名委員會之成員。陸 博士於一九九八年二月獲得哥倫比亞大學哲學博士學位及於二零零零年六月獲得芝加哥大學工商管理碩士學位。陸博 士自二零一五年一月至今任雲山國際有限公司（一間於香港註冊成立之公司，其主要從事保健產品的電子商務、教育及 培訓）的首席代表。陸博士於二零一四年六月至二零一六年八月擔任中國海王星辰連鎖藥店有限公司的獨立董事。中國 海王星辰連鎖藥店有限公司的美國預託股份（美國預託股份）於二零零七年十一月至二零一六年八月在紐約證券交易所 上市，股份代號為（紐交所：NPD）。於加入雲山國際有限公司之前，陸博士曾供職於威廉博萊有限責任公司上海代表 處。 高層管理人員 | --- | |--------------------------------------------------------------------------------------------------------------| | | | 尹學成先生 ， 56 歲，本集團財務長兼公司秘書。彼負責 ...