Financial Performance - Revenue for 2021 was HK$139,818,000, an increase of 22.2% from HK$114,474,000 in 2020[13] - Gross profit for 2021 was HK$38,699,000, up from HK$24,957,000 in 2020, reflecting a gross margin improvement[13] - Loss before income tax was HK$46,020,000, a reduction from a loss of HK$67,038,000 in 2020[13] - The Group's revenue increased by 22.1% to approximately HK$139,818,000 for the reporting period, compared to HK$114,474,000 in 2020[67] - Revenue from apparel operations rose by 20.7% to approximately HK$129,254,000 for the year ended December 31, 2021, up from HK$107,053,000 in 2020[67] - Revenue from money lending operation increased by approximately 42.3% to approximately HK$10,564,000, accounting for 7.6% of total revenue[69] - The loss attributable to owners of the Company for the year ended 31 December 2021 was approximately HK$46,271,000, representing a decrease in loss of 32.1% compared to HK$68,115,000 in 2020[98] Assets and Liabilities - Total assets decreased to HK$234,832,000 in 2021 from HK$283,700,000 in 2020[13] - Shareholders' equity decreased to HK$196,257,000 in 2021 from HK$238,425,000 in 2020[13] - Current ratio for 2021 was 4.87, down from 5.27 in 2020, indicating a decrease in liquidity[13] - Loans and interest receivables (net of allowances) increased by approximately 5.4% to approximately HK$114,667,000[72] - The Group's inventories decreased by 49.7%, from approximately HK$11,971,000 as at 31 December 2020 to approximately HK$6,016,000 as at 31 December 2021[98] - Trade receivables increased by 43.6%, from approximately HK$19,136,000 as at 31 December 2020 to approximately HK$27,486,000 as at 31 December 2021[100] - Cash and bank balances amounted to approximately HK$15,348,000 as of December 31, 2021, down from HK$78,547,000 in 2020[108] - Total borrowing and lease liabilities increased to approximately HK$7,954,000 as of December 31, 2021, compared to HK$4,975,000 in 2020[108] Operational Efficiency - Inventory turnover days improved to 22 days in 2021 from 49 days in 2020[13] - Trade payables turnover days increased to 72 days in 2021 from 61 days in 2020[13] - Selling and distribution expenses increased by 5.7% to approximately HK$17,197,000, while as a percentage of revenue, these expenses decreased to 12.3% from 14.2%[93] - The Group's financial reporting is overseen by the chief financial officer, who has over 15 years of experience in professional accounting and corporate finance[66] Market and Economic Conditions - China's GDP grew by 8.1% year on year in December 2021, indicating significant economic growth[23] - The US GDP grew by 5.7% in 2021, supported by government fiscal measures and monetary policy[20] - Hong Kong's economy rebounded by 6.4% in 2021, driven by strong global demand and a consumption voucher scheme[24] - The company anticipates that the global economy will recover in 2022, but at a more moderate pace than in 2021 due to ongoing COVID-19 variant threats[34] - The rapid rise in global inflation in 2021 has created cost pressures on the company's product exports, shipping, and logistics activities[38] Strategic Initiatives - The Group plans to expand its apparel business by developing trendy products and diversifying into men's and young adults' markets[29] - The Group aims to enrich its product portfolio by seeking suitable intellectual property rights for apparel production[29] - The company plans to adjust its major women's clothing export business to better align with the Chinese market, expanding its apparel portfolio and entering the sportswear and children's wear markets[39] - The company aims to diversify its business income by exploring opportunities in trendy cultural products closely related to apparel, capitalizing on China's economic development[39] - Recent agreements have been signed by the company to explore further business opportunities in China[40] Corporate Governance - The Board comprises 8 Directors, including 3 independent non-executive Directors, all of whom have appropriate professional qualifications or expertise in accounting or related financial management[150] - The Company has received annual confirmations of independence from each independent non-executive Director, which the Board considers valid[150] - The positions of the chairman and the deputy chief executive officer are held by separate individuals to maintain effective segregation of duties[156] - The Board will continue to review and update its corporate governance practices to ensure compliance with legal and commercial standards[145] - The company emphasizes continuous professional development for directors to maintain informed contributions to the board[171] Management and Leadership - Mr. Li has over 20 years of experience in investment activities and business management, holding directorships in several companies listed on the Hong Kong Stock Exchange[46] - Ms. Tin has extensive experience in fashion apparel, trendy brand promotion, and information technology, having served as an executive director of Carnival Group International Holdings Limited from 2005 to 2011[48] - Mr. Cheung has over 20 years of experience in banking and finance, managing a portfolio with assets under management exceeding USD 300 million in the Greater China region[50] - Mr. Gong has over 13 years of experience at Tencent, where he held senior positions and received multiple awards for his contributions[53] - Mr. Tang is a practicing solicitor and a partner at a law firm with over 70 years of service in Hong Kong[56]

Revenue Performance - Revenue for the six months ended 30 June 2021 increased by approximately 106.4% to approximately HK$32,081,000 compared to HK$15,545,000 in 2020[2] - Revenue from apparel operations was HK$26,630,000, representing a 168.0% increase from HK$9,936,000 in the corresponding period of 2020[2] - Revenue for the six months ended June 30, 2021, was HK$32,081,000, a significant increase from HK$15,545,000 in the same period of 2020, representing a growth of 106.5%[56] - Revenue from the money lending operation was approximately HK$5,451,000, a decrease of approximately 2.8% compared to HK$5,609,000 in 2020[145] - The Group's revenue from external customers in the United States was HK$22,413,000 for the six months ended June 30, 2021, compared to HK$6,581,000 in 2020, indicating a growth of 240.5%[56] - Customer A contributed HK$19,659,000 to the Group's revenue for the six months ended June 30, 2021, up from HK$2,364,000 in 2020, reflecting a growth of 733.5%[59] Profitability and Loss - Gross profit for the period was approximately HK$2,423,000, a significant recovery from a gross loss of HK$33,000 in 2020[2] - The loss attributable to owners of the Company decreased by approximately 28.2% to HK$20,522,000 from HK$28,586,000 in 2020[2] - Total comprehensive income for the period attributable to the owners of the Company was a loss of HK$20,352,000 compared to a loss of HK$28,975,000 in 2020[9] - Basic and diluted loss per share was HK$1.21, an improvement from HK$1.69 in 2020[9] - The Company reported a loss for the period of HK$20,522,000 for the six months ended June 30, 2021, compared to a loss of HK$28,586,000 for the same period in 2020, showing an improvement in loss by about 28.8%[15] - The Group reported a loss attributable to owners of approximately HK$20,522,000 for the six months ended June 30, 2021, compared to a loss of HK$28,586,000 in the same period of 2020, representing a 28.8% improvement[87] Expenses and Cost Management - Selling and distribution expenses decreased to HK$4,508,000 from HK$5,354,000 in 2020[7] - Administrative expenses decreased to HK$21,391,000 from HK$27,004,000 in 2020[7] - Directors' emoluments for the first half of 2021 were HK$2,245,000, down from HK$3,531,000 in 2020[130] - Total staff costs for the six months ended June 30, 2021, were approximately HK$17,749,000, a slight decrease from HK$17,829,000 for the same period in 2020[183] Assets and Liabilities - Inventories increased by approximately 46.9% from HK$11,971,000 as at 31 December 2020 to HK$17,591,000 as at 30 June 2021[4] - As of June 30, 2021, the net current assets decreased to HK$167,142,000 from HK$187,650,000 as of December 31, 2020, representing a decline of approximately 10.5%[13] - The total equity attributable to the owners of the Company as of June 30, 2021, was HK$218,073,000, down from HK$238,425,000 at the end of 2020, indicating a decrease of about 8.5%[15] - The total assets less current liabilities decreased to HK$219,640,000 as of June 30, 2021, from HK$239,746,000 as of December 31, 2020, indicating a reduction of about 8.4%[13] - The total liabilities as of June 30, 2021, were HK$52,164,000, with segment liabilities for apparels at HK$44,105,000 and for money lending services at HK$8,059,000[42] - Trade receivables, net, decreased to HK$15,126,000 as of June 30, 2021, from HK$19,136,000 as of December 31, 2020, indicating a decline of 21.0%[101] Cash Flow and Financing - For the six months ended June 30, 2021, the net cash used in operating activities was HK$54,961,000, compared to HK$27,996,000 for the same period in 2020, reflecting an increase in cash outflow of approximately 96.5%[19] - Cash and cash equivalents at the end of the period were HK$15,087,000, a significant decrease from HK$74,823,000 at the end of June 2020, representing a decline of approximately 79.9%[19] - The Company’s net cash generated from financing activities was HK$5,054,000 for the six months ended June 30, 2021, compared to a cash outflow of HK$2,143,000 in the same period of 2020, indicating a turnaround in financing cash flow[19] - The Group's loans receivables increased to HK$162,483,000 as of June 30, 2021, up from HK$123,763,000 as of December 31, 2020, reflecting a growth of 31.2%[108] Financial Position and Ratios - The current ratio of the Group was approximately 4.19 as of 30 June 2021, down from 5.27 as of 31 December 2020[161] - The gearing ratio of the Group was approximately 4.7% as of 30 June 2021, compared to 2.1% as of 31 December 2020[167] - Total borrowings and lease liabilities amounted to approximately HK$10,151,000 as of 30 June 2021, an increase from HK$4,975,000 as of 31 December 2020[161] Market and Operational Insights - The Group's products are primarily exported to the United States, which is the principal market for its apparel operation[141] - The Group remains cautiously optimistic about the apparel operation for the second half of 2021 due to uncertainties related to the COVID-19 pandemic[142] - The business showed signs of recovery in the first half of 2021, driven by improving global economic conditions, but remains vulnerable to uncertainties such as the COVID-19 pandemic and China-U.S. relations[191] Other Notable Points - The Company did not recommend the payment of any interim dividend[4] - The Group maintained a healthy liquidity position throughout the reporting period, with a focus on prudent financial management and continuous credit assessments to mitigate credit risk[172] - The Group is open to exploring new business and investment opportunities in other sectors to diversify revenue streams[192]

香港華信金融投資有限公司 CEFC HONG KONG FINANCIAL INVESTMENT COMPANY LIMITED (於開曼群島註冊成立之有限公司) (Incorporated in the Cayman Islands with limited liability) 股份代號 Stock Code：1520 O O O O O ANNUAL REPORT 年報 O ○ Contents 目錄 | --- | --- | --- | |---------------------------------------------------------|--------------------------|--------| | | | Page | | Corporate Information | 公司資料 | 頁次 2 | | Financial Summary | 財務概要 | 5 | | Chairman's Statement | 主席報告書 | 6 | | Biographical Details of Directors and Senior Management | 董事及高級管理 ...

Revenue Performance - For the six months ended 30 June 2020, the Group's revenue decreased by approximately 50.9% to approximately HK$15,545,000 from HK$31,673,000 in 2019[2] - Revenue from the apparel operation was HK$9,936,000, representing a decrease of approximately 61.9% compared to HK$26,102,000 in the corresponding period in 2019[2] - Revenue from the money lending operation slightly increased by approximately 0.7% to HK$5,609,000 from HK$5,571,000 in 2019[2] - Revenue for the first half of 2020 decreased by approximately 50.9% or HK$16,128,000 to approximately HK$15,545,000 compared to HK$31,673,000 in 2019[132] - The geographical breakdown of revenue shows HK$8,950,000 from Hong Kong, HK$6,581,000 from the United States, and HK$14,000 from other regions for the six months ended June 30, 2020[59] Financial Losses - The gross loss for the period was approximately HK$33,000, a significant decline from a gross profit of HK$4,386,000 in 2019[2] - The loss attributable to owners of the Company was approximately HK$28,586,000, a decrease of 4.2% from HK$29,839,000 in 2019[5] - The total comprehensive income for the period attributable to the owners of the Company was a loss of HK$28,975,000 compared to a loss of HK$29,814,000 in 2019[9] - The loss before tax for the six months ended June 30, 2020, was HK$29,747,000, compared to a loss of HK$16,561,000 for the same period in 2019[55] - The Company reported a loss for the period of HK$28,586,000 for the six months ended June 30, 2020, compared to a loss of HK$29,839,000 for the same period in 2019, showing a slight improvement[20] Assets and Liabilities - The Group's inventories increased by approximately 112.9% to HK$31,908,000 as at 30 June 2020 from HK$14,987,000 as at 31 December 2019[5] - Total assets as of June 30, 2020, amounted to HK$317,921,000, with segment assets of HK$64,260,000 and other corporate assets of HK$184,319,000[50] - Total liabilities were reported at HK$41,699,000, with segment liabilities of HK$39,800,000[50] - As of June 30, 2020, the net current assets decreased to HK$196,097,000 from HK$225,590,000 as of December 31, 2019, representing a decline of approximately 13%[13] - The total equity attributable to the owners of the Company decreased to HK$276,222,000 as of June 30, 2020, down from HK$305,197,000 at the end of 2019, reflecting a reduction of about 9.5%[13] Cash Flow and Liquidity - The net cash used in operating activities for the six months ended June 30, 2020, was HK$27,996,000, an improvement compared to HK$43,370,000 for the same period in 2019, indicating a decrease of approximately 35%[31] - The cash and cash equivalents at the end of the period were HK$74,823,000, down from HK$106,693,000 at the end of June 2019, marking a decline of about 29.9%[31] - The current liquidity ratio of the Group was approximately 5.79 as of June 30, 2020, compared to 6.26 as of December 31, 2019[161] - The gearing ratio of the Group was approximately 2.4% as of June 30, 2020, down from 2.8% as of December 31, 2019[164] - The Group's liquidity position has been maintained through prudent financial management and ongoing credit assessments of customers[168] Expenses and Cost Management - Selling and distribution expenses decreased by approximately HK$2,438,000, and administrative expenses decreased by approximately HK$1,725,000 during the reporting period[5] - Total staff costs for the six months ended June 30, 2020, were approximately HK$17,829,000, down from approximately HK$25,574,000 for the same period in 2019, reflecting a reduction in employee headcount from 293 to 241[174] - Administrative expenses decreased by approximately 6.0% or HK$1,725,000 to about HK$27,004,000 from HK$28,729,000 in 2019[155] - The company’s directors' emoluments for the first half of 2020 were HK$3,531,000, compared to HK$3,151,000 in 2019[127] Credit Loss Provisions - The provision for expected credit losses (ECL) on trade receivables was HK$52,000, while a reversal of ECL on loans was HK$436,000 for the six months ended June 30, 2020[55] - The expected credit loss provision increased significantly to approximately HK$9,875,000, up about HK$7,087,000 from HK$2,788,000 as of December 31, 2019, due to updated credit risk assessments reflecting the impact of COVID-19[146] - The provision for expected credit losses (ECL) for trade receivables was HK$217,000 as of June 30, 2020, down from HK$653,000 as of December 31, 2019[102] Business Operations and Strategy - The Group continues to focus on its core segments: apparel manufacturing and trading, and money lending services, each requiring different business strategies[50] - The Group has not reported any significant changes in its business operations during the period[35] - The Group's business operations did not experience significant changes during the reporting period[37] - The company expects continued disruption to commercial activity and reduced consumer spending in the second half of 2020 due to the ongoing COVID-19 pandemic[139] Shareholder Information - No dividends were paid or proposed to the owners of the Company during the six months ended June 30, 2020, consistent with 2019[86] - The Board did not recommend any payment of an interim dividend for the six months ended 30 June 2020[194] Future Plans and Investments - The Group's future plans for material investments or capital assets were not specified as of June 30, 2020[181] - The Group has retained unutilised proceeds for working capital purposes due to the lack of suitable merger and acquisition opportunities[190] - The unutilised proceeds amounting to HK$75,288,000 were retained for future acquisitions and business development, with approximately HK$45,000,000 allocated for purchasing raw materials and garments[190]

Financial Performance - Revenue for the year ended December 31, 2019, was HK$158,714,000, a decrease of 22.1% from HK$203,892,000 in 2018[22] - Gross profit for 2019 was HK$32,196,000, down 24.3% from HK$42,480,000 in 2018[22] - The company reported a loss before income tax of HK$71,048,000 in 2019, compared to a loss of HK$62,178,000 in 2018[22] - Loss attributable to the owners of the company was HK$76,680,000 in 2019, an increase from a loss of HK$60,032,000 in 2018[22] - The overall cost of sales decreased by approximately 21.6%, from approximately HK$161,412,000 in 2018 to approximately HK$126,518,000 in 2019[98] - The gross profit margin decreased from approximately 20.8% in 2018 to 20.3% in 2019[100] - The loss attributable to the owners of the Company for the year ended 31 December 2019 was approximately HK$76,680,000, representing an increase in loss of approximately HK$16,648,000 or 27.7% compared to 2018[113] Assets and Liabilities - Total assets as of December 31, 2019, were HK$351,054,000, down 17.9% from HK$427,616,000 in 2018[23] - Shareholders' equity decreased to HK$305,197,000 in 2019 from HK$382,418,000 in 2018, a decline of 20.2%[23] - The current ratio for 2019 was 6.26, slightly down from 6.85 in 2018[23] - The gearing ratio increased to 2.8% in 2019 from 0.3% in 2018, indicating a rise in financial leverage[23] - Loans and interest receivables increased by approximately 6.8%, from approximately HK$105,339,000 as of December 31, 2018, to approximately HK$112,501,000 as of December 31, 2019[98] - The Group's total lease liabilities as of December 31, 2019, were approximately HK$8,547,000, with HK$5,568,000 repayable within one year[138] Inventory and Receivables - Inventory turnover days increased to 43 days in 2019 from 20 days in 2018, reflecting slower inventory movement[23] - The group's inventory increased by approximately HK$5,980,000 or 66.4%, from approximately HK$9,007,000 as of December 31, 2018, to approximately HK$14,987,000 as of December 31, 2019[121] - Trade and bills receivables increased by approximately HK$5,551,000 or 29.9%, from approximately HK$18,548,000 as of December 31, 2018, to approximately HK$24,099,000 as of December 31, 2019[127] Economic Environment - Hong Kong's economy declined by 1.2% in 2019, marking the first annual economic contraction since 2009[25] - The trade disputes between China and the United States are expected to continue impacting the apparel operation in 2020[29] - Trade tensions between China and the United States have negatively impacted demand for apparel products manufactured in China, leading to a slowdown in orders from U.S. customers[90] Management and Governance - The company has a strong leadership team with diverse backgrounds in finance, investment, and corporate governance, enhancing its strategic planning and operational efficiency[46][49][54][57] - The company is focused on ensuring good corporate governance practices, with Mr. Guo leading the corporate governance committee[47] - The company has established four committees under the Board: Audit Committee, Remuneration Committee, Nomination Committee, and Corporate Governance Committee, to assist in overseeing management functions[186] - The company is committed to promoting good corporate governance and managing enterprise-wide risk as a top priority[191] Operational Strategies - The Group plans to adopt further cost-cutting measures to reduce operational costs amid the challenging environment[39] - The Group is dedicated to improving the performance of its existing businesses while cautiously exploring potential business opportunities[39] - The company aims to enhance its market presence through strategic planning and business development initiatives led by its experienced management team[49][54] Impact of COVID-19 - The COVID-19 pandemic may cause severe disruptions to the global economy and affect the Group's business operations[38] - The Group will continue to monitor the impacts of the pandemic on its operations and financial position[38] - The Group anticipates that the temporary suspension of its factory in China will not significantly affect its ability to deliver orders for the whole year[32] Revenue Breakdown - Revenue from the apparel operation for 2019 was approximately HK$146,995,000, a decline of approximately 21.4% from HK$187,041,000 in 2018[25] - Revenue from private label products decreased by approximately 16.3% to approximately HK$104,760,000 in 2019, contributing 71.3% of total apparel revenue[96] - Revenue from own brand products decreased by approximately 31.7% to approximately HK$42,235,000 in 2019, with gross profit decreasing by 26.8% to approximately HK$12,072,000[96] - Revenue from the money lending operation contracted by approximately HK$5,132,000 or approximately 30.5%, from approximately HK$16,851,000 in 2018 to approximately HK$11,719,000 in 2019[98] Expenses and Cost Management - Selling and distribution expenses decreased by approximately HK$8,853,000 or 33.3% to approximately HK$17,698,000 for the year ended 31 December 2019[104] - Administrative expenses decreased by approximately 21.0% or HK$17,401,000 to approximately HK$65,328,000 for the year ended 31 December 2019[110] - Total staff costs for the year ended 31 December 2019 were approximately HK$56,481,000, a decrease from approximately HK$76,044,000 for the year ended 31 December 2018[166]

Revenue Performance - The Group's revenue decreased from approximately HK$39,437,000 for the six months ended 30 June 2018 to approximately HK$31,673,000 for the six months ended 30 June 2019, representing a decrease of approximately HK$7,764,000 or 19.7%[2] - Revenue from the apparel operation was HK$26,102,000 for the reporting period, representing a decrease of approximately HK$4,541,000 or 14.8% compared to the corresponding period in 2018[2] - Revenue from the money lending operation was approximately HK$5,571,000, representing a decrease of approximately HK$3,223,000 or 36.7% compared to the corresponding period in 2018[2] - Revenue from external customers for the six months ended 30 June 2019 was HK$31,673,000, a decrease of 19.7% compared to HK$39,437,000 in 2018[76] Profitability and Loss - Gross profit for the six months ended 30 June 2019 was approximately HK$4,386,000, representing a decrease of approximately HK$2,785,000 or 38.8% compared to the corresponding period in 2018[4] - The gross profit margin for the six months ended 30 June 2019 was approximately 13.8%, down from 18.2% in 2018[4] - The loss for the period attributable to owners of the company was approximately HK$29,839,000, decreased by approximately HK$14,969,000 or 33.4% compared to 2018[4] - The loss before tax for the six months ended 30 June 2019 was HK$49,460,000, reflecting significant financial challenges[82] Assets and Liabilities - Total assets as of June 30, 2019, amounted to HK$271,410,000, a decrease from HK$303,800,000 as of December 31, 2018, representing a decline of approximately 10.6%[10] - Current assets increased significantly to HK$271,410,000 from HK$303,800,000, with inventories rising to HK$35,839,000 from HK$9,007,000, indicating a substantial increase of 297.3%[10] - Total liabilities as of 30 June 2019 were HK$70,537,000, with segment liabilities for apparel design and trading at HK$57,044,000 and money lending services at HK$2,797,000[68] - Interest-bearing borrowings increased to HK$18,776,000 from HK$3,078,000, indicating a significant rise of 509.5%[12] Cash Flow and Liquidity - Cash and cash equivalents at the end of the period were HK$106,693,000, down from HK$152,597,000, marking a decrease of 30.1%[18] - Net cash used in operating activities was HK$43,370,000, compared to HK$40,068,000 in the previous year, indicating an increase in cash outflow of 5.8%[18] - The Group's liquidity position included pledged bank deposits and cash amounting to approximately HK$107,176,000, down from HK$155,911,000 at the end of 2018[165] - The current ratio of the Group was approximately 4.33 as of 30 June 2019, down from 6.85 at the end of 2018[165] Expenses and Cost Management - Selling and distribution expenses decreased by approximately HK$4,838,000, while administrative expenses decreased by approximately HK$16,015,000[4] - Employee benefit expenses for the period were HK$25,574,000, down from HK$36,806,000 in the previous year, indicating cost-cutting measures[83] - Administrative expenses for the six months ended 30 June 2019 were approximately HK$28,729,000, a decrease of approximately 35.8% or HK$16,015,000 compared to HK$44,744,000 in 2018[158] Shareholder Returns - The Board did not recommend the payment of any interim dividend[4] - No dividends were paid or proposed during the six months ended June 30, 2019, consistent with 2018[97] Financial Reporting and Compliance - The Group's unaudited condensed consolidated financial statements for the six months ended June 30, 2019, were prepared in accordance with Hong Kong Financial Reporting Standards (HKFRS) [22] - The financial statements are presented in Hong Kong dollars (HK$), rounded to the nearest thousand [24] - The accounting policies used in the preparation of the financial statements are consistent with those used in the previous year's annual financial statements, except for the adoption of new standards [23] Business Operations - There were no significant changes in the Group's business operations during the period [20] - The Group is primarily engaged in the design, manufacture, and trading of apparels, as well as the provision of money lending services [20] - The Group's operations are primarily based in Hong Kong and the PRC, with management determining Hong Kong as the principal operating location[74] Employee Information - As of June 30, 2019, the Group had 313 employees, with total staff costs of approximately HK$25,574,000, down from HK$36,806,000 for the same period in 2018, indicating a reduction of about 30%[187] - The Group's employee remuneration is determined based on market norms and individual performance, qualifications, and experience[187] Capital Expenditures and Investments - The Group's capital expenditures for property, plant, and equipment were nil for the six months ended June 30, 2019, down from HK$326,000 in 2018[104] - There were no significant capital commitments or plans for material investments as of June 30, 2019, consistent with the previous year[181][188] Currency and Economic Factors - The Group's revenue is primarily in US dollars, while most costs are in Renminbi, leading to potential profit margin decreases if RMB appreciates against USD without corresponding price increases[179] - The appreciation of RMB against foreign currencies could adversely affect the purchasing power of the Group's future financing[179] - The exchange rates between RMB and USD are influenced by PRC Government policies and international economic conditions[180]

香港華信金融投資有限公司 CEFC HONG KONG FINANCIAL INVESTMENT COMPANY LIMITED (於開曼群島註冊成立之有限公司) (Incorporated in the Cayman Islands with limited liability) 股份代號 Stock Code：1520 O O O O O ANNUAL O ○ Contents 目錄 | --- | --- | --- | |---------------------------------------------------------|--------------------------|--------| | | | Page | | Corporate Information | 公司資料 | 頁次 2 | | Financial Summary | 財務概要 | 5 | | Chairman's Statement | 主席報告書 | 6 | | Biographical Details of Directors and Senior Management | 董事及高級管理層履歷詳情 | 9 ...