Financial Performance - The company reported a revenue increase of 15% year-over-year, reaching $500 million for the fiscal year 2024[3]. - The company provided a forward guidance of 10% revenue growth for the next fiscal year, projecting revenues of $550 million[3]. - The company recorded a revenue of approximately RMB 2,574.3 million for the year ending December 31, 2024, representing a year-on-year growth of about 17.5% compared to RMB 2,190.9 million in 2023[13]. - For the fiscal year ending December 31, 2024, the company recorded total revenue of approximately RMB 2,574.3 million, representing a year-on-year increase of 17.5%[49]. - Revenue from steel pipe products was approximately RMB 1,189.2 million, accounting for about 46.2% of total revenue, with customized steel pipes increasing by 39.5% year-on-year[52]. - Revenue from standard prefabricated pipeline products for the fiscal year was approximately RMB 393.6 million, accounting for 15.3% of total revenue, up from RMB 308.8 million and 14.1% the previous year[51]. - The company reported a net profit margin of 12%, reflecting improved operational efficiency compared to 10% in the previous year[3]. - The net profit for the year was approximately RMB 141.8 million, a decrease of about 7.2% from RMB 152.9 million in 2023[13]. - Annual profit decreased by approximately 7.3% or RMB 11.1 million, from RMB 152.9 million in 2023 to RMB 141.8 million in 2024, primarily due to reduced gross profit and increased impairment losses[70]. Market Expansion and Product Development - User data showed a growth of 20% in active users, totaling 2 million by the end of the reporting period[3]. - New product launches contributed to 30% of total revenue, with the introduction of two major products in Q4 2024[3]. - Market expansion efforts led to a 25% increase in sales in the Southeast Asian region, contributing significantly to overall growth[3]. - The company invested $50 million in R&D for new technologies, focusing on enhancing product efficiency and sustainability[3]. - The R&D team successfully developed 68 new varieties and 389 specifications, with 13 new patents and 4 software copyrights granted, totaling 128 effective intellectual properties[14]. - The company implemented 12 technology innovation projects in Shandong Province, with 4 projects evaluated as being at the leading level domestically[14]. - The company aims to leverage market resources and technological research and development to improve operational efficiency[49]. Operational Efficiency and Cost Management - The company has established a comprehensive cost control mechanism to optimize production processes and reduce procurement costs[15]. - The company achieved a 10% reduction in energy consumption for dust removal facilities through optimization measures, significantly lowering operational costs while ensuring effective dust removal[101]. - The company has upgraded over 10 outdated VOCs treatment facilities, enhancing removal efficiency and system reliability[101]. - The company increased the reclaimed water usage rate for irrigation to 70% during dry seasons, promoting green production and resource recycling[101]. Corporate Governance and Management - The company is committed to maintaining high standards of corporate governance with independent directors overseeing operations and management[27][29]. - The company has a diverse board with members possessing extensive experience in finance, management, and industry-specific knowledge[24][25][27][29][33]. - The board consists of six directors, including three executive directors and three independent non-executive directors, complying with listing rules[184]. - The company has established three board committees: audit committee, nomination committee, and remuneration committee to oversee various aspects of the business[194]. - The chairman and CEO roles are separated to ensure a balance of power within the company's management[188]. - The company is committed to continuous professional development for all directors through external seminars and relevant materials[186]. Shareholder Information and Dividends - The company proposed a final dividend of HKD 0.12 per share, totaling approximately HKD 52,056,000 for the year ended December 31, 2024, consistent with the previous year[91]. - The board proposed a final dividend of HKD 0.12 per share, totaling approximately HKD 52,056,000, subject to shareholder approval[112]. - The total number of issued shares as of December 31, 2024, is 433,800,000[156]. - The company’s major shareholder, Kong Ling Lei, holds 172,600,000 shares, representing approximately 39.79% of the total issued share capital[155]. Compliance and Audit - The financial statements for the year ending December 31, 2024, were audited by Deloitte, who will be proposed for reappointment at the upcoming annual general meeting[175]. - The company has adopted the corporate governance code as per the listing rules and has complied with its applicable provisions during the financial year ending December 31, 2024[178]. - The company’s independent non-executive directors have confirmed that the ongoing related party transactions are conducted in the ordinary course of business and on normal commercial terms[146]. - The company’s auditor, Deloitte, has issued an unqualified opinion regarding the ongoing related party transactions, confirming compliance with the company's pricing policy[151]. Employee and Operational Metrics - The total number of employees increased to 1,229 as of December 31, 2024, up from 1,070 on December 31, 2023[130]. - Total salary and related costs for employees amounted to approximately RMB 122.4 million for the fiscal year ending December 31, 2024[130]. - Employee costs, including director remuneration and other forms of compensation, amounted to approximately RMB 122.4 million for the year ended December 31, 2024, compared to RMB 118.9 million for the year ended December 31, 2023[96].

Financial Performance - For the fiscal year ending December 31, 2024, the company reported revenue of approximately RMB 2,574.3 million, representing a year-on-year increase of 17.5%[9] - The gross profit for the same period was RMB 378.4 million, showing a slight decrease of 1.3% compared to RMB 383.5 million in 2023[4] - Net profit for the year was approximately RMB 141.8 million, reflecting a decrease of 7.2% from RMB 152.9 million in the previous year[4] - The basic earnings per share decreased by 5.7% to RMB 0.33 from RMB 0.35 in 2023[4] - The group's total revenue for the year ended December 31, 2024, was approximately RMB 2,574.3 million, an increase of about RMB 383.4 million or 17.5% compared to the previous year[15] - Revenue for the year ended December 31, 2024, was RMB 2,574,330 thousand, an increase of 17.5% compared to RMB 2,190,942 thousand in 2023[60] - Gross profit for the year was RMB 378,421 thousand, slightly down by 1.9% from RMB 383,539 thousand in 2023[60] - Net profit for the year was RMB 141,820 thousand, a decrease of 7.2% from RMB 152,861 thousand in 2023[60] - Basic earnings per share for the year was RMB 0.33, down from RMB 0.35 in 2023[60] Revenue Breakdown - New orders for standard prefabricated pipeline products totaled approximately 24,000 tons, with about 98.2% coming from overseas customers[10] - Revenue from standard prefabricated pipeline products was approximately RMB 393.6 million, accounting for 15.3% of total revenue, with a year-on-year increase of 27.5%[11] - The company recorded revenue from steel pipe products of approximately RMB 1,189.2 million, which accounted for about 46.2% of total revenue, with a decline in sales volume and prices for certain products[12] - Revenue from the design and supply of assembled pipeline systems was approximately RMB 41.1 million, an increase of 23.8% year-on-year, contributing about 1.6% to total revenue[13] - Revenue from steel coil trading reached approximately RMB 950.0 million, a year-on-year increase of about RMB 349.5 million or 58.2%, driven by increased procurement agreements with steel mills[18] - Revenue from electric resistance welded steel pipes was approximately RMB 304.5 million, a decrease of about 68.2 million or 18.3% due to reduced sales volume and lower prices[17] - Revenue from the sale of spiral submerged arc welded steel pipes was RMB 507,659,000, down 16.1% from RMB 604,972,000 in 2023[70] - Revenue from standard prefabricated pipe fittings increased by 27.5% to RMB 393,604,000 from RMB 308,794,000 in 2023[70] - Revenue from customized steel pipes rose by 39.5% to RMB 376,973,000 compared to RMB 270,164,000 in 2023[70] - Revenue from resistance welded steel pipes decreased by 18.3% to RMB 304,497,000 from RMB 372,668,000 in 2023[70] - Revenue from the Chinese market was RMB 1,751,393,000, representing a 20.7% increase from RMB 1,451,736,000 in 2023[77] - Revenue from the United States was RMB 313,524,000, up 37.6% from RMB 227,723,000 in 2023[77] Market Challenges and Strategies - The company continues to face challenges in the domestic market due to the contraction of the real estate industry and declining steel pipe demand[9] - The company is focused on enhancing management and leveraging market resources and technological research and development to navigate current market challenges[9] - The company plans to enhance its market position through strategies focused on marketing, production capacity increase, digitalization, and team building to achieve sustainable growth[57] Expenses and Costs - Distribution and selling expenses rose to approximately RMB 94.7 million, an increase of about 8.7% or RMB 7.6 million, mainly due to higher shipping costs[23] - Administrative expenses increased to approximately RMB 64.3 million, an increase of about 8.6% or RMB 5.1 million, primarily due to higher management personnel costs[24] - R&D expenses increased by approximately 3.1% to RMB 70.1 million for the year ending December 31, 2024, accounting for about 2.7% of total revenue[25] - Financial costs rose by approximately 23.9% to RMB 8.3 million for the year ending December 31, 2024, mainly due to an increase in discounted notes[27] - Tax expenses for the year amounted to RMB 29,019,000 in 2024, up from RMB 20,465,000 in 2023, reflecting a higher tax burden due to increased profits[85] Assets and Liabilities - The asset-liability ratio increased to approximately 6.1% as of December 31, 2024, from 3.7% in the previous year, mainly due to increased bank loans[31] - Trade receivables increased by approximately 35.7% to RMB 731.2 million as of December 31, 2024, driven by increased shipments to trade customers in the fourth quarter[36] - Contract liabilities rose to approximately RMB 157.0 million as of December 31, 2024, from RMB 60.8 million in the previous year, related to the timing of product delivery to customers[42] - Borrowings increased to approximately RMB 69.1 million as of December 31, 2024, from RMB 38.4 million in the previous year, primarily due to increased bank loans[46] - Cash used in operating activities increased to a net outflow of approximately RMB 158.9 million for the year ending December 31, 2024, compared to RMB 20.4 million in the previous year[32] - Cash and cash equivalents increased to approximately RMB 77.3 million as of December 31, 2024, from RMB 71.9 million in the previous year[30] - Trade payables increased to RMB 156,343,000 in 2024 from RMB 67,094,000 in 2023[100] Employee and Labor Costs - The total labor costs, including director remuneration and other forms of compensation, amounted to approximately RMB 122.4 million for the year ending December 31, 2024, compared to RMB 118.9 million for the previous year[54] - The group had a total of 1,229 employees as of December 31, 2024, an increase from 1,070 employees as of December 31, 2023, with 1,037 located in China (including Hong Kong), 121 in Vietnam, and 71 in Thailand[54] Environmental Initiatives - The company has implemented various optimization measures for its environmental protection systems, achieving a 10% reduction in energy consumption for dust removal facilities while ensuring effective pollution control[59] - The company has upgraded its volatile organic compounds (VOCs) treatment systems, significantly improving removal efficiency and enhancing operational stability and reliability[59] - The company aims to increase the reuse rate of reclaimed water for irrigation to 70% during dry seasons, contributing to green production and environmental protection[59] Dividends and Shareholder Information - The board has proposed a final cash dividend of HKD 0.12 per share for the year ending December 31, 2024, totaling approximately HKD 52,056,000, consistent with the previous year[49] - The company declared a final dividend of HKD 0.12 per share for the year ending December 31, 2024, amounting to approximately HKD 52,056,000 (RMB 48,152,000), an increase from HKD 0.10 per share in 2023[102] Compliance and Governance - The audit committee has reviewed the annual performance for the year ending December 31, 2024[110] - The annual general meeting is scheduled for May 30, 2025, in Hong Kong[111] - The company maintained the designated public float as required by the listing rules as of the announcement date[107] - The company has adopted the standard code for securities transactions by directors as per the listing rules, confirming compliance for the year ending December 31, 2024[105]

Company Overview and Structure - The company operates through subsidiaries such as Jinan Maike Steel Pipe Manufacturing Co., Ltd. and Jinan Maike Pipeline Technology Co., Ltd., both of which are wholly-owned[2] - The company's registered office is in the Cayman Islands, with its headquarters and principal place of business in Hong Kong and Jinan, Shandong Province, China[4] - The company's shares are listed on the Main Board of the Hong Kong Stock Exchange under the stock code 1553[4] - The company's website is http://www.mechpipingtech.com, providing additional information about its operations and products[4] - The company's legal advisor in Hong Kong is Stevenson, Wong & Co., located in the Landmark Building[4] - The company's primary banking relationships include the Industrial and Commercial Bank of China Pingyin Branch, Bank of China Pingyin Branch, and Bank of China (Hong Kong) Limited[4] - The company's financial statements are audited by Deloitte Touche Tohmatsu, a registered public interest entity auditor[4] - The company has 1,044 employees as of June 30, 2024, with 824 in China (including Hong Kong), 144 in Vietnam, and 76 in Thailand[48] - The company recorded a lease liability of RMB 3.7 million for two leased properties in Vietnam and Thailand used for factory operations[42] Products and Manufacturing - The company's main products include electric resistance welded steel pipes and spiral submerged arc welded steel pipes, which are manufactured using specific welding processes[2][3] - The company's average selling price for its products is a key metric, though specific figures are not provided in the content[2] - The average selling price of standard prefabricated pipe fittings for the six months ended June 30, 2024, was RMB 17,742 per ton, a decrease from RMB 19,063 per ton in the same period last year[12][13] - The average selling price of customized steel pipes for the six months ended June 30, 2024, was RMB 5,493 per ton, an increase from RMB 5,389 per ton in the same period last year[12][13] Financial Performance - The company's total revenue for the six months ended June 30, 2024, was approximately RMB 1,162.0 million, an increase of 8.7% year-over-year[5] - Net profit for the six months ended June 30, 2024, was approximately RMB 81.5 million, a year-over-year increase of 13.5%[5] - Standard prefabricated pipe fittings revenue for the six months ended June 30, 2024, was approximately RMB 184.5 million, accounting for 15.9% of total revenue, a year-over-year increase of 40.6%[7] - Customized steel pipe revenue for the six months ended June 30, 2024, was approximately RMB 218.1 million, a year-over-year increase of 63.8%[8] - Revenue from assembled pipeline system design and supply for the six months ended June 30, 2024, was approximately RMB 18.7 million, a year-over-year increase of 61.9%[9] - Steel coil trade revenue for the six months ended June 30, 2024, was approximately RMB 461.2 million, accounting for 39.6% of total revenue[12] - Standard prefabricated pipe product sales revenue increased by RMB 53.3 million or 40.7% to RMB 184.5 million in the six months ended June 30, 2024, driven by higher sales volume[14] - Electric resistance welded steel pipe revenue decreased by RMB 74.9 million or 42.4% to RMB 101.9 million in the six months ended June 30, 2024, due to lower sales volume[14] - Spiral submerged arc welded steel pipe revenue decreased by RMB 161.2 million or 47.6% to RMB 177.6 million in the six months ended June 30, 2024, due to lower sales volume[14] - Customized steel pipe revenue increased by RMB 85.0 million or 63.9% to RMB 218.1 million in the six months ended June 30, 2024[14] - Domestic market revenue in China accounted for 65.8% of total revenue at RMB 764.85 million in the six months ended June 30, 2024, down from 72.8% in the same period last year[15] - Gross profit decreased by 10.4% or RMB 19.3 million to RMB 166.8 million in the six months ended June 30, 2024, with gross margin down 3.0 percentage points[16] - Other income increased by 241.9% or RMB 7.5 million to RMB 10.6 million in the six months ended June 30, 2024, mainly due to higher government subsidies and bank interest income[17] - R&D costs decreased by 17.9% or RMB 6.3 million to RMB 28.9 million in the six months ended June 30, 2024, accounting for 2.5% of total revenue[21] - Net profit increased by 13.5% or RMB 9.7 million to RMB 81.5 million in the six months ended June 30, 2024, mainly due to higher sales of standard prefabricated pipe fittings[25] - Revenue for the six months ended June 30, 2024, was RMB 1,162,024 thousand, an increase from RMB 1,069,376 thousand in the same period in 2023[70] - Gross profit for the six months ended June 30, 2024, was RMB 166,838 thousand, a decrease from RMB 186,134 thousand in the same period in 2023[70] - Net profit for the six months ended June 30, 2024, was RMB 81,452 thousand, an increase from RMB 71,785 thousand in the same period in 2023[70] - Basic earnings per share for the six months ended June 30, 2024, were RMB 0.188, up from RMB 0.167 in the same period in 2023[70] - Revenue for the six months ended June 30, 2024, increased to RMB 1,162.0 million, up from RMB 1,069.4 million in the same period last year[81] - Revenue from the United States grew significantly to RMB 149.9 million in 2024, up from RMB 92.7 million in 2023[84] - Revenue from other Asian countries (excluding China) increased to RMB 130.5 million in 2024, compared to RMB 103.0 million in 2023[84] - Revenue from other American countries (excluding the United States) rose to RMB 95.8 million in 2024, up from RMB 67.5 million in 2023[84] - Government subsidies increased to RMB 8.4 million in 2024, compared to RMB 2.4 million in 2023[85] - Bank interest income rose to RMB 2.2 million in 2024, up from RMB 0.7 million in 2023[85] - Other income and gains/losses totaled RMB 11,366 thousand, a significant increase from RMB 4,290 thousand in the same period last year, driven by higher sales of scrap materials and foreign exchange gains[86] - Net exchange gains amounted to RMB 5,118 thousand, compared to RMB 1,785 thousand in the previous year, reflecting favorable currency movements[86] - Financial costs increased to RMB 4,187 thousand from RMB 2,614 thousand, primarily due to higher interest expenses on bank borrowings and discount notes[89] - Profit before tax was impacted by depreciation of property, plant, and equipment, totaling RMB 4,458 thousand, down from RMB 5,571 thousand in the prior year[90] - Tax expenses rose to RMB 13,134 thousand from RMB 12,757 thousand, with higher current period corporate income tax and under-provision from prior periods[91] - The company declared a final dividend of 12 HK cents per share, totaling HKD 52,056 thousand (RMB 47,314 thousand), up from 10 HK cents per share in the previous year[92] - Basic earnings per share increased to RMB 81,547 thousand from RMB 72,275 thousand, with the weighted average number of shares remaining unchanged at 433,800 thousand[93] - Profit for the period was RMB 81,547 thousand in the first half of 2024, up from RMB 72,275 thousand in the same period of 2023[74] - Dividends declared during the period amounted to RMB 47,314 thousand in 2024, compared to RMB 39,311 thousand in 2023[74] - Retained earnings increased to RMB 689,133 thousand as of June 30, 2024, up from RMB 607,586 thousand at the start of the year[74] Orders and Deliveries - The company received new orders for standard prefabricated pipe products of approximately 11,000 tons, with 98.5% from overseas customers, and delivered approximately 10,400 tons during the six months ended June 30, 2024[6] - The company received new orders for steel pipe products of approximately 112,000 tons, with 59.6% from domestic customers, and delivered approximately 99,000 tons during the six months ended June 30, 2024[6] Financial Position and Cash Flow - The company's gearing ratio increased to 9.9% as of June 30, 2024, up from 3.7% at the end of 2023, mainly due to increased bank loans[26] - Net cash from operating activities decreased from an inflow of RMB 38.4 million in the first half of 2023 to an outflow of RMB 70.1 million in the first half of 2024, primarily due to increased inventory and prepayments for raw materials[27] - Inventory increased by RMB 60.9 million or 21.8% from RMB 280 million at the end of 2023 to RMB 340.9 million at the end of June 2024, mainly due to delayed shipments from domestic customers[30] - Trade receivables increased slightly by RMB 4 million or 0.7% from RMB 538.9 million at the end of 2023 to RMB 542.9 million at the end of June 2024[31] - Bank acceptance bills pledged as trade receivables increased by RMB 4.8 million or 42.9% from RMB 11.2 million at the end of 2023 to RMB 16 million at the end of June 2024[31] - Deposits, prepayments, and other receivables increased from RMB 146.6 million at the end of 2023 to RMB 183 million at the end of June 2024, mainly due to increased prepayments for raw materials[34] - Borrowings increased significantly from RMB 38.3 million at the end of 2023 to RMB 106.9 million at the end of June 2024, primarily due to increased bank loans[41] - Total assets increased to RMB 1,380,358 thousand as of June 30, 2024, compared to RMB 1,279,441 thousand at the end of 2023[71] - Inventory rose to RMB 340,947 thousand in June 2024, up from RMB 279,969 thousand in December 2023[71] - Trade receivables grew to RMB 542,911 thousand in June 2024, compared to RMB 538,907 thousand at the end of 2023[71] - Current liabilities increased to RMB 727,956 thousand in June 2024, up from RMB 615,879 thousand in December 2023[71] - Net current assets stood at RMB 652,402 thousand as of June 30, 2024, slightly down from RMB 663,562 thousand at the end of 2023[72] - Total equity increased to RMB 1,078,000 thousand in June 2024, compared to RMB 1,050,960 thousand at the end of 2023[72] - Non-controlling interests decreased to RMB 4,083 thousand in June 2024, down from RMB 4,430 thousand at the end of 2023[72] - Operating cash flow for the six months ended June 30, 2024, was a net outflow of RMB 70.1 million, compared to a net inflow of RMB 38.4 million in the same period last year[76] - Cash and cash equivalents decreased by RMB 2.8 million in 2024, compared to an increase of RMB 45.6 million in 2023[76] - Investment activities resulted in a net cash outflow of RMB 48.1 million in 2024, compared to RMB 37.3 million in 2023[76] - Financing activities generated a net cash inflow of RMB 115.5 million in 2024, up from RMB 44.5 million in 2023[76] - The company obtained new bank loans of RMB 98,500 thousand during the interim period, with interest rates ranging from 2.50% to 3.60% annually[110] - The company's total assets pledged as collateral for bank financing amounted to RMB 251,933 thousand as of June 30, 2024, compared to RMB 263,086 thousand as of December 31, 2023[112] Shareholder Information - The company's largest shareholder, Mr. Kong, holds a 39.79% stake through Ying Stone[68] - Tong Chuang Sheng De BVI holds a 16.17% stake in the company[68] - Tong Chuang Xing De BVI holds an 11.77% stake in the company[68] - Zhao Pu and his spouse Zhang Jingru each hold a 5.36% stake in the company[68] - The company's total issued shares as of June 30, 2024, were 433,800,000[69] - The company's share option plan allows for the issuance of up to 43,380,000 shares, representing 10.0% of the issued shares post-global offering[52] - Each eligible participant can receive a maximum of 1.0% of the company's issued share capital within any 12-month period[53] - The share option plan remains valid for 10 years from the adoption date, with approximately 5.5 years remaining as of the interim report date[58] Market and Industry Outlook - The domestic real estate market remained sluggish in the first half of 2024, and the steel pipe industry is transitioning from "incremental development" to "stock optimization"[59] - The company expects new infrastructure projects such as water conservancy and urban pipeline network renovations to create a broad market space for the steel pipe industry in the second half of 2024[59] - The company plans to enhance overseas sales through differentiated marketing strategies and strengthen domestic sales by focusing on key regions and projects[59] - The company aims to optimize production lines, improve quality, reduce costs, and support production and sales through digital applications[59] Risk Management and Compliance - The company has implemented a risk management policy to address potential risks in strategy, operations, finance, and law, with the board overseeing the system and updating the policy quarterly[60] - The company complies with environmental laws and regulations in China, Vietnam, and Thailand, and has passed national-level green factory reviews[61] - No listed securities of the company were purchased, sold, or redeemed by the company or its subsidiaries during the six months ended June 30, 2024[62] Related Party Transactions - Sales of steel pipe products to related parties increased to RMB 12,493 thousand in the first half of 2024, compared to RMB 9,825 thousand in the same period of 2023[113] - Purchases of inventory from related parties amounted to RMB 1,391 thousand in the first half of 2024, up from RMB 936 thousand in the same period of 2023[113] - Receivables from related parties rose to RMB 24,179 thousand as of June 30, 2024, up from RMB 17,754 thousand as of December 31, 2023, an increase of 36.2%[101] - Overdue receivables from related parties amounted to RMB 5,548 thousand as of June 30, 2024, compared to RMB 1,394 thousand as of December 31, 2023, a significant increase of 298.1%[104] - Payables to related parties increased to RMB 8,479 thousand as of June 30, 2024, from RMB 2,486 thousand as of December 31, 2023, a growth of 241.1%[105] Trade Receivables and Payables - Trade receivables stood at RMB 542,911 thousand, with a slight increase from RMB 538,907 thousand at the end of the previous year, and a credit period of 15 to 360 days offered to trade customers[95] - Trade receivables pledged with notes amounted to RMB 15,978 thousand, up from RMB 11,150 thousand at the end of the previous year[97] - Trade receivables increased to RMB 15,978 thousand as of June 30, 2024, compared to RMB 11,150 thousand as of December 31, 2023, reflecting a growth of 43.3%[99] - Contract assets decreased to RMB 16,411 thousand as of June 30, 2024, from RMB 20,810 thousand as of December 31, 2023, a decline of 21.1%[100] - Trade payables and notes payable totaled RMB 441,890 thousand as of June 30, 2024, up from RMB 415,233 thousand as of December 31, 2023, an increase of 6.4%[107] - Trade payables aged 0-30 days increased to RMB 34,183 thousand as of June 30, 2024, from RMB 25,698 thousand as of December 31, 2023, a rise of 33.0%[108] - Other payables and accrued expenses decreased to RMB 53,419 thousand as of June 30, 2024, compared to RMB 84,626 thousand as of December 31, 2023[109] Investments and Capital Expenditures - Property, plant, and equipment acquisitions totaled RMB 40,520 thousand, a significant increase from RMB 10,099 thousand in the same period last year[94] - The company's investment in Thailand Delta Power Co., Ltd. was fully paid up, with a registered capital of THB 181,

Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 1,162,024 thousand, an increase of 8.7% compared to RMB 1,069,376 thousand for the same period in 2023[2] - Gross profit decreased to RMB 166,838 thousand, down 10.4% from RMB 186,134 thousand year-on-year[2] - Net profit for the period was RMB 81,452 thousand, representing a 13.5% increase from RMB 71,785 thousand in the previous year[2] - Basic earnings per share for the period was RMB 0.188, compared to RMB 0.167 for the same period in 2023[2] - Other income for the six months ended June 30, 2024, was RMB 10,583,000, compared to RMB 3,079,000 in the same period of 2023, representing a 244.5% increase[17] - The company reported a pre-tax profit of RMB 81,547,000 for the six months ended June 30, 2024, compared to RMB 72,275,000 in the same period of 2023, reflecting a growth of 12.5%[25] Revenue Breakdown - Customized steel pipe sales reached RMB 218,058 thousand, up 63.8% from RMB 133,123 thousand in the previous year[14] - The sales of standard prefabricated pipe fittings increased to RMB 184,517 thousand, a rise of 40.6% from RMB 131,168 thousand in the prior year[14] - Revenue from standard prefabricated pipeline products for the six months ended June 30, 2024, was approximately RMB 184.5 million, an increase of about RMB 53.3 million or 40.7% compared to the same period in 2023, primarily due to increased sales volume[61] - Revenue from customized steel pipes for the six months ended June 30, 2024, was approximately RMB 218.1 million, an increase of about RMB 85.0 million or 63.9% compared to the same period in 2023[61] - Revenue from resistance welded steel pipes for the six months ended June 30, 2024, was approximately RMB 101.9 million, a decrease of about RMB 74.9 million or 42.4% compared to the same period in 2023, mainly due to reduced sales volume[61] - Revenue from spiral submerged arc welded steel pipes for the six months ended June 30, 2024, was approximately RMB 177.6 million, a decrease of about RMB 161.2 million or 47.6% compared to the same period in 2023, primarily due to decreased sales volume[61] Cash Flow and Investments - The company reported a net cash outflow from operating activities of RMB 70,098 thousand, compared to a net inflow of RMB 38,418 thousand in the same period last year[7] - Cash and cash equivalents at the end of the period were RMB 69,522 thousand, down from RMB 105,445 thousand at the end of the previous year[7] - The net cash used in investing activities was RMB 48,135 thousand, compared to RMB 37,311 thousand in the same period last year[7] - The net cash generated from financing activities was RMB 115,468 thousand, significantly up from RMB 44,521 thousand in the previous year[7] - The net cash outflow from investing activities increased from approximately RMB 37.3 million for the period ended June 30, 2023, to approximately RMB 48.1 million for the period ended June 30, 2024, primarily due to increased capital expenditures on fixed assets[75] Assets and Liabilities - Total assets as of June 30, 2024, were RMB 1,380,358 thousand, an increase from RMB 1,279,441 thousand as of December 31, 2023[3] - Current liabilities increased to RMB 727,956 thousand from RMB 615,879 thousand at the end of 2023[3] - The company’s equity attributable to owners increased to RMB 1,073,917 thousand from RMB 1,046,530 thousand at the end of 2023[4] - Trade receivables as of June 30, 2024, amounted to RMB 561,475,000, with a provision for impairment losses of RMB 18,564,000[28] - The group’s total borrowings amounted to RMB 441,890,000 as of June 30, 2024, compared to RMB 415,233,000 as of December 31, 2023[41] - The debt-to-asset ratio as of June 30, 2024, was approximately 9.9%, up from 3.7% as of December 31, 2023, primarily due to increased bank loans[73] Market and Strategic Focus - The company continues to focus on expanding its market presence in China, Vietnam, and Thailand, with no specific new product launches mentioned in the call[13] - The company continues to focus on cost reduction and market share maintenance amid challenges in the domestic real estate sector and geopolitical conflicts[52] - The company anticipates that the rapid development of new infrastructure projects, such as water conservancy and urban pipeline renovations, will create significant market opportunities for the steel pipe industry in the second half of 2024[97] - The company plans to enhance its capabilities through various strategies, including differentiated marketing for overseas sales and optimizing product design to focus on sales demand[98] Operational Management - The company has successfully passed the national-level green factory re-evaluation and achieved a B-level performance rating in the heavily polluting coating industry, supporting its foreign trade applications[100] - Operational management strategies will include production line optimization to increase capacity and reduce costs through digital applications[98] Corporate Governance - The board of directors is responsible for overseeing the overall risk management system and evaluating risk management policies quarterly[99] - The audit committee has reviewed the unaudited interim results for the six months ending June 30, 2024, ensuring compliance with accounting principles and internal control systems[104] - The interim results announcement will be published on the Hong Kong Stock Exchange and the company's website, with reports sent to shareholders at an appropriate time[105]

Financial Performance - Revenue for 2023 reached approximately RMB 2,190.9 million, a year-on-year increase of 4%[4] - Net profit for 2023 was approximately RMB 152.9 million, a year-on-year increase of 10.6%[4] - Earnings per share for 2023 were RMB 0.354, up from RMB 0.322 in 2022[4] - Gross profit decreased by 1.9% or RMB 7.4 million to RMB 383.5 million, mainly due to a decline in sales of standard prefabricated pipeline products[93] - Net profit for the year increased by 10.2% or RMB 14.1 million to RMB 152.9 million, primarily due to higher sales of spiral submerged arc welded steel pipes[107] - The company recorded revenue of RMB 2,190.9 million in 2023, a year-on-year increase of 4.0%, with net profit reaching RMB 152.9 million, up 10.1% year-on-year[169] Product Development and Innovation - The company developed 6 new product categories and over 50 specifications, and obtained 9 new patents and 3 software copyrights in 2023[5] - The company was recognized as a National High-Tech Enterprise and has two CNAS-accredited laboratories[5] - The company's resistance welding process is used for manufacturing steel pipes[28] - The company's spiral submerged arc welded steel pipe is formed by spiral welding using submerged arc welding technology[31] - The company's steel pipe products are mainly used in gas, water supply, HVAC, and fire protection fields, with customized processing including tube body processing, non-standard surface treatment, tube end processing, thickened galvanizing, and internal polishing[71] - The company's quality control capabilities are certified by ISO9001, ISO14001, and OHSAS18001, with products widely used in municipal pipeline systems for natural gas, water supply, sewage, HVAC, and fire protection[62] - The company provides technical advice and solutions for assembled pipeline systems using building information modeling and 3D design systems to minimize material waste and improve efficiency[62] - The company's steel pipe products are manufactured through coil steel sheets and welded seams, with value-added processes including customized tube body processing and surface treatment[71] - The company's standard prefabricated pipeline joint products can be adjusted to different sizes and shapes to connect straight pipes or pipe sections in pipeline systems[62] Operational Efficiency and Management - The company achieved a production plan completion rate of 111.23% and a key project supply completion rate of 100% in 2023[11] - The company implemented cost reduction and efficiency improvement measures across procurement, energy consumption, inventory, and production outsourcing[13] - The company introduced platforms such as SRM, MES, and cloud inspection to support fine-grained management and data-driven operations[9] - The company completed the construction and commissioning of projects including welded pipe fittings, large-diameter 3PE anti-corrosion production lines, and the Keqi Yongqing factory within the same year of investment[12] - The company's senior management team includes individuals with extensive experience in production, sales, and financial management, contributing to the company's operational efficiency[49][51][58] - The company's leadership team has a strong educational background, with degrees from institutions such as Shandong University of Finance and Economics and Shanghai Jiao Tong University[52][53] - The company's board of directors includes members with significant experience in sales and marketing, particularly in the Chinese market[45] Sales and Market Performance - Domestic sales of spiral welded pipes reached a record high of nearly 120,000 tons, while overseas sales of new technologies and products reached approximately 88,000 tons[12] - The company's average selling price (ASP) is a key metric for financial performance[28] - Standard prefabricated pipeline joint products revenue decreased by 25.2% year-on-year to RMB 308.8 million, accounting for 14.1% of the company's total revenue[76] - Steel pipe products revenue accounted for 57.0% of the company's total revenue for the year ended December 31, 2023, with resistance welded steel pipes, spiral submerged arc welded steel pipes, and customized steel pipes generating revenues of RMB 372.7 million, RMB 605.0 million, and RMB 270.2 million respectively[71] - Spiral submerged arc welded steel pipes and customized steel pipes saw year-on-year revenue growth of 26.7% and 2.6% respectively, while resistance welded steel pipes decreased by 0.3% due to lower raw material prices[71] - Revenue from spiral submerged arc welded steel pipes increased by RMB 127.3 million or 26.7% to RMB 605.0 million, mainly due to higher sales volume[88] - Revenue from steel coil trading increased by RMB 48.8 million or 8.9% to RMB 600.5 million, driven by higher sales volume[96] - Domestic market revenue in China accounted for 66.3% of total revenue, increasing to RMB 1,451.7 million from RMB 1,303.6 million in the previous year[98] - Revenue from the U.S. market decreased to RMB 227.7 million, accounting for 10.4% of total revenue, down from 15.0% in the previous year[98] - Revenue from the design and supply of assembled pipeline systems increased by 21.5% year-on-year to RMB 33.2 million in 2023, accounting for 1.5% of total revenue[175] - The company delivered approximately 16,100 tons of standard prefabricated pipeline products and 243,500 tons of steel pipe products in 2023[172] - The company's clients primarily include natural gas and HVAC companies, water supply companies, infrastructure and construction firms, wholesalers, and distributors[184] Financial Metrics and Cash Flow - Distribution and sales expenses decreased by 25.3% or RMB 29.5 million to RMB 87.1 million, mainly due to reduced transportation and business expenses[100] - Financial costs increased by 26.4% or RMB 1.4 million to RMB 6.7 million, primarily due to an increase in discounted notes[111] - Net cash used in operating activities changed from an inflow of RMB 177.8 million in 2022 to an outflow of RMB 20.4 million in 2023, primarily due to an increase in trade receivables[119] - Net cash used in investing activities increased from RMB 74.6 million in 2022 to RMB 180.8 million in 2023, mainly due to an increase in bank acceptance guarantees[120] - Net cash from financing activities shifted from an outflow of RMB 136.1 million in 2022 to an inflow of RMB 214.5 million in 2023, driven by proceeds from discounted bills[124] - Trade receivables increased by 58.5% from RMB 340.1 million in 2022 to RMB 538.9 million in 2023, mainly due to increased sales of spiral submerged arc welded steel pipes[122] - Inventory increased by 12.2% from RMB 249.5 million in 2022 to RMB 280.0 million in 2023, driven by higher finished goods inventory due to sufficient orders[125] - Trade payables and bills payable surged from RMB 90.7 million in 2022 to RMB 415.2 million in 2023, primarily due to an increase in bills payable[132] - Contract liabilities increased from RMB 41.8 million in 2022 to RMB 60.8 million in 2023, related to the timing of product deliveries to customers[136] - Borrowings decreased from RMB 75.9 million in 2022 to RMB 38.4 million in 2023, mainly due to a reduction in bank loans[138] - The company's gearing ratio decreased from 8% in 2022 to 3.7% in 2023, primarily due to reduced bank loans[118] - Cash and cash equivalents increased from RMB 57.8 million at the beginning of 2023 to RMB 71.9 million at the end of 2023[117] - Administrative expenses increased by 10.0% or RMB 5.4 million, from RMB 53.8 million in 2022 to RMB 59.2 million in 2023, primarily due to increased management compensation[156] - R&D costs decreased by 11.0% or RMB 8.4 million, from RMB 76.4 million in 2022 to RMB 68.0 million in 2023, accounting for 3.1% of total revenue in 2023 (3.6% in 2022)[157] Strategic Focus and Future Outlook - The company achieved high-quality development and expansion in the past year, focusing on globalization, low-carbon initiatives, digitalization, and high-end strategies[41] - The company faced challenges such as shrinking foreign trade, increased market pressure, and fluctuating raw material prices, but managed to accelerate progress and improve production organization[41] - The company's strategic focus includes enhancing green and intelligent development, optimizing material supply, and closely aligning with market demands[41] - The company expects continued fiscal policy support in 2024, with a potential deficit rate of around 3.5% and new local government special bond issuance of approximately RMB 4 trillion, driving demand in infrastructure and related sectors[179] Corporate Governance and Leadership - The company appointed Zhou Zhiwei as CEO on August 1, 2023, who previously held leadership roles at Midea Group and Qingdao Double Star[56] - Liu Minghuai, the company's financial vice president, has over 20 years of experience in financial planning and management, previously working at China National Petroleum Corporation[53][58] - Zhang Ping, the overseas sales vice president, joined the company in 2016 and was promoted to oversee overseas sales and operations in 2019[51] - Tian Mingze, the production director for spiral submerged arc welded steel pipes, has over 25 years of experience in the pipeline and casting industry[49][50] - The company's senior management team includes individuals with extensive experience in production, sales, and financial management, contributing to the company's operational efficiency[49][51][58] Legal and Regulatory Compliance - The company's registered office is located in the Cayman Islands[33] - The company's headquarters and principal place of business in China is in Jinan, Shandong Province[33] - The company's headquarters and principal place of business in Hong Kong is in Kowloon, To Kwa Wan[33] - The company's legal advisor in Hong Kong is Stevenson Wong & Co.[33] - The company's shares are listed on the Main Board of the Hong Kong Stock Exchange[30] - The company's IPO prospectus was dated November 29, 2019[30] - No significant disputes or disagreements occurred between the company and its employees, customers, or suppliers during 2023[185] - No interim dividend was declared for the six months ended June 30, 2023 (2022: none)[186] - The total amount of products purchased from Meide Group under the 2022 Goods Procurement Framework Agreement was approximately RMB 15.9 million for the year ended December 31, 2023[198] - The annual cap for the ongoing connected transactions under the 2022 Goods Procurement Framework Agreement was RMB 43.04 million for the year ended December 31, 2023[198] - The 2022 Goods Procurement Framework Agreement, effective for three years, renewed and revised the 2019 Goods Procurement Framework Agreement, allowing the company to renew it subject to compliance with Listing Rules Chapter 14A and other applicable laws and regulations[198] Revenue Sources and Product Categories - The company's revenue comes from four main sources: standard prefabricated pipeline products, steel pipe products, assembled pipeline system design and supply, and sales of unused raw materials (mainly steel coils)[74] - The company's standard prefabricated pipeline joint products and steel pipe products are sold directly or indirectly to overseas markets, meeting international standards and customer requirements[62] - New orders for standard prefabricated pipeline products in 2023 were approximately 18,000 tons, with 99.3% from overseas customers, while new orders for steel pipe products were approximately 250,000 tons, with 66.8% from domestic customers[172]

Financial Performance - Total equity increased to RMB 1,050,960 thousand in 2023 from RMB 939,883 thousand in 2022, representing a growth of approximately 11.8%[3] - Revenue from external customers reached RMB 2,190,942 thousand in 2023, up from RMB 2,107,290 thousand in 2022, indicating a year-over-year increase of about 4.0%[21] - The pre-tax profit for 2023 was RMB 173,326,000, an increase from RMB 153,251,000 in 2022, reflecting a growth of approximately 13.5%[42] - The net profit for the same period was RMB 152,861,000, which is a 10.1% increase compared to RMB 138,790,000 in 2022[96] - Basic earnings per share for 2023 were RMB 153,731,000, compared to RMB 139,695,000 in 2022, showing an increase of about 10.1%[48] Revenue Breakdown - Sales of spiral submerged arc welded steel pipes rose significantly to RMB 604,972 thousand in 2023, compared to RMB 477,645 thousand in 2022, marking an increase of approximately 26.6%[14] - Revenue from standard prefabricated pipe fittings decreased to RMB 308,794 thousand in 2023 from RMB 412,845 thousand in 2022, reflecting a decline of about 25.2%[14] - Revenue from steel pipe products reached approximately RMB 1,245.9 million, which constitutes about 57.0% of total revenue for the fiscal year[132] - Revenue from standard prefabricated pipeline products for the year ended December 31, 2023, was approximately RMB 308.8 million, a decrease of about RMB 104.1 million or 25.2% compared to the previous year, primarily due to a decrease in product sales[139] - Revenue from assembled pipeline system design and supply increased to approximately RMB 33.2 million, up RMB 5.9 million or 21.5% from the previous year, mainly due to an increase in orders delivered to customers[140] Assets and Liabilities - The company reported a total of RMB 411,212 thousand in non-current assets as of December 31, 2023, down from RMB 422,535 thousand in 2022, a decrease of approximately 2.9%[21] - Total trade receivables, net of impairment losses, rose to RMB 538,907,000 in 2023 from RMB 340,064,000 in 2022, marking an increase of about 58.5%[48] - Trade payables and notes payable surged to RMB 415,233 thousand in 2023 from RMB 90,704 thousand in 2022, marking an increase of 358.5%[77] - The company's borrowings decreased from approximately RMB 75.9 million to approximately RMB 38.4 million, primarily due to reduced bank loans[181] Cash Flow and Financing - Cash and cash equivalents at the end of the year increased to RMB 71.9 million from RMB 57.8 million, with net cash generated from financing activities amounting to RMB 214.5 million[160] - The net cash used in operating activities decreased from approximately RMB 177.8 million for the year ended December 31, 2022, to an outflow of approximately RMB 20.4 million for the year ended December 31, 2023, primarily due to an increase in trade receivables[163] - The net cash from financing activities changed from an outflow of approximately RMB 136.1 million to an inflow of approximately RMB 214.5 million, primarily due to proceeds from discounted notes[165] Employee and Operational Costs - Total employee costs increased to RMB 56,163,000 in 2023 from RMB 43,483,000 in 2022, representing a rise of about 29.2%[27] - The total employee costs for the year ended December 31, 2023, were approximately RMB 118.9 million, an increase from RMB 106.1 million for the year ended December 31, 2022[190] - The total number of employees is 911, with 85 in management, 506 in production, and 127 in research and development[194][197] Government Support and Subsidies - The government granted a one-time unconditional subsidy of RMB 6,553,000 for the year ended December 31, 2023, compared to RMB 4,107,000 in 2022[25] - Other income increased by approximately 120.5% or RMB 5.3 million to RMB 9.7 million, primarily due to an increase in government subsidies and bank interest income[150] Compliance and Governance - The company has not early adopted any of the newly issued but not yet effective Hong Kong Financial Reporting Standards, indicating a stable approach to compliance[10] - The board has confirmed compliance with the corporate governance code throughout the reporting period[88] Future Outlook and Strategy - The company aims to enhance its market resources and technical R&D capabilities to navigate challenges posed by economic decoupling and geopolitical tensions[128] - Domestic sales will be strengthened with an emphasis on steady growth amidst challenges in the market[198] - The company plans to enhance overseas sales management and focus on new products and customers to drive growth[198] - Product development will be aligned with market demands to enhance brand image and platform capabilities[198]

Financial Performance - For the six months ended June 30, 2023, the company recorded revenue of approximately RMB 1,069.4 million, representing a year-on-year growth of 5.6%[40]. - The net profit for the same period was approximately RMB 71.8 million, reflecting a year-on-year increase of 2.7%[40]. - Total revenue for the six months ended June 30, 2023, was RMB 1,069,376 thousand, an increase of 5.2% compared to RMB 1,013,107 thousand in the same period of 2022[155]. - Gross profit for the same period was RMB 186,134 thousand, down 5.4% from RMB 196,655 thousand year-on-year[155]. - The company reported a net profit of RMB 71.8 million for the six months ended June 30, 2023, an increase of approximately 2.7% or RMB 1.9 million compared to RMB 69.9 million for the same period in 2022, mainly due to increased sales of spiral submerged arc welded pipes[98]. - Revenue from standard prefabricated pipeline products was approximately RMB 131.2 million, accounting for 12.3% of total revenue, a decrease of 45.9% year-on-year due to reduced sales volume[43]. - Revenue from steel coil for the six months ended June 30, 2023, was approximately RMB 278.0 million, an increase of about RMB 46.0 million or 19.8% compared to the same period in 2022, mainly due to an increase in sales volume[86]. - Revenue from resistance welded steel pipes decreased by 5.1% year-on-year to approximately RMB 176.7 million, primarily due to a decline in raw material prices and product prices[44]. - Revenue from spiral submerged arc welded steel pipes and customized steel pipes increased by 59.7% and 2.6% year-on-year, reaching approximately RMB 338.8 million and RMB 133.1 million, respectively, driven by increased sales volume[44]. - The domestic market contributed RMB 778.9 million or 72.8% of total revenue for the six months ended June 30, 2023, compared to RMB 629.1 million or 62.1% in the same period of 2022[87]. Cash Flow and Financial Position - The net cash inflow from operating activities decreased to approximately RMB 38.4 million for the six months ended June 30, 2023, down from RMB 66.8 million for the same period in 2022, primarily due to increases in trade receivables and inventory[74]. - The net cash outflow from investment activities decreased to approximately RMB 37.3 million for the six months ended June 30, 2023, from RMB 49.1 million for the same period in 2022, mainly due to reduced capital expenditures[75]. - The net cash inflow from financing activities was approximately RMB 44.5 million for the six months ended June 30, 2023, compared to a net outflow of RMB 39.1 million for the same period in 2022, primarily due to increased borrowings[76]. - Cash and cash equivalents increased to approximately RMB 105.4 million as of June 30, 2023, compared to RMB 67.4 million at the end of the previous period[72]. - The company's net asset value reached RMB 975,100,000 as of June 30, 2023, compared to RMB 939,883,000 at the end of 2022, reflecting an increase of 3.7%[184]. - The company's total comprehensive income for the period was RMB 75,028 thousand, compared to RMB 71,136 thousand in the same period last year, reflecting an increase of 5.3%[155]. - The company's total equity as of June 30, 2023, was RMB 975,100,000, compared to RMB 939,883,000 at the end of 2022, showing an increase of 3.7%[184]. Employee and Operational Metrics - Employee costs for the six months ended June 30, 2023, amounted to approximately RMB 53.5 million, a slight decrease from RMB 54.1 million for the same period in 2022[14]. - As of June 30, 2023, the company had a total of 1,154 employees, an increase from 1,067 employees as of June 30, 2022[14]. - The company aims to enhance its capabilities through digital tools, talent acquisition, and management improvements to achieve sustainable growth[23]. Investment and Capital Allocation - The net proceeds from the global offering amounted to approximately HKD 224.4 million (RMB 201.8 million), with a net amount of approximately HKD 183.6 million (RMB 166.4 million) after deducting listing expenses[15]. - The company plans to allocate 19.0% of the net proceeds (RMB 31,625 thousand) to enhance production capacity for resistance welded steel pipes[17]. - 22.3% of the net proceeds (RMB 37,118 thousand) will be used to upgrade a spiral submerged arc welded pipe production line[17]. - The company aims to expand overseas to increase production capacity, allocating 9.4% of the net proceeds (RMB 15,646 thousand) for this purpose[17]. - The remaining proceeds will be used for general working capital, accounting for 9.9% of the net proceeds (RMB 16,478 thousand)[17]. - The company has no significant investment or capital asset plans other than those disclosed in the prospectus as of June 30, 2023[13]. Governance and Management - The company appointed a new CEO, effective August 1, 2023, aiming to enhance management power balance[175]. - The company has complied with corporate governance codes and regulations as of the reporting date[174]. Dividends and Shareholder Returns - The company did not recommend any dividend payment for the six months ended June 30, 2023[26]. - The company confirmed a dividend distribution of RMB 39,811,000 during the reporting period[185].

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，並明確表示概不就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之任何損失承擔任何責任。 MAIKE TUBE INDUSTRY HOLDINGS LIMITED （ 邁 科 管 業 控 股 有 限 公 司 ） （於開曼群島註冊成立的有限公司） （股份代號：1553） 截至二零二三年六月三十日止六個月的 中期業績公告 邁科管業控股有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此宣佈本公司及其附屬 公司（統稱「本集團」）截至二零二三年六月三十日止六個月的未經審核中期業績連同二零 二二年同期的比較數字如下： ...

Revenue and Profitability - The total revenue for the year ended December 31, 2022, was approximately RMB 2,107.3 million, an increase of about RMB 331.3 million or 18.7% compared to the previous year[11]. - The revenue from electric resistance welded pipes was approximately RMB 374.0 million, a decrease of about RMB 27.4 million or 6.8% due to reduced sales volume and lower product prices[15]. - The revenue from spiral submerged arc welded pipes was approximately RMB 477.6 million, an increase of about RMB 115.4 million or 31.9% primarily due to increased sales volume[15]. - The revenue from steel coils was approximately RMB 551.7 million, an increase of about RMB 233.3 million or 73.3% due to higher sales volume[16]. - The gross profit increased to approximately RMB 390.9 million, an increase of about 18.7% or RMB 61.6 million from the previous year, mainly due to increased sales volume of spiral submerged arc welded pipes and higher average selling prices of standard prefabricated pipeline products[22]. - The company reported a revenue increase of 15% year-over-year, reaching $500 million for the fiscal year[30]. - The company recorded a revenue of approximately RMB 2,107.3 million for the year 2022, representing a year-on-year growth of about 18.7% compared to RMB 1,776.0 million in 2021[39]. - Net profit for the year was approximately RMB 138.8 million, a year-on-year increase of about 20.4% from RMB 115.3 million in 2021[39]. - Earnings per share attributable to ordinary shareholders was approximately RMB 0.322, up from RMB 0.267 in 2021[39]. Market Presence and Sales - New orders for standard prefabricated pipeline products amounted to approximately 21,700 tons, with about 99.3% coming from overseas customers[24]. - The company delivered approximately 21,100 tons of standard prefabricated pipeline products and about 199,600 tons of steel pipe products during the year[24]. - Domestic market revenue accounted for 61.9% of total revenue, while overseas markets contributed 38.1%[21]. - The company primarily sells its products to overseas markets, indicating a strong international presence[73]. - The company visited 255 overseas customers, resulting in 3,009 valuable sales leads and acquiring 355 new customers[40]. Strategic Initiatives and Future Outlook - The company provided a forward guidance of 10% revenue growth for the next fiscal year, projecting revenues of $550 million[30]. - The company is expanding its market presence in Southeast Asia, targeting a 20% market share by 2025[30]. - A strategic acquisition of a local competitor was completed, valued at $100 million, enhancing the company's product offerings[30]. - The company plans to implement a new marketing strategy aimed at increasing brand awareness by 40% in the next year[30]. - The company plans to fully implement a digital transformation strategy, emphasizing innovation-driven, green low-carbon, and intelligent manufacturing[42]. - The company has set a future outlook with a revenue guidance of 1.5 billion for the next fiscal year, indicating a projected growth of 25%[52]. - A strategic acquisition of a local competitor is in progress, which is anticipated to increase the company's production capacity by 40%[52]. Research and Development - Research and development expenses increased by 30%, totaling $30 million, focusing on innovative technologies[30]. - The company has invested 10 million in R&D for innovative manufacturing processes, aiming to reduce costs by 15%[52]. - R&D costs increased by approximately 13.8% or RMB 9.3 million to about RMB 76.4 million, accounting for approximately 3.6% of total revenue[88]. Financial Management - The debt-to-asset ratio decreased to approximately 8% as of December 31, 2022, down from 20.1% a year earlier, due to a reduction in bank loans[94]. - Operating cash inflow increased significantly to approximately RMB 177.8 million for the year ended December 31, 2022, compared to RMB 22.7 million for the previous year[98]. - The financial cost for the year ended December 31, 2022, was approximately RMB 5.3 million, slightly up from RMB 5.2 million in the previous year[91]. - The group's borrowings decreased from approximately RMB 166.4 million to approximately RMB 75.9 million as of December 31, 2022, primarily due to reduced bank loans[128]. Corporate Governance and Compliance - The company has maintained compliance with corporate governance standards and has a balanced board structure with independent non-executive directors[8]. - The company has obtained certifications including ISO9001, ISO14001, and OHSAS18001, ensuring quality control in its products[73]. - The board of directors has approved a new strategic initiative to enhance digital marketing efforts, aiming for a 50% increase in online sales[52]. - The company has appointed sufficient independent non-executive directors to meet the minimum requirements of the listing rules[181]. Employee and Operational Management - The group employed a total of 1,059 employees as of December 31, 2022, with 949 located in China (including Hong Kong), 54 in Vietnam, and 56 in Thailand[142]. - Employee costs for the year ended December 31, 2022, were approximately RMB 106.1 million, a slight decrease from RMB 107.4 million in the previous year[140]. - The management team has extensive experience in their respective fields, with key members having over 20 years of industry experience[62][66]. - The group plans to strengthen its capabilities through marketing strategies, product design optimization, operational management improvements, and enhanced customer service[146]. Challenges and Risk Management - The company faced challenges such as the COVID-19 pandemic and fluctuations in raw material prices during the reporting period[78]. - The impact of COVID-19 on market sales is expected to diminish following the full reopening in December 2022, with no significant future effects anticipated[147]. - The group has established a risk management policy to address various potential risks, including strategic, operational, financial, and legal risks[148]. Environmental and Social Responsibility - The group has been recognized as a national-level green factory, reflecting its commitment to environmental compliance and sustainability[149]. - The management team has emphasized a focus on sustainability, with plans to implement eco-friendly practices across all operations by 2025[52].

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，並明確表示概不就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之任何損失承擔任何責任。 MAIKE TUBE INDUSTRY HOLDINGS LIMITED （ 邁 科 管 業 控 股 有 限 公 司 ） （於開曼群島註冊成立的有限公司） （股份代號：1553） 截至二零二二年十二月三十一日止年度的業績公告 董事會僅此公佈本集團截至二零二二年十二月三十一日止年度的業績。 財務摘要 二零二二年 二零二一年 變動 人民幣千元 人民幣千元 收益 2,107,290 1,776,028 18.7% 毛利 390,918 329,325 18.7% 毛利率 18.6% 18.5% ...