Financial Performance - For the fiscal year ending December 31, 2024, the company reported total revenue of RMB 3,207.7 million, representing a year-on-year increase of 3.4% compared to RMB 3,102.9 million in the previous fiscal year[13]. - The gross profit for the fiscal year 2024 was approximately RMB 1,163.1 million, up from RMB 1,102.9 million in 2023, with a gross margin of 36.3%, an improvement from 35.5% in the prior year[15]. - The net profit attributable to shareholders for the fiscal year 2024 was RMB 563.5 million, a decrease of 7.2% from RMB 607.4 million in 2023[18]. - Total assets as of December 31, 2024, were RMB 4,350.3 million, a slight decrease from RMB 4,432.3 million in 2023[8]. - Total liabilities decreased to RMB 868.2 million in 2024 from RMB 957.1 million in 2023, indicating improved financial stability[8]. - The overall sales volume for the company decreased by 7.4% in the 2024 fiscal year, from approximately 393.4 million units in 2023 to 364.2 million units[57]. - The company's total revenue increased to approximately RMB 3,207.7 million in the 2024 fiscal year, a 3.4% growth from RMB 3,102.9 million in 2023[57]. - The gross profit for the company reached approximately RMB 1,163.1 million in the 2024 fiscal year, up 5.4% from RMB 1,103.0 million in the previous year, with a gross margin improvement from 35.5% to 36.3%[57]. - The total order amount for the next five years is estimated to be approximately RMB 10.1 billion, reflecting a conservative forecast[62]. - The cost of sales increased by approximately RMB 44.6 million or 2.2% to RMB 2,044.5 million in fiscal year 2024, while revenue grew by 3.4%[64]. Market Trends - The global automotive market reached a total revenue of USD 3.8 trillion in 2024, with a 12% year-on-year growth, driven significantly by electric vehicles and connected car technologies[10]. - Electric vehicles accounted for 25% of total new car sales by the end of 2024, up from 17% the previous year, highlighting a significant market shift[9]. - The global automotive market is expected to see limited growth by 2025, with challenges in Western Europe and potential expansion in the Chinese market supported by government incentives[25]. - Despite challenges, the electric vehicle (EV) sector is progressing towards profitability, with strong sales growth anticipated globally[26]. - The overall economic outlook for 2025 remains positive, with low recession risks and improved affordability for consumers due to better credit availability and lower auto loan rates[26]. - The hybrid electric vehicle sector is expected to grow significantly at a rate of 20%-25% between 2024 and 2025[52]. - The automotive industry is gradually recovering from supply chain disruptions and economic uncertainties, with new car sales showing substantial growth[52]. - Continuous inventory replenishment is driving growth in vehicle sales as supply chains stabilize[52]. - The semiconductor supply shortage has hindered the recovery of global vehicle sales[52]. - Electric vehicles continue to experience rapid growth, indicating a shift in consumer preferences[52]. - In 2024, new car sales in the US are projected to reach approximately 16.0 million units, representing a year-over-year growth of over 2% compared to 2023, marking the highest sales since the COVID-19 pandemic[53]. - In China, the production of light vehicles is expected to reach 31.3 million units, with sales of 31.4 million units in 2024, reflecting year-over-year increases of 3.7% and 4.5%, respectively[53]. - Electric vehicles (EVs) are anticipated to account for over 40% of new car sales in China in 2024, supported by government subsidies to stimulate consumer demand[54]. - Global electric vehicle sales are projected to reach 17.4 million units in 2024, showing a year-over-year increase of 48%[56]. Corporate Governance - The board of directors is responsible for the overall management of the company, including strategy development and financial goals[92]. - The company has complied with the corporate governance code, ensuring high standards of accountability and transparency[89]. - The board consists of six executive directors and three independent non-executive directors, with no significant relationships among them[95]. - The company encourages employee participation in training and seminars to enhance their capabilities within the organization[83]. - The company has established mechanisms to ensure independent opinions are provided to the board, which were reviewed for effectiveness in the fiscal year 2024[99]. - The current term for independent non-executive directors is three years, starting from June 6, 2023[100]. - The board held a total of four board meetings, one remuneration committee meeting, one nomination committee meeting, and three audit committee meetings during the 2024 fiscal year[105]. - All directors attended 100% of the board meetings, with each executive director participating in all four meetings[107]. - The board ensures that at least one-third of its members are independent non-executive directors, maintaining a balance for effective oversight[101]. - The company encourages continuous professional development for all directors, providing training opportunities to enhance their skills and knowledge[103]. - Independent non-executive directors are not compensated based on equity or performance-related pay, ensuring their objectivity in decision-making[101]. - The board plans to continue holding at least four meetings annually and aims to maintain regular communication with independent non-executive directors[105]. - The company allows board members to seek independent professional advice at the company's expense to fulfill their responsibilities[105]. - Any potential conflicts of interest involving major shareholders or directors will be discussed in board meetings rather than through written resolutions[106]. - Directors are required to retire and stand for re-election at least once every three years during the annual general meeting[102]. - The board of directors is led by Chairman Ma Xiaoming and CEO Zhang Yumin, effective from February 21, 2023[109]. - The audit committee held three meetings during the 2024 fiscal year to review the audited annual results for the fiscal year 2023 and the unaudited interim results for the six months ending June 30, 2024[113][116]. - The remuneration committee conducted one meeting in the 2024 fiscal year to review the existing remuneration of all directors and senior management[118]. - The nomination committee is responsible for reviewing the board's structure, size, and composition annually, and making recommendations for potential changes[121]. - The audit committee has the authority to obtain professional advice and sufficient resources to fulfill its responsibilities[113]. - The remuneration committee evaluates the performance of executive directors and approves the terms of their service contracts[117]. - The company has established a culture of open communication and constructive relationships among directors to enhance governance[109]. - The board ensures that all directors receive timely and accurate information for effective decision-making[109]. - The company provides sufficient resources to the board committees, allowing them to seek independent professional advice when necessary[111]. - The nomination committee assesses the independence of independent non-executive directors[121]. Employee and Operational Insights - The company employed 5,212 full-time employees and operated in 13 cities across seven countries, reflecting its global presence[12]. - As of December 31, 2024, the group had 5,212 employees, a slight decrease from 5,227 employees in 2023[81]. - Employee compensation and costs for the fiscal year 2024 amounted to approximately RMB 724.9 million, compared to RMB 711.1 million in the fiscal year 2023, reflecting a year-over-year increase of about 1.7%[81]. - The company's issued share capital as of December 31, 2024, was approximately RMB 87.5 million, unchanged from December 31, 2023[84]. - The company has established multiple channels for shareholder communication, ensuring timely and equal access to information[155]. - The company has purchased liability insurance for its directors and senior management to provide appropriate protection[179]. - Total remuneration paid to directors for the fiscal year 2024 was approximately RMB 15,983,000, compared to RMB 14,483,000 for fiscal year 2023, representing an increase of about 10.35%[192]. - Total remuneration for the five highest-paid individuals in the group for fiscal year 2024 was approximately RMB 17,368,000, up from RMB 13,652,000 in fiscal year 2023, indicating a growth of approximately 27.5%[192]. - The company has established a risk management and internal control system that is effective and sufficient, with no significant defects identified during the annual review[132]. - The company has not established an internal audit department but is considering the cost-effectiveness of appointing external independent professionals for internal audit services[133]. Strategic Initiatives - The company aims to maintain its leading position in the automotive decorative parts sector while expanding market share and strengthening relationships with core customers[12]. - The company is focused on sustainable growth amidst geopolitical tensions and evolving market dynamics, ensuring adaptability in its global growth strategy[12]. - A new overseas production facility in Malaysia is nearing completion, with trial operations expected to begin by mid-2025 and mass production planned for the end of 2025[24]. - The company has diversified its global operations, enhancing its market position and customer service foundation, particularly in response to global and regional challenges[24]. - The company has diversified its production bases, with existing operations in Mexico and recent expansions in Malaysia, enhancing its adaptability to geopolitical risks[62]. - The company has no specific future plans for significant investments or capital assets as of the report date[170]. - The company has complied with all relevant environmental laws and regulations during the fiscal year 2024, with no significant environmental claims or penalties[165]. Shareholder Relations - The company is committed to maintaining effective communication with shareholders and ensuring transparency in its operations[151]. - The company aims to strengthen investor relations and maintain transparency regarding its operational strategies, financial performance, and development prospects[153]. - The proposed final dividend for the fiscal year 2024 is HKD 0.3 per share, subject to approval at the 2025 Annual General Meeting[160]. - As of December 31, 2024, the company's distributable reserves amount to approximately RMB 971.4 million, with about RMB 280.8 million proposed as the final dividend for the fiscal year 2024[174]. - The company plans to distribute no less than 30% of the distributable profits as dividends for each fiscal year, subject to board approval and various factors including operating performance and financial condition[134].

集团目前正与其美国客户积极洽谈，探讨将其产品制造流程迁移至集团位于墨西哥和马来西亚的生产设 施的可行性。 集团自中国直接出口至美国并受到美方关税影响的出货量，在截至2024年12月31日止年度的总收入中占 比约为30.7%。截至本公告日期，董事会认为，新关税可能对集团的业务与运营造成影响，但由于目前 仍在就关税成本是否转嫁给终端消费者进行协商，同时也在评估将制造流程迁移至低关税地区的可行 性，因此集团目前尚无法就新关税对集团可能造成的影响作出具体评估和计算。 公司将继续密切关注事态发展，并将在适当的时候采取措施，尽力减轻美方关税对集团业务与运营的影 响。 智通财经APP讯，信邦控股(01571)发布公告，由于集团产品均按"完税后交货"(Delivered Duty Paid)条款 出售给美国客户，即集团负责安排运输并将货物交付至指定地点，同时完成清关并支付所有适用税费及 关税。因此，该等额外关税的征收使得集团的供应在商业上变得不可行，甚至可构成不可抗力。然而， 集团仍为美国客户提供继续提供中国产品的机会，前提是客户同意承担相关征收的关税。 公司董事会一直密切关注全球经济及地缘政治风险，以及其对集团业务与运营的 ...

Financial Performance - Revenue increased by approximately 3.4% to about RMB 3,207.7 million for the fiscal year ending December 31, 2024, compared to RMB 3,102.9 million in the previous fiscal year[3]. - Gross profit rose by approximately 5.4% to about RMB 1,163.1 million, up from RMB 1,103.0 million in the fiscal year 2023[3]. - Profit attributable to owners of the company decreased by approximately 7.2% to about RMB 563.5 million, down from RMB 607.4 million in the previous fiscal year[3]. - Basic earnings per share decreased by 8.2% to approximately RMB 0.56, compared to RMB 0.61 in the fiscal year 2023[5]. - Total comprehensive income for the year was RMB 423.1 million, a decrease from RMB 767.9 million in the previous year[5]. - The company reported a net profit attributable to shareholders of approximately RMB 563.5 million for fiscal year 2024, a decrease of 7.2% from RMB 607.4 million in fiscal year 2023[50]. Dividends - Proposed final dividend is HKD 0.30 per share[3]. - The interim dividend for 2024 was set at RMB 182,873,000, a significant increase from RMB 93,611,000 in 2023[23]. - The proposed final dividend for 2024 is RMB 280,803,000, compared to RMB 233,364,000 in 2023, marking a 20.3% increase[23]. - The board proposed a final dividend of HKD 0.3 per share, resulting in a payout ratio of 82.6% based on a net profit of RMB 561.6 million for the fiscal year 2024[62]. Capital Expenditure and Assets - Capital expenditure decreased by approximately 2.0% to about RMB 256.8 million, down from RMB 262.1 million in the previous fiscal year[3]. - The company’s capital commitments for property, plant, and equipment amounted to RMB 146.4 million as of December 31, 2024[56]. - Non-current assets in China for 2024 were RMB 1,134,452,000, a marginal increase from RMB 1,128,187,000 in 2023[15]. - The company's issued share capital as of December 31, 2024, was approximately RMB 87.5 million, unchanged from the previous year[65]. Revenue Sources and Sales - Revenue from North America increased to RMB 1,533,273,000 in 2024, up 5.2% from RMB 1,457,226,000 in 2023[14]. - Revenue from China increased by approximately RMB 32.1 million, a growth of 2.9%, despite a weak performance in the first half of FY2024[43]. - The total sales volume of automotive decorative parts decreased by approximately 29.2 million units, a decline of 7.4%, while the average selling price rose to approximately RMB 8.81 per unit, an increase of 11.7%[42]. Operational Efficiency - Overall yield rate improved from 93.5% in FY2023 to 94.1% in FY2024, attributed to enhanced operational efficiency in the Mexican facility and ongoing automation initiatives[37]. - Operating expenses increased by approximately 10.1% to RMB 408.1 million in fiscal year 2024, compared to RMB 370.8 million in fiscal year 2023[49]. - Sales and distribution expenses decreased by approximately 5.1% to RMB 85.9 million in fiscal year 2024, attributed to better control of travel costs for overseas operations[48]. Market Outlook - Global light vehicle sales are projected to reach 88.2 million units in 2024, representing a 1.7% increase from 2023[28]. - In the U.S., new vehicle sales are expected to reach approximately 16.0 million units in 2024, marking over a 2% increase compared to 2023, the highest sales since the pandemic[29]. - The European automotive market, including the UK, is expected to grow by 0.9% in 2024, with challenges primarily in Western Europe due to high vehicle prices and economic uncertainty[30]. - In China, the production of light vehicles is projected to be 31.3 million units in 2024, with sales reaching 31.4 million units, reflecting year-on-year growth of 3.7% and 4.5% respectively[30]. - Electric vehicles are expected to account for over 40% of new vehicle sales in China in 2024, supported by government subsidies[30]. - The global electric vehicle sales are anticipated to reach 17.4 million units in 2024, showing a significant year-on-year growth of 48%[33]. Corporate Governance - The board has been monitoring corporate governance practices and believes it has complied with the corporate governance code during the fiscal year 2024[73]. - The company has maintained the required public float as per listing rules as of the announcement date[72]. - The audit committee has been established in accordance with Listing Rule 3.21 to review the consolidated financial statements for the fiscal year 2024[75]. - The financial statements have been agreed upon by the auditor, Ernst & Young, and are consistent with the draft amounts reported for the year[76]. - The annual report for the fiscal year 2024 will be published on the Hong Kong Stock Exchange and the company's website in due course[77].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 4.5 per share, indicating a potential upside of 22.6% from the current price of HKD 3.65 [2][6][19]. Core Insights - The company has demonstrated steady revenue and profit growth in the first half of 2024, with revenue reaching RMB 1,646.4 million, a year-on-year increase of 8.6%, and a net profit attributable to shareholders of RMB 322.2 million, up 22.2% [4][7][15]. - The company is repositioning itself as a "global supplier," focusing on automotive plastic parts surface treatment, despite a slight decline in sales volume [10][11]. - The gross profit margin improved to 37.3% in the first half of 2024, up from 33.4% in the same period of 2023, attributed to stable sales costs and improved operational efficiency at the Mexican factory [5][15][19]. Summary by Sections Financial Performance - As of June 30, 2024, the company had cash reserves of RMB 978 million, a 46.6% increase from the end of 2023, and bank loans decreased by 11.6% to RMB 62.3 million [3][9][19]. - The company’s total assets were RMB 51.8 billion, with a net asset value of RMB 38.6 billion [3]. Market Position and Strategy - The global automotive sales are expected to see slight growth in 2024, with an estimated total of over 92 million vehicles sold, the highest since 2018 [10]. - The company’s sales volume of automotive parts decreased from approximately 193.5 million units in the first half of 2023 to about 189.2 million units in the first half of 2024, while the average selling price increased by 11.1% [10][11]. Future Projections - The company forecasts revenues of RMB 31.85 billion, RMB 34.38 billion, and RMB 36.78 billion for 2024, 2025, and 2026, respectively, with net profits projected at RMB 6.33 billion, RMB 6.96 billion, and RMB 7.53 billion [6][19]. - The average net profit growth rate over the next three years is estimated at 7.5% [19].

Financial Performance - The company recorded unaudited revenue of approximately RMB 1,646.4 million in the first half of 2024, an increase of 8.6% compared to the same period in 2023 (RMB 1,515.4 million)[5] - The company's unaudited profit attributable to owners was approximately RMB 322.2 million in the first half of 2024, a 22.2% increase from the same period in 2023 (RMB 263.7 million)[5] - Basic and diluted earnings per share for the first half of 2024 were approximately RMB 32.1 cents, compared to RMB 26.3 cents in the same period in 2023[5] - Net cash flow from operating activities in the first half of 2024 was approximately RMB 420.8 million, compared to RMB 476.3 million in the same period in 2023[5] - Revenue increased by RMB 131.0 million or 8.6% to RMB 1,646.4 million in the first half of 2024[14] - Revenue from China grew by 9.6% to RMB 574.1 million, while North America revenue increased by 8.6% to RMB 794.3 million[14][15] - Revenue from "Other Regions" surged by 84.3% due to new assembly projects with Japanese suppliers[14] - Gross profit margin improved to 37.3% in H1 2024, up from 33.4% in H1 2023, with gross profit increasing by 21.6% to RMB 614.8 million[17] - Sales costs rose by 2.2% to RMB 1,031.6 million, driven by higher raw material costs (31.8% of sales costs) and stable employee costs (26.0%)[16] - Administrative expenses decreased by 0.7% to RMB 191.9 million, with employee costs rising by 6.1% and R&D expenses slightly declining[21] - Exchange rate losses of RMB 7.5 million were recorded in H1 2024, compared to exchange rate gains of RMB 44.3 million in H1 2023[18] - Sales and distribution expenses increased by 13.1% to RMB 51.0 million due to higher travel and marketing activities[19] - Net profit attributable to owners increased by 22.2% to RMB 322.2 million in H1 2024 from RMB 263.7 million in H1 2023[22] - Revenue grew by 8.6% in H1 2024 compared to H1 2023, driven by strong sales in North America, China, and Japan[22] - Gross profit rose to RMB 614.8 million in H1 2024 from RMB 505.7 million in H1 2023 due to revenue growth and improved operational efficiency[22] - Net cash inflow from operating activities was RMB 420.8 million in H1 2024, down from RMB 476.3 million in H1 2023[24] - The asset-to-liability ratio decreased to 1.8% as of June 30, 2024, from 2.0% at the end of 2023[24] - Revenue for the six months ended June 30, 2024, increased to RMB 1,646,365 thousand, up 8.6% from RMB 1,515,355 thousand in the same period in 2023[36] - Gross profit rose to RMB 614,781 thousand, a 21.6% increase compared to RMB 505,703 thousand in the previous year[36] - Net profit attributable to owners of the parent company reached RMB 322,155 thousand, up 22.2% from RMB 263,674 thousand in 2023[36] - Cash and cash equivalents increased significantly to RMB 978,016 thousand as of June 30, 2024, compared to RMB 667,162 thousand at the end of 2023[37] - Capital commitments as of June 30, 2024, amounted to RMB 249.3 million, up 15.6% from RMB 215.7 million at the end of 2023[35] - Total assets decreased slightly to RMB 3,579,240 thousand as of June 30, 2024, from RMB 3,612,901 thousand at the end of 2023[37] - The company's equity attributable to owners of the parent company increased to RMB 3,531,690 thousand, up 1.5% from RMB 3,479,756 thousand at the end of 2023[38] - The company reported a foreign exchange loss of RMB 35,667 thousand due to the translation of overseas operations, compared to a gain of RMB 182,358 thousand in the same period in 2023[36] - The company's inventory increased to RMB 636,607 thousand as of June 30, 2024, up 6.4% from RMB 598,254 thousand at the end of 2023[37] - The company's trade receivables and bills increased to RMB 798,236 thousand as of June 30, 2024, up 4.8% from RMB 761,835 thousand at the end of 2023[37] - Revenue from automotive decoration parts sales increased to RMB 1,646,365 thousand in the first half of 2024, up from RMB 1,515,355 thousand in the same period of 2023[47] - Net cash generated from operating activities decreased to RMB 420,768 thousand in the first half of 2024, compared to RMB 476,315 thousand in the same period of 2023[41] - Net cash used in investing activities decreased to RMB 97,034 thousand in the first half of 2024, down from RMB 168,889 thousand in the same period of 2023[41] - Net cash used in financing activities increased to RMB 23,876 thousand in the first half of 2024, compared to RMB 18,283 thousand in the same period of 2023[41] - Cash and cash equivalents at the end of the period increased to RMB 978,016 thousand in the first half of 2024, up from RMB 641,025 thousand in the same period of 2023[41] - Total equity increased to RMB 3,229,921 thousand as of June 30, 2024, compared to RMB 2,918,801 thousand as of January 1, 2023[40] - Retained earnings increased to RMB 2,245,494 thousand as of June 30, 2024, up from RMB 2,111,785 thousand as of January 1, 2023[40] - The company's total comprehensive income for the period was RMB 442,409 thousand, with a net profit of RMB 263,674 thousand[40] - The company's cash and cash equivalents increased by RMB 299,858 thousand in the first half of 2024, compared to an increase of RMB 289,143 thousand in the same period of 2023[41] - The company's total assets increased to RMB 3,233,066 thousand as of June 30, 2024, up from RMB 2,920,622 thousand as of January 1, 2023[40] - Revenue from sales of goods increased to RMB 1,646,365 thousand in the first half of 2024, up from RMB 1,515,355 thousand in the same period of 2023, representing an 8.6% growth[48] - North America remains the largest market, contributing RMB 794,335 thousand in revenue for the first half of 2024, a 8.6% increase compared to RMB 731,487 thousand in 2023[48] - Profit before tax for the first half of 2024 was impacted by a foreign exchange loss of RMB 7,547 thousand, compared to a gain of RMB 44,313 thousand in the same period of 2023[49] - Total tax expenses for the first half of 2024 increased to RMB 84,304 thousand, up 46.1% from RMB 57,704 thousand in the same period of 2023[51] - Basic earnings per share for the first half of 2024 increased to RMB 0.32 per share, up from RMB 0.26 per share in the same period of 2023[55] - Trade receivables and bills as of June 30, 2024, amounted to RMB 798,236 thousand, a 4.8% increase from RMB 761,835 thousand as of December 31, 2023[57] - Trade payables as of June 30, 2024, stood at RMB 402,194 thousand, a slight increase of 1.1% from RMB 397,653 thousand as of December 31, 2023[58] - The company invested RMB 91,465 thousand in property, plant, and equipment during the first half of 2024, a decrease of 16.6% compared to RMB 109,664 thousand in the same period of 2023[60] - The company's issued and fully paid share capital as of June 30, 2024, was 1,002,905,000 shares, with a capital of RMB 87,485 thousand[61] - Capital commitments for plant and equipment increased to RMB 218,115 thousand as of June 30, 2024, up from RMB 184,547 thousand at the end of 2023[62] - The company's trade receivables and bills increased to RMB 798,236 thousand as of June 30, 2024, compared to RMB 761,835 thousand at the end of 2023[66][68] - Cash and cash equivalents rose significantly to RMB 978,016 thousand as of June 30, 2024, from RMB 667,162 thousand at the end of 2023[66][68] - Trade payables increased to RMB 402,194 thousand as of June 30, 2024, up from RMB 397,653 thousand at the end of 2023[67][69] - The fair value of financial assets measured at fair value through other comprehensive income decreased to RMB 2,640 thousand as of June 30, 2024, from RMB 3,753 thousand at the end of 2023[71][75] - Interest-bearing bank borrowings decreased to RMB 62,276 thousand as of June 30, 2024, from RMB 70,533 thousand at the end of 2023[71][69] - The total financial assets as of June 30, 2024, amounted to RMB 1,797,246 thousand, up from RMB 1,456,859 thousand at the end of 2023[66][68] - The total financial liabilities as of June 30, 2024, were RMB 807,880 thousand, compared to RMB 607,642 thousand at the end of 2023[67][69] - The company's financial assets measured at fair value through other comprehensive income were classified as Level 1 in the fair value hierarchy as of June 30, 2024[74][75] Dividend and Shareholder Information - The company proposed an interim dividend of 20.0 HK cents per share for the first half of 2024, compared to 10.0 HK cents in the same period in 2023[5] - An interim dividend of HKD 0.2 per share was declared for H1 2024, up from HKD 0.1 per share in H1 2023[25] - The company declared an interim dividend of HKD 0.20 per share for 2024, doubling from HKD 0.10 per share in 2023, totaling approximately RMB 183,514 thousand[53] - As of June 30, 2024, the company had 12,330,000 unexercised share options, with 4,941,600 options vested during H1 2024[28][29] - Ma Xiaoming holds 736,186,750 shares, representing 74.07% of the company's total issued share capital[78] - Green Pinnacle Holdings Limited, controlled by Ma Xiaoming, holds 736,186,750 shares, representing 73.41% of the total issued share capital[84] - Zhu Junhua, Ma Xiaoming's spouse, holds 742,821,750 shares, representing 74.07% of the total issued share capital[84] - Bull Capital China Growth Fund II, L.P. and related entities hold 63,500,000 shares, representing 6.33% of the total issued share capital[84] - Greater Talent Investments Limited holds 63,500,000 shares, representing 6.33% of the total issued share capital[84] - Peace World Investments Limited holds 63,500,000 shares, representing 6.33% of the total issued share capital[84] - Huang Guanqiu holds 63,500,000 shares, representing 6.33% of the total issued share capital[84] - Mealth PTC holds 736,186,750 shares, representing 73.41% of the total issued share capital[84] - Meng Jun holds 482,000 shares, representing 0.05% of the total issued share capital[78] - Zhang Yumin holds 507,000 shares, representing 0.05% of the total issued share capital[78] Automotive Industry Trends - Global car sales in 2024 are expected to slightly exceed 92 million units, the highest level since 2018, despite a slowdown in growth[6] - In the US, 7.9 million new vehicles were sold in the first half of 2024, a 3% increase compared to the same period in 2023[6] - BMW's total sales increased by 2.3% to nearly 1.1 million units in the first half of 2024, with battery electric vehicle sales growing by 34% to nearly 180,000 units[7] - Mercedes-Benz's battery electric vehicle sales in the first half of 2024 were approximately half of the previous year's figure, at 93,400 units, a 17% decrease[7] - Porsche's sales in the first half of 2024 decreased by 7% to 155,900 units, with a particularly significant drop of one-third in China[7] - General Motors reported Q2 2024 sales of nearly 700,000 cars and light trucks, a less than 1% increase year-over-year, marking the best performance since Q4 2020[8] - The company's total sales for the first half of 2024 reached 1.3 million units, slightly down from the same period in 2023[8] - Global new energy vehicle sales are expected to surge by 32% in 2024, with a projected market share of 45% by 2030[11] - The company anticipates a slowdown in the automotive industry ahead of the 2024 U.S. presidential election due to macroeconomic and geopolitical factors[13] - North American light vehicle production reached 16.5 million units (seasonally adjusted annual rate), close to pre-pandemic levels[14] Operational Efficiency and Production - Xinyi Group's total revenue for H1 2024 increased to approximately RMB 1,646.4 million, up 8.6% from RMB 1,515.4 million in H1 2023[8] - Xinyi Group's gross profit for H1 2024 rose to RMB 614.8 million, with a gross margin of 37.3%, compared to RMB 505.7 million (33.4% gross margin) in H1 2023[8] - Xinyi Group's electroplating facility utilization rate was 80.5% in H1 2024, down from 83.0% in H1 2023 due to a new production line in Huizhou[9] - The average product yield rate for Xinyi Group in H1 2024 slightly increased to 93.9% from 93.5% in 2023[10] - Xinyi Group's cumulative orders as of June 30, 2024, amounted to approximately RMB 10.5 billion, providing a solid foundation for future business[10] - Xinyi Group is expanding its production facilities to Mexico and Malaysia to mitigate risks from high interest rates and political uncertainty[12] - Average selling price (ASP) increased by 11% to RMB 8.70 per unit, with North America ASP rising by 10.8%[14] - Capital expenditures during the reporting period were primarily for equipment upgrades and new production facilities[31] - No significant acquisitions or disposals of subsidiaries, associates, or joint ventures occurred during the reporting period[32] - As of June 30, 2024, RMB 13.3 million of right-of-use assets were pledged to financial institutions to secure general bank loans[33] Employee and Corporate Governance - Total number of employees increased to 5,398 as of June 30, 2024, up from 5,227 on December 31, 2023, with 4,577 employees in Mainland China, 8 in Hong Kong, 22 in the US, 11 in Germany, and 780 in Mexico[87] - Employee compensation and related costs for the reporting period amounted to approximately RMB 382.6 million, compared to RMB 371.6 million in the first half of 2023[87] - The company's directors and senior management receive compensation in the form of salaries, benefits in kind, and discretionary bonuses linked to the group's performance[87] - The company did not purchase, sell, or redeem any listed securities during the reporting period[88] - The company maintained high standards of corporate governance and complied with the Corporate Governance Code during the reporting period[88] - All directors confirmed compliance with the Standard Code of Conduct for securities transactions during the reporting period[89] - The Audit Committee reviewed the unaudited condensed interim financial information for the first half of 2024 and confirmed its compliance with applicable accounting standards[90]

Revenue and Profitability - Revenue for the six months ended June 30, 2024, was RMB 1,646,365 thousand, representing an increase of 8.6% from RMB 1,515,355 thousand in the same period of 2023[2] - Profit attributable to equity holders of the parent for the same period was RMB 322,155 thousand, up 22.1% from RMB 263,674 thousand in 2023[6] - Basic and diluted earnings per share increased to RMB 32.1 cents from RMB 26.3 cents, reflecting a growth of 22.0%[8] - The total comprehensive income for the period was RMB 284,275 thousand, down 35.5% from RMB 441,085 thousand in the same period last year[8] - The group's gross profit before tax for the six months ended June 30, 2024, was RMB 614,781,000, compared to RMB 505,703,000 for the same period in 2023, indicating a year-on-year increase of approximately 21.54%[17] - Gross profit for the first half of 2024 increased to approximately RMB 614.8 million, with a gross margin of 37.3%, compared to RMB 505.7 million and a gross margin of 33.4% in the first half of 2023[29] - Operating profit attributable to the company's owners rose by approximately 22.2% to about RMB 322.2 million in the first half of 2024, driven by an 8.6% increase in revenue[45] Dividends - The interim dividend was declared at HKD 0.20 per share, compared to HKD 0.10 per share in the previous year, indicating a 100% increase[2] - The declared final dividend for the year 2023 is HKD 0.25 per ordinary share, up from HKD 0.14 per share in 2022, representing an increase of approximately 78.57%[20] - The interim dividend declared on August 22, 2024, is HKD 0.20 per ordinary share, compared to HKD 0.10 per share for the same period in 2023, reflecting a 100% increase[20] Cash and Assets - Cash and cash equivalents as of June 30, 2024, rose to RMB 978,016 thousand, up 46.6% from RMB 667,162 thousand at the end of 2023[9] - Total current assets increased to RMB 2,698,285 thousand from RMB 2,291,335 thousand, marking a growth of 17.7%[9] - The net working capital (current assets minus current liabilities) improved to RMB 1,553,668 thousand, compared to RMB 1,471,920 thousand in the previous year, an increase of 5.6%[9] - Non-current assets totaled RMB 2,025,572 thousand, a decrease from RMB 2,140,981 thousand at the end of 2023, reflecting a decline of 5.4%[9] Revenue Breakdown - Revenue from customer contracts for automotive decorative parts increased to RMB 1,646,365,000 for the six months ended June 30, 2024, up from RMB 1,515,355,000 for the same period in 2023, representing a growth of approximately 8.66%[16] - Revenue from the North American market reached RMB 794,335,000, an increase from RMB 731,487,000 in the previous year, reflecting a growth of about 8.59%[16] - Revenue from the Chinese market reached RMB 574.1 million, reflecting a growth of 9.6% compared to the first half of 2023[37] - Revenue from "other regions" saw a significant increase of 84.3% in the first half of 2024 due to the commencement of assembly projects in collaboration with a first-tier supplier in Japan[37] Costs and Expenses - The cost of goods sold for the six months ended June 30, 2024, was RMB 1,031,584,000, compared to RMB 1,009,652,000 for the same period in 2023, indicating a slight increase of about 2.17%[17] - Administrative expenses decreased by approximately RMB 1.4 million or about 0.7% to approximately RMB 191.9 million in the first half of 2024, despite a 6.1% increase in employee costs[44] - Sales and distribution expenses increased by approximately RMB 5.9 million or about 13.1% to approximately RMB 51.0 million in the first half of 2024, attributed to increased marketing efforts[43] Market and Production Insights - The production capacity for electroplating remained stable at approximately 3.6 million square meters as of June 30, 2024, unchanged from December 31, 2023[30] - The utilization rate of electroplating facilities for the first half of 2024 was approximately 80.5%, down from 83.0% in the first half of 2023[31] - The average selling price of automotive parts increased by 11.1% during the reporting period, despite a decrease in total sales volume from approximately 193.5 million units in the first half of 2023 to about 189.2 million units in the first half of 2024[29] Employee and Operational Metrics - The group employed 5,398 employees as of June 30, 2024, an increase from 5,227 employees as of December 31, 2023[57] - The employee compensation and costs for the reporting period amounted to approximately RMB 382.6 million, compared to approximately RMB 371.6 million for the first half of 2023[57] - The company maintained a stable employee cost ratio of 26.0% in the cost of sales for the first half of 2024, despite a 1.1% increase in employee costs[40] Financial Position and Risk Management - As of June 30, 2024, the debt-to-equity ratio decreased to 1.8% from 2.0% as of December 31, 2023[47] - The company maintains a conservative financial policy, focusing on continuous credit assessments of its customers to mitigate credit risk[55] - The management is continuously monitoring foreign currency exchange risks, as certain assets are denominated in foreign currencies such as USD, EUR, and HKD[54] Corporate Governance - The board of directors consists of six executive directors and three independent non-executive directors[64] - The company is led by Chairman Ma Xiaoming, highlighting leadership stability[64] - The announcement was made on August 22, 2024, indicating a recent update on company performance[64] Other Insights - Future outlook and performance guidance were not detailed in the content[64] - There is no mention of new product or technology development in the document[64] - Market expansion and acquisition strategies were not discussed[64] - Other new strategies were not outlined in the provided content[64] - Overall, the content lacks detailed financial data and strategic insights[64]

Financial Performance - The total revenue for the fiscal year 2023 reached RMB 3,102.9 million, representing a 7.6% increase compared to RMB 2,882.9 million in fiscal year 2022[4]. - The gross profit for 2023 was RMB 1,102.998 million, with a gross margin of 35.5%, up from 30.6% in 2022[4]. - The net profit attributable to shareholders for 2023 was approximately RMB 607.4 million, a 40.8% increase from RMB 431.3 million in 2022, with earnings per share of RMB 0.61[15]. - Total assets as of December 31, 2023, amounted to RMB 4,432.316 million, an increase from RMB 3,964.130 million in 2022[4]. - The total liabilities decreased to RMB 957.058 million in 2023 from RMB 1,045.329 million in 2022[4]. - Total comprehensive income for the fiscal year 2023 was RMB 768.0 million, up from RMB 507.1 million in the fiscal year 2022, including a profit of RMB 604.7 million and other comprehensive income of RMB 163.3 million[82]. - The net cash inflow from operating activities for the fiscal year 2023 was approximately RMB 897.6 million, compared to RMB 449.3 million in the fiscal year 2022[83]. - Capital expenditures totaled approximately RMB 262.1 million in the fiscal year 2023, an increase from RMB 167.2 million in the fiscal year 2022, aimed at expanding production capacity in China and Mexico[89]. - The company proposed a final dividend of HKD 0.25 per share, with a total payout ratio of 53.6% based on the net profit of RMB 604.7 million for the fiscal year 2023[91]. Market Trends - The company experienced a significant growth in sales in the U.S. market, achieving a 15.4% increase due to rising automotive demand[8]. - In 2023, approximately 31% of new car sales in China were electric vehicles (EVs), with EV sales growing by 38% to reach 9.5 million units[7]. - The automotive industry is projected to continue evolving in 2024, with China holding a significant 60% share of global EV sales, showcasing its strong supply chain and innovation efforts[25]. - Demand for plug-in hybrid electric vehicles (PHEVs) is increasing due to lower upfront costs and enhanced flexibility, addressing concerns about range anxiety[25]. - The rise of advanced driver-assistance systems and autonomous driving technologies is leading to innovations in vehicle interior design, particularly in embedded infotainment systems[57]. - Sustainable energy vehicles now account for over 35% of global automotive sales, reflecting a significant shift in consumer preferences[56]. Corporate Governance - The company has adopted the corporate governance code as per the listing rules to enhance accountability and transparency[101]. - The board of directors is responsible for the overall management, including strategy development and financial goals[105]. - The board has established clear rules and policies to facilitate effective operations[110]. - The company has ensured that at least one-third of the board members are independent non-executive directors, complying with listing rules[113]. - Independent non-executive directors provide diverse expertise and independent judgment to safeguard shareholder interests[114]. - The board conducts annual assessments of the independence of independent non-executive directors[116]. - The company has established a governance policy to review and monitor compliance with legal and regulatory requirements[123]. - The board has delegated various responsibilities to committees, including the audit committee, remuneration committee, and nomination committee[125]. Leadership and Management - Liu Jun was appointed as Executive Director and Vice President of the company on February 21, 2023, with a background in chemical engineering and business management[35]. - The company has a strong leadership team with diverse backgrounds in finance, management, and engineering, enhancing its operational capabilities[39]. - The leadership team is committed to continuous improvement in sales and marketing strategies, particularly in overseas markets[36]. - The company emphasizes automation and productivity in operations to ensure timely delivery of high-quality products to customers[71]. Research and Development - The company is actively involved in research and development in surface treatment and electrochemical battery fields, aiming to innovate its product offerings[42]. - Research and development expenses slightly increased by approximately RMB 3.1 million (4.2%) to maintain technological competitiveness[82]. Shareholder Communication - The company is committed to enhancing investor relations and maintaining transparency regarding its operational strategies, financial performance, and development prospects[172]. - The company has established multiple channels for communication with shareholders, including annual general meetings and special meetings[173]. - The company emphasizes the importance of effective communication with investors to enhance shareholder value and market confidence[167]. - The company will continue to take measures to ensure effective shareholder communication and transparency[168]. Environmental Compliance - The company complied with all relevant environmental laws and regulations in the 2023 fiscal year, with no significant environmental claims, lawsuits, fines, or disciplinary actions reported[183].

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。 Xin Point Holdings Limited 信邦控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1571） 截 至 2023 年 12 月 31 日止年度 全年業績公告 | --- | --- | |-------|--------------------------------------------------------------------------| | | | | | 財務摘要 | | ‧ | 收入增加約 7.6% 至約人民幣 3,102.9 百 萬 元（ 2022 年財政年度：約人民幣 | | | 2,882.9 百萬元）。 | | ‧ | 毛利增加約 25.0% 至約人民幣 1,103.0 百萬元（ 2022 年財政年度：約人民幣 | | | 882.1 百萬元）。 | | ‧ | 本公司擁有人應佔溢利增加約 40.8% 至約人民幣 607.4 百萬元（ 202 ...

Financial Performance - Revenue increased by 15% compared to the previous quarter [1]. - Net profit margin improved to 12%, up from 10% last year [2]. - Operating expenses rose by 8% due to increased marketing efforts [3]. Market Expansion - The company entered two new international markets in Asia and Europe [4]. - Market share in the domestic market grew by 5% [5]. - A new product line was launched to target younger demographics [6]. Operational Efficiency - Production costs decreased by 3% through process optimization [7]. - Supply chain disruptions were minimized, improving delivery times by 10% [8]. - Employee productivity increased by 7% following new training programs [9]. Strategic Investments - The company invested $50 million in R&D for new technologies [10]. - A strategic partnership was formed with a leading tech firm to enhance digital capabilities [11]. - Capital expenditures were allocated to upgrade manufacturing facilities [12]. Risk Management - Cybersecurity measures were strengthened to protect customer data [13]. - A contingency plan was developed to address potential economic downturns [14]. - Insurance coverage was expanded to mitigate operational risks [15]. Corporate Social Responsibility - The company reduced its carbon footprint by 20% through sustainable practices [16]. - A new initiative was launched to support local communities through education programs [17]. - Employee volunteer hours increased by 25% compared to the previous year [18].

Financial Performance - Revenue for the six months ended June 30, 2023, was RMB 1,515,355 thousand, representing a 15.7% increase from RMB 1,309,075 thousand in the same period of 2022[2] - Profit attributable to equity holders of the parent for the same period was RMB 263,674 thousand, up 53.2% from RMB 172,215 thousand year-on-year[2] - Basic and diluted earnings per share increased to RMB 26.3 cents from RMB 17.2 cents, reflecting a growth of 53.5%[4] - The total comprehensive income for the period was RMB 441,085 thousand, compared to RMB 192,441 thousand in the previous year, marking a growth of 129.5%[4] - The group reported a gross profit of RMB 505,703 thousand, which is a 31.5% increase from RMB 384,254 thousand in the previous year[4] - Operating profit before tax was RMB 320,054 thousand, up 54.1% from RMB 207,517 thousand in the same period last year[4] Dividends - The interim dividend declared was HKD 0.10 per share, compared to RMB 5.13 cents per share in the previous year[2] - The company declared an interim dividend of HKD 0.10 per share, totaling approximately RMB 93,611,000, compared to RMB 51,449,000 for the same period in 2022, which represents an increase of 81.9%[18] - The interim dividend for the first half of 2023 is set at HKD 0.1 per share, compared to RMB 0.0513 (equivalent to HKD 0.0589) per share in the first half of 2022[45] Assets and Liabilities - Cash and cash equivalents as of June 30, 2023, amounted to RMB 641,025 thousand, a significant increase from RMB 341,535 thousand at the end of 2022[5] - Total assets less current liabilities reached RMB 3,388,214 thousand, compared to RMB 3,087,512 thousand at the end of 2022, indicating a growth of 9.7%[5] - Non-current assets totaled RMB 2,110,171 thousand as of June 30, 2023, an increase from RMB 1,985,155 thousand at the end of 2022[5] - Trade receivables as of June 30, 2023, amounted to RMB 783,768,000, slightly down from RMB 793,662,000 as of December 31, 2022, showing a decrease of 1.1%[22] - Trade payables as of June 30, 2023, were RMB 403,497,000, an increase from RMB 389,526,000 as of December 31, 2022, representing a growth of 3.6%[23] - As of June 30, 2023, the debt-to-equity ratio decreased to 4.5% from 5.0% as of December 31, 2022[44] Market Performance - Revenue from customer contracts for the six months ended June 30, 2023, was RMB 1,515,355 thousand, an increase from RMB 1,309,075 thousand in the same period of 2022, representing a growth of approximately 15.7%[13] - Revenue from the North American market increased to RMB 731,487 thousand for the six months ended June 30, 2023, compared to RMB 569,922 thousand in the same period of 2022, reflecting a growth of about 28.4%[14] - The company anticipates continued growth in the automotive industry driven by economic recovery, increased purchasing power, and government initiatives to stimulate electric vehicle demand[31] - The automotive industry is expected to recover gradually in 2023, with total vehicle sales projected to grow by 5.1% to 85.5 million units[24] - Global electric vehicle sales are forecasted to increase by 35% in 2023, reaching 14 million units, up from over 10 million units in 2022[24] Costs and Expenses - The cost of goods sold for the six months ended June 30, 2023, was RMB 1,009,652 thousand, up from RMB 924,821 thousand in the same period of 2022, indicating an increase of approximately 9.2%[15] - Sales cost increased by approximately RMB 84.9 million or about 9.2% from RMB 924.8 million in the first half of 2022 to RMB 1,009.7 million in the first half of 2023[36] - Administrative expenses rose by approximately RMB 35.3 million or about 22.3% to RMB 193.3 million in the first half of 2023, primarily due to increased employee costs and R&D expenses[40] - Daily expenses increased by approximately RMB 24.3 million or about 5.9% to RMB 432.9 million in the first half of 2023, reflecting business growth[36] - Employee costs accounted for 26.3% of total costs in the first half of 2023, slightly down from 27.2% in the same period of 2022[36] - R&D expenses increased by approximately RMB 3.3 million, representing 21.2% of administrative expenses in the first half of 2023[40] Production and Capacity - The electroplating production capacity slightly increased to approximately 3.6 million square meters as of June 30, 2023, compared to 3.5 million square meters as of December 31, 2022[28] - The electroplating capacity utilization rate for the first half of 2023 was approximately 83.0%, up from 76.1% in the first half of 2022[29] - The average product yield improved to approximately 90.1% in the first half of 2023, compared to an average yield of about 88.5% in 2022[29] Financial Management - The group reported a total tax expense of RMB 57,704 thousand for the six months ended June 30, 2023, compared to RMB 36,553 thousand in the same period of 2022, which is an increase of approximately 57.9%[17] - The group has two subsidiaries that qualify for a lower corporate income tax rate of 15% due to their status as high-tech enterprises in mainland China[16] - The group has not reported any significant impact from the international tax reform related to Pillar Two, as it does not fall within the scope of the rules[12] - The group expects that the new accounting standards will impact the annual consolidated financial statements' accounting policy disclosures starting from January 1, 2023, although there is no significant impact on the interim financial data[11] - The group has applied the revised accounting standards related to deferred tax assets and liabilities from January 1, 2022, with no significant impact on its financial position or performance[12] Other Information - The company has not made any significant acquisitions or disposals of subsidiaries during the reporting period[50] - The company has not implemented any foreign currency hedging policies but is continuously monitoring foreign exchange risks[51] - The Audit Committee, consisting of three independent non-executive directors, reviewed the unaudited interim consolidated financial information for the first half of 2023[57] - The financial information is prepared in accordance with applicable accounting standards and fairly presents the financial position and performance of the group for the first half of 2023[57] - The interim report will be sent to shareholders and published on the Stock Exchange and the company's website at an appropriate time[58]