Financial Performance - For the fiscal year ending December 31, 2024, the company reported operating revenue of approximately RMB 2,132.4 million, an increase of about RMB 130.0 million or approximately 6.5% compared to RMB 2,002.4 million in 2023[13]. - The company's gross profit for the year was approximately RMB 324.1 million, a decrease of about 5.1% from RMB 341.4 million in the previous year, with a gross margin of approximately 15.2%, down from 17.1%[13]. - The net loss for the year was RMB 19,374 thousand, compared to a profit of RMB 22,414 thousand in 2023, indicating a significant turnaround in performance[157]. - Total revenue for the year ended December 31, 2024, was RMB 2,132,395 thousand, representing an increase of 6.5% compared to RMB 2,002,406 thousand in 2023[157]. - Gross profit decreased to RMB 324,104 thousand in 2024 from RMB 341,418 thousand in 2023, reflecting a decline of 5.1%[157]. - Operating cash flow before changes in working capital decreased to RMB 126,313 thousand in 2024 from RMB 174,151 thousand in 2023, a decline of approximately 27.5%[165]. - Net cash generated from operating activities fell to RMB 28,200 thousand in 2024 compared to RMB 167,590 thousand in 2023, representing a decrease of about 83.2%[165]. - The company reported a loss before tax of RMB 19,096 thousand in 2024, compared to a profit of RMB 36,855 thousand in 2023[165]. Revenue Breakdown - Revenue from the sale of corrugated packaging products was approximately RMB 1,918.4 million, up about 5.8% from approximately RMB 1,812.7 million in 2023, accounting for about 90.0% of total revenue[15]. - Revenue from the sale of corrugated board was approximately RMB 214.0 million, an increase of about 12.8% from approximately RMB 189.7 million in 2023, accounting for about 10.0% of total revenue[16]. Operational Developments - The company achieved a record high in sales volume, driven by significant success in acquiring new customers, despite a decline in product selling prices due to market oversupply[6]. - The company has 15 production facilities with a total capacity of approximately 977 million square meters as of December 31, 2024[6]. - The company opened its first production facility in Hubei in 2024 and a new facility in Huzhou, Zhejiang, which began trial operations in the second half of 2024[12]. - The company plans to build seven new production plants over the next three years to expand market coverage in central and western China[33]. Cost Management - The company is committed to strict cost control measures to improve profitability amidst declining product prices and initial losses from new facilities[12]. - Operating expenses increased by approximately 13.2% to about RMB 144.6 million from approximately RMB 127.8 million in 2023, primarily due to increased sales volume[19]. - Administrative expenses were approximately RMB 167.0 million, an increase of about 8.3% from approximately RMB 154.2 million in 2023, mainly due to new factories and internet platform initiatives[20]. Shareholder Returns - The company plans to distribute a special dividend of HKD 0.08 per share to shareholders listed on the register as of July 7, 2025, in recognition of their support[6]. - The board of directors is focused on improving shareholder returns, with a commitment to increasing dividends by 10% in the next fiscal year[10]. - The company reported a special dividend of HKD 0.08 per share, to be paid on July 18, 2025, for shareholders listed on July 7, 2025[48]. Corporate Governance - The company is committed to maintaining high standards of corporate governance to protect shareholder interests[95]. - The board consists of 2 executive directors and 4 independent non-executive directors, ensuring a diverse range of business experience and knowledge[104]. - The audit committee consists of three independent non-executive directors, overseeing financial reporting, governance measures, and risk management systems[113]. - The company has established clear written terms of reference for all committees, including the audit, remuneration, nomination, and environmental committees[113]. Risk Management - The board believes that the current risk management and internal control systems are adequate and effective, having established a comprehensive framework for identifying, classifying, analyzing, and mitigating various operational, financial, legal, and market risks[132]. - The internal audit department plays a key role in monitoring the group's internal governance, conducting comprehensive audits of all subsidiaries, and evaluating the effectiveness of risk management and internal control systems[133]. - The board will continue to review the risk management, internal control systems, and internal audit functions as necessary[134]. Employee and Workforce Diversity - The company has a total of 1,884 full-time employees as of December 31, 2024, comprising 1,321 male employees and 563 female employees[120]. - The company aims to enhance workforce diversity by introducing more employees of different genders and ages, with a review planned for the end of 2024[120]. - The board currently comprises one female director and five male directors, indicating a commitment to gender diversity[119]. Environmental and Sustainability Initiatives - The management team emphasized the importance of sustainability initiatives, with a goal to reduce carbon emissions by 25% over the next five years[8]. - The environmental committee held a meeting on March 24, 2024, to review the implementation of environmental-related matters[122]. Future Outlook - The company provided a positive outlook for the next quarter, projecting a revenue increase of 10%[3]. - New product launches are expected to contribute an additional $50 million in revenue over the next year[4]. - The company is considering strategic acquisitions to enhance its product offerings, with a budget of $30 million set aside for potential deals[7].

Financial Reporting - The company clarified a typographical error in its annual performance announcement regarding the type of dividend, correcting "final dividend" to "special dividend"[2] - The annual financial statements will be included in the company's annual report and published in accordance with listing rules[2]

Financial Performance - The company's revenue for the year ended December 31, 2024, was RMB 2,132,395 thousand, representing a 6.5% increase compared to RMB 2,002,406 thousand in 2023[3] - The gross profit for the same period decreased by 5.1% to RMB 324,104 thousand from RMB 341,418 thousand in 2023[3] - The company reported a net loss of RMB 19,374 thousand for 2024, a significant decline of 186.4% compared to a profit of RMB 22,414 thousand in 2023[3] - Basic loss per share for 2024 was RMB (6) cents, down 185.7% from earnings of RMB 7 cents per share in 2023[3] - The total comprehensive loss for the year was RMB 20,417 thousand, compared to a total comprehensive income of RMB 22,314 thousand in 2023[5] - The group reported a net profit before tax of RMB 324,000,000 for 2024, compared to RMB 200,000,000 in 2023, representing a growth of 62%[41] - Basic earnings per share for 2024 were reported at a loss of RMB 0.06, compared to a profit of RMB 0.07 in 2023, reflecting a significant decline in profitability[44] Assets and Liabilities - Non-current assets increased to RMB 894,863 thousand in 2024 from RMB 787,112 thousand in 2023, primarily due to an increase in property, plant, and equipment[6] - Current assets rose to RMB 957,350 thousand in 2024, up from RMB 874,715 thousand in 2023, driven by higher accounts receivable[6] - The company's total liabilities increased to RMB 1,326,150 thousand in 2024 from RMB 1,076,445 thousand in 2023, reflecting higher bank borrowings[6] - Total accounts receivable increased to RMB 620,655,000 in 2024 from RMB 547,435,000 in 2023, marking a growth of approximately 13.3%[47] - The company reported a total of RMB 440,653,000 in bank and other borrowings for 2024, up from RMB 335,577,000 in 2023, indicating an increase of about 31.3%[52] - The company’s total liabilities under lease arrangements amounted to RMB 417,295,000 in 2024, an increase from RMB 329,352,000 in 2023, representing a growth of approximately 26.7%[57] Revenue Sources - The group's operating revenue for 2024 reached RMB 2,132,395,000, an increase of 6.5% from RMB 2,002,406,000 in 2023[38] - The revenue from corrugated paper packaging products was RMB 1,918,428,000 in 2024, up from RMB 1,812,728,000 in 2023, reflecting a growth of 5.8%[38] - The company’s sales revenue from corrugated board was approximately RMB 214.0 million, an increase of about 12.8% from RMB 189.7 million in the previous year, making up about 10.0% of total revenue[68] Expenses - The cost of goods sold for the year was RMB 1,808,291,000, compared to RMB 1,660,988,000 in 2023, indicating an increase of 8.9%[41] - The group’s employee benefits expenses, including salaries and wages, amounted to RMB 230,212,000 in 2024, an increase from RMB 215,262,000 in 2023[41] - The company’s selling and distribution expenses increased by approximately 13.2% to about RMB 144.6 million, primarily due to increased sales volume[71] - Administrative expenses rose by approximately 8.3% to about RMB 167.0 million, mainly due to the launch of new factories and a new internet platform[72] - Financing costs increased by approximately 27.2% to about RMB 38.4 million, primarily due to increased financing leases[73] Cash Flow - The net cash inflow from operating activities for the year was approximately RMB 28.2 million, a decrease of about RMB 139.4 million or approximately 83.2% compared to RMB 167.6 million in 2023[79] - The net cash used in investment activities for the year was approximately RMB 65.0 million, significantly higher than RMB 22.3 million in 2023, mainly due to equipment purchases for new production facilities[80] - The net cash used in financing activities for the year was approximately RMB 9.1 million, down from RMB 98.8 million in 2023, primarily due to repayments of financing leases and bank loans[81] Dividends - The board has decided not to declare any final dividend for the year, but a special dividend of HKD 0.08 per share is expected to be paid on or around July 18, 2025[4] - The company announced a special dividend of HKD 0.08 per share, expected to be paid on or around July 18, 2025[61] Corporate Governance - The company has maintained high standards of corporate governance to protect shareholder interests and enhance corporate value[93] - The audit committee consists of three directors, with responsibilities including recommendations on the appointment and dismissal of external auditors and oversight of financial reporting procedures[95] - The company has adopted the standards for securities trading as outlined in the listing rules, confirming compliance by all directors for the year[96] Future Plans - The company plans to build seven new production facilities over the next three years to expand its market coverage in central and western China[86] - Existing production facilities will undergo technological upgrades and process optimizations to enhance profitability and increase the proportion of high-value-added products[87] - The company aims to enhance its market coverage in Central and Western China while focusing on cost control to improve profitability[64] Accounting Standards - The company has not applied any new or revised International Financial Reporting Standards that would significantly impact its financial position or performance[10] - The group is currently assessing the impact of newly issued accounting standards and amendments, which are expected to be adopted on their effective dates[16] - The amendments to IFRS 10 and IAS 28 regarding asset sales or contributions between investors and their associates or joint ventures will not affect the group's consolidated financial statements as the group does not have investments in associates or joint ventures[26]

llennium PACIFIC MILLENNIUM PACKAGING GROUP CORPORATION 國際濟豐包裝集團 (於開曼群島註冊成立的有限公司) 股份代號：1820 中期報告 2024 2 公司資料 4 財務摘要 5 管理層討論及分析 15 企業管治和其他資料 17 19 簡明綜合全面收益表 20 簡明綜合財務狀況表 22 簡明綜合權益變動表 23 簡明綜合現金流量表 24 Interim Report 2024 1 目 錄 簡明綜合中期財務報表 審閱報告 簡明綜合中期財務報表附註 公司資料 | --- | --- | |----------------------------------------------------|-------------------------------------------------------------------------------| | | | | 董事會 | 環保委員會 | | 執行董事 | 蘇崇武博士 （主席） | | 鄭顯俊先生 （主席） 談大成先生 | 鄭顯俊先生 江天錫先生 | | 非執行董事 | 公司秘書 | | 周天力先生（於 ...

香港交易及結算所有限公司及香港聯合交易所有限公司（「聯交所」）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份內容而產生或因依賴該等內容而引致 的任何損失承擔任何責任。 PACIFIC MILLENNIUM PACKAGING GROUP CORPORATION 國 際 濟 豐 包 裝 集 團 （ 於開曼群島註冊成立的有限公司） （股份代號：1820） 截至2024年6月30日止六個月 的未經審核中期業績公告 特別股息 及 暫停辦理股份過戶登記手續 | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Financial Performance - The company reported sales of RMB 3,110 million for the year, an increase from RMB 2,829 million in the previous year[60]. - The company recognized revenue of RMB 2,829 million from contracts that were recorded as contract liabilities at the beginning of the year, down from RMB 3,744 million[61]. - The company reported a total comprehensive income of RMB 49,455,000 for the year 2023, compared to RMB 60,758,000 in 2022, showing a decrease of about 18.5%[75]. - The company paid dividends totaling RMB 43,087,000 in 2023, compared to RMB 40,637,000 in 2022, reflecting an increase of approximately 6.0%[75]. Assets and Liabilities - The net book value of right-of-use assets as of December 31, 2023, is RMB 300,065,000, an increase of 4.8% from RMB 286,644,000 in 2022[1]. - The net book value of properties, plants, and equipment as of December 31, 2023, is RMB 31,456,000, down from RMB 34,847,000 in 2022, a decrease of 6.9%[5]. - As of December 31, 2023, accounts payable amounted to RMB 202,234,000, an increase of 7.4% from RMB 187,549,000 in 2022[18]. - The total liabilities, including bank loans and other borrowings, decreased from RMB 348,340,000 in 2022 to RMB 335,577,000 in 2023, reflecting a reduction of 3.7%[24]. - The company’s total current liabilities were RMB 307,608,000, down from RMB 348,340,000 in the previous year, indicating a decrease of 11.7%[24]. Cash Flow and Financing - The total cash outflow for leases during the year was RMB 44,656,000, down 48.3% from RMB 86,318,000 in 2022[1]. - The group reported financing cash flow changes totaling RMB (55,738,000) for the year, with significant repayments of bank loans amounting to RMB 415,339,000[91]. - The total cash flow from financing activities showed a net outflow, indicating a strategic focus on debt repayment and financial management[91]. - The company reported a financing cash flow change total of RMB (87.7 million) for the year ending December 31, 2023[122]. Tax and Deferred Tax - The group has unutilized tax losses of approximately RMB 89,368,000 as of December 31, 2023, compared to RMB 76,404,000 in 2022, indicating an increase of 16.5%[7]. - The group has confirmed deferred tax assets of RMB 66,995,000 as of December 31, 2023, up from RMB 55,224,000 in 2022, reflecting an increase of 21.1%[8]. Credit Risk and Receivables - The credit risk associated with accounts receivable from the top five customers accounts for 16% of total receivables, an increase from 14% in 2022[137]. - The expected credit loss rate for accounts receivable overdue by 1 to 90 days is 0.25%, while for those overdue by 91 to 180 days, it is 3.84%[139]. - The total expected credit loss for the group as of December 31, 2023, is RMB 5,118 thousand, with a total carrying value of RMB 535,425 thousand[139]. - The total amount of accounts receivable without credit impairment at the end of the reporting period was RMB 576,224 thousand, with a credit loss of RMB 5,879 thousand[178]. Corporate Governance - The company is committed to maintaining high standards of corporate governance to protect shareholder interests and enhance corporate value[169]. - The board is responsible for reviewing and monitoring the company's governance and compliance policies[174]. - The company will continue to review and enhance its corporate governance practices to ensure compliance with the governance code[169]. Management and Remuneration - The total remuneration for key management personnel increased to RMB 6,750,000 in 2023, up from RMB 4,931,000 in 2022, reflecting a growth of approximately 37%[86]. - The company has established a remuneration committee to review and recommend compensation policies for directors and senior management based on performance and market practices[54]. Shareholder Information - As of December 31, 2023, PMHC holds a beneficial ownership of 198,522,200 shares, representing 66.03% of the total shares[99]. - Jinfu Investment Limited and its controlled entities collectively hold 200,752,200 shares, accounting for 66.78% of the total shares[99]. - The company has not entered into any equity-linked agreements that would lead to the issuance of shares during the year[103]. Lease Liabilities - The lease liabilities as of December 31, 2023, amounted to RMB 329,352,000, an increase from RMB 315,166,000 in 2022, reflecting a growth of approximately 4%[68]. - The minimum lease payments for the next year are RMB 51,998,000, compared to RMB 45,606,000 in the previous year, indicating an increase of about 14%[68]. Interest Expenses - The interest expense for lease liabilities in 2023 was RMB 16,715,000, up from RMB 14,722,000 in 2022, representing an increase of approximately 13.5%[70]. - The interest expenses for bank loans amounted to RMB 12,169,000 during the year[91]. Future Commitments - As of December 31, 2023, the total capital commitment for the acquisition of property, plant, and equipment amounted to RMB 50,345,000, a significant increase from RMB 1,115,000 in 2022[87]. - The group entered into a financing lease agreement for property and machinery with a total value of RMB 30,420,000, which remains undelivered as of December 31, 2023[85].

Financial Performance - The group's total revenue for 2023 was RMB 2,002,406,000, a decrease of 8.1% from RMB 2,178,409,000 in 2022[14] - Revenue from the food and beverage sector was RMB 598,829,000, slightly down from RMB 601,865,000 in 2022, representing a decrease of 0.5%[18] - Revenue from the paper and packaging sector decreased by 14.5%, from RMB 297,027,000 in 2022 to RMB 254,043,000 in 2023[18] - The company recorded a revenue of approximately RMB 2,002.4 million for the year, a decrease of about RMB 176.0 million or approximately 8.1% compared to 2022[56] - Gross profit for 2023 was RMB 341,418, showing a slight increase of 1.0% from RMB 338,141 in 2022[111] - Net profit for the year was RMB 22,414, down 1.8% from RMB 22,821 in 2022[111] - Basic earnings per share for 2023 were 7 cents, compared to 8 cents in 2022, reflecting a decrease of 1.8%[111] - The net profit for the year was approximately RMB 22.4 million, a slight decrease of about 1.8% from approximately RMB 22.8 million in 2022, with a net profit margin rising from 1.0% to 1.1%[68] Costs and Expenses - The cost of goods sold for the year included raw material costs of RMB 1,141,206,000, which was lower than RMB 1,336,989,000 in 2022, indicating a reduction of 14.6%[22] - The cost of goods sold for 2023 was RMB 1,660,988, down from RMB 1,840,268 in 2022[113] - The company’s sales and distribution expenses increased by approximately 5.7% to about RMB 127.8 million, primarily due to increased sales volume[63] - The company’s administrative expenses decreased by approximately 1.5% to about RMB 154.2 million, attributed to enhanced cost control measures[64] - Financing costs increased to RMB 30,206 in 2023 from RMB 28,246 in 2022[114] Assets and Liabilities - Accounts receivable as of December 31, 2023, totaled RMB 535,425,000, down from RMB 576,224,000 in 2022, with a provision for impairment losses of RMB 5,118,000[36] - The total liabilities secured by assets amounted to RMB 335,577,000 in 2023, a decrease from RMB 348,340,000 in 2022[35] - The company reported a total of RMB 587,789,000 in receivables, which includes other receivables and prepayments, down from RMB 635,642,000 in 2022[36] - The company’s total accounts payable increased to RMB 202,234,000 in 2023 from RMB 187,549,000 in 2022[37] - Total current assets increased to $874,715,000 from $866,744,000, representing a growth of 1.1%[122] - Total liabilities decreased to $755,516,000 from $794,957,000, showing a reduction of 4.9%[122] - Total equity decreased to $585,382,000 from $602,546,000, a decline of 2.9%[122] Cash Flow - The net cash inflow from operating activities for the year was approximately RMB 167.6 million, a decrease of about RMB 70.4 million or approximately 29.6% from RMB 238.0 million in 2022, primarily due to an increase in inventory levels[75] - The net cash used in investing activities for the year was approximately RMB 22.3 million, down from RMB 70.3 million in 2022, mainly due to equipment purchases for existing production facilities[76] - The net cash used in financing activities for the year was approximately RMB 98.8 million, compared to RMB 128.4 million in 2022, primarily due to repayments of financing leases and bank loans, as well as dividend payments[77] Dividends - The company plans to distribute a final dividend of HKD 0.08 per share, subject to shareholder approval at the annual general meeting[49] - The proposed final dividend is HKD 0.08 per share, consistent with the previous year, subject to approval at the annual general meeting[91] Operational Insights - The group generated over 90% of its operating revenue and profit from operations in China, with the functional currency being RMB[8] - The group has confirmed a single operating segment, which is the manufacturing and sale of packaging materials[10] - The company established new production facilities in Xiaogan, Hubei, and Huzhou, Zhejiang, increasing total production capacity to approximately 842.4 million square meters as of December 31, 2023[55] - The company has a total of 1,752 full-time employees and has implemented measures to enhance employee productivity, linking compensation to performance evaluations[82] Financial Reporting Standards - The group expects that the adoption of the amendments to IFRS 16 will not have a significant impact on the consolidated financial statements[4] - The company adopted several new or revised International Financial Reporting Standards effective from January 1, 2023, which are expected to have no significant impact on the financial statements[127] - The implementation of IFRS 17 on insurance contracts may not affect the group’s consolidated financial statements[130] - The company anticipates that the application of the revised International Financial Reporting Standards will not have a significant impact on its consolidated financial statements[140] Risks and Uncertainties - The company has identified several risks and uncertainties that may affect its business and operations, including the ability to secure external financing and sudden increases in loan interest rates[83] - The company plans to expand its market presence in regions such as East China and South China, as well as in cities like Shenyang, Dalian, Tianjin, Shandong, Taicang, Suzhou, and Hubei to avoid overcapacity[83]

Financial Performance - The company reported a net profit attributable to owners of approximately RMB 3.7 million, a decrease of about 58.4% compared to RMB 8.9 million in the same period last year[8]. - Revenue for the period was approximately RMB 946.7 million, down about 10.9% from RMB 1,062.5 million in the same period last year[16]. - The gross profit for the period was approximately RMB 158.1 million, a slight decrease of about 1.7% compared to approximately RMB 160.9 million in the same period last year, with a gross margin of approximately 16.7%[58]. - The net profit for the period was RMB 3,725,000, a significant decline of 58.0% from RMB 8,881,000 in the previous year[108]. - The total comprehensive income for the period was RMB 1,696,000, compared to RMB 4,014,000 in the previous year, indicating a decrease of 57.8%[108]. - The company reported a basic earnings per share of RMB 0.01, down from RMB 0.03 in the same period last year[108]. - The group's profit decreased by approximately 58.4% from about RMB 89 million in the same period last year to about RMB 37 million this period, with a net profit margin dropping from 0.8% to 0.4%[85]. Dividends - The board has decided not to declare any interim dividend for the period, but announced a special dividend of HKD 0.08 per share to be paid on or around December 15, 2023[38]. - The board has declared a special dividend of HKD 0.08 per share, expected to be paid on or around December 15, 2023[92]. - The company did not declare any interim dividends for the period[92]. - The final dividend for the fiscal year 2022 was approved at HKD 0.08 per share, totaling RMB 21,063,000, compared to RMB 19,555,000 for the fiscal year 2021[198]. - As of June 30, 2023, the unpaid final dividend amounted to RMB 22,175,000, which was recognized as payable dividends in the consolidated financial position statement[198]. Cash Flow and Assets - The cash and cash equivalents as of June 30, 2023, were approximately RMB 140.9 million, primarily from operating activities and bank deposits[50]. - Net cash generated from operating activities was approximately RMB 115.2 million, a decrease of about RMB 45.8 million compared to RMB 161 million in the same period last year[87]. - The company's net asset value as of June 30, 2023, was RMB 39.5 million, down from RMB 42.3 million as of December 31, 2022[20]. - The total equity as of June 30, 2023, was RMB 583,179 thousand, a decrease from RMB 602,546 thousand as of December 31, 2022, reflecting a decline of approximately 3.2%[134]. - The cash and cash equivalents at the end of the period were RMB 140,916 thousand, an increase from RMB 118,377 thousand at the end of June 30, 2022, showing a growth of about 18.9%[138]. - The group's cash and cash equivalents at the beginning of the period were RMB 98.8 million, compared to RMB 58.8 million in the same period last year[87]. Revenue Breakdown - Sales revenue from corrugated paper packaging products was approximately RMB 860.3 million, down about 10.3% from approximately RMB 959.0 million in the same period last year, accounting for about 90.9% of total revenue[43]. - Sales revenue from corrugated paperboard was approximately RMB 86.5 million, a decrease of about 16.4% from approximately RMB 103.5 million in the same period last year, accounting for about 9.1% of total revenue[44]. - The company's revenue for the six months ended June 30, 2023, was RMB 946,719,000, a decrease of 10.9% compared to RMB 1,062,501,000 for the same period in 2022[108]. - Revenue from food and beverage segment was RMB 275,595 million, slightly up from RMB 270,379 million in the previous year, while revenue from paper and packaging decreased to RMB 123,404 million from RMB 154,948 million[171]. Cost and Expenses - Financing costs increased by approximately 12.2% to about RMB 15.6 million, primarily due to the increase in the right-of-use assets from the Chuzhou factory[48]. - Selling and distribution expenses increased by approximately 5.2% to about RMB 59.2 million, mainly due to increased expenses from the new factory[62]. - Administrative expenses decreased by approximately 4.0% to about RMB 77.1 million, attributed to enhanced cost control measures[63]. - Employee benefits expenses, including salaries and wages, amounted to RMB 109,242,000, an increase of 4.0% compared to RMB 104,393,000 in the previous year[178]. - The income tax expense for the six months ended June 30, 2023, was RMB 5,534,000, slightly up from RMB 5,292,000 in the same period of 2022[180]. Market and Industry Trends - The paper packaging industry showed improved performance in Q2 2023, driven by the end of pandemic control measures and a gradual release of accumulated consumer demand[39]. - Major raw material prices, such as linerboard and corrugated paper, showed a downward trend during the period, although order demand remained weak[39]. - There was a significant increase in consumption in contact and gathering services, such as dining and tourism, contributing to the recovery in demand[39]. - The textile, clothing, and footwear industries also recorded a substantial rebound in domestic demand during the period[39]. - The company anticipates that procurement prices for paper packaging orders will face pressure due to weak order demand[39]. Corporate Governance - The company aims to maintain high standards of corporate governance to protect shareholder interests and enhance corporate value[100]. - The company continues to review and enhance its corporate governance practices to ensure compliance with the corporate governance code[101]. - The company has adopted the standard code for securities transactions by directors as its code of conduct for securities transactions[124]. - The audit committee has reviewed the accounting principles and practices adopted by the group and confirmed the unaudited financial performance for the period[125]. Liabilities and Financial Position - The company's non-current liabilities related to lease liabilities decreased to RMB 268,792 thousand as of June 30, 2023, from RMB 285,196 thousand as of December 31, 2022, a reduction of approximately 5.7%[134]. - The company's current liabilities totaled RMB 747,935 thousand as of June 30, 2023, down from RMB 794,957 thousand as of December 31, 2022, reflecting a decrease of approximately 5.9%[133]. - The group reported a net interest expense of RMB 1,058,000 related to lease liabilities for the six months ended June 30, 2023, compared to RMB 911,000 in the previous year[193]. - The group recognized a loss on impairment of receivables amounting to RMB 2,776,000 for the six months ended June 30, 2023, compared to RMB 534,000 in the same period of 2022[178]. - The company has a total of RMB 346,832 million in bank loans as of June 30, 2023, slightly down from RMB 348,340 million at the end of 2022[163].

Financial Performance - The company recorded revenue of approximately RMB 946.7 million for the period, a decrease of about RMB 115.8 million or approximately 10.9% compared to the same period last year[6]. - The net profit attributable to equity holders was approximately RMB 3.7 million, down about 58.4% from approximately RMB 8.9 million in the same period last year[17]. - The company's revenue for the six months ended June 30, 2023, was RMB 946.72 million, a decrease of 10.9% from RMB 1,062.50 million in the same period of 2022[31]. - Gross profit for the same period was RMB 158.11 million, slightly down from RMB 160.87 million, resulting in a gross margin of approximately 16.7%[31]. - The company reported a decrease in sales and distribution expenses to RMB 59.15 million from RMB 56.35 million, reflecting a rise of 5.1%[31]. - The total comprehensive income for the period was RMB 1.70 million, down from RMB 4.01 million in the same period of 2022[31]. - The company reported a net profit of RMB 3.7 million for the six months ended June 30, 2023, compared to RMB 8.9 million for the same period in 2022[47]. - The group's net profit attributable to shareholders was approximately RMB 3.7 million, a decrease of about 58.4% from approximately RMB 8.9 million in the same period last year, resulting in a net profit margin decrease from 0.8% to 0.4%[107][108]. Cash Flow and Investments - Cash inflow from operating activities was RMB 115.2 million, down from RMB 161.0 million in the same period last year[12]. - Cash used in investing activities decreased to RMB 6.5 million from RMB 44.3 million in the same period last year, primarily due to equipment purchases for existing factories[13]. - The company’s cash and cash equivalents at the end of the period were RMB 140.9 million, an increase from RMB 118.4 million at the end of the same period last year[12]. - Operating cash flow net amount was approximately RMB 115.2 million, a decrease of about RMB 45.8 million compared to RMB 161.0 million in the same period last year[86]. - As of June 30, 2023, the company's bank deposits amounted to RMB 10,446,000, compared to RMB 42,274,000 on December 31, 2022[70]. Dividends and Shareholder Returns - The company announced a special dividend of HKD 0.08 per share, expected to be paid around December 15, 2023[15]. - The company did not declare any interim dividends for the period[17]. - The company approved a final dividend of RMB 21,063,000 at the annual general meeting held on June 21, 2023, compared to RMB 19,555,000 for the final dividend in 2022[74]. Cost and Expenses - The cost of goods sold for the period was RMB 788.6 million, a decrease from RMB 901.6 million in the same period last year[5]. - Sales and distribution expenses increased by approximately 5.2% to about RMB 59.2 million from RMB 56.3 million in the same period last year, mainly due to increased sales expenses from new plants[81]. - Administrative expenses for the period were approximately RMB 77.1 million, a decrease of about 4.0% from approximately RMB 80.3 million in the same period last year, mainly due to enhanced cost control measures[105]. Market and Operational Insights - The company operates primarily in China, generating over 90% of its revenue and identifiable assets from this market[40]. - The group maintained a cautious optimism regarding performance recovery in the second half of 2023, considering the impact of the traditional peak season and the end of three years of pandemic control measures in the first half of 2023[102]. - The company has maintained its focus on optimizing customer order structures and enhancing technological and service upgrades to drive new growth[54]. - The group will continue to closely monitor market conditions and take appropriate measures to respond to ongoing market changes[102]. Accounting and Compliance - The company continues to apply the same accounting policies as in the previous financial year, with no early adoption of new or revised International Financial Reporting Standards[34]. - The company's actual tax rate for the period was 59.8%, compared to 37.3% in the same period last year[83]. - The average credit period for goods sales is between 30 to 120 days from the invoice date[68]. - The company had no significant contingent liabilities as of June 30, 2023[88]. - The average effective annual interest rate on bank loans during the period ranged from 3.52% to 3.90%, compared to 3.85% to 3.90% in the same period last year[97]. - The company is committed to maintaining high standards of corporate governance to protect shareholder interests and enhance corporate value[118].

Financial Performance - The company recorded a revenue of approximately RMB 2,178.4 million for the year ended December 31, 2022, a decrease of about RMB 222.0 million or approximately 9.2% compared to RMB 2,400.4 million in 2021[16] - The net profit for the year was approximately RMB 338.1 million, down about 7.8% from RMB 366.7 million in 2021[16] - Basic earnings per share for the year were RMB 0.08, a decrease of approximately 47.7% compared to RMB 0.15 in 2021[16] - The company's profit attributable to equity holders was RMB 22.8 million, a decrease of approximately 47.7% from RMB 43.6 million in 2021[50] - The gross profit for the year was approximately RMB 338.1 million, a decrease of about 7.8% from RMB 366.7 million in 2021[35] Revenue Breakdown - Sales revenue from corrugated paper packaging products was approximately RMB 1,970.0 million, a decrease of about 9.3% from RMB 2,171.4 million in 2021, accounting for approximately 90.4% of total revenue[18] - Sales revenue from corrugated paperboard was approximately RMB 208.4 million, down about 9.0% from RMB 229.0 million in 2021, representing approximately 9.6% of total revenue[19] Cost and Expenses - The company's cost of sales was approximately RMB 1,840.3 million, a decrease of about 9.5% from RMB 2,033.7 million in 2021, primarily due to reduced sales volume[20] - Financing costs increased by approximately 2.6% to about RMB 28.2 million from RMB 27.5 million in 2021[33] - The company's administrative expenses decreased by approximately 1.7% to about RMB 156.5 million from RMB 159.3 million in 2021[37] - The company's income tax expense decreased by approximately 5.8% to about RMB 17.6 million from RMB 18.7 million in 2021[38] Cash Flow and Liquidity - The net cash inflow from operating activities was approximately RMB 238.0 million, an increase of about 385.6% from RMB 49.0 million in 2021[44] - The company's cash and cash equivalents at the end of the year were approximately RMB 98.8 million, an increase from RMB 58.8 million at the beginning of the year[51] Business Strategy and Outlook - The company plans to expand its business in the Central China region and focus on improving the utilization rate of its production facilities to enhance productivity[22] - The company believes that with the relaxation of pandemic measures in mainland China and other regions, the corrugated packaging industry will gradually recover, leading to increased demand for its products[22] - The revenue and profitability of the paper packaging industry are expected to improve in 2023 due to the recovery of consumption and demand in China[25] - The packaging industry in mainland China is expected to gradually recover as pandemic restrictions are lifted, leading to improved business performance for the group[55] - The board believes that the group's products will benefit from stronger demand in 2023 due to increasing domestic market needs[55] Risk Management - Several risks and uncertainties have been identified that may impact the group's business and operations, including rising prices of key raw materials and uncertainties related to external financing and significant borrowing[55] - The group will ensure timely monitoring of inherent risks and uncertainties affecting its business and operations, taking necessary measures to mitigate risks and respond to changes[55] Shareholder Information - As of December 31, 2022, PMHC holds 192,458,200 shares, representing 64.02% ownership[122] - Jinfu Investment Limited and Elite Age International Limited each hold 195,509,200 shares, accounting for 65.03% ownership[122] - The company has not entered into any significant contracts with its controlling shareholders during the year[97] - The company has not established any related party transactions that require disclosure under the listing rules for the year[153] Corporate Governance - The company has maintained compliance with the corporate governance code as per the listing rules, ensuring high standards to protect shareholder interests[158] - The board is responsible for establishing, reviewing, and monitoring the company's corporate governance and compliance policies, ensuring compliance with applicable regulations[190] - The audit committee has been established to provide independent reviews of the group's financial reporting procedures and risk management systems[196] - All independent non-executive directors have submitted annual independence confirmations, and the company considers them to be independent individuals[200] Committees and Management - The board is supported by various committees, including the audit committee, nomination committee, remuneration committee, and environmental committee, each with clearly defined terms of reference[200] - The remuneration committee has been established to review and recommend the overall remuneration policy for directors and senior management[108] - The board is committed to efficient leadership and ensuring that all directors act in the best interests of the company and its shareholders[183]