Investment Rating - Buy (首次) [1] Core Views - The company is a global leader in the injection molding machine industry with a 59-year history of stable family management [3] - The global injection molding machine market is valued at over 100 billion RMB with broad downstream applications [4] - The company leads the industry in revenue scale and profitability with a well-established overseas presence [5] - The company's strong R&D capabilities and differentiated product strategies enable it to capture market share across various segments [5] Company Overview - Founded in 1966, the company has grown into a global leader in the injection molding machine industry with a stable family management structure [3] - The company's revenue grew from 9.819 billion RMB in 2019 to 13.074 billion RMB in 2023, with a CAGR of 7.42% [3] - Net profit attributable to shareholders increased from 1.751 billion RMB in 2019 to 2.492 billion RMB in 2023, with a CAGR of 9.22% [3] - The company maintains a high dividend payout ratio of 30-40% and has a strong liquidity position with 11.2 billion RMB in cash and equivalents [3] Industry Overview - The global injection molding machine market grew from 12.5 billion USD in 2013 to 22.05 billion USD in 2022, with a CAGR of 6.5% [4] - The Chinese market grew from 21.16 billion RMB in 2016 to 26.35 billion RMB in 2022, with a CAGR of 3.7% [4] - The top three application scenarios for injection molding machines are general plastics (28%), automotive (26%), and home appliances (25%) [4] Competitive Advantages - The company is the global leader in revenue scale, with 12.31 billion RMB in 2022, surpassing competitors like Engel and Arburg [5] - The company has a well-established overseas presence with 6 regional management centers, 5 manufacturing centers, and 9 application service experience centers across Asia, Europe, North America, and South America [5] - The company's strong R&D capabilities enable it to launch new products every 5 years, with the latest fifth-generation models offering energy savings of 20-40% [5] Financial Projections - Revenue is expected to grow from 15.77 billion RMB in 2024 to 19.175 billion RMB in 2026, with a CAGR of 10.2% [2] - Net profit attributable to shareholders is projected to increase from 2.98 billion RMB in 2024 to 3.676 billion RMB in 2026, with a CAGR of 11.1% [2] - The company's Mars series is expected to grow at a CAGR of 18.7% from 2024 to 2026, driven by demand from the home appliance and daily necessities sectors [49] Valuation - The company's 2024-2026 PE ratios are 11x, 10x, and 9x, respectively, which are slightly lower than the average PE ratios of comparable companies [51] - Comparable companies include Yizumi (300415.SZ) and LK Technology (0558.HK), with average PE ratios of 12x, 10x, and 9x for 2024-2026 [51]

Investment Rating - The report upgrades the target price to HKD 30 and assigns a "Buy" rating for the company [2]. Core Views - The company is expected to benefit from the recovery of domestic and overseas demand, with a steady improvement in annual performance, including a revenue increase of 6.2% year-on-year to HKD 13.07 billion and a net profit growth of 10% to HKD 2.49 billion [1][2]. - The sales trend for the company's main products, particularly the Mars and Jupiter models, is showing positive momentum, with significant year-on-year growth in sales revenue and volume [1][2]. - The company has established a presence in high-growth markets such as India, Mexico, and Turkey, which is expected to enhance its market share [1]. Summary by Sections Financial Performance - The company reported a total revenue of HKD 13.07 billion for the year, with a gross margin of 32.1%, slightly up from the previous year [1]. - The net cash position stands at HKD 6.7 billion, indicating a strong liquidity position [1]. - The company plans to maintain a dividend of HKD 0.66 per share, a 20% increase year-on-year [1]. Sales and Product Development - The company has successfully promoted its fifth-generation machines, leading to a rebound in orders and sales, with total sales revenue for the Mars model reaching HKD 7.98 billion, a 9.5% increase year-on-year [1]. - The Jupiter model also saw a year-on-year sales revenue increase of 14.5% [1]. - Despite a decline in demand for the Chang Fei Ya electric model, there are signs of recovery in the second half of 2023 [1]. Market Outlook - The company achieved overseas sales of HKD 5.15 billion, a 17.3% increase, with Europe showing significant growth [1]. - Domestic demand remains stable, supported by government policies aimed at boosting consumption and equipment upgrades [1]. - The report anticipates a continued positive cycle of sales growth and equipment investment in the domestic market [1].

h 股 c r 票 a e s e R 研 y [Table_Title] Muyang Zhao 赵沐阳 究 tiu Company Report: Haitian International (01882 HK) 中文版 q (852) 25095375 E 公司报告： 海天国际 (01882 HK) Chinese version muyang.zhao@gtjas.com.hk 23 April 2024 政[Ta策ble刺_Su激mm下ar的y] 内需复苏，“收集” tr  我们维持“收集”评级，并上调目标价上调26.65港元。预计中国将通过扶持 公 o p 政策加大对制造业的支持力度。我们维持海天国际（“公司”）2024-2026年 [RTaabtlien_gR:a nk] Accumulate 司 e R y 股东净利润预测分别为人民币27.61亿元/人民币29.84亿元/人民币32.22 Maintained 报 n a 亿元。我们预计公司 2023 年/2024 年/2025 年的每股盈利分别为人民币 评级： 收集 (维持) p 告 m 1.730 元、人民币1.870元和人民币2.019 ...

Financial Performance - Revenue for 2023 reached RMB 13,069.3 million, a 6.2% increase compared to 2022 (RMB 12,308.2 million)[4] - Gross profit margin for 2023 improved to 32.1%, up from 31.8% in 2022[12] - Net profit attributable to shareholders in 2023 was RMB 2,491.5 million, a 10.0% increase from 2022 (RMB 2,264.7 million)[12] - The company's total sales revenue for 2023 reached RMB 13,069.3 million, a 6.2% increase compared to 2022[22] - Net profit attributable to shareholders in 2023 was RMB 2,491.5 million, a 10.0% increase from 2022[22] - Gross profit margin improved to 32.1% in 2023, up from 31.8% in 2022, due to lower raw material costs[25] - Shareholders' attributable profit reached RMB 2,491.5 million in 2023, a 10.0% increase from 2022[30] - Revenue for 2023 reached RMB 13,069,307 thousand, compared to RMB 12,308,186 thousand in 2022[169] - Net profit attributable to the company's shareholders was RMB 2,491,528 thousand in 2023, up from RMB 2,264,668 thousand in 2022[169] - Gross profit for 2023 was RMB 4,200,273 thousand, compared to RMB 3,917,529 thousand in 2022[169] - Operating profit for 2023 was RMB 2,788,096 thousand, compared to RMB 2,632,358 thousand in 2022[169] - Earnings per share (basic and diluted) for 2023 was RMB 1.56, up from RMB 1.42 in 2022[169] - Other comprehensive income for 2023 was RMB 82,347 thousand, compared to RMB 45,414 thousand in 2022[170] - Net profit for 2022 was RMB 2,264,668 thousand, contributing to a total comprehensive income of RMB 2,310,032 thousand[172] - Total equity value further increased to RMB 18,842,280 thousand in 2023, with net profit for the year reaching RMB 2,491,528 thousand[173] Sales and Market Performance - Domestic sales in 2023 remained flat at RMB 7,916.8 million, accounting for 60.6% of total sales[13] - Overseas sales in 2023 increased by 17.3% to RMB 5,152.5 million, representing 39.4% of total sales[13] - Overseas sales in 2023 increased by 17.3% to RMB 5,152.5 million, accounting for 39.4% of total sales[19][24] - The company exported approximately 39.4% of its products to international markets as of December 31, 2023, with sales primarily denominated in USD or other foreign currencies[35] - The company's sales network covers over 130 countries globally, with a strong presence in China[131] - The company emphasizes maintaining long-term, stable relationships with customers and suppliers for sustained business success and growth[131] Product and Service Sales - Injection molding machine sales accounted for 95.2% of total sales in 2023, reaching RMB 12,446.8 million[15] - Components and services sales grew by 15.7% to RMB 622.5 million in 2023[15] - The company's injection molding machine sales increased by 5.7% year-on-year to RMB 12,446.8 million in 2023[16] - Components and services sales grew by 15.7% year-on-year to RMB 622.5 million in 2023[16] - The company's fifth-generation injection molding machines, launched in August 2023, achieved energy savings of 20-40%[18] - The company's fifth-generation models, launched in 2023, reduce comprehensive operating energy consumption by 20-40% compared to third-generation models[54] Cash Flow and Financial Position - Operating cash flow in 2023 was RMB 3,278.2 million, a significant increase from RMB 1,780.6 million in 2022[7] - Total equity attributable to shareholders decreased to RMB 14,777.2 million in 2023 from RMB 17,011.1 million in 2022[6] - Cash and cash equivalents, time deposits, and restricted bank deposits totaled RMB 5,445.6 million, RMB 3,939.3 million, and RMB 68.6 million, respectively, as of December 31, 2023, compared to RMB 3,590.8 million, RMB 3,100.5 million, and RMB 35.2 million in 2022[31] - The company's net cash position improved to RMB 6,706.0 million as of December 31, 2023, up from RMB 5,291.2 million in 2022, reflecting a strong financial position[32] - Capital expenditures for 2023 amounted to RMB 1,175.9 million, a decrease from RMB 1,455.8 million in 2022, primarily for property, plant, and equipment, as well as land use rights[33] - Total assets increased to RMB 29,093,858 thousand in 2023, up from RMB 25,791,201 thousand in 2022[167] - Cash and cash equivalents increased to RMB 5,445,649 thousand in 2023, up from RMB 3,590,846 thousand in 2022[167] - Total equity increased to RMB 18,842,280 thousand in 2023, up from RMB 17,040,000 thousand in 2022[167] - Total liabilities increased to RMB 10,251,578 thousand in 2023, up from RMB 8,751,201 thousand in 2022[168] - Operating cash flow for 2023 was RMB 2,012,591 thousand, compared to RMB 1,780,608 thousand in 2022[175] - Investment activities resulted in a net cash outflow of RMB 701,957 thousand in 2023, compared to a net inflow of RMB 171,307 thousand in 2022[175] - Financing activities generated a net cash inflow of RMB 544,169 thousand in 2023, a significant improvement from a net outflow of RMB 1,953,691 thousand in 2022[175] - Cash and cash equivalents increased by RMB 1,854,803 thousand in 2023, reaching RMB 5,445,649 thousand at year-end[175] - The company acquired subsidiaries for RMB 104,151 thousand in 2023, with no such acquisitions in 2022[175] - Bank borrowings increased by RMB 2,531,456 thousand in 2023, compared to RMB 1,615,936 thousand in 2022[175] - Dividends paid to shareholders amounted to RMB 768,277 thousand in 2023, down from RMB 1,233,292 thousand in 2022[175] Dividends and Shareholder Returns - The company declared a total dividend of HK$0.66 per share for 2023, up from HK$0.55 per share in 2022[12] - The board declared a second interim dividend of HKD 0.66 per share for 2023, compared to HKD 0.55 per share in 2022, with the total annual dividend for 2023 also being HKD 0.66 per share[38] - The total interim dividend for 2023 was 66 HK cents per share[51] - The company declared a second interim dividend of 66 HK cents per share, totaling approximately RMB 955,355,000[104] - The total annual dividend will be 66 HK cents per share[104] Research and Development - R&D-related labor costs increased to RMB 245.9 million in 2023, up from RMB 231.5 million in 2022[26] - The company's fifth-generation injection molding machines, launched in August 2023, achieved energy savings of 20-40%[18] - The company's fifth-generation models, launched in 2023, reduce comprehensive operating energy consumption by 20-40% compared to third-generation models[54] Environmental and Sustainability Initiatives - The company's total hazardous waste decreased by 2.2% year-over-year in 2023[55] - The Tongtu Road division's rooftop photovoltaic project generated 23,262 MWh of electricity in 2023, with 17,151 MWh used by the division, accounting for 33.9% of its annual electricity consumption[55] - The South China factory's Phase I photovoltaic project, with a total installed capacity of 6,200 kW, is expected to generate 5,210 MWh annually upon completion in March 2024[55] - The company's MSCI ESG rating improved from BB to BBB in 2023[52] Corporate Governance and Board Structure - The company's Chairman and CEO roles are separated, with Mr. Zhang Jianming serving as Chairman and Mr. Zhang Bin as CEO, effective August 21, 2023[62] - The Board of Directors held a total of four meetings in 2023, with all executive directors attending all meetings[65] - The company has implemented mechanisms to ensure independent opinions and perspectives are obtained by the Board, with annual reviews of these mechanisms[66] - All directors confirmed compliance with the Model Code for Securities Transactions during the reporting period[67] - The Nomination Committee reviewed the Board's structure, size, and composition, and assessed the independence of independent non-executive directors[72] - The board consists of 9 male and 2 female members, aiming to achieve gender equality within approximately 10 years[73] - The audit committee held 3 meetings in 2023 to review financial reports and internal controls[76] - The remuneration committee reviewed and recommended compensation policies for directors and senior management[77] - The company's remuneration policy considers business requirements, individual performance, company profitability, and market conditions[78] - The remuneration committee consists of 3 independent non-executive directors and held 1 meeting in 2023[79] - Directors participated in continuous professional development programs categorized as types A and B[79] - The company provides training for new directors on regulatory responsibilities and updates on listing rules[79] - The company's internal control department reviewed major operational policies and regulatory compliance, identifying no significant areas of concern affecting business, financial processes, or data security[81] - The company adopted an anti-corruption policy and a whistleblowing policy to regulate employee and director conduct and provide guidance for reporting suspicious or actual misconduct[81] - The company's internal control department, established in 2012, assists the board in maintaining and reviewing risk management and internal control systems, reporting directly to the executive director[84] - The company's auditor, PwC, received RMB 2.49 million in audit fees and RMB 1.46 million in non-audit fees for the year ended December 31, 2023[85] - The company's company secretary, Ms. Li Jiawen, has over 18 years of experience in company secretarial and compliance roles and received at least 15 hours of professional training in 2023[86] - The company's dividend policy considers factors such as undistributed profits, long-term profitability, operating performance, cash flow, financial condition, and future prospects[87] - The company maintains an active investor relations policy through analyst briefings, roadshows, investor conferences, and regular meetings with institutional shareholders and analysts[88] - The company's 2023 Annual General Meeting was held on May 18, 2023, and an Extraordinary General Meeting was held on December 18, 2023, with directors attending both meetings[89] - The company has a shareholding policy for non-executive directors, requiring them to hold a minimum number of shares equivalent to the total granted over the past three years[92] - Non-executive directors have a three-year period to meet the shareholding requirements after their appointment, with a 12-month grace period for non-compliance[94] - The company has a clawback policy allowing the recovery of performance-based rewards from executives if financial statements are restated due to serious violations of listing rules[96] - The company maintains effective communication channels with shareholders and stakeholders, as outlined in its shareholder communication policy[91] - Shareholders holding at least one-tenth of the company's paid-up share capital can request a special general meeting, which must be held within two months of the request[90] - The company's board of directors has a designated team to monitor compliance with environmental regulations and engage experts for energy efficiency and waste reduction analysis[102] - The company's revised constitution allows for electronic or hybrid shareholder meetings, reflecting changes in corporate governance practices[97] Employee and Social Responsibility - The company employed a total of 7,382 employees as of December 31, 2023, with the majority based in China[37] - The company currently has 7,382 employees, including 836 females and 6,546 males, with a female-to-male ratio of approximately 1:7.83[74] - 87.23% of employees are from China, while 12.77% are from overseas[74] - Employee age distribution: 31.40% under 30, 32.74% between 30-40, and 35.86% over 40 years old[74] - The company invested RMB 79.88 million in the construction of the Haitian Youth Apartment project to help employees reduce living costs and improve quality of life[57] - Over the past three years, 2,036 employees have benefited from the company's talent apartments and public rental housing programs[57] - 100% of the company's employees received commercial ethics training in 2023, with 100% coverage for both employees and directors[56] - The company's charitable donations for the year amounted to RMB 9.68 million[113] Related Party Transactions - The revised annual cap for the purchase of servo systems and components from Haitian Drive and its affiliated companies in 2023 was RMB 1.36 billion, with actual purchases amounting to RMB 852.8 million[138] - The annual cap for purchasing intelligent products and services from Haitian Zhilian in 2023 was RMB 480 million, with actual purchases totaling RMB 304.5 million[139] - The company purchased CNC machine tools and machining centers from Haitian Jinggong for approximately RMB 11.0 million in 2023[141] - Haitian Drive is a connected party of the company, and the purchase agreements with Haitian Drive were renewed for three-year terms in 2014, 2018, 2021, and 2024[137] - Haitian Zhilian is a connected party of the company, and the purchase agreements with Haitian Zhilian were renewed for three-year terms in 2021 and 2023[139] - Haitian Plastic Machinery Group, a wholly-owned subsidiary, invested RMB 99.8 million in Haitian Zhisheng, with RMB 23.97 million allocated to new registered capital and RMB 75.83 million to capital reserves[143] - Other investors collectively invested RMB 243.2 million in Haitian Zhisheng, with RMB 58.41 million allocated to new registered capital and RMB 184.79 million to capital reserves[143] - The company's independent non-executive directors confirmed that the ongoing connected transactions were conducted under normal commercial terms and in the best interests of shareholders[139] - The company's auditors issued an unqualified opinion on the ongoing connected transactions disclosed in the annual report[140] - No directors held interests in businesses competing with the company or its subsidiaries as of December 31, 2023[135] - The registered capital of Haitian Zhisheng increased from RMB 398,000,000 to RMB 480,386,240 after the capital increase, with Haitian Plastics Machinery holding approximately 4.99%, other investors holding a combined 12.16%, and existing shareholders holding a combined 82.85%[144] - Haitian Management owns approximately 79.5% of Haitian Zhisheng and 44.7% of Ningbo Zhiche, with Mr. Zhang Jianming and Mr. Zhang Bin holding 40% and 60% of Haitian Management respectively[144] - The company engaged in continuous related party transactions with Ningbo Anxin CNC Technology, Ningbo Starfall Hydraulic Transmission, Ningbo Haimike Precision Machinery, and Ningbo Haitian Zhilian Technology for the purchase of servo systems, linear guides, ball screws, hydraulic components, and smart products and services[145] - The company also engaged in related party transactions with Haitian Jingong for the purchase of automated processing lines, CNC lathes, machining centers, and related equipment[145] - The company provided loans to some directors during the year, with these transactions exempt from the reporting, announcement, and independent shareholder approval requirements under the listing rules[145] Financial Statements and Auditing - The company's consolidated financial statements are prepared in accordance with Hong Kong Financial Reporting Standards and the disclosure requirements of the Hong Kong Companies Ordinance[163] - The company's directors are responsible for assessing the group's ability to continue as a going concern and disclosing related matters[163] - The audit committee oversees the financial reporting process of the company[163] - The auditors aim to obtain reasonable assurance that the consolidated financial statements are free from material misstatement, whether due to fraud or error[163] - The auditors evaluate the appropriateness of accounting policies and the reasonableness of accounting estimates and related disclosures[164] - The auditors assess the overall presentation, structure, and content of the consolidated financial statements, including disclosures[165] - The auditors communicate with the audit committee regarding planned audit scope, timing, and significant audit findings[165] - The auditors provide a statement to the audit committee regarding compliance with independence requirements[165] - The auditors identify key audit matters that are of most significance in the audit of the consolidated financial statements[165] - The independent auditor's report was issued by PricewaterhouseCoopers on March 18, 2024[166] - The consolidated financial statements were audited by PricewaterhouseCoopers, who confirmed their independence and compliance with professional ethical responsibilities[156] - The company applies the simplified method under HKFRS 9 to measure expected credit losses, using lifetime expected loss provisions for all trade receivables and notes receivable[158] - Management estimates impairment provisions for trade receivables and notes receivable based on aging patterns, customer credit and settlement records, and adjusts historical loss rates for macroeconomic factors[158] - The company's inventory is stated at the lower of cost and net realizable value, with provisions made for inventory where net realizable value is below cost[161] - Management assesses inventory impairment provisions item by item at each reporting date, identifying obsolete and slow-moving inventory, particularly items over one year old[161] - For finished

2024年3月21日 公司研究 23 年业绩稳步增长，设备更新与海外出口将推动业绩继续提升 ——海天国际（1882.HK）2023 年度业绩点评 要点 买入（维持） 当 前价：21.40港元 国内外投资及布局现成效，23年业绩逆势增长 海天国际发布2023年业绩公告，全年实现收入130.7亿人民币，同比增长 6.2%；实现归母净利润24.9亿人民币，同比增长10.0%；每股收益1.56元人 作者 民币。在国内下游需求恢复不达预期和全球产业链结构性调整的背景下，公司得 分析师：黄帅斌 执业证书编号：S0930520080005 益于国内外多年投资布局，全年业绩实现逆势增长。2023年公司综合毛利率为 0755-23915357 32.1%，同比上升0.3个百分点；净利率19.1%，同比上升0.7个百分点。公司 huangshuaibin@ebscn.com 2023年经营性现金净流入20.1亿人民币，同比增长13.0%。公司2023年每股 股息为0.66港元，股息率为3.1%。 分析师：陈佳宁 执业证书编号：S0930512120001 产品持续创新迭代，有望受益于下游设备更新大潮 021-52523851 c ...

Financial Performance - For the year ended December 31, 2023, the company's revenue reached RMB 13,069.3 million, an increase of 6.2% compared to RMB 12,308.2 million in 2022[2] - The gross profit for the year was RMB 4,200.3 million, reflecting a gross profit margin of 32.1%, up from 31.8% in 2022[4] - The profit attributable to shareholders was RMB 2,491.5 million, representing a 10.0% increase from RMB 2,264.7 million in the previous year[4] - Basic earnings per share for the year were RMB 1.56, an increase of 10.0% compared to RMB 1.42 in 2022[4] - The total comprehensive income for the year was RMB 2,576.99 million, compared to RMB 2,310.43 million in 2022[7] - The company's net profit attributable to shareholders for the fiscal year was RMB 2,491.5 million, a 10.0% increase from RMB 2,264.7 million in 2022, with a net profit margin of 19.1% compared to 18.4% in the previous year[41] Dividends - The board declared a second interim dividend of HKD 0.66 per share, up 20.0% from HKD 0.55 per share in 2022[4] - The company declared a second interim dividend of HKD 0.66 per share for the fiscal year, compared to HKD 0.55 per share in 2022[42] Assets and Liabilities - Total assets increased to RMB 29,093,858 thousand in 2023, up from RMB 25,791,201 thousand in 2022, representing a growth of approximately 8.9%[9] - The company's total liabilities increased to RMB 10,251,578 thousand in 2023, up from RMB 8,751,201 thousand in 2022, which is an increase of approximately 16.9%[10] - Cash and cash equivalents at year-end reached RMB 5,445,649 thousand, a significant increase from RMB 3,590,846 thousand in 2022, marking a growth of approximately 51.5%[13] - The retained earnings grew to RMB 14,949,403 thousand in 2023, compared to RMB 13,257,101 thousand in 2022, reflecting an increase of about 12.8%[12] Sales Performance - The sales revenue of injection molding machines and related products for 2023 was RMB 13,069,307, an increase of 6.2% from RMB 12,308,186 in 2022[23] - Domestic sales for the year remained stable at RMB 7,916.8 million, while overseas sales increased by 17.3% to RMB 5,152.5 million, driven by structural adjustments in global supply chains[43][45] - Injection molding machine sales accounted for 95.2% of total sales, with a year-on-year increase of 5.7% to RMB 12,446.8 million[46] Operational Efficiency - The company has maintained a continuous investment strategy, which has resulted in market share growth despite challenges in domestic demand recovery[4] - The company has seen a recovery in downstream demand, particularly in the automotive sector, which positively impacted sales in the second half of the year[45] - The company continues to focus on product innovation and market expansion, particularly in the consumer and daily-use product segments[45] Financial Management - The net financing income increased to RMB 234.1 million from RMB 130.7 million in the previous year[6] - The company's bank borrowings decreased significantly to RMB 244,934 thousand in 2023 from RMB 1,322,866 thousand in 2022, a reduction of about 81.5%[10] - The group’s bank borrowings as of December 31, 2023, were RMB 2,747.4 million, significantly higher than RMB 1,435.3 million in 2022[64] Capital Expenditures - The company reported a total capital expenditure of RMB 1,175,872 thousand in 2023, down from RMB 1,455,773 thousand in 2022, a decrease of about 19.2%[33] - The company has ongoing capital commitments for the acquisition of properties, plants, and equipment amounting to RMB 1,066.2 million, up from RMB 453.5 million in 2022[38] Employee and R&D Costs - The company’s employee costs related to R&D activities were RMB 245,888 thousand in 2023, up from RMB 231,531 thousand in 2022, an increase of about 6.2%[26] - Sales and administrative expenses rose by 12.0% from RMB 1,798.8 million in 2022 to RMB 2,015.3 million in 2023, driven by increased sales commissions, labor costs, and R&D expenses[59] Compliance and Governance - The company has adhered to the corporate governance code as per the Hong Kong Stock Exchange rules during the fiscal year ending December 31, 2023[76] - The audit committee, consisting of three independent non-executive directors, has reviewed the financial reporting procedures and internal controls for the fiscal year ending December 31, 2023[77] Future Outlook - The company aims to enhance quality control and standardize processes in 2024, defining it as the "Quality Service Year" to improve customer satisfaction[49] - The company plans to continue expanding its overseas market presence, with overseas sales accounting for 39.4% of total sales revenue in 2023[53] - The company is constructing new factories domestically and internationally, with the new factory in India expected to be operational this year and the Serbia factory projected to start operations in 2025[53]

Z:\09. IR\155412 Hatian\cover\Haitian IR23 Cover size: (176mm X 2) X 250mm 2023 中期報告 (於開曼群島註冊成立的有限公司) 2 摘要 3 公司簡介及公司資料 ...

香港交易及結算所有限公司以及香港聯合交易所有限公司對本公佈之內容概 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佈 全部或任何部分內容而產生或因依賴該等內容而引致之任何損失承擔任何責 任。 HAITIAN INTERNATIONAL HOLDINGS LIMITED 海 天 國 際 控 股 有 限 公 司 （於開曼群島註冊成立的有限公司） 1882 （股份代號： ） 截 至 二 零 二 三 年 六 月 三 十 日 止 六 個 月 中 期 業 績 公 佈 摘要 截至六月三十日止六個月 二零二三年 二零二二年 變動 人民幣 人民幣 百萬元 百萬元 % 收入 6,380.2 6,509.6 -2.0 毛利 2,042.5 2,000.2 +2.1 經營利潤 1,362.5 1,354.6 +0.6 本公司股東應佔利潤 1,231.3 1,172.3 +5.0 每股基本盈利 （以每股人民幣列示） 0.77 0.73 +5.0 ...

Financial Performance - For the fiscal year ending December 31, 2022, the company's sales revenue was RMB 12,308.2 million, a decrease of 23.2% compared to RMB 16,018.3 million in 2021[12]. - The net profit attributable to shareholders for 2022 was RMB 2,264.7 million, down 25.8% from RMB 3,052.0 million in the previous year, with a net profit margin of 18.4%[12]. - The gross profit for 2022 was RMB 3,917.5 million, down 23.9% year-on-year, with a gross margin of 31.8% compared to 32.2% in 2021[25]. - The company reported a total comprehensive income of RMB 2,310,431 thousand for the year, compared to RMB 3,030,631 thousand in 2021, indicating a decline of 23.8%[176]. - The cash flow from operating activities for the year was RMB 1,780,608 thousand, down from RMB 3,124,082 thousand in the previous year, reflecting a decline of approximately 43.1%[181]. Sales Breakdown - Domestic sales amounted to RMB 7,916.2 million, representing 64.3% of total sales, a decline of 28.6% from RMB 11,088.2 million in 2021[13]. - Overseas sales reached RMB 4,392.0 million, accounting for 35.7% of total sales, down 10.9% from RMB 4,930.1 million in the previous year[13]. - The Mars series (energy-saving injection molding machines) generated RMB 7,288.3 million in sales, a 33.4% decrease from RMB 10,944.0 million in 2021, representing 59.2% of total sales[15]. - The Jupiter series (two-plate injection molding machines) saw a sales increase of 20.9% to RMB 2,438.8 million, up from RMB 2,017.3 million in 2021, making up 19.8% of total sales[15]. Dividends - The board declared a second interim dividend of HKD 0.55 per share for 2022, compared to a total dividend of HKD 0.95 per share in 2021[12]. - The total interim dividend declared was HKD 0.55 per share[53]. - The company paid dividends amounting to RMB 1,233,292 thousand to shareholders during the year, compared to RMB 1,875,444 thousand in the previous year, a reduction of approximately 34.4%[181]. Strategic Initiatives - The company plans to focus on expanding its market presence and enhancing product development in response to the challenging economic environment[12]. - The company plans to accelerate overseas expansion and has acquired land in Serbia and Malaysia for future manufacturing bases[18]. - The company aims to enhance its management team and implement reforms in marketing, supply chain, and technology to adapt to new challenges[17]. ESG and Sustainability - The company received an upgraded ESG rating to BB from MSCI in January 2023, reflecting its commitment to sustainable development[20]. - In 2022, the total carbon emissions decreased by 28.1%, and energy usage decreased by 15.0%[58]. - The company established a three-tier ESG governance structure to oversee ESG strategy execution[57]. - The company emphasizes compliance with environmental laws and regulations, with a dedicated team monitoring compliance and conducting energy efficiency analyses[107]. Management and Governance - The board of directors consists of both executive and non-executive members, ensuring a balance of skills and experience crucial for the group's business development[65]. - The company has adopted a board diversity policy, aiming for gender equality within approximately ten years, currently comprising ten male members and one female member[77]. - The company has established appropriate insurance arrangements for legal actions against directors and senior management, with regular reviews to ensure adequate coverage[67]. - The company has implemented strict controls and confidentiality measures for handling and disclosing insider information[88]. Financial Position - As of December 31, 2022, the total cash and cash equivalents, time deposits, and restricted bank deposits amounted to RMB 3,590.8 million, RMB 3,100.5 million, and RMB 35.2 million respectively[31]. - The group reported a total of 1,596,000,000 shares issued as of December 31, 2022[53]. - The market capitalization as of December 31, 2022, was HKD 33,356,400,000[53]. - Total assets as of December 31, 2022, amounted to RMB 25,791,201 thousand, a decrease from RMB 26,153,315 thousand in 2021[173]. Employee Information - The group employed a total of 7,159 employees as of December 31, 2022, with a focus on competitive compensation plans[37]. - As of December 31, 2022, the company had 7,159 employees, with a gender ratio of approximately 1:8.23 (776 females and 6,383 males)[78]. - Employee age distribution showed that 32.94% were under 30 years old, 33.40% were between 30 and 40 years old, and 33.66% were over 40 years old, reflecting a diverse range of experience[78]. Audit and Compliance - The financial statements were audited by PwC, which has been the auditor since the company was listed in December 2006[155]. - The independent auditor's report indicates that the company is responsible for preparing true and fair consolidated financial statements in accordance with Hong Kong Financial Reporting Standards and the Companies Ordinance[168]. - The auditor's responsibility includes obtaining reasonable assurance that the consolidated financial statements are free from material misstatement due to fraud or error[169]. - The audit report was issued on March 20, 2023, by the auditing partner Kwan, Wai Cheung[171].

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佈之內容概不 負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公佈 全部或任何部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責 任。 HAITIAN INTERNATIONAL HOLDINGS LIMITED 海 天 國 際 控 股 有 限 公 司 （於開曼群島註冊成立的有限公司） 1882 （股份代號： ） 截 至 二 零 二 二 年 十 二 月 三 十 一 日 止 年 度 的 全 年 業 績 公 佈 摘要 二零二二年 二零二一年 變動 人民幣百萬元 人民幣百萬元 % 收入 12,308.2 16,018.3 -23.2 毛利 3,917.5 5,151.1 -23.9 經營利潤 2,632.4 3,596.7 -26.8 本公司股東應佔利潤 2,264.7 3,052.0 -25.8 每股基本盈利 （以每股人民幣列示） 1.42 1.91 -25.8 每股股息（以每股港元列示） 全年股息 0.55 0.95 ...