宏观热点 证监会：推动出台上市公司监督管理条例，加大对组织指使造假、资金占用等违法行为的打击力度 国家发展改革委、国务院国资委、中国证监会、全国工商联有关负责同志就《关于完善中国特色现代企 业制度的意见》（以下简称《意见》）相关情况答记者问。 问：《意见》强调，要发挥资本市场对完善公司治理的推动作用，请问中国证监会在这方面开展了哪些 工作，取得了怎样的效果？下一步还有哪些考虑？ 答：上市公司是经济高质量发展的重要微观基础，是探索完善中国特色现代企业制度的重要力量。资本 市场公开透明，强化约束和激励，要求上市公司具备健全且运行良好的组织机构，形成各司其职、有效 制衡的公司治理结构，在推动企业完善公司治理、健全内控和规范经营，培育现代企业制度等方面发挥 了重大作用。 中国证监会一直高度重视上市公司的公司治理监管。下一步，中国证监会将贯彻落实《意见》有关要 求，不断完善上市公司治理规则，推动出台上市公司监督管理条例，加大对组织指使造假、资金占用等 违法行为的打击力度，进一步发挥独立董事作用，鼓励机构投资者积极行使股东权利，激发公司治理内 生动力，促进上市公司健全中国特色现代企业制度，持续提升公司治理水平。 国务院国 ...

Financial Performance - The company's revenue for 2024 increased by 3.9% to RMB 11,940.4 million compared to RMB 11,490.5 million in 2023[9]. - Gross profit decreased by 0.3% to RMB 2,194.3 million, resulting in a gross margin of 18.4%, down from 19.2% in the previous year[9][12]. - Net profit attributable to the company's owners fell by 40.1% to RMB 269.0 million, with basic earnings per share dropping by 47.4% to RMB 14.23[9][12]. - Total assets increased by 8.0% to RMB 22,381.5 million, while total liabilities rose by 10.3% to RMB 13,695.3 million[9]. - The company's net asset value increased by 4.7% to RMB 8,686.2 million, while equity attributable to owners rose by 5.9% to RMB 6,467.7 million[9]. - The group's revenue increased by RMB 449.9 million or 3.9% to RMB 11,940.4 million in 2024, compared to RMB 11,490.5 million in 2023, driven by higher domestic and overseas market demand and sales volume[27]. - Gross profit decreased by RMB 6.2 million or 0.3% to RMB 2,194.3 million, with a gross margin of 18.4%, down 0.8 percentage points from the previous year[18]. - Net profit for the year decreased by RMB 249.6 million or 39.2% to RMB 387.8 million, down from RMB 637.4 million in 2023[41]. Market and Business Strategy - The company plans to focus on the growing demand for new energy vehicles, which saw production and sales surpassing 12 million units, growing by 34.4% and 35.5% respectively[13]. - The company plans to expand into Southeast Asia, India, Europe, and the United States to meet increasing domestic market demand[16]. - The management anticipates continued domestic tire demand growth supported by government policies promoting consumption upgrades[14]. - The company will adopt a cautious approach towards overseas market developments due to ongoing uncertainties and trade barriers[14]. - The company aims to maintain steady development and strengthen its leading position in the industry to provide long-term returns to shareholders[16]. - The company plans to optimize global production capacity and continue investing in the research and development of green products to align with the industry's trend towards sustainability[66]. Research and Development - Research and development expenses increased by RMB 61.5 million or 36.0% to RMB 232.2 million, reflecting the company's commitment to developing new products to meet diverse customer needs[37]. - The company developed 16 new types of radial tire steel cord and 7 new types of bead wire and other steel wires during the year[25]. Dividends and Shareholder Returns - The company did not declare any final dividend for the year ending December 31, 2024, compared to a dividend of HKD 0.13 per share in 2023[12]. - The company declared a final dividend of HKD 0.13 per share for the year ended December 31, 2023[81]. - A special dividend of HKD 0.15 per share was proposed, totaling approximately HKD 288 million based on 1,920,125,199 shares issued[84]. - The company did not recommend a final dividend for the fiscal year ended December 31, 2024[83]. Employee and Management Information - The total employee cost, including directors' remuneration, was RMB 1,236,900,000 for the year ending December 31, 2024, up from RMB 1,085,200,000 in 2023[60]. - The company’s workforce consisted of approximately 8,600 full-time employees as of December 31, 2024, down from 8,700 in 2023[60]. - The company’s employee contributions to the union amounted to RMB 19,700,000 for the year ending December 31, 2024, compared to RMB 19,100,000 in 2023[60]. Corporate Governance - The company has committed to maintaining high standards of corporate governance, including transparency, accountability, and independence[174]. - The board consists of eight members, including five executive directors and three independent non-executive directors[177]. - The company has established mechanisms to ensure the independence of the board, including the appointment of at least three independent non-executive directors, with one possessing appropriate professional qualifications in accounting or financial management[186]. - The independent non-executive directors have confirmed their independence as per listing rules[179]. - The company has established six committees under the board, including the audit committee, which is solely composed of independent non-executive directors to enhance independence[193]. Financial Position and Capital Management - Total borrowings increased by RMB 1,155.5 million or 17.4% to RMB 7,785.6 million, with fixed interest rates ranging from 0.57% to 3.50%[43]. - The company's distributable reserves as of December 31, 2024, amounted to approximately RMB 1,410,500,000, an increase from RMB 1,118,700,000 in 2023[129]. - The company raised approximately HKD 337,560,000 from the issuance of 257,680,000 new shares at a subscription price of HKD 1.31 per share[57]. - The net proceeds from the subscription will be used for general working capital, including production upgrades and employee costs, with specific allocations detailed[125]. Shareholder Information - As of December 31, 2024, the total number of issued shares of the company is 1,920,125,199 shares[146]. - The company's top five customers contributed approximately 29% of total revenue, with the largest customer accounting for about 7%[166]. - The top five suppliers accounted for approximately 90% of total procurement, with the largest supplier representing about 46%[166]. - The company has not engaged in any significant contracts with its subsidiaries during the review year[138]. Risk Management - The company maintains a cautious outlook on the short-term development of the industry due to international complexities, high global inflation, and rising trade barriers[65]. - The company's investment strategy has been optimized in response to increased international trade risks and intensified industry competition[50].

Financial Performance - Total revenue for the year ended December 31, 2024, was RMB 11,940.4 million, representing a 3.9% increase from RMB 11,490.5 million in 2023[4] - Net profit attributable to shareholders was RMB 269.0 million, a decline of 40.1% compared to RMB 449.4 million in 2023[4] - Basic earnings per share fell to RMB 14.23, down 47.4% from RMB 27.07 in the prior year[4] - Total comprehensive income for the year was RMB 405.8 million, down from RMB 646.9 million in the previous year[6] - Total revenue for the year ended December 31, 2024, was CNY 11,940,423, an increase from RMB 11,490,471 in 2023, representing a growth of approximately 3.9%[18] - The company's profit attributable to shareholders for the year ended December 31, 2024, is RMB 269,045,000, compared to RMB 449,401,000 for the year ended December 31, 2023, indicating a decrease in profitability[35] - The basic and diluted earnings per share for the year ended December 31, 2024, is 13.0 HK cents, down from 15.0 HK cents in 2023[35] - The company's net profit decreased by RMB 249.6 million or 39.2% to RMB 387.8 million, compared to RMB 637.4 million in 2023[68] Revenue Breakdown - Revenue from truck radial tire steel cord was RMB 6,705,213,000, while passenger car radial tire steel cord revenue increased to RMB 3,538,542,000, showing a year-on-year growth of 12.8%[18] - Revenue from China reached CNY 8,070,924, up 3.4% from CNY 7,806,020 in the previous year[25] - Total sales volume increased by 9.3% to 1,428,000 tons, with sales of radial tire steel cord rising by 9.7% to 1,144,100 tons, accounting for 80.1% of total sales[51][52] - The domestic sales volume of radial tire steel cord rose by 7.6% to 817,400 tons, supported by growth in the new energy vehicle market[52] - The overseas sales volume of radial tire steel cord increased by 15.3% to 326,700 tons, driven by sustained demand from overseas tire manufacturers[52] Expenses and Costs - Gross profit margin decreased to 18.4%, down 0.8 percentage points from 19.2% in the previous year[4] - Research and development expenses increased to RMB 232.2 million, up from RMB 170.7 million in 2023[5] - Financing costs decreased to CNY 220,707 from CNY 251,647, a reduction of 12.3%[28] - Employee costs, including directors' remuneration, amounted to RMB 1,236,900,000 for the year ending December 31, 2024, compared to RMB 1,085,200,000 in 2023, representing an increase of about 14%[84] Assets and Liabilities - Non-current assets rose to RMB 9,980.8 million, compared to RMB 9,132.0 million in 2023[7] - Inventory increased significantly to RMB 1,423.2 million, up from RMB 903.6 million in the previous year[7] - Total equity attributable to shareholders increased to RMB 6,467.7 million from RMB 6,104.9 million in 2023[8] - The total debt increased by RMB 1,155.5 million or 17.4% to RMB 7,785.6 million, with fixed interest rates ranging from 0.57% to 3.50%[70] - The current assets increased by RMB 813.0 million or 7.0% to RMB 12,400.8 million, while current liabilities rose by RMB 825.7 million or 7.1% to RMB 12,393.9 million[71] Dividends - The company did not declare a final dividend for the year, compared to a dividend of HKD 0.13 per share in the previous year[4] - The board has not recommended any final dividend for the year ending December 31, 2024, but has approved a special dividend of HKD 0.15 per share, totaling approximately HKD 288,019,000 (equivalent to about RMB 265,136,000)[91] Corporate Governance - The company has committed to maintaining high standards of corporate governance, including transparency and accountability, despite some non-compliance with listing rules regarding independent non-executive directors[95][96] - The company has established an audit committee, a remuneration and management development committee, and a nomination committee to comply with corporate governance codes after the resignation of the executive director and financial director on May 28, 2024[97] - The audit committee has reviewed the accounting principles and practices used by the group and discussed audit and financial reporting matters for the year ending December 31, 2024[100] Future Outlook - The company will optimize its global production capacity and continue to invest in the research and development of green products to align with the industry's trend towards sustainability[90] - In 2024, the Chinese government continues to focus on boosting consumption and expanding domestic demand, which is expected to drive growth in the semi-steel tire and high-performance steel cord market[89] - The company anticipates that the penetration rate of new energy vehicles will increase demand for semi-steel tires and high-performance steel cords, despite challenges such as raw material price fluctuations and overcapacity[89]

Financial Performance - For the six months ended June 30, 2024, the company reported revenue of RMB 6,165.7 million, an increase of 13.8% compared to RMB 5,418.1 million in the same period of 2023[15]. - Gross profit rose by 17.7% to RMB 1,208.7 million, with a gross margin of 19.6%, up from 19.0% in the previous year[15]. - EBITDA for the period was RMB 871.3 million, reflecting a growth of 7.3% from RMB 811.9 million in the prior year[15]. - The net profit attributable to the company's owners was RMB 192.2 million, a slight increase of 0.1% from RMB 192.0 million in the same period last year[15]. - Basic earnings per share decreased to RMB 10.31 from RMB 11.57, representing a decline of 10.9%[15]. - The group's net profit decreased by RMB 12.2 million or 4.1% to RMB 283.3 million for the six months ended June 30, 2024[31]. - The company reported a net profit of RMB 283,310 for the six months ended June 30, 2024, compared to RMB 295,500 for the same period in 2023, reflecting a decrease of 4.1%[96]. Assets and Liabilities - Total assets increased by 7.7% to RMB 22,310.2 million, while total liabilities rose by 10.9% to RMB 13,773.3 million[15]. - The company's net asset value grew by 2.9% to RMB 8,536.9 million, with equity attributable to owners increasing by 4.2% to RMB 6,359.1 million[15]. - Cash and cash equivalents increased by RMB 524.8 million or 91.9% to RMB 1,095.6 million, primarily due to cash generated from financing activities[33]. - The group's borrowings increased by RMB 635.4 million or 9.6% to RMB 7,265.5 million, with fixed interest rates ranging from 1.60% to 3.90%[33]. - The total number of issued shares increased to 1,920,125,000 as of June 30, 2024, from 1,662,445,000 as of December 31, 2023, reflecting a growth of 15.5%[152]. Market and Sales Performance - In the first half of 2024, total sales volume increased by 22.0% to 724,900 tons, with sales of radial tire steel cord rising by 22.7% to 578,600 tons, accounting for 79.8% of total sales[19]. - The sales volume of truck radial tire steel cord increased by 20.9% to 332,600 tons, driven by stable economic growth and increased logistics activities in China[20]. - Revenue for radial tire steel cord reached RMB 5,272.0 million, reflecting a 13.5% increase compared to RMB 4,644.1 million in the previous year[23]. - The sales volume of passenger car radial tire steel cord rose by 25.3% to 246,000 tons, driven by increased demand in both domestic and export markets[20]. - Revenue from China, the operating country, was RMB 4,220,613, up 17.5% from RMB 3,591,968 in 2023[117]. Research and Development - Research and development expenses rose by RMB 62.9 million or 69.0% to RMB 154.1 million, attributed to an increase in the number of new product development projects[28]. - The company developed 19 new types of radial tire steel cord and 24 new types of tire bead wire and other steel wires during the reporting period[21]. Employee and Management - The total employee cost, including directors' remuneration, was RMB 603,700,000 for the six months ended June 30, 2024, compared to RMB 492,200,000 for the same period in 2023[42]. - The company employed approximately 9,200 full-time employees as of June 30, 2024, an increase from approximately 8,700 employees as of December 31, 2023[42]. - The total short-term benefits for key management personnel increased to RMB 22,077 for the six months ended June 30, 2024, compared to RMB 15,201 in 2023, marking an increase of about 45.5%[159]. Corporate Governance - The company has established an executive committee to oversee daily management and resource allocation, following the resignation of a board member in April 2024[71]. - The company has committed to maintaining high standards of corporate governance, including transparency and accountability, despite some deviations from the corporate governance code[71]. - The board currently consists of six executive directors and two independent non-executive directors, with a recent appointment made to comply with listing rules[71]. Dividends and Shareholder Information - The company did not declare an interim dividend for the six months ended June 30, 2024[16]. - The board of directors does not recommend the distribution of an interim dividend for the six months ending June 30, 2024[49]. - The company declared dividends amounting to RMB 226,207 thousand during the reporting period[100]. Economic Outlook - The Chinese economy showed stable growth with a GDP increase of 5.0%, and logistics demand is recovering steadily, with a 5.8% year-on-year growth in total social logistics[16]. - The company anticipates positive growth in the tire industry driven by government policies aimed at upgrading manufacturing technology and reducing logistics costs[16]. - In the first half of 2024, the company anticipates challenges due to the complexity of the international environment, but the Chinese economy is expected to show strong resilience, particularly in the development of advantageous industries like new energy vehicles, which may drive demand for semi-steel radial tire steel cord[46]. Financial Management - Financing costs decreased by RMB 21.2 million or 17.0% to RMB 103.4 million, mainly due to a decline in the effective interest rate on floating-rate borrowings[29]. - The company reported a net cash outflow from investing activities of RMB 402,288,000 for the six months ended June 30, 2024, compared to RMB 700,466,000 in the same period of 2023[104]. - New borrowings amounted to RMB 5,328,977,000, an increase from RMB 3,314,417,000 in the previous year, indicating a strategy to enhance liquidity[104]. Risk Management - The group has implemented financial risk management policies to ensure all payables are settled within the credit period[145]. - The average credit period allowed to trade customers is 120 days, which may impact cash flow management[138].

Financial Performance - Revenue for the six months ended June 30, 2024, increased by 13.8% to RMB 6,165.7 million compared to RMB 5,418.1 million in the same period of 2023[2] - Gross profit rose by 17.7% to RMB 1,208.7 million, with a gross margin of 19.6%, up from 19.0% in the previous year[2] - EBITDA for the period was RMB 871.3 million, reflecting a growth of 7.3% from RMB 811.9 million in the prior year[2] - Basic earnings per share (EPS) remained stable at RMB 10.31, while diluted EPS decreased by 10.9% to RMB 10.24[5] - Total comprehensive income attributable to owners of the company was RMB 173.9 million, down from RMB 193.6 million in the same period last year[5] - The net profit attributable to the company's owners for the six months ended June 30, 2024, was RMB 192,159,000, slightly up from RMB 192,042,000 in the same period of 2023[24] Cash Flow and Investments - For the six months ended June 30, 2024, the net cash generated from operating activities was RMB 371,683,000, a decrease of 72% compared to RMB 1,324,360,000 for the same period in 2023[8] - The net cash used in investing activities was RMB (402,288,000), a decrease of 43% compared to RMB (700,466,000) in the same period of 2023[8] - The net cash generated from financing activities was RMB 557,919,000, compared to a net cash used of RMB (302,577,000) in the same period of 2023[8] - Cash and cash equivalents increased by RMB 524,800,000 or 91.9% to RMB 1,095,600,000, driven by cash generated from financing activities of RMB 557,900,000[51] Assets and Liabilities - Non-current assets as of June 30, 2024, amounted to RMB 10,095.2 million, up from RMB 9,132.0 million at the end of 2023[6] - Current assets increased to RMB 1,325.1 million, compared to RMB 903.6 million at the end of 2023[6] - Total liabilities increased to RMB 11,749.3 million from RMB 11,568.2 million at the end of 2023[7] - The company's net asset value rose to RMB 8,536.9 million, compared to RMB 8,298.9 million at the end of 2023[7] - The current ratio remained stable at 1.0 times, with current assets increasing by RMB 627,200,000 or 5.4% to RMB 12,215,000,000[51] - The debt-to-asset ratio was 32.6% as of June 30, 2024, compared to 32.0% as of December 31, 2023[51] Research and Development - Research and development expenses increased significantly to RMB 154.1 million, compared to RMB 91.2 million in the previous year[4] - The company developed 19 new types of radial tire steel cord and 24 new types of tire bead wire and other steel wires during the review period[37] Sales and Market Performance - The sales of truck radial tire steel cord increased to RMB 2,935,628,000, up 8% from RMB 2,712,444,000 year-over-year[13] - The sales of passenger car radial tire steel cord surged to RMB 2,336,419,000, a significant increase of 21% from RMB 1,931,631,000 in the previous year[13] - Total sales volume increased by 22.0% year-on-year to 724,900 tons in the first half of 2024, with sales of radial tire steel cord rising by 22.7% to 578,600 tons, accounting for 79.8% of total sales[33] - The sales volume of truck radial tire steel cord rose by 20.9% to 332,600 tons, driven by stable economic growth and increased logistics activities in China[34] - The revenue from external customers in China was RMB 4,220,613,000, an increase of 17% from RMB 3,591,968,000 in the previous year[16] Expenses and Costs - The company's employee costs, including salaries and benefits, increased to RMB 603,654,000 for the six months ended June 30, 2024, up from RMB 492,213,000 in the same period of 2023, representing a rise of 22.6%[22] - Distribution and selling expenses increased by RMB 136.9 million or 37.3% to RMB 504.4 million, primarily due to rising shipping costs[43] - Financing costs decreased by RMB 21,200,000 or 17.0% to RMB 103,400,000, primarily due to a decline in the effective interest rate on floating-rate borrowings[48] - Income tax expenses increased by RMB 26,700,000 or 40.0% to RMB 93,400,000, with an effective tax rate of 24.8%[49] Corporate Governance and Compliance - The company emphasizes the importance of corporate governance and is committed to maintaining high standards of transparency and accountability[64] - The company is actively seeking suitable candidates to fill vacancies on the board to comply with listing rules regarding independent non-executive directors[65] - The company has confirmed compliance with the standard code of conduct for securities trading by all directors for the six months ending June 30, 2024[66] - The audit committee, along with external auditors and management, reviewed the accounting principles and practices for the interim results for the six months ending June 30, 2024[67] Future Outlook - The company plans to maintain a cautious outlook on the sales volume of all-steel radial tire steel cord for the second half of 2024 due to increased inventory levels and a slight decline in domestic logistics market activity[63] - The company will focus on enhancing domestic demand and promoting consumption, particularly in the advantageous industries such as new energy vehicles, which are expected to drive demand for radial tire steel cord[63] - The company anticipates continued growth in the tire industry driven by favorable government policies and increasing demand for new energy vehicles[31]

Share Rewards and Vesting - For the fiscal year ending December 31, 2023, no rewards were vested[5] - Due to the resignation of two directors, 2,892,000 shares of rewards were reclaimed during the fiscal year[5] - As of December 31, 2023, the total unvested rewards for directors amounted to 6,275,000 shares[3] - The total unvested rewards for other participants amounted to 2,475,000 shares as of December 31, 2023[3] Share Fair Value - The fair value of shares granted on August 22, 2019, was HKD 1.41 per share[4] - The fair value of shares granted on November 30, 2021, was HKD 1.11 per share[4] Share Closing Prices - The closing price of shares on August 21, 2019, was HKD 2.03 per share[4] - The closing price of shares on November 29, 2021, was HKD 1.64 per share[4] Company Information - The company reported no changes to other information in the annual report for 2023[5] - The board of directors includes Liu Jinlan, Liu Xiang, Hang Youming, Wang Jin, and Wang Yuni[6]

Financial Performance - Revenue for 2023 reached RMB 11,490.5 million, an increase of 6.3% compared to RMB 10,812.0 million in 2022[7] - Gross profit decreased to RMB 2,200.5 million, down 3.2% from RMB 2,273.5 million in the previous year[7] - EBITDA for 2023 was RMB 1,611.7 million, reflecting a growth of 5.9% from RMB 1,521.6 million in 2022[7] - Net profit attributable to the company’s owners increased by 29.0% to RMB 449.4 million, compared to RMB 348.4 million in 2022[7] - Basic earnings per share rose to RMB 27.07, up 29.0% from RMB 20.99 in the previous year[7] - The company's revenue for the year ended December 31, 2023, increased by 6.3% year-on-year to RMB 11.49 billion, compared to RMB 10.81 billion in 2022[10] - Gross profit decreased by 3.2% to RMB 2.20 billion, with a gross margin decline of 1.8 percentage points to 19.2% from 21.0% in the previous year[10] - Profit attributable to shareholders rose by 29.0% to RMB 449.4 million, up from RMB 348.4 million in 2022[10] Assets and Liabilities - Total assets decreased by 1.4% to RMB 20,719.9 million from RMB 21,010.0 million in 2022[7] - Total liabilities reduced by 5.1% to RMB 12,421.0 million, down from RMB 13,086.2 million in the previous year[7] - Net asset value increased by 4.7% to RMB 8,298.9 million, compared to RMB 7,923.8 million in 2022[7] - The company maintained a current ratio of 1.00, consistent with the previous year[7] - The debt-to-equity ratio improved to 99.3%, down from 103.5% in 2022[7] Market and Sales Performance - Total sales volume increased by 23.8% to 1,306,100 tons, with sales of radial tire steel cord rising by 24.9% to 1,043,000 tons, accounting for 79.9% of total sales[12] - The company plans to expand its presence in overseas markets, including Europe, Southeast Asia, and India, in response to growing domestic demand[9] - In 2023, China's tire exports reached 616 million units, a year-on-year increase of 11.8%, with export value exceeding RMB 150 billion, up 19.5%[8] - The domestic market for tires is expected to continue growing, supported by government policies aimed at stimulating consumption and investment[11] Production and Operations - The overall plant utilization rate increased to 96.3% in 2023 from 84.7% in 2022, reflecting a recovery in the domestic radial tire market[14] - The company developed 37 new types of radial tire steel cord and 23 new types of tire bead wire and other steel wire during the year[14] - The logistics industry showed positive trends, with increased demand for tires driven by a recovery in economic activities and supportive government measures[11] Employee and Compensation - The company employed approximately 8,700 full-time employees as of December 31, 2023, an increase from about 7,400 employees in 2022[39] - Employee costs, including directors' remuneration, amounted to RMB 1,085,200,000 for the year ended December 31, 2023, compared to RMB 905,800,000 in 2022[39] Corporate Governance - The board consists of eight members, including six executive directors and two independent non-executive directors, with a commitment to high standards of corporate governance[105] - The company has established a compensation committee to recommend remuneration policies for directors and senior management, considering factors such as market rates and performance[100] - The independent non-executive directors have confirmed their independence in accordance with listing rules, ensuring compliance with governance standards[105] Environmental, Social, and Governance (ESG) Initiatives - The company aims to reduce environmental impact throughout the product lifecycle by 2025[158] - The board is responsible for overseeing ESG management and ensuring effective governance[160] - The company has established a Sustainable Development Committee to drive ESG initiatives[159] - Key ESG issues identified include climate change response and community development[165] Legal and Compliance - The company has maintained compliance with all relevant laws and regulations in China, Thailand, and Hong Kong for the fiscal year ending December 31, 2023[55] - The company is currently facing legal actions related to the termination of the joint action agreement by certain parties[86] Future Outlook and Strategic Plans - The company remains optimistic about the development of the radial tire steel cord industry, supported by increased logistics demand and financing for major projects in 2024[42] - The company plans to enhance product quality and R&D innovation capabilities, aiming to improve product competitiveness and promote deep integration of industrialization and information technology[42] - The company will actively expand into European, American, Indian, and Southeast Asian markets while leveraging domestic market potential[42]

Financial Performance - Revenue for the year ended December 31, 2023, was RMB 11,490.5 million, representing a 6.3% increase from RMB 10,812.0 million in 2022[3] - EBITDA for the year was RMB 1,611.7 million, an increase of 5.9% compared to RMB 1,521.6 million in 2022[3] - Net profit attributable to owners of the company was RMB 449.4 million, a significant increase of 29.0% from RMB 348.4 million in the prior year[3] - Basic earnings per share rose to RMB 27.07, up 29.0% from RMB 20.99 in 2022[3] - Total comprehensive income for the year was RMB 646.98 million, compared to RMB 577.37 million in 2022, reflecting an increase of 12.0%[6] - The company reported a net profit attributable to shareholders of RMB 449,401,000 for the year ended December 31, 2023, representing a year-on-year increase of 28.9% from RMB 348,391,000[33] - Net profit increased by RMB 79,200,000 or 14.2% to RMB 637,400,000[61] Dividends - Proposed final dividend per share is HKD 0.13, a decrease of 13.3% from HKD 0.15 in the previous year[3] - The proposed final dividend per share for the year ended December 31, 2023, is 13.0 HKD cents, totaling approximately RMB 226,207,000, compared to 15.0 HKD cents and RMB 222,752,000 for the previous year[32] - The board proposed a final dividend of HKD 0.13 per share (approximately RMB 0.118) for the year ending December 31, 2023, subject to shareholder approval[74] Assets and Liabilities - Non-current assets as of December 31, 2023, amounted to RMB 9,132.03 million, a slight decrease from RMB 9,365.98 million in 2022[7] - Current liabilities decreased to RMB 11,568.19 million from RMB 11,624.17 million in the previous year[7] - Total equity increased to RMB 8,298.89 million, up from RMB 7,923.78 million in 2022[7] - The total equity attributable to the company's owners increased to RMB 6,104,923,000, up from RMB 5,864,514,000, representing a growth of approximately 4.1% year-over-year[8] - The company's income tax expense for the year ended December 31, 2023, was RMB 132,238,000, compared to RMB 175,082,000 for the year ended December 31, 2022, reflecting a decrease of approximately 24.5%[28] Market Performance - Revenue from the Chinese market was RMB 7,806,020, up from RMB 6,939,808 in 2022, indicating strong domestic demand[24] - The company is focused on expanding its market presence in Jiangsu Province, China, where it primarily operates[9] - The company remains optimistic about the development of the radial tire steel cord industry, supported by a recovering domestic economy and increasing logistics demand[73] Operational Highlights - Sales of truck radial tire steel cord reached RMB 5,574,784, up from RMB 5,209,375, while passenger car radial tire steel cord sales increased to RMB 4,305,964 from RMB 4,056,017[19] - In 2023, the company achieved a total sales volume of 1,306,100 tons, representing a year-on-year increase of 23.8%[45] - The production capacity for radial tire steel cord increased to 1,074,000 tons, with an overall plant utilization rate rising to 96.3%[47] - The sales volume of truck radial tire steel cord increased by 25.0% to 587,700 tons, reflecting the recovery of logistics activities in China[45] - The sales volume of passenger car radial tire steel cord rose by 24.9% to 455,300 tons, driven by increased domestic demand[45] Expenses and Costs - The total employee costs for the year ended December 31, 2023, amounted to RMB 1,012,412,000, an increase of 20.1% from RMB 836,119,000 in the previous year[31] - Distribution and selling expenses decreased by RMB 264,600,000 or 24.9% to RMB 796,400,000, mainly due to a decline in shipping costs[56] - Administrative expenses increased by RMB 4,800,000 or 1.1% to RMB 457,000,000, primarily due to higher consulting and professional fees in 2023[57] - R&D expenses increased by RMB 1,500,000 or 0.9% to RMB 170,700,000, as the company invested more resources in developing new products[58] Corporate Governance - The company has maintained high standards of corporate governance, adhering to the principles and code provisions of the corporate governance code[78] - The audit committee reviewed the group's accounting principles and practices, and the consolidated financial statements for the year ended December 31, 2023, received an unqualified opinion from Deloitte[80] - The consolidated financial position and results for the year ended December 31, 2023, have been verified by the group's auditors, ensuring consistency with the audited financial statements[81] Future Outlook - The company plans to enhance product quality and R&D capabilities while expanding into markets in Europe, the United States, India, and Southeast Asia[73] - The company aims to lead industry development in 2024 by providing higher-end quality products and supporting the transformation of the rubber industry[73]

智通财经APP讯，兴达国际(01899)发布公告，于2024年1月30日，公司(作为发行人)与三名认购人订立 三份认购协议，认购人已有条件同意认购及公司已有条件同意以每股认购股份1.31港元的认购价配发及 发行合共约2.58亿股认购股份。 假设公司已发行股本于本公告日期至完成日期期间并无发生任何变动，认购股份相当于本公告日期公司 现有已发行股本的约15.5%;及经配发及发行认购股份扩大的公司已发行股本的约13.42%。 认购价为每股认购股份1.31港元，其较于2024年1月30日在联交所所报的收市价每股1.63港元折让约 19.63%;及于紧接认购协议日期前五个连续交易日在联交所所报的平均收市价每股1.592港元折让约 17.71%。 假设认购股份获全数认购，认购事项的所得款项总额预期约为3.38亿港元。认购事项经扣除开支后的估 计所得款项净额将为约3.37亿港元，相当于每股认购股份的净价约1.308港元。所得款项目前拟用作集团 的一般营运资金。 据悉，各认购人均为主要从事投资控股的公司，三名认购人为金宇轮胎(香港)有限公司、HAOHUA TIRE CO., LIMITED、长征香港控股有限公司，分别认购1. ...

Financial Performance - For the six months ended June 30, 2023, the company reported revenue of RMB 5,418.1 million, a decrease of 2.2% compared to RMB 5,539.6 million in the same period of 2022[6]. - Gross profit for the same period was RMB 1,027.3 million, down 11.4% from RMB 1,159.8 million, resulting in a gross margin of 19.0%, a decline of 1.9 percentage points year-on-year[6][7]. - EBITDA increased by 12.6% to RMB 811.9 million, compared to RMB 721.1 million in the previous year[6]. - Profit attributable to the company's owners rose by 16.5% to RMB 192.0 million, up from RMB 164.8 million in the prior year[6][7]. - Basic earnings per share increased to RMB 11.57, a rise of 16.5% from RMB 9.93 in the same period last year[6]. - The group's net profit for the six months ended June 30, 2023, increased by RMB 37,000,000 or 14.3% to RMB 295,500,000 compared to RMB 258,500,000 in the same period of 2022[24]. - The company reported a total comprehensive income of RMB 256,424 thousand for the six months ended June 30, 2023, compared to RMB 297,978 thousand for the same period in 2022, indicating a decrease of 13.9%[73]. Assets and Liabilities - Total assets as of June 30, 2023, were RMB 21,331.9 million, reflecting a 1.5% increase from RMB 21,010.0 million at the end of 2022[6]. - Total liabilities increased by 2.3% to RMB 13,381.8 million from RMB 13,086.2 million[6]. - The group's current assets rose by RMB 864,800,000 or 7.4% to RMB 12,508,800,000 as of June 30, 2023, while current liabilities increased by RMB 865,400,000 or 7.4% to RMB 12,489,600,000[25]. - The group's asset-liability ratio was 32.2% as of June 30, 2023, compared to 32.8% on December 31, 2022[25]. - The group's borrowings as of June 30, 2023, amounted to RMB 6,876,000,000, a slight decrease of RMB 15,800,000 or 0.2% from RMB 6,891,800,000 on December 31, 2022[25]. Cash Flow and Investments - Net cash generated from operating activities for the six months ended June 30, 2023, was RMB 1,324,360,000, compared to RMB 599,619,000 for the same period in 2022, representing a significant increase[77]. - The net cash used in investing activities was RMB 700,466,000 for the first half of 2023, compared to RMB 601,621,000 in the prior year, indicating increased investment outflows[77]. - New borrowings amounted to RMB 3,314,417,000 in the first half of 2023, while repayments totaled RMB 3,331,892,000, reflecting a net cash outflow from financing activities of RMB 302,577,000[77]. - The company reported a government grant related to assets of RMB 22,917,000 for the first half of 2023, compared to RMB 34,991,000 in the same period last year[77]. Production and Sales - The domestic production of radial tires in China reached approximately 312 million units in the first half of 2023, representing a growth of 14.7% year-on-year[7]. - Total sales volume increased by 12.7% year-on-year to 594,300 tons, with sales of radial tire steel cord rising by 14.2% to 471,600 tons, accounting for 79.3% of total sales[8]. - Sales of truck radial tire steel cord rose by 14.1% to 275,200 tons, while sales of passenger car radial tire steel cord increased by 14.3% to 196,400 tons[9]. - The company's annual production capacity for radial tire steel cord grew to 999,000 tons, with a utilization rate of 93.3%, up from 84.8% in the same period last year[10]. Expenses and Costs - Other income decreased by RMB 42 million or 37.0% to RMB 71.6 million, mainly due to a lack of income from the sale of other materials[14]. - Distribution and selling expenses decreased by RMB 165.9 million or 31.1% to RMB 367.5 million, primarily due to lower shipping costs[17]. - Research and development expenses decreased by RMB 1.2 million or 1.3% to RMB 91.2 million, as fewer resources were allocated to new product development[21]. - Financing costs increased by RMB 7.7 million or 6.6% to RMB 124.6 million, mainly due to a rise in average bank loan balances[22]. - The total employee costs increased to RMB 463,082,000, compared to RMB 451,075,000 in the previous year, marking a 2.3% rise[100]. Shareholder Information - As of June 30, 2023, the company’s directors and key executives held a total of 851,582,457 shares, representing 51.22% of the issued share capital[36]. - The total number of issued shares of the company as of June 30, 2023, is 1,662,445,199 shares[40]. - The company has established a consensus voting agreement among key shareholders to ensure unified voting on matters presented at shareholder meetings[37]. - The company has not declared an interim dividend for the six months ended June 30, 2023[35]. Corporate Governance - The company has adopted corporate governance practices in line with the listing rules, except for the separation of the roles of chairman and CEO[52]. - All directors have confirmed compliance with the standard code of conduct for securities trading as of June 30, 2023[53]. - The company has committed to maintaining high standards of corporate governance, including transparency and accountability[52]. Future Outlook and Strategy - The company plans to enhance product quality and develop more diversified high-end products to contribute to the transformation and high-quality development of the rubber industry during the 14th Five-Year Plan period[34]. - The company aims to leverage the recovery in the automotive market to boost demand for radial tire steel cord[34]. - The company will closely monitor national policies and global economic developments to adjust strategic deployments in response to pandemic changes, ensuring stable growth in production and sales for the year[34].