Financial Performance - The company's revenue decreased by 12.0% year-on-year, from approximately HKD 4,350,700,000 to approximately HKD 3,826,800,000[18] - The net loss attributable to ordinary shareholders was HKD 37,300,000 for the year[18] - EBITDA for the year was HKD 344,976,000, a decrease compared to previous years[6] - Gross profit margin for the year was 11.2%, down from 13.6% in the previous year[7] - Gross profit fell by 27.6% to approximately HKD 427,800,000, resulting in a gross margin decline from 13.6% in 2019 to 11.2% in 2020[30] - The company reported a loss attributable to ordinary shareholders of about HKD 37,300,000, compared to a profit of HKD 60,100,000 in 2019[30] - Overall sales revenue was approximately HKD 3,826,800,000, a decrease of about 12.0% from HKD 4,350,700,000 in 2019, primarily due to suppressed demand in the European and American markets[38] - Financing costs decreased by about 32.5% to approximately HKD 59,900,000, down from HKD 88,700,000 in 2019, due to reduced bank borrowings and interest rates[40] - The net loss attributable to ordinary shareholders was approximately HKD 37,300,000, compared to a profit of HKD 60,100,000 in 2019, mainly due to reduced fabric sales and increased raw material costs[45] Cash and Debt Management - Cash reserves at the end of the year reached HKD 885,600,000, with a debt-to-asset ratio improved to approximately 46.4%[20] - Total bank borrowings decreased by 19.2% from HKD 1,911,300,000 in 2019 to HKD 1,544,200,000 in 2020, while cash and deposits increased by 6.9% to HKD 885,600,000[34] - The net debt to equity ratio improved to approximately 46.4% from 50.7% in 2019, reflecting successful financial stability maintenance[46] Dividend and Capital Expenditure - The company did not recommend the payment of a final dividend for the year[21] - The group did not recommend a final dividend for the year, compared to a dividend of HKD 0.015 per share in 2019[49] - Capital expenditure for the group was approximately HKD 119,500,000, down from HKD 209,000,000 in 2019, with 86.8% allocated for purchasing plants and machinery[55] Market and Operational Challenges - The company faced significant challenges due to the COVID-19 pandemic, impacting sales and order volumes[18] - The textile export value for 2020 decreased by approximately 6.9% to about USD 49,680,400,000, while garment exports fell by 2.2% to about USD 117,883,900,000[29] - The company maintained a streamlined cost structure and flexible business model to navigate unpredictable events[20] - The company remains optimistic about gradual stabilization in the coming year, driven by increased summer orders and a recovering market[25] Strategic Plans and Investments - Production expansion investments in Cambodia and Vietnam were delayed as a cost-saving measure[20] - The company plans to cautiously resume capital expenditure for garment operations in Cambodia and a new textile production base in Vietnam[23] - The company plans to continue expanding into Southeast Asia and developing a vertically integrated supply chain to mitigate regional risks[37] - The company expects to establish a triangular strategic production area in Asia, including core fabric knitting facilities in Nansha and Enping, China[23] Governance and Compliance - The board consisted of eight directors, including five executive directors and three independent non-executive directors, ensuring a balance of skills and expertise[67] - The company has complied with listing rules, ensuring that independent non-executive directors constitute at least one-third of the board[74] - The company has established a governance framework to ensure smooth information flow within the board[72] - The company has a comprehensive approach to corporate governance, ensuring shareholder rights are protected and facilitating special meetings when requested[99] Shareholder Engagement - The company has established various communication channels with shareholders, including printed corporate communication documents and regular investor meetings[97] - The company has adopted a shareholder communication policy to encourage active communication with shareholders, which will be regularly reviewed by the board[100] - The company is actively engaging with shareholders to ensure their rights and interests are upheld[99] Audit and Financial Reporting - The external auditor, Ernst & Young, charged approximately HKD 4,000,000 for audit services and HKD 200,000 for non-audit services[87] - The audit committee held three meetings during the year, with all members attending 100% of the meetings[90] - The company is responsible for preparing true and fair consolidated financial statements in accordance with Hong Kong Financial Reporting Standards[186] - The auditor's report emphasizes the need for professional judgment and skepticism during the audit process to identify significant misstatements[191] Employment and Workforce - The group employed 4,644 staff in China, a decrease from 5,530 in 2019, while employment in Cambodia increased to 2,074 from 1,819[56] Risk Management - The risk management system is deemed effective, with no major issues identified that could adversely affect the company's financial condition or operations[95] - The board is responsible for maintaining an adequate risk management system and continuously monitors its design and effectiveness[94]

Financial Performance - Overall revenue decreased by 20.6% from HKD 2,028,300,000 to HKD 1,610,000,000 compared to the same period last year[10] - Gross profit fell by 54.3%, from HKD 311,200,000 to HKD 142,200,000, with a gross margin decline of 6.5 percentage points[10] - The company reported a loss attributable to ordinary shareholders of HKD 37,900,000, compared to a profit of HKD 44,500,000 in the same period last year[10] - Total sales revenue decreased by approximately 20.6% to about HKD 1,610,000,000 compared to HKD 2,028,300,000 for the same period last year[16] - Gross profit fell by approximately 54.3% to about HKD 142,200,000, with a gross profit margin decreasing to approximately 8.8% from 15.3%[17] - The company incurred a loss before tax of HKD 38,205,000 compared to a profit of HKD 52,036,000 in the prior year[66] - The net loss attributable to ordinary shareholders was HKD 37,862,000, compared to a profit of HKD 44,539,000 in the same period last year[66] - The total comprehensive loss for the period amounted to HKD 161,125,000, compared to a total comprehensive income of HKD 44,524,000 in the prior year[68] - The basic and diluted loss per share was HKD 0.044, compared to earnings per share of HKD 0.051 in the previous year[66] - The group reported a net loss of HKD 38,883 for the six months ended June 30, 2020, compared to a profit of HKD 44,524 in the same period of 2019[84] Revenue Breakdown - The fabric products segment generated revenue of HKD 1,466,914, while the garment products segment contributed HKD 143,051, indicating a significant drop in both segments compared to the previous year[84] - Revenue from external customers in mainland China was HKD 568,511, a slight decrease from HKD 576,207 in the previous year, while revenue from Hong Kong dropped significantly from HKD 304,634 to HKD 182,668[90] - The group's revenue for the six months ended June 30, 2020, was 1,467,812 thousand HKD, a decrease from 1,717,119 thousand HKD for the same period in 2019, representing a decline of approximately 14.5%[96] Cost Management - Administrative expenses decreased to approximately HKD 146,800,000 from HKD 163,000,000, attributed to strict budget control[20] - The total employee benefits expense decreased to 251,436 thousand HKD from 287,574 thousand HKD, a decline of approximately 12.6%[96] Financial Position - Current assets net value was approximately HKD 1,304,200,000, with a current ratio of about 2.3 times[25] - Total bank borrowings amounted to approximately HKD 1,663,200,000, down from HKD 1,911,300,000 at the end of the previous year[27] - The group’s total assets as of June 30, 2020, were HKD 4,164,386, compared to HKD 4,827,214 as of December 31, 2019, indicating a decrease in asset value[84] - The total equity as of June 30, 2020, was HKD 1,815,634, down 8.7% from HKD 1,989,808 at the end of 2019[71] - The company's cash and cash equivalents at the end of the period were HKD 619,117, a decrease of 20% from HKD 772,957 at the beginning of the period[74] Strategic Initiatives - The company has delayed expansion plans in Cambodia and Vietnam until the pandemic is under control[13] - The company aims to diversify its supply chain to ensure stable supply of quality raw materials[14] - The company plans to continue efforts to establish a stable foundation in Southeast Asia as a leading one-stop textile and garment solution provider[14] Government Support - Other income increased to approximately HKD 48,600,000, primarily due to government subsidies of about HKD 30,100,000 compared to HKD 2,300,000 last year[18] - The group received government subsidies amounting to HKD 30,066 during the reporting period, which contributed to other income[94] Employee and Governance - As of June 30, 2020, the group employed 4,894 staff in China, down from 5,530 as of December 31, 2019, while increasing staff in Cambodia to 2,004 from 1,819[40] - The company has established a mandatory provident fund scheme for all employees in Hong Kong, along with medical insurance coverage[40] - The company is committed to maintaining good corporate governance practices throughout the reporting period[61] Capital Expenditure - Capital expenditure investment was approximately HKD 64,800,000, with about 93.7% used for purchasing plants and machinery[33] - Capital expenditure for the group was HKD 64,771 for the six months ended June 30, 2020, down from HKD 97,967 in the same period of 2019, reflecting a reduction in investment[84] Risk Management - The group has implemented a prudent treasury policy to mitigate financial risks related to interest and exchange rate fluctuations[37] - The group regularly reviews its liquidity and financing needs to ensure financial stability[37] Other Information - The company did not declare any interim dividend for the period[29] - The group did not engage in any equity fundraising activities during the reporting period[39] - There were no significant acquisitions or disposals during the period[36] - The company has not disclosed any new product or technology developments in the provided content[41] - The group did not recognize any gains or losses upon the transfer of the endorsed notes during the reporting periods ending June 30, 2020, and June 30, 2019[116]

KAM HING INTERNATIONAL HOLDINGS LIMITED 錦 興 國 際 控 股 有 限 公 司 ( 於 関曼群島 註冊成立之有限公司 ) 股份代號：02307 MIX Paper from responsible sources FSC" C111999 目錄 2 公司資料 3 財務摘要及概要 5 主席報告 7 管理層討論及分析 13 企業管治報告 21 董事及高級管理層履歷 25 董事會報告 33 獨立核數師報告 經審核財務報表 38 綜合損益表 39 綜合全面收益表 40 綜合財務狀況表 42 綜合權益變動表 44 綜合現金流量表 46 財務報表附註 118 五年財務概要 ҲҲҲ░╚ФФФФФФФФФФФФФФФ 公司資料 Grand Cayman KY1-1111, Cayman Islands | --- | --- | |------------------------------------------|----------------------------------------| | | | | 董事會 | 香港總辦事處及主要營業地點 | | 執行董事 | 香港 | ...

Financial Performance - Total revenue for the first half of 2019 decreased by approximately 5.6% to HKD 2,028,300,000 from HKD 2,149,000,000 in the same period of 2018[8] - Gross profit for the same period was approximately HKD 311,200,000, a decrease of about 2.6% from HKD 319,500,000 in the previous year, with a slight increase in gross margin to 15.3% from 14.9%[15] - Profit attributable to ordinary shareholders decreased by 17.1% to HKD 44,500,000 compared to HKD 53,700,000 in the prior year[8] - Basic earnings per share for the period were HKD 0.051, down 17.7% from HKD 0.062 in the same period of 2018[8] - The company recorded a profit before tax of HKD 52,036, down 30.8% from HKD 75,331 in the previous year[56] - Net profit attributable to shareholders was HKD 44,524, representing a decrease of 17% compared to HKD 53,657 in the prior year[56] - The group reported a profit before tax of HKD 287,574,000, compared to HKD 282,759,000 for the same period in 2018, reflecting a slight increase of 0.29%[110] - Total tax expense for the period was HKD 7,512,000, significantly lower than HKD 21,674,000 in the previous year, indicating a decrease of approximately 65.3%[112] Market Contribution - The United States remained the largest end market, accounting for 60.7% of total revenue, despite indirect impacts from ongoing trade tensions[10] - The Chinese market contributed 24.3% to total revenue, with stable demand particularly in the high-end women's and children's clothing sectors[10] - The fabric business and garment business accounted for 91.8% and 8.2% of total revenue, respectively[10] Operational Developments - The company plans to build a new factory in Cambodia to enhance production capacity and design capabilities, expected to be completed in 2020[10] - Due to uncertainties in the global economy, the company has decided to postpone residential property development in Enping, China, to focus on core business operations[12] - The company aims to leverage its production efficiency and innovation to maintain its leadership position amid increasing competition and market challenges[12] Financial Position - As of June 30, 2019, the group's current assets net value was approximately HKD 581,700,000, down from HKD 657,500,000 at the end of 2018[19] - Total bank and other borrowings amounted to approximately HKD 1,862,100,000, a decrease from HKD 2,003,600,000 at the end of 2018, with a net debt to equity ratio of approximately 52.2%[20] - Total assets as of June 30, 2019, were HKD 4,630,454, a decrease from HKD 4,706,515 as of December 31, 2018[60] - The company's net asset value increased to HKD 1,970,308 from HKD 1,938,856 at the end of the previous year[62] - The group’s liabilities totaled HKD 2,660,836 as of June 30, 2019, down from HKD 3,029,741 at the end of 2018, representing a decrease of approximately 12.2%[100] Cash Flow and Investments - The net cash flow from operating activities for the six months ended June 30, 2019, was HKD 133,783,000, a significant improvement from a net cash outflow of HKD 207,887,000 in the same period of 2018[67] - The net cash flow used in investing activities was HKD (63,784,000) for the six months ended June 30, 2019, compared to HKD (122,815,000) in the prior year, indicating a reduction in cash outflow[67] - The financing activities resulted in a net cash outflow of HKD (140,243,000) for the six months ended June 30, 2019, compared to a net inflow of HKD 478,635,000 in the same period of 2018[67] Shareholder Information - As of June 30, 2019, the total equity held by Mr. Dai Jin Chun is 336,600,000 shares, representing approximately 38.69% of the company's issued share capital[38] - Mr. Dai Jin Wen holds 99,000,000 shares, accounting for approximately 11.38% of the company's issued share capital[38] - The company has adopted a share option scheme that allows for the issuance of up to 86,991,900 shares, which is 10% of the company's share capital at the time of approval[43] - The company must obtain shareholder approval for any share options exceeding 1% of the issued shares within any twelve-month period[43] Corporate Governance - The company continues to focus on maintaining good corporate governance practices to enhance shareholder value[51] - The board did not recommend any interim dividend for the period, consistent with the previous year[23] - The group had no significant contingent liabilities as of June 30, 2019, consistent with the previous year[28] Accounting Changes - The company adopted the new Hong Kong Financial Reporting Standard 16, which affects the accounting treatment of leases, effective January 1, 2019[73] - The adoption of HKFRS 16 resulted in an increase of lease liabilities by HKD 47,080,000 as of January 1, 2019[81] - Right-of-use assets increased by HKD 168,465,000, while prepaid land lease payments decreased by HKD 118,135,000[80] - The company has opted for exemptions for low-value asset leases and short-term leases under HKFRS 16[81]

Financial Performance - Total revenue for the year ended December 31, 2018, was HKD 4,650,958,000, representing a year-on-year increase of 10.9%[9] - EBITDA for the same period was HKD 494,174,000, showing a growth of 7.1% compared to the previous year[9] - Profit attributable to equity holders was HKD 73,182,000, slightly down from HKD 62,835,000 in 2017[9] - The gross profit margin for 2018 was 12.5%, a slight increase from 12.3% in 2017[10] - The overall revenue increased by 10.9% year-on-year, from HKD 4,192,900,000 in 2017 to HKD 4,651,000,000 in 2018[32] - Gross profit rose by 12.3%, from HKD 517,000,000 in 2017 to HKD 580,700,000 in 2018, with a gross margin increase of 0.2 percentage points to 12.5%[32] - The company achieved a profit attributable to ordinary shareholders of HKD 72,800,000, a growth of 12.7% compared to HKD 64,600,000 in 2017[32] - The net profit for the year was HKD 70,294, up 11.5% from HKD 62,914 in 2017[187] - Basic earnings per share for the year was HKD 0.084, compared to HKD 0.074 in the previous year, reflecting a 13.5% increase[187] Market and Business Expansion - Revenue contribution from the domestic market in China grew by 53%, accounting for 27.0% of total revenue[19] - The garment business in Cambodia generated approximately HKD 205,600,000, contributing about 4.4% to total sales[20] - The company plans to expand its production facilities in Vietnam, renting 100,000 square meters of new land for textile production[22] - The company plans to establish a textile factory and warehouse complex on approximately 100,000 square meters of land in Vietnam, with construction expected to start in the second half of 2019[35] - The company aims to increase its market share in China, which is the second-largest market, with the adult clothing market projected to reach RMB 1,592 billion by 2019[24] - The company is focusing on high-end products and reputable customers in the Chinese market to capitalize on the consumption upgrade trend[24] Financial Position and Debt - The debt-to-equity ratio increased to 55.9% in 2018, up from 52.1% in 2017, indicating a rise in financial leverage[10] - Total bank and other borrowings amounted to approximately HKD 2,003,600,000, an increase from HKD 1,794,800,000 in the previous year[44] - The group’s current assets net value decreased to approximately HKD 657,500,000 from HKD 895,000,000, primarily due to reclassification of loan repayments[44] - The group’s cash and cash equivalents were approximately HKD 558,200,000, up from HKD 421,700,000 last year[44] - The group’s financing costs increased by about 20.1% to approximately HKD 71,700,000 due to rising borrowing rates and increased bank loans[41] Corporate Governance - The board proposed a final dividend of HKD 0.015 per share, consistent with the previous year[22] - The board consisted of nine directors, including five executive directors, as of December 31, 2018[65] - The board of directors held four meetings and one annual general meeting during the year ending December 31, 2018, with all executive directors attending 100% of the meetings[68] - The company has complied with listing rules regarding independent non-executive directors, with three such directors making up one-third of the board[72] - The company has established a framework for good corporate governance practices, ensuring smooth information flow within the board[76] - The company has established a risk management system that effectively monitors and controls various operational risks[95] Employee and Supplier Relations - The company maintains competitive compensation and career development opportunities for its employees[123] - The company emphasizes the importance of maintaining good relationships with employees, customers, and suppliers for stable development[122] - The company has developed long-term relationships with suppliers to maintain a stable supply of quality materials[123] Environmental Compliance - The company has adopted strict environmental protection measures to comply with current environmental laws and regulations[119] - There were no significant violations of relevant environmental laws that impacted the company's development and performance during the fiscal year[119] Shareholder Communication - The company has implemented a communication strategy with shareholders, including printed corporate communication documents and regular investor meetings[98] - The company allows shareholders holding at least 10% of the paid-up capital to request a special general meeting within two months of submission[99] - The company has adopted a shareholder communication policy to encourage active communication with shareholders[100] Audit and Financial Reporting - The audit report is intended solely for the shareholders of the company, with no responsibility to any other parties[180] - The company must assess its ability to continue as a going concern and disclose relevant matters accordingly[176] - The board of directors is responsible for preparing true and fair consolidated financial statements in accordance with applicable accounting standards[176] Miscellaneous - The company made charitable donations totaling HKD 1,811,000 during the year[131] - The company has not engaged in any related party transactions that require disclosure under the listing rules[157] - The company has purchased directors' liability insurance to provide appropriate protection for its directors[150]