合丰集团(02320)发布截至2025年6月30日止六个月的中期业绩，收益6913.4万港元，同比减少35.88%;股 东应占亏损3840.6万港元，同比收窄12.07%;每股基本亏损4.7港仙。 ...

格隆汇8月22日丨合丰集团(02320.HK)公告，截至2025年6月30日止6个月，收益6910万港元，同比减幅 达35.9%，源于客户订单减少及竞争激烈。销售成本的下降由于公司减少了箱板纸采购。2025年上半年 录得期间亏损3840万港元，而2024年上半年录得期间亏损4370万港元。董事不建议派付截至2025年6月 30日止6个月中期股息(截至2024年6月30日止6个月：无)。 目前，集团持续与地方政府协调办理燃煤锅炉许可证年检手续。同时，集团正在按地方政府的环保政策 与地方政府进行协调燃煤锅炉改燃气锅炉项目及预期在完成相关协调后恢复生产。为确保集团下游瓦楞 包装业务的稳定供应，集团向第三方供应商采购箱板纸。由2022年开始无上游业务的对外收入。 于2025年上半年，由于客户订单的减少，集团的收入下跌了35.9%。环球经济的不景气及市场的激烈的 竞争令瓦楞包装行业面临较大压力。自2021年10月起，集团上游箱板纸业务暂时停产。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責， 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告全部或任何 部份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。 （於開曼群島註冊成立的有限公司） 股份代號：2320 截至二零二五年六月三十日止六個月之 中期業績公告 | 財務摘要 | | | | | --- | --- | --- | --- | | 截至六月三十日止六個月 | | | | | 二零二五年 | | 二零二四年 | 變動 | | 百萬港元 | | 百萬港元 | | | 收益 | 69.1 | 107.8 | -35.9% | | 息稅折舊攤銷前盈利* | (14.7) | (16.9) | -13.0% | | 期間虧損 | (38.4) | (43.7) | -12.1% | | 於 | | 於 | | | 二零二五年 | | 二零二四年 | | | 六月三十日 | | 十二月三十一日 | 變動 | | 資產負債比率 | 13.0 | 12.7% | 0.3個百分點 | | 淨資產負債比率** | 10.0 | 8.0% | 2.0個百分點 | | ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任 何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （於開曼群島註冊成立的有限公司） 股份代號：2320 有關二零二四年年報之補充公告 謹此提述(a)合豐集團控股有限公司日期為二零二三年五月十九日之通函（「該通 函」），內容有關（其中包括）採納新購股權計劃（「二零二三年計劃」）；及(b)本公司 截至二零二四年十二月三十一日止年度之年報（「二零二四年年報」）。 本公司謹此就二零二四年年報中所披露之二零二三年計劃補充以下附加資料。 除文義另有所指外，於本公告內所採用之詞彙與該通函及二零二四年年報內所 界定者具有相同涵義。 倘根據二零二三年計劃向董事（不包括獨立非執行董事）或最高行政人員或彼等各 自的任何聯繫人授予購股權，將會導致於截至12個月止期間（包括有關授出日期） 已授予及將授予的所有購股權（包括已行使、已註銷及尚未行使購股權，但不包 括根據該計劃條款失效的任何購股權及獎勵）於行使時已發行及將予發行的股份 合計超過已發行股份的0.1%，有關授予的購股權必 ...

格隆汇8月8日丨合丰集团(02320.HK)宣布，谨定于2025年8月22日举行董事会会议，以考虑及通过集团 截至2025年6月30日止六个月未经审核的中期业绩报告及派发中期股息（如有），以及处理其他事项。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任 何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 董事會召開日期 合豐集團控股有限公司（「本公司」及其附屬公司「本集團」）董事會（「董事會」）茲 通告謹定於二零二五年八月二十二日舉行董事會會議，以考慮及通過本集團截至 二零二五年六月三十日止六個月未經審核之中期業績報告及派發中期股息（如有）， 以及處理其他事項。 承董事會命 合豐集團控股有限公司 公司秘書 陳偉民 香港，二零二五年八月八日 許玉玲 獨立非執行董事： （於開曼群島註冊成立的有限公司） 股份代號：2320 於本公告日期，本公司董事為： 執行董事： 許森平 許森泰 曹思維 黃珠亮 周淑明 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02320 | 說明 | | 普通股 | | | | | | | | 已發行股份（不包括庫存股份）數目 | | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | | 817,644,000 | | 0 | | 817,644,000 | | 增加 / 減少 (-) | | | | 0 | | 0 | | | | 本月底結存 | | | | 817,644,000 | | 0 | | 817,644,000 | 公司名稱: 合豐集團控股有限公司 呈交日期: 2025年8月6 ...

Financial Performance - In 2024, the Group's revenue from corrugated packaging decreased by 5.7% year-on-year, with a 1.5% increase in the first half followed by a 12% decrease in the second half compared to the respective periods in 2023[23]. - The Group recorded a loss in 2024, although it was an alleviated loss compared to 2023, attributed to decreased procurement costs, reduced impairment losses, lower depreciation expenses, and a decrease in staff numbers[13]. - The Group recorded revenue of HK$211.5 million in 2024, a decrease of HK$12.9 million (5.7%) from HK$224.4 million in 2023 due to a reduction in customer orders[28][34]. - Cost of sales decreased from HK$210.4 million in 2023 to HK$193.7 million in 2024, primarily due to reduced overseas containerboard procurement and lower domestic containerboard prices[29][34]. - Gross profit increased from HK$13.9 million in 2023 to HK$17.8 million in 2024, with the gross profit margin rising from 6.2% to 8.4%[29][34]. - Other income fell from HK$6.7 million in 2023 to HK$2.7 million in 2024, mainly due to a decline in bank interest and service income[30][34]. - The Group recorded a loss of HK$95.2 million in 2024, an improvement of HK$5.6 million compared to a loss of HK$100.8 million in 2023, with the net loss margin increasing from 44.9% to 45.0%[38][43]. - As of December 31, 2024, the Group's bank balances and cash were HK$33.6 million, down from HK$47.3 million in 2023, while bank borrowings increased from HK$72.8 million to HK$92.4 million[39][44]. - The Group's net borrowings level rose to HK$58.2 million as of December 31, 2024, compared to HK$25.6 million in 2023, with a gearing ratio of 12.7%[40][44]. - Capital expenditures for property, plant, and equipment in China were HK$2.1 million in 2024, significantly lower than HK$8.5 million in 2023[41][45]. - Debtors, creditors, and inventory turnover improved to approximately 53 days, 43 days, and 33 days respectively in 2024, compared to 62 days, 52 days, and 46 days in 2023[42][45]. Business Environment - The business environment for the corrugated packaging industry is expected to remain challenging due to geopolitical tensions and sluggish demand in the post-pandemic era[19]. - The corrugated packaging industry is expected to face a challenging business environment due to rising manufacturing costs and weakening market demand[47]. - The Group anticipates that the upstream business will resume operations after transitioning from coal-fuel to gas-fuel boilers, enhancing competitive advantage through vertical integration[47]. - The growth of e-commerce is projected to increase the demand for corrugated packaging materials for safe and efficient product shipping[48]. Operational Strategies - The Group continues to purchase containerboard from third-party suppliers to ensure a stable supply for its downstream corrugated packaging business[24]. - Key strategies include enhancing pricing power, increasing sales volume, improving production efficiency, and reducing energy usage and raw material wastage[49]. - The Group's management emphasizes good capital management to enhance operational efficiency and cope with market volatility for long-term sustainable development[19]. Legal and Tax Matters - The Group has not made provisions for certain tax payments due to ongoing appeals, with management believing it is probable to succeed in these appeals[60]. - The independent auditor's report includes a qualified opinion regarding uncertainties related to tax payment assessments[56]. - The Group's management considers that uncertainties concerning tax obligations could be resolved by a court decision expected before December 31, 2025[63]. - The Company is awaiting a final decision from the Mainland China courts regarding tax liabilities, expected in 2025, which may resolve current audit issues[70]. - The Group's PRC legal advisor indicated that the State Administration of Taxation no longer has the right to appeal, leading to the removal of contingent liabilities related to the "Tax Matter Notice" this year[71]. - The Company filed a retrial application on August 10, 2023, against a judgment from July 5, 2023, regarding value-added tax invoices, which has been accepted for retrial by the Guangdong Higher People's Court[86][90]. - The Audit Committee has reviewed the management's position on audit issues and agreed that no provision should be made unless an irrevocable decision is reached by the courts[68]. - The auditor's view is that audit modifications can be removed if a final decision is made by the courts in 2025 and relevant provisions are recorded in the financial statements[77]. - The management believes that the audit issues will be resolved similarly to previous years, following effective action plans[71][78]. Corporate Governance - The Company has adopted the Corporate Governance Code as the basis for its governance practices[131]. - The Company has established a corporate governance framework based on the CG Code to enhance oversight on business conduct[132]. - The Company complied with all code provisions of the CG Code for the year ended December 31, 2024, except for provisions C.2.1, D.3.3, and E.1.2[133]. - The Company has a Code of Conduct for Directors' dealings in securities, which has been confirmed as complied with throughout the year[138]. - The Company has established policies and procedures to enhance the Board's ability to implement governance[132]. - The Company has confirmed that there are no financial, business, family, or other material relationships among the members of the Board[141]. - The Board comprises six Directors, including three Executive Directors and three Independent Non-executive Directors[140]. - The Company has established a Nomination Committee to identify suitable candidates for directorship, ensuring at least three independent non-executive directors represent one-third of the Board[145][149]. - The Board has reviewed the effectiveness of its mechanisms for ensuring independent views and considers them effective as of December 31, 2024[150]. - Each independent non-executive director has provided written annual confirmation of their independence in accordance with Listing Rules[154]. - The independent non-executive directors are appointed for a specific term of around two years, subject to renewal[155]. - The Board is responsible for leadership and control of the Company, overseeing strategic decisions and performance[157]. - The management is required to provide monthly updates to the Board on the Company's performance, position, and prospects[165]. - The Company has mechanisms in place to ensure compliance with internal control and risk management systems[158]. - The Chairman and Chief Executive Officer roles are held by Mr. Hui Sum Ping and Mr. Hui Sum Tai, respectively, with clear and distinctive responsibilities[147][148]. - The Company provided induction training and legal advice to newly appointed Directors to ensure understanding of business operations and responsibilities under Listing Rules[168]. - Continuous Professional Development (CPD) records for Directors included training sessions and relevant reading materials to keep them updated on regulatory developments[171]. - The Audit Committee held two meetings to review the interim and annual financial results for the year ended December 31, 2024, focusing on financial reporting and internal control systems[183]. - The Remuneration Committee met twice during the year to review the remuneration policy and structure for Directors, including the New Share Option Scheme[187]. - Directors' remuneration is determined based on their duties, responsibilities, performance, and the Group's results, with annual reviews conducted by the Remuneration Committee[188]. - The Company has established three Board committees: Audit Committee, Remuneration Committee, and Nomination Committee, each with defined terms of reference[174]. - The Audit Committee consists of three Independent Non-executive Directors, ensuring oversight of financial reporting and risk management[176]. - The Remuneration Committee is responsible for establishing transparent procedures for developing remuneration policies to prevent conflicts of interest[186]. - The Company provided e-learnings on updates related to Listing Rules for all Directors during the year ended December 31, 2024[170]. - The Company encourages all Directors to attend relevant external training courses at the Company's expense to enhance their skills[169]. - Senior management remuneration details for the year ended December 31, 2024, include 2 members earning between HK$0–HK$1,000,000, 1 member earning between HK$5,000,001–HK$5,500,000, and 1 member earning between HK$5,500,001–HK$6,000,000[197]. - The Nomination Committee consists of three Independent Non-executive Directors, with Mr. Tso Sze Wai serving as the chairman[198]. - The Nomination Committee's principal duties include reviewing Board composition and making recommendations on the appointment and succession planning of Directors[199]. - The Nomination Committee considers factors concerning Board diversity as outlined in the Company's Board Diversity Policy[200].

Financial Performance - The company's revenue decreased to approximately HKD 211,500,000, down about 5.7% compared to HKD 224,357,000 in 2023[2] - The loss attributable to the company's owners was approximately HKD 95,200,000, a decrease from HKD 100,800,000 in 2023, primarily due to reduced procurement costs and lower depreciation expenses[2][3] - The EBITDA loss (Earnings Before Interest, Taxes, Depreciation, and Amortization) was HKD 27,900,000, compared to a loss of HKD 25,300,000 in 2023[2] - The overall pre-tax loss for the group was HKD 93,914,000 in 2024, compared to a loss of HKD 100,461,000 in 2023, indicating a 6.1% improvement[14] - The group reported a segment loss of HKD 71,726,000 for the corrugated paper segment in 2024, an improvement from a loss of HKD 84,075,000 in 2023[14] - The company reported a net loss of HKD 95,200,000 in 2024, an improvement of HKD 5,600,000 compared to a net loss of HKD 100,800,000 in 2023, with a net loss margin increasing from 44.9% to 45.0%[40] Assets and Liabilities - The net cash position as of December 31, 2024, was a net borrowing of HKD 58,200,000, compared to HKD 25,600,000 in 2023[2] - Total assets less current liabilities amounted to HKD 825,060,000, down from HKD 871,680,000 in 2023[4] - The company's net assets decreased to HKD 727,963,000 from HKD 842,892,000 in 2023[4] - Cash and cash equivalents decreased to HKD 33,600,000 as of December 31, 2024, down from HKD 47,300,000 in 2023[41] - Total bank borrowings increased from HKD 72,800,000 in 2023 to HKD 92,400,000 in 2024, resulting in a net debt of HKD 58,200,000[41] - The current ratio improved to 1.12 in 2024 from 0.84 in 2023, primarily due to a decrease in short-term bank borrowings[42] Revenue and Profitability - The company reported a gross profit of HKD 17,765,000, an increase from HKD 13,928,000 in 2023[3] - Gross profit increased from HKD 13,900,000 in 2023 to HKD 17,800,000 in 2024, with the gross margin rising from 6.2% to 8.4%[38] - The group incurred a total cost of goods sold of HKD 193,755,000 in 2024, down from HKD 210,166,000 in 2023[18] Inventory and Receivables - Inventory decreased to HKD 13,098,000 from HKD 22,068,000 in 2023, indicating improved inventory management[4] - Trade receivables as of December 31, 2024, amounted to HKD 30,422,000, down from HKD 37,828,000 in 2023, reflecting a decrease of 19.6%[24] - The average aging of trade receivables was approximately 53 days in 2024, an improvement from 62 days in 2023[26] - Trade payables totaled HKD 22,703,000 as of December 31, 2024, down from HKD 27,483,000 in 2023, indicating a decrease of 17.4%[27] Tax Matters - The company received a tax decision requiring the payment of approximately RMB 109,142,000 (around HKD 127,057,000) due to irregularities in VAT invoices from six suppliers[29] - The company has contested the tax decision and is pursuing legal actions, including appeals and administrative reviews, with no final judgment made as of the reporting date[36] - The company has made partial payments of approximately RMB 20,297,000 (around HKD 23,628,000) related to unpaid taxes while seeking administrative review[32] - The company has completed tax guarantee procedures and is awaiting further developments regarding the tax matters as of the reporting date[34] - The group did not recognize any tax provisions for corporate income tax in China for both fiscal years due to the absence of taxable profits[16] Operational Challenges and Strategies - The company is facing a challenging operating environment in the corrugated packaging industry due to soaring manufacturing costs and weak market demand[37] - The company is committed to enhancing cost control management and efficiency improvements to mitigate operating losses in 2024[37] - The company anticipates challenges in the corrugated packaging industry due to rising production costs and weak market demand, but expects to benefit from increased demand for paper packaging as regulations on plastic packaging tighten in China[43] - The company plans to focus on pricing power, increasing sales volume, improving production efficiency, and reducing energy use and material waste as key strategies to enhance overall performance[43] Employment and Corporate Governance - As of December 31, 2024, the company employed approximately 229 full-time staff, down from 246 in 2023, and offers competitive compensation packages[44] - The audit committee held one meeting with the company's auditor to discuss matters arising from the audit of the annual performance[52] - The independent auditor's report indicates that the consolidated financial statements fairly reflect the group's financial position as of December 31, 2024, in accordance with Hong Kong Financial Reporting Standards[53] - There is significant uncertainty regarding the company's ability to continue as a going concern due to substantial contingent liabilities related to tax payments[55] - The remuneration committee only reviewed and made recommendations regarding the compensation of directors, not senior management[52] - The company has not appointed its auditor to review the interim financial information, leading to a single annual meeting with the auditor[52] - The chairman and/or CEO handle the compensation of senior management, ensuring an objective review based on performance[52] Shareholder Information - Over 25% of the company's issued shares were held by public shareholders as of December 31, 2024[56] - The annual report for the year ended December 31, 2024, will be published in April 2025 on the company's website and the Hong Kong Stock Exchange[57] - The company expressed gratitude to shareholders and business partners for their support during the year[58]

HOP FUNG GROUP 合豐集團控股有限公司 HOP FUNG GROUP HOLDINGS LIMITED (Incorporated in the Cayman Islands with firsted liability) ( 於 國 是 群 島 註 音 成 立 之 有 際 公 司 ) | --- | --- | --- | --- | |----------------------------|-------|-------|-------| | | | | | | | | | | | Stock Code 股份代號 : 2320 | | | | | | | | | | 2024 | | | | | Interim Report 中期報告 | | | | CONTENTS 目錄 12 NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 簡明綜合財務報表附註 39 MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析 43 DISCLOSURE OF INTERESTS 權益披露 54 OTHER IN ...