Financial Performance - The company reported a significant increase in revenue, achieving a total of $500 million for the fiscal year, representing a 20% growth compared to the previous year[1]. - For the year ended December 31, 2023, the Group recorded revenue of HK$2,709 million, an increase of 9.3% compared to 2022[43]. - The Group's gross profit for the year was HK$399 million, with a gross profit margin of 14.7%, down from 17.5% in 2022, representing a decrease of 2.8%[43]. - The Group incurred a loss of HK$55.3 million during the current year, attributed to high inflation affecting raw material, labor, and energy costs[43]. - The Group's revenue from technical services for the year was HK$199.8 million, slightly up from HK$195.1 million in 2022[61]. - For the year ended December 31, 2023, the Group recorded revenue of HK$2,509.0 million from the manufacturing and sale of suspension products, an increase of 9.9% compared to HK$2,283.3 million in 2022[64]. - Gross profit for the year was HK$398.7 million, with a gross margin of 14.7%, down from HK$434.1 million and 17.5% in the previous year, primarily due to increased costs from inflation in Poland and the Czech Republic[65]. - The Group reported net other losses of HK$15.7 million for the year, compared to net gains of HK$22.5 million in 2022, mainly due to exchange losses[73]. - The net income tax benefit for the year was HK$32.2 million, compared to a net expense of HK$15.1 million in 2022, largely due to tax refunds from BWI Poland and double tax deduction benefits for R&D expenses[79]. - For the year ended December 31, 2023, the loss attributable to owners of the Company was approximately HK$55.3 million, compared to a loss of HK$4.9 million in 2022[84][87]. Market Expansion and Strategy - The company provided guidance for the next fiscal year, projecting revenue growth of 25% to $625 million[1]. - The company is expanding its market presence in Southeast Asia, targeting a 10% market share within the next two years[1]. - A strategic acquisition of a local competitor was completed, valued at $100 million, aimed at enhancing product offerings and market reach[1]. - The Group plans to expand its product offerings by engaging in the automotive braking products business at its Czech Republic plant[45]. - The Group aims to strengthen cooperation with European automobile manufacturers to enhance sales revenue and manage supply-chain risks effectively[49]. Research and Development - Research and development expenses increased by 30%, totaling $30 million, focusing on innovative automotive technologies[1]. - Research and development expenses rose by 16.1% to HK$275.5 million, compared to HK$237.4 million in 2022, driven by higher salaries for technical staff and new R&D initiatives in automotive braking products[68]. - The Group has accumulated extensive technical knowledge and expertise, focusing on research and development to capture more market opportunities[115]. Corporate Governance and Board Composition - Mr. Zheng Jianwei was appointed as an Executive Director in August 2023, bringing extensive experience in law and asset management[18]. - The company emphasizes the importance of experienced directors in guiding corporate governance and strategic decisions[23]. - The board's composition includes members with diverse backgrounds in law, finance, and corporate management, enhancing decision-making capabilities[27]. - The Company has complied with the corporate governance code as set out in the Listing Rules during the financial year ended December 31, 2023[129]. - The Board currently comprises six Directors, including three Executive Directors and three Independent Non-executive Directors[130]. - The Company aims to provide at least 14 days' notice for regular Board meetings and three days for agenda distribution[141]. - The Company Secretary is responsible for taking minutes of Board meetings, ensuring detailed records of decisions and concerns raised by Directors[145]. - The Board meets at least four times a year, with additional meetings arranged as necessary[140]. Sustainability and Social Responsibility - The company aims to reduce carbon emissions by 25% over the next five years as part of its sustainability strategy[1]. - The Group has obtained all necessary permits under applicable environmental protection laws for its production facilities[102][106]. - The Group emphasizes employee health and safety, providing training and resources to mitigate occupational hazards[104][106]. Economic Environment - The geopolitical tensions in 2023, including the Russian-Ukrainian war and the Israeli-Palestinian conflict, have intensified, impacting economic uncertainties[41]. - High inflation in the United States is gradually alleviating, with interest rates likely having peaked, which may benefit enterprises in the European region[41]. - The COVID-19 pandemic is fading, leading to improved demand in the European automotive retail market, positively affecting the Group's business operations[41]. - The European automotive industry is expected to rebound post-pandemic, although short-term growth may be hindered by high inflation and interest rates[45]. Employee and Director Information - Mr. Xi Jianpeng was appointed as General Manager in October 2023, with an annual salary of HK$988,000[36]. - The Group's total employee cost for the year ended December 31, 2023, was HK$520.8 million, up from HK$442.5 million in 2022[120]. - The Group's employee count increased to approximately 2,200 in 2023, up from 2,070 in 2022[120]. - The Company is required to appoint at least one female Director by December 31, 2024, in compliance with new Listing Rules[164]. - All Independent Non-executive Directors have confirmed their independence according to listing rules[183]. Financial Position and Cash Flow - As of December 31, 2023, the Group maintained a cash position of HK$136 million with no bank loans[44]. - The net cash generated from operating activities for the year was HK$70.7 million, down from HK$114.0 million in 2022[90][96]. - The Group had no bank borrowings as of December 31, 2023, resulting in a gearing ratio of 0%[91][97].

Financial Performance - For the year ended December 31, 2023, total revenue reached HKD 42,708,861, an increase of 9.3% compared to HKD 42,478,380 in 2022[4] - Gross profit for 2023 was HKD 398,718, a decrease of 8.2% from HKD 434,092 in 2022[4] - The company reported a net loss of HKD 55,320 for 2023, compared to a loss of HKD 4,885 in 2022, indicating a significant decline in profitability[4] - Basic and diluted loss per share for 2023 was HKD 9.63, compared to HKD 0.85 in 2022, reflecting a deterioration in earnings per share[4] - The group's operating income before tax for 2023 was a loss of HKD 87,539,000, compared to a profit of HKD 10,171,000 in 2022[36] - The group reported a loss attributable to owners of approximately HKD 55.3 million for the year ended December 31, 2023, compared to a loss of HKD 4.9 million in 2022[69] Revenue Breakdown - In 2023, the company reported revenue of HKD 2,708,861,000, an increase of 9.3% from HKD 2,478,380,000 in 2022[22] - Sales of industrial products reached HKD 2,509,036,000 in 2023, up from HKD 2,283,267,000 in 2022, reflecting a growth of 9.9%[22] - The company’s technical service income was HKD 199,825,000 in 2023, slightly increasing from HKD 195,113,000 in 2022[22] - Revenue from Germany increased to HKD 723,242,000 in 2023 from HKD 597,648,000 in 2022, representing a growth of 21.0%[23] - The company’s major customers contributed over 10% of total revenue, with Customer A generating HKD 480,532,000 in 2023, up from HKD 439,346,000 in 2022[26] Expenses and Costs - Research and development expenses increased to HKD 275,546, up 15.9% from HKD 237,437 in the previous year[4] - The group’s employee benefits expenses, including salaries and wages, increased to HKD 520,757,000 in 2023, up from HKD 442,545,000 in 2022, marking a 17.67% increase[32] - Administrative expenses increased by 11.4% to HKD 172.2 million for the year ended December 31, 2023, up from HKD 154.5 million in 2022, driven by increased hiring and salary adjustments[60] - Sales and distribution expenses decreased by 22.7% to HKD 38.9 million for the year ended December 31, 2023, compared to HKD 50.4 million in 2022, mainly due to reduced special freight costs[59] - The total financial costs for 2023 were HKD 12,032,000, down 20.06% from HKD 15,054,000 in 2022[33] Assets and Liabilities - Total assets decreased to HKD 1,264,094 in 2023 from HKD 1,312,965 in 2022, reflecting a reduction in overall asset base[8] - Current liabilities rose to HKD 688,225, an increase from HKD 623,623 in 2022, indicating a growing short-term financial obligation[8] - Trade receivables from third parties increased to HKD 348,872,000 in 2023 from HKD 342,705,000 in 2022, with a net impairment of HKD 4,834,000[39] - Trade payables to third parties rose to HKD 362,667,000 in 2023, compared to HKD 322,777,000 in 2022, reflecting a 12.36% increase[44] - The group’s total liabilities increased, with trade payables to related parties rising to HKD 133,833,000 in 2023 from HKD 97,549,000 in 2022[45] Cash Flow and Liquidity - The company’s cash and cash equivalents increased to HKD 135,964, up from HKD 122,780 in the previous year, showing improved liquidity[8] - The group recorded a net cash inflow from operating activities of HKD 70.7 million for the year ended December 31, 2023, compared to HKD 114.0 million in 2022[70] - As of December 31, 2023, the group had no bank borrowings, maintaining an asset-liability ratio of 0%[71] - The group confirmed a tax credit of HKD 21.6 million for the year due to double tax deduction benefits on qualifying R&D expenses[67] Foreign Exchange and Other Income - The foreign exchange difference from overseas operations contributed HKD 71,794 to other comprehensive income in 2023, compared to a loss of HKD 55,159 in 2022[6] - The net loss from foreign exchange differences was HKD (26,411,000) in 2023, compared to a gain of HKD 17,008,000 in 2022[31] - Other income, including bank interest and government grants, totaled HKD 30,627,000 in 2023, compared to HKD 23,863,000 in 2022[29] - Other income rose by 28.3% to HKD 30.6 million for the year ended December 31, 2023, up from HKD 23.9 million in 2022, primarily due to increased profits from the sale of waste and prototypes[62] Strategic Outlook and Operations - The company plans to focus on expanding its market presence and enhancing its product offerings in the upcoming year[11] - The group’s future outlook remains positive with ongoing investments and strategic partnerships aimed at market expansion and technological advancements[12] - The operational performance in the Czech Republic is expected to improve due to increased orders following the closure of the UK factory, leading to economies of scale and enhanced production efficiency[57] - The group plans to expand its production of automotive braking products at its Czech facility, aiming to inject new momentum into its operations[82] - The group emphasizes continuous investment in R&D and engineering activities to maintain and enhance its competitive position in the industry[85] Corporate Governance and Acknowledgments - The board expressed gratitude to customers, suppliers, and shareholders for their ongoing support[92] - The management team and employees were commended for their hard work and collaboration over the past year[92] - The board is composed of key members including the chairman and several executive and independent directors[94]

Financial Performance - For the six months ended June 30, 2023, the company reported a revenue of $150 million, representing a 15% increase compared to the same period last year[16]. - The net profit for the same period was $30 million, which is a 20% increase year-over-year[16]. - Revenue for the six months ended June 30, 2023, increased to HK$1,430,720,000, up 10.9% from HK$1,290,252,000 in 2022[17]. - Profit for the period rose to HK$22,717,000, compared to HK$11,633,000 in 2022, representing a 95.3% increase[19]. - Total comprehensive income for the period was HK$70,364,000, compared to a loss of HK$29,485,000 in 2022[19]. - The profit for the period ended June 30, 2023, was HK$22,717,000, compared to HK$11,633,000 for the same period in 2022, indicating an increase of approximately 95%[30]. - The total comprehensive income for the period was HK$70,364,000, significantly higher than the total comprehensive loss of HK$29,485,000 reported for the same period in 2022[30]. Revenue Breakdown - Revenue from the sale of industrial products for the six months ended June 30, 2023, was HK$1,331,512,000, an increase of 12.1% compared to HK$1,187,013,000 in the same period of 2022[83]. - Technical service income for the same period was HK$99,208,000, a decrease of 3.0% from HK$103,239,000 in 2022[83]. - Revenue from the United Kingdom decreased to HK$350,454,000 in 2023 from HK$372,368,000 in 2022, a decline of 5.0%[88]. - Revenue from Germany increased significantly to HK$379,618,000 in 2023, up 19.5% from HK$317,573,000 in 2022[88]. - Revenue from the United States rose to HK$295,283,000, an increase of 5.0% compared to HK$280,435,000 in 2022[88]. User and Market Growth - User data showed a growth in active users by 25%, reaching a total of 1.5 million users[16]. - The company has provided a positive outlook for the next quarter, projecting a revenue growth of 10% to 12%[16]. - Market expansion plans include entering two new countries by the end of 2023, which is expected to increase market share by 5%[16]. Investments and R&D - The company is investing $5 million in R&D for new technologies aimed at enhancing product efficiency[16]. - Research and development costs for the six months ended June 30, 2023, were HK$141,671,000, compared to HK$122,573,000 in 2022, marking a 15.6% increase[102]. - Research and development (R&D) expenses saw an additional tax deduction of HK$14,305,000 in 2023, compared to HK$5,407,000 in 2022, reflecting a significant increase in R&D investment[116]. Financial Position - The company has maintained a strong cash flow position, with cash reserves of $50 million as of June 30, 2023[16]. - Non-current assets totaled HK$1,002,892,000 as of June 30, 2023, an increase from HK$964,596,000 at the end of 2022[21]. - Current assets increased to HK$1,106,434,000 from HK$971,992,000 at the end of 2022, reflecting a growth of 13.8%[21]. - Current liabilities rose to HK$705,564,000, up from HK$623,623,000 at the end of 2022, indicating a 13.2% increase[21]. - Net assets increased to HK$918,312,000 as of June 30, 2023, compared to HK$847,948,000 at the end of 2022[23]. Cash Flow and Expenses - Cash generated from operations for the six months ended June 30, 2023, was HK$9,001,000, a decrease from HK$44,975,000 in the prior year[34]. - The net cash flows generated from operating activities were HK$20,799,000 for the first half of 2023, compared to HK$42,601,000 for the same period in 2022, reflecting a decline of approximately 51%[34]. - The total interest paid decreased to HK$2,273,000 in 2023 from HK$3,131,000 in 2022, a decline of 27.4%[36]. - Employee benefit expenses, including wages and salaries, rose to HK$263,978,000 in 2023 from HK$231,986,000 in 2022, an increase of 13.8%[102]. Tax and Compliance - The tax credit for the period was HK$28,797,000, compared to a tax expense of HK$9,580,000 in 2022, indicating a significant change in tax position[113]. - The effective tax rate for the Group was impacted by various statutory rates in different countries, including 16.5% in Hong Kong and 29.8% in Germany[111]. - The Group did not have contracts within the scope of HKFRS 17, resulting in no impact on its financial position or performance[57]. Liabilities and Obligations - The total financial liabilities increased from HK$766,528,000 as of December 31, 2022, to HK$853,433,000 as of June 30, 2023, an increase of approximately 11.3%[188]. - The present value of unfunded obligations increased to HK$92,849,000 as of June 30, 2023, from HK$81,235,000 at the end of 2022, representing a growth of approximately 14.5%[155]. - The defined benefit obligations are based on actuarial valuations and cover substantially all qualified employees in Poland, France, and Germany, indicating a commitment to employee benefits[151]. Other Financial Metrics - The company reported a loss before tax of HK$6,080,000 for the six months ended June 30, 2023, compared to a profit before tax of HK$21,213,000 in the same period of 2022[34]. - The impairment loss allowance for trade receivables decreased to HK$2,713,000 as of June 30, 2023, from HK$2,882,000 at the end of 2022, reflecting a reduction of 5.9%[139]. - The total other payables and accruals amounted to HK$259,686,000 as of June 30, 2023, up from HK$240,368,000 at the end of 2022, reflecting an increase of 8.0%[150].

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。 京西重工國際有限公司 BEIJINGWEST INDUSTRIES INTERNATIONAL LIMITED （於開曼群島註冊成立之有限公司） （股份代號：2339） 截至二零二三年六月三十日止六個月之中期業績 中期業績 京西重工國際有限公司（「本公司」）之董事會（「董事會」）欣然宣佈本公司及其附屬 公司（「本集團」）截至二零二三年六月三十日止六個月之未經審核簡明綜合中期 業績。該等中期業績已經本公司審核委員會及核數師審閱。 中期簡明綜合損益表 截至二零二三年六月三十日止六個月 截至六月三十日止六個月 二零二三年 二零二二年 （未經審核）（未經審核） 附註 千港元 千港元 收益 3 1,430,720 1,290,252 銷售成本 (1,238,218) (1,070,341) 毛利 192,502 219,911 其他收入及收益淨額 4 28,713 18,009 銷售及分銷費用 (11,643) ...

Company Overview - The company reported a revenue of HK$2,136,000 for both financial years 2022 and 2023 for the Managing Director, Mr. Chen Zhouping[12]. - The company is listed under stock code 2339[4]. - The company’s principal place of business in Hong Kong is located at Harcourt House, Wanchai[4]. - The company’s registered office is located in Grand Cayman, Cayman Islands[4]. - The company’s auditor is Ernst & Young[4]. - The company has substantial shareholders including Zhangjiakou Financial Holding Group Co., Ltd., BeijingWest Smart Mobility Zhangjiakou Automotive Electronics Co., Ltd., and BeijingWest Industries Co., Ltd.[6]. Management and Governance - Mr. Dong Xiaojie was appointed as the Executive Director and Chairman of the Board in September 2022[6]. - The company has a service agreement with Mr. Dong that commenced on September 21, 2022, and ends on December 31, 2023[9]. - The company has an Executive Committee and various committees including Audit, Nomination, and Remuneration[3]. - The Board consists of six Directors, including two Executive Directors, one Non-executive Director, and three Independent Non-executive Directors, ensuring a balanced composition for effective independent judgment[110]. - The roles of Chairman and Managing Director are separated to enhance independence and accountability, with Mr. Dong Xiaojie as Chairman and Mr. Chen Zhouping as Managing Director[176]. - The company has implemented appropriate insurance to cover directors' and officers' liabilities, protecting them from risks associated with the Group's business[166]. Director Compensation - Mr. Chan's director's fee for both financial years 2022 and 2023 is HK$240,000 per annum, determined based on his experience and duties[26]. - Mr. Yip's director's fee for both financial years 2022 and 2023 is also HK$240,000 per annum, reflecting his experience and responsibilities[23]. - Mr. Tam's director's fee for the financial years 2022 and 2023 is HK$240,000 per annum, established with reference to his experience and market conditions[21]. - Mr. Li has voluntarily declined any director's fee since his appointment as a Director of the Company[16]. - The engagement letters for all directors commenced on January 1, 2023, for a term of three years[16][23][26]. - The director's fees for all mentioned directors were determined with reference to their experience and the prevailing market conditions[21][23][26]. Financial Performance - For the year ended December 31, 2022, the Group recorded revenue of HK$2,478 million, representing a decrease of 4.7% compared to 2021[31]. - The Group's gross profit was HK$434 million with a gross profit margin of 17.5%, an increase from HK$412 million and 15.8% in 2021[33]. - The Group recorded a net loss of HK$4.9 million for the year under review, a reduction in loss compared to previous periods[33]. - As of December 31, 2022, the Group had cash and cash equivalents amounting to HK$123 million, with all bank loans fully repaid[33]. - The loss attributable to owners of the Company was approximately HK$4.9 million for the year ended December 31, 2022, a reduction from HK$9.3 million in the previous year[64]. - The Group generated net cash from operating activities amounting to HK$114.0 million for the year ended December 31, 2022, compared to a net cash outflow of HK$66.1 million in the previous year[71]. Operational Changes - The closure of the UK Plant is planned to be completed by the end of June 2023, which is expected to save significant relocation costs and improve overall capacity utilization[34]. - The Group plans to transfer most of the UK Plant's orders and production lines to its facilities in Poland and the Czech Republic[34]. - The performance of the Polish plant improved significantly, contributing to the overall increase in gross profit and margin[33]. - The Group's plants in the UK, Poland, and the Czech Republic resumed normal operations in June 2020 after temporary suspensions due to the pandemic[47][52]. Market Challenges and Strategies - The Group is facing challenges in 2023 due to global inflation and interest rate hikes impacting the European automotive industry[34]. - The Group aims to strengthen cooperation with European automobile manufacturers to maintain and increase sales revenue[37]. - The Group is committed to lowering supply-chain risks and enhancing cost control management[37]. - The Group aims to maintain a reasonable gross profit margin despite pricing pressures and rising commodity prices, indicating confidence in sustainable long-term business development[102]. - The International Monetary Fund forecasts a GDP growth of only 0.7% for the eurozone in 2023, highlighting ongoing economic challenges for the Group[96]. Employee and Corporate Culture - The Group's total employee cost for the year ended December 31, 2022, was HK$442.5 million, with approximately 2,070 employees as of the same date[103]. - The company has established a defined benefit pension plan covering most eligible employees in Poland, France, and Germany, alongside a mandatory MPF scheme for employees in Hong Kong[105]. - The company aims to maintain a corporate culture based on high standards of business ethics and integrity, with measures for employee engagement and training[107]. - The company encourages Directors to participate in continuous professional development to enhance their knowledge and skills[169]. Corporate Governance - The company has complied with the Corporate Governance Code during the financial year ended December 31, 2022, enhancing accountability and transparency[109]. - The Board meets regularly, holding at least four meetings a year, with provisions for additional meetings as required[125]. - The Audit Committee comprises all Independent Non-executive Directors, ensuring independence in oversight[195]. - The Company is committed to ensuring compliance with legal and regulatory requirements as part of its corporate governance practices[186]. - The Company emphasizes continuous professional development for Directors and senior management as part of its governance strategy[186]. Board Diversity and Composition - The Company is required to appoint at least one female Director by December 31, 2024, in compliance with new Listing Rules[146]. - The Board Diversity Policy is posted on the Company's website, promoting transparency and accountability[146]. - The Nomination Committee evaluates candidates based on qualifications, skills, experience, and contributions to the Board, ensuring alignment with the Board Diversity Policy[152]. - The number of Independent Non-executive Directors represents not less than one-third of the Board, ensuring compliance with Listing Rules[160].

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。 京西重工國際有限公司 BEIJINGWEST INDUSTRIES INTERNATIONAL LIMITED （於開曼群島註冊成立之有限公司） （股份代號：2339） 截至二零二二年十二月三十一日止年度之全年業績 京西重工國際有限公司（「本公司」）之董事會（「董事會」）欣然宣佈本公司及其附屬 公司（「本集團」）截至二零二二年十二月三十一日止年度之綜合業績及截至二零 二一年十二月三十一日止年度之比較數字。該等全年業績已經本公司審核委員 會審閱。 綜合損益表 截至二零二二年十二月三十一日止年度 二零二二年 二零二一年 附註 千港元 千港元 收益 5 2,478,380 2,601,955 銷售成本 (2,044,288) (2,190,162) 毛利 434,092 411,793 其他收入及收益 5 46,346 40,948 銷售及分銷費用 (50,376) (16,927) 行政開支 (154,51 ...

Financial Performance - For the six months ended June 30, 2022, the earnings per share attributable to ordinary equity holders of the Company was HK$2.03, a decrease from HK$2.20 in the same period last year, representing a decline of approximately 7.73%[19] - The interim condensed consolidated statement of profit or loss indicates that the total revenue for the period was HK$11,633 million, compared to HK$12,658 million for the same period last year, reflecting a decrease of about 8.08%[19] - The Company reported a decrease in net profit attributable to owners of the Company, amounting to HK$11,633 million, down from HK$12,658 million, which is a decline of approximately 8.08%[19] - Profit before tax decreased to HK$21,213, down 18.4% from HK$26,040 in 2021[20] - Profit for the period was HK$11,633, a decline of 8.1% compared to HK$12,658 in 2021[23] - Total comprehensive loss for the period amounted to HK$29,485, contrasting with a comprehensive income of HK$13,695 in the previous year[23] - Revenue for the six months ended June 30, 2022, was HK$1,290,252, a decrease of 2.2% compared to HK$1,319,769 in 2021[20] - Gross profit remained stable at HK$219,911, slightly up from HK$219,838 in the previous year[20] Strategic Initiatives - The Company is committed to enhancing its market expansion strategies and exploring new product development opportunities to drive future growth[19] - The Company plans to focus on technological advancements and innovation in its product offerings to maintain competitive advantage in the market[19] - The management discussion highlighted the importance of strategic acquisitions to bolster the Company's market position and operational capabilities[19] - The Company aims to improve operational efficiency and cost management to mitigate the impact of market fluctuations on its financial performance[19] - Future outlook remains cautiously optimistic, with a focus on adapting to market changes and leveraging new business opportunities[19] - The Company continues to prioritize shareholder value through effective financial management and strategic growth initiatives[19] Assets and Liabilities - Non-current assets totaled HK$961,104 as of June 30, 2022, down from HK$1,075,063 at the end of 2021[25] - Current assets increased to HK$995,475 from HK$970,662 at the end of 2021[25] - Net current assets stood at HK$350,337, slightly up from HK$345,093 at the end of 2021[25] - Total equity attributable to owners of the company was HK$867,453, down from HK$896,938 at the end of 2021[27] - The company reported a decrease in inventories of HK$27,844,000, contrasting with an increase in trade receivables[37] - The total amount of inventories as of June 30, 2022, was HK$167,318,000, down from HK$195,938,000 at the end of 2021, reflecting a decrease of 14.6%[112] Revenue Breakdown - Revenue from industrial products for the six months ended June 30, 2022, was HK$1,187,013, a decrease of 4.8% from HK$1,246,534 in 2021[73] - Technical service income increased to HK$103,239 for the six months ended June 30, 2022, up 40.9% from HK$73,235 in 2021[73] - Revenue from the United Kingdom decreased to HK$372,368, down 32% from HK$547,913 in 2021[76] - Revenue from Germany increased to HK$317,573, up 19.1% from HK$266,543 in 2021[76] - Revenue from the United States increased to HK$280,435, up 45.5% from HK$192,705 in 2021[76] Compliance and Reporting - The independent review report concluded that the interim financial information is prepared in accordance with HKAS 34, ensuring compliance with relevant financial reporting standards[14] - The interim condensed consolidated financial information for the six months ended 30 June 2022 has been prepared in accordance with HKAS 34 Interim Financial Reporting[48] - The financial information is presented in Hong Kong Dollar (HK$) and all values are rounded to the nearest thousand[49] - The accounting policies adopted are consistent with those applied in the preparation of the Group's annual consolidated financial statements for the year ended 31 December 2021, with the adoption of revised HKFRSs for the current period[53] Operational Challenges - The ongoing COVID-19 pandemic continues to pose challenges to global economic recovery, affecting production and consumption[191] - The plant in the Czech Republic is still in its commencement stage and is currently at a loss position, with expectations for improvement as production volume ramps up[194] Management and Governance - The immediate holding company is BWI Company Limited, with the ultimate holding company being Shougang Group Co., Ltd.[43] - No significant events after the reporting period were disclosed as of the approval date of the interim condensed consolidated financial information[177] - The interim condensed consolidated financial information was approved for issue by the Directors on August 30, 2022[178]

Financial Performance - The company reported a revenue of HKD 2,136,000 for the fiscal year 2021, reflecting a stable performance compared to previous years[9] - For the fiscal year ending December 31, 2021, the company recorded revenue of HKD 2,601.96 million, an increase of 12.54% compared to the previous year[20] - For the year ended December 31, 2021, the company recorded revenue of HKD 2,448.18 million from the manufacturing and sale of suspension products, an increase from HKD 2,122.23 million for the year ended December 31, 2020, primarily due to the resumption of operations after COVID-19[37] - The gross profit for the fiscal year was HKD 411.79 million, with a gross margin of 15.83%, down from a gross margin of 16.56% in the previous year[20] - The gross profit for the year ended December 31, 2021, was HKD 411.79 million, with a gross margin of 15.83%, compared to a gross profit of HKD 382.85 million and a gross margin of 16.56% for the previous year, indicating a decline in gross margin due to rising raw material costs[38] - The company reported a net loss of HKD 9.31 million for the fiscal year, despite efforts to control other expenses[20] - The loss attributable to owners of the company for the year ended December 31, 2021, was approximately HKD 9.31 million, a decrease from HKD 51.54 million in the previous year, mainly due to the resumption of operations after COVID-19[47] Market Strategy and Growth - The management highlighted a focus on expanding market presence, particularly in the steel and machinery sectors, to drive future growth[6] - Future guidance indicates a projected revenue growth of 10% for the upcoming fiscal year, driven by increased demand in key markets[6] - The company has established strategic partnerships to facilitate market expansion and enhance competitive positioning[6] - The company plans to strengthen collaborations with European automotive manufacturers to ensure order fulfillment and enhance sales revenue[22] - The company aims to improve its product structure by increasing the proportion of high-margin products and enhancing its R&D capabilities[22] - The company plans to continue seeking potential acquisition opportunities in China and overseas to enhance its revenue base and improve profitability[60] Research and Development - The company is actively pursuing new product development initiatives aimed at enhancing operational efficiency and product offerings[6] - Research and development expenditures have increased by 15% year-on-year, emphasizing the commitment to innovation[6] - The company aims to maintain reasonable gross margins despite ongoing pricing pressures from customers and rising commodity prices[58] - The company emphasizes continuous investment in R&D and engineering activities to maintain its competitive edge in the industry[60] Operational Efficiency - The management team is focused on improving operational efficiencies, targeting a 20% reduction in production costs over the next two years[6] - The company faced significant operational risks due to a shortage of raw materials in the automotive industry, leading to production cuts by many manufacturers in 2021[157] - To mitigate the impact of raw material shortages, the company has increased its safety stock levels to ensure continuous production and meet customer demands[157] - The internal control system is integrated into business processes, ensuring that each position has clear responsibilities and powers, aligned with the COSO framework established in 2013[161] Financial Stability and Governance - As of December 31, 2021, the company's cash and cash equivalents amounted to HKD 184.57 million, with a debt-to-asset ratio of 3.19%[20] - The group's debt-to-asset ratio as of December 31, 2021, was 3.19%, down from 4.62% on December 31, 2020, indicating improved financial stability[49] - The company remains committed to maintaining financial stability and transparency in its investor relations[24] - The company has adopted an insider information disclosure policy to ensure timely and accurate communication of business and financial information to shareholders and the public[172] Corporate Governance - The company plans to enhance its corporate governance practices to align with international standards, ensuring transparency and accountability[6] - The board consists of six directors, including two executive directors, one non-executive director, and three independent non-executive directors[67] - The company is committed to complying with the revised Corporate Governance Code effective from January 1, 2022[66] - The company has adopted a board diversity policy to achieve sustainable and balanced development, considering factors such as gender, age, cultural background, and professional experience[87] - Independent non-executive directors constitute at least one-third of the board, ensuring compliance with listing rules regarding independence[95] Shareholder Communication - The company ensures effective communication with shareholders and encourages diverse opinions among board members[110] - The board has implemented a shareholder communication policy to ensure shareholders receive comprehensive and easily understandable information in a timely manner[183] - The company held two shareholder meetings in the year, one on May 28, 2021, and another on December 9, 2021, to approve related party transactions[184] - The auditor, Ernst & Young, attended the annual general meeting to address shareholder inquiries[196] Employee Management - The total employee cost for the year ended December 31, 2021, was HKD 474.90 million, an increase of approximately 7.3% from HKD 442.67 million for the year ended December 31, 2020[62] - The company implemented various measures to retain qualified employees, including competitive compensation packages and performance evaluations for salary increases and promotions[157]

Financial Performance - Revenue for the six months ended June 30, 2021, was HKD 1,319,769,000, an increase of 34% compared to HKD 985,035,000 for the same period in 2020[26] - Gross profit for the same period was HKD 219,838,000, representing a gross margin of approximately 16.6%[26] - The company reported a profit before tax of HKD 26,040,000, compared to a loss before tax of HKD 35,921,000 in the previous year[26] - Net profit for the period was HKD 12,658,000, a significant recovery from a loss of HKD 44,582,000 in the prior year[26] - Basic and diluted earnings per share for the period were HKD 2.20, compared to a loss per share of HKD 7.76 in the previous year[26] - Other comprehensive income for the period totaled HKD 1,037,000, compared to a loss of HKD 26,955,000 in the previous year[28] - The total comprehensive income for the period was HKD 13,695,000, recovering from a loss of HKD 71,537,000 in the same period last year[28] - The company reported a pre-tax profit of HKD 26,040,000 for the six months ended June 30, 2021, compared to a loss of HKD 35,921,000 in the same period of 2020[45] - The profit attributable to owners for the period ended June 30, 2021, was approximately HKD 12.66 million, a significant improvement from a loss of HKD 44.58 million in the same period of 2020, primarily due to no operational suspensions from COVID-19[138] Cost Management - Research and development expenses decreased to HKD 121,864,000 from HKD 136,513,000, indicating a focus on cost management[26] - The cost of goods sold and services provided increased to HKD 1,099,931,000 from HKD 813,794,000, reflecting a significant rise in operational costs[67] - Research and development costs, excluding employee costs, were HKD 66,176,000, down from HKD 78,555,000, indicating a reduction in R&D expenditure[69] - Sales and distribution expenses decreased by 59.4% to HKD 5.89 million for the period ended June 30, 2021, compared to HKD 14.51 million for the same period in 2020, primarily due to warranty provisions being reversed[134] - Administrative expenses decreased by 10.7% to HKD 71.08 million for the period ended June 30, 2021, down from HKD 79.63 million in the same period of 2020, mainly due to strict cost control measures implemented by the company[135] - R&D expenses decreased by 10.7% to HKD 121.86 million for the period ended June 30, 2021, compared to HKD 136.51 million for the same period in 2020, attributed to stringent cost control measures[136] Asset and Liability Management - Non-current assets increased to HKD 1,277,314,000 as of June 30, 2021, compared to HKD 1,043,941,000 as of December 31, 2020, reflecting a growth of approximately 22.4%[30] - Current assets decreased to HKD 1,113,497,000 from HKD 1,203,346,000, representing a decline of about 7.5%[30] - Total liabilities decreased from HKD 1,313,586,000 to HKD 1,443,415,000, indicating a reduction of approximately 7.5%[32] - The company's net asset value increased to HKD 947,396,000 as of June 30, 2021, compared to HKD 933,701,000 at the end of 2020, reflecting a growth of approximately 1.8%[32] - Non-current liabilities increased to HKD 703,527,000 from HKD 451,937,000, indicating a significant rise of approximately 55.7%[32] - The company's bank loans totaled HKD 70,161,000 as of June 30, 2021, a reduction from HKD 103,726,000 at the end of 2020, representing a decline of approximately 32.4%[99] Market and Revenue Insights - For the six months ended June 30, 2021, total revenue from external customers was HKD 1,319,769 thousand, a 34% increase from HKD 985,035 thousand in the same period of 2020[59] - Sales of industrial products reached HKD 1,246,534 thousand, up 37% from HKD 909,635 thousand in the previous year[59] - Revenue from the UK market increased by 55% to HKD 547,913 thousand compared to HKD 353,201 thousand in 2020[61] - Revenue from Germany rose by 10% to HKD 266,543 thousand from HKD 243,002 thousand in the previous year[61] - The company recorded sales to subsidiaries and holding companies amounting to HKD 48,182,000 for the six months ended June 30, 2021, compared to HKD 18,223,000 in the same period of 2020, representing a significant increase of approximately 164.5%[112] Future Outlook and Strategy - The company continues to explore market expansion opportunities and new product development strategies[5] - Future outlook remains cautiously optimistic, with a focus on improving operational efficiency and profitability[5] - The company plans to continue focusing on market expansion and new product development to drive future growth[66] - The company aims to accelerate the new plant in the Czech Republic to reach its designed capacity to contribute to profitability[126] - The group will continue to assess and review its business to improve long-term profitability and enhance shareholder value[155] - The company is actively seeking potential acquisition opportunities in China and overseas to enhance its revenue base and improve profitability[155] Employee and Management Insights - The group has approximately 880 full-time employees as of June 30, 2021, down from 930 employees a year earlier[155] - Total employee costs for the period amounted to HKD 233.18 million, compared to HKD 225.74 million for the same period last year, reflecting an increase of approximately 3.9%[155] - The total remuneration paid to key management personnel for the six months ended June 30, 2021, is HKD 3,808,000, slightly up from HKD 3,763,000 in the same period of 2020, showing an increase of about 1.2%[117] - Mr. Jiang Yun'an resigned as Executive Director and Chairman of the Board effective April 20, 2021[169] - Mr. Zhao Jiuliang was appointed as Executive Director and Chairman of the Board effective April 20, 2021[169] Risk Management and Compliance - The company continues to implement strict credit control measures to minimize credit risk associated with trade receivables[90] - The company's assessment of default risk as of June 30, 2021, is considered minimal[122] - The company has no significant contingent liabilities as of June 30, 2021, ensuring a stable financial position[109] - The company did not experience any significant impact from the recent accounting policy changes related to lease payments due to the pandemic[55] - No significant events requiring disclosure occurred after the reporting period[123]

B W INTERNATIONAL 京西重工國際有限公 BEIJINGWEST INDUSTRIES INTERNATIONAL LIMITED 股份代號 : 2339 · 周 目錄 2 公司資料 3 董事簡介 6 集團架構 7 主席報告書 10 管理層論述與分析 17 企業管治報告 43 環境、社會及管治報告 60 董事會報告書 76 獨立核數師報告書 經審核財務報表 82 綜合損益表 83 綜合全面收益表 84 綜合財務狀況表 86 綜合權益變動表 88 綜合現金流量表 90 財務報表附註 178 五年財務摘要 | --- | --- | |---------------------------|---------------------------| | | | | | | | | | | 公司資料 | | | 董事會 | 公司秘書 | | 蔣運安 （主席） | 鄭鎮昇 | | 陳舟平 （董事總經理） | | | 李 志 （非執行董事） | 核數師 | | 譚競正 （獨立非執行董事） | 安永會計師事務所 | | 葉健民 （獨立非執行董事） | | | | | | 陳柏林 （獨立非執行董事） | 股份過 ...