股份代號 Stock Code : 香港 Hong Kong : 2342 新加坡 Singapore : STC Persistent Brilliant Focus Innovation 繼往開來 凝心聚力 創新發展 再創煇煌 ANNUAL REPORT 年 報 2024 COMPANY PROFILE 公司概況 The Comba Group was established in 1997, and Comba Telecom Systems Holdings Limited (the "Company"), a globally recognized leader in wireless communication solutions renowned for its cutting-edge R&D, advanced manufacturing capabilities, and comprehensive service network, was listed on the Main Board of the Hong Kong Stock Exchange in 2003, as well a ...

香 港 交 易 及 結 算 所 有 限 公 司、香 港 聯 合 交 易 所 有 限 公 司 及 新 加 坡 證 券 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 分 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。 COMBA TELECOM SYSTEMS HOLDINGS LIMITED 京信通信系統控股有限公司 截至二零二四年十二月三十一日止年度之 年度業績公告 財務摘要 業 績 京信通信系統控股有限公司（「本 公 司」）董事會（「董 事 會」）董 事（「董 事」）謹此呈 報本公司及其附屬公司截至二零二四年十二月三十一日止年度（「本 年 度」）之 經 審 核 綜 合 業 績。本 公 告 列 載 本 公 司 二 零 二 四 年 年 報 之 全 文，乃 根 據 香 港 聯 合 交 易 所 有 限 公 司 證 券 上 市 規 則 中 有 關 年 度 業 績 初 步 公 告 之 相 關 ...

Comba 股份代號 Stock Code : 香港 Hong Kong : 2342 新加坡 Singapore : STC Persistent Focus 繼往開來 凝心聚力 Innovation Brilliant 創新發展 再創煇煌 5G 2024 Interim Report 中期報告 目錄 2 公司資料 3–25 管理層討論與分析 26 中期綜合損益表 27 中期綜合全面收入表 28–29 中期綜合財務狀況表 30–31 中期綜合權益變動表 32–34 中期綜合現金流量表 35–80 中期簡明綜合財務報表附註 (6 a 5G 公司資料 | --- | --- | |---------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------| | 董事會 執行董事 霍東齡 （主席） ...

香 港 交 易 及 結 算 所 有 限 公 司、香 港 聯 合 交 易 所 有 限 公 司 及 新 加 坡 證 券 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 分 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。 此文件出PDF要點超連結 此文件出PDF要點超連結 Comba COMBA TELECOM SYSTEMS HOLDINGS LIMITED 京信通信系統控股有限公司 （於 開 曼 群 島 註 冊 成 立 之 有 限 公 司） （香 港 股 份 代 號：2342） （新 加 坡 股 份 代 號：STC） 截至二零二四年六月三十日止六個月之 中期業績公告 | --- | --- | |-------|------------------------------------------------------------------------------------| | | ...

Financial Performance - The company's total revenue for 2023 was HK$5,981.97 million, a decrease of 6.01% compared to HK$6,364.68 million in 2022[27] - The company repurchased a total of 39,858,000 shares in 2023, with a total payment of HKD 59,722,000[139] - The company recorded goodwill of HKD 233 million and intangible assets of HKD 420 million[187] - Inventory provision accounts for 14% of total assets, with significant management judgment involved in estimating obsolete and slow-moving inventory[158] - Trade receivables represent 37% of total assets as of December 31, 2023, with impairment assessed using a forward-looking expected credit loss model[158] - The company conducts annual impairment tests on goodwill, with future cash flow assumptions reviewed and key assumptions like discount rates and terminal growth rates tested[164] - The company evaluates the appropriateness of changes in the useful life of assets annually[163] Environmental Impact and Sustainability - Greenhouse gas emissions in 2023 were 756,000 tons of CO2 equivalent, an increase of 61.25% compared to 1,384,000 tons in 2022[27] - The company's greenhouse gas emission intensity decreased by 41.77% to 1.26 tons per HK$10,000 of revenue in 2023[27] - The company's air pollutant emissions decreased by 10.87% for nitrogen oxides (NOx) but increased by 14.94% for sulfur dioxide (SOx) and 39.08% for particulate matter (PM) in 2023 compared to 2022[27] - The company's wastewater discharge increased by 40.07% to 149,501 tons in 2023 compared to 106,736 tons in 2022[27] - The company's hazardous waste disposal increased by 100% to 12 tons in 2023 compared to 6 tons in 2022[27] - The company's direct greenhouse gas emissions decreased by 9.66% in 2023 compared to 2022[27] - The company's energy-related indirect greenhouse gas emissions decreased by 30.82% in 2023 compared to 2022[27] - The company's other indirect greenhouse gas emissions decreased by 45.59% in 2023 compared to 2022[27] - The company does not discharge industrial wastewater during production and manages waste by categorizing it into non-hazardous and hazardous waste, with hazardous waste being professionally recycled by qualified companies[48] - The company measures greenhouse gas emissions using models such as EMFAC-HK and MOBILE6, covering direct emissions (Scope 1), indirect emissions from energy consumption (Scope 2), and other indirect emissions (Scope 3)[49] - The company focuses on controlling electricity consumption growth by increasing daily inspection frequency and organizing energy-saving activities to reduce excess lighting and improve employee awareness of energy conservation[51] - The company closely monitors extreme weather conditions such as typhoons and extreme cold, upgrading and optimizing eco-friendly products to mitigate the impact of climate change on product performance and operations[54] - The company adheres to green and low-carbon development principles, using low-loss, high-efficiency network technologies and eco-friendly materials to provide green 5G macro station solutions[75] - The company has implemented specific energy-saving and emission-reduction measures, promoting green office practices and using new technologies, materials, and processes to reduce energy consumption[83] - The company has set scientific environmental and energy consumption goals, continuously evaluating and improving its operations to enhance compatibility with the environment[84] - The company actively responds to the national "dual carbon" strategy, focusing on climate change issues and implementing measures to improve climate risk management[85] Employee Management and Development - The company's workforce consisted of 3,566 male and 1,518 female employees as of December 31, 2023, with a female ratio of approximately 30%[6] - The company adjusts its annual incentive model to enhance employee satisfaction, particularly for core positions, by improving the long-term incentive system and optimizing flexible benefits[56] - The company conducted 5 emergency drills in 2023, including fire drills and training for heatstroke and food poisoning, to improve employee emergency response capabilities[62] - The company provides comprehensive onboarding training for new employees, covering occupational health and safety, corporate culture, and business knowledge to help them integrate quickly[66] - The company uses a three-tier training system, including on-the-job training and skill competitions, to enhance employee professional capabilities and support business stability[68] - The company has achieved zero workplace fatalities and zero fire incidents in the past three years, significantly improving employee safety[90] - The company has established a comprehensive safety management system, including procedures for construction project safety, fire safety, and transportation safety[91] - The company provides employees with competitive compensation and benefits, including insurance and enterprise annuity systems, and ensures compliance with employment-related laws and regulations[87][88] - The company offers dual career development paths for employees, linking compensation and promotions to experience, ability, and performance, with 100% of employees receiving annual training[94] - The company has a systematic talent training system, focusing on enhancing employees' knowledge, skills, and abilities, and has awarded over 680 national vocational qualification certificates[96] - The company has developed 227 internal training instructors to enhance teaching skills and promote corporate culture knowledge[98] - The company provides various training programs to enhance employees' skills, professional knowledge, and performance[179] Supplier and Customer Relations - Supplier distribution in 2023: Tier 1 cities in China (326), other cities in China (239), overseas (including Hong Kong and Macau) (413), totaling 978 suppliers, a decrease of 4.31% compared to 2022[102] - The company conducted on-site audits of over 36 suppliers in 2023 based on performance, quality, RoHS risk, and environmental factors[121] - The company collected and updated 208 RoHS compliance reports from suppliers in 2023 to ensure the use of environmentally friendly materials[122] - The company's supplier performance evaluation system prioritizes business opportunities for high-performing suppliers and provides training for underperforming ones[121] - The company's sales to its top five customers accounted for approximately 53.1% of total annual sales, with the largest customer contributing about 18.6%[131] - The company's purchases from its top five suppliers accounted for less than 30% of total annual procurement[131] - The company is committed to offering reliable and diverse products to customers and maintaining long-term cooperative relationships with suppliers[179] Innovation and Intellectual Property - The company has applied for over 5,800 patents globally by the end of 2023, with 4,100 patents granted, including 2,200 invention patents[109] - The company's main trademark "Comba" has been registered in 51 countries and regions worldwide[109] - The company has established a comprehensive RoHS management system to ensure all products meet China's "Electronic Information Product Pollution Control Management Measures" and EU RoHS requirements[125] Corporate Governance and Compliance - The company has not had any serious violations related to air and greenhouse gas emissions, wastewater and waste soil emissions, or the generation of harmful and non-harmful waste during the reporting period[78] - The company has implemented strict information security and confidentiality policies, including the "Information Security Management System" and "Information Security System," to protect both company and customer data[129] - The company has continuously improved its trade secret management system, including online system management, classification, and grading of trade secrets[130] - The company has purchased directors' liability insurance to provide appropriate protection for its directors[134] - The company has no significant transactions or contracts with entities in which directors or their connected parties have a material interest[147] - The company has no arrangements in place that allow directors to profit from the purchase of shares or bonds of the company or any other corporate body[150] - The company has no directors with interests in businesses that compete or may compete with the company's operations[151] - The company's internal controls are designed to ensure the financial statements are free from material misstatement due to fraud or error[167] - The company's audit focuses on identifying and assessing risks of material misstatement due to fraud or error, with higher risks associated with fraud[169] - The company's accounting policies and estimates are evaluated for appropriateness and reasonableness[170] - The company's retirement plan details are disclosed in the financial statements under employee benefits[176] - Prime Choice Investments Limited holds 678,115,129 shares, representing 24.51% of the company's issued share capital[177] - Chen Jingna, spouse of Mr. Huo, holds 688,479,468 shares, representing 24.89% of the company's issued share capital[177] - Wise Logic Investments Limited holds 228,225,410 shares, representing 8.25% of the company's issued share capital[177] - Cai Huini, spouse of Mr. Huo, holds 228,225,410 shares, representing 8.25% of the company's issued share capital[177] - The company's public shareholding exceeds 25%, meeting the requirements of the Hong Kong Listing Rules[179] - The company emphasizes the importance of maintaining good relationships with stakeholders, including employees, business partners, suppliers, customers, shareholders, investors, and banks[179] Product and Service Quality - The company received 19 product and service complaints in 2023, with no products returned due to safety or health reasons[110] - Packaging material usage in 2023: paper boxes and boards (1,615 tons), wooden boxes (602 tons), packaging accessories (341 tons), strapping (115 tons), other packaging materials (261 tons), totaling 2,934 tons, a decrease of 1.58% compared to 2022[105] - The company's packaging material consumption per 10,000 HKD of sales revenue increased by 0.19% to 0.0049 tons in 2023[105]

Revenue Performance - Revenue from China Mobile Group decreased by 27.1% to HKD 1,112,140,000, accounting for 18.6% of total revenue[16] - Revenue from China Tower increased by 34.6% to HKD 545,148,000, representing 9.1% of total revenue[17] - International market revenue rose by 9.8% to HKD 2,398,087,000, making up 40.1% of total revenue[18] - Revenue for the year ended December 31, 2023, was HKD 5,981,974,000, a decrease of 6.0% from HKD 6,364,677,000 in 2022[61] - Revenue from manufacturing and selling telecommunications network equipment was HKD 5,824,143,000, down from HKD 6,204,028,000 in the previous year, representing a decline of 6.1%[112] - Revenue from the domestic market in China was HKD 3,916,033,000, down 11.7% from HKD 4,435,654,000 in 2022[132] - Revenue from the Asia-Pacific region (excluding China) increased to HKD 1,023,682,000, up 27.4% from HKD 803,207,000 in 2022[132] - Revenue from China Telecom Group and its subsidiaries was approximately HKD 403,097,000 in 2023, slightly down from HKD 406,004,000 in 2022, maintaining a stable contribution of 6.7% to total revenue[157] - Revenue from ETL Company Limited was HKD 157,831,000, a decrease of 1.8% compared to last year (HKD 160,649,000), accounting for 2.6% of the group's total revenue[159] - Revenue from network systems (including wireless optimization and access) increased by 6.5% to HKD 1,117,997,000 (last year: HKD 1,050,111,000), representing 18.7% of the group's total revenue[160] - Revenue from China Unicom and its subsidiaries decreased by 26.2% to HKD 746,581,000, accounting for 12.5% of the group's total revenue[187] - Revenue from other domestic customers decreased by 7.8% to HKD 619,089,000, representing 10.3% of total revenue[188] - Revenue from base station antennas and subsystems decreased by 15.7% to HKD 2,561,451,000, accounting for 42.8% of total revenue[189] - Revenue from other businesses, including wireless transmission, increased by 41.5% to HKD 507,415,000, representing 8.5% of total revenue[190] Profitability and Expenses - Service revenue decreased by 6.8% to HKD 1,637,280,000, accounting for 27.4% of total revenue[20] - The group's profit attributable to equity holders decreased to HKD 6,696,000 from HKD 190,237,000 in the previous year[26] - Gross profit for the same period was HKD 1,662,687,000, down 11.2% from HKD 1,873,531,000 in the previous year[61] - Gross margin decreased to 27.8% in 2023 from 29.4% in 2022[64] - Profit attributable to shareholders was HKD 6,696,000, a significant decline of 96.5% compared to HKD 190,237,000 in 2022[61] - Operating cash flow for the year was HKD 492,720,000, slightly down from HKD 499,470,000 in the previous year[64] - Administrative expenses decreased by 0.4% to HKD 491,308,000 (last year: HKD 493,411,000), accounting for 8.2% of the group's revenue[165] - Financing costs decreased by 9.4% to HKD 54,534,000 (last year: HKD 60,198,000), maintaining a ratio of 0.9% of the group's revenue[166] - Total tax expenses were HKD 39,051,000 (last year: HKD 153,558,000), with a significant reduction in deferred tax expenses[167] Research and Development - R&D expenses decreased by 13.5% to HKD 446,059,000, representing 7.5% of total revenue[22] - The company launched a new generation of "Green Line Solutions" (HelifeedTM), which improves base station antenna energy conversion efficiency by approximately 20% and is expected to save operating companies 23 to 34 million kWh of electricity annually per 10,000 base stations, reducing carbon emissions by 13,000 to 20,000 tons[27] - The company has been focusing on R&D, production, and sales of network system products for over 15 years, including base station products and extended coverage products, with 5G small base station products already commercialized in over 20 provinces[28] - The company plans to allocate approximately HKD 515.39 million for R&D of 5G small base stations and Open RAN, with a focus on enhancing production capacity for 5G small base stations and antenna products by June 30, 2024[36] - Research and development expenses for the current year totaled HKD 365,075,000, an increase from HKD 348,274,000 in the previous year, marking a rise of 4.6%[141] Financial Position - Total assets as of December 31, 2023, amounted to HKD 9,409,025, compared to HKD 10,575,862 in the previous year, reflecting a reduction of approximately 11%[85] - Total liabilities increased to HKD 5,582,659 from HKD 6,611,136, showing a decrease of about 16% year-over-year[85] - Non-current assets totalled HKD 2,578,197,000, down from HKD 2,958,767,000 in 2022, reflecting a decrease of 12.9%[110] - Current assets decreased to HKD 6,830,828,000 in 2023 from HKD 7,617,095,000 in 2022, a decline of 10.3%[110] - Current liabilities decreased to HKD 5,267,009,000 in 2023 from HKD 5,516,893,000 in 2022, a reduction of 4.5%[110] - The net current asset value was HKD 1,563,819,000, down from HKD 2,100,202,000 in 2022, a decrease of 25.6%[110] - Non-current liabilities totalled HKD 315,650,000 in 2023, a substantial decrease from HKD 1,094,243,000 in 2022[92] - The equity attributable to owners of the parent company decreased to HKD 3,327,772,000 in 2023 from HKD 3,473,103,000 in 2022, a decline of 4.2%[93] Shareholder Returns and Capital Management - The board of directors recommended not to declare a final dividend for the year, compared to a final dividend of HKD 0.011 per share in 2022, reflecting the company's focus on long-term development[44] - The company repurchased a total of 39,858,000 shares at a total cost of approximately HKD 59.72 million, resulting in a total issued share count of 2,765,752,668 shares as of December 31, 2023[39] - Basic and diluted earnings per share for the year were HKD 0.24, down from HKD 6.84 in 2022[61] - Basic earnings per share for 2023 were calculated based on an average of 2,772,275,000 shares, compared to 2,779,557,000 shares in 2022[146] Market Strategy and Partnerships - The company continues to maintain stable partnerships with key international mobile operators and leading telecom equipment manufacturers to provide advanced 5G application solutions globally[49] - The company is focusing on expanding its market presence and enhancing its product offerings in the wireless telecommunications sector[85] - The company has established strict controls over its outstanding receivables and has set up a credit control department to minimize credit risk[125] - The company has no collateral or other credit enhancement tools for its trade receivables, which are interest-free[125] - The company aims to deepen integration with vertical industries to capture new business opportunities arising from scenario applications[170] - The group anticipates continued development in the global 5G industry, focusing on new business expansion and product innovation[197] Other Financial Metrics - Average accounts receivable turnover period improved to 225 days from 229 days year-on-year[51] - Average accounts payable turnover period decreased to 325 days from 349 days year-on-year[51] - Average inventory turnover period increased to 117 days from 114 days year-on-year[51] - Trade receivables decreased to HKD 3,504,455,000 in 2023 from HKD 3,862,632,000 in 2022, a reduction of 9.3%[110] - The impairment loss for trade receivables increased to HKD 82,589,000 in 2023 from HKD 41,734,000 in 2022, representing a significant rise of 97.8%[149] - Interest expenses on bank loans decreased to HKD 50,166,000 in 2023 from HKD 57,311,000 in 2022, a reduction of 12.5%[144] - The fair value change gain from redeemable preferred shares in a subsidiary was HKD 20,212,000 in 2023, down from HKD 43,742,000 in 2022, a decline of 53.8%[141] - Total other income and gains decreased to HKD 174,120,000 in 2023 from HKD 236,520,000 in 2022, a decline of 26.4%[139] - The cost of goods sold and services provided was HKD 4,285,662,000 in 2023, compared to HKD 4,428,359,000 in 2022, reflecting a decrease of 3.2%[141]

遵守守則條文 本公司已採納載於香港上市規則附錄十之標準守則，作為其董事進行本公司證券交易 之行為守則。本公司已向全體董事作出特定查詢，而全體董事已確認彼等於期內已遵 守標準守則所訂有關董事進行證券交易的標準及其自身所訂有關的行為守則。 二零二三年中期報告 25 26 中期綜合財務狀況表 二零二三年六月三十日 中期綜合財務狀況表（續） 二零二三年六月三十日 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------------------------------|----------------------|---------------------------------|----------------------------------------------------------------|------------------------|--------------------------------------------|---------- ...

Revenue and Financial Performance - Revenue from base station antennas and subsystems increased by 25.8% to HKD 3,038,957,000, accounting for 47.8% of total revenue[4] - The company's revenue for the year ended December 31 increased by 8.4% to HKD 6,364,677,000, compared to HKD 5,869,666,000 in the previous year[34] - Gross profit rose by 31.7% to HKD 1,873,531,000, with a gross margin of 29.4%, up 5.2 percentage points from 24.2% in the previous year[43] - The company reported a profit attributable to shareholders of HKD 190,237,000, a turnaround from a loss of HKD 592,567,000 in the previous year[34] - Revenue from China Unicom Group increased by 105.2% to HKD 1,011,757,000, accounting for 15.9% of total revenue, up from 8.4% in the previous year[40] - Revenue from services increased by 3.1% to HKD 1,756,437,000, accounting for 27.7% of total revenue[156] - Revenue from international customers and core equipment manufacturers rose by 9.3% to HKD 2,183,885,000, making up 34.3% of total revenue[178] - The group's new business revenue reached HKD 1,531,669,000 as of December 31, 2022[186] Market Position and Product Development - The company achieved significant growth in orders for base station antenna products, driven by multiple 5G antenna procurement projects from major telecom operators in China[4] - The company launched nine new high-power RRU products, which received the TIP Copper Medal for their leading indicators and stable performance[5] - The company is focusing on the development of Open RAN products, leveraging over 20 years of experience in RF product design and development[5] - The company has successfully trialed 5G small base station products in over ten provinces in China, highlighting its competitive edge in cost-effective solutions[5] - The company launched new 5G antenna products for 700MHz, 900MHz, 2.1GHz, and 3.5GHz, enhancing its product portfolio[70] - The company has developed the FLeX5 platform, integrating 5G networks with IoT and AI, to provide comprehensive smart solutions for various industries[79] - The company won the first place in China Unicom's centralized procurement project for base station antennas, setting a record for the highest bid amount[153] - The company launched the industry's first 5G cloud-based industrial base station in collaboration with China Mobile[152] Innovation and R&D - The company is committed to continuous innovation in technology, particularly in the areas of multi-carrier and multi-standard support for its products[5] - The company has applied for approximately 5,600 patents globally, showcasing its commitment to innovation[151] - The company aims to continue investing in advanced technologies and innovative products for the post-5G era, focusing on green and cost-effective solutions for global customers[71] - The group aims to enhance R&D capabilities and improve product quality to meet customer demands for green and cost-effective products[186] - The group is actively exploring "5G+ vertical industry applications" to drive future business growth[186] - The group has made technological advancements in the "5G+ mobile robot" product series and is initiating pilot projects[186] Financial Position and Expenses - The total assets of the company reached HKD 12,000 million, reflecting a strong financial position[14] - The net proceeds from a recent placement amounted to approximately HKD 686,235,000 after deducting related costs and expenses[6] - Financing costs increased by 37.6% to HKD 60,198,000, attributed to rising market interest rates[45] - Total tax expenses for the year amounted to HKD 153,558,000, representing 0.9% of the group's revenue[45] - Other expenses significantly decreased by 57.2% to HKD 183,504,000, accounting for 2.9% of the group's revenue[45] - Total operating expenses decreased by approximately HKD 520,399,000, a reduction of 25.5% compared to the previous year[70] - Administrative expenses decreased significantly by 17.9% to HKD 493,411,000, representing 7.8% of total revenue[181] Corporate Governance and Management - The board of directors has reviewed the company's corporate governance policies and confirmed compliance with all principles and rules since January 1, 2022[113] - The compensation committee has recommended salary policies for all directors and senior management, reviewing compensation arrangements and service contract terms[100] - The company has adopted a diversity policy ensuring at least 25% of the board members are women[105] - The board members attended 100% of the meetings held, with the chairman and CEO roles clearly divided among different directors[115][117] - The company has implemented internal controls to ensure compliance with statutory requirements and regulations[98] - The senior management's compensation includes sales commissions and equity-settled share option expenses, reflecting a structured approach to remuneration[119] - The board has authorized management to prepare annual and interim consolidated financial statements for approval before public release[117] - The company has established a nomination policy for director appointments and succession planning[103] - The board has maintained a high level of attendance at shareholder meetings, with all directors present at the last meeting[115] Strategic Plans and Future Outlook - The company plans to actively participate in future small base station procurement projects, with expectations for better rural coverage compared to 4G services[5] - The company plans to continue expanding its market presence and investing in new technologies to enhance its competitive edge in the telecommunications sector[37] - Management expects the relevant procurement projects to commence delivery in 2023, which will enhance future network systems product business[75] - The group plans to expand its innovative business to contribute to future performance growth[186] - The overall market outlook remains positive, with expectations for sustained demand in the telecommunications sector[5] Employee and Operational Metrics - The company employed approximately 5,300 staff as of December 31, down from 5,500 the previous year, with total employee costs amounting to HKD 1,109,052,000[22] - The average return on equity improved to 12.7%, an increase of 27.7 percentage points from -15.0% in 2021[66] - The average accounts receivable turnover period decreased to 229 days from 257 days in the previous year[186] - The average accounts payable turnover period was 349 days, slightly improved from 352 days in the previous year[186] - The average inventory turnover period increased to 114 days from 108 days in the previous year[186]

中國運營商業務 中國國內三大電信運營商在5G宏基站方面持續保持中低頻段的網絡建設部署， 推 動 多 頻 譜、多 制 式 和 共 建 共 享 的 持 續 發 展，產 品 技 術 門 檻 不 斷 提 高。本 集 團 回 應 國 家 低 碳 環 保 戰 略 和 運 營 商 低 成 本 建 網 思 路，創 新 提 出 低 損 高 效 低 碳 綠 色 天 線 和 一 體 化 大 功 率 基 站 拉 遠 覆 蓋 解 決 方 案，並 通 過 研 發 投 入 實 現 重 大 技 術 突 破，完 成 產 品 開 發。本 集 團 依 託 領 先 的 產 品 競 爭 力 和 綜 合 服 務 優 勢，自 二 零 二 一 年 下 半 年 起 成 功 中 標 若 干 中 國 內 地 主 要 電 信 運 營 商 的 天 線 產 品 項 目， 均 取 得 不 錯 的 份 額，本 集 團 亦 正 積 極 部 署 未 來 天 線 產 品 集 採 招 標。 市場拓展 融資費用 於本年度，融資費用較上年度增加37.6%至60,198,000港 元（二零二一年：43,761,000 港 元），佔 本 集 團 收 入 之0.9%（二 零 二 零 年：0 ...

Revenue Performance - For the six months ended June 30, 2022, the company's revenue increased by 25.8% to HKD 3,042,518,000 compared to HKD 2,418,128,000 for the same period last year[21]. - Revenue from China Mobile increased by 116.4% to HKD 846,311,000, accounting for 27.8% of total revenue, up from 16.2% in the previous year[22]. - Revenue from China Unicom rose by 106.7% to HKD 400,966,000, representing 13.2% of total revenue, compared to 8.0% last year[22]. - Revenue from base station antennas and subsystems surged by 123.5% to HKD 1,615,546,000, making up 53.1% of total revenue, up from 29.9% in the previous year[26]. - Revenue from network systems decreased by 26.8% to HKD 491,910,000, accounting for 16.2% of total revenue, down from 27.8% last year[26]. - Revenue from services declined by 9.8% to HKD 706,502,000, representing 23.2% of total revenue, compared to 32.4% last year[27]. - Revenue from international customers increased by 11.4% to HKD 1,015,799,000, accounting for 33.4% of total revenue, down from 37.7% last year[23]. - Revenue from ETL Company Limited decreased by 7.2% to HKD 95,533,000, representing 3.1% of total revenue, down from 4.3% last year[24]. Profitability and Financial Performance - The company achieved a turnaround from loss to profit in the first half of 2022 due to significant revenue growth driven by major telecom operators' 5G network projects[21]. - The group's gross profit increased by 24.4% year-on-year to HKD 847,126,000, with a gross margin of 27.8%, slightly down by 0.4 percentage points from the previous year[28]. - The net profit attributable to the company's shareholders was HKD 90,384,000, a significant turnaround from a loss of HKD 89,360,000 the previous year[34]. - The company reported a profit before tax of HKD 82,056 thousand, a significant recovery from a loss of HKD 89,057 thousand in the previous year[67]. - Net profit for the period was HKD 58,725 thousand, compared to a loss of HKD 116,000 thousand in the same period last year[68]. - Basic and diluted earnings per share were both HKD 3.25, recovering from a loss of HKD 3.26 per share in the prior year[67]. Expenses and Cost Management - Research and development expenses rose by 1.1% to HKD 259,477,000, accounting for 8.5% of total revenue, down from 10.6% the previous year[28]. - Sales and distribution expenses increased by 12.5% to HKD 265,088,000, representing 8.7% of total revenue, an improvement from 9.7% the previous year[29]. - Administrative expenses decreased by 0.8% to HKD 214,880,000, making up 7.1% of total revenue, down from 9.0% the previous year[30]. - Other expenses decreased significantly by 22.0% to HKD 87,574,000, accounting for 2.9% of total revenue, down from 4.6% the previous year[32]. - The total tax expense was HKD 23,331,000, a decrease from HKD 26,943,000 the previous year, primarily due to an increase in deferred tax credits[33]. Research and Development - The company has applied for approximately 5,500 patents, reflecting its commitment to innovation and development in the telecommunications sector[28]. - The company is focusing on 5G technology to empower various industries and plans to deepen integration with vertical industries as 5G network construction continues globally[35]. - The company has allocated HKD 515,390,000 for R&D in 5G small base stations and Open RAN, with expected utilization by June 30, 2023[50]. Assets and Liabilities - As of June 30, 2022, the company's current assets amounted to HKD 2,139,910,000, with significant components including inventory of HKD 1,388,045,000 and trade receivables of HKD 4,126,289,000[45]. - The total liabilities as of June 30, 2022, were HKD 7,265,715,000, compared to HKD 7,328,762,000 at the end of the previous year[84]. - The company's contingent liabilities amounted to HKD 283,080,000, primarily related to performance guarantees[52]. - The company's financial leverage ratio was 14.3%, up from 12.5% on December 31, 2021[47]. Shareholder Information - The board proposed an interim dividend of HKD 0.01 per share, with a total payout ratio of 30.8% based on basic earnings per share[35]. - The total number of shares available for issuance under the share option scheme was 271,014,986, representing about 9.75% of the issued share capital[54]. - The company has a total of 678,115,129 shares held by Prime Choice Investments Limited, representing approximately 24.396% of the issued share capital[61]. - The beneficial ownership of shares by major shareholders includes 688,479,468 shares attributed to Ms. Chen Jingna, spouse of Mr. Huo, representing approximately 24.769%[61]. Stock Options and Incentives - The company has adopted a stock option plan, share reward plan, and share incentive plan, details of which are included in the financial statements[60]. - The company’s stock option plan aims to encourage and reward individuals who contribute to the success of the group[113]. - The total number of unexercised stock options represents about 5.48% of the company's issued shares as of the reporting date[130]. - The company has a remaining authorization to grant 246,516,486 stock options, which is 10% of the total shares issued as of May 28, 2018[131]. Corporate Governance - The company has complied with all code provisions during the reporting period[63]. - The audit committee has reviewed the accounting standards and practices adopted by the company without objection[66]. - There were no significant transactions with related parties during the reporting period, and no significant outstanding balances with related parties at the end of the reporting period[156].