Investment Rating - The report assigns a "Buy" rating for the company [14]. Core Insights - Horizon CD's core net profit for the first half of 2024 decreased by 16% year-on-year to RMB 268 million, which aligns with expectations. The company proposed an interim dividend of HKD 0.04 per share, marking its first since listing [1]. - The company is returning to a capital expenditure growth model to achieve product diversification and overseas expansion, with capital expenditures increasing 3.6 times year-on-year to RMB 4.4 billion in the first half of 2024 [1]. - Revenue for the first half of 2024 grew by 16% year-on-year to RMB 4.9 billion, while gross margin contracted by 2.1 percentage points to 32% [1][4]. - The target price has been slightly adjusted from HKD 3.70 to HKD 3.60, based on a 10x 2024E P/E ratio, indicating limited downside risk [1][3]. Summary by Sections Financial Performance - Revenue for FY22 was RMB 7.878 billion, with a year-on-year growth of 28.3%. For FY23, revenue is projected at RMB 9.611 billion, reflecting a growth of 22.0% [2]. - Adjusted net profit for FY22 was RMB 944.8 million, with a year-on-year growth of 28.2%. The forecast for FY24 is RMB 1.186 billion, indicating a growth of 13.7% [2]. - The company reported a net debt-to-equity ratio of 164% as of June 2024, up from 147% at the end of 2023 [1]. Segment Performance - The operating leasing segment, which accounts for 39% of revenue, saw a 24% decline year-on-year to RMB 1.896 billion, primarily due to rental rates and overall utilization [3]. - Engineering and technical services, making up 40% of revenue, experienced a 71% increase year-on-year to RMB 1.946 billion, with gross margin improving by 6.3 percentage points to 27% [3]. - Asset management and other services, contributing 21% of revenue, grew by 84% year-on-year to RMB 1.031 billion, with asset management service revenue increasing 150% to RMB 744 million [3]. Valuation Metrics - The company’s P/E ratio for FY24 is projected at 3.7x, with a P/B ratio of 0.4x. The dividend yield is expected to be 8.2% in FY24 [2][13]. - The net asset return rate is forecasted to be 10.4% for FY24, with a net debt-to-equity ratio of 151.4% [2][6]. Cash Flow and Capital Expenditure - Operating cash flow for the first half of 2024 increased by 4% year-on-year to RMB 13.5 billion, while investment cash outflow was RMB 3.1 billion [1]. - Capital expenditures are expected to remain significant as the company focuses on expanding its equipment portfolio and overseas presence [1][12].

Investment Rating - The report maintains a target price of HK$3.60, slightly reduced from HK$3.70, indicating a potential upside of 143.2% from the current price of HK$1.48 [4]. Core Insights - Horizon CD's core net profit for 1H24 decreased by 16% YoY to RMB268 million, aligning with expectations. The company declared an interim dividend of HK$0.04 per share, marking its first dividend since listing [2]. - The company is shifting back to a capital expenditure growth model to diversify its product offerings and expand overseas, with capex increasing 3.6 times YoY to RMB4.4 billion in 1H24 [2]. - Revenue for 1H24 grew by 16% YoY to RMB4.9 billion, driven by significant growth in engineering and technical services, which surged 71% YoY to RMB1.95 billion [2][7]. - The operating lease services segment, which constitutes 39% of total revenue, saw a decline of 24% YoY to RMB1.9 billion due to reduced rental rates and utilization [2][8]. Summary by Sections Earnings Summary - Core net profit in 1H24 dropped 16% YoY to RMB268 million, while revenue increased by 16% YoY to RMB4.9 billion [2][7]. - Gross margin contracted by 2.1 percentage points YoY to 32%, influenced by mixed performance across segments [2][8]. Revenue Breakdown - Operating lease services revenue fell 24% YoY to RMB1.9 billion, while engineering and technical services revenue rose 71% YoY to RMB1.95 billion [2][8]. - Asset management and other services revenue surged 84% YoY to RMB1 billion, with asset management service revenue increasing 1.5 times YoY to RMB744 million [2][8]. Financial Forecasts - The earnings forecast for 2024E, 2025E, and 2026E has been revised down by 2%, 10%, and 12% respectively, primarily due to higher finance expense projections [2][9]. - The net debt/equity ratio is expected to rebound in 2024E, reflecting increased capital expenditures [2][9]. Valuation Metrics - The company is currently trading at less than 4 times the 2024E P/E ratio, suggesting limited downside risk [2][4]. - The adjusted net profit is projected to grow steadily, with estimates of RMB1,186 million for 2024E, RMB1,321 million for 2025E, and RMB1,512 million for 2026E [11].

Financial Performance - Horizon Construction Development Limited reported its unaudited interim results for the six months ended June 30, 2024, with a focus on operational performance and market position[1]. - Total revenue for the six months ended June 30, 2024, reached RMB 4,872,421 thousand, a 15.8% increase from RMB 4,205,971 thousand in the same period of 2023[11]. - Operating lease services generated revenue of RMB 1,895,622 thousand, down 24.4% from RMB 2,505,619 thousand year-on-year[11]. - Engineering technical services revenue increased significantly to RMB 1,946,261 thousand, up 70.8% from RMB 1,140,634 thousand in the previous year[11]. - Gross profit for the period was RMB 1,559,325 thousand, with a gross margin of 32.0%, compared to 34.1% in the same period last year[11]. - Profit attributable to ordinary shareholders was RMB 268,228 thousand, reflecting a 13.1% increase from RMB 237,141 thousand in the previous year[11]. - The company reported a basic and diluted earnings per share of RMB 0.084, compared to RMB 0.082 in the same period last year[11]. - The company's EBITDA for the first half of 2024 was RMB 2,003,614 thousand, reflecting a 2.0% growth compared to RMB 1,965,122 thousand in the previous year[27]. - The pre-tax profit for the first half of 2024 was RMB 406,890 thousand, a 20.5% increase from RMB 337,696 thousand in the same period last year[24]. - The group’s profit for the period was RMB 268,228 thousand, representing a growth of 13.1% from RMB 237,141 thousand in the previous year[54]. Assets and Liabilities - Total assets increased to RMB 35,269,899 thousand, up 12.9% from RMB 31,236,775 thousand at the end of 2023[12]. - Total liabilities rose to RMB 24,238,127 thousand, an increase of 18.5% from RMB 20,459,108 thousand at the end of 2023[12]. - The debt-to-asset ratio improved to 68.7%, compared to 65.5% at the end of 2023[12]. - The company's total equity as of June 30, 2024, was RMB 11,031,772 thousand, an increase of RMB 254,105 thousand or 2.4% from the end of last year, primarily due to the profit generated during the first half of 2024[85]. - The total amount of notes receivable as of June 30, 2024, was RMB 1,009,287 thousand, a decrease of RMB 227,451 thousand or 18.4% compared to the end of 2023, due to the company's prudent collection strategy[68]. - The company's lease liabilities as of June 30, 2024, were RMB 768,918 thousand, an increase of RMB 75,314 thousand, mainly due to the expansion of equipment managed under the asset management service model[84]. Customer Base and Market Position - Horizon Construction has established a diverse and high-quality customer base, ranking first in the number of service outlets among Chinese equipment operation service providers[9]. - The number of customers increased from approximately 158,000 in 2022 to about 271,000 by June 30, 2024, indicating a significant expansion in the customer base[28]. - The company is actively expanding its international business network, with operations in regions including Turkey, Malaysia, and the UAE[10]. - The company aims to leverage synergies across its product lines and service categories to enhance market competitiveness and customer loyalty[9]. Operational Efficiency and Digitalization - The company emphasizes its strong digital capabilities, which continuously enhance operational efficiency and customer service[9]. - The average utilization rate of high-altitude operation platforms in the first half of 2024 was lower than the same period last year, while the new support systems and new formwork systems showed slightly better utilization rates[30]. - The company plans to focus on high-quality development and technological upgrades in the manufacturing sector, with a projected 9.5% year-on-year growth in manufacturing investment[15]. Shareholder Information and Dividends - The company declared an interim dividend of HKD 0.05 per share for the six months ended June 30, 2024, compared to no dividend for the same period in 2023[125]. - The major shareholder, Far Eastern Horizon, holds 1,333,247,413 shares, representing 41.70% of the equity[119]. - The company distributed special dividends in the form of shares, with a ratio of 1 share for every 27 shares held, and 10 shares for every 54 shares held in two separate distributions[111][112]. Strategic Focus and Future Plans - The company aims to become a "first-class global company" by leveraging new infrastructure and advanced manufacturing opportunities in the second half of 2024[108]. - The company plans to refine operations and management in domestic markets, enhancing efficiency and customer service[108]. - The company will continue to explore new products and industry demands while expanding its reach in Southeast Asia and the Middle East[108]. - The company is committed to enhancing professionalization in engineering and asset management to solidify its domestic business advantages[108]. Cost Management and Expenses - Total sales costs amounted to RMB 3,313,096 thousand, a 19.6% increase from RMB 2,769,819 thousand year-on-year[43]. - Employee and labor subcontracting costs increased by 57.8% to RMB 1,014,150 thousand from RMB 642,607 thousand year-on-year, representing 20.8% of total revenue[44]. - Research and development expenses decreased by 37.2% to RMB 70,910 thousand from RMB 112,883 thousand, representing 1.5% of total revenue[44]. Taxation and Financial Costs - Income tax expenses for the first half of 2024 amounted to RMB 138,662 thousand, an increase of 37.9% compared to RMB 100,555 thousand in the same period last year, primarily due to an increase in pre-tax profit[53]. - Financial costs decreased by 16.0% to RMB 382,097 thousand, mainly due to a reduction in borrowing interest expenses by RMB 85,598 thousand[8]. Compliance and Governance - The company has complied with all statutory social insurance and housing fund obligations applicable in China as of June 30, 2024[105]. - The company has complied with the corporate governance code during the reporting period, except for one specific provision[121]. - The company has established an audit committee consisting of three members, which has reviewed the financial statements for the six months ended June 30, 2024[124].

2023 年度報告 於開曼群島註冊成立的有限公司 股票代碼：09930.HK t 香蕉 宏 信 建 發 CDHORIZON News ri 6129 THELLI 乘势笃行 聚力谋远 ® 宏信建設發展有限公司 - 2023年度報告 目 鐵 公司简介-- 上班级歌 : ِ ---- 班费谈谈会 群獎마디방爾 咪 網葉識 。 單層詞節與分析 譯及高級管理人員簡歷 : - - - - 10 8 78 6 4 攜手全球夥伴 - 建設美好未來 ( -- - -- 昨 謝 謝 中 - 足業社會賣在報告 - - 班费雪娃娃比道 公併現金流量表 洲聯長吵發穿啦 ---- 日併權益變動表 ff 的務狀況表 : .. 105 109 116 117 119 121 88 115 123 宏信建設發展有限公司 · 2023年度報告 | --- | --- | --- | |-----------------------------|------------------------------|-------------------------------| | 企業信息 | | | | 董事會 | 委員會組成 | 公司秘書 | | ...

M N 13 Mar 2024 CMB International Global Markets | Equity Research | Company Update Horizon CD (9930 HK) 2023 earnings in line; 15% share price pullback BUY (Maintain) looks overdone Target Price HK$3.70 Horizon CD’s core net profit in 2023 grew 10% YoY to RMB1bn, in line with our (Previous TP HK$5.20) expectation. While the lack of dividend payout is disappointing given that Up/Downside 189.1% positive free cash flow is achieved, we believe the 15% share price pullback Current Price HK$1.28 yesterday was o ...

智通财经APP讯，宏信建发(09930)公布，董事会已于2024年3月12日决议并批准采纳限制性股份奖励计 划及建议采纳股份期权计划。董事相信，集团持续取得成功与僱员的投入和努力息息相关。采纳限制性 股份奖励计划及建议采纳股份期权计划可作为奖励以鼓励僱员对集团作出更多贡献。 经董事会批准，根据限制性股份奖励计划授出的限制性股份不得超过公司于董事会批准及采纳限制性股 份奖励计划当日已发行股份总数的3.5%，即约1.119亿股。董事会已于2024年3月12日批准于2024年度内 授予不超过5595.177万股限制性股份，授予可获行使为不超过 2397.933万股股份的期权。 ...

Company Overview - As of December 31, 2023, the company managed a total of 177,600 aerial work platforms, ranking first in Asia and third globally[12]. - The total management scale of material assets reached approximately 228,000 tons, maintaining a leading position in the domestic market[12]. - The number of service points in mainland China increased to 489, with an additional point established in Hong Kong, enhancing service capabilities for industrial clients[12]. - The company has successfully entered the Southeast Asian market, establishing service points in Malaysia and Indonesia, with ongoing research and planning in Thailand, Vietnam, the Middle East, and North Africa[12]. Financial Performance - The company achieved a total revenue of RMB 9.61 billion in 2023, representing a year-on-year growth of 22.0%[15]. - Net profit attributable to ordinary shareholders reached RMB 960 million, an increase of 44.9% compared to the previous year[15]. - The total number of customers served increased to approximately 232,000, up from about 158,000 at the end of 2022[15]. - Operating leasing services generated revenue of RMB 5.14 billion, accounting for 53.5% of total revenue[15]. - Engineering technical services achieved revenue of RMB 2.96 billion, contributing to the overall growth of the company[15]. - The average return on total assets was approximately 3.1%, while the average return on equity was about 11.0%[16]. - The company reported a significant increase in operating cash flow, reaching RMB 3.95 billion, a 40% increase from RMB 2.82 billion in the previous year[16]. Market Expansion and Strategy - The company aims to leverage its operational capabilities and industry resource integration advantages to expand into new overseas markets, particularly in Southeast Asia, the Middle East, and North Africa[12]. - The company plans to focus on high-quality development and market expansion in the coming years[17]. - The company anticipates a recovery in the new formwork system market in 2024, driven by favorable factors such as an increase in the construction business activity index to 56.9% in December 2023[31]. - The company is actively expanding its network layout, enhancing the utilization rates of its main product lines, including new support systems and new formwork systems[42]. Digital Transformation and Innovation - The company has a mature digital capability that continuously enhances operational efficiency and customer service capabilities[10]. - The company is focusing on digital transformation to improve operational efficiency and reduce costs, achieving comprehensive digital integration across various business processes[33]. - New product and technology development initiatives are underway to enhance service offerings and operational efficiency[20]. Risk Management and Financial Stability - The company achieved a "AAA" credit rating from Zhongchengxin International Credit Rating Co., Ltd. in the second half of 2023, indicating strong financial stability[12]. - The company reported a solid cash flow and improved financial condition, enhancing its risk resistance capabilities[12]. - The debt-to-asset ratio improved to 65.5% from 78.0% in the previous year, indicating better financial stability[19]. - The company has implemented a systematic risk management assessment policy to evaluate customer creditworthiness and performance, enhancing the overall risk management framework[77]. Corporate Governance - The board consists of 11 members, including 2 executive directors, 5 non-executive directors, and 4 independent non-executive directors[122]. - The company emphasizes a healthy corporate culture as the core of good corporate governance, promoting accountability and ethical behavior among all employees[119]. - The company has adopted a standard code of conduct for securities trading by directors, ensuring compliance since the listing date until December 31, 2023[120]. - The company has established anti-corruption and whistleblowing policies to encourage reporting of unethical behavior[119]. Employee and Social Responsibility - The company has made charitable donations totaling RMB 260,000 during the fiscal year ending December 31, 2023[183]. - The company has complied with all statutory social insurance and housing fund obligations applicable in China as of December 31, 2023[110]. - The company has a structured approach to employee benefits, including pension plans and housing funds, as detailed in the financial statements[195]. Future Outlook - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 10% to 12%[166]. - The company is investing 50 million in research and development for new technologies aimed at enhancing operational efficiency[166]. - The management team emphasized a focus on risk management and operational control to mitigate potential market fluctuations[163].

Revenue and Profit Performance - Total revenue for the first half of 2023 reached RMB 4,205.97 million, a 17.9% increase compared to RMB 3,565.17 million in the same period of 2022[10] - Revenue for the first half of 2023 reached RMB 4,205.971 million, a year-on-year increase of 18.0%[26] - Revenue for the six months ended June 30, 2023, increased to RMB 4,205,971 thousand, up from RMB 3,565,169 thousand in the same period in 2022[120] - Total revenue from continuing operations reached RMB 4,205.971 million in H1 2023, up from RMB 3,565.169 million in H1 2022[146][147] - Gross profit for the first half of 2023 was RMB 1,436.15 million, with a gross profit margin of 34.1%, down from 38.4% in the same period of 2022[10] - Gross profit for the first half of 2023 was RMB 1,436.152 million, up 4.8% compared to the same period last year[26] - Gross profit for the six months ended June 30, 2023, was RMB 1,436,152 thousand, compared to RMB 1,370,679 thousand in the same period in 2022[120] - Net profit attributable to ordinary shareholders for the first half of 2023 was RMB 237.14 million, a 49.0% increase compared to RMB 159.11 million in the same period of 2022[10] - Net profit attributable to owners of the parent for the six months ended June 30, 2023, was RMB 237,141 thousand, up from RMB 159,114 thousand in the same period in 2022[120] - Net profit for the period reached RMB 237,141 thousand, a significant increase from RMB 159,114 thousand in the previous period[122] - Pre-tax profit for the first half of 2023 was RMB 337.696 million, a year-on-year increase of 37.9%[26] - Pre-tax profit for the six months ended June 30, 2023, included depreciation of property, plant, and equipment of RMB 1,147,676 thousand and employee benefit expenses of RMB 567,186 thousand[159] - Pre-tax profit for the first half of 2023 was RMB 337,696 thousand, a significant increase from RMB 244,919 thousand in the same period of 2022[167] - Adjusted pre-tax profit (non-HKFRS measure) for the first half of 2023 was RMB 418.262 million, up 11.5% year-on-year[29] - EBITDA (non-HKFRS measure) for the first half of 2023 was RMB 1,965.122 million, an increase of 11.4% compared to the same period last year[29] - EBITDA margin (non-HKFRS measure) for the first half of 2023 was 46.7%, down from 49.5% in the same period of 2022[10] - The company's profit for the period was RMB 237,141 thousand, a 49.0% increase year-over-year, with adjusted profit (non-HKFRS measure) reaching RMB 317,707 thousand, up 9.8%[56] - Total comprehensive income for the period amounted to RMB 237,560 thousand, compared to RMB 159,114 thousand in the prior period[122] Segment Performance - Operating lease services contributed RMB 2,505.62 million in revenue, accounting for 59.6% of total revenue, with a gross profit margin of 39.5%[10] - Engineering technical services generated RMB 1,140.63 million in revenue, with a gross profit margin of 20.7%[10] - Platform and other services revenue surged to RMB 559.72 million, a 174.0% increase year-over-year, with a gross profit margin of 37.4%[10] - Operating lease service revenue increased by 8.7% to RMB 2,505,619 thousand, accounting for 59.6% of total revenue[35] - Engineering technical service revenue grew by 8.1% to RMB 1,140,634 thousand, representing 27.1% of total revenue[35] - Platform and other services revenue surged by 174.0% to RMB 559,718 thousand, contributing 13.3% to total revenue[35] - Operating lease services revenue increased to RMB 2,505.619 million in H1 2023, up from RMB 2,305.748 million in H1 2022[146][147] - Engineering technical services revenue grew to RMB 1,140.634 million in H1 2023, compared to RMB 1,055.110 million in H1 2022[146][147] - Platform and other services revenue surged to RMB 559.718 million in H1 2023, a significant increase from RMB 204.311 million in H1 2022[146][147] - Segment profit for operating lease services decreased to RMB 571.375 million in H1 2023, down from RMB 673.418 million in H1 2022[146][147] - Segment profit for engineering technical services rose to RMB 23.064 million in H1 2023, compared to RMB 14.406 million in H1 2022[146][147] - Segment profit for platform and other services increased significantly to RMB 124.584 million in H1 2023, up from RMB 15.502 million in H1 2022[146][147] - Revenue from top five customers accounted for 18% of total revenue in H1 2023, down from 23% in H1 2022[148] - Revenue recognized from contracts with customers at a point in time (goods) was RMB 168,007 thousand, while revenue recognized over time (services) was RMB 1,055,110 thousand[152] - The amount of revenue recognized from contract liabilities at the beginning of the period was RMB 31,152 thousand, with RMB 15,003 thousand from sales of goods and RMB 16,149 thousand from engineering technical services[153] - The transaction price allocated to remaining performance obligations (unfulfilled or partially unfulfilled) as of June 30, 2023, was RMB 813,897 thousand, with RMB 569,728 thousand expected to be recognized within one year and RMB 244,169 thousand expected to be recognized after one year[155] Financial Position and Ratios - Total assets increased to RMB 30,601,785 thousand as of June 30, 2023, up from RMB 30,288,394 thousand at the end of 2022[11] - Total liabilities decreased to RMB 20,548,944 thousand as of June 30, 2023, down from RMB 23,616,202 thousand at the end of 2022[11] - Asset-liability ratio improved to 67.1% as of June 30, 2023, compared to 78.0% at the end of 2022[11] - Equity attributable to ordinary shareholders increased to RMB 10,052,841 thousand as of June 30, 2023, up from RMB 6,672,192 thousand at the end of 2022[11] - Net asset per share rose to RMB 3.14 as of June 30, 2023, compared to RMB 2.36 at the end of 2022[11] - The company's average return on equity (ROE) for the first half of 2023 was 5.7%, up from 5.2% in the same period of 2022[10] - The company's average return on assets (ROA) for the first half of 2023 was 1.6%, up from 1.1% in the same period of 2022[10] - The company's debt-to-asset ratio decreased to 67.1% as of June 30, 2023, down from 78.9% in the same period last year, primarily due to the reclassification of ordinary share redemption liabilities and accrued interest from liabilities to equity[90] - Average return on equity increased from 5.2% in the first half of 2022 to 5.7% in the first half of 2023, driven by higher profit growth compared to average equity growth[88] - Average return on total assets rose from 1.1% in the first half of 2022 to 1.6% in the first half of 2023, due to profit growth outpacing total asset growth[89] - Total current assets rose to RMB 11,121,556 thousand from RMB 10,339,945 thousand[124] - Total current liabilities increased to RMB 9,357,229 thousand from RMB 8,190,967 thousand[125] - Net current assets decreased to RMB 1,764,327 thousand from RMB 2,148,978 thousand[125] - Total non-current liabilities decreased to RMB 11,191,715 thousand from RMB 15,425,235 thousand[125] - Total equity increased to RMB 10,052,841 thousand from RMB 6,672,192 thousand[125] - Retained earnings rose to RMB 2,044,009 thousand from RMB 1,826,946 thousand[127] - Total equity as of June 30, 2023, was RMB 6,169,259 thousand, with retained earnings of RMB 1,341,569 thousand[130] Cash Flow and Financing - Operating cash flow for the six months ended June 30, 2023, was RMB 1,298,924 thousand, a decrease from RMB 1,412,825 thousand in the same period in 2022[131] - Net cash used in investing activities for the six months ended June 30, 2023, was RMB 602,450 thousand, a significant improvement from RMB 2,385,414 thousand in the same period in 2022[132] - Net cash generated from financing activities for the six months ended June 30, 2023, was negative RMB 496,102 thousand, compared to positive RMB 1,585,381 thousand in the same period in 2022[132] - Cash and cash equivalents increased by RMB 200,372 thousand to RMB 2,364,040 thousand as of June 30, 2023[132] - The average financing interest rate decreased by 0.04% to 4.27% in H1 2023, driven by lower domestic financing costs[54] - The company actively promoted green syndicated loans, supply chain financing, and technology innovation loans to reduce financing costs[77] - Net proceeds from the global offering amounted to approximately RMB 1,466.813 million, with 67.0% allocated to optimizing equipment portfolios, 11.0% to enhancing one-stop solution capabilities, and 8.0% to digital upgrades[101] - Capital expenditures for the first half of 2023 were RMB 940.822 million, a 62.4% decrease from RMB 2,500.619 million in the same period last year, as the company controlled procurement scale through platform service models[91] - The group added RMB 940,822 thousand worth of property, plant, and equipment during the first half of 2023, primarily in leased and service equipment, materials, and molds[171] - Depreciation and impairment charges for property, plant, and equipment totaled RMB 1,147,676 thousand in the first half of 2023[171] - The net book value of property, plant, and equipment as of June 30, 2023, was RMB 18,626,563 thousand, with leased and service equipment, materials, and molds accounting for the majority at RMB 17,960,939 thousand[171] - The total net book value of property, plant, and equipment as of December 31, 2022, was RMB 19,102,390 thousand, with the largest component being rental and service equipment, materials, and molds at RMB 18,400,428 thousand[172] - The company added RMB 3,220,391 thousand to property, plant, and equipment during 2022, primarily driven by additions to rental and service equipment, materials, and molds (RMB 3,164,519 thousand)[172] - As of June 30, 2023, the company had mortgaged property, plant, and equipment with a net book value of RMB 7,493,250 thousand as collateral for financing, up from RMB 6,837,583 thousand as of December 31, 2022[173] - The net book value of right-of-use assets as of June 30, 2023, was RMB 377,451 thousand, with office assets accounting for RMB 113,306 thousand and equipment, materials, and molds at RMB 80,395 thousand[177] - Lease liabilities increased to RMB 164,724 thousand as of June 30, 2023, from RMB 131,259 thousand as of December 31, 2022, driven by new leases of RMB 130,959 thousand[180] - Rental income for the period ending June 30, 2023, was RMB 2,806,241,000, a 19.8% increase compared to RMB 2,342,052,000 in the same period last year[183] - Total undiscounted lease payments receivable as of June 30, 2023, amounted to RMB 3,362,316,000, with RMB 2,980,184,000 due within one year[184] Expenses and Costs - Sales and administrative expenses decreased by 8.6% to RMB 557,614 thousand, with a reduction in employee and labor subcontracting costs by 5.0%[45] - Trade and sublease costs surged by 104.3% to RMB 335,806 thousand, driven by increased overseas market penetration and equipment sales[46] - R&D expenses increased by 4.8% to RMB 112,883 thousand, reflecting continued investment in innovation and technology[46] - Depreciation and amortization increased by 8.4% to RMB 1,180,548 thousand in H1 2023, driven by business expansion and increased self-owned equipment[47] - Employee and labor costs decreased by 5.0% to RMB 642,607 thousand in H1 2023 due to adjustments in personnel and salary structure[47] - Trade and sublease costs surged by 104.3% to RMB 335,806 thousand in H1 2023, primarily due to growth in platform services[47] - Maintenance and material costs rose by 17.1% to RMB 325,442 thousand in H1 2023, reflecting expanded equipment and project scale[47] - Transportation and lifting costs increased by 29.7% to RMB 416,124 thousand in H1 2023, driven by higher asset utilization and transportation volume[47] - R&D expenses grew by 4.8% to RMB 112,883 thousand in H1 2023, reflecting continued investment in engineering and digital innovation[47] - Other income and gains increased by 26.2% to RMB 111,928 thousand in H1 2023, mainly due to higher government subsidies and financial instrument gains[48] - Accounts receivable and contract assets increased by 53.6% to RMB 89,884 thousand in H1 2023, while notes receivable surged by 2,085.6% to RMB 73,654 thousand[50] - Other expenses decreased by 65.6% to RMB 30,731 thousand in H1 2023, primarily due to reduced foreign exchange losses[51] - Financial costs increased to RMB 454,624 thousand in the first half of 2023, up from RMB 434,857 thousand in the same period of 2022, primarily driven by higher interest on bank and other financing[162] - Total tax expenses for the period amounted to RMB 100,555 thousand, compared to RMB 85,805 thousand in the first half of 2022, with a current tax expense of RMB 120,145 thousand and deferred tax benefits of RMB 19,590 thousand[163] - The effective tax rate for the group was calculated based on a statutory rate of 25% for most subsidiaries in mainland China, with certain subsidiaries enjoying a preferential rate of 15% due to high-tech enterprise status[164][166] - R&D expenses for the six months ended June 30, 2023, were RMB 112,883 thousand, with additional costs such as transportation expenses of RMB 43,032 thousand and travel expenses of RMB 32,843 thousand[160] - Depreciation of property, plant, and equipment included in the cost of sales for the six months ended June 30, 2023, was RMB 1,110,457 thousand[160] - Commission expenses, including bank commissions and handling fees, amounted to RMB 7,135 thousand for the six months ended June 30, 2023[161] Market and Industry Trends - Manufacturing investment in China grew by 6% year-on-year in the first half of 2023[16] - Infrastructure investment (excluding electricity) in China increased by 7.2% year-on-year in the first half of 2023[16] - China's construction industry output value reached RMB 13.2 trillion in the first half of 2023, a year-on-year increase of 5.9%[18] - New contracts signed by China's construction enterprises totaled RMB 15.4 trillion in the first half of 2023, up 3.1% year-on-year[18] - Southeast Asia's GDP growth is projected at 6% for the Philippines and Vietnam, 5.5% for Cambodia, 4.9% for Indonesia, and 4.3% for Malaysia in 2023[17] - The company expects increased adoption of new support systems due to stricter government and industry requirements for construction projects[21] - The company anticipates growth in the new formwork system market, driven by government promotion and increasing demand for safety and efficiency[22] - The company plans to strengthen operational capabilities and equipment management scale, accelerate global expansion, and explore overseas markets, particularly in Southeast Asia, to form a second growth curve[102] Corporate Governance and Compliance - The company complied with the Corporate Governance Code, except for Code Provision F.2.2, which requires the chairman to attend the annual general meeting[111] - The company's board of directors included at least three independent non-executive directors, one of whom had accounting or financial management expertise, as required by the Listing Rules[113] - The company adopted the standard code set out in Appendix 10 of the Listing Rules as the code of conduct for directors and relevant employees in dealing with the company's securities[112] - The audit committee reviewed the condensed consolidated financial

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。 宏信建設發展有限公司 HORIZON CONSTRUCTION DEVELOPMENT LIMITED （於開曼群島註冊成立的有限公司） （股份代號：9930） 截至二零二三年六月三十日止六個月 中期業績公告 宏信建設發展有限公司（「本公司」）董事會（「董事會」）謹此公佈本公司及其附屬 公司（「本集團」）截至二零二三年六月三十日止六個月的未經審核中期業績，連同 截至二零二二年六月三十日止六個月的比較數字。本公告列載本公司二零二三年 中期報告全文，並符合香港聯合交易所有限公司（「聯交所」）證券上市規則（「上市 規則」）中有關中期業績初步公告附載的資料之要求。 承董事會命 宏信建設發展有限公司 孔繁星 主席 香港，二零二三年八月八日 於本公告日期，本公司執行董事為潘陽先生（首席執行官）及唐立先生；本公司非 執行董事為孔繁星先生（主席）、徐會斌先生、何子明先生、李前進先生及郭麗娜 女士；以及本公司獨立非執行董 ...