纷美包装(00468) - 2020 - 中期财报

Company Information Directors and Company Secretary Outlines the company's board members, joint company secretaries, and the composition of board committees - Executive Directors: Mr. Bi Hua (Chief Executive Officer) and Mr. Chang Fuquan[6] - Non-Executive Directors: Mr. Hong Gang (Chairman), Mr. Pang Yiu Kai (appointed March 30, 2020), and Mr. Xu Liqing (resigned March 30, 2020)[6] - Independent Non-Executive Directors: Mr. LUETH Allen Warren, Mr. BEHRENS Ernst Hermann, and Mr. Zhu Jia[6] - Joint Company Secretaries: Ms. Qi Zhaohui and Ms. Su Lishan[6] - Audit Committee Chairman: Mr. LUETH Allen Warren; Remuneration Committee Chairman: Mr. Zhu Jia; Nomination Committee Chairman: Mr. Hong Gang[6] Company Contact and Registration Information Provides key contact and registration details: registered office, principal business locations, auditor, legal counsel, bankers, and share registrar - Registered Office: Cricket Square, Hutchins Drive, P.O. Box 2681, Grand Cayman, KY1-1111 Cayman Islands[6] - China Headquarters: No. 14 Jiuxianqiao Road, Chaoyang District, Beijing, China, Postcode: 100015[6] - Auditor: PricewaterhouseCoopers[6] - Principal Bankers: DBS Bank (Hong Kong) Limited, Commerzbank AG, The Hongkong and Shanghai Banking Corporation Limited, Citibank, China Construction Bank, Industrial and Commercial Bank of China, China Merchants Bank[6] - Hong Kong Share Registrar: Tricor Investor Services Limited[6] - Company Website: www.greatviewpack.com[6](index=6&type=chunk) Financial Highlights Key Financial Indicators for the Six Months Ended June 30 For H1 2020, revenue grew 14.7% to RMB1,357.2 million, gross profit 23.8% to RMB356.0 million, but net profit and EPS both declined 9.4%, with dividend maintained at HKD0.13 2020 H1 vs 2019 H1 Key Financial Indicators Comparison | Metric | 2020 (RMB million) | 2019 (RMB million) | Percentage Change | | :------------- | :-------------------- | :-------------------- | :--------- | | Revenue | 1,357.2 | 1,182.8 | 14.7% | | Gross Profit | 356.0 | 287.5 | 23.8% | | Net Profit | 155.7 | 171.8 | -9.4% | | Profit Attributable to Shareholders | 155.7 | 171.8 | -9.4% | | Earnings Per Share (RMB) | 0.116 | 0.128 | -9.4% | | Proposed Interim Dividend Per Share (HKD) | 0.13 | 0.13 | - | Management Discussion and Analysis Business Review Greatview, a leading roll-fed supplier, provides integrated liquid food packaging solutions, showing stable China growth and accelerated international expansion, with innovation in sustainability and digitalization - The company is the world's second-largest roll-fed supplier, providing aseptic packaging materials, filling machines, accessories, technical services, data marketing, and product traceability solutions[13] - In H1 2020, China business sales volume grew by approximately 15.3%, and revenue increased by approximately 11.7%, demonstrating strong resilience[16] - International business sales volume rose by approximately 18.2%, and revenue increased by approximately 21.2%, driven by enhanced customer penetration and new client acquisition[16] - Greatview Germany factory has used 100% renewable carbon-free electricity since 2020 and launched eco-friendly 330mL packaging to reduce plastic use[16][19] - Launched innovative products like the 'Greatview Scratch-and-Win Pack' and new 'Greatview Brick 1000mL Square' format, actively advancing digitalization for production big data and supply chain services[19] - Approximately 7.7 billion packs were sold in H1 2020, an increase of approximately 16.7% compared to H1 2019, primarily due to increased sales in China and international markets[19] - As of June 30, 2020, total annual production capacity was approximately 30 billion packs, with a utilization rate of approximately 54.0% (H1 2019: 44.7%), mainly due to increased output[22] - Raw material costs remained stable under effective supply chain management[22] - Received recognition and appreciation from clients, such as China Mengniu Dairy Company Limited, for ensuring supply during the pandemic[22] - CEO Mr. Bi Hua was invited to the Global Intelligent Manufacturing Conference to share Greatview's smart manufacturing practices in the context of Industry 4.0[22] Financial Review In H1 2020, revenue increased but net profit declined due to reduced other income and higher expenses; gross margin improved, the company maintained net cash flow, paid interim dividends, and optimized product mix and efficiency - In H1 2020, revenue increased but profit decreased; the company addressed challenges by optimizing product portfolio and production efficiency[24] 2020 H1 Revenue Composition and Y-o-Y Change | Metric | H1 2020 (RMB million) | H1 2019 (RMB million) | Y-o-Y Change | | :--------------- | :-------------------------- | :-------------------------- | :------- | | Total Revenue | 1,357.2 | 1,182.8 | 14.7% | | China Segment Revenue | 893.9 | 800.5 | 11.7% | | International Segment Revenue | 463.3 | 382.3 | 21.2% | | Dairy Customers Revenue | 1,142.5 | 988.4 | 15.6% | | Non-Carbonated Soft Drink Customers Revenue | 205.4 | 194.4 | 5.7% | 2020 H1 Cost and Profit Metrics Y-o-Y Change | Metric | H1 2020 (RMB million) | H1 2019 (RMB million) | Y-o-Y Change | | :------------- | :-------------------------- | :-------------------------- | :------- | | Cost of Sales | 1,001.2 | 895.3 | 11.8% | | Gross Profit | 356.0 | 287.5 | 23.8% | | Gross Margin | 26.2% | 24.3% | +1.9pp | | Net Other Income and Gains | 17.0 | 62.1 | -72.6% | | Distribution Expenses | 82.0 | 68.0 | 20.6% | | Administrative Expenses | 82.1 | 63.5 | 29.3% | | Income Tax Expense | 54.3 | 45.5 | 19.3% | | Effective Tax Rate | 25.9% | 20.9% | +5.0pp | | Net Profit | 155.7 | 171.8 | -9.4% | | Net Profit Margin | 11.5% | 14.5% | -3.0pp | - As of June 30, 2020, cash and cash equivalents were RMB504.3 million (December 31, 2019: RMB562.8 million)[33] - Inventory turnover days increased from 109.5 days to 126.3 days, trade receivables turnover days from 65.6 days to 72.9 days, and trade payables turnover days from 42.0 days to 52.3 days[34] - Total borrowings decreased from RMB320.8 million to RMB272.1 million, and the gearing ratio decreased from 0.13 to 0.11[36][37] - Working capital was approximately RMB1,043.2 million (December 31, 2019: RMB995.7 million)[38] - Recorded an exchange loss of approximately RMB2.6 million (H1 2019: exchange gain of approximately RMB1.7 million)[39] - Total