盛龙锦秀国际(08481) - 2025 - 中期业绩

Company Announcements and Disclaimers This section provides official announcements and disclaimers regarding the interim results and market characteristics Interim Results Announcement Shenglong Jinxiu International Limited is pleased to announce its unaudited condensed consolidated interim results for the six months ended June 30, 2025, with this announcement containing the full interim report and complying with relevant GEM Listing Rules of the Stock Exchange - The Company announced its unaudited condensed consolidated interim results for the six months ended June 30, 2025[2] - This announcement complies with the information requirements of the GEM Listing Rules of the Stock Exchange regarding preliminary announcements of interim results[2] Board Members and Responsibility Statement As of the announcement date, the Board comprises three executive directors (Sheng Yingming, Fang Xu, Sheng Sainan) and three independent non-executive directors (Ma Lingfei, Cao Bingchang, Zheng Yong); all directors jointly and individually assume full responsibility for the announcement's content and confirm its accuracy, completeness, and lack of misleading information - The Board of Directors includes three executive directors: Mr. Sheng Yingming, Mr. Fang Xu, and Ms. Sheng Sainan[4] - The Board of Directors includes three independent non-executive directors: Mr. Ma Lingfei, Mr. Cao Bingchang, and Mr. Zheng Yong[4] - The directors confirm that the information contained in the announcement is accurate and complete in all material respects, and contains no misleading or fraudulent statements[5] GEM Market Characteristics and Disclaimer The GEM market provides a listing platform for small and medium-sized companies with higher investment risks, requiring investors to exercise caution; Hong Kong Exchanges and Clearing Limited and The Stock Exchange are not responsible for this report's content, make no statement as to its accuracy or completeness, and accept no liability for any loss - The GEM market provides a listing platform for small and medium-sized companies with higher investment risks, and investors should understand the potential risks[7] - Hong Kong Exchanges and Clearing Limited and The Stock Exchange take no responsibility for the contents of this report, make no representation as to its accuracy or completeness[7] Company Information This section details the company's board members, committees, key advisors, and operational locations Board and Committee Members The Company's Board of Directors consists of executive directors Sheng Yingming, Fang Xu, Sheng Sainan, and independent non-executive directors Cao Bingchang, Ma Lingfei, Zheng Yong; Mr. Cao Bingchang chairs the Audit Committee, Mr. Zheng Yong chairs the Remuneration Committee, and Mr. Ma Lingfei chairs the Nomination Committee - Executive directors include Mr. Sheng Yingming, Mr. Fang Xu, and Ms. Sheng Sainan[9] - Independent non-executive directors include Mr. Cao Bingchang, Mr. Ma Lingfei, and Mr. Zheng Yong[9] - The Audit Committee Chairman is Mr. Cao Bingchang, the Remuneration Committee Chairman is Mr. Zheng Yong, and the Nomination Committee Chairman is Mr. Ma Lingfei[9] Key Advisors and Offices The Company's legal advisor is Tongli Law Firm (Limited Liability Partnership), and its auditor is Tianjian International Certified Public Accountants Co., Ltd. Principal bankers include China Construction Bank and Shanghai Pudong Development Bank. The Company maintains a registered office in the Cayman Islands and principal places of business in Hong Kong and Zhejiang Province, China - The legal advisor as to Hong Kong law is Tongli Law Firm (Limited Liability Partnership)[9] - The auditor is Tianjian International Certified Public Accountants Co., Ltd[9] - The principal bankers are China Construction Bank Corporation and Shanghai Pudong Development Bank Co., Ltd[9] Management Discussion and Analysis This section offers a comprehensive review of the group's business operations, financial performance, liquidity, and future outlook Business Review The Group is primarily engaged in manufacturing and selling decorative printing material products, including decorative paper, melamine impregnated paper, and PVC floor film, serving over 500 domestic and international clients across more than 40 countries during the period - The Group is principally engaged in the manufacture and sale of decorative printing material products, including decorative paper, melamine impregnated paper, and PVC floor film[11] - During the period, the Group served over 500+ customers in domestic and international markets, with overseas sales spanning more than 40+ countries across Asia, North America, South America, Europe, Oceania, and Africa[11] Financial Review Revenue for the period increased by 3.8% to RMB 270.5 million, driven primarily by increased overseas market demand; cost of sales decreased by 8.4%, gross profit significantly grew by 34.5% to RMB 99.7 million, and gross profit margin improved to 36.9%; administrative expenses rose by 33.3% due to increased salaries, benefits, and pre-operating costs for the new plant, while net other income significantly decreased by 98.5% due to exchange losses Key Financial Metrics Changes (For the six months ended June 30, 2025) | Metric | 2025 (RMB million) | 2024 (RMB million) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 270.5 | 260.6 | +3.8% | | Cost of sales | 170.8 | 186.5 | -8.4% | | Gross profit | 99.7 | 74.1 | +34.5% | | Gross profit margin | 36.9% | 28.4% | +8.5 percentage points | | Selling expenses | 22.5 | 21.1 | +6.4% | | Administrative expenses | 48.8 | 36.6 | +33.3% | | Net other income and gains | 0.1 | 5.2 | -98.5% | | Net finance costs | 5.3 | 5.1 | +5.0% | | Income tax expense | 3.3 | 1.4 | +135.7% | | Profit attributable to owners of the Company | 19.9 | 15.1 | +31.8% | - The increase in revenue was mainly driven by increased demand from overseas markets (especially the United Arab Emirates and India) and the Chinese market[12] - The decrease in cost of sales was primarily due to lower production materials such as base paper and other production costs[13] - The increase in administrative expenses was mainly due to higher staff salaries and benefits for administrative employees, entertainment expenses, and pre-operating infrastructure costs for the new manufacturing plant in Shexian[16] - The significant decrease in net other income and gains was mainly due to exchange losses recorded from the depreciation of the US dollar against the RMB[17] Liquidity, Financial Resources, and Capital Structure As of June 30, 2025, the Group's current assets were approximately RMB 354.6 million, current liabilities approximately RMB 187.0 million, with the current ratio increasing to 1.90 times; total bank borrowings rose to RMB 468.9 million, and the gearing ratio increased to 1.61, primarily due to higher long-term bank borrowings Liquidity and Capital Structure (As of June 30, 2025) | Metric | As of June 30, 2025 (RMB million) | As of December 31, 2024 (RMB million) | Change (%) | | :--- | :--- | :--- | :--- | | Current assets | 354.6 | 324.4 | +9.3% | | Current liabilities | 187.0 | 287.9 | -35.0% | | Current ratio | 1.90 times | 1.13 times | +0.77 times | | Total bank borrowings | 468.9 | 380.8 | +23.1% | | Gearing ratio | 1.61 | 1.37 | +0.24 | - The increase in the current ratio was mainly due to a decrease in bills payable and payables for the acquisition of property, plant and equipment[21] - The increase in the gearing ratio was mainly due to an increase in long-term bank borrowings during the period[22] - The Group faces various currency foreign exchange risks primarily related to USD, EUR, and HKD, which are regularly monitored and hedged[23] Capital Commitments and Employee Information As of June 30, 2025, the Group's contracted but unprovided capital expenditure for the acquisition of property, plant and equipment was approximately RMB 108.9 million; the number of employees increased to 460, with staff costs of approximately RMB 48.7 million; there were no significant investments, acquisitions, or disposals of subsidiaries during the period Capital Commitments and Employee Data | Metric | As of June 30, 2025 (RMB million) | As of December 31, 2024 (RMB million) | | :--- | :--- | :--- | | Capital expenditure for acquisition of