叶氏化工集团2023 中期业绩报告

目錄CONTENTS —Chairman’s Statement –Review and Outlook3 Report of the Chief Executive Officer7 主席報告 — 回顧及展望Chairman’s Statement – Review and Outlook Review I ti s m y p l e a s u r e t o p r e s e n t t o a l l s h a r e h o l d e r s( t h e“Shareholders”)of Yip’s Chemical Holdings Limited(the“Company”) an overview of the business of the Company and itssubsidiaries (collectively “Yip’s Chemical”, the “Group”, “we” or“us”) for the six months ended 30 June 2023 (the “period underreview”). As a result of the Group’s disposal of controlling effectiveinterest in the solvents business to PAG which was completed bythe end of last year, the overall business structure of the Grouphas changed significantly (please refer to the announcementof the Company dated 25 July 2022 for details). Accordingly,the business overview for the period under review is presentedwith all relevant figures adjusted where necessary to present theresults of the solvents business as associates of the Group of itscontinuing operations. 3.75%2,300 In summary, the operating conditions faced by the Group in thefirst half of the year remained rather difficult and challenging.During the period under review, the war between Russia andUkraine has reached a stalemate and there was no furtherescalation of the conflict. The pace of global interest rate hikesled by the United States of America has also been slowing downand decreasing, but the significant damage done to the globaleconomy has not been alleviated – it has even been spread widerand worsened. The domestic market was severely sluggish dueto the impact of the global economy, and export businesseswere naturally the first to bear the brunt. Meanwhile, after thethree-year pandemic, industrial and commercial enterprises havegenerally been devastated, and the consumer confidence hasbeen significantly weakened. Since the end of the precedingyear,the government of China has progressively lifted therelevant anti-epidemic measures, and the first two months ofthis year saw a remarkable recovery in consumer spending, butthis was soon followed by a gradual decline, and the recoverylost its momentum overall. Coupled with the fluctuating priceof Renminbi (“RMB”), depreciating by up to 3.75% during theperiod under review, the Group recorded a substantial exchange 12%15.677%14.31,63085% loss of HK$23 million. These factors had an adverse impacton the Group’s business during the period under review, butthe prices of raw materials fortunately were relatively stableduring the period under review due to the weak supply anddemand. The management of the Group at all levels madesubstantial preparations and efforts to reduce costs. Considerablepreparations and efforts have also been made to reduce expensesand achieved certain results. Consequently, apart from solventsand inks businesses, the Group’s remaining core businessesshowed different degrees of enhancement and improvementin performance compared to the corresponding period of thepreceding year (please refer to the Report of the Chief ExecutiveOfficer for details). During the period under review, the Group’srevenuedecreased by 12%to HK$1.567 billion yet salesvolume increased by 7% to 143,000 tonnes compared to thecorresponding period of the preceding year. Profit attributabletoowners of the Company amounted to HK$16.3 million,representing a decrease of 85% compared to the correspondingperiod of the preceding year. 51%0.1%46.6%210 Meanwhile, the Group’s overall credit position remained strongduring the period under review. Following the debt crisis ofreal estate developers in Mainland China last year, some of theresidual problems caused by defaults of individual real estatedevelopers have been generally and fundamentally resolved.In addition, the Group has received a substantial amount ofcash from the disposal of 51% effective interest in the solventsbusiness,as a result the Group’s gearing ratio improvedsignificantly to 0.1% as at the end of the period under reviewas compared to 46.6% for the corresponding period of thepreceding year. After a thorough assessment of the Group’sbusiness prospects and considering the established practiceof rewarding Shareholders earnestly, the board (“Board”) ofdirectors (“Director(s)”) of the Company has resolved to declarepayment of an interim dividend of HK2 cents per share to allShareholders,as compared to the interim dividend for thecorresponding period of the preceding year of HK10 cents. Outlook I am very cautious about the business outlook of the Groupfor the second half of 2023. Internationally, the war betweenRussia and Ukraine is expected to continue but conflicts are notexpected to escalate, while a pause on the global interest ratehikes is anticipated. However, the profound and severe damageto the global economy will not be mended in a short period oftime, and the sluggishness in general is likely to persist for aconsiderable period of time. Domestically, the government ofChina is expected to adopt a series