环龙控股2023 中期报告

(Incorporated in the Cayman Islands with limited liability) Stock Code: 2260 2023INTERIM REPORT CONTENTS CORPORATE INFORMATION2MANAGEMENT DISCUSSION AND ANALYSIS5OTHER INFORMATION14CONDENSED CONSOLIDATED STATEMENT OFPROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME19CONDENSED CONSOLIDATED STATEMENT OFFINANCIAL POSITION21CONDENSED CONSOLIDATED STATEMENT OFCHANGES IN EQUITY23CONDENSED CONSOLIDATED STATEMENT OFCASH FLOWS24NOTES TO THE CONDENSED CONSOLIDATED FINANCIALSTATEMENTS26 CORPORATE INFORMATION BOARD OF DIRECTORS Executive Directors Ms. Shen Genlian (Chairperson)Mr. Zhou Jun (Chief executive officer)Mr. Xie ZongguoMs. Yuan Aomei Independent Non-Executive Directors Mr. Ip Wang HoiMr. Zhang ShenjinMr. Wang Yunchen BOARD COMMITTEES Audit Committee Mr. Wang Yunchen (Chairman)Mr. Zhang ShenjinMr. Ip Wang Hoi Remuneration Committee Mr. Ip Wang Hoi (Chairman)Mr. Zhou JunMr. Zhang Shenjin Nomination Committee Ms. Shen Genlian (Chairman)Mr. Ip Wang HoiMr. Wang Yunchen AUTHORISED REPRESENTATIVES Ms. Shen GenlianMs. Mak Po Man Cherie COMPANY SECRETARY Ms. Mak Po Man Cherie CORPORATE INFORMATION REGISTERED OFFICE Cricket SquareHutchins DrivePO Box 2681Grand Cayman, KY1-1111Cayman Islands Cricket SquareHutchins DrivePO Box 2681Grand Cayman, KY1-1111Cayman Islands HEADQUARTER 519 No. 519, Section 2, Xinhua AvenueChengdu Strait Science and TechnologyIndustry Development ParkWenjiang District, ChengduSichuan Province, PRC PRINCIPAL PLACE OF BUSINESS INHONG KONG 24840 40th Floor, Dah Sing Financial Centre248 Queen’s Road East, WanchaiHong Kong PRINCIPAL BANKS Industrial Bank Co., Ltd.Hong Kong BranchIndustrial Bank Co., Ltd.Chengdu BranchIndustrial Bank Co., LtdShanghai Branch Waigaoqiao Sub-BranchChengdu Rural Commercial Bank Co., Ltd.Wenjiang Yongsheng BranchHua Xia Bank Co., Ltd. Chengdu Branch AUDITOR Grant Thornton Hong Kong LimitedCertified Public AccountantsRegistered Public Interest Entity Auditor LEGAL ADVISER AS TO HONG KONG LAWS Loong & Yeung COMPLIANCE ADVISER CMBC International Capital Limited CORPORATE INFORMATION PRINCIPAL SHARE REGISTR AR ANDTR ANSFER OFFICE Conyers Trust Company (Cayman) LimitedCricket SquareHutchins DrivePO Box 2681Grand CaymanKY1-1111Cayman Islands Conyers Trust Company (Cayman) LimitedCricket SquareHutchins DrivePO Box 2681Grand CaymanKY1-1111Cayman Islands HONG KONG BR ANCH SHARE REGISTR ARAND TR ANSFER OFFICE 183171712–1716 Computershare Hong Kong Investor Services LimitedShops 1712–1716, 17th Floor, Hopewell Centre183 Queen’s Road EastWanchaiHong Kong STOCK CODE 2260 2260 WEBSITE www.vanov.cnwww.vanov.cn MANAGEMENT DISCUSSION AND ANALYSIS BUSINESS REVIEW 20232023(GDP)5.5% In the first half of 2023, global economies recovered slowly,worldwide inflation remained relatively high, the spillover effectcausedby monetary tightening policy in major economies wasprominent. Against the complex and severe external environment,thegrowth of the People's Republic of China("China"or the"PRC")economy has significantly outpaced those of majordevelopedeconomies around the world,showing the strongresilienceof China’s economic development.According to thedata from the National Bureau of Statistics of China, China’s GDPgrew by 5.5% on a year-on-year basis in the first half of 2023,representing a stable economy of China with good progress ingeneral, which fostered the momentum of recovery. According to the China Papermaking Industry Annual Report2022*(2022)published by the ChinaPaperAssociation*()in 2023,the productionvolumeand operating revenue of paper and paperboard inChina both maintained their growth, while the total consumptionshoweda slight decrease in 2022.The production volume ofpaper and paperboard in 2022 was approximately 124.3 milliontons, representing an increase of 2.64% over the previous year.Operatingrevenue from the entire papermaking industry wasapproximatelyRMB1.52 trillion,representing a year- on-yearincrease of 0.44%, while the consumption volume showed a year-on-year increase of -1.94%. 2023202220222022124.32.64%1.520.44%-1.94% 2023202386.511.9%34.5%100% The Group experienced a stable growth in product sales andnet profit in the first half of 2023, laying a good foundation forthe Group to achieve its annual performance target. In the firsthalf of 2023, revenue of the Group amounted to approximatelyRMB86.5 million, representing a growth of 11.9%, while net profitdemonstrateda year-on-year increase of 34.5%,with a 100%production-to-sales rate. *for identification purposes only MANAGEMENT DISCUSSION AND ANALYSIS 202363011030 The Group regards technology innovation as its lifeline to thesurvival and development of enterprises. Members of the Groupwere named as the PRC’s national high-tech enterprise, provincialtechnology centre and provincial specialization and special newenterprise. As of 30 June 2023, the Group has been granted morethan 110 invention patents, utility models and appearance designs,and has more than 30 patents