山高控股2023中期报告

CONTENTSCONTENTSCONTENTS 2Corporate Information 6Management Discussion and Analysis 28Other Information 37Condensed Consolidated Income Statement 39Condensed Consolidated Statement ofComprehensive Income 41Condensed Consolidated Statement ofFinancial Position 44Condensed Consolidated Statement ofChanges in Equity 47Condensed Consolidated Statement of Cash Flows 49Notes to the Condensed ConsolidatedFinancial Statements 126Definitions CORPORATE INFORMATION BOARD OF DIRECTORS Executive Directors Mr. Wang Xiaodong(Chairman)Mr. Zhu Jianbiao(Vice Chairman)Ms. Liao JianrongMr. Liu ZhijieMr. Liu Yao Non-executive Directors Mr. Liang ZhanhaiMr. Chen DiMr. Wang Wenbo Independent Non-executive Directors Jonathan Jun Yan Mr. Guan HuanfeiMr. Chan Wai HeiMr. Tan YuexinMr. Jonathan Jun Yan AUDIT COMMITTEE Jonathan Jun Yan Mr. Chan Wai Hei(Chairman)Mr. Chen DiMr. Wang WenboMr. Tan YuexinMr. Jonathan Jun Yan REMUNERATION COMMITTEE Mr. Guan Huanfei(Chairman)Mr. Liu ZhijieMr. Chan Wai HeiMr. Tan Yuexin CORPORATE INFORMATION (CONTINUED) NOMINATION COMMITTEE Jonathan Jun Yan Mr. Wang Xiaodong(Chairman)Mr. Chen DiMr. Chan Wai HeiMr. Tan YuexinMr. Jonathan Jun Yan EXECUTIVE COMMITTEE Mr. Wang Xiaodong(Chairman)Mr. Zhu JianbiaoMr. Sun QingweiMs. Liao JianrongMr. Liu ZhijieMr. Liu Yao STRATEGIC DEVELOPMENT COMMITTEE Jonathan Jun Yan Mr. Zhu Jianbiao(Chairman)Mr. Liu YaoMr. Chen DiMr. Jonathan Jun Yan JOINT COMPANY SECRETARIES Ms. Du NingMs. Chen Chun AUTHORISED REPRESENTATIVES Mr. Liu YaoMs. Chen Chun CORPORATE INFORMATION (CONTINUED) REGISTERED OFFICE Clarendon House2 Church StreetHamilton HM 11Bermuda Clarendon House2 Church StreetHamilton HM 11Bermuda HEAD OFFICE AND PRINCIPAL PLACE OFBUSINESS IN HONG KONG 9938 38/F, The Center99 Queen’s Road CentralCentralHong Kong AUDITORS 779 Crowe (HK) CPA Limited9/F, Leighton Centre, 77 Leighton RoadCauseway BayHong Kong LEGAL ADVISERS Hong Kong law: 22 Li & Partners22/F, World-Wide HouseCentralHong Kong Bermuda law: Conyers Dill & Pearman829 Conyers Dill & Pearman29/F, One Exchange Square8 Connaught PlaceCentralHong Kong CORPORATE INFORMATION (CONTINUED) PRINCIPAL BANKERS 130 Shanghai Pudong Development Bank Co.,Ltd30/F, SPD Bank Tower1 Hennessy RoadHong Kong 5023B Ping An Bank Co., Ltd.Ping An Finance Center Tower BNo. 5023 Yitian RoadFutian District, Shenzhen, Guangdong, the PRC 8218 Hua Xia Bank Co., Limited18/F, Two International Finance Centre8 Finance StreetCentralHong Kong PRINCIPAL SHARE REGISTRAR IN BERMUDA MUFG Fund Services (Bermuda) Limited4th Floor North Cedar House41 Cedar AvenueHamilton HM 12Bermuda MUFG Fund Services (Bermuda) Limited4th Floor North Cedar House41 Cedar AvenueHamilton HM 12Bermuda BRANCH SHARE REGISTRAR IN HONG KONG 183171712-1716 Computershare Hong Kong Investor Services LimitedShops 1712-1716, 17th Floor, Hopewell Centre183 Queen’s Road EastWanchaiHong Kong STOCK CODE 412 412 WEBSITE www.sdhg.com.hk www.sdhg.com.hk MANAGEMENT DISCUSSION AND ANALYSIS I.MARKET REVIEW 20232023 In the first half of 2023, the world economic recovery wassluggish, the spill-over effects of policy contraction in majordeveloped economies emerged, and there were more unstableand uncertain factors in the international market. Looking intooverseas, global consumption desire has declined due to thehigh interest rate environment; with the combined effect ofglobal inflation and the Russo-Ukrainian conflict, the worldeconomic growth slowed down but economic recession andrisk that the market had been worried about did not happen asexpected and the rising optimism fueled the mature equitymarkets to record considerable gains in the first half of 2023,while at the same time, overseas risk assets were underincreasing dip pressure. 2023620232023GDPGDP20234% As regards mainland China, as the pandemic prevention andcontrol stabilized, the economic recovery moved into a phaseof wave-like development and zigzagging process with pressureon external demand, sluggish domestic demand, more risksand hidden dangers in key areas, and a complex andchallenging external environment. China’s economic operationin the first half of 2023 is divided into two phases: in the firstquarter, economic and social operation restored normalcy,promoting economic recovery and realizing a good start; in thesecond quarter, the lack of endogenous momentum resulted ina weaker-than-expected economic growth. However, afterentering June, the situation showed signs of marginalimprovement, and the economy is expected to build upmomentum and rebound in the second half of 2023. In HongKong, since the beginning of 2023, Hong Kong fully resumedquarantine-free travel, GDP in the first quarter recorded a sharprise, while GDP growth in the second quarter was weaker thanmarket expectation, triggering market concerns about whetherHong Kong’s economic recovery will slow down. Echoing this,the Hang Seng Index moved initially high and then low in thefirst half of 20