合丰集团二零二三年年报

ANNUALR E P O R T2023 CORPORATE INFORMATION公司資料 董事會 BOARD OF DIRECTORS 執行董事 Executive Directors Mr. Hui Sum Ping(Chairman)Mr. Hui Sum Tai(Chief Executive Officer) 獨立非執行董事 Independent Non-Executive Directors Mr. Tso Sze WaiMr. Wong Chu LeungMr. Chau Suk Ming 審核委員會 AUDIT COMMITTEE Mr. Tso Sze Wai(Chairman)Mr. Wong Chu LeungMr. Chau Suk Ming REMUNERATION COMMITTEE 薪酬委員會 Mr. Tso Sze Wai(Chairman)Mr. Wong Chu LeungMr. Chau Suk Ming NOMINATION COMMITTEE 提名委員會 Mr. Tso Sze Wai(Chairman)Mr. Wong Chu LeungMr. Chau Suk Ming AUTHORISED REPRESENTATIVES 授權代表 Mr. Hui Sum TaiMr. Chan Wai Man (appointed on 19 March 2024)Mr. Wong Ming Chun (removed on 19 March 2024) ) COMPANY SECRETARY 公司秘書 Mr. Chan Wai Man (appointed on 19 March 2024)Mr. Wong Ming Chun (removed on 19 March 2024) ) AUDITOR 核數師 ZHONGHUI ANDA CPA Limited HONG KONG OFFICE 香港辦事處 Workshops E, F and H, 22nd FloorSuperluck Industrial Centre (Phase 2)No. 57 Sha Tsui Road andNos. 30–38 Tai Chung Road, Tsuen WanNew TerritoriesHong Kong 5730–3822EFH REGISTERED OFFICE 註冊辦事處 Third Floor, Century YardCricket SquareP.O. Box 902Grand Cayman KY1-1103Cayman Islands Third Floor, Century YardCricket SquareP.O. Box 902Grand Cayman KY1-1103Cayman Islands 股份過戶登記處 SHARE REGISTRARS AND TRANSFER AGENTS 開曼群島主要股份過戶登記處 Principal share registrar and transfer agent inthe Cayman Islands Tricor Services (Cayman Islands) LimitedThird Floor, Century YardCricket SquareP.O. Box 902Grand Cayman KY1-1103Cayman Islands Tricor Services (Cayman Islands) LimitedThird Floor, Century YardCricket SquareP.O. Box 902Grand Cayman KY1-1103Cayman Islands 股份過戶登記處香港分處 Branch share registrar and transfer agent in Hong Kong Tricor Abacus Limited17/F, Far East Finance Centre16 Harcourt RoadHong Kong 1617 主要往來銀行 PRINCIPAL BANKERS Standard Chartered BankDBS Bank (Hong Kong) LimitedAgricultural Bank of China LimitedBank of China Limited STOCK CODE 股份代號 2320 2320 WEBSITE 網址 www.hopfunggroup.com www.hopfunggroup.com CHAIRMAN’S STATEMENT主席報告 On behalf of the board of directors (the “Board” or “Directors”), Iam pleased to present the 2023 full year results to the shareholdersofHop Fung Group Holdings Limited(the“Company”,and,including subsidiaries, the “Group” or “we”). In 2023, under various market uncertainties and challenges, suchas global geo-political tension and slowdown of China’s economy,the demand for corrugated packaging paper remained weak inpost-pandemic era. Due to slower than expected recovery ofdomestic demand and export in Mainland China, together withpessimistic economy sentiment in the globe, the Group continuedto face challenges and difficulties in recovering its profitability tothe pre-pandemic level. The revenue of the Group’s corrugated packaging business reliesmainly on Chinese domestic sales. With sluggish post-pandemiceconomic recovery in Mainland China and shrinking domesticdemand in the corrugated paper industry, the Group’s revenue keptdeclining compared with year 2022. Since October 2021, due to the consideration of the environmentalpoliciesby the local government,the Group’s upstreamcontainerboardbusiness has been temporarily suspended.Currently,the Group strives to communicate with the localgovernment to speed up the annual inspection procedures ofthe licenses for the coal-fuel boilers. Meanwhile, pursuant to theenvironmental policies of the local government, the Group has alsocarried out the project to change its boilers from coal-fuel boilersto gas-fuel boilers. The progress of the project is still ongoing. Atthe same time, in order to ensure stable supply of containerboardfor the Group’s downstream corrugated packaging business, theGroup could purchase containerboard from third party suppliers. The Group recorded a loss in 2023, compared to a more substantialloss in 2022 due to lower gross profit margin and higher expensesrecognised for the financial year ended 31 December 2022. TheGroup has taken effort to maintain a roster of quality clients andstrengthen the credit control management. As a result, the Groupcontinued with its track record of close to “zero” bad or doubtfuldebts and the Group maintained low bank borrowings level at theend of the financial year. CHAIRMAN’S STATEMENT主席報告 During the year, given the geographical tension and fierce marketcompetition in the industry, the Directors decided to postpone theprocess of installing a pulp production line at the manufacturingplant in the Philippines and are expected to resume progressbetween 2024 and 2025. Looking forward, we expect the business environment of thecorrugated packaging industry remained challenging with tensinggeo-political relationship and sluggish global and domestic demandin post-pandemic era. However, the Group will maintain goodcapital management and low debt levels, in order to have greaterflexibility to cope with market volatility and seize opportunitiesto further enhance the operational efficiency for its long-termsustainable development. Last