国微控股2024中期报告

2024InterimReport CONTENTS 02Corporate Information05Management Discussion and Analysis15Other Information25Condensed Consolidated Statement of Financial Position27Condensed Consolidated Income Statement28Condensed Consolidated Statement of Comprehensive Income29Condensed Consolidated Statement of Changes in Equity31Condensed Consolidated Statement of Cash Flows32Notes to the Condensed Consolidated Interim Financial Information CORPORATE INFORMATION BOARD OF DIRECTORS Executive Directors Mr. Huang Xueliang(Chairman and Executive Director)Mr. Loong, Manfred Man-tsunMs. Chen Ying(appointed on 2 August 2024) Non-Executive Directors Mr. Kwan, Allan Chung-yuenMr. Cai Jing Independent Non-Executive Directors Mr. Zhang JunjieMr. Woo Kar Tung, RaymondMr. Jin Yufeng SENIOR MANAGEMENT Mr. Loong, Manfred Man-tsun COMPANY SECRETARY (CPA) Mr. Cheng Kai Pui, Eric (CPA) AUDIT COMMITTEE Mr. Woo Kar Tung, Raymond(Chairman)Mr. Kwan, Allan Chung-yuenMr. Zhang Junjie REMUNERATION COMMITTEE Mr. Zhang Junjie(Chairman)Mr. Jin YufengMr. Kwan, Allan Chung-yuen NOMINATION COMMITTEE Mr. Huang Xueliang(Chairman)Mr. Jin YufengMr. Woo Kar Tung, Raymond REGISTERED OFFICE IN THE CAYMANISLANDS Maples Corporate Services LimitedPO Box 309, Ugland HouseGrandCayman,KY1-1104Cayman Islands Maples Corporate Services LimitedPO Box 309, Ugland HouseGrand Cayman, KY1-1104Cayman Islands PRINCIPAL PLACE OF BUSINESS IN THE PRC 22F, Guoshi BuildingNo. 1801 Shahexi RoadNanshan DistrictShenzhen, PRC 180122 HEADQUARTERS AND PRINCIPAL PLACEOF BUSINESS IN HONG KONG 1/F, Harbour View 216 Science Park East AvenueHong Kong Science Park, Shatin,New TerritoriesHong Kong 1621 COMPANY’SWEBSITE www.smit.com.cn www.smit.com.cn CAYMAN SHARE REGISTRAR ANDTRANSFER AGENT Maples Fund Services (Cayman) LimitedPO Box 1093, Boundary HallCricket SquareGrandCayman,KY1-1102Cayman Islands Maples Fund Services (Cayman) LimitedPO Box 1093, Boundary HallCricket SquareGrand Cayman, KY1-1102Cayman Islands CORPORATE INFORMATION HONG KONG SHARE REGISTRAR 183171712 1716 Computershare Hong Kong Investor Services LimitedShops 1712-1716, 17th FloorHopewell Centre183 Queen’s Road EastWanchaiHong Kong PRINCIPAL BANKER Citibank N.A. Hong Kong Branch21/F, Tower 1, The Gateway, Harbour CityTsim Sha TsuiKowloonHong Kong 121 AUDITOR PricewaterhouseCoopersCertified Public AccountantsRegistered Public Interest Entity Auditor STOCK CODE 22392239 MANAGEMENT DISCUSSION AND ANALYSIS BUSINESS REVIEW The Group is a leading security devices provider globally forpay-TV broadcasting access. It designs, develops and marketssecurity devices primarily for the pay-TV industry worldwidethrough sales of conditional access modules, or CAMs,products which provide end users with access to pay-TVcontent. The Group is also engaged in the following two businessactivities: –intelligent sense technology business which focuseson research, development and sales of smart sensing–oriented products and solutions; and –provision of integrated circuit (“IC”) solutions, includingdevelopment and sales of IC products and related designservices. IC CAM In the first half of 2024, the Group’s revenue generatedfrom CAM sales amounted to approximately US$5.7 million,representing a decrease of 4.3% when compared to thatin the first half of 2023 (for the six months ended 30 June2023: US$6.0 million), and which accounted for 65.9% of theGroup’s total revenue. 4.3%5.76.065.9% In the first half of 2024, the revenue from the largest marketfor CAM, Europe, accounted for 73.1% of CAM’s total sales,a year-on-year decrease of 9.5%, primarily due to a decline inproduct unit prices. Among them, shipments to customers inAustria and Eastern Europe increased year-on-year, mainly dueto the increased procurement volume driven by the businessdevelopment of major operators; whereas order demandin Western and Northern Europe decreased year-on-year,mainly due to slower-than-expected inventory consumptionby customers. Sales in emerging markets slightly decreasedby 2.6% year-on-year, which approximated same level withthat of the same period last year. Sales in the domestic marketdecreased by 26.1% year-on-year, mainly due to the absenceof bulk engineering card orders in the first half of this yearcompared to the same period last year. 73.1%9.5%2.6%26.1% MANAGEMENT DISCUSSION AND ANALYSIS IPOTT European PayTV operators plan to shut down standarddefinition channels by the end of the year, stimulating marketdemand for new terminal equipment. However, the trendof TV operators turning content into IP continued, and themarket faced the impact of OTT services. The demand forPayTV products was still declining, and as a result, the demandfor CAM in Western and Northern Europe had decreasedyear-on-year. Due to the war and sanctions on Russia, thepreviously planned tender was thwarted, and productsintended for the Russian market could not be sold as planned.This situation may persist throughout the year. The