合丰集团二零二四年年报

CONTENTS Corporate InformationChairman’s StatementManagement Discussion and AnalysisManagement ProfileCorporate Governance ReportEnvironmental, Social and Governance ReportDirectors’ ReportIndependent Auditor’s ReportConsolidated Statement of Profit or Loss andOther Comprehensive IncomeConsolidated Statement of Financial PositionConsolidated Statement of Changes in EquityConsolidated Statement of Cash FlowsNotes to the Consolidated Financial StatementsFinancial Summary24617204164788485868789176 CORPORATE INFORMATION公司資料 BOARD OF DIRECTORS Executive Directors Mr. Hui Sum Ping(Chairman)Mr. Hui Sum Tai(Chief Executive Officer)Ms. Hui Yuk Ling (appointed on 30 August 2024) Independent Non-Executive Directors Mr. Tso Sze WaiMr. Wong Chu LeungMr. Chau Suk Ming AUDIT COMMITTEE Mr. Tso Sze Wai(Chairman)Mr. Wong Chu LeungMr. Chau Suk Ming REMUNERATION COMMITTEE Mr. Tso Sze Wai(Chairman)Mr. Wong Chu LeungMr. Chau Suk Ming NOMINATION COMMITTEE Mr. Tso Sze Wai(Chairman)Mr. Wong Chu LeungMr. Chau Suk Ming AUTHORISED REPRESENTATIVES Mr. Hui Sum TaiMr. Chan Wai Man (appointed on 19 March 2024) ) COMPANY SECRETARY Mr. Chan Wai Man (appointed on 19 March 2024) ) AUDITOR ZHONGHUI ANDA CPA Limited HONG KONG OFFICE 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 P.O. Box 31119, Grand PavilionHibiscus Way, 802 West Bay RoadGrand Cayman, KY1-1205Cayman Islands P.O. Box 31119, Grand PavilionHibiscus Way, 802 West Bay RoadGrand Cayman, KY1-1205Cayman Islands SHARE REGISTRARS AND TRANSFER AGENTS Principal share registrar and transfer agent inthe Cayman Islands Vistra (Cayman) LimitedP.O. Box 31119, Grand PavilionHibiscus Way, 802 West Bay RoadGrand Cayman, KY1-1205Cayman Islands Vistra (Cayman) LimitedP.O. Box 31119, Grand PavilionHibiscus Way, 802 West Bay RoadGrand Cayman, KY1-1205Cayman Islands Branch share registrar and transfer agent in Hong Kong 1617 Tricor Investor Services Limited17/F, Far East Finance Centre16 Harcourt RoadHong Kong PRINCIPAL BANKERS Agricultural Bank of China LimitedStandard Chartered BankBank of China LimitedDBS Bank (Hong Kong) Limited STOCK CODE 2320 2320 WEBSITE 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 2024 full year results to theshareholders of Hop Fung Group Holdings Limited (the “Company”,and, including subsidiaries, the “Group” or “we”). In 2024, various market uncertainties and challenges such asglobal-geo-political tension and slowdown of China’s economyaffecting sales in the packaging paper industry to a certain extent.Meanwhile, the tense supply and demand in global paper pulpand the tightening in environmental regulations posing the notableupward pressure on containerboard prices, further added thesupply pressure, putting the packaging paper industry under stress. 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 2023. 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, the Group iscoordinating with local government for the project to change itsboilers from coal-fuel boilers to gas-fuel boilers. At the same time,in order to ensure stable supply of containerboard for the Group’sdownstream corrugated packaging business, the Group purchasescontainerboard from third party suppliers. (i)(ii)(iii)(iv) The Group recorded a loss in 2024, compared to alleviated loss in2023 due to (i) the decrease in procurement cost; (ii) the decreasein impairment loss on the deposit paid for the acquisition ofproperty, plant and machinery; (iii) the decrease in depreciationexpenses and (iv) the decrease in the number of staffs. 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. Duringthe year,given the notable upward pressure oncontainerboardprices,geopolitical tension and fierce marketcompetition, the Directors decided to postpone the process ofinstalling a pulp production line at the manufacturing plant in thePhilippines. 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 maintai