行业估值方面，工用支援行业市盈率（TTM）平均值为17.88倍，行业中值4.09倍。鸿兴印刷集团市盈 率-20.31倍，行业排名第29位；其他中宝新材（02439.HK）为2.21倍、常达控股（01433.HK）为2.67 倍、盛龙锦秀国际（08481.HK）为3.03倍、万成集团股份（01451.HK）为4.09倍、力图控股 （01008.HK）为4.47倍。 资料显示，鸿兴印刷集团有限公司是一家从事印刷业务的香港投资控股公司。该公司通过四大分部运 营。书籍及包装印刷分部从事用于玩具及化妆品的包装以及传统图书及儿童新颖图书制造。消费产品包 装分部从事消费产品包装的制造。瓦通纸箱分部向玩具、食品及饮料及电子产品制造商供应瓦通纸箱。 纸张贸易分部从事纸张贸易。 （以上内容为金融界基于公开消息，由程序或算法智能生成，不作为投资建议或交易依据。） 财务数据显示，截至2024年12月31日，鸿兴印刷集团实现营业总收入20.32亿元，同比减少8.05%；归母 净利润-4015.68万元，同比减少132.08%；毛利率13.97%，资产负债率13.88%。 来源：金融界 机构评级方面，目前暂无机构对该股做出投资评级建议。 ...

Company Overview - Hung Hing Printing Group has a total production floor space of over 600,000 square meters and employs approximately 5,000 staff across Hong Kong, mainland China, and Vietnam[12]. - The company operates seven manufacturing facilities, including one in Hong Kong, five in mainland China, and one in Vietnam, with the Vietnam operation starting in Q4 2019[12][28]. Financial Performance - Revenue for the year ended December 31, 2024, decreased by 8% to HK$2,195 million compared to HK$2,387 million in 2023[38]. - The company reported a loss attributable to equity shareholders of HK$43 million in 2024, a significant decline from a profit of HK$135 million in 2023[38]. - Basic loss per share for 2024 was HK(4.8) cents, compared to earnings of HK15.0 cents per share in 2023[38]. - Total assets decreased to HK$3,435,577 thousand in 2024 from HK$3,811,213 thousand in 2023[38]. - The Group recorded a loss attributable to equity shareholders of approximately HK$43 million, compared to a profit of HK$135 million last year, with a basic loss per share of HK$4.8 cents versus HK$15 cents in 2023[65]. - The Book and Packaging Printing (BPP) business unit experienced a revenue decline of 12.3% to HK$1,490 million in 2024, down from HK$1,700 million in 2023[86]. - The Consumer Product Packaging (CPP) business unit achieved a revenue increase of 14.5% to HK$339 million in 2024, compared to HK$296 million in 2023, due to the resumption of full operations at the Wuxi plant[87]. - Overall profit contribution from BPP decreased to HK$25.7 million in 2024, impacted by global economic uncertainty and increased logistics costs[86]. - The Corrugated Box (CB) business achieved a revenue growth of 6% to HK$198 million in 2024, compared to HK$187 million in 2023, but reported a segment loss of HK$15 million due to unfavorable market conditions[98]. - The Paper Trading (PT) business experienced a revenue decline of 17.9% to HK$167 million in 2024, primarily due to weak market demand and disruptions in paper supply and prices[99]. Dividends and Shareholder Returns - A special dividend of HK5 cents per share and a final dividend of HK4 cents per share were recommended, maintaining a total dividend of HK13 cents per share for 2024[39]. - The Group maintained a strong financial position with net cash holdings of HK$914 million, allowing for long-term sustainable growth investments and shareholder rewards[104]. Sustainability and Environmental Goals - The company is committed to achieving net carbon zero by 2050 and is reviewing key materials usage to minimize consumption and reduce waste[52]. - The Group is focusing on sustainability by introducing a new collection of samples showcasing eco-friendly materials in response to global demand[66]. - In 2024, the company expanded its solar panel capacity to 8,662 kWp, up from 6,101 kWp in 2023, resulting in a 33% increase in green energy generation to 7,313 MWh from 5,478 MWh[197]. - The company purchased a green energy certificate for a one-time offset of its carbon emissions as part of its commitment to long-term environmental goals[195]. - The intensity of Scope 1 & 2 CO2 emissions was recorded at 12.36 in 2024, with a target of 10.44[197]. - The electricity usage intensity was 27.8 in 2024, with a target of 20.83[197]. - The hazardous waste intensity was recorded at 0.22 in 2024, with a target of 0.21[197]. - The company remains committed to achieving meaningful reductions in its carbon footprint despite temporary setbacks[195]. Innovation and Development - Hung Hing has developed new educational platforms such as Yum Me Play, STEM Plus, and Active Minds, expanding its portfolio in children's education[13]. - The company aims to drive innovation through its design hub Beluga and investments in digital+print products[13]. - The children's book distribution business, AML, has optimized its bookstore network and invested in RFID technology for smart warehousing solutions to enhance inventory efficiency[71]. - Yum Me Print, a subsidiary, has launched an upgraded model capable of printing documents at over 50 locations across the city, utilizing FSC™-certified paper for environmentally friendly practices[72]. - The company is investing in digital transformation and smart warehousing solutions to enhance inventory efficiency[74]. Operational Efficiency and Strategy - The company emphasizes operational efficiency, cost optimization, and innovation to navigate the complex external environment[37]. - Hung Hing's strategy includes resilience and long-term commitment in fixed and human assets to enhance operational efficiency[14]. - The company is committed to diversifying its business while consolidating core operations to adapt to market pressures and competition[68]. - Geopolitical tensions and supply chain disruptions have led to increased logistics costs and challenges in the export business, affecting both exports and domestic sales[64]. Corporate Governance - The Board of Directors consists of 9 members, including 2 Executive Directors, 4 Non-executive Directors, and 3 Independent Non-executive Directors[117]. - The Company has satisfied the Listing Rules by having one Independent Non-executive Director with appropriate accounting qualifications on the Audit Committee[118]. - All Independent Non-executive Directors have confirmed their independence annually as per Rule 3.13 of the Listing Rules[119]. - The attendance record for the Board meetings shows that all Directors participated actively, with the Executive Chairman attending 4 out of 4 meetings[130]. - The Company Secretary ensures that Board papers are sent to Directors at least three days before meetings, allowing for adequate preparation[130]. - Directors have full access to information on the Group and can obtain independent professional advice when necessary[131]. - Newly appointed Directors receive a comprehensive induction and ongoing professional development to ensure they understand the Company's operations[134]. - The Nomination Committee, primarily composed of Independent Non-executive Directors, is responsible for recommending candidates for directorship[121]. - The Board meets regularly and can convene additional meetings as required to address key business matters[126]. - The Company emphasizes internal control and risk management, with the Audit Committee assisting the Board in maintaining an effective system[145]. - The Internal Audit Department formulates audit plans covering key internal control areas on a rotational basis for review by the Audit Committee[146]. - All Directors confirmed compliance with the required standards of dealings and the code of conduct throughout the year ended December 31, 2024[140]. - The Board is satisfied that the overall financial, operational, and compliance controls, and risk management of the Group continue to be effective[148]. - The Company has adopted the Model Code for Securities Transactions by Directors, ensuring proper notification and acknowledgment for securities dealings[142]. - The incentive bonus program for Executive Directors and Senior Management is linked to the financial targets of the Group for the year ended December 31, 2024[170]. - The Audit Committee held four meetings during the financial year ended December 31, 2024, with full attendance from three Independent Non-executive Directors[178]. - The Company plans to renew the current restricted share award scheme for an additional three years, extending it until June 30, 2027, under similar terms as the existing scheme[170]. - The Board Diversity Policy aims to enhance performance by considering factors such as skills, regional and industry experience, and gender diversity[171]. - The Audit Committee reviewed the financial statements for the six months ended June 30, 2024, focusing on business highlights and compliance with accounting standards[180]. - The Company has adopted a Shareholders Communication Policy to ensure timely information is provided to shareholders and to facilitate active engagement[182]. - The external auditors' performance and audit fees were reviewed, and their reappointment for the financial year ending December 31, 2025, has been recommended[181]. - The Nomination Committee will report annually on the composition of the Board from a diversified perspective and monitor the implementation of the Board Diversity Policy[172]. - The recommendation for the re-election of retiring directors at the annual general meeting was made[174]. - The Company emphasizes the importance of communication with shareholders, providing opportunities for engagement during the annual general meeting[183]. Community Engagement - The company organized a corporate blood drive and various community engagement activities to promote work-life balance[198]. - The company received the Green Dot Award from Koenig & Bauer and multiple awards at the Hong Kong Smart Design Awards 2024 for its innovative designs[200].

Financial Performance - The total revenue for the year ended December 31, 2024, was HKD 2,194,763, a decrease of 8.0% compared to HKD 2,386,862 in 2023[3] - The gross profit for the year was HKD 306,508, down 21.2% from HKD 388,912 in the previous year[3] - The operating loss for the year was HKD 34,947, compared to an operating profit of HKD 177,207 in 2023[3] - The net loss attributable to equity holders of the company was HKD 43,364, compared to a profit of HKD 135,155 in the previous year[3] - Basic and diluted loss per share for the year was HKD 4.8, compared to earnings per share of HKD 15.0 in 2023[3] - Total comprehensive loss for the year was HKD 99,297, compared to a total comprehensive income of HKD 100,236 in 2023[4] - The company reported a net loss of HKD 51,787,000 for 2024, compared to a profit of HKD 131,268,000 in 2023, representing a significant decline[17] - Basic loss per share for 2024 was HKD 4.8, compared to earnings of HKD 15.0 per share in 2023[26] - The company reported a loss attributable to equity holders of approximately HKD 43 million for 2024, compared to a profit of HKD 135 million in 2023, resulting in a basic loss per share of HKD 0.048[32] Asset and Equity Changes - Non-current assets decreased to HKD 1,553,555 from HKD 1,661,908 in the previous year, a decline of 6.5%[6] - Current assets decreased to HKD 1,882,022 from HKD 2,149,305, a decline of 12.5%[6] - Total equity decreased to HKD 2,958,612 from HKD 3,175,155, a decline of 6.8%[6] Segment Performance - The book and packaging printing segment generated revenue of HKD 1,495,398,000 in 2024, down from HKD 1,705,643,000 in 2023, a decrease of 12.3%[17] - The consumer products packaging segment reported a loss of HKD 38,788,000 in 2024, compared to a loss of HKD 51,114,000 in 2023, indicating an improvement[17] - The revenue from paper trading was HKD 412,578,000 in 2024, down from HKD 477,100,000 in 2023, reflecting a decline of 13.5%[17] - Sales in the book and packaging printing (BPP) segment decreased by 12.3% to HKD 1.49 billion in 2024, while the overall profit contribution fell to HKD 25.7 million[37] - The consumer products packaging (CPP) segment saw a sales increase of 14.5% to HKD 339 million in 2024, supported by the full recovery of operations at the Wuxi factory[37] - The sales of the corrugated box business (CB) in 2024 recorded a slight increase of 6%, reaching HKD 198 million (2023: HKD 187 million), but the segment incurred a loss of HKD 15 million due to various market adverse factors[38] - The paper trading business (PT) experienced a significant decline in sales in 2024, down 17.9% to HKD 167 million, primarily due to weak market demand and fluctuations in paper supply and prices[38] Cost and Expense Management - The company reported a significant increase in distribution costs to HKD 57,052 from HKD 48,432, reflecting a rise of 17.0%[3] - Financing costs decreased to HKD 4,539,000 in 2024 from HKD 9,391,000 in 2023, a reduction of 51.7%[19] - The total tax expense for 2024 was HKD 10,474,000, a decrease from HKD 73,249,000 in 2023[22] Dividends and Shareholder Returns - The company proposed a special dividend of HKD 0.05 per share and a final dividend of HKD 0.04 per share, subject to shareholder approval, totaling HKD 118.023 million for 2024[29] - The company plans to distribute a special dividend of HKD 0.05 per share and a final dividend of HKD 0.04 per share, maintaining the total dividend for the fiscal year at HKD 0.13 per share[47] Operational Developments - The company is expanding its operations in Vietnam with a new factory set to be completed by the end of 2025, covering approximately 62,300 square meters[35] - The construction of the second factory in Vietnam, HHDream Thai Ha, is progressing as planned, with the first phase expected to be completed by mid-2025, aimed at meeting local and export market demands[44] - The group invested HKD 51 million in 2024 to expand and upgrade existing equipment and acquire new machinery and technology for core business facilities and a new plant in Vietnam[40] Strategic Initiatives - STEM PLUS is actively expanding in the education sector, with participation in events increasing from fewer than 200 institutions in 2023 to over 300 in 2024[35] - The company is enhancing its digital transformation efforts, including the introduction of an online store and the use of RFID technology for inventory management[36] - The group is actively enhancing its STEM PLUS education consulting services and expanding its digital bookstore to attract target audiences[45] - The application of artificial intelligence (AI) in the printing industry is expected to transform operations, with the company committed to training employees to leverage AI for improved efficiency[45] - The company is focusing on cost-saving measures and new revenue sources to improve operational efficiency amid economic uncertainties[37] Financial Position and Governance - The group holds a strong financial position with a net cash of HKD 914 million, allowing for continued pursuit of quality investment opportunities and sustainable business development[40] - The debt ratio remains at a conservative level of 2.1% (2023: 4.0%), effectively managing interest rate risks[41] - The board believes that the company has complied with the corporate governance code, with the exception of the separation of roles between the chairman and the CEO[51] - The audit committee reviewed the preliminary results for the year ending December 31, 2024, and confirmed consistency with the consolidated financial statements[55] - The audit was conducted by KPMG, but it did not constitute an audit or review under Hong Kong auditing standards[55] - The board consists of an executive chairman and several non-executive and independent directors, ensuring effective oversight of business performance[56] Regulatory Environment - The EU's Deforestation Regulation (EUDR) has extended its implementation date to December 2025, providing the industry more time to comply with regulations, which may create better opportunities in the long run[42] Share Transactions - The company did not purchase, redeem, or sell any of its shares during the year[50]

Financial Performance - Revenue for the six months ended 30 June 2024 was HK$1,095,702,000, a decrease of 8.1% compared to HK$1,192,964,000 in the same period in 2023[6] - Gross profit for the six months ended 30 June 2024 was HK$153,064,000, a decrease of 25.8% compared to HK$206,435,000 in the same period in 2023[6] - Operating loss for the six months ended 30 June 2024 was HK$8,500,000, compared to an operating profit of HK$115,065,000 in the same period in 2023[6] - Loss before income tax for the six months ended 30 June 2024 was HK$10,882,000, compared to a profit before income tax of HK$111,618,000 in the same period in 2023[6] - Loss for the period attributable to equity shareholders of the company was HK$4,472,000, compared to a profit of HK$82,377,000 in the same period in 2023[6] - Basic loss per share for the six months ended 30 June 2024 was HK$0.5, compared to earnings per share of HK$9.1 in the same period in 2023[6] - Total comprehensive loss for the six months ended 30 June 2024 was HK$56,317,000, compared to a total comprehensive income of HK$37,706,000 in the same period in 2023[7] - Total comprehensive loss attributable to equity shareholders of the company was HK$49,028,000, compared to a total comprehensive income of HK$44,075,000 in the same period in 2023[7] - Profit for the period was HK$82,377,000 for the six months ended 30 June 2023[11] - Other comprehensive income, net of tax, was a loss of HK$38,302,000 for the six months ended 30 June 2023[11] - Total comprehensive income for the six months ended 30 June 2023 was HK$44,075,000[11] - Total comprehensive income for the period was a loss of HK$56,317 thousand[13] - The company reported a profit for the period of HK$79,972,000, with a profit before income tax of HK$111,618,000[22] - Profit attributable to equity shareholders in 2023 was HK$82,377,000, compared to a loss of HK$4,472,000 in 2024[34] - Profit attributable to equity shareholders of the Company for the six months ended 30 June 2023 was HK$82,377,000[36] - The Group recorded a loss attributable to equity shareholders of approximately HK$4 million for the six months ending 30 June 2024, compared to a profit of HK$82 million in the same period last year, mainly due to the absence of a one-off income of HK$90 million from land resumption in Wuxi, China[65] Assets and Liabilities - Non-current assets increased to HK$1,661,908,000 as of 30 June 2024, compared to HK$1,605,603,000 on 31 December 2023[8] - Current assets decreased to HK$2,149,305,000 as of 30 June 2024, from HK$1,975,113,000 on 31 December 2023[8] - Net current assets stood at HK$1,591,187,000 as of 30 June 2024, compared to HK$1,509,626,000 on 31 December 2023[8] - Total assets less current liabilities were HK$3,253,095,000 as of 30 June 2024, up from HK$3,115,229,000 on 31 December 2023[8] - Net assets decreased to HK$3,175,155,000 as of 30 June 2024, from HK$3,037,687,000 on 31 December 2023[9] - Total equity attributable to equity shareholders of the company was HK$3,046,006,000 as of 30 June 2024, down from HK$2,915,827,000 on 31 December 2023[9] - Non-controlling interests decreased to HK$129,149,000 as of 30 June 2024, from HK$121,860,000 on 31 December 2023[9] - Total trade receivable, net of loss allowance, at 30 June 2024 was HK$568,152,000, compared to HK$522,738,000 at 31 December 2023[40] - Aging analysis of total trade receivable at 30 June 2024 showed 1-30 days: HK$285,832,000, 31-60 days: HK$136,575,000, 61-90 days: HK$97,097,000, and over 90 days: HK$48,648,000[41] - Cash and cash equivalents at 30 June 2024 were HK$587,133,000, compared to HK$799,660,000 at 31 December 2023[43] - Trade payable at 30 June 2024 was HK$166,407,000, compared to HK$112,909,000 at 31 December 2023[45] - Other payable and accrued liabilities at 30 June 2024 were HK$179,840,000, compared to HK$214,720,000 at 31 December 2023[45] - Accounts receivable within 1-30 days increased to HK$125,236,000 as of 30 June 2024, up from HK$82,406,000 at 31 December 2023[46] - Total accounts receivable rose to HK$166,407,000 as of 30 June 2024, compared to HK$112,909,000 at 31 December 2023[46] - Term loans maturing in 2024 decreased to HK$14,000,000 from HK$30,000,000, while those maturing in 2026 decreased to HK$79,135,000 from HK$96,004,000[48] - The company's issued and fully paid shares remained constant at 907,864,974 shares as of 30 June 2024 and 31 December 2023[51] - The Group's total cash on hand as of 30 June 2024 was HK$843 million, including HK$245 million in structured deposits, with net cash on hand of HK$750 million[76] - The Group's RMB-linked structured bank deposits increased to HK$245 million in 2024, with 79% of total cash held in RMB[77] - The Group's total bank borrowings as of 30 June 2024 were HK$93 million, with a reduced gearing ratio of 3.1% compared to 5.1% in 2023[78] Cash Flow - Net cash used in operating activities was HK$142,038 thousand[14] - Net cash generated from investing activities was HK$58,416 thousand[14] - Net cash used in financing activities was HK$126,403 thousand[14] - Cash and cash equivalents decreased by HK$210,025 thousand to HK$587,133 thousand at 30 June 2024[14] - Dividends paid to equity shareholders amounted to HK$81,708 thousand[14] - Interest received from investments was HK$9,307 thousand[14] - Purchases of property, plant and equipment totaled HK$15,918 thousand[14] Business Segments - The company's principal activities include book and package printing, consumer product packaging, corrugated box, and trading of paper[15] - The company is organized into four business segments: Book and Package Printing, Consumer Product Packaging, Corrugated Box, and Paper Trading[19] - Revenue from external customers is reported after eliminating inter-segment revenue, which is charged based on mutually agreed terms[19] - Segment performance is assessed based on gross profit, revenue less distribution costs, administrative and selling expenses, and other net gains allocated to each segment[19] - Sales between segments are conducted at arm's length basis[19] - Segment results exclude corporate finance costs, other corporate income and expenses, and share of results of associates[19] - Total revenue for the period was HK$1,095,702,000, with sales to external customers contributing HK$761,703,000 from Packaging, HK$150,740,000 from Corrugated, and HK$86,413,000 from Box Paper Trading[21] - Inter-segment sales amounted to HK$175,438,000, with significant contributions from Box Paper Trading (HK$141,537,000) and Corrugated (HK$30,358,000)[21] - Revenue from external customers in the United States was HK$428,960,000, while revenue from Hong Kong and the People's Republic of China was HK$147,385,000 and HK$263,662,000 respectively[23] - Revenue from the United Kingdom was HK$73,931,000, while revenue from other countries totaled HK$181,764,000[23] - The company's total revenue for the previous period was HK$1,192,964,000, with sales to external customers contributing HK$865,219,000 from Packaging, HK$150,124,000 from Corrugated, and HK$88,222,000 from Box Paper Trading[22] - Revenue for the Book and Packaging Printing (BPP) unit declined by 12% to HK$761.7 million in 2024 compared to HK$865.2 million in 2023[72] - Profit contribution for the BPP unit decreased to HK$26.4 million in 2024 due to lower sales and increased logistic charges[72] - The Consumer Products Packaging (CPP) business posted a loss of HK$24.3 million, with revenue remaining flat year-over-year[74] - The Corrugated Box (CB) business experienced a 2% decline in revenue, resulting in a loss of HK$8.4 million[74] - The Paper Trading (PT) business saw an 8% increase in revenue to HK$96.8 million, achieving a profit of HK$0.5 million compared to a loss of HK$1.3 million last year[75] Sustainability and Environmental Initiatives - Hung Hing's sustainability initiatives won the Top Prize at the Green Dot Award, surpassing over 20 global companies[69] - The company installed solar panels in the majority of its manufacturing plants to reduce carbon footprint[69] - Hung Hing's sustainability practices include renewable energy use, green materials, vehicle electrification, and smart energy-saving processes[69] - The company is preparing for the EU's Regulation on Deforestation Free Products (EUDR), set to take effect by the end of 2024[70] - Total installed solar power capacity increased to 6,504 kWp across five locations, generating 2,556,069 kWh of electricity in H1 2024, offsetting approximately 959 tons of carbon emissions[80] - Electricity consumption rose by 11% to 28.25 million units due to the Wuxi plant resuming full production, while water usage decreased to 307,352 m³[81] - 97% of production waste was recycled, including 14,351 tons of wastepaper, 164 tons of plastic, and 130 tons of metal, with non-recyclable waste totaling 439 tons[81] - Over 95% of paper used was highly recycled or FSC™ certified, with 32,698 tons of FSC™ certified paper, 138 tons of PEFC certified paper, and 33,703 tons of high recycled content paper utilized[81] Workforce and Training - The company's workforce comprised around 5,600 employees as of June 30, 2024, with over 94,252 training hours delivered, averaging 2.37 hours per employee[82] - Short-term employment benefits (excluding discretionary bonus) increased slightly to HK$12,417,000 in 2024 from HK$12,401,000 in 2023[54] - Share-based payments decreased to HK$557,000 in 2024 from HK$1,446,000 in 2023[54] Dividends and Shareholder Information - Dividends paid to equity shareholders amounted to HK$81,708 thousand[14] - Interim dividend declared was HK 4 cents per ordinary share for both 2023 and 2024[37] - The company will pay an interim dividend of HK4 cents per share, unchanged from 2023, to be paid on 18 October 2024[94] - The Register of Members will be closed from 23 September 2024 to 26 September 2024 for the interim dividend qualification[95] - No shares of the company or its subsidiaries were purchased, redeemed, or sold during the period[96] - As of 30 June 2024, director Yum Chak Ming, Matthew held 57,465,254 shares, representing 6.33% of the company's issued shares[97] - Director Yum Christopher Carson held 9,398,874 shares, representing 1.04% of the company's issued shares as of 30 June 2024[97] - Substantial shareholders with 5% or more of the company's issued shares include C.H. Yam International Limited (32.03%), C.H. Yam Holding Limited (21.95%), and Rengo Co., Ltd. (29.91%)[105] - C.H. Yam International Limited owns 100% of Hung Tai Industrial Company Limited through its subsidiary, C.H. Yam Holding Limited[105] Corporate Governance and Compliance - The company has complied with the Corporate Governance Code, except for the separation of chairman and CEO roles, which are both held by Mr. Yum Chak Ming, Matthew[107] - The company has adopted the Model Code for Securities Transactions, and directors have complied with the required standards throughout the accounting period[108] - The audit committee reviewed the interim results for the six months ended 30 June 2024, focusing on accounting principles, internal controls, and financial reporting[109] Market and Economic Conditions - The Red Sea crisis and conflicts in Eastern Europe and the Middle East significantly increased freight rates, disrupting export trade and straining customer cash flow[64] - The slower-than-expected post-COVID economic recovery has led to reduced market demand and more cautious consumer spending[64] - The global economy faces challenges from high interest rates and geopolitical uncertainties, negatively impacting business performance[85] - The company remains optimistic about China's long-term economic growth, supported by infrastructure projects like the Shenzhen-Zhongshan Bridge[86] Strategic Initiatives and Future Plans - The Wuxi plant is expanding its domestic market footprint, and a new food packaging production line has been completed at the Zhongshan facility[87] - A second manufacturing facility in Vietnam is planned, expected to commence operations by the end of 2025[87] - The education business, STEM Plus, will leverage its school network to organize events like the GBA Through-train Schools Expo and Formula Edge Inter-school competition[88] - Active Minds Ltd (AML) completed the renovation and expansion of its Book Castle bookstore at Ocean Terminal in Tsim Sha Tsui, targeting both local and mainland Chinese visitors[90] - Hung Hing is exploring advanced digital post-press options to meet market demands for shorter production runs and greater customization[91] - Yum Me Print launched an upgraded model capable of printing documents, receiving positive feedback at the GBA school expo[92] - Beluga Ltd's PAPERY™ brand received accolades from FUJIFILM Business Innovation and the Hong Kong Smart Design Awards for creativity and business effectiveness[92] - Hung Hing is leveraging AI applications to enhance operational excellence and product design, with workforce training to adapt to technological advancements[93] - The company foresees AI integration improving productivity and business performance[93] - Hung Hing continues to drive innovation amidst geopolitical and economic uncertainties in 2024[93] - The upgraded Book Castle store is part of AML's efforts to rebrand and reposition its book retail chains[90] - Hung Hing aims to offer enhanced "speed-to-market" through an integrated print and binding workflow[91] - The company is collaborating with customers on a larger scale to explore new opportunities[93] Share-Based Payments and Restricted Share Awards - The Company renewed the Restricted Share Award Scheme effective from 1 July 2024 to 30 June 2027, with a term of three years[98] - The maximum number of restricted shares that can be granted under the Scheme is 18,157,299 shares, representing 2% of the total issued share capital as of 1 July 2021[98] - As of 1 January 2024 and 30 June 2024, the total number of shares available for restricted share awards was 15,887,637[98] - Each participant's maximum entitlement under the Scheme is capped at 0.25% of the total issued share capital as of 1 July 2021[98] - Restricted share awards vest in three equal tranches, with the first tranche vesting within 60 days after the first anniversary of the grant date, and the remaining two tranches vesting on the second and third anniversaries respectively[99] - Restricted share awards granted to five highest paid individuals, including executive directors and senior management, totaling 1,624,651 shares[103] - The weighted average closing price of shares immediately before the vesting dates was HK$1.19[103] - Restricted share awards vest in three equal tranches, with the first tranche vesting within 60 days after the first anniversary of the grant date[102] - No restricted share awards were cancelled, lapsed, or forfeited during the period ended 30 June 2024[101] - The fair value of restricted share awards granted was determined based on the closing price of shares immediately before the grant date[101] - Restricted share awards were granted at nil consideration and will be transferred to grantees upon vesting at nil consideration[100] - The vesting period for restricted share awards is 3 years[100] - The number of unvested restricted share awards as of 1 January 2024 was 95,084 for executive director Yum Chak Ming, Matthew[100] - The number of unvested restricted share awards as of 30 June 2024 was 756,554 for senior management[100] - The fair value of restricted share awards granted to Yum Chak Ming, Matthew was HK$1.33 per share[100] - The company's executive directors are eligible participants of the Restricted Share Award Scheme, with details outlined in note 19 of the financial information[104] - As of 30 June 2024, no rights to acquire shares or benefits were granted to directors or their families, and no such rights were exercised[104] Other Financial Information - Dep

香港交易結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負責，對其準確性或完整 性亦不發表任何聲明，並明確表示概不會就本公佈全部或任何部分內容而產生或因依賴該等內容而 引致之任何損失承擔任何責任。 鴻興印刷集團有限公司 (於香港註冊成立之有限公司） （股份代號：450) 截至二零二四年六月三十日止六個月中期業績 鴻興印刷集團有限公司 (「本公司」) 董事會欣然宣佈，本公司及其附屬公司 (「本集團」) 截至二零二四年六月三十日止六個月的未經審核之綜合中期業績如下: 綜合收益表 截至六月三十日止六個月 | --- | --- | --- | --- | |--------------------------------------|-------|------------------------------------|--------------------------------------| | | 附註 | 二零二四年 \n( 未經審核 港幣千元 | 二零二三年 \n) ( 未經審核 ) 港幣千元 | | 營業額 銷售成本 | 2 | 1,095,702 (942,638) | 1,192,964 ...

香港交易結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負責，對其準確性或完整性亦不發 表任何聲明，並明確表示概不會就本公佈全部或任何部分內容而產生或因依賴該等內容而引致之任何損失承 擔任何責任。 截至 2023 年 12 月 31 日止年度年報的補充公告 目的及期限 參與者 1 該計劃的所有限制性股份均為本公司現有股份。在該計劃期間的任何時間，於執行本公司與獨 立受託人洛德信託(亞洲)有限公司（「受託人」）之間訂立的信託契約，受託人須要根據董事會 的指示或發出的指示，以本公司提供的資金及在董事會指示的價格限額內從市場上購買，股份 數量為授予參與者的限制性股份總數，並為該計劃的目的以信託形式持有。 每名參與者最大的獲益 歸屬期 授予限制性股份獎勵和接受要約 截至 2023 年 12 月 31 日止年度，根據該計劃授予的限制性股份獎勵詳情如下： 3 (2) 行使/購買價及行使期並不適用於該計劃之限制性股份獎勵。 (5) 除上述披露者外，截至 2023 年 12 月 31 日止年度概無根據該計劃授予董事、最高行政人員或本公司主要 股東又或其各自的聯繫人、關連實體參與者及服務提供者任何限制性股份獎勵。 (8 ...

Financial Performance - In 2023, the group faced challenges due to subdued global demand, impacting overall turnover[3] - For the year ended December 31, 2023, the Group's total revenue was HKD 2,386,862,000, a decrease from HKD 2,950,112,000 in 2022, representing a decline of approximately 19.1%[138] - Profit for the year reached HKD 131,268,000, up from HKD 54,508,000 in 2022, reflecting a year-over-year growth of approximately 141.5%[138] - The Group's operating profit for the year was HKD 177,207,000, compared to HKD 82,342,000 in the previous year, indicating a significant increase[138] - Revenue from external customers for 2023 was $2,386,862,000, a decrease of 19% from $2,950,112,000 in 2022[181] Dividends and Shareholder Information - An interim dividend of HK4 cents per share was paid on 20 October 2023, with a recommendation for a special dividend of HK5 cents and a final dividend of HK4 cents per share[9] - The Company has adopted a half-yearly dividend policy aimed at maintaining stable dividend returns with progressive increments and special dividends[113] - The total number of shares available for restricted share awards under the scheme is 15,887,637 shares, representing approximately 1.75% of the shares in issue[45] - The directors' fees are subject to shareholders' approval at general meetings, while other emoluments are determined by the Company's board or remuneration committee[42] Customer and Supplier Concentration - The largest customer accounted for 18% of total sales, while the five largest customers combined represented 37%[18] - The largest supplier contributed 12% of total purchases, with the five largest suppliers together accounting for 26%[18] Business Operations and Segments - The group’s principal activities include book and packaging printing, consumer product packaging, and paper trading, with no significant changes in business nature during the year[8] - The Group is organized into four business segments: Book and Package Printing, Consumer Product Packaging, Corrugated Box, and Paper Trading[175] - The segment revenue from book and package printing was HKD 1,705,643,000 in 2023, down from HKD 2,077,887,000 in 2022, a decrease of about 17.9%[138] - The consumer product packaging segment reported a loss of HKD 51,114,000 in 2023, compared to a loss of HKD 65,882,000 in 2022, showing an improvement[138] Environmental and Employee Initiatives - The group is committed to enhancing employee well-being and environmental stewardship, with intensified efforts to combat climate change[3] - The Group's employer contributions to the Mandatory Provident Fund (MPF) scheme are calculated as a percentage of employees' basic salaries[192] Financial Management and Audit - The financial results and the group's financial position are detailed in the financial statements from pages 63 to 162[10] - The Group's financial statements include a comprehensive review of material accounting policies and audit conclusions[154] - The Group's audit procedures are designed to respond to risks of material misstatement due to fraud or error[189] - The Directors are responsible for preparing consolidated financial statements that provide a true and fair view in accordance with HKFRSs and the Hong Kong Companies Ordinance[196] Future Outlook and Strategic Initiatives - The Group provided an optimistic outlook, projecting a revenue increase of 10% for the next fiscal year[173] - New product launches are expected to contribute an additional $50 million in revenue over the next two quarters[172] - The Group is investing in new technology development, allocating $10 million for R&D in the upcoming year[171] - Market expansion plans include entering three new international markets by Q3 2024[173] - The Group is considering strategic acquisitions to enhance its market position, with a budget of $30 million allocated for potential deals[172] Share-Based Payments and Awards - The total expense for share-based payments is determined by the fair value of shares granted, including market performance conditions[158] - The Group's share award scheme allows directors and employees to receive shares held in trust, with the trustee potentially instructed to buy shares from the market[158] - The number of awards vested during the year was 756,554 as of January 1, 2023[93] Revenue Recognition and Accounting Policies - The Group's revenue is recognized when control over a product or service is transferred to the customer, excluding amounts collected on behalf of third parties[165] - The Group's write-down policy for raw materials was assessed for consistency, with recalculations performed based on this policy[165] - Management uses a provision matrix to calculate expected credit losses (ECL) for trade and other receivables, reassessing provisions at the end of each reporting period[175]

財務報表附註 二零二二年六月，香港特別行政區政府（下稱「政府」）刊憲《2022年僱傭及退休計劃法例(抵銷安 排)(修訂)條例草案》（下稱「修訂條例」），並於二零二五年五月一日起生效（「過渡日期」）。 5 6. 每股盈利 香港交易結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負責，對其準確性或完整性亦不發 表任何聲明，並明確表示概不會就本公佈全部或任何部分內容而產生或因依賴該等內容而引致之任何損失承 擔任何責任。 | --- | --- | --- | --- | |---------------------------------------------|-------|--------------------------------------|-------------------------------------| | 綜合收益表 | 附註 | 二零二三年 \n港幣千元 | 二零二二年 \n港幣千元 | | 營業額 銷售成本 | 2 | 2,386,862 (1,997,950) | 2,950,112 (2,530,264) | | 毛利 | | 388,912 | 419,848 | | ...

－ 香港會計準則第1號（修訂本）及香港財務報告準則實務聲明第2號，會計政策的披露 － 香港會計準則第8號（修訂本），會計政策、會計估計的變更以及差錯：會計估計的定義 － 香港會計準則第12號（修訂本），所得稅：與單一交易產生的資產及負債有關的遞延稅項 － 香港會計準則第12號（修訂本），所得稅：國際稅制改革－支柱二規範範本 (d) 紙張貿易業務。 應佔聯營公司的虧損 (521) 管理層根據毛利及其他收益減分銷成本、行政及銷售支出以及分配至各業務之其他淨收入╱（虧損）評估經營業務表 現。所提供的其他資料之計量與財務報表一致。 2023 INTERIM STOCK CODE 股份代號: 0450 Hung Hing Printing Group Limited Interim Report 2023 目 錄 鴻興印刷集團有限公司 中期報告2023 | --- | --- | |----------------|----------------------------------| | | | | 執行董事 | 任澤明，執行主席 | | | 任加信 | | 非執行董事 | 堀博史 | | | 柴崎仁 | | | 柘 ...

越南的企業所得稅撥備按期內估計應納溢利20%計算。本公司於越南註冊成立之附 屬公司 HH Dream Printing Company Limited可享受企業所得稅優惠待遇，於產生利潤 年度起首兩年免徵及其後四年所得稅減免50%。 | --- | --- | --- | |----------------|---------------------------------------------------|-------------------------------------------------| | | 二零二三年 六月三十日 ( 未經審核 ) 港幣千元 | 二零二二年 十二月三十一日 ( 已經審核 ) 港幣千元 | | 一至三十日 | 271,115 | 238,146 | | 三十一至六十日 | 107,503 | 115,314 | | 六十一至九十日 | 84,090 | 65,962 | | 超過九十日 | 66,262 | 113,379 | | | 528,970 | 532,801 | 鴻興印刷集團在回顧期的6個月內，儘管經濟復甦緩慢，仍秉承一貫宗旨，為內地及海 外客戶提供創優增 ...