CONTENTS 目錄 | Corporate Information | 公司資料 | 2 | | --- | --- | --- | | Corporate Profile | 公司概況 | 5 | | Profile of Directors | 董事簡介 | 7 | | Chairman's Statement | 主席報告 | 14 | | Management Discussion and Analysis | 管理層討論與分析 | 17 | | Corporate Governance Report | 企業管治報告 | 28 | | Directors' Report | 董事會報告 | 50 | | Environmental, Social and Governance Report | 環境、社會及管治報告 | 89 | | Independent Auditor's Report | 獨立核數師報告 | 150 | | Financial Statements and Notes to the Financial Statements | 財務報表及財務報表附註 | 156 | | F ...

截至4月29日收盘，力鸿检验（01586.HK）报2.530港元，较上个交易日上涨0.4%，当日盘中最高价触 及2.620港元，创近一年新高。 本文源自：金融界 资金流向方面，当日主力流入3.056万港元，流出44.060万港元，净流出41.00万港元。 中国力鸿检验控股有限公司(股票代码:1586.HK)2016年于港交所主板上市,是国内首家在香港上市的国际 综合检验检测机构。凭借雄厚的科研创新实力及全方位的资质保障,公司为全球行业龙头提供24x7小时 全方位专业检验、检测及技术与咨询服务,持续赋能行业绿色低碳转型。公司于业内率先实现全球化网 络布局,服务网络覆盖亚太地区主要贸易港口及枢纽城市,海内外分支机构及专业实验室达58个,成为首家 成功布局海外的中国TIC上市企业。公司在专注能源和大宗商品两大板块业务基础之上,充分利用细分领 域的龙头优势和规模效应,先发布局延伸服务范围至新能源、清洁能源、环境保护及双碳服务等ESG相 关领域,实现传统业务与ESG业务的有机双向增长。公司详细服务内容及业务范围如下: 能源大宗领域:为客户提供以下方面服务:(1)品质测试服务:在自有化验室根据国际、国家、地区的行业标 准 ...

截至4月22日收盘，力鸿检验（01586.HK）报2.470港元，较上个交易日上涨2.92%，当日盘中最高价触 及2.500港元，创近一年新高。 资金流向方面，当日主力流入37.444万港元，流出56.032万港元，净流出18.59万港元。 中国力鸿检验控股有限公司(股票代码:1586.HK)2016年于港交所主板上市,是国内首家在香港上市的国际 综合检验检测机构。凭借雄厚的科研创新实力及全方位的资质保障,公司为全球行业龙头提供24x7小时 全方位专业检验、检测及技术与咨询服务,持续赋能行业绿色低碳转型。公司于业内率先实现全球化网 络布局,服务网络覆盖亚太地区主要贸易港口及枢纽城市,海内外分支机构及专业实验室达58个,成为首家 成功布局海外的中国TIC上市企业。公司在专注能源和大宗商品两大板块业务基础之上,充分利用细分领 域的龙头优势和规模效应,先发布局延伸服务范围至新能源、清洁能源、环境保护及双碳服务等ESG相 关领域,实现传统业务与ESG业务的有机双向增长。公司详细服务内容及业务范围如下: 环境保护领域:主要涵盖环境保护咨询和环境检测两项业务范围。环境保护咨询业务包括环保管家服 务、环境影响评价、土壤污染 ...

Financial Performance - Revenue reached HKD 1,263.1 million, an increase of 12.9% compared to HKD 1,118.5 million in 2023[4] - Profit attributable to owners of the company was HKD 82.7 million, up 3.4% from HKD 80.0 million in 2023[4] - Basic earnings per share increased to HKD 14.29, a rise of 4.1% from HKD 13.73 in 2023[4] - Gross profit was HKD 480.1 million, compared to HKD 515.1 million in 2023[5] - Operating expenses increased to HKD 256.6 million from HKD 241.2 million in 2023[5] - Profit before tax was HKD 162.1 million, slightly up from HKD 157.2 million in 2023[5] - Net profit for the year was HKD 126.0 million, compared to HKD 122.2 million in 2023[5] - Other income and gains amounted to HKD 6.2 million, up from HKD 4.2 million in 2023[5] - Selling and distribution expenses decreased to HKD 40.3 million from HKD 51.5 million in 2023[5] Assets and Liabilities - Non-current assets totaled HKD 373,487 million in 2024, slightly up from HKD 370,433 million in 2023, indicating a growth of approximately 0.6%[7] - Current assets increased to HKD 582,125 million in 2024 from HKD 524,102 million in 2023, marking a growth of about 11.1%[7] - The company’s total liabilities increased to HKD 582,125 million in 2024, reflecting ongoing investments and operational costs[7] - As of December 31, 2024, total assets amounted to HKD 715,761,000, an increase from HKD 617,573,000 in 2023, representing a growth of approximately 15.9%[8] - The total current liabilities decreased to HKD 239,851,000 in 2024 from HKD 276,962,000 in 2023, a reduction of about 13.4%[8] - The non-current liabilities totalled HKD 61,659,000 in 2024, up from HKD 48,295,000 in 2023, indicating a rise of approximately 27.8%[8] Cash Flow and Investments - Cash and cash equivalents increased significantly to HKD 267,235 million in 2024, compared to HKD 227,250 million in 2023, representing a growth of around 17.6%[7] - The group maintained a zero leverage ratio as cash and cash equivalents exceeded total liabilities[71] - The group actively monitors its liquidity risk and maintains sufficient cash and cash equivalents to meet its obligations[68] - The group has increased its investment in new business and emerging market development, laying the groundwork for future profit release[65] Revenue Breakdown - Total revenue for 2024 reached HKD 1,263,129,000, an increase of 13.0% compared to HKD 1,118,514,000 in 2023[22] - Testing services revenue amounted to HKD 795,024,000, up 11.0% from HKD 716,422,000 in the previous year[22] - Certification services revenue increased to HKD 358,397,000, representing a growth of 17.9% from HKD 303,933,000 in 2023[22] - Revenue from the Greater China region was HKD 695,513,000, up 6.9% from HKD 650,368,000 in 2023[22] - Revenue from Singapore and other countries/regions reached HKD 567,616,000, an increase of 21.3% compared to HKD 468,146,000 in 2023[22] Shareholder Information - The company declared a final dividend of HKD 0.0174 per share for 2023, down from HKD 0.0272 per share in 2022, representing a decrease of about 36.5%[33] - The company does not recommend the distribution of a final dividend for the year ending December 31, 2024, maintaining the previous year's dividend of HKD 0.0174 per share[34] - The controlling shareholders have increased their stake from approximately 52.7% at the time of listing to about 61.0% currently, indicating strong confidence in the company's long-term value[46] Strategic Initiatives - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[6] - The company is advancing its third development strategy, focusing on clean energy, low-carbon transformation, and other ESG-related business areas[47] - The company plans to prioritize AI technology applications in 2025, aiming to leverage opportunities in the AI industry and enhance its capabilities[48] - The company is focusing on mergers and acquisitions to accelerate global expansion and strengthen its international service network[49] Compliance and Reporting - The company has adopted revised International Financial Reporting Standards, which may impact the classification of certain liabilities[10] - The financial statements for the year ending December 31, 2024, have been confirmed to be consistent with the preliminary announcement by Ernst & Young[91] - The audit committee has reviewed the consolidated financial statements for the year ending December 31, 2024[90]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 3.18 per share [5]. Core Insights - The company is leveraging AI technology to enhance its core business operations, aiming for high-quality and efficient growth [1][2]. - The deployment of the proprietary "Li Hong AI System" is expected to improve operational efficiency and customer service customization [2]. - The company has shown strong performance in overseas markets, with significant revenue growth, particularly in the overseas segment [3]. Financial Summary - The company reported a revenue of HKD 944.01 million for FY2022, with projected revenues of HKD 1,368.11 million for FY2024 and HKD 2,049.96 million for FY2026, reflecting a growth rate of 15.3% in FY2022 and an expected 23.0% in FY2026 [4][10]. - The net profit for FY2022 was HKD 69.40 million, with projections of HKD 89.05 million for FY2024 and HKD 162.88 million for FY2026, indicating a growth rate of 16.9% in FY2022 and an expected 35.5% in FY2026 [4][10]. - The company’s gross margin is projected to be around 42.6% by FY2026, with a net profit margin of 7.9% [4][10]. - The price-to-earnings (P/E) ratio is expected to decrease from 10.90 in FY2022 to 4.76 in FY2026, indicating increasing earnings relative to the stock price [4][10]. Business Performance - The company achieved a revenue of HKD 340 million in the Greater China region for H1 2024, a year-on-year increase of 5.8%, while overseas revenue reached HKD 270 million, a significant increase of 47.2% [3]. - The overseas business now accounts for 47% of total revenue, highlighting the company's successful expansion strategy [3]. - The company is focusing on enhancing its brand recognition in overseas markets, particularly in Singapore, where it has seen rapid growth [3].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 3.18 per share [5]. Core Insights - The company is leveraging AI technology to enhance its core business operations, aiming for high-quality and efficient growth [1][2]. - The deployment of the proprietary "Li Hong AI System" is expected to improve operational efficiency and meet customized client needs in the energy testing sector [2]. - The company has shown strong performance in overseas markets, with significant revenue growth, particularly in the overseas segment, which increased by 47.2% year-on-year [3]. Financial Summary - The company reported a revenue of HKD 944.01 million for FY2022, with projections of HKD 1,368.11 million for FY2024, reflecting a growth rate of 22.3% [4][10]. - The net profit for FY2022 was HKD 69.40 million, expected to rise to HKD 89.05 million in FY2024, indicating a growth rate of 11.2% [4][10]. - The gross margin is projected to be around 41.8% in FY2024, with a net profit margin of 6.5% [4][10]. - The company’s return on equity (ROE) is expected to average 21.5% in FY2024, increasing to 25.7% by FY2026 [4][10]. Business Performance - The company’s revenue from the Greater China region reached HKD 340 million in H1 2024, showing a stable growth of 5.8% year-on-year, while overseas revenue was HKD 270 million, marking a substantial increase of 47.2% [3]. - The overseas business now accounts for 47% of total revenue, indicating a successful expansion strategy [3]. - The company is focusing on enhancing its brand recognition in overseas markets, particularly in Singapore, where it has seen rapid growth [3].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 3.18 per share [5]. Core Insights - The company is leveraging AI technology to enhance its core business operations, aiming for high-quality and efficient growth [1][2]. - The deployment of the proprietary "Li Hong AI System" is expected to improve operational efficiency and customer service customization [2]. - The company's overseas business has shown significant growth, with a 47.2% year-on-year increase in revenue from international markets [3]. Summary by Sections AI Application and Business Enhancement - The company has announced the application of AI in its inspection, operation, and testing processes, which is expected to enhance efficiency and meet diverse customer needs [1][2]. - Key technological advancements include the introduction of a "business language decoder" and a multi-modal knowledge graph [2]. Overseas Business Performance - In the first half of 2024, revenue from the Greater China region reached HKD 340 million, a steady growth of 5.8%, while overseas revenue surged to HKD 270 million, marking a substantial increase of 47.2% [3]. - The overseas business now accounts for 47% of total revenue, indicating a successful expansion strategy [3]. Financial Projections - The company forecasts revenue growth rates of 22.3% for FY2024 and 21.9% for FY2025, with net profit expected to grow by 11.2% in FY2024 and 35.0% in FY2025 [4][10]. - The projected earnings per share (EPS) are expected to increase from HKD 0.164 in FY2024 to HKD 0.222 in FY2025 [4][10].

Financial Performance - Revenue for the six months ended June 30, 2024, was HK$611,913,000, an increase of 21% compared to HK$505,380,000 for the same period in 2023[8] - Gross profit for the period was HK$259,097,000, representing a gross margin of approximately 42.4%[8] - Profit before tax increased to HK$95,654,000, up 16.6% from HK$82,049,000 in the prior year[8] - Profit for the period attributable to owners of the company was HK$50,828,000, a rise from HK$48,288,000 in the same period last year[8] - Total comprehensive income for the period reached HK$72,772,000, an increase of 21.5% compared to HK$59,823,000 in the same period last year[10] - Profit for the same period amounted to approximately HK$79.9 million, reflecting a year-on-year increase of 16.7%[126] Expenses and Costs - Selling and distribution expenses increased to HK$23,203,000 from HK$15,205,000, reflecting a rise in operational costs[8] - Finance costs rose to HK$4,038,000, compared to HK$1,901,000 in the same period last year[8] - The company reported other income of HK$1,048,000, down from HK$2,399,000 in the previous year[8] - Profit before tax for the six months ended June 30, 2024, was impacted by research and development costs of HK$12,848,000, down from HK$15,308,000 in the previous year[43] Assets and Liabilities - Total current assets amounted to HK$516,660,000, with cash and cash equivalents at HK$190,880,000[13] - Net current assets stood at HK$313,880,000, indicating a solid liquidity position[13] - Total equity increased to HK$637,728,000, up from HK$569,278,000, representing a growth of 12%[14] - Non-current liabilities decreased to HK$39,081,000 from HK$48,295,000, showing a reduction of 19.1%[14] - The company’s reserves increased to HK$466,624,000, up from HK$424,291,000, reflecting a growth of 10%[14] Market and Strategic Focus - The company is focused on expanding its market presence and enhancing its product offerings in the inspection sector[8] - Future outlook includes continued investment in new technologies and potential market expansion strategies[8] - The company continues to focus on market expansion and new product development strategies to drive future growth[10] - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[20] Shareholder Information - Earnings per share attributable to ordinary equity holders of the company were HK$9.62 (basic) and HK$9.59 (diluted), compared to HK$9.10 and HK$9.07 respectively in the previous year[10] - The proposed final cash dividend is HK$0.0174 per share for the year ended December 31, 2023, with no interim dividend declared for the six months ended June 30, 2024[48] - The number of issued and fully paid ordinary shares increased from 541,631,000 as of December 31, 2023, to 541,987,000 as of June 30, 2024[85] Employee and Management Compensation - Key management personnel compensation for the six months ended June 30, 2024, totaled HK$4,616,000, compared to HK$3,486,000 for the same period in 2023, reflecting an increase of 32.4%[116] - The Company operates a share option scheme effective from May 5, 2017, aimed at providing incentives to retain employees and achieve business objectives[89] Acquisitions and Investments - The acquisition of Shibiao Testing (Tianjin) Co., Ltd. was completed on 4 May 2023 for a consideration of HK$2,602,000, aimed at accelerating the achievement of the Company's strategic objectives[106] - The total cash outflow arising from the acquisition of Shibiao Testing was HK$2,327,000 after accounting for cash acquired[109] ESG and Sustainability Initiatives - The Company has expanded its business scope from traditional energy to clean energy, environmental protection, and climate change, aligning with ESG-related sectors[130] - The Company emphasizes ESG-oriented development as a core part of its "3+X" strategy, contributing to the green and low-carbon transition of the industry[135] - The clean energy business focuses on wind and solar power, providing testing services that enhance the stability of power generation through data collection and maintenance[141] Convertible Bonds and Financing - The principal amount of the Convertible Bonds is HK$50,000,000, with an issue price of 100% in cash[183] - The company redeemed HK$50 million of convertible bonds in cash on June 11, 2024, using internal resources due to a strong financial position and ample cash flow[200] - The amendments to the Convertible Bonds will take effect on June 28, 2023[188]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 2.88 per share [3][2]. Core Insights - The company reported a revenue of HKD 610 million for H1 2024, representing a year-on-year increase of 21.1%. Net profit reached HKD 80 million, up 16.7%, while net profit attributable to shareholders was HKD 51 million, an increase of 5.3% [2][1]. - The overseas business has seen significant growth, with a 47.2% increase in revenue, contributing to 47% of total revenue. The company is actively expanding its international presence, particularly in the energy sector, which is expected to enhance overall performance [2][1]. - The company's "3+X" strategy focuses on core businesses such as coal testing, oil testing, and non-energy bulk testing, which provide strong cash flow to support emerging ESG and carbon asset businesses. The company aims to capitalize on the dual carbon and green development trends [2][1]. Summary by Sections Financial Performance - For H1 2024, the company achieved a revenue of HKD 610 million, a 21.1% increase year-on-year. The net profit was HKD 80 million, up 16.7%, and the net profit attributable to shareholders was HKD 51 million, reflecting a 5.3% increase [2][1]. - The overseas revenue reached HKD 270 million, marking a substantial growth of 47.2%, while the Greater China region saw a more modest growth of 5.8% to HKD 340 million [2][1]. Strategic Initiatives - The company is implementing a "3+X" strategy, focusing on its main businesses while also developing ESG and carbon asset services. This approach is expected to provide a competitive edge in the market [2][1]. - The company is actively recruiting talent in the ESG sector to bolster its capabilities and prepare for future growth in this area [2][1]. Valuation Metrics - The target price of HKD 2.88 corresponds to a price-to-earnings (PE) ratio of 14.9x for 2024, 11.5x for 2025, and 8.8x for 2026, indicating a favorable valuation outlook [2][3].

Financial Performance - The company's revenue increased from approximately HKD 505.4 million for the six months ended June 30, 2023, to approximately HKD 611.9 million, representing a growth of 21.1%[1]. - The profit for the period rose from approximately HKD 68.5 million to approximately HKD 79.9 million, reflecting a growth of 16.7%[1]. - The profit attributable to owners of the company increased from approximately HKD 48.3 million to approximately HKD 50.8 million, marking a growth of 5.3%[1]. - The gross profit for the period was approximately HKD 259.1 million, compared to HKD 230.8 million in the same period last year, indicating an increase of 12.2%[3]. - The total comprehensive income for the period amounted to HKD 72.8 million, up from HKD 59.8 million in the previous year, representing a growth of 21.5%[4]. - Basic earnings per share increased to 9.62 HKD cents from 9.10 HKD cents, reflecting a growth of 5.7%[4]. - Total revenue for the six months ended June 30, 2024, reached HKD 611,913,000, a 21% increase from HKD 505,380,000 for the same period in 2023[12]. - The company reported a pre-tax profit of HKD 20,329,000 for the six months ended June 30, 2024, compared to HKD 27,237,000 for the same period in 2023, indicating a decrease of 25%[14]. - Basic and diluted earnings per share for the six months ended June 30, 2024, were HKD 0.0962, compared to HKD 0.1000 for the same period in 2023, a decline of 4%[17]. - The company's income tax expense for the six months ended June 30, 2024, was HKD 15,739,000, compared to HKD 13,552,000 for the same period in 2023, representing an increase of 16%[15]. Assets and Liabilities - The company's total assets as of June 30, 2024, were approximately HKD 880.1 million, compared to HKD 894.5 million as of December 31, 2023[5]. - Trade receivables increased to approximately HKD 225.5 million from HKD 208.8 million, showing a growth of 8.0%[5]. - Cash and cash equivalents decreased to approximately HKD 190.9 million from HKD 227.3 million, a decline of 16.0%[5]. - As of June 30, 2024, the total current liabilities decreased to HKD 203,330,000 from HKD 276,962,000 as of December 31, 2023, representing a reduction of approximately 26.5%[6]. - The net current assets increased to HKD 313,880,000 as of June 30, 2024, compared to HKD 247,140,000 as of December 31, 2023, reflecting a growth of about 27%[6]. - Total assets less current liabilities rose to HKD 676,809,000 from HKD 617,573,000, indicating an increase of approximately 9.5%[6]. - Non-current liabilities decreased to HKD 39,081,000 as of June 30, 2024, down from HKD 48,295,000 as of December 31, 2023, a decline of about 19%[6]. - The total equity increased to HKD 637,728,000 as of June 30, 2024, compared to HKD 569,278,000 as of December 31, 2023, marking an increase of approximately 12%[6]. - The company's reserves grew to HKD 466,624,000 as of June 30, 2024, up from HKD 424,291,000 as of December 31, 2023, which is an increase of about 10%[6]. - As of June 30, 2024, the total liabilities net amount is HKD 32,169,000, compared to HKD 7,043,000 as of December 31, 2023, indicating a significant increase in net liabilities[40]. Operational Highlights - The company has expanded its international presence, with 75 overseas branches and laboratories across 18 countries, enhancing its competitive advantage in the TIC industry[23]. - The company is actively involved in energy cooperation under the "Belt and Road" initiative, contributing to energy security and stability in the region[24]. - The company has successfully diversified its services into clean energy, environmental protection, and climate change sectors, expanding its business scope beyond traditional energy[23]. - The company operates 75 service points globally and holds 18 types of professional qualifications, covering over 50 major commodities and natural resource categories in trade assurance services[25]. - The company has been designated as a quality inspection organization by the Shanghai Futures Exchange for aluminum oxide futures, enhancing its brand credibility in the non-ferrous metals sector[26]. - The company has completed the application work to become a designated inspection organization for scrap steel and is actively involved in drafting national standards for scrap steel[27]. - The company is expanding its clean energy business, focusing on wind and solar power generation, and providing quality inspection services to enhance operational stability[28]. - The company offers a wide range of environmental protection services, including ecological monitoring and leak detection, contributing to low-carbon emission reduction efforts[29]. - The company provides comprehensive technical consulting services in low-carbon and sustainable development, assisting clients in achieving carbon neutrality goals[29]. Strategic Initiatives - The company aims to enhance its ESG management standards and focus on green low-carbon investment opportunities[30]. - The company plans to accelerate investments aligned with its ESG strategy, focusing on sustainable growth potential[30]. - The traditional business continues to solidify while emerging businesses are developing rapidly, contributing positively to overall revenue growth[35]. - The company emphasizes continuous improvement in service quality and operational efficiency to enhance profitability[36]. Workforce and Governance - The company has a total of 3,184 employees as of June 30, 2024, an increase from 2,660 employees as of June 30, 2023, indicating a growth in workforce[43]. - The board of directors includes eight members, with four executive directors and three independent non-executive directors[50]. - The company has established an audit committee in accordance with the Listing Rules, consisting of three independent non-executive directors[48]. - The company has implemented a credit risk management policy, ensuring transactions are conducted only with recognized and reputable counterparties[41]. - The company has adopted prudent financial policies to maintain a healthy capital structure and liquidity, ensuring sufficient cash flow to meet obligations[37]. Dividend and Shareholder Information - The company plans to pay a final cash dividend of HKD 0.0174 per share for the year ending December 31, 2023, approved by shareholders on June 18, 2024[16]. - The board of directors decided not to declare an interim dividend for the six months ended June 30, 2024, compared to HKD 0.0269 per share for the same period in 2023[44]. Compliance and Reporting - The company has complied with the Standard Code regarding securities trading by directors throughout the reporting period[46]. - The interim financial results announcement and interim report are available on the Hong Kong Stock Exchange and the company's website[48]. - There were no significant acquisitions or disposals of subsidiaries, joint ventures, or associates during the six months ended June 30, 2024[42]. - No purchases, sales, or redemptions of the company's listed securities were made during the reporting period[47].