Interim report for the six months ended 30th september, 2024

RESULTS

業績

Given that the prices of major raw materials remained stable

基於通脹已從高位回落使主要原材料價格保

with inflation retreating from peak levels, coupled with the

持穩定，加上業務錄得溫和增長帶來規模經

economies of scale brought about by the moderate business

濟益效，以及人民幣貶值錄得匯兌收益，使

growth and the exchange gains from the depreciation of

集團期內保持核心利潤水平。

Renminbi, the Group maintained its core profit level during

the period.

During the reporting period, despite a sharp and synchronised

於報告期間，雖然各主要經濟體同步大幅收

tightening of monetary policy among major economies, the

緊了貨幣政策，但在整個通脹下行的過程中，

global economy has remained unusually resilient throughout

全球經濟超乎尋常地保持了韌性，避免了一

However, with an escalation in regional conflicts, financial

政策調整使金融市場波動、中國經濟增速放

market volatility as a result of monetary policy adjustments,

緩加劇，以及保護主義政策不斷加碼等，均

a deeper growth slowdown in China, and the continued

使經濟下行風險增加，對行業的整體需求及

ratcheting up of protectionist policies, the downside risks to

消費者信心與預期產生負面影響。面對外部

the economy are rising, which have had a negative impact

環境的不利因素及環球經濟面的多重挑戰，

on overall industry demand as well as consumer confidence

本期中國境內三個廠區力爭上游，表現均優

and expectations. Facing adverse external factors and

於預期。廣州廠區及韶關廠區業務上升並持

multiple challenges in the global economy, the three plants

續錄得盈利。蘇州廠區業務同樣錄得增幅且

in China strived for excellence and performed better than

貢獻附加值。另一方面，亞世安區域銷售額

expected during the period. The Guangzhou and Shaoguan

輕微下跌但保持利潤水平。

plants experienced business growth and continued to record

profits, and the Suzhou plant also recorded growth in

business and contributed add-on value. On the other hand,

sales in the ASEAN region slightly decreased but it still

managed to maintain its profitability.

In this critical period of high-quality economic development

身處經濟高質量發展及培育新質生產力的關

and cultivating new quality productive forces, the Group

鍵時期，集團秉持穩中求進理念，積極加強

adhered to the concept of seeking progress while maintaining

研發和創新能力，持續提升生產力水準，推

stability, proactively strengthened its research and

動自動化、資訊化和智慧化進程，著力提升

development and innovation capabilities, continued to

經營水平，推動行業可持續發展，並以客戶

improve its productivity levels, promoted automation,

的體驗與需求為導向，持續完善客戶服務體

informatisation, and intelligent processes, thereby enhancing

系及專業的營銷服務，在不斷變革中追求卓

its operational standards and promoting the sustainable

越。詳情載於「業務概況及前瞻」。

development of the industry. The Group also strived for

excellence in the midst of continuous changes by improving

its customer service system and professional marketing

services with a focus on customer experience and needs.

Details are set out in the section headed "Business Review

and Prospects".

Interim Dividend

中期股息

The Board recommends an interim dividend of HK1 cent per

董事會建議向二零二五年一月十日名列股東

ordinary share (30th September, 2023: interim dividend of

名冊的股東，派發截至二零二四年九月三十

HK1 cent) for the six months ended 30th September, 2024

日止六個月的中期股息每股港幣一仙（二零

payable on 19th February, 2025 to shareholders whose

二三年九月三十日：中期股息每股港幣一

names appear on the Register of Members on 10th January,

仙），有關股息將於二零二五年二月十九日

2025.

派發。

BUSINESS REVIEW AND PROSPECTS

業務概況及前瞻

Overview

概覽

During the period under review, as the post-pandemic supply

回顧期內，後疫情時期供給問題有所緩解，

issues eased and the tightening of monetary policy started to

且貨幣政策收緊開始限制需求，勞動力市場

constrain demand, normalisation in labour markets allowed

回歸常態，使通脹迅速下降，避免了經濟活

inflation to decline rapidly without a significant slowdown in

動的大幅放緩。自下半年起，大國貨幣政策

economic activities. Since the second half of the year, major

轉向開始，主要發達經濟體的央行已陸續啟

Central banks in major developed economies have

為經濟活動提供支持。惟不同地區和行業的

successively initiated the cycle of interest rate cuts, moving

增長步伐參差不齊，製造業和生產率存在結

their policy stance toward neutral to support economic

構性問題情況，許多國家正在實施產業和貿

activities. However, the growth paces vary across different

易政策措施保護當地的勞動者和市場，加上

regions and industries, with structural issues in manufacturing

俄烏、中東地區持續地緣政治不穩以及環球

and productivity. Many countries are implementing industrial

大選年的影響下，預計今年下半年市場對產

and trade policy measures to protect local workers and

品及服務需求將趨向保守審慎，給企業經營

markets. Moreover, with the ongoing geopolitical instability

帶來巨大挑戰。儘管市場結構正加速分化，

between Russia and Ukraine and in the Middle East, as well

市場競爭愈發激烈及行業整合加速，集團憑

as the impact of the global election year, it is expected that

著穩健的經營根基、全球敏捷的交付能力、

the market demand for products and services will tend to be

一流的客戶資源、先進一體化智慧產業鏈的

conservative and cautious in the second half of the year,

佈局，贏得眾多國內外戰略合作夥伴的認可

posing great challenges to the operation of enterprises.

和信任，為集團長期穩定健康發展奠定良好

Despite the accelerating market segmentation, intensifying

基礎。

market competition, and accelerating industry consolidation,

the Group has won the recognition and trust of many

domestic and foreign strategic partners for its solid business

foundation, globally agile delivery capabilities, first-class

customer resources, and advanced integrated smart industrial

chain layout, laying a solid foundation for the long-term,

stable, and healthy development of the Group.

Meanwhile, in order to enhance operational efficiency and

與此同時，為提升經營效益及風險管理能力，

risk management capability, the Group adheres to

集團堅持技術創新升級，不斷推進新技術和

technological innovation and upgrade, and continuously

新工藝研發，並通過持續的研發投入、自主

advances the research and development of new technologies

研發能力構建及產學合作等模式，不斷優化

and processes. Through ongoing investment in research and

產品線，鞏固自身技術優勢。截至報告期間，

development, establishment of independent research and

集團已取得專利117項，其中發明專利21項、

development capabilities, and industry-academia cooperation,

實用新型專利91項、外觀設計專利5項。同

the Group has continuously optimised its product lines and

時，集團積極擁抱人工智慧新技術趨勢，積

consolidated its technological advantages. As at the end of

極推動其於設計、文書工作及生產流程的探

the reporting period, the Group obtained 117 patents,

索及應用，提升了公司的流程運轉效率，助

including 21 invention patents, 91 utility model patents, and

力公司核心競爭力提升，於逆境中取得階段

5 design patents. Moreover, the Group proactively embraces

性成果。集團廣州廠區保持盈利，韶關廠區

the trend of new artificial intelligence technologies and

強化精益體系體現良好效益、貢獻附加值。

vigorously promotes their exploration and application in

整體而言，華南業務收入上升，並透過有效

design, clerical work, and production processes, thereby

成本控制及智慧化推動措施錄得盈利。

enhancing the Company's operational efficiency, boosting its

core competitiveness, and achieving interim results amidst

adversity. The Guangzhou plant of the Group remained

profitable, while the Shaoguan plant enhanced its lean

system to achieve good results and contribute add-on value.

Overall, revenue from the southern China operation

increased, and profit was recorded through effective cost

control and intelligent promotion measures.

With sentiment much improved in the export market, the

受惠於外銷市場氣氛好轉，華東業務上半年

eastern China operation recorded an increase in the first half

錄得增幅，但內地市場競爭日趨激烈及消費

of the year, but the increasingly competitive mainland market

降級均削減華東邊際利潤。另一方面，東南

and consumption downgrading have dragged down the

亞業務輕微下跌並同樣錄得利潤。

marginal profit of the eastern China operation. On the other

hand, profit was recorded for the Southeast Asia operation,

albeit with a slight decrease.

In response to the volatility and uncertainty of the macro

為應對宏觀營商環境的波動及不確定性，集

business environment, the Group remained highly vigilant

團保持高度警覺，密切關注宏觀經濟指標運

and paid close attention to the operation of macro-economic

行情況，採取多元化的投資策略及制定靈活

indicators. By adopting diversified investment strategies and

的財務計劃，迅速調整戰略方向和經營策略，

formulating flexible financial plans, the Group has rapidly

提速構建綠色生產體系，推動行業綠色低碳

adjusted its strategic direction and operation policies to

發展，並通過多項培訓工作培養集團發展所

accelerate the construction of green production systems and

需的各類人才，加強人才梯隊建設，為集團

Besides, the Group developed various kinds of talents for its

業務團隊已透過參加國內外展覽會，積極到

development via various trainings and enhanced talent team

訪歐美、中東、東南亞地區及內地的合作夥

building, which has in turn secured talent supply for its

伴，共同為長遠的業務擴展作出部署。期間

sustainable and healthy development. The Group's frontline

集團獲得香港市務學會頒發金禧香港卓越品

business team has participated in domestic and international

牌大獎。

exhibitions, actively reached out to partners in Europe, the

United States, the Middle East, Southeast Asia, and the

mainland to jointly make deployments for long-term business

expansion. During the period, the Group was conferred the

"Golden Jubilee Hong Kong Power Brand Award" by the

Hong Kong Institute of Marketing.

Southern China Operation

華南業務

For the six months ended 30th September, 2024, the

截至二零二四年九月三十日止六個月內，集

Although the inventories of overseas publishers have been

已從早年高位降至合理水準以及紅海航運受

brought down from the high level of previous years to a

限，促使客戶提早於上半年補充訂單，但全

reasonable level and Red Sea shipping has been restricted,

球圖書市場復甦緩慢、多區域地緣政治不穩、

prompting customers to replenish orders early in the first half

內地同行低價搶佔市場、疊加環球眼光聚焦

of the year, major European and American customers have

年底美國大選後對華政策的動態等，均使歐

become more cautious considering the slow recovery of

美主要客戶變得更為審慎，預計下半年全球

global book market, geopolitical instability in multiple

圖書、賀卡市場氣氛仍然表現平淡，阻礙華

regions, domestic peers capturing market share with low

南業務拓展。

prices, and the added focus on the U.S. policy towards

China after the presidential election at the end of the year. It

is expected that the sentiment in global book and greeting

card market will remain subdued in the second half of the

year, hindering the expansion of the southern China

operation.

Nevertheless, the Group continued to invest in the upgrading

儘管如此，集團持續投入資訊化系統升級改

and transformation of its informatisation system. The

造，韶關廠率先通過硬體升級與智慧化管理

Shaoguan plant has taken the lead by integrating hardware

軟體的整合，有效地實現了從客戶接單、創

upgrades with intelligent management software, effectively

意排版、物料清單製作、物料採購及入倉、

achieving end-to-end visual management from customer order

自動化生產排期、生產製造到成品出庫的全

reception, creative layout, bill of materials creation, material

流程視覺化管理，增強數據收集、整合和處

procurement and warehousing, automated production

理的數碼化程度，大幅提升了生產效率和交

Such integration has enhanced the digitisation level of data

市場供求變化，採取措施來降低原材料價格

collection, integration, and processing, significantly improving

波動帶來的影響，從用戶端提前獲得訂單預

production efficiency and on-time delivery rate. In addition,

測，通過主要材料采集、與戰略供應商提前

the management team continuously monitored the changes in

從上游鎖定用料及價格、持續優化內控體系、

supply and demand in the raw material market and took

控制運營成本等多種舉措實現降本增效，加

measures to mitigate the impact of raw material price

上管理團隊高效發揮精益生產管理要素，效

fluctuations. Cost reduction and efficiency enhancement were

率得以大幅提升，為華南業務實現較強的盈

achieved through various measures such as obtaining order

利能力、成本和費用的有效管控以及較高的

forecasts from the user-end in advance, securing materials

人均產值奠定良好的基礎。期間韶關廠區引

and prices upstream with strategic suppliers, continuously

入自動化創新項目包括全自動板紙合板機、

optimising internal control systems, and controlling operating

全自動模切機、智慧天地蓋成型機等，而華

costs. Besides, the management team effectively put the key

南地區上半年共獲得實用型專利共計十項，

factors of lean production and management into play and

如信封袋自動封口機、全自動高速清廢機、

thus efficiency has been greatly enhanced, laying a good

折疊盒包邊機等。另一方面，位於韶關廠開

foundation for the southern China operation to realise greater

幕一年的印刷文化教育基地已獲得當地政府

profitability, effective cost and expense control as well as

頒發韶關市科普教育基地、武江區新時代文

higher production value per capita. During the period, the

明實踐基地及武江區愛國主義教育基地等稱

Shaoguan plant introduced automation innovation projects,

號，為集團主席林光如先生回饋社會的文化

including a fully automated cardboard laminating machine, a

志業予以肯定。

fully automated die-cutting machine, and an intelligent cover

forming machine; and the southern China region obtained a

total of ten utility patents in the first half of the year, such as

an automatic envelope sealing machine, a fully automated

high-speed waste cleaning machine, and a folding box

edging machine. On the other hand, the printing culture and

education base located at the Shaoguan plant, which has

been open for one year, has been awarded titles such as the

Shaoguan City Science Popularisation Education Base,

Wujiang District New Era Civilisation Practise Base, and

Wujiang District Patriotic Education Base by the local

government authorities, affirming the cultural mission of

giving back to society of Mr. Lam Kwong Yu as the Group's

Chairman.

Eastern China Operation

華東業務

During the period under review, the eastern China region

回顧期內，華東地區因賀卡業務表現有所改

saw a growth in overall revenue due to the improved

善，使總體收入錄得增長。內銷方面隨著國

performance of the greeting card business. In terms of

慶假期市場消費轉趨旺盛，加上內地量寬措

domestic sales, as the market consumption has become more

施刺激資本市場交易興旺，預計最終會推動

robust during the National Day holiday, coupled with the

內地消費品市場需求釋放。有見及此，管理

capital market transactions being stimulated by the

團隊努力把握行業脈搏，深刻洞察客戶需求，

mainland's quantitative easing measures, it is expected to

積極開拓新市場和新業務，並成功引入一批

ultimately drive the release of demand in the mainland

新客戶，開發電子商貿、醫藥、遊戲卡牌領

consumer goods market. In view of this, our management

域的需求，加速推動華東業務產能多元化發

team strived to keep pace with the industry development,

展。另一方面，在研發創新及智慧製造方面，

gain a deep insight into customer needs, and actively explore

團隊積極推進產學合作，借助先進技術研究

new markets and new businesses. It successfully introduced a

院及專家的力量，與中國科學院共同研發賀

group of new customers and explored demands in the fields

卡產品貼海綿膠機，以及於蘇州月季園為綠

of e-commerce, pharmaceuticals, and game cards in a bid to

團開發自動化黑燈工廠，堅持對新材料、新

accelerate the diversified development of production capacity

工藝、新技術的探索，通過不斷創新滿足客

in the eastern China operation. On the other hand, in terms

戶多樣化需求，為客戶創造價值。華東地區

of research and development, innovation and intelligent

上半年共獲得實用型及發明專利共計九項，

manufacturing, the team has actively promoted

包括多軸機械臂點珠機、旋轉式包裝盒、雙

industry-academia cooperation. By leveraging the strength of

層軌道輸送機等。

advanced technology research institutes and experts, it is

developing a sponge adhesive machine for greeting card

products jointly with the Chinese Academy of Sciences, and

also developing an automated dark factory for Team Green

at Suzhou Rose Garden (蘇州月季園). The team remain

committed to exploring new materials, new processes, and

new technologies, continuously innovating to meet the

diverse needs of customers and creating value for them. In

the first half of the year, a total of nine utility and invention

patents were obtained in the eastern China region, including

multi-axis robotic arm ballpoint machines, rotary packaging

boxes, and double-layer track conveyors.

Southeast Asia Operation

東南亞業務

During the period, the Southeast Asia operation recorded a

東南亞業務於期內受累於若干客戶項目推遲

profit despite a decline in revenue due to delays in a

使收入下跌，但仍錄得盈利。近年全球產業

number of customer projects. In recent years, the global

轉移加快了集團在東南亞的產能佈局，充分

industry shift has accelerated the Group's resources

利用亞洲地區的製造優勢，靈活應對複雜多

deployment for production capacity in Southeast Asia, fully

變的地緣政治環境，從而快速回應市場需求，

leveraged the manufacturing advantages of the Asian region

確保對客戶的穩定服務，配合眾多國際龍頭

and flexibly responded to the complex and ever-changing

品牌客戶的新供應鏈策略和業務新規劃，管

geopolitical environment, thereby ensuring rapid responses to

理團隊正加大對食品、電子產品以及醫藥業

market demands and stable services to customers. In line

務市場的投入開拓力度，有信心下半年業務

with the new supply chain strategies and new business

將得到改善。此外，當區繼續強化精益運營

planning of many international leading brand customers, the

意識、完成多項精益改善專案，通過生產制

management team has increased its investment and

程的再梳理、工藝技術的再優化，同時進一

development efforts in the food, electronics and

步加強生產現場管理及降低生產損耗，提升

pharmaceutical markets, and is confident that the business

整體運營水準，有效降低生產和管理成本，

will improve in the second half of the year. In addition, the

為當區業績提升貢獻力量。

region continued to strengthen awareness of lean operation

and completed a number of lean improvement projects. By

restructuring production processes, optimising technical

processes, and further enhancing on-site production

management while reducing production losses, the overall

operational standard was improved. This effectively reduced

production and management costs, contributing to the

performance improvement of the region.

LOOKING AHEAD

未來展望

In the latest World Economic Outlook report released in

國際貨幣基金組織IMF在二零二四年十月發

October 2024, the International Monetary Fund (IMF)

佈最新的《世界經濟展望》報告中，預計全球

projected that global growth will remain stable yet

增長將保持穩定但不盡如人意，二零二四年

underwhelming. Growth is projected to stay at 3.2% in 2024

和二零二五年的增速預測值為3.2%，同時預

and 2025; while global headline inflation is expected to fall

計全球總體通脹率將從二零二三年6.7%的年

from an annual average of 6.7% in 2023 to 5.8% in 2024

均值下降至二零二四年的5.8%和二零二五年

and 4.3% in 2025, with advanced economies returning to

的4.3%，其中發達經濟體通脹率回歸目標水

their inflation targets sooner than emerging market and

平的速度要快於新興市場和發展中經濟體。

developing economies. The latest forecast for global growth

五年後全球增速的最新預測值3.1%，與疫情

for the next five years of 3.1% remains mediocre compared

前的平均水平相比仍是乏善可陳，持續的結

with the pre-pandemic average. Persistent structural

構性不利因素（如人口老齡化和生產率增長

headwinds (such as population aging and weak productivity)

緩慢）抑制了許多經濟體的潛在增長。

are holding back potential growth in many economies.

Amid continuing economic uncertainties, the management

經濟前景持續不明朗，管理層保持高度警惕，

remained highly vigilant, closely monitored and evaluated

密切監察及評估地緣政治風險及環球經濟等

the impact of external factors such as geopolitical risks and

外部因素對集團的影響，積極採納眾多措施

global economy on the Group. It also actively adopted a

開源節流，致力提升自動化、推動創新及多

number of measures to broaden sources of income and

元化業務發展，持續投資人力資本、數位化

reduce expenditures, strived to improve automation,

及綠色能源，克服地緣經濟分化壓力，致力

promoted innovation and diversified business development,

回饋社會及為股東創造長遠可持續價值。

continued to invest in human capital, digitalisation and green

energy, overcame the pressure of geoeconomic differentiation,

and strived to give back to society and create long-term

sustainable value for shareholders.

LIQUIDITY AND FINANCIAL RESOURCES

流動資金及財務資源

The Group's sources of funding include cash generated from

集團的主要資金來源，包括業務經營帶來的

the Group's operations and banking facilities provided to the

現金收入及中港兩地銀行界提供的信貸融資。

As at 30th September, 2024, the Group's cash and bank

銀行結餘及短期銀行存款共約一億六千八百

balances and short-term bank deposits amounted to

萬港元。

approximately HK$168 million.

During the period under review, the interest expense of the

回顧期內，集團的利息支出約為一百六十萬

Group amounted to approximately HK$1.6 million compared

港元，二零二三年同期約為二百三十萬港元。

to approximately HK$2.3 million recorded in the same

period of 2023.

As at 30th September, 2024, the Group had a working

於二零二四年九月三十日，集團營運資金錄

capital surplus of approximately HK$252 million compared

得約二億五千二百萬港元盈餘，而二零二三

to a working capital surplus of approximately HK$244

年九月三十日則約有二億四千四百萬港元盈

million as at 30th September, 2023. The Group was in net

餘。集團截至二零二四年及二零二三年九月

cash position as at 30th September, 2024 and 2023 based

三十日為淨現金狀況，乃根據短期及長期銀

on short-term and long-term bank borrowings, lease liabilities

行貸款、租賃負債及應付票據，減銀行存款

and bills payables net of bank balance and cash of

及現金約一億二千三百萬港元（淨現金）（二

approximately HK$123 million (net cash) (2023: HK$158

零二三年：一億五千八百萬港元（淨現金））

million (net cash)) and shareholders' equity of approximately

與股東權益約六億四千五百萬港元（二零二

HK$645 million (2023: HK$624 million). The Group's

三年：六億二千四百萬港元）計算。本集團

13%), based on short-term and long-term bank borrowings,

率為百分之七（二零二三年：百分之十三），

lease liabilities and bills payables of approximately HK$45

乃根據短期及長期帶息銀行借款、租賃負債

million (2023: HK$80 million) and shareholders' equity of

及應付票據約四千五百萬港元（二零二三年：

approximately HK$645 million (2023: HK$624 million). The

八千萬港元）與股東權益約六億四千五百萬

Group will continue to adopt prudent policies to maintain a

港元（二零二三年：六億二千四百萬港元）計

healthy financial position.

算。

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資產抵押