Annual Report 2019

REPORT OF THE DIRECTORS 董事會報告書 83 年報 ANNUAL REPORT 2019 The Directors herein present their report and the audited consolidated financial statements of the Group for the year ended 31 December 2019. PRINCIPAL ACTIVITIES The principal activity of the Company is investment holding. Further details of the principal activities of the principal subsidiaries are set out in note 13 to the consolidated financial statements. There were no significant changes in the nature of the Group’s principal activities during the year. RESULTS The Group’s profit for the year ended 31 December 2019 and the state of affairs of the Group at that date are set out in the financial statements on pages 124 to 273. BUSINESS REVIEW Business model and strategy Our mission is to be one of the top tier Steel cord and wire products manufacturers in the PRC capable of consistently purveying premium quality Steel cords and wire products; and the evolution into a diversified metal product manufacturer benefiting from a successful “Eastern” brand recognition in the PRC and worldwide markets. Our ultimate goal is to maintain long term profitability, deliver sustainable growth in our stakeholders’ value under a prudent and manageable capital structure and contribute to the economic and social development of the communities in which we operate. The Board is responsible for the development of business models and setting of strategies, planning and development of the Group. The strategies adopted by the Board will be executed by the managing Director who will motivate the staff to achieve the designated business goals and financial targets under risk tolerance levels prescribed by the Board. The progress of implementation of the strategies and business goals will be reviewed and adjusted to respond to the constantly changing market environment. Corrective and follow-up actions are made regularly at the Board and/or other management meetings throughout the years. 董事會謹此提呈董事會報告書及本集團於截 至二零一九年十二月三十一日止年度之經審 核綜合財務報告。 主要業務 本公司之主要業務為投資控股。旗下主要附屬 公司之主要業務的進一步詳情載列於綜合財 務報告附註 13 。本集團主要業務的性質於本 年度內並無重大改變。 業績 本集團截至二零一九年十二月三十一日止年 度之溢利及於該日之財務狀況載列於第 124 頁 至 273 頁之財務報告內。 業務審視 業務模式及策略 我們的使命是要成為中國其中一間能夠持續 提供優質鋼簾線及切割鋼絲產品的頂級製造 商，以及晉身為一個多元化的金屬產品製造商 從而發展一個在中國及全球市場具知名度和 得到認可的成功的「東方」品牌。我們的最終 目標是在審慎和可管理資本結構下保持長期 盈利能力，為股東爭取最大的回報，為持份者 的價值提供可持續性增長，並為業務所在地區 的經濟和社會發展作出貢獻。 董事會負責制定本集團之業務模式及訂立本 集團之策略、規劃和發展。董事會所採取的策 略將由董事總經理執行，並按董事會規定之風 險承受能力水平以推動僱員達致其特定的業 務目的及財務目標。執行策略和業務目標的進 展情況將會檢討及調整以應對日益複雜的外 部環境，並進一步討論跟進行動。實施糾正及 跟進行動會在年內定期在董事會及╱或其他 管理層會議進行。