Interim Report 2019

29 合豐集團控股有限公司 二零一九年中期報告 管理層討論及分析 MANAGEMENT DISCUSSION AND ANALYSIS BUSINESS REVIEW Due to the trade war between China and the US, and the ongoing “supply-side” reforms in China, the corrugated packaging business in China became even more challenging. Although the Chinese economy continues to grow, the trade war between China and the US had resulted in the loss of orders for companies, and some companies have withdrawn their business from China altogether. Demand for corrugated packaging saw a noticeable decline in the Chinese market. This plus increased efforts by the Chinese government on supply-side reforms have further eroded import volumes for wastepaper. Domestic wastepaper supply is inadequate for production demand, with the entire corrugated packaging industry hard hit as a result. As the Group’s upstream business did not have enough supply of wastepaper (main raw material) to make containerboard for the downstream business making corrugated paper boards and boxes , t he Gr oup was f o r ced acqu i r e containerboard from overseas suppliers. The Group’s overseas purchases were almost entirely denominated in US dollars, but our revenue largely come from domestic sales denominated in Renminbi, and the fluctuation in Renminbi exchange rates had an impact on the Group’s cost structure. The Renminbi to US dollars exchange rate appreciated slightly in the first quarter of 2019 but by the second quarter had fallen back down to levels below the start of the year. Although costs of raw materials (wastepaper and containerboard) fell in the first half, this was not enough to offset the impact of fluctuating exchange rates. Moreover, the Group also faced headwinds from negative jaws as selling costs fell by a lower percentage than the decline in revenue. 業務回顧 受中美貿易戰及中國政府的「供給側」 改革持續影響，中國的瓦楞包裝業於 二零一九年上半年進入更嚴峻的狀 態。中國經濟雖然仍有增長，但中美 貿易戰持續使企業流失訂單，部分企 業更因此撤出中國。中國市場對瓦楞 包裝的需求顯著減少，加上中國政府 繼續加強力度推行供給側改革，進一 步減少廢紙的進口量，單靠國內的廢 紙供應量不足以應付企業的需求，對 整個瓦楞包裝行業造成嚴重的打擊。 由於本集團的上游業務沒有足夠的廢 紙（主要原材料）去製造箱板紙予下 游生產瓦楞紙板及紙箱的業務，集團 唯有向海外供應商採購箱板紙。集團 之海外採購幾乎全部是以美元交易， 而集團主要收益來自內銷業務，人民 幣之匯率波動對集團的成本構成一定 的影響。人民幣兌美元之匯率於二零 一九年第一季略為上升，於第二季卻 回落至低於年初的水平，儘管原材料 價格（廢紙及箱板紙）於二零一九年上 半年有所下調，但也未能抵銷匯率波 動之影響，加上銷售成本的跌幅相對 收益的跌幅較少，為集團增添不少不 利的因素。