Interim Report 2019

33 合豐集團控股有限公司 二零一九年中期報告 MANAGEMENT DISCUSSION AND ANALYSIS (continued) 管理層討論及分析 （續） OUTLOOK Given the increasingly interconnected global economy, the ongoing trade war between China and the US will weigh on the global economy, and the Chinese economy is still expected to be impacted. The Group’s performance will furthermore be affected by the depreciation of the Renminbi. To meet the challenge of a shortage of raw materials, the Group has decided to move some production processes overseas, with plans to build new plants overseas to convert wastepaper into pulp for delivery into China for production of containerboard. This would allow our existing production lines to be fully utilized in order to reduce costs and improve efficiency. The Group is also planning technological improvements on our production lines to make more high value-added products and offset the pressure from failing to transfer higher costs to buyers. The Group will continue to grasp the advantages and opportunities afforded by our vertically integrated business model, and maintain our stable financial situation and operating infrastructure, and deliver satisfactory returns to our shareholders. At the same time, the Group will raise our attention on environmental protection in order to give back to the community. 展望 由於全球經濟相互影響，中美貿易戰 將會繼續影響全球經濟，中國經濟必 繼續受打擊，加上人民幣貶值，將會 為集團帶來更多負面影響。為應付原 材料不足的問題，本集團已決定將部 分生產工序轉移到海外，計劃於海外 設廠將廢紙製成紙漿後運送到國內生 產箱板紙，屆時現有之生產線產能將 會被充分使用，以降低生產成本及提 升效率。集團亦考慮進行生產線的技 術改造，生產高增值的產品以抵銷成 本未能轉嫁的壓力。 集團承諾將會繼續積極抓緊縱向整合 的營運模式所帶來的優勢與機遇，並 維持穩健的財務狀況與營運基礎，為 股東帶來可觀的回報。與此同時，集 團會繼續提高對環境保護的重視以回 饋社會。