Interim Report 2020

二零二零年中期報告 31 合豐集團控股有限公司 管理層討論及分析 業務回顧 於二零二零年第一季，新冠肺炎之爆 發對中國經濟造成嚴重打擊，消費需 求急劇下降。於第二季國內疫情得到 有效的控制，企業已復工復產，但消費 尚未能完全恢復，加上全球出現了大 規模疫情爆發，而中美貿易摩擦仍持 續不斷，令出口需求量大幅下降。縱使 中國經濟於第二季有所改善，但復蘇 動力不足，嚴重影響了市場對瓦楞包 裝的需求。 自中國政府限制廢紙進口配額，並持 續於每季度減少進口量，以致瓦楞包 裝業之上游企業缺乏主要原材料來製 造箱板紙，國內廢紙卻因需求上升而 價格持續高企。於二零二零年上半年， 全球消費需求大跌，使瓦楞包裝產品 之銷售價格下調，國內廢紙價格雖有 回落但依然偏高，對瓦楞包裝企業造 成沉重的負擔。 由於本集團之上游業務缺乏廢紙來製 造箱板紙，集團便在國外採購部分箱 板紙，供應給集團之下游業務製造瓦 楞紙板及紙箱，而箱板紙以美元結算， 但集團主要收入來自人民幣的內銷業 務，因此人民幣匯率的波動對集團構 成一定的壓力。而人民幣匯率於二零 二零上半年持續下跌，對集團之盈利 造成不少負面影響。 MANAGEMENT DISCUSSION AND ANALYSIS BUSINESS REVIEW In the first quarter of 2020, the Chinese economy suffered from the outbreak of COVID-19 and consumer demand plunged. In the second quarter, the COVID-19 situation came under effective control in Mainland China, and enterprises started to restart production, but consumer demand remained subdued. The global outbreak of COVID-19 and the Sino-US trade war were additional contributing factors to a decline in demand from exports. Even though the Chinese economy improved in the second quarter, momentum for a full recovery was lacking and this deeply slashed market demand for corrugated packaging. Since the Chinese government started to impose quotas on wastepaper imports, and steadily cut import volumes each quarter, upstream manufacturers of the corrugated packaging industry have found it difficult to source raw materials to make containerboard. At the same time, domestic wastepaper demand rose and pushed up prices to high levels. In the first half of 2020, global consumer demand plunged, and corrugated packaging products saw prices adjust downwards. Even though domestic wastepaper prices fell in the period, it remained at relatively high levels, putting a tremendous burden on the corrugated packaging industry. As the Group’s upstream business lacks wastepaper for making containerboard, the Group has been purchasing some containerboard overseas for feeding into our downstream business making corrugated paper boards and carton boxes. However, our containerboard imports are settled in US dollars, but the Group’s revenue is mainly from Renminbi-denominated domestic sales, and fluctuations in the Renminbi exchange rate have as a result put pressure on the Group. The continued decline in the Renminbi exchange rate in the first half of 2020 substantially negatively impacted the Group’s profitability.