Interim Report 2020

32 Hop Fung Group Holdings Limited Interim Report 2020 管理層討論及分析 （續） 業務回顧 （續） 基於以上各種原因，本集團於二零二 零年上半年總銷售量大跌，平均銷售 價格也下跌，二零二零年上半年之收 益比二零一九年上半年及下半年都是 下跌 46% 。於二零二零年上半年箱板 紙及瓦楞包裝業務分別佔收益的 30% 及 70% ，其設備使用率分別為 35% 及 40% 。相比二零一九年上半年，箱板紙 之收益下跌 67% ，瓦楞包裝之收益下 跌 25% 。雖然製造成本也隨銷售量及 平均銷售價下跌而下調，但廢紙成本 偏高，而集團始終有一定的經常性開 支，故集團於二零二零年上半年錄得 虧損。 集團一向嚴謹監控成本及支出，而且 專注生產週期較短的箱板紙及瓦楞包 裝產品，並擁有優質的客戶群，在二零 二零年六月底集團壞賬率近乎零，且 錄得極低的淨負債及負債比率，分別 為 0.4% 及 22.3% ，集團的財務狀況依 然非常穩健。 集團為了有足夠的原材料生產箱板 紙，已在東南亞物色了合適地點，在租 賃廠房安裝了一條小型生產線製造紙 漿，將廢紙造成紙漿後運送回中國國 內之現有廠房生產箱板紙，試產在二 零二零年第二季已順利完成，生產線 在二零二零年下半年正式投入生產， 並可滿足上游業務約 10% 的原材料需 要。 MANAGEMENT DISCUSSION AND ANALYSIS (continued) BUSINESS REVIEW (continued) As a result of the said factors, the Group’s total sales volume plunged in the first half of 2020, and average selling prices fell as well. Revenue in the first half of 2020 fell 46% against both the first half and the second half of 2019. In the first half of 2020, containerboard and corrugated packaging accounted for 30% and 70% of revenue, and equipment utilization came to 35% and 40%, respectively. Compared to the first half of 2019, revenue from containerboard sales fell by 67% and revenue from corrugated packaging sales fell by 25%. Although production costs also fell due to lower sales volume and average selling prices, the relatively high cost of wastepaper and the operating deleverage from the Group’s overheads resulted in the Group recording a loss in the first half of 2020. The Group has always strived to strenuously control costs and expenses and focuses on producing containerboard and corrugated packaging products with shorter production lead times. Combined with a quality customer base, they have allowed us to maintain our bad debts ratio at close to zero level as of the end of June 2020. Our Group’s overall financial situation remains extremely robust, with net gearing and gearing ratios still extremely low, at 0.4% and 22.3%, respectively. To meet our raw materials requirements for making containerboard, the Group has installed a small pulp production line at a leased facility in Southeast Asia, for processing wastepaper into pulp as feedstock for our containerboard production lines in Mainland China. Trial production of the new pulp line was completed in the second quarter of 2020, and production will start in the second half of 2020, meeting about 10% of the raw materials requirements of our upstream business.