Annual Report 2021

05 合豐集團控股有限公司 • 二零二一年年報 CHAIRMAN’S STATEMENT (CONTINUED) 主席報告（續） Putting all these together, the Group recorded a slight profit in the first half of 2021 but recorded a loss in the second half of 2021, ending the full year of 2021 at a loss. The Group has consistently focused on containerboard and corrugated packaging products with short production cycles and maintains a roster of quality clients. Thus, the Group continues with its track record of next to no bad debts. At the end of the year, the Group’s balance sheet was at a net cash position (with total bank balances and cash exceeding total bank borrowings), maintaining our consistently robust financial position. In addition, the Group is still in the process of installing a pulp production line at the leased facility in the Philippines, subject to the prevalent COVID-19 pandemic in the region. The Group will actively monitor the local situation so as to facilitate the commencement of production as soon as possible. Consequently, it could satisfy the business needs of our Group’s upstream business, bringing the Group’s production volume and overall business back on track. Looking forward to 2022, we expect the development of the global epidemic, rising global inflation and interest rates, and Sino-US trade relations, etc., will continue to affect the economy in China and market demand for corrugated packaging. However, the Group will maintain good capital management and low debt levels, in order to have greater flexibility to cope with market instability, and seize opportunities to follow the general direction of national economic development and environmental protection, and ultimately improve the Group’s profitability. The Group will continue to improve our production process and reduce wastage, and strictly control costs to alleviate the impact of rising operating costs and provide more high-quality corrugated packaging products to our customers. We remain committed to extending our competitive advantage as a vertically integrated producer and striving for sustainable long-term growth in earnings. Lastly, I would like to take this opportunity to thank our management team and staff, express my gratitude for their solidarity in facing adversities and various challenges, and thank our customers, suppliers, bankers and investors for their support over the years. We will continue to strive to deliver better returns to our shareholders. Hui Sum Ping Chairman 26th July, 2022 集團受到以上因素影響，於二零二一年上半 年錄得微利，卻於二零二一年下半年錄得虧 損，總結全年集團最終虧損。而集團一直專 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，一如以往，集團壞賬 率近乎零，在年底時更錄得淨現金狀況（總 銀行結餘及現金高於總銀行借貸），集團的 財務狀況維持在非常穩健的水平。 此外，集團在菲律賓租用新廠房安裝新的大 型紙漿生產線的工程仍在進行中，唯當地疫 情反覆，集團將積極留意當地情況，期望可 盡快開展當地的生產工序，以滿足上游業務 的原材料需要，使集團的生產量及業務重回 正軌。 展望二零二二年，我們預期全球疫情的發 展，全球通脹及利率上升，中美貿易關係 等，將繼續影響中國經濟及市場對瓦楞包裝 的需求。然而集團將保持良好的資金管理及 低負債水平，有更大靈活度以應對市場不穩 的情況，並把握機會抓緊國家經濟發展及環 保的大方向，最終提升集團盈利水平。 集團將繼續改進生產流程及減少損耗，以及 嚴格監控成本以抵抗經營成本上漲的壓力， 並提供更多優質的瓦楞包裝產品予客戶。我 們承諾會盡力繼續抓緊縱向整合的競爭優 勢，使集團之盈利有長遠穩定的增長。 最後，本人謹藉此機會向管理層及員工致 謝，感謝各位團結一致地面對逆境及重重挑 戰，並感謝客戶、供應商、銀行界及投資者 多年來的支持，我們定必繼續努力為股東帶 來更佳回報。 主席 許森平 二零二二年七月二十六日