Interim Report 2015

Management Discussion and Analysis 管理層討論與分析 16 Sunny Optical Technology (Group) Company Limited INTERIM REPORT 2015 投資表現及未來投資計劃 本集團的投資活動主要包括購置及贖回按公允價 值計入損益的金融資產、存放及提取已抵押銀行 存款、存放及提取短期定期存款及購置物業、機 器及設備。截至二零一五年六月三十日止六個 月，本集團動用約為人民幣 160,300,000 元進行 投資活動，主要用作購置機器及設備，以及新產 品之產能初始化設置和新項目的必要設備配置。 該等投資增強了本集團的研發及技術應用能力及 生產效率，拓闊了收入來源。 本集團財務政策保持審慎原則，投資項目多為保 本且固定收益之項目，以求財務狀況穩健的同 時，提高回報。 展望未來，本集團擬進一步投資並擴大產能以加 強競爭力。 市場風險的量化和質化披露 利率風險 本集團面對作為營運資金以及用於本集團拓展和 其它用途的資本開支的銀行借貸利率風險。利率 上調會增加現有及新增債務成本。截至二零一五 年六月三十日止六個月，定息銀行借貸的實際年 利率約為 1.96% 。 匯率波動風險 本集團大部份產品會出口銷售至國際巿場，同時 也自國際巿場購買大量產品，以上交易以美元或 其它外幣計算。為降低此風險，本集團已訂立若 干外匯交易工具以減低貸幣風險。 PERFORMANCE OF INVESTMENTS MADE AND FUTURE INVESTMENTS The Group’s investing activities mainly include the purchase and redemption of financial assets designated as at FVTPL, placement and withdrawal of pledged bank deposits, placement and withdrawal of short term fixed deposits and purchases of property, plant and equipment. For the six months ended 30 June 2015, the Group’s investments amounted to approximately RMB160.3 million, mainly involving in the purchases of machinery and equipment, as well as the initial production settings of new products and the necessary equipment configurations of new projects. These investments enhanced the capabilities of the Group’s R&D and technology applications as well as production efficiency, and thus broadening the sources of revenue. The Group adopts prudent financial policies, and therefore its investment projects are mostly principal-protected with fixed income. The Group can guarantee stable and healthy financial positions while improving its returns. Going forward, the Group intends to invest further in and expand its production capacity in order to enhance competitiveness. QU A N T I TAT I V E A N D QU A L I TAT I V E DISCLOSURE ABOUT MARKET RISK Interest Rate Risk The Group is exposed to interest rate risks on its bank borrowings for working capital and capital expenditures that are associated with the expansion of the Group and for other uses. Upward fluctuations in interest rates increase the costs of both existing and new debts. For the six months ended 30 June 2015, the effective interest rate on fixed-rate bank borrowings was approximately 1.96% per annum. Foreign Exchange Rate Fluctuation Risk The Group exports a significant portion of its products to and makes purchases from international markets where transactions are denominated in U.S. dollars or other foreign currencies. To reduce the risk, the Group has entered into certain foreign exchange trading instruments to reduce its currency risk.