[HK]匯聚科技(01729):中期報告 2022/2023
原標題:匯聚科技:中期報告 2022/2023 目錄 Group Profile 集團簡介 2 Corporate Information 公司資料 3 Financial and Statistical Highlights 財務及統計摘要 4 Management Discussion and Analysis 管理層討論及分析 5 Other Information 其他資料 17 Report on Review of Condensed Consolidated Financial 簡明綜合財務報表審閱報告 21Statements Condensed Consolidated Statement of Profit or Loss and 簡明綜合損益及其他全面收益表 22Other Comprehensive Income Condensed Consolidated Statement of Financial Position 簡明綜合財務狀況表 23Condensed Consolidated Statement of Changes in Equity 簡明綜合權益變動表 24Condensed Consolidated Statement of Cash Flows 簡明綜合現金流量表 26Notes to the Condensed Consolidated Financial Statements 簡明綜合財務報表附註 27GROUP PROFILE 集團簡介 Time Interconnect Technology Limited (the “Company”, together with 匯聚科技有限公司（「本公司」，連同其附屬公 its subsidiaries, the “Group”) is a well-established supplier of customised 司統稱「本集團」）是一家信譽卓著的定制電線 interconnect solutions with 30 years’ experience in the industry. The 互連方案供應商，在行業擁有30年經驗。本集 Group is headquartered in Hong Kong, and has manufacturing facilities in 團的總部設於香，並於中華人民共和國（「中 Shanghai, Suzhou and Huizhou, the People’s Republic of China (“PRC”). 國」）上海、蘇州及惠州擁有生產設施。 The Group currently manufactures and supplies a wide variety of copper 本集團目前製造及供應各種銅纜和光纜電線組 & optical fiber cable assemblies, digital cable products and servers 件、數字電線產品及服務器，產品均根據個別 which are produced to the specifications and designs of its individual 客戶夥伴的詳述規格及設計而生產。產品已使 customer partners. Its products are used by a number of established 用在括電訊、數據中心、工業設備、醫療 PRC and international customers in a variety of market sectors, including 設備、汽車配線及數字電線在內的各種市場領 telecommunication, data centre, industrial equipment, medical equipment, 域，均受不少商譽優良的中國及國際客戶所採 automotive wire harness and digital cables. 用。 Its business features on customised cable products for a variety of 我們的業務特點為定制電線產品，適用於各種 specifications which are used in a wide range of applications. The Group 應用中的各種規格。本集團按合約生產服務 supplies cable products on a Contract Manufacturing Services (CMS) basis, (CMS)基準供應電線產品，有關產品在收到客 and its cable products are made-to-order, upon receipt of its customers’ 戶訂單後定制生產。 orders. VISION 願景 To be a leading provider of electronic interconnect products, continually 成為電纜互連產品的領先供應商，持續公認為 recognised as a “Preferred Supplier” capable of delivering world class 「優選供應商」，積極地提供世界一流的品質、 quality, products and services – EACH and EVERY TIME. 產品和服務。 STRATEGY 策略 To become a Tier-1 supplier of cable products and high performance 成為5G電訊、數據通訊、醫療設備、運輸及 interconnect products to the market leaders in the 5G telecommunication, 工業領域的電線產品和高性能互連產品的一級 data communication, healthcare, transport and industrial sectors. 供應商及市場領導。 COMPETITIVE STRENGTHS 競爭優勢 公司資料 BOARD OF DIRECTORS 董事會 Executive Directors: 執行董事： Mr. Cua Tin Yin Simon (Chief Executive Officer) 柯天然先生（行政總裁）Mr. Wong Chi Kuen 黃志權先生 Non-executive Director: 非執行董事： Ms. Wang Laichun (Chairman) 王來春女士（主席） Independent non-executive Directors: 獨立非執行董事： Mr. Ho Hin Shun 何顯信先生 Mr. Luk Wai Shing 陸偉成先生 Mr. Chan Chung Shun Eric 陳忠信先生 BOARD COMMITTEES 董事委員會 Audit Committee 審核委員會 Mr. Chan Chung Shun Eric (Chairman) 陳忠信先生（主席） Mr. Ho Hin Shun 何顯信先生 Mr. Luk Wai Shing 陸偉成先生 Remuneration Committee 薪酬委員會 Mr. Ho Hin Shun (Chairman) 何顯信先生（主席） Mr. Wong Chi Kuen 黃志權先生 Mr. Luk Wai Shing 陸偉成先生 Mr. Chan Chung Shun Eric 陳忠信先生 Nomination Committee 提名委員會 Mr. Luk Wai Shing (Chairman) 陸偉成先生（主席） Mr. Wong Chi Kuen 黃志權先生 Mr. Ho Hin Shun 何顯信先生 Mr. Chan Chung Shun Eric 陳忠信先生 COMPANY SECRETARY 公司秘書 Ms. Ng Hoi Ying 吳愷盈女士 AUTHORISED REPRESENTATIVES 授權代表 Mr. Wong Chi Kuen 黃志權先生 Ms. Ng Hoi Ying 吳愷盈女士 COMPLIANCE ADVISER 合規顧問 Frontpage Capital Limited 富比資本有限公司 26/F, Siu On Centre, 188 Lockhart Road, Wan Chai, Hong Kong 香灣仔駱克道188號兆安中心26樓AUDITOR 核數師 Deloitte Touche Tohmatsu 德勤 ?關黃陳方會計師行 Certified Public Accountants 執業會計師 Registered Public Interest Entity Auditors 註冊公眾利益實體核數師35/F, One Pacific Place, 88 Queensway, Hong Kong 香金鐘道88號太古廣場一期35樓 LEGAL ADVISERS AS TO HONG KONG LAWS 有關香法律的法律顧問 CFN Lawyers in association with Broad and Bright 陳馮吳律師事務所（與世澤律師事務所聯?） Room Nos. 4101-04, 41/F, Sun Hung Kai Centre, 30 Harbour Road, Wan Chai, Hong Kong 香灣仔灣道30號新鴻基中心41樓4101-04室 REGISTERED OFFICE IN THE CAYMAN ISLANDS 開曼群島註冊辦事處 Windward 3, Regatta Office Park Windward 3, Regatta Office ParkPO Box 1350, Grand Cayman KY1-1108, Cayman Islands PO Box 1350, Grand Cayman KY1-1108, Cayman Islands HEAD OFFICE AND PRINCIPAL OFFICE OF BUSINESS IN HONG KONG 香總辦事處及主要?業地點Unit 601, Photonics Centre, 2 Science Park East Avenue 香沙田香科學園 Hong Kong Science Park, Shatin, Hong Kong 科技大道東2號光電子中心601室(which will be relocated to Units 213-221, 2/F, Building 5E, 5 Science Park East Avenue,（將自二零二二年十二月十七日搬遷至香沙田香科學園 Hong Kong Science Park, Shatin, Hong Kong with effect from 17 December 2022) 科技大道東5號5E大樓2樓213-221室） PRINCIPAL SHARE REGISTRAR AND TRANSFER OFFICE IN CAYMAN ISLANDS開曼群島股份過戶登記總處 Ocorian Trust (Cayman) Limited Ocorian Trust (Cayman) LimitedWindward 3, Regatta Office Park Windward 3, Regatta Office Park PO Box 1350, Grand Cayman KY1-1108, Cayman Islands PO Box 1350, Grand Cayman KY1-1108, Cayman Islands BRANCH SHARE REGISTRAR AND TRANSFER OFFICE IN HONG KONG 香股份過戶登記分處 Tricor Investor Services Limited 卓佳證券登記有限公司 17/F, Far East Finance Centre, 16 Harcourt Road, Hong Kong 香夏愨道16號遠東金融中心17樓 PRINCIPAL BANKS 主要往來銀行 Bank of China (Hong Kong) Limited 中國銀行(香)有限公司 Hang Seng Bank Limited 恒生銀行有限公司 The Hongkong and Shanghai Banking Corporation Limited 香上海豐銀行有限公司 China CITIC Bank International Limited 中信銀行(國際)有限公司United Overseas Bank Limited 大華銀行有限公司 Fubon Bank (Hong Kong) Limited 富邦銀行(香)有限公司 Australia and New Zealand Banking Group Limited 澳新銀行集團有限公司 OCBC Wing Hang Bank Limited 華僑永亨銀行有限公司 China Construction Bank Corporation 中國建設銀行股份有限公司 Agricultural Bank of China Limited 中國農業銀行股份有限公司 Bank of China Limited 中國銀行股份有限公司 China Merchants Bank Co., Ltd 招商銀行股份有限公司 Industrial and Commercial Bank of China Limited 中國工商銀行股份有限公司 Nanyang Commercial Bank (China) Limited 南洋商業銀行(中國)有限公司COMPANY’S WEBSITE 公司網站 FINANCIAL AND STATISTICAL HIGHLIGHTS 財務及統計摘要 For the six months ended 30 September 截至九月三十日止六個月 2022 2021 Change 變動(unaudited) (unaudited) （未經審核） （未經審核） Operating results (HK$’million) 經?業績（百萬元） Revenue 收益 3,280.0 1,740.5 88.5% Gross profit 毛利 312.0 308.4 1.2% Total profit for the period 期內溢利總額 91.3 91.4 -0.1% Adjusted total profit for the period 經調整期內溢利總額（附註）(Note) 91.3 114.9 -20.5% Basic earnings per share (Hong Kong 每股基本盈利（仙） cents) 4.7 5.0 -6.0% Adjusted basic earnings per share (Hong 經調整每股基本盈利（仙） Kong cents) (Note) （附註） 4.7 6.2 -24.2% Key ratios (%) 主要比率(%) Gross profit margin 毛利率 9.5 17.7 -8.2pts Net profit margin 淨利潤率 2.8 5.3 -2.5pts Adjusted net profit margin (Note) 經調整淨利潤率（附註） 2.8 6.6 -3.8ptsEBITDA/Revenue EBITDA╱收益 5.3 11.2 -5.9pts Adjusted EBITDA/Revenue (Note) 經調整EBITDA╱收益（附註） 5.3 11.3 -6.0pts Note: For reconciliations of the reported results to an adjusted basis, including lists of 附註： 報告業績與經調整基準的對賬（括一系列調整項 adjustment items, see page 11. 目）載於第11頁。 MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論及分析 BUSINESS OVERVIEW 業務回顧 During the six months ended 30 September 2022 (the “Reporting 於截至二零二二年九月三十日止六個月（「報告 Period”), COVID-19 outbreaks and mobility restrictions have disrupted 期間」），2019冠狀病毒病再度爆發及人員流 economic activity widely and severely. Shanghai, a major global supply 動限制措施對經濟活動造成了廣泛且嚴重的干 chain hub, entered a strict lockdown in April 2022, forcing citywide 擾。作為全球主要供應鏈樞紐的上海於二零二 economic activity to halt for about eight weeks. Since then, more 二年四月進入嚴格的防疫封鎖，迫使全市經濟 contagious variants have driven a worrisome surge in COVID-19 cases. 活動停擺了約八週。此後，更具傳染性的變種 The worsening crisis in China’s property sector is also dragging down sales 病毒導致2019冠狀病毒病個案激增，情況令人 and real estate investment. The economic slowdown in China has global 憂慮。中國房地產行業危機惡化，亦拖累了房 consequences: lockdowns added to global supply chain disruptions and 地產的銷售及投資。中國經濟增長放緩對全球 the decline in domestic spending are reducing demand for goods and 產生了影：防疫封鎖措施加劇了全球供應鏈 services from China’s trade partners. On the other hand, affected by the 中斷，加上國內消費下跌則正在減少中國貿易 war in Ukraine, global food and energy prices have risen, causing food 夥伴的商品及服務的需求。另一方面，受烏克 crises in low-income countries. In the context of increasingly tight supply 蘭戰爭影，全球糧食及能源價格上漲，導致 chains and labour markets, global inflation has once again exceeded 低收入國家出現糧食危機。在供應鏈及勞動市 expectations, especially in developed economies, prompting central banks 場日益緊張的背景下，全球通脹再次超出預期 around the world to further tighten monetary policy and raise interest rates （尤其是發達經濟體），促使各國央行進一步收 faster than expected, increasing long-term borrowing costs for companies, 緊貨幣政策，加息步伐亦較預期為快，導致企 further dragging down overall economic growth. 業長期借款成本增加，進一步拖慢整體經濟增長。 Copper is one of the major materials of digital cable business, during 銅為數字電線業務的主要材料之一，於截至 the six months ended 30 September 2022, the average copper price was 二零二二年九月三十日止六個月，平均銅價 USD8,594 per ton, representing a decrease of 9.8% as compared with 為每噸8,594美元，較截至二零二一年九月三 USD9,531 for the six months ended 30 September 2021 (the “same 十日止六個月（「去年同期」）的9,531美元下跌 period last year”). Based on the existing quotation mechanism that the 9.8%。根據本集團向來與客戶採用的現行報 Group has used with customers, the selling price will be automatically 價機制，售價將按銅價自動調整，即銅價波動 adjusted with the price of copper, which means the impact of the copper 的影已直接轉嫁予客戶。雖然來自訂單的毛 price fluctuation has been directly passed through to customers. Even 利金額並未受到有關銅價影，但毛利率已因 the amount of gross profit from orders has not been affected by such 此變更。由於PVC成本、裝材料成本及勞工 copper price, the gross profit margin has been changed accordingly. As 成本等材料成本仍然高企，本集團已於二零二 the materials cost, which include PVC cost, packing materials cost and 二年五月再次向客戶調整售價（不括銅部件） labour cost remain on the high side, the Group has adjusted the selling 5%至10%。 price (excluding copper component) again to its customers in a range of 5% to 10% in May 2022. Meanwhile, central banks have tightened monetary policy further and 與此同時，央行已進一步收緊貨幣政策及加 raised interest rates, leading to the appreciation of US dollars. During 息，導致美元升值。於報告期間，人民幣兌 the Reporting Period, the average foreign currency exchange rate from 元平均匯率較去年同期下跌3.1%。換算為 converting Renminbi into Hong Kong dollars was 3.1% lower than the 元的人民幣收益減少76.7百萬元，佔本集團 same period last year. The Renminbi revenue converted into Hong Kong 收益的2.3%。此外，人民幣兌元於二零二 dollars decreased by HK$76.7 million, representing 2.3% of the Group’s 二年九月三十日的收市匯率較於二零二二年三 revenue. Furthermore, the closing rate of Renminbi converting into Hong 月三十一日下跌10.8%，導致應收人民幣款項 Kong dollars as at 30 September 2022 was 10.8% lower than the one as 及應付美元款項產生重大匯兌虧損。 at 31 March 2022, which created a significant exchange loss raised from RMB receivable and USD payable. MANAGEMENT DISCUSSION AND ANALYSIS (CONT‘D) 管理層討論及分析（續） In spite of the challenges and the difficulties posed by the macro- 儘管面對這宏觀經濟環境中的挑戰及困難，本 economic environment, the Company strives to improve the Group’s 公司仍致力積極尋求可使本集團現有業務組合 business operations and financial position by proactively seeking potential 多元化、拓寬收入來源及提升股東價值的潛在 investment opportunities that would diversify the Group’s existing 投資機會，從而改善本集團的業務?運及財務 business portfolio, broaden its source of income and enhance value to 狀況。本集團已透過於香成立全資附屬公司 the Shareholders. The Group has expanded its business to server business 匯聚服務器科技有限公司，以拓展其業務至服 (the “New Business”) by setting up a wholly-owned subsidiary, Time 務器業務（「新業務」）。我們以JDM╱ ODM的 X-Ware Technology Limited, in Hong Kong. Our go-to-market strategy 業務模式進入市場。服務器業務根據品牌客戶 and business model is JDM/ODM model. The server business is deeply 的需求進行深度定制，而本集團在新業務下提 customized based on brand customers’ requirements and the products 供的產品主要應用於數據中心，括機架式算 offered by the Group under the New Business are mainly applied in data 力服務器、邊緣服務器、AI智能服務器、存儲 centres, which includes rack-mounted computing servers, edge servers, AI 服務器、智能網卡、GPU卡及整機櫃產品等。 smart servers, storage servers, smart network cards, GPU cards, complete 新業務與現有電線電纜業務為上下游關係，故 cabinet products, etc. The New Business and the existing wire and cable 新業務為本集團提供良機使其現有電線電纜產 business have an upstream and downstream relationship, so the New 品融合拓展至更大客戶組合。 Business represents an opportunity for the Group to expand its existing converged wire and cable products to a larger customer portfolio.For the Reporting Period, the Group recorded revenue amounting to 於報告期間，本集團錄得收益3,280.0百萬 HK$3,280.0 million, representing an increase of HK$1,539.5 million or 元，較去年同期的1,740.5百萬元增加 88.5% as compared with HK$1,740.5 million for the same period last 1,539.5百萬元或88.5%。報告期間的經?溢 year. Operating profit for the Reporting Period was HK$128.6 million, 利為128.6百萬元，較去年同期的157.8百萬 representing a decrease of HK$29.2 million or 18.5%, as compared with 元減少29.2百萬元或18.5%，而報告期間 HK$157.8 million for the same period last year, with the operating profit 的經?利潤率下跌5.2%至3.9%。經?溢利減 margin dropped 5.2% to 3.9% for the Reporting Period. The decrease of 少乃主要由於人民幣貶值產生的匯兌虧損及本 operating profit was mainly attributable to the exchange loss from RMB 集團在上海及蘇州的生產於防疫封鎖期間短暫 depreciation and the temporary halt in the Group’s production in Shanghai 暫停。 and Suzhou during the lockdown period. RESULTS OF OPERATIONS 經?業績 Financial Overview 財務回顧 For the six months ended 30 September 截至九月三十日止六個月 2022 2021 Change 變動HK$’million HK$’million HK$’million 百萬元 百萬元 百萬元 Revenue 收益 3,280.0 1,740.5 1,539.5 Gross profit 毛利 312.0 308.4 3.6 Gross profit margin 毛利率 9.5% 17.7% Other income and other gains and 其他收入及其他收益及虧損 losses (13.6) 5.4 (19.0) Total operating expenses 經?開支總額 (169.8) (156.0) (13.8) Total operating expenses as a 經?開支總額佔收益百分比 percentage of revenue 5.2% 9.0% Operating profit 經?溢利 128.6 157.8 (29.2) Operating profit margin 經?利潤率 3.9% 9.1% Gain on revaluation of building 樓宇重估收益 0.6 0.2 0.4 Professional fee for acquisition 收購專業費用 – (3.1) 3.1 Finance costs 融資成本 (25.2) (20.0) (5.2) Profit before taxation 除稅前溢利 104.0 134.9 (30.9) Taxation 稅項 (12.7) (43.5) 30.8 Effective tax rate 實際稅率 12.2% 32.2% Profit for the period 期內溢利 91.3 91.4 (0.1) Net profit margin 淨利潤率 2.8% 5.3% Adjusted profit for the period 經調整期內溢利 91.3 114.9 (23.6)Adjusted net profit margin 經調整淨利潤率 2.8% 6.6% MANAGEMENT DISCUSSION AND ANALYSIS (CONT‘D) 管理層討論及分析（續） Revenue 收益 During the Reporting Period, copper price has decreased 9.8% from the 於報告期間，銅價較去年同期下跌9.8%，平 average copper price of USD9,531 per ton to USD8,594 per ton compared 均銅價由每噸9,531美元下跌至每噸8,594美 with the same period last year. Based on the existing quotation mechanism 元。根據本集團向來與客戶採用的現行報價機 that the Group has been using with customers, the selling price will be 制，售價將按銅價自動調整，即銅價波動的影 automatically adjusted to account for the price of copper, resulting in the 將直接轉嫁予客戶。就此，銅價的影約為 impact of the copper price fluctuation being directly passed through to 43.8百萬元，佔本集團收益的1.3%。另一 customers. As such the copper price impact was approximately HK$43.8 方面，人民幣貶值亦導致收益減少。於報告 million, which represented 1.3% of the Group’s revenue. On the other 期間，人民幣兌元平均匯率較去年同期下跌 hand, RMB depreciation also lead to a reduction in revenue. During 3.1%。換算為元的人民幣收益減少76.7百 the Reporting Period, the average foreign currency exchange rate from 萬元，佔本集團收益的2.3%。本集團於報 converting Renminbi into Hong Kong dollars was 3.1% lower than the 告期間的收益由去年同期的1,740.5百萬元增 same period last year. The Renminbi revenue converted into Hong Kong 加1,539.5百萬元或88.5%至3,280.0百萬 dollars decreased by HK$76.7 million, representing 2.3% of the Group’s 元。該增加乃主要由於服務器業務增加。 revenue. The Group’s revenue for the Reporting Period increased by HK$1,539.5 million or 88.5% to HK$3,280.0 million from HK$1,740.5 million for the same period last year. The increase was mainly attributable to the increase of server business. For the six months ended 30 September 截至九月三十日止 2022 2021 Change 變動六個月 HK$’million % HK$’million % HK$’million % Market Sector 市場分部 百萬元 % 百萬元 % 百萬元 % Cable assembly 電線組件 Data centre 數據中心 358.0 10.9% 375.0 21.5% (17.0) -4.5% Telecommunication 電訊 352.7 10.7% 282.9 16.3% 69.8 24.7% Medical equipment 醫療設備 128.5 3.9% 126.0 7.2% 2.5 2.0% Industrial equipment 工業設備 28.6 0.9% 59.7 3.4% (31.1) -52.1%Automotive 汽車 90.7 2.8% 12.1 0.7% 78.6 649.6% 958.5 29.2% 855.7 49.1% 102.8 12.0% Digital cable 數字電線 Networking cable 網絡電線 734.3 22.4% 839.8 48.3% (105.5) -12.6%Specialty cable 特種線 56.3 1.7% 45.0 2.6% 11.3 25.1% 790.6 24.1% 884.8 50.9% (94.2) -10.6% Server 服務器 1,530.9 46.7% – – 1,530.9 100% Total 總計 3,280.0 100.0% 1,740.5 100.0% 1,539.5 88.5% 數據中心分部：來自數據中心分部的收益由去 Data centre sector: The revenue from the data centre sector has slightly 年同期的375.0百萬元輕微減少17.0百萬 decreased by HK$17.0 million or 4.5% to HK$358.0 million for the 元或4.5%至報告期間的358.0百萬元，該分 Reporting Period as compared to HK$375.0 million for the same period 部的訂單於報告期間維持於較高的出貨水平， last year. The orders for this sector were maintained at a high shipment 為電線組件業務下收益維持最高的分部。 level during the Reporting Period, and remained the highest revenue sector in the cable assembly business. 電訊分部：於報告期間，該分部的收益由去 Telecommunication sector: It recorded an increase of revenue from 年同期的282.9百萬元增加69.8百萬元或 HK$282.9 million in the same period last year to HK$352.7 million for the 24.7%至352.7百萬元。5G產品的訂單穩定 Reporting Period, representing an increase of HK$69.8 million or 24.7%. 增加及利潤率有所改善，因為該等新產品帶有 The orders of 5G products have increased steadily and the profit margin 更高的利潤率。 has improved as these new products carry a higher margin. 醫療設備分部：儘管疫苗已經推出，病毒已出 Medical equipment sector: Although vaccines have been available, virus 現變種。即使在感染看似受控的地區，亦無法 variants have appeared. Smooth and durable recoveries are not assured 保證能夠平穩及持久地實現復甦。在2019冠 even in places where infections are seemingly under control. Under the 狀病毒病疫情下，醫療設備電線訂單需求仍然 backdrop of COVID-19, a high demand in medical equipment cables 居高不下。醫療設備分部於報告期間的收益為 orders has been maintained. The revenue of medical equipment sector 128.5百萬元，較去年同期的126.0百萬元 for the Reporting Period was HK$128.5 million, representing a slightly 輕微增加2.5百萬元或2.0%。 increase of HK$2.5 million or 2.0% as compared with HK$126.0 million MANAGEMENT DISCUSSION AND ANALYSIS (CONT‘D) 管理層討論及分析（續） Industrial equipment sector: Global inflation has exceeded expectations, 工業設備分部：全球通脹超出預期，促使各國 prompting central banks around the world to further tighten monetary 央行進一步收緊貨幣政策，加息步伐亦較預期 policy and raise interest rates faster than expected, increasing long-term 為快，導致企業長期借款成本增加，進一步 borrowing costs for companies, further dragging down overall economic 拖慢整體經濟增長。工業設備分部的收益由 growth. The revenue of industrial equipment sector decreased by HK$31.1 去年同期的59.7百萬元減少31.1百萬元或 million or 52.1% from HK$59.7 million for the same period last year to 52.1%至報告期間的28.6百萬元。 HK$28.6 million for the Reporting Period. Automotive sector: On 31 August, 2021, the Group completed the 汽車分部：於二零二一年八月三十一日，本集 acquisition of the business of manufacturing and sales of automotive wire 團完成收購汽車配線產品的製造及銷售業務。 harness. The revenue of automotive sector HK$12.1 million represented 汽車分部的收益為12.1百萬元，僅佔去年同 only one month revenue for the same period last year, which compared with 期一個月的收益，而報告期間的收益為90.7百 the revenue for the Reporting Period was HK$90.7 million, representing a 萬元，大幅增加78.6百萬元或649.6%。 significantly increase of HK$78.6 million or 649.6%. The Group believes 本集團相信，汽車配線產品有助本集團為其客 that the automotive wiring products can help the Group to provide its 戶提供更廣泛的產品組合，並通過豐富本集團 customers with a broader product portfolio, and to step in new business 的業務組合及拓展其獨特的客戶群，踏足新業 sector by enriching the Group’s business portfolio and broadening its 務領域，以把握電動汽車市場蓬勃發展帶來的 unique customer base, which can capture opportunities brought by the 機遇。 booming electric vehicle market. Networking cable: COVID-19 outbreaks and mobility restrictions have 網絡電線：2019冠狀病毒病爆發及人員流動 disrupted economic activity widely and severely. Shanghai, a major global 限制對經濟活動造成了廣泛且嚴重影。全球 supply chain hub, entered a strict lockdown in April 2022, forcing citywide 主要供應鏈樞紐上海於二零二二年四月進入嚴 economic activity to halt for about eight weeks. The Group’s factories in 格的防疫封鎖，迫使全市經濟活動停擺了約八 Shanghai and Suzhou had temporarily halted operations because of the 週。本集團在上海及蘇州的廠房因防疫封鎖措 lockdown. The revenue of networking cable for the Reporting Period was 施而短暫暫停運作。網絡電線於報告期間的收 HK$734.3 million, represented a decrease of HK$105.5 million or 12.6% 益為734.3百萬元，較去年同期的839.8百 as compared with HK$839.8 million for the same period last year. The 萬元減少105.5百萬元或12.6%。該減少 decrease was mainly attributable to the temporary halt in the Group’s 乃主要由於本集團生產於防疫封鎖期間短暫暫 production during the lockdown period. 停。 Specialty cable: Specialty Cable Sector includes Industrial Communication 特種線：特種線分部括工業通訊電纜、鐵路 Cables, Rail Transit Cables, HDBT Hi-Res Data Communication Cables 交通電纜、HDBT高解析度數據通訊電纜等。 and etc. Those products are widely used for networking communication 該等產品被廣泛應用於網絡通訊系統、智能樓 system, smart buildings, security engineering, hi-fidelity digital audio 宇、安全工程、高保真數字音視頻系統、工 and video system, industrial automation control system and rail transit 業自動化控制系統及鐵路交通通訊系統。於報 communication system. For the Reporting Period, the revenue of specialty 告期間，特種線的收益為56.3百萬元，較 cable was HK$56.3 million, represented an increase of HK$11.3 million or 去年同期的45.0百萬元增加11.3百萬元或 25.1% as compared with HK$45.0 million for the same period last year. 25.1%。 Server: The Group has expanded its business to server business which is 服務器：本集團已將業務拓展至可根據品牌客 deeply customized based on brand customers’ requirements. The products 戶的需求進行深度定制的服務器業務。本集團 offered by the Group are mainly applied in data centres, which includes 提供的產品主要應用於數據中心，括機架式 rack-mounted computing servers, edge servers, AI smart servers, storage 算力服務器、邊緣服務器、AI智能服務器、 servers, smart network cards, GPU cards, complete cabinet products, etc. 存儲服務器、智能網卡、GPU卡及整機櫃產品 For the Reporting Period, the New Business has generated revenue of 等。於報告期間，新業務產生收益1,530.9百 HK$1,530.9 million. Up to the end of Reporting Period, the Group have 萬元。截至報告期間末，本集團已與八名新 already started business with eight new customers. 客戶開展業務。 Segment Information 分部資料 Segmental information is presented for the Group as disclosed on Note 3 本集團呈列的分部資料如簡明綜合財務報表附 to the condensed consolidated financial statements. 註3所披露。 MANAGEMENT DISCUSSION AND ANALYSIS (CONT‘D) 管理層討論及分析（續） Gross Profit/Margin 毛利╱毛利率 Gross profit for the Reporting Period was HK$312.0 million, a slightly 報告期間的毛利為312.0百萬元，較去年同 increase of HK$3.6 million or 1.2% compared with HK$308.4 million for 期的308.4百萬元輕微增加3.6百萬元或 the same period last year. It is because the average selling price of the 1.2%。此乃由於服務器的平均售價遠高於電 server is much higher than that of the wire and cable business, and the 線電纜業務，其利潤率亦低於電線電纜業務， profit margin was also lower than that of the wire and cable business, so 因此難免拖低本集團的整體利潤率。與此同 the overall profit margin of the Group is inevitably pulled down. In the 時，由於PVC成本、裝材料成本及勞工成本 meantime, as the materials cost was still on the high side, such as PVC 等材料成本仍然高企，本集團在部分行業的 cost, packing materials cost and labour cost, the Group’s profitability in 盈利能力受到不同程度的影。儘管本集團 certain sectors have been affected differently. Although the Group has 於二零二二年五月再度向其客戶調整售價5% adjusted the selling price again to its customers in a range of 5% to 10% 至10%，惟本集團的毛利率仍由去年同期的 in May 2022, the Group’s gross profit margin decreased from 17.7% to 17.7%下降至9.5%。 9.5% as compared with the same period last year. Operating Profit/Margin 經?溢利╱經?利潤率 Operating profit for the Reporting Period was HK$128.6 million, which 報告期間的經?溢利為128.6百萬元，較 represented a decrease of HK$29.2 million or 18.5% as compared with the 去年同期減少29.2百萬元或18.5%。報告 same period last year. Operating profit margin was 3.9% for the Reporting 期間的經?利潤率為3.9%，而去年同期則 Period compared to 9.1% in the same period last year. The ratio of EBITDA 為9.1%。EBITDA佔收益比率由去年同期的 to revenue decreased to 5.3% from 11.2% in the same period last year. 11.2%下降至5.3%。 Other income, which comprise of primarily bank interest income, 報告期間的其他收入主要由銀行利息收入、政 government grants, handling income was in aggregate HK$6.7 million 府補助及手續費收入構成，合共為6.7百萬 for the Reporting Period, representing an increase of HK$5.1 million as 元，較去年同期的1.6百萬元增加5.1百萬 compared with HK$1.6 million for the same period last year. Such increase 元。該增加乃主要歸因於銀行利息收入增加 was mainly attributable to the increase of bank interest income of HK$2.5 2.5百萬元及政府補助增加2.7百萬元。 million and the increase of government grants of HK$2.7 million.Other gains and losses were recorded a loss of HK$20.2 million for the 就其他收益及虧損而言，報告期間錄得虧損 Reporting Period compared to a gain of HK$0.6 million for the same 20.2百萬元，而去年同期則錄得收益0.6百 period last year. Such loss was mainly due to the exchange loss from RMB 萬元。該虧損乃主要由於報告期間人民幣貶 depreciation of HK$19.7 million which was attributable to the Group’s 值而錄得匯兌虧損19.7百萬元，該匯兌虧損 operations in the ordinary course of business in the Reporting Period. 乃產生自本集團日常業務過程中的經?。 The total operating expenses were HK$169.8 million, an increase of 經?開支總額為169.8百萬元，較去年同 HK$13.8 million or 8.9% compared to HK$156.0 million recorded in the 期錄得的156.0百萬元增加13.8百萬元或 same period last year. Total operating expenses as a percentage of the 8.9%。經?開支總額佔本集團收益百分比由 Group’s revenue decreased from 9.0% to 5.2%. 9.0%下降至5.2%。 Distribution and selling expenses increased from HK$32.2 million to 分銷及銷售開支由32.2百萬元增加至33.3 HK$33.3 million, an increase of HK$1.1 million or 3.4% compared with 百萬元，較去年同期增加1.1百萬元或 the same period last year. It was mainly attributable to the increase of 3.4%，乃主要由於汽車分部業務下向代理支 commission paid to agents under the automotive sector business. As a 付的傭金增加。分銷及銷售開支佔本集團收益 percentage of the Group’s revenue, distribution and selling expenses 百分比由去年同期的1.8%下降至1.0%。 decreased from 1.8% to 1.0% as compared to the same period last year.Administrative expenses increased from HK$66.4 million to HK$68.7 行政開支由66.4百萬元增加至報告期間的 million in the Reporting Period, increased HK$2.3 million or 3.5% as 68.7百萬元，較去年同期增加2.3百萬元 compared with the same period last year. The increase was mainly due 或3.5%。該增加乃主要由於新服務器業務增 to the increase of new server business of HK$3.3 million. Administrative 加3.3百萬元。報告期間的行政開支佔收益 expenses as a percentage of revenue decreased from 3.8% to 2.1% for 百分比由3.8%減少至2.1%。 the Reporting Period. During the Reporting Period, the research and development expenses were 於報告期間，研發開支為67.8百萬元，較去 HK$67.8 million, which represented an increase of HK$10.4 million or 年同期增加10.4百萬元或18.0%，主要歸因 18.0% compared with the same period last year. It was mainly attributable 於新服務器業務增加7.1百萬元。報告期間 to the increase of new server business of HK$7.1 million. Research and 的研發開支佔本集團收益百分比由3.3%下降 development expenses as a percentage of the Group’s revenue decrease 至2.1%。通過擴充研發團隊，本公司繼續致 MANAGEMENT DISCUSSION AND ANALYSIS (CONT‘D) 管理層討論及分析（續） Professional fee for acquisition 收購專業費用 As at 31 August 2021, the Company completed the acquisition of the 於二零二一年八月三十一日，本公司完成收購 business of manufacturing and sales of automotive wire harness engaged 金山工業貿易集團（本公司控股股東GP工業的 by GPIM Group (the relevant subsidiaries of GP Industries, being a 相關附屬公司）所從事的汽車配線產品製造及 controlling shareholder of the Company), at a final consideration of 銷售業務，最終代價為69.0百萬元。該收 HK$69.0 million. The expenses incurred in connection with this acquisition 購事項於去年同期產生的開支約為1.4百萬 was approximately HK$1.4 million for the same period last year. In addition, 元。此外，於二零二一年九月三十日，惠州匯 approximately HK$1.7 million professional fee incurred in connection 聚可能分拆及獨立上市所產生的專業費用約為 with the possible spin-off and separate listing of Huizhou TIME as at 30 1.7百萬元。 September 2021. Finance Costs 融資成本 For the Reporting Period, the finance costs were recorded at HK$25.2 報告期間錄得融資成本為25.2百萬元，而去 million against HK$20.0 million for the same period last year. The finance 年同期則為20.0百萬元。融資成本括(i)用 costs included (i) bank loan interest of HK$11.5 million for short-term 作本集團經??運資金的短期銀行借款的銀行 bank borrowings for the Group’s operating working capital; (ii) bank loan 貸款利息11.5百萬元；(ii)用於撥付數字電線 interest of HK$7.2 million for the bank loan financing its acquisition of the 業務及汽車配線業務收購事項的銀行貸款的銀 digital cable business and automotive wire harness business; (iii) interest 行貸款利息7.2百萬元；(iii)用作本集團經? expenses of HK$5.0 million for a new RMB loan from Luxshare Group for ?運資金來自立訊集團的新人民幣貸款的利息 the operating working capital of the Group; and (iv) interest expenses 開支5.0百萬元；及(iv)採納香財務報告準 of HK$1.5 million on the lease liabilities under adoption of HKFRS 16 則第16號「租賃（」自二零一九年四月一日生效） “Leases” effective from 1 April 2019. 的租賃負債的利息開支1.5百萬元。 Total Profit for the six months ended 30 September 2022 of 截至二零二二年九月三十日止六個月的溢and Earnings per Share 利總額及每股盈利 Total profit of the Group for the Reporting Period was HK$91.3 million, 本集團於報告期間的溢利總額為91.3百萬 a decrease of HK$0.1 million or 0.1% as compared to the same period 元，較去年同期減少0.1百萬元或0.1%，並 of last year and net profit margin was recorded at 2.8% as compared to 錄得淨利潤率2.8%，而去年同期則為5.3%。 5.3% in the same period of last year. Taxation represents the tax expenses arising from the assessable profit 稅項指自本集團於香及中國的應課稅溢利產 generated by the Group in Hong Kong and the PRC. Taxation was 生的稅項開支。稅項根據經?活動所得溢利分 provided at the respective tax rate of 16.5% and 25% based on the profit 別按16.5%及25%的稅率作出撥備。主要製造 from operating activities. The major manufacturing subsidiaries, Huizhou 附屬公司惠州匯聚及華迅工業（蘇州）均獲得 TIME and Linkz Ind (Suzhou), were awarded the Advanced-Technology 高新技術企業證書，符合資格享有15%的優 Enterprise Certificate and is eligible for tax concessionary rate of 15%. 惠稅率。稅項開支由去年同期的43.5百萬元 Taxation charges decreased from HK$43.5 million in the same period last 減少至報告期間的12.7百萬元。實際稅率由 year to HK$12.7 million for the Reporting Period. The effective tax rate 32.2%減少至12.2%，該減少乃主要歸因於去 decreased from 32.2% to 12.2%, such decrease was mainly attributable 年就準備分拆及在中國獨立上市，括去年同 to the preparation of spin-off and separate listing in the PRC last year 期內惠州匯聚所宣派股息按5%稅率計算的預 which included the withholding tax of HK$10.8 million charged at 5% of 扣稅10.8百萬元及就內部重組相關資本收益 dividend declared by Huizhou TIME and the withholding tax of HK$9.5 按10%稅率計算的預扣稅9.5百萬元。 million charged at 10% of capital gain related to internal reorganisation during the same period last year. Basic earnings per share for the Reporting Period was HK4.7 cents as 於報告期間，每股基本盈利為4.7仙，而去 compared to HK5.0 cents in the same period last year. 年同期則為5.0仙。 Dividends 股息 The board (the “Board”) of directors (the “Directors”) of the Company is 本公司董事（「董事」）會（「董事會」）欣然宣派 pleased to declare an interim dividend of HK0.5 cent per share, amounting 中期股息每股0.5仙，總額約為9.7百萬 to a total of approximately HK$9.7 million. 元。 MANAGEMENT DISCUSSION AND ANALYSIS (CONT‘D) 管理層討論及分析（續） Adjusted Performance 經調整業績 The reported results are prepared in accordance with HKFRSs as detailed 呈報業績乃根據香財務報告準則編製，詳見 in our financial statements starting on page 21. The Company also present 財務報表第21頁。本公司亦呈列替代績效指 alternative performance measures (non-GAAP financial measures). These 標（非公認會計準則之財務指標）。這括經調 include adjusted performance, which the Company use to align internal 整業績，本公司用作使對內及對外匯報資料的 and external reporting, identify and quantify items management believes 方式保持一致、識別及量化管理層認為屬重大 to be significant, and provide insight into how management assesses 的項目，並反映管理層如何評估按期計算的業 period-on-period performance. The non-GAAP financial measures are not 績。非公認會計準則之財務指標，不應被獨立 intended to be considered in isolation or as a substitute for the financial 地使用或被視為替代根據香財務報告準則 information prepared and presented in accordance with HKFRSs. The non- 所編製及呈列的財務資料。非公認會計準則之 GAAP financial measures facilitate investors’ assessment of the Group’s 財務指標促進投資評估本集團的經?業績、 operating performance, enhance the understanding of the Group’s past 增強對本集團過往業績的理解以及未來展望及 performance as well as the future prospects and allow for greater visibility 提高管理層在財務及經?決策中使用關鍵指標 with respect to key metrics used by the management in their financial 的可見性。非公認會計準則之財務指標一般定 and operational decision-making. The non-GAAP financial measures 義為年內溢利，通過撇除持續經?中非經常性 are generally defined as profit for the year adjusted by excluding non- 和一次性項目調整，其中括收購專業費用及 recurring and one-off items from continuing operations, which includes 就準備分拆及在中國獨立上市內部重組所產生 the professional fee for acquisition and the one-off withholding tax arising 的一次性預扣稅。 from the internal reorganisation relating to the preparation of spin-off and separate listing in the PRC. The following information details the adjustments made to the reported 下列資料詳述對呈報業績作出的調整以及其他 results and the calculation of other alternative performance measures. All 替代績效指標的計算。所有替代績效指標均與 alternative performance measures are reconciled to the closest reported 最接近的呈報績效指標對賬。 performance measure. Reconciliations on Non-GAAP Financial Measures 非公認會計準則之財務指標對賬2022 2021 Change 變動 HK$’million HK$’million For the six months ended 30 September 截至九月三十日止六個月 百萬元 百萬元 Reported profit for the period 期內呈報溢利 91.3 91.4 -0.1% Adjustment for Professional fee for 收購專業費用的調整 acquisition – 3.1 Adjustment for One-off withholding 一次性預扣稅的調整 tax – 20.4 Adjusted total profit for the period 經調整期內溢利總額 91.3 114.9 -20.5% Revenue 收益 3,280.0 1,740.5 Adjusted net profit margin (%) 經調整淨利潤率(%) 2.8 6.6 -3.8ptsWeighted average number of ordinary 普通股加權平均股份數目（千股）shares (’000) 1,945,952 1,840,432 Adjusted basic earnings per share 經調整每股基本盈利（仙）(Hong Kong cents) 4.7 6.2 -24.2% Reported profit for the period 期內呈報溢利 91.3 91.4 -0.1% Interest expense 利息開支 25.2 20.0 Taxation 稅項 12.7 43.5 Depreciation and amortisation 折舊及攤銷 44.0 39.5 EBITDA EBITDA 173.2 194.4 -10.9% Adjustment for Professional fee for 收購專業費用的調整 acquisition – 3.1 Adjusted EBITDA 經調整EBITDA 173.2 197.5 -12.3% EBITDA/Revenue (%) EBITDA╱收益(%) 5.3 11.2 -5.9pts Adjusted EBITDA/Revenue (%) 經調整EBITDA╱收益(%) 5.3 11.3 -6.0ptsMANAGEMENT DISCUSSION AND ANALYSIS (CONT‘D) 管理層討論及分析（續） Adjusted Total Profit for the period: By excluding the professional fee 經調整期內溢利總額：扣除因收購的專業費用 for acquisition and the one-off withholding tax arising from the internal 及有關分拆及在中國獨立上市準備的內部重組 reorganisation relating to the preparation of spin-off and separate listing 所產生的一次性預扣稅後，報告期間的經調 in the PRC, the adjusted total profit of the Reporting Period was HK$91.3 整溢利總額為91.3百萬元，較去年同期的 million which representing a decrease of HK$23.6 million or 20.5% as 114.9百萬元減少23.6百萬元或20.5%。 compared with HK$114.9 million for the same period of last year. The 經調整淨利潤率錄得2.8%，而去年同期則為 adjusted net profit margin was recorded at 2.8% as compared with 6.6% 6.6%。 for the same period of last year. Adjusted Basic Earnings per Share: Adjusted basic earnings per share 經調整每股基本盈利：報告期間的經調整每股 for the Reporting Period was HK4.7 cents as compared to the adjusted 基本盈利為4.7仙，而去年同期的經調整每 basic earnings per share of HK6.2 cents in the same period of last year. 股基本盈利則為6.2仙。 Adjusted EBITDA: By excluding the professional fee for acquisition, the 經調整EBITDA：扣除收購專業費用後，報告 adjusted EBITDA of the Reporting Period was HK$173.2 million which 期間的經調整EBITDA為173.2百萬元，較去 representing a decrease of HK$24.3 million or 12.3% as compared with 年同期的197.5百萬元減少24.3百萬元或 HK$197.5 million for the same period of last year. The ratio of adjusted 12.3%。經調整EBITDA佔收益比率由去年同期 EBITDA to revenue decreased to 5.3% from 11.3% for the same period 的11.3%下降至5.3%。 of last year. OUTLOOK 展望 According to the latest forecast of the “World Economic Outlook update” 根據「國際貨幣基金組織」於七月頒佈的「世界 issued by the “International Monetary Fund” in July, downgrades 經濟展望更新」最新預測，中國、美國以及印 for China and the United Sates, as well as for India, are driving the 度的評級下調，推動了二零二二至二零二三 downward revisions to global growth during 2022-2023, which reflect 年全球增長向下調整，反映下行風險顯現， the materialisation of downside risks, such as a sharper slowdown in 例如中國因長期防疫封鎖而急劇放緩、主要 China due to extended lockdowns, tightening global financial conditions 央行為緩解通脹壓力預計將大幅加息，引發了 associated with expectations of steeper interest rate hikes by major central 全球融資環境收緊，以及烏克蘭戰爭造成的 banks to ease inflation pressure, and spill overs from the war in Ukraine. 影。預計全球經濟於二零二三年將緩和至 It is estimated that the global economy will moderates to 2.9% in 2023, 2.9%，而亞洲新興市場及發展中經濟體將增 and the growth of Asian emerging markets and developing economies 長5.0%，其中中國╱印度╱東盟將分別增長 will be 5.0%, of which China/India/ASEAN will grow by 4.6%/6.1%/5.1% 4.6%╱ 6.1%╱ 5.1%?；€預測乃基於多 respectively. The baseline projections are predicted on several assumptions, 項假設進行預測，其中括i)從俄羅斯到歐洲 which include, among others, i) no further unexpected reductions in flows 地區的天然氣流量不再出現進一步意外減少； of natural gas from Russia to the rest of Europe; ii) that long-term inflation ii)長期通脹預期將維持穩定；及iii)降低通脹的 expectations remain stable; and iii) no worsening of disorderly adjustments 貨幣政策收緊不會加劇全球金融市場的無序調 in global financing markets as a result of disinflationary monetary policy 整。即使當我們面對這宏觀經濟環境中的挑戰 tightening. Even when we are facing such challenges and difficulties in the 及困難，管理層仍然相信，由於本集團的主要 macro-economic environment, the management remains confident that 重點市場依然是中國及亞洲市場，因此本集團 since the Group’s major focus market is still in China and Asian markets, 經擴大產能及完善的業務基礎將使其能夠抓緊 the Group’s enlarged production capacity and well-established business 這一代5G網絡來臨所帶來的市場機會。 fundamentals would enable it to capture the market opportunities upon the arrival of this generation 5G network. The PRC has continuously made great efforts to accelerate the research 中國持續致力加快5G技術研發。隨著近年5G and development of 5G technology. With the rapid development of the 5G 蜂窩網絡技術迅速發展以及各移動?運商紛紛 cellular network technology and the 5G network deployment announced 宣佈進行5G網絡部署，未來幾年將有越來越多 by various mobile operators in recent years, more and more 5G devices 的5G設備逐步進行大規模更換，預計將帶動電 and equipment will be gradual and large scale replacement in the coming 線組件產品及電訊分部的需求，有利於本集團 years. It is expected to drive the demand of cable assembly products and 的業務增長。與此同時，2019冠狀病毒病疫 telecommunication sector and benefit to the Group’s business growth. 情已改變許多經濟活動，例如即使並非封城及 In the meantime, the COVID-19 pandemic has changed many economic 持續社交隔離期間居家工作及網絡會議已成為 activities, such as work from home and online meetings have become a 趨勢，亦將直接增加網絡通訊的應用及需求。 trend even not during the lockdown period and persistent social distancing, which will also directly increase the application and demand of network communication. MANAGEMENT DISCUSSION AND ANALYSIS (CONT‘D) 管理層討論及分析（續） Moreover, the utilisation rate of cloud technology in the companies around 此外，世界各地公司的雲技術使用率不斷增 the world is continuously increasing. In cloud computing, the computing 加。在雲計算方面，由於計算存儲網絡必須置 storage network must be placed in the data centre, therefore, the growing 於數據中心，因此，雲技術的持續增長有望推 cloud technology is expected to drive the development of data centre. 動數據中心的發展。同時，5G發展將推動大 Meanwhile, as the development of 5G will boost the application of big 數據、物聯網、網絡遊戲及雲平臺視頻流的應 data, IoT, internet gaming and video streaming through cloud platform. 用。本集團對數據中心分部業務的持續增長仍 The Group remains very positive on the continuous growth of the business 然非常樂觀。 of data centre sector. In view of the great market potential of cloud service, communications, 鑑於中國在雲服務、通訊、交通及電力等領 transportation and electricity in the PRC, the Group has set up a wholly- 域的巨大市場潛力，本集團已成立全資附屬公 owned subsidiary, Time X-Ware Technology Limited, in April 2022 to 司匯聚服務器科技有限公司以於二零二二年四 commence a new server business, which is deeply customized based on 月開展新服務器業務，其可根據品牌客戶的需 brand customers’ requirements. Our go-to-market strategy and business 求進行深度定制的服務器業務。我們將會以 model will be JDM/ODM model. The products offered by the Group under JDM╱ ODM的業務模式進入市場。本集團在 the New Business are mainly applied in data centres, which includes rack- 新業務下提供的產品主要應用於數據中心， mounted computing servers, edge servers, AI smart servers, storage servers, 括機架式算力服務器、邊緣服務器、AI智能服 smart network cards, GPU cards, complete cabinet products, etc. The New 務器、存儲服務器、智能網卡、GPU卡及整 Business and the existing wire and cable business have an upstream and 機櫃產品等。新業務與現有電線電纜業務為上 downstream relationship. It is expected the New Business will represent an 下游關係。預期新業務將為本集團提供良機使 opportunity for the Group to expand its existing converged wire and cable 其現有電線電纜產品拓展至更大客戶組合。此 products to a larger customer portfolio. In addition, the Company considers 外，本公司認為將與本集團現有生產有一定程 there will be a degree of vertical integration with the existing production of 度的垂直整合，從而優化成本結構。鑑於立訊 the Group allowing an optimized cost structure. Given Luxshare Group has 集團擁有(i)具備高效?運管理╱自動化能力的 (i) a solid technical team with efficient operation management/automation 堅實技術團隊；及(ii)與中國核心客戶的良好關 capabilities; and (ii) good relationship with core customers in the PRC, it is 係，預期立訊集團將為本集團帶來協同效應， expected that Luxshare Group will bring synergy to the Group to further 透過提高數據中心客戶訂單的市場份額，進一 expand the PRC market by increasing the share of orders from data centre 步拓展中國市場。此外，考慮到(i)中國正積極 customers in the market. Moreover, having considered that (i) China is 開展投資活動以建設數字基礎設施；(ii)中國製 actively conducting investment activities to build digital infrastructure; 造商由於地緣政治關係而繼續提高本土供應鏈 (ii) the PRC manufacturers continue to increase the share of local supply 的比重；及(iii)立訊集團擁有廣泛的技術知識及 chain due to geopolitics relationship; and (iii) Luxshare Group has extensive 良好的客戶關係，董事會對新業務的未來增長 technological knowhow and good customers’ relationships, the Board is 潛力抱持樂觀態度。董事會相信，發展新業務 optimistic on the future potential growth of the New Business. The Board 是本集團進一步發展業務的良機，並將有助於 believes the development of the New Business is a good opportunity for 實現本集團業務及本集團收入來源多元化。 the Group to further develop its business and will help diversify the Group’s business as well as the Group’s income stream. MANAGEMENT DISCUSSION AND ANALYSIS (CONT‘D) 管理層討論及分析（續） After Luxshare Precision Limited has acquired the shares of the Company 於立訊精密有限公司從Datatech Investment from Datatech Investment Inc. and Time Interconnect Holdings Limited, Inc.及Time Interconnect Holdings Limited收購 which was representing approximately 72.18% of the issued shares capital 本公司股份（佔本公司已發行股本約72.18%） of the Company, it became the controlling shareholder of the Company 後，其於二零二二年三月十六日完成當日成為 as at the date of the completion date on 16 March 2022. Riding on the 本公司控股股東。憑藉中國政府的「東數西算」 policy of the PRC government on “channelling computing resources from 政策，立訊精密將發揮立訊集團的平臺優勢及 the eastern areas to the western regions” (東數西算), Luxshare Precision 市場地位，為本公司引入策略資源，進一步增 would deploy the platform advantages and market position of the 強本公司在其市場上的持續增長潛力及核心競 Luxshare Group and introduce strategic resources to the Company with 爭力，使本公司戰略發展成為全方位的網絡解 intention to further strengthen the Company’s potential for continuous 決方案及基礎設施供應商，為股東創造更大的 growth and core competitiveness in its market and to enable the Company 價值。對此，立訊精密正在對本公司的經? to develop strategically to become an all-rounded network solutions and 及財務狀況進行戰略檢討，並積極探索本公司 infrastructure providers, so as to create greater value for the shareholders. 內生性及外延式增長和發展的商機。本公司相 In this regard, Luxshare Precision is conducting a strategic review of the 信，隨著收購事項後，立訊精密與本公司兩 operations and financial position of the Company, and actively exploring 之間的戰略合作可以使本公司通過整合客戶與 business opportunities for the growth and development, in both organic 市場資源，以及立訊集團的技術與研發能力， and inorganic manners, of the Company. The Company believes that, 在產品、客戶及市場?銷方面進一步受惠於消 following the acquisition, the strategic alliance between Luxshare Precision 費電子、通訊、醫療保健、汽車行業的發展及 and the Company would enable the Company to further benefit from 協同效應。 the development and synergy in the fields of consumer electronics, communications, healthcare, automobile industry in terms of products, customers, and marketing, through integration of customer and market resources as well as technologies and R&D capabilities of the Luxshare Group. LIQUIDITY AND FINANCIAL RESOURCES 流動資金及財務資源 Shareholders’ funds as at 30 September 2022 were approximately 於二零二二年九月三十日，股東資金約為 HK$960.9 million, which represented a decrease of HK$90.3 million or 960.9百萬元，較二零二二年三月三十一 8.6% from HK$1,051.2 million as at 31 March 2022. The decrease was 日的1,051.2百萬元減少90.3百萬元或 mainly due to the depreciation of RMB at the reporting date, a decrease 8.6%。該減少乃主要由於報告日期人民幣貶 of HK$153.0 million in the translation reserve from converting Renminbi 值，中國附屬公司的財務報表中錄得因將人民 into Hong Kong dollars as recorded in the financial statements of the PRC 幣兌換為元而產生的匯兌儲備減少153.0百 subsidiaries. As a result, shareholders’ funds per share decreased by 14.0% 萬元。因此，每股股東資金由0.57元減少 from HK$0.57 to HK$0.49. 14.0%至0.49元。 As at 30 September 2022, the Group had bank balances and cash of 於二零二二年九月三十日，本集團銀行結餘及（未完）  |