2024-04-29-港交所-万裕科技_2023年报_263页_7mb

Annual Report Summary

Core Content

Man Yue Technology Holdings Limited (the "Company") is a Hong Kong-listed company that has been operating since 1997. The Group's core business involves the manufacturing and sale of high-technology electronic components, including Aluminum Electrolytic Capacitors ("E-Caps"), Conductive Polymer Aluminum Solid Capacitors ("Polymer Caps"), and other innovative electronic components. The Group has established itself as a major global vendor in the E-Caps and Polymer Caps markets and continues to innovate with the introduction of new technologies such as the Electric Double Layer Capacitor ("EDLC").

Main Business Activities

• The Group provides a comprehensive range of E-Caps products to global customers, including leading IT, telecommunications, and electrical/electronic brands.
• In 2006, the Group launched the innovative Polymer Caps and became a significant international supplier.
• In 2009, the Group introduced the EDLC, an energy storage device for use in electrical and electronic products.
• The Group has a strong R&D team that has enabled the development of new and groundbreaking products.

Key Brands and Certifications

• The Group owns the renowned SAMXON® and X-CON® brands, known for their advanced technology and superior quality.
• All products comply with the RoHS directive and other global environmental regulations.
• The Group has its production facilities in Dongguan and Wuxi, China, and operates two aluminum foil factories in Qingyuan and Yaan, China.
• The Group has distribution offices in Hong Kong, China, and Taiwan, with global distribution channels.

Corporate Structure and Governance

• The Group is headquartered in Hong Kong with its registered office in Bermuda.
• Executive Directors: Kee Chor Lin (Chairman), Chan Yu Ching, Eugene (Managing Director), Chan Tat Cheong, Alan (Finance Director and Company Secretary).
• Independent Non-executive Directors: Li Sau Hung, Eddy GBS, JP (passed away on 25 March 2024), Lo Kwok Kwei, David, Mar, Selwyn, Yung Wing Ki, Samuel SBS, MH, JP (appointed on 24 March 2023).
• Audit Committee: Mar, Selwyn (Chairman), Li Sau Hung, Eddy GBS, JP (passed away on 25 March 2024), Lo Kwok Kwei, David, Yung Wing Ki, Samuel SBS, MH, JP (appointed on 24 March 2023).
• Remuneration Committee: Lo Kwok Kwei, David (Chairman), Kee Chor Lin, Li Sau Hung, Eddy GBS, JP (passed away on 25 March 2024), Yung Wing Ki, Samuel SBS, MH, JP (appointed on 24 March 2023).
• Nomination Committee: Li Sau Hung, Eddy GBS, JP (Chairman, passed away on 25 March 2024), Kee Chor Lin, Chan Yu Ching, Eugene, Lo Kwok Kwei, David, Mar, Selwyn, Yung Wing Ki, Samuel SBS, MH, JP (appointed on 24 March 2023 and elected as chairman on 26 March 2024).
• Company Secretary: Chan Tat Cheong, Alan.
• Auditor: KPMG, a registered public interest entity auditor.
• Principal Bankers: The Hongkong and Shanghai Banking Corporation Limited and United Overseas Bank Limited.

Financial Highlights

Financial Overview

• The Group faced a significant drop in revenue, primarily due to a prolonged destocking cycle and global economic downturn.
• Despite the decline, the Group managed to slightly improve its gross profit margin, from 17.8% in 2022 to 18.1% in 2023.
• The Group's net profit attributable to shareholders dropped by 90.5% from 2022 to 2023, mainly due to the impact of aggressive interest rate hikes.
• The Group's cash and cash equivalents at the end of 2023 were approximately HK$249,720,000, compared to HK$311,869,000 in 2022.
• The Group's net gearing ratio was 50.6% in 2023, down from 52.0% in 2022.
• The net working capital decreased by approximately HK$16,382,000, from HK$200,208,000 in 2022 to HK$183,826,000 in 2023.
• The current ratio remained at 1.12 times in both 2023 and 2022.

Key Business Strategies and Outlook

• The Group's multi-product strategy and strong brand reputation enabled it to penetrate existing markets and attract new customers, even amid adverse economic conditions.
• The Group is strategically positioned to capitalize on growth opportunities in AI, power storage solutions, digital transformation, renewable energy, and IoT, which are expected to significantly increase demand for passive electronic components.
• The Group is committed to expanding its market share and enhancing its product portfolio through R&D efforts and tailored solutions for customers.
• The Group is focused on sustainable business growth and profitability, and is continuously improving its cost control and cash flow management practices.

Corporate Commitment and Sustainability

• The Group is fully committed to environmental sustainability, with all products being halogen-free and compliant with RoHS and other global environmental regulations.
• The Group has actively pursued opportunities to contribute to environmental protection, such as developing energy-efficient solutions for LED lighting and other eco-friendly products.
• The Group remains steadfast in its support of environmental protection and continues to uphold its role as a good corporate citizen.

Employment and Compensation Policy

• The Group employed a total of 2,200 employees as of 31 December 2023, compared to 2,501 in 2022.
• The Group's remuneration policy is performance-oriented, market-competitive, and includes incentives, bonuses, and benefits such as provident fund contributions and medical insurance coverage.