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CNYD

Slider

Chairman Kang Baohua
Share Issued (share) 6,209M
Par Currency HKD
Par Value 0.1
Industry Construction & Decoration
Corporate Profile Business Summary:
The principal activities of the Group are the design,procurement, production, sale and installation of curtain wall systems.

Performance for the year:
For the year ended 31 December 2018, the revenue of the Group decreased by about RMB1,073.0 million or 18.9% as compared with last year to about RMB4,615.7 million (2017: about RMB5,688.7 million).

In 2018, the cost of sales of the Group decreased by about RMB725.0 million or 16.3% as compared with last year to about RMB3,714.7 million (2017: about RMB4,439.7 million).

In 2018, the profit attributable to equity shareholders of the Company increased by about RMB18.4 million or 30.3% as compared with last year to about RMB79.1 million (2017: about RMB60.7 million).

Business Review:
Overall performance
In 2018, the global economic environment was complicated and uncertain under the slackened rate of economic growth. On one hand, the United States outperformed the global economy, while other economies were in a weak situation. On the other hand, the macro-economy of China showed an uptrend followed by a decline. The gap between different economies was broadening due to the uneven rate of recovery among different economies.

In 2018, China’s investment in fixed assets (excluding rural households) grew by 5.9% year-on-year, representing a decrease of 1.3% over last year, which means the growth of new construction projects keeps low.

For the year ended 31 December 2018, the profit attributable to equity shareholders of the Company of the Group increased by about RMB18.4 million or 30.3% as compared with last year to about RMB79.1 million (2017: about RMB60.7 million), which was mainly due to (1) the Group recorded a net foreign exchange gain amounting to RMB99.5 million while incurred a net foreign exchange loss of RMB66.7 million, which resulted in a decrease in finance costs. (2) The Group has initially applied IFRS 9 on 1 January 2018 and replaces the “incurred loss” model in IAS 39 with the “expected credit loss” model to measure loss allowances on trade and other receivables and contract assets, impairment loss for the year ended 31 December 2018 decreased by RMB269.1 million compared with that of last year.

Newly-awarded projects (including VAT)
During the year 2018, while the number of awarded projects decreased from 52 to 42, the aggregate amount generated by the newly awarded projects of the Group increased by about RMB428.2 million or 10.3% as compared with last year.

Backlog
As at 31 December 2018, the remaining contract value of the Group decreased by about RMB2,162.7 million or 13.4% as compared with last year, which could support a sustainable development of the Group for the next 2-3 years.

Major technology achievements and awards
In 2018, the Group obtained 37 patents, including 1 patent for invention and 36 patents for utility model.

Prospects:
On 21 January 2019, the International Monetary Fund (IMF) released the updated World Economic Outlook Report, which lowered the global annual economic growth rate to 3.5% and 3.6% for the year 2019 and 2020, respectively. It is expected that the rate hikes by the Federal Reserve of the United States will slow down and external pressure on emerging economies will decrease, but at the same time, as the US economy slows, emerging markets will face shrinking external demands and declining exports, particularly the downside-pressure on Chinese economy. The Group will closely monitor trends and developments in the macro-economy and sector markets, focus on enhancing its sensitivity and perception of market developments so that it could proactively formulate forward-looking business strategies in response to changes in the external business conditions.
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