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Public company info - Teamway International Group Holdings Limited , 01239.HK

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Teamway International Group Holdings Limited, 01239.HK - Company Profile
Chairman -
Share Issued (share) 659,000,000
Par Currency Hong Kong Dollar
Par Value 0.04
Industry Printing, Publishing & Packaging
Corporate Profile Business Summary: The Group is principally engaged in the business of (i) design, manufacture and sale of packaging products and structural components in the PRC; (ii) property investment; and (iii) provision of corporate secretarial, consultancy and business valuation services (discontinued during the year). Performance for the year: For the year ended 31 December 2019, the Group recorded the revenue of approximately RMB381,486,000, representing a decrease of 3.7% when compared to that of approximately RMB395,982,000 for the year ended 31 December 2018. Loss attributable to owners of the Company was approximately RMB38,234,000 for the year ended 31 December 2019 when compared to loss of approximately RMB320,312,000 for the year ended 31 December 2018. Basic and diluted loss per share were RMB3.19 cents respectively (2018: basic and diluted loss per share of RMB29.03 cents (restated) respectively). Business Review Packaging Products and Structural Components Business Revenue Most of the Group’s customers under the packaging products and structural components business are leading consumer electrical appliance manufacturers in the PRC. The revenue by product type remained relatively stable. During the current year, the revenue derived from the Group’s products for television and air conditioners (including packaging products and structural components) made the largest and second largest contributions to the segment revenue, amounting to approximately RMB193,378,000 or 50.8% of total segment revenue (2018: approximately RMB217,000,000 or 55.7% of total segment revenue). For the year ended 31 December 2019, the cost of sales amounted to approximately RMB323,221,000 decreased by approximately RMB10,554,000 or 3.2% when compared to that of approximately RMB333,775,000 for the year ended 31 December 2018. The decrease in cost of sales, which is mainly contributed by the decrease in revenue, was decreasing at a similar pace with the drop in revenue which was reflected in similar gross profit margins of approximately 15.2% for the year ended 31 December 2019 and approximately 14.4% for the year ended 31 December 2018. With the macroeconomic uncertainties and the outbreak of a novel coronavirus (“COVID-19”), the challenging operating conditions, mainly led by the increase in cost of sales, are expected to continue and affect the operating environment of packaging products and structural components business in the current year. Supply of raw materials The Group purchases raw materials and components necessary for the manufacturing of the Group’s packaging products and structural components from independent third parties. The raw materials mainly include expanded polystyrene and expanded polyolefin. The Group retains a list of approved suppliers of raw materials and components and only makes purchases from the list. The Group has established long- term commercial relationships with its major suppliers for a stable supply and timely delivery of high quality raw materials and components. The Group had not experienced any major difficulties in procuring raw materials and components necessary for the manufacture of packaging products for the year ended 31 December 2019. The Group continues to diversify its suppliers of raw materials and components to avoid over reliance on a single supplier for any type of raw materials and components. Production capacity The Group’s three factories are capable of a maximum annual manufacturing capacity, in aggregate, of 21,300 tonnes of packaging products and structural components. The current production capacity enables the Group to promptly respond to market demand and strengthen its market position. Discontinued business — Provision of Corporate Secretarial, Consultancy and Business Valuation Services Business The corporate secretarial, consultancy and business valuation services business is conducted under Treasure Found Group. For the year ended 31 December 2019, no segment revenue was recorded (for the year ended 31 December 2018: a segment revenue of approximately RMB6,198,000). Due to the unsatisfactory financial performance and the uncertainty in business prospects of the corporate secretarial, consultancy and business valuation services business going forward, the Board passed a resolution on 22 March 2019 to discontinue the corporate secretarial, consultancy and business valuation services business. Following the resolution passed by the Board to discontinue the corporate secretarial, consultancy and business valuation services business of the Treasure Found Group on 22 March 2019, the companies in the Treasure Found Group were placed into liquidations and liquidators were appointed in their respective jurisdictions in June 2019. As at 31 December 2019, the liquidation processes of all the companies in the Treasure Found Group were completed. Property Investment Business For the year ended 31 December 2019, there are two investment properties in the property portfolio of the Group. The existing investment property in Hong Kong situated at Flat A, 21/F., Tower 1, One SilverSea, 18 Hoi Fai Road, Tai Kok Tsui, Kowloon, Hong Kong (registered in the Land Registry as Kowloon Inland Lot No. 11158) with gross floor area of approximately 1,568 square feet recorded a fair value loss of approximately RMB3,967,000 for the year ended 31 December 2019. The existing investment property in Singapore situated at 1 Bishopsgate#04-06 Bishopsgate Residences, Singapore 247676 (registered in the Singapore Land Authority under the Land Lot No. TS24-U13661M) with a gross floor area of approximately 3,068 square feet recorded a fair value gain of approximately RMB3,428,000 for the year ended 31 December 2019. During the year ended 31 December 2019, both investment properties were rent out and approximately RMB529,000 was recorded as rental income during the year. In order to improve the liquidity of the Company, the Company has listed the investment property located in Singapore for sale. Since the market price of the investment property constitutes a significant portion of the Company’s assets, the proposed sale is likely to constitute a notifiable transaction which will be subject to notification, publication and/or shareholders’ approval requirements, the Company expects it will take around 3 to 6 months to complete the approval processes before the sale can be completed. Prospects: Packaging Products and Structural Components Business The outbreak of COVID-19 has brought about additional uncertainties in the Group’s operating environment in China. As far as the Group’s businesses are concerned, the outbreak has caused operational delays. The Group has put in place contingency measures to lower the impact from the outbreak. However, the situation remains fluid at this stage. The Group’s financial results may be affected due to the general market condition. Having said that, the Group has strived its best to ensure the operation of its factories in China are functioning and it has managed to maintain stable supply of goods to the customers as at the date of this announcement. The economic performance of China may be impacted in the short run. But we expect that the epidemic will not affect the trend of economic stability and transformation of the China in the long run. In view of the challenge posed by outbreak of COVID-19 since early 2020, the turnover of the packaging products and structural components business of the Group may subject to pressure and inevitably be adversely affected during the first half of 2020. However, the Group will continue to look for ways and remedies to improve the efficiency of the production process and get prepared so that we could capture market rebound once the market conditions improve. Despite the challenging operating conditions and economic uncertainties, the packaging products and structural components business still remains as a source of stable income for the Group and is expected to continue in the near future. Property Investment Business The global property market appears to be showing signs of slowing down in 2019. In Hong Kong, the property market in the first half of 2019 slowed down but surprisingly, house prices bounced back at the end of 2019 despite the impact of continuing violent protests, US-China trade war and the ailing economy. This shows how resilient Hong Kong’s property market is. Looking forward to 2020, the US-China phase one trade deal and growth stabilization in China should have been positive for Hong Kong’s economy, but it has been overshadowed by the outbreak of COVID-19. The property market in Hong Kong is struggling in the first quarter of 2020, the property price trend will not only depend on macroeconomic uncertainties, but also the level of social unrest and the development of COVID-19. In Singapore, the house prices still went up by 2.7 percent in 2019, slowing from a 7.9 percent rise in 2018. The economy and property market in Singapore have been dampened in 2020 due to the outbreak of COVID-19. More than 38 percent of Singapore’s population are foreigners as Singapore has its competitiveness to attract foreign companies. Balancing prosperity and home affordability is a tough game and Singapore’s government will try to maintain the market to avoid tripping over the delicate balance. Whilst the macroeconomic environment is expected to be uncertain in the coming year, it is expected there will be fluctuations in the global property market but we remain optimistic about the global property market in the long run.

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