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Public company info - Dah Chong Hong Holdings Ltd. , 01828.HK
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Dah Chong Hong Holdings Ltd., 01828.HK - Company Profile
Chairman ZENG Chen
Share Issued (share) 1,891,000,000
Par Currency
Par Value 0.0
Industry Automobile Retailing, Maintenance & Repair
Corporate Profile Business Summary: The Group is a diversified business conglomerate in motor vehicle sales, motor vehicle related business and services, sales of food and consumer products, as well as logistics services, supported by integrated distribution platforms and a well-established base and network in the Greater China. Performance for the year: For the year ended 31 December 2018, the Group recorded total revenue of HK$50,878 million (2017: HK$51,238 million) with the adoption of HKFRS 15, Revenue from contracts with customers, from 1 January 2018. On a like-for-like basis(i.e. excluding the impact of HKFRS 15), the Group’srevenue increased by 3.6% to HK$53,104 million. Profit attributable to shareholders increased by 2.2% to HK$820 million (2017: HK$802 million). Without the impact of HKFRS 9 and 15, profit attributable to shareholders increased by 6.7% to HK$856 million. The calculation of basic earnings per share for the year ended 31 December 2018 was based on the profit attributable to shareholders of the Company of HK$820 million and the weighted average number of 1,859,389,232 (2017: 1,834,950,810) ordinary shares in issue during the year. Basic earnings per share was 44.10 HK cents for 2018, an increase of 0.9% as compared with 43.71 HK cents for 2017. The diluted earnings per share for the year ended 31 December 2018 was the same as basic earnings per share as the potential ordinary shares in respect of outstanding share options are anti-dilutive. Business Review： MOTOR BUSINESS As a dealer and distributor of motor vehicles, DCH represents more than 20 renowned automotive brands with a presence in mainland China, Hong Kong, Macao, Singapore, Taiwan and Myanmar. Leveraging decades of industry expertise, the motor business offers supporting services including independent service outlets, vehicle parts trading, used car sales, motor leasing, auto finance and insurance, engineering projects, aviation support operations and the sales of luxury yachts. Revenue generated by the motor business segment in 2018 was HK$38,137 million, an increase of 9.6% (2017: HK$34,784 million). The mainland China motor business grew by 14.0% to HK$30,637 million (2017: HK$26,865 million) while the Hong Kong and Macao motor business increased by 3.1% to HK$5,924 million (2017: HK$5,748 million). Growth in mainland China was driven by 4S shop expansion, enhanced front line capabilities and increased exposure to the premium vehicle market, while in Hong Kong, passenger vehicle sales improved against 2017 when the market was impacted by the expiration of a subsidy for electric vehicles. Operating profit decreased by 5.4% to HK$1,414 million (2017: HK$1,494 million) during the Group's business expansion phase in mainland China, further impacted by pricing pressure and strategy adjustments following the changes in government policies and a supply delay in Euro VI compliant commercial vehicles in Singapore. Mainland China DCH is one of the leading automotive dealers and distributors in mainland China with 88 4S shops and 29 authorised showrooms, retailing a diverse portfolio of motor brands with a network that spans 13 provinces and municipalities. In recognition of the Group's scale and market achievements, the Group were recently listed in the top ten of the top 100 Chinese Auto Dealer Groups by the China Automobile Dealers Association. Supplementing the Group's dealership business in mainland China, the Group offer motor services including leasing, financing, parts sales, auto insurance and used car sales. In the first half of 2018, the mainland China motor industry enjoyed a favourable sales environment and the motor business delivered increased revenue and operating profit. Conversely, macroeconomic factors and government policies, including the announcement of tariff changes in early 2018, SinoUS trade tensions, a crackdown on peer-to-peer lending and declines in the equity market, weakened new vehicle demand in the second half of the year. China’s GDP growth slowed and the automotive market contracted for the first time in decades, recording a 2.8% year-on-year decrease in unit sales according to the China Association of Automobile Manufacturers. However, following the success of the Group's business enhancement program, DCH initiated an accelerated business expansion strategy to increase the Group's exposure to the premium segment and market penetration in Eastern and Southwest China. In 2018, the Group successfully expanded the Group's network to a total of 88 4S shops in operation, up from 80 at the end of 2017, including new dealerships in the premium, midmarket and commercial vehicle segments. As a result of network expansion, increased exposure to the premium segment and enhanced marketing and sales effectiveness, DCH delivered an 8.8% yearon-year increase in unit sales despite the contraction of the market at a total of 112,226 units (2017: 103,181 units). Revenue increased by 14.0% to HK$30,637 million (2017: HK$26,865 million). During the Group's expansion phase, operating profit for the mainland China motor business totaled HK$826 million (2017: HK$868 million) a 4.8% decrease against an exceptional 2017 performance due partly to acquisition costs. Profitability was further impacted by government policies, particularly changes in import tariffs, and the rapid shift in consumer demand which necessitated adjustments to production, sales and pricing strategies across the industry. Segment margin remains at a 2.7% (2017: 3.2%) reflecting the operational fitness of the Group's existing business despite the challenging market environment as the Group bring the Group's new shops into full operation and prepare the business for significant growth in the longer term. In addition to the new 4S shops opened in 2017 and 2018, DCH has garnered authorisations for a total of 12 new 4S shops with six in the premium segment for Audi, Bentley and Mercedes-Benz. To supplement the Group's premium import brand portfolio, the Group have partnered with the innovative domestic brand, Lynk & Co., receiving authorisations for six new dealerships. In December 2018, the Group's first Lynk & Co. showroom was opened in Chaozhou. Aftersales service revenue, which represents 10.1% of total 4S shop revenue, increased by 14.4% with a 6.2% increase in vehicles serviced to 1,160,919 units. Revenue generated from motor financing and insurance grew by 18.4% while the auto financing portfolio increased by 13.3% to RMB819 million as DCH continued to promote value-added services alongside vehicle sales. In 2018, revenue from the motor leasing business increased by 40.8% as DCH expanded city coverage to 33 cities and is on track to become one of the largest rental companies in mainland China, specialising in the corporate fleet segment. To sharpen and differentiate the Group's service offering, the Group are exploring innovative car sharing systems and expansion opportunities in recreational vehicle leasing. In the used car business, the recent easement of relocation restrictions on previously-owned vehicles resulted in a 68% increase in commissions and the Group leverage expertise developed in Hong Kong to prepare for potential growth in the used car market. DCH has also acquired an importer’s license and will expand parallel importation services, following beneficial policy revisions including the removal of time limits on bonded storage in free trade zones. Furthermore, the Group is reviewing opportunities to expand the Group's commercial vehicle network, building on decades of expertise and best practices developed in the Hong Kong market. Recognising that customer service is fundamental to the Group's continued success, DCH focused on strengthening the Group's interactions with individual consumers and creating a seamless online to offline (“O2O”) experience. the Group have launched a new customer relationship management (“CRM”) system to build loyalty by connecting interactions along the car ownership journey. In partnership with Tencent, DCH is developing digital 4S shop services including smart delivery, electronic reservation and personalised test drives. the Group will also utilise advanced digital sales and marketing tools to create an individual and immersive vehicle ownership experience. In 2019, the Group anticipate China’s automotive market will face continued economic uncertainty and industry restructuring. However, the Group's long-term strategy for expansion has positioned DCH to continue to outpace the market. Rising incomes, consumption upgrades and tariff reductions are expected to drive long term market growth, particularly for premium and imported vehicles. As such, the Group have refined the Group's operational footprint and laid the foundations to benefit from the ongoing evolution of the automotive industry. DCH will continue to implement a targeted network expansion strategy while enhancing customer service, sales and marketing capabilities. In the spirit of continual improvement, the Group are in the process of defining a second phase of long term development initiatives to strenghten the Group's business and prepare for tomorrow’s opportunities. Hong Kong and Macao In Hong Kong and Macao, DCH is the dealer and distributor of 16 vehicle brands with supporting motor related businesses including motor leasing, used car trading, independent service outlets, parts trading, aviation services, engineering projects and the distribution of luxury yachts. In 2018, Hong Kong’s automotive market recorded a decrease of 5.8% in vehicle sales to 49,542 units, reflecting decreased demand against last year when passenger car sales increased 8.1% due to electric vehicle incentives. However, powered by strong model launches in key brands, sales funnel management and an enhanced buying experience, DCH passenger car sales outpaced the market, resulting in an 11.4% increase to 7,787 units. This growth offset a 20.6% decrease in DCH commercial vehicle unit sales despite market share gains as demand for commercial trucks slowed following the expiry of the second phase of the Hong Kong government’s emission reduction program. Revenue of the Hong Kong and Macao motor business accordingly increased by 3.1% to HK$5,924 million (2017: HK$5,748 million) and operating profit was steady with an increase of 1.4% to HK$428 million (2017: HK$422 million), supported by gains in the aviation and Princess Yachts businesses. In 2018, the commercial vehicle business focused on retaining market share, innovation and service leadership as replacement demand in the Group's core market segments tapered in the final stages of the emission reduction program. In the first half of the year, DCH successfully won a bid to supply 34 street-sweeping trucks to the Hong Kong Government’s Food and Environmental Hygiene Department, the first domestic Euro VI truck purchase made by a Hong Kong government agency. In addition, DCH was selected as the sole provider of double decker cross-border shuttle buses and recovery tow trucks for the Hong Kong-Zhuhai-Macao Bridge, demonstrating the Group's continued leadership in the commercial vehicle market. The motor related businesses delivered a strong performance with growth in the aviation services business. In 2018, DCH was selected as the sole operator to supply, manage and maintain zeroemissions ground service equipment at the Hong Kong International Airport Midfield Concourse with an initial ten year contract. As part of the agreement, DCH will provide repair and maintenance services for over 10,000 ground support vehicles. The pooled, zero-emission fleet is the first of its kind in Asia and will serve as a model for ground service efficiency enhancement. DCH also provides comprehensive sales, bespoke and aftersales services in Greater China for the renowned British luxury yacht manufacturer, Princess. During the year, revenue increased significantly with the delivery of a record 14 craft following successful years of brand, service and reputation building across the region. In 2018, the Group opened a new showroom located in the Central District of Hong Kong to enhance customer convenience and expanded marketing efforts in mainland China with participation in motor craft shows in Shanghai and Shenzhen. In 2018, the Hong Kong and Macao motor business focused on enhancing profitability and market share by improving customer satisfaction. The implementation of a new CRM system will serve as a central hub to incorporate sales, marketing and customer service processes, facilitating each unique customer journey. With more targeted promotional, marketing and service capabilities, DCH is better positioned to deliver a differentiating experience, boost sales and drive loyalty. the Group also introduced initiatives to enhance connectivity with O2O services. In September 2018, DCH launched a new online trading platform for used cars, “UsedCarMart.com”. The digital marketplace builds on existing operations and credibility in the motor industry to create a convenient and worryfree way to sell and buy used cars. The platform will offer customers a wide range of value-added services to help used car owners value their vehicles and align with prospective buyers, as well as tools to assess vehicle quality and ensure payment transfers. In the Group's parts trading business, the Group have created an innovative mobile application called “PARTS+” for the Group's business customers. The application provides a platform for maintenance service providers to find and order replacement parts, offering a seamless customer experience with real time communication, push notifications, order tracking function and online tutorials. DCH is well positioned as a market leader in Hong Kong and Macao with diversified motor businesses and a strong portfolio of passenger and commercial vehicle brands. While the market faces potential impact from economic factors and government programs, the Group anticipate that the Group's performance will remain stable as the Group focus the Group's efforts on service, digitalisation and driving synergies across the Group's operations. Other Markets The other markets motor business segment comprises commercial vehicles sales and services in Singapore and Taiwan with business expansion opportunities in Myanmar. In 2018, revenue decreased by 27.4% to HK$1,576 million (2017: HK$2,171 million) and operating profit decreased by 21.6% to HK$160 million (2017: HK$204 million) due to the delay of Euro VI vehicle supply in Singapore, which offset growth in the Taiwan commercial vehicle business. In Singapore, DCH is the sole distributor and authorised dealer of Isuzu Motors and offers vehicle leasing, parts trading and aftersales services. In 2018, Singapore adopted Euro VI emission standards for diesel vehicles but a supply delay of Euro VI compliant commercial vehicles affected sales in the first months. While deliveries began in the second quarter, the Group were unable to fully recover from the impact to revenue and profit for the year. Market demand was further softened by the completion of the Singapore Government’s early retirement program for commercial vehicles. DCH is also the sole distributor and authorised dealer of Isuzu Motors in Taiwan, providing sales and aftersales service with a semi-knocked down assembly facility. In 2018, the Taiwan motor business reported a 13.3% increase in commercial vehicle unit sales to 2,853 units (2017: 2,519 units) and an increase in profitability as the Group received authorisation to assemble two additional models at the Group's local semi-knocked down facility, reducing cost and shortening lead times. DCH unit sales were further strengthened by new initiatives to better serve corporate fleets as the business focused on customer satisfaction and relationship management. Looking ahead, while the Group anticipate that a challenging global market environment may impact sales, the Group are confident that the Group's product and service offering will remain competitive. the Group will continue to work closely with the Group's principals to maintain market share while exploring opportunities for expansion in each of the Group's individual markets. CONSUMER PRODUCTS BUSINESS DCH is a leading distributor of consumer products across Greater China and Southeast Asia. Distributing over 1,000 brands and 30,000 products, ranging from food and FMCG to healthcare and electrical products, the Group's business extends across brand development, manufacturing, commodity trading, agency distribution, logistics, retail and aftersales with operations in Hong Kong, Macao, Taiwan, Mainland China, Japan, Singapore, Thailand, Malaysia, Indonesia, the Philippines and Brunei. Revenue generated by the consumer products segment in 2018 was HK$12,689 million (2017: HK$16,406 million) representing a decrease of 22.7% after the implementation of HKFRS 15. On a like-for-like basis, revenue decreased by 10.0% mainly due to portfolio optimisation in the mainland China food and FMCG business and market restructuring in the mainland China healthcare businesses. Operating profit was HK$103 million (2017: HK$164 million), a decrease of 37.2% as a result of continuing business reengineering in the mainland China food and FMCG business and restructuring in Southeast Asia. On the contrary, operating profit in the food and FMCG business of Hong Kong, healthcare distribution, electrical products distribution and the logistics businesses improved against 2017. Food and FMCG In the food and FMCG business, which accounts for 72.3% of the consumer products segment business by revenue, DCH operations extend across the supply chain to include brand development, food manufacturing, food commodity trading, agency distribution and retail operations. Mainland China In mainland China, DCH operates a consumer products distribution and trading network that covers more than 30 major cities and regions, including Beijing, Shanghai, Guangzhou, Tianjin, Wuhan and Chengdu. In 2018, the overall operating environment was challenging as China’s economy slowed with SinoUS trade tensions and falling consumer sentiment further impeding the Group’s trading businesses. Likewise, rapidly changing consumer shopping preferences affected product performance and margins as pricing transparency from e-commerce and online grocery put pressure on traditional business models. The food and FMCG business in mainland China recorded a revenue decrease of 13.8% with widened operating losses during ongoing operational transformation. In partnership with an external consultant, the Group completed a thorough review of the Group's operations and have defined a comprehensive strategy to succeed in the rapidly evolving market. Internally, the Group have restructured the business with the appointment of a new management team, centralised regional offices and streamlined administrative functions. the Group have implemented prudent promotion and inventory controls with a revised performance management system and clear performance targets. In 2019, the Group will continue to improve performance and carefully monitor the Group's operations to ensure the Group remain on a path of business recovery, with the structure, portfolio and processes the Group need to compete successfully in the mainland China consumer market. Hong Kong and Macao Revenue generated in the Hong Kong and Macao food and FMCG business decreased by 12.0% after the adoption of HKFRS 15 but was stable on a like-for-like basis with a slight decrease of 0.9%. Operating profit increased by 7.2% due to the strong performance of the food trading business and sales recovery in food processing following the opening of consolidated operations in Yuen Long. During the year, the Sino-US trade tensions and the softening macro economy negatively impacted consumer confidence while pricing pressure from parallel trading and rising import costs directly affected the food trading and distribution industry. To maintain profitability, DCH continued efforts to upgrade product and channel portfolios while improving cost and service structures. Other Markets In Southeast Asia, DCH’s food and FMCG business distributes food, personal care and household goods with a geographic footprint that extends across Singapore, Taiwan, Thailand, Malaysia, Indonesia, Brunei, Japan and the Philippines. DCH also operates a food and beverage contract manufacturing facility in Malaysia that produces snacks, beverages and healthcare products for Asian markets. In 2018, the Group focused on streamlining the Southeast Asia business to enhance profitability, identifying competitive advantages and positioning the Group's operations to benefit from growth opportunities. As a result of restructuring in East Malaysia and Singapore, revenue decreased by 34.6% and the business recorded operating losses. However, restructuring has entered its final stages as scheduled and the rationalised Southeast Asian business portfolio is anticipated to improve management focus and profitability for the future. In the Group's contract manufacturing operations, both revenue and operating profit increased with business expansion. In 2019, the Group will continue to review opportunities to grow the Group's portfolio in higher value and private label products while closely monitoring operational costs, productivity, quality and yield improvements to protect profitability. In 2019, DCH will focus on building market share in key markets of Southeast Asia. Operationally, the Group will promote internal efficiency while leveraging regional and local expertise to attract new principals and capture growth opportunities across the region. Healthcare Distribution DCH’s healthcare distribution business, DCH Auriga, offers comprehensive supply chain solutions with operations across Greater China and Southeast Asia. Product coverage includes pharmaceuticals, over-the-counter medicines, medical devices, personal care, nutrition and hospital consumables. Revenue for the healthcare distribution business decreased by 15.0% on a like-for-like basis as growth in Hong Kong, Singapore and Malaysia offset a decline in the mainland China market where government purchasing and public health policies have shifted to favour the development of a domestic healthcare industry. After the application of HKFRS 15, revenue decreased by 52.1%. Despite the reduced revenue, cost structuring and growth in key markets resulted in an increase of 19.6% in operating profit. Business realignment efforts in mainland China are completed and the Group have pivoted the Group's strategy to focus on the nutrition and over-the-counter categories, engaging support from the wider CITIC family to drive synergy. the Group have successfully leveraged the Group's network through opportunities to distribute Nature’s Care after investment from the Tamar Alliance Fund, jointly owned by CITIC Pacific and DCH, and are now working with Lifestyles to introduce sexual wellness products in five Asian markets, following acquisition by CITIC Capital. In Hong Kong, the Group are beginning the distribution of new products including post-surgical consumables and incontinence products. During the year, the Group completed new flagship distribution facilities in Thailand and Hong Kong to strengthen the Group's distribution footprint, upgrade capabilities and increase warehouse and delivery flexibility. In Thailand, the new distribution centre is located by the Bangkok airport to provide an optimal location for in-bound healthcare shipments, facilitating a faster turnaround for just-in-time and emergency delivery. In Hong Kong, DCH Auriga is moving into a stand-alone, healthcarededicated distribution centre complete with state-of-the-art equipment including robotic shelving, radio frequency identification enhanced warehousing and specialty cold chain services. The infrastructure investments have generated significant interest from principals and further position DCH Auriga to grow into a healthcare distribution leader across the region. Commencing 2017, DCH Auriga initiated a three-year program to upgrade management information systems and digitise the supply chain across 12 distribution centres in Asia. New warehouse management software will drive seamless connectivity by providing advanced control and tracking capabilities. Accordingly, DCH Auriga was awarded by JDA Software Group for the “Best Implementation in Asia” as the roll out of the new system capabilities increased speed, traceability and visibility without impacting daily operations. the Group anticipate the successful supply chain digitisation will help us move to a paperless operation, improve productivity and provide greater transparency to management and customers. Looking forward, DCH Auriga will focus on building market share with new infrastructure and regionalised capacities while exploring key growth areas including the development of private label products and technology-driven services. Electrical Products Distribution With operations across Hong Kong, Macao, mainland China and Southeast Asia, DCH distributes, retails and provides aftersales services for a wide range of multinational brands of electrical, audiovisual, lifestyle products and home appliances under the Gilman Group, ToolBox, DCHdigi and DCHAV brands. Revenue for the electrical products business increased by 1.5% and operating profit increased by 20.0% reflecting growth in lifestyle electronics and strong home appliance sales, particularly in laundry and air conditioners, which offset a decrease in appliance installation for property projects. The Waste Electrical and Electronic Equipment Recycling Programme in Hong Kong, which requires manufacturers and distributors to be responsible for disposal fees, impacted short term demand for household appliances but did not have a significant impact on profitability as consumers adjusted to new price levels. DCH is currently reviewing its retail network and has identified opportunities for expansion on and offline. In mainland China, the success of the Group's DCHdigi business has been largely driven by ecommerce sales across multiple platforms and the Gilman business has expanded online distribution with a double-digit increase in e-commerce revenue. In September of 2018, the Group opened a new experiential lifestyle retail concept, “iD Shop” at Pacific Place in Admiralty, Hong Kong. The shop provides a curated range of premium electronic products, including TVs, cameras, watches, and audio products, with an emphasis on personalised customer service. In the Gilman business, the Group are also evaluating Southeast Asian market expansion, building on the success of the Group's lifestyle and proprietary brands. In 2018, the Group initiated several measures to enhance customer service. the Group improved service tracking, call center performance and repair lead times while opening new digital channels for customer communication. As a result, the Group have been recognised with industry awards including “The Best Audio Distributor” in the E-brand awards from Hong Kong Economic Times, “The PC3 Platinum Brand Award” from Audio Magazine and the “Top Ten Equipment” Award from 21hifi.com. Gilman ToolBox also moved into the DCH headquarters in November 2018 to drive synergy and strengthen the Group's aftersales service offering. In addition to servicing products distributed by Gilman and DCH, ToolBox widened its service coverage with new contracts to provide comprehensive aftersales services for third party brands. In recognition of its achievements, ToolBox was awarded in 2018 for “Outstanding Consumer Experience” by the Group's strategic partner, the Electrolux Group. In 2019, DCH will continue to expand the home appliance and electronics distribution business, particularly in premium lifestyle products. the Group will enhance the Group's purchase and after sales experience to maintain best-in-class customer service. Additionally, the Group are working closely with the wider CITIC network to leverage the Group's extensive distribution portfolio in property development and retail projects across Greater China. Logistics The logistics solutions business operates distribution centres and in-house fleets, providing comprehensive supply chain solutions to both internal and external customers including transportation, cold-chain, warehousing and value-added services across Greater China. In 2018, DCH Logistics implemented a wide range of integration initiatives with a rationalised portfolio of customers and consolidated operations. Despite a revenue decrease of 12.7% as the Group focused efforts on higher value business streams, operational profit was steady with an increase of 2.4% reflecting efforts to upgrade facilities, improve utilisation rates and control management costs. the Group's focus for the year was to drive synergy through consolidation, particularly in the supply chains of both the food and FMCG business and electrical products business. Consolidation efforts have resulted in enhanced warehouse and delivery efficiency with increased utilisation rates and cost reductions. Integration is largely completed in Hong Kong, while storage optimisation and synergy development continues in mainland China. In addition to enhancing efficiency, DCH Logistics is exploring opportunities to expand the Group's distribution footprint. In 2019, the opening of the new 45,000 square meter distribution centre in Hengqin will position DCH to meet demand for premium supply chain services in Macao and across the Greater Bay Area. the Group are also reviewing new strategic locations in Southern and Eastern China, alongside the potential relocation of existing hubs for better accessibility and utilisation. Despite ongoing economic uncertainty, the Group anticipate portfolio adjustments and integration efforts will continue to drive profitability across the Group's distribution businesses. Prospects: In 2019, the motor business will continue to expand in the premium, commercial and domestic vehicle segments with 12 new 4S shops in the pipeline for a network total of 100 4S shops. At the same time, the Group are investing in the Group's motor related business to open new growth opportunities. In partnership with Tencent, the Group will develop digital 4S shop capabilities and have launched innovative business model adaptations including a peer-to-peer used car platform in Hong Kong, digital ordering systems in the parts trading business and car sharing applications in motor leasing. In the consumer products segment, the Group are integrating supply chains, implementing new systems and optimising the Group's product and channel mix. While wide-ranging reforms in the mainland China food and FMCG business will continue in 2019, the Group have completed a thorough review of the Group's business model and are implementing a targeted enhancement program to improve performance. In Hong Kong, the Group's food and FMCG business has completed consolidation for enhanced efficiency and will continue to differentiate the Group's product offerings while strengthening the Group's portfolio of over 50 in-house brands. The restructuring in Southeast Asia is on track for completion in 2019 and will enable us to better focus on high potential growth areas. The performance of the healthcare business is promising, with gains in Hong Kong, Singapore and Malaysia, as the Group position DCH Auriga to be a regional distribution leader and leverage synergies within the wider CITIC family. Likewise, increased sales of lifestyle electrical products in mainland China, continual growth in e-commerce revenue and the expansion of the appliance installation business for property projects demonstrate how DCH has supplemented the Group's core businesses with new channels for expansion. Looking forward, the Group anticipate that economic factors may impact the Group's industries in the coming year as falling consumer sentiment, Sino-US trade tensions and changing government policies continue to generate a volatile business environment. However, the Group have successfully completed a wide range of business enhancement and innovation initiatives aligned with the Group's long term strategic objectives. the Group's motor business is poised for growth and the Group's consumer products business is steadily capturing new opportunities. the Group are prepared for a challenging 2019 with a reinvigorated culture and a defined strategy to strengthen the Group's position as a motor and distribution leader in Greater China.

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