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Public company info - Shenzhen Mingwah Aohan High Technology Corp. Ltd. - H Shares , 08301.HK

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Shenzhen Mingwah Aohan High Technology Corp. Ltd. - H Shares, 08301.HK - Company Profile
Chairman Zhang Tao
Share Issued (share) 200,000,000
Par Currency Renminbi
Par Value 0.1
Industry Alcoholic Drinks & Tobacco
Corporate Profile Business Summary: The Group has been principally engaged in the business of (i) the provision of application development services and the sale of IC cards, magnetic cards related equipment and application systems in the People’s Republic of China (the “PRC”) (the “Card and Related Products Business”); and (ii) trading of liquor products in the PRC (the “Wine Business”). Performance for the year: For the year ended 31 December 2019, the Group recorded a revenue of approximately RMB50,273,000, representing a decrease of approximately 32.7% as compared with the revenue of approximately RMB74,672,000 in the previous year. For the year ended 31 December 2019, the Group’s loss attributable to owners of the Company was approximately RMB37,427,000 as compared with the profit attributable to owners of the Company of approximately RMB759,000 for the year ended 31 December 2018. Business Review: The Card and Related Products Business The market competition for the traditional card products and related application systems became intensified in 2018. Revenue of approximately RMB10,264,000 (2018: approximately RMB11,466,000) attributable to the Card and Related Products Business for the year ended 31 December 2019 were mainly derived from ten (2018: five) contracts for its application system and application development services. During the Year, Card and Related Products Business recorded a segment loss of approximately RMB1,959,000 (2018: approximately RMB6,035,000 as segment profit). The Wine Business The Group commenced its Wine Business in the last quarter of 2016 with a view to diversify its income source and enhance its financial performance. For furtherance of its Wine Business, the Group (i) entered into strategic partnership with Googut Wine & Spirits Co, Ltd (“Googut”, together with its subsidiaries the “Googut Group”) in 2016; (ii) formed two joint venture companies respectively in the PRC and Hong Kong in 2017; and (iii) entered into a memorandum of understanding and the strategic cooperation agreement with Googut in 2017. The Googut Group is a professional and integrated operator of alcoholic beverage which has been well established distribution channel and broad customer base in the PRC. Due to the anti-graft campaign in the PRC which adversely influenced the sales of the Moutai liquor, the Group did not record any revenue from the Wine Business for the three months ended 31 March 2019. As the result, the Group reformulated its business strategies with Googut to leverage on Googut’s distribution channel and customer base in the PRC, and recorded the revenue of approximately RMB16,655,000 from the Wine Business for the three months ended 30 September 2019 (three months ended 30 September 2018: approximately RMB319,000), representing a growth of approximately 51.2% from revenue of in the corresponding period of 2018. During the year ended 31 December 2019, the Group has entered into 16 (2018: eight) sales contracts for Chinese white wine Maotaijiu (茅台酒). Due to the adverse effect caused by factors including the antigraft campaign in the PRC as mentioned above, the revenue attributable to the Wine Business for the year ended 31 December 2019 was approximately RMB40,009,000 (2018: approximately RMB63,206,000); whilst the segment profit of the Wine Business for the year ended 31 December 2019 was approximately RMB2,788,000 (2018: approximately RMB1,051,000). The Board will continue to adjust its strategy to explore further business opportunities of the Group’s Wine Business and review the performance of the distribution channels and make necessary adjustments as and when necessary. Prospects: The year 2020 will be full of challenges with the epidemic (the “COVID-19 Outbreak”) associated with a novel coronavirus, in addition to the intensified market competition and the anti-graft campaign in the PRC. Since early 2020, the COVID-19 Outbreak has spread across China and other countries and may adversely affect the economy, infrastructure and livelihood of the people in the PRC, which in turn may adversely impact domestic consumption and the Group’s business, financial position and results of operations. In the attempt to control the COVID-19 Outbreak, the relevant PRC authorities have adopted a series of quarantine and crowdcontrol measures, including the regional traffic control, restrictions or crowd-controlling measures preventing the gathering of people. These quarantine and crowd-control measures caused difficulties or restrictions for employees to travel to the relevant work sites or attend to work and discouraged social activities and gatherings. As the result, the Group’s business and financial position could be adversely affected if the COVID-19 Outbreak persists. The Group will pay close attention to the development of the COVID-19 Outbreak and evaluate the impact on its future financial position and operating results. In order to mitigate the impact of the COVID-19 Outbreak and other risks faced by the Group from time to time, the Board will continue to review and adjust its strategy to explore further business opportunities, and make necessary adjustments where necessary. The Company continues to seek other suitable opportunities to diversify its sources of income and is actively looking for candidates that can further broaden and enrich the management’s expertise and experience and assist the Company in executing an appropriate business strategy to better position the Company in a highly competitive business environment.

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