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Public company info - S&S Intervalue China Limited , 08506.HK

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S&S Intervalue China Limited, 08506.HK - Company Profile
Chairman Cheng Jun
Share Issued (share) 1,000,000,000
Par Currency Hong Kong Dollar
Par Value 0.01
Industry Machinery & Equipment
Corporate Profile Business Summary: The principal activities of the Group are engaged in investment holding, R&D, manufacturing and trading of circular knitting machines. Performance for the year: For the year ended 31 December 2019, the Group recorded a turnover of approximately RMB114.4 million, representing a decrease of approximately 14.6% from approximately RMB133.9 million recorded for the year ended 31 December 2018. Profit attributable to owners of the Company for the year ended 31 December 2019 amounted to approximately RMB16.6 million, representing a decrease of approximately 19.6% as compared with the profit of approximately RMB20.7 million for the year ended 31 December 2018. Business Review The Group is principally engaged in R&D, manufacturing and sale of circular knitting machines. The Group derives its revenue mainly from the sales of circular knitting machines (i) domestically under the Group’s own brands; and (ii) overseas either under the Group’s own brands or the brands specified by trading companies purchasing on OEM basis. Computerisation is becoming popular among circular knitting machinery and computerised circular knitting machines generally attract higher average selling price over traditional ones. Over the years, the Group has been focusing on developing and upgrading its products with more advanced technologies.The sale of more advanced computerised double circular knitting machines increased by approximately 11.0% from approximately RMB27.5 million for the year ended 31 December 2018 to approximately RMB30.5 million for the year ended 31 December 2019. The sale of more advanced computerised single circular knitting machines decreased by approximately 20.0% from approximately RMB6.5 million for the year ended 31 December 2018 to approximately RMB5.2 million for the year ended 31 December 2019 due to the magnitude of decrease in overseas sales which was larger than the increase in domestic sales. Meanwhile, the sale of traditional double circular knitting machines dropped by approximately 40.8% from approximately RMB58.8 million for the year ended 31 December 2018 to approximately RMB34.8 million for the year ended 31 December 2019. The sale of traditional single circular knitting machines slightly rose by approximately 1.1% from approximately RMB39.3 million for the year ended 31 December 2018 to approximately RMB39.7 million for the year ended 31 December 2019. During the year under review, the Group has continued to strengthen its R&D capabilities in order to respond to and anticipate changes in the market and enhance the Group’s competitiveness within the circular knitting machinery industry. For the year ended 31 December 2019, the Group has registered seven utility model patents and has applied for seven utility model patents for its circular knitting machines in the PRC. Prospects: In 2019, the development trends of three major types of domestic knitting machinery varied. According to the economic performance report issued by China Textile Machinery Association, the overall sale performance of circular knitting machines (being the market in which the Group has been involved) was relatively stable with a slight fall from January to September in 2019. The sale performance of flat knitting machinery and warp knitting machinery (being the other two major types of knitting machinery which the Group has not involved in) were under greater downward pressure. In 2019, the operating income of large-scale domestic textile machinery enterprises declined. However, benefitted from active expansion in overseas market by domestic textile enterprises, exports of circular knitting machines increased slightly compared with the same period from January to September in 2018, with Vietnam, Bangladesh and South Korea performing better than other regions. Exports to Vietnam increased significantly compared with the same period of the previous year and were much higher than that of India, Bangladesh and Indonesia. Following the market trend and leveraging on its business opportunities, the Group continued to expand its overseas market in 2019, including the Vietnam market. At the beginning of 2020, the unexpected outbreak of novel coronavirus (COVID-19) engaged China in the fight against the coronavirus disease, and domestic textile enterprises faced difficult business challenges. However, with the development of overseas market, the expectation of domestic textile machine enterprises for the forthcoming half year or full year is still relatively rational. The Group’s production and sales are currently stable, and the Group will strive to improve its manufacturing capacity through technological innovation, so as to mitigate the negative impact of the epidemic.

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