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Good Friend International Holdings Inc., 02398.HK - Company Profile
Chairman	Chu Chih-Yaung
Share Issued (share)	403,000,000
Par Currency	Hong Kong Dollar
Par Value	0.01
Industry	Machinery & Equipment
Corporate Profile	Business Summary: The Group are engaged in the design and production of computer numerical control machine tools, three dimensional car parking garage structures and forklift trucks. Performance for the year: For the year ended 31 December 2020, the Group recorded revenue of approximately RMB875.32 million, representing a decrease of approximately 3.9% as compared to 2019. For the year ended 31 December 2020, loss attributable to owners of the Company amounted to approximately RMB240.12 million. Business review: China maintained a generally stable economy in 2020. According to the economic data released by the National Bureau of Statistics of China, China’s gross domestic product (GDP) grew by a yearon-year rate of 2.3% in 2020. Prospects: At the beginning of 2020, the COVID-19 pandemic had brought about unprecedented challenges on the production and operation of the Group. With the gains achieved by the Chinese government adopting various strict prevention and control policies coupled with the effective business strategies adopted by the Group, the business conditions continued to improve. The overall business performance of the Group notably recovered as from the second quarter of 2020. Though the Group recorded loss during the year which was due to the share of loss of associates located in Germany, the share of loss of associates is a non-cash item and hence there will be no effect on the operating cash flow of the Group. Moreover, before including this item, the Group recorded a profit before tax of approximately RMB54.69 million for the year ended 31 December 2020 under this tough operating environment. The management therefore considers that the overall financial position of the Group remain solid. Looking ahead, the Chinese government unveiled its clear objective of implementation of the tasks of “six stables” and “six guarantees”. The China’s economy is expected to improve steadily under this strategy. The Group will keep close track of the global economic trend and market situation in order to capture business opportunities and reduce operation risks. On the other hand, the management will continue to control operating costs for achieving better operating results of the Group. The management is optimistic on the long-term development prospects of the Group.

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