INTERIM REPORT 中期報告 - Investech-holdings

8InvesTech Holdings Limited 威訊控股有限公司FINANCIAL SUMMARY財務摘要A summary of unaudited interim results, selected financial ratios, �率、資產與負債and liabilities and cash flows is as follows:及現金流量的概要如下：UNAUDITED INTERIM RESULTS未經審核中期業績Six months ended 30 5222,077Gross profit毛利24,46024,945Loss before tax除稅前虧損(67,634)(16,017)Loss for the period期內虧損(68,607)(15,805)Loss attributable 12)(2,738)(68,607)(15,805)(4.74)(0.94)– Owners of the parent– 母公司擁有人– Non-controlling interests– 非控制權益Loss per share– Basic and diluted (RMB cents)每股虧損– 基本及攤薄（人民幣分）

FINANCIAL SUMMARY財務摘要經選定財務比率SELECTED FINANCIAL RATIOSSix months ended 30 June截至六月三十日止六個月Gross profit margin毛利率Net loss 約）12.1%11.2%(34.1%)(7.1%)As atAs at30 June30 ate)（概約）(1)（概約）Current ratio (times)流動比率（倍）1.31.4Gearing ratio (1)資本負債比率 (1)7.9%4.0%Return on total assets (2)總資產回報 (2)(6.8%)(1.2%)Return on total equity (2)總權益回報 (2)(10.0%)(1.6%)Calculated by using the total sum of short term and long term 平均餘額計算。divided by total assets.(2)Calculated by using average balances of total assets and total equity.2020 INTERIM REPORT 中期報告9

10InvesTech Holdings Limited 威訊控股有限公司FINANCIAL SUMMARY財務摘要資產與負債ASSETS AND LIABILITIESAs atAs at30 June31 dited)（未經審核）（經審核）Total assets總資產895,2971,109,904Total assets less current otal equity權益總額583,957781,362Cash and cash 28164,630(excluding pledged deposits)Interest-bearing bank and other ��及其他借貸現金流量CASH FLOWSSix months ended 30 June截至六月三十日止六個月Net cash flows (used in)/from operating �得 （所用）現金流量淨額Net cash flows from/(used in) financing activities2019經營活動（所用） 所得現金流量淨額Net cash flows from/(used in) investing activities2020融資活動所得 （所用）現金流量淨額

11MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析BUSINESS REVIEW業務回顧Revenue收入The Group recorded a total revenue of approximately RMB201.3 ��月，本集團錄得for the six months ended 30 June 2020, representing a decrease of總 收 入 約 人 民 幣 201.3 百 萬 元，較 截 至 二 零 一 九 年approximately RMB20.8 million, or approximately 9.4% as compared六月三十日止六個月約人民幣 222.1 百萬元減少約with that of approximately RMB222.1 million for the six months ended 30人民幣 20.8 百萬元或約 9.4%。收入減少主要是由於June 2019. The decrease of revenue was primarily attributable to ��發導致延後產in delivery of product and provision of professional services to �。caused by the outbreak of novel coronavirus (COVID-19) epidemic.Cost of Sales銷售成本The cost of sales decreased by approximately RMB20.2 million, 日止六個月的approximately 10.2%, from approximately RMB197.1 million for the six約 人 民 幣 197.1 百 萬 元 減 少 約 人 民 幣 20.2 百 萬 元 或months ended 30 June 2019, to approximately RMB176.9 million for the約 六個月six months ended 30 June 2020. The decrease was primarily attributable約人民幣 176.9 �to the decrease in revenue.FINANCIAL REVIEW財務回顧Gross Profit and Margin毛利及毛利率The Group’s gross profit for the six months ended 30 June ��，本集團的毛amounted to approximately RMB24.5 million, representing a decrease利約為人民幣 24.5 百萬元，較截至二零一九年六月of approximately RMB0.4 million, or approximately 1.6% as compared三十日止六個月約人民幣 24.9 百萬元減少約人民幣with that of approximately RMB24.9 million for the six months ended 300.4 百萬元或約 1.6%。減少的主要原因是收入下降，June 2019. The decrease was primarily attributable to the decrease 六個月的毛利revenue, which was partially offset by the increase in gross profit margin率增加所抵銷。for the six months ended 30 June 2020.The gross profit margin increased to approximately 12.1% for the �止六個月約months ended 30 June 2020 from approximately 11.2% for the six11.2% �月約months ended 30 June 2019. The increase in gross profit margin was12.1%。毛 利 率 上 升 主 要 由 於 截 至 二 零 二 零 年 六 月primarily attributable to an increased portion from the sales with �售比例增加所致。gross profit margin for the six months ended 30 June 2020.Other Income and Gains其他收入及收益The Group recorded other income and gains of approximately �月，本集團錄得million for the six months ended 30 June 2020, which was primarily其 他 收 入 及 收 益 約 人 民 幣 4.4 百 萬 元，主 要 源 自 已resulted from the government grants released of approximately RMB2.9發放的政府補貼約人民幣 2.9 百萬元及債務投資的million and a fair value gain on debt investment of approximately RMB0.8公允價值收益約人民幣 0.8 百萬元。million.Selling and Distribution Expenses銷售及分銷開支The selling and distribution expenses decreased by ��六個月，銷售及分銷RMB0.8 million to approximately RMB12.0 million for the six �止六個月約人民ended 30 June 2020, as compared with that of approximately RMB12.8幣 12.8 百 萬 元 減 少 約 人 民 幣 0.8 百 萬 元 至 約 人 民 幣million for the six months ended 30 June 2019.12.0 百萬元。2020 INTERIM REPORT 中期報告

12InvesTech Holdings Limited 威訊控股有限公司MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析FINANCIAL REVIEW (continued)財務回顧（續）Administrative Expenses行政開支The administrative expenses decreased by approximately RMB1.6 millionto approximately RMB23.4 million for the six months ended 30 June2020, as compared with that of approximately RMB25.0 million for the sixmonths ended 30 June �十日止六個月約人民幣 25.0百 萬 元 減 少 約 人 民 幣 1.6 百 萬 元 至 約 人 民 幣 23.4 百萬元。Other Expenses其他開支Other expenses amounted to approximately RMB59.5 million, which wasprimarily resulted from (i) impairment loss of approximately RMB57.6million recorded for the goodwill in relation to the network systemintegration cash-generating unit (the “Goodwill Impairment”) arose fromthe acquisition of Fortune Grace Management Limited in November 2015which caused by the slowdown in the global economy resulted fromthe outbreak of the COVID-19 pandemic in the first half of 2020 whilethe Group foresees the unfavorable global economic condition wouldexist in the coming years resulting from less sales orders made by thecustomers; the intense relationship between the United States of Americaand China which may affect the Group’s business development of networkinfrastructure and software; and the stagnant business developmentin respect of the agency agreement entered into between the Groupand IBO Technology Company Limited; and (ii) impairment of other loanreceivables of approximately RMB0.9 million.其他開支約為人民幣 59.5 百萬元，主要由於 (i) 二零二零年上半年爆發 COVID-19 �零一五年十一月收購 Fortune Grace Management Limited �的商譽錄得減值虧損約人民幣 57.6 百萬元（「商譽減值」）；及 (ii) 其他應收貸款減值約人民幣 0.9 百萬元所致。Finance Costs融資成本The finance costs decreased by approximately RMB0.6 million toapproximately RMB1.6 million for the six months ended 30 June 2020, ascompared with that of approximately RMB2.2 million for the six monthsended 30 June 月，融資成本較截 至 二 零 一 九 年 六 月 三 十 日 止 六 個 月 約 人 民 幣 2.2百萬元減少約人民幣 0.6 百萬元至約人民幣 1.6 百萬元。Income Tax所得稅The Group incurred income tax expense of approximately RMB1.0 millionfor the six months ended 30 June 2020 primarily due to the currentincome tax expense of approximately RMB2.5 million, which was offsetby deferred income tax credit from amortisation of intangible assetsacquired by the acquisition of Fortune Grace Management Limited inNovember 2015 of approximately RMB1.5 個月，本集團產生所 得 稅 開 支 約 人 民 幣 1.0 百 萬 元，主 要 由 於 即 期 所得 稅 開 支 約 人 民 幣 2.5 百 萬 元，被 二 零 一 五 年 十 一月收購 Fortune Grace Management Limited �人民幣 1.5 百萬元所抵銷。Loss for the Period期內虧損The net loss increased by approximately RMB52.8 million for the sixmonths ended 30 June 2020 to approximately RMB68.6 million, orapproximately 334.2%, as compared with that of approximately RMB15.8million for the six months ended 30 June 2019. The increase wasmainly attributable to the impairment loss of approximately RMB57.6million recorded for the Goodwill Impairment. The increase of net losswas partially offset by (i) the increase in other income and gains ofapproximately RMB2.8 million; and (ii) the decrease in administrativeexpenses of approximately RMB1.6 �三十日止六個月約人民幣 15.8百萬元增加約人民幣 52.8 百萬元或約 334.2% 至約人民幣 68.6 �得減值虧損約人民幣 57.6 百萬元。虧損淨額增加部分被 (i) 其他收入及收益增加約人民幣 2.8 百萬元；及 (ii)行政開支減少約人民幣 1.6 百萬元所抵銷。

MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析FINANCIAL REVIEW (continued)財務回顧（續）Liquidity and Financial Resources流動資金及財務資源The Group continues to implement prudent financial ��慎的財務管理政策，policies and maintains a relatively low gearing ratio during its 率。於二零二零年六As at 30 June 2020, the Group’s gearing ratio (measured by total �按短期及長期of short-term and long-term borrowings divided by total assets) was借 款 總 和 除 以 總 資 產 計 算）約 為 7.9%（二 零 一 九 年approximately 7.9% (31 December 2019: approximately 5.8%). The十 二 月 三 十 一 日：約 5.8%）。資 本 負 債 比 率 上 升 主increase in gearing ratio was mainly due to fair value loss on �（「華訊方舟」）股權asset in relation to equity interest in 華 訊 方 舟 科 技 有 限 公 司 �及商譽減值的減Communication Technology Co., Ltd.* “CCT”) and the impairment loss for值虧損所致。the Goodwill Impairment.As at 30 June 2020, the total interest-bearing bank and other borrowings於 二 零 二 零 年 六 月 三 十 日，本 集 團 的 計 息 銀 行 及of the Group amounted to approximately RMB70.3 million (31 December其他借款總額約為人民幣 70.3 百萬元（二零一九年2019: approximately RMB64.6 million), among which approximately十二月三十一日：約人民幣 64.6 百萬元），其中約人RMB53.5 million (31 December 2019: approximately RMB38.9 million) was民 幣 53.5 百 萬 元（二 零 一 九 年 十 二 月 三 十 一 日：約unsecured and guaranteed by a director of the Company. As at 30 June人民幣 38.9 �2020, the interest-bearing bank and other borrowings of ��三十日，計息銀行及RMB34.8 million (31 December 2019: approximately RMB42.3 million)其他借款約為人民幣 34.8 百萬元（二零一九年十二carried at fixed interest rates and approximately RMB35.5 million (31月 三 十 一 日：約 人 民 幣 42.3 百 萬 元）乃 按 固 定 利 率December 2019: approximately RMB22.3 million) carried at floating計 息，而 約 人 民 幣 35.5 百 萬 元（二 零 一 九 年 十 二 月interest rates.三十一日：約人民幣 22.3 百萬元）則按浮動利率計息。Save as aforesaid or as otherwise disclosed in this report, and apart ��及集團內公司intragroup liabilities, the Company did not have any outstanding ��營業時間結束capital issued and outstanding or agreed to be issued, bank 未償付或同意發行的loans or other similar indebtednesses, liabilities under acceptances 似債務、承兌acceptable credits, debentures, mortgages, charges, hire purchases負 債 或 承 兌 信 貸、債 券、按 揭、押 記、租 購 承 擔、commitments, guarantees or other material contingent liabilities as at擔保或其他重大或然負債。the close of business on 30 June 2020.* The English name is for identification purpose only.*Foreign Currency Risk外幣風險As certain of the Group’s trade and other receivables, cash and ��項、現金及現equivalents and trade and other payables are denominated in ��以外幣計值，故currency, exposure to exchange rate fluctuation arises. The Group �訂有相關政策relevant policy to monitor the risk associated with the fluctuation 需要時控制有foreign currency and control such risk, if 020 INTERIM REPORT 中期報告13

14InvesTech Holdings Limited 威訊控股有限公司MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析FINANCIAL REVIEW (continued)財務回顧（續）Working Capital營運資本Inventories balance as at 30 June 2020 was approximately RMB37.3於 二 零 二 零 年 六 月 三 十 日，存 貨 結 餘 約 為 人 民 幣million (31 December 2019: approximately RMB12.9 million). The average37.3 百 萬 元（二 零 一 九 年 十 二 月 三 十 一 日：約 人 民turnover days for inventories were approximately 26 days as at 30 June幣 12.9 百 萬 元）。於 二 零 二 零 年 六 月 三 十 日，存 貨2020 (30 June 2019: 11 days). The increase in average turnover days was的平均周轉日數約為 26 日（二零一九年六月三十日：primarily due to delay in delivery of product to customers caused by the11 日）。平均周轉日數增加主要是由於 COVID-19 疫outbreak of COVID-19 �品所致。Trade and bills receivables balance as at 30 June 2020 �據應收款結餘approximately RMB174.8 million (31 December 2019: approximately約為人民幣 174.8 0.3 million). The average turnover days for trade and bills日：約人民幣 210.3 les increased to approximately 172 days (30 June 2019: 168平均周轉日數增至約 172 日（二零一九年六月三十日：days). As at 30 June 2020, approximately 46.1% of the trade receivables168 日）。於二零二零年六月三十日，約 46.1% 的貿was aged within three e payables balance as at 30 June 2020 was approximately 應付款結餘約為人million (31 December 2019: approximately RMB170.9 million). The民幣 157.1 �約average turnover days for trade payables increased to approximately人民幣 170.9 �167 days as at 30 June 2020 (30 June 2019: 154 days). The increase in貿易應付款的平均周轉日數增至約 167 日（二零一九turnover days was mainly due to several purchases with relatively longer年六月三十日：154 日）。周轉日數增加主要由於付payment e Group’s cash conversion cycle for the six months ended 30 ��，本集團的現2020 was approximately 31 days as compared with 25 days for the six金轉換週期約為 31 日，而截至二零一九年六月三十months ended 30 June 2019.日止六個月則為 25 日。Cash Flows現金流量For the six months ended 30 June 2020, the net cash flows used ，經營活動所operating activities was approximately RMB9.3 million.用現金流量淨額約為人民幣 9.3 百萬元。The net cash from the investing activities for the six months ended ，投資活動所June 2020 of approximately RMB23.2 million was mainly attributable to得現金淨額約為人民幣 23.2 百萬元，主要歸因於已decrease in pledged deposits of approximately RMB22.3 million.抵押存款減少約人民幣 22.3 百萬元。The net cash from financing activities for the six months ended 30 ��，融資活動所2020 of approximately RMB4.2 million was primarily attributable to new得 現 金 淨 額 約 人 民 幣 4.2 百 萬 元，主 要 歸 因 於 新 籌bank and other borrowings of approximately RMB34.1 million. The net銀行及其他借款約人民幣 34.1 百萬元。融資活動所cash from financing activities was partially offset by (i) repayment of bank得現金淨額部分被 (i) 償還銀行及其他借款約人民幣and other borrowing of approximately RMB26.6 million and (ii) payment26.6 百萬元及 (ii) 支付租賃付款的本金部分約人民幣of principal portion of lease payments of approximately RMB3.5 million.3.5 百萬元所抵銷。Capital Expenditures資本開支For the six months ended 30 June 2020, the Group had no 個月，本集團並無capital expenditures.重大資本開支。

MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析FINANCIAL REVIEW he Group had no significant capital commitments as at 30 June 並無重大資本承擔。Contingent Liabilities或然負債The Group underwent several reorganisations, including disposal of本 集 團 曾 進 行 多 次 重 組，包 括 於 截 至 二 零 一 五 年the entire interest of Honglin International Limited and 威 海 市 裕 博 �有限公司及威纜 科 技 有 限 公 司 (Weihaishi Yubo Wire & Cable Technology Co., �益以及轉讓本集during the year ended 31 December 2015 and transfers of ��關稅務機關呈報subsidiaries within the Group. The Group has conducted filings of �務機關提出或規reorganisations, if required, with the relevant tax authorities. 查。董事相信該等those reorganisations may be subject to further investigations if �妥為處理及計提撥and requested by the relevant tax authorities. The Directors believe ��複，加上相關the taxes arising from those reorganisations have been properly 關或會就該等重with and provided for in the financial statements. Given the complexity組徵收及收取額外稅項。of the relevant tax laws and regulations and the diversified practiceof the respective tax authorities in China, there exists a possibilitythat the tax authorities may levy and collect additional taxes for thosereorganisations.* The English name is for identification purpose only.*Employees僱員As at 30 June 2020, the total number of employees of the Group was �員總數為 249(30 June 2019: 259).名（二零一九年六月三十日：259 名）。The breakdown of the employees of the Group as at 30 June 2019 �年六月三十日2020 is as 。As atAs at30 June 202030 June ��日六月三十日Manufacturing and technical engineering製造及技術工程7874Sales and marketing銷售及市場推廣6070General and administration一般及行政4845Research and development研發6370Total總計249259Compensation policy of the Group is determined by evaluating ��個別表現後釐定，performance of the employees and has been reviewed regularly.並會定期檢討。2020 INTERIM REPORT 中期報告15

16InvesTech Holdings Limited 威訊控股有限公司MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析INVESTMENTS IN LISTED EQUITY SECURITIES上市股本證券投資During the six months ended 30 June 2020, the Group recorded ，本集團錄得unrealised fair value loss on held for trading listed securities 現公允價值虧損約人of approximately RMB221,000.民幣 221,000 元。There ware no material acquisitions and disposals of subsidiaries �，概無任何重associates for the six months ended 30 June 。Movement during the six months ended 30 June ��的變動Stockcode股份代號6108Name of investee company投資對象公司名稱New Ray Medicine InternationalHolding ountas at1 January2020AdditionUnrealisedfair valuelossExchangerealignmentCarryingamountas at30 June2020Dividendincomefor thesix monthsended30 June2020Net lossfor thesix monthsended30 �(221)1,249–(221)241,052–(221)Number ofshares heldand % oftotal shareheld bythe Groupas at30 ,080,000/1.5000%Percentageto theGroup’stotal assetsas at30 團資產總值百分比0.1175%

MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析INVESTMENTS IN LISTED EQUITY SECURITIES ee Company’s Principal Business, Performance andFuture 現及未來前景New Ray Medicine International Holding Ltd. (“New ��銳」）New Ray is an investment holding company principally engaged in �事醫藥產品買trading of pharmaceutical products in China. New Ray operates �注射劑藥品分business through four segments. The injection drugs segment is ��顆粒藥品分部從in the trading of injection drugs. The capsule and granule drugs ��品分部從事片劑is engaged in the trading of capsule and granule drugs. The tablet 貨物及藥品買賣。segment is engaged in the trading of tablet drugs. The others segment isengaged in the trading of miscellaneous types of goods and drugs.For the year ended 31 December 2019, revenue of New Ray �度，新銳的收approximately HK 118.6 million which has decreased by approximately益 約 為 118.6 百 萬 港 元，較 截 至 二 零 一 八 年 十 二 月68.2% when compared to that of approximately HK 372.4 million for the三 十 一 日 止 年 度 約 372.4 百 萬 港 元 減 少 約 68.2%。year ended 31 December 2018. Net profit attributable to owners of �度，新銳擁有Ray for the year ended 31 Decem

Mr. Wong Tsu Wai, Derek (with his former name of Wong Tat Wai, Derek) Independent Non-executive Directors Mr. Wong Chun Sek, Edmund Mr. Lu, Brian Yong Chen Mr. Huang Liangkuai AUDIT COMMITTEE Mr. Wong Chun Sek, Edmund (Chairman) Mr. Lu, Brian Yong Chen Mr. Huang Liangkuai COMPENSATION AND BENEFITS COMMITTEE Mr. Lu, Brian Yong Chen (Chairman)