公司定位及战略--中期报告（PDF 页56页）


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$#%&#!IJJK'()*=?@ABCD EE6LMN+, OPPQRPositioning&StrategyTheGrouppositionsitselftobecometheleadingtechnologybasedconsumerproductorientedmanufacturerinthePRCbyfocusingonbusinessopportunitiesinthePRCandbycapitalisingonthePRC'seminentpositionastheglobalmanufacturingpowerhouseaswellasitsburgeoningdomesticconsumermarket.Thisleverage,togetherwiththeGroup'scostefficientChinesemanufacturingplatformsplusthetechnologicaledgeprovidedbytheGroup'sstrategicpartners,serveastheGroup'slongtermstrategytoachieveitsleadingpositioninChina.1ContentsCorporateProfileFinancialHighlightsChairman’sStatementandReviewofOperationsandResultsAdditionalInformationCondensedConsolidatedIncomeStatementCondensedConsolidatedBalanceSheetCondensedConsolidatedStatementofChangesinEquityCondensedConsolidatedCashFlowStatementNotestotheCondensedConsolidatedFinancialStatements246163233353637CHINARESOURCESLOGICLIMITED•InterimReport20062CorporateProfileTheCompanywasfirstlistedonTheStockExchangeofHongKongLimited(the“HKStockExchange”)in1994withthemanufactureandsaleofofficefurnitureasitsmainbusiness.On22ndJanuary,2001,theGroup(i.e.theCompanyanditssubsidiaries)hassuccessfullycompleteditsrestructuringbyacquiringtwomajorbusinessesnamely(i)theSemiconductorBusinessand(ii)theCompressorBusinessfromChinaResources(Holdings)CompanyLimited(“CRH”),theCompany’ssubstantialandcontrollingshareholder.ThenameoftheCompanyhasalsobeenchangedfromLogicInternationalHoldingsLimitedtoChinaResourcesLogicLimited(the“Company”).TheGroupdisposedofitsOfficeFurnitureBusinessin2005tofocusontheSemiconductorandCompressorBusinesses.TheGrouphastransformedtobecomeatechnologyorientedmanufacturerfocusingonmanufacturingtechnology-basedconsumerproductssuchasIntegratedCircuits(“ICs”)usedinconsumerelectronicsandcompressorsusedinresidentialair-conditioners.In2002,theGroup’sSemiconductorBusinessacquiredamajorsemiconductormanufacturerinthePeople’sRepublicofChina(the“PRC”)andprovidedtheGroupwithasolidPRCbasedmanufacturingplatform.In2003,theGrouprestructureditsassociatedopenfoundrybusinessandinvitedmajorinternationalsemiconductorfoundryandinternationalinvestorsasequitypartners.ThisopenfoundryassociatedcompanywassuccessfullylistedontheMainBoardoftheHKStockExchangeinAugust2004andsubsequentlyinJuly,2006,theGroupsuccessfullyacquiredacontrollinginterestthereinviaavoluntaryconditionaloffer.ThismeasurecatapultedtheGrouptobecomeoneofthelargestlocalplayersinthePRCsemiconductorindustrywithintegratedmanufacturingandservicecapabilitiescoveringdesign,fabrication,foundryservicesandtestandassemblyservices.Leveragingonitscompetitivelocalproductioncosts,maturetechnology,hencelowcapitalexpenditure,theSemiconductorBusinessfocusesonexpandingitsshareoftheanalogueICmarketinthePRCwhichhasbeengrowingrapidlyinrecentyearsandisexpectedtodosointheforeseeablefuture.(i)(ii)LogicInternationalHoldingsLimitedChinaResourcesLogicLimited•3CorporateProfileTheGroup’sresidentialair-conditionerCompressorBusinessiscurrentlyoneoftheleadingresidentialair-conditionercompressormanufacturersinthePRC.TheCompressorBusinesshassuccessfullyleveragedontheleadingedgetechnologyofitsjointventurepartner,SanyoElectricCo.,Ltd.ofJapan(“SanyoElectric”);thecosteffectiveChinesemanufacturingbase;andtherapidlygrowingPRCresidentialair-conditionermarket.Withincreasedproductioncapacityto6millionunitsayear,theCompressorBusinesshasbecomeamajorglobalsupplierofresidentialair-conditionercompressors.TheGroupaspirestobecometheleadingtechnologybasedconsumerproductorientedmanufacturerinthePRCbyfocusingonbusinessopportunitiesinthePRCandbycapitalisingonthePRC’seminentpositionastheglobalmanufacturingpowerhouseaswellasitsburgeoningdomesticconsumermarket.6,000,000CHINARESOURCESLOGICLIMITED•InterimReport20064FinancialHighlights1.2.3.6monthsended6monthsended30thJune,200630thJune,2005Increase/HK$’000HK$’000(Decrease)Turnover1,637,4111,774,341(8%)Profitfromoperations238,920359,830(34%)Netcashinflowfromoperatingactivities162,800248,960(35%)ProfitattributabletoequityholdersoftheCompany142,177215,504(34%)1Earningspershare(Note1)Basic5.33cents8.11HKcents(34%)Diluted5.28cents8.01HKcents(34%)Proposedinterimdividendpershare1.00cent1.00HKcent0%AsatAsat30thJune,31stDecember,20062005Increase/HK$’000HK$’000(Decrease)EquityattributabletoequityholdersoftheCompany2,490,5612,396,6694%Minorityinterests746,801627,11919%Totalequity3,237,3623,023,7887%Netborrowings1,036,388896,78716%Totalassets6,976,5055,571,43525%GearingratiosDebt/equitygearingratio2(Note2)32%30%7%Debt/assetgearingratio3(Note3)15%16%(6%)Notes:1.Basicearningspershareiscalculatedbasedonweightedaveragenumberofissuedshares.Dilutedearningspershareincorporatesthepotentialdilutiveeffectofshareoptions.2.Debt/equitygearingratioistheratioofnetborrowingstototalequity