国微控股2023中期报告

CONTENTS Corporate InformationManagement Discussion and AnalysisOther InformationCondensed Consolidated Statement of Financial PositionCondensed Consolidated Income StatementCondensed Consolidated Statement of Comprehensive IncomeCondensed Consolidated Statement of Changes in EquityCondensed Consolidated Statement of Cash FlowsNotes to the Condensed Consolidated Interim Financial Information 020515262829303233 CORPORATE INFORMATION BOARD OF DIRECTORS Executive Directors Mr. Huang Xueliang(Chairman and Executive Director)Mr. Loong, Manfred Man-tsun Non-Executive Directors Mr. Kwan, Allan Chung-yuenMr. Cai Jing Independent Non-Executive Directors Mr. Zhang JunjieMr. Woo Kar Tung, RaymondMr. Jin Yufeng SENIOR MANAGEMENT Mr. Loong, Manfred Man-tsun COMPANY SECRETARY (CPA) Mr. Cheng Kai Pui, Eric (CPA) AUDIT COMMITTEE Mr. Woo Kar Tung, Raymond(Chairman)Mr. Kwan, Allan Chung-yuenMr. Zhang Junjie REMUNERATION COMMITTEE Mr. Zhang Junjie(Chairman)Mr. Jin YufengMr. Kwan, Allan Chung-yuen NOMINATION COMMITTEE Mr. Huang Xueliang(Chairman)Mr. Jin YufengMr. Woo Kar Tung, Raymond REGISTERED OFFICE IN THE CAYMANISLANDS Maples Corporate Services LimitedPO Box 309, Ugland HouseGrand Cayman, KY1-1104Cayman Islands Maples Corporate Services LimitedPO Box 309, Ugland HouseGrand Cayman, KY1-1104Cayman Islands PRINCIPAL PLACE OF BUSINESS IN THE PRC 22F, Guoshi BuildingNo. 1801 Shahexi RoadNanshan DistrictShenzhen, PRC 180122 HEADQUARTERS AND PRINCIPAL PLACEOF BUSINESS IN HONG KONG 1/F, Harbour View 216 Science Park East AvenueHong Kong Science Park, Shatin,New TerritoriesHong Kong 1621 COMPANY’S WEBSITE www.smit.com.cn www.smit.com.cn CAYMAN SHARE REGISTRAR ANDTRANSFER AGENT Maples Fund Services (Cayman) LimitedPO Box 1093, Boundary HallCricket SquareGrand Cayman, KY1-1102Cayman Islands Maples Fund Services (Cayman) LimitedPO Box 1093, Boundary HallCricket SquareGrand Cayman, KY1-1102Cayman Islands CORPORATE INFORMATION HONG KONG SHARE REGISTRAR 183171712 1716 Computershare Hong Kong Investor Services LimitedShops 1712-1716, 17th FloorHopewell Centre183 Queen’s Road EastWanchaiHong Kong PRINCIPAL BANKER Citibank N.A. Hong Kong Branch21/F, Tower 1, The Gateway, Harbour CityTsim Sha TsuiKowloonHong Kong 121 AUDITOR PricewaterhouseCoopersCertified Public AccountantsRegistered Public Interest Entity Auditor STOCK CODE 22392239 MANAGEMENT DISCUSSION AND ANALYSIS BUSINESS REVIEW The Group is a leading security devices provider globally forpay-TV broadcasting access. It designs, develops and marketssecurity devices primarily for the pay-TV industry worldwidethrough sales of conditional access modules, or CAMs,products which provide end users with access to pay-TVcontent. The Group has actively developed its semi-conductor ICsmart technology business, and has gradually developedand expanded its two new main business segments of cloudservices and integrated circuit (“IC”) solutions. IC CAM In the first half of 2023, as the overall market sales of CAMsslightly declined compared to the same period last year, theGroup’s revenue generated from CAM sales amounted toapproximately US$6.5 million, representing a decrease of11.5% when compared to that in the first half of 2022 (forthe six months ended 30 June 2022: US$7.4 million), andwhich accounted for 58.1% of the Group’s total revenue. 11.5%6.57.458.1% MANAGEMENT DISCUSSION AND ANALYSIS 70.6%12.8%CA55.0%CAM47.4%CAUSB Dongle In the first half of 2023, the European region remainedthe largest market for CAMs, accounting for 70.6% of thetotal sales of CAMs and representing a decrease of 12.8%compared to the same period last year, mainly due to lack inmomentum of the overall market demand, and the fact thatthe sales decline resulting from product switching and CAreplacement by certain operator customers was not fully offsetby the significant increase in orders from major customersin Austria during the first half of the year. Sales in emergingmarkets decreased by 55.0% year-on-year, mainly due tolower demand from customers in Uzbekistan, Kazakhstan,Tajikistan and Africa, and as a result of slower-than-expectedCAM inventory sales. The domestic market sales increased by47.4% year-on-year, mainly due to broadcasting operatorsswitching domestic CA and platform upgrades of themonitoring centres, and the completion of multiple hotelrenovation projects using USB Dongle. In the first half of the year, the market gradually opened up,and major domestic and overseas exhibitions were held. Inthe European region, despite an increase in orders from majorcustomers in Central Europe, market demand in WesternEurope and Northern Europe remained sluggish, and customerinventory turnover remained low. In addition, orders frommajor customers in Eastern Europe were delayed due to theswitch to card-less smart cards, resulting in weak growthin the region as a whole. The group mainly promoted theshipment of new versions of relevant hardware products,which increased g