[年报]东方精工(002611):2022年年度报告（英文版）
原标题:东方精工:2022年年度报告（英文版） 【Date of Disclosure】28 March 2023 Part I Important Notes, Table of Contents and Definitions The Board of Directors (or the “Board”), the Supervisory Committee as well as the directors, supervisors and senior management of Guangdong Dongfang Precision Science & Technology Co., Ltd. (hereinafter referred to as the “Company”) hereby guarantee that the contents of this Report are true, accurate and complete and free of any misrepresentations, misleading statements or material omissions, and collectively and individually accept legal responsibility for such contents. Tang Zhuolin, the Company’s legal representative, Shao Yongfeng, the Company’s Chief Financial Officer, and Yao Bin, the Head of the Company’s Accounting Department (equivalent to Financial Manager) hereby guarantee that the financial statements carried in this Report are truthful, accurate and complete. All directors of the Company attended in person the board meeting for the approval of this Report. The future development strategies, business plans and other forward-looking statements mentioned in this Report shall be deemed as uncertain plans instead of promises to investors. Therefore, investors are reminded to exercise caution when making investment decisions. For possible risks with respect to the Company, please refer to “(III) Possible Risks and Countermeasures” in “XI Prospects” of “Part III Management Discussion and Analysis” herein. And investors are kindly advised to read through the aforesaid contents. The Company planed not to distribute cash dividends, neither give away bonus shares, nor capitalize from public reserve. This Report has been prepared in Chinese and translated into English. Should there be any discrepancies or misunderstandings between the two versions, the Chinese version shall prevail. Table of Contents Part I Important Notes, Table of Contents and Definitions ........................................................... 2 Part II Corporate Information and Key Financial Information ................................................... 8 Part III Management Discussion and Analysis ............................................................................. 13 Part IV Corporate Governance ...................................................................................................... 92 Part V Environmental and Social Responsibilities ..................................................................... 124 Part VI Significant Events ............................................................................................................. 126 Part VII Share Changes and Shareholder Information ............................................................. 139 Part VIII Preference Shares .......................................................................................................... 149 Part IX Corporate Bonds .............................................................................................................. 150 Part X Corporate Financial Statement ........................................................................................ 152 Documents Available for Reference 1. The financial statements signed and sealed by the Company’s legal representative, Chief Financial Officer, and the person-in-charge of the financial organ. 2. The original of the Auditor’s Report sealed by the CPA firm as well as signed and sealed by the certified public accounts. 3. All the originals of the Company’s announcements and documents that were disclosed to the public during the Reporting Period on the media designated by the CSRC for information disclosure. 4. The 2022 Annual Report carrying the signature of the legal representative. 5. The documents above are lodged in the Securities Department of the Company, 18A, China Merchants Plaza, 1166 Wanghai Road, Shekou, Shuiwan Community, Zhaoshang Street, Nanshan District, Shenzhen City, Guangdong Province, China. Definitions
The independent auditor hired by the Company:
□ Applicable √ Not applicable The independent financial advisor hired by the Company to exercise constant supervision over the Company in the Reporting Period: □ Applicable √ Not applicable VI Key Financial Information Indicate whether there is any retrospectively restated datum in the table below. □ Yes √ No
losses was negative for the last three accounting years, and the latest independent auditor’s report indicated that there was uncertainty about the Company’s ability to continue as a going concern. □ Yes √ No Indicate whether the lower of the net profit attributable to the listed company’s shareholders before and after exceptional gains and losses was negative. □ Yes √ No VII Accounting Data Differences under China’s Accounting Standards for Business Enterprises (CAS) and International Financial Reporting Standards (IFRS) and Foreign Accounting Standards 1. Net Profit and Equity under CAS and IFRS □ Applicable √ Not applicable No difference for the Reporting Period. 2. Net Profit and Equity under CAS and Foreign Accounting Standards □ Applicable √ Not applicable No difference for the Reporting Period. VIII Key Financial Information by Quarter Unit: RMB
disclosed in the Company’s quarterly or interim reports. □ Yes √ No IX Exceptional Gains and Losses √ Applicable □ Not applicable Unit: RMB
No such cases in the Reporting Period. Explanation of why the Company reclassifies as recurrent an exceptional gain/loss item defined or listed in the Explanatory Announcement No. 1 on Information Disclosure for Companies Offering Their Securities to the Public—Exceptional Gain/Loss Items: □ Applicable √ Not applicable No such cases in the Reporting Period.
(II) Industry overview 1. Industry of the smart corrugated packaging equipment and digital printing solutions business (1) Demand side: The downstream industry of the Company’s core business, “smart corrugated packaging equipment”, is the corrugated packaging industry, and the main customers include cardboard plants, box plants, and other business- end (B-end) customers. As a machinery supplier, the Company provides various single machine and complete production line products for cardboard and box production and manufacturing, which is relevant to the development of the downstream paper packaging industry. The corrugated box field is one of the major fields of the paper packaging industry, of which the terminal demand is relevant to the prosperity of consumption and business activities. Corrugated packaging products are used in a vast number of fields, including food and beverage, household chemicals, e-commerce, and express, and are inelastically demanded by consumers. Concerning the growth rate of demand in these fields for corrugated packaging, the express and logistics field has grown rapidly, with its share in the total downstream corrugated box share continuously increasing between 2017 and 2021. Between 2017 and 2021, the domestic express business recorded rapid growth, with a compound annual growth rate (CAGR) of approximately 28%. Despite a slight drop in growth in 2022, the volume of express business across China still maintained growth. By estimation, with the recovery of GDP growth in 2023, the growth of the volume of express business is expected to get back onto the rapid growth track. This will boost the development of the corrugated packaging industry. Movements in the Business Volume of Express Enterprises above the Designated Size in China between 2016 and 2022
According to the monitoring data released by the State Post Bureau of the People’s Republic of China, as at 8 March 2023, the volume of Chinese express business has reached 20.09 billion pieces, which is achieved 72 days earlier than the volume of 20 billion in 2019 and six days earlier than the volume in 2022. This year, it takes 39 days to achieve the first 10 billion pieces in the express business volume in China and 28 days to achieve the second 10 billion pieces, shortened by 10 days. This has displayed the vitality and momentum of the express industry and vividly indicates that China maintains strong resilience and sufficient potential in the consumer market as well as the long-term upward fundamental of consumption development. The terminal market demand is constantly unleashed, increasing the demand for the expansion of the industry’s capacity: Over the past few years, the scale of China’s express corrugated packaging market has been on the rise. According to the data released by the China Paper Association, the express corrugated packaging market is continuously scaled up in China. By the forecast of Qianzhan Industry Research Institute, the scale of China’s express corrugated packaging market will continue to rise in the upcoming years and is estimated to reach RMB86.4 billion by 2025 (CAGR for 2019 to 2025: Approximately 15%). Terminal markets, including the express, electronics, and household chemicals terminal markets, show an increasing demand for corrugated box and board packaging, which will drive the expansion of the capacity of corrugated packaging enterprises and thus increase the demand for corrugated packaging machinery, benefiting the machinery manufacturers. Phase and clear out machinery with backward capacity and continue to upgrade machinery: China’s paper packaging industry market shows a low concentration degree. In 2021, the CR5 of paper packaging enterprises above the designated size was only 14%. Additionally, the industry has a number of low-end small and medium box plants, presenting a highly decentralized competitive landscape. With the brand-based development and upgrading of the downstream terminal consumer industry, the requirements of corporate customers for corrugated boxes gradually increase. Concurrently, the supply-side upgrading of the industry is an inevitable trend, and the industry will boost its concentration through market competition, capacity upgrading, and M&A. This trend will boost the upgrading and iteration of technologies and machinery and accelerate industry integration. Additionally, it is estimated that the line machinery that is more intelligent and productive will replace the existing corrugated cardboard production lines and corrugated box printing and packaging production line equipment in the upcoming five to ten years. By statistics, there are over 6,000 existing corrugated cardboard production lines in the domestic market, and more corrugated box printing and packaging machinery, which will be replaced by more intelligent ones with higher production efficiency in the next five to ten years. Digital and intelligent upgrading of the paper packaging and printing industry bring new development opportunities: The traditional production mode has caused domestic paper packaging and printing enterprises to be overly dependent on skilled technicians at critical positions and slow to identify the outdated management mode. The “strategy of robot assembling line” and “smart factory” are increasingly recognized by the industry. Amid intelligent manufacturing, the paper packaging and printing industry will usher in industrial upgrading and transformation. Additionally, leading packaging enterprises, including Xiamen Hexing Packaging Printing Co., Ltd. (HXPP), MYS Group Co. Ltd. (MYS), Shenzhen YUTO Packaging Technology Co., Ltd., and Shenzhen Jinjia Group Co., Ltd., have pushed ahead with Internet-based development in recent years by entering into intelligent manufacturing, cloud printing, or other markets, expected to launch a revolution in the Internet-based development of the paper packaging and printing industry and injecting new impetus into industry integration. Concurrently, amid intelligent manufacturing and Internet-based packaging, leading enterprises engaged in corrugated packaging machinery are also expected to embrace new development opportunities. By estimate, the scale of the global corrugated packaging machinery market is approximately RMB30 to 40 billion. (2) Supply side: A. World-leading comprehensive strength Corrugated cardboard production lines: Major manufacturers of corrugated cardboard production lines around the world include Fosber Group, BHS (Germany), Marquip (a wholly-owned subsidiary of the American Barry-Wehmiller), and J.S. Machine. Among them, Fosber Group and its major rival from Germany, BHS, lead the others and are leaders in the global middle- and high-end corrugated cardboard production line field. Fosber Group holds approximately 30% of the global middle- and high-end corrugated cardboard production line market and more than 50% of the North American market. Corrugated rollers, key components of corrugated cardboard production lines: The subsidiary Tiru?a Group is a time-honoured and prestigious corrugated roller supplier, specializing in the production of corrugated rollers and pressure rollers for industrial corrugated cardboards. It leads the global market. Corrugated box printing and packaging production line equipment: Major manufacturers in this field include Dongfang Precision, Bobst (Switzerland), Gopfert (Germany), Ward (a wholly-owned subsidiary of the American Barry-Wehmiller), Ding Long (Shanghai), and Guangzhou Keshenglong. Dongfang Precision is an industry leader in China and is competitive with the global industry leader, Bobst, from Switzerland. With an advantage in global resource coordination, leading design concept, excellent overall R&D strength, and a product system featuring complete categories and rich specifications, the Company can produce products that meet dozens of specifications and different market positioning, covering fixed/open-close type, top printing/bottom printing, and complete production line (inline) products/single machine, and has the completest product lines and richest product base of the corrugated box printing and packaging production line equipment worldwide. Digital printing: Major manufacturers include Wonder Digital, Hanway (China), Atexco, HP (the US), and EFI (the US). The subsidiary, Wonder Digital, takes the lead among global suppliers of digital printing solutions in applying high-speed inkjet printing technology to corrugated packaging and is committed to extending digital printing technology to such fields as home building materials, label printing, and advertising. Digital printers under the brand Wonder has been sold at home and abroad since Wonder Digital was established in 2011. Statistically, more than 1,400 pieces of machinery have been sold to over 80 countries around the world. In conclusion, Dongfang Precision leads the world in terms of its comprehensive strength in smart corrugated packaging equipment business and can provide downstream customers such as cardboard plants and box plants with “one-stop” machinery and service support that covers each production process, including corrugated cardboard production, corrugated box production, and pre-printing and post-printing production processes, and different technology roadmaps, including flexographic printing and digital printing. In terms of the size of revenue, Dongfang Precision’s corrugated packaging machinery business accounts for approximately 10% of the global industry market, ranking first among domestic enterprises of the same type and second in the global market. B. The rapid development of digital printing technology brings more development opportunities for the industry. According to the report The Future of Inkjet Printing to 2023 released by the research institution, Smithers Pira, in the global presswork and packaging field, the market scale of inkjet printing technology between 2013 and 2018 increased from USD43.4 billion to USD69.6 billion and is expected to reach USD109 billion in 2023, with a CAGR of nearly 10%. The percentage of inkjet printing in the entire printing market is expected to increase to 13.0% in 2023. Scale of the Inkjet Printing Market in the Global Presswork and Packaging Field
Other fields where digital printing technology is applied: Home decoration, textile printing, ceramics, electronics, glass, automobiles, biomedicine, and 3D printing. According to the report released by Smithers Pira, the overall scale of markets of other application fields is expected to increase from USD25.691 billion in 2018 to USD41.076 billion in 2023, with a CAGR of approximately 9.8%. Market Scales in the Global Digital Inkjet Printing Application Fields
categories. Specifically, end customers could transmit documents for printing and commands to the digital machinery through remote control via computers/mobile phones, enabling PDF patterns to be printed on the packaging materials. Concurrently, the seamless exchange between orders provides flexible and personalized packaging solutions for end brand customers. Concerning the explosive stock keeping unit (SKU) as a result of traditional e-commerce and live-streaming e-commerce and the drastic order fluctuation faced by end brand customers, to remove the pressure and pain points regarding the management of the supply chain of end-brand packaging supplies, Wonder Digital provides a complete set of solutions to the management of packaging supplies featuring high turnover, zero stock, low cost, and super high flexibility. In the subsequent development, Wonder will constantly strengthen the driving force of innovation and refine its R&D mechanism to expand digital printing technology into more fields. Wonder Digital’s digital printing technology enables the documents on the computer/mobile phone to be directly printed on corrugated cardboards, offset cartons, and other packaging materials. The technology allows one-sheet printing and can present the effects of the finished products without platemaking, imposition, and colour calibration. Additionally, the technology enables immediate problem remediation, variable printing, and printing on demand. The major advantages of the technology are shown as follows: (1) Convenient and fast （未完）  |