PDF《Annual Report》

4 Dear Shareholders, On behalf of the board ( Board ) of directors ( Directors ) of Sinoref Holdings Limited ( Sinoref or the Company , together with its subsidiaries, the Group ), I am pleased to present its annual report for the year ended

31 December 2014. In 2014, the domestic economic growth remains slow, the iron and steel industry is still plagued by overcapacity and oversupply in the market, and steel prices continues to fall, steel enterprises face significant business challenges, while steel flow control products industry has also been dragged down. Affected by the difficult business environment and the continued weak market conditions, the Group recorded a loss of RMB173.7 million in the year. However, the Group will continue to strive through advanced technology research and development to provide quality products to our customers, so as to tide through the difficulties with the iron and steel industry and strive to maintain its market position. There has been a conscious focus by the leadership in China on improving the quality and sustainability of the country'

s economic growth model, which has had an impact on China'

s steel sector. It is believed that this structural shift could influence demand-supply dynamics in the regions, especially import susceptible geographies such as Europe and USA, and lead to moderation of raw material prices and pricing dynamics across regions. According to the China'

s Ministry of Industry and Information Technology, high value-added steel took up a larger proportion of China'

s overall steel exports in 2014. And the figures from China'

s National Bureau of Statistics showed that China exported almost

94 million tonnes of steel products in 2014, representing a rise of 50.5% over the figure in 2013. 各位股东: 本人谨代表华耐控股有限公司 ( 「华耐」 或 「本 公司」 , 连同其附属公司合称「本 集团」 ) 董事 ( 「董事」 ) 会(「董事会」 ) ,欣然 向各位股东提呈截至二零一四年十二月三 十一日止年度之全年业绩报告. 於二零一四年,国内经济增长依然缓慢, 钢铁行业仍受到产能过剩以及市场供过於 求问题困扰,而且钢材价格持续下跌,钢 企经营面对极大挑战,钢水控流产品行业 也因而受到拖累.受到严峻的经营环境影 响,而且市场状况持续不振,本集团於年 内录得亏损人民币1亿7,370万元.然而, 本集团将继续竭力透过先进技术研发为我 们的客户提供优良产品,与钢铁行业共渡 时艰,努力维持市场地位. 中国领导层已著手改进国家经济增长模式 的质量及其可持续性,此举对中国钢业存 在影响.本集团相信此结构性转变或会影 响各地区 (尤其是欧美等易受进口影响的 地区)的供需状况,并使各区内的原材料 价格及定价因素维持稳定. 根泄ひ岛托畔⒒康淖柿,高增值 钢材於中国二零一四年整体钢材出口的占 比重大,而中国国家统计局的数嘞 示,中国於二零一四年已出口近9,400万 吨钢材产品,较二零一三年增加50.5%.

5 自二零一零年起,本集团一直努力开拓海 外市场以把握中国境外的庞大商机.我们 的优质产品得到了欧洲、俄罗斯及韩国领 先钢厂的认同.我们深信本集团能进一步 巩固在国内市场的领先地位,同时提升在 国际市场的品牌认可度. 了解到先进技术的重要性,以及为保持我 们在业内的竞争优势,我们一直高度重视 研发,以领先的自主研发技术发展钢水控 流产品,於二零一四年,我们已取得5项 新注册专利,令我们的注册专利数目增加 至22项. 为解决产能过剩及空气污染等问题,中国 政府已采取多项严格措施遏抑钢厂生产, 而钢材价格急剧下降和存货增加亦令致钢 厂控制产量.此外,长久以来的产能过剩 问题、需求增长放缓以及紧缩信贷政策均 导致中国大量钢厂录得亏损或较低盈利. 为改善经济状况,中国政府推出微刺激政 策,鼓励社会投资基础设施项目,有望振 兴钢铁行业,促进对高端钢水控流产品的 需求. 尽管市场状况不景气,但随著新钢材项目 即将投产,工业及信息化部近期的资料预 测中国的粗钢产能於二零一五年将会有所 增长.本集团相信钢铁行业长远将达致稳 健的经营环境,而华耐将会保持优质产品 的竞争力,充分利用这些鼓励性政策带来 的潜在机遇. Since 2010, the Group has been devoted to tapping the overseas market to seize the immense opportunities outside China;