Annual Report 2018

17 年報 ANNUAL REPORT 2018 董事長報告書 CHAIRMAN’S STATEMENT DIVIDEND The Board did not recommend the payment of a final dividend for the year ended 31 December 2018. THE WAY FORWARD We have issued convertible bonds in the principal amount of up to HK$150,000,000 to our controlling Shareholder, Beijing Shougang Fund Co., Ltd (“Shougang Fund”)’s wholly owned subsidiary, in February 2019, which would relieve our financial pressure at a lowered cost and provide funding for the capital investment of constructing additional brass wire (semi-finished product of steel cord) production lines at TESC. The subscription of the convertible bonds by Shougang Fund also reflects the confidence and commitment of Shougang Fund towards the long-term business development of the Group. However, I am of the view that the year of 2019 will still be full of challenges. Faced with the complex situations and increasingly competitive landscape in domestic and foreign markets, we are committed to optimize our product mix and improve upon our product quality at competitive prices to meet the demanding requirements of our tyre customers. Congruently, we will continue to sharpen our competitive edge and grasp oppor tun i t i es i n both the l oca l and international markets by adding to our product innovation, research and development efforts. 股息 董事會不建議派發截至二零一八年十二月 三十一日止年度之末期股息。 未來路向 我們於二零一九年二月已向控股股東北京首鋼 基金有限公司（「首鋼基金」）的全資附屬公司發 行本金額最高為港幣 150,000,000 元的可換股 債券。此發行以較低成本紓緩了我們的財政壓 力及為滕州東方建設額外黃絲（鋼簾線半成品） 生產線的資本投資提供了資金。首鋼基金認購 可換股債券也反映了首鋼基金對本集團長遠業 務發展的信心和承諾。 但是，本人認為二零一九年仍將充滿挑戰。面 對國內外市場複雜的情況和日益激烈的競爭格 局下，我們致力於優化產品組合，以具有競爭 力的價格提高產品質量，以滿足輪胎客戶的嚴 格要求。一概而言，我們將通過增加產品創 新，研發力度以繼續提高我們的競爭優勢，抓 住國內和國際市場的機遇。