Interim Report 2022

二零二二年中期報告 33 MANAGEMENT DISCUSSION AND ANALYSIS BUSINESS REVIEW In the first half of 2022, with high inflation around the globe and the interest rate hikes in the US to curb soaring inflation, market expectations showed concerns about sluggish economic growth and possible recessions. The new wave of COVID-19 outbreak and the rising epidemic in many parts of China led to weak domestic demand because of pandemic lockdowns and other measures. Together with high manufacturing costs caused by the rising prices of raw materials and commodities, all these have taken a heavy toll on the corrugated packaging industry. Since last October, the local government has suspended the annual inspection of the licences of the boilers, resulting in the temporary suspension of the Group’s upstream business and the loss of the Group’s containerboard sale in the first half of 2022, which significantly increased the burden on the Group. Currently, the Group continues to coordinate with the local government for the annual inspection procedures of the licences for the coal-fuel boilers to resume production and in parallel to conduct the project to change its boilers from coal-fuel boilers to gas-fuel boilers pursuant to the environmental policies of the local government. The Group has engaged a supplier to carry out the project for the works to change to gas-fuel boilers and assist the Group in completing the annual inspection procedures of the licences for the boilers, and expects to resume production in 2023. The Group has sufficient inventory of containerboard and will purchase from third party suppliers as appropriate to satisfy its production needs, which has no impact on other production businesses. 管理層討論及分析 業務回顧 二零二二年上半年，全球各地通脹高 企，美國大幅加息遏抑高通脹，市場對 經濟增長預測放緩以及出現倒退的憂 慮。新一輪新型冠狀病毒疫情爆發及中 國多地疫情持續升溫，國內需求因疫情 封城和其他措施持續疲弱，加上原材料 及商品價格上漲等令製造成本高昂，對 瓦楞包裝行業造成嚴重的打擊。 自去年十月份，當地政府暫停有關鍋爐 的牌照年審事宜，以致集團的上游業務 需暫時停產，令集團失去二零二二年上 半年的箱板紙銷售，大大加重集團的負 擔。現時集團繼續就燃煤鍋爐牌照年審 程序與當地政府協調以恢復生產，並同 時進行根據當地政府之環保政策將燃煤 鍋爐改用燃氣鍋爐的項目。本集團已聘 請供應商著手進行改用燃氣鍋爐工程項 目，並協助本集團完成鍋爐牌照年審程 序，預計將於二零二三年恢復生產。集 團現存有足夠的箱板紙存貨及會適時向 第三方供應購買以滿足其生產需求，對 其他生產業務並無帶來影響。