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Changhong Jiahua holdings limited issued the interim report 2019

In the first half of 2019, factors such as the escalating China-US trade frictions resulted in major fluctuations of the Chinese economy, which grew at a slower pace. Nevertheless, the overall national economy remained stable and progressive, running within its reasonable range. In the first half of the year, the Group continued with its business policy of “Professional Exploration and Growth of Value”, as it coordinated with upstream manufacturers to promote the application of cutting-edge technologies such as artificial intelligence, the internet of things, big data and cloud computing, leveraging new technologies to develop industry and technological solutions and establish a multi-dimensional distribution system. During the period, the Group completed the setting up of a VIE (variable interest entity) structure, which has created the condition for the internet distribution business in respect of model innovation and upgrade.

For the first half of 2019, the Group recorded a revenue of approximately HK$13,021.44 million, representing an increase of 26.83% as compared with that in the corresponding period of last financial year. Profit attributable to shareholders was approximately HK$163.06 million in the first half of 2019, representing an increase of approximately 19.76% as compared with that in the corresponding period of last financial year. Basic earnings per share amounted to HK6.34 cents, representing an increase of approximately HK1.04 cents as compared with HK5.30 cents in the corresponding period of last financial year.

IT consumer products distribution business: In response to the shrinking PC market demand, this business segment worked on improving the proportion of value-oriented business for higher turnover efficiency and stable revenue, whilst striving to boost the sales of intelligent terminal products. Its revenue rose to HK$5,437.39 million with a 2.56% increase over the same period of last year, and its profit increased by 9.44% to HK$122.09 million.

IT corporate products distribution business: This business segment proactively introduced product lines that were powered by new technology, worked on such solutions as big data exploration at a steady pace, expanded channels in an in-depth manner, and was agile in capturing market opportunities. As a result, its sales scale and income continued to grow in the first half of the year, with revenue and profit up by 13.11% and 9.19% to HK$3,657.28 million and HK$159.27 million respectively as compared with the same period of last year.

Other business: Due to a major increase in smartphone sales, revenue from this business segment surged by 126.77% to HK$3,926.79 million as compared with the corresponding period of last year, while profit of the segment grew by 52.91% to HK$21.09 million.

The second half of 2019 is confronted by slower growth of the global economy, changing monetary policies among major economies, a myriad of uncertainties in the China-US trade frictions as well as fresh downward pressure for the economic growth rate of China. This, however, is in tandem with overall controllable risks as countercyclical economic policies further unleash their effect. The fifth mobile communications technology (“5G”) offers crucial support to high-quality economic development, with 5G development to lead the advancement and upgrade of relevant technology industries as well as promote the expansion and upgrade of information consumption. Endeavouring to promote its strategic upgrade to become an ICT comprehensive service provider, the Group will maintain its operation strategy of “All Channels, Specialisation, New Distribution, and Good Partners”, regard “Professional Exploration and Growth of Value” as its operational policy, follow the fresh trends in industry development and take the initiative to expand the product offerings powered by new technology. Meanwhile, with timely awareness of market demand, the Group will quicken its innovation and accumulation of technological, industrial and professional solutions, never cease to bolster its professional service capability and profitability, help its clients undergo digital transformation and make greater contributions to shareholders.

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