Tradelink 2022 Annual Report

Management Discussion and Analysis (Continued) 管理層討論及分析（續） 23 貿易通電子貿易有限公司 二零二二年年報 Business Review E-Commerce Business Review Amid the worsening external environment that dampened demand and disruptions to cross border cargo transportation between the mainland and Hong Kong, the Group’s E-Commerce business saw a widening year-on-year contraction in the second half of 2022, with both revenue and profit recording a double-digit decline, compared with a moderate single-digit decline in both figures in the first half. As a result, our E-Commerce business, which includes the GETS and Supply Chain Solutions sub-segments, reported total revenue of HK$172.2 million for the full year 2022, down HK$16.2 million, or 8.6%, from HK$188.4 million in 2021. Segment profit also declined 18.2% from HK$74.4 million in 2021 to HK$60.9 million in 2022. In terms of the revenue breakdown of this business segment, our GETS and Supply Chain Solutions business sub-segments recorded revenue of HK$144.6 million and HK$27.6 million, respectively, in 2022. For GETS, this represents a decrease of 13.7% compared with the revenue recorded in 2021, while for Supply Chain Solutions, this represents a surge of 32.0% relative to the revenue recorded in 2021. Taking a closer look at our GETS sub-segment, as foreshadowed in our interim report, 2022 was indeed a very challenging year as a number of highly uncertain external factors affected Hong Kong’s trade performance, including the Russian-Ukraine conflict, rising energy and commodity prices, increasing inflationary pressure and accelerated monetary tightening by major central banks. While the GETS market recorded only a slight contraction of 0.96% year on- year in the first half of 2022, the situation deteriorated rapidly in the second half. In contrast to the peak season effect, which typically boosts GETS business in the second half of the year, resulting in the overall market expanding by an average of 10% compared with the first half, the overall GETS market actually shrank by 3% in the second half of 2022 compared with the first half. Coupled with a historically high base in the second half of 2021 for comparison, the overall GETS market contracted by 9.7% year-on-year in 2022, which is worse than it was during the 2008/09 global financial crisis. In fact, the market contracted by 22.8% in the fourth quarter of 2022 compared with the same period in 2021 amid the rapid and severe spread of COVID-19 in China which led to significant disruptions in 業務回顧 電子商貿業務回顧 由於外圍環境不斷惡化，需求受抑，加上中港 兩地的跨境貨運受阻，本集團電子商貿業務於 二零二二年下半年的收縮幅度較去年同期擴大， 收益及溢利均錄得雙位數跌幅，上半年則錄得 較為溫和的個位數跌幅。因此，電子商貿業務 （包括 GETS 及供應鏈應用方案兩個子分部）於二 零二二年全年錄得總收益港幣 172,200,000 元， 較 二零二一 年 的 港 幣 188,400,000 元 減 少 港 幣 16,200,000 元 或 8.6% 。分 部 溢 利亦由二零二一 年的港幣 74,400,000 元減少 18.2% 至二零二二年 的港幣 60,900,000 元。 就此業務分部的收益細分來看，於二零二二年， GETS 子 分 部錄 得 收 益 港 幣 144,600,000 元，較 二零二一年下跌 13.7% ，而供應鏈應用方案業務 子 分 部則 錄 得港 幣 27,600,000 元，較二零二一 年大幅增長 32.0% 。 仔細分析 GETS 子分部，正如中期報告所預示， 二零二二年確實是相當艱難的一年，俄烏衝突、 能源及商品價格上漲、通脹壓力上升及主要央 行加速收緊貨幣政策等諸多無法確定的外圍因 素，嚴 重影 響香港的貿易表現。雖 然 GETS 市 場於二零二二年上半年按年僅輕微收縮 0.96% ， 但情況於下半年急速惡化。通常情況下，受旺 季效應推動， GETS 業務下半年一般增長較快， 整體市場較上半年平均增長 10% ，但二零二二 年情 況卻與此 相反，下半 年整 體 GETS 市 場較 上半年收縮 3% 。再加上用作比較的二零二一年 下半年基數 處 於歷史高位，整體 GETS 市場於 二零二二年按年收縮 9.7% ，較二零零八╱九年 全球金融危機期間的表現更差。由於中國境內 COVID-19 疫情迅速蔓延，導致年內期後製造業 及供應鏈活動受到嚴重干擾，因此與二零二一 年同期相比，二零二二年第四季度市場收縮達 22.8% 。在此不利的經營環境下， GETS 業務於 二 零 二 二 年 錄 得 收 益 港 幣 144,600,000 元，較