SMIT Announces 2019 Annual Results

HONG KONG, March 30, 2020 — (PRNewswire) —  SMIT Holdings Limited ("SMIT" or the "Company," together with its subsidiaries, the "Group") (stock code: 2239), a global leading CAM supplier, has announced its annual results for the year ended 31 December 2019 (the "Year").

In 2019, the Group adhered to its strategy on diversification, with integrated circuit (IC) as its core focus, actively exploring new businesses on top of our sound and traditional business. The Group recorded a revenue of US$38.1 million in 2019 as compared to that of US$41.3 million in 2018, representing a year-on-year decrease of 7.8%. Net profit increased by 836.7% to US$12.3 million mainly attributable to an one-off gain on the deemed disposal of the equity interests in S2C Shanghai Co, Ltd. ("S2C Shanghai"). Basic earnings per share for the year were US3.3 cents (2018: US0.4 cent). To reciprocate for our shareholders' support, the Board has proposed a final dividend payment of US0.001 cents per share with a total dividend payout of US$410,139.

During the year, the Group has deployed its industry layout formulation on the electronic design automation (EDA) system for the undertaken National Major Project. The main achievements include the joint establishment of the EDA Research Institute between the Group and Xidian University (hereinafter referred to as "Xidian") aiming to facilitate the technology research and development in related fields, training of high calibres and cultivating of the industry by further relying on the advantageous resources of both parties through numbers of material strategic cooperation with Xidian. The Group also entered into a strategic cooperation agreement with Shanghai Lingang Group, the only large scale state-owned enterprise of Shanghai SASAC which primarily engages in businesses of industrial park investment, development and operation of auxiliary services in relation to the industrial park, pursuant to which both parties would carry out in-depth cooperation focusing on the semiconductor industry. In addition, in January 2020, the Group injected additional RMB90 million share capital into Shenzhen Giga Design Automation Co., Ltd, a company specialized in the development of EDA design software. The capital injection will allow the Group to increase its cooperation with it and further enhance the Group's capabilities in developing the full process EDA system.

During the year, the Group records an increase in revenue from sales of CAM products by 6.5% compared with last year. The Russian region has benefited from a significant increase in the number of satellite users, its revenue increases by 34.5% year on year, which accounts for about 17.2% of CAM's total sales. The Group takes the lead in completing the deployment of CI + 1.4 products in Europe and also displayed the latest CI + 2.0 and HbbTV products with major industry partners during the IBC exhibition in September. Besides, the integration of smart-card-less conditional access technology with various conditional access companies has been completed and the customized CI + 1.3 functional products to a number of operators have been launched.

Prior to its deemed disposal before year end, S2C, a then subsidiary of the Group, accounts for approximately 26.5% of total revenue. In 2019, it optimized product performance and services and enhanced its production capacity significantly. S2C experienced an organic growth in revenue mainly driven by its completed range of products, which can meet the needs of various customers. After the existing mature products have undergone early market cultivation, the number of additional orders from customers has grown rapidly, especially in the Japanese and American markets. The new products launched in 2019 are highly modular and integrated, which were widely recognized in the market once launched, with orders growing rapidly.

Mr Shuai Hongyu, President of SMIT, said, "Looking ahead to 2020, the Group will make full use of its advantageous position in the industrial chain, comprehensively integrate major resources, adhere to the strategy of independent research and development, combination of industry, academy and research, investment and mergers and acquisitions, and comprehensively deploy EDA field. Meanwhile, being the largest shareholder of S2C Shanghai, the Group will continue to provide to full support to the future development of S2C Shanghai. The Group will adhere to integrated circuit design as the core focus, and security and applications products as the pillar. On the basis of ensuring the steady development of traditional businesses, it will continue to explore new revenue growth points, and explore opportunities in the chip design industry in multiple dimensions to achieve diversified development. While enhancing the overall strength of the Group, it will create greater value for shareholders.

About SMIT Holdings Limited (Stock code: 2239)

SMIT Holdings Limited is a semiconductor holding company which listed on the main board of Hong Kong Stock Exchange in 2016. Its business mainly covers development and sales of security products, development and sales of rapid hardware-based verification systems and softwares, and development and application of full process electronic design automation system for chip design etc.

SOURCE SMIT Holdings Limited

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