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Samfine Creation Holdings Group Limited’s subsidiaries manufacture printed products in Shenzhen. Its main customers are Hong Kong book traders that win overseas printing contracts and outsource production to printers such as Samfine. The company quotes for each order based on materials, labor, quantity and delivery requirements, then produces the goods, often shipping directly to overseas destinations, mainly in the United States and Europe. Book products generate the larger share of revenue; novelty and packaging products, including paper crafts and boxes, contribute a substantial remainder.
A few customers account for most revenue, and they buy order by order rather than under long-term contracts. The business therefore depends on their repeat orders and demand from their overseas clients. Shenzhen Factory is its only production base, making timely production and delivery dependent on that site.
Samfine SZ, its wholly foreign-owned printing subsidiary, needs permits for individual publication-printing projects. It currently obtains these permits, but cannot carry out a project without the relevant permit. Continuing this work also depends on Shenzhen retaining its practice of issuing publication-printing permits to wholly foreign-owned enterprises.
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Samfine’s results hinge on orders from Hong Kong book traders serving U.S. and European markets, printing prices and continued access to Shenzhen publication-printing permits.
Millennium Group’s Guangdong paper-packaging business overlaps with the shopping bags and package boxes Samfine makes in Shenzhen, exposing both to paper-packaging demand and manufacturing costs in southern China. Millennium charges customers for packaging products with design and delivery included, making its packaging sales a useful comparison for Samfine’s packaging business, rather than its book printing.
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