阜丰集团二零二三中期报告

CONTENTS目錄 Interim Condensed Consolidated Financial Statements26 Notes to the Interim Condensed Consolidated Financial Statements33 FINANCIAL HIGHLIGHTS財務摘要 MANAGEMENT REVIEW管理層回顧 市場概覽 Market Overview 經濟環境 Economic Environment 4.5%6.3%5.5%5.2% In the Period, the economy in China rebounded due to the end of theCOVID-19 restrictions. According to the National Bureau of Statisticsof China, China recorded GDP growth of 4.5% in the first quarter of2023 and 6.3% in the second quarter of 2023 respectively, or 5.5%in the six-month period. However, the GDP growth was lower thanexpected. According to the International Monetary Fund forecast,China’s GDP is expected to grow at 5.2% for 2023. 主要原材料 Major Raw Materials 2,6362,816188,000,000116,000,000 According to the data of Sublime China Information (), cornprice fluctuated between the price range of RMB2,636 to RMB2,816per tonne (including VAT). Corn supply and demand in China wereapproximately 188 million tonnes and 116 million tonnes respectivelyin the Period. 4.4%2393%222,000,000 The PRC government has made the efforts to secure stable supply ofcoal. China has also increased coal import from overseas. Accordingto the data of China National Coal Association (), coal supply in China increased by 4.4% to approximately 2.3billion tonnes and coal import increased by 93% to approximately222 million tonnes in the Period, as compared to the CorrespondingPeriod. 主要產品 Major Products 620,000630,0009,435654,000587,0008,667 MSG price maintained at a high level in the first quarter of 2023due to strong demand. According to the data of Sublime ChinaInformation, MSG supply and demand were approximately 620,000tonnes and 630,000 tonnes respectively, with ASP of approximatelyRMB9,435 per tonne (including VAT) in the first quarter of 2023 inChina. However, MSG price dropped in the second quarter of 2023due to increased supply of MSG and weak demand. MSG supplyand demand were approximately 654,000 tonnes and 587,000tonnes respectively in the second quarter of 2023. ASP of MSG wasapproximately RMB8,667 per tonne (including VAT) as at 30 June2023. Xanthan gum is classified into food grade and industrial grade, ofwhich the industrial grade is mainly applied for oil extraction. Due tothe strong demand from overseas, particularly from the oil extractionsector, xanthan gum recorded strong growth in export sales andprice. MANAGEMENT REVIEW管理層回顧 For the animal nutrition products, threonine and lysine were inchallenging conditions due to the oversupply situation. However, ASPof threonine and lysine increased in the second quarter of 2023 dueto the production inspection and maintenance of some suppliers,which limited the supply in the market. 業務及財務回顧 Business and Financial Review 整體表現 Overall Performance The table below illustrates the growth of the Group’s revenue: MANAGEMENT REVIEW管理層回顧 5.0%13,580,100,000 The Group’s revenue increased by 5.0% to approximatelyR M B 1 3 , 5 8 0 . 1 m i l l i o n i n t h e P e r i o d , a s c o m p a r e d t o t h eCorresponding Period, primarily due to increased revenue contributionfrom the business segments of food additives, colloid and high-endamino acid. 17.4%2,956,800,000 The Group’s overall gross profit decreased by 17.4% to approximatelyRMB2,956.8 million in the Period, as compared to the CorrespondingPeriod, primarily due to the decreases in the gross profit of foodadditives and animal nutrition segments. Facing the challenging market situation, the Group maintained thegrowth momentum by increasing the sales volume in major products,despite the lower ASP. 2,3971.6%6.0% The average price of corn kernels, the key material cost, in the Periodwas approximately RMB2,397 per tonne, which maintained a stableprice trend as compared to the second half of 2022 (increased by1.6% as compared to 2H 2022). It increased by 6.0% as comparedto the Corresponding Period. 24.1%1,537,900,000 Profit attributable to the Shareholders decreased by 24.1% toapproximately RMB1,537.9 million in the Period, as compared to theCorresponding Period. MANAGEMENT REVIEW管理層回顧 五個產品分部分析 Analysis of Five Product SegmentsThe Group’s products are organised into five product segments: Detailed sales and gross profit analysis by segment for the Period andCorresponding Period: 1. 1.Food additives segment 8.1%6,558,500,000 Revenue of food additives segment increased by 8.1% toapproximately RMB6,558.5 million in the Period, as comparedto the Corresponding Period, mainly due to stable revenuecontribution from MSG and increased revenue contribution fromstarch sweeteners. Revenue of starch sweeteners increased dueto higher demand in the Period. 23.5%971,800,00014.8%6.1 Gross profit of food additives segment decreased by 23.5% toapproximately RMB971.8 million in the Period, as compared tothe Corresponding Period, mainly due to decreased gross profitcontribution from MSG. Gross profit margin of food additivessegment was 14.8% in the Period, representing a d