米高集团2023 / 2024年度报告

(incorporated in the Cayman Islands with limited liability)（於開曼群島註冊成立的有限公司）Stock Code : 9879 2023/2024 年 度 報 告ANNUAL REPORT CONTENTS 2Corporate Information4Financial Highlights5Operational Highlights6Chairperson’s Statement9Management Discussion and Analysis19Directors’ Report36Profiles of Directors and Senior Management42Corporate Governance Report66Independent Auditor’s Report73Consolidated Statement of Profit or Loss and Other ComprehensiveIncome74Consolidated Statement of Financial Position76Consolidated Statement of Changes in Equity78Consolidated Statement of Cash Flows81Notes to the Consolidated Financial Statements194Four-year Financial Information195Definitions CORPORATE INFORMATION BOARD OF DIRECTORSExecutive Directors Mr. Liu Guocai(Chairperson and chief executive officer)Mr. Sun Pingfu(Research and development director)Mr. Dong Benzi(Internal control director) Independent Non-executive Directors Qing Meyerson Mr. Chen GuofuMs. Huang ShashaMs. Qing Meyerson AUDIT COMMITTEE Qing Meyerson Ms. Qing Meyerson(Chairperson)Mr. Chen GuofuMs. Huang Shasha REMUNERATION COMMITTEE Ms. Huang Shasha(Chairperson)Mr. Chen GuofuMr. Dong Benzi NOMINATION COMMITTEE Mr. Liu Guocai(Chairperson)Mr. Chen GuofuMs. Huang Shasha COMPANY SECRETARYMs. Fung Wai Sum AUTHORIZED REPRESENTATIVES Mr. Liu GuocaiMs. Fung Wai Sum HONG KONG LEGAL ADVISERS 1519 Morgan, Lewis & Bockius19th FloorEdinburgh Tower, The Landmark15 Queen’s Road CentralHong Kong AUDITORS 88135 DeloitteTouche Tohmatsu(Registered Public InterestEntity Auditors)35/F, One Pacific Place88 QueenswayHong Kong REGISTERED OFFICE 4th Floor, Harbour Place103 South Church Street, P.O. Box 10240Grand Cayman KY1-1002Cayman Islands 4th Floor, Harbour Place103 South Church Street, P.O. Box 10240Grand Cayman KY1-1002Cayman Islands PRINCIPAL PLACE OF BUSINESS IN THEPRC Qingzhou Development ZoneEast Park, Cangjiang Industrial ParkGaoming DistrictFoshan CityChina PRINCIPAL PLACE OF BUSINESS INHONG KONG Room 801, 8/F, COFCO Tower262 Gloucester RoadCauseway BayHong Kong 2628801 PRINCIPAL SHARE REGISTRAR Harneys Fiduciary (Cayman) Limited4th Floor, Harbour Place103 South Church StreetP.O. Box 10240, Grand Cayman KY1-1002Cayman Islands Harneys Fiduciary (Cayman) Limited4th Floor, Harbour Place103 South Church StreetP.O. Box 10240, Grand Cayman KY1-1002Cayman Islands HONG KONG SHARE REGISTRAR Tricor Investor Services Limited17/F, Far East Finance Centre16 Harcourt RoadHong Kong 1617 PRINCIPAL BANKER Bank of China Foshan Gaoming Sub-branch COMPANY WEBSITE www.migaogroup.com www.migaogroup.com STOCK CODE 9879 9879 CONDENSED CONSOLIDATEDSTATEMENT OF PROFIT OR LOSS ANDOTHER COMPREHENSIVE INCOME FINANCIAL HIGHLIGHTS •20243,770.520234,722.720.2% TotalrevenueforFY2024ofapproximatelyRMB3,770.5million(FY2023:approximatelyRMB4,722.7million),year-on-year decrease ofapproximately 20.2% •2 0 2 42 7 6 . 22023421.534.5% Profit for FY2024 of approximately RMB276.2 million(FY2023: approximately RMB421.5 million), year-on-year decrease of approximately 34.5% OPERATIONAL HIGHLIGHTS CHAIRPERSON’S STATEMENT 2024 On behalf of the Board, I am pleased to present the annualreport of the Group for FY2024. GROUP INTRODUCTION 2 0 2 432 1 Overthe past two decades since the beginning of theyear2000,the Group has been committed to its corebusinessphilosophy of“providing customers with high-qualityproducts”to continuously promote innovationinagricultural fertilizer technology,optimize industriallayout,constantly enhance the core competitivenessofthe Group’s potash fertilizer products,and steadilyadvancethe green and sustainable development oftheGroup.Nowadays,the Group has grown into alarge-scalecomprehensive potash fertilizer enterpriseintegratingprocurement,production and sales.On 21March2024,the Company was successfully listed onthe Stock Exchange, which is an important milestone inthe development of the Group and also marks a key steptowards the international market. After listing, the Groupwill further improve its management level and operationalefficiency,accelerate its global layout and commit tosustainable development to create greater value for thesociety. BUSINESS REVIEW 2024152.450.9%173.420.1%2.8 Inrecent years,uncertainties such as epidemics andchangesin the geopolitical landscape have posedchallenges to the global potash fertilizer supply system,causing the market price of potash fertilizers to fluctuatesignificantlywithin a certain period of time.Facingthesevere and complicated external environment,theGroup has made concerted efforts to give full play to itscomprehensive advantages in raw material procurement,productionand manufacturing and marketing network,to strive to ensure the stable supply of potash fertilizerproductsto customers,which has won it extensiveindustry credibility and further consolidated its customerbase.Meanwhile,theGroup’ssalesvolumealsoachievedconsiderable growth.In FY2024,the Group’spurchasevolume of major raw mate