正大企业国际2024中期报告

Incorporated in Bermuda with members’ limited liability•Stock Code : 3839於 百 慕 達 註 冊 成 立 之 成 員 有 限 責 任 公 司•股 份 代 號：3839 Contents目錄 2Management Discussion and Analysis管理層討論及分析 6Report on Review of Interim Financial Report中期財務報告之審閱報告 8Consolidated Statement of Comprehensive Income綜合全面收益表 10Consolidated Statement of Financial Position綜合財務狀況表 12Consolidated Statement of Changes in Equity綜合權益變動表 14Condensed Consolidated Statement of Cash Flows簡明綜合現金流量表 15Notes to Interim Financial Report中期財務報告附註 31Other Information其他資料 35Corporate Information公司資料 MANAGEMENT DISCUSSION AND ANALYSIS GROUP RESULTS 本 集 團 從 事 生 化 業 務 及 工 業 業 務。生 化 業 務 專 注 於 金霉素及動保化藥產品，並由本集團之附屬公司營運。此業 務 為 本 集 團 所 有 的 綜 合 收 入。工 業 業 務 包 含 本 集 團於ECI Metro Investment Co., Ltd.（及其附屬公司，統稱「ECI Metro」）的合營企業權益及於湛江德利車輛部件有限公司（及其附屬公司，統稱「湛江德利」）的聯營公司權益。本集團工業業務的業績載列於綜合全面收益表內的應佔合營企業及聯營公司溢利及虧損。 The Group has two lines of business: biochemical businessand industrial business. The biochemical business focuses onchlortetracycline (“CTC”) and animal health products, and iscarried on by Group subsidiaries. This business segment accountsfor all of the Group’s consolidated revenue. The industrialbusiness comprises the Group’s interests in its joint ventureECI Metro Investment Co., Ltd. (together with its subsidiaries,“ECI Metro”) and its associate Zhanjiang Deni Vehicle PartsCo., Ltd. (together with its subsidiaries, “Zhanjiang Deni”). Theresults of the Group’s industrial business are incorporated in theconsolidated statement of comprehensive income as share ofprofits and losses of joint venture and associate. 截至二零二四年六月三十日止六個月（「二零二四年上半年」），本集團的收入上升30.4%至1億798萬美元（截至二零二三年六月三十日止六個月（「二零二三年上半年」）：8,281萬美元）。然而，整體毛利率從二零二三年上半年的20.0%下降至二零二四年上半年的16.7%，主要由於較低利潤率的貿易業務增加所致。 For the six months ended 30 June 2024 (“1H2024”), the Group’srevenue increased 30.4% to US$107.98 million (for the sixmonths ended 30 June 2023 (“1H2023”): US$82.81 million).However, overall gross profit margin decreased from 20.0% in1H2023 to 16.7% in 1H2024 mainly due to an increase in tradingbusiness which has a lower profit margin. 二零二四年上半年本公司股東應佔溢利為196萬美元，較二零二三年上半年的203萬美元下降3.2%。 Profit attributable to shareholders of the Company was US$1.96million in 1H2024, a decrease of 3.2% compared to US$2.03million in 1H2023. 每股基本及攤薄溢利均為0.8美仙（二零二三年上半年：0.8美 仙）。本 公 司 董 事 會 決 議 不 派 付 截 至 二 零 二 四 年六月三十日止六個月的中期股息（二零二三年上半年：無）。 Basic and diluted earnings per share were both 0.8 US cents(1H2023: 0.8 US cents). The Board of Directors of the Companyresolved not to declare an interim dividend for the six monthsended 30 June 2024 (1H2023: Nil). BUSINESS REVIEW 生化業務 Biochemical 我們的收入主要來自製造及╱或銷售金霉素產品（金霉素預混劑及鹽酸金霉素）和動保化藥產品。金霉素產品為用作預防或治療動物疾病的抗生素。而我們的動保化藥產品主要是用作家畜疾病的防治藥。近年，我們一直戰 略 性 地 擴 大 我 們 的 產 品 系 列，以 涵 蓋 相 關 的 獸 藥 產品。在這些新產品中，一部分我們製造及銷售，一部分我們採購和貿易。本集團的主要客戶包括養殖場、製藥公司、貿易公司及飼料加工廠。 We generate our revenue mainly from the manufacture and/orsale of CTC products (CTC Premix and CTC HCL) and animalhealth products. CTC products are antibiotics used to preventor cure animal diseases. Our animal health products, on theother hand, are mainly preventive drugs for livestock diseases.In the past few years, we have been strategically broadeningour product portfolio to cover related veterinary products. Ofthese new offerings, some we manufacture and sale, and some wesource and trade. The Group’s major customers include farms,pharmaceutical companies, trading companies and feed mills. 二零二四年上半年，本集團生化業務的收入上升30.4%至1億798萬 美 元（二 零 二 三 年 上 半 年：8,281萬 美 元）。我們的銷售結構隨著我們的戰略業務方向發生變化。金霉素產品的收入佔比從二零二三年上半年的48%下降至二零二四年上半年的33%，而動保化藥產品的收入佔比從二零二三年上半年的52%增加至二零二四年上半年的67%。 In 1H2024, the Group’s revenue from the biochemical businessincreased 30.4% to US$107.98 million (1H2023: US$82.81million). Our sales mix changed in line with our strategicbusiness direction. Revenue contribution from CTC productsdecreased from 48% in 1H2023 to 33% in 1H2024, while revenuecontribution from animal health products increased from 52% in1H2023 to 67% in 1H2024. 我們在擴展中的輕資產貿易業務對比自產業務的利潤率較低，導致整體毛利率從二零二三年上半年的20.0%下降至二零二四年上半年的16.7%。然而，我們的生化業務貢獻在二零二四年上半年有所改善。 Our asset-light trading business – the expanding segment – hasa lower profit margin relative to our manufacturing business.As a result, overall gross profit margin reduced from 20.0% in1H2023 to 16.7% in 1H2024. Nevertheless, contribution fromour biochemical business improved in 1H2024. Industrial 本集團的工業業務透過ECI Metro及湛江德利經營。 The Group’s industrial business is conducted through ECI Metroand Zhanjiang Deni. ECI Metro主要在中國西部從事卡特彼勒機械設備的銷售、租賃及維修服務。過去數年，中國挖掘機市場受工程機械需求下滑的沖擊。二零二四年上半年，據中國工程機械工業協會統計，挖掘機總體巿場銷量比二零二三年上半年輕微上升4.7%。雖然我們在二零二四年上半年亦能維持市場銷量份額，我們挖掘機、發電機及零件的銷售收入因劇烈競爭而下降。我們中小型工程機械的銷售也不斷受到國內品牌的挑戰。因此，截至二零二四年六月三十日止六個月，應佔合營企業溢利從二零二三年上半年261萬美元下降至二零二四年上半年11萬美元。 ECI Metro is principally engaged in the sale, leasing and servicingof Caterpillar machinery equipment in western China. Theexcavator market in China had been impacted by a decline inconstruction machinery demand in the past few years. In 1H2024,according to the China Cons