阜丰集团二零二四中期报告

CONTENTS目錄 Financial Highlights財務摘要2Management Review管理層回顧Market Overview3Business and Financial Review4Outlook and Future Plan16Other Information18 Financials財務資料 Interim Condensed Consolidated FinancialStatements26Notes to the Interim Condensed ConsolidatedFinancial Statements34 Corporate Information公司資料72 Glossary詞彙74 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 5.3%4.7%5.0% In the Period, the complexity, severity and uncertainty of the globalenvironment have increased significantly, and the speculationof possible rate cuts in the U.S. has brought new challenges. InChina, the continuous deepening of structural adjustment, suchas green economy and new quality productive forces, createsnew opportunities to the economic development in China, China’seconomy has continued to recover and improve. According to theNational Bureau of Statistics of China, China’s GDP grew by 5.3%and 4.7% in the first and second quarter of 2024 respectively oroverall 5.0% for the Period. 主要原材料 Major Raw Materials 292,000,0001.1% According to the forecast of the China National Grain and OilsInformation Center in July 2024, the annual output of corn in 2024 inChina will reach approximately 292 million tonnes, representing anincrease of about 1.1% as compared to 2023. In addition, the amountof imported corn continued to increase in recent years, resulting in anample supply of corn in China. Due to the ample supply of corn, theprice of corn has shown a downward trend since the fourth quarter of2023. 2,5722,3219.8%2,31815.2% According to the data of Sublime China Information (), theprice of corn decreased by 9.8% from RMB2,572 per tonne in thefourth quarter of 2023 to RMB2,321 per tonne in the first quarter of2024. In the first half of 2024, the price of corn decreased by 15.2%to RMB2,318 per tonne, as compared to the Corresponding Period. 12.5%250,000,000 In order to keep coal prices within a reasonable range, the PRCgovernment made efforts to ensure a stable supply of coal byincreasing overseas coal imports. According to the data of ChinaNational Coal Association (), coal importsincreased by 12.5% to approximately 250 million tonnes in thePeriod, as compared to the Corresponding Period. As the domesticcoal supply continued to improve, coal prices showed a downwardtrend. 主要產品 Major Products Since the fourth quarter of 2023, the MSG market has continued toexperience weak demand from the downstream customers, resultingin a decrease in the price of MSG. According to data from SublimeChina Information, the price of MSG in the Period was approximatelyRMB7,899 per tonne, decreased by 15.4% as compared to theCorresponding Period. 7,89915.4% MANAGEMENT REVIEW管理層回顧 25,000 The price of xanthan gum declined due to the downstreamcustomers looking for a price drop upon launching the new capacityin the second half of 2023. According to the data of SublimeChina Information, price of xanthan gum dropped to approximatelyRMB25,000 per tonne in the Period. 98%98%362,000548,00043%24%98%10,000 Starting from the second half of 2023, the export volumes ofthreonine and 98% lysine have continued to grow, benefiting from theincreased overseas demand. According to the General Administrationof Customs of the PRC, the exports volume of threonine and 98%lysine were 362,000 tonnes and 548,000 tonnes in the Period,increased by 43% and 24% respectively, as compared to theCorresponding Period. The prices of threonine and 98% lysine in thePeriod were around or over RMB10,000 per tonne. * *the market prices in this section include VAT 業務及財務回顧 Business and Financial Review 整體表現 Overall Performance The table below illustrates the trend of the Group’s revenue: With a diversified product development plan, the business structureof multiple growth drivers has been established, enhancing the corecompetitiveness of the Group. Facing the challenging market situation, the Group maintained stablerevenue leveraging on a diversified product portfolio. 1.6%13,368,000,000 The Group’s revenue slightly decreased by 1.6% to approximatelyRMB13,368.0 million in the Period, as compared to the CorrespondingPeriod, due to the decrease in revenue of Colloid and Others segmentsoffset the increase in that of other three segments. 22.3%2,298,100,000 The Group’s overall gross profit decreased by 22.3% to approximatelyRMB2,298.1 million in the Period, as compared to the CorrespondingPeriod, primarily due to the decreased gross profit contribution from thecolloid segment and food additives segment. In the Period, the weak demand from the downstream customers ofMSG and lower corn price, put pressure on the ASP of MSG. However,the increase in sales volume of MSG offset the impact of ASP decline ofMSG, which make the revenue of MSG to remain stable. In the Period, the ASP of xanthan gum dropped significantly, resultingin significant declines in revenue and gross profit from xanthan gum.However, driven by the r