东岳集团二零二四年中期报告

CONTENTS Corporate Information 6Management Discussion and Analysis 20Other Information 32Report on Review of Condensed Consolidated Financial Statements Condensed Consolidated Statement of Profit Or Loss and Other Comprehensive Income 35Condensed Consolidated Statement of Financial Position 37Condensed Consolidated Statement of Changes In Equity 39Condensed Consolidated Statement of Cash Flows 40Notes to the Condensed Consolidated Financial Statements CORPORATE INFORMATION Registered Office Vistra (Cayman) LimitedP.O. Box 31119Grand Pavillion, Hibiscus Way802 West Bay RoadGrand Cayman, KY1-1205Cayman Islands Vistra (Cayman) LimitedP.O. Box 31119Grand Pavillion, Hibiscus Way802 West Bay RoadGrand Cayman, KY1–1205Cayman Islands Head Office and Principal Place of Business inThe PRC Dongyue International FluoroSilicone Material Industry ParkZibo CityShandong Provincethe PRC Principal Place of Business in Hong Kong 181262621 Unit 262126/F, Tower 1, Admiralty Centre18 Harcourt RoadAdmiraltyHong Kong www.dongyuechem.com Website Address www.dongyuechem.com Directors Executive Directors 202432720243272024327 Mr. ZHANG Jianhong(Chairman and Chief Executive Officer)Mr. FU Kwan (resigned on 27 March 2024)Mr. WANG Weidong(President)Mr. ZHANG Zhefeng(Vice President and Chief Financial Officer)Mr. ZHANG Jian (resigned on 27 March 2024)Ms. CHUNG Tak Lai (appointed on 27 March 2024) Independent Non-Executive Directors Mr. TING Leung Huel, StephenMr. YANG XiaoyongMr. MA Zhizhong CORPORATE INFORMATION Company SecretaryMs. CHUNG Tak Lai Authorized Representatives Mr. ZHANG ZhefengMs. CHUNG Tak Lai Audit Committee Mr. TING Leung Huel, Stephen(Chairman)Mr. YANG XiaoyongMr. MA Zhizhong Remuneration Committee Mr. YANG Xiaoyong(Chairman)Mr. TING Leung Huel, StephenMr. ZHANG Jianhong Nomination Committee Mr. ZHANG Jianhong(Chairman)Mr. TING Leung Huel, StephenMr. YANG Xiaoyong Corporate Governance Committee 2024327 Mr. ZHANG Jianhong(Chairman)Mr. WANG WeidongMr. ZHANG Zhefeng (appointed on 27 March 2024) Risk Management Committee Mr. TING Leung Huel, Stephen(Chairman)Mr. YANG XiaoyongMr. MA Zhizhong Principal Share Registrar and Transfer Office Suntera (Cayman) LimitedSuite 3204, Unit 2ABlock 3, Building DP.O. Box 1586Gardenia CourtCamana BayGrand Cayman KY1-1100Cayman Islands Suntera (Cayman) LimitedSuite 3204, Unit 2ABlock 3, Building DP.O. Box 1586Gardenia CourtCamana BayGrand Cayman KY1-1100Cayman Islands CORPORATE INFORMATION Hong Kong Branch Share Registrar and TransferOffice 1617 Tricor Investor Services Limited17/F, Far East Finance Centre16 Harcourt RoadHong Kong Principal Bankers 134 China Construction Bank CorporationHuantai Branch134 Jianshe RoadZibo City HuantaiShandong Province PRC 7 Industrial and Commercial Bank of China LimitedHuantai Branch7 Zhangbei RoadZibo City HuantaiShandong Province PRC 101 Agricultural Bank of China LimitedHuantai Branch101 Zhongxin RoadSuo ZhenZibo City HuantaiShandong Province PRC 48 Bank of China LimitedHuantai Branch48 Heng Huan RoadZibo City, HuantaiShandong Province, PRC CORPORATE INFORMATION Investor Relations ConsultantInvestor Connect Advisory Ltd Auditor Zhonghui Anda CPA Limited External Legal AdvisorNorton Rose Fulbright Hong Kong Stock Code 189 MANAGEMENT DISCUSSION AND ANALYSIS Results Review 2024 In the first half of 2024, the convoluted condition of both domesticand global economy had caused numerous uncertainties for thefluorosilicon chemical industry. Despite the ongoing recovery of thedomestic economy, the insufficient market demand, coupling withthe changes in foreign economic environment, had put operatingpressure on the domestic enterprises. Under such complicatedeconomic environment, the Group grasped the direction of policychanges, exerted its advantages in the industry, and gained significantresults. I.Seizing the Opportunities Arising from Policy Changes During the period under review, China began to implementquotas on the third-generation refrigerants in accordance withthe international conventions, and all companies within theindustry strictly complied with the quota system. Such policychange restricted the supply of third-generation refrigerants,while demand remained solid, resulting in a continuous productprice increase. Thanks to the remarkable product sales recordover the past years, the Group obtained top-ranked quotasamong the industry during the period. Therefore, the change inrefrigerant policy had led to positive and fruitful results on theGroup’s operations during the period under review. MANAGEMENT DISCUSSION AND ANALYSIS II.Smooth Progress for Scientific Research Projects 321,439,00026262 The Group has always adhered to the path of technologicalinnovation and development, while the management attachedgreat importance to independent research and development.Therefore, the Group’s R&D expenditure has remained at a highlevel in recent years. During the period under review, theGroup