日清食品2024年年报

Contents目錄 5Chairman’s Statement董事長報告 13Financial Highlights財務撮要 15Management Discussion and Analysis管理層討論及分析 32Corporate Information公司資料 34Board of Directors and Senior Management董事會及高級管理層 44Corporate Governance Report企業管治報告 65Directors’ Report董事會報告 92Independent Auditor’s Report獨立核數師報告 98Consolidated Statement of Profit or Lossand Other Comprehensive Income綜合損益及其他全面收入表 99Consolidated Statement of Financial Position綜合財務狀況表 101Consolidated Statement of Changes in Equity綜合權益變動表 104Consolidated Statement of Cash Flows綜合現金流量表 107Notes to the Consolidated Financial Statements綜合財務報表附註 216Five-year Financial Summary五年財務概要 CHAIRMAN’S STATEMENT CHAIRMAN’S STATEMENT CHAIRMAN DEAR SHAREHOLDERS 本人謹此代表日清食品有限公司（「本公司」）董事會（「董事會」）欣然呈報本公司連同其附屬公司（「本集團」）截至2024年12月31日止年度之年報。 On behalf of the board of directors (the “Board”) of Nissin FoodsCompany Limited (the “Company”), I am pleased to present theAnnual Report of the Company and its subsidiaries (the “Group”) forthe year ended 31 December 2024. SINCE THE IPO,ADJUSTED EBITDA HAS CONTINUED TO GROW STEADILY EBITDA 於2024年，中國國內生產總值按年增長5%，惟消費者傾向儲蓄而非個人消費之趨勢於上半年持續。隨著刺激個人消費的措施落實，下半年始見個人消費趨向增加的跡象。香港本地生產總值按年增長2.5%，但個人消費仍然疲弱，尤其北上消費帶動週末前往大灣區的人數增加，進一步拖累本地零售銷售表現。在此情況下，正如我們的創始人安藤百福先生所提倡的「食為聖職」企業理念，本集團透過帶來飲食的樂趣及美味食品，為人們的健康及社會作出貢獻。 In 2024, China’s GDP grew at an annual rate of 5%. Despitethis, the trend of consumers’ preference to save money ratherthan on individual consumption continued into the first half ofthe year. With the implementation of stimulus measures to boostindividual consumption, signs of a shift towards increased individualconsumption began in the second half of the year. In Hong Kong,GDP grew by 2.5% year-on-year, but individual consumptionremained weak. Notably, the increasing number of people spendingweekends in the Greater Bay Area driven by northbound consumptioncontributed to the sluggish retail sales in Hong Kong. Against thisbackdrop, the Group has contributed to people’s health and society byproviding the pleasure of eating and tasty food to people, in line withour founder, Mr Momofuku Ando’s corporate philosophy that “food-related job is a sacred profession (食為聖職)”. CHAIRMAN’S STATEMENT 就本集團於2024年的收入而言，受中國內地及香港消費者購買力減弱影響，冷凍食品、日本製進口禮品零食及飲料等的銷售表現疲軟。儘管面臨挑戰，我們專注於提升各地區即食麵的銷量，因此即使受人民幣貶值影響，收入仍同比持平，達3,811.9百萬港元。值得留意的是，於2024財政年度第四季度，即食麵銷量增長帶動銷售額同比上升8.4%。 In terms of the Group’s revenue in 2024, sales of frozen foods,Japanese-made imported gift confectioneries and beverages, andothers were sluggish due to decreased consumer purchasing power inboth Mainland China and Hong Kong. Despite these challenges, dueto our focus on increasing sales volume of instant noodles across allregions, revenue was almost flat year-on-year at HK$ 3,811.9 million,even in the face of the depreciation of the Chinese yuan. Notably, inthe fourth quarter of fiscal 2024, sales grew by 8.4% year-on-yeardue to the increased sales volume of instant noodles. 就溢利而言，雖然香港新生產設施（於2023年11月投產）的投產導致折舊成本增加，但銷量上升有助於降低每單位固定成本。因此，毛利同比增 長0.7%至1,312.1百 萬 港 元， 而 毛 利 率 亦 由34.0%改善至34.4%。由於銷售推廣及分銷成本上 升， 經 營 溢 利 同 比 減 少4.2%至417.4百 萬 港元， 導 致 經 營 溢 利 率 由11.4%下 降 至10.9%。另一方面，由於我們聚焦於即食麵業務，非油炸麵、長壽麵、冷凍食品等互補業務的盈利能力惡化程度超出預期。鑒於經營環境持續嚴峻，本集團根據香港會計準則第36號，主要就互補業務錄得135.9百萬港元的減值虧損。因此，本公司股東應佔純利同比減少39.1%，由330.2百萬港元減少至201.0百萬港元，溢利率為5.3%。然而，剔除一次性非現金開支的經調整EBITDA自本公司上市以來穩步增長，同比上升0.8%至612.5百萬港元，反映核心業務的營運在部分分部受挫下仍具韌性。 In terms of profits, although depreciation costs increased due to theoperation of new production facilities in Hong Kong, which beganoperation in November 2023, the increase in sales volume helped toreduce fixed costs per unit. Consequently, gross profit increased by0.7% year-on-year to HK$1,312.1 million, and the gross profit marginalso improved from 34.0% to 34.4%. Operating profit decreased by4.2% year-on-year to HK$417.4 million due to rising sales promotionand distribution costs, which led to a decrease in the operating profitmargin from 11.4% to 10.9%. On the other hand, due to our focuson instant noodles, the profitability of the Group’s complementarybusinesses such as non-fried noodles, long-life noodles, frozenfoods, and others deteriorated more than initially expected. In lightof the expected continued severity of the business environment, theGroup recorded impairment losses of HK$135.9 million, mainly inthe complementary business, pursuant to Hong Kong AccountingStandard 36. As a result, net profit attributable to shareholders of theCompany decreased by 39.1% year-on-year, from HK$330.2 millionto HK$201.0 million, with a profit margin of 5.3%. Nevertheless,adjusted EBITDA, which excludes one-off non-cash expenses, hasshown steady growth since the Company’s listing, and it increasedby 0.8% year-on-year to HK$612.5 million. This indicates a resilientperformance in the core business operations, even amid difficulties incertain segments. 就股東回報而言，儘管股東應佔純利下降，但經調整EBITDA顯示核心業務活動產生現金流的能力保持穩定。此外，本集團資產負債表穩健，支持股東回報。於2024財政年度，末期股息定為每股9.63港 仙， 特 別 股 息 為 每 股6.19港 仙， 合 共每股15.82港仙，與去年持平。末期股息的派息率約為50.0%（去年的派息率亦為50