米高集团2024 / 2025年度报告

CONTENTS2Corporate Information4Financial Highlights5Operational Highlights6Chairperson’s Statement8Management Discussion and Analysis19Directors’ Report39Profiles of Directors and Senior Management46Corporate Governance Report73Independent Auditor’s Report80Consolidated Statement of Profit or Loss and Other ComprehensiveIncome81Consolidated Statement of Financial Position83Consolidated Statement of Changes In Equity85Consolidated Statement of Cash Flows88Notes to the Consolidated Financial Statements205Five-year Financial Information206Definitions 022024/2025CORPORATE INFORMATIONBOARD OF DIRECTORSExecutive DirectorsMr. Liu Guocai(Chairperson and chief executive officer)Mr. Sun Pingfu(Research and development director)Mr. Dong Benzi(Internal control director)Independent Non-executive DirectorsMr. Chen GuofuMs. Huang ShashaMs. Qing MeyersonAUDIT COMMITTEEMs. Qing Meyerson(Chairperson)Mr. Chen GuofuMs. Huang ShashaREMUNERATION COMMITTEEMs. Huang Shasha(Chairperson)Mr. Chen GuofuMr. Dong BenziNOMINATION COMMITTEEMr. Liu Guocai(Chairperson)Mr. Chen GuofuMs. Huang ShashaCOMPANY SECRETARYMs. Fung Wai SumAUTHORIZED REPRESENTATIVESMr. Liu GuocaiMs. Fung Wai SumHONG KONG LEGAL ADVISERSMorgan, Lewis & Bockius19th FloorEdinburgh Tower, The Landmark15 Queen’s Road CentralHong KongQing MeyersonQing Meyerson1519 •881354th Floor, Harbour Place103 South Church Street, P.O. Box 10240Grand Cayman KY1-1002Cayman Islands2628801Harneys Fiduciary (Cayman) Limited4th Floor, Harbour Place103 South Church StreetP.O. Box 10240, Grand Cayman KY1-1002Cayman Islands16www.migaogroup.com9879 Annual Report 2024/2025AUDITORSDeloitteTouche Tohmatsu(Registered Public InterestEntity Auditor)35/F, One Pacific Place88 QueenswayHong KongREGISTERED OFFICE4th Floor, Harbour Place103 South Church Street, P.O. Box 10240Grand Cayman KY1-1002Cayman IslandsPRINCIPAL PLACE OF BUSINESS IN THEPRCQingzhou Development ZoneEast Park, Cangjiang Industrial ParkGaoming DistrictFoshan CityChinaPRINCIPAL PLACE OF BUSINESS INHONG KONGRoom 801, 8/F, COFCO Tower262 Gloucester RoadCauseway BayHong KongPRINCIPAL SHARE REGISTRAR ANDTRANSFER OFFICEHarneys Fiduciary (Cayman) Limited4th Floor, Harbour Place103 South Church StreetP.O. Box 10240, Grand Cayman KY1-1002Cayman IslandsHONG KONG SHARE REGISTRARTricor Investor Services Limited17/F, Far East Finance Centre16 Harcourt RoadHong KongPRINCIPAL BANKERBank of China Foshan Gaoming Sub-branchCOMPANY WEBSITEwww.migaogroup.comSTOCK CODE9879 17 MIGAO GROUP HOLDINGS LIMITED03 042024/2025FINANCIAL HIGHLIGHTSCONDENSED CONSOLIDATEDSTATEMENT OF PROFIT OR LOSS ANDOTHER COMPREHENSIVE INCOMERevenueGross ProfitProfit before taxProfit for the yearCONDENSED CONSOLIDATEDSTATEMENT OF FINANCIAL POSITIONTotal assetsTotal liabilitiesTotal equityFINANCIAL HIGHLIGHTS•••••20254,966.020243,770.531.7%•2 0 2 53 3 9 . 52024276.222.9%•2 0 2 50.3420240.378.1%•0.075 20242025FY2024FY2025RMB’000RMB’0003,770,5434,965,954536,504642,047333,604413,373276,194339,484331As at 31 March2024202520242025RMB’000RMB’0004,605,5295,246,4761,989,8372,329,7312,615,6922,916,745TotalrevenueforFY2025ofapproximatelyRMB4,966.0million(FY2024:approximatelyRMB3,770.5million),year-on-yearincreaseapproximately 31.7%Profit for FY2025 of approximately RMB339.5 million(FY2024: approximately RMB276.2 million), year-on-year increase of approximately 22.9%BasicearningsperShareforFY2025approximatelyRMB0.34(FY2024:approximatelyRMB0.37), year-on-year decrease of approximately8.1%The Board recommended the payment of the finaldividend of RMB0.075 per Share ofof Annual Report 2024/2025MIGAO GROUP HOLDINGS LIMITED05OPERATIONAL HIGHLIGHTSOPERATIONAL HIGHLIGHTS331For the year ended 31 March*20252024Year-on-year20252024change*(Tonne ’000)(Tonne ’000)2,3451,73435.2%•Year-on-yearchange represents a comparisonbetween the current year and the last year 062024/2025CHAIRPERSON’S STATEMENTOn behalf of the Board, I am pleased to present the annualreport of the Group for FY2025.Despiteongoing volatility in global market prices ofpotash fertilizers, the Group achieved significant growthperformancestrategiesand efficient supply chain management.InFY2025,the Group’s total revenue was approximatelyRMB4,970approximately31.7%as compared to the same periodoflast year;the Group’s net profit was approximatelyRMB340 million, representing an increase of approximately22.9% as compared to the same period of last year; andtheoverall sales volume of the Group’s products wasapproximately 2.3 million tonnes, representing an increaseof approximately 35.2% as compared to the same periodof last year.InFY2025,the Group has made important strides initsstrategic planning.The construction of the modernwarehousingand production centre in Tongjiang City,HeilongjiangProvince,is progressing smoothly.Uponcompletion,it is expected to significantly enhancetheGroup’sresponsivenessin the Northeast China,injecting strongmomentumMeanwhile, the Group is proceeding with the planning andpreparationworks of the construction of its p