正大企业国际2025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 動保化藥產品及金霉素，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 business andindustrial business. The biochemical business focuses on animalhealth products and chlortetracycline (“CTC”), and is carriedon by Group subsidiaries. This business segment accounts forall of the Group’s consolidated revenue. The industrial businesscomprises the Group’s interests in its joint venture ECI MetroInvestment Co., Ltd. (together with its subsidiaries, “ECI Metro”)and its associate Zhanjiang Deni Vehicle Parts Co., Ltd. (togetherwith its subsidiaries, “Zhanjiang Deni”). The results of theGroup’s industrial business are incorporated in the consolidatedstatement of comprehensive income as share of profits and lossesof joint venture and associate. 截至二零二五年六月三十日止六個月（「二零二五年上半年」），本集團的收入上升約2倍至3億2,330萬美元（截至二零二四年六月三十日止六個月（「二零二四年上半年」）：1億800萬美元）。如上所述，本集團的收入來自於合併的生化業務。收入的大幅增長反映了我們成功地實施及持續執行關鍵策略–開發大客戶銷售。收入增長大部分源自利潤率較低的動保化藥產品的增長。因此，整體毛利率從二零二四年上半年的16.7%下降至二零二五年上半年的12.9%。 For the six months ended 30 June 2025 (“1H2025”), the Group’srevenue increased by approximately two times to US$323.3million (for the six months ended 30 June 2024 (“1H2024”):US$108.0 million). As mentioned above, the Group’s revenuecame from its consolidated biochemical business. The significantincrease in revenue reflected the successful implementation andcontinued execution of our current strategy to increase sales tokey customers. A significant part of this increase in revenue camefrom growth in animal health products, which has a lower profitmargin. As such, overall gross profit margin reduced from 16.7%in 1H2024 to 12.9% in 1H2025. 二零二五年上半年本公司股東應佔溢利為1,700萬美元，而二零二四年上半年為200萬美元。溢利上升主要得益於本集團生化業務的顯著增長。 Profit attributable to shareholders of the Company was US$17.0million in 1H2025, compared to US$2.0 million in 1H2024.The increase in profit was again primarily due to the significantgrowth of the Group’s biochemical business. 每股基本及攤薄溢利為6.7美仙（二零二四年上半年：0.8美仙）。本公司董事會決議不派付截至二零二五年六月三十日止六個月的中期股息（二零二四年上半年：無）。 Basic and diluted earnings per share were both 6.7 US cents(1H2024: 0.8 US cents). The Board of Directors of the Companyresolved not to declare an interim dividend for the six monthsended 30 June 2025 (1H2024: Nil). BUSINESS REVIEW Biochemical 我們的收入主要來自製造及╱或銷售動保化藥產品和金霉素產品。我們的動保化藥產品主要是用作禽畜疾病的防治藥。而金霉素產品為用作預防或治療動物疾病的抗生素。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 primarily from the manufacture and/or sale of animal health products and CTC products. Our animalhealth products are mainly preventive drugs for livestock diseases.CTC products, on the other hand, are antibiotics, used to preventor cure animal diseases. In the past few years, we have beenstrategically broadening our product portfolio to cover relatedveterinary products. Of these new offerings, some we manufactureand sale, and some we source and trade. The Group’s majorcustomers include farms, pharmaceutical companies, tradingcompanies and feed mills. 二零二五年上半年，本集團生化業務的收入上升約2倍至3億2,330萬美元（二零二四年上半年：1億800萬美元）。我們的銷售結構隨著我們的戰略業務方向發生變化。動保化藥產品的收入佔比從二零二四年上半年的67%增加至二零二五年上半年的84%，而金霉素產品的收入佔比則從二零二四年上半年的33%下降至二零二五年上半年的16%。 In 1H2025, the Group’s revenue from the biochemical businessincreased by approximately two times to US$323.3 million(1H2024: US$108.0 million). Our sales mix changed in-linewith our strategic business direction. Revenue contribution fromanimal health products increased from 67% in 1H2024 to 84% in1H2025, while revenue contribution from CTC products reducedfrom 33% in 1H2024 to 16% in 1H2025. 我們的動保化藥產品由廣大種類的獸藥產品組成。對比我們的金霉素產品，動保化藥產品的平均利潤率較低。此外，我們生產大部分的金霉素產品，而我們只生產小部分的動保化藥產品。因此，整體毛利率從二零二四年上半年的16.7%下降至二零二五年上半年的12.9%。儘管如此，得益於業務的大幅增加，我們的生化業務貢獻在二零二五年上半年大幅增長。 Our animal health products consist of a wide variety of veterinaryproducts. When compared to our CTC products, animal healthproducts, on average, have lower profit margins. Furthermore, wemanufacture a large portion of our CTC products while we onlymanufacture a small portion of our animal health products. As aresult, overall gross profit margin reduced from 16.7% in 1H2024to 12.9% in 1H2025. Nevertheless, due to the substantial increasein business, contr