阜丰集团二零二五中期报告

(incorporated in the Cayman Islands with limited liability)(於開曼群島註冊成立之有限公司)Stock Code股份代號: 546 CONTENTS目錄 Index of Notes to the FinancialStatements財務報表附註索引2Financial Highlights財務摘要3Management Review管理層回顧Market Overview4Business and Financial Review5Outlook and Future Plan17Other Information19 Financials財務資料 Interim Condensed Consolidated FinancialStatements26Notes to the Interim Condensed ConsolidatedFinancial Statements34 Corporate Information公司資料76 Glossary詞彙78 INDEX OF NOTES TO THE FINANCIAL STATEMENTS財務報表附註索引 NotePage1.GENERAL INFORMATION342.BASIS OF PREPARATION AND CHANGES IN ACCOUNTING POLICIES343.ESTIMATES364.FINANCIAL RISK MANAGEMENT375.SEGMENT INFORMATION496.OTHER INCOME517.OPERATING PROFIT528.FINANCE INCOME AND COSTS539.INCOME TAX EXPENSE5410.EARNINGS PER SHARE5611.PROPERTY, PLANT AND EQUIPMENT AND INTANGIBLE ASSETS5712LEASES5813.INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD6114.TRADE AND OTHER RECEIVABLES, NOTES RECEIVABLE AND PREPAYMENTS6215.CASH AND CASH EQUIVALENTS, RESTRICTED BANK BALANCES AND TIME DEPOSITS6616.SHARE CAPITAL AND SHARE PREMIUM6817.BORROWINGS6918.TRADE, OTHER PAYABLES AND ACCRUALS7119.DIVIDENDS7220.CONTINGENT LIABILITIES7221.RELATED PARTY TRANSACTIONS AND BALANCES7322.EVENTS OCCURRING AFTER THE BALANCE SHEET DATE75 FINANCIAL HIGHLIGHTS財務摘要 Profit Attributable to Shareholders股東應佔溢利 MANAGEMENT REVIEW管理層回顧 市場概覽 Market Overview 經濟環境 Economic Environment 5.3% During the Period, due to the impact of the US tariff policy, the globaleconomy faced great uncertainty, and the business environmentbecame complex and turbulent. However, according to the datareleased by the National Bureau of Statistics of China, China’s GDPincreased by 5.3% in the first half of 2025, as compared to theCorresponding Period. 主要原材料 Major Raw Materials 2,192*5.4% Encouraged by the Grain Security Guarantee Law of the People’sRepublic of China, aiming to achieve self-sufficiency in grains andreduce reliance on imports, China’s corn planting area has increasedsince 2024. Although imported corn decreased significantly, Chinahas achieved sufficient domestic supply of corn. Continuing thedeclining trend of the corn price in 2024, corn price remained at a lowlevel in the first half of 2025. Based on the data of Sublime ChinaInformation (), the average price of corn was approximatelyRMB2,192* per tonne in the Period, representing a decrease of 5.4%as compared to the Corresponding Period. 2,4005.4% The PRC government made efforts to ensure a stable supply of coalover the past few years, which has kept coal prices floating withina reasonable range. According to the National Bureau of Statisticsof China, China’s coal production in the Period was about 2,400million tonnes, representing an increase of 5.4% as compared to theCorresponding Period. Major Products 主要產品 7,1809.1% In the Period, the demand for MSG in the food and beverage marketremained sluggish, and the downstream customer demand remainedweak, resulting in MSG prices hovering at a low level. According todata from Sublime China Information, the average price of MSG in thePeriod was approximately RMB7,180 per tonne, decreased by 9.1%as compared to the Corresponding Period. 13.7%21,990 The price of xanthan gum has gradually returned to a relativelyreasonable level since 2024, and the availability of new productioncapacity in the market during the Period has further put pressureon the price of xanthan gum. Based on the data of Sublime ChinaInformation, the average price of xanthan gum decreased by 13.7%to approximately RMB21,990 per tonne in the Period, as comparedto the Corresponding Period. 98%98%98% Benefiting from increased overseas demand, the prices of threonineand 98% lysine have gradually increased since the second halfof 2024. However, as the sector of threonine and 98% lysine isunconsolidated, new capacities are constantly emerging in themarket, putting pressure on the prices. The prices of threonine and98% lysine in the first half of 2025 failed to extend their upward trendand fell back to the level in the first half of 2024. 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: MANAGEMENT REVIEW管理層回顧 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. 72.1%1,791,700,000 With further analysis below, the profit attributable to the Shareholdersincreased by 72.1% to approximately RMB1,791.7 million in thePeriod, as compared to the Corresponding Period mainly due to: (1) (1)the increase in sales volume of products (including MSG,threonine and lysine) and the decrease in cost of major rawmaterials (including corn and coal) led to the increase in grossprofit which in turn led to the increase in the profit attributab