正业国际中期报告2025

VISION願景 Strive to become China’s leading environmentallyfriendly paper packaging enterprise 致力成為 中國領先環保紙類包裝企業 Contents目錄 Corporate Information2Chairman’s Statement6Financial Highlights13Condensed Consolidated Statement ofProfit or Loss and OtherComprehensive Income15Condensed Consolidated Statement ofFinancial Position16Condensed Consolidated Statement ofChanges in Equity19Condensed Consolidated Statement ofCash Flows20Notes to the Condensed ConsolidatedFinancial Statements24Management Discussion and Analysis56Corporate Governance and OtherInformation77 Corporate Information公司資料 董事會 Board of DirectorsExecutive Directors 執行董事 Mr. Hu Zheng(Chairman)Mr. Hu Hancheng(Vice Chairman)(Mr. Hu Jianjun as his alternate)Mr. Hu Hanchao(Mr. Tan Xijian as his alternate)Mr. Hu Jianpeng(Chief Executive Officer)Ms. Chen Wei 非執行董事 Non-executive DirectorMs. Hu Jianwen 獨立非執行董事 Independent Non-executive Directors Mr. Au Yeung Po Fung(appointed on 31 July 2025)Mr. Chung Kwok Mo JohnMr. Liew Fui KiangMr. Shin Yick Fabian(resigned on 31 July 2025) 行政總裁 Chief Executive OfficerMr. Hu Jianpeng 公司秘書 Company Secretary Ms. Choi Yee Man(appointed on 1 July 2025) Ms. Jiang Ying(resigned on 1 July 2025) Corporate Information公司資料 審核委員會 Audit Committee Mr. Chung Kwok Mo John(Chairman)Mr. Au Yeung Po Fung(appointed on 31 July 2025)Mr. Liew Fui KiangMr. Shin Yick Fabian(resigned on 31 July 2025) 薪酬委員會 Remuneration Committee Mr. Au Yeung Po Fung(Chairman)(appointed on 31 July 2025)Mr. Hu ZhengMr. Chung Kwok Mo JohnMr. Liew Fui KiangMr. Shin Yick Fabian(resigned on 31 July 2025) 提名委員會 Nomination Committee Mr. Hu Zheng(Chairman)Mr. Au Yeung Po Fung(appointed on 31 July 2025)Mr. Chung Kwok Mo JohnMr. Liew Fui KiangMr. Shin Yick Fabian(resigned on 31 July 2025) 風險管理委員會 Risk Management Committee Mr. Hu Zheng(Chairman)Mr. Au Yeung Po Fung(appointed on 31 July 2025)Ms. Chen WeiMr. Chung Kwok Mo JohnMr. Liew Fui KiangMr. Shin Yick Fabian(resigned on 31 July 2025) Corporate Information公司資料 預算管理委員會 Budget Management Committee Mr. Hu Zheng(Chairman)Mr. Hu HanchaoMr. Hu HanchengMs. Chen Wei 註冊辦事處 Registered Office Clarendon House2 Church StreetHamilton HM11Bermuda Clarendon House2 Church StreetHamilton HM11Bermuda 中國總公司及主要營業地點 Headquarter and Principal Place ofBusiness in China 28220 20th Floor, Building 2, Ocean Plaza28 Boai No. 6 Road, Eastern DistrictZhongshan City, GuangdongThe People’s Republic of China 香港主要營業地點 Principal Place of Business inHong Kong 414–424252502 Suite 2502, 25th FloorChinaweal Centre414–424 Jaffe RoadWan ChaiHong Kong 授權代表 Authorised Representatives Mr. Hu ZhengMs. Choi Yee Man(appointed on 1 July 2025) Ms. Jiang Ying(resigned on 1 July 2025) 法律顧問 Legal Adviser Conyers Dill & Pearman As to Hong Kong lawLoeb & Loeb LLP As to Bermuda lawConyers Dill & Pearman Corporate Information公司資料 核數師 Auditor • Deloitte Touche TohmatsuCertified Public AccountantsRegistered Public Interest Entity Auditors 百慕達主要股份過戶登記總處 Principal Share Registrar andTransfer Office in Bermuda Conyers Corporate Services (Bermuda)LimitedClarendon House, 2 Church StreetHamilton HM11Bermuda Conyers Corporate Services(Bermuda) LimitedClarendon House, 2 Church StreetHamilton HM11Bermuda 香港股份過戶登記分處 Branch Share Registrar andTransfer Office in Hong Kong Computershare Hong Kong Investor ServicesLimited17/F, Shop 1712–1716, Hopewell Centre183 Queen’s Road EastWanchaiHong Kong 183171712–1716 主要往來銀行 Principal Bankers Bank of ChinaIndustrial Bank Company LimitedChina Guangfa Bank 股份資料3363 Share InformationStock code: 3363 本公司官方網站 Company’s Official WebsiteAddress http://www.zhengye-cn.com http://www.zhengye-cn.com Chairman’s Statement董事長報告 本公司董事會本集團報告期間 On behalf of the board of directors (the “Board”)of Zhengye International Holdings CompanyLimited (the “Company”), I am pleased topresent the interim results of the Company andits subsidiaries (the “Group”) for the six monthsended 30 June 2025 (the “Reporting Period”). In the first half of 2025, the global economy facedmultiple challenges including slowing growth,easing but still uncertain inflation pressures,weak trade, uncertainties in trade policies andrising geopolitical risks, presenting a complexand volatile environment. In China, trade policyuncertainties pressured supply chains, increasedproduction costs, and slowed corporateinvestment. Simultaneously, reduced exportsand falling commodity prices exerted additionalpressure on China’s stable economic operation.Against this complex international backdrop,the Chinese government demonstrated strongpolicy coordination and resilience by stabilisingprices, increasing employment and promotingincome growth. Chairman’s Statement董事長報告 10%8% During the Reporting Period, due to trade policyuncertainties and weak domestic consumption,overcapacity in the paper manufacturingand paper packaging industries intensifiedcompetition. The Group’s paper manufacturingsegment recorded a sales volume increase of