米高集团2025 / 2026中期报告

(incorporated in the Cayman Islands with limited liability) Stock Code : 9879 CONTENTS 02Corporate Information04Financial Highlights05Management Discussion and Analysis13Corporate Governance and Other Information27Report on Review of Condensed Consolidated Financial Statements29Condensed Consolidated Statement of Profit or Loss and OtherComprehensive Income30Condensed Consolidated Statement of Financial Position32Condensed Consolidated Statement of Changes in Equity34Condensed Consolidated Statement of Cash Flows36Notes to the Condensed Consolidated Financial Statements57Definitions CORPORATE INFORMATION BOARD OF DIRECTORS Executive Directors Mr. Liu Guocai(Chairperson and chief executive officer)Mr. Sun Pingfu(Research and development director)Mr. Dong Benzi(Internal control director) Independent Non-executive Directors Qing Meyerson Mr. Chen GuofuMs. Huang ShashaMs. Qing Meyerson AUDIT COMMITTEE Qing Meyerson Ms. Qing Meyerson(Chairperson)Mr. Chen GuofuMs. Huang Shasha REMUNERATION COMMITTEE Ms. Huang Shasha(Chairperson)Mr. Chen GuofuMr. Dong Benzi NOMINATION COMMITTEE Mr. Liu Guocai(Chairperson)Mr. Chen GuofuMs. Huang Shasha COMPANY SECRETARY Ms. Fung Wai Sum AUTHORIZED REPRESENTATIVES Mr. Liu GuocaiMs. Fung Wai Sum HONG KONG LEGAL ADVISERS 1519 Morgan, Lewis & Bockius19th FloorEdinburgh Tower, The Landmark15 Queen’s Road CentralHong Kong AUDITORS •88135 Deloitte Touche Tohmatsu(Registered Public Interest Entity Auditor)35/F, One Pacific Place88 QueenswayHong Kong REGISTERED OFFICE 4th Floor, Harbour Place103 South Church Street, P.O. Box 10240Grand Cayman KY1-1002Cayman Islands 4th Floor, Harbour Place103 South Church Street, P.O. Box 10240Grand Cayman KY1-1002Cayman Islands PRINCIPAL PLACE OF BUSINESS IN THEPRC Qingzhou Development Zone,East Park, Cangjiang Industrial Park,Gaoming District,Foshan CityChina PRINCIPALPLACE OF BUSINESS INHONG KONG Room 801, 8/F, COFCO Tower262 Gloucester RoadCauseway BayHong Kong 2628801 PRINCIPAL SHARE REGISTRAR Harneys Fiduciary (Cayman) Limited4th Floor, Harbour Place103 South Church StreetP.O. Box 10240, Grand Cayman KY1-1002Cayman Islands Harneys Fiduciary (Cayman) Limited4th Floor, Harbour Place103 South Church StreetP.O. Box 10240, Grand Cayman KY1-1002Cayman Islands HONG KONG SHARE REGISTRAR Tricor Investor Services Limited17/F, Far East Finance Centre16 Harcourt RoadHong Kong 1617 PRINCIPAL BANKER www.migaogroup.com Bank of China Foshan Gaoming Sub-branch COMPANY WEBSITEwww.migaogroup.com STOCK CODE9879 9879 FINANCIAL HIGHLIGHTS ••••2 0 2 62,352.020252 , 1 2 8 . 210.5%•202692.02 0 2 575.322.1%•20260.1020250.0911.1% Totalrevenue for 6MFY2026 of approximatelyRMB2,352.0million(6MFY2025:approximatelyRMB2,128.2million),period-on-period increase ofapproximately 10.5% Profitfor 6MFY2026 of approximately RMB92.0million (6MFY2025: approximately RMB75.3 million),period-on-period increase of approximately 22.1% BasicearningsperSharefor6MFY2026ofapproximately RMB0.10 (6MFY2025: approximatelyR M B0.09) ,p e r i o d - o n - p e r i o di n c r e a s eo fapproximately 11.1% MANAGEMENT DISCUSSION AND ANALYSIS BUSINESS REVIEW 202620252,128.210.5%2,352.015.0%20251,037,0002026881,000 In 6MFY2026, the Group continued to solidify its positionas a leading potash fertilizer company in China. During theperiod, the Group’s revenue increased by approximately10.5%to RMB2,352.0 million,compared to RMB2,128.2million in 6MFY2025. This growth was principally drivenby a higher overall average selling price of the Group’sproductsin the potash fertilizer market,which morethan offset a decline in total sales volume of the Group’sproductsand production services by approximately15.0%,from around 1,037,000 tonnes in 6MFY2025 toapproximately 881,000 tonnes in 6MFY2026. The growthin revenue reflects the sustained high market demand forthe Group’s products and production service, despite ourhigheroverall average selling price of potash fertilizerproductsin response to the global potash marketdynamics. Withover 20 years of experience in China’s potashfertilizerindustry,theGrouphasestablishedcomprehensiveKCL procurement channels,ensuringastable supply from major overseas potash fertilizerproducersat competitive costs.The Group continuestoexpand its market share to further strengthen itsleadership position in the potash market. 20 2 0 2 6202522.1%92.0 Furthermore,in 6MFY2026,the Group’s profit for theperiod increased by approximately 22.1% to approximatelyRMB92.0 million as compared to 6MFY2025. This growthwas mainly due to the increase in the Group’s revenue andgross profit. BUSINESS UPDATES AND FUTUREPROSPECTS Lookingahead,the Group aims to navigate marketfluctuationsby driving growth through innovation andexpandingthe Group’s product offerings.The Groupwillcontinue exploring new markets to support theincreasingglobal demand for high-efficiency fertilizers,while maintaining its focus on operational efficiency andcustomer satisfaction. The Group