中国淀粉二零二五年年报

Contents目錄 Directors’ Report董事會報告書2Management Discussion and Analysis管理層討論及分析13Risk Review Report風險審閱報告22Corporate Governance Report企業管治報告27Directors and Senior Management Profiles董事及高級管理人員簡介46Independent Auditor’s Report獨立核數師報告49Consolidated Statement of Profit or Loss and Other Comprehensive Income合併損益及其他綜合收益表54Consolidated Statement of Financial Position合併財務狀況表55Consolidated Statement of Changes in Equity合併權益變動表57Consolidated Statement of Cash flows合併現金流量表58Notes to the Consolidated Financial Statements合併財務報表附註59Five-Year Financial Summary五年財務概要117Corporate Information公司資料118 Directors’ Report董事會報告書 董事欣然提呈本年報及本公司及其附屬公司（統稱「本集團」）截至二零二五年十二月三十一日止年度的經審核合併財務報表。 The Directors are pleased to present this annual report together with the auditedconsolidated financial statements of the Company and its subsidiaries (collectively,the “Group”) for the year ended 31 December 2025. 主要業務 PRINCIPAL ACTIVITIES 本公司的主要業務為投資控股。本公司的附屬公司 主 要 從 事 製 造 及 銷 售 玉 米 澱 粉、賴 氨 酸、澱 粉糖、變性澱粉、玉米製副產品及玉米深加工產品。有關本公司附屬公司的主要業務詳情載於經審核合併財務報表附註15。 The principal activity of the Company is investment holding. The Company ’ssubsidiaries are principally engaged in the manufacture and sale of cornstarch, lysine,starch-based sweetener, modified starch and ancillary corn-based and corn-refinedproducts. Details of the principal activities of the Company’s subsidiaries are set out innote 15 to the audited consolidated financial statements. 業務回顧 BUSINESS REVIEW 本集團的收入來自兩個業務分部，即(i)上游產品及(ii)發酵及下游產品，有關業務的生產活動於中華人民共和國（「中國」）進行。 The Group’s revenue is derived from two business segments, namely (i) upstreamproducts and (ii) fermented and downstream products, the production activities ofwhich are carried out in the People’s Republic of China (the “PRC”). 有關本集團年內業務的公平回顧載於第13至21頁的管理層討論及分析。風險審閱報告載於第22至26頁，就本集團所面對的主要風險及不明朗因素進行全面檢討。 A fair review of the Group’s business during the year is set out in the ManagementDiscussion and Analysis on pages 13 to 21. The Risk Review Report set out onpages 22 to 26 provides a comprehensive review of principal risks and uncertaintiesfacing the Group. The Environmental, Social and Governance (“ESG”) Report for the year ended 31December 2025 has been prepared as a standalone report and does not form partof the Company’s annual report. In this regard, the ESG Report will be publishedelectronically and made available on both the Exchange’s website and the Company’swebsite. 截至二零二五年十二月三十一日止年度的環境、社會及管治（「ESG」）報告乃作為獨立報告編製，並不構成本公司年報一部分。就此而言，環境、社會及管治報告將以電子方式刊發，並於聯交所網站及本公司網站上可供閱覽。 本集團已遵守並將繼續遵守所有適用環境政策以及與其業務經營環境相關的其他法律及法規。有關此等合規及表現之詳細討論，已於環境、社會及管治報告中闡述。 The Group has complied with and will comply with all applicable environmentalpolicies as well as other relevant laws and regulations related to its business operatingenvironment. A detailed discussion of such compliance and performance is providedin the ESG Report. Directors’ Report董事會報告書 DIVIDENDS 股息 董 事 會 欣 然 建 議 向 於 二 零 二 六 年 五 月 二 十 二 日名 列 本 公 司 股 東 名 冊 之 股 東 派 付 截 至 二 零 二 五年十二月三十一日止年度的末期股息每股0.98港仙。擬派末期股息如於本公司應屆股東週年大會（「股東週年大會」）獲批准，預期將於二零二六年六月十一日或前後以現金派發。 The Board is pleased to recommend the payment of a final dividend of HK0.98 centsper share for the year ended 31 December 2025 to shareholders whose namesappear on the register of members of the Company on 22 May 2026. The proposedfinal dividend, if approved at the forthcoming annual general meeting of the Company(“AGM”), is expected to be paid on or about 11 June 2026 in cash. DIRECTORS 董事 年內及直至本報告日期止，本公司董事如下： The Directors of the Company during the year and up to the date of this report are: 執行董事： Executive Directors: 田其祥先生（主席）高世軍先生（行政總裁）劉象剛先生于英泉先生 Mr. Tian Qixiang(Chairman)Mr. Gao Shijun(Chief Executive Officer)Mr. Liu XianggangMr. Yu Yingquan 獨立非執行董事 Independent non-executive Directors: 陳志軍教授（於二零二五年十月十五日獲委任）花強教授孫明導先生（於二零二五年十月十五日退任）施得安女士 Professor Chen Zhijun (appointed on 15 October 2025)Professor Hua QiangMr. Sun Mingdao (retired on 15 October 2025)Ms. Sze Tak On 根據章程細則第118(A)條，於本公司每屆股東週年大會上，當時在任的三分一董事須輪席告退。任何按此條文退任的董事，其後合資格膺選連任。執行董事田其祥先生及劉象剛先生將於應屆股東週年大會上退任，惟符合資格並願意膺選連任。 Pursuant to article 118(A) of the Articles, at least one-third of the Directors shall retirefrom office by rotation at each annual general meeting of the Company. Any Directorwho retires under this article shall then be eligible for re-election as Director. Mr.Tian Qixiang and Mr. Liu Xianggang, being executive Directors shall retire and, beingeligible, offer themselves for re-election at the forthcoming AGM. 根 據 章 程 細 則 第118(B)條，輪 席 告 退 的 董 事 須 包括任何擬告退而不願膺選連任的董事。據此，獨立非執行董事花強教授將於股東週年大會上退任，且不會膺選連任。彼退任後，將自股東週年大會結束時起不再擔任薪酬委員會主席以及審核委員會及提名委員會成員。董事會（經提名委員會推薦建議）擬 於 應 屆 股 東 週 年 大 會 上 委 任 高 群 玉 教 授 為新獨立非執行董事。高教授的詳情載於本公司日期為二零二六年三月十八日的公告。 Pursuant to Article 118(B) of the Articles, Directors retiring by rotation shall includeany Director who wishes to retire and does not offer himself/herself for re-election. Inthis regard, Professor Hua Qiang, being an independent non-executive Director, willretire at the AGM and will not offer himself for re-el