米高集团2025 / 2026年度报告

(incorporated in the Cayman Islands with limited liability)（於開曼群島註冊成立的有限公司）Stock Code : 9879 2025/2026年度報告ANNUAL REPORT CONTENTS 2Corporate Information4Financial Highlights5Operational Highlights6Chairperson’s Statement9Management Discussion and Analysis18Directors’ Report46Profiles of Directors and Senior Management55Corporate Governance Report84Independent Auditor’s Report91Consolidated Statement of Profit or Loss and Other ComprehensiveIncome92Consolidated Statement of Financial Position94Consolidated Statement of Changes in Equity96Consolidated Statement of Cash Flows99Notes to the Consolidated Financial Statements215Five-year Financial Information216Definitions 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 Morgan, Lewis & Bockius19th FloorEdinburgh Tower, The Landmark15 Queen’s Road CentralHong Kong 1519 AUDITORS •88135 Deloitte Touche Tohmatsu(Registered Public Interest Entity Auditor)35/F, One Pacific Place88 QueenswayHong Kong 022025/2026 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 ZoneEast Park, Cangjiang Industrial ParkGaoming DistrictFoshan CityChina PRINCIPAL PLACE OF BUSINESS INHONG KONG 1038 38/F, East TowerCheung Kong Center II10 Harcourt RoadCentralHong Kong PRINCIPAL SHARE REGISTRAR ANDTRANSFER OFFICE Ascentium (Cayman) Limited4th Floor, Harbour Place103 South Church StreetP.O. Box 10240, Grand Cayman KY1-1002Cayman Islands Ascentium (Cayman) Limited4th Floor, Harbour Place103 South Church StreetP.O. Box 10240, Grand Cayman KY1-1002Cayman Islands HONG KONG SHARE REGISTRAR 1617 Tricor Investor Services Limited17/F, Far East Finance Centre16 Harcourt RoadHong Kong PRINCIPAL BANKER Bank of China Foshan Gaoming Sub-branch COMPANY WEBSITEwww.migaogroup.com www.migaogroup.com STOCK CODE 9879 FINANCIAL HIGHLIGHTS FINANCIAL HIGHLIGHTS TotalrevenueforFY2026ofapproximatelyRMB6,175.3million(FY2025:approximatelyRMB4,966.0million),year-on-yearincreaseofapproximately 24.4% OPERATIONAL HIGHLIGHTS CHAIRPERSON’S STATEMENT 2026 On behalf of the Board, I am pleased to present the annualreport of the Group for FY2026. 2026202661.7524.4%3.7811.3%230 Despite ongoing global volatility in potash fertilizers market,the Group achieved significant growth performance in FY2026withits prudent business strategies and efficient supplychain management. In FY2026, the Group’s total revenue wasapproximatelyRMB6,175 million,representing an increaseof approximately 24.4% as compared to the same period oflast year; the Group’s net profit was approximately RMB378million, representing an increase of approximately 11.3% ascompared to the same period of last year; and the overallsales volume of the Group’s products have achieved a highlevel of approximately 2.3 million tonnes per year in the pasttwo years. 2 0 2 62026 InFY2026,the Group has made important strides initsoverseas strategic planning.The Group has beenactivelyexploring emerging markets to capture newgrowthopportunities and strengthen its global footprint.During FY2026, the Group achieved substantial progressonits expansion project in Vietnam,having completedtheestablishment of its subsidiary in Vietnam and thehandover of the land parcel for the new production facilityin Ho Chi Minh City, Vietnam (the “Vietnam Facility”). Thephased construction of the Vietnam Facility will commenceas scheduled going forward. At the same time, the Grouphasbeen planning and developing strategic businesscentered on the Middle East region. This marks a tangiblestepforward in the Group’s internationalization strategyand reflects its strong commitment to serving the globalhigh-efficiency fertilizer market. 202613.09% Inthe field of sustainable development,the Group hasconsistentlyregardedgreen,low-carbonoperationsandregulatory compliance as the vital cornerstones ofitssustainability efforts,and has continually integratedenvironmentalprotection requirements throughout theentirelifecycle of its production operations,projectconstruction, warehousing and logistics, and daily officeoperations.In FY2026,the Group saw a significantimprovementin energy efficiency,with total carbonemissionsdecreasin