Investment Rating - The report maintains a "Buy" rating for the company [10] Core Insights - The company reported a revenue of 13.96 billion HKD for the first half of 2025, representing a year-on-year increase of 4.4%, primarily driven by growth in the animal nutrition segment [2][6] - The net profit attributable to shareholders reached 1.79 billion HKD, a significant year-on-year increase of 72.1%, mainly due to higher gross margins in the food additives and animal nutrition divisions [2][6] - The interim dividend declared is 0.365 HKD per share, which includes basic interim dividends, special interim dividends, and tax-exempt compensation [2][6] Summary by Sections Revenue and Profitability - The company achieved a revenue of 13.96 billion HKD, with the animal nutrition segment being the key contributor [2][6] - The net profit attributable to shareholders was 1.79 billion HKD, reflecting a substantial increase due to improved gross margins [2][6] Segment Performance - The food additives segment generated revenue of 6.47 billion HKD, with a gross margin of 15.8% [8] - The animal nutrition segment reported revenue of 5.41 billion HKD, with a gross margin of 28.2% [8] - The high-end amino acids segment achieved a revenue of 1.05 billion HKD, with a gross margin of 40.7% [8] Market Dynamics - The company is a leading player in the global monosodium glutamate industry, with expectations of increased demand as the industry recovers [8] - The company is actively expanding its international presence, with new production capacities coming online and a project in Kazakhstan underway [8]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | | --- | | 2025年8月31日 | | 狀態: | | 新提交 | 致：香港交易及結算所有限公司 公司名稱: 阜豐集團有限公司 呈交日期: 2025年9月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00546 | 說明 | 不適用 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | HKD | | 0.1 | HKD | | 1,000,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 10,000,000,000 | HKD | | 0.1 | HK ...

EF001 第 2 頁 共 2 頁 v 1.1.1 EF001 發行人所發行上市權證/可轉換債券的相關信息 發行人所發行上市權證/可轉換債券 不適用 其他信息 其他信息 不適用 發行人董事 於本公告日期，本公司的執行董事為李學純先生，李德衡先生及李廣玉先生；而本公司的獨立非執行董事為劉仲緯先生，張友明先 生及李銘女士。 免責聲明 | 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因 公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 | | | --- | --- | | 股票發行人現金股息公告 | | | 發行人名稱 | 阜豐集團有限公司 | | 股份代號 | 00546 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 除稅後的梅花賠償特別股息 | | 公告日期 | 2025年8月28日 | | 公告狀態 | 更新公告 | | 更新/撤回理由 | 更改公告标题 | | 股息信息 | | | 股息類型 | 其他 | | 特別股息 | | | 股息性質 ...

EF001 第 2 頁 共 2 頁 v 1.1.1 免責聲明 EF001 發行人所發行上市權證/可轉換債券的相關信息 發行人所發行上市權證/可轉換債券 不適用 其他信息 其他信息 不適用 發行人董事 於本公告日期，本公司的執行董事為李學純先生，李德衡先生及李廣玉先生；而本公司的獨立非執行董事為劉仲緯先生，張友明先 生及李銘女士。 | 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因 公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 | | | --- | --- | | 股票發行人現金股息公告 | | | 發行人名稱 | 阜豐集團有限公司 | | 股份代號 | 00546 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 截至2025年6月30日止六個月之特別中期股息 | | | 公告日期 | 2025年8月28日 | | 公告狀態 | 更新公告 | | 更新/撤回理由 | 更改公告标题 | | 股息信息 | | | 股息類型 | 其他 | | 特別中期股 ...

[Clarification Announcement](index=1&type=section&id=Clarification%20Announcement) This announcement clarifies dividend-related wording in the interim results announcement to ensure consistency and facilitate investor reference [Purpose and Scope of the Announcement](index=1&type=section&id=Purpose%20and%20Scope%20of%20the%20Announcement) This announcement aims to clarify the wording regarding dividends in the interim results announcement issued on August 28, 2025, by Fufeng Group Limited - This announcement clarifies the wording regarding the basic interim dividend, special interim dividend, and Meihua compensation special dividend after tax in the company's interim results announcement for clarity and consistency purposes[4](index=4&type=chunk) [Dividend Information Clarification](index=1&type=section&id=Dividend%20Information%20Clarification) This section clarifies the specific amounts, per-share distributions, and year-on-year changes for the 2024 fiscal year-end final dividend and 2025 fiscal year H1 interim dividend, noting their accounting treatment [2024 Fiscal Year Final Dividend](index=1&type=section&id=1.%20Page%2025%20of%20the%20Announcement) This section presents the proposed and paid final dividends for FY2024, including per-share amounts and currency conversions | Metric | HKD (Thousands) | RMB (Thousands) | HK Cents per Share | RMB Cents per Share | | :--- | :--- | :--- | :--- | :--- | | Proposed Final Dividend | 476,263 | 439,486 | 19.0 | 17.5 | | Proposed Special Final Dividend | 75,200 | 69,393 | 3.0 | 2.8 | | Final Dividend Paid (June 2025) | 551,561 | 508,352 | - | - | - The difference between the proposed and paid final dividends is due to the exercise of share options and exchange rate fluctuations[5](index=5&type=chunk)[6](index=6&type=chunk) [2025 Fiscal Year H1 Interim Dividend](index=2&type=section&id=2.%20Page%2037%20of%20the%20Announcement) This section outlines the specific amounts and per-share distributions for the 2025 H1 interim dividends, including year-on-year comparisons | Dividend Type | 2025 H1 (HKD Thousands) | 2025 H1 (RMB Thousands) | 2025 H1 (HK Cents per Share) | 2025 H1 (RMB Cents per Share) | 2024 H1 (HKD Thousands) | 2024 H1 (RMB Thousands) | 2024 H1 (HK Cents per Share) | 2024 H1 (RMB Cents per Share) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Basic Interim Dividend | 611,767 | 558,219 | 24.4 | 22.3 | 403,280 | 369,098 | 16.0 | 14.6 | | Special Interim Dividend | 87,753 | 80,072 | 3.5 | 3.2 | 50,410 | 46,137 | 2.0 | 1.8 | | Meihua Compensation Special Dividend | 215,623 | 196,749 | 8.6 | 7.8 | – | – | – | – | | **Total** | **915,143** | **835,040** | **36.5** | **33.3** | **453,690** | **415,235** | **18.0** | **16.4** | - The Board-recommended basic interim dividend, special interim dividend, and Meihua compensation special dividend after tax have not yet been recognized as payable in this interim financial information but will be recognized as an appropriation of retained earnings for the year ending December 31, 2025[8](index=8&type=chunk)[10](index=10&type=chunk) - The **35% basic interim dividend** and **5% special interim dividend** refer to dividends paid from profit attributable to shareholders (excluding Meihua compensation after tax), while the Meihua compensation special dividend refers to Meihua compensation after tax[15](index=15&type=chunk) [Dividend Distribution Arrangements](index=3&type=section&id=Dividend%20Distribution%20Arrangements) This section specifies the ex-dividend date, record date, and share transfer registration suspension period for the 2025 H1 interim dividends - The company will suspend share transfer registration from September 12, 2025, to September 15, 2025 (inclusive)[13](index=13&type=chunk)[14](index=14&type=chunk) - To qualify for the basic interim dividend, special interim dividend, and Meihua compensation special dividend after tax, all share transfer documents, along with the relevant share certificates, must be submitted to the company's Hong Kong share registrar by 4:30 PM on September 11, 2025[13](index=13&type=chunk)[14](index=14&type=chunk) - The Board has resolved to pay the interim basic dividend, special interim dividend, and Meihua compensation special dividend after tax to shareholders on the register as of September 15, 2025, by September 30, 2025[15](index=15&type=chunk)

Core Insights - The report emphasizes that the chemical industry is entering a new phase of capital expenditure, with a focus on the rebalancing of supply and demand following the release of production capacity during the 14th Five-Year Plan period [2][6] - The report indicates that the bottom of the cycle is becoming clearer, with potential price increases for chemical products driven by demand recovery and supply stability in the second half of the year [2][6] Industry Overview - The current cycle has reached its tail end, with a total of 12 quarters of decline since Q3 2022, following a 7-quarter expansion from Q4 2020 to Q2 2022 [10][12] - The report outlines that the chemical industry has experienced three significant price fluctuation cycles since 2010, with the latest cycle characterized by a demand-driven recovery followed by a supply-side pressure [8][10] Investment Recommendations - The report suggests focusing on sectors with relatively low valuations, such as sucralose (recommended: Jinhe Industrial), pesticides (recommended: Yangnong Chemical, Runfeng Shares), and MDI (recommended: Wanhua Chemical) [3][4] - It highlights the importance of domestic demand in countering tariff impacts, recommending companies in refrigerants and fertilizers [3][4] - The report identifies investment opportunities in sectors with upcoming capacity releases, such as organic silicon (recommended: Xin'an Chemical) and spandex [3][4] Price and Profitability Trends - The report notes that many sub-industry product prices remain at historical lows, with specific prices for spandex, PA6, and other fibers at 0%, 4%, and 5% of historical levels respectively [28] - It mentions that the chemical industry has seen a slight recovery in profitability in Q1 2025, although the overall performance remains under pressure [27][25] Supply and Demand Dynamics - The report indicates that the global chemical capital expenditure is on a downward trend, with domestic companies experiencing a slowdown in investment while still facing significant pressure to convert projects into fixed assets [22][32] - It also states that both domestic and international markets are entering a replenishment phase in 2025, which may influence inventory levels and pricing strategies [35][36]

Investment Rating - The investment rating for the company is maintained at "Buy" with a target price of HKD 11.08 [1][4]. Core Views - The company's revenue for the first half of 2025 (25H1) reached HKD 14 billion, a year-on-year increase of 4%, while the net profit attributable to shareholders was HKD 1.79 billion, up 72% year-on-year, driven by increased sales volume and lower raw material costs [1]. - The outlook for the glutamate market is expected to improve, and the company's overseas expansion is anticipated to contribute to incremental growth [1]. - The company has seen an increase in sales of amino acids and glutamate, with a decrease in raw material costs aiding in the improvement of gross margins [2][3]. Summary by Sections Financial Performance - In 25H1, the food additives segment revenue decreased by 6% to HKD 6.47 billion, primarily due to falling glutamate prices, while the animal nutrition segment revenue increased by 29% to HKD 5.41 billion, driven by higher lysine sales [2]. - The gross margin for the food additives segment improved by 4.8 percentage points to 15.8%, attributed to lower raw material costs [2]. Market Outlook - The market prices for lysine and glutamate are expected to recover as demand increases, particularly with the approach of peak consumption seasons [3]. - The company has fully launched projects for 400,000 tons of glutamate, 20,000 tons of threonine, and 100,000 tons of lysine, with an overseas production base in Kazakhstan under construction [3]. Profit Forecast and Valuation - The profit forecast for the company remains at HKD 2.8 billion, HKD 3.0 billion, and HKD 3.3 billion for the years 2025 to 2027, respectively, with corresponding EPS estimates of HKD 1.12, HKD 1.20, and HKD 1.31 [4][8]. - The target price of HKD 11.08 corresponds to a 9x PE ratio for 2025, reflecting the company's valuation in light of market liquidity [4].

Core Insights - The company reported a revenue increase of 4.4% year-on-year, reaching approximately RMB 14 billion for the six months ending June 30, 2025, primarily driven by growth in the animal nutrition segment [1] - Shareholders' profit attributable to the company rose significantly by 72.1% year-on-year to approximately RMB 1.792 billion [1] - Basic and diluted earnings per share for the period were RMB 0.7148 and RMB 0.7146, respectively, compared to RMB 0.4131 and RMB 0.4130 in the same period last year [1] - The board declared an interim dividend of HKD 0.365 per share [1]

Core Viewpoint - The company reported a revenue of RMB 13.96 billion for the six months ending June 30, 2025, representing a year-on-year increase of 4.42% [1] - Shareholders' profit for the half-year reached RMB 1.792 billion, showing a significant year-on-year increase of 72.07% [1] - Basic earnings per share were reported at 71.48 cents [1] Revenue Breakdown - The increase in revenue was primarily driven by growth in the animal nutrition segment [1]

Core Viewpoint - The company reported a revenue of RMB 13.96 billion for the six months ending June 30, 2025, representing a year-on-year increase of 4.42% [1] - Shareholders' profit for the half-year reached RMB 1.792 billion, showing a significant year-on-year increase of 72.07% [1] - Basic earnings per share were reported at 71.48 cents [1] Revenue Breakdown - The increase in revenue was primarily driven by growth in the animal nutrition segment [1]