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 | 新提交 | | --- | | 截至月份: 2026年3月31日 狀態: | 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: 2026年4月1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 | HKD | | 1, ...

Investment Rating - The investment rating for the company is "Buy" and it is maintained [9]. Core Insights - The company reported a revenue of 27.88 billion HKD for 2025, representing a year-on-year growth of 0.4%. The attributable net profit was 2.47 billion HKD, which is a 6.6% increase compared to the previous year. The total dividend per share for 2025 was 0.487 HKD, up from 0.40 HKD in 2024, with a payout ratio of 45% compared to 40% in 2024 [2][6]. - The company is a leader in the global monosodium glutamate (MSG) industry, with expectations for industry demand to increase as the major competitors finish their production expansions in 2024. The company is also expanding its overseas operations, particularly in Kazakhstan, which is expected to contribute to its performance starting in 2026 [9]. - The company experienced significant growth in sales volumes for MSG, threonine, and lysine, despite a decline in average selling prices. The sales volume for MSG reached 1.804 million tons, a 10.1% increase year-on-year, while the average price fell by 15.4% to 5,681 HKD per ton. The animal nutrition segment saw a gross profit of 2.5 billion HKD, a 23.0% increase, with threonine and lysine sales volumes growing by 31.1% and 30.4%, respectively [9]. Summary by Relevant Sections Financial Performance - Revenue for 2025 was 27.88 billion HKD, with a net profit of 2.47 billion HKD. The dividend per share increased to 0.487 HKD, with a payout ratio of 45% [2][6]. Business Segments - The food additives segment generated 13.389 billion HKD in revenue, down 6.8%, but the gross margin improved by 2.7 percentage points to 13.5%. The animal nutrition segment's gross profit rose to 2.5 billion HKD, with a gross margin of 23.7% [9]. - The high-end amino acids segment saw a revenue decline of 11.0%, while the colloid segment's revenue decreased by 32.5% [9]. Market Outlook - The company anticipates a recovery in product prices starting in early 2026, following a period of decline. Prices for MSG and amino acids have begun to rise, supported by improved demand and rising raw material costs [9].

EF001 免責聲明 | 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。 | 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 | | --- | --- | | | 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12月31日止年度之特別末期股息 | | 公告日期 | 2026年3月26日 | | 公告狀態 | 更新公告 | | 更新/撤回理由 | 更改本表格公告标题 | | 股息信息 | | | 股息類型 | 其他 | | 特别末期股息 | | | 股息性質 | 特別股息 | | 財政年末 | 2025年12月31日 | | 宣派股息的報告期末 | 2025年12月31日 | | 宣派股息 | 每 股 0.015 HKD | | 股東批准日期 | 2026年5月29日 | | 香港過戶登記處相關信息 | | | 派息金額及公司預設派 ...

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。 第 1 頁 共 2 頁 v 1.1.1 EF001 EF001 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 截至2025年12月31日止年度之特別末期股息 | | | 公告日期 | 2026年3月26日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 其他 | | 特别末期股息 | | | 股息性質 | 特別股息 | ...

EF001 第 2 頁 共 2 頁 v 1.1.1 免責聲明 | 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。 | 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 | | --- | --- | | 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12月31日止年度之末期股息 | | 公告日期 | 2026年3月26日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 末期 | | 股息性質 | 普通股息 | | 財政年末 | 2025年12月31日 | | 宣派股息的報告期末 | 2025年12月31日 | | 宣派股息 | 每 股 0.107 HKD | | 股東批准日期 | 2026年5月29日 | | 香港過戶登記處相關信息 | | | 派息金額及公司預設派發貨幣 | 每 股 0.107 HKD ...

Financial Performance - The Group's revenue increased by 0.4% to approximately RMB 27.9 billion in 2025, driven by growth in the animal nutrition segment [3]. - Gross profit rose by 8.4% to approximately RMB 5.5 billion in 2025, mainly due to higher contributions from food additive and animal nutrition segments [3]. - Profit attributable to shareholders reached approximately RMB 2.5 billion, reflecting a 6.6% increase compared to 2024 [3]. - Basic earnings per share increased to RMB 98.33 cents in 2025 from RMB 91.86 cents in 2024 [5]. - Total revenue for 2025 reached RMB 27,879,194,000, an increase from RMB 27,757,310,000 in 2024, representing a growth of approximately 0.44% [42]. - Other income for 2025 totaled RMB 482,936,000, compared to RMB 297,437,000 in 2024, marking an increase of approximately 62% [50]. - Finance income for 2025 was RMB 532,526,000, an increase from RMB 498,661,000 in 2024, driven by higher interest income from bank deposits [59]. - Finance costs rose to RMB 272,580,000 in 2025 from RMB 220,971,000 in 2024, primarily due to increased interest expenses on bank borrowings [59]. - Profit before income tax expense for 2025 is RMB 2,996,096,000, up from RMB 2,837,031,000 in 2024, indicating an increase of 5.63% [75]. - The total income tax expense for 2025 is RMB 530,868,000, compared to RMB 524,647,000 in 2024, reflecting a growth of 1.43% [75]. Assets and Liabilities - Total assets increased to RMB 43.7 billion in 2025, up from RMB 36.1 billion in 2024 [7]. - Non-current assets rose to RMB 15.4 billion in 2025, compared to RMB 13.6 billion in 2024 [7]. - Current assets grew to RMB 28.3 billion in 2025, up from RMB 22.5 billion in 2024 [7]. - Total equity increased to RMB 19.5 billion in 2025, compared to RMB 18.3 billion in 2024 [7]. - As of December 31, 2025, total liabilities amounted to RMB 24,254,618, an increase from RMB 17,746,842 in 2024, representing a growth of approximately 36.5% [8]. - Current liabilities reached RMB 22,846,715, up from RMB 16,240,497 in 2024, indicating a rise of about 40.5% [8]. - Non-current liabilities decreased to RMB 1,407,903 from RMB 1,506,345, reflecting a decline of approximately 6.5% [8]. - Total equity and liabilities combined were RMB 43,714,724, compared to RMB 36,089,896 in 2024, showing an increase of around 21.2% [8]. - Borrowings surged to RMB 17,445,910 from RMB 11,016,468, representing a significant increase of approximately 58.5% [8]. Segment Performance - Revenue from the food additives segment decreased to RMB 13,389,212,000 in 2025 from RMB 14,365,304,000 in 2024, representing a decline of approximately 6.8% [34][37]. - The animal nutrition segment saw significant growth, with revenue increasing to RMB 10,526,636,000 in 2025 from RMB 8,739,272,000 in 2024, marking an increase of about 20.3% [34][37]. - Revenue of the food additives segment decreased by 6.8% to approximately RMB13,389.2 million in the Year, mainly due to the decrease in the ASP of MSG and sales volume of starch sweeteners [142]. - Revenue of the animal nutrition segment increased by 20.5% to approximately RMB10,526.6 million, with gross profit rising by 23.0% to approximately RMB2,495.2 million [146][147]. Dividends - The Board proposed a final dividend of HK 12.2 cents per share, resulting in a full-year dividend of HK 48.7 cents per share, with a payout ratio of 45% [3]. - Interim dividends paid in 2025 amounted to 835,040 RMB'000, significantly higher than 414,741 RMB'000 in 2024, marking an increase of approximately 101.0% [84]. - Final dividends paid in 2025 totaled 508,352 RMB'000, down from 802,567 RMB'000 in 2024, representing a decrease of about 36.6% [84]. - The proposed final dividend for 2026 is 236,108 RMB'000, equating to 9.4 RMB cents per share, while a special final dividend of 33,099 RMB'000 is proposed, equating to 1.3 RMB cents per share [85]. Taxation - Current income tax for 2025 is RMB 492,363,000, a slight increase from RMB 484,602,000 in 2024, representing a growth of 1.57% [63]. - The effective tax rate for the Group's subsidiaries in the PRC is 25%, with six subsidiaries qualifying for a preferential rate of 15% due to their status as high-tech enterprises [65]. - Research and development tax credits amount to RMB 41,813,000 for 2025, slightly down from RMB 42,857,000 in 2024 [75]. - Withholding tax on dividends from PRC subsidiaries is projected to be RMB 125,000,000 for 2025, an increase from RMB 75,000,000 in 2024 [75]. Market Conditions - The global economic growth is projected at 3.2% for 2025, with China's economy growing by 5.0% in the same year, impacting market conditions [118]. - The average selling price of threonine decreased by 13.3% to approximately RMB9,408 per tonne, while 98% lysine saw a decline of 27.1% to approximately RMB7,939 per tonne [128]. - The average selling price of MSG was approximately RMB6,905 per tonne, a decrease of 10.0% compared to 2024 [122]. - The average selling price of xanthan gum decreased by 21.1% to approximately RMB19,997 per tonne in 2025 [123]. Accounting Standards - The Group plans to adopt new accounting standards, including HKFRS 18, which will impact the presentation of consolidated financial statements starting January 1, 2027 [22]. - The adoption of HKFRS 18 is expected to affect how operating profit is calculated and reported, although it will not impact net profit [25]. - Management is currently assessing the implications of the new standards on the Group's consolidated financial statements [24]. - Significant new disclosures will be required under the new standards, including management-defined performance measures and reconciliations for restated amounts [29].

阜豐集團有限公司 （於開曼群島註冊成立的有限公司） （股份代號：546） 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 本 公 告 全部或任何部分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。 Fufeng Group Limited 承董事會命 阜豐集團有限公司 董事長 李學純 香 港，二 零 二 六 年 三 月 十 六 日 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。 董事會會議通告 阜 豐 集 團 有 限 公 司（「本公司」）董 事 會（「董事會」）謹 此 宣 佈，董 事 會 會 議 將 於 二 零 二 六 年 三 月 二 十 六 日（星 期 四）舉 行，藉 以（其 中 包 括）批 准 本 公 司 及 其 附 屬 公 司 截 至 二 零 二 五 年 十 二 月 三 十 ...

Investment Rating - The report maintains a "Positive" outlook for the food and beverage industry, indicating a strong performance relative to market benchmarks [9]. Core Insights - The report emphasizes the importance of upstream supply chain dynamics, highlighting that the core logic of performance in the upstream sector revolves around "cost" and "supply-demand" factors, exhibiting clear cyclical characteristics [9]. - It identifies two main drivers for the current uptrend in the upstream food and beverage sector: the rising prices of bulk agricultural products and the ability of companies to directly pass on costs to consumers [9]. - The report suggests prioritizing investments based on geographical and supply-demand logic, with a focus on corn and soybean chains due to their strong price increase expectations [9]. Summary by Sections Upstream Investment Focus - Recommended upstream investment targets include: 1. Agricultural processing: COFCO Technology (000930), Crown Agricultural (600251), Andeli (605198), Jinlongyu (300999), and Zunming (003030) [4]. 2. Food raw material suppliers: Huakang (605077), Morning Light Bio (300138), and Fufeng Group (00546) [4]. 3. Livestock: Recommended Yuran Livestock (09858) and Modern Animal Husbandry (01117) [4]. Downstream Investment Focus - Recommended downstream investment targets include: 1. Baijiu: Shanxi Fenjiu (600809), Kweichow Moutai (600519), Jinshiyuan (603369), and Shede Liquor (600702) [4]. 2. Catering supply chain: Yihai International (01579) and Qianwei Central Kitchen (001215) [4]. 3. Snack foods: Recommended Yanjinpuzi (002847), Qiaqia Food (002557), and Miaokelando (600882) [4]. 4. Health products: Focus on valuation, with related targets including Minsheng Health (301507) and H&H International Holdings (01112) [4].

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: 2026年3月2日 I. 法定/註冊股本變動 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 | 新提交 | | --- | | 截至月份: 2026年2月28日 狀態: | FF301 II. 已發行股份及/或庫存股份變動及足夠公眾持股量的確認 | 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 | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 2,507,346,037 | | 0 | | 2,507,346,037 | | 增加 / 減少 (-) | | | 0 | | | | | | 本月底結存 | | | 2,507,346,037 | | 0 | | 2,507,346,037 | ...

Core Insights - The condiment industry is witnessing significant cross-industry activities, with companies like Zhongju Gaoxin acquiring a 55% stake in Sichuan Weizimei, Hengshun Vinegar launching a new product, and Richen Co. investing in big data software [1] - The trend of cross-industry expansion reflects a common strategy among condiment companies to explore new markets and products, driven by either the desire to capture future opportunities or the need to survive current challenges [1] Group 1: Cross-Industry Preferences - Companies prefer to enter high-margin businesses, focusing on categories with higher added value to enhance their product portfolios, such as soy sauce, which has a gross margin exceeding 38% for leading firms [2] - The trend of entering the soy sauce market is evident, with companies like Fufeng Group and Jialong Co. diversifying into this profitable segment [2] Group 2: Emerging Fields - Some companies are targeting emerging sectors like big data and renewable energy, which offer lower entry barriers and broader growth potential compared to mature markets [3][4][5][6] Group 3: Familiar Territory - Many companies are also experimenting within their existing domains, such as Hengshun producing vinegar drinks and ice cream, and Haitian developing soy sauce-flavored ice cream, to increase visibility among consumers [7] Group 4: Motivations Behind Cross-Industry Moves - Cross-industry moves can be driven by necessity, as seen with Fuling Mustard, which is facing stagnation in its core business, leading to a decline in revenue and profit [10][12] - Jialong Co. is also experiencing revenue declines in its chicken essence products, prompting a search for new growth avenues [10][14] Group 5: Strategic Advantages - Companies like Haitian and Zhongju Gaoxin leverage their existing strengths, such as distribution channels and brand reputation, to facilitate their cross-industry expansions [15][17] - The acquisition of Weizimei by Zhongju Gaoxin is a strategic move to fill gaps in its product offerings and enhance its market presence in the southwestern region [17] Group 6: Future Outlook - The industry is characterized by two types of cross-industry strategies: one aimed at future growth and the other focused on immediate survival, with varying levels of investment and innovation [18]