[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]

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 | 新公告 | | 股息信息 | | | 股息類型 | 其他 | | 特別中期股息 | | | 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6月30日 | | 宣派股息 | 每 股 0.121 HKD | | 股東批准日期 | 不適用 | | 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 0.121 HKD | | 匯率 | 1 HKD : 1 ...

EF001 EF001 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 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6月30日止六個月之中期股息 | | 公告日期 | 2025年8月28日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 中期（半年期） | | 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6月30日 | | 宣 ...

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. 香港交易及結算所有限公司以及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完整性亦不發表任 何聲明，並明確表示概不就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之任何損失承擔任何責任。 Fufeng Group Limited 阜豐集團有限公司 (Incorpor ...

Overview - Tryptophan is an essential amino acid that cannot be synthesized by the human body and must be obtained through food [2][4] - The market demand for tryptophan has rapidly increased due to the development of the livestock industry and the "reduction of soybean meal substitution" policy [4][9] - In 2024, the demand for tryptophan in China is projected to reach 23,800 tons, with a market size of 1.309 billion yuan [4][9] Market Policy - The Chinese government has issued several policies to support the development of the amino acid industry, including the "14th Five-Year Plan" and various guidelines for the pharmaceutical and feed industries [4][5] Industry Chain - The upstream of the tryptophan industry includes suppliers of raw materials like corn and molasses, while the midstream involves the production of tryptophan, and the downstream encompasses applications in feed, pharmaceuticals, health products, and food [6][7] Current Development - The feed sector accounts for over 70% of the demand for tryptophan in China, with industrial feed production expected to reach 158.5 million tons in the first half of 2025, a year-on-year increase of 7.7% [9][10] - The increasing focus on health foods has led to a rise in the use of tryptophan as a nutritional supplement for improving sleep and emotional balance [4][9] Competitive Landscape - The market concentration of tryptophan has increased, with international companies like Ajinomoto and CJ Cheiljedang holding significant market shares, while domestic companies such as Ningxia Yipin Biotechnology and Anhui Huaheng Biological Technology are gaining ground through innovation and resource advantages [10][11] Key Players - Fujian Group is a major player in the tryptophan market, with projected revenues of 27.76 billion yuan and a gross profit of 5.057 billion yuan in 2024 [12] - Anhui Huaheng Biological Technology focuses on synthetic biology and expects revenues of 2.178 billion yuan in 2024, with amino acid products contributing 69.28% of total revenue [12][13] Future Trends - The production of tryptophan is primarily through microbial fermentation, with future advancements expected in genetic engineering to enhance production efficiency and product purity [14] - There is a growing emphasis on green production processes to reduce costs and environmental impact, aligning with stricter environmental regulations [14]