www.vedaninternational.com Vedan International (Holdings) Limited 味丹國際（控股）有限公司 Annual Report 2024 年報 CONTENT 目錄 3 Corporate Profile 公司簡介 4 Corporate Information 公司資料 5 Financial Highlights 財務摘要 8 Chairman's Statement 主席報告書 14 Management Discussion and Analysis 管理層討論與分析 32 Profile of Directors, Senior Management and Company Secretary 董事、高級管理層及公司秘書簡介 38 Corporate Governance Report 企業管治報告 61 Environmental, Social and Governance Report 環境、社會及管治報告 93 Notes to the Environmental, Social and Governance Report 環境、社會 ...

VEDAN INTERNATIONAL (HOLDINGS) LIMITED 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。 味丹國 際（ 控 股 ）有限公 司 （根據開曼群島法例註冊成立之有限公司） （股份代號：02317） 截至 二零二四年十二月三十一日止年度 業績公佈 | 財務摘要 | | | | | --- | --- | --- | --- | | | 截至十二月三十一日止年度 | | | | | 二零二四年 | 二零二三年 | 差異 | | | 千美元 | 千美元 | | | 收益 | 380,184 | 386,171 | -1.6% | | 毛利 | 66,243 | 55,430 | 19.5% | | 本年度溢利 | 16,071 | 7,001 | 129.6% | | 擁有人應佔溢利 | 16,046 | 6,986 | 129.7% | | 每股基本盈利 | 1.05美仙 | 0.46美仙 | | | 每股攤薄盈利 | 1 ...

Financial Performance - Revenue for the first half of 2024 was $185.155 million, a decrease of 2.0% compared to $188.909 million in the same period of 2023[6] - Gross profit increased by 46.5% to $32.903 million in H1 2024, up from $22.456 million in H1 2023[6] - Profit attributable to owners of the company was $8.331 million in H1 2024, a significant improvement from a loss of $1.468 million in H1 2023[6] - Basic earnings per share improved to 0.55 US cents in H1 2024, compared to a loss of 0.10 US cents per share in H1 2023[6] - Group's revenue for the period reached approximately US$185 million, down by US$3.75 million or 2.0% from the previous period[16] - Gross profit increased by 46.5% to US$32.9 million, with a gross profit margin of 17.8%, primarily due to a significant decline in energy costs[16] - Net profit improved to US$8.34 million from a loss of US$1.47 million in the previous period, with a net profit margin of 4.5%[16] - Revenue for the six months ended 30 June 2024 was $185.155 million, a decrease from $188.909 million in the same period in 2023[106] - Gross profit for the six months ended 30 June 2024 was $32.903 million, compared to $22.456 million in 2023[106] - Operating profit for the six months ended 30 June 2024 was $12.371 million, a significant increase from $1.417 million in 2023[106] - Net profit attributable to owners of the company for the six months ended 30 June 2024 was $8.331 million, compared to a net loss of $1.468 million in 2023[106] - Basic and diluted earnings per share for the six months ended 30 June 2024 were $0.55, compared to a loss of $0.10 per share in 2023[106] - Total comprehensive profit for the six months ended 30 June 2024 was $7.949 million, compared to a comprehensive loss of $2.875 million in 2023[108] - Comprehensive income for the period ended 30 June 2024 was $7,949 thousand, with a profit of $8,331 thousand and other comprehensive loss of $395 thousand[111] - Basic earnings per share improved to $0.0055 in 2024 from a loss of $0.001 per share in 2023, reflecting a turnaround in profitability[155] Market and Revenue Breakdown - Vietnam remains the company's largest market, contributing 57.0% of total revenue, followed by ASEAN countries at 19.0% and China at 15.7%[10] - MSG and seasonings segment accounted for 43.0% of total revenue, while specialty chemicals contributed 18.1%[11] - Revenue in the PRC market increased by 6.9% due to stabilized seasoning sales and expanded distribution of products like coffee beans[17] - Revenue in Japan increased by 2.6% despite weak yen and fierce competition, driven by promotion of new high-end modified starch products[17] - Revenue in the US market fell by 11.5% due to increased interest rates, weak consumption sentiment, and container shipping constraints[17] - Revenue from MSG and seasoning products decreased by 6.4% due to weak economies and low-price competition in major markets[19] - Revenue from starch and starch sugar products increased by 6.9%, driven by new product specifications and high-value-added products[19] - Revenue from distributed products, including coffee beans, increased by 18.5% due to market segmentation and demand fulfillment[19] - Vietnam's GDP growth rate in the first half of 2024 was 6.42%, meeting the government's target of 6.0-6.5%, with a trade surplus of $11.63 billion[28] - The Group's revenue in the first half of 2024 decreased by 2.0% to $185.155 million, mainly due to weak consumer sentiment and demand[31] - Vietnam remains the largest market with revenue of $79.505 million, though it decreased by 3.4% compared to the first half of 2023[33][34] - Japan's revenue increased by 2.6% to $35.218 million, with its share of total revenue rising from 18.2% to 19.0%[35][37] - China's revenue grew by 6.9% to $29.126 million, with its share of total revenue increasing from 14.4% to 15.7%[38][42] - ASEAN market (excluding Vietnam) revenue increased by 1.9% to $14.813 million, with its share of total revenue rising from 7.7% to 8.0%[39][42] - US market revenue declined by 11.5% to $13.011 million, with its share of total revenue decreasing from 7.8% to 7.0%[40][42] - Other markets (Taiwan, Korea, EU) revenue decreased by 14.6% to $13.482 million, with its share of total revenue falling from 8.4% to 7.3%[41][42] - Revenue from MSG and seasoning-related products decreased by 6.4% to $105.6 million in H1 2024, contributing 57.0% to total revenue, down from 59.7% in H1 2023 due to weakened demand and increased competition in markets like Vietnam, Japan, China, and ASEAN[44][46] - Modified starch, native starch, and starch sugar revenue increased by 6.9% to $33.4 million in H1 2024, driven by a rebound in starch sugar sales, despite challenges from rising US dollar interest rates and conservative customer orders[45][47] - Fertilizers and feed products revenue decreased by 5.4% to $16.4 million in H1 2024, with its share of total revenue dropping from 9.2% to 8.9%, impacted by falling international fertilizer and urea prices[48] - Revenue from other products grew by 18.5% to $19.7 million in H1 2024, increasing its share of total revenue from 8.8% to 10.6%, driven by the recovery of China's consumer market post-pandemic and increased sales of coffee beans and water products[49][52] - Specialty chemicals revenue decreased by 7.7% to $9.96 million in H1 2024, with its share of total revenue dropping from 5.7% to 5.4%, due to weak demand and price reductions in soda and hydrochloric acid products[53] Economic and Market Conditions - Vietnam's GDP grew by 6.42% in the first half of 2024, within the expected range of 6.0%-6.5%[15] - The global economic recovery remained sluggish due to international geopolitics, inflation, and US interest rate hikes, impacting consumer sentiment[15] - Raw material prices remained high despite some easing, affecting the company's profit recovery[15] - The company's performance in H1 2024 was below expectations due to weak economic conditions and conservative consumer sentiment[15] - Vietnam's import and export trade volume increased by 14.5% in the first half of 2024 compared to the same period in 2023[28] - The average Consumer Price Index (CPI) in Vietnam increased by 4.08% year-on-year in the first half of 2024, below the policy target of 4.5%[27] - Vietnam's government set an inflation control target of 4.5% and an economic growth target of 6.0% to 6.5% for 2024, focusing on green growth and sustainable development[70] - China's economic growth rate reached 5% in the first half of 2024, but challenges remain due to industrial and population aging, making a return to pre-COVID levels difficult[71] - Vietnam's 2024 inflation control target is 4.5%, with an economic growth target of 6.0% to 6.5%[72] - China's economic growth rate in the first half of 2024 reached 5% despite challenges[72] Operational and Strategic Initiatives - The Group is accelerating the development of new products and forming strategic alliances with internationally renowned enterprises to explore new business areas[22] - The Group plans to expand product lines, optimize product mix, and increase the proportion of high-value-added products to enhance market share and profitability[73] - The Group aims to actively expand into new channels and markets, adjust product positioning, and strengthen brand competitiveness[73] - The Group will continue to advance production technologies, improve efficiency, and achieve cost reduction while maintaining quality[73] - The Group will adopt a "co-opetition" strategy to leverage its Vietnam production base and develop ASEAN and FTA markets[73] - The Group plans to accelerate strategic alliances and cross-industry cooperation to expand business scale and performance[73] - The Group will establish a strategic organizational structure and dedicated teams to enhance efficiency and seek strategic mergers and acquisitions[74] - The Group will expedite the introduction of electronic processes and big data management systems to optimize business processes[74] - The Group remains cautiously optimistic and will explore new products and businesses through strategic alliances to drive overall operational growth[75] Financial Position and Cash Flow - Total assets as of 30 June 2024 were $379.945 million, a slight decrease from $383.510 million as of 31 December 2023[105] - Total equity as of 30 June 2024 was $299.233 million, an increase from $294.783 million as of 31 December 2023[105] - Total current liabilities as of 30 June 2024 were $75.271 million, a decrease from $82.357 million as of 31 December 2023[105] - Currency translation differences resulted in a loss of $395,000 for the six months ended 30 June 2024, compared to a loss of $1.410 million in 2023[108] - Net cash used in operating activities for the six months ended 30 June 2024 was $70 thousand, compared to $2,074 thousand in the same period in 2023[113] - Net cash generated from investing activities for the six months ended 30 June 2024 was $11,142 thousand, a significant improvement from a net cash used of $21,501 thousand in the same period in 2023[113] - Net cash used in financing activities for the six months ended 30 June 2024 was $1,441 thousand, compared to net cash generated of $1,733 thousand in the same period in 2023[113] - Cash and cash equivalents at the end of the period were $38,620 thousand, an increase from $29,676 thousand at the beginning of the period[113] - The company paid dividends of $3,499 thousand during the period[111] - The company's cash and cash equivalents decreased by 7.5% to $46,558,000, while total borrowings increased by 4.4% to $45,582,000, with 85.3% denominated in VND[63] - Trade receivables increased by 3.3% to $34,880,000, and total inventory rose by 8.0% to $148,762,000 compared to the end of 2023[63] - The VND depreciated from VND23,866/USD at the end of 2023 to VND25,863/USD in June 2024 due to interest rate cuts in Vietnam and a widening USD/VND exchange rate differential[64][67] - Basic earnings per share for the period were 0.55 US cents, with an interim dividend of 0.273 US cents per share and a payout ratio of 49.6%[66][68] - An interim dividend of 0.273 US cents per share was declared, amounting to $4.166 million, an increase from 0.229 US cents per share ($3.487 million) in 2023[157] Raw Materials and Costs - Cassava and starch prices remained high in H1 2024 due to reduced output in Thailand, Vietnam, and Cambodia, but the company secured raw materials at competitive prices to control production costs[54][56] - Global molasses production declined for the second consecutive year to 64.17 million tons in 2022/23, with prices remaining high due to demand for ethanol production and India's 50% export tax[55][57] - International crude oil prices stabilized at $70-$90 per barrel in 2024, with OPEC+ maintaining sufficient spare capacity to balance supply and demand[58] - Vietnam's electricity tariffs increased by 7.6% in 2023, prompting the company to adopt a cogeneration power system to ensure stable electricity supply[60] - Coal prices remained stable at high levels in 2024 due to stable global supply of natural gas, crude oil, and coal, with the company closely monitoring industry changes[61] - Vietnam's electricity prices increased by approximately 7.6% in 2023, with further adjustments planned every 3 months starting from 2024 to balance interests[61] - International crude oil prices stabilized between $70 to $90 per barrel in 2024, supported by OPEC's spare capacity to regulate supply and demand[62] Corporate Governance and Shareholding - King International Limited holds 169,730,196 shares of the company, representing 11.15% of the total issued shares[86] - Billion Power Limited, a wholly-owned subsidiary of Taiwan Vedan, holds 512,082,512 shares, representing 33.62% of the total issued shares[86][91] - Concord Worldwide Holdings Limited and High Capital Investments Limited each hold 127,297,646 shares, representing 8.36% of the total issued shares[86] - The company had a total of 3,930 employees as of 30 June 2024, with 3,719 employed by subsidiaries in Vietnam, 184 by subsidiaries in China, 18 by the Taiwan Branch, and 9 by the Cambodia Branch[90] - The company did not purchase, sell, or redeem any of its shares during the six months ended 30 June 2024[81] - The company confirmed compliance with the Model Code for Securities Transactions by Directors of Listed Issuers during the reporting period up to 30 June 2024[89][92] - The company complied with the Corporate Governance Code provisions of the Hong Kong Stock Exchange Listing Rules, except for the chairman's absence from the annual general meeting due to business commitments[90] - The company's employees are remunerated based on work performance, professional experience, and industry practices, with periodic reviews by management[90] - The interim dividend for the six months ended 30 June 2024 is declared at 0.273 US cents per share, equivalent to 2.11848 HK cents per share based on the exchange rate of US$1.00 to HK$7.76[95][98] - The register of members will be closed from 16 September 2024 to 20 September 2024, with the interim dividend payable on 4 October 2024 to shareholders registered by 20 September 2024[96][99] - The unaudited interim condensed consolidated financial information for the six months ended 30 June 2024 has been reviewed by PricewaterhouseCoopers in accordance with Hong Kong Standard on Review Engagements 2410[94][97] - The Audit Committee, comprising four Independent Non-executive Directors, reviewed the interim results and internal controls for the six months ended 30 June 2024[94][97] - The interim financial information is prepared in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting"[100][102] Financial Risks and Liabilities - The company's financial risk management policies remained unchanged since the year-end, with no material changes in the contractual undiscounted cash flows for financial liabilities[128] - The company is exposed to various financial risks, including market risk (currency risk, fair value interest-rate risk, and cash flow interest-rate risk), credit risk, and liquidity risk[128] - The company's financial liabilities, including trade and other receivables, prepayments, and cash equivalents, are assumed to approximate their fair values due to their short maturities[128] - The company's directors are assessing the financial impact of adopting new accounting standards, amendments, and interpretations that will become effective after 1 January 2024[122] - Total trade payables as of 30 June 2024 were $9,934,000, with $8,731,000 due within 0-30 days and $1,203,000 due within 31-90 days[143] - Total bank borrowings increased to $45,582,000 as of 30 June 2024, up from $43,654,000 at the end of 2023[145] - The Group's unutilized borrowing facilities amounted to $164,591,000 as of 30 June 2024, with $114,313,000 secured by corporate guarantees[149] - Net exchange gains contributed $1,443,000 to other gains in the first half of 2024, a significant increase from $46,000 in the same period of 2023[151] - The Group's total borrowing facilities, including trade finance and general banking facilities, reached $210,173,000 as of 30 June 2024, up from $184,290,000 at the end of 2023[150] - Long-term bank borrowings decreased to $1,328,000 as of 30 June 2024, down from $1,992,000 at the end of 2023[145] - Short-term bank borrowings increased to $44,254,000 as of 30 June 2024, up from $41,662,000 at the end of 2023[145] - The Group's bank borrowings were primarily denominated in Vietnamese dong ($38,892,000) and US dollars ($2,656,000) as of 30 June 2024[147] Operational Costs and Expenses - Total cost of sales, selling and distribution expenses, and administrative expenses decreased to $174.138 million in 2024 from $187.757 million in 2023, reflecting a reduction in overall operational costs[152] - Net finance costs improved significantly, decreasing to $418,000 in 2024 from $1.44 million in 2023, primarily due to lower interest expenses on bank borrowings and lease liabilities[153] - Income tax expense increased to $3.147 million in 2024 from $1.

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。 VEDAN INTERNATIONAL (HOLDINGS) LIMITED 味丹國 際（ 控 股 ）有限公 司 （根據開曼群島法例註冊成立之有限公司） （股份代號：02317） 截至二零二四年六月三十日止六個月 中期業績公佈 | --- | --- | --- | --- | |---------------------------------|------------------------|-------------|--------| | | | | | | 財務摘要 | | | | | | | | | | | 未經審核截至六月三十日 | | | | | 止六個月 | | | | | 二零二四年 | 二零二三年 | 變動 | | | 千美元 | 千美元 | | | | | | | | 收益 | 185,155 | 188,909 | -2.0% | | 毛利 | 32,903 | 22,456 ...

Corporate Governance and Board Diversity - The Company aims to achieve at least 8% (1 member) female representation on the Board by December 31, 2024[8]. - At least 55% of the Board members shall be non-executive Directors or independent non-executive Directors[6]. - The Board will consider setting measurable objectives to implement the Board Diversity Policy and review such objectives periodically[6]. - The Board aims to improve diversity goals and identify suitable female professionals for appointment based on merit by the end of 2024[6]. - The Board has adopted a diversity policy to ensure a balanced perspective relevant to the Company's business growth[6]. - The Group's non-executive directors are appointed for a specific term of three years, subject to renewal after the current term expires[35]. Risk Management and Internal Controls - The Audit Committee assists the Board in overseeing the management of existing or potential risks in the Company[19]. - The Company has implemented a risk management mechanism and internal control system to manage risks effectively[21]. - The Group's risk management and internal control systems are considered adequate and effective, with annual reviews to optimize their effectiveness[54]. Financial Performance - The company's revenue for the year ended December 31, 2023, was approximately US$386 million, a decrease of 14.4% compared to US$451 million in 2022[64]. - Gross profit for the year was approximately US$55.43 million, with a gross profit margin of 14.4%, representing an increase of 4.8% over the previous year[76]. - Net profit for the year was approximately US$7 million, a significant improvement from a net loss of US$4.38 million in the previous year, resulting in a net profit margin of 1.8%[76]. - The Group experienced a revenue decline of approximately 16.7% year-on-year due to weak economic conditions in Vietnam, Japan, and the PRC, along with declining demand and competition[83]. - Revenue from starch products and starch sugar products decreased by about 10.8% compared to the previous year, primarily due to decreasing demand and major customers reducing their inventories[83]. - Specialty chemicals revenue dropped significantly by 25.3% as a result of declining market demand in Vietnam and increased competition from international price drops[83]. - The Group's performance in the U.S. market saw a substantial decline of about 32.5%, particularly affecting starch sugar products due to economic uncertainties[83]. - The company proposed a final dividend of 0.2298 US cents per share, with total dividends paid and proposed per share amounting to 0.4588 US cents[64]. Market and Product Development - The Group plans to enhance operational flexibility and agility while actively pursuing new operations through strategic alliances focused on new products and business areas[40]. - The Group is focusing on developing new product specifications and high value-added products, particularly in modified starch, which has shown steady growth in markets like the U.S., Europe, and Vietnam[83]. - The Group is committed to diversifying its product offerings and developing new products with higher added value to capture market potential[83]. - The Group's strategic partnerships with internationally renowned brands in the consumer goods industry aim to increase the number of product items operated in Vietnam[83]. - Future growth strategies include market expansion and potential mergers and acquisitions to strengthen market position[106]. Environmental Sustainability - The company is committed to sustainable operations and environmental protection through rigorous governance and risk management practices[157]. - The Vietnam plant obtained the Environmental Protection Permit in 2023 and complied with local environmental regulations[161]. - In 2023, the total volume of wastewater discharged per ton of product output decreased by 22.40% to 4.42 m³/ton from 5.70 m³/ton in 2022[165]. - The total greenhouse gas emissions were reduced by 52.88%, from 1,477,348 tons CO2e in 2022 to 696,189 tons CO2e in 2023[165]. - The total emission intensity of greenhouse gas decreased by 48.07%, from 2.66 tons CO2e/ton in 2022 to 1.38 tons CO2e/ton in 2023[165]. - The total non-hazardous waste decreased by 36.51%, from 70,818,192 kg in 2022 to 44,963,550 kg in 2023[165]. - The Group's wastewater treatment systems are being improved to achieve better pollution prevention and ensure zero pollution discharge[184]. - The Group's resource usage management in 2023 focused on promoting energy conservation and recycling, with a commitment to sustainable operations[188]. Shareholder Communication - The company emphasizes ongoing communication with shareholders through various channels to ensure transparency and engagement[120]. - The company has implemented a Shareholders' Communication Policy to enhance effective communication with shareholders and stakeholders[145]. - The annual general meeting serves as a primary forum for communication between the company and its shareholders, providing necessary information for informed decision-making[153].

Financial Performance - For the year ended December 31, 2023, the company reported revenue of $386,171 thousand, a decrease of 14.4% compared to $451,007 thousand in 2022[2]. - Gross profit increased to $55,430 thousand, representing a growth of 27.9% from $43,349 thousand in the previous year[2]. - The company achieved a profit of $7,001 thousand for the year, a significant turnaround from a loss of $4,384 thousand in 2022[2]. - Basic and diluted earnings per share were both $0.46, compared to a loss of $0.29 per share in the prior year[2]. - Operating profit for the year was $12,979 thousand, compared to an operating loss of $3,116 thousand in 2022[5]. - Total comprehensive income for the year was $6,572 thousand, recovering from a loss of $7,833 thousand in the previous year[12]. - The net profit attributable to the company's owners was $6,986,000, a significant recovery from a loss of $4,386,000 in 2022[47]. - The basic earnings per share for 2023 was $0.46, compared to a loss of $0.29 per share in 2022[47]. Dividends - The proposed final dividend per share is $0.2298, with total dividends per share amounting to $0.4588[2]. - The basic earnings per share for the year were $0.460, with a total dividend payout of $0.4588 per share, representing a payout ratio of 100%[94]. - The board proposes a final dividend of 0.2298 USD per share, pending approval at the 2024 Annual General Meeting[112]. Revenue Breakdown - Revenue from a single external customer in Japan amounted to approximately $44,004,000, down from $53,734,000 in 2022[31]. - Revenue by geographic location showed a decline in Vietnam from $194,999,000 in 2022 to $173,560,000 in 2023, a decrease of 10.9%[33]. - Revenue from the Vietnamese market was approximately $173,560,000, a decrease of about $21,439,000 or 11% compared to 2022[58]. - Revenue from the Japanese market was approximately $71,045,000, a decrease of about $12,038,000 or 14.5% compared to 2022[60]. - Revenue from the Chinese market was approximately $54,965,000, a decrease of about $7,698,000 or 12.3% compared to 2022[61]. - The ASEAN market (excluding Vietnam) generated approximately $31,185,000 in revenue for 2023, a decrease of about $4,806,000 or 13.4% compared to 2022, with revenue share increasing from 8.0% to 8.1%[63]. - The U.S. market revenue for 2023 was approximately $24,456,000, down by about $11,800,000 or 32.5% from 2022, with revenue share decreasing from 8.0% to 6.3%[64]. - Other regions, including Taiwan, South Korea, and the EU, reported revenue of approximately $30,960,000 for 2023, a decrease of about $7,055,000 or 18.6%, with revenue share declining from 8.5% to 8.1%[65]. - Total revenue for the company in 2023 was approximately $386,171,000, down by $64,836,000 or 14.4% from 2022[67]. Cost and Expenses - Total sales, distribution, and administrative expenses for 2023 were $373,070,000, down from $454,342,000 in 2022, a reduction of 17.9%[42]. - The net financial expenses for 2023 were $(1,791,000), compared to $(553,000) in 2022, indicating an increase in financial costs[38]. - The company reported a net loss of $(122,000) from other income/expenses in 2023, compared to a gain of $219,000 in 2022[41]. - The company recognized a decrease in trade receivables aged 0 to 30 days from $25,334,000 in 2022 to $17,734,000 in 2023, a decline of 30%[41]. Assets and Liabilities - Total assets decreased to $383,510 thousand from $405,972 thousand in 2022[20]. - Current liabilities decreased to $82,357 thousand from $105,685 thousand in the previous year, indicating improved liquidity[20]. - Non-current liabilities reduced to $6,370 thousand from $8,569 thousand, reflecting a decrease in long-term financial obligations[20]. - In 2023, the total cash and cash equivalents, short-term bank deposits, and structured bank deposits amounted to $50,359,000, an increase of $2,549,000 or approximately 5.3% compared to the end of 2022[87]. - Total borrowings decreased by $15,967,000 or approximately 27% to $43,654,000 by the end of 2023[87]. - The current ratio improved to 2.8 in 2023 from 2.3 in 2022, indicating a stable financial structure[88]. Strategic Plans and Market Outlook - The company plans to adopt the revised Hong Kong Financial Reporting Standards effective January 1, 2024, with no significant impact expected on the group's financials[27]. - The company operates a single business segment focused on manufacturing and selling fermented food additives and biochemical products, with no changes reported for 2023[29]. - The company plans to integrate sales channels and introduce new products to stimulate future sales growth in Vietnam[58]. - The company aims to expand its product offerings and develop high-value products in response to market challenges in Japan[60]. - The company plans to actively invest in new product specifications and develop new customers to improve product structure and implement flexible pricing strategies[72]. - The company will continue to promote high-value specialty fertilizer products and actively develop new sales channels[72]. - The company plans to expand its product line and optimize its product mix to enhance market share and sales profit[98]. - The company will actively explore new channels and markets, adjusting product positioning and sales methods to strengthen brand positioning and competitive advantage[99]. - The company aims to improve production technology and efficiency, focusing on key technologies to enhance core competitiveness[99]. - The company will maintain stable relationships with domestic and international suppliers to ensure a stable supply of raw materials[99]. - The company aims to accelerate strategic alliances and cross-industry collaborations to enhance R&D capabilities and expand new product operations, thereby increasing operational scale and performance[101]. - The company plans to establish a combat-ready organization and dedicated strategy teams to improve organizational efficiency and integrate resources for revenue and profit growth[101]. - The introduction of electronic and information systems for big data management is expected to optimize business processes and enhance customer service responsiveness[101]. - Despite global economic concerns due to interest rate hikes and the ongoing Russia-Ukraine conflict, the company maintains a cautiously optimistic outlook for growth potential in Vietnam[101]. Corporate Governance - The company emphasizes maintaining good corporate governance and continuously reviewing governance practices[108]. - The audit committee, composed of independent non-executive directors, has reviewed the group's performance for the year ending December 31, 2023[110]. - The company is committed to controlling capital allocation strategies and improving asset operational efficiency amid global financial market volatility[105]. - The company expresses gratitude to shareholders, business partners, and employees for their unwavering support and contributions[116].

Revenue Performance - Group's revenue for the period was approximately $190 million, a decrease of $40.37 million or 17.6% compared to the previous period[1] - Revenue from MSG and seasoning products decreased by 20.1% year-on-year due to weak demand in Vietnam and PRC markets[2] - Sales of modified starch products saw steady growth in the US, Europe, and Vietnam, while starch sugar revenue decreased by 13.9%[2] - Specialty chemicals products revenue shrank by 31.9% due to weaker market demand and international price declines[2] - Fertilizers and feed products sales decreased by 10.2% due to declining international prices and weaker market demand[2] - Overall sales of trade products, including bulk food ingredients and coffee beans, increased slightly by 0.9%[2] - Group revenue decreased by 17.6% to approximately $188.9 million, with a gross profit margin of 11.9%[16] - Vietnam market revenue decreased by 18.1% to $82.311 million, with revenue share dropping from 43.8% to 43.6%[19] - Japan market revenue decreased by 14.1% to $34.328 million, with revenue share increasing from 17.4% to 18.2%[20] - ASEAN market (excluding Vietnam) revenue decreased by 12.2% to $14.536 million, with revenue share increasing from 7.2% to 7.7%[23] - China market revenue decreased by 8.6% to $27.247 million, with revenue share rising from 13.0% to 14.4%[25] - US market revenue decreased by 21.5% to $14.706 million, with revenue share dropping from 8.2% to 7.8%[26] - Other markets (Taiwan, South Korea, EU) revenue decreased by 33.5% to $15.781 million, with revenue share dropping from 10.3% to 8.4%[26] - Modified starch, native starch, and starch sugar products revenue decreased by 13.9% to $31.288 million[28] - Revenue in Vietnam decreased by approximately 18.1% due to declining demand for MSG, starch, soda, and fertilizers, and intense market competition[31] - Revenue in the PRC market declined by approximately 8.6% due to weak post-pandemic economic recovery[31] - Revenue in the Japanese market dropped by approximately 14.1% due to sluggish demand for MSG and modified starch[31] - Revenue in the ASEAN market decreased by 12.2% year-on-year due to inflation and poor economic sentiment[31] - Revenue in the US market declined by approximately 21.5%, primarily due to reduced demand for starch sugar products[31] - The Group's total revenue for the first half of 2023 was approximately $188.9 million, a 17.6% decrease year-on-year[33] - Specialty chemicals revenue decreased by 31.9% to approximately $10.8 million, with its share of total revenue dropping from 6.9% to 5.7%[37] - Revenue from other markets (Taiwan, Korea, and the EU) decreased by 33.5% to approximately $15.8 million[40] - Revenue from other products increased by 0.9% to approximately $16.6 million, driven by recovery in China's consumer market[52] - Revenue from MSG and seasoning-related products decreased by 20.1% to approximately $112.8 million, with its share of total revenue dropping from 61.6% to 59.7%[55] - Solid fertilizer sales decreased by $1,981,000 or -10.2% to $17,355,000, accounting for 9.2% of total revenue, up from 8.4% in 2022[58] - Other product revenue increased by $154,000 or 0.9% to $16,641,000, accounting for 8.8% of total revenue, up from 7.2% in 2022[58] - Revenue decreased by 17.6% to $188.9 million in the first half of 2023 compared to $229.3 million in the same period of 2022[125] - Revenue breakdown by product: MSG and seasonings (59.7%), modified starch & native starch & maltose (16.6%), specialty chemicals (9.2%), fertilizer and feed products (8.8%), others (5.7%)[128] - Revenue from the US decreased by 21.5% to approximately $14.7 million, with a revenue share drop from 8.2% to 7.8%[150] - Total revenue for the first half of 2023 was $188.9 million, a decrease of 17.6% compared to the same period in 2022[151] - Revenue from fertilizers and feed products decreased by 10.2% to $17.4 million, but its share of total revenue increased from 8.4% to 9.2%[152] - Revenue from MSG and seasoning-related products decreased by 20.1% to $112,826,000 compared to the same period in 2022, with the revenue share dropping from 61.6% to 59.7%[179] - Modified starch and starch sugar products revenue decreased by 13.9% to $31,288,000 due to weak demand in the US market[180] - Total sales for the first half of 2023 decreased by 17.6% to $188,909,000 compared to $229,277,000 in the same period of 2022[165] - Vietnam market sales decreased by 18.1% to $82,311,000, while the US market saw a 21.5% decline to $14,706,000[165] Profitability and Financial Performance - Gross profit margin was 11.9%, with gross profit of $22.46 million, a decrease of 11.1%[1] - Net loss for the period was $1.47 million, with a net profit margin of -0.8%[1] - Net profit for the period was approximately -$1.465 million, with a net profit margin of -0.8%[16] - Gross profit declined by 11.1% to $22.5 million in H1 2023 from $25.3 million in H1 2022[125] - Loss attributable to owners of the company widened significantly by 579.6% to $1.47 million in H1 2023 from $0.22 million in H1 2022[125] - The Group's basic loss per share for the period was -0.10 US cents, with an interim dividend of 0.229 US cents per share and a payout ratio of -237.5%[109] - The company declared an interim dividend of 0.229 US cents per share for H1 2023[119] - Cash and cash equivalents decreased by 14.4% to $40,937,000, while total borrowings increased by 3.0% to $61,407,000[174] - Trade receivables decreased by 11.9% to $29,959,000, while total inventory increased by 7.8% to $151,506,000[174] - Capital expenditure for the period was $4,724,000, a decrease from $7,137,000 in the first half of 2022[174] Market and Regional Performance - Vietnam's GDP growth rate was 3.72%, below the government's target of 6.2%, with total import and export trade decreasing by 15.2%[9] - Vietnam's trade surplus in the first half of 2023 was $12.25 billion, with total import and export trade amounting to $316.65 billion[10] - Vietnam's GDP growth in the first half of 2023 was 3.72%, significantly lower than the expected annual growth rate of 6.5%[131][160] - Vietnam's import and export trade volume in the first half of 2023 decreased by 15.2% year-on-year, but maintained a trade surplus of $12.25 billion[157] - Vietnam's inflation target for 2023 is set at 4.5%, with an economic growth target of 6.5%[148] - China's economic growth target for 2023 is 5.0%, with inflation expected to remain below 3%[148] - The Group remains cautiously optimistic about Vietnam's long-term development potential, supported by trade agreements like EVFTA, UKVFTA, and RCEP[134] - Vietnam experienced a power shortage in H1 2023 due to extreme weather affecting hydropower, and electricity prices increased by 3% in May 2023[198] - The Vietnamese Dong (VND) remained stable despite global economic challenges, supported by Vietnam's ample foreign exchange reserves and interest rate cuts by the State Bank of Vietnam[200] Strategic Initiatives and Future Plans - The company plans to actively develop new specifications, improve product structure, and implement flexible pricing strategies to drive revenue and profit growth in the second half of the year[58] - The company will continue to promote high-value-added specialty fertilizer products and actively develop new sales channels[58] - The company will focus on improving production technology, enhancing efficiency, and mastering key technologies to improve quality and reduce costs[60] - The company will accelerate the formation of strategic alliances or cross-industry cooperation to jointly develop markets and strengthen R&D functions[65] - The company will expedite the introduction of an electronic process and information system for big data management to optimize business processes and respond to customer needs in real-time[66] - The company will continue to expand into new channels and markets, adjust product positioning and sales tactics, and strengthen brand positioning and competitive advantages[62] - The company will continue to control capital allocation strategies, improve asset operation efficiency, and reduce risks from financial market fluctuations[70] - The company will leverage its Vietnam production base to develop ASEAN markets and markets with FTAs, CPTPP, and RCEP agreements[68] - The Group has adopted a "co-opetition" strategy to enhance product and service value, leveraging its production base in Vietnam to develop the ASEAN market and markets under FTA, CPTPP, and RCEP agreements[85] - The Group is accelerating strategic alliances and cross-industry collaborations to integrate resources, strengthen R&D capabilities, and drive business transformation and expansion[87] - The Group is implementing digitalization and information systems to manage and apply big data, optimize business processes, and improve customer service responsiveness[88] - The Group is actively expanding into new channels and markets, adjusting product positioning and sales strategies to enhance brand competitiveness and performance[111] - The Group is establishing a strategic organizational structure and dedicated teams to improve efficiency, coordinate operational plans, and pursue strategic mergers and acquisitions to increase revenue and scale[112] - The Group is continuously controlling capital deployment strategies to improve asset efficiency and reduce risks amid global financial market volatility[113] - The Group plans to launch new product specifications and explore new customers to improve revenue and profit in the second half of 2023[152] - The company plans to expand product lines, optimize product mix, and increase the proportion of high-value-added products to enhance market share and profitability[177] - The company is focusing on strengthening long-term strategic supplier alliances to stabilize the supply chain and reduce procurement costs[171] - The Group is focusing on improving operational flexibility, adjusting business portfolios, and developing new products to enhance profitability and create new growth drivers[189] - The Group is actively seeking alternative raw material solutions and maintaining stable supplier relationships to ensure a stable supply of raw materials[190] Operational Challenges and External Factors - The Group is facing challenges due to unstable energy and raw material supplies, high inflation, and increased operating costs driven by rising interest rates[110] - The Group's operating costs remained high due to elevated raw material prices, squeezing profit margins[131][160] - International oil prices decreased by approximately 14% period-on-period, with Brent crude and WTI falling 24% and 26% year-on-year, respectively[172] - The RMB exchange rate fluctuated from RMB6.7/USD in February 2023 to RMB7.2/USD by the end of June 2023, influenced by global economic changes and China's economic recovery resilience[187] - Major raw material prices, such as those from Thailand, Vietnam, and Cambodia, remained steady in 2022/23 but rose sharply due to concerns over El Nino's impact on future output[195] - Global molasses production in 2022/23 was slightly lower than the previous year, with prices remaining high due to limited export volumes and increased ethanol production demand[197] Corporate Governance and Compliance - The Group's Audit Committee reviewed the unaudited interim condensed consolidated financial information for the six months ended June 30, 2023, and found no material misstatements[114][116] - As of June 30, 2023, the Group employed a total of 3,915 employees, with 3,698 in Vietnam, 190 in China, 15 in Taiwan, and 12 in Cambodia[102]

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。 VEDAN INTERNATIONAL (HOLDINGS) LIMITED 味 丹 國際 （ 控 股）有 限 公司 （根據開曼群島法例註冊成立之有限公司） 02317 （股份代號： ） 截至二零二三年六月三十日止六個月 中期業績公佈 財務摘要 未經審核截至六月三十日 止六個月 二零二三年 二零二二年 變動 千美元 千美元 188,909 229,277 -17.6% 收益 22,456 25,268 -11.1% 毛利 ...

Risk Management and Internal Controls - The Group emphasizes stringent internal controls and risk management to mitigate financial risks, including regular assessments of capital positions and market conditions[4] - The sales and payment collection cycle management is designed to minimize revenue-related risks through oversight of order processing, credit provision, and payment collection procedures[5] - The Group's risk management includes legal affairs and intellectual property rights, collaborating with legal counsels to mitigate risks associated with contracts and disputes[7] - The Group conducts regular audits to analyze operational risks and ensure effective internal controls are in place[1] - The Board of Directors oversees the establishment of effective risk management mechanisms and internal control systems[1] Investment and Market Expansion - The Group has established an "Investment Review Board" to rigorously evaluate mid-to-long-term investments and strategic alliances[7] - Future outlook includes a projected revenue growth of 15% for the next fiscal year, driven by new product launches and market expansion strategies[12] - Market expansion efforts are focused on Southeast Asia, with plans to increase market share by 10% in the region[12] - The company is exploring potential acquisitions to enhance its product portfolio and market presence, targeting a 5% increase in market share through strategic mergers[12] - The company aims to leverage its experienced leadership to expand its market presence and enhance product offerings[23] Financial Performance and Projections - The company reported a significant increase in user data, with a 20% growth in customer base year-over-year[12] - The company is investing in R&D for new technologies, with a budget allocation of $5 million for the upcoming year[12] - The company aims to enhance operational efficiency, targeting a 10% reduction in production costs through process optimization[12] - A new product line is set to launch in Q2 2024, expected to contribute an additional $2 million in revenue[12] Sustainability and Environmental Responsibility - Environmental protection measures are implemented in accordance with local regulatory requirements, ensuring the fulfillment of environmental responsibilities[9] - The management team emphasizes a commitment to sustainability, aiming for a 25% reduction in carbon emissions by 2025[12] - The Group's commitment to corporate social responsibility includes maintaining sound corporate governance and risk management[121] - The Group has formulated environmental policies that include environmental protection in daily management and energy conservation education[121] - The Group established the "Corporate Social Responsibility Committee" to promote environmental education and implement sustainable environment plans[125] Employee Management and Labor Practices - The Group employs a total of 3,641 employees in its Vietnam plant, with 2,941 males and 700 females[178] - The Group adheres to local labor laws and has established a transparent remuneration system, reporting to relevant authorities[173] - The Group provides labor and health insurance to all employees and conducts regular health checks to safeguard their well-being[183] - The Group respects employees' rights to form associations and holds regular labor conferences to address employee concerns[181] - The average monthly resignation rate for male staff in the Vietnam plant is 1.40%, while for female staff it is 1.24%[178] Corporate Governance and Compliance - All Non-Executive Directors are subject to retirement by rotation at least once every three years, ensuring compliance with corporate governance standards[90] - The Company has confirmed that all Independent Non-Executive Directors are independent as per the relevant regulations[91] - The Company has adopted the Model Code for Securities Transactions, ensuring compliance with the Listing Rules[94] - The Company has established a Shareholders' Communication Policy to promote active engagement and enable shareholders to exercise their rights effectively[107] - The Company acknowledges its responsibilities for preparing the financial accounts for the year ended 31 December 2022[94] Operational Efficiency and Technological Advancements - The Group will continue to promote technological advances in production to improve efficiency and reduce costs, enhancing core competitiveness[56] - The Group intends to adopt a "co-opetition" strategy to enhance product and service value, leveraging its production base in Vietnam to develop the ASEAN market and other free trade agreement markets[56] - The Group will expedite the introduction of an electronic process and information system for Big Data management to optimize business processes and respond to customer needs[58] - The Group's financial personnel in Vietnam and China undertook various courses to enhance their skills in 2022[52] Emissions and Environmental Impact - The total volume of wastewater discharged increased to 5.70 m³/ton, a rise of 21.02% compared to 2021[139] - Total greenhouse gas emissions surged to 1,477,348.00 tons, marking a 74.99% increase from 2021[139] - The Vietnam plant obtained the Environmental Protection Permit in 2022, complying with local environmental standards[138] - The Group's performance in emissions management and energy consumption management was affected by the energy crisis, COVID-19, and its production mode in 2022[125] - The Group's ecological initiatives include promoting park-like construction in factory areas with extensive tree planting[130]

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。 VEDAN INTERNATIONAL (HOLDINGS) LIMITED 味 丹 國際 （ 控 股）有 限 公司 （根據開曼群島法例註冊成立之有限公司） 02317 （股份代號： ） 截至二零二二年十二月三十一日止年度 業績公佈 財務摘要 截至十二月三十一日止年度 二零二二年 二零二一年 差異 千美元 千美元 451,007 382,361 18.0% 收益 43,349 60,373 –39.3% 毛利 (4,384) 11,032 –139.7% 本年度（虧損）╱溢利 (4,386) 11,014 –139.8% ...