Core Viewpoint - The company reported a decline in revenue and profit for the six months ending June 30, 2025, primarily due to increased market competition and reduced demand for its key products [1] Financial Performance - The group's revenue was $184 million, a decrease of 0.48% year-on-year [1] - Profit attributable to shareholders was $7.598 million, down 8.8% compared to the previous year [1] Product Performance - The decline in performance was mainly attributed to: - **Monosodium Glutamate (MSG)**: Decreased sales and revenue due to reduced demand and competitive pricing, leading to a decline in gross margin [1] - **Modified Starch**: Market prices fell due to oversupply in Thailand, resulting in reduced sales volume and revenue, although gross margin improved due to lower raw material costs [1] - **Specialty Products**: Weak demand and competition led to a slight revenue decrease as the company lowered prices to maintain sales volume [1] - **Hydrochloric Acid**: Revenue and gross margin decreased due to lower average selling prices amid weak market demand [1] - **Fertilizer Feed Products**: The company actively developed other items to counter competition and weak demand [1] - **Coffee and Bulk Ingredients**: Revenue increased due to price hikes and sustained demand [1]

Core Viewpoint - Wei Dan International (02317) reported a revenue of $184 million for the six months ending June 30, 2025, representing a year-on-year decrease of 0.48% [1] - The profit attributable to shareholders was $7.598 million, down 8.8% year-on-year, with basic earnings per share at $0.005 [1] - The company proposed an interim dividend of $0.003 per share [1] Revenue Analysis - The decline in revenue is attributed to increasing competition in various markets, particularly affecting the sales prices and revenue of the company's main product, monosodium glutamate, due to a slowdown in consumer demand [1] - Despite a decrease in raw material and energy costs compared to last year, market competition has led to a decline in gross margin [1] Product Performance - Sales and revenue of modified starch decreased due to oversupply in Thailand, while the company's products maintained relatively high prices, resulting in reduced sales volume and revenue [1] - However, the decrease in raw material prices compared to the same period last year led to an increase in gross profit for modified starch [1] - Specialty products faced weak demand due to economic downturn and competition, prompting the company to lower prices to maintain sales, resulting in a slight revenue decrease compared to last year [1] Market Conditions - Hydrochloric acid revenue decreased due to weak market demand and continuous decline in average selling prices, despite slight reductions in raw material and energy costs [1] - The company is actively developing other product lines in the fertilizer and feed sector to address market competition and low demand [1] - Other products, such as coffee and bulk ingredients, saw revenue increases due to price hikes and sustained demand compared to last year [1]

Core Viewpoint - The company reported a decrease in revenue and profit for the six months ending June 30, 2025, primarily due to intensified market competition and reduced consumer demand [1] Financial Performance - Revenue for the period was $184 million, a decrease of 0.48% year-on-year [1] - Profit attributable to shareholders was $7.598 million, down 8.8% year-on-year [1] - Basic earnings per share were 0.5 cents [1] - A mid-term dividend of 0.3 cents per share is proposed [1] Revenue Drivers - The decline in revenue is attributed to increased competition and a slowdown in consumer demand for the company's main product, monosodium glutamate [1] - Despite a decrease in raw material and energy costs compared to last year, market competition led to a decline in gross margin [1] - Sales and revenue from modified starch decreased due to oversupply in Thailand, although raw material prices fell, resulting in an increase in gross profit compared to the same period last year [1] - Demand for specialty products remained weak due to economic downturn and competition, leading the company to lower prices to maintain sales, resulting in a slight revenue decrease [1] - Hydrochloric acid revenue decreased due to weak market demand and declining average selling prices, despite a slight reduction in raw material and energy costs [1] - The company is actively developing other products in the feed sector to address market competition and low demand [1] - Revenue from other products, such as coffee and bulk ingredients, increased due to price rises and sustained demand [1]

Group 1 - The company reported a revenue of $184 million for the six months ending June 30, 2025, representing a year-on-year decrease of 0.5% [1] - Gross profit was $31.81 million, down 3.3% compared to the previous year [1] - Profit attributable to owners of the company was $7.60 million, reflecting an 8.8% decline year-on-year [1] Group 2 - Basic earnings per share were 0.50 cents, with a proposed interim dividend of 0.30 cents per share [1]

EF001 EF001 | 其他信息 | | | --- | --- | | 其他信息 | 不適用 | | 發行人董事 | | | 於本公佈日期，董事會由下列董事組成：(1) 執行董事：楊頭雄先生, 楊正先生, 楊坤祥先生, 楊辰文先生, 楊坤洲先生; (2) 非執行 | | | 董事：黃景榮先生, 周賜程先生; (3) 獨立非執行董事：趙培宏先生, 柯俊禎先生, 黃鐘鋒先生, 李培芬女士 | | 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 | 味丹國際（ 控股）有限公司 | | 股份代號 | 02317 | | 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 日止六個月的中期股息 | | 公告日期 | 2025年8月26日 | ...

[Financial Summary and Interim Results Announcement](index=1&type=section&id=%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%81%E4%B8%8E%E4%B8%AD%E6%9C%9F%E6%A5%AD%E7%B8%BE%E5%85%AC%E5%91%8A) This section presents Vedan International's H1 2025 unaudited financial performance, showing declines in key profit metrics and EPS, with an increased interim dividend [Financial Highlights](index=1&type=section&id=%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%81) This section provides a concise overview of Vedan International's H1 2025 financial performance, detailing key metrics and their year-on-year changes Financial Highlights Summary | Indicator | Six Months Ended June 30, 2025 (USD thousands) | Six Months Ended June 30, 2024 (USD thousands) | Change (USD thousands) | | :--- | :--- | :--- | :--- | | Revenue | 184,267 | 185,155 | -888 | | Gross Profit | 31,809 | 32,903 | -1,094 | | Profit for the Period | 7,610 | 8,344 | -734 | | Profit Attributable to Owners of the Company | 7,598 | 8,331 | -733 | | Basic Earnings Per Share | 0.50 US cents | 0.55 US cents | | | Diluted Earnings Per Share | 0.50 US cents | 0.55 US cents | | | Proposed Interim Dividend Per Share | 0.300 US cents | 0.273 US cents | | | Total Dividends Paid and Proposed Per Share | 0.300 US cents | 0.273 US cents | | [Interim Condensed Consolidated Statement of Financial Position](index=2&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B3%87%E7%94%A2%E8%B2%A0%E5%82%B5%E8%A1%A8) As of June 30, 2025, the Group's total assets slightly increased, with non-current assets decreasing and current assets increasing, while total equity slightly decreased and total liabilities increased, maintaining a stable financial structure Consolidated Statement of Financial Position | Indicator | June 30, 2025 (USD thousands) | December 31, 2024 (USD thousands) | | :--- | :--- | :--- | | **Assets** | | | | Total Non-current Assets | 126,523 | 134,297 | | Total Current Assets | 244,930 | 234,394 | | **Total Assets** | **371,453** | **368,691** | | **Equity** | | | | Total Equity | 301,643 | 302,416 | | **Liabilities** | | | | Total Non-current Liabilities | 3,975 | 4,836 | | Total Current Liabilities | 65,835 | 61,439 | | **Total Liabilities** | **69,810** | **66,275** | | **Total Equity and Liabilities** | **371,453** | **368,691** | [Interim Condensed Consolidated Statement of Profit or Loss](index=4&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%94%B6%E7%9B%8A%E8%A1%A8) For the six months ended June 30, 2025, the Group's revenue, gross profit, operating profit, and profit for the period all decreased year-on-year, with finance income turning positive and EPS also declining Consolidated Statement of Profit or Loss | Indicator | Six Months Ended June 30, 2025 (USD thousands) | Six Months Ended June 30, 2024 (USD thousands) | | :--- | :--- | :--- | | Revenue | 184,267 | 185,155 | | Cost of Sales | (152,458) | (152,252) | | Gross Profit | 31,809 | 32,903 | | Other Income - Net | 1,194 | 1,354 | | Selling and Distribution Expenses | (9,780) | (9,768) | | Administrative Expenses | (12,216) | (12,118) | | Operating Profit | 11,007 | 12,371 | | Finance Income / (Expenses) - Net | 123 | (418) | | Profit Before Income Tax | 10,755 | 11,491 | | Income Tax Expense | (3,145) | (3,147) | | Profit for the Period | 7,610 | 8,344 | | Profit Attributable to Owners of the Company | 7,598 | 8,331 | | Basic and Diluted Earnings Per Share (US cents) | 0.50 | 0.55 | [Interim Condensed Consolidated Statement of Comprehensive Income](index=5&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) For the six months ended June 30, 2025, the Group's profit for the period and total comprehensive income both decreased year-on-year, but exchange differences turned from loss to gain Consolidated Statement of Comprehensive Income | Indicator | Six Months Ended June 30, 2025 (USD thousands) | Six Months Ended June 30, 2024 (USD thousands) | | :--- | :--- | :--- | | Profit for the Period | 7,610 | 8,344 | | Other Comprehensive Income / (Loss) | | | | Exchange Differences | 297 | (395) | | Total Comprehensive Income for the Period | 7,907 | 7,949 | | Total Comprehensive Income for the Period Attributable to Owners of the Company | 7,895 | 7,936 | [Notes to the Interim Condensed Consolidated Financial Information](index=6&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E8%B3%87%E6%96%99%E9%99%84%E8%A8%BB) This section provides detailed notes on the basis of preparation, accounting policies, segment information, and other financial details for the interim period [Basis of Preparation and Accounting Policies](index=6&type=section&id=%E7%B7%A8%E8%A3%BD%E5%9F%BA%E6%BA%96%E8%88%87%E6%9C%83%E8%A8%88%E6%94%BF%E7%AD%96) The interim condensed consolidated financial information is prepared under HKAS 34, with consistent accounting policies, and new standards effective in 2025 had no material impact - The interim condensed consolidated financial information has been prepared in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting" issued by the Hong Kong Institute of Certified Public Accountants[9](index=9&type=chunk) - The accounting policies applied are consistent with those described in the annual financial statements for the year ended December 31, 2024, except for specific amendments[11](index=11&type=chunk) - New and amended accounting standards, including HKFRS 9, 18, and 19, issued but not yet effective for the financial year beginning January 1, 2025, have not been early adopted by the Group[12](index=12&type=chunk)[13](index=13&type=chunk) [Segment Information](index=8&type=section&id=%E5%88%86%E9%83%A8%E8%B3%87%E6%96%99) The Group operates a single business segment, manufacturing and selling fermented food additives, biochemical products, and tapioca starch industrial products, with revenue geographically segmented - The Group operates a single business segment, which is the manufacturing and sale of fermented food additives, biochemical products, and tapioca starch industrial products[14](index=14&type=chunk) [Segment Revenue](index=8&type=section&id=%E5%88%86%E9%83%A8%E6%94%B6%E7%9B%8A) For the six months ended June 30, 2025, total Group revenue was USD 184,267 thousand, slightly lower year-on-year, with declines in Vietnam and Japan, but significant growth in China and the US Segment Revenue by Region | Region | Jan-Jun 2025 (USD thousands) | Jan-Jun 2024 (USD thousands) | Change (USD thousands) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Vietnam | 73,350 | 79,505 | -6,155 | -7.7% | | Japan | 32,131 | 35,218 | -3,087 | -8.8% | | China | 34,851 | 29,126 | 5,726 | 19.7% | | United States | 17,573 | 13,011 | 4,562 | 35.1% | | Taiwan | 7,464 | 6,384 | 1,080 | 16.9% | | ASEAN Member States (excluding Vietnam) | 13,573 | 14,813 | -1,240 | -8.4% | | Other Regions | 5,325 | 7,098 | -1,773 | -25.0% | | **Total Revenue** | **184,267** | **185,155** | **-888** | **-0.5%** | [Geographical Location of Non-current Assets](index=9&type=section&id=%E9%9D%9E%E6%B5%81%E5%8B%95%E8%B3%87%E7%94%A2%E6%89%80%E5%9C%A8%E5%9C%B0) As of June 30, 2025, the majority of the Group's non-current assets are located in Vietnam, followed by China, with the total value decreasing from year-end 2024 Non-current Assets by Region | Region | June 30, 2025 (USD thousands) | December 31, 2024 (USD thousands) | | :--- | :--- | :--- | | Vietnam | 117,316 | 124,689 | | China | 8,113 | 8,105 | | Other | 1 | 2 | | **Total** | **125,430** | **132,796** | [Trade Receivables](index=9&type=section&id=%E6%87%89%E6%94%B6%E8%B2%BF%E6%98%93%E8%B3%87%E6%AC%BE) As of June 30, 2025, net trade receivables were USD 32,319 thousand, a decrease from year-end 2024, with credit terms typically 30 to 90 days and reduced loss allowance Trade Receivables Summary | Indicator | June 30, 2025 (USD thousands) | December 31, 2024 (USD thousands) | | :--- | :--- | :--- | | Trade receivables from third parties | 32,508 | 34,053 | | Less: Loss allowance | (189) | (477) | | **Trade receivables - Net** | **32,319** | **33,576** | Trade Receivables Ageing Analysis | Ageing | June 30, 2025 (USD thousands) | December 31, 2024 (USD thousands) | | :--- | :--- | :--- | | 0 to 30 days | 30,518 | 32,918 | | 31 to 90 days | 1,501 | 520 | | 91 to 180 days | 219 | 163 | | 181 to 365 days | 151 | – | | Over 365 days | 119 | 452 | | **Total** | **32,508** | **34,053** | Loss Allowance for Trade Receivables | Loss allowance | 2025 (USD thousands) | 2024 (USD thousands) | | :--- | :--- | :--- | | Loss allowance at January 1 | 477 | 350 | | Decrease in loss allowance recognized in the interim condensed consolidated statement of profit or loss | (288) | (43) | | **Loss allowance at June 30** | **189** | **307** | [Trade Payables](index=11&type=section&id=%E6%87%89%E4%BB%98%E8%B2%BF%E6%98%93%E8%B3%87%E6%AC%BE) As of June 30, 2025, total trade payables were USD 15,573 thousand, a significant 38.4% increase from year-end 2024, primarily due within 0-30 days Trade Payables Ageing Analysis | Ageing | June 30, 2025 (USD thousands) | December 31, 2024 (USD thousands) | | :--- | :--- | :--- | | 0 to 30 days | 11,960 | 9,795 | | 31 to 90 days | 3,080 | 1,459 | | Over 90 days | 533 | – | | **Total** | **15,573** | **11,254** | - Total trade payables increased by **USD 4,319 thousand**, or approximately **38.4%**, compared to the end of 2024[56](index=56&type=chunk) [Other Income - Net](index=11&type=section&id=%E5%85%B6%E4%BB%96%E6%94%B6%E7%9B%8A%EF%BC%8D%E6%B7%A8%E9%A1%8D) For the six months ended June 30, 2025, net other income was USD 1,194 thousand, a decrease from the prior year, mainly due to a significant drop in net exchange gains Other Income - Net Breakdown | Item | 2025 (USD thousands) | 2024 (USD thousands) | | :--- | :--- | :--- | | Net exchange gains | 448 | 1,443 | | Loss on disposal of property, plant and equipment | (7) | (24) | | Sale of scrap materials | 193 | 199 | | Government grants | 72 | 13 | | Fair value gain on structured bank deposits | – | 4 | | Impairment of goodwill | – | (491) | | Rental income | 79 | 33 | | Others | 409 | 177 | | **Other income - Net** | **1,194** | **1,354** | [Expenses by Nature](index=12&type=section&id=%E6%8C%89%E6%80%A7%E8%B3%AA%E5%88%86%E9%A1%9E%E4%B9%8B%E9%96%8B%E6%94%AF) For the six months ended June 30, 2025, total cost of sales, selling and distribution expenses, and administrative expenses slightly increased, driven by changes in inventories, employee benefits, and write-offs Expenses by Nature Summary | Item | 2025 (USD thousands) | 2024 (USD thousands) | | :--- | :--- | :--- | | Changes in inventories of finished goods and work in progress and consumables used | 124,012 | 121,448 | | Amortisation of intangible assets | 36 | 35 | | Amortisation of right-of-use assets | 296 | 284 | | Auditor's remuneration - audit services | 129 | 129 | | Depreciation of property, plant and equipment | 10,502 | 10,992 | | Employee benefit expenses | 21,510 | 20,745 | | Reversal of loss allowance for trade receivables | (288) | (43) | | Reversal of provision for inventories | (313) | (299) | | Write-off of property, plant and equipment | 550 | – | | Short-term lease payments | 79 | 145 | | Technical support fees | 1,575 | 1,569 | | Travel expenses | 787 | 821 | | Transportation expenses | 3,181 | 3,057 | | Advertising expenses | 928 | 1,153 | | Repair and maintenance expenses | 7,600 | 8,969 | | Other expenses | 3,870 | 5,133 | | **Total cost of sales, selling and distribution expenses and administrative expenses** | **174,454** | **174,138** | [Finance Income / (Expenses) - Net](index=13&type=section&id=%E8%B2%A1%E5%8B%99%E6%94%B6%E5%85%A5%EF%BC%8F%EF%BC%88%E6%94%AF%E5%87%BA%EF%BC%89%EF%BC%8D%E6%B7%A8%E9%A1%8D) For the six months ended June 30, 2025, the Group's net finance income turned positive at USD 123 thousand from an expense in the prior year, mainly due to a significant reduction in interest expense on bank borrowings Finance Income / (Expenses) - Net Breakdown | Item | 2025 (USD thousands) | 2024 (USD thousands) | | :--- | :--- | :--- | | Interest income from short-term bank deposits | 672 | 452 | | Interest income from an associate | 5 | 2 | | Interest expense on bank borrowings | (511) | (833) | | Interest expense on lease liabilities | (43) | (39) | | **Finance income / (expenses) - Net** | **123** | **(418)** | [Income Tax Expense](index=13&type=section&id=%E6%89%80%E5%BE%97%E7%A8%85%E9%96%8B%E6%94%AF) For the six months ended June 30, 2025, total income tax expense was USD 3,145 thousand, largely consistent with the prior year, with varying corporate income tax rates across regions Income Tax Expense Summary | Item | 2025 (USD thousands) | 2024 (USD thousands) | | :--- | :--- | :--- | | Corporate income tax | 2,718 | 3,440 | | Deferred income tax | 427 | (293) | | **Total** | **3,145** | **3,147** | - The corporate income tax rate for principal operations in Vietnam is **15%**, while non-principal operations are subject to **20%**[29](index=29&type=chunk) - Business operations in China are subject to a corporate income tax rate of **25%**, and those in Taiwan are subject to **20%**[30](index=30&type=chunk)[32](index=32&type=chunk) [Earnings Per Share](index=14&type=section&id=%E6%AF%8F%E8%82%A1%E7%86%B1%E5%88%A9) For the six months ended June 30, 2025, basic and diluted earnings per share were 0.50 US cents, a decrease from 0.55 US cents in the prior year - Basic earnings per share are calculated by dividing profit attributable to owners of the Company of **USD 7,598,000** by the weighted average number of **1,522,742,000** ordinary shares outstanding during the period[33](index=33&type=chunk) - Basic and diluted earnings per share were **0.50 US cents** (2024: **0.55 US cents**)[33](index=33&type=chunk) [Dividends](index=14&type=section&id=%E8%82%A1%E6%81%AF) The Board resolved to declare an interim dividend of 0.300 US cents per share, an increase from the prior year, with the 2024 final dividend paid in June 2025 - The Board has resolved to declare an interim dividend of **0.300 US cents** per share (2024: **0.273 US cents**)[34](index=34&type=chunk) - The final dividend of **0.570 US cents** per share for the year ended December 31, 2024, was paid on June 17, 2025[34](index=34&type=chunk) [Management Discussion and Analysis](index=15&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E5%8F%8A%E5%88%86%E6%9E%90) This section provides an in-depth analysis of the Group's business performance, operating results, financial position, and future outlook, considering global and regional economic factors [Business Overview](index=15&type=section&id=%E6%A5%AD%E5%8B%99%E7%B8%BD%E8%A6%BD) H1 2025 saw global economic challenges, strong Vietnamese growth, and pressured Chinese recovery, while the Group's revenue slightly declined with reduced gross and net margins [Global and Regional Economic Environment](index=15&type=section&id=%E5%85%A8%E7%90%83%E5%8F%8A%E5%8D%80%E5%9F%9F%E7%B6%93%E6%BF%9F%E7%92%B0%E5%A2%83) The global economy faces recovery pressures from tariffs, high interest rates, and geopolitical risks, while Vietnam's GDP growth hit a 15-year high, and China's recovery remains challenged - The global economy continues to face numerous challenges, with US reciprocal tariffs severely impacting cross-border trade, free trade agreements shifting towards protectionism, and high interest rates creating significant pressure on global economic recovery[35](index=35&type=chunk) - Vietnam's annualized GDP growth rate reached **7.52%**, a 15-year high, with FDI registration exceeding **USD 21.5 billion**, an increase of over **32.6%** year-on-year[35](index=35&type=chunk)[36](index=36&type=chunk) - China's GDP grew by **5.3%** year-on-year, but export momentum was significantly impacted by reciprocal tariffs, and domestic demand remained under pressure due to high youth unemployment and a sluggish real estate market[36](index=36&type=chunk) [Overall Group Performance](index=16&type=section&id=%E9%9B%86%E5%9C%98%E6%95%B4%E9%AB%94%E6%A5%AD%E7%B8%BE%E8%A1%A8%E7%8F%BE) The Group's H1 2025 revenue decreased by 0.5% to USD 184,267 thousand, with gross margin falling to 17.3% and net margin to 4.1%, primarily due to market competition and product demand shifts - The Group's revenue for the period reached approximately **USD 184,267,000**, a decrease of **0.5%** or **USD 888,000** compared to the same period last year[37](index=37&type=chunk) - The overall gross profit margin decreased from **17.8%** in H1 2024 to **17.3%**, with gross profit at **USD 31,809,000**, a decrease of **USD 1,094,000** from the prior year[38](index=38&type=chunk) - The net profit margin decreased from **4.5%** in H1 2024 to **4.1%**, with net profit at **USD 7,610,000**, a decrease of **USD 734,000** from the prior year[38](index=38&type=chunk) [Operating Analysis](index=17&type=section&id=%E7%87%9F%E6%A5%AD%E5%88%86%E6%9E%90) The Group's total revenue slightly declined in H1, mainly due to reduced sales in Vietnam, Japan, and ASEAN, offset by strong growth in China and the US, with varied product performance [Market Sales Analysis](index=17&type=section&id=%E5%B8%82%E5%A0%B4%E9%8A%B7%E5%94%AE%E5%88%86%E6%9E%90) Vietnam remains the largest market but saw a 7.7% revenue decrease, while Japan and ASEAN also declined; China's revenue grew 19.7%, and the US surged 35.1% due to early shipments Market Sales by Country | Country | Jan-Jun 2025 Cumulative (USD thousands) | Jan-Jun 2024 Cumulative (USD thousands) | Difference (USD thousands) | Difference (%) | | :--- | :--- | :--- | :--- | :--- | | Vietnam | 73,350 | 79,505 | -6,155 | -7.7% | | Japan | 32,131 | 35,218 | -3,087 | -8.8% | | China | 34,851 | 29,125 | 5,726 | 19.7% | | ASEAN Countries | 13,573 | 14,813 | -1,240 | -8.4% | | United States | 17,573 | 13,011 | 4,562 | 35.1% | | Other | 12,789 | 13,483 | -694 | -5.1% | | **Total** | **184,267** | **185,155** | **-888** | **-0.5%** | - Vietnam market revenue decreased by **7.7%**, primarily due to slower market recovery and reduced demand for MSG, fertilizer & feed, and specialty chemical products, coupled with low-price competition from imported MSG products[40](index=40&type=chunk) - US market revenue increased by **35.1%**, mainly due to the uncertainty of reciprocal tariffs, leading US customers to expedite shipments, thus boosting regional revenue[44](index=44&type=chunk) [Product Sales Analysis](index=19&type=section&id=%E7%94%A2%E5%93%81%E9%8A%B7%E5%94%AE%E5%88%86%E6%9E%90) MSG and seasonings, modified starch, specialty chemicals, and fertilizer & feed revenues declined, while coffee beans surged 124.2% and other products grew 46.0%, driven by increased sales in China Product Sales by Category | Item | Jan-Jun 2025 Cumulative (USD thousands) | Jan-Jun 2024 Cumulative (USD thousands) | Difference (USD thousands) | Difference (%) | | :--- | :--- | :--- | :--- | :--- | | MSG and Seasonings | 99,745 | 105,611 | -5,866 | -5.6% | | Modified Starch, Native Starch, and Starch Sugar | 31,369 | 33,446 | -2,077 | -6.2% | | Specialty Chemicals | 9,433 | 9,963 | -530 | -5.3% | | Fertilizer and Feed | 14,931 | 16,414 | -1,483 | -9.0% | | Coffee Beans | 19,558 | 8,723 | 10,835 | 124.2% | | Other | 9,231 | 10,998 | -1,767 | -16.1% | | **Total** | **184,267** | **185,155** | **-888** | **-0.5%** | - Increased sales of coffee beans and bulk raw materials drove other product revenue up by approximately **USD 9,068,000** or **46.0%** year-on-year[51](index=51&type=chunk) - Revenue from MSG and seasonings decreased, primarily due to unrecovered demand and low-price market competition in Vietnam, Japan, China, and ASEAN markets[47](index=47&type=chunk) [Key Raw Materials / Energy Overview](index=22&type=section&id=%E4%B8%BB%E8%A6%81%E5%8E%9F%E6%96%99%EF%BC%8F%E8%83%BD%E6%BA%90%E6%A6%82%E6%B3%81) Cassava and molasses prices fell due to increased supply, while international crude oil and coal markets remained soft; Vietnam's energy policy shifts towards renewables, with the Group evaluating green energy solutions [Cassava / Starch](index=22&type=section&id=%E6%9C%A8%E8%96%AF%EF%BC%8F%E6%B7%80%E7%B2%89) Cassava/starch prices declined due to increased production in major regions and weak market demand, with the Group securing most of its 2025 raw material needs to control costs - Prices for the entire season declined due to increased production in major regions like Thailand, Vietnam, and Cambodia, while market demand remained weak[52](index=52&type=chunk) - The Group has secured most of its raw material requirements for 2025 during the harvest season, controlling production costs and enhancing profitability[52](index=52&type=chunk) [Molasses](index=22&type=section&id=%E7%B3%96%E8%9C%9C) Molasses prices decreased due to a slight increase in total production in Vietnam and internationally, leading to a slightly looser overall supply, prompting the Group to monitor market dynamics - Vietnam's total molasses production slightly increased this season, and international molasses production also rose in H1 2025 due to stable climate in major producing countries, leading to a slightly looser overall supply and price declines[53](index=53&type=chunk) - In addition to securing domestic molasses supply in Vietnam, the Group will continue to monitor international molasses market dynamics, place orders as appropriate, and actively develop new supply sources[53](index=53&type=chunk) [Energy](index=23&type=section&id=%E8%83%BD%E6%BA%90) International crude oil and coal markets are soft due to oversupply and weak demand; Vietnam's energy policy is shifting towards renewables, and the Group is evaluating green energy solutions for net-zero carbon emissions - The international crude oil market shows an oversupply trend, with relatively soft prices, and WTI oil prices remaining between **USD 62** and **USD 75** per barrel[54](index=54&type=chunk) - The international coal market faces downward pressure, primarily due to ample supply and weak demand, leading to a slight price decrease[55](index=55&type=chunk) - 2025 is a critical year for Vietnam's power energy policy transformation, with new regulations and plans vigorously promoting low-carbon energy, primarily renewables and nuclear power[55](index=55&type=chunk) - The Group utilizes a cogeneration power system in Vietnam to ensure stable electricity supply and is actively evaluating various green energy solutions to meet net-zero carbon emission targets[55](index=55&type=chunk) [Financial Review](index=24&type=section&id=%E8%B2%A1%E5%8B%99%E5%9B%9E%E9%A1%A7) The Group experienced reduced liquidity, increased borrowings, decreased trade receivables, increased inventories, and significantly higher trade payables, with a stable financial structure despite a lower current ratio [Liquidity and Financial Resources](index=24&type=section&id=%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91%E8%88%87%E8%B2%A1%E6%94%BF%E8%B3%87%E6%BA%90) Total liquidity decreased by 7.3% to USD 61,655 thousand, borrowings increased by 9.8%, trade receivables decreased by 3.7%, inventories increased by 4.6%, and trade payables surged by 38.4%, while the current ratio slightly declined to 3.72 - The Group's cash and cash equivalents, short-term bank deposits, restricted deposits, and structured bank deposits totaled **USD 61,655,000**, a decrease of **USD 4,862,000** or **7.3%** from the end of 2024[56](index=56&type=chunk) - Total borrowings amounted to **USD 27,809,000**, an increase of **USD 2,490,000** or approximately **9.8%** from the end of 2024[56](index=56&type=chunk) - Trade payables were **USD 15,573,000**, an increase of **USD 4,319,000** or approximately **38.4%** from the end of 2024; the current ratio decreased from **3.82** at the end of 2024 to **3.72**, yet the Group's financial structure remains stable[56](index=56&type=chunk) - Capital expenditure for the period totaled **USD 4,122,000**, an increase of **45.4%** from **USD 2,835,000** in the prior year, primarily for equipment replacement and upgrades at the Vietnam subsidiary[57](index=57&type=chunk) [Exchange Rates](index=25&type=section&id=%E5%BD%99%E7%8E%87) The Vietnamese Dong depreciated approximately 2.7% against the US dollar in H1 due to interest rate differentials, while the Renminbi also saw a slight depreciation against the US dollar - In H1 2025, the Vietnamese Dong depreciated by approximately **2.7%** against the US dollar, with the exchange rate falling from around **25,080** at the beginning of the year to approximately **26,095** by mid-year[58](index=58&type=chunk) - The average exchange rate for Renminbi against the US dollar in H1 2025 was **7.18**, a slight depreciation compared to **7.11** in H1 2024[60](index=60&type=chunk) [Earnings Per Share and Dividends](index=26&type=section&id=%E6%AF%8F%E8%82%A1%E7%86%B1%E5%88%A9%E5%8F%8A%E8%82%A1%E6%81%AF) Basic earnings per share for the period were 0.50 US cents, and the Board declared an interim dividend of 0.300 US cents per share, resulting in a 60.0% earnings payout ratio - Basic earnings per share for the period were **0.50 US cents**[61](index=61&type=chunk) - The Board decided to declare an interim dividend of **0.300 US cents** per share[61](index=61&type=chunk) - The earnings payout ratio for the first half of the year was **60.0%**[61](index=61&type=chunk) [Outlook](index=26&type=section&id=%E5%B1%95%E6%9C%9B) The Group maintains cautious optimism for H2 2025 amidst global uncertainties, focusing on product expansion, market diversification, technological advancement, and sustainability to drive growth [Macroeconomic Outlook](index=26&type=section&id=%E5%AE%8F%E8%A7%80%E7%B6%93%E6%BF%9F%E5%B1%95%E6%9C%9B) H2 2025 global economy faces uncertainties from US-China tensions, inflation, and geopolitical conflicts, while Vietnam shows strong growth and controlled inflation, and China's recovery remains constrained - Looking ahead to H2 2025, the global economic situation remains uncertain due to ongoing US-China economic rivalry, inflation and exchange rate fluctuations, unresolved regional conflicts, and supply chain restructuring caused by tariff wars[65](index=65&type=chunk) - Vietnam's H1 2025 GDP growth rate reached **7.52%**, slightly higher than the prior year, with average CPI inflation at **3.7%**, remaining below the government's **4.5%** target[62](index=62&type=chunk) - China's H1 2025 economic growth rate was approximately **4.6%**, with persistent structural pressures in manufacturing and real estate, high youth unemployment, weak consumer confidence, and limited domestic demand recovery[63](index=63&type=chunk) [Group Strategies and Key Initiatives](index=27&type=section&id=%E9%9B%86%E5%9C%98%E7%AD%96%E7%95%A5%E8%88%87%E9%87%8D%E9%BB%9E%E5%B7%A5%E4%BD%9C) The Group plans to expand product lines, develop high-value products, explore new markets and e-commerce, enhance production technology, optimize procurement, strengthen regional cooperation, and invest in automation, AI, and carbon reduction - Expand product lines and optimize product portfolio, gradually developing value-added products and increasing the proportion of functional and high-value product development[63](index=63&type=chunk) - Actively expand into new channels and markets, adjust product positioning and sales methods, seek partnerships to enlarge market scale, and invest in and develop e-commerce sales channels[63](index=63&type=chunk) - Continuously refine production technology and enhance efficiency, master key technologies to boost core competitiveness, and revitalize idle equipment utilization[64](index=64&type=chunk) - Monitor trends in bulk raw material market prices, actively seek alternative raw material solutions, and flexibly execute procurement strategies to ensure stable raw material supply[64](index=64&type=chunk) - Leverage Vietnam's production base to continuously develop markets with Free Trade Agreements (FTAs) and the Regional Comprehensive Economic Partnership (RCEP) signed with Vietnam[64](index=64&type=chunk) - Enhance equipment automation, accelerate administrative process digitalization, and develop AI enterprise applications to improve decision-making management efficiency[64](index=64&type=chunk) - Intensify efforts in evaluating energy-saving solutions and promoting various energy-saving and consumption reduction initiatives, striving towards carbon reduction[64](index=64&type=chunk) [Conclusion](index=29&type=section&id=%E7%B8%BD%E7%B5%90) Despite global economic uncertainties, the Group remains cautiously optimistic, committed to its established strategies, market penetration, and new operational ventures to achieve synergistic growth - The Group maintains a cautious yet optimistic outlook, continuing to deepen its market presence in line with established operating strategies and sales networks[65](index=65&type=chunk) - Actively explore new operational areas for new products and businesses, including through strategic alliances[65](index=65&type=chunk) - The Group remains confident in leveraging operational synergies to drive overall business growth and development[65](index=65&type=chunk) [Other Information](index=29&type=section&id=%E5%85%B6%E4%BB%96%E8%B3%87%E6%96%99) This section covers interim dividend details, share transactions, compliance with director's securities trading code and corporate governance code, audit committee review, and board composition [Interim Dividend and Closure of Register of Members](index=29&type=section&id=%E4%B8%AD%E6%9C%9F%E8%82%A1%E6%81%AF%E5%8F%8A%E6%9A%AB%E5%81%9C%E8%BE%A6%E7%90%86%E8%82%A1%E4%BB%BD%E9%81%8E%E6%88%B6%E7%99%BB%E8%A8%98) The Board declared an interim dividend of 0.300 US cents per share, payable in HKD on October 13, 2025, with the share register closed from September 22 to September 25, 2025, for eligibility - The Board resolved to declare an interim dividend of **0.300 US cents** per share for the six months ended June 30, 2025, payable in HKD on October 13, 2025[66](index=66&type=chunk) - The Company's register of members will be closed from Monday, September 22, 2025, to Thursday, September 25, 2025 (both dates inclusive)[67](index=67&type=chunk) - The record date will be Thursday, September 25, 2025[67](index=67&type=chunk) [Purchase, Redemption or Sale of the Company's Listed Securities](index=30&type=section&id=%E8%B3%BC%E8%B2%B7%E3%80%81%E8%B4%96%E5%9B%9E%E6%88%96%E5%87%BA%E5%94%AE%E6%9C%AC%E5%85%AC%E5%8F%B8%E4%B8%8A%E5%B8%82%E8%AD%89%E5%88%B8) Neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's listed securities during the six months ended June 30, 2025 - Neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's shares during the six months ended June 30, 2025[68](index=68&type=chunk) [Compliance with the Model Code for Securities Transactions by Directors](index=30&type=section&id=%E9%81%B5%E5%AE%88%E8%91%A3%E4%BA%8B%E9%80%B2%E8%A1%8C%E8%AD%89%E5%88%B8%E4%BA%A4%E6%98%93%E7%9A%84%E6%A8%99%E6%BA%96%E5%AE%88%E5%89%87) All Directors confirmed compliance with the Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 of the HKEX Listing Rules for the reporting period ended June 30, 2025 - Following specific enquiries with all Directors, it is confirmed that they have complied with the Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 of the HKEX Listing Rules for the reporting period ended June 30, 2025[69](index=69&type=chunk) [Compliance with Appendix C1 of the HKEX Listing Rules](index=30&type=section&id=%E9%81%B5%E5%AE%88%E9%A6%99%E6%B8%AF%E8%81%AF%E4%BA%A4%E6%89%80%E4%B8%8A%E5%B8%82%E8%A6%8F%E5%89%87%E9%99%84%E9%8C%84C1) The Company complied with the Corporate Governance Code in Appendix C1 of the HKEX Listing Rules for the period ended June 30, 2025, with one exception regarding the Chairman's attendance at the AGM - The Company has complied with the provisions of the Corporate Governance Code as set out in Appendix C1 of the HKEX Listing Rules for the reporting period ended June 30, 2025[70](index=70&type=chunk) - Mr. Yang Tou Hsiung, the Chairman of the Board, was unable to attend the Company's Annual General Meeting held on May 27, 2025, due to business commitments, which constitutes an exception to Code Provision F.2.2 of the Corporate Governance Code[70](index=70&type=chunk) [Audit Committee](index=31&type=section&id=%E5%AF%A9%E8%A8%88%E5%A7%94%E5%93%A1%E6%9C%83) The Audit Committee reviewed the Group's accounting principles, internal controls, and financial reporting, including the unaudited interim condensed consolidated financial information for H1 2025, which was reviewed by PwC - The Audit Committee, together with management, has reviewed the accounting principles and practices adopted by the Group and discussed internal controls and financial reporting matters[71](index=71&type=chunk) - The unaudited interim condensed consolidated financial information for the six months ended June 30, 2025, has been reviewed by the Group's auditor, PricewaterhouseCoopers, in accordance with Hong Kong Standard on Review Engagements 2410 issued by the HKICPA[71](index=71&type=chunk) [Publication of Interim Report](index=31&type=section&id=%E5%88%8A%E7%99%BB%E4%B8%AD%E6%9C%9F%E5%A0%B1%E5%91%8A) The Company will dispatch its interim report for the six months ended June 30, 2025, to shareholders and publish it on the HKEX and Company websites in due course - The Company will dispatch its interim report for the six months ended June 30, 2025, to shareholders in due course, and it will also be published on the websites of Hong Kong Exchanges and Clearing Limited and the Company[72](index=72&type=chunk) [Acknowledgements and Board Composition](index=32&type=section&id=%E8%87%B4%E8%AC%9D%E5%8F%8A%E8%91%A3%E4%BA%8B%E6%9C%83%E7%B5%84%E6%88%90) The Board expresses gratitude to shareholders and employees for their support and dedication, and details its composition of executive, non-executive, and independent non-executive directors - The Board takes this opportunity to sincerely thank the Company's shareholders for their support and the Company's employees for their dedication and diligence during the period[73](index=73&type=chunk) - The Board comprises executive directors Mr. Yang Tou Hsiung, Mr. Yang Cheng, Mr. Yang Kun Hsiang, Mr. Yang Chen Wen, Mr. Yang Kun Chou; non-executive directors Mr. Huang Ching Jung, Mr. Chou Szu Cheng; and independent non-executive directors Mr. Chao Pei Hung, Mr. Ko Chun Cheng, Mr. Huang Chung Feng, and Ms. Lee Pei Fen[75](index=75&type=chunk)

Core Viewpoint - Wei Dan International (02317.HK) will hold a board meeting on August 26, 2025, to consider and approve the interim results for the six months ending June 30, 2025, and to discuss the distribution of an interim dividend, if any, along with other matters [1] Company Summary - The board meeting is scheduled for August 26, 2025 [1] - The meeting will focus on the interim performance of the company and its subsidiaries for the period ending June 30, 2025 [1] - The agenda includes the potential distribution of an interim dividend [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。 楊坤祥 香港，二零二五年八月十四日 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） 董事會會議召開日期 味丹國際（控股）有限公司（「本公司」）董事會（「董事會」）謹此宣佈，本公司將於 二零二五年八月二十六日（星期二）舉行董事會會議，以考慮及通過本公司及 其附屬公司截至二零二五年六月三十日止六個月之中期業績，及派發中期股息 （如有），以及處理其他事項。 承董事會命 味丹國際（控股）有限公司 執行董事兼行政總裁 於本公告日期，董事會由以下成員組成： 執行董事： 楊頭雄先生 楊 正先生 楊坤祥先生 楊辰文先生 楊坤洲先生 黃景榮先生 周賜程先生 獨立非執行董事： 趙培宏先生 柯俊禎先生 黃鐘鋒先生 李培芬女士 非執行董事： ...

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7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: 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） 呈交日期: 2025年8月5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) | 02317 | 說明 | 普通股 | | | | | | | | | 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 | USD | | 0.01 USD | | 100,000,000 | | 增加 / 減少 (-) | | | | | | USD | | | | 本月底結存 | | | 10,000,000,000 | USD | | 0.01 USD | | 100,000,000 | ...

Company Overview - Vedan International is the largest MSG producer in Southeast Asia and the largest supplier of lysine and cassava starch-based industrial products in Vietnam[7]. - The company has established a major production base in Vietnam since 1991, leading to continuous production expansion due to strong demand[7]. - Vedan Vietnam acquired Ve-Thai Tapioca-Starch Co. Ltd. in November 2005 to ensure a stable supply of starch and strengthen production capabilities[7]. - The company has a strong competitive edge due to advanced fermentation production technology and experienced management[8]. - Vedan International has been listed on the Main Board of the Stock Exchange of Hong Kong since 2003, indicating a long-standing presence in the market[6]. - The company markets most of its products under the VEDAN brand name, catering to various industries including food, paper, textile, and chemicals[6]. - The Group's products are sold in Vietnam, other ASEAN countries, the PRC, Japan, Taiwan, and several European countries, showcasing its extensive market reach[6]. - Vedan International's strategic acquisitions, such as the factory in Xiamen and Shanghai Vedan Foods Company Limited, signify its commitment to expanding in the PRC market[7]. Financial Performance - The company's revenue for the year ended December 31, 2024, was approximately US$380,184,000, a decrease of 1.6% from US$386,171,000 in 2023[34]. - Gross profit increased to approximately US$66,243,000, representing a 19.5% increase from US$55,430,000 in the previous year, with a gross profit margin of 17.4%[34]. - Net profit for the year was approximately US$16,071,000, a substantial increase of 129.6% compared to US$7,001,000 in 2023, resulting in a net profit margin of approximately 4.2%[34]. - Revenue from MSG and seasoning products decreased by approximately 5.5% due to weak market conditions and price competition in major markets[39]. - Revenue from modified starch products achieved stable growth, increasing by approximately 5.2% year-on-year, driven by customer demand in the US and Vietnam[39]. - The company's operations in the US saw a revenue increase of approximately 20.8% compared to the previous year, attributed to a gradual economic recovery and increased consumer spending[35]. - Revenue from specialty chemicals declined by 3.2% due to weak market demand and severe price competition in Vietnam[39]. - Sales of fertilizer and feed products fell by approximately 2.9% compared to the previous year, influenced by sluggish international prices and weak demand[39]. - The company expanded its product distribution in Vietnam, leading to a 14.6% increase in the overall performance of distributed products compared to the previous year[39]. - The final dividend proposed per share increased to 0.5700 US cents from 0.2298 US cents in the previous year[34]. Market Conditions - Vietnam's GDP growth rate reached 7.09%, exceeding the government's target of 6.5%, indicating strong economic recovery momentum[53]. - The average consumer price index (CPI) in Vietnam increased by 3.63% year-on-year, remaining below the 4.5% policy target[51]. - The average inflation rate in Vietnam was maintained at 4.1% in 2024, lower than the government's target of 4.5%[105]. - The average consumer price index (CPI) in China rose only 0.2% year-on-year, significantly below the government's target of 3%, reflecting weak domestic demand[56]. Strategic Initiatives - The group is focusing on accelerating new product development and enhancing technical capabilities to adapt to market challenges[42]. - Strategic alliances are being formed to expedite the introduction of new products and explore diverse operating areas[42]. - The group aims to enhance its online and e-commerce sales channels to diversify its sales strategies[42]. - The Group aims to continue developing high-value-added products and expanding into new markets to boost overall revenue and profit in the coming year[66]. - The Group plans to actively explore new channels and markets, adjusting product positioning and seeking cooperative partners to strengthen brand positioning and competitive advantages[109]. Corporate Governance - The Group emphasizes high-level corporate governance standards as crucial for effective operation and sustainable development[150]. - The Board is committed to maintaining a balance of skills and diversity to meet the Company's business requirements[164]. - The Company aims to provide satisfactory and sustainable returns to shareholders while safeguarding the interests of stakeholders[154]. - The Chairman and CEO roles are distinct, with the Chairman leading strategy implementation and the CEO managing daily operations[157][158]. - The Company has complied with the Corporate Governance Code, except for the chairman's absence at the annual general meeting due to business commitments[156]. - The Board includes a mix of Executive and Non-executive Directors to ensure independent judgment[164]. - The Company continuously reviews and improves its corporate governance and internal controls practices[155]. Leadership and Management - The company has a strong leadership team with over 38 years of experience in the MSG industry, led by CEO Yang Kunxiang[124]. - The company has been expanding its operations in Vietnam, with Yang Chenwen overseeing procurement activities and contributing to the growth of Vedan Vietnam[125]. - The board includes experienced non-executive directors with backgrounds in finance and law, enhancing corporate governance[126][128]. - Independent directors bring over 35 years of experience in their respective fields, ensuring diverse perspectives in decision-making[132][134]. - The management team has extensive experience, with key executives having over 24 years in the food manufacturing industry[148]. Financial Management - The Group's cash and cash equivalents increased to $66,517,000, up $16,158,000 or approximately 32.1% compared to last year[91]. - Total borrowings decreased to $25,319,000, down $18,335,000 or approximately 42% from the previous year[91]. - Trade receivables amounted to $33,576,000, a decrease of $179,000 or approximately 0.5% year-over-year[92]. - Total inventory was $126,871,000, a decrease of $10,809,000 or approximately 7.9% from the same period last year[92]. - Current ratio increased to 3.82 from 2.82 in the same period last year, indicating improved liquidity[93]. Future Outlook - The Group remains cautiously optimistic about future operations despite uncertainties in the global economy, including the economic tug-of-war between China and the US[111]. - The Group is confident in leveraging operational synergies to promote overall upward development of its operations[111]. - The Group aims to secure most raw materials for 2025 while controlling production costs and increasing profits[78]. - The Group will continue to monitor exchange rate movements to assess potential impacts on business operations[99].