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)

格隆汇8月14日丨味丹国际(02317.HK)宣布，本公司将于2025年8月26日（星期二）举行董事会会议，以 考虑及通过本公司及其附属公司截至2025年6月30日止六个月的中期业绩，及派发中期股息（如有）， 以及处理其他事项。 ...

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].

Financial Performance - For the fiscal year ending December 31, 2024, the company reported total revenue of $380,184,000, a decrease of 1.6% compared to $386,171,000 in 2023[2] - Gross profit increased by 19.5% to $66,243,000 from $55,430,000 year-over-year[2] - The net profit for the year was $16,071,000, representing a significant increase of 129.6% from $7,001,000 in the previous year[2] - Earnings per share (EPS) rose to 1.05 cents from 0.46 cents, reflecting a strong improvement in profitability[3] - Total comprehensive income for the year was $15,318,000, up from $6,572,000 in 2023, showcasing overall financial growth[4] - The overall gross margin increased from 14.4% in 2023 to 17.4% in 2024, with gross profit amounting to $66,243,000, an increase of $10,813,000 year-on-year[33] - Net profit for the year was $16,071,000, up $9,070,000 from the previous year, resulting in a net profit margin increase from 1.8% to 4.2%[33] - The total tax expense for the year was $5,462,000, an increase from $3,346,000 in the previous year[24] Dividends and Shareholder Returns - The proposed final dividend per share increased to 0.5700 cents from 0.2298 cents, indicating a commitment to returning value to shareholders[2] - The company declared an interim dividend of $0.273 per share, totaling $4,166,000, compared to $3,487,000 in the previous year[26] - The proposed final dividend for the year is $0.570 per share, amounting to $8,680,000, up from $3,499,000 in the previous year[25] - Basic earnings per share for the year were $1.054, with a total dividend payout of $0.843 per share, resulting in a payout ratio of 80%[56] Revenue Breakdown - Revenue for the year ended December 31, 2024, was approximately $380,184,000, a decrease of 1.0% from $386,171,000 in 2023[13] - Revenue from a single external customer in Japan amounted to $41,156,000 for 2024, down from $44,004,000 in 2023[15] - Revenue by geographic location for 2024 included Vietnam at $165,956,000, Japan at $69,604,000, and China at $56,145,000, with total revenue remaining at $380,184,000[16] - Revenue from Vietnam decreased by $7,604,000 or 4.4%, accounting for 43.7% of total revenue[35] - Revenue from Japan slightly decreased by $1,441,000 or 2.0%, representing 18.3% of total revenue[36] - Revenue from China increased by $1,180,000 or 2.1%, with a revenue share rising to 14.8%[37] - Revenue from ASEAN countries (excluding Vietnam) increased by $353,000 or 1.1%, accounting for 8.3% of total revenue[38] - Revenue from the United States increased by $5,083,000 or 20.8%, representing 7.8% of total revenue[39] - Other markets, including Taiwan, South Korea, and the EU, saw a revenue decrease of $3,558,000 or 11.5%, accounting for 7.2% of total revenue[40] - Revenue from MSG and seasonings decreased by $12,626,000 or 5.5%, with a revenue share dropping to 57.4%[42] - Revenue from modified starch, natural starch, and starch sugar increased by $3,488,000 or 5.2%[43] - Revenue from other products increased by $4,813,000 or 14.6%, accounting for 10.0% of total revenue[46] Asset and Liability Management - The company's total assets decreased to $368,691,000 from $383,510,000, primarily due to a reduction in non-current assets[5] - Current liabilities decreased significantly to $61,439,000 from $82,357,000, indicating improved liquidity management[6] - Trade receivables for 2024 were $34,053,000, slightly down from $34,105,000 in 2023, with a net amount of $33,576,000 after provisions[19] - Trade payables aged 0 to 30 days were $9,795,000 in 2024, significantly reduced from $17,734,000 in 2023[20] - Cash and cash equivalents increased by $16,158,000, or approximately 32.1%, totaling $66,517,000 compared to the previous year[52] - Total borrowings decreased by $18,335,000, or about 42%, amounting to $25,319,000[52] - The current ratio improved from 2.82 to 3.82, indicating a stable financial structure[52] Strategic Initiatives and Future Outlook - The company plans to continue focusing on cost management and operational efficiency to drive future growth[3] - The company aims to strengthen sales channels and adjust marketing strategies to enhance revenue performance[35] - The company plans to expand its product line and optimize its product mix, focusing on developing high-value products to enhance market share and sales profit[60] - The company aims to actively explore new channels and markets, adjusting product positioning and sales methods to strengthen brand positioning and competitive advantages[60] - The company is committed to improving production technology and efficiency, aiming to enhance core competitiveness by achieving quality improvement and cost reduction[62] - The company will enhance organizational efficiency by integrating resources and seeking partnerships to jointly develop markets and strengthen R&D capabilities[62] - The company plans to continue evaluating green energy initiatives to progress towards net-zero carbon goals[51] - The company is focused on evaluating energy-saving solutions and promoting energy conservation efforts to work towards carbon reduction[62] - The company remains cautiously optimistic about future operations despite facing challenges from global economic uncertainties[61] Regulatory and Compliance - The company expects the adoption of new Hong Kong Financial Reporting Standards will not have a significant impact on its financial performance[11] - The company has assessed that the new accounting standards will not materially affect its financial position or operational performance[11] - The company confirmed that all contracts with external customers have a duration of one year or less[15] - The company will suspend share transfer registration from May 22, 2025, to May 27, 2025, to facilitate the Annual General Meeting[67] - The company will also suspend share transfer registration from June 3, 2025, to June 6, 2025, for the purpose of dividend distribution[68] Economic Context - Vietnam's GDP growth rate reached 7.09% in 2024, surpassing the government's forecast of 6.0%-6.5%[57] - Foreign Direct Investment (FDI) in Vietnam attracted approximately $33.7 billion, reflecting strong foreign confidence in the market[59] - The average inflation rate in Vietnam was controlled at 4.1%, below the government's target of 4.5%[59] - The exchange rate of the Vietnamese dong stabilized at approximately 24,800 VND/USD by the end of the fourth quarter[54]

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.

Financial Performance - Revenue for the six months ended June 30, 2024, was $185,155 thousand, a decrease of 2.0% compared to $188,909 thousand in the same period of 2023[1] - Gross profit increased by 46.5% to $32,903 thousand from $22,456 thousand year-on-year[1] - Profit for the period was $8,344 thousand, compared to a loss of $1,465 thousand in the previous year[1] - Basic and diluted earnings per share were both $0.55, a significant improvement from a loss of $0.10 per share in the prior year[1] - Proposed interim dividend per share increased to $0.273 from $0.229, reflecting a growth of 19.2%[1] - Comprehensive income for the period was $7,949 thousand, compared to a loss of $2,875 thousand in the same period last year[5] - The company reported a total expenditure of $174,138,000 for sales costs, selling and distribution expenses, and administrative expenses, down from $187,757,000 in 2023[16] - Corporate income tax expense for the first half of 2024 was $3,440,000, significantly higher than $1,044,000 in 2023[18] - Basic earnings per share for the period were $0.0055, with an interim dividend of $0.00273 per share, resulting in a payout ratio of 49.6%[47] Asset and Liability Management - Non-current assets totaled $140,887 thousand, down from $150,860 thousand as of December 31, 2023[2] - Current assets increased to $239,058 thousand from $232,650 thousand, driven by higher cash and cash equivalents[2] - Total assets amounted to $379,945 thousand, slightly down from $383,510 thousand[3] - Total liabilities decreased to $80,712 thousand from $88,727 thousand, indicating improved financial stability[3] - The group's cash and cash equivalents totaled $46.558 million, a decrease of $3.801 million or about 7.5% from the end of 2023[44] - Total borrowings increased by $1.928 million or approximately 4.4%, with 85.3% of borrowings in Vietnamese Dong[44] - Trade receivables rose to $34.88 million, an increase of $1.125 million or about 3.3%[44] - Inventory increased to $148.762 million, up $11.082 million or approximately 8.0%[44] Revenue Breakdown by Geography - Revenue by geographic location showed that Vietnam generated $79,505 thousand, Japan $35,218 thousand, and China $29,126 thousand for the six months ended June 30, 2024[10] - Vietnam market revenue for H1 2024 was approximately $79.505 million, a decrease of $2.806 million or 3.4% compared to H1 2023, with a revenue share drop from 43.6% to 43.0%[29] - Japan market revenue for H1 2024 was approximately $35.218 million, an increase of $0.890 million or 2.6% compared to H1 2023, with a revenue share increase from 18.2% to 19.0%[30] - China market revenue for H1 2024 was approximately $29.126 million, an increase of $1.879 million or 6.9% compared to H1 2023, with a revenue share rise from 14.4% to 15.7%[31] - ASEAN market revenue (excluding Vietnam) for H1 2024 was approximately $14.813 million, a slight increase of $0.277 million or 1.9% compared to H1 2023, with a revenue share increase from 7.7% to 8.0%[32] - U.S. market revenue for H1 2024 was approximately $13.011 million, a decrease of $1.695 million or 11.5% compared to H1 2023, with a revenue share decline from 7.8% to 7.0%[33] - Other markets (including Taiwan, South Korea, and the EU) generated approximately $13.482 million in revenue for H1 2024, a decrease of $2.299 million or 14.6% compared to H1 2023, with a revenue share drop from 8.4% to 7.3%[34] Product Revenue Analysis - Total revenue for H1 2024 was approximately $185.155 million, a decrease of $3.754 million or 2.0% compared to H1 2023[35] - Revenue from MSG and seasonings was approximately $105.611 million, a decrease of $7.215 million or 6.4% compared to the previous year, with a revenue share decline from 59.7% to 57.0%[36] - Revenue from modified starch, natural starch, and starch sugar was approximately $33.447 million, an increase of $2.159 million or 6.9% compared to the previous year[37] - Revenue from other products was approximately $19.720 million, an increase of $3.079 million or 18.5% compared to the previous year, with a revenue share increase from 8.8% to 10.6%[40] Operational Strategies and Market Outlook - The company continues to operate a single business segment focused on manufacturing and selling fermented food additives and biochemical products, maintaining consistent operational focus[10] - The group plans to expand product lines and optimize the product mix to enhance market share and sales profit[49] - The group will actively seek new markets and partnerships to expand market scale and strengthen brand positioning[49] - The group will continue to monitor raw material market trends and maintain stable relationships with suppliers to ensure a steady supply of materials[49] - The company plans to accelerate strategic alliances and cross-industry collaborations to enhance R&D capabilities and expand new product operations, aiming to improve operational scale and performance[50] - The company maintains a cautiously optimistic outlook for the second half of the year, despite facing challenges due to economic uncertainties and geopolitical tensions[50] - The company is focused on optimizing business processes through the implementation of electronic and information systems, leveraging big data for real-time feedback[50] - The company emphasizes continuous control over capital allocation strategies to enhance asset operational efficiency amid global financial market volatility[50] Dividend and Shareholder Information - A mid-term dividend of $0.273 per share has been declared, payable in HKD on October 4, 2024, based on an exchange rate of 1.00 USD to 7.76 HKD, equating to approximately HKD 2.11848 per share[51] - The company will suspend share transfer registration from September 16 to September 20, 2024, to facilitate the mid-term dividend distribution[52] - The interim report for the six months ending June 30, 2024, will be sent to shareholders and published on the company's website and the Hong Kong Stock Exchange website[57] - The board expresses gratitude to shareholders for their support and to employees for their dedication during the reporting period[58] Economic Context - The overall economic growth rate in Vietnam for the first half of 2024 was 6.42%, aligning with the government's target of 6.0-6.5%[25] - The average consumer price index (CPI) in Vietnam increased by 4.08% year-on-year, although it remained below the policy target of 4.5%[24] - The Vietnamese government aims to control inflation at 4.5% and achieve economic growth of 6.0% to 6.5% in 2024[48]

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].