本文源自财华网 【财华社讯】中国淀粉(03838.HK)公布，截至2025年6月30日止六个月，收入约为51.15亿元(人民币,下 同)，同比减少9.4%；公司拥有人应占利润约1.51亿元，同比减少29.5%；每股盈利0.0254元。不派中期 股息。 ...

CHINA STARCH HOLDINGS LIMITED 中國澱粉控股有限公司 董事會提名委員會職權範圍 Terms of Reference of the Nomination Committee of the Board of Directors Version: 8/2025 China Starch Holdings Limited (the "Company") 中國澱粉控股有限公司(「本公司」) -------------------------------------------------- Terms of Reference of the Nomination Committee (the "Committee") of the Board of Directors (the "Board") of the Company 本公司董事會(「董事會」) 提名委員會(「委員會」)職權範圍 (中文本爲翻譯稿，僅供參考用) 1.1 The Committee is established pursuant to a resolution passed by the Board at its me ...

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，並明確表示概不就因本公告全部或任何部份內容而產生或因依賴 該等內容而引致的任何損失承擔任何責任。 CHINA STARCH HOLDINGS LIMITED 中國澱 粉 控股有限公 司 （於開曼群島註冊成立之有限公司） （股份代號：3838） 截至二零二五年六月三十日止六個月之中期業績 中國澱粉控股有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然宣佈，本公司及其附屬公司 （統稱「本集團」）截至二零二五年六月三十日止六個月之未經審核合併中期業績，連同比較數 字載述如下： 合併損益及其他綜合收益表 | | | 截至六月三十日止六個月 | | | --- | --- | --- | --- | | | | 二零二五年 | 二零二四年 | | | 附註 | 人民幣千元 | 人民幣千元 | | | | （未經審核） | （未經審核） | | 收入 | 3 | 5,114,852 | 5,645,514 | | 銷售成本 | | (4,686,096) | (5,138,334) | | 毛利 | | ...

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，並明確表示概不就因本公告全部或任何部份內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 CHINA STARCH HOLDINGS LIMITED 中國澱粉控股有限公司 ( 於開曼群島註冊成立之有限公司 ) (股份代號: 3838) 中國澱粉控股有限公司 (「本公司」) 之董事會 (「董事會」) 謹此宣佈將於 二 零二 五 年 八月 二 十(星 期三 ) 舉 行 董 事會 會 議，藉以 （其中包括）批准刊發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 及考 慮 派發 中 期股 息(如 有)。 承董事會命 中國澱粉控股有限公司 主席 田其祥 中華人民共和國，壽光，二零二五年八月八日 於本公告日期，本公司董事為： 執行董事： 田其祥先生（主席） 高世軍先生（行政總裁） 于英泉先生 劉象剛先生 獨立非執行董事： 花強教授 孫明導先生 施得安女士 董事會會議通知 ...

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: 中國澱粉控股有限公司 呈交日期: 2025年8月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03838 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | HKD | | 0.1 | HKD | | 1,000,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 10,000,000,000 | HKD | | 0.1 | HKD | | 1,000,000,000 | 本月底法 ...

Core Insights - The global starch and starch products market is projected to have significant growth, with China expected to hold a substantial market share by 2025 [2] - The report provides a comprehensive analysis of the starch market, including production, sales, consumption, and the impact of COVID-19 on future developments in China [2][3] - Major companies in the starch industry include Archer Daniels Midland Company, Roquette Freres Co, Cargill, Emsland Group, Ingredion, Agrana Group AG, Avebe U.A., and Tate & Lyle [2][3] Industry Overview - The report categorizes the starch and starch products industry into various segments, focusing on production, consumption data, and future trends across regions such as China, the US, Europe, Japan, Southeast Asia, and India [3] - Different types of starch products are analyzed, including corn starch, cassava starch, potato starch, wheat starch, and others, with insights into their pricing, production volume, market share, and growth trends [3] Market Dynamics - The report outlines the supply and demand conditions for starch and starch products globally, including capacity, production, utilization rates, and development trends [5] - It also discusses the competitive landscape, highlighting the production volume, market share, and revenue of major companies in the starch sector from 2018 to 2025 [5] Regional Analysis - The report provides detailed insights into the market size and growth rates of starch and starch products in various regions, including China, the US, Europe, Japan, Southeast Asia, and India [5][6] - It emphasizes the importance of downstream applications for starch products, such as textiles, paper and plywood, and adhesives, detailing consumption volumes and market shares in these sectors [3][6] Impact of COVID-19 - The report assesses the overall development status of the starch industry in various countries, including the effects of the COVID-19 pandemic on the market [6] - It highlights the international trade environment and policy factors that have influenced the starch and starch products industry during the pandemic [6]

Core Viewpoint - The corn starch industry in China is a crucial pillar of the agricultural product deep processing sector, exhibiting a mature supply-demand system with a balanced state in 2024, where production is projected to reach 37.99 million tons and apparent demand at 37.97 million tons, indicating a tight balance overall [1][13]. Group 1: Industry Overview - The corn starch industry has established a stable supply-demand structure, with production and demand closely aligned, reflecting a trend of "stable total volume and optimized structure" [1][13]. - The industry is transitioning from traditional scale expansion to high-quality development, with an increasing proportion of high-value-added products, demonstrating resilience [1][13]. - The corn starch is derived from corn kernels through various processes and is categorized into three types: regular corn starch, modified starch, and specialty corn starch, widely used in food processing, pharmaceuticals, textiles, and biodegradable materials [2][4]. Group 2: Policy Support - Recent national policies have significantly supported the corn starch industry, emphasizing green manufacturing and high-end product development, with specific encouragement for bio-based products and functional food additives [4]. - Local governments are also promoting the development of the corn starch deep processing industry, aiming for a stable planting area and a substantial industry scale by 2027 [4]. Group 3: Industry Chain - The corn starch industry in China features a complete industrial chain with a "dispersed upstream, concentrated midstream, and diversified downstream" structure [6]. - The midstream processing segment is highly concentrated, with key regions like Shandong and Hebei forming industrial clusters, while downstream applications are diversifying into traditional and emerging sectors [6]. Group 4: Market Dynamics - The corn production in China is vital, with a total output exceeding 294.92 million tons in 2024, accounting for over 40% of the total grain production, supported by increased planting area and yield [9]. - The demand for corn starch is robust across various sectors, with the food industry being the largest consumer, followed by starch sugar, paper, pharmaceuticals, and chemicals [11]. Group 5: Competitive Landscape - The competitive landscape of the corn starch industry is characterized by a concentration of leading firms, with the top five companies holding approximately 45% market share, while smaller firms focus on niche markets [19]. - The industry is evolving towards a "technology-driven, chain collaboration, and scenario-focused" competitive model, with leading companies integrating their operations from corn to starch to bio-based materials [19]. Group 6: Future Trends - The corn starch industry is undergoing a transformation driven by technological innovation, with advancements in smart manufacturing and green production methods [21]. - Market demand is shifting towards high-end and diversified applications, particularly in biodegradable materials and health-oriented products, with significant growth expected in these areas [22][23]. - The industry is also seeing increased integration and globalization, with leading firms expanding their operations and establishing a presence in international markets [24].

Revenue and Business Segments - The Group's revenue is derived from two business segments: upstream products and fermented and downstream products, with production activities carried out in the People's Republic of China (PRC) [5]. - Total revenue for the Group decreased slightly by 3.2% to approximately RMB11,415,755,000, while gross profit increased significantly from approximately RMB556,572,000 to RMB1,163,247,000 [91]. - Revenue from fermented and downstream products rose significantly by 37.7% to RMB4,407,871,000 (2023: RMB3,200,671,000) [105]. - Lysine revenue increased by 51.5% to RMB3,427,579,000 (2023: RMB2,261,792,000), with sales volume reaching 578,095 tonnes, a 69.7% increase [107]. - The annual production capacity for starch and lysine reached 2,800,000 tonnes and 560,000 tonnes, respectively, an increase from 2,700,000 tonnes and 500,000 tonnes in 2023 [77]. Financial Performance - Profit after taxation increased over fourfold to RMB625,589,000, with basic earnings per share rising to RMB0.0808 [92]. - The Group's gross profit for upstream products increased by 230.4% to RMB429,334,000, despite a substantial decrease in market prices for corn kernel and upstream products [83]. - The profitability of the corn-refined industry improved despite a decline in market prices for starch and lysine, as raw corn kernel prices dropped significantly [75]. - Total cost of sales for 2024 was approximately RMB10,252,508,000, an 8.8% decrease from RMB11,240,962,000 in 2023, primarily due to lower raw material prices [110]. - The average corn kernel cost for 2024 was about RMB2,071 per tonne (2023: RMB2,543), reflecting a significant decrease [111]. Dividends and Shareholder Returns - The Board recommends a final dividend of HK0.98 cents per share for the year ended 31 December 2024, expected to be paid on or about 16 July 2025 if approved at the AGM [13]. - The total shareholder return for 2024 was 44.8%, a significant recovery from a negative return of -36.5% in 2023 [132]. - The Company had reserves available for distribution to shareholders amounting to approximately RMB126,115,000 as of December 31, 2024 [140]. Corporate Governance and Compliance - Related party transactions for the year ended 31 December 2024 are fully exempt connected transactions as defined in the Listing Rules [8]. - No significant transactions, arrangements, or contracts involving Directors' material interests were reported during the financial year [25]. - The Directors and other officers are indemnified against losses and liabilities incurred in the execution of their duties, excluding those arising from fraud and dishonesty [26]. - The company has maintained appropriate directors' and officers' liability insurance for indemnifying against losses from legal actions [36]. - There were no incidents of non-compliance with relevant laws and regulations during the year under review, indicating a strong adherence to legal standards [198]. Environmental and Sustainability Efforts - The Group is committed to complying with all environmental policies and has an internal laboratory to monitor product quality to ensure compliance with national standards, including food safety standards [7]. - The Group's environmental and sustainability efforts are detailed on pages 20 to 31, highlighting compliance and stakeholder relationships [6]. - The report highlights the company's commitment to environmental sustainability and compliance with local regulations [164]. - The company recognizes the significance of ESG (Environmental, Social, and Governance) issues and integrates them into its business operations [168]. Risk Management - The Risk Review Report on pages 32 to 36 provides a comprehensive review of principal risks and uncertainties facing the Group [6]. - The Group does not consider foreign exchange risk significant, as most transactions are denominated in Renminbi [148]. Employee and Training Initiatives - The number of employees in 2024 is 2,205, a decrease of 2.6% from 2,263 in 2023 and 6.6% from 2,360 in 2022 [194]. - The staff turnover ratio for all grades in 2024 is 3.6%, down from 4.7% in 2023 and 5.8% in 2022 [194]. - Mandatory in-house training is provided to all staff, enhancing awareness of anti-corruption and conflict of interest situations [197]. - The training hours per month for general staff increased to 15.0 hours in 2024 from 14.6 hours in 2023 [194]. Share Option Scheme - The Share Option Scheme was adopted on May 19, 2017, to incentivize directors and employees [40]. - The Company has not granted any share options under the Share Option Scheme since its adoption [48]. - Eligible participants of the Share Option Scheme include employees, non-executive directors, suppliers, customers, and other contributors to the Group's growth [45]. - Any grant of options to a director or substantial shareholder exceeding 0.1% of the issued shares or valued over HK$5 million requires shareholder approval [46]. Production and Operational Efficiency - The Group's production volume increased due to technological upgrades and improved operational efficiency [74]. - The modified starch business recorded increased sales supported by enhancements in sewage treatment capabilities and increased customer orders [90]. - New thermal power facilities are expected to enhance operational efficiency and reduce energy costs over time [80]. - The management anticipates continued stock competition in 2025 and is exploring opportunities to extend the industrial chain and diversify its business layout [76].

Core Viewpoint - China Starch reported a significant increase in net profit for the fiscal year ending December 31, 2024, despite a slight decline in revenue, indicating strong operational improvements and cost management strategies [1] Financial Performance - The company achieved a net profit attributable to shareholders of RMB 482 million, representing a year-on-year increase of 346.7% [1] - Total revenue for the year was RMB 11.416 billion, reflecting a decrease of 3.2% compared to the previous year [1] - Basic earnings per share were reported at RMB 0.0808, with a proposed final dividend of HKD 0.0098 per share [1] Operational Highlights - The company increased production across various product lines due to technological upgrades, reduced maintenance cycles, and stable production processes [1] - The expansion of lysine production capacity at the end of the previous year contributed to the overall increase in output [1] Market Conditions - The decline in corn prices, driven by increased domestic corn production and reduced demand from the animal feed and farming sectors, positively impacted profitability in the corn deep processing industry [1] - The market for starch and lysine saw price declines that were less severe than the drop in corn prices, leading to improved profitability for the company [1] Strategic Outlook - Management anticipates that the market will remain competitive in 2025, focusing on extending the industrial chain and diversifying operations as a key development strategy [1]

Financial Performance - Revenue for the year ended December 31, 2024, was RMB 11,415,755, a decrease of 3.2% compared to RMB 11,797,534 in 2023[2] - Gross profit increased by 109.0% to RMB 1,163,247 from RMB 556,572 in the previous year[2] - Operating profit surged by 418.2% to RMB 815,941, up from RMB 157,470 in 2023[2] - Net profit for the year reached RMB 625,589, a significant increase of 297.5% compared to RMB 157,396 in 2023[2] - Shareholders' profit attributable to the company was RMB 482,253, reflecting a growth of 346.7% from RMB 107,959[2] - Basic earnings per share rose by 348.9% to RMB 0.0808 from RMB 0.0180 in the previous year[2] - Proposed final dividend per share increased by 42.0% to HKD 0.98 from HKD 0.69[2] Assets and Liabilities - Total assets as of December 31, 2024, amounted to RMB 6,958,889, up from RMB 5,352,626 in 2023[6] - Current assets increased significantly to RMB 4,419,363 from RMB 2,697,624 in the previous year[6] - Total liabilities rose to RMB 2,465,234 from RMB 1,416,073, indicating a growth in financial obligations[6] Revenue Breakdown - Revenue from external customers in China for the reporting period was RMB 10,702,521,000, while revenue from other countries was RMB 713,234,000, compared to RMB 10,856,939,000 and RMB 940,595,000 in the previous year[9] - Revenue from fermentation and downstream products rose significantly by 37.7% to RMB 4,407,871,000, up from RMB 3,200,671,000 in 2023[31] - Lysine revenue increased significantly by 51.5% to RMB 3,427,579,000 in 2024, compared to RMB 2,261,792,000 in 2023[32] - Lysine export volume increased to approximately 72,921 tons in 2024, compared to 59,383 tons in 2023, despite a challenging market environment[26] - Starch sugar revenue was approximately RMB 500,583,000, up from RMB 472,198,000 in 2023, with sales volume increasing by 21.1% to 217,581 tons[32] Cost and Expenses - Cost of goods sold decreased to RMB 8,809,092,000 in 2024 from RMB 10,044,812,000 in 2023, while research expenses dropped significantly to RMB 89,669,000 from RMB 160,490,000[11] - Sales cost decreased by 8.8% to RMB 10,252,508,000 in 2024, down from RMB 11,240,962,000 in 2023, primarily due to a significant drop in corn prices[34] - Average cost of corn in 2024 was RMB 2,071 per ton, compared to RMB 2,543 per ton in 2023[34] - Administrative expenses increased to RMB 217,323,000 in 2024 from RMB 194,551,000 in 2023, driven by higher government fees and employee costs[36] Tax and Income - The income tax expense for 2024 was RMB 212,551,000, a substantial increase from RMB 19,437,000 in 2023, primarily due to the introduction of current income tax in China[12] Shareholder Information - The proposed final dividend for 2024 is HKD 0.98 per share, amounting to HKD 58,452,000, compared to HKD 41,183,000 in 2023[15] - The company reported a total shareholder return rate of 44.8% in 2024, compared to -36.5% in 2023[42] - The company has available reserves for distribution to shareholders of approximately RMB 126,115,000 as of December 31, 2024[46] - The board proposed a final dividend of HKD 0.98 per share for the year ended December 31, 2024, subject to shareholder approval at the 2025 Annual General Meeting[47] Operational Capacity - The production capacity for starch and lysine reached 2,800,000 tons and 560,000 tons respectively by the end of 2024, up from 2,700,000 tons and 500,000 tons in 2023[22] - The company announced two projects aimed at expanding long-term capacity, including upgrading existing starch production facilities to increase annual capacity from 1,000,000 tons to 1,550,000 tons[23] - The company is actively researching to extend its industrial chain and diversify its development direction in response to ongoing market competition[22] - The company plans to enhance production efficiency and customer satisfaction through resource investment and operational optimization[22] Employee and Financial Management - The company employed approximately 2,209 full-time employees as of December 31, 2024, down from 2,267 in 2023, with total employee costs around RMB 283,737,000[39] - The leverage ratio as of December 31, 2024, increased significantly to 21.3% from 10.5% in 2023, primarily due to working capital needs and favorable bank interest rates[43] - Total bank borrowings amounted to approximately RMB 1,420,301,000, all of which were short-term loans as of December 31, 2024[43] - The company has implemented financial risk management policies to ensure all payables are settled within the relevant credit periods[18] Compliance and Governance - The company has complied with the corporate governance code as per the listing rules, except for the absence of the chairman at the 2024 Annual General Meeting due to other business commitments[51] - The 2024 annual report will be published around April 11, 2025, containing all information required by the listing rules[54] Miscellaneous - The company has no recorded losses for trade receivables in both 2024 and 2023, indicating stable credit management[16] - Trade receivables decreased to RMB 82,970,000 in 2024 from RMB 136,797,000 in 2023, with the aging analysis showing a significant drop in receivables aged 0-30 days[16] - Trade payables increased to RMB 157,694,000 in 2024 from RMB 132,443,000 in 2023, with the average credit period for purchases remaining at 80 days[18] - The company pledged assets with a total book value of RMB 1,281,000,000 to secure various credit facilities from banks[44] - As of December 31, 2024, the company had no significant contingent liabilities[45] - The company repurchased a total of 4,075,000 shares at a total cost of approximately HKD 607,000 during the year ended December 31, 2024[50]