Financial Performance - Total revenue for the year ended December 31, 2024, was $307.748 million, a significant increase of 76.7% compared to $173.979 million in 2023[4] - Gross profit for the same period was $48.934 million, up 62.1% from $30.185 million in the previous year[4] - Net profit attributable to shareholders for 2024 was $11.168 million, a substantial rise of 337.5% from $2.553 million in 2023[5] - Basic and diluted earnings per share increased to $4.41 from $1.01, reflecting a growth of 336.6%[5] - The group's profit before tax for the year ended December 31, 2024, was $16,050 thousand, compared to $2,943 thousand in 2023, indicating a substantial increase of 444%[28] - The company reported a total comprehensive income of $8.494 million for 2024, compared to a loss of $3.734 million in 2023[5] - The company reported a basic earnings per share of $11,168 thousand for the year ended December 31, 2024, compared to $2,553 thousand in 2023, marking an increase of 338%[34] - The company reported a net other income of $4,362 thousand for the year ended December 31, 2024, compared to $2,525 thousand in 2023, reflecting an increase of 73%[27] Assets and Liabilities - Total assets as of December 31, 2024, amounted to $422.214 million, compared to $377.374 million in 2023, indicating an increase of 11.9%[6] - Current assets rose to $198.032 million from $155.033 million, marking a growth of 27.7% year-over-year[6] - The total liabilities as of December 31, 2024, were $161,702 thousand, compared to $125,356 thousand in 2023, indicating an increase of 29%[19] - Non-current liabilities decreased to $17.494 million from $25.268 million, a reduction of 30.9%[8] - The company's net asset value increased to $260.512 million from $252.018 million, reflecting a growth of 3.4%[8] - Net debt decreased to $36.8 million in 2024 from $40.6 million in 2023, with a debt-to-equity ratio of 0.14 compared to 0.16 in 2023[48] - As of December 31, 2024, the total borrowings of the group amounted to $69.2 million, a decrease from $78.2 million as of December 31, 2023[51] - Of the total borrowings, $18.8 million required asset collateral, representing 27.1% of total borrowings, slightly down from 27.7% in the previous year[51] - The net book value of properties, plants, equipment, and prepaid land lease fees used as collateral totaled $24 million, down from $33.8 million as of December 31, 2023[51] Revenue Sources - The revenue from external customers in mainland China for the year ended December 31, 2024, was $233,230 thousand, a significant increase from $107,950 thousand in 2023, representing a growth of 116%[24] - The revenue contribution from animal health products rose from 59% in 2023 to 72% in 2024, while the contribution from the antibiotic product decreased from 41% to 28%[44] Strategic Initiatives - The company plans to adopt a new share option scheme and terminate the existing one, indicating a strategic shift in employee compensation[2] - The board proposed the adoption of a new share option scheme for 2025, aimed at rewarding and retaining qualified participants[62] - The new share option scheme is subject to approval by shareholders at the annual general meeting and the listing committee of the stock exchange[64] Employee and Dividend Information - The group employed approximately 900 employees in China and Hong Kong as of December 31, 2024[54] - The company did not declare a final dividend for the year ended December 31, 2024, consistent with 2023[32] - The board resolved not to declare any dividends for the year ending December 31, 2024, consistent with the previous year[55] Capital Expenditure - Capital expenditure for the year ended December 31, 2024, was $13,843 thousand, up from $11,112 thousand in 2023, reflecting an increase of 25%[27] Cash Flow - Cash and cash equivalents decreased by $5.2 million to $32.4 million as of December 31, 2024, compared to $37.6 million in 2023[50] Other Information - The industrial business's share of profit from joint ventures decreased significantly from $4.8 million in 2023 to $0.5 million in 2024 due to intense competition[45] - The group had no significant contingent liabilities as of December 31, 2024[52] - The company did not purchase, sell, or redeem any of its listed securities during 2024[61] - The company plans to maintain a cautious optimism for performance in 2025, driven by increased awareness of animal disease prevention[46]

Financial Performance - For the nine months ended September 30, 2024, the company reported revenue of $170,560,000, an increase of 40.4% compared to $121,524,000 for the same period in 2023[1] - Gross profit for the same period was $31,073,000, up from $23,122,000, reflecting a gross margin improvement[1] - The company achieved a profit before tax of $7,399,000, representing a 122.4% increase from $3,325,000 in the previous year[1] - Net profit attributable to shareholders was $4,262,000, compared to $2,148,000 in the prior year, marking a 98.2% increase[2] - Total comprehensive income for the period was $8,795,000, compared to a loss of $9,230,000 in the same period last year[2] Assets and Liabilities - Non-current assets increased to $231,325,000 from $222,341,000 year-over-year, indicating growth in long-term investments[3] - Current assets rose slightly to $158,530,000 from $155,033,000, with trade receivables increasing significantly to $75,234,000 from $63,284,000[3] - Total liabilities increased, with current liabilities rising to $107,691,000 from $100,088,000, reflecting higher trade payables[4] - The company's total equity increased to $260,813,000 from $252,018,000, indicating a solid financial position[5] Accounting Standards - The company continues to adopt new accounting standards without significant financial impact on the reported results[5]

[Management Discussion and Analysis](index=2&type=section&id=Management%20Discussion%20and%20Analysis) [GROUP RESULTS](index=3&type=section&id=GROUP%20RESULTS) In H1 2024, Group revenue grew 30.4% to $108 million, but gross margin declined to 16.7% due to lower-margin trade, resulting in a 3.2% decrease in profit attributable to shareholders to $1.96 million, with no interim dividend Key Financial Indicators for H1 2024 | Metric | H1 2024 (USD) | H1 2023 (USD) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 107.98 million | 82.81 million | +30.4% | | Overall Gross Margin | 16.7% | 20.0% | -3.3pp | | Profit Attributable to Shareholders | 1.96 million | 2.03 million | -3.2% | | Basic and Diluted EPS | 0.8 US cents | 0.8 US cents | 0% | - The Board resolved not to declare an interim dividend for the six months ended June 30, 2024[5](index=5&type=chunk) [BUSINESS REVIEW](index=3&type=section&id=BUSINESS%20REVIEW) The Group's business is divided into Biochemical and Industrial segments; Biochemical is the sole revenue source undergoing strategic transformation, while Industrial, through JVs and associates, saw engineering machinery profits decline significantly due to intense competition [Biochemical](index=3&type=section&id=Biochemical) Biochemical revenue grew 30.4% to $108 million in H1 2024, with a strategic shift from CTC to animal health products, increasing their revenue share from 52% to 67%, and despite lower gross margins from light-asset trading, the segment's overall contribution improved Biochemical Business Revenue Structure Change | Product Category | H1 2024 Revenue Share (%) | H1 2023 Revenue Share (%) | | :--- | :--- | :--- | | Chlortetracycline Products (CTC) | 33% | 48% | | Animal Health Chemical Products | 67% | 52% | - The overall gross margin decreased from **20.0%** in H1 2023 to **16.7%** in H1 2024 due to the expansion of lower-margin light-asset trading business[8](index=8&type=chunk) [Industrial](index=4&type=section&id=Industrial) Industrial business operates through JV ECI Metro and associate Zhanjiang Deli; ECI Metro's profit share plummeted from $2.61 million to $0.11 million due to weak engineering machinery market and intense competition, while Zhanjiang Deli's automotive parts business remained stable with $1.16 million profit share - Profit share from joint venture ECI Metro (Caterpillar machinery sales) significantly decreased from **$2.61 million** in H1 2023 to **$0.11 million** in H1 2024, primarily due to intense market competition leading to lower sales of excavators, generators, and parts[9](index=9&type=chunk) - Profit share from associate Zhanjiang Deli (automotive parts manufacturing) remained stable at **$1.16 million** (H1 2023: $1.04 million)[10](index=10&type=chunk) [OUTLOOK](index=5&type=section&id=OUTLOOK) The Group maintains a cautious outlook for the remainder of 2024, as the biochemical business faces uncertainties in farming market recovery and global economic dynamics, while the industrial business anticipates low fixed asset investment growth and intense competition - The company maintains a cautious outlook for H2 2024 performance, primarily due to market recovery uncertainties in the biochemical business and low investment growth and intense competition in the industrial business[13](index=13&type=chunk) [LIQUIDITY AND FINANCIAL RESOURCES](index=5&type=section&id=LIQUIDITY%20AND%20FINANCIAL%20RESOURCES) As of June 30, 2024, the Group's financial position is robust, with total assets increasing to $384 million, net debt-to-equity ratio improving from 0.16 to 0.11, all borrowings denominated in RMB, and $42 million in cash and cash equivalents Financial Position Overview | Metric | June 30, 2024 (USD) | December 31, 2023 (USD) | | :--- | :--- | :--- | | Total Assets | 384 million | 377.4 million | | Net Debt | 28 million | 40.6 million | | Net Debt-to-Equity Ratio | 0.11 | 0.16 | | Cash and Cash Equivalents | 42 million | 37.6 million | - As of June 30, 2024, **$20.7 million** (26.5%) of the Group's total borrowings of **$78.2 million** were secured, collateralized by property, plant, equipment, and land lease prepayments with a net book value of **$29.2 million**[16](index=16&type=chunk) [Report on Review of Interim Financial Report](index=6&type=section&id=Report%20on%20Review%20of%20Interim%20Financial%20Report) [Auditor's Conclusion](index=8&type=section&id=Auditor%27s%20Conclusion) Independent auditor KPMG reviewed the interim financial report under Hong Kong Review Engagements Standards, noting the scope is less than an audit, thus no audit opinion is expressed; based on the review, no matters were found suggesting non-compliance with IAS 34 - Based on KPMG's review, they found no matters leading them to believe that the interim financial report for the six months ended June 30, 2024, was not prepared in all material respects in accordance with International Accounting Standard 34, Interim Financial Reporting[35](index=35&type=chunk) [Consolidated Statement of Comprehensive Income](index=8&type=section&id=Consolidated%20Statement%20of%20Comprehensive%20Income) [Income Statement Summary](index=8&type=section&id=Income%20Statement%20Summary) In H1 2024, revenue was $108 million, up 30.4%, with gross profit at $17.99 million and gross margin at 16.7%; despite revenue growth, profit for the period was $2.73 million, and profit attributable to parent company shareholders decreased 3.2% to $1.96 million due to increased expenses and reduced JV profit share Consolidated Statement of Comprehensive Income (Unit: Thousand USD) | Item | H1 2024 | H1 2023 | | :--- | :--- | :--- | | Revenue | 107,979 | 82,810 | | Gross Profit | 17,989 | 16,531 | | Profit Before Tax | 3,557 | 2,705 | | Profit for the Period | 2,733 | 2,281 | | **Profit Attributable to Shareholders of the Company** | **1,963** | **2,027** | | Profit Attributable to Non-controlling Interests | 770 | 254 | | **Basic and Diluted EPS (US cents)** | **0.80** | **0.80** | | Total Comprehensive Income for the Period | (1,731) | (8,000) | [Consolidated Statement of Financial Position](index=10&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) [Financial Position Summary](index=10&type=section&id=Financial%20Position%20Summary) As of June 30, 2024, the Group's total assets reached $384 million, a slight increase from year-end 2023, with total liabilities at $134 million, indicating a stable financial position, and total equity at $250 million, including $226 million attributable to parent company shareholders Consolidated Statement of Financial Position (Unit: Thousand USD) | Item | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | **Total Non-current Assets** | **223,516** | **222,341** | | **Total Current Assets** | **160,501** | **155,033** | | **Total Assets** | **384,017** | **377,374** | | **Total Current Liabilities** | **109,388** | **100,088** | | **Total Non-current Liabilities** | **24,342** | **25,268** | | **Total Liabilities** | **133,730** | **125,356** | | **Net Assets** | **250,287** | **252,018** | | **Equity Attributable to Shareholders of the Company** | **226,435** | **228,430** | | **Total Equity** | **250,287** | **252,018** | [Consolidated Statement of Changes in Equity](index=12&type=section&id=Consolidated%20Statement%20of%20Changes%20in%20Equity) [Changes in Equity Summary](index=12&type=section&id=Changes%20in%20Equity%20Summary) For the six months ended June 30, 2024, equity attributable to company shareholders decreased from $228 million to $226 million, primarily due to a loss recorded in other comprehensive income from foreign exchange fluctuations, which offset the period's profit of $1.96 million Changes in Equity Attributable to Shareholders (H1 2024, Unit: Thousand USD) | Item | Amount | | :--- | :--- | | Balance as at January 1, 2024 | 228,430 | | Profit for the Period | 1,963 | | Other Comprehensive Income for the Period | (3,958) | | **Balance as at June 30, 2024** | **226,435** | [Condensed Consolidated Statement of Cash Flows](index=14&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) [Cash Flow Summary](index=14&type=section&id=Cash%20Flow%20Summary) In H1 2024, net cash from operating activities significantly improved to $9.52 million from a net outflow of $3.15 million last year, while net cash used in investing activities was $6.82 million, and net cash from financing activities was $1.89 million, increasing period-end cash and cash equivalents to $41.96 million Condensed Consolidated Statement of Cash Flows (Unit: Thousand USD) | Item | H1 2024 | H1 2023 | | :--- | :--- | :--- | | Net Cash Flows from Operating Activities | 9,515 | (3,152) | | Net Cash Flows Used in Investing Activities | (6,816) | (2,656) | | Net Cash Flows from Financing Activities | 1,890 | 11,912 | | **Net Increase in Cash and Cash Equivalents** | **4,589** | **6,104** | | Cash and Cash Equivalents at Beginning of Period | 37,606 | 30,859 | | **Cash and Cash Equivalents at End of Period** | **41,960** | **36,222** | [Notes to Interim Financial Report](index=15&type=section&id=Notes%20to%20Interim%20Financial%20Report) [4. OPERATING SEGMENT INFORMATION](index=16&type=section&id=4.%20OPERATING%20SEGMENT%20INFORMATION) The Group operates in Biochemical and Industrial segments; Biochemical is the sole revenue source with $108 million in H1 2024 and segment results of $4.95 million, while Industrial, despite no external revenue, contributed $0.3 million in results through JVs and associates, significantly down from $2.85 million last year Segment Results (H1 2024, Unit: Thousand USD) | Segment | Segment Revenue | Segment Results (including share of JV/Associate profits) | | :--- | :--- | :--- | | Biochemical Business | 107,979 | 4,954 | | Industrial Business | - | 302 | | **Total** | **107,979** | **5,256** | - Geographically, Mainland China is the Group's primary market, contributing **$74.07 million** in revenue, representing **68.6%** of total revenue, a significant increase from **$45.09 million** in the prior year[70](index=70&type=chunk) [11. EARNINGS PER SHARE ATTRIBUTABLE TO SHAREHOLDERS OF THE COMPANY](index=25&type=section&id=11.%20EARNINGS%20PER%20SHARE%20ATTRIBUTABLE%20TO%20SHAREHOLDERS%20OF%20THE%20COMPANY) In H1 2024, profit attributable to shareholders for basic EPS calculation was $1.963 million, resulting in a basic EPS of 0.80 US cents based on 253,329,087 weighted average shares, consistent with the prior year, and diluted EPS equals basic EPS due to no potential dilutive ordinary shares Earnings Per Share Calculation | Item | H1 2024 | H1 2023 | | :--- | :--- | :--- | | Profit Attributable to Shareholders (Thousand USD) | 1,963 | 2,027 | | Weighted Average Number of Shares (Shares) | 253,329,087 | 253,329,087 | | **Basic EPS (US cents)** | **0.80** | **0.80** | [17. RELATED PARTY TRANSACTIONS](index=30&type=section&id=17.%20RELATED%20PARTY%20TRANSACTIONS) In H1 2024, the Group engaged in significant related party transactions, notably sales of goods to High Orient Enterprises Limited and its associates, including Charoen Pokphand International, which surged to $46.84 million from $19.83 million last year, with total trade receivables from related companies amounting to $38.99 million at period-end - Sales to High Orient Enterprises Limited and its associates, including Charoen Pokphand International, increased from **$19.83 million** in H1 2023 to **$46.84 million** in H1 2024, representing the Group's most significant related party transaction[105](index=105&type=chunk) - As of June 30, 2024, total trade receivables from related companies amounted to **$38.987 million**[109](index=109&type=chunk) [Other Information](index=31&type=section&id=Other%20Information) [Shareholder and Dividend Information](index=31&type=section&id=Shareholder%20and%20Dividend%20Information) The Board resolved not to declare an interim dividend for 2024; as of June 30, 2024, major shareholders Charoen Pokphand Group and Charoen Pokphand Foods Public Company Limited collectively held 53.07% equity interest, while ITOCHU Corporation held 25.00% - The Board resolved not to declare an interim dividend for the six months ended June 30, 2024[111](index=111&type=chunk) Major Shareholder Holdings (Long Position) | Shareholder Name | Holding Percentage (%) | | :--- | :--- | | Charoen Pokphand Group Company Limited | 53.07% | | Charoen Pokphand Foods Public Company Limited | 53.07% | | ITOCHU Corporation | 25.00% | [Corporate Governance](index=34&type=section&id=Corporate%20Governance) The company is committed to high corporate governance standards, confirming compliance with Appendix C1 of the Listing Rules' Corporate Governance Code in H1 2024, and has adopted a securities dealing code based on standard practices, which all directors confirmed adherence to - The Board believes that the company has applied and complied with the Corporate Governance Code provisions in the Listing Rules for the six months ended June 30, 2024[125](index=125&type=chunk) - The company's interim financial report is unaudited but has been reviewed by KPMG and the company's Audit Committee[131](index=131&type=chunk) [Corporate Information](index=35&type=section&id=Corporate%20Information) [Key Management and Committees](index=35&type=section&id=Key%20Management%20and%20Committees) The company is chaired by Mr. Thanakorn Seriburi, with an executive team including CEOs Mr. Li Shaoqing for Biochemical and Mr. Li Shaozhu for Industrial, and established committees like Audit, Remuneration, Nomination, and Corporate Governance, all chaired by independent non-executive directors - Mr. Thanakorn Seriburi serves as the company's Chairman; key management includes two Chief Executive Officers: Mr. Li Shaoqing for the Biochemical business and Mr. Li Shaozhu for the Industrial business[134](index=134&type=chunk)

Financial Performance - For the six months ended June 30, 2024, the company reported revenue of $107,979,000, an increase of 30.4% compared to $82,810,000 for the same period in 2023[1] - Gross profit for the same period was $17,989,000, up from $16,531,000, reflecting a gross margin improvement[1] - The net profit attributable to shareholders was $1,963,000, slightly down from $2,027,000 in the previous year, indicating a decrease of 3.2%[2] - The company reported a basic and diluted earnings per share of $0.80, unchanged from the previous year[2] - The overall gross profit margin decreased from 20.0% in the first half of 2023 to 16.7% in the first half of 2024, primarily due to the increase in lower-margin trading business[32] - The profit attributable to shareholders for the first half of 2024 was $1.963 million, a decrease of 3.2% from $2.027 million in the first half of 2023[30] Assets and Liabilities - Total assets as of June 30, 2024, were $274,629,000, a decrease from $277,286,000 as of December 31, 2023[3] - Current assets increased to $160,501,000 from $155,033,000, primarily driven by an increase in cash and cash equivalents[3] - The company’s total liabilities increased to $133,730,000 from $124,376,000, with current liabilities rising to $109,388,000[3] - Non-current assets totaled $223,516,000, slightly up from $222,341,000, indicating stability in long-term investments[3] - The company’s net asset value decreased to $250,287,000 from $252,018,000, reflecting a slight decline in equity[4] - Total assets as of June 30, 2024, amounted to $384,017,000, with the biochemical segment accounting for $210,930,000 and the industrial segment for $122,906,000[12] - The group reported a total liability of $133,730,000, with the biochemical segment's liabilities at $46,866,000[12] - Trade receivables as of June 30, 2024, amounted to $67.417 million, an increase from $63.284 million as of December 31, 2023[26] - Trade payables as of June 30, 2024, were $25.305 million, compared to $19.600 million as of December 31, 2023[27] - Net debt decreased from $40.6 million on December 31, 2023, to $28 million on June 30, 2024, with a debt-to-equity ratio improving from 0.16 to 0.11[36] Segment Performance - The biochemical segment generated revenue of $107,979,000 for the six months ended June 30, 2024, compared to $82,810,000 for the same period in 2023, representing a growth of 30.4%[11] - The adjusted profit before tax for the biochemical segment was $4,954,000, while the industrial segment reported a loss of $(973,000), resulting in a total profit of $3,981,000 for the group[11] - The revenue contribution from the company's antibiotic products decreased from 48% in the first half of 2023 to 33% in the first half of 2024, while the contribution from animal health products increased from 52% to 67%[31] - The industrial business segment reported a slight increase of 4.7% in overall excavator market sales in China for the first half of 2024 compared to the same period in 2023[33] - The automotive parts manufacturing segment reported a profit of $1.16 million for the first half of 2024, up from $1.04 million in the same period of 2023[33] Income and Expenses - The group recognized bank interest income of $694,000 for the six months ended June 30, 2024, an increase from $505,000 in the same period of 2023[19] - The group’s total other income for the six months ended June 30, 2024, was $3,307,000, compared to $434,000 in the same period of 2023, showing a substantial increase[19] - The group’s financial costs, net of capitalized interest, were $1,249,000 for the six months ended June 30, 2024, compared to $711,000 in the same period of 2023[20] - The total tax expense for the first half of 2024 was $0.824 million, up from $0.424 million in the first half of 2023[23] Dividends and Outlook - The company did not declare an interim dividend for the first half of 2024, consistent with the first half of 2023[24] - The company did not declare an interim dividend for the six months ended June 30, 2024, consistent with the previous year[41] - The company maintained a cautious outlook for the remainder of 2024, anticipating low fixed asset investment growth and continued intense industry competition[34] Accounting and Standards - The company did not adopt any new accounting standards that would have a significant financial impact during the reporting period[6] - There were no significant contingent liabilities reported as of June 30, 2024[39]

Revenue and Profit - Revenue for the three months ended March 31, 2024, was $54.654 million, an increase of 25.6% compared to $43.501 million for the same period in 2023[3] - Gross profit for the same period was $8.510 million, a decrease of 6.0% from $9.054 million year-over-year[3] - Net profit attributable to shareholders was $0.989 million, down 43.5% from $1.747 million in the previous year[4] - The total comprehensive income for the period was a loss of $1.819 million, compared to a gain of $3.133 million in the prior year[4] Assets and Liabilities - Total assets as of March 31, 2024, were $250.199 million, a slight decrease from $252.018 million at the end of 2023[7] - Current assets increased to $159.167 million from $155.033 million, primarily driven by an increase in cash and cash equivalents[6] - Current liabilities remained stable at $100.368 million compared to $100.088 million in the previous period[6] - The company’s non-current assets totaled $223.062 million, slightly up from $222.341 million[6] - The company’s equity attributable to shareholders was $226.503 million, down from $228.430 million at the end of 2023[7] Comprehensive Income - The company reported a decrease in other comprehensive income, with a loss of $3.269 million compared to a gain of $1.097 million in the previous year[4]

Financial Performance - In 2023, the Group's revenue increased to US$173,979,000, up 9.3% from US$159,239,000 in 2022[18]. - Gross profit decreased to US$33,766,000, down 13.8% from US$39,189,000 in 2022[18]. - Profit attributable to shareholders was US$2,553,000, a significant recovery from a loss of US$6,677,000 in 2022[18]. - Basic and diluted earnings per share improved to 1.01 US cents, compared to a loss of 2.64 US cents in the previous year[18]. - For the year ended December 31, 2023, the Group's revenue increased by 9.3% to US$174.0 million, compared to US$159.2 million in 2022[25]. - Profit attributable to shareholders was US$2.6 million, a turnaround from a loss of US$6.7 million in 2022, primarily due to improved performance in the industrial business[26]. - Basic and diluted earnings per share were both 1.0 US cents, compared to a loss of 2.6 US cents in 2022[27]. Asset and Debt Management - Total assets increased to US$377,374,000, up from US$350,585,000 in 2022[18]. - Total bank borrowings rose to US$78,168,000, compared to US$49,102,000 in 2022, indicating increased leverage[18]. - As of December 31, 2023, the Group's net debt was US$40.6 million, an increase from US$18.2 million as of December 31, 2022, resulting in a debt-to-equity ratio of 0.16 compared to 0.07 in the previous year[45][49]. - The Group's total borrowings increased to US$78.2 million as of December 31, 2023, up from US$49.1 million as of December 31, 2022, with secured borrowings accounting for 27.7% of total borrowings[48][51]. - Cash and cash equivalents rose to US$37.6 million as of December 31, 2023, an increase of US$6.7 million from US$30.8 million as of December 31, 2022[47][50]. Business Segments and Strategy - The animal health business achieved a major milestone, with its revenue exceeding 50% of the Group's biochemical business for the first time in 2023[5]. - The Group is focused on strategic transformation towards becoming a leading biotechnology company, enhancing core competitiveness through R&D investment[4]. - The Group continues to strategically broaden its product portfolio in the animal health segment, deploying additional marketing resources[34]. - Revenue contribution from CTC products decreased from 53% in 2022 to 41% in 2023, while revenue contribution from animal health products increased from 47% to 59%[32]. Market Outlook and Challenges - The Group maintains a cautious outlook for 2024 due to economic uncertainties but aims to capitalize on market opportunities as conditions normalize[11]. - The Group remains cautious about its performance in 2024 due to uncertainties in the biochemical business and intense competition in the industrial sector[40]. Corporate Governance and Board Activities - The company held one annual general meeting, one special general meeting, seven Board meetings, six Audit Committee meetings, one Remuneration Committee meeting, one Nomination Committee meeting, and two Corporate Governance Committee meetings in 2023[82]. - Directors confirmed their responsibility for preparing financial statements that reflect the financial position, performance, and cash flows of the Group in accordance with International Financial Reporting Standards[93]. - The company emphasizes the importance of accountability and audit in its governance practices[96]. - The Board's commitment to corporate governance is reflected in its structured meeting schedule and training initiatives for directors[87]. - The Audit Committee held six meetings in 2023, reviewing the annual results for the year ended December 31, 2022, and recommending the Board to approve the related financial information[120]. Risk Management and Internal Controls - The Board conducted an annual review of the effectiveness of the Group's risk management and internal control systems in 2023, finding them effective and adequate[196]. - No significant control failings or weaknesses were identified in 2023, indicating the Company's ability to respond adequately to changes in its business and external environment[196]. - The Group has established a Risk Management Policy to manage risks associated with achieving business objectives[192]. - The Audit Committee is responsible for reviewing the effectiveness of the Group's risk management and internal control systems[193]. Diversity and Inclusion - The Board Diversity Policy aims to achieve a diverse Board, considering factors such as gender, age, and professional experience, with an annual review of its effectiveness[154]. - The Board set a target to appoint at least one female Director by December 31, 2024, which was achieved on February 23, 2024, with the appointment of Ms. Cheung Marn Kay[160]. - The Company plans to increase the percentage of female employees from 27% to 30% within five years, by December 2027, to enhance gender diversity in the workforce[165]. - The Company emphasizes the importance of diversity in its Board composition, considering factors like gender, age, and professional experience[173].

Financial Performance - Total revenue for the year ended December 31, 2023, was $173.979 million, an increase of 9.3% from $159.239 million in 2022[3] - Gross profit decreased to $33.766 million, down 13.5% from $39.189 million in the previous year[3] - The net profit attributable to shareholders was $2.553 million, compared to a loss of $6.677 million in 2022[4] - Basic and diluted earnings per share for the year were $1.01, a significant improvement from a loss of $2.64 per share in 2022[4] - The group reported a total comprehensive loss of $3.734 million for the year, compared to a loss of $21.737 million in 2022[4] - The group's adjusted pre-tax profit for the year ended December 31, 2023, was $2.943 million, compared to a pre-tax loss of $2.749 million in 2022, indicating a significant turnaround[18][28]. - The profit attributable to shareholders was $2.6 million in 2023, a turnaround from a loss of $6.7 million in 2022, mainly due to improved performance in the industrial business[43] Assets and Liabilities - Total assets as of December 31, 2023, were $277.286 million, slightly up from $273.271 million in 2022[6] - Current assets increased to $155.033 million from $129.322 million, reflecting a growth of 19.9%[6] - The company's non-current liabilities increased to $25.268 million from $17.519 million, reflecting a rise of 44.3%[8] - The net asset value decreased to $252.018 million from $255.752 million, a decline of 1.1% year-over-year[8] - Total assets as of December 31, 2023, amounted to $377.374 million, up from $350.585 million in 2022, reflecting an increase of approximately 7.6%[20][24]. - The total liabilities as of December 31, 2023, were $125.356 million, compared to $94.833 million in 2022, representing an increase of approximately 32.2%[20][24]. - Net debt rose from $18.2 million in 2022 to $40.6 million in 2023, with a debt-to-equity ratio increasing from 0.07 to 0.16[50] - Total borrowings increased from $49.1 million in 2022 to $78.2 million in 2023, with 27.7% of borrowings requiring asset collateral[53] Cash Flow and Liquidity - Cash and cash equivalents rose to $37.606 million, up from $30.859 million in the previous year, indicating improved liquidity[6] - Cash and cash equivalents increased by $6.7 million, from $30.8 million in 2022 to $37.6 million in 2023[52] Revenue Breakdown - Biochemical business revenue for the year ended December 31, 2023, was $173.979 million, an increase from $159.239 million in 2022, representing a growth of approximately 9.9%[18][22]. - The revenue from external customers in mainland China for the year ended December 31, 2023, was $107.950 million, up from $83.294 million in 2022, reflecting an increase of approximately 29.7%[24]. - The revenue contribution from the main product decreased from 53% in 2022 to 41% in 2023, while the revenue contribution from animal health products increased from 47% to 59%[46] Expenses and Profitability - The overall gross margin decreased from 24.6% in 2022 to 19.4% in 2023, primarily due to a decline in the price of the main product and an increase in lower-margin trading business[43] - The average selling price of the main product decreased by 11% in 2023 compared to 2022[46] - The group's depreciation and amortization expenses for the year ended December 31, 2023, were $6.391 million, slightly down from $6.925 million in 2022[18][22]. Dividends - The group did not declare a final dividend for the year ended December 31, 2023, consistent with the previous year[31]. - The board of directors decided not to declare a dividend for the year ended December 31, 2023[43] - The board decided not to declare any dividends for the year ending December 31, 2023, consistent with 2022[56] Market Conditions - The industrial business reported a significant decline in the excavator market, with overall sales dropping by 40.8% in 2023 compared to 2022[47] - The automotive parts manufacturing segment maintained stable profits of $2.1 million for both 2023 and 2022, despite a 12.0% increase in car sales and an 8.8% decrease in motorcycle sales in China[47] - The company maintains a cautious outlook for 2024, anticipating low fixed asset investment growth and continued intense competition in the industrial sector[48] Joint Ventures - The group's share of profits from joint ventures was $4.816 million in 2023, compared to a loss of $9.006 million in 2022, indicating a significant improvement[18][22]. - The share of profits from joint ventures improved from a loss of $9 million in 2022 to a profit of $4.8 million in 2023[47] Credit Risk and Receivables - The company has no significant concentration of credit risk according to management's opinion[36] - Trade receivables aged 60 days or less increased to $35.3 million in 2023 from $18.1 million in 2022[36] - Trade payables aged 60 days or less increased to $22.2 million in 2023 from $15.5 million in 2022[37] Capital Expenditure - The group reported a capital expenditure of $11.112 million for the year ended December 31, 2023, down from $15.771 million in 2022, indicating a reduction of about 29.5%[18][22].

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 部分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。 CHIA TAI ENTERPRISES INTERNATIONAL LIMITED 正大企業國際有限公司 （於百慕達註冊成立之成員有限責任公司） （股份代號：3839） 截至二零二三年九月三十日止九個月之未經審核業績 未經審核綜合業績 正大企業國際有限公司 (「本公司」) 董事會 (「董事會」) 欣然宣佈本公司及其附屬 公司 ( 統稱「本集團」) 截至二零二三年九月三十日止九個月之未經審核綜合業績。 未經審核綜合全面收益表 截至九月三十日止九個月 二零二三年 二零二二年 美元千元 美元千元 (未經審核) (未經審核) 收入 121,524 122,643 銷售成本 (95,659) (93,830) 毛利 25,865 28,813 ...

Financial Performance - For the six months ended June 30, 2023, the Group's revenue increased by 2.0% to US$82.81 million compared to US$81.21 million in the same period of 2022[5]. - Profit attributable to shareholders was US$2.03 million, a turnaround from a loss of US$4.98 million in 1H22, primarily due to improved performance in the industrial business[6]. - Basic and diluted profit per share were both 0.80 US cents, compared to a loss of 1.97 US cents in 1H22[7]. - Profit before tax for the period was $2,705,000, compared to a loss of $2,891,000 in 2022[49]. - Profit for the period was $2,281,000, a significant recovery from a loss of $3,940,000 in the same period last year[52]. - The profit for the period is US$2,027,000, compared to a loss of US$4,984,000 in the same period last year[66]. - Total comprehensive income for the period was a loss of $8,000,000, an improvement from a loss of $15,424,000 in the previous year[52]. Revenue Composition - Revenue contribution from CTC products decreased from 57% in 1H22 to 48% in 1H23, while revenue from animal health products and other segments increased from 43% to 52%[13]. - Segment revenue for the biochemical operations reached US$82,810,000, an increase from US$81,211,000 in the same period last year, representing a growth of 1.97%[121]. - Revenue from mainland China was US$45,094,000, significantly up from US$32,905,000 in the previous year, marking an increase of 37%[115]. Assets and Liabilities - As of June 30, 2023, the Group's total assets were US$346.5 million, a decrease of 1.2% from US$350.6 million as of December 31, 2022[22]. - Total liabilities were US$98,722,000, with unallocated corporate liabilities at US$66,335,000[101]. - Net debt increased to US$22.7 million as of June 30, 2023, compared to US$18.2 million as of December 31, 2022, resulting in a debt-to-equity ratio of 0.09, up from 0.07[22]. - Non-current assets decreased to $212,649,000 from $221,263,000 as of December 31, 2022[56]. - Current assets increased to $133,825,000 from $129,322,000 at the end of 2022[56]. Cash Flow and Investments - Cash flows from operating activities resulted in a net outflow of US$3,152,000, a decline from a net inflow of US$1,937,000 in the previous year[68]. - The net cash flows used in investing activities amounted to US$2,656,000, compared to US$7,766,000 in the same period last year[68]. - Proceeds from bank borrowings increased significantly to US$47,801,000 from US$18,722,000 in the previous year[68]. - The Company reported a retained profit of US$176,075,000 as of June 30, 2023, up from US$174,094,000 at the beginning of the year[62]. Corporate Governance - The interim financial report for the six months ended June 30, 2023, was reviewed by KPMG, confirming compliance with relevant standards[190]. - The Company has maintained compliance with the Corporate Governance Code throughout the reporting period[188]. - All Directors confirmed compliance with the Code of Conduct for Securities Transactions during the six months ended June 30, 2023[189]. - The audit committee has also reviewed the interim report for the six months ended June 30, 2023[196]. Employment and Operations - The Group employed approximately 1,000 employees in Mainland China and Hong Kong as of June 30, 2023[33]. - The Group operates in two reportable segments: the biochemical segment, which focuses on the manufacture and sale of chlortetracycline and related products, and the industrial segment, which involves trading machinery and manufacturing automotive parts through joint ventures and associates[91]. Market Outlook - The outlook for the biochemical business remains cautious due to economic recovery uncertainties and intensified competition[21]. - The outlook for the remainder of 2023 remains cautious due to economic recovery uncertainties and intensified competition in the biochemical business[26]. - The Group plans to continue expanding its animal health and trading businesses in response to changing market dynamics[14].

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 何部分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。 CHIA TAI ENTERPRISES INTERNATIONAL LIMITED 正 大 企 業 國 際 有 限 公 司 （於百慕達註冊成立之成員有限責任公司） （股份代號：3839） 截至二零二三年六月三十日止六個月之 中期業績公告 未經審核綜合業績 正大企業國際有限公司（「本公司」）董事會（「董事會」）欣然宣佈本公司及其附屬公 司（統稱「本集團」）截至二零二三年六月三十日止六個月之未經審核綜合業績。 未經審核綜合全面收益表 截至六月三十日止六個月 二零二三年 二零二二年 附註 美元千元 美元千元 （未經審核） （未經審核） 收入 4 82,810 81,211 銷售成本 (64,401) (62,084) 毛利 18,409 19,127 ...