（於百慕達註冊成立之成員有限責任公司） （股份代號：3839） 董事會會議召開日期 正大企業國際有限公司（「本公司」）董事會（「董事會」）謹此宣佈將於二零 二五年八月十一日（星期一）舉行董事會會議，藉以（其中包括）批准本公司及 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）。 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。 CHIA TAI ENTERPRISES INTERNATIONAL LIMITED 正大企業國際有限公司 承董事會命 董事 李紹祝 香港，二零二五年七月三十日 於本公告日期，董事會包括謝吉人先生（董事長及非執行董事）、李紹慶先生、李紹祝 先生、謝杰人先生、馬德壽先生（各人均為執行董事）、池添洋一先生（非執行董事）、 Surasak Rounroengrom 先生、鄭毓和先生、高明東先生及章曼琪女士（各人均為獨立非執 行董事）。 ...

Group 1 - The Hong Kong pharmaceutical stocks showed a strong performance, with several companies experiencing significant gains [1] - Baset Pharmaceutical (02616.HK) increased by 9.86%, indicating a robust market response [1] - Other notable gainers included Charoen Pokphand International (03839.HK) with a rise of 7.06%, Sanofi Pharmaceutical (02257.HK) up by 6.93%, and Weiya Biotechnology (01873.HK) which saw a 5.80% increase [1]

Summary of Key Points Core Viewpoint - As of July 3, a total of 120 stocks reached their 52-week highs, indicating a strong market performance with notable leaders in the list [1]. Group 1: Top Performers - The top three stocks with the highest increase rates are: - 富誉控股 (Fuyou Holdings) at 90.76%, closing at 0.435 with a peak of 0.475 [1] - 信义能源 (Xinyi Energy) at 65.00%, closing at 1.200 with a peak of 1.980 [1] - 中国三三传媒 (China San San Media) at 42.86%, closing at 1.710 with a peak of 1.900 [1] Group 2: Additional Notable Stocks - Other notable stocks include: - ITE HOLDINGS at 34.21% increase, closing at 0.047 with a peak of 0.051 [1] - 星凯控股 (Xingkai Holdings) at 30.00%, closing at 0.480 with a peak of 0.650 [1] - 北京北辰实业股份 (Beijing Beichen Industrial) at 26.47%, closing at 0.940 with a peak of 1.290 [1] Group 3: Overall Market Trends - The overall trend shows a significant number of stocks achieving new highs, reflecting positive investor sentiment and market conditions [1].

Group 1 - The core viewpoint of the news highlights the significant stock performance of Charoen Pokphand International (03839.HK), which saw a 21.68% increase in share price, closing at 2.75 HKD per share, with a trading volume of 4.17 million shares and a turnover of 11.09 million HKD [1] - Over the past month, Charoen Pokphand International has achieved a cumulative increase of 20.86%, and a year-to-date increase of 51.68%, outperforming the Hang Seng Index's increase of 17.3% [2] - Financial data shows that as of March 31, 2025, Charoen Pokphand International reported total revenue of 1.185 billion HKD, a year-on-year increase of 201.97%, and a net profit attributable to shareholders of 55.186 million HKD, a year-on-year increase of 677.35% [2] Group 2 - Charoen Pokphand International is a Hong Kong-listed company involved in biochemical and industrial businesses, established as part of the Charoen Pokphand Group since 1995, and is a leading producer of oxytetracycline globally [3] - The company holds a 50% stake in one of China's four major Caterpillar distributors and has been listed on the Hong Kong Stock Exchange since July 2015 [3] - The average price-to-earnings (P/E) ratio for the pharmaceutical and biotechnology industry is 3.62 times, with a median of 5.93 times, while Charoen Pokphand International has a P/E ratio of 3.92 times, ranking fourth in the industry [2]

Group 1: Company Performance - NetEase-S (09999) saw a significant increase of 10.89% in stock price after reporting Q1 2025 net revenue of RMB 28.8285 billion, a year-on-year increase of 7.4%, and gross profit of RMB 18.5 billion, up 8.6% [1] - H&H International Holdings (01112) rose over 8% as the market speculated on the ergotamine concept, with its Swisse brand showing strong performance in high-growth segments [2] - China Gold International (02099) experienced a stock price increase of over 5% after reporting a 351% rise in Q1 revenue to USD 273 million [2] Group 2: Clinical and Pharmaceutical Developments - Shandong Xinhua Pharmaceutical (00719) surged over 14% as COVID-19 infections showed an upward trend, with the company preparing for Phase II clinical trials of OAB-14 [1] - Innovent Biologics (01801) rose nearly 3% after announcing the completion of the first patient dosing in the Phase III clinical study of Ma Shidu peptide for obesity [1] - Kangxi Biologics (06185) increased over 3% after receiving approval from the Indonesian drug regulatory authority for its inhaled tuberculosis vaccine clinical trial [1] Group 3: Market Trends and Reactions - The Nasdaq Golden Dragon China Index fell over 2%, with notable declines in popular Chinese stocks such as Tiger Brokers (TIGR.US) down over 8% and Beike (BEKE.US) down over 5% [3] - UnitedHealth Group (UNH.US) experienced a significant drop of over 15% following reports of a U.S. Department of Justice investigation into potential insurance fraud [3] - Bitcoin-related stocks declined, with CleanSpark (CLSK.US) down nearly 6% and Coinbase (COIN.US) down over 7%, as Bitcoin itself fell over 1.5% [3]

Financial Performance - The company reported revenue of $165,041,000 for the three months ended March 31, 2025, representing a significant increase of 201% compared to $54,654,000 for the same period in 2024[4] - Gross profit for the same period was $20,969,000, up 146% from $8,510,000 year-over-year[4] - The net profit attributable to the company's shareholders was $7,688,000, compared to $989,000 in the previous year, marking a substantial increase of 678%[5] - The total comprehensive income for the period was $10,639,000, compared to a loss of $1,819,000 in the same quarter of the previous year[5] Assets and Equity - The company's total assets as of March 31, 2025, were $444,144,000, an increase from $422,694,000 as of December 31, 2024[6] - Current assets increased to $218,910,000 from $198,032,000, reflecting a growth of 10.9%[6] - The company's net current assets improved to $65,234,000, up from $53,824,000, indicating a 21.2% increase[6] - The total equity attributable to the company's shareholders rose to $243,513,000 from $234,773,000, showing an increase of 3.3%[7] Inventory and Financial Costs - The company reported a decrease in inventory to $25,440,000 from $33,053,000, a reduction of 23%[6] - The company’s financial costs decreased to $497,000 from $609,000, a decline of 18.3%[4]

Financial Performance - In 2024, the Group's revenue increased by 76.9% to US$307.7 million, up from US$174.0 million in 2023[25] - Profit attributable to shareholders of the Company rose to US$11.2 million in 2024, more than tripling from US$2.6 million in 2023[26] - Basic and diluted earnings per share were both 4.4 US cents, compared to 1.0 US cent in 2023[27] - The overall gross profit margin decreased from 17.3% in 2023 to 15.9% in 2024, primarily due to the lower profit margin of the animal health product business[25] - The Group's revenue from the biochemical business increased by 76.9% to US$307.7 million in 2024, compared to US$174.0 million in 2023[31] - Revenue contribution from animal health products rose from 59% in 2023 to 72% in 2024, while contribution from CTC products decreased from 41% to 28%[31] - Overall gross profit margin decreased from 17.3% in 2023 to 15.9% in 2024 due to a higher proportion of lower-margin animal health products[32] - Shareholder profit attributable to the Group increased over threefold to US$11.2 million in 2024 from US$2.6 million in 2023, driven by strong performance in the biochemical business[28] Assets and Liabilities - The total assets of the Group increased to US$422.2 million in 2024 from US$377.4 million in 2023[16] - Net debt decreased to US$36.8 million in 2024 from US$40.6 million in 2023, with a debt-to-equity ratio of 0.14 compared to 0.16 in the previous year[39] - As of December 31, 2024, the Group's total borrowings amounted to $69.2 million, a decrease from $78.2 million as of December 31, 2023[51] - Of the total borrowings, $18.8 million (27.1%) required asset collateral, down from $21.7 million (27.7%) in the previous year[51] - The Group's cash and cash equivalents decreased to US$32.4 million in 2024 from US$37.6 million in 2023[41] Business Operations and Strategy - The Group's biochemical business is the main contributor to revenue, reflecting successful sales strategies to key customers[25] - The Group is focusing on research and development investments, particularly in emerging technologies and artificial intelligence[5] - The Group's industrial business faced challenges, with a decline in share of profits due to intense competition[26] - The Group actively participated in trade exhibitions to enhance brand influence and showcase innovative products[5] - The Group aims to uphold its "Three Benefits Principle" and prepare for high-quality development by 2025[10] - The Group emphasizes the importance of speed and quality, ensuring adaptability to new technologies and changing consumer preferences[93] - Innovation is a key driver for the Group, with a focus on fostering creativity among employees to enhance products and services[100] Corporate Governance - The Company held one annual general meeting and four Board meetings in 2024[76] - The Board consists of ten members, including four executive directors, two non-executive directors, and four independent non-executive directors[58] - All independent non-executive directors confirmed their independence in accordance with the Listing Rules[67] - The Company has adopted a Code of Conduct for Securities Transactions, ensuring compliance by all directors during 2024[69] - The Board is responsible for presenting a balanced and clear assessment of the Company's performance in annual and interim reports[84] - The financial statements are prepared in accordance with International Financial Reporting Standards, ensuring a true and fair view of the Group's financial position and performance[85] - The Company has adopted a Dividend Policy that considers operational results, financial conditions, and future development, with no dividends expected during growth stages unless special circumstances arise[90] - The Group has consistently applied appropriate accounting policies and made reasonable judgments in preparing financial statements[86] - The Directors confirm no material uncertainties that may cast significant doubt on the Company's ability to continue as a going concern[87] - Future dividend declarations will be at the Board's discretion and may not reflect historical patterns[90] - The Board's accountability includes ensuring compliance with applicable laws and regulations regarding dividend payments[90] - The Group upholds six core values in conducting its business operations[92] - The Board is committed to reviewing and potentially amending the Dividend Policy as necessary[90] Risk Management and Internal Control - The Board conducted an annual review of the effectiveness of the Group's risk management and internal control systems for 2024, finding them effective and adequate[183] - No significant control failings or weaknesses were identified in 2024, indicating the Company's ability to respond to changes in its business and external environment[183] - The Group has established a Risk Management Policy to manage risks associated with achieving business objectives, providing reasonable assurance against material misstatement or loss[180] - The Audit Committee is responsible for reviewing the effectiveness of the Group's risk management and internal control systems, with regular reports from the Internal Audit Department[181] - The Company has adequate resources, staff qualifications, training programs, and budget for accounting, internal audit, and financial reporting functions[184] - The Group is committed to continuous improvement in its risk management and internal control framework, integrating these processes into business operations[185] - An Inside Information Handling Policy is in place to ensure timely communication with stakeholders regarding inside information[185] - The Company has formulated a Whistleblowing Policy to detect and deter misconduct, approved by the Board and delegated to the Audit Committee[186] - The Anti-corruption Policy has been established in accordance with Stock Exchange requirements, also approved by the Board[190] - The Group's risk appetite statement defines the extent of risks the Group is willing to take in pursuit of its strategies and business objectives[182] Employee and Diversity Policies - The Group employed approximately 900 employees in the PRC and Hong Kong as of December 31, 2024[50] - The Group's employee remuneration policies include performance-based bonuses and other benefits such as medical insurance and training[50] - The Company plans to increase the percentage of female workforce from 27% to 30% by December 2027 to enhance gender diversity[150] - The Board aims to maintain at least the current level of female representation and has set a target to appoint at least one female Director by December 31, 2024, which was achieved on February 23, 2024[146] - The Board Diversity Policy remains effective as reviewed in 2024, focusing on various diversity considerations including gender, age, and professional experience[141] Committees and Meetings - The Audit Committee reviewed the annual results for the year ended December 31, 2023, and recommended approval of the financial information in the annual report[107] - The Audit Committee held three meetings in 2024, focusing on financial reporting, risk management, and internal control systems[107] - The Remuneration Committee held three meetings in 2024 to discuss remuneration packages for directors and senior management, including proposals for 2025[117] - The Remuneration Policy aims to attract and retain high-caliber employees, ensuring competitive compensation based on business needs and industry practices[116] - The Nomination Committee is responsible for formulating the Company's Nomination Policy and assessing the independence of independent non-executive Directors[128] - The Corporate Governance Committee held two meetings in 2024 to review compliance with the Corporate Governance Code for the year ended December 31, 2023, and for the six months ended June 30, 2024[174] - The Corporate Governance Committee reviewed major ESG initiatives taken in 2023 and the progress on ESG targets[174] - The Corporate Governance Committee also assessed compliance with the new Corporate Governance Code and revised Listing Rules effective July 1, 2025[175] Shareholder Rights - Shareholders can make inquiries to the Board by writing to the Company's principal place of business in Hong Kong[198] - Members representing not less than one-twentieth of the total voting rights can submit a written requisition for proposals at general meetings[199] - The requisition must include a resolution and a statement of not more than one thousand words regarding the proposed resolution[200]

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)