味丹国际(02317) - 2025 - 中期财报

Financial Highlights Revenue and profit declined due to intensified market competition and weak demand, with basic EPS decreasing while the interim dividend increased 2025 H1 Key Financial Data Comparison (Unaudited) | Indicator | 2025 H1 (thousand USD) | 2024 H1 (thousand USD) | Change (thousand USD) | Change Percentage | | :--- | :--- | :--- | :--- | :--- | | Revenue | 184,267 | 185,155 | -888 | -0.5% | | Gross Profit | 31,809 | 32,903 | -1,094 | -3.3% | | Profit for the Period | 7,610 | 8,344 | -734 | -8.8% | | Profit Attributable to Owners of the Company | 7,598 | 8,331 | -733 | -8.8% | | Basic Earnings Per Share (US cents) | 0.50 | 0.55 | -0.05 | -9.1% | | Proposed Interim Dividend Per Share (US cents) | 0.300 | 0.273 | 0.027 | 9.9% | - By product category, MSG and seasonings accounted for 54.1% of revenue, modified starch, natural starch, and maltose for 17.0%, and coffee beans for 10.6%[9] - By region, Vietnam accounted for 39.8% of revenue, China for 18.9%, and Japan for 17.4%[13] Corporate Information Key corporate governance and operational details are provided, including board members, legal representatives, auditor, and principal places of business - Chairman of the Board is Yang Tou-Hsiung, and CEO is Yang Kun-Hsiang[15] - The company's auditor is PricewaterhouseCoopers, and legal counsel is Deacons[16][17] - The company's stock code is Hong Kong Stock Exchange: 02317[19][20] - Principal places of business include Vietnam, Shanghai China, Xiamen China, Taiwan, Cambodia, and Hong Kong[19] Chairman's Statement The Chairman's report details H1 2025 performance decline due to global economic slowdown, intense competition, and conservative consumer sentiment, with future growth planned through product development and strategic alliances - In H1 2025, global economic growth momentum slowed, affected by changes in US trade and tariff policies, international geopolitical tensions, extreme climate disasters, and increased energy supply uncertainty[21][24] 2025 H1 Group Financial Performance Overview | Indicator | 2025 H1 (approx) | 2024 H1 (approx) | Change (approx) | Change Percentage | | :--- | :--- | :--- | :--- | :--- | | Revenue | US$180,000,000 | US$180,890,000 | -US$890,000 | -0.5% | | Gross Profit | US$31,810,000 | US$32,903,000 | -US$1,093,000 | -3.4% | | Gross Profit Margin | 17.3% | 17.8% | -0.5% | - | | Net Profit | US$7,610,000 | US$8,344,000 | -US$734,000 | -8.8% | | Net Profit Margin | 4.1% | 4.5% | -0.4% | - | - Vietnam market revenue decreased by approximately 7.7%, China market revenue increased by approximately 19.7%, Japan market revenue declined by approximately 8.8%, ASEAN market revenue declined by 8.4%, and US market performance surged by approximately 35.1%[23][26] - MSG and seasonings product revenue decreased by approximately 5.6%, modified starch and starch sugar revenue declined by approximately 6.2%, specialty chemical product revenue reduced by 5.3%, fertilizer and feed product sales fell by approximately 9.0%, while agency product (e.g., coffee beans) performance significantly increased by approximately 46.0%[27][28] - The group expects to strengthen daily operational efficiency, accelerate new product development, enhance technical capabilities, evaluate sales channel transformation, actively seize investment opportunities, deepen strategic alliances, and accelerate the evaluation of online and e-commerce sales channels in the second half of the year[29][30] Management Discussion and Analysis This section details H1 2025 economic impacts, sales performance by market and product, raw material overview, financial review, and H2 outlook with strategic initiatives I. Business Overview H1 2025 saw global economic challenges, strong Vietnamese growth, and the group's slight revenue decline with reduced margins due to competition and weak demand - In H1 2025, the global economy faced severe recovery pressure due to US reciprocal tariffs, geopolitical risks, and a high interest rate environment, leading to increased market uncertainty[34][35][40] - Vietnam's GDP annual growth rate reached 7.52%, a 15-year high; FDI registered capital exceeded 21.5 billion USD, a year-on-year increase of over 32.6%; CPI annual increase rate of 3.27%, below the government's control target[36][37][38][40][41] - China's GDP annual increase rate of 5.3%, but exports were impacted by tariffs, and domestic demand was pressured by high youth unemployment and a sluggish real estate market, with CPI annual decrease of 0.1%[39][41] 2025 H1 Group Overall Financial Performance | Indicator | 2025 H1 (thousand USD) | 2024 H1 (thousand USD) | Change (thousand USD) | Change Percentage | | :--- | :--- | :--- | :--- | :--- | | Revenue | 184,267 | 185,155 | -888 | -0.5% | | Gross Profit Margin | 17.3% | 17.8% | -0.5% | - | | Gross Profit | 31,809 | 32,903 | -1,094 | -3.3% | | Net Profit Margin | 4.1% | 4.5% | -0.4% | - | | Net Profit | 7,610 | 8,344 | -734 | -8.8% | - MSG product sales price and revenue decreased; modified starch sales volume and revenue reduced due to China's excess capacity outflow and increased Thai production capacity, but raw material costs decreased, leading to increased gross profit; specialty chemical product demand was weak, with slightly reduced revenue; fertilizer and feed products actively developed other items; coffee and bulk ingredient revenue increased[42][43][44][45] II. Business Analysis This section analyzes H1 2025 sales by market and product, noting overall revenue decline due to weak demand and competition, offset by strong growth in China and coffee beans II. (1) Sales Analysis by Market H1 2025 market sales varied, with declines in Vietnam, Japan, and ASEAN, but significant growth in China from new business and a surge in the US due to tariff-driven early purchases 2025 H1 Sales Performance by Market | Market | Jan-Jun 2025 Cumulative (thousand USD) | Share (%) | Jan-Jun 2024 Cumulative (thousand USD) | Share (%) | Difference (thousand USD) | Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Vietnam | 73,350 | 39.8% | 79,505 | 42.9% | -6,155 | -7.7% | | Japan | 32,131 | 17.4% | 35,218 | 19.0% | -3,087 | -8.8% | | China | 34,851 | 18.9% | 29,125 | 15.7% | 5,726 | 19.7% | | ASEAN Countries | 13,573 | 7.4% | 14,813 | 8.0% | -1,240 | -8.4% | | United States | 17,573 | 9.5% | 13,011 | 7.0% | 4,562 | 35.1% | | Others | 12,789 | 7.0% | 13,483 | 7.4% | -694 | -5.1% | | Total | 184,267 | **100