Fufeng Group Limited — Interim / Quarterly Report 2022

Sep 20, 2022

Financial Highlights 財務摘要	2
Management Review 管理層回顧
Market Overview 市場概覽	3
Business and Financial Review 業務及財務回顧	4
Outlook and Future Plan 展望及未來計劃	17
Other Information 其他資料	17
Financials 財務資料
Interim Condensed Consolidated Financial Statements 中期簡明合併財務報表	23
Notes to the Interim Condensed Consolidated Financial Statements 中期簡明合併財務報表附註	30
Corporate Information 公司資料	72
Glossary 詞彙	74

FINANCIAL HIGHLIGHTS 財務摘要

Profit Attributable to Shareholders 股東應佔溢利

Revenue Analysis 收入分析

Market Overview

According to the National Bureau of Statistics of China, China reported its GDP growth rate of 2.5% on a year-on-year basis in the first half of 2022 with the global economy showing signs of recovery. However, the recovery faced turbulence due to the resurgence of COVID-19 pandemic in China, the conflict between Russia and Ukraine, as well as the soaring inflation in some developed markets.

In the Period, the conflict between Russia and Ukraine and the effect of extreme weather led to global food shortage, causing an increase in food pricing. China has sufficient corn supply. So, the impact of the foreign environment on domestic corn pricing was limited. The domestic corn price remained comparatively stable.

Coal price during the Period in China continued the price trend of the fourth quarter of 2021 and remained at a relatively high level during the Period. During the Period, the National Development and Reform Commission promulgated some policies for stabilizing the supply and pricing of domestic coal, expressly stating that coal pricing should be maintained within a reasonable range and that timely regulation and supervision will be carried out to stabilize domestic coal pricing and supply in case coal pricing falls out of the reasonable range.

For the MSG sector, major production materials continued the price trend of the fourth quarter of 2021 and were at relatively high levels during the Period. ASP of MSG increased during the Period due to the higher cost level and demand recovery. Although some regions in China affected by the lockdown and control measures due to the resurgence of COVID-19 pandemic, social activities started to recover in an orderly manner, leading to gradual demand recovery in the catering industry and food processing industry.

Xanthan gum is classified into food grade and industrial grade, of which the industrial grade is mainly applied for oil extraction. With oil pricing and extraction volume lingering at high levels due to the recovery of the global oil industry, market demand for xanthan gum increased significantly.

市場概覽

據中國國家統計局資料來看,中國在二零 二二年上半年的國內生產總值按年增長2.5%, 同時環球經濟亦呈現復蘇跡象。然而,由於 國內新冠疫情反復、俄烏衝突事件以及部分 發達市場通脹飆升,復蘇面臨動蕩。

期內,俄烏衝突和極端天氣的影響下,令全 球糧食緊缺導致食品價格上漲。中國玉米供 應充足。因此,國外環境對國內玉米價格影 響有限,國內玉米價格相對穩定。

期內中國煤炭價格延續二零二一年第四季度 的價格趨勢,並於期內維持在較高水平。期內, 國家發改委頒下若干針對國內煤炭穩供穩價 政策,明確煤炭價格要在合理區間,當超出 價格合理區間將及時調控監管,使國內煤炭 價格和供應得以穩定。

味精行業方面,主要生產材料延續二零二一 年四季度價格趨勢,期內價格於高位。由於 成本水平較高及需求回升,味精的平均售價 於期內有所增加。儘管疫情反覆,中國部份 地區受封控管理所影響,但社會活動開始有 序復甦,帶動餐飲業和食品加工業的需求逐 漸回升。

黃原膠分為食品級別和工業級別,其中工業 級別主要用於石油開採。受惠於全球石油業 的復甦,石油價格及開採量持續高位運行, 黃原膠市場需求明顯增加。

Domestic demand for threonine and lysine has remained stable due to recovery in the swine farming industry. Overseas demand for threonine and lysine was also stable. By the market information shown that the export volume of threonine and lysine in the first half of 2022 amounted to approximately 310,000 tonnes and 530,000 tonnes, respectively.

由於養豬業復甦,國內對蘇氨酸及賴氨酸的 需求走穩。海外對蘇氨酸及賴氨酸的需求 亦保持穩定。據市場信息顯示,二零二二年 上半年蘇氨酸及賴氨酸的出口量分別約為 310,000噸及530,000噸。

Business and Financial Review Overall Performance

The table below illustrates the growth of the Group's revenue:

業務及財務回顧 整體表現

下圖說明本集團的收入增長:

The Group's revenue increased by 35.8% to approximately RMB12,930.8 million in the Period, as compared to the Corresponding Period, primarily due to increased revenue contribution from the business segments of food additives, animal nutrition and colloid.

The Group's overall gross profit increased by 102.8% to approximately RMB3,580.6 million in the Period, as compared to the Corresponding Period, primarily due to the increases in the gross profit of food additives, animal nutrition and colloid.

As the Group continued its strong growth momentum from the second half of 2021, the Group recorded increases in sales volume and ASP in major products, as well as higher profitability. Profit attributable to the Shareholders increased by 242.8% to approximately RMB2,026.0 million in the Period, as compared to the Corresponding Period.

With a diversified product development plan, the business structure of multiple growth drivers has been established, enhancing the core competitiveness of the Group.

From the perspective of our product portfolio, our key products can be classified as cash cow products and star products. Our cash cow products include MSG and xanthan gum, of which we are the largest manufacturer in the global market. Our strategy is to maximise our revenue with our existing market share and create strong and stable cashflow for the Group. Our star products, including threonine, lysine and high-end amino acid products, have high growth potential with growing market share, and we have established leading positions in these market segments.

期內,本集團的收入較去年同期增加35.8% 至約人民幣12,930,800,000元,主要由於食 品添加劑、動物營養及膠體業務分部的收入 貢獻增加所致。

期內,本集團的整體毛利較去年同期增加 102.8%至約人民幣3,580,600,000元,主要由 於食品添加劑、動物營養及膠體的毛利提高。

由於本集團繼續延續二零二一年下半年的強 勁增長勢頭,本集團主要產品銷量及平均售 價均錄得增長,盈利能力亦有所提升。期內, 股東應佔溢利較去年同期增加242.8%至約人 民幣2,026,000,000元。

本集團通過多元化產品開發規劃,建立了多 個增長動力的業務結構,提升本集團的核心 競爭力。

從我們的產品組合角度來看,我們的主要產 品可分類為金牛產品及明星產品。我們的金 牛產品包括味精及黃原膠,我們是該兩項產 品全球市場的最大製造商。我們的策略是在 現有市場份額下,實現收入的最大化,並為 本集團創造強勁且穩定的現金流量。我們的 明星產品包括蘇氨酸、賴氨酸及高檔氨基酸 產品,該等產品具備高速增長潛力,市場份 額不斷擴大,我們已佔據這些市場分部的領 先位置。

Analysis of Five Product Segments

五個產品分部分析

The Group's products are organised into five product segments:

本集團的產品分類為五個產品分部:

Segment	Main products of the segment	分部	分部的主要產品
Food additives	MSG	食品添加劑	味精
Animal nutrition	Threonine, lysine, corn refined products	動物營養	蘇氨酸、賴氨酸、 玉米提煉產品
High-end amino acid	Tryptophan, Valine, leucine, isoleucine, glutamine, hyaluronic acid	高檔氨基酸	色氨酸、纈氨酸、亮氨酸、 異亮氨酸、谷氨醯胺及 透明質酸
Colloid	Xanthan gum	膠體	黃原膠
Others	Fertilisers	其他	肥料

Detailed sales and gross profit analysis by segment for the Period and Corresponding Period:

For the six months ended 30 June 2022

截至二零二二年六月三十日止六個月

利分析:

按分部劃分的期內及去年同期詳細銷售及毛

		Food additives 食品添加劑	Animal nutrition 動物營養	High-end amino acid 高檔氨基酸	Colloid 膠體	Others 其他	Total 總計
Revenue	收入	6,065,473	4,754,189	534,843	940,228	636,064	12,930,797
Gross profit	毛利	1,270,156	1,397,838	213,178	475,305	224,143	3,580,620
Gross profit margin	毛利率	20.9%	29.4%	39.9%	50.6%	35.2%	27.7%

For the six months ended 30 June 2021

截至二零二一年六月三十日止六個月

		Food additives 食品添加劑	Animal nutrition 動物營養	High-end amino acid 高檔氨基酸	Colloid 膠體	Others 其他	Total 總計
Revenue	收入	4,494,970	3,462,376	688,912	395,507	478,797	9,520,562
Gross profit	毛利	602,502	611,812	308,740	150,771	92,132	1,765,957
Gross profit margin	毛利率	13.4%	17.7%	44.8%	38.1%	19.2%	18.5%

1. Food additives segment

Revenue generated from the sales of food additives segment was approximately RMB6,065.5 million in the Period, representing an increase of approximately RMB1,570.5 million, or 34.9%, as compared to the Corresponding Period, mainly due to increased revenue of MSG. The increased revenue of MSG was primarily due to increased ASP and sales volume of MSG during the Period.

Gross profit of food additives segment was approximately RMB1,270.2 million, representing an increase of 110.8% as compared to the Corresponding Period, mainly due to an increase of profit contribution from MSG. Gross profit margin of food additives segment was 20.9%, representing an increase of 7.5 percentage points as compared to the Corresponding Period.

Key products:

MSG: During the Period, MSG price showed a noticeable upward trend, with the ASP of approximately RMB8,476 per tonne, representing an increase of approximately 18.1% as compared to the Corresponding Period. The increase in ASP was mainly due to the market demand recovery, the increased prices of major raw materials during the Period and the cost pressure was successfully passed on to our downstream customers. The Group led the market by adjusting the MSG price actively and maximised its profitability. The sales volume was approximately 590,574 tonnes, representing an increase of approximately 18.5% as compared to the Corresponding Period.

2. Animal nutrition segment

Revenue generated from the sales of animal nutrition segment was approximately RMB4,754.2 million in the Period, representing an increase of approximately RMB1,291.8 million, or 37.3%, as compared to the Corresponding Period, mainly due to increased ASP and sales volume of segment products.

Gross profit of animal nutrition segment reached approximately RMB1,397.8 million, representing an increase of 128.5% as compared to the Corresponding Period, mainly due to increased gross profit contribution of key products of the segment. Gross profit margin of animal nutrition segment was 29.4%, representing an increase of 11.7 percentage points as compared to the Corresponding Period.

1. 食品添加劑分部

期內,食品添加劑分部銷售產生的收入 約為人民幣6,065,500,000元,較去年 同期增加約人民幣1,570,500,000元或 34.9%,主要由於味精的收入增加。味 精的收入增加主要由於期內味精平均售 價及銷量增加所致。

食品添加劑分部的毛利約為人民幣 1,270,200,000 元,較去年同期增加 110.8%,主要由於味精溢利貢獻增長。 食品添加劑分部的毛利率為20.9%,較 去年同期上升7.5個百分點。

主要產品:

味精:期內,味精價格呈明顯上升態勢, 平均售價每噸約為人民幣8,476元,較去 年同期上升約18.1%。平均售價上升乃 主要由於市場需求復甦、於期內主要原 材料價格上升,而我們將成本壓力成功 轉嫁予下游客戶。本集團通過積極調整 味精價格引領市場,並最大限度地提高 自身盈利能力。銷量約為590,574噸,較 去年同期增加約18.5%。

2. 動物營養分部

期內,動物營養分部銷售產生的收入 約為人民幣4,754,200,000元,較去年 同期增加約人民幣1,291,800,000元或 37.3%,主要由分部產品的平均售價及 銷量增加所致。

動物營養分部的毛利約達人民幣 1,397,800,000 元,較去年同期增加 128.5%,主要由於分部的主要產品的毛 利貢獻增加。動物營養分部的毛利率為 29.4%,較去年同期增加11.7個百分點。

Key products:

Threonine: Threonine is classified as a major type of animal nutrition product, an essential amino acid which maintains body protein balance. Our threonine is mainly used as an animal feed additive. Revenue of threonine was approximately RMB1,381.4 million, representing an increase of 25.2% in the Period, as compared to the Corresponding Period, primarily due to the increased ASP and sales volume of threonine. The ASP of threonine was approximately RMB10,555 per tonne in the Period, representing an increase of RMB1,160 per tonne, or 12.4%, as compared to the Corresponding Period, mainly due to the supply shortage in the international markets caused by the COVID-19 pandemic. The market demand recovery in the PRC and international markets was taken place in 2021 and continued the momentum in the Period. Sales volume of threonine was approximately 130,871 tonnes in the Period, representing an increase of 13,469 tonnes, or 11.5%, as compared to the Corresponding Period.

Lysine: The revenue of lysine was approximately RMB1,021.6 million, representing an increase of approximately 59.1% as compared to the Corresponding Period. The sales volume was approximately 131,628 tonnes, representing an increase of approximately 27.2% as compared to the Corresponding Period. It shared the same reason of increase as threonine.

3. High-end amino acid segment

During the Period, the revenue of high-end amino acid segment reached approximately RMB534.8 million, representing a decrease of approximately 22.4% as compared to the Corresponding Period.

The decreased revenue of high-end amino acid segment was mainly due to our strategy to expand into new markets and the change of client mix. We believe that the high-end amino acid segment will benefit from the new strategy in the longer run.

Gross profit of high-end amino acid segment decreased by 31.0% to approximately RMB213.2 million as compared to the Corresponding Period. Gross profit margin of high-end amino acid segment was 39.9%, representing a decrease of 4.9 percentage points as compared to the Corresponding Period.

主要產品:

蘇氨酸:蘇氨酸被分類為動物營養產品 的主要類別之一,其乃一種維持身體蛋 白質平衡不可或缺的氨基酸。我們的蘇 氨酸乃主要用作動物飼料添加劑。期內 蘇氨酸收入約為人民幣1,381,400,000 元,較去年同期增長25.2%,主要乃由 於蘇氨酸的平均售價及銷量增加。蘇 氨酸平均售價於期內每噸約為人民幣 10,555 元,較去年同期每噸增加人民 幣1,160元或12.4%,主要是由於國際 市場因新冠疫情造成的供應短缺。二零 二一年中國及國際市場需求復甦,此勢 頭於期內持續。蘇氨酸的期內銷量約為 130,871噸,較去年同期增加13,469噸, 或11.5%。

賴氨酸:賴氨酸的收入為約人民幣 1,021,600,000元,較去年同期增加約 59.1%。銷量為約131,628噸,較去年同 期增加約27.2%。增加的原因與蘇氨酸 相同。

3. 高檔氨基酸分部

期內,高檔氨基酸分部收入約達人民 幣534,800,000元,較去年同期減少約 22.4%。

高檔氨基酸分部的收入減少主要是由於 我們擴展新市場的策略及客戶結構的變 化。我們認為,高檔氨基酸分部從較長 遠來看將受益於新策略。

高檔氨基酸分部的毛利較去年同期減少 31.0%至約人民幣213,200,000元。高檔 氨基酸分部的毛利率為39.9%,較去年 同期減少4.9個百分點。

4. Colloid segment

Revenue generated from the colloid segment was approximately RMB940.2 million in the Period, representing an increase of approximately RMB544.7 million, or 137.7%, as compared to the Corresponding Period, mainly due to increased revenue of xanthan gum as the recovery of oil demand which led to increases in the sales volume and ASP of xanthan gum. ASP of xanthan gum has increased continuously as xanthan gum is still in a state of short supply. The ASP of xanthan gum was RMB28,344 per tonne during the Period, representing an increase of 61.5% as compare to the Corresponding Period.

Gross profit of colloid segment was approximately RMB475.3 million, representing an increase of 215.2% as compared to the Corresponding Period, mainly due to increased gross profit contribution from xanthan gum. Gross profit margin of colloid segment was 50.6%, representing an increase of 12.5 percentage points as compared to the Corresponding Period.

5. Others

Revenue generated from the sales of other products was approximately RMB636.1 million in the Period, representing an increase of approximately RMB157.3 million, or 32.8%, as compared to the Corresponding Period, mainly due to increased revenue of fertilisers. Fertilisers are still in high demand due to increased food supply in China.

Gross profit of other products was approximately RMB224.1 million, representing an increase of 143.3% as compared to the Corresponding Period, mainly due to the increased gross profit of fertilisers. Gross profit margin of other products was 35.2%, representing an increase of 16.0 percentage points as compared to the Corresponding Period.

4. 膠體分部

期內,膠體分部收入約為人民幣 940,200,000元,較去年同期增加約人 民幣544,700,000元,或137.7%,主要 由於石油需求回暖帶動黃原膠的銷量 及平均售價增加,令黃原膠收入提高。 由於黃原膠仍供不應求,黃原膠平均售 價持續上漲。期內黃原膠平均售價約為 每噸人民幣28,344元,較去年同期增長 61.5%。

膠體分部的毛利約為人民幣475,300,000 元,較去年同期增長 215.2%,主要由 於黃原膠的毛利貢獻增加所致。膠體分 部的毛利率為50.6%,較去年同期增長 12.5個百分點。

5. 其他

期內,銷售其他產品產生的收入約為人 民幣636,100,000元,較去年同期增加約 人民幣157,300,000元或32.8%,主要由 於肥料的收入增加。由於中國的食物供 給增加,肥料的需求仍然高企。

其他產品的毛利約為人民幣224,100,000 元,較去年同期增長143.3%,主要由於 肥料的毛利增加。其他產品的毛利率為 35.2%,較去年同期增加16.0個百分點。

Analysis of Key Production Costs

主要生產成本分析

生產成本

Production costs

	Six months ended 30 June 截至六月三十日止六個月
			2022 二零二二年		2021 二零二一年	Change 變動
			% of total production		% of total production
		RMB'000 人民幣千元	costs 佔總生產成本 的百分比	RMB'000 人民幣千元	costs 佔總生產成本 的百分比	%
Major raw materials • Corn kernels	主要原材料 玉米顆粒 •	5,640,421	55.5	5,328,868	62.4	5.8
Energy • Coal	能源 煤炭 •	1,638,971	16.1	1,174,687	13.8	39.5

Corn kernels

In the Period, corn kernels accounted for approximately 55.5% (1H 2021: 62.4%) of the total cost of production, representing a decrease of 6.9 percentage points, mainly due to the change in the price of corn kernels. The average price of corn kernels in the Period was approximately RMB2,262 per tonne, representing a decrease of 6.3% as compared to the Corresponding Period.

The total cost of corn kernels increased by 5.8% in the Period, which was mainly due to the increase in the volume of corn consumption as compared to the Corresponding Period.

玉米顆粒

期內,玉米顆粒約佔總生產成本的55.5%(二 零二一年上半年:62.4%),減幅為6.9個百 分點,主要歸因於玉米顆粒價格變動。期內 玉米顆粒平均價格約為每噸人民幣2,262元, 較去年同期下降6.3%。

期內,玉米顆粒的總成本增加5.8%,主要由 於玉米消費量較去年同期有所增長。

The following chart shows the price trend of corn kernels from the first half of 2019 to the Period:

下圖列示自二零一九年上半年至期內玉米顆 粒的價格趨勢:

Coal

Coal accounted for approximately 16.1% (1H 2021: 13.8%) of the total cost of production in the Period. The average unit cost of coal in the Period was approximately RMB408 per tonne, representing an increase of RMB105 per tonne, or 34.7%, as compared to the Corresponding Period. The coal price continued the price trend in the fourth quarter of 2021. However, it was relatively higher as compared to the Corresponding Period.

The Group's major production bases have our own power plants with access to lower-cost coal in the regions by purchasing directly from the coal mines with long-term contracts to guarantee our coal supply volume. As a result, our production bases were not affected by power shortages.

煤炭

期內,煤炭約佔總生產成本16.1%(二零二一 年上半年:13.8%)。期內,煤炭平均單位成 本約為每噸人民幣408元,較去年同期每噸 增加人民幣105元或34.7%。煤炭價格延續二 零二一年第四季度的價格趨勢。但比去年同 期則有較大幅度的上升。

本集團的主要生產基地有其自身的發電廠, 通過直接自簽訂長期合約的煤礦中採購煤炭, 盡享該等地區低成本煤炭之利,以保證我們 的煤炭供應量。因此,生產基地並無受到電 力短缺的影響。

Production

The annual designed production capacities of the major products were as follows:

生產 主要產品的年設計產能如下:

	Six months ended 30 June 截至六月三十日止六個月
		2022	2021	Change
Product	產品	二零二二年	二零二一年	變動
		Tonnes	Tonnes	%
		噸	噸	%
Food additives	食品添加劑
MSG (Note)	味精(附註)	665,000	665,000	–
Starch sweeteners (Note)	澱粉甜味劑(附註)	360,000	360,000	–
Animal nutrition	動物營養
Threonine (Note)	蘇氨酸(附註)	121,500	121,500	–
Lysine (Note)	賴氨酸(附註)	100,000	100,000	–
Colloid	膠體
Xanthan gum (Note)	黃原膠(附註)	32,500	32,500	–
Other	其他
Fertilisers (Note)	肥料(附註)	540,000	540,000	–

Note: The annual designed production capacity is expressed on pro-rata basis.

Analysis of Capacity Usage of Major Products

Business strategy of production remained unchanged and the Group set production volume according to market demand in order to minimise the risk from pricing competition. During the Period, the capacity utilisation rate of MSG remained stable, which was around 94%. The capacity utilisation rate of starch sweeteners was only around 66% in the Period, mainly due to the oversupply in the market. Threonine and lysine, as classified in the Animal nutrition segment, benefited from the increasing demand in oversea markets. Threonine and lysine reached full capacity during the Period. Xanthan gum, as classified in the Colloid segment, also benefited from the recovery of market demand and reached full capacity during the Period.

附註:年設計產能按比例基準呈列。

主要產品產能使用分析

生產的業務策略維持不變,本集團根據市場 需求決定產量,以將價格競爭風險降至最低。 期內味精的產能使用率維持穩定,為94%左 右。澱粉甜味劑的產能使用率於期內約只有 66%,主要由於澱粉甜味劑市場供過於求。 分類為動物營養分部的蘇氨酸及賴氨酸受益 於海外市場與日俱增的需求。期內蘇氨酸及 賴氨酸的產能使用率達至滿負荷。黃原膠(分 類為膠體分部)亦受益於期內市場需求的恢復, 產能達至滿負荷。

Other Financial Information

Other income

In the Period, other income amounted to approximately RMB131.9 million, which was mainly comprised of the income from the sales of waste products, amortisation of deferred income and government grants.

Other gains

It mainly represents net foreign exchange gains generated from operating activities and fair value gains on change in fair value of foreign exchange swap contracts, which was for hedging the foreign exchange risk of our USD bank borrowings.

Selling and marketing expenses

Selling and marketing expenses increased by approximately RMB233.8 million, or 36.9%, in the Period, mainly due to the significant increase of the transportation costs.

Administrative expenses

Administrative expenses increased by approximately RMB71.4 million, or 17.4%, in the Period. The increase was due to the increases in research and development expenses and employee benefit expenses.

Finance income

Finance income mainly represented interest income from bank deposits. The interest income from bank deposits and bank balance amounted to approximately RMB22.1 million, representing an increase of 102.2%. This was mainly due to the increase in our working capital during the Period. On the other hand, the Group recorded an exchange loss on financing activities of approximately RMB162.8 million (1H 2021: an exchange gain of RMB42.4 million), mainly due to the exchange difference of bank borrowings denominated in USD in the Period. The exchange loss on financing activities are classified in Finance costs, which resulted a decrease of RMB34.4 million, or 60.6% in finance income.

Finance costs

Finance costs mainly represent the interest expenses of bank borrowings and foreign exchange loss from our USD syndicated bank loan. The finance costs of the Group in the Period increased, mainly as the exchange loss on bank borrowings denominated in USD. On the other hand, interest expense decreased by approximately RMB5.0 million, as the 3-year USD bonds issued on 28 August 2018 was refinanced by a syndicated loan of lower financing cost in August 2021.

其他財務資料

其他收入

期內,其他收入約為人民幣131,900,000元, 主要包括廢料產品銷售收入、遞延收益攤銷 及政府補助。

其他收益

其他收益主要指產生自經營活動的外匯收益 淨額及外匯掉期合約(乃用於對沖我們美元銀 行借貸的外匯風險)公平值變動的公平值收益。

銷售及市場推廣開支

期內,銷售及市場推廣開支增加約人民幣 233,800,000元或36.9%,主要由於運輸成本 大幅上漲。

行政開支

行政開支於期內增加約人民幣71,400,000元 或17.4%。該增加是由於研發開支及僱員福 利開支增加。

財務收入

財務收入主要是銀行存款的利息收入。銀 行存款及銀行結餘的利息收入約為人民幣 22,100,000元,增加102.2%。此主要由於期 內我們的營運資金增加所致。另一方面,期 內,本集團錄得融資活動匯兌虧損達約人民 幣162,800,000元(二零二一年上半年:匯兌 收益人民幣42,400,000元),主要由於以美元 計值的銀行借貸的匯兌差額。融資活動的匯 兌虧損分類為財務成本,以致財務收入減少 人民幣34,400,000元或60.6%。

財務成本

財務成本主要指銀行借款的利息開支及美 元銀團貸款的外匯虧損。期內本集團財務成 本增加,主要由於以美元計值的銀行借款的 外匯虧損。另一方面,由於二零一八年八月 二十八日發行的三年期美元債券於二零二一 年八月由一筆較低融資成本的銀團貸款進行 再融資,利息開支減少約人民幣5,000,000元。

Depreciation

Depreciation expense of the Group was approximately RMB579.4 million in the Period, representing a decrease of RMB35.9 million, or 5.8%, as compared to the Corresponding Period.

Income tax expense

Please refer to the note 18 of interim condensed financial statement.

Dividend

The Board has resolved to pay an interim dividend of HK32.0 cents per Share and a special interim dividend of HK4.6 cents per Share for the Period, payable on or before 7 October 2022 to the Shareholders whose names appear on the register of members of the Company on 16 September 2022.

Syndicated bank facilities

On 9 March 2021, the Company (as borrower) and certain of its subsidiaries (as guarantors) entered into a facilities agreement with certain major banks (as lenders) pursuant to which a USD term and revolving loan facilities up to USD400 million with a term of 36 months from initial funding has been granted to the Company at the rate of interest equivalent to the aggregate of a margin rate of 1.80% per annum plus the London interbank offered rate administered by ICE Benchmark Administration Limited on the relevant date in respect of the USD loan. The purpose of the loan is mainly to refinance the USD bonds and part of bank loan of the Company and for the Group's general corporate purposes. The utilisation drawdown of the syndicated bank facilities, amounted to USD400 million, was made on 24 August 2021. The balance of syndicated bank loan was USD400 million as at 30 June 2022 and subsequently we have repaid the revolving portion of the syndicated bank loan amount of USD160 million on 29 July 2022. Furthermore, as disclosed in the announcement made by the Company on 4 June 2021, as per the facilities agreement, it would constitute a change of control event if Mr. Li Xuechun, being the controlling Shareholder of the Group, ceases to beneficially own at least 35% of the issued share capital of the Company or ceases to be the single largest Shareholder. On and at any time after the occurrence of a change of control event, (i) the Lender shall not be obliged to fund the utilisation of the term loan facility, and (ii) if the lenders so required, the lenders shall, by not less than five days notice to the Company, require all outstanding loans, together with accrued interest and all other amounts accrued under the finance documents in connection with the loan facilities immediately due and payable.

Except for the above, the Group had no other committed banking facilities as at 30 June 2022. The Directors believe that the Group's liquidity position is relatively stable and that the Group has sufficient banking facilities to repay or renew existing short term bank loans and other borrowings.

折舊

本集團的折舊開支於期內約為人民幣 579,400,000 元,較去年同期減少人民幣 35,900,000元,或5.8%。

所得稅開支

請參閱中期簡明財務報表附註18。

股息

期內,董事會已議決派付中期股息每股32.0 港仙及特別中期股息每股4.6港仙,於二零 二二年十月七日或之前支付予於二零二二年 九月十六日名列本公司股東名冊的股東。

銀團貸款

於二零二一年三月九日,本公司(作為借款 人)及其若干附屬公司(作為擔保人)與若干 主要銀行(作為貸款人)訂立貸款協議,據此 本公司獲授最高400,000,000美元的美元定 期及循環貸款融資,自初始撥資起為期36個 月,利率相當於每年1.80%的保證金率加ICE Benchmark Administration Limited於相關日期 就美元貸款實施的倫敦銀行同業拆息總和。 貸款的目的主要為對本公司美元債券及部分 銀行貸款進行再融資,及作本集團的一般企 業用途。銀團貸款400,000,000美元已於二零 二一年八月二十四日取出動用。於二零二二 年六月三十日,銀團貸款結餘為 400,000,000 美元,其後我們已於二零二二年七月二十九 日償還銀團貸款的循環部分160,000,000美元。 此外,誠如本公司於二零二一年六月四日刊 發的公告所披露,根據貸款協議,倘本集團 控股股東李學純先生不再實益擁有本公司已 發行股本至少35%或不再成為單一最大股東, 則其將構成控制權變動事件。於發生控制權 變動事件時及其後任何時間,(i)貸款人並無 義務為定期貸款融資的使用提供資金,及(ii) 倘貸款人如此要求,貸款人須向本公司發出 不少於五日的通知要求所有未償還貸款,連 同應計利息及有關貸款融資的融資文件項下 的應計利息及所有其他應計金額即時到期及 償付。

除上述情況外,於二零二二年六月三十日, 本集團並無其他已承諾銀行融資。董事相信, 本集團的流動資金狀況相對穩定,且本集團 有充足銀行融資以償還或重續現有短期銀行 貸款及其他借貸。

Liquidity and Financial Resources

As at 30 June 2022, the Group's cash and bank balances were approximately RMB7,969.9 million (31 December 2021: RMB4,054.8million) whereas total bank borrowings were approximately RMB7,662.5 million (31 December 2021: RMB4,227.0 million) which represented short term bank borrowings of approximately RMB4,866.9 million (31 December 2021: RMB1,722.3 million) and long term bank borrowings of approximately RMB2,795.6 million (31 December 2021: RMB2,504.8 million). The Group's cash and bank balances and borrowings are mainly denominated in RMB and USD.

Net cash after short term bank borrowings were approximately RMB3,103.0 million (31 December 2021: RMB2,332.6 million).

Gearing ratio

As at 30 June 2022, the total assets of the Group amounted to approximately RMB26,876.2 million (31 December 2021: RMB21,510.8 million) whereas the total borrowings amounted to RMB7,662.5 million (31 December 2021: RMB4,227.0 million). The gearing ratio was approximately 28.5% (31 December 2021: 19.7%). which is calculated based on the Group's total interest-bearing borrowings over total assets.

Foreign exchange exposure

The Company entered into a USD200,000,000 foreign exchange swap agreement on 24 August 2021. Such foreign exchange swap agreement was mainly for hedging part of the exposure to foreign exchange risk of the USD400 million syndicated loan facility entered into by the Company on 9 March 2021, and of which the utilisation of the full USD400 million was made on 24 August 2021.

The Company entered into one USD38,000,000 foreign exchange swap agreement on 3 November 2019. It was for hedging the full exposure to foreign exchange risk of the Company's USD bank loan amounted to USD38,000,000 which are partially repaid based on the terms of loan agreement. As at 30 June 2022, the outstanding balance of the USD bank loan reduced to USD30,400,000. The corresponding foreign exchange swap agreement was amount to USD30,400,000 as at 30 June 2022.

流動資金及財務資源

於二零二二年六月三十日,本集團的現金及 銀行結餘約為人民幣7,969,900,000元(二零 二一年十二月三十一日:人民幣4,054,800,000 元 ), 而 銀 行 借 貸 總 額 約 為 人 民 幣 7,662,500,000元(二零二一年十二月三十一 日:人民幣4,227,000,000元),其中短期銀 行借貸約為人民幣 4,866,900,000 元(二 零 二一年十二月三十一日:人民幣1,722,300,000 元)及長期銀行借貸約為人民幣2,795,600,000 元(二 零 二 一 年 十 二 月 三 十 一 日:人 民 幣 2,504,800,000元)。本集團的現金及銀行結 餘以及借貸主要以人民幣及美元計值。

扣除短期銀行借款後的淨現金約為人民幣 3,103,000,000元(二零二一年十二月三十一 日:人民幣2,332,600,000元)。

資產負債比率

於二零二二年六月三十日,本集團的資產總 值約為人民幣26,876,200,000元(二零二一 年十二月三十一日:人民幣21,510,800,000 元),而借貸總額則為人民幣7,662,500,000 元(二 零 二 一 年 十 二 月 三 十 一 日:人 民 幣 4,227,000,000元)。資產負債比率約為28.5% (二零二一年十二月三十一日:19.7%),其 乃按本集團計息借貸總額除以資產總值計算。

外匯風險

本公司於二零二一年八月二十四日訂立 200,000,000美元外匯掉期協議。該外匯掉期 協議主要用於對沖部分本公司於二零二一年 三月九日訂立的400,000,000美元銀團貸款 的部分外匯風險,400,000,000美元已於二零 二一年八月二十四日悉數動用。

本公司已於二零一九年十一月三日訂立一 份38,000,000美元的外匯掉期協議。該協議 完全用於對沖本公司獲提供38,000,000 美 元之美元銀行貸款的外匯風險,部分貸款乃 根據貸款協議的條款償還。於二零二二年六 月三十日,美元銀行貸款的未償還結餘減至 30,400,000美元。對應的外匯掉期協議於二 零二二年六月三十日的金額為30,400,000美 元。

Except for the above, the Directors do not consider that the exposure to foreign exchange risk is significant to the Group's operation as the Group operated mainly in the PRC and most of the Group's transactions, assets and liabilities are denominated in RMB. Foreign currencies were, however, received for the export sales of products, and draw-down of bank borrowings. Such proceeds were subject to foreign exchange risk before receiving and converting them into RMB. The foreign currencies received for export sales were converted into RMB depend on needs and market conditions. The Group manages foreign exchange risk arising from proceeds from bank borrowings by partially applying cross currency swaps to mitigate exposures arising from the fluctuations in foreign currencies of bonds and borrowings.

Contingent Liabilities

As at 30 June 2022, the Group had no material contingent liabilities.

Charges on assets

As at 30 June 2022, RMB800.0 million of term deposits (31 December 2021: RMB500.0 million) and RMB62.0 million of restricted bank deposit (31 December 2021: nil) were pledged to certain banks to secure bank borrowings of RMB1,058.4 million (31 December 2021: RMB500.0 million) of the Group; and RMB24.0 million of term deposits (31 December 2021: nil) and RMB89.5 million of restricted bank deposits (31 December 2021: RMB3.0 million) were pledged for issuance of bank acceptance notes.

The long-term bank borrowings and syndicated loan were secured by the pledge of the capital stock of certain subsidiaries of the Company, which are Acquest Honour, Summit Challenge, Absolute Divine and Expand Base. The guarantors are all holding companies that collectively control the operation and assets of its PRC subsidiaries of the Group.

Related Party Transactions

The related party transactions set out in Note 22 to the interim condensed financial statements, did not constitute a transaction which fall under the definition of "connected transaction" in Chapter 14A of Listing Rules.

Significant investment held

During the Period, the Group did not hold any significant investment.

除上文所述外,鑒於本集團主要於中國經營 業務,且其大部分交易、資產及負債以人民 幣計值,故董事認為本集團業務並無承受重 大外匯風險。然而,產品出口銷售及提取銀 行借款均收取外幣。於收取有關所得款項並 將其兌換為人民幣前,均須承受外匯風險。 出口銷售所收外幣於自海外客戶收到後按需 要及市況兌換為人民幣。本集團透過部分使 用交叉貨幣掉期緩解債券及借款的匯率波動 產生的風險,管理銀行借款之所得款項所引 致的外匯風險。

或然負債

於二零二二年六月三十日,本集團並無重大 或然負債。

資產抵押

於二零二二年六月三十日,人民幣 800,000,000元的定期存款(二零二一年十二 月三十一日:人民幣 500,000,000 元)及 人 民 幣 62,000,000 元 的 受 限 制 銀 行 存 款(二 零二一年十二月三十一日:無)已抵押予若 干銀行,以取得本集團的銀行借款人民幣 1,058,400,000元(二零二一年十二月三十一 日:人民幣 500,000,000 元),以 及 人 民 幣 24,000,000元的定期存款(二零二一年十二月 三十一日:無)及人民幣89,500,000元的受限 制銀行存款(二零二一年十二月三十一日:人 民幣3,000,000元)已抵押,以開具銀行承兌 滙票。

長期銀行借貸及銀團貸款乃以抵押本公司 若干附屬公司(即Acquest Honour、Summit Challenge、Absolute Divine及Expand Base)的 股本作為擔保。擔保人均為控股公司,共同 控制本集團中國附屬公司的業務及資產。

關連方交易

中期簡明財務報表附註22所載的關連方交易 並不構成符合上市規則第十四A章「關連交易」 定義的交易。

持有的重大投資

期內,本集團並無持有任何重大投資。

Outlook and Future Plan

• 1. The scientific research facility in Qingdao was launched in May 2022 to enhance systematic research and technical capabilities. We will further expand the research team by adding more researchers.
• 1. We will strengthen the B2C model and provide industrial customers with tailor-made product solutions.
• 1. We will continue to implement the internationalisation plan. We purchased a parcel of land in North Dakota, the U.S. We are still in the initial planning stage to build a factory to produce animal nutrition products in the U.S.
• 1. We completed the acquisition of a third party company in Northeast China. We will turn it into an in-house chemical plant to lower our production costs.

Other Information Material acquisition or disposal of subsidiary and

associated company

The Group had no material acquisition or disposal of subsidiaries or associated companies for the Period.

Employees

As at 30 June 2022, the Group had approximately 15,000 employees. Employees' remuneration was paid in accordance with relevant policies in the PRC. Appropriate salaries and bonuses were paid which were commensurate with the actual practices of the Group. Other corresponding benefits include pension, unemployment insurance, housing allowance, etc. Please refer to the paragraph headed "Share option schemes' under the "Other information" section below for the share options granted to certain Directors and employees of the Group pursuant to the Post-IPO and New share option schemes.

Closure of register of members

The register of members of the Company will be closed from Wednesday, 14 September 2022 to Friday, 16 September 2022 (both dates inclusive), during which period no transfer of shares will be registered. In order to qualify for the interim dividend and the special interim dividend, all transfers of shares accompanied by the relevant share certificates must be lodged with the Company's branch share registrar in Hong Kong, Tricor Investor Services Limited, at 17/F, Far East Finance Centre, 16 Harcourt Road, Hong Kong not later than 4:30 p.m. on 13 September 2022.

展望及未來計劃

• 1. 青島科研中心在二零二二年五月開始營 運,提升體系化的研發及技術能力。我 們將會進一步擴大研發團隊,加入更多 的研發人員。
• 1. 我們將會加強B2C模式,為工業級客戶 提供獨家的產品方案。
• 1. 我們將繼續執行國際化計劃。我們在美 國北達科他州買入了一塊土地。我們仍 處於初步計劃階段,準備在美國建立一 間生產動物營養產品的工廠。
• 1. 我們完成收購一家位於中國東北的第三 方公司。我們將其改造成內部的化工品 工廠,從而降低我們的生產成本。

其他資料 附屬公司及聯營公司的重大收購或出售

本集團於期內並無進行任何附屬公司或聯營 公司的重大收購或出售事項。

僱員

於二零二二年六月三十日,本集團僱用約 15,000名僱員。僱員薪酬根據中國有關政策 支付。本集團按實際常規支付適當薪金及花 紅。其他相關福利包括退休金、失業保險及 住房津貼等。關於根據首次公開招股後及新 購股權計劃授予若干董事及本集團僱員的購 股權,請參閱下文「其他資料」一節下「購股權 計劃」一段。

暫停辦理股份過戶登記手續

本公司將於二零二二年九月十四日(星期三) 至二零二二年九月十六日(星期五)(包括首尾 兩日)暫停辦理股份過戶登記手續,期間將不 會辦理股份過戶登記。為符合資格獲派中期 股息及特別中期股息,所有股份過戶文件連 同有關股票最遲須於二零二二年九月十三日 下午四時三十分前,交回本公司的香港股份 過戶登記分處卓佳證券登記有限公司,地址 為香港夏慤道16號遠東金融中心17樓。

Change of Directors

On 1 April 2022, Mr. Xu Zhenghong resigned and Ms. Li Ming was appointed as an independent non-executive Director, and a member of Audit Committee, Remuneration Committee, Nomination Committee, and ESG Committee. Please refer to the Company's announcement dated 30 March 2022 for details.

Corporate governance

The listing of the Shares on the Main Board of the Stock Exchange took place on 8 February 2007 and the Directors are of the opinion that the Company's corporate governance practices are based on the principles and code provisions set out in the CG Code contained in Appendix 14 of the Listing Rules. For the Period, the Company has complied with the CG Code except for the following:

Code provision C.1.6 of the CG Code: The Independent nonexecutive Directors and the non-executive Directors should attend the general meetings of the Company. However, due to other commitments, Mr. Zhang Youming, independent non-executive Director, did not attend the annual general meeting of the Company held on 27 May 2022. All the Directors have given the Board and the committees of which they are members the benefit of their skills, expertise and varied backgrounds and qualifications through regular attendance and active participation. The Directors will also endeavor to attend future general meetings and develop a balanced understanding of the views of Shareholders.

The Audit Committee of the Company has reviewed the Group's unaudited interim condensed consolidated financial statements for the Period.

Model Code for securities transactions by Directors

The Company has adopted the Model Code as set out in Appendix 10 to the Listing Rules. Specific enquiries have been made with all Directors who have confirmed that they have complied with the required standard set out in the Model Code and the Company's code of conduct regarding Directors' securities transactions during the Period.

Purchase, redemption or sale of securities of the Company

Neither the Company nor any of its subsidiaries purchased, redeemed or sold any of the Company's listed securities during the Period.

董事變更

於二零二二年四月一日,許正宏先生辭任及 李銘女士獲委任為獨立非執行董事以及審核 委員會、薪酬委員會、提名委員會及ESG委 員會成員。有關詳情請參閱本公司日期為二 零二二年三月三十日的公告。

企業管治

股份於二零零七年二月八日在聯交所主板上 市,董事認為本公司的企業管治常規乃以上 市規則附錄十四所載企業管治守則所載的原 則及守則條文為基準。本公司於期內一直遵 守企業管治守則,惟下列所載者除外:

企業管治守則的守則條文第C.1.6條:獨立非 執行董事及非執行董事應出席本公司股東大 會。然而,由於獨立非執行董事張友明先生 另有公務,故並無出席本公司於二零二二年 五月二十七日舉行的股東週年大會。透過定 期出席及積極參與董事會及彼等所屬的委員 會會議,全體董事的技能、專業知識、不同 背景及資歷均有利於董事會及彼等所屬的委 員會。董事亦將盡力出席日後召開的股東大 會,對股東的意見有均衡的瞭解。

本公司審核委員會已審閱本集團於期內的未 經審核中期簡明合併財務報表。

董事進行證券交易的標準守則

本公司已採納上市規則附錄十所載標準守則。 經向全體董事作出具體查詢後,彼等確認, 於期內,董事進行證券交易時已遵守標準守 則及本公司行為守則的規定標準。

購買、贖回或出售本公司的證券

期內,本公司及其任何附屬公司並無購買、 贖回或出售本公司上市證券。

Share option scheme

Under the Post-IPO Share Option Scheme, the Company granted options to subscribe for an aggregate of 14,700,000 Shares and 300,000 Shares on 9 November 2016 and 30 December 2016 respectively to a Director and eligible employees. Moreover, under the New Share Option Scheme, the Company granted options to subscribe for an aggregate of 2,200,000 Shares and 5,000,000 Shareson on 31 March 2021 and 4 June 2021 respectively to eligible employees and a Director. Details of the share options granted and outstanding for the Period, are as follows:

購股權計劃

根據首次公開招股後購股權計劃,本公司分 別於二零一六年十一月九日及二零一六年 十二月三十日向董事及合資格僱員授予購股 權以認購合共14,700,000股股份及300,000 股股份。此外,根據新購股權計劃,本公司 於二零二一年三月三十一日及二零二一年六 月四日向合資格僱員及董事授予購股權以認 購合共2,200,000股股份及5,000,000股股份。 已授出及於期內未行使的購股權詳情如下:

Number of share options 購股權數目
Director and eligible employees	Note	At 1 January 2022 於	Granted during the Period	Exercised during the Period	Forfeited during the Period	Lapsed during the Period	At 30 June 2022 於	Date of grant	Exercise price (HKD)	Exercise period
董事及合資格僱員	附註	二零二二年 一月一日	於期內 授出	於期內 行使	於期內 沒收	於期內 失效	二零二二年 六月三十日	授出日期	行使價 (港元)	行使期限
Under the Post-IPO Share Option Scheme 根據首次公開招股後 購股權計劃
Zheng Yu (Former Independent non-executive Director)	A	300,000	–	–	–	(300,000)	–	9/11/2016	3.50	9/11/2018 – 31/12/2021
鄭豫(前獨立非執行董事) Eligible employees	A	3,000,000	–	–	–	(1,000,000)	2,000,000	9/11/2016	3.50	9/11/2018 – 8/11/2022
合資格僱員 Eligible employees	B	300,000	–	–	–	–	300,000	30/12/2016	3.82	30/12/2018 – 29/12/2022
合資格僱員
Under the New Share Option Scheme
根據新購股權計劃 Eligible employees	C	2,200,000	–	–	–	–	2,200,000	31/3/2021	2.95	31/3/2023 – 30/3/2027
合資格僱員 Su Chen Hung (Former Executive Director) 蘇振宏(前執行董事)	D	5,000,000	–	–	–	(5,000,000)	–	4/6/2021	2.68	4/6/2023 – 3/6/2027
		10,800,000	–	–	–	(6,300,000)	4,500,000

The fair values, which were determined by an independent qualified appraiser using Binomial Option Pricing Model, of the options granted as at the grant dates are noted in the following table. The following assumptions were adopted to calculate the fair values of the options on the grant dates:

於授出日期授出的購股權的公平值由獨立合 資格估值師採用二項式期權定價模式計算, 如下表所示。 計算於授出日期購股權公平值 採納的假設如下 :

Date of grant	授出日期	(A) 9 November 2016 二零一六年 十一月九日	(B) 30 December 2016 二零一六年 十二月三十日	(C) 31 March 2021 二零二一年 三月三十一日	(D) 4 June 2021 二零二一年 六月四日
Fair value as at the grant date	於授出日期的 公平值	RMB17,515,000 人民幣17,515,000元	RMB414,000 人民幣414,000元	RMB1,156,000 人民幣1,156,000元	RMB2,459,000 人民幣2,459,000元
Assumptions:	假設:
Average share price	平均股價	HKD3.45	HKD3.81	HKD2.80	HKD2.67
		3.45港元	3.81港元	2.80港元	2.67港元
Exercise price	行使價	HKD3.50	HKD3.82	HKD2.95	HKD2.68
		3.50港元	3.82港元	2.95港元	2.68港元
Expected life of options	購股權預計年期	6.0 years	6.0 years	6.0 years	6.0 years
		6.0年	6.0年	6.0年	6.0年
Expected volatility	預計波幅	44.79%	44.52%	44.35%	43.84%
Expected dividend yield	預計股息率	2.15%	2.18%	6.93%	7.26%
Risk free rate	零風險利率	1.39%	1.70%	1.22%	0.99%

Directors' and Chief Executive's Interests in Shares

The interest and short positions of the Directors and chief executive of the Company in the shares, underlying shares and debentures of the Company or any of its associated corporations (within the meaning of the SFO) as at 30 June 2022, as recorded in the register required to be kept under section 352 of the SFO or as otherwise notified to the Company and the Stock Exchange pursuant to the Model Code were as follows:

Long position

董事及最高行政人員的股份權益

於二零二二年六月三十日, 董事及本公司最 高行政人員在本公司或其任何相聯法團 (定 義見證券及期貨條例)之股份、 相關股份及 債券中, 擁有須記錄於根據證券及期貨條例 第352條規定存置之登記冊, 或根據標準守 則已另行知會本公司及聯交所之權益及淡倉 如下 :

好倉

Name of Director 董事姓名	Name of company 公司名稱	Capacity 身份	Number and class of securities 證券數目及類別	Percentage of interests to total issued share capital (approximate) 權益佔 已發行股本 總數百分比 (約數)
Li Xuechun	The Company	Interests of controlled	1,000,217,461 Shares	39.48%
		corporation (Note 1)
李學純	本公司	受控制公司權益(附註1)	1,000,217,461股	39.48%
Li Deheng	The Company	Interests of controlled	35,320,160 Shares	1.39%
		corporation (Note 2)
李德衡	本公司	受控制公司權益(附註2)	35,320,160股	1.39%

Notes:

• 1. The interest in these Shares is held by Motivator Enterprises Limited, the entire issued share capital of which is wholly and beneficially owned by Mr. Li Xuechun, an executive Director and the chairman of the Company. Accordingly, Mr. Li Xuechun is deemed to be interested in all Shares held by Motivator Enterprises Limited under the SFO.
• 1. The interest in these Shares is held by Empire Spring Investments Limited, the entire issued shares capital of which is wholly and beneficially owned by Mr. Li Deheng, an executive Director and chief executive of the Company. Accordingly, Mr Li Deheng is deemed to be interested in all Shares held by Empire Spring Investments Limited under the SFO.

Save as disclosed above, as at 30 June 2022, none of the Directors or the chief executive of the Company had an interest or short position in any shares, underlying shares or debentures of the Company or any of its associated corporations (within the meaning of Part XV of the SFO) as recorded in the register of interests required to be kept by the Company pursuant to section 352 of the SFO, or as otherwise notified to the Company and the Stock Exchange pursuant to the Model Code.

附註:

• 1. 此等股份權益由Motivator Enterprises Limited持有, 其全部已發行股本由本公司執行董事兼主席李學純 先生全資實益擁有,故此,根據證券及期貨條例, 李學純先生被視為於Motivator Enterprises Limited所 持全部股份中擁有權益。
• 1. 此等股份權益由Empire Spring Investments Limited 持有,其全部已發行股本由執行董事兼本公司最高 行政人員李德衡先生全資實益擁有,故此,根據證 券及期貨條例,李德衡先生被視為於Empire Spring Investments Limited所持全部股份中擁有權益。

除上文披露者外,於二零二二年六月三十日, 概無董事或本公司最高行政人員於本公司或 其任何相聯法團(定義見證券及期貨條例第 XV部)之任何股份、相關股份或債券中,擁有 須記錄於本公司根據證券及期貨條例第352 條存置之權益登記冊之權益或淡倉,或根據 標準守則已另行知會本公司及聯交所之權益 或淡倉。

Interests of Person Holding 5% or More Interests

As at 30 June 2022, the interests and short positions of the persons, other than a Director or chief executive of the Company, in the Shares and underlying Shares as recorded in the register required to be kept under section 336 of the SFO were as follows:

Long position

持有5%或以上股權之人士之權益

於二零二二年六月三十日,根據證券及期貨 條例第336條規定存置之登記冊記錄,下列 人士(董事或本公司最高行政人員除外)在股 份及相關股份中擁有權益及淡倉:

好倉

Name	Name of Group member	Capacity	Number and class of securities	Percentage of interests to total issued share capital (approximate) 權益佔 已發行股本 總數百分比
名稱╱姓名	本集團成員公司名稱	身份	證券數目及類別	(約數)
Motivator Enterprises Limited (Note 1)	The Company	Beneficial interests	1,000,217,461 Shares	39.48%
Motivator Enterprises Limited(附註1)	本公司	實益權益	1,000,217,461股	39.48%
Shi Guiling (Note 2)	The Company	Interests of spouse	1,000,217,461 Shares	39.48%
侍桂玲(附註2)	本公司	配偶權益	1,000,217,461股	39.48%
Treetop Asset Management SA	The Company	Beneficial interests	404,364,314 Shares	15.96%
Treetop Asset Management SA	本公司	實益權益	404,364,314股	15.96%

Notes:

附註:

• 1. The interest in these Shares is held by Motivator Enterprises Limited, the entire issued share capital of which is wholly and beneficially owned by Mr. Li Xuechun, an executive Director and the chairman of the Company. Accordingly, Mr. Li Xuechun is deemed to be interested in all Shares held by Motivator Enterprises Limited under the SFO.
• 1. Ms. Shi Guiling is the spouse of Mr. Li Xuechun. Accordingly, she is also deemed to be interested in the 1,000,217,461 Shares held by Motivator Enterprises Limited, which in turn is also deemed to be interested by Mr. Li Xuechun under the SFO.

Save as disclosed above, as at 30 June 2022, according to the register of interests required to be kept by the Company under section 336 of the SFO, there was no person who had any interest or short position in the shares or underlying shares of the Company.

• 1. 此等股份權益由Motivator Enterprises Limited持有, 其全部已發行股本由本公司執行董事兼主席李學純 先生全資實益擁有,故此,根據證券及期貨條例, 李學純先生被視為於Motivator Enterprises Limited所 持全部股份中擁有權益。
• 1. 侍桂玲女士為李學純先生之配偶,故此,根據證 券及期貨條例,彼亦被視為於Motivator Enterprises Limited所持1,000,217,461股股份中擁有權益;而李 學純先生亦被視為於該等股份中擁有權益。

除上文披露者外,於二零二二年六月三十日, 根據本公司按照證券及期貨條例第336條規 定存置之權益登記冊,概無人士於本公司股 份或相關股份中擁有任何權益或淡倉。

INTERIM CONDENSED CONSOLIDATED BALANCE SHEET 中期簡明合併資產負債表

As at 30 June 2022 於二零二二年六月三十日

			30 June	31 December
			2022	2021
			二零二二年	二零二一年 十二月三十一日
		Note	六月三十日 RMB'000	RMB'000
		附註	人民幣千元	人民幣千元
ASSETS	資產
Non-current assets	非流動資產
Property, plant and equipment	物業、廠房及設備	7	9,033,289	9,284,867
Right-of-use assets	使用權資產	8	842,131	794,761
Intangible assets	無形資產	7	45,624	48,323
Investments accounted for using	採用權益法列賬的投資
the equity method		9	719	9,090
Financial assets at fair value through	按公平值計入損益的金融資產
profit or loss		5.4(a)(i)	10,000	5,000
Prepayment	預付款項	10	144,334	59,929
Deferred income tax assets	遞延所得稅資產		95,542	107,578
Total non-current assets	非流動資產總值		10,171,639	10,309,548
Current assets	流動資產
Inventories	存貨		6,323,287	4,592,966
Trade, other receivables and	應收貿易賬款、其他應收款項
prepayments	及預付款項	10	2,411,301	2,553,446
Cash and bank balances	現金及銀行結餘	11	7,969,924	4,054,846
Total current assets	流動資產總值		16,704,512	11,201,258
Total assets	資產總值		26,876,151	21,510,806
LIABILITIES	負債
Non-current liabilities	非流動負債
Other payables	其他應付款項	14	71,783	69,948
Deferred income	遞延收益		766,336	776,426
Borrowings	借貸	13	2,795,600	2,504,790
Lease liabilities	租賃負債	8	812	1,203
Deferred income tax liabilities	遞延所得稅負債		46,650	16,650
Derivative financial instruments	衍生金融工具	5.4(a)(i)	20,911	90,370
Total non-current liabilities	非流動負債總值		3,702,092	3,459,387

INTERIM CONDENSED CONSOLIDATED BALANCE SHEET (Continued) 中期簡明合併資產負債表(續)

As at 30 June 2022 於二零二二年六月三十日

Current liabilities 流動負債 應付貿易賬款、其他應付款項 Trade, other payables and accruals 及應計費用 2,846,066 14 合約負債 Contract liabilities 697,834 即期所得稅負債 Current income tax liabilities 286,721 借貸 Borrowings 4,866,944 13 租賃負債 Lease liabilities 783 8 衍生金融工具 Derivative financial instruments 12,529 5.4(a)(i) Total current liabilities 流動負債總值 8,710,877 負債總值 Total liabilities 12,412,969 權益 EQUITY 股東應佔股本及儲備 Capital and reserves attributable to the shareholders 股本 Share capital 243,261 12 股份溢價 Share premium 259,434 12 其他儲備 Other reserves 856,918 保留收益 Retained earnings 13,103,569 Total equity 權益總值 14,463,182			Note 附註	30 June 2022 二零二二年 六月三十日 RMB'000 人民幣千元	31 December 2021 二零二一年 十二月三十一日 RMB'000 人民幣千元
					2,780,278
					685,866
					158,409
					1,722,254
					774
					26,084
					5,373,665
					8,833,052
					243,261
					259,434
					852,483
					11,322,576
					12,677,754
	Total equity and liabilities	權益及負債總值		26,876,151	21,510,806

The above interim condensed consolidated balance sheet should be read in conjunction with the accompanying notes.

上述中期簡明合併資產負債表應與隨附附註 一併閱讀。

INTERIM CONDENSED CONSOLIDATED INCOME STATEMENT 中期簡明合併利潤表

For the six months ended 30 June 2022 截至二零二二年六月三十日止六個月

		Half-year
		Note 附註	半年度 2022 二零二二年 RMB'000 人民幣千元	2021 二零二一年 RMB'000 人民幣千元
Revenue	收入	6	12,930,797	9,520,562
Cost of sales	銷售成本		(9,350,177)	(7,754,605)
Gross profit	毛利		3,580,620	1,765,957
Selling and marketing expenses	銷售及市場推廣開支		(867,131)	(633,315)
Administrative expenses	行政開支		(482,067)	(410,715)
Reversal of/(provision for) impairment	金融資產減值虧損撥回╱
losses on financial assets	(撥備)	5.2(ii)	3,347	(42,123)
Other operating expenses	其他經營開支		(24,923)	(7,855)
Other income	其他收入 其他收益╱(虧損)-淨額	15	131,878	116,530
Other gains/(losses) – net			380,176	(50,903)
Operating profit	經營溢利	16	2,721,900	737,576
Finance income	財務收入		22,371	56,741
Finance costs	財務成本		(256,057)	(98,147)
Finance costs – net Share of net loss of investments	財務成本-淨額 採用權益法列賬的應佔投資淨	17	(233,686)	(41,406)
accounted for using the equity method	虧損		(888)	(5,470)
Profit before income tax	除所得稅前溢利		2,487,326	690,700
Income tax expense	所得稅開支	18	(461,320)	(99,651)
Profit attributable to the shareholders 股東應佔溢利			2,026,006	591,049
Earnings per share for profit attributable to the shareholders	期內股東應佔溢利每股盈利
during the period
(expressed in RMB cents per share)	(以每股人民幣分呈列)
– basic	-基本	19	79.96	23.33
– diluted	-攤薄	19	79.96	23.33

The above interim condensed consolidated income statement should be read in conjunction with the accompanying notes.

上述中期簡明合併利潤表應與隨附附註一併 閱讀。

INTERIM CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 中期簡明合併綜合收益表

For the six months ended 30 June 2022 截至二零二二年六月三十日止六個月

		Half-year 半年度
		2022 二零二二年 RMB'000 人民幣千元	2021 二零二一年 RMB'000 人民幣千元
Profit for the half-year	半年度溢利	2,026,006	591,049
Other comprehensive income for the half-year	半年度其他綜合收益	–	–
Total comprehensive income for the half-year attributable to the shareholders	股東應佔半年度綜合收益總額	2,026,006	591,049
The above interim condensed consolidated statement of comprehensive		上述中期簡明合併綜合收益表應與隨附附註

income should be read in conjunction with the accompanying notes.

一併閱讀。

INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 中期簡明合併權益變動表

For the six months ended 30 June 2022 截至二零二二年六月三十日止六個月

				Attributable to the shareholders 股東應佔
		Share capital 股本 RMB'000 人民幣千元	Share premium 股份溢價 RMB'000 人民幣千元	Other reserves 其他儲備 RMB'000 人民幣千元	Retained earnings 保留收益 RMB'000 人民幣千元	Total 總計 RMB'000 人民幣千元
Balance at 1 January 2021 Total comprehensive income for	於二零二一年一月一日結餘 半年度綜合收益總額	243,261	346,437	715,879	10,383,829	11,689,406
the half-year		–	–	–	591,049	591,049
Transactions with shareholders, recognised directly in equity	與股東的交易,直接於權益內 確認
Employees share option scheme: – Value of employee services	僱員購股權計劃: -僱員服務價值	–	–	(1,718)	–	(1,718)
– Expiry of share option issued Provision for safety production fee	-已發行購股權屆滿 安全生產費用撥備	– –	– –	(4,219) 1,800	4,219 –	– 1,800
Utilisation of safety production fee	使用安全生產費用	–	–	(1,030)	–	(1,030)
Dividends	股息	–	(87,003)	–	–	(87,003)
Total transactions with shareholders	與股東的交易總額	–	(87,003)	(5,167)	4,219	(87,951)
Balance at 30 June 2021	於二零二一年六月三十日結餘	243,261	259,434	710,712	10,979,097	12,192,504
Balance at 1 January 2022 Total comprehensive income for	於二零二二年一月一日結餘 半年度綜合收益總額	243,261	259,434	852,483	11,322,576	12,677,754
the half-year		–	–	–	2,026,006	2,026,006
Transactions with shareholders, recognised directly in equity	與股東的交易,直接於權益內 確認
Employees share option scheme:	僱員購股權計劃:
– Value of employee services Net provision for safety production fee Dividends	-僱員服務價值 安全生產費用撥備淨額 股息	– – –	– – –	187 4,248 –	– (4,248) (240,765)	187 – (240,765)
Total transactions with shareholders	與股東的交易總額	–	–	4,435	(245,013)	(240,578)
Balance at 30 June 2022	於二零二二年六月三十日結餘	243,261	259,434	856,918	13,103,569	14,463,182

The above interim condensed consolidated statement of changes in equity should be read in conjunction with the accompanying notes.

上述中期簡明合併權益變動表應與隨附附註 一併閱讀。

INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS 中期簡明合併現金流量表

For the six months ended 30 June 2022 截至二零二二年六月三十日止六個月

		Half-year
			半年度
			2022	2021
			二零二二年	二零二一年
		Note	RMB'000	RMB'000
		附註	人民幣千元	人民幣千元
Cash flows from operating activities	經營活動所得現金流量
Cash generated from operations	經營業務所得現金		1,518,681	962,808
Interest paid	已付利息		(78,194)	(94,280)
Income taxes paid	已繳納所得稅		(290,769)	(57,903)
Net cash inflow from operating	經營活動的現金流入淨額
activities			1,149,718	810,625
Cash flows from investing activities	投資活動所得現金流量
Purchases of property, plant and	購買物業、廠房及設備
equipment			(347,895)	(371,851)
Purchase of land-use rights	購買土地使用權		(13,092)	–
Payment for investment in an associate	於一間聯營公司投資付款	9	–	(490)
Payments for financial assets at fair value	按公平值計入損益計量的
through profit or loss	金融資產付款	5.4(a)(i)	(5,000)	(3,000)
Purchases of intangible assets	購買無形資產 出售物業、廠房及設備		(342)	(2,686)
Proceeds from disposal of property, plant and equipment	所得款項		1,318	219
(Payments for)/proceeds from disposal	出售衍生金融工具
of derivative financial instruments	(付款)╱所得款項		(14,051)	6,077
Loan granted to an associate of	授予本集團一間聯營公司的
the Group	貸款	22	(12,000)	(9,510)
Repayment of loan by an associate of	本集團一間聯營公司償還的
the Group	貸款	22	–	1,926
Assets-related government grants	已收資產相關政府補助
received			36,380	30,060
Interest received	已收利息		12,173	14,220
Proceeds from term deposits	定期存款所得款項	11	9,389	400,000
Placement of term deposits	存置定期存款	11	(324,000)	(1,000)
Net cash (outflow)/inflow from	投資活動所得現金
investing activities	(流出)╱流入淨額		(657,120)	63,965

INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (Continued) 中期簡明合併現金流量表(續)

For the six months ended 30 June 2022 截至二零二二年六月三十日止六個月

			Half-year
		Note 附註	半年度 2022 二零二二年 RMB'000 人民幣千元	2021 二零二一年 RMB'000 人民幣千元
Cash flows from financing activities	融資活動所得現金流量
Proceeds from bank borrowings	銀行借貸所得款項	13	4,646,648	1,622,717
Repayments of bank borrowings	償還銀行借貸	13	(1,368,819)	(1,606,098)
Principal elements of lease payments	租賃付款的本金部分		(425)	(45,837)
Dividends paid to the Company's shareholders	向本公司股東派付股息	20	(256,035)	(86,036)
Increase in restricted bank balances	作為流動銀行借貸的
pledged as security for current bank	抵押的受限制銀行
borrowings	結餘增加	11	(62,000)	–
Net cash inflow/(outflow) from	融資活動所得現金
financing activities	流入╱(流出)淨額		2,959,369	(115,254)
	現金及現金等值物增加淨額
Net increase in cash and cash equivalents			3,451,967	759,336
Cash and cash equivalents at beginning	於半年度初的現金及
of the half-year	現金等值物		3,542,457	831,202
Cash and cash equivalents at end of the half-year	於半年度末的現金及 現金等值物		6,994,424	1,590,538

The above interim condensed consolidated statement of cash flows should be read in conjunction with the accompanying notes.

上述中期簡明合併現金流量表應與隨附附註 一併閱讀。

For the six months ended 30 June 2022 截至二零二二年六月三十日止六個月

1. GENERAL INFORMATION

Fufeng Group Limited and its subsidiaries manufacture and sell fermentation-based food additive, biochemical products and starch-based products. The Group has manufacturing plants in Shaanxi Province, Jiangsu Province, Heilongjiang Province, Inner Mongolia Autonomous Region and Xinjiang Uygur Autonomous Region of the PRC and sells mainly to customers located in the PRC.

The Company is a limited liability company incorporated in the Cayman Islands. The address of its registered office is Cricket Square, Hutchins Drive, P.O. Box 2681, Grand Cayman KY1-1111, Cayman Islands.

The Company has its shares listed on the Stock Exchange.

This interim condensed consolidated financial statements are presented in RMB, unless otherwise stated, and were approved for issue on 30 August 2022 by the Board.

This interim condensed consolidated financial statements have not been audited.

2. BASIS OF PREPARATION

The interim condensed consolidated financial statements for the Period have been prepared in accordance with HKAS 34 "Interim Financial Reporting". The condensed consolidated interim financial statements do not include all the notes of the type normally included in an annual financial statements. Accordingly, they should be read in conjunction with the annual report for the year ended 31 December 2021, which have been prepared in accordance with HKFRS.

1. 一般資料

阜豐集團有限公司連同其附屬公司從事 製造及銷售發酵食品添加劑、生化產品 及澱粉產品。本集團於中國陝西省、江 蘇省、黑龍江省、內蒙古自治區及新疆 維吾爾自治區設有生產廠房,主要向中 國客戶進行銷售。

本公司為於開曼群島註冊成立的有限公 司,其註冊辦事處地址為Cricket Square, Hutchins Drive, P.O. Box 2681, Grand Cayman KY1-1111, Cayman Islands。

本公司股份在聯交所上市。

除另有註明外,本中期簡明合併財務報 表以人民幣列示,及已於二零二二年八 月三十日獲董事會批准刊發。

本中期簡明合併財務報表尚未經審核。

2. 編製基準

於期內的中期簡明合併財務報表乃根據 香港會計準則第34號「中期財務報告」編 製。簡明合併中期財務報表不包括年度 財務報表一般所包括類別之所有附註。 因此,本報告應與按照香港財務報告準 則所編製截至二零二一年十二月三十一 日止年度的全年報告一併閱讀。

For the six months ended 30 June 2022 截至二零二二年六月三十日止六個月

3. ACCOUNTING POLICIES

The accounting policies adopted in this interim condensed consolidated financial statements are consistent with those of the annual financial statements for the year ended 31 December 2021 except for the adoption of new and amended accounting standards as set out below.

(a) New and amended accounting standards adopted by the Group

A number of new or amended accounting standards became applicable for the current reporting period. The Group did not have to change its accounting policies and make retrospective adjustments as a result of adopting these standards.

		Effective for annual periods beginning on or after
Amendments to HKAS 16	Property, Plant and Equipment: Proceeds before intended use	1 January 2022
Amendments to HKAS 37	Onerous Contracts – Cost of Fulfilling a Contract	1 January 2022
Amendments to HKFRS 3	Reference to the Conceptual Framework	1 January 2022
Revised Accounting	Merger Accounting for Common	1 January 2022
Guideline 5	Control Combinations
Annual Improvements		1 January 2022
to HKFRS Standards
2018–2020

3. 會計政策

本中期簡明合併財務報表採納的會計政 策與截至二零二一年十二月三十一日止 年度的全年財務報表所應用者貫徹一致, 惟下文所載新訂及經修訂會計準則之採 納除外。

(a) 本集團所採納的新訂及經修訂 會計準則

若干新訂或經修訂會計準則適用於 本報告期間。本集團毋須因採納該 等準則而變更其會計政策或作出追 溯調整。

		於下列日期或之 後起的年度期間生效
香港會計準則 第16號(修訂本)	物業、廠房及設備: 擬定用途前的所得款項	二零二二年一月一日
香港會計準則 第37號(修訂本)	虧損合約-履行合約的 成本	二零二二年一月一日
香港財務報告準則 第3號(修訂本)	對概念框架的提述	二零二二年一月一日
會計指引第5號 (經修訂)	共同控制合併的合併 會計處理	二零二二年一月一日
二零一八年至 二零二零年		二零二二年一月一日
香港財務報告 準則的年度改進

For the six months ended 30 June 2022 截至二零二二年六月三十日止六個月

3. ACCOUNTING POLICIES (Continued)

(b) New accounting standards and interpretations not yet adopted

The following new and amended accounting standards and interpretations have been issued but are not effective for the financial year beginning on 1 January 2022 and have not been early adopted by the Group:

		Effective for annual periods beginning on or after
HKFRS 17	Insurance contracts	1 January 2023
Amendments to HKAS 8	Definition of Accounting Estimates	1 January 2023
Amendments to HKAS 12	Deferred Tax related to Assets and Liabilities arising from a Single Transaction	1 January 2023
Amendments to HKAS 1	Classification of Liabilities as Current or Non-current	1 January 2023
Hong Kong Interpretation 5 (2020)	Presentation of Financial Statements – Classification by the Borrower of a Term Loan that Contains a Repayment on Demand Clause	1 January 2023
Amendments to HKAS 1 and HKFRS Practice Statement 2	Disclosure of Accounting Policies	1 January 2023
Amendments to HKFRS 10 and HKAS 28	Sale or contribution of assets between an investor and its associate or joint venture	To be determined

The Group is assessing the impact of these standards and interpretations.

3. 會計政策(續) (b) 尚未採納之新訂會計準則及詮 釋

以下是已頒佈但於二零二二年一月 一日起的財政年度尚未生效及本集 團尚未提前採納的新訂及經修訂會 計準則及詮釋:

		於下列日期或之 後起的年度期間生效
香港財務報告準則 第17號	保險合同	二零二三年一月一日
香港會計準則第8號 (修訂本)	會計估計的定義	二零二三年一月一日
香港會計準則 第12號(修訂本)	單一交易中產生的資產及 負債相關的遞延稅項	二零二三年一月一日
香港會計準則第1號 (修訂本)	將負債分類為流動或 非流動	二零二三年一月一日
香港註釋第5號 (二零二零年)	財務報表之呈列-借款人對 載有按要求償還條款的 定期貸款進行分類	二零二三年一月一日
香港會計準則第1號 及香港財務報告 準則應用指引 第2號(修訂本)	會計政策之披露	二零二三年一月一日
香港財務報告準則第 10號及香港會計準 則第28號(修訂本)	投資者與其聯營公司或 合營企業之間之資產 出售或投入	有待釐定
響。	本集團正評估該等準則及詮釋的影

For the six months ended 30 June 2022 截至二零二二年六月三十日止六個月

4. ESTIMATES

The preparation of interim condensed consolidated financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates.

In preparing this interim condensed consolidated financial statements, the significant judgements made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those that applied to the consolidated financial statements for the year ended 31 December 2021.

5. FINANCIAL RISK MANAGEMENT 5.1 Financial risk factors

The Group's activities expose it to a variety of financial risks: market risk (including foreign exchange risk, cash flow interest rate risk and fair value interest rate risk), credit risk and liquidity risk.

The interim condensed consolidated financial statements does not include all financial risk management information and disclosures required in the annual financial statements, and should be read in conjunction with the Group's annual consolidated financial statements as at 31 December 2021.

There have been no changes in the risk management department since 2021 year end or in any risk management policies.

4. 估計

於編製中期簡明合併財務報表時,管理 層須作出會影響會計政策應用以及資產 及負債與收支呈報金額的判斷、估計及 假設。實際結果可能有別於該等估計。

於編製本中期簡明合併財務報表時,管 理層於應用本集團會計政策時作出的重 大判斷及估計不明朗因素的主要來源與 截至二零二一年十二月三十一日止年度 的合併財務報表所應用者相同。

5. 財務風險管理 5.1 財務風險因素

本集團的業務承受多種財務風險: 市場風險(包括外匯風險、現金流 量利率風險及公平值利率風險)、 信貸風險及流動資金風險。

中期簡明合併財務報表並不包括全 年財務報表須提供的所有財務風險 管理資料及披露,並應與本集團於 二零二一年十二月三十一日的全年 合併財務報表一併閱讀。

自二零二一年年底起,風險管理部 門或任何風險管理政策並無任何變 動。

For the six months ended 30 June 2022 截至二零二二年六月三十日止六個月

5. FINANCIAL RISK MANAGEMENT (Continued) 5.2 Credit risk

Credit risk arises from cash and cash equivalents, contractual cash flows of debt investments carried at amortised cost, at FVOCI and at FVPL, favourable derivative financial instruments and deposits with banks and financial institutions, as well as credit exposures to the customers, including outstanding receivables.

(i) Risk management

Credit risk is managed on a Group basis. Bank deposits and cash at bank are deposited in reputable financial institutions which are considered with low credit risk.

For sales of goods, customers of the Group usually pay in advance before delivery of products. Credit will only be granted to customers with long-term relationship. The Group performs ongoing credit evaluations of its customers' financial conditions and generally does not require collateral on trade receivables. The credit period granted to the customers is usually no more than 90 days and the credit quality of these customers is assessed, which takes into account their financial position, past experience and other factors. In view of the sound collection history of receivables due from them, management believes that the credit risk inherent in the Group's outstanding trade receivables arising from sales of products due from them is not significant.

The Group's investment in debt instruments are considered to be low risk investments. The credit ratings of the investments are monitored for credit deterioration.

5. 財務風險管理(續) 5.2 信貸風險

信貸風險來自現金及現金等值物、 按攤餘成本、按公平值計入其他綜 合收益及按公平值計入損益列賬的 債務投資之合約現金流量、有利的 衍生金融工具、銀行及金融機構存 款,以及客戶的信貸風險(包括未 收回應收款項)。

(i) 風險管理

信貸風險以本集團為基礎進行 管理。銀行存款及銀行現金存 入被視為具低信貸風險之信譽 良好的金融機構。

就商品銷售而言,本集團客戶 通常在交付產品前提前付款。 信貸僅授予擁有長期關係的客 戶。本集團持續對客戶的財務 狀況進行信貸評估,且一般情 況下毋須應收貿易賬款的抵押 品。授予客戶的信用期一般不 超過90天,並會考慮客戶財務 狀況、過往經驗等因素評估該 等客戶的信貸質素。鑒於應收 客戶款項的收款紀錄良好,管 理層認為本集團因產品銷售應 收彼等的未償還應收貿易賬款 的信貸風險並不大。

本集團於債務工具投資視作低 風險投資。投資的信貸評級受 監控以防信貸惡化。

For the six months ended 30 June 2022 截至二零二二年六月三十日止六個月

5. FINANCIAL RISK MANAGEMENT (Continued) 5.2 Credit risk (Continued)

(ii) Impairment of financial assets

The group has two types of financial assets that are subject to the expected credit loss model:

• trade receivables for sales of inventory, and
• other financial assets carried at amortised cost

While deposit with banks, including term deposits and restricted bank deposits, and notes receivables are also subject to the impairment requirements of HKFRS 9, identified impairment loss was immaterial.

Trade receivables

The Group applies the HKFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables.

To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and the days past due.

The expected loss rates are based on the payment profiles of sales over a period of 36 month before 30 June 2022 or 31 December 2021 respectively and the corresponding historical credit losses experienced within this period. The historical loss rates are adjusted to reflect current and forward-looking information on macroeconomic factors affecting the ability of the customers to settle the receivables. The Group has considered the business, financial or economic conditions of the customers and the performance and behaviour of customers, and accordingly adjusts the historical loss rates based on expected changes in these factors.

5. 財務風險管理(續) 5.2 信貸風險(續)

(ii) 金融資產減值

本集團有兩類受限於預期信用 損失模式之金融資產:

• 有關存貨銷售之應收貿易 賬款;及
• 按攤餘成本列賬之其他金 融資產

儘管銀行存款(包括定期存款 及受限制銀行存款)及應收票 據亦須遵守香港財務報告準則 第9號的減值要求,但已確認 的減值損失並不重大。

應收貿易賬款

本集團採用香港財務報告準則 第9號的簡化方法計量預期信 用損失,即對所有應收貿易賬 款確認整個存續期的預期虧損 撥備。

為了計量預期信用損失,應收 貿易賬款已按相同的信貸風險 特徵及逾期天數進行分組。

預期損失率分別基於二零二二 年六月三十日或二零二一年 十二月三十一日前36個月期間 銷售的付款情況及期內出現的 相應歷史信用損失確定。歷史 信用損失率已作出調整以反映 影響客戶結算應收款項能力的 當前和前瞻性宏觀經濟因素資 料。本集團已對客戶的業務、 財務或經濟狀況以及彼等之表 現及行動作出考慮,並根據該 等因素的預期變動相應地調整 歷史信用損失率。

For the six months ended 30 June 2022 截至二零二二年六月三十日止六個月

5. FINANCIAL RISK MANAGEMENT (Continued) 5.2 Credit risk (Continued)

5. 財務風險管理(續) 5.2 信貸風險(續)

(ii) 金融資產減值(續) 應收貿易賬款(續) 按此基準,於二零二二年六月 三十日及二零二一年十二月 三十一日的應收貿易賬款的虧 損撥備釐定如下: (ii) Impairment of financial assets (Continued) Trade receivables (Continued) On that basis, the loss allowance for trade receivables as at 30 June 2022 and 31 December 2021 was determined as follows:

30 June 2022 二零二二年六月三十日		Within 3 months 3個月內 RMB'000 人民幣千元	3 to 12 months 3至12個月 RMB'000 人民幣千元	Over 12 months 12個月以上 RMB'000 人民幣千元	Total 總計 RMB'000 人民幣千元
Expected loss rate Gross carrying amount	預期損失率 總賬面值	3.65% 870,445	21.01% 24,840	99.40% 4,195	899,480
Loss allowance provision	虧損撥備	31,811	5,218	4,170	41,199
31 December 2021 二零二一年十二月三十一日		Within 3 months 3個月內 RMB'000 人民幣千元	3 to 12 months 3至12個月 RMB'000 人民幣千元	Over 12 months 12個月以上 RMB'000 人民幣千元	Total 總計 RMB'000 人民幣千元
Expected loss rate Gross carrying amount	預期損失率 總賬面值	3.50% 1,076,622	20.39% 13,822	98.67% 4,065	1,094,509
Loss allowance provision	虧損撥備	37,717	2,818	4,011	44,546

For the six months ended 30 June 2022 截至二零二二年六月三十日止六個月

5. FINANCIAL RISK MANAGEMENT (Continued)

5.2 Credit risk (Continued)

• (ii) Impairment of financial assets (Continued)
• Trade receivables (Continued)

The closing loss allowances for trade receivables as at 30 June 2022 and 31 December 2021 reconcile to the opening loss allowances as follows:

5. 財務風險管理(續) 5.2 信貸風險(續)

(ii) 金融資產減值(續)

應收貿易賬款(續) 於二零二二年六月三十日及二 零二一年十二月三十一日之應 收貿易賬款之期末虧損撥備與 期初虧損撥備的對賬如下:

		Trade receivables 應收貿易賬款 RMB'000 人民幣千元
Opening loss allowance at	於二零二一年一月一日之
1 January 2021	期初虧損撥備	28,225
Provision for impairment loss allowances	計提減值虧損撥備	16,709
Receivables written off during the year	年內撇銷為不可收回款項之應收款項
as uncollectible		(388)
Closing loss allowance at	於二零二一年十二月三十一日之
31 December 2021	期末虧損撥備	44,546
Reversal of impairment loss allowances	減值虧損撥備撥回	(3,347)
Closing loss allowance at	於二零二二年六月三十日之
30 June 2022	期末虧損撥備	41,199

Trade receivables are written off when there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery include, amongst others, the failure of a debtor to engage in a repayment plan with the Group, and a failure to make contractual payments for a period greater than 360 days past due.

Impairment losses on trade receivables are presented within operating profit. Subsequent recoveries of amounts previously written off are credited against the same line item.

應收貿易賬款於並無合理可收 回預期時被撇銷。概無合理可 收回預期的跡象包括(其中包 括)債務人未能與本集團訂立 還款計劃,以及於逾期後超過 360天的期間未能作出合約付 款。

應收貿易賬款的減值損失於經 營溢利內呈列。先前已撇銷款 項的後續收回記入同一明細項 目。

For the six months ended 30 June 2022 截至二零二二年六月三十日止六個月

5. FINANCIAL RISK MANAGEMENT (Continued)

5.2 Credit risk (Continued)

(ii) Impairment of financial assets (Continued)

Other financial assets at amortised cost

Other financial assets at amortised cost include other receivables. Impairment on other receivables is measured as either 12-month expected credit losses or lifetime expected credit losses, depending on whether there has been a significant increase in credit risk since initial recognition. If a significant increase in credit risk of a receivable has occurred since initial recognition, then impairment is measured as lifetime expected credit losses.

The closing loss allowances for other financial assets at amortised cost as at 30 June 2022 and 31 December 2021 reconcile to the opening loss allowances as follows:

5. 財務風險管理(續) 5.2 信貸風險(續)

(ii) 金融資產減值(續)

按攤餘成本計量的其他金融資 產

按攤餘成本計量的其他金融資 產包括其他應收款項。其他應 收款項減值按12個月預期信用 損失或整個存續期的預期信用 損失計量,視乎自初步確認起 是否出現重大信貸風險增加。 倘應收款項的信貸風險自初次 確定以後已顯著增加,減值以 整個存續期預期信用損失計量。

按攤餘成本計量的其他金融資 產於二零二二年六月三十日及 二零二一年十二月三十一日之 期末虧損撥備與期初虧損撥備 的對賬如下:

		Other receivables 其他應收款項 RMB'000 人民幣千元
Opening loss allowance at	於二零二一年一月一日之
1 January 2021	期初虧損撥備	–
Provision for impairment loss allowances	計提減值虧損撥備	50,000
Closing loss allowance at	於二零二一年十二月三十一日之
31 December 2021	期末虧損撥備	50,000
Opening loss allowance at	於二零二二年一月一日之
1 January 2022	期初虧損撥備	50,000
Provision for impairment loss allowances	計提減值虧損撥備	–
Closing loss allowance at	於二零二二年六月三十日之
30 June 2022	期末虧損撥備	50,000

For the six months ended 30 June 2022 截至二零二二年六月三十日止六個月

5. FINANCIAL RISK MANAGEMENT (Continued)

5.2 Credit risk (Continued)

(ii) Impairment of financial assets (Continued)

Reversal of/(provision for) impairment losses on financial assets recognised in profit and loss

During the Period and the Corresponding Period, the following gains/(losses) were recognised in "Reversal of/(provision for) impairment losses on financial assets" in the interim condensed consolidated income statement in relation to impaired financial assets:

1. 財務風險管理(續) 5.2 信貸風險(續)

(ii) 金融資產減值(續)

已確認於損益的金融資產減值 虧損撥回╱(撥備) 於期內及去年同期,以下收益╱ (虧損)乃就已減值金融資產於 中期簡明合併利潤表「金融資 產減值虧損撥回╱(撥備)」內 確認:

Half-year

		半年度
		2022 二零二二年 RMB'000 人民幣千元	2021 二零二一年 RMB'000 人民幣千元
Reversal of/(provision for) impairment losses	減值虧損撥回╱(撥備)
– reversal of loss allowance	-撥回應收貿易賬款虧損
for trade receivables – loss allowance for	撥備 -其他應收款項虧損撥備	3,347	7,877
other receivables		–	(50,000)
		3,347	(42,123)

5.3 Liquidity risk

Prudent liquidity risk management includes maintaining sufficient cash and available credit facilities to meet obligations when they arise.

Management monitors the funding requirements of the Group and the availability of credit facilities in order to ensure the liquidity of the Group.

The table below analyses the Group's financial liabilities into relevant maturity groupings based on their contractual maturities for:

• (a) non-derivative financial liabilities, and
• (b) net and gross settled derivative financial instruments for which the contractual maturities are essential for an understanding of the timing of the cash flow.

5.3 流動資金風險

審慎流動資金風險管理包括維持充 足現金及可用信貸融資以在責任產 生時履行責任。

管理層監控本集團的資金需要及可 用信貸融資以確保本集團資金流動 性。

下表根據合約到期日按相關到期組 別分析本集團的金融負債:

• (a) 非衍生金融負債;及
• (b) 以淨額和總額結算的衍生金融 工具,對於此類金融工具而言, 合同期限對於了解現金流量時 間很重要。

For the six months ended 30 June 2022 截至二零二二年六月三十日止六個月

5. FINANCIAL RISK MANAGEMENT (Continued)

5.3 Liquidity risk (Continued)

The amounts disclosed in the table are the contractual undiscounted cash flows. Balances due within 12 months equal their carrying balances, as the impact of discounting is not significant.

5. 財務風險管理(續) 5.3 流動資金風險(續)

表中披露的金額為合約未貼現現金 流量。由於有關貼現影響并不重大, 故於12個月內到期的結餘相當於其 賬面結餘。

					Total
		Less than	Between	Between	contractual
		1 year	1 and 2 years	2 and 5 years	cash flows
Contractual maturities of					合約現金
financial liabilities	金融負債合約到期日	少於1年	1年至2年	2年至5年	流量總計
		RMB'000	RMB'000	RMB'000	RMB'000
		人民幣千元	人民幣千元	人民幣千元	人民幣千元
At 30 June 2022	於二零二二年六月三十日
Non-derivatives	非衍生
Borrowings	借貸	4,867,482	550,684	2,281,876	7,700,042
Interests payables on borrowings (i)	應付借貸利息(i)	114,819	51,144	7,192	173,155
Lease liabilities	租賃負債	881	842	31	1,754
Trade and other payables (excluding	應付貿易賬款及
non-financial liabilities)	其他應付款項
	(不包括非金融負債)	2,512,525	–	82,230	2,594,755
Total non-derivatives	非衍生總計	7,495,707	602,670	2,371,329	10,469,706
Derivatives	衍生
	以總額結算的交叉貨幣
Gross settled cross currency swaps	掉期
– (inflow)	-(流入)	(266,779)	(62,783)	(9,849)	(339,411)
– outflow	-流出	263,924	44,777	51,685	360,386
		(2,855)	(18,006)	41,836	20,975
Total	總計	7,492,852	584,664	2,413,165	10,490,681

For the six months ended 30 June 2022 截至二零二二年六月三十日止六個月

5. FINANCIAL RISK MANAGEMENT (Continued)

5.3 Liquidity risk (Continued)

1. 財務風險管理(續) 5.3 流動資金風險(續)

					Total
		Less than	Between	Between	contractual
		1 year	1 and 2 years	2 and 5 years	cash flows
Contractual maturities of					合約現金
financial liabilities	金融負債合約到期日	少於1年	1年至2年	2年至5年	流量總計
		RMB'000	RMB'000	RMB'000	RMB'000
		人民幣千元	人民幣千元	人民幣千元	人民幣千元
At 31 December 2021	於二零二一年
	十二月三十一日
Non-derivatives	非衍生
Borrowings	借貸	1,724,403	127,514	2,422,766	4,274,683
Interests payables on borrowings (i)	應付借貸利息(i)	74,244	47,290	28,145	149,679
Lease liabilities	租賃負債	849	831	418	2,098
Trade and other payables (excluding	應付貿易賬款及
non-financial liabilities)	其他應付款項
	(不包括非金融負債)	2,432,523	–	82,230	2,514,753
Total non-derivatives	非衍生總計	4,232,019	175,635	2,533,559	6,941,213
Derivatives	衍生
Gross settled cross currency swaps	以總額結算的交叉貨幣
	掉期
– (inflow)	-(流入)	(247,763)	(30,468)	(20,613)	(298,844)
– outflow	-流出	295,769	44,732	26,589	367,090
		48,006	14,264	5,976	68,246
Total	總計	4,280,025	189,899	2,539,535	7,009,459
(i) The interests on borrowings are calculated based on bank borrowings held as at 30 June 2022 and 31 December 2021 without taking into account of future issues. Floating-rate interests are estimated using current interest rate as at 30 June 2022 and 31 December 2021 respectively.			(i)	借貸利息根據於二零二二年六月三十日 及二零二一年十二月三十一日所持銀行 借貸計算,而不計及日後事項。浮動利 息分別按二零二二年六月三十日及二零 二一年十二月三十一日的現行利率估計。

For the six months ended 30 June 2022 截至二零二二年六月三十日止六個月

5. FINANCIAL RISK MANAGEMENT (Continued)

5.4 Fair value estimation

(a) Financial assets and liabilities

(i) Fair value hierarchy

This section explains the judgements and estimates made in determining the fair values of the financial instruments that are recognised and measured at fair value in the condensed consolidated financial statements. To provide an indication about the reliability of the inputs used in determining fair value, the Group has classified its financial instruments into the three levels prescribed under the accounting standards. An explanation of each level follows underneath the table.

5. 財務風險管理(續) 5.4 公平值估算

• (a) 金融資產及負債
• (i) 公平值層級

本節闡釋於釐定簡明合併 財務報表中按公平值確認 及計量的金融工具的公平 值時所作的判斷及估計。 為說明用於釐定公平值所 用輸入數據的可靠性,本 集團已將其金融工具分類 為會計準則下規定的三個 級別。各級別的闡釋如下 表所示。

Recurring fair value measurements	經常性公平值計量		Level 1 第一級	Level 2 第二級	Level 3 第三級	Total 總計
		Note 附註	RMB'000 人民幣千元	RMB'000 人民幣千元	RMB'000 人民幣千元	RMB'000 人民幣千元
At 30 June 2022	於二零二二年 六月三十日
Financial assets Financial assets measured at FVPL	金融資產 按公平值計入損益 計量的金融資產
– Equity investment* Notes receivable measured at FVOCI	-權益投資* 按公平值計入其他 綜合收益計量的		–	–	10,000	10,000
	應收票據	10(c)	–	–	754,175	754,175
Total financial assets	金融資產總額		–	–	764,175	764,175
Financial liabilities Derivative financial instruments	金融負債 衍生金融工具
Current Non-current	流動 非流動		– –	– –	12,529 20,911	12,529 20,911
			–	–	33,440	33,440

十二月三十一日:人民幣 5,000,000元)。該第三方 為私人公司,其股份並無 可獲得的市場報價。

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued) 中期簡明合併財務報表附註(續)

For the six months ended 30 June 2022 截至二零二二年六月三十日止六個月

5.	FINANCIAL RISK MANAGEMENT (Continued) 5.4 Fair value estimation (Continued)			財務風險管理(續) 5. 5.4 公平值估算(續)
	(a)		Financial assets and liabilities (Continued)		金融資產及負債(續) (a)
		(i)	Fair value hierarchy (Continued)				(i)	公平值層級(續)
			Recurring fair value			Level 1	Level 2	Level 3	Total
			measurements	經常性公平值計量	Note 附註	第一級 RMB'000 人民幣千元	第二級 RMB'000 人民幣千元	第三級 RMB'000 人民幣千元	總計 RMB'000 人民幣千元
			At 31 December 2021	於二零二一年 十二月三十一日
			Financial assets Financial assets measured at FVPL	金融資產 按公平值計入損益 計量的金融資產
			– Equity investment* Notes receivable measured at FVOCI	-權益投資* 按公平值計入其他 綜合收益計量的		–	–	5,000	5,000
				應收票據	10(c)	–	–	728,596	728,596
			Total financial assets	金融資產總額		–	–	733,596	733,596
			Financial liabilities Derivative financial instruments	金融負債 衍生金融工具
			Current Non-current	流動 非流動		– –	– –	26,084 90,370	26,084 90,370
						–	–	116,454	116,454
			* During the Period, the Group has subscribed further capital contribution of RMB5,000,000 to a third party (Corresponding Period: RMB3,000,000). As at 30 June 2022, the accumulated contributed capital was RMB10,000,000 (31 December 2021: RMB5,000,000). This third party is private company and there is no quoted market price available for its shares.				*		於期內,本集團已進一步 向第三方認繳出資人民幣 5,000,000元(去年同期: 人民幣3,000,000 元)。於 二零二二年六月三十日, 累計認繳出資為人民幣 10,000,000元(二零二一年

For the six months ended 30 June 2022 截至二零二二年六月三十日止六個月

5. FINANCIAL RISK MANAGEMENT (Continued)

5.4 Fair value estimation (Continued)

• (a) Financial assets and liabilities (Continued)
• (i) Fair value hierarchy (Continued)

The carrying value less impairment provision of trade and other receivables, cash and cash equivalents and short-term bank deposits approximated their fair values. The fair value of financial assets and liabilities for disclosure purposes is estimated by discounting the future contractual cash flows at the current market interest rate that is available to the Group for similar financial instruments.

The Group's policy is to recognise transfers into and transfers out of fair value hierarchy levels as at the end of the reporting period.

Level 1: The fair value of financial instruments traded in active markets (such as publicly traded derivatives, and equity securities) is based on quoted market prices at the end of the reporting period. The quoted market price used for financial assets held by the Group is the current bid price. These instruments are included in level 1.

Level 2: The fair value of financial instruments that are not traded in an active market (for example, over-the-counter derivatives) is determined using valuation techniques which maximise the use of observable market data and rely as little as possible on entity-specific estimates. If all significant inputs required to calculate the fair value of an instrument are observable, the instrument is included in level 2.

Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3. This is the case for unlisted equity securities.

5. 財務風險管理(續) 5.4 公平值估算(續)

• (a) 金融資產及負債(續)
• (i) 公平值層級(續)

應收貿易賬款及其他應收 款項、現金及現金等值物 及短期銀行存款的賬面值 減減值撥備與其公平值相 若。作披露用途的金融資 產及負債公平值乃透過按 現行市場利率(適用於本 集團相若金融工具)貼現 未來合約現金流的方式進 行估計。

本集團政策旨在確認於報 告期末公平值等級水平的 轉入及轉出情況。

第一級:在活躍市場上買 賣的金融工具(如公開買 賣衍生工具及股本證券) 的公平值乃按於報告期末 的市場報價釐定。本集團 所持有金融資產採用的市 場報價為當時買盤價。該 等工具計入第一級。

第二級:未在活躍市場上 買賣的金融工具(例如場 外衍生工具)的公平值採 用估值技術釐定。該等估 值技術盡量採用可觀察市 場數據,並盡可能不倚賴 實體特定估計。倘計算工 具公平值所需的重大輸入 數據均可觀察,則該工具 計入第二級。

第三級:倘一項或多項重 大輸入數據並非以可觀察 市場數據為基礎,則該工 具計入第三級。對於非上 市股本證券而言便是如此。

For the six months ended 30 June 2022 截至二零二二年六月三十日止六個月

5. FINANCIAL RISK MANAGEMENT (Continued)

5.4 Fair value estimation (Continued)

• (a) Financial assets and liabilities (Continued)
• (ii) Valuation techniques used to determine fair values

Specific valuation techniques used to value financial instruments include:

• for interest rate swaps the present value of the estimated future cash flows based on observable yield curves
• for forward currency forwards present value of future cash flows based on forward exchange rates at the balance sheet date
• for foreign currency options option pricing models (e.g. Black Scholes model)

All of the resulting fair value estimates are included in level 3.

• 1. 財務風險管理(續) 5.4 公平值估算(續)
• (a) 金融資產及負債(續)
  • (ii) 釐定公平值所用估值方法

評估金融工具所用特定估 值方法包括:

• 就利率掉期而言-基 於可觀察收益曲線的 估計未來現金流量的 現值
• 就外匯遠期合同而 言-於資產負債表日 根據遠期匯率的未來 現金流量現值
• 就外匯期權而言-期 權定價模式(例如布 萊克 • 斯科爾斯模型)

所有所產生的公平值估計 計入第三級。

For the six months ended 30 June 2022 截至二零二二年六月三十日止六個月

6. SEGMENT INFORMATION

The chief operating decision-maker has been identified as the executive Directors. The executive Directors review the Group's internal reporting in order to assess performance and allocate resources.

The executive Directors examine the business performance of the Group according to the following product segments:

• Food additives segment: manufacturing and sales of food additives products, including MSG, starch sweeteners, glutamic acid, compound seasoning and corn oil;
• Animal nutrition segment: manufacturing and sales of animal nutrition products, including corn refined products, threonine and lysine;
• High-end amino acid segment: manufacturing and sales of high-end amino acid products;
• Colloid segment: manufacturing and sales of colloid products, including xanthan gum and gellan gum;
• Other segment: manufacturing and sales of other products, including fertilisers, synthetic ammonia, pharmaceuticals and others.

The executive Directors assess the performance of the business segment based on gross profit of the above five product segments.

Approximately 66% (30 June 2021: 66%) of the Group's revenue are generated from sales to the customers in the PRC.

1. 分部資料 已確定最高營運決策者為執行董事。執 行董事審閱本集團的內部呈報過程,以

評核表現及分配資源。

執行董事根據以下產品分部評估本集團 的業務表現:

• 食品添加劑分部:製造及銷售食品 添加劑產品,包括味精、澱粉甜味 劑、谷氨酸、複合調味品及玉米油;
• 動物營養分部:製造及銷售動物營 養產品,包括玉米提煉產品、蘇氨 酸及賴氨酸;
• 高檔氨基酸分部:製造及銷售高檔 氨基酸產品;
• 膠體分部:製造及銷售膠體產品, 包括黃原膠及結冷膠;
• 其他分部:製造及銷售其他產品, 包括肥料、合成氨、藥品及其他。

執行董事基於上述五種產品分部毛利評 估業務分部表現。

本集團約66%(二零二一年六月三十日: 66%)的收入來自向中國客戶出售商品。

For the six months ended 30 June 2022 截至二零二二年六月三十日止六個月

6. SEGMENT INFORMATION (Continued)

The segment information for the six months ended 30 June 2022 is as follows:

1. 分部資料(續)

分部資料如下:

The segment information for the six months ended 30 June 2021 is as follows:

截至二零二一年六月三十日止六個月的 分部資料如下:

截至二零二二年六月三十日止六個月的

		Food	Animal	High-end
		additives	nutrition	amino acid	Colloid	Others	Group
		食品添加劑	動物營養	高檔氨基酸	膠體	其他	本集團
		RMB'000	RMB'000	RMB'000	RMB'000	RMB'000	RMB'000
		人民幣千元	人民幣千元	人民幣千元	人民幣千元	人民幣千元	人民幣千元
Revenue	收入	4,494,970	3,462,376	688,912	395,507	478,797	9,520,562
Cost of sales	銷售成本	(3,892,468)	(2,850,564)	(380,172)	(244,736)	(386,665)	(7,754,605)
Gross profit	毛利	602,502	611,812	308,740	150,771	92,132	1,765,957

Food additives Animal nutrition High-end amino acid Colloid Others Group 食品添加劑 動物營養 高檔氨基酸 膠體 其他 本集團 RMB'000 RMB'000 RMB'000 RMB'000 RMB'000 RMB'000 人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元 Revenue 收入 6,065,473 4,754,189 534,843 940,228 636,064 12,930,797 Cost of sales 銷售成本 (4,795,317) (3,356,351) (321,665) (464,923) (411,921) (9,350,177) Gross profit 毛利 1,270,156 1,397,838 213,178 475,305 224,143 3,580,620

For the six months ended 30 June 2022 截至二零二二年六月三十日止六個月

7. PROPERTY, PLANT AND EQUIPMENT AND INTANGIBLE ASSETS

7. 物業、廠房及設備以及無形資 產

		Property, plant and equipment 物業、廠房	Intangible assets
		及設備 RMB'000 人民幣千元	無形資產 RMB'000 人民幣千元
Six months ended 30 June 2021	截至二零二一年 六月三十日止六個月
Opening net book amount at	於二零二一年一月一日的
1 January 2021	期初賬面淨值	9,748,815	50,751
Additions	添置	254,190	2,686
Disposals	出售	(1,682)	–
Depreciation and amortisation	折舊及攤銷	(605,864)	(3,767)
Closing net book amount at	於二零二一年
30 June 2021	六月三十日的
	期末賬面淨值	9,395,459	49,670
Six months ended 30 June 2022	截至二零二二年
	六月三十日止六個月
Opening net book amount at	於二零二二年一月一日的
1 January 2022	期初賬面淨值	9,284,867	48,323
Additions	添置	324,759	342
Disposals	出售	(3,104)	–
Depreciation and amortisation	折舊及攤銷	(568,630)	(3,041)
Impairment charge	減值支出	(4,603)	–
Closing net book amount at	於二零二二年
30 June 2022	六月三十日的
	期末賬面淨值	9,033,289	45,624

For the six months ended 30 June 2022 截至二零二二年六月三十日止六個月

8. LEASES

This note provides information for leases where the Group is a lessee.

(i) Amounts recognised in the interim condensed consolidated balance sheet

The interim condensed consolidated balance sheet shows the following amounts relating to leases:

1. 租賃 本附註提供本集團作為承租人所訂立租 賃的資料。

(i) 確認於中期簡明合併資產負債 表的金額

中期簡明合併資產負債表顯示以下 與租賃有關的金額:

		As at
		於
		30 June	31 December
		2022	2021
		二零二二年	二零二一年
		六月三十日	十二月三十一日
		RMB'000	RMB'000
		人民幣千元	人民幣千元
Right-of-use assets	使用權資產
Leasehold land-use rights (a)	租賃土地使用權(a)	840,558	792,799
Buildings	樓宇	1,558	1,935
Equipment	設備	15	27
		842,131	794,761
Lease liabilities	租賃負債
Current	流動	783	774
Non-current	非流動	812	1,203
		1,595	1,977

For the six months ended 30 June 2022 截至二零二二年六月三十日止六個月

8. LEASES (Continued)

(i) Amounts recognised in the interim condensed consolidated balance sheet (Continued)

(a) Leasehold land-use rights

• 1. 租賃(續)
• (i) 確認於中期簡明合併資產負債 表的金額(續) (a) 租賃土地使用權

		Leasehold land-use rights 租賃土地使用權 RMB'000 人民幣千元
Six months ended 30 June 2021	截至二零二一年六月三十日 止六個月
Opening net book amount at 1 January 2021	於二零二一年一月一日的
	期初賬面淨值	766,230
Additions	添置	45,475
Depreciation and amortisation	折舊及攤銷	(8,981)
Closing net book amount at 30 June 2021	於二零二一年六月三十日的 期末賬面淨值	802,724
Six months ended 30 June 2022	截至二零二二年六月三十日 止六個月
Opening net book amount at 1 January 2022	於二零二二年一月一日的 期初賬面淨值	792,799
Additions	添置	58,153
Depreciation and amortisation	折舊及攤銷	(10,394)
Closing net book amount at 30 June 2022	於二零二二年六月三十日的 期末賬面淨值	840,558

For the six months ended 30 June 2022 截至二零二二年六月三十日止六個月

8. LEASES (Continued)

8. 租賃(續)

(ii) Amounts recognised in the interim condensed consolidated income statement

(ii) 確認於中期簡明合併利潤表的 金額

The interim condensed consolidated income statement shows the following amounts relating to leases:

中期簡明合併利潤表顯示以下與租 賃有關的金額:

			Half-year
			半年度
		2022	2021
		二零二二年	二零二一年
		RMB'000	RMB'000
		人民幣千元	人民幣千元
Depreciation charge of right-of-use	使用權資產折舊支出
assets
– Leasehold land-use rights	-租賃土地使用權	10,394	8,981
– Buildings	-樓宇	377	438
– Equipment	-設備	12	13
		10,783	9,432

Interest expense (included in finance	利息開支(包括於財務成本)
cost)		43	6
Expense relating to short-term leases	與短期租賃有關的開支
(included in administrative expenses)	(包括於行政開支)	5,164	7,671

The total cash outflow for leases during the Period was RMB5,589,000 (Corresponding Period: RMB8,033,000).

(iii) The Group's leasing activities and how these are accounted for

The Group leases various offices, warehouses and equipment. Rental contracts are typically made for fixed periods of 1 to 3 years.

Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose any covenants. Leased assets may not be used as security for borrowing purposes.

期內租賃現金流出總額為人民幣 5,589,000 元(去 年 同 期:人 民 幣 8,033,000元)。

(iii) 本集團租賃活動及該等租賃如 何入賬

本集團租賃眾多辦公室、倉庫及設 備。租賃合約通常為一至三年的固 定期限。

租期可根據個別基準磋商,其中包 括各種不同條款及條件。租賃協議 並不施加任何約定。租賃資產不得 用作借款的抵押品。

For the six months ended 30 June 2022 截至二零二二年六月三十日止六個月

9. INTERESTS IN ASSOCIATES

During the Corresponding Period, the Group subscribed 49% share capital of a company at a cash consideration of RMB490,000. The company is engaged in agricultural techniques research and development. The Group gained significant influence over this investment and the investment was classified as an associate.

The carrying amount of equity-accounted investments has changed as follows in the Period:

9. 於聯營公司的權益

於去年同期,本集團以現金對價人民幣 490,000元認購一家公司的49%股本。 該公司從事農業技術研發。本集團對該 投資產生重大影響,該投資獲分類為聯 營公司。

於期內,權益入賬投資的賬面值變動如下:

		Half-year
		半年度
		2022	2021
		二零二二年	二零二一年
		RMB'000	RMB'000
		人民幣千元	人民幣千元
Beginning of the period	期初	9,090	18,818
Additions	添置	–	490
Loss for the period	期內虧損	(888)	(5,470)
Impairment charge	減值支出	(7,483)	–
End of the period	期末	719	13,838

* As at 30 June 2022, an impairment loss of RMB7,483,000 was recognised for the investment in Jilin COFCO Biomaterial Co., Ltd., reducing the carrying amount of the investment to recoverable amount based on valuein-use calculations.

* 於二零二二年六月三十日,就於吉林中糧生 物材料有限公司的投資確認減值虧損人民幣 7,483,000元,將投資的賬面值降低至按使用 價值計算的可收回金額。

For the six months ended 30 June 2022 截至二零二二年六月三十日止六個月

10. TRADE, OTHER RECEIVABLES AND PREPAYMENTS

10. 應收貿易賬款、其他應收款項 及預付款項

		As at
		於
		30 June	31 December
		2022	2021
		二零二二年	二零二一年
		六月三十日	十二月三十一曰
		RMB'000	RMB'000
		人民幣千元	人民幣千元
Trade receivables (a)	應收貿易賬款(a)	899,480	1,094,509
Less: provision for impairment loss	減:計提減值虧損撥備
allowance		(41,199)	(44,546)
Trade receivables – net	應收貿易賬款-淨額	858,281	1,049,963
Deposits and others	按金及其他	52,261	43,077
Loan to a third party (b)	給予一名第三方的貸款(b)	50,000	50,000
Less: provision for impairment loss allowance	減:計提減值虧損撥備	(50,000)	(50,000)
Loan to a third party – net	給予一名第三方的貸款-淨額	–	–
Loan to an associate (Note 22(c))	給予一間聯營公司的貸款
	(附註22(c))	17,000	5,008
Loans to employees	給予僱員的貸款	462	472
Value-added tax for future deduction	用於日後扣減的增值稅	172,581	308,069
Prepaid current income tax	預付即期所得稅	262	464
Interest receivable	應收利息	13,111	2,913
		1,113,958	1,409,966
	應收票據(c)
Notes receivable (c)		754,175	728,596
Trade and other receivables	應收貿易賬款及其他應收款項	1,868,133	2,138,562
Prepayments to suppliers	預付供應商款項	687,502	474,813
		2,555,635	2,613,375
Less: non-current portion	減:非即期部分
Prepayments to suppliers for	就非流動資產預付供應商的款項(d)
non-current assets (d)		(144,334)	(59,929)
		2,411,301	2,553,446

For the six months ended 30 June 2022 截至二零二二年六月三十日止六個月

10. TRADE, OTHER RECEIVABLES AND PREPAYMENTS (Continued)

10. 應收貿易賬款、其他應收款項 及預付款項(續)

• (a) At 30 June 2022 and 31 December 2021, the ageing analysis of the trade receivables based on invoice date was as follows:
• (a) 於二零二二年六月三十日及二零 二一年十二月三十一日,應收貿易 賬款按發票日期的賬齡分析如下:

		As at 於
		30 June 2022 二零二二年 六月三十日 RMB'000 人民幣千元	31 December 2021 二零二一年 十二月三十一曰 RMB'000 人民幣千元
Within 3 months 3–12 months Over 12 months	三個月內 三至十二個月 超過十二個月	870,445 24,840 4,195	1,076,622 13,822 4,065

The Group sells its products to customers and receives settlement either in cash or in form of bank acceptance notes (Note (c)) upon delivery of goods. The bank acceptance notes are usually with maturity dates within six months. Certain major customers in PRC and overseas with good payment history are normally offered credit terms of not more than three months.

(b) The loan to a third party was arranged via a financial trust company. As at the balance sheet date, the loan has past due for collection as the third party was in financial difficulties. A fully provision of RMB50,000,000 was recorded on the balance sheet to reflect the increase in credit risk. As there has been a significant increase in credit risk, the Group measured the impairment as lifetime expected credit losses.

本集團向顧客銷售其產品,乃於送 交貨品時以現金或以銀行承兌票據 (附註(c))形式收取結算款項。銀行 承兌票據一般為六個月內到期。具 備良好付款記錄的中國及海外若干 主要客戶通常會獲得不多於三個月 的信貸期。

899,480 1,094,509

(b) 給予一名第三方的貸款是通過一間 金融信託公司貸出。於資產負債表 日,該貸款因第三方陷入財政困難 已逾期。已於資產負債表錄得全數 撥備人民幣50,000,000元,以反映 信貸風險的增加。因該貸款信用風 險顯著增加,本集團按其於整個存 續期內的預期信用損失計量減值。

For the six months ended 30 June 2022 截至二零二二年六月三十日止六個月

10. TRADE, OTHER RECEIVABLES AND PREPAYMENTS (Continued)

(c) As at 30 June 2022, notes receivables were all bank acceptance notes aged less than six months, including a total amount of RMB591,968,000 (31 December 2021: RMB690,483,000) that have been endorsed to the suppliers. As the notes receivables are held for collection of contractual cash flows and for selling the financial assets, where the assets' cash flows represent solely payments of principal and interest, they are measured at FVOCI.

10. 應收貿易賬款、其他應收款項 及預付款項(續)

(c) 於二零二二年六月三十日,應收 票據均為賬齡少於六個月的銀 行承兌票據,包括總額為人民幣 591,968,000元(二零二一年十二月 三十一日:人民幣690,483,000元) 已背書予供應商的票據。由於應收 票據持作收回合約現金流量及出售 金融資產,倘該等資產現金流量僅 作為支付本金及利息,則按公平值 計入其他綜合收益計量。

As at

於
30 June	31 December
2022	2021
二零二二年	二零二一年
六月三十日	十二月三十一曰
RMB'000	RMB'000
人民幣千元	人民幣千元

Current assets	流動資產
Notes receivable measured at FVOCI	按公平值計入其他綜合收益
	計量的應收票據	754,175	728,596

On endorsing these notes receivables, there is no any related balance within the FVOCI reserve need to be reclassified to other gains/(losses) within profit or loss due to the fair value is equal to its face amount and no premium was recognised.

Information about the methods and assumptions used in determining fair value is provided in Note 5.4.

All of the financial assets at FVOCI are denominated in RMB.

(d) During the year ended 31 December 2020, the Group won a bid for purchasing a package of the non-current assets owned by a bankrupted third party company at a consideration of RMB51,189,000. A full amount prepayment of RMB51,189,000 has been paid for the aforementioned transaction to the agent as at 31 December 2020. During the Period, the package of assets purchased was entirely handed over to the Group, with amounts of RMB14,531,000 and RMB36,658,000 transferred into leasehold land-use rights and construction in progress, presented as "Right-of-use assets" and "Property, plant and equipment" in the interim condensed consolidated balance sheet respectively.

於該等應收票據進行背書時,按公 平值計入其他綜合收益的儲備中並 無任何相關結餘需要重新分類至損 益內的其他收益╱(虧損),原因為 公平值等於其面值且未確認溢價。

有關釐定其公平值的方法和假設的 信息列示於附註5.4。

按公平值計入其他綜合收益的所有 金融資產均以人民幣計值。

(d) 截至二零二零年十二月三十一日止 年度,本集團以人民幣51,189,000 元的對價中標購買一間破產第三方 公司持有的一攬子非流動資產。上 述交易的全額人民幣51,189,000元 的預付款項已於二零二零年十二 月三十一日支付予代理。於期內, 購買的一攬子資產已全部移交本 集團,轉入租賃土地使用權及在建 工程人民幣14,531,000元及人民幣 36,658,000元於中期簡明合併資產 負債表中分別呈列為「使用權資產」 及「物業、廠房及設備」。

For the six months ended 30 June 2022 截至二零二二年六月三十日止六個月

10. TRADE, OTHER RECEIVABLES AND PREPAYMENTS (Continued)

1. CASH AND BANK BALANCES

(d) (Continued)

The rest of non-current portion amounting to RMB8,740,000 as of 31 December 2021 are prepayments for purchase of leasehold land-use rights pursuant to agreement with local government during 2021. During the Period, the leasehold land-use rights purchased were handed over to the Group and transferred into right-of-use assets.

As at 30 June 2022, the prepayments for non-current assets amounting to RMB144,334,000 were payments for purchase of property, plant and equipment.

10. 應收貿易賬款、其他應收款項 及預付款項(續) (d) (續)

截至二零二一年十二月三十一日的 其餘非流動部分人民幣8,740,000 元為二零二一年根據與當地政府的 協議購買租賃土地使用權的預付款 項。於期內,所購買的租賃土地使 用權已移交本集團並轉為使用權資 產。

於二零二二年六月三十日,非流動 資產的預付款項人民幣144,334,000 元為購買物業、廠房及設備的款項。

11. 現金及銀行結餘

		As at 於
		30 June 2022 二零二二年 六月三十日 RMB'000 人民幣千元	31 December 2021 二零二一年 十二月三十一曰 RMB'000 人民幣千元
Cash and cash equivalents	現金及現金等值物 -手頭現金
– Cash on hand – Cash in bank	-銀行現金	494 6,993,930	380 3,542,077
Term deposits over 3 months and within	超過三個月但於一年內的定期存款(a)	6,994,424	3,542,457
one year (a)		824,000	509,389
Cash and bank balances Restricted bank deposits (b)	現金及銀行結餘 受限制銀行存款(b)	7,818,424 151,500	4,051,846 3,000
Total cash and bank balances	現金及銀行結餘總額	7,969,924	4,054,846
(a) As at 30 June 2022, term deposits over 3 months	(a)		於二零二二年六月三十日,超過

• and within one year comprise of (i) amounts of RMB800,000,000 (31 December 2021: RMB500,000,000) was pledged as security for bank borrowings of the Group; and (ii) amounts of RMB24,000,000 (31 December 2021: nil) was pledged as security for issuing notes payable of the Group.
• (b) As at 30 June 2022, restricted bank deposits comprise of (i) amounts of RMB62,000,000 (31 December 2021: nil) was pledged as security for bank borrowings of the Group; and (ii) amounts of RMB89,500,000 (31 December 2021: RMB3,000,000) was pledged as security for issuing notes payable of the Group.
• 三個月及一年內的定期存款包 括 (i) 人民幣 800,000,000 元(二 零 二一年十二月三十一日:人民幣 500,000,000 元)已 抵 押 為 本 集 團 銀行借貸的抵押品;及 (ii) 人民幣 24,000,000元(二零二一年十二月 三十一日:無)已抵押為本集團發 行應付票據的抵押品。
• (b) 於二零二二年六月三十日,受限制 銀行存款包括(i)人民幣62,000,000 元(二零二一年十二月三十一日: 無)已抵押為本集團銀行借貸的抵 押品;及(ii)人民幣89,500,000元(二 零二一年十二月三十一日:人民幣 3,000,000元)已抵押為本集團發行 應付票據的抵押品。

For the six months ended 30 June 2022 截至二零二二年六月三十日止六個月

12. SHARE CAPITAL AND SHARE PREMIUM 12. 股本及股份溢價

Amount 金額 Number of authorised shares Number of issued and fully paid shares Ordinary shares Share premium 法定股份 數目 已發行及 繳足股份 數目 普通股 股份溢價 '000 '000 RMB'000 RMB'000 千股 千股 人民幣千元 人民幣千元 Opening balance at 1 January 2021 於二零二一年 一月一日的期初 結餘 10,000,000 2,533,639 243,261 346,437 Dividends 股息 – – – (87,003) At 30 June 2021 於二零二一年 六月三十日 10,000,000 2,533,639 243,261 259,434 Opening balance at 1 January 2022 於二零二二年 一月一日的期初 結餘 10,000,000 2,533,639 243,261 259,434 Dividends 股息 – – – – At 30 June 2022 於二零二二年 六月三十日 10,000,000 2,533,639 243,261 259,434

For the six months ended 30 June 2022 截至二零二二年六月三十日止六個月

13. BORROWINGS

13. 借貸

		As at 於
		30 June 2022 二零二二年 六月三十日 RMB'000 人民幣千元	31 December 2021 二零二一年 十二月三十一曰 RMB'000 人民幣千元
Non-current – Bank borrowings, secured (a) – Bank borrowings, unsecured	非流動 -銀行借貸(有抵押)(a) -銀行借貸(無抵押)	2,647,600 148,000 2,795,600	2,504,790 – 2,504,790
Current – Bank borrowings, secured – Bank borrowings, unsecured	流動 -銀行借貸(有抵押) -銀行借貸(無抵押)	1,058,377 3,808,567 4,866,944	500,000 1,222,254 1,722,254
Total Borrowings	借貸總額	7,662,544	4,227,044

The carrying amount and fair value of non-current borrowings are as follows:

非流動借貸的賬面值及公平值如下:

			Carrying amount 賬面值		Fair value 公平值
			As at		As at
		於		於
		30 June	31 December	30 June	31 December
		2022	2021	2022	2021
		二零二二年	二零二一年	二零二二年	二零二一年
		六月三十日	十二月三十一曰	六月三十日	十二月三十一曰
		RMB'000	RMB'000	RMB'000	RMB'000
		人民幣千元	人民幣千元	人民幣千元	人民幣千元
Bank borrowings, secured	銀行借貸(有抵押)	2,647,600	2,504,790	2,541,175	2,382,379
Bank borrowings, unsecured	銀行借貸(無抵押)	148,000	–	145,568	–
		2,795,600	2,504,790	2,686,743	2,382,379

For the six months ended 30 June 2022 截至二零二二年六月三十日止六個月

13. BORROWINGS (Continued)

1. 借貸(續) 借貸變動分析如下:

Movements in borrowings were analysed as follows:

		RMB'000
		人民幣千元
Six months ended 30 June 2021	截至二零二一年六月三十日止六個月
Opening amount as at 1 January 2021	於二零二一年一月一日的期初金額	3,473,228
New borrowings	新造借貸	1,622,717
Repayments of bank borrowings	償還銀行借貸	(1,606,098)
Amortisation of transaction cost	交易成本攤銷	6,881
Exchange differences	匯兌差額	(41,412)
Closing amount as at 30 June 2021	於二零二一年六月三十日的期末金額	3,455,316
Six months ended 30 June 2022	截至二零二二年六月三十日止六個月
Opening amount as at 1 January 2022	於二零二二年一月一日的期初金額	4,227,044
New borrowings	新造借貸	4,646,648
Repayments of bank borrowings	償還銀行借貸	(1,368,819)
Amortisation of transaction cost	交易成本攤銷	10,141
Exchange differences	匯兌差額	147,530
Closing amount as at 30 June 2022	於二零二二年六月三十日的期末金額	7,662,544

Interest expenses on borrowings for the Period were RMB91,379,000 (Corresponding Period: RMB96,397,000).

期內借貸利息開支為人民幣91,379,000 元(去年同期:人民幣96,397,000元)。

For the six months ended 30 June 2022 截至二零二二年六月三十日止六個月

13. BORROWINGS (Continued)

(a) Loan covenants

Under the terms of the major non-current borrowing facilities, the Group is required to comply with the following financial covenants:

• the leverage ratio in respect of each relevant period shall not exceed 2.50:1;
• the interest cover ratio in respect of each relevant period shall not be less than 4.00:1; and
• the consolidated tangible net worth shall not be less than RMB7,500,000,000 at any time.

"Relevant period" means (a) each period of 12 months ended on the last day of each financial year and (b) each period of 12 months ending on the last day of the first half of each financial year.

"Leverage ratio" is the ratio of net debt which is consolidated total borrowings minus cash and cash equivalents to consolidated EBITDA.

"Interest cover ratio" is the ratio of consolidated EBITDA to interest expense.

"Consolidated tangible net worth" was calculated by the total equity minus the intangible assets and deferred income tax assets.

The Group has complied with these covenants throughout the reporting period. As at 30 June 2022, the leverage ratio was 0.14 (31 December 2021: 0.24), the interest cover ratio was 27.66 (31 December 2021: 16.30) and the consolidated tangible net worth was RMB14,322,016,000 (31 December 2021: RMB12,521,853,000).

13. 借貸(續)

(a) 貸款契諾 根據主要非即期借貸融資條款,本 集團須遵守以下財務契諾:

• 各有關期間的槓桿率不得超過 2.50:1;
• 各有關期間的利息償付率不得 低於4.00:1;及
• 合併有形資產淨值於任何 時候均不得低於人民幣 7,500,000,000元。

「有關期間」指(a)截至每個財政年度 最後一日止十二個月各期間及(b)截 至每個財政年度上半年最後一日止 十二個月各期間。

「槓桿率」為合併借貸總額減去現 金及現金等值物的淨債務與合併 EBITDA的比率。

「利息償付率」為合併EBITDA與利 息開支的比率。

「合併有形資產淨值」為通過權益總 值減無形資產及遞延所得稅資產而 計算得出。

本集團於報告期間內一直遵守該等 契諾。於二零二二年六月三十日, 槓桿率為0.14(二零二一年十二月 三十一日:0.24),利息償付率為 27.66(二零二一年十二月三十一 日:16.30),而合併有形資產淨值 為人民幣14,322,016,000元(二零 二一年十二月三十一日:人民幣 12,521,853,000元)。

For the six months ended 30 June 2022 截至二零二二年六月三十日止六個月

14. TRADE, OTHER PAYABLES AND ACCRUALS

14. 應付貿易賬款、其他應付款項 及應計費用

	As at
		於
	30 June	31 December 2021
		二零二一年
	六月三十日	十二月三十一曰
	RMB'000	RMB'000
	人民幣千元	人民幣千元
應付貿易賬款(a)	1,567,899	1,545,933
應付票據	38,650	–
物業、廠房及設備應付款項		490,593
土地使用權應付款項	21,790	–
應付薪金、工資及員工褔利
	331,561	346,755
應付利息	4,193	1,149
應付股息	407	407
其他應付款項及應計費用	518,078	465,389
	2,917,849	2,850,226
減:非流動部分
其他應付款項(b)	(71,783)	(69,948)
	2,846,066	2,780,278
		2022 二零二二年 435,271

For the six months ended 30 June 2022 截至二零二二年六月三十日止六個月

14. TRADE, OTHER PAYABLES AND ACCRUALS (Continued)

14. 應付貿易賬款、其他應付款項 及應計費用(續)

• (a) The ageing analysis of the trade payables was as follows:
• (a) 應付貿易賬款的賬齡分析如下:

				As at
				於
				30 June	31 December
				2022	2021
				二零二二年	二零二一年
				六月三十日	十二月三十一曰
				RMB'000	RMB'000
				人民幣千元	人民幣千元
	Within 3 months	三個月內		1,420,266	1,371,273
	3 to 6 months	三至六個月		53,389	73,335
	6 to 12 months	六至十二個月		22,778	32,167
	1 to 2 years	一至兩年		41,767	36,865
	Over 2 years	兩年以上		29,699	32,293
				1,567,899	1,545,933
(b)		The non-current portion of other payables is a borrowing	(b)	其他應付款項的非流動部分是來自
		from certain third parties, which is repayable in 5 years		若干第三方借款,將於資產負債表
		from the balance sheet date. The interest rate on such		日後5年內償還。該其他應付款項
		other payables during the Period was 5.25% per annum		於期內適用的利率為每年5.25%(去

15. OTHER INCOME

(Corresponding Period: 5.25% per annum).

15. 其他收入

年同期:每年5.25%)。

		Half-year 半年度
		2022	2021
		二零二二年	二零二一年
		RMB'000 人民幣千元	RMB'000 人民幣千元
Amortisation of deferred income	遞延收益攤銷	46,470	49,237
Government grants relating to expenses	與開支有關的政府補助	31,870	30,482
Sales of waste products	廢料產品銷售	38,199	27,301
Others	其他	15,339	9,510
		131,878	116,530

For the six months ended 30 June 2022 截至二零二二年六月三十日止六個月

16. OPERATING PROFIT

16. 經營溢利

An analysis of the amounts presented as operating items in the financial information is given below.

下文所載為財務資料中呈列為經營項目 的金額分析。

Half-year

		半年度
		2022 二零二二年	2021 二零二一年
		RMB'000 人民幣千元	RMB'000 人民幣千元
Amortisation of intangible assets (Note 7) 無形資產攤銷(附註7)		3,041	3,767
Depreciation of property, plant and	物業、廠房及設備折舊(附註7)
equipment (Note 7)		568,630	605,864
Depreciation of right-of-use assets (Note 8)使用權資產折舊(附註8)		10,783	9,432
(Reversal of)/provision for impairment	金融資產減值虧損(撥回)╱撥備
losses on financial assets (Note 5.2)	(附註5.2)	(3,347)	42,123
Provision for/(reversal of) value on employee services for the share option	購股權計劃的僱員服務價值 撥備╱(撥回)
schemes		187	(1,718)
Provision for inventory write-down – net	存貨撇減撥備-淨值	10,356	13,873
Impairment charge for an investment accounted for using the equity method	採用權益法列賬的一項投資的減值 支出(附註9)
(Note 9)		7,483	–
Impairment charge for property, plant and	物業、廠房及設備減值支出(附註7)
equipment (Note 7)		4,603	–
Net foreign exchange (gains)/losses	外匯(收益)╱虧損淨額	(306,215)	17,912
(Gains)/losses from derivative financial	衍生金融工具產生的(收益)╱
instruments	虧損	(68,963)	3,528

For the six months ended 30 June 2022 截至二零二二年六月三十日止六個月

17. FINANCE INCOME AND COSTS 17. 財務收入及成本

		Half-year 半年度
		2022 二零二二年 RMB'000 人民幣千元	2021 二零二一年 RMB'000 人民幣千元
Finance income: Interest income from financial assets held for cash management purposes	財務收入: 就現金管理目的所持有的 金融資產利息收入
– bank deposits and bank balances – financial assets at amortised cost Foreign exchange gains on financing	-銀行存款及銀行結餘 -按攤餘成本計量的金融資產 融資活動的外匯收益	(22,109) (262)	(10,934) (3,428)
activities		–	(42,379)
		(22,371)	(56,741)
Finance costs: Interest and finance charges paid/payable for lease liabilities and financial liabilities not at fair value through profit or loss	財務成本: 就並非按公平值計入損益計量的 租賃負債及金融負債已付╱ 應付利息及融資費用
– bank borrowings – USD bonds	-銀行借貸 -美元債券	91,379 –	44,321 52,076
– leasing liabilities – other payables Foreign exchange losses on financing	-租賃負債 -其他應付款項 融資活動的外匯虧損	43 1,835	6 1,744
activities		162,800	–
		256,057	98,147
Net finance costs	財務成本淨額	233,686	41,406

For the six months ended 30 June 2022 截至二零二二年六月三十日止六個月

18. INCOME TAX EXPENSE

PRC in accordance with PRC tax laws and regulations.

18. 所得稅開支

		Half-year 半年度
		2022 二零二二年 RMB'000 人民幣千元	2021 二零二一年 RMB'000 人民幣千元
Current income tax – PRC	即期所得稅 -中國
– Enterprise income tax – Withholding tax – U.S. enterprise income tax Deferred income tax	-企業所得稅 -預扣稅 -美國企業所得稅 遞延所得稅	332,980 80,000 6,303 42,037	67,674 10,000 – 21,977
		461,320	99,651
The Company was incorporated in the Cayman Islands as an exempted company with limited liability under the Companies Law (Law 3 of 1961, as consolidated and revised) of the Cayman Islands and is exempted from the Cayman Islands income tax.		本公司根據開曼群島公司法(一九六一 年法例三,經綜合及修訂)在開曼群島註 冊成立為獲豁免有限公司,並獲豁免開 曼群島所得稅。
The Group's subsidiaries in BVI are exempted from the BVI income tax.		本集團於英屬處女群島的附屬公司獲豁 免英屬處女群島所得稅。
Hong Kong Profit Tax is calculated based on the effective tax rate on assessable profit of subsidiaries established in Hong Kong in accordance with Hong Kong tax laws and regulations.		香港利得稅根據香港稅務法律及法規, 按於香港成立的附屬公司的應課稅溢利, 以實際稅率計算。
PRC enterprise income tax is calculated based on the effective tax rate on assessable profit of subsidiaries established in the PRC in accordance with PRC tax laws and regulations.		中國企業所得稅根據中國稅務法律及法 規,按於中國成立的附屬公司的應課稅 溢利,以實際稅率計算。

For the six months ended 30 June 2022 截至二零二二年六月三十日止六個月

18. INCOME TAX EXPENSE (Continued)

According to the corporate income tax law, starting from 1 January 2008, a 10% withholding tax will be levied on the immediate holding companies established outside the PRC when their PRC subsidiaries declare dividends out of their profits earned after 1 January 2008. A lower withholding tax rate of 5% may be applied if there is a tax treaty arrangement between the PRC and the jurisdiction of the qualified foreign immediate holding companies, including those incorporated in Hong Kong. Trans-Asia acquired qualification for the lower tax rate of 5% for dividend received from its subsidiary in mainland China, while the withholding tax rate for other subsidiaries in Hong Kong were based on 10%.

During the Period, withholding tax of RMB80,000,000 has been provided and paid as a Mainland China subsidiary has distributed the retained earnings of RMB1,600,000,000 as at 31 December 2021. Withholding tax of RMB30,000,000 (Corresponding Period: RMB17,700,000) has been provided as the Group expects Mainland China subsidiaries to distribute the retained earnings of RMB600,000,000 for the Period (Corresponding Period: RMB277,000,000) in the foreseeable future.

The U.S. enterprise income tax is calculated based on the assessable profit of the subsidiary established in the U.S. in accordance with the U.S. tax laws and regulations.

Singapore enterprise income tax is calculated based on the assessable profit of the subsidiary established in Singapore in accordance with Singapore tax laws and regulations.

18. 所得稅開支(續)

根據企業所得稅法,自二零零八年一月 一日起,當中國大陸以外地點成立的直 接控股公司之中國附屬公司於二零零八 年一月一日後自所賺取溢利中宣派股息, 將對該等直接控股公司徵收10%預扣稅。 倘中國與合資格外國直接控股公司(包 括於香港註冊成立的公司)所屬司法權 區之間訂有稅務優惠協議,則可按較低 的預扣稅稅率5%繳稅。環亞自中國大陸 附屬公司收取的股息享有較低的5%稅 率繳稅的資格,而其他香港附屬公司的 預扣稅率為10%。

於期內,由於中國大陸附屬公司已分 派於二零二一年十二月三十一日的保 留收益人民幣1,600,000,000元,故已 計提及支付預扣稅人民幣 80,000,000 元。本集團預期中國大陸附屬公司會 於可見未來分派於期內的保留收益人 民 幣 600,000,000 元(去 年 同 期:人 民 幣277,000,000元),故已計提預扣稅人 民幣30,000,000元(去年同期:人民幣 17,700,000元)。

美國企業所得稅根據美國稅務法律及法 規,按於美國成立的附屬公司的應課稅 溢利計算。

新加坡企業所得稅根據新加坡稅務法律 及法規,按於新加坡成立的附屬公司的 應課稅溢利計算。

For the six months ended 30 June 2022 截至二零二二年六月三十日止六個月

19. EARNINGS PER SHARE

19. 每股盈利

			Half-year 半年度
		2022 二零二二年	2021 二零二一年
Earnings per share for profit attributable to the shareholders (RMB cents per share)	股東應佔溢利之每股盈利 (每股人民幣分)
– basic – diluted	-基本 -攤薄	79.96 79.96	23.33 23.33

Basic earnings per share is calculated by dividing the profit attributable to the shareholders of the Company by the weighted average number of ordinary shares in issue during the period. Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares outstanding assuming the conversion of all dilutive potential ordinary shares.

During the Period, the 2,300,000 outstanding share options issued in November 2016 and December 2016 are not included in the calculation of diluted earnings per share because the average market price of ordinary shares for the Period did not exceed the exercise prices of the share option, hence the share option are antidilutive for the Period. The option could potentially dilute basic earnings per share in the future.

Earnings per share – basic and diluted for the first half of 2022 was RMB79.96 cents and RMB79.96 cents respectively (equivalent to HK96.53 cents and HK96.53 cents) (1H 2021: RMB23.33 cents and RMB23.33 cents respectively (equivalent to HK27.98 cents and HK27.98 cents)).

每股基本盈利乃按本公司股東應佔溢利 除以期內已發行普通股加權平均數計算。 每股攤薄盈利乃假設兌換全部具攤薄性 的潛在普通股,透過調整發行在外的普 通股加權平均數計算。

於期內,於計算每股攤薄盈利時,不計 及於二零一六年十一月及二零一六年 十二月發行的2,300,000份尚未行使購股 權,原因為於期內的普通股平均市價並 未超過購股權的行使價,因此於期內, 相關購股權具有反攤薄作用。相關購股 權日後可能會攤薄每股基本盈利。

於二零二二年上半年,每股基本及攤 薄盈利分別為人民幣79.96分及人民幣 79.96分(相當於96.53港仙及96.53港 仙)(二零二一年上半年:分別為人民幣 23.33分及人民幣23.33分(相當於27.98 港仙及27.98港仙))。

For the six months ended 30 June 2022 截至二零二二年六月三十日止六個月

20. DIVIDENDS

On 30 March 2022, the Board proposed a final dividend in respect of the year ended 31 December 2021 of HKD296,436,000 (equivalent to RMB240,765,000), representing HK11.7 cents (equivalent to RMB9.5 cents) per share. The final dividend was paid in June 2022 amounted to HKD296,436,000 (equivalent to RMB256,035,000). The difference between proposed and paid final dividends was due to the impact of exchange rate fluctuation.

At a meeting held on 30 August 2022, the Board proposed an interim dividend of HKD811,265,000 (equivalent to RMB708,105,000) (1H2021: HKD248,297,000 (equivalent to RMB206,712,000)), representing HK32.0 cents (equivalent to RMB27.9 cents) (1H2021: HK9.8 cents (equivalent to RMB8.2 cents)) per share and a special interim dividend of HKD116,619,000 (equivalent to RMB101,790,000) representing HK4.6 cents (equivalent to RMB4.0 cents) per share. The amount of interim dividend and special interim dividend are calculated based on 2,535,203,037 Shares in issued as at 30 August 2022. The interim dividend and special interim dividend have not been recognized as a dividend payable in this interim condensed consolidated financial statement, but will be reflected as an appropriation from the retained earnings for the year ending 31 December 2022.

21. CONTINGENT LIABILITIES

As at 30 June 2022, the Group had no material contingent liabilities.

22. RELATED PARTY TRANSACTIONS AND BALANCES

Parties are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operation decisions. Parties are also considered to be related if they are subject to common control.

20. 股息

於二零二二年三月三十日,董事會建議 就截至二零二一年十二月三十一日止年 度派付末期股息296,436,000港元(相當 於人民幣240,765,000元),即每股11.7 港仙(相當於人民幣9.5分)。二零二二 年六月派付的末期股息為296,436,000港 元(相當於人民幣256,035,000元)。建 議與已派付末期股息之間的差額乃由於 匯率波動影響所致。

於二零二二年八月三十日召開的會議上, 董事會建議派發中期股息811,265,000港 元(相當於人民幣708,105,000元)(二零 二一年上半年:248,297,000港元(相當 於人民幣206,712,000元)),即每股32.0 港仙(相當於人民幣27.9分)(二零二一 年上半年:每股9.8港仙(相當於人民幣 8.2分))及特別中期股息116,619,000港 元(相當於人民幣101,790,000元),即每 股4.6港仙(相當於人民幣4.0分)。中期 股息及特別中期股息的金額以截至二零 二二年八月三十日已發行2,535,203,037 股股份計算。中期股息及特別中期股息 並無於本中期簡明合併財務報表中確 認為應付股息,惟將就截至二零二二年 十二月三十一日止年度反映為保留收益 撥款。

1. 或然負債 於二零二二年六月三十日,本集團並無 重大或然負債。

22. 關連方交易及結餘

倘一方有能力直接或間接控制另一方或 可於另一方作出財務及營運決策時施加 重大影響,雙方被視為有關聯。倘雙方 受共同控制時亦被認為有關聯。

For the six months ended 30 June 2022 截至二零二二年六月三十日止六個月

22. RELATED PARTY TRANSACTIONS AND

BALANCES (Continued)

(a) Transactions with related parties

The following transactions occurred with related parties:

22. 關連方交易及結餘(續)

(a) 與關連方的交易

與關連方進行以下交易:

		Half-year 半年度
		2022 二零二二年 RMB'000 人民幣千元	2021 二零二一年 RMB'000 人民幣千元
Loans granted to an associate Repayment of loan by an associate Interest charged from an associate Purchase of products from an associate	授予一間聯營公司的貸款 一間聯營公司償還貸款 向一間聯營公司收取的利息 向一間聯營公司採購的商品	12,000 – 262 722	9,510 1,926 142 –

(b) Key management compensation

(b) 主要管理層酬金

		Half-year 半年度
		2022	2021
		二零二二年	二零二一年
		RMB'000	RMB'000
		人民幣千元	人民幣千元
Salaries and allowances	薪金及津貼	7,604	6,678
Pension costs – defined contribution plan 退休金成本-定額供款計劃		334	384
Share options granted	已授出購股權	187	277
		8,125	7,339

Key management are those persons having authority and responsibility for planning, directing and controlling the activities of the Group, directly or indirectly, including directors and executive officer.

主要管理層為直接或間接有權及負 責規劃、支配及控制本集團業務的 該等人士,包括董事及高級行政人員。

For the six months ended 30 June 2022 截至二零二二年六月三十日止六個月

22. RELATED PARTY TRANSACTIONS AND

BALANCES (Continued)

(c) Period-end/year-end balances with related parties

The following balances are outstanding at the end of the reporting period in relation to transactions with related parties:

Loans due from a related party

22. 關連方交易及結餘(續)

(c) 與關連方的期終╱年終結餘

以下有關與關連方交易的結餘於報 告期末尚未償付:

應收一名關連方貸款

As at 於
30 June	31 December
2022	2021
二零二二年	二零二一年
六月三十日	十二月三十一曰
RMB'000	RMB'000
人民幣千元	人民幣千元

End of period	期末	17,000	5,008
Interest received	已收利息	(270)	(303)
Interest income	利息收入	262	311
Loan repayments received	已收貸款還款	–	(9,510)
Loans advanced	已墊付貸款	12,000	14,510
Beginning of the period/year	期╱年初	5,008	–
	貸款
– Loans to an associate of the Group	-給予本集團一間聯營公司的

The balance with related party was unsecured, repayable within one year and the weighted average annual interest rate is 3.82%.

與關連方結餘為無抵押,須於一年 內償還及按加權平均年利率3.82% 計息。

For the six months ended 30 June 2022 截至二零二二年六月三十日止六個月

23. EVENTS OCCURRING AFTER THE BALANCE SHEET DATE

(1) Based on the Uyghur Forced Labor Prevention Act implemented by the U.S. in June 2022, the U.S. Customs and Border Protection ("CBP") requires non-Xinjiang-related and non-forced labour supporting materials for Fufeng's exported products to the U.S.. Until these supporting materials are submitted and approved by CBP, the Group's products exported to U.S. cannot be successfully cleared into the U.S. market.

The Group confirm that there is no "forced labour" used in the production of our products coming from any of our facilities. The Group's lawyer team is actively preparing supporting materials with the production plant and marketing team, which involves many aspects and links of the entire procurement and production, so it takes a period of preparation and completion, and the Group also maintain timely communication with CBP, hoping to get their approval and release of this batch of customs clearance products as soon as possible. The U.S. market contributed an insignificant portion of revenue to the Group's revenue for the Period.

(2) Details of the interim dividend proposed are described in Note 20.

Other than the above disclosed, there was no significant event of the Group occurred after the balance sheet date.

23. 資產負債表日後事項

(1) 基於美國於二零二二年六月執行《防 止強迫維吾爾人勞動法》後,美國 海關與邊境保護局(「CBP」)對於阜 豐的輸美產品要求提供非涉疆和非 涉及強迫勞動的證明資料。在這些 證明資料提交並經過CBP審核批準 前,本集團的輸美產品不能順利通 關進入美國市場。

本集團確認,本集團任何設施的產 品生產並無使用「強迫勞動」。本集 團的律師團隊正在跟生產工廠和營 銷團隊積極全力地準備證明資料, 這些資料的準備涉及到整個採購生 產多個方面和環節,因而需要一段 時間的準備和完成,同時本集團也 跟CBP保持及時溝通,希望能盡快 得到其審核批準及放行這批通關產 品。美國市場收入佔本集團期間內 收入的比例不大。

• (2) 建議派付中期股息的詳情載於附註 20。
• 除上文所披露者外,本集團於資產 負債表日後並無發生重大事項。

CORPORATE INFORMATION 公司資料

Executive Directors

Mr. Li Xuechun Mr. Li Deheng Mr. Li Guangyu

Independent Non-executive Directors

Mr. Lau Chung Wai Mr. Zhang Youming Ms. Li Ming (appointed on 1 April 2022) Mr. Xu Zhenghong (resigned on 1 April 2022)

Registered Office

Cricket Square Hutchins Drive, P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands

Principal Place of Business in the PRC

Building 4, Yuanchuang International Blue Bay Creative Park at the intersection of Torch Road and Juxianqiao Road Shangma Street, Chengyang District Qingdao, PRC

Principal Place of Business in Hong Kong

Suite 1204B–7A, 12/F, Tower 3 China Hong Kong City, 33 Canton Road Tsim Sha Tsui, Kowloon, Hong Kong

Company Secretary

Mr. Lee Wai Yin CPA FCCA

Authorised Representatives

Mr. Li Xuechun Mr. Lee Wai Yin

Audit Committee

Mr. Lau Chung Wai (Chairman) Mr. Zhang Youming Ms. Li Ming (appointed on 1 April 2022) Mr. Xu Zhenghong (resigned on 1 April 2022)

執行董事

李學純先生 李德衡先生 李廣玉先生

獨立非執行董事

劉仲緯先生 張友明先生 李銘女士(於二零二二年四月一日獲委任) 許正宏先生(於二零二二年四月一日辭任)

註冊辦事處

Cricket Square Hutchins Drive, P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands

中國主要營業地點

中國青島市 城陽區上馬街道 火炬路與聚賢橋路交匯處 遠創國際藍灣創意園4號樓

香港主要營業地點

香港九龍尖沙嘴 廣東道33號中港城 3座12樓1204B–7A室

公司秘書 李偉然先生 CPA FCCA

授權代表 李學純先生 李偉然先生

審核委員會

劉仲緯先生(主席) 張友明先生 李銘女士(於二零二二年四月一日獲委任) 許正宏先生(於二零二二年四月一日辭任)

CORPORATE INFORMATION (Continued) 公司資料(續)

Remuneration Committee

Mr. Lau Chung Wai (Chairman) Mr. Zhang Youming Ms. Li Ming (appointed on 1 April 2022) Mr. Xu Zhenghong (resigned on 1 April 2022)

Nomination Committee

Mr. Li Xuechun (Chairman) Mr. Lau Chung Wai Mr. Zhang Youming Ms. Li Ming (appointed on 1 April 2022) Mr. Xu Zhenghong (resigned on 1 April 2022)

Principal Bankers in the PRC

China Construction Bank Bank of China Agriculture Bank of China China Merchants Bank Shanghai Pudong Development Bank China Minsheng Bank

Principal Bankers in Hong Kong

Bank of China (Hong Kong) Limited MUFG Bank Ltd., Hong Kong Branch Mizuho Bank Limited Hang Seng Bank Limited

Independent Auditor

PricewaterhouseCoopers

Principal Share Registrar

Suntera (Cayman) Limited

Branch Share Registrar Tricor Investor Services Limited

Stock Code Hong Kong Stock Exchange: 00546

Website www.fufeng-group.com

薪酬委員會

劉仲緯先生(主席) 張友明先生 李銘女士(於二零二二年四月一日獲委任) 許正宏先生(於二零二二年四月一日辭任)

提名委員會

李學純先生(主席) 劉仲緯先生 張友明先生 李銘女士(於二零二二年四月一日獲委任) 許正宏先生(於二零二二年四月一日辭任)

中國主要往來銀行

中國建設銀行 中國銀行 中國農業銀行 招商銀行 上海浦東發展銀行 中國民生銀行

香港主要往來銀行

中國銀行(香港)有限公司 三菱UFJ銀行香港分行 瑞穗銀行 恒生銀行有限公司

獨立核數師 羅兵咸永道會計師事務所

股份過戶登記總處 Suntera (Cayman) Limited

股份過戶登記分處 卓佳證券登記有限公司

股份代號 香港聯合交易所︰00546

網址 www.fufeng-group.com In this interim report, the following expressions shall have the following

meanings unless the context otherwise requires:		下列詞彙具有以下涵義:
Absolute Divine		Absolute Divine Limited, wholly-owned subsidiary of the Company
Absolute Divine	Absolute Divine Limited,本公司全資附屬公司
Acquest Honour Acquest Honour		Acquest Honour Holdings Limited, a wholly-owned subsidiary of the Company Acquest Honour Holdings Limited,本公司全資附屬公司
ASP 平均售價	average selling price(s) of the products of the Group 本集團產品的平均售價
Audit Committee 審計委員會	audit committee of the Board 董事會審計委員會
Board 董事會	the board of Directors 董事會
BVI	The British Virgin Islands
英屬處女群島	英屬處女群島
CG Code 企業管治守則	上市規則附錄十四項下企業管治常規守則	Code on Corporate Governance Practice under Appendix 14 of the Listing Rules
Company	Fufeng Group Limited
本公司	阜豐集團有限公司
Corresponding Period 去年同期	six months ended of 30 June 2021 截至二零二一年六月三十日止六個月
Director(s)	the director(s) of the Company
董事	本公司董事
EBITDA		earnings before interest, taxes, depreciation and amortisation
EBITDA	扣除利息、稅費、折舊及攤銷前利潤
ESG Committee	environment, social and governance committee
ESG委員會	環境、社會及管治委員會
Expand Base Expand Base	Expand Based Limited,本公司全資附屬公司	Expand Based Limited, wholly-owned subsidiary of the Company

於本中期報告內,除非文義另有所指,否則

FVOCI 按公平值計入其他綜合收益	fair value through other comprehensive income 按公平值計入其他綜合收益
FVPL 按公平值計入損益	fair value through profit or loss 按公平值計入損益
Group 本集團	the Company and its subsidiaries 本公司及其附屬公司
HKAS 香港會計準則	Hong Kong Accounting Standard issued by HKICPA 香港會計師公會頒佈之香港會計準則
HKFRS 香港財務報告準則	Hong Kong Financial Reporting Standards issued by HKICPA 香港會計師公會頒佈之香港財務報告準則
HKICPA 香港會計師公會	Hong Kong Institute of Certified Public Accountants 香港會計師公會
Hong Kong 香港	the Hong Kong Special Administrative Region of the PRC 中國香港特別行政區
Listing Rules 上市規則	the Rules Governing the Listing of Securities on the Stock Exchange 聯交所證券上市規則
Model Code	Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix 10 of the Listing Rules
標準守則	上市規則附錄十所載上市發行人董事進行證券交易的標準守則
MSG	monosodium glutamate, a salt of glutamic acid which is commonly used as a flavour enhancer and additive in the food industry, restaurant and household application
味精	谷氨酸納,為食品業、食肆及家庭普遍用作調味劑及添加劑的谷氨酸鹽
New Share Option Scheme	the share option scheme adopted by the Company on 12 May 2017 for granting the share options to certain Directors and employees of the Company
新購股權計劃	本公司於二零一七年五月十二日採納的購股權計劃,以向若干董事及本公司僱員 授出購股權
Nomination Committee	nomination committee of the Board
提名委員會	董事會提名委員會
Period	six months ended of 30 June 2022
期內	截至二零二二年六月三十日止六個月

GLOSSARY (Continued) 詞彙(續)

Post-IPO Share Option Scheme	the share option scheme adopted by the Company on 10 January 2007 for granting the share options to certain Directors and employees of the Company after IPO
首次公開招股後購股權計劃	本公司於二零零七年一月十日所採納購股權計劃,以向若干董事及本公司僱員於 首次公開招股後授出購股權
PRC	the People's Republic of China, which for the purpose of this report exclude Hong Kong, the Macau Special Administrative Region of the PRC and Taiwan
中國	中華人民共和國,就本報告而言,不包括香港、中國澳門特別行政區及台灣
Remuneration Committee	remuneration committee of the Board
薪酬委員會	董事會薪酬委員會
SFO	the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong)
證券及期貨條例	香港法例第571章證券及期貨條例
Share(s)	share(s) in the share capital of the Company
股份	本公司股本中的股份
Shareholder(s)	holder(s) of the Share(s)
股東	股份持有人
Stock Exchange	the Stock Exchange of Hong Kong Limited
聯交所	香港聯合交易所有限公司
Summit Challenge	Summit Challenge Limited, wholly-owned subsidiary of the Company
Summit Challenge	Summit Challenge Limited,本公司全資附屬公司
Trans-Asia	Trans-Asia Capital Resources Ltd., wholly-owned subsidiary of the Company
環亞	環亞資本有限公司,本公司全資附屬公司
U.S.	the United States of America
美國	美利堅合眾國
HKD	Hong Kong dollars, the lawful currency of Hong Kong
港元	香港法定貨幣港元
RMB	Renminbi, the lawful currency of the PRC
人民幣	中國法定貨幣人民幣
USD	United States dollars, the lawful currency of the U.S.
美元	美國法定貨幣美元
%	per cent
%	百分比