[中报]新 和 成(002001):2023年半年度报告（英文版）
原标题:新 和 成:2023年半年度报告（英文版） August 2023 Section I Important Notes, Contents, and Definitions The Board of Directors and its members, Board of Supervisors and its members, and senior executives of the Company hereby guarantee that the information presented in this semi-annual report is authentic, accurate, complete and free of false records, misleading statements or material omissions, and they will bear individual and joint liabilities for such information. 胡柏藩 (Hu Baifan), the Company’s legal representative, 石观群 (Shi Guanqun), the officer in charge of accounting, and 张莉瑾 (Zhang Lijin), the head of accounting department hereby declare that they guarantee the financial statements in this semi-annual report are authentic, accurate and complete. All members of the Board of Directors have attended the meeting of the Board of Directors for deliberation of this semi-annual report. The future plan and other forward-looking information disclosed in this semi-annual report shall not be regarded as a commitment to investors. We kindly remind investors of all possible risks in investments. The company provides a detailed description of the potential risks and countermeasures that may exist in the company's operations in X. Risks and countermeasures under Section III Management Discussion and Analysis section of this report. We kindly remind investors of all possible risks in investments. The Company will not distribute cash dividend, distribute bonus shares, or distribute shares from capital reserve during the current reporting period. This Semi-Annual Report is an English translation of the Chinese Semi-Annual Report. In case the English version does not conform to the Chinese version, the Chinese version prevails. Contents Section I Important Notes, Contents, and Definitions ......................................................................... 1 Section II Company Profile and Key Financial Indicators .................................................................. 5 Section III Management Discussion and Analysis ............................................................................... 8 Section IV Corporate Governance ..................................................................................................... 22 Section V Environmental and Social Responsibilities ....................................................................... 25 Section VI Significant Events ............................................................................................................ 30 Section VII Movements in Shares and Information about Shareholders ........................................... 38 Section VIII Preferred Shares ............................................................................................................ 42 Section IX Bonds ............................................................................................................................... 43 Section X Financial Report ................................................................................................................ 44 Documents Available for Reference I. Financial statements signed and sealed by the Company’s legal representative, officer in charge of accounting, and head of accounting department; II. Original copy of all the Company's documents and announcements published on the newspapers designated by CSRC within the reporting period III. Other documents for reference. Definitions
Section II Company Profile and Key Financial Indicators I. Company profile
II. Contact information
III. Other Information 1. Company’s Contact Information Whether the Company’s registered address, office address, zip code, website and e-mail address has changed during the reporting period □ Applicable √ Not applicable The Company’s registered address, office address, zip code, website and e-mail address have not changed during the reporting period, which can be found in the 2022 Annual Report. 2. Information Disclosure and Location Whether information disclosure and location has changed during the reporting period □ Applicable √ Not applicable The name of the Company’s selected information disclosure newspaper, the URL of the website designated by the CSRC where the semi-annual report is posted, and the place where the Company’s semi-annual report is available have not changed during the reporting period, which can be found in the 2022 Annual Report. 3. Other relevant Information Whether other relecant information has changed during the reporting period □ Applicable √ Not applicable IV. Key accounting data and financial indicators Whether the Company needs to perform retroactive adjustment or restatement on financial data of prior years √ Yes □ No Reason for retroactive adjustment or restatement Accounting policy changes and other reasons
for Deferred Taxes on Assets and Liabilities Arising from Individual Transactions that are not Subject to the Initial Recognition Exemption," which became effective on January 1, 2023. If taxable temporary differences and deductible temporary differences arise from lease liabilities and right-of-use assets recognized as a result of a single transaction to which this provision applies, as well as projected liabilities related to abandonment obligations and related assets recognized at the beginning of the earliest period in which the financial statements of the first-time implementation of this provision are presented, the Company will recognize taxable temporary differences and deductible temporary differences in accordance with the provisions of this provision and Accounting Standard No. 18 - "Income Taxes". -Income Taxes, the Company adjusts the cumulative effect to opening retained earnings and other related financial statement items in the earliest period for which the financial statements are presente. V. Differences in accounting data under Chinese accounting standards and overseas accounting standards 1. Difference in net profit and net assets in financial statements disclosed respectively under IFRS Standards and Chinese accounting standards □ Applicable √ Not Applicable The Company has no difference in net profit or net assets in financial statements disclosed respectively under IFRS Standards and Chinese accounting standards. 2. Difference in net profit and net assets in financial statements disclosed respectively under overseas accounting standards and Chinese accounting standards □ Applicable √ Not Applicable The Company has no difference in net profit or net assets in financial statements disclosed respectively under overseas accounting standards and Chinese accounting standards. VI. Non-recurring profit or loss √ Applicable □ Not Applicable Unit: RMB Yuan
The Company has no other profit or loss satisfying the definition of non-recurring profit or loss. Remarks on defining non-recurring profit or loss listed in the “Interpretation Pronouncement on Information Disclosure Criteria for Public Companies No. 1 – Non-Recurring Profit or Loss” as recurring profit or loss. □ Applicable √ Not Applicable The Company has no situation of defining non-recurring profit or loss listed in the “Interpretation Pronouncement on Information Disclosure Criteria for Public Companies No. 1 – Non-Recurring Profit or Loss” as recurring profit or loss. Section III Management Discussion and Analysis I. The main business of the Company during the reporting period The Company is a national high-tech company mainly engaged in the production and sales of nutrition, flavor and fragrance, new polymer materials, and APIs. It focuses on fine chemicals, adheres to the concept of innovation-led development and competition-driven growth, and continuously develops various functional chemicals based on the two core platforms of chemical and biology, providing value-added services and solutions to customers in more than 100 countries and regions around the world. It continuously improves the quality of human life with high-quality, healthy and green products, and creates sustainable value for stakeholders. With leading technology, scientific management and sincere service, the Company has become one of the four major world vitamin manufacturers, one of the top 100 national fine chemical companies, one of the top 10 companies in China’s light of industry fragrance and a well-known special engineering plastics manufacturer. 1. Main products and applications Nutrition: The current products mainly cover vitamins, amino acids and pigments, etc. Specific products include vitamin E, vitamin A, vitamin C, methionine, vitamin D3, biotin, coenzyme Q10, carotenoids, vitamin B5, vitamin B6, vitamin B12, etc. They are mainly used in feed additives and nutrition supplements of food, beverages, health food, etc. The Company actively implements the serialized and differentiated development of nutrition, and continuously improves the competitiveness of its products by optimizing the processing line and tackling key issues. In addition, through internal integration and external cooperation, it embraces the ideology of open cooperation. It actively deploys cutting-edge biotechnology, and builds the Company’s “Bio+” platform. Flavor and fragrance: At present, our main fragrance products include linalool, citral, and cis-3-hexenol series, and methyl dihydrojasmonate, raspberry ketone and ligustral, which are widely used in personal care, cosmetic and food fields. From the perspective of competitiveness and market share, NHU becomes an important supplier in the global flavor and fragrance industry. The company continuously enriches the varieties of fragrance products to meet the changing market demands. New polymer materials: The Company focuses on the development of high molecular polymers and key intermediates, and appropriately develops downstream applications of materials according to the principles of integration and serialization. The entire industry chain of PPS from raw materials to high molecular polymers, then through modifying processing to special fibers has enabled the Company as the only company in China that can stably produce fiber grade, injection molding grade, extrusion grade and coating grade PPS. The main products include PPS and PPA. They are mainly used in electronic and electrical, automotive, environmental protection, etc. APIs: The main products are concentrated in the series of vitamins and antibiotics. The main products include moxifloxacin hydrochloride, vitamin A, vitamin D3, caronic anhydride, azabicyclic, etc., which are mainly used as active pharmaceutical ingredients for processing and producing pharmaceutical preparations. 2. Main business models The Company has always been adhering to the procurement principle of “fairness, transparency and optimal cost”, and adopts a combination of long-term strategic cooperation and open competitive procurement, and makes best use of market trend analysis, to ensure the stable supply of the Company’s strategic materials. The Company pays attention to source procurement, and continuously promotes the removal of intermediate links in the supply chain to reduce procurement costs; the Company implements transparent procurement, and launches information systems such as procurement platform, supplier and bidding management system, and industrial supplies supermarket, etc. to make the procurement process more transparent, standardized and efficient, which promotes the healthy development of the supply chain and reduces costs and increases efficiency for the Company’s operations. (2) Production model The Company has always been adhering to the production strategy based on the principle of “production and sales coordination, efficient operation, excellent quality, and cost leadership”. The Company arranges production plans properly based on changes in market demand to achieve a balance between production and sales. In addition, the Company keeps innovating the production model, digging out internal potentials, and optimizing the production process, reducing energy consumption, in order to promote safe, green, standardized and efficient production, and continuously improve the competitiveness of its products. (3) Sales model The Company has always been adhering to the “customer-centric, market-oriented” sales strategy. It divides business lines by product application fields, and establishes a sales model that suits market needs according to market characteristics and industry practices. Most of the Company’s sales are achieved through direct sales. By doing so, it establishes long-term and stable strategic cooperative relationships with end customers to create greater value for them. Meanwhile, it also selects excellent agents or distributors for distribution. By doing so, it services customers indirectly based on market and customer features. At the same time, through measures such as holding customer service months, strengthening customer strategic cooperation, establishing customer evaluation models, and optimizing customer classification management, we will continue to expand market areas, increase new large-scale customers, and enhance brand influence. 3. Key performance drivers The Company has built four modern industrial bases across the country. It adheres to the development strategy of integration, serialization and synergy, and insists on innovation-driven. Relying on the solid foundation of fine chemical industry, it focuses on “chemical+” and “biology+” to form NHU featured R&D models with industrial clusters, and technology and industry platforms interdependent. Not only can its products connect basic chemical raw materials in the upstream, but also extend to special intermediates, nutrition, flavor and fragrance, new polymer materials, and APIs in the downstream. It has formed a product network structure to resist risks and respond to market emergencies. During the reporting period, the company's original products were refined and the construction of new projects, the R&D of new products were carried out in an orderly manner. In the nutrition sector, the Company’s second phase of methionine 250,000 ton/year project, of which 100,000-ton equipment was operating smoothly, with comprehensive competition continuously improved. And of which 150,000-ton equipment was constructed in June 2023 for test preparation. The company and China Petroleum & Chemical Corporation planned to jointly build a 180,000-ton/year liquid methionine (purified) project, the production plant was under construction. 30,000 tons/year NH-acid project was under test run by schedule. 2,500 ton/year vitamin B5 project was in production and sales. In the Flavor and fragrance sector, the project with an annual output of 5,000 tons of menthol was in production and sales. In the new polymer materials sector, the commissioning of the phase III PPS project with an annual output of 7,000 tons was in production and sales; The adiponitrile project was in the pilot test stage, and the project approval process was advancing in an orderly manner. In the API sector, the company will upgrade product structures according to market demand, gradually developing into manufacturers of antipyretic and analgesic medicine, nutritional medicine, and characteristic API intermediates. During the reporting period, with of market changes in major vitamin products, the company actively took countermeasures, innovated marketing strategies and management to improve product sales. The company overcomed various adverse factors, promoted the sales of newly launched projects, gave full play to the advantages of sector linkage, and achieved steady growth in revenue of flavor and fragrance sector and new polymer materials sector. During the reporting period, the Company’s main business and its business model remained unchanged. II. Core competitiveness analysis Since its establishment, the Company has focused on fine chemicals, and adhered to innovation-driven development. Through decades of development, it has gradually formed an industrial system with nutrition, flavor and fragrance, new polymer materials and APIs as its main business. The market share of its main products is among the top tier in the world market. The Company’s core competitiveness lies in its cooperate culture, R&D, production management, process and equipment, talent and brand. 1. Corporate culture Adhering to the enterprise objective of “creating wealth, employee success, and benefit the society”, core values of “new, harmony, union”, business philosophy of “create wealth, balanced and sustainable”, and enterprise spirit of “realism, innovation, high-quality and efficiency”, the Company innovates its operation, and continuously improves management, to ensure the steady development. Under the guidance of the “teacher culture”, the Company pursues high-quality and sustainable development, creates spiritual wealth and material wealth, provides a platform and opportunity for employees to develop and realize life value, and contributes to social innovation development, green development and shared development. During the reporting period, the Company deepened cultural publicity and implementation, organized corporate culture lectures, strengthened the integration of corporate culture and management, carried out reflection activities on execution and talent training, and promoted the improvement of management capabilities. 2. R&D Adhering to the R&D philosophy of “demand-orientated, internal integration and external cooperation”, the Company invested greatly in R&D activities. The R&D investments accounted for more than 5% of the operating revenue for many years in a row. It has built the innovative R&D system spanning from basic research, engineering development, process optimization to product application development. With its focus on the development of common, critical and forward-looking technologies in the chemicals industry, the Company has developed and mastered a number of key technologies that have a strategic impact on economic development and has promoted the transformation and upgrading of the industry. The Company cooperates closely with famous research institutes and universities at home and abroad, such as Zhejiang University, Chinese Academy of Sciences, Jiangnan University, China Agricultural University, Zhejiang University of Technology, CysBio biotechnology company of Denmark, and organizes and utilizes global basic scientific research resources to jointly develop forward-looking studies and application field researches on chemicals. As the core of the Company’s technology innovation, the Company’s researchinstitute has biomedical laboratories, supercritical reaction laboratories, engineering equipment research centers and other laboratories, equipped with 600M NMR with cryoprobes and other world-leading scientific research instruments and equipment. Its achievements of domestic leading technologies such as supercritical reaction, high scientific research workstation, and national model academician and expert workstation. 3. Production management The Company has always been adhering to the production strategy based on the principle of “production and sales coordination, efficient operation, excellent quality, and cost leadership” and the HSE guideline of “safety first, green development, full participation, and continuous improvement”. The Company takes planning as the goal, cost management as the main line, and maximizing company benefits as the principle for the allocation of resources. Through oriented management and the cyclic operation of planning, organization, implementation and control of the operation process, the Company continuously strengthens the level of cost control. Meanwhile, it also improves the level of digitalization and intelligence. Through process reform, efficient management and intelligent operation, it promotes the continuous improvement of management efficiency. In addition, the Company is committed to the development of green chemicals, vigorously promotes clean production, recyclable economy and 7S on-site management, and adopts an environmental governance model that focuses on source control and final disposal. It is determined to take the road of sustainable development. 4. Process and equipment The Company values highly the effective combination of process and equipment. It has a process and equipment research institute, and cooperates with famous engineering companies and scientific research institutes at home and abroad. Through the introduction, digestion, absorption and re-innovation of advanced technologies, the Company improves the overall level of its process and equipment. The Company is dedicated to the R&D of process and equipment towards larger scale, better airtightness, greater continuity, and higher level of automation, aiming to save energy and reduce emissions, to improve productivity and product quality, to increase the intrinsic safety of production process, to lower production costs, and to improve the level of automation. Currently, the Company has developed various efficient reaction and separation platforms including continuous reaction, high vacuum distillation, continuous extraction, continuous crystallization, efficient filtration, simulated moving bed separation, microchannel and micro-interface reaction with respect to specific processes, and remarkable results have been achieved in continuous transformation of reaction, vapor-liquid-solid heterogeneous reaction, and separation of air sensitive and heat sensitive materials through continuous improvement of large-size equipment. 5. Talent The Company has always been adhering to the management concept of “standardization and efficiency” and the employment concept of “valuing both integrity and talent, and matching people with right positions”, and has created a pioneering, innovative, pragmatic and efficient talent team and a long-term, stable and excellent management team with a high sense of responsibility, which promotes the Company’s sustained, healthy and rapid development. The Company continues to strengthen the construction of the talent supply chain. It continuously improves the talent training system, strengthens the training of “management talents, skilled talents, international talents, core technical talents, and leadership talents”, systematically cultivates and reserves university graduates, introduces various professionals, and continues to promote the training and reserve of senior talents. It also promotes the rotation training in zigzag and cross-sequence pattern, in order to promote the integration of management and profession, and to build a team with a balanced talent structure. During the reporting period, the company was awarded the Xinchang "High quality development demonstration award, valuing talents and loving talents award". 6. Brand The Company follows the “integrity first” guideline, and has always regarded serving customers and creating industry value with customers as the goal of the Company. Through technological innovation, the Company continuously provides customers with safe and high-quality products, as well as efficient and satisfactory services. After years of development and accumulation, the company has won many honors in the global fine chemical industry, such as one of the top ten feed additive brands in China and one of the la rge vitamin feed additive enterprises in China, and has been ranked among the top 500 petroleum and chemical enterprises (comprehensive category) and the top 100 enterprises in China's basic chemical raw material manufacturing industry. In addition, the company has won many awards such as "Top 30 Best Internal Control in Zhejiang Province", "Best Investor Relations Award" and "Best Board of Directors Award" of listed companies in mainstream media, which are widely favored by the market and investors. During the reporting period, the company was rated as one of the "Excellent Member Unit of China Brand Construction Promotion Association", and "Capital Brand High Value Enterprise in Zhejiang Province of 2022", "Top 100 Private Enterprises in Shaoxing City of 2023". III. Main Business Analysis Overview Refer to “I. The Main Business of the Company during the Reporting Period” Year-on-year changes in key financial data Unit: RMB Yuan
□ Applicable √ Not applicable No significant changes in the composition of the Company’s profit or sources of profit during the reporting period. Operating Income Structure Unit: RMB Yuan
√ Applicable □ Not applicable Unit: RMB Yuan
data in the most recent period should be subject to the one after the statistical caliber adjusted at the end of the reporting period. □ Applicable √ Not applicable IV. Non-main business analysis √ Applicable □ Not Applicable Unit: RMB Yuan
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