[中报]新 和 成(002001):2024年半年度报告（英文版）
原标题:新 和 成:2024年半年度报告（英文版） 【August 2024】 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 何江勇 (He Jiangyong), 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 ....................................................................................................................... 23 Section V Environmental and Social Responsibilities ........................................................................................ 26 Section VI Significant Events................................................................................................................................ 35 Section VII Movements in Shares and Information about Shareholders ......................................................... 43 Section VIII Preferred Shares .............................................................................................................................. 48 Section IX Bonds .................................................................................................................................................... 49 Section X Financial Report ................................................................................................................................... 50 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
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 2023 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 2023 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
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, aroma chemicals, 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 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, taurine, serine, 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. Aroma Chemicals: 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 aroma chemicals industry. The Company continuously enriches the varieties of fragrance products to meet the changing market demands. Polymer materials: The company focuses on the development of high-performance polymers and key intermediates, moderate development of downstream applications of materials, the main products include polyphenyl sulfide (PPS), high temperature nylon (PPA), HDI, IPDA, downstream applications include automotive, electronic appliances, environmental protection, industrial applications and other fields. At present, the company has created a whole industry chain of PPS from basic raw materials to high polymer, then to modified processing, to special fibers, becoming the only domestic enterprise that can stably produce fiber grade, injection grade, extrusion grade, coating grade PPS, and is developing new material projects in the whole industry chain. APIs: The main products are concentrated in the series of vitamins and antibiotics. The main products include moxifloxacin hydrochloride, vitamin A, vitamin D3, etc., which are mainly used as active pharmaceutical ingredients for processing and producing pharmaceutical preparations. 2. Main business models (1) Procurement model The company has always adhered to the procurement principle of “fairness, transparency and optimal cost”, adopted the dual strategy of long-term strategic cooperation and open competitive procurement, deepened the market trend and market analysis, and ensured the steady supply of strategic materials. Pay attention to source procurement, reduce intermediate links, reduce procurement costs. Promote sunshine procurement, establish an information system, and make the procurement process transparent, standardized and efficient. Select suppliers with good reputation and quality products, and sign quality assurance agreements to ensure stable and reliable performance of purchased items. We will give priority to environmentally friendly, energy-saving and sustainable products and services, encourage suppliers to achieve green production and operation, and gradually promote carbon emission reduction and carbon neutrality plans. Select suppliers with a good sense of social responsibility, pay attention to their social responsibility performance, establish long-term cooperative relations, and achieve sustainable development of procurement activities. (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 maintained a balance between production and sales through analysis of changes in market demands, effective response to repeated epidemic waves and dual-control power cuts, and reasonable production plans. In addition, the Company keeps innovating the production model, digging out internal potentials, and optimizing the production process, 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, aroma chemicals, 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 development and construction of new projects and new products were carried out in an orderly manner. In the nutrition sector, the production capacity of the methionine project released, achieving normal production and sales of 300,000 tons/year of products, and enhancing market competitiveness. The 180,000 tons/year liquid methionine (conversion) project of the company and China Petroleum & Chemical Corporation was put into construction; 4,000 tons/year cystine project was in stable production operation, the pilot project of glufosinate-ammonium project went smoothly . In the aroma chemicals sector,the series of aldehyde projects, SA projects, and the first phase project of the spice industrial park were steadily promoted. In the new polymer materials sector, the development of PPS new field applications was smooth, continuous detail optimization of EJ project and promotion of large-scale production approval, the HA project products were smoothly produced and sold. During the reporting period, the company's main product market prices were restored, and the company took multiple measures to expand market share, accelerate the market development of new products and applications, strengthen sales team building, optimize customer service, strengthen brand building, and achieve steady growth in the sales volume of its main products. At the same time, the company achieved stable growth in performance by continuously innovating to reduce costs and increase efficiency, optimizing production processes, resource allocation, energy consumption, and reasonably reducing operating costs. 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, aroma chemicals, 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, management, talent and brand. 1. Corporate culture Adhering to the enterprise objective of “creating wealth, employees’ 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,promoting the improvement of management capabilities. 2. R&D The company adheres to the research and development concept of "demand-oriented, internal and external integration", and has invested more than 5% of its operating income in research and development for many consecutive years. Through the establishment of an innovative organizational structure at three levels of science, technology and application, the company has formed a three-level innovative research and development system of scientific research, technology transformation and technology application, and formed a research and development model with the General research Institute as the core, research branches, four production bases, NHU-Zhejiang University joint research and development center, and external scientific research cooperation institutions. The company cooperates closely with well-known 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, and CysBio Biotechnology Co., LTD., organizing and utilizing global basic science research resources to jointly carry out prospective and applied research in chemistry. As the core of enterprise technology innovation, the research institute of the company has set up biomedical laboratory, supercritical reaction laboratory, engineering equipment research center and other laboratories, equipped with 600M ultra- low temperature probe nuclear magnetic resonance instrument and other world advanced scientific research equipment, master the supercritical reaction, high vacuum distillation, high pressure hydrogenation continuous, peroxide and continuous crystallization and other leading technologies at home and abroad. It has been rated as a national enterprise technology center, a national postdoctoral research workstation, and a national model academician 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 joint innovation and other methods, 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 adhered to the management concept of "standardized and efficient" and the employment concept of "both virtue and talent, people and posts matching", and has shaped a pioneering and innovative, pragmatic, and efficient talent team and a long-term stable and excellent management team with a high sense of responsibility, to promote the sustainable, healthy and rapid development of the company. The company continues to strengthen the construction of talent supply chain, constantly improve the talent training system, strengthen the training of "management talents, skilled talents, international talents, core technical talents, and leadership talents", systematically train and reserve college students, introduce various professional talents, continue to promote the training of reserve cadres such as the sailing class and the departure class, and promote the cross-sequence rotation training of the font type. Promote the improvement of management and professional ability, and build a balanced talent structure. 6. Brand The company adheres to the "integrity-based", and has always adhered to serving customers and creating industry value with customers as the goal pursued by enterprises over the years. Through technological innovation, the company continues to provide customers with safe and high-quality products and efficient and satisfactory services. After years of development and accumulation, the company has won many honorary titles in the global fine chemical industry, such as one of China's top ten feed additive brands, one of the country's large vitamin feed additive enterprises, and won the list of China's top 500 petroleum and chemical enterprises (comprehensive) and China's top 100 basic chemical raw material manufacturing enterprises. Good market reputation has laid a solid foundation for the healthy and long-term development of the company. In addition, the company has repeatedly won the top 30 best internal control in Zhejiang Province, the mainstream media listed companies "Best Investor relations Award", "Best Board of Directors award" and other awards, widely favored by the market and investors. During the reporting period,the company was rated as "Zhejiang Export Famous Brand", "Top 100 Private Enterprises in Shaoxing City 2024", and won the "15th Tianma Award for Investor Relations of Chinese Listed Companies Tianma Award for Shareholder Return" and "Top 30 Zhejiang Listed Companies Best Internal Control Award in 2023". 7. Globalization Globally oriented, the company has set up overseas sales companies in Hong Kong, Singapore, Germany, Mexico, Brazil and other comprehensive solutions in the fields of nutrition and health, daily care, transportation, environmental protection, energy, and other fields for customers in more than 100 countries and regions around the world. We will strive to optimize the allocation of resources at home and abroad, help expand overseas markets and provide localized services, and continue to move toward "Global NHU". 8. Intelligent Manufacturing The company establishes the "one headquarters and multiple bases" management and control mode, builds a large-middle desk technical route with new and successful characteristics, and strengthens the awareness of data management and the management platform support system by building the business center, data center and technology center, so as to realize the smooth management process of the headquarters and production base, the same source of business data, and supports the efficient business decision-making of enterprises. The company constantly promotes automation, informatization and digitalization, strives to create a new and characteristic intelligent manufacturing system, build smart factories, promote intelligent operation management, achieve efficient, flexible, punctual, lean production of high-quality products, better meet and serve customers, and shape new advantages of industrial competition. 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
 |