目录 Contents Directors’Report 董事会报告书 2 ManagementDiscussionandAnalysis 管理层讨论及分析 10 EnvironmentalandSustainabilityReport 环境及可持续发展报告 19 RiskReviewReport 风险审阅报告 31 CorporateGovernanceReport 企业管治报告 35 DirectorsandSeniorManagementProfiles 董事及高级管理人员简介 49 IndependentAuditor’sReport 独立核数师报告 52 ConsolidatedStatementofProfitorLossandOtherComprehensiveIncome 合并损益及其他综合收益表 58 ConsolidatedStatementofFinancialPosition 合并财务状况表 59 ConsolidatedStatementofChangesinEquity 合并权益变动表 61 ConsolidatedStatementofCashflows 合并现金流量表 62 NotestotheConsolidatedFinancialStatements 合并财务报表附注 63 Five-YearFinancialSummary 五年财务概要 118 CorporateInformation 公司资料 119 董事会报告书 Directors’Report TheDirectorsarepleasedtopresentthisannualreporttogetherwiththeauditedconsolidatedfinancialstatementsoftheCompanyanditssubsidiaries(collectively,the“Group”)fortheyearended31December2022. PRINCIPALACTIVITIES TheprincipalactivityoftheCompanyisinvestmentholding.TheCompany’ssubsidiariesareprincipallyengagedinthemanufactureandsaleofcornstarch,lysine,starch-basedsweetener,modifiedstarchandancillarycorn-basedandcorn-refinedproducts.DetailsoftheprincipalactivitiesoftheCompany’ssubsidiariesaresetoutinnote15totheauditedconsolidatedfinancialstatements. BUSINESSREVIEW TheGroup’srevenueisderivedfromtwobusinesssegments,namely(i)upstreamproductsand(ii)fermentedanddownstreamproducts,theproductionactivitiesofwhicharecarriedoutinthePeople’sRepublicofChina(the“PRC”). AfairreviewoftheGroup’sbusinessduringtheyearissetoutintheManagementDiscussionandAnalysisonpages10to18.TheEnvironmentalandSustainabilityReportsetoutonpages19to30providesareviewoftheGroup’senvironmentalpolicies,compliancedetailsandkeyrelationshipswiththemajorstakeholders(includingitsemployees,customersandsuppliers).TheRiskReviewReportsetoutonpages31to34providesacomprehensivereviewofprincipalrisksanduncertaintiesfacingtheGroup. TheGroupiscommittedtocomplyingwithallenvironmentalpoliciesandotherrelevantlawsandregulationsrelatedtoitsbusinessoperatingenvironment.Inaddition,theGroupalsohasaninternallaboratorytomonitorthequalityofourproductsperpetuallyinordertoensurethatourproductscomplywithnationalstandards,includingfoodsafetystandards. CONNECTEDTRANSACTION DetailsoftherelatedpartytransactionsoftheGroupfortheyearended31December2022aresetoutinnotes25and32totheauditedconsolidatedfinancialstatements.Therelatedpartytransactionsassetoutinnotes25and32totheauditedconsolidatedfinancialstatementsconstitutedfullyexemptconnectedtransactionsasdefinedinChapter14AoftheRulesGoverningtheListingofSecurities(the“ListingRules”)onTheStockExchangeofHongKongLimited(the“StockExchange”). 董事欣然提呈本年报及本公司及其附属公司(统称 “本集团”)截至二零二二年十二月三十一日止年度的经审核合并财务报表。 主要业务 本公司的主要业务为投资控股。本公司的附属公司主要从事制造及销售玉米淀粉、赖氨酸、淀粉糖、变性淀粉、玉米制副产品及玉米深加工产品。有关本公司附属公司的主要业务详情载于经审核合并财务报表附注15。 业务回顾 本集团的收入来自两个业务分部,即(i)上游产品及(ii)发酵及下游产品,有关业务的生产活动于中华人民共和国(“中国”)进行。 有关本集团年内业务的公平回顾载于第10至18页的管理层讨论及分析。环境及可持续发展报告载于第19至30页,就本集团的环境政策、合规细节及与主要持份者(包括其雇员、客户及供应商)的主要关系进行检讨。风险审阅报告载于第31至34页,就本集团所面对的主要风险及不明朗因素进行全面检讨。 本集团承诺遵守与其业务营运环境相关的全部环境政策及其他相关法律及法规。此外,为确保我们的产品遵守国家标准(包括食物安全标准),本集团亦设有内部实验室以不间断地监控产品质量。 关连交易 有关截至二零二二年十二月三十一日止年度的本集团关连方交易详情载于经审核合并财务报表附注25及32。经审核合并财务报表附注25及32所载的关连方交易构成香港联合交易所有限公司(“联交所”)证券上市规则(“上市规则”)第14A章所界定的获全面豁免的关连交易。 DIVIDENDS TheBoardispleasedtorecommendthepaymentofafinaldividendofHK0.69centspersharefortheyearended31December2022toshareholderswhosenamesappearontheregisterofmembersoftheCompanyon15June2023.Theproposedfinaldividend,ifapprovedattheforthcomingannualgeneralmeetingoftheCompany(“AGM”),isexpectedtobepaidonorabout19July2023incash. DIRECTORS TheDirectorsoftheCompanyduringtheyearanduptothedateofthisreportare: ExecutiveDirectors: Mr.TianQixiang(Chairman) Mr.GaoShijun(ChiefExecutiveOfficer) Mr.LiuXianggangMr.YuYingquan Independentnon-executiveDirectors: ProfessorHuaQiangMr.SunMingdaoMr.YueKwaiWa,Ken Mr.GaoShijun,Mr.YuYingquanandMr.YueKwaiWa,Kenwillretireand,beingeligible,offerthemselvesforre-electionattheforthcomingAGM.Mr.YuehasservedtheCompanyasanindependentnon-executiveDirectorformorethan9years,hisre-electionandfurtherappointmentasanindependentnon-executiveDirectorwillbesubjecttoaseparateresolutiontobeconsideredand,ifthoughtfit,approvedbytheShareholdersattheforthcomingAGM. NoneoftheaboveDirectorsproposedforre-electionhasenteredintoanyservicecontractwiththeCompanywhichisnotdeterminablebytheCompanywithinoneyearwithoutpaymentofcompensation,otherthanstatutorycompensation. TheCompanyhasreceivedfromalloftheindependentnon-executiveDirectors,namelyProfessorHuaQiang,Mr.SunMingdaoandMr.YueKwaiWa,Ken,anannualconfirmationoftheirindependencepursuanttoRule3.13oftheListingRulesandconsidersthatallofthemareindependent. 股息 董事会欣然建议向于二零二三年六月十五日名列本公司股东名册之股东派付截至二零二二年十二月三十一日止年度的末期股息每股0.69港仙。拟派末期股息如于本公司应届股东周年大会(“股东周年大会”)获批准,预期将于二零二三年七月十九日或前后以现金派发。 董事 年内及直至本报告日期止,本公司董事如下: 执行董事: 田其祥先生(主席) 高世军先生(行政总裁)刘象刚先生 于英泉先生 独立非执行董事: 花强教授孙明导先生余季华先生 高世军先生、于英泉先生及余季华先生将退任,惟彼等均符合资格并愿于应届股东周年大会膺选连任。余先生已担任本公司独立非执行董事超过9年,其重选及再获委任为独立非执行董事将须以独立决议案提出,经股东于应届股东周年大会上考虑及酌情批准,方可作实。 以上建议重选连任的董事并无与本公司订立任何不可由本公司于一年内毋须支付赔偿(除法定赔偿外)之情