中國澱粉：二零二三年年報.pdf

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1、1ANNUAL REPORT 2023二零二三年年報Contents目錄 Directors Report董事會報告書2Management Discussion and Analysis管理層討論及分析11Environmental and Sustainability Report環境及可持續發展報告21Risk Review Report風險審閱報告33Corporate Governance Report企業管治報告37Directors and Senior Management Profiles董事及高級管理人員簡介50Independent Auditors Report獨立核數

2、師報告53Consolidated Statement of Profit or Loss and Other Comprehensive Income合併損益及其他綜合收益表59Consolidated Statement of Financial Position合併財務狀況表60Consolidated Statement of Changes in Equity合併權益變動表62Consolidated Statement of Cash flows合併現金流量表63Notes to the Consolidated Financial Statements合併財務報表附註64Five

3、-Year Financial Summary五年財務概要122Corporate Information公司資料1232CHINA STARCH HOLDINGS LIMITED中國澱粉控股有限公司Directors Report董事會報告書 董事欣然提呈本年報及本公司及其附屬公司（統稱本集團）截至二零二三年十二月三十一日止年度的經審核合併財務報表。主要業務本公司的主要業務為投資控股。本公司的附屬公司主要從事製造及銷售玉米澱粉、賴氨酸、澱粉糖、變性澱粉、玉米製副產品及玉米深加工產品。有關本公司附屬公司的主要業務詳情載於經審核合併財務報表附註15。業務回顧本集團的收入來自兩個業務分部，即(i)

4、上游產品及(ii)發酵及下游產品，有關業務的生產活動於中華人民共和國（中國）進行。有關本集團年內業務的公平回顧載於第11至20頁的管理層討論及分析。環境及可持續發展報告載於第21至32頁，就本集團的環境政策、合規細節及與主要持份者（包括其僱員、客戶及供應商）的主要關係進行檢討。風險審閱報告載於第33至36頁，就本集團所面對的主要風險及不明朗因素進行全面檢討。本集團承諾遵守與其業務營運環境相關的全部環境政策及其他相關法律及法規。此外，為確保我們的產品遵守國家標準（包括食物安全標準），本集團亦設有內部實驗室以不間斷地監控產品質量。關連交易有關截至二零二三年十二月三十一日止年度的本集團關連方交易詳情

5、載於經審核合併財務報表附註25及32。經審核合併財務報表附註25及32所載的關連方交易構成香港聯合交易所有限公司（聯交所）證券上市規則（上市規則）第14A章所界定的獲全面豁免的關連交易。The Directors are pleased to present this annual report together with the audited consolidated financial statements of the Company and its subsidiaries(collectively,the“Group”)for the year ended 31 December

6、2023.PRINCIPAL ACTIVITIESThe principal activity of the Company is investment holding.The Companys subsidiaries are principally engaged in the manufacture and sale of cornstarch,lysine,starch-based sweetener,modified starch and ancillary corn-based and corn-refined products.Details of the principal a

7、ctivities of the Companys subsidiaries are set out in note 15 to the audited consolidated financial statements.BUSINESS REVIEWThe Groups revenue is derived from two business segments,namely(i)upstream products and(ii)fermented and downstream products,the production activities of which are carried ou

8、t in the Peoples Republic of China(the“PRC”).A fair review of the Groups business during the year is set out in the Management Discussion and Analysis on pages 11 to 20.The Environmental and Sustainability Report set out on pages 21 to 32 provides a review of the Groups environmental policies,compli

9、ance details and key relationships with the major stakeholders(including its employees,customers and suppliers).The Risk Review Report set out on pages 33 to 36 provides a comprehensive review of principal risks and uncertainties facing the Group.The Group is committed to complying with all environm

10、ental policies and other relevant laws and regulations related to its business operating environment.In addition,the Group also has an internal laboratory to monitor the quality of our products perpetually in order to ensure that our products comply with national standards,including food safety stan

11、dards.CONNECTED TRANSACTIONDetails of the related party transactions of the Group for the year ended 31 December 2023 are set out in notes 25 and 32 to the audited consolidated financial statements.The related party transactions as set out in notes 25 and 32 to the audited consolidated financial sta

12、tements constituted fully exempt connected transactions as defined in Chapter 14A of the Rules Governing the Listing of Securities(the“Listing Rules”)on The Stock Exchange of Hong Kong Limited(the“Stock Exchange”).3ANNUAL REPORT 2023二零二三年年報Directors Report董事會報告書 股息董事會欣然建議向於二零二四年六月十四日名列本公司股東名冊之股東派付截至

13、二零二三年十二月三十一日止年度的末期股息每股0.69港仙。擬派末期股息如於本公司應屆股東週年大會（股東週年大會）獲批準，預期將於二零二四年七月十七日或前後以現金派發。董事年內及直至本報告日期止，本公司董事如下：執行董事：田其祥先生（主席）高世軍先生（行政總裁）劉象剛先生于英泉先生獨立非執行董事：花強教授孫明導先生余季華先生田其祥先生、劉象剛先生及花強教授將退任，惟彼等均符合資格並願於應屆股東週年大會膺選連任。以上建議重選連任的董事並無與本公司訂立任何不可由本公司於一年內毋須支付賠償（除法定賠償外）之情況下終止之服務合約。本公司已收到每位獨立非執行董事（即花強教授、孫明導先生及余季華先生）根據上

14、市規則第3.13條發出的年度獨立性確認函，並認為彼等全部具獨立性。DIVIDENDSThe Board is pleased to recommend the payment of a final dividend of HK0.69 cents per share for the year ended 31 December 2023 to shareholders whose names appear on the register of members of the Company on 14 June 2024.The proposed final dividend,if approv

15、ed at the forthcoming annual general meeting of the Company(“AGM”),is expected to be paid on or about 17 July 2024 in cash.DIRECTORSThe Directors of the Company during the year and up to the date of this report are:Executive Directors:Mr.Tian Qixiang(Chairman)Mr.Gao Shijun(Chief Executive Officer)Mr

16、.Liu XianggangMr.Yu YingquanIndependent non-executive Directors:Professor Hua QiangMr.Sun MingdaoMr.Yue Kwai Wa,KenMr.Tian Qixiang,Mr.Liu Xianggang and Professor Hua Qiang will retire and,being eligible,offer themselves for re-election at the forthcoming AGM.None of the above Directors proposed for

17、re-election has entered into any service contract with the Company which is not determinable by the Company within one year without payment of compensation,other than statutory compensation.The Company has received from all of the independent non-executive Directors,namely Professor Hua Qiang,Mr.Sun

18、 Mingdao and Mr.Yue Kwai Wa,Ken,an annual confirmation of their independence pursuant to Rule 3.13 of the Listing Rules and considers that all of them are independent.4CHINA STARCH HOLDINGS LIMITED中國澱粉控股有限公司Directors Report董事會報告書 董事於重大交易、安排或合約中的權益 於本財政年度內或年度結束時，本集團並無參與與董事或其關連實體直接或間接擁有重大權益而有關本集團業務的重大

19、交易、安排或合約。獲準彌償根據本公司章程細則（章程細則）第201條，本公司董事及其他高級人員於執行職務時產生或蒙受的所有虧損及責任應以本公司資產作出彌償，惟由欺瞞及失實引致的任何虧損及責任除外。上述彌償條文於年內有效，且截至本年報日期仍然具有效力。此外，本公司已就針對本公司董事及其他高級人員的相關法律行動所導致的彌償損失保留適當的董事及高級人員責任險。董事及主要行政人員的權益於二零二三年十二月三十一日，本公司董事及主要行政人員於本公司或其任何相聯法團（定義見香港法例第571章證券及期貨條例（證券及期貨條例）第XV部）的股份、相關股份或債券中，擁有根據證券及期貨條例第352條須記錄於本公司存置的

20、登記冊內或根據上市規則所載的上市發行人董事進行證券交易的標準守則（標準守則）須另行知會本公司及聯交所的權益及淡倉如下：(A)於本公司股份的好倉附註：此等股份之權益由怡興集團有限公司（怡興）持有。怡興由田其祥先生擁有約54.58%權益。根據證券及期貨條例，田先生被視為於怡興持有的所有股份中擁有權益。DIRECTORS INTEREST IN TRANSACTION,ARRANGEMENT OR CONTRACT OF SIGNIFICANCENo transaction,arrangement or contract of significance in relation to the Grou

21、ps business to which the Group was a party and in which a Director or his connected entity had a material interest,whether directly or indirectly,subsisted during or at the end of the financial year.PERMITTED INDEMNITYPursuant to Article 201 of the articles of association(the“Articles”)of the Compan

22、y,the Directors and other officers of the Company shall be indemnified out of the Companys assets from and against all losses and liabilities which they may incur or sustain in the execution of their duties,excluding any losses and liabilities that may arise from fraud and dishonesty.The above indem

23、nity provision was in force during the course of the year and remained in force as of the date of this annual report.In addition,the Company has maintained appropriate directors and officers liability insurance for the purpose of indemnifying for losses in respect of relevant legal actions against t

24、he Directors and other officers of the Company.DIRECTORS AND CHIEF EXECUTIVES INTERESTSAs at 31 December 2023,the interests and short positions of the Directors and the chief executive of the Company in the shares,underlying shares or debentures of the Company or any of its associated corporations(w

25、ithin the meaning of Part XV of the Securities and Futures Ordinance(Chapter 571 of the Laws of Hong Kong)(the“SFO”)as recorded in the register 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 for Securit

26、ies Transactions by Directors of Listed Issuers(the“Model Code”)contained in the Listing Rules,were as follows:(A)Long positions in shares of the CompanyName of DirectorNature of interestNumber of sharesPercentage of shareholding董事姓名權益性質股份數目佔股權百分比Mr.Tian QixiangInterest in a controlled corporation(n

27、ote)3,705,385,19462.08%田其祥先生受控制法團權益（附註）Note:The interest in these shares was held by Merry Boom Group Limited(“Merry Boom”).Merry Boom is owned as to approximately 54.58%by Mr.Tian Qixiang.Mr.Tian was deemed to be interested in all the shares held by Merry Boom under the SFO.5ANNUAL REPORT 2023二零二三年

28、年報Directors Report董事會報告書 (B)於相聯法團股份的好倉附註：(1)金玉米生物科技為本公司的間接非全資附屬公司。金玉米生物科技的實繳股本為人民幣200,000,000元。憲章文件中並無指定股份數目。(2)壽光晟玉投資股份有限公司（晟玉）為金玉米生物科技的股東之一。高世軍先生通過壽光君澤科技 服 務 有 限 公 司（君 澤）持 有1,500,000股晟玉股份。君澤的全部已發行股本由高世軍先生全資實益擁有。(3)晟玉為金玉米生物科技的股東之一。于英泉先生通過壽光星辰大海商貿有限公司（星辰大海）持有460,000股晟玉股份。星辰大海的全部已發行股本由于英泉先生全資實益擁有。(4)

29、壽光聖玉投資股份有限公司（聖玉）為金玉米生物科技的股東之一。劉象剛先生通過壽光象印經貿 有 限 責 任 公 司（象 ?。┏?有375,000股晟玉股份。象印的全部已發行股本由劉象剛先生全資實益擁有。(B)Long positions in shares of the associated corporationsName of associated corporationName of DirectorNature of interestNumber of sharesPercentage of interest in associated corporation相聯法團名稱董事姓名權益性質股

30、份數目佔相聯法團權益百分比Merry BoomMr.Tian QixiangBeneficial owner13154.58%怡興田其祥先生實益擁有人Mr.Gao ShijunBeneficial owner 6025.00%高世軍先生實益擁有人Mr.Yu YingquanBeneficial owner10.42%于英泉先生實益擁有人Shouguang Golden Corn Biotechnology Limited*(“Golden Corn Biotech”)壽光金玉米生物科技有限公司（金玉米生物科技）Mr.Gao Shijun高世軍先生Beneficial owner實益擁有人(no

31、tes 1,2)（附註1、2）0.75%Mr.Yu Yingquan于英泉先生Beneficial owner實益擁有人(notes 1,3)（附註1、3）0.23%Mr.Liu Xianggang劉象剛先生Beneficial owner實益擁有人(notes 1,4)（附註1、4）0.19%Notes:(1)Golden Corn Biotech was an indirect non-wholly owned subsidiary of the Company.The amount of paid-up share capital of Golden Corn Biotech was R

32、MB200,000,000.The number of shares was not specified in the constitutional document.(2)Shouguang Chengyu Investment Co.,Ltd*(“Chengyu”)was one of the shareholders of Golden Corn Biotech.Mr.Gao Shijun held 1,500,000 shares in Chengyu through Shouguang Junze Technology Service Co.,Ltd.*(“Junze”).The e

33、ntire issued share capital of Junze was wholly and beneficially owned by Mr.Gao Shijun.(3)Chengyu was one of the shareholders of Golden Corn Biotech.Mr.Yu Yingquan held 460,000 shares in Chengyu through Shouguang Starsea Trading Co.,Ltd*(“Starsea”).The entire issued share capital of Starsea was whol

34、ly and beneficially owned by Mr.Yu Yingquan.(4)Shouguang Shengyu Investment Co.,Ltd*(“Shengyu”)was one of the shareholders of Golden Corn Biotech.Mr.Liu Xianggang held 375,000 shares in Shengyu through Shouguang Xiangyin Trading Co.,Ltd(“Xiangyin”).The entire issued share capital of Xiangyin was who

35、lly and beneficially owned by Mr.Liu Xianggang.*English transliteration for identification only.6CHINA STARCH HOLDINGS LIMITED中國澱粉控股有限公司Directors Report董事會報告書 除上文所披露者外，於二零二三年十二月三十一日，董事及本公司主要行政人員或彼等各自的聯繫人士概無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）的股份、相關股份及債券中，擁有根據證券及期貨條例第352條須記錄於本公司存置的登記冊內或根據標準守則須另行知會本公司及聯交所的任何權

36、益或淡倉。購股權計劃本公司於二零一七年五月十九日採納一項購股權計劃（購股權計劃）。購股權計劃的主要條款如下1.購股權計劃的目的為讓本集團可向合資格人士授出購股權，作為彼等對本集團所作貢獻的激勵或獎勵，以及讓本集團可吸引、招聘及挽留高級管理層、主要僱員及對本集團有價值或潛在價值的人力資源。2.購股權計劃的合資格參與者為：(a)本公司、其任何附屬公司或本集團任何成員公司擁有股權的任何實體（投資實體）的任何僱員（無論全職或兼職，包括任何執行董事，但不包括任何非執行董事）；(b)本公司、其任何附屬公司或任何投資實體的任何非執行董事（包括獨立非執行董事）；(c)向本集團任何成員公司或任何投資實體提供貨物

37、或服務的任何供應商；(d)本集團任何成員公司或任何投資實體的任何客戶；(e)向本集團任何成員公司或任何投資實體提供研究、開發或其他技術支援的任何人士或實體；(f)本集團任何成員公司或任何投資實體的任何股東或本集團任何成員公司或任何投資實體所發行的任何證券的任何持有人；(g)本集團任何成員公司或任何投資實體的任何業務領域或業務發展的任何顧問（專業或其他）或諮詢人；(h)任何其他已經或可能透過合資、業務聯合或其他業務安排而對本集團的發展及增長作出貢獻的參與者小組或類別。Save as disclosed above,as at 31 December 2023,none of the Direct

38、ors and the chief executive of the Company nor their respective associates had any interest or short position in the shares,underlying shares and debentures of the Company or any of its associated corporation(within the meaning of Part XV of the SFO)which were required to be recorded in the register

39、 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.SHARE OPTION SCHEMEThe Company adopted a share option scheme(the“Share Option Scheme”)on 19 May 2017.The major terms of the Share Option Scheme are as fol

40、lows:1.The purpose of the Share Option Scheme is to enable the Group to grant options to eligible persons as incentives or rewards for their contribution to the Group and to enable the Group to attract,recruit and retain senior management,key employees and human resources that are valuable or potent

41、ially valuable to the Group.2.Eligible participants of the Share Option Scheme are(a)any employee(whether full-time or part-time including any executive director but excluding any non-executive director)of the Company,any of its subsidiaries or any entity(“Invested Entity”)in which any member of the

42、 Group holds an equity interest;(b)any non-executive directors(including independent non-executive directors)of the Company,any of its subsidiaries or any Invested Entity;(c)any supplier of goods or services to any member of the Group or any Invested Entity;(d)any customer of any member of the Group

43、 or any Invested Entity;(e)any person or entity that provides research,development or other technological support to any member of the Group or any Invested Entity;(f)any shareholder of any member of the Group or any Invested Entity or any holder of any securities issued by any member of the Group o

44、r any Invested Entity;(g)any adviser(professional or otherwise)or consultant to any area of business or business development of any member of the Group or any Invested Entity;(h)any other group or classes of participants who have contributed or may contribute by way of joint venture,business allianc

45、e or other business arrangement to the development and growth of the Group.7ANNUAL REPORT 2023二零二三年年報Directors Report董事會報告書 3.因行使根據購股權計劃及本集團採納的任何其他購股權計劃授出而尚未行使的所有未行使購股權而可能發行的本公司股份（股份）上限，合計不得超過不時已發行股份數目的30%。因行使根據購股權計劃及本集團任何其他購股權計劃授出的全部購股權（就此而言，不包括根據購股權計劃及本集團任何其他購股權計劃的條款已失效的購股權）而可能配發及發行的股份數目總額，合計不得超過於

46、批準購股權計劃當日已發行股份的10%。4.於任何十二個月期間因行使根據購股權計劃及本集團任何其他購股權計劃所授出的購股權（同時包括已行使或尚未行使購股權兩者）而向各承授人發行及可能發行的股份總數，不得超過當時已發行股份1%（個別上限）。倘於直至再授出購股權之日（包括該日）止之任何十二個月期間進一步授出超逾個別上限的購股權，須待於股東大會上另行取得本公司股東的批準，而承授人及其聯繫人須於會上放棄投票。5.根據購股權計劃向本公司董事、主要行政人員或主要股東或任何彼等各自的聯繫人授予購股權必須經本公司獨立非執行董事（不包括身為購股權建議承授人或其聯繫人為購股權建議承授人的本公司獨立非執行董事）的批準

47、。此外，倘於任何十二個月期間內向本公司主要股東或獨立非執行董事或任何彼等各自的聯繫人授出的購股權超過任何時間已發行股份0.1%，或按授出日期股份的收市價計算總值超過5,000,000港元，則須待股東於本公司股東大會上批準，方可作實。6.根據購股權計劃授出的購股權的歸屬期限由本公司董事釐定，該期間可由授出購股權建議日期起計，惟無論如何不遲於授出購股權建議日期後十年止，或購股權計劃屆滿日期止（以較早者為準），惟可根據購股權計劃所載有關條文提早終止。7.授出購股權建議須於授出建議日期起計二十八日內接納，而承授人於接納時須支付不可退回款項1.00港元。3.The maximum number of s

48、hares of the Company(the“Shares”)which may be issued upon the exercise of all outstanding options granted and yet to be exercised under the Share Option Scheme and any other share option scheme adopted by the Group must not in aggregate exceed 30%of the number of issued Shares from time to time.The

49、total number of the Shares which may be allotted and issued upon the exercise of all options(excluding,for this purpose,options which have lapsed in accordance with the terms of the Share Option Scheme and any other share option scheme of the Group)to be granted under the Share Option Scheme and any

50、 other share option scheme of the Group must not in aggregate exceed 10%of the issued Shares as at the date of approval of the Share Option Scheme.4.The total number of Shares issued and which may fall to be issued upon the exercise of the options granted under the Share Option Scheme and any other

51、share option scheme of the Group(including both exercised or outstanding options)to each grantee in any 12-month period shall not exceed 1%of the issued Share for the time being(“Individual Limit”).Any further grant of options in excess of the Individual Limit in any 12-month period up to and includ

52、ing the date of such further grant must be separately approved by the shareholders of the Company in general meeting with such grantee and his associates abstaining from voting.5.Any grant of options under the Share Option Scheme to a director,chief executive or substantial shareholder of the Compan

53、y or any of their respective associates must be approved by independent non-executive directors of the Company(excluding independent non-executive director of the Company who or whose associates is the proposed grantee of the options).In addition,any grant of options to a substantial shareholder or

54、an independent non-executive director of the Company or any of their respective associates,in excess of 0.1%of the issued Shares at any time or with an aggregate value(based on the closing price of the Shares at the date of the grant)in excess of HK$5 million,within any 12-month period,are subject t

55、o shareholders approval of the Company in a general meeting.6.The vesting period of the share options granted under the Share Option Scheme is determined by the directors of the Company,which period may commence from the date of the offer for the grant of options is made,but shall end in any event n

56、ot later than 10 years from the date of the offer for the grant of the option or the expiry date of the Share Option Scheme,whichever is earlier,subject to the provisions for early termination as stated in the Share Option Scheme.7.The acceptance of an offer of the grant of the option must be made w

57、ithin 28 days from the date of the offer for the grant with a non-refundable payment of HK$1.00 from the grantee.8CHINA STARCH HOLDINGS LIMITED中國澱粉控股有限公司Directors Report董事會報告書 8.購股權的行使價由董事會釐定，但不得少於以下較高者：(a)股份於授出日期在聯交所日報表上所列的收市價；(b)股份於緊接授出日期前五個營業日在聯交所日報表上所列的平均收市價；及(c)股份面值。9.購股權計劃有效至二零二七年五月十八日止。本公司自採納

58、以來概無根據購股權計劃授出任何購股權。主要股東及其他人士的權益 於二零二三年十二月三十一日，主要股東於本公司股份及相關股份中擁有記錄於根據證券及期貨條例第336條存置的登記冊內的權益載列於下表：附註：此等股份由怡興持有。怡興由本公司執行董事兼主席田其祥先生擁有約54.58%權益。根據證券及期貨條例，如上文 董事及主要行政人員的權益 一段所披露，田先生被視為於怡興持有的所有股份中擁有權益。除上文所披露者外，於二零二三年十二月三十一日，概無任何其他人士（董事及本公司主要行政人員除外）於本公司股份或相關股份中擁有須記錄於根據證券及期貨條例第336條本公司存置的登記冊內的權益或淡倉。購入股份或債券的安

59、排除上文所披露之購股權計劃外，於年內任何時間本公司或其任何附屬公司概無參與任何可令董事藉購入本公司或任何其他法人團體的股份或債券而獲益的安排。8.The exercise price of the share option is determined by the Board but shall not be less than the higher of(a)the closing price of the Shares as stated in the daily quotations sheet of the Stock Exchange on the date of grant;(b)

60、the average closing price of the Shares as stated in the Stock Exchanges daily quotations sheets for the five business days immediately preceding the date of grant;and(c)the nominal value of the Shares.9.The Share Option Scheme shall be valid and effective till 18 May 2027.The Company has not grante

61、d any share options under the Share Option Scheme since its adoption.INTERESTS OF SUBSTANTIAL SHAREHOLDERS AND OTHER PERSONSThe interests of substantial shareholders in the shares and underlying shares of the Company as at 31 December 2023,as recorded in the register required to be kept under Sectio

62、n 336 of the SFO,are set out in the table below:NameCapacityNumber of sharesPercentage of issued share capital名稱身份股份數目佔已發行股本百分比Merry BoomBeneficial owner(note)3,705,385,19462.08%怡興實益擁有人（附註）Note:These shares were held by Merry Boom.Merry Boom is owned as to approximately 54.58%by Mr.Tian Qixiang,an e

63、xecutive Director and Chairman of the Company.Mr.Tian is deemed to be interested in all the shares held by Merry Boom under the SFO as disclosed under the paragraph headed“Directors and Chief Executives Interests”above.Save as disclosed above,as at 31 December 2023,there were no any other persons(ot

64、her than the Directors and chief executive of the Company)who had interests or short positions in the shares or underlying shares of the Company which were required to be recorded in the register kept by the Company pursuant to section 336 of the SFO.ARRANGEMENT TO ACQUIRE SHARES OR DEBENTURESOther

65、than the Share Option Scheme as disclosed above,at no time during the year was the Company or any of its subsidiaries a party to any arrangement which enables the Directors to acquire benefits by means of the acquisition of shares in,or debentures of,the Company or any other body corporate.9ANNUAL R

66、EPORT 2023二零二三年年報Directors Report董事會報告書 購買、出售或贖回本公司的上市證券 於截至二零二三年十二月三十一日止年度，本公司於聯交所回購本公司25,565,000股股份，總代價約為3,375,000港元。本公司回購的所有股份已於二零二三年十二月三十一日前注銷，本公司已發行股份總數已相應減少?；刭徆煞莸脑斍檩d列如下：董事認為，回購可提高本公司的每股收益。除上文所披露者外，於截至二零二三年十二月三十一日止年度內，本公司或其任何附屬公司概無購買、出售或贖回本公司股份。優先購買權章程細則或開曼群島法例概無載列有關本公司須按比例基準向現有股東發售新股份的優先購買權條文。

67、主要客戶及供應商年內，向本集團五大客戶作出的銷售額佔本集團營業額不足30%，而本集團五大供應商作出的採購額佔本集團採購總額不足30%。PURCHASE,SALE OR REDEMPTION OF THE COMPANYS LISTED SECURITIESDuring the year ended 31 December 2023,the Company repurchased 25,565,000 shares of the Company on the Stock Exchange at an aggregate consideration of approximately HK$3,37

68、5,000.All of the shares repurchased by the Company were cancelled prior to 31 December 2023 and the total number of shares of the Company in issue has been reduced accordingly.Details of the shares repurchased are set out as follows:Number of sharesPrice paid per shareAggregate price paid2023二零二三年股份

69、數目每股已付價格合共已付HighestLowest最高價最低價HK$HK$HK$000港元港元千港元August八月700,0000.1450.142101September九月1,500,0000.1350.131201October十月6,785,0000.1300.128875November十一月8,570,0000.1390.1301,148December十二月8,010,0000.1340.1271,05025,565,0003,375The Directors considered that the repurchases could lead to an enhancemen

70、t of the Companys earnings per share.Save as disclosed above,at no time during the year ended 31 December 2023 was there any purchase,sale or redemption by the Company,or any of its subsidiaries,of the Companys shares.PRE-EMPTIVE RIGHTSThere are no provisions for pre-emptive rights under the Article

71、s or the laws of the Cayman Islands,which would oblige the Company to offer new shares on a pro-rata basis to its existing shareholders.MAJOR CUSTOMERS AND SUPPLIERSDuring the year,sales to the Groups five largest customers accounted for less than 30%of the Groups turnover and purchases from the Gro

72、ups five largest suppliers accounted for less than 30%of the total purchases of the Group.10CHINA STARCH HOLDINGS LIMITED中國澱粉控股有限公司Directors Report董事會報告書 公眾持股量根據本公司公開可得的資料及就其董事所知，於本報告日期，本公司按上市規則規定維持不少於本公司已發行股份總數25%的足夠公眾持股量。代表董事會田其祥主席中華人民共和國，壽光二零二四年三月二十日PUBLIC FLOATBased on the information that is pu

73、blicly available to the Company and within the knowledge of its Directors,as at the date of this report,there is sufficient public float of not less than 25%of the Companys total issued shares as required under the Listing Rules.On behalf of the BoardTian QixiangChairmanShouguang,The Peoples Republi

74、c of China20 March 202411ANNUAL REPORT 2023二零二三年年報Management Discussion and Analysis管理層討論及分析 行業概覽及公司發展概覽二零二三年的營商環境與二零二二年相比大相徑庭。多數玉米澱粉及賴氨酸製造商於二零二三年恢復強勁營運，使各種產品的供應大幅增加。然而，多種產品的市場需求增長速度遠低於市場供應的增長速度。這導致極短時間內出現嚴重供過於求的問題，製成品的市場價格急速下跌。市場價格下降及市場需求短缺於二零二三年下半年逐漸緩解。若干玉米澱粉及賴氨酸製造商因市況嚴峻暫時停止營運。另一方面，玉米衍生產品及賴氨酸的市場需求

75、略有恢復。於該新市場環境下，大多數規模較小、效益較差的市場參與者退出玉米深加工行業。管理層預計，來年市場將鞏固現有產能，實現新的供需平衡。業務發展儘管於回顧年度內市場出現諸多不利因素，本集團並無削減對該行業業務發展的投入。本集團將投放資源，提升現有設備及使用更多節能機器，從而降低生產成本。截至二零二三年底，賴氨酸產品的年產能已增至500,000噸。生產設施規模擴大可有效降低單位成本，使我們能夠在競爭激烈的經濟環境中以更優惠的價格供應產品，同時在不影響利潤水平的情況下保持我們的市場份額。INDUSTRY REVIEW AND COMPANY DEVELOPMENTOverviewThe busi

76、ness environment in 2023 was worlds apart as compared with 2022.Many cornstarch and lysine manufacturers resumed their operations robustly in 2023 and boosted the supply of various products rising like a rocket.However,the market demand for various products increased at paces substantially lower tha

77、n the increase in the market supply.These resulted in a serious problem of oversupply within a very short period of time and caused market prices for finished goods to fall like a stick.The decrease in market price and the lack of market demand gradually eased in the second half of 2023.Certain corn

78、starch and lysine manufacturers temporarily suspended their operations under the critical market conditions.On the other hand,the market demand for corn derived products and lysine recovered slightly.Under this new market environment,most small-scale and less efficient market players could not retur

79、n to this battlefield in the corn deep-processing industry.The management expected that the market will consolidate the existing production capacity and bring a new equilibrium demand and supply in the coming year.Business DevelopmentAlthough there were many adverse factors in the market during the

80、year under review,the Group has not reduced its commitment to the business development in this industry.The Group will deploy resources on the reduction of production cost by upgrading existing equipment and using more energy-saving machineries.The annual production capacity of lysine products had i

81、ncreased to 500,000 tonnes by the end of 2023.This enlarged scale of production facilities could effectively reduce our unit cost and allow us to offer our products at more favourable prices in this highly competitive economic environment,and in the meantime,maintain our market shares without compro

82、mising our margin level.12CHINA STARCH HOLDINGS LIMITED中國澱粉控股有限公司Management Discussion and Analysis管理層討論及分析 The table below set out the annual production capacity of the Group of each of our major products at the end of 2023:Products產品Tonnes 噸Cornstarch玉米澱粉2,700,000Lysine賴氨酸500,000Starch-based sweet

83、ener(Crystallised)澱粉糖（結晶）150,000Modified starch變性澱粉100,000D-lactic acidD-乳酸20,000In addition,the construction of lactide and polylactide trial production lines,which was not included in the table above,was completed by the end of 2023.The trial production lines will be used for the new product devel

84、opment and market research according to the research schedule and/or the prevailing market conditions of these related products.Our other project under Shouguang Juneng Musashino Biotechnology Co.,Ltd.in relation to the development of lactate production facilities with our joint venture partner was

85、still in progress.We still work closely with the local government on the selection of an appropriate production site.Further announcement(s)will be made as and when appropriate in compliance with the applicable requirements under the Rules Governing the Listing of Securities on The Stock Exchange of

86、 Hong Kong Limited.BUSINESS REVIEWUpstream ProductsDuring the year under review,the Group was challenged by the problem of oversupply in the domestic market and the indirect competition with other replaceable products.The average market prices for agriculture commodities,including soybean,wheat and

87、corn,in 2023 was lower than that of 2022,which reflected the sluggish economy around the globe.This trend drove down the market prices of finished goods which were derived from soybean,wheat and other grains.The end-users might shift their demand from corn-derived products to other replaceable mater

88、ials taking into consideration of the price fluctuations.Upstream products segment was our major business segment,which contributed approximately 72.9%of our turnover for the year.As a result,our business performance was affected during the year under review.下表載列於二零二三年底本集團各主要產品的年產能：此外，未列入上表的丙交酯及聚乳酸的

89、試產線建設已於二零二三年底完成。試產線將根據研究進度及或該等相關產品當時的市況，用於新產品開發及市場研究。我們與合資夥伴在壽光巨能武藏野生物科技有限公司的另一項目仍在進行中，該項目有關建立乳酸酯生產設施。我們仍就選擇合適的生產地點與當地政府密切合作。本公司將根據香港聯合交易所有限公司證券上市規則的適用規定，適時刊發進一步公告。業務回顧上游產品於回顧年度內，本集團面臨國內市場供過於求的問題以及與其他可替代產品的間接競爭。二零二三年農產品（包括大豆、小麥及玉米）的平均市場價格與二零二二年相比較低，反映出全球經濟不景氣。這一趨勢導致大豆、小麥及其他穀物製成品的市場價格下跌。出於對價格波動的考慮，終端

90、用戶或會將需求從玉米衍生產品轉向其他可替代材料。上游產品分部是我們的主要業務分部，佔年度營業額約72.9%。因此，我們的業務表現於回顧年度受到影響。13ANNUAL REPORT 2023二零二三年年報Management Discussion and Analysis管理層討論及分析 發酵及下游產品於二零二二年，本集團受惠於先前非洲豬瘟疫情結束後養豬業產能擴張帶來對發酵及下游產品的強勁需求。然而，這一情況於二零二三年發生逆轉，豬肉供過於求導致市場價格大幅下跌，從而影響養豬業的生豬數量。於該市況下，我們的兩種主要產品賴氨酸及玉米蛋白粉（上游產品）受到重大影響，原因為這兩種產品是生產動物飼料的原

91、材料。於回顧年度內，賴氨酸的業務表現受到養豬業市場不景氣的影響。我們的營運於上半年受到由於動物飼料需求減少而產能未能充分利用的影響，但該情況已於下半年逐漸恢復。澱粉糖的業務表現受到供過於求問題及國內餐飲需求疲軟的影響。由於澱粉糖亦可用於電池製造等其他行業，銷售團隊試圖接觸和招攬傳統餐飲行業以外的新客戶。於回顧年度內，變性澱粉仍然受到城市污水治理政策的影響。然而，生產技術的改進及液態變性澱粉的推廣使用緩解了該等不利因素。此外，本集團亦聘請外部專業污水處理公司解決變性澱粉脫水過程中的殘液。於回顧年度內，本集團變性澱粉的銷量錄得大幅增長。受到國內市況的影響，新生物基準材料業的業務表現低於管理層對二零

92、二三年上半年的初始預期，但於下半年逐漸恢復。財務表現概覽於回顧年度內，本集團的總收入略微減少1.3%至約人民幣11,797,534,000元（二零二二年：人民幣11,948,852,000元）。本集團的毛利大幅減少53.2%至約人民幣556,572,000元（二零二二年：人民幣1,190,475,000元）。除稅後利潤大幅減少至人民幣157,396,000元（二零二二年：人民幣495,432,000元）。根據加權平均股數5,990,605,000股普通股計算，本公司的每股基本盈利為每股人民幣0.0180元（二零二二年：根據加權平均股數5,994,132,000股普通股計算為每股人民幣0.058

93、7元）。Fermented and Downstream ProductsIn 2022,the Group benefited from the strong demand in fermented and downstream products,which resulted from the expansion of the pig-farming production capacity after the end of African Swine Fever pandemic previously.However,this situation in 2023 turned around,

94、in which the oversupply in pork led to a significant reduction in their market prices and in turn,affected the number of pigs in the pig-farming industry.Two of our major products,lysine and corn gluten meal(upstream products),were substantially affected under this market condition as they are the r

95、aw materials for the production of animal feeds.During the year under review,the business performance of lysine was affected by the poor market atmosphere in the pig-farming industry.Our operation was affected in the first half of the year as our production capacity has not been fully utilised due t

96、o the reduced demand of animal feeds,but such situation has gradually recovered in the second half of the year.The business performance of starch-based sweetener was affected by the problem of oversupply and weakened domestic food and beverage demand.The sales team tried to reach out to and solicit

97、new customers outside the traditional food and beverage industry as starch-based sweetener could also be used in other industries,such as battery manufacturing.Modified starch was still affected by the city sewage control policy during the year under review.However,the improvement in our production

98、knowhow and the promotion of use of liquid modified starch mitigated such adverse factor.In addition,the Group also engaged external professional sewage treatment companies to solve the residue liquid during the modified starch dehydration process.During the year under review,the Group recorded a su

99、bstantial growth in the sales volume of modified starch.New biobased material was affected by the domestic market condition.The business performance of new biobased material was lower than the initial expectations of the management for the first half of 2023,but gradually recovered in the second hal

100、f of the year.FINANCIAL PERFORMANCEOverviewDuring the year under review,total revenue of the Group reduced slightly by 1.3%to approximately RMB11,797,534,000(2022:RMB11,948,852,000).Gross profit of the Group decreased significantly by 53.2%to approximately RMB556,572,000(2022:RMB1,190,475,000).Profi

101、t after taxation decreased significantly to RMB157,396,000(2022:RMB495,432,000).Basic earnings per share of the Company was RMB0.0180 per share based on the weighted average number of 5,990,605,000 ordinary shares(2022:RMB0.0587 per share based on the weighted average number of 5,994,132,000 ordinar

102、y shares).14CHINA STARCH HOLDINGS LIMITED中國澱粉控股有限公司Management Discussion and Analysis管理層討論及分析 分部表現上游產品上 游 產 品 的 收 入 略 微 下 降 1.3%至 人 民 幣8,5 9 6,8 6 3,0 0 0 元（二 零 二 二 年：人 民 幣8,705,998,000元）。本業務分部的毛利率減少3.6個百分點至1.5%。上游產品分部為本集團貢獻大部分收入及毛利。於回顧年度內，玉米澱粉的平均售價下降2%至每噸人民幣2,816元（二零二二年：人民幣2,872元）。玉米澱粉的銷量約為2,007,20

103、4噸（二零二二年：1,953,563噸）。發酵及下游產品發 酵 及 下 游 產 品 的 收 入 減 少 至 人 民 幣3,2 0 0,6 7 1,0 0 0 元（二 零 二 二 年：人 民 幣3,242,854,000元）。Segment PerformanceUpstream products20232022二零二三年二零二二年RMB000RMB000人民幣千元人民幣千元Revenue收入8,596,8638,705,998Gross profit 毛利129,951441,715Gross profit margin毛利率1.5%5.1%Revenue of upstream produc

104、ts decreased slightly by 1.3%to RMB8,596,863,000(2022:RMB8,705,998,000).The gross profit margin of this business segment decreased by 3.6 percentage point to 1.5%.The upstream product segment contributed most of our revenue and gross profits to the Group.During the year under review,the average sell

105、ing price of cornstarch decreased by 2%to RMB2,816(2022:RMB2,872)per tonne.The sales volume of cornstarch was approximately 2,007,204 tonnes(2022:1,953,563 tonnes).Fermented and downstream products 2023 2022二零二三年二零二二年RMB000RMB000人民幣千元人民幣千元Revenue收入 Lysine賴氨酸2,261,7922,424,684 Starch-based sweetener澱

106、粉糖472,198541,364 Modified starch變性澱粉351,583196,006 Others其他115,09880,800Total總計3,200,6713,242,854Gross profit 毛利426,621748,760Gross profit margin毛利率13.3%23.1%Revenue of fermented and downstream products decreased to RMB3,200,671,000(2022:RMB3,242,854,000).15ANNUAL REPORT 2023二零二三年年報Management Discus

107、sion and Analysis管理層討論及分析 賴氨酸的收入由約人民幣2,424,684,000元減少至人民幣2,261,792,000元。賴氨酸產品的總銷量為約340,746噸（二零二二年：314,179噸）。於回顧年度內，賴氨酸生產設施的產能由300,000噸增加至500,000噸，使賴氨酸產品的銷量增加8.5%。賴氨酸產品的平均售價約為每噸人民幣6,638元（二零二二年：人民幣7,718元）。澱粉糖的收入約為人民幣472,198,000元（二零二二年：人民幣541,364,000元）。澱粉糖的市價受蔗糖價格影響較大。澱粉糖的平均售價大幅上升15.5%至每噸人民幣2,629元（二零二二

108、年：人民幣2,277元），原因為於回顧年度內，蔗糖價格大幅上升。澱粉糖的銷量減少24.4%至179,598噸（二零二二年：237,718噸）。變性澱粉的收入為人民幣351,583,000元（二零二二年：人民幣196,006,000元）。變性澱粉的收入增加主要由於於回顧年度內成功開發液態變性澱粉市場及解決脫水污水問題。其他發酵產品的收入大幅增加42.4%至約人民幣115,098,000元（二零二二年：人民幣80,800,000元）。生物基材料收入的大幅增加主要由於二零二二年試運營後的全年影響。銷售成本及毛利於 回 顧 年 度 內，銷 售 總 成 本 增 加 至 人 民 幣1 1,2 4 0,9

109、6 2,0 0 0 元（二 零 二 二 年：人 民 幣10,758,377,000元）。本集團於二零二三年的平均玉米粒成本與去年相比保持穩定（二零二三年：每噸人民幣2,543元及二零二二年：每噸人民幣2,550元）。第二大銷售成本為公用設施。於過去兩個年度，電力及蒸汽的平均價格亦保持穩定。由於二零二三年玉米澱粉、玉米蛋白粉、玉米胚芽、賴氨酸及變性澱粉等製成品的市價低於二零二二年，本集團的毛利減少至人民幣556,572,000元（二零二二年：人民幣1,190,475,000元）。本集團於回顧年度內並無訂立任何遠期期貨合約對沖玉米粒的價格波動。本集團根據其生產計劃在現貨市場進行採購。Revenue

110、 of lysine decreased from approximately RMB2,424,684,000 to RMB2,261,792,000.The overall sales volume of lysine products was about 340,746 tonnes(2022:314,179 tonnes).The sales volume of lysine products increased by 8.5%as a result of an increase in production capacity of lysine production facilitie

111、s from 300,000 tonnes to 500,000 tonnes during the year under review.The average selling price of lysine products was about RMB6,638(2022:RMB7,718)per tonne.Revenue of starch-based sweetener was approximately RMB472,198,000(2022:RMB541,364,000).The market price of starch-based sweetener was highly a

112、ffected by the price of cane sugar.The average selling price of starch-based sweetener increased substantially by 15.5%to RMB2,629(2022:RMB2,277)per tonne because the price of cane sugar recorded a substantial increase during the year under review.The sales volume of starch-based sweetener decreased

113、 by 24.4%to 179,598 tonnes(2022:237,718 tonnes).Revenue of modified starch was RMB351,583,000(2022:RMB196,006,000).The increase in revenue of modified starch was mainly attributable to the successful development of liquid-modified starch market and the solution of the dehydration-sewage problem duri

114、ng the year under review.Revenue of other fermented products increased substantially by 42.4%to approximately RMB115,098,000(2022:RMB80,800,000).The substantial increase in revenue from biobased material was mainly attributable to the full year effect after the trial-run in 2022.Cost of sales and gr

115、oss profitDuring the year under review,the total cost of sales increased to RMB11,240,962,000(2022:RMB10,758,377,000).The average corn kernel cost of the Group for the year 2023 was stable as compared with the last year(2023:RMB2,543 per tonne and 2022:RMB2,550 per tonne).The second largest cost of

116、sales was utilities.The average prices of electricity and steam was also stable in the past two years.As the market prices for certain finished goods,such as cornstarch,corn gluten meal,corn germs,lysine and modified starch in 2023 were lower than that in 2022,the gross profit of the Group decreased

117、 to RMB556,572,000(2022:RMB1,190,475,000).The Group did not enter into any forward/futures contract to hedge the price fluctuation of corn kernel during the year under review.The Group makes purchases from the spot market in accordance with its production schedule.16CHINA STARCH HOLDINGS LIMITED中國澱粉

118、控股有限公司Management Discussion and Analysis管理層討論及分析 其他營運回顧分銷及行政費用截至二零二三年十二月三十一日止年度的分銷費用減少至人民幣157,175,000元（二零二二年：人民幣171,044,000元）。分銷費用減少乃主要由於交付費用減少，其由使用較耐用及更環保的包裝物料導致包裝成本增長所部分抵銷。截至二零二三年及二零二二年十二月三十一日止年度的分銷費用主要包括下列各項：截至二零二三年十二月三十一日止年度的行政費用減少至人民幣194,551,000元（二零二二年：人民幣207,835,000元）。該減少乃主要由於員工成本、政府徵費及維修費用減少。

119、截至二零二三年及二零二二年十二月三十一日止年度的行政費用主要包括下列各項：Review of other OperationsDistribution and administrative expensesDistribution expenses for the year ended 31 December 2023 decreased to RMB157,175,000(2022:RMB171,044,000).The decrease in distribution expenses was mainly attributable to a decrease in delivery ex

120、penses which was partly offset by an increase in the packaging costs as a result of using more durable and protective package materials.Distribution expenses for the years ended 31 December 2023 and 2022 mainly comprised of the following:20232022二零二三年二零二二年RMB000RMB000人民幣千元人民幣千元Delivery and logistics

121、交付及物流125,177141,651Marketing expenses市場推廣開支15,57014,989Staff costs員工成本8,3888,335Others其他8,0406,069157,175171,044Administrative expenses for the year ended 31 December 2023 decreased to RMB194,551,000(2022:RMB207,835,000).The decrease was mainly attributable to a decrease in staff costs,government le

122、vies,and repairing expenses.Administrative expenses for the years ended 31 December 2023 and 2022 mainly comprised of the following:20232022二零二三年二零二二年RMB000RMB000人民幣千元人民幣千元Staff costs員工成本104,833108,655Depreciation and amortisation expenses折舊及攤銷費用35,65832,147Government levies政府徵費26,93931,094Others其他2

123、7,12135,939194,551207,83517ANNUAL REPORT 2023二零二三年年報Management Discussion and Analysis管理層討論及分析 研究費用研究費用主要包括所用材料成本以及折舊及攤銷成本。於回顧年度內，本集團的研究費用由人民幣324,108,000元大幅減少至人民幣160,490,000元。該減少乃主要由於研究項目數量減少。此外，費用高低亦受到各項目的進展及複雜程度影響。管理層將分配適當資源用於研發活動並維持我們在技術及先進產品方面的競爭優勢。其他淨收入其他淨收入減少至人民幣113,114,000元（二零二二年：人民幣119,838,0

124、00元）。截至二零二三年及二零二二年十二月三十一日止年度，其他淨收入的主要項目載列如下：人力資源及薪酬政策於二零二三年十二月三十一日，本集團於中國及香港聘用大概2,267名全職僱員（二零二二年：2,364名）。本集團的總員工成本（包括董事酬金）約為人民幣267,121,000元（二零二二年：人民幣266,179,000元）。於釐定本集團各董事及僱員的薪酬待遇時，本集團會考慮彼等各自的經驗、職責及表現。本公司已採納一項購股權計劃（購股權計劃），以讓本集團可向合資格人士授出購股權，作為彼等對本集團所作貢獻的獎勵或回報，以及讓本集團可吸引、延攬及挽留高級管理層、主要僱員及對本集團而言屬或可能屬寶貴的

125、人力資源。Research expensesResearch expenses mainly consisted of material costs and depreciation and amortisation costs.During the year under review,our research expenses decreased substantially from RMB324,108,000 to RMB160,490,000.The decrease was mainly attributed to the reduced number of research pro

126、jects.In addition,the level of expenses was also affected by the progression status and the complexity of each project.The management would allocate appropriate resources on the research and development activities and maintain our competitive edges in respect of our knowhow and advanced products.Oth

127、er net incomeThe other net income decreased to RMB113,114,000(2022:RMB119,838,000).The major items of other net income for the years ended 31 December 2023 and 2022 are set out below:20232022二零二三年二零二二年RMB000RMB000人民幣千元人民幣千元Amortisation of government grants政府補助的攤銷80,37181,766Gain on sales of scrap ma

128、terials銷售廢料之收益20,50621,841Net foreign exchange gain匯兌收益淨額7,5321,538Sewage treatment污水處理1,9932,875Gain on disposals of property,plant and equipment出售物業、廠房及設備的收益1,6449,403Government grants(one-off)政府補助（一次性）5341,185Gain on futures contracts期貨合約收益12601Written off of property,plant and equipment撇銷物業、廠房及設

129、備(3,300)(208)Others其他3,822837113,114119,838HUMAN RESOURCES AND REMUNERATION POLICIESAs at 31 December 2023,the Group had about 2,267 full time staff(2022:2,364)in the PRC and Hong Kong.Total staff costs,including Directors emoluments,of the Group were approximately RMB267,121,000(2022:RMB266,179,000

130、).The Group considers the experience,responsibility,and performance of the Directors and employees of the Group when determining their respective remuneration packages.The Company has adopted a share option scheme(the“Share Option Scheme”)to enable the Group to grant options to eligible persons as i

131、ncentives or rewards for their contribution to the Group as well as to attract,recruit and retain senior management,key employees and human resources that are valuable or potentially valuable to the Group.18CHINA STARCH HOLDINGS LIMITED中國澱粉控股有限公司Management Discussion and Analysis管理層討論及分析 此外，薪酬委員會獲董事

132、會委派審閱及釐定薪酬待遇的條款、花紅及應付予董事及高級管理層的其他報酬。於二零二三年十二月三十一日，本公司並無根據購股權計劃授出任何購股權。財務管理及庫務政策本集團對並無指定用途的資金採取保守的現金管理及投資策略。我們財務管理及庫務政策的主要目的為確保持有足夠現金及可動用銀行信貸應付其承諾，以及取得更佳的回報。任何尚未動用的資金除會存放於香港及或中國的認可金融機構作短期定期存款外，亦會用作購買短期保本保收益型金融工具。外匯風險鑒於本集團主要在中國經營業務，而本集團大部分交易、資產及負債乃以人民幣計值，故董事認為本集團業務並無承受重大外匯風險。然而，出口銷售所收取的貨幣為外幣。有關所得款項於兌換

133、為人民幣前須承受外匯風險。出口銷售收取的外幣於向海外客戶收取時兌換為人民幣。本集團並無以訂立外匯對沖安排的方式管理外匯風險，而是透過密切留意匯率管理風險。In addition,a remuneration committee is delegated by the Board to review and determine the terms of remuneration packages,bonuses and other compensation payable to the Directors and senior management.As at 31 December 2023,

134、no share options have been granted under the Share Option Scheme.FINANCIAL MANAGEMENT AND TREASURY POLICY The Group adopts a conservative approach for cash management and investment on uncommitted funds.The primary purpose of our financial management and treasury policy is to ensure possessing of su

135、fficient cash and available banking facilities to meet its commitment on one hand and to obtain better return on the other hand.Any unused fund is not only placed on short-term/fixed deposits with authorised financial institutions in Hong Kong and/or the PRC,but also short-term capital-and-reward gu

136、aranteed financial instruments.FOREIGN CURRENCY EXPOSUREThe Directors do not consider the exposure to foreign exchange risk being significant to the Groups operation as the Group operated mainly in the PRC and most of the Groups transactions,assets and liabilities were denominated in Renminbi.Foreig

137、n currencies were however received from export sales.Such proceeds were subject to foreign exchange risk before converting into Renminbi.The foreign currencies received from export sales were converted into Renminbi upon receipt from overseas customers.The Group manages foreign exchange risk by moni

138、toring the exchange rates closely instead of entering into any foreign exchange hedging arrangement.19ANNUAL REPORT 2023二零二三年年報Management Discussion and Analysis管理層討論及分析 LIQUIDITY,FINANCIAL RESOURCES AND CAPITAL STRUCTUREThe key financial performance indicators of the Group for the two years ended 3

139、1 December are set out below:Units20232022單位二零二三年二零二二年Debtors turnover應收賬款週轉days 天1211Creditors turnover應付賬款週轉days 天57Inventories turnover存貨週轉days 天2625Current ratio 流動比率times 倍2.32.8Quick ratio速動比率times 倍1.61.9Gearing ratio(note 1)槓桿比率（附註1）%10.55.6Total shareholder return(note 2)總股東回報率（附註2）%-36.59.

140、4Notes:(1)Gearing ratio is calculated as the borrowings to total assets.(2)Total shareholder return combines share price appreciation and dividends paid to show the total return to shareholders.The Directors are of the opinion that the working capital available to the Group is sufficient for its pre

141、sent requirements.As at 31 December 2023,all borrowings of the Group are short-term borrowings.The aggregated bank borrowings of approximately RMB518,585,000 were denominated in Renminbi and carried interest at fixed rates.In addition,the loan from a controlling shareholder of the Company of RMB40,7

142、80,000 was denominated in Hong Kong dollars and was carrying interest at a floating rate.The Groups cash and cash equivalents were mostly denominated in Renminbi.The increase in borrowings was mainly attributable to an increase in the working capital requirement.As at 31 December 2023,most of cash a

143、nd cash equivalents are denominated in Renminbi.PLEDGE OF ASSETSAs at 31 December 2023,the Group did not pledge any leasehold land and building to secure banking facilities.As at 31 December 2023,the Group provided a deposit of RMB500,000,000 and bank acceptance bills of RMB18,585,000 for securing b

144、anking facilities and bills payables respectively.流動資金、財務資源及資本架構 本集團截至十二月三十一日止兩個年度的關鍵財務表現指標載列如下：附註：(1)槓桿比率乃按借款除以總資產計算。(2)總股東回報率包括股價升幅及已付股息，以 反映為股東帶來的總回報。董事認為，本集團可動用的營運資金足以應付其當前所需。於二零二三年十二月三十一日，本集團的全部借款大部分均為短期借款。銀行借款總額約人民幣518,585,000元乃以人民幣計值並按固定利率計息。此外，來自本公司一名控股股東的貸款人民幣40,780,000元乃以港元計值並按浮動利率計息。本集團之現

145、金及現金等價物大部分以人民幣計值。借款增加主要因為營運資金需求增加。於二零二三年十二月三十一日，大部分現金及現金等價物以人民幣計值。資產抵押於二零二三年十二月三十一日，本集團並無抵押任何租賃土地及樓宇作為銀行信貸之抵押。於二零二三年十二月三十一日，本集團分別提供人民幣500,000,000元的存款及人民幣18,585,000元的銀行承兌票據作為銀行信貸及應付票據的抵押。20CHINA STARCH HOLDINGS LIMITED中國澱粉控股有限公司Management Discussion and Analysis管理層討論及分析 或然負債於二零二三年十二月三十一日，本集團並無任何重大或然負

146、債?？晒┓峙蓛潇抖愣晔氯蝗?，本公司可供分派予股東的儲備約為人民幣125,739,000元。股息政策董事會計劃透過維持股息分派、充足現金流量及儲備之間的平衡為本公司股東創造長遠價值，以符合其營運資金需求及把握增長機會。董事會可在考慮目前財務表現、未來財務要求及任何其他可能被視為與本公司相關的因素後建議或宣派股息。董事會可決定派付股息的頻率，並進一步宣派或建議任何特別分派。股息可以現金或以股代息或董事會認為合適的其他方式宣派或派付。股息派付亦須遵守適用法例及法規，包括開曼群島法例及本公司的章程大綱及細則。董事會將不時檢討本股息政策，概不保證將於任何指定期間派付任何特定金額的股息。C

147、ONTINGENT LIABILITIESThe Group did not have any significant contingent liabilities as at 31 December 2023.DISTRIBUTABLE RESERVESAs at 31 December 2023,the Companys reserves available for distribution to shareholders amounted to approximately RMB125,739,000.DIVIDEND POLICYThe Board intends to create

148、long term value for the shareholders of the Company through maintaining a balance between dividend distribution,adequate cash flow and reserve to meet its working capital requirement and capturing growth opportunities.The Board may propose or declare the payment of dividends after taking into accoun

149、t the current financial performance,the future financial requirements and any other factors that may deem relevant to the Company.The Board may decide the frequency of dividend payment and further declare or recommend any special distributions.Dividends may be declared or paid by way of cash or scri

150、p or by other means that the Board considers appropriate.The payment of dividend is also subject to compliance with applicable laws and regulations including the laws of the Cayman Islands and the Companys memorandum and articles of association.The Board will review this dividend policy from time to

151、 time and there can be no assurance that dividend will be paid in any particular amount for any given period.21ANNUAL REPORT 2023二零二三年年報Environmental and Sustainability Report環境及可持續發展報告 編製基準本報告主要參考載於香港聯合交易所有限公司證券上市規則附錄C2的 環境、社會及管治報告指引 而編製?；侗炯瘓F在不同領域的環境及社會表現，我們旨在透過本報告向主要持份者提供平衡而全面的回顧。我們利用優先問題分析的方法識別及

152、集中處理我們持份者群組的主要需求及所面對問題。本報告涵蓋本集團所有於中華人民共和國（中國）從事玉米澱粉及其他相關產品的生產及銷售業務的主要附屬公司的整體環境及社會表現，該等附屬公司的詳情載於本公司截至二零二三年十二月三十一日止年度之合併財務報表附註15。免責聲明本報告所載的表現數據未經獨立審核或驗證。管理層盡力向該等數據的使用者呈報完整及具意義的資料，然而，我們無法保證我們收集所得數據的準確性或完整性。我們於本報告內提供的數據的準確性可能會因（其中包括）單位換算系數、物料質量差範圍，以及使用不同的物料及生產方法而受到影響。因此，我們不會就有關數據的使用者因該等資料準確性所蒙受的任何損失或損害而

153、承擔任何責任。董事會聲明我們意識到我們對社會的企業社會責任。因此，董事會監督環境、社會及管治相關問題以及整體環境、社會及管治（環境、社會及管治）管理辦法。董事會相信，本集團的可持續性很大程度取決於其與持份者的關係。除為本公司股東創造價值外，我們亦為持份者創造金錢以外的價值。我們致力通過在財務表現與經營、員工待遇、於業務關係中體現我們價值及關愛我們賴以維生的環境的方式間取得平衡，將環境、社會及管治思維融入業務營運。Basis of preparationThe preparation of this report was conducted mainly with reference to th

154、e“Environmental,Social and Governance Reporting Guide”set out in Appendix C2 to the Rules Governing the Listing of Securities on the Stock Exchange of Hong Kong Limited.We aimed to provide a balanced and comprehensive review of the environmental and social performance of different areas in our Group

155、 with our major stakeholders in this report.We used priority issue analysis to identify and focus on the primary needs and issues faced by our stakeholder groups.This report covered the overall environmental and social performance of all major subsidiaries of the Group,which are set out in note 15 t

156、o the consolidated financial statements of the Company for the year ended 31 December 2023,which engage in the manufacturing and sales activities of cornstarch and other related products in the Peoples Republic of China(the“PRC”).Disclaimer statementThe performance data set out in this report are no

157、t independently audited or verified.The management endeavours to present complete and meaningful information to the user of such data,however,we cannot assure the accuracy or completeness of data in which we collected.The accuracy of the data we produced in this report may be affected by,inter alia,

158、unit conversion factors,material/quality tolerance,and difference in material used and method of production.Therefore,we accept no liability for the accuracy of the information if users of such data suffer any losses or damage.Board statementWe recognise our corporate social responsibility to societ

159、y.Consequently,the Board oversees ESG-related issues as well as the overall environmental,social and governance(“ESG”)management approach.The Board believes that the Groups sustainability is highly dependent on the relationship with its stakeholders.Besides creating value for shareholders of the Com

160、pany,we also create value for our stakeholders beyond monetary terms.We are committed to incorporating ESG mindsets into business operations by balancing financial performance with how we do business,how we treat our people,how we live the values in our business relationships and how we care for the

161、 environment on which we rely.22CHINA STARCH HOLDINGS LIMITED中國澱粉控股有限公司Environmental and Sustainability Report環境及可持續發展報告 What we believeCornstarch is one of the most versatile and easily workable resources which also has a wide range of applications in various industries.From the perspective of corn

162、 supply,the promotion of using cornstarch would support the development of local and village economies by wise-using agricultural lands.From the perspective of demand of corn kernel,cornstarch is one of the most commonly used components of tens of thousands of manufactured products nowadays.Its exis

163、tence can be found in different formats,such as in the clothing we wear,the food and beverage served in the restaurant,and as far as oil exploration.Thus,we maintain a positive outlook on our business in the long run.With our strong platform,we are positioned to capture the benefits of an increasing

164、 market share and are well prepared for further sustainable growth.Even though we are facing the current tough and uncertain global and domestic environment,our objective remains unchanged,which is to be in a leading position in the corn-refinery industry in the PRC.To achieve this goal,the Director

165、s and the Companys executive management teams are engaged in expanding our Group in various aspects,including our production capacity of cornstarch and lysine products,our product pipeline,our marketing force and our market coverage.The Company is also committed to enhancing our research and develop

166、ment capability.Goal 目標Method方法Outcome結果Become a market leader in the corn refinery industry in China成為中國玉米深加工業的市場領導者 Cost control 成本控制 Strengthen the balance sheet 加強資產負債表 Research and development 研究及開發Create value for our shareholders為股東創造價值我們的信念玉米澱粉是一種用途最廣及易加工的資源，並獲不同行業廣泛應用。從玉米粒供應角度來看，透過明智地使用農地，推

167、廣使用玉米澱粉將可支持本地及農村經濟發展。從玉米粒需求角度來看，玉米澱粉已成為現時最常用的生產材料之一，用於生產數以萬計的產品。玉米澱粉的呈現形式各異，如我們身上的衣服、餐廳所供應的食物及餐飲，甚或乎石油勘探。因此，我們對業務的長遠前景繼續持樂觀態度。憑藉我們強大的平臺，我們已作好準備，把握市場份額上升所帶來的好處，並已為達到進一步可持續增長作好部署。雖然我們現時所面對的全球及本地環境十分嚴峻及充滿不確定因素，但我們成為中國玉米深加工業領導者的目標並未因而改變。為達到這一目標，董事及本公司執行管理團隊已全力提升本集團於多個不同方面的能力，包括提升玉米澱粉及賴氨酸產品的產能、拓展產品渠道、增強市

168、場推廣力度及拓展市場覆蓋率。本公司亦致力提升研究及開發能力。23ANNUAL REPORT 2023二零二三年年報Environmental and Sustainability Report環境及可持續發展報告 匯報原則我們於編製本報告時應用以下原則：重要性我們從持份者的角度考慮影響業務營運及連續性的關鍵因素以識別及評估環境、社會及管治問題。我們有七個主要持份者群組，其載於本報告下文 我們於本報告採用的方法 一節。量化在適用的情況下，我們提供了有關標準、方法、假設及或所使用的計算工具，以及所使用的轉換因素的來源的資料，用於匯報本報告各部分中的排放量能源消耗披露。一致性我們應用一致的方法，令環

169、境、社會及管治數據日後可作有意義的比較。我們於本報告採用的方法董事會授權管理團隊識別、評估、優次排列、管理及減少可能對我們業務有不利影響的環境、社會及管治相關重大事宜。董事會將在管理團隊定期協助下，參考當地政府設立的適用環境相關目標討論及檢討本集團環境、社會及管治的風險及機會、表現、進度、目的及目標，並與之相比較。我們每年會對持份者進行審查，以確保我們能解決與本集團有關的重要事宜。我們有七個主要持份者群組參與或能影響我們的決策程序，且能對我們的業務結果造成影響。Reporting principlesWe applied the following principles in the prep

170、aration of this report:MaterialityWe identify and assess ESG issues by considering key factors that affect the operations and continuity of our business from the perspectives of our stakeholders.We have seven major stakeholder groups which are set out in the section headed“Our Methodology to this Re

171、port”below in this report.QuantitativeWhere applicable,we provided information on the standards,methodologies,assumptions and/or calculation tools used,and source of conversion factors used,for the reporting of emissions/energy consumption disclosed in the respective sections in this report.Consiste

172、ncyWe applied consistent methodologies to allow for meaningful comparisons of ESG data over time.Our Methodology for this ReportThe management team is delegated by the Board to identify,evaluate,prioritise,manage and mitigate material ESG-related issues that might adversely affect our business.The B

173、oard will discuss and review the Groups ESG risks and opportunities,performance,progress,goals and targets regularly with the assistance of the management team,with reference to the applicable environmental-related targets set by the local governments and compare our outcomes with these targets.We c

174、onducted a stakeholder review every year to ensure that we can address material issues related to the Group.We have seven major stakeholder groups which can participate in or affect our decision-making process and influence our business outcomes.24CHINA STARCH HOLDINGS LIMITED中國澱粉控股有限公司Environmental

175、 and Sustainability Report環境及可持續發展報告 A.人才我們深明將員工的健康及安全置於首位的重要性，因為彼等是我們取得長遠成功的關鍵。這亦是我們及業務各方面的核心。我們認為維持積極的員工關係對本集團及僱員雙方均有益處，倘勞資關係能夠成就不斷改進並接受轉變的文化，即能達到職場效率。因此，我們鼓勵不同級別的員工進行溝通。除定期與本集團工會代表會面外，我們亦會聽取不同工作小組的意見及作出回應，以確保持續改進工作環境及其他員工相關事宜。清楚明白及應付於營運中的職業傷病問題，及於可行情況下將發生職業傷病的機會降至最低同樣重要。我們已有合適的監控措施，並為員工提供合適培訓以確保遵

176、守有關僱員健康及安全的相關法律及法規。我們亦為員工提供與其個人發展有關的在職培訓，以提升彼等於工作中執行職務的技能及能力。這項安排旨在令我們的員工熟悉所有意外情況，並將發生事故的風險降至最低。主要主題包括防火及火警演習、化學物品洩漏演習、電工、焊工和鍋爐工人安全培訓、雷電防護及塵爆預防。我們還將定期更新安全手冊，並為經選定的職業疾病高危員工提供身體檢查。我們的培訓及演習為強制的，而其結果將成為員工評估記錄的一部分。於回顧年度內，本集團錄得兩起於臨清生產廠房外在工作前後發生的摩托車事故，其中一起事故導致一名員工死亡。根據中國警方調查，兩起事故均由外來司機導致。儘管該兩起事故均在生產廠房外由第三方

177、導致，與工作無關，但根據中國工傷保險條例仍被認定為工傷。A.TalentsWe recognise that the health and safety of our people come first as they are key to our long-term success.This is core to us and every aspect of our business.We believe the achievement of positive workplace relations is mutually beneficial to the Group and our em

178、ployees as workplace efficiency is achieved when labour relationships allow for a culture of continuous improvement and acceptance of change.Thus,we encourage communication at all levels.Apart from regular meetings with the representative of the Groups labour union,we also obtain opinions from and p

179、rovide feedback within our workgroups in order to ensure continual improvement for the work environment and other staff related matters.To understand,manage and,where possible,minimise occupational injuries or illnesses in our business is equally important.We have appropriate controls in place and p

180、rovide our people with appropriate training to ensure compliance with the relevant laws and regulations in relation to employees health and safety.On-the-job training related to individual development is also provided to our people to enhance skills and capabilities for discharging duties at work.Th

181、e purpose of this arrangement lets our staff get familiar with all accidental situations and minimise the risk of accidents.Major topics include fire prevention and fire drill,hazardous chemical leaking drill,electrician,welder and boiler worker safety training,lightning prevention,dust explosion pr

182、evention.We will also update our safety handbook on a regular basis and provide body check for selected staff with high risk of occupational disease.Our training and drills are mandatory and their results will become a part of the staff appraisal record.During the year under review,the Group recorde

183、d two motorcycle accidents before and after work outside the production plant in Linqing,one of which caused death of one of our staff.According to the police investigations in the PRC,both accidents were caused by the outside drivers.Although these two accidents were caused by the third parties out

184、side our production plant and were not work-related,these were still recognised as occupational injuries pursuant to the PRC Work-related Injury Insurance Regulations.25ANNUAL REPORT 2023二零二三年年報Environmental and Sustainability Report環境及可持續發展報告 我們在整個生產過程中嚴格遵守中國勞動法、中國勞動合同法及其他適用的中國僱傭法規，並在招聘及晉升、賠償及解僱、工時

185、、多樣性、休息時間、平等機會、反歧視及其他利益及福利等所有與人力資源有關的領域提倡公平及平等的待遇，致力建立可持續的僱傭常規。我們通常在大學招聘員工以確保候選人具備足夠的工作能力。此外，我們亦會檢查候選人的身份證件以避免僱用童工。我們的政策為避免在任何業務中僱用童工及強制勞工。我們相信，通過嚴格遵守以上法律及法規以及內部政策，本集團能夠維護人權及防止出現童工及強迫勞工的情況。為堅守高標準的商業道德和反賄賂政策，所有僱員（包括董事）均須遵守我們的道德政策。我們嚴禁僱員利用或濫用彼等職權進行任何形式的違法行為，包括（但不限於）賄賂、欺詐、勒索、洗黑錢及違法收受他人利益。此外，我們亦落實執行舉報政策

186、，為僱員和持份人（包括（其中包括）客戶及供應商）提供安全的渠道舉報任何涉及本集團的疑似不當或不良行為。倘若我們的董事意識到於任何會議上潛在的權益衝突，務請避免作出決定並放棄投票。我們的員工手冊亦包含反貪污條款，以提高員工處理利益衝突的意識。我們在集團頂層設定總基調，並在集團內各層級落實此等規則。我們的內部培訓為強制性並適用於全體員工，而無性別區分。於回顧年度內，我們根據工作級別、工作性質及職責向全體員工提供各種主題的培訓。於回顧年度內，在（其中包括）安全工作環境、職業危害、僱傭及勞動常規、賄賂、勒索、欺詐及洗黑錢、杜絕童工及強制勞工以及反貪方面，並無發生違反相關法律及法規，且對本集團有重大影響

187、的事件而本集團及或其僱員並無提起或被提起與貪污行為有關的法律程序或案件。We strive to cultivate sustainable employment practices and labour standards by strictly complying with the PRC Labour Law,the PRC Labour Contract Law and other applicable PRC employment regulations throughout our production processes,and by promoting fair and equ

188、al treatment in all areas of human resources,including recruitment and promotion,compensation and dismissal,working hours,diversity,rest periods,equal opportunity,anti-discrimination,and other benefits and welfare.We usually recruit staff in colleges to ensure the candidates have sufficient working

189、capability.In addition,we also check candidates identification documents to avoid hiring child labour.It is our policy to avoid child labour and forced labour in any of our operations.We believe that the Group can uphold human rights and prevent child labour and forced labour by strictly complying w

190、ith the above laws and regulations and internal policy.In adherence with high standards of business ethics and anti-bribery policies,all employees(including the Directors)are required to abide by our ethics policy.Our employees are prohibited from conducting themselves in any way which involves any

191、illegal behaviours by taking advantage or abusing their positions,including but not limited to bribery,fraud,extortion,money laundering and illegally obtaining or accepting benefits from others.In addition,a whistleblowing policy has been implemented to provide a secured reporting channel for employ

192、ees and stakeholders including,among others,customers and suppliers to report any suspected misconduct or malpractice involving the Group.Our Directors are reminded to avoid making decisions and abstain from voting if they are aware of potential conflicts of interest in any meetings.Our staff handbo

193、ok also included anti-corruption clauses to enhance staffs awareness of handling conflict of interest situations.We set the tone at the top and implement these rules at all levels in the Group.Our in-house training is mandatory and applicable to all staff without distinction by gender.During the yea

194、r under review,we provided training of various topics to all our staff in accordance with their work levels,job nature and duties.During the year under review,there had been no incidences of non-compliance with relevant laws and regulations that have a significant impact on the Group regarding,among

195、 others,safe working environment,occupational hazards,employment and labour practices,bribery,extortion,fraud and money laundering,preventing child and forced labour and anti-corruption and no legal proceedings or cases regarding corrupt practices had been instituted by or brought against the Group

196、and/or its employees.26CHINA STARCH HOLDINGS LIMITED中國澱粉控股有限公司Environmental and Sustainability Report環境及可持續發展報告 下表概述本集團主要中國附屬公司過往三個連續年度的僱傭資料。a 員工流失率為自願離開本集團的僱員（長期及臨時）。鑒於上述為本集團於中國的主要附屬公司的僱傭資料，不同地區的員工流失率並不適用。b 死亡事故為一名僱員於受僱期間因工傷導致死亡。c 有關比率為於財政年度內事故數目相對於同一財政年度內工時總數之比率。有關比率以每百萬工時為標準呈報。d 損失工時工傷為僱員因工傷而在受傷當

197、日後損失一天或以上預定工作日的情況。e 每名僱員的平均培訓時數乃按不同員工層級的內部總培訓時數計算。The following table summarised the employment information of the major PRC subsidiaries of the Group for the past three consecutive years.202320222021二零二三年二零二二年二零二一年Number of employees僱員人數2,2632,3602,323By gender按性別分類All grades所有級別 Male男性1,9081,9831,

198、932 Female女性355377391Supervisory level主任級 Male男性565756 Female女性111Managerial level經理級 Male男性779 Female女性111By age group按年齡組別分類 Under 3030歲以下512565787 30 to 5030歲至50歲1,6391,6931,465 Above 5050歲以上11210271By employment type按僱傭類別分類 Permanent長期2,2632,3592,281 Temporary臨時142Staff turnover ratioa員工流失率aAll

199、grades所有級別 Male男性4.7%5.8%6.7%Female女性1.2%0.6%0.7%By age group按年齡組別分類 Under 3030歲以下0.6%4.3%4.6%30 to 5030歲至50歲4.4%1.8%2.6%Above 5050歲以上0.9%0.3%0.2%Number of fatalitiesb死亡事故數b1-Rate of fatalityc死亡事故率c0.2%-Lost time injury(“LTI”)d損失工時工傷（損失工時工傷）d216Rate of LTIc損失工時工傷率c0.4%0.2%1.3%Training hourse(per mon

200、th)培訓時數e（每月）General一般14.612.211.4 Middle-level中級19.918.216.6 Senior高級28.018.221.4a Staff turnover represents the employees(permanent and temporary)leaving the Group voluntarily.Given that the employment information presented above is related to the major subsidiaries of the Group in the PRC,the staf

201、f turnover ratio for different geographical region is not applicable.b Fatality is the death of an employee as a result of an occupational injury incident in the course of employment.c The rates are the number of incidents within a financial year relative to the total number of hours worked in the s

202、ame financial year.The rates are normalised to 1,000,000 worked hours.d LTI is an occupational injury sustained by an employee for which the employee misses one or more scheduled workdays after the day of injury.e The average number of training hours per employee is calculated as the total internal

203、training hours to different employee categories.27ANNUAL REPORT 2023二零二三年年報Environmental and Sustainability Report環境及可持續發展報告 B.供應商我們與供應商之間已建立互信關係。作為龍頭玉米澱粉製造商，我們於山東省壽光及臨清區玉米粒採購上扮演重要角色。於回顧年度內，我們有不少於3,300名玉米粒供應商，彼等均位於中國。我們的供應商主要為中國的農民、合作社、代理商及貿易商。我們利用移動科技向供應商提供玉米粒收購價?；稈褓徆ぷ魅隉o休止進行，我們利用移動科技向供應商提出玉米粒收購價以

204、提升效率。由於我們的收購價具透明度，加上我們承諾按最初提供的收購價購貨，我們相信供應商將優先向我們提供最優質的玉米粒。我們的第二大物料供應商組別為化工原料及消耗品的供應商。於回顧年度內，我們有不少於500名此類供應商且彼等亦位於中國。為了營造一個公平、透明及富競爭的環境，我們的政策為於本公司網站刊登我們的招標邀請。我們認為投標者開出的要約價並非我們考慮的唯一關鍵因素。我們亦將於甄選過程中考慮勞動常規、商業道德及環保政策等過往合規記錄。在甄選建造及設備的承包商時，我們沿用類似的甄選程序。本集團亦對我們的所有供應商採取質量保證政策。我們進行供應商審計及實地考察以(i)確保我們的供應商所使用的材料符

205、合合約指明的規格（尤其是環保產品的規格，倘適用）；及(ii)審視任何有關環境及勞動常規的潛在風險或事宜。倘執行的工作於我們的廠房中進行，承包商亦須遵守我們工廠的安全守則。我們的目標是為我們的夥伴維持一個開放及公平的營商環境。我們竭力保持公開、誠實和負責的最高標準。我們不僅有舉報政策以便匯報任何不當行為，同時我們於採購協議內亦訂有反貪污條文，列明違反本集團反貪污政策的後果。該等政策由董事會成員監督及管理以確保其能有效實施。於回顧年度內，本集團並無接獲任何有關員工或供應商貪污的報告。B.SuppliersWe have developed trust with our suppliers.We,a

206、s a leading cornstarch manufacturer,play an important role in the procurement of corn kernel in Shouguang and Linqing districts,which are located in Shandong province.During the year under review,we had not less than 3,300 corn kernel suppliers and all of them are located in the PRC.Our suppliers ma

207、inly consist of farmers,cooperatives,agents and traders in the PRC.We provide our corn kernel offer price to our suppliers by using mobile technology.While our procurement is carried out on a 24/7 basis,we propose corn kernel offer prices to our suppliers through mobile technology to increase effici

208、ency.We believe that our suppliers will deliver the best corn kernel to us at their first priority because our offer prices are transparent and we show commitment to purchase at our initial offer prices.Our second largest material supplier group is the suppliers of chemical materials and consumables

209、.We had not less than 500 of these suppliers during the year under review and they are also located in the PRC.In order to have a fair,transparent and competitive environment,it is our policy to publish our tender invitation on the Companys website.Offer price given by tenderers is not the only cruc

210、ial factor considered by us.Historical compliance records,such as labour practices,business ethics and environmental protection policies,will also be considered during the selection process.We have a similar procedure for the selection of construction and equipment contractors.The Group also has a q

211、uality assurance policy for all our suppliers.We conduct supplier audits and on-site inspections to(i)ensure that the materials used by our suppliers complied with the contract specifications(and in particular,specifications on environmentally preferable products,where applicable);and(ii)review any

212、potential risk or issue on environment and labour practice.If the performance of work is carried in our site,the contractor is also required to follow our factory safety regulations.It is our target to maintain an open and fair business environment for our partners.We are committed to maintaining hi

213、ghest standards of openness,probity and accountability.Not only do we have a whistle-blowing policy which allows the report of any misconduct,but we also have anti-bribery provision in our procurement agreements stating the consequence of the breach of the Groups anti-corruption policy.Such policies

214、 are supervised and managed by members of the Board to ensure their efficient implementation.During the year under review,the Group did not receive any reports in respect of staff or supplier corruption.28CHINA STARCH HOLDINGS LIMITED中國澱粉控股有限公司Environmental and Sustainability Report環境及可持續發展報告 C.客戶由於

215、我們為客戶生產基礎原材料，產品安全是我們的重大議題。我們的產品可加工製成動物飼料或供人類食用的其他產品。保持優質產品質量是挽留客戶的唯一方法。我們的質量保證計劃確保產品標準能精準地符合國家標準化管理委員會發佈的中國國家標準。我們指定的質量控制團隊將認真調查及審查客戶的每一份質量報告及產品召回請求（如有）以確定適當的後續行動。於多數情況下，產品質量於交付期間或客戶生產設施的生產方法中受到影響。於回顧年度內，本集團並無接獲任何證明屬實及重大的產品投訴，說明本集團出於安全及健康的原因必須召回整批產品並將其作為廢品處理。此外，我們亦與客戶緊密合作安排訂單，並適時提供所需產品。於回顧年度內，於健康及安全

216、、市場推廣及標籤方面概無對本集團有重大影響的相關法律及法規的不合規事件。D.政府政府機關是我們主要持份者之一。本集團承諾使用現代化的生產設施及分配資源發展生產技術，以改善生產效益。該等投資的回報在短期內不會顯現。為確保發展方向能得到政府的長期支持，我們與市政府保持良好工作關係。我們預期，我們長久以來對政府機關的承諾及支持，將有助政府機關對我們行業的需求有更適切的了解及作出更好的回應。E.業務策略夥伴本集團的願景是成為中國玉米深加工行業的市場領導者。我們的業務策略乃根據此基準制定。目前，我們逐漸向高增值產品及入門門檻更高的玉米澱粉衍生品市場發展。我們樂於與其他市場領導者合作，並與他們開展業務。為

217、確保長期成功，我們對潛在產品進行審慎的市場評估分析。選擇合適的業務夥伴至關重要，我們的業務夥伴應在業界享有盛譽及擁有卓越業務往績記錄。C.CustomersProduct safety is a great issue as we produce base raw materials for our customers.Our products can be reproduced for animal feeds or other products for human consumption.The maintenance of high product quality is the only

218、 key to customers loyalty.Our quality assurance programme ensures that our product standards can be identified precisely in accordance with the Chinese national standards issued by The Standardization Administration of the PRC.Each quality report and product recall request,if any,from our customers

219、will be investigated and examined seriously by our designated quality control team to determine appropriate follow-up actions.In many cases,product quality was affected during delivery or the production method in the customers production facilities.During the year under review,the Group did not rece

220、ive any substantiated and material complaints on its products that the Group had to recall and treat the whole batch of products as scrap material for safety and health reasons.In addition,we also work closely with our customers to develop our order book and provide the required products at the righ

221、t time.During the year under review,there had been no incidences of non-compliance with relevant laws and regulations that have a significant impact on the Group regarding health and safety,marketing and labelling.D.GovernmentsOne of our major stakeholders is government authorities.The Group shows i

222、ts commitment to improve production efficiency by using modernised production facilities and deploying resources in the development of production knowhow.The payback of these investments would not be within a short time.To ensure that the development direction is on the right way with long-term gove

223、rnment support,we maintain good working relationships with the municipal governments.We expect that our continuous commitments and support to the government authorities would assist them in better understanding and responding to our industry needs.E.Business Strategic PartnersIt is the Groups vision

224、 to become a leading market player in the corn-refinery industry in the PRC.Our business strategies are formulated on this basis.Now,we are gradually moving towards cornstarch-derivative markets representing high value-added products and higher barriers of entry.We welcome cooperation with other lea

225、ding market players and develop businesses with them.To ensure long-term success,we carry out market assessment analysis on potential products cautiously.It is important to select a suitable business partner who should have a high reputation in the industry and a proven successful business record.29

226、ANNUAL REPORT 2023二零二三年年報Environmental and Sustainability Report環境及可持續發展報告 F.股東我們的股東是本公司的主要持份者之一。我們與股東秉持一致的業務目標，並為股東創造價值。我們的長遠企業策略是為股東帶來最大的總回報。董事會代表股東肩負管理的責任。在我們的決策過程中，我們力求在多個因素間取得平衡，包括但不限於維持健康的資產負債表、挑選可持續發展項目，以及釐定本集團的最佳財務需求。董事會已制定一套股東溝通政策，當中載列本公司有關股東溝通的原則，旨在確保提供公允、易懂的資料，且每位股東均獲平等對待。我們鼓勵股東及潛在投資者閱讀本公

227、司的公司通訊政策，有關政策可於本公司網站查閱。G.環境環境政策本集團明白我們的業務會對環境造成一定影響，並深明良好的環境管理常規及可持續業務營運的重要性。我們致力遵守中國政府所制定的所有環保標準及政策。於整個回顧年度，並無發生違反相關環境法律及規例的重大事件，也無發生與氣候有關之問題，且對本集團有重大影響。我們的環境策略為在生產成本、溫室氣體（溫室氣體）排放及污水排放方面取得平衡。我們的業務需要使用大量能源及水資源，本集團已安裝自有設施以減少溫室氣體排放及對污水進行處理後方將其排入城市污水管網。本集團已有一套全天候運作的系統監察污水排放，並向地方環保當局報告有關數據，並公開予公眾人士查閱。為保

228、護環境及降低生產成本，我們利用處理污水時所產生的甲烷生產蒸汽供內部使用。F.ShareholdersOne of the major stakeholders of the Company is our shareholders.We share our business objective with and create value for our shareholders.Our long-term corporate strategy is to maximise total shareholder return.The Board undertakes the management r

229、esponsibility on behalf of our shareholders.During our decision-making process,we strive to strike a balance among various factors,including without limitation,maintaining a healthy balance sheet,choosing sustainable development projects,and determining the optimal financial requirements of the Grou

230、p.The Board established a shareholders communication policy setting out the principles of the Company in relation to shareholders communications,with the objective of ensuring the availability of balanced and understandable information and each of the shareholders is treated equally.We encourage sha

231、reholders and potential investors to read the Companys corporate communication policy,which is available on the Companys website.G.EnvironmentEnvironmental PoliciesThe Group understands that our business has an impact on the environment and we recognise the importance of sound environmental manageme

232、nt practices and sustainable business operations.We are committed to meeting all environmental standards and policies as set by the PRC government.Throughout the year under review,there were no material incidences of non-compliance with the relevant environmental laws and regulations nor were there

233、climate-related issues that have a significant impact on the Group.Our environmental strategy is to achieve a balance between cost of production on one hand,and greenhouse gas(“GHG”)emissions and sewage disposal on the other hand.Our business is both energy and water intensive,the Group has its own

234、facilities to reduce GHG emissions and treat sewage before disposal to city sewage network.A perpetual monitoring system on sewage disposal is reported to the local environmental protection bureau and open to public inspection.In order to protect our environment and reduce the cost of production,we

235、use methane generated from sewage treatment to produce steam for internal use.30CHINA STARCH HOLDINGS LIMITED中國澱粉控股有限公司Environmental and Sustainability Report環境及可持續發展報告 我們目前並未就減少無害廢料排放設定任何目標，乃主要由於該等因素極易受品組合及生產方式影響。例如，液體甜味劑及結晶甜味劑能源消耗比率存在極大差異?？紤]到良好環境管理常規及可持續業務營運的重要性，我們不斷調整生產計劃，一方面滿足客戶的訂單需求，另一方面提高設施的效率

236、及其他生產資源的消耗比率。於回顧年度內，本集團的生產廠房並無產生任何有害廢料。此外，我們會收集大部份無害廢料並出售予第三方作其他用途。資源使用除玉米粒外，電力和食水是生產過程中另外兩大主要元素。我們主要使用在山東省的煤電。儘管本集團不能選擇使用何種生產能源，我們會致力改善生產效益，從而間接減少溫室氣體排放強度。例如，管理層團隊審視能源消耗率，並於每個財政年度開始時訂立新目標。管理層團隊定期監察該等目標的達成情況，除成本效益外，我們的管理層團隊在作出生產相關決策時亦會考慮能源效率。水是地球的重要資源。水可以栽種莊稼、供動物及人類飲用、發電及產生蒸汽，以及生產我們的產品。我們於生產過程中抽取地下水

237、，並會使用自設的回收水處理設施減少對使用地下水的過度依賴，以及降低對環境造成的影響。我們承諾以負責任的態度用水。儘管我們沒有設定具體的節水目標，但在保持生產水平和效率的同時，於生產過程中降低整體資源消耗是本集團的總體戰略方向，並有望通過不斷審視及評估我們的環境、社會及管治表現、業務戰略及可持續發展目標來實現。We currently do not set any target for the reduction of emission of non-hazardous waste.It is because these factors are easily affected by the pr

238、oduct mix and the method of production.For example,the energy consumption ratio for liquid sweetener and crystallised sweetener are materially different.We perpetually adjust our production plan to satisfy our customers orders on one hand and maximise the efficiency of utilities and other resources

239、consumption ratio on the other hand,having regard to the importance of sound environmental management practices and sustainable business operations.During the year under review,the Group did not produce any hazardous waste in our production plants.In addition,most of our non-hazardous wastes are col

240、lected and sold to third parties for other uses.Use of ResourcesOther than corn kernel,electricity and steam are the other two major elements during production.The electricity we used is mainly generated from coal in Shandong province.Although the Group does not have any option to choose the source

241、for the production of energy,we spend much effort to improve production efficiency and,in return,we can reduce the GHG intensity indirectly.For example,the management team reviews the energy consumption rate and sets a new target at the beginning of every financial year.The management team monitors

242、the status of achieving such targets regularly and,apart from cost-efficiency,energy-efficiency would also be taken into account by our management team when making production-related decisions.Water is a vital resource for our planet.It is used to grow crops,feed animals and people,generate electric

243、ity and steam,and produce our products.We extract underground water during production and use our own reclaimed water treatment facilities to minimise over-reliance on using underground water and its impact on the environment.We are committed to using water responsibly.While we do not set specific w

244、ater reduction targets,it is the general strategy and direction of our Group to reduce the overall resource consumption during our production process,all while maintaining our production level and efficiency.This is expected to be achieved through continuous review and evaluation of our ESG performa

245、nce,business strategy and sustainability goals.31ANNUAL REPORT 2023二零二三年年報Environmental and Sustainability Report環境及可持續發展報告 包裝物料包裝物料的使用會根據客戶的包裝要求而改變。我們鼓勵客戶使用可重複使用包裝物料。於二零二三年，製成品所用包裝物料約為10,902噸（二零二二年：10,240噸）。其中，截至二零二三年十二月三十一日止年度，新採購的可重複使用包裝物料約為8,279噸（二零二二年：7,515噸）。玉米澱粉及賴氨酸產品的包裝物料整體使用量於二零二三年錄得大幅下降，原因

246、為本集團於二零二二年更換了較耐用的包裝袋。與此同時，由於變性澱粉的銷量於年內大幅增加，本集團需要採購變性澱粉的新包裝物料。因此，於回顧年度，本集團新包裝物料的總使用量及的購買量仍錄得增長。下表概述本集團所有主要附屬公司於過去連續三年的環境相關資料。f 食水、電力及蒸汽消耗強度指數按財政年度所生產實質產品每噸所消耗的食水、電力及蒸汽強度，相對二零一六基準年的強度（設定為100）計算。Packaging MaterialsThe usage of packaging material would change in accordance with the customers packaging r

247、equirements.We encourage our customers to use reusable packaging material.During 2023,packaging material used for finished goods was about 10,902 tonnes(2022:10,240 tonnes).Among which,newly purchased reusable packaging material was about 8,279 tonnes for the year ended 31 December 2023(2022:7,515 t

248、onnes).The overall usage volume of packaging materials for cornstarch and lysine products recorded a substantial decrease in 2023 as the Group replaced more durable bags in 2022.In the meantime,the Group was required to acquire new packaging materials for modified starch as the sales of modified sta

249、rch increased substantially during the year.Therefore,the Group still recorded an increase in aggregate usage and purchase of new packaging materials during the year under review.The following table summarised the environment-related information for all major subsidiaries of the Group for the past t

250、hree consecutive years.202320222021二零二三年二零二二年二零二一年Fresh water used(m3)所用食水（立方米）1,884,8632,164,8762,037,133Fresh water consumption intensity indexf食水消耗強度指數f129152134Electricity used(GWh)所用電力（吉瓦時）806786735Electricity consumption intensity indexf電力消耗強度指數f10410395Steam used(tonne)所用蒸汽（噸）2,518,6432,573,5

251、242,424,367Steam consumption intensity indexf蒸汽消耗強度指數f869086Fuel used(litre)所用燃料（公升）Diesel柴油283,768414,432407,155 Unleaded petrol無鉛汽油69,39559,10684,577GHG emissionsg(tonne of CO2e)溫室氣體排放g（噸等值二氧化碳）Scope 1h範圍1h9381,2791,312 Scope 2i範圍2i1,265,3091,273,9461,262,320 Total GHG emissionj溫室氣體總排放j1,266,2471,

252、275,2251,263,632GHG emission intensity indexk溫室氣體排放強度指數k949690Water discharged(m3)水排放量（立方米）Waste water to recycled water 廢水轉化為循環再用水4,160,2044,050,3114,032,190 Waste water to sewage network排放至污水網絡的廢水2,417,1022,996,1802,732,015Non-hazardous wastel produced(tonne)產生的非危險廢物l（噸）66,93271,92566,590Packaging

253、 material usedm(tonne)所用包裝物料m（噸）10,90210,2407,888f Fresh water,electricity and steam consumption intensity indices are calculated as the intensity of fresh water,electricity and steam consumed per tonne of physical product produced in the financial year relative to the intensity in the 2016 base yea

254、r(set to 100).32CHINA STARCH HOLDINGS LIMITED中國澱粉控股有限公司Environmental and Sustainability Report環境及可持續發展報告 g 釐定二零一六年財政年度排放量所使用的方法乃以多份文件為根據，如二零零六年IPCC國家溫室氣體清單指南、國家應對氣候變化司發出二零一五年中國區域電網基準線排放因子 及IPCC第五次評估報告。h 範圍1排放指由本集團擁有或控制的固定污染來源燃料燃燒發電、生產蒸汽或熱力時的排放，以及擁有或操作車輛的交通運輸排放。i 範圍2排放為耗用所購買電力、蒸汽及熱力的排放。j 溫室氣體排放總量為直接排

255、放，另加來自購買及出售電力及蒸汽淨變動所產生的排放。k 溫室氣體排放強度指數按財政年度所生產實質產品所排放的溫室氣體，相對基準年的強度（設定為100）計算?；鶞誓隇槎阋涣?。l 非危險廢物主要為污泥、糖化殘渣、滅活細菌殘留物及肥料。m 該數量包括已多次使用的可重複使用包裝物料。其他環境及社會範疇員工關懷於回顧年度內，本集團為其員工組織了撲克及棋牌比賽、拔河比賽、元宵節、婦女節節慶、及單車日等多項活動。該等活動有利於培養良好的團隊精神，並促進工作場所的和諧。該等員工活動所用開支對本集團而言並不重大。本集團的政策乃通過我們的業務和運營，為有利於社區的活動作出貢獻以及為社會創造積極價值。知識產權我

256、們在新產品的研發或新生產方法的創新方面投放大量資源。我們的研究結果難以用金錢來量化。然而，我們能應用這種技術知識改善生產效率並有效控制成本。為了保障我們的研發成果，本集團將向中國國家知識產權局申請將成果註冊。消費者資料保障及私隱政策我們的交易以企業對企業的模式進行。因此，消費者資料保障及私隱政策對我們的營運而言並非至關重要。g The methodology used for the determination of emissions for the financial year 2016 is based on various documents,such as 2006 IPCC Gui

257、delines for National Greenhouse Gas Inventories,and the 2015 Baseline Emission Factors for Regional Power Grids in China issued by the Department of Climate Change and IPCC Fifth Assessment Report.h Scope 1 emissions represent the emissions from combustion of fuels at stationary sources to generate

258、electricity,steam,or heat which are owned or controlled by the Group and transportation emissions from owned or operated vehicles.i Scope 2 emissions are emissions from consumption of purchased electricity,steam and heat.j Total GHG emissions are direct emissions,plus emissions from the net change o

259、f purchasing and selling of electricity and steam.k GHG emission intensity index is calculated as the GHG emissions from physical products produced in the financial year relative to the intensity in the base year(set to 100).The base year is 2016.l Non-hazardous wastes mainly represent sludge,saccha

260、rified residue,inactivated bacteria residue and fertiliser.m The quantity includes reusable packaging material that has been used many times.Other Environmental and Social AreasStaff careDuring the year under review,the Group organised various activities,such as poker and chess competitions,tug-of-w

261、ar competitions,Lantern Festival,Womens Day Festival,bicycle day and other activities for its staff.These activities could achieve good team spirit and enhance harmony in the workplace.The expenses used for these staff activities were not material to the Group.It is the Groups policy to contribute t

262、o activities which can benefit the community and create positive values for society through our business and operation.Intellectual property rightsWe spend many resources on research and development of new products or innovation of new production methods.It is very difficult to quantify the result o

263、f our study outcome in monetary terms.The use of this knowhow,however,can improve our production efficiency and control our cost effectively.In order to protect our research and development results,the Group will register the results with the National Intellectual Property Administration in the PRC.

264、Consumer data protection and privacy policiesOur transactions are a business-to-business model.Therefore,consumer data protection and privacy policies are not material to our operation.33ANNUAL REPORT 2023二零二三年年報Risk Review Report風險審閱報告 我們的風險管理理念有效的風險檢討系統可幫助實體將風險降至最低及有效地管理風險。風險管理及內部監控系統並非一次過的安排，相反，該

265、等系統是我們的日常業務營運及決策過程的一部份。維持高水準風險管理及內部監控的目的是保證本集團可持續發展。董事會對本集團風險管理及內部監控系統承擔整體責任。該等系統由董事會在審核委員會、企劃部及內部審核部協助下進行監察。確認風險管理層採用風險計分卡對本集團所面對的各項已識別風險及其相關影響進行評級及比較。透過是項分析過程，所有已識別的風險會以有效及易於理解之方式向董事會呈報。董事會每年檢討風險及舒緩風險的工具。管理風險的方法我們須明確界定風險及監控責任並落實到各個員工。各員工均須了解其職責，並深明其責任。界定明確的監控防範系統乃成功的關鍵。我們的風險防範機制如下：Our risk measure

266、ment philosophyAn effective risk review system could help an entity minimise and manage risks efficiently.Our risk management and internal control systems are not one-off arrangements;instead they are integrated into our daily business operations and decision-making process.The objective of upholdin

267、g a high standard of risk management and internal control is to guarantee the sustainability of the Groups development.The Board has the overall responsibility for the Groups risk management and internal control systems.These systems are monitored by the Board through the assistance of the Audit Com

268、mittee,Corporate Strategy and Development Department and Internal Audit Department.Identifying risksThe management uses risk scorecard to rank and compare each identified risk and its related impact posing to the Group.Through this analysis process,all identified risks are presented to the Board in

269、an effective and comprehensible manner.The Board reviews the risks and mitigation tools every year.How we manage riskRisk and control responsibility must be well-defined and delegated to each staff.Each staff must understand their duty and recognise their responsibility.A well-defined control preven

270、tion system is a key to success.Our risk prevention mechanism is as follows:Risk ownershipThe executive management team is assigned the responsibility for managing risks and monitoring the implementation of risk mitigation policies.In addition,the team heads are required to pledge themselves to ensu

271、re appropriate control procedures are in place within their respective teams to the Chief Executive Officer once a year.風險承擔執行管理團隊負責管理風險並監管風險舒緩政策的落實情況。此外，各小組主管須每年向行政總裁承諾確保其各自的團隊已制訂合適的監控程序。Monitoring A monthly management report in respect to the operation,market and safety issues is circulated amongs

272、t the management team.It allows the management to stay alert on potential risks in different seasons.監管每月就經營、市場及安全事宜向管理團隊提交管理報告，令管理層對不同季節的潛在風險保持警惕。Compliance reviewInternal Audit Department considers the review areas for the coming year and discusses its plan with the Audit Committee.It also carries

273、 out ad-hoc tasks on specific areas which required by the Board or the management.The internal audit report will be discussed with the respective department head and reviewed by the Board respectively.合規審查內部審核部門考慮來年的審查範圍，並與審核委員會討論其計劃。其亦按董事會或管理層的要求對特定領域進行臨時審核。內部審核報告將與各部門主管討論，並由董事會審閱。34CHINA STARCH HO

274、LDINGS LIMITED中國澱粉控股有限公司Risk Review Report風險審閱報告 ChallengesAfter the end of the COVID-19 pandemic towards the end of 2022,people looked forward to having an energetic and prosperous 2023.However,this hope burst due to global inflation,dampening market demand and geopolitical tensions.These unstable

275、factors hindered the global economic recovery.The Group,as a manufacturer of base materials,inevitably suffered from the adversed economic factors during 2023.In response to these challenges,our competent management team strengthened control on working capital and expenditures as well as adjusted pr

276、oduction schedules that minimised production costs on one hand and satisfied customers orders on the other hand.Principle risks analysisPrinciple risk and uncertainty identification are part of our risk management system.During the year under review,the Board held one meeting to discuss the risks an

277、d mitigation tools.The risk of flattening demand was escalated during the year under review.The following analysis shows the major risks and uncertainties that are considered material and may adversely affect the business and financial position of the Group.Major risks主要風險Mitigation plans舒緩風險計劃Lack

278、of growth dynamic in the PRCOur businesses are dependent on the prosperity of the Chinese market.The challenge of oversupply and weak demand for cornstarch and its related products accelerates over the year.於中國缺少增長動力我們的業務依賴於中國市場的繁榮。玉米澱粉及其相關產品供過於求及需求疲弱的挑戰於年內加劇。Maintain a strong balance sheet Maintain

279、 sufficient banking facilities Strengthen the credit control of customers Develop our business in a cornstarch-derivative product market 維持穩健的資產負債表 保持足夠的銀行融資 加強對客戶的信貸監控 發展玉米澱粉衍生產品市場的業務Failure to operate our plants as scheduledProduction schedule may be affected by working safety review and environme

280、ntal review.We have no compromise on staff safety.Failure to follow safety laws,regulations and standards may result in workplace accidents involving injury or fatality.During the year under review,we spend much effort to ensure that safety controls are in place.In order to fulfil a regional gas pol

281、lutant or sewage discharge benchmark set by the local government,factories in the region may be required to limit their production output temporarily.The frequency of such requirements may increase in the future.我們的工廠無法如期營運生產計劃可能受到工作安全審查及環境評估的影響。我們在員工安全事宜上絕不讓步。如未能遵守安全法例、規例及標準，可能會導致工作地點發生意外，造成傷亡。於回顧年

282、度，我們努力確保妥善實施安全監控。為了符合當地政府制定的地區性氣體污染物或污水排放指標，該地區的工廠可能會被要求暫時限制產量。接獲該要求的次數在未來可能會增加。Safety Supervision Department to oversee all safety issues of the Group Corporate Strategy and Development Department to monitor control procedures in place regularly Perform various safety exercises and safety drills re

283、gularly Maintain high level of gas emission/sewage discharge standard during our production Have regular follow-up meetings with the municipal government for expansion plans 安監部監察本集團所有安全事宜 企劃部定期監察是否妥善實施監控程序 定期進行各種安全活動及安全演習 於生產中保持高標準的氣體排放污水排放水平 定期與市政府就擴張計畫舉行後續會議挑戰於二零二二年底COVID-19疫情結束後，人們期待著一個充滿活力及繁榮的二

284、零二三年。然而，全球通貨膨脹、市場需求抑制、地緣政治緊張等因素使這一希望破滅。該等不穩定因素阻礙了經濟復甦。本集團作為基礎材料製造商，於二零二三年不可避免地受到該等不利經濟因素的影響。為應對該等挑戰，我們稱職的管理團隊加強了對營運資金及支出的控制，並調整了生產計劃，一方面最小化了生產成本，另一方面滿足了客戶訂單的需求。主要風險分析識別主要風險及不確定因素是我們風險管理系統的其中一部分。於回顧年度，董事會舉行一次會議討論風險及舒緩風險的工具。於回顧年度，市場需求平緩的風險升級。以下分析載列被視為重大及可能對本集團的業務及財務狀況產生不利影響的主要風險及不確定因素。35ANNUAL REPORT

285、2023二零二三年年報Risk Review Report風險審閱報告 Major risks主要風險Mitigation plans舒緩風險計劃Failure to minimise adverse impacts from national-wide disruptive forces such as disease and natural disasterExternal events(such as swine flu,extreme weather,and crop failure)would have a significant impact on our business.Thi

286、s could happen at any time without warning.無法將疾病及自然災害等具全國破壞性因素的不利影響降至最低外部事件（如豬流感、極端天氣、農作物減產）將對我們的業務造成重大影響。該情況並無任何預警，隨時可能發生。Sourcing from national food reserve or other regions Maintain adequate insurance to protect our assets Review and update our mitigation plan regularly Set up emergency mitigatio

287、n action group if necessary 從國家糧食儲備或其他地區採購 投購足夠的保險以保護我們的資產 定期檢討及更新舒緩風險計劃 必要時成立緊急舒緩風險行動小組Extra cost to neutralise greenhouse gas(“GHG”)footprintThe transfer of carbon neutrality roadmap to carbon neutrality policy would affect business operations.It may also increase operating costs and affect capita

288、l investment.中和溫室氣體（溫室氣體）足跡的額外成本將碳中和路線圖轉變為碳中和政策將影響業務運營。此舉亦可能增加運營成本並影響資本投資。Engage external GHG professional parties(eg.local universities)to assist the Group to evaluate any new investment projects Investment in the use of power-saving equipment Participate in the government/industry workgroup of set

289、ting GHG standards 委聘外部溫室氣體專業機構（如當地大學）以協助本集團評估任何新投資項目 投資使用節電設備 參與設立溫室氣體標準的政府業界工作小組Failure to maintain our product qualityOur product may not achieve our customers required level of quality or national standards.Poor quality or sub-standard products could have a negative impact on our brand image and

290、 reputation.無法維持我們的產品質量我們的產品可能未能達到客戶要求的質量水平或國家標準。質量低劣或不合格的產品會對我們的品牌形象及聲譽產生負面影響。Undertake strict quality control and product testing Carry out periodic product recall drills to improve the handling process of product recalls shall they arise,hence minimising the potential negative impact of any sub-s

291、tandard product on the Group 進行嚴格的質控及產品測試 定期進行產品召回演習，以改進發生產品召回時的處理流程，從而將任何不合格產品對本集團的潛在負面影響降至最低Failure to maintain production software securityThe increase in using automated production methods can reduce headcount effectively.However,it increases the exposure to software malfunction risk.Operations

292、may be interrupted by a cyber-attack or false human input.無法維持生產軟件安全增加使用自動化生產的方法可有效減少員工數量。然而，其增加了軟件故障的風險。營運可能會因受到網絡攻擊或人工輸入錯誤而中斷。Real-time power supply monitoring system Implement strict physical security control in restricted areas,e.g.control room Use of firewall and antivirus software 實時供電監控系統 於受限

293、制區域（例如控制室）實施嚴格的物理安全控制 使用防火墻及殺毒軟件36CHINA STARCH HOLDINGS LIMITED中國澱粉控股有限公司Risk Review Report風險審閱報告 就截至二零二三年十二月三十一日止年度而言，董事會認為內部監控系統屬有效及足夠，且並無發現任何可能影響本集團的重大須關注事宜。務請注意，我們的風險管理及內部監控系統乃為管理（而非消除）出現事故的風險，並僅可合理（而非絕對）保證並無重大錯誤陳述或損失。Major risks主要風險Mitigation plans舒緩風險計劃Failure to manage price fluctuation in co

294、rnstarch,corn kernel and energy costsCornstarch and corn kernel prices are more volatile in recent years.We may not pass the increased cost to customers immediately and may result in a significant loss.無法管理玉米澱粉、玉米粒及能源成本之價格波動近年來，玉米澱粉及玉米粒價格波動較大。我們可能無法即時將增加的成本轉至客戶，從而造成重大損失。Monitor the commodity price m

295、ovement closely Use derivatives Set energy consumption reduction target 密切監察商品價格變動 使用衍生產品 制定節能降耗目標Breach of legal and regulatory requirementsIt is a trend that environmental protection-related rules and regulations will be more stringent year by year.Government policies may change without prior sign

296、als.Evolving standards,rules and regulations could result in increased costs,regulatory actions,or in extreme cases,litigation or plant closure.違反法律及監管要求與環境保護相關的規則及規例一年比一年嚴格，並已成為趨勢。政府政策可在毫無先兆的情況下改變。標準、規則及規例不停轉變，可能會導致成本上升和招致監管行動，在極端情況下更可能會導致訴訟或關閉工廠。Regular monitoring and review of changes in laws and

297、 regulations Act as a representative of industry group and participate in the government policy/regulation-making stage 定期監察及檢討法例及規例的變動 擔任行業組織的代表，在政府政策規例的制定階段介入Failure to promote new productsThe Group may not execute a new product project as planned.無法推廣新產品本集團未必會按計劃推行新產品項目。Market research and feasib

298、ility study on potential new product 對潛在新產品進行市場調查及可行性研究Failure to meet expansion targetBusiness combination,acquisition or formation of joint venture may not achieve the expected outcome as planned.無法滿足拓展目標業務合併、收購或成立合營企業可能無法按計劃取得預期成果。Due diligence work on a potential acquisition target Engage legal

299、advisors to advise on investment or cooperation proposal 對潛在收購目標進行盡職調查 委聘法律顧問就投資或合作建議提供意見The Board considered the internal control system is effective and adequate for the year ended 31 December 2023.No significant areas of concern that might affect the Group were identified.It should be acknowledge

300、d that our risk management and internal control systems are designed to manage rather than eliminate the risk of failure and can only provide reasonable and not absolute assurance against material misstatement or loss.37ANNUAL REPORT 2023二零二三年年報Corporate Governance Report企業管治報告 中國澱粉控股有限公司（本公司 或 中國澱粉

301、）董事（董事）會（董事會）深明保持高水平企業管治準則對未來取得成功的重要性。董事會與專責的執行管理團隊一直銳意向本公司股東及利益相關者展示其對維持良好的內部監控標準、問責性及誠實守信的承諾。中國澱粉之使命及目標中國澱粉致力於成為中國龍頭玉米深加工製造商。我們的業務歷史始於一九九八年。25年間，我們一直專注於玉米澱粉及其他相關產品的應用開發。我們的業務決策及目標乃基於 3S 制定：企業管治常規除田其祥先生（董事會主席及執行董事）因其他業務活動而並無出席本公司二零二三年股東週年大會（二零二三年股東週年大會）外，本公司已於回顧年度遵守香港聯合交易所有限公司（聯交所）證券上市規則（上市規則）附錄C1第

302、二部分所載的適用守則條文，並應用已訂明的原則以實現高水平企業管治。董事的證券交易本公司已採納其自訂的證券買賣守則（買賣守則），其條款不比上市規則附錄C3所載的上市發行人董事進行證券交易的標準守則寬鬆。買賣守則適用於所有董事及所有獲通知須遵守該守則規定的僱員。本公司已向全體董事作出具體查詢，全體董事確認彼等於整個回顧年度一直遵守買賣守則所載的規定標準。董事會董事會須就領導及控制本公司向本公司股東（股東）負責，並共同負責指引及監管本公司事務，促成本公司長期成功及推進業務。董事會目前由四名執行董事及三名獨立非執行董事組成。董事會所有成員均須遵守相同的謹慎及技巧行事及受信責任，以向股東負責及客觀地作出

303、符合本公司及股東整體利益的決策。The board(the“Board”)of directors(the“Directors”)of China Starch Holdings Limited(the“Company”or“China Starch”)understands maintaining high corporate governance standards is crucial to success in the future.The Board and its dedicated executive management teams always demonstrate its

304、 commitment in upholding sound internal control standards,accountability and integrity to the shareholders and stakeholders of the Company.China Starchs Mission and ObjectiveChina Starch is committed to becoming a leading corn deep-processing manufacturer in China.Our business history started in 199

305、8.We have been focusing on the application development of cornstarch and other related products for over a quarter century.Our business decisions and objective are formulated based on“3S”:Shareholders:股東：Providing reasonable investment returns提供合理投資回報Society:社會：Creating elements of sustainable devel

306、opment創造可持續發展要素Staff:僱員：Providing opportunities for employees to realise their own value為僱員實現其自身價值提供機會Corporate Governance PracticesThe Company has complied with the applicable code provisions as set out in Part 2 of Appendix C1 to the Rules Governing the Listing of Securities(the“Listing Rules”)on

307、the Stock Exchange of Hong Kong Limited(the“Stock Exchange”)during the year under review and has applied the principles as laid down with the aim of achieving a high level of governance,except that Mr.Tian Qixiang(the chairman of the Board and an executive Director)did not attend the 2023 annual gen

308、eral meeting of the Company(the“2023 AGM”)because of his other business engagement.Directors Securities TransactionsThe Company has adopted its own Securities Dealing Code(the“Dealing Code”)on terms no less exacting than the Model Code for Securities Transactions by Directors of Listed Issuers set o

309、ut in Appendix C3 to the Listing Rules.The Dealing Code applies to all Directors and to all employees who are informed that they are subject to its provisions.The Company has made specific enquiry of all Directors and that all the Directors confirmed their compliance with the required standard set o

310、ut in the Dealing Code throughout the year under review.The BoardThe Board is accountable to the shareholders of the Company(the“Shareholders”)for its leadership and control and is collectively responsible for promoting the Companys long-term success and businesses by directing and supervising the C

311、ompanys affairs.The Board is currently composed of four executive Directors and three independent non-executive Directors.All members of the Board are subject to the same duties of care and skill and fiduciary duties in upholding their accountability to the Shareholders and in making decisions objec

312、tively in the best interests of the Company and the Shareholders as a whole.38CHINA STARCH HOLDINGS LIMITED中國澱粉控股有限公司Corporate Governance Report企業管治報告 The Board,being the governing body of the Company,had led the management in performing the following duties during the year under review:Formulating

313、long-term and short-term strategic and business plans Approving the Groups annual forecasts Evaluating the business performance of the Group Ensuring the integrity of financial information Evaluating the effectiveness of the Groups internal control and risk management systems Developing,reviewing an

314、d monitoring the Groups corporate governance policies and practices and ensuring their implementation in accordance with the CG Code(including but not limited to reviewing and monitoring the training and CPD development of the Directors,the compliance with the CG Code and the Dealing Code,as well as

315、 reviewing the disclosures in this Corporate Governance Report)Ensuring the Groups compliance with legal and regulatory requirementsTo facilitate effective management,the Board has delegated certain functions to various Board committees,namely,the Audit Committee,the Remuneration Committee and the N

316、omination Committee.Each of these Board committees operates under their respective written terms of reference on terms no less exacting than the code provisions as set out in the CG Code.Suggestions and conclusions of the Board committees will be reported to the Board in its subsequent meeting.In ad

317、dition,the Board also delegates the day-to-day operational responsibilities to the executive management team under the leadership of the Chief Executive Officer.The Chief Executive Officer,working with the executive management team,is responsible for the operations and business development of the Gr

318、oup.Chairman and Chief Executive OfficerThe roles of the Chairman and Chief Executive Officer are separate and not be performed by the same individual.Mr.Tian Qixiang holds the position of the Chairman,and is primarily responsible for the strategic positioning.Mr.Gao Shijun serves as the Chief Execu

319、tive Officer,and is primarily responsible for the operations and business development of the Group.There is no relationship(including financial,business,family or other material/relevant relationship(s)among the Directors and in particular,between Mr.Tian Qixiang(Chairman)and Mr.Gao Shijun(Chief Exe

320、cutive Officer).The biographies of the Directors are set out in the section headed“Directors and Senior Management Profiles”.董事會作為本公司的管理組織，已於回顧年度帶領管理層履行下列職責：制訂長期及短期策略及業務計劃 批準本集團的年度預測 評估本集團業務表現 確保財務資料的完整性 評估本集團內部監控及風險管理系統的成效 制定、檢討及監察本集團企業管治政策及常規，以及確保根據企業管治守則執行（包括但不限於檢討及監察董事之培訓及持續專業發展、遵守企業管治守則及買賣守則的情況

321、，以及審閱本企業管治報告作出的披露）確保本集團遵守法律及監管規定為達致有效管理，董事會將若干職能指派予不同的董事會委員會，即審核委員會、薪酬委員會及提名委員會。各董事會委員會依據彼等各自的書面職權範圍運作，其條款不比企業管治守則所載之守則條文寬鬆。各董事會委員會將於其後的董事會會議中，向董事會匯報其建議及結論。此外，董事會亦將指派執行管理團隊在行政總裁的領導下負責集團的日常營運。行政總裁與執行管理團隊共同負責本集團的營運及業務發展。主席與行政總裁主席與行政總裁的角色明確區分，且並非由一人同時兼任。田其祥先生擔任主席一職，主要負責戰略部署。高世軍先生擔任行政總裁一職，主要負責本集團的營運和業務發

322、展。董事之間（尤其是田其祥先生（主席）與高世軍先生（行政總裁）之間）概無任何關係（包括財務、業務、家族或其他重大相關關係）。董事的履歷詳情載於 董事及高級管理人員簡介 一節。39ANNUAL REPORT 2023二零二三年年報Corporate Governance Report企業管治報告 公司秘書本公司公司秘書梁兆康先生為本集團全職僱員。彼亦擔任審核委員會、提名委員會、薪酬委員會及董事會不時成立的其他董事會委員會的秘書。梁先生負責透過主席及或行政總裁向董事會提供有關管治事宜的建議，例如確保董事會程序及適用法律及法規獲得遵從。梁先生為香港會計師公會及英國特許公認會計師公會的資深會員，亦為特

323、許公司治理公會與香港公司治理公會的資深會員。於回顧年度，梁先生已接受不少於15小時專業培訓以提升其技能及知識。二零二三年董事會會議及委員會會議的出席及培訓記錄於回顧年度，董事會舉行四次定期會議。董事會預早一年計劃定期董事會會議的時間表，藉以將董事的出席率提至最高。如有需要，亦會召開其他額外董事會會議。董事肯定參與持續專業發展（持續專業發展）以發展及更新知識與技能的重要性，其可令董事緊貼目前趨勢及本集團所面臨的問題，並確保彼等更好地履行作為本公司董事的職責。Company SecretaryMr.Leung Siu Hong,the company secretary of the Compan

324、y,is a full-time employee of the Group.He also serves as the secretary of each of the Audit Committee,Nomination Committee,Remuneration Committee and other board committees as organised by the Board from time to time.Mr.Leung is responsible for advising the Board through the Chairman and/or the Chie

325、f Executive Officer on governance matters,for example,to ensure Board procedures and applicable laws and regulations are followed.Mr.Leung is a fellow member of the Hong Kong Institute of Certified Public Accountants and Association of Chartered Certified Accountant.Mr.Leung is also a fellow member

326、of The Chartered Governance Institute and The Hong Kong Chartered Governance Institute.During the year under review,Mr.Leung took no less than 15 hours professional training to update his skills and knowledge.2023 Board and Committee Meeting Attendance and Training RecordDuring the year under review

327、,the Board held four regular meetings.The regular Board meetings are scheduled one year in advance to facilitate maximum attendance by the Directors.Other additional Board meetings are convened as and when required.Our Directors recognised the importance of participating in continuous professional d

328、evelopment(the“CPD”)to develop and refresh their knowledge and skill,which can help them keep abreast of current trends and issues facing the Group and ensure better fulfilment of their duties as directors of the Company.40CHINA STARCH HOLDINGS LIMITED中國澱粉控股有限公司Corporate Governance Report企業管治報告 董事於回

329、顧年度的董事會會議、董事會委員會會議及二零二三年股東週年大會出席記錄，以及各董事所接受的培訓類別如下：A 出席與董事職務或其他相關主題有關的簡報會研討會網上研討會論壇工作坊會議等B 閱覽與業務、經濟形勢或董事職務有關的材料，如報章、期刊、最新業務資訊及最新監管資訊等董事會多元化為達致可持續及均衡的發展，本公司視董事會層面日益多元化為支持其達到戰略目標及維持可持續發展的關鍵元素。當前的董事會多元化政策規定（其中包括），本公司不得組成全屬單一性別的董事會。在設定董事會成員組合時，會根據本公司網站所載的董事會成員多元化政策，從多個方面考慮董事會多元化，包括但不限於性別、年齡、文化、種族、教育背景、專

330、業經驗、技能、知識及獨立性。董事會所有委任均以用人唯才為原則，並會充分顧及董事會成員多元化的裨益，以客觀條件考慮人選?，F有董事會成員僅由男性董事組成。董事會設定目標於二零二四年底前任命至少一名異性董事加入董事會。本公司一直倡導在集團內部推廣性別多元化文化，並希望通過適當的努力實現這一目標。我們相信，除工作經驗及學術背景外，不同性別的董事會將在制定戰略層面決策時給出平衡的觀點。本公司亦努力為我們的員工提供平等的工作環境及機會，致力於維持整個員工隊伍的性別多元化及平等。特別是，我們將繼續鼓勵女性員工參與組織的員工活動，並在不同的員工小組中發表意見。The attendance record of

331、the Directors at Board meetings,Board committee meetings and the 2023 AGM,together with the type of training received by each of the Directors during the year under review are as follows:Board Committee Meetings董事會委員會會議Board MeetingsAudit CommitteeRemuneration CommitteeNomination Committee2023 AGMTy

332、pe of CPD received董事會會議審核委員會薪酬委員會提名委員會二零二三年股東週年大會所接受的持續專業發展類別Executive Directors:執行董事：Mr.Tian Qixiang(Chairman)田其祥先生（主席）2/4N/A 不適用1/11/1BMr.Gao Shijun(Chief Executive Officer)高世軍先生（行政總裁）2/4N/A 不適用N/A 不適用N/A 不適用A,BMr.Liu Xianggang劉象剛先生4/4N/A 不適用N/A 不適用N/A 不適用A,BMr.Yu Yingquan于英泉先生4/4N/A 不適用N/A 不適用N/A

333、 不適用A,BIndependent non-executive Directors:獨立非執行董事：Professor Hua Qiang花強教授4/43/31/11/1A,BMr.Sun Mingdao孫明導先生4/43/31/11/1A,BMr.Yue Kwai Wa,Ken余季華先生4/43/31/11/1A,BA Attending briefings/seminars/webinars/forums/workshops/conferences relating to directors duties or other relevant topicsB Reading materials,such as newspapers,journals,business updates and regulatory updates relating to business,economy