僅供識別
For identification purposes only
Interim Report 中期報告 2007
Stock code 股份代號：2341
(incorporated in the Cayman Islands with limited liability)
（於開曼群島註冊成立之有限公司）

Contents 目錄
Corporate Information 2公司資料
Chairman’s Statement 4主席報告
Management Discussion and Analysis 7管理層討論與分析
Condensed Consolidated Interim Balance Sheet 13簡明綜合中期資產負債表
Condensed Consolidated Interim 15簡明綜合中期損益表
Income Statement
Condensed Consolidated Interim 16簡明綜合中期現金流量表
Cash Flow Statement
Condensed Consolidated Interim Statement 17簡明綜合中期權益變動表
of Changes in Equity
Notes to the Condensed Consolidated 19簡明綜合中期財務資料附註
Interim Financial Information
Corporate Governance 29企業管治
Disclosure of Interests 30權益披露
Other Information 35其他資料

ECOGREEN FINE CHEMICALS GROUP LIMITED
2 INTERIM REPORT 2007

Corporate Information
公司資料
Board of Directors
Executive Directors
Mr. Yang Yirong (Chairman & President)
Mr. Gong Xionghui
Ms. Lu Jiahua
Mr. Lin Like
Mr. Han Huan Guang
Non-executive Directors
Mr. Feng Tao (Vice Chairman)
Independent non-executive Directors
Mr. Yau Fook Chuen
Mr. Wong Yik Chung, John
Dr. Zheng Lansun
Board Committees
Audit Committee
Mr. Yau Fook Chuen (Chairman)
Mr. Wong Yik Chung, John
Dr. Zheng Lansun
Remuneration Committee
Mr. Han Huan Guang (Chairman)
Mr. Yau Fook Chuen
Mr. Wong Yik Chung, John
Dr. Zheng Lansun
Company secretary
Mr. Lam Kwok Kin FCCA, CPA
Auditors
PricewaterhouseCoopers
Principal bankers
Bank of Communications
The Hong Kong and Shanghai Banking Corporation Limited
Agricultural Bank of China
China Merchants Bank
China Citic Bank
Registered office
Century Yard
Cricket Square, Hutchins Drive
P.O. Box 2681 GT, George Town
Grand Cayman, Cayman Islands
British West Indies
Head office and principal place of
business in Hong Kong
Suite 3706, 37th Floor
Central Plaza
18 Harbour Road
Wanchai, Hong Kong
Principal share registrar and transfer office
Bank of Bermuda (Cayman) Limited
P.O. Box 513 GT
2nd Floor, Strathvale House
North Church Street, George Town
Grand Cayman, Cayman Islands
British West Indies
Hong Kong branch share registrar and
transfer office
Tricor Tengis Limited
26th Floor
Tesbury Centre
28 Queen’s Road East
Wanchai, Hong Kong
Website
http://www.ecogreen.com
Stock Codes
Stock Exchange, Hong Kong: 2341
Access to Reuters: 2341.HK
Access to Bloomberg: 2341 HK Equity
Shareholders’ calendar
Book closing dates for the proposed interim dividend:
14 November 2007 to 16 November 2007 (both days inclusive)
Record date for the proposed interim dividend:
16 November 2007
Payment date for the proposed interim dividend:
30 November 2007

二零零七年中期報告
中怡精細化工集團有限公司
3
Corporate Information
公司資料
註冊辦事處
Century Yard
Cricket Square, Hutchins Drive
P.O. Box 2681 GT, George Town
Grand Cayman, Cayman Islands
British West Indies
總辦事處兼香港主要營業地點
香港灣仔
港灣道18號
中環廣場
37樓
3706室
股份過戶登記總處
Bank of Bermuda (Cayman) Limited
P.O. Box 513 GT
2nd Floor, Strathvale House
North Church Street, George Town
Grand Cayman, Cayman Islands
British West Indies
香港股份過戶登記分處
卓佳登捷時有限公司
香港灣仔
皇后大道東28號
金鐘匯中心
26樓
網址
http://www.ecogreen.com
股份代號
香港聯交所：2341
路透社版面：2341.HK
彭博版面：2341 HK Equity
股東日誌
就擬派中期股息暫停辦理股份過戶登記日期：
二零零七年十一月十四日至二零零七年十一月十六日
（包括首尾兩日）
擬派中期股息記錄日期：
二零零七年十一月十六日
擬派中期股息派付日期：
二零零七年十一月三十日
董事會
執行董事
楊毅融先生（主席兼總裁）
龔雄輝先生
盧家華女士
林力克先生
韓歡光先生
非執行董事
馮濤先生（副主席）
獨立非執行董事
丘福全先生
黃翼忠先生
鄭蘭蓀博生
董事委員會
審核委員會
丘福全先生（主席）
黃翼忠先生
鄭蘭蓀博士
薪酬委員會
韓歡光先生（主席）
丘福全先生
黃翼忠先生
鄭蘭蓀博士
公司秘書
林國健先生 FCCA, CPA
核數師
羅兵咸永道會計師事務所
主要往來銀行
交通銀行
香港上海null豐銀行有限公司
中國農業銀行
招商銀行
中信銀行

INTERIM REPORT 2007
ECOGREEN FINE CHEMICALS GROUP LIMITED

4
Chairman’s Statement
主席報告
回顧
進入二零零七年，本集團迎來了一個充滿挑戰和機會
的發展時期。回顧截至六月三十日為止的上半年期
間，在主營產品銷售增長的強烈帶動下，儘管貿易及
資源營運的部分業務有所縮減，本集團的總體銷售
和盈利延續了往年的增長勢頭。期內，錄得了
288,000,000元人民幣的營業額，和61,100,000元人民
幣的利潤，相當於每股0.132元人民幣利潤。
在回顧期內，本集團的營運實際上經歷了較為嚴峻的
挑戰。首先是主要原料的價格在零六年暴漲之後，現
仍處於高位回穩；其次是人民幣持續升值的壓力增
大，最後是出口產品的退稅率大幅降低。在這樣的情
形下，本集團在早期佈局的資源管理戰略開始發揮作
用，使得本集團在獲得原料穩定供應的同時有效地控
制了原料成本。此外，本集團預見到國際市場競爭格
局的重大變化，及時調整市場行銷的策略。並利用全
球行業的增長，加強了同各主要客戶在定價及戰略夥
伴關係上的互動，提高了本集團在行業中的影響力。
作為一傢俱影響力的全球香料供應商，本集團在波動
的市場環境中，繼續以優質的產品和穩定的供應，贏
得全球客戶的信賴和支援。回顧期內，與主要客戶互
利共贏的策略積極地發揮了作用，客戶訂單的增加使
到本集團以芳香化學品為主的業務增長強勁，較去年
同期成長了34&#%65307;同時，憑藉品牌和優質可靠的服務，
主營產品的平均售價在去年的基礎上進一步提升。
在原料方面，本集團仍以中國本土豐產的植物精油等
天然資源為主。為了更好地保障原料的安全和穩定供
應。自去年底，本集團開始對上游資源業務進行了積
極的拓展。該項業務在回顧期內的第二季度開始產生
了效益。
Review
The year 2007 is a period of development which is full of challenges
and opportunities to the Group. Looking back to the six months ended
30 June 2007, given the strong sales of our mainstream products, the
overall sales and profits of the Group continued their growing
momentum from the previous year despite a decrease in our trading
and resource management business, with business turnover of
RMB288.0 million and profit of RMB61.1 million, which was equivalent
to earnings per share of RMB13.2 cents.
During the period under review, the Group’s operation experienced
serious challenge. Firstly, after a drastic surge of raw materials price
in 2006, the prices of the major raw materials still consolidated at
high levels. Secondly, pressure from continuing Renminbi appreciation
was rising considerably. Lastly, the export rebate rate was reduced
substantially. Under these circumstances, the resource management
strategy set by the Group earlier on had came into play and enabled
the Group to get a stable supply of raw materials while effectively
controlling the costs. In addition, the Group forecast correctly the
substantial changes in the competition arena of the international
market and thus promptly adjusted its marketing strategy. Taking
advantage of the global growth of the industry, the Group enhanced
the interaction with its customers in the pricing and strategic
cooperation, thereby enhancing the Group’s influence in the industry.
As a worldwide influential fragrance supplier, the Group continued
to win the confidence and support from customers around the world
with quality products and stable supply in the face of the fluctuating
market. During the period under review, the policy aimed at seeking
mutual benefit and creating win-win situations with main customers
brought positive results. Thanks to an increase in customers’ orders,
the Group’s business, with aroma chemical products as its core, made
a strong growth of 34% when compared with the corresponding
period of the previous year. Meanwhile, on the strength of our brands
and our quality with reliable services, there was an increase in the
average price of our mainstream products.
Regarding raw materials, the Group continued using botanic essential
oils and other natural resources which was abundantly provided in
China as its major raw materials. To better ensure a secure and stable
supply of raw materials, the Group had been proactively expanding
its upstream resource business since the end of last year. The business
started generating benefit in the second quarter of the period under
review.

二零零七年中期報告
中怡精細化工集團有限公司
5
Chairman’s Statement
主席報告
回顧（續）
在業務結構上，根據主營業務的增長和市場供求的變
化，本集團在回顧期內，對業務組合作了適時的調整。
在集中提升主營產品銷售的同時，除維持資源性商品
的基本行銷外，相對縮減了較低毛利率的貿易業務
額，以減少資金的佔用及提高整體毛利水準。
在業務拓展方面，回顧期內，對集團未來發展意義重
大的第3期擴建工程正在按既定的建設進度實施。同
時，新產品的開發也取得了進展。兩大類食用香料的
開發已進入了市場試銷階段，並已取得較好的客戶回
應。
在策略性投資方面，本集團正積極地在新購的145畝
（約97,000平米）土地上進行產業佈局，包括對現有
的主流產品產能的調整，產品結構的優化，產品線的
延伸、以及新產品組合的規劃、論證。這塊土地也將
會作為本集團在未來國際產業合作中的一項重要資
源準備，正在積極地規劃之中。除此之外，本集團也
一直在積極、審慎地尋找具協同效益的企業或業務收
購或投資合作的機會，以加快業務的成長。
展望
展望二零零七年下半年，雖則國內和國際的宏觀經濟
環境預計將會出現較多的不明朗因素，我們對本集團
的業務發展仍充滿信心，並抱有審慎樂觀的期待。
一方面，本集團將會穩步地加快第3期擴建的進度，
計劃在本年底完成生產車間的建造和安裝，並進行裝
置系統調試，明年初進入試生產，爭取明年下半年對
集團業績產生貢獻。另一方面，本集團將進一步加強
產品的行銷和服務，擴大主營產品的國際市場份額。
通過有效地利用外包產能，進一步優化現有生產裝置
的產能配置，以提高滿負荷運作下的產出效率，滿足
客戶殷切的訂單需求，保持行銷的增長勢頭。與之相
配合，本集團將積極地推進新產品的開發和試銷，爭
取在第3期生產裝置投產後，儘快獲得訂單並形成規
模性銷售，以成為本集團業績的新增長點。
Review (continued)
Regarding business structure, the Group made timely adjustment to
its product mix during the review period in light of its business growth
and changes in market supply and demand. While maintaining basic
trading of resource commodities, the Group focused on enhancing
the sales of its mainstream products and correspondingly reduced the
turnover of its trading business, which was of relatively low profit
margin, so as to reduce the funds tied to it and raise the overall gross
profit margin level.
Regarding business development, during the period under review, the
Phase III construction project was carried out as scheduled, which
was significant to the Group’s development. Meanwhile, progress was
made in new product development, with two main types of flavor
materials entered into materials a trial market sale and already winning
favourable responses from customers.
Regarding strategic investment, the Group is proactively planning its
industry production layout on its 145 mu (approximately 97,000 square
metres) of newly-purchased land, including adjustments to capacity
of the existing mainstream products, optimization of product mix,
extension of production lines, and planning an analytic review of new
product mix. As this piece of land will be an important resource in the
Group’s cooperation with its international peers in future, planning
on its use is in active progress. Besides, to increase the pace of its
business growth, the Group has been proactively and prudently looking
for opportunities to acquire enterprises or operations which may give
synergistic effect.
Outlook
Looking ahead to the second half of 2007, despite the various
uncertainties in the domestic and international macroeconomic
environment, we are still confident about the development of the
Group’s business and hold prudently optimistic expectation.
On one hand, the Group will steadily increase the pace of Phase III
construction, with a view to completing the construction and
installation of our production plant and commencing the
commissioning of the installed system by the end of this year, and
starting its trial production early next year, to strive to make a
contributor to the Group’s results in the second half of the year. On
the other hand, the Group will further strengthen the marketing and
services of our products to expand the market share of our mainstream
products. To further optimize the production capacity through an
effective outsource, thereby raising our output efficiency under the
current full capacity operation, meeting the orders placed by customers
eagerly, and maintaining the growth momentum of sales. In addition,
the Group will proactively forge ahead with the development and
trial sale of new products in an effort to obtain orders and fulfill sales
on a certain scale as soon as possible after the Phase III production
facilities commence operation, hence building up a new growing point
of the Group’s results.

INTERIM REPORT 2007
Chairman’s Statement
主席報告
ECOGREEN FINE CHEMICALS GROUP LIMITED

6
Outlook (continued)
Meanwhile, the Group will also work actively to create an upstream
resource management network and strengthen our established
resource strategic partnerships. The moves will ensure a secure and
stable supply of raw materials to the Group in the face of an increasing
shortage of natural resources, and, on that basis, enhance the Group’s
ability to allocate resources and manage values throughout the whole
industry supply chain, hence protect the Group’s long-term
competitiveness.
The Group will also continue taking a number of effective measures
to proactively minimize the risks and challenges arising from changes
in market and policy environment, including: reduction of export
rebate, appreciation of Renminbi, and fluctuations in the cost of raw
materials.
Besides, having in mind its long-term enterprise development, the
Group will establish its foothold upon the rich resources of China,
and build upon its advantages in its proprietary technology, excellent
product mix, stringent quality management system, good sales services,
and its goodwill as an honest and reliable supplier, so as to proactively
and dynamically continue its cooperation with customers around the
world in various aspects in the second half of 2007 and the years
thereafter, with a view to laying a solid foundation for a sustainable
and long term growth by capturing the opportunities offered by the
global migration of industries in even better ways.
展望（續）
同時，本集團還將積極地佈局上游資源管理網路，強
化已建立的資源戰略夥伴關係。面對日益短缺的天然
資源，確保集團原料安全穩定供應。進而，提升集團
在整體產業供應鏈的資源分配和價值管理的能力，保
障集團長久的競爭力。
本集團也將會繼續採取多種有效的措施，來積極地應
對各種市場、政策環境變化所導致的風險和挑戰，包
括：出口退稅削減、人民幣升值、原料成本波動等。
此外，著眼於企業長線的發展，本集團將立足於中國
的豐產資源、自有的技術優勢、優良的產品成本結構
嚴格的品質管理體系、良好的銷售服務、以及誠信可
靠的供應商聲譽，在二零零七年下半年以至未來幾年
內，繼續積極、主動地拓展與全球主要客戶的多方面
合作，以便更好地抓住國際產業轉移的機會，為未來
長遠的持續成長打下堅實的基礎。

二零零七年中期報告
中怡精細化工集團有限公司
7
Management Discussion and Analysis
管理層討論與分析
Business Review
During the six months ended 30 June 2007, the Group’s turnover was
RMB288.0 million, representing an increase of 14% when compared
with the corresponding period last year. During the period under
review, thanks to a continuing increase of orders placed by customers
and the upward adjustments to the price of products, the Group
accomplished good results and expanded its profit margin. Besides,
the Group also proactively launched new products into the market
including several new food flavours. These new products were well-
received and began to make contribution to the Group despite of the
small scale of production.
During the period under review, turpentine and other plant oils were
more stable than they were in the corresponding period last year, but
still stood at slightly high levels. In order to control the production
costs and as a part of its operation strategy, the Group continued its
efforts to adopt various effective measures, including stringent cost
control, flexible procurement strategy, and a production planning
which is even more effective, as well as an increase of the utilization
rate of its existing plant to 95%. The above measures served not only
to enhance the Group’s productivity further, but also reduce the overall
operating costs and enhance the competitiveness of the Group
gradually, thus further minimizing the negative impact of the rising
prices of raw materials and other unfavourable factors.
During the six months ended 30 June 2007, excluding the revenue
from trading and resource management products, the Group’s turnover
reached RMB255.7 million, achieving a rapid growth of 31% as
compared with the corresponding period last year. As the trading
and resource management business have a lower profit margin, it has
enhanced the overall gross profit margin of the Group to 34.8% from
31.6% as recorded in the corresponding period last year. Nevertheless,
the impact of the relative shrinkage of this non-core business was
slight. Excluding the contribution from trading and resource
management products, the gross profit of the Group’s downstream
processed products during the first six months was 38.2%, a level
similar to that of 38.3% recorded in the corresponding period last
year.
During the period under review, as there was a decrease in the trading
and resource management business for direct export, the proportion
of the Group’s exported products fell to 33% from 35% of the
corresponding period of the previous year. However, thanks to an
increase of orders from global customers, the export volume of the
Group’s downstream processed products increased significantly and
the overall export amount still recorded a growth of 6% as a result
RMB94.7 million.
業務回顧
截至二零零七年六月三十日止的六個月，本集團營業
額為288,000,000元人民幣，比去年同期上升14&#%12290;在
回顧期內，客戶訂單的持續增加，以及產品訂價的有
所調高，使到本集團獲得了良好的業績和擴展了邊際
收益；另外，本集團亦積極把新產品推出市場，包括
數個食用香料的新產品皆獲得良好的反應，在小量生
產的情況下已開始為集團帶來貢獻。
在回顧期內，松節油和其他植物精油的價格較去年同
期穩定，但仍維持在稍高的水平，為了控制生產成本
本集團繼續在經營策略上積極地採取各種有效之措
施，其中包括嚴格的成本管理、靈活性的採購策略、
高效的生產規劃、並且將現有廠房之產能利用率提高
至逾95&#%12290;以上各項措施不但進一步提升了集團的生
產能力及營運效率，而且降低了整體營運成本，提昇
了集團的競爭力，從而將原材料價上漲及其他各種不
利因素所帶來的負面影響進一步降低。
截至二零零七年六月三十日止的六個月，若撇除貿易
及資源運營產品的收益部份，本集團的營業額較去年
同期錄得31&#%20043;快速增長，金額達255,700,000元人
民幣。由於貿易及資源運營業務的的毛利較低，這項
非核心業務的相對縮減對盈利影響甚為輕微，但null提
升了集團的整體毛利率，使之從去年同期的31.6&#%19978;
升至34.8&#%12290;若撇除貿易及資源運營產品的部份，本
集團首六個月深加工產品的毛利達38.2&#%65292;與去年同
期的38.3&#%30456;若。
在回顧期間，因為直接銷往海外的貿易及資源運營業
務縮減，使到本集團產品的出口比例有所下降，從去
年同期的35&#%19979;調至33&#%12290;但因為全球客戶訂單的增
加，本集團深加工產品的出口額也有顯著增長，使到
整體出口金額仍錄得6&#%20043;輕微增長，金額達
94,700,000元人民幣。

INTERIM REPORT 2007
Management Discussion and Analysis
管理層討論與分析
ECOGREEN FINE CHEMICALS GROUP LIMITED

8
Business Review (continued)
The fall of the proportion of export in the total sales resulted in a
corresponding fall in sales and marketing cost, such as transportation
and insurance cost to RMB11.5 million from RMB11.8 million of the
corresponding period last year. The proportion of such cost to sales
decreased to 4.0% from 4.6% of the corresponding period last year.
Administrative expenses during the first half of the year amounted to
RMB17.5 million, representing an increase over RMB15.5 million as
recorded in the corresponding period last year. The proportion of such
expenses to sales was 6.1%, a level similar to that of 6.1% recorded
in the corresponding period last year. The main causes included net
losses from foreign currency exchange resulting from Renminbi
appreciation, increased salary cost as a result of a larger professional
team force, and an increase in the expenditure on operating leases
caused by the booming property market.
Other net losses was incurred, which mainly represented an
effectuation of the realised and unrealised gains and losses from
interest swap.
Due to the above factors, profit attributable to the equity holders of
the Group during the period increased 31% to RMB61.1 million and
the net profit margin was 21.2%, up from 18.3% of the corresponding
period last year. Earnings per share during the period rose 31% to
RMB13.2 cents. The Board of Directors has resolved to declare an
interim dividend of 1 HK cents for the period ended 30 June 2007.
Product Review
Aroma Chemicals
As the Group’s business during the period under review, Aroma
chemicals brought significant and stable operating revenue for the
Group. Mainly as a result of increased orders from existing customers
and upward adjustment of prices, for the six months ended 30 June
2007, sales of aroma chemicals surged 34% to RMB165.6 million,
accounting for 58% of the Group’s sales. Gross profit margin was
32.4%, a level similar to that of 32.4% recorded in the corresponding
period last year. Dihydromyrcenol was the top product of aroma
chemicals, which brought a revenue of RMB49.8 million to the Group.
Some newly-launched food flavours also provided new momentum
to business growth by contributing a revenue of RMB10.9 million to
the Group despite of the small scale of production.
Natural Extracts
During the period under review, demand for downstream products
continued to rise and the quality of the Group’s products were widely
recognized attributabled to the steady growth of the Group’s natural
extract business. Turnover of this business category increased 29% to
RMB55.0 million, accounting for 19% of the Group’s sales. Gross profit
margin was 35.3%, slightly down from 37.1% of last year. The
performance of Natural Cinnamic Aldehyde was the largest contributor
among extracts. This product contributed a revenue of RMB16.4 million
to the Group.
業務回顧（續）
由於出口佔總銷售的比例下降，導致運輸、保險等的
銷售及推廣成本也相應下降，從去年同期的
11,800,000元人民幣減少至11,500,000元人民幣，其
佔銷售之百分比由去年同期的4.6&#%19979;降至4.0&#%12290;
行政費用在上半年的金額為17,500,000元人民幣，較
去年同期的金額為15,500,000元人民幣有所增加，佔
銷售之百分比為6.1&#%65292;與去年同期的6.1&#%30456;若。主
要原因有人民幣升值所引致的匯兌損益，專業團隊擴
充引起的工資成本上升，以及因物業市道的倡盛而導
致的營運租賃支出的上漲。
其他虧損淨額之出現為體現利率掉期變現及未變現
損益所致。
綜合上述各項因素，期內本集團權益持有人的應佔盈
利上升31&#%33267;61,100,000元人民幣，純利率為
21.2&#%65292;而去年同期為18.3&#%12290;期內每股盈利上升
31&#%33267;每股13.2仙人民幣。董事會已議決就截至二零
零七年六月三十日止期間宣佈派發中期股息1港仙。
產品回顧
芳香化學品
在回顧期內，芳香化學品繼續作為本集團的核心業
務，為集團提供龐大及穩定之經營收益。截至二零零
七年六月三十日止六個月，主要由於現有客戶之訂單
增加及價格調升，芳香化學品的銷售大幅增長34%
至165,600,000元人民幣，佔集團銷售額的58&#%65292;毛利
率為32.4&#%65292;與去年同期毛利率32.4&#%30456;若。其中，二
氫月桂烯醇為芳香化學品中的主打品種，為集團提供
了49,800,000元人民幣的收益；而一些新推出的食用
香料也成為營業額增長的新動力，在小規模生產的基
礎上，期內為集團提供了10,900,000元人民幣的收
益。
天然提取物
於本回顧期間，因下游產品的市場需求持續增加以及
集團產品的品質逐漸獲得廣泛的認可，本集團天然提
取物的業務錄得平穩的增長，營業額增長29&#%33267;
55,000,000元人民幣，佔集團銷售額的19&#%65292;毛利率
為35.3&#%65292;較去年毛利率37.1&#%36629;微下跌。天然肉桂
醛為天然提取物當中的最大貢獻者，為集團提供
16,400,000元人民幣的收益。

二零零七年中期報告
中怡精細化工集團有限公司
9
Management Discussion and Analysis
管理層討論與分析
Product Review (continued)
Intermediates
During the period under review, the Group’s intermediate business
recorded a growth of 24% to RMB35.2 million, accounting for 12%
of the Group’s sales. Gross profit margin rose to 70.3% from 65.7%
of the corresponding period last year. 3-Phenylpropanal Aldehyde is
the major product of the intermediate business segment. It contributed
a revenue of RMB14.6 million to the Group.
Trading and Resource Management Product
For the six months ended 30 June 2007, sales of the Group’s trading
and resource management product amounted to RMB32.2 million,
accounting for 11% of the Group’s turnover. Gross profit of trading
and resource management product reached approximately RMB2.4
million. As a necessary supplement to the Group’s core business, the
trading and resource management business brought sales and profit
contribution to the Group during the period under review.
Prospect
Looking towards the second half of the year, global consumers’
confidence may weaken and the pace of enterprise development may
slow down, mainly due to the impact of a possible slowdown of the
economic growth of the United States and a global credit squeeze.
Nevertheless, as the Group’s products are mainly applied to
downstream industries of fast-moving-consumer-goods and daily
necessities, they are less affected by short-term or cyclical economic
fluctuation, and are expected to continue flourishing in the industry
and grow continually. As such, on the strengths of the Group’s solid
customer profile and advanced and effective production and
management, the Group is fully confident about its existing business,
and is advantageously positioned as an enterprise to gear itself up for
its future long-term growth.
The Group will continue paying close attention to changes in the
industry market and the macro-economy, and proactively deals with
various risks associated with market and policies including, at the
present stage, the pressure from rising costs, a result of changes in
China’s tax rebate policies, Renminbi appreciation, and fluctuations
in raw materials prices. Since 1 July 2007, the Government of China
has implemented a new policy to substantially reduce export rebate,
and part of the Group’s export products will be affected under the
new policy. As such, the Group has been consulting its customers
actively and effectively in an effort to strive for reasonable shifts or
sharing of such burden as arising from the reduction of export tax
rebate through price increase or other measures, while having a
consensus to maintain market stability and reasonable profit levels.
產品回顧（續）
中間體
於本回顧期間，本集團的中間體業務較去年同期錄得
24&#%22686;幅至35,200,000元人民幣，佔集團銷售額的
12&#%65292;而毛利率則從去年同期之65.7&#%22686;加至
70.3&#%12290;本集團主要生產以3-苯丙醛為首之中間體，
為集團提供14,600,000元人民幣的收益。
貿易與資源運營產品
截至二零零七年六月三十日止六個月內，本集團貿易
與資源運營產品之銷售為32,200,000元人民幣，佔本
集團營業額11&#%65307;毛利約為2,400,000元人民幣。貿易
與資源運營業務作為本集團核心業務的必要輔助，在
回顧期間，也為集團的銷售及盈利上帶來了貢獻。
前景
展望下半年，美國經濟增長可能出現放緩和環球信貸
收緊的影響，全球消費信心可能會因此轉弱和企業發
展步伐將會較審慎，儘管如此，由於本集團產品主要
應用於下游的快速消費品和生活必需品行業，與短期
的或週期性經濟波動的關聯性較低，預期仍然處於一
個持續增長的產業環境中。故此，憑藉本集團之穩固
客源和先進高效的生產經營體系，本集團對現有業務
充滿信心，並積極的布局以有利企業的定位迎接未來
之長期增長。
本集團將繼續密切關注行業市場和宏觀經濟的變化，
積極地應對各種市場及政策風險，包括在現階段中國
出口退稅政策的改變、人民幣升值及原料價格的波動
等因素而導致的成本上漲壓力。由二零零七年七月一
日起，中國政府已實行大幅調低出口退稅的新政策，
本集團部份的出口產品會受到該政策的影響。因此，
本集團已積極、有效地與客戶協商，在維持市場穩定
和合理利潤水準的共識下，通過提價等措施爭取達成
因退稅減低而新增成本的合理分擔或轉移。

INTERIM REPORT 2007
Management Discussion and Analysis
管理層討論與分析
ECOGREEN FINE CHEMICALS GROUP LIMITED

10
Product Review (continued)
Prospect (continued)
Besides, Renminbi appreciation is expected to continue in the coming
years, and in light of changes in the funds market in China and abroad,
the Group will strive for an adjustment to its existing loan structure
with the support of overseas banks, with a view to correspondingly
increase the proportion of its foreign currency loans, and US dollar
loans in particular, and reduce its Renminbi loans, so as to hedge
flexibly and effectively against any risks associated with any continued
Renminbi appreciation in future.
Furthermore, in the face of future market changes, the Group
anticipates that the prices of raw materials will very likely to fluctuate
within a limited range in the second half of the year. The Group will
bring the advantage of its upstream sourcing network into play, and
will also strengthen its management and researches on raw material
information, so as to fully utilize various forms of cooperation to
effectively deal with any impact on raw materials supply, which may
arise from abnormal climatic conditions, supply and demand
fluctuations on the international raw materials market, and changes
in international crude oil prices. Through the abovementioned
measures, the Group wishes to be able to effectively consolidate its
existing leading advantages in cost and further enhance its
international competitiveness.
Looking towards the second half of the year, the Group cherishes its
prudent optimistic expectation about its business growth. In view of
the orders placed by customers to date, the Group is confident that
its business will maintain or surpass the growth in the first half of the
year.
Financial review
Liquidity and Financial Resources
During the period under review, the Group generally finances its
operation with internally generated cash flows and credit facilities
provided by its principal bankers.
The Group’s financial position was solid throughout the period. As at
30 June 2007, the net current assets and the current ratio of the
Group were approximately RMB300.7 million (31 December 2006:
approximately RMB290.2 million) and 2.1 (31 December 2006: 2.2),
respectively. As at 30 June 2007, the Group had cash and cash
equivalents of approximately RMB341.5 million (31 December 2006:
approximately RMB360.6 million).
The Group will continue to maintain a sound finance position and
with the positive cash inflow from operations and its available banking
facilities, the Group has sufficient financial resources to meet its
commitments, working capital requirements and future investments
for expansion.
產品回顧（續）
前景（續）
另外，預計人民幣升值在未來幾年將會持續，本集團
將因應國際、國內資金市場的變化，並在海外銀行的
支援下，爭取調整現有的借貸結構，相應調高外幣特
別是美元的借貸而減少人民幣的借貸，從而靈活、有
效地對沖人民幣未來繼續升值的風險。
再者，面對原料市場未來的變化，本集團預計下半年
原料價格很大可能會在一定幅度內波動。為此，本集
團將會發揮在上游採購網路的優勢，同時，加強原料
資訊管理與研究，充分利用各種方式的合作，有效地
應對因異常氣候、國際原料市場供求波動，以及國際
原油價格的變化對原料供應可能造成的影響。本集團
希望通過以上各項措施能夠有效地鞏固現有的成本
領先的優勢，進一步提升集團在國際市場的競爭力。
展望下半年，本集團對業務的成長抱有審慎樂觀的期
待，從目前的客戶落單情況來看，本集團有信心業務
能夠保持或超過上半年的增長。
財務回顧
流動資金及財務資源
於回顧期內，本集團一般以內部產生之現金流及主要
往來銀行提供之信貸備用額作為業務之營運資金。
期內，本集團之財政狀況穩健。於二零零七年六月三
十日，本集團流動資產淨值及流動比率分別約為
300,700,000元人民幣（二零零六年十二月三十一日：
約290,200,000元人民幣）及2.1（二零零六年十二月
三十一日：2.2）。於二零零七年六月三十日，本集團
有現金及現金等價物約341,500,000元人民幣（二零
零六年十二月三十一日：約360,600,000元人民幣）。
本集團將繼續維持穩健財務狀況。憑藉經營所得之正
數現金流入及其可用銀行信貸，本集團具備充裕財務
資源以應付其承擔、營運資金需要及日後擴展投資之
用。

二零零七年中期報告
中怡精細化工集團有限公司
11
Management Discussion and Analysis
管理層討論與分析
Financial review (continued)
Capital Structure and Gearing Ratio
As at 30 June 2007, the equity attributable to the Company’s equity
holders amounted to RMB596.7 million, representing RMB1.27 per
share (31 December 2006: RMB532.8 million, representing RMB1.16
per share). Increase in shareholders’ funds was mainly attributable to
the profit generated in the period less payment of dividend during
the period.
The Group’s gearing ratio (total debt over total assets) as at 30 June
2007, was increased from 17% at 31 December 2006 to 19%. The
Group’s net cash surplus, being cash and cash equivalents plus pledged
and unpledged bank deposits less borrowings amounted to
RMB188.0 million (31 December 2006: RMB225.8 million).
Treasury Policies and Exposure to Fluctuations in Exchange Rates
The Group’s assets, liabilities, revenues and transactions are mainly
denominated in Renminbi, United States dollars and Hong Kong dollars
with its operation mainly in the PRC. Bank borrowings were
denominated in Renminbi, United States dollars and Hong Kong
dollars.
The Group’s exposure to the foreign exchange fluctuations was caused
by the revaluation of Renminbi during the period under review.
Nevertheless, the Group has not experienced any material difficulties
or effects on its operation or liquidity as a result of fluctuation in
currency exchange rate during the period.
Charge on assets
As at 30 June 2007, bank deposit of RMB41.3 million (31 December
2006: RMB10.3 million), certain property, plant and equipment of
the Group with an aggregate net book value of about RMB33.0 million
(31 December 2006: RMB32.2 million) and land use rights of
RMB2.5 million (31 December 2006: RMB4 million) were pledged to
secure the Group’s bank borrowings.
Capital expenditure
During the period under review, the Group invested approximately
RMB48.6 million and RMB9.9 million respectively in the additions of
property, plant and equipment and intangible assets compared to
approximately RMB3.3 million and RMB1.2 million respectively for the
same period last year.
Contingent liabilities
As at 30 June 2007, the Group did not have any contingent liabilities.
The Company executed corporate guarantees as part of securities for
general banking facilities granted to a wholly-owned subsidiary.
財務回顧（續）
股本架構及負債比率
於二零零七年六月三十日，本公司權益持有人應佔權
益為596,700,000元人民幣，即每股1.27元人民幣（於
二零零六年十二月三十一日：532,800,000元人民幣，
即每股1.16元人民幣）。股東應佔權益增加主要源自
期內所產生溢利減於期內派付之股息。
於二零零七年六月三十日，本集團之負債（總負債除
總資產）比率由二零零六年十二月三十一日之17%
增加至19&#%65292;而本集團之淨現金盈餘（即現金及現金
等價物加未抵押和已抵押銀行存款減貸款）則為
188,000,000元人民幣（二零零六年十二月三十一日：
225,800,000元人民幣）。
庫務政策及外匯波動風險
本集團之資產、負債、收入及交易主要以人民幣、美
元及港元結算，而其主要於中國進行業務。銀行借貸
均分別以人民幣、美元及港元結算。
於回顧期內，本集團主要的外匯波動風險乃因重估人
民幣所致。儘管如此，本集團於期內並無因匯率波動
而於營運或流動資金方面遇上任何重大困難或影響。
資產抵押
於二零零七年六月三十日，銀行存款41,300,000元人
民幣（二零零六年十二月三十一日：10,300,000元人
民幣）以及本集團帳面淨值總額約33,000,000元人民
幣（二零零六年十二月三十一日：32,200,000元人民
幣）之若干物業、廠房及設備以及2,500,000元人民幣
（二零零六年十二月三十一日：4,000,000元人民幣）
之土地使用權已抵押，作為本集團銀行借貸之抵押
品。
資本開支
於回顧期內，本集團就添置物業、廠房及設備與無形
資產分別投資約48,600,000元人民幣及9,900,000人
民幣，而去年同期則分別約為3,300,000元人民幣及
1,200,000人民幣。
或然負債
於二零零七年六月三十日，本集團並無任何或然負
債；惟本公司已簽立公司擔保，以作為授予一間全資
附屬公司之一般銀行信貸額之擔保。

INTERIM REPORT 2007
Management Discussion and Analysis
管理層討論與分析
ECOGREEN FINE CHEMICALS GROUP LIMITED

12
Employees and remuneration policy
As at 30 June 2007, the Group has 290 full-time employees of which
286 are based in the PRC and 4 in the Hong Kong office.
Remuneration packages offered to the staff are in line with the
prevailing market terms and reviewed on a regular basis. Discretionary
bonuses may be rewarded to employees after assessment of the
Group’s and the individual’s performance. Besides salaries and bonus,
staff are also entitled to other benefits, including participation in
retirement benefits schemes and the share option schemes adopted
by the Company pursuant to resolutions in writing of all the
shareholders of the Company passed on 16 February 2004.
32,210,000 share options remained outstanding at the period end.
僱員及酬金政策
於二零零七年六月三十日，本集團有290名全職僱
員，其中286名駐中國，其餘4名則駐於香港。
向員工提供之薪酬與現行市場條款一致，並定期檢
討。酌情花紅可於評估本集團及個別員工表現後向僱
員發放。除薪金及花紅外，員工亦有權獲取其他福利，
包括參與退休福利計劃及本公司根據本公司全體股
東於二零零四年二月十六日通過之書面決議案採納
之購股權計劃。於期間結束時，仍有32,210,000份購
股權尚未行使。

二零零七年中期報告
中怡精細化工集團有限公司
13
Condensed Consolidated Interim Balance Sheet
簡明綜合中期資產負債表
(As at 30 June 2007)
（二零零七年六月三十日）
The notes on pages 19 to 28 form an integral part of this condensed interim financial information.
第19至28頁的附註為簡明中期財務資料的整體部份。
30 June 31 December
六月三十日十二月三十一日
2007 2006

二零零七年二零零六年
(Unaudited) (Audited)
（未經審核）（經審核）
Notes RMB’000 RMB’000
附註千元人民幣千元人民幣
ASSETS資產
Non-current assets非流動資產
Property, plant and equipment物業、廠房及設備5 258,668 216,012
Land use rights土地使用權5 8,816 8,851
Intangible assets無形資產5 38,016 29,261
Available-for-sale financial assets可供出售金融資產400 400
305,900 254,524

Current assets流動資產
Inventories存貨63,806 38,932
Trade receivables應收交易帳款6 133,554 114,904
Prepayments and other receivables預付款項及其他應收款項24,149 25,819
Available-for-sale financial assets可供出售金融資產100 100
Pledged bank deposits已抵押銀行存款41,324 47,626
Cash and cash equivalents現金及等同現金項目300,205 312,990
563,138 540,371

Total assets資產總值869,038 794,895
EQUITY權益
Capital and reserves attributable本公司權益持有人
to the Company’s equity holders應佔股本及儲備
Share capital股本49,653 48,778
Other reserves其他儲備228,512 209,970
Retained earnings保留盈利
– Proposed dividend－擬派股息4,537 10,493
– Others－其他313,942 263,595
596,644 532,836

Minority interest少數股東權益1,694 224
Total equity權益總額598,338 533,060

INTERIM REPORT 2007
Condensed Consolidated Interim Balance Sheet
簡明綜合中期資產負債表
(As at 30 June 2007)
（二零零七年六月三十日）
ECOGREEN FINE CHEMICALS GROUP LIMITED

14
30 June 31 December
六月三十日十二月三十一日
2007 2006

二零零七年二零零六年
(Unaudited) (Audited)
（未經審核）（經審核）
Notes RMB’000 RMB’000
附註千元人民幣千元人民幣
LIABILITIES負債
Non-current liabilities非流動負債
Borrowings借貸7 8,248 11,698
Current liabilities流動負債
Trade payables and bills payable應付交易帳款及應付票據8 85,576 91,808
Accruals and other payables應計費用及
其他應付款項18,941 28,231
Current income tax liabilities即期所得稅負債1,973 2,920
Borrowings借貸7 152,271 123,138
Amount due to a director應付董事款項14 177 141
Amount due to a related company應付關連公司款項– 3,880
Derivative financial instruments衍生金融工具3,514 –
Deferred income on government政府津貼遞延收入
grants – 19
262,452 250,137

Total liabilities負債總額270,700 261,835
Total liabilities and equity負債及權益總額869,038 794,895
Net current assets流動資產淨值300,686 290,234
Total assets less current liabilities總資產減流動負債606,586 544,758
The notes on pages 19 to 28 form an integral part of this condensed interim financial information.
第19至28頁的附註為簡明中期財務資料的整體部份。

二零零七年中期報告
中怡精細化工集團有限公司
15
Condensed Consolidated Interim Income Statement
簡明綜合中期損益表
(For the six months ended 30 June 2007)
（截至二零零七年六月三十日止六個月）
The notes on pages 19 to 28 form an integral part of this condensed interim financial information.
第19至28頁的附註為簡明中期財務資料的整體部份。
Six months ended 30 June
截至六月三十日止六個月
2007 2006

二零零七年二零零六年
(Unaudited) (Unaudited)
（未經審核）（未經審核）
Note RMB’000 RMB’000
附註千元人民幣千元人民幣
Turnover營業額4 287,959 253,510
Cost of good sold已售貨品成本(187,799) (173,460)
Gross profit毛利100,160 80,050
Other (losses)/gains – net其他（虧損）／收益淨額(1,654) 1,340
Selling and marketing costs銷售及市場推廣成本(11,499) (11,771)
Administrative expenses行政費用(17,464) (15,508)
Operating profit經營盈利9 69,543 54,111
Finance costs融資成本(3,625) (3,334)
Profit before income tax除所得稅前盈利65,918 50,777
Income tax expense所得稅開支10 (4,868) (4,301)
Profit for the period期內溢利61,050 46,476
Attributable to:應佔：
Equity holders of the Company本公司權益持有人61,080 46,468
Minority interest少數股東權益30 8
61,050 46,476

Earnings per share for profit attributable期內本公司權益
to the equity holders of the Company持有人應佔溢利之
during the period每股盈利
(expressed in RMB per share)（每股以人民幣列示）
– basic－基本12 RMB13.2 cents RMB10.1 cents
人民幣13.2仙人民幣10.1仙
– diluted－攤薄RMB12.6 cents N/A
人民幣12.6仙不適用
Dividends股息11 4,537 3,676

INTERIM REPORT 2007
Condensed Consolidated Interim Cash Flow Statement
簡明綜合中期現金流量表
(For the six months ended 30 June 2007)
（截至二零零七年六月三十日止六個月）
ECOGREEN FINE CHEMICALS GROUP LIMITED

16
The notes on pages 19 to 28 form an integral part of this condensed interim financial information.
第19至28頁的附註為簡明中期財務資料的整體部份。
Six months ended 30 June
截至六月三十日止六個月
2007 2006

二零零七年二零零六年
(Unaudited) (Unaudited)
（未經審核）（未經審核）
RMB’000 RMB’000
千元人民幣千元人民幣
Net cash generated from operating經營活動所得淨現金
activities 16,265 65,833
Net cash used in investing activities投資活動所用淨現金(58,438) (1,111)
Net cash from/(used in) financing融資活動所得／（所用）淨現金
activities 29,389 (8,330)
Net (decrease)/increase in cash and現金及現金等價物（減少）／增加
cash equivalents (12,784) 56,392
Cash and cash equivalents at beginning期初之現金及現金等價物
of the period 312,990 257,908
Exchange (losses)/gain on cash and現金及現金等價物之匯兌（虧損）／
cash equivalents收益(1) 22
Cash and cash equivalents at end期終之現金及現金等價物
of the period 300,205 314,322

二零零七年中期報告
中怡精細化工集團有限公司
17
Condensed Consolidated Interim Statement of Changes in Equity
簡明綜合中期權益變動表
(For the six months ended 30 June 2007)
（截至二零零七年六月三十日止六個月）
The notes on pages 19 to 28 form an integral part of this condensed interim financial information.
第19至28頁的附註為簡明中期財務資料的整體部份。
Six months ended 30 June 2007 (Unaudited)
截至二零零七年六月三十日止六個月（未經審核）
Minority
Attributable to equity holders of the Company interest Total
少數股東
本公司權益持有人應佔權益總計
Share
options Currency
Share Share Capital Contributed Statutory equity translation Retained
capital premium reserve surplus reserves reserve reserve earnings
購股權
股本股份溢價股本儲備繳入盈餘法定儲備股本儲備匯兌儲備保留盈利
RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000
千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣
Balance at 1 January 2007二零零七年一月一日結餘，
如前呈報為權益48,778 177,698 685 9,500 16,168 5,938 (19 ) 274,088 224 533,060
Currency translation differences貨幣匯兌差額––––––(1)––(1)
Net income recognised directly在權益直接確認的
in equity淨收入––––––(1)––(1)
Profit for the period期內盈利– – – – – – – 61,080 (30 ) 61,050
Total recognised income期內確認的總收入
for the period – – – – – – (1 ) 61,080 (30 ) 61,049
Employees share option scheme僱員認股權計劃：
– value of employees services－僱員服務的價值– – – – – 1,158 – – – 1,158
Transfer upon cancellation of因註銷購股權
share options而轉撥– – – – – (988 ) – 988 – –
Issue of shares發行股份875 11,189 – – – – – – – 12,064
Equity contributed by a minority少數股東供獻之權益
shareholder – – – – – – – – 1,500 1,500
Transfer轉讓– – – – 7,184 – – (7,184 ) – –
Dividend relating to 2006已於二零零七年六月
paid in June 2007派付之二零零六年股息– – – – – – – (10,493 ) – (10,493 )
875 11,189 – – 7,184 170 – (16,689 ) 1,500 4,229
Balance at 30 June 2007二零零七年六月三十日
結餘49,653 188,887 685 9,500 23,352 6,108 (20 ) 318,479 1,694 598,338

中怡精細化工集團有限公司
Condensed Consolidated Interim Statement of Changes in Equity
簡明綜合中期權益變動表
(For the six months ended 30 June 2007)
（截至二零零七年六月三十日止六個月）
INTERIM REPORT 200718

The notes on pages 19 to 28 form an integral part of this condensed interim financial information.
第19至28頁的附註為簡明中期財務資料的整體部份。
Six months ended 30 June 2006 (Unaudited)
截至二零零六年六月三十日止六個月（未經審核）
Minority
Attributable to equity holders of the Company interest Total
少數股東
本公司權益持有人應佔權益總計
Share
options Currency
Share Share Capital Contributed Statutory equity translation Retained
capital premium reserve surplus reserves reserve reserve earnings
購股權
股本股份溢價股本儲備繳入盈餘法定儲備股本儲備匯兌儲備保留盈利
RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000
千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣千元人民幣
Balance at 1 January 2006二零零六年一月一日結餘，
如前呈報為權益48,778 177,698 685 9,500 16,168 5,732 (36 ) 186,260 229 445,014
Currency translation differences貨幣匯兌差額––––––18––18
Net income recognised directly在權益直接確認的
in equity淨收入––––––18––18
Profit for the period期內盈利– – – – – – – 46,468 8 46,476
Total recognised income期內確認的總收入
for the period – – – – – – 18 46,468 8 46,494
Employees share option scheme僱員認股權計劃：
– value of employees services－僱員服務的價值– – – – – 1,348 – – – 1,348
Dividend relating to 2005已於二零零六年六月
paid in June 2006派付之二零零五年股息– – – – – – – (5,718 ) – (5,718 )
– – – – – 1,348 – (5,718 ) – (4,370 )
Balance at 30 June 2006二零零六年六月三十日
結餘48,778 177,698 685 9,500 16,168 7,080 (18 ) 227,010 237 487,138

二零零七年中期報告
中怡精細化工集團有限公司
19
Notes to the Condensed Consolidated Interim Financial Information
簡明綜合中期財務資料附註
1. Basis of preparation
This unaudited condensed consolidated interim financial
information of the Company has been prepared in accordance
with the disclosure requirements of Appendix 16 to the Rules
Governing the Listing of Securities (the “Listing Rules”) on The
Stock Exchange of Hong Kong Limited (the “Stock Exchange”)
and the Hong Kong Accounting Standard (“HKAS”) 34 “Interim
Financial Reporting” issued by the Hong Kong Institute of Certified
Public Accountants (“HKICPA”). These condensed consolidated
interim financial statements should be read in conjunction with
the annual financial statements for the year ended 31 December
2006.

These condensed consolidated interim financial information were
approved for issue on 19 September 2007.
2. Accounting policies
The unaudited condensed consolidated interim financial
information have been prepared on a basis consistent with the
principal accounting policies adopted in the 2006 annual accounts
with the addition of certain new standards and interpretations of
Hong Kong Financial Reporting Standards (“HKFRS”) issued and
effective as at the time of preparing this information. Where
applicable, the comparatives have been amended as required.
In 2007, the Group adopted the following new or revised
standards and interpretations of HKFRS:
HK(IFRIC)-Int 7 “Applying the Restatement Approach under HKAS
29”
HK(IFRIC)-Int 8 “Scope of HKFRS 2”
HK(IFRIC)-Int 9 “Reassessment of Embedded Derivatives”
HKFRS 7 “Financial Instruments: Disclosures”
HKAS 1 (Amendment) “Presentation of Financial Statements:
Capital Disclosures”
The adoption of such standards or interpretations does not result
in substantial changes to the Group’s accounting policies and has
no significant effect on the results reported for the first half of
2007.

1.編製基準
本公司未經審核之簡明綜合中期財務資料乃根
據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16之披露規定及香港
會計師公會（「香港會計師公會」）頒佈之香港會
計準則（「香港會計準則」）第34號「中期財務報
告」編製。該等簡明綜合中期財務報表應與截至
二零零六年十二月三十一日止年度財務報表一
併閱讀。
該等簡明綜合中期財務資料於二零零七年九月
十九日經批准發行。
2.會計政策
未經審核之簡明綜合中期財務資料乃以與二零
零六年度賬目所採納的主要會計政策一致的基
礎編製，並採納於編製本報告之時已頒佈及生效
的香港財務報告準則若干新訂的準則及詮釋。如
適用，比較數據已按需要予以修訂。
在二零零七年，集團採納以下新訂或經修訂的香
港財務報告準則及詮釋：
香港（國際財務報告詮釋委員會）詮釋第七號
「根據香港會計準則第二十九號應用重列法」
香港（國際財務報告詮釋委員會）詮釋第八號
「香港財務報告準則第二號的範疇」
香港（國際財務報告詮釋委員會）詮釋第九號
「重新評估嵌入式衍生工具」
香港財務報告準則第七號「財務工具：披露」
香港會計準則第一號（修訂）「財務報表的呈列
方式：資本披露」
採納該等準則或詮釋不會對集團的會計政策造
成重大改變，對所報告的二零零七年上半年業績
亦無重大影響。

INTERIM REPORT 2007
Notes to the Condensed Consolidated Interim Financial Information
簡明綜合中期財務資料附註
ECOGREEN FINE CHEMICALS GROUP LIMITED

20
3. Critical accounting estimates and judgements
The Group makes estimates and assumptions as appropriate in
the preparation of the unaudited condensed consolidated interim
financial information. These estimates are based on historical
experience and other factors, including expectations of future
events that are believed to be reasonable under the circumstances
and will, by definition, seldom equal the related actual results.
The estimates and assumptions that have a significant effect on
the carrying amounts of assets and liabilities include the estimated
useful lives of property, plant and equipment, the estimated
impairment of intangible assets, inventories and trade receivables
and the determination of income taxes.
4. Sales and segment information
(a) Sales
The Group is principally engaged in the production of fine
chemicals from natural resources for use in aroma chemicals
and pharmaceutical products and supply of natural materials
and fine chemicals.
(b) Segment information
Primary reporting format – business segment
As at 30 June 2007, the Group is organised into two main
business segments:
(1) manufacturing and selling of fine chemicals; and
(2) trading of natural materials and fine chemicals.
The segment results for the six months ended 30 June 2007
are as follows:
Manufacturing Trading Total
生產買賣總計
(Unaudited) (Unaudited) (Unaudited)
（未經審核）（未經審核）（未經審核）
RMB’000 RMB’000 RMB’000
千元人民幣千元人民幣千元人民幣
Turnover營業額255,714 32,245 287,959
Operating profit經營盈利77,666 243 77,909
Unallocated corporate expenses未分配公司開支(8,366)
Finance costs融資成本(3,625)
Profit before income tax除所得稅前盈利65,918
Income tax expense所得稅開支(4,868)
Profit for the period期內盈利61,050
3.重要會計估算及判斷
集團在編製未經審核之簡明中期財務資料的過
程中於適當時作出估算及假設。此等估算乃根據
過往經驗及其他因素而作出，其他因素包括在該
等情況下對未來事項相信為合理的期望，而按定
義對未來事項的期望很少與相關的實際結果相
等。對資產及負債賬面值有重要影響的估算及假
設，包括物業、廠房及設備之估計可用年期、無形
資產、存貨及應收交易帳款之估計減值及所得稅
的釐定。
4.銷售及分部資料
(a)銷售
本集團主要從事利用天然資源生產精細化學
品，以用於芳香化學品及醫藥產品以及提供
天然原料及精細化學品。
(b)分部資料
主要呈報方式－業務分部
於二零零七年六月三十日，本集團分為兩大
主要業務分部：
(1)生產及銷售精細化學品；及
(2)買賣天然原料及精細化學品。
截至二零零七年六月三十日止六個月之分部
業績如下：

二零零七年中期報告
中怡精細化工集團有限公司
21
Notes to the Condensed Consolidated Interim Financial Information
簡明綜合中期財務資料附註
4. Sales and segment information (continued)
(b) Segment information (continued)
Primary reporting format – business segment (continued)
The segment results for the six months ended 30 June 2006
are as follows:
Manufacturing Trading Total
生產買賣總計
(Unaudited) (Unaudited) (Unaudited)
（未經審核）（未經審核）（未經審核）
RMB’000 RMB’000 RMB’000
千元人民幣千元人民幣千元人民幣
Turnover營業額194,507 59,003 253,510
Operating profit經營盈利56,338 1,545 57,883
Unallocated corporate expenses未分配公司開支(3,772)
Finance costs融資成本(3,334)
Profit before income tax除所得稅前盈利50,777
Income tax expense所得稅開支(4,301)
Profit for the period期內盈利46,476
Other segment items included in the income statements are
as follows:
Manufacturing Trading
生產買賣
Six months ended 30 June Six months ended 30 June
截至六月三十日止六個月截至六月三十日止六個月
2007 2006 2007 2006

二零零七年二零零六年二零零七年二零零六年
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
（未經審核）（未經審核）（未經審核）（未經審核）
RMB’000 RMB’000 RMB’000 RMB’000
千元人民幣千元人民幣千元人民幣千元人民幣
Depreciation折舊5,573 5,040 48 23
Amortisation攤銷1,149 1,220 – –
Provision for/(reversal of)存貨減值撥備／
impairment of inventories（撥回）635 192 3 (8)
Provision for/(reversal of) impairment應收交易帳款減值
of trade receivables撥備／（撥回）(54) 57 27 27
4.銷售及分部資料（續）
(b)分部資料（續）
主要呈報方式－業務分部（續）
截至二零零六年六月三十日止六個月之分
部業績如下：
計入損益表之其他分部項目如下：

INTERIM REPORT 2007
Notes to the Condensed Consolidated Interim Financial Information
簡明綜合中期財務資料附註
ECOGREEN FINE CHEMICALS GROUP LIMITED

22
4. Sales and segment information (continued)
(b) Segment information (continued)
Secondary reporting format – geographical segment
The Group’s two business segments operate in three main
geographical areas.
Six months ended 30 June
截至六月三十日止六個月
2007 2006

二零零七年二零零六年
(Unaudited) (Unaudited)
（未經審核）（未經審核）
RMB’000 RMB’000
千元人民幣千元人民幣
Turnover營業額
– Mainland China－中國內地193,225 164,276
– Europe－歐洲42,357 18,571
– Asia (excluding Mainland China)－亞洲（中國內地除外）38,511 43,070
– Others－其他13,866 27,593
287,959 253,510

5. Capital expenditure
Property, plant Land use Intangible
and equipment right assets
物業、
廠房及設備土地使用權無形資產
(Unaudited) (Unaudited) (Unaudited)
（未經審核）（未經審核）（未經審核）
RMB’000 RMB’000 RMB’000
千元人民幣千元人民幣千元人民幣
Opening net book amount as於二零零六年一月一日
at 1 January 2006之期初帳面淨額184,144 4,955 22,705
Additions添置3,284 – 1,249
Depreciation and amortisation charge折舊及攤銷(5,568) (55) (1,165)
Closing net book amount as於二零零六年六月三十日
at 30 June 2006之期終帳面淨額181,860 4,900 22,789
Opening net book amount as於二零零七年一月一日
at 1 January 2007之期初帳面淨額216,012 8,851 29,261
Additions添置48,569 – 9,869
Depreciation and amortisation charge折舊及攤銷(5,792) (35) (1,114)
Disposals出售(121) – –
Closing net book amount as於二零零七年六月三十日
at 30 June 2007之期終帳面淨額258,668 8,816 38,016
4.銷售及分部資料（續）
(b)分部資料（續）
次要呈報方式－地區分部
本集團兩大業務分部於三個主要地區經營。
5.資本開支

二零零七年中期報告
中怡精細化工集團有限公司
23
Notes to the Condensed Consolidated Interim Financial Information
簡明綜合中期財務資料附註
6. Trade receivables
The credit period granted by the Group to its customers is generally
around 60 to 90 days. The aging analysis of trade receivables is
as follows:
30 June 31 December
六月三十日十二月三十一日
2007 2006

二零零七年二零零六年
(Unaudited) (Audited)
（未經審核）（經審核）
RMB’000 RMB’000
千元人民幣千元人民幣
0 to 30 days 0至30天59,615 46,985
31 to 60 days 31至60天42,189 40,072
61 to 90 days 61至90天29,035 28,122
91 to 180 days 91至180天4,020 512
181 to 365 days 181至365天44 137
Over 365 days 365天以上60 512
134,963 116,340

Less: Provision for impairment減：應收交易帳款減值撥備
of trade receivables (1,409) (1,436)
133,554 114,904

6.應收交易帳款
本集團給予客戶之信貸期一般約60至90天。應收
交易帳款之帳齡分析如下：

INTERIM REPORT 2007
Notes to the Condensed Consolidated Interim Financial Information
簡明綜合中期財務資料附註
ECOGREEN FINE CHEMICALS GROUP LIMITED

24
7. Borrowings
30 June 31 December
六月三十日十二月三十一日
2007 2006

二零零七年二零零六年
(Unaudited) (Audited)
（未經審核）（經審核）
RMB’000 RMB’000
千元人民幣千元人民幣
Non-current非即期
Government loans, unsecured無抵押政府貸款5,000 5,000
Bank borrowings, secured有抵押銀行貸款3,248 6,698
8,248 11,698

Current即期
Government loans, unsecured無抵押政府貸款28,870 28,870
Bank borrowings, secured有抵押銀行借貸85,411 94,268
Bank borrowings, unsecured無抵押銀行借貸37,990 –
152,271 123,138

Total borrowings借貸總額160,519 134,836
The maturity of borrowings is借貸之還款期如下：
as follows:
Amounts repayable within a period:須於以下期間償還之款項：
– not exceeding one year－不超過一年152,271 123,138
– more than one year but not－一年以上，但不超過兩年
exceeding two years 3,248 3,349
– more than two years but not－兩年以上，但不超過五年
exceeding five years – 3,349
– more than five years－五年以上5,000 5,000
160,519 134,836

7.貸款

二零零七年中期報告
中怡精細化工集團有限公司
25
Notes to the Condensed Consolidated Interim Financial Information
簡明綜合中期財務資料附註
8. Trade payables and bills payable
The aging analysis of trade payables and bills payable was as
follows:
30 June 31 December
六月三十日十二月三十一日
2007 2006

二零零七年二零零六年
(Unaudited) (Audited)
（未經審核）（經審核）
RMB’000 RMB’000
千元人民幣千元人民幣
0 to 30 days 0至30天13,327 20,660
31 to 60 days 31至60天11,045 21,017
61 to 90 days 61至90天18,296 18,230
91 to 180 days 91至180天33,447 30,647
181 to 365 days 181天至365天7,934 84
Over 365 days超過365天1,527 1,170
85,576 91,808

9. Operating profit
Operating profit is stated after charging and crediting the
following:
Six months ended 30 June
截至六月三十日止六個月
2007 2006

二零零七年二零零六年
(Unaudited) (Unaudited)
（未經審核）（未經審核）
RMB’000 RMB’000
千元人民幣千元人民幣
Charging扣除
Depreciation折舊5,792 5,568
Less: Amount included in product減：計入產品開發成本
development cost之款項(171) (505)
5,621 5,063

Amortisation of:攤銷：
– intangible assets－無形資產1,114 1,165
– prepaid operating lease payments－預付經營租約租金35 55
Realised and unrealised loss on interest利率掉期之變現及
rate swaps-net未受現虧損淨額3,514 –
Crediting計入
Interest income from bank deposits銀行存款之利息收入1,861 1,283
Amortisation of deferred income on攤銷政府津貼遞延收入
government grants 19 57
8.應付交易帳款及應付票據
應付交易帳款及應付票據之帳齡分析如下：
9.經營盈利
經營溢利已扣除及計入以下各項：

INTERIM REPORT 2007
Notes to the Condensed Consolidated Interim Financial Information
簡明綜合中期財務資料附註
ECOGREEN FINE CHEMICALS GROUP LIMITED

26
10.Income tax expense
Six months ended 30 June
截至六月三十日止六個月
2007 2006

二零零七年二零零六年
(Unaudited) (Unaudited)
（未經審核）（未經審核）
RMB’000 RMB’000
千元人民幣千元人民幣
Current income tax即期所得稅
– Mainland China enterprise－中國內地企業
income tax所得稅4,868 4,301
Notes:
No Hong Kong profits tax was provided as the Group had no assessable profit arising
in or derived from Hong Kong.
The subsidiaries established in Xiamen, Fujian Province, Mainland China are subject
to Mainland China enterprise income tax at a rate of 15% (2005: 15%). In November
2006, Xiamen Doingcom Chemical Co. Ltd. transformed from a domestic enterprise
to a wholly foreign owned enterprise. It has obtained approval from Mainland China
Tax Bureau to be exempted from enterprise income tax for two years starting from
the first year of profitable operations, followed by a 50% reduction in enterprise
income tax for the following three years, Xiamen Doingcom Chemical Co. Ltd. has
commenced to enjoy its tax holiday starting from year 2007.
11.Dividends
Six months ended 30 June
截至六月三十日止六個月
2007 2006

二零零七年二零零六年
(Unaudited) (Unaudited)
（未經審核）（未經審核）
RMB’000 RMB’000
千元人民幣千元人民幣
Interim dividend proposed of擬派中期股息
HK1 cents (2006: HK0.8 cents)每股普通股1港仙
per ordinary share（二零零六年：0.8港仙）4,537 3,733
During the six months ended 30 June 2007, a 2006 final dividend
of HK2.30 cents, shown as RMB2.276 cents, (2005 final: HK1.20
cents, shown as RMB1.241 cents) per ordinary share, totalling
HK$10,603,000, shown as RMB10,493,000 was paid in June 2007
(six months ended 30 June 2006: HK$5,532,000, shown as
RMB5,720,000).
10.所得稅開支
附註：
由於本集團並無在香港獲得或賺取應課稅溢利，因此並無就香港
利得稅作出撥備。
於中國內地福建省廈門成立之附屬公司須按15&#%65288;二零零五年：
15&#%65289;之稅率繳納中國內地企業所得稅。二零零年十一月，廈門中
坤化學有&