有關 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內 容而引致的任何損失承擔任何責任。 HONGHUA GROUP LIMITED 宏華集團有限公司 (於開曼群島註冊成立的有限公司) (股份代號: 196) （1） 非執行董事變更；及 （2） 董事會委員會成員變更的公告 本公告由宏華集團有限公司（「本公司」）董事會（「董事會」）根據香港聯合交易所 有限公司證券上市規則（「上市規則」）第 13.51(2)條而作出。 非執行董事變更 董事會謹此宣佈，自二零二六年一月十九日起： 楊先生確認，彼與董事會並無意見分歧，亦無其他有關彼辭任之事宜須提呈本公司股東 （「股東」）垂注。 (1) 楊養莊先生（「楊先生」）因工作調整原因，辭任本公司非執行董事，同時辭任董 事會審核委員會及戰略投資委員會委員職務；及 (2) 劉輝先生（「劉先生」）獲委任為本公司非執行董事，董事會審核委員會委員及戰 略投資委員會委員。 董事會謹向楊先生於任內為本公司發展作出之貢獻致以衷心謝意。 劉先生的履歷詳情如下： 劉先生， ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年12月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: HONGHUA GROUP LIMITED 宏華集團有限公司 (於開曼群島註冊成立之有限公司) 呈交日期: 2026年1月6日 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00196 | 說明 | 普通股 | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 9,040,489,151 | | 0 | | 9,040,489,151 | | 增加 / 減少 (-) | | | 0 | | 0 | | | | 本月底結存 | | | 9,040,489,151 | | 0 | | 9,040,489,151 | 第 2 頁 共 10 頁 v 1.1.1 I ...

Summary of Honghua Group's Conference Call Company Overview - **Company**: Honghua Group - **Industry**: Oil and Gas Equipment Manufacturing Key Points Financial Performance - Honghua Group achieved a significant profit increase in the first half of 2025, with net profit attributable to shareholders growing by 14.34 times year-on-year, despite a 6.3% decline in revenue. The expected annual revenue is around 6 billion [3][22]. - The company has successfully turned around its financial performance since 2024 and continues to show positive trends [3]. Support from Dongfang Electric Group - Since becoming the controlling shareholder in 2023, Dongfang Electric Group has provided various supports, including low-cost financing, bulk procurement to reduce raw material costs, and assistance in talent and management system development [4][26]. - These measures have significantly improved Honghua's gross margin, financial expense ratio, and employee satisfaction [2][5]. Order Backlog and Market Position - As of November 2025, Honghua Group's order backlog reached 707 billion, ensuring a solid foundation for 2026 performance [2][6]. - The company has sold over 1,000 high-end land drilling rigs globally, with over 90% of sales in overseas markets, particularly in the Middle East, which accounts for 85% of sales [9]. Strategic Focus Areas - Honghua is advancing its transformation towards automation, digitalization, and intelligence, having launched the Smart Drilling Rig 1.0 and developed the OprA intelligent drilling control system [2][7][10]. - The marine segment is identified as a growth engine, with capabilities in offshore wind power, special vessels, and marine oil and gas modules [8][14]. International Market Development - The company is actively expanding its international presence, particularly in the Middle East and Central Asia, and has established a subsidiary in Singapore to capture more international orders [11][17]. - Despite sanctions affecting the Russian and Venezuelan markets, Honghua anticipates a recovery in sales exceeding 200 million annually once policies ease [9]. Future Growth and Investment - Honghua plans to focus its capital expenditures on the smart and digital transformation of land equipment and marine equipment [10]. - The company aims to enhance its profitability by improving the components business unit, which has a higher gross margin [10]. Challenges and Opportunities - The company faces challenges due to low oil prices affecting the land drilling business, but it remains committed to securing orders from existing customers and upgrading drilling rigs to meet future demands [18][19]. - The electric fracturing business, launched in the U.S., is expected to gradually turn profitable, with significant growth potential in unconventional oil and gas resource development [12][16]. Collaboration with Dongfang Electric - There is a strong business synergy with Dongfang Electric, particularly in offshore wind power and new energy projects, leveraging their extensive experience and customer base [26]. Long-term Outlook - Honghua Group is optimistic about the future, with expectations for the marine segment's revenue to grow significantly, potentially surpassing the land drilling segment in profitability [23][15]. - The company is committed to continuous innovation and product development, focusing on high-margin marine oil and gas projects and intelligent land drilling rigs [27].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年11月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: HONGHUA GROUP LIMITED 宏華集團有限公司 (於開曼群島註冊成立之有限公司) 呈交日期: 2025年12月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00196 | 說明 | 普通股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | HKD | | 0.1 HKD | | 1,000,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 10,000,000,000 | HKD | | 0.1 ...

公司名稱: HONGHUA GROUP LIMITED 宏華集團有限公司 (於開曼群島註冊成立之有限公司) 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00196 | 說明 | 普通股 | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 9,040,489,151 | | 0 | | 9,040,489,151 | | 增加 / 減少 (-) | | | 0 | | 0 | | | | 本月底結存 | | | 9,040,489,151 | | 0 | | 9,040,489,151 | 呈交日期: 2025年11月4日 I. 法定/註冊股本變動 | 1. 股份分 ...

Core Insights - The marine segment of the company has seen a significant increase in orders, with a revenue of 617 million yuan in H1 2025, representing a 35% year-on-year growth and accounting for 23.7% of total revenue. New effective orders in this segment increased by 63% year-on-year [1] - The fracturing business has experienced a notable increase in gross profit, with revenue reaching 433 million yuan in H1 2025, a 41.1% year-on-year increase, driven by the rapid development of unconventional oil and gas resources [2] - The company has actively adjusted its business structure to focus on core segments, resulting in a decrease in overall revenue but an improvement in profitability metrics, including a reduction in financing costs and sales expenses [2] Marine Segment - The marine segment includes offshore wind power, marine oil and gas equipment, and marine engineering equipment, with a production base located in Jiangsu Province [1] - The revenue from marine oil and gas equipment and marine engineering equipment manufacturing reached 263 million yuan in H1 2025, a substantial increase of 1171.4% year-on-year [1] Fracturing Business - The fracturing segment's gross profit increased by 96.2% in H1 2025, with sales of fracturing equipment and services generating 328 million yuan, a significant rise of 64.7% year-on-year [2] - The company has expanded its customer base by signing a framework contract for coalbed methane fracturing services, further solidifying its market position in the Shanxi coalbed methane sector [2] Strategic Adjustments - The company has streamlined low-margin businesses, focusing on enhancing overall profitability, which has led to a reduction in financing costs by 0.89 percentage points to 2.5% and a 27.5% decrease in interest expenses [2] - The company forecasts net profits of 125 million yuan, 267 million yuan, and 393 million yuan for the years 2025 to 2027, respectively, and has set a target price of 0.29 HKD based on a 9x PE ratio for 2026 [2]

Investment Rating - The report assigns a "Buy" rating for Honghua Group, with a target price of HKD 0.29 based on a PE of 9x for FY26 [3][19]. Core Insights - The company has achieved positive results in improving quality and efficiency, with a focus on core business segments and a reduction in low-margin operations [2][18]. - The marine sector has seen significant growth, with a 35% year-on-year increase in revenue, driven by new orders and investments in offshore equipment [4][21]. - The hydraulic fracturing business has also shown strong performance, with a 41.1% increase in revenue and a 96.2% rise in gross profit year-on-year [4][21]. Financial Performance and Forecast - Revenue for 2025 is projected at 6.32 billion yuan, with net profit expected to reach 125 million yuan, reflecting a substantial increase compared to previous years [5][19]. - The company anticipates continued growth, with net profits forecasted to reach 267 million yuan in 2026 and 393 million yuan in 2027 [3][5]. - The financial metrics indicate a significant improvement in profitability, with a projected EPS of 0.01 in 2025 and 0.04 in 2027 [5][19]. Business Strategy - The company is actively restructuring its business to enhance profitability by focusing on high-margin segments and reducing costs, including a 27.5% decrease in interest expenses [2][18]. - The marine and hydraulic fracturing sectors are prioritized for growth, with substantial investments and new customer acquisitions planned [4][21].

2. 成員 Membership 2.1 委員會之成員由董事會從公司董事中挑選和委任，委員會由最少三名委員組成，成 員中至少一名須為不同性別，其中獨立非執行董事必須超過半數。 HONGHUA GROUP LIMITED 宏華集團有限公司 (Incorporated in the Cayman Islands with limited liability) (Stock Code: 196) 提名委員會職權及責任範圍守則 Terms of Reference of the Nomination Committee （於 2025 年 10 月修訂） (revised in October 2025) 1. 總則 General Rules 1.1 本公司根據《香港聯合交易所有限公司證券上市規則》（"《上市規則》"）及《上 市規則》附錄C1《企業管治守則》規定，成立提名委員會（"委員會"），委員會之權 力、責任及具體職責概述如下。 The Nomination Committee (the "Committee") was established by the Company in accordance with ...

Group 1 - The company announced the sale of approximately 6.9152% equity in Chengdu Jinkong Financing Leasing for a total consideration of approximately RMB 85.764 million [1] - Following the completion of the sale, the company will no longer hold any equity in the target company [1] - The target company primarily engages in financing leasing and related leasing services [1] Group 2 - The sale aligns with the company's strategic development plan to optimize asset structure and focus on core business while divesting non-core and non-advantageous enterprises [2] - This transaction will help the company comply with the State-owned Assets Supervision and Administration Commission's requirements regarding central enterprises holding stakes in financial companies [2] - The sale is expected to enhance resource allocation efficiency, reduce financial risks associated with non-core financial businesses, and improve the company's capital structure [2]

Core Viewpoint - Honghua Group (00196) has announced the sale of approximately 6.9152% equity in Chengdu Jiaozi Financial Leasing Co., Ltd. for a total consideration of approximately RMB 85.764 million, aligning with its strategic development plan to optimize asset structure and focus on core business [1][1][1] Group 1: Transaction Details - Honghua Holdings and Sichuan Honghua have entered into agreements with Chengdu Jiaozi to sell a combined 6.9152% stake in Chengdu Jiaozi Financial Leasing Co., Ltd. [1] - The total consideration for the sale is approximately RMB 85.764 million [1] Group 2: Strategic Implications - The sale will result in the group no longer holding any equity in the target company, which is part of a strategy to divest non-core and non-advantageous enterprises [1][1] - This transaction is expected to help the company comply with the State-owned Assets Supervision and Administration Commission's management requirements regarding central enterprises holding stakes in financial companies [1] - The divestment aims to reduce risks associated with non-core financial operations and optimize the group's equity structure and capital allocation [1][1] - By transferring the equity through a public listing, the company aims to realize asset monetization, increase liquidity, improve the asset-liability structure, and lower financial costs, thereby supporting the focus on core business and promoting transformation and high-quality development [1][1]