Summary of Conference Call Notes on China Machinery: Trucks & Engines Industry Overview - **Industry Focus**: Heavy-Duty Trucks (HDT) and Engines in China - **Key Companies Discussed**: Weichai Power, Sinotruk Jinan Truck, Sinotruk-H Core Insights Domestic HDT Cycle - **2025 Sales Outlook**: Industry participants expect domestic HDT sales volume to be between 700k-800k units, up from previous estimates of 600k-700k units, driven by a stronger-than-expected equipment upgrade program [4][6][7] - **2026 Uncertainty**: There is uncertainty regarding demand in 2026, with expectations of flat or declining sales due to the diminishing impact of the equipment upgrade program [7][8] Near-Term Trends - **Strong Order Momentum**: OEMs reported strong order momentum in 3Q25, with retail sales volume more than doubling year-over-year in early September [6][8] - **Sales Projections for September**: Expected retail sales volume of 75-80k units (up 80%+ YoY) and wholesale volume exceeding 100k units (up 70%+ YoY) [6][8] Export Performance - **3Q25 Export Volume**: Sinotruk reported stronger-than-expected export volumes, with a monthly run-rate of ~13k units, primarily driven by demand from Africa and Southeast Asia [8][10] - **Full-Year Export Expectations**: Industry participants expect full-year HDT export volume to be in the range of 300-310k units [10] Powertrain Dynamics - **Shift Towards LNG and Electrification**: There is a notable comeback of LNG HDTs, with sales volume up +110% YoY in early September. Electrification is accelerating, but concerns remain regarding technology and business models [9][11] - **Electrification Projections**: eHDT penetration could reach 25-26% for the full year, with expectations of continued growth into 4Q25 [11] Competitive Landscape - **Intensified Competition**: Despite better-than-expected demand, competition among truck and engine OEMs has intensified, leading to price reductions and market share shifts [12][13] - **Market Share Changes**: Foton and Dongfeng gained market share, while FAW and Sinotruk lost shares, particularly in the LNG segment [12][13] Regulatory Developments - **China VII Emission Standard**: The draft policy for the China VII emission standard is expected by end-2025 or 1H26, with potential implications for pre-buying and phasing out older models [14] - **GB 1589 Amendment**: Discussions are ongoing regarding increasing the weight limit for eHDTs, which could enhance their economic returns [14] Financial Outlook Weichai Power - **Investment Thesis**: Positive outlook on cyclical recovery for HDTs, with expectations of stronger profitability and robust free cash flow [50][53] - **Valuation**: Target price set at HK$21.00/share, reflecting improving engine earnings prospects [54] Sinotruk - **Investment Thesis**: Concerns over accelerating truck electrification and its impact on competitive landscape and margins [56][57] - **Valuation**: Target price set at HK$20.00/share, reflecting expected margin deterioration due to electrification [60] Key Risks - **Macro Activity**: Slower-than-expected macro activity, particularly in road freight and infrastructure [55][61] - **Electrification Impact**: Risks associated with the shift to higher electrification penetration and lower LNG usage [55][61] Additional Insights - **Channel Inventory**: Healthy channel inventory observed, with sell-in and sell-through trends moving in tandem [6][22] - **LNG Price Dynamics**: Favorable LNG/diesel price spread expected to support LNG HDT sales, despite seasonal price volatility [11]

2 Corporate Information 公司資料 5 Unaudited Condensed Consolidated Income Statement 未經審核簡明綜合收益表 6 Unaudited Condensed Consolidated Statement of Comprehensive Income 未經審核簡明綜合全面收益表 7 Unaudited Condensed Consolidated Statement of Financial Position 未經審核簡明綜合財務狀況表 9 Unaudited Condensed Consolidated Statement of Changes in Equity 未經審核簡明綜合權益變動表 11 Unaudited Condensed Consolidated Statement of Cash Flows 未經審核簡明綜合現金流量表 12 Notes to the Condensed Consolidated Interim Financial Information 簡明綜合中期財務資料附註 40 Management Discu ...

(Incorporated in Bermuda with limited liability) （於百慕達註冊成立之有限公司） (Stock Code 股份代號: 00380) N O T I F I C AT I O N L E T T E R 通 知 信 函 Dear non-registered shareholder(s), China Pipe Group Limited (the "Company") - Notice of Publication of Interim Report (the "Current Corporate Communications") As a non-registered shareholder, if you wish to receive Corporate Communications from the Company pursuant to the Listing Rules, you should liaise with your bank(s), broker(s), custodian(s), nominee(s) or HKSCC Nominees ...

N O T I F I C AT I O N L E T T E R 通 知 信 函 Dear registered shareholder(s), (Incorporated in Bermuda with limited liability) （於百慕達註冊成立之有限公司） (Stock Code 股份代號: 00380) 19 September 2025 China Pipe Group Limited (the "Company") - Notice of Publication of Interim Report (the "Current Corporate Communications") The Current Corporate Communications have been published in English and Chinese languages and are available on the website of The Stock Exchange of Hong Kong Limited ("HKEX") at www.hkexnews.hk and the Com ...

截至月份: 2025年8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: 中國管業集團有限公司 呈交日期: 2025年9月1日 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 I. 法定/註冊股本變動 FF301 | 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) | 00380 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | 25,000,000,000 | HKD | | 0.02 | HKD | | 500,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | 25,000,000,000 | HKD | | 0.02 | HKD | | 500,000,000 | 本月底法定/註冊股本總額： ...

中国管业(00380)发布截至2025年6月30日止六个月业绩，收入3.28亿港元，同比下降12.4%;净利润 3247.1万港元，同比下降13.2%;每股基本盈利2.44港仙。 ...

Core Viewpoint - China Pipe Industry (00380) reported a decline in revenue and net profit for the six months ending June 30, 2025, indicating challenges in the current market environment [1] Financial Performance - Revenue for the period was HKD 328 million, representing a year-on-year decrease of 12.4% [1] - Net profit amounted to HKD 32.471 million, down 13.2% compared to the previous year [1] - Basic earnings per share were HKD 0.0244 [1]

Group 1 - The company reported a revenue of approximately HKD 327.8 million for the six months ending June 30, 2025, representing a year-on-year decline of 12.4% [1] - The profit attributable to equity holders was approximately HKD 32.5 million, down 13.1% compared to the previous year [1] - Basic earnings per share were approximately HKD 0.0244, compared to HKD 0.0281 in the same period last year [1]

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份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。 截至二零二五年六月三十日止六個月 | | | 未經審核 | | | --- | --- | --- | --- | | | | 截至六月三十日止六個月 | | | | | 二零二五年 | 二零二四年 | | | 附註 | 千港元 | 千港元 | | 收入 | 2 | 327,849 | 374,299 | | 銷售成本 | 4 | (229,164) | (260,622) | | 毛利 | | 98,685 | 113,677 | | 其他收益淨額 | 3 | 2,683 | 285 | | 銷售及分銷成本 | 4 | (11,007) | (11,269) | | 一般及行政費用 | 4 | (56,836) | (58,288) | | 金融資產的減值撥備 | 4 | (16) | (3,411) | | 經營溢利 | | 33,509 | 40,994 | | 財務收入 | 5 | 6,929 ...

( 於百 慕 達註 冊 成 立 之 有 限 公 司 ) (股份代號: 00380) 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份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。 中國管業集團有限公司 主席 賴福麟 香港，二零二五年八月十四日 於本公告日期，董事會成員包括執行董事賴福麟先生及俞安生先生；以及獨立非執行董事黃以信 先生 、 陳偉文先生、管志強先生、王朝龍先生及鄭洋女士。 董事會會議召開日期 中國管業集團有限公司（「本公司」）董事會（「董事會」）宣佈，將於二零二五年八月 二十七日（星期三）舉行董事會會議，旨在（其中包括）批准本公司及其附屬公司截至二 零二五年六月三十日止六個月之中期業績及其發佈，以及考慮派發中期股息（如有）。 承董事會命 ...