董事會熱烈歡迎鄭洋女士擔任提名委員會的新職務。 承董事會命 中國管業集團有限公司 主席 賴福麟 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之內容概不負責， 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之任何損失承擔任何責任。 ( 於 百 慕 達 註 冊 成 立 之 有 限 公 司 ) (股 份代 號: 00380) 提名委員會組成的變動 中國管業集團有限公司（「本公司」）董事會（「董事會」）宣佈： 上述變動乃因應香港聯合交易所有限公司《證券上市規則》附錄 C1 所載《企業管 治守則》B.3.5 條的規定而作出。董事會認為，這些變動有助於提名委員會成員構成 多元化，並進一步提升公司的整體企業管治常規。 自二零二五年十二月二十三日起，提名委員會由 4 名成員組成，分別是賴福麟先 生、陳偉文先生、管志強先生和鄭洋女士。 香港，二零二五年十二月二十三日 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。 (1) 本公司獨立非執行董事王朝龍先生不再擔 ...

截至月份: 2025年11月30日 狀態: 新提交 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 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) | 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 | ...

Core Viewpoint - Anshuo Information (300380) has disclosed a detailed response report to the Shenzhen Stock Exchange regarding its plan to raise no more than 600 million yuan through a private placement, focusing on its AI transformation strategy, which raises concerns about the credibility and execution of its strategic plans due to its historical issues with misleading statements and regulatory penalties [1][7]. Group 1: Fundraising and Investment Plans - The company plans to invest the raised funds into an "AI-based smart credit system," a "comprehensive risk digital management platform," and upgrades to its digital financial R&D center, along with supplementing working capital [1][2]. - The smart credit system and risk digital management platform aim to enhance product offerings through AI technology, introducing four new modules and upgrading 11 core modules [2][3]. Group 2: Regulatory Concerns - Regulatory authorities have questioned the necessity of the projects, asking whether there is a risk of "duplicate construction" and requiring a comparison of the new technology with existing capabilities [3]. - The company claims to have obtained multiple software copyrights on its A3 Cloud technology architecture and asserts that the project will transition from "process-driven" to "intelligent decision-driven" technology [3]. Group 3: Financial Projections and Risks - The company forecasts that the smart credit system and risk digital management platform will generate annual sales revenues of 600 million yuan and 100 million yuan, respectively, but the regulatory body has raised concerns about the sufficiency of the basis for these projections [3]. - The projects are expected to incur significant financial pressure, with estimated annual depreciation and amortization of approximately 71.69 million yuan, which would account for 5.08% of projected revenue [3]. Group 4: Profitability and Asset Quality - The company's profitability has been under scrutiny, with reported net profits of -82.95 million yuan in 2022, -53.46 million yuan in the first half of 2023, and only a slight profit of 6.54 million yuan projected for 2024 [4]. - The company attributes its low profitability to macroeconomic factors affecting project delivery and acceptance efficiency, leading to increased operating costs and asset impairment losses [4]. Group 5: Historical Context and Market Sentiment - Anshuo Information has a history of misleading statements, having been penalized by the regulatory authority for deceptive practices related to its internet finance business from 2014 to 2015, which resulted in significant financial losses for investors [7][8]. - The company has not engaged in major capital operations in the past decade until this recent AI transformation proposal, which raises questions about its strategic direction and market confidence [8].

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 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 公司名稱: 中國管業集團有限公司 呈交日期: 2025年11月3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) | 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： HKD ...

Core Viewpoint - Shandong Heavy Industry Group is significantly expanding its global presence, with a projected export revenue of 100 billion RMB by 2025, marking a fivefold increase from 2020, and aims for over 60% of total revenue to come from overseas operations [2][4][8]. Group Performance - In the first nine months of 2025, Shandong Heavy Industry reported nearly 440 billion RMB in revenue, a year-on-year increase of over 9% [3]. - Export revenue for the same period reached 72.7 billion RMB, with an expected annual total of 100 billion RMB, which is five times the export revenue of 2020 [4][5]. Subsidiary Contributions - Weichai Power, a subsidiary, achieved over 250 billion RMB in revenue in the first three quarters of 2025, with a 30% increase in engine exports [4][6]. - China National Heavy Duty Truck Group (CNHTC) exported 111,000 heavy trucks in the first nine months, a 24.5% increase, maintaining its position as the leading exporter in China [5][6]. - Zhongtong Bus's overseas business accounted for 70% of its revenue, with a 40% increase year-on-year [6][7]. Globalization Strategy - The group emphasizes a balanced global industrial layout to mitigate local market risks, with 30% of overseas revenue coming from local manufacturing and sales of Chinese products [8][9]. - The company aims for deep localization in its global strategy, ensuring that supply chains and production align with local markets [9][10]. Future Directions - Shandong Heavy Industry plans to focus on four strategic directions: new energy, digital intelligence, aftermarket services, and globalization, with a goal of achieving 100 billion USD in revenue by 2030 [11].

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9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: 中國管業集團有限公司 呈交日期: 2025年10月2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) | 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： HKD 5 ...

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 ...