Group 1 - The core viewpoint of the report is that Conch Venture (00586) experienced a 9% year-on-year increase in net profit for the first half of the year, reaching 1.29 billion RMB, primarily due to significant contributions from its associate company, Conch Cement (600585) [1] - Excluding this contribution, the core net profit for the first half decreased by 6% to 446 million RMB [1] - The company declared its first interim dividend of 0.1 HKD per share, resulting in a payout ratio of only 12% [1] Group 2 - The report anticipates a revenue yield of 5.1% for the company this year, with projections for 6.5% to 8.4% from 2026 to 2027 [1] - The target price for the company's shares has been raised from 10.1 HKD to 12 HKD, with a rating of "Buy" [1]

Group 1 - The core viewpoint of the article is that Bank of America Securities has raised the target price for Conch Venture (00586) to HKD 12, maintaining a "Buy" rating [1] - Conch Venture's net profit for the first half of the year increased by 9% year-on-year to RMB 1.29 billion, benefiting from significant profit contributions from its associate company, Conch Cement [1] - Excluding this contribution, the core net profit for the first half was RMB 446 million, representing a year-on-year decrease of 6% [1] Group 2 - The company declared its first interim dividend of HKD 0.1 per share, resulting in a payout ratio of only 12% [1] - The firm anticipates that the company's revenue yield will reach 5.1% this year, with an upward adjustment to 6.5% to 8.4% for 2026 to 2027 [1] - The target price adjustment from HKD 10.1 to HKD 12 reflects a positive outlook on the company's performance [1]

Investment Rating - The report maintains an investment rating of "Buy" for the company [7]. Core Views - The company has shown steady growth in its power generation operations, with a focus on diversification proving effective [1]. - The company aims to reduce capital expenditures while increasing dividend levels and improving the quality of earnings [1]. - The report anticipates stable growth in cement investment returns amid a backdrop of reduced competition [1]. Revenue and Profitability - In the first half of 2025, the company achieved revenue of 3.09 billion CNY, a decrease of 1.6% year-on-year, primarily due to a decline in revenue from waste disposal construction [1]. - The net profit attributable to shareholders was 1.29 billion CNY, an increase of 9.3% year-on-year [1]. - The core net profit from the waste-to-energy business was 450 million CNY, a decrease of 6.0% year-on-year, impacted by a high base and losses in the new energy segment [1][2]. Waste Disposal Operations - The waste disposal segment generated revenue of 2.38 billion CNY in the first half of 2025, down 7.0% year-on-year, with construction revenue dropping significantly by 54.5% [2]. - The operational revenue increased by 7.6% year-on-year to 2.11 billion CNY, with 8.02 million tons of municipal waste processed, a 3% increase year-on-year [2]. - The company has improved its operational quality, with 87 waste-to-energy projects in operation by the end of the first half of 2025 [2]. Cash Flow and Dividends - The company reported a net cash inflow from operating activities of 910 million CNY, a slight decrease of 20 million CNY year-on-year [3]. - The company announced an interim dividend of 0.1 HKD per share, totaling 164 million CNY [3]. - The asset-liability ratio at the end of the first half of 2025 was 40.05%, a decrease of 0.23 percentage points year-on-year [3]. Joint Venture Investments - The share of profits from joint ventures was 840 million CNY, an increase of 19.7% year-on-year, benefiting from improved competition in the cement industry [4]. - The report highlights a positive outlook for joint venture earnings, particularly from the Conch Cement Group, which reported a net profit of 4.368 billion CNY, up 31.3% year-on-year [4]. Earnings Forecast and Valuation - The company’s projected net profits for 2025-2027 are 2.48 billion CNY, 2.76 billion CNY, and 3.03 billion CNY, respectively [5]. - The report assigns a valuation of 8.8x 2025 P/E for the environmental business and 9.3x 2025 P/E for the Conch Cement investment business [5]. - The target price has been raised by 16.6% to 12.12 HKD, based on the updated valuation metrics [5].

Group 1 - The core viewpoint of the article is that Conch Venture (0586.HK) reported a slight decline in revenue while achieving growth in profit for the first half of the year [1] Group 2 - For the period ending June 30, the company recorded a revenue of 3.086 billion yuan, representing a year-on-year decrease of 1.55% [1] - The profit for the same period was 1.286 billion yuan, showing a year-on-year increase of 9.33% [1] - Earnings per share were reported at 0.76 yuan, and an interim dividend of 0.1 Hong Kong dollars was declared [1]

Core Viewpoint - Conch Venture (00586) reported a mid-term performance for the six months ending June 30, 2025, showing a net profit attributable to shareholders of RMB 1.286 billion, an increase of 9.33% year-on-year, despite a revenue decline of 1.55% to RMB 3.086 billion [1][1][1] Revenue Breakdown - Revenue from waste disposal decreased by 7.01% due to a reduction in ongoing projects, leading to lower construction period income [1] - Revenue from energy-saving equipment fell by 22.26%, primarily due to a decrease in orders for energy-saving equipment [1] - Revenue from new building materials declined by 1.53%, influenced by market conditions resulting in lower selling prices [1] - Revenue from the new energy business surged by 191.65%, driven by the company's proactive market expansion efforts [1] - Revenue from port logistics increased by 1.87%, attributed to active sourcing and increased throughput [1]

Core Viewpoint - The company reported a slight decline in revenue but an increase in profit for the interim period ending June 30, 2025, indicating a mixed performance across different business segments [1]. Revenue Performance - Total revenue for the company was RMB 3.086 billion, a decrease of 1.55% year-on-year [1]. - Revenue from waste disposal decreased by 7.01%, primarily due to a reduction in ongoing construction projects [1]. - Revenue from energy-saving equipment fell by 22.26%, attributed to a decrease in orders [1]. - Revenue from new building materials declined by 1.53%, influenced by market conditions leading to lower selling prices [1]. - Revenue from the new energy business surged by 191.65%, driven by the company's proactive market expansion [1]. - Revenue from port logistics increased by 1.87%, supported by efforts to expand cargo sources and increased throughput [1]. Profitability - The profit attributable to equity shareholders was RMB 1.286 billion, reflecting a year-on-year increase of 9.33% [1]. - Basic earnings per share were reported at RMB 0.76 [1]. Dividend Declaration - The company proposed an interim dividend of HKD 0.1 per share [1].

Core Viewpoint - The company reported a slight decline in revenue but an increase in net profit for the first half of the fiscal year ending June 30, 2025 [1] Financial Performance - The group's revenue for the six months was approximately RMB 3,086.33 million, representing a decrease of 1.55% compared to the same period last year [1] - The net profit attributable to equity shareholders was approximately RMB 1,285.54 million, an increase of 9.33% year-on-year [1] - The net profit attributable to equity shareholders from core business operations (excluding profits from joint ventures) was approximately RMB 446.17 million, a decrease of 6.02% compared to the previous year [1] - Basic earnings per share were RMB 0.76 [1] Dividend Declaration - The board of directors declared an interim dividend of HKD 0.10 per share, compared to no dividend in the same period last year [1]

EF001 EF001 發行人所發行上市權證/可轉換債券的相關信息 發行人所發行上市權證/可轉換債券 不適用 其他信息 其他信息 不適用 發行人董事 於本公告日期，本公司董事(「董事」)會包括執行董事郭景彬先生（主席）、紀勤應先生（副主席兼行政總裁）、汪學森先生、何 廣元先生及萬長寶先生；非執行董事呂文斌先生；以及獨立非執行董事陳志安先生、陳繼榮先生及程雁雷女士。 第 2 頁 共 2 頁 v 1.1.1 免責聲明 | 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 | | | --- | --- | | 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。 | | | 股票發行人現金股息公告 | | | 發行人名稱 | 中國海螺創業控股有限公司 | | 股份代號 | 00586 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 截至2025年6月30日止六個月的中期股息 | | 公告日期 | 2025年8月27日 | | 公告狀態 | 新公告 | | 股 ...

[Report Summary](index=1&type=section&id=Report%20Summary) This report summarizes the Group's financial highlights for the period, showing a slight revenue decrease but increased net profit attributable to equity holders and a declared interim dividend [1.1 Financial Highlights](index=1&type=section&id=1.1%20Financial%20Highlights) During the reporting period, the Group's revenue decreased by 1.55% to RMB 3.086 billion, while net profit attributable to equity holders increased by 9.33% to RMB 1.286 billion, with basic earnings per share of RMB 0.76 and an interim dividend of HKD 0.10 per share | Indicator | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 3,086.33 | 3,134.98 | -1.55 | | Net Profit Attributable to Equity Holders | 1,285.54 | 1,175.88 | 9.33 | | Net Profit from Main Business Attributable to Equity Holders | 446.17 | 474.76 | -6.02 | | Basic Earnings Per Share (RMB) | 0.76 | 0.67 | 13.43 | | Interim Dividend (HKD/share) | 0.10 | N/A | N/A | [Financial Statements](index=2&type=section&id=Financial%20Statements) This section presents the Group's consolidated financial statements, including the statement of profit or loss, comprehensive income, and financial position, reflecting key financial performance and health indicators [2.1 Consolidated Statement of Profit or Loss](index=2&type=section&id=2.1%20Consolidated%20Statement%20of%20Profit%20or%20Loss) For the six months ended June 30, 2025, the Group's consolidated statement of profit or loss shows a slight revenue decrease, but profit for the period increased due to higher share of profits from associates | Indicator | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Revenue | 3,086,325 | 3,134,976 | | Cost of Sales | (1,901,927) | (1,984,091) | | Gross Profit | 1,184,398 | 1,150,885 | | Operating Profit | 888,229 | 904,244 | | Finance Costs | (334,276) | (353,785) | | Share of Profits from Associates | 839,366 | 701,120 | | Profit Before Tax | 1,393,319 | 1,251,579 | | Profit for the Period | 1,320,511 | 1,220,641 | | Profit Attributable to Equity Holders of the Company | 1,285,536 | 1,175,881 | | Basic Earnings Per Share (RMB) | 0.76 | 0.67 | [2.2 Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=3&type=section&id=2.2%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) During the reporting period, the Group's total comprehensive income significantly increased, primarily driven by higher profit for the period and contributions from other comprehensive income | Indicator | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Profit for the Period | 1,320,511 | 1,220,641 | | Other Comprehensive Income for the Period | 38,270 | 21,871 | | Total Comprehensive Income for the Period | 1,358,781 | 1,242,512 | | Total Comprehensive Income Attributable to Equity Holders of the Company | 1,323,806 | 1,197,752 | [2.3 Consolidated Statement of Financial Position](index=4&type=section&id=2.3%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's total assets and equity both increased, but a net current liability emerged, mainly due to the reclassification of medium-term notes | Indicator | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Non-current Assets | 74,843,485 | 74,510,651 | | Current Assets | 8,555,806 | 7,815,532 | | **Total Assets** | **83,399,291** | **82,326,183** | | Current Liabilities | 8,672,413 | 6,251,413 | | Non-current Liabilities | 24,729,879 | 26,898,138 | | **Total Liabilities** | **33,402,292** | **33,149,551** | | Equity Attributable to Equity Holders of the Company | 48,545,611 | 47,713,102 | | Non-controlling Interests | 1,451,388 | 1,463,530 | | **Total Equity** | **49,996,999** | **49,176,632** | | Net Current (Liabilities) / Assets | (116,607) | 1,564,119 | [Notes to the Financial Statements](index=6&type=section&id=Notes%20to%20the%20Financial%20Statements) This section provides detailed notes on the basis of preparation, accounting policy changes, revenue disaggregation, segment reporting, and other financial items, offering deeper insights into the Group's financial reporting [3.1 Basis of Preparation](index=6&type=section&id=3.1%20Basis%20of%20Preparation) This interim financial report is prepared in accordance with HKEX Listing Rules and IAS 34, based on a going concern assumption, as management believes the Group can meet its financial obligations despite net current liabilities - This interim financial report complies with the requirements of International Accounting Standard 34 "Interim Financial Reporting" and has been approved by the Board of Directors and reviewed by the Audit Committee[3](index=3&type=chunk)[11](index=11&type=chunk) - Despite recording **net current liabilities** as of June 30, 2025, management believes the Group can fully meet its financial obligations within the next 12 months, based on **RMB 15.3 billion of unutilized bank facilities**, thus preparing the report on a going concern basis is appropriate[12](index=12&type=chunk) [3.2 Changes in Accounting Policies](index=6&type=section&id=3.2%20Changes%20in%20Accounting%20Policies) This interim financial report applied amendments to IAS 21 'The Effects of Changes in Foreign Exchange Rates – Lack of Exchangeability' with no significant impact, and no other new standards or interpretations not yet effective were adopted - The Group has applied the amendments to International Accounting Standard 21 "The Effects of Changes in Foreign Exchange Rates – Lack of Exchangeability," but it had **no significant impact** as no foreign currency non-exchangeable transactions were conducted[15](index=15&type=chunk) - **No new standards or interpretations** not yet effective were adopted in this accounting period[16](index=16&type=chunk) [3.3 Revenue and Segment Reporting](index=7&type=section&id=3.3%20Revenue%20and%20Segment%20Reporting) The Group's revenue primarily derives from waste treatment, port logistics, new building materials, new energy business, and investments; total revenue decreased by 1.55% year-on-year, but new energy business revenue significantly increased - The Group's main businesses include providing construction services and operating waste treatment projects, port logistics services, production and sales of new building materials, new energy business, and investments[17](index=17&type=chunk) | Revenue Source | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Waste Treatment (Construction Services) | 274,043 | 602,635 | -54.53 | | Waste Treatment (Operation Services) | 2,003,709 | 1,851,284 | 8.23 | | Energy-saving Equipment | 258,538 | 332,561 | -22.26 | | Port Logistics Services | 90,280 | 88,624 | 1.87 | | New Building Materials | 45,826 | 46,540 | -1.53 | | New Energy Business | 310,318 | 106,400 | 191.65 | | Interest Income from Service Concession Arrangements | 103,611 | 106,932 | -3.11 | | **Total Revenue** | **3,086,325** | **3,134,976** | **-1.55** | [3.3.1 Revenue Disaggregation](index=7&type=section&id=3.3.1%20Revenue%20Disaggregation) Revenue is disaggregated by major product or service categories, with significant growth in waste treatment operation services and new energy business revenue, while construction services and energy-saving equipment revenue declined | Revenue Category | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Waste Treatment - Construction Services | 274,043 | 602,635 | | Waste Treatment - Operation Services | 2,003,709 | 1,851,284 | | Energy-saving Equipment | 258,538 | 332,561 | | Port Logistics Services | 90,280 | 88,624 | | New Building Materials | 45,826 | 46,540 | | New Energy Business | 310,318 | 106,400 | | Interest Income from Service Concession Arrangements | 103,611 | 106,932 | - Revenue recognized over time from customer contracts accounted for a larger proportion, totaling **RMB 2,597,127 thousand** in H1 2025, while revenue recognized at a point in time was **RMB 385,587 thousand**[19](index=19&type=chunk) [3.3.2 Segment Reporting](index=8&type=section&id=3.3.2%20Segment%20Reporting) The Group manages segments by business line, with waste treatment and investment segments contributing the majority of profit before tax, and new energy business showing significant revenue growth but lower gross margins - The Group is managed by business line, and the chief executive officer assesses the operating results of each segment based on **profit before tax**[20](index=20&type=chunk) | Segment | H1 2025 Profit Before Tax (RMB thousand) | H1 2024 Profit Before Tax (RMB thousand) | | :--- | :--- | :--- | | Waste Treatment | 617,568 | 597,781 | | Port Logistics Services | 42,015 | 43,800 | | New Building Materials | (8,509) | (13,213) | | New Energy Business | (33,835) | (3,133) | | Investment | 839,366 | 701,120 | | Others | (63,286) | (74,776) | | **Total** | **1,393,319** | **1,251,579** | - As of June 30, 2025, the **waste treatment segment's assets** were **RMB 37,339,483 thousand**, and the **investment segment's assets** were **RMB 39,068,092 thousand**, representing the largest asset components of the Group[20](index=20&type=chunk)[22](index=22&type=chunk) [3.3.3 Geographical Information](index=9&type=section&id=3.3.3%20Geographical%20Information) The Group's revenue primarily originates from Mainland China, but revenue and specific non-current assets in the Asia-Pacific region (excluding Mainland China) both decreased | Region | H1 2025 Revenue (RMB thousand) | H1 2024 Revenue (RMB thousand) | | :--- | :--- | :--- | | Mainland China | 2,967,183 | 2,981,304 | | Asia-Pacific (excluding Mainland China) | 119,142 | 153,672 | | **Total** | **3,086,325** | **3,134,976** | | Region | June 30, 2025 Specific Non-current Assets (RMB thousand) | December 31, 2024 Specific Non-current Assets (RMB thousand) | | :--- | :--- | :--- | | Mainland China | 74,182,361 | 73,843,983 | | Asia-Pacific (excluding Mainland China) | 394,012 | 398,845 | | **Total** | **74,576,373** | **74,242,828** | [3.4 Net Other Income](index=10&type=section&id=3.4%20Net%20Other%20Income) During the reporting period, the Group's net other income increased by 21.99% year-on-year, primarily due to an increase in government grants | Item | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Interest Income from Bank Deposits and Cash | 16,254 | 25,354 | | Government Grants | 48,948 | 34,258 | | VAT Refund | 18,475 | 16,921 | | Exchange Gain | 699 | 333 | | Realized/Unrealized Net Loss on Financial Assets at FVTPL | (1,155) | (9,403) | | Others | (749) | 143 | | **Total** | **82,472** | **67,606** | - Net other income increased by **RMB 14.87 million**, a **21.99% increase**, mainly due to higher government grants received[24](index=24&type=chunk)[68](index=68&type=chunk) [3.5 Profit Before Tax](index=11&type=section&id=3.5%20Profit%20Before%20Tax) Profit before tax is calculated after deducting finance costs, depreciation, amortization, and R&D costs; finance costs decreased due to lower interest rates on interest-bearing debt, while depreciation, amortization, and impairment provisions for trade receivables increased - The calculation of profit before tax has deducted or included items such as finance costs, depreciation and amortization, research and development costs, and impairment provisions for trade receivables and contract assets[25](index=25&type=chunk) [3.5.1 Finance Costs](index=11&type=section&id=3.5.1%20Finance%20Costs) During the reporting period, the Group's finance costs decreased by 5.51% year-on-year, primarily due to a lower blended interest rate on interest-bearing debt, despite an increase in interest on unsecured medium-term notes | Item | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Interest on Loans and Borrowings | 335,234 | 412,437 | | Interest on Lease Liabilities | 638 | 848 | | Interest on Unsecured Medium-Term Notes | 52,899 | 40,316 | | Less: Interest Expenses Capitalized to Construction in Progress and Intangible Assets | (54,495) | (99,816) | | **Total Finance Costs** | **334,276** | **353,785** | - Finance costs decreased by **5.51% year-on-year**, mainly due to a **decrease in the Group's blended interest rate on interest-bearing debt**[71](index=71&type=chunk) [3.5.2 Other Items](index=11&type=section&id=3.5.2%20Other%20Items) During the reporting period, depreciation of owned property, plant, and equipment and amortization of intangible assets both increased, while loss allowances for trade receivables and contract assets shifted from reversal to provision | Item | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Depreciation of Owned Property, Plant and Equipment | 171,600 | 128,646 | | Depreciation of Right-of-Use Assets | 24,420 | 36,051 | | Amortization of Intangible Assets | 407,147 | 361,080 | | Research and Development Costs | 21,015 | 22,516 | | Loss Allowance for Trade Receivables and Contract Assets (Provision) / (Reversal) | 10,172 | (5,991) | [3.6 Income Tax](index=12&type=section&id=3.6%20Income%20Tax) Income tax expense significantly increased during the reporting period, mainly due to higher PRC income tax provisions; the Group applies different tax policies across regions, with some PRC subsidiaries enjoying preferential rates for high-tech enterprises or those in western regions | Item | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Current Tax - Provision for PRC Income Tax for the Period | 92,044 | 66,507 | | Over-provision in Prior Years | (13,091) | (31,195) | | Deferred Tax - Net Reversal of Temporary Differences | (6,145) | (4,374) | | **Income Tax Expense** | **72,808** | **30,938** | - The statutory tax rate for taxable income of subsidiaries in Mainland China is **25%**, with some high-tech enterprises and subsidiaries registered in western regions enjoying a **preferential tax rate of 15%**[29](index=29&type=chunk)[30](index=30&type=chunk) - Specific subsidiaries engaged in waste treatment enjoy a **three-year tax exemption** followed by a **three-year 50% tax reduction** from the commencement of operating income[34](index=34&type=chunk) [3.7 Earnings Per Share](index=13&type=section&id=3.7%20Earnings%20Per%20Share) Basic earnings per share for the reporting period was RMB 0.76, higher than the prior year; diluted earnings per share was the same as basic earnings per share due to no potentially dilutive ordinary shares outstanding - For the six months ended June 30, 2025, **basic earnings per share** was **RMB 0.76**, higher than **RMB 0.67** in the prior year[5](index=5&type=chunk)[31](index=31&type=chunk) - **Diluted earnings per share** was the same as basic earnings per share because there were **no potentially dilutive ordinary shares** outstanding[32](index=32&type=chunk) [3.8 Interests in Associates](index=13&type=section&id=3.8%20Interests%20in%20Associates) The Group's interests in associates, primarily Conch Group, are reflected in their net assets, with a significant increase in the share of profits from associates during the reporting period - As of June 30, 2025, interests in associates represent the Group's share of net assets in Anhui Conch Group Co., Ltd. and other individually immaterial associates[33](index=33&type=chunk) - During the reporting period, the Group recognized a **share of profits from associates of RMB 839,366 thousand** in the consolidated statement of profit or loss, a significant increase from **RMB 701,120 thousand** in the prior year[33](index=33&type=chunk) [3.9 Contract Assets](index=14&type=section&id=3.9%20Contract%20Assets) Contract assets comprise service concession arrangement assets, renewable energy tariff subsidies, and energy-saving equipment retention money, with a slight decrease in total amount | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Non-current Contract Assets | 3,719,536 | 3,844,358 | | Current Contract Assets | 1,217,998 | 1,058,405 | | **Total Contract Assets** | **4,937,534** | **4,902,763** | - Service concession arrangement assets accrue interest at annual rates ranging from **6.01% to 9.41%**, related to BOT arrangements[35](index=35&type=chunk) - Current contract assets include **renewable energy tariff subsidies** and **energy-saving equipment retention money**, with retention money expected to be recovered within the normal operating cycle[35](index=35&type=chunk) [3.10 Trade and Other Receivables](index=15&type=section&id=3.10%20Trade%20and%20Other%20Receivables) Total trade and other receivables slightly increased, while trade receivables net of loss allowances decreased, and the aging analysis of overdue amounts shows most are within one year | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Trade Receivables (net of loss allowance) | 2,589,887 | 2,851,642 | | Bills Receivable at Amortized Cost | 62,515 | 64,994 | | Other Receivables | 578,483 | 499,977 | | Amounts Due from Related Parties | 273,915 | 273,388 | | **Total Current and Non-current Trade and Other Receivables** | **5,220,701** | **5,141,869** | | Aging of Trade Receivables and Bills Receivable (net of loss allowance) | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Current | 1,991,524 | 1,545,226 | | Not Exceeding One Year | 410,530 | 595,722 | | One to Two Years | 334,147 | 331,602 | | Over Two Years | 115,441 | 117,337 | | **Total** | **2,851,642** | **2,589,887** | [3.11 Trade and Other Payables](index=16&type=section&id=3.11%20Trade%20and%20Other%20Payables) Total trade and other payables decreased, with both trade payables and bills payable showing reductions | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Trade Payables | 2,092,306 | 2,656,932 | | Bills Payable | 134,075 | 191,979 | | Other Payables and Accrued Expenses | 1,182,452 | 1,229,406 | | Amounts Due to Third Parties | 3,408,833 | 4,078,317 | | Amounts Due to Related Parties | 109,092 | 138,597 | | **Total Trade and Other Payables** | **3,534,508** | **4,243,357** | - An aging analysis of trade payables and bills payable indicates that **most are due within one year**[39](index=39&type=chunk) [3.12 Dividends](index=17&type=section&id=3.12%20Dividends) The Board resolved to declare an interim dividend of HKD 0.10 per share, and a final dividend of HKD 0.30 per share was paid prior to interim approval - The Board resolved to declare an **interim dividend of HKD 0.10 per share** for the six months ended June 30, 2025 (2024: nil)[4](index=4&type=chunk)[41](index=41&type=chunk)[95](index=95&type=chunk) - As of June 30, 2025, the interim dividend for the current year has **not yet been recognized as a liability**[41](index=41&type=chunk) - A **final dividend of HKD 0.30 per share** (approximately **RMB 491,297 thousand**) approved at the Annual General Meeting on June 25, 2025, was paid in July 2025[42](index=42&type=chunk) [Management Discussion and Analysis](index=18&type=section&id=Management%20Discussion%20and%20Analysis) This section provides an in-depth review of the Group's business performance, financial results, liquidity, and capital resources, alongside an analysis of the macroeconomic environment and future outlook [4.1 Macroeconomic Environment](index=18&type=section&id=4.1%20Macroeconomic%20Environment) In H1 2025, China's GDP grew by 5.3%, with stable economic operations; the Group actively responds to national green and low-carbon transition strategies, focusing on its core environmental protection business and exploring new circular economy pathways - In H1 2025, China's GDP grew by **5.3% year-on-year**, with stable national economic operations, and the green economy emerged as a key driver for high-quality development[43](index=43&type=chunk) - As a provider of energy-saving and environmental protection solutions, the Group focuses on its core green environmental protection business, emphasizes industrial upgrading, and actively explores new pathways for the circular economy to serve national ecological civilization construction[43](index=43&type=chunk) [4.2 Business Review](index=18&type=section&id=4.2%20Business%20Review) During the reporting period, the Group implemented a strategy of 'focusing on core business, unleashing potential, and improving quality and efficiency,' achieving steady progress in environmental protection, increased capacity utilization in new energy materials, and a rebound in port logistics throughput - The Group consistently implemented the overall strategy of "focusing on core business, unleashing potential, and improving quality and efficiency," adhering to a business strategy of enhancing quality and efficiency in its environmental protection core business and achieving synergistic benefits across multiple industrial segments[44](index=44&type=chunk) - As of the end of the reporting period, the Group had promoted and signed **130 projects** across **23 provinces, municipalities, and autonomous regions** nationwide, covering waste-to-energy, fly ash treatment, food waste treatment, cement kiln co-processing of waste, new energy, lithium battery recycling, new building materials, and port logistics[45](index=45&type=chunk) [4.2.1 Overall Business Overview](index=18&type=section&id=4.2.1%20Overall%20Business%20Overview) The Group achieved steady progress across its business segments, including municipal solid waste treatment, new energy materials, lithium battery recycling, and port logistics, laying a solid foundation for annual operating targets - Significant operating results were achieved in the municipal solid waste treatment industry, with **double growth in waste intake and grid-connected electricity generation**; capacity utilization in the new energy materials industry significantly improved; process technology was optimized in the lithium battery recycling industry; and port logistics throughput rebounded notably[44](index=44&type=chunk) [4.2.2 Municipal Solid Waste Treatment](index=19&type=section&id=4.2.2%20Municipal%20Solid%20Waste%20Treatment) The Group's municipal solid waste treatment business achieved growth in waste received, treated, and electricity generated by enhancing operational efficiency, expanding waste sources, diversifying operations, and pursuing price increases - As of the end of the reporting period, the Group had formed a municipal solid waste treatment capacity of approximately **20.858 million tonnes/year** (approximately **58,075 tonnes/day**)[57](index=57&type=chunk) [4.2.2.1 Grate Furnace Waste-to-Energy](index=19&type=section&id=4.2.2.1%20Grate%20Furnace%20Waste-to-Energy) Grate furnace waste-to-energy business achieved year-on-year growth in waste received, treated, and electricity generated through refined management and business expansion, actively pursuing increases in waste treatment fees and slag prices - During the reporting period, the grate furnace waste-to-energy business received approximately **9.325 million tonnes of municipal solid waste** (a **3% year-on-year increase**), treated approximately **8.021 million tonnes of municipal solid waste** (a **3% year-on-year increase**), and generated approximately **2.69 billion kWh of grid-connected electricity** (a **6% year-on-year increase**)[47](index=47&type=chunk) - The average grid-connected electricity per tonne was approximately **336 kWh** (an increase of **10 kWh/tonne**), steam sales were approximately **313 thousand tonnes** (a **170% year-on-year increase**), and **402 thousand green certificates** were sold[47](index=47&type=chunk) - As of the end of the reporting period, the Group had **87 grate furnace waste-to-energy projects** in operation, with a total treatment capacity of **17.42 million tonnes/year** (**48,450 tonnes/day**), of which **32 projects** are listed in the national renewable energy power generation subsidy project catalog[46](index=46&type=chunk)[52](index=52&type=chunk)[53](index=53&type=chunk) [4.2.2.2 Food Waste Treatment](index=26&type=section&id=4.2.2.2%20Food%20Waste%20Treatment) The food waste treatment business has 20 projects in operation with a total capacity of approximately 468,000 tonnes/year, achieving growth in food waste received, treated, and grease sales during the reporting period - As of the end of the reporting period, the Group had **20 food waste treatment projects** in operation and **1 under construction**, with a total treatment capacity of approximately **468 thousand tonnes/year** (approximately **1,225 tonnes/day**)[54](index=54&type=chunk)[55](index=55&type=chunk) - During the reporting period, approximately **113 thousand tonnes of food waste** were received and treated (a **26% year-on-year increase**), and approximately **2,001 tonnes of grease** were sold (a **36% year-on-year increase**)[54](index=54&type=chunk) [4.2.2.3 Cement Kiln Co-processing of Waste](index=28&type=section&id=4.2.2.3%20Cement%20Kiln%20Co-processing%20of%20Waste) The cement kiln co-processing of waste business has 9 projects completed with a total capacity of approximately 640,000 tonnes/year, achieving a certain scale of municipal solid waste received and actually treated during the reporting period - As of the end of the reporting period, the cement kiln co-processing of waste business had **9 projects completed**, with a treatment capacity of approximately **640 thousand tonnes/year** (approximately **1,900 tonnes/day**)[56](index=56&type=chunk)[58](index=58&type=chunk) - During the reporting period, approximately **140 thousand tonnes of municipal solid waste** were received, and approximately **115 thousand tonnes of municipal solid waste** were actually treated[56](index=56&type=chunk) [4.2.3 New Energy Business](index=29&type=section&id=4.2.3%20New%20Energy%20Business) The Group's new energy business continuously monitors industry trends, with strong production and sales in lithium iron phosphate cathode material projects, steady progress in anode material projects, and optimized process technology and new signed projects in lithium battery recycling - The lithium iron phosphate cathode material project adheres to a "production based on sales" strategy, strengthening market development, with initial success in new product R&D and certification, and **capacity utilization reaching a new high**[59](index=59&type=chunk) - The lithium battery recycling and comprehensive utilization project has signed a treatment capacity of approximately **240 thousand tonnes/year**, producing **22 thousand tonnes of cathode materials** and achieving **revenue of RMB 310.32 million** during the reporting period[59](index=59&type=chunk)[60](index=60&type=chunk)[61](index=61&type=chunk) [4.2.4 New Building Materials and Port Logistics](index=30&type=section&id=4.2.4%20New%20Building%20Materials%20and%20Port%20Logistics) New building materials business enhances product added value and market share through process optimization and cost control; port logistics business achieves throughput and revenue growth by upgrading services and expanding cargo sources - The new building materials business sold approximately **3.8 million square meters of products**, achieving operating revenue of **RMB 45.83 million**[62](index=62&type=chunk) - The port logistics business achieved a throughput of approximately **17.29 million tonnes**, generating operating revenue of **RMB 90.28 million**[62](index=62&type=chunk) [4.3 Financial Performance](index=31&type=section&id=4.3%20Financial%20Performance) During the reporting period, the Group's total revenue slightly decreased, but both profit before tax and net profit attributable to equity holders increased, primarily due to the contribution from associates' profits | Item | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 3,086,325 | 3,134,976 | -1.55 | | Profit Before Tax | 1,393,319 | 1,251,579 | 11.32 | | Share of Profits from Associates | 839,366 | 701,120 | 19.72 | | Profit Before Tax from Main Business | 553,953 | 550,459 | 0.63 | | Net Profit Attributable to Equity Holders of the Company | 1,285,536 | 1,175,881 | 9.33 | | Net Profit from Main Business Attributable to Equity Holders of the Company | 446,170 | 474,761 | -6.02 | [4.3.1 Overall Financial Performance](index=31&type=section&id=4.3.1%20Overall%20Financial%20Performance) The decrease in revenue was mainly due to fewer ongoing construction projects, while the growth in profit before tax and net profit attributable to equity holders was primarily driven by increased share of profits from associates - Revenue decreased by **1.55% year-on-year**, primarily due to a **reduction in the Group's ongoing construction projects**[63](index=63&type=chunk) - Profit before tax increased by **11.32% year-on-year**, and net profit attributable to equity holders of the Company increased by **9.33% year-on-year**, mainly due to an **increase in the share of profits from associate Conch Group**[63](index=63&type=chunk) [4.3.2 Revenue by Business Segment](index=32&type=section&id=4.3.2%20Revenue%20by%20Business%20Segment) New energy business revenue achieved rapid growth of 191.65%, while waste treatment and energy-saving equipment revenue decreased due to fewer ongoing projects and reduced orders | Item | H1 2025 Amount (RMB thousand) | H1 2025 Proportion (%) | H1 2024 Amount (RMB thousand) | H1 2024 Proportion (%) | Amount Change (%) | Proportion Change (percentage points) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Waste Treatment | 2,381,363 | 77.16 | 2,560,851 | 81.69 | -7.01 | -4.53 | | Energy-saving Equipment | 258,538 | 8.38 | 332,561 | 10.61 | -22.26 | -2.23 | | New Building Materials | 45,826 | 1.48 | 46,540 | 1.48 | -1.53 | – | | New Energy Business | 310,318 | 10.05 | 106,400 | 3.39 | 191.65 | 6.66 | | Port Logistics | 90,280 | 2.93 | 88,624 | 2.83 | 1.87 | 0.10 | | **Total** | **3,086,325** | **100.00** | **3,134,976** | **100.00** | **-1.55** | – | - New energy business revenue grew rapidly by **191.65%**, primarily due to **active market expansion**[64](index=64&type=chunk) - Waste treatment revenue decreased by **7.01%**, mainly due to **fewer ongoing construction projects**; energy-saving equipment revenue decreased by **22.26%**, primarily due to **reduced orders**[64](index=64&type=chunk) [4.3.3 Revenue Structure](index=33&type=section&id=4.3.3%20Revenue%20Structure) Operating revenue from the waste treatment segment increased by 7.61% year-on-year, while construction revenue decreased by 54.53%, reflecting the impact of fewer ongoing projects on the revenue structure | Revenue Structure | H1 2025 Amount (RMB thousand) | H1 2025 Proportion (%) | H1 2024 Amount (RMB thousand) | H1 2024 Proportion (%) | Amount Change (%) | Proportion Change (percentage points) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 2,107,320 | 88.49 | 1,958,216 | 76.47 | 7.61 | 12.02 | | Construction Revenue | 274,043 | 11.51 | 602,635 | 23.53 | -54.53 | -12.02 | | **Total** | **2,381,363** | **100.00** | **2,560,851** | **100.00** | **-7.01** | – | - Operating revenue from the waste treatment segment increased by **7.61%**, mainly due to **higher waste intake and grid-connected electricity generation**[65](index=65&type=chunk) - Construction period revenue from the waste treatment segment decreased by **54.53%**, primarily due to **fewer ongoing construction projects**[65](index=65&type=chunk) [4.3.4 Revenue by Region](index=34&type=section&id=4.3.4%20Revenue%20by%20Region) Revenue from Mainland China market slightly decreased, while revenue from the Asia-Pacific region (excluding Mainland China) saw a larger decline, mainly due to reduced overseas orders for energy-saving equipment | Item | H1 2025 Amount (RMB thousand) | H1 2025 Proportion (%) | H1 2024 Amount (RMB thousand) | H1 2024 Proportion (%) | Amount Change (%) | Proportion Change (percentage points) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Mainland China | 2,967,183 | 96.14 | 2,981,304 | 95.10 | -0.47 | 1.04 | | Asia-Pacific (excluding Mainland China) | 119,142 | 3.86 | 153,672 | 4.90 | -22.47 | -1.04 | | **Total** | **3,086,325** | **100.00** | **3,134,976** | **100.00** | **-1.55** | – | - Revenue from the Asia-Pacific region (excluding Mainland China) decreased by **22.47%**, mainly due to **reduced overseas orders for energy-saving equipment**[66](index=66&type=chunk) [4.3.5 Gross Profit and Gross Profit Margin](index=34&type=section&id=4.3.5%20Gross%20Profit%20and%20Gross%20Profit%20Margin) The Group's overall gross profit margin increased, with improvements in waste treatment, energy-saving equipment, and new building materials businesses, while new energy and port logistics gross margins decreased due to market competition | Item | H1 2025 Gross Profit (RMB thousand) | H1 2025 Gross Profit Margin (%) | H1 2024 Gross Profit (RMB thousand) | H1 2024 Gross Profit Margin (%) | Amount Change (%) | Gross Profit Margin Change (percentage points) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Waste Treatment | 1,040,784 | 43.71 | 983,192 | 38.39 | 5.86 | 5.32 | | Energy-saving Equipment | 83,923 | 32.46 | 99,887 | 30.04 | -15.98 | 2.42 | | New Building Materials | 4,753 | 10.37 | 3,021 | 6.49 | 57.33 | 3.88 | | New Energy Business | 2,410 | 0.78 | 11,219 | 10.54 | -78.52 | -9.76 | | Port Logistics | 52,528 | 58.18 | 53,566 | 60.44 | -1.94 | -2.26 | | **Total** | **1,184,398** | **38.38** | **1,150,885** | **36.71** | **2.91** | **1.67** | - Waste treatment gross profit margin increased by **5.32 percentage points**, mainly due to **quality and efficiency improvement measures** and an **increase in operating projects**[69](index=69&type=chunk) - New energy business gross profit margin decreased by **9.76 percentage points**, mainly due to **fierce market competition leading to lower product prices**[69](index=69&type=chunk) [4.3.6 Net Other Income](index=35&type=section&id=4.3.6%20Net%20Other%20Income) Net other income increased by 21.99% year-on-year, primarily due to an increase in government grants - Net other income was **RMB 82.47 million**, a **21.99% year-on-year increase**, primarily due to an **increase in government grants received** by the Group[68](index=68&type=chunk) [4.3.7 Administrative Expenses](index=36&type=section&id=4.3.7%20Administrative%20Expenses) Administrative expenses increased by 15.17% year-on-year, mainly due to higher staff costs and taxes resulting from an increase in operating companies - Administrative expenses were **RMB 354.10 million**, a **15.17% year-on-year increase**, primarily due to **higher staff costs and taxes** resulting from an **increase in operating companies**[70](index=70&type=chunk) [4.3.8 Finance Costs](index=36&type=section&id=4.3.8%20Finance%20Costs) Finance costs decreased by 5.51% year-on-year, primarily due to a reduction in the blended interest rate on interest-bearing debt - Finance costs were **RMB 334.28 million**, a **5.51% year-on-year decrease**, primarily due to a **reduction in the Group's blended interest rate on interest-bearing debt**[71](index=71&type=chunk) [4.4 Financial Position](index=36&type=section&id=4.4%20Financial%20Position) As of the end of the reporting period, the Group's total assets and equity both increased, and the asset-liability ratio slightly decreased, but a net current liability emerged, mainly due to the reclassification of medium-term notes | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 83,399,291 | 82,326,183 | 1.30 | | Total Liabilities | 33,402,292 | 33,149,551 | 0.76 | | Equity Attributable to Equity Holders of the Company | 48,545,611 | 47,713,102 | 1.74 | | Asset-Liability Ratio | 40.05% | 40.27% | -0.22 percentage points | [4.4.1 Assets and Liabilities Overview](index=36&type=section&id=4.4.1%20Assets%20and%20Liabilities%20Overview) The Group's total assets and equity both grew, and the asset-liability ratio slightly improved, reflecting sound financial management - As of June 30, 2025, the Group's **total assets** amounted to **RMB 83,399.29 million**, an increase of **1.30%** from the end of the previous year[72](index=72&type=chunk) - **Equity attributable to equity holders of the Company** was **RMB 48,545.61 million**, an increase of **1.74%** from the end of the previous year[72](index=72&type=chunk) - The **asset-liability ratio** (total liabilities/total assets) was **40.05%**, a decrease of **0.22 percentage points** from the end of the previous year[72](index=72&type=chunk) [4.4.2 Non-current Assets and Non-current Liabilities](index=37&type=section&id=4.4.2%20Non-current%20Assets%20and%20Non-current%20Liabilities) Non-current assets slightly increased, mainly due to new property, plant and equipment and intangible assets; non-current liabilities decreased, primarily due to reduced bank loans and the reclassification of green medium-term notes - **Non-current assets** were **RMB 74,843.49 million**, a **0.45% increase** from the end of the previous year, mainly due to **new property, plant and equipment and intangible assets**[73](index=73&type=chunk) - **Non-current liabilities** were **RMB 24,729.88 million**, an **8.06% decrease** from the end of the previous year, mainly due to a **reduction in bank loans** and the **reclassification of RMB 2.7 billion green medium-term notes** to current liabilities[73](index=73&type=chunk) [4.4.3 Current Assets and Current Liabilities](index=37&type=section&id=4.4.3%20Current%20Assets%20and%20Current%20Liabilities) The Group's current assets increased, but a net current liability emerged due to the reclassification of RMB 2.7 billion green medium-term notes to current liabilities - **Current assets** were **RMB 8,555.81 million**, **current liabilities** were **RMB 8,672.41 million**, resulting in **net current liabilities of RMB 116.61 million**[74](index=74&type=chunk) - The **net current liabilities decreased by RMB 1,680.73 million** from the end of the previous year, primarily due to the **reclassification of RMB 2.7 billion green medium-term notes** to current liabilities[74](index=74&type=chunk) [4.4.4 Equity Attributable to Equity Holders of the Company](index=37&type=section&id=4.4.4%20Equity%20Attributable%20to%20Equity%20Holders%20of%20the%20Company) Equity attributable to equity holders of the Company continued to grow, primarily benefiting from the Group's sustained profitability - **Equity attributable to equity holders of the Company** was **RMB 48,545.61 million**, a **1.74% increase** from the end of the previous year, mainly due to the **Group's sustained profitability**[75](index=75&type=chunk) [4.5 Liquidity and Capital Resources](index=38&type=section&id=4.5%20Liquidity%20and%20Capital%20Resources) The Group optimized its financing structure and diversified funding channels, issuing green medium-term notes to lower financing costs and ensure capital needs; cash and cash equivalents remained sufficient, while bank loan balances decreased - The Group ensures its capital needs are met by issuing **RMB 1.3 billion green medium-term notes** and other means, lowering financing interest rates, and reasonably arranging project loans[76](index=76&type=chunk) - As of June 30, 2025, the Group's **cash and cash equivalents** amounted to **RMB 2,534.74 million**[76](index=76&type=chunk) [4.5.1 Cash and Cash Equivalents](index=38&type=section&id=4.5.1%20Cash%20and%20Cash%20Equivalents) As of the end of the reporting period, cash and cash equivalents amounted to RMB 2,534.74 million, primarily denominated in RMB, HKD, and USD - As of June 30, 2025, the Group's **cash and cash equivalents** amounted to **RMB 2,534.74 million**, primarily denominated in **RMB, HKD, and USD**[76](index=76&type=chunk) [4.5.2 Bank Loans](index=38&type=section&id=4.5.2%20Bank%20Loans) Bank loan balances decreased, mainly due to the issuance of green medium-term notes used to repay some bank loans; most loan interest is calculated at variable rates | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Within One Year | 1,696,292 | 1,798,378 | | After One Year but Within Two Years | 2,147,994 | 2,092,128 | | After Two Years but Within Five Years | 6,812,406 | 7,112,740 | | After Five Years | 13,999,238 | 14,511,816 | | **Total** | **24,655,930** | **25,515,062** | - **Bank loan balances** were **RMB 24,655.93 million**, a decrease of **RMB 859.13 million** from the end of the previous year, mainly due to the **issuance of RMB 1.3 billion green medium-term notes** used to repay some bank loans[77](index=77&type=chunk) [4.5.3 Cash Flows](index=39&type=section&id=4.5.3%20Cash%20Flows) During the reporting period, net cash from operating activities slightly decreased, net cash used in investing activities significantly reduced, and net cash from financing activities shifted from inflow to outflow | Item | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Net Cash Generated from Operating Activities | 914,849 | 938,672 | | Net Cash Used in Investing Activities | -548,702 | -1,306,090 | | Net Cash (Used in) / Generated from Financing Activities | -103,888 | 435,860 | | Net Increase in Cash and Cash Equivalents | 262,259 | 68,442 | | Cash and Cash Equivalents at End of Period | 2,534,737 | 3,163,418 | [4.5.3.1 Net Cash from Operating Activities](index=39&type=section&id=4.5.3.1%20Net%20Cash%20from%20Operating%20Activities) Net cash generated from operating activities slightly decreased, primarily due to a year-on-year reduction in renewable energy tariff subsidies received - **Net cash generated from operating activities** was **RMB 914.85 million**, a **RMB 23.82 million year-on-year decrease**, primarily due to a **year-on-year reduction in renewable energy tariff subsidies received**[79](index=79&type=chunk) [4.5.3.2 Net Cash Used in Investing Activities](index=39&type=section&id=4.5.3.2%20Net%20Cash%20Used%20in%20Investing%20Activities) Net cash used in investing activities significantly decreased, primarily due to reduced investment expenditures - **Net cash used in investing activities** was **RMB 548.70 million**, a **RMB 757.39 million year-on-year decrease**, primarily due to **reduced investment expenditures**[80](index=80&type=chunk) [4.5.3.3 Net Cash from Financing Activities](index=39&type=section&id=4.5.3.3%20Net%20Cash%20from%20Financing%20Activities) Net cash used in financing activities increased year-on-year, primarily due to a decrease in net proceeds from financing - **Net cash used in financing activities** was **RMB 103.89 million**, a **RMB 539.75 million year-on-year increase**, primarily due to a **decrease in net proceeds from financing**[81](index=81&type=chunk) [4.6 Commitments](index=40&type=section&id=4.6%20Commitments) As of the end of the reporting period, the Group's total capital commitments amounted to RMB 432.26 million, a significant decrease from the previous year-end | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Contracted | 241,101 | 592,343 | | Approved but Not Contracted | 191,159 | 459,283 | | **Total** | **432,260** | **1,051,626** | [4.7 Foreign Exchange Risk](index=40&type=section&id=4.7%20Foreign%20Exchange%20Risk) The Group's foreign exchange risk primarily arises from receivables and payables denominated in USD and HKD from sales and purchases, but overall foreign exchange risk is not significant as most assets and transactions are RMB-denominated - The Group's foreign currency risk primarily arises from **receivables and payables denominated in USD and HKD** generated from sales and purchases[83](index=83&type=chunk) - As most assets and the majority of transactions are denominated in RMB, and domestic business expenditures are generally paid with RMB income, there is **no significant foreign exchange risk**[83](index=83&type=chunk) - During the reporting period, the Group **did not use financial instruments to hedge any foreign exchange risk**[84](index=84&type=chunk) [4.8 Contingent Liabilities](index=40&type=section&id=4.8%20Contingent%20Liabilities) As of the end of the reporting period, the Group had no significant contingent liabilities - As of June 30, 2025, the Group had **no significant contingent liabilities**[85](index=85&type=chunk) [4.9 Pledged Assets](index=40&type=section&id=4.9%20Pledged%20Assets) As of the end of the reporting period, the Group's right-of-use assets with a carrying amount of RMB 625.33 million were pledged as collateral for certain bank loans - As of June 30, 2025, the Group's **right-of-use assets** with a carrying amount of **RMB 625.33 million** were **pledged as collateral for certain bank loans**[86](index=86&type=chunk) [4.10 Material Investments, Acquisitions or Disposals](index=41&type=section&id=4.10%20Material%20Investments,%20Acquisitions%20or%20Disposals) During the reporting period, the Group had no material investments, acquisitions, or disposals, nor any definite plans for such activities - During the reporting period, the Group had **no material investments, acquisitions, or disposals**, nor any definite plans for material investments or acquisitions or disposals of capital[87](index=87&type=chunk) [4.11 Issuance of 2025 Green Medium-Term Notes](index=41&type=section&id=4.11%20Issuance%20of%202025%20Green%20Medium-Term%20Notes) The Company successfully issued RMB 1.3 billion green medium-term notes, with a coupon rate of 1.93%, used for debt repayment and project construction/operation, and obtained an AAA credit rating - On January 13, 2025, the Company issued **RMB 1.3 billion green medium-term notes** with a coupon rate of **1.93%** for a term of **five years**, unsecured, setting a new historical low for green Panda bond issuance rates nationwide[88](index=88&type=chunk) - The notes are primarily used to **repay interest-bearing debt** and **fund project construction and operation payments**[88](index=88&type=chunk) - The Company has received an **AAA credit rating** from Lianhe Credit Rating Co., Ltd[88](index=88&type=chunk) [4.12 Human Resources](index=41&type=section&id=4.12%20Human%20Resources) The Group highly values human resource system development, enhancing employees' comprehensive qualities and professional skills through competitive compensation, a comfortable work environment, multi-level training, and actively building diverse talent development platforms - The Group places high importance on human resource system construction and development, committed to fostering a talent development atmosphere that "respects labor, knowledge, talent, and creation"[89](index=89&type=chunk) - As of the end of the reporting period, the Group had **6,641 employees** (H1 2024: 6,386 employees), with total employee remuneration of approximately **RMB 461.8 million** (H1 2024: approximately RMB 367.3 million)[90](index=90&type=chunk) - The Group actively builds a multi-level, systematic, and professional training system and enhances its talent pool through internal cultivation, school-enterprise exchanges, and social recruitment[89](index=89&type=chunk) [Future Plans and Outlook](index=42&type=section&id=Future%20Plans%20and%20Outlook) This section outlines the Group's strategic priorities and operational plans for the second half of 2025, focusing on core business enhancement, new energy development, and port/building materials industry growth [5.1 Overall Strategy](index=42&type=section&id=5.1%20Overall%20Strategy) In H2 2025, the Group will continue to implement the 'focus on core business, unleash potential, and improve quality and efficiency' strategy, strengthening industrial synergy management and seeking healthy multi-segment development to achieve annual targets and safeguard shareholders' core interests - In H2 2025, the Group will continue to implement the overall strategy of "focusing on core business, unleashing potential, and improving quality and efficiency," strengthening industrial synergy management and seeking healthy multi-segment development[91](index=91&type=chunk) - The Group will strive to achieve its annual targets, promote high-quality sustainable and healthy development, and safeguard the core interests of the Company's shareholders[91](index=91&type=chunk) [5.2 Waste-to-Energy Core Business](index=42&type=section&id=5.2%20Waste-to-Energy%20Core%20Business) The Group will leverage its core management advantages in the waste-to-energy business, focusing on 'managing two volumes, optimizing operations, and increasing efficiency' to comprehensively enhance operational quality by improving capacity utilization, expanding diversified operations, and exploring green electricity resource applications - The waste-to-energy core business will focus on the key elements of "managing two volumes, optimizing operations, and increasing efficiency," leveraging its advantages in capacity utilization and operating rates to ensure core competitiveness[92](index=92&type=chunk) - The Group will improve diversified operations such as steam and electricity sales, co-processing, and green certificate trading, actively explore overseas markets for energy-saving equipment manufacturing, and explore scenario-based applications of green electricity resources to extend the industrial chain[92](index=92&type=chunk) - The Group will continuously summarize industry operating experience, create distinctive operating models like the "365 Club" and "500 Excellence Group," and comprehensively enhance operational quality[92](index=92&type=chunk) [5.3 New Energy Business](index=43&type=section&id=5.3%20New%20Energy%20Business) The new energy business will focus on market demand and product applications, increasing R&D innovation for high-end products and boosting self-production and sales; lithium iron phosphate cathode material projects will strengthen supply chain construction and product performance optimization, while lithium battery recycling will optimize process technology and expand recycling channels - The new energy business will focus on market demand and product applications, increasing R&D innovation for high-end products and boosting the share of self-produced and self-sold products[93](index=93&type=chunk) - The lithium iron phosphate cathode material project will prioritize strengthening raw material procurement, supply chain construction, product performance optimization, and enriching the product pipeline[93](index=93&type=chunk) - The lithium battery recycling and comprehensive utilization business will continuously optimize front-end and back-end process links, focus on technological breakthroughs, strengthen technological advantages, and expand recycling channels and marketing networks[93](index=93&type=chunk) [5.4 Port and Building Materials Industries](index=43&type=section&id=5.4%20Port%20and%20Building%20Materials%20Industries) Port logistics business will integrate resources, expand client channels, and upgrade berth grades for steady growth; new building materials industry will remain market-oriented, capture market share, and enhance added value through technological upgrades and product iteration - The port logistics business will integrate internal and external resources, expand high-quality client channels, seek volume expansion and price increases for steady growth, and upgrade berth grades[94](index=94&type=chunk) - The new building materials industry will remain market-oriented, capture market share, summarize technological improvement achievements, enrich product R&D and applications, leverage the advantages of product line iteration, and enhance added value[94](index=94&type=chunk) [Other Information](index=43&type=section&id=Other%20Information) This section covers corporate governance, interim dividend declaration, share registration closure, and other compliance-related disclosures for the reporting period [6.1 Interim Dividend](index=43&type=section&id=6.1%20Interim%20Dividend) The Board resolved to declare an interim dividend of HKD 0.10 per share for the six months ended June 30, 2025, payable on November 10, 2025 - The Board resolved to declare an **interim dividend of HKD 0.10 per share** for the six months ended June 30, 2025 (2024: nil)[95](index=95&type=chunk) - The interim dividend is expected to be paid on **November 10, 2025**, to shareholders whose names appear on the Company's register of members on **October 24, 2025**[95](index=95&type=chunk) [6.2 Closure of Register of Members](index=44&type=section&id=6.2%20Closure%20of%20Register%20of%20Members) To qualify for the interim dividend, the Company will suspend its share transfer registration from October 20 to October 24, 2025 - The Company will suspend its share transfer registration from **October 20 to October 24, 2025** (both dates inclusive)[96](index=96&type=chunk) - To qualify for the interim dividend, investors must deposit all share transfer documents, together with the relevant share certificates, with Hong Kong Central Share Registrar Limited for registration by **4:30 p.m. on October 17, 2025**[96](index=96&type=chunk) [6.3 Compliance with Corporate Governance Code](index=44&type=section&id=6.3%20Compliance%20with%20Corporate%20Governance%20Code) The Company has complied with all applicable code provisions of the Corporate Governance Code as set out in Appendix C1 of the HKEX Listing Rules throughout the reporting period - The Company has complied with **all applicable code provisions of the Corporate Governance Code** as set out in Appendix C1 of the HKEX Listing Rules throughout the reporting period[97](index=97&type=chunk) [6.4 Standard Code for Securities Transactions by Directors](index=44&type=section&id=6.4%20Standard%20Code%20for%20Securities%20Transactions%20by%20Directors) The Company has adopted a code for securities transactions no less exacting than the Standard Code in Appendix C3 of the Listing Rules, and all Directors confirmed compliance during the reporting period - The Company has adopted a code for securities transactions **no less exacting than the Standard Code** for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 of the Listing Rules[98](index=98&type=chunk) - Following specific inquiries by the Company, all Directors confirmed that they have **complied with the Standard Code and the Securities Dealing Code** throughout the reporting period[98](index=98&type=chunk) [6.5 Purchase, Sale or Redemption of the Company's Listed Securities](index=44&type=section&id=6.5%20Purchase,%20Sale%20or%20Redemption%20of%20the%20Company's%20Listed%20Securities) During the reporting period, neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's listed securities, and no treasury shares were held at period-end - During the reporting period, **neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's listed securities**[99](index=99&type=chunk) - As of the end of the reporting period, the Company **did not hold any treasury shares**[99](index=99&type=chunk) [6.6 Review of Interim Results](index=45&type=section&id=6.6%20Review%20of%20Interim%20Results) The Audit Committee has reviewed the Group's unaudited interim results and interim report for the six months ended June 30, 2025, and has no disagreement with the accounting treatments adopted - The Audit Committee has reviewed the Group's **unaudited interim results and interim report** for the six months ended June 30, 2025[100](index=100&type=chunk) - The Audit Committee has **no disagreement with the accounting treatments adopted** by the Company[100](index=100&type=chunk) [6.7 Material Events After Reporting Period](index=45&type=section&id=6.7%20Material%20Events%20After%20Reporting%20Period) No material events affecting the Group requiring disclosure have occurred from the end of the reporting period up to the date of this announcement - **No material events** affecting the Group requiring disclosure have occurred from the end of the reporting period up to the date of this announcement[101](index=101&type=chunk) [6.8 Publication of Interim Results Announcement and Interim Report](index=45&type=section&id=6.8%20Publication%20of%20Interim%20Results%20Announcement%20and%20Interim%20Report) This results announcement has been published on the HKEX and Company websites, and the interim report will be published and dispatched to shareholders in due course - This results announcement is available on the **HKEX website** (http://www.hkexnews.hk) and the **Company's website** (http://www.conchventure.com)[102](index=102&type=chunk) - The Company's interim report for the six months ended June 30, 2025, will be published on the aforementioned websites and dispatched to shareholders in due course[102](index=102&type=chunk)

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，概不就因本公告全部 或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 （於開曼群島註冊成立的有限公司） （股份代號：586） 有關 安徽海螺水泥股份有限公司 刊發截至二零二五年六月三十日止六個月中期業績公告 之公告 本 公 告 乃 根 據上 市 規 則 第 13.09 條 與 證 券 及 期 貨 條 例 第 XIVA 部 內幕 消 息 條 文 而 作出。 董事會獲悉，海螺水泥已於二零二五年八月二十六日刊發其二零二五年上半年 未經審核之業績的公告。 經計及海螺集團公司（ 為本集團之聯營公司，由本集團擁有49 %股權 ）於海螺水 泥所持約36.40 %股權與本集團截至二零二三年及二零二四年十二月三十一日止 兩個財政年度應佔海螺集團公司之利潤水平，本公司於本公告內文概述海螺水 泥之若干主要財務數據。 China Conch Venture Holdings Limited 中 國 海 螺 創 業 控 股 有 限 ...