Core Viewpoint - CITIC Securities reports that Conch Venture (00586) is focusing on its main business after the spin-off of its hazardous waste business, showcasing a gradually improving cash flow generation capability [1] Group 1: Company Performance - The company adopts a differentiated competitive strategy by expanding production capacity in county-level markets, achieving operational results that exceed industry averages [1] - The company's operational capabilities are strong, indicating effective management and execution [1] Group 2: Financial Outlook - Capital expenditure intensity is expected to further decline by 2025, which may enhance financial flexibility [1] - The dividend policy is anticipated to become more aggressive, with projected dividend yields of 5.2%, 6.7%, and 8.2% for the years 2025, 2026, and 2027 respectively, based on the closing price as of October 13, 2025 [1] Group 3: Investment Rating - The target price for the company in 2025 is set at HKD 14, maintaining a "Buy" rating [1]

Company News - Hesai Technology announced that it has produced its 1 millionth LiDAR unit by the end of September 2023, becoming the first company globally to achieve an annual production of over 1 million units, which will continue to lead the industry standards with its large-scale production capacity [2] - Standard Chartered Group announced a share buyback of approximately £7.37 million for about 505,900 shares at a price range of £14.4 to £14.79 per share [2] - Conch Venture announced that its executive director Wang Xuesen transferred 1.88 million shares to his daughter as part of family asset distribution, retaining approximately 320,000 shares post-transaction [2] - Xiaomi responded to a viral video regarding a car allegedly driving itself, confirming through a comprehensive investigation that the incident was triggered by a user command via their mobile app, ruling out any quality issues with the vehicle [2] Industry News - According to China Galaxy Securities, 2025 is expected to be the year of mass production for humanoid robots, supported by technological advancements, industry demand, and policy directions that facilitate application scenarios, with a complete industrial chain covering various segments [3]

Core Viewpoint - The announcement from Conch Venture (0586.HK) indicates that executive director Wang Xuesen has transferred 1.88 million shares of the company to his daughter as part of a family wealth distribution arrangement, valued at approximately HKD 20.98 million based on the closing price on the day of the announcement [1]. Summary by Relevant Sections - **Share Transfer Details** - Wang Xuesen transferred 1.88 million shares to his daughter as a gift [1] - The market value of the transferred shares is approximately HKD 20.98 million based on the closing price [1] - **Post-Transaction Holdings** - After the transaction, Wang Xuesen will continue to hold around 320,000 shares of the company [1]

Core Points - The company, Conch Venture (00586.HK), announced that its executive director, Wang Xuesen, has transferred 1.88 million shares to his daughter as part of a family wealth distribution arrangement [1] - Prior to the transfer, Wang Xuesen held a total of 2,197,918 shares [1] - After the transaction, Wang Xuesen will continue to hold 317,918 shares [1]

Core Viewpoint - The announcement from Conch Venture (00586) indicates a personal family asset distribution involving the transfer of shares from executive director Wang Xuesen to his daughter, reflecting confidence in the company's future development [1] Group 1: Share Transfer Details - Wang Xuesen transferred 1.88 million shares to his daughter as part of a family asset distribution arrangement [1] - Prior to the transfer, Wang Xuesen held 2.1979 million shares, and after the transfer, he will retain 317,900 shares [1] Group 2: Management's Confidence - Wang Xuesen emphasized that the share transfer is solely a personal family arrangement and does not reflect any lack of confidence in the company's future [1] - He expressed strong confidence in the company's ongoing business development and commitment to its sustained healthy growth [1]

Core Points - The company, Conch Venture (00586.HK), announced that its executive director, Wang Xuesen, has transferred 1.88 million shares to his daughter as part of a family wealth distribution arrangement [1] - Prior to the transfer, Wang Xuesen held a total of 2,197,918 shares, and after the transaction, he will continue to hold 317,918 shares [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。 China Conch Venture Holdings Limited 中 國 海 螺 創 業 控 股 有 限 公 司 承董事會命 中國海螺創業控股有限公司 公司秘書 陳興強 中華人民共和國安徽省 二零二五年十月三日 於 本公 告日 期 ，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。 自願公告 執行董事以饋贈方式轉讓股份 本公告由中國海螺創業控股有限公司（「本公司」）自願刊發。 本公司近日接獲本公司執行董事汪學森先生（「汪先生」）通知，由於家庭財產分配 安排，汪先生已將本公司1,880,000股股份 ...

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: 中國海螺創業控股有限公司 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) | 00586 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 15,000,000,000 | HKD | | 0.01 | HKD | | 150,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 15,000,000,000 | HKD | | 0.01 | HKD | | 150,000,000 | 第 1 ...

Investment Rating - The report maintains a positive outlook on the power and gas sectors, recommending specific companies for investment based on their performance and market conditions [3][16][18]. Core Insights - The report highlights that in August, the total electricity consumption reached 10,154 billion kWh, marking a year-on-year growth of 5.0%. The second industry contributed the largest increase, accounting for 59% of the total electricity increment [3][8][9]. - The report notes that global gas prices are experiencing slight fluctuations, with the Henry Hub spot price at $2.90/mmBtu and the TTF spot price at €32.15/MWh as of September 26 [18][19]. - The report emphasizes the stable growth in electricity consumption driven by high temperatures and government policies aimed at boosting consumption [8][9]. Summary by Sections 1. Electricity Sector - In August, the second industry saw a significant increase in electricity consumption, with a year-on-year growth of 5.0% and contributing 59% to the total electricity increment [3][9]. - The manufacturing sector achieved a record monthly growth rate, particularly in high-tech and equipment manufacturing, which grew by 9.1% year-on-year [9][10]. - The report recommends investments in hydropower, green energy, nuclear power, and thermal power companies, citing favorable conditions for growth and profitability [16][17]. 2. Gas Sector - The report indicates that the supply-demand dynamics for gas remain stable, with slight fluctuations in global gas prices. The LNG price in Northeast Asia decreased by 2.61% to $11.20/mmBtu [18][19]. - It highlights the steady increase in U.S. natural gas inventories and the impact of mild weather on heating and cooling demands, leading to low price volatility [21][27]. - The report suggests focusing on integrated gas companies and city gas firms that are expected to benefit from cost reductions and improved profitability [41][42]. 3. Market Performance Review - The report notes that the public utility and environmental sectors underperformed compared to the Shanghai and Shenzhen 300 indices, while the power equipment sector outperformed [43][44]. 4. Company and Industry Dynamics - Recent government initiatives aim to enhance the quality of energy equipment and promote the development of renewable energy sources [52]. - The report includes updates on major companies' announcements, including contract wins and strategic investments, which are expected to positively impact their future performance [52][53]. 5. Key Company Valuation Table - The report provides a valuation table for key companies in the public utility and environmental sectors, indicating their market positions and potential for growth [54].

Financial Performance - Revenue for the first half of 2025 was RMB 3,086,325, a decrease of 1.55% compared to RMB 3,134,976 in the same period of 2024[12] - Profit before tax increased by 11.32% to RMB 1,393,319 from RMB 1,251,579 year-on-year[12] - Profit attributable to equity shareholders rose by 9.33% to RMB 1,285,536 compared to RMB 1,175,881 in the previous year[12] - Core net profit attributable to equity shareholders decreased by 6.02% to RMB 446,170 from RMB 474,761 in the previous year[12] - The company's revenue for the first half of 2025 was RMB 3.086 billion, a year-on-year decrease of 1.55%[14] - Net profit attributable to equity shareholders increased by 9.33% year-on-year to RMB 1.286 billion[14] - The main business net profit, excluding profits from joint ventures, was RMB 446 million, a year-on-year decrease of 6.02%[14] - Total revenue for the reporting period was RMB 3,086.33 million, a decrease of 1.55% year-on-year, primarily due to a reduction in construction projects[37] - The company's pre-tax profit increased by 11.32% year-on-year to RMB 1,393.32 million, driven by increased profits from joint ventures[37] - The net profit attributable to equity shareholders was RMB 1,285.54 million, reflecting a year-on-year increase of 9.33%[37] Assets and Liabilities - Total assets as of June 30, 2025, amounted to RMB 83,399,291, reflecting a 1.30% increase from RMB 82,326,183 at the end of 2024[13] - Total liabilities increased by 0.76% to RMB 33,402,292 from RMB 33,149,551 at the end of 2024[13] - Equity attributable to equity shareholders grew by 1.74% to RMB 48,545,611 compared to RMB 47,713,102 at the end of 2024[13] - The company’s total liabilities amounted to RMB 33,402.29 million, a slight increase of 0.76% compared to the previous year[46] - The company’s equity attributable to shareholders increased to RMB 48,545.61 million, reflecting a year-on-year growth of 1.74%[46] - As of June 30, 2025, the company's current assets amounted to RMB 8,555.81 million, while current liabilities were RMB 8,672.41 million, resulting in a net current liability of RMB 116.61 million, a decrease of RMB 1,680.73 million compared to the end of the previous year[48] Operational Highlights - The company received approximately 9.325 million tons of municipal solid waste, representing a year-on-year increase of 3%[16] - The company processed about 8.021 million tons of municipal solid waste, also a year-on-year increase of 3%[16] - The electricity generated from waste-to-energy was approximately 2.69 billion kWh, reflecting a year-on-year increase of 6%[16] - The average electricity generation per ton was 336 kWh, an increase of 10 kWh per ton year-on-year[16] - The company sold approximately 313,000 tons of steam, a significant year-on-year increase of 170%[16] - The company has signed contracts for 130 projects across 23 provinces and municipalities in China[15] - The company is actively pursuing price adjustments for waste disposal and slag, completing adjustments for 2 waste disposal projects and 6 slag projects during the reporting period[16] Project Development - The company has completed construction of facilities with a total processing capacity of 14 million tons per year in Anhui Huoshan and 11 million tons per year in Yunnan Tengchong, both operational since 2020[18] - New projects under construction include facilities in Yunnan Zhenxiong and Hunan Shuangfeng, each with a capacity of 18 million tons per year, expected to be completed by late 2021[19] - The company is in the process of reporting for multiple projects, including a facility in Henan Fugou with a capacity of 22 million tons per year, scheduled for completion in April 2022[19] - The company has operational facilities in Guangxi Du'an and Guangxi Luzhai, each with a capacity of 14 million tons per year, both completed in June 2022[19] - The company is expanding its processing capacity with new projects in various provinces, including a facility in Anhui Hefei with a capacity of 22 million tons per year, expected to be operational by October 2022[19] - The company has reported ongoing projects in Gansu Pingliang and Shaanxi Binzhou, each with a capacity of 18 million tons per year, expected to be completed by late 2021[19] - The company is actively pursuing new construction projects in multiple regions, including a facility in Jiangxi Dexing with a capacity of 14 million tons per year, currently under reporting[18] - The company has a total of 14 projects under construction with capacities ranging from 11 million to 22 million tons per year, indicating significant growth potential[19] Revenue Streams - Revenue for waste disposal reached RMB 2,381.36 million, a year-on-year decrease of 7.01% due to a reduction in construction projects[38] - Energy-saving equipment revenue was RMB 258.54 million, down 22.26% year-on-year, primarily due to a decrease in orders[38] - New energy business revenue surged to RMB 310.32 million, a significant increase of 191.65% year-on-year, driven by active market expansion[38] - Revenue from waste disposal services amounted to RMB 2,277.8 million, with operational services contributing RMB 2,003.7 million, reflecting an increase of 8.2% from RMB 1,851.3 million in 2024[106] Cash Flow and Investments - The net cash inflow from operating activities for the first half of 2025 was RMB 914.85 million, a decrease of RMB 23.82 million year-on-year, primarily due to reduced renewable energy price subsidy receipts[53] - The net cash used in investment activities was RMB 548.70 million, a decrease of RMB 757.39 million year-on-year, attributed to reduced investment expenditures[54] - The group purchased property, plant, and equipment amounting to RMB 326,233,000 for the six months ended June 30, 2025, compared to RMB 785,581,000 for the same period in 2024[125] Shareholder Information - Major shareholders include Conch Holdings with 186,105,000 shares (10.39%) and Anhui Haichuang Group with 179,108,500 shares (9.99%) as of the reporting period[67][68] - The total issued shares of the company as of the reporting period end is 1,792,041,059[68] - The company declared an interim dividend of HKD 0.10 per share for the six months ended June 30, 2025, compared to no dividend in the same period last year[65] - The total payable dividend for the previous fiscal year's final dividend was RMB 491,297, an increase of 50.00% from RMB 327,265 in 2024[138] Governance and Compliance - The Audit Committee reviewed the company's unaudited interim results for the six months ending June 30, 2025, and found no disagreement with the accounting treatment adopted[81] - The Remuneration and Nomination Committee has established a policy for board member diversity to achieve a diverse board composition[84] - The Strategic, Sustainable Development and Risk Management Committee is responsible for formulating the group's medium to long-term development strategy and overseeing the implementation of sustainable development policies[85] - There were no significant events affecting the group that required disclosure after the reporting period[86]