| (I) | 釋義 | 2 | | --- | --- | --- | | (II) | 公司信息 | 4 | | (III) | 財務及業務數據摘要 | 6 | | (IV) | 公司概況 | 8 | | (V) | 管理層研討與分析 | 20 | | (VI) | 董事會報告 | 38 | | (VII) | 股本及主要股東、董事持股情況 | 47 | | (VIII) | 董事、高級管理層及員工基本資料 | 53 | | (IX) | 企業管治報告 | 63 | | (X) | 重要事項 | 93 | | (XI) | 獨立核數師報告 | 100 | | (XII) | 綜合損益表 | 106 | | (XIII) | 綜合損益及其他綜合收益表 | 107 | | (XIV) | 綜合資產負債表 | 108 | | (XV) | 綜合權益變動表 | 110 | | (XVI) | 綜合現金流量表 | 111 | | | (XVII) 綜合財務報表附註 | 113 | (I) 釋 義 於本年報內，除非文義另有所指，否則下列字句具有以下涵義： | 「本公司╱公司╱ | 指 | 中國山水水泥集團有限公司 | ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 截 至2024年12月31日止年度業績初步公告 摘 要 中 國 山 水 水 泥 集 團 有 限 公 司（「本公司」）董 事 會（「董事會」）謹 此 公 佈 本 公 司 及 其 附 屬 公 司（「本集團」）截 至2024年12月31日 止 年 度（「報告期」）之 綜 合 業 績，連 同 上 一 財 政 年 度 之 相 應 數 據。 – 1 – • 2024年度營業收入 約 人 民 幣14,509,866,000元（2023年： 人 民 幣 18,116,387,000元），較2023年 度 減 少19.9%； • 2024年度營業 利 潤 約人民幣182,404,000元，而2023年度營業 虧 損 約 人民幣646,555,000元； • 2024年度歸屬於本公司 股 東 的虧損約人民幣140,608,000元，而2023 年度歸屬於本 ...

SUNNSY CHINA SHANSHUI CEMENT GROUP LIMITED 中 國 山 水 水 泥 集 團 有 限 公 司 ( 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ) 股份代號：691 2024 中期報告 報 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------|-------|-------|-------|-------------------------------|-------|-------|-------|-------|-------|-------|-------|-------|-------|-------|-------|-------|-------|-------|-------|-------|-------|-------|------- ...

Financial Performance - Revenue for the first half of 2024 was approximately RMB 6,566,739,000, a decrease of 25.8% compared to the same period last year[1] - Operating loss for the first half of 2024 was approximately RMB 500,932,000, compared to an operating loss of RMB 42,692,000 in the same period last year[1] - Net loss attributable to shareholders for the first half of 2024 was approximately RMB 530,628,000, compared to a net loss of RMB 236,847,000 in the same period last year[1] - Basic loss per share for the first half of 2024 was RMB 0.12[1] - Gross profit for the first half of 2024 was RMB 623,376,000, a decrease from RMB 1,212,786,000 in the same period last year[2] - Total revenue for the first half of 2024 was RMB 6,566.739 million, a decrease from RMB 8,851.107 million in the first half of 2023[11] - Total revenue for the six months ended June 30, 2024, was RMB 6,900,093 thousand, a decrease from RMB 9,306,450 thousand in the same period in 2023[15] - The company reported a pre-tax loss of RMB 595,219 thousand for the six months ended June 30, 2024, compared to a pre-tax loss of RMB 162,632 thousand in the same period in 2023[16] - Revenue from Shandong Province decreased to RMB 4,248,322 thousand in 2024 from RMB 5,903,318 thousand in 2023[15] - Revenue from the Northeast region decreased to RMB 1,658,850 thousand in 2024 from RMB 2,040,921 thousand in 2023[15] - Revenue from Shanxi Province decreased to RMB 825,765 thousand in 2024 from RMB 1,093,767 thousand in 2023[15] - Revenue from Xinjiang region remained relatively stable at RMB 167,156 thousand in 2024 compared to RMB 268,444 thousand in 2023[15] - The company's total assets decreased to RMB 28,150,037 thousand as of June 30, 2024, from RMB 30,437,018 thousand as of December 31, 2023[15] - The company's total liabilities decreased to RMB 9,174,089 thousand as of June 30, 2024, from RMB 9,118,023 thousand as of December 31, 2023[15] - The company's financial expenses for the six months ended June 30, 2024, were RMB 90,486 thousand, a decrease from RMB 118,699 thousand in the same period in 2023[20] - The company's other income for the six months ended June 30, 2024, was RMB 82,755 thousand, a decrease from RMB 95,466 thousand in the same period in 2023[18] - Total depreciation and amortization for the six months ended June 30, 2024, amounted to RMB 703,943 thousand, a decrease from RMB 744,583 thousand in the same period in 2023[21] - The company's income tax expense for the six months ended June 30, 2024, was RMB 21,417 thousand, compared to RMB 145,284 thousand in the same period in 2023[23] - Revenue for the reporting period was RMB 6,566,739,000, a decrease of 25.8% compared to RMB 8,851,107,000 in the same period last year, primarily due to a decline in both cement sales volume and prices[52] - Gross profit decreased to RMB 623,376,000, with a gross margin of 9.5% (2023: 13.7%), mainly due to lower cement sales volume and prices[53] - Net loss for the period was RMB 616,636,000, compared to a net loss of RMB 307,916,000 in the same period last year, driven by a significant decline in gross profit[56] - Total assets increased by 0.8% to RMB 31,006,529,000, while total equity decreased by 3.4% to RMB 17,784,447,000[57] - Net cash generated from operating activities was RMB 209,713,000, a decrease of RMB 88,326,000 year-over-year, primarily due to lower cement sales volume and prices[59] - Capital expenditures amounted to RMB 571,386,000, mainly used for intelligent production, mining resource reserves, and new cement and clinker production lines[61] - The net capital debt ratio increased to 14.8% (2023: 13.5%), driven by higher bank borrowings and a decrease in total equity[57] - Other income decreased to RMB 82,755,000 from RMB 95,466,000, mainly due to a reduction in government subsidies[54] - Sales expenses decreased by 6.2% to RMB 133,209,000, primarily due to lower cement sales volume and reduced handling and sales service fees[54] - Total assets as of June 30, 2024, amounted to 1,574,028, compared to 2,194,299 as of December 31, 2023, showing a significant decrease[62] Assets and Liabilities - Total assets as of June 30, 2024, were RMB 22,401,372,000, slightly higher than RMB 22,343,372,000 at the end of 2023[5] - Non-current assets as of June 30, 2024, included property, plant, and equipment valued at RMB 16,524,378,000[6] - Total equity as of June 30, 2024, was RMB 17,784,447,000, compared to RMB 18,403,364,000 at the end of 2023[7] - Non-current liabilities as of June 30, 2024, included bank loans due after one year amounting to RMB 1,650,210,000[7] - Accounts receivable and notes receivable as of June 30, 2024, totaled RMB 1,898,692 thousand, an increase from RMB 1,743,148 thousand as of December 31, 2023[26] - The company's restricted bank deposits as of June 30, 2024, amounted to RMB 320,180 thousand, a decrease from RMB 416,754 thousand as of December 31, 2023[30] - Total bank borrowings as of June 30, 2024, were RMB 5,521,260 thousand, an increase from RMB 5,132,457 thousand as of December 31, 2023[31] - Accounts payable increased to RMB 4,136,821 thousand as of June 30, 2024, up from RMB 3,855,229 thousand as of December 31, 2023[32] - Other payables and accrued expenses totaled RMB 2,149,302 thousand as of June 30, 2024, compared to RMB 2,069,927 thousand as of December 31, 2023[33] - Capital commitments not reflected in the financial statements amounted to RMB 719,988 thousand as of June 30, 2024, a decrease from RMB 1,275,929 thousand as of December 31, 2023[37] Legal and Litigation Matters - The company has appointed external and/or internal lawyers to handle pending litigation and reduce exposure to legal claims[8] - Legal disputes involving accounts payable amount to RMB 17,214 thousand as of June 30, 2024, with suppliers demanding immediate repayment[32] - Legal claims related to other payables amount to RMB 7,378 thousand as of June 30, 2024, down from RMB 11,811 thousand as of December 31, 2023[34] - Legal claims from service providers total RMB 51,545 thousand as of June 30, 2024, related to unpaid construction contracts and labor disputes[38] - The company is facing a winding-up petition in the Cayman Islands, with legal proceedings ongoing and an appeal pending before the Privy Council[39] - The company and its subsidiaries received a writ of summons from Tianrui Group on June 28, 2023, claiming an alleged loan amount, which the company denies and has counterclaimed against Tianrui Group[42] - The company's subsidiaries, including China Shanshui (Hong Kong) and Pioneer, are involved in a legal dispute with Tianrui Group, with a hearing for the consolidation and strike-out summons scheduled for April 30, 2025[43] - The Grand Court ruled on October 17, 2023, and October 26, 2023, regarding the scope of evidence disclosure in the Cayman Petition, with further trial schedules yet to be determined[41] - The company is involved in non-material litigation as of June 30, 2024, but management believes these cases will not have a significant impact on the company's financial position[44] Industry and Market Conditions - The cement industry in the first half of 2024 experienced a "continuous decline in demand, low price fluctuations, and sustained industry losses" due to the ongoing adjustment in the real estate sector and slowing infrastructure investment growth[45] - National cement demand continued to decline significantly in the first half of 2024, with cumulative cement production of 850 million tons, a year-on-year decrease of 10%, and a reduction of 100 million tons compared to the same period last year[46] - The company's cement and clinker sales totaled 24,631,000 tons in the first half of 2024, a year-on-year decrease of 8.8%, and revenue was RMB 6,566,739,000, a year-on-year decrease of 25.8%[50] - The average national cement market price in the first half of 2024 was RMB 367 per ton, a year-on-year decrease of RMB 54 per ton, or 13%[48] - The company's cement production capacity was 97.73 million tons, clinker production capacity was 50.12 million tons, and commercial concrete production capacity was 1.91 million cubic meters as of June 30, 2024[50] - The Shandong region accounted for 60.0% of the company's sales revenue in the first half of 2024, a decrease of 28.3% compared to the same period last year[51] - The Northeast operating region accounted for 24.9% of the company's sales revenue in the first half of 2024, a decrease of 18.4% compared to the same period last year[51] - The Shanxi operating region accounted for 12.6% of the company's sales revenue in the first half of 2024, a decrease of 24.0% compared to the same period last year[51] - The Xinjiang operating region accounted for 2.5% of the company's sales revenue in the first half of 2024, a decrease of 37.7% compared to the same period last year[51] - The cement market faced severe challenges in the first half of 2024, with declining prices and increased competition, leading to industry-wide losses[63] Strategic Initiatives and Future Outlook - The company has implemented cost control measures and other comprehensive policies to increase net cash inflows from operating activities in the coming years[8] - The company expects no significant difficulties in renewing short-term revolving bank loans based on past experience and current communication with banks[8] - The company expects industry profitability to improve in the second half of 2024, with a potential turnaround in the third quarter and growth in the fourth quarter[49] - The company expects improved cement demand in the second half of 2024 due to increased government bond issuance and post-disaster reconstruction needs[64] - The company plans to strictly implement peak-shifting production to optimize market supply and demand[65] - The company aims to expand its market by focusing on differentiated marketing and leveraging digital technologies, including e-commerce platforms[65] - The company will continue to reduce costs through lean production management and optimized procurement strategies[65] - The company will strengthen risk control measures, including safety production, quality management, and compliance with energy and environmental policies[65] Corporate Governance and Management - The company has maintained high standards of corporate governance and adopted the principles of the Corporate Governance Code[66] - The roles of Chairman and CEO were combined during the reporting period until May 31, 2024, due to the difficulty in finding a qualified candidate for both roles[66] - Mr. Teng Yongjun was appointed as Chairman and CEO on August 5, 2024, following the resignation of Mr. Li Huibao[67] - The Audit Committee reviewed the unaudited interim results and discussed risk management and internal controls with management[69] - No significant events affecting the company have occurred since June 30, 2024[70] - The interim results announcement is available on the Hong Kong Exchanges and Clearing Limited website and the company's website[70] Financial Instruments and Risk Management - The company has applied revised International Financial Reporting Standards (IFRS) for the first time in the reporting period, with no significant impact on current or prior financial performance[10] - The revised IFRS 7 and IAS 7 will require additional disclosures related to supplier financing arrangements, affecting the company's 2024 annual financial statements[10] - The company does not use financial instruments to hedge foreign exchange risks, as most sales and purchases are denominated in RMB[63] Dividends and Share Transactions - No interim dividend will be declared for the six months ending June 30, 2024[66] - The company did not purchase, sell, or redeem any of its listed securities during the reporting period[66] Employee and Subsidiary Information - The company had 15,149 employees as of June 30, 2024[63] - The company sold a 70% stake in Guangrao Shanshui Cement Co., Ltd. for RMB 26,295,000 on March 19, 2024, with no significant impact on financial operations[63]

截 至2023年12月31日止年度業績初步公告 – 1 – 股東週年大會 本公司股東週年大會將於2024年5月30日 舉 行，股 東 週 年 大 會 通 知 將 於 適 當時候刊載於本公司網站(http://www.sdsunnsygroup.com)及香港交易及結算 所有限公司網站(http://www.hkexnews.hk)。 暫停辦理股份過戶登記手續 為 了 確 定 有 權 出 席 股 東 週 年 大 會 及 於 會 上 投 票 的 股 東，本 公 司 將 由2024 年5月27日（星 期 一）起 至2024年5月30日（星 期 四）止（首 尾 兩 天 包 括 在 內）暫 停 辦 理 股 份 過 戶 登 記。於 該 期 間 內，概 不 辦 理 本 公 司 股 份 之 過 戶 手 續。 如 欲 符 合 資 格 出 席 股 東 週 年 大 會 及 於 會 上 投 票，所 有 填 妥 之 過 戶 表 格 連同有關股票不得遲於2024年5月24日（星 期 五）下 午 四 時 三 十 分 送 達 本 公 司 的 股 份 過 戶 登 記 處 香 港 中 央 證 券 登 記 有 限 公 司，地 址 為 香 港 灣 ...

2. 經營業績（續） 銷售成本 （單位：人民幣千元） | --- | --- | --- | --- | --- | --- | |------------|-----------|----------|-----------|----------|---------------| | 銷售成本 | 金額 | 佔比收入 | 金額 | 佔比收入 | 增減變動 | | | | | | | | | 原材料 | 2,696,054 | 30.5% | 2,574,555 | 25.4% | 5.1 個百分點 | | 煤炭 | 2,237,015 | 25.3% | 2,654,929 | 26.2% | -0.9 個百分點 | | 電力 | 684,757 | 7.7% | 705,074 | 7.0% | 0.7 個百分點 | | 折舊和攤銷 | 440,805 | 5.0% | 441,509 | 4.4% | 0.6 個百分點 | | 其他 | 1,579,690 | 17.8% | 1,619,676 | 16.0% | 1.8 個百分點 | | | | | | | | | 總銷售成本 | 7,638,321 ...

| --- | --- | --- | |----------|------------|-------------| | | 2023 年 | 2022 年 | | | 6 月 30 日 | 12 月 31 日 | | | 人民幣千元 | 人民幣千元 | | | | | | 一年內 | 4,668,557 | 2,780,603 | | 一至兩年 | 95,000 | 835,000 | | 兩至五年 | 515,310 | – | | | | | | | 5,278,867 | 3,615,603 | 4,441,529 4,711,006 – 19 – (i) 該 金 額 主 要 指 收 購 物 業、廠 房 及 設 備 的 應 付 款 人 民 幣45,336,000元（2022年12月31日：人 民 幣 45,862,000元）、礦 山 治 理 應 付 款 人 民 幣123,946,000元（2022年12月31日：人 民 幣123,946,000元）、供 應商的合同保證金人民幣166,663,000元（2022年12月31日：人 民 幣116,356,000元）、設 備 維 護 的 應 付款人民幣14 ...

李建偉先生 一. 董事會及董事委員會 | --- | --- | |--------------------------------|----------------| | | | | 執行董事 | | | 李會寶先生 （主席） | | | 吳玲綾女士 | | | 侯建國先生 | | | | 獨立非執行董事 | | 張銘政先生 | | | 李建偉先生 | | | 許祐淵先生 | | | 審核委員會 | | | 張銘政先生 （主席） | | | 李建偉先生 許祐淵先生 | | | 薪酬委員會 | | | 李建偉先生 （主席） | | | 張銘政先生 | | | 許祐淵先生 | | | 執行委員會 | | | 李會寶先生 （主席） | | | 吳玲綾女士 | | | 侯建國先生 | | | 提名委員會 | | | 許祐淵先生 （主席） 吳玲綾女士 | | | 侯建國先生 | | | | 張銘政先生 | 中國山水水泥集團有限公司 •2022 年 報4 (II) 公司信息（續） 二. 公司基本資料 | --- | --- | --- | --- | |-------|--------------------|---- ...

股東週年大會 截 至2022年12月31日止年度業績初步公告 – 1 – | --- | --- | --- | --- | |-----------------------------------------------------|---------|-----------------------|---------------------| | | | 2022 年 | 2021 年 | | | 附 註 | 人民幣千元 | 人民幣千元 | | 營業收入 | 4(a) | 21,488,959 | 24,659,544 | | 經營成本 毛 利 | | (17,259,109) | (17,399,995) | | 其他收入 | 5 | 4,229,850 315,595 | 7,259,549 464,126 | | 貿 易 應 收 款 項 減 值 撥 回╱（減 值 損 失） 淨 額 | | 6,131 | (44,393) | | 其他應收款項減損淨額 | | (24,345) | (36,453) | | 銷售費用 | | (679,549) | (809,858) | | 管理費用 | | (1, ...

SUNNSY CHINA SHANSHUI CEMENT GROUP LIMITED 中國山 水 水 泥 集 團 有 限 公 司 ( 於 開 曼 群 島 註 冊 成 立 的 有限 公 司 ) 股份代號：691 2022 中期報告 and and and a see 目 錄 | --- | --- | --- | |-------|-------------------------------|-------| | | | | | (I) | 釋義 | 2 | | (II) | 公司信息 | 4 | | (III) | 主要數據 | 6 | | (IV) | 管理層討論與分析 | 7 | | (V) | 股本及主要股東·董事持股情況 . | 25 | | (VI) | 重要事項 | 31 | | (VII) | 中期財務報告(未經審核) | 41 | | | (VIII) 其他 . | 73 | 中 國 山 水 水 泥 集 團 有 限 公 司 • 2 0 2 2 中 期 報 告 1 (I) 釋 義 於本中期報告內，除非文義另有所指，否則下列字句具有以下涵義： | --- | --- | --- | |----- ...