Core Insights - 海隆控股于2024年4月2日暂停买卖，因审计过程中发现与俄罗斯附属公司相关的未决审计事项，涉及2022年10月至2023年12月与MTC公司的交易结构 [1] - 公司成立独立调查委员会，聘请安永进行法证调查，并完成内部控制审查和管理层重整，已达成港交所复牌条件 [1][2] - 2024年核心经营数据展现出韧性，全年实现收入人民币46.68亿元，同比增长9.8% [2][3] Governance and Compliance - 公司完成所有六项复牌指引，包括独立调查、补发财报、内控审查、管理层调整和改善合规架构 [1][2] - 调查期间对相关责任人进行了降职、记过或解除雇佣，并新增内部审计和法务合规部门职能 [2] - 内部监控顾问确认未发现重大控制缺陷，港交所据此认定公司复牌条件达成 [2] Financial Performance - 毛利总额为人民币11.22亿元，毛利率维持在24.0% [3] - 经营利润达到人民币3.72亿元，反映出良好的运营杠杆效果 [3] - 尽管受到汇率波动与融资成本上升影响，全年净利润为人民币3,007万元，经营现金流稳定 [3] Market Valuation - 海隆当前估值处于历史低位，停牌前股价报HK$0.113，复牌后有望迎来情绪修复与基本面再定价 [3][4] - 估值支撑因素包括风险释放后的安全边际及中东、东南亚项目的高交付确定性 [4] - 公司已进入估值重建与信用恢复的早期阶段，具备从停牌事件中修复并重获市场定价权的基础 [4]

| 能源 油气设备与服务 | | | | --- | --- | --- | | 买入评级（维持）｜目标价：HK$0.75 | | 海隆控股 (1623.HK) – 更新报告 | | 2025年 07月 08日 | | 完成全部复牌指引，治理重塑完成，估值修复值得期待 | | 恒生指数 | 23887.83 | 事件回顾 ❑ | | 恒生中小型指数 ❑ | 2743.52 | 海隆控股于 2024 年 4 月 2 日起暂停买卖，原因是在 2023 年审计过程中，前任核数师罗兵咸永 | | 恒生科技指数 | 5229.56 | 道识别出与俄罗斯附属公司相关的若干关键未决审计事项，主要涉及 2022 年 10 月至 2023 年 | | | | 12 月期间与 MTC 公司之间的交易结构。该交易包括大额采购与回购安排，反映出公司在内部 | | 关键市场数据 | | 控制、交易披露及管理层审批等方面存在程序缺口。 | | 收盘价(港元) | 0.113 | 为应对监管关注，公司成立独立调查委员会，聘请安永开展法证调查，并同步完成内部控制审 | | 52 周最高/最低(港元) 市值(亿港元) | 0.115/0.09 ...

海隆控股(01623.HK)涨超80%。 ...

Market Overview - The A-share market opened with mixed performance, with the Shanghai Composite Index up 0.04% at 3474.63 points, while the Shenzhen Component Index and the ChiNext Index fell by 0.04% and 0.03% respectively [2][3] - The Hong Kong market saw the Hang Seng Index rise by 0.17% and the Hang Seng Tech Index increase by 0.28%, with notable gains in companies like Far East Horizon and Kingstone Pharmaceuticals [4] Sector Performance - Advanced packaging, semiconductor, and power sectors showed strength, while tax refund stores, recombinant protein, and CPO concepts opened lower [1] - The storage chip sector led gains, with companies like Jingzhida rising over 7% following news of Changxin Memory's listing guidance [1] - Shipping and port concepts also performed well, with Ningbo Ocean and Ningbo Shipping both rising over 3% amid news of Houthi attacks on Red Sea merchant ships [1] Monetary Policy - The central bank conducted a 690 billion yuan reverse repurchase operation with a rate of 1.40%, while 1310 billion yuan of reverse repos are set to mature today [5] Currency Exchange - The RMB against the USD was adjusted down by 28 basis points to a midpoint of 7.1534, with the onshore closing price at 7.1747 [6]

[Supplementary Announcement on 2024 Annual Results and Annual Report](index=1&type=section&id=Supplementary%20Announcement%20on%202024%20Annual%20Results%20and%20Annual%20Report) [Introduction and Background](index=1&type=section&id=Introduction%20and%20Background) This announcement provides supplementary information regarding the auditor Crowe's disclaimer of opinion on the Group's consolidated financial statements for the year ended December 31, 2024, as presented in the company's 2024 annual report - This announcement clarifies the auditor Crowe's **disclaimer of opinion** on the company's financial statements in the 2024 annual report[3](index=3&type=chunk) [Basis for Disclaimer of Opinion](index=1&type=section&id=Basis%20for%20Disclaimer%20of%20Opinion) Auditor Crowe issued a disclaimer of opinion due to significant uncertainties regarding the Group's ability to continue as a going concern, primarily stemming from substantial current liabilities, including overdue loan notes, far exceeding cash and cash equivalents - The auditor's inability to express an opinion stems from the potential interplay and cumulative effect of multiple uncertainties casting significant doubt on the Group's **going concern** ability[4](index=4&type=chunk)[5](index=5&type=chunk) Selected Current Liabilities and Cash Position | Item | Amount (RMB) | Notes | | :--- | :--- | :--- | | Loan Notes | 2,261,082,000 | Due and unpaid as of November 18, 2024 | | Bank and Other Borrowings | 425,382,000 | Repayable within 12 months | | **Total Selected Current Liabilities** | **2,686,464,000** | | | Cash and Cash Equivalents | 721,631,000 | Significantly lower than debts due | [Management and Audit Committee's Response and Views](index=2&type=section&id=Management%20and%20Audit%20Committee's%20Response%20and%20Views) Despite liquidity pressures, both management and the Audit Committee deem it appropriate to prepare financial statements on a going concern basis, with management optimistic about plans for debt restructuring, new financing, and improved internal cash flow, a judgment the Audit Committee concurs with after review [Management's Assessment of Going Concern and Mitigation Measures](index=2&type=section&id=Management's%20Assessment%20of%20Going%20Concern%20and%20Mitigation%20Measures) Management has developed detailed plans to alleviate liquidity pressure, including debt restructuring discussions with noteholders, seeking new financing, and improving operating cash flow through accelerated receivables collection and strict cost control, believing these measures will ensure the company's going concern for at least the next 12 months - Management has formulated three key measures to address the liquidity crisis: **1. Engaging with noteholders to seek support for maturity extensions. 2. Pursuing new financing sources to fulfill financial obligations. 3. Accelerating accounts receivable collection and effectively controlling costs and expenses**[8](index=8&type=chunk) - Based on expectations of successful debt restructuring, securing new financing, and improved internal cash flow, management considers the preparation of financial statements on a **going concern basis** appropriate[6](index=6&type=chunk) [Audit Committee's View](index=2&type=section&id=Audit%20Committee's%20View) The Audit Committee assessed the appropriateness of management's use of the going concern basis for financial statement preparation through discussions with management and auditors, review of cash flow forecasts, and obtaining legal and financial advisor opinions, ultimately concurring with management's position - The Audit Committee evaluated and ultimately endorsed management's decision to prepare financial statements on a **going concern basis** through multiple steps, including discussions with management and auditors, reviewing cash flow forecasts, and obtaining legal and financial advisor opinions[7](index=7&type=chunk) [Latest Developments and Outlook](index=3&type=section&id=Latest%20Developments%20and%20Outlook) Despite a winding-up petition received in May 2025, management remains confident in achieving a debt restructuring agreement, having implemented measures since April 2025 to accelerate receivables collection and control costs, expecting improved operating cash flow in H2 2025 to resolve the root cause of the auditor's disclaimer - The company faces a **winding-up petition** filed on May 27, 2025, which management intends to vigorously oppose while actively pursuing debt restructuring negotiations[9](index=9&type=chunk) - The company has implemented specific measures to improve cash flow, including accelerating accounts receivable collection and suspending non-essential expenditures, with positive effects anticipated in the **second half of 2025**[10](index=10&type=chunk) - Management believes that upon completion of the restructuring, the capital structure will be significantly improved, resolving liquidity issues and the underlying reasons for the auditor's **disclaimer of opinion**[10](index=10&type=chunk)

Financial Performance - In 1H 2022, the company achieved a total revenue of RMB 1,703 million and a net profit of RMB 56 million[11, 15] - Gross profit increased from RMB 422 million in 1H 2021 to RMB 457 million in 1H 2022, with a stable gross profit margin of 26.8%[15, 33] - Total cost increased from RMB 1,150 million in 1H 2021 to RMB 1,246 million in 1H 2022[35, 37] Business Segment Highlights - Oilfield Equipment Manufacturing & Services segment revenue reached RMB 1,003 million, driven by increased market demand and significant growth in drill pipe and OCTG coating services[18, 19] - Oilfield Services segment achieved stable growth with revenue of RMB 459 million, benefiting from increased capital expenditure in the upstream industry[21, 22] - Line Pipe Technology and Services segment experienced significant revenue growth, reaching RMB 177 million, with more contracts signed in line pipe coating and CWC businesses compared to 1H 2021[24, 25] - Offshore Engineering Services segment revenue declined to RMB 64 million due to the completion of the Bangladesh pipeline laying project[27, 28] Regional Revenue Breakdown - In 1H 2022, China accounted for 58.9% of the company's revenue, while North & South America contributed 10.4%, Russia, Central Asia & Europe 17.0%, Africa 6.2%, Middle East 13.6%, and South & Southeast Asia 25.7%[31] Capital Structure - Cash and cash equivalents decreased from RMB 629 million at the end of 2021 to RMB 519 million as of June 30, 2022[39] - Total assets increased from RMB 7,072 million at the end of 2021 to RMB 7,830 million as of June 30, 2022[39] - Total liabilities increased from RMB 4,029 million at the end of 2021 to RMB 4,410 million as of June 30, 2022[39]

Disclaimer The presentation material contains forward-looking statements. Such forward-looking statements are subject to various risks, uncertainties and assumptions, certain of which are not under our control, causing actual results and growth which may differ materially from these direct or indirect forward-looking statements. Forward-looking events and relevant development discussed herein may differ from the expectation of Hilong Holding Limited (the "Company"), and even never occur due to such risks, u ...

2019年全年业绩路演 2023 Interim Results Presentation Disclaimer The presentation material contains forward-looking statements. Such forward-looking statements are subject to various risks, uncertainties and assumptions, certain of which are not under our control, causing actual results and growth which may differ materially from these direct or indirect forward-looking statements. Forward-looking events and relevant development discussed herein may differ from the expectation of Hilong Holding Limited (the "Compan ...

2023 Annual Results Presentation Disclaimer The presentation material contains forward-looking statements. Such forward-looking statements are subject to various risks, uncertainties and assumptions, certain of which are not under our control, causing actual results and growth which may differ materially from these direct or indirect forward-looking statements. Forward-looking events and relevant development discussed herein may differ from the expectation of Hilong Holding Limited (the "Company"), and even ...

2024 Interim Results Presentation Disclaimer The presentation material contains forward-looking statements. Such forward-looking statements are subject to various risks, uncertainties and assumptions, certain of which are not under our control, causing actual results and growth which may differ materially from these direct or indirect forward-looking statements. Forward-looking events and relevant development discussed herein may differ from the expectation of Hilong Holding Limited (the "Company"), and eve ...