股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | | | 致：香港交易及結算所有限公司 公司名稱: 海隆控股有限公司 呈交日期: 2025年8月4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) | 01623 | 說明 | 普通股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 30,000,000,000 | HKD | | 0.1 | HKD | | 3,000,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 30,000,000,000 | HKD | | 0.1 | HKD | | 3,000,000,000 | 本月底法定/註冊股本總額： HKD 3,0 ...

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 全部或任何部分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。 Hilong Holding Limited 海隆控股有限公司* （於 開 曼 群 島 註 冊 成 立 之 有 限 公 司） （股 份 代 號：1623） 持續關連交易 (1) 經 修 訂 海 隆 能 源 年 度 上 限；及 (2) 二零二五年管道清潔及檢測協議 獨立董事委員會及獨立股東的 獨立財務顧問 經修訂海隆能源年度上限 茲 提 述 本 公 司 日 期 為 二 零 二 四 年 十 二 月 九 日 的 公 告，內 容 有 關 二 零 二 五 年 經 重 續 租 賃 持 續 關 連 交 易 協 議 及 二 零 二 五 年 海 隆 能 源 持 續 關 連 交 易 協 議、 其項下各自擬進行交易以及其有關建議年度上限，及日期為二零二四年十二 月 十 八 日 的 澄 清 公 告，內 容 有 關 修 訂 二 零 二 五 年 塗 層 服 務、耐 磨 帶 服 ...

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 全部或任何部分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。 為 釐 定 本 公 司 股 東 出 席 股 東 特 別 大 會 並 於 會 上 投 票 的 資 格，本 公 司 將 於 二 零 二五年八月二十日（星 期 三）至二零二五年八月二十五日（星 期 一）（包 括 首 尾 兩 天）期 間 暫 停 辦 理 股 份 過 戶 登 記 手 續，屆 時 概 不 受 理 股 份 過 戶 登 記 手 續，而 記 錄日期將為二零二五年八月二十五日（星 期 一）。為 合 資 格 出 席 股 東 特 別 大 會 並 於 會 上 投 票，所 有 過 戶 文 件 連 同 有 關 股 票 必 須 於 二 零 二 五 年 八 月 十 九 日（星 期 二）下午四時三十分前送達本公司的香港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 仔 皇 后 大 道 東183號合和中心17樓1712–1716號 舖），以 辦 理 登 ...

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 部或任何部分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。 Hilong Holding Limited 海隆控股有限公司* （於 開 曼 群 島 註 冊 成 立 之 有 限 公 司） （股 份 代 號：1623） 解決核數師不發表意見的行動計劃實施情況之 季度更新 茲提述(i)海隆控股有限公司（「本公司」，連 同 其 附 屬 公 司 統 稱「本集團」）於二零 二五年三月三十日刊發的截至二零二四年十二月三十一日止年度的年度業 績 公 告；(ii)本公司於二零二五年四月二十九日刊發的截至二零二四年十二月 三十一日止年度的年報（「年 報」）；(iii)於二零二五年七月七日刊發的有關二零 二 四 年 年 度 業 績 及 二 零 二 四 年 年 報 的 補 充 公 告；及(iv)本公司日期為二零二五 年五月二十九日的公告（統 稱「該等公告」）。除 另 有 界 定 外，本 公 告 所 用 詞 彙 與 該 等 公 告 ...

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]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HK$0.75 [1]. Core Insights - The company has completed all resumption guidelines set by the Hong Kong Stock Exchange, indicating a restoration of governance and an expected valuation recovery [1]. - The core operational performance remains robust, with a reported revenue of RMB 4.668 billion for the year, reflecting a year-on-year growth of 9.8% [1]. - The company has established a new internal control system and governance structure, addressing previous regulatory concerns and enhancing operational transparency [1][3]. Summary by Relevant Sections Resumption and Governance - The company has fulfilled all six resumption conditions required by the Hong Kong Stock Exchange, including independent investigations and internal control reviews [1]. - The previous financial statements do not require restatement, and the identified issues are deemed procedural rather than indicative of systemic fraud [1]. Operational Performance - Despite facing audit and compliance pressures during the suspension, the company achieved a revenue of RMB 4.668 billion, driven by oilfield services and marine engineering [1]. - The gross profit margin remained stable at 24.0%, reflecting ongoing improvements in product structure and pricing power [1]. Valuation Update - The target price has been adjusted to HK$0.75, reflecting the potential for valuation recovery as governance issues are resolved and market confidence is restored [3]. - The company is expected to attract value-oriented and trading funds post-resumption, enhancing liquidity and valuation benchmarks [3].

Group 1 - The stock of Hailong Holdings (01623.HK) has surged over 80% [1]

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]