Financial Performance - The company reported a revenue of RMB 500 million for the first half of 2022, representing a 15% increase compared to the same period last year[23]. - The company reported a significant increase in revenue, achieving a total of 1.2 billion RMB for the first half of 2022, representing a 15% year-over-year growth[26]. - For the six months ended June 30, 2022, the Group recorded revenue of approximately RMB 806.3 million, representing a decrease of 25.4% from the corresponding period of 2021[35]. - Revenue generated from the production and sales of ready-mixed concrete was RMB 744.0 million, accounting for 92.3% of the total revenue[47]. - The total revenue for the same period was RMB 806.3 million, representing a year-on-year decline of 25.4%[48]. - Revenue for the six months ended June 30, 2022, was RMB 806,297,000, a decrease of approximately 25% from RMB 1,080,225,000 in the same period of 2021[190]. Profitability - The gross profit margin improved to 30%, up from 28% in the previous year, indicating better cost management and pricing strategies[23]. - The company aims to achieve a net profit margin of 15% by the end of 2022, up from 12% in the previous year[23]. - The Group's profit before income tax was approximately RMB 27.2 million, representing an increase of 15.7% from the corresponding period of 2021[35]. - The net profit attributable to equity holders of the Company was RMB 18.8 million, representing a period-on-period increase of 34.3%[44]. - The gross profit for the six months ended June 30, 2022, was approximately RMB 90.6 million, representing an increase of 17.4% from the corresponding period of 2021[35]. - Profit for the reporting period was RMB 20.7 million, representing an increase of 13.7% from the same period in 2021, with basic earnings per share at RMB 0.04[65]. Market Expansion and Strategy - The company plans to expand its market presence in Southeast Asia, targeting a 10% market share by 2025[23]. - The company is expanding its market presence, targeting new regions in Southeast Asia, with plans to establish two new distribution centers by Q4 2022[30]. - A strategic acquisition of a local competitor is in progress, which is anticipated to enhance market share by 5%[31]. - The Group aims to enhance the management of project progress payments to improve contract performance rates and safeguard interests[57]. - The Group is exploring cooperation with large state-owned enterprises to optimize the upstream and downstream industrial chain[57]. - The Group intends to invest in research and development of new products and technologies to improve its industrial chain structure[77]. Research and Development - The company has allocated RMB 50 million for research and development in new technologies for sustainable construction materials[23]. - The company is investing 50 million RMB in research and development for innovative concrete solutions over the next two years[32]. - New product development includes a high-performance concrete mix that reduces carbon emissions by 25%, expected to launch in Q4 2022[23]. - New product and technology development efforts will focus on UHPC, commercial mortar, and resource utilization of construction waste[86]. - The technology innovation center will emphasize low-carbon construction and 3D printing technologies to accelerate the application of technological achievements[87]. - The company initiated R&D for ultra-high performance materials, focusing on low-carbon technologies and green construction materials[92]. Operational Efficiency - The management has implemented new strategies to improve operational efficiency, aiming for a 12% reduction in production costs by the end of 2022[33]. - The Group has strengthened its operational measures, focusing on market development, contract negotiation, and maintaining relationships with major customers[55]. - The Group's administration expenses decreased by 29.2% to RMB 42.2 million for the six months ended June 30, 2022, compared to RMB 59.6 million in the same period of 2021[65]. - The decrease in operating expenses was attributed to centralized procurement and cost reduction measures, leading to a lower proportion of operating expenses relative to revenue[65]. - The Group's earnings before interest and tax for the six months ended June 30, 2022, were RMB 34.6 million, compared to RMB 27.9 million for the same period in 2021[67]. Shareholder Information - YCIH holds a total of 280,050,000 domestic shares, representing 89.65% of the total issued shares[134]. - The total beneficial ownership of YCIH and controlled corporations is 89.65%, with a long position[134]. - The report highlights a concentrated ownership with the top shareholders holding substantial percentages of the total issued shares[134]. - The ownership structure indicates a strong long position across major shareholders, with YCIH and China Resources being significant players[134]. - The total number of shares held by overseas investors is 51,450,000, representing 16.47% of the domestic shares[134]. Future Outlook - Future guidance estimates a revenue growth of 12% for the second half of 2022, driven by increased demand in the construction sector[23]. - The company has set a future outlook with a revenue target of 2.5 billion RMB for the full year 2022, which would require a 10% increase in the second half[28]. - The Group plans to expand its industrial layout and participate in key projects under the "14th Five-Year Plan," focusing on upstream raw material resources and technical transformation of existing concrete production[77]. - The construction industry in Yunnan Province is expected to see greater development during the "14th Five-Year Plan" period, driven by various major projects[79]. - The Group aims to create a platform economy to facilitate rapid growth and strengthen its market position[88]. Corporate Governance - The company has complied with all applicable code provisions in the Corporate Governance Code for the six months ended June 30, 2022[109]. - The audit committee reviewed the unaudited condensed consolidated interim results for the six months ended June 30, 2022[109]. - The company appointed a new deputy general manager on May 13, 2022, indicating a change in senior management[111]. - The company did not make any material acquisitions or disposals of subsidiaries, associates, or joint ventures[77]. Financial Position - As of June 30, 2022, total assets were RMB 4,932.8 million, an increase of 3.6% compared to December 31, 2021[65]. - Total liabilities as of June 30, 2022, were RMB 3,563.9 million, reflecting a 4.4% increase from December 31, 2021[65]. - The current ratio of the Group was 131.8%, slightly down from 132.6% as of December 31, 2021[67]. - The net cash outflow from operating activities for the six months ended June 30, 2022, was approximately RMB 319.2 million, a significant decrease from a net cash inflow of approximately RMB 8.1 million for the same period in 2021[69]. - The Group's credit risk is primarily related to cash and bank deposits, restricted cash balances, and receivables, with management believing there is no significant credit risk due to high-quality financial institutions[172].

Financial Performance - The company reported a consolidated revenue of RMB 1.2 billion for the year 2021, representing a year-on-year increase of 15%[3]. - The company achieved a net profit of RMB 300 million, reflecting a 12% increase compared to the previous year[3]. - The company reported a total revenue of RMB 1.5 billion for the year ended December 31, 2021, representing a year-on-year increase of 15%[12]. - The company achieved a net profit margin of 10%, translating to a net profit of RMB 120 million, up from RMB 100 million in the previous year[16]. - For the year ended December 31, 2021, the Group achieved revenue of RMB2,103 million, representing a year-on-year decrease of 47.5%[80]. - The gross profit for the same period was approximately RMB141 million, reflecting a decrease of 67.6% year-on-year[41]. - Profit before income tax was approximately RMB15 million, which decreased by 94.6% compared to the previous year[41]. - The total revenue from sales of ready-mixed concrete was RMB2,087 million, also reflecting a decrease of 47.5% compared to the previous year[80]. Market Expansion and Strategy - The company plans to expand its market presence in Southeast Asia, targeting a 25% market share in the region by 2025[3]. - The company plans to expand its market presence by entering three new provinces in the next fiscal year, targeting a 25% growth in regional sales[16]. - The company aims to enhance its market penetration in Yunnan Province by extending its production network to county-level regions and participating in large-scale infrastructure projects[67]. - The company is exploring potential acquisitions to enhance its product offerings and market reach, with a focus on companies in the construction materials sector[3]. - The company is exploring potential acquisitions of smaller competitors to enhance its market share, with a budget of RMB 200 million allocated for this purpose[16]. Product Development and Innovation - New product development includes the launch of a high-performance concrete line, expected to contribute an additional RMB 200 million in revenue in 2022[3]. - New product launches are expected to contribute an additional RMB 300 million in revenue in 2022, with a focus on eco-friendly materials[12]. - YCIH is investing RMB 50 million in R&D for new concrete technologies aimed at reducing carbon emissions by 30%[16]. - The company plans to invest proceeds from a global offering into the acquisition of sand and gravel resources, upgrading concrete production technology, and R&D for new products and technologies[65]. - The company is committed to developing ultra-high performance concrete and enhancing product specialization to improve the acquisition rate of quality project orders[72]. Research and Development - The company has allocated RMB 50 million for research and development in green technologies, aligning with national environmental goals[3]. - Research and development expenses increased by 10% to RMB 200 million, reflecting the company's commitment to innovation[12]. - The Group applied for one new invention patent and obtained 23 utility model patents in 2021, reflecting its commitment to technological research and development[28]. - The company has achieved significant technological advancements, including 6 invention patents and 22 utility model patents since 2011[168]. Corporate Governance and Management - The management emphasized the importance of adhering to the "14th Five-Year Plan" to align with national economic strategies[3]. - The company has established a risk management committee to oversee financial and operational risks, ensuring compliance with industry regulations[16]. - The company has maintained a good relationship with employees, with no major labor disputes impacting normal business management during the reporting period[101]. - The company has a strong governance framework with independent directors to enhance accountability and transparency in its operations[192]. Financial Guidance and Future Outlook - Future guidance estimates a revenue growth of 10-15% for 2022, driven by increased demand in infrastructure projects[3]. - The company has set a performance guidance of 20% revenue growth for 2022, aiming for RMB 1.8 billion in total revenue[12]. - The management provided guidance for the next fiscal year, projecting revenue growth of 18% and a net profit increase of 12%[16]. Environmental and Social Responsibility - The Company invested over RMB 4 million in environmental improvement and transformation of the civil aviation batching plant in Zhaotong City, Yunnan Province[28]. - The Company initiated the "Protect the Yangzong Sea and Plant Trees for Three Years" campaign, planting over 1,000 trees covering 21 mu[28]. - The company is committed to sustainable practices in its operations, aligning with industry trends towards green construction solutions[191]. Challenges and Market Conditions - The growth rate of fixed asset investment in Yunnan Province was only 4.0%, significantly lower than the expected 11%[23]. - The Group faced delays in project execution due to factors such as the COVID-19 pandemic and tightened bank loans to real estate enterprises[80]. - Approximately RMB1.9 billion of concrete supply contracts could not be fulfilled in 2021 due to various operational challenges[80].

[Definitions](index=3&type=section&id=Definitions) [Corporate Information](index=7&type=section&id=Corporate%20Information) [Financial Highlights](index=10&type=section&id=Financial%20Highlights) The company's H1 2021 financial performance saw significant declines in revenue, gross profit, and profit before income tax compared to the same period in 2020 2021 H1 Key Financial Indicators vs. 2020 H1 | Indicator | 2021 H1 (RMB million) | 2020 H1 (RMB million) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 1,080.2 | 1,836.3 | -41.2% | | Gross Profit | 77.2 | 223.3 | -65.4% | | Profit Before Income Tax | 23.5 | 159.3 | -85.3% | | Earnings Per Share | 0.03 | 0.27 | -88.9% | [Management Discussion and Analysis](index=11&type=section&id=Management%20Discussion%20and%20Analysis) [Industry Overview](index=11&type=section&id=INDUSTRY%20OVERVIEW) China's ready-mixed concrete capacity reached 6.69 billion cubic meters in H1 2021, with Yunnan experiencing a 36% decline due to heavy rainfall and low real estate starts, but a rebound is expected with "14th Five-Year Plan" infrastructure projects - In H1 2021, China's ready-mixed concrete production capacity was **6.69 billion cubic meters**, with continued growth projected[21](index=21&type=chunk)[22](index=22&type=chunk) - Yunnan Province's ready-mixed concrete market size by output was **22.447 million cubic meters** in H1 2021, a **36% year-on-year decrease**, primarily due to heavy rainfall and insufficient real estate project commencements[21](index=21&type=chunk)[23](index=23&type=chunk) - Yunnan Province's full-year concrete output for 2021 is projected to be **46.035 million cubic meters**, a **40% year-on-year decrease**[21](index=21&type=chunk)[23](index=23&type=chunk) - The market is expected to recover in the coming years, driven by the "14th Five-Year Plan" for regional coordinated development in Yunnan Province and major infrastructure projects stimulating concrete demand[21](index=21&type=chunk)[23](index=23&type=chunk) [Business Overview](index=12&type=section&id=BUSINESS%20OVERVIEW) The company is Yunnan's leading ready-mixed concrete producer with an integrated value chain, achieving the highest production and revenue in H1 2021 with a 14.4% market share - The company is a leading ready-mixed concrete producer in Yunnan Province, possessing extensive management experience, strong technical capabilities, and robust R&D prowess[25](index=25&type=chunk)[29](index=29&type=chunk) - The company's business scope covers residential construction, infrastructure, railways, expressways, and integrated utility networks, establishing a complete industrial chain from "technology R&D, resource processing, to production and sales"[25](index=25&type=chunk)[29](index=29&type=chunk) - In May 2021, the company was recognized as one of "China's Top Ten Ready-Mixed Concrete Enterprises" for the fourth consecutive year (ranking sixth) and awarded the "Yunnan Province AAA Credit Enterprise" honor[26](index=26&type=chunk)[29](index=29&type=chunk) - In H1 2021, the Group's concrete output and revenue both ranked first in Yunnan Province, with a market share of **14.4%**[26](index=26&type=chunk)[29](index=29&type=chunk) 2021 H1 Operating Data vs. 2020 H1 | Indicator | 2021 H1 | 2020 H1 | YoY Change (%) | | :--- | :--- | :--- | :--- | | Ready-mixed Concrete Production and Sales Volume | 3.2 million cubic meters | - | -37.8% | | Revenue | RMB 1,080.2 million | - | -41.2% | | Profit Before Income Tax | RMB 23.5 million | - | -85.3% | | Net Profit | RMB 18.2 million | - | -86.2% | | Net Profit Attributable to Owners of the Company | RMB 14.0 million | - | -88.6% | - As of June 30, 2021, the Group owned **53 concrete mixing plants**, **97 production lines** with an annual production capacity of **21 million cubic meters**, and was equipped with **155 concrete transport vehicles**, **2 pump trucks**, and **280 sets of testing equipment**[28](index=28&type=chunk)[30](index=30&type=chunk) [Results of Operation](index=13&type=section&id=Results%20of%20Operation) H1 2021 gross profit was RMB 77.2 million with a 7.1% gross margin, a 5.1 percentage point decrease, as ready-mixed concrete remained the primary revenue source, and independent third-party client revenue grew significantly 2021 H1 Revenue, Cost of Sales, and Gross Margin by Business Segment | Business Segment | 2021 Revenue (RMB million) | 2021 Cost of Sales (RMB million) | 2021 Gross Margin (%) | 2020 Revenue (RMB million) | 2020 Cost of Sales (RMB million) | 2020 Gross Margin (%) | Revenue Change (%) | Cost of Sales Change (%) | Gross Margin Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Ready-mixed Concrete | 1,067.1 | 994.4 | 6.8% | 1,829.0 | 1,606.9 | 12.1% | -41.7% | -38.1% | -43.8% | | Polycarboxylate Admixtures | 8.1 | 6.7 | 17.3% | 6.8 | 5.9 | 13.2% | 19.1% | 13.6% | 31.1% | | Aggregates | 0.3 | 0.1 | 66.7% | 0.5 | 0.2 | 60.0% | -40.0% | -50.0% | 11.2% | | Quality and Technical Management Services | 4.7 | 1.8 | 61.7% | – | – | – | – | – | – | | **Total** | **1,080.2** | **1,003.0** | **7.1%** | **1,836.3** | **1,613.0** | **12.2%** | **-41.2%** | **-37.8%** | **-41.8%** | - In H1 2021, revenue from ready-mixed concrete production and sales was **RMB 1,067.1 million**, accounting for **98.9% of total revenue**, making it the Group's primary revenue source[36](index=36&type=chunk)[37](index=37&type=chunk) - In H1 2021, revenue from independent third-party clients was **RMB 453.7 million**, a **26.1% year-on-year increase**, accounting for **42.0% of total revenue**, up **22.4 percentage points** from H1 2020[39](index=39&type=chunk)[42](index=42&type=chunk) [Major Operational Measures and Business Update](index=14&type=section&id=Major%20Operational%20Measures%20and%20Business%20Update) The group is actively expanding its independent third-party client base, preparing for new large-scale projects, optimizing management, and deepening market penetration in Yunnan, with significant new non-highway project contracts secured - The Group continuously enhances its operational capabilities and vigorously expands business with independent third-party clients[40](index=40&type=chunk)[43](index=43&type=chunk) - The Group organizes tracking, planning, layout, and raw material reserve work for anticipated new large-scale projects[40](index=40&type=chunk)[43](index=43&type=chunk) - The Group optimizes its internal management structure, marketing network, and layout to enhance market development efforts and market share, while deepening its presence in Yunnan's prefectural and city markets and actively expanding into the new Pu'er City market[40](index=40&type=chunk)[43](index=43&type=chunk) - For the seven months ended July 31, 2021, new and pending concrete supply contracts for non-highway projects totaled approximately **RMB 2 billion**, with a demand of approximately **5.5 million cubic meters**[41](index=41&type=chunk)[44](index=44&type=chunk) - New concrete supply contracts with independent third parties accounted for approximately **53%** of the total, an increase of approximately **33 percentage points** compared to the same period in 2020[41](index=41&type=chunk)[44](index=44&type=chunk) - The Group expects to sign concrete supply contracts worth approximately **RMB 600 million** in the near future, involving a concrete demand of approximately **1.8 million cubic meters**[41](index=41&type=chunk)[44](index=44&type=chunk) - The Group will continue to participate in the concrete supply for over **10 expressway construction projects** in Yunnan Province, with construction expected to commence successively in H2 2021[46](index=46&type=chunk)[49](index=49&type=chunk) [Financial Review](index=15&type=section&id=FINANCIAL%20REVIEW) H1 2021 revenue decreased by 41.2% to RMB 1,080.2 million due to project completions and delays, leading to an 85.3% drop in profit before income tax and a 70.0% asset-liability ratio 2021 H1 Revenue Breakdown vs. 2020 H1 | Revenue Category | 2021 H1 (RMB million) | % of Revenue | 2020 H1 (RMB million) | % of Revenue | | :--- | :--- | :--- | :--- | :--- | | Ready-mixed Concrete | 1,067.1 | 98.9% | 1,829.0 | 99.6% | | Polycarboxylate Admixtures | 8.1 | 0.7% | 6.8 | 0.4% | | Aggregates | 0.3 | 0.0% | 0.5 | 0.0% | | Total Product Sales Revenue | 1,075.5 | 99.6% | 1,836.3 | 100.0% | | Quality and Technical Management Services Revenue | 4.7 | 0.4% | – | – | | **Total** | **1,080.2** | **100.0%** | **1,836.3** | **100.0%** | - H1 2021 revenue was **RMB 1,080.2 million**, a **41.2% year-on-year decrease**, primarily due to the completion or nearing completion of "13th Five-Year Plan" and poverty alleviation projects, as well as several expressway projects, coupled with delays in new expressway projects[48](index=48&type=chunk)[50](index=50&type=chunk) - H1 2021 operating expenses were **RMB 1,062.4 million**, a **36.9% year-on-year decrease**, but accounted for **98.4% of revenue**, an increase of **6.7 percentage points** from H1 2020, mainly impacted by fixed costs and pre-project preparation expenses for new initiatives[53](index=53&type=chunk)[56](index=56&type=chunk) - H1 2021 profit before income tax was **RMB 23.5 million**, an **85.3% year-on-year decrease**[54](index=54&type=chunk)[57](index=57&type=chunk) - H1 2021 income tax expense was **RMB 5.3 million**, with an estimated effective annual tax rate of **22.5%**[55](index=55&type=chunk)[58](index=58&type=chunk) - Profit for the reporting period in H1 2021 was **RMB 18.2 million**, an **86.2% year-on-year decrease**, with basic earnings per share of **RMB 0.03**[60](index=60&type=chunk) - As of June 30, 2021, total assets were **RMB 4,546.2 million**, a **1.2% decrease** from year-end 2020; total liabilities were **RMB 3,180.5 million**, a **0.6% decrease** from year-end 2020[60](index=60&type=chunk) - As of June 30, 2021, total borrowings were **RMB 155.2 million**, all bank borrowings repayable within one year, with a weighted average effective interest rate of **4.65%**[60](index=60&type=chunk) - As of June 30, 2021, the asset-liability ratio was **70.0%**[60](index=60&type=chunk) [Liquidity and Capital Resources](index=18&type=section&id=Liquidity%20and%20Capital%20Resources) The group maintains a sound capital structure with RMB 4,268.5 million in current assets and a 135.6% current ratio, achieving a net cash inflow from operating activities in H1 2021 - As of June 30, 2021, total current assets were **RMB 4,268.5 million**, with cash and cash equivalents accounting for **11.3%** and trade receivables for **82.8%**[64](index=64&type=chunk)[68](index=68&type=chunk) - As of June 30, 2021, the current ratio was **135.6%** (December 31, 2020: 136.2%)[65](index=65&type=chunk)[68](index=68&type=chunk) - Net cash inflow from operating activities in H1 2021 was approximately **RMB 8.1 million** (H1 2020: net cash outflow of approximately RMB 54.7 million), primarily due to the "revenue-based expenditure" policy and reduced prepaid income tax resulting from lower profits[66](index=66&type=chunk)[69](index=69&type=chunk) [Human Resources](index=18&type=section&id=HUMAN%20RESOURCES) As of June 30, 2021, the group had 1,146 employees, maintaining a fair compensation system, with H1 2021 employee benefits and labor expenses totaling RMB 118.0 million - As of June 30, 2021, the Group had **1,146 employees** (June 30, 2020: 1,139 employees)[67](index=67&type=chunk)[70](index=70&type=chunk) Employee Headcount by Function as of June 30, 2021 | Function | Number of Employees | | :--- | :--- | | Management | 102 | | Production Management | 310 | | Quality and Technology | 328 | | Procurement (Material Supply) | 101 | | Marketing | 129 | | Administration and Finance | 172 | | Other | 4 | | **Total** | **1,146** | - The Group has established a scientific, reasonable, fair, and just remuneration management system, where employee compensation primarily includes fixed position salaries, allowances, performance-based pay, and efficiency-based pay[71](index=71&type=chunk) - Employee benefits and labor expenses in H1 2021 were **RMB 118.0 million** (H1 2020: RMB 112.6 million)[71](index=71&type=chunk) [Material Acquisition, Disposal and Investments](index=19&type=section&id=MATERIAL%20ACQUISITION,%20DISPOSAL%20AND%20INVESTMENTS) The company did not undertake any material acquisitions, disposals of subsidiaries, associates, or joint ventures, nor did it hold any significant investments during the first half of 2021 - For the six months ended June 30, 2021, the company did not undertake any material acquisitions or disposals of subsidiaries, associates, or joint ventures[71](index=71&type=chunk) - As of June 30, 2021, the Group held no material investments[71](index=71&type=chunk) [Charge on the Group's Assets](index=19&type=section&id=CHARGE%20ON%20THE%20GROUP'S%20ASSETS) As of June 30, 2021, no property, plant, and equipment of the group were pledged as collateral for bank borrowings - As of June 30, 2021, no property, plant, and equipment were pledged as collateral for bank borrowings[71](index=71&type=chunk) [Foreign Exchange Risk](index=19&type=section&id=FOREIGN%20EXCHANGE%20RISK) Operating primarily in RMB, the company holds HKD-denominated cash and bank deposits, exposing it to foreign exchange fluctuations, with no hedging arrangements currently in place - The company primarily conducts its business in RMB within mainland China but was listed on the Hong Kong Stock Exchange and raised approximately **HKD 366.11 million** in HKD-denominated funds[71](index=71&type=chunk) - As of June 30, 2021, the Group's cash and bank deposits included **HKD 22 million** denominated in HKD[71](index=71&type=chunk) - Exchange rate fluctuations have some impact on the Group's foreign currency funds, but as of now, the Group has not entered into any arrangements to hedge foreign exchange risk[71](index=71&type=chunk) [Contingent Liabilities](index=19&type=section&id=CONTINGENT%20LIABILITIES) As of June 30, 2021, the group had no material contingent liabilities - As of June 30, 2021, the Group had no material contingent liabilities[71](index=71&type=chunk) [Material Investment Plan](index=20&type=section&id=MATERIAL%20INVESTMENT%20PLAN) The group plans to expand its industrial layout by participating in key "14th Five-Year Plan" projects, investing in fixed assets, equity, upstream raw materials, and an integrated financial-business platform, funded by global offering proceeds or operating cash - The Group plans to expand its industrial layout and actively participate in key projects and major engineering initiatives under Yunnan Province's "14th Five-Year Plan" for regional coordinated development[73](index=73&type=chunk)[75](index=75&type=chunk) - Investment directions include fixed asset investments (constructing new concrete mixing plants, purchasing auxiliary equipment for aggregate quarries) and equity investments (establishing joint venture subsidiaries or acquiring suitable concrete enterprises within Yunnan Province)[73](index=73&type=chunk)[75](index=75&type=chunk) - The Group will continue to focus on upstream raw material resources, including acquiring aggregate companies and establishing new aggregate mining bases, to optimize its industrial chain structure[73](index=73&type=chunk)[75](index=75&type=chunk) - The Group will invest in building an integrated financial and business platform to enhance its information technology and intelligent management capabilities[73](index=73&type=chunk)[75](index=75&type=chunk) - Funding for investment projects within the next year will primarily come from the proceeds of the global offering or daily operating working capital[73](index=73&type=chunk)[75](index=75&type=chunk) [Outlook](index=20&type=section&id=OUTLOOK) The "14th Five-Year Plan" presents significant opportunities for the ready-mixed concrete industry, with Yunnan's market projected to grow at a 10.5% CAGR to 68.618 million cubic meters by 2025, driven by infrastructure and regional initiatives - The "14th Five-Year Plan" marks a crucial period for the ready-mixed concrete industry's upgrade, breakthrough, and reshaping, with 2021 being the inaugural year[74](index=74&type=chunk)[76](index=76&type=chunk) - Yunnan Province's "14th Five-Year Plan" proposes a spatial layout of "rising in central Yunnan, opening up along the border, developing northeastern Yunnan, and integrating western Yunnan," implementing ten major urban construction projects, border village development, and major transportation network construction[74](index=74&type=chunk)[76](index=76&type=chunk) - Despite scattered COVID-19 outbreaks in Yunnan's border regions in H1 2021 leading to tighter market liquidity and slower infrastructure projects, the Group has made thorough preparations[74](index=74&type=chunk)[76](index=76&type=chunk) - For the seven months ended July 31, 2021, the Group's total concrete demand from signed and planned non-highway project contracts amounted to approximately **7.3 million cubic meters**[74](index=74&type=chunk)[76](index=76&type=chunk) - According to the Frost & Sullivan report, Yunnan Province's concrete market size is projected to reach **68.618 million cubic meters by 2025**, with a compound annual growth rate of **10.5%** from 2021 to 2025, benefiting from its late-mover advantage and the advancement of the "Belt and Road" initiative and RCEP[74](index=74&type=chunk)[76](index=76&type=chunk) - The Group will seize development opportunities in Yunnan's infrastructure market, participating in **78 expressway construction projects** with a total investment of **RMB 1,024.1 billion**, to consolidate its market leadership[78](index=78&type=chunk) - The Group will continue to deepen its market presence, strengthen cooperation with large central state-owned enterprises, and track construction projects in Yunnan by well-known enterprises outside the province and large real estate developers within the province[78](index=78&type=chunk) - The Group will closely follow the "Belt and Road" initiative and the construction of the South Asia and Southeast Asia Radiation Center, leveraging its geographical advantages to expand market coverage to neighboring Southeast Asian countries such as Laos, Cambodia, Malaysia, and Indonesia[80](index=80&type=chunk)[85](index=85&type=chunk) - The Group will continue to monitor and participate in aggregate mining projects, accelerate the integration of upstream raw material resources to reduce procurement costs, and focus on developing ultra-high-performance concrete and related products, enhancing its scientific research and technological innovation capabilities[81](index=81&type=chunk)[82](index=82&type=chunk)[86](index=86&type=chunk) - The Group will strengthen internal management, accelerate the upgrade of information management, and continuously improve its internal control management system to enhance operational efficiency and corporate governance[83](index=83&type=chunk)[84](index=84&type=chunk)[87](index=87&type=chunk) [Milestone Events in the First Half of 2021](index=23&type=section&id=Milestone%20Events%20in%20the%20First%20Half%20of%202021) [I. Continuously Standardize and Improve Corporate Governance and Corporate Management](index=23&type=section&id=I.%20CONTINUOUSLY%20STANDARDIZE%20AND%20IMPROVE%20CORPORATE%20GOVERNANCE%20AND%20CORPORATE%20MANAGEMENT) In H1 2021, the company continued to enhance corporate governance, optimize internal management, expand external markets, and prepare for new projects, while also completing its 2020 final dividend distribution - In January 2021, the company successfully completed the re-election of the board of directors and supervisory board, largely maintaining the stability of the original members[90](index=90&type=chunk)[96](index=96&type=chunk) - In April 2021, the Group further optimized its internal management structure to strengthen guidance for grassroots production units, improve management efficiency, and enhance market development efforts and market share in various regions of Yunnan Province[91](index=91&type=chunk)[96](index=96&type=chunk) [II. Change the Use of Proceeds from the Global Offering](index=23&type=section&id=II.%20CHANGE%20THE%20USE%20OF%20PROCEEDS%20FROM%20THE%20GLOBAL%20OFFERING) In March 2021, the board resolved to reallocate global offering proceeds, with approximately HKD 265.7 million for new production bases and HKD 22.3 million for enhancing management information systems - In March 2021, the board of directors approved a change in the use of proceeds from the global offering to improve capital utilization efficiency[92](index=92&type=chunk)[95](index=95&type=chunk) - Approximately **HKD 265.7 million** will be used for constructing new product production bases, including establishing or acquiring concrete and aggregate companies, building production bases, and purchasing raw material crushing equipment and concrete auxiliary facilities[92](index=92&type=chunk)[95](index=95&type=chunk) - Approximately **HKD 22.3 million** will be used to enhance the company's management information technology level, including upgrading the integrated business and financial information management system[92](index=92&type=chunk)[95](index=95&type=chunk) [III. Continue to Cultivate the Prefecture and City Markets in Yunnan Province](index=24&type=section&id=III.%20CONTINUE%20TO%20CULTIVATE%20THE%20PREFECTURE%20AND%20CITY%20MARKETS%20IN%20YUNNAN%20PROVINCE) The group continues to deepen its market penetration in Yunnan, establishing new branches in Pu'er and Mangshi to secure concrete supply for highway projects, with an estimated 5 million cubic meters in supply - Building on its successful presence in **14 prefectures and cities** in Yunnan Province, the Group continues to deepen its market penetration within the province, extending its sites into districts/counties, and actively expanding into unpenetrated prefectures and cities[98](index=98&type=chunk)[101](index=101&type=chunk) - In May and June 2021, the company established branches in Pu'er City and Mangshi to undertake concrete supply for relevant expressway projects, with an estimated supply volume of **5 million cubic meters**[98](index=98&type=chunk)[101](index=101&type=chunk) [IV. Complete the Distribution of Final Dividend for 2020](index=24&type=section&id=IV.%20COMPLETE%20THE%20DISTRIBUTION%20OF%20FINAL%20DIVIDEND%20FOR%202020) In June 2021, the company distributed a 2020 final cash dividend of RMB 0.1231 per share (tax inclusive), totaling approximately RMB 54.936 million (tax inclusive), to its shareholders - In June 2021, the company distributed a 2020 final cash dividend of **RMB 0.1231 per share (tax inclusive)** to shareholders, representing **35% of the parent company's distributable profit**[99](index=99&type=chunk)[102](index=102&type=chunk) - Based on the company's total share capital of **446,272,000 shares**, the total dividend distributed was approximately **RMB 54.936 million (tax inclusive)**[99](index=99&type=chunk)[102](index=102&type=chunk) [V. Rank Sixth for Four Consecutive Years in China's Top Ten Commercial Concrete Enterprises](index=24&type=section&id=V.%20RANK%20SIXTH%20FOR%20FOUR%20CONSECUTIVE%20YEARS%20IN%20CHINA'S%20TOP%20TEN%20COMMERCIAL%20CONCRETE%20ENTERPRISES) In May 2021, the company was ranked sixth among China's Top Ten Commercial Concrete Enterprises for the fourth consecutive year, affirming its significant contribution and influence in the industry - In May 2021, the company was ranked sixth in the "Kezhijie Cup - China's Top Ten Commercial Concrete Enterprises" for four consecutive years (2017-2020)[100](index=100&type=chunk)[103](index=103&type=chunk) - This honor affirms the company's efforts and contributions to the development of the concrete industry, enhancing its overall industry influence[100](index=100&type=chunk)[103](index=103&type=chunk) [Other Information](index=25&type=section&id=Other%20Information) [I. Corporate Governance Code](index=25&type=section&id=I.%20CORPORATE%20GOVERNANCE%20CODE) The company is committed to enhancing corporate governance, having established an effective and independent modern corporate governance structure, and complied with all applicable code provisions in H1 2021 - The company has established a modern corporate governance structure comprising the general meeting of shareholders, the board of directors, the supervisory board, and senior management, ensuring effective checks and balances and independent operation[105](index=105&type=chunk) - For the six months ended June 30, 2021, the company complied with all applicable code provisions contained in the Corporate Governance Code[105](index=105&type=chunk) [II. Model Code for Securities Transactions](index=25&type=section&id=II.%20MODEL%20CODE%20FOR%20SECURITIES%20TRANSACTIONS) The company has adopted the Model Code for securities transactions by directors, supervisors, and relevant employees, with all confirming strict compliance in H1 2021 - The company has adopted the Model Code as the code of conduct for all directors, supervisors, and relevant employees regarding securities transactions of the company[105](index=105&type=chunk) - For the six months ended June 30, 2021, all directors and supervisors confirmed strict compliance with the standards set out in the Model Code[105](index=105&type=chunk) [III. Interim Dividend](index=25&type=section&id=III.%20INTERIM%20DIVIDEND) The board of directors does not recommend the payment of any interim dividend for the six months ended June 30, 2021 - The board of directors does not recommend the payment of any interim dividend for the six months ended June 30, 2021[105](index=105&type=chunk) [IV. Audit Committee](index=25&type=section&id=IV.%20AUDIT%20COMMITTEE) The company's Audit Committee, comprising three members including two independent non-executive directors and one non-executive director, has reviewed the unaudited condensed consolidated interim results for H1 2021 - The Audit Committee comprises three members: Mr. Li Hongkun (Chairman), Mr. Wang Jiaxin (Independent Non-executive Director), and Mr. Jiang Qian (Non-executive Director)[105](index=105&type=chunk) - The Audit Committee has adopted terms of reference consistent with the Corporate Governance Code and has reviewed the Group's unaudited condensed consolidated interim results for the six months ended June 30, 2021[105](index=105&type=chunk) [V. Changes in Directors, Supervisors and Chief Executive](index=26&type=section&id=V.%20CHANGES%20IN%20DIRECTORS,%20SUPERVISORS%20AND%20CHIEF%20EXECUTIVE) On January 29, 2021, due to board re-election, Mr. Ma Minchao and Mr. Liu Guangcan ceased their original positions, with Mr. Zhang Yingyue and Mr. Jiang Qian taking over; supervisory board re-election led to Mr. Chang Hongbing and Ms. Li Yan ceasing as non-employee representative supervisors, replaced by Mr. Yang Guanglei and Mr. Gu Feng; management changes included Mr. Wu Kun and Mr. Zhang Wenhua ceasing as Deputy General Managers, Mr. Li Xiang appointed as Chief Economist and Deputy General Manager, Mr. Liu Renzhi appointed as Deputy General Manager and stepping down as Chief Economist, and Mr. Li Yongqing appointed as Deputy General Manager; on April 8, 2021, Ms. Xu Airong ceased as Chief Financial Officer, replaced by Mr. Liu Zhen - On January 29, 2021, due to the re-election of the board of directors, Mr. Ma Minchao ceased to serve as Chairman, Executive Director, and other positions, and Mr. Liu Guangcan ceased to serve as Non-executive Director and other positions[108](index=108&type=chunk) - On the same day, Mr. Zhang Yingyue and Mr. Jiang Qian were appointed to succeed Mr. Ma Minchao and Mr. Liu Guangcan in the aforementioned positions, respectively[108](index=108&type=chunk) - Due to the re-election of the supervisory board, Mr. Chang Hongbing and Ms. Li Yan ceased to serve as non-employee representative supervisors, and Mr. Yang Guanglei and Mr. Gu Feng were appointed to succeed them[108](index=108&type=chunk) - Management changes included Mr. Wu Kun and Mr. Zhang Wenhua ceasing to serve as Deputy General Managers, Mr. Li Xiang appointed as Chief Economist and Deputy General Manager, Mr. Liu Renzhi appointed as Deputy General Manager and stepping down as Chief Economist, and Mr. Li Yongqing appointed as Deputy General Manager[108](index=108&type=chunk) - On April 8, 2021, Ms. Xu Airong ceased to serve as Chief Financial Officer, and Mr. Liu Zhen was appointed to succeed her[108](index=108&type=chunk) [VI. Purchase, Sale or Redemption of Listed Securities of the Company](index=26&type=section&id=VI.%20PURCHASE,%20SALE%20OR%20REDEMPTION%20OF%20LISTED%20SECURITIES%20OF%20THE%20COMPANY) For the six months ended June 30, 2021, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities - For the six months ended June 30, 2021, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities[108](index=108&type=chunk) [VII. Proceeds from the Global Offering](index=27&type=section&id=VII.%20PROCEEDS%20FROM%20THE%20GLOBAL%20OFFERING) The company's net proceeds from the global public offering were approximately HKD 366.11 million; on March 26, 2021, the board resolved to change the use of unutilized net proceeds, with HKD 68.34 million utilized by June 30, 2021, and the remaining HKD 297.77 million allocated for new production bases and IT upgrades - The company's net proceeds from the global public offering were approximately **HKD 366.11 million**[126](index=126&type=chunk) - On March 26, 2021, the board of directors resolved to change the use of the unutilized net proceeds from the global public offering[126](index=126&type=chunk) Use of Net Proceeds from Global Offering (as of June 30, 2021) | Use | Allocation as per Prospectus (HKD million) | Unutilized Net Proceeds as of June 30, 2021 (HKD million) | Reallocated Amount (HKD million) | Utilized During Reporting Period (HKD million) | Cumulative Utilized (HKD million) | Planned Use for Remaining 2021 (HKD million) | Planned Use for 2022 (HKD million) | Planned Use for 2023 (HKD million) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Construction of new material production bases and project mixing plants | 128.14 | 28.60 | 3.07 | 28.60 | 0.00 | – | – | – | | Integration of upstream raw material resources | 128.14 | – | – | – | – | – | – | – | | Improvement, integration, and expansion of existing concrete production lines | 73.22 | 12.94 | 3.13 | 3.13 | 9.81 | 9.08 | 0.73 | 0.00 | | Working capital and general corporate purposes | 36.61 | 36.61 | 0.00 | 36.61 | 0.00 | – | – | – | | Construction of new product production bases | – | 265.71 | 0.00 | 0.00 | 265.71 | 88.94 | 136.19 | 40.58 | | Enhancement of management information technology level | – | 22.25 | 0.00 | 0.00 | 22.25 | 4.50 | 17.25 | 0.50 | | **Total** | **366.11** | **366.11** | **6.20** | **68.34** | **297.77** | **102.52** | **154.17** | **41.08** | [VIII. Interests and Short Positions of Directors, Supervisors and Chief Executive in Shares, Underlying Shares and Debentures](index=28&type=section&id=VIII.%20INTERESTS%20AND%20SHORT%20POSITIONS%20OF%20DIRECTORS,%20SUPERVISORS%20AND%20CHIEF%20EXECUTIVE%20IN%20SHARES,%20UNDERLYING%20SHARES%20AND%20DEBENTURES) As of June 30, 2021, no directors, supervisors, or chief executive of the company held any interests or short positions in the shares, underlying shares, or debentures of the company or its associated corporations that required disclosure under the SFO or Model Code - As of June 30, 2021, no directors, supervisors, or chief executive of the company held any interests or short positions in the shares, underlying shares, or debentures of the company or its associated corporations that were required to be notified to the company and the Hong Kong Stock Exchange[129](index=129&type=chunk) [IX. Rights of Directors and Supervisors to Acquire Shares or Debentures](index=28&type=section&id=IX.%20RIGHTS%20OF%20DIRECTORS%20AND%20SUPERVISORS%20TO%20ACQUIRE%20SHARES%20OR%20DEBENTURES) During the reporting period, neither the company nor its subsidiaries entered into any arrangements enabling directors or supervisors to benefit from acquiring shares or debentures of the company or any other body corporate, nor were any such rights granted to or exercised by directors, supervisors, their spouses, or children under 18 - During the reporting period, neither the company nor its subsidiaries entered into any arrangements that would enable directors or supervisors to benefit from acquiring shares or debentures of the company or any other body corporate[129](index=129&type=chunk) - No directors, supervisors, or their spouses or children under the age of 18 were granted any rights to subscribe for shares or debentures of the company or any other body corporate, nor had any such rights been exercised[129](index=129&type=chunk) [X. Interests and Short Positions of Substantial Shareholders in the Shares and Underlying Shares](index=29&type=section&id=X.%20INTERESTS%20AND%20SHORT%20POSITIONS%20OF%20SUBSTANTIAL%20SHAREHOLDERS%20IN%20THE%20SHARES%20AND%20UNDERLYING%20SHARES) As of June 30, 2021, substantial shareholders included Yunnan Construction and Investment Group and its controlled corporations (totaling 62.75%), Overseas Investment (11.53%), Jingtou Group (7.25%), Zoomlion Heavy Industry Science and Technology Co., Ltd. and its controlled corporations (totaling 3.00%), China Resources Company Limited and its controlled corporations (totaling 9.00%), Kunming Iron and Steel Holding Co., Ltd. (2.77%), HuaAn Fund Management Co., Ltd. (totaling 4.59%), Yunnan Provincial Industrial Investment Holding Group Co., Ltd. (2.80%), and Yunnan Provincial Energy Investment Group Co., Ltd. and its controlled corporations (totaling 2.77%) Interests and Short Positions of Substantial Shareholders in Shares and Underlying Shares as of June 30, 2021 | Name | Capacity/Nature of Interest | Class of Shares | Number of Shares | Long/Short Position | Approximate % of Corresponding Class of Issued Shares | Approximate % of Total Issued Share Capital | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Yunnan Construction and Investment Group | Beneficial owner | Domestic Shares | 228,600,000 | Long Position | 73.18% | 51.22% | | Yunnan Construction and Investment Group | Interest held by controlled corporation | Domestic Shares | 51,450,000 | Long Position | 16.47% | 11.53% | | **Yunnan Construction and Investment Group Total** | | | **280,050,000** | **Long Position** | **89.65%** | **62.75%** | | Overseas Investment | Beneficial owner | Domestic Shares | 51,450,000 | Long Position | 16.47% | 11.53% | | Jingtou Group | Beneficial owner | Domestic Shares | 32,340,000 | Long Position | 10.35% | 7.25% | | Zoomlion Heavy Industry Science and Technology Co., Ltd. | Interest held by controlled corporation | H Shares | 13,388,000 | Long Position | 10.00% | 3.00% | | Zoomlion (Hong Kong) Holdings Co., Ltd. | Interest held by controlled corporation | H Shares | 13,388,000 | Long Position | 10.00% | 3.00% | | Zoomlion International Trade (Hong Kong) Co., Ltd. | Beneficial owner | H Shares | 13,388,000 | Long Position | 10.00% | 3.00% | | China Resources Company Limited | Interest held by controlled corporation | H Shares | 40,164,000 | Long Position | 30.00% | 9.00% | | China Resources Co., Ltd. | Interest held by controlled corporation | H Shares | 40,164,000 | Long Position | 30.00% | 9.00% | | CRC Bluesky Limited | Interest held by controlled corporation | H Shares | 40,164,000 | Long Position | 30.00% | 9.00% | | China Resources (Holdings) Co., Ltd. | Interest held by controlled corporation | H Shares | 40,164,000 | Long Position | 30.00% | 9.00% | | China Resources Cement (Holdings) Limited | Interest held by controlled corporation | H Shares | 40,164,000 | Long Position | 30.00% | 9.00% | | China Resources Cement Holdings Limited | Interest held by controlled corporation | H Shares | 40,164,000 | Long Position | 30.00% | 9.00% | | China Resources Cement Holdings (Hong Kong) Limited | Beneficial owner | H Shares | 40,164,000 | Long Position | 30.00% | 9.00% | | Kunming Iron and Steel Holding Co., Ltd. | Beneficial owner | H Shares | 12,360,300 | Long Position | 9.23% | 2.77% | | HuaAn Fund Management Co., Ltd. | Other | H Shares | 12,350,000 | Long Position | 9.22% | 2.77% | | HuaAn Fund Management Co., Ltd. | Other | H Shares | 8,137,000 | Long Position | 6.08% | 1.82% | | **HuaAn Fund Management Co., Ltd. Total** | | | **20,487,000** | **Long Position** | **15.30%** | **4.59%** | | HuaAn Fund - Yunnan Jiaotong Investment QDII Single Asset Management Plan | Other | H Shares | 8,137,000 | Long Position | 6.08% | 1.82% | | Yunnan Provincial Communications Investment and Construction Group Co., Ltd. | Other | H Shares | 8,137,000 | Long Position | 6.08% | 1.82% | | Yunnan Jiaotong Investment Group Co., Ltd. | Beneficial owner | H Shares | 8,137,000 | Long Position | 6.08% | 1.82% | | Yunnan Jiaotong Investment Group Co., Ltd. | Beneficial owner | H Shares | 8,137,000 | Shares available for lending | 6.08% | 1.82% | | HuaAn Fund - Yunnan Nongken QDII Single Asset Management Plan | Other | H Shares | 12,350,000 | Long Position | 9.22% | 2.77% | | Yunnan Nongken Group Co., Ltd. | Beneficial owner | H Shares | 12,350,000 | Long Position | 9.22% | 2.77% | | Yunnan Provincial Industrial Investment Holding Group Co., Ltd. | Beneficial owner | H Shares | 12,500,000 | Long Position | 9.34% | 2.80% | | YUNNAN PROVINCIAL ENERGY INVESTMENT GROUP CO., LTD | Interest held by controlled corporation | H Shares | 12,350,000 | Long Position | 9.22% | 2.77% | | Yunnan Energy Investment (H K) Co. Limited | Beneficial owner | H Shares | 12,350,000 | Long Position | 9.22% | 2.77% | | HWABAO TRUST CO., LTD | Trustee | H Shares | 12,360,300 | Long Position | 9.23% | 2.77% | [Interim Condensed Consolidated Income Statement](index=33&type=section&id=Interim%20Condensed%20Consolidated%20Income%20Statement) This statement presents the group's financial performance, including revenue, costs, and profit, for the six months ended June 30, 2021 2021 H1 Interim Condensed Consolidated Income Statement Key Data | Indicator | 2021 H1 (RMB thousand) | 2020 H1 (RMB thousand) | | :--- | :--- | :--- | | Revenue | 1,080,225 | 1,836,260 | | Cost of Sales | (1,002,984) | (1,612,960) | | Gross Profit | 77,241 | 223,300 | | Operating Profit | 21,328 | 158,744 | | Finance Income – Net | 2,130 | 525 | | Profit Before Income Tax | 23,458 | 159,269 | | Income Tax Expense | (5,275) | (27,815) | | Profit for the Period | 18,183 | 131,454 | | Profit Attributable to Owners of the Company | 13,957 | 122,594 | | Profit Attributable to Non-controlling Interests | 4,226 | 8,860 | | Basic Earnings Per Share (RMB) | 0.03 | 0.27 | [Interim Condensed Consolidated Statement of Comprehensive Income](index=34&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) This statement details the group's total comprehensive income for the six months ended June 30, 2021, encompassing profit for the period and other comprehensive income 2021 H1 Interim Condensed Consolidated Statement of Comprehensive Income Key Data | Indicator | 2021 H1 (RMB thousand) | 2020 H1 (RMB thousand) | | :--- | :--- | :--- | | Profit for the Period | 18,183 | 131,454 | | Other Comprehensive Income (net of tax) | 816 | 1,373 | | Total Comprehensive Income for the Period | 18,999 | 132,827 | | Total Comprehensive Income Attributable to Owners of the Company | 14,773 | 123,911 | | Total Comprehensive Income Attributable to Non-controlling Interests | 4,226 | 8,916 | [Interim Condensed Consolidated Statement of Financial Position](index=35&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) This statement provides a snapshot of the group's assets, liabilities, and equity as of June 30, 2021, reflecting its financial health Interim Condensed Consolidated Statement of Financial Position Key Data as of June 30, 2021 | Indicator | June 30, 2021 (RMB thousand) | December 31, 2020 (RMB thousand) | | :--- | :--- | :--- | | **Assets** | | | | Total Non-current Assets | 277,678 | 273,003 | | Total Current Assets | 4,268,517 | 4,327,139 | | **Total Assets** | **4,546,195** | **4,600,142** | | **Equity** | | | | Total Equity Attributable to Owners of the Company | 1,273,377 | 1,313,540 | | Non-controlling Interests | 92,298 | 88,072 | | **Total Equity** | **1,365,675** | **1,401,612** | | **Liabilities** | | | | Total Non-current Liabilities | 32,752 | 21,620 | | Total Current Liabilities | 3,147,768 | 3,176,910 | | **Total Liabilities** | **3,180,520** | **3,198,530** | | **Total Equity and Liabilities** | **4,546,195** | **4,600,142** | [Interim Condensed Consolidated Statement of Changes in Equity](index=37&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) This statement outlines the changes in the group's equity components, including share capital, reserves, and retained earnings, for the six months ended June 30, 2021 2021 H1 Interim Condensed Consolidated Statement of Changes in Equity Key Data | Indicator | Balance as of January 1, 2021 (RMB thousand) | Profit for the Period (RMB thousand) | Other Comprehensive Income (RMB thousand) | Dividends Paid to Owners of the Company (RMB thousand) | Balance as of June 30, 2021 (RMB thousand) | | :--- | :--- | :--- | :--- | :--- | :--- | | Share Capital | 446,272 | – | – | – | 446,272 | | Reserves | 475,794 | – | 816 | – | 476,610 | | Retained Earnings | 391,474 | 13,957 | – | (54,936) | 350,495 | | Total Attributable to Owners of the Company | 1,313,540 | 13,957 | 816 | (54,936) | 1,273,377 | | Non-controlling Interests | 88,072 | 4,226 | – | – | 92,298 | | **Total Equity** | **1,401,612** | **18,183** | **816** | **(54,936)** | **1,365,675** | [Interim Condensed Consolidated Statement of Cash Flows](index=38&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) This statement presents the group's cash inflows and outflows from operating, investing, and financing activities for the six months ended June 30, 2021 2021 H1 Interim Condensed Consolidated Statement of Cash Flows Key Data | Indicator | 2021 H1 (RMB thousand) | 2020 H1 (RMB thousand) | | :--- | :--- | :--- | | Net Cash from/(used in) Operating Activities | 8,102 | (54,723) | | Net Cash from/(used in) Investing Activities | 58,479 | (29,207) | | Net Cash (used in)/from Financing Activities | (41,338) | 45,584 | | Net Increase/(Decrease) in Cash and Cash Equivalents | 25,243 | (38,346) | | Cash and Cash Equivalents at End of Period | 384,410 | 603,246 | [Notes to the Condensed Consolidated Interim Financial Information](index=39&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Interim%20Financial%20Information) [1 General Information](index=39&type=section&id=1%20GENERAL%20INFORMATION) Established in 2007 and listed in 2019, the company primarily engages in ready-mixed concrete production and related services, with its parent company, Yunnan Construction and Investment Group, regulated by the Yunnan SASAC - Yunnan Construction and Investment Green High-Performance Concrete Co., Ltd. was established on June 19, 2007, restructured into a joint-stock company on December 22, 2017, and listed on the Main Board of the Hong Kong Stock Exchange on October 31, 2019[163](index=163&type=chunk) - The company and its subsidiaries are primarily engaged in the research and development, production, sales, transportation, and pumping of ready-mixed concrete and related products, as well as providing quality and technical management services[163](index=163&type=chunk) - The parent company is Yunnan Construction and Investment Group, supervised and regulated by the Yunnan Provincial State-owned Assets Supervision and Administration Commission (SASAC)[163](index=163&type=chunk) - This condensed consolidated interim financial information is unaudited and presented in RMB thousand[163](index=163&type=chunk) [2 Basis of Preparation](index=39&type=section&id=2%20BASIS%20OF%20PREPARATION) The condensed consolidated interim financial information is prepared in accordance with IAS 34 "Interim Financial Reporting" and should be read in conjunction with the annual consolidated financial statements for the year ended December 31, 2020 - This condensed consolidated interim financial information has been prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting"[163](index=163&type=chunk) - This information should be read in conjunction with the annual consolidated financial statements for the year ended December 31, 2020[163](index=163&type=chunk) [3 Accounting Policies](index=40&type=section&id=3%20ACCOUNTING%20POLICIES) Accounting policies are consistent with the 2020 annual financial statements, with the adoption of new and amended standards effective January 1, 2021, and no significant impact expected from future standards - The accounting policies adopted are consistent with those applied in the annual financial statements for the year ended December 31, 2020, except for the estimation of income tax and the adoption of new and revised standards[164](index=164&type=chunk)[168](index=168&type=chunk) - The Group has adopted new and amended standards effective for annual periods beginning on or after January 1, 2021, during the current reporting period[165](index=165&type=chunk)[168](index=168&type=chunk) - The Group is currently assessing the full impact of new standards and amendments effective for annual periods beginning on or after January 1, 2022, and January 1, 2023, with preliminary assessments indicating no significant impact on the current or future reporting periods[166](index=166&type=chunk)[167](index=167&type=chunk)[169](index=169&type=chunk) [4 Estimates](index=41&type=section&id=4%20ESTIMATES) The preparation of interim financial information requires management judgments, estimates, and assumptions, which are consistent with the 2020 annual financial statements, except for changes in income tax provisions and specific item disclosures - The preparation of this condensed consolidated interim financial information requires management to make judgments, estimates, and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income, and expenses[171](index=171&type=chunk)[174](index=174&type=chunk) - The significant judgments made by management in applying the accounting policies and the key sources of estimation uncertainty were the same as those applied to the 2020 annual financial statements, except for changes in the estimation of income tax provisions and specific item disclosures[172](index=172&type=chunk)[174](index=174&type=chunk) [5 Financial Risk Management and Financial Instruments](index=41&type=section&id=5%20FINANCIAL%20RISK%20MANAGEMENT%20AND%20FINANCIAL%20INSTRUMENTS) The group is exposed to market, credit, and liquidity risks, managed through cash deposits with reputable banks, expected credit loss provisions for receivables, and maintaining sufficient cash and credit lines - The Group's activities expose it to market risk (including foreign exchange risk, fair value interest rate risk, cash flow interest rate risk, and price risk), credit risk, and liquidity risk[173](index=173&type=chunk)[175](index=175&type=chunk) - The Group's exposure to foreign exchange risk is primarily from HKD-denominated cash and bank deposits; as of June 30, 2021, a 10% appreciation/depreciation of HKD against RMB would result in an increase/decrease in profit after tax of **RMB 1,559 thousand**[173](index=173&type=chunk) - The Group's credit risk primarily arises from cash and bank deposits, restricted cash balances, and trade receivables, with the vast majority deposited in banks within mainland China and Yunnan Construction and Investment Financial Company, which management considers to have high credit quality[177](index=177&type=chunk) - The Group manages credit risk by making timely provisions for expected credit losses, considering historical loss rates and adjusting for forward-looking macroeconomic data[177](index=177&type=chunk) Financial Liabilities Maturity Analysis as of June 30, 2021 (Unaudited) | Liability Category | Within One Year (RMB thousand) | One to Two Years (RMB thousand) | Two to Five Years (RMB thousand) | Over Five Years (RMB thousand) | Total (RMB thousand) | | :--- | :--- | :--- | :--- | :--- | :--- | | Lease Liabilities | 24,428 | 12,765 | 16,905 | 5,346 | 59,444 | | Financial Liabilities included in Trade and Other Payables | 2,850,127 | – | – | – | 2,850,127 | | Borrowings | 158,318 | – | – | – | 158,318 | | **Total** | **3,032,873** | **12,765** | **16,905** | **5,346** | **3,067,889** | - The Group's financial assets measured at fair value include bills receivable measured at fair value through other comprehensive income, valued using discounted cash flow techniques and classified as Level 3[188](index=188&type=chunk)[191](index=191&type=chunk) [6 Segment Information, Revenue and Other Income](index=45&type=section&id=6%20SEGMENT%20INFORMATION,%20REVENUE%20AND%20OTHER%20INCOME) The group operates as a single segment, deriving all revenue from mainland China, primarily from ready-mixed concrete sales, with significant customer concentration in Yunnan Construction and Investment Group, and other income from government subsidies and rent - The Group's revenue and contribution to consolidated results primarily derive from the research and development, production, and sale of ready-mixed concrete and related products, as well as the provision of quality and technical management services, which are considered a single operating segment[192](index=192&type=chunk)[195](index=195&type=chunk) - All of the Group's revenue is derived from customers located in mainland China, and all external customers and non-current assets are located in China[192](index=192&type=chunk) 2021 H1 Revenue Breakdown | Revenue Category | 2021 H1 (RMB thousand) | 2020 H1 (RMB thousand) | | :--- | :--- | :--- | | Sales of Ready-mixed Concrete | 1,067,106 | 1,828,953 | | Sales of Polycarboxylate Admixtures | 8,057 | 6,795 | | Sales of Aggregates | 345 | 512 | | Quality and Technical Management Services | 4,717 | – | | **Total** | **1,080,225** | **1,836,260** | - The Group has a concentrated customer base, with Yunnan Construction and Investment Group (Group A) being a major customer, whose sales amounted to **RMB 626,543 thousand** in H1 2021, representing a high proportion of total sales[199](index=199&type=chunk)[200](index=200&type=chunk) 2021 H1 Other Income Breakdown | Income Category | 2021 H1 (RMB thousand) | 2020 H1 (RMB thousand) | | :--- | :--- | :--- | | Government Subsidies | 2,793 | 5,696 | | Rental Income | 38 | 319 | | **Total** | **2,831** | **6,015** | [7 Other Gains/(Losses) – Net](index=47&type=section&id=7%20OTHER%20GAINS/(LOSSES)%20%E2%80%93%20NET) In H1 2021, the group recorded a net other gain of RMB 680 thousand, primarily from the disposal of property, plant, and equipment and other miscellaneous gains 2021 H1 Other Gains/(Losses) – Net Breakdown | Category | 2021 H1 (RMB thousand) | 2020 H1 (RMB thousand) | | :--- | :--- | :--- | | Gain/(Loss) on Disposal of Property, Plant and Equipment | 131 | (2) | | Other | 549 | (567) | | **Total** | **680** | **(569)** | [8 Expenses by Nature](index=48&type=section&id=8%20EXPENSES%20BY%20NATURE) H1 2021 expenses by nature included RMB 693,991 thousand for raw materials, RMB 99,275 thousand for transportation, and RMB 117,990 thousand for employee benefits, with total operating expenses decreasing by 36.9% 2021 H1 Expenses by Nature Breakdown | Expense Category | 2021 H1 (RMB thousand) | 2020 H1 (RMB thousand) | | :--- | :--- | :--- | | Raw Materials Used and Goods Purchased | 693,991 | 1,212,974 | | Transportation Expenses | 99,275 | 140,104 | | Employee Benefits Expenses | 117,990 | 112,579 | | Outsourcing Expenses | 61,372 | 71,745 | | Lease Expenses | 23,607 | 48,916 | | Depreciation of Property, Plant and Equipment | 33,799 | 38,245 | | Impairment Provision for Trade Receivables (Reversal)/Charge | (3,542) | 8,155 | | Taxes and Levies | 7,048 | 11,310 | | **Total Cost of Sales, Distribution Expenses, Administrative Expenses, and Net Impairment Loss on Financial Assets** | **1,062,408** | **1,682,962** | [9 Finance Income and Costs](index=49&type=section&id=9%20FINANCE%20INCOME%20AND%20COSTS) H1 2021 saw total finance income of RMB 6,557 thousand, mainly from bank deposits, and total finance costs of RMB 4,427 thousand, resulting in a net finance income of RMB 2,130 thousand 2021 H1 Finance Income and Costs Breakdown | Category | 2021 H1 (RMB thousand) | 2020 H1 (RMB thousand) | | :--- | :--- | :--- | | **Interest Income** | | | | – Bank Deposits | 6,404 | 2,232 | | – Deposits with Financial Institutions | 153 | 173 | | **Total Finance Income** | **6,557** | **3,988** | | **Interest Expense** | | | | – Unsecured Bank Borrowings | (2,423) | (2,038) | | – Lease Liabilities | (1,389) | (1,308) | | Exchange Losses | (369) | – | | Other | (246) | (117) | | **Total Finance Costs** | **(4,427)** | **(3,463)** | | **Net Finance Income** | **2,130** | **525** | [10 Income Tax Expense](index=49&type=section&id=10%20INCOME%20TAX%20EXPENSE) H1 2021 income tax expense was RMB 5,275 thousand, significantly lower than the prior year, with the company and its polymer subsidiary enjoying a 15% preferential tax rate as high-tech enterprises 2021 H1 Income Tax Expense Breakdown | Category | 2021 H1 (RMB thousand) | 2020 H1 (RMB thousand) | | :--- | :--- | :--- | | Current Income Tax | 7,134 | 29,434 | | Deferred Income Tax | (1,859) | (1,619) | | **Income Tax Expense** | **5,275** | **27,815** | - The company and Yunnan Construction and Investment Polymer Materials Co., Ltd. enjoy a preferential income tax rate of **15%** as "High-New Technology Enterprises," while other subsidiaries are subject to a **25%** tax rate[214](index=214&type=chunk)[217](index=217&type=chunk) - The Group estimates an effective annual tax rate of **22.5%** for the year ending December 31, 2021 (2020: 18.3%)[215](index=215&type=chunk)[217](index=217&type=chunk) [11 Earnings Per Share](index=50&type=section&id=11%20EARNINGS%20PER%20SHARE) H1 2021 profit attributable to owners of the company was RMB 13,957 thousand, resulting in basic earnings per share of RMB 0.03, with diluted EPS being the same due to no potential dilutive shares 2021 H1 Earnings Per Share Calculation | Indicator | 2021 H1 | 2020 H1 | | :--- | :--- | :--- | | Profit Attributable to Owners of the Company (RMB thousand) | 13,957 | 122,594 | | Weighted Average Number of Ordinary Shares Outstanding (thousand shares) | 446,272 | 446,272 | | **Basic Earnings Per Share (RMB)** | **0.03** | **0.27** | - Diluted earnings per share are the same as basic earnings per share because there were no potential dilutive ordinary shares outstanding for the six months ended June 30, 2021 and 2020[220](index=220&type=chunk) [12 Land Use Rights](index=51&type=section&id=12%20LAND%20USE%20RIGHTS) As of June 30, 2021, the net book value of land use rights increased to RMB 43,180 thousand, primarily due to additions, with amortization expense of RMB 452 thousand 2021 H1 Land Use Rights Movement | Indicator | 2021 H1 (RMB thousand) | 2020 H1 (RMB thousand) | | :--- | :--- | :--- | | Net Book Value at Beginning of Period | 31,552 | 20,102 | | Additions | 12,080 | 12,153 | | Amortization Expense | (452) | (331) | | **Net Book Value at End of Period** | **43,180** | **31,924** | - Amortization of land use rights is expensed in administrative expenses in the interim condensed consolidated income statement, amounting to **RMB 452 thousand** in H1 2021[222](index=222&type=chunk)[223](index=223&type=chunk) [13 Property, Plant and Equipment](index=52&type=section&id=13%20PROPERTY,%20PLANT%20AND%20EQUIPMENT) The net book value of property, plant, and equipment increased slightly to RMB 204,774 thousand as of June 30, 2021, with additions of RMB 39,393 thousand and depreciation expense of RMB 33,799 thousand 2021 H1 Property, Plant and Equipment Net Book Value Movement | Indicator | 2021 H1 (RMB thousand) | | :--- | :--- | | Net Book Value at Beginning of Period | 199,280 | | Additions | 39,393 | | Transfers | – | | Disposals | (100) | | Depreciation | (33,799) | | **Net Book Value at End of Period** | **204,774** | 2021 H1 Property, Plant and Equipment Depreciation Expense | Expense Category | 2021 H1 (RMB thousand) | 2020 H1 (RMB thousand) | | :--- | :--- | :--- | | Cost of Sales | 28,039 | 34,128 | | Administrative Expenses | 5,760 | 4,117 | | **Total** | **33,799** | **38,245** | [14 Investment Properties](index=53&type=section&id=14%20INVESTMENT%20PROPERTIES) The net book value of investment properties decreased to RMB 2,324 thousand as of June 30, 2021, with depreciation of RMB 109 thousand and rental income of RMB 23 thousand 2021 H1 Investment Properties Net Book Value Movement | Indicator | 2021 H1 (RMB thousand) | | :--- | :--- | | Net Book Value at Beginning of Period | 2,433 | | Depreciation | (109) | | **Net Book Value at End of Period** | **2,324** | 2021 H1 Investment Properties Profit and Loss Recognition | Category | 2021 H1 (RMB thousand) | 2020 H1 (RMB thousand) | | :--- | :--- | :--- | | Rental Income | 23 | 61 | | Direct Operating Expenses for Investment Properties Generating Rental Income | 5 | 7 | | Direct Operating Expenses for Investment Properties Not Generating Rental Income | 104 | 104 | [15 Intangible Assets](index=55&type=section&id=15%20INTANGIBLE%20ASSETS) The net book value of intangible assets decreased to RMB 952 thousand as of June 30, 2021, with amortization expense of RMB 103 thousand recognized in administrative expenses 2021 H1 Intangible Assets Net Book Value Movement | Indicator | 2021 H1 (RMB thousand) | | :--- | :--- | | Net Book Value at Beginning of Period | 1,055 | | Amortization | (103) | | **Net Book Value at End of Period** | **952** | - Amortization of intangible assets is expensed in administrative expenses in the interim condensed consolidated income statement, amounting to **RMB 103 thousand** in H1 2021[240](index=240&type=chunk)[241](index=241&type=chunk) [16 Deferred Income Tax Assets](index=56&type=section&id=16%20DEFERRED%20INCOME%20TAX%20ASSETS) As of June 30, 2021, total deferred income tax assets were RMB 22,016 thousand, with RMB 21,179 thousand expected to be recovered within 12 months, and RMB 1,859 thousand recognized in the consolidated income statement Deferred Income Tax Assets Breakdown as of June 30, 2021 | Category | June 30, 2021 (RMB thousand) | December 31, 2020 (RMB thousand) | | :--- | :--- | :--- | | Deferred Income Tax Assets Recoverable Within 12 Months | 21,179 | 19,550 | | Deferred Income Tax Assets Recoverable After 12 Months | 837 | 751 | | **Total** | **22,016** | **20,301** | 2021 H1 Deferred Income Tax Assets Movement | Movement Category | 2021 H1 (RMB thousand) | 2020 H1 (RMB thousand) | | :--- | :--- | :--- | | Beginning of Period | 20,301 | 14,791 | | Recognized in Consolidated Income Statement | 1,859 | 1,619 | | Recognized in Consolidated Statement of Comprehensive Income | (144) | (255) | | **End of Period** | **22,016** | **16,155** | [17 Trade Receivables](index=57&type=section&id=17%20TRADE%20RECEIVABLES) Net trade receivables totaled RMB 3,532,736 thousand as of June 30, 2021, including RMB 2,594,715 thousand from related parties, with an impairment provision of RMB 78,910 thousand, predominantly denominated in RMB and due within one year Trade Receivables Breakdown as of June 30, 2021 | Category | June 30, 2021 (RMB thousand) | December 31, 2020 (RMB thousand) | | :--- | :--- | :--- | | Trade Receivables – Related Parties | 2,594,715 | 2,543,273 | | Trade Receivables – Third Parties | 1,016,931 | 1,036,335 | | Less: Impairment Provision for Trade Receivables | (78,910) | (82,452) | | **Trade Receivables – Net** | **3,532,736** | **3,497,156** | - As of June 30, 2021, all trade receivables were denominated in RMB, and their fair values approximated their carrying amounts[248](index=248&type=chunk) Trade Receivables Aging Analysis as of June 30, 2021 | Aging | June 30, 2021 (RMB thousand) | December 31, 2020 (RMB thousand) | | :--- | :--- | :--- | | Within One Year | 2,555,624 | 2,644,548 | | One to Two Years | 862,554 | 778,952 | | Two to Three Years | 130,678 | 87,196 | | Three to Four Years | 31,854 | 47,502 | | Four to Five Years | 19,909 | 9,195 | | Over Five Years | 11,027 | 12,215 | | **Total** | **3,611,646** | **3,579,608** | - The Group applies the simplified approach to provide for expected credit losses; as of June 30, 2021, the impairment provision for trade receivables was approximately **RMB 78,910 thousand**[251](index=251&type=chunk)[252](index=252&type=chunk) [18 Prepayments and Other Receivables](index=59&type=section&id=18%20PREPAYMENTS%20AND%20OTHER%20RECEIVABLES) Net prepayments and other receivables amounted to RMB 34,541 thousand as of June 30, 2021, with other receivables net of RMB 23,850 thousand and an impairment provision of RMB 2,663 thousand, primarily RMB-denominated and short-term Prepayments and Other Receivables Breakdown as of June 30, 2021 | Category | June 30, 2021 (RMB thousand) | December 31, 2020 (RMB thousand) | | :--- | :--- | :--- | | Other Receivables – Related Parties | 3,222 | 3,932 | | Other Receivables – Third Parties | 23,291 | 17,605 | | Less: Impairment Provision for Other Receivables | (2,663) | (2,640) | | Other Receivables – Net | 23,850 | 18,897 | | Prepayments | 2,523 | 3,483 | | Accrued Interest | 4,876 | 2,571 | | Other Current Assets | 3,292 | 4,682 | | **Prepayments and Other Receivables – Net** | **34,541** | **29,633** | - As of June 30, 2021, all carrying amounts of prepayments and other receivables were denominated in RMB, and their fair values approximated their carrying amounts[258](index=258&type=chunk) Prepayments and Other Receivables Aging Analysis as of June 30, 2021 | Aging | June 30, 2021 (RMB thousand) | December 31, 2020 (RMB thousand) | | :--- | :--- | :--- | | Within One Year | 25,278 | 20,813 | | One to Two Years | 1,740 | 2,249 | | Two to Three Years | 3,305 | 2,760 | | Three to Four Years | 2,805 | 2,628 | | Four to Five Years | 894 | 582 | | Over Five Years | 3,182 | 3,241 | | **Total** | **37,204** | **32,273** | - As of June 30, 2021, the impairment provision for other receivables was approximately **RMB 2,663 thousand**[261](index=261&type=chunk)[262](index=262&type=chunk) [19 Restricted Cash](index=61&type=section&id=19%20RESTRICTED%20CASH) As of June 30, 2021, restricted bank cash totaled RMB 21,978 thousand, primarily held for issuing bills payable and provisions for closure, reclamation, and environmental costs Restricted Cash as of June 30, 2021 | Category | June 30, 2021 (RMB thousand) | December 31, 2020 (RMB thousand) | | :--- | :--- | :--- | | Restricted Bank Cash | 21,978 | 32,280 | - Restricted deposits refer to cash reserved for the issuance of bills payable and provisions for closure, reclamation, and environmental costs[266](index=266&type=chunk) [20 Cash and Bank Deposits](index=61&type=section&id=20%20CASH%20AND%20BANK%20DEPOSITS) Total cash and bank deposits were RMB 484,410 thousand as of June 30, 2021, primarily RMB-denominated, with deposits maturing within three months and interest rates ranging from 0.01% to 3.19% Cash and Bank Deposits Breakdown as of June 30, 2021 | Category | June 30, 2021 (RMB thousand) | December 31, 2020 (RMB thousand) | | :--- | :--- | :--- | | Cash and Cash Equivalents – Bank and Cash on Hand | 282,749 | 254,256 | | Cash and Cash Equivalents – Financial Institutions | 101,661 | 105,133 | | Time Deposits – Bank | 100,000 | 170,000 | | **Cash and Bank Deposits** | **484,410** | **529,389** | Cash and Bank Deposits by Currency as of June 30, 2021 | Currency | June 30, 2021 (RMB thousand) | December 31, 2020 (RMB thousand) | | :--- | :--- | :--- | | RMB | 466,065 | 509,984 | | HKD | 18,345 | 19,405 | | **Total** | **484,410** | **529,389** | - All bank cash consists of deposits with maturities within three months, with interest rates ranging from **0.01% to 3.19%** in H1 2021[270](index=270&type=chunk)[273](index=273&type=chunk) - All deposits with financial institution

雲建綠呛 GHPC 疊南建投綠色高性能混凝工股份有限公司 YCIH Green High-Performance Concrete Company Limited 2012 Annual Report 年度報告 (A joint stock company incorporated in the People's Republic of China with limited liability) (於中華人民共和國註冊成立的股份有限公司) Stock code 股份代號: 1847 | --- | --- | |------------------------------------------------------------------------------------------|-------| | | | | | | | Contents 目錄 | | | Definitions 1 釋義 | | | Corporate Information 7 公司資料 | | | Chairman's Statement 11 | | | 董事長致辭 Financial Highlights 14 | | ...

雲建綠呛 GHPC- <香格里拉金沙江特大橋] g g it 号 शा शा 綠 10 -OdHD- 视频亚洲 | | | 鲁南建投綠色高性能混凝土股份有限公司 YCIH Green High-Performance Concrete Company Limited (A joint stock company incorporated in the People's Republic of China with limited liability) ( 於中華人民共和國註冊成立的股份有限公司) Stock code 股份代號: 1847 2020 Interim Report 中期報告 Definitions 1 釋義 Corporate Information 6 公司資料 Financial Highlights 10 財務摘要 Management Discussion and Analysis 11 管理層討論與分析 Milestone Events in the First Half of 2020 22 2020年上半年重要事件 Other Information 24 其他資料 Interi ...

ly | --- | --- | |-------|-----------------------------------------------------------------------------------------------------------------------------------------| | u \n= | | | Ity | | | | | | | | | | | | | 雲建綠砕 GHPC- | | | 雲南建投綠色高性能混凝工股份有限公司 YCIH Green High-Performance Concrete Company Limited | | | (A joint stock company incorporated in the People's Republic of China with limited liability) ( 於中華人民共和國註冊成立的股份有限公司) | | | Stock code 股份代號: 1847 | | | 2019 | Annual Report 年度報告 | --- | --- | |---------------- ...