Company Overview - Zhujiang Steel Pipe Holdings Limited is a major manufacturer and exporter of longitudinal welded pipes in China, listed on the Hong Kong Stock Exchange since 2010 [2] - The company is headquartered in Panyu, Guangzhou, with production bases in Zhuhai and Lianyungang, and has multiple offices in Hong Kong, Yunfu, and Nanjing [2] - Zhujiang Steel Pipe has an annual production capacity of 1.8 million tons, with various types of welded pipe production lines [2] Product Range - The company produces a wide range of welded pipes, including large-diameter double-sided submerged arc welded pipes, high-frequency welded pipes, spiral submerged arc welded pipes, and corrosion-resistant alloy composite pipes [2] - Products meet various international standards such as API, ASTM, ISO, and DNV, and are used in sectors like offshore and onshore oil and gas pipelines, urban gas, and construction steel structures [3] Financial Performance - As of December 31, 2024, Zhujiang Steel Pipe reported total revenue of 2.94 billion yuan, a year-on-year increase of 10.9%, and a net profit attributable to shareholders of 213 million yuan, up 15.72% [1] - The company's gross profit margin stands at 17.6%, with a debt-to-asset ratio of 80.95% [1] Market Position - Zhujiang Steel Pipe has a price-to-earnings (P/E) ratio of 1.34, ranking first in its industry, while the average P/E ratio for the oil and gas sector is -1.96 [1]

Core Viewpoint - The anticorrosive steel pipe industry is experiencing growth due to advancements in technology and increasing demand across various sectors, leading to a diversification of materials and applications [1][22]. Industry Definition and Classification - Anticorrosive steel pipes are treated steel pipes designed to resist corrosion, with common coatings including epoxy resin, polyurethane, and polyethylene [3][6]. - The industry categorizes pipes based on manufacturing processes, shapes, applications, and anticorrosion technologies [5][6]. Current Industry Status - The demand for anticorrosive steel pipes is driven by infrastructure development in sectors such as oil, chemicals, gas, and water supply, with a projected demand of 1,168.2 million tons in 2024 and a market size of approximately 55.09 billion yuan [2][6]. - The annual production of anticorrosive steel pipes in China has remained above 16 million tons, with forecasts indicating production of 17.85 million tons in 2024 and 18.41 million tons in 2025 [2][8]. Industry Supply Chain - The upstream supply chain includes raw materials like steel and anticorrosive coatings, while the midstream focuses on the production and research of anticorrosive steel pipes [10]. - The downstream applications span various industries, including oil, chemicals, and water supply, with potential for strategic partnerships to enhance the supply chain [10]. Competitive Landscape - The anticorrosive steel pipe industry features a mix of large state-owned enterprises and numerous private and foreign companies, with state-owned firms dominating the high-end market [13][14]. - Key players include China Petroleum Group, Jiangsu Yulong Steel Pipe Technology, and Tianjin Youfa Steel Pipe Group, among others [3][15]. Industry Development Trends - The industry is shifting towards high-tech and high-performance products, with innovations in materials such as composite and nanomaterials expected to meet diverse market needs [1][22]. - Anticorrosive steel pipes are anticipated to play a crucial role in future infrastructure projects, enhancing their importance in corrosion prevention solutions [1][22].

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佈的內容概不負責，對其準 確性或完整性亦不發表任何聲明，並明確表示概不會就因本公佈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。 CHU KONG PETROLEUM AND NATURAL GAS STEEL PIPE HOLDINGS LIMITED 珠江石油天然氣鋼管控股有限公司 ( 於開曼群島註冊成立的有限公司 ) (股份代號: 1938) 附註： 於二零二五年六月二十日舉行之股東週年大會之投票結果 (g) 董事（陳昌先生、陳兆年女士、陳平先生、歐陽廣華先生及詹建宙先生）已親身出席股 東週年大會。 珠江石油天然氣鋼管控股有限公司(「本公司」)董事(「董事」)會(「董事會」) 欣然宣佈， 本公司股東週年大會（「股東週年大會」）已正式於二零二五年六月二十日（星期五）上午十 時三十分假座香港皇后大道中29號華人行1樓舉行，股東週年大會提呈的全部決議案均以投 票方式獲本公司股東(「股東」)正式通過。除文義另有所指外，本公佈所用詞彙與二零二五 年四月二十八日之通函所界定者具有相同涵義。 承董事會命 珠江石油天然氣鋼管控股有限公司 主 ...

Company Overview - Zhujiang Steel Pipe Holdings Limited is a major manufacturer and exporter of longitudinal welded pipes in China, listed on the Hong Kong Stock Exchange since 2010 [2] - The company is headquartered in Panyu, Guangzhou, with production bases in Zhuhai and Lianyungang, and has multiple offices in Hong Kong, Yunfu, and Nanjing [2] - Zhujiang Steel Pipe has an annual production capacity of 1.8 million tons, with various types of welded pipe production lines [2] Product Range - The company produces a wide range of welded pipes, including large-diameter double-sided submerged arc welded pipes (SAWL), high-frequency welded pipes (HFW), spiral submerged arc welded pipes (SAWH), and corrosion-resistant alloy (CRA) lined pipes [2][3] - Products meet various international standards such as API, ASTM, ISO, and EN, and are used in sectors like oil and gas pipelines, urban gas, and construction [3] Financial Performance - As of December 31, 2024, Zhujiang Steel Pipe reported total revenue of 2.94 billion yuan, a year-on-year increase of 10.9%, and a net profit attributable to shareholders of 213 million yuan, up 15.72% [1] - The company's gross margin stands at 17.6%, with a debt-to-asset ratio of 80.95% [1] Market Position - Zhujiang Steel Pipe has a price-to-earnings (P/E) ratio of 0.83, ranking first in its industry, while the average P/E ratio for the oil and gas sector is -3.17 [1]

(incorporated in the Cayman Islands with limited liability) (Stock Code: 1938) NOTIFICATION LETTER 通知信函 CHU KONG PETROLEUM AND NATURAL GAS STEEL PIPE HOLDINGS LIMITED 珠 江 石 油 天 然 氣 鋼 管 控 股 有 限 公 司 Dear Non-registered Shareholder(1), 28 April 2025 Please note that by completing and returning the Request Form to request for the printed version of the Current Corporate Communications, you will expressly indicate that your instruction to receive printed version will apply to all future Corporate Communications( ...

CHU KONG PETROLEUM AND NATURAL GAS STEEL PIPE HOLDINGS LIMITED 珠 江 石 油 天 然 氣 鋼 管 控 股 有 限 公 司 (incorporated in the Cayman Islands with limited liability) NOTIFICATION LETTER 通知信函 Dear Registered Shareholder, 28 April 2025 (Stock Code: 1938) Chu Kong Petroleum and Natural Gas Steel Pipe Holdings Limited (the "Company") — Notification of publication of 2024 Annual Report, Circular and Notice of AGM ("Current Corporate Communications") The English and Chinese versions of the Company's Current Corporate Communic ...

為響應環保與節省印刷及郵遞費用，本公司建議 閣下選擇收取網上版本。在行使上述選擇權時，請 閣下於 回條（「回條」）上適當空格內劃上「✓」號，簽署後以電郵發送至1938-ecom@vistra.com，或使用回條下方之 郵資已付的郵寄標籤寄回本公司的香港股份過戶登記分處（「股份過戶登記分處」），卓佳證券登記有限公司， 地址為香港夏慤道16號遠東金融中心17樓。如在香港以外地區投寄需貼上郵票。 倘若本公司於2025年5月28日前尚未收到 閣下填妥及簽署的回條或任何表示反對的回覆， 閣下將被視為已同 意日後登入本公司網站收取所有公司通訊網上版本，而本公司在將來只會向 閣下發出刊發通知。 CHU KONG PETROLEUM AND NATURAL GAS STEEL PIPE HOLDINGS LIMITED 珠江石油天然氣鋼管控股有限公司 (incorporated in the Cayman Islands with limited liability) (Stock code: 1938) 各位新登記股東： 選擇收取公司通訊的語言版本及收取方式 珠江石油天然氣鋼管控股有限公司（「本公司」）根據香港聯合交易所有 ...

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通告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示概不會就因本通告全部或任何 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。 CHU KONG PETROLEUM AND NATURAL GAS STEEL PIPE HOLDINGS LIMITED 珠江石油天然氣鋼管控股有限公司 （於開曼群島註冊成立的有限公司） 1. 省覽及考慮本公司及其附屬公司截至二零二四年十二月三十一日止年度之經審 核綜合財務報表、本公司董事會報告與核數師報告； 2. 各為一項獨立決議案： (a) 重選陳昌先生為執行董事； (b) 重選歐陽廣華先生為獨立非執行董事；及 (c) 授權董事會釐定董事酬金； 3. 續聘中正天恆會計師有限公司為本公司核數師，並授權董事會釐定其酬金； （股份代號：1938） 股東週年大會通告 茲通告珠江石油天然氣鋼管控股有限公司（「本公司」）將於二零二五年六月二十日 （星期五）上午十時三十分假座香港皇后大道中29號華人行1樓舉行股東週年大會， 以考慮並酌情處理下列事務： 除文義另有所指外，本通告所用之詞彙具有與本公司日期為二零二 ...

此 乃 要 件 請 即 處 理 閣下如對本通函的任何方面或將予採取的行動有任何疑問，應諮詢 閣下的持牌證券交易商 或其他註冊證券交易商、銀行經理、律師、專業會計師或其他專業顧問。 珠江石油天然氣鋼管控股有限公司謹訂於二零二五年六月二十日（星期五）上午十時三十分 假座香港皇后大道中29號華人行1樓舉行股東週年大會，大會通告載於本通函第16至20頁。 無論 閣下能否親身出席股東週年大會，務請按照隨附代表委任表格印列的指示填妥表格， 並盡快及無論如何最遲於股東週年大會或其任何續會指定舉行時間48小時（即於二零二五年 六月十八日（星期三）上午十時三十分）前交回本公司的香港股份登記及過戶分處卓佳證券登 記有限公司，地址為香港夏愨道16號遠東金融中心17樓。填妥及交回代表委任表格後， 閣 下仍可依願親身出席股東週年大會或其任何續會，並於會上投票。於該情況下，代表委任表 格應被視為已撤銷論。 二零二五年四月二十八日 閣下如已出售或轉讓名下所有珠江石油天然氣鋼管控股有限公司的股份，應立即將本通函 連同隨附的代表委任表格送交買主或承讓人，或經手買賣或轉讓的銀行、持牌證券交易商或 其他代理商，以便轉交買主或承讓人。 香港交易及結 ...

Financial Performance - The Group recorded sales of approximately RMB2,939.9 million for the year ended 31 December 2024, representing an increase of approximately 10.9% compared to RMB2,651 million in 2023[25]. - The profit for the year was approximately RMB212.7 million, up from RMB183.8 million in 2023[25]. - Earnings per share attributable to ordinary equity holders was approximately RMB0.21, compared to RMB0.18 in 2023[25]. - The Group recorded sales of approximately RMB 2,939,900,000, an increase of about 10.9% compared to RMB 2,651,000,000 in the previous year[27]. - The Group's profit was approximately RMB 212,700,000, up from RMB 183,800,000 in the previous year[27]. - Earnings per share for ordinary shareholders was approximately RMB 0.21, compared to RMB 0.18 in the previous year[27]. - The Group's revenue increased from RMB 2,651 million in 2023 to approximately RMB 2,939 million in 2024, primarily due to an increase in overseas sales of steel pipes[100]. - Overseas sales for 2024 were approximately RMB 2,218.7 million, representing a 61.9% increase compared to approximately RMB 1,370.5 million in 2023, accounting for 79.6% of total steel pipe revenue[107]. - Gross profit from steel pipe sales for 2024 was approximately RMB 494.6 million, a decrease of about 3.7% from RMB 513.4 million in 2023, with a gross profit margin of 17.7%[106]. - Revenue from property development and investment decreased by approximately 41.4% to RMB152.3 million in 2024 from RMB260.0 million in 2023, a decline of RMB107.7 million[112]. Production and Capacity - The Group's production capacity as of 31 December 2024 was 1,800,000 tonnes[9]. - The Group delivered a total of 414,000 tonnes of steel pipes and received orders for 272,000 tonnes, consolidating its leading position in the industry[26]. - The Group has successfully produced and developed deep sea welded pipes for use at depths of 3,500 meters underwater, making it the first and only manufacturer in China to achieve this[81]. - The Group's steel pipe products are widely used in major oil and gas pipeline projects, both onshore and offshore, as well as in infrastructure projects domestically and internationally[81]. Market and Industry Trends - The ongoing Russia-Ukraine conflict and tensions in the Middle East have created uncertainties in the global energy market, impacting international trade[24]. - The construction of natural gas pipelines in China continues to present development opportunities for the Group amid the adjustment of its energy structure[24]. - The global economic recovery remains uncertain in 2025, influenced by various geopolitical factors and market dynamics[40]. - The Group anticipates that 2025 will remain a challenging year for the oil and natural gas industry due to ongoing geopolitical tensions and economic factors[168]. Innovation and Technology - The Group holds 114 patents, including 51 invention patents, and has 19 international quality certificates[10]. - The Group is the first and only steel pipe manufacturer in the PRC to develop deep sea welded steel pipes for use at a water depth of 3,500 meters[10]. - The Group's deep-sea development strategy focuses on oil and gas resources, with significant advancements in deep-sea pipeline technology since 2012[38]. - The Group's commitment to independent innovation and marine engineering aligns with national strategies to support China's maritime power ambitions[41]. Awards and Recognition - The Group was awarded the "Specialized and New Annual Masterpiece" case award by China Media Group in January 2024, outperforming among 12,000 specialized enterprises nationwide[37]. - The Group has been accredited with 14 international quality certifications, including those from Det Norske Veritas and the American Petroleum Institute[81]. - The Group is classified as a member of the Offshore Engineering Equipment Industry, capable of manufacturing subsea pipes and drilling platform structure pipes for offshore projects[82]. Financial Management - The Group has fully repaid its bonds from December 31, 2024, aiming to lighten its financial load and achieve better results[43]. - As of December 31, 2024, the Group's total borrowings amounted to approximately RMB1,865 million, with 45% being long-term borrowings and 55% short-term borrowings[154]. - The Group's gearing ratio remained stable at approximately 28.7% in 2024 compared to 28.5% in 2023, indicating no major change in capital structure[150][152]. - Net cash flows from operating activities decreased to approximately RMB205.9 million in 2024 from RMB431.1 million in 2023[138]. Leadership and Management - Ms. Chen Zhao Nian, aged 48, is responsible for the daily management and operations of the Group, having joined in October 2002[191]. - The Company has a strong leadership team with Ms. Chen serving in significant roles within various local and provincial organizations[194]. - The leadership team emphasizes social responsibility and community engagement, as evidenced by Ms. Chen's recognition as a socially responsible entrepreneur[190]. - The Company aims to leverage its leadership's extensive network and experience to drive growth and development in the industry[196].