Core Viewpoint - The company reported a decrease in revenue but an increase in profit for the six months ending June 30, 2025, indicating a mixed performance driven by project completion [1] Financial Performance - The company achieved a revenue of 1.389 billion yuan, representing a year-on-year decrease of 15.2% [1] - The profit attributable to the company's owners was 172 million yuan, reflecting a year-on-year increase of 32.61% [1] - Earnings per share stood at 0.17 yuan [1] Project Impact - The decrease in revenue was attributed to the completion of the delivery of steel pipes for a large project related to the East African oil pipeline [1]

Financial Statements [Interim Condensed Consolidated Statement of Profit or Loss](index=1&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) The Group's revenue decreased by 15.2% year-on-year to RMB 1,389,183 thousand in H1 2025, while profit attributable to owners of the Company increased by 32.6% to RMB 171,747 thousand, with basic earnings per share rising to RMB 0.17 2025 H1 Key Profit or Loss Data | Indicator | 2025 H1 (RMB thousands) | 2024 H1 (RMB thousands) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 1,389,183 | 1,638,141 | -15.2% | | Cost of sales and services | (1,133,795) | (1,330,865) | -14.8% | | Gross profit | 255,388 | 307,276 | -16.9% | | Other income and gains | 135,755 | 31,370 | +332.8% | | Selling and distribution expenses | (21,668) | (30,729) | -29.5% | | Administrative expenses | (139,276) | (96,837) | +43.8% | | Exchange gains, net | 5,587 | 17,137 | -67.4% | | Other expenses, net | (6,067) | (83,430) | -92.7% | | Finance costs | (54,586) | (58,122) | -6.1% | | Profit before tax | 175,133 | 86,665 | +102.1% | | Income tax (expense) / credit | (3,386) | 42,851 | N/A | | Profit for the period attributable to owners of the Company | 171,747 | 129,516 | +32.6% | | Basic and diluted earnings per share attributable to owners of the Company | RMB 0.17 | RMB 0.13 | +30.8% | [Interim Condensed Consolidated Statement of Comprehensive Income](index=3&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) In H1 2025, the Group's total comprehensive income significantly increased by 82.2% to RMB 212,792 thousand, primarily due to exchange differences on translation of foreign operations turning from loss to gain 2025 H1 Comprehensive Income Data | Indicator | 2025 H1 (RMB thousands) | 2024 H1 (RMB thousands) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Profit for the period | 171,747 | 129,516 | +32.6% | | Exchange differences on translation of foreign operations | 42,650 | (13,477) | N/A | | Exchange differences on translation of the Company's financial statements into presentation currency | (1,605) | 740 | N/A | | Other comprehensive income / (loss) for the period, net of tax | 41,045 | (12,737) | N/A | | Total comprehensive income for the period attributable to owners of the Company | 212,792 | 116,779 | +82.2% | [Interim Condensed Consolidated Statement of Financial Position](index=4&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's total assets slightly decreased, but net current liabilities improved, and net assets significantly grew by 17.2% to RMB 1,451,923 thousand, mainly due to increased reserves Key Financial Position Data as of June 30, 2025 | Indicator | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Total non-current assets | 2,802,090 | 2,820,377 | -0.6% | | Total current assets | 3,487,079 | 3,685,562 | -5.4% | | Total assets | 6,289,169 | 6,505,939 | -3.3% | | Total current liabilities | 3,794,264 | 4,112,922 | -7.8% | | Net current liabilities | (307,185) | (427,360) | +28.1% | | Total non-current liabilities | 1,042,982 | 1,153,886 | -9.5% | | Total liabilities | 4,837,246 | 5,266,808 | -8.2% | | Net assets | 1,451,923 | 1,239,131 | +17.2% | | Total equity | 1,451,923 | 1,239,131 | +17.2% | Notes to the Interim Condensed Consolidated Financial Statements [1. Company Information](index=6&type=section&id=1.%20Company%20Information) Pearl River Petroleum, Natural Gas Steel Pipe Holdings Limited, registered in the Cayman Islands, primarily engages in welded steel pipe manufacturing and sales, related services, and property development and investment, with Bournam Profits Limited as its holding company - The Company's principal activities are the manufacture and sale of welded steel pipes and provision of related manufacturing services, as well as property development and investment, with no significant change in the nature of business[9](index=9&type=chunk) - The holding company and ultimate holding company is Bournam Profits Limited, incorporated in the British Virgin Islands[9](index=9&type=chunk) [2. Basis of Preparation](index=6&type=section&id=2.%20Basis%20of%20Preparation) Financial statements are prepared in RMB under IAS 34; despite net current liabilities, the Board believes the Group can continue as a going concern based on active financing negotiations, new loan acquisitions, and improved operating cash flow measures - As of June 30, 2025, the Group recorded **net current liabilities of approximately RMB 307,185,000**[11](index=11&type=chunk) - The Group has obtained **new loans of RMB 13,500,000** and renewed existing loans of RMB 69,800,000, and is negotiating to renew existing loans of RMB 526,944,000 due within one year[12](index=12&type=chunk) - The Group is implementing cost control measures and expects positive cash flows from its steel pipe business and property sales to support its going concern[13](index=13&type=chunk) [3. Changes in Accounting Policies and Disclosures](index=8&type=section&id=3.%20Changes%20in%20Accounting%20Policies%20and%20Disclosures) The revised IAS 21 'Lack of Exchangeability' was first adopted this period, but it had no material impact on the interim condensed consolidated financial information as all Group transaction currencies are exchangeable - The revised International Accounting Standard 21 "Lack of Exchangeability" was adopted for the first time, but it had **no impact on the financial information**[14](index=14&type=chunk)[15](index=15&type=chunk) [4. Operating Segment Information](index=8&type=section&id=4.%20Operating%20Segment%20Information) The Group operates in two reportable segments: Steel Pipe Business and Property Development and Investment; in H1 2025, the steel pipe segment accounted for 90.9% of revenue, while property development and investment revenue significantly grew to 9.1%, with steel pipe revenue primarily from overseas and property revenue entirely from domestic sources - The Group has two reportable operating segments: **Steel Pipe Business** (manufacturing and sale of welded steel pipes and related services) and **Property Development and Investment** (development of properties for sale and property investment)[20](index=20&type=chunk) 2025 H1 Revenue and Results by Segment | Segment | 2025 H1 Revenue (RMB thousands) | 2024 H1 Revenue (RMB thousands) | 2025 H1 Results (RMB thousands) | 2024 H1 Results (RMB thousands) | | :--- | :--- | :--- | :--- | :--- | | Steel Pipe | 1,262,474 | 1,637,661 | 164,616 | 129,885 | | Property Development and Investment | 126,709 | 480 | (6,278) | (35,491) | | **Total** | **1,389,183** | **1,638,141** | **158,338** | **94,394** | 2025 H1 Revenue by Product and Service | Product/Service | 2025 H1 (RMB thousands) | 2024 H1 (RMB thousands) | | :--- | :--- | :--- | | Manufacture and sale of steel pipes | 1,174,101 | 1,538,881 | | Steel pipe manufacturing services | 44,875 | 40,252 | | Others | 43,498 | 58,528 | | Sale of properties | 126,709 | 480 | | **Total** | **1,389,183** | **1,638,141** | 2025 H1 Revenue by Geographical Region | Region | 2025 H1 (RMB thousands) | 2024 H1 (RMB thousands) | | :--- | :--- | :--- | | Mainland China | 417,781 | 342,145 | | Africa | 550,955 | 947,460 | | Other Asian Countries | 157,647 | 221,845 | | Middle East | 241,608 | 73,037 | | Europe | — | 2,345 | | South America | 21,192 | 8,303 | | North America | — | 43,006 | | **Total** | **1,389,183** | **1,638,141** | 2025 H1 Major Customer Revenue Contribution | Customer | 2025 H1 (RMB thousands) | 2024 H1 (RMB thousands) | | :--- | :--- | :--- | | Customer A | 548,336 | 874,528 | | Customer B | N/A* | 191,981 | * Customer B's revenue contribution did not exceed 10% of the Group's total revenue in H1 2025. [5. Revenue, Other Income and Gains](index=13&type=section&id=5.%20Revenue%2C%20Other%20Income%20and%20Gains) Total revenue decreased by 15.2% year-on-year in H1 2025, with steel pipe business revenue declining but property sales revenue increasing from zero to RMB 126,229 thousand; other income and gains surged by 332.8%, mainly due to gains from disposal of a subsidiary and write-off of fixed-rate bonds and notes 2025 H1 Revenue, Other Income and Gains Analysis | Item | 2025 H1 (RMB thousands) | 2024 H1 (RMB thousands) | | :--- | :--- | :--- | | Revenue from contracts with customers | 1,388,703 | 1,637,661 | | Revenue from lease contracts | 480 | 480 | | **Total Revenue** | **1,389,183** | **1,638,141** | | Bank interest income | 94 | 77 | | Government subsidies from China | 20,849 | 13,577 | | Gain on disposal of property, plant and equipment | 1,160 | — | | Write-off of principal portion of fixed-rate bonds and notes | 6,451 | — | | Write-off of interest portion of fixed-rate bonds and notes | 13,760 | — | | Gain on disposal of a subsidiary | 78,665 | — | | Others | 14,776 | 17,716 | | **Total Other Income and Gains** | **135,755** | **31,370** | - In H1 2025, the disposal of a subsidiary with **net liabilities of approximately RMB 78,365,000** resulted in a **gain on disposal of approximately RMB 78,665,000**[28](index=28&type=chunk) - The Group entered into a settlement deed with noteholders, fully redeeming the settlement amount and writing off the principal and interest portions of fixed-rate bonds and notes[28](index=28&type=chunk) - Revenue from steel pipe sales is recognized when control of the goods is transferred; property sales revenue is recognized when the buyer obtains physical possession of the completed property; manufacturing service revenue is recognized using the input method based on the stage of completion of the contract[33](index=33&type=chunk)[34](index=34&type=chunk)[35](index=35&type=chunk) [6. Other Expenses, Net](index=17&type=section&id=6.%20Other%20Expenses%2C%20Net) Other expenses, net, significantly decreased by 92.7% to RMB 6,067 thousand in H1 2025, primarily due to a large write-off and impairment of receivables in the comparative period of 2024 2025 H1 Other Expenses, Net | Item | 2025 H1 (RMB thousands) | 2024 H1 (RMB thousands) | | :--- | :--- | :--- | | Compensation | 1,892 | 3,022 | | Loss on deregistration of subsidiaries | — | 4,056 | | Write-off of other receivables | — | 46,341 | | Provision for claims arising from litigation | — | 2,020 | | Write-off of property, plant and equipment | — | 88 | | Impairment of other receivables | — | 27,593 | | Others | 4,175 | 310 | | **Total** | **6,067** | **83,430** | [7. Finance Costs](index=17&type=section&id=7.%20Finance%20Costs) Finance costs decreased by 6.1% year-on-year to RMB 54,586 thousand in H1 2025, mainly due to a reduction in the average borrowing balance 2025 H1 Finance Costs Analysis | Item | 2025 H1 (RMB thousands) | 2024 H1 (RMB thousands) | | :--- | :--- | :--- | | Interest on bank and other borrowings (including bonds and notes) | 54,447 | 57,563 | | Interest on discounted bills | 119 | 510 | | Interest on lease liabilities | 20 | 49 | | **Total Interest Expense** | **54,586** | **58,122** | [8. Profit Before Tax](index=18&type=section&id=8.%20Profit%20Before%20Tax) Profit before tax increased by 102.1% year-on-year to RMB 175,133 thousand in H1 2025, primarily influenced by increased other income and gains and a significant rise in research and development costs 2025 H1 Profit Before Tax Adjustments | Item | 2025 H1 (RMB thousands) | 2024 H1 (RMB thousands) | | :--- | :--- | :--- | | Cost of inventories sold | 966,752 | 1,250,491 | | Cost of services provided | 59,915 | 80,374 | | Cost of properties sold | 107,128 | — | | Depreciation of property, plant and equipment | 32,441 | 35,688 | | Depreciation of right-of-use assets | 7,585 | 7,956 | | Gain on disposal of property, plant and equipment | (1,160) | — | | Research and development costs | 62,484 | 16,173 | - Research and development costs significantly increased from **RMB 16,173 thousand in H1 2024 to RMB 62,484 thousand in H1 2025**, representing a **286.3% increase**[38](index=38&type=chunk) [9. Income Tax](index=18&type=section&id=9.%20Income%20Tax) Income tax expense of RMB 3,386 thousand was recorded in H1 2025, compared to an income tax credit of RMB 42,851 thousand in H1 2024, mainly due to tax provisions for profits of certain subsidiaries in the current period - Subsidiaries operating in Mainland China are subject to a **25% tax rate**, a **15% tax rate for high-tech enterprises**, and preferential tax policies for small and micro enterprises[39](index=39&type=chunk) 2025 H1 Income Tax Expense / (Credit) | Item | 2025 H1 (RMB thousands) | 2024 H1 (RMB thousands) | | :--- | :--- | :--- | | China corporate income tax expense for the period | 14,152 | 21,031 | | Under / (over) provision for China corporate income tax in prior periods | 466 | (63,882) | | Deferred tax | (11,232) | — | | **Total Tax Expense / (Credit) for the Period** | **3,386** | **(42,851)** | [10. Interim Dividend](index=19&type=section&id=10.%20Interim%20Dividend) The Board does not recommend the payment of an interim dividend for H1 2025, consistent with H1 2024 - The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025 (H1 2024: nil)[41](index=41&type=chunk) [11. Earnings Per Share Attributable to Owners of the Company](index=19&type=section&id=11.%20Earnings%20Per%20Share%20Attributable%20to%20Owners%20of%20the%20Company) Basic earnings per share for H1 2025 was RMB 0.17, higher than RMB 0.13 in H1 2024, with no potential dilutive ordinary shares 2025 H1 Earnings Per Share | Indicator | 2025 H1 | 2024 H1 | | :--- | :--- | :--- | | Basic and diluted earnings per share attributable to owners of the Company | RMB 0.17 | RMB 0.13 | | Weighted average number of ordinary shares in issue | 1,011,142,000 shares | 1,011,142,000 shares | - The Group had no potential dilutive ordinary shares in issue for the six months ended June 30, 2025 and 2024[43](index=43&type=chunk) [12. Property, Plant and Equipment](index=19&type=section&id=12.%20Property%2C%20Plant%20and%20Equipment) As of June 30, 2025, the net book value of property, plant and equipment slightly decreased to RMB 1,808,510 thousand, with approximately RMB 651,620 thousand pledged Changes in Book Value of Property, Plant and Equipment | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | At beginning of period/year | 1,830,141 | 1,839,427 | | Additions | 10,976 | 62,333 | | Disposals | (166) | (1,683) | | Depreciation | (32,441) | (65,142) | | Write-off | — | (4,794) | | At end of period/year | 1,808,510 | 1,830,141 | - The Group's property, plant and equipment with a **net book value of approximately RMB 651,620,000** (December 31, 2024: RMB 662,261,000) were pledged as collateral for the Group's bank and other borrowings[44](index=44&type=chunk) [13. Investment Properties](index=19&type=section&id=13.%20Investment%20Properties) As of June 30, 2025, the book value of investment properties remained at RMB 355,000 thousand, with no fair value adjustment losses Book Value of Investment Properties | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Book value at beginning of period/year | 355,000 | 360,000 | | Net loss from fair value adjustment | — | (5,000) | | Book value at end of period/year | 355,000 | 355,000 | [14. Inventories](index=20&type=section&id=14.%20Inventories) As of June 30, 2025, total inventories significantly decreased by 53.6% to RMB 378,520 thousand, primarily due to reductions in raw materials and work-in-progress Inventory Composition | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Raw materials | 45,007 | 231,617 | | Work-in-progress | 44,477 | 379,594 | | Finished goods | 302,697 | 218,763 | | Less: Provision for slow-moving and obsolete inventories | (13,661) | (13,661) | | **Total** | **378,520** | **816,313** | [15. Trade and Bills Receivables](index=20&type=section&id=15.%20Trade%20and%20Bills%20Receivables) As of June 30, 2025, total trade and bills receivables increased by 36.9% to RMB 508,992 thousand, with the highest proportion aged within 60 days Trade and Bills Receivables | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Net trade receivables | 500,303 | 352,918 | | Bills receivables | 8,689 | 18,813 | | **Total** | **508,992** | **371,731** | Ageing Analysis of Trade Receivables | Ageing | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Within 60 days | 340,460 | 189,852 | | 61 to 90 days | 17,067 | 15,399 | | 91 to 180 days | 19,745 | 48,738 | | 181 to 365 days | 35,547 | 17,383 | | 1 to 2 years | 47,921 | 40,080 | | 2 to 3 years | 39,563 | 41,466 | | **Total** | **500,303** | **352,918** | - The Group generally grants credit periods of **30 to 90 days** to customers, while new customers are usually required to make advance payments[47](index=47&type=chunk) [16. Trade and Bills Payables](index=21&type=section&id=16.%20Trade%20and%20Bills%20Payables) As of June 30, 2025, total trade and bills payables slightly decreased by 3.5% to RMB 1,025,751 thousand, with a significant reduction in the proportion aged within 90 days Ageing Analysis of Trade and Bills Payables | Ageing | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Trade payables (within 90 days) | 276,776 | 601,752 | | Trade payables (91 to 180 days) | 149,412 | 48,251 | | Trade payables (181 to 365 days) | 222,221 | 114,183 | | Trade payables (1 to 2 years) | 63,299 | 45,581 | | Trade payables (2 to 3 years) | 64,401 | 16,282 | | Trade payables (over 3 years) | 118,482 | 127,756 | | Bills payables | 131,160 | 109,561 | | **Total** | **1,025,751** | **1,063,366** | - Trade payables are non-interest bearing and generally payable within one year, with all bills payables due within 365 days[49](index=49&type=chunk) [17. Fixed Rate Bonds and Notes](index=22&type=section&id=17.%20Fixed%20Rate%20Bonds%20and%20Notes) As of June 30, 2025, the Group fully redeemed all fixed-rate bonds and notes, including the 2020 Notes and 2022 Bonds B, resulting in zero liability for this item Fixed Rate Bonds and Notes (Current Portion) | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | 2020 Notes | — | 54,636 | | 2022 Bonds B | — | 1,852 | | **Total** | **—** | **56,488** | - The Company has **fully redeemed the 2020 Notes**, and the noteholders have surrendered all notes, releasing the Company from all obligations[51](index=51&type=chunk) - The Company has **fully redeemed the 2022 Bonds B**[52](index=52&type=chunk) [18. Interest-Bearing Bank and Other Borrowings](index=23&type=section&id=18.%20Interest-Bearing%20Bank%20and%20Other%20Borrowings) As of June 30, 2025, total interest-bearing bank and other borrowings decreased to RMB 1,697,390 thousand, with approximately 56% repayable within one year. Multiple assets were pledged as collateral for these borrowings Interest-Bearing Bank and Other Borrowings (Current and Non-Current) | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Total current borrowings | 953,154 | 967,281 | | Total non-current borrowings | 744,236 | 841,164 | | **Total** | **1,697,390** | **1,808,445** | Borrowing Repayment Schedule Analysis | Term | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Within one year | 953,154 | 967,281 | | In the second year | 628,236 | 723,164 | | In the third to fifth year | 116,000 | 12,000 | | Over five years | — | 106,000 | | **Total** | **1,697,390** | **1,808,445** | - Certain bank and other borrowings of the Group are secured by property, plant and equipment with a **net book value of approximately RMB 651,620,000**, leasehold land with a **net book value of approximately RMB 458,076,000**, and completed properties held for sale with a **net book value of approximately RMB 956,564,000**[56](index=56&type=chunk) Management Discussion and Analysis [Financial Review](index=26&type=section&id=Financial%20Review) In H1 2025, the Group's revenue decreased by 15.2% year-on-year, mainly due to fewer steel pipe project deliveries; however, profit attributable to owners of the Company significantly increased by 32.6%, driven by a substantial rise in other income and gains (disposal of a subsidiary and bond write-off) and a reduction in other expenses, net 2025 H1 Overall Financial Performance | Indicator | 2025 H1 (RMB) | 2024 H1 (RMB) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 1,389,200,000 | 1,638,100,000 | -15.2% | | Profit attributable to ordinary equity holders of the Company | 171,700,000 | 129,500,000 | +32.6% | | Earnings per share | 0.17 | 0.13 | +30.8% | - The decrease in revenue was due to the completion of steel pipe deliveries for a large crude oil pipeline project in East Africa during the period[59](index=59&type=chunk) 2025 H1 Revenue by Business Segment | Segment | 2025 H1 Revenue (RMB thousands) | % of Total | 2024 H1 Revenue (RMB thousands) | % of Total | | :--- | :--- | :--- | :--- | :--- | | Steel Pipe | 1,262,474 | 90.9% | 1,637,661 | 100.0% | | Property Development and Investment | 126,709 | 9.1% | 480 | 0.0% | | **Total** | **1,389,183** | **100.0%** | **1,638,141** | **100.0%** | - Domestic sales of steel pipes accounted for approximately **23.1%** of total steel pipe revenue (H1 2024: 20.9%), while overseas sales accounted for approximately **76.9%** (H1 2024: 79.1%)[61](index=61&type=chunk) - Gross profit from the steel pipe business was approximately **RMB 235,800,000**, a **23.1% year-on-year decrease**, with an overall gross profit margin of approximately **18.7%**, similar to H1 2024[67](index=67&type=chunk) - Revenue from property development and investment was approximately **RMB 126,200,000**, compared to zero in H1 2024, mainly from property sales of Jincheng Phase II[69](index=69&type=chunk) - Other income and gains were approximately **RMB 135,800,000**, a **332.8% year-on-year increase**, primarily due to the gain on disposal of a subsidiary and the write-off of principal and interest portions of fixed-rate bonds and notes[71](index=71&type=chunk) - Administrative expenses were approximately **RMB 139,300,000**, a **43.8% year-on-year increase**, mainly due to higher research and development expenses[71](index=71&type=chunk) - Other expenses were approximately **RMB 6,100,000**, a **92.7% year-on-year decrease**, mainly due to reduced write-offs and impairment of other receivables[71](index=71&type=chunk) [Business Review](index=30&type=section&id=Business%20Review) The steel pipe business remains the Group's core, with approximately 202,000 tons of new orders received and 215,000 tons delivered in H1 2025; in property development, sales revenue from Jincheng Phase II began to be recognized, and rental income remained stable - The steel pipe business is the Group's core business, being one of China's largest manufacturers of longitudinally submerged arc welded pipes, with products widely used in large-scale onshore and offshore oil and gas pipeline projects and infrastructure projects[73](index=73&type=chunk)[77](index=77&type=chunk) - During the period, approximately **202,000 tons of new steel pipe orders** were received, and approximately **215,000 tons of welded steel pipes** were delivered[74](index=74&type=chunk) - The property development project, Jincheng Fortune Plaza, is a large-scale integrated commercial complex comprising offices, shops, apartments, and villas, with sales revenue from **Jincheng Phase II beginning to be recognized in 2022**[75](index=75&type=chunk)[76](index=76&type=chunk) [Future Plans and Prospects](index=31&type=section&id=Future%20Plans%20and%20Prospects) Facing global energy market uncertainties, the Group anticipates challenges in the oil and gas industry in 2025, yet China's focus on energy security, clean energy development, and the '14th Five-Year Plan' oil and gas pipeline construction targets present opportunities, with plans to expand insulation pipe business and diversify steel pipe applications to enlarge market share - The ongoing Russia-Ukraine conflict, tensions in the Middle East, global disinflation, a sluggish European economy, slowing US economic growth, and RMB depreciation pose challenges to the Group's international trade[78](index=78&type=chunk) - China's "14th Five-Year Plan" for a modern energy system targets a national oil and gas pipeline network scale of approximately **210,000 kilometers by 2025**, with pipeline transportation expected to remain in a stable growth period for the next 10 to 20 years, focusing on natural gas pipeline construction[80](index=80&type=chunk) - The establishment of China Oil & Gas Piping Network Corporation and the "National One Network" strategy have a positive impact on the Group as a qualified supplier[81](index=81&type=chunk) - China's natural gas consumption continues to grow, and the total mileage of long-distance natural gas pipelines is increasing, presenting opportunities for the Group as a natural gas welded pipe manufacturer[82](index=82&type=chunk) - The Group plans to actively expand its **insulation pipe business** and aims to broaden its customer base and market share by participating in more global oil and gas engineering projects and providing diversified steel pipe products for infrastructure and high-end construction engineering fields such as bridges, wind power, offshore platforms, and water pipes[83](index=83&type=chunk)[84](index=84&type=chunk) [Employees](index=35&type=section&id=Employees) As of June 30, 2025, the Group had 862 full-time employees and offers competitive compensation and benefits to retain talent - As of June 30, 2025, the Group had **862 full-time employees** (December 31, 2024: 858 employees)[85](index=85&type=chunk) - The Group offers a competitive remuneration package, including salaries, medical insurance, discretionary bonuses, and other benefits, to retain employees[85](index=85&type=chunk) [Foreign Exchange Risk](index=35&type=section&id=Foreign%20Exchange%20Risk) Most of the Group's business transactions are settled in RMB, while export sales are primarily denominated in USD; no formal hedging policy was adopted during the period - Most of the Group's business transactions are settled in **RMB**, while export sales are primarily denominated in **USD**[86](index=86&type=chunk) - No formal hedging policy or foreign currency instruments were adopted for hedging purposes during the period[86](index=86&type=chunk) [Interim Dividend](index=35&type=section&id=Interim%20Dividend) The Board does not recommend the payment of an interim dividend for H1 2025 - The Board does not recommend the payment of any interim dividend for the six months ended June 30, 2025 (H1 2024: nil)[87](index=87&type=chunk) [Liquidity, Financial Resources and Pledged Assets](index=35&type=section&id=Liquidity%2C%20Financial%20Resources%20and%20Pledged%20Assets) As of June 30, 2025, the Group's cash and bank balances were RMB 44,600 thousand, with a current ratio of 0.92; total borrowings decreased to RMB 1,697,400 thousand, with 56% repayable within one year, and various assets (including property, plant and equipment, leasehold land, and completed properties held for sale) were pledged Liquidity and Financial Ratios | Indicator | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Cash and bank balances | 44,600 | 53,300 | | Current ratio | 0.92 | 0.90 | | Total borrowings | 1,697,400 | 1,865,000 | | Gearing ratio | 27.0% | 28.7% | - As of June 30, 2025, the Group provided guarantees of **RMB 15,200,000** to property buyers for mortgage financing[88](index=88&type=chunk) - The Group's bank and other borrowings are secured by certain property, plant and equipment with a **total net book value of RMB 651,600,000**, leasehold land with a **total net book value of RMB 458,100,000**, and completed properties held for sale with a **total net book value of RMB 956,600,000**[90](index=90&type=chunk) - As of June 30, 2025, approximately **56% of total borrowings** are repayable within one year, and approximately **44%** are repayable after one year[92](index=92&type=chunk) Other Information [Major Investments, Material Acquisitions and Disposals of Subsidiaries, Associates and Joint Ventures](index=37&type=section&id=Major%20Investments%2C%20Material%20Acquisitions%20and%20Disposals%20of%20Subsidiaries%2C%20Associates%20and%20Joint%20Ventures) During the period, the Group had no other major investments, material acquisitions, or disposals of subsidiaries, associates, and joint ventures - During the period, the Group had **no other major investments, material acquisitions, or disposals** of subsidiaries, associates, and joint ventures[93](index=93&type=chunk) [Events After the Reporting Period](index=37&type=section&id=Events%20After%20the%20Reporting%20Period) As of the announcement date, there were no significant events after the reporting period that would materially affect the Group's operations and financial performance - As of the date of this announcement, there were **no significant events after June 30, 2025**, that could materially affect the Group's operations and financial performance[94](index=94&type=chunk) [Corporate Governance](index=37&type=section&id=Corporate%20Governance) The Group complied with all code provisions of the Corporate Governance Code during the reporting period, and the Board believes the structure where the Chairman and Executive Director, Mr. Chen Chang, also handles company leadership and operational duties does not impair the balance of power - The Company has complied with **all code provisions of the Corporate Governance Code** as set out in Appendix C1 to the Listing Rules throughout the six months ended June 30, 2025[95](index=95&type=chunk) - The Chairman and Executive Director, Mr. Chen Chang, also performs the roles of company leadership and operational duties, and the Board believes this structure provides strong and consistent leadership for the Group, facilitating effective planning and execution of business decisions and strategies[96](index=96&type=chunk) [Compliance with the Model Code for Securities Transactions](index=37&type=section&id=Compliance%20with%20the%20Model%20Code%20for%20Securities%20Transactions) All Directors confirmed compliance with the Model Code for Securities Transactions by Directors of Listed Issuers throughout the reporting period - Following specific enquiries made to all Directors, all Directors confirmed that they have complied with the **Model Code for Securities Transactions by Directors of Listed Issuers** as set out in Appendix C3 to the Listing Rules throughout the six months ended June 30, 2025[97](index=97&type=chunk) [Purchase, Redemption or Sale of the Company's Listed Securities](index=38&type=section&id=Purchase%2C%20Redemption%20or%20Sale%20of%20the%20Company%27s%20Listed%20Securities) During the period, neither the Company nor its subsidiaries purchased, redeemed, or sold any of the Company's listed securities - During the six months ended June 30, 2025, **neither the Company nor any of its subsidiaries purchased, redeemed, or sold any of the Company's listed securities**[98](index=98&type=chunk) [Audit Committee](index=38&type=section&id=Audit%20Committee) The Audit Committee reviewed the Group's unaudited condensed consolidated interim results for H1 2025 and discussed the adequacy and effectiveness of accounting principles, internal controls, risk management, and financial reporting systems - The Audit Committee has reviewed the Group's **unaudited condensed consolidated interim results** for the six months ended June 30, 2025[99](index=99&type=chunk) - The Audit Committee, together with the Company's management, reviewed the accounting principles and practices adopted by the Group and discussed and reviewed the adequacy and effectiveness of the Group's internal control system, risk management function, and financial reporting system[99](index=99&type=chunk) [Publication of Interim Results Announcement](index=38&type=section&id=Publication%20of%20Interim%20Results%20Announcement) This interim results announcement is available on the HKEX and Company websites, and the interim report containing all required information will be dispatched to shareholders and published in due course - This interim results announcement is available on the **HKEX website (http://www.hkexnews.hk)** and the **Company's website (http://www.pck.com.cn)**[100](index=100&type=chunk)

格隆汇8月19日丨珠江钢管(01938.HK)公布，董事会将于2025年8月29日(星期五)召开会议，会议目的其 中包括但不限于考虑及批准刊发公司及其附属公司截至2025年6月30日止六个月的未经审核中期业绩和 考虑及批准宣派中期股息之建议(如有)。 ...

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，並明確表示概不就因本公佈全部或任何部份內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 承董事會命 珠江石油天然氣鋼管控股有限公司 主席 陳昌 中國廣東省，二零二五年八月十九日 於本公佈日期，董事會由兩位執行董事，即陳昌先生及陳兆年女士；及三位獨立非執行董事，即陳平先 生、歐陽廣華先生及詹建宙先生組成。 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) 董事會會議通告 珠江石油天然氣鋼管控股有限公司（「本公司」）之董事（「董事」）會（「董事會」）謹此公佈， 董事會將於二零二五年八月二十九日（星期五）召開會議，會議目的其中包括但不限於考慮及 批准刊發本公司及其附屬公司截至二零二五年六月三十日止六個月之未經審核中期業績和考慮 及批准宣派中期股息之建議（如有）。 ...

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) NOTIFICATION LETTER 通知信函 Dear Non-registered Shareholder(1), 12 August 2025 Chu Kong Petroleum and Natural Gas Steel Pipe Holdings Limited (the "Company") — Notification of publication of Circular and Notice of EGM ("Current Corporate Communications") on the Company's website The Current Corporate Communications in both English and Chines ...

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) NOTIFICATION LETTER 通知信函 Dear Registered Shareholder, 12 August 2025 Chu Kong Petroleum and Natural Gas Steel Pipe Holdings Limited (the "Company") — Notification of publication of Circular, Notice of EGM and Proxy Form ("Current Corporate Communications") The English and Chinese versions of the Company's Current Corporate Communications ...

為珠江石油天然氣鋼管控股有限公司（「本公司」）股本中每股面值0.10港元的普通股（「股份」） 股 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） 適用於二零二五年九月五日（星期五）舉行的股東特別大會的代表委任表格 本人╱吾等 （附註1） 地址為 日期：二零二五年 月 日 簽名 （附註5） 附註： 收集個人資料聲明 閣下是自願提供 閣下及 閣下委任代表的姓名及地址，以用於處理就本公司大會有關 閣下委任代表的任命及投票指示（「該等用途」）。我們 可能向為本公司提供行政、電腦及其他服務以用於該等用途的代理人、承辦商或第三方服務供應商，以及其他獲法例授權而要求取得有關資料 的人士或其他與上述所列出的該等用途有關以及需要接收有關資料之人士提供 閣下及 閣下委任代表的姓名及地址。 閣下所提供 閣下 及 閣下委任代表的姓名及地址將於履行上述該等用途所需的期間內保留。有關存取及╱或更正相關個人資料的要求可按照《個人資料（私隱）條 例》提出，而有關要求均須以書面 ...

（於開曼群島註冊成立的有限公司） （股份代號：1938） 股東特別大會通告 茲通告珠江石油天然氣鋼管控股有限公司（「本公司」）將於二零二五年九月五日（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樓舉行股東特別大會，以考 慮並酌情處理下列事務： 考慮並酌情通過以下決議案為本公司一項普通決議案： 動議： 承董事會命 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 中國廣東省，二零二五年八月十二日 – 1 – (a) 在 遵 守 公 司 法 的 前 提 下，削 減 本 公 司 股 份 溢 價 賬 的 進 賬 金 額 約 人 民 幣 767,097,000元，並將該削減產生的進賬用作抵銷本公司於二零二四年十二月三 十一日的累計虧損（「股份溢價削減」）；及 (b) 謹此一般授權任何董事代表本公 ...

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。 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。 香港交易及結算所有限公司及香港聯合交易所有限公司對本通函的內容概不負責，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函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） 建議股份溢價削減及 股東特別大會通告 珠江石油天然氣鋼管控股有限公司謹訂於二零二五年九月五日（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樓舉行股東特別大會，大會通告載於本通函第EGM-1至 EGM-2頁。 ...

FF301 本月底法定/註冊股本總額： HKD 1,000,000,000 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 珠江石油天然氣鋼管控股有限公司 (於開曼群島註冊成立之有限公司) 呈交日期: 2025年8月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01938 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | HKD | | 0.1 HKD | | 1,000,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 10,000,000, ...