信息来源：财富中文网、佛山新闻网等 从地域分布来看，上榜的在粤企业主要集聚在深圳和广州，其中深圳36家，广州21家，两座城市包揽了 上榜在粤企业前10名中的9个席位。唯一的例外是位于佛山的美的集团，以第63位的成绩，跻身在粤企 业第7名。 整合：南都N视频记者 王倩 7月22日，2025年《财富》中国500强排行榜正式公布。其中，佛山8家企业强势登榜，数量在广东省内 紧随深圳和广州之后。包括：美的集团股份有限公司（第63位）、碧桂园控股有限公司（第116位）、 宏旺控股集团有限公司（第280位）、碧桂园服务控股有限公司（第335位）、盈峰集团有限公司（第 409位）、佛燃能源集团股份有限公司（第427位）、中国联塑集团控股有限公司（第485位）、佛山市 海天调味食品股份有限公司（第487位）。 整体上看，上榜的在粤企业不仅数量有所增加，排名也普遍上升。尤其是在榜单前100名中，中国平 安、华为、腾讯、比亚迪、美的、广汽、顺丰、广州工控、深投控等在粤企业占据12席，比上一年新增 1家。 按照上榜的企业注册地统计，76家在粤企业上榜，较去年增加了3家，比前年多出了6家。包括德赛西 威、海天味业、纳思达股份等一批制 ...

证券研究报告 港股通 中国联塑 (2128 HK) 城市更新催化，高标农田拉动 | 华泰研究 | | | 更新报告 | 投资评级(维持): | 买入 | | --- | --- | --- | --- | --- | --- | | 2025 年 | 7 月 | 23 日│中国香港 | 其他建材 | 目标价(港币): | 5.89 | 据新华社，7 月 14-15 日，中央城市工作会议在北京举行，指出城市发展正 从大规模增量扩张转向存量提质增效为主。我们认为人口增长和城镇化率等 指标发展达到一定阶段后，增量建设将转向存量更新为主，城市更新有望迎 来持续催化阶段，我们认为其中的管网改造环节有望拉动市政塑管需求，叠 加近两年第一产业投资增速稳健，中国联塑介入农业用塑管领域成效显现， 考虑到公司工程端市占率较高，我们认为公司有望充分受益，我们上调其目 标价至 5.89 港元（前值 4.36 港元，上调幅度为 35%），维持"买入"。 城市更新为提质增效抓手，存量建筑物规模庞大 本次中央城市工作会议强调以城市更新为重要抓手，高质量开展城市更新， 稳步推进城中村改造和危旧房改造，我们认为城市更新有望在"十五五"期 间接 ...

Group 1 - The top three companies with the highest short positions are WuXi AppTec (22.57%), CATL (17.76%), and COSCO Shipping Holdings (14.27%) [1][2] - The companies with the largest absolute increase in short positions are Alibaba Health (4.45%), China Liansu (2.54%), and Hong Kong Travel (2.02%) [1][2] - The companies with the largest absolute decrease in short positions are Far East Horizon (-1.62%), ZhongAn Online (-1.55%), and Rongchang Biologics (-1.32%) [1][3] Group 2 - The latest short position data shows that WuXi AppTec has 87.35 million shares, CATL has 27.69 million shares, and COSCO Shipping Holdings has 411 million shares [2] - Alibaba Health's short position increased from 6.97% to 11.42%, while China Liansu's increased from 0.61% to 3.15% [2] - Far East Horizon's short position decreased from 4.43% to 2.82%, and ZhongAn Online's decreased from 7.43% to 5.88% [3][4]

Group 1: Industry Overview - The construction materials industry has seen a significant increase in attention since July 1, driven by unexpected changes on the supply side and a focus on demand upgrades for the end of 2024 [1][2] - The cement industry is experiencing a "de-involution" policy expectation, with a focus on limiting overproduction and improving regulatory oversight [2][10] - The demand side is shifting, with AI-related demand expected to accelerate, positively impacting various segments of the industry [3][27] Group 2: Consumer Building Materials - The consumer building materials sector is witnessing a rare price increase in the waterproofing industry, indicating a potential recovery in profitability [4][5] - Companies like Sanke Tree and Dongfang Yuhong are showing improved profitability through cost reduction and price increases, validating earlier industry reports [4][5] - The outlook for 2025 suggests that profitability recovery will outpace revenue growth, with expectations of reduced price competition and improved cost management [4][5] Group 3: Cement Industry - The cement industry is expected to see a recovery in profitability as supply-side adjustments take effect, with a focus on limiting production and improving cash flow [10][12] - Major companies like Conch Cement and Huaxin Cement are expected to maintain strong cash flow and dividend policies, indicating long-term investment value [11][16][17] - The industry's overall profitability is anticipated to improve as demand stabilizes and production constraints are implemented [12][15] Group 4: Glass Industry - The float glass market is experiencing price fluctuations due to supply-demand imbalances, with expectations of cash losses for many companies [19][20] - Companies like Xinyi Glass and Qibin Group are facing challenges but are expected to maintain stable profitability in their automotive glass segments [21][22] - The photovoltaic glass sector is entering a cash loss phase, prompting accelerated cold repairs and production adjustments [25][26] Group 5: Fiber Industry - The fiberglass sector is seeing stable demand for mainstream electronic yarns, with a focus on high-end products like low-dielectric cloth [27][28] - Companies like China Jushi are expanding production capacity overseas to mitigate trade risks and maintain growth [29][30] - The carbon fiber market is showing signs of recovery in wind power demand, with expectations of improved profitability in Q2 [32]

Core Viewpoint - The recent appointment of Huang Zhanxiong, son of the founders of China Liansu Group, as an executive director has drawn attention amid the company's declining profits from 2020 to 2024, raising questions about potential improvements in performance and the impact of his experience in the renewable energy storage sector [1][3][5] Group 1: Management Changes - On May 20, 2024, China Liansu announced the resignation of Lin Shaoquan as executive director and vice president to focus on sales development in North America [2] - Huang Zhanxiong, aged 35 and currently vice president, will take over as executive director for a three-year term starting May 20, 2025 [2] - Huang Zhanxiong has a background in finance and has been involved in logistics and overseas company management, as well as strategic planning for renewable energy storage [2][5] Group 2: Financial Performance - China Liansu's revenue for 2024 was 27.026 billion yuan, a decrease of 12.45% year-on-year, with a net profit of 1.684 billion yuan, down 28.89% [3][4] - The company's net profits from 2020 to 2024 showed a significant decline, from 3.751 billion yuan in 2020 to 1.684 billion yuan in 2024 [3] - In 2024, the gross profit was 7.293 billion yuan with a gross margin of 27.0%, compared to 8.121 billion yuan and 26.3% in 2023 [4] Group 3: Strategic Initiatives - China Liansu is actively seeking new growth avenues, including heavy investments in renewable energy and other sectors, although results from these initiatives have yet to materialize [4][5] - The company established Guangdong Liansu Banhai New Energy Technology Group Co., Ltd. in 2022 to enter the photovoltaic industry, but faced challenges such as overcapacity and supply-demand imbalance [5] - In 2024, revenue from the renewable energy sector was only 223 million yuan, accounting for 1.85% of total revenue, indicating limited impact from diversification efforts [4][5]

Summary of China Liansu Conference Call Company Overview - **Company**: China Liansu - **Industry**: Pipe manufacturing, focusing on municipal, agricultural, and industrial sectors Key Points Industry and Market Dynamics - **Impact of Real Estate**: The reduction in real estate projects has led to a decline in orders, affecting overall revenue. However, municipal business has improved due to better funding from local governments [2][3] - **Market Growth**: Despite a general decline in the PVC and home decoration sectors, China Liansu achieved single-digit sales growth by expanding into municipal, industrial, and agricultural pipeline markets [2][3] - **Future Projections**: The municipal pipeline market is expected to grow steadily by 10% to 15% over the next decade, driven by urban renewal and new construction projects [3][13] Financial Performance - **Sales Target**: The company aims for a 10% sales growth in 2025, with expectations of achieving this target in the first half of the year [6][7] - **Gross Margin**: The gross margin for PVC products is maintained at around 27%, with single-ton gross profit fluctuating based on market conditions [16][18] Product and Market Expansion - **Agricultural and Industrial Focus**: In agriculture, the company has implemented water-saving irrigation and hydroponic techniques, leading to significant growth. In the industrial sector, high-value hydrogen and oil pipeline systems have been developed [4][5] - **Overseas Expansion**: Plans to increase overseas sales by 30% by 2025, with new production bases established in Tanzania and additional factories planned in Africa, North America, the Middle East, and Southeast Asia [5][30] Distribution and Dealer Network - **Dealer Structure**: China Liansu has over 1,900 primary dealers, with strict management and sales plans. The majority of dealers are concentrated in Southern China, which holds about 40% market share [8][24] - **Sales Strategy**: The company offers commercial discounts and rebates to incentivize dealers, ensuring a strong focus on cash collection and receivables management [2][8] Competitive Landscape - **Market Competition**: The entry of diversified companies into the pipeline sector has not significantly disrupted the market, as technical barriers remain high. The company maintains a competitive edge through advanced technology and a strong product portfolio [9][10][17] - **Price Competition**: The market is experiencing price competition due to oversupply in upstream chemical materials, leading to lower prices for PVC and PPR products [13][18] Financial Health and Risk Management - **Debt Management**: As of the end of 2024, the company had interest-bearing debt of 188 billion yuan, with plans to reduce financial costs and improve debt structure [26] - **Asset Impairment**: The company anticipates similar impairment provisions in the 2025 semi-annual report as in 2024, with a focus on managing receivables and property values [25] Future Outlook - **Capital Expenditure**: The company plans to invest approximately 1.5 billion yuan annually in capital expenditures, with a significant portion allocated to overseas projects [27] - **Solar Energy Sector**: The solar energy segment is currently unprofitable due to overcapacity, with the company shifting focus to OEM production to manage inventory [28][29] Conclusion - **Overall Confidence**: Management expresses confidence in future growth, particularly in municipal and overseas markets, while continuing to strengthen dealer relationships and product offerings [7][30]

Group 1 - The core point of the article is the leadership transition at China Liansu, a leading domestic pipeline materials company, with Huang Zhanxiong taking over as executive director from Lin Shaoquan [2][3] - Lin Shaoquan resigned to focus on the company's sales development in North America, confirming no disagreements with the board [2] - Huang Zhanxiong, aged 35, has been with China Liansu since 2014 and is currently the vice president, responsible for logistics, overseas management, and strategic planning in the renewable energy storage sector [2] Group 2 - China Liansu reported a revenue of 27.026 billion yuan in 2024, a year-on-year decrease of 12.45%, with a net profit attributable to the parent company of 1.684 billion yuan, down 28.89% year-on-year [3] - The company has experienced a continuous decline in net profit from 2020 to 2024, with figures of 3.751 billion yuan, 3.044 billion yuan, 2.517 billion yuan, 2.368 billion yuan, and 1.684 billion yuan respectively [3] - China Liansu is actively seeking new growth avenues, including investments in renewable energy photovoltaics and marine aquaculture, while also exploring overseas business opportunities [3]

Core Viewpoint - The increasing emphasis on sustainable development and the expanding influence of ESG (Environmental, Social, and Governance) in the plastic pipe industry, with China Liansu's 2024 Sustainable Development Report highlighting its achievements and commitment to green transformation [1][2]. Group 1: ESG as a Key Focus - ESG is considered a "must-answer question" for the plastic pipe industry, with significant carbon emissions from the construction sector, making plastic pipes crucial for carbon reduction [2]. - The plastic pipe industry supports urbanization and rural revitalization, emphasizing its role in the national economy and the need for sustainable development [2]. - The industry is transitioning from rapid expansion to stable development, necessitating improved governance structures and innovation to enhance supply chain stability [2]. Group 2: China Liansu's Green Initiatives - In 2024, China Liansu generated 56.55 million kWh of solar power, saving approximately 39.89 million RMB in electricity costs, recycled 5.26 million tons of water, and recovered 160,389 tons of plastic [3]. - The company integrates ESG principles into product development, achieving certifications for multiple products, including 15 pipeline products recognized as green building materials [3]. - China Liansu is enhancing its market presence in environmental protection and technology development, with a waste acid resource utilization base processing 215,000 tons annually [3]. Group 3: Future Goals and Innovations - By 2025, China Liansu aims to reduce greenhouse gas emissions intensity by 3% compared to 2021, control hazardous waste generation to below 1.1 kg/ton, and manage total water consumption intensity below 1.60 tons/ton [4]. - The company has established a trend of innovation-driven growth, with significant technological advancements in various product lines, enhancing its market competitiveness [6]. - China Liansu is fostering a sustainable supply chain, recognized as a national-level green supply chain management enterprise, with a total of 22,751 suppliers [7]. Group 4: Societal Contributions and Internal Governance - The company contributes to national strategies, such as rural revitalization, by supporting agricultural projects, which enhances its market presence and demonstrates its product capabilities [7]. - China Liansu emphasizes employee welfare and governance, establishing performance evaluation systems to respect and motivate employees, aiming for mutual growth [7]. Group 5: Investment Potential - From a value investment perspective, China Liansu is recognized as a high-quality ESG target within the plastic pipe industry, attracting increased investor interest [8].

Financial Performance - Revenue for the year ended December 31, 2024, was RMB 27,026,490, a decrease of 12.4% compared to RMB 30,868,289 in 2023[7] - Gross profit for 2024 was RMB 7,293,298, down 10.2% from RMB 8,121,014 in the previous year[7] - Profit for the year decreased by 29.4% to RMB 1,638,017 from RMB 2,320,346 in 2023[7] - In 2024, China Lesso recorded revenue of RMB 27,026 million, a decrease of 12.1% compared to RMB 30,868 million in 2023[17] - Profit attributable to owners of the Company was RMB 1,684 million, down from RMB 2,368 million in the previous year, representing a decline of 29.0%[17] - China Lesso reported total revenue of RMB 27.026 billion and a profit attributable to shareholders of RMB 1.684 billion for the year ending December 31, 2024[21] - Basic earnings per share for 2024 were RMB 0.55, a decrease of 28.6% compared to RMB 0.77 in 2023[7] Assets and Liabilities - Total assets as of December 31, 2024, were RMB 58,329,059, a decline of 2.8% from RMB 60,031,270 in 2023[7] - Total debts decreased by 5.1% to RMB 19,645,705 from RMB 20,695,637 in 2023[7] - Non-current liabilities increased to RMB 12,332 million in 2024, up from RMB 11,207 million in 2023, reflecting a rise of 10.1%[1] - The Group's equity attributable to owners increased to RMB 23,844 million in 2024 from RMB 23,503 million in 2023, a growth of 1.4%[1] Dividends - Proposed final dividend per share remains at 20 HK cents, unchanged from the previous year[7] - The Board recommended a final dividend of HK 20 cents per share for the year ended 31 December 2024[17] - The board proposed a final dividend of HKD 0.20 per share to reward shareholders for their support and share in the performance results[21] Strategic Focus and Growth - The Group plans to focus on quality and innovation as key drivers for future growth, aiming to enhance its core products and increase market share[19] - China Lesso aims to expand its industrial footprint while maintaining a strong focus on the piping sector[19] - Despite external uncertainties, China Lesso is confident in achieving stable economic growth, leveraging its 38 years of development foundation[21] - The company aims to strengthen its core pipeline industry and optimize its product mix to increase market share[21] - China Lesso will accelerate smart manufacturing upgrades by leveraging advanced technologies such as AI and IoT to boost core competitiveness[20] - The management team is committed to continuous innovation and seizing overseas opportunities while improving management standards[23] - The company emphasizes sustainable development principles to drive industry transformation and contribute to a brighter future[23] Corporate Governance - The company is committed to maintaining high standards of corporate governance practices, which are essential for sustainable development and investor confidence[73] - The Board currently comprises 14 directors, including 9 executive directors and 5 independent non-executive directors, ensuring a balance of interests[79] - The chairman and chief executive roles are held by different individuals to effectively segregate management responsibilities[87] - All directors confirmed compliance with the Model Code governing securities transactions throughout the year, ensuring adherence to ethical standards[78] - The Company has established various Board Committees, including the Audit Committee, to delegate responsibilities and engage intermediaries for professional opinions[119] Risk Management - The Board is responsible for evaluating and determining the nature and extent of risks in achieving the Group's strategic objectives[173] - The existing risk management and internal control system is deemed sufficient, effective, and adequate by the Board[174] - The Audit Committee continuously monitors and annually reviews the effectiveness of the risk management and internal control system[176] - The Group has established a comprehensive risk management organization structure to manage encountered risks[177] - Material risks identified include macro-economic risks, inappropriate market strategies, raw material price fluctuations, environmental policy adjustments, cybersecurity risks, and climate change risks[198] Management Team Experience - The current executive directors have extensive experience in the plastic pipe industry, with key figures having over 25 years of experience each[27][28][31][32] - Mr. Kong Zhaocong has approximately 31 years of experience in the plastic pipe industry and is responsible for domestic sales[33] - Mr. Chen Guonan has around 35 years of experience in production management within the plastic pipe industry[36] - Dr. Lin Shaoquan has about 22 years of experience in overseas sales and is responsible for the Group's international market[37] - Mr. Luo Jianfeng has 32 years of accounting experience and has held various positions in accounting firms prior to joining the Group[40] - Dr. Song Keming is the chief engineer and president of the Research Institute, focusing on technical research and development[41] Audit and Compliance - The Company appointed Ernst & Young as the independent auditor for the interim results for the six months ended 30 June 2024 and the annual results for the year ended 31 December 2024[90] - The total fees paid to Ernst & Young for audit and non-audit services amounted to RMB 15.27 million, with RMB 9.96 million for annual audit services and RMB 2.00 million for interim results review[129] - The Audit Committee recommended the re-appointment of Ernst & Young as external auditors for the year ended December 31, 2023, based on their confirmation of independence[123] Diversity and Inclusion - The Company has 30% of its workforce as women, with 17.1% at the middle or above managerial level, reflecting a commitment to gender diversity[170] - The Board diversity policy considers various factors including gender, age, cultural background, and professional experience to enhance decision-making[161] - The Company ensures that all employees are treated equally regardless of gender, nationality, age, race, or religion, with impartial recruitment procedures[170]

Summary of Conference Call Transcript Industry Overview - The plastic pipeline industry is characterized by a fragmented market with over 300 companies, most of which are small-scale operations with production capacities below 10,000 tons [1] - The domestic market capacity is approximately 17 million tons, with a supply-demand imbalance expected to persist over the next five years [2] Company Insights - The company's total production capacity is around 3.3 million tons, with 90% located domestically across 26-28 provinces [3] - Plans for future capacity expansion include potential investments in Southeast Asia, Africa, and South America, with a focus on exporting initially due to logistical challenges [3][4] - The company has established sales networks in Africa and has hired over 50 local sales managers to enhance market penetration [4][6] Market Demand and Growth - The African market shows significant demand for pipeline products, as there are few established brands and infrastructure is underdeveloped [5] - The company aims to increase its overseas revenue from 3% to 10% over the next three years, diversifying into other sectors such as furniture sales and rental income [6] Financial Performance and Risk Management - The company has been managing asset impairments, particularly related to real estate investments, which have seen a significant decline in market value [7] - The risk from receivables has been mitigated, especially from private real estate clients, as most high-risk clients have already faced financial difficulties [8] Product Segmentation - The company has restructured its product categories, with approximately 40% of products now serving the agricultural sector, 30% for municipal use, and the remaining for industrial applications [9] - There is an optimistic outlook for growth in the agricultural and industrial segments despite declines in municipal and private sectors [10] Strategic Initiatives - The company is focusing on channel expansion through a "direct access" model to reach lower-tier distributors and enhance service delivery [11] - The direct access initiative has resulted in significant user growth on the platform, indicating a positive trend in order volume [11] Capital Expenditure and Financial Strategy - Planned capital expenditure for 2025 is estimated at 1.5 to 1.5 billion, primarily allocated to the plastic pipeline business [17] - The company maintains a conservative dividend policy, aiming to keep payouts around 30% to ensure sufficient operational liquidity [16] Cost Management - The company benefits from a centralized procurement strategy, achieving cost savings of 2-3% compared to competitors [17] Conclusion - The company is strategically positioned to capitalize on growth opportunities in emerging markets while managing risks associated with domestic operations and financial performance [18]