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: 2026年3月31日 狀態: 新提交 致：香港交易及結算所有限公司 足夠公眾持股量的確認(註4) 公司名稱: 中國聯塑集團控股有限公司 呈交日期: 2026年3月31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) | 02128 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 20,000,000,000 | HKD | | 0.05 HKD | | 1,000,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | 本月底結存 | | | 20,000,000,000 | HKD | | 0.05 HKD | | 1,000,000,000 | 本月 ...

（ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） （股份代號：2128） 建議修訂經修訂及 重整組織章程大綱及細則 本公告乃由中國聯塑集團控股有限公司（「本公司」）根據香港聯合交易所有限 公司證券上市規則（「上市規則」）第13.51(1)條就建議修訂本公司現有經修訂及 重整組織章程大綱及細則（「現有組織章程大綱及細則」）而作出。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因 依賴該等內容而引致的任何損失承擔任何責任。 CHINA LESSO GROUP HOLDINGS LIMITED 中 國 聯 塑 集 團 控 股 有 限 公 司 黃聯禧 香港，2026年3月30日 於本公告日期，執行董事為黃聯禧先生、左滿倫先生、左笑萍女士、賴志強先生、孔兆聰先 生、陳國南先生、羅建峰先生、宋科明博士及黃展雄先生；及獨立非執行董事為陶志剛博士、 鄭迪舜先生、呂建東女士、洪瑞江博士及李穎嬋女士。 本公司董事（「董事」）會（「董事會」）建議對現有組織章程大綱及細則作出若干 修訂（「建議修訂」），以 ...

本公告乃根據香港聯合交易所有限公司證券上市規則（「上市規則」）第13.18條 而作出。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示概不對因本公告全部或任何部分內容而產生或因 依賴該等內容而引致的任何損失承擔任何責任。 CHINA LESSO GROUP HOLDINGS LIMITED 中 國 聯 塑 集 團 控 股 有 限 公 司 （ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） （股份代號：2128） 根據上市規則第13.18條作出的公告 主席 黃聯禧 香港，2026年3月30日 中國聯塑集團控股有限公司（「本公司」，連同其附屬公司統稱為「本集團」）之 董事會（「董事會」）謹此知會其股東（「股東」），於2026年3月30日（交易時段後）， 本公司（作為擔保人）及其全資附屬公司中國聯塑財務有限公司（作為借款人）（「借 款人」）與（其中包括）5名貸款人以及2名獲授權牽頭安排人兼賬簿管理人訂立 一項融資協議（「融資協議」），內容有關金額相當於165,000,000美元的定期貸款 及循環信貸融資（其後可增至最多相當於200 ...

EF001 | 發行人所發行上市權證/可轉換債券的相關信息 | | | --- | --- | | 發行人所發行上市權證/可轉換債券 | 不適用 | | 其他信息 | | | 其他信息 | 不適用 | | 發行人董事 | | | 於本公告日期，本公司執行董事為黃聯禧先生、左滿倫先生、左笑萍女士、賴志強先生、孔兆聰先生、陳國南先生、羅建峰先生、 | 宋科明博士及黃展雄先生；及本公司獨立非執行董事為陶志剛博士、鄭迪舜先生、呂建東女士、洪瑞江博士及李穎嬋女士。 | 第 2 頁 共 2 頁 v 1.1.1 EF001 免責聲明 | 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因 公告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。 | | | --- | --- | | 股票發行人現金股息公告 | | | 發行人名稱 | 中國聯塑集團控股有限公司 | | 股份代號 | 02128 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 截至2025年12月31日止年度 ...

Financial Performance - Revenue decreased by 10.0% to RMB 24.314 billion compared to the previous year[4] - Gross profit decreased by 8.4% to RMB 6.683 billion[4] - Net profit for the year decreased by 26.5% to RMB 1.204 billion[4] - Basic earnings per share were RMB 0.41, a decrease of 25.5%[4] - Total revenue for the company reached RMB 24,314,932 thousand, a decrease from RMB 27,026,490 thousand in the previous year, representing a decline of approximately 10.1%[19] - Net profit attributable to shareholders decreased by 25.1% to RMB 1.262 billion, compared to RMB 1.684 billion in 2024[73] - The net profit margin for 2025 was 5.0%, down from 6.1% in 2024[73] Dividends - Proposed final dividend of HKD 0.20 per share for the year ended December 31, 2025[4] - The total dividend for 2025 is expected to be HKD 0.20 per share, maintaining the same as 2024, with a payout ratio of 44.4% of the profit attributable to shareholders for the year ending December 31, 2025, compared to 34.1% in 2024[110] - The record date for the proposed final dividend is June 12, 2026, with the shares being registered from June 10 to June 12, 2026[112] Assets and Liabilities - Total assets less current liabilities amounted to RMB 38.089 billion[8] - Current liabilities decreased to RMB 19.257 billion from RMB 21.582 billion[8] - Non-current liabilities increased to RMB 12.929 billion from RMB 12.332 billion[8] - Cash and bank deposits stood at RMB 6.516 billion[7] - The company recorded a net current liability of RMB 50.711 million[9] - The group’s total assets amounted to RMB 57,346,701,000, with segment assets in South China at RMB 24,015,570,000, outside South China at RMB 7,615,218,000, and overseas at RMB 11,360,936,000[16] - The total equity of the group increased to RMB 25.16 billion, with current assets and current liabilities at RMB 19.207 billion and RMB 19.257 billion, respectively[95] Revenue Segmentation - The group reported total revenue of RMB 24,314,932,000, with external customer revenue from South China at RMB 11,053,538,000, from outside South China at RMB 10,925,784,000, and from overseas at RMB 2,335,610,000[15] - Revenue from building materials and home improvement products was RMB 22,584,276 thousand, down from RMB 24,765,280 thousand, indicating a decrease of about 8.8%[19] - Revenue from new energy products and services increased significantly to RMB 461,098 thousand, compared to RMB 223,135 thousand, reflecting a growth of approximately 106.7%[19] - The group’s revenue from building materials and home products sales was RMB 22,584,276,000, with significant contributions from both South China and outside South China[15] - The group’s logistics and related services generated revenue of RMB 45,466,000, while financial services contributed RMB 6,971,000[15] - The group’s environmental engineering and related services revenue totaled RMB 327,502,000, with contributions from all geographic segments[15] Capital Expenditures - Capital expenditures for the year reached RMB 2,460,802,000, which includes RMB 42,373,000 related to business combinations[16] - Capital expenditures for the period totaled RMB 2,931,722 thousand, which includes RMB 53,951 thousand related to business combinations[18] - Capital expenditures during the reporting period amounted to approximately RMB 2.461 billion, primarily for the construction of overseas production bases and equipment acquisition[94] Operational Insights - The group operates in three reporting segments: manufacturing and sales of building materials, new energy products and services, and renovation and installation services[11] - The company aims to enhance its core business in plastic pipeline systems while accelerating overseas market expansion, particularly in Nigeria, Bangladesh, and Texas, USA[65] - The company plans to focus capital expenditures on its core pipeline business and increase R&D investments in high-value products such as special industrial pipes and high-end environmentally friendly pipes[65] - The group plans to increase the annual design capacity of plastic pipeline systems to 3.4 million tons by 2025, with a stable capacity utilization rate above 70%[80] Market and Economic Context - In 2025, China's GDP grew by 5.0%, surpassing 140 trillion RMB, with infrastructure investment in the pipeline transportation sector increasing by 36.0%[63] - The group anticipates that the investment in underground pipeline networks will create a market space of RMB 1.5 trillion to 2 trillion for the pipeline industry[86] Risk Management - The group is focused on enhancing risk management to address geopolitical risks, real estate adjustments, and customer credit risks[92] - The board believes the group can generate positive cash flow from operations, supporting ongoing business activities and investments[95] Employee and Operational Metrics - The group employed approximately 21,400 employees, with total employee costs amounting to RMB 2.286 billion during the reporting period[99] - The company has established over 50 production bases globally, with significant expansions in Southeast Asia, Africa, and Central Asia, including countries like Indonesia, Thailand, and Uzbekistan[62]

Core Insights - The report highlights that the rapid increase in costs is exceeding expectations, which is beneficial for leading companies in the building materials sector to pass on costs and gain market share [10][11] - The report suggests that the consumption building materials sector is seeing prices stabilize before volumes, indicating potential alpha opportunities in leading companies [25][26] Cost Increases and Market Dynamics - The Brent crude oil price has surged from $61 per barrel on January 1, 2026, to $117 per barrel by March 20, 2026, marking a 92% increase [10] - Key raw materials for waterproofing, coatings, and plastic pipes, which are by-products of oil processing, have seen significant price increases, with current prices compared to the beginning of the year showing increases of 16% for asphalt, 140% for acrylic, 21% for PPR, 26% for PVC, 31% for HDPE, and 32% for natural gas [10][11] - Leading companies are able to implement price increases more effectively due to their scale and cash flow advantages, which allows them to clear out smaller competitors [11][12] Consumption Building Materials - The consumption building materials sector is expected to see stable long-term demand, with an increasing concentration in the industry and significant growth potential for quality leading companies [25][26] - The report notes that the real estate sector is still in a downturn, but leading companies are showing resilience, with price increases in waterproofing and coatings becoming more widespread [25][26] Cement Market - The national cement market price has increased by 0.7% week-on-week, with the average price reaching 339 RMB per ton as of March 20, 2026 [25][26] - The report indicates that the cement industry is currently at a historical low in terms of valuation, suggesting potential for recovery [25][26] Glass Market - The report states that float glass prices are fluctuating, while photovoltaic glass transactions are stable [25][26] - The average price of float glass is reported at 1198 RMB per ton, with a year-on-year decrease of 8% [25][26] Fiberglass and Composite Materials - The fiberglass market is experiencing stable prices after recent increases, with electronic yarn prices also showing positive trends [25][26] - The report emphasizes the competitive advantage of leading companies in the fiberglass sector, such as China Jushi and Zhongcai Technology [27] Investment Recommendations - The report recommends focusing on leading companies such as Dongfang Yuhong, Sankeshu, China Liansu, and others for potential investment opportunities due to their strong market positions and ability to navigate cost pressures [12][25][26]

中國聯塑集團控股有限公司（「本公司」）董事會（「董事會」）謹此宣佈，將 於2026年3月30日（星期一）舉行董事會會議，預期將於會上決定是否宣派、建 議或支付股息（如有）以及藉以批准刊發截至2025年12月31日止年度經審核損益 的公告。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或 任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 CHINA LESSO GROUP HOLDINGS LIMITED 中國聯塑集團控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：2128） 董事會會議召開日期 於本公告日期，本公司執行董事為黃聯禧先生、左滿倫先生、左笑萍女士、賴志 強先生、孔兆聰先生、陳國南先生、羅建峰先生、宋科明博士及黃展雄先生；及 本公司獨立非執行董事為陶志剛博士、鄭迪舜先生、呂建東女士、洪瑞江博士及 李穎嬋女士。 承董事會命 中國聯塑集團控股有限公司 主席 黃聯禧 香港，2026 年 3 月 17 日 ...

Core Insights - The report highlights that the escalation of the US-Iran conflict has led to a surge in oil prices, which in turn has caused a price increase in various construction materials. Brent crude oil prices have risen by 64.6% since the beginning of the year, reaching $101 per barrel, the highest since the Russia-Ukraine conflict in 2022 [12][13] - The report suggests that the construction materials sector is experiencing a price recovery, with leading companies benefiting from improved pricing power and a consensus on price increases within the industry [13][14] Group 1: Impact of US-Iran Conflict - The US-Iran conflict has resulted in the temporary closure of the Strait of Hormuz, disrupting oil supply chains and causing significant price increases in raw materials such as natural gas (up 41%), asphalt (up 9.3%), and acrylic acid (up 134.8%) [12][13] - Leading companies in the construction materials sector are expected to have better pricing power due to rising raw material costs, which can enhance their profit margins [13][14] Group 2: Construction Materials Market Trends - The report indicates that the construction materials market is witnessing a price recovery, with companies like Sanhe Tree, Rabbit Baby, and Oriental Yuhong being highlighted as key players to watch [12][14] - The cement market has seen a slight decrease in prices, with a 0.3% drop reported recently. The average price of cement is currently 337 RMB per ton, which is down 1.00 RMB from the previous period [22][23] - The glass market is showing stable price trends, with float glass prices increasing by 1.4% recently, while photovoltaic glass trading remains steady [27][28] Group 3: Financial Performance and Valuation - The report provides a detailed financial analysis of key companies in the construction materials sector, indicating that many leading firms are expected to see improved earnings as market conditions stabilize [5][22] - The valuation of the construction materials sector is currently at historical lows, suggesting potential investment opportunities as the market begins to recover [22][23] Group 4: Consumer Construction Materials - The consumer construction materials segment is showing signs of recovery, with leading companies demonstrating resilience in their operations despite ongoing challenges in the real estate market [22][23] - The report notes that the long-term demand for consumer construction materials remains stable, supported by the renovation of existing properties and an increase in market concentration among leading firms [22][23]

Investment Rating - The report maintains a positive outlook on the building materials sector, emphasizing the potential for growth in specific segments such as waterproof materials and fiberglass [2][6][18]. Core Insights - The overall view on building materials is that EPS is becoming less correlated with real estate, but valuations are benefiting from low expectations in the real estate sector, leading to a focus on stocks with solid fundamentals [2][6]. - The report highlights that the consumption building materials sector is expected to see price stabilization due to policy expectations and raw material cost adjustments, with specific recommendations for companies like Oriental Yuhong and China Liansu [3][14]. - The fiberglass segment is entering a price increase cycle, driven by rising costs and demand, with companies like China Jushi and Zhongcai Technology being highlighted for their potential profitability [4][5][15]. Summary by Sections Consumption Building Materials - Policy expectations are stable, and raw material prices are expected to bottom out, benefiting companies in the waterproof, plastic pipeline, and gypsum board sectors [3][14]. - Recommended stocks include Oriental Yuhong, China Liansu, and Weixing New Materials, which are positioned well for growth [3][14]. Fiberglass - The fiberglass market is experiencing upward price pressure, with small manufacturers leading price increases, and larger companies expected to follow [5][15]. - The report notes that if price increases are successfully implemented, profitability for leading companies could improve significantly [5][7]. Cement - The cement industry is entering a phase where price increases are anticipated, with companies like Conch Cement and Huaxin Cement being highlighted for their growth potential [18][46]. - The report emphasizes the importance of overseas expansion for cement companies, particularly in light of stable exchange rates and improving profitability from international operations [24][27]. Glass - Leading companies in the glass sector, such as Xinyi Glass, are showing better-than-expected profitability, driven by structural optimization and increased overseas sales [10][12]. - The report suggests that the glass industry is at a valuation low point, with significant upside potential as demand stabilizes [16][17]. Investment Recommendations - The report recommends a focus on companies with independent growth or valuation advantages, particularly in the waterproof materials sector and traditional fiberglass products [34][38]. - Specific stock picks include China Jushi, Jiantao Laminated Board, and Zhongcai Technology, which are expected to benefit from price increases and market demand [9][22][39].

Investment Rating - The report maintains a positive outlook on the building materials sector, emphasizing the potential for growth in specific segments such as waterproof materials and fiberglass [2][6][34]. Core Insights - The overall sentiment for the building materials industry is that earnings per share (EPS) are becoming less correlated with real estate, but valuations are benefiting from low expectations in the real estate sector. The focus is on buying stocks with solid fundamentals and the potential for macroeconomic improvements [2][6]. - The report highlights that the consumption building materials sector is expected to see price stabilization due to policy expectations and raw material cost adjustments, with specific recommendations for companies like Oriental Yuhong and China Liansu [3][6]. - The fiberglass segment is entering a price increase cycle, driven by rising costs and demand, with companies like China Jushi and International Composites being highlighted as key players [4][5][6]. Summary by Sections Consumption Building Materials - Policy expectations are stable, and raw material prices are expected to bottom out, providing opportunities for price increases in consumer building materials [3]. - Recommended stocks include Oriental Yuhong, China Liansu, and Weixing New Materials, which are positioned well for growth [3][34]. Fiberglass - The fiberglass market is experiencing upward price pressure, with small manufacturers leading price increases. The report notes that if price increases are successfully implemented, major companies could see improved profitability [5][7]. - Key recommendations include China Jushi and International Composites, which are expected to benefit from these trends [15][22]. Cement - The cement industry is at a potential turning point, with expectations for price increases as the market stabilizes. Companies like Conch Cement and Huaxin Cement are highlighted for their growth potential, especially in overseas markets [18][46]. - The report emphasizes the importance of policy execution and governance improvements in driving future growth opportunities [43][45]. Glass - The glass sector, particularly companies like Xinyi Glass, is showing stronger-than-expected profitability at the bottom of the market cycle, driven by structural optimization and increased overseas sales [10][12]. - Recommendations include Xinyi Glass and Qibin Group, which are expected to benefit from product upgrades and market recovery [17][16]. Overall Market Outlook - The report suggests that the building materials industry is entering a phase of clearer fundamentals, with potential for macroeconomic improvements to enhance stock performance. The focus is on companies with independent growth drivers and strong dividend yields [23][25][35].