Core Viewpoint - China Lesso (02128) experienced a stock price increase of over 6%, reaching HKD 4.8 with a trading volume of HKD 32.3691 million, driven by positive market sentiment related to infrastructure investment plans announced by the government [1] Group 1: Company Performance - China Lesso's stock rose by 6.67% as of the latest report [1] - The company is expected to benefit from increased demand for municipal plastic pipes due to the government's plan to construct and renovate over 700,000 kilometers of underground pipelines during the 14th Five-Year Plan, with an additional investment requirement exceeding CNY 5 trillion [1] Group 2: Industry Outlook - The municipal plastic pipe demand is anticipated to be stimulated by the pipeline renovation segment, as highlighted in a report by Huatai Securities [1] - The stable growth in primary industry investment over the past two years is expected to further support the demand for agricultural plastic pipes, an area where China Lesso has shown effective engagement [1] - The company's high market share in the engineering sector positions it well to capitalize on these emerging opportunities [1]

Core Insights - The recent release of the "Top 100 Private Enterprises in Foshan" highlights the competitive landscape of private companies in the region, with Nanhai District surprisingly surpassing Shunde in the number of top enterprises, although Shunde still has more leading firms with higher brand recognition [1][2][6]. Group 1: Company Rankings - The top ten private enterprises in Foshan are led by Midea Group, with 2024 revenue and net profit reaching CNY 409.1 billion and CNY 38.5 billion respectively [1][2]. - The complete list of the top 100 private enterprises includes notable companies such as Country Garden Holdings, Hongwang Holdings, and Foshan Xinghai Copper Aluminum [2][3]. Group 2: Regional Distribution - The distribution of the top 100 private enterprises shows that Nanhai District has 40 companies, Shunde District has 37, Zhaoqing District has 14, Sanshui District has 7, and Gaoming District has 2 [1][2]. - Among the top ten enterprises, Shunde District accounts for 6, while Nanhai District has 3, and Sanshui District has 1 [1][2]. Group 3: Industry Distribution - The industry breakdown of the top ten private enterprises reveals that 6 are in manufacturing, 3 are in real estate, and 1 is in automotive services [1][2]. - The overall top 100 list reflects a diverse range of industries, indicating a robust private sector in Foshan [1][2]. Group 4: Tax Contribution Rankings - The "Top 30 Enterprises by Tax Contribution" includes Midea Group, Haitian Flavoring & Food, and Hisense Home Appliances, showcasing the significant economic impact of these companies [5][6]. - Among the top 30 contributors, 13 are located in Shunde District, 9 in Zhaoqing District, and 4 each in Nanhai and Sanshui Districts [6][7].

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9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國聯塑集團控股有限公司 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 | 本月底法定/註冊股本總額： HK ...

(Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立的有限公司） （Stock Code 股份代號：2128） N O T I F I C AT I O N L E T T E R 通 知 信 函 Dear non-registered shareholder(s) (Note) , China Lesso Group Holdings Limited (the "Company") – Notice of Publication of Interim Report 2025 (the "Current Corporate Communication") Yours faithfully, By order of the Board China Lesso Group Holdings Limited Kwan Chi Wai Samuel Company Secretary Note: This letter is addressed to non-registered shareholders ("Non-regist ...

（Stock Code 股份代號：2128） N O T I F I C AT I O N L E T T E R 通 知 信 函 Dear registered shareholder(s), 30 September 2025 China Lesso Group Holdings Limited (the "Company") – Notice of Publication of Interim Report 2025 (the "Current Corporate Communication") (Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立的有限公司） Note: Pursuant to Rule 1.01 of the Listing Rules, Actionable Corporate Communications are any corporate communications that seek instructions from issuer's securities holders on how ...

Financial Performance - For the six months ended June 30, 2025, revenue decreased by 8.0% to RMB 12,475,000 compared to RMB 13,563,523 for the same period in 2024[7]. - Gross profit for the same period was RMB 3,514,354, reflecting a decline of 5.7% from RMB 3,727,786 in 2024[7]. - Profit for the period was RMB 935,307, down 8.0% from RMB 1,016,596 in the previous year[7]. - The company reported a profit before tax of RMB 1,308,359, which is a 2.0% increase from RMB 1,283,304 in 2024[7]. - Profit attributable to owners of the Company was RMB 1,046 million, remaining stable compared to RMB 1,043 million in the first half of 2024[29]. - Total comprehensive income for the period attributable to owners of the Company was RMB 1,040,883, significantly up from RMB 394,373 in the previous year, representing a growth of 164.5%[138]. - Basic and diluted earnings per share remained stable at RMB 0.34 for both 2025 and 2024[138]. - The adjusted profit before tax for the Group was RMB 1,308,359, after excluding various income and expenses such as interest income and exchange losses[167]. Assets and Liabilities - Total assets decreased by 2.5% to RMB 56,897,790 from RMB 58,329,059[7]. - Cash and bank deposits fell by 25.7% to RMB 4,935,964 compared to RMB 6,642,551 at the end of 2024[7]. - The Group's total debts amounted to RMB 19,048 million, with a gearing ratio of 43.4%[60]. - The Group's total equity increased to RMB 24,793 million, with current assets of RMB 18,625 million and current liabilities of RMB 18,260 million, resulting in a current ratio of 1.02[61]. - The company's net assets rose to RMB 24,792,706,000, reflecting an increase from RMB 24,415,375,000[140]. - Total current liabilities decreased significantly by 15.38% to RMB 18,260,019,000 from RMB 21,581,685,000[139]. - Non-current liabilities increased by 12.24% to RMB 13,845,065,000 from RMB 12,331,999,000[140]. Revenue Breakdown - Revenue from Southern China accounted for 46.3% of total revenue, an increase from 44.7% in the first half of 2024[23]. - The plastic piping systems segment generated RMB 10,856 million, representing 87.0% of total revenue, although it declined by 3.2% from RMB 11,219 million in 2024[26]. - Revenue from the building materials and home improvement business was RMB 858 million, accounting for 6.9% of the Group's total revenue, down from RMB 1,080 million in 1H 2024[49]. - The Group's revenue from water supply applications increased by 4.1% to RMB 4,592 million, while drainage applications saw a decline of 8.3% to RMB 3,787 million[38]. - Revenue from the new energy business generated RMB 166 million, slightly up from RMB 157 million in 1H 2024[54]. - Revenue from logistics and other related services dropped sharply to RMB 20,719,000 from RMB 634,357,000, a decrease of 96.7%[179]. Operational Highlights - The Group actively expanded its overseas market presence through a light-asset model, contributing to long-term value and sustainable development[16]. - The management expressed confidence in industry recovery in the second half of 2025, supported by improved sales and operations in May and June[30]. - The Group's strategic focus on technological innovation and green manufacturing aligns with national policies promoting sustainable development[17]. - The Group continued to optimize its customer base structure, focusing on developing new customers with strong financial capabilities and actively participating in national projects[44]. - The Group's international strategy focuses on brand internationalization and localization, with Southeast Asia and North America as key development regions[45]. Corporate Governance and Compliance - The company is committed to high standards of corporate governance and business ethics, which are essential for sustainable development and investor confidence[92]. - The company has implemented a comprehensive risk management framework to enhance risk identification, control, and prevention capabilities[90]. - The Board reviews corporate governance practices regularly to meet shareholder expectations for continual improvement[93]. - The company has adopted the Model Code for securities transactions by directors, ensuring compliance throughout the reporting period[97]. Dividends and Shareholder Information - The Board has resolved not to declare an interim dividend for the six months ended 30 June 2025, consistent with the previous year where no interim dividend was declared[96]. - A final dividend of HK20 cents per share was paid on 9 July 2025 for the year ended 31 December 2024[96]. - As of June 30, 2025, the controlling shareholder holds approximately 69.06% of the issued share capital of the Company[120]. - Wong Luen Hei and Zuo Xiaoping collectively hold 2,144,793,000 shares, representing 69.13% of the company's issued capital[105]. Cash Flow and Financing Activities - Net cash flows used in operating activities for the six months ended June 30, 2025, were RMB (337,573), compared to RMB 623,059 in 2024, indicating a significant decline[144]. - New bank borrowings raised amounted to RMB 5,201,688 thousand, while repayment of bank and other loans was RMB (5,805,408) thousand, resulting in a net cash outflow from financing activities of RMB (1,030,679) thousand[145]. - The Company entered into a facility agreement for dual currency syndicated term loan and revolving credit facilities amounting to US$600 million, potentially increasing to US$800 million[125]. - The interest rates for the loans are HIBOR plus 1.44% per annum for Hong Kong Dollar loans and SOFR plus 1.51% per annum for US Dollar loans[125].

Investment Rating - The report maintains a positive outlook on the construction materials industry, indicating a recovery in the consumption segment and a price increase cycle for fiberglass products [1][5][7]. Core Insights - The construction materials sector is showing signs of recovery, with the fundamentals entering a positive phase, particularly in real estate sales and construction starts [1][20][21]. - A price increase cycle for fiberglass products is anticipated, driven by supply-demand dynamics and market conditions [2][6][7]. - The cement industry is entering a peak season with price increases observed in various regions, supported by policy measures aimed at limiting overproduction [4][27][28]. Summary by Sections Construction Materials - The consumption construction materials sector is stabilizing, with expectations of improved revenue performance starting in Q3 2025 due to lower revenue baselines and reduced price competition [1][20][21]. - Companies like Hanhigh Group and Sankeshu are already showing growth, with expectations for Dongfang Yuhong to follow suit [1][15]. Fiberglass - The fiberglass market is experiencing a price increase cycle, with major companies discussing price hikes for various products, including low dielectric fabrics [2][6]. - The supply-demand balance is shifting positively, with larger manufacturers maintaining good inventory control while smaller producers are adjusting prices upward [6][7]. Cement - The cement market is witnessing a slight price increase, with specific regions like Jiangsu and Anhui implementing price hikes [4][27]. - The report highlights the potential for growth in the cement sector due to policy support and overseas expansion opportunities [27][28]. Investment Recommendations - Companies such as China Jushi, Zhongcai Technology, and Feilihua are highlighted for their strong market positions and growth potential in the fiberglass and construction materials sectors [10][12][18]. - Huaxin Cement is noted for its overseas expansion and profitability, particularly from its Nigerian operations, which are expected to contribute significantly to future earnings [31][33].

Group 1 - The China Quality (Nanjing) Conference will be held from September 16 to 17, 2025, in Nanjing, Jiangsu Province, focusing on the theme "Quality: Empowering New Quality Productivity" [1] - The conference aims to share new trends and concepts in international quality development, exchange experiences in comprehensive quality management, and strengthen international quality cooperation [1] - Approximately 600 representatives will attend the conference, with one-third being foreign guests, including leaders from international organizations and relevant government departments [1] Group 2 - Guangdong Province has actively promoted quality initiatives, achieving significant results and leading the nation in quality work [2] - One enterprise from Guangdong has been included in the first batch of national quality strong country construction leading enterprise cultivation database, and nine projects have been incorporated into the national key quality strong chain projects [2] - Seven county-level cities in Guangdong have been selected for the 2025 National Quality Improvement Activities, with three cities designated as national quality strong county (district, town) innovation pilot projects [2]

Group 1 - The fifth China Quality Award was held in Nanjing, with Guangdong winning a total of 8 awards, an increase of 3 from the previous edition, accounting for 8.5% of the national total [1] - TCL Technology Group Co., Ltd. won the China Quality Award, while seven other companies received nomination awards, showcasing a diverse range of sectors including private enterprises, state-owned enterprises, and engineering organizations [1] - The award-winning organizations represent key industries in Guangdong, such as automotive, ultra-high-definition display, biomedicine, and emerging sectors like semiconductors and high-end equipment manufacturing, highlighting their role in supporting quality and economic development [1] Group 2 - TCL's quality management model has been implemented across over 2,000 enterprises within its ecosystem, indicating a strong commitment to quality improvement [2] - Guangdong's recognition as the top province for the number of China Quality Awards reflects its efforts to build a modern industrial system supported by advanced manufacturing [2] - The province has established nine trillion-yuan industrial clusters and has maintained the highest regional innovation capability in the country for eight consecutive years, emphasizing its focus on enhancing quality and value in its industrial framework [2]

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, but there are signs of recovery in sales volume for its core pipe products [1][2]. Financial Performance - The company achieved revenue of 12.475 billion, a year-on-year decrease of 8.0%, and a net profit of 935 million, also down 8.0% [1]. - The gross margin improved by 0.7 percentage points to 28.2%, attributed to a higher proportion of higher-margin pipe business [2]. - The company's net profit margin remained stable at 7.5% [2]. Sales and Volume Analysis - Sales volume for pipes increased by 3.90% year-on-year, with PVC and non-PVC pipes growing by 0.4% and 13.8%, respectively [1]. - The revenue decline in the core plastic pipeline business was limited to 3.24%, while the building materials and home furnishings segment saw a significant drop of 20.56% [1]. - Domestic sales in South China and other regions fell by 2.9% and 6.6%, while overseas business grew by 29.5% [1]. Cost Management and Future Outlook - The company reduced capital expenditures significantly to 970 million, down from 1.559 billion year-on-year, focusing on core business and overseas construction [3]. - The company is expected to stabilize revenue as the real estate market bottoms out and municipal improvements take effect [3]. - The projected net profit for 2025 is approximately 1.95 billion, corresponding to a PE ratio of 7.1, indicating potential for valuation recovery [3].