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10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: 中國聯塑集團控股有限公司 呈交日期: 2025年10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 | 本月底法定/註冊股本總額： H ...

Core Viewpoint - The stock price of China Liansu (2128.HK) surged over 8% following the announcement of the "14th Five-Year Plan," which includes plans to construct and renovate over 700,000 kilometers of underground pipelines, generating an investment demand exceeding 5 trillion yuan [1][3]. Group 1: Policy-Driven Growth Opportunities - China Liansu's business matrix centered on plastic pipelines is closely linked to the policy signals released by the "14th Five-Year Plan," indicating a clear growth logic driven by policy [4]. - The plan emphasizes regional coordinated development, new urbanization, and land-sea coordination, which will enhance the construction of underground pipelines as a critical component of infrastructure [5]. - The focus on new urbanization provides a long-term development blueprint for the plastic pipeline industry, ensuring a clear growth path for leading companies like China Liansu [5][6]. Group 2: Competitive Advantages and Valuation Support - The "14th Five-Year Plan" has solidified market confidence in China's long-term economic resilience, directing investment towards sectors with policy certainty and industry trends [8]. - China Liansu's competitive moat is built on its production capacity, supply chain advantages, technology and standard-setting capabilities, and product diversification, which will sustain its leading position in the industry [10][11][12]. - The company has over 30 production bases across 19 provinces and overseas markets, leveraging digital technologies to enhance manufacturing efficiency and quality [10]. - With a core R&D team of over 1,000 and nearly 3,500 patents, China Liansu is a key standard-setter in the plastic pipeline industry, allowing it to avoid low-end competition and meet high-quality product demands [11]. - The company's diverse product offerings cover various applications, enabling it to mitigate cyclical fluctuations and capitalize on synergistic effects during favorable market conditions [12][13]. - In the first half of the year, China Liansu achieved a gross margin of 28.2%, with a net profit margin of 7.5%, reflecting its strong cost control and stable profitability in the industry [14].

Core Viewpoint - China Lesso (2128.HK), a leading company in the pipe industry, experienced a significant stock price increase, rising by 9.78% to HKD 4.94, outperforming the market with a year-to-date gain of over 51% compared to the Hang Seng Index's 30% increase [1] Group 1: Company Performance - The stock price of China Lesso broke through the 5-day, 10-day, 20-day, 30-day, and 60-day moving averages in a single day [1] - The company has effectively controlled financial costs while adjusting its overall debt structure, exceeding expectations in the first half of the year [1] Group 2: Market Opportunities - The National Development and Reform Commission announced plans to construct and renovate over 700,000 kilometers of underground pipelines during the 14th Five-Year Plan, with an expected investment demand exceeding CNY 5 trillion [1] - Citigroup indicated that if the company continues to dispose of assets to reduce its net debt ratio and if any infrastructure stimulus plans are launched in the mainland, the stock could rebound significantly [1] - Huatai Securities expects the company's market share to further increase, maintaining a "buy" rating and raising the target price from HKD 5.89 to HKD 6.35 [1]

Group 1 - China Lesso (02128.HK) saw a significant increase in stock price, rising over 6% [1] - As of the report, the stock price reached 4.8 HKD, marking a 6.67% increase [1] - The trading volume amounted to 32.3691 million HKD [1]

Core Viewpoint - China Liansu (02128) saw a significant increase of over 6%, currently trading at 4.8 HKD with a transaction volume of 32.37 million HKD, driven by favorable government policies regarding infrastructure investment [1] Group 1: Government Policy Impact - The Central Committee of the Communist Party of China held a press conference on October 24 to discuss the spirit of the Fourth Plenary Session of the 20th Central Committee, highlighting plans for extensive underground pipeline network construction and renovation exceeding 700,000 kilometers during the 14th Five-Year Plan period [1] - The National Development and Reform Commission's Secretary and Director, Zheng Zhanjie, indicated that the new investment demand for this initiative would exceed 5 trillion CNY [1] Group 2: Market Opportunities - Huatai Securities previously reported that the pipeline renovation segment is expected to stimulate demand for municipal plastic pipes, which aligns with the steady growth in first industry investment over the past two years [1] - China Liansu's involvement in the agricultural plastic pipe sector has shown positive results, and given the company's high market share in the engineering sector, it is anticipated that the company will fully benefit from these developments [1]

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 ...