Core Viewpoint - China Lesso (02128) experienced a stock price increase of over 5%, reaching HKD 5.08, with a trading volume of HKD 45.78 million, following the release of its mid-year results for 2025, which showed a revenue decline but a slight increase in net profit [1] Financial Performance - The company reported a revenue of RMB 12.475 billion for the first half of 2025, a year-on-year decrease of 8.03% [1] - Shareholder profit attributable to the company was RMB 1.046 billion, reflecting a year-on-year increase of 0.27% [1] - The performance exceeded the expectations of Huatai Securities, which had previously anticipated a profit of RMB 884 million, primarily due to better-than-expected debt restructuring and reduced financial expenses [1] Product Performance - The plastic pipe system business generated revenue of RMB 10.856 billion, a slight decline of 3.2%, accounting for 87% of total revenue [1] - The overall product sales volume increased by 3.9% year-on-year [1] - Sales and revenue for PVC products were 891,430 tons and RMB 6.023 billion, respectively, while non-PVC products accounted for 357,963 tons and RMB 4.833 billion [1] - The average selling price of the plastic pipe system decreased to RMB 8,689 per ton, with a maintained gross margin of 29.4% [1] Market Outlook - Huatai Securities anticipates that the company's market share will continue to increase despite the industry downturn, maintaining a "buy" rating on the stock [1]

Group 1 - The company continues to adhere to the development philosophy of "deepening the pipe industry, leveraging green energy, and achieving mutual benefits" while focusing on quality, technology, and customer satisfaction as its operational guidelines [1] - The company has achieved a revenue of RMB 10.856 billion from its plastic pipeline system business in the first half of 2025, a slight decrease from RMB 11.219 billion in the same period of 2024 [1] - The company is committed to green manufacturing and has implemented smart manufacturing technologies, utilizing AI, 5G, and IoT to enhance production efficiency and product performance [1] Group 2 - The company is actively expanding its international strategy, focusing on Southeast Asia, North America, and now entering the African market, with new production bases established in Tanzania and Ethiopia [2] - The company aims to enhance its brand presence and local development in overseas markets, contributing to the establishment of a green building materials supply chain [2] - Looking ahead to the second half of 2025, the company plans to continue its steady development strategy, focusing on product innovation and brand penetration to increase revenue and profitability [2]

中国联塑(02128)发布截至2025年6月30日止六个月中期业绩，收入124.75亿元(人民币，下同)，同比减 少8.03%;股东应占溢利10.46亿元，同比增加0.27%;每股基本盈利0.34元。 ...

Core Viewpoint - China Lesso (02128.HK) reported a resilient performance in the first half of 2025, with a revenue of RMB 12.475 billion and a net profit of RMB 1.046 billion, reflecting effective cost control and operational improvements [1][2][3] Financial Performance - The overall revenue for the first half of 2025 was RMB 12.475 billion, with a gross profit of RMB 3.514 billion, resulting in a gross margin of 28.2% [1] - The profit before tax was RMB 2.467 billion, maintaining a net profit margin of 7.5% [1] - The net profit attributable to shareholders was RMB 1.046 billion, a slight increase of 0.27% year-on-year, with basic earnings per share at RMB 0.34 [1] Operational Highlights - The second quarter of 2025 saw significant improvements in sales and operations, particularly in May and June, attributed to flexible strategies and favorable policy impacts [1][2] - The number of independent exclusive distributors increased to 3,061 by June 30, 2025, compared to 2,891 in the first half of 2024 [1] - The South China market remained the primary revenue source, accounting for 46.3% of total revenue, up from 44.7% in the first half of 2024 [1] Strategic Focus - The company emphasized its resilience and flexibility in operations, focusing on core pipeline industries, enhancing product quality, and actively expanding market presence [2]

Core Viewpoint - China Liansu (02128) announced the termination of its share incentive plan due to the expectation of not granting shares before the plan's expiration and to reduce administrative costs [1] Summary by Relevant Sections - **Incentive Plan Status** - No shares have been granted under the incentive plan since its adoption [1] - The board has decided to terminate the plan effective August 31, 2025 [1] - **Impact of Termination** - The termination will not affect any existing rights of selected participants as there are currently no selected participants [1] - The board believes that the termination will not have any significant adverse impact on the company and is in the best interest of the company and its shareholders [1]

中國聯塑集團控股有限公司 4． 委員會委員代理 1． 組成 1.1 委員會於 2010 年 5 月 14 日是根據本公司董事會(「董事會」) 舉行的會議上所通過的決議成立的。 2． 成員 3． 委員會的議事程式 3.1 會議通知： (「本公司」) 2.1 委員會成員須由董事會從董事會成員中委任，委員會最少由 3 名成員組成，至少有一名不同性別的成員，當中大部份成員須 為本公司獨立非執行董事。 2.2 委員會主席須由董事會委任，及須為董事會主席或本公司獨立 非執行董事。 2.3 委員會秘書須由董事會委任。 2.4 委員會成員或秘書的委任可經董事會及委員會分別通過決議撤 回，而委員會也可經董事會及委員會分別通過決議委任額外成 員。 提名委員會(「委員會」)職權範圍 (a) 除非經委員會全體成員（口頭或書面）同意，否則委員會的 會議通知期，不應少於七天。 (b) 委員會成員以及委員會秘書（應委員的請求）可于任何時候 召集委員會會議。召開會議的通告必須親身以口頭或以書面 形式、或按照委員會成員不時通知秘書的電話或傳真號碼或 郵寄地址或電郵地址以電話、電子郵件或傳真方式，或其他 委員會成員不時議定的方式發出予各委員。 ...

（股份代號：2128） 終止股份獎勵計劃 茲提述中國聯塑集團控股有限公司（「本公司」）日期為2018年8月28日的公告（「該 公告」），內容有關採納本公司的股份獎勵計劃（「該計劃」）。除文義另有所界 定外，本公告所用詞彙與該公告所界定者具有相同涵義。 自採納該計劃日期起及直至本公告日期止，並無根據該計劃授出股份。鑒於本公 司預期不會於該計劃屆滿前根據該計劃進一步授出獎勵，且為降行政管理成本， 董事會已議決自2025年8月31日起終止該計劃（「終止」）。 根據該計劃規則，該計劃將於獎勵期結束或董事會決定的提前終止日期（以較早 者為準）終止，但該終止不得影響任何選定參與人的任何現有權利。由於尚未有 選定參與人，董事會認為，終止將不會影響任何選定參與人的任何存續權利，不 會對本公司產生任何重大不利影響，且符合本公司及其股東的整體最佳利益。 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。 於本公告日期，根據該計劃以信託形式持有22,991,000股股份會根據信 ...

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） 簡明綜合損益及其他全面收益表 截至2025年6月30日止六個月 截至2025年6月30日止六個月 中期業績公告 董事會欣然宣佈本集團截至2025年6月30日止六個月的綜合財務業績。 摘要 與截至2024年6月30日止六個月的財務業績相比： – 1 – ‧ 收入減少8.0%至人民幣124.75億元 ‧ 毛利減少5.7%至人民幣35.14億元 ‧ 期內溢利減少8.0%至人民幣9.35億元 ‧ 每股基本盈利維持在人民幣0.34元 ‧ 董事會已議決不宣派截至2025年6月30日止六個月之中期股息 | | | 截至6月30日止六個月 | | | --- | --- | --- | --- | | | | 2025 ...

Investment Rating - The report maintains a positive outlook on the building materials sector, highlighting potential opportunities in both "grouping" and "switching" strategies within the industry [2][11]. Core Insights - The building materials market is experiencing a shift in focus, with technology stocks gaining momentum while the building materials sector presents viable options for investment [2]. - The report emphasizes the importance of monitoring production capacity and quality improvements in key segments such as electronic fabrics and Q fabrics, which are expected to see increased demand due to advancements in AI and PCB technologies [3][4]. - The report identifies a growing confidence in infrastructure projects in regions like Xinjiang and Tibet, driven by government investments and the necessity of transportation infrastructure [11][12]. - The consumer building materials segment is showing signs of recovery, with expectations of improved revenue performance as the market stabilizes [24][25]. Summary by Sections Grouping in Building Materials - The electronic fabric sector is expected to maintain its performance, with leading companies like Zhongcai Technology reporting strong sales and production growth [3]. - The AI industry's production expectations are advancing, with key suppliers anticipating increased output of Q fabrics by the end of the year [4]. - The report highlights the importance of monitoring the production capacity and quality of Q fabrics, which will determine the actual supply capabilities of companies [4]. Switching in Building Materials - Infrastructure projects in Xinjiang and Tibet are gaining traction, with significant government backing and a strong demand for cement due to the region's unique geographical advantages [11][12]. - The consumer building materials sector is entering a recovery phase, with sales and construction data indicating a bottoming out of the market [13][14]. - The report notes that the cement industry is poised for potential growth, driven by policy improvements and governance enhancements [15][29]. Cement Industry - The cement sector is entering a peak season, but market performance remains subdued due to high comparative bases from the previous year [29][30]. - The report emphasizes the importance of policy measures to limit overproduction in the cement industry, which could enhance profitability [30][33]. - Companies like Conch Cement and Huaxin Cement are highlighted for their strong cash flow and potential for shareholder returns [34][38]. Glass Industry - The float glass market is experiencing price stabilization, with environmental regulations expected to impact production costs [40][41]. - The report indicates that the glass industry is facing cash flow challenges, with many companies operating at a loss [42]. - Companies like Xinyi Glass are expected to maintain competitive positions despite market pressures, with a focus on improving operational efficiency [43]. Photovoltaic Glass - The photovoltaic glass segment is seeing a decline in inventory levels, with prices remaining stable amid increased demand from downstream component manufacturers [48]. - The report notes that while domestic prices are under pressure, overseas markets are performing better, which could benefit leading companies in the sector [49]. Fiberglass - The fiberglass market is characterized by a divergence in production and sales, with electronic fabrics maintaining a favorable outlook [50].

格隆汇8月19日丨中国联塑(02128.HK)宣布，将于2025年8月29日(星期五)举行董事会会议，预期将于会 上决定是否宣派、建议或支付股息(如有)以及藉以批准刊发截至2025年6月30日止六个月未经审核中期 业绩的公告。 ...