中國聯塑集團控股有限公司 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（「本公司」）董事會（「董事會」）謹此宣佈，將 於2025年8月29日（星期五）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6月30日止六個月未經審核中期 業績的公告。 承董事會命 中國聯塑集團控股有限公司 公司秘書 關志偉 香港，2025年8月19日 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。 （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 ...

Investment Rating - The report maintains a positive outlook on the building materials industry, particularly in AI materials and traditional building materials entering a price increase season [1][3]. Core Insights - The AI materials market continues to expand, driven by the anticipation of mass production in the AI industry chain, which is expected to boost demand for related products [2][3]. - The construction materials sector is showing signs of recovery, with consumption fundamentals expected to improve in the second half of 2025 [10][24]. - The cement industry is entering a peak season, with price increases already observed in the Yangtze River Delta region [30][33]. Summary by Sections AI Materials - The M9 production for switches is expected to ramp up ahead of schedule, with core Q fabric suppliers also increasing production capacity [2]. - The demand for low dielectric fabrics is anticipated to rise alongside the production of GB200 and GB300 cabinets [2][3]. - The overall production ramp-up is seen as a key support for market trends [2]. Cement Industry - The opening of major infrastructure projects in Xinjiang and Tibet is expected to enhance market confidence and drive demand for cement [8][30]. - The cement market has seen a slight price increase, with certain regions experiencing price hikes of 10-30 RMB per ton [33][34]. - The report highlights a potential supply reduction in the North China region due to planned production cuts for air quality improvement [32][33]. Building Materials - The report notes a significant policy shift in Beijing aimed at stimulating the real estate market, which is expected to positively impact consumption building materials [10][24]. - Companies in the consumption building materials sector are beginning to stabilize their earnings, with expectations of improved profitability in the coming quarters [25][26]. - The report emphasizes the importance of cost management and pricing strategies among leading companies in the sector [25][26]. Glass Industry - The float glass market is currently facing price pressures, with average prices declining [41][42]. - Environmental regulations are tightening, which may lead to increased costs for glass manufacturers [42][43]. - Companies like Xinyi Glass are expected to maintain competitive positions despite market challenges, with a focus on profitability in their automotive glass segment [44].

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7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8月1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： HKD ...

Group 1: Innovations in Pipeline Technology - The China Liansu Group showcased a composite pipe designed for water supply, featuring a three-layer structure that enhances safety and reduces weight, with a lifespan 2 to 3 times longer than traditional metal pipes [2] - The inner layer of the pipe is made from acid and heat-resistant materials, while the outer layer uses low-cost materials, allowing for customization to meet various strength requirements [2] Group 2: Advancements in Gas Transportation - Sinochem Group presented a compressed gas container that can transport various gases, achieving a 10% higher filling capacity and 6% lighter weight compared to similar equipment, enhancing safety and transportation efficiency [3] Group 3: Fire Safety in Battery Technology - A company introduced two new products aimed at thermal protection for batteries: a nanocomposite aerogel board and an expandable fireproof membrane, designed to meet the thermal safety needs of battery cells and cabinets [4] - The new aerogel board maintains superior thermal insulation at temperatures above 700°C, with monthly sales reaching tens of millions [4] Group 4: Eco-Friendly Fire Protection Solutions - The company developed a prefabricated fireproof material that can be easily applied to energy storage cabinets, reducing VOC emissions and improving quality control during installation [5] Group 5: Recycling Innovations - China Resources Chemical showcased products made from recycled PET using chemical methods, achieving up to 50% recycled content and significantly reducing carbon emissions [5][6] - The company plans to recycle 140 million plastic bottles in 2024, which will eliminate approximately 3,900 tons of CO2 emissions [5] Group 6: Sustainable Aluminum Production - Shandong Innovation Group demonstrated a closed-loop process for producing recycled aluminum, significantly reducing energy consumption to only 20% of that required for primary aluminum production [7]

Group 1 - The central urban work conference emphasizes the shift from large-scale incremental expansion to stock quality improvement and efficiency enhancement, indicating a sustained catalytic phase for urban renewal, particularly in pipeline renovation, which is expected to drive demand for municipal plastic pipes [1] - The scale of existing buildings is substantial, with 3.54 billion buildings and a total construction area of 128 billion square meters, leading to a natural increase in demand for renovation as urban development progresses [1] - The estimated renovation demand for existing buildings is around 2.4 billion square meters, with total investment in pipelines projected to be approximately 4 trillion yuan from 2025 to 2029 [1] Group 2 - The first industry fixed asset investment maintained a robust growth of 6.5% year-on-year in the first half of 2025, supported by high-standard farmland construction initiatives [2] - The subsidy for high-standard farmland is set to increase from 1,300 yuan per mu to 2,400 yuan per mu in 2024, which is expected to enhance agricultural investment [2] - The company has seen a continuous increase in revenue from agricultural pipes since entering the sector in 2021, effectively mitigating the decline in municipal demand [2] Group 3 - The company maintains EPS forecasts of 0.67, 0.74, and 0.82 yuan for 2025-2027, with an adjusted target price of 5.89 HKD, reflecting a 35% increase from the previous target [2] - The company’s revenue structure adjustment has significantly enhanced its ability to resist risks from declining demand in a single sector, leading to an upgraded PE ratio forecast [2]

Group 1 - The 2025 Fortune China 500 list was officially released on July 22, featuring 8 companies from Foshan, ranking third in Guangdong province after Shenzhen and Guangzhou [1] - The listed companies from Foshan include Midea Group (ranked 63rd), Country Garden Holdings (116th), Hongwang Holdings (280th), Country Garden Services (335th), Yingfeng Group (409th), Foshan Gas Group (427th), China Liansu Group (485th), and Foshan Haitian Flavoring & Food (487th) [1] - A total of 76 companies from Guangdong made the list, an increase of 3 from last year and 6 from the year before, with new entries from manufacturing firms like Desay SV Automotive, Haitian Flavoring, and Nasda [1] Group 2 - The total revenue of the 500 listed Chinese companies for 2024 reached $14.2 trillion, with a net profit of $756.4 billion, reflecting a growth of approximately 7% compared to the previous year [3] - In terms of GDP, China's total for 2024 is projected to be $18.75 trillion, with the combined revenue of the 500 companies accounting for about three-quarters of the national GDP [3] - The number of Guangdong companies on the list has increased, with notable rankings in the top 100, where companies like Ping An, Huawei, Tencent, BYD, Midea, GAC, SF Express, Guangzhou Industrial Control, and Shenzhen Investment Holdings occupy 12 positions, an increase of 1 from the previous year [3]

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of HKD 5.89, up from the previous target of HKD 4.36, representing a 35% increase [1][5]. Core Views - The report emphasizes that urban renewal is transitioning from large-scale expansion to improving existing stock, which is expected to catalyze demand for municipal plastic pipes due to infrastructure upgrades [1][2]. - The company is well-positioned to benefit from the growing demand in the agricultural plastic pipe sector, supported by stable growth in primary industry investments and high market share in engineering [1][4]. - The projected total investment in urban gas, water supply, and heating networks over the next five years is approximately CNY 4 trillion, indicating significant market opportunities [3]. Summary by Sections Urban Renewal and Market Potential - The central urban work conference highlighted urban renewal as a key strategy for enhancing quality and efficiency, with a substantial number of existing buildings (3.54 billion) and a total area of 128 billion square meters [2]. - The estimated demand for building renovations is around 2.4 billion square meters, with a stable upward trend expected [3]. Agricultural Investment and Demand Stability - First industry fixed asset investment grew by 6.5% year-on-year in the first half of 2025, indicating robust growth [4]. - The government aims to transform 4.55 million acres of farmland into high-standard farmland by 2035, with increased subsidy standards from CNY 1,300 to CNY 2,400 per acre [4]. Financial Projections and Valuation - The company’s EPS forecasts for 2025-2027 are CNY 0.67, CNY 0.74, and CNY 0.82 respectively, with a projected PE ratio of 8x for 2025 [5][10]. - Revenue is expected to grow from CNY 27,026 million in 2024 to CNY 33,404 million by 2027, reflecting a compound annual growth rate [10][19].

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]