Group 1 - The "Annual Outstanding Overseas Award" recognizes companies that have achieved breakthrough accomplishments in global capital operations through forward-looking vision, innovative models, and excellent execution in the past year [1] - The awarded companies effectively allocate global resources and deeply integrate into the international industrial chain, enhancing the brand value, pricing power, and industry voice of Chinese enterprises in the global market [1] Group 2 - The "Golden Award" aims to create the most valuable reference list of listed companies and unicorns in the investment community, covering all listed companies on the Hong Kong Stock Exchange, Shanghai Stock Exchange, Shenzhen Stock Exchange, New York Stock Exchange, American Stock Exchange, and NASDAQ [2]

Core Insights - The "Annual Outstanding Overseas Award" recognizes companies that have achieved significant breakthroughs in global capital operations through innovative models and excellent execution in the past year [1][2] - The award aims to enhance the brand value, pricing power, and industry influence of Chinese enterprises in the global market [1] Group 1: Award Recipients - Ten companies received the "Annual Outstanding Overseas Award," including iQIYI (IQ.US), Cainiao, IGG (00799.HK), Aurora (JG.US), Leapmotor (09863.HK), Shengyi (06069.HK), Xuanwu Cloud (02392.HK), Yejv Medical (06929.HK), China Union Plastic (02128.HK), and Zhongwen Online (300364.SZ) [1] - The ranking of the award recipients is not in any particular order and is based on the first letter of the company names [1] Group 2: Selection Criteria - The selection for the "Golden Award" aims to create a reference value for listed companies and unicorns in the investment community [2] - The evaluation covers all listed companies and unicorns on major exchanges, including the Hong Kong Stock Exchange, Shanghai Stock Exchange, Shenzhen Stock Exchange, New York Stock Exchange, and NASDAQ [2]

Core Viewpoint - China Liansu (2128.HK) has been awarded the "Annual Outstanding Overseas Award" at the "Jingge Award" annual selection event, recognizing its successful transition from "product export" to "system export" in the context of Chinese manufacturing going global [1][3]. Group 1: Overseas Market Expansion - The award reflects China Liansu's impressive achievements in overseas market development, local operational excellence, and contributions to local employment and social responsibility [3]. - By 2025, China Liansu will have operational production bases in Tanzania, Ethiopia, Vietnam, the Philippines, Angola, and Uzbekistan, alongside existing facilities in the U.S., Indonesia, Malaysia, Thailand, and Cambodia, forming a global supply network [5]. - The company is strategically positioned to meet the growing infrastructure demands in regions like Southeast Asia, Africa, and Central Asia, where urbanization is accelerating [7]. Group 2: Financial Performance - In the first half of 2025, China Liansu's overseas revenue grew by 29.5% to 1.055 billion yuan, increasing its share of total revenue from 4.6% to 6.2%, indicating successful overseas expansion [10]. - The company’s overseas revenue is expected to continue growing, supported by its technological innovations and customized product solutions that create competitive advantages in the global market [11]. Group 3: Product and Technological Innovation - China Liansu offers a comprehensive range of over ten thousand high-quality products, including specialized pipeline products that meet stringent international standards [13]. - The company has adapted its products to local conditions, such as optimizing HDPE double-wall corrugated pipes for Indonesia's rainy and soft geological conditions, enhancing product quality [15]. - In Malaysia, the company has diversified its product offerings through local brands, aligning with mainstream market demands and enhancing its responsiveness to different market needs [16]. Group 4: Strategic Positioning - China Liansu's global capacity layout and local operational capabilities enable it to meet the robust infrastructure demands abroad while understanding regional characteristics and policies [8]. - The company’s approach serves as a valuable model for the transformation of Chinese manufacturing from "scale advantage" to "value cultivation" in the global market [16].

Core Viewpoint - China Liansu (02128) has announced a parts agreement with Guangdong Liansu Electric, which is indirectly wholly owned by Mr. Huang, the chairman and controlling shareholder, regarding the procurement of electronic components for the years ending December 31, 2026, 2027, and 2028, with prices not exceeding those offered by any independent third party [1] Group 1 - The agreement is set to take effect on December 19, 2025 [1] - The procurement will involve electronic components for a specified period [1] - The pricing structure is designed to ensure competitiveness by not exceeding independent third-party prices [1]

Core Viewpoint - China Liansu (02128) has entered into a parts agreement with Guangdong Liansu Electric, which is fully owned by its chairman and controlling shareholder, Mr. Huang, for the procurement of electronic components until the end of 2028, ensuring that prices will not exceed those offered by any independent third party [1] Group 1 - The agreement is set to last until December 31, 2028, covering the procurement of electronic components for the years ending December 31, 2026, December 31, 2027, and December 31, 2028 [1] - The pricing structure in the agreement is designed to be competitive, as it stipulates that the prices will not exceed those provided by independent third parties [1]

Core Viewpoint - China Liansu (02128.HK) has entered into a parts supply agreement with Guangdong Liansu Electric, which is wholly owned by its chairman and controlling shareholder, Mr. Huang. The agreement outlines potential electronic parts procurement for the years ending December 31, 2026, 2027, and 2028, with prices not exceeding those offered by any independent third party to the group [1]. Group 1 - The agreement is set to last until December 31, 2028, covering multiple fiscal years [1]. - The procurement will involve electronic parts, indicating a focus on enhancing the company's supply chain and product offerings [1]. - The pricing structure is designed to ensure competitiveness, as it will not exceed prices from independent third parties [1].

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） 持續關連交易 — 配件合作協議 配件合作協議 – 1 – 配件合作協議的主要條款 日期 2025年12月19日（交易時段後） 訂約方 期限 自2026年1月1日起至2028年12月31日止，為期36個月。 終止 董事會宣佈，於2025年12月19日（交易時段後），本公司與黃先生（主席兼執 行董事以及控股股東）間接全資擁有的公司廣東聯塑電氣訂立配件合件協議， 內容有關於截至2026年12月31日、2027年12月31日及2028年12月31日止年度， 本集團可能向廣東聯塑電氣採購電子配件，而價格不會超過任何獨立第三 方向本集團所提供之價格。 上市規則的涵義 由於配件合作協議項下擬進行交易涉及之適用百分比率 ...

Core Insights - The central economic work conference emphasizes stabilizing the real estate market and combating "involution" in competition, aiming to promote the construction of "good houses" and accelerate the establishment of a new model for real estate development [6][15] - The report suggests that the cement, glass, and certain consumer building materials industries may see continued optimization in supply-side dynamics, leading to increased concentration and improved profitability [6][15] Consumer Building Materials - The consumer building materials sector is experiencing a recovery in retail due to high demand for second-hand housing and supportive subsidy policies, with leading companies showing strong operational resilience [6][31] - Long-term demand stability and increasing industry concentration provide significant growth potential for quality leading companies in the consumer building materials sector [6][31] - Key companies to watch include Sanke Tree, Rabbit Baby, Hanhai Group, Dongfang Yuhong, China Liansu, Beixin Building Materials, Weixing New Materials, and others [6][31] Cement - National cement market prices increased by 0.05% week-on-week, with the average price at 355 RMB/ton as of December 12, 2025, reflecting a year-on-year decrease of 69.17% [6][31] - The report anticipates that cement prices will maintain a slight fluctuation in the future, with industry valuations at historical lows, highlighting companies like Huaxin Cement, Conch Cement, and others for potential investment [6][31] Glass - Float glass prices are showing mixed trends, while photovoltaic glass inventories continue to rise, with the average price of float glass at 1156 RMB/ton, down 1.0% month-on-month and 18.0% year-on-year [6][31] - The report indicates that leading glass companies have low valuations and suggests focusing on Qibin Group, Xinyi Solar, and others for investment opportunities [6][31] Fiberglass/Carbon-based Composites - The market for fiberglass is stable, with direct yarn prices holding steady, while electronic yarn prices have stabilized after previous increases [6][31] - The report identifies leading companies in the fiberglass sector, including China Jushi and others, as having a significant competitive edge [6][31] Market Data and Trends - The report notes that the consumer building materials sector has seen a year-on-year revenue decline of 4.2% in the first three quarters of 2025, with a notable improvement in revenue growth rates for leading companies [33][34] - The profitability of the consumer building materials sector is stabilizing, with net profit margins hovering at the bottom, indicating potential for recovery as market conditions improve [34][41]

Core Insights - The report emphasizes the importance of identifying investment opportunities in the building materials sector as it transitions from a period of intense competition to one focused on value extraction and growth [1]. Group 1: Investment Opportunities in the Building Materials Sector - Four key investment themes are highlighted: traditional building material leaders emerging from the bottom of the cycle, overseas capacity expansion, high-demand new materials, and policy support for industry consolidation [5]. - Traditional building material leaders are expected to recover first, with a focus on alpha opportunities as the sector stabilizes [14]. - The overseas expansion of building material capacity is driven by high demand in foreign markets, particularly in Africa, where Chinese companies are increasingly investing [20][22]. Group 2: Consumer Building Materials - The consumer building materials sector is stabilizing, with a narrowing decline in real estate indicators expected in 2026, leading to a potential rebound in demand [15]. - Strong alpha leaders in the sector are anticipated to achieve positive revenue growth first, with companies like Sanke Tree and Dongfang Yuhong highlighted as key players [15][16]. - Profit margins are expected to improve in 2026 due to price stabilization, structural optimization, and enhanced operational efficiency [15]. Group 3: Glass Fiber Industry - The glass fiber market is projected to maintain a tight supply-demand balance, with demand expected to grow by 5.8% in 2025 and 4.6% in 2026 [5][25]. - The report notes that the profitability of traditional glass fiber products is on an upward trajectory, with leading companies benefiting from differentiated product advantages [5][28]. Group 4: Cement Industry - The domestic cement market is facing a decline in demand, with expectations of a 7% drop in 2025 and a 6% drop in 2026, while overseas markets remain robust [5][31]. - The report suggests that supply-side policies will play a crucial role in stabilizing the market, with potential profitability improvements anticipated in 2026 [5][36]. Group 5: Glass Industry - The glass industry is expected to see supply optimization as a key theme in 2026, with a slight decline in demand for float glass anticipated [5][40]. - The photovoltaic glass segment is projected to experience a balanced supply-demand situation, with potential profitability improvements if production resumes [5][45].

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11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 呈交日期: 2025年12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： HK ...