股份代號 : 02153 （ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） 達豐設備服務有限公司 TAT HONG EQUIPMENT SERVICE CO., LTD. 2025/26 中期報告 達 豐 設 備 服 務 有 限 公 司 TAT HONG EQUIPMENT SERVICE CO., LTD. Int erim Report 2025 / 2 026 中 期 報 告 達豐設備服務有限公司 Stock Code : 02153 (incorporated in the Cayman Islands with limited liability) TAT HONG EQUIPMENT SERVICE CO., LTD. INTERIM REPORT 2025/26 目錄 2 公司資料 4 未經審核簡明綜合損益及其他全面收益表 6 未經審核簡明綜合財務狀況表 8 未經審核簡明綜合權益變動表 9 未經審核簡明綜合現金流量表 10 未經審核簡明綜合財務報表附註 40 管理層討論與分析 45 其他資料 公司資料 董事會 執行董事 邱國燊先生 （行政總裁） 林翰威先生 （運營總監） 非執行董事 ...

Core Insights - The heavy machinery stocks are rising in line with the market, with notable increases in shares of First Tractor Company (00038) by 8.54%, Dafeng Equipment (02153) by 3.09%, Zoomlion Heavy Industry (01157) by 2.18%, and Sany International (00631) by 2.03% [1][2] Sales Performance - In November, excavator sales reached 20,027 units, a year-on-year increase of 13.9%, with domestic sales at 9,842 units (+9.11%) and exports at 10,185 units (+18.8%) [3] - Loader sales in November totaled 11,419 units, reflecting a year-on-year growth of 32.1%, with domestic sales at 5,671 units (+29.4%) and exports at 5,748 units (+34.8%) [3] Electricization Rate - The electricization rate in November was 25.7%, an increase of 0.34 percentage points month-on-month, while the cumulative electricization rate from January to November was approximately 23.35%, up by 0.26 percentage points from October [3] Market Outlook - The growth rates for excavator sales in November showed an upward trend compared to October, indicating a clear upward resonance in both domestic and international demand [2][3] - The recovery in demand for non-excavator segments driven by wind and hydropower continues, with strong demand for mining machinery in Australia and Latin America [2][3] - In 2024, domestic brand exports are expected to account for 19.2% of global demand (excluding China), suggesting significant room for growth [2][3]

Core Insights - The article discusses the mid-term performance of Dahua Equipment (02153.HK) for the fiscal year 2025/26, highlighting its status as China's first foreign-funded tower crane service provider [1] Financial Performance - Dahua Equipment announced its mid-term results for 2025/26, showcasing key financial metrics and performance indicators [1]

FF301 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: 達豐設備服務有限公司（於開曼群島註冊成立的有限公司） 第 1 頁 共 10 頁 v 1.1.1 | 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) | 02153 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 1,166,871,250 | | 0 | | 1,166,871,250 | | 增加 / 減少 (-) | | | 0 | | 0 | | | | 本月底結存 | | | 1,166,871,250 | | 0 | | 1,166,871,250 | 呈交日期: 2025年12月1日 第 2 頁 共 10 頁 v 1.1. ...

Core Viewpoint - The company has faced short-term performance pressures due to macroeconomic transitions and adjustments in the construction industry, but it has established a differentiated competitive advantage in the energy and overseas markets through strategic planning, efficient operations, and continuous technological innovation [1] Group 1: Financial Performance - The company reported revenue of 301 million RMB and a net loss of 55.1 million RMB during the reporting period [1] - The tower crane market is experiencing supply-demand imbalances, with companies facing challenges from declining service prices and intensified market competition [1] - Despite the tough industry environment, the company maintained a tower crane ton-meter utilization rate of approximately 61.9%, above the industry average, and achieved a collection rate of 112%, indicating strong operational resilience [1] Group 2: Order Reserves and Business Strategy - As of September 30, 2025, the company has 331 ongoing projects with an uncompleted contract value of approximately 666 million RMB and 58 projects on hand with an estimated contract value of about 284 million RMB [2] - The company is actively reducing its reliance on the real estate sector and reallocating resources towards policy-supported and stable demand areas, demonstrating strategic foresight and execution capability [2] Group 3: Growth Drivers - The company has identified "clean energy and overseas markets" as dual growth engines, aligning with national strategic directions and global development trends [3] - In the clean energy sector, the company focuses on coal, wind, and nuclear power, leveraging opportunities from the "dual carbon" goals and the significant market for coal power upgrades [3][4][5] - The overseas market expansion, particularly in the Greater Bay Area and Indonesia, is expected to create new growth opportunities, with significant infrastructure projects underway [6] Conclusion - The company's short-term performance challenges are a temporary reflection of industry cycle adjustments, but its solid order reserves and dual-engine strategy in energy and overseas markets position it well for future growth [7]

Core Viewpoint - The company reported a revenue of RMB 301 million for the mid-term of 2025/26, a decrease from RMB 340 million in 2024, indicating challenges in the domestic market and increased competition [1] Financial Performance - Revenue for the mid-term of 2025/26 was RMB 301 million, down from RMB 340 million in 2024 [1] - As of September 30, 2025, the total number of tower cranes managed by the company was 1,135 [1] - The total value of unfinished contracts was approximately RMB 666 million, with 331 ongoing projects [1] - The company has 58 projects on hand with an estimated total contract value of about RMB 284 million [1] Strategic Initiatives - The company is actively optimizing its business structure and diversifying its market presence to address weak domestic demand and intensified industry competition [1] - The strategy includes reducing the business proportion in the domestic real estate sector while increasing investments in clean energy sectors such as thermal power, nuclear power, and wind power [1] - The company aims to leverage its expertise in large tower cranes to focus on long construction cycles and high-tech nuclear island and large energy projects [1] - The company is accelerating its expansion into overseas markets through joint ventures in Indonesia and establishing subsidiaries in the Greater Bay Area and Hong Kong [1] Technological Development - Despite delays in several awarded projects, the company continues to invest in digital management platform development and new technology solutions for tower cranes [1] - The company believes that its strong technological capabilities will enhance operational efficiency and lead to more project acquisitions [1] - Improvements in the research and development of tower crane technology solutions are expected to further solidify the company's excellent service delivery standards [1]

Core Viewpoint - 达丰设备 reported a revenue of RMB 301 million for the six months ending September 30, 2025, representing a year-on-year decrease of 11.66% [1] - The company recorded a loss attributable to shareholders of RMB 55.629 million, an increase of 53.66% compared to the previous year [1] - The loss per share was RMB 0.05 [1] Group 1 - To address the challenges of a slow recovery in the construction industry, the company has actively adjusted its operational strategy [1] - The focus will be on clean energy projects, including nuclear, thermal, and wind power, as well as expanding into overseas markets [1] - With ongoing national policies aimed at stabilizing the economy, the company expects to significantly increase its business share in these areas, with future performance anticipated to gradually reflect the effectiveness of this strategy [1]

Core Viewpoint - The company reported a revenue of RMB 301 million for the six months ending September 30, 2025, representing a year-on-year decrease of 11.66% [1] - The loss attributable to shareholders increased by 53.66% to RMB 55.629 million, with a loss per share of RMB 0.05 [1] - The company is adjusting its operational strategy to focus on clean energy projects and overseas market expansion in response to the slow recovery of the construction industry [1] Financial Performance - Revenue for the period was RMB 301 million, down 11.66% year-on-year [1] - Loss attributable to shareholders was RMB 55.629 million, an increase of 53.66% compared to the previous year [1] - Loss per share was reported at RMB 0.05 [1] Strategic Direction - The company is shifting its focus towards clean energy projects, including nuclear, thermal, and wind power, as well as expanding into overseas markets [1] - The strategic adjustments are aimed at addressing challenges posed by the slow recovery in the construction industry [1] - The company anticipates that ongoing national policies promoting economic stability will enhance its business performance in the relevant sectors [1]

Financial Performance - For the six months ended September 30, 2025, the company recorded revenue of approximately RMB 301.1 million, a decrease of about RMB 39.8 million or approximately 11.7% compared to the same period in 2024[3]. - The company reported a loss of approximately RMB 55.1 million for the six months ended September 30, 2025, an increase of about 18.9 million or approximately 52.1% compared to the loss in 2024[3]. - Basic loss per share for the six months ended September 30, 2025, was RMB 0.05, an increase of RMB 0.02 from RMB 0.03 in the same period of 2024[3]. - The group's revenue for the six months ended September 30, 2025, was RMB 301,146,000, a decrease of 11.6% compared to RMB 340,904,000 for the same period in 2024[15]. - For the six months ended September 30, 2025, the company recorded a net loss of approximately RMB 55.1 million, an increase of about 52.1% compared to a net loss of approximately RMB 36.2 million for the same period in 2024[35]. - Revenue decreased to RMB 301.1 million for the six months ended September 30, 2025, a decline of approximately 11.7% from RMB 340.0 million for the same period in 2024[37]. - The company's overall gross profit decreased to RMB 24.5 million for the six months ended September 30, 2025, a decline of approximately 49.0% from RMB 48.0 million for the same period in 2024[39]. - The overall gross profit margin fell from approximately 14.1% for the six months ended September 30, 2024, to about 8.1% for the same period in 2025[39]. Assets and Liabilities - Total assets as of September 30, 2025, amounted to RMB 2,990.7 million, a decrease from RMB 3,107.2 million as of March 31, 2025[7]. - Total liabilities as of September 30, 2025, were RMB 1,743.3 million, down from RMB 1,804.8 million as of March 31, 2025[8]. - Non-current assets totaled RMB 1,762.8 million as of September 30, 2025, compared to RMB 1,875.7 million as of March 31, 2025[7]. - Current assets were RMB 1,227.9 million as of September 30, 2025, slightly down from RMB 1,231.5 million as of March 31, 2025[8]. - The company’s cash and cash equivalents were RMB 133.1 million as of September 30, 2025, compared to RMB 145.5 million as of March 31, 2025[7]. - The company’s equity attributable to owners was RMB 1,245.1 million as of September 30, 2025, down from RMB 1,300.7 million as of March 31, 2025[8]. - Non-current bank loans (secured) amounted to RMB 385.2 million as of September 30, 2025, compared to RMB 413.6 million as of March 31, 2025[29]. - Current bank loans (secured) were RMB 454.0 million as of September 30, 2025, compared to RMB 442.5 million as of March 31, 2025[29]. - Total borrowings amounted to RMB 1,099.4 million as of September 30, 2025, compared to RMB 1,122.6 million as of March 31, 2025[30]. Dividends - The company did not declare an interim dividend for the six months ended September 30, 2025[4]. - The group has not declared any dividends for the six months ended September 30, 2025, consistent with the previous year[20]. Taxation - The estimated average annual tax rate for the six months ended September 30, 2025, was 15.1%, compared to 5.3% for the same period in 2024[19]. - The group has confirmed that its subsidiaries in China are subject to a corporate income tax rate of 25%[18]. Expenses - Employee benefits expenses totaled approximately RMB 55.9 million for the six months ended September 30, 2025, an increase of 37.1% compared to the same period in 2024, mainly due to the transition of subcontracted work to in-house employees[58]. - R&D expenses increased from approximately RMB 10.2 million for the six months ended September 30, 2024, to approximately RMB 10.3 million for the same period in 2025, mainly due to an increase in patent development projects[41]. - Sales and distribution expenses decreased by approximately 10.2% from approximately RMB 8.2 million for the six months ended September 30, 2024, to approximately RMB 7.3 million for the same period in 2025, primarily due to reduced marketing and consulting costs[42]. - General and administrative expenses were approximately RMB 37.6 million for the six months ended September 30, 2025, a slight increase of approximately RMB 0.1 million or about 0.3% compared to RMB 37.5 million for the same period in 2024[43]. - Financing costs decreased by approximately RMB 0.5 million or about 1.6% to approximately RMB 32.4 million for the six months ended September 30, 2025, from RMB 33.0 million for the same period in 2024, mainly due to lower interest rates[44]. Corporate Governance - An audit committee has been established to review and supervise the financial reporting process and internal audit functions, consisting of three independent non-executive directors[65]. - The audit committee reviewed the unaudited interim consolidated financial results for the six months ending September 30, 2025, and found no disagreements regarding the accounting principles and practices used[65]. - The interim results announcement has been published on the Hong Kong Stock Exchange and the company's website, containing all relevant information required by listing rules[66]. - The interim report includes disclosures that comply with applicable accounting standards and listing requirements[65]. - The company has adopted a code of conduct for directors' securities trading, confirming compliance with the standards set forth until September 30, 2025[64]. Future Outlook - The company is focusing on clean energy projects and expanding into overseas markets as key development directions for the future[36]. - The company managed a total of 1,135 tower cranes in China to meet various EPC project demands as of September 30, 2025[34].

智通财经APP讯，达丰设备(02153)发布公告，集团预期将于截至2025年9月30日止6个月取得净亏损约人 民币5000万元至人民币6000万元，相比截至2024年9月30日止同期净亏损约人民币3620万元。上述预期 净亏损增加主要由于经济增长放缓以及建筑业市场疲软导致的收入下跌。 ...