Group 1 - The core announcement is that the company, 达丰设备 (02153.HK), has initiated a S$50 million multi-currency, multi-series unsecured non-redeemable commercial paper financing program [1] - The company plans to issue a digital securities commercial paper in Singapore dollars under the SDAX multi-currency CP financing program, with an annual interest rate of 4.30% and a maturity of approximately 3 months from the issuance date [1] - The expected fundraising amount from the 3-month SGD Series 008 issuance is between S$25 million and S$30 million, which will be used for the company's operating capital [1]

Core Viewpoint - The company, 达丰设备, has initiated a multi-currency, multi-series unsecured non-recourse commercial paper financing program amounting to SGD 50 million [1] Group 1: Financing Plan - The company launched the SDAX multi-currency CP financing plan on April 3, 2024, allowing the issuance and listing of multiple series of commercial papers on the SDAX platform [1] - The eighth issuance under this financing plan will be a digital securities commercial paper denominated in Singapore dollars, with an annual interest rate of 4.30%, maturing approximately three months from the issuance date [1] Group 2: Fundraising Expectations - The company expects to raise between SGD 25 million and SGD 30 million from the issuance of the 3-month SGD series 008, aimed at funding the group's operational capital [1]

Tat Hong Equipment Service Co., Ltd. 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之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 本公司預計自3個月SGD系列008發行下的認可投資者及機構投資者籌集25百萬新加坡元 至30百萬新加坡元。3個月SGD系列008發行所得款項擬用作本集團主營業務的營運資 金。 承董事會命 達豐設備服務有限公司 主席兼非執行董事 黃山忠 2153 自願公告 第八次發行數字證券商業票據 本公告由達豐設備服務有限公司（「本公司」，連同其附屬公司統稱「本集團」）自願作出， 以向本公司股東及潛在投資者提供有關本集團最新業務發展的更新資料。 茲提述本公司日期為2024年4月3日的公告，內容有關啟動50百萬新加坡元多幣種多系列 無抵押非後償商業票據融資計劃（「該公告」）。除另有界定者外，本公告所用詞彙與該公 告所界定者具有相同涵義。 誠如該公告所載，本公司已於2024年4月3日啟動SDAX多幣種CP融資計劃，據此，本公 司可以證券型代幣於SDA ...

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） 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12月31日 狀態: 新提交 呈交日期: 2026年1月5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) | 02153 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,875,000,000 | USD | | 0.08 | USD | | 150,000,000 | | 增加 / 減少 (-) | | | 0 | | | | USD | | 0 | | 本月底結存 | | | 1,875,000,000 | USD | | 0.08 | USD ...

Financial Performance - 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[10] - Gross profit for the same period was RMB 24,479,000, down 48.9% from RMB 48,009,000 in 2024[10] - Operating loss increased to RMB 32,754,000 from RMB 5,644,000 in the previous year, indicating a significant decline in operational performance[10] - Loss before tax for the period was RMB 64,746,000, compared to RMB 38,253,000 in 2024, reflecting a worsening financial situation[10] - The company reported a net loss attributable to owners of the company of RMB 55,629,000, compared to RMB 36,203,000 in the prior year[11] - Basic and diluted loss per share was RMB 0.05, compared to RMB 0.03 in the previous year[11] - The company reported a loss attributable to owners of RMB 55,629,000 for the six months ended September 30, 2025, compared to a loss of RMB 36,203,000 for the same period in 2024, representing an increase of 53.6%[55] - The basic and diluted loss per share for the six months ended September 30, 2025, was RMB 0.05, compared to RMB 0.03 for the same period in 2024, indicating a 66.7% increase in loss per share[55] - The company reported a net loss of approximately RMB 55.1 million for the six months ended September 30, 2025, an increase of about 52.1% compared to a net loss of RMB 36.2 million for the same period in 2024[95] Assets and Liabilities - The total assets as of September 30, 2025, were RMB 2,990,690,000, a decrease from RMB 3,107,243,000 as of March 31, 2025[14] - Non-current assets decreased to RMB 1,762,808,000 from RMB 1,875,698,000, indicating a reduction in long-term investments[14] - Current assets totaled RMB 1,227,882,000, slightly down from RMB 1,231,545,000 in the previous period[14] - As of September 30, 2025, total liabilities amounted to RMB 1,743,331 thousand, a decrease of 3.4% from RMB 1,804,798 thousand as of March 31, 2025[15] - The total equity attributable to owners of the company decreased to RMB 1,245,110 thousand as of September 30, 2025, from RMB 1,300,747 thousand as of April 1, 2025, reflecting a decline of 4.3%[17] - Non-current liabilities totaled RMB 661,292 thousand as of September 30, 2025, down from RMB 701,275 thousand as of March 31, 2025, indicating a reduction of 5.7%[15] - The company’s total assets were RMB 2,990,690 thousand as of September 30, 2025, reflecting a decrease from RMB 3,107,243 thousand as of March 31, 2025[15] Cash Flow and Financing - The company's cash flow from operating activities for the six months ended September 30, 2025, was RMB 46,030 thousand, down 45.5% from RMB 84,283 thousand in the same period of 2024[18] - The company reported a net cash outflow from financing activities of RMB 43,528 thousand for the six months ended September 30, 2025, compared to a net inflow of RMB 70,110 thousand in the same period of 2024[18] - Cash and cash equivalents decreased by RMB 12,445 thousand to RMB 133,052 thousand as of September 30, 2025, compared to RMB 145,531 thousand at the beginning of the period[18] - The company has secured bank borrowings of RMB 731,001,000 against various assets, down from RMB 841,476,000 as of March 31, 2025[72] - Total borrowings as of September 30, 2025, were RMB 1,099,420,000, a decrease from RMB 1,122,625,000 as of March 31, 2025[70] - The company initiated a multi-currency commercial paper financing program on April 3, 2024, with a total issuance of approximately SGD 5.36 million (equivalent to RMB 28.51 million)[74] Research and Development - The company continues to invest in research and development, with R&D expenses of RMB 10,272,000, slightly up from RMB 10,240,000 in 2024[10] - Research and development expenses increased slightly from RMB 10.2 million for the six months ended September 30, 2024, to RMB 10.3 million for the six months ended September 30, 2025, primarily due to an increase in patent development projects[101] Customer and Revenue Insights - Major customers contributing over 10% of total revenue included Customer A with RMB 59,306,000, Customer B with RMB 49,992,000, and Customer C with RMB 38,782,000 for the six months ended September 30, 2025[41] - The company expects to recognize approximately RMB 543,838,000 in revenue from unfulfilled performance obligations related to one-stop tower crane solutions and dry leasing within one year[46] - The total tonnage used decreased from 1,637,740 tons for the six months ended September 30, 2024, to 1,414,422 tons for the same period in 2025[97] - Sales costs decreased by approximately 5.5% to RMB 276.7 million for the six months ended September 30, 2025, down from RMB 292.9 million for the same period in 2024, primarily due to reduced subcontracting costs[98] Corporate Governance - The company is committed to high standards of corporate governance to protect shareholder interests[132] - The audit committee, consisting of three independent non-executive directors, reviewed the unaudited interim financial results for the six months ended September 30, 2025, and found no discrepancies[134] - The audit committee has confirmed that the interim financial information complies with applicable accounting standards[134] - The company has adopted a standard code of conduct for securities trading, which complies with the listing rules[133] Shareholding Structure - As of September 30, 2025, Mr. Huang holds 854,472,387 ordinary shares, representing approximately 73.23% of the company's equity[123] - Tat Hong China directly holds about 72.30% of the issued share capital of the company, with an additional 0.85% held through its wholly-owned subsidiary[127] - Phillip Capital (HK) Limited owns 64,738,000 shares, accounting for 5.55% of the company's equity[127] - The shareholding structure indicates a significant concentration of ownership among a few key stakeholders[127] Employee and Operational Insights - The company employed a total of 783 employees as of September 30, 2025, an increase from 691 employees as of September 30, 2024, with total employee benefit expenses rising by 37.1% to RMB 55.9 million[120] - The company is focusing on optimizing its business structure and diversifying its market presence, particularly in clean energy projects such as nuclear, thermal, and wind power[93] - The company plans to continue its strategic focus on clean energy projects and international market expansion as key growth areas moving forward[96]

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]