FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 中國三江精細化工有限公司 呈交日期： 2025年9月11日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | 02198 | 說明 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | 事件 | | | 已發行股份（不包括庫存股份）變動 | 庫存股份變動 | 每股發行/出售價 (註4) | | 已發行股份總數 | | | | 已 ...

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8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: 中國三江精細化工有限公司 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 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) | 02198 | 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 | | | 1,190,000,000 | | 0 | | 1,190,000,000 | | 增加 / 減少 (-) | | | | | | | | | 本月底結存 | | | 1,190,000,000 | | 0 | | 1,190,000,000 | 第 2 頁 共 10 頁 v 1.1.1 呈交日期: 2025年9月2日 ...

Performance Summary - China Railway Construction (01186.HK) reported a revenue of 489.2 billion yuan, a decrease of 5.2% year-on-year, with a net profit of approximately 10.7 billion yuan, down 10.1% [2] - Industrial and Commercial Bank of China (01398.HK) achieved a revenue of 409.1 billion yuan, an increase of 1.8% year-on-year, while net profit fell by 1.4% to 168.1 billion yuan [2] - Agricultural Bank of China (01288.HK) recorded a revenue of 369.79 billion yuan, up 0.7% year-on-year, and a net profit of 139.51 billion yuan, an increase of 2.66% [2] - China Construction Bank (00939.HK) reported a revenue of 385.91 billion yuan, a 3% increase year-on-year, with net profit around 162.08 billion yuan, down 1.4% [2] - Bank of China (03988.HK) had a revenue of 329.42 billion yuan, up 3.61% year-on-year, while net profit decreased by 0.85% to 117.59 billion yuan [2] - Postal Savings Bank of China (01658.HK) reported a revenue of 179.53 billion yuan, a 1.5% increase year-on-year, with net profit of 49.23 billion yuan, up 0.85% [2] - China Merchants Bank (03968.HK) achieved a revenue of 169.92 billion yuan, down 1.7% year-on-year, while net profit increased by 0.3% to 74.93 billion yuan [2] - Bank of Communications (03328.HK) reported a revenue of 133.50 billion yuan, up 0.7% year-on-year, with net profit of 46.02 billion yuan, an increase of 1.6% [2] - Minsheng Bank (01988.HK) had a revenue of 70.70 billion yuan, up 7.8% year-on-year, while net profit decreased by 4.9% to 21.38 billion yuan [2] - China Everbright Bank (06818.HK) reported a revenue of 65.95 billion yuan, down 5.6% year-on-year, with net profit of 24.62 billion yuan, an increase of 0.55% [2] - BYD Company (01211.HK) achieved a revenue of 371.28 billion yuan, up 23.3% year-on-year, with net profit of 15.51 billion yuan, an increase of 13.8% [2] - China Communications Construction Company (01800.HK) reported a revenue of 335.45 billion yuan, down 5.8% year-on-year, with net profit of 9.99 billion yuan, down 16.9% [2] - Lenovo Holdings (03396.HK) achieved a revenue of 281.59 billion yuan, up 21% year-on-year, with net profit of 699 million yuan, an increase of 144% [2] - Great Wall Motors (02333.HK) reported a revenue of 92.34 billion yuan, up 1% year-on-year, with net profit of 6.34 billion yuan, down 10.2% [2] - BYD Electronics (00285.HK) achieved a revenue of 80.61 billion yuan, up 2.6% year-on-year, with net profit of 1.73 billion yuan, an increase of 14% [2] - Country Garden (02007.HK) reported a revenue of 72.57 billion yuan, with a net loss of 19.078 billion yuan [2] - China Reinsurance (01508.HK) achieved a revenue of 61.03 billion yuan, up 0.6% year-on-year, with net profit of 6.244 billion yuan, an increase of 9.03% [2] - Yanzhou Coal Mining Company (01171.HK) reported a revenue of 53.966 billion yuan, down 13.17% year-on-year, with net profit of 4.731 billion yuan, down 38.7% [2] - Jitu Express (01519.HK) achieved a revenue of 5.499 billion USD, up 13.1% year-on-year, with net profit of 156 million USD, an increase of 147.1% [2] - AVIC Industry (02357.HK) reported a revenue of 37.465 billion yuan, up 11.43% year-on-year, with net profit of 1.03 billion yuan, down 17.67% [2] - CITIC Financial Assets (02799.HK) achieved a revenue of 31.136 billion yuan, up 2.9% year-on-year, with net profit of 6.168 billion yuan, an increase of 15.7% [2] - Bank of China Hong Kong (02388.HK) reported a net interest income of 25.06 billion HKD, down 3.5% year-on-year, with net profit of 22.12 billion HKD, an increase of 10.54% [2] - Zoomlion Heavy Industry (01157.HK) achieved a revenue of 24.855 billion yuan, up 1.3% year-on-year, with net profit of 2.765 billion yuan, an increase of 20.84% [2] - New Town Development (01030.HK) reported a revenue of 22.1 billion yuan, down 34.82% year-on-year, with net profit of 895 million yuan, down 32.11% [2] - Huatai Securities (06886.HK) achieved a revenue of approximately 20.98 billion yuan, up 5.86% year-on-year, with net profit of 7.549 billion yuan, an increase of 42.16% [2] - China Sanjiang Chemical (02198.HK) reported a revenue of 9.106 billion yuan, down 1.5% year-on-year, with net profit of 301 million yuan, an increase of 95.5% [2] - Tianjin Bank (01578.HK) achieved a revenue of 8.828 billion yuan, up 0.8% year-on-year, with net profit of 1.988 billion yuan, an increase of 1.1% [2] - Harbin Bank (06138.HK) reported a revenue of 7.386 billion yuan, up 2.6% year-on-year, with net profit of 915 million yuan, an increase of 20% [2] - Qingjian International (01240.HK) achieved a revenue of approximately 4.404 billion HKD, down 9.8% year-on-year, with net profit of 2.992 million HKD, an increase of 25.6% [2] - Xingye Alloy (00505.HK) reported a revenue of 4.389 billion yuan, up 22.1% year-on-year, with net profit of 106 million yuan, down 24.7% [2] - 3SBio (01530.HK) achieved a revenue of 4.355 billion yuan, down 0.8% year-on-year, with net profit of 1.358 billion yuan, an increase of 24.6% [2] - Huya Technology (01860.HK) reported a revenue of 938 million USD, up 47% year-on-year, with adjusted EBITDA of 88.681 million USD, an increase of 41% [2] - Haitong Securities (01905.HK) achieved a revenue of 3.521 billion yuan, down 12.6% year-on-year, with net profit of 785 million yuan, down 3.4% [2] - Dazhong Public Utilities (01635.HK) reported a revenue of approximately 3.449 billion yuan, down 5.8% year-on-year, with net profit of approximately 333 million yuan, an increase of 172.6% [2] Company News - China Biologic Products (01177.HK) received approval for the launch of Zongaitini tablets for the treatment of HER2-mutant non-small cell lung cancer [3] - Shandong High-Speed New Energy (01250.HK) reported a total operating power generation of approximately 3.6744 million MWh, an increase of approximately 6.9% year-on-year [3] - Fosun International (00656.HK) reached a settlement with Cainiao regarding a share buyback involving 350 million USD [3] Buyback Activities - Tencent Holdings (00700.HK) repurchased approximately 55 million HKD worth of shares, buying back 919,000 shares at prices ranging from 594.5 to 605 HKD [3] - China Hongqiao (01378.HK) repurchased approximately 22.7 million HKD worth of shares, buying back 8.9235 million shares at a price of 25.44 HKD [3] - HSBC Holdings (00005.HK) repurchased approximately 15.3 million HKD worth of shares, buying back 1.5276 million shares at prices ranging from 99.8 to 100.7 HKD [3] - Hang Seng Bank (00011.HK) repurchased approximately 2.3517 million HKD worth of shares, buying back 210,000 shares at prices ranging from 111.5 to 112.5 HKD [3] - MGM China (02282.HK) repurchased approximately 1.60602 million HKD worth of shares, buying back 1 million shares at prices ranging from 15.92 to 16.27 HKD [3] - Sinopec Engineering (02386.HK) canceled 136,500 shares that had been repurchased [3]

Core Viewpoint - China Sanjiang Chemical (02198) reported a revenue of 9.106 billion yuan for the six months ending June 30, 2025, representing a year-on-year decrease of 1.5% while the net profit attributable to equity holders increased by 95.5% to 301 million yuan, with earnings per share at 26.01 cents [1] Financial Performance - The company's net profit attributable to equity holders grew approximately 95.5% compared to the same period in 2024, reaching 301 million yuan [1] - The overall gross profit margin improved by about 0.9% to approximately 5.1% compared to the same period in 2024 [1] Market Dynamics - The positive performance was primarily driven by favorable market trends for several key products, especially ethylene glycol, supported by sustained downstream demand in the polyester industry, leading to significant increases in average selling prices and gross margins [1] - The company dynamically adjusted its procurement strategies, raw material combinations, and production mixes in response to changes in the external market, including the impact of the U.S. government's tariffs on ethane exports to China, ensuring competitive advantages in cost efficiency and product pricing [1] Commodity Impact - The company benefited from favorable price movements of silver, a key component used in production catalysts, contributing approximately 81.3 million yuan to profits during the period [1]

[Company Profile and Performance Summary](index=1&type=section&id=I.%20Company%20Profile%20and%20Performance%20Summary) This section provides the company's basic information and highlights its interim performance, showing a slight revenue decrease but significant growth in gross profit and net profit attributable to equity holders [Company Basic Information](index=1&type=section&id=A.%20Company%20Basic%20Information) China Sanjiang Fine Chemicals Company Limited (Stock Code: 2198) announced its unaudited consolidated interim results for the six months ended June 30, 2025 - Company Name: China Sanjiang Fine Chemicals Company Limited, Stock Code: **2198**[2](index=2&type=chunk) - This announcement presents the unaudited consolidated interim results for the six months ended June 30, 2025[3](index=3&type=chunk) [Performance Highlights](index=1&type=section&id=B.%20Performance%20Highlights) For the six months ended June 30, 2025, the company's revenue slightly decreased, but gross profit and profit attributable to equity holders of the parent company significantly increased, with notable improvements in gross margin and earnings per share 2025 H1 Performance Highlights | Indicator | 2025 H1 (RMB thousands) | 2024 H1 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 9,105,675 | 9,239,833 | -1.5% | | Gross Profit | 464,612 | 386,432 | 20.2% | | Profit Attributable to Equity Holders of the Parent Company | 301,132 | 154,055 | 95.5% | | Basic Earnings Per Share (RMB cents) | 26.01 | 13.30 | 95.6% | | Gross Margin (%) | 5.1% | 4.2% | 0.9% | | Gearing Ratio (%) | 52.5% | 53.7% | -1.2% | [Management Discussion and Analysis](index=2&type=section&id=II.%20Management%20Discussion%20and%20Analysis) This section discusses the Group's operating environment, strategies, and product performance, along with a detailed financial review and future outlook, highlighting improved profitability despite industry challenges [Operating Environment and Overall Performance](index=2&type=section&id=A.%20Operating%20Environment%20and%20Overall%20Performance) Despite fluctuations in China's petrochemical industry, the Group achieved significant profitability improvement, with profit attributable to equity holders of the parent company increasing by 95.5%, driven by favorable ethylene glycol market conditions and positive silver price movements - China's petrochemical industry faces commodity price volatility, trade policies, and geopolitical challenges[5](index=5&type=chunk) - Profit attributable to equity holders of the parent company increased by approximately **95.5%** to **RMB 301.1 million**[5](index=5&type=chunk) - Profit improvement primarily driven by favorable ethylene glycol market trends, flexible procurement and production strategies, and a positive contribution of approximately **RMB 81.3 million** from silver price movements[5](index=5&type=chunk) - Overall gross margin improved by approximately **0.9%** to approximately **5.1%** compared to the same period in 2024[5](index=5&type=chunk) - The Board does not recommend an interim dividend to preserve sufficient liquidity for future economic uncertainties[5](index=5&type=chunk) [Operating Strategy and Product Performance](index=2&type=section&id=B.%20Operating%20Strategy%20and%20Product%20Performance) The Group optimized raw material costs and product portfolio through integrated operations of its sixth-phase ethylene oxide/ethylene glycol production facility and light hydrocarbon utilization unit, with strong performance in ethylene glycol, butadiene, and surfactants driven by downstream demand growth - Benefited from integrated operations of the sixth-phase ethylene oxide/ethylene glycol production facility and light hydrocarbon utilization unit, achieving raw material input flexibility and cost optimization[6](index=6&type=chunk) - Strong growth in ethylene glycol average selling price and gross margin, sustained strong momentum in butadiene, and stable demand for ethylene oxide and surfactants[6](index=6&type=chunk) - The Group can rapidly adjust its product portfolio to capitalize on favorable spreads for ethylene oxide, ethylene glycol, butadiene, and surfactants[6](index=6&type=chunk) [Ethylene Oxide](index=5&type=section&id=1.%20Ethylene%20Oxide) Ethylene oxide revenue decreased by 5.2% year-on-year, primarily due to a strategic adjustment in the Group's production portfolio towards higher-margin products, resulting in a 4.8% reduction in sales volume Ethylene Oxide Business Performance | Indicator | 2025 H1 | 2024 H1 | Change (%) | | :--- | :--- | :--- | :--- | | Revenue (RMB thousands) | 987,919 | 1,042,308 | -5.2% | | Sales Volume (metric tons) | 167,286 | 175,767 | -4.8% | | Average Selling Price (RMB) | 5,906 | 5,930 | -0.4% | | Gross Margin (%) | 14.7% | 11.6% | 3.1% | - Revenue decrease primarily due to strategic adjustment of production portfolio, allocating capacity to higher-margin products[10](index=10&type=chunk) [Ethylene Glycol](index=5&type=section&id=2.%20Ethylene%20Glycol) Ethylene glycol revenue increased by 3.3% year-on-year, primarily driven by improved profit margins and market conditions, leading to a 5.8% rise in average selling price Ethylene Glycol Business Performance | Indicator | 2025 H1 | 2024 H1 | Change (%) | | :--- | :--- | :--- | :--- | | Revenue (RMB thousands) | 1,741,183 | 1,685,508 | 3.3% | | Sales Volume (metric tons) | 417,152 | 427,091 | -2.3% | | Average Selling Price (RMB) | 4,174 | 3,946 | 5.8% | | Gross Margin (%) | 11.0% | 2.4% | 8.6% | - Revenue increase mainly due to improved profit margins and market conditions, leading to an increase in average selling price[11](index=11&type=chunk) [Polypropylene](index=5&type=section&id=3.%20Polypropylene) Polypropylene revenue decreased by 5.5% year-on-year, mainly due to a 4.7% reduction in sales volume Polypropylene Business Performance | Indicator | 2025 H1 | 2024 H1 | Change (%) | | :--- | :--- | :--- | :--- | | Revenue (RMB thousands) | 1,686,503 | 1,784,769 | -5.5% | | Sales Volume (metric tons) | 267,186 | 280,455 | -4.7% | | Average Selling Price (RMB) | 6,312 | 6,364 | -0.8% | | Gross Margin (%) | 0.1% | -3.1% | 3.2% | - Revenue decrease primarily due to reduced sales volume[12](index=12&type=chunk) [Surfactants](index=5&type=section&id=4.%20Surfactants) Surfactants revenue significantly increased by 33.2% year-on-year, benefiting from improved profit margins and market conditions, with sales volume and average selling price growing by 18.9% and 12.0% respectively Surfactants Business Performance | Indicator | 2025 H1 | 2024 H1 | Change (%) | | :--- | :--- | :--- | :--- | | Revenue (RMB thousands) | 2,102,297 | 1,578,465 | 33.2% | | Sales Volume (metric tons) | 318,209 | 267,639 | 18.9% | | Average Selling Price (RMB) | 6,607 | 5,898 | 12.0% | | Gross Margin (%) | 15.1% | 6.3% | 8.8% | - Revenue increase mainly due to improved profit margins and market conditions, with both sales volume and average selling price increasing[13](index=13&type=chunk) [Financial Review](index=3&type=section&id=C.%20Financial%20Review) The Group's overall revenue slightly decreased, but gross margin significantly improved through product portfolio optimization and better market price spreads, while administrative expenses increased and finance costs decreased - Overall revenue decreased by **1.5%** year-on-year to **RMB 9,105,675 thousand**[8](index=8&type=chunk) - Overall gross margin improved by **0.9%** to **5.1%**, primarily driven by increased gross margins in ethylene glycol, ethylene oxide, and polypropylene business lines[14](index=14&type=chunk) - Administrative expenses increased, mainly comprising staff costs, taxes, depreciation, and other items[15](index=15&type=chunk) [Revenue](index=3&type=section&id=1.%20Revenue) The Group's total revenue decreased by 1.5% year-on-year to RMB 9,105,675 thousand, with significant growth in surfactant revenue offsetting declines in ethylene, ethanolamine, and methyl tertiary-butyl ether Revenue, Sales Volume, Average Selling Price, and Gross Margin by Business Category | Product | 2025 H1 Revenue (RMB thousands) | 2024 H1 Revenue (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Ethylene Oxide | 987,919 | 1,042,308 | -5.2% | | Ethylene Glycol | 1,741,183 | 1,685,508 | 3.3% | | Polypropylene | 1,686,503 | 1,784,769 | -5.5% | | Ethylene | 387,747 | 702,378 | -44.8% | | Surfactants | 2,102,297 | 1,578,465 | 33.2% | | Methyl Tertiary-Butyl Ether | 435,346 | 612,275 | -28.9% | | Gases, Diethylene Glycol and Others | 398,372 | 504,546 | -21.0% | | Butadiene | 345,061 | 358,984 | -3.9% | | Ethanolamine | 105,966 | 172,559 | -38.6% | | Surfactant Processing Services | 36,859 | 42,968 | -14.2% | | Others | 878,422 | 755,073 | 16.3% | | **Total** | **9,105,675** | **9,239,833** | **-1.5%** | Sales Volume by Business Category | Product | 2025 H1 Sales Volume (metric tons) | 2024 H1 Sales Volume (metric tons) | Change (%) | | :--- | :--- | :--- | :--- | | Ethylene Oxide | 167,286 | 175,767 | -4.8% | | Ethylene Glycol | 417,152 | 427,091 | -2.3% | | Polypropylene | 267,186 | 280,455 | -4.7% | | Ethylene | 61,840 | 102,827 | -39.9% | | Surfactants | 318,209 | 267,639 | 18.9% | | Methyl Tertiary-Butyl Ether | 91,210 | 100,999 | -9.7% | | Butadiene | 36,806 | 36,809 | 0% | | Ethanolamine | 19,016 | 26,497 | -28.2% | | Surfactant Processing Services | 124,090 | 143,963 | -13.8% | Average Selling Price by Business Category | Product | 2025 H1 Average Selling Price (RMB) | 2024 H1 Average Selling Price (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Ethylene Oxide | 5,906 | 5,930 | -0.4% | | Ethylene Glycol | 4,174 | 3,946 | 5.8% | | Polypropylene | 6,312 | 6,364 | -0.8% | | Ethylene | 6,270 | 6,831 | -8.2% | | Surfactants | 6,607 | 5,898 | 12.0% | | Methyl Tertiary-Butyl Ether | 4,773 | 6,062 | -21.3% | | Butadiene | 9,375 | 9,753 | -3.9% | | Ethanolamine | 5,572 | 6,512 | -14.4% | | Surfactant Processing Services | 297 | 298 | -0.3% | [Gross Margin](index=4&type=section&id=2.%20Gross%20Margin) The Group's overall gross margin improved by 0.9% to 5.1%, primarily driven by significant improvements in ethylene glycol, surfactants, ethylene oxide, and polypropylene business lines, reflecting wider market price spreads and product portfolio optimization Gross Margin by Business Category | Product | 2025 H1 Gross Margin (%) | 2024 H1 Gross Margin (%) | Change (%) | | :--- | :--- | :--- | :--- | | Ethylene Oxide | 14.7% | 11.6% | 3.1% | | Ethylene Glycol | 11.0% | 2.4% | 8.6% | | Polypropylene | 0.1% | -3.1% | 3.2% | | Ethylene | -0.5% | 9.2% | -9.7% | | Surfactants | 15.1% | 6.3% | 8.8% | | Methyl Tertiary-Butyl Ether | -4.7% | 7.9% | -12.6% | | Butadiene | 33.0% | 34.0% | -1.0% | | Ethanolamine | 11.6% | 9.4% | 2.2% | | Surfactant Processing Services | 71.7% | 68.1% | 3.6% | - Overall gross margin improved by **0.9%** to **5.1%**, primarily driven by increased gross margins in ethylene glycol, ethylene oxide, and polypropylene business lines[14](index=14&type=chunk) - Gross margin improvement attributed to better market price spreads leading to higher average selling prices, and optimized product portfolio[14](index=14&type=chunk) [Administrative Expenses](index=6&type=section&id=3.%20Administrative%20Expenses) Administrative expenses primarily comprise staff-related costs, local taxes, depreciation, audit fees, and miscellaneous expenses - Administrative expenses primarily consist of staff costs, local taxes, education surcharges, depreciation, audit fees, and miscellaneous expenses[15](index=15&type=chunk) [Other Income and Expenses](index=7&type=section&id=4.%20Other%20Income%20and%20Expenses) Total other income and gains slightly decreased, but gains from the disposal of silver catalysts significantly increased, while other expenses substantially reduced due to lower losses on disposal of property, plant and equipment and net foreign exchange losses Other Income and Gains | Item | 2025 H1 (RMB thousands) | 2024 H1 (RMB thousands) | | :--- | :--- | :--- | | Input VAT additional deduction | 8,185 | 77,018 | | Interest/investment income | 24,768 | 49,767 | | Reversal of write-down of inventories to net realisable value — silver | 82,325 | 46,589 | | Gain on disposal of silver catalysts | 54,078 | — | | Others | 40,206 | 38,436 | | **Total** | **215,181** | **217,398** | Other Expenses | Item | 2025 H1 (RMB thousands) | 2024 H1 (RMB thousands) | | :--- | :--- | :--- | | Disposal of property, plant and equipment | 3,156 | 50,141 | | Net foreign exchange losses | 10,895 | 43,460 | | Others | 3,400 | 10,293 | | **Total** | **17,451** | **103,894** | - Gain on disposal of silver catalysts was **RMB 54,078 thousand**, compared to zero in the prior period[34](index=34&type=chunk) - Other expenses decreased significantly by **83.2%** year-on-year, primarily due to reduced losses on disposal of property, plant and equipment and net foreign exchange losses[34](index=34&type=chunk) [Finance Costs](index=7&type=section&id=5.%20Finance%20Costs) Finance costs decreased by 9.3% year-on-year to RMB 202,988 thousand, mainly due to reduced interest on bank and other borrowings and discounted bills receivable Finance Costs Analysis | Item | 2025 H1 (RMB thousands) | 2024 H1 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Interest on bank and other borrowings | 161,237 | 167,032 | -3.5% | | Interest on discounted bills receivable | 40,648 | 55,087 | -26.2% | | Interest on lease liabilities | 1,103 | 1,602 | -31.1% | | **Total** | **202,988** | **223,721** | **-9.3%** | [Income Tax](index=7&type=section&id=6.%20Income%20Tax) Income tax expense significantly increased by 183.7% year-on-year to RMB 28,551 thousand, primarily due to higher current period expenses and increased deferred tax Income Tax Expense Analysis | Item | 2025 H1 (RMB thousands) | 2024 H1 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Current period expense | 15,904 | 597 | 2563.8% | | Impact of additional tax deductions promulgated by tax authorities | (4,026) | — | Not Applicable | | Deferred | 16,673 | 9,468 | 76.1% | | **Total** | **28,551** | **10,065** | **183.7%** | - Mainland China subsidiaries generally apply a corporate income tax rate of **25%**, with some entities enjoying a **15%** preferential tax rate[39](index=39&type=chunk) - Hong Kong profits tax is provided at a rate of **16.5%**[39](index=39&type=chunk) [Earnings Per Share](index=7&type=section&id=7.%20Earnings%20Per%20Share) Basic earnings per share attributable to ordinary equity holders of the parent company significantly increased by 95.6% year-on-year to RMB 26.01 cents, consistent with the growth trend in net profit Earnings Per Share Calculation | Indicator | 2025 H1 | 2024 H1 | | :--- | :--- | :--- | | Profit attributable to ordinary equity holders of the parent company (RMB thousands) | 301,132 | 154,055 | | Weighted average number of ordinary shares outstanding during the period (thousands) | 1,157,875 | 1,157,909 | | **Basic and Diluted Earnings Per Share (RMB cents)** | **26.01** | **13.30** | - No potential dilutive ordinary shares were outstanding during the period, thus basic and diluted earnings per share are identical[40](index=40&type=chunk) [Outlook](index=3&type=section&id=D.%20Outlook) The Group anticipates robust demand for ethylene glycol, butadiene, and surfactants in the second half of 2025, with stable pricing and growth potential for polypropylene and ethylene oxide, while continuing to pursue high-value-added products and downstream integration opportunities amidst global economic uncertainties - Demand for ethylene glycol, butadiene, and surfactants is expected to remain strong in the second half of 2025, with stable pricing and growth potential for polypropylene and ethylene oxide[7](index=7&type=chunk) - The Group will continue to seek opportunities for high-value-added products and further integration of downstream businesses to enhance revenue resilience[7](index=7&type=chunk) - The Group will remain vigilant regarding global economic uncertainties, trade policy developments, and commodity price fluctuations[7](index=7&type=chunk) - A vertically integrated structure, diversified raw material sourcing capabilities, and flexible market response strategies lay the foundation for the Group's long-term growth[7](index=7&type=chunk) [Condensed Consolidated Financial Statements](index=7&type=section&id=III.%20Condensed%20Consolidated%20Financial%20Statements) This section presents the Group's condensed consolidated statements of profit or loss, comprehensive income, financial position, cash flows, and changes in equity for the interim period [Condensed Consolidated Statement of Profit or Loss](index=7&type=section&id=A.%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) For the six months ended June 30, 2025, the Group reported revenue of RMB 9,105,675 thousand, gross profit of RMB 464,612 thousand, profit for the period of RMB 302,023 thousand, and profit attributable to equity holders of the parent company of RMB 301,132 thousand Condensed Consolidated Statement of Profit or Loss Key Data | Indicator | 2025 H1 (RMB thousands) | 2024 H1 (RMB thousands) | | :--- | :--- | :--- | | Revenue | 9,105,675 | 9,239,833 | | Cost of sales | (8,641,063) | (8,853,401) | | Gross Profit | 464,612 | 386,432 | | Other income and gains | 215,181 | 217,398 | | Selling and distribution costs | (3,134) | (2,195) | | Administrative expenses | (125,646) | (109,591) | | Other expenses | (17,451) | (103,894) | | Finance costs | (202,988) | (223,721) | | Profit before tax | 330,574 | 164,429 | | Income tax expense | (28,551) | (10,065) | | **Profit for the period** | **302,023** | **154,364** | | Profit attributable to equity holders of the parent company | 301,132 | 154,055 | | Non-controlling interests | 891 | 309 | [Condensed Consolidated Statement of Comprehensive Income](index=8&type=section&id=B.%20Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) For the six months ended June 30, 2025, the Group's total comprehensive income for the period was RMB 302,023 thousand, consistent with profit for the period, with total comprehensive income attributable to equity holders of the parent company being RMB 301,132 thousand Condensed Consolidated Statement of Comprehensive Income Key Data | Indicator | 2025 H1 (RMB thousands) | 2024 H1 (RMB thousands) | | :--- | :--- | :--- | | Profit for the period | 302,023 | 154,364 | | **Total comprehensive income for the period** | **302,023** | **154,364** | | Attributable to: | | | | Equity holders of the parent company | 301,132 | 154,055 | | Non-controlling interests | 891 | 309 | [Condensed Consolidated Statement of Financial Position](index=9&type=section&id=C.%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's total non-current assets slightly decreased, total current assets increased, and total current liabilities increased, leading to a slight improvement in net current liabilities, while net assets and total equity both grew Condensed Consolidated Statement of Financial Position Key Data | Indicator | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Total non-current assets | 14,063,673 | 14,377,741 | | Total current assets | 8,507,562 | 7,728,130 | | Total current liabilities | 14,423,210 | 13,694,427 | | Net current liabilities | (5,915,648) | (5,966,297) | | Total assets less current liabilities | 8,148,025 | 8,411,444 | | Total non-current liabilities | 2,952,214 | 3,517,656 | | **Net Assets** | **5,195,811** | **4,893,788** | | **Total Equity** | **5,195,811** | **4,893,788** | [Condensed Consolidated Statement of Cash Flows](index=11&type=section&id=D.%20Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) For the six months ended June 30, 2025, net cash flow from operating activities significantly increased, net cash flow from investing activities decreased, and net cash flow from financing activities substantially declined, with cash and cash equivalents increasing to RMB 822,547 thousand at period-end Condensed Consolidated Statement of Cash Flows Key Data | Indicator | 2025 H1 (RMB thousands) | 2024 H1 (RMB thousands) | | :--- | :--- | :--- | | Net cash flows from operating activities | 836,567 | 162,992 | | Net cash flows from investing activities | (810,297) | (915,561) | | Net cash flows from financing activities | 232,191 | 902,464 | | Net increase in cash and cash equivalents | 258,461 | 149,895 | | Cash and cash equivalents at beginning of period | 564,328 | 364,150 | | Effect of exchange rate changes, net | (242) | 241 | | **Cash and cash equivalents at end of period** | **822,547** | **514,286** | [Condensed Consolidated Statement of Changes in Equity](index=12&type=section&id=E.%20Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) For the six months ended June 30, 2025, total equity attributable to owners of the parent company increased to RMB 5,212,901 thousand, primarily due to the profit for the period - As of June 30, 2025, total equity attributable to owners of the parent company was **RMB 5,212,901 thousand**, an increase from **RMB 4,911,769 thousand** as of December 31, 2024[22](index=22&type=chunk) - Profit for the period of **RMB 301,132 thousand** was the primary reason for the increase in equity[22](index=22&type=chunk) [Notes to the Condensed Consolidated Financial Information](index=13&type=section&id=IV.%20Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Information) This section provides detailed notes on the Group's company information, accounting policies, segment data, revenue and expense breakdowns, finance costs, income tax, earnings per share, dividends, financial assets, inventories, receivables, payables, borrowings, and related party transactions [Company Information](index=13&type=section&id=A.%20Company%20Information) The Group primarily engages in the production and supply of ethylene oxide, ethylene glycol, polypropylene, methyl tertiary-butyl ether, and surfactants in China, also providing processing services and producing other chemical products - The company was incorporated in the Cayman Islands on January 30, 2009[23](index=23&type=chunk) - Its principal activities are the production and supply of ethylene oxide, ethylene glycol, polypropylene, methyl tertiary-butyl ether, and surfactants in China[24](index=24&type=chunk) - The Group also provides processing services for polypropylene, methyl tertiary-butyl ether, and surfactants, and produces butadiene, ethanolamine, and industrial gases[24](index=24&type=chunk) [Basis of Presentation and Preparation](index=13&type=section&id=B.%20Basis%20of%20Presentation%20and%20Preparation) The condensed consolidated interim financial information is prepared in accordance with HKAS 34 and presented on a going concern basis, having been reviewed by the company's audit committee - The financial information is prepared in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting"[25](index=25&type=chunk) - The financial information is prepared on a historical cost convention, with certain financial instruments measured at fair value[25](index=25&type=chunk) - The Group has net current liabilities of approximately **RMB 5,915,648 thousand**, but the Board believes it has sufficient funds to meet its obligations, thus preparing the statements on a going concern basis[26](index=26&type=chunk) [Changes in Accounting Policies and Disclosures](index=14&type=section&id=C.%20Changes%20in%20Accounting%20Policies%20and%20Disclosures) New and amended Hong Kong Financial Reporting Standards adopted for the first time in the current period, including amendments to HKAS 21, had no impact on the Group's condensed consolidated interim financial information - New and amended Hong Kong Financial Reporting Standards adopted for the first time are consistent with those applied in preparing the annual financial statements[27](index=27&type=chunk) - Amendments to HKAS 21 clarify currency exchangeability and estimation of spot exchange rates but have no impact on the Group's financial information[28](index=28&type=chunk) [Segment Information](index=14&type=section&id=D.%20Segment%20Information) The Group operates as a single reportable operating segment, with management allocating resources and assessing performance based on overall operating results, and revenue primarily derived from mainland China through the sale of goods - The Group has only one reportable operating segment, and management monitors overall operating performance[29](index=29&type=chunk) Revenue by Product and Service Category | Item | 2025 H1 (RMB thousands) | 2024 H1 (RMB thousands) | | :--- | :--- | :--- | | Sale of goods | 9,059,571 | 9,189,036 | | Rendering of services | 36,859 | 42,968 | | Others | 9,245 | 7,829 | | **Total** | **9,105,675** | **9,239,833** | Revenue by Geographical Location | Region | 2025 H1 (RMB thousands) | 2024 H1 (RMB thousands) | | :--- | :--- | :--- | | Mainland China | 8,838,060 | 9,054,834 | | Others | 267,615 | 184,999 | | **Total Revenue** | **9,105,675** | **9,239,833** | - All of the Group's non-current assets are located in mainland China[31](index=31&type=chunk) [Revenue, Other Income and Gains, and Other Expenses](index=15&type=section&id=E.%20Revenue,%20Other%20Income%20and%20Gains,%20and%20Other%20Expenses) Revenue represents the net invoiced value of goods sold, while other income and gains primarily include input VAT deductions, interest/investment income, reversal of inventory write-downs, and gains from silver catalyst disposal, and other expenses mainly consist of losses on disposal of property, plant and equipment and net foreign exchange losses - Revenue represents the net invoiced value of goods sold, after deducting value-added tax and government surcharges[32](index=32&type=chunk) Other Income and Gains | Item | 2025 H1 (RMB thousands) | 2024 H1 (RMB thousands) | | :--- | :--- | :--- | | Input VAT additional deduction | 8,185 | 77,018 | | Interest/investment income | 24,768 | 49,767 | | Reversal of write-down of inventories to net realisable value — silver | 82,325 | 46,589 | | Gain on disposal of silver catalysts | 54,078 | — | | Others | 40,206 | 38,436 | | **Total** | **215,181** | **217,398** | Other Expenses | Item | 2025 H1 (RMB thousands) | 2024 H1 (RMB thousands) | | :--- | :--- | :--- | | Disposal of property, plant and equipment | 3,156 | 50,141 | | Net foreign exchange losses | 10,895 | 43,460 | | Others | 3,400 | 10,293 | | **Total** | **17,451** | **103,894** | [Finance Costs](index=16&type=section&id=F.%20Finance%20Costs) Finance costs primarily consist of interest on bank and other borrowings, interest on discounted bills receivable, and interest on lease liabilities Finance Costs Analysis | Item | 2025 H1 (RMB thousands) | 2024 H1 (RMB thousands) | | :--- | :--- | :--- | | Interest on bank and other borrowings | 161,237 | 167,032 | | Interest on discounted bills receivable | 40,648 | 55,087 | | Interest on lease liabilities | 1,103 | 1,602 | | **Total** | **202,988** | **223,721** | [Profit Before Tax](index=16&type=section&id=G.%20Profit%20Before%20Tax) Profit before tax is stated after deducting costs of inventories sold, costs of services rendered, depreciation of property, plant and equipment, depreciation of right-of-use assets, and amortization of other intangible assets Profit Before Tax Deductions | Item | 2025 H1 (RMB thousands) | 2024 H1 (RMB thousands) | | :--- | :--- | :--- | | Cost of inventories sold | 8,630,620 | 8,836,748 | | Cost of services rendered | 10,443 | 16,653 | | Depreciation of property, plant and equipment | 438,307 | 508,988 | | Depreciation of right-of-use assets | 25,856 | 24,482 | | Amortisation of other intangible assets | 4,982 | 6,165 | [Income Tax](index=16&type=section&id=H.%20Income%20Tax) Income tax expense includes current and deferred tax, calculated based on the 25% corporate income tax rate in mainland China (with some entities enjoying a 15% preferential rate) and the 16.5% profits tax rate in Hong Kong Income Tax Expense Analysis | Item | 2025 H1 (RMB thousands) | 2024 H1 (RMB thousands) | | :--- | :--- | :--- | | Current period expense | 15,904 | 597 | | Impact of additional tax deductions promulgated by tax authorities | (4,026) | — | | Deferred | 16,673 | 9,468 | | **Total** | **28,551** | **10,065** | - Mainland China subsidiaries generally apply a corporate income tax rate of **25%**, with some entities enjoying a **15%** preferential tax rate[39](index=39&type=chunk) - Hong Kong profits tax is provided at a rate of **16.5%**[39](index=39&type=chunk) [Earnings Per Share Attributable to Equity Holders of the Parent Company](index=17&type=section&id=I.%20Earnings%20Per%20Share%20Attributable%20to%20Equity%20Holders%20of%20the%20Parent%20Company) Basic earnings per share are calculated based on the profit for the period attributable to ordinary equity holders of the parent company and the weighted average number of ordinary shares outstanding during the period, with no dilutive effect in the current period Earnings Per Share Calculation Basis | Indicator | 2025 H1 | 2024 H1 | | :--- | :--- | :--- | | Profit attributable to ordinary equity holders of the parent company (RMB thousands) | 301,132 | 154,055 | | Weighted average number of ordinary shares outstanding during the period (thousands) | 1,157,875 | 1,157,909 | | **Basic and Diluted Earnings Per Share (RMB cents)** | **26.01** | **13.30** | - No potential dilutive ordinary shares were outstanding during the period, thus basic and diluted earnings per share are identical[40](index=40&type=chunk) [Dividends](index=17&type=section&id=J.%20Dividends) The Board of Directors does not recommend the declaration of an interim dividend for the period ended June 30, 2025 - The Board of Directors does not recommend the declaration of an interim dividend for the period ended June 30, 2025[42](index=42&type=chunk) [Financial Assets at Fair Value Through Profit or Loss](index=17&type=section&id=K.%20Financial%20Assets%20at%20Fair%20Value%20Through%20Profit%20or%20Loss) The Group holds investments in wealth management products issued by mainland Chinese banks, which are mandatorily classified as financial assets at fair value through profit or loss - The Group invests in wealth management products issued by mainland Chinese banks[43](index=43&type=chunk) - These investments are mandatorily classified as financial assets at fair value through profit or loss because their contractual cash flows are not solely payments of principal and interest[43](index=43&type=chunk) [Inventories](index=18&type=section&id=L.%20Inventories) As of June 30, 2025, total inventories amounted to RMB 2,252,834 thousand, with raw materials constituting the majority and finished goods showing an increase Inventory Composition | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Raw materials | 1,971,579 | 2,535,271 | | Finished goods | 281,255 | 187,024 | | **Total** | **2,252,834** | **2,722,295** | [Trade and Bills Receivables](index=18&type=section&id=M.%20Trade%20and%20Bills%20Receivables) As of June 30, 2025, the net carrying amount of trade and bills receivables was RMB 1,549,342 thousand, primarily comprising bills receivable, with credit terms generally ranging from 10 to 60 days and bills receivable maturing within six months Trade and Bills Receivables | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Trade receivables | 162,372 | 170,670 | | Bills receivables | 1,394,622 | 1,310,087 | | Impairment | (7,652) | (7,652) | | **Net Carrying Amount** | **1,549,342** | **1,473,105** | - Credit terms generally range from **10 to 60 days**, with some customers extending up to three months[44](index=44&type=chunk) - Bills receivable mature within **six months**[44](index=44&type=chunk) Trade Receivables Ageing Analysis | Ageing | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | 1 to 30 days | 129,571 | 141,492 | | 31 to 60 days | 14,180 | 7,506 | | 61 to 90 days | 9,323 | 2,647 | | 91 to 360 days | 1,613 | 8,312 | | Over 360 days | 33 | 3,061 | | **Total** | **154,720** | **163,018** | [Cash and Cash Equivalents and Pledged Deposits](index=19&type=section&id=N.%20Cash%20and%20Cash%20Equivalents%20and%20Pledged%20Deposits) As of June 30, 2025, cash and bank balances totaled RMB 822,547 thousand, and time deposits and pledged deposits amounted to RMB 2,241,315 thousand, with pledged deposits primarily used for share options, bills payable, bank loans, and letters of guarantee Cash and Cash Equivalents and Pledged Deposits | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Cash and bank balances | 822,547 | 564,328 | | Time deposits and pledged deposits | 2,241,315 | 1,948,555 | | **Subtotal** | **3,063,862** | **2,512,883** | | Less: Total pledged time deposits | 2,241,315 | 1,948,555 | | **Cash and Cash Equivalents** | **822,547** | **564,328** | - Pledged deposits are primarily used for share options, bills payable, bank loans, and letters of guarantee[46](index=46&type=chunk) [Trade and Bills Payables](index=20&type=section&id=O.%20Trade%20and%20Bills%20Payables) As of June 30, 2025, total trade and bills payables amounted to RMB 1,663,968 thousand, with bills payable forming the major portion, and trade payables having an average credit period of three months, while all bills payable mature within one year Trade and Bills Payables | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Bills payables | 957,363 | 902,903 | | Trade payables | 706,605 | 904,772 | | **Total** | **1,663,968** | **1,807,675** | Trade and Bills Payables Ageing Analysis | Ageing | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Within 3 months | 994,380 | 1,379,731 | | 3 to 6 months | 608,825 | 374,417 | | 6 to 12 months | 12,513 | 15,213 | | 12 to 24 months | 35,674 | 17,117 | | 24 to 36 months | 3,512 | 15,873 | | Over 36 months | 9,064 | 5,324 | | **Total** | **1,663,968** | **1,807,675** | - Trade payables are interest-free with an average credit period of **three months**, and all bills payable mature within **one year**[47](index=47&type=chunk) [Interest-Bearing Bank and Other Borrowings](index=21&type=section&id=P.%20Interest-Bearing%20Bank%20and%20Other%20Borrowings) As of June 30, 2025, total interest-bearing bank and other borrowings amounted to RMB 11,857,766 thousand, with current borrowings constituting the majority, and borrowings secured by leased land, property, plant and equipment, pledged deposits, and guarantees from associated companies Total Interest-Bearing Bank and Other Borrowings | Type | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Total current borrowings | 9,826,542 | 8,511,892 | | Total non-current borrowings | 2,031,224 | 2,433,241 | | **Total** | **11,857,766** | **10,945,133** | - Borrowings are secured by leased land, property, plant and equipment, pledged deposits, and guarantees and equity pledges provided by associated company Hangzhou Haoming Investment Co, Ltd[50](index=50&type=chunk) [Amounts Due from Related Parties](index=22&type=section&id=Q.%20Amounts%20Due%20from%20Related%20Parties) As of June 30, 2025, amounts due from related parties totaled RMB 372 thousand, all from Jia Hua New Materials, being unsecured, interest-free, and repayable on demand Amounts Due from Related Parties | Related Party | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Jia Hua New Materials | 372 | 372 | | **Total** | **372** | **372** | - Amounts due from related parties are unsecured, interest-free, and repayable on demand[49](index=49&type=chunk) [Amounts Due to Related Parties](index=23&type=section&id=R.%20Amounts%20Due%20to%20Related%20Parties) As of June 30, 2025, total amounts due to related parties amounted to RMB 1,437,568 thousand, including current and non-current portions, primarily owed to Jia Hua Energy and Meifu Petrochemical, with all amounts being unsecured and interest-free Amounts Due to Related Parties | Type | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Total current amounts | 664,258 | 571,564 | | Total non-current amounts | 773,310 | 942,932 | | **Total** | **1,437,568** | **1,514,496** | - Current amounts are unsecured, interest-free, and repayable on demand; non-current amounts are unsecured, interest-free, and repayable after one year[51](index=51&type=chunk) [Other Information](index=24&type=section&id=V.%20Other%20Information) This section covers the Group's capital commitments, contingent liabilities, employee and remuneration policies, liquidity and financial resources, interim dividend policy, corporate governance, and board composition [Capital Commitments](index=24&type=section&id=A.%20Capital%20Commitments) As of June 30, 2025, the Group's capital commitments amounted to approximately RMB 4,492 million, primarily for the construction of new production capacity, plant and machinery purchases, and regular maintenance - As of June 30, 2025, capital commitments amounted to approximately **RMB 4,492 million**[52](index=52&type=chunk) - Primarily for the construction of additional production capacity, plant and machinery purchases, and regular maintenance and upkeep[52](index=52&type=chunk) [Contingent Liabilities](index=24&type=section&id=B.%20Contingent%20Liabilities) As of June 30, 2025, the Group had no significant contingent liabilities not provided for in the financial information - As of June 30, 2025, the Group had no significant contingent liabilities[53](index=53&type=chunk) [Employees and Remuneration Policy](index=24&type=section&id=C.%20Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the Group employed 1,370 full-time employees, providing benefits including housing allowances, bonuses, and social insurance, with remuneration packages regularly reviewed by the Remuneration Committee - As of June 30, 2025, the Group employed **1,370** full-time employees[54](index=54&type=chunk) - Employee benefits include housing allowances, shift allowances, bonuses, subsidies, medical examinations, staff dormitories, social insurance and housing provident fund contributions, and a share award scheme[54](index=54&type=chunk) - The Remuneration Committee reviews remuneration packages annually or as needed[54](index=54&type=chunk) [Liquidity and Financial Resources](index=24&type=section&id=D.%20Liquidity%20and%20Financial%20Resources) The Group's gearing ratio remained at 52.5% (December 31, 2024: 49.5%), consistent with internal guidelines, while inventory, trade and bills receivables, and trade and bills payables turnover days remained at similar levels Liquidity and Financial Resources Indicators | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Gearing Ratio | 52.5% | 49.5% | | Inventory Turnover Days | 51.8 days | 46.2 days | | Trade and Bills Receivables Turnover Days | 29.9 days | 27.1 days | | Trade and Bills Payables Turnover Days | 36.2 days | 38.9 days | - The gearing ratio is in line with internal guidelines, considering the time lag between new production facility construction and profit generation, as well as liquidity buffers[55](index=55&type=chunk) [Interim Dividend](index=25&type=section&id=E.%20Interim%20Dividend) The Board of Directors does not recommend the payment of an interim dividend for the six months ended June 30, 2025, to preserve sufficient liquidity for future economic uncertainties - The Board of Directors does not recommend the payment of an interim dividend for the six months ended June 30, 2025[56](index=56&type=chunk) - This decision aims to preserve sufficient liquidity to address future economic volatility[56](index=56&type=chunk) [Corporate Governance](index=25&type=section&id=F.%20Corporate%20Governance) The company has adopted the Corporate Governance Code set out in Appendix C1 to the Listing Rules of the Stock Exchange and has complied with all code provisions throughout the review period up to the date of this announcement - The company has adopted the Corporate Governance Code set out in Appendix C1 to the Listing Rules of the Stock Exchange[57](index=57&type=chunk) - The company has complied with all code provisions of the Corporate Governance Code throughout the review period up to the date of this announcement[57](index=57&type=chunk) [Standard Code for Securities Transactions by Directors](index=25&type=section&id=G.%20Standard%20Code%20for%20Securities%20Transactions%20by%20Directors) The company has adopted the Model Code set out in Appendix C3 to the Listing Rules, and directors confirm compliance with the code throughout the review period up to the date of this announcement - The company has adopted the Model Code set out in Appendix C3 to the Listing Rules as the code for directors and senior management to conduct securities transactions[58](index=58&type=chunk) - All directors confirm compliance with the Model Code's requirements throughout the review period up to the date of this announcement[58](index=58&type=chunk) [Audit Committee](index=25&type=section&id=H.%20Audit%20Committee) The Audit Committee comprises three independent non-executive directors, chaired by Mr. Shen Kaijun, and has reviewed the interim results, including accounting standards and internal controls - The Audit Committee comprises three independent non-executive directors, with Mr. Shen Kaijun as chairman[59](index=59&type=chunk) - The committee has reviewed the interim results, including accounting standards and internal control functions[59](index=59&type=chunk) [Remuneration Committee](index=26&type=section&id=I.%20Remuneration%20Committee) The Remuneration Committee consists of two independent non-executive directors and one executive director, chaired by Ms. Pei Yu, with primary responsibilities including evaluating director and senior management performance and recommending remuneration packages - The Remuneration Committee comprises two independent non-executive directors and one executive director, with Ms. Pei Yu as chairman[60](index=60&type=chunk) - Its primary responsibilities include evaluating the performance of directors and senior management and making recommendations on remuneration packages and share award schemes[60](index=60&type=chunk) [Nomination Committee](index=26&type=section&id=J.%20Nomination%20Committee) The Nomination Committee comprises two independent non-executive directors and one executive director, chaired by Ms. Han Jianhong, with primary responsibilities including recommending Board members and regularly reviewing the Board's structure - The Nomination Committee comprises two independent non-executive directors and one executive director, with Ms. Han Jianhong as chairman[61](index=61&type=chunk) - Its primary responsibilities include recommending suitable Board members and regularly reviewing the Board's structure, size, and composition[61](index=61&type=chunk) [Purchase, Sale or Redemption of Listed Securities](index=26&type=section&id=K.%20Purchase,%20Sale%20or%20Redemption%20of%20Listed%20Securities) During the review period, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities - During the review period, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities[62](index=62&type=chunk) [Publication of Report](index=26&type=section&id=L.%20Publication%20of%20Report) The company's interim report for the six months ended June 30, 2025, will be dispatched to shareholders in due course and published on the websites of the Stock Exchange and the company - The interim report will be dispatched to shareholders and published on the Stock Exchange website (www.hkex.com.hk) and the company's website (www.chinasanjiangfinechemicals.com)[63](index=63&type=chunk) [Board Composition](index=27&type=section&id=M.%20Board%20Composition) As of the date of this announcement, the Board of Directors comprises four executive directors and three independent non-executive directors - The Board of Directors includes four executive directors (Ms. Han Jianhong, Mr. Rao Huatao, Ms. Chen Xian, and Ms. Guan Siyi) and three independent non-executive directors (Mr. Shen Kaijun, Ms. Pei Yu, and Mr. Kong Liang)[64](index=64&type=chunk)

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的任何損失承擔任何責任。 CHINA SANJIANG FINE CHEMICALS COMPANY LIMITED 中國三江精細化工有限公司 （於開曼群島註冊成立的有限公司） （股份代號：2198） 有關持續關連交易 — 與浩星節能訂立能源管理協議的澄清及補充公告 茲提述中國三江精細化工有限公司（「本公司」）日期為二零二五年八月一日的公告及 本公司日期為二零二五年八月十三日的公告。除非本公告另有界定，否則本公告所 用詞彙與日期為二零二五年八月一日的公告所界定者具有相同涵義。本公司謹此澄 清及補充有關日期為二零二五年八月一日及二零二五年八月十三日的公告的若干資 料，因此，本公司刊發日期為二零二五年八月一日的公告的經更新的內文部分全 文，其中包括i）日期為二零二五年八月一日的公告與日期為二零二五年八月十三日 的公告之間的變動（以下劃線顯示）；及ii）日期為二零二五年八月十三日的公告與今 日的公告之間的變動（以雙下劃線顯示）如下： ...

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的任何損失承擔任何責任。 CHINA SANJIANG FINE CHEMICALS COMPANY LIMITED 中國三江精細化工有限公司 （於開曼群島註冊成立的有限公司） （股份代號：2198） 有關持續關連交易 — 與浩星節能訂立能源管理協議的補充公告 茲提述中國三江精細化工有限公司（「本公司」）日期為二零二五年八月一日的公告 （「該公告」）。除非本公告另有界定，否則本公告所用詞彙與該公告所界定者具有相 同涵義。本公司希望補充有關該公告的若干資料，因此，本公司刊發該公告經更新 的內文部分全文如下： 持續關連交易 — 與浩星節能訂立能源管理協議 董事會欣然宣佈，於二零二五年八月一日（交易時段後），浩星節能與三江化工（本 公司間接全資附屬公司）訂立能源管理協議，據此，浩星節能已同意使用╱安裝由 浩星節能開發的技術及設備，為三江化工年產量1,000,000公噸的第六期環氧乙 烷╱乙二醇生產設施改裝循環泵及輔助冷卻設備之驅動馬達 ...

Group 1 - The company, Sanjiang Chemical (02198.HK), announced that it will hold a board meeting on August 29, 2025 [1] - The board will approve the announcement of the company's interim results for the six months ending June 30, 2025 [1] - The board will also consider the distribution of an interim dividend, if any [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，概不對因本公告全部或任何 部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 CHINA SANJIANG FINE CHEMICALS COMPANY LIMITED 中國三江精細化工有限公司 （於開曼群島註冊成立的有限公司） 中國三江精細化工有限公司 主席兼執行董事 韓建紅 中華人民共和國，2025年8月11日 （股份代號：2198） 董事會召開通告 中國三江精細化工有限公司（「本公司」）董事會（「董事會」）謹此宣布，本公司將於 2025年8月29日舉行董事會會議，董事會將於會上批准（其中包括）公布本公司及其 附屬公司截至2025年6月30日止六個月之中期業績，及考慮派發中期股息（如有）。 承董事會命 於本公告日期，董事會包括四名執行董事，分別是韓建紅女士、饒火濤先生、陳嫻 女士及管思怡女士，以及三名獨立非執行董事，分別是沈凱軍先生、裴愚女士及孔 良先生。 ...

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: 中國三江精細化工有限公司 呈交日期: 2025年8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) | 02198 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | HKD | | 0.1 HKD | | 500,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | 本月底結存 | | | 5,000,000,000 | HKD | | 0.1 HKD | | 500,000,000 | 本月底法定/註冊股本總額： HKD 500,000, ...