Core Viewpoint - The company expects a significant decrease in net profit attributable to shareholders for the first half of 2025, projecting between RMB 6.6 million to 7.6 million, a decline of approximately 58.8% to 64.2% compared to RMB 18.4 million in the first half of 2024 [1] Group 1: Financial Performance - The anticipated net profit for the first half of 2025 is between RMB 6.6 million to 7.6 million, representing a decrease of about 58.8% to 64.2% from the previous year [1] - The company’s revenue is expected to remain stable during the same period [1] Group 2: Reasons for Profit Decline - Strategic investments in capacity upgrades have led to increased depreciation and amortization expenses, contributing to the profit decline [1] - The termination of interest capitalization on loans for the new high-end production line has resulted in higher financial costs [1] - Increased R&D investments have raised related expenditures compared to the first half of 2024 [1] - A reduction in other income, including government subsidies and VAT rebates, has also impacted profitability [1] Group 3: Strategic Focus - The company aims to strengthen its core strategy by deepening collaboration with large paper groups and expanding into overseas markets [1] - There is a focus on accelerating technological upgrades and optimizing product performance to enhance competitiveness [1] - Internal management reforms are being implemented to improve operational efficiency and overall quality [1] - The company plans to enhance profitability and operational resilience through customer engagement, product upgrades, and cost optimization [1]

Core Viewpoint - The company, Huanlong Holdings (02260.HK), anticipates a significant decline in net profit attributable to shareholders for the first half of 2025, projecting between RMB 6.6 million to RMB 7.6 million, which represents a decrease of approximately 58.8% to 64.2% compared to RMB 18.4 million in the same period of 2024 [1] Summary by Relevant Categories Financial Performance - The expected net profit for the first half of 2025 is projected to be between RMB 6.6 million to RMB 7.6 million [1] - This represents a decrease of approximately 58.8% to 64.2% compared to the net profit of RMB 18.4 million in the first half of 2024 [1] Operational Factors - The decline in profit is primarily attributed to increased depreciation and amortization due to capacity upgrades, heightened research and development investments, and a reduction in government subsidies and VAT deductions [1] - Despite the anticipated decline in profit, the board believes that the group's operational performance remains stable [1] Strategic Outlook - The company will continue to pursue technology upgrades and market expansion strategies [1]

智通财经APP讯，环龙控股(02260)发布公告，集团预期于2025年上半年取得公司股东应占净利润约人民 币660万元至760万元，与2024年上半年的公司股东应占净利润约人民币1840万元相比减少约58.8%至 64.2%。 于报告期间，董事会认为集团的营运表现稳定。集团将聚焦核心战略，深化与大型造纸集团的全面合 作，进一步拓展海外市场，推动高端产品放量增长。同时，加速技术升级，持续优化产品性能，提升竞 争力。在内部管理上，深化组织改革，提升运营效率，全方位提质增效。通过客户深耕、产品升级与成 本优化的协同推进，持续提升盈利品质和经营韧性。 在集团于2025年上半年的收益维持稳定的情况下，公司股东应占净利润减少的主要原因载列如下：1.于 产能升级方面的战略投资：随着上海金熊造纸网毯有限公司(上海金熊)14.5米高端生产线投产令折旧及 摊销有所增加，相关开支亦取得同比上涨。此外，于建设落成后，上海金熊14.5米高端生产线相应项目 贷款的利息资本化终止，导致财务成本增加;2.巩固技术领导地位：集团持续加强研发方面的投资，相 关支出较2024年上半年有所增加;3.其他收入减少：政府补贴及增值税加计抵减较2024年 ...

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 因依賴該等內容而引致的任何損失承擔任何責任。 Vanov Holdings Company Limited 環龍控股有限公司 （於開曼群島註冊成立的有限公司） 3. 其他收入減少：政府補貼及增值稅加計抵減較2024年上半年有所減少。 於報告期間，董事會認為本集團的營運表現穩定。本集團將聚焦核心戰略，深 化與大型造紙集團的全面合作，進一步拓展海外市場，推動高端產品放量增長。 同時，加速技術升級，持續優化產品性能，提升競爭力。在內部管理上，深化 組織改革，提升運營效率，全方位提質增效。通過客戶深耕、產品升級與成本 優化的協同推進，持續提升盈利品質和經營韌性。 截至本公告日期，本公司仍在落實截至2025年上半年的未經審核中期業績。本 公告所載的資料僅根據本公司管理層參考現時可得資料（包括本集團截至2025 年上半年未經審核綜合管理賬目）作出的初步評估而得出，有關綜合管理賬目 並非經本公司核數師審核，有待落實及作出必要調整（如有）。本公司股東及潛 在投資者 ...

致：香港交易及結算所有限公司 公司名稱: 環龍控股有限公司 (於開曼群島註冊成立之有限公司) 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7月31日 狀態: 新提交 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) | 02260 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | 2,000,000,000 | | HKD | | 0.01 HKD | | 20,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 2,000,000,000 | HKD | | 0.01 HKD | | 20,000,000 | 本月底 ...

Industry Performance - In 2024, the production volume of machine paper and paperboard reached 158 million tons, representing a year-on-year increase of 8.6%, marking a historical high[17]. - Enterprises in the papermaking and paper-based product industry achieved an operating income of RMB 146 billion, reflecting a year-on-year increase of 3.9%, with total profit increasing by 5.2%[17]. - The global scale of the paper and paperboard packaging market is expected to reach US$193.801 billion by 2029, with a compound annual growth rate of 3.75% over the next few years[14]. - The papermaking industry is experiencing rising prices for pulp and paper, alongside a push for digital transformation and policies promoting "paper in place of plastic," injecting new momentum into the sector[30]. - The rebound in market demand and green transformation presents new opportunities for the papermaking industry[14]. Technological Innovation and Development - The company focuses on technological innovation and branding, aiming to support the efficient operation of papermaking machines globally[18]. - The Group's technology R&D team achieved significant breakthroughs in key areas such as highly effective dewatering and seam-folding techniques, leading to a comprehensive upgrade of papermaking felt technology[22]. - A new high-end production line measuring 14.5 meters commenced operations in March 2024, producing high-performance papermaking felts for the world's widest and fastest papermaking machines, breaking supply chain barriers in China[23]. - The Group plans to increase investment in technology R&D and production line upgrades to enhance product performance and service quality, while optimizing production processes through digital and intelligent manufacturing[31]. - The Group is committed to promoting green, efficient, and intelligent development in the papermaking felt industry through continuous technological innovation[57]. Environmental and Sustainability Initiatives - National policies on tax and fee reduction have supported technological innovation and transformation in the industry, allowing leading companies to strengthen their market position[17]. - The tightening of environmental protection policies has driven the industry's transformation towards green production[17]. - The Group launched a Photovoltaic power generation project in 2024, following the completion of carbon footprint evaluation and certification for papermaking felts in 2023, reinforcing its commitment to energy conservation and green development[24]. - The Group aims to create a low-carbon paper industry through green and intelligent technologies[18]. - The Group aims to strengthen its ESG management and corporate responsibilities while promoting green manufacturing and fast-tracking technology and product upgrades[37]. Financial Performance - The Group achieved a revenue of approximately RMB255.5 million for the year ended December 31, 2024, representing a year-on-year increase of 7.6% from RMB237.4 million in 2023[60]. - Revenue from the international market increased significantly by 105.5%, contributing to the overall growth in sales and selling price[50]. - Gross profit for the year ended December 31, 2024, was approximately RMB125.8 million, a decrease of approximately RMB0.7 million from approximately RMB126.5 million for the year ended December 31, 2023, with a gross profit margin declining from approximately 53.3% to approximately 49.2%[61]. - Other income increased by approximately RMB6.9 million to approximately RMB20.4 million for the year ended December 31, 2024, primarily due to increased government subsidies and VAT credit policies[64]. - Selling and distribution expenses rose to approximately RMB28.7 million for the year ended December 31, 2024, accounting for approximately 11.2% of revenue, up from 9.4% in 2023[65]. Corporate Governance - The Company has complied with all applicable code provisions under the Corporate Governance Code for the year ended December 31, 2024[109]. - The Board of Directors consists of seven members, including four executive directors and three independent non-executive directors[116]. - The Company is committed to maintaining high standards of corporate governance to protect shareholder interests and enhance corporate value[109]. - The Company has established policies for Directors to seek independent professional advice at the Company's expense[125]. - The Company has mechanisms in place to ensure the independence of non-executive Directors, enhancing corporate governance[145]. Risk Management and Compliance - The Company has established comprehensive risk management policies to identify, evaluate, and manage operational risks, ensuring the safeguarding of shareholders' investments[199]. - The Board is responsible for maintaining effective internal control and risk management systems to protect the Company's assets[196]. - The Company Secretary has confirmed compliance with professional training requirements as per Rule 3.29 of the Listing Rules[198]. - The Board monitors compliance with legal regulations and corporate governance standards, ensuring transparency and accountability[193]. - The Audit Committee is responsible for reviewing the Group's financial reporting process and internal control systems[148].

Financial Performance - Revenue for the year ended December 31, 2024, was RMB 255,488,000, representing a year-on-year increase of 7.6% from RMB 237,370,000[2] - Gross profit decreased slightly to RMB 125,750,000, down 0.6% from RMB 126,489,000[2] - Profit attributable to equity holders of the company was RMB 46,192,000, a decrease of 13.0% compared to RMB 53,124,000 in the previous year[2] - Basic and diluted earnings per share for equity holders were RMB 9.86, down 10.3% from RMB 10.99[2] - Other income increased significantly to RMB 20,365,000 from RMB 13,500,000, marking a growth of 50.5%[4] - The company’s total tax expenses for 2024 amounted to RMB 5,827 thousand, a decrease of 40.5% compared to RMB 9,712 thousand in 2023[4] - Selling and distribution expenses rose to approximately RMB 28.7 million, accounting for 11.2% of revenue, compared to 9.4% in the previous year[40] - Administrative and other operating expenses increased to approximately RMB 50.5 million, up from RMB 42.3 million, due to higher R&D investments[41] - Total financial costs for the year ending December 31, 2024, were approximately RMB 14.6 million, an increase of RMB 2.9 million from RMB 11.7 million in the previous year[42] Assets and Liabilities - Total assets as of December 31, 2024, were RMB 863,349,000, compared to RMB 823,057,000 in 2023, reflecting an increase of 4.9%[5] - Current assets increased to RMB 336,121,000 from RMB 308,516,000, a rise of 8.9%[5] - Inventory levels rose to RMB 29,907,000 from RMB 19,123,000, indicating a significant increase of 56.1%[5] - The company reported a net asset value of RMB 399,728,000, down from RMB 409,009,000, a decrease of 2.8%[6] - Trade payables to third parties increased to RMB 39,004 thousand in 2024 from RMB 26,040 thousand in 2023, indicating a significant rise in liabilities[26] - The company's net asset liability ratio increased to 80.3% as of December 31, 2024, compared to 61.6% in the previous year[47] - The asset-liability ratio was approximately 92.2% as of December 31, 2024, up from 80.8% in the previous year, primarily due to increased short-term loans[51] Business Operations and Strategy - The company is engaged in the design, manufacturing, and sales of paper blankets, with a focus on expanding its product offerings in packaging paper and specialty paper segments[8] - The newly launched high-end production line in Shanghai, measuring 14.5 meters, is the widest and fastest paper machine globally, focusing on high-performance paper blanket production[29] - The company achieved significant breakthroughs in R&D, particularly in efficient dehydration and seam technology, enhancing its product offerings[30] - The company plans to accelerate international development and enhance its technological innovation and capacity upgrades to drive growth towards a greener and smarter industry[34] - The company is focused on technological innovation to drive green, efficient, and intelligent development in the paper blanket industry, aiming to enhance operational performance and international expansion[35] Shareholder Information - The proposed final dividend per share for 2024 is 3 Hong Kong cents, compared to 4 Hong Kong cents in 2023, reflecting a decrease in dividend distribution[21] - The board proposed a final dividend of HKD 0.03 per share for the year ending December 31, 2024, amounting to approximately HKD 14,503,260, compared to HKD 0.04 per share in 2023[76] - The record date for the final dividend eligibility is set for June 30, 2025[79] Corporate Governance and Compliance - The company has complied with the corporate governance code, with some deviations regarding the notice period for board meetings[70] - The audit committee reviewed the consolidated financial statements for the year ending December 31, 2024, and confirmed compliance with applicable accounting standards and regulations[80] - The company maintained sufficient public float as per listing rules as of December 31, 2024[81] Future Plans and Events - The annual general meeting is scheduled for June 20, 2025[75] - The company will suspend share transfer registration from June 17 to June 20, 2025, to determine eligibility for voting at the annual general meeting[78] - The company will also suspend share transfer registration from June 26 to June 30, 2025, to determine eligibility for the proposed final dividend[79] - The annual report for the year ending December 31, 2024, will be published on the Hong Kong Stock Exchange website and the company's website[83] Miscellaneous - The company has not engaged in any significant acquisitions or disposals of subsidiaries, associates, or joint ventures as of December 31, 2024[57] - No significant post-balance sheet events occurred after December 31, 2024, up to the date of this announcement[69] - The chairman of the board is Shen Genlian, who is also an executive director[84]

Economic Performance - In the first half of 2024, China's GDP reached approximately RMB 61.7 trillion, representing a year-on-year growth of 5.0%[8]. - The overall positive economic trend supports the Group's growth and operational stability in the first half of 2024[8]. Industry Trends - The production volume of machine paper and paperboard was approximately 76.613 million tons, reflecting a year-on-year increase of 11.8%[8]. - The cumulative export trade of the papermaking and paper-based product industry was approximately RMB 38.04 billion, representing a year-on-year increase of 11.9%[8]. - The papermaking industry is transitioning towards a green, efficient, and intelligent direction, driven by improved external demands[8]. Technological Innovation and Development - The Group emphasizes technological innovation and branding, focusing on sustainable development and low-carbon initiatives in the papermaking industry[9]. - The Group's commitment to continuous improvement and innovation is seen as a core driver for sustainable development[9]. - The completion of a new 14.5-meter high-end production line in Shanghai is expected to enhance product quality and stability, contributing to the Group's growth and the papermaking industry[12]. - The Group plans to focus on technological innovation and increase investment in the international market to boost overseas market share and operational efficiency of the new production line[14]. Financial Performance - The Group achieved a revenue of RMB96.5 million for the first half of 2024, representing a year-on-year growth of 11.6% compared to RMB86.5 million in the same period of 2023[13]. - Revenue from the international market grew by 45% in the first half of 2024, indicating significant breakthroughs in international sales[13]. - The Group's gross profit for the first half of 2024 was approximately RMB47.5 million, with a gross profit margin of 49.2%, remaining stable compared to 49.3% in the same period of 2023[17]. - Profit before income tax for the six months ended June 30, 2024, was RMB 20,335,000, a decrease of 9.4% from RMB 22,526,000 in the prior year[66]. - Profit and total comprehensive income for the period was RMB 18,631,000, down from RMB 20,458,000 in the same period last year, reflecting a decline of 8.9%[66]. Expenses and Costs - Administrative and other operating expenses increased to approximately RMB17.2 million in the first half of 2024, up by RMB1.8 million from RMB15.4 million in the same period of 2023[18]. - Selling and distribution expenses increased to approximately RMB11.5 million, accounting for 11.9% of revenue, primarily due to higher business promotion and travel costs[17]. - Total borrowing costs for the six months ended June 30, 2024, were RMB 9,088,000, an increase of 33% from RMB 6,818,000 in 2023[96]. Assets and Liabilities - Trade and other receivables as of June 30, 2024, were approximately RMB 189.5 million, down from RMB 209.9 million as of December 31, 2023[24]. - As of June 30, 2024, net assets of the Group were approximately RMB 370.7 million, down from RMB 409.0 million as of December 31, 2023[25]. - The current ratio as of June 30, 2024, was 89.9%, a significant decrease from 161.3% as of December 31, 2023[25]. - The gearing ratio increased to approximately 90.1% as of June 30, 2024, compared to 82.6% as of December 31, 2023, primarily due to the introduction of a Share Award Scheme[26][30]. - The Group's total liabilities increased to RMB 66,888,000 as of June 30, 2024, from RMB 55,931,000 as of December 31, 2023, reflecting an increase of approximately 19.6%[120]. Shareholder Information - Ms. Shen Genlian and Mr. Zhou Jun each hold 359,947,200 shares, representing approximately 74.46% interest in the company[39]. - Perfect Angle Limited holds 269,960,400 shares, accounting for 55.84% of the company's total shares[46]. - Wonderful Advisor Limited holds 89,986,800 shares, representing 18.61% of the company's total shares[46]. Employee and Management - As of June 30, 2024, the Group had 396 employees, an increase from 343 employees as of June 30, 2023[33]. - Total staff costs for the six months ended June 30, 2024, amounted to approximately RMB 19.1 million, compared to approximately RMB 18.7 million for the same period in 2023[33]. - Key management personnel compensation for the six months ended June 30, 2024, was RMB 1,979,000, compared to RMB 1,585,000 in the same period of 2023[130]. Cash Flow and Financing - Cash generated from operations increased to RMB 43,630,000, up 27% from RMB 34,412,000 in the same period last year[75]. - Net cash from operating activities reached RMB 39,507,000, compared to RMB 25,160,000 in 2023, reflecting a significant improvement[75]. - The Group is actively negotiating with banks for the renewal and extension of bank loans and credit facilities[79]. Compliance and Governance - The company has adopted the Model Code for directors' securities transactions, confirming compliance for the six months ended June 30, 2024[48]. - The Group has no significant contingent liabilities as of June 30, 2024[33].

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 因依賴該等內容而引致的任何損失承擔任何責任。 Vanov Holdings Company Limited 環龍控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：2260） 截至2024年6月30日止六個月之中期業績公告 環龍控股有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然宣佈本公司及 其附屬公司（統稱「本集團」）截至2024年6月30日止六個月之未經審核簡明綜合 中期業績以及2023年同期之比較數字如下： – 1 – 簡明綜合損益及其他全面收益表 截至2024年6月30日止六個月 | --- | --- | --- | --- | |----------------------------------------------------------------|-------|----------------------------------------------------|--------------------- ...

Financial Performance - Revenue for 2023 was approximately RMB 237.37 million, representing a year-on-year increase of 9.0%; net profit was approximately RMB 53.683 million, a year-on-year increase of 1.3%[8]. - In 2023, the Group achieved revenue of approximately RMB 237.37 million, representing a year-on-year growth of 9.0%[33]. - The net profit for 2023 was RMB 53.68 million, reflecting a year-on-year increase of 1.3%[33]. - The final dividend recommended for the year ended December 31, 2023, is 4 HK cents per share, subject to shareholder approval[69]. - As of December 31, 2023, the Company's reserves available for distribution to shareholders amounted to RMB 73.52 million[71]. - As of December 31, 2023, the total distributable reserves available to shareholders amounted to RMB 73,520,000[110]. Production and Market Trends - The production volume of paper and paperboard reached 144.055 million tonnes, a year-on-year increase of 6.6%[8]. - The total production volume of paper and paperboard in China is projected to reach 140 million tonnes by 2025, driven by recovering global economic activities[14]. - The production of paper and paperboard in China reached 14.41 million tons in 2023, with a year-on-year growth of 6.6%[33]. - The paperboard production is expected to grow due to increased demand from the packaging industry driven by e-commerce and consumer preferences for sustainable materials[59]. - The global paper and paperboard packaging market is expected to reach USD 193.801 billion by 2029, with a CAGR of 3.75%[41]. Technological Innovation and Development - The Group holds 97 patents, including invention, utility model, and design patents, emphasizing its commitment to technological innovation[9]. - The self-developed Paper Machine Efficiency Operation System enhances product quality and customer loyalty, providing data support for product design and optimization[10]. - The Group plans to establish a leading digital and intelligent manufacturing production line for papermaking felts in Shanghai by 2024, aimed at improving product quality and service capabilities[20]. - The Group invested in a digital and intelligent production line in Shanghai, which is expected to commence production by 2024[54]. - The Group's commitment to digital transformation and smart manufacturing is expected to enhance operational efficiency and product quality[63]. - The Group aims to lead the green industrial development in the papermaking felt industry through technological innovation[67]. Strategic Goals and Acquisitions - The Group aims to expand its market through quality improvements and digitalization, while promoting green manufacturing and technology upgrades[17]. - The Group will selectively seek strategic acquisitions to enhance its business capabilities and promote internationalization[19]. - The Group's strategy focuses on "internationalization," "refinement," and "digitalization and systematization" to become a leading supplier of papermaking felts[61]. - The Group plans to seek strategic acquisitions to enhance business capabilities and expand its global market presence[64]. Corporate Governance and Compliance - The Group maintained a high level of corporate governance, with details provided in the Corporate Governance Report[160]. - The Company confirmed compliance with non-competition undertakings during the year ended December 31, 2023[167]. - Independent non-executive Directors confirmed compliance with non-competition undertakings as of December 31, 2023[136]. - The auditor has confirmed that there were no issues with the disclosed continuing connected transactions, ensuring compliance with the Group's pricing policy and relevant agreements[192]. Customer and Supplier Relationships - The Group has established strong relationships with customers, ensuring products are designed and manufactured according to their production needs[91]. - The Group maintains long-term relationships with key suppliers, ensuring a steady supply of raw materials based on quality, supply capacity, and pricing[94]. - The Group's sales and marketing teams regularly visit customers to understand their needs and keep up with product trends[91]. - The Group provides complimentary technical advisory proposals to customers to enhance after-sales service[91]. - The Group's total sales attributable to its five largest customers accounted for approximately 16.7% of total sales for the year, with the largest customer contributing about 6.8%[196]. - The aggregate purchases from the Group's five largest suppliers represented approximately 77.3% of total purchases, with the largest supplier accounting for about 51.8%[196]. Environmental and Social Responsibility - The Group has received recognition as a national-level "Green Factory" and a top "Green Low-Carbon Transformation Enterprise" in Chengdu[9]. - The Group is committed to fulfilling its corporate responsibilities and enhancing its ESG management practices[17]. - The Group completed carbon footprint evaluation and certification, being recognized as a "Top 10 Green and Low-Carbon Transformation Enterprise of Chengdu"[51]. - The paper and packaging industry is transitioning towards sustainability and digitalization from 2020 to 2030, indicating significant development potential[41].