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。 Shanxi Installation Group Co., Ltd. 山西省安裝集團股份有限公司 （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 號：2520） 關連交易 有關收購目標公司70%股權的進一步公告 選擇資產基礎估值方法之理由 茲提述本公司日期為2026年1月14日就收購山西建投國際投資有限公司 （「目標公司」）70%股 權 之 關 連 交 易 事 宜 發 佈 的 公 告（「該公告」）。除 文 義 另 有 所 指 外，本 公 告 所 用 之 詞 彙 與 該 公 告 所 界 定 者 具 有 相 同 涵 義。 如 該 公 告 所 披 露，根 據 股 權 轉 讓 協 議，本 公 司 同 意 以 人 民 幣58.55百萬元 的代價向山西建投香港及山西建投國際收購目標公司合共70%的股權 ...

Group 1 - The company announced a share transfer agreement to acquire 70% of Shanxi Construction International Investment Co., Ltd. for a total consideration of RMB 58.55 million, which will make the target company a wholly-owned subsidiary [1] - The acquisition is expected to significantly enhance the company's competitiveness and operational efficiency in overseas markets, leveraging its mature engineering service capabilities and experienced talent pool [1] - The target company has established management capabilities in overseas project investment and market development but lacks construction qualifications, allowing for complementary advantages post-acquisition [1] Group 2 - The integration aims to create a comprehensive overseas project management system covering the entire industry chain in sectors such as overseas renewable energy, chemicals, and mining, which is anticipated to improve profitability and management efficiency [1] - The transaction will streamline decision-making processes and enhance efficiency in capturing overseas market opportunities by reducing redundant procedures [1] - This deal will help the company shape a more international, diversified, and professional international business system and brand image, further leveraging its financing and resource advantages as a listed company [2]

Core Viewpoint - The company, Shanxi Installation, is acquiring a 70% stake in Shanxi Construction Investment International from Shanxi Construction Investment Hong Kong and Shanxi Construction Investment International for a total consideration of RMB 58.55 million, which will enhance its competitiveness and operational efficiency in overseas markets [1][2] Group 1: Acquisition Details - The acquisition involves Shanxi Installation increasing its stake in Shanxi Construction Investment International from 30% to 100%, making it a wholly-owned subsidiary [1] - The target company specializes in overseas project investment, which complements Shanxi Installation's engineering service capabilities and experienced talent pool [1] Group 2: Strategic Benefits - The integration of both companies is expected to create a comprehensive overseas project management system covering the entire industry chain in sectors such as renewable energy, chemicals, and mining [1] - The transaction will improve profitability, enhance management capabilities, and reduce management costs through operational synergies [1] Group 3: Operational Efficiency - The merger will streamline decision-making processes by reducing redundant procedures, allowing the company to seize overseas market opportunities more rapidly [1]

公司收购目标公司，将显着增强公司在海外市场的综合竞争力和运营效能。一方面，公司拥有全面成熟 的工程服务能力，并拥有具备丰富海外项目经验与管理能力的人才储备；而目标公司在海外项目投资、 市场开发、风险防控、大客户对接等方面具有比较成熟的管理能力，但是缺乏施工资质和施工能力。双 方整合後，可实现优势互补，推动本公司在海外新能源、化工、工矿业等领域快速形成覆盖全产业链的 海外项目管理体系，不仅能够提高盈利能力，还可以在业务融合中有效推动管理升级，提高抗风险能 力，降低管理成本。 格隆汇1月14日丨山西安装(02520.HK)宣布，于2026年1月14日，公司、山西建投香港与山西建投国际订 立股权转让协议，据此公司向山西建投香港及山西建投国际收购目标公司合共70%的股权，总对价为人 民币5855万元。截至本公告日期，公司持有目标公司山西建投国际投资有限公司30%的股权；本次交易 完成后，目标公司将成为公司全资附属公司。山西建投国际是一家根据中国法律成立的公司，其主要从 事海外工程建设。该公司为山西建投全资附属公司。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就因本公告全部或任何部分內容而產生或因依賴該等內容而引致的任 何 損 失 承 擔 任 何 責 任。 Shanxi Installation Group Co., Ltd. 山西省安裝集團股份有限公司 （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 號：2520） 關連交易 收購目標公司70%股 權 收購目標股權 董 事 會 欣 然 宣 佈，於2026年1月14日，本 公 司、山 西 建 投 香 港 與 山 西 建 投 國 際 訂 立 股 權 轉 讓 協 議，據 此 本 公 司 向 山 西 建 投 香 港 及 山 西 建 投 國 際 收購目標公司合共70%的 股 權，總 對 價 為 人 民 幣58.55百 萬 元。截 至 本 公 告 日 期，本 公 司 持 有 目 標 公 司30%的 股 權；本 次 交 易 完 成 後，目 標 公 司 將 成 為 本 公 司 全 資 附 屬 公 司。 上市規 ...

Core Viewpoint - The recent transfer of shares by Shanxi Installation indicates a strategic move towards enhancing liquidity and market presence through the conversion of domestic shares to H-shares, which could potentially attract more investors [2] Group 1: Share Transfer Details - On January 12, Shanxi Installation's shareholders transferred shares from GF Securities Hong Kong to Shanxi International Securities, with a total market value of HKD 123 million, accounting for 14.50% of the shares [2] Group 2: H-share Conversion - Shanxi Installation's board approved a proposal to convert 1 billion domestic shares into H-shares, which represents approximately 72.81% of the company's total issued share capital as of the announcement date [2] - The proposed conversion of domestic shares into H-shares is subject to approval from the China Securities Regulatory Commission and the Hong Kong Stock Exchange [2]

Group 1 - The core viewpoint of the article highlights the transfer of shares of Shanxi Installation (02520) from GF Securities Hong Kong to Shanxi International Securities, with a market value of HKD 123 million, representing 14.50% of the total shares [1] - Shanxi Installation announced that on November 21, 2025, its board approved a proposal to convert 1 billion domestic shares into H-shares, which will account for approximately 72.81% of the company's total issued share capital as of the announcement date [1] - The conversion of domestic shares to H-shares is subject to approval from the China Securities Regulatory Commission and the Hong Kong Stock Exchange [1]

Group 1 - Shanxi Installation has received approval from the China Securities Regulatory Commission to issue bonds totaling up to 1.35 billion yuan, marking its first public bond issuance in the domestic market [1][2] - The bond registration period is valid for 24 months and can be issued in installments, with the total face value reduced from the initially approved 1.5 billion yuan to 1.35 billion yuan [2] - The funds raised will primarily be used to repay existing debts, supplement working capital, and for equity investments in various projects [5][8] Group 2 - The company has been actively expanding its market presence since its IPO on the Hong Kong Stock Exchange on November 22, 2023, and has successfully attracted strategic investors [9] - In 2024, the company reported a revenue of 9.09 billion yuan from its main business of industrial engineering, reflecting a year-on-year growth of 42.7% [10] - Shanxi Installation is diversifying its operations into new areas, including biodegradable materials, with a significant project in Inner Mongolia aimed at producing PBAT biodegradable polyester [12] Group 3 - The company is involved in several projects focused on ecological protection and environmental governance, including a pumped storage project and wastewater treatment upgrades [8][11] - The bond issuance is expected to enhance the company's liquidity ratio from 1.00% to 1.08%, alleviating short-term debt repayment pressure [8] - Shanxi Installation has also secured contracts in various sectors, including municipal public works and energy projects, indicating a robust growth trajectory [11]

山西安装(02520)发布公告，本公司于近日收到中国证券监督管理委员会(中国证监会)出具的《关于同意 山西省安装集团股份有限公司向专业投资者公开发行公司债券注册的批复》(证监许可[2025]3014号)(批 复)，主要内容如下： 四、自同意注册之日起至本次公司债券发行结束前，本公司如发生重大事项，应及时报告并按有关规定 处理。 二、本次发行公司债券应严格按照报送上海证券交易所的募集说明书进行。 三、本批复自同意注册之日起24个月内有效，本公司在注册有效期内可以分期发行公司债券。 一、同意本公司向专业投资者公开发行面值总额不超过人民币13.5亿元公司债券的注册申请。 ...

二、本次发行公司债券应严格按照报送上海证券交易所的募集说明书进行。 三、本批复自同意注册之日起24个月内有效，公司在注册有效期内可以分期发行公司债券。 四、自同意注册之日起至本次公司债券发行结束前，公司如发生重大事项，应及时报告并按有关规定处 理。 格隆汇1月7日丨山西安装(02520.HK)发布公告，公司于近日收到中国证监会出具的《关于同意山西省安 装集团股份有限公司向专业投资者公开发行公司债券注册的批复》(证监许可[2025]3014号)("批复")，主 要内容如下： 一、同意公司向专业投资者公开发行面值总额不超过人民币135,000万元公司债券的注册申请。 ...