截至月份: 2025年8月31日 狀態: 新提交 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 公司名稱: 首創環境控股有限公司 呈交日期: 2025年9月3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) | 03989 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 33,683,800,000 | HKD | | 0.1 | HKD | | 3,368,380,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 33,683,800,000 | HKD | | 0.1 | HKD | | 3,368,380,000 | | 2. 股份分類 | 優先股 | 股 ...

Core Insights - The company reported total assets of RMB 21.075 billion in the first half of 2025, reflecting a growth of 0.93% compared to RMB 20.881 billion as of December 31, 2024 [1] - The operating revenue for the first half of 2025 reached RMB 1.876 billion, representing a year-on-year increase of 4.99% [1] - The net profit attributable to the parent company was RMB 1.88 billion, showing a growth of 10.27% year-on-year [1] Financial Performance - The company achieved an operating income of RMB 1.876 billion in the first half of 2025, with significant contributions from waste incineration power generation, urban and rural sanitation, site remediation, and organic solid waste treatment, which together accounted for RMB 1.690 billion, or 90.09% of total revenue [1] - The net profit attributable to shareholders reached RMB 1.88 billion, with waste incineration and its supporting transportation business making a notable contribution, enhancing the company's profitability [1] Strategic Focus - The company focused on four operational themes: "tackling challenges, improving quality, innovating, and elevating" during the first half of 2025, aiming for business scale expansion [1] - Key performance indicators such as return on equity (ROE) guided the company's continuous exploration of optimization potential in the management of existing assets [1]

Core Viewpoint - The company, 首创环境 (03989), reported a revenue of 1.876 billion RMB for the six months ending June 30, 2025, reflecting a year-on-year growth of 5.0% [1] - The profit attributable to the owners of the parent company was 188 million RMB, an increase of 10.3% compared to the previous year [1] - Basic earnings per share were 1.32 cents [1] Financial Performance - Revenue for the period was 1.876 billion RMB, showing a 5.0% increase year-on-year [1] - Profit attributable to the parent company's owners reached 188 million RMB, marking a 10.3% year-on-year growth [1] - Basic earnings per share stood at 1.32 cents [1] Profitability Metrics - The company's gross profit margin was approximately 37.64%, up from about 36.41% in the same period of 2024 [1] - The increase in gross profit margin is attributed to the gradual commencement of projects and stable revenue growth, alongside cost reduction measures implemented by the company [1]

Core Viewpoint - The company reported a revenue of 1.876 billion RMB for the six months ending June 30, 2025, reflecting a year-on-year growth of 5.0% [1] - The profit attributable to the parent company was 188 million RMB, representing a year-on-year increase of 10.3% [1] - Basic earnings per share were 1.32 cents [1] Financial Performance - Revenue for the period was 1.876 billion RMB, up 5.0% compared to the same period in 2024 [1] - Profit attributable to shareholders increased to 188 million RMB, a growth of 10.3% year-on-year [1] - Basic earnings per share stood at 1.32 cents [1] Profitability Metrics - The gross profit margin for the group was approximately 37.64%, an increase from about 36.41% in the same period of 2024 [1] - The improvement in gross margin is attributed to the gradual commencement of projects and stable revenue growth, alongside cost reduction measures implemented by the company [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。 CAPITAL ENVIRONMENT HOLDINGS LIMITED 首創環境控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：03989） 截至2025年6月30日止六個月的未經審核中期業績公告 首創環境控股有限公司（「本公司」）董事會（「董事會」）欣然宣佈本公司及其附 屬公司（「本集團」）於截至2025年6月30日止六個月的未經審核中期合併業績連同 2024年相應期間之比較數字如下： 中期簡明合併損益表 截至2025年6月30日止六個月 | | | 2025年 | 2024年 | | --- | --- | --- | --- | | | 附註 | 人民幣千元 | 人民幣千元 | | | | 未經審核 | 未經審核 | | 收益 | 5 | 1,875,929 | 1,786,721 | | 銷售成本 | | (1,169,922) | (1,136,244) | | 毛利 | | 70 ...

CAPITAL ENVIRONMENT HOLDINGS LIMITED 首創環境控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：03989） 董事會會議通告 首創環境控股有限公司（「本公司」）董事會（「董事會」）欣然宣佈，本公司謹訂於 二零二五年八月二十日（星期三）舉行董事會會議，藉以（其中包括）考慮及批准 本公司及其附屬公司截至二零二五年六月三十日止六個月之未經審計的中期業績 及其發佈，以及考慮派發中期股息（如有）。 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的任何損失承擔任何責任。 黎青松 北京，二零二五年八月四日 於本公告日期，董事會成員包括一名執行董事黎青松先生；一名非執行董事郝春 梅女士以及四名獨立非執行董事浦炳榮先生、鄭啟泰先生、陳綺華博士及曹富國 博士。 承董事會命 首創環境控股有限公司 主席 ...

公司名稱: 首創環境控股有限公司 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 呈交日期: 2025年8月4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) | 03989 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 33,683,800,000 | HKD | | 0.1 | HKD | | 3,368,380,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 33,683,800,000 | HKD | | 0.1 | HKD | | 3,368,380,000 | | 2. ...

Financial Performance - In 2024, the company achieved total operating revenue of RMB 3.667 billion, a decrease of 10.06% year-on-year[13]. - The net profit attributable to shareholders was RMB 234 million, reflecting a year-on-year decrease of 17.96%[13]. - The group's revenue from waste treatment and energy conversion business for the year was approximately RMB 3,666,591,000, a decrease of about 10.06% compared to RMB 4,076,596,000 in the same period of 2023[36]. - The gross profit margin for the year was approximately 35.70%, an increase from approximately 34.02% in 2023, attributed to increased waste processing volume and improved power generation efficiency[37]. - The net profit attributable to the owners of the company was approximately RMB 234,123,000, down about 17.96% from RMB 285,380,000 in 2023, mainly due to a reduction in overall business activities[37]. Assets and Liabilities - Total assets reached RMB 20.881 billion, an increase of 2.92% year-on-year, while net assets grew by 4.41% to RMB 6.991 billion[13]. - As of December 31, 2024, the total assets of the group were approximately RMB 20,880,537,000, with net assets attributable to the owners of the company at approximately RMB 6,661,471,000[38]. - The debt-to-asset ratio was 66.52%, a decrease of 0.47% from 66.99% on December 31, 2023[38]. - The outstanding borrowings amounted to approximately RMB 10,647,211,000, an increase of about RMB 175,167,000 from RMB 10,472,044,000 on December 31, 2023[41]. Project and Investment Overview - The company has a total of 65 projects in China with a total investment of approximately RMB 19.758 billion, with RMB 17.2 billion already invested[13]. - The group has a total of 65 projects in operation, including 27 waste-to-energy projects and 5 landfill projects, with a total investment of approximately RMB 19.758 billion[23][24]. - Strategic investments and acquisitions will focus on high-quality projects with technological synergy and regional advantages to accelerate resource integration[14]. Market and Industry Trends - In 2024, the environmental protection market reached RMB 783.5 billion, with service projects accounting for 84% and asset projects for 16%[20]. - The urban and rural sanitation sector achieved a transaction value of RMB 168.1 billion, with new energy equipment penetration exceeding 30% and smart management platform coverage over 50%[20]. - The waste treatment industry in China is in a strategic adjustment period, with traditional landfill operations entering a decline phase and the market for site restoration rapidly developing[178]. - The waste incineration industry has matured with a complete business model, while the environmental sanitation industry is transitioning towards maturity after a rapid development phase[178]. Operational Efficiency and Management - The company aims to enhance operational management capabilities and improve the standardized system and intelligent platform for better digital service efficiency[14]. - The group improved operational efficiency, achieving a 6.8% year-on-year increase in electricity generation from incineration projects and a 10.4% increase in capacity utilization rate[26]. - The company aims to optimize its operating cash flow continuously, becoming a core pillar of the parent group's stable growth[12]. Corporate Governance - The company has maintained compliance with all applicable code provisions of the corporate governance code as of December 31, 2024[67]. - The board believes that high standards of corporate governance are key to the company's success and is committed to maintaining these standards[66]. - The board consists of two executive directors, one non-executive director, and four independent non-executive directors, ensuring a diverse governance structure[72]. Risk Management and Compliance - The board confirmed its responsibility for ongoing supervision of the risk management and internal control systems, ensuring they are effective and adequate[105]. - The company has established a risk governance framework to enhance internal controls and improve execution effectiveness[98]. - The company has implemented a unique internal control system to meet regulatory requirements and improve governance standards[99]. Sustainability and Innovation - The company emphasizes technology innovation to drive development and enhance its technological innovation capabilities for high-quality growth[22]. - The company is committed to continuous innovation and has established partnerships with leading international environmental management firms to enhance service quality[117]. - The company will publish its sustainability report by the end of April 2025, detailing its environmental and social responsibilities[177]. Employee and Board Diversity - The gender ratio of employees in the group is approximately 77.7% male and 22.3% female as of December 31, 2024[83]. - The board currently consists of seven members, with two female directors, achieving a gender diversity rate of 28.6%[82]. - The company recognizes the importance of protecting employee rights and providing equal opportunities regardless of gender, age, or background[83].

Financial Performance - For the year ended December 31, 2024, the total revenue was RMB 3,666,591,000, a decrease of 10.1% compared to RMB 4,076,596,000 in 2023[2] - Gross profit for the same period was RMB 1,309,096,000, down 5.6% from RMB 1,386,769,000 in 2023[2] - The net profit for the year was RMB 270,570,000, representing an increase of 4.6% from RMB 258,389,000 in 2023[3] - Basic and diluted earnings per share decreased to RMB 1.64 from RMB 2.00 in the previous year, a decline of 18%[3] - Total comprehensive income for the year was RMB 266,758,000, compared to RMB 243,258,000 in 2023, reflecting an increase of 9.7%[5] - The group's profit before tax for 2024 was RMB 234,123,000, down from RMB 285,380,000 in 2023, indicating a decrease of about 17.9%[37] - The company reported a net profit margin of approximately 0.6% for 2024, down from 0.8% in 2023, reflecting a decline in profitability[37] - The net profit attributable to shareholders reached RMB 234 million, with waste incineration and related collection businesses contributing RMB 457 million to the profit[68] Revenue Breakdown - Customer contract revenue for 2024 was RMB 3,147,996,000, down 11.5% from RMB 3,559,460,000 in 2023[17] - Revenue from construction services under service concession arrangements decreased to RMB 339,823,000 in 2024 from RMB 535,159,000 in 2023, a decline of 36.5%[17] - Revenue from operation services under service concession arrangements increased to RMB 2,054,663,000 in 2024, up 6.7% from RMB 1,925,332,000 in 2023[17] - The group's revenue from waste treatment and energy conversion for the year was approximately RMB 3,666,591,000, a decrease of about 10.06% compared to RMB 4,076,596,000 in the same period of 2023[86] Assets and Liabilities - Non-current assets totaled RMB 13,669,128,000, a decrease from RMB 13,956,791,000 in 2023[7] - Current assets increased to RMB 7,211,409,000 from RMB 6,330,375,000, marking a growth of 13.9%[7] - Current liabilities rose significantly to RMB 5,247,010,000 from RMB 3,528,069,000, an increase of 48.7%[9] - The total equity attributable to equity holders of the parent company was RMB 6,661,471,000, up from RMB 6,429,390,000 in 2023[9] - The total amount of bank and other borrowings was RMB 10,647,211,000 in 2024, a slight increase from RMB 10,472,044,000 in 2023[56] - The debt-to-asset ratio decreased to 66.52% from 66.99% in 2023, while the current ratio fell from approximately 1.79 to 1.37[87] Operational Efficiency - The company continues to engage in waste management and waste-to-energy conversion business, indicating ongoing commitment to market expansion and innovation[11] - The group is focusing on optimizing asset structure and enhancing operational quality of core projects, leading to significant improvements in operational efficiency[70] - The group achieved operating revenue of RMB 3.667 billion, with over 90% contributed by core businesses such as waste incineration power generation and urban sanitation[68] - The group completed 17 engineering projects and successfully transitioned 4 pilot projects to commercial operations, achieving a 6.8% year-on-year increase in electricity generation from waste incineration projects[71] Research and Development - Research and development costs increased to RMB 53,218,000 in 2024 from RMB 42,740,000 in 2023, reflecting a rise of approximately 24.5%[28] - The group submitted 48 patent applications in the field of technological innovation, receiving 35 authorized patents, including 12 invention patents[73] Market and Business Expansion - The group is actively expanding its business scale and exploring optimization potential in operational management, guided by key performance indicators such as return on equity (ROE)[68] - The group entered the Guangxi Zhuang Autonomous Region market for high-standard farmland construction projects, expanding its market presence[73] - The environmental protection market transaction value reached RMB 783.5 billion, with service projects accounting for 84% and asset projects for 16%[64] Financial Management - The total financial expenses for 2024 were RMB 425,156,000, slightly decreased from RMB 440,919,000 in 2023, showing a reduction of about 3.6%[30] - The company did not declare any dividends for the year ending December 31, 2024, compared to a declared dividend of RMB 130,694,000 in 2023[34] - The group has capital commitments of approximately RMB 169,460,000 related to construction projects under service concession arrangements as of December 31, 2024[95] Compliance and Governance - The company adheres to high standards of corporate governance and has complied with all applicable codes during the year ending December 31, 2024[108] - The audit committee reviewed the accounting principles and practices adopted by the group for the year ending December 31, 2024, and found them compliant with relevant standards[110] - The preliminary financial results for the year ending December 31, 2024, have been agreed upon by the auditor, Ernst & Young, and are consistent with the group's consolidated financial statements[111]

[Company Information](index=2&type=section&id=Company%20Information) [Company Basic Information](index=2&type=section&id=Company%20Basic%20Information) Shougang Environment Holdings Limited (stock code 03989) is a Cayman Islands-registered company focused on waste treatment and waste-to-energy - Company registered in Cayman Islands on May 27, 2004, and listed on HKEX main board on July 13, 2006[51](index=51&type=chunk) - Main business is waste treatment and waste-to-energy[51](index=51&type=chunk) - Company stock code is **03989**[2](index=2&type=chunk) [Management Discussion and Analysis](index=3&type=section&id=Management%20Discussion%20and%20Analysis) [Macroeconomic and Industry Overview](index=3&type=section&id=Macroeconomic%20and%20Industry%20Overview) China's H1 2024 GDP grew 5%, with unstable recovery; waste incineration declined, while sanitation and site remediation expanded - China's GDP grew by **5%** year-on-year in H1 2024, with **5.3%** in Q1 and **4.7%** in Q2[3](index=3&type=chunk) - New waste incineration capacity decreased to **0.58 thousand tons/day**, down **75%** year-on-year; new investment decreased to **RMB 4.2 billion**, down **71%** year-on-year, both hitting a three-year low[3](index=3&type=chunk) - Sanitation market contract value for projects over RMB 10 million reached **RMB 93.9 billion**, up **14%** year-on-year; site remediation business turnover reached **RMB 46.6 billion**, up **15%** year-on-year[3](index=3&type=chunk) [Group Strategy and Operating Results](index=4&type=section&id=Group%20Strategy%20and%20Operating%20Results) The Group focused on core environmental protection, strengthening waste-to-energy and developing asset-light businesses, achieving 13.48% net profit growth and 1.5% asset growth despite a 6.38% revenue decline - The Group focuses on its core environmental protection business, continuously strengthening its leading position in waste-to-energy, and actively promoting the development of asset-light businesses such as urban and rural sanitation, site remediation, and energy saving/carbon reduction[4](index=4&type=chunk) - The Group has established a diversified "investment + operation + service" value-driven model, achieving a balance between asset-heavy and asset-light operations[5](index=5&type=chunk) 2024 H1 Key Operating Results | Indicator | 2024 H1 (RMB billion) | YoY Change | 2023 H1 (RMB billion) | | :--- | :--- | :--- | :--- | | Operating Revenue | 17.87 | -6.38% | 19.08 | | Net Profit Attributable to Owners | 1.71 | +13.48% | 1.50 | | Total Assets (Period-end) | 205.91 | +1.5% (vs. 2023 end) | 202.87 (2023 end) | - Waste-to-energy, urban and rural sanitation, site remediation, and organic solid waste treatment contributed **RMB 16.98 billion** in operating revenue, accounting for **95.04%** of total revenue[5](index=5&type=chunk) - The Group has **67** domestic reserve projects with a total investment of approximately **RMB 19.783 billion**, of which **RMB 17.127 billion** has been invested[5](index=5&type=chunk) - In H1, **5.0416 million tons** of domestic waste were processed, **23.1 thousand tons** of hazardous waste were processed, and **1.287 billion kWh** of on-grid electricity were supplied[6](index=6&type=chunk) [Significant Achievements in Comprehensive Quality Improvement](index=6&type=section&id=Significant%20Achievements%20in%20Comprehensive%20Quality%20Improvement) The Group transitioned 3 projects to commercial operation, adjusted prices for 2, improved capacity utilization to 87%, and saved RMB 14 million through procurement - Qianjiang incineration, Fuzhou kitchen waste, and Gao'an collection and transportation **3** projects successfully transitioned to commercial operation; Puer incineration and Gao'an collection and transportation **2** projects achieved price adjustments[8](index=8&type=chunk) - Project capacity utilization increased from **77%** to **87%**, and the average on-grid electricity per ton of waste for waste-to-energy projects increased by **5.7%** compared to last year[8](index=8&type=chunk) - Centralized procurement saved **RMB 14 million**; loan interest rates for multiple projects were reduced, with a maximum decrease of **80 basis points**[8](index=8&type=chunk) [Fruitful Achievements in Innovation and Growth](index=6&type=section&id=Fruitful%20Achievements%20in%20Innovation%20and%20Growth) The Group advanced technological innovation with new patents and projects, expanding waste incineration derivative businesses and urban/rural sanitation contracts - Flue gas desulfurization process modification project is progressing rapidly, having entered the trial debugging stage[9](index=9&type=chunk) - Completed acceptance for **4** existing research projects, applied for **2** new project initiations, received **4** invention patent applications and **10** utility model applications, and was granted **4** invention patents and **14** utility model patents[9](index=9&type=chunk) - Expanded **10** waste incineration derivative business projects, signed **47** contracts with a contract value of approximately **RMB 24 million**; secured **6** urban and rural sanitation projects with an annual contract value of **RMB 69 million**[9](index=9&type=chunk) - "Key Technologies and Applications for Resource Refinement, Reconstruction, and Graded Directional Conversion of Kitchen Waste" won the **Second Prize for Scientific and Technological Progress in Shanghai**[9](index=9&type=chunk) [Significant Effects of System Upgrades](index=7&type=section&id=Significant%20Effects%20of%20System%20Upgrades) The Group improved operational efficiency through system upgrades, refined sanitation management, and explored new areas like waste plastic recycling and new energy heating - Through the excellent operation system construction, key indicators such as power generation, in-plant power consumption rate, and unit efficiency were successfully improved[11](index=11&type=chunk) - Actively improved the sanitation business management system, focusing on safety management, operational planning management, human resource management, and organizational capability building[11](index=11&type=chunk) - Conducted in-depth research and demonstration on three directions: chemical recycling of waste plastics, new energy heating, and the application of heat pumps in large-scale heating projects[11](index=11&type=chunk) [Enhanced Safety System](index=7&type=section&id=Enhanced%20Safety%20System) The Group fully enhanced its safety management system, achieving 100% responsibility letter signing, and rectified all 265 identified hidden dangers through 10 inspections - All-staff safety objective responsibility letters signing rate reached **100%**[12](index=12&type=chunk) - Formulated "2024 Safety Production Work Priorities" and "2024 Safety Production Work Plan," and compiled "High and Medium Risk Control List"[12](index=12&type=chunk) - Conducted **10** safety inspections, identified and rectified **265** hidden dangers, with a **100%** rectification rate[12](index=12&type=chunk) [Diversified Financing Methods](index=7&type=section&id=Diversified%20Financing%20Methods) The Group maintains strong relationships with mainstream financial institutions, leveraging favorable policies to reduce financing costs, with total bank credit reaching RMB 10.143 billion in H1 2024 - The Group maintains good cooperative relationships with several mainstream financial institutions, including Bank of China, Industrial and Commercial Bank of China, China Construction Bank, and Postal Savings Bank of China[13](index=13&type=chunk) - As of H1 2024, the Group's total outstanding bank credit amounted to **RMB 10.143 billion**, including **RMB 0.5 billion** for the headquarters and **RMB 9.643 billion** for project companies[13](index=13&type=chunk) [Business Outlook](index=7&type=section&id=Business%20Outlook) In H2, the Group will prioritize project implementation, focus resources on quality projects, reduce losses and accounts receivable, and enhance overall management driven by improved return on equity - H2 work objectives include promoting project implementation, reducing losses, and reducing accounts receivable[14](index=14&type=chunk) - Driven by an increase in return on equity, comprehensively promote the Group's management improvement, focusing on "five major goals" and adopting "four major measures"[14](index=14&type=chunk) [Financial Review](index=8&type=section&id=Financial%20Review) The Group's H1 revenue decreased 6.38% to RMB 1.787 billion, but net profit attributable to owners rose 13.48% to RMB 171 million due to reduced asset impairment, with stable assets and improved current ratio despite lower cash 2024 H1 Financial Performance Overview | Indicator | 2024 H1 (RMB thousand) | 2023 H1 (RMB thousand) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 1,786,721 | 1,908,540 | -6.38% | | Gross Profit Margin | 36.41% | 34.16% | +2.25pp | | Selling and Administrative Expenses | 198,473 | 202,671 | -2.07% | | Net Profit Attributable to Owners | 170,656 | 150,386 | +13.48% | - Revenue decrease primarily due to reduced construction revenue from projects under construction transitioning to commercial operation, and a sharp decline in revenue from the suspended dismantling project[15](index=15&type=chunk) - Gross profit margin increase primarily due to increased waste processing volume and continuous improvement in power generation efficiency for some project companies, leading to reduced fixed cost allocation[15](index=15&type=chunk) - Net profit attributable to owners increased primarily due to reduced