山高控股2024中期报告

CONTENTS目錄 2Corporate Information 6Management Discussion and Analysis 39Condensed Consolidated Statement ofComprehensive Income 41Condensed Consolidated Statement ofFinancial Position 44Condensed Consolidated Statement ofChanges in Equity 47Condensed Consolidated Statement of Cash Flows 49Notes to the Condensed ConsolidatedFinancial Statements CORPORATE INFORMATION公司資料 董事會 BOARD OF DIRECTORS 執行董事 Executive Directors Mr. Li Tianzhang(Chairman)Mr. Zhu Jianbiao(Vice Chairman)Ms. Liao JianrongMr. Liu ZhijieMr. Liu Yao 非執行董事 Non-executive Directors Mr. Liang ZhanhaiMr. Chen DiMr. Wang Wenbo 獨立非執行董事 Independent Non-executive Directors Jonathan Jun Yan Mr. Guan HuanfeiMr. Chan Wai HeiMr. Jonathan Jun YanMr. Fang Ying 審核委員會 AUDIT COMMITTEE Jonathan Jun Yan Mr. Chan Wai Hei(Chairman)Mr. Chen DiMr. Wang WenboMr. Jonathan Jun YanMr. Fang Ying 薪酬委員會 REMUNERATION COMMITTEE Mr. Guan Huanfei(Chairman)Mr. Liu ZhijieMr. Chan Wai HeiMr. Fang Ying CORPORATE INFORMATION (CONTINUED)公 司 資 料（續） 提名委員會 NOMINATION COMMITTEE Jonathan Jun Yan Mr. Li Tianzhang(Chairman)Mr. Chen DiMr. Chan Wai HeiMr. Jonathan Jun YanMr. Fang Ying EXECUTIVE COMMITTEE 執行委員會 Mr. Li Tianzhang(Chairman)Mr. Zhu JianbiaoMr. Sun QingweiMs. Liao JianrongMr. Liu ZhijieMr. Liu Yao 戰略發展委員會 STRATEGIC DEVELOPMENT COMMITTEE Jonathan Jun Yan Mr. Zhu Jianbiao(Chairman)Mr. Liu YaoMr. Chen DiMr. Jonathan Jun Yan 聯席公司秘書 JOINT COMPANY SECRETARIES Ms. Du NingMs. Chen Chun AUTHORISED REPRESENTATIVES 授權代表 Mr. Liu YaoMs. Chen Chun CORPORATE INFORMATION (CONTINUED)公 司 資 料（續） 註冊辦事處 REGISTERED OFFICE Clarendon House2 Church StreetHamilton HM 11Bermuda Clarendon House2 Church StreetHamilton HM 11Bermuda 總辦事處及香港主要營業地點 HEAD OFFICE AND PRINCIPAL PLACE OFBUSINESS IN HONG KONG 9938 38/F, The Center99 Queen’s Road CentralCentralHong Kong 核數師 AUDITORS 779 Crowe (HK) CPA Limited9/F, Leighton Centre, 77 Leighton RoadCauseway BayHong Kong 法律顧問 LEGAL ADVISERS 香港法例： Hong Kong law: 22 Li & Partners22/F, World-Wide HouseCentralHong Kong 百慕達法例： Bermuda law: Conyers Dill & Pearman829 Conyers Dill & Pearman29/F, One Exchange Square8 Connaught PlaceCentralHong Kong CORPORATE INFORMATION (CONTINUED)公 司 資 料（續） 主要往來銀行 PRINCIPAL BANKERS 130 Shanghai Pudong Development Bank Co., Ltd30/F, SPD Bank Tower1 Hennessy RoadHong Kong 5023B Ping An Bank Co., Ltd.Ping An Finance Center Tower BNo. 5023 Yitian RoadFutian District, Shenzhen, Guangdong, the PRC 8218 Hua Xia Bank Co., Limited18/F, Two International Finance Centre8 Finance StreetCentralHong Kong 百慕達股份過戶登記總處 PRINCIPAL SHARE REGISTRAR IN BERMUDA MUFG Fund Services (Bermuda) Limited4th Floor North Cedar House41 Cedar AvenueHamilton HM 12Bermuda MUFG Fund Services (Bermuda) Limited4th Floor North Cedar House41 Cedar AvenueHamilton HM 12Bermuda 香港股份過戶登記分處 BRANCH SHARE REGISTRAR IN HONG KONG 183171712-1716 www.sdhg.com.hk MANAGEMENT DISCUSSION AND ANALYSIS管理層討論與分析 MARKET REVIEW 市場回顧 2024 In the first half of 2024, the global slowed-economic growthmomentum was weakening. As global headline inflation fell due tomoderate consumption growth, sluggish investment activities,improved supply-demand profile and declining demand, monetarypolicy came to a turning point. Meanwhile, global economy wasfaced with continued uncertainty brought about by geopolitical risks.Furthermore, technological innovation and green economy play anincreasingly crucial role in economic growth of all countries. GDP5.0% Despite of the increasing uncertainty resulted from external changes,lack of effective domestic demand, and divergence in economicperformance, China’s GDP still grew by 5.0% in the first half of theyear with fundamentals unchanged, pointing to a stable economyand long-term prosperity. As a whole, China’s economic structurehas been continuously improved, new quality productive capacity hasbeen fostered at a faster pace, new growth drivers accelerated totake shape, and green development has gradually become thecornerstone of high-quality development. 集團戰略和經營 GROUP STRATEGY AND OPERATIONS Faced up with volatility persistence in the international and domesticmarkets, the Group actively responded to the national policy andguidance in promoting the construction of a modern industrialsystem, fully implemented the new development concept, deeplycultivated emerging industries investment, continuing to promote thestrategic transformation to a distinguished industrial holding group,and unswervingly making efforts to achieve the annual businessobjectives. MANAGEMENT DISCUSSION AND ANALYSIS (CONTINUED)管 理 層 討 論 與 分 析（續） In terms of industrial investment business, the Group adhered to theprinciple of “growth and certainty”, seized pre-emptive opportunityin emerging industries, and formed an industrial holding platformwith “new energy + new infrastructure” as our principal businessthrough the acquisition of SHNE (01250.HK) and strategic investmentin VNET (VNET.US). As of 30 June 2024, total asset