中国联塑中期报告2024

Contents目錄 2Corporate Profile 3Financial Highlights 4Management Discussion and Analysis 20Corporate Governance and Other Information 28Report on Review of CondensedConsolidated Financial Statements 30Condensed Consolidated Statement ofProfit or Loss and Other Comprehensive Income 32Condensed Consolidated Statement ofFinancial Position 34Condensed Consolidated Statement ofChanges in Equity 36Condensed Consolidated Statement ofCash Flows 39Notes to Condensed ConsolidatedFinancial Statements 85Corporate Information Corporate Profile公司簡介 China Lesso Group Holdings Limited (Stock Code of Hong Kong StockExchange: 2128) is a leading large-scale industrial group thatmanufactures piping and building materials in China. After more than37 years of rapid development, the Group has evolved into a leader inthe industry of building materials and home improvement. It provideshigh-quality products and services such as plastic piping, buildingmaterials and home improvement, new energy, environmentalprotection, and operates a supply chain service platform. 212837 30192,891 Currently, the Group has established over 30 advanced productionbases in 19 provinces of China and in foreign countries. The Group hasestablished a nationwide sales network and has also developed long-term strategic partnerships with 2,891 independent and exclusive first-tier distributors that enable timely and efficient supply of comprehensive,quality products and professional services to customers. As anintegrated manufacturer of a comprehensive range of piping andbuilding materials, China Lesso provides over 10,000 types of qualityproducts, which are widely applied to such fields as home improvement,civil architecture, municipal water supply, drainage, energymanagement, electric power transmission, telecommunication, gassupply, fire services, environmental protection, agriculture and marineaquaculture. Financial Highlights財務摘要 Management Discussion and Analysis管理層討論及分析 市場概況 MARKET OVERVIEW In the first half of 2024, global economy was recovering slowly whilegeopolitical situation was tense; such external factors, coupled withChina’s troubled property sector, impeded a full recovery in the country’seconomy and caused its gross domestic product (GDP) growth to beslower than expected. As a result, businesses were very cautious aboutexpansion and investment. According to the National Bureau of Statisticsof China, the country recorded 5.0% GDP growth year on year in the firsthalf of 2024, still ahead of most other countries and showing economicresilience with continuing momentum of recovery. 202420245.0% 20245.4%3.9% In addition to the various measures to stimulate the domestic demandsuch as stepping up investment in infrastructure construction, China’scentral government has extended its emphasis from growth to high-quality development in the economy. The improvement and upgradingof the infrastructure can enhance both the efficiency and quality ofdevelopment. In the first half of 2024, total investment in the country’sinfrastructure increased by 5.4% year on year, faster than the year-on-year growth of 3.9% in its total fixed asset investment, thereby driving thesteady development of both the infrastructure construction and pipingindustries. Nevertheless, the country’s economic recovery was not yet stable, andthe property sector was still depressed. Provincial governments werecash-strapped, thus slowing investment in infrastructure. China’sbuilding material and piping industries saw sluggish demand, and theindustry players, which were faced with overcapacity, engaged in pricecompetition to vie for market share, thus exerting pressure on suchindustries to a certain extent. 2024 In the first half of 2024, China’s property market was exploring a newmode of development to attain a new equilibrium in the supply-demandrelationship, but it was still experiencing a downtrend because propertydevelopers were still grappling with the debt and liquidity problemswhile home buyers’confidence had yet to recover. As a result, thebuilding materials and home improvement industry was still affected. Management Discussion and Analysis管理層討論及分析 市場概況（續） MARKET OVERVIEW(Continued) 2030206052024–2025 China has been improving the environment and, accordingly, raising theenvironmental standards with the aim of saving energy and reducingemissions. The efforts include working towards the dual goals of carbonemissions peak by 2030 and carbon neutrality by 2060 (“the dualcarbon goals”) as well as encouraging and fostering the development ofboth the new energy and environmental protection industries. In May2024, the State Council issued the“Action Plan for Energy Saving andCarbon Reduction in 2024 to 2025”to improve the regulation of both thetotal amount and intensity of energy consumption and to step up themanagement of the carbon emission intensity. The plan is aimed atraising the standard and enhancing the quality of the work on savingenergy and decreasing