上海实业环境2025 中期报告

CONTENTS Corporate Mission2Corporate Profile3Business Structure4Project Location Map5Overview of Major Projects6Financial Review12Management’s Discussion and Analysis15Corporate Governance and Other Information19Condensed Interim Consolidated Statement ofProfit or Loss and Other Comprehensive Income31Condensed Interim ConsolidatedStatement of Financial Position33Condensed Interim ConsolidatedStatement of Changes in Equity35Condensed Interim ConsolidatedStatement of Cash Flows39Notes to the Condensed InterimConsolidated Financial Statements42Corporate Information61 CORPORATE MISSION Backed by an established corporate track record, technological excellence and strong mergersand acquisitions capabilities, SIIC Environment Holdings Ltd. envisages itself as a leadingoperator and investor in the environment industry in the People’s Republic of China by adheringto the development model of integrating industry and finance. In the pursuit of company growth,we remain committed to protecting the planet, conserving the environment and preservingnatural resources. BHK. SG,807. HK)2018363. HK)19962010 SIIC Environment Holdings Ltd. (“SIIC Environment” or the “Company”, stock code: BHK. SG,807. HK, and together with its subsidiaries, the “Group”)) is a top-tier integrated player in China’swater and environmental markets. It is engaged in wastewater treatment, water supply, sludgetreatment, solid waste incineration and other environment related businesses. Headquartered inSingapore and listed on the Mainboard of SGX-ST, the Company successfully launched on theMainboard of SEHK in 2018. Being the controlling shareholder of SIIC Environment, ShanghaiIndustrial Holdings Limited (“SIHL”, SEHK stock code: 363. HK) was established in 1996,with infrastructure, real estate and consumer products as the core businesses. China EnergyConservation and Environmental Protection Group (“CECEP”), an important strategic investorof the Company, is a state-owned enterprise mainly engaged in energy conservation andenvironmental protection, which was reorganized and established in 2010 with the approval ofthe State Council. SIIC Environment has shown tremendous growth and continued to increase itsmarket share in China’s environmental market. 20250 SIIC Environment is an active investor and operator in the environmental protection industry,with an operating history of more than 15 years in China. Currently, it boasts an overall portfolioof about 250 wastewater treatment and water supply projects, solid waste incineration projectsand sludge treatment projects across 20 provinces, municipalities, autonomous regions andspecial administrative region in China, namely Shandong, Guangdong, Hubei, Hunan, Jiangsu,Shanghai, Zhejiang, Jiangxi, Anhui, Fujian, Guangxi, Ningxia, Henan, Liaoning, Inner Mongolia,Shanxi, Sichuan, Jilin, Heilongjiang and Macau. Leveraging on the Group’s distinctive strategic positioning and business model, SIICEnvironment will continue to expand its business in water and solid waste treatment andproactively explore opportunities in other environmental-related markets such as industrialwastewater treatment, seawater desalination, sludge treatment and disposal, soil remediation,renewable energy, water treatment technology and pollution prevention. The Group iscommitted to expanding its market share, increasing its scale and efficiency, and consolidatingits leading position in China’s water and environmental protection industry. Water Treatment and Supply水務處理 Central (Wuhan Business Unit)華中(武漢分部) South (Nanfang Business Unit)華南(南方分部) North (Shandong Business Unit)華北(山東分部) Northeast (Longjiang Business Unit)東北(龍江分部) East (Fudan Business Unit)華東(復旦分部) Ranhill (Industrial Wastewater Business Unit)聯熹(工業污水分部) Waste Incineration固廢發電 FINANCIAL REVIEW FINANCIAL POSITION OF THE GROUP Capital and Equity attributable to owners of the Company 20256 302,575,665,726202412312,575,665,726 The Company had a total of 2,575,665,726 shares in issue as at 30 June 2025 (31 December2024: 2,575,665,726). 2 0 2 56 3 010,775,848,000202412 3110,635,069,000 Equity attributable to owners of the Company was RMB10,775,848,000 as at 30 June 2025 (31December 2024: RMB10,635,069,000). Indebtedness 20256 3022,977,4542024123122,338,88044.8%2024 12 3136.1%99.7%2024123199.7%11.0%2024123122.4% As at 30 June 2025, the total borrowings of the Group including bank loans and otherborrowings amounted to approximately RMB22,977,454,000 (31 December 2024:RMB22,338,880,000), of which 44.8% (31 December 2024: 36.1%) were unsecured creditfacilities. 99.7% of the total borrowings are in Renminbi (31 December 2024: 99.7%). 11.0% ofthe borrowings are at fixed rate (31 December 2024: 22.4%). Capital commitment 2 0 2 56 3 0338,892,000(2024 12 31546,795,000 As at 30 June 2025, the Group had capital expenditures of RMB338,892,000 (31 December 2024:RMB546,795,000). The Group had sufficient internal resources and/or capital obtained throughloan markets for the