中国宏桥中期报告2025

中期報告2025 2 9 18 28 2515105 1378.HK P.O. Box 31119Grand PavilionHibiscus Way802 West Bay RoadGrand Cayman, KY1-1205Cayman Islands 9,288,308,925 183171712-1716 (852) 3511 9174(852) 3511 9002pr@landd.cc1219902 SunteraCayman LimitedSuite 3204, Unit 2A, Block 3Building D, P.O. Box 1586Gardenia Court, Camana BayGrand Cayman, KY1-1110Cayman Islands (852) 2815 1080(852) 2815 0089luciayu@hongqiaochina.com www.hongqiaochina.com 2.3%665.3% 81,039,092,00010.1%20,805,191,00016.9%12,361,046,00035.0%1.3140.966 25 • 552025205530 • 60 2025 (TIME)Statista2025500 AAA81ESG2612381.5%+2024 2025 LME2,5466.0%SHFE20,2261.9% 3,6591.8%;3,6723.1%2,1842.4%59.7%2,2974.3%62.6% 81,039,092,00010.1% 290.6283.72.4%2.7%17,853636.815.6%10.3%3,24339.23.5%2.9%20,615 12,361,046,00035.0% 51,878,373,00049,311,554,0005.2%20,654,946,00016,199,655,00027.5%8,074,302,0007,582,091,0006.5% 25.7%24.2%1.525.2%28.8%3.423.3%2.3 354,125,000366,499,0003.4% 2,321,954,0002,453,793,0005.4% 1,284,152,0001,561,045,00017.7% 48,744,597,00044,770,241,0008.9% 22,305,743,0009,414,270,0008,968,724,000 9,893,466,0005,560,394,00077.9% 7,398,271,0001,780,000,00012,607,206,000Winning Consortium Holdings Pte. Ltd. 8,396,138,0009,773,923,00014.1% 5,825,035,0007,811,711,00025.4% 36,014,684,00037,344,003,0003.6% 4,212,672,0003,863,113,0009.0% 12,361,046,0009,154,911,00035.0% 1.3140.966 48,744,597,00044,770,241,000 112,138,581,000110,551,534,00049.1%48.2% 14,401,940,00015,547,656,000 47,083,912,00048,302,429,0002.5%23.7%76.3% 2,000,000,00018,493,431,0004,351,259,0008,828,746,000 23,105,981,000 79.1%20.9%87.5%12.5% 242629 52,0066862,856,633,0002,359,302,00021.1%3.5% 6,108,482,00016,852,608,000 368,987,000361,202,000 (i)(ii)(iii) 22.98%88.99%95.295%88.99% PMI 571XV23336 (1)100% (2)100%40%30%30%8,870,000 565,690,170 (4)100%27.52%100%25.60%53.12%100%100%100%100% (5) XV23336 XVXV78352C3 (1)100%40%30%30% (2) XVXV78352 C1 26187,229,500 1.300,000,0001.5014.6300,000,80020,548,000 2.1 2,759,224,000110,628,000 300,000,0005.25 300,000,0008.91294,000,000 8.918.47 8.478.12 8.127.63 7.637.24 7.247.15 7.156.82 6.826.54 6.546.14 6.145.68 5.68336,600,301 300,000,0001.50 300,000,00020.88294,584,687 300,000,0001.50 20.8819.36 (1)300,000,0007.75 (2)330,000,0007.05 (3)270,000,0006.925 (1)(2)(3)(4) 13.51B(1) C.2.1 www.hkexnews.hkwww.hongqiaochina.com 2876343434 2410 34 P06614 1. 2. 3434D2 3. 3. 21 4. 4. 6. 7. 8. 9. 59 10. 10. 11. 469,057,000411,154,000498,722,0002,544,000 7,698,419,0004,816,750,000 11. 58,606,000534,225,000 4,046,157,0005,215,238,000 12. (i) 9,652,886,0009,623,399,0002070115,893,000214,069,000 204,065,000267,668,000 56,735,0002,119,00060,136,000 12. (ii) 978,435,000957,482,000 (iii) (iv) 58,436,00091,514,000 13. 370,928,0002,655,325,000380,920,0002,738,263,000+ 3% 525,308,0003,760,467,000424,818,0003,165,455,000+5% 731,895,0005,092,0002,192,000 37 14. 80,418,000 15. 15. 166,485,000 16. 17. 135,475,00057,550,000 213,738,000106,365,000 18. 90 19. 20. 21. 24. 11,182,192,00031,079,784,0003.20%7.10%3.50%7.50% 3,200,000,0006,600,000,00037(c) 25. 2,962,600,000 (i)36 (ii)30% 6% 25. 2,962,600,000 26. 27. 27. 27. R100%R 28. 330,000,0002,398,176,0007.05% 270,000,0001,970,811,0006.925% 28. 300,000,0002,131,770,0007.75% 29. 300,000,0005.25%8.917.75301.006030100%9.872% 300,000,0001.50%20.887.77191.006030100%9.380% 29. 5.686.1419.3620.88 29. 300,000,000300,000,000409,489,436378,811,074300,000,000120,432,334 B2,494,000,00015.78% 31. 31. 187,229,50011.2616.162,418,474,00013,480,0002,404,994,000 32. (a) (i)(ii)(iii)(iv)(v)(vi) (b) 5%10%50% 32. (c) (d) 33. 33. 33. 34. 35. Winning Consortium Simandou Pte. Ltd.WCSWinning Consortium Simandou Infrastructure Pte. Ltd.WCSI1,780,000,00012,607,206,000WinningConsortium Holdings Pte. Ltd. 36. 1.44%100%1,014,213,0001.44% 25%100%3,023,667,00025% 4.04%98.56%3,084,009,0004.04% 37. (a) 37. 37. i.ii.iii.iv.Harita JayarayaPT Well Harvest Winning Alumina Refineryv. 37. 37. 37. 37. (a)14A14.7614A (b)14A14A (c)237,00036,610,00037,584,000 37,560,000461,340,000489,641,000 37. 37. 37. (b) (c) 38. 56,735,00062,255,000