环龙控股2025 中期报告

2025INTERIM REPORT (Incorporated in the Cayman Islands with limited liability) Stock Code: 2260 WE SPARE NO EFFORT FOR PAPERMACHINE ONE DROP WATER CONTENTS CORPORATE INFORMATION2MAIN PRODUCTS5MANAGEMENT DISCUSSION AND ANALYSIS8OTHER INFORMATION18CONDENSED CONSOLIDATED STATEMENT OFPROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME25CONDENSED CONSOLIDATED STATEMENT OFFINANCIAL POSITION26CONDENSED CONSOLIDATED STATEMENT OFCHANGES IN EQUITY28CONDENSED CONSOLIDATED STATEMENT OFCASH FLOWS29NOTES TO THE CONDENSED CONSOLIDATEDFINANCIAL STATEMENTS31 CORPORATE INFORMATION BOARD OF DIRECTORS Executive Directors Ms. Shen Genlian (Chairperson)Mr. Zhou Jun (Chief executive officer)Mr. Xie ZongguoMs. Yuan Aomei Independent Non-Executive Directors Mr. Ip Wang HoiMr. Zhang ShenjinMr. Wang Yunchen BOARD COMMITTEES Audit Committee Mr. Wang Yunchen (Chairman)Mr. Zhang ShenjinMr. Ip Wang Hoi Remuneration Committee Mr. Ip Wang Hoi (Chairman)Mr. Zhou JunMr. Zhang Shenjin Nomination Committee Ms. Shen Genlian (Chairman)Mr. Ip Wang HoiMr. Wang Yunchen AUTHORISED REPRESENTATIVES 20256202025620 Ms. Shen GenlianMr. Yim Lok Kuan (resigned on 20 June 2025)Ms. Yip Chui Mei (appointed on 20 June 2025) JOINT COMPANY SECRETARIES 202562020256202025620 Mr. Yim Lok Kuan (resigned on 20 June 2025)Ms. Yip Chui Mei (appointed on 20 June 2025)Ms. Liu Jinping (appointed on 20 June 2025) CORPORATE INFORMATION REGISTERED OFFICE Cricket SquareHutchins DrivePO Box 2681Grand Cayman, KY1-1111Cayman Islands Cricket SquareHutchins DrivePO Box 2681Grand Cayman, KY1-1111Cayman Islands PRINCIPAL PLACE OF BUSINESS IN CHINA 519 No. 519, Section 2, Xinhua AvenueChengdu Strait Science and TechnologyIndustry Development ParkWenjiang District, ChengduSichuan Province, PRC PRINCIPAL PLACE OF BUSINESSIN HONG KONG 24840 40th Floor, Dah Sing Financial Centre248 Queen’s Road East, WanchaiHong Kong PRINCIPAL BANKS Industrial Bank Co., Ltd.Hong Kong BranchIndustrial Bank Co., Ltd.Chengdu BranchIndustrial Bank Co., Ltd.Shanghai Branch Waigaoqiao Sub-BranchChengdu Rural Commercial Bank Co., Ltd.Wenjiang Yongsheng BranchHua Xia Bank Co., Ltd. Chengdu Branch AUDITOR Grant Thornton Hong Kong LimitedCertified Public AccountantsRegistered Public Interest Entity Auditor LEGAL ADVISER AS TO HONG KONG LAWS Loong & Yeung CORPORATE INFORMATION PRINCIPAL SHARE REGISTR ARAND TR ANSFER OFFICE Conyers Trust Company (Cayman) LimitedCricket SquareHutchins DrivePO Box 2681Grand CaymanKY1-1111Cayman Islands Conyers Trust Company (Cayman) LimitedCricket SquareHutchins DrivePO Box 2681Grand CaymanKY1-1111Cayman Islands HONG KONG BR ANCH SHARE REGISTR ARAND TR ANSFER OFFICE 183171712–1716 Computershare Hong Kong Investor Services LimitedShops 1712–1716, 17th Floor, Hopewell Centre183 Queen’s Road EastWanchaiHong Kong STOCK CODE 2260 2260 WEBSITE www.vanov.cnwww.vanov.cn Packaging Papermaking Felts •Suitable for all kinds of polyurethane blind hole groove press rolls,rubberblind hole press rolls,vacuum presses,large roll diameterpresses, shoe presses, super forming high-speed paper machines.•Thisseries of products features excellent machine adaptability,rapidacceleration,high pressure resistance,continuous and stableoperation, high press dryness, and low steam consumption. Suitablefor producing 40–300 grams packaging papers at operating speeds of550–1,500 metres per minute. ••550–1,50040–300 MAIN PRODUCTS Specialty Papermaking Felts •Apply to all types of specialty paper machines' press section and dryersection of paper machines which require a superfine paper surface.•Thiskind of products can meet the customers'needs for a superfinesurface of different kinds of specialtypaper. The coarse monofilamentendless and endless dryer mats and composite endless and endless dryermats offer high air permeability, high smoothness, and fineness. •• Household Papermaking Felts •Applicableto various vaccum cylinder mould and crescent form papermachines.•This series of product has the feature of fine and smooth tissue surface,fast start-up, low steam consumption, long lifetime. •• Printing Papermaking Felts •Applicableto all kinds of composite presses and shoe paperpresses.•This series of products have the features of smooth paper surface,faststar t-up and constantly stable running.It is suitable forproducingvarious types of cultural paper in weights of 30-180grams at speeds of 450–2,000 metresper minute. ••450-2,00030–80 Pulp Board Felts •Applicableto all types of large-roller presses and compoundpresses.•Ableto meet the production and operation efficiency of pulpboards of all pulp materials and full grammage. •• MANAGEMENT DISCUSSION AND ANALYSIS BUSINESS REVIEW Paper Industry in the PRC Achieved Steady Growthunder Global Papermaking Industry Differentiation 20252025167933.23.2%387.82.6% During the first half of 2025, the global papermaking industrydemonstrateda trend of structural differentiation.Under theinfluence of high energy costs in Eu