康达环保2025年中期报告

CONTENTS目錄 Corporate Information2 Management Discussion and Analysis4 Other Information20 Interim Condensed Consolidated Statement of Profit or Loss andOther Comprehensive Income31 Interim Condensed Consolidated Statement of Financial Position33 Interim Condensed Consolidated Statement of Changes in Equity35 Interim Condensed Consolidated Statement of Cash Flows36 Notes to Interim Condensed Consolidated Financial Information39 Corporate Information公司資料 BOARD OF DIRECTORSExecutive Directors 董事會 執行董事 Mr. Li Zhong(Chairman)Ms. Liu YujieMr. Duan Jerry Linnan(Chief Executive Officer)Mr. Zhou Wei(Chief Financial Officer) 非執行董事 Non-executive Director Mr. Zhao Juanxian (alias, Zhao Junxian) (ceased to be Co-Chairmanand re-designated as non-executive director with effectfrom 1 January 2025) 獨立非執行董事 Independent Non-executive Directors Mr. Chau Kam Wing DonaldMr. Chang QingMr. Peng Yongzhen 審核委員會 AUDIT COMMITTEE Mr. Chau Kam Wing Donald(Chairman)Mr. Chang QingMr. Peng Yongzhen 薪酬委員會 REMUNERATION COMMITTEE Mr. Peng Yongzhen(Chairman)Mr. Zhao Juanxian (alias, Zhao Junxian)Mr. Chau Kam Wing Donald NOMINATION COMMITTEE 提名委員會 Mr. Chau Kam Wing Donald(Chairman)Mr. Li ZhongMs. Liu Yujie (appointed on 20 June 2025)Mr. Peng YongzhenMr. Chang QingMr. Zhao Juanxian (alias, Zhao Junxian) (ceased to be a memberwith effect from 20 June 2025) 公司秘書 COMPANY SECRETARY Mr. Wong Wan Sing 授權代表 AUTHORISED REPRESENTATIVES Mr. Li ZhongMr. Zhou Wei (appointed on 1 January 2025)Mr. Zhao Juanxian (alias, Zhao Junxian) (resigned with effectfrom 1 January 2025) 註冊辦事處 REGISTERED OFFICE Cricket Square Hutchins DriveP.O. Box 2681Grand Cayman KY1-1111Cayman Islands Cricket Square Hutchins DriveP.O. Box 2681Grand Cayman KY1-1111Cayman Islands Corporate Information公司資料 總 部 及 中 華 人 民 共 和 國（「中 國」）營業地址 HEADQUARTER AND PLACE OF BUSINESS INTHE PEOPLE’S REPUBLIC OF CHINA (“CHINA”OR THE“PRC”) 72 No. 72 Avenue of StarsHigh-Tech ParkNorth New ZoneChongqingThe PRC 香港主要營業地點 PRINCIPAL PLACE OF BUSINESS IN HONG KONGSuite 6409, 64/F Central Plaza18 Harbour Road,WanchaiHong Kong 18646409 開曼群島股份過戶登記處 SHARE REGISTRAR AND TRANSFER OFFICE INTHE CAYMAN ISLANDS Suntera (Cayman) LimitedSuite 3204, Unit 2ABlock 3, Building DP.O. Box 1586Gardenia Court, Camana BayGrand Cayman, KY1-1100Cayman Islands Suntera (Cayman) LimitedSuite 3204, Unit 2ABlock 3, Building DP.O. Box 1586Gardenia Court, Camana BayGrand Cayman, KY1-1100Cayman Islands 香港股份過戶登記分處 HONG KONG BRANCH SHARE REGISTRAR ANDTRANSFER OFFICE 183171712–1716 Computershare Hong Kong Investor Services LimitedShops 1712–1716, 17th FloorHopewell Centre183 Queen’s Road EastWan ChaiHong Kong LEGAL ADVISERAs to Cayman Islands law:Conyers Dill & Pearman 法律顧問Conyers Dill & Pearman PRINCIPAL BANKERIndustrial and Commercial Bank of ChinaChina Construction BankBank of ChinaChina Minsheng Bank 主要往來銀行 AUDITORErnst & Young 核數師 STOCK CODE6136 股份代號6136 COMPANY WEBSITEhttp://www.kangdaep.com 公司網址http://www.kangdaep.com Management Discussion and Analysis管理層討論及分析 行業概覽 INDUSTRY OVERVIEW In the first half of 2025, Kangda International Environmental CompanyLimited (the“Company”, together with its subsidiaries collectivelyreferred to as the“Group”) continued to adopt a prudent businessstrategy, implementing various energy-saving and cost-reductionmeasures to control operating costs and improve gross margin.Concurrently, the Group reduced its debt levels by divestingunderperforming projects and leveraged the downward trend indomestic interest rates to lower financing costs, thereby enhancing itsprofitability from multiple aspects. 4.6%1,166.550.3%1.5587.37.9%15.1%232.74.7%103.4 In summary, for the six months ended 30 June 2025 (the“Period”), totalrevenue increased by approximately 4.6% year-on-year to RMB1,166.5million, primarily driven by an increase in project upgrading andrenovation projects. Benefiting from operational cost control measures,the overall gross margin for the Period was 50.3%, representing anincrease of 1.5 percentage points compared to the same period lastyear. Overall gross profit reached RMB587.3 million, representing anincrease of 7.9% compared to the same period last year. Due to thesimultaneous decrease in borrowing interest rates and total liabilities,financing costs for the Period decreased significantly by approximately15.1% compared to the same period last year, reaching RMB232.7million. However, due to losses and provisions related to the one-offdisposal project, the profit attributable to the parent company for thePeriod decreased by 4.7% year-on-year to RMB103.4 million. 4.7%595.081%394.24.85%0.6868.1%1.38 Affected by the disposal projects, the actual wastewater treatmentvolume for the Period decreased by approximately 4.7% year-on-yearto 595.0 million tonnes, with the wastewater treatment plant capacityutilisation rate remaining at a high level of 81%. The Group recordednet operating cash flow of RMB394.2 million for the Period, marking thebest