强泰环保2025中期报告

2025Interim Report Contents Corporate Information2 Chairman’s Statement5 Management Discussion and Analysis7 Corporate Governance and Other Information16 Financial Information22 Corporate Information BOARD OF DIRECTORS EXECUTIVE DIRECTORS Mr. CHAU On Ta YuenBBS, SBS (Chairman)Mr. CHAN Kwan(Chief Executive Officer)Mr. CHAN Pak Lam Brian (re-designated on 25 August 2025)Mr. CHAU Chi Yan Benny NON-EXECUTIVE DIRECTOR Mr. Radius SUHENDRA (re-designated on 25 August 2025) INDEPENDENT NON-EXECUTIVE DIRECTORS Ms. NG Chung Yan LindaMr. NG Man KungMs. LEUNG Bo Yee Nancy BOARD COMMITTEES AUDIT COMMITTEE Ms. NG Chung Yan Linda(Chairlady)Mr. NG Man KungMs. LEUNG Bo Yee Nancy NOMINATION COMMITTEE Mr. CHAU On Ta Yuen(Chairman)Mr. CHAN KwanMs. NG Chung Yan LindaMr. NG Man KungMs. LEUNG Bo Yee Nancy REMUNERATION COMMITTEE Mr. NG Man Kung(Chairman)Mr. CHAN Pak Lam BrianMs. NG Chung Yan LindaMs. LEUNG Bo Yee Nancy REGISTERED OFFICE Cricket Square, Hutchins DriveP.O. Box 2681, Grand Cayman KY1-1111Cayman Islands Cricket Square, Hutchins DriveP.O. Box 2681, Grand Cayman KY1-1111Cayman Islands HEADQUARTERS IN THE PEOPLE’S REPUBLIC OFCHINA (THE “PRC” OR “CHINA”) Rugao Hengfa Municipal and Industrial Wastewater Treatment FacilityNorth of Huimin RoadRugao Economic and Technological Development ZoneJiangsu ProvinceThe PRC PRINCIPAL PLACE OF BUSINESS IN HONG KONG 20232304 Unit 2304, 23rd Floor, Westlands Centre20 Westlands RoadHong Kong AUTHORISED REPRESENTATIVES Mr. CHAN KwanMs. TUNG Wing Yee Winnie COMPANY SECRETARY Ms. TUNG Wing Yee Winnie CAYMAN ISLANDS PRINCIPAL SHARE REGISTRAR Conyers Trust Company (Cayman) LimitedCricket Square, Hutchins DriveP.O. Box 2681, Grand Cayman KY1-1111Cayman Islands Conyers Trust Company (Cayman) LimitedCricket Square, Hutchins DriveP.O. Box 2681, Grand Cayman KY1-1111Cayman Islands HONG KONG BRANCH SHARE REGISTRAR 148212103B Boardroom Share Registrars (HK) LimitedRoom 2103B, 21st Floor148 Electric RoadNorth PointHong Kong PRINCIPAL BANKERS Chiyu Banking Corporation LimitedThe Hongkong and Shanghai Banking Corporation LimitedBank of China (Hong Kong) Limited Corporate Information INDEPENDENT AUDITOR Baker Tilly Hong Kong LimitedCertified Public AccountantsHong Kong LEGAL ADVISORSAS TO HONG KONG LAW:Taylor Wessing AS TO PRC LAW:King & Wood Mallesons www.ellhk.com Main Board of The Stock Exchange of Hong Kong Limited 5,000 STOCK CODE 13951395 Dear Shareholders, On behalf of the board (the “Board”) of directors (the “Directors”) ofELL Environmental Holdings Limited (the “Company”), together withits subsidiaries, the “Group”), I am pleased to present the Group’sinterim results for the six months ended 30 June 2025 (the “Period”).During the Period, the Group maintained steady operationalperformance across our diversified business portfolio, which spanswastewater treatment facilities, a biomass power plant, data centreoperations, and wood pellet sales in China and Indonesia. RPSL Financially, the Group recorded a revenue increase of 76.8%,from HK$45.7 million for six months ended 2024 (the “LastCorresponding Period”) to HK$80.8 million for the Period, largelydriven by contributions from the expansion of the wastewatertreatment facilities in Rugao Hengfa Water Treatment CompanyLimited (“Rugao”), the data services provided by PT Rimba PalmaSejahtera Lestari (“RPSL”), and the biomass power supply businessof PT Sentosa Jaya Purnama in Bangka, Indonesia (the “BangkaProject”). Net profit improved from a loss of HK$10.1 million forthe Last Corresponding Period to a profit of HK$12.5 million forthe Period, reflecting strong operational performance across keybusiness segments. Operational highlights include the commencement of full operationsat the Bangka Project from late July 2025 under a 25-year fixed-price agreement with Perusahaan Listrik Negara, which contributedsignificantly to the Group’s results. In China, Rugao continued toprovide stable wastewater treatment services, with its expansionproject to increase the wastewater treatment capacity is expected tobe completed in the second half of 2025 despite minor delays. We also refer to the ongoing arbitration between Everbest WaterTreatment Development Company Limited (“Everbest’) and CGNEnvironmental Protection Industry Co., Ltd. The Company is currentlyawaiting the decision from the Shenzhen Court of InternationalArbitration. Chairman’s Statement While maintaining the stable operations of our existing businesses,the Group is also actively exploring new growth opportunities.One area of focus will be the utilisation of power supply capacityin Indonesia, where RPSL operates. It is well positioned to supportemerging high-demand applications such as electric vehicle charginginfrastructure, crypto mining, and future green hydrogen production.This underscores the strategic importance of our renewable baseloadpower in enabling the region’s transition to a sustainable energyfuture. The Board remains confident