沧海控股中期报告 2025

INTERIM REPORT2520 Contents目錄 2Corporate Information 5Financial Highlights 7Management Discussion and Analysis 21Other Information andCorporate Governance Highlights 28Condensed Consolidated Statement of Profitor Loss and Other Comprehensive Income 29Condensed Consolidated Statement ofFinancial Position 31Condensed Consolidated Statement ofChanges in Equity 32Condensed Consolidated Statement ofCash Flows 33Notes to the Condensed ConsolidatedFinancial Statements 56Definitions Corporate Information BOARD OF DIRECTORS Executive Directors Mr. Peng Tianbin(Chairman)Mr. Peng Yonghui(Chief Executive Officer)Mr. Peng Daosheng Non-executive DirectorMs. Wang Sufen Independent Non-executive Directors Mr. Chan Lap IpMr. Shi WeixingMr. Yang Zhongkai AUDIT COMMITTEE Mr. Chan Lap Ip(Chairman)Mr. Shi WeixingMr. Yang Zhongkai REMUNERATION COMMITTEE Mr. Yang Zhongkai(Chairman)Mr. Peng TianbinMr. Shi Weixing NOMINATION COMMITTEE Mr. Shi Weixing(Chairman)Mr. Peng YonghuiMr. Yang Zhongkai STRATEGY COMMITTEE Mr. Peng Tianbin(Chairman)Mr. Peng YonghuiMr. Chan Lap Ip AUTHORISED REPRESENTATIVES Mr. Peng YonghuiMr. Tong Tai Alex COMPANY SECRETARYMr. Tong Tai Alex REGISTERED OFFICE IN THE CAYMAN ISLANDS Cricket SquareHutchins DriveP.O. Box 2681Grand Cayman KY1-1111Cayman Islands Cricket SquareHutchins DriveP.O. Box 2681Grand Cayman KY1-1111Cayman Islands CORPORATE HEADQUARTERS 33881718 17th and 18th FloorsCang Hai Industry BuildingNo. 3388 Cang Hai RoadYinzhou District, Ningbo CityZhejiang ProvinceChina PRINCIPAL PLACE OF BUSINESS IN HONG KONG 166–16815A Room A, 15th FloorSing Ho Finance Building166–168 Gloucester RoadWanchaiHong Kong PRINCIPAL SHARE REGISTRAR ANDTRANSFER OFFICE Conyers Trust Company (Cayman) LimitedCricket SquareHutchins DriveP.O. Box 2681Grand Cayman KY1-1111Cayman Islands Conyers Trust Company (Cayman) LimitedCricket SquareHutchins DriveP.O. Box 2681Grand Cayman KY1-1111Cayman Islands HONG KONG SHARE REGISTRAR 1831717121716 Computershare Hong Kong Investor Services LimitedShops 1712–1716, 17th FloorHopewell Centre183 Queen’s Road EastWanchaiHong Kong AUDITOR 5202001 Linksfield CPA LimitedCertified Public AccountantsPublicInterest Entity Auditor registered in accordance withthe Accounting and Financial Reporting Council OrdinanceUnit 2001, 20/F., Podium Plaza5 Hanoi RoadTsim Sha TsuiHong Kong PRINCIPAL BANKERS 218 Industrial and Commercial Bank of ChinaNingbo BranchNo. 218 Zhongshan Xi RoadHaishu DistrictNingbo CityZhejiang ProvinceChina 139 Bank of ChinaNingbo BranchNo. 139 Yaohang StreetHaishu DistrictNingbo CityZhejiang ProvinceChina STOCK CODE 02017 02017 COMPANY’ S WEBSITE www.chanhigh.com.hk www.chanhigh.com.hk Management Discussion and Analysis INDUSTRY AND BUSINESS REVIEW In the first half of 2025, the global economy showed a recoverytrend, but growth momentum remained divergent. Geopoliticalconflicts and policy adjustments in major economies broughtuncertainties. Domestically, macroeconomic policies continuedtoexert force,focusing on expanding domestic demand,optimizingstructures,and boosting confidence,so as topromotethe economy to achieve effective improvement inqualityand reasonable growth in quantity.The real estatemarketgradually stabilized amid in-depth adjustments,butpressures from investment and inventory remained. Against thisbackdrop,infrastructure construction,especially key nationalareas such as water conservancy and transportation, continuedtoplay a crucial role in stabilizing growth and benefitingpeople’slivelihood,providing important support for theconstruction industry. I.The construction industry advances steadily withcontinuous structural optimization 13.671.13%94.5914.32%2.8%15.551.1%4.6% According to data from the National Bureau of Statistics,inthe first half of 2025,the total output value of thenationalconstruction industry was approximatelyRMB13.67 trillion, a year-on-year decrease of 1.13%; theconstructionarea of housing buildings in the nationalconstructionindustry was about 9.459 billion squaremeters,a year-on-year decrease of 14.32%;thecumulative year-on-year growth of fixed-asset investmentwas 2.8%. By industry, investment in the tertiary industryreached RMB15.55 trillion, a decrease of 1.1%. Amongthem,investment in infrastructure(excluding theproduction and supply of electricity, heat, gas, and water)increased by 4.6% year-on-year. The overall growth rateofthe industry slowed down but remained basicallystable. Management Discussion and Analysis (Continued) 15.4% By sector, investment in water conservancy managementmaintaineda strong momentum,with a year-on-yeargrowthof 15.4%,continuing to significantly outpaceoverall investment growth and becoming the core engineforstabilizing the growth of the construction industry.Investmentin new infrastructure such as clean energyand data centers also showed impressive growth rates. II.Expectations gradually recover, and industry vitalitytends to be restored 50.6%2.245.7%0