达力普控股2025 中期报告

CONTENTS 4Corporate Information8Glossary12Management Discussion and Analysis33Other Information47Consolidated Statement of Profit or Loss and Other Comprehensive Income48Consolidated Statement of Financial Position49Consolidated Statement of Changes in Equity51Condensed Consolidated Cash Flow Statement52Notes to the Unaudited Interim Financial Report79Review Report CORPORATE INFORMATION Board of Directors Executive Directors Mr. Meng Fanyong(Chairman)Mr. Zhang Hongyao(Vice-chairman)Ms. Xu WenhongMr. Meng YuxiangMr. Al Gosaibi, Saud Yousif M(Appointed on 1 May 2025) Al Gosaibi, Saud Yousif M20255 1 Non-executive DirectorMr. Yin Zhixiang Independent Non-executive Directors Mr. Guo KaiqiMr. Wong Jovi Chi WingMr. Cheng Haitao Audit and Risk Management Committee Mr. Wong Jovi Chi Wing(Chairman)Mr. Guo KaiqiMr. Cheng Haitao Remuneration Committee Mr. Guo Kaiqi(Chairman)Mr. Meng YuxiangMr. Cheng Haitao Nomination Committee Mr. Guo Kaiqi(Chairman)Ms. Xu WenhongMr. Cheng Haitao ESG ESG Committee Ms. Xu Wenhong(Chairlady)Mr. Guo KaiqiMr. Wong Jovi Chi Wing Company Secretary Mr. Lau Ying Kit Authorised Representatives Mr. Meng FanyongMr. Lau Ying Kit Auditor KPMGCertified Public AccountantsPublic Interest Entity Auditor registered in accordance withthe Accounting and Financial Reporting Council Ordinance8th Floor, Prince’s Building10 Chater RoadCentral, Hong Kong 108 Legal Advisers as to Hong Kong Laws 14 Zhong Lun Law Firm LLP4th FloorJardine House1 Connaught PlaceHong Kong Registered Office Cricket Square, Hutchins DrivePO Box 2681Grand Cayman KY1-1111Cayman Islands Cricket Square, Hutchins DrivePO Box 2681Grand Cayman KY1-1111Cayman Islands Principal Place of Business in thePeople’s Republic of China No.1 Zhuangbei DistrictNanshugang RoadBohai New DistrictCangzhou CityHebei ProvincePRC Headquarters and Principal Place ofBusiness in Hong Kong Room 4006, 40th FloorJardine House1 Connaught PlaceHong Kong 1404006 Cayman Islands Principal Share Registrarand Transfer Office Conyers Trust Company (Cayman) LimitedCricket Square, Hutchins DrivePO Box 2681Grand Cayman KY1-1111Cayman Islands Conyers Trust Company (Cayman) LimitedCricket Square, Hutchins DrivePO Box 2681Grand Cayman KY1-1111Cayman Islands CORPORATE INFORMATION Hong Kong Branch Share Registrar andTransfer Office Tricor Investor Services Limited17/F, Far East Finance Centre16 Harcourt RoadHong Kong 1617 www.dalipal.com Company’s Websitewww.dalipal.com 1921 Stock Code1921 ir@dalipal.com Investor Relations Contactir@dalipal.com “Share Incentive Committee”the share incentive committee of the Board, which as at the date of thisreport comprises Mr. Meng, Mr. Guo and Mr. Cheng“Share Option Scheme”the share option scheme adopted by a resolution in writing by the thenShareholders on 19 June 201920196 19“Shareholder(s)”holder(s) of the Shares“Stock Exchange”The Stock Exchange of Hong Kong Limited“%”per cent% MANAGEMENT DISCUSSION AND ANALYSIS BUSINESS REVIEW Principal Businesses and Operating Model The Group is principally engaged in the R&D, production,technical services, and sales of high-end energy pipes and specialseamless steel pipes. Its products are widely used in variousenergy development, extraction, transportation, and equipmentmanufacturing applications, including oil, natural gas, shale gas,and new energy. Major customers encompass China’s “three majorstate-owned oil companies” (CNPC, Sinopec, CNOOC), large-scalemachinery processing and manufacturing enterprises, geologicalexploration and coal mining companies, as well as internationallyrenowned oil and petrochemical companies. The Group is a nationalhigh and new technology enterprise, a national intellectual propertyadvantage enterprise, and a company listed on the Main Board ofHong Kong Stock Exchange, specializing in the production of high-end energy equipment. The Group’s products are categorized into standard products andcustomized products tailored to specific customer requirements.The Group’s production model primarily follows a “build-to-order”approach, and the Group predominantly adopts direct sales. Duringthe Reporting Period, the Group leveraged its R&D strengths andfull-process production line capabilities to collaborate with customerson the development, manufacturing, and promotion of specialand economical products, highlighting product differentiationand customization to enhance customer compatibility and loyalty.Adhering to the long-term product strategy of “strengthening corepipe products, pursuing moderate diversification, and developingunique leading products,” the Group is committed to “adjustingthe product mix, reducing costs, ensuring quality, and increasingoutput,” thereby enhancing management capabilities and buildingits core competitiveness. While strengthening and specializing inAPI products to meet energy sector demands, the Group activelyexpanded the scale of non-API specialty products, optimized theoverall product structure, an