中国联塑中期报告2025

Interim Report2 0 2 5 Contents目 錄 2Corporate Profile 3Financial Highlights 4Management Discussion and Analysis 17Corporate Governance and Other Information 24Report on Review of CondensedConsolidated Financial Statements 26Condensed Consolidated Statement ofProfit or Loss and Other Comprehensive Income 28Condensed Consolidated Statement ofFinancial Position 30Condensed Consolidated Statement ofChanges in Equity 32Condensed Consolidated Statement ofCash Flows 35Notes to Condensed ConsolidatedFinancial Statements 79Glossary 81Corporate Information Corporate Profile公司簡介 212838 China Lesso Group Holdings Limited (Stock Code of Hong KongStock Exchange: 2128) is a leading large-scale industrial groupthat manufactures piping and building materials in China. Aftermore than 38 years of rapid development, the Group has evolvedinto a leader in the industry of building materials and homeimprovement. It provides high-quality products and services suchas plastic piping, building materials and home improvement, newenergy, environmental protection, and operates a supply chainservice platform. 30193,061 Currently, the Group has established over 30 advanced productionbases in 19 provinces of China and in foreign countries. The Grouphas established a nationwide sales network and has developedlong-term strategic partnerships with 3,061 independent andexclusive first-tier distributors that enable timely and efficientsupply of comprehensive, quality products and professionalser vices to customers. As an integrated manufacturer of acomprehensive range of piping and building materials, ChinaLesso provides over 10,000 types of quality products, whicharew ide ly applie d to such f ie lds as home improve me nt,civil architecture, municipal water supply, drainage, energymanagement, electric power transmission, telecommunication,gas supply, fire services, environmental protection, agriculture andmarine aquaculture. Financial Highlights財務摘要 Management Discussion and Analysis管理層討論及分析 市場概況 MARKET OVERVIEW 20252024 In the first half of 2025, the pace of global economic recoveryremained slow. The continued existence of geopolitical tensionsand trade protectionism brought uncertainties to global economicgrowth. After the challenges in 2024, China’s economy is graduallydemonstrating its resilience and dynamism. Although the overalleconomy is still in a period of adjustment and the release ofdomestic demand still requires time, the government’s continuousmacro policies and promotion of new quality productive forceshave provided strong support and market confidence for steadyeconomic growth. 2025(GDP)5.3%202520254.6%2.8% According to the data released by the National Bureau of Statistics,China’s gross domestic product (GDP) grew by 5.3% year onyear in the first half of 2025, indicating that China’s economy isoperating steadily and improving amidst stability, demonstrating aresilient attitude in facing challenges and overcoming difficulties.Infrastructure construction, as a crucial engine for economicgrowth, continued to receive policy support in the first half of2025. The central government, through issuing national bondsand increasing central budget investment, continuously promotedsocial and livelihood construction, especially in the areas oftransportation, agriculture, water conservancy, and energy. Thisprovided a stable demand foundation for the infrastructure andpiping industries. In the first half of 2025, overall infrastructureinvestment increased by 4.6% year-on-year, higher than the 2.8%year-on-year growth of national fixed asset investment, drivingthe continuous and stable development of the infrastructure andpiping sectors. The property market continues to undergo deep adjustment.While policies like “ensuring timely deliveries of pre-sold homes”and a series of housing support measures are gradually beingimplemented, property developers still face liquidity pressures, andit will take time for homebuyers’ confidence to recover. As a result,the building materials and home improvement and piping sectorsare facing challenges including slow demand growth, overcapacityand price competition, which put a certain degree of pressure onthe overall industry. 2024–2025 I nte r ms of g re e n deve lo p me nt,t he C hine se g ove r nme ntcontinues to intensify its implementation of the Action Plan forEnergy Saving and Carbon Reduction in 2024 to 2025, drivinggreen transformation of industries. This brings new developmentoppor tunitiesfor companies like China Lesso that ac tivelypractice green manufacturing concepts, while also placing higherdemands on enterprises’ technological innovation and sustainabledevelopment capabilities. Management Discussion and Analysis管理層討論及分析 業務概況 BUSINESS OVERVIEW In the first half of 2025, China Lesso continued to adhere to itsdevelopment strategy of “further developing the piping businessand capitalising on the emergence of green energy for mutualbenefit”, while operating under its pri