大唐环境2025 中期报告

Stock Code: 1272(A joint stock company incorporated in the People's Republic of China with limited liability) CONTENTS目錄 Company Profile2公司簡介 Management Discussion and Analysis6管理層討論與分析 Significant Events34重大事項 Profile of Directors and Senior Management41董事及高級管理層簡介 Interim Condensed Consolidated Statement ofProfit or Loss and Other Comprehensive Income中期簡明合併損益及其他綜合收益表 Interim Condensed Consolidated Statement ofFinancial Position54中期簡明合併財務狀況表 COMPANY PROFILE 本公司（股份代號：1272）前身為2011年7月成立的中國大唐集團環境技術有限公司 。本公司成立以來 ，經過多年的快速發展及一系列的業務重組 ，本公司自2016年11月15日起在聯交所主板成功上市 。於2025年6月30日 ，本公司已發行股份總數為2,967,542,000股 ，其中控股股東中國大唐直接及間接合共持有約78.96%的股份 。 The predecessor of the Company (stock code: 1272) was China DatangGroup Environment Technology Co., Ltd. (中國大唐集團環境技術有限公司), which was established in July 2011. Since the establishment of theCompany and after several years of rapid development and a series ofbusiness restructuring, the Company has been successfully listed on theMain Board of the Stock Exchange since 15 November 2016. As at 30June 2025, the Company had a total of 2,967,542,000 issued Shares,among which the Controlling Shareholder, China Datang, holds, directlyand indirectly, an aggregate of approximately 78.96%. 本集團是全國大型國有獨資發電集團之一的中國大唐集團旗下發展環保節能業務的唯一平台 。本集團的主要經營業務包括環保設施特許經營 、脫硝催化劑 、環保設施工程 、水務業務 、節能業務 、資源循環利用業務 、綜合智慧能源業務及工程諮詢服務業務 。 The Group is the sole platform for the development of environmentalprotectionand energy conservation business under China DatangCorporation, one of the major state wholly-owned power generationgroupsin the PRC.The principal business of the Group includesenvironmental protection facility concession operation, denitrificationcatalysts, environmental protection facilities engineering, water treatmentbusiness, energy conservation business, resource recycling business,integrated intelligent energy business and engineering consulting servicesbusiness. 於2025年6月30日 ，本公司主要企業架構如下： FINANCIAL HIGHLIGHTS 下表載列所示期間本集團的中期簡明合併損益及其他綜合收益表： The following table sets forth the Group’s interim condensed consolidatedstatements of profit or loss and other comprehensive income for theperiods indicated: FINANCIAL HIGHLIGHTS (CONTINUED) The following table sets forth certain selected items from the Group’sinterim condensed consolidated statements of financial position as atthe dates indicated: 下表載列所示日期本集團的中期簡明合併財務狀況表的部分節選項目： 下表載列所示期間本集團的中期簡明合併現金流量表概況： The following table sets forth a summary of the Group’s interim condensedconsolidated statements of cash flows for the periods indicated: MANAGEMENT DISCUSSION AND ANALYSIS 本集團作為燃煤發電企業環保節能解決方案提供商 ，主要業務包括環保設施特許經營 、脫硝催化劑的生產和銷售 、環保設施工程 、水務業務 、節能業務及可再生能源工程等業務 。本集團客戶遍及中國30餘個省 、自治區及直轄市 ，以及8個國家 。 As an environmental protection and energy conservation solution providerfor coal-fired power generation enterprises, the principal business of theGroup includes environmental protection facility concession operation,manufacturingand sales of denitrification catalysts,environmentalprotectionfacilities engineering,water treatment business,energyconservationbusiness and renewable energy engineering business.Customers of the Group spread over 30 provinces, autonomous regionsand municipalities in the PRC as well as 8 countries. I.INDUSTRY OVERVIEW 綜 合2025年 上 半 年 環 保 行 業 的 整 體 表現 ，主要有以下幾大亮點與行業趨勢： Based on the overall performance of the environmental protectionindustry in the first half of 2025, there are mainly the followinghighlights and industry trends: 1. 1.AcceleratingGreenTransformationandStrengthening the Closed Loop ofEnvironmental Protection Supervision 2025年政府工作報告提出推動綠色低碳發展向縱深發展 ，協同推進降碳減污擴綠增長 ，加快經濟社會發展全面綠色轉型 ，進一步深化生態文明體制改革 ，統籌產業結構調整 、污染治理 、生態保護 、應對氣候變化 。5月 ，《生態環境保護督察工作條例》的印發則進一步健全生態環境保護督察工作體制機制 ，從組織領導和機構職責 、督察對象和內容 、工作程序和方式 、督察整改等方面作出明確規定 ，形成從「問題發現」「壓力傳導」「督察整改」「成果運用」到「主動履責」的治理閉環 ，為實現美麗中國目標築牢制度基石 。 In 2025, the government work report proposed to promote thein-depth development of green and low-carbon development,coordinately promote carbon reduction, pollution reductionand green growth, accelerate the comprehensive greentransformationof economic and social development,further deepen the reform of the ecological civilizationsystem, and coordinate industrial structure adjustment,pollution control, ecological protection and response toclimate change. In May, the issuance of the “Regulationson Ecological Environmental Protection Supervision (《生態環境保護督察工作條例》)” further improved the systemand mechanism of ecological environmental protectionsupervision, and made clear provisions on organizationalleadershipand institutional responsibilities,inspectionobjects and contents, working procedures and methods,inspection rectification, etc., forming a closed loop ofgovernance from “problem discovery”, “pressure shift”,“inspection rectification” and “application of results” to“active responsibility fulfillment”, laying a solid systemfoundation for realizing the goal of a beautiful China. MANAGEMENT DISCUSSION AND ANALYSIS (CONTINUED) 2. 2.Promoting the Upgrading of Environm