中国东方集团二零二五年中期报告

Contents PAGES Financial Highlights2Corporate Information6Management Discussion and Analysis8Business and Financial Review28Other Information97Report on Review of Condensed Consolidated Financial Statements109Condensed Consolidated Statement of Financial Position111Condensed Consolidated Statement of Profit or Loss andOther Comprehensive Income114Condensed Consolidated Statement of Changes in Equity116Condensed Consolidated Statement of Cash Flows118Notes to the Condensed Consolidated Financial Statements120Definitions177 Financial Highlights • •Financial Summary Notes: 1.20256302024 1.The Company defines EBITDA as profit for the period before financecosts — net, income tax expense, amortisation, depreciation andnon-cash non-recurring items. During the six months ended 30June 2025, there were no adjustments of non-cash non-recurringitems in the calculation (2024 corresponding period: nil). 2.(i)(ii) 2.The Company defines the adjusted profit for the period (a non-HKFRS measure) as profit for the period excluding non-recurringgain and the provision for impairment of both (i) properties underdevelopment and held for sale; and (ii) loan receivables relatedto the real estate industry in the second-and-lower-tier cities inthe PRC. Please refer to the sub-section headed “ManagementDiscussion and Analysis — Non-HKFRS Measure” for details of thenon-HKFRS measure. Financial Highlights •Average Selling Price and Gross Profit/(Loss)per Tonne of Self-manufactured SteelProducts Financial Highlights Corporate Information Board of DirectorsExecutive Directors Sanjay Sharma Mr. Han Jingyuan(Chairman and Chief Executive Officer)Mr. Zhu JunMr. Shen XiaolingMr. Han Li(Chief Financial Officer)Mr. Sanjay SharmaMr. Li Mingdong Ondra Otradovec Non-executive Director Mr. Ondra Otradovec Independent Non-executive Directors Mr. Wong Man Chung FrancisMr. Wang BingDr. Tse Cho Che EdwardMs. Yu Fang Jing Composition of Board CommitteesAudit Committee Mr. Wong Man Chung Francis(Chairman)Mr. Wang BingMs. Yu Fang Jing Nomination Committee Mr. Han Jingyuan(Chairman)Mr. Wong Man Chung FrancisMr. Wang BingMs. Yu Fang Jing Remuneration Committee Mr. Wong Man Chung Francis(Chairman)Mr. Han JingyuanMr. Wang BingMs. Yu Fang Jing Authorised Representatives Mr. Han LiMr. Lam Pak Kan Company SecretaryMr. Lam Pak Kan Registered Office Clarendon House2 Church StreetHamilton HM11Bermuda Clarendon House2 Church StreetHamilton HM11Bermuda Principal Place of Business in Hong Kong 239901–210 Suites 901–2 & 10, 9th Floor, Great Eagle Centre23 Harbour RoadWanchai, Hong Kong Bermuda Principal Share Registrar andTransfer Office Conyers Corporate Services (Bermuda) Limited Conyers Corporate Services (Bermuda) Limited Hong Kong Branch Share Registrar andTransfer OfficeTricor Investor Services Limited AuditorDeloitte Touche Tohmatsu www.chinaorientalgroup.com Company’s Websitewww.chinaorientalgroup.com List of Principal Banks(In Alphabetical Orders) ING Bank N.V. Agricultural Bank of ChinaBank of ChengdeBank of ChinaBank of CommunicationsBank of HebeiBank of TianjinChina Citic BankChina Construction BankChina Everbright BankChina Merchants BankChina Minsheng BankDBS BankHang Seng BankIndustrial and Commercial Bank of ChinaING Bank N.V.MaybankOCBC BankPing An BankRabobankThe Export-Import Bank of China Management Discussion and Analysis In the second half of 2025, the Group will continue to promotethe iteration and upgrading of existing products and launch high-value-added products in a timely manner. In accordance with thethree-year product plan, it will focus on researching and developinghigh-value-added section steel, sheet piling, slabs for NEMM, hot-rolled power angle steel, and photovoltaic brackets and otherproducts. The Group will strengthen upstream and downstreamlinkage and integration with its subsidiaries in businesses includingultra-high voltage power (UHV) transmission towers, prefabricatedsteel structure buildings, high-end equipment manufacturing, newmaterials, new energy, and precision robot joint reducers. 2025 •2025 •REVIEW OF THE FIRST HALF OF 2025 Analysis of Industry Current Situation Supply and Demand Pattern 2025 Looking back at the first half of 2025, the global economy showedweak overall growth momentum, mainly dragged down by multiplefactors such as volatile U.S. tariff policies, geopolitical tensions,debt crises and fluctuating inflationary pressures. In this backdrop,benefiting from short-term policy stimuli, the global economystill demonstrated certain resilience in growth, by continuing thepost-pandemic recovery trend. Amid the complex and changinginternational environment, China’s economy achieved a “better-than-expected” steady growth. Management Discussion and Analysis •2025 •REVIEW OF THE FIRST HALF OF 2025(continued) Analysis of Industry Current Situation(continued) Supply and Demand Pattern(continued) 4.6%20.0%2025462.84.355.157.3420240.8%3%4.6% China’s iron and stee