[HK]上海实业环境(00807):2025 中期报告
原标题:上海实业环境:2025 中期报告 公司使命 Backed by an established corporate track record, technological excellence and strong mergers 上海實業環境控股有限公司擁有良好的經?業績、出眾 and acquisitions capabilities, SIIC Environment Holdings Ltd. envisages itself as a leading 的技術服務與強大的併購能力，致力於融產結合的發展 operator and investor in the environment industry in the People’s Republic of China by adhering 模式，是中華人民共和國環境產業運?與投資領域的領 to the development model of integrating industry and finance. In the pursuit of company growth, 軍。在謀求企業發展的同時，我們也承擔著維護地球、 we remain committed to protecting the planet, conserving the environment and preserving 保護環境、珍惜自然資源的使命。 natural resources. 公司簡介 SIIC Environment Holdings Ltd. (“SIIC Environment” or the “Company”, stock code: BHK. SG, 上海實業環境控股有限公司（簡稱「上實環境」或「本公 807. HK, and together with its subsidiaries, the “Group”)) is a top-tier integrated player in China’s 司」，股份代號：BHK. SG,807. HK，連同其附屬公司「本 water and environmental markets. It is engaged in wastewater treatment, water supply, sludge 集團」)是一家在中國水務及環保市場具有領先地位的綜 treatment, solid waste incineration and other environment related businesses. Headquartered in 合性企業。主?業務涉及污水處理、供水、污泥處理、 Singapore and listed on the Mainboard of SGX-ST, the Company successfully launched on the 固廢焚燒發電及其它環保相關領域。本公司總部設立於 Mainboard of SEHK in 2018. Being the controlling shareholder of SIIC Environment, Shanghai 新加坡並在新交所主板上市，2018年成功登陸香交易 Industrial Holdings Limited (“SIHL”, SEHK stock code: 363. HK) was established in 1996, 所主板市場。上實環境控股股東為上海實業控股有限公 with infrastructure, real estate and consumer products as the core businesses. China Energy 司（簡稱「上實控股」，香交易所股份代號：363. HK)， Conservation and Environmental Protection Group (“CECEP”), an important strategic investor 成立於1996年，以基建設施、房地產和消費品為核心業 of the Company, is a state-owned enterprise mainly engaged in energy conservation and 務。本公司重要戰略投資中國節能環保集團有限公司 environmental protection, which was reorganized and established in 2010 with the approval of （簡稱「中節能」）是經國務院批准於2010年重組成立的以 the State Council. SIIC Environment has shown tremendous growth and continued to increase its 節能環保為主業的中央企業。上實環境業務高速發展， market share in China’s environmental market. 規模增長迅速，在中國環保市場的佔有份額不斷提高。 SIIC Environment is an active investor and operator in the environmental protection industry, 上實環境是環保行業積極活躍的投資與運?，在中 with an operating history of more than 15 years in China. Currently, it boasts an overall portfolio 國已有超過十五年的經?歷史。目前，公司業務覆蓋中 of about 250 wastewater treatment and water supply projects, solid waste incineration projects 國20個省、市、自治區及特別行政區，即山東、廣東、 and sludge treatment projects across 20 provinces, municipalities, autonomous regions and 湖北、湖南、江蘇、上海、浙江、江西、安徽、福建、廣 special administrative region in China, namely Shandong, Guangdong, Hubei, Hunan, Jiangsu, 西、寧夏、河南、遼寧、內蒙古、山西、四川、吉林、黑 Shanghai, Zhejiang, Jiangxi, Anhui, Fujian, Guangxi, Ningxia, Henan, Liaoning, Inner Mongolia, 龍江和澳門，在中國合計擁有超過250個污水處理及供水 Shanxi, Sichuan, Jilin, Heilongjiang and Macau. 項目、固廢焚燒發電項目以及污泥處理項目。 Leveraging on the Group’s distinctive strategic positioning and business model, SIIC 上實環境憑藉本集團獨特的戰略定位與商業模式，將繼 Environment will continue to expand its business in water and solid waste treatment and 續壯大水務及固廢業務，並積極尋求其它環保領域的市 proactively explore opportunities in other environmental-related markets such as industrial 場機會，如工業廢水處理、海水淡化、污泥處理處置、 wastewater treatment, seawater desalination, sludge treatment and disposal, soil remediation, 土壤修復，再生能源，水處理技術及污染防治等領域。 renewable energy, water treatment technology and pollution prevention. The Group is 集團致力於不斷拓展市場份額，提升規模及效益，鞏固 committed to expanding its market share, increasing its scale and efficiency, and consolidating 其在中國水務及環保產業第一梯隊的領先位置。 its leading position in China’s water and environmental protection industry.業務架構 Water Treatment and Supply 水務處理 Central (Wuhan Business Unit) ( ) 華中 武漢分部 South (Nanfang Business Unit) 華南 (南方分部) North (Shandong Business Unit) 華北 (山東分部) Northeast (Longjiang Business Unit) 東北 (龍江分部) East (Fudan Business Unit) 華東 (復旦分部) Ranhill (Industrial Wastewater Business Unit) 聯熹 (工業污水分部) Waste Incineration 固廢發電 項目分佈地圖 Heilongjiang 黑龍江 LoLonngjigjiaangng BBUU Jilin 龍龍江江分分部部 吉林 Liaoning 遼寧 Inner Mongolia 內蒙古 Shanxi 山西 Shandong Ningxia 山東 寧夏 ShShaandonndongg BBUU 山山東東分分部部 Jiangsu Henan 江蘇 河南 FuFuddanan BBUU Shanghai 復復旦旦分分部部 上海 WWuuhhaann BBUU Hubei Anhui 湖北 武武漢漢分分部部 安徽 Sichuan Zhejiang 四川 浙江 RaRannhilhilll BBUU 聯聯熹熹分分部部 Hunan Jiangxi 湖南 Fujian 江西 福建 NaNannfanfangg BBUU Guangdong 南南方方分分部部 廣東 Guangxi 廣西 Macau 澳門 Waste Incineration projects 固廢發電項目 主要項目一覽 省╱直轄市╱ 自治區╱ 序號 分部 特別行政區 項目名稱 項目類型 日產能（噸） 所佔權益Provinces/ municipalities/ autonomous regions/special Business administrative Daily Capacity Effective No. Units regions Project Name Type (tonnes) Interests 1 聯熹 江西 江西南昌小藍經濟開發區污水 污水處理 50,000 60.0%處理廠（二期）項目 Ranhill Jiangxi Jiangxi Province Nanchang Xiaolan WWT Economic Development Zone WWTP Project 2nd Phase 2 南方 廣東 惠州市梅湖水質淨化中心一二期 污水處理 200,000 100.0%及深度處理工程項目 Nanfang Guangdong Huizhou City Meihu Water Purification Center WWT1st and 2nd Phases and the Advanced Treatment Project 3 南方 廣東 惠州市梅湖水質淨化中心三期工程項目 污水處理 100,000 100.0%Nanfang Guangdong Huizhou City Meihu Water Purification Center WWTProject 3rd Phase 4 南方 廣東 平湖污水處理廠擴建項目 污水處理 55,000 100.0% Nanfang Guangdong Pinghu WWTP Project (Expansion) WWT 5 南方 廣東 埔地嚇污水處理廠項目 污水處理 50,000 100.0% Nanfang Guangdong Pudixia WWTP Project WWT 6 南方 廣東 鵝公嶺污水處理廠項目 污水處理 50,000 100.0% Nanfang Guangdong Egongling WWTP Project WWT 7 南方 廣東 橫崗污水處理廠二期項目 污水處理 100,000 100.0% Nanfang Guangdong Henggang WWTP Project 2nd Phase WWT 8 南方 澳門 澳門?仔污水處理廠委託運?項目 污水處理 69,000 60.0%Nanfang Macau Macau Taipa WWTP O&M Project WWT 9 南方 廣西 北海紅坎污水處理廠 污水處理 200,000 90.0% Nanfang Guangxi Beihai Hongkan WWTP Project WWT 10 南方 湖南 郴州市污水處理廠一期項目 污水處理 80,000 100.0%Nanfang Hunan Chenzhou City WWTP Project 1st Phase WWT 11 南方 湖南 郴州市第二、四污水處理特許經?項目 污水處理 160,000 100.0%Nanfang Hunan Chenzhou City Second and Fourth WWTP WWT Projects 12 武漢 湖北 黃石市磁湖污水處理廠二期工程項目 污水處理 125,000 75.3%Wuhan Hubei Huangshi City Cihu WWTP Project 2nd WWT Phase 13 武漢 湖北 漢西污水處理廠項目 污水處理 400,000 80.0% Wuhan Hubei Hanxi WWTP Project WWT 14 武漢 湖北 漢西污水處理廠改擴建工程項目 污水處理 200,000 80.0%Wuhan Hubei Hanxi WWTP Expansion Project WWT 15 武漢 湖北 武漢市黃陂區盤龍城污水處理廠二期 污水處理 55,000 100.0%Wuhan Hubei Wuhan City Huangpi District Panlongcheng WWT WWTP Project 2nd Phase 省╱直轄市╱ 自治區╱ 序號 分部 特別行政區 項目名稱 項目類型 日產能（噸） 所佔權益Provinces/ municipalities/ autonomous regions/special Business administrative Daily Capacity Effective No. Units regions Project Name Type (tonnes) Interests 16 武漢 寧夏 銀川市第五污水處理廠一期項目 污水處理 50,000 100.0%Wuhan Ningxia Yinchuan City Fifth WWTP Project 1st Phase WWT17 武漢 寧夏 銀川市第五污水處理廠二期擴建 污水處理 50,000 100.0%及提標改造項目 Wuhan Ningxia Yinchuan City Fifth WWTP Project 2nd Phase WWT(Expansion, Upgrade and Reconstruction) 18 山東 廣東 東莞市大朗松山湖南部污水處理廠項目 污水處理 100,000 75.5%Shandong Guangdong Dongguan City Dalang Songshanhu WWT Southern WWTP Project 19 山東 廣東 東莞市石碣鎮沙腰污水處理廠一期工程項目 污水處理 60,000 75.5%Shandong Guangdong Dongguan City Shijie Shayao WWTP Project WWT1st Phase 20 山東 廣東 東莞市鳳崗雁田污水處理廠二期項目 污水處理 50,000 75.5%Shandong Guangdong Dongguan City Fenggang Yantian WWTP WWT Project 2nd Phase 21 山東 遼寧 大連泉水河污水處理廠（二期）項目 污水處理 105,000 75.5%Shandong Liaoning Dalian Quanshui River WWTP Project 2nd WWTPhase 22 山東 遼寧 大連凌水河污水處理廠項目 污水處理 60,000 86.5% Shandong Liaoning Dalian Lingshui River WWTP Project WWT 23 山東 遼寧 大連老虎灘污水處理廠項目 污水處理 80,000 75.5% Shandong Liaoning Dalian Laohutan WWTP Project WWT 24 山東 山東 德州市污水處理廠項目 污水處理 100,000 75.5% Shandong Shandong Dezhou City WWTP Project WWT 25 山東 山東 濰坊高新技術產業開發區污水處理廠項目 污水處理 100,000 75.5%Shandong Shandong Weifang High Technology Industrial WWT Development District WWTP Project 26 山東 山東 濰坊市污水處理廠遷擴建項目 污水處理 200,000 75.5%Shandong Shandong Weifang City WWTP Project (Expansion) WWT 27 山東 山東 濰坊市沙窩污水處理廠?復提升 污水處理 60,000 75.5%應急項目一期 Shandong Shandong Weifang City Shawo WWTP Resumption and WWTUpgrading Project 1st Phase 28 山東 上海 青浦第二污水處理廠項目三期 污水處理 60,000 87.8%Shandong Shanghai Qingpu Second WWTP Project 3rd Phase WWT 29 山東 上海 青浦第二污水處理廠項目擴建四期 污水處理 60,000 87.8%Shandong Shanghai Qingpu Second WWTP Project 4th Phase WWT (Expansion) 30 龍江 黑龍江 阿城污水廠一期 污水處理 50,000 58.0% Longjiang Heilongjiang Acheng WWTP Project 1st Phase WWT 主要項目一覽 省╱直轄市╱ 自治區╱ 序號 分部 特別行政區 項目名稱 項目類型 日產能（噸） 所佔權益Provinces/ municipalities/ autonomous regions/special Business administrative Daily Capacity Effective No. Units regions Project Name Type (tonnes) Interests 31 龍江 黑龍江 阿城污水廠二期 污水處理 50,000 58.0% Longjiang Heilongjiang Acheng WWTP Project 2nd Phase WWT 32 龍江 黑龍江 平房污水廠 污水處理 150,000 58.0% Longjiang Heilongjiang Pingfang WWTP Project WWT 33 龍江 黑龍江 哈爾濱太平污水廠 污水處理 325,000 58.0% Longjiang Heilongjiang Harbin Taiping WWTP Project WWT 34 龍江 黑龍江 哈爾濱文昌污水廠 污水處理 325,000 58.0% Longjiang Heilongjiang Harbin Wenchang WWTP Project WWT 35 龍江 黑龍江 文昌擴建工程 污水處理 50,000 58.0% Longjiang Heilongjiang Wenchang Expansion Project WWT 36 龍江 黑龍江 信義污水廠 污水處理 100,000 58.0% Longjiang Heilongjiang Xinyi WWTP Project WWT 37 龍江 黑龍江 雞西污水廠一期 污水處理 50,000 58.0% Longjiang Heilongjiang Jixi WWTP Project 1st Phase WWT 38 龍江 黑龍江 雞西污水廠二期 污水處理 50,000 58.0% Longjiang Heilongjiang Jixi WWTP Project 2nd Phase WWT 39 龍江 黑龍江 雞西污水廠三期 污水處理 50,000 58.0% Longjiang Heilongjiang Jixi WWTP Project 3rd Phase WWT 40 龍江 黑龍江 佳木斯東區污水廠 污水處理 100,000 58.0% Longjiang Heilongjiang Jiamusi East WWTP Project WWT 41 龍江 黑龍江 佳木斯西區污水廠 污水處理 100,000 58.0% Longjiang Heilongjiang Jiamusi West WWTP Project WWT 42 龍江 黑龍江 牡丹江污水廠一期 污水處理 100,000 58.0% Longjiang Heilongjiang Mudanjiang WWTP Project 1st Phase WWT43 龍江 黑龍江 牡丹江污水廠二期 污水處理 100,000 58.0% Longjiang Heilongjiang Mudanjiang WWTP Project 2nd Phase WWT44 龍江 黑龍江 雙鴨山污水廠一期 污水處理 50,000 58.0% Longjiang Heilongjiang Shuangyashan WWTP Project 1st Phase WWT45 龍江 黑龍江 雙鴨山污水廠二期 污水處理 50,000 58.0% Longjiang Heilongjiang Shuangyashan WWTP Project 2nd Phase WWT46 龍江 黑龍江 肇東污水廠 污水處理 50,000 58.0% Longjiang Heilongjiang Zhaodong WWTP Project WWT 47 龍江 黑龍江 鶴崗污水廠西廠 污水處理 50,000 58.0% Longjiang Heilongjiang Hegang WWTP Project (Wes) WWT 48 龍江 黑龍江 平房垃圾滲濾液項目 污水處理 50,000 58.0% Longjiang Heilongjiang Pingfang Landfill Leachate Project WWT49 復旦 廣東 東莞市長安三洲BOT一、二期項目 污水處理 150,000 35.5%Fudan Guangdong Dongguan City Chang’an Sanzhou BOT WWT Project 1st and 2nd Phases 50 復旦 河南 南陽市白河南區污水處理工程 污水處理 100,000 69.1%Fudan Henan Nanyang City Baihenan WWTP Project WWT 省╱直轄市╱ 自治區╱ 序號 分部 特別行政區 項目名稱 項目類型 日產能（噸） 所佔權益Provinces/ municipalities/ autonomous regions/special Business administrative Daily Capacity Effective No. Units regions Project Name Type (tonnes) Interests 51 復旦 湖北 隨州市城南污水處理廠一期項目 污水處理 50,000 92.2%Fudan Hubei Suizhou City Cheng Nan WWTP Project 1st WWT Phase 52 復旦 江蘇 無錫市惠山經濟開發區污水處理項目 污水處理 100,000 50.8%Fudan Jiangsu Wuxi Huishan Economic Development Zone WWT WWTP Project 53 復旦 上海 奉賢西部污水處理廠項目 污水處理 100,000 92.2% Fudan Shanghai Fengxian West WWTP Project WWT 54 復旦 上海 奉賢西部污水處理廠二期擴建項目 污水處理 50,000 92.2%Fudan Shanghai Fengxian West WWTP Project 2nd Phase WWT (Expansion) 55 復旦 上海 奉賢西部污水處理廠三期擴建項目 污水處理 50,000 92.2%Fudan Shanghai Fengxian West WWTP Project 3rd Phase WWT (Expansion) 56 復旦 上海 奉賢西部污水處理廠四期污水項目 污水處理 100,000 92.2%Fudan Shanghai Fengxian West WWTP Project 4th Phase WWT 57 復旦 浙江 余姚市（小曹娥）水質淨化廠一期項目一批 污水處理 60,000 69.1%Fudan Zhejiang Yuyao City (Xiaocao’e) Water Purification WWTPlant Project 1st Phase Batch 1 58 復旦 浙江 余姚市（小曹娥）水質淨化廠一期項目二批 污水處理 60,000 69.1%Fudan Zhejiang Yuyao City (Xiaocao’e) Water Purification WWTPlant Project 1st Phase Batch 2 59 復旦 浙江 余姚市（小曹娥）城市污水處理廠提標 污水處理 75,000 69.1%改造三期工程 Fudan Zhejiang Yuyao City (Xiaocao’e) Municipal WWTP WWT Project 3rd Phase (Upgrade and Reconstruction) 60 復旦 浙江 余姚市（小曹娥）城市污水處理廠提標 污水處理 50,000 69.1%改造三期（二階段）擴建工程 Fudan Zhejiang Yuyao City (Xiaocao’e) Municipal WWTP WWT Expansion Project 3rd Phase Second Stage (Upgrade and Reconstruction) 61 復旦 浙江 寧波杭州灣新區污水處理廠一期擴建工程 污水處理 60,000 64.5%Fudan Zhejiang Ningbo Hangzhouwan New District WWTP WWT Project 1st Phase (Expansion) 62 復旦 浙江 平湖市東片污水處理廠項目三期一階段 污水處理 80,000 92.2%Fudan Zhejiang Pinghu City Eastern WWTP Project 3rd WWT Phase first stage 63 復旦 浙江 平湖市東片污水處理廠項目預處理 污水處理 50,000 92.2%Fudan Zhejiang Pinghu City Eastern Preprocess Treatment WWT Project 主要項目一覽 省╱直轄市╱ 自治區╱ 序號 分部 特別行政區 項目名稱 項目類型 日產能（噸） 所佔權益Provinces/ municipalities/ autonomous regions/special Business administrative Daily Capacity Effective No. Units regions Project Name Type (tonnes) Interests 64 復旦 浙江 天台縣城市污水處理廠 污水處理 80,000 100.0% Fudan Zhejiang Tiantai County WWTP Project WWT 65 武漢 湖北 前川水廠存量託管項目 供水 80,000 100.0% Wuhan Hubei Qianchuan Water Plant O&M Project WS 66 武漢 湖北 前川水廠五期改擴建工程 供水 60,000 100.0% Wuhan Hubei Qianchuan Water Plant 5th Phase WS Reconstruction and Expansion Project 67 武漢 湖北 武漢市黃陂區新武湖水廠一期 供水 100,000 100.0% Wuhan Hubei Wuhan City Huangpi District Xinwuhu Water WS Plant 1st Phase 68 武漢 湖北 武漢市黃陂區新武湖水廠二期 供水 150,000 100.0% Wuhan Hubei Wuhan City Huangpi District Xinwuhu Water WS Plant 2nd Phase 69 武漢 山西 引文入川供水工程 供水 55,000 100.0% Wuhan Shanxi Water Diversion Project from Wenshui to WS Pingchuan 70 龍江 黑龍江 牡丹江供水 供水 250,000 58.0% Longjiang Heilongjiang Mudanjiang WS Project WS 71 龍江 黑龍江 佳木斯供水 供水 210,000 58.0% Longjiang Heilongjiang Jiamusi WS Project WS 72 山東 湖南 益陽市城市供水項目會龍山水廠 供水 120,000 90.0%Shandong Hunan Yiyang City Municipal WS Project WS (Kuailongshan Water Plant) 73 山東 湖南 益陽市城市供水項目第三水廠一期 供水 100,000 90.0%Shandong Hunan Yiyang City Municipal WS Project Third WS Water Plant 1st Phase 74 山東 湖南 益陽市城市供水項目第三水廠二期（擴建） 供水 100,000 90.0%Shandong Hunan Yiyang City Municipal WS Project Third WS Water Plant 2nd Phase (Expansion) 75 山東 湖南 益陽市城市供水項目第四水廠 供水 100,000 90.0% Shandong Hunan Yiyang City Municipal WS Project Fourth WS Water Plant 76 山東 山東 濰坊市寒亭區供水項目 供水 60,000 26.2% Shandong Shandong Weifang City Hanting WS Project WS 77 山東 山東 濰坊市城市供水項目（白浪河水廠項目） 供水 120,000 51.3%Shandong Shandong Weifang City Municipal WS Project (Bailanghe WSWater Plant Project) 78 山東 山東 濰坊市城市供水項目（高新配水廠項目） 供水 200,000 51.3%Shandong Shandong Weifang City Municipal WS Project (Gaoxin WSWater Distribution Plant Project) 省╱直轄市╱ 自治區╱ 序號 分部 特別行政區 項目名稱 項目類型 日產能（噸） 所佔權益Provinces/ municipalities/ autonomous regions/special Business administrative Daily Capacity Effective No. Units regions Project Name Type (tonnes) Interests 79 南方 廣東 橫崗污水處理廠再生水項目 中水回用/再生水 50,000 100.0%Nanfang Guangdong Henggang Reclaimed Water Plant Project RWT/ Reclaimed water 80 龍江 黑龍江 牡丹江供水 中水回用/再生水 50,000 58.0% Longjiang Heilongjiang Mudanjiang WS Project RWT/ Reclaimed water 財務回顧 I FINANCIAL POSITION OF THE GROUP 一 本集團的財務狀況 Capital and Equity attributable to owners of the Company 本公司擁有人應佔資本及權益The Company had a total of 2,575,665,726 shares in issue as at 30 June 2025 (31 December 截至2025年6月30日，本公司擁有合共2,575,665,726股 2024: 2,575,665,726). （2024年12月31日：2,575,665,726股）已發行股份。 Equity attributable to owners of the Company was RMB10,775,848,000 as at 30 June 2025 (31 截至2025年6月30日，本公司擁有人應佔權益為人 December 2024: RMB10,635,069,000). 民幣10,775,848,000元（ 2024年12月31日：人民幣10,635,069,000元）。 Indebtedness 債務 As at 30 June 2025, the total borrowings of the Group including bank loans and other 截至2025年6月30日，本集團借款總額（含銀行貸款、 borrowings amounted to approximately RMB22,977,454,000 (31 December 2024: 其他借款）為人民幣22,977,454千元（2024年12月31日： RMB22,338,880,000), of which 44.8% (31 December 2024: 36.1%) were unsecured credit 人民幣22,338,880千元）其中44.8%（2024年12月31日： facilities. 99.7% of the total borrowings are in Renminbi (31 December 2024: 99.7%). 11.0% of 36.1%）為無抵押信貸融資。借款總額中，人民幣借款比 the borrowings are at fixed rate (31 December 2024: 22.4%). 例為99.7%（2024年12月31日：99.7%）。11.0%的借款按 固定利率計息（2024年12月31日：22.4%）。 Capital commitment 資本承擔 As at 30 June 2025, the Group had capital expenditures of RMB338,892,000 (31 December 2024: 截至2025年6月30日，本集團資本開支為人民幣 RMB546,795,000). The Group had sufficient internal resources and/or capital obtained through 338,892,000元(2024年12月31日：人民幣546,795,000 loan markets for the finance of its capital expenditures. 元）。本集團擁有充足的內部資源及╱或通過貸款市場所 取得的資本為其資本支出撥資。 Bank balances and short-term investments 銀行結餘及短期投資 As at 30 June 2025, bank balances and short-term investments held by the Group amounted to 截至2025年6月30日，本集團持有的銀行結餘及短期投 RMB4,012,387,000 (31 December 2024: RMB2,918,241,000) and RMB9,797,000 (31 December 資分別為人民幣4,012,387,000元（2024年12月31日：人 2024: RMB10,061,000), respectively. The proportions of Renminbi and other currencies in bank 民幣2,918,241,000元）及人民幣9,797,000元（2024年12 balances were 97.7% and 2.3% (31 December 2024: 97.7% and 2.3%), respectively. 月31日：人民幣10,061,000元）。銀行結餘中，人民幣及 其他貨幣的比例分別為97.7%及2.3%（2024年12月31日： 97.7%及2.3%）。 Short-term investments include investments in quoted equity securities that offer the Group 短期投資括於上市股本證券的投資，讓本集團有機會 the opportunity for return through dividend income and fair value gains. They have no fixed 透過股息收入及公允價值收益獲取回報。該等投資沒有 maturity or coupon rate. The fair value of short-term investments is based on closing quoted 固定到期日或息率。短期投資的公允價值根據截至2025 market prices on the last trading day of the six months ended 30 June 2025. 年6月30日止六個月最後交易日所報收市價計算。 While having sufficient working capital and a healthy interest cover, the Group is monitoring 本集團擁有充裕的流動資金及穩健的利息覆蓋倍數，但 the market situation and respective funding requirements on a regular basis for business 將不時檢討市場情況及考慮公司發展對資金的需求，尋 development, and will seek opportunities to optimize its capital structure should the need 求優化資本結構的機會。 arise. II FINANCIAL INSTRUMENTS, FINANCIAL RISKS AND CAPITAL 二 金融工具、金融風險及資本管理MANAGEMENT Capital management 資本管理 The primary objective of the Group’s capital management is to ensure that it maintains healthy 本集團資本管理的主要目標為確保其維持穩健的與其行 capital ratios in relation to the nature of its industry in order to support its business and 業性質有關的資本比率，以支持其業務及最大限度地提 maximise shareholder value. 高股東價值。 The capital structure of the Group consists of net debts, which include borrowings, net cash 本集團的資本架構括債務淨額（括借款）、現金及現 and cash equivalents and equity attributable to owners of the Company, comprising issued 金等價物淨額及本公司擁有人應佔權益（括已發行股 share capital, retained earnings and other reserves. 本、保留盈利及其他儲備）。 The Group reviews the capital structure using gearing ratio regularly. The Group manages its 本集團使用資本負債比率定期審視資本架構。本集團管 capital structure and makes adjustments to it, in light of changes in economic conditions. As 理其資本架構，並就經濟情況變動作出調整。於審視過 part of this review, the cost of capital and the risks associated with each class of capital are 程中，本集團考慮資本成本及與各類資本相關的風險。 being considered. The Group will balance its overall capital structure through the payment 本集團將通過支付股息、向股東退還資本或發行新股以 of dividends, return of capital to shareholders or new share issues as well as the issue of 及發行新債務或贖回現有債務，平衡其整體資本架構。 new debt or the redemption of existing debt. No major changes were made to the objectives, 截至2025年6月30日止六個月（「報告期」），目標、政策或 policies or processes during the six months ended 30 June 2025 (the “reporting period”). 程序並無重大變動。 Group 本集團 30 June 2025 31 December 2024 2025年6月30日 2024年12月31日 RMB’000 RMB’000 人民幣千元 人民幣千元 (1) (1) Total borrowings 借款總額 23,025,558 22,390,881 Less: Ca sh and cash equivalents 減：現金及現金等價物 (4,012,387) (2,918,241) Net debt 債務淨額 19,013,171 19,472,640 Equity attributable to owners of the Company 本公司擁有人應佔權益 10,775,848 10,635,069Non-controlling interests 非控股權益 5,626,584 5,447,441 Total equity 權益總額 16,402,432 16,082,510 Net debt/Equity attributable to owners of the Company 本公司擁有人應佔債務淨額╱權益 1.76 1.83 Net debt/Total equity 債務淨額╱權益總額 1.16 1.21 (1) (1) Total borrowings comprise bank and other borrowings and lease liabilities. 借款總額括銀行及其他借款以及租賃負債。 財務回顧 Currency Risk 貨幣風? The Group has transactional currency exposure arising from sales or purchases that are 本集團承擔來自銷售或採購的交易性貨幣風險，該等銷 denominated in a currency other than functional currencies of the Group entities which are 售或採購以本集團實體功能貨幣（主要為人民幣）以外的 mainly RMB. The Group has sales and cost of sales denominated in the respective functional 一種貨幣計價。本集團銷售額及銷售成本以本集團實體 currencies of the Group entities which are mainly RMB. Similarly, the Group’s trade receivable 各自功能貨幣（主要為人民幣）計價。同樣，於本報告期 and trade payable balances at the end of the reporting period have limited foreign currency 末，本集團的貿易應收款項及貿易應付款項結餘承擔有 exposures as bulk of the sales and purchases are denominated in the respective functional 限的外幣風險，原因是大部分銷售及採購以本集團實體 currencies of the Group entities which are mainly RMB. Currently, the Group has not entered 各自功能貨幣計價（主要為人民幣）。現時，由於交易外 into any hedge due to the limited transactional foreign currency exposure. The board of 幣風險有限，本集團並無訂立任何對沖。本公司董事會 directors of the Company (the “Board”) and management continue to closely monitor the （「董事會」）及管理層繼續密切監察外匯風險以不時評估 foreign exchange exposure to evaluate the risk from time to time and to take necessary action 風險，並在需要時採取必要行動。 if needed. Interest Rate Risk 利率風險 Interest rate risk is the risk that the fair value or future cash flows of the Group’s and the 利率風險乃指由於市場利率變動，導致本集團及本公司 Company’s financial instruments will fluctuate because of changes in market interest rates. The 的金融工具的公允價值或未來現金流量出現波動的風險。 Group’s and the Company’s exposure to interest rate risk arises primarily from their loans and 本集團及本公司面臨的利率風險主要來自其貸款及借款。 borrowings. The Group’s policy is to optimise interest cost using a mix of fixed and variable- 本集團的政策為運用固定及浮動利率債務組合優化利息 rate debts. The Board and management continue to closely monitor the interest rate risk to 成本。董事會及管理層繼續密切監察利率風險以不時評 evaluate the risk from time to time and will take necessary action if needed. 估風險，並將在需要時採取必要行動。 Interest on financial instruments subject to variable interest rates is contractually repriced 浮動利率金融工具的利息定期按合約重新調整。固定利 regularly. Interest on financial instruments at fixed rates is fixed until the maturity of the 率金融工具的利息直到有關工具到期日均為固定。本集 instruments. The other financial instruments of the Group and the Company are not subject to 團及本公司的其他金融工具並無利率風險。 interest rate risks. Credit Risk 信貸風險 Credit risk refers to the risk that a counterparty will default on its contractual obligations 信貸風險指因對手方日後不履行其合約責任而導致本集 resulting in financial loss to the Group. The Group and the Company minimise credit risk by 團承受財務虧損的風險。本集團及本公司透過僅與信貸 dealing exclusively with counterparties of high credit rating. 評級高的對手方買賣以減低信貸風險。 The Group’s objective is to seek continual revenue growth while minimising losses incurred 本集團的目標為於尋求持續收入增長的同時，減低信貸 due to increased credit risk exposure. The Group trades only with recognised and creditworthy 風險增加所產生的虧損。本集團僅與獲認可兼信譽良好 counterparties. 的對手方交易。 As at the end of the reporting period, the Group’s and the Company’s maximum exposure to 於報告期末，本集團及本公司的最高信貸風險為財務狀 credit risk is the carrying amount of the respective recognised financial assets as stated in 況表列示的相關已確認金融資產的賬面值。本集團之主 the statements of financial position. The Group’s principal financial assets are trade and other 要金融資產為貿易及其他應收款項、服務特許經?安排 receivables, receivables under service concession arrangements, cash and cash equivalents 項下應收款項、現金及現金等價物及已抵押銀行存款。 and pledged bank deposits. The amounts presented in the statement of financial position are 此等款項在財務狀況表中為已扣除應收款項呆賬虧損準 net of loss allowance for doubtful receivables. A loss allowance for impairment and expected 備呈列。減值及預期信貸虧損的虧損準備乃根據本集團 credit loss are made according to the Group’s accounting policy or where there is an 的會計政策或出現已確認虧損事件而作出，此乃基於過 identified loss event which, based on previous experience, is evidence of a reduction in the 往經驗證明可收回的現金流量會有減少。 recoverability of the cash flows. 管理層討論與分析 CONDENSED INTERIM CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND 簡明中期綜合損益及其他全面收益表OTHER COMPREHENSIVE INCOME Overall Review 綜述 For the six months ended 30 June 2025, the Group’s revenue was RMB3,177.1 million, 截至2025年6月30日的六個月內，本集團的收入為人民 representing a decrease of 4.4%, as compared to RMB3,323.5 million for the same period in 幣31.771億元，較2024年同期的人民幣33.235億元降低 2024. 4.4%。 Meanwhile, for the six months ended 30 June 2025, the Group’s profit for the period was 與此同時，截至2025年6月30日的六個月內，本集團的期 RMB553.5 million, representing an increase of 8.9%, as compared to RMB508.2 million for the 內利潤為人民幣5.535億元，較2024年同期的人民幣5.082 same period in 2024. 億元增長8.9%。 For the six months ended 30 June 2025, the profit attributable to owners of the Company was 截至2025年6月30日的六個月內，本公司擁有人應占期 RMB344.3 million, representing an increase of 7.1%, as compared to RMB321.4 million for the 內利潤為人民幣3.443億元，較2024年同期的人民幣3.214 same period in 2024. 億元增長7.1%。 Revenue 收入 1HFY2025 1HFY2024 Change 2025年上半年 2024年上半年 變動 RMB’000 RMB’000 % 人民幣千元 人民幣千元 Construction revenue 建設收入 271,607 562,225 -51.7% Operating and maintenance income from service 服務特許經?安排運?維護收入concession arrangements 2,122,182 1,908,809 11.2% Financial income from service 服務特許經?安排財務收入 concession arrangements 527,871 616,762 -14.4% Service income 委託運?收入 119,594 101,383 18.0% Other revenue 其他主?收入 135,866 134,336 1.1% Total 合計 3,177,120 3,323,515 -4.4% 建設收入 Construction Revenue 2025年上半年的建設收入為人民幣2.716億元，較2024年 Construction revenue was RMB271.6 million in 1HFY2025, representing a decrease of 51.7%, 同期的人民幣5.622億元降低51.7%。收入降低主要是由 as compared to RMB562.2 million for the same period in 2024. The decrease in revenue was 於2024財政年度的主要建設項目已經基本完成以及2025 mainly due to the basic completion of major construction projects in FY2024 and the gradual 年主要新增項目工程建設預計下半年度逐步開展。 commencement of new major construction projects are expected in 2HFY2025.服務特許經?安排運?維護收入與服務特許經?安排財 Operating and Maintenance Income from Service Concession Arrangements/Financial 務收入 Income from Service Concession Arrangements 2025年上半年的總收入為人民幣26.501億元，較2024年 The aggregate income was RMB2,650.1 million in 1HFY2025, representing an increase of 4.9%, 同期的人民幣25.256億元增長4.9%。增幅主要由於新項 as compared to RMB2,525.6 million for the same period in 2024. The increase was due to 目投入運?，整體售水量增加。 an overall rise in volume of water sold as a result of the commencement of operations at new projects. 管理層討論與分析 Service Income 委托運?收入 Service income was RMB119.6 million in 1HFY2025, representing an increase of 18.0%, 2025年上半年的委託運?收入為人民幣1.196億元，較 as compared to RMB101.4 million for the same period in 2024. The increase in entrusted 2024年同期的人民幣1.014億元增長18.0%。委託運?收 operation income is mainly due to the contribution of new projects of the Group. 入的增幅主要由本集團的新項目所貢獻。 Other Revenue 其他主?收入 Other revenue was RMB135.9 million in 1HFY2025, representing an increase of 1.1%, as 2025年上半年的其他主?收入為人民幣1.359億元，較 compared to RMB134.3 million for the same period in 2024. The change in other principal 2024年同期的人民幣1.343億元增長1.1%。其他主?收 revenue was mainly due to the change in the volume of ad-hoc installation works 入變動主要是源自於非經常性的安裝工程量的變化。 (B) Gross Profit (“GP”)/Gross Profit Margin (“GPM”) (B) 毛利╱毛利率For the six months ended 30 June 2025, the Group’s GP was RMB1,257.2 million, representing 截至2025年6月30日的六個月內，毛利為人民幣12.572億 a decrease of 1.6%, as compared to RMB1,277.4 million for the same period in 2024. The 元，較2024年同期的人民幣12.774億元降低1.6%。毛利 decrease in GP was primarily caused by the decrease in construction revenue. 減少主要因為建設收入減少所致。 GPM was 39.6% in 1HFY2025, representing an increase of 1.2%, as compared to 38.4% 2025財年上半年的毛利率為39.6%，較2024年同期的 for the same period in 2024. The improvement was mainly due to the lower proportion of 38.4%增加1.2%。毛利率的上升主要得力於毛利率較低 construction revenue, which typically has a lower gross profit margin, and a lower unit cost 的建設收入本期佔比較低；較高的售水量拉低單位成本 due to higher volume of water sold. 使得毛利率進一步提升。 (C) Other Income (C) 其他收入 For the six months ended 30 June 2025, other income was RMB49.1 million, representing an 截至2025年6月30日的六個月內，其他收入為人民幣0.491 increase of 14.6%, as compared to RMB42.9 million for the same period in 2024. The increase 億元，較2024年同期的人民幣0.429億元增長14.6%。增 was mainly due to increase in volume of work and production not related to core business 幅主要由於非主?業務相關的工程及生產量增長所致。 activities. (D) Other Gains and Losses (D) 其他收益及虧損 For the six months ended 30 June 2025, net gain was RMB5.4 million, representing an 截至2025年6月30日的六個月內，淨收益為人民幣0.054 increase of 117.7%, as compared to a net gain of RMB2.5 million for the same period in 2024. 億元，較2024年同期的淨收益人民幣0.025億元增長 The change was mainly due to a foreign exchange gain recorded in 2025. 117.7%。變動主要是由於2025年錄得外匯收益。 (E) Selling and Distribution Costs (E) 銷售及分銷費用 For the six months ended 30 June 2025, selling and distribution costs were RMB40.1 million, 截至2025年6月30日的六個月內，銷售和分銷費用為人 representing an increase of 5.7%, as compared to RMB38.0 million for the same period in 民幣0.401億元，較2024年同期的人民幣0.380億元上升 2024. The increase was mainly due to higher repair and maintenance costs. 5.7%。增幅主要是更高的維修和保養成本。 (F) Administrative Expenses (F) 行政開支 For the six months ended 30 June 2025, administrative expenses were RMB272.3 million, 截至2025年6月30日的六個月內，行政費用為人民幣2.723 representing an increase of 13.2%, as compared to RMB240.5 million for the same period in 億元，較2024年同期的人民幣2.405億元增長13.2%。增 2024. The increase was mainly due to an increase in costs. 長主要是由於成本高漲所致。 (G) Finance Expenses (G) 財務費用 For the six months ended 30 June 2025, finance expenses were RMB350.1 million, 截至2025年6月30日的六個月內，財務費用為人民幣3.501 representing a decrease of 12.5%, as compared to RMB400.1 million for the same period in 億元，較2024年同期的人民幣4.001億元減少了12.5%。 2024. During the six months ended 30 June 2025, the financing structure was continuously 截至2025年6月30日止六個月內，通過以較低利率人民 being optimized by the replacement of higher-interest loans with lower-interest rate RMB loans, 幣貸款置換高利率貸款，不斷優化融資結構，在融資規 with the increase in financing scale, financial expenses were significantly reduced compared 模增加的情況下財務費用較同期大幅減少。 with the previous six month period. (H) Share of Results of Associates/Share of Results of Joint Ventures (H) 應佔聯?公司╱合資企業業績The share of results of associates and joint ventures using the equity method represents the 應佔聯?公司和合資企業的業績以權益會計法計入，指 Group’s share of results in investments which are accounted for using equity method. 集團按權益會計法分佔投資成果。 The share of results of joint ventures for the six months ended 30 June 2025 increased as 截至2025年6月30日的六個月內應佔合資企業業績比同 compared to the same period, mainly due to higher contribution from joint ventures. 期有所增加主要是由於合?企業業績貢獻上升所致。 The share of results of associates for the six months ended 30 June 2025 decreased as 截至2025年6月30日的六個月內應佔聯?公司業績比同 compared to the same period, mainly due to lower contribution from associates. 期有所減少主要是由於聯?公司業績貢獻下降所致。 (I) Income Tax Expenses (I) 所得稅開支 For the six months ended 30 June 2025, income tax was RMB97.9 million, representing a 截至2025年6月30日的六個月內，所得稅為人民幣0.979 decrease of 31.9%, as compared to RMB143.7 million for the same period in 2024. The 億元，較2024年同期的人民幣1.437億元減少31.9%。所 decrease in income tax expense was due to the reversal of overprovision of income tax and 得稅開支減少是由於往年多計提的所得稅和遞延所撥回 deferred tax in previous years. 所致。 (J) Current Assets (J) 流動資產 截至2025年6月30日，集團流動資產總值為人民幣 Current assets of the Group as at 30 June 2025 amounted to RMB12.06 billion, representing 120.6億元，較2024年12月31日的人民幣107.8億元增加 an increase of 11.9%, as compared to RMB10.78 billion as at 31 December 2024. The 11.9%。流動資產增加主要是由於2025年上半年收入相 increase in current assets was mainly due to the rise in cash and cash equivalents and trade 關的現金及現金等價物和貿易應收款增加所致。 receivables related to the revenue generated in the first half of 2025.(K) 非流動資產 (K) Non-current Assets Non-current assets of the Group as at 30 June 2025 amounted to RMB33.28 billion, showing 截至2025年6月30日，集團非流動資產總值為人民幣 a slight decrease of 2.6%, as compared to RMB34.18 billion as at 31 December 2024. The 332.8億元，較2024年12月31日的人民幣341.8億元略微 decrease in non-current assets was mainly due to decrease in receivables under service 減少2.6%。非流動資產減少主要是由於特許權下應收賬 concession arrangements. 款減少所致。 (L) Current Liabilities (L) 流動負債 Current liabilities of the Group as at 30 June 2025 amounted to RMB8.09 billion, representing 截至2025年6月30日，集團流動負債總值為人民幣80.9億 a decrease of 12.7%, as compared to RMB9.26 billion as at 31 December 2024. The decrease 元，較2024年12月31日的人民幣92.6億元減少了12.7%。 was primarily due to the repayment of trade and other payables and short-term borrowings. 流動負債減少主要是由於貿易及其他應付款項和短期借 款的償還。 (M) Non-current Liabilities (M) 非流動負債 Non-current liabilities of the Group as at 30 June 2025 amounted to RMB20.84 billion, 截至2025年6月30日，集團非流動負債總值為人民幣 representing an increase of 6.3%, as compared to RMB19.61 billion as at 31 December 2024. 208.4億元，較2024年12月31日的人民幣196.1億元增加 The increase was mainly due to bank and other borrowings. 了6.3%。非流動負債增加主要是由於銀行及其他借款所 致。 管理層討論與分析 CONDENSED INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS 簡明中期綜合現金流量表As at 30 June 2025, the Group’s cash and cash equivalents stood at RMB4.01 billion, 截至2025年6月30日，集團的現金及現金等價物為人民 representing an increase of 37.5%, as compared to RMB2.92 billion as at 31 December 2024. 幣40.1億元，較2024年12月31日的人民幣29.2億元增加 了37.5%。 Net Cash generated from Operating Activities: Net cash of RMB631.5 million was generated 經?活動產生的現金淨額：集團經?活動產生的現金淨 from the Group’s operating activities, reflecting the improvement in working capital 額為人民幣6.315億元，反映了此期間的?運資金管理有 management during this period. 所提升。 Net Cash from Investing Activities: Net cash of RMB255.5 million was generated from the 投資活動產生的現金淨額：集團投資活動產生的現金淨 Group’s investing activities, primarily due to disposal of intangible assets related to the 額為人民幣2.555億元，主要產生於出售與特許權安排相 concession arrangement and disposal of an associate. 關的無形資產以及一間聯?公司。 Net Cash from Financing Activities: Net cash of RMB202.6 million was generated from 融資活動產生的現金淨額：集團融資活動產生的現金淨 the Group’s financing activities, mainly due to higher net proceeds from bank and other 額為人民幣2.026億元，主要由於銀行及其他借款在抵銷 borrowings after offsetting the repayments. 了償還後的淨所得款項增加。 企業管治及其他資料 DISCLOSURE OF INTERESTS 權益披露 Interests and Short Positions of the Directors and Chief Executive Officer in the Shares, 董事及首席執行官於本公司及其相聯法團的股份、相關 Underlying Shares and Debentures of the Company and Its Associated Corporations 股份及債權證的權益及淡倉 The interests or short positions of the directors (the “Directors”) and chief executive officer 於2025年6月30日，本公司董事（「董事」）及首席執行官 of the Company in the shares of the Company (the “Share(s)”) or underlying shares of or 於本公司及其相聯法團（定義見香法例第571章證券及 debentures of the Company and its associated corporations (within the meaning of Part XV of 期貨條例（「證券及期貨條例」）第XV部）的本公司股份（「股 the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) (the “SFO”)) 份」）、相關股份或債權證中擁有根據證券及期貨條例第 which will have to be notified to the Company and The Stock Exchange of Hong Kong Limited XV部第7及8分部條文須知會本公司及香聯合交易所有 (“SEHK”) pursuant to the provisions of Divisions 7 and 8 of Part XV of the SFO (including 限公司（「香聯交所」）的權益或淡倉（括根據該等證 interests and short positions which they are taken or deemed to have under such provisions of 券及期貨條例條文被當作或視作擁有之權益及淡倉），或 the SFO), or, which are required to be recorded in the register of directors’ or chief executive 須存置於本公司根據1967年《公司法》（「《新加坡公司法》」） officer’s shareholdings kept by the Company under section 164 of the Companies Act 1967 第164條備存之董事或首席執行官股權登記冊的權益或 (“Singapore Companies Act” ), or, pursuant to section 352 of the SFO, to be entered in the 淡倉，或須根據證券及期貨條例第352條記入該條所述之 register referred to therein or which will be required to notify the Company and the SEHK 登記冊的權益或淡倉，或須根據香聯交所證券上市規 pursuant to the Model Code for Securities Transaction by Directors of Listed Issuers (“Model 則（「香上市規則」）附錄C3所載上市公司董事進行證券 Code”) contained in Appendix C3 to the Rules Governing the Listing of Securities on the SEHK (the 交易的標準守則（「標準守則」）知會本公司及香聯交所 “Hong Kong Listing Rules”), as at 30 June 2025, were as follows: 的權益或淡倉如下：Under section 164 of the Singapore Companies Act 《新加坡公司法》第164條 Direct interests 直接權益 At the beginning of At the end of Name of Directors and companies the period the period in which interests are held 董事姓名及其擁有權益的公司名稱 於期初 於期末 Company 本公司 Ordinary Shares 普通股 Zhong Ming 鍾銘 1,000,000 1,000,000 Save as disclosed above, none of the Directors or the chief executive officer of the Company 除上文所披露外，截至2025年6月30日止六個月末，概 who held office at the end of the six months ended 30 June 2025 had any interests in shares 無任職的本公司董事或首席執行官於本公司或其任何相 or debentures of the Company or of any related corporation, either at the beginning or at 聯法團的股份或債權證中擁有任何權益，無論是於截至 the end of the six months period ended 30 June 2025. There were no changes in any of the 2025年6月30日止六個月期間初或末。於截至2025年6月 above-mentioned interests in the Company during the six months ended 30 June 2025.30日止六個月，上述任何於本公司的權益概無任何變動。 企業管治及其他資料 Under Section 352 of the SFO 根據證券及期貨條例第352條 Direct interests 直接權益 Approximate Number of percentage Name of Directors Capacity/Nature of interest ordinary shares of interest董事姓名 身份╱權益性質 普通股數目 權益概約百分比 Zhong Ming Beneficial interest 1,000,000 (L) 0.04% 鍾銘 實益權益 附註： Note: (L) 表示好倉 (L) denotes long position 除上文披露外，於2025年6月30日，本公司董事或首席 Save as disclosed above, as at 30 June 2025, none of the Directors or the chief executive 執行官概無於本公司或其任何相聯法團的股份、相關股 officer of the Company had any interests or short positions in the Shares, underlying shares, 份或債權證中擁有根據證券及期貨條例第XV部第7及8分 or debentures of the Company or any of its associated corporations which had to be notified 部須知會本公司及香聯交所或須根據證券及期貨條例 to the Company and the SEHK pursuant to Divisions 7 and 8 of Part XV of the SFO or which 第352條記入該條所述之登記冊或須根據標準守則知會 were required, pursuant to Section 352 of the SFO, to be entered in the register referred to 本公司及香聯交所的權益或淡倉。 therein or which were required, pursuant to the Model Code, to be notified to the Company and the SEHK. 主要股東及其他人士於股份及相關股份的權益及淡倉 Substantial Shareholders’ and Other Persons’ Interests and Short Positions in Shares and Underlying Shares 於2025年6月30日，於本公司股份及相關股份擁有根據 As at 30 June 2025, the substantial shareholders and persons or entities who had interests 證券及期貨條例第XV部第2及3分部條文披露予本公司或 or short positions in the Shares and underlying shares of the Company which have been 記錄於本公司根據證券及期貨條例第336條須予存置之 disclosed to the Company under the provisions of Divisions 2 and 3 of Part XV of the SFO, or 登記冊之權益或淡倉的主要股東及人士或實體如下： which were recorded in the register required to be kept by the Company under Section 336 of the SFO were as follows: Approximate Number of Percentage Name of Substantial Shareholder Capacity/Nature of interest ordinary shares of interest主要股東名稱 身份╱權益性質 普通股數目 權益概約百分比 (1) S. I. Triumph Power Limited (“Triumph”) Beneficial interest 986,929,551 (L) 38.32%(1) 上實力勝有限公司（「力勝」） 實益權益 (1) S. I. Infrastructure Holdings Limited (“SII”) Beneficial interest/Interest in controlled 1,152,348,026 (L) 44.74% corporation (1) 上實基建控股有限公司（「上實基建」） 實益權益╱受控法團權益 (1) SIHL Treasury Limited Beneficial interest 116,137,900(L) 4.51%(1) 上海實業財務管理有限公司 實益權益 Shanghai Industrial Holdings Limited Interest in controlled corporation 1,268,485,926 (L) 49.25% (1) (“SIHL”) (1) 上海實業控股有限公司（「上實控股」） 受控法團權益 Approximate Number of Percentage Name of Substantial Shareholder Capacity/Nature of interest ordinary shares of interest主要股東名稱 身份╱權益性質 普通股數目 權益概約百分比 (1) Shanghai Investment Holdings Limited Interest in controlled corporation 1,268,485,926 (L) 49.25%(1) 上海投資控股有限公司 受控法團權益 (1) Shanghai Industrial Investment Treasury Company Limited Interest in controlled corporation 1,268,485,926 (L) 49.25% (1) Shanghai Industrial Investment Treasury Company Limited 受控法團權益(1) SIIC Trading Company Limited Beneficial interest 22,358,000(L) 0.87%(1) 上海實業貿易有限公司 實益權益 Shanghai Industrial Investment (Holdings) Company Interest in controlled corporation 1,290,843,926 (L) 50.12% (1) Limited (“SIIC”) (1) 上海實業（集團）有限公司（「上實」） 受控法團權益 China Energy Conservation Beneficial interest 223,712,917 (L) 8.69%& Environmental Protection (Hong Kong) Investment (2) Co., Limited (“CECEPHK”) (2) 中國節能環保（香）投資有限公司（「中節能（香）」） 實益權益China Energy Conservation and Environmental Protection Interest in controlled corporation 223,712,917 (L) 8.69% (2) Group (“CECEP”) (2) 中國節能環保集團有限公司（「中節能」） 受控法團權益 (3) Value Partners Limited (“VPL”) Interest in controlled corporation 7,524,940 (L) 0.29%(3) 惠理基金管理公司（「惠理」） 受控法團權益 Value Partners Hong Kong Limited Beneficial interest/Interest in controlled 231,600,920 (L) 8.99%(3) (“VPLHK”) corporation (3) 惠理基金管理香有限公司（「惠理香」） 實益權益╱受控法團權益(3) Value Partners Group Limited (“VPGL”) Interest in controlled corporation 231,600,920 (L) 8.99%(3) 惠理集團有限公司（「惠理集團」） 受控法團權益 企業管治及其他資料 Notes: 附註： (1) Each of SIIC, which is controlled by the Shanghai Municipal People’s Government (through its (1) 上實（由上海市人民政府透過其全資附屬公司（即上海 wholly-owned subsidiaries, namely Shanghai Investment Holdings Limited, SIIC Capital (B.V.I.) 投資控股有限公司、SIIC Capital (B.V.I.)Limited、上海 Limited, SIIC Trading Company Limited, Shanghai Industrial Financial Holdings (Hong Kong) 實業貿易有限公司、上海實業金融控股（香）有限公 Company Limited and SIIC CM Development Limited, holds more than 20% of the issued 司及上海實業崇明開發建設有限公司）控制）各自持有 and paid-up share capital of SIHL, which owns all the issued and paid-up share capital 上實控股之20%以上已發行及繳足股本。上實控股擁有 of SII, which in turn owns all the issued and paid-up share capital of Triumph. In addition, 上實基建之全部已發行及繳足股本，而上實基建擁有力 SIHL owns all the issued and paid-up share capital of SIHL Treasury Limited. As such, SIIC, 勝之全部已發行及繳足股本。此外，上實控股擁有上海 Shanghai Investment Holdings Limited, SIHL and SII are deemed to be interested in the 實業財務管理有限公司之全部已發行及繳足股本。因此， shares held by Triumph and SIHL Treasury Limited (excluding SII). 上實、上海投資控股有限公司、上實控股及上實基建被 視作於力勝及上海實業財務管理有限公司（不括上實 基建）持有之股份中擁有權益。 Shanghai Investment Holdings Limited is directly interested in approximately 47.77% of the 上海投資控股有限公司直接擁有上實控股已發行股 total issued share capital of SIHL and is indirectly interested in approximately 7.36% of the 本總額約47.77%的權益，並通過其全資附屬公司SIIC total issued capital of SIHL through its wholly-owned subsidiary SIIC Capital (B.V.I.) Limited. Capital (B.V.I.)Limited間接擁有上實控股已發行股本 Shanghai Industrial Investment Treasury Company Limited is directly interested in 100% of 總額約7.36%的權益。Shanghai Industrial Investment the total issued share capital of Shanghai Investment Holdings Limited. In addition, SIIC is Treasury Company Limited直接擁有上海投資控股有 interested in approximately 63% of the total issued share capital of SIHL through its directly 限公司已發行股本總額100%的權益。此外，上實通 and indirectly wholly-owned subsidiaries. Therefore, each of the SIIC, Shanghai Industrial 過其直接及間接全資擁有的附屬公司擁有上實控股已 Investment Treasury Company Limited and Shanghai Investment Holdings Limited is deemed 發行股本總額約63%的權益。因此，上實、Shanghai to be interested in a total of 1,290,843,926 Shares by virtue of their interests in SIHL. Industrial Investment Treasury Company Limited及上 海投資控股有限公司均因彼等於上實控股的權益而被視 為於合共1,290,843,926股股份中擁有權益。 (2) CECEPHK is deemed interested in the shares held through account of BOCI Securities (2) 中節能（香）被視為於透過中銀國際證券有限公司賬 Limited in CCASS Depository. BOCI Securities Limited is the agency of CECEPHK. CECEP is 戶於中央結算系統證券存管處持有的股份中擁有權益。 deemed to be interested in the Shares held by CECEPHK as CECEP owns the entire issued 中銀國際證券有限公司為中節能（香）的代理商。由 share capital of CECEPHK. 於中國節能環保擁有中節能（香）的全部已發行股本，故中國節能環保被視作於中節能（香）持有的股份中 擁有權益。 (3) VPGL is deemed to be interested in the Shares via its 100% ownership in VPLHK, which in (3) 惠理集團透過於惠理香之100%擁有權而被視作於股 turn 100% owns VPL. VPLHK is directly interested in 224,075,980 Shares and is deemed 份中擁有權益，而惠理香100%擁有惠理。惠理香 interested in 7,524,940 Shares via its 100% ownership in VPL 直接於224,075,980股股份中擁有權益及透過其於惠理 之100%擁有權而被視作於7,524,940股股份中擁有權益。 Other than as disclosed above, the Company has not been notified of any other relevant 除上文所披露外，本公司於2025年6月30日並無獲告 interest or short position in the Shares or underlying Shares of the Company which would fall 知在本公司的股份或相關股份中擁有須根據證券及期貨 to be disclosed to the Company under the Divisions 2 and 3 of Part XV of the SFO or which 條例第XV部第2及3分部向本公司披露的權益或淡倉，或 would be recorded in the register required to be kept by the Company under Section 336 of 須記入根據證券及期貨條例第336條存置的登記冊內的 the SFO as at 30 June 2025. 權益或淡倉。 Employees and Remuneration Policy 僱員及薪酬政策 As at 30 June 2025, there were 6,360 (30 June 2024: 6,232) employees in the Group. Total 於2025年6月30日，本集團擁有6,360（2024年6月30日： employee benefits expenses of the Group (including Directors’ fee) for six months ended 30 6,232）名僱員。本集團於截至2025年6月30日止六個月的 June 2025 were approximately RMB435.6 million (30 June 2024: approximately RMB380.4 僱員福利開支（括董事袍金）總額約為人民幣4.356億元 million). Employee remuneration packages are determined based on each employee’s （2024年6月30日：約人民幣3.804億元）。僱員薪酬待遇 qualifications, experience, position and seniority. The Group also provides other employee 乃根據各僱員的資質、經驗、職位及工齡釐定。本集團 benefits including medical and life insurance, and grants discretionary incentive bonuses to 亦為僱員提供其他福利（括醫療及人壽保險），及根據 eligible employees based on their performance and the Group’s results of operations. 僱員表現及本集團經?業績向合資格僱員授出酌情獎勵 花紅。 Purchase, Sale or Redemption of the Company’s Listed Securities 購買、出售或贖回本公司上市證券During the six months ended 30 June 2025, neither the Company nor any of its subsidiaries 截至2025年6月30日止六個月，本公司及其任何附屬公 has purchased or sold any of the Company’s listed securities (including sale of treasury 司概無購買或出售本公司任何上市證券（括出售庫存（未完）  |