中国联塑中期报告2023

2Corporate Profile 3Financial Highlights 4Management Discussion and Analysis 23Corporate Governance and Other Information 30Report on Review of CondensedConsolidated Financial Statements 32Condensed Consolidated Statement ofProfit or Loss and Other Comprehensive Income 34Condensed Consolidated Statement ofFinancial Position 36Condensed Consolidated Statement ofChanges in Equity 38Condensed Consolidated Statement ofCash Flows 41Notes to Condensed ConsolidatedFinancial Statements 83Glossary 85Corporate Information Corporate Profile公司簡介 China Lesso Group Holdings Limited (Stock Code of Hong Kong StockExchange: 2128) is a leading large-scale industrial group thatmanufactures piping and building materials in mainland China. Aftermore than 36 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 such asplastic piping, building materials and home improvement, newenergy, environmental protection, and operates a supply chainservice platform. 212836 Currently, the Group has established over 30 advanced productionbases in 18 provinces of China and in foreign countries. The Grouphas established a nationwide sales network and has also developedlong-term strategic partnerships with 2,807 independent andexclusive first-tier distributors that enable timely and efficient supplyof comprehensive, quality products and professional services tocustomers. As an integrated manufacturer of a comprehensive rangeof piping and building materials, China Lesso provides over 10,000types of quality products, which are widely applied to such fields ashome improvement, civil architecture, municipal water supply,drainage, energy management, electric power transmission,telecommunication, gas supply, fire services, environmentalprotection, agriculture and marine aquaculture. 30182,807 Financial Highlights財務摘要 Management Discussion and Analysis管理層討論及分析 MARKET OVERVIEW 市場概況 202320235.5%593,034 In the first half of 2023, although the Covid-19 pandemic showedsigns of abating, the major developed economies were tighteningtheir monetary policies to rein in inflation. This, coupled with theincreasing geopolitical uncertainty, depressed consumer confidence.As a result, the global economic recovery was slower than expected.In China, economy and society at large fully returned to normal withthe support of the state’s economic stabilisation policy as pandemicrestrictions were lifted. The country’s gross domestic product grew by5.5% year on year to approximately RMB59.30 trillion during the firsthalf of 2023, accelerating by one percentage point from that in thefirst quarter. 20237.2%20.5%9.6% Faced with the harsh conditions of both the domestic andinternational economic environment in the first half of 2023,provincial and municipal governments and their departments acrossChina firmly pursued “steady progress” as the goal of their work andcoordinated their efforts with the state’s macroeconomic policies. Asa result, the state policy of “stabilising growth, employment andprices” gradually produced an effect, and infrastructure investment,in particular, remained the most important contributor to thestabilisation of economic growth. In the first half of the year,p r o v i n c i a l a n d m u n i c i p a l g o v e r n m e n t s a c r o s s t h e c o u n t r yimplemented massive investment plans and started large-scaleprojects earlier. Total investments in infrastructure increased by 7.2%year on year, exceeding expectations. Specifically, investments in railtransport and water management industries grew by 20.5% and9.6% respectively year on year, thus sustaining the stabledevelopment of the infrastructure construction and piping industries. Management Discussion and Analysis管理層討論及分析 市場概況（續） MARKET OVERVIEW(Continued) The Chinese government continued with its loosened policy on theproperty sector since the end of last year. At the beginning of thisyear, the central government reaffirmed the property sector’s statusas a pillar of the national economy, and set the tone for its policy onthe sector which can be summed up in the phrases “preventing risksand stimulating demand”. After the release of the pent-up demand,home buyers’ sentiment became depressed quickly. Mountingpressure of the housing market correction disrupted a recovery.Presently, investors adopt a wait-and-see attitude towards thehousing market, and home buyers’ confidence is weak. In the shortterm, the market is still subject to downward pressure. The buildingmaterials and home improvement industries have been affected to acertain extent. Promoting green development and conserving ecology have beenthe world’s common goal. Therefore, China has also committed itselfunswervingly to green development and has been stepping up itseffort to build a green, low-carbon and circular economy. The countryh a s b e e n p o p u l a r i s i n g a g r e e n l i f e s t y l e