珠江石油天然气钢管控股有限公司2025年年度报告

2025 CONTENTS 97Environmental, Social and Governance Report124Independent Auditor’s Report135Consolidated Statement of Profit or Loss136Consolidated Statement of Comprehensive Income137Consolidated Statement of Financial Position139Consolidated Statement of Changes in Equity141Consolidated Statement of Cash Flows144Notes to Financial Statements283Five-Year Financial Summary 2Corporate Profile4Corporate Information7Chairman’s Statement13Awards and Recognitions20Quality Certifications21Management Discussion and Analysis40Profile of Directors and Senior Management54Report of Directors67Corporate Governance Report CORPORATEPROFILE CORPORATE PROFILE 1938 Chu Kong Petroleum and Natural Gas Steel Pipe Holdings Limited(the “Company”, together with its subsidiaries hereinafter referred toasthe“Group”)is the largest manufacturer and exporter oflongitudinalwelded steel pipes and is engaged in propertydevelopment and investment in the People’s Republic of China (the“PRC”). The Company has been listed on the Main Board of TheStockExchange of Hong Kong Limited(the“Stock Exchange”)(Stock Code: 1938) since February 2010. The Group’s steel pipesare mainly used for onshore and subsea oil and gas transportation,petrochemicals,mineral development,power energy,coalchemicals,offshore wind power,marine platforms,cross-seabridges and wharf construction, as well as large-scale building steelstructures and urban water supply provide core support for nationalenergy security and infrastructure construction. SAWLSAWH1,800,000 TheGroup’s production bases and offices are located in Panyu,Zhuhai, Lianyungang, Nanjing, Hong Kong and Indonesia, with fiveproductionlines for longitudinal submerged arc-welded(“SAWL”),three production lines for spiral submerged arc-welded (“SAWH”),four three-roll bending submerged arc-welded production lines andother production lines with a combined annual production capacityof 1,800,000 tonnes as at 31 December 2025. 3,500AAA• The Group is an industry pioneer, particularly strong in researchanddevelopment,holding 105 patents(including 56 inventionpatents) and 22 international quality certificates and having a longstanding international and nationwide track record. Furthermore, theGroup is the first and only steel pipe manufacturer in the PRC tomanufacture and successfully develop deep sea welded steel pipesfor use at a water depth of 3,500m. The Group is a welded steelpipe manufacturer in the PRC that has received various nationaland provincial honours and awards, including “Gold Cup Prize forActual Quality of Metallurgical Products”, “Superior Quality Award forActualQuality of Metallurgical Products”,“National Key NewProducts”, “National-recognised Enterprise Technology Centre” and“National Key High and New Technology Enterprise under the TorchProgram”,“National“Little Giant”,“Enterprise of Specialized andSophisticatedInnovation,Unicorn Seed Enterprise”,“GuangdongProvince Credit Management Demonstration Pilot Enterprise”, “AAACredit-Rated Enterprise” hosted a “Academician Workstation” and“PostdoctoralResearch Station”and is the main drafter of thenational standard for longitudinal welded steel pipes in the PRC. In2023, the Group was recognized by the Ministry of Industry andInformation Technology (MIIT) as a National “Little Giant Enterprise”and was the only enterprise in Guangdong Province of China toreceive the “Specialized & Sophisticated Excellence Award of theYear” jointly presented by MIIT and China Central Television. CORPORATE INFORMATION DIRECTORSExecutive DirectorsMr CHEN Chang(Chairman)Ms CHEN Zhao Nian Independent non-executive Directors Mr CHEN PingMr AU YEUNG Kwong WahMr ZHAN Jian Zhou (resigned on 1 April 2026)Ms SUN Dixie Hui(appointed on 1 April 2026) REGISTERED OFFICE Cricket Square, Hutchins Drive, P.O. Box 2681Grand Cayman, KY1-1111Cayman Islands Cricket Square, Hutchins Drive, P.O. Box 2681Grand Cayman, KY1-1111Cayman Islands COMPANY SECRETARY Ms WONG Pui ShanFCCA, CPA, ACG, HKACG, MSc (Fin) FCCA, CPA, ACG, HKACG, MSc (Fin) AUDIT COMMITTEE Mr AU YEUNG Kwong Wah(Chairman)Mr CHEN PingMr ZHAN Jian Zhou (resigned on 1 April 2026)Ms SUN Dixie Hui(appointed on 1 April 2026) NOMINATION COMMITTEE Mr CHEN Ping(Chairman)Mr ZHAN Jian Zhou (resigned on 1 April 2026)Mr CHEN ChangMs SUN Dixie Hui(appointed on 1 April 2026) REMUNERATION COMMITTEE Mr ZHAN Jian Zhou(Chairman)(resigned on 1 April 2026)Ms SUN Dixie Hui(Chairman)(appointed on 1 April 2026)Mr CHEN PingMr CHEN Chang AUTHORISED REPRESENTATIVES Mr CHEN ChangMs CHEN Zhao Nian CORPORATE INFORMATION HEAD OFFICE AND PRINCIPAL PLACE OFBUSINESS IN THE PRC 3–5511450 2/F., 3–5 Golden Dragon CityYayun Avenue511450 Panyu DistrictGuangzhou CityGuangdong ProvinceThe PRC PRINCIPAL PLACE OF BUSINESS IN HONG KONG 9605–606 Unit 605–606,Tower III Enterprise SquareNo. 9 Sheung Yuet RoadKowloon Bay, KowloonHong Kong AUDITOR 512151510–1517 CCTH CPA LimitedCertified Public AccountantsUnit 1510–1517,15/F, Tower 2Kowloon Commerce