中国联塑2025年报

2025ANNUAL REPORT Corporate Profile公司簡介 212839 China Lesso Group Holdings Limited (Stock Code of HongKong Stock Exchange: 2128) is a leading large-scale industrialgroup that manufactures piping and building materials. Aftermore than 39 years of rapid development, the Group hasevolved into a leader in the industry of building materials andhome improvement. It provides high-quality products andservices such as plastic piping, building materials and homeimprovement, and new energy. 50 The Group has established over 50 factories worldwide. TheGroup is expanding the global sales network that enablestimely and efficient supply of comprehensive, quality productsand professional ser vices to customers. As an integratedmanufacturer of a comprehensive range of piping and buildingmaterials, China Lesso provides hundreds of thousands typesof 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. Contents 2Financial Highlights3Five-year Financial Summary4Chairman’s Statement7Biographical Details of Directors and SeniorManagement16Corporate Governance Report50Management Discussion and Analysis69Directors’ Report84Independent Auditor’s Report94Consolidated Statement of Profit or Loss and OtherComprehensive Income96Consolidated Statement of Financial Position98Consolidated Statement of Changes in Equity101Consolidated Statement of Cash Flows105Notes to Consolidated Financial Statements266Summary of Major Investment Properties270Glossary273Corporate Information Financial Highlights Five-Year Financial Summary Chairman’s Statement Dear Shareholders, 20255.0%14036.0% In 2025, the global economic recover y was constrained bymultiple factors, while China’s economy maintained steadygrowth. The country’s gross domestic product (GDP)expandedby 5.0% year-on-year, with the total GDP exceeding RMB140trillion for the first time. The structure of infrastructureinvestment was optimised, with investment in the pipelinetr anspor tationsec tor bucking the trend and increasingby 36.0%, generating stable demand for the plastic pipingindustry. However, the industry still faced challenges such asmarket fluctuations, overcapacity and intense competition,w hileth e r e al e s t ate,n e w en er g y,an d en v ir o nm ent alp r o t e c t i o ns e c t o r s w e r e a l s o u n d e r g o i n g p e r i o d s o fadjustment. In response to the complex market environment, the Grouphas steadfastly maintained a strong focus on the plasticpipingsystems and implemented a prudent developmentstrategy, achieving stable performance in its core business.In terms of municipal affairs, the Group was deeply involvedin key projects such as urban renewal, pipeline upgradingand sewage treatment across China. In terms of agriculture,the Group also deepened its operations in several majoragricultural provinces across the country, further increasingthe market share for agricultural specialised piping, whilesuccessfully expanding into overseas agricultural markets inAfrica and Southeast Asia. The Group continued to expand its overseas market presence,with operations spanning multiple countries and regions inSoutheast Asia, Central Asia and Africa. The Group has alsoestablished production bases in Indonesia, Thailand, Malaysia,Cambodia, Vietnam and the Philippines in Southeast Asia,Tanzania and Angola in Africa, Uzbekistan in Central Asia andother places. The Group accelerated the localisation of itsoverseas operations, with coordinated development acrossthree key regional markets in Southeast Asia, Africa and NorthAmerica. Chairman’s Statement Interms of technological innovation,the Group achievedinternationalleading breakthroughs in the research andde v elop m entof sp e cial is e d in dus tr ial pipin g ,w i th theapplicationscope for various high value-added productsexpanded,driving the construction of smar t factories toachieve digitalised production. Production volume and capacityutilisation rate remained at high levels throughout the year.The Group’s core competitive advantages continued to bestrengthened, earning multiple industr y honors, includingbeing named one of the Top 100 Light Industry Enterprises inChina. 2026 The year 2026 marks an important milestone for the Groupas it enters its 40th anniversar y, with the establishmentofit s over all s tr ategic v ision of“maintaining a s tr ongfocus on the piping business while steadily expanding itsinternational footprint”. The Group will adhere to the directionof focusing on core business, optimising structure, expandingdomestically and internationally, and pursuing innovation-driven development, propelling its high-quality development.The Group will allocate its capital expenditure to its pipingbusiness, continuing to increase investment in research anddevelopment to make