ZMJ Group Company Limited
中創智領（鄭州）工業技術集團股份有限公司
INTERIM REPORT
中期報告
Corporate Profile 公司簡介
Zhengzhou Coal Mining Machinery, the predecessor of ZMJ Group Company Limited (formerly known as Zhengzhou Coal Mining Machinery Group Company
Limited) (the “Company” or “ZMJ”) was established in 1958, and incorporated in the People’s Republic of China (the “PRC”) on 6 November 2002 as a
limited liability company and incorporated in the PRC as a joint stock company with limited liability on 28 December 2008. The Company’s A shares were listed
on the Main Board of Shanghai Stock Exchange on 3 August 2010. The Company’s H shares were listed on the Main Board of The Stock Exchange of Hong
Kong Limited (the “Stock Exchange”) on 5 December 2012.
The Company is a leading comprehensive coal mining and excavating equipment manufacturer in the PRC. The principal businesses of the Company’s coal
mining machinery segment are complete sets of equipment for integrated coal mining, the R&D, design, production, sales and services of intelligent control
system, with products used by the major coal industry groups throughout the country and successively exported to various countries. The coal mine hydraulic
support with the highest supporting height and the highest resistance globally, the domestically first whole set and intelligent equipment for integrated mining
supplied by a single factory and the domestically first exported whole set equipment for integrated mining are researched and developed and manufactured by
the Company.
There are two brands under the auto parts segment of the Company, being SEG and ASIMCO. SEG is a world-leading technology and service provider for
automobile starter motors and generators, which constantly drives auto energy conservation and emission reduction and technological innovation, leading the
developments of green travel technology. Also, its technology of 48V low-voltage hybrid motors and market shares are world-leading. Relying on its high-end
R&D advantages, worldwide sales network and quickly responding locally, high-voltage drive motor for new energy vehicles progresses quickly. The principal
products of ASIMCO include parts using materials application technology as their core such as engine cylinder blocks and heads, camshaft and powder
metallurgy products, noise and vibration absorber and brake seal, piston ring and valve seat ring. Also, ASIMCO is committed to researching and developing
high-efficient and intelligent air suspension system, and strives to march into new energy automobile chassis sector, to provide high quality parts products for
PRC and global auto markets.
The established operating history, high quality products, strong research and development capabilities, advanced manufacturing processes and extensive
sales and service network of the Company and its subsidiaries are the keys to its success and enable it to maintain its leading position in the coal mining and
excavating equipment market and auto parts market.
中創智領（鄭州）工業技術集團股份有限公司（前稱鄭州煤礦機械集團股份有限公司）
（「本公司」或「公司」或「中創智領」）的前身為鄭州煤礦機械廠，
始建於1958年，於2002年11月6日在中華人民共和國（「中國」）註冊成立為有限責任公司，於2008年12月28日在中國註冊成立為股份制有限公司。本
公司的A股於2010年8月3日在上海證券交易所主板上市。本公司的H股於2012年12月5日在香港聯合交易所有限公司（「聯交所」）主板上市。
本公司為中國領先的煤炭綜採綜掘設備製造商，本公司煤機板塊主營業務為煤炭綜採工作面成套裝備、智能化控制系統的研發、設計、生產、銷
售和服務，產品遍佈全國各大煤業集團，並先後出口到多個國家。世界支護高度最高、工作阻力最大的煤礦液壓支架，國內首套由單一廠家供應
的成套化智能綜採工作面以及國內首套成套化綜採出口裝備，均由本公司研發製造。
本公司汽車零部件板塊旗下擁有索恩格、亞新科兩大品牌。索恩格是全球領先的汽車起動機和發電機技術及服務供應商，持續推動汽車節能減排
技術創新，引領綠色出行技術的發展，48V弱混合動力系統技術和市場份額世界領先，新能源汽車高壓驅動電機依託高端研發優勢、全球化銷售網
絡及本地化快速響應，進展迅速。亞新科主要產品有以材料應用技術為核心的發動機缸體缸蓋、凸輪軸和粉末冶金製品等，降噪減振及制動密封
件、活塞環、氣門座圈等部件，同時致力於研發高效、智能的空氣懸掛系統，全力向新能源汽車底盤領域進軍，為中國乃至全球的汽車市場提供
高品質的零部件產品。
本公司及附屬公司悠久的經營歷史、優質產品、強勁的研發能力、先進的製造流程及龐大的銷售及服務網絡乃是公司達到成功的關鍵，並使公司
能夠維持在煤炭採掘設備市場及汽車零部件市埸的領先地位。
Contents 目錄
Corporate Information 公司資料 2
Chairman’s Statement 董事長報告書 5
Management Discussion and Analysis 管理層討論與分析 11
Directors, Supervisors and Chief Executives 董事、監事及最高行政人員 19
Material Events 重要事項 26
Report on Review of 簡明綜合財務資料的審閱報告 31
Condensed Consolidated Financial Statements
Condensed Consolidated Statement of 簡明綜合損益及其他全面收益表 33
Profit or Loss and Other Comprehensive Income
Condensed Consolidated 簡明綜合財務狀況表 35
Statement of Financial Position
Condensed Consolidated 簡明綜合權益變動表 37
Statement of Changes in Equity
Condensed Consolidated 簡明綜合現金流量表 39
Statement of Cash Flows
Notes to the Condensed 簡明綜合財務報表附註 42
Consolidated Financial Statements
Corporate Information
公司資料
Directors 董事
Mr. Jiao Chengyao (Chairman and Executive Director) 焦承堯先生 （董事長兼執行董事）
Mr. Jia Hao (Vice Chairman, Executive Director and Employee Director) 賈浩先生 （副董事長、執行董事、職工董事）
Mr. Meng Hechao (Executive Director) 孟賀超先生 （執行董事）
Mr. Li Kaishun (Executive Director) 李開順先生 （執行董事）
Mr. Cui Kai (Non-executive Director) 崔凱先生 （非執行董事）
Mr. Cheng Jinglei (Independent Non-executive Director) 程驚雷先生 （獨立非執行董事）
Mr. Ji Feng (Independent Non-executive Director) 季豐先生 （獨立非執行董事）
Mr. Fang Yuan (Independent Non-executive Director) 方遠先生 （獨立非執行董事）
Ms. Yao Yanqiu (Independent Non-executive Director) 姚艷秋女士 （獨立非執行董事）
Mr. Fu Zugang (Executive Director) 付祖岡先生 （執行董事）
(resignation EFFECTIVE from 9 January 2025) （於2025年1月9日離任）
Mr. Yue Taiyu (Non-executive Director) 岳泰宇先生 （非執行董事）
(resignation EFFECTIVE from 9 January 2025) （於2025年1月9日離任）
Supervisors (On 17 June 2025, the board of supervisors was abolished 監事（於2025年6月17日取消監事會，
and all supervisors retired) 監事全部退任）
Mr. Liu Qiang (Chairman of the Board of Supervisors) 劉強先生 （監事會主席）
(retirement EFFECTIVE from 17 June 2025) （於2025年6月17日退任）
Mr. Cheng Xiangdong (retirement EFFECTIVE from 17 June 2025) 程翔東先生 （於2025年6月17日退任）
Ms. Zhu Yuan (retirement EFFECTIVE from 17 June 2025) 祝願女士 （於2025年6月17日退任）
Strategy and Sustainable Development Committee 戰略與可持續發展委員會
Mr. Jiao Chengyao (Chairman) 焦承堯先生（主席）
Mr. Jia Hao 賈浩先生
Mr. Cheng Jinglei 程驚雷先生
Mr. Fu Zugang (resignation EFFECTIVE from 9 January 2025) 付祖岡先生（於2025年1月9日離任）
Mr. Yue Taiyu (resignation EFFECTIVE from 9 January 2025) 岳泰宇先生（於2025年1月9日離任）
Audit and Risk Management Committee 審計與風險管理委員會
Mr. Ji Feng (Chairman) （主席）
季豐先生
Mr. Cui Kai 崔凱先生
Ms. Yao Yanqiu 姚艷秋女士
Nomination Committee 提名委員會
Ms. Yao Yanqiu (Chairman) 姚艷秋女士（主席）
Mr. Cheng Jinglei 程驚雷先生
Mr. Jia Hao 賈浩先生
Remuneration and Assessment Committee 薪酬與考核委員會
Mr. Ji Feng (Chairman) （主席）
季豐先生
Mr. Jia Hao 賈浩先生
Mr. Fang Yuan 方遠先生
Corporate Information
公司資料
Auditors 核數師
International auditors: 國際：
Deloitte Touche Tohmatsu 德勤 • 關黃陳方會計師行
Domestic auditors: 境內：
BDO CHINA SHU LUN PAN, Certified Public Accountants LLP 立信會計師事務所（特殊普通合夥）
Principal Place of Business in Hong Kong 香港主要營業地點
Registered Office in the PRC 中國註冊辦事處
No. 167, 9th Street, Zhengzhou Section 中國河南自貿試驗區鄭州片區（經開）
(Econ-Tech Development Zone) of China (He’nan) Pilot Free Trade Zone, PRC 第九大街167號
Headquarters in the PRC 中國總辦事處
No. 167, 9th Street, Zhengzhou Section 中國河南自貿試驗區鄭州片區（經開）
(Econ-Tech Development Zone) of China (He’nan) Pilot Free Trade Zone, PRC 第九大街167號
Company’s Website 公司網站
www.zmj.com www.zmj.com
H Share Registrar H股股份登記處
Computershare Hong Kong Investor Services Limited 香港中央證券登記有限公司
Shops 1712–1716, 17th Floor, Hopewell Centre, 香港灣仔皇后大道東183號
A Share Registrar A股股份登記處
Shanghai Branch, 中國證券登記結算有限責任公司
China Securities Depository and Clearing Corporation Limited 上海分公司
No. 188 Yanggao South Road, Pudong New District, Shanghai 上海市浦東新區楊高南路188號
Stock Codes 股份代碼
H Share: 00564 (The Stock Exchange of Hong Kong Limited) H股：00564（香港聯合交易所有限公司）
A Share: 601717 (Shanghai Stock Exchange) A股：601717（上海證券交易所）
Corporate Information
公司資料
Principal Banks 主要往來銀行
Industrial and Commercial Bank of China Limited 中國工商銀行股份有限公司
Jianshe Road Branch, Zhengzhou 鄭州建設路支行
No. 11 West Jianshe Road, Zhongyuan District, Zhengzhou, Henan Province, PRC 中國河南省鄭州市中原區建設西路11號
China Construction Bank 中國建設銀行股份有限公司
Zhengzhou Jinshui Branch 鄭州金水支行
No. 29 Jinshui Road, Jinshui District, Zhengzhou, Henan Province, PRC 中國河南省鄭州市金水區金水路29號
Company Secretaries 公司秘書
Mr. Zhang Yichen 張易辰先生
Ms. Chan Yin Wah 陳燕華女士
Authorized Representatives 授權代表
Mr. Jiao Chengyao 焦承堯先生
Mr. Zhang Yichen 張易辰先生
Legal Advisers 法律顧問
As to Hong Kong law: 香港法律：
Clifford Chance 高偉紳律師行
As to PRC law: 中國法律：
Haiwen & Partners 海問律師事務所
Chairman’s Statement
董事長報告書
In the first half of 2025, given the impact of multiple factors, including trade 2025年上半年，全球經濟復蘇動力不均，受到貿易摩
disputes, tariff disruptions, weakening demand, monetary policy adjustments 擦、關稅擾動、需求變弱、貨幣政策調整以及地緣政
and geopolitical risks, uneven recovery of the global economy was seen, thus 治風險等多重因素的影響，呈現出複雜且充滿不確定性
presenting a complicated and uncertain landscape. Domestically, boasting 的特徵。國內穩經濟政策多措並舉，新質生產力加速發
the implementation of a series of policies to stabilize the economy and the 展，經濟展現出一定韌性，延續恢復向好態勢，整體運
accelerated development of new-quality productivity, the economy demonstrated 行平穩。面對複雜多變的國內外環境，公司圍繞「成為
resilience to a certain extent, continued its positive recovery and maintained 全球領先並可持續發展的智能工業解決方案提供商」願
stable operation as a whole. Amidst the complicated and volatile domestic and 景，聚焦戰略目標，堅持以科技創新為引領，持續強化
international environment, the Company, being centered around its vision of 創新驅動，全力推動數字化轉型，扎實有序推進公司各
“becoming a global leading and sustainable provider of intelligent industrial 項工作，實現經營業績的穩定增長。
solutions” and focused on its strategic targets, adhered to technological
innovation as its guiding principle. The Company also continuously strengthened
its innovation-driven approach, fully facilitated digital transformation and
advanced all aspects of its work steadily and orderly, achieving steady growth in
operating results accordingly.
During the reporting period, the Group achieved sales revenue of 報告期內，本集團實現銷售收入人民幣19,981.54百萬
RMB19,981.54 million, a year-on-year increase of 5.42%. Profit attributable 元，較上年度同期上升5.42%。本公司股東應佔溢利為
to shareholders of the Company was RMB2,527.45 million, a year-on-year 人民幣2,527.45百萬元，較上年度同期上升16.22%。每
increase of 16.22%. Earnings per share were RMB1.43. 股盈利為人民幣1.43元。
(I) The Group Renamed and Embarked on a New （一）集團更名煥新啟程，煤機重組專業
Journey, and Coal Mining Machinery was 運營
Restructured for Professional Operation
In recent years, the Company adhered to the transformation and development 近年來，公司堅持電動化、智能化、數字化、全球化的
strategy of electrification, intelligentization, digitalization and globalization, 轉型方向和發展思路，擁抱人工智能，強化綠色及可持
for the purpose of adapting to artificial intelligence, strengthening innovation 續發展相關技術的創新迭代，持續加快轉型升級的步
and iteration in green and sustainable development-related technologies and 伐。為了更加全面地體現公司的核心業務和產業布局，
accelerating its transformation and upgrading continuously. To reflect the 準確反映公司未來戰略發展方向，同時理順上市公司總
Company’s core business and industrial layout comprehensively, demonstrate 部與各產業板塊的關係，完善各產業板塊的權責及任
the Company’s future strategic development direction accurately, streamline 務，上市公司名稱已變更為「中創智領（鄭州）工業技術
the relationship between the listed company’s headquarters and its various 集團股份有限公司」，同時實施煤機業務重組，將上市
industrial sectors and clarify the responsibilities and tasks of each industrial 公司煤機業務相關資產（含直接持有的煤機板塊相關子
sector, the listed company has changed its name to “ZMJ Group Company 公司股權）、負債、業務、人員整體劃入全資子公司鄭
Limited” and simultaneously implemented a restructuring of its coal mining 煤機智鼎液壓有限公司（已更名為「鄭州煤礦機械集團有
machinery business. The listed company’s coal mining machinery-related assets 限責任公司」，簡稱「鄭煤機有限」）。
(including directly held equity in subsidiaries in the coal mining machinery
sector), liabilities, operation and personnel were transferred to its wholly-owned
subsidiary, ZMJ Zhiding Hydraulics Company Limited (renamed “Zhengzhou
Coal Mining Machinery Group Co., Ltd. (鄭州煤礦機械集團有限責任公
司)”, hereinafter referred to as “ZMJ Limited (鄭煤機有限)”).
Chairman’s Statement
董事長報告書
The rename, restructuring and transfer of equity interests of the coal mining 通過實施上市公司更名和煤機業務重組劃轉，有利於公
machinery business enabled the Company’s headquarters to focus on strategic 司總部聚焦戰略管控，資源優化整合，推動煤機業務專
management, optimize and consolidate resources and facilitate the professional 業化經營管理。後續上市公司總部將以
「中創智領」的名
operation and management of the coal mining machinery business. Going 字運行，煤機板塊將繼續以
「鄭煤機」品牌引領全球煤機
forward, the listed company’s headquarters will operate under the name 行業發展，汽車零部件板塊將以索恩格、亞新科等品牌
of “ZCZL.” The coal mining machinery segment will continue to lead the 專注於智能電動汽車市場，打造工業智能板塊以恒達智
global coal mining machinery business under the brand name of “ZMJ”. The 控、數耘等品牌專注於礦山、工廠等全場景的數字化，
automotive parts segment will focus on the smart electric vehicle market with 公司將積極響應國家戰略，堅持自主創新，發展智能產
brand names of SEG and ASIMCO. The industrial intelligence segment will 品、智能製造，努力打造多家細分行業領先企業，引領
focus on the digitalization of all scenarios, including mines and factories, with 細分行業工業技術進步，向全球客戶提供一流的產品和
brand names such as Hengda Intelligent Control and Shuyun. The Company 服務。
will actively respond to strategies of China, adhere to independent innovation,
develop smart products and intelligent manufacturing, strive to build leading
companies in various sub-sectors, lead industrial technological advancement
in these sub-sectors and provide products and services of the top quality to
customers around the world.
(II) The Company Advanced Digital Transformation （二）持續推進數字化轉型，培育發展新
and Cultivated New-quality Productivity 質生產力
Continuously
The Company continued to implement its digital transformation plan and 公司持續推動數字化轉型規劃落地，發展全球治理，提
develop global governance so as to enhance the Group’s operational efficiency 升集團運營效率和市場競爭力。完成集團數字化轉型戰
and competitiveness in the market. The Company also completed its strategic 略規劃，明確新形勢下的全球IT架構，完成集團IT應用
digital transformation plan, well defined its global IT mechanism under the 架構、數據架構、技術架構的設計和政策、流程和標準
new landscape and finalized the design of its IT application mechanism, data 的制定；以集團戰略執行跟蹤指標及各板塊業績考核指
architecture and technical architecture, as well as the formulation of policies, 標為基礎，完成集團管報架構搭建，提升集團治理能力
processes and standards. By referencing the Group’s strategic execution 和運營效率。圍繞智能化能力的構建與提升，全面推進
tracking indicators and the performance evaluation indicators of each segment, AI技術在公司各業務場景中的落地應用，提升內部管理
the Company established a corporate management and reporting structure 效率和客戶服務水平。支持各業務板塊數字化升級，為
to enhance the Group’s governance and operational efficiency. Focusing on 業務板塊發展賦能，索恩格SAP項目第一階段里程碑建
building and enhancing intelligent capabilities, the Company comprehensively 設順利完成，煤機售後服務大數據平台、APS自動排產
promoted the implementation of AI technology across all of its business 等系統上線試運行，亞新科供應鏈和物料管理數字化項
scenarios, thereby improving the internal management efficiency and the 目進展順利，索恩格墨西哥工廠生產現場管理看板運行
quality of customer service. The Company supported digital upgrades across 順暢，實現產線數據透明化，推動車間管理從「經驗驅
all business segments and empowered their development. Accordingly, the 動」轉向「數據驅動」。
Company successfully completed the first phase of the SAP project of SEG.
With the launch and trial run of the big data platform of coal mining machinery
after-sales service and the APS automated production scheduling system, the
digitalization project of ASIMCO’s supply chain and materials management were
well on track. The production site management dashboard at the Mexican plant
of SEG operated smoothly, bringing about transparency in production line data
and shifting workshop management from “experience-driven” to “data-driven.”
Chairman’s Statement
董事長報告書
(III) The Coal Mining Machinery Segment Leveraged （三）煤機板塊以智能成套為引領，打造
Comprehensive Intelligence to Generate 差異化優勢
Differentiated Advantages
In the first half of 2025, a slack supply and demand environment was witnessed 2025年上半年國內煤炭市場呈現供需寬鬆態勢，煤炭價
in the domestic coal market, with coal prices fluctuating downward significantly. 格震盪下行，煤機設備市場需求下行壓力增大，但加速
Despite the increased downward pressure on market demand for coal mining 向智能化、綠色化轉型。在煤炭市場下行、市場競爭加
machinery, the transition towards intelligent and green equipment speeded up. 劇的嚴峻形勢下，公司煤機板塊以用戶需求為導向，積
Amidst the challenging conditions of a declining coal market and intensified 極創新求變，打造差異化的技術、產品和服務，增強市
competition, the coal mining machinery segment of the Company, guided by 場競爭力；加快出海步伐，全力支持海外市場拓展，在
user needs, actively innovated and transformed, thereby creating differentiated 主要產煤國獲得廣泛認可。
technologies, products, and services to enhance its competitiveness in the
market. The Company also accelerated the pace of going global, fully supported
overseas market expansion, gaining wide recognition in major coal-producing
countries.
In the first half of 2025, the coal mining machinery segment achieved operating 2025年上半年，煤機板塊實現營業收入10,148.70百萬
revenue of RMB10,148.70 million, profits grew steadily period-on-period, the 元，利潤同比穩定增長，繼續發揮著集團壓艙石的作
overseas market order amount was RMB775 million, a year-on-year increase of 用，海外市場訂貨額7.75 億元，同比增長137%，延續
momentum towards high-quality development.
With customer value as its anchor and technological innovation as its engine, 公司以客戶價值為錨點，以科技創新為引擎，打造推
the Company developed and promoted intelligent and integrated solutions. 廣智能成套一體化解決方案，從「設備堆砌」到「系統共
From “equipment stacking” to “harmony coexistence of systems”, the Company 生」，將採煤機、液壓支架、刮板機等設備深度集成，
further integrated equipment like shearers, hydraulic supports and scrapers. 通過統一平台、統一架構實現數據互通、協同作業，大
Data interoperability and collaborative operations were enabled by the unified 幅提高煤炭開採效率，將安全可靠性推向新高度；構建
platform and mechanism, significantly improving coal mining efficiency and 「遠程智採系統+全礦井AI分析+工業互聯網平台+智能管
bringing safety and reliability to top levels. In addition, the Company established 控平台」的數字閉環，讓礦山從「人工經驗管理」轉向「數
a digital closed loop consisting of a “remote intelligent mining system + mine- 據智能驅動」；推進露天連續開採、綠色開採、智能掘
wide AI analysis + industrial Internet platform + intelligent management and 進、礦用輔助機器人等新產品研發應用，研發構建煤礦
control platform”, enabling mines to transform from “manual experience 機器人技術體系，確保在煤機市場中的領先地位；組建
management” to “data-driven intelligence.” The Company also developed 合資公司創信數智，聚焦煤礦「生產運營、安全運營、
and built a coal mining robotics technology ecosystem by facilitating the 裝備運營」三大方向，運用數智手段為客戶提供多場景
development and application of new products, including open-pit continuous 服務，打造「礦山與裝備製造數智化運營」新模式。加速
mining, green mining, intelligent tunneling and mining assistance robots, for the 智能工廠建設升級，完善數字化轉型總體框架，推進重
sake of securing its leading position in the market of coal mining machinery. 點數字化項目，以數字驅動業務全流程變革。
Besides, the Company established Chuangxin Digital Intelligence, a joint venture
focusing on the three key areas of coal mining, namely “production operations,
safety operations and equipment operations”. It utilized digital intelligence to
provide customers with multi-scenario services and created a new model of
“digitalized operations for mines and equipment manufacturing”. Moreover,
the Company speeded up the construction and upgrading of smart factories,
improved the master framework for digital transformation, advanced key digital
projects and drove transformation across the whole business process with
digital technologies.
Chairman’s Statement
董事長報告書
(IV) The Automotive Parts Sector Secured a Solid （四）汽車零部件板塊穩固發展根基，新
Foundation for Further Development and the 能源轉型成果斐然
Transition to New Energy has seen remarkable
results
ASIMCO further defined its growth-oriented strategy to drive growth in both 亞新科進一步明晰增長型戰略，推動國內外市場增長，
domestic and international markets, achieving rapid growth in revenue as a 營業收入增長迅速。通過規模優勢、效率提升、採購降
result. Leveraging competitiveness arising from economies of scale, efficiency 本，打造成本領先優勢，減振、密封、粉末冶金製品
improvements and procurement cost reduction measures, it established leading 等乘用車零部件，活塞環、凸輪軸、缸體缸蓋等商用
advantages in terms of costs. Its market share in passenger vehicle parts, 車零部件市場份額持續提升，穩固發展根基；聚集內部
such as vibration absorbers, seals and powder metallurgy products, as well 資源，聚焦核心客戶，對外出口業務增長，擴張海外市
as commercial vehicle parts, such as piston rings, camshafts and cylinder 場；通過提升研發實力，打造技術領先優勢，空氣懸架
blocks and heads, increased steadily, thereby strengthening its foundation 部件、熱管理系統冷板、底盤副車架部件等新業務拓展
for further development. By capitalizing on internal resources and focusing 順利，報告期內量產爬坡；開展減震密封、熱管理等新
on core customers, it increased its export business through expanding its 產能布局建設，實施工廠數字化、自動化升級，提升核
overseas market. On the other hand, by strengthening its capabilities in 心競爭力。
research and development, technological advantages were accumulated. New
businesses like air suspension components, thermal management system
cold plates, and chassis subframe components also expanded smoothly as a
result, mass production ramped up during the reporting period; developed new
production capacity in vibration absorbers, seals and thermal management and
implemented digital and automated factory upgrades to strengthen its core
competitiveness.
SES focused on profitability and business growth, resulting in remarkable 索恩格聚焦盈利、聚焦增長，通過變革組織架構、採
operating results in the first half of the year through organizational restructuring, 取成本削減措施、優化供應商管理，上半年經營表現
cost-cutting measures and optimized management of suppliers. In Europe, 良好。歐洲地區索恩格自研48V BRM電機不斷獲取新訂
SES’s self-developed 48V BRM motor continues to secure new orders, in 單，在印度推動輕型電動車高壓電機產品量產，北美地
India, it is promoting mass production of high-voltage motors for light electric 區12V起發電機業務保持快速增長勢頭；拓展歐洲新能
vehicles, and in North America, its 12V starter-generator business maintains 源驅動電機業務，獲取第一個歐洲高壓驅動電機項目定
rapid growth; SES also expanded its European new energy drive motor business 點，以此為基礎，未來有望獲取更多歐洲高壓項目；擴
and secured its first high-voltage drive motor project in Europe, in the hope 大售後項目的產品組合，印度、巴西售後業務增長顯
of building on this success to secure more high-voltage projects in Europe in 著。
the future. Besides, it enriched its product mix of the aftermarket sector, thus
seeing significant growth in its aftermarket business in India and Brazil.
Chairman’s Statement
董事長報告書
SES partnered with leading and emerging players to ramp up mass production SES攜手頭部新勢力，新能源驅動電機定轉子項目量產
of its new energy drive motor stator and rotor projects, assisting customers to 爬坡，助力客戶引領智能電動化時代；利用在手項目標
lead the era of intelligent electrification; leveraged the benchmarking effect of its 杆效應，加大力度研發創新技術和加工工藝，在下一代
existing projects, it has intensified efforts in developing innovative technologies 新產品上保持領先地位；做好在手項目的產能建設，確
and processing techniques to maintain its leading position in the next generation 保高質量交付；持續優化成本，提高項目盈利能力。圍
of new products. It also strengthened the capacity development for existing 繞戰略客戶需求，探索驅制轉懸相關的智駕業務新機
projects to ensure high-quality delivery, and continuously optimized its cost 會，完成驅制轉懸智能底盤各子系統技術發展路線規
structure to enhance project profitability. Focusing on the needs of strategic 劃，以電機為基礎，為客戶提供「電機+」多種產品，滿
customers, SES explored new business opportunities in the intelligent driving 足客戶在電動與智能領域需求。以新工廠新產線建設為
business related to drive, braking, steering and suspension, and completed 契機，堅定「智能製造+數字化運營」雙線提效，通過數
the technology development roadmap for various subsystems of its intelligent 字化管理優化流程，降本提效，提升產品競爭力。
chassis consisting of the above four aspects. Based on its motor products, SES
offered customers a variety of “motor +” products to meet their needs in the
electric and intelligent sectors. By capitalizing on the business opportunities
arising from the construction of new factories and production lines, SES has
been committed to improving its efficiency through “intelligent manufacturing
+ digital operations” and optimizing processes through digital management,
for the purpose of reducing costs, increasing efficiency and enhancing
competitiveness of its products.
(V) Implementing multiple measures, the Company （五）多措並舉，持續推進工業智能板塊
Continued to Facilitate the Development of 的培育發展
Industrial Intelligence Sector
Capitalizing on the experience accumulated from our “Lighthouse Factory” 公司以「燈塔工廠」經驗為引領，推進「人工智能+製造」
initiatives, the Company advanced the application of “artificial intelligence + 應用，將數字技術與製造優勢相結合，培育發展工業智
manufacturing”, integrated digital technologies with manufacturing advantages 能板塊。公司投資3億元參股瀚博半導體，以人工智能
for the further development of the industrial intelligence sector. The Company 技術在智慧礦山、數字化工廠一體機、智能物流及智能
invested RMB300 million for equity participation in Vastai Technologies, 裝備等方面深度賦能公司工業智能業務發展。
leveraging artificial intelligence technology to deeply empower the development
of our industrial intelligence business in areas such as smart mines, integrated
digital factory systems, smart logistics and smart equipment.
Chairman’s Statement
董事長報告書
Internally, the Company facilitated intelligent manufacturing upgrades. 對內推進智造升級，以內部新工廠新產線建設為契機，
Leveraging the construction of new factories and production lines, the 培育工業智能化人才團隊，自主完成鄭煤機示範工廠二
Company trained up a team of talented industrial intelligence professionals to 期規劃及一期改造升級方案，汽車零部件工廠規劃建設
complete the second phase planning and first phase renovation and upgrade 更多使用公司自主設計的智能製造解決方案；對外通過
plan for the Zhengzhou Coal Mining Machinery Demonstration Factory (鄭煤 燈塔工廠示範引領，加強市場開拓，構建核心生態，上
機示範工廠) independently. The planning and construction of auto parts 半年獲取了船舶、鋼構、通用機械等行業工廠規劃諮詢
factories are increasingly utilizing the Company’s indigenously designed 仿真和數字化系統訂單，汽車零部件行業智能工廠物流
intelligent manufacturing solutions. Externally, the Company strengthened 與倉儲、自動化產線、輕量化智能工廠等訂單，智能
market development and built a core ecosystem through our Lighthouse AGV等智能搬運機器人訂單，持續推動行業突破與業績
Factory demonstration program. During the first half of the year, the Company 提升。
secured orders for factory planning, consulting, simulation and digital systems
in industries like shipbuilding, steel structures and general machinery, orders
for intelligent factory logistics and warehousing, automated production lines
and lightweight intelligent factories in the automotive parts industry as well as
orders for intelligent handling robots such as intelligent AGV. All these measures
continued to drive industry breakthroughs and performance improvements.
In the second half of 2025, the complicated and volatile macroeconomic 2025年下半年，宏觀經濟環境複雜多變、市場競爭日趨
landscape, the intensified market competition and the rapid innovation in 激烈、技術革新日新月異，既帶來了轉型發展的機遇，
technologies will present opportunities for transformation and further business 也提出了更為嚴峻的考驗。公司將聚焦戰略目標，堅持
development on one hand and more severe challenges on the other hand. The 以科技創新為引領，持續強化創新驅動，加快數字化轉
Company will focus on strategic targets, adhere to the direction of technological 型和全球化布局，發展高端製造、智能製造，培育發展
innovation, strengthen innovation-driven development continuously, accelerate 新質生產力，以永不懈怠的奮鬥姿態，為實現公司戰略
digital transformation and global presence, develop high-end manufacturing 規劃目標、為成為全球領先並可持續發展的智能工業解
business and intelligent manufacturing and cultivate and develop new-quality 決方案提供商而努力奮鬥！
productivity. The Company will strive to uphold its unremitting attitude to achieve
the targets of the Company’s strategic planning and become a global leading
and sustainable provider of intelligent industrial solutions!
Last but not least, on behalf of the Board of Directors, I would like to express 最後，本人謹代表董事會對全體股東、廣大客戶、社會
my heartfelt gratitude to all shareholders, customers, all sectors of society and 各界及友好人士給予的信任和支持表示衷心的感謝！
friends for their trust and support!
ZMJ Group Company Limited 中創智領（鄭州）工業技術集團股份有限公司
Chairman 董事長
Jiao Chengyao 焦承堯
Management Discussion and Analysis
管理層討論與分析
Review of the period 期間回顧
For the six months ended 30 June 2025, the Group achieved sales revenue 截至2025年6月30日止六個月，本集團實現銷售收入人
of RMB19,981.54 million, representing an increase of 5.42% from the 民幣19,981.54百萬元，較上年度同期上升5.42%。本公
corresponding period of last year. Profit Attributable to Owners of the Company 司股東應佔溢利為人民幣2,527.45百萬元，較上年度同
was RMB2,527.45 million, representing an increase of 16.22% from the 期上升16.22%。每股盈利為人民幣1.43元。於2025年6月
corresponding period of last year. Earnings per share was RMB1.43. As at 30 30日，本集團借貸餘額為人民幣5,617.32百萬元。
June 2025, the Group had borrowing balances of RMB5,617.32 million.
Overview 概覽
The Group is a leading comprehensive coal mining and excavating equipment 作為中國領先的煤炭綜採綜掘設備及汽車零部件製造
and auto parts manufacturer in the PRC. Our established operating history, 商，本集團悠久的經營歷史、優質產品、強勁的研發能
high quality products, strong research and development capabilities, advanced 力、先進的製造流程及龐大的銷售及服務網絡乃是我們
manufacturing processes and extensive sales and service network are the keys 達到成功的關鍵，並使我們能夠維持在中國煤炭採掘設
to our success and allow us to maintain our leading position in the PRC coal 備市場的領導地位。在完成對亞新科和索恩格汽車德國
mining and excavating equipment market. With the completion of ASIMCO and 有限公司的收購後，本集團已進入汽車零部件市場，形
SEG Automotive Germany GmbH acquisition, the Group has duly entered the 成煤礦機械及汽車零部件兩大主業。
auto parts market and is engaged in two principal businesses, namely coal
mining machinery and auto parts.
Results of Operations 經營業績
The following table sets forth a summary, for the six months ended 30 June 下表載列本集團於所示截至2025年及2024年6月30日止
Six months ended 30 June
截至6月30日止六個月
RMB millions RMB millions
人民幣百萬元 人民幣百萬元
Revenue 收入 19,981.54 18,953.47
Cost of sales 銷售成本 (15,327.51) (14,429.35)
Gross profit 毛利 4,654.03 4,524.12
Other income 其他收入 239.70 386.90
Other gains and losses 其他收益及虧損 304.69 45.43
Selling and distribution expenses 銷售及分銷開支 (420.36) (472.19)
Administrative expenses 行政開支 (622.65) (565.26)
Research and development expenses 研發費用 (813.48) (833.93)
Impairment losses under expected credit loss model, 預期信貸虧損模式下的減值虧損，
net of reversal 扣除撥回 (196.17) (147.21)
Share of profit of associates 應佔聯營公司溢利 17.89 31.00
Share of profit of joint ventures 應佔合營企業溢利 1.30 4.57
Finance costs 融資成本 (126.91) (136.82)
Profit before tax 除稅前溢利 3,038.04 2,836.61
Income tax expense 所得稅開支 (456.80) (485.76)
Profit for the period 期內溢利 2,581.24 2,350.85
Profit for the period attributable to: 以下人士應佔期內溢利：
Owners of the Company 本公司股東 2,527.45 2,174.80
Non-controlling interests 非控股權益 53.79 176.05
Management Discussion and Analysis
管理層討論與分析
Six months ended 30 June
截至6月30日止六個月
RMB millions RMB millions
人民幣百萬元 人民幣百萬元
Other comprehensive (expense) income: 其他全面（開支）收入：
Items that will not be reclassified subsequently to 不會於其後重新分類至損益的項目：
profit or loss:
Remeasurement of post-employment benefit obligations 重新計量退休福利責任 – –
Items that may be reclassified subsequently to 可能於其後重新分類至損益的項目：
profit or loss:
Exchange differences arising on translation of 換算海外業務產生的匯兌差額
foreign operations 151.62 (84.83)
Fair value (loss) gain on hedging instruments 指定作現金流對沖的對沖工具的
designated as cash flow hedging 公平值（虧損）收益 6.15 (6.08)
Other comprehensive (expense) income for the period, 期內其他全面（開支）收益，
net of income tax 扣除所得稅 157.77 (90.91)
Total comprehensive income for the period 期內全面收益總額 2,739.01 2,259.94
Total comprehensive income for the period 以下人士應佔期內全面收益總額：
attributable to:
Owners of the Company 本公司股東 2,685.23 2,086.60
Non-controlling interests 非控股權益 53.78 173.34
EARNINGS PER SHARE 每股盈利
– Basic (RMB) －基本（人民幣） 1.43 1.23
– Diluted (RMB) －攤薄（人民幣） 1.43 1.22
Revenue 收入
Our revenue increased by 5.42% from RMB18,953.47 million for the six months 本集團收入由截至2024年6月30日止六個月的人民幣
ended 30 June 2024 to RMB19,981.54 million for the six months ended 30 18,953.47百萬元增加5.42%至截至2025年6月30日止六個
June 2025, mainly because of the 7.47% increase of auto parts segment as 月的人民幣19,981.54百萬元，主要是由於本集團增長策
compared to that of the last period due to the Group’s growth strategy and the 略及2025年上半年汽車零部件市埸需求有所增加，使汽
increase in demand of auto parts market in the first half of 2025. 車零部件分部較上一個期間增長7.47%。
Management Discussion and Analysis
管理層討論與分析
Cost of Sales 銷售成本
Our cost of sales increased by 6.22% from RMB14,429.35 million for the six 本集團銷售成本由截至2024年6月30日止六個月的人民
months ended 30 June 2024 to RMB15,327.51 million for the six months 幣14,429.35百萬元增加6.22%至截至2025年6月30日止六
ended 30 June 2025, because of sales increase during this period. 個月的人民幣15,327.51百萬元，原因為期內銷售額上
升。
Gross Profit 毛利
Driven by the above factors, our gross profit increased by 2.87% from 受上述因素推動，本集團毛利由截至2024年6月30日止
RMB4,524.12 million for the six months ended 30 June 2024 to RMB4,654.03 六個月的人民幣4,524.12百萬元增加2.87%至截至2025年
million for the six months ended 30 June 2025, mainly due to the growth of 6月30日止六個月的人民幣4,654.03百萬元，主要是因為
revenue during the period. 期內銷售收入的增長。
The overall gross profit margin of the Group stayed flat, with slightly decrease 本集團的整體毛利率基本穩定，由截至2024年6月30日
from 23.87% for the six months ended 30 June 2024 to 23.29% for the six 止六個月的23.87%減少至截至2025年6月30日止六個月
months ended 30 June 2025. 的23.29%。
Staff Costs and Remuneration Policy 員工成本及薪酬政策
At 30 June 2025, the Group had approximately 16,691 employees. Our staff 於2025年6月30日，本集團約有16,691名員工。本集團員
costs decreased by 3.37% from RMB1,867.49 million for six months ended 30 工成本由截至2024年6月30日止六個月的人民幣1,867.49
June 2024 to RMB1,970.58 million for six months ended 30 June 2025. The 百萬元減少3.37%至截至2025年6月30日止六個月的人民
staff remuneration of the Group comprises of basic salary and bonus payment, 幣1,970.58百萬元。本集團員工薪酬由基本工資和獎勵
which is determined with reference to the operating results of the Group and 工資兩部分組成，獎勵工資依據本集團經營業績及僱員
results of performance assessment on the employees. The Group adheres to the 績效考核情況確定。本集團堅持以效益和業績為導向，
orientation towards efficiency and results as well as the focus on top-tier staff. It 堅持向一線員工傾斜，努力確保收入分配科學合理。
also strives to ensure scientific and reasonable allocation of income.
In order to attract, retain and enrich employees’ knowledge and develop their 為吸引、挽留員工並豐富其知識及提高其技能水平，本
skills, the Group paid more attention to employee training, providing employees 集團極其注重員工培訓，為員工提供不同類別的培訓和
with different types of training and development programs. 發展計劃。
Profit Before Tax 除稅前溢利
Being affected by the factors referred to above in aggregate, our profit before 受前述因素的綜合影響，本集團的除稅前溢利由截至
tax increased by 7.10% from RMB2,836.61 million for the six months ended 30 2024年6月30日止六個月的人民幣2,836.61百萬元上升
June 2024 to RMB3,038.04 million for the six months ended 30 June 2025. 7.10%至截至2025年6月30日止六個月的人民幣3,038.04
百萬元。
Income Tax Expense 所得稅開支
Our income tax expense decreased by 5.96% from RMB485.76 million for the 本集團所得稅開支由截至2024年6月30日止六個月的人
six months ended 30 June 2024 to RMB456.8 million for the six months ended 民幣485.76百萬元減少5.96%至截至2025年6月30日止六
著減少。
Profit for the period 期內溢利
In viewed of the combined effect of the above factors, our profit for the period 受前述因素的綜合影響，本集團的期內溢利及全面收
and the aggregate of comprehensive income increased by 9.80% from 益總額由截至2024年6月30日止年度的人民幣2,350.85百
RMB2,350.85 million for the year ended 30 June 2024 to RMB2,581.24 million 萬元上升9.80%至截至2025年6月30日止年度的人民幣
for the year ended 30 June 2025. 2,581.24百萬元。
Management Discussion and Analysis
管理層討論與分析
Cash Flows and Capital Expenditures 現金流及資本支出
As of 30 June 2025, the Group had RMB2,804.16 million in cash and cash 於2025年6月30日，本集團擁有現金及現金等價物人民
equivalents. The Group’s cash and cash equivalents primarily consist of cash 幣2,804.16百萬元。本集團現金及現金等價物主要包括
and bank deposits. 現金及銀行存款。
Six months ended 30 June
截至6月30日止六個月
RMB millions RMB millions
人民幣百萬元 人民幣百萬元
Net cash generated from operating activities 經營活動所得現金淨額 1,451.66 1,328.27
Net cash used in investing activities 投資活動所用現金淨額 (311.52) (772.78)
Net cash used in financing activities 融資活動所用現金淨額 (1,338.72) (1,289.62)
Net decrease in cash and cash equivalents 現金及現金等價物減少淨額 (198.58) (734.13)
Effect of foreign exchange rate changes 匯率變動的影響 15.15 (18.60)
Cash and cash equivalents at 1 January 於1月1日的現金及現金等價物 2,987.59 4,729.23
Cash and cash equivalents at 30 June 於6月30日的現金及現金等價物 2,804.16 3,976.50
Operating Activities 經營活動
Net cash inflow in operating activities for the six months ended 30 June 2025 截至2025年6月30日止六個月，經營活動現金流入淨額
was RMB1,451.66 million. Cash inflow primarily comprised profit before 為人民幣1,451.66百萬元。現金流入主要包括除稅前溢
taxation of RMB3,038.04 million, primary adjusted for: (i) decrease in trade 利人民幣3,038.04百萬元，主要調整了：(i)貿易及其他應
and other receivables of RMB2,131.73 million; (iii) decrease in inventories 收款項減少人民幣2,131.73百萬元；(ii)存貨減少人民幣
of RMB1,624.34 million; (iii) decrease in contract liabilities of RMB1,039.52 1,624.34百萬元；(iii)合同負債減少人民幣1,039.52百萬元。
million.
Investing Activities 投資活動
Net cash outflow from investing activities for the six months ended 30 June 截至2025年6月30日止六個月，投資活動現金流出淨額
financial assets, certificate of deposits and structured deposits of RMB4,177.17 存單及結構性存款所得款項人民幣4,177.17百萬元；(ii)
million; (ii) withdrawal of pledged bank deposits with original maturity over 提取原到期日為三個月以上的已抵押銀行存款及限制
three months and restricted cash of RMB760.79 million; (iii) withdrawal of 性現金人民幣760.79百萬元；(iii)提取已抵押銀行存款人
pledged bank deposits of RMB950.35 million; (iv) placement for other financial 民幣950.35百萬元；(iv)存放其他金融資產、存單及結構
assets, certificate of deposits and structured deposits of RMB4,312.30 million; 性存款人民幣4,312.30百萬元；(v)存放原到期日為三個
(v) placement of bank deposits with original maturity over three months of 月以上的銀行存款人民幣304.38百萬元；(vi)存放已抵押
RMB304.38 million; (vi) placement of pledged bank deposits of RMB739.65 銀行存款人民幣739.65百萬元；(vii)購置物業、廠房及設
million; (vii) purchases of property, plant and equipment of RMB607.46 million 備人民幣607.46百萬元及(viii)存放衍生金融工具人民幣
and (viii) Placement of derivative financial instruments of RMB21.55 million. 21.55百萬元。
Management Discussion and Analysis
管理層討論與分析
Financing Activities 融資活動
Net cash outflow in financing activities for the six months ended 30 June 截至2025年6月30日止六個月，融資活動現金流出淨額
from borrowing of RMB2,444.07 million; (ii) cash outflow from the repayment 淨額人民幣2,444.07百萬元；及(ii)償還借貸的現金流出
of borrowings in the amount of RMB3,018.66 million; (iii) cash outflow from 人民幣3,018.66百萬元；(iii)已付利息的現金流出人民幣
interests paid of RMB130.10 million. 130.10百萬元。
Capital Expenditures 資本支出
We incurred capital expenditures of RMB744.66 million for the year ended 30 截至2025年6月30日止年度，本集團用於購置物業、廠
June 2025, for purchase of property, plant and equipment and intangible assets. 房及設備以及無形資產的資本支出為人民幣744.66百萬
元。
Commitments and Contingent Liabilities 承擔及或然負債
Capital Commitments 資本承擔
As of 30 June 2025, our commitments consisted of capital commitments for 截至2025年6月30日，本集團的承擔為收購物業、廠房
the acquisition of property, plant and equipment that have been authorized and 及設備的已授權且已訂約的資本承擔人民幣596.33百萬
contracted for in the amount of RMB596.33 million. 元。
Contingent Liabilities 或然負債
During the interim period, the Group has endorsed or discounted, and then 於中期期間，本集團已對若干應收票據進行背書或貼
derecognized certain notes receivable with full recourse. In the opinion of the 現，繼而終止確認該等附有完全追索權的應收票據。本
directors of the Company, the risk of the default in payment of the endorsed or 公司董事認為，由於所有背書及貼現的應收票據由聲譽
discounted notes receivable is low because all endorsed or discounted notes 良好的中國銀行發出及提供擔保，故欠付背書及貼現的
receivable are issued and guaranteed by reputable PRC banks. The maximum 應收票據的風險為低。於各報告期末，本集團可能因欠
exposure to the Group that may result from the default of these endorsed or 付該等背書或貼現及終止確認的應收票據而須承擔的最
discounted and derecognized notes receivable at the end of each reporting 大風險如下：
period is as follows:
At 30 June At 31 December
於2025年 於2024年
RMB millions RMB millions
人民幣百萬元 人民幣百萬元
Outstanding endorsed or discounted notes receivable 具追索權的尚未償還已背書或
with recourse 已貼現應收票據 2,507.40 2,820.45
As at 30 June 2025, the Group has derecognised certain trade receivables 於2025年6月30日，本集團已終止確認已劃轉至銀行的
without recourse which were transferred to banks with amounting to 若干無追索權貿易應收款項人民幣182,292,000元（2024
RMB182,292,000 (31 December 2024: RMB42,337,000). 年12月31日：人民幣42,337,000元）。
Management Discussion and Analysis
管理層討論與分析
Working Capital and Indebtedness 營運資金及負債
The following table sets forth details of our current assets and liabilities as of 30 下表載列截至2025年6月30日本集團流動資產及負債詳
June 2025 (in RMB millions): 情（單位：人民幣百萬元）：
At 30 June At 31 December
於2025年 於2024年
RMB millions RMB millions
人民幣百萬元 人民幣百萬元
CURRENT ASSETS 流動資產
Finance lease receivables, current portion 融資租賃應收款項，流動部分 41.35 20.66
Long-term receivables, current portion 長期應收款項，流動部分 230.29 248.24
Inventories 存貨 8,064.61 9,453.77
Trade and other receivables 貿易及其他應收款項 14,247.36 11,920.55
Transferred trade receivables 已劃轉的貿易應收款項 478.25 431.85
Financial assets at fair value through profit or loss 以公平值計量且其變動計入損益的金融資產 6,231.86 5,821.56
Financial assets at FVTOCI 以公平值計量且其變動計入其他全面收益的
金融資產 1,978.94 2,502.85
Derivative financial instruments 衍生金融工具 40.74 36.39
Tax recoverable 可收回稅項 46.24 38.66
Assets classified as held for sale 分類為持作出售的資產 91.07 91.07
Bank deposits 銀行存款 1,646.72 1,934.56
Cash and cash equivalents 現金及現金等價物 2,804.16 2,987.59
CURRENT LIABILITIES 流動負債
Trade and other payables 貿易及其他應付款項 16,197.24 13,932.21
Contract liabilities 合同負債 2,064.20 3,070.93
Income tax liabilities 所得稅負債 218.62 396.72
Borrowings 借貸 3,502.35 3,404.23
Lease liabilities 租賃負債 188.34 144.70
Provisions 撥備 283.11 273.03
Liabilities associated with transferred trade receivables 與已劃轉的貿易應收款項有關的負債 492.20 445.80
Derivative financial instruments 衍生金融工具 56.56 84.56
NET CURRENT ASSETS 流動資產淨值 12,898.97 13,735.57
As of 30 June 2025, the Group had net current assets of approximately 於2025年6月30日，本集團流動資產淨值約為人民幣
RMB12,898.97 million (31 December 2024: RMB13,735.58 million) and 12,898.97百萬元（2024年12月31日：人民幣13,735.58百
current ratio of 1.56 (31 December 2024: 1.63). The decrease in current ratio 萬元），而流動比率為1.56（2024年12月31日：1.63）。流
was primarily due to the increase in trade and other payables for the period. 動比率下降主要由於期內貿易及其他應付款項增加所
致。
As of 30 June 2025, the balance of the Group’s outstanding borrowings was 於2025年6月30日，本集團未償還借貸餘額為人民幣
RMB5,617.32 million, of which RMB3,502.35 million is current portion (31 5,617.32百萬元，其中流動部分為人民幣3,502.35百萬
December 2024: outstanding borrowings was RMB6,035.65 million, of which 元（2024年12月31日：未償還借貸為人民幣6,035.65百萬
RMB3,404.23 million was current portion). 元，其中流動部分為人民幣3,404.23百萬元）。
Management Discussion and Analysis
管理層討論與分析
Capital Adequacy Ratio 資本充足比率
Gearing ratio is calculated by dividing the total liabilities netting off cash and 負債與權益比率乃按期╱年末負債總額減現金及現金等
cash equivalent at the end of the period/year by total equity at the end of the 價物除以期╱年末權益總額，再乘100%計算。
period/year and multiplying by 100%.
As of 30 June 2025, our gearing ratio was 107% (31 December 2024: 102%). 於2025年6月30日，本集團負債與權益比率為107%（2024
年12月31日：102%）。
Credit Risk 信貸風險
Credit risk arises from trade and other receivables, finance lease receivables, 信貸風險來自貿易及其他應收款項、融資租賃應收款
long-term receivables, structured deposits, derivative assets, loans receivable 項、長期應收款項、結構性存款、衍生資產、應收聯營
from associates and a joint venture, pledged bank deposit, cash and cash 公司及一間合營企業貸款、已抵押銀行存款、現金及現
equivalents. 金等價物。
To manage the risk with respect to pledged bank deposit, cash and cash 為管理與已抵押銀行存款、現金及現金等價物、結構性
equivalents, structured deposits and derivative assets, the Group placed them in 存款及衍生資產相關的風險，本集團將該等資產存置於
or entered into the contract with the banks with high reputation. 聲譽良好的銀行或與該等銀行訂立合同。
The Group has policies in place to ensure that sales are made to reputable and 本集團已制定政策確保向聲譽及信譽良好、具備適當財
creditworthy customers with an appropriate financial strength, credit history 政實力及信貸記錄並提供合適比例訂金的客戶進行銷
and an appropriate percentage of down payments. It also has other monitoring 售。本集團亦制定其他監控程序，確保採取跟進措施收
procedures to ensure that follow-up action is taken to recover overdue debts. 回逾期債務。
In addition, the Group reviews regularly the authorisation of credit limits 此外，本集團定期審閱授予個別客戶的信貸額度及各個
to individual customers and recoverable amount of each individual trade 別貿易應收款項的可收回金額，以確保就無法收回款項
receivables to ensure that adequate impairment losses are made for 計提足夠減值虧損。本集團通常給予客戶30天至180天
irrecoverable amounts. The Group normally grants a credit period of 30 days to 的信貸期，自收入確認日期起生效。
During the interim period, the Group has endorsed and derecognised certain 於本期間，本集團已背書及終止確認若干應收票據，以
notes receivable for the settlement of trade and other payables with full 結算具全面追索權的貿易及其他應付款項。本公司董事
recourse. In the opinion of the Directors of the Company, the risk of the default 認為，由於所有已背書應收票據由聲譽良好的中國銀行
in payment of the endorsed notes receivable is low because all endorsed notes 發出及提供擔保，故欠付已背書應收票據的風險不大。
receivable are issued and guaranteed by reputable PRC banks.
The Group considers the probability of default upon initial recognition of asset 本集團考慮於初步確認資產時的違約可能性及於各報告
and whether there has been a significant increase in credit risk on an ongoing 期間的信貸風險會否持續顯著增加。為評估信貸風險有
basis throughout each reporting period. To assess whether there is a significant 否顯著增加，本集團將資產於報告日期的違約風險與於
increase in credit risk, the Group compares the risk of default occurring on the 首次確認日期的違約風險進行比較。預期信貸虧損率基
asset as at the reporting date with the risk of default as at the date of initial 於過往1至3年的過往信貸虧損情況釐定，並作出調整以
recognition. The expected credit loss rates are determined based on historical 反映影響客戶結清應收款項能力的宏觀經濟因素等當前
credit losses experienced from the past 1 to 3 years and are adjusted to reflect 及前瞻性資料。本集團亦考慮可獲得的合理有據前瞻性
current and forward-looking information such as macroeconomic factors 資料。
affecting the ability of the customers to settle the receivables. The Group also
considers available reasonable and supportive forwarding-looking information.
As at 30 June 2025, the balance of bank borrowings totaling to 於 2025 年 6 月 30 日 ， 銀 行 借 貸 結 餘 合 共 人 民 幣
RMB139,518,000 were secured by the pledge of the land use rights amounting 139,518,000元由為數人民幣57,743,000元的土地使用權
to RMB57,743,000. 質押作抵押。
Management Discussion and Analysis
管理層討論與分析
Interest Rate Risk 利率風險
The Group is exposed to cash flow interest rate risk in relation to variable-rate 本集團就浮息借貸承受現金流量利率風險。目前，本集
borrowings. Currently, the Group does not have a specific policy to manage its 團並無特定政策管理其利率風險，惟管理層將密切留意
interest rate risk, but management will closely monitor interest rate exposures 利率風險，並在有需要時考慮對沖重大利率風險。
and consider hedging significant interest rate risk should the need arise.
Currency Risk 貨幣風險
The Group operates internationally and is exposed to foreign exchange risk 本集團從事國際性業務，並承受多種非功能貨幣產生的
arising from various non-functional currencies. Foreign exchange risk arises 外匯風險。外匯風險自日後商業交易、已確認資產及負
from future commercial transactions, recognised assets and liabilities. 債產生。
The actual foreign exchange risk faced by the Group therefore is primarily with 因此，本集團面對的實際外匯風險主要與非功能貨幣的
respect to non-functional currency bank balances, receivables, borrowings and 銀行結餘、應收款項及借款及應付款項
（統稱「非功能貨
payables (collectively “Non-Functional Currency Items”). 幣項目」）有關。
Management monitors foreign exchange exposure and will consider hedging 管理層監控外匯風險，並將於需要時考慮使用外匯遠期
certain foreign currency exposure by using foreign exchange forward contracts 合同對沖若干外幣風險。
when the need arises.
The Group is mainly exposed to the foreign currency risk between United States 本集團主要承擔美元兌人民幣、歐元兌人民幣的外匯風
dollars (“USD”)/RMB, Euro (“EUR”)/RMB. 險。
Directors, Supervisors and Chief Executives
董事、監事及最高行政人員
Change in information of Directors, Supervisors and 董事、監事及最高行政人員資料變化
Chief Executives
Changes of Directors 董事變更
As stated in the Company’s announcement dated 9 January 2025, the Board 誠如本公司日期為2025年1月9日的公告所述，本公司董
of Directors of the Company received resignation letters from Mr. FU Zugang, 事會於2025年1月9日收到本公司前任執行董事付祖岡先
a former executive director of the Company, and Mr. YUE Taiyu, a former non- 生及前任非執行董事岳泰宇先生提交的辭職報告。付祖
executive director of the Company, on 9 January 2025. Mr. FU Zugang has 岡先生因工作調整原因，申請辭去本公司第六屆董事會
applied to resign from his position as an executive director of the sixth session 執行董事職務及董事會戰略與可持續發展委員會委員職
of the board of directors of the Company and as a member of the Strategic 務，辭任後將繼續擔任其在本公司的其他職務。岳泰宇
and Sustainable Development Committee of the board of directors due to 先生因擬專注於其他工作事務，申請辭去本公司第六屆
work adjustments. Following his resignation, he will continue to hold his other 董事會非執行董事職務及董事會戰略與可持續發展委員
positions within the Company. Mr. YUE Taiyu has applied to resign from his 會委員職務，辭任後不在本公司擔任任何職務。付祖岡
position as a non-executive director of the sixth session of the board of directors 先生及岳泰宇先生的辭任於2025年1月9日起生效。
of the Company and as a member of the Strategic and Sustainable Development
Committee due to his intention to focus on other work-related matters. Following
his resignation, he will no longer hold any position within the Company. The
resignation of Mr. FU Zugang and Mr. YUE Taiyu took effect on 9 January 2025.
Abolition of the Board of Supervisors and Retirement of 取消監事會、監事退任
Supervisors
As stated in the Company’s announcement dated 28 April 2025, in accordance 誠如本公司日期為2025年4月28日的公告所述，根據據
with the provisions of the Company Law of the People’s Republic of China (the 《中華人民共和國公司法》 （「《公司法》」）、中國證監會發
“Company Law”), the Transitional Arrangement Relating to the Implementation 佈的《關於新配套制度規則實施相關過渡期安排》 （「《過
of the Supporting System and Rules of the New Company Law issued by 渡期安排》」）以及《上市公司章程指引》 （「《章程指引》」）
the China Securities Regulatory Commission (“CSRC”) (“Transitional 等相關法律法規、規範性文件的規定，為進一步完善公
Arrangement”) and the Guidelines on the Articles of Association of Listed 司治理結構，提升公司規範運作和科學決策水平，本公
Companies (“Guidelines on the Articles of Association”) and other relevant laws, 司決定不再設置監事會，將監事會的職權由董事會審計
regulations and regulatory documents, in order to further improve the corporate 與風險管理委員會行使。有關取消監事會並修訂《公司
governance structure and enhance the standardized operation and scientific 章程》的事項於2025年6月17日舉行之2025年第二次臨時
decision-making level of the Company, the Company has decided to abolish the 股東大會獲正式批准。於2025年6月17日起，本公司不
Board of Supervisors and transfer the powers of the Board of Supervisors to the 再設置監事會，原任監事劉強先生、程翔東先生、祝願
Audit and Risk Management Committee of the Board of Directors. The matters 女士正式退任。
in relation to the abolition of the Board of Supervisors and the amendment to the
Articles of Association were formally approved at the 2025 Second Extraordinary
General Meeting held on 17 June 2025. Since 17 June 2025, the Company will
no longer establish a Board of Supervisors, and the former supervisors, Mr. LIU
Qiang, Mr. CHENG Xiangdong and Ms. ZHU Yuan, have officially retired.
Except as disclosed above, as of the date of this report, there have been no 除上文所披露外，截至本報告披露日，本公司概無董
changes in the information regarding the Company’s directors, supervisors, or 事、監事、最高行政人員資料變化。
senior management personnel.
Model Code for Securities Transactions by Directors 董事、監事進行證券交易的標準守則
and Supervisors
The Company has adopted the Model Code for Securities Transactions by 本公司已採納聯交所上市規則附錄C3所載《上市發行人
Directors of Listed Issuers (the “Model Code”) set out in Appendix C3 to the 董事進行證券交易的標準守則》
（「標準守則」），作為公
Listing Rules of the Stock Exchange as its code of conduct regarding securities 司有關董事、監事證券交易的行為守則。本公司已向全
transactions by the Directors and the Supervisors. The Company has made 體董事和監事作出具體查詢，在任的董事及監事在其各
specific enquiries with all the Directors and Supervisors who held such offices 自任職期間均已確認彼等一直遵守標準守則。
during the Reporting Period, have confirmed their compliance with the Model
Code.
Directors, Supervisors and Chief Executives
董事、監事及最高行政人員
Directors’ and Chief Executives’ Interests and Short 董事及最高行政人員於本公司及其相聯
Positions in Securities of the Company and its 法團的證券中之權益及淡倉*
Associated Corporations*
To the knowledge of the Directors, as at 30 June 2025, the Directors and chief 據董事所知，於2025年6月30日，本公司各董事及本公
executives of the Company had interests and short positions in the shares, 司最高行政人員於本公司或其任何相聯法團（定義見香
underlying shares and debentures of the Company or any of its associated 港《證券及期貨條例》（「《證券及期貨條例》」）的股份、相
corporations (as defined in the “Securities and Futures Ordinance” (the “SFO”) 關股份及債券中擁有任何根據《證券及期貨條例》第XV部
of Hong Kong) which were required to be notified to the Company and the Stock 第7及第8分部須知會本公司及聯交所的權益及淡倉（包
Exchange pursuant to the provisions of Divisions 7 and 8 of Part XV of the 括彼根據《證券及期貨條例》的有關條文而被當作或視作
SFO (including interests and short positions which they were taken or deemed 擁有的權益及淡倉），或根據《證券及期貨條例》第352條
to have under relevant provisions of the SFO); or were required, pursuant 須載入該條例所述的登記冊的權益及淡倉（包括彼根據
to Section 352 of the SFO, to be recorded in the register referred to therein 《證券及期貨條例》的有關條文而被當作或視作擁有的權
(including interests and short positions which they were taken or deemed to 益及淡倉），或根據上市規則內標準守則須知會本公司
have under relevant provisions of the SFO); or were required to be notified to the 及聯交所的權益及淡倉如下：
Company and the Stock Exchange pursuant to the Model Code under the Listing
Rules, which are stated as follows:
Approximate Approximate
percentage of percentage of
the relevant the total Long position/
Director/ Capacity/ Class of Number of class of number of Short position/
Name Chief executive Nature of interest shares shares capital % shares % Lending pool
佔有關股本 佔股份 好倉╱淡倉╱
類別的概約 總數的概約 可供借出的
姓名 董事╱最高行政人員 身份╱權益性質 股份類別 股份數目 百分比% 百分比% 股份
Jiao Chengyao Director Beneficial owner A Share 4,226,964 0.274 0.237 Long position
焦承堯 董事 實益擁有人 A股 好倉
Jia Hao Director/Chief executive Beneficial owner A Share 2,442,300 0.158 0.137 Long position
賈浩 董事、最高行政人員 實益擁有人 A股 好倉
Meng Hechao Director Beneficial owner A Share 231,000 0.015 0.013 Long position
孟賀超 董事 實益擁有人 A股 好倉
Li Kaishun Director Beneficial owner A Share 201,000 0.013 0.011 Long position
李開順 董事 實益擁有人 A股 好倉
* On 17 June 2025, the board of supervisors was abolished and all Supervisors * 於2025年6月17日，本公司取消監事會，全體監事均於
retired on 17 June 2025. The Company did not have any Supervisors as at 30 2025年6月17日退任。於2025年6月30日，本公司並無任何
June 2025. For details, please refer to the sub-section “Abolition of the Board of 監事。詳情請參閱本報告「董事、監事及最高行政人員」
Supervisors and Retirement of Supervisors” under the section headed “Directors, 一節「取消監事會、監事退任」分節。
Supervisors and Chief Executives” in this report.
Directors, Supervisors and Chief Executives
董事、監事及最高行政人員
Directors’ and Chief Executives’ Interests and Short 董事及最高行政人員於本公司及其相聯
Positions in Securities of the Company and its 法團的證券中之權益及淡倉*（續）
Associated Corporations* (Continued)
Save as disclosed above, as at 30 June 2025, none of the directors or chief 除上文所披露者外，於2025年6月30日，本公司各董事
executives of the Company had any interest or short position in the shares, 或最高行政人員概無於本公司或任何相聯法團（定義見
underlying shares or debentures of the Company or any of its associated 香港《證券及期貨條例》）的股份、相關股份或債券中，
corporations (as defined in the SFO of Hong Kong) which were required to be 擁有任何根據《證券及期貨條例》第XV部第7及第8分部須
notified to the Company and the Stock Exchange pursuant to the provisions of 知會本公司及聯交所的權益或淡倉（包括彼等視為擁有
Divisions 7 and 8 of Part XV of the SFO (including interests or short positions 的權益或淡倉），或根據《證券及期貨條例》第352條須載
which they are deemed to have); or were required, pursuant to Section 352 of 入該條例所述的登記冊的權益或淡倉，或根據聯交所上
the SFO, to be recorded in the register referred to therein; or were required to 市規則內上市公司董事進行證券交易的標準守則須知會
be notified to the Company and the Stock Exchange pursuant to the Model Code 本公司和聯交所的權益或淡倉。
for Securities Transactions by Directors of Listed Companies under the Listing
Rules of the Stock Exchange.
Independent Non-executive Directors 獨立非執行董事
The Company has appointed a sufficient number of independent non-executive 本公司已根據聯交所上市規則的規定委任足夠數目、並
directors with appropriate professional qualifications or accounting or related 具備適當的專業資格、或具備適當的會計或相關財務管
financial management expertise as required under the Listing Rules. As at 理專長的獨立非執行董事。於2025年6月30日，本公司
directors, namely Mr. Cheng Jinglei, Mr. Ji Feng, Mr. Fang Yuan and Ms. Yao 先生、方遠先生和姚艷秋女士。
Yanqiu.
Structure and Number of Shareholders 股東結構及股東人數
Details of the shareholders recorded in the register of members of the Company 於2025年6月30日，本公司股東名冊所記錄的股東詳情
as at 30 June 2025 are as follows: 如下：
Shareholders of A Shares A股股東 46,608
Shareholders of H Shares H股股東 56
Total number of shareholders 股東總數 46,664
Directors, Supervisors and Chief Executives
董事、監事及最高行政人員
Substantial Shareholders’ Interests and Short 主要股東於本公司所持股份、相關股份
Positions in Shares and Underlying Shares of the 之權益及淡倉
Company
To the knowledge of the Directors, as at 30 June 2025, the following 據董事所知，於2025年6月30日，下列股東（董事或最高
shareholders (other than the Directors or chief executives) had interests or short 行政人員除外）於本公司的任何股份及相關股份中，擁
positions in any shares and the underlying shares of the Company which were 有根據《證券及期貨條例》第XV部第2及3分部須知會本公
required to be notified to the Company pursuant to the provisions of Divisions 2 司的權益或淡倉，或根據《證券及期貨條例》第336條須
and 3 of Part XV of the SFO, or which were required, pursuant to Section 336 of 記入本公司備存的登記冊的權益或淡倉：
the SFO, to be recorded in the register of members kept by the Company:
Approximate Approximate
percentage of percentage of
the relevant the total Long position/
Capacity/ Nature Class of Number of class of number of Short position/
Name of interest shares shares shares % shares % Lending pool
佔有關股份 好倉╱淡倉╱
類別的概約 佔股份總數的 可供借出的
姓名 身份╱權益性質 股份類別 股份數目 百分比% 概約百分比 股份
Henan Asset Management Co., Ltd.(1) Interest of beneficial A Share 333,194,876 21.61 18.66 Long position
河南資產管理有限公司(1) owner and party acting A股 好倉
in concert
實益擁有人及一致 H Share 8,645,200 3.55 0.48 Long position
行動人士的權益 H股 好倉
Hong Yi Investment Management Beneficial owner A Share 263,985,719 17.12 14.79 Long position
(Henan) Partnership 實益擁有人 A股 好倉
(Limited Partnership)(1)
泓羿投資管理（河南）合夥企業
（有限合夥）(1)
State-owned Assets Supervision and Beneficial owner A Share 243,892,381 15.81 13.66 Long position
Administration Commission of Henan 實益擁有人 A股 好倉
Provincial People’s Government(2)
河南省人民政府國有資產監督
管理委員會(2)
Henan State-owned Capital Operation Beneficial owner/Interest in A Share 243,892,381 15.81 13.66 Long position
Group Co., Ltd.(2) a controlled corporation A股 好倉
河南國有資本運營集團有限公司(2) 實益擁有人╱於受控
法團的權益
Directors, Supervisors and Chief Executives
董事、監事及最高行政人員
Substantial Shareholders’ Interests and Short 主要股東於本公司所持股份、相關股份
Positions in Shares and Underlying Shares of the 之權益及淡倉（續）
Company (Continued)
Approximate Approximate
percentage of percentage of
the relevant the total Long position/
Capacity/ Nature Class of Number of class of number of Short position/
Name of interest shares shares shares % shares % Lending pool
佔有關股份 好倉╱淡倉╱
類別的概約 佔股份總數的 可供借出的
姓名 身份╱權益性質 股份類別 股份數目 百分比% 概約百分比 股份
Henan State-owned Capital Operation Beneficial owner A Share 34,159,479 2.22 1.91 Long position
Group Investment Co., Ltd.(2) 實益擁有人 A股 好倉
河南國有資本運營集團投資
有限公司(2)
Henan Zhongyu Green New Energy Beneficial owner A Share 31,508,305 2.04 1.76 Long position
Co., Ltd.(2) 實益擁有人 A股 好倉
河南中豫格林新能源有限公司(2)
The Bank of New York Mellon Interest in a controlled H Share 16,490,734 6.78 Long position
Corporation(3) corporation H股 好倉
於受控法團的權益
Interest in a controlled H Share 5,680,519 2.34 Lending pool
corporation H股 可供借出的股份
於受控法團的權益
UBS Group AG(4) Interest in a controlled H Share 13,142,474 5.40 Long position
corporation H股 好倉
於受控法團的權益
Interest in a controlled H Share 2,300,000 0.95 Long position
corporation H股 好倉
於受控法團的權益
Directors, Supervisors and Chief Executives
董事、監事及最高行政人員
Substantial Shareholders’ Interests and Short 主要股東於本公司所持股份、相關股份
Positions in Shares and Underlying Shares of the 之權益及淡倉（續）
Company (Continued)
Notes: 附註：
(1) Henan Asset Management Co., Ltd. directly holds 69,209,157 A Shares and (1) 河南資產管理有限公司直接持有69,209,157股本公司A股
Henan Asset Management Co., Ltd. is deemed a party acting in concert with Hong (a)條，河南資產管理有限公司被視作為泓羿投資管理（河
Yi Investment Management (Henan) Partnership (Limited Partnership). Hence, Henan 南）合夥企業（有限合夥）的一致行動人士，因此河南資產
Asset Management Co., Ltd. is deemed to own the same batch of 263,985,719 A 管理有限公司被視作擁有由泓羿投資管理（河南）合夥企
Shares of the Company directly held by Hong Yi Investment Management (Henan) 業（有限合夥）直接持有同一批263,985,719股本公司A股。
Partnership (Limited Partnership). Henan Asset Management Co., Ltd. directly owns 河南資產管理有限公司直接及被視作擁有合共333,194,876
and is deemed to own an aggregate of 333,194,876 A Shares and 8,645,200 H 股本公司A股及8,645,200股本公司H股。
Shares of the Company.
(2) Henan State-owned Capital Operation Group Investment Co., Ltd. directly holds (2) 河南國有資本運營集團投資有限公司直接持有34,159,479
directly holds 31,508,305 A Shares of the Company. Henan State-owned Capital 31,508,305股本公司A股。河南國有資本運營集團有限公司
Operation Group Co., Ltd. directly holds 178,224,597 A Shares of the Company. 直接持有178,224,597股本公司A股。河南國有資本運營集
Henan State-owned Capital Operation Group Investment Co., Ltd. and Henan 團投資有限公司及河南中豫格林新能源有限公司都是河
Zhongyu Green New Energy Co., Ltd. are wholly owned subsidiaries of Henan State- 南國有資本運營集團有限公司的全資附屬公司。河南國
owned Capital Operation Group Co., Ltd. Henan State-owned Capital Operation 有資本運營集團有限公司為河南省人民政府國有資產監
Group Co., Ltd. is a wholly owned subsidiary of the State-owned Assets Supervision 督管理委員會的全資附屬公司。
and Administration Commission of Henan Provincial People’s Government.
Pursuant to the SFO, the State-owned Assets Supervision and Administration 根據證券及期貨條例，河南省人民政府國有資產監督管
Commission of Henan Provincial People’s Government is deemed to own the same 理委員會被視作擁有由河南國有資本運營集團有限公司
batch of 243,892,381 A Shares of the Company directly held by Henan State- 直接持有同一批243,892,381股本公司A股。
owned Capital Operation Group Co., Ltd.
Directors, Supervisors and Chief Executives
董事、監事及最高行政人員
Substantial Shareholders’ Interests and Short 主要股東於本公司所持股份、相關股份
Positions in Shares and Underlying Shares of the 之權益及淡倉（續）
Company (Continued)
Notes: (Continued) 附註：（續）
(3) The Bank of New York Mellon Corporation is interested in a total of 16,490,734 (long (3) The Bank of New York Mellon Corporation（ 於 本 公 司 持 有 合 共
position) and 5,680,519 (Lending pool) H Shares held in the Company. As disclosed 16,490,734股（好倉）及5,680,519股（可供借出的股份）H股權
in the notice of interest submitted by The Bank of New York Mellon Corporation (with 益。根據The Bank of New York Mellon Corporation提交的權益通
the relevant event dated 30 June 2025), The Bank of New York Mellon Corporation is 知（相關事件日期為2025年6月30日）所披露，以下於H股的
interested in the following H Shares: 權益由The Bank of New York Mellon Corporation持有：
Name of controlled Name of Direct interest Number of
Corporation controlling person % control (Y/N) shares
直接權益
受控制法團名稱 控權人士名稱 控制百分比 （是╱否） 股份數目
The Bank of New York Mellon The Bank of New York 100.00 Y Long position 16,490,734
Mellon Corporation 是 好倉
(4) UBS Group AG is interested in a total of 13,142,474 (long position) and 2,300,000 (4) UBS Group AG 於 本 公 司 持 有 合 共 13,142,474 股（ 好 倉 ）及
(short position) H Shares held in the Company. 3,561,400 (long position) H Shares 2,300,000股（淡倉）H股權益。3,561,400股（好倉）H股通過以
are held by non-listed derivative instrument through cash settlement. As disclosed 現金結算的非上市衍生工具持有。根據UBS Group AG提交
in the notice of interest submitted by UBS Group AG (with the relevant event dated 的權益通知（相關事件日期為2026年6月18日）所披露，以
Name of controlling Direct interest
Name of controlled Corporation person % control (Y/N) Number of shares
直接權益
受控制法團名稱 控權人士名稱 控制百分比 （是╱否） 股份數目
UBS Asset Management (Americas) LLC UBS Group AG 100.00 Y Long position 10,302,400
是 好倉
UBS AG UBS Group AG 100.00 Y Long position 2,835,074
是 好倉
Short position 2,300,000
淡倉
UBS Fund Management (Switzerland) AG UBS Group AG 100.00 Y Long position 5,000
是 好倉
Material Events
重要事項
Equity Interest 股本權益
As at 30 June 2025, the aggregate share capital of the H shares of the 截 至 2025 年 6 月 30 日 ， 本 公 司 H 股 股 本 總 數 為 人 民
Company was RMB243,234,200, divided into 243,234,200 shares of RMB1.00 幣 243,234,200 元 ， 分 為 243,234,200 股 ， 每 股 面 值 人
each. The aggregate share capital of the A shares of the Company was 民 幣 1.00 元 的 股 份 ； 本 公 司 A 股 股 本 總 數 為 人 民 幣
RMB1,542,165,730, divided into 1,542,165,730 shares of RMB1.00 each. 1,542,165,730元，分為1,542,165,730股，每股面值人民
幣1.00元的股份。
Interim Dividend 中期股息
The Board did not propose the payment of interim dividend for the six months 本公司董事會並無建議派付截至2025年6月30日止六個
ended 30 June 2025. 月之中期股息。
Use of Proceeds from Initial Public Offering on the 在聯交所首次公開招股所得款項的使用
Stock Exchange
All the proceeds raised from the H Share offering of the Company have been used 本公司H股募集資金已在2021年12月31日之前全部使用
up before 31 December 2021. 完畢。
Corporate Governance 企業管治
The Board of the Company is committed to maintaining a high standard 本公司董事會致力維護高水平企業管治。董事會相信，
of corporate governance practices. The Board believes that effective and 有效及合理的企業管治常規對本集團之發展至關重要，
reasonable corporate governance practices are essential to the development of 同時可保障及提升股東權益。
the Group and can safeguard and enhance the interests of the shareholders.
The Company was listed on the Stock Exchange on 5 December 2012. During 本公司自2012年12月5日在聯交所上市。自2025年1月1
the period from 1 January 2025 and up to 30 June 2025 (the “Review 日起至2025年6月30日止期間（「回顧期間」），本公司已
Period”), the Company complied with the requirements in the code provisions 遵守聯交所證券上市規則（「上市規則」）附錄C1《企業管
as set out in the Corporate Governance Code and Corporate Governance Report 治守則》及《企業管治報告》之守則條文所載規定。
contained in Appendix C1 to the Rules Governing the Listing of Securities on the
Stock Exchange (the “Listing Rules”)
Material Events
重要事項
A-Share Employee Stock Ownership Scheme A股員工持股計劃
On 17 April 2025, the Board of Directors of the Company proposed the adoption 本公司董事會於2025年4月17日建議採納2025年A股員工
of the 2025 A-Share Employee Stock Ownership Scheme (the “Employee 持股計劃（「員工持股計劃」），與本次員工持股計劃有關
Stock Ownership Scheme”), and matters related to the current Employee 的事項已在2025年6月5日舉行的本公司股東周年大會獲
Stock Ownership Scheme were approved by the shareholders at the Company’s 股東批准。
Annual General Meeting held on 5 June 2025.
The purpose of the current Employee Stock Ownership Scheme is to further 本次員工持股計劃旨在進一步完善公司法人治理結構，
improve the Company’s corporate governance structure, establish and improve 建立和完善勞動者與所有者的利益共享、風險共擔機
the mechanism for sharing interests and risks between employees and owners, 制，有效地將股東、上市公司和核心管理團隊三方利益
effectively combine the interests of shareholders, listed companies and 相結合，充分調動公司員工的積極性和創造力，增強員
core management teams, fully mobilize the enthusiasm and creativity of the 工的凝聚力，進一步提高公司治理水平和競爭力，促進
Company’s employees, enhance the cohesion of employees, further strengthen 公司長期、持續、健康發展，確保公司未來發展戰略和
the governance and competitiveness of the Company, facilitate the long-term, 經營目標的實現。
sustainable and healthy development of the Company and ensure the realization
of the strategy for future development and business goals of the Company.
The current Employee Stock Ownership Scheme has a total of 307 本次員工持股計劃的參與人員共計307人，股份總數為
Participants, with a total of 39,120,130 A Shares, and a total amount of 39,120,130股A股，資金總額為人民幣279,708,930元，以
funds of RMB279,708,930. The subscription unit is “portion”, with each 「份」作為認購單位，每一份額為人民幣1元。9名人士包
portion has a value of RMB1. Nine individuals, including directors (including 括董事（包括焦承堯先生、賈浩先生、孟賀超先生和李
Mr. JIAO Chengyao, Mr. JIA Hao, Mr. MENG Hechao, and Mr. LI Kaishun) 開順先生）及高級管理人員共持有份額人民幣71,086,230
and senior management personnel, collectively hold portions with the value 元，佔本次員工持股計劃的25.41%，本公司及子公司核
of RMB71,086,230, accounting for 25.41% of the total portions under 心管理人員、核心骨幹（包括研發、銷售、管理等核心
the Employee Stock Ownership Scheme. A total of 298 core management 骨幹）人員298名，共持有份額人民幣208,622,700元，佔
personnel and core backbones (including core backbones in R&D, sales and 本次員工持股計劃的74.59%。
management) of the Company and its subsidiaries hold portions with the value
of RMB208,622,700, accounting for 74.59% of the total shares under the
Employee Stock Ownership Scheme.
The underlying shares of the current Employee Stock Ownership Scheme are 本次員工持股計劃的股票來源為本公司回購的A股股
A Shares repurchased by the Company, with a validity period of 72 months, 票，存續期為72個月，自公司股東大會審議通過且公司
commencing from the date on which the scheme is approved by the Company’s 公告最後一筆標的股票過戶至本次員工持股計劃名下之
General Meeting and the last batch of shares are transferred to the name of 日起計算。本次計劃自公司公告完成從公司回購專用證
the Employee Stock Ownership Scheme. The scheme establishes a 12-month 券賬戶受讓回購的A股標的股票的公告之日起設立12個
lock-up period, commencing from the date the Company announces the 月的鎖定期。鎖定期結束後分兩期解鎖，解鎖時點分別
completion of the transfer of the repurchased A Shares from the dedicated 為自公司公告最後一筆標的股票過戶至本次員工持股計
securities account. After the conclusion of the lock-up period, the shares will be 劃名下之日起滿12個月、24個月，每批解鎖的標的股票
unlocked in two installments, with the unlocking dates being 12 months and 24 比例分別為50%、50%，各期具體解鎖比例和數量將根
months from the date the Company announces the transfer of the last batch of 據公司業績指標和持有人個人績效考核結果計算確定。
underlying shares to the name of this Employee Stock Ownership Scheme. Each
installment will unlock 50% and 50% of the target shares, respectively, with
the specific unlocking ratios and quantities for each period to be determined
based on the Company’s performance indicators and the individual performance
appraisal results of the holders.
After the reporting period, the 39,120,130 A Shares held in the “Special 於報告期後，「鄭州煤礦機械集團股份有限公司回購專
Securities Account for Share Repurchase of Zhengzhou Coal Mining Machinery 用證券賬戶」內的39,120,130股A股股票已非交易過戶至
Group Co., Ltd.” have been transferred to the “Special Securities Account for the 「鄭州煤礦機械集團股份有限公司－2025年員工持股計
Group Co., Ltd.”, with a transfer price of RMB7.15 per share.
Material Events
重要事項
Purchase, sale or redemption of the Company’s listed 購買、出售或贖回本公司上市證券
securities
Situation regarding the repurchase of A-shares through centralized 以集中競價交易方式回購A股股份情況：
competitive bidding:
The Company held its 12th meeting of the Sixth Session of the Board of 本公司於2025年3月12日召開第六屆董事會第十二次會
Directors on 12 March 2025, and approved a plan to repurchase the Company’s 議，審議通過了擬以集中競價交易方式回購公司A股股
A Shares through centralized competitive bidding (“Share Repurchase Plan”). 份的方案（「股份回購方案」）。根據股份回購方案，本公
Pursuant to the Share Repurchase Plan, the Company intends to use its own 司擬使用自有資金及自籌資金通過集中競價交易方式回
funds and internally raised funds to repurchase a portion of its issued ordinary 購公司已發行的部分人民幣普通股（A股），並在未來適
shares (A-shares) through centralized competitive bidding, and to use the 宜時機將前述回購股份用於公司股權激勵或員工持股計
repurchased shares for equity incentive plans or employee stock Ownership 劃。公司本次回購股份的資金總額不低於人民幣5億元
Schemes at an appropriate time in the future. The total amount of funds for the （含），不超過人民幣6億元（含），回購股份價格不超過
repurchase of shares shall not be less than RMB500 million (inclusive) and shall 人民幣17.00元╱股，回購股份期限為自公司董事會審
not exceed RMB600 million (inclusive). The repurchase price shall not exceed 議通過本次回購股份方案之日起6個月內。
RMB17.00 per share, and the repurchase period shall be within six months from
the date of approval of the Share Repurchase Plan by the Board of Directors.
Pursuant to the share repurchase plan, the Company repurchased a total 根據股份回購方案，本公司於報告期內以集中競價交易
of 39,120,130 A Shares through centralized competitive bidding during the 方式累計回購A股股份39,120,130股，回購成交總金額為
reporting period, with a total repurchase price of RMB599,917,693.20 (excluding 人民幣599,917,693.20元（不含交易費用）。
transaction fees).
As of 31 March 2025, the share repurchase plan was completed. In March 截至2025年3月31日，本次股股份回購方案已實施完
centralized competitive bidding on Shanghai Stock Exchange, representing 證券交易所累計回購公司A股股份39,120,130股，佔截
transaction price for this share repurchase was RMB15.86 per share, and the 交價為人民幣15.86元╱股，最低成交價為人民幣15.05
lowest transaction price was RMB15.05 per share. The average transaction 元╱股，回購成交均價為人民幣15.335元╱股，回購支
price for the repurchases was RMB15.335 per share, with a total repurchase 付的總金額為人民幣599,917,693.20元（不含交易費用）。
amount of RMB599,917,693.20 (excluding transaction fees). These treasury 該等庫存股後續將用於實施股權激勵計劃或員工持股計
shares will subsequently be used for implementing equity incentive plans or 劃。
employee stock ownership schemes.
Material Events
重要事項
Except as disclosed above, the Company or any of its subsidiaries did not 除上文所披露者外，本公司或其他任何附屬公司於回顧
purchase, sell, or redeem any of the Company’s listed securities (including the 期間概無購買、出售或贖回本公司任何上市證券（包括
sale of treasury shares) during the period under review. 出售庫存股份）。
Acquisition and Disposal 收購與處置
During the Review Period, the Company was not involved in any material action 於回顧期間，本公司概無涉及任何重大收購與處置資產
of acquisition and disposal of assets. 行為。
Material Litigation and Arbitration 重大訴訟及仲裁
During the Review Period, the Company was not involved in any material 於回顧期間，本公司概無涉及任何重大訴訟或仲裁，亦
litigation or arbitration, and there was no litigation or claim of material 無任何尚未了結或可能提出或被控的重大訴訟或索償。
importance pending and threatened by or against the Company.
Audit Committee 審計委員會
The audit and risk management committee of the Company (the “Audit 本公司審計與風險管理委員會（「審計委員會」）已審閱本
Committee”) has reviewed the accounting standards and practices adopted by 公司所採納的會計準則及慣例，並討論有關審計、內部
the Company, and discussed the matters related to auditing, internal control and 監控及財務申報事項。審計委員會已審閱本公司截至
financial reporting. The Audit Committee has reviewed the unaudited interim 2025年6月30日止六個月未經審核中期簡明綜合財務資
condensed consolidated financial information for the six months ended 30 June 料及本中期報告。
Material Events
重要事項
Events after the reporting period 期後事項
Change of Company Name and Stock Short Name 更改公司名稱及證券簡稱
The Board of Directors of the Company proposed on 28 April 2025, to change 本公司董事會於2025年4月28日建議變更公司名稱、證
the Company’s name and stock short name. This matter was approved by the 券簡稱，該事項由本公司股東於2025年6月17日舉行之
Company’s shareholders at the 2025 Second Extraordinary General Meeting 2025年第二次臨時股東大會上以投票表決方式批准。
held on 17 June 2025 by way of voting.
On 7 July 2025, the Company completed the business registration procedures 於2025年7月7日，本公司完成了公司名稱的工商變更登
for the change of company name and obtained the new business license issued 記手續，並取得了鄭州市市場監督管理局換發的營業執
by the Administration of Market Regulation of Zhengzhou City. Effective from 7 照。自2025年7月7日起，本公司的公司中文名稱由「鄭
July 2025, the Company’s Chinese name has been changed from “鄭州煤礦 州煤礦機械集團股份有限公司」變更為「中創智領（鄭州）
機械集團股份有限公司” to “中創智領（鄭州）工業技術集團股份有 工業技術集團股份有限公司」。
限公司”.
On 30 July 2025, the Registrar of Companies in Hong Kong issued the 於2025年7月30日，香港公司註冊處處長發出《註冊非香
“Certificate of Registration of Alteration of Name of Registered Non-Hong Kong 港公司變更名稱註冊證明書》 （「《證明書》」），《證明書》
Company” (“the Certificate”), The Certificate confirms that the English name 確認本公司根據《公司條例》 （香港法例第622章）第16部
of the Company registered in Hong Kong under Part 16 of the Companies 在香港註冊的英文名稱由「Zhengzhou Coal Mining Machinery
Ordinance (Cap. 622 of the Laws of Hong Kong) has been changed from Group Company Limited」變更為「ZMJ Group Company Limited」
“Zhengzhou Coal Mining Machinery Group Company Limited” to “ZMJ Group 及中文名稱由「鄭州煤礦機械集團股份有限公司」 變更為
Company Limited”, and the Chinese name has been changed from “鄭州煤礦 「中創智領（鄭州）工業技術集團股份有限公司」。
機械集團股份有限公司” to “中創智領（鄭州）工業技術集團股份有
限公司”.
The Chinese stock short name for the Company’s H Shares traded on the Hong 本公司於香港聯交所進行買賣H股之中文證券簡稱由
Kong Stock Exchange has been changed from “鄭煤機” to “中創智領”, 「鄭煤機」變更為「中創智領」，自2025年8月13日上午9時
effective as of 9:00 a.m. on August 13, 2025. The English stock short name 正起生效。本公司於香港聯交所進行買賣H股之英文證
for the Company’s H shares traded on the Hong Kong Stock Exchange remains 券簡稱保持不變，仍為「ZMJ」，本公司H股股份代號亦
unchanged as “ZMJ”, and the stock code for the Company’s H shares also 維持不變，仍為「00564」。
remains unchanged as “00564”.
Further details are set out in the announcements of the Company dated 28 April 有關詳情載於本公司日期為2025年4月28日、2025年6月
Report on Review of Condensed Consolidated Financial Statements
簡明綜合財務資料的審閱報告
To the Board of Directors of ZMJ Group Company Limited 致中創智領（鄭州）工業技術集團股份有限公司董事會
(Incorporated in the People’s Republic of China with limited liability) （於中華人民共和國註冊成立的有限公司）
Introduction 引言
We have reviewed the condensed consolidated financial statements of ZMJ 本核數師（以下簡稱「我們」）已審閱列第33至84頁所載中
Group Company Limited (the “Company”) and its subsidiaries (collectively 創智領（鄭州）工業技術集團股份有限公司（以下簡稱「貴
referred to as the “Group”) set out on pages 33 to 84, which comprise the 公司」）及其附屬公司（以下統稱「貴集團」）的簡明綜合財
condensed consolidated statement of financial position as of 30 June 2025 務報表，其包括於2025年6月30日的簡明綜合財務狀況
and the related condensed consolidated statement of profit or loss and other 表與截至該日止六個月期間的相關簡明綜合損益及其他
comprehensive income, condensed consolidated statement of changes in equity 全面收益表、簡明綜合權益變動表和簡明綜合現金流量
and condensed consolidated statement of cash flows for the six-month period 表，以及簡明綜合財務報表的附註。香港聯合交易所有
then ended, and notes to the condensed consolidated financial statements. 限公司證券上市規則規定，就中期財務資料擬備的報告
The Rules Governing the Listing of Securities on The Stock Exchange of Hong 必須符合以上規則的有關條文以及國際會計準則委員會
Kong Limited require the preparation of a report on interim financial information 頒佈之國際會計準則第34號「中期財務報告」 （「國際會計
to be in compliance with the relevant provisions thereof and International 準則第34號」）。 貴公司董事須負責根據國際會計準則
Accounting Standard 34 “Interim Financial Reporting” (“IAS 34”) as issued by 第34號擬備及列報該等簡明綜合財務報表。我們的責任
the International Accounting Standards Board. The directors of the Company 是根據我們的審閱對該等簡明綜合財務報表作出結論，
are responsible for the preparation and presentation of these condensed 並僅按照我們協定的業務約定條款向 閣下（作為整體）
consolidated financial statements in accordance with IAS 34. Our responsibility is 報告我們的結論，除此之外本報告別無其他目的。我們
to express a conclusion on these condensed consolidated financial statements 不會就本報告的內容向任何其他人士負上或承擔任何責
based on our review, and to report our conclusion solely to you, as a body, in 任。
accordance with our agreed terms of engagement, and for no other purpose.
We do not assume responsibility towards or accept liability to any other person
for the contents of this report.
Scope of Review 審閱範圍
We conducted our review in accordance with Hong Kong Standard on Review 我們已根據香港會計師公會頒佈的香港審閱準則第2410
Engagements 2410 “Review of Interim Financial Information Performed by 號「由實體的獨立核數師執行中期財務資料審閱」進行審
the Independent Auditor of the Entity” as issued by the Hong Kong Institute of 閱。審閱簡明綜合財務報表包括主要向負責財務和會計
Certified Public Accountants. A review of these condensed consolidated financial 事務的人員作出查詢，及應用分析性和其他審閱程序。
statements consists of making inquiries, primarily of persons responsible for 審閱的範圍遠較根據《香港審計準則》進行審計的範圍為
financial and accounting matters, and applying analytical and other review 小，故不能令我們可保證我們將知悉在審計中可能被發
procedures. A review is substantially less in scope than an audit conducted in 現的所有重大事項。因此，我們不會發表審計意見。
accordance with Hong Kong Standards on Auditing and consequently does not
enable us to obtain assurance that we would become aware of all significant
matters that might be identified in an audit. Accordingly, we do not express an
audit opinion.
Report on Review of Condensed Consolidated Financial Statements
簡明綜合財務資料的審閱報告
Conclusion 結論
Based on our review, nothing has come to our attention that causes us to 按照我們的審閱，我們並無發現任何事項，令我們相
believe that the condensed consolidated financial statements are not prepared, 信 貴集團的簡明綜合財務報表未有在各重大方面根據
in all material respects, in accordance with IAS 34. 國際會計準則第34號擬備。
Deloitte Touche Tohmatsu 德勒 • 關黃陳方會計師行
Certified Public Accountants 執業會計師
Hong Kong 香港
Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income
簡明綜合損益及其他全面收益表
For the six months ended 30 June 2025 截至2025年6月30日止六個月
Six months ended 30 June
截至6月30日止六個月
Notes RMB’000 RMB’000
附註 人民幣千元 人民幣千元
(unaudited) (unaudited)
（未經審核） （未經審核）
Revenue 收入 4 19,981,541 18,953,466
Cost of sales 銷售成本 (15,327,513) (14,429,350)
Gross profit 毛利 4,654,028 4,524,116
Other income 其他收入 6 239,698 386,900
Other gains and losses 其他收益及虧損 7 304,687 45,429
Selling and distribution expenses 銷售及分銷開支 (420,359) (472,186)
Administrative expenses 行政開支 (622,647) (565,260)
Research and development expenses 研發費用 (813,479) (833,928)
Impairment losses under expected credit loss 預期信貸虧損（「預期信貸虧損」）
(“ECL”) model, net of reversal 模型下的減值虧損，扣除撥回 (196,172) (147,211)
Share of profit of associates 應佔聯營公司溢利 17,886 31,002
Share of profit of joint ventures 應佔合營企業溢利 1,304 4,571
Finance costs 融資成本 8 (126,907) (136,824)
Profit before tax 除稅前溢利 3,038,039 2,836,609
Income tax expense 所得稅開支 9 (456,800) (485,758)
Profit for the period 期內溢利 10 2,581,239 2,350,851
Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income
簡明綜合損益及其他全面收益表
For the six months ended 30 June 2025 截至2025年6月30日止六個月
Six months ended 30 June
截至6月30日止六個月
Notes RMB’000 RMB’000
附註 人民幣千元 人民幣千元
(unaudited) (unaudited)
（未經審核） （未經審核）
Other comprehensive income (expense): 其他全面收益（開支）：
Item that will not be reclassified to profit or loss: 將不會重新分類至損益的
項目：
Remeasurement of post-employment benefit 重新計量退休福利責任
obligations (1) –
Items that may be reclassified subsequently to 可能於其後重新分類至損益的
profit or loss: 項目：
Exchange differences arising on translation of 換算海外業務產生的匯兌差額
foreign operations 151,624 (84,836)
Fair value gain (loss) on hedging instruments 指定作現金流對沖的對沖工具的
designated as cash flow hedging 公平值收益（虧損） 6,150 (6,080)
Other comprehensive income (expense) for 期內其他全面收益（開支），
the period, net of income tax 扣除所得稅 157,773 (90,916)
Total comprehensive income for the period 期內全面收益總額 2,739,012 2,259,935
Profit for the period attributable to: 以下人士應佔期內溢利：
Owners of the Company 本公司股東 2,527,446 2,174,797
Non-controlling interests 非控股權益 53,793 176,054
Total comprehensive income for the period 以下人士應佔期內全面收益總額：
attributable to:
Owners of the Company 本公司股東 2,685,232 2,086,598
Non-controlling interests 非控股權益 53,780 173,337
Earnings per share 每股盈利
– Basic (RMB) －基本（人民幣元） 12 1.43 1.23
– Diluted (RMB) －攤薄（人民幣元） 12 1.43 1.22
Condensed Consolidated Statement of Financial Position
簡明綜合財務狀況表
As at 30 June 2025 於2025年6月30日
As at 30 June As at 31 December
於2025年 於2024年
Notes RMB’000 RMB’000
附註 人民幣千元 人民幣千元
(unaudited) (audited)
（未經審核） （經審核）
NON-CURRENT ASSETS 非流動資產
Property, plant and equipment 物業、廠房及設備 13 7,786,055 7,389,243
Right-of-use assets 使用權資產 2,166,550 2,101,338
Investment properties 投資物業 251,355 260,671
Goodwill 商譽 88,283 88,283
Intangible assets 無形資產 14 902,302 804,801
Investments in associates 於聯營公司的投資 666,682 658,067
Investments in joint ventures 於合營企業的投資 67,185 65,330
Financial assets at fair value through profit or loss 以公平值計量且其變動計入損益
的金融資產 15 7,050 7,050
Equity instruments at fair value through other 以公平值計量且其變動計入其他
comprehensive income (“FVTOCI”) 全面收益（「以公平值計量且其
變動計入其他全面收益」）的股
本工具 15 719,334 419,334
Deferred income tax assets 遞延所得稅資產 16 354,167 372,486
Finance lease receivables 融資租賃應收款項 72,017 62,404
Long-term receivables 長期應收款項 222,757 319,202
Bank deposits 銀行存款 18 601,158 980,022
CURRENT ASSETS 流動資產
Finance lease receivables, current portion 融資租賃應收款項，流動部分 41,346 20,662
Long-term receivables, current portion 長期應收款項，流動部分 230,287 248,237
Inventories 存貨 8,064,609 9,453,770
Trade and other receivables, contract assets 貿易及其他應收款項、合同資產 17 14,247,355 11,920,546
Transferred trade receivables 已劃轉的貿易應收款項 478,245 431,851
Financial assets at fair value through profit or loss 以公平值計量且其變動計入損益
的金融資產 15 6,231,857 5,821,562
Financial assets at FVTOCI 以公平值計量且其變動計入其他
全面收益的金融資產 15 1,978,939 2,502,853
Derivative financial instruments 衍生金融工具 15 40,740 36,386
Tax recoverable 可收回稅項 46,241 38,663
Assets classified as held for sale 分類為持作出售的資產 91,072 91,072
Bank deposits 銀行存款 18 1,646,717 1,934,565
Cash and cash equivalents 現金及現金等價物 18 2,804,158 2,987,585
Total assets 總資產 49,806,461 49,015,983
Condensed Consolidated Statement of Financial Position
簡明綜合財務狀況表
As at 30 June 2025 於2025年6月30日
As at 30 June As at 31 December
於2025年 於2024年
Notes RMB’000 RMB’000
附註 人民幣千元 人民幣千元
(unaudited) (audited)
（未經審核） （經審核）
NON-CURRENT LIABILITIES 非流動負債
Borrowings 借貸 20 2,114,969 2,631,415
Lease liabilities 租賃負債 1,091,823 1,050,013
Deferred income tax liabilities 遞延所得稅負債 16 108,547 111,843
Contract liabilities 合同負債 39,546 48,118
Provisions 撥備 21 15,054 12,686
Employee benefit obligations 僱員福利責任 370,205 297,377
Other non-current liabilities 其他非流動負債 345,190 366,641
CURRENT LIABILITIES 流動負債
Trade and other payables 貿易及其他應付款項 19 16,197,237 13,932,210
Contract liabilities 合同負債 2,064,195 3,070,926
Income tax liabilities 所得稅負債 218,623 396,718
Borrowings 借貸 20 3,502,353 3,404,232
Lease liabilities 租賃負債 188,338 144,702
Provisions 撥備 21 283,113 273,033
Liabilities associated with transferred trade 與已劃轉的貿易應收款項有關的
receivables 負債 492,196 445,802
Derivative financial instruments 衍生金融工具 15 56,556 84,558
Total liabilities 總負債 27,087,945 26,270,274
CAPITAL AND RESERVES 股本及儲備
Share capital 股本 22 1,785,400 1,785,400
Share premium 股份溢價 4,548,778 4,548,778
Reserves 儲備 15,674,053 15,616,621
Equity attributable to owners of the Company 本公司股東應佔權益 22,008,231 21,950,799
Non-controlling interests 非控股權益 710,285 794,910
Total equity 權益總額 22,718,516 22,745,709
Total equity and liabilities 權益及負債總額 49,806,461 49,015,983
The interim condensed consolidated financial statements on pages 33 to 84 董事會於2025年8月28日批准並授權刊發於第33頁至84
were approved and authorised for issue by the Board of Directors on 28 August 頁之中期簡明綜合財務報表，並由下列董事代表簽署：
Jiao Chengyao Jia Hao
焦承堯 賈浩
DIRECTOR DIRECTOR
董事 董事
Condensed Consolidated Statement of Changes in Equity
簡明綜合權益變動表
For the six months ended 30 June 2025 截至2025年6月30日止六個月
Attributable to owners of the Company
本公司股東應佔
Statutory Currency Cash flow Non- Total
Share Share Treasury Revaluation surplus translation hedging Other Retained controlling equity
capital premium share reserve reserve reserve reserves reserves earnings Total interests
法定 貨幣 現金流量 非控股
股本 股份溢價 庫存股份 重估儲備 盈餘公積 匯兌儲備 對沖儲備 其他儲備 保留盈利 總計 權益 權益總額
RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000
人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元
(Note c)
（附註c）
At 1 January 2025 (audited) 於2025年1月1日（經審核） 1,785,400 4,548,778 – 125,641 1,198,347 (203,122) (4,408) 39,225 14,460,938 21,950,799 794,910 22,745,709
Profit for the period 期間溢利 – – – – – – – – 2,527,446 2,527,446 53,793 2,581,239
Other comprehensive (expense) 期內其他全面（開支）收益
income for the period – – – (1) – 151,637 6,150 – – 157,786 (13) 157,773
Total comprehensive (expense) 期內全面（開支）收益總額
income for the period – – – (1) – 151,637 6,150 – 2,527,446 2,685,232 53,780 2,739,012
Employee stock ownership plan of a 一間附屬公司的員工
subsidiary 持股計劃 – – – – – – – 1,439 – 1,439 26 1,465
Repurchase of Treasury Stock (Note 22) 回購庫存股份（註22） – – (600,002) – – – – – – (600,002) – (600,002)
Acquisition of non-controlling 收購非控股權益（附註a）
interests (Note a) – – – – – – – (118,540) – (118,540) (291,012) (409,552)
Capital contribution from 非控制性權益注資（附註b）
non-controlling interests (Note b) – – – – – – – 45,136 – 45,136 158,079 203,215
Dividends (Note 11) 股息（附註11） – – – – – – – – (1,955,833) (1,955,833) (5,498) (1,961,331)
At 30 June 2025 (unaudited) 於2025年6月30日（未經審核） 1,785,400 4,548,778 (600,002) 125,640 1,198,347 (51,485) 1,742 (32,740) 15,032,551 22,008,231 710,285 22,718,516
Note a: On 17 January 2025, the Company acquired 17.10% of the shares from the 附註a：於2025年1月17日，本公司以人民幣72,504,000元之代價
minority shareholders of ASIMCO Camshaft (Yizheng) Co., Ltd. at a consideration 向亞新科凸輪軸（儀徵）有限公司少數股東收購17.10%
of RMB72,504,000 and 16.56% of the shares from the minority shareholders 股份，以人民幣243,596,000元之代價向儀徵亞新科雙環
of ASIMCO Shuanghuan Piston Ring (Yizheng) Co.,Ltd. at a consideration of 活塞環有限公司少數股東收購16.56%的股份。該交易
RMB243,596,000. After this transaction, the Company held 80.10% equity 完成後，本公司持有兩家實體80.10%的股權。
interest in both entities.
On 3 June 2025, the Company acquired 1.2889% of the shares from the 於2025年6月3日，本公司以人民幣93,452,000元之代價
minority shareholders of Zhengzhou Hengda Intelligent Control Technology Co., 向鄭州恒達智控科技股份有限公司（「恆達智控」）少數
Ltd., (“Hengda Intelligent”) at a consideration of RMB93,452,000. After this 股東收購1.2889%股份。該交易完成後，本公司持有恒
transaction, the Company held 99.4922% equity interest in Hengda Intelligent. 達智控99.4922%股權。
Note b: On 8 February 2025, ASIMCO (Nanjing) Limited (“ASIMCO Nanjing”) entered into 附註b：2025年2月8日，亞新科工業技術（南京）有限公司（「亞
the capital increase agreement with a strategic investor. The strategic investor 新科南京」）與一位戰略投資者簽署增資協議。該戰
contributed RMB198,315,000 and held 4.50% equity interest in ASIMCO 略投資者出資人民幣198,315,000元並持有亞新科南京
Nanjing. After the capital increase transaction, the Company held 95.50% equity 4.50%的股權。於增資交易完成後，本公司持有亞新科
interest in ASIMCO Nanjing. 南京的95.50%股權。
Condensed Consolidated Statement of Changes in Equity
簡明綜合權益變動表
For the six months ended 30 June 2025 截至2025年6月30日止六個月
Attributable to owners of the Company
本公司股東應佔
Statutory Currency Cash flow Non-
Share Share Treasury Revaluation surplus translation hedging Other Retained controlling Total
capital premium share reserve reserve reserve reserves reserves earnings Total interests equity
法定 貨幣 現金流量 非控股
股本 股份溢價 庫存股份 重估儲備 盈餘公積 匯兌儲備 對沖儲備 其他儲備 保留盈利 總計 權益 權益總額
RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000
人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元
(Note c)
（附註c）
At 1 January 2024 (audited) 於2024年1月1日（經審核） 1,781,409 4,533,431 (52,427) 112,399 1,198,347 (83,212) (773) 872,436 12,016,602 20,378,212 1,503,117 21,881,329
Profit for the period 期內溢利 – – – – – – – – 2,174,797 2,174,797 176,054 2,350,851
Other comprehensive expense 期內其他全面開支
for the period – – – – – (82,119) (6,080) – – (88,199) (2,717) (90,916)
Total comprehensive (expense) 期內全面（開支）收益總額
income for the period – – – – – (82,119) (6,080) – 2,174,797 2,086,598 173,337 2,259,935
Exercise of share options (Note 23) 行使購股權（附註23） 4,129 14,795 – – – – – – – 18,924 – 18,924
Restricted share incentive 限制性股票激勵計劃（附註23）
scheme (Note 23) – – – – – – – 10,211 – 10,211 49 10,260
Employee stock ownership plan 一間附屬公司的員工持股計劃
of a subsidiary – – – – – – – 2,103 – 2,103 365 2,468
Dividends (Note 11) 股息（附註11） – – – – – – – – (1,499,852) (1,499,852) (95,106) (1,594,958)
At 30 June 2024 (unaudited) 於2024年6月30日（未經審核） 1,785,538 4,548,226 (52,427) 112,399 1,198,347 (165,331) (6,853) 884,750 12,691,547 20,996,196 1,581,762 22,577,958
Note c: The cash flow hedging reserve represents the cumulative effective portion of 附註c：現金流量對沖儲備指就現金流量對沖訂立的對沖工具
gains and losses arising on changes in fair value of hedging instruments entered 的公平值變動產生的收益及虧損累計有效部分。已於
into for cash flow hedges. The cumulative gains and losses arising on changes in 現金流量對沖儲備確認及累計的對沖工具的公平值變
fair value of the hedging instrument that are recognised and accumulated under 動產生的累計收益及虧損僅在對沖項目影響損益時方
the cash flow hedging reserve will be reclassified to profit or loss only when the 會重新分類至損益，或計入非財務對沖項目的調整之
hedged item affects the profit or loss, or is included as an adjustment to the non- 內。
financial hedged item.
Condensed Consolidated Statement of Cash Flows
簡明綜合現金流量表
For the six months ended 30 June 2025 截至2025年6月30日止六個月
Six months ended 30 June
截至6月30日止六個月
RMB’000 RMB’000
人民幣千元 人民幣千元
(unaudited) (unaudited)
（未經審核） （未經審核）
OPERATING ACTIVITIES 經營活動
Profit before tax 除稅前溢利 3,038,039 2,836,609
Adjustments for: 調整：
Finance costs 融資成本 126,907 136,824
Interest income on bank deposits, long-term 銀行存款、長期應收款項及融資租
receivables and finance lease receivables 賃應收款項的利息收入 (55,719) (116,265)
Share of profit of associates 應佔聯營公司溢利 (17,886) (31,002)
Share of profit of joint ventures 應佔合營企業溢利 (1,304) (4,571)
Gain on disposal of property, plant and equipment, 出售物業、廠房及設備以及無形資
and intangible assets 產的收益 (2,144) (120)
Net fair value gain on financial assets at fair value 以公平值計量且其變動計入損益的
through profit or loss 金融資產的公平值收益淨額 (275,164) (116,903)
Net fair value gain on derivative financial instruments 衍生金融工具公平值收益淨額 (52,376) (6,416)
Depreciation of property, plant and equipment 物業、廠房及設備折舊 423,625 406,553
Depreciation of investment properties 投資物業折舊 8,398 5,473
Amortisation of intangible assets 無形資產攤銷 114,887 114,718
Depreciation of right-of-use assets 使用權資產折舊 85,345 75,261
Impairment losses under ECL model, net of reversal 預期信貸虧損模式下的減值虧損，
扣除撥回 196,172 147,211
Impairment losses of property, plant and equipment 物業、廠房及設備減值虧損 1,551 –
Impairment losses of intangible assets 無形資產減值虧損 – 26,256
Impairment losses of investments in an associate 於一間聯營公司的投資減值虧損 – 93,315
Restricted share incentive scheme (Note 23) 限制性股票激勵計劃（附註23） – 10,260
Employee stock option plan of a subsidiary 一間附屬公司的員工持股計劃 1,465 2,468
(Reversal) accrual of inventory provision （撥回）應計存貨撥備 (5,364) 1,706
Effect of foreign exchange rate changes 匯率變動的影響 (5,996) (7,587)
Operating cash flows before movements in working Capital 營運資金變動前的營運現金流量 3,580,436 3,573,790
Decrease in inventories 存貨增加 1,624,336 493,766
Increase in trade and other receivables 貿易及其他應收款項增加 (2,131,729) (1,673,174)
Decrease in notes receivable 應收票據減少 523,914 265,761
Decrease (increase) in long-term receivables and finance 長期應收款項及融資租賃應收款項
lease receivables 減少（增加） 95,009 (98,407)
Decrease in trade and other payables 貿易及其他應收款項減少 (538,395) (215,764)
Decrease in contract liabilities 合同負債減少 (1,039,521) (564,634)
Cash generated from operations 經營業務所得現金 2,114,050 1,781,338
Income tax paid 已付所得稅 (662,392) (453,064)
NET CASH GENERATED FROM 經營活動所得現金淨額
OPERATING ACTIVITIES 1,451,658 1,328,274
Condensed Consolidated Statement of Cash Flows
簡明綜合現金流量表
For the six months ended 30 June 2025 截至2025年6月30日止六個月
Six months ended 30 June
截至6月30日止六個月
RMB’000 RMB’000
人民幣千元 人民幣千元
(unaudited) (unaudited)
（未經審核） （未經審核）
INVESTING ACTIVITIES 投資活動
Interest income on bank deposits, long-term receivables 銀行存款、長期應收款項及融資租賃
and finance lease receivables 應收款項的利息收入 54,350 116,265
Government grants related to assets received 就資產收取的政府補助 72,832 50,628
Dividends from an associate 一間聯營公司的股息 13,862 5,368
Proceeds on disposal of property, plant and equipment 出售物業、廠房及設備以及無形資產
and intangible assets 所得款項 58,879 14,891
Purchases of equity instruments at FVTOCI 購買以公平值計量且其變動計入
其他全面收益的股本工具 (300,000) –
Purchases of property, plant and equipment 購置物業、廠房及設備 (607,456) (805,383)
Purchases of intangible assets 購置無形資產 (137,205) (69,807)
Purchases of land use right 購置土地使用權 (12,411) –
Payment of contribution to an associate 向一家聯營公司支付供款 (7,500) –
Placement for other financial assets, certificate of 存放其他金融資產、存單及
deposits and structured deposits 結構性存款 (4,312,300) (4,007,840)
Proceeds from other financial assets, certificate of 其他金融資產、存單及結構性
deposits and structured deposits 存款所得款項 4,177,169 4,152,310
Placement of bank deposits with original maturity 存放原到期日三個月以上的
over three months 銀行存款 (304,378) (1,037,045)
Withdrawal of bank deposits with original maturity 提取原到期日為三個月以上的
over three months 銀行存款 760,794 378,911
Placement of pledged bank deposits 存放已抵押銀行存款 (739,646) (403,304)
Withdrawal of pledged bank deposits 提取已抵押銀行存款 950,354 846,485
Placement of restricted cash 存放受限制現金 (412) 341
Placement of derivative financial instruments 存放衍生金融工具 21,553 (14,603)
NET CASH USED IN INVESTING ACTIVITIES 投資活動所用現金淨額 (311,515) (772,783)
Condensed Consolidated Statement of Cash Flows
簡明綜合現金流量表
For the six months ended 30 June 2025 截至2025年6月30日止六個月
Six months ended 30 June
截至6月30日止六個月
RMB’000 RMB’000
人民幣千元 人民幣千元
(unaudited) (unaudited)
（未經審核） （未經審核）
FINANCING ACTIVITIES 融資活動
Proceeds from new borrowings 新借貸所得款項 2,444,072 1,320,682
Proceeds from exercise of share options 行使購股權所得款項 – 18,924
Proceeds from restricted share incentive scheme 限制性股票激勵計劃所得款項
(Note 23) （附註23） 277,549 –
Purchase of non-controlling interests 購置非控制權益 (409,552) –
Repurchase of treasury stock 回購庫存股份 (600,002) –
Repayment of borrowings 償還借貸 (3,018,663) (996,440)
Interests paid 已付利息 (130,096) (133,816)
Contribution from non-controlling interests 非控股權益出資 203,215 –
Dividends paid to the Company’s shareholders 已付本公司股東股息 – (1,295,535)
Dividends paid to non-controlling interests 已付非控股權益股息 (5,498) (95,106)
Lease payments 租賃款項 (99,747) (108,328)
NET CASH USED IN FINANCING ACTIVITIES 融資活動所用現金淨額 (1,338,722) (1,289,619)
NET DECREASE IN CASH AND CASH EQUIVALENTS 現金及現金等價物減少淨額 (198,579) (734,128)
EFFECT OF FOREIGN EXCHANGE RATE CHANGES 匯率變動的影響 15,152 (18,604)
CASH AND CASH EQUIVALENTS AT 1 JANUARY 於1月1日的現金及現金等價物 2,987,585 4,729,233
CASH AND CASH EQUIVALENTS AT 30 JUNE 於6月30日的現金及現金等價物
represented by cash and cash equivalents 指現金及現金等價物
(Note 18) （附註18） 2,804,158 3,976,501
Notes to the Condensed Consolidated Financial Statements
簡明綜合財務報表附註
For the six months ended 30 June 2025 截至2025年6月30日止六個月
ZMJ Group Company Limited (the “Company”, formerly known as 中創智領（鄭州）工業技術集團股份有限公司（「本公
Zhengzhou Coal Mining Machinery Group Company Limited) was 司」，前稱鄭州煤礦機械集團股份有限公司） 於中華
established in the People’s Republic of China (the “PRC”) on 28 December 人民共和國（「中國」）國有企業鄭州煤礦機械集團有
Law of the PRC after a reorganisation of Zhengzhou Coal Mining Machinery 28日在中國成立為股份有限公司。
Group Co., Ltd., a state owned enterprise in the PRC.
The respective addresses of the registered office and the principal place of 本公司的註冊辦事處地址及主要營業地點各自披露
business of the Company are disclosed in the corporate information section 於中期報告公司資料一節。本公司與其附屬公司
of the interim report. The Company and its subsidiaries (collectively the （統稱「本集團」）從事煤礦機械及汽車零部件製造兩
“Group”) are mainly engaged in manufacturing of coal mining machinery 大主業。
and auto parts.
The condensed consolidated financial statements are presented in 除另有界定外，簡明綜合財務報表以人民幣
（「人民
Renminbi (“RMB”), unless otherwise stated. 幣」）呈列。
The condensed consolidated financial statements have been prepared in 簡明綜合財務資料乃根據國際會計準則委員會 （「國
accordance with International Accounting Standard 34 “Interim Financial 際會計準則委員會」）所發佈的國際會計準則第34號
Reporting” issued by the International Accounting Standards Board (the 「中期財務報告」的規定編製，且符合香港聯合交易
“IASB”) as well as the applicable disclosure requirements of the Rules 所有限公司證券上市規則適用披露的規定。
Governing the Listing of Securities on The Stock Exchange of Hong Kong
Limited.
The condensed consolidated financial statements have been prepared on 除若干金融工具乃按公平值計量之外，簡明綜合財
the historical cost basis except for certain financial instruments, which are 務報表已按歷史成本基準編製。
measured at fair values.
Other than change in accounting policies resulting from application of 除應用經修訂國際財務報告準則會計準則導致會計
amendments to IFRS Accounting Standards, the accounting policies and 政策變動外，截至2025年6月30日止六個月的簡明
methods of computation used in the condensed consolidated financial 綜合財務報表所用的會計政策及計算方法與本集團
statements for the six months ended 30 June 2025 are the same as those 截至2024年12月31日止年度的年度綜合財務報表所
presented in the Group’s annual consolidated financial statements for the 呈列者相同。
year ended 31 December 2024.
Notes to the Condensed Consolidated Financial Statements
簡明綜合財務報表附註
For the six months ended 30 June 2025 截至2025年6月30日止六個月
Application of amendments to IFRS Accounting 應用國際財務報告準則會計準則修訂
Standards 本
In the current interim period, the Group has applied the following 於本中期期間，為編製本集團簡明綜合財務報表，
amendments to an IFRS Accounting Standard issued by the IASB for 本集團已首次應用以下由國際會計準則理事會頒佈
the first time, which are mandatorily effective for the Group’s annual 的經修訂國際財務報告準則會計準則，該等準則於
period beginning on 1 January 2025 for the preparation of the Group’s 2025年1月1日開始的本集團年度期間強制生效：
condensed consolidated financial statements:
Amendments to IAS 21 Lack of Exchangeability 國際會計準則第21號修訂本 缺乏可兌換性
The application of the amendments to an IFRS Accounting Standard in the 於本中期期間應用經修訂國際財務報告準則會訐準
current interim period has had no material impact on the Group’s financial 則對本集團於本期間及過往期間的財務狀況及表現
positions and performance for the current and prior periods and/or on the 及╱或載於該等簡明綜合財務報表的披露並無造成
disclosures set out in these condensed consolidated financial statements. 重大影響。
Disaggregation of revenue 收入的細分
Six months ended 30 June 2025
截至2025年6月30日止六個月
Manufacture
of coal mining Manufacture
machinery of auto parts Total
製造 製造
煤礦機械 汽車零部件 總計
RMB’000 RMB’000 RMB’000
人民幣千元 人民幣千元 人民幣千元
(unaudited) (unaudited) (unaudited)
（未經審核） （未經審核） （未經審核）
Types of goods 貨品類型
Sales of auto parts 汽車零部件的銷售 – 9,776,125 9,776,125
Sales of hydraulic roof supports 液壓支架的銷售 6,758,703 – 6,758,703
Revenue from steel and other materials trading 鋼鐵及其他原料貿易的收入 1,358,268 23,850 1,382,118
Sales of spare parts for coal mining machinery 煤礦機械配件的銷售 1,448,687 – 1,448,687
Sales of other coal mining equipment 其他採煤設備的銷售 491,131 – 491,131
Other revenue 其他收入 91,913 32,864 124,777
Notes to the Condensed Consolidated Financial Statements
簡明綜合財務報表附註
For the six months ended 30 June 2025 截至2025年6月30日止六個月
Disaggregation of revenue (Continued) 收入的細分（續）
Six months ended 30 June 2024
截至2024年6月30日止六個月
Manufacture
of coal mining Manufacture
machinery of auto parts Total
製造 製造
煤礦機械 汽車零部件 總計
RMB’000 RMB’000 RMB’000
人民幣千元 人民幣千元 人民幣千元
(unaudited) (unaudited) (unaudited)
（未經審核） （未經審核） （未經審核）
Types of goods 貨品類型
Sales of auto parts 汽車零部件的銷售 – 9,065,242 9,065,242
Sales of hydraulic roof supports 液壓支架的銷售 6,131,889 – 6,131,889
Revenue from steel and other materials trading 鋼鐵及其他原料貿易的收入 1,711,068 33,940 1,745,008
Sales of spare parts for coal mining machinery 煤礦機械配件的銷售 1,403,067 – 1,403,067
Sales of other coal mining equipment 其他採煤設備的銷售 485,621 – 485,621
Other revenue 其他收入 72,646 49,993 122,639
All revenues from contract with customers are recognised at a point in 客戶合同所得收益於某一時間點確認。
time.
Information reported to the chief executive of the Company, being the 就資源分配及分部表現評估向本公司最高行政人員
chief operating decision maker (“CODM”), for the purposes of resource （即「主要營運決策者」）報告的資料集中於提交或提
allocation and assessment of segment performance focuses on types 供的貨品或服務種類。具體而言，根據國際財務報
of goods or services delivered or provided. Specifically, the Group’s 告準則第8號，本集團的可呈報分部為(i)製造煤礦
reportable segments under IFRS 8 are (i) manufacture of coal mining 機械；及(ii)製造汽車零部件。並無經營分部合併成
machinery; and (ii) manufacture of auto parts. No operating segments have 為本集團可呈報分部。
been aggregated in arriving at the reportable segments of the Group.
Notes to the Condensed Consolidated Financial Statements
簡明綜合財務報表附註
For the six months ended 30 June 2025 截至2025年6月30日止六個月
CODM primarily uses a measure of segment net profit to assess the 主要營運決策者主要使用分部淨利潤的計量評估經
performance of operating segments. 營分部表現。
The following is an analysis of the Group’s revenue and results by 本集團的收入及業績按可呈報及經營分部的分析如
reportable and operating segments. 下。
Manufacture
of coal mining Manufacture
machinery of auto parts Total
製造 製造
煤礦機械 汽車零部件 總計
RMB’000 RMB’000 RMB’000
人民幣千元 人民幣千元 人民幣千元
(unaudited) (unaudited) (unaudited)
（未經審核） （未經審核） （未經審核）
Six months ended 30 June 2025 截至2025年6月30日止六個月
Segment revenue 分部收入 10,148,702 9,832,839 19,981,541
Segment net profit 分部淨利潤 2,286,069 295,170 2,581,239
Six months ended 30 June 2024 截至2024年6月30日止六個月
Segment revenue 分部收入 9,804,291 9,149,175 18,953,466
Segment net profit 分部淨利潤 2,171,102 179,749 2,350,851
Notes to the Condensed Consolidated Financial Statements
簡明綜合財務報表附註
For the six months ended 30 June 2025 截至2025年6月30日止六個月
The following is an analysis of the Group’s assets and liabilities by 本集團的資產及負債按可呈報及經營分部的分析如
reportable and operating segments. The Group prepared the segment 下。本集團就總資產及總負債編製分部報告，不包
reporting for total assets and liabilities excluding, the impact of goodwill. 商譽的影響。該項目均與製造汽車零部件分部相
The item is related to manufacture of auto parts segment. 關。
At 30 June At 31 December
於2025年 於2024年
RMB’000 RMB’000
人民幣千元 人民幣千元
(unaudited) (audited)
（未經審核） （經審核）
SEGMENT ASSETS 分部資產
Manufacture of coal mining machinery 製造煤礦機械 29,717,761 30,363,698
Manufacture of auto parts 製造汽車零部件 20,000,417 18,564,002
Total segment assets 總分部資產 49,718,178 48,927,700
Goodwill 商譽 88,283 88,283
Consolidated assets 綜合資產 49,806,461 49,015,983
SEGMENT LIABILITIES 分部負債
Manufacture of coal mining machinery 製造煤礦機械 16,016,234 15,752,519
Manufacture of auto parts 製造汽車零部件 11,071,711 10,517,755
Consolidated liabilities 綜合負債 27,087,945 26,270,274
Geographical information 地域資料
The analysis of revenue by geographical location of customers is as 收入按客戶地點的分析如下：
follows:
Six months ended 30 June
截至6月30日止六個月
RMB’000 RMB’000
人民幣千元 人民幣千元
(unaudited) (unaudited)
（未經審核） （未經審核）
The PRC 中國 13,681,470 12,385,360
Germany 德國 2,910,546 2,928,030
Other countries 其他國家 3,389,525 3,640,076
Notes to the Condensed Consolidated Financial Statements
簡明綜合財務報表附註
For the six months ended 30 June 2025 截至2025年6月30日止六個月
Six months ended 30 June
截至6月30日止六個月
RMB’000 RMB’000
人民幣千元 人民幣千元
(unaudited) (unaudited)
（未經審核） （未經審核）
Interest income on bank deposits, long-term 銀行存款、長期應收款項及
receivables and finance lease receivables 融資租賃應收款項的利息收入 55,719 116,265
Government grants (Note) 政府補助（附註） 127,748 104,364
Gain from additional input value-added tax credit 額外進項增值稅抵免收益 56,231 166,271
Note: Government grants mainly represent government grants received from the 附註：政府補助主要指就補償所產生研發開支，或就本
local government for compensation of research and development expenses 集團的新建廠房而自地方政府獲取的政府補助，
incurred, or in respect of construction of the Group’s new plant, which are 在相關開支產生時或相關資產可使用年期內確認
recognized as other income when related expenses incurred or over the useful 為其他收入。
lives of the relevant assets.
Six months ended 30 June
截至6月30日止六個月
RMB’000 RMB’000
人民幣千元 人民幣千元
(unaudited) (unaudited)
（未經審核） （未經審核）
Fair value gain on financial assets at fair 以公平值計量且其變動計入損益的
value through profit or loss 金融資產的公平值收益 275,164 116,903
Net foreign exchange (loss) gain 外匯（虧損）收益淨額 (27,846) 12,935
Gain on disposal of property, plant and equipment, 出售物業、廠房及設備以及
and intangible assets 無形資產的收益 2,144 120
Net fair value gain on derivative financial instruments 衍生金融工具公平值收益淨額 52,376 6,416
Impairment loss recognised in respect of 就於一間聯營公司的權益確認的
the interest in an associate 減值虧損 – (93,315)
Others 其他 2,849 2,370
Notes to the Condensed Consolidated Financial Statements
簡明綜合財務報表附註
For the six months ended 30 June 2025 截至2025年6月30日止六個月
Six months ended 30 June
截至6月30日止六個月
RMB’000 RMB’000
人民幣千元 人民幣千元
(unaudited) (unaudited)
（未經審核） （未經審核）
Interests on bank borrowings 銀行借貸利息 110,951 117,399
Interests on leases 租賃利息 15,956 19,425
Six months ended 30 June
截至6月30日止六個月
RMB’000 RMB’000
人民幣千元 人民幣千元
(unaudited) (unaudited)
（未經審核） （未經審核）
Current income tax 即期所得稅 430,898 491,368
Under provision in prior years 過往年度撥備不足 1,319 34,918
Deferred income tax – current period 遞延所得稅－本期間 24,583 (40,528)
(a) PRC corporate income tax (a) 中國企業所得稅
The corporate income tax is calculated based on the statutory profit 企業所得稅是根據中國的稅收法律法規對於中
of subsidiaries incorporated in the PRC and the applicable tax rate in 國註冊成立的附屬公司的法定溢利按適用稅率
accordance with the PRC tax laws and regulations, after adjustments 計算所得，當中經調整對於所得稅而言毋須評
on certain income and expense items, which are not assessable or 稅或不可扣稅的若干收支項目。
deductible for income tax purposes.
In accordance with the PRC tax laws, standard corporate income tax 根據中國稅法，標準企業所得稅率為25%。於
rate is 25%. The Company and certain subsidiaries are qualified for 2025年及2024年中期期間，本公司及若干附屬
High technology enterprises status and enjoyed preferential income 公司符合高技術企業資格，享受15%的優惠所
tax rate of 15% during the interim period of 2025 and 2024. 得稅率。
Notes to the Condensed Consolidated Financial Statements
簡明綜合財務報表附註
For the six months ended 30 June 2025 截至2025年6月30日止六個月
(b) Germany profits tax (b) 德國利得稅
Applicable profit tax rate of Germany is 29% (2024: 29%). During 德國適用的利得稅率為29%（2024年：29%）。
the interim period of 2025, no profit tax has been provided due to no 於2025年中期期間，由於並無應課稅溢利，故
assessable profit (2024: Nil). 並無計提利得稅撥備（2024年：無）。
(c) Others (c) 其他
Applicable profit tax rates of the Group’s other subsidiaries are 於2025年上半年，本集團其他附屬公司適用的
between 9% and 34.01% for the first half of 2025 (2024: between 利得稅率介乎9%至34.01%之間（2024年：介乎
(d) Pillar Two Rules (d) 支柱二規則
The Group is subject to the global minimum top-up tax Global Anti- 本集團須遵守全球反稅基侵蝕規則 （「支柱二規
base Erosion Rules (“Pillar Two Rules”). Pillar Two Rules has become 則」）全球最低補足稅。支柱二規則已在本公司
effective in Hong Kong in which the Company’s subsidiary, namely 附屬公司香港聖吉國際有限公司「香港聖吉」）
Hong Kong SMG International Co., Limited (“SMG”), is incorporated. 的註冊成立地香港生效。補足稅與索恩格汽車
The top-up tax relates to operation of SEG Automotive Products (China) 部件（中國）有限公司（香港聖吉的間接持有附
Co., Ltd. (an indirectly held subsidiary of SMG) where the annual 屬公司）的營運有關，於中國的年度全球實際
globe effective tax rate in China is estimated to be slightly below 稅率預計將略低於15%。本集團已根據徵收條
levied on SMG according to the charging provisions and using the tax 稅，並根據預計的經調整涵蓋稅項及年度全球
rate based on the estimated adjusted covered taxes and net globe 淨收入使用該稅率進行計算，認為對本集團當
income for the year and considered the impact for the current period is 期的影響極微。
minimal to the Group.
The Group has applied the temporary mandatory exception for 本集團已就補足稅的影響確認及披露遞延稅項
recognising and disclosing deferred tax assets and liabilities for the 資產及負債的臨時強制性例外情況，並會於其
impacts of the top-up tax and accounts for it as a current tax when it is 發生時將其作為即期稅項入賬。
incurred.
Notes to the Condensed Consolidated Financial Statements
簡明綜合財務報表附註
For the six months ended 30 June 2025 截至2025年6月30日止六個月
Six months ended 30 June
截至6月30日止六個月
RMB’000 RMB’000
人民幣千元 人民幣千元
(unaudited) (unaudited)
（未經審核） （未經審核）
Depreciation of property, plant and equipment 物業、廠房及設備折舊 423,625 406,553
Depreciation of right-of-use assets 使用權資產折舊 85,345 75,261
Depreciation of investment properties 投資物業折舊 8,398 5,473
Amortisation of intangible assets 無形資產攤銷 114,887 114,718
Total depreciation and amortisation 折舊及攤銷總額 632,255 602,005
Capitalised in inventories 存貨資本化 (478,245) (415,674)
Employee benefits expenses (including directors): 僱員福利開支（包括董事）：
– Salaries and other benefits －薪金及其他福利 1,804,082 1,781,178
– Share base payment －以股份為基礎的付款 – 10,260
– Retirement benefit scheme contributions －退休福利計劃供款 106,880 86,312
Total employee benefits expenses 僱員福利開支總額 1,910,962 1,877,750
Capitalised in inventories 存貨資本化 (1,014,521) (1,024,119)
(Reversal) provide of inventory provision （撥回）計提存貨撥備 (5,364) 1,706
Impairment losses of intangible assets included in 計入研發開支的無形資產減損虧損
research and development expenses – 26,256
Cost of inventories recognised as an expense 確認為開支的存貨成本 15,230,226 14,358,819
Notes to the Condensed Consolidated Financial Statements
簡明綜合財務報表附註
For the six months ended 30 June 2025 截至2025年6月30日止六個月
Six months ended 30 June
截至6月30日止六個月
RMB’000 RMB’000
人民幣千元 人民幣千元
(unaudited) (unaudited)
（未經審核） （未經審核）
Dividends recognised as distribution during the period 期內確認為分派的股息
– 2024 Final (RMB1.12 per share) －2024年末期（每股人民幣1.12元） 1,955,833 –
– 2023 Final (RMB0.84 per share) －2023年末期（每股人民幣0.84元） – 1,499,852
During the current interim period, in respect of the year ended 於本中期期間，就截至二零二四年十二月三十一
RMB1,955,833,000 of the final dividend was declared (the six months 民幣1,955,833,000元（截至二零二四年六月三十日
ended 30 June 2024: in respect of the year ended 31 December 2023, 止六個月：就截至二零二三年十二月三十一日止
RMB0.84 per share and totally amount to RMB1,499,852,000 of the final 年度宣派末期股息每股人民幣0.84元，合共人民幣
dividend was declared). The directors of the Company have determined 1,499,852,000元）。本公司董事確定不會就截至2025
that no dividend will be paid in respect of the six months ended 30 June 年6月30日止六個月派付股息（截至2024年6月30日
(a) Basic earnings per share (a) 每股基本盈利
The calculation of basic earnings per share attributable to owners of 本公司股東應佔的每股基本盈利按以下數據計
the Company is based on the following data: 算：
Six months ended 30 June
截至6月30日止六個月
(unaudited) (unaudited)
（未經審核） （未經審核）
Earnings for the purpose of basic earnings per 計算每股基本盈利的盈利
share (profit for the period attributable to （本公司股東應佔期內溢利）
owners of the Company) (RMB’000) （人民幣千元） 2,527,446 2,174,797
Weighted average number of ordinary shares for 計算每股基本盈利的普通股
the purpose of basic earnings per share 加權平均數 1,762,442,635 1,773,802,138
Basic earnings per share (RMB) 每股基本盈利（人民幣） 1.43 1.23
Notes to the Condensed Consolidated Financial Statements
簡明綜合財務報表附註
For the six months ended 30 June 2025 截至2025年6月30日止六個月
(b) Diluted earnings per share (b) 每股攤薄盈利
Six months ended 30 June
截至6月30日止六個月
(unaudited) (unaudited)
（未經審核） （未經審核）
Earnings: 盈利：
Profit attributable to the ordinary equity holders 計算每股攤薄盈利所用本公司
of the Company used in the diluted earnings 普通股權益持有人應佔溢利
per share calculation (RMB’000) （人民幣千元） 2,527,446 2,174,797
Number of shares: 股份數目：
Weighted average number of ordinary shares 計算期內每股已發行普通股的
in issue during the period per share calculation 加權平均數 1,762,442,635 1,773,802,138
Add: share options 加：購股權 – 660,279
restricted share incentive 限制性股票激勵 – 7,546,047
Weighted average number of ordinary shares 於計算每股攤薄盈利時
in issue and potential ordinary shares used 用作分母的已發行及
as the denominator in calculating diluted 潛在普通股加權平均數
earnings per share 1,762,442,635 1,782,008,464
Diluted earnings per share (RMB) 每股攤薄盈利（人民幣） 1.43 1.22
No adjustment has been made to the basic earnings per share 由於本集團於截至2025年6月30日止六個月內
amount presented for the six months ended 30 June 2025 as the 並無發行任何具有稀釋性的潛在普通股，因此
Group had no dilutive potential ordinary shares in issue during this 並無對本期間呈列的每股基本盈利金額作出任
period. Diluted earnings per share for six months ended 30 June 何調整。截至2024年6月30日止六個月，每股
ordinary shares outstanding to assume conversion of all dilutive 假設所有具潛在攤薄影響的普通股已轉換進行
potential ordinary shares. 計算。
Notes to the Condensed Consolidated Financial Statements
簡明綜合財務報表附註
For the six months ended 30 June 2025 截至2025年6月30日止六個月
During the current interim period, the Group had acquired property, 於本中期期間，本集團就擴展本集團業務及擴大產
plant and equipment (including capital expenditure for construction in 能收購人民幣795,890,000元（截至2024年6月30日止
progress) of RMB795,890,000 (the six months ended 30 June 2024: 六個月：人民幣798,457,000元）的物業、廠房及設
RMB798,457,000) for expansion of business and production capacity 備。期內並無就物業、廠房及設備計提減值虧損撥
of the Group. No impairment loss for property, plant and equipment was 備。
provided during the period.
During the current interim period, the Group disposed of certain plant 於本中期期間，本集團出售總賬面值人民幣
and machinery with an aggregate carrying amount of RMB56,240,000 56,240,000元（截至2024年6月30日止六個月：人民
(six months ended 30 June 2024: RMB14,749,000) for cash proceeds 幣14,749,000元）的若干物業、廠房及設備，現金所
of RMB58,384,000 (six months ended 30 June 2024: RMB14,869,000), 得款項為人民幣58,384,000元（截至2024年6月30日
resulting in a gain on disposal of RMB2,144,000 (six months ended 30 止六個月：人民幣14,869,000元），產生出售收益人
June 2024: RMB120,000). 民幣2,144,000元（截至2024年6月30日止六個月：人
民幣120,000元）。
During the current interim period, the Group had acquired intangible 於本中期期間，本集團收購無形資產人民幣
assets of RMB137,205,000 (the six months ended 30 June 2024: 137,205,000元（截至2024年6月30日止六個月：人民
RMB69,807,000). 幣69,807,000元）。
loss/Equity instruments at FVTOCI/Financial 融資產╱以公平值計量且其變動計入
assets at FVTOCI/Derivative financial instruments 其他全面收益的股本工具╱以公平值
計量且其變動計入其他全面收益的金
融資產╱衍生金融工具
Equity instruments at FVTOCI 以公平值計量且其變動計入其他全面
收益的股本工具
At 30 June At 31 December
於2025年 於2024年
RMB’000 RMB’000
人民幣千元 人民幣千元
(unaudited) (audited)
（未經審核） （經審核）
Unlisted equity securities (Note) 非上市股本證券（附註） 719,334 419,334
Note: In April 2025, the Group acquired 2.25% shareholdings of a third party with 附註：於2025年4月，本集團收購第三方2.25%股權，代價
a consideration of RMB300,000,000. And the Company have elected to 為人民幣300,000,000元。由於該權益工具乃為長期
designate the investment in equity instrument as at FVTOCI as the equity 策略目的而持有，故本公司選擇將該權益工具投
instrument is held for long-term strategic purpose. 資指定為以公平值計量且其變動計入其他全面收
益。
Notes to the Condensed Consolidated Financial Statements
簡明綜合財務報表附註
For the six months ended 30 June 2025 截至2025年6月30日止六個月
loss/Equity instruments at FVTOCI/Financial 融資產╱以公平值計量且其變動計入
assets at FVTOCI/Derivative financial instruments 其他全面收益的股本工具╱以公平值
(Continued) 計量且其變動計入其他全面收益的金
融資產╱衍生金融工具（續）
Financial assets at FVTOCI 以公平值計量且其變動計入其他全面
收益的金融資產
At 30 June At 31 December
於2025年 於2024年
RMB’000 RMB’000
人民幣千元 人民幣千元
(unaudited) (audited)
（未經審核） （經審核）
Notes receivable (Note a) 應收票據（附註a） 1,978,939 2,502,853
Financial assets at fair value through profit or loss 以公平值計量且其變動計入損益的金
融資產
At 30 June At 31 December
於2025年 於2024年
RMB’000 RMB’000
人民幣千元 人民幣千元
(unaudited) (audited)
（未經審核） （經審核）
Non-current assets 非流動資產
Unlisted equity securities 非上市股本證券 7,050 7,050
Current assets 流動資產
Other financial assets (Note b) 其他金融資產（附註b） 5,881,950 5,454,739
Certificate of deposits 存款證 342,536 361,344
Equity securities listed in A-shares 於A股上市的股本證券 6,075 4,183
Unlisted equity securities 非上市股本證券 1,296 1,296
Notes to the Condensed Consolidated Financial Statements
簡明綜合財務報表附註
For the six months ended 30 June 2025 截至2025年6月30日止六個月
loss/Equity instruments at FVTOCI/Financial 融資產╱以公平值計量且其變動計入
assets at FVTOCI/Derivative financial instruments 其他全面收益的股本工具╱以公平值
(Continued) 計量且其變動計入其他全面收益的金
融資產╱衍生金融工具（續）
Financial assets at fair value through profit or loss 以公平值計量且其變動計入損益的金
(Continued) 融資產（續）
Notes: 附註：
(a) The Group recorded the notes receivable as financial assets at FVTOCI due (a) 由於本集團擬持有應收票據至到期或背書或貼現，
to the Group’s intention to either holding note receivables to maturity or 故本集團將應收票據作為按以公平值計量且其變動
endorsing or discounting. All bills received by the Group are with a maturity 計入其他全面收益計量的金融資產。本集團收到的
period of less than one year. 票據均有一年以內之到期期限。
(b) As at 30 June 2025 and 31 December 2024, the other financial assets were (b) 於2025年6月30日及2024年12月31日，其他金融資產
as following: 如下：
At 30 June At 31 December
於2025年 於2024年
RMB’000 RMB’000
人民幣千元 人民幣千元
(unaudited) (audited)
（未經審核） （經審核）
Assets management products (i) 資產管理產品(i) 5,450,432 5,204,015
Principal non-guaranteed financial products 非保本金融類產品 431,518 250,724
(i) As at 30 June 2025, the Group held some assets management products (i) 於2025年6月30日，本集團持有部分資產管理產
amounting to RMB5,450,432,000. The assets management products 品人民幣5,450,432,000元。該等資產管理產品
are the combination of different investment portfolios and are managed 由不同投資組合共同組成，並由本集團委託的
by the financial institutions entrusted by the Group. The fair value of 金融機構管理。資產管理產品的公平值乃根據
the assets management products are assessed based on the fair value 相關投資組合的公平值變動評估。於截至2025
changes of underlying investment portfolios. During the six month ended 年6月30日止六個月，本集團就按公平值計量
at fair value through profit or loss amounting to RMB217,693,000. 淨額人民幣217,693,000元，主要與資產管理產
which were mainly related to assets management products (Note 7). 品有關（附註7） 。
Notes to the Condensed Consolidated Financial Statements
簡明綜合財務報表附註
For the six months ended 30 June 2025 截至2025年6月30日止六個月
loss/Equity instruments at FVTOCI/Financial 融資產╱以公平值計量且其變動計入
assets at FVTOCI/Derivative financial instruments 其他全面收益的股本工具╱以公平值
(Continued) 計量且其變動計入其他全面收益的金
融資產╱衍生金融工具（續）
Derivative financial instruments 衍生金融工具
Derivatives are mainly used for economic hedging purposes. When 衍生工具主要用於經濟對沖目的。倘衍生工具不
derivatives do not meet the hedging accounting criteria, they are classified 符合對沖會計標準，將就會計處理目的分類為「持
as ‘held for trading’ for accounting purposes and are accounted for at 作買賣」，並入賬為以公平值計量且其變動計入損
fair value through profit or loss. The Group has the following derivative 益。本集團擁有下列衍生金融工具：
financial instruments:
Derivative financial assets 衍生金融資產
At 30 June At 31 December
於2025年 於2024年
RMB’000 RMB’000
人民幣千元 人民幣千元
(unaudited) (audited)
（未經審核） （經審核）
Designated as hedging instruments 指定為對沖工具
Foreign exchange hedges 外匯對沖 5,063 1,616
Not designated as hedging instruments 不指定為對沖工具 35,677 34,770
Derivative financial liabilities 衍生金融負債
At 30 June At 31 December
於2025年 於2024年
RMB’000 RMB’000
人民幣千元 人民幣千元
(unaudited) (audited)
（未經審核） （經審核）
Designated as hedging instruments 指定為對沖工具
Foreign exchange hedges 外匯對沖 4 5,017
Not designated as hedging instruments 不指定為對沖工具 56,552 79,541
Notes to the Condensed Consolidated Financial Statements
簡明綜合財務報表附註
For the six months ended 30 June 2025 截至2025年6月30日止六個月
The following are the major deferred income tax assets/liabilities 所確認的主要遞延所得稅資產╱債及其變動如下：
recognised and movements thereon:
Revaluation of Revaluation of
Property, prepaid lease Revaluation property, plant
plant and payments of intangible and equipment
equipment Intangible arising from assets arising arising from
Write-down Accruals and Unrealised tax assets tax business from business business Revaluation
ECL provision of inventory provision profit difference difference combination combination combination on FVTOCI Others Total
以公平值
計量且
因業務合併 因業務合併 因業務合併 其變動
物業、廠房 而產生的 而產生的 而產生的 計入其他
預期信貸 應計開支 未變現 及設備 無形資產 預付租賃 無形資產 物業、廠房 全面收益
虧損撥備 存貨撇銷 及撥備 利潤 稅項差異 稅項差異 付款重估 重估 及設備重估 之重估 其他 總計
RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000
人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元
At 31 December 2023 (audited) 於2023年12月31日
（經審核） 103,069 31,394 202,740 89,581 (129,621) 83 (12,759) (61,721) (27,435) (4,709) 39,582 230,204
Credit/(charge) to profit or loss 於損益計入╱（扣除） 22,149 (2,865) 38,103 (22,822) (12,666) (11) 291 11,519 3,027 – 3,803 40,528
Exchange adjustment 匯兌調整 (1,055) (129) (2,315) – (184) (2) – 862 222 – 1,894 (707)
At 30 June 2024 (unaudited) 於2024年6月30日
（未經審核） 124,163 28,400 238,528 66,759 (142,471) 70 (12,468) (49,340) (24,186) (4,709) 45,279 270,025
Revaluation Revaluation of
of prepaid property,
Property, lease Revaluation plant and
plant and payments of intangible equipment
equipment Intangible arising from assets arising arising from
ECL Write-down Accruals Unrealised tax assets tax business from business business Revaluation
provision of inventory and provision profit difference difference combination combination combination on FVTOCI Others Total
以公平值
計量且
因業務合併 因業務合併 因業務合併 其變動
物業、廠房 而產生的 而產生的 而產生的 計入其他
預期信貸 應計開支 未變現 及設備 無形資產 預付租賃 無形資產 物業、廠房 全面收益
虧損撥備 存貨撇銷 及撥備 利潤 稅項差異 稅項差異 付款重估 重估 及設備重估 之重估 其他 總計
RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000
人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元 人民幣千元
At 31 December 2024 (audited) 於2024年12月31日
（經審核） 139,333 25,249 168,663 79,321 (157,021) 61 (12,208) (44,480) (22,223) (7,503) 91,451 260,643
Credit/(charge) to profit or loss 於損益計入╱（扣除） 31,760 (6,218) (20,960) (34,539) (12,941) (10) 267 6,774 3,001 – 8,283 (24,583)
Exchange adjustment 匯兌調整 825 889 8,978 – 732 7 – (3,196) (456) – 1,781 9,560
At 30 June 2025 (unaudited) 於2025年6月30日
（未經審核） 171,918 19,920 156,681 44,782 (169,230) 58 (11,941) (40,902) (19,678) (7,503) 101,515 245,620
Notes to the Condensed Consolidated Financial Statements
簡明綜合財務報表附註
For the six months ended 30 June 2025 截至2025年6月30日止六個月
The net balances of deferred income tax assets and liabilities after 遞延所得稅資產及負債互相抵銷後的結餘淨額如
offsetting are as follows: 下：
At 30 June At 31 December
於2025年 於2024年
RMB’000 RMB’000
人民幣千元 人民幣千元
(unaudited) (audited)
（未經審核） （經審核）
Deferred income tax assets, net 遞延所得稅資產淨值 354,167 372,486
Deferred income tax liabilities, net 遞延所得稅負債淨額 (108,547) (111,843)
At the end of the reporting period, the Group had the following 於報告期末，本集團有下列未確認的未動用稅項虧
unrecognised unused tax losses: 損：
At 30 June At 31 December
於2025年 於2024年
RMB’000 RMB’000
人民幣千元 人民幣千元
(unaudited) (audited)
（未經審核） （經審核）
Unused tax losses 未動用稅項虧損 7,060,187 6,273,449
Notes to the Condensed Consolidated Financial Statements
簡明綜合財務報表附註
For the six months ended 30 June 2025 截至2025年6月30日止六個月
At the end of the currents interim period, the Group has unused tax 於本中期期末，本集團有未動用稅項虧損人
losses of RMB7,241,960,000 (31 December 2024: RMB6,433,610,000) 民 幣 7,241,960,000 元（ 2024 年 12 月 31 日 ： 人 民 幣
available for offsetting against future profits. Among these unused 6,433,610,000元）可用作抵銷未來溢利。於該等未
tax losses, a deferred tax asset of RMB27,266,000 (31 December 動用稅項虧損中，人民幣27,266,000元（2024年12
RMB181,773,000 (31 December 2024: RMB160,161,000). No deferred 已確認遞延稅項資產人民幣181,773,000元（2024年
tax asset has been recognised in respect of the remaining unused tax loss 12 月 31 日： 人 民 幣 160,161,000 元 ）。 由 於 無 法 預
of RMB7,060,187,000 (31 December 2024: RMB6,273,449,000) due to 測未來溢利來源，故並無就餘下未動用稅項虧損
the unpredictability of future profit streams. The expiry dates of the above 人民幣7,060,187,000元（2024年12月31日：人民幣
unrecognized tax losses are as follows: 6,273,449,000元）確認遞延稅項資產。上述未確認
稅項虧損的屆滿日期如下：
At 30 June At 31 December
於2025年 於2024年
RMB’000 RMB’000
人民幣千元 人民幣千元
(unaudited) (audited)
（未經審核） （經審核）
No expiry date 無屆滿日期 6,319,100 5,653,966
At the end of the reporting period, the Group has deductible temporary 於報告期末，本集團的可抵扣暫時性差異為人民幣
differences of RMB415,107,000 (31 December 2024: RMB464,652,000), 415,107,000元（2024年12月31日：人民幣464,652,000
in relation to which no tax asset has been recognised as it is not probable 元），由於不大可能有應課稅溢利可用作抵扣可抵
that taxable profit will be available against which the deductible temporary 扣暫時性差異，故並無確認相關稅項資產。
differences can be utilised.
Notes to the Condensed Consolidated Financial Statements
簡明綜合財務報表附註
For the six months ended 30 June 2025 截至2025年6月30日止六個月
At 30 June At 31 December
於2025年 於2024年
RMB’000 RMB’000
人民幣千元 人民幣千元
(unaudited) (audited)
（未經審核） （經審核）
Financial assets 金融資產
Trade receivables 貿易應收款項 12,042,256 9,656,275
Less: loss allowance 減：虧損撥備 (833,506) (664,267)
Deposits 訂金 163,231 145,899
Financial asset receivables (Note a) 金融資產應收款項（附註a） – 102,163
Receivable from disposal of investment 出售投資應收款項 65,519 65,519
Staff advances 僱員墊款 30,786 57,743
Tax expense to be collected from customers 應向客戶收取的稅項支出 127,169 522,959
Others 其他 199,215 130,756
Less: loss allowance 減：虧損撥備 (97,759) (102,794)
At 30 June At 31 December
於2025年 於2024年
RMB’000 RMB’000
人民幣千元 人民幣千元
(unaudited) (audited)
（未經審核） （經審核）
Non-financial assets 非金融資產
Contract assets (Note b) 合同資產（附註b） 1,203,576 886,436
Less: loss allowance of contract assets 減：合同資產虧損撥備 (34,709) (25,315)
Prepayments to suppliers 向供應商預付款項 761,109 661,460
Other tax recoverable 其他可收回稅項 620,468 483,712
Total trade and other receivables 貿易及其他應收款項合計 14,247,355 11,920,546
Notes to the Condensed Consolidated Financial Statements
簡明綜合財務報表附註
For the six months ended 30 June 2025 截至2025年6月30日止六個月
(Continued)
The following is the ageing analysis of trade receivables net of loss 以下為各報告期末按收入確認日期呈列的貿易應收
allowance presented based on the revenue recognition date at the end of 款項扣除虧損撥備後的賬齡分析：
each reporting period:
At 30 June At 31 December
於2025年 於2024年
RMB’000 RMB’000
人民幣千元 人民幣千元
(unaudited) (audited)
（未經審核） （經審核）
Within 180 days 180天內 9,187,461 7,121,402
Over 180 days but within 1 year 超過180天但1年內 987,762 1,126,972
Over 1 year but within 2 years 超過1年但2年內 948,273 594,099
Over 2 years but within 3 years 超過2年但3年內 85,254 149,535
The Group normally grants a credit period of 30 days to 180 days (31 本集團通常給予客戶30天至180天（2024年12月31
December 2024: 30 days to 180 days) to customers effective from the 日：30天至180天）的信貸期，自收入確認日期起生
revenue recognition date. As at 30 June 2025, included in the Group’s 效。於2025年6月30日，計入本集團貿易應收賬款
trade receivables balance are debtors with aggregate gross amount of 結餘的應收賬款總額為人民幣2,345,237,000元（2024
RMB2,345,237,000 (31 December 2024: RMB1,782,820,000) which 年12月31日：人民幣1,782,820,000元），該等應收賬
are past due as at the reporting date and assessed collectively based on 款於報告日期已逾期，並根據撥備矩陣進行整體評
provision matrix. 估。
Notes: 附註：
a. As at 31 December 2024, the Group held financial asset receivables a. 於2024年12月31日，本集團向一家第三方證券行持
amounting to RMB102 million from a third party securities company. The 有合共人民幣102百萬元。於2025年3月到期收取的
estimated annual yield rate is 2.85% of the financial asset receivables which 金融資產應收款項，其年度孳息率估計為2.85%。
were due in March 2025.
b. Under Manufacture of coal mining machinery segment, nearly 10% percent b. 於煤機製造板塊，由於與客戶簽訂的合同中有保修
of the contracted amounts was retained, due to the warranty provision in the 條款，因此近10%的合同金額獲保留。管理層將保留
contracts with customers. The management disclose the retention fee as 費用披露為合同資產。若於商定期限（通常為1年）內
contract asset. The Company will receive the retention fee if no major quality 未發生重大品質問題，本公司將收取保留費用。
issues happen during agreed period (normally 1 year).
As of 30 June 2025, the balance of retention fee net of loss allowance is 截至2025年6月30日，扣除虧損撥備後的保留費用餘
RMB1,168,867,000 (As of 31 December 2024: RMB861,121,000), all 額為人民幣1,168,867,000元（2024年12月31日：人民
expected to be received in one year. The management expect no major quality 幣861,121,000元），預期將於一年內全部收妥。管理
issue for all the products. 層預期所有產品均不會有重大質量問題。
Notes to the Condensed Consolidated Financial Statements
簡明綜合財務報表附註
For the six months ended 30 June 2025 截至2025年6月30日止六個月
At 30 June At 31 December
於2025年 於2024年
RMB’000 RMB’000
人民幣千元 人民幣千元
(unaudited) (audited)
（未經審核） （經審核）
Cash and cash equivalents 現金及現金等值物
Cash 現金 138 166
Bank deposits with original maturity within 原到期日為三個月或以下的
three months or less 銀行存款 2,804,020 2,987,419
Cash and cash equivalents 現金及現金等價物 2,804,158 2,987,585
Bank deposits, current 銀行存款，流動
Pledged bank deposits (Note) 已抵押銀行存款（附註） 815,404 1,026,112
Bank deposits with original maturity over three months 原到期日為三個月以上的銀行存款 827,361 904,913
Restricted cash 受限制現金 3,952 3,540
Bank deposits, non-current 銀行存款，非流動
Bank deposits with original maturity over one year 原到期日為一年以上的銀行存款 601,158 980,022
Note: Pledged bank deposits represent deposits pledged to banks to secure bank 附註：已抵押銀行存款為抵押予銀行以獲取銀行承兌匯
acceptance bills and letters of guarantee and are therefore classified as 票及保函的保證金，因此被分類為流動資產。已
current assets. The pledged bank deposits carry interest at market rates 抵押銀行存款按市場利率計息，於2025年6月30
which ranged from 0.0500% to 2.7500% per annum as at 30 June 2025 (31 日，年利率介乎0.0500%至2.7500%（2024年12月31
December 2024: 0.1000% to 2.7500% per annum). 日：年利率0.1000%至2.7500%）。
Notes to the Condensed Consolidated Financial Statements
簡明綜合財務報表附註
For the six months ended 30 June 2025 截至2025年6月30日止六個月
At 30 June At 31 December
於2025年 於2024年
RMB’000 RMB’000
人民幣千元 人民幣千元
(unaudited) (audited)
（未經審核） （經審核）
Notes payable 應付票據 3,768,615 3,029,775
Trade payables (Note a) 貿易應付款項（附註a） 7,839,295 8,274,732
Salary and bonus payables 應付薪金與獎金 523,315 627,274
Deposits (Note b) 訂金（附註b） 170,457 132,918
Interests payable 應付利息 9,401 28,546
Factoring payable 保理應付款項 51,978 47,803
Other taxes payable 其他應付稅項 495,989 706,758
Dividend payable 應付股利 1,955,833 –
Restrictive shares payable (Note 23) 應付限制性股票（附註23） 277,549 –
Accruals 預提款項 492,392 503,075
Other payables (Note c) 其他應付款項（附註c） 612,413 581,329
Total trade and other payables 貿易及其他應付款項總額 16,197,237 13,932,210
Notes to the Condensed Consolidated Financial Statements
簡明綜合財務報表附註
For the six months ended 30 June 2025 截至2025年6月30日止六個月
Notes: 附註：
(a) The following is the ageing analysis of trade payables presented based on (a) 以下為於各報告期末按發票日期呈列的貿易應付款
invoice date at the end of each reporting period: 項賬齡分析：
At 30 June At 31 December
於2025年 於2024年
RMB’000 RMB’000
人民幣千元 人民幣千元
(unaudited) (audited)
（未經審核） （經審核）
Within 1 year 1年內 7,367,511 7,946,772
Over 1 year 超過1年 471,784 327,960
(b) Deposits represent the deposits received from suppliers for transportation and (b) 訂金指從供應商所收到運輸及其他服務的訂金。
other services.
(c) Other payables mainly consist of payables for the acquisition of property, plant (c) 其他應付款項主要包括用於收購物業、廠房及設備
and equipment, rental payables and payables for other services. 的應付款項、應付租金及其他服務的應付款項。
Notes to the Condensed Consolidated Financial Statements
簡明綜合財務報表附註
For the six months ended 30 June 2025 截至2025年6月30日止六個月
At 30 June At 31 December
於2025年 於2024年
RMB’000 RMB’000
人民幣千元 人民幣千元
(unaudited) (audited)
（未經審核） （經審核）
Non-current: 非即期：
– Bank borrowings – secured －銀行借貸－有抵押 69,759 1,284,372
– Bank borrowings – unsecured －銀行借貸－無抵押 3,892,382 3,366,597
Less: current portion of non-current borrowings 減：非即期借貸的即期部分 (1,847,172) (2,019,554)
Current: 即期：
– Bank borrowings – secured －銀行借貸－有抵押 69,759 422,491
– Bank borrowings – unsecured －銀行借貸－無抵押 1,585,422 962,187
Add: current portion of non-current borrowings 加：非即期借貸的即期部分 1,847,172 2,019,554
Total borrowings 借貸總額 5,617,322 6,035,647
Secured (Note a) 有抵押（附註a） 139,518 1,706,863
Unsecured 無抵押 5,477,804 4,328,784
Fixed-rate borrowings 定息借貸 1,361,045 962,187
Variable-rate borrowings 浮息借貸 4,256,277 5,073,460
Notes: 附註：
a) As at 30 June 2025, the balance of bank borrowings amounting to a) 於 2025 年 6 月 30 日 ， 銀 行 借 貸 結 餘 合 共 人 民 幣
RMB139,518,000 (31 December 2024: RMB1,706,863,000) were secured 139,518,000元（2024年12月31日：人民幣1,706,863,000
by the pledge of the land use rights, property, plant and equipment, and other 元）由土地使用權以、物業、廠房及設備及其他資產
assets. 質押作抵押。
b) In respect of bank loans with carrying amount of RMB3,830,144,000 as b) 就於2025年6月30日賬面金額為人民幣3,830,144,000
at 30 June 2025 (31 December 2024: RMB5,186,838,000), the Group is 元（2024年12月31日：人民幣5,186,838,000元）的銀行
required to comply with certain financial covenants, relating to mainly limits 貸款而言，本集團須遵守若干財務契約，主要與資
for asset-liability ratio and conditions for further financing activities. The Group 產負債率限制及進一步融資活動的條件有關。本集
has complied with these covenants so far and expects no breach before 團到目前為止已遵守該等契約，並預期在到期前不
maturity. 會出現違約情況。
Notes to the Condensed Consolidated Financial Statements
簡明綜合財務報表附註
For the six months ended 30 June 2025 截至2025年6月30日止六個月
The carrying amounts of the Group’s borrowings are denominated in the 本集團借貸的賬面值以下列貨幣計值：
following currencies:
At 30 June At 31 December
於2025年 於2024年
RMB’000 RMB’000
人民幣千元 人民幣千元
(unaudited) (audited)
（未經審核） （經審核）
RMB 人民幣 4,064,769 4,493,602
Euro 歐元 1,552,553 1,542,045
The ranges of effective interest rates (which are also equal to contracted 本集團借貸的實際利率
（亦相等於合同利率）範圍如
interest rates) on the Group’s borrowings are as follows: 下：
At 30 June At 31 December
於2025年 於2024年
RMB’000 RMB’000
人民幣千元 人民幣千元
(unaudited) (audited)
（未經審核） （經審核）
Effective interest rate per annum 實際年利率
Fixed-rate borrowings 定息借貸 1.05%~3.70% 1.05%~3.80%
Variable-rate borrowings 浮息借貸 1.85%~5.41% 1.85%~5.61%
Notes to the Condensed Consolidated Financial Statements
簡明綜合財務報表附註
For the six months ended 30 June 2025 截至2025年6月30日止六個月
The group provision mainly included warranty provision and onerous 本集團的撥備主要包括保修撥備及嚴苛合同撥備。
contract provision. The warranty provision which represents management’s 保修撥備指管理層根據過往與有問題產品申索相關
best estimate of the Group’s liability under warranty periods granted to 的經驗，對本集團就向購買煤礦機械及汽車零部件
customers (who purchased coal mining machinery and auto parts), based 的客戶所授予保修期內負債的最佳估計。嚴苛合同
on prior experience relating to defective products claims. Onerous contract 撥備指管理層根據有關合同的預測表現，對預期合
provision represents management’s best estimate of the expected contract 同虧損的最佳估計。
loss, based on the forecast performance relating to the contract.
During the current interim period, the Group accrued RMB88,605,000 for 於本中期期間，本集團累計作出人民幣88,605,000
warranty provision and onerous contract provision (six months ended 30 元（ 截 至 2024 年 6 月 30 日 止 六 個 月 ： 人 民 幣
June 2024: RMB86,417,000). 86,417,000元）的保修撥備及嚴苛合同撥備。
Listed A Shares Listed H Shares Total
上市A股 上市H股 總計
Number of Number of Number of
shares Amount shares Amount shares Amount
股份數目 金額 股份數目 金額 股份數目 金額
’000 RMB’000 ’000 RMB’000 ’000 RMB’000
千股 人民幣千元 千股 人民幣千元 千股 人民幣千元
Authorised, issued and fully paid 法定、已發行及繳足
At 1 January 2025 (audited) and 於2025年1月1日（經審核）及
– Ordinary shares of RMB1 each －每股人民幣1元普通股 1,542,166 1,542,166 243,234 243,234 1,785,400 1,785,400
Listed A Shares Listed H Shares Total
上市A股 上市H股 總計
Number of Number of Number of
shares Amount shares Amount shares Amount
股份數目 金額 股份數目 金額 股份數目 金額
’000 RMB’000 ’000 RMB’000 ’000 RMB’000
千股 人民幣千元 千股 人民幣千元 千股 人民幣千元
Authorised, issued and fully paid 法定、已發行及繳足
At 1 January 2024 (audited) 於2024年1月1日（經審核）
– Ordinary shares of RMB1 each －每股人民幣1元普通股 1,538,175 1,538,175 243,234 243,234 1,781,409 1,781,409
Exercise of share options (Note 23) 行使購股權（附註23） 4,129 4,129 – – 4,129 4,129
At 30 June 2024 (unaudited) 於2024年6月30日（未經審核）
– Ordinary shares of RMB1 each －每股人民幣1元普通股 1,542,304 1,542,304 243,234 243,234 1,785,538 1,785,538
Notes to the Condensed Consolidated Financial Statements
簡明綜合財務報表附註
For the six months ended 30 June 2025 截至2025年6月30日止六個月
During the six months ended 30 June 2025, the Company repurchased 截至2025年6月30日止六個月期間，本公司透過上
shares through the Shanghai Stock Exchange with an aggregate 日止六個月：無）本公司普通股，共支付代價人民
consideration of RMB600,001,670 (six months ended 30 June 2024: Nil) 幣600,001,670元（截至2024年6月30日止六個月：
paid. 無）。
The above ordinary shares were repurchased to be used under the 上述普通股已回購，用於限制性股票激勵計劃。
restricted share incentive scheme.
Employee option plan 僱員購股權計劃
The establishment of The A Share Option Incentive Scheme (“2019 股東於2019年10月21日舉行的2019年第二次臨時股
Option Inventive Scheme”) was approved by shareholders at The Second 東大會、2019年第一次A股類別股東大會及2019年
Extraordinary General Meeting of 2019, The First A Shareholders Class 第一次H股類別股東大會上批准設立A股股票期權
Meeting of 2019 and The First H Shareholders Class Meeting of 2019 激勵計劃（「2019年股票期權激勵計劃」）。根據股票
held on 21 October 2019. In accordance with the Share Option Incentive 期權激勵計劃，本公司會向合資格激勵對象授予多
Scheme, the Company granted a number of options to the qualified 項期權以購買本公司A股股票。根據該計劃，授予
participants to purchase A Shares of the Company. Under the plan, 激勵對象的期權僅在符合若干表現標準時，方會歸
participants were granted options which only vest if certain performance 屬。有關該計劃的參與由董事會酌情決定，且概無
standards are met. Participation in the plan is at the board’s discretion and 任何個人擁有合同權力以參與該計劃或收取任何擔
no individual has a contractual right to participate in the plan or to receive 保利益。
any guaranteed benefits.
The amount of options that vest depends on the performance of the 歸屬的期權數額取決於本公司及個人參與者的表現
Company and the individual participant. Once vested, the options remain 而定。一經歸屬，有關期權於12個月期間內可予行
exercisable for a period of 12 months. 使。
All expense related to 2019 Option Inventive Scheme was booked before 與 2019 年 股 票 期 權 激 勵 計 劃 相 關 的 所 有 費 用 均
the end of year 2023. During the year of 2024, 4,332,960 shares were 已在2023年底前入帳。截至2024年止年度，已有
exercised under the 2019 Option Inventive Scheme. The closing price of 4,332,960股股份根據2019年股票期權激勵計劃獲行
the Company’s shares immediately before the date on which the options 使。本公司股份於緊接期權獲行使之日前的收市價
were exercised was RMB12.51 and 12.71 respectively. All exercisable 分別為人民幣12.51元及人民幣12.71元。所有可行
shares were exercised before the end of 2024. 權股份已於2024年底前行權。
Notes to the Condensed Consolidated Financial Statements
簡明綜合財務報表附註
For the six months ended 30 June 2025 截至2025年6月30日止六個月
Restricted share incentive scheme 限制性股票激勵計劃
On 4 June 2021, the Group’s Annual General Meeting adopted a restricted 於2021年6月4日，本集團股東周年大會採納一項
share incentive scheme (the “2021 Scheme”). On 7 June 2021, a total 限制性股票激勵計劃（「2021年計劃」）。2021年6月7
of 42,300,000 A-shares were granted to 186 selected employees 日，公司向186名選定員工（包括董事）以每股人民
(including directors) at RMB5.88 per share, with total cash proceeds of 幣5.88元的價格授予總計42,300,000股A股，總現金
RMB248,724,000 recorded as trade and other payables. 所得款項人民幣248,724,000元記錄為貿易及其他應
付款項。
The Validity Period of the 2021 Scheme is no more than 48 months from 2021年計劃有效期為自限制性股票授予登記完成之
the date of the completion of the grant registration of the restricted shares 日起至激勵對象獲授的限制性股票全部解除限售或
to the date when all the restricted shares granted to the Participants are 回購註銷之日止，不超過48個月。
unlocked or repurchased and cancelled.
The lock-up period began on the grant date, with unlocking scheduled in 限售期自授予日起開始，依公司層級及個人績效表
three tranches in 2022, 2023, and 2024, subject to annual performance 現狀況，分三期於2022年、2023年、2024年解鎖。
evaluations based on both company-level and individual performance
conditions.
Shares are released upon satisfaction of unlocking conditions. Forfeited 解除限售條件滿足後，股份予以解除限售。沒收的
shares are repurchased and cancelled by the Company. Repurchase 股份由公司回購並註銷。已歸屬股份的回購負債於
liabilities for vested shares were derecognized upon each unlocking date. 每個解除限售日終止確認。
The arrangements of Unlocking Period under the grant of restricted shares 2021年計劃授予限制性股票的解除限售期及各報告
and unlocking duration for each reporting period pursuant to the 2021 期間解除限售時間安排如下表所示：
Scheme are set out in the table below:
Arrangement of Unlocking
Unlocking Period Unlocking duration percentage
解除限售期安排 解除限售時間 解除限售比例
First Unlocking Period Commencing from the first trading day upon the expiry of 12 months from the Date of 40%
Grant to the last trading day upon the expiry of 24 months from the Date of Grant
第一次解除限售期 自授予日起12個月後的首個交易日起至授予日起24個月內的最後一個交易
日當日止
Second Unlocking Period Commencing from the first trading day upon the expiry of 24 months from the Date of 30%
Grant to the last trading day upon the expiry of 36 months from the Date of Grant
第二次解除限售期 自授予日起24個月後的首個交易日起至授予日起36個月內的最後一個交易
日當日止
Third Unlocking Period Commencing from the first trading day upon the expiry of 36 months from the Date of 30%
Grant to the last trading day upon the expiry of 48 months from the Date of Grant
第三次解除限售期 自授予日起36個月後的首個交易日起至授予日起48個月內的最後一個交易
日當日止
No restricted shares related to 2021 Scheme were outstanding as at 1 截至2025年1月1日及2025年6月30日，均無2021年
January 2025 and 30 June 2025. 計劃相關限制性股票發行在外。
Notes to the Condensed Consolidated Financial Statements
簡明綜合財務報表附註
For the six months ended 30 June 2025 截至2025年6月30日止六個月
Restricted share incentive scheme (Continued) 限制性股票激勵計劃（續）
On 5 June 2025, the Annual General Meeting of the Group adopted a 於2025年6月5日，本集團股東周年大會採納一項限
restricted share incentive scheme (the “2025 Scheme”). Under the 2025 制性股票激勵計劃（「2025年計劃」）。根據2025年計
Scheme, a total number of 39,120,130 A shares of the Group will be issued 劃，向本集團307名經選定僱員（包括董事） （「激勵
and granted to the selected 307 employees (including directors) of the 對象」）將發行及授予合共39,120,130股本集團A股。
Group (the “Participants”).
Participants who will be granted with the restricted shares were entitled 將獲授限制性股票的激勵對象有權於授予日購入限
to acquire the restricted shares on the grant date and sell the restricted 制性股票及於相關限制性股票的禁售期後出售限制
shares after the lock-up period of the relevant restricted shares, subject 性股票，惟本集團及激勵對象均須滿足2025年計劃
to the fulfilment of the relevant conditions both by the Group and by 項下的相關條件。
Participants under the 2025 Scheme.
Upon the unlocking time point, the Company shall proceed with unlocking 於解除限售時點，本公司將為滿足解除限售條件的
for the Participants who satisfy the Unlocking Conditions, and the restricted 激勵對象解除限售，而未滿足解除限售條件的激勵
shares held by the Participants who do not satisfy the Unlocking Conditions 對象所持限制性股票將由本公司回購註銷。
shall be repurchased and cancelled by the Company.
The arrangements of unlocking time point under the 2025 Scheme are set 2025年計劃的解除限售時點安排如下表所示：
out in the table below:
Unlocking
Arrangement Time percentage
安排 時間 解除限售比例
First Unlocking point 12 months commencing from the date of Effective 50%
第一個解除限售時點 自生效日起12個月
Second Unlocking point 24 months commencing from the date of Effective 50%
第二個解除限售時點 自生效日起24個月
Notes to the Condensed Consolidated Financial Statements
簡明綜合財務報表附註
For the six months ended 30 June 2025 截至2025年6月30日止六個月
Restricted share incentive scheme (Continued) 限制性股票激勵計劃（續）
The evaluation period for unlocking the restricted shares under the 2025 2025年計劃項下限制性股票解除限售的評估期為
Scheme shall be from 2025-2026 and the evaluation shall be conducted 2025年至2026年，評估將每年進行。各解除限售期
annually. The performance evaluation for each Unlocking Period includes 的業績考核包括公司業績考核要求及激勵對象績效
performance evaluation requirements for the Company and performance 考核要求的解除限售條件。倘第一個解鎖時點未達
evaluation requirement for the Participants. If the performance requirement 到業績要求，則第一個解除限售期未歸屬的股份全
failed to be fulfilled upon the first Unlocking point, all the unvested shares 部遞延至第二個解除限售期合併考核。
from the first Unlocking period will be deferred to the second Unlocking
period for combined evaluation.
Other than the lock-up period, the 2025 Scheme set a required employee 除限售期外，2025年計劃亦設定於第二個解鎖時點
service period for the participants of 48 months after the second Unlocking 後，激勵對象必須達到的48個月員工服務期。在規
point. During the required service period, if the participants unilaterally 定的服務期間內，倘激勵對象未經本公司及╱或其
terminate or dissolve the labour relationship without mutual agreement 子公司協商一致，單方面終止或解除勞動關係的，
with the Company and/or its subsidiaries, or if the Company and/or its 或者因激勵對象的過錯導致本公司及╱或其子公司
subsidiaries terminate the labour relationship due to the participants’ fault, 解除勞動關係的，激勵對象應將2025計劃已解除限
the participants shall return to the Company the profit gained in respect of 售股份所獲得的收益返還本公司。
the shares already unlocked under the 2025 Scheme.
The required employee service period, together with 24 months of lock-up 規定的員工服務期間加上24個月的限售期，構成
period, constitutes a total of 72-month evaluation period under the 2025 2025年計劃項下合共72個月的考核期。
Scheme.
On 4 July 2025, the totalling of 39,120,130 shares were transferred to 於2025年7月4日，合計39,120,130股過戶至2025年
the securities account of the 2025 Scheme, with the price of RMB7.15 計劃證券賬戶，每股價格為人民幣7.15元。2025 年
per share. The 2025 Scheme becomes effective on this date (“the date of 計劃自此日期起生效（「生效日期」）。
Effective”).
During the six months ended 30 June 2025, the Company has provided 於截至2025年6月30日止六個月期間，本公司就
nil (six months ended 30 June 2024: RMB10,260,000) as share-based 2021年計劃及2025年計劃下該等限制性股票撥備的
payment expenses in respect of these restricted shares under both 2021 股份支付費用為零（截至2024年6月30日止六個月：
Scheme and 2025 Scheme. 人民幣10,260,000元）。
Notes to the Condensed Consolidated Financial Statements
簡明綜合財務報表附註
For the six months ended 30 June 2025 截至2025年6月30日止六個月
In the opinion of the directors of the Company, the investors held more 本公司董事認為，持有全部股份5%以上權益的投
than 5% of total shares and their related parties treated as the related 資者及其關聯方被視為本公司的關聯方。
parties of the Group.
During the six months ended 30 June 2025, the Group entered into 於截至2025年6月30日止六個月，本集團與其關聯
transactions with its related parties which are set out below. The related 方訂立交易，該等交易載於下文。關聯方交易乃於
party transactions were carried out in the normal course of business and 正常業務過程中按本集團與相應關聯方磋商的條款
at terms negotiated between the Group and the respective related parties. 進行。
(a) The Group’s investors and their related parties (a) 本集團投資者及彼等關聯方
The Group had the following significant transactions with the Group’s 本集團曾與投資者及彼等關聯方進行下列重要
investors and their related parties. 交易。
Six months ended 30 June
截至6月30日止六個月
RMB’000 RMB’000
人民幣千元 人民幣千元
(unaudited) (unaudited)
（未經審核） （未經審核）
Sales of goods and services to the Group’s 向本集團投資者及彼等關聯方銷售
investors and their related parties 貨品及服務 146,880 67
Six months ended 30 June
截至6月30日止六個月
RMB’000 RMB’000
人民幣千元 人民幣千元
(unaudited) (unaudited)
（未經審核） （未經審核）
Purchase of goods and services from the Group’s 來自本集團投資者及彼等關聯方購
investors and their related parties 入貨品及服務 862,167 1,182,225
Notes to the Condensed Consolidated Financial Statements
簡明綜合財務報表附註
For the six months ended 30 June 2025 截至2025年6月30日止六個月
(a) The Group’s investors and their related parties (a) 本集團投資者及彼等關聯方（續）
(Continued)
The details of outstanding balances with the Group’s investors and 涉及本集團投資者及彼等關聯方的未償還結餘
their related parties are set as follow: 詳情載列如下：
At 30 June At 31 December
於2025年 於2024年
RMB’000 RMB’000
人民幣千元 人民幣千元
(unaudited) (audited)
（未經審核） （經審核）
Trade and other receivables from the Group’s 應收本集團投資者及彼等關聯方的
investors and their related parties 貿易及其他應收款項 20,109 544
At 30 June At 31 December
於2025年 於2024年
RMB’000 RMB’000
人民幣千元 人民幣千元
(unaudited) (audited)
（未經審核） （經審核）
Trade and other payables to the Group’s 應付本集團投資者及彼等關聯方的
investors and their related parties 貿易及其他應收款項 4,359 1,788
Notes to the Condensed Consolidated Financial Statements
簡明綜合財務報表附註
For the six months ended 30 June 2025 截至2025年6月30日止六個月
(a) The Group’s investors and their related parties (a) 本集團投資者及彼等關聯方（續）
(Continued)
At 30 June At 31 December
於2025年 於2024年
RMB’000 RMB’000
人民幣千元 人民幣千元
(unaudited) (audited)
（未經審核） （經審核）
Amount prepaid to the Group’s investors and 預付本集團投資者及彼等關聯方的
their related parties 款項 21,732 131,837
The Group’s investors include the investors and their subsidiaries. 本集團的投資者包括投資者及其附屬公司。
The amount due to the Group’s investors and their related parties 應付本集團投資者及彼等關聯方的款項為無抵
was unsecured, interest-free and repayable on demand. 押、免息及須按要求償還。
(b) The Group’s associates and joint ventures (b) 本集團聯營公司及合營企業
The Group had the following significant transactions with its associates 本集團與其聯營公司及合營企業進行下列重要
and joint ventures. 交易。
Six months ended 30 June
截至6月30日止六個月
RMB’000 RMB’000
人民幣千元 人民幣千元
(unaudited) (unaudited)
（未經審核） （未經審核）
Sales of goods and services 銷售貨品及服務
Associates 聯營公司 77,115 33,283
Joint ventures 合營企業 32 4,845
Notes to the Condensed Consolidated Financial Statements
簡明綜合財務報表附註
For the six months ended 30 June 2025 截至2025年6月30日止六個月
(b) The Group’s associates and joint ventures (Continued) (b) 本集團聯營公司及合營企業（續）
Six months ended 30 June
截至6月30日止六個月
RMB’000 RMB’000
人民幣千元 人民幣千元
(unaudited) (unaudited)
（未經審核） （未經審核）
Purchase of goods and services 採購貨品及服務
Associates 聯營公司 229,829 161,685
Joint ventures 合營企業 8,797 53,379
The Group had the following outstanding balances with its associates 於各報告期末，本集團與其聯營公司及合營企
and joint ventures at the end of each reporting period: 業有以下未償還結餘：
At 30 June At 31 December
於2025年 於2024年
RMB’000 RMB’000
人民幣千元 人民幣千元
(unaudited) (audited)
（未經審核） （經審核）
Trade and other receivables from: 應收下列各方的貿易及
其他應收款項：
Associates 聯營公司 93,393 24,280
Notes to the Condensed Consolidated Financial Statements
簡明綜合財務報表附註
For the six months ended 30 June 2025 截至2025年6月30日止六個月
(b) The Group’s associates and joint ventures (Continued) (b) 本集團聯營公司及合營企業（續）
At 30 June At 31 December
於2025年 於2024年
RMB’000 RMB’000
人民幣千元 人民幣千元
(unaudited) (audited)
（未經審核） （經審核）
Trade and other payables to: 應付下列各方的貿易及
其他應收款項：
Associates 聯營公司 290,422 200,915
Joint ventures 合營企業 26,850 23,721
At 30 June At 31 December
於2025年 於2024年
RMB’000 RMB’000
人民幣千元 人民幣千元
(unaudited) (audited)
（未經審核） （經審核）
Amounts prepaid to: 已預付下列各方的款項：
Associates 聯營公司 598 1,786
All amounts due from or due to associates and joint ventures are from 在性質上，所有應收或應付聯營公司及合營企
trade in nature. The amount due to associates and joint ventures are 業款項均來自貿易。應付聯營公司及合營企業
unsecured, interest-free and repayable on demand. 款項為無抵押、免息及須按要求償還。
Notes to the Condensed Consolidated Financial Statements
簡明綜合財務報表附註
For the six months ended 30 June 2025 截至2025年6月30日止六個月
(c) Remuneration of key management personnel (c) 主要管理人員酬金
The remuneration of executive directors and other members of key 執行董事及其他主要管理人員的酬金如下：
management were as follows:
Six months ended 30 June
截至6月30日止六個月
RMB’000 RMB’000
人民幣千元 人民幣千元
(unaudited) (unaudited)
（未經審核） （未經審核）
Short-term benefits 短期福利 8,745 9,549
Post-employment benefits 退休福利 233 552
Restricted share incentive scheme 限制性股票激勵計劃 – 2,449
Key management represents the executive directors and other 主要管理人員指在中期報告中披露的執行董事
senior management personnel disclosed in the interim report. The 及其他高級管理人員。主要管理人員的酬金乃
remuneration of key management personnel is determined with 根據個人表現與市場趨勢釐定。
reference of the performance to individuals and market trends.
Notes to the Condensed Consolidated Financial Statements
簡明綜合財務報表附註
For the six months ended 30 June 2025 截至2025年6月30日止六個月
(a) Notes receivable (a) 應收票據
During the interim period, the Group has endorsed or discounted, 於中期期間，本集團已對若干應收票據進行背
and then derecognized certain notes receivable with full recourse. In 書或貼現，繼而終止確認該等附有完全追索權
the opinion of the directors of the Company, the risk of the default 的應收票據。本公司董事認為，由於所有背書
in payment of the endorsed or discounted notes receivable is low 及貼現的應收票據由聲譽良好的中國銀行發出
because all endorsed or discounted notes receivable are issued 及提供擔保，故欠付背書及貼現的應收票據的
and guaranteed by reputable PRC banks. The maximum exposure 風險為低。於各報告期末，本集團可能因欠付
to the Group that may result from the default of these endorsed or 該等背書或貼現及終止確認的應收票據而須承
discounted and derecognized notes receivable at the end of each 擔的最大風險如下：
reporting period is as follows:
At 30 June At 31 December
於2025年 於2024年
RMB’000 RMB’000
人民幣千元 人民幣千元
(unaudited) (audited)
（未經審核） （經審核）
Outstanding endorsed or discounted notes 具追索權的尚未償還已背書或
receivable with recourse 已貼現應收票據 2,507,402 2,820,447
These endorsed or discounted and then derecognized notes 該等已背書或貼現後終止確認的應收票據的最
receivable have a maximum maturity of 1 year, and the total 長期限為1年，於2025年6月30日，該等已背書
undiscounted cash flows of these endorsed or discounted and 或貼現後終止確認的應收票據的未貼現現金流
derecognized notes receivable, representing the Group’s maximum 量總額為人民幣2,507,402,000元（2024年12月31
loss if the issuing banks fail to honour their notes and guarantees, 日：人民幣2,820,447,000元），倘發行銀行未
amounted to RMB2,507,402,000 as at 30 June 2025 (31 December 能兌現其票據及擔保，則代表本集團的最高虧
(b) Trade receivable transferred (b) 已劃轉的貿易應收款項
As at 30 June 2025, the Group has derecognised certain trade 於2025年6月30日，本集團已終止確認已劃
receivables without recourse which were transferred to banks 轉至銀行的若干無追索權貿易應收款項人民
with amounting to RMB182,292,000 (31 December 2024: 幣 182,292,000 元（ 2024 年 12 月 31 日 ： 人 民 幣
RMB42,337,000). 42,337,000元）。
Notes to the Condensed Consolidated Financial Statements
簡明綜合財務報表附註
For the six months ended 30 June 2025 截至2025年6月30日止六個月
The table below analyses financial instruments carried at fair value, by 下表以估值方法分析按公平值列賬的金融工具。不
valuation method. The different levels have been defined as follows: 同層級定義如下：
Level 1: The fair value of financial instruments traded in active markets 第1級：於活躍市場買賣金融工具的公平值（例如公
(such as publicly traded derivatives, and equity securities) is based on 開買賣的衍生工具及股本證券）是按報告期末所報
quoted market prices at the end of the reporting period. The quoted 市價而定。本集團所持金融資產所用的所報市價為
market price used for financial assets held by the Group is the current bid 當時的買入價。該等工具列入第1級。
price. These instruments are included in level 1.
Level 2: The fair value of financial instruments that are not traded in an 第2級：並非於活躍市場買賣的金融工具（例如場外
active market (for example, over-the-counter derivatives) is determined 衍生工具）公平值乃利用估值方法釐定，該估值方
using valuation techniques which maximise the use of observable market 法盡量利用可觀察市場數據並盡可能減少對實體特
data and rely as little as possible on entity-specific estimates. If all 定估計的倚賴。倘計算工具公平值所需的所有重大
significant inputs required to fair value an instrument are observable, the 輸入數據為可觀察數據，則該工具列入第2級。
instrument is included in level 2.
Level 3: If one or more of the significant inputs is not based on observable 第3級：倘一項或多項重大輸入數據並非根據可觀
market data, the instrument is included in level 3. This is the case for 察市場數據而定，則該工具列入第3級（例如非上市
unlisted equity security. 股本證券）。
Some of the Group’s financial instruments are measured at fair value for 就財務報告目的而言，本集團的部分金融工具以經
financial reporting purposes on a recurring basis. The management of the 常性基準按公允值計量。本公司管理層在必要時會
Company determine the appropriate valuation techniques and inputs for 徵詢第三方合資格估值師的意見，以釐定適當的估
fair value measurements with the advises from third party qualified valuers 值技術及公平值計量的輸入數據。
when necessary.
In estimating the fair value, the Group uses market-observable data to the 於估計公平值時，本集團使用可用之市場可觀察數
extent it is available. For instruments with significant unobservable inputs 據。對於第三層次下具有重大不可觀察輸入值的工
under Level 3, the management of the Company performed the valuation 具，本公司管理層已進行估值，並建立適當的估值
and established the appropriate valuation techniques and inputs to the 技術及模型輸入。本公司管理層每半年向本公司董
model. The management of the Company reports to the directors of the 事報告一次，解釋公平值波動的原因。
Company every half year to explain the cause of fluctuations in the fair
value.
The following table gives information about how the fair values of these 下表所載資料說明該等金融資產及金融負債公平值
financial assets and financial liabilities are determined (in particular, the 之釐定方式（尤其是所用之估值方法及輸入數據）。
valuation technique(s) and inputs used).
Notes to the Condensed Consolidated Financial Statements
簡明綜合財務報表附註
For the six months ended 30 June 2025 截至2025年6月30日止六個月
(Continued)
Fair value
Financial instruments Fair value as at 30 June 2025 (unaudited) hierarchy Valuation technique and key input
金融工具 於2025年6月30日之公平值（未經審核） 公平值等級 估值方法及重大輸入數據
Financial assets at fair Listed equity securities in A-share Level 1 Quoted bid prices in an active market
value through profit or loss – RMB6,075,000
(31 December 2024: RMB4,183,000)
以公平值計量且其變動計入 於A股的上市股本證券 第1級 於活躍市場所報之買入價
損益的金融資產 －人民幣6,075,000元
（2024年12月31日：人民幣4,183,000元）
Derivative financial instruments Forward foreign exchange contract not designated Level 2 Discounted cash flow. The estimated future cash flow is based on forward
as hedging instruments exchange rate (from observable forward exchange rates at the end of
Assets – RMB35,677,000 the reporting date) and contracted forward rate, discounted at a rate
(31 December 2024: RMB34,770,000) that reflects the credit risk of the counterparty.
Liabilities – RMB56,552,000
(31 December 2024: RMB79,541,000)
衍生金融工具 衍生金融工具不指定為對沖工具的遠期外匯合同 第2級 已貼現現金流量。未來現金流量的估算乃根據遠期匯率（來自報
資產－人民幣35,677,000元 告期末的可觀察遠期匯率）及合同遠期利率，再按可反映對
（2024年12月31日：人民幣34,770,000元） 手方的信貸風險的比率貼現。
負債－人民幣56,552,000元
（2024年12月31日：人民幣79,541,000元）
Derivative financial instruments Forward foreign exchange contract designated Level 2 Discounted cash flow. The estimated future cash flow is based on forward
as hedging instruments exchange rate (from observable forward exchange rates at the end of
Assets – RMB5,063,000 the reporting date) and contracted forward rate, discounted at a rate
(31 December 2024: RMB1,616,000) that reflects the credit risk of the counterparty.
Liabilities – RMB4,000
(31 December 2024: RMB5,017,000)
衍生金融工具 指定為對沖工具的遠期外匯合同 第2級 已貼現現金流量。未來現金流量的估算乃根據遠期匯率（來自報
資產－人民幣5,063,000元 告日期末的可觀察遠期匯率）及合同遠期利率，再按可反映
（2024年12月31日：人民幣1,616,000元） 對手方的信貸風險的比率貼現。
負債－人民幣4,000元
（2024年12月31日：人民幣5,017,000元）
Notes to the Condensed Consolidated Financial Statements
簡明綜合財務報表附註
For the six months ended 30 June 2025 截至2025年6月30日止六個月
(Continued)
Fair value
Financial instruments Fair value as at 30 June 2025 (unaudited) hierarchy Valuation technique and key input
金融工具 於2025年6月30日之公平值（未經審核） 公平值等級 估值方法及重大輸入數據
Financial assets at fair value Other financial assets – assets management Level 2 Fair values of investment schemes of which underlying assets including
through profit or loss products – RMB5,450,432,000 debt securities, shares, bank deposits and options contracts have
(31 December 2024: RMB5,204,015,000) been determined based on quotes from market makers, funds
administrators or alternative pricing sources supported by observable
inputs.
以公平值計量且其變動計入 其他金融資產－資產管理產品 第2級 相關資產包括債務證券、股份、銀行存款及期權合同的投資計
損益的金融資產 －人民幣5,450,432,000元 劃的公平值乃根據市場莊家、基金管理公司或有可觀察輸入
（2024年12月31日：人民幣5,204,015,000元） 數據支持的其他價格來源的報價釐定。
Financial assets at fair value Certificate of deposits Level 2 Discounted cash flow. The estimated future cash flow is based on the
through profit or loss – RMB342,536,000 contractual amount, discounted at a rate that reflects the expected
(31 December 2024: RMB361,344,000) return rates.
以公平值計量且其變動計入 存款證 第2級 已貼現現金流量。未來現金流量的估算乃根據合同金額，再按
損益的金融資產 －人民幣342,536,000元 可反映預期回報率的比率貼現。
（2024年12月31日：人民幣361,344,000元）
Financial assets at fair value Other financial assets – principal Level 2 Discounted cash flow. The estimated future cash flow is based on the
through profit or loss non-guaranteed financial products contractual amount, discounted at a rate that reflects the expected
– RMB431,518,000 return rates.
(31 December 2024: RMB250,724,000)
以公平值計量且其變動計入 其他金融資產－保本金融產品及非保本金融產品 第2級 已貼現現金流量。未來現金流量的估算乃根據合同金額，再按
損益的金融資產 －人民幣431,518,000元 可反映預期回報率的比率貼現。
（2024年12月31日：人民幣250,724,000元）
Notes to the Condensed Consolidated Financial Statements
簡明綜合財務報表附註
For the six months ended 30 June 2025 截至2025年6月30日止六個月
(Continued)
Fair value as at 30 June 2025 Fair value
Financial instruments (unaudited) hierarchy Valuation technique and key input Significant unobservable input
金融工具 於2025年6月30日之公平值（未經審核） 公平值等級 估值方法及重大輸入數據 重大不可觀察輸入數據
Financial assets at FVTOCI, Notes receivables Level 3 Discounted cash flow. The estimated Expected discounted rate
current – RMB1,978,939,000 future cash flow is based on the
(31 December 2024: RMB2,502,853,000) contractual amount. The higher the discount rate, the lower
the fair value.
以公平值計量且其變動計入 應收票據 第3級 已貼現現金流量。未來現金流量的估 預期虧損率
其他全面收益的金融資產， －人民幣1,978,939,000元 算乃根據合同金額。
即期 （2024年12月31日：人民幣 貼現率越高，公平值越低。
Equity instruments at FVTOCI, Equity interest in unlisted company with no Level 3 Valuation multiples. The fair value is EV/BV multiple and DLOM.
non-current open market price quote based on Enterprise Value (“EV”)/
– RMB719,334,000 Book Value (“BV”) multiple and The higher the EV/BV multiple, the higher
(31 December 2024: RMB419,334,000) Discounts for Lack Of Marketability the fair value. The higher the DLOM,
(“DLOM”). the lower the fair value.
以公平值計量且其變動計入 並無公開市場報價的 第3級 估值倍數。公平值乃基於企業價值 EV/BV倍數越高，公平值越高。
其他全面收益的股本工具， 非上市公司股本權益 （「EV」）╱賬面值（「BV」）倍數及
非即期 －人民幣719,334,000元 缺乏市場流通性貼現（「缺乏市場流 缺乏市場流通性貼現越高，公平值
（2024年12月31日： 通性貼現」）。EV/BV倍數及缺乏 越低。
人民幣419,334,000元） 市場流通性貼現。
Financial assets at fair value Equity interest in unlisted company with no Level 3 Valuation multiples. The fair value is EV/BV multiple and DLOM.
through profit or loss open market price quote based on EV/BV and DLOM.
– RMB1,296,000 The higher the EV/BV multiple, the higher
(31 December 2024: RMB1,296,000) the fair value. The higher the DLOM,
the lower the fair value.
以公平值計量且其變動計入 並無公開市場報價的 第3級 估值倍數。公平值乃基於EV/BV及缺乏 EV/BV倍數及缺乏市場流通性貼現。
損益的金融資產 非上市公司股本權益 市場流通性貼現。
－人民幣1,296,000元 EV/BV倍數越高，公平值越高。缺乏
（2024年12月31日： 市場流通性貼現越高，公平值越
人民幣1,296,000元） 低。
Financial assets at fair value Equity interest in unlisted company with no Level 3 Valuation multiples. The fair value is EV/BV multiple and DLOM.
through profit or loss, open market price quota based on EV/BV and DLOM.
non-current – RMB7,050,000 The higher the EV/BV multiple, the higher
(31 December 2024: RMB7,050,000) the fair value. The higher the DLOM,
the lower the fair value.
以公平值計量且其變動計入 並無公開市場報價的 第3級 估值倍數。公平值乃基於EV/BV及缺乏 EV/BV倍數及缺乏市場流通性貼現。
損益的金融資產，非即期 非上市公司股本權益 市場流通性貼現。
－人民幣7,050,000元 EV/BV倍數越高，公平值越高。缺乏
（2024年12月31日： 市場流通性貼現越高，公平值越
人民幣7,050,000元） 低。
Notes to the Condensed Consolidated Financial Statements
簡明綜合財務報表附註
For the six months ended 30 June 2025 截至2025年6月30日止六個月
(Continued)
There were no transfers between Level 1 and 2 during the period. No 期內第1級及第2級之間並無轉撥。中期期間內概無
financial assets and financial liabilities were transfer into or out of Level 3 金融資產及金融負債轉入或轉出第3級。
during the interim period.
For the sensitivity analysis of unobservable inputs of financial instruments, 對於金融工具的不可觀察輸入數據的敏感性分析，
the management of the Group considers that the impacts are immaterial, 本集團管理層認為影響並不重大，因而並未披露相
and such information is not disclosed. 關資料。
The directors consider that the carrying amounts of financial assets 董事認為，於簡明綜合財務資料內按攤銷成本列賬
and financial liabilities recorded at amortised cost in the condensed 之流動金融資產及金融負債的賬面值與其公平值相
consolidated financial statements approximate their fair values. 若。
At 30 June At 31 December
於2025年 於2024年
RMB’000 RMB’000
人民幣千元 人民幣千元
(unaudited) (audited)
（未經審核） （經審核）
Capital expenditure in respect of acquisition of 已訂約但未在簡明綜合財務報表計
property, plant and equipment contracted for 提撥備的有關收購物業、廠房及
but not provided in the condensed consolidated 設備的資本支出
financial statements 596,326 350,498
Notes to the Condensed Consolidated Financial Statements
簡明綜合財務報表附註
For the six months ended 30 June 2025 截至2025年6月30日止六個月
On 7 July 2025, the Company completed the business registration 本公司已於2025年7月7日完成公司名稱變更之工商
procedures for the change of company name and obtained the new 登記手續，並獲鄭州市市場監督管理局核發新營業
business license issued by the Administration of Market Regulation of 執照。自2025年7月7日起，本公司中文名稱由「鄭
Zhengzhou City. Effective from 7 July 2025, the Company’s Chinese name 州煤礦機械集團股份有限公司」變更為「中創智領
has been changed from “鄭州煤礦機械集團股份有限公司” to “中 （鄭州）工業技術集團股份有限公司」 。
創智領（鄭州）工業技術集團股份有限公司”.
On 30 July 2025, the Registrar of Companies in Hong Kong issued the 2025年7月30日，香港公司註冊處發出「註冊非香
“Certificate of Registration of Alteration of Name of Registered Non- 港公司變更名稱註冊證明書」 （「證明書」）。證明書
Hong Kong Company” (“the Certificate”), The Certificate confirms that 確認，根據《公司條例》 （香港法例第622章）第16部
the English name of the Company registered in Hong Kong under Part 16 在香港註冊的本公司英文名稱已由「Zhengzhou Coal
of the Companies Ordinance (Cap. 622 of the Laws of Hong Kong) has Mining Machinery Group Company Limited 」更 改 為「 ZMJ
been changed from “Zhengzhou Coal Mining Machinery Group Company Group Company Limited」，而中文名稱則由「鄭州煤礦
Limited” to “ZMJ Group Company Limited”, and the Chinese name has 機械集團股份有限公司」更改為「中創智領（鄭州）工
been changed from “鄭州煤礦機械集團股份有限公司” to “中創智 業技術集團股份有限公司」。
領（鄭州）工業技術集團股份有限公司”.
The Chinese stock short name for the Company’s H Shares traded on 本公司於香港聯合交易所有限公司上市之H股中
The Stock Exchange of Hong Kong Limited has been changed from “鄭 文股份簡稱已由「鄭煤機」變更為「中創智領」，自
煤機” to “中創智領”, effective as of 9:00 a.m. on 13 August 2025. 2025年8月13日上午9時起生效。本公司於香港聯合
The English stock short name for the Company’s H shares traded on The 交易所有限公司上市之H股英文簡稱維持不變，仍
Stock Exchange of Hong Kong Limited remains unchanged as “ZMJ”, and 為「ZMJ」；本公司H股股份代號亦維持不變，仍為
the stock code for the Company’s H shares also remains unchanged as 「00564」。
”00564”.
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