Contents 目錄 PAGES 頁次 | Financial Highlights | 財務摘要 | 2 | | --- | --- | --- | | Corporate Information | 公司資料 | 5 | | Chairman's Statement | 主席報告 | 8 | | Management Discussion and Analysis | 管理層討論與分析 | 26 | | Directors' and Senior Management's Biographical Information | 董事及高級管理人員的履歷資料 | 125 | | Corporate Governance Report | 企業管治報告 | 136 | | Environmental, Social and Governance Report | 環境、社會及管治報告 | 161 | | Directors' Report | 董事局報告 | 237 | | Independent Auditor's Report | 獨立核數師報告 | 257 | | Consolidated Statem ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表明，概不對因本公告全部或任何部份內容而產生或因倚賴該等內 容而引致之任何損失承擔任何責任。 （於百慕達註冊成立的有限公司） （股份代號：581） 2024 年年度業績公告 財務摘要 | | 截至12月31日止年度 | | | | --- | --- | --- | --- | | | 2024年 | 2023年 | 變化 | | 銷售量（噸） | | | | | －自行生產的鋼鐵產品 | 717萬 | 773萬 | (7.3%) | | －鋼鐵產品貿易 | 11萬 | 20萬 | (45.0%) | | | 728萬 | 793萬 | (8.2%) | | 收入（人民幣） | | | | | －銷售自行生產的鋼鐵產品 | 246.0億 | 275.1億 | (10.6%) | | －銷售電力設備 | 43.3億 | 38.8億 | 11.7% | | －房地產 | 1.0億 | 2.5億 | (60.6%) | | －鋼鐵產品、鐵礦石及 | | | | | 相關原材料貿易及其他 | 139.3 ...

Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 22,565 million, a slight increase of 2.3% compared to RMB 22,059 million in the same period of 2023[5]. - Gross profit for the same period was RMB 900 million, up from RMB 719 million in 2023, reflecting a gross margin improvement[5]. - Profit for the period attributable to owners of the Company was RMB 94 million, a significant decrease of 66.7% from RMB 282 million in 2023[5]. - Basic earnings per share for the six months ended June 30, 2024, was RMB 0.03, down from RMB 0.08 in 2023[5]. - The Group recorded a revenue of approximately RMB 22.57 billion for the six months ended June 30, 2024, representing an increase of approximately 2.3% compared to the same period last year[40]. - The overall gross profit increased by approximately 14.4% to approximately RMB 6.43 billion for the same period[40]. - The interim net profit was approximately RMB 123 million, a decrease of approximately 55.4% compared to RMB 276 million for the corresponding period last year[41]. - The Group's EBITDA for the period decreased from approximately RMB 1.05 billion to approximately RMB 815 million[41]. - For the six months ended June 30, 2024, the profit for the period was approximately RMB 123,029,000, a decrease of 55.5% compared to RMB 276,135,000 for the same period in 2023[102]. - The adjusted profit for the period was RMB 123,029,000, down 43.7% from RMB 218,430,000 in the previous year[102]. Sales and Production - Average selling price per tonne of self-manufactured steel products decreased to RMB 3,505 in 2024 from RMB 3,599 in 2023, indicating a decline of 2.6%[12]. - Total sales volume of self-manufactured steel products for the six months ended June 30, 2024, was 3,762,000 tonnes, a decrease of 3.1% compared to 3,881,000 tonnes in 2023[18]. - The sales volume of H-section steel products decreased to 1,614,000 tonnes in 2024 from 1,945,000 tonnes in 2023, a decline of 17.0%[18]. - In the first half of 2024, the Group's total sales volume of self-manufactured steel products was approximately 3.76 million tonnes, a decrease of approximately 3.1% compared to 3.88 million tonnes in the corresponding period of 2023[63][64]. - The sales of H-section steel products amounted to approximately 1.61 million tonnes, accounting for 42.9% of total sales volume, which represents a decrease of 17.0% compared to the previous year[66]. Market Conditions - The overall business environment of China's iron and steel industry in the first half of 2024 improved compared to the second half of 2023, but still maintained a pattern of "strong supply, weak demand, low prices, and high costs"[32]. - The demand for steel used in engineering machinery decreased due to the drag from the real estate sector, contributing to the overall weakness in downstream demand for steel products[31]. - The outlook for the iron and steel industry indicates that downstream demand will remain low, but infrastructure investment growth is expected to rebound in the second half of 2024[83]. - The overall business environment for the iron and steel industry is expected to face uncertainties in the second half of 2024, but the development trend is anticipated to gradually improve[83]. Strategic Initiatives - The Group aims to adopt a "specialisation, industry chain extension, high-tech and high-end" strategy for transformation and upgrading, focusing on innovation-driven high-quality development[31]. - The Group plans to enhance its core competitiveness by improving efficiency, reducing costs, and increasing the proportion of high value-added products[84]. - The Group will continue to promote the development of various steel products, including H-section steel and marine steel, while expanding its trading business in steel products and raw materials[84]. - The Group is exploring technology solutions for carbon reduction and investing in equipment upgrades to achieve better cost efficiency and reduce emissions[89]. - The Group aims to enhance energy efficiency and low-carbon transformation capabilities in the iron and steel industry, with policies focusing on energy efficiency improvement and carbon peaking[39]. Financial Position - The Company reported a net asset value of RMB 24,933 million as of June 30, 2024, a slight decrease from RMB 24,978 million as of December 31, 2023[9]. - Total assets increased to RMB 52,215 million as of June 30, 2024, up from RMB 50,030 million as of December 31, 2023[9]. - The Group's financial position remains sound, and it will strive to make effective use of its resources for future growth[31]. - As of June 30, 2024, the Group had unutilised banking facilities of approximately RMB 15.1 billion, an increase from RMB 13.9 billion as of December 31, 2023[104]. - The current ratio as of June 30, 2024 was approximately 1.4 times, up from 1.2 times as of December 31, 2023[109]. - The cash and cash equivalents of the Group amounted to approximately RMB 5,347 million as of June 30, 2024, compared to RMB 3,618 million as of December 31, 2023[110]. - The debt-to-capital ratio as of June 30, 2024 was approximately 71.0%, an increase from 63.0% as of December 31, 2023[112]. - Consolidated interest expenses for the six months ended June 30, 2024 were approximately RMB 280 million, compared to RMB 241 million for the same period in 2023[113]. Investment and Dividends - The Group did not recommend the distribution of an interim dividend for 2024 due to current challenges in the iron and steel industry[44]. - The Group will evaluate the possibility of increasing dividend distributions to reward shareholders under appropriate circumstances[90]. - The Board proposed a special dividend of approximately HK$ 186 million (equivalent to approximately RMB 170 million) for the year ended December 31, 2023, which was approved by shareholders[127]. - The Group's strategy includes specialization, industry chain extension, and high-tech development to drive transformation and upgrading[93]. Real Estate and Construction - The Group recorded revenue and operating profit from its real estate business of approximately RMB 23 million and RMB 4 million, respectively, in the first half of 2024[58][61]. - A provision of approximately RMB 201 million was made for impairment of properties under development and held for sale related to the real estate industry in second-and-lower-tier cities in the PRC for the financial year ended December 31, 2023[97]. - The Group expects the real estate market in the PRC to gradually stabilize due to various market stabilization measures introduced by the government[98]. - The Group has a project under construction with a gross floor area of approximately 248,000 m², expected to be completed in 2029[81]. Environmental and Regulatory Compliance - The NDRC and other ministries issued a "Special Action Plan for Energy Conservation and Carbon Reduction in the Iron and Steel Industry" in May 2024, aiming to regulate crude steel production and reduce energy consumption intensity[34]. - By the end of 2025, the target is to increase the proportion of electric arc furnace steel production to 15% of total crude steel production and achieve 30% of production at or above benchmark energy efficiency levels[34]. - The Group will actively explore new models and paths that align with green development concepts to promote sustainable development[31]. - The Group is committed to green, low-carbon, and sustainable development through effective capital and asset allocation[95].

香港 交易 及結 算所 有限 公司 及香港 聯合 交易 所 有限公 司對 本公 告之 內 容概不 負責 ，對 其準 確性 或完 整性 亦不 發表 任何 聲明， 並明 確表 明 ，概不 對因 本公 告全 部 或任何 部份 內容 而產 生或因倚賴該等內容而引致之任何損失承擔任何責任。 CHINA ORIENTAL GROUP COMPANY LIMITED 中國東 方 集團控 股 有限公 司 * （於百慕達註冊成立的有限公司） （股份代號：581） 有關 2023 年年報 之補充公告 茲提述中國東方集團控股有限公司* (「本公司」)於 2024 年 4 月 30 日刊發 的截至 2023 年 12 月 31 日止財務年度(「2023 財年」)的年報(「2023 年年 報」)。除本公告另有界定外，本公告所用詞與 2023 年年報所界定者具有 相同涵義。 本公司謹此補充以下有關購股權計劃的資料。 有關購股權計劃的補充資料 於 2023 財年内可就購股權計劃授出的購股權而發行的股份總數除以 2023 財 年已發行股份的加權平均數為約 0.56%。於 2023 年年報日期，2013 年購股 權計劃項下可供發行的股份總數為 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表明，概不對因本公告全部或任何部份內容而產生或因倚賴該等內 容而引致之任何損失承擔任何責任。 財務摘要 * 僅供識別 （於百慕達註冊成立的有限公司） （股份代號：581） 截 至 2024 年 6 月 30 日止六個月 中期業績公告 | --- | --- | --- | --- | |----------------------------------------------|------------------------|----------------------|---------| | | 截至 6 月 30 \n2024 年 | 日止六個月 \n2023 年 | 變化 | | 銷售量 （噸） | | | | | －自行生產的鋼鐵產品 | 376 萬 | 388 萬 | (3.1%) | | －鋼鐵產品貿易 | 7 萬 | 10 萬 | (30.0%) | | | 383 萬 | 398 萬 | (3.8%) | | 收入 （人民幣） | | | | | －銷售自行生產的鋼鐵產品 | ...

Financial Performance - Revenue for 2023 decreased to RMB 46,260 million, down 5.0% from RMB 48,620 million in 2022[3] - Gross profit for 2023 was RMB 717 million, a significant decline of 59.1% compared to RMB 1,753 million in 2022[3] - EBITDA for 2023 dropped to RMB 1,279 million, down 45.7% from RMB 2,357 million in 2022[3] - The company reported a loss before income tax of RMB 315 million for 2023, compared to a profit of RMB 756 million in 2022[3] - Profit attributable to owners of the company for 2023 was a loss of RMB 160 million, a decrease from a profit of RMB 808 million in 2022[3] - The Group's overall net loss was approximately RMB 196 million, representing a decrease of approximately 124.2% compared to a net profit of RMB 811 million last year[39] - The adjusted profit for the year 2023 was approximately RMB 4.4 million, reflecting the company's resilient performance amid a challenging market environment[96] Sales and Production - Total sales volume of self-manufactured steel products in 2023 was 7,733,000 tonnes, an increase of 8.8% from 7,102,000 tonnes in 2022[12] - Revenue from self-manufactured steel products decreased by approximately 2.5% to RMB 27.51 billion in 2023, with export revenue contributing RMB 764 million[66][67] - The average selling price per tonne of self-manufactured steel products decreased to RMB 3,557 in 2023, down 10.5% from RMB 3,974 in 2022[17] - The average gross profit per tonne for self-manufactured steel products was RMB 50 in 2023, a decline of 70.1% from RMB 167 in 2022[20] - The Group sold approximately 3.60 million tonnes of self-manufactured H-section steel products, maintaining its leading position in the PRC H-section steel market since 2009[47] Cost Management and Efficiency - The Group has continued to reduce costs and improve efficiency, increase marketing promotion and investment in environmental protection, and strengthen product research and development[39] - The Group implemented a process cost reduction plan across procurement, logistics, and production to enhance cost efficiency amid a weak domestic steel market[47] Investments and Assets - The company made a provision of RMB 201 million for impairment of properties under development and held for sale, due to ongoing financial pressures in the real estate market[95] - The Group's net assets decreased slightly to RMB 24,978 million in 2023 from RMB 25,285 million in 2022[3] - As of December 31, 2023, the Group had unutilized banking facilities of approximately RMB13.9 billion, slightly up from RMB13.6 billion in 2022[104][106] Dividends and Shareholder Returns - The Group proposed a special dividend of HK$0.05 per ordinary share to celebrate its 20th anniversary of listing, considering the current challenges in the steel industry[43] - The Board proposed a special dividend of approximately HK$186 million (approximately RMB169 million), representing HK$0.05 per ordinary share for the year ended 31 December 2023[124] Market Outlook and Strategy - The Group anticipates that the business environment for the iron and steel industry will face uncertainties in 2024, but overall development trends are expected to gradually improve[83][85] - The Group plans to enhance core competitiveness by focusing on low carbon and energy consumption development, improving efficiency, and increasing the proportion of high value-added products[84][86] Financial Assets and Investments - The Group's financial strategy includes entering into futures or options contracts to mitigate price volatility of steel products and iron ore[127] - The financial assets at fair value through profit or loss reflect the Group's strategy in managing investment risks and returns effectively[146] - The overall performance of the financial investment products indicates a mixed outcome, with both realized and unrealized losses affecting the group's financial health[148]

Investment Rating - The report maintains a "Buy" rating for China Oriental Group (0581) [4] Core Views - The company's performance in Q4 2023 fell short of expectations due to weakened demand and significant cost pressures, leading to a decline in profitability for steel products. Additionally, the real estate business has been adversely affected by the ongoing downturn in the property market [2] - For 2023, the company reported revenue of 46.26 billion RMB, a year-on-year decrease of 4.85%, and a net profit (excluding minority interests) of -160 million RMB, a year-on-year decline of 119.78%. The net profit forecasts for 2024 and 2025 have been revised down to 312 million RMB and 415 million RMB, respectively, with a new forecast for 2026 set at 529 million RMB [2][3] - The steel production for 2023 was 7.73 million tons, an increase of 8.87% year-on-year, but the gross profit per ton of steel dropped to 50 RMB, a decrease of 70.06% year-on-year, primarily due to falling steel prices [2] - The real estate segment reported a loss, with a gross profit of -99 million RMB in 2023, a year-on-year decline of 198%, and a total operating loss of 149 million RMB [2] - The company maintains a relatively high dividend yield, with dividends per share of 0.10 and 0.05 HKD for 2022 and 2023, respectively, resulting in dividend yields of 8.70% and 4.81% [2] Financial Summary - For 2023, the company achieved a revenue of 46,260 million RMB, with a gross profit margin decline of 4.85% [3] - The net profit for 2023 was -160 million RMB, reflecting a significant year-on-year decrease of 119.78% [3] - The projected net profits for 2024, 2025, and 2026 are 312 million RMB, 415 million RMB, and 529 million RMB, respectively [3]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表明，概不對因本公告全部或任何部份內容而產生或因倚賴該等內 容而引致之任何損失承擔任何責任。 財務摘要 * 僅供識別 （於百慕達註冊成立的有限公司） （股份代號：581） 2023 年年度業績公告 | --- | --- | --- | --- | |---------------------------------------------|-------------------------|--------------------|----------| | | 截至 12 月 31 \n2023 年 | 日止年度 \n2022 年 | 變化 | | 銷售量 （噸） | | | | | －自行生產的鋼鐵產品 | 773 萬 | 710 萬 | 8.9% | | －鋼鐵產品貿易 | 20 萬 | 30 萬 | (33.3%) | | 收入（人民幣） | 793 萬 | 740 萬 | 7.2% | | －銷售自行生產的鋼鐵產品 | 275.1 億 | 282.2 億 | (2.5%) | | － ...

| --- | --- | --- | --- | --- | --- | --- | --- | |-------|----------------------------------------------------------------------------|-------|-------|-------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | CHINA ORIENTAL GROUP COMPANY LIMITED 中 國 東 方 集 團 控 股 有 限 公 司 * | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | INTERIM REPORT 中期報告 * For iden ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表明，概不對因本公告全部或任何部份內容而產生或因倚賴該等內 容而引致之任何損失承擔任何責任。 財務摘要 * 僅供識別 （於百慕達註冊成立的有限公司） （股份代號：581） 截 至 2023 年 6 月 30 日止六個月 中期業績公告 | --- | --- | --- | --- | |----------------------------------------------|------------------------|----------------------|---------------| | 銷售量 （噸） | 截至 6 月 30 \n2023 年 | 日止六個月 \n2022 年 | 變化 | | －自行生產的鋼鐵產品 －鋼鐵產品貿易 | 388 萬 10 萬 | 332 萬 21 萬 | 16.8% (52.4%) | | | 398 萬 | 353 萬 | 12.7% | | 收入 （人民幣） | | | | | －銷售自行生產的鋼鐵產品 | 139.7 億 | 146. ...