目錄 | 釋義 | 2 | | --- | --- | | 公司資料 | 4 | | 財務摘要 | 5 | | 業務回顧 | 7 | | 主席報告 | 9 | | 管理層討論與分析 | 12 | | 董事及高級管理人員簡歷 | 25 | | 董事會報告 | 32 | | 企業管治報告 | 44 | | 環境、社會及管治報告 | 59 | | 財務報告 | 105 | 01 東吳水泥國際有限公司 釋義 於本報告內，除非文義另有所指，下列詞語具有以下涵義： 年度報告 2024 02 釋義 | 公司章程 | 指 | 本公司之組織章程大綱及細則 | | --- | --- | --- | | 相聯法團 | 指 | 具有證券及期貨條例所賦予此詞匯之相同涵義 | | 聯繫人 | 指 | 具有上市規則所賦予此詞匯之相同涵義 | | 審核委員會 | 指 | 本公司的審核委員會 | | 董事會 | 指 | 本公司的董事會 | | 本公司 | 指 | 東吳水泥國際有限公司，於開曼群島註冊成立之有限公司，於聯交所主 | | | | 板上市 | | 控股股東 | 指 | 具有上市規則所賦予此詞彙之相同涵義 | | 企業管治守則 | ...

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的內容概不 負責，對其準確性或完整性亦不發表任何聲明，並明確表示，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的任何損失承擔任何責 任。 Dongwu Cement International Limited 東吳水泥國際有限公司 （在開曼群島註冊成立的有限公司） （股份代號：695） 截至2024年12月31日止年度 年度業績公告 財務摘要 東吳水泥國際有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然宣佈，本公 司及其附屬公司（統稱為「本集團」）按照香港聯合交易所有限公司（「聯交所」） 證券上市規則（「上市規則」）相關規定而編製截至2024年12月31日止年度（「報 告期」）的經審核綜合業績連同2023年同期之相關比較數字。 1 • 本集團報告期內的收入約為223,604,000港元，較截至2023年12月31日止 年度約307,263,000港元下降約83,659,000港元或27.2%。 • 本集團的毛利率由截至2023年12月31日止年度約-1.5%下降至報告期內 的約-6.2%。 • 報告期內，本公司擁有人應佔虧損由 ...

DONGWU CEMENT INTERNATIONAL LIMITED 東吳水泥國際有限公司 (於開曼群島註冊成立的有限公司) 股份代號: 695 東吳水泥國際有限公司 中期報告2024 目錄 釋義 2 公司資料 5 管理層討論與分析 7 其他資料 22 財務報告 26 1 東吳水泥國際有限公司 中期報告2024 釋義 於本報告內，除非文義另有所指，下列詞語具有以下涵義： | --- | --- | --- | |--------------|-------|----------------------------------------------------------------------------------------------| | | | | | 相聯法團 | 指 | 具有《證券及期貨條例》所賦予此詞彙之相同涵義 | | 聯繫人 | 指 | 具有上市規則所賦予此詞彙之相同涵義 | | 審核委員會 | 指 | 本公司的審核委員會 | | 董事會 | 指 | 本公司的董事會 | | 本公司 | 指 | 東吳水泥國際有限公司，於開曼群島註冊成立之有 | | | | 限公司，於聯交所主板上市 | ...

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的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，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的任何損失承擔任何責任。 1 Dongwu Cement International Limited 東吳水泥國際有限公司 （在開曼群島註冊成立的有限公司） （股份代號：695） 截至2024年6月30日止六個月中期業績公告 東吳水泥國際有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然宣佈，本公司及 其附屬公司（統稱為「本集團」）按照香港聯合交易所有限公司（「聯交所」）證券上市規 則（「上市規則」）中相關規定而編製截至2024年6月30日止六個月（「報告期」）的未經 審核綜合業績連同2023年同期之相關比較數字。 | --- | --- | |-------|------------------------------------------------------------------------------------------------------------------------------------ ...

關於本報告 本報告是東吳水泥國際有限公司（簡稱「本公司」或「東吳水泥」，連同其附屬公司統稱「本集團」或「我們」）的第八份 環境、社會和管治（「ESG」）報告，呈列本集團在2023年1月1日至2023年12月31日報告期間於ESG方面的管理方法 及表現，旨在促進各利益相關方對本集團可持續發展策略的進一步了解。 本報告主要披露本集團水泥和稀土相關業務的環境及社會表現。報告中的信息及數據口徑為本集團所有水泥業 務附屬公司，即「蘇州東吳水泥有限公司」以及稀土業務附屬公司，即「贛州誠正稀土新材料股份有限公司」，「贛 州誠正電機有限公司」，「贛州瑞之興金屬表面處理有限公司」，「江西為本新能源科技有限公司」，「江西東涵科技 協同創新有限公司」，「贛州能贊稀土材料有限公司」和「贛州市瑞興電鍍加工廠」。有關企業管治一節，請參閱年 報第42至56頁。關於各項指標的披露總覽，請參閱載於本報告最後的內容索引。 57 東吳水泥國際有限公司 稀土是發展高新技術與綠色低碳產業的戰略性關鍵元素，本集團於報告期內通過收購和注資方式取得了贛州誠 正稀土新材料股份有限公司（「贛州誠正」）62.5%的股權，標誌著本集團向稀土、新能源及節能行業的轉型 ...

下表載列按地區劃分的本集團收益分析： | --- | --- | |--------------------|---------------------| | | 2023 年 8 月 1 日至 | | | 2023 年 12 月 31 日 | | | 千港元 | | | | | 電機銷售 | 790 | | 磁材銷售 | 2,410 | | 負極物及氧化物銷售 | 2,802 | | 電鍍加工 | 1,249 | | 灼燒服務 | 3,572 | 於報告期內，本集團錄得毛損約4,487,000港元，其中水泥板塊錄得毛損約2,431,000 港元，較2022年約3,377,000港元減少約5,808,000港元或約172%；2023年毛利率 約-0.9%，較2022年約0.9%下降約1.8%。該下降主要由於(1)受到了市場競爭加劇、下 游房地產下行等多重不利因素導致的水泥價格的下降；(2)上游原燃料成本高企原材 料成本壓力，(3)環保能耗約束力增強導致的設備維修費用的壓力；以及(4)於報告期 內，企業長期停窰導致的單位固定成本的增加。 其他收入及其他收益 本集團報告期內的銷售及分銷費用約2,714,000港元 ...

Financial Performance - Net profit margin decreased by 3.3% to approximately -9.8% compared to the same period last year, primarily due to reduced revenue and increased general and administrative expenses[2] - Revenue for the six months ended June 30, 2023, was HKD 140,576 thousand, a decrease from HKD 203,321 thousand in the same period last year[9] - Gross profit for the six months ended June 30, 2023, was HKD 2,517 thousand, compared to a gross loss of HKD 15,474 thousand in the same period last year[9] - Operating loss for the six months ended June 30, 2023, was HKD 22,969 thousand, an improvement from HKD 28,064 thousand in the same period last year[9] - The company's total comprehensive loss for the six months ended June 30, 2023, was HKD 44,914 thousand, compared to HKD 52,483 thousand in the same period last year[9] - Revenue for the first half of 2023 was approximately HKD 140,576,000, a decrease of 30.9% compared to HKD 203,321,000 in the same period last year[71] - The company's net profit margin for the period was approximately -13.1%[126] - The company reported a loss of HKD 17,433,000 for the six months ended June 30, 2023, compared to a loss of HKD 18,661,000 for the same period in 2022[163] - Total comprehensive loss for the six months ended June 30, 2023, was HKD 44,257,000[163] - Revenue from the cement production and sales segment was HKD 140.576 million, a decrease from HKD 203.321 million in the same period last year[199] - The cement production and sales segment reported a loss of HKD 10.196 million, while the biotechnology R&D segment reported a loss of HKD 2.816 million[199] Assets and Liabilities - Total assets decreased to HKD 569,066 thousand as of June 30, 2023, from HKD 616,378 thousand as of December 31, 2022[23] - Total liabilities decreased to HKD 386,830 thousand as of June 30, 2023, from HKD 418,265 thousand as of December 31, 2022[22] - The company's equity attributable to owners decreased to HKD 542,956 thousand as of June 30, 2023, from HKD 587,213 thousand as of December 31, 2022[23] - The company's capital-to-debt ratio as of June 30, 2023, was 78.6%[108] - The company's capital-to-debt ratio was 78.6% as of June 30, 2023, slightly higher than 78.3% at the end of 2022, while the asset-to-liability ratio was 44.0%, up from 43.9%[136] - Total assets as of June 30, 2023, were HKD 955.896 million, down from HKD 1.034 billion at the end of the previous year[199] - Trade receivables and bills receivable decreased to HKD 31.183 million from HKD 43.209 million at the end of the previous year[193] - Depreciation for property, plant, and equipment was HKD 13.150 million, with a carrying amount of HKD 175.821 million as of June 30, 2023[194] Revenue Breakdown by Region - Jiangsu Province accounted for 87.47% of total revenue, generating 122,809 thousand HKD[39] - Wujiang District contributed 75.74% of total revenue, with 106,343 thousand HKD[39] - Suzhou City (excluding Wujiang District) accounted for 11.73% of total revenue, generating 16,466 thousand HKD[39] - Zhejiang Province contributed 11.54% of total revenue, with 16,213 thousand HKD[39] - Southern Zhejiang (including Taizhou, Zhoushan, and Ningbo) accounted for 1.06% of total revenue, generating 1,492 thousand HKD[39] - Jiaxing City contributed 10.48% of total revenue, with 14,721 thousand HKD[39] - Shanghai accounted for 0.99% of total revenue, generating 1,387 thousand HKD[39] - Total revenue for the period was 140,409 thousand HKD[39] Cement Market and Sales - Cement product sales volume decreased by 7% YoY to approximately 444 thousand tons, with sales revenue down by 31% YoY[38] - PO 42.5 cement sales volume decreased to 326,000 tons from 383,000 tons, with average selling price dropping to HKD 324/ton from HKD 433.19/ton[72] - PC 32.5 cement sales volume increased to 118,000 tons from 95,000 tons, but average selling price decreased to HKD 294/ton from HKD 392.10/ton[72] - National cement production in the first half of 2023 was 953 million tons, a 1.3% year-on-year increase, but the lowest in 12 years[70] - Cement prices in key regions (Nanjing, Hangzhou, Shanghai) dropped significantly, with PO42.5 cement prices falling by 23.6%, 27.7%, and 10% respectively[70] - Cement demand remained sluggish due to a downturn in the real estate market, with insufficient new construction projects and funding shortages in the real estate sector[37] - The cement segment's gross profit was approximately HKD 2.517 million, a significant improvement from a gross loss of HKD 15.474 million in the same period last year, representing an increase of HKD 17.991 million or 116.3%. The gross margin improved to 1.8% from -7.6% last year, primarily due to lower raw material costs, especially coal prices[123] Expenses and Costs - Distribution expenses decreased by 39.9% to HKD 1.144 million from HKD 1.905 million last year, primarily due to reduced cement deliveries. Distribution expenses accounted for 1% of the company's consolidated revenue, consistent with the previous year[124] - General and administrative expenses increased by 88.1% to HKD 24.927 million from HKD 13.255 million last year, mainly due to increased consulting fees related to the acquisition of Ganzhou Chengzheng Rare Earth Technology Co., Ltd[135] - Cost of goods sold for the six months ended June 30, 2023, was HKD 137,788,000, down from HKD 218,143,000 in the same period in 2022[174] - Depreciation of property, plant, and equipment for the six months ended June 30, 2023, was HKD 12,451,000[174] - Employee expenses, including director remuneration, totaled HKD 9,122,000 for the six months ended June 30, 2023[174] - The company's minimum lease payments as of June 30, 2023, were HKD 1,314,000, with a present value of HKD 1,273,000[169] Cash Flow and Liquidity - Cash and cash equivalents decreased by 27% to HKD 5.63 million as of June 30, 2023, from HKD 7.662 million at the end of 2022, primarily due to increased administrative expenses[136] - The company maintains sufficient cash and credit facilities to meet its liquidity requirements[165] - Operating cash flow from activities was negative at HKD 16.117 million, compared to a positive HKD 103.857 million in the same period last year[178] - Investment activities generated a net cash inflow of HKD 25.616 million, a significant improvement from a net cash outflow of HKD 60.423 million in the previous year[178] - Financing activities resulted in a net cash outflow of HKD 11.357 million, compared to a net cash outflow of HKD 3.220 million in the prior year[178] - The company's cash and cash equivalents decreased by HKD 1.858 million, ending the period at HKD 5.630 million, down from HKD 125.563 million at the end of the previous period[178] Investments and Acquisitions - The company acquired 25% equity in a target company for RMB 40 million and injected RMB 160 million, increasing its total stake to 62.5%[75] - The target company specializes in rare earth exploration, rare earth permanent magnet materials, and rare earth permanent magnet motors[75] - The company acquired 25% equity of the target company for RMB 40 million (approximately HKD 44.01 million) and injected RMB 160 million (approximately HKD 176 million) into the target company, increasing its registered capital by RMB 56 million (approximately HKD 61.62 million) and capital reserve by RMB 104 million (approximately HKD 114 million). Post-injection, the company holds 62.5% equity in the target company[120] - The company holds a 43.2% stake in Suzhou Dongtong Environmental Technology Co., Ltd., with an investment cost of HKD 27,637,000[161] Other Financial Information - Bank borrowings decreased by 15.0% to HKD 85,320,000 as of June 30, 2023, compared to HKD 100,317,000 as of December 31, 2022, mainly due to loan repayments during the reporting period[3] - The company's capital expenditure for the first half of 2023 was approximately HKD 2.532 million, all generated by the cement segment, a significant decrease compared to HKD 10.618 million in the same period last year[116] - The company's capital commitment as of June 30, 2023, was approximately HKD 646,000, down from HKD 1.154 million as of December 31, 2022[116] - The company had 213 employees as of June 30, 2023, with total employee compensation amounting to approximately HKD 12.617 million during the reporting period[109] - The company did not have any unused bank financing facilities as of June 30, 2023[96] - The company did not have any significant contingent liabilities as of June 30, 2023[118] - The company did not mortgage any assets during the reporting period[117] - The company plans to meet its working capital needs primarily through cash flow generated from operating activities, bank loans, trade and other payables, and proceeds from its initial public offering[98] - The company did not experience significant foreign exchange risks during the reporting period and did not implement any hedging measures[119] - The company's major shareholder, Goldview, held a 53.89% stake in the company as of June 30, 2023[113] - Other income for the period was approximately HKD 585,000, a decrease of HKD 1.985 million or 77.2% compared to HKD 2.57 million last year, mainly due to reduced government subsidies[124] - The company's income tax credit for the period was approximately HKD 224,000, a significant decrease from HKD 2.558 million last year, mainly due to pre-tax losses incurred during the period[147] - The company's total bank and other borrowings amounted to HKD 163.206 million as of June 30, 2023, a decrease from HKD 178.439 million at the end of 2022[145] - Prepayments and deposits for raw materials, machinery, and property licenses amounted to HKD 6,934,000, HKD 469,000, and HKD 24,300,000 respectively as of June 30, 2023[157] - Exchange rate differences resulted in a loss of HKD 26,824,000 for the six months ended June 30, 2023[163] Strategic Plans and Future Outlook - The company plans to enhance internal management, upgrade facilities, and explore opportunities in the new energy sector[75] - The biopharmaceutical segment's R&D progress slowed due to the pandemic, with ongoing clinical studies for CAR-T cell therapy and early-stage development of ADC drugs[73] - No interim dividend was recommended for the six months ended June 30, 2023[88] Customer and Market Concentration - The single largest external independent customer accounted for 19.93% of the company's revenue, up from 15.92% in the previous year[191]

由於第3級投資基金為封閉式，本集團會審閱各投資基金所持相關投資的估值，以評估 基金管理人所提供的資產淨值是否恰當，並可能對本集團持有的擁有權權益所固有的權 利及義務作出其認為合適的調整。 截至2023年6月30日止期間，公平值等級分類項下並無轉撥。 按公平值列賬之金融工具根據重大不可觀察輸入資料（第3級）之對賬如下： | --- | --- | --- | |----------------------------|---------|---------| | | | | | 按公平值計入損益之金融資產 | 2023 年 | 2022 年 | | | 千港元 | 千港元 | | 於 1 月 1 日（經審核） | 112,715 | – | | 收益或虧損總額： | | | | －金融資產之公平值變動 | – | – | | 匯兌差額 | (4,715) | – | | 於 6 月 30 日（未經審核） | 108,000 | – | 25. 期後事項 於2023年6月9日，本集團與贛州誠正稀土新材料股份有限公司（「贛州誠正」）的股東訂立股份 收購及注資協議（「協議」）。根據協議，本集團將以現金代價人民幣200 ...

按產品類別分類，2022年水泥產品銷量約982千噸，較2021年減少約21.3%，水泥產品銷售收入約371,737,000港 元，較2021年減少約36.8%。 2022年水泥窰爐租賃收入約為601,000港元，較2021年約908,000港元下降約307,000港元或34%。 東吳水泥國際有限公司 11 管理層討論與分析 下表載列按地區劃分的本集團營業額分析： | --- | --- | --- | --- | --- | |--------------------------------------|---------|---------------|---------|---------------| | | 2022 | 年 \n佔總收益 | 2021 | 年 \n佔總收益 | | | 收益 | 百分比 | 收益 | 百分比 | | | 千港元 | | 千港元 | | | 江蘇省 | 312,612 | 84.09% | 496,215 | 84.31% | | 吳江區 | 312,042 | 83.94% | 492,583 | 83.69% | | 蘇州市（吳江區除外） | 570 | 0.15% ...

遵守企業管治守則 本公司力求達到並保持高標準的企業管治。董事會相信，有效的企業管治及披露常 規不僅對增強本公司的問責性及透明度以及投資者的信心起關鍵作用，亦對本集團 的長遠成功至關重要。本公司已採納上市規則附錄十四所載的企業管治守則（「守 則」）的守則條文作為其自身的企業管治守則。 報告期內及截至本公告日期，除下列偏離者外，本公司已遵守上市規則。 守則條文第C.5.1條訂明，董事會會議應每年召開至少四次，大約每季一次。在報告 期內，董事會舉行了兩次定期會議，所有董事均已出席有關會議。董事會認為在報 告期內，本集團並無其他重要事項需要召開正式董事會會議商討。然而，董事會會 通過其他非正式的方式與各董事保持良好的溝通與交流，並確保各董事及時知悉本 集團的最新發展情況。董事會亦根據需要召開臨時董事會會議，以審議、討論及決 定有關本集團發展及策略的特定事宜。報告期內，董事會已舉行合共4次臨時會議， 審批（其中包括）自願性公告，盈利警告的發佈和信託協議的訂立。 遵守標準守則 本公司已採納上市規則附錄十所載的標準守則作為董事進行證券交易的行為準則。 本公司向全體董事作出具體查詢後，彼等已確認於報告期內彼等均遵守標準守則所 ...