SHANGHAIQINGPU：FIRSTQUARTERLYRESULTSANNOUNCEMENTFORTHETHREEMONTHSENDED31MARCH2025.pdf

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1、 1 Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement,make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in rel

2、iance upon the whole or any part of the contents of this announcement.(a joint stock limited company incorporated in the Peoples Republic of China)(Stock Code:8115)FIRST QUARTERLY RESULTS ANNOUNCEMENTFOR THE THREE MONTHS ENDED 31 MARCH 2025CHARACTERISTICS OF GEM OF THE STOCK EXCHANGE OF HONG KONG LI

3、MITEDGEM has been positioned as a market designed to accommodate small and mid-sized companies to which a higher investment risk may be attached than other companies listed on the Stock Exchange.Prospective investors should be aware of the potential risks of investing in such companies and should ma

4、ke the decision to invest only after due and careful consideration.Given that the companies listed on GEM are generally small and mid-sized companies,there is a risk that securities traded on GEM may be more susceptible to high market volatility than securities traded on the Main Board of the Stock

5、Exchange and no assurance is given that there will be a liquid market in the securities traded on GEM.This announcement,for which the directors(the“Directors”)of Shanghai Qingpu Fire-Fighting Equipment Co.,Ltd(the“Company”,together with its subsidiaries,the“Group”)collectively and individually accep

6、t full responsibility,includes particulars given in compliance with the Rules Governing the Listing of Securities on GEM of the Stock Exchange(the“GEM Listing Rules”)for the purpose of giving information with regard to the Company.The Directors,having made all reasonable enquiries,confirm that to th

7、e best of their knowledge and belief the information contained in this announcement is accurate and complete in all material respects and not misleading or deceptive,and there are no other matters the omission of which would make any statement herein or this announcement misleading.*For identificati

8、on purpose only 2 QUARTERLY RESULTS(UNAUDITED)The Board of Directors(the“Board”)of Shanghai Qingpu Fire-Fighting Equipment Co.,Ltd.(the“Company”,and together with its subsidiaries,collectively the“Group”)presents the unaudited results of the Group for the three months ended 31 March 2025(the“Period”

9、)together with the unaudited comparative figures for the corresponding period in 2024,as follows:UnauditedThree months ended 31 March20252024NotesRMB000RMB000Revenue319,45816,568Cost of sales(13,887)(12,404)Gross profit5,5714,164Other income and gains3493945Selling and distribution expenses(1,073)(7

10、32)Administrative expenses(2,936)(2,694)Finance cost(59)(71)Provision for expected credit loss(“ECL”)allowance on trade receivables,net(34)Profit before tax1,9961,578Income tax(expense)/credit4(310)(493)Profit for the period and total comprehensive income for the period1,6861,085 Attributable to:Own

11、ers of the Company999156 Non-controlling interests687929 1,6861,085 Earnings per share attributable to ordinary equity holders of the Company(RMB)5 Basic(cents)0.530.08 Diluted(cents)0.530.08 3 Notes:1.GENERALShanghai Qingpu Fire-Fighting Equipment Factory was transformed into a joint stock limited

12、liability company in the Peoples Republic of China(the“PRC”)on 1 December 2000 and was renamed as Shanghai Qingpu Fire-Fighting Equipment Co.,Ltd.(“上海青浦消防器材股份有限公司”)(the“Company”together with its subsidiaries,the“Group”).The registered office of the Company is located at No.1988,Jihe Road,Hua Xin Tow

13、n,Qingpu District,Shanghai,the PRC and its principal place of business in Hong Kong is situated at Unit 2605,Island Place Tower,510 Kings Road,North Point,Hong Kong.The Companys H shares are listed on the GEM of The Stock Exchange of Hong Kong Limited(the“Stock Exchange”).During the period,the Group

14、 was involved in the following principal activities:manufactureandsaleofpressurevessels(includingfire-fightingequipmentproductsandpressure vessels products);salesofmarinefire-fightingequipmentandprovisionofrelatedinstallationandinspectionservices;provisionoffiretechnologyinspectionservices;manufactu

15、reandsalesofaquariumproducts;tradingofotherproducts;andleaseofofficebuildingandindustrialproperties.In the opinion of the directors(the“Directors”)of the Company,the Companys immediate holding company is 聯城消防集團股份有限公司(literally translated as“Liancheng Fire-Fighting Group Joint Stock Co.,Ltd.”,“Lianch

16、eng”),a limited liability company established in the PRC,and the ultimate holding company is 浙江恒泰房地產有限公司(literally translated as“Zhejiang Hengtai Real Estate Company Limited”,“Zhejiang Hengtai”),a limited liability company established in the PRC.4 2.PRINCIPAL ACCOUNTING POLICIESThe unaudited condens

17、ed consolidated financial statements of the Group have been prepared in accordance with International Financial Reporting Standards(“IFRSs”)(which include all International Financial Reporting Standards,International Accounting Standards(“IASs”)and Interpretations)promulgated by the International Ac

18、counting Standards Board(“IASB”).The condensed consolidated financial statements also comply with the applicable disclosure requirements of the Hong Kong Companies Ordinance and the Rules Governing the Listing of Securities on the GEM(the“GEM Listing Rules”)of the Stock Exchange.The financial inform

19、ation has been prepared under the historical convention,except for investment properties and financial assets at fair value through profit or loss,which are measured at fair value.The unaudited condensed consolidated financial statements for the three months ended 31 March 2025 are unaudited,but hav

20、e been reviewed by the audit committee of the Company.The accounting policies adopted are consistent with those followed in the preparation of the Groups annual consolidated financial statements for the year ended 31 December 2024.The IASB has issued several amendments to IFRSs that are first effect

21、ive for the current accounting period of the Group.None of these developments has had a material effect on how the Groups results for the current or prior periods have been prepared or presented in this announcement.The Group has not applied any new standard or interpretation that is not yet effecti

22、ve for the current accounting period.5 3.REVENUE,OTHER INCOME AND GAINSAn analysis of the Groups revenue,other income and gains is as follows:UnauditedThree months ended31 March20252024RMB000RMB000Revenue from contracts with customersSales of pressure vessels6,7075,563Sales of aquarium products7,161

23、6,755Sales of marine fire-fighting equipment2,9471,452Inspection services fee7671,029 17,58214,799Revenue from other sourcesGross rental income1,8761,769 19,45816,568 Other income and gainsInterest income2031Realised gains on financial assets at fair value through profit or loss390629Government gran

24、t*230Exchange gain,net6150Others225 493945 Total revenue,other income and gains19,95117,513 *The Group did not receive unconditional government grant(three months ended 31 March 2024:RMB230,000)for the three months ended 31 March 2025 in respect of subsidies for supporting enterprises development.Th

25、ere were no unfulfilled conditions or contingencies attaching to these government subsidies.6 4.INCOME TAX(EXPENSE)/CREDITNo provision for Hong Kong profits tax has been made as the Group had no assessable profits arising in Hong Kong during the three months ended 31 March 2025(three months ended 31

26、 March 2024:Nil).According to the Announcement of the State Administration of Taxation on Issues Relating to Implementation of Inclusive Income Tax Relief Policy for Small Low-profit Enterprises,a lower corporate income tax(“CIT”)rate is applicable to small scale enterprises with low profitability t

27、hat meet certain conditions,pursuant to which,(i)the first RMB1,000,000 of assessable profits(the“1st Assessable Profits”)of these subsidiaries are effective taxable at 5%(i.e.20%CIT rate on 25%of the 1st Assessable Profits)(three months ended 31 March 2024:5%(i.e.20%CIT rate on 25%of the 1st Assess

28、able Profits);and(ii)the remaining assessable profits not over RMB3,000,000(the“Remaining Assessable Profits”)are taxable at 5%(i.e.20%CIT rate on 25%of the Remaining Assessable Profits)(three months ended 31 March 2024:5%(i.e.20%CIT rate on 25%of the Remaining Assessable Profits).Certain of the Com

29、panys subsidiaries have been designated as a small scale enterprise.Under the Corporate Income Tax Law,the CIT for other companies in the Group is calculated at a rate of 25%(three months ended 31 March 2024:25%)on the estimated assessable profits for the three months ended 31 March 2025.UnauditedTh

30、ree months ended31 March20252024RMB000RMB000Current tax PRC Charge for the period(126)(102)Deferred tax(184)(391)(310)(493)5.EARNINGS PER SHARE ATTRIBUTABLE TO ORDINARY EQUITY HOLDERS OF THE COMPANYThe calculation of the basic earnings per share for the three months ended 31 March 2025 is based on t

31、he profit attributable to owners of the Company of approximately RMB999,000(three months ended 31 March 2024:approximately RMB156,000),and on the number of 187,430,000(31 March 2024:187,430,000)ordinary shares in issue during the period.No adjustment has been made to the basic earnings per share amo

32、unts for the three months ended 31 March 2025 and 2024 in respect of a dilution as the Group had no potentially dilutive ordinary shares in issue during those periods.6.DIVIDENDNo dividend was paid or declared by the Company during the three months ended 31 March 2025(three months ended 31 March 202

33、4:Nil).7 7.EQUITYAttributable to owners of the Company Paid upcapitalSharepremiumCapitalreserveStatutoryreservefundDiscretionarycommonreservefundRetainedprofitsTotalNon-controllinginterestsTotalequityRMB000RMB000RMB000RMB000RMB000RMB000RMB000RMB000RMB000As at 1 January 202518,74310,91046,12111,5731,

34、50061,693150,54023,403173,943Profit for the period and total comprehensive income for the period9999996871,686Fair value of land use right granted by shareholder and non-controlling interests248248212460 As at 31 March 202518,74310,91046,36911,5731,50062,692151,78724,302176,069 As at 1 January 20241

35、8,74310,91045,14311,0141,50057,902145,21217,812163,024Profit for the period and total comprehensive income for the period1561569291,085Fair value of land use right granted by shareholder and non-controlling interests248248212460 As at 31 March 202418,74310,91045,39111,0141,50058,058145,61618,953164,

36、569 8.RELATED PARTY TRANSACTIONSDuring the three months ended 31 March 2024,the Group did not provide inspection service to a related company,上海石化消防工程有限公司(controlled by a director of Zhejiang Hengtai)(literally translated as“Shanghai Petro-Chemical Fire-fighting Engineering Company Limited”)(three m

37、onths ended 31 March 2025:RMB3,000).8 BUSINESS AND FINANCIAL REVIEWTurnoverFor the three months ended 31 March 2025,the Group recorded a turnover of approximately RMB19,458,000(three months ended 31 March 2024:RMB16,568,000),representing an increase of 17%over the corresponding period of last year.T

38、his is mainly due to the increase in sales of pressure vessels and marine fire-fighting equipment.Gross profitFor the three months ended 31 March 2025,the Groups overall gross profit was approximately RMB5,571,000(three months ended 31 March 2024:RMB4,164,000).The gross profit ratio excluding gross

39、rental income and related cost,was 24%for the three months ended 31 March 2025(three months ended 31 March 2024:19%).The increase was mainly due to increase in sale of marine fire-fighting equipment,which has high gross profit margin.Other income and gainsFor the three months ended 31 March 2025,the

40、 Groups other income and gains decreased to approximately RMB493,000 from RMB945,000,representing a decrease of 47%over the corresponding period of last year.This is mainly because of the decrease in realised gains on financial assets at fair value through profit or loss and the absence of governmen

41、t grant during the period.Selling and distribution expensesFor the three months ended 31 March 2025,the Groups selling and distribution expenses increased to approximately RMB1,073,000 from RMB732,000,representing an increase of 47%over the corresponding period of last year.This is mainly due to the

42、 increase in sales of pressure vessels and aquarium products during the three months ended 31 March 2025.Administrative expensesFor the three months ended 31 March 2025,the Groups administrative expenses increased to approximately RMB2,936,000 from RMB2,694,000,representing an increase of 9%over the

43、 corresponding period of last year.This is mainly because of the increase in general administrative cost for operation purpose.9 Finance costsFor the three months ended 31 March 2025,the Groups finance costs were approximately RMB59,000(three months ended 31 March 2024:RMB71,000),mainly representing

44、 interest incurred during the three months ended 31 March 2025 for bank borrowings obtained to partially financing the payment of consideration for the acquisition of production plant in prior year.Profit for the periodFor the three months ended 31 March 2025,the Group recorded a profit before tax f

45、or the period of approximately RMB1,996,000(three months ended 31 March 2024:RMB1,578,000).Income tax(expense)/creditPursuant to the relevant PRC tax regulations,the normal Corporate Income Tax(“CIT”)rate is 25%.According to the Announcement of the State Administration of Taxation on Issues Relating

46、 to Implementation of Inclusive Income Tax Relief Policy for Small Low-profit Enterprises,a lower corporate income tax(“CIT”)rate is applicable to small scale enterprises with low profitability that meet certain conditions,pursuant to which,(i)the first RMB1,000,000 of assessable profits(the“1st Ass

47、essable Profits”)of these subsidiaries are effective taxable at 5%(i.e.20%CIT rate on 25%of the 1st Assessable Profits)(three months ended 31 March 2024:5%(i.e.20%CIT rate on 25%of the 1st Assessable Profits);and(ii)the remaining assessable profits not over RMB3,000,000(the“Remaining Assessable Prof

48、its”)are taxable at 5%(i.e.20%CIT rate on 25%of the Remaining Assessable Profits)(three months ended 31 March 2024:5%(i.e.20%CIT rate on 25%of the Remaining Assessable Profits).Certain of the Companys subsidiaries have been designated as a small scale enterprise.Non-controlling interestsFor the thre

49、e months ended 31 March 2025,profit for the period attributable to non-controlling interests was approximately RMB687,000(three months ended 31 March 2024:profit of RMB929,000).The decrease was mainly attributable to the decrease in profits of certain non-wholly-owned subsidiaries for the Period whe

50、n compared with three months ended 31 March 2024.10 BUSINESS REVIEWThe Groups fire extinguisher products cover three categories,carbon dioxide,water-based,and dry powder.The wide product range offered by the Group can meet the diversified needs of the customers.In addition,the Groups manufacturing o

51、f fire extinguisher products are granted with the Certificates of Type Approval by the China Classification Society,Shanghai Branch.The Groups pressure cylinders have obtained the manufacturing licence in the PRC and they meet the quality standards and requirements of the United States of America an

52、d the European Union.The Groups pressure cylinders are manufactured under a valid licence in the PRC and conform to the quality requirements of both the United States and the European Union.This commitment to international standards has bolstered the Groups competitiveness in domestic and export mar

53、kets.During the three months ended 31 March 2025,the Company has resolved to discontinue the manufacturing and sale of fire extinguishers,a product within the Groups fire-fighting equipment products segment that has persistently generated losses,with effect from 1 April 2025.In addition to its core

54、fire safety offerings,the Group continues to manufacture and sell pressure vessels,provides fire technology inspection services,and installs marine fire-fighting equipment.Ancillary segments such as the sale of aquarium products and property investments have also contributed to revenue.These non-cor

55、e operations are continuously reviewed to ensure they complement the Groups primary focus on fire safety solutions without compromising overall portfolio efficiency.Overall,the Groups strong operational performance and adherence to rigorous quality standards position it as a reliable provider of com

56、prehensive fire safety solutions in a competitive industry.PROSPECTLooking ahead to 2025 and beyond,the Company remains committed to strengthening its market position and actively pursuing growth opportunities within its core business areas.Following the announcement on 8 December 2024 regarding the

57、 very substantial acquisition(the“VSA”)of a fire safety training business,the Group is optimistic about the growth potential of this new venture.The completion of the VSA is subject to the fulfillment of certain conditions precedent,including satisfactory due diligence,regulatory approvals,sharehold

58、er approval,transfer of key assets,and compliance with all legal and contractual requirements.Once these conditions are met,the Company will integrate the Target Group as a wholly-owned subsidiary,allowing it to offer comprehensive fire safety training solutions,enhance its existing product and serv

59、ice offerings,and align with its long-term strategic objectives.The Company remains confident in its ability to achieve sustainable growth through a combination of organic expansion,strategic acquisitions,and continuous innovation.11 Despite potential macroeconomic and industry-specific challenges,t

60、he Groups strong financial position,diversified business portfolio,and prudent risk management strategies will provide resilience and support long-term value creation.The Board of Directors remains dedicated to driving sustainable growth and maximizing shareholder value by leveraging the Groups stro

61、ng market position,expanding its product and service offerings,and capitalizing on emerging opportunities within the fire safety sector.The integration of the Target Group,combined with the Groups core strengths and operational efficiencies,positions the Company well for a promising future.The Group

62、 will continue to monitor market trends,adapt to evolving regulatory landscapes,and explore new opportunities to maintain its competitive edge.As part of its strategic review,the Group will evaluate opportunities for consolidation,restructuring,and,where necessary,the disposal of non-core or underpe

63、rforming business segments to optimize resources and enhance profitability.DIRECTORS AND SUPERVISORS INTERESTS AND SHORT POSITIONS IN SHARES,UNDERLYING SHARES AND DEBENTURESAs at 31 March 2025,the interests and short positions of the Directors and supervisors of the Company in the shares,underlying

64、shares and debentures of the Company and its associated corporations(within the meaning of Part XV of the Securities and Futures Ordinance(the“SFO”)as recorded in the register required to be kept under Section 352 of the SFO or as otherwise notified to the Company and the Stock Exchange pursuant to

65、the minimum standards of dealing by directors as referred to in Rule 5.46 of the Rules Governing the Listing of Securities on the GEM(the“GEM Listing Rules”),were as follows:Long positions in shares of the CompanyNameCapacityNumber ofsharesApproximatepercentage oftotal issuedshare capitalMr.Zhou Jin

66、 Hui(Note 1)Held by controlled corporation133,170,00071.05%Note:1.Liancheng hold 131,870,000 domestic shares of the Company.Liancheng Fire Protection Group(Hong Kong)Company Limited,a 100%subsidiary of Liancheng,holds 1,300,000 H shares of the Company.Zhejiang Hengtai owns 80%of Liancheng and Mr.Zho

67、u Jin Hui owns 58%of Zhejiang Hengtai.Accordingly,Mr.Zhou Jin Hui is deemed to be interested in 131,870,000 domestic shares and 1,300,000 H shares in the Company.Liancheng is owned as to 80%by Zhejiang Hengtai and 20%by Mr.Zhou Jin Hui.12 Save as disclosed above,as at 31 March 2025,none of the Direc

68、tors and supervisors of the Company has any interests and short positions in the shares,underlying shares and debentures of the Company and its associated corporations(within the meaning of Part XV of the SFO)as recorded in the register required to be kept under Section 352 of the SFO or as otherwis

69、e notified to the Company and the Stock Exchange pursuant to the minimum standards of dealing by directors as referred to in Rule 5.46 of the GEM Listing Rules.SUBSTANTIAL SHAREHOLDERS AND OTHER PERSONS INTERESTS AND SHORT POSITIONS IN SHARES,UNDERLYING SHARES AND DEBENTURESAs at 31 March 2025,the f

70、ollowing persons(other than the Director and supervisors of the Company)have interests and short positions in the shares and underlying shares of the Company as recorded in the register required to be kept under section 336 of the SFO:NameCapacityNumber ofsharesApproximatepercentage oftotal register

71、edShare capitalLiancheng Fire-Fighting Group Company Limited(Note 3)Beneficial owner131,870,000(Note 1)70.36%Held by controlled corporation1,300,000(Note 2)0.69%Zhejiang Hengtai Real Estate Joint Stock Co.,Ltd.Held by controlled corporation131,870,000(Note 1)70.36%Held by controlled corporation1,300

72、,000(Note 2)0.69%Mr.Zhou Jin HuiHeld by controlled corporation131,870,000(Note 1)70.36%1,300,000(Note 2)0.69%Notes:1.All represent domestic shares of the Company.2.Liancheng hold 131,870,000 domestic shares of the Company.Liancheng Fire Protection Group(Hong Kong)Company Limited,a wholly-owned subsi

73、diary of Liancheng,holds 1,300,000 H shares of the Company.Zhejiang Hengtai owns 80%of Liancheng.Accordingly,Zhejiang Hengtai is deemed to be interested in 131,870,000 domestic shares and 1,300,000 H shares in the Company.Liancheng is owned as to 80%by Zhejiang Hengtai and 20%by Mr.Zhou Jin Hui.13 3

74、.On 12 January 2017,the board of directors of the Company was notified that,an aggregate of 131,870,000 domestic shares of the Company(the“Pledged Shares”)held by Liancheng have been pledged in favour of an independent third party(the“Lender”)as a security for a loan amount of RMB198,000,000 provide

75、d by the Lender to Liancheng(the“2017 Loan”).The Pledged Shares will be released if Liancheng makes a partial repayment amounting to RMB63,000,000 to the Lender.Relevant shares pledge registration procedures have been completed with China Securities Depository and Clearing Corporation Limited.As of

76、12 January 2017 and the date of this announcement,the Pledged Shares represent approximately 70.36%and 100%of the issued share capital and domestic shares of the Company,respectively.Save as disclosed above,the Company has not been notified of any other person had relevant interests representing 5 p

77、ercent or more in the issued shares capital of the Company as at 31 March 2025.DIRECTORS AND SUPERVISORS INTERESTS IN CONTRACTSTo the best knowledge of the Board,save as disclosed in note 8 of this announcement,no contracts of significance in relation to the Companys business to which the Company wa

78、s a party and in which any persons who were Directors and supervisors of the Company during the three months ended 31 March 2025 had a material interest,whether directly or indirectly,subsisted at 31 March 2025 or at any time during the three months ended 31 March 2025.PURCHASE,SALE OR REDEMPTION OF

79、 THE COMPANYS LISTED SECURITIESDuring the three months ended 31 March 2025,the Company did not purchase,sell or redeem any of the Companys listed securities.CORPORATE GOVERNANCEThe Company wishes to state that it has complied with all code provisions set out in the Code on Corporate Governance Pract

80、ices contained in the Appendix 15 of the GEM Listing Rules(the“Code”)during the period.(1)Corporate Governance PracticesThe Company is committed to promoting good corporate governance,with the objectives of(i)the maintenance of responsible decision making,(ii)the improvement in transparency and disc

81、losure of information to shareholders,(iii)the continuance of respect for the rights of shareholders and the recognition of the legitimate interests of the shareholders,and(iv)the improvement in management of risk and the enhancement of performance by the Company.The Company has applied Appendix 15

82、of the GEM Listing Rules with these objectives in mind.14(2)Directors Securities TransactionsThe Company has adopted a code of conduct regarding directors securities transactions on terms no less exacting than the required standard of dealings as set out in Rules 5.48 to 5.67 of the GEM Listing Rule

83、s.Having made specific enquiry of the Directors of the Company,all Directors have complied with the required standard of dealings and code of conduct regarding securities transactions by directors.AUDIT COMMITTEEThe Company has an audit committee(the“Audit Committee”)established with written terms o

84、f reference in compliance with GEM Listing Rules.The primary duties of the Audit Committee are to review and supervise the financial reporting process and internal controls of the Group and to provide advice to the Directors of the Company.The Audit Committee comprises three independent non-executiv

85、e Directors,namely Ms.Zhu Yi Juan,Mr.Wang Guo Zhong and Mr.Song Zi Zhang.The Audit Committee has reviewed the Groups unaudited results for the three months ended 31 March 2025 and has provided advice and comments thereon.By order of the BoardShanghai Qingpu Fire-Fighting Equipment Co.,Ltd.Zhou Jin H

86、uiChairmanShanghai,13 May 2025As at the date of this announcement,the executive Directors are Mr.Zhou Jin Hui,Mr.Shi Hui Xing and Mr.Zhou Guo Ping;and the independent non-executive Directors are Mr.Wang Guo Zhong,Ms.Zhu Yi Juan and Mr.Song Zi Zhang.This announcement will be published on the GEM webs

87、ite on the“Latest Company Announcement”page for at least 7 days from the date of publication and on the website of the Company .This announcement,for which the Directors collectively and individually accept full responsibilities,includes particulars given in compliance with the GEM Listing Rules for

88、 the purpose of giving information with regard to the Company.The Directors,having made all reasonable enquiries,confirm that,to the best of their knowledge and belief the information contained in this announcement is accurate and complete in all material respects and not misleading or deceptive,and there are no other matters the omission of which would make any statement herein or this announcement misleading.