United Strength Power Holdings Limited – Supplemental Announcement to Annual Report 2025: Key Details for Investors

Executive Summary

United Strength Power Holdings Limited has issued a supplemental announcement detailing critical continuing connected transactions, connected transactions, and related party transactions for the year ended 31 December 2025. The information provided is significant for investors, as it pertains to material agreements, transaction caps, and relationships with controlling shareholders and associates that may impact the company’s financial performance and share value.

Key Highlights

• Material Continuing Connected Transactions: Several large-scale framework agreements for petroleum, liquefied petroleum gas (LPG), and refined oil products supply and transportation, with transaction caps reaching billions of RMB.
• Connected Transactions: Entrusted management and construction agreements involving substantial sums and assets, with direct links to controlling shareholders and associates.
• Price-Sensitive Information: Actual transaction amounts, annual caps, and the fairness of pricing mechanisms are disclosed, providing transparency and potential signals for investors regarding business stability and risk.
• Compliance Confirmation: The company confirms compliance with Hong Kong Listing Rules, and auditor assurance on proper conduct of connected transactions.

Detailed Transaction Analysis

A. Continuing Connected Transactions

1. Petroleum and Liquefied Gas Transportation Service Agreement
   • Three-year term from 1 January 2024 to 31 December 2026.
   • Annual caps: RMB35 million (2024), RMB41 million (2025), RMB47 million (2026).
   • Actual transaction in 2025: RMB16.83 million.
   • Pricing is based on weight and distance, negotiated at arm’s length, not less favourable than market rates.
   • Changchun Yitonghe is an associate of Mr. Zhao, the controlling shareholder, making this a connected transaction.
2. Petroleum Supply Agreement
   • New agreement covers 2026-2028 with Songyuan Petrochemical.
   • Annual caps: RMB3,083 million (2026), RMB3,561 million (2027), RMB4,113 million (2028).
   • Actual transaction in 2025: RMB2,223.94 million (historical caps up to RMB3,900 million).
   • Pricing based on NDRC guide price, market quotations, and at least two comparisons to ensure fairness.
   • Songyuan Petrochemical is 97.87% owned by Changchun Yitonghe, further linking to Mr. Zhao.
   • Ensures stable petroleum supply, critical for refuelling station operations.
3. Refined Oil Products Supply Agreement
   • Three-year term (2026-2028) with United Strength Vehicle Service.
   • Annual caps: RMB50 million (2026), RMB55 million (2027), RMB60 million (2028).
   • Actual transaction in 2025: RMB28.00 million (historical caps up to RMB80 million).
   • Pricing based on market rates, with minimum two quotations for fairness.
   • Payment before delivery; United Strength Vehicle Service is 45.1% owned by Changchun Yitonghe.
   • Trademark and trade name usage rights granted to the Group.
4. LPG Framework Sales Agreement
   • Term: Approval date to 31 December 2026.
   • Annual caps: RMB300 million (2024), RMB750 million (2025), RMB790 million (2026).
   • Actual transaction in 2025: NIL.
   • Pricing based on ex-factory price from Kunlun Energy and market quotations from at least two independent suppliers.
   • Songyuan Petrochemical is again linked to Mr. Zhao.

B. Connected Transactions

1. Entrusted Management Agreement
   • WFOE manages 39 refuelling stations and one storage facility for 10 years from 24 August 2020.
   • Annual entrustment fee: RMB50 million, reviewed every three years, with max 10% increment allowed.
   • Actual fee in 2025: RMB47.28 million.
   • Changchun Yitonghe is majority owned by Mr. Zhao and other directors, making this a related party/connected transaction.
2. Construction Agreements & Supplemental Agreements
   • Aggregate contract sums: RMB1,003,101 (initial agreements) and RMB5,415,360 (supplemental agreements).
   • Scope includes construction works for two petroleum refuelling stations.
   • Changchun Gas Equipment, the contractor, is wholly-owned by United Strength Investment, which is also controlled by Mr. Zhao.
   • Contract sum settled after completion and acceptance, with sectional acceptance possible.

C. Related Party Transactions

The company confirms that all material related party transactions disclosed in the Annual Report 2025 (except those detailed above) do not constitute connected transactions under Chapter 14A of the Listing Rules, and all relevant requirements have been complied with.

Shareholder Alerts & Potential Price Sensitivity

• Significant transaction caps for petroleum and refined oil supply agreements indicate large volumes and potential revenue streams.
• Actual transaction amounts are well below caps, suggesting room for further business growth or risk of under-utilization.
• Strong links between controlling shareholders and counterparties could raise concerns about related party risks or governance, which may impact investor confidence and share value.
• Confirmation of compliance and auditor assurance may mitigate some risk perceptions, but investors should monitor ongoing related party dealings closely.
• Zero actual transaction for LPG agreement in 2025 could signal either delayed execution or market changes, which warrant further investigation by shareholders.
• Entrusted management and construction agreements, involving key company assets and large sums, reinforce the importance of oversight on related party transactions.

Board and Management

The Board comprises five executive directors, including Mr. Zhao Jinmin (Chairman and CEO), and three independent non-executive directors. The strong presence of controlling shareholders in management and major transactions may be of interest to investors for governance reasons.

Conclusion

The supplemental announcement reveals substantial continuing connected and related party transactions, which are integral to United Strength Power Holdings Limited’s operations, supply chain, and asset management. Investors should pay close attention to the pricing, transaction volumes, and the company’s relationship with controlling shareholders and associates, as these factors can materially affect future profitability, risk profile, and ultimately share price.

Disclaimer

This article is for informational purposes only and does not constitute investment advice. Investors are urged to conduct their own due diligence and consult with professional advisors before making any investment decisions. The information is based on the supplemental announcement released by United Strength Power Holdings Limited and may be subject to further updates or clarifications.

香港聯合力量控股有限公司 – 補充公告詳細分析（繁體中文版本）

執行摘要

香港聯合力量控股有限公司發佈了2025年年報補充公告，詳細披露了關聯交易、持續關聯交易及相關方交易。公告內容對投資者極為重要，涉及重大協議、交易上限及與控股股東及其關聯方的關係，這些都可能影響公司財務表現及股價。

重點摘要

• 重大持續關聯交易： 涉及石油、液化石油氣（LPG）及精製油產品供應和運輸的大型框架協議，最高交易上限達數十億元人民幣。
• 關聯交易： 涉及巨額資產和金額的委託管理及建設協議，直接涉及控股股東及其關聯方。
• 價格敏感資訊： 披露實際交易金額、年度上限及定價機制，提升透明度，對業務穩定性及風險有重要指示。
• 合規確認： 公司確認已遵守香港上市規則，審計師亦確認交易合規。

詳細交易分析

1. 石油及液化氣運輸服務協議
   • 2024-2026年三年期，每年上限分別為3,500萬、4,100萬及4,700萬人民幣。
   • 2025年實際交易額為1,683萬元人民幣。
   • 定價按實際重量及路程，市場價格為基準，協議方為控股股東關聯人。
2. 石油供應協議
   • 2026-2028年新協議，每年上限分別為30.83億、35.61億及41.13億人民幣。
   • 2025年實際交易額為22.24億元人民幣。
   • 根據國家發改委價格指引及最少兩個市場報價確保公平。
   • 供應商為控股股東關聯公司，確保加油站穩定供應。
3. 精製油產品供應協議
   • 2026-2028年三年期，每年上限分別為5,000萬、5,500萬及6,000萬人民幣。
   • 2025年實際交易額為2,800萬元人民幣。
   • 定價參考市場價格，最少兩份報價確保公允。
   • 客戶為控股股東關聯公司，並授予商標使用權。
4. LPG框架銷售協議
   • 協議期至2026年，每年上限分別為3億元、7.5億元及7.9億元人民幣。
   • 2025年實際交易額為零。
   • 定價參考供應商及市場報價，最少兩份獨立供應商比較。
   • 供應商為控股股東關聯公司。

關聯交易

1. 委託管理協議
   • WFOE管理39個加油站及一個儲油設施，協議期10年。
   • 每年委託費為5,000萬元人民幣，三年調整一次，最高調整幅度10%。
   • 2025年實際委託費為4,728萬元人民幣。
   • 委託方為控股股東及董事持股公司。
2. 建設協議及補充協議
   • 初始協議金額為100.31萬元人民幣，補充協議為541.54萬元人民幣。
   • 涉及兩間加油站工程。
   • 承包商為控股股東關聯公司。
   • 工程完成驗收後付款。

相關方交易

公司確認除上述交易外，其他相關方交易不屬於上市規則第14A章下需公告或股東批准的關聯交易，並已完全合規。

股東須知及價格敏感資訊

• 石油及精製油供應協議交易上限巨大，預示業務規模及潛在收入。
• 實際交易額遠低於上限，意味業務有增長空間或利用不足風險。
• 控股股東及關聯方交易密切，投資者應關注治理風險。
• 合規及審計師確認可減低風險感知，但相關交易需持續監察。
• LPG協議2025年交易額為零，需留意未來執行或市場變動。
• 委託管理及建設協議涉及核心資產及巨額，投資者需關注。

董事會及管理層

董事會五名執行董事及三名獨立非執行董事，控股股東參與重大交易及管理層，投資者需關注治理問題。

結論

補充公告揭示大量持續關聯及相關方交易，對公司營運、供應鏈及資產管理十分重要。投資者應關注定價、交易量及控股股東關係，這些因素將直接影響公司盈利、風險及股價表現。

免責聲明

本文章只供資訊參考，不構成投資建議。投資者應自行做足功課及諮詢專業顧問，方作投資決策。本資訊來源自公司公告，或會有後續更新或澄清。

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