因常德中院依法裁定受理债权人对公司的重整申请，根据《深圳证券交易所股票上市规则》（以下简称 《股票上市规则》）第9.4.1条第（九）项的规定，公司股票交易将于2025年10月23日被实施退市风险警 示，股票简称变更为"*ST景峰"，证券代码仍为"000908"，股票日涨跌幅限制仍为5%。公司股票将于 2025年10月22日开市起停牌一天，自2025年10月23日开市起复牌。 格隆汇10月21日丨ST景峰(000908.SZ)公布，收到湖南省常德市中级人民法院（简称"常德中院"或"法 院"）送达的（2024）湘07破申7号《民事裁定书》，常德中院裁定受理债权人对公司的重整申请。同 日，公司收到常德中院送达的（2025）湘07破15号《决定书》，常德中院指定北京市中伦律师事务所担 任公司管理人。 ...

Core Viewpoint - ST Jinfeng (000908.SZ) has received a court ruling accepting creditors' restructuring application, leading to significant changes in its stock trading status [1] Group 1: Court Ruling and Restructuring - The Changde Intermediate People's Court has accepted the creditors' restructuring application for the company [1] - Beijing Zhonglun Law Firm has been appointed as the administrator for the company's restructuring process [1] Group 2: Stock Trading Implications - As a result of the court ruling, the company's stock will be subject to delisting risk warning starting from October 23, 2025, with the stock name changing to "*ST Jinfeng" [1] - The stock code will remain "000908," and the daily price fluctuation limit will still be set at 5% [1] - The company's stock will be suspended from trading for one day on October 22, 2025, and will resume trading on October 23, 2025 [1]

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，並明確表示，概不對因本公告 全部或任何部分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。 PUXING ENERGY LIMITED 普星能量有限公 司 普星能量有限公 司 （於開曼群島註冊成立的有限公司） （股份代號：90） 補充公告 認購HASHKEY HOLDINGS LIMITED股權 茲提述日期為二零二五年七月九日之自願性公告（「該自願性公告」），內容有 關普星能量有限公司（「本公司」，連同其附屬公司統稱「本集團」）認購HashKey Holdings Limited（「HashKey」）股權之事宜。除文義另有所指外，本公告所用詞 彙與該自願性公告所定義者具有相同涵義。董事會謹此向股東及潛在投資者 提供以下補充資料。 有關認購事項之補充資料 HashKey之持股比例： 代價基準 在同意認購事項之認購價前，董事會已委聘獨立估值機構對HashKey每單位A 系列優先股之市場價值進行評估。 該估值乃根據國際估值準則採用市場法進行。收益法被認為不適用，因其需 依賴對估值結果高度敏感之主觀 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | | | 呈交日期: 2025年10月6日 I. 法定/註冊股本變動 致：香港交易及結算所有限公司 公司名稱: 普星能量有限公司 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00090 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,000,000,000 | HKD | | 0.1 HKD | | 100,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 1,000,000,000 | HKD | | 0.1 HKD | | 100,000,000 | 本月底法定/註冊股本總額： HKD 100,000,000 第 1 頁 共 10 頁 v ...

普星能量有限公司 PUXING ENERGY LIMITED 2025 INTERIM REPORT 中期報告 www.puxing-energy.com P U X I N G E N E R G Y L I M I T E D 普星能量有限公司 40/F., Dah Sing Financial Centre 248 Queen's Road East, Wanchai, Hong Kong 香港灣仔皇后大道東248號 大新金融中心40樓 Contents 目錄 | 02 | Corporate Information | | --- | --- | | | 公司資料 | | 05 | Financial Highlights | | | 財務摘要 | | 07 | Consolidated Statement of Profit or Loss | | | 綜合損益表 | | 09 | Consolidated Statement of Profit or Loss and Other Comprehensive Income | | | 綜合損益及其他全面收入表 | | 10 | Consolidat ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | | | 致：香港交易及結算所有限公司 公司名稱: 普星能量有限公司 呈交日期: 2025年9月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00090 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,000,000,000 | HKD | | 0.1 HKD | | 100,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 1,000,000,000 | HKD | | 0.1 HKD | | 100,000,000 | 本月底法定/註冊股本總額： HKD 100,000,000 第 1 頁 共 10 頁 v ...

Group 1 - The core viewpoint of the article is that Puxing Energy (00090.HK) reported a revenue increase of 17.40% year-on-year, reaching RMB 244 million for the six months ending June 30, 2025 [1] - The company’s net profit attributable to owners decreased significantly by 67.23% year-on-year, amounting to RMB 12.073 million [2] - The basic earnings per share for the company is reported at RMB 0.026 [1]

Core Viewpoint - Puxing Energy (00090) reported a significant decline in net profit despite an increase in revenue, indicating potential challenges in profitability management [1] Financial Performance - The company reported a revenue of RMB 244 million for the six months ending June 30, 2025, representing a year-on-year growth of 17.4% [1] - Shareholders' net profit was RMB 12.073 million, which reflects a year-on-year decrease of 67.23% [1] - Earnings per share stood at RMB 0.026 [1]

Group 1 - The company, Puxing Energy (00090), reported a revenue of RMB 244 million for the six months ending June 30, 2025, representing a year-on-year increase of 17.4% [1] - The profit attributable to shareholders decreased to RMB 12.073 million, a decline of 67.23% compared to the previous year [1] - Earnings per share stood at RMB 0.026 [1]

[Financial Highlights](index=1&type=section&id=Financial%20Highlights) For the six months ended June 30, 2025, profit declined despite revenue growth, while the financial position improved with reduced debt Financial Highlights for the Six Months Ended June 30 | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | Change | | :--- | :--- | :--- | :--- | | Revenue | 244,426 | 208,203 | +17.40% | | Operating Profit | 51,818 | 69,574 | -25.52% | | Profit Attributable to Equity Holders of the Company | 12,073 | 36,837 | -67.23% | | Basic Earnings Per Share | RMB 0.026 | RMB 0.080 | -67.50% | | Interim Dividend Per Share | Nil | Nil | 0% | Financial Position Highlights as of June 30, 2025 | Metric | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | Change | | :--- | :--- | :--- | :--- | | Total Assets | 1,428,632 | 1,914,880 | -25.39% | | Total Equity Attributable to Equity Holders of the Company | 880,859 | 876,280 | +0.52% | | Net Asset Value Per Share | RMB 1.92 | RMB 1.91 | +0.52% | | Net Debt | 174,164 | 718,317 | -75.75% | | Total Capital | 1,055,023 | 1,594,597 | -33.84% | | Gearing Ratio | 16.51% | 45.05% | -63.35% | [Consolidated Financial Statements](index=3&type=section&id=Consolidated%20Financial%20Statements) This section presents the company's consolidated financial performance and position, including profit or loss, comprehensive income, and financial position [Consolidated Statement of Profit or Loss](index=3&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss) Revenue increased by 17.40% to RMB 244,426 thousand, but operating profit decreased by 25.52% to RMB 51,818 thousand, mainly due to higher fuel consumption and a loss on subsidiary disposal Key Data from Consolidated Statement of Profit or Loss | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Revenue | 244,426 | 208,203 | | Fuel Consumption | (112,576) | (54,834) | | Depreciation and Amortization | (41,414) | (46,621) | | Operating Profit | 51,818 | 69,574 | | Net Finance Costs | (13,132) | (15,562) | | Loss on Disposal of a Subsidiary | (8,260) | – | | Profit Before Tax | 33,059 | 54,551 | | Income Tax | (20,986) | (17,716) | | Profit for the Period | 12,073 | 36,835 | | Profit Attributable to Equity Holders of the Company | 12,073 | 36,837 | | Basic Earnings Per Share (RMB) | 0.026 | 0.080 | [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=5&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) Total comprehensive income significantly decreased to RMB 12,497 thousand for the six months ended June 30, 2025, mainly due to lower profit and exchange differences Key Data from Consolidated Statement of Profit or Loss and Other Comprehensive Income | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Profit for the Period | 12,073 | 36,835 | | Exchange Differences on Translation of the Company's Financial Statements | (2,190) | 1,067 | | Exchange Differences on Translation of Overseas Subsidiaries' Financial Statements | 2,614 | (938) | | Total Comprehensive Income for the Period | 12,497 | 36,964 | | Total Comprehensive Income Attributable to Equity Holders of the Company | 12,497 | 36,966 | [Consolidated Statement of Financial Position](index=6&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) Total assets decreased by 25.39% to RMB 1,428,632 thousand, mainly due to reduced property, plant, and equipment, while net current assets turned positive, indicating improved liquidity Key Data from Consolidated Statement of Financial Position | Metric | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | **Non-current Assets** | | | | Property, Plant and Equipment | 935,675 | 1,643,479 | | Interests in an Associate | 139,039 | – | | Total Non-current Assets | 1,087,155 | 1,681,378 | | **Current Assets** | | | | Cash and Cash Equivalents | 246,947 | 114,458 | | Total Current Assets | 341,477 | 233,502 | | **Current Liabilities** | | | | Interest-Bearing Borrowings | 80,205 | 179,713 | | Total Current Liabilities | 309,267 | 463,094 | | Net Current Assets/(Liabilities) | 32,210 | (229,592) | | **Non-current Liabilities** | | | | Interest-Bearing Borrowings | 220,064 | 532,793 | | Total Non-current Liabilities | 238,506 | 575,506 | | **Net Assets** | **880,859** | **876,280** | | Total Equity Attributable to Equity Holders of the Company | 880,859 | 876,280 | [Notes to the Unaudited Interim Financial Information](index=8&type=section&id=Notes%20to%20the%20Unaudited%20Interim%20Financial%20Information) This section details the basis of preparation, accounting policy changes, subsidiary disposal, revenue, profit before tax, income tax, earnings per share, and other key financial items [1 Basis of Preparation](index=8&type=section&id=1%20Basis%20of%20Preparation) The interim financial information is prepared in accordance with HKEX Listing Rules and IAS 34, authorized for issue on August 29, 2025, and reviewed by the Audit Committee, though not audited - The interim financial information is prepared in accordance with the HKEX Listing Rules and International Accounting Standard 34, and was authorized for issue on August 29, 2025[10](index=10&type=chunk) - The interim financial information is unaudited but has been reviewed by the Company's Audit Committee[11](index=11&type=chunk) [2 Changes in Accounting Policies](index=9&type=section&id=2%20Changes%20in%20Accounting%20Policies) The Group adopted IFRS 21 amendments, "The Effects of Changes in Foreign Exchange Rates – Lack of Exchangeability," with no material impact due to the absence of non-exchangeable foreign currency transactions, and no other new standards were applied - The Group has applied the amendments to IFRS 21, but it has no material impact due to the absence of non-exchangeable foreign currency transactions[12](index=12&type=chunk) - No other new standards or interpretations not yet effective have been applied in the current accounting period[13](index=13&type=chunk) [3 Disposal of a Subsidiary](index=9&type=section&id=3%20Disposal%20of%20a%20Subsidiary) On May 30, 2025, the company disposed of a 51% equity interest in Zhejiang Puxing Deneng Natural Gas Power Generation Co., Ltd. and its subsidiary for RMB 142.7 million, recognizing a loss of RMB 8,260 thousand - On May 30, 2025, the company completed the disposal of a 51% equity interest in Deneng Power Plant and its subsidiary Quzhou Power Plant to an associate for a cash consideration of **RMB 142.7 million**[14](index=14&type=chunk) - Following the disposal, the Group's equity interest in the target company decreased to 49%, and the target company became an associate[15](index=15&type=chunk) - For the six months ended June 30, 2025, a loss on disposal of a subsidiary of **RMB 8,260 thousand** was recognized[16](index=16&type=chunk) Impact of Disposal of Target Group on the Group's Financial Position | As of Disposal Date | RMB thousands | | :--- | :--- | | Net Assets Disposed Of | 288,103 | | Cash Consideration Received | 142,720 | | Fair Value of Remaining Interest in Target Group | 137,123 | | Less: Net Assets Disposed Of | (288,103) | | Loss on Disposal of a Subsidiary | (8,260) | | Net Cash Inflow from Partial Disposal | 127,937 | [4 Revenue and Segment Reporting](index=11&type=section&id=4%20Revenue%20and%20Segment%20Reporting) The Group's primary business is power plant construction, operation, and management, with revenue from electricity, heat, and energy storage totaling RMB 244,426 thousand, all from China and reported as a single power segment - The Group's principal activities are the construction, operation, and management of power plants, with revenue derived from electricity volume charges, capacity charges, heat sales, and energy storage income[18](index=18&type=chunk)[19](index=19&type=chunk)[20](index=20&type=chunk)[21](index=21&type=chunk)[22](index=22&type=chunk) Revenue from Contracts with Customers by Major Products | | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | **Electricity:** | | | | Electricity Volume Charges Revenue | 90,139 | 38,216 | | Capacity Charges Revenue | 137,401 | 150,297 | | **Heat:** | | | | Heat Sales Revenue | 15,599 | 19,690 | | **Other Sources:** | | | | Energy Storage Revenue | 1,287 | – | | **Total Revenue** | **244,426** | **208,203** | - The Group's operating segments are aggregated into a single power segment for reporting purposes, with all revenue and major non-current assets located in China[25](index=25&type=chunk)[26](index=26&type=chunk) [5 Profit Before Tax](index=14&type=section&id=5%20Profit%20Before%20Tax) Profit before tax decreased to RMB 33,059 thousand for the six months ended June 30, 2025, primarily influenced by reduced net finance costs and increased depreciation expenses Net Finance Costs | | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Interest Income | (88) | (325) | | Interest on Interest-Bearing Borrowings and Shareholder Loans | 13,339 | 14,967 | | Bank Charges | 30 | 49 | | Net Exchange (Income)/Loss | (149) | 895 | | **Net Finance Costs** | **13,132** | **15,562** | Other Items | | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Amortization of Intangible Assets | 368 | 354 | | Depreciation of Property, Plant and Equipment | 51,221 | 45,370 | | Depreciation of Right-of-Use Assets | 822 | 897 | [6 Other Income](index=15&type=section&id=6%20Other%20Income) For the six months ended June 30, 2025, the Group's other income, primarily government grants, increased to RMB 717 thousand from RMB 539 thousand in the prior year Government Grants | | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Government Grants | 717 | 539 | - Government grants include unconditional government grants of **RMB 508 thousand** (2024: RMB 327 thousand) and amortized deferred government grants of **RMB 209 thousand** (2024: RMB 212 thousand)[30](index=30&type=chunk) [7 Income Tax](index=16&type=section&id=7%20Income%20Tax) Income tax expense increased by 18.46% to RMB 20,986 thousand for the six months ended June 30, 2025, with Chinese subsidiaries subject to a 25% corporate income tax rate and a deferred tax liability recognized for withholding tax Income Tax Expense | | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Current Tax | 17,938 | 12,948 | | Deferred Tax | (206) | 328 | | China Withholding Tax | 3,254 | 4,440 | | **Total Income Tax Expense** | **20,986** | **17,716** | - The corporate income tax rate for the Group's Chinese subsidiaries is uniformly **25%**[32](index=32&type=chunk) - A deferred tax liability of **RMB 8,596 thousand** (December 31, 2024: RMB 25,920 thousand) has been recognized for withholding tax payable on the distribution of retained profits by Chinese subsidiaries[34](index=34&type=chunk) [8 Earnings Per Share](index=17&type=section&id=8%20Earnings%20Per%20Share) Basic earnings per share decreased by 67.50% to RMB 0.026 for the six months ended June 30, 2025, primarily due to reduced profit attributable to equity holders, with diluted EPS being the same - Basic earnings per share is calculated based on profit attributable to ordinary equity holders of the Company of **RMB 12,073 thousand** (2024: RMB 36,837 thousand) and the weighted average number of ordinary shares outstanding of **458,600,000 shares**, resulting in **RMB 0.026** (2024: RMB 0.080)[35](index=35&type=chunk) - Diluted earnings per share is the same as basic earnings per share as there were no potential dilutive shares during the period[36](index=36&type=chunk) [9 Interests in an Associate](index=17&type=section&id=9%20Interests%20in%20an%20Associate) As of June 30, 2025, interests in an associate totaled RMB 139,039 thousand, primarily from the remaining 49% equity in Deneng Power Plant after disposal, with a recognized share of profit of RMB 1,916 thousand Carrying Amount of Interests in an Associate and Share of Profit or Loss | | June 30, 2025 (RMB thousands) | | :--- | :--- | | Carrying Amount at Beginning of Period | – | | Additions to Associate (Note 3) | 137,123 | | Share of Profit of an Associate | 1,916 | | **Carrying Amount at End of Period** | **139,039** | - Deneng Power Plant (registered capital of **USD 18,400,000**) became an associate of the Group with a **49%** equity interest, primarily engaged in operating power plants[38](index=38&type=chunk) - From the disposal date to June 30, 2025, Deneng Power Plant's revenue was **RMB 14,813 thousand**, and its profit was **RMB 3,910 thousand**[38](index=38&type=chunk) [10 Trade and Other Receivables](index=19&type=section&id=10%20Trade%20and%20Other%20Receivables) Total trade and other receivables increased to RMB 83,325 thousand as of June 30, 2025, primarily due to increased trade receivables, with all amounts expected to be recovered within one year Trade and Other Receivables | | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Trade Receivables | 75,533 | 45,921 | | Prepayments | 6,665 | 13,836 | | Other Receivables | 1,127 | 910 | | **Total** | **83,325** | **60,667** | - All trade and other receivables are expected to be recovered within one year[39](index=39&type=chunk) [11 Interest-Bearing Borrowings](index=20&type=section&id=11%20Interest-Bearing%20Borrowings) Total interest-bearing borrowings significantly decreased to RMB 300,269 thousand as of June 30, 2025, mainly due to a substantial reduction in unsecured related party loans, with interest rates ranging from 3.21% to 3.70% Composition of Interest-Bearing Borrowings | | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Secured Bank Loans | 140,614 | 115,500 | | Unsecured Related Party Loans | 159,655 | 516,826 | | Unsecured Bank Loans | – | 80,180 | | **Total** | **300,269** | **712,506** | - Secured bank loans are pledged against trade and other receivables, guaranteed by the ultimate holding company, and bear interest at an annual rate of **3.21%**[41](index=41&type=chunk) - Unsecured related party loans bear interest at annual rates ranging from **3.45% to 3.70%**[41](index=41&type=chunk) Repayment Schedule of Interest-Bearing Borrowings | | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Within One Year or On Demand | 80,205 | 179,713 | | After One Year but Within Two Years | 51,250 | 368,300 | | After Two Years but Within Five Years | 168,814 | 164,493 | [12 Trade and Other Payables](index=21&type=section&id=12%20Trade%20and%20Other%20Payables) Total trade and other payables significantly decreased to RMB 91,376 thousand as of June 30, 2025, primarily due to reductions in construction payables and accrued expenses and other payables Composition of Trade and Other Payables | | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Trade Payables | 1,341 | 766 | | Construction Payables | 72,341 | 125,985 | | Accrued Expenses and Other Payables | 3,467 | 6,486 | | Dividends Payable to Equity Holders | 5,855 | – | | Salaries Payable | 7,157 | 4,056 | | Other Taxes Payable | 1,215 | 5,473 | | **Total** | **91,376** | **142,766** | Aging Analysis of Trade Payables | | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Within Three Months | 1,341 | 766 | [13 Dividends](index=22&type=section&id=13%20Dividends) The Board does not recommend an interim dividend for the six months ended June 30, 2025, but a final dividend of HKD 0.014 per share, totaling RMB 5,855 thousand, was approved and paid for the previous fiscal year - The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025[46](index=46&type=chunk) - During the six months ended June 30, 2025, a final dividend of **HKD 0.014** per share, totaling **RMB 5,855 thousand**, for the previous fiscal year was approved and paid[48](index=48&type=chunk) [Management Discussion and Analysis](index=23&type=section&id=Management%20Discussion%20and%20Analysis) This section provides an overview of the Group's business performance, financial results, significant transactions, liquidity, and future outlook [Business Review](index=23&type=section&id=Business%20Review) In the first half of 2025, natural gas power generation increased by 136.96% due to rising electricity demand, while heat sales decreased by 16.47%, with stable capacity tariffs and fluctuating natural gas prices, alongside photovoltaic and energy storage operations - The Group primarily engages in the construction, operation, and management of natural gas power plants, owning three wholly-owned gas-fired power plants with a total generating capacity of **345.917 MW** and a total energy storage capacity of **100 MW/200 MWh** as of June 30, 2025[49](index=49&type=chunk) - In the first half of 2025, Zhejiang Province experienced steady growth in electricity demand and increased peak-shaving demand, leading to a **136.96%** year-on-year increase in the Group's natural gas power generation to **134,769 MWh**[50](index=50&type=chunk) - Heat sales volume decreased by **16.47%** year-on-year to **43,167 tons**, and heat sales revenue decreased by **20.78%** to **RMB 15,599 thousand**, but the gross profit margin increased by **23.69 percentage points** to **29.16%**[51](index=51&type=chunk) - Capacity tariffs remained flat compared to the prior year, while natural gas prices (including tax) and electricity volume tariffs fluctuated within a certain range[52](index=52&type=chunk)[53](index=53&type=chunk) [Natural Gas Power Generation](index=25&type=section&id=Natural%20Gas%20Power%20Generation) Natural gas power generation increased by 136.96% to 134,769 MWh in the first half of 2025, meeting Zhejiang Province's power market reform and peak-shaving demands - The Group's natural gas power generation in the first half of 2025 was **134,769 MWh**, a **136.96%** increase compared to the same period last year[54](index=54&type=chunk) [Photovoltaic Power Generation](index=26&type=section&id=Photovoltaic%20Power%20Generation) Photovoltaic power generation was approximately 1,323 MWh for the six months ended June 30, 2025, with 52 MWh sold to the grid, generating electricity cost savings of RMB 246 thousand and sales revenue of RMB 42.5 thousand - Photovoltaic power generation was approximately **1,323 MWh** (2024: 510 MWh), with **52 MWh** sold to the grid (2024: 53 MWh)[55](index=55&type=chunk) - Electricity cost savings from photovoltaic power generation amounted to **RMB 246 thousand** (2024: RMB 312 thousand), generating electricity sales revenue of **RMB 42.5 thousand** (2024: RMB 39 thousand)[55](index=55&type=chunk) [Heat Sales Volume](index=26&type=section&id=Heat%20Sales%20Volume) Heat sales volume decreased by 16.47% to 43,167 tons, with the average selling price falling by 5.16% to RMB 393.89 per ton, resulting in heat sales revenue of RMB 15,599 thousand and a gross profit margin increase of 23.69 percentage points - Heat sales volume was **43,167 tons**, a year-on-year decrease of **16.47%**. The average selling price decreased by **5.16%** to **RMB 393.89/ton**[56](index=56&type=chunk) - Heat sales revenue was **RMB 15,599 thousand**, with a gross profit of **RMB 4,548.49 thousand**, and the gross profit margin increased by **23.69 percentage points** to **29.16%**[56](index=56&type=chunk) [Energy Storage](index=26&type=section&id=Energy%20Storage) As of June 30, 2025, Lantian Power Plant's energy storage station accumulated charging volume of 62,259 MWh and discharging volume of 54,734 MWh - Lantian Power Plant's energy storage station accumulated a charging volume of **62,259 MWh** and a discharging volume of **54,734 MWh**[57](index=57&type=chunk) [Fuel Costs and Natural Gas Consumption](index=27&type=section&id=Fuel%20Costs%20and%20Natural%20Gas%20Consumption) Total natural gas consumption rose by 103.86% to 35,849,201 cubic meters, increasing average unit fuel cost for power generation by 11.01%, while average unit fuel cost for heat supply decreased by 18.53% due to lower natural gas prices, with total fuel costs increasing by 105.3% to RMB 112,576 thousand - Total natural gas consumption increased by **103.86%** year-on-year to **35,849,201 cubic meters**[58](index=58&type=chunk) - The average unit fuel cost for power generation increased by **11.01%** to **RMB 753.33/MWh**; the average unit fuel cost for heat supply decreased by **18.53%** to **RMB 255.99/ton**[58](index=58&type=chunk) - Total fuel costs increased by **105.3%** to **RMB 112,576 thousand**, with the ratio to relevant revenue increasing by **11.78 percentage points** to **106.47%**, primarily due to a decrease in the average natural gas price[58](index=58&type=chunk) [Financial Review](index=28&type=section&id=Financial%20Review) For the first half of 2025, profit attributable to equity holders decreased by 67.23% to RMB 12,073 thousand, with basic and diluted earnings per share falling by 67.50%, primarily due to capacity tariff reductions, inverted natural gas power generation costs, and the disposal of a 51% equity interest in Deneng Power Plant - Profit attributable to equity holders of the Company was **RMB 12,073 thousand**, a **67.23%** decrease from the prior year, with basic and diluted earnings per share of **RMB 0.026**, a decrease of **RMB 0.054** from the prior year[60](index=60&type=chunk) - The decline in performance was primarily influenced by factors such as capacity tariff reductions, inverted natural gas power generation costs, incomplete implementation of the electricity spot market, and the disposal of a **51%** equity interest in Deneng Power Plant[60](index=60&type=chunk) [Revenue](index=28&type=section&id=Revenue) Revenue increased by 17.40% to RMB 244,426 thousand in the first half of 2025, primarily driven by increased natural gas power generation due to higher peak-shaving electricity demand - The Group's revenue was **RMB 244,426 thousand**, an increase of **17.40%** from the prior year, primarily comprising electricity volume charges, capacity charges, and heat sales revenue[61](index=61&type=chunk) [Operating Expenses](index=29&type=section&id=Operating%20Expenses) Operating expenses increased by 38.94% to RMB 192,608 thousand in the first half of the year, mainly due to higher fuel costs associated with increased power generation - Operating expenses were **RMB 192,608 thousand**, an increase of **38.94%** from the prior year, primarily consisting of fuel consumption, depreciation and amortization, repairs and maintenance, staff costs, and administrative expenses[62](index=62&type=chunk) [Operating Profit](index=29&type=section&id=Operating%20Profit) Operating profit decreased by 25.52% to RMB 51,818 thousand in the first half of the year, primarily due to inverted natural gas power generation costs, impacting profitability despite increased generation - Operating profit was **RMB 51,818 thousand**, a **25.52%** decrease from the prior year, primarily due to inverted natural gas power generation costs[63](index=63&type=chunk) [Finance Costs](index=29&type=section&id=Finance%20Costs) Net finance costs decreased by 15.61% to RMB 13,132 thousand in the first half of the year, primarily due to reduced interest expenses on certain loans and exchange rate adjustments - Net finance costs were **RMB 13,132 thousand**, a **15.61%** decrease from the prior year, primarily due to reduced interest expenses on certain loans and exchange rate adjustments[64](index=64&type=chunk) [Loss on Disposal of a Subsidiary](index=29&type=section&id=Loss%20on%20Disposal%20of%20a%20Subsidiary) The Group recognized a loss of RMB 8,260 thousand on the disposal of a 51% equity interest in Deneng Power Plant and its subsidiary Quzhou Power Plant in the first half of the year - The Group recognized a loss of **RMB 8,260 thousand** on the disposal of a **51%** equity interest in Deneng Power Plant and its subsidiary Quzhou Power Plant[65](index=65&type=chunk) [Share of Profit of an Associate](index=30&type=section&id=Share%20of%20Profit%20of%20an%20Associate) Following the disposal of a 51% equity interest in Deneng Power Plant, the remaining 49% interest was reclassified as an associate, and a net profit of RMB 1,916 thousand was recognized using the equity method - The Group recognized an adjustment to net profit of **RMB 1,916 thousand** using the equity method, as the target group became an associate[66](index=66&type=chunk)[67](index=67&type=chunk) [Income Tax](index=30&type=section&id=Income%20Tax) Income tax expense increased by 18.46% to RMB 20,986 thousand in the first half of the year, with Chinese subsidiaries subject to a 25% corporate income tax rate - Income tax expense was **RMB 20,986 thousand**, an increase of **18.46%** from the prior year[68](index=68&type=chunk) [Earnings Per Share](index=30&type=section&id=Earnings%20Per%20Share) Profit attributable to equity holders was RMB 12,073 thousand, resulting in basic and diluted earnings per share of RMB 0.026, a 67.50% year-on-year decrease - Basic and diluted earnings per share were **RMB 0.026**, a year-on-year decrease of **67.50%**[69](index=69&type=chunk) [Significant Acquisitions and Disposals](index=30&type=section&id=Significant%20Acquisitions%20and%20Disposals) On May 30, 2025, the company disposed of a 51% equity interest in Deneng Power Plant to an associate for RMB 142,720 thousand, resulting in the loss of control over Deneng Power Plant - On May 30, 2025, the disposal of a **51%** equity interest in Deneng Power Plant to Shunfa Hengneng Co., Ltd., a related party, for a consideration of **RMB 142,720 thousand** was completed[70](index=70&type=chunk)[71](index=71&type=chunk) - Following the disposal, Deneng Power Plant ceased to be a subsidiary of the Company, and the Group lost control over it[71](index=71&type=chunk) [Significant Investment Activities](index=31&type=section&id=Significant%20Investment%20Activities) The Group had no significant investment activities during the review period - The Group had no significant investment activities during the review period[72](index=72&type=chunk) [Liquidity and Financial Resources](index=31&type=section&id=Liquidity%20and%20Financial%20Resources) Cash and cash equivalents increased to RMB 246,947 thousand, and net current assets turned positive to RMB 32,210 thousand, primarily due to cash inflows from the power plant disposal and reduced current liabilities - Cash and cash equivalents increased to **RMB 246,947 thousand** (December 31, 2024: RMB 114,458 thousand), primarily due to the disposal of a **51%** equity interest in Deneng Power Plant[73](index=73&type=chunk) - Net current assets turned from net current liabilities of **RMB 229,592 thousand** to net current assets of **RMB 32,210 thousand**, primarily due to increased cash from the power plant disposal and reduced current liabilities[73](index=73&type=chunk) - The Group's funding sources primarily comprise cash inflows from operating activities and loans granted by banks and related parties[74](index=74&type=chunk) [Indebtedness](index=32&type=section&id=Indebtedness) Total indebtedness significantly decreased to RMB 512,487 thousand as of June 30, 2025, primarily due to a substantial reduction in unsecured related party loans, with approximately RMB 352,832 thousand being fixed-rate HKD debt Composition of Indebtedness | | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Secured Bank Loans | 140,614 | 115,500 | | Unsecured Related Party Loans | 159,655 | 516,826 | | Unsecured Bank Loans Guaranteed by Related Parties | – | 80,180 | | Trade and Other Payables | 91,376 | 142,766 | | Shareholder Loans | 120,842 | 120,269 | | **Total** | **512,487** | **975,541** | - Approximately **RMB 352,832 thousand** was fixed-rate HKD debt, with the remainder being RMB-denominated floating-rate debt bearing interest at annual rates ranging from **3.45% to 3.70%**[77](index=77&type=chunk) [Gearing Ratio](index=33&type=section&id=Gearing%20Ratio) The gearing ratio significantly decreased to 16.51% as of June 30, 2025, from 45.05% on December 31, 2024, reflecting a substantial reduction in financial leverage - The gearing ratio decreased from **45.05%** as of December 31, 2024, to **16.51%** as of June 30, 2025[78](index=78&type=chunk) [Capital Expenditure](index=33&type=section&id=Capital%20Expenditure) Capital expenditure amounted to RMB 54,866 thousand for the six months ended June 30, 2025, primarily for the Anji Power Plant heating network, Lantian Power Plant energy storage project, and power plant equipment technical upgrades - Capital expenditure was **RMB 54,866 thousand** (2024: RMB 71,325 thousand), primarily for the Anji Power Plant heating network, Lantian Power Plant energy storage project construction, and power plant equipment technical upgrade costs[79](index=79&type=chunk) [Capital Commitments](index=33&type=section&id=Capital%20Commitments) Capital commitments totaled RMB 38,021 thousand as of June 30, 2025, mainly for the Anji Power Plant heating network Phase II, Lantian energy storage project, and power plant generator unit technical upgrades and maintenance - Capital commitments were **RMB 38,021 thousand** (December 31, 2024: RMB 53,399 thousand), primarily for the Anji Power Plant heating network Phase II project, Lantian energy storage project, and power plant generator unit technical upgrades and maintenance[80](index=80&type=chunk) [Pledge of Assets](index=33&type=section&id=Pledge%20of%20Assets) As of June 30, 2025, trade and other receivables with a carrying amount of RMB 3,677 thousand were pledged as security for bank loans - Trade and other receivables with a carrying amount of **RMB 3,677 thousand** were pledged as security for bank loans[81](index=81&type=chunk) [Contingent Liabilities](index=34&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the Group had no significant contingent liabilities - The Group had no significant contingent liabilities[82](index=82&type=chunk) [Foreign Exchange Risk](index=34&type=section&id=Foreign%20Exchange%20Risk) The Group primarily operates in mainland China with most transactions settled in RMB, resulting in insignificant foreign exchange risk, and currently does not use derivative instruments for hedging - The Group primarily operates in mainland China, with most transactions settled in RMB, resulting in insignificant foreign exchange risk, and currently does not use any derivative instruments for hedging[83](index=83&type=chunk) [Employees and Remuneration Policy](index=34&type=section&id=Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the Group had 187 employees, with total remuneration of RMB 12,224 thousand, and its policy is based on industry practice, financial performance, and employee performance, offering benefits to retain talent - As of June 30, 2025, the Group had **187 employees** (December 31, 2024: 297 employees)[84](index=84&type=chunk) - Total employee remuneration was **RMB 12,224 thousand** (2024: RMB 15,425 thousand), with the remuneration policy based on industry practice, financial performance, and employee performance[84](index=84&type=chunk) [Outlook](index=35&type=section&id=Outlook) 2025 presents challenges due to electricity spot market reforms and capacity tariff reductions, prompting the company to explore new operating models, seek market alignment, and pursue strategic transformation through acquisitions or investments in energy-related and upstream/downstream businesses, utilizing disposal proceeds for working capital and future development - 2025 presents operational challenges due to electricity spot market reforms and capacity tariff reduction policies[85](index=85&type=chunk) - The company will actively explore new operating models, seek market alignment, and commit to strategic transformation, intending to develop through acquisitions or investments in energy-related and upstream/downstream businesses[85](index=85&type=chunk) - Proceeds from the disposal will be used to develop energy-related businesses and/or other upstream and downstream businesses that generate synergies with the company's core business and align with its strategy, supplementing working capital and funding future development[85](index=85&type=chunk) [Other Information](index=35&type=section&id=Other%20Information) This section covers interim dividend policy, post-reporting period events, securities transactions, corporate governance, directors' compliance, audit committee review, and publication of interim results and reports [Interim Dividend](index=35&type=section&id=Interim%20Dividend) The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025 - The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025[86](index=86&type=chunk) [Events After Reporting Period](index=35&type=section&id=Events%20After%20Reporting%20Period) No significant events occurred after the reporting period and up to the date of this announcement, other than those already disclosed - Except as otherwise disclosed in this announcement, no significant events have occurred after the reporting period and up to the date of this announcement[87](index=87&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=36&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) For the six months ended June 30, 2025, neither the company nor its subsidiaries purchased, sold, or redeemed any of its listed securities on the HKEX, and the company held no treasury shares - For the six months ended June 30, 2025, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's securities listed on The Stock Exchange of Hong Kong Limited[88](index=88&type=chunk) - As of June 30, 2025, the Company held no treasury shares[88](index=88&type=chunk) [Corporate Governance](index=36&type=section&id=Corporate%20Governance) The company consistently complied with the code provisions and applicable recommended best practices of the Corporate Governance Code set out in Appendix C1 of the Listing Rules for the six months ended June 30, 2025 - The Company has consistently complied with the code provisions and applicable recommended best practices of the Corporate Governance Code set out in Appendix C1 of the Listing Rules[89](index=89&type=chunk) [Directors' Compliance with Code of Conduct](index=36&type=section&id=Directors%27%20Compliance%20with%20Code%20of%20Conduct) The company adopted a code of conduct for directors' securities transactions no less exacting than the standard set out in Appendix C3 of the Listing Rules, and all directors confirmed compliance during the review period - The Company has adopted a code of conduct for directors' securities transactions no less exacting than the standard code set out in Appendix C3 of the Listing Rules[90](index=90&type=chunk) - All directors confirmed compliance with the required standards set out in the code of conduct during the review period[90](index=90&type=chunk) [Audit Committee and Review of Interim Results](index=37&type=section&id=Audit%20Committee%20and%20Review%20of%20Interim%20Results) The Audit Committee, comprising three independent non-executive directors, reviewed the Group's interim results for the six months ended June 30, 2025, confirming compliance with applicable accounting standards, laws, and regulations, and appropriate disclosures - The Audit Committee, comprising three independent non-executive directors, has reviewed the Group's interim results for the six months ended June 30, 2025[91](index=91&type=chunk) - The Audit Committee is of the opinion that the interim results comply with applicable accounting standards, laws, and regulations, and appropriate disclosures have been made[91](index=91&type=chunk) [Publication of Interim Results and Interim Report](index=37&type=section&id=Publication%20of%20Interim%20Results%20and%20Interim%20Report) This interim results announcement has been published on the company's website and the HKEX website, and the interim report will be dispatched to shareholders and published on the aforementioned websites in due course - This interim results announcement has been published on the Company's website (www.puxing-energy.com) and the HKEX website (www.hkexnews.hk)[92](index=92&type=chunk) - The interim report, containing all information required by the Listing Rules, will be dispatched to shareholders requesting printed copies and published on the aforementioned websites in due course[92](index=92&type=chunk)