协合新能源(00182)发布公告，2025年7月，权益发电量总计630.46GWh，同比增长1.81%。其中，风电 权益发电量493.51GWh;太阳能权益发电量136.95GWh，同比增长53.05%。 2025年1-7月，权益发电量总计5389.33GWh，同比增加0.6%。 ...

智通财经APP讯，协合新能源(00182)发布公告，2025年7月，权益发电量总计630.46GWh，同比增长 1.81%。其中，风电权益发电量493.51 GWh;太阳能权益发电量136.95 GWh，同比增长53.05%。 2025年1-7月，权益发电量总计5389.33GWh，同比增加0.6%。 ...

格隆汇8月6日丨协合新能源(00182.HK)发布公告，集团2025年7月权益发电量总计达到630.46GWh，同 比增长1.81%；其中，风电权益发电量达到493.51GWh，太阳能权益发电量同比增长53.05%达到 136.95GWh。 ...

Summary of the Conference Call for Xiehe New Energy Company Overview - **Company**: Xiehe New Energy - **Period**: Mid-2025 - **Industry**: Renewable Energy Key Financial Metrics - **Revenue**: 1.4 billion RMB, a decrease of 6.6% year-on-year [2] - **Net Profit Attributable to Shareholders**: 282 million RMB, down 43.8% year-on-year, primarily due to non-operating losses and reduced power generation profits [2][4] - **Total Assets**: Increased from 32.13 billion RMB at the end of 2024 to 33.21 billion RMB, a growth of 3.4% [3] - **Net Assets**: Remained stable at 8.9 billion RMB [3] - **Cash Balance**: Approximately 2.3 billion RMB, up 4.1% from the beginning of the year [3] - **Operating Cash Flow**: 1.041 billion RMB, an increase of 22.5% year-on-year [6] Power Generation Performance - **Equity Power Generation**: 4.76 billion kWh, roughly unchanged from the previous year [5] - **Revenue from Equity Power Generation**: 1.335 billion RMB, a decrease of 2.1% year-on-year [5] - **Net Profit from Power Generation**: 440 million RMB, down 25.2% year-on-year [5] - **Average Wind Abandonment Rate**: 12.9%, and average Solar Abandonment Rate: 32.6%, both significantly increased compared to the previous year [5] Strategic Adjustments - **Operational Strategy**: Shifted focus to efficiency, quality, and increased profit certainty in response to market changes [7] - **Regional Development Strategy**: Adjusted development strategies based on domestic and international policy changes, emphasizing power marketing and optimizing trading strategies for higher returns [7] Industry Trends - **Global Renewable Energy Growth**: The sector continues to grow rapidly, driven by declining financing rates and increasing demand for clean energy [8] - **China's Electricity Demand**: Slowed growth in electricity demand, with significant impacts from power restrictions in renewable energy-intensive regions [8] - **Government Initiatives**: Accelerated efforts to integrate renewable energy into the market and establish sustainable pricing mechanisms [8] Technological Developments - **Wind Turbine Technology**: Large-scale development may slow, but innovations in performance improvement are ongoing, with slight price recovery in the Chinese market [9] - **Solar Technology**: Dominated by Topcon technology, with increasing penetration of BC technology and new products based on perovskite technology [9] - **Battery Storage Innovations**: Active innovations in performance and safety, with strong global investment growth in storage technologies [11] Financial and Investment Outlook - **Financing Costs**: Average financing cost reduced to 3.15%, with a 35 basis point decrease from the beginning of the year [6] - **Investment Standards**: Adjusted internal rate of return (IRR) standards from 8% to 7%, with a focus on projects with stable electricity prices and strong profit certainty [21] - **Capital Expenditure**: Expected to be between 3.5 billion to 4 billion RMB for 2025, down from 4.5 billion to 5 billion RMB in 2024 [22] Challenges and Responses - **Performance Decline**: Profit decline attributed to reduced resource availability, increased power restrictions, and lower overall electricity prices [13][14] - **ACWA Transaction Termination**: Canceled due to assessment timing issues and market conditions, impacting financial results [15][18] - **Operational Adjustments**: Focus on increasing profit certainty rather than rapid capacity growth, optimizing operations, and reducing costs [24][25] Future Plans - **International Expansion**: Continued global business development with nine countries outside China having established offices [20] - **Second Listing**: Progressing with plans for a second listing in Singapore to enhance liquidity, with no immediate fundraising plans [23]

Core Viewpoint - The domestic renewable energy industry is experiencing a dual scenario of rapid growth in installed capacity alongside significant challenges such as declining electricity prices and increasing abandonment rates of renewable energy generation [1][5]. Group 1: Industry Performance - In the first half of 2025, the installed capacity of wind and solar power in China saw substantial growth, with wind power increasing by 98.9% to 51.39 GW and solar power rising by 107.1% to 212.21 GW [1]. - However, there was a sharp decline in new installations in June 2025, with wind and solar power installations dropping by 15.9% and 38.4% year-on-year, respectively, marking the first month of year-on-year decline for solar installations [1]. - The industry is currently in a phase of capacity clearing, with expectations for profit recovery in the second half of the year as outdated capacities are eliminated [2]. Group 2: Company Performance - Despite the challenging industry environment, the company reported a 10.9% increase in wind power equity installed capacity to 3,844 MW and a 60% increase in solar power equity installed capacity to 934 MW [3]. - The company achieved a significant reduction in financing costs, with the average financing cost dropping to 3.15% and overall financing costs decreasing by 35 basis points to 3.63% [4]. - The company’s green electricity and green certificate trading business has shown strong performance, with green electricity settlements reaching 4.24 billion kWh, a 26% increase year-on-year [6]. Group 3: Strategic Focus - The company is focusing on high-quality project development rather than merely pursuing scale, which enhances investment efficiency and revenue certainty [3]. - The company is expanding its global footprint by acquiring renewable energy projects outside China, including 152.5 MW of solar projects and 300 MW of energy storage projects [3]. - A recent power purchase agreement for a 21 MW solar project in South Korea is expected to provide stable cash flow and higher returns compared to domestic projects, reflecting the company's strategic shift towards international markets [6]. Group 4: Future Outlook - The release of favorable policies and the acceleration of ultra-high voltage construction are expected to support long-term growth in the renewable energy sector [6]. - The company’s focus on green electricity trading is anticipated to become a significant contributor to future earnings, with innovative trading models enhancing decision-making accuracy [6][7]. - Overall, while facing short-term pressures, the company demonstrates resilience and potential for growth as the industry environment improves [7].

Financial Performance - The company reported a revenue of 1.4 billion RMB for the six months ending June 30, 2025 [1][3] - The profit attributable to equity holders was 282 million RMB, with a net profit margin of 20% [1][3] - Basic earnings per share were 3.58 cents [1] Asset and Capital Structure - As of June 30, 2025, the company's net asset value was 8.9 billion RMB, with a net asset value per share of 1.11 RMB [1] - The average financing cost decreased by 35 basis points to 3.63% for the first half of 2025 [4] Operational Metrics - The installed capacity of equity generation increased to 4,778 MW, representing a growth of 22.5% compared to the first half of 2024 [6][7] - The company’s asset composition is primarily focused on wind power, accounting for 80.5% of total capacity, with 3,844 MW from wind and 934 MW from solar [8] Generation and Efficiency - The equity generation volume reached 4.76 billion kWh [10] - The average utilization hours for wind power increased to 1,142 hours in the first half of 2025, up from 1,087 hours in the same period of 2024 [12] Strategic Initiatives - The company aims to enhance operational efficiency by optimizing existing power plants and exploring service-oriented business opportunities [13][27] - There is a focus on global expansion and increasing the proportion of stable asset investments [13][27] Environmental and Social Governance (ESG) - The company has maintained excellent ESG performance, with significant reductions in carbon dioxide and sulfur dioxide emissions, as well as water savings [19][21] - The company has been recognized in the S&P Sustainability Yearbook for two consecutive years [24][26]

Core Viewpoint - The company reported a decline in revenue and a decrease in operating profit for the first half of 2025, while continuing to expand its project development capabilities in key global markets [1] Financial Performance - Revenue from continuing operations for the six months ended June 30, 2025, was 1.4 billion, a decrease of 6.6% compared to the same period last year [1] - Profit attributable to equity holders was 282 million, with a net profit margin of 20% [1] - Basic earnings per share were 3.58 cents [1] - As of June 30, 2025, the company's net asset value was 8.9 billion, with a net asset value per share of 1.11 [1] Project Development - The company continued to enhance its project development capabilities, acquiring new wind power investment projects in China with an annual construction target of 600 MW [1] - Outside of China, the company secured 152.5 MW of photovoltaic projects and 300 MW of energy storage projects [1] - The company experienced significant growth in new contracts for external clients in power plant operation and design consulting services [1]

协合新能源(00182)公布2025年中期业绩，实现收入约14亿元，毛利约6.69亿元，公司股东应占溢利约 2.82亿元，基本每股盈利3.58分。 为确保项目能够享受中国国家发展改革委(136号文)政策中存量项目机制电价的资格，该集团通过周密 策划和组织部署，克服了供应链交货期紧张及项目现场多重挑战，抢抓关键节点、严控成本，多个项目 如期并网。2025年上半年，该集团新增投产项目权益容量191MW，其中风电140MW，光伏51MW。 该集团基于新建项目的资金需求及存量项目的再融资计划，制定兼具成本效益与业务匹配度的融资方 案。本报告期内，集团新增提款的平均融资成本降至3.15%，集团综合融资成本降至3.63%，均处于较 低水平。同时，根据业务需要，积极培育在全球市场的融资能力，重点提升开具保函及获取项目融资等 实务能力。 此外，该集团于今年2月启动了在新加坡二次上市，以此为契机，集团有望进一步拓宽资本平台，提升 在全球市场的形象。 除财务业绩外，该集团亦高度重视环境、社会及管治(ESG)表现。集团坚定地将可持续发展理念全面融 入战略决策与日常运营，视其为创造长期价值的核心驱动力。集团持续深耕清洁能源领域，通过 ...

公告称，该集团坚持效率优先原则，不断调整业务发展区域，更加聚焦于优质区域开发项目，提高集团 风电和光伏项目储备的质量和规模。继续布局全球重点国别市场，强化自主开发能力，着力开发收益确 定性高的新能源项目，积极拓展全球市场。 智通财经APP讯，协合新能源(00182)公布2025年中期业绩，实现收入约14亿元，毛利约6.69亿元，公司 股东应占溢利约2.82亿元，基本每股盈利3.58分。 值得注意的是，该集团通过加强绿电交易、绿证销售等获取环境溢价，绿电交易电量较同期上涨26%， 有效对冲整体电价下行的不利影响。 该集团基于新建项目的资金需求及存量项目的再融资计划，制定兼具成本效益与业务匹配度的融资方 案。本报告期内，集团新增提款的平均融资成本降至3.15%，集团综合融资成本降至3.63%，均处于较 低水平。同时，根据业务需要，积极培育在全球市场的融资能力，重点提升开具保函及获取项目融资等 实务能力。 此外，该集团于今年2月启动了在新加坡二次上市，以此为契机，集团有望进一步拓宽资本平台，提升 在全球市场的形象。 除财务业绩外，该集团亦高度重视环境、社会及管治(ESG)表现。集团坚定地将可持续发展理念全面融 入战 ...

Consolidated Statement of Profit or Loss [Overview of Consolidated Statement of Profit or Loss](index=2&type=section&id=%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E8%A1%A8-%E6%A6%82%E8%A6%BD) For the six months ended June 30, 2025, the company experienced significant declines in both revenue and profit, with revenue down **6.6%** and profit attributable to equity holders decreasing by **43.8%** Revenue and Profit Overview | Metric | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | Change Rate | | :--- | :--- | :--- | :--- | | Revenue | 1,400,319 | 1,498,857 | -6.6% | | Gross Profit | 669,029 | 852,093 | -21.49% | | Profit Before Income Tax | 346,511 | 521,361 | -33.54% | | Profit for the Period | 292,039 | 547,458 | -46.66% | | Profit Attributable to Equity Holders of the Company | 281,940 | 501,370 | -43.8% | Earnings Per Share | Metric | H1 2025 (RMB cents) | H1 2024 (RMB cents) | Change Rate | | :--- | :--- | :--- | :--- | | Basic EPS | 3.58 | 6.24 | -42.63% | | Diluted EPS | 3.58 | 6.23 | -42.54% | Key Cost Changes | Metric | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | Change Rate | | :--- | :--- | :--- | :--- | | Cost of Services and Cost of Sales | (731,290) | (646,764) | 13.07% | | Finance Costs | (315,461) | (340,563) | -7.37% | - **Other Gains and Losses, Net**: H1 2025 recorded net gains of **24,070 RMB thousands**, compared to a net loss of **724 RMB thousands** in H1 2024, primarily due to **reversal of impairment losses on assets held for sale** and **gains from disposal of a joint venture**[4](index=4&type=chunk) Consolidated Statement of Comprehensive Income [Overview of Consolidated Statement of Comprehensive Income](index=3&type=section&id=%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8-%E6%A6%82%E8%A6%BD) Total comprehensive income for the six months ended June 30, 2025, significantly decreased by **43.9%** to **RMB 303,760 thousands**, primarily due to lower profit for the period Total Comprehensive Income | Metric | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | Change Rate | | :--- | :--- | :--- | :--- | | Profit for the Period | 292,039 | 547,458 | -46.66% | | Exchange Differences on Translation | 11,721 | (6,475) | 281.19% | | Total Comprehensive Income for the Period | 303,760 | 540,983 | -43.86% | - Profit Attributable to Equity Holders of the Company: H1 2025 was **293,675 RMB thousands**, a **40.69% decreased** compared to **495,141 RMB thousands** in H1 2024[5](index=5&type=chunk) Consolidated Statement of Financial Position [Overview of Consolidated Statement of Financial Position](index=4&type=section&id=%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8-%E6%A6%82%E8%A6%BD) As of June 30, 2025, total assets grew by **3.37%** to **RMB 33,212,691 thousands**, driven by property, plant and equipment, while net current assets improved significantly and total liabilities increased slightly Total Assets | Metric | As of June 30, 2025 (RMB thousands) | As of Dec 31, 2024 (RMB thousands) | Change Rate | | :--- | :--- | :--- | :--- | | Total Assets | 33,212,691 | 32,129,839 | 3.37% | | Non-current Assets | 27,311,490 | 23,985,781 | 13.86% | | Current Assets | 5,901,201 | 8,144,058 | -27.54% | Total Liabilities | Metric | As of June 30, 2025 (RMB thousands) | As of Dec 31, 2024 (RMB thousands) | Change Rate | | :--- | :--- | :--- | :--- | | Total Liabilities | 24,312,642 | 23,223,533 | 4.69% | | Non-current Liabilities | 18,871,245 | 15,283,280 | 23.47% | | Current Liabilities | 5,441,397 | 7,940,253 | -31.48% | Key Asset Changes | Metric | As of June 30, 2025 (RMB thousands) | As of Dec 31, 2024 (RMB thousands) | Change Rate | | :--- | :--- | :--- | :--- | | Property, Plant and Equipment | 20,422,587 | 17,247,835 | 18.49% | | Assets Classified as Held for Sale | 84,877 | 2,777,915 | -96.95% | | Cash and Cash Equivalents | 1,983,096 | 1,693,834 | 17.08% | Key Liability Changes | Metric | As of June 30, 2025 (RMB thousands) | As of Dec 31, 2024 (RMB thousands) | Change Rate | | :--- | :--- | :--- | :--- | | Bank Borrowings (Non-current) | 6,206,205 | 4,809,590 | 29.04% | | Other Borrowings (Non-current) | 11,515,808 | 9,296,012 | 23.88% | | Liabilities Directly Associated with Assets Classified as Held for Sale | 40,530 | 2,541,816 | -98.41% | - Net Current Assets: As of June 30, 2025, net current assets were **459,804 RMB thousands**, an **increased** of **125.61%** compared to **203,805 RMB thousands** as of December 31, 2024[7](index=7&type=chunk) - Gearing Ratio: As of June 30, 2025, the gearing ratio was **73.20%**, a **slightly increased** compared to **72.28%** as of December 31, 2024[45](index=45&type=chunk) Notes to the Consolidated Financial Statements [1 Basis of Preparation and Changes in Accounting Policies and Disclosures](index=6&type=section&id=1%20%E7%B7%A8%E8%A3%BD%E5%9F%BA%E6%BA%96%E5%8F%8A%E6%9C%83%E8%A8%88%E6%94%BF%E7%AD%96%E5%8F%8A%E6%8A%AB%E9%9C%B2%E4%B9%8B%E8%AE%8A%E6%9B%B4) This section details the basis of preparation for the interim financial report, confirming compliance with HKEX Listing Rules and HKAS 34, with consistent accounting policies and no material impact from new standards - Basis of Preparation: The report is **prepared** in accordance with the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and Hong Kong Accounting Standard **34** - Interim Financial Reporting issued by the Hong Kong Institute of Certified Public Accountants[8](index=8&type=chunk) - Accounting Policies Consistency: The accounting policies adopted in the preparation of this interim financial report are **consistent** with those applied in the **2024** annual financial statements, except for expected changes in accounting policies to be reflected in the **2025** annual financial statements[8](index=8&type=chunk) - Review Status: This interim financial report is unaudited but has been **reviewed** by KPMG in accordance with Hong Kong Standard on Review Engagements **2410**[9](index=9&type=chunk) - New Standards Impact: The Group has **applied** Hong Kong Accounting Standard **21** - The Effects of Changes in Foreign Exchange Rates - Lack of Exchangeability (Amendments), but this amendment has **no material impact** on this interim report as **no** relevant transactions were conducted[9](index=9&type=chunk) [2 Segment Information](index=6&type=section&id=2%20%E5%88%86%E9%A1%9E%E8%B3%87%E6%96%99) The company segments its business into core power generation (wind and solar plant operations/investments) and 'others' (design, tech, consulting, finance lease), with power generation contributing **95.36%** of external revenue - Business Segments: The primary operating decision-maker analyzes the business from a product and service perspective, classifying operations into **power generation business** (wind and solar power plant operations and investments) and **'others'** (design, technical and consulting services, power engineering design and construction, and existing finance lease services)[11](index=11&type=chunk) - Performance Assessment Basis: The primary operating decision-maker assesses the performance of operating segments based on adjusted earnings before interest and tax (excluding non-recurring income and expenses)[12](index=12&type=chunk) [Business Segments](index=6&type=section&id=%E6%A5%AD%E5%8B%99%E5%88%86%E9%A1%9E) The company segments operations into power generation (wind/solar plant operations and investments) and 'others' (design, tech, consulting, finance lease), with performance assessed by adjusted EBIT - Power Generation Business: **Core business**, including the operation and investment of wind and solar power generation plants[11](index=11&type=chunk) - Others: **Ancillary business**, including design, technical, consulting services, and finance lease[11](index=11&type=chunk) - Internal Reports: Operating segments are based on internal reports **reviewed** by the primary operating decision-maker[11](index=11&type=chunk) [Segment Revenue and Results, and Segment Assets and Liabilities](index=7&type=section&id=%E5%88%86%E9%A1%9E%E6%94%B6%E5%85%A5%E5%8F%8A%E6%A5%AD%E7%B8%BE%EF%BC%8C%E5%8F%8A%E5%88%86%E9%A1%9E%E8%B3%87%E7%94%A2%E8%88%87%E8%B2%A0%E5%82%B5) For H1 2025, power generation external revenue was **RMB 1,335,393 thousands** (**95.36%** of total), with segment results of **RMB 625,860 thousands**, both declining year-on-year H1 2025 Segment Revenue and Results | Metric | Power Generation Business (RMB thousands) | Others (RMB thousands) | Total (RMB thousands) | | :--- | :--- | :--- | :--- | | Revenue from External Customers | 1,335,393 | 64,926 | 1,400,319 | | Segment Results | 625,860 | (5,516) | 620,344 | Segment Assets and Liabilities as of June 30, 2025 | Metric | Power Generation Business (RMB thousands) | Others (RMB thousands) | Total (RMB thousands) | | :--- | :--- | :--- | :--- | | Segment Assets | 31,287,237 | 1,533,936 | 32,821,173 | | Segment Liabilities | (23,412,468) | (449,314) | (23,861,782) | - Power Generation Business Revenue Composition (H1 2025): Revenue from wind power plants and other income was **1,115,501 RMB thousands**, and solar power plants was **219,892 RMB thousands**[14](index=14&type=chunk) H1 2024 Segment Revenue and Results | Metric | Power Generation Business (RMB thousands) | Others (RMB thousands) | Total (RMB thousands) | | :--- | :--- | :--- | :--- | | Revenue from External Customers | 1,364,318 | 134,539 | 1,498,857 | | Segment Results | 812,081 | (5,513) | 806,568 | - Power Generation Business Revenue Composition (H1 2024): Revenue from wind power plants and other income was **1,176,495 RMB thousands**, and solar power plants was **187,823 RMB thousands**[15](index=15&type=chunk) [3 Revenue](index=9&type=section&id=3%20%E6%94%B6%E5%85%A5) For H1 2025, total revenue decreased by **6.6%** to **RMB 1,400,319 thousands**, with lower benchmark/market-based tariff and green certificate income, offset by increased renewable energy subsidies and design services Revenue Composition and Changes | Revenue Category | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | Change Rate | | :--- | :--- | :--- | :--- | | Benchmark and Market-based Tariff Revenue | 1,170,425 | 1,188,558 | -1.52% | | Renewable Energy Subsidy Income | 153,436 | 146,391 | 4.81% | | Green Certificate Income | 7,211 | 19,716 | -63.42% | | Design, Procurement and Construction Services Revenue | 26,217 | 40,109 | -34.59% | | Design Services Revenue | 20,658 | 14,099 | 46.52% | | Technical and Consulting Services Revenue | 6,763 | 12,409 | -45.50% | | Other Income (Non-finance Lease) | 6,470 | 59,751 | -89.17% | | Finance Lease Income | 9,139 | 17,824 | -48.73% | | **Total Revenue** | **1,400,319** | **1,498,857** | **-6.57%** | - Revenue Recognition Standards: Most revenue is **recognized** based on customer contracts within the scope of Hong Kong Financial Reporting Standard **15**[16](index=16&type=chunk) [4 Other Income](index=9&type=section&id=4%20%E5%85%B6%E4%BB%96%E6%94%B6%E5%85%A5) For H1 2025, total other income decreased by **29.54%** to **RMB 53,960 thousands**, mainly due to lower interest and substation access income, despite a significant increase in tax refund government grants Other Income Composition and Changes | Revenue Category | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | Change Rate | | :--- | :--- | :--- | :--- | | Interest Income | 8,043 | 25,585 | -68.56% | | Government Grants — Tax Refunds | 30,141 | 17,366 | 73.56% | | Step-up Substation Access and Usage Income | - | 18,868 | -100% | | Guarantee Income | 1,980 | 4,014 | -50.68% | | Rental Income | 5,003 | 2,766 | 80.87% | | **Total Other Income** | **53,960** | **76,577** | **-29.54%** | - **Tax refunds increased**: Government grants from tax refunds **increased** from **17,366 RMB thousands** in H1 2024 to **30,141 RMB thousands**, a **73.56% increased**[17](index=17&type=chunk) [5 Other Gains and Losses, Net](index=10&type=section&id=5%20%E5%85%B6%E4%BB%96%E6%94%B6%E7%9B%8A%E5%8F%8A%E虧%E6%90%8D%EF%BC%8C%E6%B7%A8%E9%A1%8D) For H1 2025, the company recorded net other gains and losses of **RMB 24,070 thousands**, a significant improvement from a net loss in the prior year, driven by reversal of impairment and disposal gains - **Primary source of gains**: **Reversal of impairment losses on assets held for sale** of **14,637 RMB thousands**; **net gains from disposal of a joint venture** of **11,461 RMB thousands**[18](index=18&type=chunk) - **Fair value change gains decreased**: Fair value change gains on financial assets at fair value through profit or loss **decreased** from **5,794 RMB thousands** in H1 2024 to **4,155 RMB thousands**[18](index=18&type=chunk) - **Exchange losses reduced**: Net exchange losses **reduced** from **4,061 RMB thousands** in H1 2024 to **1,307 RMB thousands**[18](index=18&type=chunk) [6 Finance Costs](index=10&type=section&id=6%20%E8%B2%A1%E5%8B%99%E6%88%90%E6%9C%AC) For H1 2025, total finance costs decreased by **7.37%** to **RMB 315,461 thousands**, primarily due to increased interest capitalization despite a slight reduction in total interest expenses Interest Expense Composition and Changes | Interest Expense Category | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | Change Rate | | :--- | :--- | :--- | :--- | | Bank Borrowings | 99,192 | 97,974 | 1.24% | | Other Borrowings | 238,985 | 260,603 | -8.29% | | Lease Liabilities | 12,274 | 6,660 | 84.29% | | **Total Interest Expense** | **350,451** | **365,237** | **-4.05%** | - **Interest capitalization increased**: Interest capitalization amount **increased** from **24,674 RMB thousands** in H1 2024 to **34,990 RMB thousands**, an **increased** of **41.81%**[18](index=18&type=chunk) [7 Income Tax Expense/(Credit)](index=10&type=section&id=7%20%E6%89%80%E5%BE%97%E7%A8%85%E9%96%8B%E6%94%AF%2F%28%E6%8A%B5%E5%85%8D%29) For H1 2025, the company recorded an income tax expense of **RMB 54,472 thousands**, a shift from a credit in the prior year, mainly due to the absence of a significant PRC withholding tax reversal Income Tax Expense/(Credit) Changes | Metric | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | Change | | :--- | :--- | :--- | :--- | | Current Tax — PRC Enterprise Income Tax | 65,422 | 49,294 | Increase | | Current Tax — PRC Withholding Tax | 16,842 | 53,982 | Decrease | | Under/(Over) Provision in Prior Periods — PRC Withholding Tax | - | (90,000) | Decrease (2024 was Credit) | | Deferred Tax | (37,604) | (42,991) | Decrease (Credit reduced) | | **Total** | **54,472** | **(26,097)** | From Credit to Expense | - **2024 withholding tax reversal**: In June **2024**, the company **reversed** **90,000 RMB thousands** of PRC dividend withholding tax for **2022** and **2023** due to obtaining Hong Kong resident status, which was recovered in **2024**[19](index=19&type=chunk) [8 Earnings Per Share](index=11&type=section&id=8%20%E6%AF%8F%E8%82%A1%E7%9B%88%E5%88%A9) For H1 2025, basic EPS decreased by **42.63%** to **RMB 3.58 cents**, and diluted EPS also fell to **RMB 3.58 cents**, primarily due to a significant reduction in profit attributable to ordinary equity holders Basic Earnings Per Share | Metric | H1 2025 | H1 2024 | Change Rate | | :--- | :--- | :--- | :--- | | Profit Attributable to Ordinary Equity Holders (RMB thousands