智通财经APP讯，江山控股(00295)公布，该集团拥有的太阳能发电站于2025年1至7月总发电量约为 188,366兆瓦时，同比减少2.59%。该集团于2025年7月31日的总装机量为290兆瓦。 该信息由智通财经网提供 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示概不對因本公告全部或任何部分內容而 產生或因依賴該等內容而引致的任何損失承擔任何責任。 KONG SUN HOLDINGS LIMITED 江 山 控 股 有 限 公 司 （股份代號： 295） （ 於 香 港 註 冊 成 立 之 有 限 公 司 ） 二零二五年一至七月 以下載列本集團擁有的太陽能發電站發電量的進一步詳細資料（按地理位置示列）。 | | 於二零二五年 | | | | --- | --- | --- | --- | | | 七月三十一日 | 二零二五年 | 二零二四年 | | | 的太陽能 | 一月至七月 | 一月至七月 | | 省份 | 發電站數目 | 概約總發電量 | 概約同站發電量 | | | | （兆瓦時） | （兆瓦時） | | 陝西 | 3 | 56,837 | 63,268 | | 內蒙古 | 1 | 9,076 | 8,975 | | 山西 | 1 | 12,502 | 16,698 | | 安徽 | 5 | 94,665 | 90,601 | | 湖北 | 1 ...

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 | 截至月份: | 2025年7月31日 | 狀態: | 新提交 | | --- | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | | 公司名稱: | 江山控股有限公司 | | | | 呈交日期: | 2025年8月4日 | | | | I. 法定/註冊股本變動 不適用 | | | | FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 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) | 00295 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 14,964,442,519 | | 0 | | 14,964,442,519 | | 增加 / ...

Core Viewpoint - *ST Jinshi is set to have its delisting risk warning and other risk warnings removed starting May 23, 2025, with its stock name changing from "*ST Jinshi" to "Jinshi Technology" [1] Group 1: Financial Performance - In 2024, *ST Jinshi reported a total profit of 3.4933 million yuan, a net loss of 16.2248 million yuan, and a net profit attributable to shareholders of -4.397 million yuan, with a revenue of 370 million yuan [3] - The company plans to sell its 100% stake in Jinshi Printing to an affiliate for 300 million yuan, completing the divestiture by December 31, 2024 [3] - As of December 31, 2024, *ST Jinshi achieved revenue of 258 million yuan from its energy storage systems and 12 million yuan from energy storage safety systems [3] Group 2: Business Transformation - Following a strategic transformation, *ST Jinshi has established multiple production lines for supercapacitors and energy storage systems, indicating a recovery in operational capacity [3] - The company has approximately 332 million yuan in orders for energy storage systems and 27.27 million yuan in orders for energy storage safety systems [4] - The increase in revenue without profit in 2024 and Q1 2025 is attributed to the early-stage nature of the energy storage business, lower gross margins compared to peers, and increased expenses for market penetration and brand establishment [4] Group 3: Industry Context - The energy storage business of *ST Jinshi aligns with industry trends, and the company asserts that its revenue recognition practices are commercially reasonable and consistent with industry norms [4] - Other companies, such as *ST Nongshang, are also experiencing similar conditions, with their revenue and net asset figures meeting the criteria for the removal of delisting risk warnings [4][6]

Financial Performance - The company reported a revenue of approximately RMB 392.96 million for the year ended December 31, 2024, a decrease of 17.2% compared to RMB 474.79 million in 2023[10]. - Gross profit for the year was approximately RMB 217.26 million, slightly down from RMB 219.65 million in the previous year[10]. - The company incurred a net loss of RMB 601.13 million, compared to a loss of RMB 328.65 million in 2023, reflecting a significant increase in losses[10]. - Revenue from electricity sales decreased by approximately 16.3% from RMB 286,256,000 to RMB 239,455,000 due to the sale of two solar power plants in the second half of 2023[35]. - Revenue from solar power plant operation and maintenance services dropped by approximately 68.9% from RMB 121,856,000 to RMB 37,980,000, with expectations of no revenue from this business in 2025[36]. - Revenue from financial services increased by approximately 73.3% to about RMB 115.53 million, driven by an increase in loans provided to customers[15]. - Other net losses changed from a net gain of approximately RMB 30,295,000 to a net loss of approximately RMB 14,441,000, primarily due to compensation from solar power plant construction litigation[39]. - Administrative expenses decreased by approximately 32.2% from RMB 193,473,000 to RMB 131,090,000, mainly due to a reduction in employee benefits expenses[40]. - The company recorded a net gain of approximately RMB 38,339,000 from the sale of subsidiaries, compared to a net loss of RMB 33,770,000 in 2023[41]. - Financial expenses decreased by approximately 40.3% from RMB 164,240,000 to RMB 98,070,000 due to a reduction in loans and borrowings[46]. Asset and Liability Management - The total assets of the company decreased to RMB 4.77 billion from RMB 5.72 billion in the previous year, indicating a reduction in overall asset base[10]. - The company's total liabilities decreased to RMB 2.43 billion from RMB 2.79 billion, showing a reduction in financial obligations[10]. - As of December 31, 2024, the total outstanding loans not impaired amounted to approximately RMB 493,085,000, a decrease of 27.7% from RMB 681,609,000 in 2023[16]. - The number of clients receiving loans decreased from 6,700 in 2023 to 5,500 in 2024, with 99.4% being individual clients[16]. - The company has classified credit risk into three stages based on various factors, including borrower repayment capacity and collateral effectiveness[24]. - The total amount of company bonds outstanding as of December 31, 2024, was HKD 9,000,000 (approximately RMB 8,334,000), down from HKD 19,000,000 (approximately RMB 17,218,000) as of December 31, 2023[59]. - The net debt-to-equity ratio increased to approximately 0.74 as of December 31, 2024, compared to 0.48 as of December 31, 2023[56]. - Total loans and borrowings increased by approximately 9.3% from RMB 1,659,216,000 as of December 31, 2023, to RMB 1,814,044,000 as of December 31, 2024[58]. Credit Risk Management - The expected credit loss provision for 2024 was approximately RMB 101,218,000, compared to RMB 49,728,000 in 2023, indicating an increase in credit risk[18]. - The aging analysis of receivables showed that non-overdue or impaired loans decreased from RMB 550,666,000 in 2023 to RMB 295,516,000 in 2024[17]. - The company’s credit risk management includes a credit committee responsible for policy formulation and loan approval, ensuring compliance with credit policies[19]. - The company has implemented a monitoring system for loan documents to ensure compliance with approval procedures and proper documentation[20]. - The company continues to monitor credit risk closely, ensuring timely responses to any signs of potential default[28]. - The company has not observed a significant increase in credit risk since initial recognition, indicating stable credit conditions[24]. - The company has implemented thorough due diligence procedures to understand client identities and financial situations, which is crucial for risk assessment[27]. Business Strategy and Future Outlook - The company aims to continue expanding its clean energy and technology finance businesses while optimizing its asset structure[8]. - The company plans to explore diversified business opportunities in the energy and healthcare sectors[8]. - The company plans to continue optimizing asset allocation efficiency and improving the performance of power plant equipment while exploring diversified business development[74]. - The group is focusing on developing solar projects in regions with strong energy demand to mitigate the risk of grid restrictions caused by excess power generation[103]. - The group has acknowledged that any adjustments in electricity prices could affect the profitability of new solar energy projects, emphasizing the importance of compliance with government regulations[104]. Corporate Governance and Compliance - The company has complied with the corporate governance code as per the listing rules throughout the year ending December 31, 2024[153]. - The board consists of eight directors, including three executive directors, two non-executive directors, and three independent non-executive directors[154]. - The audit committee reviewed and confirmed the accounting principles and practices adopted by the group for the year ending December 31, 2024[145]. - The company has established various channels for all directors to express opinions to the board openly and honestly[161]. - The company has implemented a mechanism for independent non-executive directors to confirm their independence annually[164]. - The company has adopted corporate governance policies and practices in compliance with the corporate governance code[168]. Employee and Social Responsibility - As of December 31, 2024, the group had approximately 101 employees in Hong Kong and China, a decrease from 1,375 employees in 2023[68]. - Employee benefits expenses from continuing operations totaled approximately RMB 130,787,000 for the year ended December 31, 2024, down from RMB 234,962,000 in 2023[68]. - The group made charitable donations of approximately RMB 3,204,000 for the year ending December 31, 2024, compared to RMB 9,000 in 2023[119]. - The group is committed to environmental sustainability and has implemented practices such as energy conservation and recycling to ensure effective resource utilization[97]. Shareholder Information - The board does not recommend the payment of a final dividend for the year ending December 31, 2024[88]. - The company has no predetermined dividend payout ratio, and any dividend declaration is subject to the board's discretion based on various factors[91]. - The company has not reported any shareholders waiving or agreeing to waive any dividend arrangements[89]. - The major shareholder, Xiang Jun, held 756,831,000 shares, representing 5.06% of the total issued shares as of December 31, 2024[137]. - The total number of issued shares as of December 31, 2024, was 14,964,442,519[138].

小熊电器是小家电头部企业，产品包括厨房小家电、生活小家电、个护小家电、母婴小家电等。在经营 中，小熊电器建构起品牌优势、销售渠道优势等。对于2025年经营计划，公司方面提出："将在外销上 识别新的增长机会，拓展品类，扩大海外布局，内销上优化现有产品结构，精简SKU数量，释放资源， 着力打造中高端旗舰产品，提升品牌形象和利润率。" （文章来源：证券日报之声） 公司发布的2024年度利润分配预案显示，拟向全体股东每10股派发现金红利10元（含税），现金分红总 额为1.55亿元。该利润分配预案已经在2025年4月7日的公司董事会上审议通过。 据悉，小熊电器多年来保持稳定分红。2022年至2024年，现金分红总额分别为1.24亿元、1.86亿元、 1.55亿元。2022年至2024年累计现金分红金额为4.65亿元，占公司最近3个会计年度合并报表中归属于上 市公司股东的净利润平均值的124.69%。 陕西巨丰投资资讯有限责任公司高级投资顾问于晓明在接受《证券日报》记者采访时表示："上市公司 分红不仅是股东分享企业经营成果的直接方式，更是市值管理的核心工具之一。上市公司能结合利润实 现情况和经营发展需要，持续稳定分红，有 ...

Financial Performance - Total revenue for the year ended December 31, 2024, was RMB 392,963,000, a decrease of 17.2% compared to RMB 474,793,000 in 2023[4] - Gross profit for the same period was RMB 217,257,000, slightly down by 1.4% from RMB 219,648,000 in 2023[4] - The net loss attributable to equity shareholders for the year was RMB 523,312,000, compared to a loss of RMB 335,800,000 in 2023, representing a 55.8% increase in losses[5] - The company reported a total comprehensive loss of RMB 643,944,000 for the year, compared to RMB 497,165,000 in 2023, indicating a 29.5% increase in comprehensive losses[4] - Basic and diluted loss per share for the year was RMB 3.50, compared to RMB 2.24 in 2023, reflecting a 56.3% increase in loss per share[5] - The company reported a net loss of approximately RMB 601,128,000 for the year ending December 31, 2024[10] Assets and Liabilities - Total assets decreased to RMB 4,768,206,000 in 2024 from RMB 5,261,505,000 in 2023, reflecting a decline of 9.4%[6] - Current liabilities decreased to RMB 1,479,014,000 from RMB 2,028,118,000, a reduction of 27.1%[6] - Non-current liabilities increased to RMB 951,603,000 from RMB 764,349,000, an increase of 24.5%[7] - The company's cash and cash equivalents dropped to RMB 76,705,000 from RMB 254,778,000, a decrease of 70.0%[6] - The total accounts receivable as of December 31, 2024, was RMB 1,658,827,000, with a significant increase in electricity sales receivables to RMB 31,048,000 from RMB 4,388,000 in 2023[43] - Accounts payable increased significantly from RMB 24,475,000 in 2023 to RMB 78,422,000 in 2024, indicating a rise in liabilities[48] Impairment and Provisions - The company reported a significant increase in impairment losses on receivables, totaling RMB 261,401,000, up from RMB 156,276,000 in the previous year, marking a 67.2% increase[4] - The impairment loss for accounts receivable was RMB 287,430,000 for the year ended December 31, 2024, reflecting ongoing credit risk issues[45] Revenue Breakdown - Revenue from electricity sales in 2024 was RMB 239,455,000, down 16.3% from RMB 286,256,000 in 2023[24] - Revenue from solar power plant operation and maintenance services dropped by approximately 68.8% from RMB 121,856,000 to RMB 37,980,000, expected to cease contributing revenue after the sale of 60% equity in April 2024[60] - Revenue from financial services increased significantly to RMB 115,528,000 in 2024, up 73.2% from RMB 66,681,000 in 2023[24] Government and Regulatory Matters - The expected settlement amount from the State Grid Corporation for electricity fee adjustments is anticipated to be received within the next twelve months[11] - The company has submitted its financial statements to the Companies Registry in accordance with the Hong Kong Companies Ordinance[9] - The auditor's report for the financial statements did not contain any reservations, indicating a clean audit opinion[9] Corporate Governance and Future Outlook - The company believes it will have sufficient operating funds for the next twelve months based on management's efforts and commitments[10] - There is significant uncertainty regarding the company's ability to continue as a going concern due to the loss and delayed settlements[10] - The company has adhered to the corporate governance code throughout the year ending December 31, 2024, enhancing investor confidence[99] Changes in Financial Reporting Standards - The company has adopted several revised Hong Kong Financial Reporting Standards, but these revisions did not impact its financial position or performance[12][13][14] - The new standards and amendments will be effective for annual periods beginning on or after January 1, 2027, with retrospective application required[17][18][19][20][21][22][23] - The amendments are expected to have no significant impact on the company's financial statements[20][23] Shareholder Matters - The board of directors does not recommend the payment of a final dividend for the year ending December 31, 2024[100] - The annual general meeting is scheduled for June 6, 2025, to approve the audited consolidated financial statements for the year ending December 31, 2024[105] - The company will suspend share transfer registration from June 2 to June 6, 2025, to determine eligible shareholders for the annual general meeting[106]

Company Information [Corporate Governance and Contact Information](index=3&type=section&id=%E5%85%AC%E5%8F%B8%E8%B3%87%E6%96%99) This section provides detailed company information for Kong Sun Holdings Limited, including lists of directors, committee roles, registered office, share registrars, company secretary, auditors, legal advisors, stock code, contact details, and changes in independent non-executive directors and committee members - Independent Non-Executive Director Mr. Tang Jian was appointed on June 11, 2024, while Mr. Xu Xiang resigned[14](index=14&type=chunk) - Audit Committee, Nomination Committee, and Remuneration Committee members were also adjusted due to director changes[14](index=14&type=chunk) - The company's stock code is **295**, and its official website is www.kongsun.com[24](index=24&type=chunk)[27](index=27&type=chunk) Chairman's Statement [Operating Review and Outlook for H1 2024](index=5&type=section&id=%E4%B8%BB%E5%B8%AD%E5%A0%B1%E5%91%8A%E6%9B%B8) The Chairman's Statement outlines Kong Sun Holdings' operating performance and strategic direction for H1 2024, focusing on stable solar power operations, asset restructuring, and diversification into technology finance and healthcare - The Chinese government continues to issue policies supporting the solar power industry, such as the "2024-2025 Energy Saving and Carbon Reduction Action Plan"[30](index=30&type=chunk) - As of June 30, 2024, the Group held **11 grid-connected solar power plants** in China with a total installed capacity of **290 MW**[30](index=30&type=chunk) - Total power generation in H1 2024 was approximately **164,173 MWh**[30](index=30&type=chunk) H1 2024 Key Financial Indicators | Indicator | Amount (RMB) | | :--- | :--- | | Revenue | 229 million yuan | | Gross Profit | 119 million yuan | - The Group will continue to develop its clean energy and technology finance businesses, and accelerate diversified development in the healthcare sector[30](index=30&type=chunk) Financial Highlights [Overview of Key Financial Data](index=6&type=section&id=%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%81) This section provides an unaudited financial summary for Kong Sun Holdings for the six months ended June 30, 2024, compared to the same period in 2023 and December 31, 2023, showing increased loss per share, decreased total assets and net assets, but increased gross profit H1 2024 vs H1 2023 Condensed Consolidated Statement of Profit or Loss Summary | Indicator | For the six months ended June 30, 2024 (RMB thousand) | For the six months ended June 30, 2023 (RMB thousand) | | :--- | :--- | :--- | | Revenue | 229,087 | 232,658 | | Gross Profit | 118,550 | 96,864 | | Loss for the period | (182,664) | (4,180) | | Loss per share (basic and diluted) | (1.09) RMB cents | (0.03) RMB cents | Financial Position Summary as at June 30, 2024 vs December 31, 2023 | Indicator | As at June 30, 2024 (RMB thousand) | As at December 31, 2023 (RMB thousand) | | :--- | :--- | :--- | | Total Non-current Assets | 2,444,599 | 2,465,468 | | Total Current Assets | 2,915,402 | 3,257,037 | | Total Assets | 5,360,001 | 5,722,505 | | Total Liabilities | 2,604,543 | 2,792,467 | | Net Assets | 2,755,458 | 2,930,038 | Management Discussion and Analysis [Business Review](index=8&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E5%8F%8A%E5%88%86%E6%9E%90) This section reviews Kong Sun Holdings' diversified businesses, including investment and operation of solar power plants, financial services, digital smart traditional Chinese medicine health management services, and solar power plant operation and maintenance services - The company's main businesses include investment and operation of solar power plants, financial services and asset management, digital smart traditional Chinese medicine health management services, and solar power plant operation and maintenance services[33](index=33&type=chunk) Distribution of Completed Solar Power Plants | Chinese Province | Number of Solar Power Plants | Installed Capacity of Solar Power Plants | | :--- | :--- | :--- | | Shaanxi | 3 | 90.0 MW | | Inner Mongolia | 1 | 10.0 MW | | Shanxi | 1 | 20.0 MW | | Anhui | 5 | 140.0 MW | | Hubei | 1 | 30.0 MW | | **Total** | **11** | **290 MW** | - Revenue from financial services increased by approximately **95.8%** year-on-year to **RMB 55,837,000**[35](index=35&type=chunk) - Health management services generated revenue of approximately **RMB 5,349,000** in H1 2024, contributing to new business[35](index=35&type=chunk) [Operating Performance](index=9&type=section&id=%E7%BB%8F%E8%90%A5%E4%B8%9A%E7%BB%A9) This section analyzes the Group's operating performance for H1 2024, noting a slight decrease in total revenue due to solar power plant disposals, but significant growth in financial services and health management revenue, alongside improved gross profit and margin - Total revenue decreased by approximately **1.5%** year-on-year to **RMB 229,087,000**, primarily due to lower electricity sales revenue from solar power plant disposals[36](index=36&type=chunk) H1 2024 Revenue Changes by Business Segment | Revenue Source | H1 2024 (RMB thousand) | H1 2023 (RMB thousand) | Year-on-year Change | | :--- | :--- | :--- | :--- | | Electricity Sales | 130,030 | 153,548 | -15.3% | | Solar Power Plant Operation and Maintenance Services | 37,871 | 50,590 | -25.1% | | Financial Services | 55,837 | 28,520 | +95.8% | | Health Management Services | 5,349 | - | New | | **Total Revenue** | **229,087** | **232,658** | **-1.5%** | - Gross profit increased by approximately **22.4%** year-on-year to **RMB 118,550,000**, with gross margin rising from **41.6% to 51.7%**, mainly driven by high-margin financial services[43](index=43&type=chunk) - Other net losses amounted to approximately **RMB 2,687,000**, primarily due to reduced dividend and rental income and increased solar power plant rectification expenses[44](index=44&type=chunk) - Administrative expenses increased by approximately **83.3%** year-on-year to **RMB 177,210,000**, mainly due to increased employee benefits and R&D expenses[45](index=45&type=chunk) - Net loss on disposal of subsidiaries was approximately **RMB 3,307,000**, and net impairment loss on trade and other receivables was approximately **RMB 20,543,000**[46](index=46&type=chunk)[48](index=48&type=chunk) - Finance costs decreased by approximately **27.4%** year-on-year to **RMB 58,039,000**, mainly due to a reduction in the average total loans and borrowings[52](index=52&type=chunk) [Financial Position](index=12&type=section&id=%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81) This section details the Group's financial position, including changes in various assets and liabilities, noting a significant decrease in cash and cash equivalents, an increase in net debt ratio, and information on capital expenditure, loans, corporate bonds, foreign exchange risk, asset pledges, and contingent liabilities Changes in Key Balance Sheet Items | Item | As at June 30, 2024 (RMB thousand) | As at December 31, 2023 (RMB thousand) | | :--- | :--- | :--- | | Net book value of solar power plants | 906,236 | 939,706 | | Net book value of interests in associates | 225,722 | 218,533 | | Net book value of interests in joint ventures | 175,674 | 209,748 | | Financial assets measured at fair value through other comprehensive income | 575,333 | 595,942 | | Trade and other receivables | 1,806,438 | 1,925,878 | | Cash and cash equivalents | 69,708 | 254,778 | | Total loans and borrowings | 1,532,263 | 1,659,216 | | Trade and other payables | 626,997 | 668,397 | - The net debt ratio (or gearing ratio) increased from **0.48** as at December 31, 2023, to **0.54** as at June 30, 2024[63](index=63&type=chunk) - As at June 30, 2024, approximately **RMB 1,013,352,000** of loans and borrowings were repayable within one year[65](index=65&type=chunk) - The Group has pledged solar power plants, trade receivables, and unlisted equity investments as collateral for bank loans and other borrowings, totaling approximately **RMB 1,240,189,000**[69](index=69&type=chunk)[136](index=136&type=chunk) - Contingent liabilities exist regarding compliance issues with solar power plant project equity transfers, potentially leading to fines or other adverse consequences[70](index=70&type=chunk) [Employees and Remuneration Policy](index=17&type=section&id=%E9%9B%87%E5%91%98%E5%8F%8A%E8%96%AA%E9%85%AC%E6%94%BF%E7%AD%96) This section discloses the Group's employee numbers and remuneration policy, noting a decrease in employees to 737 as of June 30, 2024, an increase in total employee benefits expenses, and a policy aimed at attracting and retaining talent through competitive compensation and development resources - As at June 30, 2024, the Group had approximately **737 employees** in Hong Kong and China, a decrease from **1,375** as at December 31, 2023[72](index=72&type=chunk) - Total employee benefits expenses for the six months ended June 30, 2024, were approximately **RMB 119,214,000**, an increase from **RMB 101,807,000** in the same period last year[72](index=72&type=chunk) - The Group's remuneration policy aims to provide basic salaries, short-term bonuses, and long-term incentives, along with sufficient training and development resources[72](index=72&type=chunk) [Significant Investments, Acquisitions, and Disposals](index=17&type=section&id=%E9%87%8D%E5%A4%A7%E6%8A%95%E8%B3%87%E3%80%81%E9%87%8D%E5%A4%A7%E6%94%B6%E8%B3%BC%E5%8F%8A%E5%87%BA%E5%94%AE%E4%BA%8B%E9%A0%85) This section reports a significant disposal completed by the Group in H1 2024, involving the sale of a 60% equity interest in Shaanxi Yirun New Energy Technology Co., Ltd. for RMB 4,200,000, with no other major investment, acquisition, or disposal activities during the period - The Group disposed of a **60% equity interest** in Shaanxi Yirun New Energy Technology Co., Ltd. for a total consideration of **RMB 4,200,000**, completed on April 17, 2024[73](index=73&type=chunk) - This disposal involved the solar power plant operation and maintenance services business[37](index=37&type=chunk)[73](index=73&type=chunk) - Other than this, the Group had no other significant investments, acquisitions, or disposals during the period[73](index=73&type=chunk) [Future Outlook](index=18&type=section&id=%E6%9C%AA%E4%BE%86%E5%B1%95%E6%9C%9B) This section outlines the Group's future development strategy, anticipating continued growth in the solar power industry due to falling costs and policy support, and focusing on optimizing solar power plant operations, developing green and inclusive finance, and accelerating diversification into healthcare to enhance business structure and shareholder value - Solar power generation cost competitiveness is increasing, and global demand is expected to continue growing[75](index=75&type=chunk) - China's newly installed solar power capacity increased by **51.6%** year-on-year, with cumulative installed capacity reaching **710 GW**[75](index=75&type=chunk) - The Group's future strategy includes advancing operating solar power plants, optimizing asset allocation, developing green and inclusive finance businesses, and accelerating diversified development in the healthcare sector[75](index=75&type=chunk) Other Information Disclosure [Directors' Rights to Acquire Shares or Debentures](index=18&type=section&id=%E8%91%A3%E4%BA%8B%E8%B3%BC%E8%B2%B7%E8%82%A1%E4%BB%BD%E6%88%96%E5%82%B5%E5%88%B8%E7%9A%84%E6%AC%8A%E5%88%A9) This section discloses that during the review period, no directors, their spouses, or minor children were granted or exercised any rights to acquire shares or debentures of the company, nor did the company or its subsidiaries participate in any arrangements enabling directors to obtain such rights - During the review period, no directors or their spouses or minor children were granted or exercised any rights to acquire shares or debentures of the Company[75](index=75&type=chunk) [Directors' and Chief Executive's Interests and Short Positions in Shares, Underlying Shares, and Debentures](index=19&type=section&id=%E6%9C%AC%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E5%8F%8A%E4%B8%BB%E8%A6%81%E8%A1%8C%E6%94%BF%E4%BA%BA%E5%93%A1%E6%96%BC%E8%82%A1%E4%BB%BD%E3%80%81%E7%9B%B8%E9%97%9C%E8%82%A1%E4%BB%BD%E5%8F%8A%E5%82%B5%E5%88%B8%E7%9A%84%E6%AC%8A%E7%9B%8A%E5%8F%8A%E6%B7%A1%E5%80%89) This section lists the interests of the company's directors and chief executive in the company's shares and underlying shares as at June 30, 2024, noting Executive Director Mr. Xian He's beneficial ownership and deemed spousal interest Directors' Interests in the Company's Underlying Shares | Director Name | Nature of Interest | Number of Shares Held/Interested | Approximate Percentage of Equity | | :--- | :--- | :--- | :--- | | Xian He | Beneficial Owner | 1,650,000 (L) | 0.01% | | | Spouse's Interest | 5,475,000 (L) | 0.04% | - Mr. Xian He is deemed to have an interest in **5,475,000 shares** held by his spouse, Ms. He Xiang[76](index=76&type=chunk) [Major Shareholders](index=20&type=section&id=%E4%B8%BB%E8%A6%81%E8%82%A1%E6%9D%B1) This section discloses major shareholders holding interests in the company's shares or underlying shares, other than directors and chief executives, as at June 30, 2024, highlighting Miao Yu's deemed interest through Prospect Ace Limited and Xiang Jun's significant shareholding Major Shareholder Holdings | Name/Company Name | Nature of Interest | Number of Shares or Underlying Shares Held | Percentage of Equity | | :--- | :--- | :--- | :--- | | Miao Yu | Deemed interest in controlled corporation | 2,735,749,600 (L) | 18.28% | | Prospect Ace Limited | Beneficial Owner | 2,735,749,600 (L) | 18.28% | | Xiang Jun | Beneficial Owner | 756,831,000 (L) | 5.06% | - Miao Yu owns the entire equity interest in Prospect Ace Limited and is therefore deemed to have an interest in the shares held by it[78](index=78&type=chunk) [Compliance with Corporate Governance Code](index=21&type=section&id=%E9%81%B5%E5%AE%88%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%AE%88%E5%89%87) This section states that the company has complied with the Corporate Governance Code during the review period, with one deviation: the roles of Chairman and Chief Executive are not separated, and the Board will regularly review the management structure - The Company has complied with the applicable code provisions of the Corporate Governance Code throughout the six months ended June 30, 2024[80](index=80&type=chunk) - One deviation exists: the roles of Chairman and Chief Executive are not separated, with the Executive Director performing the Chief Executive's duties[81](index=81&type=chunk) [Interim Dividend](index=22&type=section&id=%E4%B8%AD%E6%9C%9F%E8%82%A1%E6%81%AF) This section indicates that the Board does not recommend paying any interim dividend for the six months ended June 30, 2024, consistent with the prior year - The Board does not recommend the payment of any interim dividend for the six months ended June 30, 2024[82](index=82&type=chunk) [Events After Reporting Period](index=22&type=section&id=%E5%A0%B1%E5%91%8A%E6%97%A5%E6%9C%9F%E5%BE%8C%E4%BA%8B%E9%A0%85) This section discloses a significant event after the reporting date: on August 15, 2024, a wholly-owned subsidiary agreed to subscribe for and acquire a total 30% equity interest in Beijing Sibo Huiyi Technology Co., Ltd. for RMB 50,000,000, which will not result in the target company becoming a subsidiary - On August 15, 2024, a subsidiary of the Company agreed to subscribe for a **20% equity interest** in Beijing Sibo Huiyi Technology Co., Ltd. for **RMB 36,000,000** and acquire a **10% equity interest** for **RMB 14,000,000**[83](index=83&type=chunk) - Upon completion, the Company will hold a **30% equity interest** in the target company, but it will not become a subsidiary of the Company[83](index=83&type=chunk) [Compliance with Model Code for Securities Transactions by Directors](index=22&type=section&id=%E9%81%B5%E5%AE%88%E8%91%A3%E4%BA%8B%E9%80%B2%E8%A1%8C%E8%AD%89%E5%88%B8%E4%BA%A4%E6%98%93%E7%9A%84%E6%A8%99%E6%BA%96%E5%AE%88%E5%89%87) This section confirms that the company has adopted the Model Code for Securities Transactions by Directors and that all directors have complied with its required standards during the six months ended June 30, 2024 - The Company has adopted the Model Code as set out in Appendix C3 to the Listing Rules[83](index=83&type=chunk) - All Directors have complied with the required standards of the Model Code throughout the six months ended June 30, 2024[83](index=83&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=23&type=section&id=%E8%B3%BC%E8%B2%B7%E3%80%81%E5%87%BA%E5%94%AE%E6%88%96%E8%B4%96%E5%9B%9E%E6%9C%AC%E5%85%AC%E5%8F%B8%E4%B8%8A%E5%B8%82%E8%AD%89%E5%88%B8) This section discloses that neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities during the six months ended June 30, 2024 - Neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities during the six months ended June 30, 2024[84](index=84&type=chunk) [Changes in Directors' Information](index=23&type=section&id=%E8%91%A3%E4%BA%8B%E8%B3%87%E6%96%99%E8%AE%8A%E6%9B%B4) This section confirms that no information regarding directors required to be disclosed under Listing Rules 13.51(2) and 13.51B(1) was applicable for the six months ended June 30, 2024 - No information regarding directors required to be disclosed under the Listing Rules was applicable for the six months ended June 30, 2024[85](index=85&type=chunk) [Audit Committee](index=23&type=section&id=%E5%AF%A9%E6%A0%B8%E5%A7%94%E5%91%A1%E6%9C%83) This section states that the Audit Committee has reviewed the Group's unaudited condensed consolidated interim financial statements for the six months ended June 30, 2024, confirming no disagreements and discussing audit, internal control, and financial reporting matters - The Audit Committee has reviewed the Group's unaudited condensed consolidated interim financial statements for the six months ended June 30, 2024, with no disagreements[86](index=86&type=chunk) - The Audit Committee has reviewed and confirmed the accounting principles and practices adopted by the Group and discussed audit, internal control, and financial reporting matters[86](index=86&type=chunk) Condensed Consolidated Statement of Profit or Loss [H1 2024 Profit or Loss Performance](index=24&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E8%A1%A8) This condensed consolidated statement of profit or loss shows that for the six months ended June 30, 2024, Kong Sun Holdings recorded a significant loss, primarily due to substantially increased administrative expenses, a shift from other gains to losses, losses on disposal of subsidiaries, and impairment losses Key Data from Condensed Consolidated Statement of Profit or Loss | Indicator | For the six months ended June 30, 2024 (RMB thousand) | For the six months ended June 30, 2023 (RMB thousand) | | :--- | :--- | :--- | | Revenue | 229,087 | 232,658 | | Gross Profit | 118,550 | 96,864 | | Other (losses)/gains, net | (2,687) | 41,915 | | Administrative expenses | (177,210) | (96,667) | | Net loss on disposal of subsidiaries | (3,307) | – | | Impairment loss on disposal group classified as held for sale | (1,443) | – | | Net impairment loss on trade and other receivables | (20,543) | (7,390) | | Finance costs | (58,039) | (79,991) | | Loss for the period | (182,664) | (4,180) | | Loss for the period attributable to owners of the Company | (163,727) | (5,209) | | Loss per share (basic and diluted) | (1.09) RMB cents | (0.03) RMB cents | Condensed Consolidated Statement of Comprehensive Income [H1 2024 Comprehensive Income Performance](index=24&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E5%85%B6%E4%BB%96%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) This condensed consolidated statement of comprehensive income shows that for the six months ended June 30, 2024, Kong Sun Holdings recorded a loss for the period of RMB 182,664,000, with other comprehensive income primarily including net fair value changes (losses) on financial assets measured at fair value through other comprehensive income and exchange differences (gains) on translating foreign operations, resulting in a total comprehensive loss of RMB (155,643,000) for the period Key Data from Condensed Consolidated Statement of Comprehensive Income | Indicator | For the six months ended June 30, 2024 (RMB thousand) | For the six months ended June 30, 2023 (RMB thousand) | | :--- | :--- | :--- | | Loss for the period | (182,664) | (4,180) | | Net fair value change of financial assets measured at fair value through other comprehensive income | (20,609) | (18,216) | | Exchange differences on translating financial statements of overseas operations | 28,693 | 22,878 | | Other comprehensive income for the period (net of tax) | 8,084 | 4,662 | | Total comprehensive income for the period | (155,643) | (547) | | Total comprehensive income for the period attributable to owners of the Company | (136,706) | (1,576) | Condensed Consolidated Statement of Financial Position [Overview of Financial Position as at June 30, 2024](index=25&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) This condensed consolidated statement of financial position shows that as at June 30, 2024, Kong Sun Holdings' total assets and net assets decreased compared to December 31, 2023, with non-current assets remaining relatively stable, while current assets decreased primarily due to reductions in trade and other receivables and cash and cash equivalents Key Data from Condensed Consolidated Statement of Financial Position | Indicator | As at June 30, 2024 (RMB thousand) | As at December 31, 2023 (RMB thousand) | | :--- | :--- | :--- | | Total Non-current Assets | 2,444,599 | 2,465,468 | | Total Current Assets | 2,915,402 | 3,257,037 | | Total Assets | 5,360,001 | 5,722,505 | | Total Non-current Liabilities | 615,435 | 764,349 | | Total Current Liabilities | 1,989,108 | 2,028,118 | | Total Liabilities | 2,604,543 | 2,792,467 | | Net Assets | 2,755,458 | 2,930,038 | - Net book value of solar power plants decreased from **RMB 943,096,000** to **RMB 909,626,000**[88](index=88&type=chunk) - Cash and cash equivalents decreased from **RMB 254,778,000** to **RMB 69,708,000**[88](index=88&type=chunk) - Assets classified as disposal group held for sale increased to **RMB 1,290,951,000**[88](index=88&type=chunk) Condensed Consolidated Statement of Changes in Equity [H1 2024 Equity Movement Analysis](index=27&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%AC%8A%E7%9B%8A%E8%AE%8A%E5%8B%95%E8%A1%A8) This condensed consolidated statement of changes in equity shows that for the six months ended June 30, 2024, Kong Sun Holdings' total equity decreased due to the loss attributable to owners of the Company and net fair value changes of financial assets measured at fair value through other comprehensive income, partially offset by exchange differences on translating foreign operations Key Data from Condensed Consolidated Statement of Changes in Equity | Indicator | As at June 30, 2024 (RMB thousand) | As at June 30, 2023 (RMB thousand) | | :--- | :--- | :--- | | Share Capital | 6,486,588 | 6,486,588 | | Equity attributable to owners of the Company | 2,686,107 | 3,345,519 | | Non-controlling interests | 69,351 | 89,079 | | Total Equity | 2,755,458 | 3,434,598 | | Loss for the period | (163,727) | (5,209) | | Net fair value change of financial assets measured at fair value through other comprehensive income | (20,609) | (18,216) | | Exchange differences on translating financial statements of overseas operations | 28,693 | 22,878 | - Equity attributable to owners of the Company decreased from **RMB 3,346,066 thousand** as at January 1, 2023, to **RMB 2,686,107 thousand** as at June 30, 2024[90](index=90&type=chunk) Condensed Consolidated Statement of Cash Flows [H1 2024 Cash Flow Analysis](index=28&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E7%8F%BE%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) This condensed consolidated statement of cash flows shows that for the six months ended June 30, 2024, Kong Sun Holdings experienced net cash outflows from operating, investing, and financing activities, leading to a significant reduction in cash and cash equivalents Key Data from Condensed Consolidated Statement of Cash Flows | Indicator | For the six months ended June 30, 2024 (RMB thousand) | For the six months ended June 30, 2023 (RMB thousand) | | :--- | :--- | :--- | | Net cash used in operating activities | (15,657) | (225,580) | | Net cash (used in)/generated from investing activities | (2,084) | 91,504 | | Net cash used in financing activities | (196,158) | (9,907) | | Net decrease in cash and cash equivalents | (213,899) | (143,983) | | Cash and cash equivalents at June 30 | 71,795 | 181,530 | - Net cash used in operating activities significantly improved, decreasing from **RMB (225,580) thousand** in H1 2023 to **RMB (15,657) thousand** in H1 2024[91](index=91&type=chunk) - Net cash used in financing activities substantially increased from **RMB (9,907) thousand** in H1 2023 to **RMB (196,158) thousand** in H1 2024, primarily due to repayment of loans and borrowings[92](index=92&type=chunk) Notes to the Condensed Consolidated Interim Financial Statements [Basis of Preparation](index=30&type=section&id=%E7%B7%A8%E8%A3%BD%E5%9F%BA%E6%BA%96) This section outlines the basis of preparation for the condensed consolidated interim financial information, which complies with the Listing Rules of The Stock Exchange of Hong Kong Limited and Hong Kong Accounting Standard 34 "Interim Financial Reporting" issued by the HKICPA - The condensed consolidated interim financial information is prepared in accordance with the applicable disclosure provisions of the Listing Rules of The Stock Exchange of Hong Kong Limited and Hong Kong Accounting Standard 34 "Interim Financial Reporting"[93](index=93&type=chunk) - These unaudited condensed consolidated interim financial statements have been reviewed by the Company's Audit Committee and approved for issue by the Board of Directors on August 29, 2024[94](index=94&type=chunk) [Significant Accounting Policies](index=31&type=section&id=%E4%B8%BB%E8%A6%81%E6%9C%83%E8%A8%88%E6%94%BF%E7%AD%96) This section describes the significant accounting policies used in preparing the unaudited condensed consolidated interim financial statements, which are prepared under the historical cost convention and incorporate new and revised HKFRSs effective for annual periods beginning on or after January 1, 2024, with no material impact on the reported amounts - The unaudited condensed consolidated interim financial statements are prepared under the historical cost convention, except for certain financial assets measured at fair value through other comprehensive income[95](index=95&type=chunk) - New and revised HKFRSs effective for annual periods beginning on or after January 1, 2024, have been adopted but have no material impact on the amounts reported and/or disclosures contained in the statements[95](index=95&type=chunk) [Revenue and Segment Information](index=33&type=section&id=%E6%94%B6%E5%85%A5%E5%8F%8A%E5%88%86%E9%83%A8%E8%B3%87%E6%96%99) This section details the Group's revenue composition and segment information, with revenue primarily derived from electricity sales, interest income from financial services, health management services, and solar power plant operation and maintenance services, and China being the Group's primary geographical market H1 2024 Revenue Categories | Revenue Category | For the six months ended June 30, 2024 (RMB thousand) | | :--- | :--- | | Electricity Sales | 130,030 | | Interest income from providing financial services | 55,837 | | Health management services | 5,349 | | Providing solar power plant operation and maintenance services | 37,871 | | **Total** | **229,087** | - Electricity sales revenue includes renewable energy subsidies of approximately **RMB 84,889,000**[98](index=98&type=chunk) H1 2024 Reportable Segment Revenue and Profit | Segment | Revenue (RMB thousand) | Profit (Adjusted EBITDA) (RMB thousand) | | :--- | :--- | :--- | | Solar Power Plants | 167,901 | 81,054 | | Financial Services | 55,837 | 22,368 | | Health Management Services | 5,349 | (75,615) | | Trading of liquefied natural gas | – | (14) | | **Total** | **229,087** | **27,793** | - China is the Group's primary geographical market, and no geographical segment information for significant operations outside China is presented[99](index=99&type=chunk)[107](index=107&type=chunk) [Other (Losses)/Gains, Net](index=40&type=section&id=%E5%85%B6%E4%BB%96%EF%BC%88%E8%99%A7%E6%90%8D%EF%BC%89%E2%88%95%E6%94%B6%E7%9B%8A%E6%B7%A8%E9%A1%8D) This section details the other (losses)/gains, net, for the six months ended June 30, 2024, showing a net loss of RMB 2,687,000, a stark contrast to the net gain of RMB 41,915,000 in the prior year, primarily due to reduced dividend and property rental income and significantly increased solar power plant rectification expenses Composition of Other (Losses)/Gains, Net | Item | For the six months ended June 30, 2024 (RMB thousand) | For the six months ended June 30, 2023 (RMB thousand) | | :--- | :--- | :--- | | Interest income | 6,788 | 6,700 | | Net exchange gains | 1,903 | 7,952 | | Solar power plant rectification expenses | (10,932) | (1,039) | | Dividend income | – | 20,250 | | Property rental income | – | 5,910 | | Others | (446) | 2,142 | | **Total** | **(2,687)** | **41,915** | - Other (losses)/gains, net, shifted from a gain in H1 2023 to a loss in H1 2024, mainly impacted by reduced dividend and rental income and increased rectification expenses[109](index=109&type=chunk) [Finance Costs](index=40&type=section&id=%E8%B2%A1%E5%8B%99%E8%B2%BB%E7%94%A8) This section lists the components of finance costs for the six months ended June 30, 2024, showing a total of RMB 58,039,000, a decrease from RMB 79,991,000 in the prior year, primarily due to lower interest on loans and borrowings Composition of Finance Costs | Item | For the six months ended June 30, 2024 (RMB thousand) | For the six months ended June 30, 2023 (RMB thousand) | | :--- | :--- | :--- | | Interest on loans and borrowings | 51,465 | 75,420 | | Estimated interest on corporate bonds | 367 | 341 | | Interest on lease liabilities | 6,207 | 4,230 | | **Total** | **58,039** | **79,991** | - Finance costs decreased by approximately **27.4%** year-on-year, primarily due to reduced interest on loans and borrowings[110](index=110&type=chunk) [(Loss)/Profit Before Income Tax](index=41&type=section&id=%E9%99%A4%E6%89%80%E5%BE%97%E7%A8%85%E5%89%8D%EF%BC%88%E8%99%A7%E6%90%8D%EF%BC%89%E2%88%95%E5%88%A9%E6%BD%A4) This section details the determination of the Group's (loss)/profit before income tax, primarily by deducting employee benefits expenses and other items, noting an increase in employee benefits expenses and a decrease in depreciation expenses for solar power plants for the six months ended June 30, 2024 Employee Benefits Expenses | Item | For the six months ended June 30, 2024 (RMB thousand) | For the six months ended June 30, 2023 (RMB thousand) | | :--- | :--- | :--- | | Salaries, wages and other benefits | 104,383 | 89,599 | | Contributions to defined contribution retirement plans | 14,831 | 12,208 | | **Total** | **119,214** | **101,807** | Other Items of Expense | Item | For the six months ended June 30, 2024 (RMB thousand) | For the six months ended June 30, 2023 (RMB thousand) | | :--- | :--- | :--- | | Amortisation of right-of-use assets | 14,785 | 10,838 | | Auditor's remuneration | 289 | 810 | | Depreciation of property, plant and equipment | 2,069 | 1,115 | | Depreciation of solar power plants | 35,339 | 51,464 | | Operating lease expenses relating to short-term leases | 715 | 613 | [Income Tax Expense](index=42&type=section&id=%E6%89%80%E5%BE%97%E7%A8%85%E9%96%8B%E6%94%AF) This section lists the income tax expense in the condensed consolidated statement of profit or loss, which amounted to RMB 4,646,000 for the six months ended June 30, 2024, primarily comprising PRC corporate income tax, with certain solar power plant projects enjoying tax incentives Composition of Income Tax Expense | Item | For the six months ended June 30, 2024 (RMB thousand) | For the six months ended June 30, 2023 (RMB thousand) | | :--- | :--- | :--- | | Current tax — PRC corporate income tax | 5,948 | 6,477 | | Deferred tax | (1,302) | (209) | | **Total** | **4,646** | **6,268** | - The Group's PRC entities are subject to corporate income tax at a statutory rate of **25%**[114](index=114&type=chunk) - Certain solar power plant projects enjoy a **three-year full tax exemption** followed by a **50% tax reduction** for the subsequent three years[114](index=114&type=chunk) [Loss Per Share Attributable to Owners of the Company for the Period](index=42&type=section&id=%E6%9C%9F%E5%85%A7%E6%9C%AC%E5%85%AC%E5%8F%B8%E6%93%81%E6%9C%89%E4%BA%BA%E6%87%89%E4%BD%B5%E6%AF%8F%E8%82%A1%E8%99%A7%E6%90%8D) This section explains the calculation of basic and diluted loss per share attributable to owners of the Company for the six months ended June 30, 2024, noting a significant increase in loss per share due to higher losses for the period, with diluted loss per share being the same as basic loss per share due to no potentially dilutive ordinary shares - Basic and diluted loss per share for the six months ended June 30, 2024, was **RMB (1.09) cents**, a significant increase from **RMB (0.03) cents** in the prior year[114](index=114&type=chunk) - Loss per share is calculated based on the loss for the period attributable to owners of the Company of approximately **RMB 163,727,000** and the weighted average number of ordinary shares in issue of approximately **14,964,442,000** shares[114](index=114&type=chunk) [Dividends](index=43&type=section&id=%E8%82%A1%E6%81%AF) This section discloses that no dividends were paid or proposed for the six months ended June 30, 2024, and none have been proposed since the end of the reporting period up to the date of this interim report, consistent with the prior year - No dividends were paid or proposed for the six months ended June 30, 2024[115](index=115&type=chunk) [Solar Power Plants](index=43&type=section&id=%E5%A4%AA%E9%99%BD%E8%83%BD%E7%99%BC%E9%9B%BB%E5%BB%A0) This section details the Group's investments in solar power plants, noting an increase of RMB 64,000 for the six months ended June 30, 2024, and that approximately RMB 725,476,000 of solar power plants have been pledged as collateral for the Group's loans and borrowings - For the six months ended June 30, 2024, the Group increased its investment in solar power plants by approximately **RMB 64,000**[116](index=116&type=chunk) - As at June 30, 2024, certain solar power plants with a carrying value of approximately **RMB 725,476,000** were pledged as collateral for the Group's loans and borrowings[116](index=116&type=chunk) [Interests in Associates](index=44&type=section&id=%E6%96%BC%E8%81%AF%E7%87%9F%E5%85%AC%E5%8F%B8%E7%9A%84%E6%AC%8A%E7%9B%8A) This section lists details of the Group's interests in associates as at June 30, 2024, which are primarily engaged in finance leasing, factoring, solar power plant O&M, LNG trading platform development, consulting, and solar power generation and development, with the Group exercising significant influence and accounting for them using the equity method Major Associates | Name | Ownership Interest/Voting Rights Percentage (June 30, 2024) | Principal Business | | :--- | :--- | :--- | | Jiangshan Baoyuan International Financial Leasing Co., Ltd. | 37.6% | Finance leasing and factoring business | | Shaanxi Yirun New Energy Technology Co., Ltd. | 40% | Providing solar power plant operation and maintenance services | | Dongtai Lanjing Photovoltaic Co., Ltd. | 36.79% | Solar power generation and development | | Guangzhou Woodpecker Digital Technology Co., Ltd. | 40% | Consulting services | - The Group has the power to participate in the financial and operating policy decisions of its associates and accounts for them using the equity method[118](index=118&type=chunk) [Interests in Joint Ventures](index=44&type=section&id=%E6%96%BC%E5%90%88%E7%87%9F%E5%85%AC%E5%8F%B8%E7%9A%84%E6%AC%8A%E7%9B%8A) This section lists details of the Group's interests in joint ventures as at June 30, 2024, which are primarily engaged in investment holding, investment management, energy management contracts, and technical services, with the Group having joint control with other venturers and accounting for them using the equity method Major Joint Ventures | Joint Venture Name | Ownership Interest Percentage (June 30, 2024) | Principal Business | | :--- | :--- | :--- | | Beijing Hongfeng New Energy Partnership (Limited Partnership) | 90.09% | Investment holding | | Xinjiang Jiangshan Yongheng New Energy Management Co., Ltd. | 49% | Energy management contracts | | Beijing Baishukang Technology Co., Ltd. | 65% | Technical services | - The Group has joint control with its joint venturers and accounts for them using the equity method in the condensed consolidated financial statements[119](index=119&type=chunk) [Financial Assets Measured at Fair Value Through Other Comprehensive Income](index=45&type=section&id=%E6%8C%89%E5%85%AC%E5%85%81%E5%83%B9%E5%80%BC%E8%A8%88%E5%85%A5%E5%85%B6%E4%BB%96%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A8%88%E9%87%8F%E7%9A%84%E9%87%91%E8%9E%8D%E8%B3%87%E7%94%A2) This section details the Group's financial assets measured at fair value through other comprehensive income as at June 30, 2024, primarily comprising unlisted partnership investments and unlisted equity investments totaling RMB 575,333,000, a decrease from 2023 year-end due to fair value losses, with some unlisted equity investments pledged as loan collateral Composition of Financial Assets Measured at Fair Value Through Other Comprehensive Income | Item | As at June 30, 2024 (RMB thousand) | As at December 31, 2023 (RMB thousand) | | :--- | :--- | :--- | | Unlisted partnership investments | 302,463 | 303,156 | | Unlisted equity investments | 272,870 | 292,786 | | **Total** | **575,333** | **595,942** | - A fair value loss of approximately **RMB 20,609,000** was recognized during the period[57](index=57&type=chunk)[120](index=120&type=chunk) - The Group holds shares in Hohhot Jingu Bank with a fair value of approximately **RMB 152,687,000**, recognizing a fair value loss of approximately **RMB 10,556,000**[121](index=121&type=chunk) - The Group holds shares in Jinzhou Bank with a fair value of approximately **RMB 120,183,000**, recognizing a fair value loss of approximately **RMB 9,360,000**, with these shares pledged as loan collateral[122](index=122&type=chunk) [Trade and Other Receivables](index=49&type=section&id=%E6%87%89%E6%94%B6%E8%B3%87%E8%B3%BC%E5%8F%8A%E5%85%B6%E4%BB%96%E6%87%89%E6%94%B6%E6%AC%BE%E9%A0%85) This section provides a detailed analysis of trade and other receivables, noting a decrease in total receivables but a significant increase in impairment provisions as at June 30, 2024, with a large portion comprising renewable energy subsidies receivable and some trade receivables pledged as loan collateral Composition of Trade and Other Receivables | Item | As at June 30, 2024 (RMB thousand) | As at December 31, 2023 (RMB thousand) | | :--- | :--- | :--- | | Net trade receivables | 946,586 | 1,140,860 | | Other receivables, prepayments and deposits, net | 859,852 | 785,018 | | **Total** | **1,806,438** | **1,925,878** | - Net impairment provision for trade and other receivables increased from **RMB 7,390,000** in H1 2023 to **RMB 20,543,000** in H1 2024[48](index=48&type=chunk)[127](index=127&type=chunk) - Unrecovered renewable energy subsidies amounted to approximately **RMB 486,531,000**[128](index=128&type=chunk) - Trade receivables from electricity sales of approximately **RMB 394,530,000** were pledged as loan collateral[128](index=128&type=chunk) [Cash and Cash Equivalents](index=50&type=section&id=%E7%8F%BE%E9%87%91%E5%8F%8A%E7%8F%BE%E9%87%91%E7%AD%89%E5%80%BC%E9%A0%85%E7%9B%AE) This section states that as at June 30, 2024, the Group's cash and cash equivalents primarily consist of RMB-denominated bank balances held in PRC banks, noting a significant decrease in total cash and cash equivalents and that RMB is not freely convertible - As at June 30, 2024, the Group's cash and cash equivalents were approximately **RMB 69,708,000**, a significant decrease from **RMB 254,778,000** as at December 31, 2023[129](index=129&type=chunk) - Bank balances of approximately **RMB 67,219,000** are denominated in RMB and deposited with banks in the PRC[129](index=129&type=chunk) - RMB is not freely convertible, but the Group can convert RMB into foreign currencies through authorized banks[129](index=129&type=chunk) [Disposal Group Classified as Held for Sale](index=51&type=section&id=%E5%88%86%E9%A1%9E%E7%82%BA%E6%8C%81%E4%BD%9C%E5%87%BA%E5%94%AE%E7%9A%84%E5%87%BA%E5%94%AE%E7%B5%84%E5%88%A5) This section discloses that as at June 30, 2024, the Group classified the assets and liabilities of four solar power plant project subsidiaries (Huangshi Huangyuan, Dingbian Jingyang, Dingbian Wanheshun, and Yulin Zhengxin) as a disposal group held for sale, with these disposals expected to be completed within twelve months after the reporting period and an impairment loss recognized - Assets and liabilities of Huangshi Huangyuan, Dingbian Jingyang, Dingbian Wanheshun, and Yulin Zhengxin are presented as a disposal group classified as held for sale[129](index=129&type=chunk) - The disposals are highly probable and expected to be completed within twelve months after the reporting period[129](index=129&type=chunk) Assets and Liabilities of Disposal Group Classified as Held for Sale | Item | As at June 30, 2024 (RMB thousand) | | :--- | :--- | | Total assets classified as held for sale | 1,290,951 | | Total liabilities classified as held for sale | (277,488) | - An impairment loss of approximately **RMB 1,443,000** was recognized for the disposal group classified as held for sale during the period[47](index=47&type=chunk)[129](index=129&type=chunk) [Trade and Other Payables](index=53&type=section&id=%E6%87%89%E4%BB%98%E8%B3%87%E8%B3%BC%E5%8F%8A%E5%85%B6%E4%BB%96%E6%87%89%E4%BB%98%E6%AC%BE%E9%A0%85) This section provides a detailed analysis of trade and other payables, noting a total of RMB 626,997,000 as at June 30, 2024, a decrease from 2023 year-end, with other payables and accrued expenses forming the major portion, and includes an aging analysis of trade payables Composition of Trade and Other Payables | Item | As at June 30, 2024 (RMB thousand) | As at December 31, 2023 (RMB thousand) | | :--- | :--- | :--- | | Trade payables | 36,745 | 24,475 | | Other payables and accrued expenses | 590,252 | 643,922 | | **Total** | **626,997** | **668,397** | Aging Analysis of Trade Payables | Aging | As at June 30, 2024 (RMB thousand) | | :--- | :--- | | Current or less than three months | 5,435 | | Over three months but less than six months | 2,244 | | Over six months but less than twelve months | 4,612 | | Over twelve months | 24,454 | | **Total** | **36,745** | [Loans and Borrowings](index=54&type=section&id=%E8%B2%B8%E6%AC%BE%E5%8F%8A%E5%80%9F%E6%AC%BE) This section provides detailed information on the Group's loans and borrowings, totaling RMB 1,532,263,000 as at June 30, 2024, a decrease from 2023 year-end, with most being current liabilities, all denominated in RMB, bearing fixed and floating interest rates, and secured by substantial assets Total Loans and Borrowings | Item | As at June 30, 2024 (RMB thousand) | As at December 31, 2023 (RMB thousand) | | :--- | :--- | :--- | | Current | 1,013,352 | 1,026,803 | | Non-current | 518,911 | 632,413 | | **Total** | **1,532,263** | **1,659,216** | - The annual interest rate for loans and other borrowings ranges from **3.85% to 8.40%**[133](index=133&type=chunk) Analysis of Fixed and Floating Rate Borrowings | Type | As at June 30, 2024 (RMB thousand) | As at December 31, 2023 (RMB thousand) | | :--- | :--- | :--- | | Fixed rate borrowings | 1,075,050 | 1,172,530 | | Floating rate borrowings | 457,213 | 486,686 | | **Total** | **1,532,263** | **1,659,216** | Assets Pledged for Loans and Borrowings | Pledged Assets | As at June 30, 2024 (RMB thousand) | | :--- | :--- | | Solar power plants | 725,476 | | Trade receivables | 394,530 | | Financial assets measured at fair value through other comprehensive income | 120,183 | | **Total** | **1,240,189** | [Corporate Bonds](index=56&type=section&id=%E5%85%AC%E5%8F%B8%E5%82%B5%E5%88%B8) This section details the Group's outstanding corporate bonds, with a total principal amount of HKD 19,000,000 (approximately RMB 17,341,000) remaining outstanding as at June 30, 2024, bearing interest rates between 3% and 6% per annum and measured at amortized cost using the effective interest method - As at June 30, 2024, corporate bonds with a total principal amount of **HKD 19,000,000** (approximately **RMB 17,341,000**) remained outstanding[137](index=137&type=chunk) - Corporate bonds bear interest at annual rates ranging from **3% to 6%** and mature between **36 and 96 months** from the issue date[137](index=137&type=chunk) - Corporate bonds are measured at amortized cost using the effective interest method, with an effective annual interest rate of **10.40%**[137](index=137&type=chunk) - Estimated interest on corporate bonds of approximately **RMB 367,000** was recognized in profit or loss for the six months ended June 30, 2024[137](index=137&type=chunk) [Share Capital](index=57&type=section&id=%E8%82%A1%E6%9C%AC) This section discloses Kong Sun Holdings' issued and fully paid share capital as at June 30, 2024, noting that the number of shares and share capital amount remained unchanged from January 1, 2023, to June 30, 2024 Issued and Fully Paid Share Capital | Item | Number of Shares (thousand shares) | RMB thousand | | :--- | :--- | :--- | | As at June 30, 2024 | 14,964,442 | 6,486,588 | - The issued and fully paid share capital remained unchanged from January 1, 2023, to June 30, 2024[137](index=137&type=chunk) [Disposal of Subsidiaries](index=57&type=section&id=%E5%87%BA%E5%94%AE%E9%99%84%E5%B1%AC%E5%85%AC%E5%8F%B8) This section details the Group's disposal of a 60% equity interest in Shaanxi Yirun New Energy Technology Co., Ltd. and Beijing Xintai Lv Neng Technology Co., Ltd. for a cash consideration of RMB 4,200,000, resulting in a net loss on disposal of approximately RMB 3,307,000 for the six months ended June 30, 2024 - The Group completed the disposal of a **60% equity interest** in Shaanxi Yirun New Energy Technology Co., Ltd. and Beijing Xintai Lv Neng Technology Co., Ltd. for a cash consideration of **RMB 4,200,000**[137](index=137&type=chunk) - These entities are primarily engaged in providing solar power plant operation and maintenance services[137](index=137&type=chunk) - The net loss on disposal of subsidiaries was approximately **RMB 3,307,000**[138](index=138&type=chunk) - The net cash outflow generated from the disposal of subsidiaries was **RMB (2,657,000)**[138](index=138&type=chunk) [Capital Commitments](index=59&type=section&id=%E8%B3%87%E6%9C%AC%E6%89%BF%E6%93%85) This section discloses the Group's unfulfilled capital commitments as at June 30, 2024, primarily consisting of contracted but unprovided construction costs and service fees for solar power plants under construction, totaling RMB 16,188,000 Capital Commitments | Item | As at June 30, 2024 (RMB thousand) | | :--- | :--- | | Contracted but not provided for — construction costs and service fees for solar power plants under construction | 16,188 | - Approximately **RMB 10,307,000** of capital commitments are attributable to subsidiaries classified as held for sale[139](index=139&type=chunk) [Significant Related Party Transactions](index=59&type=section&id=%E9%87%8D%E5%A4%A7%E9%97%9C%E8%81%AF%E6%96%B9%E4%BA%A4%E6%98%93) This section discloses significant transactions entered into by the Group with related parties for the six months ended June 30, 2024, primarily including loans provided to and received from Jiangshan Baoyuan International Financial Leasing Co., Ltd. and its wholly-owned subsidiary, both bearing specific annual interest rates - The Group provided a loan to associate Jiangshan Baoyuan International Financial Leasing Co., Ltd., with a net amount of **RMB 130,562,000**, bearing an annual interest rate of **9.0%**[60](index=60&type=chunk)[139](index=139&type=chunk) - The Group obtained a loan from a wholly-owned subsidiary of associate Jiangshan Baoyuan, with a net amount of **RMB 26,100,000**, bearing an annual interest rate of **6.0%** and secured by certain trade receivables of the Group[140](index=140&type=chunk) [Fair Value Measurement](index=61&type=section&id=%E5%85%AC%E5%85%81%E5%83%B9%E5%80%BC%E8%A8%88%E9%87%8F) This section explains the Group's fair value measurement methodology for financial assets, particularly those measured at fair value through other comprehensive income, which are classified as Level 3 fair value hierarchy, with valuation using market approach techniques and adjusted for lack of marketability, resulting in a fair value loss for the period - Financial assets measured at fair value through other comprehensive income are classified as **Level 3** in the fair value hierarchy[149](index=149&type=chunk) - The fair value of Hohhot Jingu Bank and Jinzhou Bank shares is derived using market approach techniques (publicly traded comparable guideline method) and adjusted for a lack of marketability discount (**20.5%**)[151](index=151&type=chunk)[152](index=152&type=chunk) - For the six months ended June 30, 2024, the fair value change recognized in other comprehensive income was a loss of approximately **RMB 20,609,000**[153](index=153&type=chunk) [Events After Reporting Period](index=63&type=section&id=%E5%85%AC%E5%85%81%E5%83%B9%E5%80%BC%E8%A8%88%E9%87%8F) This section reiterates a significant event after the reporting date: on August 15, 2024, a wholly-owned subsidiary agreed to subscribe for and acquire a total 30% equity interest in Beijing Sibo Huiyi Technology Co., Ltd. for RMB 50,000,000, which will not result in the target company becoming a subsidiary - On August 15, 2024, a subsidiary of the Company agreed to subscribe for a **20% equity interest** in Beijing Sibo Huiyi Technology Co., Ltd. for **RMB 36,000,000** and acquire a **10% equity interest** for **RMB 14,000,000**[154](index=154&type=chunk) - Upon completion, the Company will hold a **30% equity interest** in the target company, but it will not become a subsidiary of the Company[154](index=154&type=chunk)

Financial Performance - For the six months ended June 30, 2024, the company reported a revenue of RMB 229,087,000, a decrease of 1.2% compared to RMB 232,658,000 for the same period in 2023[1]. - The gross profit for the same period was RMB 118,550,000, representing a significant increase of 22.4% from RMB 96,864,000 in the previous year[1]. - The net loss attributable to the owners of the company was RMB 163,727,000, compared to a loss of RMB 5,209,000 in the prior year, indicating a substantial decline in performance[2]. - The basic and diluted loss per share for the period was RMB (1.09), a significant increase from RMB (0.03) in the previous year[2]. - Total comprehensive loss for the period was RMB 155,643,000, compared to a loss of RMB 547,000 in the same period last year[3]. - Total revenue decreased by approximately 1.5%, from RMB 232,658,000 to RMB 229,087,000, primarily due to the sale of two solar power plants[26]. - Revenue from electricity sales decreased by approximately 15.3%, from RMB 153,548,000 to RMB 130,030,000, with total generation dropping by about 22.3%[27]. - The company reported a loss attributable to owners of the company of approximately RMB 163,727,000 for the six months ended June 30, 2024, compared to a loss of RMB 5,209,000 in the same period of 2023[15]. Assets and Liabilities - Non-current assets totaled RMB 2,444,599,000 as of June 30, 2024, slightly down from RMB 2,465,468,000 at the end of 2023[4]. - Current liabilities amounted to RMB 1,989,108,000, a decrease from RMB 2,028,118,000 at the end of the previous year[5]. - The company's total assets less current liabilities stood at RMB 3,370,893,000, down from RMB 3,694,387,000 at the end of 2023[5]. - The total accounts receivable as of June 30, 2024, was RMB 1,023,915,000, down from RMB 1,208,569,000 as of December 31, 2023[17]. - The net amount of accounts receivable after impairment provisions was RMB 946,586,000 as of June 30, 2024, compared to RMB 1,140,860,000 at the end of 2023[17]. - Accounts payable increased to RMB 36,745,000 as of June 30, 2024, from RMB 24,475,000 as of December 31, 2023[20]. - Total loans and borrowings decreased by approximately 7.7% from RMB 1,659,216,000 on December 31, 2023, to RMB 1,532,263,000 on June 30, 2024[50]. Revenue Streams - Electricity sales revenue, including renewable energy subsidies, was RMB 130,030,000, down from RMB 153,548,000 year-over-year[10]. - Interest income from financial services increased significantly to RMB 55,837,000, compared to RMB 28,520,000 in the previous year, representing a growth of approximately 96%[10]. - Health management services generated revenue of RMB 5,349,000, a new revenue stream for the company[10]. - Operating and maintenance services for solar power plants brought in RMB 37,871,000, down from RMB 50,590,000 in the prior year[10]. - Revenue from financial services increased by approximately 95.8%, from RMB 28,520,000 to RMB 55,837,000[24][28]. - Revenue from health management services amounted to RMB 5,349,000, with no recorded revenue in the previous period[25][29]. Expenses and Financial Management - The company’s financial expenses for the six months ended June 30, 2024, totaled RMB 58,039,000, a decrease of 27.5% from RMB 79,991,000 in the same period of 2023[12]. - Employee benefits expenses increased to RMB 119,214,000 for the six months ended June 30, 2024, up 17.0% from RMB 101,807,000 in the prior year[12]. - Administrative expenses increased by approximately 83.3%, from RMB 96,667,000 to RMB 177,210,000, mainly due to higher employee benefits and R&D expenses[32]. - Financial expenses decreased by approximately 27.4%, from RMB 79,991,000 to RMB 58,039,000, due to a reduction in average loans and borrowings[37]. Corporate Governance and Compliance - The company has adopted corporate governance practices in line with the Hong Kong Stock Exchange's rules, ensuring compliance and enhancing investor confidence[60]. - The audit committee reviewed the unaudited consolidated financial statements for the six months ended June 30, 2024, with no disagreements noted[66]. - The company confirmed that all directors complied with the standard code for securities transactions during the six months ended June 30, 2024[64]. Strategic Focus and Future Plans - The company is focusing on improving operational efficiency and exploring new market opportunities to enhance future performance[1]. - The company plans to continue operating solar power plants, optimize asset allocation efficiency, and enhance power station equipment efficiency to improve asset returns and shareholder value[59]. Investments and Acquisitions - The company entered into an agreement to acquire a 20% equity stake in Beijing Sibohui Medical Technology Co., Ltd. for RMB 36 million, and a subsequent 10% stake for RMB 14 million, totaling a 30% ownership post-transaction[63]. - The company completed the sale of a 60% stake in Shaanxi Yirun New Energy Technology Co., Ltd. for a total consideration of RMB 4,200,000 on April 17, 2024[57]. Market Context - In the first half of 2024, China's solar power industry saw a new installed capacity of 10,248 MW, with a cumulative installed capacity of 710 million kW, representing a year-on-year growth of 51.6%[59].

Financial Performance - In 2023, the company achieved a revenue of RMB 474.79 million, a decrease of 14.6% compared to RMB 555.73 million in 2022[12] - The gross profit for 2023 was RMB 219.65 million, down 18.0% from RMB 267.69 million in the previous year[12] - The company reported a net loss of RMB 328.65 million for the year, compared to a loss of RMB 290.32 million in 2022[12] - The basic and diluted loss per share for 2023 was RMB 2.24, compared to RMB 1.97 in 2022[12] - The company's gross profit decreased by approximately 17.9%, from RMB 267,689,000 in 2022 to RMB 219,648,000 in 2023, with the gross profit margin declining from about 48.2% to 46.3%[49] - Administrative expenses increased by approximately 15.8%, from RMB 167,011,000 in 2022 to RMB 193,473,000 in 2023, mainly due to higher employee benefits costs[51] - The company recorded a net loss of approximately RMB 33,770,000 from the sale of several subsidiaries in 2023, compared to a loss of RMB 8,587,000 in 2022[52] - Financial expenses decreased by approximately 11.7% to RMB 164,240,000 for the year ended December 31, 2023, down from RMB 186,081,000 in 2022, primarily due to a reduction in loans and borrowings[58] - The company has no distributable reserves as of December 31, 2023, and December 31, 2022[128] Revenue Sources - Revenue from financial services increased by approximately 25.7% from RMB 53,041,000 in 2022 to RMB 66,681,000 in 2023 due to more loans provided to customers[19] - Revenue from electricity sales dropped by about 25.8%, from RMB 385,695,000 in 2022 to RMB 286,256,000 in 2023, attributed to a reduction in total electricity generation following the sale of a subsidiary[46] - Revenue from solar power plant operation and maintenance services increased by approximately 4.2%, from RMB 116,991,000 in 2022 to RMB 121,856,000 in 2023, due to new service contracts[46] Asset Management - The total assets of the company decreased to RMB 5.72 billion from RMB 6.00 billion in the previous year[12] - The total outstanding loans to approximately 6,700 customers reached RMB 681,609,000 in 2023, up from RMB 408,316,000 in 2022[19] - The net book value of completed solar power plants as of December 31, 2023, was approximately RMB 939,706,000, down from RMB 2,049,134,000 in 2022, representing a decrease of about 54.1%[60] - The total loans and borrowings as of December 31, 2023, amounted to approximately RMB 1,659,216,000, a decrease of about 18.4% from RMB 2,034,419,000 in 2022, mainly due to the sale of subsidiaries[73] - Cash and cash equivalents as of December 31, 2023, were approximately RMB 254,778,000, down from RMB 301,979,000 in 2022, indicating a decrease of about 15.6%[70] Credit Risk Management - The company has established a credit committee responsible for approving and monitoring credit policies and loan portfolios[23] - The company utilizes its own funds for lending and does not accept public deposits, focusing on risk assessment and management[23] - The company has implemented a loan approval process that includes financial background checks and credit assessments for all new customers[23] - The company assessed credit risk based on factors including borrower's repayment ability, repayment history, willingness, collateral effectiveness, and internal risk management[28] - The company plans to continue monitoring and managing credit risk closely to ensure financial stability[28] - The company has a structured approach to monitor credit risk, ensuring timely assessments and actions for overdue loans[40] Operational Capacity - The total installed capacity of solar power plants owned by the company is 290 MW, a reduction from 359.8 MW in 2022[17] - The total electricity generation for 2023 was approximately 401,352 MWh[9] - The total electricity generation from solar power plants owned by the company decreased by approximately 21.6%, from 511,840 MWh in 2022 to 401,352 MWh in 2023[46] - The company holds 11 operational solar power plants across five provinces in China, including Anhui and Shaanxi[9] Strategic Initiatives - The company plans to continue expanding its clean energy and technology finance businesses while optimizing its asset structure[10] - The company aims to enhance the efficiency of its power generation facilities and accelerate diversification into the healthcare sector[10] - The company is entering the digital smart traditional Chinese medicine health management business with the acquisition of Beijing Eagle Eye Intelligent Health Technology Co., expected to generate revenue starting in 2024[44] - The company is focusing on developing solar projects in provinces with strong energy demand to mitigate the risk of power grid restrictions due to excess generation capacity[120] Governance and Compliance - The company has adopted corporate governance practices in line with the listing rules, ensuring compliance throughout the fiscal year ending December 31, 2023[183] - The audit committee has reviewed and confirmed the accounting principles and practices adopted by the group for the fiscal year ending December 31, 2023[173] - The company has established adequate insurance to protect directors against legal liabilities arising from corporate activities[188] - The board consists of at least three independent non-executive directors, ensuring strong independence for effective judgment[196] Market and Regulatory Environment - The company has identified significant risks related to government policies affecting the solar industry, including tax incentives and regulatory changes[119] - The company faces risks related to electricity prices, which are a major driver of profitability for new solar energy projects, and will actively cooperate with government inspections to assess impacts on subsidies[122] - The company's operations and revenue are primarily dependent on the Chinese market, with economic and political developments significantly influencing performance[123] Employee and Social Responsibility - The total employee compensation expenses, including directors' remuneration, amounted to approximately RMB 234,962,000 for the year ended December 31, 2023, compared to RMB 173,094,000 in 2022, reflecting a year-on-year increase of about 35.6%[84] - The company has committed to environmental sustainability and compliance with relevant laws and regulations[113] - The company has experienced a significant focus on employee training and development to enhance performance and market awareness[116] - The company made charitable donations of approximately RMB 9,000 in the fiscal year, a significant decrease from RMB 5,034,000 in the previous year[142]