Group 1 - The core viewpoint of the news is that Shandong High New Energy and Shandong High Holdings have signed an EPC contract for a photovoltaic project in Linyi, Shandong Province, with a total contract price of RMB 18.2291 million [1] - The project involves a distributed photovoltaic capacity of approximately 5.56 megawatts [1] - The contract price is subject to adjustments based on changes in national tax policies [1] Group 2 - Shandong High New Energy Group is actively integrating into national strategic planning and the diversified development ecosystem established by Shandong High Group [2] - The company is optimistic about the positive development of the Chinese economy and is actively participating in the clean energy sector, supporting projects aligned with the government's carbon peak and carbon neutrality goals [2] - Expanding the clean energy market across the country will enhance the strategic layout and business footprint of Shandong High New Energy Group and Shandong High Holdings in Shandong Province [2] - This initiative will contribute to the sustainable development of a diversified business portfolio in the clean energy sector and strengthen the long-term competitiveness and profitability of Shandong High New Energy Group and Shandong High Holdings [2]

山高新能源集团始终积极且深度地融入国家战略规划布局以及山东高速集团所构建的多元发展生态体 系。山高控股集团持续看好中国经济向好发展，积极融入清洁能源领域的新发展格局，并积极推进中国 政府根据2030年实现二氧化碳排放峰值、2060年实现碳中和的"十四五"规划大力支持的此领域项目。通 过在全国各地不断拓展清洁能源市场，项目的投资、建设与运营将进一步提升山高新能源集团及山高控 股集团在山东市场的战略布局、业务领域及足迹。此举不仅有助于山高新能源集团及山高控股集团在新 能源领域实现多元化业务组合的持续发展，还将为未来扩阔山高新能源集团及山高控股集团的收益基 础，增强山高新能源集团及山高控股集团的长期竞争力以及提高盈利能力。 智通财经APP讯，山高新能源(01250)及山高控股(00412)联合公布，于2025年9月12日，济南山高新能源 科技(为山高新能源的间接全资附属公司及山高控股的间接非全资附属公司)(作为发包人)与联合承包人 (即山东高速城市建设、山东省交通规划设计院及中国水电工程)订立EPC合同。根据EPC合同，济南山 高新能源科技同意委聘联合承包人就项目(位于中国山东省临沂市临沭县的岚曹高速约5.56兆瓦 ...

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 部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （於開曼群島註冊成立之有限公司） （股份代號：01250） （於百慕達註冊成立之有限公司） （股份代號：412） 聯合公告 有關EPC合同的關連交易 訂立EPC合同 山高新能源董事會及山高控股董事會各自宣佈，於二零二五年九月十二日（交易 時段後），濟南山高新能源科技（為山高新能源之間接全資附屬公司及山高控股之 間接非全資附屬公司）（作為發包人）與聯合承包人（即山東高速城市建設、山東省 交通規劃設計院及中國水電工程）訂立EPC合同。根據EPC合同，濟南山高新能源 科技同意委聘聯合承包人就項目提供EPC服務，合同總價為人民幣18,229,119.57元 （包括所有稅項）（可在國家稅務政策更改時調整）。 上市規則之涵義 於本聯合公告日期，由於(i)濟南山高新能源科技為山高新能源之間接全資附屬公 司及山高控股之間接非全資附屬公司；(ii)山東高速集團本身及透過多個實體直接 及間接合共持有山高控股之已發行股本約4 ...

Core Viewpoint - Shandong High Holdings (00412) is experiencing significant growth driven by its "green electricity + computing power" synergy, with substantial increases in revenue and profit reported for the first half of the year [1] Financial Performance - The company achieved a revenue of 2.503 billion RMB in the first half of the year, with 96% of this revenue coming from emerging industries [1] - Net profit reached 476 million RMB, representing a year-on-year increase of 506% [1] - Total assets amounted to 67.531 billion RMB, with approximately 51.976 billion RMB in assets from emerging industries, accounting for 76.97% of total assets [1] Market Outlook - According to Zhongtai Securities, the company's performance is expected to grow rapidly in the coming years due to its deepening layout in the AIDC industry and the synergistic effects brought by its major shareholder, Shandong Group [1] - Shandong New Energy is anticipated to benefit from the booming green electricity market in China, contributing significantly to revenue growth [1] - Century Internet is expected to continue benefiting from the development of artificial intelligence and the promotion of the "East Data West Computing" project, likely contributing to profit increments [1] - The standard investment business is predicted to remain stable, while the risk exposure in non-standard investment business is expected to gradually decrease [1]

中泰证券指出，基于公司在AIDC产业的布局深化，以及大股东山高集团带来的协同效应，预计未来几 年公司业绩将呈现较快增长。其中，贡献主要的营收增长的山高新能源将受益于中国绿电市场的蓬勃发 展；世纪互联则继续受益于人工智能的发展和"东数西算"工程的推进，有望贡献利润增量；标准投资业 务预测保持稳定，非标准投资业务的风险敞口将逐步缩小。 消息面上，山高控股"绿电+算力"双轮驱动的协同效应开始加速释放。财报数据显示，山高控股上半年 实现营业收入25.03亿元，其中来自新兴产业的收入占比96%；净利润4.76亿元人民币，同比暴增 506%；资产结构方面，山高控股总资产规模达675.31亿元，其中新兴产业资产规模约519.76亿元，占总 资产规模的76.97%。 智通财经APP获悉，山高控股(00412)尾盘涨超5%，截至发稿，涨4.38%，报17.64港元，成交额9875.66 万港元。 ...

Core Viewpoint - Shandong High New Energy (01250) and Shandong High Holdings (00412) announced a loan agreement with Ping An Bank Beijing Branch, indicating a strategic financial move to support their operations in the renewable energy sector [1] Group 1: Loan Agreement Details - Shandong High Photovoltaic, a wholly-owned subsidiary of Shandong High New Energy and a non-wholly-owned subsidiary of Shandong High Holdings, is the borrower in the loan agreement [1] - The loan amount provided by Ping An Bank Beijing Branch is RMB 868 million [1]

Group 1 - The core announcement involves a loan agreement between Shango New Energy and Ping An Bank, where Shango Photovoltaic, a subsidiary of Shango New Energy, will receive a loan of RMB 868 million [1] - The loan agreement is set to be executed on September 5, 2025, indicating a future financial commitment [1] - This financial arrangement highlights the ongoing investment and financing activities within the renewable energy sector, particularly in photovoltaic technology [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本聯合公告的內容概不 負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本聯合公告 全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （於開曼群島註冊成立之有限公司） （股份代號：01250） 聯合公告 有關貸款合同之關連交易 訂立貸款合同 山高新能源董事會及山高控股董事會各自宣佈，於二零二五年九月五日（交易時 段後），山高光伏（為山高新能源之間接全資附屬公司及山高控股之間接非全資附 屬公司，作為借款人）與平安銀行北京分行（作為貸款人）訂立貸款合同。根據貸款 合同，平安銀行北京分行同意向山高光伏提供人民幣868,334,134.50元的貸款。 上市規則之涵義 於本聯合公告日期，由於︰i)中國平安保險（集團）股份有限公司通過其附屬公司 持有天津富歡企業管理諮詢有限公司（為山高新能源之間接非全資附屬公司及山 高控股之間接非全資附屬公司）超過10%的股份，而平安銀行為中國平安保險（集 團）股份有限公司之附屬公司；及ii)山高控股直接持有山高新能源之已發行股本約 60.66%。根據上市規則第14A章，平安銀行為山高新能源及山高控股各自 ...

Core Insights - Shandong Hi-Speed Holdings Group Ltd. (SDHG) reported a remarkable half-year performance with net profit increasing by 506% to RMB 476 million, driven by its strategic focus on renewable energy and computing power [1][10] - The company's operating income reached RMB 2.503 billion, with 96% derived from emerging sectors, highlighting the success of its dual-engine strategy [1][10] Financial Performance - Total assets rose to RMB 67.531 billion, with 76.97% allocated to green electricity and data centers, reinforcing SDHG's position in the digital and green tech markets [2][10] - The sixfold increase in net profit marks SDHG's strongest half-year performance ever, primarily fueled by investments in green electricity and computing [3][10] Business Segments - VNET Group Inc. reported a 22.1% year-on-year revenue increase to RMB 2.43 billion in Q2 2025, with its Wholesale Internet Data Center business soaring by 112.5% to RMB 850 million [4] - Shandong Hi-Speed New Energy Group Ltd. (SHNE) achieved an H1 2025 operating income of RMB 2.4 billion, with a 6.5% rise in net profit to RMB 400 million [4] Strategic Initiatives - SDHG's integration of electricity and computing is exemplified by its investments in SHNE and VNET, creating a self-reinforcing ecosystem that combines green energy with high-demand computing infrastructure [5] - The Ulanqab Source-Grid-Load-Storage Integration Project aims to generate 860 million kWh annually, with expected economic benefits of RMB 1.3 billion once fully operational [6] Future Outlook - SDHG is committed to advancing its digital economy ambitions and has partnered with Huawei Technologies to develop "zero-carbon smart parks" and enhance smart transportation solutions [7] - The company is also exploring fintech opportunities, having issued Hong Kong's first corporate notes tokenization product worth $40 million, and plans to expand into blockchain and digital currency applications [8] - With China's carbon peak target set for 2030 and neutrality by 2060, SDHG will maintain its focus on green energy and computing power to build a robust digital economy ecosystem [9]

Core Viewpoint - The article discusses the "AI Energy Paradox," highlighting the dual nature of AI technology that improves energy efficiency while increasing power consumption due to high computational demands. It emphasizes the challenges of achieving a balance between computational power, cost control, and low carbon emissions, referred to as the "impossible triangle" [1][2]. Group 1: Company Overview - Shandong Gaohigh Technology (山高控股) is recognized as a leader in the Chinese computing power sector, successfully addressing the industry's challenges with its "green electricity + computing power" dual-drive model, resulting in a remarkable 506% year-on-year increase in net profit [2][6]. - The company has established a unique ecosystem by integrating power generation, grid management, load balancing, and energy storage, which is essential for providing reliable and efficient computing power [5][6]. Group 2: Market Dynamics - By 2028, the demand for inference computing power is expected to surpass training computing power, making it a critical resource for AI operations. The Chinese intelligent computing market is projected to grow 2.5 times, with an annual growth rate of nearly 40% [3][4]. - The integration of the "source-network-load-storage" project in Ulanqab City, which aims to create an innovative mechanism for local power generation and consumption, is a significant step towards solving the "impossible triangle" [3][4]. Group 3: Financial Performance - In the first half of 2025, Shandong Gaohigh Technology reported revenues of 2.503 billion yuan, with 96% coming from emerging industries, and a net profit of 476 million yuan, reflecting a 506% increase year-on-year [6][7]. - The collaboration with Century Internet has led to significant growth in operational metrics, with Century Internet's revenue reaching 2.43 billion yuan in Q2, a 22% increase, and base business revenue growing by 112.5% [6][7]. Group 4: Strategic Initiatives - The company is expanding its green energy assets, having secured over 4 GW of new energy development indicators, which will support the replication of the Ulanqab model across other regions rich in clean energy resources [11][12]. - Strategic partnerships, such as the one with Huawei, enhance the company's capabilities in providing computing infrastructure and green energy solutions, particularly in zero-carbon parks and smart transportation projects [14][15]. Group 5: Future Growth Potential - The "electricity-computing integration" model is not merely a static asset combination but a dynamic ecosystem with significant growth potential, driven by three engines: replication, collaboration, and digital asset management [10][11][15]. - The issuance of tokenized products for real-world assets (RWA) positions the company to capitalize on the growing global RWA market, expected to reach $16.1 trillion by 2030, thereby opening new financing channels and revenue models [15][20].