I. 法定/註冊股本變動 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8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: 山高控股集團有限公司 呈交日期: 2025年9月1日 | 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) | 00412 | 說明 | 普通股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 500,000,000,000 | HKD | | 0.001 | HKD | | 500,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 500,000,000,000 | HKD | | 0.001 | HKD | | 500,000,000 ...

Core Viewpoint - The global AI industry is experiencing significant growth, leading to explosive performance increases for leading companies like Shankao Holdings, which reported a net profit of 476 million yuan, a 506% year-on-year increase, and total assets exceeding 67.5 billion yuan, showcasing the potential of its "integrated computing and electricity" strategy [1][2]. Group 1: Financial Performance - Shankao Holdings achieved a revenue of 2.503 billion yuan in the first half of 2025, with emerging industries contributing 96% of this revenue [2]. - The company reported a total asset scale of 67.531 billion yuan, with emerging industry assets accounting for 76.97% at 51.976 billion yuan [2]. - The cash and cash equivalents totaled approximately 4.577 billion yuan, indicating a strong financial position for future investments [2]. Group 2: Strategic Initiatives - Shankao Holdings is focusing on clean energy and intelligent computing centers as part of its core strategic emerging industries, promoting resource integration and building an "electric computing technology industry" ecosystem [2]. - The company is accelerating the construction of its "electric computing technology industry ecosystem" by deepening its layout in the two core sectors of clean energy and computing [3]. - The Ulanqab integrated source-network-load-storage project has made significant progress, with the first phase of the data center already in commercial operation and the second phase advancing steadily [4]. Group 3: Market Opportunities - The rapid development of artificial intelligence is driving unprecedented demand for computing infrastructure, with expectations for continued growth in intelligent computing centers [6]. - The integration of renewable energy generation with data center computing needs is being achieved through the "source-network-load-storage" model, which aims to reduce costs and improve efficiency [6]. - The Ulanqab project is expected to generate significant economic benefits, with an estimated annual incremental economic benefit of 1.3 billion yuan if fully powered by renewable energy [6].

Core Viewpoint - The company reported significant growth in revenue and net profit, driven by its "green electricity + computing power" strategy, indicating a strong competitive advantage and future growth potential [1][2][3] Group 1: Financial Performance - For the first half of 2025, the company achieved a revenue of 2.503 billion yuan, with 96% coming from emerging industries, and a net profit of 476 million yuan, representing a year-on-year increase of 506% [1] - The computing power segment, through its strategic investment in Century Internet (VNET), reported total revenue of 2.43 billion yuan in Q2 2025, a year-on-year growth of 22.1%, with base-type business revenue reaching 850 million yuan, up 112.5% [1] - The renewable energy segment, according to the financial data of the company's subsidiary, achieved revenue of 2.4 billion yuan and a net profit of approximately 400 million yuan, with total assets growing by about 2.3% to 49.5 billion yuan [2] Group 2: Strategic Initiatives - The company has increased its stake in its renewable energy subsidiary to 60.66%, enhancing control and operational efficiency over core assets [2] - The Ulanqab integrated project is highlighted as a key initiative in the company's strategy, successfully demonstrating a full integration of electricity and computing power, with an expected annual power generation of approximately 860 million kWh once fully operational [2] - The company anticipates further value growth as AI computing power demand surges and the Ulanqab project reaches full production capacity [3]

Core Viewpoint - Shandong Holdings (00412.HK) reported significant growth in its mid-year results for 2025, with a notable increase in both revenue and profit metrics [1] Financial Performance - The company achieved revenue of 2.502 billion yuan during the reporting period [1] - Net profit reached 475 million yuan, representing a substantial increase of 506% compared to the same period last year [1] - Profit before tax was 603 million yuan, showing a year-on-year growth of 226%, indicating a qualitative leap in profitability [1] Strategic Outlook - For the second half of 2025, the company plans to leverage the critical window period of the conclusion of the 14th Five-Year Plan and the planning of the 15th Five-Year Plan [1] - The focus will be on the development of new productive forces, led by artificial intelligence technology [1] - The company aims to continue deepening the construction of the "digital integration" emerging industry ecosystem [1]

Core Insights - The company reported a revenue of 2.503 billion, representing a year-on-year decrease of 11.64% [1] - The profit attributable to shareholders was 49.6 million, a significant improvement from a loss of 363 million in the same period last year [1] - Earnings per share stood at 0.82 cents [1] Segment Performance - The industrial investment segment achieved a profit of approximately 402 million, up from about 326 million in the same period last year, benefiting from strategic synergies from resource integration [1]

[Financial Performance](index=1&type=section&id=Financial%20Performance) This section provides an overview of the Group's financial results, including condensed consolidated statements of profit or loss, comprehensive income, and financial position [Condensed Consolidated Statement of Profit or Loss](index=1&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) The Group's revenue decreased, but profit for the period significantly increased due to fair value gains on financial assets and lower finance costs | Metric | 2025 (RMB '000) | 2024 (RMB '000) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 2,502,643 | 2,832,300 | -11.64% | | Gross Profit | 1,205,070 | 1,441,217 | -16.40% | | Fair value gains/(losses) on financial assets at FVTPL, net | 538,781 | (12,272) | Significant improvement | | Finance Costs | (937,746) | (1,033,707) | -9.28% | | Profit before tax | 603,782 | 185,089 | +226.22% | | Profit for the period | 475,677 | 78,469 | +506.25% | | Profit/(loss) for the period attributable to owners of the Company | 49,600 | (363,152) | Turned profitable | | Basic and diluted earnings/(loss) per share | RMB0.82 cents | RMB(6.03) cents | Turned profitable | [Condensed Consolidated Statement of Comprehensive Income](index=3&type=section&id=Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) Total comprehensive income significantly increased due to higher profit for the period, despite negative impacts from fair value changes and exchange differences | Metric | 2025 (RMB '000) | 2024 (RMB '000) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Profit for the period | 475,677 | 78,469 | +506.25% | | Other comprehensive income/(loss) for the period | 54,482 | (53,377) | Turned profitable | | Total comprehensive income for the period | 530,159 | 25,092 | +2012.80% | | Total comprehensive income/(loss) for the period attributable to owners of the Company | 104,281 | (382,725) | Turned profitable | [Condensed Consolidated Statement of Financial Position](index=4&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) Total assets and net assets increased, with a significant improvement in net current assets, reflecting a robust financial position | Metric | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | Change (%) | | :--- | :--- | :--- | :--- | | Total non-current assets | 39,987,718 | 41,008,163 | -2.50% | | Total current assets | 27,543,482 | 25,166,199 | +9.45% | | Total current liabilities | 17,944,058 | 20,550,048 | -12.68% | | Net current assets | 9,599,424 | 4,616,151 | +107.96% | | Net assets | 17,922,190 | 17,758,041 | +0.92% | | Total equity | 17,922,190 | 17,758,041 | +0.92% | [Notes to the Condensed Consolidated Financial Statements](index=6&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed notes to the condensed consolidated financial statements, covering company information, accounting policies, segment reporting, and specific financial asset and liability disclosures [Company Information and Basis of Preparation](index=6&type=section&id=Company%20Information%20and%20Basis%20of%20Preparation) This section details company information, the basis of interim financial statement preparation, including compliance with HKAS, presentation currency changes, and new HFRS adoption - The Company is an exempted company incorporated in Bermuda, with its shares listed on the Hong Kong Stock Exchange[8](index=8&type=chunk) - The interim financial statements are prepared in accordance with **Hong Kong Accounting Standard 34 "Interim Financial Reporting"** issued by the HKICPA[9](index=9&type=chunk) - The presentation currency of the consolidated financial statements changed from HKD to **RMB** from the year ended December 31, 2024, applied retrospectively to reflect the Group's primary operations and RMB-denominated transactions in mainland China[10](index=10&type=chunk) [Operating Segment Information](index=8&type=section&id=Operating%20Segment%20Information) The Group operates four reportable segments: Industrial, Standardized, Non-standard Investment, and Licensed Financial Services, with performance assessed by adjusted profit before tax - The Group operates **four reportable segments**: Industrial Investment, Standardized Investment, Non-standard Investment, and Licensed Financial Services[15](index=15&type=chunk)[17](index=17&type=chunk) Segment Revenue and Results (For the six months ended June 30) | Segment | 2025 Revenue (RMB '000) | 2024 Revenue (RMB '000) | 2025 Results (RMB '000) | 2024 Results (RMB '000) | | :--- | :--- | :--- | :--- | :--- | | Industrial Investment | 2,399,627 | 2,404,830 | 402,351 | 325,937 | | Standardized Investment | 14,607 | 74,392 | 406,126 | (26,471) | | Non-standard Investment | 58,617 | 313,273 | (176,989) | 63,354 | | Licensed Financial Services | 29,792 | 39,805 | 25,037 | (86,333) | | Total | 2,502,643 | 2,832,300 | 656,525 | 276,487 | - Over **90%** of the Group's revenue and assets are generated or located in China, thus no geographical segment information is presented[23](index=23&type=chunk)[24](index=24&type=chunk) [Revenue](index=12&type=section&id=Revenue) Revenue primarily from electricity sales and entrusted operation services, with photovoltaic power generation as the largest contributor, but overall customer contract revenue and interest income decreased Revenue from Contracts with Customers (For the six months ended June 30) | Revenue Source | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Photovoltaic power generation business | 1,299,207 | 1,341,417 | | Wind power business | 729,634 | 672,693 | | Entrusted operation services | 25,916 | 21,147 | | Construction and related services | 9,141 | 24,819 | | Provision of clean heating services | 335,729 | 344,754 | | Consultancy service income | – | 3,609 | | Brokerage business income | 4,401 | 4,543 | | Asset management and performance income | 315 | 400 | | **Total revenue from contracts with customers** | **2,404,343** | **2,413,382** | | Finance lease income | – | 48 | | Interest income from money lending business | 15,388 | 25,513 | | Interest income from debt investments | 28,968 | 313,273 | | Interest income from financial assets at FVTPL | 12,958 | 5,692 | | Interest income from financial assets at FVOCI | 40,986 | 74,392 | | **Total Revenue** | **2,502,643** | **2,832,300** | - In H1 2025, revenue recognized over time significantly increased to **RMB338,357 thousand** (2024: RMB7,945 thousand), while revenue recognized at a point in time decreased[25](index=25&type=chunk) [Other Gains and Losses, Net](index=13&type=section&id=Other%20Gains%20and%20Losses%2C%20Net) Net other gains and losses significantly decreased, primarily due to a shift from exchange gains to losses, partially offset by debt restructuring gains | Item | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Exchange (losses)/gains, net | (69,207) | 46,442 | | Loss on disposal of finance lease receivables | (18,050) | – | | Debt restructuring gain | 99,362 | – | | Gain on extinguishment of debt | – | 43,671 | | **Total** | **12,105** | **81,198** | [Impairment Losses on Financial Assets](index=14&type=section&id=Impairment%20Losses%20on%20Financial%20Assets) Net impairment losses on financial assets reversed decreased, driven by increased reversals for finance lease receivables but reduced reversals for loans and trade receivables | Item | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Finance lease receivables | 57,334 | 1,583 | | Loans receivable | (4,181) | 25,294 | | Trade and other receivables | 1,197 | 54,845 | | **Total** | **54,350** | **81,722** | [Finance Costs](index=14&type=section&id=Finance%20Costs) Total finance costs decreased, primarily due to reduced interest on bank borrowings, bonds, and lease liabilities | Item | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Interest on bank borrowings | 829,309 | 845,943 | | Interest on other borrowings | 70,194 | 78,206 | | Interest on bonds | 79,987 | 115,545 | | Interest on lease liabilities | 57,951 | 115,745 | | **Total finance costs** | **1,037,441** | **1,155,439** | | Less: Finance costs included in cost of sales and services | (98,727) | (118,698) | | Less: Interest capitalised | (968) | (3,034) | | **Net finance costs** | **937,746** | **1,033,707** | [Components of Profit Before Tax](index=15&type=section&id=Components%20of%20Profit%20Before%20Tax) This section details income and expenses affecting profit before tax, including employee benefits, fair value changes, electricity sales costs, and depreciation, with significant improvement in FVTPL financial asset gains Key Income/Expense Items (For the six months ended June 30) | Item | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Total employee benefit expenses | 148,929 | 141,913 | | Fair value (gains)/losses on financial assets at FVTPL, net | (538,781) | 12,272 | | Cost of electricity sales and entrusted operation services | 901,259 | 867,087 | | Depreciation of property, plant and equipment | 699,879 | 625,963 | | Depreciation of right-of-use assets | 70,997 | 109,713 | [Income Tax Expense](index=17&type=section&id=Income%20Tax%20Expense) Income tax expense increased due to higher PRC corporate income tax and Hong Kong profits tax, and a shift from deferred tax income to expense | Item | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | PRC corporate income tax | 127,211 | 137,400 | | Hong Kong profits tax | 399 | 5,420 | | Deferred tax | 495 | (36,239) | | **Total income tax expense** | **128,105** | **106,620** | - Certain subsidiaries enjoy **preferential corporate income tax rates** in China due to their engagement in photovoltaic and wind power station operations[38](index=38&type=chunk) [Earnings/(Loss) Per Share](index=18&type=section&id=Earnings%2F%28Loss%29%20Per%20Share) Basic and diluted earnings per share attributable to owners of the Company turned from a loss to a profit | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Profit/(loss) for the period attributable to owners of the Company (RMB '000) | 49,600 | (363,152) | | Weighted average number of ordinary shares ('000 shares) | 6,019,431 | 6,019,431 | | Basic and diluted earnings/(loss) per share (RMB cents) | 0.82 | (6.03) | [Dividends](index=18&type=section&id=Dividends) The Board decided not to declare any interim dividend for the current reporting period, consistent with the prior year - The Board will not declare any interim dividend for the current period, consistent with the prior period (for the six months ended June 30, 2024: nil)[41](index=41&type=chunk) [Property, Plant and Equipment](index=19&type=section&id=Property%2C%20Plant%20and%20Equipment) Additions to property, plant and equipment significantly increased, reflecting growth in capital expenditure | Item | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Additions to property, plant and equipment | 474,242 | 136,420 | [Interests in Associates](index=19&type=section&id=Interests%20in%20Associates) Total interests in associates decreased due to reduced listed investment costs, but increased share of post-acquisition profit and exchange adjustments | Item | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Cost of unlisted investments | 2,181,082 | 2,181,082 | | Cost of listed investments | 3,365,754 | 4,552,173 | | Share of post-acquisition profit and other comprehensive income | 77,746 | 26,747 | | Total interests in associates | 5,678,655 | 6,748,437 | [Financial Assets at Fair Value Through Other Comprehensive Income](index=20&type=section&id=Financial%20Assets%20at%20Fair%20Value%20Through%20Other%20Comprehensive%20Income) Total financial assets at fair value through other comprehensive income slightly decreased, driven by minor changes in unlisted equity investments and bonds | Item | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Subtotal non-current assets | 853,972 | 868,011 | | Subtotal current assets | 3,378,361 | 3,404,179 | | **Total** | **4,232,333** | **4,272,190** | - The Group designates certain listed equity as measured at fair value through other comprehensive income, intending to hold them for the **long term**[44](index=44&type=chunk) [Financial Assets at Fair Value Through Profit or Loss](index=21&type=section&id=Financial%20Assets%20at%20Fair%20Value%20Through%20Profit%20or%20Loss) Total financial assets at fair value through profit or loss significantly increased, driven by a substantial rise in listed equity investments held for trading | Item | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Listed equity investments held for trading | 1,733,747 | 31,958 | | Investment funds held for trading | 180,984 | 178,132 | | Other investment funds | 553,773 | 553,173 | | Unlisted equity investments | 616,462 | 601,088 | | **Total** | **3,085,281** | **1,364,658** | [Finance Lease Receivables](index=22&type=section&id=Finance%20Lease%20Receivables) Carrying amount of finance lease receivables remained stable, all maturing within one year | Item | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Within one year | 293,319 | 294,019 | | **Carrying amount of finance lease receivables** | **293,319** | **294,019** | [Loans Receivable](index=22&type=section&id=Loans%20Receivable) Total loans receivable (net of impairment) decreased, mainly due to fewer 2-5 year loans, but more loans maturing within 90 days | Item | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Gross loans receivable | 3,542,146 | 3,755,715 | | Less: Provision for impairment losses | (436,880) | (432,772) | | **Net amount** | **3,105,266** | **3,322,943** | | Due within 90 days | 933,292 | 851,105 | | Due in 2 to 5 years | 596,671 | 1,643,970 | [Contract Assets](index=23&type=section&id=Contract%20Assets) Total contract assets increased, primarily driven by growth in electricity price subsidies receivable | Item | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Electricity price subsidies receivable | 728,435 | 659,052 | | Construction contracts | 34,859 | 31,029 | | **Total** | **763,294** | **690,081** | - Electricity price subsidies receivable represent renewable energy central government subsidies in China to be invoiced and settled after photovoltaic and wind power projects are listed for national subsidies[48](index=48&type=chunk) [Trade and Other Receivables](index=24&type=section&id=Trade%20and%20Other%20Receivables) Total trade and other receivables increased, driven by growth in electricity price subsidies receivable, but other receivables decreased | Item | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Trade receivables | 1,631,474 | 1,606,035 | | Electricity price subsidies receivable | 8,153,340 | 7,168,375 | | Prepayments | 825,073 | 849,370 | | Deposits and other receivables | 1,737,352 | 2,257,843 | | **Total** | **13,552,175** | **13,022,150** | | Current assets | 12,702,061 | 12,166,002 | - The aging analysis of electricity price subsidies receivable indicates that the portion over **2 years old** accounts for the largest share, totaling **RMB4,120,090 thousand**[52](index=52&type=chunk) - The Group generally grants **30 to 90 days** credit to customers and accepts settlement by bank and commercial bills with **90 to 180 days** terms[52](index=52&type=chunk) [Trade Payables and Bills Payable](index=26&type=section&id=Trade%20Payables%20and%20Bills%20Payable) Total trade payables and bills payable slightly decreased, with an increase in amounts due within 90 days but a significant reduction in 181-day to 1-year maturities | Aging | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Within 90 days | 19,728 | 9,862 | | 181 days to 1 year | 44,326 | 149,555 | | Over 2 years | 578,077 | 519,421 | | **Total** | **873,567** | **890,344** | - Trade payables and bills payable are generally settled within terms of **30 to 180 days**[54](index=54&type=chunk) [Borrowings](index=27&type=section&id=Borrowings) Total borrowings increased, driven by significant growth in non-current bank borrowings and bonds, while current borrowings decreased | Item | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Bank borrowings | 34,994,528 | 32,086,591 | | Bonds | 4,949,596 | 5,026,320 | | Other borrowings | 4,996,563 | 5,926,528 | | **Total borrowings** | **44,940,687** | **43,039,439** | | Non-current liabilities | 29,836,627 | 25,875,627 | | Current liabilities | 15,104,060 | 17,163,812 | - The Group's borrowings are secured by various methods, including guarantees from Shandong Hi-Speed Group, the Company and/or its subsidiaries, pledges of financial assets, trade receivables, contract assets, property, plant and equipment, concession rights, bank deposits, and equity interests in subsidiaries[57](index=57&type=chunk) [Comparative Amounts](index=28&type=section&id=Comparative%20Amounts) Certain comparative amounts have been reclassified and restated to ensure consistency with the current period's presentation and accounting treatment - Certain comparative amounts have been reclassified and restated to ensure consistency with the current period's presentation and accounting treatment[56](index=56&type=chunk) [Management Discussion and Analysis](index=29&type=section&id=Management%20Discussion%20and%20Analysis) This section provides management's perspective on the Group's performance, market conditions, strategic initiatives, business segment reviews, financial resources, and future outlook [Market Review](index=29&type=section&id=Market%20Review) Global economy showed multipolar divergence with AI as a core growth engine; China's GDP grew 5.3% with structural optimization and green development - In H1 2025, the global economy showed multipolar divergence, with **artificial intelligence** emerging as a core growth engine[58](index=58&type=chunk) - China's H1 GDP grew by **5.3%** year-on-year, demonstrating stable economic operation, accelerated structural optimization, and increased contribution from new growth drivers[58](index=58&type=chunk) [Group Strategy and Operations](index=29&type=section&id=Group%20Strategy%20and%20Operations) The Group focuses on clean energy and intelligent computing, optimizing industrial operations, reducing traditional investments, and building a "precise investment-risk control-efficient exit" system - The Group focuses on strategic emerging industries like **clean energy** and **intelligent computing centers**, driving industrial operational optimization and upgrading[59](index=59&type=chunk) - As of June 30, 2025, the Group's total asset scale was approximately **RMB67.531 billion**, with emerging industry investment assets at **RMB51.976 billion**, representing **76.97%** of the total[60](index=60&type=chunk) - The Group prudently reduced exposure to traditional investment businesses, focusing on structured investment and financing across key industry value chains, and accelerating existing risk asset revitalization[60](index=60&type=chunk) [Business Review](index=30&type=section&id=Business%20Review) Business segments showed mixed performance, with significant profit growth in industrial investment, a turnaround in standardized investment, losses in non-standard investment, and improved licensed financial services [Industrial Investment Business](index=30&type=section&id=Industrial%20Investment%20Business) Industrial investment profit grew significantly, driven by the "Electricity-Computing Integration" strategy, successful new energy projects, and strong performance from 21Vianet - The Group fully empowers electricity-computing ecosystem enterprises, accelerating the implementation of the **"Electricity-Computing Integration" strategy**[61](index=61&type=chunk) - The new energy sector added over **350 MW** of development indicators, with Shandong Hi-Speed New Energy Group Limited having **4.9 GW** of new energy power generation projects under construction and approved[62](index=62&type=chunk) - The first "Electricity-Computing Integration" demonstration project, the Ulanqab source-grid-load-storage integration project, is progressing smoothly, with data center Phase I in commercial operation and Phase II advancing steadily[63](index=63&type=chunk) | Metric | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Industrial Investment segment profit | 402,351 | 325,937 | [Standardized Investment Business](index=32&type=section&id=Standardized%20Investment%20Business) Despite severe market volatility, standardized investment achieved a turnaround to profit through a cautious fair value investment strategy - In H1 2025, global markets experienced severe volatility, with US Treasury yields fluctuating by over **50 basis points**[65](index=65&type=chunk) - The standardized fixed income portfolio maintained **low position levels** by adhering to a cautious investment strategy[65](index=65&type=chunk) | Metric | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Standardized Investment business profit/(loss) at fair value | 508,000 | (28,000) | [Non-standard Investment Business](index=32&type=section&id=Non-standard%20Investment%20Business) Non-standard investment prioritized mitigating existing risks, reducing credit exposure through debt restructuring and asset revitalization, resulting in decreased revenue and a loss - The Group prioritized mitigating existing risks, implementing multiple measures to reduce credit exposure in existing non-standard investment businesses[66](index=66&type=chunk) - The Group prudently seized investment opportunities, focusing on strategic industrial investment directions and seeking potential target companies in new energy and new infrastructure sectors[66](index=66&type=chunk) | Metric | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Non-standard Investment business profit/(loss) | (177,000) | 63,000 | [Licensed Financial Services](index=33&type=section&id=Licensed%20Financial%20Services) Licensed financial services recorded a profit, a significant improvement from a prior-period loss, primarily due to impairment reversals in finance lease business - The Group holds **Hong Kong SFC licenses** for regulated activities 1, 4, 5, 6, and 9, a Hong Kong money lender's license, and PRC licenses for QFLP fund management and finance leasing[68](index=68&type=chunk) | Metric | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Licensed Financial Services business profit/(loss) | 25,000 | (86,000) | | Impairment reversal for finance lease business | 57,000 | - | [Outlook](index=33&type=section&id=Outlook) Global economy faces weak recovery with AI momentum; China will expand domestic demand and transform industries; the Group will capitalize on AI and build an "Electricity-Computing Integration" ecosystem - In H2 2025, the global economy is expected to maintain a weak recovery, with the **artificial intelligence revolution** injecting new momentum for growth[69](index=69&type=chunk) - The Chinese government will expand domestic demand, fostering a favorable financial environment for industrial transformation through moderately loose monetary and proactive fiscal policies[69](index=69&type=chunk) - The Group will seize national strategic opportunities and technological revolution trends, fully capitalizing on **AI development** to build a unique **"Electricity-Computing Integration"** emerging industry ecosystem[70](index=70&type=chunk) [Liquidity and Financial Resources](index=34&type=section&id=Liquidity%20and%20Financial%20Resources) The Group maintains ample liquidity, with increased cash, total assets, and borrowings, a slight rise in gearing, and ongoing monitoring of FX risks and capital commitments [Cash and Total Borrowings](index=34&type=section&id=Cash%20and%20Total%20Borrowings) Cash and cash equivalents, total assets, and total borrowings all increased, indicating expanded business scale and increased financing activities | Metric | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Total cash and cash equivalents | 4,576,636 | 4,308,390 | | Total assets | 67,531,200 | 66,174,362 | | Total borrowings | 44,940,687 | 43,039,439 | | Total equity attributable to owners of the Company | 443,542 | 1,117 | - Outstanding borrowings include bank borrowings of approximately **RMB34.99 billion**, bonds of approximately **RMB4.95 billion**, and other borrowings of approximately **RMB5.00 billion**[72](index=72&type=chunk) [Gearing Ratio](index=35&type=section&id=Gearing%20Ratio) The gearing ratio slightly increased, indicating a minor rise in leverage | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Gearing Ratio | 66.55% | 65.04% | [Foreign Exchange Risk Management](index=35&type=section&id=Foreign%20Exchange%20Risk%20Management) The Group primarily faces RMB foreign exchange risk, deemed insignificant by management, with no hedging instruments used during the period - The Group primarily faces **RMB foreign exchange risk** and monitors its fluctuation impact[74](index=74&type=chunk) - Management considers the foreign exchange risk impact **insignificant** and did not use any financial or hedging instruments during the reporting period[74](index=74&type=chunk) [Pledge of Assets](index=36&type=section&id=Pledge%20of%20Assets) Certain bills payable, lease liabilities, and borrowings were secured by various assets and guarantees - Pledges include guarantees from Shandong Hi-Speed Group, the Company and/or its subsidiaries, pledges of financial assets, trade receivables, contract assets, property, plant and equipment, concession rights, bank deposits, and equity interests in subsidiaries and associates[75](index=75&type=chunk)[77](index=77&type=chunk) [Contingent Liabilities and Capital Commitments](index=36&type=section&id=Contingent%20Liabilities%20and%20Capital%20Commitments) No significant contingent liabilities, but contracted capital commitments exist for clean energy projects and joint venture capital injections | Item | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Capital commitments for developing clean energy projects | 372,542 | 495,010 | | Capital commitments for injecting capital into joint ventures | 482,336 | 332,336 | [Significant Acquisitions and Disposals](index=37&type=section&id=Significant%20Acquisitions%20and%20Disposals) The Group further acquired Shandong Hi-Speed New Energy Group Limited equity, increasing its stake to 56.97%, and subsequently reached 60.66% after a mandatory cash offer - The Company further acquired a **13.52%** equity interest in Shandong Hi-Speed New Energy Group Limited for **HK$540,759,493.04**, increasing its stake from **43.45% to 56.97%**[78](index=78&type=chunk) - Following the offer's close, the Company and its concert parties' interest in Shandong Hi-Speed New Energy Group Limited increased to approximately **60.66%**[80](index=80&type=chunk) [Issue of Debt Securities](index=38&type=section&id=Issue%20of%20Debt%20Securities) The Group issued a US$500 million guaranteed bond and an RMB500 million medium-term note for refinancing and general corporate purposes - Coastal Emerald Limited issued **US$500 million** principal amount of **4.60% guaranteed bonds**, with net proceeds of approximately **US$498 million**[81](index=81&type=chunk) - A Shandong Hi-Speed New Energy Group Limited subsidiary issued **RMB500 million** principal amount of **2.30% medium-term notes**, with net proceeds of approximately **RMB499 million**[81](index=81&type=chunk) [Employees and Remuneration Policy](index=38&type=section&id=Employees%20and%20Remuneration%20Policy) Employee count decreased, but total staff costs increased; the Group focuses on attracting and retaining talent with competitive remuneration and development opportunities | Metric | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Number of employees | 1,899 | 2,160 | | Total staff costs (RMB billion) | 1.489 | 1.419 | - The Group formulates internal remuneration policies, offering competitive compensation packages based on qualifications, experience, market levels, and individual expertise[84](index=84&type=chunk) - The Group provides social insurance, housing provident fund, mandatory provident fund, statutory and additional leave benefits, and awards bonuses and incentives to outstanding employees[84](index=84&type=chunk) [Other Information](index=39&type=section&id=Other%20Information) This section covers additional disclosures including post-reporting period events, dividend policy, share dealings, corporate governance practices, and supplemental information on continuing connected transactions [Events After the Reporting Period](index=39&type=section&id=Events%20After%20the%20Reporting%20Period) Post-period, the Group disclosed two EPC contracts with Shandong Hi-Speed Group associates, aggregated and disclosed as connected transactions per Listing Rules - Feixian Zhuoneng New Energy signed the Feixian EPC contract with the joint contractor, with a total contract price of **RMB58,550,787.83**[87](index=87&type=chunk) - Transactions under the Feixian EPC contract and Yangzhou Weichai EPC contract are connected, aggregated per Listing Rules, and subject to reporting and announcement requirements[89](index=89&type=chunk)[91](index=91&type=chunk) [Dividends](index=41&type=section&id=Dividends) The Board reiterated its decision not to declare an interim dividend for the reporting period, consistent with the prior year - The Board did not declare an interim dividend for the reporting period (prior period: nil)[92](index=92&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=41&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) Neither the Company nor any subsidiaries purchased, sold, or redeemed any of the Company's listed securities during the reporting period - During the reporting period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[93](index=93&type=chunk) [Corporate Governance](index=41&type=section&id=Corporate%20Governance) The Company complied with the Corporate Governance Code, with the Audit Committee reviewing financial statements and internal controls - The Company complied with all applicable code provisions of the **Corporate Governance Code** in Appendix C1 of the Listing Rules during the reporting period[94](index=94&type=chunk) - The Audit Committee reviewed the Group's unaudited condensed consolidated financial statements for the six months ended June 30, 2025, confirming compliance with applicable accounting standards and requirements[96](index=96&type=chunk) - The Directors confirmed compliance with the **Model Code for Securities Transactions by Directors of Listed Issuers** in Appendix C3 of the Listing Rules throughout the reporting period[97](index=97&type=chunk) [Supplemental Information on Continuing Connected Transactions](index=42&type=section&id=Supplemental%20Information%20on%20Continuing%20Connected%20Transactions) This section provides supplemental information on 2024 continuing connected transactions, comparing actual amounts against annual caps for factoring and electricity sales agreements Actual Transaction Amounts for 2024 Continuing Connected Transactions | No | Transaction | Annual Cap (RMB '000) | Actual Transaction Amount (RMB '000) | | :--- | :--- | :--- | :--- | | (I) | Factoring Agreement – Provision of recourse factoring financing services | 252,200 | 223,690 | | (II) | 2023 Electricity Sales Agreement – Sale of electricity generated from photovoltaic power stations | 4,045 | 770 | | (III) | 2022 Electricity Sales Agreement – Sale of electricity to Beijing Enterprises Water Group Limited | 30,988 | 14,790 |

Core Insights - The 2025 China Computing Power Conference highlighted "green low-carbon" and "intelligent agility" as key themes, emphasizing the rapid development of artificial intelligence (AI) reshaping computing infrastructure, which in turn drives AI advancements [1][2] - The conference revealed that China's computing power industry is transitioning from scale competition to a focus on comprehensive strength, with an emphasis on providing high-quality and green computing power [2][9] Industry Developments - The average Power Usage Effectiveness (PUE) of Chinese computing centers has decreased to 1.42, with 246 national green data centers established, contributing positively to industrial upgrades and the "dual carbon" goals [2][3] - The Ministry of Industry and Information Technology stressed the need for diverse, intelligent, secure, and green computing infrastructure to enhance resource efficiency and promote high-quality development [2] Company Strategy - Shandong High Control (山高控股) has strategically positioned itself as a "green computing power infrastructure builder," transitioning from an industry investor to a provider of stable and efficient green computing power [1][3] - The company has made significant investments in renewable energy, controlling over 3.7 GW of wind and solar capacity, and has partnered with Century Internet to secure a foothold in digital infrastructure [3][6] Project Initiatives - The collaboration between Shandong High Control, the Ulanqab Municipal Government, and Century Internet aims to implement an integrated "source-network-load-storage" project, enhancing AI computing demand with stable and low-cost energy [3][4] - The Ulanqab data center is projected to achieve a PUE of 1.15, optimizing 23% compared to the industry average, with an estimated annual economic benefit of 1.3 billion yuan [3][4] Regulatory Compliance - The Ulanqab project has been recognized as a model case in the "Computing Power and Electricity Coordination" by the China Academy of Information and Communications Technology, providing a replicable solution for the industry [4] Financial Innovations - Shandong High Control has successfully issued a $40 million tokenized corporate note in Hong Kong, marking a significant step in integrating financial innovation with its computing power strategy [8][9] - The company launched China's first data center Pre-REITs fund, facilitating low-cost financing and connecting financial capabilities with operational needs [8][9] Future Outlook - The company is positioned as a leader in the computing power industry, leveraging its dual focus on industrial and financial sectors to create a digital economy ecosystem that integrates AI computing, data assets, and application scenarios [9]

Group 1 - The core viewpoint of the news is that Shankao Holdings has successfully issued Hong Kong's first corporate note tokenization product, marking a significant step towards the digitalization of the Hong Kong bond market [2] - The total amount of the tokenized corporate note issued by Shankao Holdings is $40 million, deployed on the HashKey Chain platform [2] - Tokenization is highlighted as a key focus in financial innovation, involving the mapping of real-world assets (RWA) such as government bonds, loans, and real estate into programmable digital assets on the blockchain [2] Group 2 - Following the enactment of the Stablecoin Regulation on August 1, Hong Kong has become the first jurisdiction globally to establish a comprehensive regulatory framework for stablecoins [2] - A week after the regulation, the world's first RWA registration platform was launched, aimed at facilitating the entire process of data, asset, and financialization for RWA tokenization [2] - Shankao Holdings aims to leverage this regulatory environment to push more of its quality assets onto the blockchain, viewing the $40 million issuance as a strategic move rather than just a financing effort [3] Group 3 - Shankao Holdings has developed a dual-circulation strategy combining "computing integration" with an AI ecosystem, focusing on AI computing power and green energy as core assets [3] - The company holds a strategic stake in Century Internet, with an operational capacity of 573 MW in IDC and over 50,000 city-based cabinets [3] - Shankao Holdings manages a total installed capacity of 4.7 GW in green energy, generating over 6.5 billion kWh annually, and possesses numerous green power certificates with on-chain trading value [3] Group 4 - The company is accelerating its layout towards a digital economy ecosystem that integrates "AI computing power, data assets, and application scenarios" [4] - Shankao Holdings aims to provide the foundational support of green electricity and computing power while unlocking the potential value of data assets and empowering upper-layer application scenarios [4]

山高控股公告，预期截至2025年6月30日止的六个月将录得未经审核综合净利润不少于人民币4.5亿元， 相较于截至2024年6月30日止六个月的人民币7800万元有显著增长。利润增加主要得益于按公允值计入 损益的金融资产公允值大幅增加超过人民币5.5亿元，同时本期间收益减少约人民币3.3亿元，而行政及 其他经营开支和销售及服务成本则减少约人民币1.2亿元。 （文章来源：证券时报网） ...

Group 1 - The company, Shango Holdings (00412.HK), expects to achieve an unaudited consolidated net profit of at least approximately RMB 450 million for the six months ending June 30, 2025, compared to an unaudited consolidated net profit of approximately RMB 78 million for the six months ending June 30, 2024 [1] - As of August 21, 2025, Shango Holdings closed at HKD 18.33, up 0.71%, with a trading volume of 6.269 million shares and a turnover of HKD 115 million [1] - The stock has received a majority of "Buy" ratings from investment banks, with four firms issuing "Buy" ratings in the last 90 days [1] Group 2 - Shango Holdings has a market capitalization of HKD 109.554 billion, ranking second in the diversified financial industry [2] - Key financial metrics for Shango Holdings include a revenue of RMB 5.581 billion, a net profit margin of 12.41%, and a gross profit margin of 47.23% [2] - The company's debt ratio stands at 73.16%, significantly higher than the industry average of 39.59% [2]