值得注意的是，山高控股旗下乌兰察布源网荷储一体化项目上半年取得关键进展。数据中心一期已投入 商业运营，二期工程稳步推进，新能源发电部分已完成审批及公示，力争年底前开工。目前，山高控股 乌兰察布源网荷储一体化项目每度绿电预计比常规火电下浮大约是1-2分钱。中泰证券预测，乌兰察布 数据中心未来若100%供电于规划中的三期1GW数据中心，预计每年增量经济效益将高达13亿元。 消息面上，山高控股上半年实现收入达25.03亿元，同比下滑11.64%，其中新兴产业贡献收入96%。期 内实现净利润4.76亿元，同比增长506%；归母净利润为4960万元，上年同期亏损3.63亿元，今年大幅扭 亏。据悉，公司收入同比下降主要由于公司战略性压缩传统投资业务，主动收缩低毛利或高风险业务。 智通财经APP获悉，山高控股(00412)今日放量下跌近30%，4月至今累计涨幅仍超120%。截至发稿，跌 24.22%，报12.61港元，成交额3.12亿港元。 ...

Core Viewpoint - Shandong High Holdings (00412) experienced a significant drop of nearly 30% today, despite a cumulative increase of over 120% since April. The stock is currently down 24.22% at HKD 12.61, with a trading volume of HKD 312 million [1] Financial Performance - For the first half of the year, Shandong High Holdings reported revenue of CNY 2.503 billion, a year-on-year decline of 11.64%, with emerging industries contributing 96% of the revenue [1] - The company achieved a net profit of CNY 476 million, a substantial increase of 506% year-on-year, while the attributable net profit was CNY 49.6 million, recovering from a loss of CNY 363 million in the same period last year [1] Strategic Developments - The decline in revenue is attributed to the company's strategic decision to reduce traditional investment operations and to actively withdraw from low-margin or high-risk businesses [1] - Notably, the Ulanqab integrated energy storage project under Shandong High Holdings made significant progress in the first half of the year. The first phase of the data center has commenced commercial operations, and the second phase is progressing steadily [1] - The renewable energy generation component of the Ulanqab project has completed approval and public announcement, with plans to start construction by the end of the year. The expected cost of green electricity is projected to be approximately 1-2 cents lower per kilowatt-hour compared to conventional coal power [1] Economic Impact - According to Zhongtai Securities (600918), if the Ulanqab data center is fully powered by the planned 1GW data center in the third phase, the expected annual incremental economic benefit could reach CNY 1.3 billion [1]

Group 1 - The core point of the article is the announcement of an EPC contract between Heze Shango Energy and a joint contractor for a wind power project in Shandong Province, China [1] - The total contract value is approximately RMB 1.011 billion, which includes all taxes and may be adjusted based on changes in national tax policies [1] - The project involves a distributed wind power capacity of 175 megawatts located in Yuncheng County, Heze City, Shandong Province [1]

Core Viewpoint - Shandong High New Energy and Shandong High Holdings announced the signing of an EPC contract for a 175 MW distributed wind power project in Shandong Province, with a total contract value of approximately RMB 1.011 billion, including all taxes [1] Group 1 - The EPC contract was signed between Heze Shandong High Energy, a wholly-owned subsidiary of Shandong High New Energy, and the joint contractors, China Energy Engineering Second Construction Company and Zhengchen Technology [1] - The project is located in Yuncheng County, Heze City, Shandong Province [1] - The total contract price is subject to adjustment based on changes in national tax policies [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） （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 有關EPC合同的須予 披露交易及關連交易 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，於二零二五年九月十三日，菏澤 山高能源（為山高新能源之直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（即中國能建第二工程公司及正晨科技）訂立EPC 合同。根據EPC合同，菏澤山高能源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1,011,365,724.00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)菏澤山高能源為山高新能源之直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 合共擁有山高控股之已發行股本約43.44%及間接持有山高新 ...

Core Insights - The company reported a revenue of 2.503 billion yuan for the first half of 2025, a year-on-year decrease of 11.64%, while net profit reached 476 million yuan, a significant increase of 506% compared to the previous year [1] - The decline in revenue is attributed to a strategic reduction in traditional investment businesses, focusing on high-margin sectors, particularly the "integrated computing" strategy, which has started to yield substantial profits [1] - The company generated a fair value gain of 539 million yuan from listed securities and other financial assets, contributing significantly to the total profit [1] Financial Performance - The gross profit margin for the first half of 2025 was 48.15%, showing a slight increase of 0.92% from the previous year, while the net profit margin was 18.98%, reflecting an increase of 6.56% year-on-year [1] - The company’s total assets reached approximately 67.531 billion yuan, with investments in emerging industries accounting for about 51.976 billion yuan, representing 76.97% of total assets [1] Business Segments - The controlled subsidiary, Shanggao New Energy, reported a net profit growth of 6.5% in the first half of 2025, with ongoing projects in wind power showing positive progress [2] - The company is enhancing its investment management capabilities and optimizing governance to strengthen its core competitiveness and improve the efficiency of the industry value chain [2] Future Outlook - The company is expected to experience rapid growth in the coming years, driven by the booming green electricity market and the ongoing development of artificial intelligence and the "East Data West Computing" project [3] - Revenue projections for 2025-2027 are approximately 6.587 billion yuan, 6.771 billion yuan, and 7.371 billion yuan, with net profits expected to be around 216 million yuan, 456 million yuan, and 555 million yuan respectively [3]

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]

Core Viewpoint - The collaboration between Shandong High New Energy and Shandong High Holdings aims to enhance their strategic positioning in the clean energy sector, aligning with national carbon neutrality goals and expanding their market presence in Shandong province [1][2]. Group 1: Contract Details - Shandong High New Energy Technology, a wholly-owned subsidiary of Shandong High New Energy, has signed an EPC contract with a consortium including Shandong Expressway Urban Construction, Shandong Provincial Transportation Planning and Design Institute, and China Hydropower Engineering [1]. - The EPC contract is for a distributed photovoltaic project with a peak capacity of approximately 5.56 megawatts located in Linyi City, Shandong Province, with a total contract price of RMB 18.2291 million, inclusive of all taxes [1]. Group 2: Strategic Implications - 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 committed to advancing projects in the clean energy sector, supporting the government's 14th Five-Year Plan aimed at achieving peak carbon emissions by 2030 and carbon neutrality by 2060 [2]. - The expansion into the clean energy market will enhance the strategic layout, business scope, and footprint of Shandong High New Energy Group and Shandong High Holdings in Shandong, contributing to a diversified business portfolio and strengthening long-term competitiveness and profitability [2].

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]