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: 彩虹集團新能源股份有限公司 呈交日期: 2025年9月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 其他類別 (請註明) | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | N/A | 說明 | 內資股 | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 80,073,400 RMB | | | 1 RMB | | 80,073,400 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 80,073,400 RMB | | | 1 RMB | | 80,073,400 | | 2. 股份分類 | 普通股 | 股份類別 | ...

Core Viewpoint - Rainbow New Energy (00438.HK) reported a decline in revenue and net loss for the first half of 2025, primarily due to falling product prices despite a slight increase in solar photovoltaic glass sales [1] Financial Performance - The company's solar photovoltaic glass sales increased by 5.5% compared to the same period last year [1] - Revenue reached RMB 1.519 billion, a decrease of 25.52% year-on-year [1] - The net loss attributable to shareholders was RMB 296 million, a reduction of RMB 300 million year-on-year [1] - Total profit amounted to RMB -295 million, down RMB 3.09 million year-on-year [1] Industry Context - The photovoltaic glass industry is experiencing intensified competition due to supply-demand imbalances and capacity mismatches [1] - The company is focusing on cost reduction and efficiency improvement, accelerating technological innovation, and developing high value-added products [1] - The current industry environment is characterized by deep internal competition, necessitating enhanced technological innovation, improved internal management, and reduced production costs as core survival strategies [1]

Core Viewpoint - Rainbow New Energy (00438) reported a significant decline in its mid-year performance for 2025, with a notable drop in revenue and a shift to net losses due to adverse market conditions in the photovoltaic glass sector [1] Financial Performance - The company's operating revenue was approximately 1.519 billion yuan, representing a year-on-year decrease of 25.52% [1] - The net loss attributable to shareholders was around 296 million yuan, marking a transition from profit to loss compared to the previous year [1] - Basic loss per share was reported at 1.6770 yuan [1] Business Operations - The main business revenue decreased by 25.56% year-on-year, primarily due to a temporary supply-demand imbalance in photovoltaic glass production, leading to a significant drop in product prices [1] - The losses were largely attributed to intensified competition in the photovoltaic glass industry, driven by supply-demand conflicts and capacity mismatches [1] - The company is actively pursuing cost reduction and efficiency improvement initiatives, alongside accelerating technological innovation and the development of high-value-added products [1] - Despite these efforts, the continuous decline in product prices has resulted in a substantial decrease in the gross margin of the photovoltaic glass business [1] - In response to the current industry conditions and price fluctuations, the company has made provisions for asset impairment on photovoltaic glass products in accordance with accounting standards [1]

Group 1 - The core viewpoint of the article highlights that Rainbow New Energy (00438) reported a significant decline in its mid-year performance for 2025, with a revenue of approximately 1.519 billion yuan, representing a year-on-year decrease of 25.52% [1] - The net loss attributable to shareholders was about 296 million yuan, marking a shift from profit to loss compared to the previous year, with a basic loss per share of 1.6770 yuan [1] - The main reason for the decline in revenue was a significant imbalance in supply and demand for photovoltaic glass, leading to a substantial drop in product prices, with the main business revenue decreasing by 25.56% year-on-year [1] Group 2 - The loss was primarily attributed to intensified competition in the photovoltaic glass industry due to supply-demand conflicts and capacity mismatches, despite the company's efforts to reduce costs and enhance efficiency [1] - The company is accelerating technological innovation and the development and mass production of high value-added products, but the continuous decline in product prices has led to a significant drop in the gross profit margin of its photovoltaic glass business [1] - In light of the current industry situation and product price fluctuations, the company has made provisions for asset impairment on photovoltaic glass products in accordance with the "Enterprise Accounting Standards" [1]

Financial Position - As of June 30, 2025, the total current assets amounted to RMB 3,294,385,200.19, an increase of 6.3% from RMB 3,100,222,863.49 as of December 31, 2024[4] - Total liabilities as of June 30, 2025, were RMB 7,773,856,794.21, an increase of 6.5% from RMB 7,298,790,640.87[7] - The total equity attributable to shareholders decreased to RMB 1,118,519,330.65 from RMB 1,476,480,195.02, a decline of 24.3%[8] - The company's total assets reached RMB 8,892,376,124.86, up from RMB 8,775,270,835.89, indicating a growth of 1.3%[8] - As of June 30, 2025, current liabilities amounted to RMB 5,149.70 million, while current assets were RMB 3,294.39 million, resulting in a net current liability of RMB 1,855.31 million[23] Cash Flow and Profitability - The company reported a net loss of RMB 3,218,870,761.04, worsening from a loss of RMB 2,923,171,081.15 in the previous period[8] - Operating revenue for the first half of 2025 was CNY 1,518,740,667.32, a decrease of 25.5% compared to CNY 2,039,047,469.40 in the same period of 2024[9] - The net loss for the first half of 2025 was CNY 295,699,679.89, compared to a net profit of CNY 4,192,939.69 in the same period of 2024[10] - The total comprehensive income for the first half of 2025 was -CNY 357,960,864.37, compared to CNY 6,315,480.07 in the first half of 2024[14] - For the first half of 2025, the group reported a net profit attributable to shareholders of RMB -295.70 million and a net cash flow from operating activities of RMB -445.24 million[23] Expenses and Costs - The total operating costs for the first half of 2025 were CNY 1,674,447,571.44, down from CNY 1,885,049,802.03 in the first half of 2024, reflecting a reduction of 11.2%[9] - Research and development expenses for the first half of 2025 were CNY 50,925,375.02, down from CNY 66,432,483.93 in the first half of 2024, indicating a reduction of 23.4%[9] - Financial expenses increased to CNY 75,858,633.81 in the first half of 2025 from CNY 67,592,531.69 in the same period of 2024, an increase of 17.8%[9] Investments and Development - The company has plans for market expansion and new product development, although specific details were not disclosed in the financial report[3] - The company continues to focus on the solar photovoltaic industry, with ongoing efforts in market expansion and product development[19] - The company is committed to strengthening technological innovation to maximize customer value and accelerate the R&D and mass production of high-tech, high-quality, and high-value-added products[24] Financial Management and Accounting Policies - The financial statements prepared by the company comply with the requirements of the Enterprise Accounting Standards, accurately reflecting the financial position as of June 30, 2025[26] - The accounting policies and estimates are based on the accrual basis of accounting, with historical cost as the primary measurement basis for most assets and liabilities[30] - The company confirmed that it can exert control over non-similar controlled investees due to additional investments, with the fair value of shares held before the acquisition date being remeasured[37] Taxation - The company benefits from a reduced corporate income tax rate of 15% for enterprises in encouraged industries located in the western region, effective from January 1, 2021, to December 31, 2030[200] - The company’s subsidiary, Hefei Photovoltaics, has been recognized as a high-tech enterprise, qualifying for a 15% corporate income tax rate for three years[200] - Another subsidiary, Xianyang Photovoltaics, was also recognized as a high-tech enterprise, enjoying the same 15% corporate income tax rate for three years[200] Risk Management and Provisions - The company has established impairment provisions for financial assets based on assumptions regarding default risk and expected loss rates[192] - Management assesses asset impairment, particularly for long-term assets, including fixed assets and intangible assets, based on recoverable amounts[193] - Provisions for estimated liabilities are recognized based on the best estimate of the required expenditure to fulfill current obligations[138] Revenue Recognition - The company recognizes revenue when control of the relevant goods or services is transferred to the customer, reflecting the economic benefits derived from the transaction[148] - The transaction price is determined based on the expected amounts to be received from customers, excluding amounts collected on behalf of third parties[149] - The company will allocate the transaction price to each performance obligation based on their relative standalone selling prices[148] Lease Accounting - The company recognizes lease liabilities for all leases except for short-term leases and low-value asset leases[172] - The initial measurement of right-of-use assets includes the amount of lease liabilities, any lease payments made before the lease commencement date, and initial direct costs incurred[172] - The company does not recognize right-of-use assets and lease liabilities for short-term leases (less than 12 months) and low-value asset leases, recognizing lease payments on a straight-line basis[177] Securitization and Financial Instruments - The company has engaged in the securitization of certain receivables, selling them to special purpose entities, which then issue securities to investors[184] - The gain or loss from the securitization process is recognized in the current period's profit or loss based on the difference between the carrying amount of the financial assets and their fair value[184] Segment Reporting - The company determines its operating segments based on internal organizational structure and management requirements, disclosing segment information accordingly[187]

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倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 彩 虹 集 團 新 能 源 股 份 有 限 公 司（「本公司」）董 事 會（「董事會」）謹 此 宣 佈， 董 事 會 將 於 二 零 二 五 年 八 月 二 十 八 日（星 期 四）舉 行 董 事 會 會 議，藉 以（其 中 包 括）批 准 本 公 司 及 其 附 屬 公 司 截 至 二 零 二 五 年 六 月 三 十 日 止 六 個 月 的 中 期 業 績 及 考 慮 派 發 中 期 股 息（如 有）之 建 議。 承董事會命 彩虹集團新能源股份有限公司 楊 樺 董事長 中華人民共和國陝西省 二零二五年八月十八日 於本公告刊發日期，本公司董事會由楊樺女士及高鋒安先生擔任執行董事， 由 方 忠 喜 先 生 及 王 棟 先 生 擔 任 非 執 行 董 事，及 由 蘇 坤 先 生、李 勇 先 生 及 郝 梅 平 女 士 擔 任 獨 立 非 執 ...

呈交日期: 2025年8月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 其他類別 (請註明) | | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | N/A | 說明 | 內資股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 80,073,400 | RMB | | 1 | RMB | | 80,073,400 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 80,073,400 | RMB | | 1 | RMB | | 80,073,400 | 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: 彩虹集團新能源股份有限公司 | 2. 股 ...

Group 1 - The Dalian Commodity Exchange announced adjustments to trading fees for industrial silicon and polysilicon futures contracts, effective from July 21, 2025. The trading fee for industrial silicon futures SI2509 will be set at 0.01% of the transaction amount, while polysilicon futures PS2508 and PS2509 will have fees of 0.02% and 0.015% respectively for regular trades, and the same rates for intraday closing trades [1] Group 2 - Recent data from the China Nonferrous Metals Industry Association indicates a significant increase in silicon wafer prices, with N-type G10L single crystal wafers averaging 1.05 yuan per piece (up 22.09% week-on-week), N-type G12R at 1.15 yuan (up 15.00%), and N-type G12 at 1.35 yuan (up 13.45%). This price increase is attributed to rising silicon material prices and improved supply-demand dynamics [2] - The photovoltaic industry is facing challenges in the first half of 2025, with supply-demand mismatches leading to price declines and significant operational pressures on most companies in the supply chain. Following the end of the "531" installation rush, demand is expected to weaken in the second half of the year, putting further pressure on prices across the industry [2] - The Central Financial Committee's sixth meeting highlighted the issue of "disorderly competition" and called for accelerated exit of backward production capacity, promoting high-quality development in the industry. The Ministry of Industry and Information Technology emphasized the need to enhance product quality and improve industrial structure efficiency during a meeting with key manufacturing enterprises [2] Group 3 - Dongwu Securities forecasts that global photovoltaic installations will reach 610 GW in 2025, a year-on-year increase of 13%. However, due to a slowdown in growth following the installation rush in China, overseas emerging markets are expected to contribute the majority of the incremental growth. Supply-side policies are guiding industry self-discipline, and anti-involution measures may drive prices upward. The report recommends focusing on high-growth sectors, including leading silicon material companies, component leaders with strong channel advantages, and new technology leaders in auxiliary materials [3] Group 4 - Hong Kong stocks related to the silicon material segment of the photovoltaic industry include GCL-Poly Energy (03800) and Xinte Energy (01799). Stocks related to photovoltaic glass include Fuyao Glass (06865), Kaisa New Energy (01108), Rainbow New Energy (00438), and Xinyi Solar (00968) [4]

Group 1 - The Ministry of Industry and Information Technology held a meeting on July 3 to discuss the photovoltaic industry, emphasizing the implementation of the Central Financial Committee's decisions to promote a unified national market [1] - The photovoltaic glass industry is responding positively to the "anti-involution" policy, with the top ten domestic photovoltaic glass manufacturers planning to collectively reduce production by 30% starting in July [1][2] - As of June 29, the industry has a silicon material inventory of approximately 400,000 tons, which is sufficient to meet two months of downstream demand [1] Group 2 - The price of 2.0mm coated photovoltaic glass has reached a historical low of 10.5-11 yuan per square meter, potentially below the cash costs of leading companies, leading to significant losses for second-tier companies [2] - To avoid intensified competition among photovoltaic glass companies and prevent a vicious market cycle, most glass manufacturers plan to reduce production starting in July, with an industry-wide initiative targeting a 30% reduction [2] - According to Guangfa Securities, the current market conditions will rely more on market-driven measures for supply contraction, with outdated production capacity largely eliminated during the previous downturn [2] Group 3 - Related Hong Kong stocks in the photovoltaic industry include GCL-Poly Energy (03800) and New Special Energy (01799) [3] - Photovoltaic glass-related Hong Kong stocks include Fuyao Glass (06865), Kaisa New Energy (01108), Rainbow New Energy (00438), and Xinyi Solar (00968) [3]

Group 1 - The central financial committee's recent meeting emphasized the need for "anti-involution" measures in the building materials industry, leading to adjustments in capacity planning and product pricing [1] - The photovoltaic glass industry is facing significant supply-demand imbalances, with many companies planning to reduce production starting in July, with an expected reduction scale of 30% [1] - The photovoltaic glass sector has experienced eight consecutive weeks of negative gross profit, with expectations of large-scale production cuts in the second half of the year, potentially reducing daily melting capacity to around 90,000 tons by year-end [1] Group 2 - Huatai Securities highlights the urgency of "anti-involution" in the photovoltaic glass sector, suggesting that leading companies are likely to take the initiative in production cuts [2] - The recent meeting called for the regulation of low-price disorderly competition and the promotion of the exit of outdated production capacity, indicating a proactive approach in industries like cement and glass [2] - The photovoltaic glass industry may face overall losses at current prices, with anticipated demand contraction and high inventory levels by the second half of 2025 further increasing price pressures [2] Group 3 - Related Hong Kong stocks in the photovoltaic glass sector include Fuyao Glass (06865), Kaisa New Energy (01108), Rainbow New Energy (00438), and Xinyi Solar (00968) [3]