(1)根據特別授權建議認購新股份； 香港交易及結算所有限公司及香港聯合交易所有限公司（「聯交所」）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，並明確表示概不就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。 本公告僅供參考，並不構成收購、購買或認購本公司證券的邀請或要約。 CHINA RUIFENG RENEWABLE ENERGY HOLDINGS LIMITED 中國瑞風新能源控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：00527） 每月最新消息 內容有關 (2)根據特別授權建議認購可換股債券； (3)主要及關連交易 — 有關目標公司50%股權的建議收購事項； 及 (4)申請清洗豁免 茲提述(i)中國瑞風新能源控股有限公司（「本公司」，連同其附屬公司統稱「本集 團」）日期為二零二四年六月二十一日的公告（「第一份公告」），內容有關（其中 包括）股份認購事項、可換股債券認購事項、可能收購事項及清洗豁免；(ii)本 公司日期為二零二四年七月十二日、九月三十日及十二月二日以及二零二五 年二月三日、三月三十一日、五月三十日、七月十六日及八月二十九日的 ...

(Incorporated in the Cayman Islands with limited liability) （於開曼群島註册成立之有限公司） （Stock Code 股份代號：527） NOTIFICATION LETTER 通知信函 Dear Non-registered Holder(s)(Note 1) , 30 September 2025 China Ruifeng Renewable Energy Holdings Limited (the "Company") – Notice of publication of Interim Report 2025 (the "Current Corporate Communication") The English and Chinese versions of the Company's Current Corporate Communications are available on the Company's website at www.c-ruifeng.com and the website of The Stock Exchang ...

China Ruifeng Renewable Energy Holdings Limited 中國瑞風新能源控股有限公司 (Incorporated in the Cayman Islands with limited liability) （於開曼群島註册成立之有限公司） （Stock Code 股份代號：527） NOTIFICATION LETTER 通知信函 30 September 2025 Dear Registered Shareholders. China Ruifeng Renewable Energy Holdings Limited (the "Company") – Notice of publication of Interim Report 2025 (the "Current Corporate Communication") The English and Chinese versions of the Company's Current Corporate Communications are now available on the Company's website a ...

[Company Information](index=3&type=section&id=Company%20Information) This chapter outlines the company's basic information, including its HKEX listing, board composition, and key operational details [Company Overview](index=3&type=section&id=Company%20Overview) This section details the company's basic information, including its HKEX listing, board members, committee structures, and key operational details - The company is listed on The Stock Exchange of Hong Kong Limited under stock code **00527**[5](index=5&type=chunk) - The Board of Directors includes Mr. Yuan Wanyong (Chairman), Mr. Zhang Zhixiang (CEO), Mr. Ning Zhongzhi as executive directors, and Mr. Qu Weidong, Ms. Hu Xiaolin, Mr. Jiang Senlin as independent non-executive directors[5](index=5&type=chunk) - Mr. Jiang Senlin chairs the Audit Committee, Ms. Hu Xiaolin chairs the Remuneration Committee, and Mr. Qu Weidong chairs the Nomination Committee[5](index=5&type=chunk) [Financial Performance Summary](index=6&type=section&id=Financial%20Performance%20Summary) This chapter provides an overview of the company's financial performance, highlighting revenue growth alongside significant declines in gross profit and increased losses [Condensed Consolidated Financial Performance Overview](index=6&type=section&id=Condensed%20Consolidated%20Financial%20Performance%20Overview) This section summarizes the unaudited condensed consolidated financial results for the six months ended June 30, 2025, showing revenue growth but deteriorated profitability and increased net debt Condensed Consolidated Statement of Profit or Loss Summary (For the six months ended June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | Approximate Change (RMB thousands) | Approximate Change (%) | | :--- | :--- | :--- | :--- | :--- | | Revenue | 183,438 | 173,602 | 9,836 | 6 | | Gross Profit | 45,328 | 64,580 | (19,252) | (30) | | Operating Profit | 41,132 | 56,385 | (15,253) | (27) | | Loss Before Tax | (18,595) | (7,398) | (11,197) | 151 | | Loss for the Period | (40,357) | (21,844) | (18,513) | 85 | | Loss for the Period Attributable to Owners of the Company | (35,526) | (36,818) | 1,292 | 4 | | Loss/(Profit) for the Period Attributable to Non-controlling Interests | (4,831) | 14,974 | (19,805) | (132) | Condensed Consolidated Statement of Financial Position Summary (As at June 30) | Indicator | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Net Debt | 2,071,440 | (1,832,018) | | Net Assets | 59,591 | 86,669 | | Liquidity Ratio | 80% | 77% | | Trade Receivables Turnover Days | 264 | 246 | | Trade Payables Turnover Days | 25 | 39 | | Net Debt to Equity Ratio | 3,476% | 2,114% | [Chairman's Statement](index=7&type=section&id=Chairman's%20Statement) The Chairman's Statement highlights the group's focus on wind farm and energy storage operations, strategic expansion in new energy, and commitment to sustainable development [First Half Performance and Strategic Focus](index=7&type=section&id=First%20Half%20Performance%20and%20Strategic%20Focus) The Chairman's statement outlines the group's focus on wind farm and energy storage operations, successful grid connection of a new storage project, and strategic alignment with national new energy policies - The Group primarily engaged in wind farm operation and energy storage power station businesses in the first half of 2025, while continuing to seek investment opportunities in the energy sector[10](index=10&type=chunk) - The grid-side independent energy storage power station project developed through Hebei Ruifeng Yunlian Digital New Energy achieved grid connection conditions in **December 2024**, with revenue expected in **2025**[10](index=10&type=chunk) - The Group's strategic focus is to align with national energy development strategies and power system reforms, steadily developing traditional wind power projects, strengthening strategic deployment in energy storage, and expanding new application scenarios to become a leading new energy enterprise[11](index=11&type=chunk) [Management Discussion and Analysis](index=9&type=section&id=Management%20Discussion%20and%20Analysis) This section provides an in-depth analysis of the group's operational and financial performance, including revenue drivers, cost structures, liquidity, and future strategic directions [Business Review](index=9&type=section&id=Business%20Review) The Group's wind farm operations revenue grew by 6% in the first half of 2025, driven by stable operations and increased utilization hours, with a new energy storage project achieving full capacity grid connection - For the six months ended June 30, 2025, revenue from wind farm operations was approximately **RMB181,373,000**, an increase of approximately **6%** compared to the same period last year[13](index=13&type=chunk) - The Hongsong Wind Farm project maintained stable operations, with average utilization hours increasing from **969 hours** in the same period of 2024 to **1,066 hours** in 2025[14](index=14&type=chunk) - The Chabei Management Zone Energy Storage Power Station project (**300 MW / 1.2 GWh**) achieved full capacity grid connection on **January 22, 2025**, with primary revenue models being electricity market transactions and capacity leasing[16](index=16&type=chunk) [Financial Review](index=10&type=section&id=Financial%20Review) The Group's revenue increased by 6% to RMB183,438,000, but gross profit decreased by 30% to RMB45,328,000, and loss for the period expanded by 85% to RMB40,357,000, primarily due to energy storage project costs Key Financial Indicators Changes (For the six months ended June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 183,438 | 173,602 | 6 | | Gross Profit | 45,328 | 64,580 | (30) | | Loss for the Period | (40,357) | (21,844) | 85 | - The loss for the period was primarily attributable to electricity costs and depreciation expenses incurred during the operational testing phase of the energy storage power station project[17](index=17&type=chunk)[20](index=20&type=chunk)[25](index=25&type=chunk) - Finance costs decreased by approximately **RMB3,686,000** to **RMB60,079,000**, mainly due to reduced interest expenses from other loans obtained by Hongsong and corporate bonds issued by the Company[23](index=23&type=chunk) [Revenue](index=10&type=section&id=Revenue) The Group's revenue primarily stems from wind power generation, which saw a 6% year-on-year increase, alongside new revenue streams from equipment sales and construction services, while petroleum coke sales ceased - Revenue from wind farm operations was approximately **RMB181,373,000**, an increase of approximately **6%** compared to the same period in 2024, primarily due to increased power generation and electricity sales[18](index=18&type=chunk) - New revenue streams included approximately **RMB151,000** from sales of machinery and electronic equipment and approximately **RMB1,914,000** from providing construction services[18](index=18&type=chunk) - There was no revenue from sales of petroleum coke in the current period, compared to approximately **RMB2,474,000** in the same period of 2024[18](index=18&type=chunk) [Cost of Sales](index=11&type=section&id=Cost%20of%20Sales) Cost of sales increased to RMB138,110,000, representing 75% of revenue, up from 63% in the prior year period - Cost of sales was approximately **RMB138,110,000**, accounting for approximately **75%** of the Group's revenue, compared to approximately **63%** in the same period of 2024[19](index=19&type=chunk) [Gross Profit](index=11&type=section&id=Gross%20Profit) Gross profit decreased by 30% to RMB45,328,000, primarily due to electricity costs and depreciation expenses from the energy storage power station project's operational testing phase - Gross profit decreased by approximately **30%** to approximately **RMB45,328,000**, mainly due to electricity costs and depreciation expenses incurred during the operational testing phase of the energy storage power station project[20](index=20&type=chunk) [Other Income and Net Other Losses](index=11&type=section&id=Other%20Income%20and%20Net%20Other%20Losses) Other income primarily comprised government subsidies from VAT refunds (RMB14,225,000) and rental income from operating premises (RMB2,005,000), both showing an increase from the prior year - Government subsidies (VAT refunds) increased to approximately **RMB14,225,000**, up from approximately **RMB9,452,000** in the same period of 2024[21](index=21&type=chunk) - Rental income from operating premises increased to approximately **RMB2,005,000**, up from approximately **RMB1,562,000** in the same period of 2024[21](index=21&type=chunk) [Administrative Expenses](index=11&type=section&id=Administrative%20Expenses) Administrative expenses increased by 27% to RMB28,458,000, mainly driven by salaries and benefits, professional fees, and other tax expenses - Administrative expenses increased by approximately **27%** to approximately **RMB28,458,000**, primarily comprising staff salaries and benefits, professional fees, and other tax expenses[22](index=22&type=chunk) [Finance Costs](index=11&type=section&id=Finance%20Costs) Finance costs decreased to RMB60,079,000, mainly due to reduced interest expenses from other loans obtained by Hongsong and corporate bonds - Finance costs were approximately **RMB60,079,000**, with the decrease primarily attributable to reduced interest expenses from other loans obtained by Hongsong and corporate bonds issued by the Company[23](index=23&type=chunk) [Taxation](index=12&type=section&id=Taxation) Taxation expense increased to RMB21,762,000, primarily due to higher taxable profits from Hongsong - Taxation increased from approximately **RMB14,446,000** in the same period of 2024 to approximately **RMB21,762,000** in the reporting period, due to increased taxable profits from Hongsong[24](index=24&type=chunk) [Loss for the Period](index=12&type=section&id=Loss%20for%20the%20Period) The loss for the period was approximately RMB40,357,000, primarily attributable to electricity costs and depreciation expenses incurred during the operational testing phase of the energy storage power station project - The loss for the reporting period was approximately **RMB40,357,000**, primarily attributable to electricity costs and depreciation expenses incurred during the operational testing phase of the energy storage power station project[25](index=25&type=chunk) [Share Capital](index=12&type=section&id=Share%20Capital) As of June 30, 2025, the total number of issued shares remained unchanged at 1,714,719,143 ordinary shares with a par value of HKD0.05 each - As of June 30, 2025, the total number of issued shares of the Company was **1,714,719,143** ordinary shares with a par value of **HKD0.05** each, consistent with December 31, 2024[26](index=26&type=chunk) [Liquidity and Financial Resources](index=12&type=section&id=Liquidity%20and%20Financial%20Resources) As of June 30, 2025, cash and bank balances remained stable, total borrowings increased to RMB2,314,811,000 for energy storage project construction, and the gearing ratio slightly rose to 98% - As of June 30, 2025, cash and bank balances were approximately **RMB243,371,000**, similar to approximately **RMB244,609,000** as of December 31, 2024[27](index=27&type=chunk) - Total borrowings were approximately **RMB2,314,811,000**, an increase of approximately **RMB238,184,000** from December 31, 2024, mainly due to additional bank loans for the construction and development of energy storage power station projects[27](index=27&type=chunk) - The gearing ratio was approximately **98%** as of June 30, 2025, comparable to approximately **97%** as of December 31, 2024[27](index=27&type=chunk) - Approximately **RMB550,931,000** of interest-bearing borrowings were fixed-rate loans, and approximately **RMB1,763,880,000** were floating-rate loans, with the Group not adopting any interest rate hedging measures[28](index=28&type=chunk) [Exchange Rate Fluctuation Risk](index=13&type=section&id=Exchange%20Rate%20Fluctuation%20Risk) The Group's foreign currency risk is minimal as most operations, transactions, assets, and liabilities are denominated in their functional currencies, with management monitoring and considering hedging as needed - The Group's foreign currency risk is minimal, as most of its operations, transactions, assets, and liabilities are primarily denominated in the functional currencies of the Group entities[29](index=29&type=chunk) - The Group currently has no foreign currency hedging policy for foreign currency transactions, assets, and liabilities, but management will closely monitor and consider hedging when necessary[29](index=29&type=chunk) [Issuance of Corporate Bonds](index=13&type=section&id=Issuance%20of%20Corporate%20Bonds) During the reporting period, no additional unlisted corporate bonds were issued, HKD5,228,000 of bonds matured and were redeemed, leaving approximately HKD94,768,000 and RMB5,000,000 outstanding as of June 30, 2025 - During the reporting period, the Company did not issue additional unlisted corporate bonds to investors[30](index=30&type=chunk) - Corporate bonds with a principal amount of **HKD5,228,000** matured and were redeemed[30](index=30&type=chunk) - As of June 30, 2025, corporate bonds with principal amounts of approximately **HKD94,768,000** and **RMB5,000,000** were issued and remained outstanding[30](index=30&type=chunk) [Notes (Formerly Convertible Notes)](index=13&type=section&id=Notes%20(Formerly%20Convertible%20Notes)) The conversion mechanism for the convertible notes issued in 2016 was cancelled in February 2020 and reclassified as notes, with all outstanding principal amounts fully repaid as of June 30, 2025 - The conversion mechanism of the convertible notes was cancelled on **February 12, 2020**, and they were subsequently reclassified as notes[32](index=32&type=chunk) - As of June 30, 2025, all outstanding principal amounts of the notes have been repaid[33](index=33&type=chunk) [Issuance of New Convertible Bonds](index=14&type=section&id=Issuance%20of%20New%20Convertible%20Bonds) The Company issued new convertible bonds with a principal of HKD356,375,000 to Yinghui in January 2022, with an initial conversion price of HKD0.18 per share (adjusted to HKD0.721), and the maturity date was extended to June 2026 - On **January 28, 2022**, the Company entered into a subscription agreement with Yinghui for the issuance of new convertible bonds with a principal amount of **HKD356,375,000** and an annual interest rate of **10%**[34](index=34&type=chunk)[36](index=36&type=chunk) - The initial conversion price of the new convertible bonds was **HKD0.18** per share, subsequently adjusted to **HKD0.721** per share due to a rights issue[36](index=36&type=chunk) - Yinghui has agreed to extend the maturity date of the new convertible bonds to **June 2026**[37](index=37&type=chunk) - During the reporting period, no rights attached to the new convertible bonds were exercised, and no conversion shares were allotted or issued due to the conversion of the new convertible bonds[36](index=36&type=chunk) [Capital Reorganization](index=16&type=section&id=Capital%20Reorganization) The Company completed a rights issue in August 2023, raising approximately HKD211.0 million net proceeds, primarily used for debt repayment, business development, and working capital, with HKD35.3 million remaining unutilized - The rights issue became effective on **August 22, 2023**, raising net proceeds of approximately **HKD211.0 million**[38](index=38&type=chunk) Net Proceeds from Rights Issue Utilization (As of June 30, 2025) | Purpose | Proposed Use (HKD millions) | Actual Use (HKD millions) | Unutilized (HKD millions) | | :--- | :--- | :--- | :--- | | Repayment of corporate bonds | 92.0 | 56.7 | 35.3 | | Repayment of notes | 70.0 | 70.0 | — | | Future business development | 27.8 | 27.8 | — | | General working capital | 21.2 | 21.2 | — | | **Total** | **211.0** | **175.7** | **35.3** | - The unutilized net proceeds of **HKD35.3 million** are expected to be used by **December 2025**[39](index=39&type=chunk) [Fundraising](index=17&type=section&id=Fundraising) Apart from the activities disclosed in this report, the Group had no other fundraising activities during the reporting period - Other than those disclosed in this report, the Group had no other fundraising activities during the reporting period[40](index=40&type=chunk) [Share Option Scheme](index=17&type=section&id=Share%20Option%20Scheme) As of June 30, 2025, all outstanding share options expired on January 28, 2025, and the Company adopted a new share option scheme on June 19, 2025, to replace the old one - As of June 30, 2025, there were no outstanding share options, as all share options expired on **January 28, 2025**[41](index=41&type=chunk) [Proposed Subscription of New Shares and Convertible Bonds under Specific Mandate and Proposed Acquisition](index=17&type=section&id=Proposed%20Subscription%20of%20New%20Shares%20and%20Convertible%20Bonds%20under%20Specific%20Mandate%20and%20Proposed%20Acquisition) The Company is pursuing multiple proposed transactions, including subscriptions for shares and convertible bonds by Hebei Expressway Development (Group) Co Ltd, Atlantis New Hong Kong Equity Fund Limited, and TradArt Flagship Investment SPC, to raise capital for equipment upgrades, debt repayment, and working capital - Hebei Expressway Development (Group) Co Ltd conditionally agreed to subscribe for **590,615,905** new shares (consideration of **RMB106,310,863**) and 2024 RMB convertible bonds with a principal amount of **RMB933,689,137**[43](index=43&type=chunk) - Atlantis New Hong Kong Equity Fund Limited conditionally agreed to subscribe for **119,437,859** new shares (consideration of **HKD23,409,820**) and 2024 HKD convertible bonds with a principal amount of **HKD161,701,291**[44](index=44&type=chunk) - TradArt Flagship Investment SPC conditionally agreed to subscribe for 2024 HKD convertible bonds with a principal amount of **HKD98,000,000**[45](index=45&type=chunk) - The proposed acquisition involves purchasing target interests for **RMB6.75 million** in cash, aiming to provide the Group with opportunities to enter the Hebei solar energy market and diversify its energy portfolio[45](index=45&type=chunk)[47](index=47&type=chunk) - Share Subscription A, Convertible Bond Subscription A, and the Proposed Acquisition are inter-conditional and had not been completed as of the date of this report[47](index=47&type=chunk) [Significant Acquisitions and Disposals](index=19&type=section&id=Significant%20Acquisitions%20and%20Disposals) Other than what is disclosed in this report, the Group had no significant acquisitions or disposals of subsidiaries and associates during the reporting period - Other than those disclosed in this report, the Group had no significant acquisitions or disposals of subsidiaries and associates during the reporting period[48](index=48&type=chunk) [Sale and Leaseback Transaction](index=19&type=section&id=Sale%20and%20Leaseback%20Transaction) The Group entered into a sale and leaseback agreement with Huaneng Tiancheng Financial Leasing Co Ltd in 2019 for wind turbine generator sets and other assets, with a total consideration of RMB1,800,000,000, of which RMB1,400,000,000 has been received - The Group entered into a sale and leaseback agreement with Huaneng Tiancheng Financial Leasing Co Ltd, involving leased assets such as wind turbine generator sets, with a total consideration of **RMB1,800,000,000**[49](index=49&type=chunk) - The sale and leaseback transaction was accounted for as a financing transaction, and as of the date of this report, the lessee had received a total consideration of **RMB1,400,000,000**[50](index=50&type=chunk) [Pledge of Assets](index=20&type=section&id=Pledge%20of%20Assets) As of June 30, 2025, the Group pledged approximately RMB517,493,000 in property, plant, and equipment, RMB290,926,000 in trade and other receivables, and RMB54,450,000 in financial assets as collateral for borrowings - As of June 30, 2025, the Group pledged property, plant and equipment with a carrying value of approximately **RMB517,493,000** and certain leasehold land[51](index=51&type=chunk) - Trade and other receivables with a carrying value of approximately **RMB290,926,000**, and certain investments designated at fair value through other comprehensive income with a carrying value of approximately **RMB54,450,000** were pledged[51](index=51&type=chunk) - The issued share capital of certain subsidiaries of the Company has been pledged as collateral for borrowings obtained by the Group[51](index=51&type=chunk) [Contingent Liabilities](index=20&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the Group had no significant contingent liabilities - As of June 30, 2025, the Group had no significant contingent liabilities[52](index=52&type=chunk) [Employees and Remuneration Policy](index=20&type=section&id=Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the Group employed 154 full-time staff in Hong Kong and China, with total employee costs of approximately RMB27,527,000 for the period, and remuneration based on performance - As of June 30, 2025, the Group had **154** full-time employees in Hong Kong and China, an increase from **152** as of December 31, 2024[53](index=53&type=chunk) - During the reporting period, related staff costs (including directors' emoluments) were approximately **RMB27,527,000**, an increase from approximately **RMB24,686,000** in the same period of 2024[54](index=54&type=chunk) [Events After Reporting Period](index=21&type=section&id=Events%20After%20Reporting%20Period) Other than what is disclosed in this report, no significant events have occurred since the end of the reporting period - Other than those disclosed in this report, no significant events have occurred since the end of the reporting period[55](index=55&type=chunk) [Future Outlook](index=21&type=section&id=Future%20Outlook) The Group anticipates significant growth in China's new energy sector, driven by supportive national policies, and plans to expand its wind power operations, explore new clean energy sources, and become a competitive renewable energy provider - The Chinese government has introduced intensive new energy policies, providing comprehensive support for the industry's development, particularly accelerating the planning and construction of large-scale wind and solar power bases in Gobi and desert regions[56](index=56&type=chunk) - Energy storage, an indispensable part of new energy development, is experiencing unprecedented opportunities, helping to address the intermittency and volatility of new energy generation[56](index=56&type=chunk) - The Group will strengthen its existing wind farm operation and maintenance business in North China, gradually expanding to surrounding areas, and actively exploring cooperation models with other industries such as power, transportation, and construction[57](index=57&type=chunk) - The Group will continue to seek opportunities for cooperative development or acquisitions, actively expanding into other new clean energy fields beyond wind power, such as solar and biomass, to build a diversified and complementary energy structure[58](index=58&type=chunk) [Disclosure of Interests](index=23&type=section&id=Disclosure%20of%20Interests) This chapter details the interests of the company's directors, chief executive, substantial shareholders, and other persons in the company's shares and related securities [Interests of Directors and Chief Executive](index=23&type=section&id=Interests%20of%20Directors%20and%20Chief%20Executive) This section discloses the long positions in the Company's shares and related securities held by its directors and chief executive as of June 30, 2025, with Executive Director Mr. Zhang Zhixiang holding the largest interest Long Positions of Directors and Chief Executive in Shares and Related Securities of the Company (As of June 30, 2025) | Director Name | Capacity | Number of Shares/Related Securities (Total) | Approximate Percentage of Shareholding | | :--- | :--- | :--- | :--- | | Zhang Zhixiang | Beneficial Owner/Controlled Corporation Interest | 716,977,679 | 41.81% | | Ning Zhongzhi | Beneficial Owner | 6,492,000 | 0.38% | | Qu Weidong | Beneficial Owner | 1,713,920 | 0.10% | | Hu Xiaolin | Beneficial Owner | 84,000 | 0.01% | | Jiang Senlin | Beneficial Owner | 1,704,000 | 0.10% | - Mr. Zhang Zhixiang's interests include **216,206,900** shares held through Diamond Jubilee Holdings Limited and convertible bonds held through Yinghui Limited, his wholly-owned entity (assuming full conversion into **494,278,779** new shares)[60](index=60&type=chunk) [Interests of Substantial Shareholders and Other Persons](index=25&type=section&id=Interests%20of%20Substantial%20Shareholders%20and%20Other%20Persons) This section discloses the interests of substantial shareholders and other persons in the Company's shares or related securities as of June 30, 2025, with Hebei Expressway Development (Group) Co Ltd holding the largest potential interest Long Positions of Substantial Shareholders and Other Persons in Shares and Related Securities of the Company (As of June 30, 2025) | Name/Person | Number of Interested Shares and Related Securities | Approximate Percentage of Shareholding | | :--- | :--- | :--- | | Hebei Expressway Development (Group) Co Ltd | 5,777,777,778 | 336.95% | | Hebei Communications Investment Group Co Ltd | 5,777,777,778 | 336.95% | | Atlantis Capital Group Holdings Limited | 944,444,444 | 55.08% | | Atlantis New Hong Kong Equity Fund Limited | 944,444,444 | 55.08% | | Liu Yang | 944,444,444 | 55.08% | | Yinghui | 494,278,779 | 28.83% | | Diamond Jubilee Holdings Limited | 216,206,900 | 12.61% | | Xu Yingjie | 227,966,663 | 13.29% | - Hebei Expressway Development (Group) Co Ltd's interests include **590,615,905** ordinary shares and approximately **RMB933.7 million** convertible bonds convertible into **5,187,161,873** ordinary shares[62](index=62&type=chunk) - Atlantis New Hong Kong Equity Fund Limited's interests include **119,437,859** ordinary shares and approximately **HKD161.7 million** convertible bonds convertible into **825,006,585** ordinary shares[63](index=63&type=chunk) [Corporate Governance](index=28&type=section&id=Corporate%20Governance) This chapter details the company's adherence to corporate governance standards and the model code for securities transactions by directors [Corporate Governance Code and Model Code for Securities Transactions by Directors](index=28&type=section&id=Corporate%20Governance%20Code%20and%20Model%20Code%20for%20Securities%20Transactions%20by%20Directors) The Company complied with the Corporate Governance Code during the reporting period and adopted the Model Code for Securities Transactions by Directors of Listed Issuers, with all directors confirming strict adherence - The Company complied with the Corporate Governance Code as set out in Appendix C1 to the Listing Rules of the Stock Exchange during the reporting period[66](index=66&type=chunk) - The Company adopted and complied with the Model Code for Securities Transactions by Directors of Listed Issuers, with all directors confirming strict compliance[67](index=67&type=chunk) [Other Information](index=29&type=section&id=Other%20Information) This chapter covers various additional information, including interim dividends, share transactions, share option schemes, public float, and the composition of key board committees [Interim Dividend](index=29&type=section&id=Interim%20Dividend) The Board does not recommend the payment of any interim dividend for the reporting period - The Directors do not recommend the payment of any interim dividend for the reporting period[68](index=68&type=chunk) [Purchase, Sale or Redemption of Shares](index=29&type=section&id=Purchase,%20Sale%20or%20Redemption%20of%20Shares) Neither the Company nor any of its subsidiaries purchased, redeemed, or sold any of the Company's listed securities during the reporting period - Neither the Company nor any of its subsidiaries purchased, redeemed, or sold any of the Company's listed securities during the reporting period[69](index=69&type=chunk) [Share Option Scheme](index=29&type=section&id=Share%20Option%20Scheme) The 2015 Share Option Scheme expired on May 31, 2025, with all granted options expiring on January 28, 2025, and a new scheme was adopted on June 19, 2025, allowing for 171,471,914 shares to be granted - The 2015 Share Option Scheme expired on **May 31, 2025**, and all granted share options expired on **January 28, 2025**[70](index=70&type=chunk)[71](index=71&type=chunk) - The Company adopted a new 2025 Share Option Scheme on **June 19, 2025**, with a total of **171,471,914** shares available for grant (**10%** of the total issued shares)[70](index=70&type=chunk) - No share options were granted or exercised during the reporting period[71](index=71&type=chunk)[72](index=72&type=chunk) [Sufficiency of Public Float](index=31&type=section&id=Sufficiency%20of%20Public%20Float) Based on public information and directors' knowledge, the Company maintained a public float of at least 25% of its total issued share capital during and up to the date of this report - At least **25%** of the Company's total issued share capital is held by the public, meeting the public float requirement[74](index=74&type=chunk) [Remuneration Committee](index=31&type=section&id=Remuneration%20Committee) The Company's Remuneration Committee members include Ms. Hu Xiaolin (Chairperson), Mr. Zhang Zhixiang, Mr. Qu Weidong, and Mr. Jiang Senlin - The Remuneration Committee members include Ms. Hu Xiaolin (Chairperson), Mr. Zhang Zhixiang, Mr. Qu Weidong, and Mr. Jiang Senlin[75](index=75&type=chunk) [Nomination Committee](index=31&type=section&id=Nomination%20Committee) The Company's Nomination Committee members include Mr. Qu Weidong (Chairperson), Mr. Zhang Zhixiang, Ms. Hu Xiaolin, and Mr. Jiang Senlin - The Nomination Committee members include Mr. Qu Weidong (Chairperson), Mr. Zhang Zhixiang, Ms. Hu Xiaolin, and Mr. Jiang Senlin[76](index=76&type=chunk) [Audit Committee](index=31&type=section&id=Audit%20Committee) The Company's Audit Committee, comprising all independent non-executive directors with Mr. Jiang Senlin as Chairman, reviewed the Group's unaudited financial results and discussed internal controls, risk management, and financial reporting matters - The Audit Committee members include all independent non-executive directors: Mr. Jiang Senlin (Chairman), Mr. Qu Weidong, and Ms. Hu Xiaolin[77](index=77&type=chunk) - The Audit Committee reviewed the Group's unaudited financial results for the reporting period and discussed matters such as internal control, risk management, and the Group's financial reporting[77](index=77&type=chunk) [Condensed Consolidated Financial Statements](index=32&type=section&id=Condensed%20Consolidated%20Financial%20Statements) This chapter presents the Group's condensed consolidated financial statements, including the statement of profit or loss, comprehensive income, financial position, changes in equity, and cash flows, along with detailed notes [Condensed Consolidated Statement of Profit or Loss](index=32&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) This condensed consolidated statement of profit or loss shows a 6% increase in revenue for the six months ended June 30, 2025, but an 85% expansion in loss for the period to RMB40,357,000 due to higher cost of sales and lower gross profit Condensed Consolidated Statement of Profit or Loss (For the six months ended June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Revenue | 183,438 | 173,602 | | Cost of Sales | (138,110) | (109,022) | | Gross Profit | 45,328 | 64,580 | | Operating Profit | 41,132 | 56,385 | | Loss Before Tax | (18,595) | (7,398) | | Loss for the Period | (40,357) | (21,844) | | Loss Attributable to Owners of the Company | (35,526) | (36,818) | | Basic and Diluted Loss Per Share (RMB) | (0.021) | (0.022) | [Condensed Consolidated Statement of Comprehensive Income](index=33&type=section&id=Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) This condensed consolidated statement of comprehensive income shows a total comprehensive loss for the period of RMB27,078,000 for the six months ended June 30, 2025, a reduction from RMB31,458,000 in the prior year, mainly due to positive exchange differences from translating foreign operations Condensed Consolidated Statement of Comprehensive Income (For the six months ended June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Loss for the Period | (40,357) | (21,844) | | Exchange differences arising on translation of financial statements of operations outside the People's Republic of China | 19,315 | (15,742) | | Exchange differences arising on translation of financial statements of the Company | (6,036) | 6,128 | | Total Comprehensive Loss for the Period | (27,078) | (31,458) | [Condensed Consolidated Statement of Financial Position](index=34&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's total assets increased to RMB2,734,103,000, primarily driven by a significant rise in property, plant, and equipment, while total equity decreased, resulting in net current liabilities of RMB230,366,000 Condensed Consolidated Statement of Financial Position (As of June 30) | Indicator | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Total Assets | 2,734,103 | 2,479,411 | | Total Equity | 59,591 | 86,669 | | Total Liabilities | 2,674,512 | 2,392,742 | | Net Current Liabilities | (230,366) | (252,551) | - Property, plant and equipment increased from approximately **RMB1,092,034,000** as of December 31, 2024, to approximately **RMB1,436,001,000** as of June 30, 2025[80](index=80&type=chunk) [Condensed Consolidated Statement of Changes in Equity](index=36&type=section&id=Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) This condensed consolidated statement of changes in equity shows an increase in accumulated losses attributable to owners of the Company for the six months ended June 30, 2025, leading to a decrease in total equity from RMB86,669,000 at the beginning of the period to RMB59,591,000 at the end - Accumulated losses attributable to owners of the Company increased from approximately **RMB1,978,810,000** as of January 1, 2025, to approximately **RMB2,019,673,000** as of June 30, 2025[83](index=83&type=chunk) - Total equity decreased from approximately **RMB86,669,000** as of January 1, 2025, to approximately **RMB59,591,000** as of June 30, 2025[83](index=83&type=chunk) [Condensed Consolidated Statement of Cash Flows](index=38&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) This condensed consolidated statement of cash flows shows a significant increase in net cash from operating activities to RMB78,717,000, while net cash used in investing activities was RMB269,351,000, and net cash from financing activities was RMB191,122,000 Condensed Consolidated Statement of Cash Flows (For the six months ended June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Net cash from operating activities | 78,717 | 20,635 | | Net cash used in investing activities | (269,351) | (27,444) | | Net cash from/(used in) financing activities | 191,122 | (135,127) | | Net decrease in cash and cash equivalents | 488 | (141,936) | | Cash and cash equivalents at end of period | 243,371 | 244,468 | - Payments for property, plant and equipment amounted to **RMB281,411,000**, representing the major portion of cash outflow from investing activities[84](index=84&type=chunk) - Proceeds from bank and other loans amounted to **RMB305,285,000**, serving as the primary source of cash inflow from financing activities[86](index=86&type=chunk) [Notes to the Condensed Consolidated Financial Statements](index=40&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed notes to the condensed consolidated financial statements, covering general information, basis of preparation, accounting policies, financial risk management, key accounting estimates, segment information, revenue, various expenses, loss per share, dividends, asset and liability details, borrowings, cash flows, related party transactions, and commitments, offering essential context and explanations [General Information](index=40&type=section&id=General%20Information) China Ruifeng New Energy Holdings Limited, incorporated in the Cayman Islands and listed on HKEX, primarily operates wind farms and energy storage power stations, with its unaudited condensed consolidated financial statements reviewed by the Audit Committee - The Company is principally engaged in wind farm operation and energy storage power station operation[89](index=89&type=chunk) - The condensed consolidated financial statements for the six months ended June 30, 2025, are unaudited but have been reviewed by the Company's Audit Committee[90](index=90&type=chunk) [Basis of Preparation and Accounting Policies](index=40&type=section&id=Basis%20of%20Preparation%20and%20Accounting%20Policies) The condensed consolidated financial statements are prepared in accordance with HKAS 34 and the Listing Rules, with consistent accounting policies, and despite current liabilities exceeding current assets and a period loss, the Board deems the Group a going concern due to debt extensions and new loan commitments - The condensed consolidated financial statements are prepared in accordance with Hong Kong Accounting Standard **34** "Interim Financial Reporting" issued by the Hong Kong Institute of Certified Public Accountants and the applicable disclosure requirements of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited[92](index=92&type=chunk) - The Group's current liabilities exceeded its current assets by approximately **RMB230,366,000**, and it incurred a net loss of approximately **RMB40,357,000** for the period ended on that date[94](index=94&type=chunk) - The Board is satisfied that the condensed consolidated financial statements are appropriately prepared on a going concern basis, considering the extension of convertible bond maturity, creditor commitments, and new loan facilities[94](index=94&type=chunk)[95](index=95&type=chunk) [Financial Risk Management](index=42&type=section&id=Financial%20Risk%20Management) The Group faces market risks (price, foreign exchange, and interest rate), credit risk, and liquidity risk, with no significant changes in risk management policies since the prior year, and financial instruments measured at fair value are classified into three levels based on input observability - The Group's activities expose it to market risks (including price risk, foreign exchange risk, and cash flow and fair value interest rate risk), credit risk, and liquidity risk[96](index=96&type=chunk) - Fair value estimates are categorized into three levels based on the observability of inputs: Level 1 (quoted prices in active markets), Level 2 (other observable inputs), and Level 3 (unobservable input data)[99](index=99&type=chunk) Financial Instruments Measured at Fair Value (As of June 30, 2025) | Indicator | Level 1 (RMB thousands) | Level 2 (RMB thousands) | Level 3 (RMB thousands) | Total (RMB thousands) | | :--- | :--- | :--- | :--- | :--- | | Financial assets at fair value through other comprehensive income (unlisted investments) | — | — | 59,429 | 59,429 | | Financial assets at fair value through profit or loss (listed investments) | 1,114 | — | — | 1,114 | | Financial assets at fair value through profit or loss (unlisted investments) | — | — | 2,300 | 2,300 | [Critical Accounting Estimates and Judgements](index=46&type=section&id=Critical%20Accounting%20Estimates%20and%20Judgements) The significant judgments, estimates, and assumptions made by management in preparing the condensed consolidated financial statements are consistent with those applied in the annual consolidated financial statements for the year ended December 31, 2024 - The significant judgments made by management in applying the Group's accounting policies and the key sources of estimation uncertainty are consistent with those applied in the annual consolidated financial statements for the year ended December 31, 2024[108](index=108&type=chunk) [Segment Information](index=47&type=section&id=Segment%20Information) The Group operates a single reportable segment, wind power generation in China, with all revenue and most non-current assets located in China, and one major customer contributing over 10% of total revenue - The Group has one reportable operating segment, which is power generation using wind turbine blades in China[109](index=109&type=chunk) - All of the Group's revenue from external customers is derived from China[110](index=110&type=chunk) - As of June 30, 2025, the Group's non-current assets in China amounted to **RMB1,706,515,000**[110](index=110&type=chunk) - One customer (Customer A) individually contributed over **10%** of the Group's total revenue, amounting to **RMB181,373,000**[111](index=111&type=chunk) [Revenue](index=48&type=section&id=Revenue) The Group's revenue primarily derives from selling wind power to local grid companies in China, including electricity sales and tariff subsidies recognized at a point in time, while construction service revenue is recognized over time, with tariff subsidy collection dependent on government funding allocation Revenue from Contracts with Customers (For the six months ended June 30) | Revenue Source | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Sale of electricity | 131,557 | 125,113 | | Tariff subsidies | 49,816 | 46,015 | | Sale of machinery and electronic equipment | 151 | — | | Sale of petroleum coke | — | 2,474 | | Construction services | 1,914 | — | | **Total** | **183,438** | **173,602** | - Revenue primarily refers to revenue from the sale of wind power to local grid companies in China for the six months ended June 30, 2025, and 2024[114](index=114&type=chunk) - The collection of tariff subsidies is subject to the allocation of funds by relevant government authorities to local grid companies[114](index=114&type=chunk) [Expenses by Nature](index=49&type=section&id=Expenses%20by%20Nature) Total cost of sales and administrative expenses increased to RMB166,568,000, mainly due to higher depreciation of property, plant and equipment, employee benefit costs, and repair and maintenance expenses Expenses by Nature (For the six months ended June 30) | Expense Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Depreciation of property, plant and equipment | 90,990 | 65,405 | | Employee benefit costs | 27,527 | 24,686 | | Repair and maintenance expenses | 17,793 | 15,621 | | Total cost of sales and administrative expenses | 166,568 | 131,491 | [Employee Benefit Costs (Including Directors' Emoluments)](index=50&type=section&id=Employee%20Benefit%20Costs%20(Including%20Directors'%20Emoluments)) Total employee benefit costs, including directors' emoluments, for the six months ended June 30, 2025, amounted to RMB27,527,000, an increase from the prior year period Employee Benefit Costs (For the six months ended June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Directors' emoluments | 2,943 | 2,936 | | Other employees | 24,584 | 21,750 | | **Total** | **27,527** | **24,686** | [Finance Costs](index=50&type=section&id=Finance%20Costs) Total finance costs for the six months ended June 30, 2025, decreased to RMB60,079,000, primarily due to a reduction in bond interest expenses Finance Costs (For the six months ended June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Interest expense on bank and other loans | 28,470 | 26,810 | | Interest expense on bonds | 955 | 5,828 | | Interest expense on convertible bonds | 30,565 | 30,971 | | Interest expense on lease liabilities | 89 | 156 | | **Total** | **60,079** | **63,765** | [Income Tax Expense](index=51&type=section&id=Income%20Tax%20Expense) Income tax expense for the six months ended June 30, 2025, increased to RMB21,762,000, primarily from PRC corporate income tax, with no income tax provision in Hong Kong, Cayman Islands, or BVI Income Tax Expense (For the six months ended June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | PRC corporate income tax | 23,461 | 16,145 | | Deferred income tax | (1,699) | (1,699) | | **Total** | **21,762** | **14,446** | - The applicable income tax rate for the Group's PRC subsidiaries is **25%**[121](index=121&type=chunk) [Loss Per Share](index=52&type=section&id=Loss%20Per%20Share) For the six months ended June 30, 2025, both basic and diluted loss per share attributable to owners of the Company were RMB0.021, a slight improvement from RMB0.022 in the prior year, with diluted loss per share equal to basic loss per share due to the anti-dilutive effect of convertible bonds Loss Per Share (For the six months ended June 30) | Indicator | 2025 (Unaudited) | 2024 (Unaudited) | | :--- | :--- | :--- | | Loss attributable to owners of the Company (RMB thousands) | (35,526) | (36,818) | | Weighted average number of ordinary shares (thousands) | 1,714,719 | 1,662,365 | | Basic loss per share (RMB) | (0.021) | (0.022) | - Diluted loss per share is equal to basic loss per share because the convertible bonds have an anti-dilutive effect on the loss attributable to owners of the Company[126](index=126&type=chunk) [Interim Dividend](index=53&type=section&id=Interim%20Dividend) The Directors do not recommend the distribution of any interim dividend for the six months ended June 30, 2025 - The Directors do not recommend the distribution of any interim dividend for the six months ended June 30, 2025[127](index=127&type=chunk) [Property, Plant and Equipment](index=53&type=section&id=Property,%20Plant%20and%20Equipment) For the six months ended June 30, 2025, the Group's acquisitions of property, plant and equipment (including construction in progress) amounted to approximately RMB439,065,000, a significant increase from the prior year period - For the six months ended June 30, 2025, the Group's acquisitions of property, plant and equipment (including construction in progress) amounted to approximately **RMB439,065,000**, compared to approximately **RMB2,058,000** in the same period of 2024[128](index=128&type=chunk) [Right-of-Use Assets](index=53&type=section&id=Right-of-Use%20Assets) Additions to right-of-use assets for the six months ended June 30, 2025, amounted to approximately RMB3,123,000, with no disposals during the period - Additions to right-of-use assets for the six months ended June 30, 2025, amounted to approximately **RMB3,123,000**[129](index=129&type=chunk) [Interests in Associates](index=53&type=section&id=Interests%20in%20Associates) The Group's interests in associates slightly decreased to RMB1,463,000, reflecting its share of losses for the period Interests in Associates (RMB thousands) | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | At beginning of period/year | 1,467 | 1,489 | | Share of loss for the period/year | (4) | (22) | | At end of period/year | 1,463 | 1,467 | [Interests in Joint Ventures](index=53&type=section&id=Interests%20in%20Joint%20Ventures) The Group's interests in joint ventures increased to RMB3,440,000, reflecting its share of profits for the period Interests in Joint Ventures (RMB thousands) | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | At beginning of period/year | 3,084 | 3,061 | | Share of profit for the period/year | 356 | 23 | | At end of period/year | 3,440 | 3,084 | [Trade and Other Receivables](index=54&type=section&id=Trade%20and%20Other%20Receivables) As of June 30, 2025, total trade and other receivables amounted to RMB928,403,000, with net trade receivables of RMB273,806,000 primarily comprising unbilled tariff subsidies, and an increase in pledged trade receivables Trade and Other Receivables (RMB thousands) | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Trade receivables (net) | 273,806 | 256,654 | | Prepayments, deposits and other receivables (total) | 654,597 | 759,624 | | **Total** | **928,403** | **1,016,278** | | Less: Non-current portion | (239,082) | (414,636) | | Current portion | 689,321 | 601,642 | - The unbilled portion of trade receivables was **RMB251,606,000**, mainly comprising tariff subsidy receivables[133](index=133&type=chunk) - The Group pledged certain trade receivables with a carrying value of approximately **RMB262,926,000** to obtain other loans[133](index=133&type=chunk) [Share Capital](index=58&type=section&id=Share%20Capital) As of June 30, 2025, the Company's total issued and fully paid share capital remained unchanged at 1,714,719,143 ordinary shares with a par value of HKD0.05 each, amounting to RMB77,424,000 Issued and Fully Paid Share Capital (RMB thousands) | Indicator | Number of Shares (thousands) | Amount (RMB thousands) | | :--- | :--- | :--- | | As of June 30, 2025 (Unaudited) | 1,714,719 | 77,424 | [Trade and Other Payables](index=59&type=section&id=Trade%20and%20Other%20Payables) As of June 30, 2025, total trade and other payables increased to RMB345,906,000 from December 31, 2024, with a decrease in trade payables offset by a significant increase in other payables and accrued expenses Trade and Other Payables (RMB thousands) | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Trade payables | 12,743 | 25,672 | | Other payables and accrued expenses | 148,603 | 84,741 | | **Total** | **345,906** | **293,662** | [Borrowings](index=60&type=section&id=Borrowings) As of June 30, 2025, the Group's total borrowings increased to RMB2,314,811,000, primarily comprising pledged bank loans and other loans, with the 2022 convertible bonds' maturity extended to June 2026 Borrowings Composition (RMB thousands) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Bank loans, pledged | 974,224 | 673,605 | | Bonds | 95,921 | 105,988 | | Convertible bonds | 415,458 | 397,011 | | Other loans | 820,713 | 891,408 | | **Total** | **2,314,811** | **2,076,627** | - The maturity date of the 2022 convertible bonds was extended to **June 2026** in **March 2025** with Yinghui's consent[144](index=144&type=chunk) Changes in 2022 Convertible Bonds Liability and Equity Components (RMB thousands) | Item | Liability Component | Equity Component | Total | | :--- | :--- | :--- | :--- | | As of January 1, 2025 | 397,011 | 29,654 | 426,665 | | Interest expense | 30,565 | — | 30,565 | | Exchange adjustment | (12,118) | — | (12,118) | | As of June 30, 2025 | 415,458 | 29,654 | 445,112 | [Notes to the Condensed Consolidated Cash Flow Statement](index=64&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Cash%20Flow%20Statement) This section provides a reconciliation of cash generated from operations, showing RMB110,190,000 for the six months ended June 30, 2025, derived from adjusting loss before income tax, depreciation, finance costs, and working capital changes Cash Generated from Operations (For the six months ended June 30) | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Loss before income tax | (18,595) | (7,398) | | Depreciation of property, plant and equipment | 90,990 | 65,405 | | Finance costs | 60,079 | 63,765 | | Cash generated from operations | 110,190 | 48,096 | [Related Party Transactions](index=65&type=section&id=Related%20Party%20Transactions) Other than what is disclosed elsewhere in the condensed consolidated financial statements, the Group did not enter into any other significant related party transactions, with key management personnel compensation details provided in Note 8 - The Group did not enter into any other significant related party transactions, and details of key management personnel compensation are disclosed in Note 8 to the condensed consolidated financial statements[148](index=148&type=chunk) [Commitments](index=65&type=section&id=Commitments) As of June 30, 2025, the Group's outstanding capital commitments primarily related to the acquisition of property, plant and equipment, amounting to approximately RMB397,937,000 Capital Commitments (RMB thousands) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Acquisition of property, plant and equipment — contracted | 397,937 | 613,234 |

Group 1 - Wind power stocks in Hong Kong rose against the market trend, with increases of over 7%, 5%, and nearly 5% among various companies [1] - Morgan Stanley upgraded the rating of the Chinese wind power industry, suggesting that the sector may experience a recovery following efforts to combat internal competition [2] - The report indicates that after a challenging period from 2022 to 2024, the Chinese wind power industry successfully reversed the trend of vicious competition through self-regulation [3] Group 2 - Morgan Stanley forecasts that during the "14th Five-Year Plan" period, the average annual new installed capacity will exceed 110 GW, potentially reaching around 120 GW between 2028 and 2030 [3] - The investment opportunities are particularly favorable for key component suppliers and submarine cable companies within the wind power value chain [2]

人民财讯9月26日电，港股风电概念震荡走高，截至发稿，瑞风新能源涨超6%，金风科技、东方电气、 中国高速传动、龙源电力等跟涨。 ...

Group 1 - The core viewpoint of the news highlights the continued rise of wind power stocks in the Hong Kong market, driven by positive electricity consumption data and supportive government policies for the energy sector [1] - On September 23, the National Energy Administration reported that electricity consumption in August exceeded 1 trillion kilowatt-hours for the second consecutive month, reaching 10154 billion kilowatt-hours, marking a 5.0% year-on-year increase [1] - The joint release of guidelines by four government departments emphasizes the need for high-quality development in the energy equipment industry, promoting self-sufficiency, high-end, intelligent, and green development [1] Group 2 - Specific stock performance includes: Ruifeng New Energy up nearly 7% to 0.800, China High-Speed Transmission up 6% to 1.750, Goldwind Technology up over 4% to 13.370, and Dongfang Electric up 4% to 16.350 [2] - Other notable increases include Longyuan Power up 2.5% to 7.930, Datang New Energy up nearly 2% to 2.670, and minor gains for Xintian Green Energy and Jingneng Clean Energy [2] - The market analysis suggests that the recent policy signals will inject strong momentum into the environmental and low-carbon development of the electricity industry, benefiting solar, wind, and other new energy equipment companies [1]

Group 1 - Wind power stocks in Hong Kong continue to rise, with notable increases in shares such as Ruifeng New Energy up nearly 7%, China High-Speed Transmission up 6%, and Goldwind Technology and Dongfang Electric both up over 4% [1] - The National Energy Administration reported that total electricity consumption in August surpassed 1 trillion kilowatt-hours, reaching 10154 billion kilowatt-hours, marking a 5.0% year-on-year increase [1] - This marks the first time in China that electricity consumption has exceeded 1 trillion kilowatt-hours for two consecutive months, and it is also a global first [1] Group 2 - A joint guideline was released by the National Energy Administration, Ministry of Industry and Information Technology, State-owned Assets Supervision and Administration Commission, and State Administration for Market Regulation, emphasizing the need for high-quality development in the energy equipment sector [1] - The guideline aims to promote the self-controllability, high-end, intelligent, and green development of the energy equipment industry chain, supporting the construction of a new energy system [1] - Market analysis suggests that this policy signal injects strong momentum into the environmental and low-carbon development of the electricity industry, benefiting new energy equipment companies such as solar and wind power [1]

9月5日，瑞风新能源发布公告，由公司附属公司河北瑞风云联数字新能源有限公司(瑞风云联)投资及建 设的容量为300兆瓦/1.2吉瓦时的电网侧独立储能电站项目已顺利完成全流程市场化交易测试，并于 2025年7月15日正式进入中长期电能量交易运营阶段。 香港联交所最新资料显示，9月15日，瑞风新能源(00527)股东将股票由结好证券转入华富建业证券，转 仓市值8034.36万港元，占比6.6%。 ...

智通财经APP获悉，香港联交所最新资料显示，9月15日，瑞风新能源(00527)股东将股票由结好证券转 入华富建业证券，转仓市值8034.36万港元，占比6.6%。 9月5日，瑞风新能源发布公告，由公司附属公司河北瑞风云联数字新能源有限公司(瑞风云联)投资及建 设的容量为300兆瓦/1.2吉瓦时的电网侧独立储能电站项目已顺利完成全流程市场化交易测试，并于 2025年7月15日正式进入中长期电能量交易运营阶段。 ...