【导读】中船应急（维权）8月1日起实施其他风险警示，证券简称变为ST应急 登录新浪财经APP 搜索【信披】查看更多考评等级 中国基金报记者 闻言 7月30日晚间，中船应急公告称，公司股票将自8月1日开市起被实施其他风险警示，证券简称变为ST应急，股票交易的日涨跌幅限制仍为20%。 中船应急计划自7月31日开市起停牌，8月1日开市起复牌。截至7月30日收盘，中船应急股价报12.51元/股，涨幅达4.95%，总市值为123.5亿元。截至7月18 日，公司股东人数为7.656万户。 2022年年报涉嫌存在会计差错 7月30日，中船应急及相关当事人收到湖北证监局下发的《行政处罚事先告知书》。《行政处罚事先告知书》显示，经查明，中船应急涉嫌信息披露违法 违规，包括2022年年报披露的财报存在收入确认和坏账计提不准确的会计差错。 | 证券代码:300527 | 证券简称:中船应急 | 公告编号:2025-049 | | --- | --- | --- | | 债券代码:123048 | 债券简称:应急转债 | | 一是中船应急对部分产品提前确认收入，导致其2022年营业收入多计3137.24万元，营业成本多计1839.0 ...

Core Viewpoint - The company Zhongchuan Emergency has received a notice of administrative penalty from the Hubei Securities Regulatory Bureau due to accounting errors in its 2022 annual report, leading to overstatement of revenue and profit [2][3] Financial Impact - The company overstated its operating revenue by 31.37 million yuan, which accounts for 1.86% of the reported operating revenue for the period [2][3] - The total profit was overstated by 7.14 million yuan, representing 36.64% of the absolute value of the disclosed profit for 2022 [2][3] - The company also reported an increase in operating costs by 18.39 million yuan, which is 1.40% of the total operating costs for the same period [3] Regulatory Actions - The Hubei Securities Regulatory Bureau plans to impose a fine of 4 million yuan on Zhongchuan Emergency and issue warnings to the company and its executives [4] - The executives involved, including the former chairman, general manager, and chief accountant, will also face individual fines ranging from 60,000 to 700,000 yuan [4] Company Performance - In 2024, Zhongchuan Emergency achieved a revenue of 1.161 billion yuan, marking a year-on-year growth of 92.51% [5] - The net profit attributable to shareholders reached 8.641 million yuan, reflecting a year-on-year increase of 103.97% [5]

Group 1 - The core agreement involves a collaboration between Carbon Vision Technology Co., Ltd. and Xiangyang New Energy (Hong Kong) Co., Ltd. to develop and sell carbon credits generated from emission reduction projects [1] - Carbon Vision will act as the exclusive project proposer and manage the registration, verification, issuance, and trading of carbon credits according to internationally recognized carbon standards [1] - The project aims to replace traditional inefficient lighting systems with high-efficiency LED lighting systems, providing a clear pathway for greenhouse gas reduction and recognized as a mature and high-quality project type in the global carbon market [1] Group 2 - Implementing the project in Africa will significantly improve local energy access and lighting conditions, contributing directly to multiple United Nations Sustainable Development Goals (SDGs) including SDG 7 (Affordable and Clean Energy), SDG 3 (Good Health and Well-being), and SDG 13 (Climate Action) [2] - This partnership establishes a solid foundation for the group to enter the international carbon credit market and upgrade its carbon asset portfolio, marking an important milestone in expanding into emerging climate-related sectors [2] - The collaboration demonstrates the group's commitment to developing a new light-asset business focused on carbon asset development and environmental sustainability [2]

Financial Proceeds and Utilization - The unutilized net proceeds from the rights issue for repaying corporate bonds are expected to be utilized by December 2025[5]. Share Options and Issuance - As of the report date, there are no unexercised options, with a total of 39,582,816 shares available for issuance under the share option scheme, representing approximately 2.3% of the company's issued shares[6]. - The weighted average closing price of shares prior to the exercise of options for the year ending December 31, 2024, was HKD 0.69[9].

Revenue and Financial Performance - Revenue from wind farm operations for the year ended December 31, 2024, was approximately RMB 319,451,000, a decrease of about 7% compared to RMB 342,744,000 for the year ended December 31, 2023[12]. - The company's revenue for the year ended December 31, 2024, was approximately RMB 336,274,000, a decrease of about 2% compared to RMB 343,811,000 for the year ended December 31, 2023[26]. - The gross profit for the year ended December 31, 2024, was approximately RMB 119,166,000, with a gross margin of about 35%, down from 37% in the previous year[30]. - Operating profit decreased significantly to RMB 31,357,000, a decline of 57% from RMB 72,098,000 in the previous year[25]. - The net loss for the year ended December 31, 2024, was RMB 125,777,000, representing an increase of 33% compared to RMB 94,773,000 in the previous year[25]. - The company reported a significant increase in administrative expenses, rising approximately 31% to RMB 86,136,000 from RMB 65,916,000 in the previous year[32]. - The company reported a loss of approximately RMB 125,777,000 for the year ended December 31, 2024, compared to a loss of RMB 94,773,000 in 2023, primarily due to a 7% decrease in electricity sales and subsidies amounting to approximately RMB 23,293,000 and a 31% increase in administrative expenses to approximately RMB 20,220,000[49]. Wind Power and Renewable Energy Development - The total installed capacity of the Hong Song wind farm is 398.4 MW, contributing significantly to the group's revenue for the year ended December 31, 2024[13]. - The first phase of the Baotou Silver Wind wind farm project has an expected capacity of 49.8 MW and is currently under construction, anticipated to contribute to future revenue[14]. - In 2024, China's renewable energy sector saw a new installed capacity of 373 million kW, a year-on-year increase of 23%, accounting for 86% of the total new power generation capacity[17]. - The new installed capacity for wind power in 2024 reached 79.82 million kW, a year-on-year growth of 6%, with cumulative installed capacity reaching 521 million kW, up 18% year-on-year[17]. - Wind power generation in 2024 was 991.6 billion kWh, representing a 16% increase year-on-year, with an average utilization rate of 95.9%[17]. - The Chinese government is intensifying support for the renewable energy sector, creating a favorable environment for the company's wind farm business development[17]. - The company is committed to developing wind power projects to provide clean renewable energy, aligning with national economic growth strategies[133]. Energy Storage and Technological Development - The independent energy storage project in the Chabei Management Area has a capacity of 300 MW / 1.2 GWh and achieved full capacity grid connection on January 22, 2025, enhancing renewable energy consumption in the Beijing-Tianjin-Hebei region[15]. - The company aims to strengthen its strategic layout in the energy storage sector while continuing to develop traditional wind power projects[10]. - The company plans to enhance its energy storage capabilities by exploring new technologies such as solid-state batteries and flow batteries, aiming to improve efficiency and reduce operational costs[22]. - The company anticipates that energy storage will play a crucial role in addressing the intermittency of renewable energy generation, thus improving energy utilization efficiency[21]. - The company is committed to advancing green development and optimizing energy structures, aligning with national carbon neutrality goals[21]. Strategic Partnerships and Market Expansion - The company plans to establish strategic partnerships with quality enterprises in the industry to enhance resource sharing and drive sustainable development in the renewable energy sector[24]. - The company aims to expand its operations and maintenance services beyond North China, enhancing service quality and exploring collaborations with other industries[23]. - The company is exploring collaboration with Debtor A in tourism development projects located in Chengde, Hebei Province, which could enhance public reputation and generate additional revenue sources[37]. - The company anticipates that ongoing policy support will drive significant growth opportunities in the wind power sector, positioning it for rapid business expansion[21]. Financial Management and Debt - The net debt to equity ratio increased dramatically to 2,114% from 535% in the previous year, indicating a significant rise in leverage[25]. - The total borrowings increased to approximately RMB 2,076,627,000 as of December 31, 2024, from approximately RMB 1,519,535,000 as of December 31, 2023, representing an increase of approximately RMB 557,092,000[52]. - The capital debt ratio increased from approximately 89% as of December 31, 2023, to approximately 97% as of December 31, 2024, calculated based on total liabilities divided by total assets[53]. - The company plans to take active measures to recover overdue receivables, including legal actions if necessary, to protect its assets[46]. Corporate Governance and Management - The board of directors includes Mr. Yuan Wan Yong as Chairman and Mr. Zhang Zhi Xiang as CEO[102]. - The company has a strong management team with extensive experience in the energy sector, including Mr. Ning, who has been an executive director since January 28, 2013, and has a senior economist qualification[85]. - Independent non-executive director Mr. Qu has over 22 years of investment experience, including 8 years in investment banking, enhancing the company's governance and strategic direction[86]. - The company has adopted a stock option plan to reward directors and eligible employees based on performance and market comparisons[128]. - The company emphasizes the importance of effective communication with investors to build confidence and attract new investments[190]. - The company has engaged external compliance and legal advisors to ensure adherence to applicable laws and regulations[134]. Risk Management and Internal Controls - The company emphasizes the importance of effective risk management and internal control measures to ensure operational compliance, asset security, and accurate financial reporting[158]. - The risk management strategy includes setting objectives, risk identification, analysis, response, monitoring, and reporting, which are integral to strategic planning and project management[159]. - The management regularly maintains and evaluates the risk management system to ensure its effectiveness[160]. - The audit committee reviews the effectiveness of the risk management and internal control systems annually, ensuring compliance with relevant laws and regulations[172]. Employee and Social Responsibility - Employee costs for the year ending December 31, 2024, amounted to approximately RMB 51,541,000, an increase from RMB 44,382,000 in the previous year[81]. - The group has approximately 152 employees, with about 20% being female[187]. - The company is committed to improving its operational and sustainable development practices, focusing on renewable energy and reducing its environmental footprint[195]. - The environmental, social, and governance report reflects the company's commitment to transparency and accountability in its operations[195]. - The company adheres to the guidelines set forth by the Hong Kong Stock Exchange for environmental, social, and governance reporting[200].

Financial Performance - For the fiscal year ending December 31, 2024, the total revenue was RMB 336,274,000, a decrease of 2.5% from RMB 343,811,000 in 2023[3]. - The gross profit for the same period was RMB 119,166,000, down 5.4% from RMB 125,962,000 in 2023[3]. - The operating profit significantly decreased to RMB 31,357,000, a decline of 56.5% compared to RMB 72,098,000 in 2023[3]. - The net loss for the year was RMB 125,777,000, compared to a loss of RMB 94,773,000 in 2023, representing a 32.7% increase in losses[3]. - Revenue from electricity sales for the year ended December 31, 2024, was RMB 234,020,000, a decrease of 6.8% from RMB 251,163,000 in 2023[18]. - The group recognized revenue from electricity price subsidies of RMB 85,431,000 for the year ended December 31, 2024, down from RMB 91,581,000 in 2023[18]. - The company's basic loss per share for 2024 was RMB 0.079, compared to RMB 0.099 in 2023, with a total loss attributable to shareholders of RMB 132,517,000 in 2024 versus RMB 108,955,000 in 2023[28]. - The gross profit for the year ended December 31, 2024, was approximately RMB 119,166,000, resulting in a gross margin of about 35%, down from 37% in the previous year[60]. - The operating profit decreased significantly to RMB 31,357,000, a decline of 57% from RMB 72,098,000 in the previous year[56]. - The net loss for the year ended December 31, 2024, was approximately RMB 125,777,000, an increase of 33% compared to RMB 94,773,000 in the previous year[66]. Assets and Liabilities - Total assets increased to RMB 2,479,411,000, up from RMB 1,865,469,000 in 2023, reflecting a growth of 32.9%[5]. - Total liabilities rose to RMB 2,392,742,000, an increase of 44.7% from RMB 1,653,481,000 in 2023[7]. - Non-current assets increased significantly to RMB 1,632,028,000, up from RMB 957,724,000 in 2023, marking a growth of 70.3%[5]. - The company’s cash and cash equivalents decreased to RMB 244,609,000 from RMB 385,512,000 in 2023, a decline of 36.6%[5]. - As of December 31, 2024, the group's current liabilities exceeded current assets by approximately RMB 252,551,000, and a net loss of approximately RMB 125,777,000 was recorded for the year[16]. - The total amount of loans receivable from independent third parties was approximately RMB 112,495,000 in 2024, down from RMB 127,775,000 in 2023, with interest rates ranging from 5% to 18%[doc id='37']. - The total trade payables increased to RMB 25,672,000 in 2024 from RMB 21,196,000 in 2023, reflecting a growth of approximately 21.7%[doc id='38']. - The company's total debt increased to approximately RMB 2,076,627,000, up by about RMB 557,092,000 from RMB 1,519,535,000 in the previous year[69]. - The current ratio dropped to 77% from 222% in the previous year, indicating a significant decline in liquidity[56]. - The average collection period for trade receivables increased to 246 days from 177 days in the previous year, indicating slower collection[56]. Revenue Sources - Revenue from wind farm operations for the year ended December 31, 2024, was approximately RMB 319,451,000, a decrease of about 7% compared to RMB 342,744,000 for the year ended December 31, 2023[42]. - One customer contributed over 10% of the total revenue, with contributions of RMB 319,451,000 in 2024 and RMB 342,708,000 in 2023[25]. Impairment and Provisions - The company recorded a provision for impairment of trade receivables amounting to RMB 2,030,000 for both 2024 and 2023, indicating no change in the impairment assessment[35]. - The company has recognized a provision for impairment of RMB 28,681,000 in 2024, compared to RMB 24,872,000 in 2023, reflecting an increase of approximately 15.5%[doc id='37']. Corporate Governance and Compliance - The company has adopted and complied with the corporate governance code as per the listing rules, with the exception of the chairman's absence at the annual general meeting due to other commitments[95]. - All directors confirmed compliance with the standard code of conduct for securities trading for the year ending December 31, 2024[96]. - The audit committee consists of three independent non-executive directors, with Mr. Jiang Senlin serving as the chairman[97]. - The company has engaged external compliance and legal advisors to ensure all transactions comply with applicable laws and regulations[99]. - The financial figures in the preliminary announcement for the year ending December 31, 2024, have been reviewed by the auditors and are consistent with the audited financial statements[100]. Future Plans and Strategic Initiatives - The company plans to enhance the efficiency of energy storage stations in the Chabei management area through technological innovation and refined operations, aiming to develop benchmark projects in the industry[52]. - The company will actively explore strategic partnerships in various sectors, including electric vehicles and green building projects, to promote the integration of renewable energy[54]. - The company aims to expand its operations and maintenance services beyond North China, enhancing service quality and efficiency through advanced technology and management experience[54]. - The company will increase investment in energy storage technology research and development, collaborating with research institutions to explore new storage technologies such as solid-state and flow batteries[52]. - The company recognizes the importance of social responsibility and aims to create more value for society while contributing to the global carbon neutrality goal[55]. - The company will seek opportunities for cooperation, development, or acquisition in new clean energy sectors beyond wind power, aiming to build a diversified and complementary energy structure[54]. - The company anticipates that energy storage will play a crucial role in addressing the intermittency and volatility of renewable energy generation, enhancing energy utilization efficiency and stability[52]. Share and Bond Issuance - The company agreed to issue new convertible bonds with a principal amount of HKD 356,375,000, which will mature in 2025 and carry an interest rate of 10%[75]. - If the new convertible bonds are fully converted, a total of 1,979,861,111 new shares will be issued, representing approximately 100.04% of the company's issued share capital as of the agreement date[76]. - The company has conditionally agreed to issue 590,615,905 new shares and convertible bonds with a principal amount of RMB 933,689,137, with a total consideration of approximately HKD 115.8 million and HKD 1,016.7 million respectively[81]. - The company has conditionally agreed to issue 119,437,859 new shares and convertible bonds with a principal amount of HKD 161,701,291, with a total consideration of HKD 23,409,820 and HKD 161,701,291 respectively[82]. - The company has conditionally agreed to issue HKD 98 million convertible bonds to TradArt Flagship Investment SPC for raising additional funds[83]. - The company plans to acquire a 50% stake in Hebei Jiaotou Deneng Energy Co., Ltd. for a consideration not exceeding RMB 7.5 million (approximately HKD 8.2 million)[83]. - The company aims to upgrade its power generation units and invest in new equipment and potential opportunities using the funds raised from the share subscription and convertible bond agreements[84].

Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 173,602,000, a decrease of 9% compared to RMB 190,165,000 for the same period in 2023[7]. - Gross profit for the same period was RMB 64,580,000, down 8% from RMB 70,228,000 in 2023[7]. - Operating profit decreased by 13% to RMB 56,385,000 from RMB 64,711,000 year-on-year[7]. - The net loss for the period was RMB 21,844,000, compared to a loss of RMB 21,080,000 in the previous year, representing a 4% increase in losses[7]. - Revenue from wind farm operations was approximately RMB 171,128,000, a decrease of about 10% from RMB 190,165,000 in the same period last year[11]. - The group recorded a loss of approximately RMB 21,844,000 for the reporting period, compared to a loss of RMB 21,080,000 for the same period last year, attributed to decreased electricity generation and sales[22]. - Basic and diluted loss per share for the period was RMB (0.022), compared to a restated loss of RMB (0.041) for the same period last year[80]. - The company reported a loss attributable to owners of the company of RMB (36,818,000) for the six months ended June 30, 2024, compared to RMB (29,431,000) in the previous year, representing an increase in loss of approximately 25.2%[117]. Revenue and Sales - Revenue from wind power operations was approximately RMB 171,128,000, down about 10% from RMB 190,165,000 in the same period last year, primarily due to a decrease in electricity generation and sales[15]. - The revenue from external customers for the six months ended June 30, 2024, was RMB 173,602 thousand, a decrease of 8.7% compared to RMB 190,165 thousand for the same period in 2023[109]. - The company reported a significant customer (Customer A) contributing over 10% of total revenue, with contributions of RMB 171,128 thousand for the six months ended June 30, 2024, down from RMB 190,165 thousand in the previous year[108]. Expenses and Costs - Administrative expenses increased by approximately 20% to about RMB 22,469,000, compared to RMB 18,700,000 for the same period last year[19]. - Total operating expenses for the six months ended June 30, 2024, amounted to RMB 131,491 thousand, a decrease of 5.8% from RMB 138,637 thousand in the same period of 2023[112]. - The total employee costs for the reporting period amounted to approximately RMB 24,686,000, compared to RMB 22,875,000 for the six months ended June 30, 2023[44]. - Interest expenses for bank loans and other loans decreased to RMB 63,765,000 from RMB 72,376,000, representing a reduction of approximately 11.1% year-over-year[114]. Assets and Liabilities - Total assets decreased from RMB 1,865,469 thousand as of December 31, 2023, to RMB 1,755,965 thousand as of June 30, 2024, representing a decline of approximately 5.9%[82]. - Total liabilities decreased from RMB 1,653,481 thousand to RMB 1,587,677 thousand, reflecting a decrease of approximately 4%[83]. - The company's borrowings decreased from RMB 1,238,293 thousand to RMB 807,603 thousand, a reduction of about 34.8%[83]. - The company's cash and cash equivalents decreased from RMB 385,512 thousand to RMB 244,468 thousand, a decline of approximately 36.6%[82]. Financing Activities - The company issued convertible bonds totaling HKD 313,795,000 with an interest rate of 8% and a conversion price of HKD 0.485 per share[32]. - A new convertible bond was issued for HKD 356,375,000 with an interest rate of 10% and a conversion price of HKD 0.18 per share, potentially increasing the issued share capital by approximately 100.04%[33]. - The company raised approximately HKD 229.9 million through a rights issue, issuing 1,277,353,730 shares at a subscription price of HKD 0.18 per share[35]. - The company plans to issue 590,615,905 new shares and RMB 933,689,137 in convertible bonds, raising approximately HKD 115.8 million and HKD 1,016.7 million respectively[45]. Strategic Initiatives - The company aims to accelerate its wind power business and seek new development opportunities in the renewable energy sector[9]. - The company plans to leverage national policy reforms to enhance development quality and profitability in the renewable energy sector[8]. - The company aims to become a pillar in the renewable energy sector in northern China, focusing on wind power and exploring opportunities in hydrogen energy[53]. - The company will continue to seek acquisition opportunities in mature power plants to enhance its operational capabilities in North China[53]. Cash Flow - Cash flow from operating activities showed a net cash inflow of RMB 20,635 thousand for the six months ended June 30, 2024, compared to RMB 54,897 thousand for the same period in 2023, indicating a decrease of approximately 62.5%[86]. - The net decrease in cash and cash equivalents for the six months ended June 30, 2024, was RMB (141,936) thousand, a significant increase from RMB (52,561) thousand in the prior year, reflecting a rise of approximately 169.5%[87]. Corporate Governance - The company has complied with the corporate governance code as per the listing rules during the reporting period[62]. - The company maintained a public float of at least 25% of its total issued share capital during the reporting period[75].

Financial Performance - For the six months ended June 30, 2024, the company reported revenue of RMB 173,602,000, a decrease of 8.7% compared to RMB 190,165,000 for the same period in 2023[2] - Gross profit for the same period was RMB 64,580,000, down from RMB 70,228,000, reflecting a gross margin decline[2] - Operating profit decreased to RMB 56,385,000 from RMB 64,711,000, indicating a decline of 12.8% year-over-year[2] - The company incurred a net loss of RMB 21,844,000, slightly higher than the loss of RMB 21,080,000 in the previous year[2] - Basic and diluted loss per share for the period was RMB 0.022, compared to a restated loss of RMB 0.041 for the same period last year[2] - The company reported a total of RMB 582,067,000 in current trade and other receivables as of June 30, 2024, an increase from RMB 520,211,000 at the end of 2023[17] - The company recorded a loss of approximately RMB 21,844,000 for the reporting period, compared to a loss of RMB 21,080,000 for the same period in 2023[31] - The reported loss for the period was approximately RMB 21,844,000, compared to a loss of RMB 21,080,000 in the same period last year, primarily attributed to decreased electricity generation and sales[39] Revenue Breakdown - Revenue from electricity sales was RMB 125,113,000, down from RMB 139,018,000, reflecting a decline in sales volume[7] - For the six months ended June 30, 2024, revenue from wind farm operations was approximately RMB 171,128,000, a decrease of about 10% compared to RMB 190,165,000 for the same period in 2023[28] - The company's total revenue for the reporting period was approximately RMB 173,602,000, down from RMB 190,165,000 for the six months ended June 30, 2023, representing a decrease of about 8%[31] - The group's revenue from wind power operations was approximately RMB 171,128,000, a decrease of about 10% compared to RMB 190,165,000 in the same period last year, primarily due to reduced electricity generation and sales[32] Expenses and Costs - For the six months ended June 30, 2024, the total sales and administrative expenses amounted to RMB 131,491,000, a decrease of 5.8% from RMB 138,637,000 for the same period in 2023[8] - Interest expenses on bank loans and other loans decreased to RMB 26,810,000, down 27.5% from RMB 37,042,000 in the previous year[9] - The income tax expense for the six months ended June 30, 2024, was RMB 14,446,000, an increase of 10.4% compared to RMB 13,089,000 for the same period in 2023[10] - Administrative expenses increased by approximately 20% to about RMB 22,469,000, compared to RMB 18,700,000 in the same period last year[36] - Financing costs for the reporting period were approximately RMB 63,765,000, a decrease from RMB 72,376,000 in the same period last year, mainly due to reduced interest expenses from other loans[37] - The tax expense increased from approximately RMB 13,089,000 to about RMB 14,446,000 due to an increase in taxable profits[38] Assets and Liabilities - Total assets as of June 30, 2024, were RMB 1,755,965,000, down from RMB 1,865,469,000 at the end of 2023[4] - Total liabilities decreased to RMB 1,587,677,000 from RMB 1,653,481,000, showing a reduction of 4%[5] - Cash and cash equivalents decreased to RMB 244,468,000 from RMB 385,512,000, indicating a significant cash outflow[4] - The company’s total borrowings amounted to RMB 1,470,802,000 as of June 30, 2024, down from RMB 1,519,535,000 as of December 31, 2023[25] - The group's capital debt ratio was approximately 90% as of June 30, 2024, compared to about 89% at the end of the previous year, calculated as total liabilities divided by total assets[41] Shareholder Actions and Fundraising - The company did not recommend any interim dividend for the reporting period, consistent with the previous year[12] - The company raised approximately HKD 229.9 million through a rights issue, with a net amount of about HKD 211.0 million after expenses[48] - A total of 1,187,403,730 shares were issued during the rights issue, with a conversion ratio of 2 existing shares for 5 new shares[48] - The net proceeds from the rights issue are allocated for debt repayment, future business development, and general working capital[49] - The company plans to issue 590,615,905 new shares and RMB 933,689,137 convertible bonds, raising approximately RMB 1,020 million for upgrading power generation equipment and operational funding[56] Strategic Plans and Future Outlook - The company plans to continue focusing on renewable energy projects and expanding its market presence in the coming periods[1] - The company has ongoing construction for the first phase of the Baotou Silver Wind project, which is expected to contribute to future revenue[30] - The company aims to become a pillar in the renewable energy sector in Northern China, focusing on wind power and exploring opportunities in hydrogen energy[60] - The company plans to strengthen its operations in existing wind farms and expand maintenance services to surrounding areas[60] - The company will seek to raise funds in the capital market to support future development projects[60] Employee and Operational Metrics - The company’s employee benefit costs, including directors' remuneration, rose to RMB 24,686,000, an increase of 7.9% from RMB 22,875,000 in the previous year[8] - The total employee cost for the reporting period was approximately RMB 24,686,000, an increase from RMB 22,875,000 for the six months ended June 30, 2023[56] - The company has 140 full-time employees as of June 30, 2024, up from 136 employees as of December 31, 2023[56] - The average utilization hours for the Hong Song wind farm were approximately 969 hours for the six months ended June 30, 2024, compared to 1,063 hours for the same period in 2023[29] Compliance and Governance - The company has complied with the corporate governance code as per the listing rules during the reporting period[61] - The audit committee reviewed the unaudited financial performance of the group during the reporting period[65]

Fund Utilization - The net proceeds from the issuance of the 2023 convertible bonds amounted to HKD 19.4 million, with actual uses including HKD 13.4 million for loan repayment and HKD 6 million for general working capital [1]. - The anticipated timeline for the unused net proceeds from the rights issue includes HKD 92 million for bond repayment by December 2024 and HKD 70 million for note repayment by June 2024 [2]. - Future business development is projected to utilize HKD 27.8 million, with an expected actual use of HKD 1 million by June 2024 [2]. - The total expected use of proceeds from the rights issue is HKD 211 million, with actual uses amounting to HKD 113.7 million and remaining HKD 97.3 million [2].

Wind Power Capacity and Generation - In 2023, the total installed wind power capacity in China reached 440 million kilowatts, with an additional 75.9 million kilowatts connected to the grid during the year[31]. - The wind energy generated by the Hong Song wind farm in 2023 was 761.94 GWh, compared to 663.38 GWh in 2022[32]. - The company currently has an installed capacity of 398.4 MW, with the potential maximum capacity reaching 596.4 MW[45]. - The first phase of the Baotou Yinfeng wind farm project, with a capacity of 49.8 MW, is currently under construction and is expected to contribute to future revenue[53]. Financial Performance - Revenue from wind farm operations for the year ended December 31, 2023, was approximately RMB 342,744,000, an increase of about 15% compared to RMB 298,870,000 for the year ended December 31, 2022[51]. - The company's revenue for the year ended December 31, 2023, was approximately RMB 343,811,000, representing a 13% increase from RMB 304,443,000 in 2022[63]. - Gross profit for the same period was approximately RMB 125,962,000, a significant increase of 97% compared to RMB 64,114,000 in 2022, resulting in a gross margin of 37%[68]. - Operating profit surged to RMB 72,098,000 from RMB 992,000 in the previous year, marking a substantial increase of 7,168%[63]. - The total sales from electricity amounted to RMB 251,163,000, up 14% from RMB 220,602,000 in the previous year[65]. - The company reported a net loss of RMB 94,773,000 for the year, an improvement of 42% from a net loss of RMB 162,020,000 in 2022[63]. Government Support and Economic Context - The Chinese economy showed a GDP growth of 5.2% year-on-year for 2023, indicating a stable recovery and growth trajectory[53]. - The Chinese government has emphasized the importance of high-quality development in the renewable energy sector, providing a broader development space for the company[48]. - The Chinese government continues to support the wind power industry, creating a favorable environment for the company's growth and development[55]. Business Strategy and Development - The company aims to enhance the operational efficiency of existing wind farms to reduce costs and increase profitability[28]. - The company plans to explore new business opportunities within the renewable energy sector to solidify its market position[28]. - The company aims to optimize wind farm layouts and enhance equipment performance and efficiency to reduce operational costs and improve economic benefits[36]. - The company is actively exploring new business models, such as wind power combined with energy storage and hydrogen energy, to expand its business boundaries and enhance market competitiveness[36]. - The company plans to seek opportunities for cooperation or acquisition to expand into other clean energy sectors, including solar and biomass energy projects[37]. - The company is developing hydrogen energy-related businesses, including hydrogen fuel cell vehicles and hydrogen production from wind power[38]. Financial Health and Debt Management - The net debt to equity ratio improved to 535% from 1,131% in the previous year, indicating better financial health[63]. - The group's total borrowings as of December 31, 2023, were approximately RMB 1,519,535,000, a decrease of about RMB 203,535,000 from RMB 1,723,070,000 as of December 31, 2022[101]. - The company has a total interest-bearing debt of approximately RMB 1,519,535,000, with RMB 494,735,000 being fixed-rate loans and RMB 1,024,800,000 being floating-rate loans[144]. - The company plans to raise approximately HKD 229.9 million through a rights issue, offering up to 1,277,353,730 shares at a subscription price of HKD 0.18 per share[133]. Operational Challenges and Legal Matters - The company has terminated future cooperation with Beichen Electric Network due to the lack of local government approval for projects[7]. - The company has initiated legal action against a supplier for unpaid deposits amounting to approximately RMB 36,000,000, following the supplier's failure to deliver equipment[93]. - The company is actively monitoring and taking measures to recover overdue receivables, including potential legal actions[114]. Employee and Corporate Governance - As of December 31, 2023, the group had approximately 136 full-time employees in Hong Kong and China, an increase from 127 employees in 2022[168]. - Employee costs, including director remuneration, amounted to RMB 44,382,000 for the year ended December 31, 2023, compared to RMB 43,277,000 in 2022, reflecting an increase of approximately 2.56%[168]. - The board of directors consists of six members, with three executive directors and three independent non-executive directors[170]. Future Outlook and Investments - The group plans to expand its operation and maintenance business into surrounding areas while enhancing interaction with other industry sectors[77]. - The company plans to enhance operational and maintenance services using advanced technology and management experience, aiming for deeper integration with other industries[60]. - The company has invested in tourism development projects in Chengde, Hebei Province, to leverage potential business opportunities related to its wind farm assets[106].