【今日头条】 三部门印发《新一轮农村公路提升行动方案》目标到 2027 年全国完成新改建农村公路 30 万公里 交通运输部、财政部、自然资源部印发《新一轮农村公路提升行动方案》，到 2027 年，全国完成新改 建农村公路 30 万公里，便捷高效、普惠公平的农村公路网络基本建成；实施修复性养护工程 30 万公 里，技术状况优良路率保持在 70% 以上，实施安全生命防护工程 15 万公里，改造危旧桥梁 9000 座， 农村公路安全和服务保障能力进一步提升；建制村通公交率达到 55% 以上，力争具备条件的县级行政 区基本实现农村客货邮融合发展全覆盖，城乡交通运输服务水平进一步提升，为到 2035 年建成"规模结 构合理、设施品质优良、治理规范有效、运输服务优质"的农村公路交通运输体系，实现"人享其行、物 畅其流"的美好愿景提供有力支撑。涉及港股工程机械、建筑建材板块。 【大势展望】 隔夜美股悉数上涨 热门中概股多数上涨 隔夜美股截至收盘，道指涨81.38点，涨幅为0.19%，报44193.12点；纳指涨252.87点，涨幅为1.21%，报 21169.42点；标普500指数涨45.87点，涨幅为0.73%，报634 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容 而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 CHINA NUCLEAR ENERGY TECHNOLOGY CORPORATION LIMITED 中國核能科技集團有限公司 股東及潛在投資者於買賣本公司證券時務請審慎行事。 本公告乃本公司根據上市規則第13.09(2)條以及證券及期貨條例第XIVA部項下之內幕消 息條文刊發。 （於百慕達註冊成立之有限公司） （股份代號：611） 經初步評估本集團截至二零二五年六月三十日止六個月之未經審核綜合管理賬目後， 董事會謹此知會股東及潛在投資者，與截至二零二四年六月三十日止期間之純利相 比，預期本集團於截至二零二五年六月三十日止期間之中期業績錄得之純利將增加不 少於15%。 董事會認為本集團之財務狀況仍然穩健，且目前正繼續尋求各種投資機會。 –1– 經初步評估本集團截至二零二五年六月三十日止六個月之未經審核綜合管理賬目，董事 會謹此知會股東及潛在投資者，與截至二零二四年六月三十日止期間之純利相比，預期 本集 ...

智通财经APP讯，中国核能科技(00611)发布公告，于2025年8月4日，南京中核(公司间接全资附属公司) 与远景能源(作为供应商)订立储能系统设备采购协议，据此，南京中核同意购买而远景能源同意以采购 价人民币1.416亿元出售若干储能系统设备;及与河北靖峡(作为承建商)就安装及建设服务订立合同金额 为人民币6336万元的施工建设协议。 集团过去数年持续在中国投资建造储能电站。储能系统设备及施工建设协议项下的安装和建设服务对集 团的济源储能电站的安装、建设及发展至关重要。投资建造济源储能电站，有利于推动实现国家"双碳 目标"(在2030年之前实现碳达峰及在2060年之前实现碳中和)的环保目标和乡村振兴。此符合相关国家 产业政策导向及集团绿色能源项目发展的战略目标。 储能系统设备采购协议及施工建设协议项下拟进行的交易是为了开发济源储能电站。预计济源储能电站 将于2025年8月30日或之前并网发电。建造完成后，济源储能电站将由集团拥有及营运。 ...

储能系统设备采购协议及施工建设协议项下拟进行的交易是为了开发济源储能电站。预计济源储能电站 将于2025年8月30日或之前并网发电。建造完成后，济源储能电站将由集团拥有及营运。 集团过去数年持续在中国投资建造储能电站。储能系统设备及施工建设协议项下的安装和建设服务对集 团的济源储能电站的安装、建设及发展至关重要。投资建造济源储能电站，有利于推动实现国家"双碳 目标"(在2030年之前实现碳达峰及在2060年之前实现碳中和)的环保目标和乡村振兴。此符合相关国家 产业政策导向及集团绿色能源项目发展的战略目标。 中国核能科技(00611)发布公告，于2025年8月4日，南京中核(公司间接全资附属公司)与远景能源(作为 供应商)订立储能系统设备采购协议，据此，南京中核同意购买而远景能源同意以采购价人民币1.416亿 元出售若干储能系统设备;及与河北靖峡(作为承建商)就安装及建设服务订立合同金额为人民币6336万元 的施工建设协议。 ...

济源储能电站指位于中国河南省济源市的容量为80MW/240MWh的储能电站，预计将于2025年8月30日 或之前并网。 集团过去数年持续在中国投资建造储能电站。储能系统设备及施工建设协议项下的安装和建设服务对集 团的济源储能电站的安装、建设及发展至关重要。投资建造济源储能电站，有利于推动实现国家「双碳 目标」（在2030年之前实现碳达峰及在2060年之前实现碳中和）的环保目标和乡村振兴。此符合相关国 家产业政策导向及集团绿色能源项目发展的战略目标。 格隆汇8月4日丨中国核能科技(00611.HK)公告，于2025年8月4日，南京中核（公司间接全资附属公司） (a)与远景能源（作为供应商）订立储能系统设备采购协议，据此，南京中核同意购买而远景能源同意 以采购价人民币1.42亿元出售若干储能系统设备；及(b)与河北靖峡（作为承建商）就安装及建设服务订 立合同金额为人民币6336万元的施工建设协议。 储能系统设备采购协议及施工建设协议项下拟进行的交易是为了开发济源储能电站。预计济源储能电站 将于2025年8月30日或之前并网发电。建造完成后，济源储能电站将由集团拥有及营运。 ...

上市規則之涵義 遠景能源及河北靖峽均為獨立第三方，且彼此之間並無關連，而本集團過去並無與彼 等訂立任何其他交易。儲能系統設備採購協議及施工建設協議涉及於本集團日常及一 般業務過程中建設、發展及整修其自身使用的資產，根據上市規則第14.23A條，僅以 上市規則第14.23(3)條所載因素為依據，儲能系統設備採購協議及施工建設協議項下 擬進行的交易因此毋須合併及視為一項交易。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告的全部或任何部分內 容而產生或因依賴該等內容而引致的任何損失承擔責任。 CHINA NUCLEAR ENERGY TECHNOLOGY CORPORATION LIMITED 中國核能科技集團有限公司 （於百慕達註冊成立之有限公司） （股份代號：611） 有關濟源儲能電站 儲能系統設備採購協議及施工建設協議 之須予披露交易 於二零二五年八月四日（交易時段後），南京中核（本公司之間接全資附屬公司）(a)與 遠景能源（作為供應商）訂立儲能系統設備採購協議，據此，南京中核同意購買而遠景 能源同意以採購價人民幣14 ...

Investment in New Energy - In 2024, total investment in new energy projects in China amounted to RMB 3.7 trillion, a year-on-year decrease of 53.8%[13]. - Investment in wind power and photovoltaic power reached RMB 1.7 trillion, accounting for 46% of the total investment in the new energy sector[15]. - The overall trend for wind power, solar power, and energy storage investments remains steady and positive[17]. - The Group plans to focus on East China, Southwestern China, South China, and Northwestern China for future investments, considering factors like electricity market maturity and resource availability[30]. - The Group's new energy business is supported by substantial shareholders, enhancing resource sharing and business synergies[21]. - The Group is actively responding to policy changes and optimizing its management model to explore diversified investment opportunities in renewable energy[20]. Wind and Solar Power Capacity - The annual newly installed wind power and photovoltaic power generation capacity achieved the 2030 planning target six years ahead of schedule[16]. - Global installed wind power generation capacity reached 136 GW in 2024, indicating a rising demand for wind power[12]. - In 2024, the Group added 840MW of new wind and solar power grid-connected capacity, primarily in economically developed regions such as Guangdong and Jiangsu[22]. - In 2024, newly installed photovoltaic power generation output in China reached 278GW, a year-on-year increase of 28%, with a total installed capacity of 886GW, representing a 45% increase year-on-year[66]. - The newly installed wind power capacity in China reached 79.8GW, a year-on-year increase of 6%, with a total grid-connected capacity of 521GW, up 18% from the previous year[68][70]. Energy Storage Developments - The demand for energy storage has increased significantly, becoming a key solution for new energy consumption challenges[12]. - The Group achieved a grid-connected energy storage capacity of 307MWh, including a 100MW/200MWh independent energy storage station in Yunnan and a 14.9MW/59.8MWh industrial and commercial energy storage station in Shenzhen[22]. - The cumulative installed capacity of new energy storage projects in China reached 73.76GW by the end of 2024, reflecting a growth of over 130% compared to the end of 2023[73][75]. - The price of 2-hour energy storage systems dropped from RMB1.6/Wh in early 2023 to around RMB0.5/Wh, and energy storage battery cell prices fell from RMB0.95/Wh to approximately RMB0.3 to 0.35/Wh[74][75]. - The energy storage business is focusing on economically viable core areas, with a development and reserve scale exceeding 50MWh in Jiangsu and Shaanxi regions[101]. Financial Performance - Revenue for the company decreased by approximately 16.9% year-on-year to RMB1,295,563,000, while profit attributable to owners increased by 15.6% to RMB114,136,000[81]. - For the year ended December 31, 2024, the Group's revenue decreased by approximately 16.9% to RMB 1,295,563,000 compared to RMB 1,559,437,000 in 2023, while profit attributable to equity holders increased by approximately 15.6% to RMB 114,136,000[84]. - The EPC and consulting segment's revenue from external customers decreased by approximately 49.5% to RMB 517,228,000, primarily due to strategic shifts and a downturn in the real estate sector[85]. - The Group's power generation segment recorded a revenue growth of approximately 48.8% to RMB 756,231,000, with segment profit increasing by approximately 28% to RMB 349,908,000[96]. - Profit for the year increased by approximately 12.9% to RMB119,901,000, compared to RMB106,157,000 in 2023[192]. Strategic Initiatives and Future Outlook - The Group is proactively adjusting its strategic development and investment direction in response to industry changes and competition pressures[17]. - The Group aims to strengthen the operation and management of power stations to enhance operational efficiency and ensure safe production[33]. - The Group anticipates challenges and opportunities in upgrading distribution networks and improving grid connection capacity due to increasing installed capacity of new energy[29]. - The Group will continue to innovate and optimize engineering project quality to contribute to national new energy development[34]. - The Group will focus on stability, deepening reform and innovation, and optimizing the main responsibility of investment, construction, and operation of new energy power stations[176]. Environmental and Social Responsibility - The Group adheres to environmental protection principles, actively developing green energy and minimizing pollution[145]. - The Group has established a quality, environmental, and occupational health and safety management system in accordance with relevant standards[152]. - The Group is committed to creating a safe working environment and has obtained GB/T45001-2020/ISO 45001-2018 certification for occupational health and safety management[159]. - The Group actively integrates sustainable development into all aspects of operations and business decisions through the ESG Working Group[151]. - The Group has implemented customer property management policies to protect customer privacy and comply with relevant laws[164].

Financial Performance - Revenue for the year ended December 31, 2024, was RMB 1,295,563, a decrease of 16.9% compared to RMB 1,559,437 in 2023[3] - Net profit for the year increased by 12.9% to RMB 119,901 from RMB 106,157 in the previous year[3] - Basic and diluted earnings per share rose to RMB 6.16, up 15.6% from RMB 5.33 in 2023[6] - The company reported a total comprehensive income of RMB 103,675, up from RMB 99,765 in 2023[5] - The group reported revenue of RMB 225,139,000 from the EPC and consulting segment, a decrease from RMB 379,368,000 in the previous year[21] - Total revenue from external customers for the year ended December 31, 2024, was RMB 1,295,563, a decrease from RMB 1,559,437 in 2023, representing a decline of approximately 16.9%[25] - The performance of the EPC and consulting segment generated revenue of RMB 517,228, down from RMB 1,025,041 in the previous year, indicating a decrease of about 49.5%[24] - The power generation segment saw an increase in revenue to RMB 756,231 from RMB 508,084, reflecting a growth of approximately 48.8%[24] - The annual profit for 2024 was reported at RMB 119,901, compared to RMB 106,157 in 2023, marking an increase of about 13.0%[24] Assets and Liabilities - Total assets as of December 31, 2024, were RMB 10,323,470, a slight decrease of 0.4% from RMB 10,364,716 in 2023[3] - Total liabilities increased to RMB 8,612,255 in 2024 from RMB 8,757,176 in 2023, indicating a decrease of approximately 1.6%[24] - Current liabilities decreased to RMB 3,345,013 from RMB 3,599,398, reflecting improved liquidity management[10] - The total accounts receivable amounted to RMB 1,435,704,000 in 2024, an increase of 4.3% from RMB 1,377,003,000 in 2023[49] - The aging analysis of accounts payable shows a total of RMB 891,201,000 as of December 31, 2024, compared to RMB 1,382,572,000 in 2023, highlighting a significant reduction in liabilities[59] - The total contract liabilities for EPC services decreased to RMB 183,918,000 in 2024 from RMB 213,355,000 in 2023, reflecting a reduction in advance payments received[61] Expenses and Costs - Administrative expenses decreased to RMB 98,603 from RMB 110,597, indicating cost control measures[5] - Total sales costs decreased to RMB 829,983,000 in 2024 from RMB 1,171,010,000 in 2023, representing a reduction of 29.1%[32] - Financial costs increased to RMB 228,137,000 in 2024 from RMB 208,162,000 in 2023, marking a rise of 9.6%[33] - The income tax expense for 2024 was RMB 44,157,000, up from RMB 34,527,000 in 2023, reflecting a growth of 28%[34] - Employee costs decreased by approximately 14.8% to RMB 63,206,000, reflecting cost management efforts[102] - Other operating expenses decreased by approximately 23.5% to RMB 28,865,000, primarily due to reduced legal and banking fees[104] Strategic Goals and Market Outlook - The company is focused on advancing renewable energy development as part of its strategic goals for the upcoming year[64] - By the end of 2024, the proportion of non-fossil energy generation capacity is expected to increase to approximately 55%, with wind and solar power accounting for over 17% of the total national power generation[68] - The plan aims for non-fossil energy consumption to reach about 20% by 2025, emphasizing the construction of large-scale wind and solar bases in desert and arid regions[69] - The government aims to enhance the carbon emissions statistical verification capacity and expand the national carbon market coverage[67] - The focus will be on the construction of large-scale energy bases and the development of new energy storage solutions to enhance energy consumption efficiency[66] Research and Development - The company has applied for 11 patents, including 3 invention patents and 1 utility model patent, enhancing its R&D capabilities[81] - Research and development expenses increased to RMB 743,000 in 2024 from RMB 500,000 in 2023, a rise of 48.6%[32] Corporate Governance - The company has established a strict code of conduct for directors trading its securities, ensuring compliance with the standards set forth in the listing rules[120] - The audit committee has been formed in accordance with listing rules to oversee the financial reporting process and risk management[121] - The consolidated financial statements for the year ending December 31, 2024, have been reviewed by the audit committee and approved by the board[122] Shareholder Information - The company did not declare or recommend any dividends for the year ending December 31, 2024[38] - The annual general meeting is scheduled for May 29, 2025, at 11:00 AM[125] - The company will suspend share transfer registration from May 23, 2025, to May 19, 2025, to determine eligibility for voting at the annual general meeting[126]

Financial Performance - Revenue for the six months ended June 30, 2024, was HK$821,101,000, a decrease of 9.7% compared to HK$909,811,000 for the same period in 2023[11]. - Gross profit increased to HK$255,157,000, representing a 29.8% increase from HK$196,506,000 in the previous year[11]. - Profit before tax for the period was HK$101,388,000, up 40.0% from HK$72,482,000 in the same period last year[11]. - Profit for the period reached HK$77,292,000, an increase of 39.9% compared to HK$55,193,000 for the six months ended June 30, 2023[11]. - Total comprehensive income attributable to owners of the parent was HK$71,129,000, compared to HK$60,919,000 in the same period last year[12]. - Basic and diluted earnings per share for the period increased to HK3.84 cents, up from HK3.29 cents in the previous year, reflecting a growth of approximately 16.7%[13]. - The profit for the period was HK$60,919,000, while the total comprehensive loss for the period was HK$16,073,000[22]. - The Group's profit for the period ended June 30, 2024, was HK$77,292,000, compared to HK$55,193,000 for the same period in 2023, representing an increase of approximately 39.9%[45][50]. - The net profit margin of the Group increased to 9.4% from 6.1% in the previous year[198]. Comprehensive Income and Loss - Other comprehensive loss for the period was HK$16,104,000, a significant reduction from HK$78,545,000 in the previous year[12]. - Total comprehensive income attributable to owners of the parent for the six months ended June 30, 2024, was HK$56,008,000, compared to a loss of HK$16,073,000 in the same period of 2023, representing a significant turnaround[13]. Assets and Liabilities - Total non-current assets as of June 30, 2024, amounted to HK$7,051,630,000, an increase from HK$6,640,149,000 as of December 31, 2023, indicating a growth of about 6.2%[14]. - Total current assets decreased to HK$3,839,160,000 from HK$4,797,072,000, a decline of approximately 20%[14]. - Total current liabilities decreased to HK$3,302,252,000 from HK$3,971,881,000, reflecting a reduction of about 16.8%[15]. - Total equity attributable to owners of the parent increased to HK$1,794,079,000 from HK$1,738,071,000, representing a growth of about 3.2%[15]. - Total assets as of June 30, 2024, amounted to HK$10,890,790,000, compared to HK$9,508,016,000 as of June 30, 2023, representing an increase of approximately 14.5%[46][48]. - Total liabilities as of June 30, 2024, were HK$9,055,792,000, an increase from HK$7,843,667,000 in 2023, indicating a rise of approximately 15.5%[46][48]. Cash Flows - For the six months ended June 30, 2024, the net cash flows from operating activities amounted to HK$232,337,000, compared to a cash outflow of HK$231,474,000 in the same period of 2023[25]. - The net cash flows used in investing activities were HK$561,878,000, a significant increase from the cash inflow of HK$355,885,000 in the prior year[25]. - The net cash flows used in financing activities totaled HK$445,251,000, compared to a cash inflow of HK$684,456,000 in the previous year[25]. - The total cash and cash equivalents at the end of the period were HK$997,328,000, down from HK$1,749,712,000 at the end of June 2023[25]. Segment Performance - Total segment revenue for the six months ended June 30, 2024, was HK$836,508,000, a decrease from HK$927,305,000 for the same period in 2023, representing a decline of approximately 9.8%[45][48]. - Segment results for power generation were HK$197,695,000 for the six months ended June 30, 2024, compared to HK$148,168,000 in 2023, reflecting a growth of approximately 33.4%[45][48]. - Revenue from the EPC and consultancy and general construction segment decreased by approximately 34.8% to HK$398,858,000, while revenue from the power generation segment increased by approximately 44.9% to HK$410,046,000[196]. Research and Development - Research and development expenses for the six months ended June 30, 2024, were HK$80,000, a significant decrease from HK$6,782,000 in 2023, reflecting a decline of approximately 98.8%[51]. - Three new R&D projects were initiated, with 8 patents applied for and 3 invention patents obtained in the first half of 2024[149]. Strategic Initiatives - The Group aims to enhance energy security capacity and promote green and low-carbon transformation as part of its strategic objectives for 2024[110]. - The Group is focusing on the Greater Bay Area and the new energy industry, developing financial leasing and factoring business, and investing in distributed photovoltaic power station and industrial energy storage projects[160][162]. - The Group's strategy includes deepening energy reform and innovation to support the construction of a new energy system[110]. Compliance and Certifications - The Group's wholly-owned subsidiary CNI (Nanjing) obtained ISO14001 and GB24001-2016 environmental management system certifications, ensuring compliance with environmental protection standards[166][167]. - The Group did not violate any significant laws and regulations related to air and greenhouse gas emissions, discharges into water and land, and waste generation during the six months ended June 30, 2024[166][167]. Market Trends and Projections - In the first half of 2024, newly installed PV power generation capacity in China reached 102.48 GW, a year-on-year increase of 30.7%, while the cumulative installed capacity reached 713.5 GW, representing a year-on-year increase of 51.6%[126]. - The newly installed power generation capacity in China is expected to exceed 300 million KW in 2024, with a cumulative installed capacity of 3.25 billion KW, representing a year-on-year increase of approximately 12%[180]. - The domestic newly installed wind power generation capacity is anticipated to reach about 80 GW in 2024, supported by favorable policies for offshore wind power development[186].

[Financial Summary](index=1&type=section&id=Financial%20Summary) [Financial Summary](index=1&type=section&id=Financial%20Summary) For the six months ended June 30, 2024, the company's revenue decreased by 9.8% to HKD 821 million, while profit for the period surged by 40.0% to HKD 77.29 million, and basic earnings per share grew by 16.7% Financial Summary Table | Metric | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2023 | Change (%) | | :--- | :--- | :--- | :--- | | Revenue (HKD Thousands) | 821,101 | 909,811 | (9.8) | | Profit Before Income Tax Expense (HKD Thousands) | 101,388 | 72,482 | 39.9 | | Profit for the Period (HKD Thousands) | 77,292 | 55,193 | 40.0 | | Basic Earnings Per Share (HK cents) | 3.84 | 3.29 | 16.7 | | | **As of June 30, 2024** | **As of December 31, 2023** | **Change (%)** | | Total Assets (HKD Thousands) | 10,890,790 | 11,437,221 | (4.8) | | Net Assets (HKD Thousands) | 1,834,998 | 1,773,810 | 3.4 | [Management Discussion and Analysis](index=2&type=section&id=Management%20Discussion%20and%20Analysis) [Industry Development Review](index=2&type=section&id=Industry%20Development%20Review) China continues to advance its energy security strategy and green transition, with new energy sectors like solar, wind, and storage experiencing rapid growth in installed capacity despite challenges from price pressures and grid integration issues [Key Policies in China's Energy Industry](index=2&type=section&id=Key%20Policies%20in%20China's%20Energy%20Industry%20Review) In H1 2024, China issued key policies to advance carbon neutrality and a new energy system, focusing on green power certificates, distributed energy, and new energy storage, with specific targets for non-fossil energy consumption and generation capacity - The government work report emphasized actively and steadily promoting carbon peaking and carbon neutrality, accelerating the construction of a new energy system, strengthening the development of large-scale wind and solar power bases and transmission channels, and developing new energy storage[5](index=5&type=chunk) - The National Energy Administration issued guidelines targeting a non-fossil energy power generation capacity share of approximately **55%** and wind and solar power generation share of over **17%** by the end of 2024[5](index=5&type=chunk) - The State Council issued an energy-saving and carbon reduction action plan, targeting a non-fossil energy consumption share of approximately **20%** by 2025, and accelerating the construction of large-scale wind and solar bases with supporting energy storage[6](index=6&type=chunk) [Photovoltaic Power Generation Industry](index=5&type=section&id=Photovoltaic%20Power%20Generation%20Industry%20Development%20Review) In H1 2024, China's new PV installed capacity growth slowed, yet cumulative capacity surged over 50%, driven by technology iteration and larger modules, despite industry-wide price pressures pushing module prices below cash cost - In H1 2024, national new PV installed capacity reached **102.48 GW**, a **30.7%** year-on-year increase; cumulative installed capacity reached **713.5 GW** by end of June, up **51.6%** year-on-year[7](index=7&type=chunk) - Prices across the PV industry chain fell below cash cost, with TOPCon module prices decreasing from **RMB 0.9/W** at the beginning of the year to **RMB 0.78/W**[8](index=8&type=chunk) [Wind Power Generation Industry](index=6&type=section&id=Wind%20Power%20Generation%20Industry%20Development%20Review) In H1 2024, national new wind power installed capacity growth slightly slowed, yet cumulative capacity steadily increased, driven by accelerated large-scale turbine development, over 95% localization, and stable price reductions due to technological upgrades - In H1 2024, national new wind power installed capacity reached **25.84 GW**, a **12.4%** year-on-year increase; cumulative installed capacity reached **466.71 GW** by end of June, up **19.9%** year-on-year[9](index=9&type=chunk) - Wind turbine prices continued to decline, with onshore wind turbine costs falling to approximately **RMB 1/W** and offshore wind turbine (excluding tower) prices decreasing to **RMB 2.8/W**[9](index=9&type=chunk) [Energy Storage Industry](index=7&type=section&id=Energy%20Storage%20Industry%20Review) In H1 2024, new energy storage installed capacity reached 69% of last year's total, indicating explosive growth, driven by accelerated 314Ah cell adoption and non-lithium technologies, alongside significant cost reductions for lithium carbonate, systems, and cells - In H1 2024, national new energy storage power station installed capacity reached **14.40 GW/35.39 GWh**, achieving **69%** of the full-year installed capacity of 2023[10](index=10&type=chunk) - Energy storage costs significantly decreased: 2-hour energy storage system prices fell from **RMB 1.57/Wh** in early 2023 to approximately **RMB 0.6/Wh**; energy storage cell prices decreased from **RMB 0.95/Wh** to approximately **RMB 0.35/Wh**[10](index=10&type=chunk) [Business Review](index=8&type=section&id=Business%20Review) Despite a complex macro environment, the Group actively secured new PV and energy storage projects; while total revenue decreased by 9.8% due to EPC business contraction, significant growth in power generation business drove a 16.7% increase in profit attributable to owners - In H1, the Group secured multiple project quotas, including Taizhou **50 MW** PV project, Suining **50 MW** PV project, and Linxiang **100 MW/200 MWh** energy storage project, with over **4 GW** of projects currently being tracked[11](index=11&type=chunk) Key Financial Metrics | Financial Metric | H1 2024 (HKD Thousands) | H1 2023 (HKD Thousands) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 821,101 | 909,811 | (9.8) | | Profit Attributable to Equity Holders | 71,129 | 60,919 | 16.7 | | Basic Earnings Per Share (HK cents) | 3.84 | 3.29 | 16.7 | [EPC, Consulting and General Construction Business](index=9&type=section&id=EPC%2C%20Consulting%20and%20General%20Construction%20Business) External revenue for this segment decreased by 34.8% to HKD 399 million, primarily due to a strategic shift towards internal new energy EPC projects and a planned exit from low-margin municipal EPC business, while securing 6 new energy EPC projects worth HKD 510 million - Segment sales to external customers decreased by approximately **34.8%** year-on-year to **HKD 398.86 million**, primarily due to a business strategy shift towards self-invested and self-built projects and a planned exit from municipal EPC business[12](index=12&type=chunk) - In H1, **6** new energy EPC projects were undertaken with a contract value of approximately **HKD 510 million**, and several projects achieved full capacity grid connection[12](index=12&type=chunk) - The Group successfully upgraded or extended multiple engineering and design qualifications and was re-selected as a High-Tech Enterprise in Jiangsu Province, enjoying tax incentives[13](index=13&type=chunk) [Power Generation Business](index=10&type=section&id=Power%20Generation%20Business) The power generation business showed strong performance, with revenue up 44.9% to HKD 410 million and segment profit up 33.4%, driven by a record 607 MW of new grid-connected capacity, reaching a total operating scale of 1,685 MW and generating 927 million kWh, supplemented by green power and certificate transactions - Segment revenue increased by approximately **44.9%** year-on-year to **HKD 410.05 million**, primarily driven by revenue growth from new projects such as Boshang **300 MW** and Zhenkang **360 MW** grid connections[15](index=15&type=chunk) - In H1, newly grid-connected installed capacity reached **607 MW**, a historical high. As of the end of the period, total operating capacity reached **1,685 MW**, with **927 million kWh** of electricity generated[14](index=14&type=chunk) - Actively participated in green power and green certificate transactions, generating approximately **HKD 1.88 million** in additional revenue from green power transactions and approximately **HKD 0.32 million** from green certificate transactions in H1[14](index=14&type=chunk) [Financing Business](index=11&type=section&id=Financing%20Business) External revenue for the financing segment decreased by 16.2% to HKD 12.2 million due to intense competition; the Group adopted a "One Core, Two Wings, Three Drivers" strategy focusing on new energy in the Greater Bay Area, aiming for integrated financing, investment, and management, with breakthroughs in energy storage and distributed wind power leasing - Segment revenue from external customers decreased by approximately **16.2%** year-on-year to **HKD 12.20 million**, primarily due to intense peer competition and difficulties in project expansion[16](index=16&type=chunk) - Proposed a "One Core, Two Wings, Three Drivers" development strategy, centering on new energy, focusing on debt and fund operations, and building integrated financing, investment, and management capabilities[16](index=16&type=chunk) - Achieved breakthroughs in energy storage and distributed wind power financial leasing businesses through collaborations with companies like Megarevo Energy Storage and Hengqin Huatong Financial Leasing[17](index=17&type=chunk) [Business Outlook](index=12&type=section&id=Business%20Outlook) China's new energy installed capacity is projected to surpass coal power in 2024, offering vast market potential; the Group will focus on "New Energy + Storage" by investing in PV and wind power while vigorously developing energy storage, with domestic new installations expected to exceed 200 GW for PV, 80 GW for wind, and 35 GW for new storage - The Group will focus on a "New Energy + Storage" layout, based on photovoltaic and wind power investments, developing energy storage business, and expanding its new energy industry footprint[18](index=18&type=chunk) - It is projected that domestic new PV installed capacity will exceed **200 GW**, new wind power installed capacity will reach approximately **80 GW**, and new energy storage installed capacity will exceed **35 GW** in 2024[19](index=19&type=chunk)[20](index=20&type=chunk)[21](index=21&type=chunk) - By the end of 2024, China's non-fossil energy power generation installed capacity is expected to rise to approximately **57%**, and the combined grid-connected wind and solar power installed capacity will surpass coal power installed capacity for the first time[18](index=18&type=chunk) [Financial Review](index=13&type=section&id=Financial%20Review) [Operating Results](index=13&type=section&id=Operating%20Results) The Group's total revenue decreased by 9.8% to HKD 821 million due to reduced EPC business, yet profit for the period increased by 40.0% to HKD 77.29 million, driven by a 44.9% surge in power generation revenue, improving net profit margin from 6.1% to 9.4% Revenue by Segment (HKD Thousands) | Segment | H1 2024 | Share (%) | H1 2023 | Share (%) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | EPC, Consulting and General Construction | 398,858 | 48.6 | 612,210 | 67.3 | (34.8) | | Power Generation | 410,046 | 49.9 | 283,042 | 31.1 | 44.9 | | Financing | 12,197 | 1.5 | 14,559 | 1.6 | (16.2) | | **Total** | **821,101** | **100.0** | **909,811** | **100.0** | **(9.8)** | - Profit for the period increased by **40.0%** year-on-year to **HKD 77.29 million**, primarily due to an **82.1%** year-on-year increase in power generation from newly grid-connected power stations and lower operation and maintenance costs for new projects[25](index=25&type=chunk) - The Group's net profit margin increased from **6.1%** in the same period last year to **9.4%**[25](index=25&type=chunk) [Costs and Expenses](index=15&type=section&id=Costs%20and%20Expenses) During the period, cost of sales decreased by 20.7% due to EPC business adjustments, and other operating expenses fell by 12.9% from reduced R&D; however, finance costs increased by 26.8% to HKD 113 million due to increased long-term borrowings for power generation business expansion - Cost of sales decreased by approximately **20.7%** year-on-year to **HKD 565.94 million**, primarily due to business adjustments in the EPC segment[27](index=27&type=chunk) - Other operating expenses decreased by approximately **12.9%** year-on-year to **HKD 52.44 million**, primarily due to reduced research and development expenses during the period[28](index=28&type=chunk) - Finance costs increased by approximately **26.8%** year-on-year to **HKD 113.40 million**, primarily due to increased long-term bank loans for expanding the power generation business[29](index=29&type=chunk) [Financial Position and Liquidity](index=16&type=section&id=Financial%20Position%20and%20Liquidity) As of June 30, 2024, the Group's total assets were HKD 10.89 billion and total liabilities HKD 9.06 billion, with net current assets of HKD 537 million and cash of HKD 997 million; the gearing ratio improved slightly to 4.05 from 4.39, indicating a better financial structure Financial Position Summary (HKD Thousands) | Metric | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Total Assets | 10,890,790 | 11,437,221 | | Total Liabilities | 9,055,792 | 9,663,411 | | Total Equity | 1,834,998 | 1,773,810 | | Cash and Cash Equivalents | 997,328 | 1,779,293 | - As of June 30, 2024, the Group's gearing ratio was **4.05** (December 31, 2023: **4.39**), and its debt-to-asset ratio was **0.83** (December 31, 2023: **0.84**)[32](index=32&type=chunk) - The Group's outstanding bank and other borrowings totaled **HKD 7.10 billion**, of which **96.1%** were RMB-denominated borrowings, all bearing floating interest rates[32](index=32&type=chunk) [Capital Expenditure and Employees](index=18&type=section&id=Capital%20Expenditure%20and%20Employees) To expand operations, the Group significantly increased capital expenditure to HKD 697 million in H1, mainly for property, plant, and equipment acquisition; as of period-end, the Group had 325 employees with total staff costs of HKD 36.61 million - For the six months ended June 30, 2024, capital expenditure was **HKD 696.61 million**, a significant year-on-year increase (H1 2023: **HKD 243.60 million**)[36](index=36&type=chunk) - As of June 30, 2024, the Group's contractual commitments for the construction of power stations amounted to **HKD 724.45 million**[36](index=36&type=chunk) - As of June 30, 2024, the Group had a total of **325** employees, with staff costs for H1 amounting to **HKD 36.61 million**[37](index=37&type=chunk) [Condensed Consolidated Interim Financial Statements](index=19&type=section&id=Condensed%20Consolidated%20Interim%20Financial%20Statements) [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=19&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) This statement details the Group's operating results for the six months ended June 30, 2024, showing a gross profit of HKD 255 million, profit before tax of HKD 101 million, profit for the period of HKD 77.29 million, and profit attributable to parent company owners of HKD 71.13 million Profit or Loss Statement Summary (HKD Thousands) | Item | H1 2024 | H1 2023 | | :--- | :--- | :--- | | Revenue | 821,101 | 909,811 | | Gross Profit | 255,157 | 196,506 | | Profit Before Tax | 101,388 | 72,482 | | Profit for the Period | 77,292 | 55,193 | | Profit Attributable to Owners of the Parent Company | 71,129 | 60,919 | [Condensed Consolidated Statement of Financial Position](index=21&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) This statement presents the company's financial position as of June 30, 2024, showing total assets of HKD 10.89 billion and net assets of HKD 1.83 billion, with non-current assets, primarily property, plant, and equipment, totaling HKD 7.05 billion, and current liabilities exceeding non-current liabilities, mainly due to bank and other borrowings Statement of Financial Position Summary (HKD Thousands) | Item | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Total Non-Current Assets | 7,051,630 | 6,640,149 | | Total Current Assets | 3,839,160 | 4,797,072 | | **Total Assets** | **10,890,790** | **11,437,221** | | Total Current Liabilities | 3,302,252 | 3,971,881 | | Total Non-Current Liabilities | 5,753,540 | 5,691,530 | | **Total Liabilities** | **9,055,792** | **9,663,411** | | **Net Assets** | **1,834,998** | **1,773,810** | [Notes to the Condensed Consolidated Financial Statements](index=23&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) The notes provide detailed financial statement information, showing power generation as a core revenue source with the highest profit contribution, while approximately HKD 7.1 billion in borrowings primarily support capital-intensive power generation expansion, secured by various assets, and related party transactions involve lease contracts and electricity sales with major shareholders - The Group's operations are divided into three reportable segments: EPC, Consulting and General Construction; Power Generation; and Financing. The Power Generation segment contributed the highest segment result, reaching **HKD 198 million**[44](index=44&type=chunk)[46](index=46&type=chunk) - The Group's total interest-bearing bank and other borrowings amounted to **HKD 7.10 billion**, with long-term borrowings accounting for over **76%**, primarily used to support the power generation business[65](index=65&type=chunk) - Related party transactions include property leases with the controlling company of a major shareholder and electricity sales to related companies[70](index=70&type=chunk)[71](index=71&type=chunk) [Corporate Governance and Other Information](index=38&type=section&id=Corporate%20Governance%20and%20Other%20Information) [Corporate Governance](index=38&type=section&id=Corporate%20Governance) The company complied with the HKEX Corporate Governance Code during the period, with an Audit Committee of three independent non-executive directors overseeing financial reporting, risk management, and internal controls, and all directors confirmed adherence to the standard code for securities transactions - The company adopted and complied with the Corporate Governance Code set out in Appendix C1 to the Listing Rules during the period[74](index=74&type=chunk) - The Audit Committee, comprising three independent non-executive directors, reviewed the unaudited condensed consolidated financial statements for the period[75](index=75&type=chunk) [Dividends and Share Repurchases](index=38&type=section&id=Dividends%20and%20Share%20Repurchases) The Board did not recommend an interim dividend for the six months ended June 30, 2024, and neither the company nor its subsidiaries purchased, sold, or redeemed any of the company's listed securities during the reporting period - The Board did not declare any interim dividend for the six months ended June 30, 2024[79](index=79&type=chunk)[55](index=55&type=chunk) - For the six months ended June 30, 2024, neither the company nor any of its subsidiaries purchased, sold, or redeemed any shares of the company[77](index=77&type=chunk)