股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 北京能源國際控股有限公司 呈交日期: 2025年10月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00686 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 3,000,000,000 | HKD | | 1 HKD | | 3,000,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 3,000,000,000 | HKD | | 1 HKD | | 3,000,000,000 | 本月底法定/註冊股本總額： HKD 3,0 ...

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 司 謹 此 提 供 一 項 更 新 資 料，於 二 零 二 五 年 九 月 二 十 九 日，TPC與WSH （本 公 司 之 全 資 附 屬 公 司）訂 立 計 劃 實 施 協 議（於 二 零 二 四 年 七 月 三 十 日、二 零二四年九月二十七日、二零二四年十二月十二日、二零二五年二月二十 五日、二零二五年四月二十八日及二零二五年六月二十六日經修訂及重列） 的 第 七 份 經 修 訂 及 重 列 協 議（「第七份經修訂計劃實施協議」），據 此，（其 中 – 1 – 要 用 粗宋體 字 款 內 文13 point_宋體字款 686 更新公告 有關透過計劃安排方式收購一間公司之主要收購事項 及 進一步延遲寄發通函 茲 提 述 北 京 能 源 國 際 控 股 有 限 公 司（「本公司」）日 期 為 二 零 二 四 年 三 月 二 十 八日、二零二四年四月三日、二零二四年五月三十一日、二零二四年七月 ...

北京能源国际(00686)发布公告，谢懿已获委任为非执行董事，该委任即时生效。 ...

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。 非執行董事 劉國喜先生 蘇永健先生 李 浩先生 黃 蛟先生 王 成先生 謝 懿女士 獨立非執行董事 靳新彬女士 朱劍彪先生 曾 鳴先生 劉景偉先生 – 1 – 註： 686 董事名單與其角色和職能 北 京 能 源 國 際 控 股 有 限 公 司 董 事 會（「董事會」）成 員 及 其 角 色 和 職 能 載 列 如 下： 執行董事 張 平先生 （主席） 盧振威先生 M 相關委員會的成員 香港，二零二五年九月二十六日 – 2 – 董事會設立五個委員會。下表提供這些委員會的成員信息。 審 核 委員會 薪 酬 委員會 提 名 委員會 風險控制 委員會 可持續發展 委員會 張 平先生 C C C 盧振威先生 M 劉國喜先生 M 蘇永健先生 M M M 李 浩先生 M 王 成先生 M 靳新彬女士 M M M 朱劍彪先生 M M 劉景偉先生 C C C 相關委員會的主席 ...

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。 686 於二零二五年九月二十六日舉行 的股東特別大會之投票結果 茲 提 述 載 有 北 京 能 源 國 際 控 股 有 限 公 司（「本公司」）於 二 零 二 五 年 九 月 二 十 六 日 舉 行 的 股 東 特 別 大 會（「股東特別大會」）通 告（「股東特別大會通告」）之 日期為二零二五年九月十日之通函（「通函」）。除文義另有所指外，本公告所 用詞彙與通函所界定者具有相同涵義。 股東特別大會投票結果 附註：以上描述僅為決議案摘要。決議案全文請參閱股東特別大會通告。 – 1 – 於股東特別大會當日，已發行股份總數為2,233,364,443股，其中34,500,000股 由本公司持作庫存股份。庫存股份持有人並無權利投票，並已於股東特別 大會上就所提呈之決議案放棄表決。因此，賦予持有人權利出席股東特別 大會並於會上就所提呈之決議案投票贊成或反對之股份總數為2,198,864,443 股。除上文所披露者 ...

北京能源国际(00686)发布公告，于2025年9月24日(香港时间)，惠誉常青已确认对公司维持"2"的ESG主 体评级，并且主体评分由"78"提升至"80"。该评级结果和分数的提升，标志着公司在推动可再生能源发 展与气候行动方面的努力获得了高度认可。 ...

智通财经APP讯，北京能源国际(00686)发布公告，于2025年9月24日(香港时间)，惠誉常青已确认对公 司维持"2"的ESG主体评级，并且主体评分由"78"提升至"80"。该评级结果和分数的提升，标志着公司 在推动可再生能源发展与气候行动方面的努力获得了高度认可。 ...

686 自願性公告 本公司獲惠譽常青確認評級結果 本 公 告 乃 由 北 京 能 源 國 際 控 股 有 限 公 司（「本公司」）自 願 發 出。 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。 董 事 會 欣 然 宣 佈，於 二 零 二 五 年 九 月 二 十 四 日（香 港 時 間），惠 譽 常 青 已 確 認 對 本 公 司 維 持「2」的ESG主 體 評 級，並 且 主 體 評 分 由「78」提 升 至「80」。該 評級結果和分數的提升，標誌著本公司在推動可再生能源發展與氣候行動 方面的努力獲得了高度認可。 上述評級僅供參考而不作任何其他用途。該評級並不構成購買、出售或持 有任何本公司證券的推薦建議，且該評級可由惠譽常青隨時終止、調整或 撤回。本公司股東及潛在投資者於買賣本公司證券時不應依賴本公告所披 露的資料，務請審慎行事。本公司任何股東或潛在投資者如有任何疑問， 務請諮詢專業顧問的意見。 代 表 北京能源國際控股有限公司 董事會主席 張 ...

[Corporate Information](index=2&type=section&id=Corporate%20Information) [Board of Directors](index=3&type=section&id=Board%20of%20Directors) The company's Board of Directors comprises executive, non-executive, and independent non-executive directors, with various committees established - Board members include Executive Directors Mr. Zhang Ping (Chairman) and Mr. Lu Zhenwei, Non-executive Directors Mr. Liu Guoxi, Mr. Su Yongjian, Mr. Li Hao, Mr. Huang Jiao, Mr. Wang Cheng, and Independent Non-executive Directors Mr. Jin Xinbin, Mr. Zhu Jianbiao, Mr. Zeng Ming, and Mr. Liu Jingwei[3](index=3&type=chunk)[4](index=4&type=chunk) - Committees include the Audit Committee (chaired by Mr. Liu Jingwei), Remuneration Committee (chaired by Mr. Liu Jingwei), Nomination Committee (chaired by Mr. Zhang Ping), Risk Control Committee (chaired by Mr. Zhang Ping), and Sustainable Development Committee (chaired by Mr. Zhang Ping)[3](index=3&type=chunk)[4](index=4&type=chunk)[5](index=5&type=chunk) [Other Corporate Details](index=4&type=section&id=Other%20Corporate%20Details) The company discloses its auditor, legal advisors, share registrar, registered office, principal place of business, main banks, and website - The auditor is Grant Thornton Hong Kong Limited[7](index=7&type=chunk)[8](index=8&type=chunk) - Legal advisors include Conyers Dill & Pearman in Bermuda, Jones Day in Hong Kong, and Beijing Yingke Law Firm and Beijing Zhongce Law Firm in mainland China[7](index=7&type=chunk)[8](index=8&type=chunk) - Principal bankers include Agricultural Bank of China, Bank of China, CITIC Bank, and China Construction Bank[9](index=9&type=chunk)[10](index=10&type=chunk) - The company's website is http://www.bjei.com[10](index=10&type=chunk) [Management Discussion and Analysis](index=5&type=section&id=Management%20Discussion%20and%20Analysis) [Business Review](index=6&type=section&id=Business%20Review) The group aims to be an international clean energy operator, expanding its generation business and significantly increasing total electricity output - The group primarily engages in the development, investment, operation, and management of power stations and other clean energy projects, aiming to become the most respected international clean energy ecological investment and operation service provider[11](index=11&type=chunk)[14](index=14&type=chunk) [Diversification of Investment Locations and Portfolios](index=6&type=section&id=Diversification%20of%20Investment%20Locations%20and%20Portfolios) The group actively expands its solar, wind, hydro, and energy storage businesses across 28 Chinese provinces and internationally - As of June 30, 2025, the group owned **187 solar power stations** (December 31, 2024: 166), **39 wind power stations** (December 31, 2024: 38), **26 hydro power stations** (December 31, 2024: 26), and **3 energy storage power stations** (December 31, 2024: 3)[12](index=12&type=chunk)[15](index=15&type=chunk) - Total grid-connected installed capacity was approximately **13,692 MW** (December 31, 2024: approximately 12,639 MW), an increase of approximately **8.3%**[12](index=12&type=chunk)[15](index=15&type=chunk) - Power stations are distributed across **28 provinces in China**, with overseas projects in Australia and Vietnam[12](index=12&type=chunk)[15](index=15&type=chunk) [Other Clean Energy Projects](index=7&type=section&id=Other%20Clean%20Energy%20Projects) The group holds development rights for approximately 5 GW of hydropower and focuses on optimizing its asset structure and diversifying energy supply - The group holds hydropower development rights with an estimated capacity of approximately **5 GW**, where the company indirectly holds a **75% equity interest** in the project company, and the remaining **25%** is indirectly held by the People's Government of the Tibet Autonomous Region[17](index=17&type=chunk)[20](index=20&type=chunk) - In the short term, the group will continue to focus on developing solar, wind, hydro, and energy storage businesses, improving its asset structure, with a long-term goal of supplementing diverse energy supplies[18](index=18&type=chunk)[20](index=20&type=chunk) [Electricity Generation](index=7&type=section&id=Electricity%20Generation) Total electricity generation from the company's power stations significantly increased by 51.7% to approximately 11,514,751 MWh Total Electricity Generation by Power Generation Subsidiaries | Indicator | H1 2025 (MWh) | H1 2024 (MWh) | Change Rate | | :--- | :--- | :--- | :--- | | **Total Electricity Generation** | 11,514,751 | 7,590,356 | +51.7% | Summary of Power Generation Subsidiaries' Power Stations | Type | June 30, 2025 (MW) | June 30, 2024 (MW) | H1 2025 Electricity Generation (MWh) | H1 2024 Electricity Generation (MWh) | | :--- | :--- | :--- | :--- | :--- | | Solar | 7,958 | 6,391 | 4,863,871 | 4,220,057 | | Wind | 4,432 | 2,602 | 5,177,066 | 1,874,559 | | Hydro | 952 | 952 | 1,348,606 | 1,495,740 | | Energy Storage | 350 | 100 | 125,208 | – | | **Total** | **13,692** | **10,045** | **11,514,751** | **7,590,356** | - Energy storage power stations officially commenced production and operation in the second half of 2024, hence no relevant data for the first half of 2024[24](index=24&type=chunk)[25](index=25&type=chunk) [Financing](index=10&type=section&id=Financing) The group diversified financing channels, reduced its weighted average annual interest rate, and secured funding for future business expansion - During the reporting period, the weighted average annual interest rate for bank and other borrowings was approximately **3.17%**, a significant decrease from approximately **3.73%** as of December 31, 2024[30](index=30&type=chunk)[33](index=33&type=chunk) - The decrease in interest rates was primarily due to the refinancing of high-interest loans and a decline in benchmark rates such as LPR and SOFR[30](index=30&type=chunk)[33](index=33&type=chunk) - The company completed the issuance of two tranches of perpetual medium-term notes in February and May 2025, with sizes of **RMB 900 million** and **RMB 600 million** respectively, fixed distribution rates of **2.47%** and **2.38%** per annum, with net proceeds used to repay domestic borrowings in China[31](index=31&type=chunk)[33](index=33&type=chunk) - Jingneng Development secured private perpetual medium-term note funding of **RMB 1,500 million** (2024) and **RMB 1,050 million** (H1 2025) through investment agreements with China Life Investment and Allianz Insurance, used to supplement working capital and repay borrowings[32](index=32&type=chunk)[34](index=34&type=chunk)[35](index=35&type=chunk)[39](index=39&type=chunk) [Financial Review](index=11&type=section&id=Financial%20Review) The group achieved slight net profit growth, increased revenue and EBITDA, but experienced a decline in average electricity prices Key Financial Indicators | Indicator | H1 2025 (RMB'million) | H1 2024 (RMB'million) | Change Rate | | :--- | :--- | :--- | :--- | | Net Profit | 293 | 292 | +0.34% | | Revenue | 4,086 | 3,272 | +24.87% | | EBITDA | 3,276 | 2,686 | +21.97% | - Revenue and EBITDA growth were primarily attributable to the expansion of grid-connected installed capacity from approximately **10,045 MW** as of June 30, 2024, to approximately **13,692 MW** as of June 30, 2025, an increase of approximately **36.3%**, as well as efficient operation and management of power stations[37](index=37&type=chunk)[41](index=41&type=chunk) - The average electricity price per kWh (excluding VAT) decreased from approximately **RMB 0.43** as of June 30, 2024, to approximately **RMB 0.35** for the current period, mainly due to the continuous increase in grid-connected installed capacity of grid-parity solar and wind power projects, whose electricity prices do not include subsidies[38](index=38&type=chunk)[41](index=41&type=chunk) [Finance Costs](index=12&type=section&id=Finance%20Costs) Total finance costs slightly decreased, primarily due to the refinancing of high-interest loans into lower-interest RMB loans Total Finance Costs | Indicator | H1 2025 (RMB'million) | H1 2024 (RMB'million) | Change Rate | | :--- | :--- | :--- | :--- | | **Total Finance Costs** | 1,099 | 1,105 | -0.54% | - The decrease in finance costs was mainly due to the gradual refinancing of certain high-interest loans with lower-interest RMB loans[43](index=43&type=chunk)[47](index=47&type=chunk) [Trade, Bills and Tariff Adjustment Receivables](index=12&type=section&id=Trade%2C%20Bills%20and%20Tariff%20Adjustment%20Receivables) Total trade, bills, and tariff adjustment receivables significantly increased, mainly from government subsidies for renewable energy projects Details of Trade, Bills and Tariff Adjustment Receivables | Indicator | June 30, 2025 (RMB'million) | December 31, 2024 (RMB'million) | Change Rate | | :--- | :--- | :--- | :--- | | Trade and Bills Receivables | 881 | 590 | +49.32% | | Tariff Adjustment Project List | 9,021 | 6,906 | +30.63% | | Other Tariff Adjustments | 624 | 559 | +11.63% | | **Total** | **10,526** | **8,055** | **+30.68%** | - Tariff adjustment receivables primarily refer to central government subsidies for renewable energy projects collected from State Grid and Inner Mongolia Power based on power purchase agreements and government policies[49](index=49&type=chunk) [Bank and Other Borrowings](index=13&type=section&id=Bank%20and%20Other%20Borrowings) As of June 30, 2025, total bank and other borrowings were RMB 69,557 million, with RMB loans being the largest component Maturity and Currency Composition of Bank and Other Borrowings | Currency | Within 1 Year (RMB'million) | 2nd Year (RMB'million) | 3-5 Years (RMB'million) | 6-10 Years (RMB'million) | After 10 Years (RMB'million) | Total (RMB'million) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | RMB | 9,867 | 11,767 | 19,832 | 11,438 | 4,249 | 57,153 | | USD | 6,394 | 3,472 | – | – | – | 9,866 | | AUD | 1,890 | – | – | – | – | 1,890 | | HKD | 648 | – | – | – | – | 648 | | **Total** | **18,799** | **15,239** | **19,832** | **11,438** | **4,249** | **69,557** | - The group actively seeks financing/refinancing opportunities to reduce funding costs and improve liquidity[52](index=52&type=chunk) [Key Performance Indicators](index=13&type=section&id=Key%20Performance%20Indicators) Changes in key performance indicators reflect business expansion, with improved debt ratios and interest coverage despite a slight EBITDA margin decrease - The changes in various key performance indicators during the period primarily resulted from the expansion of the group's business scale[54](index=54&type=chunk)[56](index=56&type=chunk) [EBITDA Margin Ratio](index=13&type=section&id=EBITDA%20Margin%20Ratio) EBITDA margin decreased by approximately 2% to 80%, mainly due to business expansion and additional operating expenses EBITDA Margin Ratio | Indicator | H1 2025 | H1 2024 | Change | | :--- | :--- | :--- | :--- | | **EBITDA Margin Ratio** | 80% | 82% | -2% | [Debt to EBITDA Ratio](index=14&type=section&id=Debt%20to%20EBITDA%20Ratio) The debt to EBITDA ratio improved from 22.7 to 19.5, indicating enhanced debt repayment capability Debt to EBITDA Ratio | Indicator | H1 2025 | H1 2024 | Change | | :--- | :--- | :--- | :--- | | **Debt to EBITDA Ratio** | 19.5 | 22.7 | -3.2 | [Funds from Operations to Net Debt Ratio](index=14&type=section&id=Funds%20from%20Operations%20to%20Net%20Debt%20Ratio) The funds from operations to net debt ratio increased from 2.7% to 3.5%, reflecting stronger debt servicing capacity from operating income Funds from Operations to Net Debt Ratio | Indicator | H1 2025 | H1 2024 | Change | | :--- | :--- | :--- | :--- | | **Funds from Operations to Net Debt Ratio** | 3.5% | 2.7% | +0.8% | [Interest Coverage Ratio](index=14&type=section&id=Interest%20Coverage%20Ratio) The interest coverage ratio rose from 2.61 to 2.98, indicating an improved ability to cover interest expenses on interest-bearing debt Interest Coverage Ratio | Indicator | H1 2025 | H1 2024 | Change | | :--- | :--- | :--- | :--- | | **Interest Coverage Ratio** | 2.98 | 2.61 | +0.37 | [Liquidity, Financial Resources, Gearing Ratio and Capital Structure](index=15&type=section&id=Liquidity%2C%20Financial%20Resources%2C%20Gearing%20Ratio%20and%20Capital%20Structure) The group's current liabilities exceeded current assets, but the gearing ratio decreased due to perpetual medium-term note issuance - As of June 30, 2025, the group's current assets were approximately **RMB 19,581 million**, and current liabilities were approximately **RMB 26,515 million**[62](index=62&type=chunk)[64](index=64&type=chunk) - The group formulates treasury policies to reduce funding costs and uses derivative financial instruments (cross-currency swaps) to hedge against foreign exchange and interest rate fluctuations[63](index=63&type=chunk)[65](index=65&type=chunk) Capital Structure | Indicator | June 30, 2025 (RMB'million) | December 31, 2024 (RMB'million) | Change Rate | | :--- | :--- | :--- | :--- | | Bank and Other Borrowings | 69,542 | 68,582 | +1.40% | | Less: Cash Deposits | (5,694) | (5,604) | +1.61% | | Net Debt | 63,848 | 62,978 | +1.38% | | Total Equity | 25,460 | 22,660 | +12.36% | | Total Capital | 89,308 | 85,638 | +4.29% | | **Gearing Ratio** | **71.5%** | **73.5%** | **-2.0%** | - The decrease in the gearing ratio was primarily attributable to the increase in equity due to the issuance of perpetual medium-term notes[69](index=69&type=chunk)[70](index=70&type=chunk) - The group will strive to reduce its gearing ratio through deleveraging, including co-investing in power stations with strategic business partners to reduce capital expenditure[69](index=69&type=chunk)[70](index=70&type=chunk) [Material Acquisitions and Disposals of Subsidiaries, Associates and Joint Ventures](index=17&type=section&id=Material%20Acquisitions%20and%20Disposals%20of%20Subsidiaries%2C%20Associates%20and%20Joint%20Ventures) The group had no material acquisitions or disposals of subsidiaries, associates, or joint ventures during the reporting period - During the period, the group had no material acquisitions or disposals of subsidiaries, associates, or joint ventures[74](index=74&type=chunk)[79](index=79&type=chunk) [Performance and Future Prospects for Significant Investments Held and Future Plans for Material Investments or Capital Assets](index=17&type=section&id=Performance%20and%20Future%20Prospects%20for%20Significant%20Investments%20Held%20and%20Future%20Plans%20for%20Material%20Investments%20or%20Capital%20Assets) As of June 30, 2025, the group held no significant investments but actively seeks opportunities to enhance future financial performance - As of June 30, 2025, the group did not hold any significant investments or capital assets[75](index=75&type=chunk)[80](index=80&type=chunk) - The group will closely monitor market changes and actively seek promising investment opportunities to enhance future financial performance and profitability[75](index=75&type=chunk)[80](index=80&type=chunk) [Material Reliance on Key Customers](index=17&type=section&id=Material%20Reliance%20on%20Key%20Customers) The group's electricity sales heavily rely on Chinese state-owned power companies, with significant receivables from State Grid and Inner Mongolia Power - The major electricity sales customers in China are subsidiaries of State Grid Corporation of China and Inner Mongolia Power (Group) Co., Ltd[76](index=76&type=chunk)[81](index=81&type=chunk) - As of June 30, 2025, receivables from State Grid and Inner Mongolia Power subsidiaries accounted for approximately **74.5%** and **17.9%** respectively of the group's total trade, bills, and tariff adjustment receivables[76](index=76&type=chunk)[81](index=81&type=chunk) [Charge on Assets](index=17&type=section&id=Charge%20on%20Assets) Approximately 30.5% of the group's bank and other borrowings are secured by power modules, guarantee deposits, electricity sales rights, or subsidiary equity - As of June 30, 2025, approximately **30.5%** of the group's bank and other borrowings were secured by pledges of certain power modules and equipment, guarantee deposits, rights to electricity sales of certain subsidiaries, and/or pledges of shares/equity interests in certain subsidiaries of the group[78](index=78&type=chunk)[82](index=82&type=chunk) [Employees and Remuneration Policies](index=18&type=section&id=Employees%20and%20Remuneration%20Policies) The group's full-time employee count increased to 1,918, with competitive remuneration and increased total employee benefit expenses Employee Count and Benefit Expenses | Indicator | June 30, 2025 | June 30, 2024 | Change Rate | | :--- | :--- | :--- | :--- | | Full-time Employee Count | 1,918 | 1,856 | +3.34% | | Total Employee Benefit Expenses (RMB'million) | 279 | 251 | +11.16% | - Employee remuneration is determined based on job nature, individual qualifications, performance, work experience, and market trends, with additional medical insurance, discretionary bonuses, training programs, and share option schemes provided[84](index=84&type=chunk)[87](index=87&type=chunk) [Exposure to Fluctuations in Exchange Rates and Related Hedges](index=18&type=section&id=Exposure%20to%20Fluctuations%20in%20Exchange%20Rates%20and%20Related%20Hedges) Operating primarily in mainland China and Hong Kong, the group faces minimal exchange rate risk, with management monitoring foreign currency exposure - The group primarily operates in mainland China and Hong Kong, with most transactions in mainland China settled in RMB, expecting minimal exchange rate fluctuation risk[85](index=85&type=chunk)[88](index=88&type=chunk) - Most transactions in Hong Kong are settled in HKD and USD, with exchange rate fluctuation risk under the linked exchange rate system mainly arising from conversion to the presentation currency[85](index=85&type=chunk)[88](index=88&type=chunk) - No other hedging instruments were used during the period, but management will strengthen monitoring of foreign currency risk when necessary[85](index=85&type=chunk)[88](index=88&type=chunk) [Contingent Liabilities](index=18&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the group had no material contingent liabilities other than those disclosed in the interim report - Except as stated and disclosed in this interim report, as of June 30, 2025, the group had no other material contingent liabilities[86](index=86&type=chunk)[89](index=89&type=chunk) [Material Events After the Date of Statement of Financial Position](index=19&type=section&id=Material%20Events%20After%20the%20Date%20of%20Statement%20of%20Financial%20Position) No other material events occurred after June 30, 2025, up to the date of the interim report, except as disclosed in Note 20 - Except as disclosed in Note 20 to the unaudited condensed consolidated interim financial information, the group had no other material events after June 30, 2025, up to the date of this interim report[90](index=90&type=chunk)[94](index=94&type=chunk) [Prospects](index=19&type=section&id=Prospects) The company will transition to a balanced asset operation model, explore light-asset development, and expand in hydro, gas turbine, and green hydrogen businesses - **2025** marks the final year of the "14th Five-Year Plan" and a critical year for the company's high-quality development, as the new energy industry enters an era of inventory competition where underlying asset quality becomes a core factor[91](index=91&type=chunk)[95](index=95&type=chunk) - Strategically, the company will shift from heavy asset ownership to a balanced asset operation approach, prioritizing comprehensive project development costs and regional consumption capacity, exploring light-asset development and operation models to maximize power station asset value creation[93](index=93&type=chunk)[95](index=95&type=chunk) - In business expansion, the company will deepen its hydropower business in Yunnan and Tibet, steadily advance gas turbine projects, transition integrated energy businesses towards light assets, and monitor the latest developments in green hydrogen business[97](index=97&type=chunk)[100](index=100&type=chunk) - In operational management, the focus will be on quality improvement and efficiency enhancement, implementing comprehensive cost control, strictly controlling engineering costs, conducting post-project evaluations, improving regional benchmarking rankings, emphasizing electricity spot trading, and introducing equity financing to reduce funding costs[98](index=98&type=chunk)[101](index=101&type=chunk) - The company aims to accelerate the construction of a clean energy industrial ecosystem that is "green-dominated, multi-energy complementary, and intelligently coordinated," contributing to global energy transition and climate change response[99](index=99&type=chunk)[101](index=101&type=chunk) [Interim Condensed Consolidated Statement of Profit or Loss](index=20&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) [Interim Condensed Consolidated Statement of Profit or Loss](index=20&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) For the six months ended June 30, 2025, net profit slightly increased, revenue and EBITDA significantly improved, but finance costs remained high Summary of Interim Condensed Consolidated Statement of Profit or Loss | Indicator | H1 2025 (RMB'million) | H1 2024 (RMB'million) | Change Rate | | :--- | :--- | :--- | :--- | | Electricity Sales | 2,945 | 2,094 | +40.64% | | Tariff Subsidies | 1,141 | 1,178 | -3.14% | | **Revenue** | **4,086** | **3,272** | **+24.87%** | | Other Income | 58 | 47 | +23.40% | | Employee Benefit Expenses | (279) | (251) | +11.16% | | Operation and Maintenance Costs | (232) | (150) | +54.67% | | Professional Fees | (85) | (48) | +77.08% | | Taxes and Surcharges | (48) | (28) | +71.43% | | Other Expenses | (224) | (156) | +43.59% | | **EBITDA** | **3,276** | **2,686** | **+21.97%** | | Depreciation of Property, Plant and Equipment | (1,683) | (1,102) | +52.72% | | Depreciation of Right-of-Use Assets | (84) | (66) | +27.27% | | Amortisation of Intangible Assets | (3) | – | N/A | | Finance Income | 2 | 49 | -95.92% | | Finance Costs | (1,099) | (1,105) | -0.54% | | Share of Profits of Investments Accounted for Using Equity Method | 40 | 17 | +135.29% | | **Profit Before Income Tax** | **448** | **434** | **+3.23%** | | Income Tax Expense | (155) | (142) | +9.15% | | **Profit for the Period** | **293** | **292** | **+0.34%** | | Profit Attributable to Equity Holders of the Company | 173 | 33 | +424.24% | | Non-controlling Interests | 120 | 259 | -53.67% | | Basic and Diluted Earnings Per Share (RMB cents) | 7.87 | 1.48 | +431.76% | | Dividends | 193 | 196 | -1.53% | [Interim Condensed Consolidated Statement of Comprehensive Income](index=23&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) [Interim Condensed Consolidated Statement of Comprehensive Income](index=23&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) For the six months ended June 30, 2025, total comprehensive income significantly increased, driven by a shift from currency translation loss to gain Summary of Interim Condensed Consolidated Statement of Comprehensive Income | Indicator | H1 2025 (RMB'million) | H1 2024 (RMB'million) | Change Rate | | :--- | :--- | :--- | :--- | | Profit for the Period | 293 | 292 | +0.34% | | Currency Translation Differences | 195 | (134) | N/A (from loss to gain) | | **Total Comprehensive Income for the Period** | **488** | **158** | **+208.86%** | | Attributable to Equity Holders of the Company | 368 | (101) | N/A (from loss to gain) | | Non-controlling Interests | 120 | 259 | -53.67% | [Interim Condensed Consolidated Statement of Financial Position](index=24&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) [Interim Condensed Consolidated Statement of Financial Position](index=24&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, total assets and equity increased, but current liabilities still exceeded current assets, indicating liquidity pressure Summary of Interim Condensed Consolidated Statement of Financial Position | Indicator | June 30, 2025 (RMB'million) | December 31, 2024 (RMB'million) | Change Rate | | :--- | :--- | :--- | :--- | | **Total Non-current Assets** | **86,046** | **85,867** | **+0.21%** | | Property, Plant and Equipment | 76,091 | 75,749 | +0.45% | | Right-of-Use Assets | 2,940 | 2,858 | +2.87% | | Investments Accounted for Using Equity Method | 1,998 | 1,898 | +5.27% | | **Total Current Assets** | **19,581** | **16,602** | **+17.94%** | | Trade, Bills and Tariff Adjustment Receivables | 10,525 | 8,054 | +30.68% | | Cash and Cash Equivalents | 5,398 | 5,195 | +3.91% | | **Total Assets** | **105,627** | **102,469** | **+3.08%** | | **Total Equity** | **25,460** | **22,660** | **+12.36%** | | Perpetual Medium-Term Notes | 13,322 | 10,777 | +23.62% | | Non-controlling Interests | 7,273 | 7,133 | +1.96% | | **Total Non-current Liabilities** | **53,652** | **50,833** | **+5.54%** | | Bank and Other Borrowings (Non-current) | 50,758 | 47,936 | +5.89% | | **Total Current Liabilities** | **26,515** | **28,976** | **-8.49%** | | Bank and Other Borrowings (Current) | 18,784 | 20,646 | -9.02% | | **Total Liabilities** | **80,167** | **79,809** | **+0.45%** | | **Total Equity and Liabilities** | **105,627** | **102,469** | **+3.08%** | - As of June 30, 2025, the group's current liabilities exceeded current assets by approximately **RMB 6,934 million**[125](index=125&type=chunk) [Interim Condensed Consolidated Statement of Changes in Equity](index=26&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) [Interim Condensed Consolidated Statement of Changes in Equity](index=26&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) For the six months ended June 30, 2025, total equity significantly increased due to perpetual medium-term note issuance and period profit Summary of Interim Condensed Consolidated Statement of Changes in Equity | Indicator | June 30, 2025 (RMB'million) | January 1, 2024 (RMB'million) | Change Rate | | :--- | :--- | :--- | :--- | | Total Equity at Beginning of Period | 22,660 | 17,063 | +32.81% | | Profit for the Period | 293 | 292 | +0.34% | | Other Comprehensive Income | 195 | (134) | N/A | | Final Dividend Declared for 2024 | (193) | – | N/A | | Profit Attributable to Holders of Perpetual Medium-Term Notes | (87) | – | N/A | | Distributions to Holders of Perpetual Medium-Term Notes | (87) | – | N/A | | Issuance of Perpetual Medium-Term Notes | 2,545 | 2,294 | +10.94% | | Capital Contribution from Non-controlling Interests | 33 | 1,323 | -97.50% | | Dividends Declared to Non-controlling Interests | (13) | (217) | -94.01% | | **Total Equity at End of Period** | **25,460** | **20,438** | **+24.57%** | - The issuance of perpetual medium-term notes significantly increased total equity, with **RMB 2,545 million** issued in the first half of 2025[112](index=112&type=chunk) - Profit attributable to equity holders of the company significantly increased from **RMB 33 million** in the first half of 2024 to **RMB 173 million** in the first half of 2025[112](index=112&type=chunk) [Interim Condensed Consolidated Statement of Cash Flows](index=28&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) [Interim Condensed Consolidated Statement of Cash Flows](index=28&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) For the six months ended June 30, 2025, net cash inflow from operating activities decreased, while net cash outflows from investing and financing activities also significantly declined Summary of Interim Condensed Consolidated Statement of Cash Flows | Indicator | H1 2025 (RMB'million) | H1 2024 (RMB'million) | Change Rate | | :--- | :--- | :--- | :--- | | Net Cash Inflow from Operating Activities | 715 | 1,273 | -43.83% | | Net Cash Outflow from Investing Activities | (2,341) | (7,012) | -66.61% | | Net Cash Inflow from Financing Activities | 1,802 | 8,052 | -77.62% | | Net Increase in Cash and Cash Equivalents | 176 | 2,313 | -92.39% | | Cash and Cash Equivalents at End of Period | 5,398 | 8,539 | -36.89% | - Capital expenditure significantly decreased from **RMB 7,216 million** in the first half of 2024 to **RMB 2,355 million** in the first half of 2025[115](index=115&type=chunk) - The decrease in net cash inflow from financing activities was primarily due to changes in proceeds from and repayment of bank borrowings, as well as a reduction in capital contributions from non-controlling interests[116](index=116&type=chunk) [Notes to the Unaudited Condensed Consolidated Interim Financial Information](index=29&type=section&id=Notes%20to%20the%20Unaudited%20Condensed%20Consolidated%20Interim%20Financial%20Information) [GENERAL INFORMATION](index=30&type=section&id=GENERAL%20INFORMATION) The company, incorporated in Bermuda, primarily engages in power station and clean energy projects, controlled by Beijing Energy Group - The company's ordinary shares are listed on the Main Board of The Stock Exchange of Hong Kong Limited[117](index=117&type=chunk) - Beijing Energy Investment Group (Hong Kong) Co., Limited is the company's direct controlling shareholder, holding approximately **32.14%** of the issued share capital, and is ultimately wholly-owned indirectly by the Beijing State-owned Assets Supervision and Administration Commission[118](index=118&type=chunk)[122](index=122&type=chunk) - The group primarily engages in the development, investment, operation, and management of power stations and other clean energy projects[119](index=119&type=chunk)[123](index=123&type=chunk) [BASIS OF PREPARATION](index=30&type=section&id=BASIS%20OF%20PREPARATION) The financial information is prepared under HKAS 34 using the historical cost convention, assessing going concern, and disclosing accounting policy changes and risk management - This financial information is prepared in accordance with the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and Hong Kong Accounting Standard 34 "Interim Financial Reporting" issued by the Hong Kong Institute of Certified Public Accountants[120](index=120&type=chunk)[124](index=124&type=chunk) - Except for financial assets and liabilities measured at fair value through profit or loss, this financial information is prepared on a historical cost basis[121](index=121&type=chunk)[124](index=124&type=chunk) [Going Concern](index=31&type=section&id=Going%20Concern) Despite current liabilities exceeding current assets and significant short-term debt, the board believes the group has sufficient working capital for continued operation - As of June 30, 2025, the group's current liabilities exceeded current assets by approximately **RMB 6,934 million**[125](index=125&type=chunk)[129](index=129&type=chunk) - Approximately **RMB 18,784 million** of bank and other borrowings are due for repayment within the next twelve months[125](index=125&type=chunk)[129](index=129&type=chunk) - The group has successfully issued **RMB 450 million** in perpetual medium-term notes and secured approximately **RMB 1,565 million** in long-term bank and other borrowings[128](index=128&type=chunk)[129](index=129&type=chunk)[131](index=131&type=chunk) - The group received approximately **RMB 6,815 million** in loan support from its controlling shareholder, Beijing Energy Group, and its subsidiaries[131](index=131&type=chunk) - The Board is negotiating with banks and other financial institutions to raise approximately **RMB 5,196 million** in new short-term or long-term financing, utilizing the unused credit guarantee facilities provided by Beijing Energy Group[131](index=131&type=chunk) - Existing and future renewable energy projects are expected to generate sufficient operating cash inflows[132](index=132&type=chunk) [Changes in Accounting Policies and Disclosures](index=34&type=section&id=Changes%20in%20Accounting%20Policies%20and%20Disclosures) The adoption of HKAS 21 (Revised) "Lack of Exchangeability" had no material impact, and other new HKFRSs are not expected to significantly affect financial statements - The group adopted HKAS 21 (Revised) "Lack of Exchangeability," effective from January 1, 2025, during the period[137](index=137&type=chunk)[141](index=141&type=chunk) - This amendment had no material impact on the group's current and prior period financial position and performance[139](index=139&type=chunk)[141](index=141&type=chunk) - Disclosures include Hong Kong Financial Reporting Standards (HKFRS 18, HKFRS 19, etc.) that have been issued but are not yet effective, which are not expected to have a significant impact on the financial statements[142](index=142&type=chunk)[143](index=143&type=chunk)[145](index=145&type=chunk)[146](index=146&type=chunk) [Financial Risk Management](index=36&type=section&id=Financial%20Risk%20Management) The group faces market, credit, and liquidity risks, using cross-currency swaps to mitigate foreign exchange and interest rate fluctuations - The group's operations expose it to market risks (including foreign exchange risk and cash flow interest rate risk), credit risk, and liquidity risk[150](index=150&type=chunk)[154](index=154&type=chunk) - To mitigate foreign exchange risk and cash flow interest rate risk, the group uses cross-currency swaps to convert floating-rate foreign currency borrowings into fixed-rate RMB borrowings[155](index=155&type=chunk)[159](index=159&type=chunk) [REVENUE AND SEGMENT INFORMATION](index=37&type=section&id=REVENUE%20AND%20SEGMENT%20INFORMATION) The group's operating segments include solar, wind, hydro, and other businesses, with mainland China as the primary revenue source and high customer concentration - The group's operating segments include solar power generation business, wind power generation business, and hydro power generation business, as well as others (including energy storage business, corporate income and expenses, and other direct investments)[160](index=160&type=chunk)[161](index=161&type=chunk)[162](index=162&type=chunk) [Business Segments](index=38&type=section&id=Business%20Segments) For the six months ended June 30, 2025, solar power contributed the highest revenue and segment results, with significant growth in wind power revenue Business Segment Revenue and Results | Segment | H1 2025 Revenue (RMB'million) | H1 2025 Segment Results (RMB'million) | H1 2024 Revenue (RMB'million) | H1 2024 Segment Results (RMB'million) | | :--- | :--- | :--- | :--- | :--- | | Solar Power Generation Business | 2,161 | 1,115 | 2,168 | 1,273 | | Wind Power Generation Business | 1,529 | 660 | 747 | 339 | | Hydro Power Generation Business | 330 | 130 | 357 | 150 | | Others | 66 | (359) | – | (267) | | **Total** | **4,086** | **1,546** | **3,272** | **1,495** | - Wind power generation business revenue increased from **RMB 747 million** in the first half of 2024 to **RMB 1,529 million** in the first half of 2025, a growth of **104.68%**[164](index=164&type=chunk) [Geographical Segments](index=40&type=section&id=Geographical%20Segments) The group's main revenue and non-current assets are concentrated in China, with minor contributions from Australia and Vietnam Revenue by Geographical Segment | Region | H1 2025 (RMB'million) | H1 2024 (RMB'million) | Change Rate | | :--- | :--- | :--- | :--- | | China | 3,918 | 3,123 | +25.46% | | Australia | 146 | 130 | +12.31% | | Vietnam | 22 | 19 | +15.79% | | **Total** | **4,086** | **3,272** | **+24.87%** | Non-current Assets by Geographical Segment | Region | June 30, 2025 (RMB'million) | December 31, 2024 (RMB'million) | Change Rate | | :--- | :--- | :--- | :--- | | China | 75,166 | 75,048 | +0.16% | | Australia | 7,321 | 6,841 | +7.02% | | Vietnam | 469 | 505 | -7.13% | | Hong Kong | 3 | 4 | -25.00% | | **Total** | **82,959** | **82,398** | **+0.68%** | [Information About Major Customers](index=41&type=section&id=Information%20About%20Major%20Customers) The group's revenue is highly concentrated among a few key customers, with Customers A and B contributing the majority in H1 2025 Major Customer Revenue Contribution | Customer | H1 2025 (RMB'million) | H1 2024 (RMB'million) | Change Rate | | :--- | :--- | :--- | :--- | | Customer A | 2,833 | 2,165 | +30.85% | | Customer B | 513 | 388 | +32.22% | | Customer C | 315 | 336 | -6.25% | - In the first half of 2025, Customer A and Customer B each contributed over **10%** to the group's total revenue[172](index=172&type=chunk)[173](index=173&type=chunk) - Customer C's contribution to total revenue did not exceed **10%** in the first half of 2025[175](index=175&type=chunk) [FINANCE COSTS](index=41&type=section&id=FINANCE%20COSTS) For the six months ended June 30, 2025, total finance costs slightly decreased, primarily comprising interest expenses on bank and other borrowings Details of Finance Costs | Indicator | H1 2025 (RMB'million) | H1 2024 (RMB'million) | Change Rate | | :--- | :--- | :--- | :--- | | Interest Expense on Bank and Other Borrowings | 1,046 | 1,060 | -1.32% | | Loan Financing Fees for Bank and Other Borrowings | 20 | 19 | +5.26% | | Interest Expense on Lease Liabilities | 31 | 24 | +29.17% | | Interest Expense on Restoration Provisions | 2 | 2 | 0.00% | | **Total** | **1,099** | **1,105** | **-0.54%** | [INCOME TAX EXPENSES](index=42&type=section&id=INCOME%20TAX%20EXPENSES) For the six months ended June 30, 2025, income tax expenses increased, mainly from current income tax, with tax incentives for renewable energy projects Details of Income Tax Expenses | Indicator | H1 2025 (RMB'million) | H1 2024 (RMB'million) | Change Rate | | :--- | :--- | :--- | :--- | | Current Income Tax | 169 | 156 | +8.33% | | Deferred Income Tax | (14) | (14) | 0.00% | | **Total** | **155** | **142** | **+9.15%** | - The group's operations in China are subject to a **25%** PRC corporate income tax, with certain renewable energy project subsidiaries enjoying preferential tax reductions[178](index=178&type=chunk)[179](index=179&type=chunk) [EARNINGS PER SHARE](index=43&type=section&id=EARNINGS%20PER%20SHARE) For the six months ended June 30, 2025, basic and diluted earnings per share attributable to equity holders significantly increased due to higher profit Earnings Per Share | Indicator | H1 2025 (RMB cents) | H1 2024 (RMB cents) | Change Rate | | :--- | :--- | :--- | :--- | | Profit Attributable to Equity Holders of the Company (RMB'million) | 173 | 33 | +424.24% | | Weighted Average Number of Ordinary Shares (million shares) | 2,198 | 2,236 | -1.61% | | **Basic Earnings Per Share** | **7.87** | **1.48** | **+431.76%** | | **Diluted Earnings Per Share** | **7.87** | **1.48** | **+431.76%** | - The calculation of basic and diluted earnings per share has been adjusted for the effect of the share consolidation effective November 1, 2024[184](index=184&type=chunk) - Diluted earnings per share calculation did not assume the exercise of share options as their exercise price was higher than the average market price of the shares[187](index=187&type=chunk)[189](index=189&type=chunk) [DIVIDENDS](index=45&type=section&id=DIVIDENDS) The company declared and paid the 2024 final dividend in H1 2025 but did not declare an interim dividend for the period Dividend Declaration | Indicator | H1 2025 (RMB'million) | H1 2024 (RMB'million) | | :--- | :--- | :--- | | 2024 Final Dividend | 193 | – | | 2023 Final Dividend | – | 196 | | **Total** | **193** | **196** | - The 2024 final dividend of **HKD 10.00 cents** (approximately **RMB 9.12 cents**) per ordinary share, totaling approximately **HKD 220 million** (approximately **RMB 193 million**), was paid on July 11, 2025[191](index=191&type=chunk) - The company did not pay or declare any interim dividend for ordinary shares during the period[192](index=192&type=chunk)[193](index=193&type=chunk) [PROPERTY, PLANT AND EQUIPMENT](index=46&type=section&id=PROPERTY%2C%20PLANT%20AND%20EQUIPMENT) As of June 30, 2025, the carrying value of the group's property, plant, and equipment slightly increased, influenced by additions and exchange differences Changes in Property, Plant and Equipment | Indicator | June 30, 2025 (RMB'million) | December 31, 2024 (RMB'million) | Change Rate | | :--- | :--- | :--- | :--- | | Beginning Balance | 75,749 | 64,150 | +18.08% | | Additions | 1,820 | 13,428 | -86.45% | | Depreciation | (1,683) | (2,475) | -32.00% | | Exchange Differences | 205 | (417) | N/A | | **Ending Balance** | **76,091** | **75,749** | **+0.45%** | [LEASES](index=46&type=section&id=LEASES) As of June 30, 2025, the group's right-of-use assets and lease liabilities increased, primarily consisting of land use rights and non-current lease liabilities Lease Assets and Liabilities | Indicator | June 30, 2025 (RMB'million) | December 31, 2024 (RMB'million) | Change Rate | | :--- | :--- | :--- | :--- | | Right-of-Use Assets | 2,940 | 2,858 | +2.87% | | Land Use Rights | 2,780 | 2,737 | +1.57% | | Buildings | 160 | 121 | +32.23% | | Lease Liabilities | 1,609 | 1,512 | +6.41% | | Non-current Lease Liabilities | 1,447 | 1,386 | +4.40% | | Current Lease Liabilities | 162 | 126 | +28.57% | [TRADE, BILLS AND TARIFF ADJUSTMENT RECEIVABLES](index=47&type=section&id=TRADE%2C%20BILLS%20AND%20TARIFF%20ADJUSTMENT%20RECEIVABLES) As of June 30, 2025, total trade, bills, and tariff adjustment receivables significantly increased, mainly from unbilled tariff adjustment receivables Trade, Bills and Tariff Adjustment Receivables | Indicator | June 30, 2025 (RMB'million) | December 31, 2024 (RMB'million) | Change Rate | | :--- | :--- | :--- | :--- | | Trade Receivables | 881 | 587 | +49.32% | | Tariff Adjustment Receivables | 9,645 | 7,465 | +29.22% | | Bills Receivables | – | 3 | -100.00% | | **Total** | **10,526** | **8,055** | **+30.68%** | Ageing Analysis of Unbilled Receivables and Tariff Adjustment Receivables | Ageing | June 30, 2025 (RMB'million) | December 31, 2024 (RMB'million) | Change Rate | | :--- | :--- | :--- | :--- | | Within 1 Year | 3,341 | 3,188 | +4.80% | | 1 to 2 Years | 2,219 | 1,750 | +26.80% | | 2 to 3 Years | 1,428 | 968 | +47.52% | | Over 3 Years | 3,472 | 2,096 | +65.65% | | **Total** | **10,460** | **8,002** | **+30.72%** | - Management believes that the impairment provision for tariff adjustment receivables is adequate, with no further significant credit losses expected[201](index=201&type=chunk)[202](index=202&type=chunk) [CAPITAL AND RESERVES](index=49&type=section&id=CAPITAL%20AND%20RESERVES) The company's share capital remained stable after the share consolidation, with no changes in treasury shares or new repurchases/cancellations [Share Capital](index=49&type=section&id=Share%20Capital) As of June 30, 2025, the company's authorized and issued share capital remained stable after the 2024 share consolidation, with no new shares issued Share Capital Movement | Indicator | June 30, 2025 (million shares) | January 1, 2024 (million shares) | June 30, 2025 (RMB'million) | January 1, 2024 (RMB'million) | | :--- | :--- | :--- | :--- | :--- | | Authorized Ordinary Shares (HKD 1.00 per share) | 3,000 | 3,000 | 2,525 | 2,525 | | Issued and Fully Paid Ordinary Shares (HKD 1.00 per share) | 2,234 | 2,234 | 1,915 | 1,915 | - The share consolidation effective November 1, 2024, merged every 10 shares of HKD 0.10 par value into 1 share of HKD 1.00 par value, adjusting the total number of issued ordinary shares from approximately **22,334 million** to approximately **2,234 million**[211](index=211&type=chunk) - The company did not issue any shares during the period[211](index=211&type=chunk) [Treasury Shares](index=50&type=section&id=Treasury%20Shares) As of June 30, 2025, the company held approximately 34.5 million treasury shares, with no repurchases or cancellations during the period Treasury Share Movement | Indicator | June 30, 2025 (million shares) | January 1, 2024 (million shares) | | :--- | :--- | :--- | | Beginning Balance | 34.5 | 65.9 | | Cancellation | – | (65.9) | | Repurchase | – | 345.0 | | Share Consolidation | – | (310.5) | | **Ending Balance** | **34.5** | **34.5** | - The company did not cancel or repurchase any ordinary shares during the period[216](index=216&type=chunk)[217](index=217&type=chunk) - As of June 30, 2025, approximately **34.5 million** repurchased ordinary shares were held as treasury shares for strategic acquisitions or market resale[220](index=220&type=chunk) [PERPETUAL MEDIUM-TERM NOTES](index=52&type=section&id=PERPETUAL%20MEDIUM-TERM%20NOTES) As of June 30, 2025, the group's total perpetual medium-term notes significantly increased, with two tranches issued to diversify financing channels Perpetual Medium-Term Note Movement | Indicator | June 30, 2025 (RMB'million) | December 31, 2024 (RMB'million) | Change Rate | | :--- | :--- | :--- | :--- | | Beginning Balance | 10,777 | 3,494 | +208.45% | | Issuance of Perpetual Medium-Term Notes | 2,550 | 7,300 | -65.07% | | Issuance Transaction Costs | (5) | (17) | -70.59% | | Profit Attributable to Holders | 87 | 145 | -40.00% | | Distributions to Holders | (87) | (145) | -40.00% | | **Ending Balance** | **13,322** | **10,777** | **+23.62%** | - Two tranches of perpetual medium-term notes were issued during the period, with a total principal of **RMB 1,500 million** and distribution rates of **2.47%** and **2.38%** per annum, respectively[224](index=224&type=chunk)[225](index=225&type=chunk) - Through an agreement with Allianz Insurance, Jingneng Development secured **RMB 1,050 million** in private perpetual medium-term notes with a fixed distribution rate of **3.30%** per annum[226](index=226&type=chunk)[227](index=227&type=chunk) [BANK AND OTHER BORROWINGS](index=54&type=section&id=BANK%20AND%20OTHER%20BORROWINGS) As of June 30, 2025, the group's total bank and other borrowings increased, while the weighted average annual interest rate and tenure decreased Bank and Other Borrowings Movement | Indicator | June 30, 2025 (RMB'million) | December 31, 2024 (RMB'million) | Change Rate | | :--- | :--- | :--- | :--- | | Non-current | 50,758 | 47,936 | +5.89% | | Current | 18,784 | 20,646 | -9.02% | | **Total** | **69,542** | **68,582** | **+1.40%** | | Weighted Average Annual Interest Rate | 3.17% | 3.73% | -0.56% | | Weighted Average Annual Tenure | 5.45 years | 5.67 years | -0.22 years | [CONVERTIBLE BONDS](index=54&type=section&id=CONVERTIBLE%20BONDS) For the six months ended June 30, 2024, the three-year convertible bonds issued to an independent third party on June 29, 2021, were fully redeemed - In the first half of 2024, the three-year convertible bonds issued to an independent third party on June 29, 2021, were fully redeemed[231](index=231&type=chunk)[233](index=233&type=chunk) [ACQUISITIONS OF SUBSIDIARIES](index=55&type=section&id=ACQUISITIONS%20OF%20SUBSIDIARIES) The group's strategy is to acquire promising renewable energy projects with stable returns, with no business combinations or asset acquisitions in the current period - The group's strategy is to identify suitable investment opportunities to acquire renewable energy projects with good prospects and potential for stable returns[235](index=235&type=chunk)[240](index=240&type=chunk) - For the six months ended June 30, 2025, there were no business combinations or asset acquisitions[236](index=236&type=chunk)[241](index=241&type=chunk)[237](index=237&type=chunk)[242](index=242&type=chunk) - For the six months ended June 30, 2024, the company acquired equity interests in two companies in China from independent third parties through its subsidiaries, which were considered asset acquisitions, with a total grid-connected installed capacity of **180 MW**[238](index=238&type=chunk)[243](index=243&type=chunk)[244](index=244&type=chunk) [CASH GENERATED FROM OPERATIONS](index=58&type=section&id=CASH%20GENERATED%20FROM%20OPERATIONS) For the six months ended June 30, 2025, cash generated from operations decreased, primarily due to changes in working capital Cash Generated from Operations | Indicator | H1 2025 (RMB'million) | H1 2024 (RMB'million) | Change Rate | | :--- | :--- | :--- | :--- | | Profit Before Income Tax | 448 | 434 | +3.23% | | Operating Profit Before Working Capital Changes | 3,302 | 2,709 | +21.89% | | Changes in Trade, Bills and Tariff Adjustment Receivables | (2,471) | (2,098) | +17.78% | | Changes in Other Receivables, Deposits and Prepayments | 244 | (290) | N/A (from negative to positive) | | Changes in Other Payables and Accrued Expenses | (192) | 1,080 | N/A (from positive to negative) | | **Cash Generated from Operations** | **883** | **1,401** | **-37.09%** | [CAPITAL COMMITMENTS](index=58&type=section&id=CAPITAL%20COMMITMENTS) As of June 30, 2025, the group's capital commitments for property, plant, and equipment were approximately RMB 2,525 million, a decrease from year-end 2024 Capital Commitments | Indicator | June 30, 2025 (RMB'million) | December 31, 2024 (RMB'million) | Change Rate | | :--- | :--- | :--- | :--- | | **Capital Commitments for Property, Plant and Equipment** | **2,525** | **3,083** | **-18.10%** | [RELATED-PARTY TRANSACTIONS](index=59&type=section&id=RELATED-PARTY%20TRANSACTIONS) The group engages in various related-party transactions with its controlling shareholder and subsidiaries, including interest expenses and administrative fees [Significant Related Party Transactions](index=59&type=section&id=Significant%20Related%20Party%20Transactions) Interest expenses paid to the controlling shareholder and its subsidiaries decreased but remained a primary related-party transaction during the period Summary of Significant Related Party Transactions | Transaction Type | H1 2025 (RMB'million) | H1 2024 (RMB'million) | Change Rate | | :--- | :--- | :--- | :--- | | Interest Expense to Controlling Shareholder | 29 | 195 | -85.13% | | Interest Expense to Subsidiaries of Controlling Shareholder | 155 | 185 | -16.22% | | Interest Income from Subsidiaries of Controlling Shareholder | 2 | 14 | -85.71% | | Building Management Fees to Subsidiaries of Controlling Shareholder | 2 | 3 | -33.33% | | Administrative Office Service Expenses to Subsidiaries of Controlling Shareholder | 9 | 9 | 0.00% | - Interest expenses from Beijing Energy Group loans were paid at annual interest rates ranging from **2.01% to 4.05%**[265](index=265&type=chunk) - Interest expenses from loans from Beijing Energy Group Finance Co., Ltd. and Beijing Jingneng Financial Leasing Co., Ltd. were paid at annual interest rates ranging from **2.40% to 3.20%**[265](index=265&type=chunk) [Significant with Related Party Balances](index=60&type=section&id=Significant%20with%20Related%20Party%20Balances) As of June 30, 2025, the group had substantial outstanding bank and financial institution loan balances with its controlling shareholder and subsidiaries Summary of Significant Related Party Balances | Balance Type | June 30, 2025 (RMB'million) | December 31, 2024 (RMB'million) | | :--- | :--- | :--- | | Bank Loans from Subsidiaries of Controlling Shareholder | 5,180 | 5,450 | | Bank Loans from Controlling Shareholder | 1,635 | 1,624 | | Financial Institution Loans from Subsidiaries of Controlling Shareholder | 6,851 | 7,001 | | Other Loans from Associates | 60 | 60 | [Key Management Compensation](index=60&type=section&id=Key%20Management%20Compensation) Total key management compensation increased, primarily driven by short-term employee benefits and retirement benefit plan contributions Key Management Compensation | Compensation Type | H1 2025 (RMB'million) | H1 2024 (RMB'million) | Change Rate | | :--- | :--- | :--- | :--- | | Short-term Employee Benefits | 2.05 | 1.62 | +26.54% | | Contributions to Retirement Benefit Plans | 0.16 | 0.05 | +220.00% | | Share-based Payment Expenses | 0.11 | 0.24 | -54.17% | | **Total** | **2.32** | **1.91** | **+21.47%** | [FAIR VALUE MEASUREMENT](index=61&type=section&id=FAIR%20VALUE%20MEASUREMENT) The group's financial instruments are measured across three fair value hierarchy levels, with sensitivity analysis performed on Level 3 instruments - Fair value measurement of financial instruments is categorized into Level 1 (quoted prices in active markets), Level 2 (observable market data), and Level 3 (unobservable inputs)[271](index=271&type=chunk)[272](index=272&type=chunk)[273](index=273&type=chunk)[275](index=275&type=chunk) - There were no significant transfers of financial assets between Level 1, Level 2, and Level 3 fair value classifications during the period[273](index=273&type=chunk)[274](index=274&type=chunk) [Financial Assets and Financial Liabilities Measured at Fair Value](index=61&type=section&id=Financial%20Assets%20and%20Financial%20Liabilities%20Measured%20at%20Fair%20Value) As of June 30, 2025, the fair values of Level 3 financial assets (unlisted investments) and financial liabilities (contingent consideration) remained stable Level 3 Financial Instrument Movement | Indicator | January 1, 2025 (RMB'million) | June 30, 2025 (RMB'million) | | :--- | :--- | :--- | | Financial Assets at Fair Value Through Profit or Loss (Unlisted Investments) | 31 | 31 | | Financial Liabilities at Fair Value Through Profit or Loss (Contingent Consideration) | (3) | (2) | [Sensitivity Analysis of Observable and Unobservable Inputs](index=63&type=section&id=Sensitivity%20Analysis%20of%20Observable%20and%20Unobservable%20Inputs) Sensitivity analysis for Level 3 financial instruments indicates that changes in discount rates and revenue growth rates impact profit or loss Sensitivity Analysis of Level 3 Financial Instruments | Instrument Type | Key Input Data | Input Data Range | Favorable/(Unfavorable) Change to P&L (June 30, 2025, RMB'million) | | :--- | :--- | :--- | :--- | | Financial Assets at Fair Value Through Profit or Loss (Unlisted Investments) | Discount Rate 5.10% | +0.5% | (0.1) | | | | –0.5% | 0.1 | | | Revenue Growth Rate 0% | +5% | 0.7 | | | | –5% | (0.5) | | Financial Liabilities at Fair Value Through Profit or Loss (Contingent Consideration) | Effective Generation Hours 2,200–2,630 | +1% | – | | | | –1% | – | | | Discount Rate 8.80% | +3% | – | | | | –3% | – | - As of June 30, 2025, the carrying amounts of all the group's financial assets and financial liabilities approximated their fair values[281](index=281&type=chunk)[284](index=284&type=chunk) [EVENTS AFTER THE DATE OF STATEMENT OF FINANCIAL POSITION](index=64&type=section&id=EVENTS%20AFTER%20THE%20DATE%20OF%20STATEMENT%20OF%20FINANCIAL%20POSITION) In July 2025, Jingneng Development entered a trust agreement to issue approximately RMB 2,000 million in asset-backed commercial papers - In July 2025, Jingneng Development entered into a trust agreement with Industrial Bank International Trust Co., Ltd. to establish a trust for the issuance of asset-backed commercial papers with a total size of approximately **RMB 2,000 million**[282](index=282&type=chunk)[285](index=285&type=chunk) [COMPARATIVE FIGURES](index=64&type=section&id=COMPARATIVE%20FIGURES) Certain comparative figures have been restated to conform with the current period's presentation - Certain comparative figures have been restated to conform with the current period's presentation[283](index=283&type=chunk)[286](index=286&type=chunk) [Other Information](index=64&type=section&id=Other%20Information) [DIRECTORS' AND CHIEF EXECUTIVES' INTERESTS IN SHARES, UNDERLYING SHARES AND DEBENTURES](index=65&type=section&id=DIRECTORS'%20AND%20CHIEF%20EXECUTIVES'%20INTERESTS%20IN%20SHARES%2C%20UNDERLYING%20SHARES%20AND%20DEBENTURES) As of June 30, 2025, some directors and key executives held long positions in the company's shares and underlying shares Directors' and Chief Executives' Long Positions in Shares and Underlying Shares | Name | Capacity/Nature of Interest | Number of Shares/Underlying Shares Held | Approximate Percentage of Issued Shares | | :--- | :--- | :--- | :--- | | Mr. Zhang Ping | Beneficial Owner | 944,000 | 0.08% | | | Share Option Related Shares | 792,000 | | | Mr. Liu Guoxi | Share Option Related Shares | 429,000 | 0.02% | | Mr. Zhu Jun | Beneficial Owner | 120,000 | 0.05% | | | Share Option Related Shares | 925,650 | | - These percentages are calculated based on **2,233,364,443** listed shares of the company issued as of June 30, 2025[298](index=298&type=chunk) - Save as disclosed, none of the directors or chief executives or their associates had any interests or short positions in the shares, underlying shares, or debentures of the company or any of its associated corporations[292](index=292&type=chunk)[295](index=295&type=chunk) [DIRECTORS' RIGHTS TO ACQUIRE SHARES OR DEBENTURES](index=66&type=section&id=DIRECTORS'%20RIGHTS%20TO%20ACQUIRE%20SHARES%20OR%20DEBENTURES) No arrangements existed during the period for directors to acquire benefits through shares or debentures, nor did they or their families hold subscription rights - At no time during the six months ended June 30, 2025, was the company, its holding company, any of its subsidiaries, or any subsidiary of its holding company a party to any arrangement to enable the directors to acquire benefits by means of the acquisition of shares or debentures of the company or any other body corporate[293](index=293&type=chunk)[296](index=296&type=chunk) - During the period, none of the directors or their spouses or children under 18 years of age had any right to subscribe for securities of the company, nor did they exercise any such rights[293](index=293&type=chunk)[296](index=296&type=chunk) [SHARE OPTION SCHEME](index=66&type=section&id=SHARE%20OPTION%20SCHEME) The company adopted a share option scheme in 2022 to incentivize talent, with a significant number of options unexercised and a remaining term of about three years - The share option scheme was adopted with shareholder approval on June 15, 2022, aiming to attract, retain, and incentivize outstanding talent of the company, and to establish a long-term incentive mechanism closely linked to the company's performance and long-term strategy[294](index=294&type=chunk)[297](index=297&type=chunk)[303](index=303&type=chunk)[304](index=304&type=chunk) Share Option Movement | Grantee | Grant Date | Unexercised as of Jan 1, 2025 (shares) | Lapsed During Period (shares) | Unexercised as of June 30, 2025 (shares) | | :--- | :--- | :--- | :--- | :--- | | Mr. Zhang Ping (Director) | June 16, 2022 | 1,584,000 | (792,000) | 792,000 | | Mr. Liu Guoxi (Director) | June 16, 2022 | 858,000 | (429,000) | 429,000 | | Mr. Zhu Jun (CEO) | June 16, 2022 | 1,851,300 | (925,650) | 925,650 | | Other Executives and Employees | June 16, 2022 | 20,511,480 | (10,396,320) | 10,115,160 | | | June 15, 2023 | 8,457,000 | (2,875,380) | 5,581,620 | | **Total** | | **33,261,780** | **(15,418,350)** | **17,843,430** | - The share option exercise price, closing price of shares before the grant date, and number of share options have been adjusted to reflect the impact of the share consolidation effective November 1, 2024[309](index=309&type=chunk) - As of the date of this interim report, **224,279,484 shares** were available for issue under the share option scheme, representing approximately **10.04%** of the company's total issued shares[310](index=310&type=chunk) - The share option scheme is valid for six years from its adoption date, with approximately **three years** remaining as of June 30, 2025[311](index=311&type=chunk)[312](index=312&type=chunk) [SUBSTANTIAL SHAREHOLDERS' INTERESTS IN SHARES, UNDERLYING SHARES AND DEBENTURES](index=71&type=section&id=SUBSTANTIAL%20SHAREHOLDERS'%20INTERESTS%20IN%20SHARES%2C%20UNDERLYING%20SHARES%20AND%20DEBENTURES) As of June 30, 2025, key shareholders held long positions in the company's shares and underlying shares, including Beijing Energy Investment Group and China Merchants Group Substantial Shareholders' Long Positions in Shares and Underlying Shares | Shareholder Name/Designation | Capacity/Nature of Interest | Total Number of Shares/Underlying Shares Held | Approximate Percentage of Issued Shares | | :--- | :--- | :--- | :--- | | Beijing Energy Investment Group (Hong Kong) Co., Limited | Beneficial Owner | 717,694,349 | 32.14% | | China Merchants Group Limited | Interest in Controlled Corporation | 339,967,529 | 15.22% | | China Merchants New Energy Group Limited | Beneficial Owner | 339,967,529 | 15.22% | | CITIC Financial Asset Management Co., Ltd. | Interest in Controlled Corporation | 263,378,793 | 11.79% | | Huaqing Photovoltaic Co., Ltd. | Beneficial Owner | 304,875,000 | 13.65% | | China State-owned Enterprise Structural Adjustment Fund Co., Ltd. | Interest in Controlled Corporation | 121,679,330 | 5.45% | | Postal Savings Bank of China Co., Ltd. | Interest in Controlled Corporation | 121,679,330 | 5.45% | | Zeng Xiangyi | Beneficial Owner | 210,736,653 | 9.44% | - These percentages are calculated based on **2,233,364,443** listed shares (including shares held as treasury shares) issued as of June 30, 2025[325](index=325&type=chunk) - Beijing Energy Investment Group (Hong Kong) Co., Limited is a direct wholly-owned subsidiary of Beijing Energy Group[325](index=325&type=chunk) - China Merchants Group Limited indirectly holds shares through its subsidiaries Snow Hill, China Merchants New Energy Group, and other investment funds[325](index=325&type=chunk) [PURCHASE, SALE OR REDEMPTION OF THE COMPANY'S LISTED SECURITIES](index=75&type=section&id=PURCHASE%2C%20SALE%20OR%20REDEMPTION%20OF%20THE%20COMPANY'S%20LISTED%20SECURITIES) Neither the company nor its subsidiaries purchased, sold, or redeemed any listed securities during the period, holding 34.5 million treasury shares - During the period, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities (including the sale of treasury shares)[330](index=330&type=chunk)[332](index=332&type=chunk) - As of June 30, 2025, the company held **34,500,000** treasury shares[330](index=330&type=chunk)[332](index=332&type=chunk) [COMPLIANCE WITH THE CORPORATE GOVERNANCE CODE](index=76&type=section&id=COMPLIANCE%20WITH%20THE%20CORPORATE%20GOVERNANCE%20CODE) The company applied and complied with all applicable code provisions of the Corporate Governance Code during the period - The company applied and complied with all applicable code provisions of the Corporate Governance Code as set out in Part 2 of Appendix C1 to the Listing Rules during the period[335](index=335&type=chunk)[341](index=341&type=chunk) [COMPLIANCE WITH THE MODEL CODE FOR SECURITIES TRANSACTIONS BY DIRECTORS](index=76&type=section&id=COMPLIANCE%20WITH%20THE%20MODEL%20CODE%20FOR%20SECURITIES%20TRANSACTIONS%20BY%20DIRECTORS) The company adopted a code for directors' securities transactions, and all directors confirmed compliance with its standards during the period - The company has adopted a code for directors' securities transactions, the terms of which are no less stringent than the required standards set out in the Model Code[336](index=336&type=chunk)[342](index=342&type=chunk) - All directors confirmed that they have complied with the required standards set out in the Model Code and the company's code throughout the period[336](index=336&type=chunk)[342](index=342&type=chunk) [CHANGES IN INFORMATION OF DIRECTORS](index=76&type=section&id=CHANGES%20IN%20INFORMATION%20OF%20DIRECTORS) Non-executive director Mr. Li Hao was re-designated as an executive director of Shougang Fushan Resources, and Mr. Wang Cheng assumed new roles at CITIC Financial Asset International - Non-executive Director Mr. Li Hao was re-designated from a non-executive director to an executive director of Shougang Fushan Resources Limited (stock code: 697), effective June 18, 2025[337](index=337&type=chunk)[343](index=343&type=chunk) - Non-executive Director Mr. Wang Cheng currently serves as Deputy Party Secretary (presiding over Party affairs) and General Manager (acting as executive director) of CITIC Financial Asset International Holdings Limited, a subsidiary of CITIC Financial Asset Management Co., Ltd., a substantial shareholder of the company[338](index=338&type=chunk)[343](index=343&type=chu

[Corporate Information](index=2&type=section&id=Corporate%20Information) [Board of Directors and Committees](index=3&type=section&id=Board%20of%20Directors%20%26%20Committees) This section details the composition of the company's Board of Directors and its various committees, including audit, remuneration, nomination, risk control, and sustainability - Board members include executive directors Zhang Ping (Chairman) and Lu Zhenwei, non-executive directors Liu Guoxi, Su Yongjian, Li Hao, Huang Jiao, Wang Cheng, and independent non-executive directors Jin Xinbin, Zhu Jianbiao, Zeng Ming, and Liu Jingwei[3](index=3&type=chunk)[4](index=4&type=chunk) - Mr. Liu Jingwei serves as Chairman of the Audit and Remuneration Committees, while Mr. Zhang Ping chairs the Nomination, Risk Control, and Sustainability Committees[3](index=3&type=chunk)[4](index=4&type=chunk)[5](index=5&type=chunk) [Company Details](index=4&type=section&id=Company%20Details) This section provides essential company information, including auditors, legal advisors, share registrar, registered office, and principal place of business in Hong Kong - The auditor is Grant Thornton Hong Kong Limited[7](index=7&type=chunk)[8](index=8&type=chunk) - Legal advisors include Conyers Dill & Pearman (Bermuda), Jones Day (Hong Kong), and Beijing Yingke Law Firm, Beijing Zhongce Law Firm (Mainland China)[7](index=7&type=chunk)[8](index=8&type=chunk) - The Hong Kong share registrar and transfer office is Computershare Hong Kong Investor Services Limited[7](index=7&type=chunk)[8](index=8&type=chunk) [Principal Bankers and Company Website](index=5&type=section&id=Principal%20Bankers%20%26%20Website) This section lists the company's principal bankers, which are major financial institutions in and outside China, and provides the official company website - Principal bankers include Agricultural Bank of China, Bank of China, China CITIC Bank, China Construction Bank, China Everbright Bank, China Guangfa Bank, China Merchants Bank, Hua Xia Bank, Industrial and Commercial Bank of China, Industrial Bank, Ping An Bank, Shanghai Pudong Development Bank, The Bank of East Asia, The Export-Import Bank of China, and The Hongkong and Shanghai Banking Corporation[9](index=9&type=chunk)[10](index=10&type=chunk) - The company's website is http://www.bjei.com[10](index=10&type=chunk) [Management Discussion and Analysis](index=5&type=section&id=Management%20Discussion%20and%20Analysis) [Business Review](index=6&type=section&id=Business%20Review) The Group aims to be an international clean energy ecosystem investor and operator, focusing on developing, investing, operating, and managing power plants and other clean energy projects, significantly expanding its clean energy business and generation capacity during the period [Investment Locations and Portfolio Diversification](index=6&type=section&id=Investment%20Locations%20and%20Portfolios) The company develops, invests in, operates, and manages power plants and other clean energy projects, aspiring to be a respected international clean energy ecosystem investor and operator - The Group primarily engages in the development, investment, operation, and management of power plants and other clean energy projects[11](index=11&type=chunk)[14](index=14&type=chunk) - The strategic goal is to become the most respected international clean energy ecosystem investor and operator[11](index=11&type=chunk)[14](index=14&type=chunk) [Power Plant Projects Overview](index=6&type=section&id=Power%20Plant%20Projects%20Overview) The Group actively expands its solar, wind, hydro, and energy storage businesses through self-development and M&A, achieving significant growth in grid-connected capacity by June 30, 2025, primarily diversified across 28 provinces in China - The Group accelerates the expansion of its clean energy portfolio through self-development and acquisitions, focusing on solar, wind, hydro, and energy storage businesses[12](index=12&type=chunk)[15](index=15&type=chunk) Changes in Power Plant Count and Grid-Connected Capacity | Metric | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Solar Power Plants (units) | 187 | 166 | Increased by 21 units | | Wind Power Plants (units) | 39 | 38 | Increased by 1 unit | | Hydro Power Plants (units) | 26 | 26 | No change | | Energy Storage Plants (units) | 3 | 3 | No change | | Total Grid-Connected Capacity (MW) | Approx. 13,692 | Approx. 12,639 | Increased by approx. 1,053 | - Except for a few power plants in Australia and Vietnam, all others are located across 28 different provinces in China, achieving diversified布局[12](index=12&type=chunk)[15](index=15&type=chunk) [Other Clean Energy Projects](index=7&type=section&id=Other%20Clean%20Energy%20Projects) The Group holds development rights for approximately 5 GW of hydropower in Tibet, awaiting preliminary approvals, and will continue to focus on solar, wind, hydro, and energy storage while optimizing its asset structure for long-term multi-energy supply - The Group holds hydropower development rights with an estimated capacity of **5 GW**, with 75% indirectly held by the company and 25% by the Tibet Autonomous Region People's Government[17](index=17&type=chunk)[20](index=20&type=chunk) - In the short term, the Group will continue to focus on developing solar, wind, hydro, and energy storage businesses, continuously improving its asset structure to achieve long-term diversified energy supply[18](index=18&type=chunk)[20](index=20&type=chunk) [Electricity Generation Performance](index=7&type=section&id=Electricity%20Generation%20Performance) During the period, the total electricity generation from power plants held by the company's subsidiaries significantly increased by 51.7%, with all plants grid-connected and operating stably Total Electricity Generation Change | Metric | H1 2025 | H1 2024 | YoY Growth | | :--- | :--- | :--- | :--- | | Total Electricity Generation (MWh) | Approx. 11,514,751 | Approx. 7,590,356 | Approx. 51.7% | [Power Plant Summary and Location-Based Data](index=8&type=section&id=Power%20Plant%20Summary%20Tables) This section provides detailed data for the Group's and its associates' power plants, including number of plants, grid-connected capacity, generation volume, weighted average utilization hours, and generation revenue and average tariff by geographical location Subsidiary Power Plant Summary (Six Months Ended June 30, 2025) | Type | Number of Power Plants | Approx. Grid-Connected Capacity (MW) | Electricity Generation (MWh) | Weighted Average Utilization Hours (Hours) | | :--- | :--- | :--- | :--- | :--- | | Solar Power Plants | 187 | 7,958 | 4,863,871 | 616 | | Wind Power Plants | 39 | 4,432 | 5,177,066 | 1,179 | | Hydro Power Plants | 26 | 952 | 1,348,606 | 1,416 | | Energy Storage Plants | 3 | 350 | 125,208 | 358 | | **Total** | **255** | **13,692** | **11,514,751** | **-** | Associate Power Plant Summary (Six Months Ended June 30, 2025) | Type | Number of Power Plants | Approx. Grid-Connected Capacity (MW) | Electricity Generation (MWh) | Weighted Average Utilization Hours (Hours) | | :--- | :--- | :--- | :--- | :--- | | Solar Power Plants | 3 | 34 | 23,197 | 975 | | Wind Power Plants | 3 | 476 | 598,821 | 1,265 | | Hydro Power Plants | 2 | 352 | 466,692 | 1,328 | | **Total** | **8** | **862** | **1,088,710** | **-** | Power Plant Data by Location (Six Months Ended June 30, 2025) | Location | Approx. Grid-Connected Capacity (MW) | Electricity Generation (MWh) | Electricity Generation Revenue (RMB million) | Average Tariff (RMB per kWh) | | :--- | :--- | :--- | :--- | :--- | | Inner Mongolia, China | 3,235 | 3,535,039 | 1,031 | 0.29 | | Yunnan, China | 1,946 | 2,071,431 | 520 | 0.25 | | Hebei, China | 1,555 | 956,798 | 323 | 0.34 | | Australia | 592 | 412,005 | 146 | 0.35 | | Vietnam | 46 | 36,035 | 22 | 0.62 | | **Total** | **14,544** | **12,603,461** | **4,494** | **0.36** | [Financing](index=10&type=section&id=Financing) The Group actively explores diversified financing channels to reduce capital costs and enhance financing capabilities, significantly lowering its weighted average annual interest rate through refinancing high-interest loans and issuing perpetual medium-term notes Weighted Average Annual Interest Rate for Bank and Other Borrowings | Metric | H1 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Weighted Average Annual Interest Rate | Approx. 3.17% | Approx. 3.73% | Decreased by 0.56 percentage points | - The decrease in weighted average annual interest rate is primarily due to the Group refinancing high-interest loans with low-interest RMB borrowings and benefiting from decreases in benchmark rates like LPR and SOFR[30](index=30&type=chunk)[33](index=33&type=chunk) - During the period, the Group completed the issuance of two tranches of perpetual medium-term notes, totaling **RMB 900 million** and **RMB 600 million**, with fixed distribution rates of **2.47%** and **2.38%**, respectively, with net proceeds used to repay domestic borrowings[31](index=31&type=chunk)[33](index=33&type=chunk) - Jingneng Development secured **RMB 1,500 million** and **RMB 1,050 million** through private placement perpetual medium-term notes via investment agreements with China Life Investment and Allianz Insurance, respectively, for working capital and debt repayment[32](index=32&type=chunk)[34](index=34&type=chunk)[35](index=35&type=chunk)[39](index=39&type=chunk) [Financial Review](index=11&type=section&id=Financial%20Review) During the period, the Group's net profit slightly increased, while revenue and EBITDA significantly grew due to expanded grid-connected capacity and efficient operations; average tariff decreased due to a higher proportion of grid-parity projects, and finance costs slightly reduced from refinancing activities [Net Profit, Revenue, and EBITDA](index=11&type=section&id=Net%20Profit%2C%20Revenue%20and%20EBITDA) During the period, the Group's net profit slightly increased, while revenue and EBITDA significantly grew due to expanded grid-connected capacity and efficient operations Key Financial Indicators (Six Months Ended June 30, 2025) | Metric | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Change | | :--- | :--- | :--- | :--- | | Net Profit | 293 | 292 | Increased by 1 | | Revenue | 4,086 | 3,272 | Increased by 814 | | EBITDA | 3,276 | 2,686 | Increased by 590 | - The increase in revenue and EBITDA is primarily attributable to: (i) the expansion of grid-connected capacity from approximately **10,045 MW** as of June 30, 2024, to approximately **13,692 MW** as of June 30, 2025, an increase of approximately **36.3%** through self-developed power plants; and (ii) effective operation and management of power plants[37](index=37&type=chunk)[41](index=41&type=chunk) [Average Tariff per kWh](index=11&type=section&id=Average%20Tariff%20per%20kWh) The average tariff per kWh (excluding VAT) decreased during the period, mainly due to the continuous increase in grid-connected capacity of grid-parity solar and wind power projects, which do not include subsidies in their tariffs Average Tariff per kWh (Excluding VAT) | Metric | H1 2025 (RMB) | H1 2024 (RMB) | YoY Change | | :--- | :--- | :--- | :--- | | Average Tariff | Approx. 0.35 | Approx. 0.43 | Decreased by 0.08 | - The decrease in average tariff is mainly due to the continuous increase in grid-connected capacity of grid-parity solar and wind power projects, whose electricity generation proportion of total generation significantly increased, and whose tariffs do not include subsidies[38](index=38&type=chunk)[41](index=41&type=chunk) [Finance Costs](index=12&type=section&id=Finance%20Costs) Total finance costs slightly decreased during the period, primarily benefiting from the gradual refinancing of high-interest loans with low-interest RMB borrowings Total Finance Costs | Metric | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Change | | :--- | :--- | :--- | :--- | | Total Finance Costs | 1,099 | 1,105 | Decreased by 6 | - The decrease in finance costs is primarily due to the gradual refinancing of high-interest loans with low-interest RMB borrowings[43](index=43&type=chunk)[47](index=47&type=chunk) [Income Tax Expense](index=12&type=section&id=Income%20Tax%20Expense) The Group's operations in China are subject to a 25% PRC corporate income tax, with certain renewable energy project subsidiaries enjoying preferential tax exemptions - The statutory corporate income tax rate in China is **25%**[44](index=44&type=chunk)[48](index=48&type=chunk) - Certain subsidiaries of renewable energy projects have been granted preferential tax exemptions[44](index=44&type=chunk)[48](index=48&type=chunk) [Trade, Bills, and Tariff Adjustment Receivables](index=12&type=section&id=Trade%2C%20Bills%20and%20Tariff%20Adjustment%20Receivables) This section details trade, bills, and tariff adjustment receivables, with tariff adjustment receivables primarily representing government subsidies for renewable energy projects, and provides total amounts and aging analysis by invoice date Details of Trade, Bills, and Tariff Adjustment Receivables (RMB million) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Trade and Bills Receivables | 881 | 590 | | Tariff Adjustment Project List | 9,021 | 6,906 | | Other Tariff Adjustments | 624 | 559 | | **Total** | **10,526** | **8,055** | - Tariff adjustment receivables primarily refer to central government subsidies for renewable energy projects collected from State Grid and Inner Mongolia Power, based on power purchase agreements and current national government policies[49](index=49&type=chunk)[200](index=200&type=chunk) Aging Analysis of Unbilled and Tariff Adjustment Receivables (RMB million) | Aging | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Within one year | 3,341 | 3,188 | | One to two years | 2,219 | 1,750 | | Two to three years | 1,428 | 968 | | Over three years | 3,472 | 2,096 | | **Total** | **10,460** | **8,002** | [Liquidity, Financial Resources, Gearing Ratio, and Capital Structure](index=13&type=section&id=Liquidity%2C%20Financial%20Resources%2C%20Gearing%20Ratio%20and%20Capital%20Structure) The Group is committed to reducing funding costs and improving liquidity through diversified financing channels and hedging instruments to manage financial risks; during the period, the gearing ratio decreased due to increased equity from perpetual medium-term note issuance, indicating an improved financial structure [Bank and Other Borrowings](index=13&type=section&id=Bank%20and%20Other%20Borrowings) The Group actively seeks financing and refinancing opportunities to reduce funding costs and improve liquidity, with this section providing the maturity and currency breakdown of bank and other borrowings Maturity and Currency Breakdown of Bank and Other Borrowings (RMB million) | Currency | Within one year | Second year | Three to five years | Six to ten years | After ten years | Total | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | RMB | 9,867 | 11,767 | 19,832 | 11,438 | 4,249 | 57,153 | | USD | 6,394 | 3,472 | – | – | – | 9,866 | | AUD | 1,890 | – | – | – | – | 1,890 | | HKD | 648 | – | – | – | – | 648 | | **Total** | **18,799** | **15,239** | **19,832** | **11,438** | **4,249** | **69,557** | [Key Performance Indicators](index=13&type=section&id=Key%20Performance%20Indicators) The Group measures business performance using key indicators such as EBITDA margin, debt-to-EBITDA ratio, operating cash flow-to-net debt ratio, and interest coverage ratio, with changes primarily driven by business scale expansion during the period Changes in Key Performance Indicators (Six Months Ended June 30, 2025) | Metric | H1 2025 | H1 2024 | Change | | :--- | :--- | :--- | :--- | | EBITDA Margin | Approx. 80% | Approx. 82% | Decreased by 2% | | Debt to EBITDA Ratio | Approx. 19.5 | Approx. 22.7 | Decreased by 3.2 | | Operating Cash Flow to Net Debt Ratio | Approx. 3.5% | Approx. 2.7% | Increased by 0.8% | | Interest Coverage Ratio | Approx. 2.98 | Approx. 2.61 | Increased by 0.37 | - The decrease in EBITDA margin is mainly due to the expansion of power generation business scale and additional operating expenses[55](index=55&type=chunk)[56](index=56&type=chunk) - The decrease in debt-to-EBITDA ratio, increase in operating cash flow-to-net debt ratio, and increase in interest coverage ratio are all primarily attributable to the expansion of the Group's business scale[54](index=54&type=chunk)[58](index=58&type=chunk)[59](index=59&type=chunk)[60](index=60&type=chunk)[61](index=61&type=chunk) [Capital Structure and Gearing Ratio](index=15&type=section&id=Capital%20Structure%20and%20Gearing%20Ratio) The Group monitors its capital structure; during the period, current liabilities exceeded current assets, but the gearing ratio decreased due to increased equity from perpetual medium-term note issuance, and the Group will continue efforts to reduce it through deleveraging and co-investments with strategic partners Capital Structure (RMB million) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Current Assets | Approx. 19,581 | Approx. 16,602 | | Current Liabilities | Approx. 26,515 | Approx. 28,976 | | Net Debt | 63,848 | 62,978 | | Total Equity | 25,460 | 22,660 | | Total Capital | 89,308 | 85,638 | | Gearing Ratio | 71.5% | 73.5% | - The decrease in gearing ratio is primarily due to the increase in equity resulting from the issuance of perpetual medium-term notes[69](index=69&type=chunk)[70](index=70&type=chunk) - The Group will strive to reduce its gearing ratio through deleveraging debt, including co-investing in power plants with strategic business partners to reduce capital expenditure[69](index=69&type=chunk)[70](index=70&type=chunk) Cash Deposit Currency Distribution (June 30, 2025, RMB million) | Currency | Pledged Deposits | Restricted Cash | Cash and Bank Balances | Total | | :--- | :--- | :--- | :--- | :--- | | RMB | 243 | 148 | 3,770 | 4,161 | | USD | 52 | – | 1,008 | 1,060 | | HKD | 1 | 10 | 267 | 278 | | VND | – | – | 115 | 115 | | AUD | – | 6 | 74 | 80 | | **Total** | **296** | **164** | **5,234** | **5,694** | [Other Management Information](index=17&type=section&id=Other%20Management%20Information) This section covers the Group's lack of material acquisitions or disposals during the reporting period, reliance on key customers, asset charges, employee and remuneration policies, exchange rate fluctuation risks and hedging measures, and contingent liabilities [Material Acquisitions and Disposals of Subsidiaries, Associates, and Joint Ventures](index=17&type=section&id=Material%20Acquisitions%20and%20Disposals) During the period, the Group did not undertake any material acquisitions or disposals of subsidiaries, associates, or joint ventures - During the period, the Group had no material acquisitions or disposals of subsidiaries, associates, or joint ventures[74](index=74&type=chunk)[79](index=79&type=chunk) [Performance and Future Prospects of Significant Investments and Future Plans for Major Investments or Capital Assets](index=17&type=section&id=Significant%20Investments%20and%20Future%20Plans) As of June 30, 2025, the Group held no significant investments or capital assets and will actively seek suitable investment opportunities with promising prospects to enhance future financial performance and profitability - As of June 30, 2025, the Group held no significant investments or capital assets[75](index=75&type=chunk)[80](index=80&type=chunk) - The Group will closely monitor changing market conditions and actively seek suitable investment opportunities with promising prospects to enhance future financial performance and profitability[75](index=75&type=chunk)[80](index=80&type=chunk) [Material Reliance on Key Customers](index=17&type=section&id=Material%20Reliance%20on%20Key%20Customers) The Group's electricity sales business in China is materially reliant on subsidiaries of State Grid Corporation of China and Inner Mongolia Power (Group) Co., Ltd - The main customers for electricity sales in China are subsidiaries of State Grid Corporation of China and Inner Mongolia Power (Group) Co., Ltd[76](index=76&type=chunk)[81](index=81&type=chunk) Reliance on Key Customers for Receivables (June 30, 2025) | Customer | Percentage of Total Trade, Bills, and Tariff Adjustment Receivables | | :--- | :--- | | State Grid Subsidiaries | Approx. 74.5% | | Inner Mongolia Power Subsidiaries | Approx. 17.9% | [Charge on Assets](index=17&type=section&id=Charge%20on%20Assets) As of June 30, 2025, approximately 30.5% of the Group's bank and other borrowings were secured by pledges of certain power generation modules and equipment, guarantee deposits, electricity sales collection rights, and/or shares/equity in certain subsidiaries - As of June 30, 2025, approximately **30.5%** of the Group's bank and other borrowings were secured by pledges of certain power generation modules and equipment, guarantee deposits, collection rights for electricity sales of certain subsidiaries, and/or pledges of shares/equity in certain Group subsidiaries[78](index=78&type=chunk)[82](index=82&type=chunk) [Employees and Remuneration Policies](index=18&type=section&id=Employees%20and%20Remuneration%20Policies) As of June 30, 2025, the Group had 1,918 full-time employees, with total employee benefit expenses of approximately RMB 279 million, offering competitive compensation and benefits with regular reviews to motivate staff Employee Count and Benefit Expenses | Metric | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Full-time Employees (units) | 1,918 | 1,856 | | Total Employee Benefit Expenses (RMB million) | Approx. 279 | Approx. 251 | - Employee remuneration is determined based on job nature, individual qualifications, performance, work experience, and market trends, with additional medical insurance, discretionary bonuses, training programs, and share option schemes provided[84](index=84&type=chunk)[87](index=87&type=chunk) [Exchange Rate Fluctuations and Related Hedges](index=18&type=section&id=Exchange%20Rate%20Fluctuations%20and%20Hedges) The Group primarily operates in Mainland China and Hong Kong, with most transactions settled in RMB, HKD, and USD; exchange rate fluctuation risk mainly arises from conversion to the presentation currency, and the Group uses cross-currency swaps to hedge foreign exchange and interest rate risks - The Group primarily operates in Mainland China and Hong Kong, with most transactions settled in RMB, HKD, and USD[85](index=85&type=chunk)[88](index=88&type=chunk) - Exchange rate fluctuation risk primarily arises from conversion to the Group's presentation currency, as the USD and HKD exchange rates are pegged under the linked exchange rate system[85](index=85&type=chunk)[88](index=88&type=chunk) - The Group holds derivative financial instruments (i.e., cross-currency swaps) to hedge foreign exchange and interest rate fluctuation risks on bank borrowings[63](index=63&type=chunk)[65](index=65&type=chunk)[85](index=85&type=chunk)[88](index=88&type=chunk) [Contingent Liabilities](index=18&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the Group had no other material contingent liabilities - As of June 30, 2025, the Group had no other material contingent liabilities beyond those disclosed in this interim report[86](index=86&type=chunk)[89](index=89&type=chunk) [Material Events After Statement of Financial Position Date](index=19&type=section&id=Material%20Events%20After%20Financial%20Position%20Date) In July 2025, the Group, through Jingneng Development, entered into a trust agreement with Industrial Bank International Trust Co., Ltd. to establish a trust for issuing asset-backed commercial papers totaling approximately RMB 2,000 million - In July 2025, Jingneng Development entered into a trust agreement with Industrial Bank International Trust Co., Ltd. to establish a trust for issuing asset-backed commercial papers totaling approximately **RMB 2,000 million** through the National Association of Financial Market Institutional Investors[90](index=90&type=chunk)[94](index=94&type=chunk)[282](index=282&type=chunk)[285](index=285&type=chunk) [Prospects](index=19&type=section&id=Prospects) 2025 marks the final year of the "14th Five-Year Plan" and a critical period for the company's high-quality development, transitioning to a balanced asset operation and development approach, expanding diversified businesses, and focusing on quality improvement, efficiency enhancement, and comprehensive cost control to achieve a "green-led, multi-energy complementary, smart collaborative" clean energy industrial ecosystem - 2025 is the final year of implementing the "14th Five-Year Plan" and a critical year for the company to enter a stage of high-quality development[91](index=91&type=chunk)[95](index=95&type=chunk) - Strategically, the company will shift from heavy asset holding to a balanced asset operation and development approach, exploring light asset development and operation models with comprehensive project development costs and regional consumption as key considerations[93](index=93&type=chunk)[95](index=95&type=chunk) - In business expansion, the company will deepen its hydropower business (Yunnan, Zayu River Basin in Tibet), steadily advance gas turbine businesses (Yangxi, Jiangmen in Guangdong, Dazu in Chongqing), transition comprehensive energy businesses to light assets, and track green hydrogen business development[97](index=97&type=chunk)[100](index=100&type=chunk) - Operationally, the focus will be on improving quality and efficiency, guided by profit contribution, comprehensive cost control, strict control of engineering costs, thorough post-project evaluation, enhancing regional benchmarking, emphasizing electricity spot trading, and introducing equity financing to reduce funding costs[98](index=98&type=chunk)[101](index=101&type=chunk) [Interim Condensed Consolidated Statement of Profit or Loss](index=20&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) This section presents the unaudited condensed consolidated statement of profit or loss for the six months ended June 30, 2025, showing the Group's revenue, expenses, EBITDA, profit before income tax, profit for the period, and earnings per share and dividend information Interim Condensed Consolidated Statement of Profit or Loss Key Data (RMB million) | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Electricity Sales | 2,945 | 2,094 | | Tariff Subsidies | 1,141 | 1,178 | | **Revenue** | **4,086** | **3,272** | | Employee Benefit Expenses | (279) | (251) | | Operation and Maintenance Costs | (232) | (150) | | Professional Fees | (85) | (48) | | Taxes and Surcharges | (48) | (28) | | Other Expenses | (224) | (156) | | **EBITDA** | **3,276** | **2,686** | | Depreciation of Property, Plant and Equipment | (1,683) | (1,102) | | Finance Costs | (1,099) | (1,105) | | Share of Profits of Investments Accounted for Using Equity Method | 40 | 17 | | **Profit Before Income Tax** | **448** | **434** | | Income Tax Expense | (155) | (142) | | **Profit for the Period** | **293** | **292** | | Profit Attributable to Equity Holders of the Company | 173 | 33 | | Non-controlling Interests | 120 | 259 | | Basic and Diluted Earnings Per Share (RMB cents) | 7.87 | 1.48 | | Dividends (RMB million) | 193 | 196 | [Interim Condensed Consolidated Statement of Comprehensive Income](index=23&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) This section presents the unaudited condensed consolidated statement of comprehensive income for the six months ended June 30, 2025, showing profit for the period and other comprehensive income/(loss), primarily including currency translation differences Interim Condensed Consolidated Statement of Comprehensive Income Key Data (RMB million) | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Profit for the Period | 293 | 292 | | Currency Translation Differences | 195 | (134) | | Other Comprehensive Income/(Loss) for the Period, Net of Tax | 195 | (134) | | **Total Comprehensive Income for the Period** | **488** | **158** | | Total Comprehensive Income/(Loss) for the Period Attributable to Equity Holders of the Company | 368 | (101) | | Non-controlling Interests | 120 | 259 | [Interim Condensed Consolidated Statement of Financial Position](index=23&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) This section presents the unaudited condensed consolidated statement of financial position as of June 30, 2025, detailing the Group's assets, equity, and liabilities, showing growth in total assets and equity, while current liabilities continue to exceed current assets Interim Condensed Consolidated Statement of Financial Position Key Data (RMB million) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Property, Plant and Equipment | 76,091 | 75,749 | | Right-of-Use Assets | 2,940 | 2,858 | | Trade, Bills and Tariff Adjustment Receivables | 10,525 | 8,054 | | Cash and Cash Equivalents | 5,398 | 5,195 | | **Total Non-Current Assets** | **86,046** | **85,867** | | **Total Current Assets** | **19,581** | **16,602** | | **Total Assets** | **105,627** | **102,469** | | Perpetual Medium-Term Notes | 13,322 | 10,777 | | Non-controlling Interests | 7,273 | 7,133 | | **Total Equity** | **25,460** | **22,660** | | Bank and Other Borrowings (Non-Current) | 50,758 | 47,936 | | Bank and Other Borrowings (Current) | 18,784 | 20,646 | | **Total Non-Current Liabilities** | **53,652** | **50,833** | | **Total Current Liabilities** | **26,515** | **28,976** | | **Total Liabilities** | **80,167** | **79,809** | | **Total Equity and Liabilities** | **105,627** | **102,469** | - As of June 30, 2025, the Group's current liabilities exceeded its current assets by approximately **RMB 6,934 million**[125](index=125&type=chunk)[129](index=129&type=chunk) [Interim Condensed Consolidated Statement of Changes in Equity](index=25&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) This section presents the unaudited condensed consolidated statement of changes in equity for the six months ended June 30, 2025, detailing movements in various equity components, including share capital, reserves, perpetual medium-term notes, and non-controlling interests Summary of Changes in Equity (RMB million) | Metric | January 1, 2025 | Profit for the Period | Other Comprehensive Income | Dividends Declared | Profit Attributable to Perpetual Medium-Term Note Holders | Distributions to Perpetual Medium-Term Note Holders | Share-Based Payments | Lapse of Share Options | Capital Contribution from Non-Controlling Interests | Dividends Declared to Non-Controlling Interests | Safety Production Reserve | Transfer to Statutory Reserve | Issuance of Perpetual Medium-Term Notes | June 30, 2025 | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Share Capital | 1,915 | – | – | – | – | – | – | – | – | – | – | – | – | 1,915 | | Reserves | 999 | 173 | 195 | (193) | (87) | – | 1 | 8 | – | – | 26 | – | – | 1,055 | | Perpetual Medium-Term Notes | 10,777 | – | – | – | 87 | (87) | – | – | – | – | – | – | 2,545 | 13,322 | | Non-controlling Interests | 7,133 | 120 | – | – | – | – | – | – | 33 | (13) | – | – | – | 7,273 | | **Total Equity** | **22,660** | **293** | **195** | **(193)** | **–** | **(87)** | **1** | **8** | **33** | **(13)** | **26** | **–** | **2,545** | **25,460** | [Interim Condensed Consolidated Statement of Cash Flows](index=27&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) This section presents the unaudited condensed consolidated statement of cash flows for the six months ended June 30, 2025, detailing net cash flows from operating, investing, and financing activities Interim Condensed Consolidated Statement of Cash Flows Key Data (RMB million) | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Net Cash Inflow from Operating Activities | 715 | 1,273 | | Net Cash Outflow from Investing Activities | (2,341) | (7,012) | | Net Cash Inflow from Financing Activities | 1,802 | 8,052 | | Net Increase in Cash and Cash Equivalents | 176 | 2,313 | | Cash and Cash Equivalents at End of Period | 5,398 | 8,539 | [Notes to the Unaudited Condensed Consolidated Interim Financial Information](index=29&type=section&id=Notes%20to%20the%20Unaudited%20Condensed%20Consolidated%20Interim%20Financial%20Information) [General Information](index=30&type=section&id=General%20Information) The company, incorporated in Bermuda, primarily develops, invests in, operates, and manages power plants and other clean energy projects, with Beijing Energy Investment Group (Hong Kong) Co., Ltd. as its direct controlling shareholder and Jingneng Group as the ultimate controlling shareholder - The company is incorporated in Bermuda, and its ordinary shares are listed on the Main Board of The Stock Exchange of Hong Kong Limited[117](index=117&type=chunk)[122](index=122&type=chunk) - Beijing Energy Investment Group (Hong Kong) Co., Ltd. is the direct controlling shareholder, holding approximately **32.14%** of the issued share capital, and its parent company, Jingneng Group, is a Chinese state-owned enterprise indirectly wholly owned by the Beijing State-owned Assets Supervision and Administration Commission[118](index=118&type=chunk)[122](index=122&type=chunk) - The Group primarily engages in the development, investment, operation, and management of power plants and other clean energy projects[119](index=119&type=chunk)[123](index=123&type=chunk) [Basis of Preparation](index=30&type=section&id=Basis%20of%20Preparation) This financial information is prepared in accordance with the Listing Rules and HKAS 34, using the historical cost convention; despite significant uncertainty from current liabilities exceeding current assets, management has plans to ensure going concern, and the adoption of revised HKAS 21 during the period had no material impact [Going Concern](index=31&type=section&id=Going%20Concern) As of June 30, 2025, the Group's current liabilities exceeded current assets by approximately RMB 6,934 million, with substantial short-term borrowings maturing; management has formulated plans, including successful issuance of perpetual medium-term notes, securing long-term bank borrowings, loan support from Jingneng Group, and unutilized credit guarantee facilities, to ensure its ability to continue as a going concern - As of June 30, 2025, the Group's current liabilities exceeded current assets by approximately **RMB 6,934 million**, with total bank and other borrowings of approximately **RMB 69,542 million**, of which approximately **RMB 18,784 million** are due for repayment within the next twelve months[125](index=125&type=chunk)[129](index=129&type=chunk) - The Group successfully issued **RMB 450 million** in perpetual medium-term notes and secured approximately **RMB 1,565 million** in long-term bank and other borrowings[128](index=128&type=chunk)[129](index=129&type=chunk)[131](index=131&type=chunk) - The Group obtained loan support of approximately **RMB 6,815 million** from Jingneng Group and its subsidiaries and is utilizing unutilized credit guarantee facilities provided by Jingneng Group to raise approximately **RMB 5,196 million** in new financing[131](index=131&type=chunk) - The Directors believe that, given the aforementioned plans and measures, the Group will have sufficient working capital to meet its financial obligations for the next twelve months and are satisfied that preparing the financial statements on a going concern basis is appropriate[132](index=132&type=chunk)[135](index=135&type=chunk) [Changes in Accounting Policies and Disclosures](index=34&type=section&id=Changes%20in%20Accounting%20Policies%20and%20Disclosures) During the period, the adoption of revised HKAS 21 "Lack of Exchangeability" had no material impact on the Group's financial position or performance, and other newly issued but not yet effective HKFRSs are also not expected to have a significant impact upon future adoption - During the period, the revised HKAS 21 "Lack of Exchangeability," effective from January 1, 2025, was adopted[137](index=137&type=chunk)[141](index=141&type=chunk) - The adoption of this revised HKFRS had no material impact on the Group's financial position and performance and/or disclosures of financial information for the current and prior periods[139](index=139&type=chunk)[141](index=141&type=chunk) - Newly issued but not yet effective HKFRSs, including HKFRS 18 and HKFRS 19, are not expected to have a material impact on the Group's financial statements upon future adoption[142](index=142&type=chunk)[143](index=143&type=chunk)[145](index=145&type=chunk)[146](index=146&type=chunk) [Critical Accounting Estimates and Assumptions](index=36&type=section&id=Critical%20Accounting%20Estimates%20and%20Assumptions) The significant judgments and key sources of estimation uncertainty used in preparing this financial information are consistent with those applied in the consolidated financial statements for the year ended December 31, 2024 - The significant judgments made by management and the key sources of estimation uncertainty used in preparing the financial information are the same as those applied in the consolidated financial statements for the year ended December 31, 2024[148](index=148&type=chunk)[149](index=149&type=chunk)[153](index=153&type=chunk) [Financial Risk Management](index=36&type=section&id=Financial%20Risk%20Management) The Group faces market risks (including foreign exchange risk and cash flow interest rate risk), credit risk, and liquidity risk; to mitigate foreign exchange and cash flow interest rate risks, the Group uses cross-currency swaps to convert floating-rate foreign currency borrowings into fixed-rate RMB borrowings - The Group's operations expose it to market risks (including foreign exchange risk and cash flow interest rate risk), credit risk, and liquidity risk[150](index=150&type=chunk)[154](index=154&type=chunk) - The Group primarily operates in Mainland China, with transactions mainly denominated and settled in RMB, but also operates in other overseas markets, facing foreign exchange risk[151](index=151&type=chunk)[154](index=154&type=chunk) - The Group uses cross-currency swaps to convert floating-rate foreign currency borrowings into fixed-rate RMB borrowings to mitigate foreign exchange risk and cash flow interest rate risk[155](index=155&type=chunk)[159](index=159&type=chunk) [Revenue and Segment Information](index=37&type=section&id=Revenue%20and%20Segment%20Information) The Group's operating segments are categorized by solar, wind, hydro power generation, and other businesses; during the period, solar power generation contributed the largest share of revenue, with China being the primary revenue source, and the Group exhibits high reliance on key customers like State Grid and Inner Mongolia Power [Business Segments](index=37&type=section&id=Business%20Segments) The Group's operating segments include solar, wind, and hydro power generation businesses, and other activities; during the period, solar power generation contributed the highest revenue and segment results - The Group's operating segments include solar power generation business, wind power generation business, hydro power generation business, and others (including energy storage business, corporate revenue and expenses, other direct investments, etc.)[160](index=160&type=chunk)[161](index=161&type=chunk)[162](index=162&type=chunk) Business Segment Revenue and Results (Six Months Ended June 30, 2025, RMB million) | Segment | Revenue | Segment Results | | :--- | :--- | :--- | | Solar Power Generation Business | 2,161 | 1,115 | | Wind Power Generation Business | 1,529 | 660 | | Hydro Power Generation Business | 330 | 130 | | Other | 66 | (359) | | **Total** | **4,086** | **1,546** | Business Segment Assets and Liabilities (June 30, 2025, RMB million) | Segment | Segment Assets | Investments in Associates | Segment Liabilities | | :--- | :--- | :--- | :--- | | Solar Power Generation Business | 44,581 | 133 | 20,148 | | Wind Power Generation Business | 36,022 | 1,365 | 18,998 | | Hydro Power Generation Business | 9,167 | 303 | 5,435 | | Other | 10,028 | 197 | 32,496 | | **Total** | **99,798** | **1,998** | **77,077** | [Geographical Segments](index=40&type=section&id=Geographical%20Segments) The Group's primary operating entities are located in China, which contributes the vast majority of revenue and non-current assets, with minor business contributions from Australia and Vietnam Revenue by Geographical Segment (Six Months Ended June 30, 2025, RMB million) | Region | Revenue | | :--- | :--- | | China | 3,918 | | Australia | 146 | | Vietnam | 22 | | **Total** | **4,086** | Non-Current Assets by Geographical Segment (June 30, 2025, RMB million) | Region | Non-Current Assets | | :--- | :--- | | China | 75,166 | | Australia | 7,321 | | Vietnam | 469 | | Hong Kong | 3 | | **Total** | **82,959** | [Information About Major Customers](index=41&type=section&id=Information%20About%20Major%20Customers) During the period, two customers each contributed over 10% to the Group's total revenue, primarily subsidiaries of State Grid or China Southern Power Grid Co., Ltd - During the period, the Group had **2 customers** (2024: 3 customers) each contributing over **10%** to the Group's total revenue[172](index=172&type=chunk)[173](index=173&type=chunk) Major Customer Revenue Contribution (Six Months Ended June 30, 2025, RMB million) | Customer | Revenue | | :--- | :--- | | Customer A | 2,833 | | Customer B | 513 | | Customer C | 315 | - The parent companies of the major customers are State Grid Corporation of China or China Southern Power Grid Co., Ltd[172](index=172&type=chunk)[173](index=173&type=chunk) [Finance Costs Note](index=41&type=section&id=Finance%20Costs_Note) This section details the composition of finance costs for the period, primarily including interest expenses on bank and other borrowings, loan financing fees, and interest expenses on lease liabilities Details of Finance Costs (Six Months Ended June 30, 2025, RMB million) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Interest Expense on Bank and Other Borrowings | 1,046 | 1,060 | | Loan Financing Fees for Bank and Other Borrowings | 20 | 19 | | Interest Expense on Lease Liabilities | 31 | 24 | | Interest Expense on Restoration Provisions | 2 | 2 | | **Total** | **1,099** | **1,105** | [Income Tax Expenses Note](index=42&type=section&id=Income%20Tax%20Expenses_Note) This section provides a breakdown of income tax expenses for the period, including current and deferred income tax, and reiterates the PRC corporate income tax rate and tax incentives for renewable energy projects Details of Income Tax Expenses (Six Months Ended June 30, 2025, RMB million) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Current Income Tax | 169 | 156 | | Deferred Income Tax | (14) | (14) | | **Total** | **155** | **142** | - The statutory corporate income tax rate in China is **25%**, with certain renewable energy project subsidiaries enjoying preferential tax exemptions[178](index=178&type=chunk)[179](index=179&type=chunk) [Earnings Per Share](index=43&type=section&id=Earnings%20Per%20Share) This section provides the basic and diluted earnings per share attributable to equity holders of the company, explaining adjustments made for the share consolidation's impact on the calculation Earnings Per Share (RMB cents) | Metric | H1 2025 | H1 2024 (Restated) | | :--- | :--- | :--- | | Profit Attributable to Equity Holders of the Company (RMB million) | 173 | 33 | | Weighted Average Number of Ordinary Shares (million shares) | 2,198 | 2,236 | | Basic Earnings Per Share | 7.87 | 1.48 | | Diluted Earnings Per Share | 7.87 | 1.48 | - The weighted average number of ordinary shares used to calculate basic and diluted earnings per share has been adjusted for the effect of the share consolidation effective from November 1, 2024[184](index=184&type=chunk)[185](index=185&type=chunk) - No exercise of share options was assumed in calculating diluted earnings for the period because the exercise price was higher than the average market price of the shares[187](index=187&type=chunk)[189](index=189&type=chunk) [Dividends](index=45&type=section&id=Dividends) During the period, the Board declared a final dividend of HKD 10.00 cents per ordinary share for 2024 but did not pay or declare any interim dividend for the current period Dividends Declared (RMB million) | Dividend Year | H1 2025 | H1 2024 | | :--- | :--- | :--- | | 2024 Final Dividend (HKD 10.00 cents per share) | 193 | – | | 2023 Final Dividend (HKD 1.00 cent per share) | – | 196 | - The company did not pay or declare any interim dividend for the current period[192](index=192&type=chunk)[193](index=193&type=chunk) [Property, Plant and Equipment](index=46&type=section&id=Property%2C%20Plant%20and%20Equipment) This section analyzes changes in property, plant, and equipment, including opening balance, additions, depreciation, and exchange differences, showing a slight overall increase in carrying value Changes in Property, Plant and Equipment (RMB million) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | At January 1 | 75,749 | 64,150 | | Additions | 1,820 | 13,428 | | Depreciation | (1,683) | (2,475) | | Exchange Differences | 205 | (417) | | **At End of Period** | **76,091** | **75,749** | [Leases](index=46&type=section&id=Leases) This section provides information on the Group's leases as a lessee, including right-of-use assets (land use rights and buildings) and lease liabilities (non-current and current portions) Lease-Related Assets and Liabilities (RMB million) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Land Use Rights | 2,780 | 2,737 | | Buildings | 160 | 121 | | **Total Right-of-Use Assets** | **2,940** | **2,858** | | Lease Liabilities (Non-Current) | 1,447 | 1,386 | | Lease Liabilities (Current) | 162 | 126 | | **Total Lease Liabilities** | **1,609** | **1,512** | [Trade, Bills, and Tariff Adjustment Receivables Note](index=47&type=section&id=Trade%2C%20Bills%20and%20Tariff%20Adjustment%20Receivables_Note) This section details the composition and aging analysis of trade receivables and tariff adjustment receivables; electricity sales receivables are typically settled within 1 to 6 months, and tariff adjustment receivables primarily represent government subsidies Trade, Bills, and Tariff Adjustment Receivables (RMB million) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Trade Receivables | 881 | 587 | | Tariff Adjustment Receivables | 9,645 | 7,465 | | Bills Receivable | – | 3 | | Less: Accumulated Impairment | (1) | (1) | | **Total** | **10,525** | **8,054** | - Trade receivables primarily refer to receivables from electricity sales, typically settled within one to six months[200](index=200&type=chunk) - Tariff adjustment receivables primarily refer to central government subsidies for renewable energy projects collected from State Grid and Inner Mongolia Power, based on power purchase agreements and current national government policies[200](index=200&type=chunk) Aging Analysis of Trade and Tariff Adjustment Receivables by Invoice Date (RMB million) | Aging | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Unbilled | 10,460 | 8,002 | | Within one year | 61 | 45 | | One to two years | 3 | 1 | | Two to three years | 2 | – | | Over three years | – | 4 | | **Total** | **10,526** | **8,052** | [Capital and Reserves](index=49&type=section&id=Capital%20and%20Reserves) This section details the company's share capital and reserve movements, including authorized share capital, issued and fully paid share capital, the impact of share consolidation, and treasury share holdings [Share Capital](index=49&type=section&id=Share%20Capital) The company's share capital underwent a share consolidation on November 1, 2024, where every 10 shares of HKD 0.10 par value were consolidated into 1 share of HKD 1.00 par value; no new shares were issued during the period Changes in Share Capital (Million Shares/RMB million) | Item | Number of Shares (million shares) | RMB million | | :--- | :--- | :--- | | At January 1, 2024 and June 30, 2024 (HKD 0.10 per share) | 22,400 | 1,921 | | Cancellation of Repurchased Shares | (66) | (6) | | Share Consolidation | (20,100) | – | | **At June 30, 2025 (HKD 1.00 per share)** | **2,234** | **1,915** | - The share consolidation became effective on November 1, 2024, where every 10 shares of HKD 0.10 par value were consolidated into 1 share of HKD 1.00 par value[211](index=211&type=chunk) - The company did not issue any shares during the period[211](index=211&type=chunk) [Treasury Shares](index=50&type=section&id=Treasury%20Shares) As of June 30, 2025, the company held approximately 34.5 million treasury shares for strategic acquisitions or market resale; no share repurchases or cancellations occurred during the period Changes in Treasury Shares (Million Shares) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | At January 1 | 34.5 | 65.9 | | Cancellation | – | (65.9) | | Repurchase | – | 345.0 | | Share Consolidation | – | (310.5) | | **At End of Period** | **34.5** | **34.5** | - During the period, the company did not cancel any of its repurchased ordinary shares, nor did it repurchase any ordinary shares[216](index=216&type=chunk)[217](index=217&type=chunk) - As of June 30, 2025, approximately **34.5 million** repurchased ordinary shares were held as treasury shares for strategic acquisitions or resale in the market[220](index=220&type=chunk) [Perpetual Medium-Term Notes](index=52&type=section&id=Perpetual%20Medium-Term%20Notes) During the period, the company issued two tranches of perpetual medium-term notes totaling RMB 1,500 million, with distribution rates of 2.47% and 2.38%; these notes have no maturity date and allow for discretionary deferral of distributions, further diversifying the company's financing channels Changes in Perpetual Medium-Term Notes (RMB million) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | At January 1 | 10,777 | 3,494 | | Issuance of Perpetual Medium-Term Notes | 2,550 | 7,300 | | Transaction Costs for Issuance of Perpetual Medium-Term Notes | (5) | (17) | | Profit Attributable to Perpetual Medium-Term Note Holders | 87 | 145 | | Distributions to Perpetual Medium-Term Note Holders | (87) | (145) | | **At End of Period** | **13,322** | **10,777** | - During the period, the company issued two tranches of perpetual medium-term notes with a total principal amount of **RMB 1,500 million**, carrying distribution rates of **2.47%** and **2.38%** per annum, respectively[224](index=224&type=chunk)[225](index=225&type=chunk) - The perpetual medium-term notes have no maturity date, are redeemable at the company's option, and allow for discretionary deferral of distribution payments indefinitely[224](index=224&type=chunk)[225](index=225&type=chunk) - Jingneng Development secured a total of **RMB 1,050 million** through private placement perpetual medium-term notes via an investment agreement with Allianz Insurance, with a fixed distribution rate of **3.30%** per annum[226](index=226&type=chunk)[227](index=227&type=chunk) [Bank and Other Borrowings Note](index=54&type=section&id=Bank%20and%20Other%20Borrowings_Note) This section provides details on the non-current and current portions of bank and other borrowings, analyzing their movements, including proceeds from borrowings, repayments, and weighted average annual interest rates and tenures Bank and Other Borrowings (RMB million) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Non-Current | 50,758 | 47,936 | | Current | 18,784 | 20,646 | | **Total** | **69,542** | **68,582** | | At January 1, 2025 | 68,582 | – | | Proceeds from Bank Borrowings | 14,360 | – | | Repayment of Bank Borrowings | (13,620) | – | | Proceeds from Loans from Financial Institutions | 2,152 | – | | Repayment of Loans from Financial Institutions | (1,903) | – | | Repayment of Other Loans | (64) | – | | Interest Payable on Bank and Other Borrowings | 13 | – | | Amortization of Loan Financing Fees | 6 | – | | Unamortized Interest Cost of Pledged Deposits | 20 | – | | Exchange Differences | (4) | – | | **At June 30, 2025** | **69,542** | – | - As of June 30, 2025, the weighted average annual interest rate for bank and other borrowings was approximately **3.17%** (December 31, 2024: approximately **3.73%**), with a weighted average tenure of approximately **5.45 years** (December 31, 2024: approximately **5.67 years**)[232](index=232&type=chunk)[234](index=234&type=chunk) [Convertible Bonds](index=54&type=section&id=Convertible%20Bonds) In the first half of 2024, the three-year convertible bonds issued by the company to an independent third party were fully redeemed - In the first half of 2024, the three-year convertible bonds issued to an independent third party were fully redeemed[233](index=233&type=chunk) [Acquisitions of Subsidiaries](index=55&type=section&id=Acquisitions%20of%20Subsidiaries) The Group's strategy is to identify suitable investment opportunities for acquiring renewable energy projects; no business combinations or asset acquisitions occurred during the period, but details of asset acquisitions in the first half of 2024 are disclosed [Business Combinations](index=55&type=section&id=Business%20Combinations) No business combinations occurred within the Group for the six months ended June 30, 2025 - No business combinations occurred for the six months ended June 30, 2025[236](index=236&type=chunk)[241](index=241&type=chunk) [Acquisitions of Assets](index=55&type=section&id=Acquisitions%20of%20Assets) No asset acquisitions occurred within the Group for the six months ended June 30, 2025; this section outlines details of equity acquisitions in two Chinese companies in the first half of 2024, including consideration, fair value of acquired assets, and contributions to revenue and profit - No asset acquisitions occurred for the six months ended June 30, 2025[237](index=237&type=chunk)[242](index=242&type=chunk) - In the first half of 2024, the company, through its subsidiaries, acquired equity in two Chinese companies from independent third parties, which were treated as asset acquisitions[238](index=238&type=chunk)[242](index=242&type=chunk) Details of Asset Acquisitions in H1 2024 | Company Name | Acquisition Month | Equity Acquired | Consideration (RMB million) | Type | Location | Number of Power Plants | Grid-Connected Capacity (MW) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Pingquan Bangcheng New Energy Technology Co., Ltd. | March 2024 | 85.0% | 68 | Solar | Hebei | 1 | 100.0 | | Heshun Runneng New Energy Co., Ltd. | April 2024 | 100.0% | 149 | Wind | Shanxi | 1 | 80.0 | - The acquisitions in the first half of 2024 contributed **RMB 18 million** in revenue and a loss of **RMB 5 million** from the acquisition dates[248](index=248&type=chunk)[249](index=249&type=chunk) [Cash Generated from Operations](index=58&type=section&id=Cash%20Generated%20from%20Operations) This section provides details on the calculation of cash generated from operations, adjusting profit before income tax for non-cash items and working capital changes to derive the period's operating cash flow Calculation of Cash Generated from Operations (RMB million) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Profit Before Income Tax | 448 | 434 | | Depreciation of Property, Plant and Equipment | 1,683 | 1,102 | | Finance Costs | 1,099 | 1,105 | | Changes in Trade, Bills and Tariff Adjustment Receivables | (2,471) | (2,098) | | Changes in Other Receivables, Deposits and Prepayments | 244 | (290) | | Changes in Other Payables and Accrued Expenses | (192) | 1,080 | | **Cash Generated from Operations** | **883** | **1,401** | [Capital Commitments](index=58&type=section&id=Capital%20Commitments) As of June 30, 2025, the Group had capital commitments related to property, plant, and equipment totaling approximately RMB 2,525 million Capital Commitments (RMB million) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Capital Commitments for Property, Plant and Equipment | Approx. 2,525 | Approx. 3,083 | [Related-Party Transactions](index=59&type=section&id=Related-Party%20Transactions) This section discloses significant transactions and balances between the Group and related parties, primarily involving interest expenses paid to and bank and other loans received from the controlling shareholder and its subsidiaries [Significant Related Party Transactions](index=59&type=section&id=Significant%20Related%20Party%20Transactions) During the period, the Group incurred interest expenses to the controlling shareholder and its subsidiaries, earned interest income from a subsidiary of the controlling shareholder, and paid building management fees and administrative office service expenses Summary of Significant Related Party Transactions (Six Months Ended June 30, 2025, RMB million) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Interest Expense to a Controlling Shareholder | 29 | 195 | | Interest Expense to a Subsidiary of a Controlling Shareholder | 155 | 185 | | Interest Expense to an Associate | 1 | 1 | | Interest Income from a Subsidiary of a Controlling Shareholder | 2 | 14 | | Building Management Fees to a Subsidiary of a Controlling Shareholder | 2 | 3 | | Administrative Office Service Expenses to a Subsidiary of a Controlling Shareholder | 9 | 9 | - Interest expenses from Jingneng Group loans were paid at annual interest rates ranging from **2.01% to 4.05%**[265](index=265&type=chunk) - Interest expenses from loans from Jingneng Group Finance Co., Ltd. and Beijing Jingneng Financial Leasing Co., Ltd. were paid at annual interest rates ranging from **2.40% to 3.20%**[265](index=265&type=chunk) [Significant Related Party Balances](index=60&type=section&id=Significant%20with%20Related%20Party%20Balances) As of June 30, 2025, the Group had several significant balances with related parties, primarily consisting of bank loans and financial institution loans from the controlling shareholder and its subsidiaries Summary of Significant Related Party Balances (RMB million) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Bank Loans from a Subsidiary of a Controlling Shareholder | 5,180 | 5,450 | | Bank Loans from a Controlling Shareholder | 1,635 | 1,624 | | Loans from Financial Institutions from a Subsidiary of a Controlling Shareholder | 6,851 | 7,001 | | Other Loans from an Associate | 60 | 60 | [Key Management Compensation](index=60&type=section&id=Key%20Management%20Compensation) During the period, total key management compensation was approximately RMB 2.32 million, including short-term employee benefits, contributions to retirement benefit plans, and share-based payment expenses Key Management Compensation (RMB million) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Short-Term Employee Benefits | 2.05 | 1.62 | | Contributions to Retirement Benefit Plans | 0.16 | 0.05 | | Share-Based Payment Expenses | 0.11 | 0.24 | | **Total** | **2.32** | **1.91** | [Fair Value Measurement](index=61&type=section&id=Fair%20Value%20Measurement) This section explains the fair value measurement hierarchy for financial instruments (Level 1, Level 2, Level 3) and provides details on changes in Level 3 instruments and sensitivity analysis to assess the impact of changes in unobservable inputs on fair value [Financial Assets and Financial Liabilities Measured at Fair Value](index=61&type=section&id=Financial%20Assets%20and%20Financial%20Liabilities%20Measured%20at%20Fair%20Value) This section defines the fair value measurement hierarchy for financial instruments (Level 1, Level 2, Level 3) and presents changes in Level 3 instruments (unlisted investments and contingent consideration payable) during the period - Fair value measurement hierarchy is categorized into: Level 1 (quoted prices in active markets), Level 2 (observable market data, not quoted prices), and Level 3 (unobservable inputs)[271](index=271&type=chunk)[272](index=272&type=chunk)[273](index=273&type=chunk)[275](index=275&type=chunk) Changes in Level 3 Instruments (June 30, 2025, RMB million) | Item | Unlisted Investments | Contingent Consideration Payable | | :--- | :--- | :--- | | At January 1, 2025 | 31 | (3) | | Revaluation | – | 2 | | Exchange Differences | – | (1) | | **At June 30, 2025** | **31** | **(2)** | [Sensitivity Analysis of Observable and Unobservable Inputs](index=63&type=section&id=Sensitivity%20Analysis%20of%20Observable%20and%20Unobservable%20Inputs) This section explains the sensitivity of Level 3 financial assets and liabilities' fair values to changes in unobservable inputs, including discount rates and revenue growth rates for unlisted investments, and effective generation hours and discount rates for contingent consideration payable - The fair values of Level 3 financial assets and liabilities are sensitive to changes in the assumptions used to generate the input data[278](index=278&type=chunk)[279](index=279&type=chunk) Sensitivity Analysis of Level 3 Financial Assets (June 30, 2025, RMB million) | Item | Fair Value | Significant Input Data | Input Data Range | Favorable/(Unfavorable) Change to Profit or Loss | | :--- | :--- | :--- | :--- | :--- | | Unlisted Investments | 31 | Discount Rate 5.10% | +0.5% | (0.1) | | | | | –0.5% | 0.1 | | | | Revenue Growth Rate 0% | +5% | 0.7 | | | | | –5% | (0.5) | | Contingent Consideration Payable | 2 | 2,200–2,630 Effective Generation Hours | +1% | – | | | | | –1% | – | | | | Discount Rate 8.80% | +3% | – | | | | | –3% | – | - As of June 30, 2025, the carrying amounts of all the Group's financial assets and financial liabilities approximated their fair values[281](index=281&type=chunk)[284](index=284&type=chunk) [Events After the Date of Statement of Financial Position Note](index=64&type=section&id=Events%20After%20the%20Date%20of%20Statement%20of%20Financial%20Position_Note) In July 2025, the Group, through Jingneng Development, entered into a trust agreement with Industrial Bank International Trust Co., Ltd. to establish a trust for issuing asset-backed commercial papers totaling approximately RMB 2,000 million - In July 2025, Jingneng Development entered into a trust agreement with Industrial Bank International Trust Co., Ltd. concerning the establishment of a trust for Industrial Bank International Trust to issue asset-backed commercial papers totaling approximately **RMB 2,000 million** through the National Association of Financial Market Institutional Investors[282](index=282&type=chunk)[285](index=285&type=chunk) [Comparative Figures](index=64&type=section&id=Comparative%20Figures) Certain comparative figures have been restated to conform to the current period's presentation - Certain comparative figures have been restated to conform to the current period's presentation[283](index=283&type=chunk)[286](index=286&type=chunk) [Other Information](index=64&type=section&id=Other%20Information) [Directors' and Chief Executives' Interests in Shares, Underlying Shares and Debentures](index=65&type=section&id=Directors%27%20and%20Chief%20Executives%27%20Interests%20in%20Shares%2C%20Underlying%20Shares%20and%20Debentures) As of June 30, 2025, certain directors and chief executives held long positions in the company's shares and underlying shares, primarily related to share options Directors' and Chief Executives' Long Positions in the Company's Shares and Underlying Shares (June 30, 2025) | Name | Capacity/Nature of Interest | Total Number of Shares/Underlying Shares Held | Approx. Percentage of Issued Shares | | :--- | :--- | :--- | :--- | | Mr. Zhang Ping | Beneficial Owner | 1,736,000 | 0.08% | | Mr. Liu Guoxi | Beneficial Owner | 429,000 | 0.02% | | Mr. Zhu Jun | Beneficial Owner | 1,045,650 | 0.05% | - Shares held include those related to sh