董事會會議通告 卡姆丹克太陽能系統集團有限公司（「本公司」）董事（「董事」）會（「董事會」）謹 此宣佈，本公司謹訂於二零二五年八月二十九日舉行董事會會議，以（其中包括） 考慮及批准本公司及其附屬公司截至二零二五年六月三十日止六個月的未經審核 中期業績及宣派中期股息或其他分派的建議（如有），以及處理其他事項。 承董事會命 卡姆丹克太陽能系統集團有限公司 主席 張屹 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佈的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公佈全部或任 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。 卡姆丹克太陽能系統集團有限公司 Comtec Solar Systems Group Limited （於開曼群島註冊成立的有限公司） （股份代號：712） 公佈 中國，上海，二零二五年八月十九日 於本公佈日期，執行董事為張屹先生；非執行董事為戴驥先生及喬峰林先生；及獨 立非執行董事為姜強先生、甄嘉勝醫生及邱萍女士。 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 卡姆丹克太陽能系統集團有限公司 ("公司") 呈交日期: 2025年8月4日 I. 法定/註冊股本變動 FF301 FF301 II. 已發行股份及/或庫存股份變動 | 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) | 00712 | 說明 | 普通股 | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 1,059,923,412 | | 0 | | 1,059,923,412 | | 增加 / 減少 (-) | | | | | | | | | 本月底結存 | | | 1,059,923,412 | | 0 | | 1,059,923,412 | 第 2 頁 共 ...

Core Viewpoint - The photovoltaic industry is experiencing a significant surge due to the "anti-involution" trend, which aims to eliminate low-price competition and promote high-quality development [1][5][6]. Group 1: Market Performance - On July 8, the A-share photovoltaic sector saw a broad rally, with stocks like Topray Solar and Tongwei Co. hitting the daily limit, while Daqo New Energy and Aiko Solar rose over 10% [1][2]. - The CSI Photovoltaic Industry Index increased by over 5% in a single day, and the photovoltaic ETF funds also saw gains of around 5% [2]. - In the Hong Kong market, the photovoltaic solar energy index rose by 6.17%, with companies like Shunfeng Clean Energy and Sunshine Energy experiencing significant increases of 30.43% and 15.48%, respectively [3][4]. Group 2: Policy and Industry Response - The surge in the photovoltaic sector is largely attributed to recent government initiatives aimed at curbing "involution" in competition, as highlighted by various government meetings and articles advocating for high-quality development [5][6]. - The Ministry of Industry and Information Technology has emphasized the need to eliminate low-price competition and improve product quality within the photovoltaic industry [5]. Group 3: Demand and Supply Dynamics - Domestic demand for photovoltaic installations surged in May 2025, with a record addition of 92.92 GW, marking a 388.03% year-on-year increase [6][8]. - However, the industry is expected to see a significant decline in installation numbers following the rush to secure policy benefits, indicating a potential return to more sustainable levels [6]. - Exports of photovoltaic components have been lackluster, with a 4% year-on-year decline in the first five months of 2025 compared to the previous year [8][10]. Group 4: Material Supply and Pricing - The price of silicon materials, which significantly impacts the photovoltaic industry, is under pressure due to high inventory levels and low demand, with current production capacity nearing its limits [15][17]. - The average price of domestic polysilicon has decreased to 35 yuan per kilogram, reflecting ongoing challenges in the supply chain [19]. - The industry faces difficulties in achieving "anti-involution" primarily at the silicon material level, while other segments like silicon wafers and modules may see easier adjustments through capacity restrictions [20].

Debt Restructuring and Management - The company is actively negotiating a debt settlement plan with Putana Limited, its investment fund creditor, due to the expiration of Putana's investment term and the inability to extend or renew any outstanding debts [1] - The company has introduced strategic investor Pandana Capital Limited to acquire the debts owed to Putana, with Pandana currently in the process of phased debt acquisition [1] - A legal letter from Putana's law firm claims that approximately $3.65 million of debt remains unpaid, hindering the completion of the debt acquisition [1] - The company is exploring various solutions with Pandana, including partial repayment, debt capitalization, and/or extending the maturity of defaulted debts [1][2] Energy Business Initiatives - The company is investing in a new energy project in Fushan, Shanxi Province, focusing on a flywheel-lithium iron phosphate battery hybrid energy storage system, with a total capacity of 150 MW [3] - A feasibility study for the Fushan project is expected to be completed by May 2025, with construction anticipated to begin in the second half of 2025 and completion projected for the first half of 2026 [3] Logistics Business Development - The company is in the process of acquiring Zhilian Cloud, a logistics cloud technology platform in China, to expand revenue sources and enhance profit margins in its logistics business [4] - The acquisition is currently delayed due to internal restructuring at Zhilian Cloud and its affiliated companies, with ongoing discussions between the company, the seller, and Zhilian Cloud to advance the acquisition or explore other collaboration opportunities in smart logistics [4]

Financial Performance - The company reported a significant decline in financial performance for the year ending December 31, 2024, due to a global economic downturn, with a notable decrease in demand for EPC services and energy storage products [10]. - Solar and energy storage revenue decreased by approximately RMB 21,700,000 or 39.5% to about RMB 33,200,000 compared to the same period last year, primarily due to poor performance in lithium battery storage product sales in the second half of the year [21]. - Logistics services revenue increased by 44.7% to approximately RMB 130,000,000, driven by organic growth from breakthroughs with external customers since Q2 2023 [21]. - Gross profit decreased by approximately 44.9% to about RMB 11,300,000, attributed to changes in the relative proportion of different revenue sources [23]. - The company recorded a pre-tax loss of approximately RMB 48,700,000, a decrease of about RMB 86,500,000 compared to a profit of RMB 37,800,000 in the same period last year [31]. Strategic Investments and Future Opportunities - The company anticipates that China's economic transformation and modernization will create new opportunities and significant growth potential in the renewable energy sector [14]. - The board believes that investments in solar and energy storage businesses will support sustainable development and long-term shareholder value [14]. - The company is actively considering further investments in energy storage and renewable energy storage in Northeast China and Shanxi Province [19]. - The company aims to enhance its financial position and cash flow through various strategies, including seeking cooperation with institutional investors and potential mergers and acquisitions [38]. - The company is open to strategic investments that provide satisfactory returns and synergistic opportunities, including a project involving innovative flywheel energy storage technology in collaboration with a state-owned enterprise [51]. Debt Management and Financial Stability - The company completed three subscription agreements in February 2024, raising approximately HKD 8,700,000 (around RMB 8,300,000) to repay debts [12]. - A strategic investor is in the process of acquiring all outstanding debts owed to Putana, which is expected to resolve long-term default issues [13]. - The total cash proceeds from the subscription agreements amounted to approximately RMB 8,700,000, which has been used to fully repay the company's debts and payables [41]. - The company is actively discussing a debt acquisition with a strategic investor to settle outstanding debts owed to Putana, totaling approximately USD 800,000 [39][40]. - The strategic investor has nearly completed the acquisition of all outstanding debts, which will likely resolve long-term default issues with Putana [40]. Cost Management and Operational Efficiency - The company is implementing cost-saving measures to navigate the challenging business environment while ensuring future sustainable growth [10]. - Administrative expenses increased by approximately RMB 1,900,000 or 6.1% to about RMB 32,400,000, primarily due to strict cost control measures [28]. - Research and development expenses decreased by approximately RMB 400,000 or 30.6% to about RMB 800,000, also due to strict cost control measures [29]. - The company has ceased its upstream manufacturing operations, including solar chip production, and is focusing on asset sales to improve capital structure and cash flow [48]. - The company has implemented strict control measures for its operations and investment activities to improve financial stability [179]. Corporate Governance and Compliance - The company has adopted effective corporate governance practices to ensure transparency and accountability to shareholders [138]. - The board consists of six members, including one executive director and three independent non-executive directors, ensuring a diverse skill set and experience [143]. - The independent non-executive directors have confirmed their independence according to Listing Rule 3.13, ensuring that all are independent individuals [148]. - The audit committee, consisting of three independent non-executive directors, reviewed and approved the consolidated financial statements for the year, ensuring compliance with applicable accounting standards [161]. - The company has established multiple channels for independent non-executive directors to express their opinions openly as needed [148]. Environmental, Social, and Governance (ESG) Initiatives - The ESG report covers the company's operations from January 1, 2024, to December 31, 2024, focusing on its solar energy and logistics services in China [191]. - The company has committed to enhancing its ESG performance through continuous review and improvement of its management systems, integrating ESG principles into its operations [192]. - The group aims to reduce operational environmental impact and enhance employee and public environmental awareness as part of its long-term corporate social responsibility vision [196]. - The group is committed to reducing its negative environmental impact and fostering a safe and healthy work environment for employees [198]. - Stakeholder engagement is crucial for understanding their perspectives, expectations, and needs, which influences the effectiveness of ESG-related strategies and policies [197].

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佈的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公佈全部或任 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。 卡姆丹克太陽能系統集團有限公司 Comtec Solar Systems Group Limited 「本公司之股份過戶登記處將於二零二五年六月二十五日（星期三）至二零二五年 六月三十日（星期一）（包括首尾兩日）暫停辦理股份過戶登記手續，在該期間將 不會登記任何股份轉讓。為符合資格出席股東週年大會並於會上表決，所有轉讓 文件連同有關股票務須於二零二五年六月二十四日（星期二）下午四時三十分或 之前，送達本公司之香港股份過戶登記處香港中央證券登記有限公司（地址為香 港灣仔皇后大道東183號合和中心17樓1712-1716號舖）。」 – 1 – 除本公佈所披露者外，二零二四年度業績公佈所載的所有其他資料維持不變。本 公佈為二零二四年度業績公佈之補充，應與二零二四年度業績公佈一併閱讀。 承董事會命 卡姆丹克太陽能系統集團有限公司 主席 張屹 中華人民共和國，上海，二零二五年四月七日 於本公佈日期，執行董事為張屹 ...

Financial Performance - For the fiscal year ending December 31, 2024, the company reported total revenue of RMB 163,164,000, an increase of 12.7% compared to RMB 144,645,000 in 2023[4] - The gross profit for the year was RMB 11,341,000, down 44.9% from RMB 20,584,000 in the previous year[4] - The company incurred a net loss of RMB 50,523,000 for the year, compared to a profit of RMB 42,958,000 in 2023, representing a significant decline[4] - Basic and diluted loss per share was RMB (4.68), compared to earnings per share of RMB 5.25 in the previous year[6] - The company reported a total comprehensive loss of RMB 50,368,000 for the year, compared to a comprehensive income of RMB 44,331,000 in 2023[6] - The company reported a net loss attributable to shareholders of RMB 48,383,000 for 2024, compared to a profit of RMB 44,456,000 in 2023[41] - The company recorded a pre-tax loss of RMB 48,667,000, primarily due to unallocated corporate expenses of RMB 30,088,000 and financing costs of RMB 23,430,000[27] - The company recorded a pre-tax loss of approximately RMB 48,700,000, a decrease of about RMB 86,500,000 compared to a profit of RMB 37,800,000 in the same period of 2023[56] Revenue Breakdown - Revenue from solar power generation was RMB 12,804,000 in 2024, down from RMB 14,780,000 in 2023, representing a decrease of 13.3%[22] - Revenue from energy storage (sales and production) decreased to RMB 7,183,000 in 2024 from RMB 11,232,000 in 2023, a decline of 36.1%[22] - For the fiscal year ending December 31, 2024, total revenue reached RMB 163,164 thousand, with logistics services contributing RMB 130,014 thousand[27] - The logistics segment generated a profit of RMB 47 thousand, while the solar and energy storage segment reported a profit of RMB 5,624 thousand, leading to a total segment profit of RMB 5,671 thousand[27] - Logistics revenue significantly increased to RMB 130,014,000 in 2024 from RMB 89,826,000 in 2023, marking a growth of 44.7%[22] - Revenue from solar and energy storage decreased by approximately RMB 21,700,000 or 39.5% to about RMB 33,200,000 in 2024, primarily due to poor performance in lithium battery storage product sales in the second half of the year[47] - Logistics service revenue increased by 44.7% to approximately RMB 130,000,000 in 2024, up from about RMB 89,800,000 in 2023, driven by organic growth from external customer contracts[47] Assets and Liabilities - The company's total assets decreased to RMB 146,259,000 from RMB 206,037,000, reflecting a decline of 29%[7] - Trade receivables dropped significantly to RMB 12,505,000 from RMB 47,485,000, a decrease of 73.7%[7] - The company’s cash and cash equivalents fell to RMB 9,075,000 from RMB 18,286,000, a decline of 50.3%[7] - The total liabilities decreased to RMB 259,164,000 from RMB 289,152,000, a reduction of 10.4%[8] - As of December 31, 2024, the group's net current liabilities and total liabilities were approximately RMB 175,884,000 and RMB 160,424,000, respectively[12] - Total assets decreased from RMB 207,037 thousand in 2023 to RMB 146,259 thousand in 2024, with solar and energy storage assets dropping from RMB 78,007 thousand to RMB 27,221 thousand[30] - Total liabilities also decreased from RMB 341,480 thousand in 2023 to RMB 306,683 thousand in 2024, with logistics services liabilities falling from RMB 26,990 thousand to RMB 8,366 thousand[31] Operational Changes and Investments - The group has invested RMB 8,500,000 in a flywheel lithium iron phosphate hybrid energy storage system to enhance profitability[16] - The group plans to acquire a logistics cloud technology platform company to improve existing business and profitability[16] - The company has revised its operational classification to separately present logistics business performance, indicating a strategic focus on this segment[26] - The company has completed the construction and testing of the flywheel energy storage system, which began generating electricity on March 1, 2025, with a second phase of 60 MW facilities planned for the second half of 2025[45] - The company is actively seeking new contracts in the logistics services sector and expects stable growth in this business segment in 2025[46] - The company has initiated due diligence for the acquisition of a controlling stake in Changzhou Zhiliang Cloud, with discussions ongoing regarding the investment terms[46] Financial Management and Governance - The company has implemented strict control measures for its operational and investment activities[16] - The board believes that the group will have sufficient working capital to meet its current needs until December 31, 2025, assuming planned measures are realized[13] - The independent auditor expressed a disclaimer of opinion on the consolidated financial statements due to significant uncertainties regarding the company's ability to continue as a going concern[88] - The company has taken various measures to improve its liquidity and financial position to meet its financial obligations in the foreseeable future[89] - The audit committee, consisting of three independent non-executive directors, reviewed and approved the consolidated financial statements for the year[81] - The company has adopted a code of conduct for securities trading by directors, ensuring compliance with regulations[80] Shareholder and Market Information - The annual general meeting of shareholders is scheduled for June 30, 2025[75] - The company did not recommend the payment of a final dividend for the period, with no dividends declared for 2023[84] - The company maintained a public float of no less than 25% of its issued shares as required by the listing rules[83] - The company did not purchase, sell, or redeem any of its listed securities during the year[82] - The group made no significant acquisitions or disposals of subsidiaries, associates, or joint ventures during the year[69] - The company has no capital commitments as of December 31, 2024, and does not plan to expand its traditional solar manufacturing capacity further[66] - The company has no significant contingent liabilities as of December 31, 2024[67] - As of December 31, 2024, the group had no restricted cash and no collateralized assets other than those disclosed[68] Strategic Partnerships and Future Plans - A strategic cooperation framework agreement was established with Jiangsu Changzhou Tianning Economic Development Zone, resulting in a government subsidy of RMB 10,000,000 to support future development[72] - The group plans to enter the hazardous goods transportation and smart logistics sectors, benefiting from national policies promoting distributed photovoltaic power generation[73] - The group is open to investment opportunities that provide satisfactory returns and synergies with existing businesses, including a project involving innovative flywheel energy storage technology[74] Other Financial Information - Other income for 2024 totaled RMB 8,818,000, an increase from RMB 6,927,000 in 2023, driven by higher rental income and interest income[36] - The company recorded a net loss of RMB 9,800,000 from other (loss) income, compared to a gain of RMB 64,464,000 in the previous year[36] - Other income for the year was approximately RMB 8,800,000, an increase of 27.3% compared to RMB 6,900,000 in 2023, attributed to higher rental income[50] - The company recorded other losses of approximately RMB 9,800,000 in 2024, a decrease of about RMB 74,300,000 compared to other income of RMB 64,500,000 in 2023, mainly due to the absence of one-time gains from the sale of investment properties[51] - Administrative expenses increased by approximately RMB 1,900,000 or 6.1% to about RMB 32,400,000 in 2024, primarily due to strict cost control measures implemented by the company[53] - Interest expenses increased by approximately RMB 10,400,000 to about RMB 24,400,000 from RMB 14,000,000 in the same period of 2023, attributed to increased one-time arrangement fees and rising interest rates on new loans[55] - The group reported tax expenses of approximately RMB 1,900,000, compared to a tax credit of RMB 5,100,000 in the same period of 2023[57] - The total loss and comprehensive expenses attributable to the company's owners amounted to RMB 48,400,000, representing a year-on-year decline of 108.8%[59] - As of December 31, 2024, the group's current ratio was 0.32, down from 0.46 a year earlier, and the debt-to-equity ratio was 1.91, down from 2.5[61] - The investment in Shenyang Guoyun, representing a 15% stake, was valued at RMB 3,400,000 as of December 31, 2024, up from RMB 2,900,000 a year earlier[70] - The group has ceased its upstream manufacturing business and is actively selling low-utilization assets to improve capital structure and cash flow[71]

Revenue Growth - The revenue from solar and energy storage increased by approximately RMB 3,300,000 or 36.6% to about RMB 12,400,000 compared to RMB 9,100,000 in the same period last year[7]. - The logistics services revenue surged by 1,075% to approximately RMB 74,300,000 from RMB 6,300,000 in the same period last year, driven by organic growth from external customer contracts[7]. - Revenue for the six months ended June 30, 2024, was RMB 86,716 thousand, compared to RMB 15,430 thousand for the same period in 2023, representing a significant increase[60]. - Total revenue for the six months ended June 30, 2024, was RMB 86,716 thousand, a significant increase from RMB 15,430 thousand in the same period of 2023, representing a growth of 461%[73]. - Revenue from solar power generation was RMB 5,188 thousand, down 9.2% from RMB 5,713 thousand in the previous year, while energy storage sales surged to RMB 6,595 thousand from RMB 1,720 thousand, marking a growth of 284%[73]. - Logistics services revenue increased dramatically to RMB 74,299 thousand from RMB 6,326 thousand, reflecting a growth of 1,078%[73]. Financial Performance - The gross profit decreased by approximately 25.4% to about RMB 3,600,000 from RMB 4,900,000 in the same period last year due to changes in the relative proportion of revenue sources[9]. - The company reported a loss before tax of RMB 28,150 thousand, a decline from a profit of RMB 48,714 thousand in the previous year[60]. - The net loss for the period was RMB 25,601 thousand, compared to a profit of RMB 48,700 thousand in the same period last year[60]. - For the six months ended June 30, 2024, the company reported a pre-tax loss of RMB 25,254,000 compared to a profit of RMB 48,714,000 in the same period of 2023, indicating a significant decline in performance[64]. - The company reported a total loss before tax of RMB 28,150 thousand for the six months ended June 30, 2024, compared to a profit before tax of RMB 48,714 thousand in the same period of 2023[77]. - For the six months ended June 30, 2024, the company reported a loss attributable to shareholders of RMB 25,254,000 compared to a profit of RMB 49,305,000 for the same period in 2023, representing a significant decline[95]. Cost and Expenses - The cost of sales and services rose by 686% to approximately RMB 83,100,000 from RMB 10,600,000 in the same period last year, aligning with revenue growth[8]. - Research and development expenses decreased by approximately 33.5% to about RMB 400,000 from RMB 600,000 in the same period last year due to strict cost control measures[15]. - Interest expenses increased to RMB 12,486,000 in the first half of 2024 from RMB 7,235,000 in the same period of 2023[64]. - Employee costs decreased from RMB 3,178,000 to RMB 2,674,000, a reduction of 15.8%[90]. - Depreciation expenses decreased from RMB 6,264,000 to RMB 5,126,000, a decline of 18.2%[91]. Debt and Liabilities - The pre-tax loss was approximately RMB 28,200,000, a decrease of about RMB 76,900,000 compared to a profit of RMB 48,700,000 in the same period last year[17]. - The group recorded a working capital deficit of approximately RMB 157,700,000 as of June 30, 2024, compared to approximately RMB 157,500,000 as of December 31, 2023[22]. - The net debt of the group was approximately RMB 146,000,000 as of June 30, 2024, compared to approximately RMB 134,400,000 as of December 31, 2023[22]. - The company is in the final stages of acquiring all outstanding debts owed to Putana Limited, totaling approximately USD 800,000[120]. - The board believes that the debt acquisition will likely resolve long-term default debts owed to Putana, thus improving the company's financial stability[121]. Strategic Initiatives - The company is actively pursuing new contracts in the logistics services sector, expecting stable growth in 2024[6]. - The company is investing in a flywheel energy storage system in Shanxi Province, with completion and grid connection expected in the second half of 2024[5]. - The acquisition of Changzhou Zhili Cloud is nearing completion, anticipated to enhance the company's logistics capabilities and profitability[6]. - The company plans to enter the hazardous materials transportation, smart logistics, and logistics finance sectors through necessary licensing and partnerships with local governments and industry experts[32]. - The company is actively negotiating with potential parties to restructure its debt obligations[68]. Shareholder Information - The company has maintained a public float of at least 25% of its issued shares as required by listing rules[42]. - No interim dividend has been declared for the six months ending June 30, 2024, consistent with the previous period[40]. - The company has not purchased, sold, or redeemed any of its listed securities during the reporting period[41]. - Zhang Yi holds 142,470,887 shares, representing approximately 13.44% of the company's issued share capital[43]. - Dai Ji owns 67,500,000 shares, which is about 6.37% of the company's issued share capital[43]. Corporate Governance - The board has achieved a gender diversity target of at least 10% female representation following the appointment of a new independent non-executive director[37]. - The company has adopted the standard code of conduct for securities trading as per listing rules[38]. - The audit committee has reviewed the company's internal controls and financial reporting matters during the reporting period[39]. Future Outlook - The company provided a future outlook, projecting a revenue growth of 10% for the next fiscal year[124]. - The company plans to expand its market presence in Southeast Asia, targeting a 25% market share by 2025[124]. - A strategic acquisition of a local tech firm was announced, expected to increase operational efficiency by 15%[124]. - The company is investing 200 million RMB in research and development for innovative technologies over the next two years[124].

Financial Performance - The company's revenue for the six months ended June 30, 2024, was approximately RMB 86,700,000, an increase of 462% compared to RMB 15,400,000 for the same period in 2023[1]. - Gross profit for the period was approximately RMB 3,600,000, a decrease of 25.4% from RMB 4,900,000 in the same period of 2023[1]. - The net loss attributable to shareholders for the period was approximately RMB 25,300,000, primarily due to the absence of a one-time net gain from the sale of investment properties in Shanghai recorded in the same period of 2023, which was approximately RMB 68,100,000[1]. - The company reported a basic loss per share of RMB 2.50 for the period, compared to earnings per share of RMB 6.22 in the same period of 2023[3]. - The group reported a net loss of approximately RMB 25.6 million for the six months ended June 30, 2024, with current liabilities and total liabilities amounting to approximately RMB 157.7 million and RMB 146 million, respectively[8]. - The group reported a pre-tax loss of approximately RMB 28,200,000, a decrease of about RMB 76,900,000 compared to a profit of RMB 48,700,000 in the same period of 2023[53]. - The pre-tax loss attributable to the owners of the company for the six months ended June 30, 2024, was RMB (25,254), compared to a profit of RMB 49,305 in the same period of 2023, reflecting a substantial decline[33]. Revenue Breakdown - Revenue from solar power generation and energy storage reached RMB 12.4 million, while logistics services generated RMB 74.3 million, leading to a total revenue of RMB 86.7 million for the period[13]. - The sales and production of energy storage products increased significantly to RMB 6.6 million from RMB 1.7 million in the previous year, reflecting a growth of approximately 284%[13]. - The logistics services segment generated revenue of RMB 74,299 thousand, contributing significantly to the overall revenue for the period[17]. - The solar and energy storage segment generated a profit of RMB 4,114 thousand, while the logistics services segment contributed RMB 1,244 thousand, leading to a total segment profit of RMB 5,358 thousand[17]. - The group’s revenue from EPC consulting for photovoltaic power stations decreased to RMB 0.634 million from RMB 1.671 million year-on-year[13]. Expenses and Costs - The company’s administrative expenses increased to RMB 15,811,000 from RMB 13,938,000 in the same period of 2023[2]. - The company’s financing costs rose to RMB 12,486,000 from RMB 7,235,000 in the same period of 2023[2]. - The total interest expenses for the six months ended June 30, 2024, were RMB 12,486, compared to RMB 7,235 in the same period of 2023, representing an increase of approximately 72.5%[27]. - The cost of sales and services rose by 686% to approximately RMB 83,100,000, aligning with the revenue increase[46]. - Administrative expenses increased by approximately RMB 1,900,000 or 13.4% to about RMB 15,800,000, primarily due to an increase in operational scale with rising income[50]. - Research and development expenses decreased by approximately RMB 200,000 or 33.5% to about RMB 400,000, attributed to strict cost control measures implemented by the company[51]. Assets and Liabilities - The company's total liabilities as of June 30, 2024, were approximately RMB 311,600,000, a decrease from RMB 341,500,000 as of December 31, 2023, with a debt-to-equity ratio improving from 2.5 to 2.1[1]. - Total assets less current liabilities amounted to RMB (92,459,000) as of June 30, 2024, compared to RMB (82,115,000) as of December 31, 2023[4]. - The company’s cash and cash equivalents decreased to RMB 9,017,000 from RMB 18,286,000 as of December 31, 2023[4]. - Total assets decreased from RMB 207,037 thousand as of December 31, 2023, to RMB 165,590 thousand as of June 30, 2024, reflecting a reduction in both solar and energy storage assets and logistics services assets[20]. - The total liabilities decreased from RMB 341,480 thousand as of December 31, 2023, to RMB 311,606 thousand as of June 30, 2024, with a notable reduction in liabilities for the logistics services segment[19]. Strategic Initiatives - The company continued to invest in new renewable energy storage technologies, including flywheel energy storage and lithium iron phosphate hybrid storage systems, aimed at enhancing clean energy consumption and regional grid peak shaving capabilities[1]. - The group plans to acquire a logistics cloud technology platform company to enhance its existing business and improve profitability[9]. - The company has decided to merge its reporting segments into "Solar and Energy Storage" for better presentation and management[15]. - The company plans to complete the acquisition of Changzhou Zhilian Cloud in the second half of 2024 to enhance its logistics business[44]. - The company is investing in a flywheel energy storage system in Shanxi Province, expected to be completed and connected to the grid in the second half of 2024[43]. - The company plans to enter the hazardous materials transportation and smart logistics sectors through partnerships with local governments and industry experts[66]. Debt and Financing - The company is actively negotiating with potential parties to restructure its debt and explore equity or debt investment opportunities[9]. - The company issued convertible bonds totaling $10,000,000 with an annual interest rate of 10%[38]. - The actual interest rate on the debt portion of the convertible bonds was 12.44%[39]. - The company has entered into a loan agreement to provide RMB 8,500,000 to Shenyang Guoyun at an interest rate of 10% for a term of 36 months[64]. - The group recorded a net debt of approximately RMB 146,000,000 as of June 30, 2024, compared to approximately RMB 157,500,000 as of December 31, 2023[57]. Other Information - The company did not declare or propose any dividends for the six months ended June 30, 2024, and 2023[32]. - The company has ceased production and sales of monocrystalline products following the sale of its subsidiary, focusing on solar and energy storage services[15]. - The company has undertaken over 30 distributed photovoltaic EPC projects since 2017, with a recent project in Shanghai having a capacity of 4,000 kW[67]. - The company is open to strategic investments that provide satisfactory returns and synergies with existing operations, including a project involving innovative flywheel energy storage technology[68]. - The company faced a winding-up petition related to an outstanding loan of approximately USD 800,000, which has since been withdrawn[69][70]. - The company is confident in reaching a settlement regarding the outstanding debt, which is not expected to significantly impact its financial performance[70]. - The company maintained a public float of at least 25% of its issued shares as required by listing rules[75]. - The board has achieved a gender diversity target of at least 10% female representation following the appointment of a new independent non-executive director[71].

Financial Performance - The company reported a net profit attributable to shareholders of approximately RMB 44.5 million, recovering from a loss of RMB 55.8 million in the previous year[9]. - Total revenue increased by RMB 107,500,000 or 289.5% year-on-year to RMB 144,600,000, driven by breakthroughs in logistics services and significant revenue growth from external customers[22]. - The company recorded a profit before tax of approximately RMB 37,800,000, an increase of RMB 86,000,000 or 178.5% compared to a loss of RMB 48,200,000 in the previous year[34]. - The group recorded a total profit and comprehensive income of approximately RMB 44,300,000, compared to a loss of RMB 50,700,000 in the previous year[36]. - Other income decreased by RMB 6,400,000 or 47.8% to approximately RMB 6,900,000, mainly due to reduced rental income from the sale of several properties in Shanghai[25]. Revenue Growth - Revenue and gross profit increased due to business growth, with significant contributions from a rooftop distributed generation project completed in February 2023 and a breakthrough in logistics service revenue[9]. - Revenue from solar and energy storage business rose to RMB 54,800,000, an increase of RMB 17,700,000 or 47.6% compared to the previous year, primarily due to more EPC projects and new power generation income from a solar power station[22]. - Gross profit increased by approximately RMB 12,800,000 or 163.5% to about RMB 20,600,000, aligning with the revenue growth in solar, energy storage, and logistics businesses[24]. - Logistics services revenue saw a significant increase, with the establishment of a logistics business in Changzhou enhancing supply chain efficiency for internal and external clients[18]. Investments and Acquisitions - The company is investing in new energy storage technologies, specifically flywheel energy storage systems, to enhance clean energy consumption and grid stability[10]. - Plans are underway for a potential acquisition in 2024 to transform existing logistics operations into smart logistics solutions, aiming to improve profitability and competitiveness in the logistics sector[10]. - The acquisition of a controlling stake in Changzhou Zhiliyun for RMB 20,000,000 is expected to enhance the company's logistics capabilities and improve operational efficiency[18]. - The group plans to acquire Changzhou Zhilian Cloud for RMB 20,000,000 to further invest and expand its logistics business[58]. Financial Condition - Total liabilities decreased to approximately RMB 341.5 million as of December 31, 2023, down from RMB 467.1 million the previous year, improving the financial condition[9]. - The debt-to-equity ratio improved to 2.5 from 2.8 year-on-year, indicating a stronger balance sheet[9]. - The current ratio slightly decreased to 0.46 from 0.54, with net debt at approximately RMB 72,800,000, down from RMB 86,100,000 in the previous year[38]. - The group recorded a working capital deficit of RMB 157,500,000, improved from RMB 192,300,000 in the previous year[38]. Cost Management - Sales and service costs rose by 323% to RMB 124,100,000, largely due to increased logistics service revenue[23]. - Sales and distribution expenses decreased by RMB 2,400,000 or 52.1% to RMB 2,200,000 due to cost control measures implemented in the second half of the year[28]. - Administrative and general expenses decreased by RMB 5,200,000 or 14.4% to RMB 30,600,000, attributed to reduced depreciation and strict cost control measures[29]. - R&D expenses decreased by RMB 2,200,000 or 65.9% to RMB 1,200,000 due to strict cost control in response to macroeconomic difficulties[30]. Strategic Focus - The company remains committed to expanding its solar energy business, including investment, development, construction, and operation of solar photovoltaic power stations[10]. - The company anticipates significant growth potential in the renewable energy storage industry in China, aligning with global ESG trends[11]. - The company anticipates continued growth in the solar and energy storage sectors, benefiting from ongoing trends in the ESG landscape[19]. - The group is exploring strategic investments in innovative flywheel energy storage technology projects with state-owned enterprises[62]. Corporate Governance - The company has adopted effective corporate governance practices to enhance transparency and accountability to shareholders[161]. - The board consists of five directors, including one executive director and two independent non-executive directors, ensuring a diverse governance structure[167]. - The board has set a target for female directors to comprise no less than 10% of the board by the end of 2024, aiming to appoint at least one female director[172]. - The company has complied with the corporate governance code during the year, except for specific disclosures mentioned in the annual report[162]. Shareholder Information - As of December 31, 2023, the company had a total of 142,470,887 shares held by Mr. Zhang Yi, representing approximately 15.80% of the issued share capital[95]. - The company has a total of 31,171,544 shares potentially issuable upon the exercise of options under the old share option scheme, which represents about 3.46% of the issued shares as of December 31, 2023[103]. - The total number of shares that may be issued under the new share option plan is capped at 10% of the total issued shares as of the adoption date, which amounts to 209,770,358 shares[105]. - The company has maintained a consistent approach to stock option grants, reflecting a commitment to employee incentives and retention[120].