Revenue and Profitability - Solar and energy storage revenue increased by approximately RMB 86.4 million or 695.5% to about RMB 98.8 million, compared to approximately RMB 12.4 million in the same period last year[13] - Logistics services revenue decreased by 33.4% to approximately RMB 49.5 million, down from approximately RMB 74.3 million in the same period last year, primarily due to the termination of contracts by two customers[13] - Gross profit increased by approximately 74.4% to about RMB 6.3 million, compared to approximately RMB 3.6 million in the same period last year[15] - Other income rose by 18.5% to approximately RMB 4.1 million, compared to approximately RMB 3.5 million in the same period last year[16] - The company reported revenue of RMB 148,285 thousand for the six months ended June 30, 2025, compared to RMB 86,716 thousand for the same period in 2024, representing a growth of 71.1%[76] - Gross profit for the same period was RMB 6,315 thousand, up from RMB 3,621 thousand, indicating an increase of 74.3%[76] - The company reported a total loss before tax of RMB 23,076,000 for the six months ended June 30, 2025[99] Expenses and Losses - Pre-tax loss decreased by approximately RMB 5.1 million to about RMB 23.1 million, compared to a loss of approximately RMB 28.2 million in the same period last year[24] - Research and development expenses decreased by 48.7% to approximately RMB 0.2 million, down from approximately RMB 0.4 million in the same period last year[22] - Interest expenses increased to approximately RMB 13.9 million, up from approximately RMB 12.5 million in the same period last year, due to refinancing of certain loans[23] - The company reported a net loss of approximately RMB 23.7 million for the six months ended June 30, 2025, compared to a loss of RMB 25.3 million for the same period in 2024[87] - The company’s basic and diluted loss per share for the period was RMB (2.15), compared to RMB (2.50) in the same period last year, showing an improvement of 14%[76] Financial Position - As of June 30, 2025, the current ratio of the group was 0.44, an increase from 0.32 as of December 31, 2024, while the debt-to-equity ratio was 2.2 compared to 1.91 previously[30] - The group reported a net working capital deficit of approximately RMB 195.5 million as of June 30, 2025, up from RMB 175.9 million as of December 31, 2024[30] - Total assets as of June 30, 2025, were RMB 212,872 thousand, compared to RMB 146,259 thousand as of December 31, 2024, reflecting a significant increase of 45.5%[78] - Current liabilities increased to RMB 351,061 thousand as of June 30, 2025, from RMB 259,164 thousand at the end of 2024, marking a rise of 35.5%[78] - The company’s total liabilities net increased from RMB 160.4 million in 2024 to RMB 182.3 million in 2025, an increase of approximately 13.6%[79] Investments and Strategic Initiatives - The company is actively seeking new contracts in the logistics services segment, following the acquisition agreement for Zhilianyun, a logistics cloud technology platform[12] - The company continues to invest in the flywheel energy storage system in Shanxi Province, which commenced operations on March 1, 2025[11] - The company is exploring a new investment in a flywheel energy project in Fushan County, Shanxi Province, with a total capacity of 150 MW, including 20 MW of flywheel storage[41] - A feasibility study for the Fushan project was completed in the first half of 2025, with construction expected to begin in the second half of 2025[42] - The company is investing RMB 15,500,000 in a hybrid lithium iron phosphate energy storage system to enhance profitability[89] Shareholder and Governance Information - The company has not declared any interim dividend for the six months ending June 30, 2025, consistent with the previous period[48] - The company maintained a public float of at least 25% of its issued shares throughout the reporting period[51] - The board has achieved a gender diversity target of at least 10% female directors[45] - The company has complied with the corporate governance code, with the exception of the separation of the roles of Chairman and CEO[44] Share Options and Capital Structure - 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[60] - The new share option plan is effective for 10 years from the adoption date, and no further options will be granted after that period[62] - A total of 30,946,544 options were granted under the old share option plan, with 25,946,544 options remaining after accounting for cancellations[64] - The company reported a total of 30,946,544 unexercised share options as of June 30, 2025, down from 31,171,544 at the end of 2024[131] Related Party Transactions - The total balance with related parties amounted to RMB 81,045 thousand, an increase of 16.5% from RMB 69,483 thousand as of December 31, 2024[139] - The company continues to engage in significant transactions with related parties, indicating a complex financial relationship[139] - The interest expense on unsecured loans from related parties decreased from RMB 13,119,000 in December 2024 to RMB 8,902,000 in June 2025, a reduction of approximately 32.5%[138]

Core Viewpoint - The Hong Kong solar stocks have generally risen, driven by an upward trend in prices across multiple segments of the photovoltaic industry chain, indicating early signs of a "de-involution" effect within the sector [1][2] Group 1: Stock Performance - GCL-Poly Energy (协鑫科技) rose by over 3% to 1.300 HKD [2] - Flat Glass Group (福莱特玻璃) increased by 2.6% to 12.100 HKD [2] - Xinyi Glass (信义玻璃) saw a rise of 2% to 8.920 HKD [2] - Other notable increases include: - CAISSA (凯盛新能) up 1.5% to 4.460 HKD [2] - Fuyao Glass (福耀玻璃) up 1.47% to 75.800 HKD [2] - China Harmony New Energy (协合新能源) up 1.25% to 0.405 HKD [2] - Xinyi Solar (信义光能) up 1.17% to 3.450 HKD [2] - GCL New Energy (协鑫新能源) up 1.15% to 0.880 HKD [2] - New Times Energy (新特能源) up 0.77% to 7.900 HKD [2] - Canadian Solar (卡姆丹克太阳能) up 0.66% to 0.152 HKD [2] Group 2: Price Trends - According to Zhuochuang Information, the market price for silicon wafers (P-type M10) in Yunnan was reported at 1.2 CNY per piece on September 12, unchanged from September 11, and higher than the 1.03 CNY per piece on September 10 [1] - In Inner Mongolia, the market price for polysilicon (P-type dense material) was 36 CNY per kilogram on September 12, also unchanged from September 11, and higher than the 31 CNY per kilogram on September 10 [1] - TrendForce reported significant price increases in various upstream sectors of the photovoltaic industry, suggesting a sustained upward price trend in the future [1]

Group 1 - The core viewpoint of the article highlights a general increase in Hong Kong's photovoltaic stocks, with several companies experiencing notable price rises [1] - GCL-Poly Energy (协鑫科技) saw a rise of over 3%, while Flat Glass Group (福莱特玻璃) and Xinyi Glass (信义玻璃) increased by 2.6% and 2% respectively [1] - The article mentions that the prices across multiple segments of the photovoltaic industry chain have maintained an upward trend recently [1] Group 2 - Data from Zhuochuang Information indicates that on September 12, the market price for silicon wafers (P-type M10) in Yunnan was reported at 1.2 yuan per piece, unchanged from September 11, but higher than the price of 1.03 yuan per piece on September 10 [1] - In Inner Mongolia, the market price for polysilicon (P-type dense material) was 36 yuan per kilogram, also stable compared to September 11, and up from 31 yuan per kilogram on September 10 [1] - TrendForce's data shows significant price increases in various upstream sectors of the photovoltaic industry, suggesting that the industry's "anti-involution" efforts are beginning to yield results [1]

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) | 00712 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,900,000,000 | HKD | | 0.004 HKD | | | 7,600,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | | 本月底結存 | | | 1,900,000,000 | HKD | | 0.004 HKD | | | 7,600,000 | 本月底法定/註冊股本總額： HKD 7,600,000 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8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 ...

Core Viewpoint - The company Kamda Solar (00712.HK) reported a significant increase in revenue for the six months ending June 30, 2025, compared to the same period last year, while also showing a reduced loss [1] Financial Performance - The company's revenue reached 148 million RMB, up from 86.72 million RMB in the same period last year, indicating a year-on-year increase of approximately 70.5% [1] - The loss for the period was 23.665 million RMB, which is a slight improvement from a loss of 25.60 million RMB in the previous year [1]

Group 1 - The company reported a revenue of 148 million, representing a year-on-year increase of 71% [1] - The loss attributable to shareholders was 22.8 million, a decrease of 9.7% compared to the previous year [1] - The loss per share was 2.15 cents [1] Group 2 - Revenue from solar and energy storage increased from approximately 12.4 million in the same period of 2024 to about 98.8 million, a rise of 695.5% [1] - This growth was primarily due to the successful acquisition of new EPC projects by the company's subsidiary [1] - The company secured a new EPC service contract for a similar flywheel energy storage and lithium iron phosphate energy storage system in Shilou County, Shanxi Province, China [1] Group 3 - Revenue from logistics services decreased from approximately 74.3 million in the same period of 2024 to about 49.5 million, a decline of 33.4% [1] - This decline was mainly attributed to the termination of contracts by two clients in the first half of 2025 [1]

Core Insights - Kamda Solar (00712) reported a revenue of 148 million, representing a year-on-year increase of 71% [1] - The loss attributable to shareholders was 22.8 million, a decrease of 9.7% compared to the previous year [1] - The loss per share was 2.15 cents [1] Revenue Breakdown - Revenue from solar and energy storage increased from approximately 12.4 million in 2024 to about 98.8 million, marking a significant rise of 695.5% [1] - This growth was primarily driven by the successful acquisition of new EPC projects by the company's subsidiary [1] - The logistics service revenue decreased from approximately 74.3 million in 2024 to about 49.5 million, a decline of 33.4% [1] - The decline in logistics revenue was mainly due to the termination of contracts by two clients in the first half of 2025 [1]

Financial Performance - The company reported revenue of RMB 148.285 million for the six months ended June 30, 2025, representing a 71.1% increase from RMB 86.716 million in the same period of 2024[3]. - Gross profit for the same period was RMB 6.315 million, up from RMB 3.621 million, indicating a gross margin improvement[3]. - The company incurred a net loss of RMB 23.665 million, compared to a net loss of RMB 25.601 million in the prior year, reflecting a reduction in losses[3]. - The company’s total comprehensive loss for the period was RMB 21.903 million, compared to RMB 26.160 million in the previous year, showing an improvement in overall financial performance[5]. - The basic and diluted loss per share was RMB 2.15, compared to RMB 2.50 in the prior year, indicating a reduction in loss per share[5]. - The company reported a total loss before tax of RMB 23,076,000 for the six months ended June 30, 2025, compared to a loss of RMB 28,150,000 for the same period in 2024[20]. - The company reported a net loss attributable to shareholders of RMB 22,800,000 (approximately $3.2 million) for the six months ended June 30, 2025, compared to a net loss of RMB 25,254,000 (approximately $3.6 million) for the same period in 2024, indicating a reduction in losses of 5.8%[33]. Assets and Liabilities - Total assets as of June 30, 2025, were RMB 212.872 million, compared to RMB 146.259 million as of December 31, 2024, showing significant asset growth[6]. - Current liabilities increased to RMB 351.061 million from RMB 259.164 million, indicating a rise in short-term financial obligations[6]. - Total liabilities rose to RMB 395,199,000 (approximately $56.1 million) as of June 30, 2025, from RMB 306,683,000 (approximately $43.7 million) as of December 31, 2024, marking an increase of 28.9%[21]. - Trade payables as of June 30, 2025, totaled RMB 130,590,000, significantly up from RMB 52,919,000 as of December 31, 2024[36]. - Interest payable increased to RMB 77,060,000 as of June 30, 2025, from RMB 66,236,000 as of December 31, 2024[37]. Cash Flow and Liquidity - The company’s cash and cash equivalents decreased to RMB 6.377 million from RMB 9.075 million, highlighting liquidity challenges[6]. - Operating cash flow deficit was approximately RMB 195.5 million, compared to RMB 175.9 million at the end of 2024[64]. - The current ratio improved to 0.44 from 0.32 at the end of 2024, indicating better short-term financial health[64]. - The company continues to maintain sufficient financial resources to meet upcoming financial obligations and ongoing operations[11]. Revenue Breakdown - Revenue from solar power generation reached RMB 6,171,000, up from RMB 5,188,000, while energy storage sales decreased to RMB 878,000 from RMB 6,595,000[15]. - The logistics services segment generated revenue of RMB 49,503,000, down from RMB 74,299,000, indicating a decline of 33.4%[15]. - Solar and energy storage revenue increased by approximately RMB 86.4 million or 695.5% to approximately RMB 98.8 million, driven by successful new EPC projects[49]. - Logistics services revenue decreased by 33.4% to approximately RMB 49.5 million, primarily due to the termination of contracts by two customers in the first half of 2025[49]. Expenses and Cost Management - Research and development expenses were RMB 0.211 million, down from RMB 0.411 million, suggesting a focus on cost management[3]. - Depreciation and amortization expenses rose to RMB 6,207,000 (approximately $885,000) for the six months ended June 30, 2025, compared to RMB 5,126,000 (approximately $730,000) for the same period in 2024, an increase of 21.1%[30]. - Administrative expenses decreased by approximately RMB 2.7 million or 17.3% to about RMB 13.1 million, due to strict cost control measures[56]. - Employee costs totaled RMB 3,478,000 (approximately $495,000) for the six months ended June 30, 2025, compared to RMB 2,674,000 (approximately $380,000) for the same period in 2024, an increase of 30%[29]. Strategic Initiatives - The company plans to acquire a logistics cloud technology platform to enhance existing business operations and profitability[13]. - The company has invested RMB 15,500,000 in a hybrid energy storage system to improve profitability[13]. - The company is actively promoting its lithium battery energy storage systems and is seeking higher-value procurement orders[47]. - The company is exploring a new investment in a 150 MW flywheel energy project in Fushan County, Shanxi, with construction expected to start in the second half of 2025[74]. - The company plans to enter the hazardous materials transportation and smart logistics sectors through partnerships with local governments and industry experts[71]. Financial Reporting and Governance - The company has adopted new international financial reporting standards effective from January 1, 2025, with no significant impact on the financial statements[14]. - The company has not declared or proposed any dividends for the six months ended June 30, 2025, and 2024[32]. - The company maintained a public float of at least 25% of its issued shares throughout the reporting period[82]. - The board has achieved a gender diversity goal of at least 10% female representation[76]. - The board of directors includes executive director Zhang Yi and non-executive directors Dai Ji and Qiao Fenglin, along with independent non-executive directors Jiang Qiang, Dr. Zhen Jiasheng, and Qiu Ping[87].

格隆汇8月19日丨卡姆丹克太阳能(00712.HK)公告，公司谨订于2025年8月29日举行董事会会议，以(其 中包括)考虑及批准公司及其附属公司截至2025年6月30日止6个月的未经审核中期业绩及宣派中期股息 或其他分派的建议(如有)，以及处理其他事项。 ...

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。 ...