[Company Information and Financial Summary](index=1&type=section&id=I.%20Company%20Information%20and%20Financial%20Summary) This section provides an overview of China Shuifa Singyes Energy Holdings Limited's basic information and a summary of its financial performance for the six months ended June 30, 2025 [Company Basic Information](index=1&type=section&id=1.1%20Company%20Basic%20Information) China Shuifa Singyes Energy Holdings Limited announced its unaudited interim results for the six months ended June 30, 2025 - Company Name: China Shuifa Singyes Energy Holdings Limited[2](index=2&type=chunk) - Reporting Period: Six months ended June 30, 2025[2](index=2&type=chunk) - Report Nature: Unaudited interim results announcement[2](index=2&type=chunk) [Financial Summary](index=1&type=section&id=1.2%20Financial%20Summary) During the reporting period, the company's revenue increased by 22.45% year-on-year, but due to a decrease in gross profit margin, loss attributable to owners of the company expanded to RMB 19,184 thousands, with a loss per share of RMB (0.008) Financial Summary for the Six Months Ended June 30 | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 1,684,853 | 1,375,933 | 22.45% | | Profit before income tax | 7,935 | 36,037 | -77.98% | | Income tax expense | 5,562 | 24,900 | -77.66% | | Loss attributable to owners of the company for the period | (19,184) | (16,461) | 16.54% | | Loss per share attributable to owners of the company (basic and diluted) | RMB (0.008) | RMB (0.007) | 14.29% | [Condensed Consolidated Financial Statements](index=2&type=section&id=II.%20Condensed%20Consolidated%20Financial%20Statements) This section presents the company's condensed consolidated financial statements, including the statement of comprehensive income and statement of financial position [Condensed Consolidated Statement of Comprehensive Income](index=2&type=section&id=2.1%20Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) For the six months ended June 30, 2025, the company's revenue increased to RMB 1,684,853 thousands, but a significant rise in cost of sales led to a decrease in gross profit; operating profit and profit before income tax both significantly decreased, resulting in a profit for the period of RMB 2,373 thousands, a 78.7% year-on-year decline Key Data from Condensed Consolidated Statement of Comprehensive Income | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 1,684,853 | 1,375,933 | 22.45% | | Cost of sales | (1,330,524) | (931,075) | 42.90% | | Gross profit | 354,329 | 444,858 | -20.35% | | Operating profit | 228,530 | 293,577 | -22.23% | | Net finance costs | (220,138) | (257,688) | -14.57% | | Profit before income tax | 7,935 | 36,037 | -77.98% | | Income tax expense | (5,562) | (24,900) | -77.66% | | Profit for the period | 2,373 | 11,137 | -78.70% | | Loss attributable to owners of the company for the period | (19,184) | (16,461) | 16.54% | | Profit attributable to non-controlling interests for the period | 21,557 | 27,598 | -21.90% | [Condensed Consolidated Statement of Financial Position](index=4&type=section&id=2.2%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the company's total assets slightly decreased, primarily due to a reduction in cash and cash equivalents; non-current liabilities increased while current liabilities decreased, leading to a slight decline in total liabilities; both equity attributable to owners of the company and non-controlling interests decreased, resulting in a lower total equity Key Data from Condensed Consolidated Statement of Financial Position | Metric | 2025年6月30日 (RMB thousands) | 2024年12月31日 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | **Assets** | | | | | Total non-current assets | 8,956,216 | 8,803,397 | 1.74% | | Total current assets | 13,521,944 | 14,002,485 | -3.30% | | Cash and cash equivalents | 270,257 | 823,022 | -67.17% | | Total assets | 22,478,160 | 22,805,882 | -1.44% | | **Equity** | | | | | Equity attributable to owners of the company | 4,167,325 | 4,231,924 | -1.53% | | Non-controlling interests | 1,094,333 | 1,071,825 | 2.10% | | Total equity | 5,261,658 | 5,303,749 | -0.79% | | **Liabilities** | | | | | Total non-current liabilities | 5,491,740 | 5,074,520 | 8.22% | | Total current liabilities | 11,724,762 | 12,427,613 | -5.66% | | Total liabilities | 17,216,502 | 17,502,133 | -1.63% | [Notes to the Condensed Consolidated Financial Statements](index=6&type=section&id=III.%20Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed notes to the condensed consolidated financial statements, covering general information, accounting policies, segment data, and other financial disclosures [General Information](index=6&type=section&id=3.1%20General%20Information) The company was incorporated in Bermuda, primarily engaged in traditional curtain walls, wind farm construction, and the design, manufacturing, supply, and installation of solar photovoltaic building integrated systems, as well as the manufacturing and sale of solar products; there was no significant change in the nature of its principal business during the reporting period, and its ultimate holding company is Shuifa Group Co., Ltd., a Chinese state-owned enterprise - The company was incorporated in Bermuda on October 24, 2003[8](index=8&type=chunk) - Principal businesses include traditional curtain walls, wind farm construction, design, manufacturing, supply and installation of solar photovoltaic building integrated systems, and manufacturing and sale of solar products[8](index=8&type=chunk) - The ultimate holding company is Shuifa Group Co., Ltd., a state-owned enterprise in China[9](index=9&type=chunk) [Basis of Preparation](index=6&type=section&id=3.2%20Basis%20of%20Preparation) The condensed consolidated financial statements are prepared in accordance with International Accounting Standard 34 and the Listing Rules of the Hong Kong Stock Exchange, adopting the going concern basis of accounting - Prepared in accordance with International Accounting Standard 34 'Interim Financial Reporting' and the Listing Rules of the Hong Kong Stock Exchange[10](index=10&type=chunk) - Accounting basis: Going concern[10](index=10&type=chunk) [Accounting Policies](index=6&type=section&id=3.3%20Accounting%20Policies) The condensed consolidated financial statements are prepared on a historical cost basis and presented in RMB; during the reporting period, IAS 21 (Amendment) 'Lack of Exchangeability' was first applied, but it had no significant impact on the financial position and performance - Basis of preparation: Historical cost basis, except for certain equity investments and financial assets measured at fair value[11](index=11&type=chunk) - Presentation currency: RMB[11](index=11&type=chunk) - Newly applied accounting standard: IAS 21 (Amendment) 'Lack of Exchangeability', with no significant impact[12](index=12&type=chunk) [Revenue and Segment Information](index=7&type=section&id=3.4%20Revenue%20and%20Segment%20Information) The company assesses performance based on four main business segments: construction services, product sales, electricity sales, and others; in the first half of 2025, construction services revenue significantly increased, but product sales revenue decreased, leading to a year-on-year reduction in gross profit - Operating segments: Construction services, product sales, electricity sales, others[13](index=13&type=chunk) Segment Performance Overview (For the Six Months Ended June 30) | Segment | 2025 Revenue (RMB thousands) | 2025 Gross Profit (RMB thousands) | 2024 Revenue (RMB thousands) | 2024 Gross Profit (RMB thousands) | | :--- | :--- | :--- | :--- | :--- | | Construction services | 1,032,373 | 57,841 | 570,211 | 88,498 | | Product sales | 303,808 | 115,272 | 419,657 | 143,532 | | Electricity sales | 329,087 | 184,187 | 328,733 | 184,033 | | Others | 19,585 | 6,651 | 57,332 | 42,620 | | Group total | 1,684,853 | 354,329 | 1,375,933 | 444,858 | [Income Tax Expense](index=8&type=section&id=3.5%20Income%20Tax%20Expense) Subsidiaries in mainland China are subject to a 25% corporate income tax rate, with some eligible for preferential rates of 15% or 'three-year exemption and three-year half reduction' for high-tech enterprises, encouraged industries in western regions, or solar power station projects; Hong Kong subsidiaries are taxed at 16.5%; income tax expense significantly decreased year-on-year during the reporting period - Corporate income tax rate in mainland China: **25%**, with some eligible companies enjoying **15%** or “three-year exemption and three-year half reduction” preferential rates[16](index=16&type=chunk) - Hong Kong subsidiaries' tax rate: **16.5%**[17](index=17&type=chunk) Income Tax Expense (For the Six Months Ended June 30) | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Current income tax | 14,254 | 38,864 | | Deferred income tax credit | (8,692) | (13,964) | | Income tax expense | 5,562 | 24,900 | [Loss Per Share](index=9&type=section&id=3.6%20Loss%20Per%20Share) For the six months ended June 30, 2025, basic loss per share attributable to owners of the company was RMB (0.008), an increase from the same period last year; no diluted adjustment was made as the exercise price of unexercised share options was higher than the average market price of the company's shares - Basic loss per share is calculated based on the loss attributable to owners of the company and the weighted average number of ordinary shares outstanding[19](index=19&type=chunk) - No diluted adjustment was made because the exercise price of share options was higher than the average market price[19](index=19&type=chunk) Loss Per Share (For the Six Months Ended June 30) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Loss attributable to owners of the company (RMB thousands) | (19,184) | (16,461) | | Weighted average number of ordinary shares outstanding (thousands) | 2,521,082 | 2,521,082 | | Basic loss per share (RMB) | (0.008) | (0.007) | [Dividends](index=9&type=section&id=3.7%20Dividends) The Board of Directors does not recommend the payment of an interim dividend for the reporting period, consistent with the same period last year - The Directors do not recommend the payment of an interim dividend for the current period (2024: nil)[21](index=21&type=chunk) [Trade and Bills Receivables](index=9&type=section&id=3.8%20Trade%20and%20Bills%20Receivables) As of June 30, 2025, total trade receivables amounted to RMB 5,616,181 thousands, a slight decrease from the end of 2024; total electricity tariff subsidies receivable amounted to RMB 2,270,104 thousands, an increase from the end of 2024 Aging Analysis of Trade Receivables and Electricity Tariff Subsidies Receivable | Aging | Trade receivables (2025年6月30日, RMB thousands) | Trade receivables (2024年12月31日, RMB thousands) | Electricity tariff subsidies receivable (2025年6月30日, RMB thousands) | Electricity tariff subsidies receivable (2024年12月31日, RMB thousands) | | :--- | :--- | :--- | :--- | :--- | | Within 180 days | 1,325,269 | 2,140,944 | 168,076 | 236,787 | | 181-365 days | 1,049,751 | 318,093 | 236,787 | 213,183 | | One to two years | 1,003,904 | 709,111 | 213,183 | 465,021 | | Two to three years | 444,859 | 761,886 | 465,021 | 469,382 | | Over three years | 1,792,398 | 1,855,918 | 1,187,037 | 720,385 | | **Total** | **5,616,181** | **5,785,952** | **2,270,104** | **2,104,758** | [Trade and Bills Payables](index=10&type=section&id=3.9%20Trade%20and%20Bills%20Payables) As of June 30, 2025, total trade and bills payables amounted to RMB 4,289,401 thousands, a slight decrease from the end of 2024 Aging Analysis of Trade and Bills Payables | Aging | 2025年6月30日 (RMB thousands) | 2024年12月31日 (RMB thousands) | | :--- | :--- | :--- | | Within three months | 1,106,970 | 1,828,913 | | Three to six months | 391,576 | 582,326 | | Six to twelve months | 1,286,081 | 301,462 | | One to two years | 617,889 | 799,289 | | Two to three years | 464,633 | 606,410 | | Over three years | 422,252 | 207,067 | | **Total** | **4,289,401** | **4,325,467** | [Share Capital](index=10&type=section&id=3.10%20Share%20Capital) During the reporting period, there was no change in the company's issued share capital, with both authorized and issued and fully paid share capital remaining stable - The company's issued share capital remained unchanged during the period[23](index=23&type=chunk) Share Capital Information | Metric | 2025年6月30日 (thousands) | 2024年12月31日 (thousands) | | :--- | :--- | :--- | | Authorized share capital (3,200,000,000 ordinary shares of USD 0.01 each) | USD 32,000 | USD 32,000 | | Issued and fully paid share capital (2,521,081,780 ordinary shares of USD 0.01 each) | USD 25,211 | USD 25,211 | | Equivalent to RMB thousands | 174,333 | 174,333 | [Business and Financial Review](index=11&type=section&id=IV.%20Business%20and%20Financial%20Review) This section provides a comprehensive review of the company's business operations and financial performance during the reporting period [Performance Overview](index=11&type=section&id=4.1%20Performance%20Overview) During the reporting period, the company's revenue increased by 22.5% year-on-year to RMB 1.685 billion, primarily driven by increased clean energy EPC revenue; however, the overall gross profit margin decreased from 32.3% in the same period last year to 21.0%, leading to an expanded loss attributable to owners of the company of RMB 19.18 million; net cash generated from operating activities significantly increased by 223.3%, and finance costs decreased by 14.6% - Revenue increased by **22.5%** year-on-year to **RMB 1.685 billion**, primarily due to increased clean energy EPC revenue[24](index=24&type=chunk) - Loss attributable to owners of the company was **RMB 19.18 million**, mainly due to the overall gross profit margin decreasing from **32.3%** in the same period last year to **21.0%**[24](index=24&type=chunk) - Net cash generated from operating activities significantly increased by **223.3%** to **RMB 286 million**, primarily due to timely collection from key projects and centralized procurement[27](index=27&type=chunk) - Finance costs decreased by **14.6%** year-on-year[27](index=27&type=chunk) - New contracts signed and uncompleted projects under construction amounted to approximately **RMB 4 billion**[28](index=28&type=chunk) [Business Review](index=12&type=section&id=4.2%20Business%20Review) The company continues to focus on the clean energy sector, intensifying efforts to expand solar and wind EPC projects, and actively fostering new business formats such as high-end curtain walls, smart energy-saving buildings, and new materials; concurrently, it proactively adjusted its business structure, reducing the proportion of traditional glass curtain wall business to adapt to market changes - The company focuses on its core business, consolidating the development, investment, construction, and operation of photovoltaic and wind power projects, while strengthening strategic layout and resource acquisition[29](index=29&type=chunk) - Actively cultivating new business formats such as high-end curtain walls, smart energy-saving buildings, and new materials industries[29](index=29&type=chunk) - Proactively adjusted business structure, reducing the traditional glass curtain wall business segment to mitigate the impact of the real estate market[25](index=25&type=chunk) [Revenue Classification](index=12&type=section&id=4.2.1%20Revenue%20Classification) Clean energy EPC revenue significantly increased by 143.6%, becoming the main growth driver, while revenue from curtain walls and green buildings, and product sales decreased Revenue Classification (For the Six Months Ended June 30) | Revenue Category | 2025 (RMB millions) | 2024 (RMB millions) | Increase / (Decrease) (%) | Revenue Share (%) | | :--- | :--- | :--- | :--- | :--- | | Clean Energy EPC | 835.2 | 342.8 | 143.6 | 49.6 | | Curtain Walls and Green Buildings | 197.2 | 227.4 | (13.3) | 11.7 | | Electricity Sales | 329.1 | 328.7 | 0.1 | 19.5 | | Product Sales | 303.8 | 419.7 | (27.6) | 18.0 | | Others | 19.6 | 57.3 | (65.8) | 1.2 | | **Total Revenue** | **1,684.9** | **1,375.9** | **22.5** | **100.0** | [Clean Energy EPC Business](index=13&type=section&id=4.2.2%20Clean%20Energy%20EPC%20Business) Clean energy EPC revenue significantly increased by 143.7% year-on-year, benefiting from the effective utilization of its Grade-A qualification for general contracting of power engineering construction, securing multiple large-scale clean energy EPC contracts, and successfully completing project construction and grid connection - Clean energy EPC revenue significantly increased by **143.7%** compared to the same period last year[31](index=31&type=chunk) - Successfully undertook the Hainan 62MW project and multiple "PV + aquaculture" projects in Shandong, and signed several large-scale clean energy EPC contracts in Xi'an, Hainan, and Shandong[31](index=31&type=chunk) - The "Blue Sail Project" distributed photovoltaic project, in cooperation with CSSC Group, achieved a cumulative grid-connected capacity exceeding **100 MW**[31](index=31&type=chunk) [Overseas Market Expansion](index=13&type=section&id=4.2.3%20Overseas%20Market%20Expansion) The company achieved fruitful results in overseas markets such as Hong Kong, Australia, Japan, and Africa, including the Hong Kong Airport green building project, the upgrade of Sydney's landmark buildings, the completion of Japan's first photovoltaic power station cluster project, and the advancement of projects in 'Belt and Road' countries in Africa - Steadily advanced the Hong Kong Airport green building project in the Hong Kong market and successfully won the bid for the Hong Kong Environmental Protection Department's Outlying Islands photovoltaic power station project[32](index=32&type=chunk) - Participated in the upgrade of a century-old landmark building in Sydney, Australia, focusing on green building low-carbon design[32](index=32&type=chunk) - Successfully completed its first photovoltaic power station cluster project undertaken in the Japanese market[32](index=32&type=chunk) - In the African market, the Angola government building curtain wall project progressed smoothly, reached a consensus with Kenya on solar and wind power supply solutions, and secured a new small-scale ground photovoltaic power station project in Tanzania[32](index=32&type=chunk) [Curtain Walls and Green Buildings Business](index=13&type=section&id=4.2.4%20Curtain%20Walls%20and%20Green%20Buildings%20Business) Total revenue from curtain walls and green buildings business decreased by 13.3% year-on-year, primarily due to the company's proactive adjustment of its business strategy to reduce the proportion of traditional curtain wall business, thereby mitigating the negative impact of the real estate industry - Total revenue from curtain walls and green buildings business decreased by **13.3%** compared to the same period last year[33](index=33&type=chunk) - The decrease was mainly due to the company's proactive adjustment of its business strategy to reduce the proportion of traditional curtain wall business revenue[33](index=33&type=chunk) [Electricity Sales Business](index=13&type=section&id=4.2.5%20Electricity%20Sales%20Business) Total electricity sales revenue slightly increased by 0.1% year-on-year, with business volume remaining stable; the company's self-owned power stations exceed 1.27 GW in scale, and power generation increased by 6.8% year-on-year - Total electricity sales revenue slightly increased by **0.1%** compared to the same period last year, with business volume remaining stable[33](index=33&type=chunk) - Self-owned power stations exceed **1.27 GW** in scale, including 31 distributed and centralized ground photovoltaic power stations in mainland China and one overseas photovoltaic power station[33](index=33&type=chunk) - Power generation in the first half of 2025 was **509.3 million kWh**, an increase of **6.8%** compared to the same period in 2024[33](index=33&type=chunk) [Product Sales Business](index=14&type=section&id=4.2.6%20Product%20Sales%20Business) Total product sales revenue decreased by 27.6% year-on-year, primarily due to a decline in solar product sales revenue - Total product sales revenue decreased by **27.6%** compared to the same period last year[34](index=34&type=chunk) - The decrease was mainly due to a decline in sales revenue of solar products (photovoltaic modules, inverters, etc)[34](index=34&type=chunk) [Financial Review](index=14&type=section&id=4.3%20Financial%20Review) During the reporting period, the company's revenue grew, but gross profit margin decreased year-on-year; other income and gains significantly increased, distribution expenses slightly rose, and administrative expenses decreased; capital expenditure increased, mainly for self-owned power station construction; the company's liquidity primarily came from project revenue, borrowings, and advances from Shuifa Group, with a debt structure dominated by long-term interest-bearing liabilities; one equity disposal was completed during the period, with no other significant mergers and acquisitions [Revenue](index=14&type=section&id=4.3.1%20Revenue) During the reporting period, the company's revenue reached RMB 1.685 billion, a year-on-year increase of 22.5%, primarily driven by the clean energy EPC business - Revenue for the reporting period was **RMB 1.685 billion**, an increase of **22.5%** compared to the same period last year[35](index=35&type=chunk) - Clean energy EPC revenue was **RMB 835.20 million**, a year-on-year increase of **143.6%**, accounting for **49.6%** of total revenue[35](index=35&type=chunk) [Gross Profit Margin](index=14&type=section&id=4.3.2%20Gross%20Profit%20Margin) The overall gross profit margin for the reporting period was approximately 21.0%, a year-on-year decrease of 11.3%, but an improvement from 16.8% at the end of 2024; gross profit margins for both clean energy EPC and curtain walls and green buildings businesses significantly declined - The overall gross profit margin for the reporting period was approximately **21.0%**, a year-on-year decrease of **11.3%** compared to 2024, but an improvement from **16.8%** at the end of 2024[36](index=36&type=chunk)[26](index=26&type=chunk) Segment Gross Profit Margin Overview | Segment | For the Six Months Ended 2025年6月30日 (%) | For the Year Ended 2024年12月31日 (%) | For the Six Months Ended 2024年6月30日 (%) | | :--- | :--- | :--- | :--- | | Clean Energy EPC | 5.0 | 4.8 | 20.7 | | Curtain Walls and Green Buildings | 3.4 | 0.6 | 7.7 | | Subtotal for Construction Contracts | 4.7 | 4.1 | 15.5 | | Electricity Sales | 56.0 | 56.0 | 56.0 | | Product Sales | 37.9 | 28.1 | 34.2 | | Others | 34.0 | 67.0 | 50.4 | [Other Income and Gains](index=15&type=section&id=4.3.3%20Other%20Income%20and%20Gains) Total other income and gains increased by RMB 20.41 million or 66.2% during the reporting period, primarily due to compensation for design consulting fees, increased rental income from properties, and gains from reduced bond interest rates - Other income and gains increased by **RMB 20.41 million** or **66.2%** compared to the same period last year[38](index=38&type=chunk) - The main reasons include compensation for design consulting fees, increased rental income from properties, and gains from reduced bond interest rates[38](index=38&type=chunk) [Distribution Expenses](index=15&type=section&id=4.3.4%20Distribution%20Expenses) Distribution expenses increased by RMB 0.963 million or 4.7% compared to the same period last year, mainly due to increased business expenses resulting from intensified domestic and international market expansion efforts - Distribution expenses increased by **RMB 0.963 million** or **4.7%** compared to the same period last year[39](index=39&type=chunk) - The main reason was increased business expenses due to intensified domestic and international market expansion efforts[39](index=39&type=chunk) [Administrative Expenses](index=15&type=section&id=4.3.5%20Administrative%20Expenses) Administrative expenses decreased by RMB 6.58 million or 4.7% compared to the same period last year, primarily attributable to the improvement of human resource and remuneration systems, and strengthened control over travel and office expenses - Administrative expenses decreased by **RMB 6.58 million** or **4.7%** compared to the same period last year[40](index=40&type=chunk) - Primarily attributable to the improvement of human resource and remuneration systems, and strengthened control over travel and office expenses[40](index=40&type=chunk) [Liquidity and Financial Resources](index=15&type=section&id=4.3.6%20Liquidity%20and%20Financial%20Resources) The company's funds primarily originate from project contracts, product and electricity sales revenue, bank and other borrowings, bond issuance, and advances from Shuifa Group; as of the end of the reporting period, outstanding bank and other loans amounted to approximately RMB 6.482 billion, and outstanding bonds were approximately RMB 1.518 billion - Principal funding sources include receivables from project contracts, product sales and electricity sales revenue, bank and other borrowings, bond issuance, and advances from Shuifa Group[41](index=41&type=chunk) - As of June 30, 2025, outstanding bank and other loans amounted to approximately **RMB 6.482 billion**[41](index=41&type=chunk) - As of June 30, 2025, outstanding bonds amounted to approximately **RMB 1.518 billion**[41](index=41&type=chunk) [Capital Expenditure](index=15&type=section&id=4.3.7%20Capital%20Expenditure) Capital expenditure for the reporting period was RMB 285 million, primarily for the construction of self-owned power stations, an increase from the same period last year - Capital expenditure for the reporting period was **RMB 285 million**, primarily for the construction of self-owned power stations, including large-scale photovoltaic power stations such as Hubei Gucheng[42](index=42&type=chunk) - This represents an increase from capital expenditure of **RMB 218 million** in the same period of 2024[42](index=42&type=chunk) [Bonds, Bank and Other Borrowings](index=15&type=section&id=4.3.8%20Bonds,%20Bank%20and%20Other%20Borrowings) As of June 30, 2025, the company's bonds, bank, and other borrowings totaled RMB 8 billion, with 75.4% being interest-bearing liabilities with a maturity of over three years - As of June 30, 2025, bonds, bank, and other borrowings totaled **RMB 8 billion**[43](index=43&type=chunk) Loan Maturity Structure | Maturity | Percentage (%) | | :--- | :--- | | Within one year | 10.4 | | One to three years (inclusive) | 14.2 | | Over three years | 75.4 | Loan Categories and Interest Rate Ranges | Category | Amount (RMB billions) | Interest Rate Range | | :--- | :--- | :--- | | Bonds | 1.518 | 3.45%–3.80% | | Bank Borrowings | 2.400 | 2.80%–4.85% | | Finance Leases | 4.082 | 3.60%–6.37% | | **Total** | **8.000** | | [Contingent Liabilities](index=16&type=section&id=4.3.9%20Contingent%20Liabilities) As of June 30, 2025, the company had no significant contingent liabilities - As of June 30, 2025, the Group had no significant contingent liabilities[45](index=45&type=chunk) [Significant Investments, Acquisitions and Disposals](index=16&type=section&id=4.3.10%20Significant%20Investments,%20Acquisitions%20and%20Disposals) During the reporting period, the company disposed of a 48% equity interest (19.2% effective interest) in Shuifa Clean Energy Co., Ltd. to Xinxing New Energy (Guangdong) Investment Co., Ltd.; other than this, there were no other significant mergers, acquisitions, or investments - Disposed of **48%** equity interest (**19.2%** effective interest) in Shuifa Clean Energy Co., Ltd. to Xinxing New Energy (Guangdong) Investment Co., Ltd[46](index=46&type=chunk) - No other significant acquisitions or disposals of subsidiaries, associates, and jointly controlled entities were undertaken, nor were any significant investments held during the reporting period[46](index=46&type=chunk) [Foreign Currency Risk](index=16&type=section&id=4.3.11%20Foreign%20Currency%20Risk) The company's principal operations are located in mainland China, with most transactions conducted in RMB, resulting in limited foreign currency risk; the company will continue to monitor its foreign exchange position and use hedging instruments to manage risks when necessary - The Group's principal operations are located in mainland China, with most transactions conducted in RMB, resulting in limited foreign exchange risk[47](index=47&type=chunk) - The Group will continue to monitor its foreign exchange position and use hedging instruments to manage foreign exchange risk when necessary[47](index=47&type=chunk) [Growth Strategies](index=16&type=section&id=V.%20Growth%20Strategies) This section outlines the company's strategic initiatives for future growth, focusing on asset optimization, cost reduction, and market expansion across its key business segments [Optimizing Asset Structure and Enhancing Gross Profit Margin](index=16&type=section&id=5.1%20Optimizing%20Asset%20Structure%20and%20Enhancing%20Gross%20Profit%20Margin) The company will focus on its core clean energy business, strategically deploying high-return, low-risk quality energy projects through efficient regional and technological combinations; it will optimize EPC costs through lean operations, strengthen electricity market trading capabilities, and improve power station operation and maintenance quality to enhance gross profit margins; concurrently, it will strictly control the quality of new projects and regularly dispose of inefficient or non-performing assets to optimize its asset structure - Focus on the core clean energy business, advance the construction of existing projects, and strategically deploy high-return, low-risk quality energy projects through efficient regional and technological combinations[48](index=48&type=chunk)[49](index=49&type=chunk) - Drive EPC cost optimization through lean operations, strengthen electricity market trading capabilities, and promote high-quality power station operation and maintenance to enhance gross profit margins[49](index=49&type=chunk) - Strictly control the quality of new projects, establish and improve a full-process control mechanism, and regularly clear or revitalize inefficient or non-performing assets[50](index=50&type=chunk) - In the first half, newly grid-connected installed capacity was **281 MWp**, with an estimated full-year grid-connected capacity of **577 MWp**[50](index=50&type=chunk) - In the first half, asset disposals saved **RMB 12.7 million** in expenses and recovered **RMB 9.56 million** in funds, with an estimated full-year recovery of nearly **RMB 40 million**[50](index=50&type=chunk) [Reducing Finance Costs](index=17&type=section&id=5.2%20Reducing%20Finance%20Costs) The company continuously reduces finance costs and optimizes its debt structure through measures such as covering short-term debt with long-term debt and replacing high-cost funds with low-cost funds; in the first half, it successfully issued RMB 100 million in Panda bonds, with the interest rate reduced to 3.45%; it plans to issue RMB 1 billion in 3-year interbank market bonds in the second half, expected to save approximately RMB 17 million to 22 million in finance costs annually - Continuously reduce finance costs and optimize debt structure by covering short-term debt with long-term debt and replacing high-cost funds with low-cost funds[51](index=51&type=chunk) - In the first half, successfully issued **RMB 100 million** in Panda bonds, with the interest rate reduced from **4.5%** in 2022 to **3.45%**, and the issuance period extended to three years[51](index=51&type=chunk) - Plans to issue **RMB 1 billion** in 3-year interbank market bonds in the second half, expected to save approximately **RMB 17 million to 22 million** in finance costs annually[51](index=51&type=chunk) - In the first half, the Group's finance costs decreased by **40 basis points**, and financial expenses decreased by **RMB 39.76 million**[51](index=51&type=chunk) [Clean Energy Sector](index=18&type=section&id=5.3%20Clean%20Energy%20Sector) The company will leverage its 'technology customization + local deep cultivation' dual-engine approach to accelerate its global renewable energy footprint, including penetrating the high-end Japanese market, expanding its business presence in Africa, and actively seeking breakthroughs in Central Asian markets to build a multi-country green energy network - Leverage the "technology customization + local deep cultivation" dual-engine approach to accelerate global renewable energy deployment[52](index=52&type=chunk) - Plans to customize and develop small-scale photovoltaic systems and new pure energy storage power stations to meet Japan's energy transition demands[52](index=52&type=chunk) - Actively expand its business footprint in the African market, strengthening energy market development efforts in South Africa and Kenya[52](index=52&type=chunk) - Actively seek breakthroughs in Central Asian markets, collaborating with Kyrgyzstan to promote clean energy development[52](index=52&type=chunk) [Green Building Sector](index=18&type=section&id=5.4%20Green%20Building%20Sector) The company will leverage its expertise in overseas curtain walls to focus on 'Belt and Road' countries and emerging markets in Southeast Asia, the Middle East, and Africa, deepening localized cooperation models to further enhance its brand influence in the international construction sector - Utilize its extensive experience and brand influence in overseas curtain walls to focus on "Belt and Road" countries and emerging markets in Southeast Asia, the Middle East, and Africa[53](index=53&type=chunk) - Deepen localized cooperation models, with overseas curtain wall business gradually expanding from long-term cultivated markets like Hong Kong, Australia, Singapore, and Malaysia to other countries[53](index=53&type=chunk) - During the reporting period, successfully bid for and signed a contract for the government office building curtain wall project in Angola[53](index=53&type=chunk) [New Materials Business – Upgrade and Transformation](index=18&type=section&id=5.5%20New%20Materials%20Business%20–%20Upgrade%20and%20Transformation) The new materials segment will adhere to a 'quality first' strategy, empowering industrial upgrading with technology, comprehensively expanding into the automotive dimming film business and entering international markets, gradually transitioning from architectural film business to automotive film business - The new materials segment will adhere to a "quality first" strategy, empowering industrial upgrading with technology[54](index=54&type=chunk) - Comprehensively expand into the automotive dimming film business and enter international markets, gradually transitioning from architectural film business to automotive film business[54](index=54&type=chunk) - The business model will shift towards automotive glass manufacturers such as Fuyao and Saint-Gobain[54](index=54&type=chunk) [Technology Empowerment](index=18&type=section&id=5.6%20Technology%20Empowerment) The company obtained 3 invention patents in new materials, holding a total of 109 valid patents, with some key technical indicators demonstrating international leadership; in the future, it will continue to promote the deep integration of technological innovation and industrial upgrading, accelerating its expansion into high-value-added new materials, focusing on advanced products such as automotive dimming films, high-performance shading black PDLC films, and electrochromic films - Obtained **3** invention patents in new materials during the reporting period, now holding a total of **109** valid patents[55](index=55&type=chunk) - The front and post-etching processes for etched partitioned dimming products are industry-leading; black PDLC automotive dimming film offers shading and heat insulation performance, addressing side-view haze issues[55](index=55&type=chunk) - Successfully passed CNAS laboratory testing qualification certification and IATF 16949 system transfer audit[55](index=55&type=chunk) - In the second half, it will accelerate its expansion into high-value-added new materials, focusing on advanced products such as automotive dimming films, high-performance shading black PDLC films, and electrochromic films[56](index=56&type=chunk) [Other Information](index=19&type=section&id=VI.%20Other%20Information) This section provides additional information regarding events after the reporting period, employee and remuneration policies, corporate governance, and other relevant disclosures [Events After Reporting Period](index=19&type=section&id=6.1%20Events%20After%20Reporting%20Period) There were no significant events after the reporting period - There were no significant events after the reporting period for the Group[57](index=57&type=chunk) [Employees and Remuneration Policy](index=19&type=section&id=6.2%20Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the company's total number of employees was 1,012, a decrease from the end of 2024; remuneration policies are consistent with local market practices, including salaries, provident funds, medical insurance, and performance-related bonuses, with potential grants of share options and share awards; in the first half, the company optimized human resource allocation through integration, organizational streamlining, and objective employee management - As of June 30, 2025, the Group's total number of employees was **1,012** (December 31, 2024: **1,072**)[58](index=58&type=chunk) - Remuneration policies are consistent with local market practices where operations are located, including salaries, provident funds, medical insurance, and performance-related bonuses[58](index=58&type=chunk) - Share options and share awards may also be granted to eligible employees and personnel[58](index=58&type=chunk) - In the first half, human resource allocation was optimized through the integration and merger of directly managed enterprises, streamlining internal organization, and objective employee management[58](index=58&type=chunk) [Dividends](index=19&type=section&id=6.3%20Dividends) The Board of Directors does not recommend the payment of any interim dividend for the six months ended June 30, 2025, but will consider future dividend payments in accordance with the dividend policy - The Directors do not recommend the payment of any interim dividend for the six months ended June 30, 2025 (for the six months ended June 30, 2024: nil)[59](index=59&type=chunk) - The Group values shareholder returns and will consider dividend payments in due course in accordance with its dividend policy[59](index=59&type=chunk) [Corporate Governance](index=19&type=section&id=6.4%20Corporate%20Governance) The company has adopted and complied with the Corporate Governance Code set out in Appendix C1 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited - The company has adopted and complied with all applicable code provisions of the Corporate Governance Code set out in Appendix C1 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited during the reporting period and up to the date of this announcement[60](index=60&type=chunk) [Standard Code for Securities Transactions by Directors](index=20&type=section&id=6.5%20Standard%20Code%20for%20Securities%20Transactions%20by%20Directors) The company has adopted the Standard Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 of the Listing Rules, and all Directors confirmed compliance with the code throughout the reporting period - The company has adopted the Standard Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 of the Listing Rules[61](index=61&type=chunk) - All Directors confirmed that they have complied with the required standards set out in the Standard Code and its code of conduct for Directors' securities transactions throughout the reporting period[61](index=61&type=chunk) [Audit Committee](index=20&type=section&id=6.6%20Audit%20Committee) The company has established an Audit Committee, comprising three independent non-executive directors, with Mr. Yi Yongfa as Chairman; its primary responsibilities include overseeing the financial reporting process and internal control procedures, and it has reviewed the Group's unaudited interim condensed financial information and interim results - The company has established an Audit Committee in compliance with Rules 3.21 to 3.23 and paragraph D.3 of Appendix C1 of the Listing Rules[62](index=62&type=chunk) - The Audit Committee comprises three independent non-executive directors, with Mr. Yi Yongfa as Chairman[62](index=62&type=chunk) - The Audit Committee has reviewed the Group's unaudited interim condensed financial information and interim results for the reporting period[62](index=62&type=chunk) [Purchase, Sale and Redemption of the Company's Listed Securities](index=20&type=section&id=6.7%20Purchase,%20Sale%20and%20Redemption%20of%20the%20Company's%20Listed%20Securities) During the reporting period, neither the company nor its subsidiaries purchased, sold, or redeemed any of the company's listed securities - Neither the company nor its subsidiaries purchased, sold, or redeemed any of the company's listed securities during the reporting period[63](index=63&type=chunk) [Publication of Results Announcement](index=20&type=section&id=6.8%20Publication%20of%20Results%20Announcement) This interim results announcement is available on the HKEX website and the company's website; the interim report will be dispatched to shareholders and published on the respective websites in due course - This interim results announcement is available on the HKEX website http://www.hkexnews.hk and the company's website www.sfsyenergy.com[64](index=64&type=chunk) - The company's 2025 interim report, containing all information required by the Listing Rules, will be dispatched to shareholders and published on the company's and HKEX websites in due course[64](index=64&type=chunk) [Board of Directors Members](index=21&type=section&id=6.9%20Board%20of%20Directors%20Members) As of the announcement date, the Board of Directors comprises three executive directors, two non-executive directors, and three independent non-executive directors - Executive Directors: Mr. Zhou Guangyan (Vice Chairman and Acting Chairman), Mr. Guo Peidong, and Mr. Chen Fushan[65](index=65&type=chunk) - Non-executive Directors: Ms. Wang Suhui and Mr. Hu Xiao[65](index=65&type=chunk) - Independent Non-executive Directors: Mr. Xiao Chuangying, Mr. Yi Yongfa, and Dr. Tan Hongwei[65](index=65&type=chunk)

Group 1: Monetary Policy and Economic Indicators - The People's Bank of China reported that in the first seven months, RMB loans increased by 12.87 trillion yuan [1] - As of the end of July, the broad money supply (M2) stood at 329.94 trillion yuan, with a year-on-year growth of 8.8% [1] - The total social financing stock was 431.26 trillion yuan at the end of July, reflecting a year-on-year increase of 9% [1] - The cumulative increase in social financing for the first seven months reached 23.99 trillion yuan, which is 5.12 trillion yuan more than the same period last year [1] Group 2: Corporate Announcements and Financial Performance - Ningde Times announced a mid-year cash dividend of 10.07 yuan per 10 shares, with a total cash distribution of 4.411 billion yuan [5] - Tencent reported a revenue of 364.53 billion yuan for the first half of 2025, marking a 14% year-on-year increase [5] - Tencent's net profit attributable to shareholders for the first half of 2025 was 124.38 billion yuan, up 16% year-on-year [5] - Oriental Precision Engineering achieved a revenue of 2.159 billion yuan in the first half of 2025, a slight decrease of 0.1% year-on-year, while net profit rose by 142.52% to 397 million yuan [3] - Yanzhou Coal Mining Company expects a net profit of approximately 4.65 billion yuan for the first half of 2025, a decline of 38% year-on-year [3] Group 3: Industry Developments - The Zhejiang Provincial Health Commission announced an action plan to accelerate the high-quality development of "AI + healthcare" from 2025 to 2027, aiming to establish a national AI medical application base [2] - The Chongqing Municipal Economic and Information Commission released a plan to promote the upgrade of "5G + industrial internet," with the goal of building 30 new 5G factories by 2027 [2] - The cement industry is experiencing a seasonal downturn, with reduced demand and increased inventory, but a recovery in demand is expected in late August [7] - The electricity demand is projected to grow robustly in 2025, driven by new production capacities and residential consumption, positively impacting the power equipment and generation sectors [7]

Group 1: Financial Data - In the first seven months, RMB loans increased by 12.87 trillion yuan [2] - As of the end of July, the broad money supply (M2) stood at 329.94 trillion yuan, with a year-on-year growth of 8.8% [2] - The total social financing stock reached 431.26 trillion yuan by the end of July, reflecting a year-on-year increase of 9% [2] - The cumulative increase in social financing for the first seven months was 23.99 trillion yuan, which is 5.12 trillion yuan more than the same period last year [2] Group 2: Company News - Ningde Times announced a cash dividend of 10.07 yuan per 10 shares, with a total payout of 4.411 billion yuan, and the record date is August 19 [6] - Tencent reported a revenue of 364.53 billion yuan for the first half of 2025, a year-on-year increase of 14%, with a net profit of 124.38 billion yuan, up 16% [6] - Yongji Co. is planning to acquire control of Nanjing Tena Fei Electronic Technology Co., and its stock will be suspended from trading starting August 14 [5] - Changcheng Military Industry announced that it may apply for a trading suspension if its stock price continues to rise significantly [5] - *ST Tianmao plans to withdraw its A-share listing and transfer to the National SME Share Transfer System after the delisting [7] Group 3: Industry Developments - The National Development and Reform Commission has allocated 188 billion yuan in investment subsidies to support over 8,400 projects across various sectors, driving total investment exceeding 1 trillion yuan [2] - The Chongqing Municipal Economic and Information Commission has issued a plan to accelerate the development of "5G + Industrial Internet," aiming to build 30 new 5G factories by 2027 [3] - A report from Galaxy Securities indicates that the cement industry is facing seasonal demand decline, but prices may rebound in late August as demand gradually recovers [9]

Core Viewpoint - The company, Shunyi Energy (00750.HK), has announced a board meeting scheduled for August 27, 2025, to consider and approve its interim results for the six months ending June 30, 2025, and to discuss the declaration of an interim dividend, if any, along with other matters [1] Summary by Category - **Company Announcement** - The board meeting will take place on August 27, 2025 [1] - The meeting will focus on the approval of the interim results for the six months ending June 30, 2025 [1] - The company will also consider the declaration of an interim dividend during this meeting [1] - Other business matters will be addressed in the meeting [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就 因 本 公 告 全 部 或 任 何 部 分 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 之 任 何 損 失 承 擔 任 何 責 任。 China Shuifa Singyes Energy Holdings Limited 中國水發興業能源集團有限公司 （於百慕達註冊成立之有限公司） 中 國 水 發 興 業 能 源 集 團 有 限 公 司（「本公司」）董 事（「董 事」）會（「董事會」）宣 佈，本 公 司 謹 定 於 二 零 二 五 年 八 月 二 十 七 日（星 期 三）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之中期 業 績、考 慮 宣 派 中 期 股 息（如 有）及 處 理 任 何 其 他 事 務。 承董事會命 中國水發興業能源集團有限公司 副主席兼執行董事 周廣彥 香 港，二 零 二 五 年 八 月 十 二 日 於 本 公 告 日 期，執 行 ...

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 II. 已發行股份及/或庫存股份變動 致：香港交易及結算所有限公司 公司名稱: 中國水發興業能源集團有限公司 呈交日期: 2025年8月4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) | 00750 | 說明 | | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | | 法定/註冊股本 | | | 上月底結存 | | | 3,200,000,000 | USD | | | 0.01 USD | | | 32,000,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | | 本月底結存 | | | 3,200,000,000 | USD | | ...

Group 1: Government Policies and Initiatives - The National Health Commission announced that all regions will fully open applications for childcare subsidies by August 31, with a budget of approximately 90 billion yuan allocated for this initiative [4][5] - The National Development and Reform Commission is seeking public opinions on guidelines for government investment funds, focusing on supporting key sectors and enhancing technological innovation [5] Group 2: Company News and Financial Performance - Contemporary Amperex Technology Co., Ltd. (宁德时代) reported a net profit of 30.5 billion yuan for the first half of the year, a year-on-year increase of 33%, and plans to distribute a mid-term dividend of 10.07 yuan per share, totaling 4.573 billion yuan [8] - XGIMI Technology (极米科技) expects a net profit of 88.66 million yuan for the first half of the year, reflecting a significant year-on-year growth of 2062.33% [8] - Sanxin Pharmaceutical (南新制药) announced abnormal stock trading fluctuations and is planning to acquire a domestic pharmaceutical technology asset group, although the outcome remains uncertain [8] - China Shipbuilding Emergency Rescue (中船应急) received a notice from the China Securities Regulatory Commission regarding potential penalties due to false disclosures in its annual report, leading to a change in its stock status [8] - Hohhot Chemical (河化股份) announced a stock suspension due to potential changes in its controlling shareholder, with no formal agreements signed yet [8] - Gold Orange (金橙子) is planning to acquire a 55% stake in Changchun Samit Optoelectronics through a share issuance and cash payment, with a stock suspension expected [8] - Lide Man (利德曼) is planning a cash acquisition of up to 70% of Beijing Xiansheng Xiangrui Biological Products, which is expected to constitute a major asset restructuring [8]

China Shuifa Singyes Energy Holdings Limited 中國水發興業能源集團有限公司 （於百慕達註冊成立之有限公司） （股份代號：750） 董事名單及其角色及職能 自 二 零 二 五 年 七 月 二 十 八 日 起 生 效 的 中 國 水 發 興 業 能 源 集 團 有 限 公 司（「本 公 司」）的 董 事 會（「董事會」）成 員 如 下： 王素輝女士 胡曉先生 獨立非執行董事 肖創英先生 易永發先生 譚洪衛博士 執行董事 董 事 會 已 設 立 三 個 董 事 會 委 員 會。下 表 載 列 每 個 董 事 會 成 員 所 服 務 的 該 等 委 員 會 的 成 員 資 格 資 料。 | 董 事 | 審核委員會 | | | 薪酬委員會 | 提名委員會 | | --- | --- | --- | --- | --- | --- | | 周廣彥先生 | | | 成 | 員 | 主 席 | | 郭培棟先生 | | | 成 | 員 | 成 員 | | 陳福山先生 | | | | | | | 王素輝女士 | | | | | | | 胡曉先生 | | | | | | | 肖創英先生 ...

China Shuifa Singyes Energy Holdings Limited 中國水發興業能源集團有限公司 （於百慕達註冊成立之有限公司） （股份代號：750） 委任總裁 中 國 水 發 興 業 能 源 集 團 有 限 公 司（「本公司」，連 同 其 附 屬 公 司 合 稱「本集團」）之 董 事（「董 事」）會（「董事會」）謹 此 宣 佈，執 行 董 事 郭 培 棟 先 生（「郭先生」）已 獲 正 式 委 任 為 本 集 團 總 裁（「總 裁」），自 二 零 二 五 年 七 月 二 十 八 日 起 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 對 因 本 公 告 全部或任何部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責 任。 於 本 公 告 日 期，除 上 文 所 披 露 者 外，郭 先 生(i)並無於本公司或其附屬公司擔任 任 何 其 他 職 位；(ii)於過去三年概無在其證券於香港或海外任何證券市場上市 的 其 他 公 眾 公 司 擔 任 任 何 其 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責 任。 China Shuifa Singyes Energy Holdings Limited 中國水發興業能源集團有限公司 （股份代號：750） 核數師名稱變更 （於百慕達註冊成立之有限公司） 中國水發興業能源集團有限公司 副主席兼執行董事 周廣彥 香 港，二 零 二 五 年 七 月 十 六 日 於 本 公 告 日 期，執 行 董 事 為 周 廣 彥 先 生（副 主 席）、陳 福 山 先 生 及 郭 培 棟 先 生； 非 執 行 董 事 為 王 素 輝 女 士 及 胡 曉 先 生；而 獨 立 非 執 行 董 事 為 肖 創 英 先 生、易 永 發 先 生 及 譚 洪 衛 博 士。 中 國 水 發 興 業 能 源 集 團 有 限 公 司（「本公司」）之 董 事 會（「董事會」）謹 此 宣 佈，本 公 司 核 數 師 之 英 文 名 稱 已 由「CL Pa ...