Group 1 - The core viewpoint of the news highlights a collective rise in Hong Kong solar stocks, with significant increases in companies such as Xinyi Solar, Fuyao Glass, and others, indicating a positive market sentiment in the solar energy sector [1][2] - As of August 20, 2023, there are 32 new proposed expansion projects in the domestic photovoltaic sector, currently in various stages such as signing, environmental assessment, and fundraising [1] - In the first seven months of 2025, domestic newly installed photovoltaic capacity reached 223.25 GW, representing a year-on-year increase of 81% [1] Group 2 - The CPIA forecasts that newly installed photovoltaic capacity in China could reach 270-300 GW in 2025, reflecting a year-on-year growth of approximately 3% [1] - In overseas markets, traditional markets in Europe and the US are maturing, while emerging markets like India, the Middle East, and Latin America are experiencing rapid demand growth [1] - The CPIA predicts that overseas newly installed photovoltaic capacity could exceed 300 GW in 2025, marking a year-on-year increase of about 25% [1]

Group 1 - The core viewpoint of the news highlights a collective rise in Hong Kong solar stocks, with significant gains for companies like Xinyi Solar and Fuyao Glass, driven by positive developments in the photovoltaic sector [1][2] - As of August 20, 2023, there are 32 new proposed expansion projects in China's photovoltaic sector, with 14 manufacturing projects already underway [1] - According to the National Energy Administration, from January to July 2025, China's newly installed photovoltaic capacity reached 223.25 GW, representing an 81% year-on-year increase [1] Group 2 - CPIA forecasts that China's newly installed photovoltaic capacity could reach 270-300 GW in 2025, reflecting a year-on-year growth of approximately 3% [1] - Emerging markets such as India, the Middle East, and Latin America are experiencing rapid growth in demand for photovoltaic products, while traditional markets in Europe and the US are maturing [1] - Global newly installed photovoltaic capacity is expected to reach 570-630 GW in 2025, with a year-on-year increase of about 13% [1]

NOTIFICATION LETTER 通知信函 29 August 2025 (incorporated in Bermuda with limited liability) （於百慕達註冊成立之有限公司） Dear Non-registered Shareholder(s)(Note 1), China Shuifa Singyes Energy Holdings Limited (the "Company") – Notice of publication of Interim Report of 2025 (the "Current Corporate Communication") on website The English and Chinese versions of the Company's Current Corporate Communications are available on the Company's website at www.sfsyenergy.com and the website of The Stock Exchange of Hong Kong Limite ...

China Shuifa Singyes Energy Holding Limited (the "Company") – Notice of publication of Interim Report of 2025 (the "Current Corporate Communication") on website China Shuifa Singyes Energy Holdings Limited 中國水發興業能源集團有限公司 (incorporated in Bermuda with limited liability) （於百慕達註冊成立之有限公司） (Stock Code: 750) （股份代號：750） NOTIFICATION LETTER 通知信函 29 August 2025 Dear Registered Shareholders, Note: Corporate Communications include any document(s) issued or to be issued by the Company for the information or action of h ...

[Corporate Information](index=3&type=section&id=CORPORATE%20INFORMATION) This section details the company's board, committees, advisors, bankers, and registration particulars [Board of Directors](index=3&type=section&id=BOARD%20OF%20DIRECTORS) The Board of Directors experienced changes, with Mr. Wang Jian resigning as Chairman, Mr. Zhou Guangyan acting as Chairman, and Mr. Guo Peidong appointed President - Mr. Wang Jian resigned as Chairman on March 21, 2025, with Mr. Zhou Guangyan (Vice Chairman) serving as acting Chairman[6](index=6&type=chunk) - Mr. Guo Peidong was appointed President on March 21, 2025[6](index=6&type=chunk) [Committees](index=3&type=section&id=COMMITTEES) The company maintained an Audit Committee, Remuneration Committee, and Nomination Committee, with their chairmen and members specified - The Audit Committee is chaired by Mr. Yi Yongfa, with members including Mr. Xiao Chuangying and Dr. Tan Hongwei[7](index=7&type=chunk) - The Remuneration Committee is chaired by Dr. Tan Hongwei, with members including Mr. Zhou Guangyan, Mr. Guo Peidong, Mr. Xiao Chuangying, and Mr. Yi Yongfa[7](index=7&type=chunk)[8](index=8&type=chunk) - The Nomination Committee is chaired by Mr. Zhou Guangyan, with members including Mr. Guo Peidong, Mr. Xiao Chuangying, Mr. Yi Yongfa, and Dr. Tan Hongwei[9](index=9&type=chunk)[10](index=10&type=chunk) [Advisors and Bankers](index=4&type=section&id=ADVISORS_AND_BANKERS) The company appointed Messrs. Mak & Co. Solicitors as legal advisors, Rongcheng (Hong Kong) CPA Limited as auditors, and collaborates with major banks - Legal advisor is Messrs. Mak & Co. Solicitors (for Hong Kong law)[9](index=9&type=chunk)[10](index=10&type=chunk) - Auditor is Rongcheng (Hong Kong) CPA Limited[9](index=9&type=chunk)[10](index=10&type=chunk) - Principal bankers include Agricultural Bank of China, HSBC, and Bank of China[9](index=9&type=chunk)[10](index=10&type=chunk) [Company Details](index=5&type=section&id=COMPANY_DETAILS) The company is registered in Bermuda, with its Hong Kong head office in Shun Tak Centre and stock code 750 - Registered office is located at Clarendon House, Bermuda[11](index=11&type=chunk)[12](index=12&type=chunk) - Hong Kong head office and principal place of business are in China Merchants Tower, Shun Tak Centre, Hong Kong[11](index=11&type=chunk)[12](index=12&type=chunk) - The company's stock code is **750**[12](index=12&type=chunk) [Corporate Governance](index=6&type=section&id=CORPORATE%20GOVERNANCE) This section outlines the company's adherence to corporate governance standards, including directors' securities transactions and audit committee responsibilities [Corporate Governance Overview](index=6&type=section&id=OVERVIEW_GOVERNANCE) The company confirmed compliance with all applicable provisions and principles of the Corporate Governance Code in Appendix C1 of the HKEX Listing Rules - The company has adopted and complied with all applicable provisions and principles of the Corporate Governance Code set out in Appendix C1 of the Listing Rules[13](index=13&type=chunk)[15](index=15&type=chunk) [Standard Code for Directors' Securities Transactions](index=6&type=section&id=DIRECTORS_SECURITIES_TRANSACTIONS) The company adopted the Model Code in Appendix C3 of the Listing Rules, with all directors confirming compliance during the reporting period - The company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 of the Listing Rules[14](index=14&type=chunk)[16](index=16&type=chunk) - All directors confirmed compliance with the Model Code and its code of conduct during the reporting period[14](index=14&type=chunk)[16](index=16&type=chunk) [Audit Committee Responsibilities](index=7&type=section&id=AUDIT_COMMITTEE_GOVERNANCE) The Audit Committee reviewed the Group's unaudited condensed interim financial information and results, which external auditors also reviewed - The Audit Committee has reviewed the Group's unaudited condensed interim financial information and interim results for the reporting period[17](index=17&type=chunk)[19](index=19&type=chunk) - Although the interim financial results are unaudited, they have been reviewed by external auditors in accordance with Hong Kong Standard on Review Engagements 2410[17](index=17&type=chunk)[19](index=19&type=chunk) [Listed Securities Transactions](index=7&type=section&id=LISTED_SECURITIES_TRANSACTIONS) Neither the company nor its subsidiaries purchased, sold, or redeemed any of its listed securities during the reporting period - Neither the company nor its subsidiaries purchased, sold, or redeemed any of the company's listed securities during the reporting period[18](index=18&type=chunk)[20](index=20&type=chunk) [Other Information](index=8&type=section&id=OTHER%20INFORMATION) This section covers employee and remuneration policies, share option schemes, share award plans, and interests of directors and substantial shareholders [Employees and Remuneration Policy](index=8&type=section&id=EMPLOYEES_AND_REMUNERATION_POLICY) As of June 30, 2025, the Group's headcount was 1,012, a decrease from 2024, with remuneration policies aligned to market practices and optimized resource allocation Changes in Total Employees | Date | Total Employees | | :--- | :------- | | June 30, 2025 | 1,012 | | December 31, 2024 | 1,072 | - The Group's remuneration policy aligns with local market practices, reviewed annually, covering salaries, provident funds, medical insurance, and performance bonuses[22](index=22&type=chunk)[26](index=26&type=chunk) - In the first half of 2025, the Group optimized human resource allocation through integration, organizational streamlining, and objective employee management[23](index=23&type=chunk)[26](index=26&type=chunk) [Share Option Scheme](index=8&type=section&id=SHARE_OPTION_SCHEME) The 2008 share option scheme terminated in 2018, but granted options remain valid until 2027; some options lapsed during the reporting period - The share option scheme was adopted on December 19, 2008, to incentivize or reward eligible individuals who have contributed to the Group[24](index=24&type=chunk)[25](index=25&type=chunk)[27](index=27&type=chunk)[28](index=28&type=chunk) - The scheme terminated on December 19, 2018, but granted options remain valid until May 21, 2027[41](index=41&type=chunk)[43](index=43&type=chunk) Details of Share Option Movements (Year Ended June 30, 2025) | Participant Name or Category | Balance as at January 1, 2025 | Granted during the period | Exercised during the period | Cancelled during the period | Lapsed during the period | Balance as at June 30, 2025 | Grant Date | Exercise Period | Exercise Price (HKD) | | :----------------- | :------------------- | :--------- | :--------- | :--------- | :--------- | :------------------- | :--------- | :--------- | :------------- | | Employees | 2,008,778 | – | – | – | 2,008,778 | – | 22/5/2015 | 22/5/2016–21/5/2025 | 11.65 | | Employees | 2,008,777 | – | – | – | 2,008,777 | – | 22/5/2015 | 22/5/2017–21/5/2025 | 11.65 | | Employees | 2,008,777 | – | – | – | 2,008,777 | – | 22/5/2015 | 22/5/2018–21/5/2025 | 11.65 | | Employees | 4,000,000 | – | – | – | – | 4,000,000 | 5/4/2017 | 5/4/2018–21/5/2027 | 3.55 | | Employees | 4,000,000 | – | – | – | – | 4,000,000 | 5/4/2017 | 5/4/2019–21/5/2027 | 3.55 | | Employees | 4,000,000 | – | – | – | – | 4,000,000 | 5/4/2017 | 5/4/2020–21/5/2027 | 3.55 | | **Total** | **18,026,332** | **–** | **–** | **–** | **6,026,332** | **12,000,000** | | | | [New Share Option Scheme](index=13&type=section&id=NEW_SHARE_OPTION_SCHEME) A new share option scheme, adopted in 2018 to incentivize employees and consultants, allows for 83,407,319 shares (3.31% of issued capital), with no options granted during the period - The new share option scheme was adopted on June 4, 2018, with a validity period of **10 years**[49](index=49&type=chunk)[53](index=53&type=chunk)[64](index=64&type=chunk)[69](index=69&type=chunk) - The scheme aims to reward directors, employees, consultants, or suppliers who have contributed to the Group[50](index=50&type=chunk)[51](index=51&type=chunk)[54](index=54&type=chunk)[55](index=55&type=chunk) Number of Shares under New Share Option Scheme | Metric | Number of Shares | | :--- | :------- | | Maximum number of shares issuable | **83,407,319 shares** | | Percentage of issued share capital | **3.31%** | - As of June 30, 2025, there were no outstanding, unexercised, vested, cancelled, or lapsed share options under the new share option scheme[65](index=65&type=chunk)[70](index=70&type=chunk) [Share Award Plan](index=15&type=section&id=SHARE_AWARD_PLAN) The 2020 share award plan, adopted to reward contributors, has a limit of 3% of issued shares (75,632,453 shares), with 18,132,453 awards available as of June 30, 2025 - The share award plan was adopted on December 29, 2020, with a validity period of **6 years**[67](index=67&type=chunk)[71](index=71&type=chunk)[87](index=87&type=chunk)[90](index=90&type=chunk) - The plan aims to recognize and reward contributions of eligible individuals to the Group's growth and development through awarded shares[68](index=68&type=chunk)[72](index=72&type=chunk) Share Award Plan Limit | Metric | Number of Shares | | :--- | :------- | | Plan limit (as % of total issued shares) | **3% (75,632,453 shares)** | | Awards available for grant as at June 30, 2025 | **18,132,453 shares** | | Maximum allocation per participant (as % of issued share capital) | **1%** | Details of Share Award Movements (Six Months Ended June 30, 2025) | Participant Name or Category | Balance as at January 1, 2025 (thousands) | Granted during the period (thousands) | Exercised during the period (thousands) | Cancelled during the period (thousands) | Lapsed during the period (thousands) | Balance as at June 30, 2025 (thousands) | Grant Date | Exercise Period | Exercise Price (HKD) | | :----------------- | :--------------------------- | :---------------- | :---------------- | :---------------- | :---------------- | :--------------------------- | :--------- | :------- | :------------- | | Director Mr. Chen Fushan | 1,400 | – | – | – | – | 1,400 | 29/12/2020 | N/A | N/A | | Employees | 54,600 | – | – | – | – | 54,600 | 29/12/2020 | N/A | N/A | [Directors' Rights and Interests](index=18&type=section&id=DIRECTORS_RIGHTS_AND_INTERESTS) No directors or associates were granted rights or options to subscribe for shares or debentures; Mr. Chen Fushan held a beneficial interest in 1,400,000 company shares as of June 30, 2025 - During the reporting period, no directors or their respective associates were granted any rights or options by the company or its subsidiaries to subscribe for shares or debentures[95](index=95&type=chunk)[96](index=96&type=chunk) Directors' Interests in the Company's Shares (As of June 30, 2025) | Name | Name of Company/Associated Corporation | Capacity | Nature of Interest | Number of Shares | Approximate Percentage of Shareholding | | :--------- | :---------------- | :------- | :------- | :--------- | :------------- | | Mr. Chen Fushan | The Company | Beneficial Interest | Long Position | **1,400,000** | **0.05%** | [Substantial Shareholders' Interests](index=20&type=section&id=SUBSTANTIAL_SHAREHOLDERS_INTERESTS) As of June 30, 2025, Water Development (HK) Holding Co., Limited and Water Development Group Co., Ltd. were substantial shareholders (74.09% combined), with Strong Eagle Holdings Ltd. and Mr. Liu Hongwei also holding significant equity Substantial Shareholders' Interests in Shares (As of June 30, 2025) | Shareholder | Long/Short Position | Capacity/Nature of Interest | Number of Shares | Approximate Percentage of Shareholding | | :----------------------- | :------ | :----------------- | :------------ | :------------- | | Water Development (HK) Holding Co., Limited | Long Position | Beneficial Owner | **1,687,008,585** | **66.92%** | | | Long Position | Person with security interest in shares | **180,755,472** | **7.17%** | | Water Development Group Co., Ltd. | Long Position | Interest in controlled corporation | **1,867,764,057** | **74.09%** | | Strong Eagle Holdings Ltd. | Long Position | Beneficial Owner | **203,802,750** | **8.01%** | | Mr. Liu Hongwei | Long Position | Interest in controlled corporation | **202,038,750** | **8.01%** | - Water Development (HK) Holding Co., Limited is **100%** beneficially owned by Water Development Group Co., Ltd[114](index=114&type=chunk) - Strong Eagle Holdings Ltd. is owned by Mr. Liu Hongwei, Mr. Sun Jinli, Mr. Xie Wen, Mr. Xiong Shi, and Mr. Zhuo Jianming, with **53%**, **15%**, **13%**, **10%**, and **9%** respectively[114](index=114&type=chunk) [Public Float and Director Changes](index=21&type=section&id=PUBLIC_FLOAT_AND_DIRECTOR_CHANGES) The company maintained a sufficient public float, with no significant changes in directors' information during the reporting period - As of the reporting date, the company maintained a public float of not less than **25%** as stipulated by the Listing Rules[108](index=108&type=chunk)[112](index=112&type=chunk) - For the six months ended June 30, 2025, and up to the reporting date, there were no changes in directors' information required to be disclosed under Rule 13.51B(1) of the Listing Rules[109](index=109&type=chunk)[113](index=113&type=chunk) [Management Discussion and Analysis](index=22&type=section&id=MANAGEMENT%20DISCUSSION%20AND%20ANALYSIS) This section provides an overview of the Group's financial performance, business operations, and future outlook, including key financial metrics and strategic initiatives [Results Overview](index=22&type=section&id=RESULTS_OVERVIEW) For the six months ended June 30, 2025, revenue grew **22.5%** to **RMB 1.685 billion** due to clean energy EPC, but a lower gross margin resulted in a loss attributable to owners Key Financial Indicators for H1 2025 | Metric | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Change (%) | | :------------- | :--------------------------- | :--------------------------- | :------------ | | Revenue | **1,685** | 1,376 | **22.5** | | Profit for the period | **2.37** | 11.14 | **(78.7)** | | Loss attributable to owners | **(19.18)** | (16.46) | **(16.5)** | | Earnings per share | **(0.008)** | (0.007) | **(14.3)** | | Overall gross profit margin | **21.0%** | 32.3% | **(11.3)pp** | | Net cash from operating activities | **158** | (128) | **223.3** | | Finance costs | - | - | **(14.6)** | - Revenue growth was primarily due to increased clean energy EPC revenue, stable operation of self-owned power stations, and the Group's expansion into solar and wind EPC projects[116](index=116&type=chunk)[117](index=117&type=chunk)[119](index=119&type=chunk) - The decline in gross profit margin was mainly due to intense market competition in new energy EPC and traditional glass curtain wall businesses, though it rebounded from the end of 2024[118](index=118&type=chunk)[120](index=120&type=chunk) - The contract value of newly signed contracts and ongoing uncompleted projects is approximately **RMB 4 billion**[122](index=122&type=chunk)[124](index=124&type=chunk) [Business Review](index=23&type=section&id=BUSINESS_OVERVIEW) The Group focused on core clean energy, achieving significant EPC revenue growth and overseas market expansion, while strategically reducing traditional curtain wall business and maintaining stable power sales - The Group consolidated its development, investment, construction, and operation of photovoltaic and wind power projects, expanding the influence of its Grade-A general contracting qualification in the EPC market[123](index=123&type=chunk)[125](index=125&type=chunk) Revenue by Category (Six Months Ended June 30, 2025) | Revenue Category | 2025 (RMB million) | 2024 (RMB million) | Increase/(Decrease) % | Revenue Share % | | :--------------- | :------------------- | :------------------- | :------------- | :-------- | | Clean Energy EPC | **835.2** | 342.8 | **143.6** | **49.6** | | Curtain Wall and Green Building | **197.2** | 227.4 | **(13.3)** | **11.7** | | Power 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 revenue significantly increased by **143.6%**, primarily due to market development and increased project acquisition with the Grade-A general contracting qualification for power engineering construction[129](index=129&type=chunk)[131](index=131&type=chunk) - Overseas market expansion yielded fruitful results, including projects like Hong Kong Airport Green Building, Outlying Islands Photovoltaic Power Station, Sydney One Circular Quay, Japan Photovoltaic Power Station Cluster, and Angola Government Building Curtain Wall in Africa[130](index=130&type=chunk)[132](index=132&type=chunk) - Total revenue from curtain wall and green building business decreased by **13.3%**, mainly due to the Group's strategic adjustment to reduce the proportion of traditional curtain wall business to mitigate real estate market impact[134](index=134&type=chunk)[137](index=137&type=chunk) - Total power sales revenue slightly increased by **0.1%**, with self-owned power stations exceeding **1.27 GW** in capacity and power generation increasing by **6.8%** year-on-year to **509.3 million kWh**[135](index=135&type=chunk)[137](index=137&type=chunk) - Total product sales revenue decreased by **27.6%**, primarily due to a decline in solar product sales revenue[136](index=136&type=chunk)[137](index=137&type=chunk) [Financial Review](index=27&type=section&id=FINANCIAL_REVIEW) The Group saw revenue growth but lower gross margins, increased other income, slightly higher distribution expenses, and reduced administrative costs, maintaining strong liquidity, increased capital expenditure, optimized debt, and no significant contingent liabilities Revenue Composition (Six Months Ended June 30, 2025) | Revenue Category | Amount (RMB million) | Share % | | :--------------- | :------------------- | :---- | | Clean Energy EPC | **835.20** | **49.6** | | Curtain Wall and Green Building | **197.17** | **11.7** | | Power Sales | **329.09** | **19.5** | | Product Sales | **303.81** | **18.0** | | Other Businesses | **19.58** | **1.2** | | **Total Revenue** | **1,685** | **100** | Gross Profit Margin Changes | Category | Six Months Ended June 30, 2025 (%) | Year Ended December 31, 2024 (%) | Six Months Ended June 30, 2024 (%) | | :--------------- | :------------------------- | :------------------------ | :------------------------- | | Clean Energy EPC | **5.0** | 4.8 | 20.7 | | Curtain Wall and Green Building | **3.4** | 0.6 | 7.7 | | Subtotal for Construction Contracts | **4.7** | 4.1 | 15.5 | | Power Sales | **56.0** | 56.0 | 56.0 | | Product Sales | **37.9** | 28.1 | 34.2 | | Others | **34.0** | 67.0 | 50.4 | | **Overall Gross Profit Margin** | **21.0** | **16.8** | **32.3** | - Other income and gains increased by **RMB 20.41 million** or **66.2%** year-on-year, mainly from design consulting fee compensation, increased rental income, and bond interest rate reduction gains[144](index=144&type=chunk)[145](index=145&type=chunk) - Distribution expenses increased by **4.7%** year-on-year, while administrative expenses decreased by **4.7%** year-on-year, primarily due to human resource and cost control[146](index=146&type=chunk)[147](index=147&type=chunk)[151](index=151&type=chunk)[152](index=152&type=chunk) - As of June 30, 2025, the Group's outstanding bank and other loans were approximately **RMB 6.482 billion**, and outstanding bonds were approximately **RMB 1.518 billion**[148](index=148&type=chunk)[153](index=153&type=chunk) Debt Structure (As of June 30, 2025) | Category | Amount (RMB billion) | Interest Rate Range | | :--------------- | :----------------- | :----------- | | Bonds | **1.518** | **3.45%–3.80%** | | Bank Loans | **2.400** | **2.80%–4.85%** | | Finance Leases | **4.082** | **3.60%–6.37%** | | **Total** | **8.000** | | - Capital expenditure during the reporting period was **RMB 285 million**, primarily for the construction of self-owned power stations[149](index=149&type=chunk)[154](index=154&type=chunk) - During the reporting period, **48%** equity (representing **19.2%** effective interest) in Water Development Clean Energy Co., Ltd. was sold to Xinxing New Energy (Guangdong) Investment Co., Ltd[159](index=159&type=chunk)[163](index=163&type=chunk) - The Group has limited foreign currency risk, with its main operations conducted in RMB[161](index=161&type=chunk)[164](index=164&type=chunk) [Outlook](index=31&type=section&id=PROSPECT) The Group will optimize asset structure, enhance gross margins, reduce financial costs, and expand into overseas markets and new materials to achieve long-term strategic goals - The Group will focus on core businesses, deploying high-return, low-risk energy projects through efficient regional and technological combinations, and optimizing EPC costs through lean operations to improve gross profit margins[166](index=166&type=chunk)[168](index=168&type=chunk) - In H1 2025, new grid-connected installed capacity was **281 MWp**, with **577 MWp** projected for the full year; disposal of inefficient assets saved **RMB 12.7 million** and recovered **RMB 9.56 million** in funds[167](index=167&type=chunk)[169](index=169&type=chunk) - The Group reduced financing costs by covering short-term debt with long-term debt and replacing high-cost funds with low-cost funds; financing costs decreased by **40 basis points** and finance expenses by **RMB 39.76 million** in H1[171](index=171&type=chunk)[173](index=173&type=chunk) - Overseas markets will leverage a "technology customization + local deep cultivation" dual-engine strategy to accelerate expansion into clean energy markets in Japan, Africa (South Africa, Kenya, Tanzania), and Central Asia (Kyrgyzstan)[172](index=172&type=chunk)[174](index=174&type=chunk) - The new materials business will adhere to a "quality first" strategy, fully developing automotive dimming film business, achieving formula upgrades to product iterations, and securing **3 invention patents**[176](index=176&type=chunk)[177](index=177&type=chunk)[179](index=179&type=chunk) [Dividend](index=34&type=section&id=DIVIDEND) The Board does not recommend an interim dividend for the six months ended June 30, 2025 - The Directors do not recommend the payment of any interim dividend for the six months ended June 30, 2025[181](index=181&type=chunk)[183](index=183&type=chunk) [Events After the Reporting Period](index=34&type=section&id=EVENTS_AFTER_THE_REPORTING_PERIOD) There were no significant events after the reporting period for the Group - There were no significant events after the reporting period for the Group[182](index=182&type=chunk)[184](index=184&type=chunk) [Independent Auditor's Review Report](index=35&type=section&id=INDEPENDENT%20AUDITOR'S%20REVIEW%20REPORT) This section presents the independent auditor's review report on the condensed consolidated financial statements, outlining the scope and conclusion of their review [Introduction](index=35&type=section&id=INTRODUCTION_AUDITOR) Rongcheng (Hong Kong) CPA Limited reviewed China Water Affairs Xingye Energy Group Limited's condensed consolidated financial statements for the six months ended June 30, 2025 - Rongcheng (Hong Kong) CPA Limited has reviewed the company's condensed consolidated financial statements for the six months ended June 30, 2025[187](index=187&type=chunk)[188](index=188&type=chunk) - Directors are responsible for the preparation and presentation of the condensed consolidated financial statements in accordance with International Accounting Standard 34[187](index=187&type=chunk)[188](index=188&type=chunk) [Scope of Review](index=36&type=section&id=SCOPE_OF_REVIEW) The review, conducted under Hong Kong Standard on Review Engagements 2410, has a narrower scope than an audit, thus no audit opinion is expressed - The review was conducted in accordance with Hong Kong Standard on Review Engagements 2410 issued by the Hong Kong Institute of Certified Public Accountants[190](index=190&type=chunk)[193](index=193&type=chunk) - The scope of a review is substantially less than an audit, and therefore no audit opinion is expressed[190](index=190&type=chunk)[193](index=193&type=chunk) [Auditor's Conclusion](index=36&type=section&id=AUDITOR_CONCLUSION) The auditor found no matters suggesting the condensed consolidated financial statements were not prepared, in all material respects, according to International Accounting Standard 34 - Based on the review, the auditor found no matters that would lead them to believe the condensed consolidated financial statements were not prepared, in all material respects, in accordance with International Accounting Standard 34[192](index=192&type=chunk)[195](index=195&type=chunk) - The comparative financial statements for the six months ended June 30, 2024, were reviewed by another auditor who expressed an unmodified conclusion[191](index=191&type=chunk)[194](index=194&type=chunk) [Condensed Consolidated Financial Statements](index=37&type=section&id=CONDENSED%20CONSOLIDATED%20FINANCIAL%20STATEMENTS) This section presents the Group's condensed consolidated financial statements, including the statement of comprehensive income, financial position, changes in equity, cash flows, and explanatory notes [Condensed Consolidated Statement of Comprehensive Income](index=37&type=section&id=CONDENSED_CONSOLIDATED_STATEMENT_OF_COMPREHENSIVE_INCOME) For the six months ended June 30, 2025, revenue grew **22.5%**, but declining gross profit led to a significant decrease in profit for the period and a loss attributable to owners Summary of Condensed Consolidated Statement of Comprehensive Income (RMB thousands) | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--------------- | :------------------- | :------------------- | | Revenue | **1,684,853** | 1,375,933 | | Cost of sales | **(1,330,524)** | (931,075) | | Gross profit | **354,329** | 444,858 | | Operating profit | **228,530** | 293,577 | | Net finance costs | **(220,138)** | (257,688) | | Profit before income tax | **7,935** | 36,037 | | Income tax expense | **(5,562)** | (24,900) | | Profit for the period | **2,373** | 11,137 | | Loss attributable to owners of the company | **(19,184)** | (16,461) | | Basic loss per share | **RMB (0.008)** | RMB (0.007) | [Condensed Consolidated Statement of Financial Position](index=39&type=section&id=CONDENSED_CONSOLIDATED_STATEMENT_OF_FINANCIAL_POSITION) As of June 30, 2025, the Group's total assets and liabilities slightly decreased, while total equity remained relatively stable Summary of Condensed Consolidated Statement of Financial Position (RMB thousands) | Metric | June 30, 2025 | December 31, 2024 | | :------------- | :----------- | :------------- | | Total assets | **22,478,160** | 22,805,882 | | Total non-current assets | **8,956,216** | 8,803,397 | | Total current assets | **13,521,944** | 14,002,485 | | Total equity | **5,261,658** | 5,303,749 | | Total liabilities | **17,216,502** | 17,502,133 | | Total non-current liabilities | **5,491,740** | 5,074,520 | | Total current liabilities | **11,724,762** | 12,427,613 | [Condensed Consolidated Statement of Changes in Equity](index=41&type=section&id=CONDENSED_CONSOLIDATED_STATEMENT_OF_CHANGES_IN_EQUITY) For the six months ended June 30, 2025, equity attributable to owners decreased due to period loss and exchange differences, while non-controlling interests increased Summary of Condensed Consolidated Statement of Changes in Equity (RMB thousands) | Metric | June 30, 2025 | January 1, 2025 | | :------------------- | :----------- | :----------- | | Total equity attributable to owners of the company | **4,167,325** | 4,231,924 | | Non-controlling interests | **1,094,333** | 1,071,825 | | Total equity | **5,261,658** | 5,303,749 | | (Loss)/Profit for the period | **(19,184)** | - | | Exchange differences arising from translation of financial statements | **(45,339)** | - | [Condensed Consolidated Statement of Cash Flows](index=43&type=section&id=CONDENSED_CONSOLIDATED_STATEMENT_OF_CASH_FLOWS) For the six months ended June 30, 2025, operating activities generated net cash, while investing and financing activities resulted in net cash outflows, leading to a net decrease in cash and cash equivalents Summary of Condensed Consolidated Statement of Cash Flows (RMB thousands) | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :------------------- | :------------------- | :------------------- | | Net cash generated from operating activities | **157,744** | (127,953) | | Net cash used in investing activities | **(230,168)** | (380,831) | | Net cash used in financing activities | **(480,130)** | (1,166,013) | | Net decrease in cash and cash equivalents | **(552,554)** | (1,674,797) | | Cash and cash equivalents at end of period | **270,257** | 215,953 | [Notes to the Condensed Consolidated Financial Statements](index=45&type=section&id=NOTES_TO_THE_CONDENSED_CONSOLIDATED_FINANCIAL_STATEMENTS) The notes provide detailed information on the Group's principal activities, accounting policies, estimates, segment information, income, costs, tax, loss per share, balance sheet items, equity, options, payables, borrowings, bonds, deferred income, dividends, liabilities, commitments, related party transactions, and financial instrument fair value - The Group is principally engaged in traditional curtain wall, wind farm construction, and design, manufacture, supply, and installation of building-integrated photovoltaic systems, as well as manufacturing and sales of solar products[206](index=206&type=chunk)[210](index=210&type=chunk) - The condensed consolidated financial statements are prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting" and on a going concern basis[208](index=208&type=chunk)[209](index=209&type=chunk)[211](index=211&type=chunk) Revenue by Segment (RMB thousands) | Segment | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | 2025 Share % | 2024 Share % | | :--------------- | :------------------- | :------------------- | :---------- | :---------- | | Construction services | **1,032,373** | 570,211 | **61.27** | 41.44 | | Product sales | **303,808** | 419,657 | **18.03** | 30.50 | | Power sales | **329,087** | 328,733 | **19.53** | 23.89 | | Others | **19,585** | 57,332 | **1.17** | 4.17 | | **Total Revenue** | **1,684,853** | **1,375,933** | **100.00** | **100.00** | Revenue by Geographical Location (RMB thousands) | Region | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | 2025 Share % | 2024 Share % | | :--------------- | :------------------- | :------------------- | :---------- | :---------- | | Domestic – Mainland China | **1,479,394** | 1,191,517 | **87.81** | 86.60 | | Overseas | **205,459** | 184,416 | **12.19** | 13.40 | | **Total Revenue** | **1,684,853** | **1,375,933** | **100.00** | **100.00** | Net Finance Costs (RMB thousands) | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--------------- | :------------------- | :------------------- | | Total finance costs | **227,988** | 267,747 | | Total finance income | **(7,850)** | (10,059) | | **Net finance costs** | **220,138** | **257,688** | - As of June 30, 2025, the Group's property, plant, and equipment with a net book value of approximately **RMB 5,690,216 thousand** were pledged as collateral for bank and other loans[266](index=266&type=chunk) - As of June 30, 2025, total trade receivables and electricity tariff subsidies receivable amounted to **RMB 7,931,457 thousand**, with zero expected credit loss for electricity tariff subsidies receivable[285](index=285&type=chunk)[289](index=289&type=chunk) - As of June 30, 2025, the loan balance due to the ultimate holding company, Water Development Group, was **RMB 3,085,724 thousand**, unsecured, bearing interest at an average annual rate of **6%**, and repayable on demand[353](index=353&type=chunk) - As of June 30, 2025, the Group's total borrowings were **RMB 6,482,081 thousand**, and bonds payable were **RMB 1,518,484 thousand**[319](index=319&type=chunk)[328](index=328&type=chunk)

Core Viewpoint - The company reported a 22.5% increase in revenue for the six months ending June 30, 2025, primarily due to increased clean energy EPC revenue [1] Financial Performance - Revenue reached RMB 1.685 billion, up from the previous year [1] - The company recorded a profit of RMB 23.7 million, but after accounting for minority interests, it reported a loss of RMB 191.8 million [1] - Overall gross margin decreased from 32.3% in the same period last year to 21.0% [1] - Earnings per share decreased by 16.5% to RMB -0.008 compared to the same period last year [1]

Core Viewpoint - Water Development Industry Energy (00750) reported a mid-term performance for the six months ending June 30, 2025, showing a revenue increase of 22.45% year-on-year, but also a widening loss attributable to shareholders of 16.54% year-on-year [1] Financial Performance - Revenue reached 1.685 billion RMB, reflecting a year-on-year growth of 22.45% [1] - The loss attributable to shareholders was 19.184 million RMB, which is an increase of 16.54% compared to the previous year [1] - Basic loss per share was reported at 0.008 RMB [1]

Core Viewpoint - The company reported a revenue of 1.685 billion RMB for the six months ending June 30, 2025, representing a year-on-year increase of 22.45% [1] - However, the company also recorded a loss attributable to shareholders of 19.184 million RMB, which is an increase of 16.54% compared to the previous year [1] - The basic loss per share is reported at 0.008 RMB [1] Financial Performance - Revenue for the period reached 1.685 billion RMB, showing a significant growth of 22.45% year-on-year [1] - The loss attributable to shareholders was 19.184 million RMB, which reflects a worsening of 16.54% compared to the same period last year [1] - Basic loss per share is noted at 0.008 RMB [1]

[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]