Core Viewpoint - China Electric Power Equipment and Technology Co., Ltd. (中电光谷) has seen its stock price increase by over 5% following its successful bid for a significant project in the Greater Bay Area, highlighting its strategic positioning in the region's development [1] Group 1: Project and Financial Performance - On September 28, the company won a bid for the Greater Bay Area Intelligent Power Equipment Innovation Valley project, with a contract value of 38.45 million yuan [1] - The project involves comprehensive engineering consulting and operational services, emphasizing the company's strengths in system planning and integrated operations [1] - In the first half of the year, the company reported revenues of approximately 1.471 billion yuan, a year-on-year increase of 0.79%, and a gross profit of about 367 million yuan, up 1.11% [1] - The net profit attributable to shareholders was 1.771 million yuan, with new signed contracts totaling 1.539 billion yuan, reflecting an 8% year-on-year growth [1] - The comprehensive operation business saw a 31% increase in signed contracts compared to the same period last year, while office park contracts grew by 13% [1] - The company achieved sales collections of approximately 2.325 billion yuan, marking a 34% year-on-year increase [1]

Group 1 - The core viewpoint of the article highlights that China Electric Power Equipment (00798) has seen a stock increase of over 5%, currently at 0.245 HKD, following its successful bid for a project in the Greater Bay Area [1] - On September 28, the company won a bid for the comprehensive engineering consulting and investment operation service project for the Greater Bay Area Intelligent Power Equipment Innovation Valley, with a contract value of 38.4514 million CNY [1] - This project is part of a demonstration initiative in Nanhai District, Foshan City, Guangdong Province, aimed at enhancing industrial competitiveness under the "dual carbon" strategy [1] Group 2 - The company reported a revenue of approximately 1.471 billion CNY for the first half of the year, reflecting a year-on-year growth of 0.79% [1] - Gross profit was about 367 million CNY, with a year-on-year increase of 1.11%, and the profit attributable to shareholders was 1.771 million CNY [1] - New signed contracts amounted to 1.539 billion CNY, representing an 8% year-on-year growth, with a 31% increase in comprehensive operation business contracts and a 13% increase in office park contracts compared to the same period last year [1] - The company achieved sales collections of approximately 2.325 billion CNY, marking a 34% year-on-year increase [1]

Core Viewpoint - The industrial park sector is undergoing a significant transformation, shifting from "policy arbitrage" to "market survival," and from "real estate thinking" to "industrial thinking," indicating a deep-rooted revolution rather than a simple cyclical adjustment [1][2]. Industry Overview - The industrial park industry is currently facing deep adjustment pains due to external macroeconomic conditions and internal operational challenges, with the entire sector experiencing a fundamental logic reshaping [1]. - The introduction of important policies in the first half of 2025 has guided the transformation of operational and investment models in industrial parks, emphasizing service and ecological collaboration over mere policy competition [3]. Company Performance - China Electric Guoguang (中电光谷) reported a revenue of 1.471 billion RMB for the first half of 2025, a slight increase of 0.79% year-on-year, with a net profit of 2.109 million RMB, maintaining profitability [1]. - The company's operating service revenue reached 1.038 billion RMB, accounting for 70.6% of total revenue, with design and construction services and property management services contributing significantly [4]. Strategic Initiatives - The "one body, two wings" strategic transformation has proven effective, allowing the company to achieve stable development in a challenging industry environment [3][4]. - The company has adopted a light asset development model, which provides stable cash flow and reduces operational risks, while also leveraging industrial investment to activate the entire industrial ecosystem [3][4]. Market Positioning - China Electric Guoguang has established a differentiated core competitiveness by focusing on high-tech and high-end manufacturing sectors, which has allowed it to achieve double-digit growth in park development services despite market pressures [7][8]. - The company has expanded its market presence through cross-regional industrial cooperation and resource sharing, enhancing its competitive edge [8]. Future Outlook - The industry environment is expected to improve, with macroeconomic conditions stabilizing and potential monetary and fiscal policy support anticipated in the second half of 2025 [11][14]. - The company has seen a significant increase in new contract signings, with a total of 1.539 billion RMB in new signed amounts, indicating a positive trend for future performance [12][14]. Investment Value - The market has significantly undervalued China Electric Guoguang, with a price-to-book (PB) ratio of only 0.2, suggesting potential for valuation recovery as the company's fundamentals stabilize [16]. - The company has engaged in continuous share buybacks, reflecting confidence in its intrinsic value and future growth prospects [16].

Core Viewpoint - The industrial park sector is undergoing a significant transformation, shifting from "policy arbitrage" to "market survival," and from "real estate thinking" to "industrial thinking," indicating a deep-rooted revolution rather than a simple cyclical adjustment [1][2] Group 1: Company Performance - China Electric Power Valley (中电光谷) reported a revenue of 1.471 billion RMB for the first half of 2025, a slight increase of 0.79% year-on-year, with a net profit of 2.109 million RMB, maintaining profitability [1] - The company's pre-tax profit reached 72.239 million RMB, marking a significant growth of 104.37% year-on-year [1] - The company's strategic foresight has allowed it to gain a competitive edge during the industry's restructuring, establishing a solid foundation for its development and providing a successful model for the transformation of the entire industrial park sector [2] Group 2: Strategic Transformation - The "one body, two wings" strategic transformation has shown significant results, with the park operation service developing steadily [3] - The park operation service generated 1.038 billion RMB in revenue, accounting for 70.6% of the total revenue, with design and construction services and property management services contributing 25.3% and 28.4% respectively [4] - The company has implemented a comprehensive operational service model in its design and construction business, which has been well-received by local governments, leading to a revenue of 372 million RMB in this segment [5] Group 3: Market Position and Competitive Advantage - The park development service achieved a revenue of 431 million RMB, a year-on-year increase of 22.8%, becoming a key driver for the company's overall revenue growth [7] - The company has focused on high-tech and high-end manufacturing sectors, identifying structural opportunities in the market [8] - The company has established a differentiated core competitiveness by promoting cross-regional industrial cooperation and resource sharing, enhancing its market competitiveness [8] Group 4: Future Outlook - The industry environment is expected to improve, with the company poised for a recovery in performance in the second half of 2025 [11] - The company achieved a new contract amount of 1.539 billion RMB in the first half of 2025, a year-on-year increase of 8%, indicating a positive trend for future performance [12] - The company plans to continue its business transformation and innovation, focusing on building a "second curve" to adapt to long-term market adjustments [13]

China Electronics Optics Valley Union Holding Company Limited 中 電 光 谷 聯 合 控 股 有 限 公 司 (Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立的有限公司） (Stock code 股份代號: 798) N O T I F I C AT I O N L E T T E R 通 知 信 函 Dear Non-registered holders(Note) , 18 September 2025 China Electronics Optics Valley Union Holding Company Limited (the "Company") – Notice of Publication of 2025 Interim Report (the "Current Corporate Communication") The Current Corporate Communication of the Company has been publ ...

China Electronics Optics Valley Union Holding Company Limited 中 電 光 谷 聯 合 控 股 有 限 公 司 (Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立的有限公司） (Stock code 股份代號: 798) N O T I F I C AT I O N L E T T E R 通 知 信 函 Dear Registered Shareholders, 18 September 2025 Arrangement of Electronic Dissemination of Corporate Communications Pursuant to Rule 2.07A of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules") under the expansion of paperle ...

Company Information [Company Basic Information](index=3&type=section&id=Company%20Basic%20Information) This section details the Company's name, share listing location, stock code, and ticker symbol, and introduces the composition of the Board of Directors, company secretary, authorized representatives, and various committees - Company Name: **CECV Holdings Company Limited**[5](index=5&type=chunk) - Shares listed on **The Stock Exchange of Hong Kong Limited**, Stock Code: **798**, Stock Short Name: **CECV**[5](index=5&type=chunk) - Board members include Chairperson Ms. Liu Bo, President Mr. Huang Liping, and other non-executive, independent non-executive, and executive directors[5](index=5&type=chunk) [Registered Office and Principal Places of Business](index=4&type=section&id=Registered%20Office%20and%20Principal%20Places%20of%20Business) This section clarifies the Company's registered office in the Cayman Islands, its China headquarters in Wuhan, and its Hong Kong principal place of business in Sheung Wan, also listing key partners - Registered Office: Windward 3, Regatta Office Park, P.O. Box 1350, Grand Cayman KY1-1108, Cayman Islands[5](index=5&type=chunk) - China Headquarters and Principal Place of Business: Building 1, Creative World High-rise, No. 16 Yezhihu West Road, Hongshan District, Wuhan, Hubei Province[6](index=6&type=chunk) - Auditor: Daxin Certified Public Accountants (HK) Co. Ltd.[6](index=6&type=chunk) - Principal Bankers: Industrial and Commercial Bank of China, Bank of Communications, Industrial Bank[7](index=7&type=chunk) Financial Highlights [Financial Highlights for the Six Months Ended June 30, 2025](index=5&type=section&id=Financial%20Highlights%20for%20the%20Six%20Months%20Ended%20June%2030%2C%202025) The Group's unaudited interim results for the six months ended June 30, 2025, show a slight increase of 0.8% in revenue from continuing operations to RMB1,470.7 million, gross profit increased by 1.1%; however, profit attributable to owners of the Company significantly decreased by 89.9% to RMB1.771 million, profit for the period decreased by 34.1%; regarding assets and liabilities, net current assets significantly increased by 71.0%, and total assets less current liabilities increased by 15.1% Performance Summary for the Six Months Ended June 30, 2025 | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue from continuing operations | 1,470,685 | 1,459,162 | 0.8% | | Gross profit | 367,123 | 363,097 | 1.1% | | Profit before income tax | 72,239 | 35,348 | 104.4% | | Profit attributable to owners of the Company | 1,771 | 17,614 | -89.9% | | Profit for the period | 2,109 | 3,202 | -34.1% | Assets and Liabilities Summary as of June 30, 2025 | Indicator | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Non-current assets | 10,778,218 | 10,701,911 | 0.7% | | Current assets | 12,276,743 | 12,640,016 | -2.9% | | Current liabilities | 7,567,003 | 9,885,835 | -23.5% | | Net current assets | 4,709,740 | 2,754,181 | 71.0% | | Total equity | 8,880,694 | 8,871,725 | 0.1% | | Non-current liabilities | 6,607,264 | 4,584,367 | 44.1% | Chairman's Report [Operating Review for the First Half of 2025](index=6&type=section&id=Operating%20Review%20for%20the%20First%20Half%20of%202025) The Chairman's report highlights 2025 as a critical year for CECV's deep transformation, with improved operational resilience and breakthrough innovation in the first half; the Company achieved operating revenue of RMB1,470.7 million, with park operation services revenue accounting for 70.6% of total revenue, becoming a new growth driver; concurrently, the Company actively integrates into the national cybersecurity industry strategic layout, promotes organizational reform to enhance operational quality and management efficiency, and builds a comprehensive risk management system, shifting from passive response to proactive prevention - In the first half of 2025, the Company's operating revenue reached **RMB1,470.7 million**, an increase of **RMB11.5 million** compared to the same period last year[10](index=10&type=chunk) - Park operation services revenue reached **RMB1,038.2 million**, accounting for **70.6%** of total revenue, becoming a new growth driver for the Company's development[10](index=10&type=chunk) - The Company implemented a 'General Manager First Responsibility System' to streamline management layers and established an 'Integrated Operations Talent Pool' mechanism to enhance organizational efficiency[11](index=11&type=chunk) - A comprehensive risk management system was built, achieving a shift from post-event to pre-event risk identification through multi-dimensional risk early warning and overall control mechanisms[11](index=11&type=chunk) [Future Outlook](index=7&type=section&id=Future%20Outlook) Looking ahead, CECV will maintain strategic focus, systematically address development bottlenecks, and build a new business ecosystem of 'asset-heavy specialization and asset-light scaling'; the Company will comprehensively forge core competitive advantages and promote steady development through innovative business integration models and value creation mechanisms - The Company will anchor its development goals and systematically resolve key bottlenecks in building a new development pattern[13](index=13&type=chunk) - Building a new business ecosystem of 'asset-heavy specialization and asset-light scaling'[13](index=13&type=chunk) - Comprehensively forging core competitive advantages through innovative business integration models and value creation mechanisms[13](index=13&type=chunk) Management Discussion and Analysis [Review of Financial Information](index=8&type=section&id=Review%20of%20Financial%20Information) The Company's independent auditor, Daxin Certified Public Accountants (HK) Co. Ltd., has reviewed the unaudited interim financial information for the six months ended June 30, 2025, in accordance with International Standard on Review Engagements 2410 - The independent auditor has reviewed the Group's unaudited interim financial information in accordance with International Standard on Review Engagements 2410[15](index=15&type=chunk) [Summary for the First Half of 2025](index=8&type=section&id=Summary%20for%20the%20First%20Half%20of%202025) In the first half of 2025, the Group's new contracted amount was RMB1,538.9 million, a year-on-year increase of 8%, with integrated operation business contracted amount growing by 31%; sales proceeds collected were RMB2,324.9 million, a year-on-year increase of 34%; total revenue was RMB1,470.7 million, profit for the period was RMB2.1 million; park operation services revenue accounted for 70.6% of the total, highlighting its primary strategic position; as of the end of the period, the Group held approximately **5.32 million square meters** of high-quality industrial park land reserves - New contracted amount of **RMB1,538.9 million**, a year-on-year increase of **8%**; integrated operation business contracted amount increased by **31%**[16](index=16&type=chunk) - Sales proceeds collected of **RMB2,324.9 million**, a year-on-year increase of **34%**[16](index=16&type=chunk) - Revenue of **RMB1,470.7 million**, profit for the period of **RMB2.1 million**[17](index=17&type=chunk) - Park operation services revenue accounted for **70.6%** of the total, with high-quality industrial park land reserves of approximately **5.32 million square meters**[17](index=17&type=chunk) [Business Review](index=9&type=section&id=Business%20Review) The Group's business structure is 'one body, two wings,' with park operation services as the core, park development as support, and industrial investment as the engine; the revenue structure and profit composition reflect the effectiveness of the transformation strategy - The Group's business structure is 'one body, two wings': park operation services as the core, park development as support, and industrial investment as the engine[18](index=18&type=chunk) - The revenue structure and profit composition reflect, to some extent, the effectiveness of the transformation strategy[18](index=18&type=chunk) [Revenue by Operating Segment](index=9&type=section&id=Revenue%20by%20Operating%20Segment) The Group's total revenue for the first half of 2025 was RMB1,470.7 million, of which park operation services revenue accounted for 70.6% and park development services revenue accounted for 29.4%; park operation services revenue decreased year-on-year, while park development services revenue increased year-on-year Revenue by Operating Segment (RMB thousands) | Segment | 2025 Revenue | % of Total | 2024 Revenue | % of Total | | :--- | :--- | :--- | :--- | :--- | | Park Operation Services | 1,038,192 | 70.6% | 1,106,955 | 75.9% | | Design and Construction Services | 372,343 | 25.3% | 487,841 |

中电光谷(00798)发布公告，该公司于2025年9月16日斥资41.92万港元回购168.8万股股份，每股回购价 格为0.248-0.249港元。 ...

Core Viewpoint - China Electric Power (00798) announced a share buyback plan, indicating confidence in its stock value and future prospects [1] Group 1: Share Buyback Details - The company will repurchase 1.688 million shares at a total cost of HKD 419,200 [1] - The buyback price per share ranges from HKD 0.248 to HKD 0.249 [1]

格隆汇9月16日丨中电光谷(00798.HK)公告，9月16日耗资42万港元回购168.8万股。 ...