Company Overview - The Group is engaged in the manufacturing and sales of lead-acid motive batteries and lithium-ion batteries, primarily used in electric bikes and special-purpose electric vehicles[1]. - The manufacturing facilities are located in high-demand regions across China, including Shandong, Jiangsu, and Zhejiang provinces[2]. - The Group supplies original batteries to most well-known electric bike manufacturers in China, supported by a nationwide distribution network[3]. - The company has a diversified product portfolio and is recognized as a leading player in the industry with advanced technology and an extensive distribution network[10]. - The Group's sales and distribution network covers all provinces in China, enhancing brand influence and customer service capabilities[71]. Financial Performance - Revenue for the year ended December 31, 2024, reached approximately RMB 50,341 million, representing a 24.5% increase from RMB 40,375 million in 2023[24][25]. - Profit attributable to the owners of the Company was approximately RMB 289 million, a decrease of 16.7% from RMB 348 million in 2023[24]. - Basic and diluted earnings per share decreased to RMB 0.26 from RMB 0.31 in 2023, reflecting a decline of 16.1%[24]. - The proposed final dividend per share is HKD 0.043, down from HKD 0.053 in 2023, indicating a reduction of 18.9%[24]. - The Group's total revenue increased by approximately 24.7% to approximately RMB 50,341 million in the Year, compared to RMB 40,375 million in 2023[51]. - Gross profit decreased by approximately 3.1% to approximately RMB 3,489 million, with an overall gross profit margin dropping to approximately 6.9% from 8.9% in 2023[51]. - Other income increased by approximately 32.8% to RMB 697,844,000 from RMB 525,315,000 in 2023, mainly due to higher interest income and government grants[93]. - Distribution and selling expenses decreased by approximately 9.7% to RMB 946,320,000 from RMB 1,047,567,000 in 2023, representing approximately 1.9% of revenue compared to 2.6% in 2023[94]. - R&D expenses increased by approximately 13.6% to RMB 1,378,749,000 from RMB 1,213,781,000 in 2023, driven by higher expenditure on lead-acid batteries and new technology products[96]. Market and Industry Trends - The Electric Bike Battery segment accounted for 36.71% of total revenue in 2024, up from 40.77% in 2023, while the Electric Vehicle Battery segment increased to 18.26% from 22.27%[27]. - The implementation of new national standards for electric bicycles has increased demand for high-quality electric bike batteries, benefiting leading producers in the industry[38]. - The PRC is expected to reach 400 million electric bike units by the end of 2024, with annual sales volume of two-wheeled electric vehicles likely to exceed 70 million units[53]. - The number of trade-in electric bikes exceeded 1.3 million units by the end of the Year, promoting industry consolidation[56]. - The market share of lead-acid motive batteries remained stable due to their cost-effectiveness and the two-year replacement cycle[59]. - The implementation of stricter regulations is expected to drive demand for high-quality electric bike batteries[56]. Research and Development - The Group invested approximately RMB 1,379 million in R&D, representing about 2.7% of its total revenue during the Year[80]. - The Group has obtained over 39 relevant patents for graphene batteries, establishing itself as a leader in this technology[61]. - The Group has established multiple R&D platforms, including a nationally recognized enterprise technology center and several overseas technology R&D centers[81]. Corporate Governance - The audit committee is chaired by Mr. Lee Conway Kong Wai, ensuring compliance and financial integrity[14]. - The Company has maintained compliance with the Corporate Governance Code throughout the year, with a noted deviation regarding the separation of the roles of chairman and CEO[127][128]. - The Group's governance structure includes both executive and independent non-executive directors to ensure effective oversight[153]. - The Board plays a crucial role in shaping the Company's culture and ensuring alignment with strategic goals, emphasizing continuous innovation and effective risk management[175]. - The Company conducts annual reviews of the effectiveness of its corporate governance mechanisms and discloses findings in the Corporate Governance Report[186]. Social Responsibility and Sustainability - The Group achieved total cadmium-free production by the end of 2013, fulfilling its corporate social responsibility as a green enterprise[8]. - The Group emphasizes energy conservation and environmental protection, contributing to the national goal of "carbon peak and carbon neutrality" for sustainable development[169]. - The Group actively participates in social welfare activities, supporting vulnerable groups and education initiatives[170]. - The Group's "Promoting Green and Low-Carbon Transformation by Green Management Across Life Cycle" project was recognized as a model green and low-carbon project in Zhejiang province, reinforcing its market position in environmental performance[84]. Future Strategies - The Group's strategic focus includes market expansion and innovation in product technology to meet growing market demand[10]. - The Group plans to pursue a "zero-carbon CHILWEE" initiative and expand its "go global" strategy to explore overseas markets in 2025[40]. - The Group aims to enhance operational efficiency to achieve higher profitability and maintain leadership in talent, technology, product quality, and market branding[43]. - The Group aims to lead in cutting-edge technologies and commercialize new technologies, materials, and products to achieve high-quality development by 2025[85].

Financial Performance - The company's revenue for the fiscal year ending December 31, 2024, was approximately RMB 50.34 billion, representing a growth of about 24.7% compared to RMB 40.37 billion in the previous year[4]. - The gross profit for the fiscal year was approximately RMB 3.49 billion, down from RMB 3.60 billion in the previous year[4]. - The net profit attributable to shareholders was approximately RMB 290 million, compared to RMB 348 million in the previous year[4]. - Basic earnings per share for the year were RMB 0.26, down from RMB 0.31 in the previous year[4]. - The board proposed a final dividend of HKD 0.043 per share, down from HKD 0.053 per share in the previous year, with a total distribution of approximately HKD 47.5 million compared to HKD 58.5 million last year[4]. - The company reported a significant increase in revenue from CNY 3,411,077 thousand in 2023 to CNY 2,418,960 thousand in 2024, a decrease of approximately 29%[6]. - The company reported a net profit of RMB 531,067,000 for 2024, which is a significant drop from the previous year's profit of RMB 754,824,000, indicating a decline of around 29.6%[30]. - The company's pre-tax profit for the year 2024 was RMB 531,067,000, compared to RMB 754,824,000 in 2023, representing a decrease of approximately 29.6%[30]. - The income tax expense for 2024 was RMB 106,157 thousand, compared to RMB 224,310 thousand in 2023, reflecting a significant reduction of about 52.7%[27]. Assets and Liabilities - Total non-current assets decreased from CNY 6,637,978 thousand in 2023 to CNY 6,512,314 thousand in 2024, a decline of approximately 1.9%[6]. - Current assets increased from CNY 15,154,505 thousand in 2023 to CNY 17,332,180 thousand in 2024, representing a growth of about 14.4%[6]. - The company's total assets amounted to CNY 23,844,460 thousand in 2024, compared to CNY 21,792,983 thousand in 2023, reflecting an increase of about 9.4%[6]. - The company's total liabilities increased from CNY 10,000,000 thousand in 2023 to CNY 11,000,000 thousand in 2024, indicating a rise of 10%[6]. - The company reported total liabilities of RMB 13,669,344 thousand for the year ending December 31, 2024, compared to RMB 12,853,207 thousand in the previous year, reflecting an increase of approximately 6.35%[7]. - The company's total current liabilities increased to RMB 11,616,192 thousand from RMB 11,582,586 thousand, which is a slight increase of approximately 0.29%[7]. - The company's total current assets were reported at RMB 3,662,836 thousand, compared to RMB 2,301,298 thousand, representing a significant increase of approximately 59.06%[7]. Revenue Streams - The total revenue from recyclable materials reached CNY 22,403,865 thousand in 2024, compared to CNY 14,706,626 thousand in 2023, marking an increase of approximately 52.5%[19]. - The sales of lead-acid batteries for electric vehicles reached CNY 18,479,431 thousand in 2024, up from CNY 16,459,759 thousand in 2023, indicating a growth of about 12.3%[19]. - Lithium-ion battery sales increased to CNY 263,824 thousand in 2024 from CNY 217,249 thousand in 2023, reflecting a growth of approximately 21.5%[19]. - Sales revenue from electric bicycle batteries was approximately RMB 18.479 billion, representing about 36.7% of the total revenue[53]. - Sales revenue from lithium-ion battery products amounted to approximately RMB 264 million[53]. Research and Development - The group invested approximately RMB 1.379 billion in R&D, accounting for about 2.7% of total revenue, emphasizing its commitment to technological innovation[61]. - The research and development costs recognized as expenses were RMB 1,378,749 thousand in 2024, an increase from RMB 1,213,781 thousand in 2023, indicating a growth of approximately 13.6%[24]. Corporate Governance and Compliance - The company has maintained high standards of corporate governance in accordance with the interests of shareholders[85]. - The audit committee consists of three independent non-executive directors, ensuring oversight of financial reporting and risk management[87]. - The group plans to apply the newly issued and amended International Financial Reporting Standards once they become effective[13]. Market Trends and Strategy - The demand for high-quality electric vehicle batteries is increasing due to the implementation of new safety standards in China[43]. - The electric bicycle market in China is projected to reach a social ownership of 400 million units by the end of 2024, with annual sales expected to exceed 70 million units[49]. - The company aims to expand its overseas market presence and build a global new energy platform as part of its "going out" strategy[46]. - The lead-acid battery market remains stable, supported by the growing demand in the electric bicycle sector due to its cost-effectiveness and high safety standards[52]. Employee and Operational Metrics - The total employee costs, including salaries and benefits, amounted to RMB 1,575,950 thousand in 2024, a decrease from RMB 1,757,326 thousand in 2023[24]. - The total employee cost for the year was approximately RMB 1,780,933,000, with a workforce of 14,484 employees as of December 31, 2024, down from 16,977 in 2023[81]. Dividends and Shareholder Information - The company proposed a final dividend of HKD 0.043 per share for the year ending December 31, 2024, compared to HKD 0.066 per share for the previous year, which is a decrease of approximately 34.8%[33]. - The company plans to declare a final dividend of HKD 0.043 per share, subject to shareholder approval at the annual general meeting[90]. - The annual report will be sent to shareholders and published on the stock exchange and the company's website[91]. - The company expresses gratitude to its shareholders, customers, business partners, and employees for their support and contributions[92].

FEEF CHILWEE CHAOWEI POWER HOLDINGS LIMITED 超 威 動 力 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: 00951 RIM REPO Contents 目錄 2 Corporate Information 公司資料 4 Management Discussion & Analysis 管理層討論及分析 18 Directors' Report 董事會報告 28 Report on Review of Interim Condensed Consolidated Financial Statements 中期簡明綜合財務報表審閱報告 30 Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income 中期簡明綜合損益及其他全面收益表 31 Interim Condensed Consol ...

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 的 內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全 部 或 任 何 部 份 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 Chaowei Power Holdings Limited 超威動力控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：951） 截 至 二 零 二 四 年 六 月 三 十 日 止 六 個 月 中 期 業 績 公 告 | --- | --- | |-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | ...

Financial Performance - The company's revenue for the fiscal year reached approximately RMB 40.375 billion, an increase of about 26.4% compared to RMB 31.931 billion in the previous year[17]. - The gross profit for the fiscal year was approximately RMB 3.6 billion, down from RMB 3.702 billion in the previous year[17]. - The net profit attributable to the company was approximately RMB 348 million, a decrease from RMB 417 million in the previous year[17]. - The basic earnings per share for the fiscal year was RMB 0.31, compared to RMB 0.38 in the previous year[17]. - Total revenue for the year 2023 reached RMB 40,374,512 thousand, an increase from RMB 31,930,551 thousand in 2022, representing a growth of approximately 26.5%[32]. - Gross profit for 2023 was RMB 3,599,731 thousand, compared to RMB 3,701,517 thousand in 2022, indicating a slight decrease of about 2.7%[32]. - Net profit for the year 2023 was RMB 530,514 thousand, down from RMB 587,849 thousand in 2022, reflecting a decline of approximately 9.8%[32]. - Basic and diluted earnings per share for 2023 were RMB 0.31, compared to RMB 0.38 in 2022, a decrease of about 18.4%[32]. - The company's profit before tax for the year 2023 was RMB 754,824 thousand, a decrease of 7.7% compared to RMB 818,077 thousand in 2022[48]. - The company reported a total depreciation and amortization expense of RMB 655,590 thousand in 2023, down from RMB 707,436 thousand in 2022, a decline of 7.3%[46]. - The company reported a net profit attributable to shareholders of RMB 347,528,000 for the year, down from RMB 417,181,000 in 2022, indicating a decline of 16.7%[141]. Dividend and Shareholder Returns - The company plans to distribute a final dividend of HKD 0.053 per share, with a total distribution amounting to approximately HKD 58.5 million, down from HKD 72.9 million in the previous year[17]. - The company declared a final dividend of HKD 58,519,000 for the year ended December 31, 2023, pending approval at the upcoming shareholders' meeting[66]. Market and Industry Insights - By the end of 2023, the number of electric bicycles in China surpassed 400 million, exceeding the 310 million cars, making electric bicycles the most common mode of transportation in the country[2]. - The electric bicycle market in China is projected to grow at a compound annual growth rate of approximately 3.8%, reaching around 60 million units from 2023 to 2027[2]. - The introduction of new standards for delivery electric bicycles is expected to drive the high-quality development of the electric bicycle industry[10]. - The demand for lead-acid batteries in the electric bicycle sector is expected to remain stable, supported by a large replacement market and the sensitivity of consumer groups to pricing[115]. - The new national standards for electric bicycles are expected to drive a wave of replacement purchases, benefiting leading companies in the high-quality battery sector[115]. Research and Development - The company’s research and development expenses for 2023 were RMB 1,213,781 thousand, compared to RMB 1,097,402 thousand in 2022, representing an increase of about 10.6%[32]. - The group's R&D expenditure for the year was approximately RMB 1.214 billion, which accounted for about 3.0% of total revenue[165]. - The group has been recognized as a national technology innovation demonstration enterprise and has established multiple R&D platforms, enhancing its competitive advantage in the battery industry[95]. - The group has hired over 20 renowned experts and formed a strategic partnership with Nobel Prize winner Professor Andre Geim for the development of graphene battery technology[95]. Assets and Liabilities - Total assets as of December 31, 2023, amounted to RMB 8,939,276 thousand, an increase from RMB 8,483,247 thousand in 2022, representing a growth of approximately 5.4%[34]. - Current assets net amount for 2023 was RMB 2,301,298 thousand, up from RMB 1,552,276 thousand in 2022, indicating a significant increase of about 48.2%[34]. - The group reported a significant increase in cash and cash equivalents, amounting to 3,540,761 million, up from 2,157,975 million[176]. - The group's total liabilities increased to 12,853,207 million from 11,495,088 million, reflecting a rise in financial obligations[176]. Strategic Initiatives - The company has strategically deployed production facilities in regions with high demand for lead-acid batteries, including Shandong, Jiangsu, Henan, Zhejiang, Anhui, Jiangxi, and Hebei provinces, to reduce storage and logistics costs[3]. - The group has implemented effective strategic layouts and deepened brand building to enhance brand influence and competitiveness[86]. - The group aims to continue developing "zero carbon superpower" demonstration projects and will focus on technological innovation in new energy batteries, high safety technology, and new materials[120]. - The group will focus on market-driven strategies, emphasizing product differentiation, brand building, and smart management to enhance productivity and competitiveness[120]. Compliance and Governance - The company is committed to maintaining high levels of corporate governance to align with shareholder interests[14]. - The company is currently evaluating the impact of new accounting standards on its financial statements, with an expectation that these changes will not have a significant effect[40]. - The group has been applying the revised international financial reporting standards retroactively, ensuring compliance with the latest regulations[37]. Employee and Operational Insights - Total employee costs, including director remuneration, amounted to RMB 1,960,199 thousand in 2023, up from RMB 1,904,042 thousand in 2022, reflecting an increase of 2.9%[46]. - The company employed 16,721 staff as of December 31, 2023, a slight decrease from 16,977 in 2022, with total employee costs amounting to RMB 1,960,199,000[145]. - The company plans to continue enhancing employee training and providing competitive compensation to improve service quality[145].

Employee Information - As of June 30, 2023, the Group employed a total of 17,973 staff members, an increase of 12.2% from 16,025 staff members on June 30, 2022[2] - The total employee cost for the period was approximately RMB 751,919,000, representing an increase of 3.3% compared to approximately RMB 727,389,000 in the corresponding period of 2022[2] - The Group continues to enhance staff training and professional standards, focusing on management and technical personnel[2] - The Group aims to provide competitive salary packages to encourage employee dedication and service quality[2] Shareholding Information - The interests of Mr. Zhou Mingming and Ms. Fang Jianjun in the shares of the Company are both 422,887,000 shares, accounting for approximately 38.30% of the total shareholding[12] - Mr. Zhou Longrui and Ms. Yang Yunfei each hold 62,100,000 shares, representing approximately 5.62% of the total shareholding[12] - Mr. Yang Xinxin holds 20,000,000 shares, which is approximately 1.81% of the total shareholding[12] - Mr. Zhou holds a total of 422,887,000 shares, representing approximately 38.30% of the company's shareholding[25] - Great State, beneficially owned by Mr. Zhou, holds 248,407,500 shares, accounting for 22.50% of the total[25] - Ms. Fang Jianjun, also holding 422,887,000 shares, has a shareholding percentage of 38.30%[25] - Bai Xiang, beneficially owned by Ms. Fang, holds 111,637,000 shares, which is 10.11% of the total[25] - Mr. Zhou Longrui has an interest in 62,100,000 shares, representing 5.62% of the company's shareholding[25] - High Joy, beneficially owned by Mr. Zhou Longrui, holds 25,875,000 shares, accounting for 2.34%[25] - Tianneng International has an interest in 111,680,000 shares, which is 10.11% of the total[25] - Ms. Yang Yunfei holds 62,100,000 shares, representing 5.62% of the company's shareholding[25] - Shiny Century, beneficially owned by Ms. Yang, holds 36,225,000 shares, accounting for 3.28%[25] - Mr. Zhou directly holds 3,900,000 shares[28] Share Option Schemes - No share options under the 2010 Share Option Scheme were vested or exercised during the period, and 29,500,000 share options were cancelled[43] - As of June 30, 2023, no share options granted under the 2010 Share Option Scheme remained outstanding[43] - The estimated fair value of the share options under the 2010 Share Option Scheme was HK$121,403,000[51] - The estimated fair values of options granted to Directors on specific dates were HK$5,266,000, HK$2,981,000, and HK$1,266,000 respectively[51] - The estimated fair values of options granted to eligible employees on specific dates were HK$43,636,000, HK$35,769,000, and HK$32,485,000 respectively[51] - The exercise price per share for the options granted on March 25, 2019, was HK$3.09[46] - The closing prices of the Shares on the dates immediately before the share options were granted were HK$4.32, HK$3.04, and HK$3.09 respectively[50] - The share options granted shall vest according to a specific timetable, with 10% vesting on March 25, 2019, 20% on March 25, 2020, and 70% on March 25, 2021[48] - The share options' exercise is conditional upon achieving certain performance targets as outlined in the offer letters[48] - The 2010 Share Option Scheme had a term of 10 years and expired on July 6, 2020[42] - The maximum number of Shares that may be issued under the 2023 Share Option Scheme is capped at 110,412,697 Shares, representing approximately 10% of the total issued share capital as of June 6, 2023[55] - The 2023 Share Option Scheme allows for the issuance of options to eligible participants, including directors and employees, as well as service providers, to incentivize contributions to the Group[58] - The Service Provider Limit under the 2023 Share Option Scheme is set at 22,082,539 Shares, which is approximately 2% of the total issued share capital as of the Adoption Date[61] - The expected volatility for the share options is noted at 47.5%[54] - The risk-free interest rate applicable to the share options is 1.84%[54] - The dividend yield for the shares is reported at 1.8%[54] - The 2020 Share Option Scheme was terminated upon the adoption of the 2023 Share Option Scheme, which is valid for 10 years until June 9, 2030[58] - The 2023 Share Option Scheme was approved by shareholders on June 6, 2023, to comply with new requirements of the Listing Rules[58] - The expected life of the options granted under the schemes is 8 years[54] - The exercise price for the options under the 2023 Share Option Scheme is set at HKD4.332[54] - The maximum entitlement for each eligible participant under the 2023 Share Option Scheme is capped at 1% of the relevant class of Shares in issue within a 12-month period[62] - The total number of Shares available for issue under the 2023 Share Option Scheme is 110,412,697, representing approximately 10% of the issued share capital of the Company as of the report date[76] - If any grant of options exceeds 1% of the relevant class of Shares in issue, it requires separate approval from the shareholders[63] - Participants must pay HK$1.0 upon acceptance of the grant within 28 days after the offer date[68] - The exercise price of the options must not be less than the highest of the nominal value, the closing price on the grant date, or the average closing price for the five business days preceding the grant date[68] - The vesting period for options under the 2023 Share Option Scheme is not less than 12 months, unless specified otherwise by the Board[69] - No options have been granted under the 2023 Share Option Scheme since its adoption date up to the report date[76] - The Board may impose performance targets related to the eligible participant's performance or the Company's performance over a period of at least three financial years[70] Financial Performance - Revenue for the six months ended June 30, 2023, was RMB 16,539,103, an increase from RMB 14,826,839 in the same period last year, representing a growth of approximately 11.5%[129] - Gross profit for the period was RMB 1,712,264, compared to RMB 1,567,589 in the previous year, indicating a year-on-year increase of about 9.2%[129] - Profit for the period attributable to owners of the Company was RMB 254,389, down from RMB 301,258, reflecting a decrease of approximately 15.5%[129] - Total comprehensive income for the period was RMB 279,697, compared to RMB 292,314 in the prior year, showing a decline of about 4.3%[129] - Basic and diluted earnings per share for the period were RMB 0.23, down from RMB 0.28 in the previous year[129] - The total depreciation and amortization for the period was RMB 359,980, up from RMB 263,056 in the previous year, marking an increase of approximately 37%[191] - The cost of inventories sold reached RMB 14,366,105, compared to RMB 11,093,552 in the same period of 2022, representing an increase of approximately 29.5%[191] - Current tax expense for the six months ended June 30, 2023, was RMB 113,149, a decrease from RMB 120,198 in 2022, reflecting a decline of about 5.5%[197] - The Group's total loss on disposal of assets for the six months ended 30 June 2022 was RMB 14,874,000, indicating a slight improvement in the current period[11] - The aggregate amount of the final dividend declared in the current period was RMB 67,188,000, reflecting a decrease in shareholder returns compared to the previous year[11] Assets and Liabilities - The total current assets as of 30 June 2023 were RMB 25,638,000, while non-current assets were RMB 50,076,000[120] - Current assets as of June 30, 2023, totaled RMB 14,611,423, an increase from RMB 13,047,364 at the end of 2022, representing a growth of approximately 12%[130] - Inventories increased significantly to RMB 5,298,836 from RMB 3,981,978, marking a rise of about 33%[130] - Net current assets improved to RMB 1,927,227, up from RMB 1,552,276, indicating a growth of approximately 24.2%[132] - Total liabilities as of June 30, 2023, were RMB 8,874,835, compared to RMB 8,483,247 at the end of 2022, reflecting an increase of about 4.6%[132] - The company reported a statutory surplus reserve of RMB 1,236,172,000 as of June 30, 2023, up from RMB 1,136,270,000 at the beginning of the year[135] - The total equity attributable to owners of the company increased to RMB 6,030,460,000 from RMB 5,597,940,000 at the beginning of the year, reflecting a growth of approximately 7.7%[135] Compliance and Governance - The interim financial results have been reviewed by the Company's auditors, Ernst & Young, and the Audit Committee[7] - The Company has established an Audit Committee comprising three independent non-executive Directors to oversee financial reporting and risk management[93] - The Company has confirmed compliance with the required standards of conduct regarding securities transactions by all Directors during the period[85] - The external auditors, Ernst & Young, have reviewed the interim condensed consolidated financial statements and found no significant issues[102] - The Company is responsible for preparing interim financial statements in accordance with International Accounting Standard 34[96] - The Company has complied with all code provisions of the Corporate Governance Code throughout the period, except for specific deviations noted[79] Taxation and Accounting - The income tax rate for subsidiaries established in the PRC was 25% for the period, consistent with the previous year[106] - The Company had no assessable profits during the period for subsidiaries incorporated in the BVI, Germany, Hong Kong, and other countries[106] - The financial statements for the six months ended June 30, 2023, were prepared in accordance with International Accounting Standard 34, indicating compliance with international financial reporting standards[148] - The Group has applied amendments to IFRSs for the first time, including IFRS 17 related to insurance contracts, effective from January 1, 2023[153] - The Group's accounting policies remain consistent with those presented in the annual financial statements for the year ended December 31, 2022[148] - The Group is currently revisiting accounting policy disclosures to ensure alignment with recent amendments to IFRS[153] Revenue Sources - Lead-acid motive batteries generated RMB 9,223,091,000 in revenue, up from RMB 7,505,654,000, reflecting a 22.9% growth year-over-year[163] - Revenue from renewable materials increased significantly to RMB 3,470,460,000, a 63.4% rise compared to RMB 2,124,513,000 in the previous year[163] - Other income for the period totaled RMB 157,152,000, down 38.9% from RMB 257,436,000 in the same period of 2022[177] - Government grants related to income amounted to RMB 68,106,000, a decrease from RMB 154,010,000 in the previous year[177] - The Group's production plan incorporates seasonality, with higher battery sales expected in the second half of the financial year due to increased market demand[170] - No single customer contributed over 10% of the total revenue, indicating a diversified customer base[170] - The Group's non-current assets are primarily located in the PRC, where most external revenues are generated[174] - The amendments to IFRS effective from January 1, 2023, are not expected to have a significant impact on the Group's financial statements[158] Cash Flow and Investments - Cash and cash equivalents at the end of the period were RMB 2,505,979,000, a decrease from RMB 2,744,398,000 at the end of June 2022[141] - Borrowings raised during the period totaled RMB 2,509,434,000, an increase from RMB 2,356,992,000 in the same period last year[141] - Net cash used in investing activities was RMB 341,064,000, compared to RMB 582,847,000 in the previous year, showing a reduction of approximately 41.5%[139] - The cash paid for the purchase of property, plant, and equipment was RMB 403,941,000, a decrease from RMB 488,853,000 in the previous year, indicating a reduction of approximately 17.4%[139] - The Group capitalized borrowing costs during the period amounting to RMB 199,648, slightly up from RMB 172,914 in the previous year[185]

中 期 業 績 Chaowei Power Holdings Limited 超威動力控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：951） – 1 – | --- | --- | --- | --- | |--------------------------------------------------------------------------------------------------------|-------|-----------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------| | | 附 註 | 二 零 二 三 年 \n六 月 三 十 日 十 人 民 幣 千 元 （未 經 審 核） | 二 零 二 二 年 \n二 月 三 十 一 日 人 民 幣 千 元 ...

Shareholding Structure - As of December 31, 2022, Mr. Zhou Mingming holds 422,887,000 shares, representing 38.30% of the company's total shareholding[7] - Ms. Fang Jianjun also holds 422,887,000 shares, equivalent to 38.30% of the company's total shareholding, due to her interest in controlled corporations[9] - Mr. Zhou Longrui has an interest in 62,100,000 shares, which accounts for 5.62% of the company's total shareholding[10] - Ms. Yang Yunfei holds 62,100,000 shares, also representing 5.62% of the company's total shareholding[11] - Mr. Yang Xinxin is interested in 20,000,000 shares, which is 1.81% of the company's total shareholding[12] - The company has substantial shareholders with interests or short positions in shares required to be disclosed under the SFO, specifically those holding 5% or more of the nominal value of any class of share capital[18] - The total number of shares held by Mr. Zhou includes 248,407,500 shares from Great State Investments Limited and 58,942,500 shares from Jolly Pride (PTC) Limited[14] - Ms. Fang Jianjun is deemed to be interested in 111,637,000 shares held by Bai Xiang Limited, in addition to shares held by Mr. Zhou[5] - Mr. Zhou Longrui is deemed to be interested in 25,875,000 shares held by High Joy Investments Limited and 36,225,000 shares held by Shiny Century Limited[6] - The company maintains a significant concentration of shareholding among its directors and their spouses, indicating potential influence over corporate decisions[19] Financial Performance - Revenue for the Year reached approximately RMB 31,931 million[38] - The profit attributable to the owners of the Company amounted to approximately RMB 417 million[39] - The Group's revenue for the year reached approximately RMB 31.93 billion, reflecting steady business growth[41] - The Group's total revenue increased by approximately 8.3% to approximately RMB31,931 million in 2022, compared to RMB29,489 million in 2021[94] - Gross profit rose by approximately 11.3% to approximately RMB3,702 million, with an overall gross profit margin of approximately 11.6% in 2022, up from 11.3% in 2021[94] - Profit attributable to owners of the Company decreased by 19.2% to approximately RMB417 million in 2022, down from approximately RMB516 million in 2021[94] - Profit before tax rose approximately 4.3% to RMB818,077,000 in the current year, compared to RMB784,617,000 in 2021[80] - Income tax expenses decreased by approximately 7.7% to RMB230,228,000 in the current year, with an effective tax rate of approximately 28.1%[80] Research and Development - Research and development expenses for the year amounted to approximately RMB1,097,402,000, an increase of about 18.1% from RMB929,292,000 in 2021, primarily due to increased spending on lead-acid batteries and other new technology products[79] - The Group's R&D expenditure reached approximately RMB 1.097 billion, constituting about 3.4% of total revenue[174] - The Group has established multiple R&D platforms, including a nationally-recognised enterprise technology centre and a national environmental protection engineering technology centre[199] - The Group's R&D and innovation capabilities were certified as a "National Model Enterprise of Intellectual Property," enhancing its competitive edge[45] Market and Industry Trends - The GDP of the People's Republic of China achieved a positive growth of 3% during the year, supporting the Group's business performance despite the pandemic[46] - The implementation of new national standards for electric bicycles is expected to benefit leading enterprises in the industry significantly[46] - The new regulations for electric tricycles in China are expected to drive replacement demand and accelerate industry consolidation[146] - The lead-acid motive battery market remains stable due to its cost-effectiveness and high recyclability, supporting steady market share and sales volume[147] - The New National Standards for electric bikes, effective since April 15, 2019, will push up replacement demand as the transition period expires in 2023[148] Strategic Initiatives - The Group aims to fulfill its mission of promoting green energy as it celebrates its 25th anniversary in 2023, focusing on high-quality development[49] - The Group plans to enhance its brand image and innovate in products, marketing, and services to create value for consumers[116] - The Group will actively adjust marketing and production strategies in response to market changes as the Chinese economy continues to recover[116] - The Group aims to achieve the vision of becoming a top ten global new energy enterprise and a century-old brand with sales of RMB 100 billion[173] Share Option Scheme - The 2010 Share Option Scheme, which expired on 6 July 2020, had no further options granted but all outstanding options remain valid[31] - The 2010 Share Option Scheme was adopted on June 7, 2010, and has a duration of 10 years, expiring on July 6, 2020[67] - All unexercised share options granted under the 2010 Share Option Scheme remain valid and exercisable[67] - As of December 31, 2022, there were 29,500,000 share options outstanding under the 2010 Share Option Scheme[123] - The total number of options available for grant under the 2010 and 2020 Share Option Schemes is 110,412,697 options, with a potential issuance of 2.67% of the weighted average number of shares in issue for the Year[135] Corporate Governance - The Company has not been a party to any arrangements enabling Directors to acquire benefits through share acquisitions during the year[64] - The Company has complied with all code provisions of the Corporate Governance Code throughout the Year, with some deviations noted[188]

本 集 團 並 無 於 該 等 財 務 報 表 採 納 以 下 已 頒 佈 但 尚 未 生 效 的 新 訂 及 經 修 訂 國 際 財 務 報 告 準 則。 – 8 – – 9 – – 10 – | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------|------------------------|------------------------| | | 二 零 二 二 年 | 二 零 二 一 年 | | | 人 民 幣 千 元 | 人 民 幣 千 元 | | 除 稅 前 利 潤 | 818,077 | 784,617 | | | | | | 按 中 國 法 定 所 得 稅 稅 率 25% 計 算 的 稅 項 | 204,519 | 196,154 | | 向 附 屬 公 司 授 出 的 研 發 開 支 所 得 稅 扣 減 的 稅 務 影 響 | (120,687) | (156,800) | | 不 ...

Financial Performance - For the six months ended June 30, 2022, the total revenue was approximately RMB 13,264 million, a year-on-year increase of 2.4% from RMB 12,959 million in the corresponding period of 2021[12]. - The gross profit for the same period was approximately RMB 1,568 million, compared to RMB 1,448 million in the corresponding period of 2021, resulting in a gross profit margin of approximately 11.8%, up from 11.2%[12]. - Profit attributable to owners of the Company was approximately RMB 301.3 million, slightly increasing from RMB 300.5 million in the corresponding period of 2021[12]. - Basic earnings per share remained stable at RMB 0.27, consistent with the corresponding period in 2021[12]. - Revenue for the six months ended June 30, 2022, was RMB 13,264,191, an increase of 10.1% from RMB 12,959,494 in the same period of 2021[153]. - Gross profit for the period was RMB 1,567,589, representing a gross margin of approximately 11.85%[153]. - Profit for the period attributable to owners of the Company was RMB 301,258, compared to RMB 300,520 in the prior year[153]. - Total comprehensive income for the period was RMB 307,276, slightly down from RMB 328,146 in the previous year[153]. Revenue Breakdown - Revenue from sales of lead-acid motive batteries amounted to approximately RMB10,985 million, accounting for approximately 82.8% of the Group's total revenue[35]. - Revenue from sales of electric bike batteries was approximately RMB7,506 million, representing about 56.6% of total revenue[35]. - Revenue from sales of electric tricycle batteries and special-purpose electric vehicle batteries reached approximately RMB3,479 million, accounting for approximately 26.2% of total revenue[35]. - Revenue from lead-acid motive batteries was RMB 7,505,654, representing a growth from RMB 7,312,954 in 2021[196]. - Revenue from electric car batteries decreased to RMB 3,479,291 from RMB 3,793,142, a decline of 8.3% year-over-year[196]. - Lithium-ion battery revenue increased significantly to RMB 154,733 from RMB 87,705, marking a growth of 76.1%[196]. - Revenue from renewable materials rose to RMB 2,124,513, up from RMB 1,765,693, reflecting a growth of 20.4%[196]. Market Trends and Growth Potential - The production volume of electric bikes in the PRC exceeded 45 million units in 2021, representing a year-on-year increase of approximately 10.3%[12]. - The ownership of electric bikes in the PRC is expected to reach 400 million by 2022, indicating strong market growth potential[12]. - The gradual implementation of the "Safety Technical Specifications for Electric Bicycles" has driven replacement demand for electric bikes, further supporting sales growth[12]. - The market for electric bikes is bolstered by over 4 million on-demand delivery riders in the PRC, serving approximately 500 million users[12]. - The new travel habits formed during the COVID-19 pandemic are expected to further drive the sales growth of electric bikes as consumers seek safer transportation options[12]. - The new national standards implemented since April 15, 2019, have improved safety performance requirements for electric bikes, promoting demand for upgrades[20]. - Over 20 provinces and cities in China have introduced more than 60 energy storage policies since 2022, indicating significant market potential for new energy storage[27]. Research and Development - The Group's independent R&D capabilities have continuously improved product quality and performance, maintaining its leading position in the industry[35]. - R&D expenses amounted to approximately RMB 489 million, representing about 3.7% of the Group's total revenue[52]. - The Group has over 20 renowned domestic and foreign experts contributing to its R&D capabilities[53]. - The Group is committed to developing higher-efficiency battery products with superior performance and environmental friendliness[54]. - Research and development expenses were RMB 488,804, showing a commitment to innovation despite a slight increase from RMB 383,450 in the prior year[153]. Expenses and Financial Management - Other income decreased by approximately 10.8% to RMB 257,436,000 compared to RMB 288,487,000 in the corresponding period of 2021, mainly due to a reduction in government grants[64]. - Distribution and selling expenses increased by approximately 20.9% to RMB 443,964,000 from RMB 367,351,000 in the corresponding period of 2021, primarily due to increased logistics and transportation costs[64]. - Administrative expenses rose by approximately 27.6% to RMB 319,979,000 from RMB 250,850,000 in the corresponding period of 2021, mainly due to additional staff costs during the Pandemic[65]. - Finance costs decreased by approximately 6.1% to RMB 169,343,000 from RMB 180,355,000 in the corresponding period of 2021, attributed to lower interest rates on bank borrowings[69]. - Income tax expenses increased by approximately 18.2% to RMB 109,900,000 from RMB 92,979,000 in the corresponding period of 2021, with an effective tax rate of approximately 26.3%[71]. Shareholder Information - Mr. Zhou Mingming held a significant interest of approximately 37.50% in the Company, with 414,084,500 shares[87]. - The economic interest of all shares held by Jolly Pride belongs to 49 employees, but other shareholder rights are exercised exclusively by Jolly Pride[97]. - The company has disclosed substantial shareholders with interests of 5% or more in the nominal value of any class of share capital[92]. - The total value of receivables at FVTOCI was RMB 1,449,382,000 as of June 30, 2022, compared to RMB 1,413,237,000 as of December 31, 2021[78]. - The Group's total assets pledged for banking facilities increased from RMB 3,472,677,000 to RMB 3,631,119,000, indicating a growth of approximately 4.6%[78]. Corporate Governance - The Company has complied with all code provisions of the Corporate Governance Code throughout the reporting period, except for specified deviations[130]. - The Audit Committee, consisting of four independent non-executive Directors, oversees the Group's financial reporting and risk management[140]. - The external auditors, Ernst & Young, have reviewed the interim condensed consolidated financial statements and found no significant issues[150]. - The Company emphasizes the importance of non-executive directors attending general meetings to understand shareholder views[132]. - The Board believes the current governance structure is beneficial for the Company and its shareholders[132]. Cash Flow and Liquidity - Net cash generated from operating activities for the six months ended June 30, 2022, was RMB 156,306, compared to a net cash used of RMB 651,861 in the same period of 2021[161]. - Cash and cash equivalents at the end of the period were RMB 2,744,398, an increase from RMB 1,749,113 at the end of the same period in 2021[164]. - The company reported a net decrease in cash and cash equivalents of RMB 116,556 for the first half of 2022, compared to a decrease of RMB 807,280 in the same period of 2021[164]. - Borrowings increased to RMB 5,035,766 as of June 30, 2022, compared to RMB 4,698,121 at the end of 2021, marking an increase of approximately 7.2%[156].