Financial Performance - The company's operating revenue for the first half of 2025 was ¥1,673,393,688.48, a decrease of 43.82% compared to ¥2,978,823,318.67 in the same period last year[22]. - The total profit for the reporting period was -¥503,384,113.63, compared to -¥69,733,769.81 in the previous year, indicating a significant loss[22]. - The net profit attributable to shareholders was -¥448,984,121.51, a substantial decline from -¥54,781,826.93 year-on-year[22]. - The net cash flow from operating activities was -¥744,824,029.69, a drastic drop from -¥18,666,750.36 in the previous year, reflecting a decrease of 3,890.11%[22]. - The basic earnings per share for the reporting period was -¥0.70, compared to -¥0.08 in the same period last year[23]. - The weighted average return on net assets was -11.84%, a decrease of 10.65 percentage points from -1.19% in the previous year[23]. - The company reported a significant increase in non-recurring losses, impacting overall financial performance[23]. - The company reported a net loss attributable to shareholders of 449 million yuan, further widening the loss compared to the previous period[29]. - The company reported a net loss of ¥909,622,409.07 for the period, compared to a loss of ¥460,638,287.56 in the previous year[95]. - The total comprehensive income for the first half of 2025 was a loss of CNY 13,860,814.47, compared to a loss of CNY 14,418,411.61 in the first half of 2024[105]. Assets and Liabilities - The total assets at the end of the reporting period were ¥13,630,832,349.93, an increase of 10.77% from ¥12,305,210,394.10 at the end of the previous year[22]. - The company's total assets reached ¥13,630,832,349.93, compared to ¥12,305,210,394.10 at the end of 2024, reflecting a growth of approximately 10.8%[95]. - The company's total liabilities increased by 24.97% to 6,375,817,860.88 RMB compared to the end of 2024[53]. - The company's total liabilities as of June 30, 2025, were ¥9,707,668,518.98, up from ¥7,931,063,000.39 at the end of 2024, marking an increase of around 22.4%[95]. - The company's total equity decreased to ¥3,923,163,830.95 from ¥4,374,147,393.71, reflecting a decline of about 10.3%[95]. - The total equity attributable to the parent company at the end of the reporting period is CNY 5,005,258,239.05, reflecting a decrease of CNY 54,781,826.93 compared to the previous period[116]. Cash Flow - The net cash flow from operating activities for the first half of 2025 was -744,824,029.69 RMB, compared to -18,666,750.36 RMB in the same period of 2024, indicating a significant decline[106]. - Total cash inflow from operating activities decreased to 1,015,098,696.33 RMB in 2025 from 2,363,111,855.16 RMB in 2024, a drop of approximately 57.0%[106]. - Cash outflow from operating activities was 1,759,922,726.02 RMB in 2025, down from 2,381,778,605.52 RMB in 2024, reflecting a decrease of about 26.0%[106]. - The net cash flow from investing activities was -224,435,507.70 RMB in the first half of 2025, compared to -303,774,360.51 RMB in the same period of 2024, showing an improvement[107]. - Cash inflow from financing activities increased to 2,240,306,030.38 RMB in 2025 from 1,167,683,229.98 RMB in 2024, representing an increase of approximately 91.8%[107]. Investments and Acquisitions - The company completed the acquisition of 74.60% of Jiangsu Kaisheng, which has a production capacity of 1.5 million tons of photovoltaic component ultra-thin packaging materials[30]. - The company acquired a 74.60% stake in Jiangsu Kaisheng, with an initial investment of RMB 150 million, expanding its consolidation scope[41]. - The total investment for the Zigong New Energy 2000t/d photovoltaic component project is approximately RMB 1.399 billion, expected to commence in 2025[42]. Industry Challenges - The photovoltaic industry is facing severe challenges, with a significant decline in product prices and a drop in export value for two consecutive years[28]. - The company faces industry risks due to the cyclical nature of the photovoltaic sector, which is influenced by global economic conditions and policy factors[49]. Corporate Governance - The company strictly adheres to the corporate governance code and has regularly reviewed its governance practices to ensure compliance[62]. - The company will no longer have a supervisory board starting from June 27, 2025, with its powers transferred to the audit and risk committee of the board[57]. - The audit and risk committee has reviewed the interim financial statements for the six months ending June 30, 2025, and agreed with the accounting principles adopted[61]. Employee and Management Information - The company has 2,780 employees as of June 30, 2025, with a salary system based on position and skills, and all employees enjoy benefits such as social insurance and paid leave[62]. - The company has not implemented any employee stock ownership plans or other incentive measures during the reporting period[59]. Research and Development - The company's research and development expenses decreased by 42.12% to RMB 66,853,874.80 from RMB 115,510,391.60 in the previous year[35]. - Research and development expenses for the first half of 2025 were CNY 66,853,874.80, down 42.2% from CNY 115,510,391.60 in the same period of 2024, suggesting a potential shift in focus or budget allocation[100]. Shareholder Information - Total number of ordinary shareholders as of the end of the reporting period is 30,369[81]. - The largest shareholder, Hong Kong Central Clearing Limited, holds 248,238,789 shares, representing 24.82% of total shares[83]. - China Luoyang Float Glass Group holds 111,195,912 shares, accounting for 17.22% of total shares, with 55,597,956 shares pledged[83].

凯盛新能源股份有限公司 关于在中国建材集团财务有限公司 开展金融业务的风险持续评估报告 凯盛新能源股份有限公司（以下简称"本公司"）通过查验中国 建材集团财务有限公司（以下简称"财务公司"）《金融许可证》《营 业执照》等证件资料，并审阅了财务公司验资报告，对财务公司的经 营资质、业务和风险状况进行了评估，现将有关风险评估情况报告如 下： 中国建材集团财务有限公司成立于 2013 年 4 月 23 日，是经原中 国银行业监督管理委员会批准成立的非银行金融机构。 财务公司已经建立了内部控制制度体系。包括：公司章程、各项 一、中国建材集团财务有限公司基本情况 注册地址：北京市海淀区复兴路 17 号 2 号楼 9 层 法定代表人：陶铮 金融许可证机构编码：L0174H211000001 统一社会信用代码：9111000071783642X5 注册资本：47.21 亿元人民币，其中：中国建材集团有限公司（以 下简称"中国建材集团"）出资 36.79 亿元，占比 77.93%；中国建 材股份有限公司出资 10.42 亿元，占比 22.07%。 经营范围：吸收成员单位存款；办理成员单位贷款；办理成员单 位票据贴现；办理成员 ...

Core Insights - The top three companies with the highest AH premium rates are Northeast Electric (00042) at 770.97%, Hongye Futures (03678) at 252.57%, and Andeli Juice (02218) at 238.08% [1][2] - The bottom three companies with the lowest AH premium rates are CATL (03750) at -18.73%, Midea Group (00300) at 6.86%, and Heng Rui Medicine (01276) at 7.43% [1][2] - The companies with the highest deviation values are Beijing Machinery (00187) at 32.43%, Andeli Juice (02218) at 29.55%, and Fudan Zhangjiang (01349) at 29.44% [1][3] - The companies with the lowest deviation values are BYD (01211) at -84.97%, Longpan Technology (02465) at -62.46%, and GAC Group (02238) at -26.17% [1][3] AH Premium Rate Rankings - The top AH stocks by premium rate include: - Northeast Electric (00042): H-share at 0.310 HKD, A-share at 2.25 CNY, premium rate 770.97%, deviation -23.02% [2] - Hongye Futures (03678): H-share at 4.280 HKD, A-share at 12.6 CNY, premium rate 252.57%, deviation 25.11% [2] - Andeli Juice (02218): H-share at 17.780 HKD, A-share at 50.18 CNY, premium rate 238.08%, deviation 29.55% [2] - The bottom AH stocks by premium rate include: - CATL (03750): H-share at 410.200 HKD, A-share at 278.3 CNY, premium rate -18.73%, deviation 1.21% [2] - Midea Group (00300): H-share at 81.500 HKD, A-share at 72.71 CNY, premium rate 6.86%, deviation -1.78% [2] - Heng Rui Medicine (01276): H-share at 72.500 HKD, A-share at 65.03 CNY, premium rate 7.43%, deviation 11.64% [2] Deviation Value Rankings - The top AH stocks by deviation value include: - Beijing Machinery (00187): H-share at 4.950 HKD, A-share at 13.24 CNY, premium rate 220.40%, deviation 32.43% [3] - Andeli Juice (02218): H-share at 17.780 HKD, A-share at 50.18 CNY, premium rate 238.08%, deviation 29.55% [3] - Fudan Zhangjiang (01349): H-share at 3.590 HKD, A-share at 10.06 CNY, premium rate 235.65%, deviation 29.44% [3] - The bottom AH stocks by deviation value include: - BYD (01211): H-share at 115.100 HKD, A-share at 110.68 CNY, premium rate 15.18%, deviation -84.97% [3] - Longpan Technology (02465): H-share at 10.320 HKD, A-share at 14.37 CNY, premium rate 66.76%, deviation -62.46% [3] - GAC Group (02238): H-share at 3.690 HKD, A-share at 7.88 CNY, premium rate 155.83%, deviation -26.17% [3]

Core Insights - The top three companies by Hong Kong Stock Connect holding ratios are China Telecom (00728) at 74.62%, Green Power Environmental (01330) at 70.04%, and Kaisa New Energy (01108) at 68.12% [1] - Tencent Holdings (00700), Meituan-W (03690), and ZTE Corporation (00763) saw the largest increases in holding amounts over the last five trading days, with increases of +3.382 billion, +2.818 billion, and +1.546 billion respectively [1] - The largest decreases in holding amounts were observed in the Yingfu Fund (02800) at -11.264 billion, Hang Seng China Enterprises (02828) at -6.714 billion, and Southern Hang Seng Technology (03033) at -2.995 billion [1] Hong Kong Stock Connect Latest Holding Ratios - China Telecom (00728): 10.356 billion shares, 74.62% holding ratio [1] - Green Power Environmental (01330): 0.283 billion shares, 70.04% holding ratio [1] - Kaisa New Energy (01108): 0.170 billion shares, 68.12% holding ratio [1] - China Shenhua (01088): 2.300 billion shares, 68.08% holding ratio [1] - Tianjin Chuangye Environmental Protection (01065): 0.219 billion shares, 64.42% holding ratio [1] Recent Increases in Holdings (Last 5 Trading Days) - Tencent Holdings (00700): +3.382 billion, +5.5489 million shares [1] - Meituan-W (03690): +2.818 billion, +23.4807 million shares [1] - ZTE Corporation (00763): +1.546 billion, +44.259 million shares [1] - AIA Group (01299): +0.947 billion, +12.8988 million shares [1] - SMIC (00981): +0.778 billion, +13.835 million shares [1] Recent Decreases in Holdings (Last 5 Trading Days) - Yingfu Fund (02800): -11.264 billion, -43.28915 million shares [3] - Hang Seng China Enterprises (02828): -6.714 billion, -71.8073 million shares [3] - Southern Hang Seng Technology (03033): -2.995 billion, -52.7726 million shares [3] - XPeng Inc. (09868): -2.051 billion, -21.78 million shares [3] - Hua Hong Semiconductor (01347): -0.834 billion, -15.681 million shares [3]

Group 1 - The Hong Kong photovoltaic stocks generally rose, with notable increases including 3.5% for Shanshan New Energy, 2.5% for GCL-Poly Energy, and over 2% for Xinyi Solar [1][1][1] - The China Photovoltaic Industry Association recently issued an initiative to strengthen industry self-discipline, advocating for strict compliance with laws and regulations to combat malicious competition through pricing below cost [1][1][1] - Experts believe that as the process of "anti-involution" in the photovoltaic industry continues, the adjustment of polysilicon prices will gradually be accepted by the downstream market, leading to component prices returning to cost levels soon [1][1][1] Group 2 - The entire industry is expected to maintain low production loads and low profit margins as a new norm [1][1][1] - The push for "anti-involution" in the photovoltaic sector should not only focus on manufacturing but also emphasize the importance of the asset side [1][1][1]

Group 1 - The article highlights the top three companies with the highest AH premium rates as Northeast Electric (00042) at 743.75%, Hongye Futures (03678) at 241.98%, and Andeli Juice (02218) at 236.37% [1] - The bottom three companies with the lowest AH premium rates include Ningde Times (03750) at -16.43%, Heng Rui Medicine (01276) at 1.82%, and Midea Group (00300) at 4.90% [1] - The article provides a detailed table of the top ten and bottom ten AH stocks based on premium rates and deviation values, indicating significant disparities in market valuations between H-shares and A-shares [1][2] Group 2 - The deviation values for the top three companies are Andeli Juice (02218) at 32.29%, Jinli Permanent Magnet (06680) at 22.19%, and Beijing Machinery (00187) at 20.80% [1] - The companies with the lowest deviation values include BYD Company (01211) at -98.36%, Northeast Electric (00042) at -64.84%, and Longpan Technology (02465) at -51.92% [1][2] - The article emphasizes that the deviation value represents the difference between the current premium rate and the average premium rate over the past 30 days, providing insights into market trends [2]

Core Insights - The report highlights significant changes in the Hong Kong Stock Connect holdings, with notable increases and decreases in ownership percentages for various companies [1][2]. Group 1: Companies with Increased Holdings - Tongyuan Kang Pharmaceutical-B (02410) saw the largest increase in holdings, up by 5.25%, bringing its total to 14.57% [2]. - ZTE Corporation (00763) experienced a 2.17% increase, resulting in a total holding of 52.34% [2]. - Kaisa New Energy (01108) had a 2.04% increase, with a current holding of 67.68% [2]. - Other companies with notable increases include Lens Technology (06613) (+1.87% to 8.79%) and Jintian Copper (06680) (+1.77% to 23.92%) [2]. Group 2: Companies with Decreased Holdings - Hang Seng China Enterprises (02828) faced the largest decrease, down by 16.78%, now holding 3.33% [2]. - The Yingfu Fund (02800) saw a reduction of 6.51%, with a current holding of 2.61% [2]. - Southern Hang Seng Technology (03033) decreased by 4.40%, now at 58.58% [2]. - Other notable decreases include Nanjing Panda Electronics (00553) (-2.23% to 44.31%) and Hongye Futures (03678) (-0.92% to 63.83%) [2]. Group 3: Five-Day Holding Changes - In the last five trading days, Yimai Sunshine (02522) had the highest increase at 6.09%, reaching 39.65% [3]. - Longpan Technology (02465) increased by 5.49%, now at 50.61% [3]. - Tongyuan Kang Pharmaceutical-B (02410) also increased by 5.32% [3]. - Companies with notable decreases include Dongyang Sunshine Pharmaceutical (06887) (-4.29% to 44.53%) and Zhejiang Shibao (01057) (-2.87% to 55.69%) [3]. Group 4: Twenty-Day Holding Changes - Changfei Optical Fiber (06869) had the largest increase over twenty days, up by 23.37% to 56.18% [4]. - Meizhong Jiahe (02453) increased by 11.80%, now at 37.50% [4]. - Yimai Sunshine (02522) also saw a significant increase of 10.51% [4]. - Companies with notable decreases include Chongqing Steel (01053) (-7.51% to 32.02%) and Dongfang Electric (01072) (-6.56% to 37.36%) [4].

Group 1 - The article highlights the top three companies with the highest AH premium rates as Northeast Electric (00042) at 757.14%, Andeli Juice (02218) at 241.27%, and Hongye Futures (03678) at 236.23% [1] - The bottom three companies with the lowest AH premium rates include Ningde Times (03750) at -17.71%, Hengrui Medicine (01276) at 0.88%, and Midea Group (00300) at 6.01% [1] - The article also lists the top three companies with the highest deviation values, which are Andeli Juice (02218) at 39.59%, Beijing Machinery (00187) at 28.23%, and Kaisen New Energy (01108) at 18.28% [1] Group 2 - The article provides a detailed table of the top ten AH stocks by premium rate, showing significant premiums for companies like Northeast Electric and Andeli Juice [1] - It also includes a table of the bottom ten AH stocks by premium rate, indicating negative premiums for companies like Ningde Times and Hengrui Medicine [2] - The deviation values for the top ten AH stocks are presented, with Andeli Juice leading, indicating a significant difference from their average premium rates over the past 30 days [2]

Group 1 - The core viewpoint of the article highlights the stock performance of Kaisheng New Energy, which closed at 11.39 yuan on August 21, experiencing a slight decline of 0.06 yuan or 0.52% from the previous trading day [1] - The company operates in the photovoltaic equipment manufacturing sector, with main products including glass substrates [1] - Kaisheng New Energy is listed in the Henan region and is included in the Shanghai-Hong Kong Stock Connect program [1] Group 2 - On August 21, the stock opened at 11.25 yuan, reached a high of 11.53 yuan, and a low of 11.20 yuan, with a trading volume of 86,435 hands and a transaction amount of 0.98 billion yuan [1] - The net inflow of main funds into Kaisheng New Energy on August 21 was 3.6461 million yuan, with a cumulative net inflow of 10.3396 million yuan over the past five trading days [1] - A rapid rebound in stock price was observed at 10:05 AM, where the price surged over 2% within five minutes, with a transaction amount reaching 53.4292 million yuan [1]

格隆汇8月19日丨凯盛新能(01108.HK)宣布，公司将于2025年8月29日(星期五)召开董事会会议，以审议 并酌情批准(其中包括)公司及其附属公司截至2025年6月30日止六个月的未经审计的业绩。 ...