股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 金陽新能源科技控股有限公司 呈交日期: 2025年10月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01121 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | USD | | 0.01 USD | | 50,000,000 | | 增加 / 減少 (-) | | | 0 | | | USD | | 0 | | 本月底結存 | | | 5,000,000,000 | USD | | 0.01 USD | | 50,000,000 | 本月底法定/註冊股本總額： USD 50 ...

Corporate Information 公司資料 BOARD OF DIRECTORS Executive Directors Mr. KANG Chuang (Chairman) Mr. ZHENG Jingdong Non-Executive Director Ms. LIN Weihuan Independent Non-Executive Directors Dr. ZHANG Baoping Mr. CHEN Shaohua Professor ZHAO Jinbao BOARD COMMITTEES Audit Committee Mr. CHEN Shaohua (Chairperson) Professor ZHAO Jinbao Dr. ZHANG Baoping Remuneration Committee Dr. ZHANG Baoping (Chairperson) Professor ZHAO Jinbao Mr. CHEN Shaohua Nomination Committee Professor ZHAO Jinbao (Chairperson) Mr. CHEN Shao ...

Group 1 - Jinyang New Energy's stock price increased by nearly 10% in early trading, currently up 7.43% at HKD 1.88, with a trading volume of HKD 1.0713 million [1] - Changjiang Securities reported that this year's photovoltaic equipment orders are still constrained by the slowdown in industry expansion trends, but leading BC manufacturers are relatively proactive in expansion, with a higher value per GW of equipment [1] - It is estimated that BC expansion will reach 50-60 GW this year, providing order resilience [1] Group 2 - The photovoltaic industry has seen further policy deepening to counteract excessive competition, which has limited capacity expansion but has not changed the demand for high-quality, high-efficiency products [1] - There is a focus on the application of TOPCon+ technology and the realization of BC expansion demand [1]

Group 1 - The core viewpoint of the article highlights that Jinyang New Energy (01121) experienced a nearly 10% increase in early trading, currently up 8% at HKD 1.89, with a transaction volume of HKD 977,100 [1] - Changjiang Securities released a report indicating that this year's photovoltaic equipment orders are still constrained by the slowdown in industry expansion trends, but the proactive expansion by leading BC manufacturers and the relatively high value of single GW will provide order resilience [1] - It is expected that BC expansion will reach 50-60 GW this year, with a focus on the application of TOPCon+ technology and the demand for BC expansion [1] Group 2 - In September 2024, Jinyang New Energy established a joint venture with Junshi Energy and Longi Green Energy (601012) to upgrade four PERC production lines at Longi's Xi'an aerospace industrial base to HBC production lines [1] - Additionally, in April 2025, Jinyang New Energy announced a joint venture with Fujian Jinshi (Junshi Energy) and Yiwu Jinko to upgrade 4 GW of PERC capacity to HBC capacity, with Jinyang New Energy providing the HBC battery patent technology usage rights for the joint venture [1]

Core Viewpoint - Jinyang New Energy (01121) has seen a significant stock price increase, rising nearly 10% in early trading, attributed to positive market sentiment and strategic partnerships in the photovoltaic sector [1] Industry Summary - The photovoltaic equipment orders are currently constrained by a slowdown in industry expansion trends, but leading BC manufacturers are actively expanding, which is expected to provide order resilience [1] - It is projected that BC expansion will reach 50-60 GW this year, indicating a strong demand for high-quality, high-efficiency products despite restrictions on capacity expansion [1] - The industry is focusing on the application of TOPCon+ technology and the demand for BC expansion [1] Company Summary - In September 2024, Jinyang New Energy will establish a joint venture with Junshi Energy and Longi Green Energy to upgrade four PERC production lines at Longi's Xi'an Aerospace Industrial Base to HBC production lines [1] - By April 2025, Jinyang New Energy will announce a partnership with Fujian Jinshi and Yiwu JA Solar to upgrade 4 GW of PERC capacity to HBC capacity, with Jinyang providing HBC battery patent technology rights to the joint venture [1]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 金陽新能源科技控股有限公司 呈交日期: 2025年9月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01121 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | USD | | 0.01 USD | | 50,000,000 | | 增加 / 減少 (-) | | | 0 | | | USD | | 0 | | 本月底結存 | | | 5,000,000,000 | USD | | 0.01 USD | | 50,000,000 | 本月底法定/註冊股本總額： USD 50, ...

[Company Overview](index=1&type=section&id=%E5%85%AC%E5%8F%B8%E6%A6%82%E8%A7%88) This section provides an overview of the company's interim results, business scope, and financial statement preparation basis [Report Introduction](index=1&type=section&id=%E5%A0%B1%E5%91%8A%E4%BB%8B%E7%B4%B9) This announcement discloses the unaudited condensed consolidated interim results of Golden Solar New Energy Technology Holdings Limited for the six months ended June 30, 2025, with comparative data for 2024 - This release presents the unaudited condensed consolidated interim results of Golden Solar New Energy Technology Holdings Limited for the six months ended June 30, 2025[2](index=2&type=chunk)[3](index=3&type=chunk) - The condensed consolidated interim results have been reviewed by the company's audit committee without objection[4](index=4&type=chunk) [Company Information](index=6&type=section&id=%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E8%B3%87%E6%96%99) Golden Solar New Energy Technology Holdings Limited is an investment holding company listed on the HKEX, primarily engaged in manufacturing and selling footwear, graphene, and photovoltaic products - The company's principal business is investment holding, engaged in the production and sale of various products, including Baoren brand products, graphene products, OEM products, and photovoltaic products[10](index=10&type=chunk) - The ultimate controlling shareholder of the company is Mr. Qiu Xinwang[11](index=11&type=chunk) [Basis of Preparation](index=6&type=section&id=%E7%B7%A8%E8%A3%BD%E5%9F%BA%E6%BA%96) Interim financial statements are prepared under IAS 34 and HKEX Listing Rules, applying consistent accounting policies, with no material impact from the new IAS 21 amendment - The interim financial statements are prepared in accordance with International Accounting Standard 34 and Appendix D2 of the HKEX Listing Rules[12](index=12&type=chunk) - The first-time application of International Accounting Standard 21 (Amendment) "Lack of Exchangeability" had no material impact on the financial performance and position for the current period[13](index=13&type=chunk)[14](index=14&type=chunk) [Condensed Consolidated Financial Statements](index=2&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8) This section presents the group's condensed consolidated financial statements, including statements of profit or loss, financial position, and changes in equity [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) Group revenue for the six months ended June 30, 2025, significantly decreased by 50.5% to RMB 63,084 thousand, resulting in a gross loss Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income Key Data | Indicator | June 30, 2025 (RMB thousands) | June 30, 2024 (RMB thousands) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 63,084 | 127,481 | -50.5% | | Gross (Loss)/Profit | (3,612) | 13,267 | -127.2% | | Loss Before Tax | (159,169) | (157,845) | +0.8% | | Loss and Total Comprehensive Expense for the Period | (159,336) | (158,184) | +0.7% | | Basic Loss Per Share | (0.088) | (0.087) | +1.1% | [Condensed Consolidated Statement of Financial Position](index=3&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) As of June 30, 2025, the group's net assets decreased by 22.6% to RMB 295,989 thousand, shifting to a net current liability position Condensed Consolidated Statement of Financial Position Key Data | Indicator | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Non-current Assets | 380,657 | 327,292 | +16.3% | | Current Assets | 278,818 | 368,889 | -24.4% | | Current Liabilities | 336,291 | 277,644 | +21.1% | | Net Current (Liabilities)/Assets | (57,473) | 91,245 | -163.0% | | Net Assets | 295,989 | 382,386 | -22.6% | [Condensed Consolidated Statement of Changes in Equity](index=5&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%AC%8A%E7%9B%8A%E8%AE%8A%E5%8B%95%E8%A1%A8) Group equity decreased from RMB 382,386 thousand to RMB 295,989 thousand, mainly due to the period's loss, partially offset by share-based payments Condensed Consolidated Statement of Changes in Equity Key Data | Indicator | January 1, 2025 (RMB thousands) | June 30, 2025 (RMB thousands) | Change (RMB thousands) | | :--- | :--- | :--- | :--- | | Total Equity | 382,386 | 295,989 | (86,397) | | Loss and Total Comprehensive Expense for the Period | - | (159,336) | (159,336) | | Equity-settled Share-based Payments | - | 72,933 | 72,933 | [Notes to the Financial Statements](index=7&type=section&id=%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8%E9%99%84%E8%A8%BB) This section provides detailed notes to the financial statements, covering segment information, revenue, expenses, and financial position items [Segment Information](index=7&type=section&id=%E5%88%86%E9%83%A8%E8%B3%87%E6%96%99) The group's business is segmented into Baoren brand, Graphene, OEM, and Photovoltaic products, with significant revenue declines in OEM and Photovoltaic segments - The group is divided into four reportable operating segments: Baoren brand products, Graphene products, OEM, and Photovoltaic products[15](index=15&type=chunk) [Segment Revenue and Results](index=8&type=section&id=%E5%88%86%E9%83%A8%E6%94%B6%E7%9B%8A%E8%88%87%E6%A5%AD%E7%B8%BE) For the six months ended June 30, 2025, OEM and Photovoltaic segment revenues significantly decreased by 48.9% and 77.8% respectively Segment Revenue and Results (For the six months ended June 30, 2025) | Segment | Revenue (RMB thousands) | Results (RMB thousands) | | :--- | :--- | :--- | | Baoren Brand Products | 1,818 | (846) | | Graphene Products | 1,764 | 392 | | OEM | 56,833 | (6,510) | | Photovoltaic Products | 2,669 | (43,876) | | **Total** | **63,084** | **(50,840)** | Segment Revenue and Results (For the six months ended June 30, 2024) | Segment | Revenue (RMB thousands) | Results (RMB thousands) | | :--- | :--- | :--- | | Baoren Brand Products | 1,997 | (421) | | Graphene Products | 2,288 | 221 | | OEM | 111,172 | 14,019 | | Photovoltaic Products | 12,024 | (63,726) | | **Total** | **127,481** | **(49,907)** | [Segment Assets and Liabilities](index=9&type=section&id=%E5%88%86%E9%83%A8%E8%B3%87%E7%94%A2%E8%88%87%E8%B2%A0%E5%82%B5) As of June 30, 2025, total group assets were RMB 498,410 thousand and liabilities RMB 99,271 thousand, with Photovoltaic holding the largest segment share Segment Assets and Liabilities (As of June 30, 2025) | Segment | Assets (RMB thousands) | Liabilities (RMB thousands) | | :--- | :--- | :--- | | Baoren Brand Products | 3,251 | 1,288 | | Graphene Products | 8,222 | 3,931 | | OEM | 101,596 | 40,253 | | Photovoltaic Products | 385,341 | 53,799 | | **Total** | **498,410** | **99,271** | Segment Assets and Liabilities (As of December 31, 2024) | Segment | Assets (RMB thousands) | Liabilities (RMB thousands) | | :--- | :--- | :--- | | Baoren Brand Products | 3,268 | 1,258 | | Graphene Products | 9,907 | 4,514 | | OEM | 165,110 | 63,537 | | Photovoltaic Products | 418,193 | 75,317 | | **Total** | **596,478** | **144,626** | [Geographical Information](index=10&type=section&id=%E5%9C%B0%E5%8D%80%E8%B3%87%E6%96%99) Revenue from the United States significantly decreased to RMB 51,122 thousand, while China remains the primary operating location for non-current assets Revenue from External Customers (By Geographical Region) | Region | June 30, 2025 (RMB thousands) | June 30, 2024 (RMB thousands) | YoY Change (%) | | :--- | :--- | :--- | :--- | | China | 8,083 | 8,099 | -0.2% | | United States | 51,122 | 102,866 | -50.3% | | Europe | 1,193 | 6,760 | -82.4% | | Southeast Asia | 161 | 1,331 | -87.9% | | **Total** | **63,084** | **127,481** | **-50.5%** | - As of June 30, 2025, the group's non-current assets are primarily located in China (RMB 380,649 thousand)[21](index=21&type=chunk) [Major Customer Information](index=11&type=section&id=%E4%B8%BB%E8%A6%81%E5%AE%A2%E6%88%B6%E8%B3%87%E6%96%99) Major customers A and B, both in the OEM segment, experienced significant revenue declines, though they remain key contributors to total sales Major Customer Revenue Contribution | Customer | June 30, 2025 (RMB thousands) | June 30, 2024 (RMB thousands) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Customer A | 28,767 | 58,873 | -51.1% | | Customer B | 18,856 | 44,087 | -57.3% | - Major customers A and B are both included in the OEM segment[22](index=22&type=chunk) [Revenue, Other Income and Gains, Net](index=11&type=section&id=%E6%94%B6%E7%9B%8A%E3%80%81%E5%85%B6%E4%BB%96%E6%94%B6%E5%85%A5%E5%8F%8A%E6%94%B6%E7%9B%8A%E6%B7%A8%E9%A1%8D) Total group revenue was RMB 63,084 thousand, with other income and gains decreasing to RMB 7,323 thousand, primarily due to lower interest and exchange gains Other Income and Gains, Net Analysis | Item | June 30, 2025 (RMB thousands) | June 30, 2024 (RMB thousands) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Interest Income | 263 | 708 | -62.9% | | Sale of Scraps | 62 | 118 | -47.5% | | Rental Income from Investment Properties | 2,332 | 2,401 | -2.9% | | Government Grants | 3,339 | 1,795 | +85.0% | | Net Exchange Gains | 693 | 2,985 | -76.8% | | **Total** | **7,323** | **8,407** | **-12.9%** | [Finance Costs](index=12&type=section&id=%E8%9E%8D%E8%B3%87%E6%88%90%E6%9C%AC) Finance costs increased to RMB 4,745 thousand for the six months ended June 30, 2025, primarily driven by interest on bank and other borrowings Finance Costs Composition | Item | June 30, 2025 (RMB thousands) | June 30, 2024 (RMB thousands) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Interest on Bank and Other Borrowings | 3,040 | 2,085 | +45.8% | | Interest on Lease Liabilities | 1,237 | 1,791 | -30.9% | | Imputed Interest on Deferred Rental Income | 468 | 353 | +32.6% | | **Total** | **4,745** | **4,229** | **+12.2%** | [Loss Before Tax](index=13&type=section&id=%E9%99%A4%E7%A8%85%E5%89%8D%E虧%E6%90%8D) Loss before tax was RMB 159,169 thousand, driven by costs of inventories sold, depreciation, and employee benefits, including share-based payments Loss Before Tax Key Components | Item | June 30, 2025 (RMB thousands) | June 30, 2024 (RMB thousands) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Cost of Inventories Sold | 66,696 | 114,214 | -41.6% | | Depreciation of Property, Plant and Equipment | 10,734 | 9,526 | +12.7% | | Depreciation of Right-of-use Assets | 12,440 | 11,841 | +5.1% | | Total Employee Benefit Expenses | 133,005 | 143,497 | -7.3% | | Of which: Equity-settled Share-based Payments | 72,933 | 80,218 | -9.0% | | Impairment Loss on Intangible Assets | 691 | 281 | +146.0% | [Income Tax Expense](index=14&type=section&id=%E6%89%80%E5%BE%97%E7%A8%85%E9%96%8B%E6%94%AF) Income tax expense decreased to RMB 167 thousand, primarily due to the impact of deferred tax Income Tax Expense Analysis | Item | June 30, 2025 (RMB thousands) | June 30, 2024 (RMB thousands) | YoY Change (%) | | :--- | :--- | :--- | :--- | | PRC Enterprise Income Tax (Current Period) | 178 | 1,017 | -82.5% | | Under-provision in Prior Years | 60 | 83 | -27.8% | | Deferred Tax | (71) | (761) | -90.7% | | **Total Tax Expense for the Period** | **167** | **339** | **-50.7%** | [Dividends](index=14&type=section&id=%E8%82%A1%E6%81%AF) The Board did not recommend any interim dividends for the periods ended June 30, 2025, and 2024 - The company did not recommend any interim dividends for the periods ended June 30, 2025, and 2024[28](index=28&type=chunk) [Loss Per Share](index=14&type=section&id=%E6%AF%8F%E8%82%A1%E虧%E6%90%8D) Basic loss per share was RMB 0.088, slightly higher than prior period, with diluted loss per share not calculated due to anti-dilutive effect Loss Per Share Data | Indicator | June 30, 2025 (RMB) | June 30, 2024 (RMB) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Loss Per Share | (0.088) | (0.087) | +1.1% | | Weighted Average Number of Shares in Issue | 1,813,269,608 | 1,814,277,795 | -0.06% | - Diluted loss per share was not calculated as the exercise of share options would result in a decrease in loss per share, thus considered anti-dilutive[29](index=29&type=chunk) [Investment Properties](index=15&type=section&id=%E6%8A%95%E8%B3%87%E7%89%A9%E6%A5%AD) The fair value of investment properties was RMB 66,017 thousand, slightly down due to fair value losses, with some leased land pledged as collateral for bank financing Investment Properties Fair Value | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | Change (RMB thousands) | | :--- | :--- | :--- | :--- | | Fair Value of Investment Properties | 66,017 | 66,421 | (404) | - As of June 30, 2025, leased land within investment properties with a value of approximately **RMB 35,443 thousand** was pledged as collateral for the group's bank financing[31](index=31&type=chunk) [Interests in an Associate](index=15&type=section&id=%E6%96%BC%E8%81%AF%E7%87%9F%E5%85%AC%E5%8F%B8%E4%B9%8B%E6%AC%8A%E7%9B%8A) The group invested RMB 71,000 thousand in associate Jinlong for production line upgrades, acquiring a 27.31% equity interest via a non-related party loan - The group's indirect wholly-owned subsidiary, Jinyang (Quanzhou), invested **RMB 71,000 thousand** in the joint venture Jinlong, acquiring a **27.31% equity interest** for production line upgrades[32](index=32&type=chunk)[34](index=34&type=chunk) - This cash contribution was funded by a **RMB 71,000 thousand** loan obtained from a non-related party company[33](index=33&type=chunk) [Trade and Bills Receivables](index=16&type=section&id=%E6%87%89%E6%94%B6%E8%B2%BF%E6%98%93%E8%B3%B4%E6%AC%BE%E5%8F%8A%E6%87%89%E6%94%B6%E7%A5%A8%E6%93%9A) Trade and bills receivables significantly decreased to RMB 63,855 thousand, primarily from reduced short-term receivables Trade and Bills Receivables Aging Analysis | Aging | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | Change (RMB thousands) | | :--- | :--- | :--- | :--- | | Within 3 months | 30,180 | 89,043 | (58,863) | | 4 to 6 months | 17,596 | 25,894 | (8,298) | | Over 6 months | 16,079 | 29,358 | (13,279) | | **Total** | **63,855** | **144,295** | **(80,440)** | - The group generally grants credit periods of one to three months to its customers[35](index=35&type=chunk) [Trade Payables](index=17&type=section&id=%E6%87%89%E4%BB%98%E8%B2%BF%E6%98%93%E8%B3%B4%E6%AC%BE) Trade payables decreased to RMB 42,460 thousand, mainly due to a reduction in payables within three months Trade Payables Aging Analysis | Aging | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | Change (RMB thousands) | | :--- | :--- | :--- | :--- | | Within 3 months | 23,945 | 60,409 | (36,464) | | Over 3 months | 18,515 | 11,481 | 7,034 | | **Total** | **42,460** | **71,890** | **(29,430)** | - Trade payables are non-interest bearing and generally repayable within six months[36](index=36&type=chunk) [Borrowings](index=17&type=section&id=%E5%80%9F%E8%B2%B8) Total borrowings increased to RMB 176,381 thousand, largely due to a new RMB 71,000 thousand unsecured loan for associate Jinlong investment Borrowings Composition | Borrowing Type | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | Change (RMB thousands) | | :--- | :--- | :--- | :--- | | Secured Bank Loans Repayable Within One Year | 100,200 | 100,200 | 0 | | Unsecured Loans Repayable Within One Year | 71,000 | – | 71,000 | | Unsecured Loans Repayable After One Year | 5,181 | – | 5,181 | | **Total** | **176,381** | **100,200** | **76,181** | - Borrowing interest rates range from **3.00% to 8.00%** per annum[38](index=38&type=chunk) - The new **RMB 71,000 thousand** unsecured loan was obtained for the cash contribution to associate Jinlong[39](index=39&type=chunk) [Share Capital](index=18&type=section&id=%E8%82%A1%E6%9C%AC) As of June 30, 2025, the company's issued and fully paid share capital was RMB 120,790 thousand, comprising 1,813,269,608 ordinary shares Share Capital Details | Item | June 30, 2025 (Number of Shares) | June 30, 2025 (RMB thousands) | | :--- | :--- | :--- | | Number of Authorized Ordinary Shares | 5,000,000,000 | 342,400 | | Number of Issued and Fully Paid Ordinary Shares | 1,813,269,608 | 120,790 | - No shares were issued, repurchased, or cancelled by the company during the period[40](index=40&type=chunk) [Business Review and Future Outlook](index=20&type=section&id=%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7%E8%88%87%E6%9C%AA%E4%BE%86%E5%B1%95%E6%9C%9B) This section reviews the group's financial performance, product category revenue, operating expenses, liquidity, and outlines future strategies [Overall Financial Performance Review](index=20&type=section&id=%E6%95%B4%E9%AB%94%E8%B2%A1%E5%8B%99%E8%A1%A8%E7%8F%BE%E5%9B%9E%E9%A1%A7) Group revenue decreased by 50.5% to RMB 63.1 million, resulting in a gross loss, while net loss slightly increased to RMB 159.3 million, mainly from non-cash share-based payments - Revenue for the period decreased by approximately **RMB 64.4 million** or **50.5%** to approximately **RMB 63.1 million**, primarily due to a decrease in OEM business revenue[41](index=41&type=chunk) - The group recorded a gross loss of approximately **RMB 3.6 million** for the period, with a gross loss margin of approximately **5.7%**, compared to a gross profit margin of approximately 10.4% in the prior period[41](index=41&type=chunk) - Net loss was approximately **RMB 159.3 million**, mainly attributable to equity-settled share-based payments of approximately **RMB 72.9 million** (a non-cash item)[42](index=42&type=chunk) [Revenue by Product Category](index=21&type=section&id=%E6%8C%89%E7%94%A2%E5%93%81%E9%A1%9E%E5%88%A5%E5%88%86%E9%A1%9E%E7%9A%84%E6%94%B6%E7%9B%8A) All product categories experienced revenue declines, with Photovoltaic and OEM businesses showing the most significant decreases Revenue by Product Category Change | Product Category | June 30, 2025 (RMB thousands) | June 30, 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Baoren Brand Products | 1,818 | 1,997 | (9.0%) | | Graphene Products | 1,764 | 2,288 | (22.9%) | | OEM Business | 56,833 | 111,172 | (48.9%) | | Photovoltaic Products | 2,669 | 12,024 | (77.8%) | | **Total** | **63,084** | **127,481** | **(50.5%)** | [Baoren Brand Products](index=21&type=section&id=%E5%AF%B6%E4%BA%BA%E7%89%8C%E7%94%A2%E5%93%81) Baoren brand product revenue decreased by 9.0% to RMB 1.8 million, attributed to intensified domestic competition in China - Baoren brand product revenue decreased by **9.0%** to **RMB 1.8 million**, attributed to intensified domestic competition in China[44](index=44&type=chunk) [Graphene Products](index=21&type=section&id=%E7%9F%B3%E5%A2%A8%E7%83%AF%E7%94%A2%E5%93%81) Graphene product revenue decreased by 22.9% to RMB 1.8 million, primarily due to reduced sales of air conditioning system sterilization components - Graphene product revenue decreased by **22.9%** to **RMB 1.8 million**, primarily due to reduced sales of air conditioning system sterilization components[45](index=45&type=chunk) [OEM Business](index=21&type=section&id=OEM%E6%A5%AD%E5%8B%99) OEM business revenue significantly dropped by 48.9% to RMB 56.8 million, resulting in a gross loss due to US tariffs and competitive pricing - OEM business revenue decreased by **48.9%** to **RMB 56.8 million**, and recorded a gross loss, mainly affected by adjustments in US import tariff policies and intense price competition from Southeast Asian manufacturers[46](index=46&type=chunk) [Photovoltaic Products](index=22&type=section&id=%E5%85%89%E4%BC%8F%E7%94%A2%E5%93%81) Photovoltaic product revenue decreased by 77.8% to RMB 2.7 million, as the group transitions to flexible solar modules and high-efficiency HBC solar cell technology licensing - Photovoltaic product revenue decreased by **77.8%** to **RMB 2.7 million**, primarily due to the group's transition from traditional solar glass modules to flexible solar modules and high-efficiency HBC solar cell technology licensing business[47](index=47&type=chunk) - The HBC licensee's factory is still under construction, with future licensing revenue anticipated[47](index=47&type=chunk) [Operating Expense Analysis](index=22&type=section&id=%E7%B6%93%E7%87%9F%E9%96%8B%E6%94%AF%E5%88%86%E6%9E%90) Sales and distribution expenses, general and administrative expenses, and R&D costs all decreased, with the latter focusing on HBC solar cell technology cost reduction - Sales and distribution expenses decreased by **26.6%** to **RMB 10.0 million**, mainly due to reduced marketing and promotional activities in overseas markets[48](index=48&type=chunk) - General and administrative expenses decreased by **5.5%** to **RMB 117.4 million**, primarily due to a decrease of approximately **RMB 7.3 million** in equity-settled share-based payments[49](index=49&type=chunk) - Research and development costs decreased by approximately **RMB 2.9 million** to **RMB 29.9 million**, primarily focused on developing cost reduction solutions for HBC solar cell technology[50](index=50&type=chunk) [Liquidity and Capital Structure](index=23&type=section&id=%E6%B5%81%E5%8B%95%E6%80%A7%E8%88%87%E8%B3%87%E6%9C%AC%E6%9E%B6%E6%A7%8B) Net cash inflow from operating activities was RMB 9.2 million, but cash balances decreased by 25.7%, and total borrowings increased, raising the gearing ratio to 121.3% - Net cash inflow from operating activities for the period was approximately **RMB 9.2 million**[51](index=51&type=chunk) Cash and Bank Balances and Borrowings | Indicator | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 23,700 | 31,900 | -25.7% | | Total Borrowings | 176,400 | 100,200 | +76.0% | | Gearing Ratio | 121.3% | 80.7% | +40.6 percentage points | - The increase in gearing ratio was primarily due to increased borrowings for the cash contribution to associate Jinlong[51](index=51&type=chunk) [Significant Investments and Asset Pledges](index=23&type=section&id=%E9%87%8D%E5%A4%A7%E6%8A%95%E8%B3%87%E8%88%87%E8%B3%87%E7%94%A2%E6%8A%B5%E6%8A%BC) The group invested 27.31% in associate Jinlong, with certain buildings, leased land, and investment properties pledged as collateral for bank borrowings - The group's indirect wholly-owned subsidiary, Quanzhou Jinyang, made a **27.31% equity investment** in associate Jinlong[53](index=53&type=chunk) - Approximately **RMB 2.1 million** in buildings, **RMB 3.5 million** in leased land within right-of-use assets, and **RMB 35.4 million** in leased land within investment properties were pledged as collateral for bank borrowings[54](index=54&type=chunk) [Use of Net Proceeds from 2022 Placing](index=24&type=section&id=%E4%BA%8C%E9%9B%B6%E4%BA%8C%E4%BA%8C%E5%B9%B4%E9%85%8D%E5%94%AE%E4%BA%8B%E9%A0%85%E6%89%80%E5%BE%97%E6%AC%BE%E9%A0%85%E6%B7%A8%E9%A1%8D%E7%94%A8%E9%80%94) Most of the RMB 407,291 thousand net proceeds from the 2022 placing have been utilized, with RMB 2,240 thousand remaining for flexible module raw materials Use of Net Proceeds from 2022 Placing | Intended Use | Net Proceeds (RMB thousands) | Unutilized Balance as of Jan 1, 2025 (RMB thousands) | Utilized as of June 30, 2025 (RMB thousands) | Unutilized Balance as of June 30, 2025 (RMB thousands) | | :--- | :--- | :--- | :--- | :--- | | Procurement costs and processing fees for raw materials for monocrystalline silicon wafers and solar modules | 156,952 | – | – | – | | Renovation of ingot furnaces | 61,358 | – | – | – | | Procurement of other peripheral production equipment | 49,086 | – | – | – | | Procurement of HBC solar cell and module and flexible module production equipment | 14,726 | – | – | – | | Procurement costs for raw materials for flexible modules | 2,454 | 2,401 | 161 | 2,240 | | Potential strategic equity investments | 40,905 | – | – | – | | General working capital | 81,810 | – | – | – | | **Total** | **407,291** | **2,401** | **161** | **2,240** | - The remaining unutilized net proceeds of **RMB 2,240 thousand** are expected to be used by December 31, 2025, or earlier[59](index=59&type=chunk) [Future Outlook and Strategies](index=25&type=section&id=%E6%9C%AA%E4%BE%86%E5%B1%95%E6%9C%9B%E8%88%87%E7%AD%96%E7%95%A5) The group anticipates OEM business recovery, transitions its photovoltaic business to flexible modules and HBC technology licensing, and is developing LMFP battery technology for a dual-engine new energy strategy - The OEM business is expected to recover in the second half of 2025 due to temporary reductions in US retaliatory tariffs[61](index=61&type=chunk) - The photovoltaic product business is transitioning to flexible solar modules and high-efficiency HBC solar cell technology licensing, with patent licensing agreements signed with two of the top three industry manufacturers[62](index=62&type=chunk) - Completed pilot and final testing of HBC-specific low-silver content silver-copper paste and complementary insulating ink, initiating mass production planning[63](index=63&type=chunk) - Flexible products successfully entered the supplier list of globally renowned RV and outdoor product providers, achieving comprehensive product development and cooperation[63](index=63&type=chunk) - Successfully developed **100% pure Lithium Manganese Iron Phosphate (LMFP)** battery technology and signed an industrialization cooperation agreement with a major automotive manufacturer[63](index=63&type=chunk) - The group will continue to invest resources in developing technologies with higher efficiency than HBC 27.5% cells and simpler production processes, leveraging technological advantages in energy storage to form a dual-engine new energy strategy of power generation and storage[64](index=64&type=chunk) [Other Information](index=24&type=section&id=%E5%85%B6%E4%BB%96%E8%B3%87%E6%96%99) This section covers contingent liabilities, foreign exchange risk, human resources, corporate governance, audit committee review, and post-reporting period events [Contingent Liabilities](index=24&type=section&id=%E6%88%96%E7%84%B6%E8%B2%A0%E5%82%B5) The group had no significant contingent liabilities as of June 30, 2025, and December 31, 2024 - The group had no significant contingent liabilities as of June 30, 2025, and December 31, 2024[55](index=55&type=chunk) [Foreign Exchange Risk](index=24&type=section&id=%E5%A4%96%E5%8C%AF%E9%A2%A8%E9%9A%AA) The group's revenue is primarily denominated in USD and RMB, while costs are mainly in RMB, with management monitoring and considering hedging foreign exchange risk - The group's revenue is primarily denominated in **USD** and **RMB**, while costs and expenses are mainly denominated in **RMB**[56](index=56&type=chunk) - Management monitors foreign exchange risk and will consider hedging significant foreign currency exposures when necessary[56](index=56&type=chunk) [Human Resources](index=24&type=section&id=%E4%BA%BA%E5%8A%9B%E8%B3%87%E6%BA%90) As of June 30, 2025, the group had approximately 1,130 employees with total staff costs of RMB 133.0 million, and a remuneration policy based on merit and a share option scheme Human Resources Overview | Indicator | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Number of Employees | 1,130 | 1,020 | +110 | | Total Staff Costs (RMB thousands) | 133,000 | 143,500 | -10,500 | - The remuneration policy is based on employee strengths, qualifications, and capabilities, with a share option scheme to incentivize directors and eligible employees[57](index=57&type=chunk) [Corporate Governance](index=27&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB) The company's board and management are committed to good corporate governance, complying with the Corporate Governance Code and Standard Securities Trading Code - The company has complied with the provisions of the Corporate Governance Code set out in Appendix C1 Part 2 of the Listing Rules throughout the period[66](index=66&type=chunk) - All directors confirmed compliance with the Standard Securities Trading Code for directors as set out in Appendix C3 of the Listing Rules[67](index=67&type=chunk) [Audit Committee Review](index=28&type=section&id=%E5%AF%A9%E6%A0%B8%E5%A7%94%E5%93%A1%E6%9C%83%E5%AF%A9%E9%96%B1) The Audit Committee, comprising three independent non-executive directors, reviewed the unaudited interim financial statements without objection - The Audit Committee, comprising three independent non-executive directors, reviewed the unaudited interim financial statements without objection[68](index=68&type=chunk) [Events After the Reporting Period](index=28&type=section&id=%E5%AF%A9%E9%96%B1%E6%9C%9F%E9%96%93%E5%BE%8C%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A0%85) No significant events affecting the group have occurred since June 30, 2025, the end of the reporting period - No significant events affecting the group have occurred since June 30, 2025[70](index=70&type=chunk) [Board of Directors Information](index=28&type=section&id=%E8%91%A3%E4%BA%8B%E6%9C%83%E8%B3%87%E6%96%99) This announcement lists the Board of Directors as of the publication date, including executive, non-executive, and independent non-executive directors - As of the publication date, the Board of Directors includes executive directors Mr. Kang Zhuang and Mr. Zheng Jingdong, non-executive director Ms. Lin Weihuan, and independent non-executive directors Dr. Zhang Baoping, Mr. Chen Shaohua, and Professor Zhao Jinbao[71](index=71&type=chunk)

Core Viewpoint - Jinyang New Energy (01121) has seen a significant stock price increase, rising over 7% and currently trading at 1.48 HKD, amid positive developments in the photovoltaic industry [1] Group 1: Company Developments - Jinyang New Energy will hold a board meeting on August 29 to approve its mid-term performance [1] - The company is collaborating with Juneng Power and Longi Green Energy to establish a joint venture aimed at upgrading four PERC production lines at Longi's Xi'an Aerospace Industrial Base to HBC production lines by September 2024 [1] - In April 2025, Jinyang New Energy will provide HBC battery patent technology rights to a joint venture between Fujian Jinshi and Yiwu Jinko, which plans to upgrade 4GW of PERC capacity to HBC capacity [1] Group 2: Industry Insights - According to Kaiyuan Securities, Aiko Solar (600732) returned to profitability in the second quarter, indicating a positive shift in the industry despite widespread losses in the photovoltaic supply chain [1] - The photovoltaic industry is expected to see a price recovery in the second half of the year as the "anti-involution" trend continues, which will further enhance the profitability of BC products [1]

Group 1 - The core viewpoint of the article highlights the positive performance of Jinyang New Energy, which has seen its stock price increase by over 7%, currently trading at 1.48 HKD [1] - Jinyang New Energy will hold a board meeting on August 29 to approve its mid-term performance [1] - According to Kaiyuan Securities, Aiko Technology achieved profitability in the second quarter, indicating a recovery in the photovoltaic industry despite widespread losses [1] Group 2 - The article notes that the BC technology has realized excess returns, and with the ongoing "anti-involution" in the photovoltaic industry, prices along the supply chain are expected to recover in the second half of the year [1] - Jinyang New Energy plans to disclose an announcement in September 2024 regarding a joint venture with Juneng Power and Longi Green Energy to upgrade four PERC production lines at Longi's Xi'an Aerospace Industrial Base to HBC production lines [1] - Additionally, in April 2025, Jinyang New Energy will announce a joint venture with Fujian Jinshi and Yiwu Jinko to upgrade 4GW of PERC capacity to HBC capacity, with Jinyang providing the patent technology for HBC batteries [1]

Group 1 - The company, Jinyang New Energy (01121.HK), will hold a board meeting on August 29, 2025, to review and approve its interim results for the six months ending June 30, 2025 [1] - The meeting will also discuss the proposal for the distribution of an interim dividend, if any [1]