Core Insights - The company reported a robust performance in the first half of 2025, driven by its dual-engine strategy of solar and wind energy, aligning with national policy directives [1][2] - The company achieved a net profit of approximately 400 million RMB, reflecting a year-on-year growth of about 6.5% [2] - The renewable energy sector in China continues to show strong growth, with significant increases in both solar and wind power installations [3] Financial Performance - The company generated revenue of 2.4 billion RMB in the first half of 2025, with a net profit of around 400 million RMB, marking a 6.5% increase year-on-year [2] - Cash and cash equivalents stood at approximately 4.1 billion RMB, with a current ratio of 1.94 [2] - The total assets reached 49.529 billion RMB, a year-on-year increase of about 2.3% [2] Operational Highlights - The company’s grid-connected capacity reached 4,799 MW, an increase of 201 MW or approximately 4.4% compared to the previous year [2] - The company’s distributed solar capacity grew significantly, reaching 1,020 MW, with a year-on-year increase of 18.6% [3] - The company is actively pursuing new wind power projects, including a significant 387.5 MW land-based wind project in Shandong [4] Industry Context - The Chinese renewable energy sector is experiencing strong momentum, with solar power installations reaching approximately 110 million kW, a year-on-year growth of about 54.1% [3] - Wind power installations also saw substantial growth, with a cumulative capacity of approximately 57.3 million kW, reflecting a year-on-year increase of 22.7% [3] ESG and Brand Recognition - The company has integrated sustainable development into its core strategy, achieving significant recognition in ESG practices [6] - The company was included in the "Top Brand 2025 China Brand 500" list, with a brand value of approximately 12.386 billion RMB [6] - The company received multiple awards for its ESG initiatives, highlighting its commitment to environmental, social, and governance standards [6] Future Outlook - The company plans to continue its "New Energy+" strategy, focusing on technological innovation and business expansion to become a leader in the clean energy sector [7]

Performance Summary - China People's Insurance Group reported revenue of 324.12 billion yuan, a year-on-year increase of 10.87%, and a net profit of 26.67 billion yuan, up 13.98% [1] - China Life Insurance recorded revenue of 239.49 billion yuan, a 2.2% increase, with a net profit of 40.93 billion yuan, growing by 6.9% [1] - CNOOC's revenue was approximately 207.61 billion yuan, down 8.45%, with net profit around 69.5 billion yuan, a decrease of 13% [2] - Meituan's revenue reached 178.40 billion yuan, up 14.7%, but adjusted net profit fell by 41% to 12.44 billion yuan [3] - CITIC Bank's revenue was 105.43 billion yuan, down 2.96%, while net profit increased by 2.8% to 36.48 billion yuan [3] - Fosun International's revenue decreased by 10.8% to 87.28 billion yuan, with net profit down 8.2% to 0.66 billion yuan [3] - New Hope Energy reported revenue of 55.67 billion yuan, a 2% increase, but net profit decreased by 5.6% to 2.43 billion yuan [4] - China Cinda's revenue was 34.36 billion yuan, down 2%, while net profit increased by 5.8% to 2.28 billion yuan [5] - China Orient Group's revenue decreased by 12% to 19.86 billion yuan, but net profit surged by 116% to 0.20 billion yuan [6] - Shimao Group's revenue fell by 49% to 14.80 billion yuan, with a net loss of 8.93 billion yuan, narrowing by 61% [7] - Chongqing Steel's revenue was approximately 13.08 billion yuan, down 13.26%, with a net loss of 0.13 billion yuan, narrowing by 81% [8] - United Group's revenue increased by 197.3% to 12.08 billion yuan, with a net profit of 1.69 billion yuan, reversing from a loss of 0.21 billion yuan [9] - Chow Sang Sang's revenue decreased by 2.5% to 11.04 billion yuan, while net profit increased by 71.4% to 0.90 billion yuan [10] - Tianhong International's revenue was 11.03 billion yuan, down 1.86%, with net profit rising by 53.33% to 0.42 billion yuan [11] - Meidong Automotive's revenue fell by 4.9% to 10.14 billion yuan, with a net loss of approximately 0.82 billion yuan, expanding by about 29 times [12] - Jian Sha Tsui's revenue was 8.24 billion yuan, down 6.6%, with net profit of 2.33 billion yuan, a decrease of 7.06% [13] - Sino Land's revenue decreased by 6.64% to 8.18 billion yuan, with net profit down 8.7% to 4.02 billion yuan [14] - Xinyi International's revenue was 8.10 billion yuan, down 5.7%, with net profit of 0.14 billion yuan, a decrease of 19.22% [15] - Fuyao Glass reported revenue of approximately 7.74 billion yuan, down 27.7%, with net profit of approximately 0.26 billion yuan, a decrease of 82.6% [16] - Tianjin Port Development's revenue increased by 3% to 6.95 billion yuan, while net profit decreased by 17.3% to 0.35 billion yuan [17] - Guotai Junan International's revenue was approximately 2.83 billion yuan, up 30%, with net profit of approximately 0.55 billion yuan, a growth of 182% [21] - IGG's revenue decreased by 0.5% to 2.72 billion yuan, with net profit down 2.85% to 0.32 billion yuan [22] - China Aircraft Leasing's revenue was 2.40 billion yuan, down 4.86%, while net profit increased by 6.66% to 0.14 billion yuan [22] - China Orient Education's revenue increased by 10.2% to 2.19 billion yuan, with net profit rising by 48.4% to 0.40 billion yuan [23] Corporate News - China Shengmu signed a new procurement framework agreement with Yiyingmei Dairy for milk powder [24] - Rongchang Bio's clinical trial for Taitasip in treating IgA nephropathy reached its primary endpoint in Phase III [24] - China Huaxing's Bagua City project is expected to start construction in October, with completion by the end of 2026 [24] Buyback Activities - Tencent Holdings repurchased 909,000 shares for 550 million HKD at prices between 596-614.5 HKD [24] - HSBC repurchased 1.5472 million shares for approximately 156 million HKD at prices between 100.2-101.5 HKD [24] - Hang Seng Bank repurchased 210,000 shares for approximately 23.49 million HKD at prices between 111.5-112.2 HKD [24] - MGM China repurchased 1 million shares for approximately 16.02 million HKD at prices between 15.92-16.13 HKD [24]

期内溢利增加主要由于：(i)电网限电增加使电力销售业务毛利减少;(ii)集团以低成本融资置换高成本融 资和提前偿还高成本境外借款使财务费用得以减少;(iii)集团降本增效使得行政开支减少;(iv)其他收入及 收益净额、其他经营开支净额和应占合营企业及联营公司亏损中非经常性事项导致的损益波动的综合影 响所致。 山高新能源(01250)发布2025年中期业绩，营业收入23.996亿元(人民币，下同)，同比下降0.2%;公司权益 持有人应占溢利2.87亿元，同比增长4%;每股基本盈利12.77分。 ...

报告期内溢利增加主要由于：(i)电网限电增加使电力销售业务毛利减少；(ii)集团以低成本融资置换高 成本融资和提前偿还高成本境外借款使财务费用得以减少；(iii)集团降本增效使得行政开支减少；及(iv) 其他收入及收益净额、其他经营开支净额和应占合营企业及联营公司亏损中非经常性事项导致的损益波 动综合影响所致。 格隆汇8月27日丨山高新能源(01250.HK)公告，截至2025年6月30日止6个月中期业绩，集团录得营业收 入约人民币24亿元；集团报告期期内溢利约人民币3.93亿元，较去年同期增加约6.5%。每股基本及摊薄 盈利分别为人民币12.77分。董事会不建议就截至2025年6月30日止6个月派付中期股息(截至2024年6月 30日止6个月：无)。 ...

智通财经APP讯，山高新能源(01250)发布2025年中期业绩，营业收入23.996亿元(人民币，下同)，同比 下降0.2%;公司权益持有人应占溢利2.87亿元，同比增长4%;每股基本盈利12.77分。 期内溢利增加主要由于：(i)电网限电增加使电力销售业务毛利减少;(ii)集团以低成本融资置换高成本融 资和提前偿还高成本境外借款使财务费用得以减少;(iii)集团降本增效使得行政开支减少;(iv)其他收入及 收益净额、其他经营开支净额和应占合营企业及联营公司亏损中非经常性事项导致的损益波动的综合影 响所致。 ...

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。 （於開曼群島註冊成立之有限公司） （股份代號：01250） 截至二零二五年六月三十日止六個月 中期業績公告 摘要 1 • 本集團報告期期內溢利約人民幣392.8百萬元（截至二零二四年六月三十日止 六個月：約人民幣369.0百萬元），較去年同期增加約6.5%。 • 受惠於以低成本融資置換高成本融資工作持續進行，本集團報告期財務費用 約人民幣558.9百萬元（截至二零二四年六月三十日止六個月︰約人民幣663.8 百萬元），較去年同期下降約15.8%。 • 本集團報告期末資產負債率維持良好水平，約60.17%。同時，本集團報告期 末現金及現金等價物約人民幣4,122.9百萬元，流動比率為1.94。財務儲備足以 支持業務發展。 • 截至二零二五年六月三十日止六個月之每股基本及攤薄盈利分別為人民幣 12.77分（截至二零二四年六月三十日止六個月：人民幣12.28分）及人民幣 12.77分（截至二零二四年六月三十日 ...

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]

集团始终坚持电站精细化管理战略导向，近期运营水准再上新台阶，这集中体现了集团在运维效能提升 方面的扎实成果。通过高效的区域化管理架构和集控中心平台实践，成功打造了以设备精益运维为核心 的运营体系。作为集团运营的"智慧大脑"，集控中心实现了全域数据的即时监控与智能分析，显著提升 了区域管理效能。 山高新能源(01250)发布公告，2025年7月，中国电力企业联合会(中电联)正式发布了2024年度全国新能 源场站生产运行统计指标对标结果。经过严格的评审与激烈的角逐，集团在全国同区域同类型场站综合 对标评比中表现卓越，旗下项目共斩获7个"AAAA级优胜电站"和5个"AAA级优胜电站"的佳绩。这一权 威评比结果，充分彰显了行业对公司设备管理、效能提升及安全生产精益化管理卓越水准的高度认可。 未来，集团将持续深化区域化与集控技术在运营体系中的应用与优化。充分发挥精益运维、区域协同及 电力交易的专业优势，依托集控数据赋能，积极参与电力市场交易机制，力争在行业对标中取得优异成 绩，为集团高质量发展和能源绿色转型贡献坚实力量。 ...

集团始终坚持电站精细化管理战略导向，近期运营水准再上新台阶，这集中体现了集团在运维效能提升 方面的扎实成果。通过高效的区域化管理架构和集控中心平台实践，成功打造了以设备精益运维为核心 的运营体系。作为集团运营的"智慧大脑"，集控中心实现了全域数据的即时监控与智能分析，显著提升 了区域管理效能。 未来，集团将持续深化区域化与集控技术在运营体系中的应用与优化。充分发挥精益运维、区域协同及 电力交易的专业优势，依托集控数据赋能，积极参与电力市场交易机制，力争在行业对标中取得优异成 绩，为集团高质量发展和能源绿色转型贡献坚实力量。 山高新能源(01250)发布公告，2025年7月，中国电力企业联合会(中电联)正式发布了2024年度全国新能 源场站生产运行统计指标对标结果。经过严格的评审与激烈的角逐，集团在全国同区域同类型场站综合 对标评比中表现卓越，旗下项目共斩获7个"AAAA级优胜电站"和5个"AAA级优胜电站"的佳绩。这一权 威评比结果，充分彰显了行业对公司设备管理、效能提升及安全生产精益化管理卓越水准的高度认可。 ...

集团始终坚持电站精细化管理战略导向，近期运营水准再上新台阶，这集中体现了集团在运维效能提升 方面的紮实成果。通过高效的区域化管理架构和集控中心平台实践，成功打造了以设备精益运维为核心 的运营体系。作为集团运营的「智慧大脑」，集控中心实现了全域数据的即时监控与智能分析，显著提 升了区域管理效能。 未来，集团将持续深化区域化与集控技术在运营体系中的应用与优化。充分发挥精益运维、区域协同及 电力交易的专业优势，依托集控数据赋能，积极参与电力市场交易机制，力争在行业对标中取得优异成 绩，为集团高质量发展和能源绿色转型贡献坚实力量。 格隆汇8月20日丨山高新能源(01250.HK)公告，2025年7月，中国电力企业联合会正式发布了2024年度全 国新能源场站生产运行统计指标对标结果。经过严格的评审与激烈的角逐，集团在全国同区域同类型场 站综合对标评比中表现卓越，旗下项目共斩获7个「AAAA级优胜电站」和5个「AAA级优胜电站」的 佳绩。这一权威评比结果，充分彰显了行业对公司设备管理、效能提升及安全生产精益化管理卓越水准 的高度认可。 据中电联官方报告统计，本次评比对来自45家发电（投资）集团及新能源公司的2,060座集 ...