Core Viewpoint - Xinda Investment Holdings (01281) reported a mid-year performance for 2025, showing a significant increase in revenue but a shift from profit to loss for shareholders [1] Financial Performance - The company achieved a revenue of 94.464 million yuan, representing a year-on-year increase of 50.43% [1] - Shareholders experienced a loss of 3.742 million yuan, contrasting with a profit of 1.365 million yuan in the same period last year, indicating a shift from profit to loss [1] - The basic loss per share was reported at 0.0025 yuan [1]

[Interim Condensed Consolidated Statement of Profit or Loss](index=2&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E8%A1%A8) This section details the company's interim financial performance, including revenue, costs, and net profit or loss [Profit or Loss Overview](index=2&type=section&id=%E6%8D%9F%E7%9B%8A%E6%A6%82%E8%A7%88) The company shifted from profit to loss, primarily due to increased financial asset impairment and asset disposal losses Key Data from Interim Condensed Consolidated Statement of Profit or Loss | Indicator | June 30, 2025 (RMB Thousand) | June 30, 2024 (RMB Thousand) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 94,464 | 62,795 | 50.43% | | Cost of Sales | (80,317) | (45,603) | 76.12% | | Gross Profit | 14,147 | 17,192 | -17.71% | | Operating (Loss)/Profit | (4,564) | 2,777 | -264.35% | | (Loss)/Profit Before Income Tax | (5,888) | 270 | -2280.74% | | (Loss)/Profit for the Period | (5,579) | 750 | -843.87% | | (Loss)/Profit Attributable to Owners of the Company | (3,742) | 1,365 | -374.21% | | Basic (Loss)/Earnings Per Share (RMB) | (0.0025) | 0.0009 | -377.78% | - The company shifted from profit to loss, primarily due to an impairment provision of approximately **RMB 6,827 thousand** for trade and other receivables and other losses of approximately **RMB 1,600 thousand** from asset disposal[40](index=40&type=chunk) [Interim Condensed Consolidated Statement of Comprehensive Income](index=3&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) This section presents the company's total comprehensive income, reflecting both profit or loss and other comprehensive income items [Comprehensive Income Overview](index=3&type=section&id=%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E6%A6%82%E8%A7%88) Total comprehensive income for the period was a loss of RMB 4,686 thousand, an increase from the prior year, mainly due to increased loss and exchange differences Key Data from Interim Condensed Consolidated Statement of Comprehensive Income | Indicator | June 30, 2025 (RMB Thousand) | June 30, 2024 (RMB Thousand) | | :--- | :--- | :--- | | (Loss)/Profit for the Period | (5,579) | 750 | | Exchange Differences Arising from Translation of Financial Statements of Overseas Operations | 893 | (2,844) | | Total Comprehensive Income for the Period | (4,686) | (2,094) | | Total Comprehensive Income Attributable to Owners of the Company for the Period | (2,849) | (1,479) | [Interim Condensed Consolidated Statement of Financial Position](index=4&type=section&id=%E4%B8%AD%E6%9C%9F%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) This section provides an overview of the company's assets, liabilities, and equity at the end of the interim period [Assets and Liabilities Overview](index=5&type=section&id=%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E6%A6%82%E8%A7%88) Total assets slightly decreased to RMB 1,059,243 thousand, while total liabilities also slightly reduced, with changes in non-current and current assets Key Data from Interim Condensed Consolidated Statement of Financial Position | Indicator | June 30, 2025 (RMB Thousand) | December 31, 2024 (RMB Thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Total Non-current Assets | 386,034 | 403,534 | -4.29% | | Total Current Assets | 673,209 | 665,114 | 1.22% | | Total Assets | 1,059,243 | 1,068,648 | -0.88% | | Total Equity | 803,307 | 807,993 | -0.58% | | Total Non-current Liabilities | 125,838 | 139,005 | -9.47% | | Total Current Liabilities | 130,098 | 121,650 | 7.09% | | Total Liabilities | 255,936 | 260,655 | -1.81% | | Total Equity and Liabilities | 1,059,243 | 1,068,648 | -0.88% | [Notes](index=6&type=section&id=%E9%99%84%E8%A8%BB) This section provides detailed explanatory notes to the interim condensed consolidated financial statements [1. General Information](index=6&type=section&id=1.%20%E4%B8%80%E8%88%AC%E8%B3%87%E6%96%99) Xinda Investment Holdings Limited, listed on HKEX in 2012, primarily engages in smart energy and public construction businesses - The company was incorporated in the Cayman Islands on January 4, 2011, and listed on the Main Board of HKEX on January 12, 2012[8](index=8&type=chunk) - The Group primarily engages in smart energy and public construction businesses, gradually expanding into other clean energy and investment ventures[8](index=8&type=chunk)[39](index=39&type=chunk) - Mr. Wei Shaojun is the ultimate beneficial owner of the company[8](index=8&type=chunk) [2. Basis of Preparation](index=6&type=section&id=2.%20%E7%B7%A8%E8%A3%BD%E5%9F%BA%E6%BA%96) The interim condensed consolidated financial information is prepared in accordance with IAS 34 and should be read with the 2024 annual report - The interim condensed consolidated financial information is prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting"[9](index=9&type=chunk) [3. Accounting Policies](index=6&type=section&id=3.%20%E6%9C%83%E8%A8%88%E6%94%BF%E7%AD%96) The Group adopted the same accounting policies as in 2024, with no significant impact from the IAS 21 amendment applied from January 1, 2025 - The Group has applied the same accounting policies as in the 2024 annual financial statements, with the first-time application of amendments to International Accounting Standard 21 "The Effects of Changes in Foreign Exchange Rates" from January 1, 2025[10](index=10&type=chunk)[11](index=11&type=chunk)[12](index=12&type=chunk) - These amendments introduce new requirements for assessing currency convertibility and estimating spot exchange rates, but have no significant impact on the interim condensed consolidated financial statements[12](index=12&type=chunk)[14](index=14&type=chunk) [4. Revenue and Segment Information](index=7&type=section&id=4.%20%E6%94%B6%E7%9B%8A%E5%8F%8A%E5%88%86%E9%83%A8%E8%B3%87%E6%96%99) Revenue is primarily from smart energy and public construction businesses, with public construction showing significant growth while smart energy declined Revenue by Source | Revenue Source | June 30, 2025 (RMB Thousand) | June 30, 2024 (RMB Thousand) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Sale of Electricity | 27,448 | 34,319 | -20.02% | | Sale of Household PV Systems and Provision of Smart Energy Services | 12,960 | 12,028 | 7.75% | | Public Construction | 54,056 | 16,448 | 228.65% | | **Total Revenue** | **94,464** | **62,795** | **50.43%** | - The Group's reportable segments are categorized by business type (products and services) into smart energy business and public construction business[15](index=15&type=chunk)[16](index=16&type=chunk) Revenue from External Customers by Segment | Segment | June 30, 2025 Revenue from External Customers (RMB Thousand) | June 30, 2024 Revenue from External Customers (RMB Thousand) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Smart Energy Business | 40,408 | 46,347 | -12.81% | | Public Construction Business | 54,056 | 16,448 | 228.65% | | **Total** | **94,464** | **62,795** | **50.43%** | [5. Other (Losses)/Gains, Net](index=9&type=section&id=5.%20%E5%85%B6%E4%BB%96%EF%BC%88%E虧%E6%90%8D%EF%BC%89%EF%BC%8F%E6%94%B6%E7%9B%8A%E6%B7%A8%E9%A1%8D) The Group recorded net other losses of RMB 1,962 thousand, primarily due to a net loss of RMB 1,600 thousand from the disposal of property, plant, and equipment Details of Other (Losses)/Gains, Net | Indicator | June 30, 2025 (RMB Thousand) | June 30, 2024 (RMB Thousand) | | :--- | :--- | :--- | | Exchange (Losses)/Gains, Net | (181) | 552 | | Net Loss on Disposal of Property, Plant and Equipment | (1,600) | — | | Others | (181) | 8 | | **Total** | **(1,962)** | **560** | [6. Income Tax Credit](index=9&type=section&id=6.%20%E6%89%80%E5%BE%97%E7%A8%85%E6%8A%B5%E5%85%8D) Income tax credit decreased by 35.63% to RMB 309 thousand, mainly due to lower profits from the photovoltaic power station business Details of Income Tax Credit | Indicator | June 30, 2025 (RMB Thousand) | June 30, 2024 (RMB Thousand) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Current Income Tax | (35) | (33) | 6.06% | | Deferred Income Tax | 344 | 513 | -32.94% | | **Total** | **309** | **480** | **-35.63%** | - The Group is exempt from income tax in the Cayman Islands and BVI, with no taxable profits in Hong Kong; PRC entities have a statutory tax rate of 25%, with some PV power station subsidiaries enjoying exemptions and reductions[19](index=19&type=chunk) [7. (Loss)/Earnings Per Share](index=10&type=section&id=7.%20%E6%AF%8F%E8%82%A1%EF%BC%88%E虧%E6%90%8D%EF%BC%89%EF%BC%8F%E7%9B%88%E9%A4%98) Basic loss per share was RMB 0.0025, a shift from earnings, primarily due to the loss for the period; diluted figures are not presented (Loss)/Earnings Per Share Data | Indicator | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | (Loss)/Profit Attributable to Owners of the Company (RMB Thousand) | (3,742) | 1,365 | | Weighted Average Number of Ordinary Shares Issued (Thousand Shares) | 1,484,604 | 1,484,604 | | Basic (Loss)/Earnings Per Share (RMB) | (0.0025) | 0.0009 | - Diluted (loss)/earnings per share were not presented for the six months ended June 30, 2025 and 2024, as the exercise price of share options exceeded the average market price of the company's ordinary shares[21](index=21&type=chunk) [8. Trade and Other Receivables](index=11&type=section&id=8.%20%E8%B2%BF%E6%98%93%E5%8F%8A%E5%85%B6%E4%BB%96%E6%87%89%E6%94%B6%E6%AC%BE%E9%A0%85) Total trade and other receivables were RMB 292,100 thousand, with increased loss allowance for trade receivables due to aging Total Trade and Other Receivables | Indicator | June 30, 2025 (RMB Thousand) | December 31, 2024 (RMB Thousand) | | :--- | :--- | :--- | | Trade Receivables | 301,579 | 306,131 | | Electricity Price Subsidy Receivables | 177,910 | 166,765 | | Less: Loss Allowance for Trade Receivables | (253,771) | (252,466) | | Total Trade Receivables (Net) | 225,718 | 220,430 | | Total Trade and Other Receivables (Net) | 292,100 | 293,047 | - As of June 30, 2025, the right to collect trade receivables with a carrying amount of **RMB 156,418 thousand** from certain photovoltaic power stations was pledged as collateral for the Group's borrowings[22](index=22&type=chunk) Aging Analysis of Trade Receivables | Aging | June 30, 2025 (RMB Thousand) | December 31, 2024 (RMB Thousand) | | :--- | :--- | :--- | | Within 1 Year | 58,025 | 58,592 | | 1 to 2 Years | 51,678 | 38,367 | | 2 to 3 Years | 55,354 | 56,003 | | Over 3 Years | 314,432 | 319,934 | | **Total** | **479,489** | **472,896** | [8(c) Movement in Loss Allowance for Trade and Other Receivables](index=16&type=section&id=8(c)%20%E8%B2%BF%E6%98%93%E5%8F%8A%E5%85%B6%E4%BB%96%E6%87%89%E6%94%B6%E6%AC%BE%E9%A0%85%E虧%E6%90%8D%E6%92%A5%E5%82%99%E7%9A%84%E8%AE%8A%E5%8B%95) The loss allowance for trade and other receivables increased to RMB 254,328 thousand, driven by additional provisions and write-offs of unrecoverable amounts Movement in Loss Allowance for Trade and Other Receivables | Indicator | Six Months Ended June 30, 2025 (RMB Thousand) | Year Ended December 31, 2024 (RMB Thousand) | | :--- | :--- | :--- | | Beginning Balance | 253,023 | 225,749 | | Increase in Loss Allowance — Trade Receivables | 6,827 | 27,274 | | Written Off as Uncollectible — Trade Receivables | (5,522) | — | | **Ending Balance** | **254,328** | **253,023** | [9. Share Capital](index=16&type=section&id=9.%20%E8%82%A1%E6%9C%AC) The company's issued ordinary shares and share capital remained consistent with the prior year, with no share-based payment expenses incurred Share Capital Information | Indicator | June 30, 2025 (Thousand Shares/RMB Thousand) | December 31, 2024 (Thousand Shares/RMB Thousand) | | :--- | :--- | :--- | | Number of Issued Ordinary Shares (Thousand Shares) | 1,484,604 | 1,484,604 | | Equivalent RMB (RMB Thousand) | 12,255 | 12,255 | - As of June 30, 2025, **718,800** share options remained unexercised, with no share-based payment expenses recognized as part of employee benefit expenses during the period[35](index=35&type=chunk) [10. Trade and Other Payables](index=16&type=section&id=10.%20%E8%B2%BF%E6%98%93%E5%8F%8A%E5%85%B6%E4%BB%96%E6%87%89%E4%BB%98%E6%AC%BE%E9%A0%85) Total trade and other payables increased by 29.89% to RMB 75,428 thousand, driven by increases in both trade payables and accrued expenses Total Trade and Other Payables | Indicator | June 30, 2025 (RMB Thousand) | December 31, 2024 (RMB Thousand) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Trade Payables | 24,483 | 16,086 | 52.20% | | Accrued Expenses and Other Payables | 50,945 | 41,984 | 21.34% | | **Total** | **75,428** | **58,070** | **29.89%** | Aging Analysis of Trade Payables | Aging | June 30, 2025 (RMB Thousand) | December 31, 2024 (RMB Thousand) | | :--- | :--- | :--- | | Within 1 Year | 10,663 | 241 | | Over 1 Year | 13,820 | 15,845 | | **Total** | **24,483** | **16,086** | [11. Dividends](index=17&type=section&id=11.%20%E8%82%A1%E6%81%AF) No dividends were declared to shareholders for the six months ended June 30, 2025, consistent with the prior year - No dividends were declared to shareholders for the six months ended June 30, 2025[38](index=38&type=chunk) [Management Discussion and Analysis](index=18&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) This section provides management's perspective on the Group's financial performance, business operations, and future outlook [Overview](index=18&type=section&id=%E7%BB%BC%E8%BF%B0) The Group's revenue grew 50.43% to RMB 94,464 thousand, but a net loss of RMB 3,742 thousand was recorded, primarily due to impairment and asset disposal losses - The Group's principal businesses are smart energy and public construction, with gradual expansion into other clean energy and investment ventures[39](index=39&type=chunk) First Half Performance Overview | Indicator | First Half 2025 (RMB Thousand) | First Half 2024 (RMB Thousand) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 94,464 | 62,795 | 50.43% | | (Loss)/Profit Attributable to Owners of the Company | (3,742) | 1,365 | -374.21% | - The shift from profit to loss was mainly due to an impairment provision of approximately **RMB 6,827 thousand** for trade and other receivables and other losses of approximately **RMB 1,600 thousand** from asset disposal[40](index=40&type=chunk) [Business Review](index=18&type=section&id=%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7) Smart energy revenue declined and incurred a loss due to policy and natural decay, while public construction revenue significantly grew and became profitable [Smart Energy Business](index=18&type=section&id=%E6%99%BA%E6%85%A7%E8%83%BD%E6%BA%90%E6%A5%AD%E5%8B%99) Smart energy revenue decreased by 12.81% to RMB 40,408 thousand, resulting in a loss due to power curtailment policies, natural decay, and asset disposal losses - The smart energy business primarily involves holding and operating photovoltaic power stations, including **11** ground-mounted and distributed PV power stations with approximately **64 MW** capacity, and approximately **18 MW** of household PV power stations[41](index=41&type=chunk) Smart Energy Business Performance | Indicator | First Half 2025 (RMB Thousand) | First Half 2024 (RMB Thousand) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Smart Energy Business Revenue | 40,408 | 46,347 | -12.81% | | Smart Energy Business (Loss)/Profit | (7,932) | 1,928 | -511.31% | - The revenue decline and shift to loss were mainly due to reduced power generation from domestic power curtailment policies and natural decay, coupled with losses from disposing of certain PV power station assets[42](index=42&type=chunk) [Public Construction Business](index=19&type=section&id=%E5%85%AC%E5%BB%BA%E5%BB%BA%E8%A8%AD%E6%A5%AD%E5%8B%99) Public construction revenue surged 228.65% to RMB 54,056 thousand, achieving a profit, driven by increased government repayments and project investments Public Construction Business Performance | Indicator | First Half 2025 (RMB Thousand) | First Half 2024 (RMB Thousand) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Public Construction Business Revenue | 54,056 | 16,448 | 228.65% | | Public Construction Business Profit | 4,886 | (9) | N/A | - The increase in revenue and profit was primarily due to higher government repayments and increased investment in the Baoding Donghu project during the period[43](index=43&type=chunk) [Business Outlook](index=19&type=section&id=%E6%A5%AD%E5%8B%99%E5%B1%95%E6%9C%9B) The Group will maintain a prudent operating strategy, monitoring new energy pricing reforms and adjusting operations to ensure stable PV power station performance amidst industry challenges - In the first half of 2025, China's new PV installed capacity reached **212.21 GW**, a 107% YoY increase, but June's new installations sharply declined by 85% MoM to **14.36 GW**[44](index=44&type=chunk) - The industry faces challenges including low product prices, grid curtailment, pressure on corporate profitability, and intense market competition[44](index=44&type=chunk) - The Group will adhere to a prudent operating strategy, closely monitoring the implementation details of policies on market-oriented reform of new energy on-grid tariffs to assess impacts and adjust strategies for existing PV power stations[44](index=44&type=chunk)[45](index=45&type=chunk)[46](index=46&type=chunk) [Financial Review](index=20&type=section&id=%E8%B2%A1%E5%8B%99%E5%9B%9E%E9%A1%A7) Revenue grew 50.43% driven by public construction, but gross profit declined 17.71% due to smart energy issues, while administrative expenses and impairment losses increased [Revenue and Gross Profit](index=20&type=section&id=%E6%94%B6%E7%9B%8A%E5%8F%8A%E6%AF%9B%E5%88%A9) Revenue increased by 50.43% to RMB 94,464 thousand, driven by the Baoding Donghu project, but gross profit decreased by 17.71% due to PV power station curtailment Revenue and Gross Profit Data | Indicator | First Half 2025 (RMB Thousand) | First Half 2024 (RMB Thousand) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 94,464 | 62,795 | 50.43% | | Gross Profit | 14,147 | 17,192 | -17.71% | | Gross Profit Margin | 14.98% | 27.00% | -12.02% | - Revenue growth was primarily due to increased investment in the Baoding Donghu project; the decline in gross profit and margin was mainly due to reduced PV power station generation revenue from power curtailment policies while costs remained constant[47](index=47&type=chunk) [Selling and Distribution Expenses](index=20&type=section&id=%E9%8A%B7%E5%94%AE%E5%8F%8A%E5%88%86%E9%8A%B7%E9%96%8B%E6%94%AF) No selling and distribution expenses were incurred during the period as the Group did not engage in household PV system sales Selling and Distribution Expenses Data | Indicator | First Half 2025 (RMB Thousand) | First Half 2024 (RMB Thousand) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Selling and Distribution Expenses | — | 10 | -100% | - No selling and distribution expenses were incurred during the period as the Group did not engage in household PV system sales[48](index=48&type=chunk) [Administrative Expenses](index=20&type=section&id=%E8%A1%8C%E6%94%BF%E9%96%8B%E6%94%AF) Administrative expenses increased by 16.38% to RMB 9,975 thousand, primarily due to higher management fees Administrative Expenses Data | Indicator | First Half 2025 (RMB Thousand) | First Half 2024 (RMB Thousand) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Administrative Expenses | 9,975 | 8,571 | 16.38% | - The increase in administrative expenses was primarily due to higher management fees[49](index=49&type=chunk) [Impairment Loss on Financial Assets](index=20&type=section&id=%E9%87%91%E8%9E%8D%E8%B3%87%E7%94%A2%E7%9A%84%E6%B8%9B%E5%80%BC%E虧%E6%90%8D) Impairment loss on financial assets increased by 5.01% to RMB 6,827 thousand, mainly due to increased bad debt provisions for aging receivables Impairment Loss on Financial Assets Data | Indicator | First Half 2025 (RMB Thousand) | First Half 2024 (RMB Thousand) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Impairment Loss on Financial Assets | 6,827 | 6,501 | 5.01% | - The increase in impairment loss was mainly due to increased bad debt provisions resulting from the aging of certain receivables[50](index=50&type=chunk) [Other (Losses)/Gains, Net](index=20&type=section&id=%E5%85%B6%E4%BB%96%EF%BC%88%E虧%E6%90%8D%EF%BC%89%EF%BC%8F%E6%94%B6%E7%9B%8A%E6%B7%A8%E9%A1%8D) Net other losses of RMB 1,962 thousand were recorded, a shift from gains, primarily due to a RMB 1,600 thousand loss from asset disposal Other (Losses)/Gains, Net Data | Indicator | First Half 2025 (RMB Thousand) | First Half 2024 (RMB Thousand) | | :--- | :--- | :--- | | Other (Losses)/Gains, Net | (1,962) | 560 | - The shift from gains to losses was primarily due to a loss of approximately **RMB 1,600 thousand** from the disposal of certain asset equipment of a power station[51](index=51&type=chunk) [Net Finance Costs](index=21&type=section&id=%E8%9E%8D%E8%B3%87%E9%96%8B%E6%94%AF%E6%B7%A8%E9%A1%8D) Net finance costs decreased by 47.19% to RMB 1,324 thousand, mainly due to reduced bank borrowing principal and lower interest rates Net Finance Costs Data | Indicator | First Half 2025 (RMB Thousand) | First Half 2024 (RMB Thousand) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Net Finance Costs | 1,324 | 2,507 | -47.19% | - The decrease in net finance costs was primarily due to reduced bank borrowing principal and lower interest rates[52](index=52&type=chunk) [Income Tax Credit](index=21&type=section&id=%E6%89%80%E5%BE%97%E7%A8%85%E6%8A%B5%E5%85%8D) Income tax credit decreased by 35.63% to RMB 309 thousand, primarily due to lower profits from the photovoltaic power station business Income Tax Credit Data | Indicator | First Half 2025 (RMB Thousand) | First Half 2024 (RMB Thousand) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Income Tax Credit | 309 | 480 | -35.63% | - The decrease in income tax credit was primarily due to lower profits from the photovoltaic power station business[53](index=53&type=chunk) [Liquidity, Financial and Capital Resources](index=21&type=section&id=%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91%E3%80%81%E8%B2%A1%E5%8B%99%E5%8F%8A%E8%B3%87%E6%9C%AC%E8%B3%87%E6%BA%90) Cash position improved, external borrowings decreased, and the Group maintains a healthy net cash position with no significant repayment risks [Cash Position](index=21&type=section&id=%E7%8F%BE%E9%87%91%E7%8B%80%E6%B3%81) Bank balances and cash increased to RMB 224,406 thousand, primarily due to increased government repayments for the Baoding Donghu project Cash Position Data | Indicator | June 30, 2025 (RMB Thousand) | December 31, 2024 (RMB Thousand) | | :--- | :--- | :--- | | Bank Balances and Cash | 224,406 | 221,468 | | Of which: Time Deposits with Original Maturity Over Three Months | 167,039 | 177,934 | | Of which: Restricted Cash | 13,084 | 1,885 | - The increase in bank balances and cash was primarily due to higher government repayments received for the Baoding Donghu project compared to the prior period[54](index=54&type=chunk) [Total Current Assets and Current Ratio](index=21&type=section&id=%E6%B5%81%E5%8B%95%E8%B3%87%E7%94%A2%E7%B8%BD%E9%A1%8D%E5%8F%8A%E6%B5%81%E5%8B%95%E6%AF%94%E7%8E%87) Total current assets slightly increased, but the current ratio decreased to 5.17 due to an increase in current liabilities Total Current Assets and Current Ratio Data | Indicator | June 30, 2025 (RMB Thousand) | December 31, 2024 (RMB Thousand) | | :--- | :--- | :--- | | Total Current Assets | 673,209 | 665,114 | | Current Ratio | 5.17 | 5.47 | - The increase in total current assets was mainly due to higher bank balances and cash and trade receivables, while the decrease in current ratio was due to increased current liabilities[55](index=55&type=chunk) [External Borrowings and Pledged Assets](index=22&type=section&id=%E5%A4%96%E9%83%A8%E5%80%9F%E6%AC%BE%E5%8F%8A%E8%B3%87%E7%94%A2%E8%B3%AA%E6%8A%BC) External borrowings decreased to RMB 119,450 thousand, fully secured by certain PV power station machinery and future receivables of subsidiaries External Borrowings Data | Indicator | June 30, 2025 (RMB Thousand) | December 31, 2024 (RMB Thousand) | | :--- | :--- | :--- | | External Borrowings | 119,450 | 133,600 | - All external borrowings are secured by certain PV power station machinery with a carrying value of **RMB 198,210 thousand** and the right to collect future receivables of certain subsidiaries[56](index=56&type=chunk) [Gearing Ratio](index=22&type=section&id=%E8%B2%A0%E5%82%B5%E6%AF%94%E7%8E%87) The Group reported a net cash position of RMB 92,298 thousand, with a balanced long-term and short-term debt structure, indicating no significant repayment risks Gearing Ratio Calculation | Indicator | June 30, 2025 (RMB Thousand) | December 31, 2024 (RMB Thousand) | | :--- | :--- | :--- | | Bank Loans | 119,450 | 133,600 | | Net Cash | (92,298) | (75,069) | | Total Equity | 803,307 | 807,993 | | Total Capital | 711,009 | 732,924 | | Gearing Ratio | Not Applicable | Not Applicable | - As of June 30, 2025, the Group's net cash position was **RMB 92,298 thousand**, primarily because cash assets exceeded liabilities; with long-term and short-term debt at 49.17% and 50.83% respectively, the Group faces no significant repayment risks[57](index=57&type=chunk)[58](index=58&type=chunk) [Interest Rate Risk](index=22&type=section&id=%E5%88%A9%E7%8E%87%E9%A2%A8%E9%9A%AA) Interest rate risk primarily stems from external borrowings at 4.94% to 5.18% per annum, with no significant impact expected on consolidated profit or loss - The Group's interest rate risk primarily arises from external borrowings, which bear interest at annual rates ranging from **4.94% to 5.18%**[59](index=59&type=chunk) - Borrowing rates for PV power stations are 10% to 15% above the People's Bank of China's benchmark lending rate, and this interest rate risk is not expected to have a significant impact on the Group's consolidated profit or loss[59](index=59&type=chunk) [Exchange Rate Risk](index=23&type=section&id=%E5%8C%AF%E7%8E%87%E9%A2%A8%E9%9A%AA) The Group's operations are primarily in China, denominated in RMB, with minimal foreign currency transactions and no specific foreign currency risk policy - The Group's principal operations are conducted in China, with transactions primarily denominated in RMB, which is not freely convertible into foreign currencies[60](index=60&type=chunk) - Due to minimal foreign currency denominated transactions during the period, the Group currently has no specific foreign currency risk policy, and foreign currency risk has a negligible impact on its operations[60](index=60&type=chunk) [Investment Commitments](index=23&type=section&id=%E6%8A%95%E8%B3%87%E6%89%BF%E6%93%94) As of June 30, 2025, the Group had no investment commitments - As of June 30, 2025, the Group had no investment commitments[61](index=61&type=chunk) [Contingent Liabilities](index=23&type=section&id=%E6%88%96%E6%9C%89%E8%B2%A0%E5%82%B5) As of June 30, 2025, the Group had no material contingent liabilities - As of June 30, 2025, the Group had no material contingent liabilities[62](index=62&type=chunk) [Fund Raising Activities](index=23&type=section&id=%E9%9B%86%E8%B3%87%E6%B4%BB%E5%8B%95) The company did not undertake any fund-raising activities during the period - The company did not undertake any fund-raising activities during the period[63](index=63&type=chunk) [Material Acquisitions, Investments and Disposals](index=23&type=section&id=%E9%87%8D%E5%A4%A7%E6%94%B6%E8%B3%BC%E3%80%81%E6%8A%95%E8%B3%87%E5%8F%8A%E5%87%BA%E5%94%AE) The Group had no material acquisitions, investments, or disposals during the period - During the period, the Group had no material acquisitions, investments, or disposals[64](index=64&type=chunk)[65](index=65&type=chunk) [Employees and Remuneration Policy](index=23&type=section&id=%E5%83%B1%E5%93%A1%E5%8F%8A%E8%96%AA%E9%85%AC%E6%94%BF%E7%AD%96) The Group had 44 employees with total staff costs of RMB 6,870 thousand, with remuneration based on various factors and including MPF or statutory social security contributions Employee and Remuneration Data | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Number of Employees | 44 | 43 | | Total Staff Costs (RMB Thousand) | 6,870 | 7,024 | - Remuneration is determined based on job nature, individual qualifications, performance, work experience, and market trends, including MPF schemes or statutory social security contributions[66](index=66&type=chunk) [Post Balance Sheet Events](index=24&type=section&id=%E6%9C%9F%E5%BE%8C%E4%BA%8B%E9%A0%85) The Group completed the disposal of Honghai 110KV Substation in Xinjiang for RMB 7 million in August 2025, with no other significant post-balance sheet events - In August 2025, the Group completed the disposal of the Honghai 110KV Substation and its right-of-use assets located in Hefeng Industrial Park, Hoboksar Mongol Autonomous County, Xinjiang, to an independent third party for a total consideration of **RMB 7 million**[67](index=67&type=chunk) [Corporate Governance and Other Information](index=24&type=section&id=%E4%BC%81%E4%B8%9A%E7%AE%A1%E6%B2%BB%E5%8F%8A%E5%85%B6%E4%BB%96%E4%BF%A1%E6%81%AF) This section outlines the company's adherence to corporate governance standards and other relevant disclosures [Compliance with Corporate Governance Code](index=24&type=section&id=%E9%81%B5%E5%AE%88%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%AE%88%E5%89%87) The company maintains high corporate governance standards, complying with all applicable code provisions of the HKEX Listing Rules Appendix C1 - The company has complied with all applicable code provisions of the Corporate Governance Code set out in Appendix C1 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited[68](index=68&type=chunk) - Executive Director Mr. Wei Qiang serves as both CEO and Chairman, an arrangement the Board believes enhances efficiency, with a high proportion of independent non-executive directors providing sufficient oversight[68](index=68&type=chunk) [Compliance with Model Code for Securities Transactions by Directors](index=24&type=section&id=%E9%81%B5%E5%AE%88%E8%91%A3%E4%BA%8B%E9%80%B2%E8%A1%8C%E8%AD%89%E5%88%B8%E4%BA%A4%E6%98%93%E7%9A%84%E6%A8%99%E6%BA%96%E5%AE%88%E5%89%87) The company adopted the Model Code for Securities Transactions by Directors, with all directors confirming compliance during the period - The company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 of the Listing Rules, and all directors have confirmed compliance with its provisions during the period[69](index=69&type=chunk) [Review of Interim Results](index=25&type=section&id=%E4%B8%AD%E6%9C%9F%E6%A5%AD%E7%B8%BE%E7%9A%84%E5%AF%A9%E9%96%B1) The interim consolidated financial information was reviewed by external auditors and the audit committee, confirming compliance with accounting and regulatory standards - The interim condensed consolidated financial information has not been audited but has been reviewed by the company's external auditor[70](index=70&type=chunk) - The Audit Committee, together with management, has reviewed the Group's unaudited interim condensed consolidated financial information for the period, confirming compliance with applicable accounting standards, HKEX, and legal requirements, with sufficient disclosures made[71](index=71&type=chunk) [Interim Dividends](index=25&type=section&id=%E4%B8%AD%E6%9C%9F%E8%82%A1%E6%81%AF) The Board does not recommend the payment of any interim dividends for the period, consistent with the prior year - The Board does not recommend the payment of any interim dividends for the period[72](index=72&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=25&type=section&id=%E8%B3%BC%E8%B2%B7%E3%80%81%E5%87%BA%E5%94%AE%E6%88%96%E8%B3%96%E5%9B%9E%E6%9C%AC%E5%85%AC%E5%8F%B8%E4%B8%8A%E5%B8%82%E8%AD%89%E5%88%B8) Neither the company nor its subsidiaries purchased, sold, or redeemed any of its listed securities during the period, holding no treasury shares - Neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities during the period, nor does it hold any treasury shares[73](index=73&type=chunk) [Publication](index=25&type=section&id=%E5%88%8A%E7%99%BC) The interim results announcement is available on the HKEX and company websites, with the interim report to be dispatched to shareholders - The company's interim results announcement for the period has been published on the HKEX website (www.hkexnews.hk) and the company's website (www.xindaholdings.com)[74](index=74&type=chunk)

Core Viewpoint - The Hong Kong stock market showed positive performance with the Hang Seng Index rising by 0.32% and the Hang Seng Tech Index increasing by 1.61% on August 22, indicating a favorable market sentiment towards technology and semiconductor sectors [1] Sector Performance - Semiconductor products and equipment, as well as the automotive sector, experienced significant gains, leading the market [1] - Notable gainers included Hua Hong Semiconductor, which rose over 11%, XPeng Motors and ZTE Corporation both increased by over 10%, NIO saw an increase of over 7%, SMIC rose by over 6%, and China National Pharmaceutical Group gained over 5% [1] Decliners - The passenger airline companies and home goods sectors faced declines, with Jiuxing Holdings and WanGuo Gold Group both dropping by over 7% [1]

Core Viewpoint - Xinda Investment Holdings (01281.HK) will hold a board meeting on August 28, 2025, to consider and approve the interim results for the six months ending June 30, 2025, and to discuss the potential distribution of an interim dividend, if any [1] Summary by Category - Company Announcement - The company has scheduled a board meeting for August 28, 2025 [1] - The meeting will focus on the approval of interim results for the six months ending June 30, 2025 [1] - The board will also consider the distribution of an interim dividend [1]

(股份代號：1281) 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之內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容而產生或 因倚賴該等內容而引致之任何損失承擔任何責任。 XINDA INVESTMENT HOLDINGS LIMITED 鑫達投資控股有限公司 （於開曼群島註冊成立的有限公司） 董事會召開日期 鑫達投資控股有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此宣 佈，本公司將於二零二五年八月二十八日（星期四）舉行董事會會議，藉以（其中包 括）考慮及批准本公司及其附屬公司截至二零二五年六月三十日止六個月之中期業 績，並考慮派發中期股息（如有）。 於本公告日期，執行董事為魏強先生及鄒燕紅女士；以及獨立非執行董事為韓秦春博士、黃翼忠先生及 馮志東先生。 鑫達投資控股有限公司 主席 魏強 河北，二零二五年八月十五日 承董事會命 ...

Group 1 - The company, Xinda Investment Holdings (01281.HK), expects to report a loss attributable to shareholders of approximately RMB 2 million to RMB 5 million for the first half of 2025, a significant decline from a profit of RMB 1.365 million recorded for the same period ending June 30, 2024 [1] - The primary reasons for the expected loss include a provision for impairment of trade and other receivables amounting to approximately RMB 6.8 million and losses of about RMB 2 million due to the disposal of certain asset equipment [1] - The company has appointed independent non-executive director Feng Zhidong as the chairman of the nomination committee [1]

Group 1 - The company, Xinda Investment Holdings (01281), expects to report a loss attributable to shareholders of approximately RMB 2 million to RMB 5 million for the first half of 2025, compared to a profit of RMB 1.365 million for the six months ending June 30, 2024 [1] - The primary reasons for the expected loss include a provision for impairment of trade and other receivables amounting to approximately RMB 6.8 million and losses of about RMB 2 million due to the disposal of certain asset equipment [1]

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。 1 盈利警告 本公告乃由鑫達投資控股有限公司（「本公司」，連同其附屬公司統稱「本集團」）根據香 港聯合交易所有限公司證券上市規則（「上市規則」）第 13.09(2)(a)條及香港法例第 571 章 證券及期貨條例第 XIVA 部項下的內幕消息條文（定義見上市規則）作出。 本公司董事（「董事」）會（「董事會」）謹此知會本公司股東（「股東」）及有意投資者， 根據本集團截至二零二五年六月三十日止六個月（「二零二五年半年度」）未經審核綜合管 理賬目之初步審閱及本集團目前可得數據顯示，預期本集團於二零二五年半年度錄得歸屬於 本公司擁有人之虧損約人民幣 2,000,000 元-人民幣 5,000,000 元，而相較於二零二四年六月 三十日止六個月錄得歸屬於本公司擁有人之溢利人民幣 1,365,000 元。 根據董事會目前所得資料，上述預期由盈轉虧的主要原因（其中包括）為：於二零二五年半 年度，按照賬齡法對本集團的貿易 ...

FF301 呈交日期: 2025年8月5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) | 01281 | 說明 | 鑫達投資控股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 2,000,000,000 | HKD | | 0.01 HKD | | 20,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | 本月底結存 | | | 2,000,000,000 | HKD | | 0.01 HKD | | 20,000,000 | 本月底法定/註冊股本總額： HKD 20,000,000 第 1 頁 共 10 頁 v 1.1.1 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7月31日 狀態: 新 ...

Financial Performance - In 2024, the Group recorded a revenue of RMB114,231,000, which is basically unchanged from RMB114,030,000 in the same period of 2023[15]. - The loss attributable to owners of the Company increased to RMB24,418,000 in 2024 from RMB18,179,000 in 2023, primarily due to an impairment provision of approximately RMB54,024,000 for State Subsidy receivables and power plant assets[15]. - The Group recorded a revenue of RMB114,231,000 during the Reporting Period, which is basically on par with RMB114,030,000 in the same period of 2023[28]. - Loss attributable to owners of the Company increased to RMB24,418,000 from RMB18,179,000 in the same period of 2023[28]. - Total power generation revenue was approximately RMB61,899,000, a decrease from RMB69,261,000 in the same period of 2023, primarily due to reduced solar power generation[33]. - The smart energy business contributed approximately RMB85,506,000 to the Group's revenue, representing a decrease of approximately 10.26% compared to RMB95,283,000 in the same period of 2023[34]. - The public infrastructure construction business contributed approximately RMB28,725,000 to the Group's revenue, an increase from RMB18,747,000 in the same period of 2023[35]. - The Group's total revenue for the reporting period was RMB114,231,000, slightly up from RMB114,030,000 in the same period of 2023, while gross profit increased to RMB30,652,000 from RMB24,854,000, resulting in a gross profit margin of 26.83%, up from 21.80%[40][43]. Impairment and Losses - An impairment provision of approximately RMB54,024,000 was made for accounts receivable related to the State Subsidy and the assets of a solar power plant during the Reporting Period[28]. - The management's decision to make a total impairment provision reflects a cautious approach due to the uncertain recovery of state subsidies[15]. - Impairment losses on non-financial assets amounted to approximately RMB33,322,000, down from RMB58,794,000 in the same period of 2023, mainly due to a provision for a solar power plant with uncertain state subsidy recovery[46][51]. - The Group recognized impairment losses on financial assets of RMB18,653,000, compared to a reversal of RMB5,012,000 in the same period of 2023, primarily related to accounts receivable for state subsidies[47][52]. Operational Challenges - The solar industry faces challenges such as unstable electricity prices and restricted power generation capacity due to increased installed capacity[14]. - The solar power generation industry in China is expected to transition from scale expansion to high-quality development by 2025, with a slowdown in growth anticipated[19]. - The PRC has issued regulations to address consumption difficulties in solar power generation, including accelerating the construction of new energy power grid projects[19]. Asset Management and Strategy - The Group aims to improve asset operation levels and create good returns for shareholders through timely adjustments to business strategies[20]. - The Group aims to enhance asset operation levels and ensure stable business development in response to national policy changes[23]. - The Group operates 11 existing ground and commercial distributed solar power plants with an installed capacity of approximately 64 MW and 18 MW household solar power plants[33]. Financial Position and Cash Flow - As of December 31, 2024, cash and bank balances were approximately RMB221,468,000, down from RMB227,743,000 as of December 31, 2023, mainly due to bank loan repayments[56]. - Total current assets were approximately RMB665,114,000 with a current ratio of 5.47, down from RMB672,255,000 and 6.53 respectively as of December 31, 2023, primarily due to decreases in cash and trade receivables[57]. - External borrowings decreased to RMB133,600,000 as of December 31, 2024, from RMB160,500,000 as of December 31, 2023, secured by machinery at solar power plants valued at RMB209,228,000[62]. - The Group's net debt was negative as of December 31, 2024, due to loan repayments and recovery of receivables during the reporting period[65]. - The proportion of long-term and short-term debts was 53.33% and 46.67% respectively as of December 31, 2024, compared to 63.90% and 36.10% as of December 31, 2023[66]. Employee and Management - The total staff costs for the year ended December 31, 2024, were RMB12,802,000, with a workforce reduction to 43 employees from 67 in the previous year[80]. - The company has a strong performance evaluation system for employees based on their position, qualifications, performance, work experience, and market trends[83]. - The group provides a mandatory provident fund plan for employees in Hong Kong and statutory social insurance contributions for employees in China, in compliance with local laws[83]. - The company emphasizes the importance of maintaining good relationships with suppliers and customers to achieve both immediate and long-term goals, with no significant disputes reported during the reporting period[175]. Governance and Compliance - The company emphasizes the importance of corporate governance and compliance, as reflected in the roles of its independent directors[93]. - The Group has complied with all relevant environmental protection laws and regulations throughout the reporting period, ensuring sustainable operations[136]. - The Group's operations are primarily regulated by local laws on renewable energy and construction projects in Mainland China[145]. Strategic Initiatives - The Group's principal activities include smart energy business, public infrastructure construction, and related management, with gradual expansion into other clean energy sectors[102]. - The strategic direction includes exploring new business opportunities and enhancing investor relations to support long-term growth[94]. - The Group's commitment to sustainable development includes maintaining mutually beneficial relationships with stakeholders, which is vital for the Group's growth[137]. Customer and Supplier Relationships - Sales to the Group's five largest customers accounted for approximately 65% of total sales for the Reporting Period, with the largest customer contributing 25%[170]. - Purchases from the Group's five largest suppliers accounted for approximately 83% of total purchases for the Reporting Period, with the largest supplier contributing 47%[170]. - The Group offers competitive remuneration packages to attract and motivate employees, regularly reviewing these packages[172].