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: 中國納泉能源科技控股有限公司 呈交日期: 2025年10月2日 I. 法定/註冊股本變動 本月底法定/註冊股本總額： HKD 7,500,000 FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 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) | 01597 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 250,000,000 | | 0 | | 250,000,000 | | 增加 / 減少 (-) | | | | | | | | | 本月底結存 | | | 250,000,000 | ...

[Corporate Information](index=3&type=section&id=Corporate%20Information) This chapter provides basic administrative and governance information about the company, including board members, committee composition, registered office, principal place of business, share registrar, independent auditor, stock code, and listing date - Board members include Executive Directors Mr. Cheng Liquan (Chairman) and Mr. Cheng Lifu (CEO), along with Non-executive Directors and Independent Non-executive Directors[6](index=6&type=chunk) - Audit Committee Chair is Ms. Hong Peiyu[6](index=6&type=chunk) - Independent Auditor is KPMG[10](index=10&type=chunk) - Company stock code is **1597**, listed on **October 20, 2020**[10](index=10&type=chunk) [Financial Highlights](index=5&type=section&id=Financial%20Highlights) This chapter summarizes the company's key financial performance for the six months ended June 30, 2025, and its financial position as of that date, showing decreased revenue, expanded losses, and reduced cash and shareholders' equity Financial Performance for the Six Months Ended June 30 | Indicator | 2025 (RMB Thousand) | 2024 (RMB Thousand) | Change Percentage | | :--- | :--- | :--- | :--- | | Revenue | 47,505 | 49,241 | –4% | | (Gross Loss) / Gross Profit | (3,760) | 43 | –8,844% | | (Gross Loss) / Gross Profit Margin | (7.91%) | 0.09% | –8% | | Loss Attributable to Shareholders | (20,018) | (13,343) | 50% | | Loss Per Share (RMB) | –0.080 | –0.053 | 51% | Financial Position as of June 30 | Indicator | June 30, 2025 (RMB Thousand) | December 31, 2024 (RMB Thousand) | Change Percentage | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents and Pledged Deposits | 26,014 | 58,202 | –55% | | Total Debt | 163,533 | 176,135 | –7% | | Net Debt | 137,519 | 117,933 | 17% | | Total Shareholders' Equity | 198,751 | 222,204 | –11% | [Management Discussion and Analysis](index=6&type=section&id=Management%20Discussion%20and%20Analysis) This chapter details the Group's business operations, financial performance, liquidity, and future outlook for the first half of 2025. Despite growth in pitch control systems and wind power, total revenue declined, and gross loss and loss for the period expanded due to reduced energy storage orders and decreased wind farm O&M demand. Policy, financial, and exchange rate risks are also analyzed [Business Review](index=6&type=section&id=BUSINESS%20REVIEW) The Group, as a leading wind power and pitch control system solution provider in China, has established an integrated business system covering R&D, integration, manufacturing, and sales of high-voltage pitch control systems, wind power generation, and wind power aftermarket O&M services. The company also actively expands into the new energy storage business, offering multi-scenario solutions - Core business segments: R&D, integration, manufacturing, and sales of wind turbine high-voltage pitch control systems, along with wind power generation and wind power aftermarket O&M services[13](index=13&type=chunk)[17](index=17&type=chunk) - New energy extension: Energy storage business provides "source-grid-load-storage" full-chain solutions, serving various energy forms including wind, solar, and thermal power[14](index=14&type=chunk)[17](index=17&type=chunk) - For the six months ended June 30, 2025, the Group delivered **337 sets of pitch control system products**, an **80% increase** compared to the same period in 2024, covering models from 5 MW to 9 MW[16](index=16&type=chunk)[19](index=19&type=chunk) - Duolun Wind Farm's semi-annual operating hours were **1,697 hours**, with a total semi-annual wind power generation of **33.09 million kWh** connected to the grid[21](index=21&type=chunk)[27](index=27&type=chunk) - Group development outlook: Will continue to focus on the new energy power sector, consolidating the domestic market while actively exploring international markets for new growth opportunities[24](index=24&type=chunk)[30](index=30&type=chunk) [Financial Position and Operating Results](index=7&type=section&id=FINANCIAL%20POSITION%20AND%20OPERATING%20RESULTS) In the first half of 2025, the Group's total revenue decreased by 3% year-on-year to RMB 47.5 million, primarily due to reduced energy storage orders and lower demand for wind farm O&M. Despite a 50% revenue growth in pitch control systems and wind power, overall gross profit turned into a gross loss, and loss for the period expanded by 57% to RMB 23.5 million, mainly due to intense market competition, product price declines, and increased administrative expenses - For the six months ended June 30, 2025, the Group's total revenue was approximately **RMB 47.5 million**, a **3% decrease** compared to the first half of 2024[32](index=32&type=chunk) Revenue Breakdown (For the Six Months Ended June 30) | Business Segment | 2025 (RMB Thousand) | 2024 (RMB Thousand) | Change (RMB Thousand) | Change Percentage | | :--- | :--- | :--- | :--- | :--- | | Sales of Pitch Control Systems and Related Components | 29,807 | 19,921 | +9,886 | +50% | | Wind Power Sales | 11,602 | 7,704 | +3,898 | +50% | | Wind Farm Operation and Maintenance Business | 2,218 | 7,319 | -5,101 | -71% | | Energy Storage Business | 3,878 | 14,297 | -10,419 | -71% | | **Total** | **47,505** | **49,241** | **-1,736** | **-3%** | - Cost of sales was approximately **RMB 51 million**, an increase of approximately **RMB 2 million or 4%** compared to the first half of 2024[39](index=39&type=chunk)[44](index=44&type=chunk) - The Group recorded a gross loss of approximately **RMB 3.8 million** (gross profit of approximately RMB 0 million in the first half of 2024), with the overall gross profit margin decreasing from 0% to **-8%**, mainly due to intense market competition, declining product prices and orders, and relatively lower gross profit margin in the energy storage business[46](index=46&type=chunk)[50](index=50&type=chunk) - Administrative and other operating expenses were approximately **RMB 17 million**, an increase of **RMB 5 million** compared to the first half of 2024, primarily due to provisions for expected credit losses resulting from deteriorating customer repayment capabilities[55](index=55&type=chunk)[61](index=61&type=chunk) - Loss for the period was approximately **RMB 23.5 million**, an increase of approximately **RMB 8.5 million** compared to the first half of 2024[57](index=57&type=chunk)[63](index=63&type=chunk) - Loss attributable to owners of the Company was approximately **RMB 20 million**, an increase of approximately **RMB 7 million** compared to the first half of 2024[58](index=58&type=chunk)[64](index=64&type=chunk) [Liquidity and Capital Source](index=12&type=section&id=LIQUIDITY%20AND%20CAPITAL%20SOURCE) As of June 30, 2025, the Group's cash and cash equivalents significantly decreased by 69% to approximately RMB 16 million, mainly due to operating losses and loan repayments. Despite this, the Board believes the Group has sufficient working capital for the next twelve months. Capital expenditure increased, primarily for plant renovation and optimization - As of June 30, 2025, the Group's asset-liability ratio was approximately **45%**, largely unchanged from **44%** as of December 31, 2024[65](index=65&type=chunk)[71](index=71&type=chunk) - As of June 30, 2025, the Group's cash and cash equivalents were approximately **RMB 16 million**, a decrease of approximately **RMB 35 million or 69%** compared to December 31, 2024, mainly due to operating losses and loan repayments[67](index=67&type=chunk)[73](index=73&type=chunk) - In the first half of 2025, the Group's capital expenditure totaled approximately **RMB 3.9 million**, an increase of **RMB 0.9 million** compared to the first half of 2024, primarily for the renovation and optimization of the company's plant[68](index=68&type=chunk)[74](index=74&type=chunk) - As of June 30, 2025, the Group's subsidiaries had short-term bank borrowings of **RMB 23 million**, of which **RMB 1 million** was secured by intellectual property[70](index=70&type=chunk)[76](index=76&type=chunk) [Human Resources](index=13&type=section&id=HUMAN%20RESOURCES) As of June 30, 2025, the Group employed 123 staff, a decrease from 160 as of December 31, 2024. The Group determines remuneration based on employees' qualifications, experience, and performance, and provides a retirement scheme for all eligible employees - As of June 30, 2025, the Group employed **123 staff** (December 31, 2024: 160 staff)[77](index=77&type=chunk)[80](index=80&type=chunk) - Remuneration packages include salaries and discretionary year-end bonuses, with a retirement scheme provided for all eligible employees[77](index=77&type=chunk) [Significant Investments Held, Material Acquisitions and Disposals of Subsidiaries, Associates and Joint Ventures, and Future Plans for Significant Investments and Capital Assets](index=13&type=section&id=SIGNIFICANT%20INVESTMENTS%20HELD,%20MATERIAL%20ACQUISITIONS%20AND%20DISPOSALS%20OF%20SUBSIDIARIES,%20ASSOCIATES%20AND%20JOINT%20VENTURES,%20AND%20FUTURE%20PLANS%20FOR%20SIGNIFICANT%20INVESTMENTS%20AND%20CAPITAL%20ASSETS) For the six months ended June 30, 2025, the Group did not undertake any significant investments or material acquisitions or disposals of subsidiaries, associates, and joint ventures, nor were there any Board-approved future plans for significant investments or capital asset purchases - For the six months ended June 30, 2025, the Group did not undertake any significant investments or material acquisitions or disposals of subsidiaries, associates, and joint ventures[78](index=78&type=chunk)[81](index=81&type=chunk) - As of the date of this interim report, the Group has no Board-approved future plans for significant investments or capital asset purchases[78](index=78&type=chunk) [Potential Risk Exposures](index=13&type=section&id=POTENTIAL%20RISK%20EXPOSURES) The Group faces policy uncertainty risks, as the new energy power industry is significantly affected by policies, potentially leading to demand slowdowns, underinvestment, and delayed settlement of electricity price premiums. Additionally, the Group faces financial risks such as insufficient cash flow and uncertainty in accounts receivable collection, as well as exchange rate risks from foreign currency assets and liabilities - Policy uncertainty risk: The new energy power industry is significantly affected by policies, and unfavorable policy changes may lead to demand slowdowns, underinvestment in pitch control systems, O&M, and energy storage, and long-term unsettled electricity price premiums for wind power sales[79](index=79&type=chunk)[82](index=82&type=chunk) - Financial risks: Failure to generate sufficient cash flow from business operations will severely impact management and operations; accounts receivable and bills receivable are subject to customer operational uncertainties, posing risks of non-collection on schedule[83](index=83&type=chunk)[88](index=88&type=chunk) - Exchange rate risk: The Company's recognized foreign currency assets and liabilities and future foreign currency transactions (primarily in USD) are exposed to foreign exchange risk, which management will continue to monitor and take prudent measures to mitigate[84](index=84&type=chunk)[85](index=85&type=chunk)[89](index=89&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=14&type=section&id=PURCHASE,%20SALE%20OR%20REDEMPTION%20OF%20THE%20COMPANY'S%20LISTED%20SECURITIES) For the six months ended June 30, 2025, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities - For the six months ended June 30, 2025, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[86](index=86&type=chunk)[90](index=90&type=chunk) [Events After the Reporting Period](index=14&type=section&id=EVENTS%20AFTER%20THE%20REPORTING%20PERIOD) No other significant events occurred after the reporting period and up to the date of this interim report - No other significant events occurred after the reporting period and up to the date of this interim report[87](index=87&type=chunk)[91](index=91&type=chunk) [Corporate Governance and Other Information](index=14&type=section&id=Corporate%20Governance%20and%20Other%20Information) This chapter outlines the company's corporate governance practices, including the Board's commitment to good governance standards, compliance with the Model Code for Securities Transactions by Directors, details of the share option scheme, disclosure of directors' and substantial shareholders' interests, and the Audit Committee's review of interim results. The Board did not recommend an interim dividend [Corporate Governance](index=15&type=section&id=CORPORATE%20GOVERNANCE) The Board is committed to achieving good corporate governance standards, emphasizing accountability and transparency. For the six months ended June 30, 2025, the Company complied with all applicable provisions of the Corporate Governance Code - The Board is committed to achieving good corporate governance standards, emphasizing enhanced accountability and transparency[92](index=92&type=chunk)[93](index=93&type=chunk) - For the six months ended June 30, 2025, the Company complied with all applicable code provisions contained in the Corporate Governance Code[94](index=94&type=chunk)[97](index=97&type=chunk) [Compliance with the Model Code for Securities Transactions by Directors of Listed Issuers](index=15&type=section&id=COMPLIANCE%20WITH%20THE%20MODEL%20CODE%20FOR%20SECURITIES%20TRANSACTIONS%20BY%20DIRECTORS%20OF%20LISTED%20ISSUERS) The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers as its code of conduct for directors' securities transactions, and all directors confirmed compliance with the code for the six months ended June 30, 2025 - The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers, as set out in Appendix C3 to the Listing Rules, as its own code of conduct for directors' securities transactions[95](index=95&type=chunk) - All Directors confirmed their compliance with the required standards set out in the Model Code for the six months ended June 30, 2025[96](index=96&type=chunk)[98](index=98&type=chunk) [Changes in the Information of Directors and Chief Executive and Senior Management of the Company](index=16&type=section&id=CHANGES%20IN%20THE%20INFORMATION%20OF%20DIRECTORS%20AND%20CHIEF%20EXECUTIVE%20AND%20SENIOR%20MANAGEMENT%20OF%20THE%20COMPANY) There have been no changes in the information of the Company's directors and chief executive requiring disclosure since the publication of the 2024 annual report - Since the publication of the Company's 2024 annual report, there have been no changes in the information of directors and the chief executive of the Company requiring disclosure under Rule 13.51B(1) of the Listing Rules[99](index=99&type=chunk)[102](index=102&type=chunk) [Share Option Scheme](index=16&type=section&id=SHARE%20OPTION%20SCHEME) The Company adopted a share option scheme on July 16, 2021, to provide incentives or rewards to eligible participants. The scheme stipulates the exercise price, maximum total number of shares that can be issued, and the maximum number of shares granted to each grantee. As of June 30, 2025, no share options have been granted, and the scheme will be valid for ten years from its adoption date - The Share Option Scheme was adopted on **July 16, 2021**, to grant share options as incentives or rewards to eligible participants (including employees, directors, consultants, suppliers, customers, etc.)[100](index=100&type=chunk)[101](index=101&type=chunk)[103](index=103&type=chunk)[104](index=104&type=chunk) - The subscription price for share options shall not be less than the highest of the closing price on the offer date, the average closing price for the five business days immediately preceding the offer date, and the nominal value of the shares[106](index=106&type=chunk)[108](index=108&type=chunk) - The total number of shares that may be issued upon exercise of all share options shall not exceed **10%** of the total issued share capital on the adoption date (i.e., **25,000,000 shares**)[106](index=106&type=chunk)[109](index=109&type=chunk) - As of June 30, 2025, no share options have been granted under the Share Option Scheme[111](index=111&type=chunk)[113](index=113&type=chunk) [Directors' and Chief Executive's Interests and Short Positions in Shares, Underlying Shares and Debentures of the Company and its Associated Corporations](index=18&type=section&id=DIRECTORS'%20AND%20CHIEF%20EXECUTIVE'S%20INTERESTS%20AND%20SHORT%20POSITIONS%20IN%20SHARES,%20UNDERLYING%20SHARES%20AND%20DEBENTURES%20OF%20THE%20COMPANY%20AND%20ITS%20ASSOCIATED%20CORPORATIONS) As of June 30, 2025, Mr. Cheng Liquan, Executive Director and Chairman, held a 75% long position in the Company's total issued shares through Hongyuan BVI, which he wholly owns. Other than this, no other directors or chief executives had disclosable interests or short positions in the Company's or its associated corporations' shares, underlying shares, or debentures Directors' Interests in the Company (As of June 30, 2025) | Director Name | Capacity | Number of Shares Held/Interested | Shareholding Percentage | | :--- | :--- | :--- | :--- | | Mr. Cheng Liquan | Interest in Controlled Corporation (through Hongyuan BVI) | 187,500,000 (L) | 75% | - Mr. Cheng Liquan legally and beneficially owns **100%** of the entire issued share capital of Hongyuan BVI[117](index=117&type=chunk)[119](index=119&type=chunk) - Save as disclosed above, no other directors or chief executives of the Company and their respective associates had any disclosable interests or short positions in any shares, underlying shares, or debentures of the Company or its associated corporations[118](index=118&type=chunk) [Substantial Shareholders' Interests and Short Positions in Shares and Underlying Shares](index=21&type=section&id=SUBSTANTIAL%20SHAREHOLDERS'%20INTERESTS%20AND%20SHORT%20POSITIONS%20IN%20SHARES%20AND%20UNDERLYING%20SHARES) As of June 30, 2025, Hongyuan BVI and Ms. Zhou Xuan, spouse of Mr. Cheng Liquan, were substantial shareholders of the Company, each holding a 75% long position in the Company's total issued shares Substantial Shareholders' Interests in the Company (As of June 30, 2025) | Shareholder Name | Capacity | Number of Shares Held/Interested | Shareholding Percentage | | :--- | :--- | :--- | :--- | | Hongyuan BVI | Beneficial Owner | 187,500,000 (L) | 75% | | Ms. Zhou Xuan | Spouse's Interest | 187,500,000 (L) | 75% | - Hongyuan BVI is wholly owned by Mr. Cheng Liquan, and Ms. Zhou Xuan, as Mr. Cheng Liquan's spouse, is deemed to be interested in his shares[122](index=122&type=chunk) [Audit Committee and Review of Interim Results](index=22&type=section&id=AUDIT%20COMMITTEE%20AND%20REVIEW%20OF%20INTERIM%20RESULTS) The Company's Audit Committee comprises three independent non-executive directors, with Ms. Hong Peiyu serving as Chair. The Committee has discussed with management and reviewed the Group's unaudited interim condensed consolidated financial statements and interim report for the six months ended June 30, 2025 - The Audit Committee comprises three independent non-executive directors, including Ms. Hong Peiyu (Chair), Mr. Kang Jian, and Mr. Li Shusheng[124](index=124&type=chunk) - The Audit Committee has discussed with management the accounting principles and policies adopted by the Group and has reviewed the Group's unaudited interim condensed consolidated financial statements and interim report for the six months ended June 30, 2025[125](index=125&type=chunk)[128](index=128&type=chunk) [Interim Dividend](index=22&type=section&id=INTERIM%20DIVIDEND) The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025 - The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025[126](index=126&type=chunk)[129](index=129&type=chunk) [Consolidated Statement of Profit or Loss](index=23&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss) This consolidated statement of profit or loss shows that for the six months ended June 30, 2025, the Group recorded a loss for the period of RMB 23.549 million, a significant increase from the RMB 15.070 million loss in the prior year. This was primarily due to revenue decline leading to a gross profit turning into a gross loss, and a significant increase in administrative and other operating expenses Consolidated Statement of Profit or Loss (For the Six Months Ended June 30) | Indicator | 2025 (RMB Thousand) | 2024 (RMB Thousand) | | :--- | :--- | :--- | | Revenue | 47,505 | 49,241 | | Cost of Sales | (51,265) | (49,198) | | (Gross Loss) / Gross Profit | (3,760) | 43 | | Other Income | 1,427 | 830 | | Other Net Losses | (108) | (10) | | Selling and Distribution Expenses | (4,092) | (4,338) | | Administrative and Other Operating Expenses | (17,287) | (11,513) | | Operating Loss | (23,820) | (14,988) | | Net Finance Costs | (945) | (1,714) | | Loss Before Taxation | (24,765) | (16,702) | | Income Tax | 1,216 | 1,632 | | **Loss for the Period** | **(23,549)** | **(15,070)** | | Loss Attributable to Equity Holders of the Company | (20,018) | (13,343) | | Loss Attributable to Non-controlling Interests | (3,531) | (1,727) | | Loss Per Share (Basic and Diluted, RMB) | (0.080) | (0.053) | [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=24&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) This consolidated statement of profit or loss and other comprehensive income shows that for the six months ended June 30, 2025, the Group recorded a total comprehensive income for the period of RMB 23.453 million loss, an increase from the RMB 15.088 million loss in the prior year. This primarily reflects the increased loss for the period, also slightly affected by exchange differences Consolidated Statement of Profit or Loss and Other Comprehensive Income (For the Six Months Ended June 30) | Indicator | 2025 (RMB Thousand) | 2024 (RMB Thousand) | | :--- | :--- | :--- | | Loss for the Period | (23,549) | (15,070) | | Other Comprehensive Income for the Period (Net of Tax) | 96 | (18) | | **Total Comprehensive Income for the Period** | **(23,453)** | **(15,088)** | | Attributable to Equity Holders of the Company | (19,922) | (13,361) | | Attributable to Non-controlling Interests | (3,531) | (1,727) | - Exchange differences on translation of financial statements at the company level resulted in a loss of **RMB 276 thousand** (2024: gain of RMB 205 thousand)[132](index=132&type=chunk) - Exchange differences on translation of financial statements of entities with non-RMB functional currency resulted in a gain of **RMB 372 thousand** (2024: loss of RMB 223 thousand)[132](index=132&type=chunk) [Consolidated Statement of Financial Position](index=25&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) This consolidated statement of financial position shows that as of June 30, 2025, the Group's total assets less current liabilities were RMB 204.310 million, and net assets were RMB 198.751 million, a decrease from December 31, 2024. Net current assets decreased, mainly due to a significant reduction in cash and cash equivalents, despite an increase in inventories Consolidated Statement of Financial Position (As of) | Indicator | June 30, 2025 (RMB Thousand) | December 31, 2024 (RMB Thousand) | | :--- | :--- | :--- | | **Non-current Assets** | **125,788** | **133,747** | | Property, Plant and Equipment | 104,749 | 111,749 | | Contract Assets (Non-current) | 14,116 | 17,102 | | Deferred Tax Assets | 6,495 | 4,480 | | **Current Assets** | **236,496** | **264,592** | | Inventories | 31,206 | 15,446 | | Contract Assets (Current) | 30,281 | 47,955 | | Trade and Other Receivables | 144,218 | 136,706 | | Loans to Third Parties | 4,607 | 4,913 | | Cash and Cash Equivalents | 15,949 | 51,005 | | Pledged and Restricted Deposits | 10,235 | 8,567 | | **Current Liabilities** | **157,974** | **168,534** | | Bank Loans and Other Borrowings | 45,399 | 67,053 | | Trade and Other Payables (Current) | 108,582 | 97,886 | | Lease Liabilities (Current) | 3,329 | 3,150 | | Contract Liabilities (Current) | 309 | 148 | | Current Tax | 355 | 297 | | **Net Current Assets** | **78,522** | **96,058** | | **Total Assets Less Current Liabilities** | **204,310** | **229,805** | | **Non-current Liabilities** | **5,559** | **7,601** | | Trade and Other Payables (Non-current) | 494 | 577 | | Lease Liabilities (Non-current) | 5,065 | 7,024 | | **Net Assets** | **198,751** | **222,204** | | **Total Equity** | **198,751** | **222,204** | [Consolidated Statement of Changes in Equity](index=27&type=section&id=Consolidated%20Statement%20of%20Changes%20in%20Equity) This consolidated statement of changes in equity shows that for the six months ended June 30, 2025, the Group's total equity decreased from RMB 222.204 million as of January 1, 2025, to RMB 198.751 million. This decrease was primarily attributable to the loss for the period and the impact of acquiring non-controlling interests, partially offset by capital contributions from non-controlling interests Consolidated Statement of Changes in Equity (For the Six Months Ended June 30, 2025) | Indicator | Balance at January 1, 2025 (RMB Thousand) | Changes in Equity (RMB Thousand) | Balance at June 30, 2025 (RMB Thousand) | | :--- | :--- | :--- | :--- | | Share Capital | 2,168 | — | 2,168 | | Share Premium | 95,992 | — | 95,992 | | Other Reserves | 31,646 | (4,564) | 27,082 | | PRC Statutory Reserve | 10,649 | — | 10,649 | | Exchange Fluctuation Reserve | (1,167) | 96 | (1,071) | | Retained Profits | 83,949 | (20,018) | 63,931 | | **Total Attributable to Equity Holders of the Company** | **223,237** | **(24,486)** | **198,751** | | Non-controlling Interests | (1,033) | 3,467 | — | | **Total Equity** | **222,204** | **(23,453)** | **198,751** | - Loss for the period was **RMB 20.018 million** (attributable to equity holders of the Company) and **RMB 3.531 million** (attributable to non-controlling interests)[142](index=142&type=chunk) - Capital contribution from non-controlling interests was **RMB 4.000 million**, and payment for acquisition of non-controlling interests was **RMB 4.000 million**[142](index=142&type=chunk) [Condensed Consolidated Cash Flow Statement](index=29&type=section&id=Condensed%20Consolidated%20Cash%20Flow%20Statement) This condensed consolidated cash flow statement shows that for the six months ended June 30, 2025, the Group's net decrease in cash was RMB 35.013 million. Both operating and financing activities resulted in cash outflows, with a significant increase in cash outflow from financing activities, mainly due to repayment of bank borrowings Condensed Consolidated Cash Flow Statement (For the Six Months Ended June 30) | Indicator | 2025 (RMB Thousand) | 2024 (RMB Thousand) | | :--- | :--- | :--- | | Net Cash Used in Operating Activities | (6,881) | (37,620) | | Net Cash Used in Investing Activities | (3,484) | (2,953) | | Net Cash (Used in) / Generated from Financing Activities | (24,648) | 21,284 | | **Net Decrease in Cash** | **(35,013)** | **(19,289)** | | Cash at January 1 | 51,005 | 55,824 | | Effect of Exchange Rate Changes | (43) | 166 | | Cash at June 30 | 15,949 | 36,701 | - Net cash used in operating activities significantly decreased from **RMB 37.620 million** in 2024 to **RMB 6.881 million** in 2025[143](index=143&type=chunk) - Financing activities changed from a net cash inflow of **RMB 21.284 million** in 2024 to a net cash outflow of **RMB 24.648 million** in 2025, primarily due to repayment of bank loans[143](index=143&type=chunk) [Notes to the Unaudited Interim Financial Report](index=29&type=section&id=Notes%20to%20the%20Unaudited%20Interim%20Financial%20Report) This chapter provides detailed notes to the unaudited interim financial report, covering the company's general information, basis of preparation, changes in accounting policies, breakdown of revenue and segment reporting, other income and losses, taxation, loss per share, property, plant and equipment, inventories, receivables, loans to third parties, cash and deposits, bank borrowings, payables, dividends, capital commitments, and material related party transactions [1 General Information](index=30&type=section&id=1%20GENERAL%20INFORMATION) China Naquan Energy Technology Holdings Limited was incorporated in the Cayman Islands on November 28, 2019, and listed on the Main Board of the Hong Kong Stock Exchange on October 20, 2020. The Group primarily engages in the R&D, integration, manufacturing, and sales of pitch control systems and related components, wind power generation, wind farm operation and maintenance, and energy storage businesses in China - The Company was incorporated in the Cayman Islands on **November 28, 2019**, and its shares were listed on the Main Board of The Stock Exchange of Hong Kong Limited on **October 20, 2020**[145](index=145&type=chunk) - The Group primarily engages in the R&D, integration, manufacturing, and sales of pitch control systems and related components, wind power generation, wind farm operation and maintenance business, and energy storage business in China[145](index=145&type=chunk)[149](index=149&type=chunk) [2 Basis of Preparation](index=30&type=section&id=2%20BASIS%20OF%20PREPARATION) This interim financial report is unaudited and prepared in accordance with the applicable disclosure provisions of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and International Accounting Standard 34. The report adopts the same accounting policies as those used in the 2024 annual financial statements, and changes in accounting policies have no significant impact on this interim report - This interim financial report is unaudited and prepared in accordance with the applicable disclosure provisions of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and International Accounting Standard 34[146](index=146&type=chunk)[150](index=150&type=chunk)[152](index=152&type=chunk)[157](index=157&type=chunk) - The interim financial report is prepared in accordance with the same accounting policies adopted in the annual financial statements for 2024, except for changes in accounting policies expected to be reflected in the 2025 annual financial statements[147](index=147&type=chunk)[154](index=154&type=chunk)[158](index=158&type=chunk) [3 Changes in Accounting Policies](index=31&type=section&id=3%20CHANGES%20IN%20ACCOUNTING%20POLICIES) The Group has applied the amendments to IAS 21, "The Effects of Changes in Foreign Exchange Rates — Lack of Exchangeability," but these amendments have no significant impact on this interim report as no related foreign currency transactions were conducted. The Group has not early adopted any new standards or interpretations that are not yet effective - The Group has applied the amendments to IAS 21, "The Effects of Changes in Foreign Exchange Rates — Lack of Exchangeability"[154](index=154&type=chunk)[158](index=158&type=chunk) - As the Group did not enter into any foreign currency transactions where one foreign currency is not exchangeable into another, these amendments have no significant impact on this interim report[154](index=154&type=chunk)[158](index=158&type=chunk) - The Group has not early adopted any new standards or interpretations that are not yet effective for the current accounting period[155](index=155&type=chunk)[159](index=159&type=chunk) [4 Revenue and Segment Reporting](index=32&type=section&id=4%20REVENUE%20AND%20SEGMENT%20REPORTING) This chapter details the Group's revenue and segment reporting by business line. For the six months ended June 30, 2025, the Group's total revenue was RMB 47.505 million. Revenue from pitch control systems and wind power sales increased, while revenue from wind farm O&M and energy storage businesses significantly decreased. All of the Group's revenue is generated from China, and the vast majority of its non-current assets and capital expenditures are also located in China Revenue Classification by Business Segment (For the Six Months Ended June 30) | Business Segment | 2025 (RMB Thousand) | 2024 (RMB Thousand) | | :--- | :--- | :--- | | Sales of Pitch Control Systems and Related Components | 29,807 | 19,921 | | Wind Power Sales | 11,602 | 7,704 | | Wind Farm Operation and Maintenance Business | 2,218 | 7,319 | | Energy Storage Business | 3,878 | 14,297 | | **Total** | **47,505** | **49,241** | Reportable Segment Profit/(Loss) (For the Six Months Ended June 30, 2025) | Business Segment | Profit/(Loss) (RMB Thousand) | | :--- | :--- | | Sales of Pitch Control Systems and Related Components | (4,852) | | Wind Power Sales | 6,312 | | Wind Farm Operation and Maintenance Business | 674 | | Energy Storage Business | (5,894) | | **Total** | **(3,760)** | Reportable Segment Assets (As of June 30, 2025) | Business Segment | Assets (RMB Thousand) | | :--- | :--- | | Sales of Pitch Control Systems and Related Components | 86,189 | | Wind Power Sales | 150,248 | | Wind Farm Operation and Maintenance Business | 2,497 | | Energy Storage Business | 86,064 | | **Total** | **324,998** | - All of the Group's revenue is generated from China, and the vast majority of its non-current assets and capital expenditures are located in/generated from China[179](index=179&type=chunk)[180](index=180&type=chunk) [5 Other Income and Other Net Losses](index=38&type=section&id=5%20OTHER%20REVENUE%20AND%20OTHER%20NET%20LOSS) For the six months ended June 30, 2025, the Group's other income increased to RMB 1.427 million, primarily from VAT refunds and government grants. Concurrently, other net losses slightly increased, mainly due to net exchange losses Other Income (For the Six Months Ended June 30) | Indicator | 2025 (RMB Thousand) | 2024 (RMB Thousand) | | :--- | :--- | :--- | | VAT Refunds and Deductions | 1,171 | 789 | | Government Grants | 96 | 6 | | Others | 160 | 35 | | **Total** | **1,427** | **830** | - VAT refunds include **RMB 311 thousand** from software sales (2024: RMB 17 thousand) and **RMB 860 thousand** from wind power generation (2024: RMB 772 thousand)[183](index=183&type=chunk)[184](index=184&type=chunk)[185](index=185&type=chunk) - Other net losses amounted to **RMB 108 thousand** (2024: RMB 10 thousand), primarily comprising net exchange losses of **RMB 19 thousand** (2024: RMB 17 thousand)[186](index=186&type=chunk) [6 Loss Before Taxation](index=39&type=section&id=6%20LOSS%20BEFORE%20TAXATION) For the six months ended June 30, 2025, the Group's loss before taxation was RMB 24.765 million, an increase from RMB 16.702 million in the prior year. This was mainly due to increased depreciation expenses and provisions for expected credit losses, despite a decrease in net finance costs Net Finance Costs (For the Six Months Ended June 30) | Indicator | 2025 (RMB Thousand) | 2024 (RMB Thousand) | | :--- | :--- | :--- | | Bank Loan Interest Expense | 612 | 381 | | Interest Expense on Loans to Third Parties | 450 | 827 | | Interest Expense on Loans to Related Parties | — | 500 | | Lease Liabilities Interest Expense | 185 | 329 | | Interest Income | (302) | (323) | | **Net Finance Costs** | **945** | **1,714** | - Depreciation expenses for property, plant and equipment increased to **RMB 9.037 million** (2024: RMB 5.305 million)[189](index=189&type=chunk) - Provisions for expected credit losses on trade receivables and contract assets amounted to **RMB 6.026 million** (2024: reversal of RMB 12 thousand)[189](index=189&type=chunk) [7 Income Tax](index=41&type=section&id=7%20INCOME%20TAX) For the six months ended June 30, 2025, the Group recorded an income tax credit of RMB 1.216 million, primarily due to the origination and reversal of temporary differences, offsetting current tax provisions Income Tax (For the Six Months Ended June 30) | Indicator | 2025 (RMB Thousand) | 2024 (RMB Thousand) | | :--- | :--- | :--- | | Current Tax — PRC Corporate Income Tax | 861 | 442 | | Over-provision in Prior Years | (62) | (36) | | Deferred Tax (Origination and Reversal of Temporary Differences) | (2,015) | (2,038) | | **Total** | **(1,216)** | **(1,632)** | - PRC income tax provision is calculated based on the respective corporate income tax rates applicable to the Group's subsidiaries located in China[192](index=192&type=chunk)[195](index=195&type=chunk) [8 Loss Per Share](index=41&type=section&id=8%20LOSS%20PER%20SHARE) For the six months ended June 30, 2025, both basic and diluted loss per share were RMB 0.080, an increase from RMB 0.053 in 2024, reflecting the expanded loss attributable to equity holders of the Company. Diluted loss per share was the same as basic loss per share due to the absence of potential dilutive ordinary shares - Basic and diluted loss per share was **RMB 0.080** (2024: RMB 0.053)[193](index=193&type=chunk)[196](index=196&type=chunk) - Diluted loss per share was the same as basic loss per share due to the absence of potential dilutive ordinary shares[194](index=194&type=chunk)[197](index=197&type=chunk) [9 Property, Plant and Equipment](index=42&type=section&id=9%20PROPERTY,%20PLANT%20AND%20EQUIPMENT) For the six months ended June 30, 2025, the Group purchased property, plant and equipment at a cost of RMB 3.881 million, an increase from the prior year. No items of property, plant and equipment were disposed of during the period - For the six months ended June 30, 2025, the Group purchased items of property, plant and equipment at a cost of **RMB 3,881,000** (2024: RMB 3,090,000)[198](index=198&type=chunk)[201](index=201&type=chunk) - For the six months ended June 30, 2025 and 2024, the Group did not dispose of any items of property, plant and equipment[198](index=198&type=chunk) [10 Inventories](index=42&type=section&id=10%20INVENTORIES) For the six months ended June 30, 2025, a decrease in the amount of inventories recognized as an expense in profit or loss for the period was RMB 1.285 million, an increase from the prior year - For the six months ended June 30, 2025, a decrease in the amount of inventories recognized as an expense in profit or loss for the period was **RMB 1,285,000** (2024: RMB 927,000)[199](index=199&type=chunk)[202](index=202&type=chunk) [11 Trade and Other Receivables](index=42&type=section&id=11%20TRADE%20AND%20OTHER%20RECEIVABLES) As of June 30, 2025, the Group's total trade and other receivables amounted to RMB 144.218 million, an increase from December 31, 2024. Of this, electricity price surcharges receivable were RMB 77.062 million, which the directors believe are fully recoverable. The aging analysis of trade receivables shows a relatively high proportion of amounts outstanding for over three years Trade and Other Receivables (As of) | Indicator | June 30, 2025 (RMB Thousand) | December 31, 2024 (RMB Thousand) | | :--- | :--- | :--- | | Trade Receivables and Bills Receivable, Net of Loss Provision | 133,363 | 128,193 | | Prepayments | 823 | 645 | | Other Receivables (Current) | 10,032 | 7,868 | | Other Receivables (Non-current) | 428 | 416 | | **Total** | **144,646** | **137,122** | Aging Analysis of Trade and Bills Receivables (As of June 30, 2025) | Aging | Amount (RMB Thousand) | | :--- | :--- | | Within 1 Year | 69,540 | | Over 1 Year but Within 2 Years | 10,739 | | Over 2 Years but Within 3 Years | 13,328 | | Over 3 Years | 39,756 | | **Total** | **133,363** | - As of June 30, 2025, electricity price surcharges receivable included in trade and other receivables amounted to **RMB 77,062,000** (2024: RMB 69,547,000), which the directors believe are fully recoverable[212](index=212&type=chunk)[214](index=214&type=chunk) [12 Loans to Third Parties](index=45&type=section&id=12%20LOANS%20TO%20THIRD%20PARTIES) As of June 30, 2025, net loans to third parties amounted to RMB 4.607 million. This includes an overdue but unpaid interest-free, unsecured loan from a former joint venture, and an interest-free, unsecured loan from another investor, repayable no later than December 31, 2025 Loans to Third Parties (As of) | Indicator | June 30, 2025 (RMB Thousand) | December 31, 2024 (RMB Thousand) | | :--- | :--- | :--- | | Loans to Third Parties | 8,206 | 8,512 | | Less: Loss Provision | (3,599) | (3,599) | | **Net Amount** | **4,607** | **4,913** | - Includes a loan of **RMB 6,876,000** from a former joint venture (overdue but unpaid) and a loan of **RMB 1,330,000** from another investor in that former joint venture (repayable no later than December 31, 2025)[216](index=216&type=chunk)[217](index=217&type=chunk)[218](index=218&type=chunk)[219](index=219&type=chunk) - The above loans are all interest-free and unsecured[217](index=217&type=chunk)[218](index=218&type=chunk) [13 Cash and Cash Equivalents, Pledged and Restricted Deposits](index=46&type=section&id=13%20CASH%20AND%20CASH%20EQUIVALENTS,%20PLEDGED%20AND%20RESTRICTED%20DEPOSITS) As of June 30, 2025, the Group's bank cash significantly decreased to RMB 15.949 million. Pledged deposits, primarily for issuing bills payable, increased. Cash and cash equivalents in mainland China are subject to foreign exchange control rules - Bank cash: As of June 30, 2025, it was **RMB 15,949,000** (December 31, 2024: RMB 51,005,000)[221](index=221&type=chunk) Pledged and Restricted Deposits (As of) | Indicator | June 30, 2025 (RMB Thousand) | December 31, 2024 (RMB Thousand) | | :--- | :--- | :--- | | Pledged Deposits for Issuing Bills Payable | 10,065 | 7,197 | | Restricted Deposits for Litigation | 170 | 1,370 | | **Total** | **10,235** | **8,567** | - Cash and cash equivalents in mainland China amounted to **RMB 13,207,000** (2024: RMB 47,932,000), and outward remittances are subject to relevant foreign exchange control rules and regulations[221](index=221&type=chunk) [14 Bank Loans and Other Borrowings](index=47&type=section&id=14%20BANK%20LOANS%20AND%20OTHER%20BORROWINGS) As of June 30, 2025, the Group's total bank loans and other borrowings amounted to RMB 45.399 million, a decrease from December 31, 2024. Short-term bank loans significantly decreased, while loans to third parties remained relatively stable Bank Loans and Other Borrowings (As of) | Indicator | June 30, 2025 (RMB Thousand) | December 31, 2024 (RMB Thousand) | | :--- | :--- | :--- | | Bank Loans | 22,993 | 44,038 | | Loans to Third Parties | 22,406 | 23,015 | | **Total** | **45,399** | **67,053** | - Loans to third parties are unsecured, bear interest rates ranging from **3.5% to 7%** per annum, and have no fixed repayment terms or are repayable within one year[224](index=224&type=chunk)[225](index=225&type=chunk) [15 Trade and Other Payables](index=48&type=section&id=15%20TRADE%20AND%20OTHER%20PAYABLES) As of June 30, 2025, the Group's total trade and other payables amounted to RMB 109.076 million, an increase from December 31, 2024. The aging analysis of trade payables shows a larger proportion of amounts outstanding for over twelve months. Other payables primarily include interest payable and employee-related costs Trade and Other Payables (As of) | Indicator | June 30, 2025 (RMB Thousand) | December 31, 2024 (RMB Thousand) | | :--- | :--- | :--- | | Trade Payables (Current) | 63,203 | 55,392 | | Bills Payable | 10,045 | 7,208 | | Other Payables (Current) | 35,334 | 35,286 | | Trade Payables (Non-current) | 494 | 577 | | **Total** | **109,076** | **98,463** | Aging Analysis of Trade Payables (As of June 30, 2025) | Aging | Amount (RMB Thousand) | | :--- | :--- | | Within 3 Months | 37,996 | | 3 to 6 Months | 248 | | 6 to 12 Months | 2,421 | | Over 12 Months | 22,538 | | **Total** | **63,203** | - Other payables include interest payable of **RMB 30.931 million**, employee-related costs of **RMB 1.061 million**, and other payables of **RMB 3.342 million**[231](index=231&type=chunk) [16 Dividends](index=49&type=section&id=16%20DIVIDENDS) No dividends were paid or declared by the Company for the six months ended June 30, 2025 and 2024 - No dividends were paid or declared by the Company for the six months ended June 30, 2025 and 2024[232](index=232&type=chunk)[234](index=234&type=chunk) [17 Capital Commitments](index=49&type=section&id=17%20CAPITAL%20COMMITMENTS) As of June 30, 2025, and December 31, 2024, there were no significant capital commitments outstanding and not provided for at the end of each period - As of June 30, 2025, and December 31, 2024, there were no significant capital commitments outstanding and not provided for at the end of each period[233](index=233&type=chunk)[235](index=235&type=chunk) [18 Material Related Party Transactions](index=49&type=section&id=18%20MATERIAL%20RELATED%20PARTY%20TRANSACTIONS) As of June 30, 2025, Mr. Cheng Lifu, an Executive Director of the Company, provided guarantees for bank credit granted to the Group amounting to RMB 22.993 million - As of June 30, 2025, Mr. Cheng Lifu, an Executive Director of the Company, provided guarantees for bank credit granted to the Group amounting to **RMB 22,993,000** (December 31, 2024: RMB 32,538,000)[236](index=236&type=chunk)[237](index=237&type=chunk)

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: 中國納泉能源科技控股有限公司 呈交日期: 2025年9月1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) | 01597 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 750,000,000 | HKD | | 0.01 | HKD | | 7,500,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 750,000,000 | HKD | | 0.01 | HKD | | 7,500,000 | 本月底法定/註冊股本總額 ...

Group 1 - The core viewpoint of the article highlights that Naxuan Energy Technology (01597.HK) reported a revenue decrease of 3% for the first half of 2025, totaling approximately RMB 47.5 million compared to RMB 49 million in the same period of 2024 [1] - The decline in revenue is attributed to a decrease in energy storage business orders and reduced operational demand for wind farms [1] - The company reported a loss attributable to shareholders of approximately RMB 20 million, which is an increase of about RMB 7 million from the loss of approximately RMB 13 million in the first half of 2024 [1]

Core Points - Nacel Energy Technology (01597) reported a mid-term performance for the six months ending June 30, 2025, with revenue of 47.505 million, a year-on-year decrease of 3.53% [1] - The company recorded a loss attributable to equity shareholders of 20.018 million, an increase of 50.03% year-on-year [1] - The loss per share was 0.08 yuan [1] Revenue Analysis - The decrease in revenue is primarily attributed to a decline in energy storage business orders and reduced operational demand for wind farms, leading to an overall reduction in business income [1]

[Interim Results Summary](index=2&type=section&id=Interim%20Results%20Summary) [Consolidated Income Statement](index=2&type=section&id=Consolidated%20Income%20Statement) Total revenue decreased to **RMB 47,505 thousand**, resulting in a **gross loss of RMB 3,760 thousand** and an expanded **loss for the period of RMB 23,549 thousand** Consolidated Income Statement Summary | Metric | June 30, 2025 (RMB '000) | June 30, 2024 (RMB '000) | | :--- | :--- | :--- | | Revenue | 47,505 | 49,241 | | Cost of Sales | (51,265) | (49,198) | | Gross Loss / Gross Profit | (3,760) | 43 | | Operating Loss | (23,820) | (14,988) | | Loss Before Tax | (24,765) | (16,702) | | Loss for the Period | (23,549) | (15,070) | | Basic and Diluted Loss Per Share | (0.080) | (0.053) | [Consolidated Statement of Comprehensive Income](index=3&type=section&id=Consolidated%20Statement%20of%20Comprehensive%20Income) Total comprehensive loss for the period expanded to **RMB 23,453 thousand**, primarily due to increased loss for the period, despite a slight positive impact from exchange differences Consolidated Statement of Comprehensive Income Summary | Metric | June 30, 2025 (RMB '000) | June 30, 2024 (RMB '000) | | :--- | :--- | :--- | | Loss for the Period | (23,549) | (15,070) | | Other Comprehensive Income for the Period | 96 | (18) | | Total Comprehensive Income for the Period | (23,453) | (15,088) | | Attributable to Owners of the Company | (19,922) | (13,361) | [Consolidated Statement of Financial Position](index=4&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) Total assets less current liabilities decreased to **RMB 204,310 thousand**, with net assets at **RMB 198,751 thousand**, mainly impacted by the loss for the period Consolidated Statement of Financial Position Summary | Metric | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Non-current Assets | 125,788 | 133,747 | | Current Assets | 236,496 | 264,592 | | Current Liabilities | 157,974 | 168,534 | | Net Current Assets | 78,522 | 96,058 | | Total Assets Less Current Liabilities | 204,310 | 229,805 | | Net Assets | 198,751 | 222,204 | | Total Equity | 198,751 | 222,204 | [Notes to the Financial Statements](index=6&type=section&id=Notes%20to%20the%20Financial%20Statements) [General Information](index=6&type=section&id=General%20Information) The company, incorporated in Cayman Islands in 2019 and listed in Hong Kong in 2020, primarily engages in pitch control systems, wind power generation, O&M, and energy storage in China - The company was incorporated in the Cayman Islands on **November 28, 2019**, and listed on the Main Board of the Hong Kong Stock Exchange on **October 20, 2020**[9](index=9&type=chunk) - The Group's principal activities include research and development, integration, manufacturing, and sales of pitch control systems and related components, wind power generation, wind farm operation and maintenance, and energy storage businesses[9](index=9&type=chunk) [Basis of Preparation and Changes in Accounting Policies](index=6&type=section&id=Basis%20of%20Preparation%20and%20Changes%20in%20Accounting%20Policies) Interim financial report is unaudited, prepared under IAS 34, with no significant impact from IAS 21 amendments on foreign currency transactions - The interim financial report is prepared in accordance with **International Accounting Standard 34** and is **unaudited**[10](index=10&type=chunk)[11](index=11&type=chunk) - The Group has applied the amendments to **International Accounting Standard 21**, but as no foreign currency non-exchangeable transactions were undertaken, there is **no significant impact** on this interim report[12](index=12&type=chunk) [Revenue and Segment Reporting](index=7&type=section&id=Revenue%20and%20Segment%20Reporting) Total revenue decreased to **RMB 47,505 thousand**, with growth in pitch control systems and wind power sales offset by significant declines in O&M and energy storage businesses - The Group's principal activities include research and development, integration, manufacturing, and sales of pitch control systems and related components, sales of wind power, wind farm operation and maintenance, and energy storage businesses[14](index=14&type=chunk) - All the Group's revenue is generated from **China**, and substantially all non-current assets and capital expenditures are located in China, thus no geographical information is presented[21](index=21&type=chunk) [Revenue Classification](index=7&type=section&id=Revenue%20Classification) Total revenue decreased by **3.5%** to **RMB 47,505 thousand**, driven by **50% growth** in pitch control systems and wind power sales, but offset by **~70% declines** in O&M and energy storage Revenue by Business Segment | Business Segment | June 30, 2025 (RMB '000) | June 30, 2024 (RMB '000) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Sales of Pitch Control Systems and Related Components | 29,807 | 19,921 | +50.0 | | Sales of Wind Power | 11,602 | 7,704 | +50.6 | | Wind Farm Operation and Maintenance Services | 2,218 | 7,319 | -69.7 | | Energy Storage Business | 3,878 | 14,297 | -72.9 | | **Total** | **47,505** | **49,241** | **-3.5** | [Segment Performance and Assets](index=8&type=section&id=Segment%20Performance%20and%20Assets) Pitch control systems and energy storage segments reported losses, while wind power sales and O&M were profitable, with total segment assets at **RMB 324,998 thousand** Segment Profit / (Loss) | Segment | June 30, 2025 (RMB '000) | June 30, 2024 (RMB '000) | | :--- | :--- | :--- | | Sales of Pitch Control Systems and Related Components Profit / (Loss) | (4,852) | (4,711) | | Sales of Wind Power Profit / (Loss) | 6,312 | 3,423 | | Wind Farm Operation and Maintenance Services Profit / (Loss) | 674 | 1,701 | | Energy Storage Business Profit / (Loss) | (5,894) | (370) | | **Total** | **(3,760)** | **43** | Segment Assets | Segment | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Sales of Pitch Control Systems and Related Components Assets | 86,189 | 68,270 | | Sales of Wind Power Assets | 150,248 | 141,770 | | Wind Farm Operation and Maintenance Services Assets | 2,497 | 3,906 | | Energy Storage Business Assets | 86,064 | 115,428 | | **Total** | **324,998** | **329,374** | [Other Income and Net Other Losses](index=10&type=section&id=Other%20Income%20and%20Net%20Other%20Losses) Total other income increased to **RMB 1,427 thousand** due to higher VAT refunds and government grants, while net other losses expanded to **RMB 108 thousand** from exchange losses Other Income Items | Other Income Item | June 30, 2025 (RMB '000) | June 30, 2024 (RMB '000) | | :--- | :--- | :--- | | VAT Refunds and Deductions | 1,171 | 789 | | Government Grants | 96 | 6 | | Other | 160 | 35 | | **Total** | **1,427** | **830** | Other Net Losses Items | Other Net Losses Item | June 30, 2025 (RMB '000) | June 30, 2024 (RMB '000) | | :--- | :--- | :--- | | Net Exchange Loss | 19 | 17 | | Other | (127) | (27) | | **Total** | **(108)** | **(10)** | - VAT refunds primarily include **RMB 311 thousand** for software product sales (2024: RMB 17 thousand) and **RMB 860 thousand** for wind power generation sales (2024: RMB 772 thousand)[23](index=23&type=chunk) [Components of Loss Before Tax](index=11&type=section&id=Components%20of%20Loss%20Before%20Tax) Net finance costs decreased to **RMB 945 thousand** due to lower interest expenses, with significant costs from inventories, depreciation, and expected credit loss provisions Net Finance Costs | Finance Cost Item | June 30, 2025 (RMB '000) | June 30, 2024 (RMB '000) | | :--- | :--- | :--- | | Interest Expense on Bank Loans | 612 | 381 | | Interest Expense on Loans from Third Parties | 450 | 827 | | Interest Expense on Loans from Related Parties | — | 500 | | Interest Expense on Lease Liabilities | 185 | 329 | | Interest Income | (302) | (323) | | **Net Finance Costs** | **945** | **1,714** | Other Expense Items | Other Expense Item | June 30, 2025 (RMB '000) | June 30, 2024 (RMB '000) | | :--- | :--- | :--- | | Cost of Inventories Recognized as Expense | 45,929 | 44,917 | | Depreciation Expense | 10,881 | 8,242 | | Provision for Expected Credit Losses | 6,026 | (12) | | Provision for Impairment of Inventories | 1,285 | 927 | [Income Tax](index=12&type=section&id=Income%20Tax) Income tax decreased to **RMB 1,216 thousand**, mainly due to the origination and reversal of deferred tax and adjustments for prior year over-provisions Income Tax Items | Income Tax Item | June 30, 2025 (RMB '000) | June 30, 2024 (RMB '000) | | :--- | :--- | :--- | | Current Tax — Provision for the Year | 861 | 442 | | Current Tax — Over-provision in Prior Years | (62) | (36) | | Deferred Tax — Origination and Reversal of Temporary Differences | (2,015) | (2,038) | | **Total** | **(1,216)** | **(1,632)** | [Loss Per Share](index=12&type=section&id=Loss%20Per%20Share) Basic loss per share attributable to owners expanded to **RMB 0.080**, with diluted loss per share remaining the same due to no dilutive ordinary shares Loss Per Share Values | Metric | June 30, 2025 (RMB) | June 30, 2024 (RMB) | | :--- | :--- | :--- | | Basic Loss Per Share | (0.080) | (0.053) | | Diluted Loss Per Share | (0.080) | (0.053) | - Basic loss per share is calculated based on the loss attributable to ordinary equity shareholders of the Company of **RMB 20,018 thousand** (2024: RMB 13,343 thousand) and **250,000,000 weighted average ordinary shares** outstanding[28](index=28&type=chunk) [Balance Sheet Notes](index=13&type=section&id=Balance%20Sheet%20Notes) This section details key balance sheet items including capital expenditure on PPE, inventory impairment, trade and other receivables, loans to third parties, cash, and borrowings [Property, Plant and Equipment](index=13&type=section&id=Property,%20Plant%20and%20Equipment) Cost of property, plant and equipment purchased increased to **RMB 3,881 thousand**, with no disposals during the period - For the six months ended June 30, 2025, the cost of property, plant and equipment purchased was **RMB 3,881 thousand**, representing a **25.6% year-on-year increase**[30](index=30&type=chunk) [Inventories](index=13&type=section&id=Inventories) Provision for impairment of inventories recognized as expense increased to **RMB 1,285 thousand** Provision for Impairment of Inventories | Metric | June 30, 2025 (RMB '000) | June 30, 2024 (RMB '000) | | :--- | :--- | :--- | | Provision for Impairment of Inventories | 1,285 | 927 | [Trade and Other Receivables](index=13&type=section&id=Trade%20and%20Other%20Receivables) Total trade and other receivables increased to **RMB 144,218 thousand**, with trade receivables and bills receivable (net of allowance) at **RMB 133,363 thousand** Trade and Other Receivables Items | Receivables Item | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Trade Receivables and Bills Receivable (Net of Loss Allowance) | 133,363 | 128,193 | | Prepayments | 823 | 645 | | Other Receivables | 10,032 | 7,868 | | **Total** | **144,218** | **136,706** | Aging Analysis of Trade Receivables and Bills Receivable | Aging of Trade Receivables and Bills Receivable | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Within 1 year | 69,540 | 69,200 | | Over 1 year but within 2 years | 10,739 | 12,051 | | Over 2 years but within 3 years | 13,328 | 12,376 | | Over 3 years | 39,756 | 34,566 | | **Total** | **133,363** | **128,193** | - As of June 30, 2025, receivables for electricity price surcharge amounted to **RMB 77,062 thousand** (2024: RMB 69,547 thousand), which the directors believe are **fully recoverable**[34](index=34&type=chunk)[35](index=35&type=chunk) [Loans to Third Parties](index=15&type=section&id=Loans%20to%20Third%20Parties) Net loans to third parties decreased to **RMB 4,607 thousand**, including an overdue loan of **RMB 6,876 thousand** from a former joint venture Loans to Third Parties | Loan Item | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Loans to Third Parties | 8,206 | 8,512 | | Less: Loss Allowance | (3,599) | (3,599) | | **Net** | **4,607** | **4,913** | - A loan of **RMB 6,876 thousand** from a former joint venture was **due but unpaid** as of December 31, 2024[36](index=36&type=chunk) [Cash and Cash Equivalents and Pledged and Restricted Deposits](index=15&type=section&id=Cash%20and%20Cash%20Equivalents%20and%20Pledged%20and%20Restricted%20Deposits) Cash at bank significantly decreased to **RMB 15,949 thousand**, with total pledged and restricted deposits at **RMB 10,235 thousand** mainly for bills payable Cash and Deposits | Cash and Deposit Item | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Cash at Bank | 15,949 | 51,005 | | Pledged Deposits for Issuance of Bills Payable | 10,065 | 7,197 | | Restricted Deposits for Litigation | 170 | 1,370 | | **Total Pledged and Restricted Deposits** | **10,235** | **8,567** | - Cash and cash equivalents in Mainland China amounted to **RMB 13,207 thousand**, subject to foreign exchange control rules and regulations[38](index=38&type=chunk) [Bank Loans and Other Borrowings](index=16&type=section&id=Bank%20Loans%20and%20Other%20Borrowings) Total bank loans and other borrowings decreased to **RMB 45,399 thousand**, comprising **RMB 22,993 thousand** in short-term bank loans and **RMB 22,406 thousand** in third-party loans Borrowings | Borrowing Item | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Bank Loans | 22,993 | 44,038 | | Loans from Third Parties | 22,406 | 23,015 | | **Total** | **45,399** | **67,053** | - Loans from third parties are **unsecured**, have **no fixed repayment terms** or are repayable within one year, with annual interest rates ranging from **3.5% to 7%**[42](index=42&type=chunk) [Trade and Other Payables](index=17&type=section&id=Trade%20and%20Other%20Payables) Total trade and other payables increased to **RMB 108,582 thousand**, including **RMB 63,203 thousand** in trade payables and **RMB 30,931 thousand** in interest payable Trade and Other Payables Items | Payables Item | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Trade Payables | 63,203 | 55,392 | | Bills Payable | 10,045 | 7,208 | | Other Payables | 35,334 | 35,286 | | **Total Current** | **108,582** | **97,886** | Aging Analysis of Trade Payables | Aging of Trade Payables | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Within 3 months | 37,996 | 22,635 | | 3 to 6 months | 248 | 3,384 | | 6 to 12 months | 2,421 | 3,906 | | Over 12 months | 22,538 | 25,467 | | **Total** | **63,203** | **55,392** | Other Payables Items | Other Payables Item | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Interest Payable | 30,931 | 31,007 | | Staff-related Costs Payable | 1,061 | 1,681 | | Other | 3,342 | 2,598 | | **Total** | **35,334** | **35,286** | [Dividends and Capital Commitments](index=18&type=section&id=Dividends%20and%20Capital%20Commitments) No dividends were paid or declared, and no significant unfulfilled capital commitments existed at the end of the reporting period - For the six months ended June 30, 2025 and 2024, the Company **neither paid nor declared any dividends**[46](index=46&type=chunk) - As of June 30, 2025 and December 31, 2024, there were **no significant capital commitments** outstanding and not provided for at the end of each period[47](index=47&type=chunk) [Significant Related Party Transactions](index=18&type=section&id=Significant%20Related%20Party%20Transactions) Bank facilities of **RMB 22,993 thousand** were guaranteed by an executive director, a decrease from the prior period Related Party Transactions | Related Party Transaction Item | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Guarantees Provided to Banks for Bank Facilities | 22,993 | 32,538 | - Certain bank facilities of the Group are **guaranteed by Mr. Cheng Lifu**, an executive director of the Company[49](index=49&type=chunk) [Management Discussion and Analysis](index=19&type=section&id=Management%20Discussion%20and%20Analysis) [Business Review](index=19&type=section&id=Business%20Review) The Group, a leading wind power and pitch control system provider in China, has built an integrated business system covering R&D, manufacturing, wind power generation, O&M, and energy storage - The Group has established a **comprehensive business system** covering multiple areas, including high-voltage pitch control systems for wind turbines, wind power generation, aftermarket O&M services for wind farms, and energy storage businesses[50](index=50&type=chunk) - The energy storage business has **multi-scenario adaptability**, serving various energy forms such as wind, solar, and thermal power, providing "source-grid-load-storage" full-chain storage solutions[50](index=50&type=chunk) [Pitch Control System Integration, Manufacturing and Sales](index=19&type=section&id=Pitch%20Control%20System%20Integration,%20Manufacturing%20and%20Sales) The Group delivered **337 sets** of pitch control systems, an **80% increase**, expanding its client base beyond Envision Energy to other major wind turbine manufacturers - The Group's client base has expanded from a single Envision Energy to include other high-quality wind turbine manufacturers such as **Goldwind Science & Technology, CRRC Group, and Sinovel Wind Group**[51](index=51&type=chunk) - For the six months ended June 30, 2025, a total of **337 sets of pitch control system products** were delivered, representing an **80% increase** compared to the same period in 2024[51](index=51&type=chunk) [Wind Power Generation](index=20&type=section&id=Wind%20Power%20Generation) The Duolun Wind Farm, with a total installed capacity of **19.5 MW**, generated **33.09 million kWh** of wind power for the grid during the period - The Duolun Wind Farm is equipped with **13 wind turbines**, with a total installed capacity of **19.5 MW**[52](index=52&type=chunk) - For the six months ended June 30, 2025, the Duolun Wind Farm's total semi-annual wind power connected to the grid was **33.09 million kWh**[52](index=52&type=chunk) [Wind Farm Operation and Maintenance](index=20&type=section&id=Wind%20Farm%20Operation%20and%20Maintenance) The Group provides aftermarket operation and maintenance services for wind farms, generating revenue from service fees and consumable sales - The Group provides **aftermarket operation and maintenance services** to customers, charging service fees and fees for selling consumables[53](index=53&type=chunk) [Energy Storage](index=20&type=section&id=Energy%20Storage) The energy storage business offers products and solutions for various scenarios, including wind, solar, and thermal power, providing smart energy services for storage and optimized dispatch - The energy storage business offers a rich array of products and services, including energy storage products and solutions, energy storage modules, packs and system equipment, EMS, smart energy cloud platforms, and integrated energy simulation and measurement platforms[54](index=54&type=chunk) [Group Development Outlook](index=20&type=section&id=Group%20Development%20Outlook) The Group will continue to focus on new energy power, consolidating its domestic market position while actively exploring international growth opportunities - The Group will continue to focus on the **new energy power sector**, consolidating its domestic market position and actively exploring international markets for new growth opportunities[55](index=55&type=chunk) [Financial Position and Operating Performance Analysis](index=20&type=section&id=Financial%20Position%20and%20Operating%20Performance%20Analysis) In H1 2025, the Group's core business was negatively impacted, leading to an expanded loss for the period, decreased revenue, gross loss, increased administrative expenses, and reduced cash - In the first half of 2025, the Group's principal business was negatively affected by the commercial environment, but it continued to develop steadily[56](index=56&type=chunk) [Revenue](index=21&type=section&id=Revenue) Total revenue decreased by **3%** to **RMB 47.5 million**, with growth in pitch control systems and wind power offset by significant declines in O&M and energy storage due to policy changes Revenue by Business Segment | Business Segment | June 30, 2025 (RMB '000) | June 30, 2024 (RMB '000) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Sales of Pitch Control Systems and Related Components | 29,807 | 19,921 | +50.0 | | Sales of Wind Power | 11,602 | 7,704 | +50.6 | | Wind Farm Operation and Maintenance Services | 2,218 | 7,319 | -71.0 | | Energy Storage Business | 3,878 | 14,297 | -71.0 | | **Total** | **47,505** | **49,241** | **-3.5** | - Energy storage business revenue decreased by approximately **71%**, mainly due to reduced orders resulting from electricity market reforms and changes in mandatory energy storage policies[59](index=59&type=chunk) [Cost of Sales](index=22&type=section&id=Cost%20of%20Sales) Cost of sales increased by **4%** to **RMB 51 million**, driven by higher pitch control system orders, while O&M and energy storage costs decreased due to lower revenue/orders - The Group's cost of sales was approximately **RMB 51 million**, an increase of approximately **RMB 2 million or 4%** year-on-year[60](index=60&type=chunk) - Cost of sales for the pitch control system business increased by approximately **40%** to **RMB 35 million**, primarily due to increased orders[60](index=60&type=chunk) - Cost of sales for the wind farm operation and maintenance business decreased by approximately **73%** to **RMB 1.5 million**, mainly due to reduced revenue[60](index=60&type=chunk) - Cost of sales for the energy storage business decreased by approximately **RMB 5 million**, mainly due to reduced material costs from fewer orders[61](index=61&type=chunk) [Gross Profit and Gross Margin](index=23&type=section&id=Gross%20Profit%20and%20Gross%20Margin) The Group recorded a **gross loss of RMB 3.8 million**, with the overall gross margin declining from **0% to -8%**, as energy storage suffered gross losses due to insufficient orders - The Group recorded a **gross loss of approximately RMB 3.8 million**, with the overall gross margin decreasing from **0% in H1 2024 to -8% in H1 2025**[62](index=62&type=chunk) - The gross margin for the pitch control system business improved from **-24% to -16%**, and for the wind power generation business, it increased from **44% to 54%**[62](index=62&type=chunk) - The energy storage business incurred a gross loss, mainly because insufficient order volume could not cover labor and fixed costs[62](index=62&type=chunk) [Other Income](index=23&type=section&id=Other%20Income) Other income remained stable at approximately **RMB 1 million** - The Group's other income was approximately **RMB 1 million**, largely consistent with the first half of 2024[63](index=63&type=chunk) [Selling and Distribution Expenses](index=23&type=section&id=Selling%20and%20Distribution%20Expenses) Selling and distribution expenses remained stable at approximately **RMB 4 million** - The Group's selling and distribution expenses were approximately **RMB 4 million**, largely consistent with the first half of 2024[64](index=64&type=chunk) [Administrative and Other Operating Expenses](index=23&type=section&id=Administrative%20and%20Other%20Operating%20Expenses) Administrative and other operating expenses increased by **RMB 5 million** to **RMB 17 million**, primarily due to higher provisions for expected credit losses - Administrative and other operating expenses increased by **RMB 5 million** to approximately **RMB 17 million**, mainly due to increased provisions for expected credit losses as customer repayment capabilities deteriorated[65](index=65&type=chunk) [Finance Costs](index=24&type=section&id=Finance%20Costs) Finance costs decreased by approximately **RMB 1 million** to **RMB 1 million**, mainly due to reduced borrowings - Finance costs were approximately **RMB 1 million**, a decrease of approximately **RMB 1 million** compared to the first half of 2024, mainly due to reduced borrowings[66](index=66&type=chunk) [Loss for the Period](index=24&type=section&id=Loss%20for%20the%20Period) Loss for the period increased by approximately **RMB 8.5 million** to **RMB 23.5 million** - Loss for the period was approximately **RMB 23.5 million**, an increase of approximately **RMB 8.5 million** compared to RMB 15 million in the first half of 2024[67](index=67&type=chunk) [Loss Attributable to Owners of the Company](index=24&type=section&id=Loss%20Attributable%20to%20Owners%20of%20the%20Company) Loss attributable to owners increased by approximately **RMB 7 million** to **RMB 20 million** - Loss attributable to owners of the Company was approximately **RMB 20 million**, an increase of approximately **RMB 7 million** compared to RMB 13 million in the first half of 2024[68](index=68&type=chunk) [Gearing Ratio](index=24&type=section&id=Gearing%20Ratio) The gearing ratio remained stable at approximately **45%**, a 1% decrease from December 31, 2024 - The gearing ratio was approximately **45%**, a **1% decrease** from 44% as of December 31, 2024, remaining largely stable[69](index=69&type=chunk) [Liquidity and Capital Resources](index=24&type=section&id=Liquidity%20and%20Capital%20Resources) The Group's working capital sources include operating cash flow, existing cash, bank loans, and IPO proceeds, with management confident in sufficient funds for the next year - The Group's working capital sources include cash flows generated from operating activities, existing cash and cash equivalents, bank loans, and net proceeds from its listing[70](index=70&type=chunk) - The directors believe that the Group has **sufficient working capital** to meet its operational needs for the current and next full year[70](index=70&type=chunk) [Cash Flow](index=24&type=section&id=Cash%20Flow) Cash and cash equivalents decreased by **69%** to **RMB 16 million**, primarily due to operating losses and loan repayments - Cash and cash equivalents amounted to approximately **RMB 16 million**, a decrease of approximately **RMB 35 million or 69%** compared to RMB 51 million as of December 31, 2024[71](index=71&type=chunk) - The decrease in cash and cash equivalents was mainly due to **operating losses and repayment of borrowings**[71](index=71&type=chunk) [Capital Expenditure](index=25&type=section&id=Capital%20Expenditure) Capital expenditure totaled approximately **RMB 3.9 million**, an increase of **RMB 0.9 million**, mainly for plant upgrades - Capital expenditure totaled approximately **RMB 3.9 million**, an increase of **RMB 0.9 million** compared to the first half of 2024, primarily for the **upgrade and optimization of the company's plant**[72](index=72&type=chunk) [Contingent Liabilities](index=25&type=section&id=Contingent%20Liabilities) The Group had no significant contingent liabilities as of June 30, 2025 - As of June 30, 2025, the Group had **no significant contingent liabilities**[73](index=73&type=chunk) [Pledge of Group Assets](index=25&type=section&id=Pledge%20of%20Group%20Assets) Of the **RMB 23 million** in short-term bank borrowings, **RMB 1 million** was secured by intellectual property of a Group subsidiary - Of the **RMB 23 million** in short-term bank borrowings of the Group's subsidiaries, **RMB 1 million** was secured by the intellectual property of a Group subsidiary[74](index=74&type=chunk) [Human Resources](index=25&type=section&id=Human%20Resources) The Group employed **123 staff**, a decrease from **160** at December 31, 2024, with all employees under labor contracts compliant with Chinese labor laws - As of June 30, 2025, the Group employed a total of **123 staff**, a decrease from **160 staff** as of December 31, 2024[75](index=75&type=chunk) [Potential Risks](index=25&type=section&id=Potential%20Risks) The Group faces policy uncertainty, financial risks from insufficient cash flow and uncollectible receivables, and exchange rate risks from foreign currency-denominated financial instruments [Policy Uncertainty Risk](index=25&type=section&id=Policy%20Uncertainty%20Risk) The new energy power industry is highly policy-dependent, with adverse changes potentially leading to slower demand, underinvestment, and delayed electricity price premiums - The new energy power industry is significantly affected by policies, and adverse changes in related supporting policy systems could lead to **slower demand, insufficient investment, and long-term unsettled electricity price premiums**[76](index=76&type=chunk) [Financial Risk](index=25&type=section&id=Financial%20Risk) Failure to generate sufficient operating cash flow would severely impact operations, while customer payment uncertainties pose risks to trade receivables and bills receivable - If the Group fails to generate **sufficient cash flow from its business operations**, it will severely impact normal management and operations[77](index=77&type=chunk) - Trade receivables and bills receivable are affected by **customer operational uncertainties**, posing a risk of **non-collection on schedule**[77](index=77&type=chunk) [Exchange Rate Risk](index=26&type=section&id=Exchange%20Rate%20Risk) Exchange rate risk arises from USD-denominated financial instruments, despite RMB-denominated primary operations, with no current hedging but ongoing management monitoring - Exchange rate risk arises from financial instruments denominated in foreign currencies (primarily **US dollars**) other than the functional currency[78](index=78&type=chunk) - The Group's main operations are located in mainland China, with primary business settled in RMB, but recognized foreign currency assets and liabilities and future foreign currency transactions still pose **exchange rate risk**[78](index=78&type=chunk) - The Group has **not entered into any forward foreign exchange contracts** to hedge against foreign exchange risk, but management will continue to monitor and take prudent measures[78](index=78&type=chunk) [Other Information](index=26&type=section&id=Other%20Information) [Purchase, Sale or Redemption of Listed Securities](index=26&type=section&id=Purchase,%20Sale%20or%20Redemption%20of%20Listed%20Securities) Neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's listed securities during the period - For the six months ended June 30, 2025, **neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities**[79](index=79&type=chunk) [Events After Reporting Period](index=26&type=section&id=Events%20After%20Reporting%20Period) No other significant events occurred after the reporting period up to the announcement date - **No other significant events** occurred after the reporting period and up to the date of this announcement[80](index=80&type=chunk) [Corporate Governance](index=26&type=section&id=Corporate%20Governance) The Board is committed to good corporate governance, adopting and complying with the principles and code provisions of the Corporate Governance Code - The Board is committed to achieving **good corporate governance standards** and has adopted the principles and code provisions of the Corporate Governance Code set out in Appendix C1 to the Listing Rules of the Stock Exchange[81](index=81&type=chunk) - To the best knowledge of the directors, the Company has **complied with all applicable code provisions** of the Corporate Governance Code for the six months ended June 30, 2025[81](index=81&type=chunk) [Compliance with Model Code for Securities Transactions by Directors](index=27&type=section&id=Compliance%20with%20Model%20Code%20for%20Securities%20Transactions%20by%20Directors) The Company adopted the Model Code for securities transactions by directors, and all directors confirmed 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 to the Listing Rules, as its own code of conduct for directors' securities transactions[82](index=82&type=chunk) - All directors have confirmed their **compliance with the Model Code** for the six months ended June 30, 2025[82](index=82&type=chunk) [Audit Committee and Review of Interim Results](index=27&type=section&id=Audit%20Committee%20and%20Review%20of%20Interim%20Results) The Audit Committee, comprising three independent non-executive directors, discussed and reviewed the unaudited interim consolidated financial statements with management - The Audit Committee is composed of **three independent non-executive directors**, with Ms. Hong Peiyu as the chairperson[83](index=83&type=chunk) - The Audit Committee has discussed with management and reviewed the **unaudited interim consolidated financial statements** of the Group for the six months ended June 30, 2025[83](index=83&type=chunk) [Interim Dividend](index=27&type=section&id=Interim%20Dividend) The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025 - The Board **does not recommend the payment of an interim dividend** for the six months ended June 30, 2025[84](index=84&type=chunk) [Publication of Interim Results Announcement and Interim Report](index=27&type=section&id=Publication%20of%20Interim%20Results%20Announcement%20and%20Interim%20Report) The interim results announcement is published on the Company's and HKEX websites, with the interim report to be dispatched to shareholders and published online - This interim results announcement is published on the Company's website (www.natureenergytech.com) and the Stock Exchange's website (www.hkexnews.hk)[85](index=85&type=chunk) - The interim report for the six months ended June 30, 2025, will be dispatched to the Company's shareholders (if requested) and published on the websites of the Stock Exchange and the Company in due course[85](index=85&type=chunk) [Board of Directors Composition](index=28&type=section&id=Board%20of%20Directors%20Composition) As of the announcement date, the Board comprises two executive, two non-executive, and three independent non-executive directors - The Board of Directors includes **two executive directors**: Mr. Cheng Liquan and Mr. Cheng Lifu[86](index=86&type=chunk) - The Board of Directors includes **two non-executive directors**: Mr. Li Hao and Ms. Cheng Liqin[86](index=86&type=chunk) - The Board of Directors includes **three independent non-executive directors**: Ms. Hong Peiyu, Mr. Kang Jian, and Mr. Li Shusheng[86](index=86&type=chunk)

Group 1 - The board meeting of Nacel Energy Technology (01597.HK) is scheduled for August 29, 2025, to consider and approve the interim results for the six months ending June 30, 2025, and to discuss the potential distribution of a final dividend, if any [1][2] - Nacel Energy Technology anticipates an interim loss not exceeding approximately 25 million [2]

China Nature Energy Technology Holdings Limited 中 國 納泉能源科技控股有限公司 （於開曼群島註冊成立之有限公司） （股份代號：1597） 董事會會議日期 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，概不就因本公告全部或任何 部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 中國納泉能源科技控股有限公司（「本公司」）董事會（「董事會」）謹此宣佈，董事會會 議將於二零二五年八月二十九日（星期五）舉行，以（其中包括）考慮及批准發佈本公 司及其附屬公司截至二零二五年六月三十日止六個月的中期業績，以及考慮派發末期 股息（如有）。 承董事會命 中國納泉能源科技控股有限公司 主席 程里全 香港，二零二五年八月十八日 於本公告日期，董事會包括兩名執行董事，即程里全先生及程里伏先生；兩名非執 行董事，即李浩先生及程里勤女士；及三名獨立非執行董事，即洪佩瑜女士、康健 先生及李書升先生。 ...

Core Viewpoint - Nacel Energy Technology (01597) anticipates a net loss of no more than approximately RMB 25 million for the six months ending June 30, 2025, compared to a net loss of approximately RMB 15.07 million for the six months ending June 30, 2024 [1] Group 1 - The primary reasons for the anticipated loss in mid-2025 include: (i) the energy storage business is affected by power market reforms and mandatory energy storage policy adjustments, leading to a short-term decline in market demand and subsequent losses [1] - (ii) Increased market competition has resulted in a decrease in gross profit margins for the company's pitch control system sales [1]

Core Viewpoint - Nacine Energy Technology (01597.HK) expects a net loss of no more than approximately RMB 25 million for the six months ending June 30, 2025, compared to a net loss of approximately RMB 15.07 million in the same period last year [1] Group 1: Financial Performance - The anticipated loss for the mid-2025 period is primarily attributed to a decline in market demand for the energy storage business due to power market reforms and mandatory energy storage policy adjustments [1] - Increased market competition has led to a decrease in gross profit margins for the company's pitch control system sales [1]