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]

本公告由中國納泉能源科技控股有限公司（「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)條及證 券及期貨條例（香港法例第571章）第XIVA部內幕消息條文（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 據本集團未經審核綜合管理賬目的初步審閱，本集團預期於截至二零二五年六月三 十日止六個月（「二零二五年中期」）錄得虧損淨額不超過約人民幣25,000,000元，而 截至二零二四年六月三十日止六個月的虧損淨額約為人民幣15,070,000元。 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。 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） 盈利警告 本集團二零二五年中期的虧損主要原因(i)儲能 ...

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8月1日 第 2 頁 共 10 頁 v 1.1.1 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 | | 7,5 ...

Research and Development - The Group reported a significant focus on R&D, integration, manufacturing, and sales of high-voltage pitch control systems for wind turbines, with a product range covering sophisticated models for 2–9 MW series[7] - The Group plans to cautiously invest resources in the research and development of energy storage products and systems, aiming to establish a comprehensive energy storage supply chain[56] Energy Storage Business - The energy storage business is a core area, leveraging advanced technologies such as IoT and AI, with a modern factory in Wuxi covering 13,000 square meters for stable battery assembly[10] - The Company has signed cooperation agreements with CCCC Industrial Investment Holding Limited and others for comprehensive energy storage business development[10] - The company plans to enhance its energy storage business and establish a stable supply chain, aiming to develop it as a new profit growth point[32] - In 2024, the company recognized two order projects in energy storage integration, indicating progress in this core business area[51] - The revenue from the energy storage business in 2024 amounted to approximately RMB 68.7 million, representing an increase of approximately RMB 40 million or approximately 136% from 2023, attributed to customer recognition of the energy storage system[66] - The gross profit margin of the energy storage business in 2024 was approximately –12%, a decrease of 38% from approximately 26% in 2023, primarily due to high labor and raw material costs[79] - The cost of sales for the energy storage business in 2024 was approximately RMB 77.1 million, an increase of RMB 55.1 million from approximately RMB 22 million in 2023, driven by increased material and labor costs[75] Financial Performance - In 2024, the company's revenue decreased to RMB 148,280,000, a decline of 48% compared to RMB 284,075,000 in 2023[22] - The gross loss was RMB 8,968,000, compared to a gross profit of RMB 26,945,000 in 2023, representing a 133% decline[22] - Loss attributable to shareholders increased to RMB 34,733,000, a 242% increase from RMB 10,144,000 in 2023[22] - The Group's total revenue for 2024 was approximately RMB 148.3 million, a decrease of approximately RMB 135.8 million or 47.8% from 2023, primarily due to a reduction in the number of slurry transformers delivered and a decline in operation and maintenance business[59] - The revenue from pitch control systems in 2024 was approximately RMB 53.7 million, a decrease of approximately RMB 163.9 million or approximately 75% from 2023, due to a reduction in orders[61] - The revenue from wind farm operation and maintenance business in 2024 was approximately RMB 10 million, representing a decrease of approximately RMB 10 million or approximately 48% from 2023[65] - The Group recorded a net loss of approximately RMB39.4 million in 2024, an increase of approximately RMB26.9 million from the net loss of approximately RMB12.5 million in 2023, primarily due to increased market competition affecting gross profit in the pitch control systems and energy storage business[90] Market Position and Partnerships - The Company has established stable partnerships with major wind power manufacturers, including Envision Energy and CRRC Group, enhancing its market position[7] - The focus on integrated energy projects, including wind power storage and smart micro-grids, showcases the Group's commitment to innovative solutions[10] - The establishment of new subsidiaries, such as Jiangsu Nature Hongyuan New Energy Technology Co., Ltd., indicates strategic market expansion efforts[6] Corporate Governance - The Company has adopted the Corporate Governance Code as the basis for its corporate governance practices and has complied with all applicable code provisions during the year ended December 31, 2024[178] - The composition of the Board includes Executive Directors, Non-executive Directors, and Independent Non-executive Directors, ensuring a diverse governance structure[195] - The Company has established a whistleblowing channel for employees and other contacts to anonymously report concerns about possible improprieties[184] - The Board meets at least four times a year, ensuring that all Directors have the opportunity to include matters in the agenda for discussion[197] - The Company emphasizes integrity and compliant operation as the foundation of corporate development, continuously improving compliance management systems[179] Management and Personnel - Mr. Li has over 18 years of experience in the wind power industry, having served as general manager and chairman of CECEP Wind-power Investment Corporation[154] - Ms. Wu has more than 20 years of experience in finance management, previously managing finances at Nanjing Powder Metallurgy Factory and Shanghai Nature Power Technology Co., Ltd.[161] - Mr. Kang has over 20 years of experience in strategic management and investor relations for large state-owned and multinational companies[148] - The Group employed a total of 160 employees as of December 31, 2024, an increase from 151 employees in 2023[112] Operational Efficiency - The Group has automated production capabilities with 2 production lines and 6 test benches, ensuring efficient manufacturing processes[7] - The gearing ratio improved to approximately 44% in 2024, a decrease of 6% from 50% in 2023, mainly due to optimization of supply chain management[99] - Capital expenditures in 2024 totaled approximately RMB7 million, significantly down from approximately RMB26 million in 2023, primarily for the purchase of energy storage production equipment[102] Cash Flow and Liabilities - Cash and cash equivalents decreased to RMB 58,202,000, down 23% from RMB 75,921,000 in 2023[24] - Total liabilities reduced to RMB 176,135,000, a 31% decrease from RMB 256,785,000 in 2023[24] - The Group's cash and cash equivalents for 2024 amounted to approximately RMB51 million, a decrease of approximately RMB5 million or approximately 8.9% from approximately RMB56 million in 2023, primarily due to operating losses[101] Foreign Exchange Risk - The company primarily operates in China, with its main business settled in RMB, but it has confirmed foreign currency assets and liabilities, mainly in USD, which expose it to foreign exchange risk[122] - The management has not entered into any forward foreign exchange contracts to hedge against foreign exchange risk but will continue to monitor and take prudent measures to mitigate this risk[122]

Financial Performance - The total revenue for the year ended December 31, 2024, was RMB 148,280,000, a decrease of 47.8% compared to RMB 284,075,000 in 2023[4] - The gross loss for the year was RMB 8,968,000, compared to a gross profit of RMB 26,945,000 in the previous year, indicating a significant decline in profitability[4] - The operating loss increased to RMB 38,880,000 from RMB 8,639,000 in 2023, reflecting a worsening operational performance[4] - The net loss for the year was RMB 39,428,000, compared to a net loss of RMB 12,482,000 in 2023, representing an increase in losses by 216.5%[4] - Basic and diluted loss per share was RMB 0.139, compared to RMB 0.041 in the previous year, indicating a deterioration in shareholder value[4] - The company reported a total loss of RMB 42,080,000 for the year ended December 31, 2024, compared to a profit of RMB 11,661,000 in 2023[19] - The group recorded a gross loss of approximately RMB 9 million in 2024, a decrease of RMB 36 million or 133% from a gross loss of RMB 27 million in 2023, mainly due to intense market competition and rising raw material costs[52] - The group reported a net loss of approximately RMB 39.4 million in 2024, an increase of RMB 26.9 million from a net loss of RMB 12.5 million in 2023, primarily due to declining gross margins in the variable pitch control system and energy storage businesses[59] Asset and Liability Management - Non-current assets decreased to RMB 133,747,000 from RMB 141,226,000, showing a decline in long-term asset value[6] - Current assets decreased significantly to RMB 264,592,000 from RMB 377,113,000, indicating liquidity challenges[6] - Total liabilities decreased to RMB 168,534,000 from RMB 244,078,000, reflecting a reduction in financial obligations[6] - The company's equity attributable to shareholders decreased to RMB 223,237,000 from RMB 257,892,000, indicating a decline in net worth[7] - The asset-liability ratio for the group in 2024 is approximately 44%, a decrease of 6% from 50% in 2023, mainly due to optimized supply chain management[61] Revenue Breakdown - The sales of pitch control systems and related components generated revenue of RMB 53,669,000 in 2024, down 75.3% from RMB 217,569,000 in 2023[18] - The energy storage business saw significant growth, with revenue increasing to RMB 68,686,000 in 2024 from RMB 29,114,000 in 2023, representing a growth of 135.5%[18] - In 2024, the company's total revenue was approximately RMB 148.3 million, a decrease of about RMB 135.8 million or 47.8% compared to 2023, primarily due to a reduction in the delivery of blade transformers and maintenance services[47] - The sales revenue from the blade control system and related components in 2024 was approximately RMB 53.7 million, a decrease of about RMB 163.9 million or 75% compared to 2023, due to a decline in orders received and delivered[49] - The energy storage business achieved a revenue of approximately RMB 68.7 million in 2024, an increase of about RMB 40 million or 136% compared to 2023, reflecting customer recognition of the energy storage systems[49] Cost Management - Employee costs decreased from RMB 36,103,000 in 2023 to RMB 34,258,000 in 2024, reflecting a reduction of approximately 5.1%[5] - The cost of inventory recognized as an expense dropped significantly from RMB 246,037,000 in 2023 to RMB 148,019,000 in 2024, a decrease of about 39.9%[26] - The company's sales cost for 2024 was approximately RMB 157 million, a decrease of about RMB 100 million or 39% compared to 2023[50] - In 2024, the sales cost of the energy storage business is approximately RMB 77.1 million, an increase of RMB 55.1 million compared to RMB 22 million in 2023, primarily due to increased material and labor costs driven by higher revenue in the energy storage segment[51] Operational Highlights - The company continues to focus on the research, development, and sales of pitch control systems and related components, as well as energy storage business[10] - The company delivered 494 sets of blade control system products in 2024, a decrease of 73% compared to the previous year[41] - The annual operating hours of the company's wind farm in 2024 were 2,407 hours, with a total wind power generation of 46.47 million kWh[42] - The company has made progress in energy storage integration, with two project orders secured and the self-developed "1P104S Pack project" advancing smoothly[44] - The company aims to establish a complementary supply chain for energy storage products and systems to enhance its competitive advantage[45] Other Financial Information - Other income for 2024 was RMB 1,642,000, a decrease of 56.3% from RMB 3,756,000 in 2023[21] - The company incurred net financing costs of RMB 3,200,000 in 2024, compared to RMB 3,022,000 in 2023[19] - The company received government subsidies totaling RMB 113,000 in 2024, up from RMB 78,000 in 2023, reflecting support for technology development[22] - The net loss from foreign exchange was RMB 72,000 in 2024, compared to a loss of RMB 237,000 in 2023[23] - The company recorded a deferred tax expense of RMB (3,357,000) in 2024, compared to RMB (915,000) in 2023, indicating an increase in deferred tax liabilities[27] - The group’s other income in 2024 is approximately RMB 1.6 million, a decrease of RMB 2.4 million from RMB 4 million in 2023, mainly due to reduced VAT refunds[54] - The group’s administrative and other operating expenses decreased to approximately RMB 25 million in 2024 from RMB 31 million in 2023, a reduction of RMB 6 million due to lower labor costs and expenses[56] Shareholder Information - The company has not declared or paid any dividends for the years ending December 31, 2024, and 2023[29] - The board does not recommend the payment of a final dividend for the year ending December 31, 2024 (2023: none) [76] - The average number of ordinary shares outstanding remained constant at 250,000,000 for both 2024 and 2023[28] - The annual general meeting will be held on June 27, 2025, with a notice to be published in due course [79] - Share transfer registration will be suspended from June 24, 2025, to June 27, 2025, to qualify for voting at the annual general meeting [80] - The annual results announcement will be published on the company's website and the stock exchange website, with the annual report to be sent to shareholders as applicable [81] Audit and Compliance - The audit committee has reviewed the annual performance and the consolidated financial statements for the year ending December 31, 2024, prepared in accordance with international financial reporting standards [77] - The group's auditor, KPMG, confirmed that the figures in the preliminary announcement align with the audited consolidated financial statements for the year ending December 31, 2024 [78] - The group has no significant contingent liabilities as of December 31, 2024[65]