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]

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 ...