Financial Performance - The Group's revenue for 2023 was RMB 585.6 million, representing a year-on-year decrease of 6.6%[11] - The gross profit margin was maintained at 28.4%, with a gross profit of RMB 166.0 million[15] - Profit from operations increased to RMB 63.0 million, a year-on-year growth of 5.4%[15] - Profit before taxation was RMB 32.7 million, showing a year-on-year increase of 1.8%[15] - The profit for the year decreased to RMB 28.9 million, a year-on-year decrease of 4.1%[15] - The Group's net profit slightly decreased to RMB 28.9 million, down 4.1% from RMB 30.1 million in the previous year[17] - The Group's revenue for the year was RMB 585.6 million, a decrease of 6.6% compared to RMB 626.6 million in 2022[53] - The Group maintained a gross profit margin of 28.4%, slightly down from 29.2% in the previous year, with gross profit recorded at RMB 166.0 million[53] - Operating profit increased by 5.4% to RMB 63.0 million, while profit before tax rose by 1.8% to RMB 32.7 million[53] - The net profit for the Group was RMB 28.9 million, representing a year-on-year decrease of 4.1%[50] Economic Context - The Chinese economy's GDP grew by 5.2% year-on-year, reaching approximately RMB 126 trillion[14] - Total fixed asset investment in China exceeded RMB 50 trillion, with a year-on-year growth of 3.0%[14] - The total profits of industrial enterprises in China decreased by 2.3% year-on-year, amounting to around RMB 7.68 trillion[14] - In 2023, China's GDP reached approximately RMB126 trillion, with a year-on-year growth of 5.2%, while nationwide fixed asset investment exceeded RMB50 trillion, reflecting a 3.0% year-on-year increase[40] - The total profit of industrial enterprises above a designated size in 2023 was about RMB7.68 trillion, marking a 2.3% year-on-year decrease, indicating ongoing economic recovery instability[40] Cash Flow and Assets - The Group has maintained positive operating cash flow for eight consecutive years[15] - The Group's non-current assets increased to RMB 433.5 million, up from RMB 395.4 million in 2022[11] - The Group's operating cash flow has recorded positive numbers for eight consecutive years, indicating healthy financial management[17] - The Group's asset-liability structure has improved, maintaining a healthy level of trade receivables and payables[17] - As of December 31, 2023, total assets were RMB 1,487.5 million, total liabilities were RMB 1,186.3 million, and total equity amounted to RMB 301.3 million[117] - Total assets increased to RMB 1,487.5 million as of December 31, 2023, compared to RMB 1,375.1 million in 2022, a growth of 8.2%[121] - Total borrowings decreased to RMB 305.3 million in 2023 from RMB 437.7 million in 2022, resulting in a gearing ratio of 101.3% compared to 151.3% in the previous year[123] Business Strategy and Market Position - The Group's new one-stop intelligent power solution targets the growing demand for energy storage in the industrial sector, with a positive outlook for 2024[23] - The Group's "One-Stop Data Center Solution" business is anticipated to grow, leveraging its technological advantages in the intelligent power management market[19] - The Group aims to optimize its intelligent power management services for wastewater treatment and energy reuse projects, aligning with national urbanization and environmental governance goals[24] - The Group's intelligent power management business is expected to benefit from significant growth in wastewater treatment demand, driven by national urbanization and environmental policies[26] - The Group plans to expand its business scope in response to the vast prospects of the energy storage market and opportunities in industries such as communication and data centers[34] - The Group is actively exploring opportunities for "going global" in the power industry, particularly in alignment with China's "Belt and Road" initiative[30] - The Group's prudent business strategy has allowed it to maintain continuous profitability despite a challenging global economic environment[34] - The Group aims to enhance corporate competitiveness and profitability through continuous product and service optimization[34] - The Group's focus on intelligent innovation in energy storage is expected to drive future growth and market expansion[34] Industry Trends and Developments - The scale of data center racks is expected to reach 14 million by the end of 2025, driving demand for electricity efficiency management solutions[19] - The cumulative installed electricity generation capacity nationwide was approximately 2.92 billion kilowatts, marking a 13.9% year-on-year increase[41] - The number of new energy storage projects in China exceeded 2,500 in 2023, marking a 46% increase compared to 2022[46] - The addition of new energy storage capacity since the beginning of the "14th Five-Year Plan" has driven economic investments exceeding RMB100 billion[46] - The Chinese data center market is projected to grow at a compound annual growth rate of 18.9% over the next five years, reaching RMB307.5 billion by 2027[80] - The demand for intelligent power systems in large vessels is expected to rise significantly due to the aging fleet and environmental protection policies, with many vessels reaching 20 years of service life between 2025 and 2030[87] - The International Maritime Organization aims to reduce carbon emissions by 50% by 2050, driving demand for vessel replacements and intelligent power management solutions[87] Management and Governance - The executive team includes experienced members with over 30 years in the electrical distribution industry, enhancing the company's strategic direction[171] - The management team is committed to formulating strategic development plans to drive daily operations and long-term growth[172] - The independent directors bring diverse expertise from various sectors, contributing to the company's governance and strategic oversight[178] - The leadership team has a diverse background in finance, engineering, and project management, contributing to the company's strategic direction[185][197] - The Group's emphasis on overseas business support and material cost control is expected to improve overall profitability and operational efficiency[198] Risks and Compliance - The Group is exposed to various market risks including interest rate risk, credit risk, and liquidity risk, as detailed in note 26 of the financial statements[1] - The Group faces competition from multinational companies and increasing domestic competitors in the high-end markets, prompting management to adopt a cost leadership strategy and diversify business strategies[2] - The Group's operations require government approvals and compliance with environmental, health, and safety regulations, with external legal consultants engaged to ensure timely approvals[3] - The risk of losing key personnel is mitigated through regular reviews of recruitment, retention practices, and succession planning within the management team[4] - The Group is committed to compliance with legal and regulatory requirements, ensuring that all transactions are within the applicable law framework[7]

Financial Performance - The Group's revenue for the year was RMB 585.6 million, representing a year-on-year decrease of 6.6%[14] - The gross profit margin was maintained at 28.4%, resulting in a gross profit of RMB 166.0 million[14] - Profit from operations increased to RMB 63.0 million, a year-on-year growth of 5.4%[14] - Profit before taxation rose to RMB 32.7 million, reflecting a year-on-year increase of 1.8%[14] - The profit for the year was RMB 28.9 million, a decrease of 4.1% compared to RMB 30.1 million in 2022[14] - The Group's revenue for the year was RMB 585.6 million, a decrease of 6.6% year-on-year[16] - The Group maintained a gross profit margin of 28.4%, with a gross profit of RMB 166.0 million[16] - Operating profit and profit before tax were recorded at RMB 63.0 million and RMB 32.7 million, representing year-on-year increases of 5.4% and 1.8% respectively[16] - The Group's net profit slightly decreased to RMB 28.9 million, down 4.1% from RMB 30.1 million in the previous year[16] - The Group's revenue for 2023 was RMB 585.6 million, representing a year-on-year decline of 6.6%[49] - The gross profit margin for the Group was maintained at a high level of 28.4% in 2023[49] - Profit from operations for the Group recorded RMB 63.0 million, achieving year-on-year growth of 5.4%[49] - The net profit for the Group was RMB 28.9 million, representing a year-on-year decrease of 4.1%[49] Assets and Liabilities - The Group's non-current assets amounted to RMB 433.5 million, an increase from RMB 395.4 million in 2022[10] - Current assets increased to RMB 1,054.0 million, up from RMB 979.7 million in the previous year[10] - The net assets of the Group were RMB 301.3 million, compared to RMB 289.3 million in 2022[10] - As of December 31, 2023, total assets were RMB 1,487.5 million, total liabilities were RMB 1,186.3 million, and total equity amounted to RMB 301.3 million[116] - Total assets increased to RMB 1,487.5 million as of December 31, 2023, compared to RMB 1,375.1 million in 2022, a growth of 8.2%[120] - Total borrowings decreased to RMB 305.3 million in 2023 from RMB 437.7 million in 2022, resulting in a gearing ratio of 101.3% compared to 151.3% in the previous year[122] Cash Flow and Financial Management - The operating cash flow has remained positive for eight consecutive years[14] - The Group's operating cash flow has recorded positive numbers for eight consecutive years, ensuring a healthy cash flow level and optimal asset-liability structure[53] - The Group's prudent business strategy includes careful evaluation of cash flow and rigorous cost control to ensure steady overall performance[33] Market and Industry Trends - The Group's new one-stop intelligent power solution targets the growing demand for energy storage in the industrial sector, with a positive outlook for 2024[22] - The scale of data center racks is expected to reach 14 million by the end of 2025, driving demand for electricity efficiency management solutions[18] - The Group's "One-Stop Data Center Solution" business is anticipated to grow due to the increasing scale of data centers[20] - The Group aims to optimize its energy intelligent management solutions to enhance competitiveness in the energy storage market[24] - The Group's intelligent power management business is expected to benefit from significant growth in wastewater treatment demand, driven by national policies promoting sustainable environmental governance[25] - In 2023, China's GDP reached approximately RMB126 trillion, with a year-on-year growth of 5.2%, while nationwide fixed asset investment exceeded RMB50 trillion, reflecting a 3.0% year-on-year increase[39] - The total profit of industrial enterprises above a designated size in 2023 was about RMB7.68 trillion, marking a 2.3% year-on-year decrease, indicating ongoing economic recovery instability[39] - The cumulative installed electricity generation capacity nationwide was approximately 2.92 billion kilowatts, marking a 13.9% year-on-year increase[40] - The number of new energy storage projects in China exceeded 2,500 in 2023, marking a 46% increase compared to 2022[45] Strategic Initiatives - The Group is actively exploring opportunities in overseas markets, particularly in response to China's "Belt and Road" initiative, to expand its global presence[29] - The Group plans to seize opportunities in the energy storage market, which is expected to have vast prospects due to the accelerated spread of digital economic construction[33] - The Group aims to enhance corporate competitiveness and profitability by continuously optimizing products and services in response to market demands[33] - The Group is committed to innovation and risk management to lay a solid foundation for stable development amidst a challenging operating environment[33] - The Group aims to provide diversified intelligent power solutions for sewage treatment and energy reuse projects, contributing to the expected 25% water reuse rate in national cities by 2025[63] - The Group has established long-term partnerships with numerous Fortune 500 companies, solidifying its leading position in the high-end market share[28] - The Group is committed to continuous research and development in intelligent power and energy storage businesses to consolidate its development advantages and respond to national energy conservation initiatives[59] Operational Efficiency - The Group's intelligent power solutions for large vessels enhance operational efficiency and reduce energy consumption, supporting the green transformation of the shipping industry[64] - The Group's one-stop intelligent power solutions focus on industrial clients, helping them achieve energy savings and operational efficiency[61] - The Group is committed to continuous improvement in power distribution technology, driven by customer demand and industry experience, to maintain its leading position in the market[60] - The Group's intelligent power management solutions aim to ensure safe and stable electricity consumption while reducing costs and increasing efficiency in urban construction projects[63] Leadership and Governance - The Group has established close collaborative relationships with numerous Fortune Global 500 companies, laying a solid foundation for long-term development[90] - The Group's strategic focus includes enhancing sales performance across different regions in China, particularly in East and Central China[191] - The leadership team is well-equipped to navigate the challenges of the power industry, leveraging their extensive experience and expertise[190] - The board of directors is committed to maintaining strong corporate governance practices to ensure transparency and accountability in operations[176] Risks and Compliance - The Group is exposed to various market risks including interest rate risk, credit risk, and liquidity risk, as detailed in note 26 of the financial statements[144] - The Group faces competition from multinational companies and increasing domestic competitors in the high-end markets, prompting management to adopt a cost leadership strategy and diversify business strategies[145] - The Group's operations depend on compliance with environmental, health, and safety regulations, with external legal consultants engaged to ensure timely government approvals[146] - The risk of losing key personnel is mitigated through regular reviews of recruitment and retention practices, remuneration packages, and succession planning[147]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負責，對其準確性或完整性亦不發表任何聲明，並明確表示概不對因本公告全 部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 BOER POWER HOLDINGS LIMITED 博 耳 電 力 控 股 有 限 公 司 （於開曼群島註冊成立的有限公司） 1685 （股份代號： ） 有 關 二 零 二 二 年 年 報 之 補 充 公 告 茲提述博耳電力控股有限公司（「本公司」）截至二零二二年十二月三十一日止 年度之年報（「二零二二年年報」）。除另有說明者外，於本公告內所採用之詞彙 與二零二二年年報內所界定者具有相同涵義。 除二零二二年年報所載於董事會報告之「股份獎勵計劃」一節內及於綜合財務 4(o) 23 17.07 報表附註 及附註 內作出之披露外，本公司謹根據上市規則第 條及第 17.09 2022 條，對 年年報補充以下有關本公司股份獎勵計劃之額外信息。 截至二零二二年十二月三十一日止年度授予股份的更多詳情 0.30 緊接於二零二二年九月五日獎勵授出前有關股份的收市價為 港元，即二零 二二年九月二日的收市價。 0.27 緊 ...

Economic Overview - In 1HY2023, China's GDP reached RMB 59.3 trillion, with a year-on-year growth of 5.5% at constant prices[10]. - National fixed asset investment (excluding rural households) increased by 3.8% year-on-year to RMB 24.3 trillion in 1HY2023[10]. - Net exports of goods and services negatively impacted the economy by 0.6 percentage points in 1HY2023, reflecting a challenging external economic environment[10]. - The international financial situation was volatile in 1HY2023, with multiple uncertainties affecting global economic growth and commodity consumption demand[10]. - The overall economic recovery in China is ongoing, with gradual improvements in production demand and stable employment[10]. - The business environment remains challenging, with insufficient market demand affecting enterprises[10]. - China's economy is projected to grow by 5.2% in 2023 and 4.5% in 2024, indicating a positive trend that may benefit the Group's performance[38]. Digital Economy and Technology - The digital economy's share in GDP of major countries is expected to reach 54% by 2026, with China's digital transformation technology spending projected to increase by over 16% in 2023[14]. - The digital economy is recognized as a new engine for global economic development, significantly impacting the power industry[14]. - The Group's in-house big data platform "Cloud Smart" has been widely adopted, enhancing the intelligence of distribution networks and meeting the market demand for advanced research in active distribution network planning[26]. - The rapid growth of emerging industries like AI is expected to drive a more than 10-fold increase in computational demand within the next three years[39]. Energy and Infrastructure - National electricity consumption from January to June 2023 reached 4.3076 trillion kilowatt-hours, a year-on-year increase of 5.0%[17]. - By the end of June 2023, the cumulative installed capacity of power generation in China was approximately 2.71 billion kilowatts, reflecting a year-on-year increase of 10.8%[17]. - The State Grid Corporation of China plans to invest over RMB520 billion in 2023, focusing on digital transformation and ultra-high voltage projects[17]. - China Southern Power Grid Co., Ltd. announced an expected project investment exceeding RMB260 billion for power grid construction and digital industry development in 2023[17]. - The government plans to invest over RMB3 trillion in the power grid during the 14th Five-Year Plan, a 10.5% increase compared to the previous plan, which will drive the development of the smart grid market[44]. - The total planned investment by the State Grid and Southern Grid during the 14th Five-Year Plan period exceeds RMB 3 trillion, with a year-on-year growth of 10.5%[46]. - The State Grid plans to invest RMB 350 billion primarily in UHV transmission line construction, while Southern Grid plans to invest RMB 670 billion, focusing on digitalization and modernization of the grid[46]. Company Financial Performance - In 1HY2023, the Group's revenue decreased to RMB260.4 million, a year-on-year decline of 6.9% from RMB279.6 million in the same period of 2022[20]. - The gross profit margin increased to 29.1%, up 0.4 percentage points from 28.7% in 1HY2022, resulting in a gross profit of RMB75.7 million[20]. - The Group's profit from operations was RMB24.7 million, profit before taxation was RMB7.8 million, and profit for the period was RMB6.4 million, compared to RMB26.2 million, RMB10.9 million, and RMB8.7 million respectively in 1HY2022[20]. - The revenue of the IEM Solutions segment for the six months ended June 30, 2023, was RMB 187.9 million, a decrease of 6.8% compared to RMB 201.6 million for the same period in 2022, accounting for 72.1% of the Group's total revenue[55]. - The gross profit of the IEM Solutions segment was RMB 56.6 million, representing a decrease of 1.3% from RMB 57.3 million in the same period of 2022, with a gross profit margin increase from 28.4% to 30.1%[55][56]. - The revenue of the CSP Business segment for the six months ended June 30, 2023, was RMB 72.6 million, a decrease of 7.0% compared to RMB 78.0 million for the same period in 2022, accounting for 27.9% of the Group's total revenue[61]. - The gross profit for the CSP Business segment decreased to RMB 19.2 million, down 16.2% from RMB 22.8 million in the same period in 2022, with a gross profit margin declining from 29.2% to 26.3%[62][67]. Operational Efficiency and Cost Management - The Group has maintained positive operating cash flow for seven and a half consecutive years, ensuring a stable asset-liability structure[21]. - The Group will adopt a cautious and flexible business strategy to achieve cost reduction and efficiency enhancement while maintaining a healthy debt structure and cash flow level[50][52]. - Selling and distribution expenses rose to RMB 30.6 million, an increase of RMB 1.2 million compared to RMB 29.4 million in the same period in 2022, representing 11.8% of revenue[64][69]. - Administrative and other operating expenses increased to RMB 40.9 million, up RMB 1.7 million from RMB 39.2 million in the same period in 2022, accounting for 15.7% of revenue[65][70]. - Finance costs for the six months ended June 30, 2023, were RMB 16.8 million, an increase from RMB 15.3 million in the same period in 2022, mainly due to increased use of bills payable[66][71]. - Average inventory turnover days decreased by 18 days from 142 days to 124 days during the six months ended 30 June 2023[83]. - Average trade receivables turnover days increased by 26 days from 377 days to 403 days, mainly due to a decrease in revenue during the period[83]. - Average trade payables turnover days increased by 137 days from 491 days to 628 days, primarily due to increased use of bills payable[83]. Corporate Governance and Compliance - The company emphasizes transparency, accountability, and independence in its corporate governance practices[129]. - The company has complied with most provisions of the Corporate Governance Code, except for the separation of the roles of Chairman and Chief Executive Officer[130]. - The Audit Committee consists of three Independent Non-executive Directors and has reviewed the unaudited interim financial information for the six months ended June 30, 2023[135]. - All directors confirmed compliance with the Model Code for securities transactions during the six months ended June 30, 2023[134]. - The company is committed to maintaining good corporate governance to enhance shareholder value[129]. Market and Business Strategy - The Group continues to focus on industries such as communication and data centers, rail transit, and sewage treatment, despite challenges in the macroeconomic environment[20]. - The Group aims to provide high-end, customized intelligent and energy-saving power management solutions for clients across various industries[26]. - The Group's "One-Stop Data Centre Solution" has led to an increasing market share and substantial profits in the data center distribution market[30]. - The Group's overseas business has shown improved performance, with a stable presence in the market and a focus on mitigating risks while seizing valuable opportunities[35]. - The Group is focused on enhancing core competitiveness and expanding market share to ensure sustainable profit growth[38]. - The Group aims to leverage its big data platform "Cloud Smart" to meet the growing power demands and solidify its leading position in the industry[39]. - The Group has maintained stable partnerships with major enterprises and global leaders, providing customized energy-efficient system solutions to help clients reduce costs and increase efficiency[36]. Human Resources and Employment - The Group had 661 employees as of 30 June 2023, an increase from 659 employees a year earlier[97]. - Total staff costs for the period were RMB 38.7 million, down from RMB 41.2 million for the six months ended 30 June 2022[97].

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。 BOER POWER HOLDINGS LIMITED 博 耳 電 力 控 股 有 限 公 司 （於開曼群島註冊成立的有限公司） 1685 （股份代號： ） 截 至 二 零 二 三 年 六 月 三 十 日 止 六 個 月 的 中 期 業 績 公 告 博耳電力控股有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然宣佈本公司 及其附屬公司（統稱「本集團」）截至二零二三年六月三十日止六個月的未經審 核中期業績。本公告列載本公司二零二三年中期報告全文，並符合香港聯合交 易所有限公司證券上市規則中有關中期業績初步公告附載的資料的要求。 Contents目錄 2 CORPORATE INFORMATION 28 CONDENSED CONSOLIDATED CASH 公司資料 FLOW STATEMENT 簡明綜合現金流量表 4 MANAGEMENT DISCUSSION AND ANALYSIS 29 NO ...

Financial Performance - In 2022, the company's revenue was RMB 626,624,000, an increase of 9.4% compared to RMB 572,643,000 in 2021[13]. - The profit before taxation for 2022 was RMB 32,088,000, a decrease of 66.8% from RMB 96,676,000 in 2021[13]. - The profit for the year attributable to equity shareholders was RMB 30,231,000, compared to RMB 12,142,000 in 2021, marking a significant increase[13]. - The gross profit margin for the year was 29.2%, with a gross profit of RMB 183.1 million[19]. - Profit for the year grew by 141.5%, amounting to RMB 30.1 million, compared to RMB 12.5 million in 2021[19]. - Excluding a one-off gain of RMB 94.0 million from the disposal of subsidiaries in 2021, profit from operations and profit before taxation increased by 98.7% and 1,101.8% year-on-year respectively[19]. - The Group's profit for the year was RMB 30.1 million, up from RMB 12.5 million in 2021, attributed to increased revenue and cost control measures[102][106]. Asset and Liability Management - Non-current assets totaled RMB 395,404,000 in 2022, up from RMB 364,695,000 in 2021, indicating a growth of 8.5%[13]. - Current assets increased slightly to RMB 979,717,000 from RMB 966,352,000 in 2021, reflecting a growth of 1.4%[13]. - The company's net assets rose to RMB 289,254,000 in 2022, compared to RMB 267,365,000 in 2021, representing an increase of 8.5%[13]. - As of December 31, 2022, total assets were RMB 1,375.1 million, an increase from RMB 1,331.0 million in 2021, while total liabilities rose to RMB 1,085.9 million from RMB 1,063.7 million[103][107]. - The Group's borrowings decreased to RMB 437.7 million from RMB 508.1 million, with a debt-to-equity ratio of 151.3%, down from 190.0%[108]. Market and Economic Context - The Chinese economy's GDP grew by 3.0% year-on-year, surpassing RMB 120 trillion, which provided a positive backdrop for the company's performance[16]. - Fixed asset investment in China increased by 5.1% year-on-year, amounting to approximately RMB 57.2 trillion, contributing to the overall economic recovery[16]. - China's GDP exceeded RMB 120 trillion in 2022, representing a year-on-year increase of 3.0%, surpassing market expectations[38]. - Infrastructure investment in China increased by 9.4% year-on-year in 2022, marking the first rebound in growth rate since the end of double-digit growth in 2018[38]. Strategic Initiatives and Innovations - The Group has developed a "One-stop Data Centre Solution" to meet the increasing needs of data centre customers, contributing to a steady increase in market share[24]. - The Group plans to leverage opportunities in intelligent power grid, communication and data centers, rail transit, and wastewater treatment industries to enhance its market presence[33]. - The Group aims to continuously improve technology and product quality to strengthen its core competitiveness and profitability[33]. - The Group is focusing on modern communication and Internet technology to develop one-stop IEM Solutions for intelligent power distribution[51]. - The Group aims to enhance performance management capabilities for customers through its "Cloud Smart" big data platform[51]. Customer and Market Relationships - The Group's clients include top Fortune Global 500 companies, establishing long-term and stable relationships in the market[29]. - The Group is actively pursuing new customer bases and innovative practices to capitalize on the recovery of domestic and overseas markets[33]. - The Group's focus on digital transformation and innovative breakthroughs in power distribution technology has attracted numerous target customers in the data center industry[54][56]. - The Group's long-term partnerships with major domestic and international companies have solidified its reputation in the high-end market[61]. Operational Efficiency and Cost Management - The company focused on cost reduction and efficiency improvement through refined management practices during the challenging macroeconomic environment[16]. - Selling and distribution expenses decreased by 18.1% to RMB 58.5 million from RMB 71.5 million in 2021, accounting for 9.3% of total revenue[93]. - Administrative and other operating expenses increased slightly to RMB 80.9 million from RMB 80.3 million in 2021, representing 12.9% of total revenue[94][99]. - The Group's profitability has been positively impacted by favorable national policies supporting infrastructure projects[58]. Sustainability and Environmental Initiatives - The Group emphasizes environmental sustainability by managing energy consumption and water usage, including the establishment of self-distributed photovoltaic power plants[140]. - Policies have been implemented to encourage employees to save energy, aiming to reduce resource consumption and costs while benefiting the environment[141]. Management and Governance - The Group has a diverse management team with extensive experience in electrical distribution and power systems[161]. - The company emphasizes the importance of good corporate governance, focusing on transparency, accountability, and independence to enhance shareholder value[200]. - The Board emphasizes compliance with legal and regulatory requirements, ensuring that all transactions are within the applicable legal framework[144].

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。 BOER POWER HOLDINGS LIMITED 博 耳 電 力 控 股 有 限 公 司 （於開曼群島註冊成立的有限公司） 1685 （股份代號： ） 截 至 二 零 二 二 年 十 二 月 三 十 一 日 止 年 度 的 全 年 業 績 公 告 博耳電力控股有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然宣佈本公司 及其附屬公司（統稱「本集團」）截至二零二二年十二月三十一日止年度經審核 的綜合業績，該等業績已由本公司核數師審計，並經本公司審計委員會審閱。 本公告列載本公司二零二二年年報全文，並符合香港聯合交易所有限公司（「香 港聯交所」）證券上市規則中有關全年業績初步公告所附載資料之要求。 CONTENTS 目錄 2 Corporate Information 79 Consolidated Statement of Profit or Loss and 公司資料 Other Compr ...

Economic Overview - In the first half of 2022, the global GDP growth was 2.5%, approximately 0.4 percentage points below market estimates[7]. - The ongoing geopolitical conflicts and high raw material prices have contributed to a sluggish global macroeconomic environment[7]. - The tightening of monetary policies by central banks globally has added pressure to economic growth[7]. - The International Monetary Fund (IMF) has revised the global growth outlook for 2022 down to 3.6% from 4.4%, significantly lower than last year's 6.1%[31]. China's Economic Indicators - China's fixed asset investment (excluding farmers) reached approximately RMB 27,143 billion, representing a year-on-year increase of 6.1%[7]. - Investment in infrastructure in China recorded a year-on-year increase of 7.1%, driven by accelerated infrastructure construction[7]. - In the first half of 2022, China's total electricity consumption reached 4,097.7 billion kWh, a year-on-year increase of 2.9%[12]. - The national installed power generation capacity increased to approximately 2.44 billion kW, representing a year-on-year growth of 8.1%[12]. - The production and sales of new energy vehicles in China reached 2.661 million units and 2.60 million units in 2022, representing a year-on-year increase of 120% with a market penetration rate of 21.6%[39]. Group Financial Performance - The Group's revenue for the first half of 2022 was RMB 279.6 million, a year-on-year increase of 2.6%[16]. - The Group's gross profit margin was 28.7%, down 5.6 percentage points from 34.3% in the same period last year[16]. - The Group's profit from operations increased to RMB 26.2 million, representing a year-on-year growth of 19.5%[16]. - Profit before taxation rose to RMB 10.9 million, a significant increase of 94.1% year-on-year[16]. - Profit for the period reached RMB 10.7 million, marking a year-on-year increase of 104.1%[16]. - The Group's cost-saving measures have led to a decrease in expenses year-on-year during the first half of 2022[16]. Group's Strategic Focus - The Group aims to empower innovative infrastructures through the application of green and low carbon technologies[8]. - The Group is focused on providing highly efficient computing services by leveraging secure and reliable skills, supporting various industries[8]. - The Group aims to provide intelligent power solutions for various infrastructure projects, including urban rail transit and sewage treatment, in response to the growing demand driven by urbanization[24]. - The Group aims to achieve growth in sales and profit for the year 2022 after netting off non-recurring gains and losses, leveraging its technological edge in intelligent power management[33]. - The Group plans to develop one-stop intelligent power integrated management solutions, enhancing customer performance management through its "Cloud Smart" big data platform[34]. Market Position and Customer Relationships - The Group has established stable long-term relationships with numerous Top 500 companies and large-scale international enterprises, contributing to a steady income stream[25]. - The Group's intelligent power management solutions have been widely recognized in the market, ranking top in market share in high-end markets[25]. - The Group's orders from long-term medium and large customers have gradually increased, providing stable revenue during the period[27]. - The Group has leveraged its strong brand power to generate considerable revenue during the period, capitalizing on opportunities arising from the development of the digital economy[22]. Operational Efficiency and Cost Management - The Group has maintained positive operating cash flows for six and a half consecutive years, while optimizing its debt structure and reducing borrowings[18]. - The Group's focus on energy conservation and efficiency has led to the customization of system solutions based on customer needs, enhancing its market presence[25]. - The Group's efforts in improving the power consumption database of various industries have achieved remarkable results, further solidifying its competitive advantage[22]. - The Group will continue to implement strict internal control systems and enhance refined management to optimize its asset-liability structure and improve profitability[44]. Financial Position and Cash Flow - As of June 30, 2022, the Group's total assets were RMB 1,407.0 million, an increase from RMB 1,331.0 million as of December 31, 2021[60]. - The Group's total liabilities amounted to RMB 1,134.7 million, up from RMB 1,063.7 million as of December 31, 2021[60]. - The Group's total equity increased to RMB 272.3 million from RMB 267.4 million as of December 31, 2021[60]. - Cash and cash equivalents decreased to RMB 39.6 million from RMB 77.7 million as of December 31, 2021[60]. - The Group's borrowings decreased to RMB 366.1 million from RMB 508.1 million as of December 31, 2021[60]. - The gearing ratio improved to 134.4% as of June 30, 2022, down from 190.0% as of December 31, 2021, primarily due to a reduction in total borrowings[60]. Shareholder Information and Corporate Governance - The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2022[18]. - The company has three Independent Non-executive Directors on the Board, ensuring adequate independence and balance of power[89]. - The company has complied with most of the Corporate Governance Code provisions, with a noted deviation regarding the roles of Chairman and CEO being held by the same individual[89]. - The Group's issued and fully paid share capital remained at 773,769,000 shares as of June 30, 2022[175]. Related Party Transactions - The financial assistance from related parties includes loans granted for general working capital purposes, renewed in 2021[186]. - The total amount of loans from related parties as of June 30, 2022, included RMB500,000,000 and US$1,393,000, consistent with the previous year[189]. - The company continues to rely on related party financial support, which is crucial for its operational liquidity[187].

Financial Performance - In 2021, the company's revenue was RMB 572,643,000, a decrease of 30% compared to RMB 816,665,000 in 2020[16]. - Profit before taxation for the year was RMB 96,676,000, significantly up from RMB 42,846,000 in 2020, marking a year-on-year increase of 125.6%[16]. - The net profit for the year was RMB 12,461,000, compared to RMB 9,334,000 in 2020, reflecting a growth of 33.5%[17]. - The Group's revenue for the year was RMB 572.6 million, representing a year-on-year decrease of 29.9% due to unfavorable factors such as the global pandemic and delayed demand[22][24]. - Profit from operations amounted to RMB 124.1 million, a year-on-year increase of 57.5% compared to RMB 78.8 million in 2020[24][26]. - Profit for the year reached RMB 12.5 million, a year-on-year increase of 33.5% compared to RMB 9.3 million in 2020[24][26]. - The Group's revenue for the year exceeded RMB 114 trillion, representing an 8.1% year-on-year increase[50]. - The revenue of IEM Solutions for the year ended December 31, 2021, was RMB 409.2 million, a decrease of 36.5% compared to RMB 644.1 million in 2020, accounting for 71.5% of the Group's total revenue[97]. - The revenue of CSP Business for the year ended December 31, 2021, was RMB 163.4 million, down 5.3% from RMB 172.6 million in 2020, accounting for 28.5% of the Group's total revenue[105][109]. Assets and Liabilities - The company's total assets amounted to RMB 1,331,047,000, with current assets at RMB 966,352,000 and non-current assets at RMB 364,695,000[17]. - The total liabilities were RMB 1,063,682,000, with current liabilities of RMB 896,919,000 and non-current liabilities of RMB 166,763,000[17]. - The net assets of the company increased to RMB 267,365,000, up from RMB 198,141,000 in 2020, indicating a growth of 34.9%[17]. - As of December 31, 2021, total assets were RMB 1,331.0 million, down from RMB 1,478.1 million in 2020, while total liabilities decreased to RMB 1,063.7 million from RMB 1,280.0 million[117]. - The Group's cash and cash equivalents increased to RMB 77.7 million as of December 31, 2021, compared to RMB 39.9 million in 2020[119]. - The gearing ratio improved to 190.0% as of December 31, 2021, down from 294.6% in 2020, reflecting a decrease in total borrowings and an increase in total equity[119]. Market Trends and Economic Environment - The gross domestic product (GDP) of China exceeded RMB 114 trillion in 2021, with an increase of 8.1% year-on-year, showcasing the economic recovery[21]. - The fixed asset investment in China exceeded RMB 54 trillion, representing a year-on-year increase of 4.9%[21]. - The electricity consumption of data centers in China accounts for 2% of the national electricity consumption and is on an upward trend, presenting opportunities for the Group's "One-stop Data Center Solution"[32][34]. - The urban rail transit industry in China is expected to increase operating mileage by 3,000 kilometers during the "14th Five-Year Plan" period, indicating significant market potential for the Group's services[33]. - The digital economy in China is a key driver of economic growth, with the IDC market accounting for 10% of the global market share[51]. - The total global data volume is projected to increase from 33ZB in 2018 to 175ZB in 2025, indicating significant growth opportunities for the Group's services and products[79]. Strategic Initiatives and Operational Adjustments - The company has adjusted its operational strategies to increase income and reduce expenses, enhancing profitability amid external challenges[21]. - The Group maintained reasonable levels of trade receivables, trade and bills payables, and inventory, while finance costs continued to decrease[26][28]. - The Group is committed to providing diversified services and customized solutions for infrastructure construction, including intelligent power solutions for various projects[33]. - The Group aims to restore sales growth and improve profitability by optimizing its technologies, products, and services[40]. - The Group's strategic adjustments aim to maintain competitive pricing and high-quality service delivery amidst an uncertain economic environment[57]. - The Group plans to leverage opportunities in new infrastructure policies, particularly in data centers and rail transit, to enhance profitability and shareholder value[93][94]. Challenges and Risks - The ongoing pandemic and geopolitical uncertainties posed significant challenges to the Group's overseas infrastructure projects[39]. - The Group is exposed to various market risks, including interest rate risk, credit risk, and liquidity risk, as detailed in the financial statements[132]. - The Group's operations are subject to government approvals and compliance with environmental, health, and safety regulations, which are critical for operational continuity[137][142]. Governance and Compliance - The Group's governance structure includes independent non-executive directors, ensuring accountability and transparency in decision-making[161]. - The Company has complied with the Corporate Governance Code and has adopted the Model Code for Securities Transactions by Directors, confirming compliance by all Directors during the year ended December 31, 2021[192]. - The Company has established policies and practices to ensure compliance with legal and regulatory requirements, including the Corporate Governance Code[198]. Leadership and Management - The Group's Executive Directors have extensive experience in the electrical distribution systems and equipment industry, with key personnel having joined the company as early as 1995[153]. - The Group has a strong leadership team with diverse backgrounds in finance, operations, and compliance, enhancing its strategic capabilities[161]. - The management team has emphasized the importance of R&D, with plans to allocate F% of revenue towards innovation and product development[157]. - The management employs a cost leadership strategy and diversifies business strategies to maintain competitiveness against both multinational and domestic competitors[132].

Economic Indicators - In 1HY2021, China's fixed asset investment (excluding farmers) amounted to RMB 25,590 billion, representing a year-on-year increase of 12.6% and up 9.1% compared to the same period in 2020[9]. - National total electricity consumption reached 3,933.9 billion KWH in 1HY2021, marking a year-on-year increase of 16.2%, the highest growth rate in over a decade[9]. - Newly installed power generation capacity in China amounted to 51.87 million KW from January to June 2021, which is more than double the installed capacity of the Three Gorges Dam[9]. - In June 2021, total electricity consumption was 703.3 billion KWH, reflecting a year-on-year increase of 9.8%[9]. - The average growth rate of fixed asset investment over the past two years was 4.4%[9]. - The digital economy is driving significant changes in production and governance, increasing the demand for electricity[9]. - The COVID-19 pandemic continued to impact business activities, particularly due to upstream raw material shortages[9]. - The rollout and adoption of vaccines have brought stability to China's economy and society, aiding market recovery[9]. Company Financial Performance - The Group's revenue for the period was RMB 272.6 million, representing a year-on-year decrease of 20.5% compared to RMB 342.8 million in the same period last year[16]. - The gross profit margin increased by 4.6 percentage points year-on-year to 34.3%, with gross profit reaching RMB 93.5 million, a decrease of 8.0% from RMB 101.6 million[16]. - Profit from operations amounted to RMB 116.0 million, a significant year-on-year increase of 347.7% from RMB 25.9 million[16]. - Profit before taxation reached RMB 99.6 million, representing a year-on-year increase of 1,178.8% compared to RMB 7.8 million[16]. - Profit for the period was RMB 49.1 million, a year-on-year increase of 571.2% from RMB 7.3 million[16]. - The overall financial performance was impacted by reduced sales orders from overseas customers due to the pandemic[48]. - The Group recorded a one-off gain of RMB 94.0 million from the disposal of certain subsidiaries during the six months ended 30 June 2021, compared to nil in the same period of 2020[57]. - Profit for the six months ended 30 June 2021 was RMB 49.1 million, an increase from RMB 7.3 million in the same period of 2020, primarily due to the one-off gain from the disposal of subsidiaries[58]. Market and Industry Trends - The demand for intelligent power transmission and distribution equipment is on the rise as enterprises seek to enhance power consumption efficiency[9]. - The data center industry is characterized by high power consumption, presenting challenges for establishing a safe and energy-saving power supply system[14]. - The power consumption of data centers in China currently accounts for 2% of national power consumption, with a rising trend expected[20]. - The infrastructure expenditure for data centers worldwide is expected to reach US$200 billion in 2021, representing a 6% increase compared to 2020[34]. - The number of medium-to-large scale data centers in China is projected to exceed 80,000 by 2024, indicating a sustained growth trend in the data center market[34]. - The Group aims to leverage its 35 years of industry experience to secure more orders and expand its market share through long-term cooperation with top data center operators[34]. Company Strategy and Operations - The Group has maintained positive operating cash flows for the past five and a half years, with a significant improvement in its gearing structure due to the disposal of certain subsidiaries[16]. - The Group is focused on adopting advanced technology and a green approach to align with economic growth and new data center developments[9]. - The Group aims to enhance service quality and experience in response to opportunities arising from new infrastructure developments[23]. - The Group is committed to providing customized solutions for various infrastructure projects, including intelligent power solutions for buildings and transportation hubs[24]. - The Group's market share continues to grow due to its technology optimization efforts and strong service reputation in the data center power distribution market[20]. - The Group increased investment in R&D for its "Cloud+" offerings, aiming to provide high-end customized intelligent power management solutions[30]. - The Group plans to optimize its one-stop intelligent power integrated management system and product structure to promote business innovation and upgrade[42][44]. Financial Position and Assets - The Group's total assets as of 30 June 2021 were RMB 1,300.7 million, down from RMB 1,478.1 million as of 31 December 2020, while total liabilities decreased to RMB 1,010.8 million from RMB 1,280.0 million[58]. - The total equity of the Group increased to RMB 289.9 million as of 30 June 2021, up from RMB 198.1 million as of 31 December 2020[58]. - The Group's borrowings amounted to RMB 490.0 million as of 30 June 2021, a decrease from RMB 583.6 million as of 31 December 2020[58]. - The gearing ratio improved to 169.0% as of 30 June 2021, down from 294.6% as of 31 December 2020, due to a decrease in total borrowings and an increase in total equity[58]. - The average inventory turnover days increased by 43 days from 103 days in the six months ended June 30, 2020, to 146 days during the current period, primarily due to a decrease in cost of sales and an increase in inventories[60]. - The average trade receivables turnover days increased by 106 days from 245 days in the six months ended June 30, 2020, to 351 days during the current period, mainly due to a decrease in revenue[60]. Corporate Governance and Shareholder Information - The Company has three Independent Non-executive Directors on the Board, ensuring adequate independence and balance of power[91]. - The Audit Committee, consisting of three Independent Non-executive Directors, reviewed the unaudited interim financial information for the six months ended June 30, 2021[95]. - The Company emphasizes transparency, accountability, and independence in its corporate governance practices[89]. - The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2021[68]. - The Group's remuneration policy aligns with current legislation, market conditions, and performance, reflecting a strategic approach to employee compensation[68]. - The expired share award scheme operated for 10 years and concluded on June 16, 2021, with no shares purchased for this scheme during the period[68]. Related Party Transactions - The company has related party transactions with controlling shareholders Mr. Qian Yixiang and Ms. Jia Lingxia, who each own 50% of King Able Limited, the immediate parent of the Group[17]. - Loans from related parties include RMB 500,000,000 and US$1,393,000 from Mr. Qian Yixiang and Ms. Jia Lingxia, reflecting substantial financial support from controlling shareholders[193]. - The company reported a significant increase in related party transactions, with specific transactions conducted at market prices as mutually agreed by the parties involved[199]. - The total amount of financial assistance from related parties was RMB 495,811,000 as of June 30, 2021, compared to RMB 478,199,000 as of December 31, 2020, showing an increase of approximately 3.4%[195].