[Report Overview](index=1&type=section&id=Report%20Overview) This section outlines the company's unaudited interim results for the six months ended June 30, 2025, with comparative figures and audit committee review [Company Information and Report Scope](index=1&type=section&id=Company%20Information%20and%20Report%20Scope) The company released its unaudited consolidated interim results for the six months ended June 30, 2025, reviewed by the audit committee, including 2024 comparative figures - Sichuan Energy Investment Development Co., Ltd. released its **unaudited consolidated interim results report** for the six months ended **June 30, 2025**[2](index=2&type=chunk) - The report includes **comparative figures for the same period in 2024** and has been **reviewed by the audit committee**[2](index=2&type=chunk) [Consolidated Financial Statements](index=2&type=section&id=Consolidated%20Financial%20Statements) This section presents the company's consolidated financial statements, including the income statement and balance sheet, for the reporting period [Consolidated Income Statement](index=2&type=section&id=Consolidated%20Income%20Statement) Operating revenue grew **10.9%** to **RMB 2.512 billion**, with net profit increasing **6.0%** to **RMB 146 million** and basic EPS at **RMB 0.14** for the six months ended June 30, 2025 Consolidated Income Statement Key Data (For the six months ended June 30) | Metric | 2025 (RMB yuan) | 2024 (RMB yuan) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 2,511,827,271.15 | 2,264,588,613.72 | 10.9% | | Operating Cost | 2,196,558,527.18 | 1,966,133,179.39 | 11.7% | | Operating Profit | 175,308,453.29 | 170,536,432.93 | 2.8% | | Total Profit | 178,922,195.03 | 170,851,371.17 | 4.7% | | Net Profit | 145,965,262.61 | 137,758,617.43 | 6.0% | | Net Profit Attributable to Parent Company Shareholders | 145,307,314.02 | 137,799,706.39 | 5.4% | | Earnings Per Share (Basic and Diluted) | 0.14 | 0.13 | 7.7% | [Consolidated Balance Sheet](index=4&type=section&id=Consolidated%20Balance%20Sheet) Total assets reached **RMB 7.441 billion**, up **1.08%** from year-end 2024, with total liabilities at **RMB 3.751 billion** and equity attributable to parent company shareholders at **RMB 3.619 billion** as of June 30, 2025 Consolidated Balance Sheet Key Data (As of June 30, 2025) | Metric | June 30, 2025 (RMB yuan) | December 31, 2024 (RMB yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 7,440,900,030.43 | 7,361,549,780.96 | 1.08% | | Total Current Assets | 1,922,637,196.21 | 2,004,055,122.24 | -4.06% | | Total Non-current Assets | 5,518,262,834.22 | 5,357,494,658.72 | 3.00% | | Total Liabilities | 3,750,513,594.82 | 3,676,433,841.24 | 1.99% | | Total Current Liabilities | 2,273,172,710.28 | 2,225,967,988.63 | 2.12% | | Total Non-current Liabilities | 1,477,340,884.54 | 1,450,465,852.61 | 1.85% | | Total Equity Attributable to Parent Company Shareholders | 3,619,232,770.13 | 3,614,620,222.83 | 0.13% | | Total Shareholders' Equity | 3,690,386,435.61 | 3,685,115,939.72 | 0.14% | [Notes to Financial Statements](index=7&type=section&id=Notes%20to%20Financial%20Statements) This section provides detailed explanations and breakdowns of the figures presented in the consolidated financial statements, including accounting policies and specific line items [Basis of Preparation and Accounting Policies](index=7&type=section&id=Basis%20of%20Preparation%20and%20Accounting%20Policies) Financial statements are prepared on a **going concern basis** under Chinese Enterprise Accounting Standards, with sufficient liquidity despite current liabilities exceeding current assets, and no significant accounting policy changes - Financial statements are prepared on a **going concern basis**, in compliance with **Chinese Enterprise Accounting Standards**[9](index=9&type=chunk) - As of **June 30, 2025**, current liabilities exceeded current assets by **RMB 350.5 million**, but the Group has **RMB 3.2388 billion** in unutilized bank credit facilities and continuous net operating cash inflows, with the Board deeming funds sufficient[9](index=9&type=chunk) - The Group had **no significant accounting policy changes** impacting performance and financial position in the current accounting period, nor did it adopt any new standards or interpretations not yet in effect[10](index=10&type=chunk) [Operating Revenue Details](index=7&type=section&id=Operating%20Revenue%20Details) Total operating revenue reached **RMB 2.512 billion** in H1 2025, predominantly from main business, with **RMB 2.280 billion** from power supply contracts and **RMB 226 million** from power installation engineering contracts Operating Revenue Composition (For the six months ended June 30) | Item | 2025 (RMB yuan) | 2024 (RMB yuan) | | :--- | :--- | :--- | | Main Business Revenue | 2,510,672,458.32 | 2,263,529,365.84 | | Other Business Revenue | 1,154,812.83 | 1,059,247.88 | | Total | 2,511,827,271.15 | 2,264,588,613.72 | Revenue from Contracts by Type (For the six months ended June 30) | Contract Type | 2025 (RMB yuan) | 2024 (RMB yuan) | | :--- | :--- | :--- | | Power Supply Contracts | 2,280,109,279.04 | 2,082,428,793.14 | | Power Installation Engineering Contracts | 226,340,749.55 | 176,083,942.32 | | Others | 5,377,242.56 | 6,075,878.26 | | Total | 2,511,827,271.15 | 2,264,588,613.72 | [Taxes and Surcharges](index=8&type=section&id=Taxes%20and%20Surcharges) Total taxes and surcharges increased to **RMB 10.14 million** in H1 2025 from **RMB 8.67 million** in H1 2024, mainly due to higher urban construction tax and other levies Taxes and Surcharges (For the six months ended June 30) | Item | 2025 (RMB yuan) | 2024 (RMB yuan) | | :--- | :--- | :--- | | Urban Construction Tax | 2,296,724.40 | 2,177,761.43 | | Education Surcharge | 909,058.70 | 1,041,914.50 | | Property Tax | 2,192,331.82 | 2,292,774.88 | | Others | 4,745,112.75 | 3,160,642.41 | | Total | 10,143,227.67 | 8,673,093.22 | [Finance Costs](index=8&type=section&id=Finance%20Costs) Finance costs surged **91.0%** to **RMB 12.65 million** in H1 2025, driven by higher interest expenses on loans and payables, despite reduced deposit interest income Finance Costs (For the six months ended June 30) | Item | 2025 (RMB yuan) | 2024 (RMB yuan) | | :--- | :--- | :--- | | Interest Expense on Loans and Payables | 12,306,553.93 | 7,190,291.17 | | Interest Expense on Lease Liabilities | 158,541.17 | 135,668.96 | | Interest Income from Deposits | (1,345,053.92) | (1,854,374.43) | | Exchange Loss / (Gain) | 96,513.68 | 174,562.83 | | Other Finance Costs | 1,433,977.80 | 977,898.17 | | Total | 12,650,532.66 | 6,624,046.70 | [Investment Income and Credit/Asset Impairment](index=9&type=section&id=Investment%20Income%20and%20Credit%2FAsset%20Impairment) Investment losses remained stable, primarily from associates, while credit impairment losses increased due to other receivables, and asset impairment gains significantly decreased in H1 2025 Investment Income and Credit/Asset Impairment (For the six months ended June 30) | Item | 2025 (RMB yuan) | 2024 (RMB yuan) | | :--- | :--- | :--- | | Investment Income / (Loss) | (6,890,650.78) | (6,932,068.91) | | Credit Impairment Loss / (Gain) | (2,868,342.78) | (2,243,887.01) | | Asset Impairment Loss / (Gain) | 31,724.74 | 1,548,547.24 | - Investment losses primarily stemmed from **equity method losses on associates**, largely **flat year-on-year**[15](index=15&type=chunk) - Credit impairment losses increased, primarily due to **impairment losses on other receivables** shifting from gain to loss[15](index=15&type=chunk) - Asset impairment gains significantly decreased from **RMB 1.5485 million** to **RMB 31.7 thousand**[16](index=16&type=chunk) [Non-operating Income and Expenses and Income Tax](index=10&type=section&id=Non-operating%20Income%20and%20Expenses%20and%20Income%20Tax) Non-operating income significantly grew due to increased government grants, while non-operating expenses slightly rose, and income tax expense remained stable with a slightly lower effective tax rate in H1 2025 Non-operating Income and Expenses (For the six months ended June 30) | Item | 2025 (RMB yuan) | 2024 (RMB yuan) | | :--- | :--- | :--- | | Total Non-operating Income | 4,730,447.72 | 1,266,588.65 | | Of which: Government Grants | 4,125,828.17 | 165,311.92 | | Total Non-operating Expenses | 1,116,705.98 | 951,650.41 | Income Tax Expense (For the six months ended June 30) | Item | 2025 (RMB yuan) | 2024 (RMB yuan) | | :--- | :--- | :--- | | Current Year Income Tax | 32,993,512.81 | 31,716,360.35 | | Change in Deferred Income Tax | (36,580.39) | 1,376,393.39 | | Total | 32,956,932.42 | 33,092,753.74 | - A substantial increase in **government grants** was the primary reason for the growth in non-operating income[19](index=19&type=chunk) [Earnings Per Share and Dividends](index=10&type=section&id=Earnings%20Per%20Share%20and%20Dividends) Basic and diluted EPS increased to **RMB 0.14** in H1 2025 from **RMB 0.13** in H1 2024, with no interim dividend recommended, but a **RMB 0.14/share** final dividend paid for the prior fiscal year Earnings Per Share (For the six months ended June 30) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Basic and Diluted Earnings Per Share (RMB yuan) | 0.14 | 0.13 | - No **interim dividend** was declared for the six months ended **June 30, 2025**[20](index=20&type=chunk) - The final dividend paid for the previous fiscal year was **RMB 0.14 per share** (2024: **RMB 0.13 per share**)[21](index=21&type=chunk) [Accounts Receivable and Inventories](index=11&type=section&id=Accounts%20Receivable%20and%20Inventories) Accounts receivable decreased **13.6%** to **RMB 766 million** due to improved collection, and inventories decreased **13.7%** to **RMB 55.75 million** due to enhanced efficiency as of June 30, 2025 Accounts Receivable (As of June 30, 2025) | Item | June 30, 2025 (RMB yuan) | December 31, 2024 (RMB yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Total Accounts Receivable | 766,474,771.15 | 887,571,798.18 | -13.6% | | Allowance for Doubtful Accounts | 173,555,769.33 | 172,445,554.89 | 0.64% | Inventories (As of June 30, 2025) | Inventory Type | June 30, 2025 (RMB yuan) | December 31, 2024 (RMB yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Raw Materials | 52,803,733.27 | 64,538,234.26 | -18.18% | | Low-value Consumables | 2,942,321.57 | 93,736.30 | 3049.5% | | Total | 55,746,054.84 | 64,631,970.56 | -13.75% | - Accounts receivable decreased primarily due to **strengthened collection management**[63](index=63&type=chunk) - Inventories decreased primarily due to **strengthened management** and **improved inventory utilization efficiency**[62](index=62&type=chunk) [Fixed Assets and Bills/Accounts Payable](index=13&type=section&id=Fixed%20Assets%20and%20Bills%2FAccounts%20Payable) Fixed assets carrying value slightly decreased to **RMB 4.251 billion**, while bills payable included a new **RMB 150 million** letter of credit, and accounts payable decreased **30.9%** to **RMB 782 million** due to payments as of June 30, 2025 Carrying Value of Fixed Assets (As of June 30, 2025) | Item | June 30, 2025 (RMB yuan) | December 31, 2024 (RMB yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Buildings and Structures | 926,989,676.58 | 938,070,837.52 | -1.18% | | Machinery and Equipment | 3,199,471,598.99 | 3,183,386,795.77 | 0.50% | | Transportation Vehicles | 19,585,764.51 | 19,600,543.89 | -0.07% | | Office and Other Equipment | 104,931,324.19 | 113,829,552.13 | -7.79% | | Total | 4,250,978,364.27 | 4,254,887,729.31 | -0.09% | Bills and Accounts Payable (As of June 30, 2025) | Item | June 30, 2025 (RMB yuan) | December 31, 2024 (RMB yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Bills Payable (Letter of Credit) | 150,000,000.00 | — | N/A | | Accounts Payable | 782,130,921.50 | 1,131,408,083.90 | -30.9% | - Accounts payable decreased primarily due to **reduced electricity fees payable to suppliers** and **concentrated payments for engineering and material costs** before the Spring Festival[64](index=64&type=chunk) [Management Discussion and Analysis](index=15&type=section&id=Management%20Discussion%20and%20Analysis) This section provides management's perspective on the company's operational performance, financial condition, and strategic outlook for the reporting period [Business Review](index=15&type=section&id=Business%20Review) The company, a vertically integrated power supplier in Yibin, saw H1 2025 operating revenue grow **10.9%**, but a new resident off-peak electricity price policy effective September 1 is projected to reduce 2025 revenue by **RMB 35-45 million** - The company is a **vertically integrated power supplier** in Yibin City, Sichuan Province, with businesses including **power generation, distribution and sales**, and **power engineering construction services**[25](index=25&type=chunk) - From **September 1, 2025**, residential users will implement an **off-peak electricity price policy**, projected to reduce **2025 operating revenue** by **RMB 35 million to RMB 45 million**[26](index=26&type=chunk) - As of **June 30, 2025**, the company owned and operated **6 hydropower stations** (total installed capacity of **127,030 kilowatts**) and multiple substations[28](index=28&type=chunk) [Overview](index=15&type=section&id=Overview) The company, a vertically integrated power supplier, achieved **10.9%** revenue growth and **6.0%** net profit growth in H1 2025, with a new off-peak electricity price policy expected to impact future revenue - The company is a **vertically integrated power supplier** in Yibin City, Sichuan Province, with businesses covering **power generation, distribution and sales**, and **power engineering construction services**[25](index=25&type=chunk) H1 2025 Key Financial Metrics (Year-on-Year Growth) | Metric | H1 2025 | Y-o-Y Growth | | :--- | :--- | :--- | | Operating Revenue | RMB 2,511.8 million | 10.9% | | Total Profit | RMB 178.9 million | 4.7% | | Net Profit | RMB 146.0 million | 6.0% | | Net Profit Attributable to Parent Company Shareholders | RMB 145.3 million | 5.4% | - From **September 1, 2025**, resident users will implement an **off-peak electricity price policy**, projected to reduce **2025 operating revenue** by **RMB 35.0 million to RMB 45.0 million**[26](index=26&type=chunk) [Operating Performance Analysis](index=16&type=section&id=Operating%20Performance%20Analysis) Total operating revenue grew **10.9%** in H1 2025, but rising costs led to a **0.6 percentage point** drop in gross profit margin to **12.6%**, with general power supply and engineering services growing, while incremental power transmission declined Operating Performance by Business Segment (For the six months ended June 30) | Business | 2025 Operating Revenue (RMB yuan) | 2024 Operating Revenue (RMB yuan) | Operating Revenue Change (%) | 2025 Gross Profit Margin (%) | 2024 Gross Profit Margin (%) | Gross Profit Margin Change (percentage points) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | General Power Supply Business | 2,141,012,171.75 | 1,929,812,253.14 | 10.9% | 12.3 | 13.3 | (1.0) | | Incremental Power Transmission and Distribution Business | 139,097,107.29 | 152,616,540.00 | (8.9%) | 5.6 | 5.6 | (0.03) | | Power Engineering Construction Services and Related Businesses | 231,717,992.11 | 182,159,820.58 | 27.2% | 18.8 | 17.8 | 1.0 | | **Total** | **2,511,827,271.15** | **2,264,588,613.72** | **10.9%** | **12.6** | **13.2** | **(0.6)** | [Revenue Composition by Business Segment](index=17&type=section&id=Revenue%20Composition%20by%20Business%20Segment) General power supply, the main revenue source, grew **12.1%** in sales volume, while incremental power transmission revenue decreased **8.9%**, and power engineering services revenue increased **27.2%** General Power Supply Business Revenue Details (For the six months ended June 30) | Customer Category | 2025 Electricity Sales (MWh) | 2025 Operating Revenue (RMB yuan) | 2024 Electricity Sales (MWh) | 2024 Operating Revenue (RMB yuan) | Electricity Sales Change (%) | Operating Revenue Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Household | 864,243.45 | 463,264,859.37 | 778,258.97 | 415,543,531.82 | 11.0 | 11.5 | | General Commercial and Industrial | 518,261.87 | 329,947,675.14 | 507,993.03 | 324,431,841.29 | 2.0 | 1.7 | | Large Industrial | 2,667,109.96 | 1,306,233,016.07 | 2,320,424.69 | 1,151,782,231.21 | 14.9 | 13.4 | | State Grid | 7,650.50 | 1,350,122.94 | 10,869.32 | 1,361,906.59 | (29.6) | (0.9) | | Others | 89,204.58 | 40,216,498.23 | 82,571.75 | 36,692,742.23 | 8.0 | 9.6 | | **Total** | **4,146,470.35** | **2,141,012,171.75** | **3,700,117.76** | **1,929,812,253.14** | **12.1** | **10.9** | - General power supply business accounted for **85.2% of total operating revenue**, serving as the **primary revenue source**[32](index=32&type=chunk) - Incremental power transmission and distribution business revenue decreased by **8.9%**, accounting for **5.5% of total revenue**[33](index=33&type=chunk) - Power engineering construction services and related businesses revenue increased by **27.2%**, accounting for **9.2% of total revenue**[34](index=34&type=chunk) [Operating Highlights and Strategic Progress](index=18&type=section&id=Operating%20Highlights%20and%20Strategic%20Progress) The Group achieved significant progress in **grid infrastructure**, **green industry development**, **safety production**, **reform and innovation**, and **Party building**, securing special national debt funds for grid upgrades and enhancing operational efficiency - Grid infrastructure continued to be strengthened, advancing multiple **110 kV line and substation new construction and technical upgrade projects**, improving regional grid structure and enhancing **power supply capacity**[35](index=35&type=chunk) - Green industry flourished, with **3 distributed photovoltaic projects** and **2 energy storage projects** completed, a zero-carbon smart microgrid showcased, and the **'Zero-Carbon Smart Substation Evaluation Standard'** released[35](index=35&type=chunk) - Safety production remained stable, with **22,191 kilometers of lines inspected**, **1,315 hazards rectified**, and **RMB 1.5973 million** invested in rectification[36](index=36&type=chunk) - Reform effectiveness gradually released, rated as an **AAA-level credit enterprise** and 'Tianfu Comprehensive Reform Excellent Enterprise', with a **technology talent remuneration incentive scheme** formulated and **945 core key talents identified**[38](index=38&type=chunk) - Successfully applied for the **'Yibin City 2025 Distribution Network Equipment Upgrade Project'**, approved for **ultra-long-term special national debt funds of RMB 29.7444 million**[38](index=38&type=chunk) - Party building leadership continued to be strengthened, with **deep integration of Party building and business**, and the management team refined Party Committee decisions into **129 operational tasks**[39](index=39&type=chunk) [Financial Performance Analysis](index=20&type=section&id=Financial%20Performance%20Analysis) H1 2025 saw **10.9%** revenue growth, but gross margin declined to **12.6%** due to rising costs, while finance costs surged **91.0%**; net profit grew **6.0%**, and the debt-to-capital ratio increased to **30.2%** - Operating revenue increased by **10.9%** to **RMB 2.5118 billion**, primarily driven by the increased scale of **general power supply business** and **power engineering construction services**[41](index=41&type=chunk) - Operating costs increased by **11.7%** to **RMB 2.1966 billion**, consistent with the expanded business scale[45](index=45&type=chunk) - Gross profit margin decreased from **13.2% to 12.6%**, primarily due to **general power supply business** requiring procurement from **higher-priced suppliers**[49](index=49&type=chunk)[52](index=52&type=chunk) - Finance costs significantly increased by **91.0%** to **RMB 12.65 million**, primarily due to **increased interest expenses** resulting from a larger average loan scale[55](index=55&type=chunk) - Net profit increased by **6.0%** to **RMB 146 million**[58](index=58&type=chunk) - Construction in progress increased, primarily due to **new grid construction projects** added in **H1 2025**[59](index=59&type=chunk) - Inventories and accounts receivable decreased by **13.7%** and **13.6%** respectively, reflecting **improved management efficiency**[62](index=62&type=chunk)[63](index=63&type=chunk) - Accounts payable decreased by **30.9%**, primarily due to **payments for electricity and engineering projects**[64](index=64&type=chunk) - The debt-to-capital ratio increased from **18.8%** at year-end 2024 to **30.2%** as of **June 30, 2025**[67](index=67&type=chunk) [Analysis of Key Income Statement Items](index=20&type=section&id=Analysis%20of%20Key%20Income%20Statement%20Items) Total operating revenue grew **10.9%**, driven by core businesses, while operating costs rose **11.7%**, leading to a **0.6 percentage point** drop in gross margin; finance costs surged **91.0%**, and net profit increased **6.0%** Operating Revenue Segment Growth (For the six months ended June 30) | Business | 2025 Revenue (RMB yuan) | 2024 Revenue (RMB yuan) | Growth Rate (%) | | :--- | :--- | :--- | :--- | | General Power Supply Business | 2,141,012,171.75 | 1,929,812,253.14 | 10.9% | | Incremental Power Transmission and Distribution Business | 139,097,107.29 | 152,616,540.00 | -8.9% | | Power Engineering Construction Services and Related Businesses | 231,717,992.11 | 182,159,820.58 | 27.2% | - General power supply business revenue increased by **10.9%**, primarily due to an increase in **large industrial and general commercial and industrial customers**, and a **356,954.11 MWh increase in electricity sales**[42](index=42&type=chunk) - Incremental power transmission and distribution business revenue decreased by **8.9%**, primarily due to a **reduction in business scale**[43](index=43&type=chunk) - Power engineering construction services and related businesses revenue increased by **27.2%**, primarily due to an **increase in business scale**[44](index=44&type=chunk) - General power supply business gross profit margin decreased by **1 percentage point** to **12.3%**, as the increased scale required procurement from **higher-priced suppliers**[52](index=52&type=chunk) - Power engineering construction services and related businesses gross profit margin increased by **1 percentage point** to **18.8%**, due to **expanded business scale** and **settlement of higher-margin projects**[54](index=54&type=chunk) - Investment losses from associates remained largely **flat year-on-year**, primarily impacted by **losses from an associate in the new energy sector**[56](index=56&type=chunk) [Analysis of Key Balance Sheet Items](index=24&type=section&id=Analysis%20of%20Key%20Balance%20Sheet%20Items) Fixed assets, construction in progress, and right-of-use assets collectively increased due to new grid projects; intangible assets grew **2.8%**; inventories and accounts receivable decreased **13.7%** and **13.6%** respectively, and accounts payable decreased **30.9%** due to payments Fixed Assets, Construction in Progress, and Right-of-Use Assets (As of June 30, 2025) | Item | June 30, 2025 (RMB yuan) | December 31, 2024 (RMB yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Fixed Assets | 4,250,978,364.27 | 4,254,887,729.31 | -0.09% | | Construction in Progress | 620,377,002.35 | 458,196,521.73 | 35.39% | | Right-of-Use Assets | 8,068,844.01 | 8,059,476.63 | 0.12% | | **Total** | **4,879,424,210.63** | **4,721,143,727.67** | **3.35%** | - Total fixed assets, construction in progress, and right-of-use assets increased, primarily due to **new grid construction projects** added in **H1 2025**[59](index=59&type=chunk) - Intangible assets increased by **2.8%** to **RMB 216.7 million**, primarily due to **new cybersecurity protection and other software**[60](index=60&type=chunk) - Average inventory turnover days decreased from **7.7 days to 4.9 days**, and average accounts payable turnover days increased from **68.6 days to 78.4 days**[62](index=62&type=chunk)[65](index=65&type=chunk) [Liquidity and Financial Resources](index=26&type=section&id=Liquidity%20and%20Financial%20Resources) As of June 30, 2025, cash and cash equivalents were **RMB 607 million**, total borrowings were **RMB 1.116 billion**, and the debt-to-capital ratio increased to **30.2%**, indicating higher debt levels Liquidity and Borrowings (As of June 30, 2025) | Item | June 30, 2025 (RMB yuan) | December 31, 2024 (RMB yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 606,700,000.00 | 553,900,000.00 | 9.53% | | Total Borrowings | 1,115,700,000.00 | 692,600,000.00 | 61.09% | | Short-term Borrowings | 185,000,240.00 | 100,000,000.00 | 85.00% | | Letters of Credit (Bills Payable) | 150,000,000.00 | — | N/A | | Long-term Borrowings | 768,400,000.00 | 557,440,000.00 | 37.84% | - The debt-to-capital ratio increased from **18.8%** at December 31, 2024, to **30.2%** as of **June 30, 2025**[67](index=67&type=chunk) [Other Financial and Operating Information](index=26&type=section&id=Other%20Financial%20and%20Operating%20Information) The company has **RMB 192 million** in capital commitments for grid construction, no asset pledges or major transactions, **2,631 employees** with **RMB 246.4 million** in staff costs, and the Board recommended no interim dividend Outstanding Capital Commitments (As of June 30, 2025) | Item | June 30, 2025 (RMB yuan) | December 31, 2024 (RMB yuan) | | :--- | :--- | :--- | | Contracted | 192,020,613.80 | 249,937,305.28 | - As of **June 30, 2025**, the company had **2,631 employees**, with staff costs of approximately **RMB 246.4 million**[72](index=72&type=chunk) - The company is committed to achieving **employee diversity goals** and implements a **remuneration distribution mechanism linked to operating performance**[72](index=72&type=chunk)[73](index=73&type=chunk) - There were **no significant labor disputes, share option schemes, contingent liabilities, or major investments/acquisitions/disposals** during the reporting period[74](index=74&type=chunk)[75](index=75&type=chunk)[76](index=76&type=chunk)[77](index=77&type=chunk) - The Board recommended **not to declare any interim dividend** for the six months ended **June 30, 2025**[78](index=78&type=chunk) [Capital Operations and Future Outlook](index=29&type=section&id=Capital%20Operations%20and%20Future%20Outlook) This section details the utilization of global offering proceeds, future investment plans, post-reporting period events, and the company's strategic outlook [Use of Proceeds from Global Offering](index=29&type=section&id=Use%20of%20Proceeds%20from%20Global%20Offering) Of the **RMB 380.5 million** net proceeds from the global offering, **RMB 342 million** was utilized, with the remaining **RMB 38.565 million** reallocated to working capital for enhanced financial stability - Net proceeds from the global offering were approximately **RMB 380.5 million**, with approximately **RMB 342 million utilized** as of **June 30, 2025**[79](index=79&type=chunk) Changes in Use of Net Proceeds from Global Offering (As of June 30, 2025) | Purpose | Amount Planned in Prospectus (RMB thousand) | Unutilized as of January 1, 2025 (RMB thousand) | Revised Allocation (RMB thousand) | Utilized During Reporting Period (RMB thousand) | Unutilized as of June 30, 2025 (RMB thousand) | Updated Expected Completion Time for Remaining Balance | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Acquisition of Power-related Assets | 152,193 | 36,993 | — | — | — | N/A | | Working Capital | 38,048 | 1,572 | 38,565 | 79 | 38,486 | Before December 31, 2025 | | **Total** | **380,483** | **38,565** | **38,565** | **79** | **38,486** | | - The remaining net proceeds originally designated for **acquiring power-related assets** have been **reallocated to supplement the Group's working capital**[79](index=79&type=chunk) [Future Investments and Capital Plans](index=31&type=section&id=Future%20Investments%20and%20Capital%20Plans) The company plans to accelerate **high-voltage grid construction**, investing approximately **RMB 297 million** in 110 kV line and substation projects, funded by **30% capital** and **70% bank loans**, targeting completion by **February 2026** - The company plans to accelerate **high-voltage grid construction**, including the **State Grid Qiuling to Huanyang, Ziyan to Fuxing 110 kV line projects**, and **Pingshan County Furong 110 kV transmission and transformation project**[81](index=81&type=chunk) - Total investment is approximately **RMB 297 million**, with funding from **30% capital** and **70% bank loans**[81](index=81&type=chunk) - The projects aim for substantial completion by the end of **February 2026**, to enhance **regional grid power supply assurance, operating efficiency, and service levels**[81](index=81&type=chunk) [Material Events After Reporting Period](index=31&type=section&id=Material%20Events%20After%20Reporting%20Period) No material events affected the Group after the reporting period, except for the **resident off-peak electricity price policy** implemented from **September 1, 2025** - After the reporting period, from **September 1, 2025**, residential electricity consumption in the Group's supply area will implement an **off-peak electricity price policy**[82](index=82&type=chunk) - Except for the **off-peak electricity price policy**, there were **no other material events** affecting the Group and its subsidiaries[82](index=82&type=chunk) [Strategic Outlook](index=31&type=section&id=Strategic%20Outlook) In H2 2025, the Group will focus on core business, strengthening development foundations by enhancing **supply assurance**, **transmission**, **operational capabilities**, and **green energy industry**, while also reinforcing **safety management** and **modern governance** - Key tasks for **H2 2025** include focusing on **core business**, maintaining **safety bottom lines**, enhancing **modern governance**, and striving for **stable operating performance**[83](index=83&type=chunk) - Strengthening development foundation includes enhancing **supply assurance** (full hydropower, natural gas, green energy), **transmission capacity** (grid infrastructure), **operational capabilities** (refinancing, M&A), **development capabilities** (distributed PV, storage), and **service capabilities** (customer satisfaction)[83](index=83&type=chunk)[84](index=84&type=chunk) - Strengthening safety management involves strictly controlling **grid safety** (substation pre-testing, hazard investigation), closely monitoring **project safety** (tripartite responsibilities, quality control), and enhancing **inherent safety** (personnel training, emergency drills)[85](index=85&type=chunk) - Enhancing modern governance includes improving **governance mechanisms** (optimizing rules, strengthening committees), strengthening **compliance management** ('grand risk control'), deepening **lean management** (cost reduction, asset revitalization), and scientifically formulating **plans** ('15th Five-Year' strategy)[86](index=86&type=chunk) - Party building leadership and assurance involves deepening **theoretical armament**, advancing **'Party Building+' projects**, forging a **first-class team** (talent梯隊 in scarce areas), and fostering a **clean and upright ecosystem** (integrity risk supervision)[87](index=87&type=chunk)[88](index=88&type=chunk) [Corporate Governance and Compliance](index=34&type=section&id=Corporate%20Governance%20and%20Compliance) This section outlines the company's adherence to corporate governance codes and securities trading standards, as well as public shareholding requirements [Corporate Governance and Securities Trading](index=34&type=section&id=Corporate%20Governance%20and%20Securities%20Trading) The company complied with **Listing Rules' Corporate Governance Code** and **Standard Code for securities trading**, with no purchases, sales, or redemptions of listed securities by the company or its subsidiaries during the period - The company complied with all code provisions of **Appendix C1 Part 2 of the Listing Rules' Corporate Governance Code** during the reporting period[89](index=89&type=chunk) - Directors and supervisors complied with the required standards for **securities transactions** in the **Standard Code** contained in **Appendix C3 of the Listing Rules**[90](index=90&type=chunk) - Neither the company nor any of its subsidiaries **purchased, sold, or redeemed any listed securities** of the company during the six months ended **June 30, 2025**[91](index=91&type=chunk) [Public Float and Report Publication](index=34&type=section&id=Public%20Float%20and%20Report%20Publication) As of June 30, 2025, the company maintained the **minimum public float** required by Listing Rules, with this interim results announcement published on the **HKEX and company websites** - As of **June 30, 2025**, the company maintained the **minimum public float** required by the Listing Rules[92](index=92&type=chunk) - This interim results announcement has been published on the **HKEX website** (www.hkexnews.com.hk) and the **company's website** (www.scntgf.com)[93](index=93&type=chunk) [Appendix](index=35&type=section&id=Appendix) This section provides supplementary information, including definitions of key terms and a list of the company's Board members [Definitions](index=35&type=section&id=Definitions) This section provides **definitions of key terms and abbreviations** used in the report to ensure consistent understanding of its content - This section provides **definitions of key terms and abbreviations** used in the report, such as **'Annual General Meeting'**, **'Corporate Governance Code'**, **'H Shares'**, **'RMB'**, etc[94](index=94&type=chunk)[95](index=95&type=chunk)[96](index=96&type=chunk)[97](index=97&type=chunk) [Board Members](index=37&type=section&id=Board%20Members) This section lists the company's **Board members** as of the announcement date, including **executive, non-executive, and independent non-executive directors** - As of the announcement date, the company's **executive directors** are Mr. He Jing, Mr. Wang Yuanchun, and Ms. Xie Peixi[98](index=98&type=chunk) - Non-executive directors are Mr. Yao Gengsheng, Ms. Xie Beidi, Mr. Gao Bin, Mr. Kong Ce, and Mr. Xia Long[98](index=98&type=chunk) - Independent non-executive directors are Mr. Xiao Zhixiong, Mr. Chen Chuan, Mr. Mou Yingshi, Professor Li Jian, and Ms. He Yin[98](index=98&type=chunk)

Group 1 - The core point of the article is that Sichuan Energy Investment Development's subsidiary, Sichuan Energy Investment Junlian Electric Power Co., Ltd., announced a bidding project related to environmental impact assessment for a radiation project in Yibin City, with a budget of 45.04 million yuan [1] Group 2 - The project is scheduled to be published on August 20, 2025, indicating a future timeline for the environmental assessment [1] - The bidding information was sourced from the Kuai Cha APP, which provides insights into corporate activities [1] - Sichuan Energy Investment Junlian Electric Power Co., Ltd. is identified as a wholly-owned subsidiary of Sichuan Energy Investment Development [1]

Group 1 - The board meeting of Sichuan Energy Investment Development (01713.HK) is scheduled for August 26, 2025, to consider and approve the interim results for the six months ending June 30, 2025 [1] - The meeting will also discuss the potential declaration of an interim dividend, if applicable [1]

四川能投發展股份有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此公佈，董事 會會議將於2025年8月26日（星期二）舉行，藉以（其中包括）考慮及批准本公司及其 附屬公司截至2025年6月30日止六個月的中期業績及其發佈，並考慮派發中期股息 （如有）。 承董事會命 四川能投發展股份有限公司 董事長 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 分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。 Sichuan Energy Investment Development Co., Ltd.* 四川能投發展股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：01713） 董事會會議日期 何京 中國四川省，成都 2025年8月12日 於本公告日期，執行董事為何京先生、汪元春先生及謝佩樨女士；非執行董事為姚 更生先生、謝貝蒂女士、高彬先生、孔策先生及夏龍先生；及獨立非執行董事為蕭 志雄先生、陳傳先生、牟英石先生、李堅教授及何茵女士。 * 僅供識別 ...

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: 四川能投發展股份有限公司 呈交日期: 2025年8月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01713 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 787,396,758 | RMB | | 1 RMB | | 787,396,758 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 787,396,758 | RMB | | 1 RMB | | 787,396,758 | | 2. 股份分類 | 普通股 | 股份類別 | 其他類別 (請 ...

Summary of Key Points Core Viewpoint - As of July 14, a total of 138 stocks reached their 52-week highs, indicating a strong performance in the market, with notable leaders including Green Heart Group Holdings, OK Blockchain, and Pearl River Steel Pipe [1]. Group 1: Top Performers - Green Heart Group Holdings (02999) achieved a closing price of 0.013 with a peak of 0.017, marking a 70.00% increase [1]. - OK Blockchain (01499) closed at 0.680, reaching a high of 0.690, reflecting a 48.39% rise [1]. - Pearl River Steel Pipe (01938) had a closing price of 0.335 and a peak of 0.340, resulting in a 33.33% increase [1]. Group 2: Other Notable Stocks - Weishi Jiajie (00856) saw a 32.01% increase, closing at 8.870 with a high of 11.300 [1]. - Cloud Intelligence (09678) reached a high of 520.000, closing at 510.000, which is a 20.99% increase [1]. - China Chengtong Development Group (00217) closed at 0.165 with a peak of 0.166, marking a 14.48% rise [1]. Group 3: Additional Stocks with Significant Increases - Sihuan Pharmaceutical (00460) closed at 1.380, reaching a high of 1.430, which is a 14.40% increase [1]. - Taited Pharmaceutical (03880) had a closing price of 36.950 and a peak of 37.400, reflecting a 13.85% rise [1]. - Beihai Kangcheng-B (01228) closed at 0.850 with a high of 0.960, resulting in a 12.94% increase [1].

Core Insights - Nanchong City is focusing on an "industrial city" strategy, innovatively constructing a "3+2+3" modern industrial system to promote industrial agglomeration and development through a "chain leader system" and direct management by county (city, district) leaders [1][4][15] - The city is upgrading its traditional pillar industries, including automotive parts, chemical textiles, and food medicine, while also fostering high-growth industries like electronic information and high-end equipment manufacturing [1][4][16] - Nanchong is strategically positioning itself in emerging sectors such as low-altitude economy, hydrogen energy, and artificial intelligence, with 38 key projects signed in 2024 [1][4][16] Industry Overview - The concept of "new quality productive forces" was introduced by President Xi Jinping, emphasizing innovation as the main driving force for economic growth, characterized by high technology, efficiency, and quality [2][3][11] - This new productive force is seen as a crucial engine for high-quality economic development and a key support for building a modern industrial system [3][11] Economic Performance - Nanchong's GDP reached 286.17 billion yuan in 2024, with a year-on-year growth of 5.1%, surpassing the provincial average [4][5] - The industrial output value increased by 3.5% to 48.58 billion yuan, contributing 12.4% to GDP growth [7][9] Industrial Structure - The primary industry added value was 47.1 billion yuan (up 2.6%), the secondary industry 77.85 billion yuan (up 3.4%), and the tertiary industry 161.22 billion yuan (up 6.8%), indicating a more rational industrial structure [5][9] - The city has established eight industrial chain special classes to implement targeted strategies for traditional and emerging industries [7][9] Policy Framework - Nanchong has launched a series of policies to stabilize growth, including 13 measures for economic stability and 18 for manufacturing [4][11] - The city has received 2.77 billion yuan in project funding, ranking third in the province, to support key industrialization and technological transformation projects [7][11] Modern Industrial System - The "3+2+3" modern industrial system includes three pillar industries (automotive parts, chemical textiles, food medicine), two growth industries (electronic information, high-end equipment manufacturing), and three emerging sectors (low-altitude economy, hydrogen energy, artificial intelligence) [15][16] - Nanchong is focusing on high-end, green, and intelligent development directions for its pillar industries, with significant investments in projects like the 33 billion yuan Yongying New Materials project [15][16] Future Development Trends - Traditional industries will undergo intelligent upgrades, while emerging industries will expand in scale [26][28] - New sectors will be ecologically cultivated, with a focus on low-altitude economy, hydrogen energy, and artificial intelligence [29][30] - The city aims to promote a green, low-carbon circular economy, supporting the development of new energy commercial vehicles and hydrogen fuel cell vehicles [30]

四川能投发展股份有限公司(以下简称"四川能投发展")于2011年9月29日在四川成都依法设立,注册资本 10.74亿元,2018年12月在香港联交所主板上市,股份代号01713,成为国内配售电行业首家H股上市公司。 四川能投发展是一家服务于四川省宜宾市的垂直综合电力供应商和服务供应商,拥有"发配售"一体化的 电力服务模式。公司现有6家县级供电公司、2家发电公司、2家综合能源服务公司和1家电力工程建设公 司。目前从事的主要业务包括:供电、发电、电力配售、工程建设服务、新能源、电力增值服务等相关 业务。截至2023年12月31日,公司总资产63.25亿元,净资产34.04亿元。面向未来,四川能投发展将积极参 与中国电力行业改革,延伸行业服务链;寻求收购机遇,继续扩大市场份额;完善电网结构,着力提高信息化 水平;加强成本管控,持续提升盈利能力;聚焦多元发展,打造优势互补的产业格局,致力打造国际一流的现 代综合能源服务上市公司,为全体股东创造更高、更好的投资回报! 资金流向方面，当日主力流入72.616万港元，流出18.638万港元，净流入53.98万港元。 （以上内容为金融界基于公开消息，由程序或算法智能生成，不作 ...

Financial Performance - Sichuan Energy Investment Development Co., Ltd. reported a revenue increase of 15% year-over-year, reaching RMB 5.2 billion in 2024[2]. - The company achieved a net profit of RMB 1.1 billion, representing a growth of 20% compared to the previous year[2]. - The company achieved a total revenue of approximately RMB 4.776 billion, representing a year-on-year growth of 14.8%[13]. - The total profit reached approximately RMB 467 million, with a year-on-year increase of 14.1%[13]. - The company achieved total revenue of RMB 4,775.6 million in 2024, representing a year-on-year increase of approximately 14.8%[27]. - The total profit for the year was RMB 466.8 million, reflecting a growth of about 14.1% compared to the previous year[27]. - Net profit reached RMB 401.2 million, marking a year-on-year increase of approximately 17.3%, with net profit attributable to equity shareholders of the company at RMB 400.0 million, up about 18.0%[27]. - Total operating revenue increased by approximately 14.5% from RMB 4,151.8 million in 2023 to RMB 4,755.4 million in 2024, primarily driven by growth in general power supply business[41]. - Revenue from general power supply business rose by approximately 19.9% from RMB 3,323.0 million in 2023 to RMB 3,985.1 million in 2024, accounting for about 83.8% of total operating revenue[42]. User Growth and Market Expansion - User data indicates a 25% increase in active users, totaling 1.5 million by the end of 2024[2]. - Sichuan Energy plans to expand its market presence in the southwestern region of China, targeting a 10% market share increase by 2026[2]. - The company is optimistic about further development in electricity sales, distribution, and comprehensive energy services due to regional economic growth initiatives[26]. Investment and Development - The company has set a revenue target of RMB 6 billion for 2025, reflecting an ambitious growth strategy[2]. - New product development includes the launch of a smart energy management system, expected to enhance operational efficiency by 30%[2]. - Investment in automation projects is projected to exceed RMB 500 million over the next two years, aimed at improving service delivery[2]. - The company plans to invest approximately RMB 1,467 million in 2025, including RMB 489.5 million for infrastructure investment and RMB 423.9 million for fixed asset upgrades[79]. Research and Innovation - The company has planned 15 technology innovation projects, with 1 invention patent authorized and 4 projects rewarded by the Energy Investment Group, indicating a steady improvement in core competitiveness and innovation drive[15]. - The company invested RMB 2,121 million in R&D, a significant increase of 324.2% compared to 2023, and received recognition for four innovation projects[35]. Safety and Compliance - A total of RMB 706 million was invested in safety production measures, addressing 3,843 safety hazards without any major safety incidents occurring throughout the year[39]. - The company is committed to improving safety production measures and emergency response capabilities, implementing a full lifecycle safety management system[87]. - The company reported no environmental pollution incidents during the reporting period and complied with all relevant environmental regulations[165]. - All operational power stations under the company's control met domestic safety production regulations without any fines or prosecutions during the reporting period[166]. Corporate Governance - The company emphasizes high corporate governance standards to enhance shareholder value and improve overall performance[191]. - The internal governance structure includes a general meeting of shareholders, a board of directors, specialized committees, a supervisory board, and senior management, ensuring effective governance[192]. - The company has adopted corporate governance codes and has complied with all relevant provisions during the reporting period[193]. - All directors and supervisors have adhered to the standard codes of conduct, with no violations reported[194]. Shareholder Engagement - The company held a total of 1 annual general meeting and 3 extraordinary general meetings for the year ending December 31, 2024[199]. - The first extraordinary general meeting on March 19, 2024, had 1,005,884,791 shares represented, accounting for 93.63% of the total[199]. - The annual general meeting on June 13, 2024, had 910,069,292 shares represented, which is 84.71% of the total[199]. - Shareholders holding more than 3% of the company's shares have the right to propose temporary motions 10 days prior to the meeting[200]. Financial Position - The total assets of the company amounted to RMB 7,361.6 million, an increase from RMB 6,324.8 million in 2023[23]. - The company’s total liabilities increased to RMB 3,676.4 million in 2024 from RMB 2,921.0 million in 2023[23]. - Cash and cash equivalents increased to approximately RMB 553.9 million as of December 31, 2024, from approximately RMB 490.2 million as of December 31, 2023, primarily due to adjustments in settlement cycles[65]. - The capital-to-debt ratio was approximately 18.8% as of December 31, 2024, down from approximately 19.3% as of December 31, 2023[67]. Related Party Transactions - The company engaged in related transactions with its controlling shareholders, with the total consideration exceeding HKD 3,000,000 but the applicable percentage rates being less than 5%[121]. - The company is exempt from compliance with the requirements of Chapter 14A of the Listing Rules regarding circulars and independent shareholder approval for certain related transactions[121]. - The company has confirmed no other changes in the information of directors, supervisors, and senior management that need to be disclosed under the Listing Rules during the reporting period[120]. Risk Management - The company faces risks related to the new electricity pricing system, which may impact profitability due to changes in the pricing model for industrial users[172]. - The company is transitioning from a traditional power enterprise to a comprehensive energy service provider, facing challenges in achieving expected economic benefits from integrated energy projects[173]. - The company is increasingly reliant on the upper-level power grid for electricity supply, which may affect its power supply assurance capabilities[173].

Financial Performance - Total operating revenue for the year ended December 31, 2024, was RMB 4,775,571,527.88, representing an increase of 14.8% compared to RMB 4,160,192,577.95 in 2023[5] - Net profit for the year ended December 31, 2024, reached RMB 401,248,216.33, up 17.3% from RMB 342,000,155.59 in 2023[7] - Basic and diluted earnings per share increased to RMB 0.37 from RMB 0.32, reflecting a growth of 15.6%[7] - The total profit for 2024 was approximately RMB 466.8 million, reflecting a year-on-year increase of about 14.1%[49] - The net profit for the same year reached approximately RMB 401.2 million, with a year-on-year growth of about 17.3%[49] Assets and Liabilities - Total assets as of December 31, 2024, amounted to RMB 7,361,549,780.96, a rise of 16.4% from RMB 6,324,835,385.59 in 2023[9] - Total liabilities increased to RMB 3,676,433,841.24, up 25.9% from RMB 2,920,998,154.61 in 2023[11] - Current assets totaled RMB 2,004,055,122.24, an increase of 28.1% compared to RMB 1,562,998,347.56 in 2023[9] - Cash and cash equivalents were RMB 569,899,108.46, up from RMB 500,263,848.63, indicating a growth of 13.9%[9] - Long-term borrowings increased to RMB 557,440,000.00 from RMB 323,500,000.00, reflecting a significant rise of 72.3%[11] Revenue Breakdown - The company generated RMB 4,769,193,293.61 in revenue from contracts in 2024, a 14.8% increase from RMB 4,155,596,460.94 in 2023[18] - The general power supply business generated revenue of approximately RMB 3,985.1 million, accounting for about 83.8% of the main business revenue[54] - The incremental power distribution business reported revenue of approximately RMB 354.2 million, representing about 7.5% of the main business revenue[55] - Revenue from power engineering construction services and related businesses was approximately RMB 416.0 million, making up about 8.7% of the main business revenue[56] Expenses and Costs - The cost of goods sold for 2024 was RMB 3,978,882,555.40, up from RMB 3,484,310,248.78 in 2023, reflecting a cost increase of 14.2%[16] - Financial expenses for 2024 totaled RMB 15,329,400.83, an increase from RMB 13,309,483.67 in 2023[20] - The company reported a total tax expense of RMB 65,501,879.11 for 2024, a slight decrease from RMB 67,190,179.11 in 2023[26] Equity and Dividends - The total equity attributable to shareholders of the parent company increased to RMB 3,614,620,222.83, up 7.7% from RMB 3,355,293,837.13 in 2023[13] - The proposed final dividend for the year ending December 31, 2024, is RMB 150,410,078.00, compared to RMB 139,666,501.00 for the previous year[40] - The board proposed a final dividend of RMB 0.14 per share for the year ending December 31, 2024, totaling approximately RMB 150,410,078.00, pending approval at the annual general meeting[122] Operational Highlights - The company operates a total of 6 hydropower stations with a combined installed capacity of 127,030 kW as of the end of 2024[49] - The company constructed 16 new charging stations and added 145 charging piles, with a total installed capacity of 571.32 kW from distributed photovoltaic projects[61] - The company completed seven new 110 kV power transmission and transformation projects, enhancing power supply capacity and grid reliability[59] Strategic Initiatives - The company plans to invest approximately RMB 1,467 million in 2025, including RMB 489.5 million for infrastructure, RMB 423.9 million for fixed asset upgrades, RMB 141.7 million for new fixed asset purchases, RMB 336.3 million for other investments, and RMB 75.6 million for equity investments[110] - The company aims to enhance operational efficiency through lean management and budget control mechanisms to reduce non-productive expenditures[114] - The company plans to enhance its core competitiveness by optimizing its industrial layout and focusing on green energy development, including acquiring quality clean energy projects through share issuance and cash payments[117] Governance and Compliance - The company has adopted corporate governance codes and has complied with them throughout the year 2024[131] - The company has adopted the standard code of conduct for directors and supervisors, confirming compliance for the year ended December 31, 2024[132] - The audit committee has reviewed the financial performance for the year ended December 31, 2024, and confirmed that the financial statements comply with applicable accounting standards[134] Future Outlook - The company anticipates further development opportunities in electricity sales, distribution, and integrated energy services due to ongoing regional economic initiatives[46] - The company is actively pursuing strategic talent acquisition to support its core development needs and enhance technological innovation management[121] - The company anticipates an additional bank loan of RMB 800 million in 2025 to support its continued rapid development[110]