Core Viewpoint - Zhonghuan New Energy (01735.HK) has entered into a strategic cooperation framework agreement with Ant Blockchain Technology (Shanghai) Co., Ltd. to establish a partnership in the fields of new energy digital assets and artificial intelligence ecosystems [1] Company Overview - Ant Blockchain is a subsidiary of Ant Group, focusing on the commercialization of technology and operating in the blockchain sector with several leading technologies and patents [1] - The company operates five main business segments: (i) new energy and engineering, procurement, and construction; (ii) green building and related construction businesses; (iii) smart energy management services; (iv) health and medical; and (v) food supply chain [1] Strategic Implications - The board believes that the cooperation framework outlined in the agreement will leverage the company's experience and capabilities in developing and operating new energy projects [1] - The collaboration is expected to expand business opportunities, broaden revenue sources, and enhance financial performance for the company [1] - The board considers the partnership with Ant Blockchain beneficial for the company's future development and aligned with the overall interests of the company and its shareholders [1]

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。 該協議的主要條款概述如下： 日期： 二零二五年九月十九日 CENTRAL NEW ENERGY HOLDING GROUP LIMITED 中 環 新 能 源 控 股 集 團 有 限 公 司 （於開曼群島註冊成立的有限公司） （股份代號：1735） 有關訂立戰略合作框架協議的 自願公告 本 公 告 乃 由 中 環 新 能 源 控 股 集 團 有 限 公 司（「 本 公 司 」， 連 同 其 附 屬 公 司 統 稱 「本集團」）自願作出。 本 公 司 董 事（「 董 事 」）會（「 董 事 會 」）欣 然 宣 佈 ， 於 二 零 二 五 年 九 月 十 九 日 ， 螞蟻區塊鏈科技（ 上海 ）有限公司（「螞蟻區塊鏈」）與本公司訂立戰略合作框架協議 （「該協議」），據此，該協議各訂約方（ 各稱「訂約方」，統稱「訂約各方」）擬於新能 源數字資產及新 ...

Group 1 - The core viewpoint of the news is that Zhonghuan New Energy Holdings has appointed Professor Shen Wenzhong as the Chief Scientist, which is expected to enhance the company's research and development capabilities in the solar energy sector [1][2][3] - Professor Shen Wenzhong is a recognized authority in the photovoltaic field, with over 400 high-level academic papers published and extensive experience in semiconductor physics and solar cell research [1] - The company aims to strengthen its core team and enhance its competitive edge in the rapidly evolving photovoltaic industry by integrating top talent and fostering academic-industry collaboration [2][3] Group 2 - Zhonghuan New Energy has established partnerships with various enterprises and academic institutions, including Sunshine Power and Fudan University, to create a core technology ecosystem in photovoltaic research [2] - The company is focusing on multiple technological routes, including TOPCon, BC, and tandem solar cells, to drive innovation and maintain a competitive advantage in the market [2][3] - Chairman Yu Zhuyun emphasized the importance of attracting top talent and embracing cutting-edge technologies to ensure the company's sustainable development in the renewable energy sector [3]

Core Viewpoint - The appointment of Professor Shen Wenzhong as Chief Scientist at China National Renewable Energy Holdings Group (01735) is expected to enhance the company's research and development capabilities in the photovoltaic sector [1][4]. Group 1: Company Overview - China National Renewable Energy has entered the photovoltaic industry without the burden of old P-type production capacity, allowing it to seize opportunities in the upcoming technological iterations of solar cells [4]. - The company aims to become a leading manufacturer and brand in the next-generation battery sector, focusing on green energy system integration services [4]. - It is actively developing multiple technological routes, including energy storage, hydrogen, ammonia, and perovskite technologies, while building a complete ecosystem from manufacturing to application in photovoltaic power plants and zero-carbon parks [4]. Group 2: Key Personnel - Professor Shen Wenzhong, a leading expert in the solar photovoltaic field, has a strong academic background with over 400 high-level publications and extensive industry influence [2]. - The company has strengthened its core team by recruiting experienced professionals from major firms, including those with over 20 years of management experience at Samsung and executive roles at Canadian Solar [7]. - The collaboration with Professor Shen is expected to provide strategic direction for breakthroughs in TOPCon, BC, and tandem cell technologies, as well as enhance talent development and external collaboration [7]. Group 3: Strategic Goals - The company emphasizes the importance of building a strong technical team and nurturing talent, viewing the partnership with Professor Shen as a mutual pursuit of scientific wisdom and industrial aspirations [7]. - By fostering high-level research platforms and enhancing industry-academic collaboration, the company aims to strengthen its core competitiveness and contribute to the sustainable development of the renewable energy sector [7].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中環新能源控股集團有限公司 呈交日期: 2025年9月1日 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01735 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 4,224,000,000 | | 0 | | 4,224,000,000 | | 增加 / 減少 (-) | | | 0 | | 0 | | | | 本月底結存 | | | 4,224,000,000 | | 0 | | 4,224,000,000 | 第 2 頁 共 10 頁 v 1.1.1 I. 法定/註冊股本變動 | 1. 股份分 ...

Core Insights - The company reported a significant increase in revenue and profit for the first half of 2025, with total revenue reaching approximately HKD 4.049 billion, a year-on-year growth of 59.92% [1] - The gross profit was HKD 86.43 million, reflecting a 100.06% increase compared to the previous period [1] - The net profit attributable to shareholders was HKD 23.273 million, translating to earnings per share of HKD 0.055 [1] Financial Performance - Total assets as of June 30, 2025, were approximately HKD 60.28 billion, up 34.6% from HKD 44.77 billion on December 31, 2024 [1] - Net assets increased to approximately HKD 18.09 billion, a growth of 17.5% from HKD 15.40 billion at the end of 2024 [1] - The gross margin improved from approximately 1.7% in the previous period to about 2.1% in the reporting period, primarily due to higher margins in the renewable energy and EPC segments [1] Business Strategy - The revenue increase was driven by higher sales of photovoltaic modules and efficient N-type batteries, with the renewable energy and EPC segment revenue rising to approximately HKD 3.311 billion from HKD 1.6814 billion in the previous period [1] - The health and medical segment also saw revenue growth, reaching approximately HKD 692 million, up from HKD 400 million [1] - The company is reallocating resources strategically to prioritize renewable energy initiatives, gradually reducing its green building operations while increasing investments in emerging energy sectors [1] Market Expansion - Since 2022, the company has invested in high-efficiency photovoltaic N-type batteries and advanced photovoltaic modules, completing a 3GW photovoltaic module and 6GW battery project by the end of 2024 [2] - The company plans to expand production capacity at its Fengtai and Tongcheng bases based on market dynamics and investment strategies [2] - Strategic partnerships have been established, focusing on markets in the Middle East and Africa, including collaborations with UAE's Sama Tech Ventures L.L.C and Oman's EGN LTD for integrated energy storage and charging facilities [2] - Domestic market initiatives are also progressing, with strategic collaborations with Shanghai Microgrid Huilian New Energy, Huaihe Energy, Guoxuan High-Tech, and Rongjie Group [2] - The dual-track approach of deepening domestic quality projects while actively expanding into key overseas regions has injected strong momentum into the company's sales business, particularly in the integrated energy storage and charging sector [2]

Group 1 - The core viewpoint of the article highlights the significant growth in revenue and profit for China National New Energy, with a 59.92% year-on-year increase in revenue to approximately HKD 40.49 billion and a 100.06% increase in gross profit to HKD 86.43 million for the first half of 2025 [1] - The company's total assets reached approximately HKD 60.28 billion, a 34.6% increase from HKD 44.77 billion as of December 31, 2024, while net assets grew by 17.5% to approximately HKD 18.09 billion from HKD 15.40 billion [1] - The revenue increase is attributed to higher sales of photovoltaic components and efficient N-type batteries, with the renewable energy and EPC segment's revenue rising to approximately HKD 33.11 billion from HKD 16.814 billion in the previous period [1] Group 2 - The company has implemented strategic resource reallocation to prioritize renewable energy projects, gradually reducing its green building operations while increasing investments in emerging energy sectors [1] - Since 2022, the company has invested in high-efficiency photovoltaic N-type batteries and advanced photovoltaic components, completing a 3GW photovoltaic component and 6GW photovoltaic battery project by the end of 2024 [2] - The company is actively building strategic partnerships, focusing on markets in the Middle East and Africa, including collaborations with UAE's Sama Tech Ventures L.L.C and Oman’s EGN LTD for integrated energy infrastructure development [2]

Core Viewpoint - The overall performance of China Hongqiao Group (01735.HK) is satisfactory, with significant revenue growth reported for the six months ending June 30, 2025, despite a decrease in profit attributable to shareholders [1] Financial Performance - The group recorded revenue of approximately HKD 4.049 billion, representing a year-on-year increase of about 59.9% [1] - Profit attributable to shareholders was approximately HKD 23.3 million, down from approximately HKD 40.6 million in the previous period [1] - Basic and diluted earnings per share were approximately HKD 0.55 cents, compared to approximately HKD 0.96 cents in the previous period [1] - The board of directors did not recommend the payment of an interim dividend for the reporting period, whereas there was no dividend in the previous period [1] Revenue Drivers - The increase in revenue was primarily due to: - Growth in sales of photovoltaic modules and high-efficiency N-type batteries, leading to an increase in revenue from the New Energy and EPC segment to approximately HKD 3.31 billion [1] - An increase in revenue from the Health and Medical segment to approximately HKD 690 million [1]

[Financial Highlights](index=1&type=section&id=Financial%20Highlights) The company recorded significant revenue growth for the six months ended June 30, 2025, but profit attributable to owners and EPS decreased, with no interim dividend recommended [Key Financial Indicators](index=1&type=section&id=Key%20Financial%20Indicators) The Group saw significant revenue growth for the six months ended June 30, 2025, but profit attributable to owners and EPS declined, with no interim dividend recommended Key Financial Indicators | Indicator | Six Months Ended June 30, 2025 (HK$) | Six Months Ended June 30, 2024 (HK$) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 4,048.9 million | 2,531.9 million | +59.9% | | Profit attributable to owners of the Company | 23.3 million | 40.6 million | -42.6% | | Basic and diluted earnings per share | 0.55 HK cents | 0.96 HK cents | -42.7% | | Interim dividend | Not recommended | Zero | No change | [Condensed Consolidated Interim Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=Condensed%20Consolidated%20Interim%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) This section provides an overview of the group's financial performance, including revenue, profit, and other comprehensive income [Profit or Loss Overview](index=2&type=section&id=Profit%20or%20Loss%20Overview) During the reporting period, the Group's revenue significantly increased, but gross profit growth lagged revenue, and profit for the period decreased, mainly due to reduced income tax expense and changes in other comprehensive income Profit or Loss Overview | Indicator | Six Months Ended June 30, 2025 (HK$'000) | Six Months Ended June 30, 2024 (HK$'000) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 4,048,901 | 2,531,889 | +59.9% | | Direct costs | (3,962,471) | (2,488,688) | +59.2% | | Gross profit | 86,430 | 43,201 | +100.1% | | Other income and net gains | 91,661 | 144,414 | -36.5% | | Selling expenses | (7,291) | (11,015) | -33.8% | | Administrative and other operating expenses | (81,235) | (85,706) | -5.2% | | Finance costs | (23,961) | (30,204) | -20.7% | | Profit before income tax | 75,128 | 51,166 | +46.8% | | Income tax expense | (1,127) | (15,071) | -92.5% | | Profit for the period | 60,057 | 50,039 | +20.0% | | Profit for the period attributable to owners of the Company | 23,273 | 40,619 | -42.7% | | Profit for the period attributable to non-controlling interests | 26,766 | 19,438 | +37.7% | [Other Comprehensive Income](index=2&type=section&id=Other%20Comprehensive%20Income) During the reporting period, the Group's other comprehensive income shifted from a loss to a significant profit, primarily due to positive exchange differences from translating overseas operations Other Comprehensive Income | Indicator | Six Months Ended June 30, 2025 (HK$'000) | Six Months Ended June 30, 2024 (HK$'000) | Change (HK$'000) | | :--- | :--- | :--- | :--- | | Exchange differences arising from translation of overseas operations | 49,971 | (44,468) | +94,439 | | Reclassification of cumulative translation reserve upon disposal of overseas operations | 81 | (431) | +512 | | Other comprehensive income/(expense) for the period, net of tax | 50,052 | (44,899) | +94,951 | | Total comprehensive income for the period attributable to owners of the Company | 55,172 | (17,433) | +72,605 | | Total comprehensive income for the period attributable to non-controlling interests | 44,919 | 32,591 | +12,328 | | Total comprehensive income for the period | 100,091 | 15,158 | +84,933 | [Condensed Consolidated Interim Statement of Financial Position](index=4&type=section&id=Condensed%20Consolidated%20Interim%20Statement%20of%20Financial%20Position) This section presents the group's financial position, detailing assets, equity, and liabilities [Assets Overview](index=4&type=section&id=Assets%20Overview) As of June 30, 2025, the Group's total assets significantly increased from the end of 2024, driven by substantial increases in right-of-use assets and trade and other receivables Assets Overview | Indicator | June 30, 2025 (HK$'000) | December 31, 2024 (HK$'000) | Change (%) | | :--- | :--- | :--- | :--- | | **Non-current assets** | | | | | Property, plant and equipment | 1,307,009 | 1,306,181 | +0.06% | | Right-of-use assets | 892,717 | 11,516 | +7651.0% | | Intangible assets | 547 | 530 | +3.2% | | Deposits paid for acquisition of property, plant and equipment | 122,204 | 117,333 | +4.2% | | **Total non-current assets** | 2,322,477 | 1,435,560 | +61.8% | | **Current assets** | | | | | Trade and other receivables | 2,813,741 | 1,743,307 | +61.4% | | Inventories | 302,843 | 157,145 | +92.7% | | Pledged bank deposits | 402,301 | 824,863 | -51.2% | | Cash and bank balances | 128,999 | 265,887 | -51.5% | | **Total current assets** | 3,705,318 | 3,041,055 | +21.8% | | **Total assets** | 6,027,795 | 4,476,615 | +34.6% | [Equity Overview](index=4&type=section&id=Equity%20Overview) As of June 30, 2025, the Group's total equity increased, primarily driven by an increase in reserves and contributions from non-controlling interests Equity Overview | Indicator | June 30, 2025 (HK$'000) | December 31, 2024 (HK$'000) | Change (%) | | :--- | :--- | :--- | :--- | | Share capital | 2,640 | 2,640 | 0.0% | | Reserves | 1,296,499 | 1,114,116 | +16.4% | | **Equity attributable to owners of the Company** | 1,299,139 | 1,116,756 | +16.3% | | Non-controlling interests | 510,132 | 422,918 | +20.6% | | **Total equity** | 1,809,271 | 1,539,674 | +17.5% | [Liabilities Overview](index=5&type=section&id=Liabilities%20Overview) As of June 30, 2025, the Group's total liabilities significantly increased, mainly due to substantial growth in non-current lease liabilities and current trade and other payables Liabilities Overview | Indicator | June 30, 2025 (HK$'000) | December 31, 2024 (HK$'000) | Change (%) | | :--- | :--- | :--- | :--- | | **Non-current liabilities** | | | | | Lease liabilities | 458,576 | 10,397 | +4310.0% | | Borrowings | 246,953 | 311,529 | -20.8% | | **Total non-current liabilities** | 705,529 | 321,926 | +119.2% | | **Current liabilities** | | | | | Contract liabilities | 51,871 | 50,605 | +2.5% | | Trade and other payables | 1,829,043 | 872,798 | +109.6% | | Lease liabilities | 197,887 | 1,192 | +16509.6% | | Borrowings | 1,419,388 | 1,668,775 | -14.9% | | Tax payable | 14,806 | 21,645 | -31.5% | | **Total current liabilities** | 3,512,995 | 2,615,015 | +34.3% | | **Total liabilities** | 4,218,524 | 2,936,941 | +43.6% | | Net current assets | 192,323 | 426,040 | -54.9% | [Notes to the Condensed Consolidated Interim Financial Statements](index=6&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Interim%20Financial%20Statements) This section provides detailed notes on the accounting policies, segment information, and other financial disclosures [1. General Information and Basis of Preparation](index=6&type=section&id=1.%20General%20Information%20and%20Basis%20of%20Preparation) Central New Energy Holding Group Limited is incorporated in the Cayman Islands and listed on the HKEX, primarily engaged in new energy, green building, smart energy management, health, and catering supply chain businesses - The company was incorporated in the Cayman Islands on March 29, 2017, and listed on the Hong Kong Stock Exchange from March 29, 2018[9](index=9&type=chunk) - Principal businesses include: (i) new energy and engineering, procurement and construction (EPC); (ii) green building and construction-related businesses; (iii) smart energy management services; (iv) health and medical; and (v) catering supply chain[10](index=10&type=chunk) - The condensed consolidated interim financial statements are prepared in accordance with HKAS 34 and HKEX Listing Rules, presented in HK dollars[11](index=11&type=chunk)[12](index=12&type=chunk) [2. Significant Accounting Policies](index=6&type=section&id=2.%20Significant%20Accounting%20Policies) The Group's condensed consolidated interim financial statements are prepared using the historical cost convention and have adopted new HKFRS amendments with no material impact on financial position or performance - Financial statements are prepared under the historical cost convention, except for financial assets at fair value through profit or loss[13](index=13&type=chunk) - New HKFRS amendments adopted this period had no material impact on the financial position or performance for current and prior periods[13](index=13&type=chunk)[14](index=14&type=chunk) [3. Revenue, Other Income and Net Gains, and Segment Information](index=7&type=section&id=3.%20Revenue,%20Other%20Income%20and%20Net%20Gains,%20and%20Segment%20Information) Group revenue is primarily from new energy and EPC business, which saw significant growth and became the main contributor to total revenue, while other income and net gains decreased due to reduced government grants By Business Segment Revenue | Business Segment | Six Months Ended June 30, 2025 (HK$'000) | Six Months Ended June 30, 2024 (HK$'000) | Change (%) | | :--- | :--- | :--- | :--- | | New energy and EPC | 3,310,610 | 1,681,392 | +96.9% | | Green building and construction-related businesses | 42,838 | 404,152 | -89.4% | | Smart energy management services | 3,627 | 36,548 | -90.1% | | Health and medical | 691,826 | 399,657 | +73.1% | | Catering supply chain | – | 5,056 | -100.0% | | **Total revenue from contracts with customers** | 4,048,901 | 2,526,805 | +60.2% | | Rental income | – | 5,084 | -100.0% | | **Total revenue** | 4,048,901 | 2,531,889 | +59.9% | Other Income and Net Gains | Item | Six Months Ended June 30, 2025 (HK$'000) | Six Months Ended June 30, 2024 (HK$'000) | Change (%) | | :--- | :--- | :--- | :--- | | Interest income | 5,707 | 3,796 | +50.3% | | Net gain on disposal of subsidiaries | 9,430 | 30,327 | -68.9% | | Net gain on disposal of property, plant and equipment | 21,890 | – | N/A | | Government grants | 54,370 | 109,760 | -50.5% | | Operating lease income | 188 | 424 | -55.7% | | Miscellaneous income | 76 | 107 | -29.0% | | **Total other income and net gains** | 91,661 | 144,414 | -36.5% | - The Group's operating segments include new energy and EPC, green building and construction-related businesses, smart energy management services, health and medical, and catering supply chain[18](index=18&type=chunk) [Segment Revenue and Performance Analysis](index=9&type=section&id=Segment%20Revenue%20and%20Performance%20Analysis) The new energy and EPC segment saw significant growth in both revenue and profit, becoming the Group's primary growth driver, while other segments experienced revenue declines Segment Revenue and Profit (Six Months Ended June 30, 2025) | Business Segment | Revenue (HK$'000) | Segment Profit/(Loss) (HK$'000) | | :--- | :--- | :--- | | New energy and EPC | 3,310,610 | 57,715 | | Green building and construction-related businesses | 42,838 | 30 | | Smart energy management services | 3,627 | (806) | | Health and medical | 691,826 | 604 | | Catering supply chain | – | – | | **Total** | 4,048,901 | 57,543 | Segment Revenue and Profit (Six Months Ended June 30, 2024) | Business Segment | Revenue (HK$'000) | Segment Profit/(Loss) (HK$'000) | | :--- | :--- | :--- | | New energy and EPC | 1,681,392 | 74,773 | | Green building and construction-related businesses | 409,236 | (2,029) | | Smart energy management services | 36,548 | 770 | | Health and medical | 399,657 | 1,188 | | Catering supply chain | 5,056 | 47 | | **Total** | 2,531,889 | 74,749 | [Segment Assets and Liabilities](index=10&type=section&id=Segment%20Assets%20and%20Liabilities) Both assets and liabilities of the new energy and EPC segment significantly increased, reflecting the Group's resource allocation and expansion in this core business area Segment Assets | Business Segment | June 30, 2025 (HK$'000) | December 31, 2024 (HK$'000) | | :--- | :--- | :--- | | New energy and EPC | 3,625,611 | 2,952,469 | | Green building and construction-related businesses | 28,931 | 33,668 | | Smart energy management services | 70,250 | 71,690 | | Health and medical | 78,960 | 3,107 | | Catering supply chain | 7,822 | 7,843 | | **Total segment assets** | 3,811,574 | 3,068,777 | Segment Liabilities | Business Segment | June 30, 2025 (HK$'000) | December 31, 2024 (HK$'000) | | :--- | :--- | :--- | | New energy and EPC | 2,975,282 | 2,705,210 | | Green building and construction-related businesses | 1,772 | 2,802 | | Smart energy management services | 72,977 | 73,641 | | Health and medical | 76,023 | 205 | | Catering supply chain | – | – | | **Total segment liabilities** | 3,126,054 | 2,781,858 | [4. Profit Before Income Tax](index=11&type=section&id=4.%20Profit%20Before%20Income%20Tax) Profit before tax was primarily affected by depreciation expenses and staff costs, with a significant increase in depreciation of right-of-use assets Profit Before Income Tax | Item | Six Months Ended June 30, 2025 (HK$'000) | Six Months Ended June 30, 2024 (HK$'000) | | :--- | :--- | :--- | | Depreciation of property, plant and equipment | 67,980 | 67,598 | | Depreciation of right-of-use assets | 12,646 | 721 | | Rental expense for short-term leases | 9,720 | 11,864 | | Staff costs (including directors' emoluments) | 68,601 | 50,685 | [5. Income Tax Expense](index=11&type=section&id=5.%20Income%20Tax%20Expense) During the reporting period, the Group's income tax expense significantly decreased, mainly due to tax refunds and incentive policies from the State Taxation Administration of China Income Tax Expense | Item | Six Months Ended June 30, 2025 (HK$'000) | Six Months Ended June 30, 2024 (HK$'000) | | :--- | :--- | :--- | | Hong Kong profits tax | – | – | | PRC current income tax | 1,108 | 13,963 | | Deferred income tax | 19 | 1,127 | | **Total income tax expense** | 1,127 | 15,071 | [6. Earnings Per Share](index=11&type=section&id=6.%20Earnings%20Per%20Share) Profit attributable to owners of the Company decreased during the reporting period, leading to a reduction in basic earnings per share, with no diluted earnings per share presented due to the absence of potential ordinary shares Earnings Per Share | Indicator | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Profit for the period attributable to owners of the Company (HK$'000) | 23,273 | 40,619 | | Weighted average number of ordinary shares for basic EPS (thousand shares) | 4,224,000 | 4,224,000 | | Basic earnings per share (HK cents) | 0.55 | 0.96 | - No diluted earnings per share are presented for the reporting period and prior period as there were no outstanding potential ordinary shares[24](index=24&type=chunk) [7. Dividends](index=12&type=section&id=7.%20Dividends) The Board does not recommend the payment of an interim dividend for the reporting period, consistent with the prior period - The Board does not recommend the payment of an interim dividend for the reporting period (prior period: nil)[25](index=25&type=chunk) [8. Trade and Other Receivables](index=12&type=section&id=8.%20Trade%20and%20Other%20Receivables) As of June 30, 2025, the Group's total trade and other receivables significantly increased, driven by growth in trade receivables and bills receivable, with most trade receivables aged within 30 days Total Trade and Other Receivables | Item | June 30, 2025 (HK$'000) | December 31, 2024 (HK$'000) | | :--- | :--- | :--- | | Trade receivables | 1,895,509 | 956,873 | | Bills receivable | 416,553 | 101,103 | | Other receivables and deposits | 623,883 | 802,664 | | **Total** | 2,935,945 | 1,860,640 | | Non-current portion | 122,204 | 117,333 | | Current portion | 2,813,741 | 1,743,307 | Ageing Analysis of Trade Receivables (excluding bills receivable) | Ageing | June 30, 2025 (HK$'000) | December 31, 2024 (HK$'000) | | :--- | :--- | :--- | | 0 to 30 days | 1,230,626 | 767,746 | | 31 to 60 days | 28,584 | 52,315 | | 61 to 90 days | 110,336 | 100,496 | | Over 90 days | 528,255 | 38,608 | | **Total** | 1,897,801 | 959,165 | - Credit terms granted to customers generally range from 7 to 270 days[29](index=29&type=chunk) [9. Trade and Other Payables](index=13&type=section&id=9.%20Trade%20and%20Other%20Payables) As of June 30, 2025, the Group's total trade and other payables significantly increased, with trade payables showing substantial growth and most aged within 30 days Total Trade and Other Payables | Item | June 30, 2025 (HK$'000) | December 31, 2024 (HK$'000) | | :--- | :--- | :--- | | Trade payables | 1,714,400 | 799,335 | | Other payables and accrued expenses | 114,643 | 73,463 | | **Total** | 1,829,043 | 872,798 | Ageing Analysis of Trade Payables | Ageing | June 30, 2025 (HK$'000) | December 31, 2024 (HK$'000) | | :--- | :--- | :--- | | 0 to 30 days | 1,021,310 | 609,431 | | 31 to 60 days | 118,755 | 115,741 | | 61 to 90 days | 156,004 | 24,019 | | Over 90 days | 418,331 | 50,144 | | **Total** | 1,714,400 | 799,335 | - Payment terms granted by suppliers typically range from 7 to 270 days from the date of the relevant purchase invoice[30](index=30&type=chunk) [Management Discussion and Analysis](index=15&type=section&id=Management%20Discussion%20and%20Analysis) This section provides an overview of the group's business performance, future strategies, and financial condition [Business Review](index=15&type=section&id=Business%20Review) The Group is undergoing strategic transformation, prioritizing resources for new energy and EPC business while scaling down green building operations, leading to strong performance in new energy and health segments - The Group has implemented strategic resource reallocation, prioritizing renewable energy initiatives, gradually scaling down green building operations, and increasing investment in emerging energy sectors[32](index=32&type=chunk) - New energy and EPC segment revenue was approximately **HK$3,310.6 million**, a year-on-year increase of **96.9%**, accounting for approximately **81.8% of total revenue**, driven by the completion of Phase II of the high-efficiency N-type battery project and full capacity production of PV modules and battery products[34](index=34&type=chunk) - Health and medical segment revenue was approximately **HK$691.8 million**, a year-on-year increase of **73.1%**, primarily driven by strong sales of green food products[37](index=37&type=chunk) - Revenue from green building and construction-related businesses, smart energy management services, and catering supply chain segments all significantly decreased, consistent with the Group's strategy of allocating more resources to the new energy and EPC segment[35](index=35&type=chunk)[36](index=36&type=chunk)[38](index=38&type=chunk) [Future Plans and Prospects](index=17&type=section&id=Future%20Plans%20and%20Prospects) The Group will continue to deepen cooperation and investment in the new energy sector, including developing new projects and expanding into "Belt and Road" markets, to solidify its position in high-efficiency PV N-type batteries and advanced PV module supply - The Group has entered into framework agreements for cooperation in new energy project development, decarbonization, sustainable aviation fuel, and related industries, and is exploring new energy market opportunities along the "Belt and Road" initiative[39](index=39&type=chunk) - The Group will continue to seek new green energy business opportunities in Fengtai County and Tongcheng City, and develop its high-efficiency PV N-type battery and advanced PV module supply business[39](index=39&type=chunk) - Plans include constructing a new phase of 6GW PV battery and 5GW PV module projects in Ningxia City, expected to be completed by Q2 2026 and commence production by the end of 2026[40](index=40&type=chunk) [Financial Performance Analysis](index=18&type=section&id=Financial%20Performance%20Analysis) During the reporting period, the Group's overall revenue significantly increased, gross profit and margin improved, but other income and net gains decreased, and administrative and other operating expenses increased, leading to a decrease in net profit for the period - Overall revenue was approximately **HK$4,048.9 million**, an increase of approximately **59.9%** from the prior period, mainly due to the combined effect of revenue growth in the new energy and EPC segment and the health and medical segment[41](index=41&type=chunk) - Gross profit was approximately **HK$86.4 million**, an increase of approximately **100.1%** from the prior period; gross profit margin increased from approximately **1.7% to 2.1%**, primarily due to the relatively higher gross profit margin of the new energy and EPC business segment[44](index=44&type=chunk) - Other income and net gains decreased to approximately **HK$91.7 million**, mainly due to reduced gains from disposal of subsidiaries and government grants[45](index=45&type=chunk) - Administrative and other operating expenses increased by approximately **9.3%** to approximately **HK$96.7 million**, consistent with increased development costs from the growth of PV module and N-type battery production lines[46](index=46&type=chunk) - Income tax expense decreased to approximately **HK$1.1 million**, mainly due to tax refunds and incentives from the State Taxation Administration of China[47](index=47&type=chunk) - Net profit for the period was approximately **HK$50.0 million**, a decrease from approximately **HK$60.1 million** in the prior period, primarily due to increased administrative and other operating expenses[48](index=48&type=chunk) [Liquidity, Financial Resources, and Capital Structure](index=19&type=section&id=Liquidity,%20Financial%20Resources,%20and%20Capital%20Structure) The Group's liquidity primarily stems from operating cash flow, but cash and bank balances and the current ratio both decreased, indicating tighter liquidity, while the gearing ratio significantly improved - Cash and bank balances were approximately **HK$129.0 million**, a decrease of approximately **51.5%** from approximately HK$265.9 million at the end of 2024[49](index=49&type=chunk) - The current ratio decreased from approximately **1.16 times** at the end of 2024 to approximately **1.05 times** as of June 30, 2025[49](index=49&type=chunk) - The gearing ratio decreased from approximately **128.6%** at the end of 2024 to approximately **92.1%**, indicating an improvement in financial leverage[50](index=50&type=chunk) [Foreign Exchange Risk](index=20&type=section&id=Foreign%20Exchange%20Risk) The Group primarily operates in China, with all operating transactions and revenues settled in RMB, exposing it to foreign exchange risk, which it actively manages - The Group primarily operates in China, with all operating transactions and revenues settled in RMB, exposing it to foreign exchange risk[51](index=51&type=chunk) - The Group has actively taken various measures to manage foreign exchange risk[51](index=51&type=chunk) [Material Investments, Acquisitions, and Disposals of Subsidiaries and Associates](index=20&type=section&id=Material%20Investments,%20Acquisitions,%20and%20Disposals%20of%20Subsidiaries%20and%20Associates) During the reporting period, the Group did not undertake any material investments or significant acquisitions and disposals of subsidiaries, associates, or joint ventures - During the reporting period, the Group did not hold any material investments or undertake any material acquisitions and disposals of subsidiaries, associates, or joint ventures[52](index=52&type=chunk) [Employees and Remuneration Policy](index=20&type=section&id=Employees%20and%20Remuneration%20Policy) The Group's employee count decreased, but staff costs increased, with remuneration policies regularly reviewed and adjusted based on performance and market conditions - As of June 30, 2025, the Group had **952 employees**, a decrease from 1,165 employees as of June 30, 2024[53](index=53&type=chunk) - Total staff costs for the reporting period were approximately **HK$68.6 million**, an increase from approximately HK$50.7 million in the prior period[53](index=53&type=chunk) - Remuneration policies and benefits are regularly reviewed, with salary increments and discretionary bonuses provided based on operating results, individual performance, and market conditions[53](index=53&type=chunk) [Capital Commitments](index=20&type=section&id=Capital%20Commitments) As of June 30, 2025, the Group's capital commitments significantly decreased, primarily for the acquisition of property, plant and equipment and right-of-use assets - As of June 30, 2025, the Group had capital commitments of approximately **HK$282.5 million** for the acquisition of property, plant and equipment and right-of-use assets, a significant decrease from approximately HK$842.4 million at the end of 2024[54](index=54&type=chunk) [Contingent Liabilities](index=20&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the Group had no significant contingent liabilities - As of June 30, 2025, the Group had no significant contingent liabilities (June 30, 2024: nil)[55](index=55&type=chunk) [Other Information](index=21&type=section&id=Other%20Information) This section covers interim dividends, post-reporting period events, corporate governance, and other relevant disclosures [Interim Dividend for the Reporting Period](index=21&type=section&id=Interim%20Dividend%20for%20the%20Reporting%20Period) The Board does not recommend the payment of an interim dividend for the reporting period - The Board does not recommend the payment of an interim dividend for the reporting period (prior period: nil)[56](index=56&type=chunk) [Events After the Reporting Period](index=21&type=section&id=Events%20After%20the%20Reporting%20Period) No significant events occurred from the end of the reporting period up to the date of this announcement - No significant events occurred from the end of the reporting period up to the date of this announcement[57](index=57&type=chunk) [Compliance with Corporate Governance Code](index=21&type=section&id=Compliance%20with%20Corporate%20Governance%20Code) The Group complied with all applicable provisions of the Corporate Governance Code during the reporting period, except for the combined roles of Chairman and CEO, which the Board believes enhances business strategy execution and operational efficiency - The Company has complied with all applicable code provisions of the Corporate Governance Code, except for code provision C.2.1[58](index=58&type=chunk) - Mr. Yu Zhuyun holds both the roles of Chairman and Chief Executive Officer, deviating from code provision C.2.1, but the Board believes this facilitates business strategy execution and enhances operational efficiency[58](index=58&type=chunk) - The Board's structure is appropriate, comprising two executive directors, two non-executive directors, and three independent non-executive directors, ensuring a balance of power[58](index=58&type=chunk) [Compliance with Model Code for Securities Transactions by Directors](index=22&type=section&id=Compliance%20with%20Model%20Code%20for%20Securities%20Transactions%20by%20Directors) All Directors confirmed full compliance with the Model Code for Securities Transactions by Directors of Listed Issuers during the reporting period - All Directors have confirmed their full compliance with the Model Code for Securities Transactions by Directors of Listed Issuers throughout the reporting period[59](index=59&type=chunk) [Changes in Nomination Committee Composition and Designation of Lead Independent Non-Executive Director](index=22&type=section&id=Changes%20in%20Nomination%20Committee%20Composition%20and%20Designation%20of%20Lead%20Independent%20Non-Executive%20Director) Effective July 14, 2025, there were changes in the composition of the Nomination Committee, and a Lead Independent Non-Executive Director was designated - Effective July 14, 2025, Ms. Zhu Yujuan and Dr. Li Xianglin were appointed as members of the Nomination Committee[60](index=60&type=chunk) - Effective July 14, 2025, Mr. Wang Wenxing was designated as the Lead Independent Non-executive Director[60](index=60&type=chunk) [Share Option Scheme](index=22&type=section&id=Share%20Option%20Scheme) The company adopted a share option scheme in 2018 to attract and retain talent and promote business development; as of the announcement date, 422,400,000 shares are available for issue, but no options were granted, exercised, cancelled, or lapsed during the reporting period - The Company adopted a share option scheme on March 13, 2018, to attract and retain talent, provide additional incentives, and promote business development[62](index=62&type=chunk) - As of the date of this announcement, the total number of shares available for issue under the share option scheme is **422,400,000 shares**, representing **10%** of the issued share capital[62](index=62&type=chunk) - No share options were granted, exercised, cancelled, or lapsed from the effective date of the share option scheme up to June 30, 2025[62](index=62&type=chunk) [Purchase, Sale, or Redemption of the Company's Listed Securities](index=22&type=section&id=Purchase,%20Sale,%20or%20Redemption%20of%20the%20Company's%20Listed%20Securities) During the reporting period, neither the company nor its subsidiaries purchased, sold, or redeemed any listed securities, and no treasury shares were held - During the reporting period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[63](index=63&type=chunk) - As of June 30, 2025, the Company did not hold any treasury shares[63](index=63&type=chunk) [Competing Interests](index=23&type=section&id=Competing%20Interests) The Directors confirmed that during the reporting period, no controlling shareholders or Directors and their close associates had any disclosable interests in businesses competing with the Group's operations - The Directors confirmed that during the reporting period, no controlling shareholders or Directors and their respective close associates had any disclosable interests in any business that competes or is likely to compete, either directly or indirectly, with the Group's business[64](index=64&type=chunk) [Sufficiency of Public Float](index=23&type=section&id=Sufficiency%20of%20Public%20Float) The Directors confirmed that the company maintained a sufficient public float for its shares as required by the Listing Rules throughout the reporting period - The Directors confirmed that the Company maintained a sufficient public float for its shares as required by the Listing Rules throughout the reporting period[65](index=65&type=chunk) [Audit Committee](index=23&type=section&id=Audit%20Committee) The Audit Committee, established in 2018, comprises one non-executive director and two independent non-executive directors, responsible for overseeing financial reporting, internal controls, and risk management - The Audit Committee was established on March 13, 2018, comprising Mr. Qiao Xiaoge (Non-executive Director), Mr. Wang Wenxing (Independent Non-executive Director and Chairman), and Dr. Li Xianglin (Independent Non-executive Director)[66](index=66&type=chunk) - Its primary responsibilities include advising on the appointment of external auditors, reviewing and monitoring their independence, evaluating the effectiveness of internal control and risk management systems, formulating policies for non-audit services, and monitoring the integrity of financial statements[67](index=67&type=chunk) [Review of Interim Financial Results](index=24&type=section&id=Review%20of%20Interim%20Financial%20Results) The Group's interim financial results for the reporting period were unaudited but reviewed and approved by the Audit Committee, which deemed them compliant with applicable accounting standards and Listing Rules - The Group's interim financial results for the reporting period were unaudited but reviewed and approved by the Audit Committee[68](index=68&type=chunk) - The Audit Committee considered that the preparation of these results complied with applicable accounting standards and requirements, as well as the Listing Rules, and that adequate disclosures were made[68](index=68&type=chunk) [Publication of Interim Results Announcement and Interim Report](index=24&type=section&id=Publication%20of%20Interim%20Results%20Announcement%20and%20Interim%20Report) The interim results announcement is available on the HKEX and company websites, and the interim report will be dispatched to shareholders and published in due course - This interim results announcement is available on the HKEX website and the Company's website[69](index=69&type=chunk) - The Company's interim report for the reporting period will be dispatched to shareholders and published on the HKEX and the Company's respective websites in due course[69](index=69&type=chunk) [Board of Directors](index=24&type=section&id=Board%20of%20Directors) As of the announcement date, the Board of Directors comprises two executive directors (including the Chairman and CEO), two non-executive directors, and three independent non-executive directors - As of the date of this announcement, the executive directors are Mr. Yu Zhuyun (Chairman and Chief Executive Officer) and Mr. Li Menglin[71](index=71&type=chunk) - The non-executive directors are Mr. Qiao Xiaoge and Ms. Zhu Yujuan[71](index=71&type=chunk) - The independent non-executive directors are Dr. Li Xianglin, Mr. Wang Wenxing, and Dr. Zhou Chunsheng[71](index=71&type=chunk)

Core Insights - The establishment of the "Hong Kong Digital Asset Listed Companies Association" marks a significant step in promoting digital assets in Hong Kong, with participation from over 80 listed companies and financial institutions [1][2] - The Hong Kong government is committed to fostering innovation in financial technology, with over 1,100 fintech companies operating in the region and a 15% annual growth rate [1][2] Group 1: Government Initiatives - The Hong Kong government plans to regularize the issuance of green bonds and explore tokenization applications in various sectors, including renewable energy [2] - A funding program has been launched to support projects with commercial potential, offering up to HKD 500,000 for tokenization certification and commercialization [2] Group 2: Participating Companies - A list of participating companies includes notable H-shares such as Guofu Quantum, China New Economy Investment, and Huya Capital, among others [3] - A-share participants include Zhaoxin Co. and Jingbeifang, while US-listed companies include Galaxy Digital and Amber [4]