香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完整性亦不 發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因依賴該等內容而引致的任何損失 承擔任何責任。 Jilin Province Chuncheng Heating Company Limited * 吉 林 省 春 城 熱 力 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：1853） 更換 梁女士持有香港樹仁大學會計學（ 榮譽 ）商學士學位，並為香港公司治理公會及英國特許公 司治理公會會員，故符合上市規則第3.28條及第8.17條的規定。 – 1 – 董事會謹藉此機會對李先生於任內所作貢獻致以謝意，並熱烈歡迎梁女士履任新職。 承董事會命 吉林省春城熱力股份有限公司 聯席公司秘書及法律程序代理人 吉 林 省 春 城 熱 力 股 份 有 限 公 司（「 本 公 司」）董 事（「 董 事」）會（「 董 事 會」）宣 佈 ， 李 忠 成 先 生 （「李先生」）因工作安排變動而辭任本公司聯席公司秘書（「聯席公司秘書」）以及根據香港聯 合交易所有限公司（「聯交所」）證券上市規則 ...

[Company Information](index=3&type=section&id=公司資料) This section provides essential company details, including registration, stock information, and board/committee member changes [Company Details](index=3&type=section&id=公司信息) Jilin Province Chuncheng Heating Company Limited is a heating enterprise registered in Changchun, Jilin Province, China, with its Hong Kong office located in Hopewell Centre, Wan Chai, and its website at www.cc-tp.com.cn - The company's Chinese name is 吉林省春城熱力股份有限公司, and its English name is Jilin Province Chuncheng Heating Company Limited[7](index=7&type=chunk) - The company's registered address and China headquarters/principal place of business are located at Building 28, Area B, Nanhu Avenue Community, 998 Nanhu Avenue, Nanguan District, Changchun City, Jilin Province, China[7](index=7&type=chunk) - The company's Hong Kong office is located on the 46th Floor, Hopewell Centre, 183 Queen's Road East, Wan Chai, Hong Kong[7](index=7&type=chunk) [Company Stock Profile](index=3&type=section&id=公司股票簡況) The company's stock short name is "Chuncheng Heating" and its stock code is "1853" - The company's stock short name is "**Chuncheng Heating**" and its stock code is "**1853**"[8](index=8&type=chunk) [Board of Directors and Committee Members](index=3&type=section&id=董事會及委員會成員) During the reporting period, there were changes in the company's board members, including appointments and resignations of executive, non-executive, independent non-executive, and employee directors, with adjustments also made to the chairpersons and members of the Audit, Remuneration, Nomination, and Strategy Committees - Mr. Zhang Liming was appointed as an Executive Director (Vice Chairman) effective **May 16, 2025**[9](index=9&type=chunk) - Mr. Song Chi serves as a Non-Executive Director (Chairman)[9](index=9&type=chunk) - Mr. Chen Shenghui was appointed as Chairman of the Audit Committee effective **May 16, 2025**, and Ms. Du Jie was appointed as Chairman of the Remuneration Committee effective **May 16, 2025**[9](index=9&type=chunk) - The Strategy Committee had only two members between **March 28, 2025**, and **May 16, 2025**, which did not comply with the minimum requirement of three members as stipulated in its terms of reference[82](index=82&type=chunk) [Other Important Information](index=4&type=section&id=其他重要信息) The company's Joint Company Secretaries are Mr. Wan Tao and Mr. Li Zhongcheng, the H Share Registrar is Hong Kong Registrars Limited, and the auditor is Lixin Certified Public Accountants (Special General Partnership) - The Joint Company Secretaries are Mr. Wan Tao and Mr. Li Zhongcheng[11](index=11&type=chunk) - The H Share Registrar is Hong Kong Registrars Limited[11](index=11&type=chunk) - The auditor is Lixin Certified Public Accountants (Special General Partnership)[11](index=11&type=chunk) [Interim Financial Summary](index=5&type=section&id=中期財務概要) This section provides a high-level overview of the company's consolidated income statement and balance sheet for the interim period [Consolidated Income Statement Summary for the Six Months Ended June 30, 2025](index=5&type=section&id=截至2025年6月30日止六個月的合併利潤表概要) For the six months ended June 30, 2025, the company's operating revenue increased by 3.14% year-on-year to RMB 93,513.43 10,000 yuan, but total profit and net profit both decreased to RMB 14,363.57 10,000 yuan and RMB 10,690.34 10,000 yuan, respectively Consolidated Income Statement Summary (January-June 2025 vs January-June 2024) | Consolidated Income Statement Item | January–June 2025 (RMB 10,000 yuan) | January–June 2024 (RMB 10,000 yuan) | | :--- | :--- | :--- | | Operating Revenue | 93,513.43 | 90,662.93 | | Total Profit | 14,363.57 | 20,061.72 | | Income Tax Expense | 3,673.23 | 5,247.52 | | Net Profit | 10,690.34 | 14,814.20 | [Consolidated Balance Sheet Summary as of June 30, 2025](index=5&type=section&id=截至2025年6月30日合併資產負債表概要) As of June 30, 2025, the company's total assets and total liabilities decreased compared to the end of 2024, while total shareholders' equity increased, indicating an improvement in capital structure Consolidated Balance Sheet Summary (June 30, 2025 vs December 31, 2024) | Consolidated Balance Sheet Item | June 30, 2025 (RMB 10,000 yuan) | December 31, 2024 (RMB 10,000 yuan) | | :--- | :--- | :--- | | Total Non-current Assets | 109,076.02 | 106,903.13 | | Total Current Assets | 137,735.49 | 267,680.47 | | Total Assets | 246,811.51 | 374,583.61 | | Total Non-current Liabilities | 11,511.63 | 12,370.21 | | Total Current Liabilities | 120,293.55 | 257,897.41 | | Total Liabilities | 131,805.19 | 270,267.63 | | Total Shareholders' Equity | 115,006.32 | 104,315.98 | [Management Discussion and Analysis](index=6&type=section&id=管理層討論與分析) This section reviews the company's business performance, financial position, and outlook for the second half of 2025 [I. Business Review](index=6&type=section&id=一、%20業務回顧) In the first half of 2025, the Group achieved growth in heating, construction, maintenance, design, and other businesses, while prioritizing safety and making progress in technology R&D, particularly in environmental facility upgrades and equipment management system optimization - The Group upheld an innovative development philosophy, optimized resource allocation, explored energy-saving potential, coordinated development with safety, promoted high-quality development of its heating production business, and successfully achieved its targets for the first half of the year[17](index=17&type=chunk) [1. Heating Business](index=6&type=section&id=（一）供熱業務) As of June 30, 2025, the Group's heating area and customer base both grew, with heating business revenue increasing by 2.89% year-on-year, while residential users continued to account for the vast majority, and total heat purchase volume slightly decreased but utilization remained stable Heating Business Key Data (June 30, 2025 vs Same Period in 2024) | Indicator | June 30, 2025 | Same Period in 2024 | Change | Growth Rate | | :--- | :--- | :--- | :--- | :--- | | Heating Area | 69.826 million sq m | 67.437 million sq m | 2.389 million sq m | 3.54% | | Number of Heating Customers | 572,273 households | 552,448 households | 19,825 households | 3.59% | | Heating Business Revenue | RMB 926.33 million | RMB 900.32 million | RMB 26.01 million | 2.89% | Customer Type and Revenue Contribution (June 30, 2025 vs June 30, 2024) | Customer Type | Number of Customers June 30, 2025 | Percentage June 30, 2025 | Number of Customers June 30, 2024 | Percentage June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | Residential Users | 505,761 | 88.38% | 493,789 | 89.38% | | Non-residential Users | 66,512 | 11.62% | 58,659 | 10.62% | | Total | 572,273 | 100% | 552,448 | 100% | Purchased Heat Usage Data (January-June 2025 vs January-June 2024) | Indicator | January–June 2025 (GJ) | January–June 2024 (GJ) | | :--- | :--- | :--- | | Estimated Heat Purchase Quota | 13,670,000 | 13,900,000 | | Transferred Heat Purchase Quota | 1,128,955 | 1,152,499 | | Actual Consumption | 11,282,780 | 11,557,948 | | Total Heat Purchased | 12,411,736 | 12,710,447 | | Utilization Rate | 82.54% | 83.15% | - The Group resold approximately **1.13 million GJ** of heat purchase quota to four heating service providers, collecting **RMB 6.30 million** in heat transmission fees[22](index=22&type=chunk) [2. Construction, Maintenance, Design, and Other](index=7&type=section&id=（二）建設、維護、設計及其他) This business covers peripheral services in the heating industry chain, primarily in Northeast China, with revenue increasing by 39.60% year-on-year to RMB 8.80 million in the first half of 2025, undertaking several key engineering projects - Revenue from construction, maintenance, design, and other businesses was **RMB 8.80 million**, an increase of **RMB 2.49 million** or **39.60%** compared to **RMB 6.31 million** in the same period of 2024[23](index=23&type=chunk) - In the first half of the year, a total of **15 engineering construction projects**, **2 engineering maintenance projects**, and **9 design service projects** were undertaken, including key projects such as "Changchun Aviation Expo Park Pipeline Network Project" and "Design of Primary Heating Network Project Outside the Red Line of Erdao District Digital Economy Dual Innovation Industrial Park Infrastructure Construction Project"[26](index=26&type=chunk) [3. Safety Management](index=8&type=section&id=（三）安全管理) The Group places high importance on safety production, fully implements government directives, strictly fulfills safety management responsibilities, and reported no major safety accidents during the period - The Group fully implemented the decisions and deployments of government departments at all levels regarding safety production, strictly adhered to the "**three management, three must**" requirements, and promoted a stable and improving safety production situation[27](index=27&type=chunk) - During the reporting period, the Group experienced **no major safety accidents**[27](index=27&type=chunk) [4. Technology and Research & Development](index=8&type=section&id=（四）技術與研發) The Group deepened environmental facility upgrades, completed SCR ultra-low emission modification tests for boilers, and independently developed and deployed an "Equipment Ledger Management System," enhancing equipment management refinement and obtaining two utility model patents in the first half of the year - SCR ultra-low emission modification tests were conducted on **15 boilers** in **3 boiler rooms**, with all boilers reaching national super emission standards, expected to reduce particulate matter emissions by **60%** and sulfur dioxide and nitrogen oxide emissions by **65%** during the 2025-2026 heating season[28](index=28&type=chunk) - The independently developed "**Equipment Ledger Management System**" was fully optimized and officially put into use, attaching QR code nameplates containing basic information to over **20,000 pieces of equipment**, enabling scan-to-query technical files[28](index=28&type=chunk) - During the reporting period, the Group obtained **2 utility model patents** issued by the National Intellectual Property Administration[28](index=28&type=chunk) [II. Financial Position and Operating Results](index=9&type=section&id=二、%20財務狀況與經營業績) In the first half of 2025, the company's overall revenue grew, but increased costs, higher bad debt provisions, and a significant rise in finance costs led to a decrease in gross profit, total profit, and net profit; liquidity declined, capital expenditures significantly increased, and several major asset acquisitions were undertaken [1. Revenue](index=9&type=section&id=（一）收入) For the six months ended June 30, 2025, the Group's revenue was RMB 93,513.43 10,000 yuan, a year-on-year increase of 3.14%, primarily driven by increased heating business revenue Revenue by Segment (January-June 2025 vs January-June 2024) | Segment | 2025 (RMB 10,000 yuan) | 2024 (RMB 10,000 yuan) | Change Rate | | :--- | :--- | :--- | :--- | | Heating Subtotal | 92,633.19 | 90,032.39 | 2.89% | | — Heat Fee Revenue | 88,492.36 | 85,999.63 | 2.90% | | — Pipeline Construction Fees | 3,510.82 | 3,362.49 | 4.41% | | — Pipeline Transmission Fees | 630.01 | 670.27 | –6.01% | | Construction, Maintenance & Design Services Subtotal | 880.24 | 630.54 | 39.60% | | — Engineering Construction | 571.05 | 189.54 | 201.28% | | — Engineering Maintenance | 0.69 | 254.14 | –99.73% | | — Design Services | 10.06 | 167.68 | –94.00% | | — Other | 298.44 | 19.18 | 1,456.00% | | Total | 93,513.43 | 90,662.93 | 3.14% | [2. Other Income and Net Other Gains](index=10&type=section&id=（二）其他收入和其他收益淨額) For the six months ended June 30, 2025, the Group's other income and net other gains amounted to RMB 1,553.79 10,000 yuan, a year-on-year increase of 34.00%, primarily due to increased government grants and bank deposit interest income Other Income and Net Other Gains (January-June 2025 vs January-June 2024) | Item | January–June 2025 (RMB 10,000 yuan) | January–June 2024 (RMB 10,000 yuan) | Increase | | :--- | :--- | :--- | :--- | | Other Income and Net Other Gains | 1,553.79 | 1,159.57 | 34.00% | | Other Gains | 412.78 | 280.42 | 47.20% | | Bank Deposit Interest Income | 1,138.38 | 876.34 | 29.90% | - Other gains increased primarily due to an increase in government grants, such as heating subsidies, received in January-June 2025 compared to the same period in 2024[33](index=33&type=chunk) - Bank deposit interest income increased primarily due to an increase in bank deposits in January-June 2025[33](index=33&type=chunk) [3. Operating Costs](index=10&type=section&id=（三）營業成本) For the six months ended June 30, 2025, the Group's operating costs were RMB 74,546.93 10,000 yuan, a year-on-year increase of 8.58%, mainly due to increased costs in heating business and construction, maintenance, and design services, with coal costs significantly rising by 122.10% due to new peak-shaving coal-fired boilers Operating Costs by Business Segment (January-June 2025 vs January-June 2024) | Business Segment | 2025 (RMB 10,000 yuan) | 2024 (RMB 10,000 yuan) | Change Rate | | :--- | :--- | :--- | :--- | | Heating | 73,521.52 | 68,032.99 | 8.07% | | Construction, Maintenance & Design Services | 1,025.41 | 626.10 | 63.78% | | Total | 74,546.93 | 68,659.08 | 8.58% | Operating Costs Breakdown for Heating Business (January-June 2025 vs January-June 2024) | Heating Sales Cost Item | 2025 (RMB 10,000 yuan) | 2024 (RMB 10,000 yuan) | Change Rate | | :--- | :--- | :--- | :--- | | Heat Purchase Cost | 43,695.97 | 41,977.82 | 4.09% | | Coal | 4,613.22 | 2,077.11 | 122.10% | | Maintenance and Repair | 689.60 | 686.36 | 0.47% | | Labor | 7,683.60 | 7,664.11 | 0.25% | | Depreciation and Amortization | 6,905.98 | 6,412.17 | 7.70% | | Utilities | 4,937.60 | 4,478.63 | 10.25% | | Input VAT Transfer Out | 2,974.63 | 2,879.11 | 3.32% | | Other | 2,020.91 | 1,857.67 | 8.79% | | Total | 73,521.52 | 68,032.99 | 8.07% | - Coal costs significantly increased by **122.10%** to **RMB 4,613.22 10,000 yuan**, primarily due to the addition of new peak-shaving coal-fired boilers and increased coal consumption during the period[40](index=40&type=chunk) - The operating cost increase for construction, maintenance, and design services was **63.78%**, largely consistent with the increase in revenue from this business[44](index=44&type=chunk) [4. Gross Profit and Gross Profit Margin](index=12&type=section&id=（四）毛利及毛利率) For the six months ended June 30, 2025, the Group's gross profit was RMB 18,966.50 10,000 yuan, a year-on-year decrease of 13.80%, mainly due to increased costs from a higher proportion of coal-fired heating due to new peak-shaving coal-fired boilers Gross Profit (January-June 2025 vs January-June 2024) | Indicator | 2025 (RMB 10,000 yuan) | 2024 (RMB 10,000 yuan) | Decrease | | :--- | :--- | :--- | :--- | | Gross Profit | 18,966.50 | 22,003.84 | 13.80% | - The decrease in gross profit was primarily due to the addition of new peak-shaving coal-fired boilers during the period, which increased the proportion of coal-fired heating and led to higher costs[45](index=45&type=chunk) [5. Administrative Expenses](index=12&type=section&id=（五）行政開支) For the six months ended June 30, 2025, the Group's administrative expenses were RMB 4,270.31 10,000 yuan, a slight year-on-year decrease of 1.21%, remaining largely consistent with the prior period Administrative Expenses (January-June 2025 vs January-June 2024) | Indicator | 2025 (RMB 10,000 yuan) | 2024 (RMB 10,000 yuan) | Decrease | | :--- | :--- | :--- | :--- | | Administrative Expenses | 4,270.31 | 4,322.72 | 1.21% | [6. Finance Costs](index=12&type=section&id=（六）財務成本) For the six months ended June 30, 2025, the Group's finance costs were RMB 939.79 10,000 yuan, a significant year-on-year increase of 446.07%, primarily due to increased interest expenses from higher bank loans Finance Costs (January-June 2025 vs January-June 2024) | Indicator | 2025 (RMB 10,000 yuan) | 2024 (RMB 10,000 yuan) | Increase | | :--- | :--- | :--- | :--- | | Finance Costs | 939.79 | 172.10 | 446.07% | - The significant increase in finance costs was primarily due to an increase in bank loans during the period compared to the prior period, leading to higher interest expenses[47](index=47&type=chunk) [7. Income Tax Expense](index=12&type=section&id=（七）所得稅開支) For the six months ended June 30, 2025, the Group's income tax expense was RMB 3,673.23 10,000 yuan, a year-on-year decrease of 30.00%, primarily due to a decrease in total profit Income Tax Expense (January-June 2025 vs January-June 2024) | Indicator | 2025 (RMB 10,000 yuan) | 2024 (RMB 10,000 yuan) | Decrease | | :--- | :--- | :--- | :--- | | Income Tax Expense | 3,673.23 | 5,247.52 | 30.00% | - The decrease in income tax expense was primarily due to a decrease in total profit during the period[48](index=48&type=chunk) [8. Profit for the Period](index=13&type=section&id=（八）期內利潤) For the six months ended June 30, 2025, the Group's profit for the period was RMB 10,690.34 10,000 yuan, a year-on-year decrease of 27.84%, mainly affected by lower gross profit and increased bad debt provisions Profit for the Period (January-June 2025 vs January-June 2024) | Indicator | 2025 (RMB 10,000 yuan) | 2024 (RMB 10,000 yuan) | Decrease | | :--- | :--- | :--- | :--- | | Profit for the Period | 10,690.34 | 14,814.20 | 27.84% | - The decrease in profit for the period was primarily due to a **RMB 3,007.34 10,000 yuan** decrease in gross profit compared to the same period last year, and an additional **RMB 2,383.51 10,000 yuan** provision for bad debts this period compared to the prior year[50](index=50&type=chunk) [9. Profit Attributable to Owners of the Company](index=13&type=section&id=（九）本公司擁有人應佔利潤) For the six months ended June 30, 2025, profit attributable to owners of the company was RMB 10,690.34 10,000 yuan, a year-on-year decrease of 27.84%, consistent with the profit for the period Profit Attributable to Owners of the Company (January-June 2025 vs January-June 2024) | Indicator | 2025 (RMB 10,000 yuan) | 2024 (RMB 10,000 yuan) | Decrease | | :--- | :--- | :--- | :--- | | Profit Attributable to Owners of the Company | 10,690.34 | 14,814.20 | 27.84% | [10. Liquidity and Capital Resources](index=13&type=section&id=（十）流動性及資本來源) As of June 30, 2025, the Group's cash and cash equivalents were RMB 46,036.36 10,000 yuan, a decrease of 16.88% from the end of 2024, mainly due to increased cost expenditures from new peak-shaving coal-fired boilers Cash and Cash Equivalents (June 30, 2025 vs December 31, 2024) | Indicator | June 30, 2025 (RMB 10,000 yuan) | December 31, 2024 (RMB 10,000 yuan) | Decrease | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 46,036.36 | 55,382.60 | 16.88% | - The decrease in cash and cash equivalents was primarily due to the addition of new peak-shaving coal-fired boilers during the period, which increased the proportion of coal-fired heating and led to higher cost expenditures[52](index=52&type=chunk) [11. Capital Expenditures](index=13&type=section&id=（十一）資本開支) For the six months ended June 30, 2025, the Group's capital expenditures were RMB 12,402.99 10,000 yuan, a significant year-on-year increase of 106.17%, primarily due to the purchase of coal-fired boilers from the controlling shareholder Capital Expenditures (January-June 2025 vs January-June 2024) | Indicator | 2025 (RMB 10,000 yuan) | 2024 (RMB 10,000 yuan) | Increase | | :--- | :--- | :--- | :--- | | Capital Expenditures | 12,402.99 | 6,016.00 | 106.17% | - The increase in capital expenditures was primarily due to the Group's purchase of coal-fired boilers from the controlling shareholder during the period[53](index=53&type=chunk) [12. Capital Structure](index=13&type=section&id=（十二）資本結構) As of June 30, 2025, the Group's owners' equity was RMB 115,006.32 10,000 yuan, an increase of RMB 10,690.34 10,000 yuan from the end of 2024, mainly attributable to the increase in profit for the period, with total interest-bearing bank and other borrowings approximately RMB 54,800.00 10,000 yuan at a fixed annual interest rate of 3.2–3.9% Owners' Equity (June 30, 2025 vs December 31, 2024) | Indicator | June 30, 2025 (RMB 10,000 yuan) | December 31, 2024 (RMB 10,000 yuan) | Increase | | :--- | :--- | :--- | :--- | | Owners' Equity | 115,006.32 | 104,315.98 | 10,690.34 | - The increase in owners' equity was primarily due to an increase in profit for the period[54](index=54&type=chunk) - Total interest-bearing bank and other borrowings were approximately **RMB 54,800.00 10,000 yuan**, with a fixed annual interest rate of **3.2–3.9%**[54](index=54&type=chunk) - As of June 30, 2025, the Group's cash and cash equivalents exceeded its total interest-bearing liabilities[54](index=54&type=chunk) [13. Significant Acquisitions and Disposals](index=13&type=section&id=（十三）重大收購與出售) During the reporting period, the company completed the acquisition of certain buildings, coal-fired boilers, and ancillary equipment from Changre Group and entered into multiple heat production asset acquisition agreements with the controlling shareholder group, all constituting connected transactions and major transactions - On January 15, 2025, the company completed the acquisition of certain buildings, coal-fired boilers, and ancillary equipment from Changre Group for a consideration of **RMB 82,886,461.00 yuan**[55](index=55&type=chunk) - The company entered into an asset transfer agreement with Changre Group to conditionally agree to purchase land, pipelines, machinery, equipment, and vehicles for a consideration of **RMB 113,930,021.65 yuan** (Proposed Acquisition I)[57](index=57&type=chunk) - Yatai Heating entered into an asset transfer agreement with Changre Group to conditionally agree to purchase machinery and equipment for a consideration of **RMB 16,457,865.00 yuan** (Proposed Acquisition II)[58](index=58&type=chunk) - The company entered into an asset transfer agreement with Jilin Heating to conditionally agree to purchase machinery and equipment for a consideration of **RMB 475,980.76 yuan** (Proposed Acquisition III)[59](index=59&type=chunk) - Proposed Acquisitions I, II, and III all constitute connected transactions of the company and, together with the previous acquisition, constitute major transactions of the company, none of which were completed as of the reporting date[59](index=59&type=chunk) [14. Pledge of Assets](index=15&type=section&id=（十四）資產抵押) As of June 30, 2025, the Group had no pledged assets - As of June 30, 2025, the Group had no pledged assets[61](index=61&type=chunk) [15. Contingent Matters](index=15&type=section&id=（十五）或有事項) As of June 30, 2025, the Group had no significant contingent matters - As of June 30, 2025, the Group had no significant contingent matters[62](index=62&type=chunk) [III. Outlook for the Second Half of 2025](index=15&type=section&id=三、%202025年下半年工作展望) The Group will focus on improving heating quality and reducing energy consumption in the second half of the year, concentrating on its core heating business, strengthening energy management, and accelerating project progress to ensure stable heating, lower costs, and strict adherence to safety standards [1. Focus on Core Heating Business, Strengthen Service Foundation](index=15&type=section&id=（一）聚焦供熱主業，築牢服務根基) In the second half of the year, the company will continue to deepen its core heating business, ensure stable heating production operations, optimize user services, pre-stock coal for winter peak shaving, and improve its emergency response system - Continue to deepen the core heating business, comprehensively ensure stable heating production operations, and continuously optimize user service processes and quality based on user needs[63](index=63&type=chunk) - Plan ahead and scientifically deploy winter peak-shaving coal reserves to ensure sufficient and stable coal supply[63](index=63&type=chunk) - Further improve the heating emergency response system to enhance the ability to respond to sudden heating failures[63](index=63&type=chunk) [2. Strengthen Energy Management, Uncover Cost Reduction Potential](index=15&type=section&id=（二）强化能源管理，深挖降本潛力) The Group will reduce energy consumption through refined management and technological innovation, strengthen real-time analysis and dynamic control of key indicators such as "water, electricity, heat, and coal," and increase equipment maintenance and technological transformation efforts to achieve cost reduction - Energy management will be a key link in improving corporate efficiency, effectively reducing energy consumption through refined management and technological innovation[64](index=64&type=chunk) - Strengthen real-time analysis and dynamic control of key indicators such as "**water, electricity, heat, and coal**"[64](index=64&type=chunk) - Further increase efforts in equipment maintenance and technological transformation to improve boiler energy efficiency and achieve optimization and cost reduction goals in production and operations[64](index=64&type=chunk) [3. Accelerate Project Progress, Strictly Adhere to Safety Bottom Line](index=15&type=section&id=（三）加速工程推進，嚴守安全底綫) The Group will accelerate the progress of key engineering projects, optimize construction organization, strictly implement the safety production responsibility system, strengthen risk control and hidden danger investigation and rectification, and ensure the achievement of a zero-accident target - Accelerate the progress of key engineering projects, optimize construction organization, and ensure the smooth implementation of all projects as planned[65](index=65&type=chunk) - Strictly implement the safety production responsibility system, fully implement the "**one post, dual responsibility**" requirement[65](index=65&type=chunk) - Strengthen risk-based hierarchical control and hidden danger investigation and rectification, establish a normalized and institutionalized safety inspection mechanism, and ensure the achievement of a **zero-accident target**[65](index=65&type=chunk) [IV. Events After Reporting Period](index=15&type=section&id=四、%20報告期後事項) Except for the significant acquisition matters disclosed in this report, there were no other significant events after the reporting period - Except as disclosed in this report, there were no significant events after the reporting period[66](index=66&type=chunk) [Corporate Governance Report](index=16&type=section&id=企業管治報告) This section details the company's corporate governance framework, compliance with codes, and the responsibilities and activities of its board and committees [Corporate Governance Practices](index=16&type=section&id=企業管治常規) The company is committed to enhancing corporate governance, having established a modern corporate governance structure comprising the general meeting of shareholders, the Board of Directors, the Supervisory Committee (now abolished), and senior management, in reference to the Corporate Governance Code and Articles of Association - The company has established a modern corporate governance structure with effective checks and balances and independent operation, comprising the general meeting of shareholders, the Board of Directors, the Supervisory Committee (abolished on **May 16, 2025**), and senior management, in reference to Part 2 of the Corporate Governance Code and the requirements of the Articles of Association[68](index=68&type=chunk) [Compliance with Corporate Governance Code](index=16&type=section&id=遵守企業管治守則) The company's Board of Directors is committed to maintaining high corporate governance standards and has adopted the principles of the Corporate Governance Code, with the company having complied with the code provisions during the reporting period, except for a brief vacancy in the General Manager position - The Directors believe that, except for a brief vacancy in the General Manager position (a deviation from Code Provision C.2.1), the company has complied with the applicable code provisions of the Corporate Governance Code during the reporting period[69](index=69&type=chunk) - Since **April 16, 2025**, Mr. Zhang Liming has been appointed as the General Manager of the company, and the company has re-complied with Code Provision C.2.1 of the Corporate Governance Code[69](index=69&type=chunk) [Compliance with Model Code for Securities Transactions by Directors and Relevant Employees](index=16&type=section&id=遵守董事及有關僱員進行證券交易之標準守則) The company has adopted the Model Code set out in Appendix C3 of the Listing Rules, and all directors confirmed strict compliance with this Model Code during the reporting period, with no breaches identified by the company - The company has adopted the Model Code set out in Appendix C3 of the Listing Rules as the standard code for securities transactions by its Directors and relevant employees[70](index=70&type=chunk) - All Directors have confirmed that, for the six months ended **June 30, 2025**, each Director has strictly complied with the standards set out in the Model Code[70](index=70&type=chunk) [Directors' Responsibilities for Financial Statements](index=16&type=section&id=董事就財務報表所承擔的責任) The Directors confirm their responsibility for preparing the company's financial statements and accounts, ensuring compliance with relevant regulations and accounting standards, and timely publication - The Directors confirm their responsibility for preparing the company's financial statements and accounts, ensuring that the company's financial statements are prepared in compliance with relevant regulations and applicable accounting standards, and ensuring the timely publication of the company's financial statements[71](index=71&type=chunk) [Independent Non-Executive Directors](index=16&type=section&id=獨立非執行董事) The company has appointed a sufficient number of independent non-executive directors with appropriate professional qualifications in accordance with the Listing Rules; during the reporting period, there were changes in the independent non-executive directors, and meetings were held to review profit distribution plans and the implementation of connected transactions - The company has appointed a sufficient number of independent non-executive directors with appropriate professional qualifications or relevant accounting or financial management expertise in accordance with the Listing Rules[72](index=72&type=chunk) - Effective **May 16, 2025**, the company's independent non-executive directors are Ms. Zhang Yan, Ms. Du Jie, and Mr. Chen Shenghui[72](index=72&type=chunk) - The first meeting of independent non-executive directors in 2025 was held on **March 28, 2025**, primarily reviewing the company's **2024 profit distribution plan** and the implementation of **2024 connected transactions**[74](index=74&type=chunk) [Audit Committee](index=17&type=section&id=審計委員會) The company established an Audit Committee in compliance with the Listing Rules, with its terms of reference defined in writing; during the reporting period, there were changes in committee members, and meetings were held to review important proposals such as financial monitoring, internal control, risk management, and annual financial reports - Effective **May 16, 2025**, the Audit Committee comprises Mr. Chen Shenghui (Chairman), Mr. Yang Zhongshi, and Ms. Zhang Yan[75](index=75&type=chunk) - For the six months ended **June 30, 2025**, the Audit Committee held **1 meeting**, reviewing and approving proposals regarding the effectiveness of financial monitoring, internal control, and risk management, the **2024 annual final accounts report**, and the **2024 audited consolidated financial statements**[76](index=76&type=chunk) [Remuneration Committee](index=17&type=section&id=薪酬委員會) The company established a Remuneration Committee in compliance with the Listing Rules, with its terms of reference defined in writing; during the reporting period, there were changes in committee members, and meetings were held to review the remuneration of directors, supervisors, and senior management, as well as remuneration policies - Effective **May 16, 2025**, the Remuneration Committee comprises Ms. Du Jie (Chairman), Mr. Xu Chungang, and Mr. Chen Shenghui[77](index=77&type=chunk) - For the six months ended **June 30, 2025**, the Remuneration Committee held **1 meeting**, reviewing proposals regarding the remuneration of directors, supervisors, and senior management, as well as remuneration policies and structure[78](index=78&type=chunk) [Nomination Committee](index=18&type=section&id=提名委員會) The company established a Nomination Committee in compliance with the Listing Rules, with its terms of reference defined in writing; during the reporting period, there were changes in committee members, and two meetings were held to review proposals such as board structure, director nominations, and independence assessments - Effective **May 16, 2025**, the Nomination Committee comprises Ms. Zhang Yan (Chairman), Mr. Shi Mingjun, and Ms. Du Jie[80](index=80&type=chunk) - For the six months ended **June 30, 2025**, the Nomination Committee held **2 meetings**, reviewing and approving proposals regarding the board structure, directors' leadership capabilities and contributions, assessment of independent non-executive directors' independence, and nominations for director candidates[81](index=81&type=chunk) [Strategy Committee](index=18&type=section&id=戰略委員會) The company established a Strategy Committee in compliance with the Listing Rules, with its terms of reference defined in writing; during the reporting period, there were changes in committee members, and it briefly did not meet the minimum requirement of three members; the committee held a meeting to review the 2024 Environmental, Social and Governance Report - Effective **May 16, 2024**, the Strategy Committee comprises Mr. Song Chi (Chairman), Mr. Zhang Liming, and Ms. Zhang Yan[82](index=82&type=chunk) - Between **March 28, 2025**, and **May 16, 2025**, the Strategy Committee had only two members, which did not comply with the provisions of the Strategy Committee's terms of reference[82](index=82&type=chunk) - The company held the first meeting of the Strategy Committee in 2025 on **March 28, 2025**, which approved the proposal regarding the **2024 Environmental, Social and Governance Report** (near final draft)[83](index=83&type=chunk) [Other Information](index=19&type=section&id=其他資料) This section covers various other corporate details, including share capital, dividends, securities transactions, and related party loan arrangements [Share Capital](index=19&type=section&id=股本) As of June 30, 2025, the company's total share capital was 466,700,000 shares, comprising 350,000,000 domestic shares and 116,700,000 H shares, each with a par value of RMB 1.00 yuan, and no new shares were issued during the reporting period - As of **June 30, 2025**, the company's total share capital was **466,700,000 shares**, divided into **350,000,000 domestic shares** and **116,700,000 H shares**, each with a par value of **RMB 1.00 yuan**[85](index=85&type=chunk) - No new shares were issued for cash by the company after the listing of H shares on the Main Board of the Hong Kong Stock Exchange[85](index=85&type=chunk) [Interim Dividend](index=19&type=section&id=中期股息) The Board of Directors does not recommend the payment of an interim dividend for the six months ended June 30, 2025 - The Board of Directors does not recommend the payment of an interim dividend for the six months ended **June 30, 2025**[86](index=86&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities or Redeemable Securities](index=19&type=section&id=購買、出售或贖回本公司之上市證券或可贖回證券) For the six months ended June 30, 2025, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed or redeemable securities, nor did they hold any treasury shares - For the six months ended **June 30, 2025**, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed or redeemable securities[87](index=87&type=chunk) - As of **June 30, 2025**, the company held no treasury shares[87](index=87&type=chunk) [Convertible Securities, Options, Warrants or Similar Rights](index=19&type=section&id=可轉換證券、期權、權證或類似權利) For the six months ended June 30, 2025, neither the company nor any of its subsidiaries issued or granted any convertible securities, options, warrants, or other similar rights, nor were any related conversion or subscription rights exercised - For the six months ended **June 30, 2025**, neither the company nor any of its subsidiaries issued or granted any convertible securities, options, warrants, or other similar rights, nor were any conversion or subscription rights exercised under any convertible securities, options, warrants, or other similar rights issued or granted by the company or any of its subsidiaries at any time[88](index=88&type=chunk) [Issuance of Bonds](index=19&type=section&id=發行債券) For the six months ended June 30, 2025, neither the company nor any of its subsidiaries issued bonds - For the six months ended **June 30, 2025**, neither the company nor any of its subsidiaries issued bonds[89](index=89&type=chunk) [Loan Arrangements to Entities](index=19&type=section&id=給予實體的貸款安排) The company provided a loan arrangement of up to RMB 300 million to its controlling shareholder, Changre Group, under a loan agreement at an annual interest rate of 4.5%, with a total of RMB 256 million provided as of the reporting date - The company agreed to provide a loan of up to **RMB 300 million** to Changre Group at an annual interest rate of **4.5%** from **December 24, 2024**, to **December 31, 2029**[90](index=90&type=chunk) - As of the date of this report, the total amount provided by the company to Changre Group under the loan agreement was **RMB 256 million**[90](index=90&type=chunk) [Directors' and Chief Executive's Interests and Short Positions in Shares, Underlying Shares and Debentures](index=19&type=section&id=董事及最高行政人員於股份、相關股份及債券的權益及淡倉) As of June 30, 2025, none of the company's directors or chief executive had any disclosable interests or short positions in the shares, underlying shares, or debentures of the company or any of its associated corporations - As of **June 30, 2025**, none of the company's directors or chief executive had any interests or short positions in the shares, underlying shares, or debentures of the company or any of its associated corporations that were required to be notified to the company and the Hong Kong Stock Exchange under Divisions 7 and 8 of Part XV of the Securities and Futures Ordinance[91](index=91&type=chunk) [Major Shareholders' Interests and Short Positions in Shares](index=20&type=section&id=主要股東於股份的權益及淡倉) As of June 30, 2025, Changchun Heating (Group) Co., Ltd. was the company's largest shareholder, holding 69.75% of the total share capital, with China Foreign Economy and Trade Trust Co., Ltd. and Northeast Asia Wanzhong Venture Capital Investment Management (Jilin) Co., Ltd. also holding significant proportions of H shares Major Shareholders' Interests and Short Positions in Shares (June 30, 2025) | Shareholder Name | Share Class | Capacity | Number of Shares Held (shares) | Percentage of Total Share Capital (%) | | :--- | :--- | :--- | :--- | :--- | | Changchun Heating (Group) Co., Ltd. | Domestic Shares | Beneficial Owner | 325,500,000(L) | 69.75 | | Changchun State-owned Capital Operation Group Co., Ltd. | Domestic Shares | Beneficial Owner | 24,500,000(L) | 5.25 | | China Foreign Economy and Trade Trust Co., Ltd. | H Shares | Trustee | 30,500,000(L) | 6.54 | | Northeast Asia Wanzhong Venture Capital Investment Management (Jilin) Co., Ltd. | H Shares | Beneficial Owner | 17,090,000(L) | 3.66 | [Changes in Directors' and Supervisors' Information](index=21&type=section&id=董事及監事資料變動) Mr. Yang Zhongshi and Mr. Shi Mingjun resigned from their directorships at Changchun Yatai Heating Co., Ltd., and at the general meeting of shareholders on May 16, 2025, the company approved the abolition and dissolution of the Supervisory Committee, with its powers to be exercised by the Audit Committee - Mr. Yang Zhongshi and Mr. Shi Mingjun resigned from their directorships at Changchun Yatai Heating Co., Ltd. on **May 28, 2025**[99](index=99&type=chunk) - At the general meeting of shareholders on **May 16, 2025**, the company approved the resolution to abolish and dissolve the Supervisory Committee; since then, the company no longer has a Supervisory Committee or supervisors, and the powers of the Supervisory Committee are exercised by the Audit Committee[99](index=99&type=chunk) [Employees and Remuneration Policy](index=21&type=section&id=員工及薪酬政策) As of June 30, 2025, the Group had 1,578 employees, with remuneration comprising basic salary and performance bonuses, the latter determined based on the Group's performance and appraisal results - As of **June 30, 2025**, the Group had **1,578 employees**[100](index=100&type=chunk) - The Group's employee remuneration consists of two parts: basic salary and performance bonus, with performance bonuses determined based on the Group's performance and performance appraisal results[100](index=100&type=chunk) [Review of Interim Results](index=21&type=section&id=中期業績的審閱) The company's Audit Committee, together with its independent auditor, reviewed the interim results for the six months ended June 30, 2025, and agreed with the accounting treatments adopted by the company - The company's Audit Committee and its independent auditor reviewed the Group's interim results for the six months ended **June 30, 2025**, and agreed with the accounting treatments adopted by the company[101](index=101&type=chunk) [Significant Legal Proceedings](index=21&type=section&id=重大法律訴訟) As of June 30, 2025, the company was not involved in any significant legal proceedings or arbitrations - As of **June 30, 2025**, the company was not involved in any significant legal proceedings or arbitrations[102](index=102&type=chunk) [Consolidated Balance Sheet](index=22&type=section&id=合併資產負債表) As of June 30, 2025, the Group's total assets were RMB 2,468,115,112.11 yuan, a decrease from RMB 3,745,836,079.66 yuan as of December 31, 2024, with a significant reduction in current assets, a slight increase in non-current assets, a corresponding decrease in total liabilities, and an increase in total shareholders' equity Consolidated Balance Sheet Key Items (June 30, 2025 vs December 31, 2024) | Item | June 30, 2025 (RMB yuan) | December 31, 2024 (RMB yuan) | | :--- | :--- | :--- | | Cash and Bank Balances | 466,963,585.84 | 1,455,774,167.52 | | Accounts Receivable | 244,452,946.72 | 292,454,028.46 | | Prepayments | 181,596,601.93 | 696,052,863.29 | | Other Receivables | 400,997,081.49 | 143,150,344.45 | | Total Current Assets | 1,377,354,891.21 | 2,676,804,769.68 | | Fixed Assets | 855,582,330.61 | 850,266,318.15 | | Total Non-current Assets | 1,090,760,220.90 | 1,069,031,309.98 | | Total Assets | 2,468,115,112.11 | 3,745,836,079.66 | | Short-term Borrowings | 548,000,000.00 | 616,185,080.42 | | Accounts Payable | 92,403,741.86 | 288,333,372.32 | | Contract Liabilities | 500,029,011.51 | 1,436,470,122.36 | | Total Current Liabilities | 1,202,935,543.39 | 2,578,974,059.36 | | Total Liabilities | 1,318,051,863.21 | 2,702,676,267.57 | | Total Equity Attributable to Owners of the Parent Company | 1,150,063,248.90 | 1,043,159,812.09 | | Total Shareholders' Equity | 1,150,063,248.90 | 1,043,159,812.09 | [Consolidated Income Statement](index=25&type=section&id=合併利潤表) For the six months ended June 30, 2025, the Group's total operating revenue was RMB 935,134,299.91 yuan, and net profit was RMB 106,903,436.81 yuan, a decrease from the same period last year, with basic earnings per share at RMB 0.23 yuan Consolidated Income Statement Key Items (January-June 2025 vs January-June 2024) | Item | January–June 2025 (RMB yuan) | January–June 2024 (RMB yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 935,134,299.91 | 906,629,256.98 | | Operating Costs | 745,469,319.23 | 686,590,830.07 | | Total Profit | 143,635,744.05 | 200,617,153.89 | | Income Tax Expense | 36,732,307.24 | 52,475,162.44 | | Net Profit | 106,903,436.81 | 148,141,991.45 | | Net Profit Attributable to Owners of the Parent Company | 106,903,436.81 | 148,141,991.45 | | Basic Earnings Per Share | 0.23 | 0.32 | | Diluted Earnings Per Share | 0.23 | 0.32 | [Consolidated Cash Flow Statement](index=27&type=section&id=合併現金流量表) For the six months ended June 30, 2025, the Group's net cash flow from operating activities was negative RMB 532,929,124.31 yuan, net cash flow from investing activities was negative RMB 378,122,771.99 yuan, and net cash flow from financing activities was negative RMB 77,758,685.38 yuan, resulting in a net decrease in cash and cash equivalents of negative RMB 988,810,581.68 yuan Consolidated Cash Flow Statement Key Items (January-June 2025 vs January-June 2024) | Item | January–June 2025 (RMB yuan) | January–June 2024 (RMB yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | –532,929,124.31 | –495,519,463.70 | | Net Cash Flow from Investing Activities | –378,122,771.99 | –60,160,031.26 | | Net Cash Flow from Financing Activities | –77,758,685.38 | –1,536,081.67 | | Net Increase in Cash and Cash Equivalents | –988,810,581.68 | –557,215,576.63 | | Cash and Cash Equivalents at End of Period | 460,363,585.84 | 553,826,033.28 | [Consolidated Statement of Changes in Equity](index=29&type=section&id=合併股東權益變動表) As of June 30, 2025, total equity attributable to owners of the parent company was RMB 1,150,063,248.90 yuan, an increase of RMB 106,903,436.81 yuan from the beginning of the year, primarily due to the comprehensive income for the period Changes in Equity Attributable to Owners of the Parent Company (January-June 2025) | Item | Share Capital (RMB yuan) | Other Comprehensive Income (RMB yuan) | Special Reserves (RMB yuan) | Surplus Reserve (RMB yuan) | Retained Earnings (RMB yuan) | Total Shareholders' Equity (RMB yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Balance at End of Previous Year | 466,700,000.00 | –7,364,142.82 | 25,630,609.10 | 45,131,170.29 | 513,062,175.52 | 1,043,159,812.09 | | Balance at Beginning of Current Year | 466,700,000.00 | –7,364,142.82 | 25,630,609.10 | 45,131,170.29 | 513,062,175.52 | 1,043,159,812.09 | | Changes for the Current Year | — | — | — | — | 106,903,436.81 | 106,903,436.81 | | (I) Total Comprehensive Income | — | — | — | — | 106,903,436.81 | 106,903,436.81 | | Balance at End of Current Period | 466,700,000.00 | –7,364,142.82 | 25,630,609.10 | 45,131,170.29 | 619,965,612.33 | 1,150,063,248.90 | [Notes to Financial Statements](index=31&type=section&id=財務報表附註) This section provides detailed explanations of the company's fundamental information, basis of financial statement preparation, significant accounting policies, and specific financial statement items [I. Company Overview](index=31&type=section&id=一、%20公司基本情況) Jilin Province Chuncheng Heating Company Limited, formerly Jilin Province Changre New Energy Co., Ltd., was listed on the Hong Kong Stock Exchange in October 2019, with a share capital of 466.70 million shares, primarily engaged in the heating industry, and its ultimate controlling party is the Changchun Municipal People's Government State-owned Assets Supervision and Administration Commission - Jilin Province Chuncheng Heating Company Limited, formerly Jilin Province Changre New Energy Co., Ltd., was registered on **October 23, 2017**, and restructured into a joint-stock company in **April 2018**[127](index=127&type=chunk) - The company was listed on the Hong Kong Stock Exchange in **October 2019**, with an initial public offering of **116.7 million H shares** to overseas investors[127](index=127&type=chunk) - As of **December 31, 2024**, the company's share capital was **466.70 million shares**, with a registered capital of **RMB 466.70 million yuan**, and its ultimate controlling party is the Changchun Municipal People's Government State-owned Assets Supervision and Administration Commission[128](index=128&type=chunk) - The company operates in the heating industry, with its main products and services including new energy technology development; heating production and supply; heating engineering design, installation services; contract energy management; and sales of cables, electrical equipment, household appliances, flooring, tiles, thermostats, and heating ancillary products[128](index=128&type=chunk) [II. Basis of Preparation of Financial Statements](index=32&type=section&id=二、%20財務報表的編製基礎) These financial statements are prepared in accordance with the Enterprise Accounting Standards issued by the Ministry of Finance, applicable disclosure provisions of the Hong Kong Stock Exchange Listing Rules and the Hong Kong Companies Ordinance, and on a going concern basis - These financial statements are prepared in accordance with the Enterprise Accounting Standards issued by the Ministry of Finance and the applicable disclosure provisions of the Hong Kong Stock Exchange Listing Rules, and also comply with the applicable disclosure requirements of the Hong Kong Companies Ordinance[131](index=131&type=chunk) - These financial statements are prepared on a going concern basis, and the company has evaluated its ability to continue as a going concern for **12 months** from the end of the reporting period, finding no significant doubts[132](index=132&type=chunk) [III. Significant Accounting Policies and Accounting Estimates](index=32&type=section&id=三、%20重要會計政策及會計估計) This section details the significant accounting policies and estimates followed in preparing the financial statements, including financial instruments, inventories, fixed assets, revenue recognition, employee benefits, government grants, and deferred income tax, also disclosing the impact of accounting policy changes on financial position and operating results [1. Statement of Compliance with Enterprise Accounting Standards](index=32&type=section&id=（一）遵循企業會計準則的聲明) These financial statements comply with the requirements of the Enterprise Accounting Standards issued by the Ministry of Finance, truly and completely reflecting the company's financial position as of June 30, 2025, and its operating results and cash flows for January-June 2025 - These financial statements comply with the requirements of the Enterprise Accounting Standards issued by the Ministry of Finance, truly and completely reflecting the company's financial position as of **June 30, 2025**, and its operating results and cash flows for **January-June 2025**[133](index=133&type=chunk) [2. Accounting Period](index=32&type=section&id=（二）會計期間) The company's accounting year runs from January 1 to December 31 of the Gregorian calendar - An accounting year runs from **January 1** to **December 31** of the Gregorian calendar[134](index=134&type=chunk) [3. Operating Cycle](index=32&type=section&id=（三）營業周期) The company's operating cycle is 12 months - The company's operating cycle is **12 months**[135](index=135&type=chunk) [4. Functional Currency](index=32&type=section&id=（四）記賬本位幣) The company uses Renminbi as its functional currency - The company uses **Renminbi** as its functional currency[136](index=136&type=chunk) [5. Accounting Methods for Business Combinations Under Common Control and Not Under Common Control](index=33&type=section&id=（五）同一控制下和非同一控制下企業合併的會計處理方法) For business combinations under common control, the company measures the acquired assets and liabilities at their carrying amounts in the ultimate controlling party's consolidated financial statements, with the difference adjusted to capital reserve or retained earnings; for business combinations not under common control, they are measured at fair value on the acquisition date, with the difference recognized as goodwill or included in current profit or loss - For business combinations under common control, the assets and liabilities acquired by the combining party are measured at their carrying amounts in the ultimate controlling party's consolidated financial statements, with the difference adjusted to capital reserve or retained earnings[138](index=138&type=chunk) - For business combinations not under common control, the combination cost is measured at fair value on the acquisition date; if it exceeds the fair value share of identifiable net assets, the difference is recognized as goodwill, and if it is less, it is included in current profit or loss[138](index=138&type=chunk) [6. Criteria for Determining Control and Preparation Methods for Consolidated Financial Statements](index=33&type=section&id=（六）控制的判斷標準和合併財務報表的編製方法) The company determines the scope of consolidation based on control, prepares consolidated financial statements by treating the entire enterprise group as a single accounting entity, and eliminates the effects of internal transactions, with detailed provisions for accounting treatments of increasing or disposing of subsidiaries, purchasing minority interests, and partially disposing of equity - The scope of consolidation for consolidated financial statements is determined based on **control**, including the company and all its subsidiaries[139](index=139&type=chunk) - The company treats the entire enterprise group as a single accounting entity, prepares consolidated financial statements according to uniform accounting policies, and eliminates the effects of internal transactions[140](index=140&type=chunk) - Detailed provisions are made for the accounting treatment of increasing subsidiaries (under common control and not under common control), disposing of subsidiaries (general treatment and step-by-step disposal), purchasing minority interests in subsidiaries, and partially disposing of equity without losing control[143](index=143&type=chunk)[145](index=145&type=chunk)[148](index=148&type=chunk)[149](index=149&type=chunk) [7. Classification of Joint Arrangements and Accounting Methods for Joint Operations](index=37&type=section&id=（七）合營安排分類及共同經營會計處理方法) Joint arrangements are classified into joint operations and joint ventures; the company recognizes its separately held and proportionally shared assets, liabilities, revenues, and expenses for joint operations, and accounts for investments in joint ventures using the equity method - Joint arrangements are classified into **joint operations** and **joint ventures**[152](index=152&type=chunk) - The company recognizes its separately held and proportionally shared assets, liabilities, revenues from selling its share of output, revenues from joint operations' sales of output, and expenses incurred separately and proportionally in joint operations[157](index=157&type=chunk) - The company accounts for investments in joint ventures using the **equity method**[154](index=154&type=chunk) [8. Criteria for Determining Cash and Cash Equivalents](index=37&type=section&id=（八）現金及現金等價物的確定標準) Cash refers to the company's cash on hand and deposits readily available for payment, while cash equivalents are short-term, highly liquid investments readily convertible to known amounts of cash with insignificant risk of changes in value - Cash refers to the company's cash on hand and deposits readily available for payment[155](index=155&type=chunk) - Cash equivalents refer to the company's held investments that are short-term, highly liquid, readily convertible to known amounts of cash, and subject to an insignificant risk of changes in value[155](index=155&type=chunk) [9. Foreign Currency Transactions and Translation of Foreign Currency Financial Statements](index=37&type=section&id=（九）外幣業務和外幣報表折算) Foreign currency transactions are translated using the spot exchange rate on the transaction date; foreign currency monetary items at the balance sheet date are translated at the spot exchange rate, with exchange differences recognized in current profit or loss; for foreign currency financial statements, balance sheet items are translated at the spot exchange rate on the balance sheet date, and income statement items at the spot exchange rate on the transaction date - Foreign currency transactions are translated using the **spot exchange rate** on the transaction date[156](index=156&type=chunk) - At the balance sheet date, foreign currency monetary items are translated at the spot exchange rate on the balance sheet date, with exchange differences recognized in current profit or loss (except for those related to the acquisition or construction of qualifying assets)[156](index=156&type=chunk) - When translating foreign currency financial statements, assets and liabilities in the balance sheet are translated using the spot exchange rate at the balance sheet date, owners' equity items (except "undistributed profits") are translated using the spot exchange rate at the time of occurrence, and income and expense items in the income statement are translated using the spot exchange rate on the transaction date[159](index=159&type=chunk) [10. Financial Instruments](index=38&type=section&id=（十）金融工具) The company classifies financial assets based on its business model and contractual cash flow characteristics into those measured at amortized cost, at fair value through other comprehensive income, or at fair value through profit or loss; financial liabilities are classified as measured at fair value through profit or loss or at amortized cost, with detailed provisions for recognition, measurement, derecognition, and impairment testing of various financial instruments - Financial assets are classified as measured at **amortized cost**, at **fair value through other comprehensive income** (debt instruments or equity instruments), and at **fair value through profit or loss**[161](index=161&type=chunk)[163](index=163&type=chunk)[168](index=168&type=chunk)[169](index=169&type=chunk)[170](index=170&type=chunk) - Financial liabilities are classified as measured at **fair value through profit or loss** and at **amortized cost**[163](index=163&type=chunk)[171](index=171&type=chunk)[174](index=174&type=chunk) - The company applies impairment accounting based on **expected credit losses** for financial assets measured at amortized cost, financial assets measured at fair value through other comprehensive income (debt instruments), and financial guarantee contracts[188](index=188&type=chunk) - For accounts receivable and contract assets, regardless of whether they contain a significant financing component, the company always measures their loss allowance at an amount equal to the expected credit losses over the **entire lifetime**[190](index=190&type=chunk) [11. Inventories](index=45&type=section&id=（十一）存貨) Inventories are classified as raw materials, revolving materials, and merchandise, initially measured at cost, valued using the first-in, first-out method when issued, and accounted for using the perpetual inventory system; at the balance sheet date, inventories are measured at the lower of cost and net realizable value, with provision for inventory write-downs - Inventories are classified as raw materials, revolving materials, and merchandise, initially measured at **cost**, and valued using the **first-in, first-out method** when issued[194](index=194&type=chunk)[195](index=195&type=chunk) - The **perpetual inventory system** is adopted[196](index=196&type=chunk) - At the balance sheet date, inventories are measured at the **lower of cost and net realizable value**, and a provision for inventory write-downs is made when cost exceeds net realizable value[198](index=198&type=chunk) [12. Contract Assets](index=46&type=section&id=（十二）合同資產) The company presents as contract assets its right to consideration in exchange for goods or services that it has transferred to a customer (if that right is conditioned on something other than the passage of time), and always measures their loss allowance at an amount equal to the expected credit losses over the entire lifetime - The company presents as contract assets its right to consideration in exchange for goods or services that it has transferred to a customer (and that right is conditioned on something other than the passage of time)[199](index=199&type=chunk) - The expected credit losses for contract assets are always measured at an amount equal to the expected credit losses over the **entire lifetime**[200](index=200&type=chunk) [13. Assets Held for Sale and Discontinued Operations](index=47&type=section&id=（十三）持有待售和終止經營) The company classifies non-current assets or disposal groups whose carrying amount will be recovered principally through a sale transaction rather than through continuing use as held for sale, and recognizes impairment provisions; discontinued operations refer to a component of an entity that has been disposed of or is classified as held for sale and represents a separate major line of business or geographical area of operations, with its profit or loss separately presented in the income statement - Non-current assets or disposal groups whose carrying amount will be recovered principally through a sale transaction rather than through continuing use are classified as **held for sale**, and an impairment provision is recognized when the carrying amount exceeds the fair value less costs to sell[203](index=203&type=chunk)[204](index=204&type=chunk) - Discontinued operations are separately distinguishable components that meet specific conditions and have been disposed of or classified as held for sale, with their continuing and discontinued operations' profit or loss presented separately in the income statement[205](index=205&type=chunk) [14. Long-term Equity Investments](index=48&type=section&id=（十四）長期股權投資) The company accounts for long-term equity investments in subsidiaries using the cost method and in associates and joint ventures using the equity method, with detailed provisions for determining common control and significant influence, initial investment cost, subsequent measurement, and profit or loss recognition, including accounting treatment for disposal of long-term equity investments - The company accounts for long-term equity investments in subsidiaries using the **cost method** and in associates and joint ventures using the **equity method**[213](index=213&type=chunk)[214](index=214&type=chunk) - **Common control** refers to shared control over an arrangement, and **significant influence** refers to the power to participate in the financial and operating policy decisions of the investee[209](index=209&type=chunk) - Initial investment cost is determined differently for those formed through business combinations (under common control and not under common control) and those acquired by other means[210](index=210&type=chunk)[211](index=211&type=chunk) - Upon disposal of long-term equity investments, the difference between their carrying amount and the actual consideration received is recognized in current profit o

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完整性亦不 發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因依賴該等內容而引致的任何損失 承擔任何責任。 董事會欣然宣佈 ，臨時股東大會已於2025 年9 月10 日（ 星期三 ）於中國吉林省長 春市南關區 南湖大路998號春城熱力711會議室舉行，會上以投票表決方式正式通過臨時股東大會通告 所載全部決議案。 董事於臨時股東大會的出席記錄如下﹕ Jilin Province Chuncheng Heating Company Limited * 吉 林 省 春 城 熱 力 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：1853） 於2025年9月10日舉行的 2025年第一次臨時股東大會投票結果 茲提述吉林省 春城熱力股份有限公司（「本公司」）日期均為2025年8 月25 日的通函（「通函」） 及本公司2025年第一次臨時股東大會通告（「臨時股東大會通告」）。除本公告另行界定外， 本公告所用詞彙與通函所界定者具有相同涵義。 臨時股東大會投票結果 的 決 議 案 放 棄 投 ...

FF301 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: 吉林省春城熱力股份有限公司 呈交日期: 2025年9月3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) | 01853 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 116,700,000 | RMB | | 1 RMB | | 116,700,000 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 116,700,000 | RMB | | 1 RMB | | 116,700,000 | | 2. 股份分類 | 普通股 | 股份類別 | 其他類別 ...

Core Viewpoint - The company reported a mixed performance for the first half of 2025, with revenue growth but declines in gross profit and net profit, primarily due to increased costs associated with new coal-fired boilers and higher bad debt provisions [1] Financial Performance - Revenue for the first half of 2025 was approximately 935 million yuan, representing a year-on-year increase of 3.14% [1] - Gross profit was about 190 million yuan, showing a year-on-year decrease of 13.8% [1] - Net profit attributable to equity holders was approximately 107 million yuan, down 27.84% year-on-year [1] - Earnings per share stood at 0.23 yuan [1] Operational Metrics - As of June 30, 2025, the company's heating area reached 69.826 million square meters, an increase of 2.389 million square meters or 3.54% compared to the same period in 2024 [1] - The number of heating customers served was 572,273, which is an increase of 19,825 customers or 3.59% from 552,448 customers in 2024 [1] - Heating business revenue for the first half of 2025 was approximately 926 million yuan, reflecting a year-on-year growth of 2.89% [1] Cost and Profitability Factors - The decrease in gross profit was mainly attributed to the addition of new peak-shaving coal-fired boilers, which increased the proportion of coal heating and consequently raised costs [1] - The decline in net profit was primarily due to the reduction in gross profit and an increase in bad debt provisions, which amounted to 23.8351 million yuan compared to the same period last year [1]

Core Viewpoint - The company reported a slight increase in revenue but a significant decrease in gross profit and net profit for the first half of 2025 compared to the same period in 2024 [1] Financial Performance - Revenue for the first half of 2025 was approximately 935 million yuan, representing a year-on-year increase of 3.14% [1] - Gross profit was about 190 million yuan, showing a year-on-year decrease of 13.8% [1] - Net profit attributable to equity holders was estimated at approximately 107 million yuan, a decline of 27.84% year-on-year [1] - Earnings per share stood at 0.23 yuan [1] Operational Metrics - As of June 30, 2025, the company's heating area reached 69.826 million square meters, an increase of 2.389 million square meters or 3.54% compared to the same date in 2024 [1] - The number of heating customers served by the company was 572,273, an increase of 19,825 customers or 3.59% from 552,448 customers in the same period of 2024 [1] - Heating business revenue for the first half of 2025 was approximately 926 million yuan, reflecting a year-on-year growth of 2.89% [1] Cost and Profitability Factors - The decrease in gross profit was primarily attributed to the addition of new peak-shaving coal-fired boilers, which increased the proportion of coal heating and led to higher costs [1] - The reduction in net profit was mainly due to the decline in gross profit and an increase in bad debt provisions, which were 23.8351 million yuan higher than the previous year [1]

Group 1 - The core viewpoint of the article indicates that Spring City Heating (01853.HK) reported a revenue of RMB 935.1343 million for the six months ending June 30, 2025, representing a growth of 3.14% compared to the same period in 2024 [1] - The estimated net profit attributable to equity holders is RMB 106.9034 million, which reflects a decrease of 27.84% compared to the same period in 2024 [1] - Earnings per share for the six months ending June 30, 2025, is RMB 0.23, down by RMB 0.09 compared to the same period in 2024 [1]

[Company Announcement Information](index=1&type=section&id=Company%20Announcement%20Information) This announcement presents Jilin Province Chuncheng Heat Power Co., Ltd.'s (stock code: 1853) unaudited interim results for the first half of 2025 - This announcement is the 2025 interim results announcement issued by Jilin Province Chuncheng Heat Power Co., Ltd. (stock code: 1853)[2](index=2&type=chunk) [Financial Highlights](index=1&type=section&id=Financial%20Highlights) The group's unaudited interim results for the six months ended June 30, 2025, prepared under PRC accounting standards, have been reviewed by the audit committee - The Group's unaudited interim results for the six months ended June 30, 2025, prepared in accordance with China Enterprise Accounting Standards, have been reviewed by the Audit Committee[4](index=4&type=chunk) Key Financial Indicators for H1 2025 | Indicator | 2025 H1 (RMB) | YoY Change | | :--- | :--- | :--- | | Revenue | 935.13 million | +3.14% | | Profit before tax | 143.64 million | -28.40% | | Net profit attributable to equity holders | 106.90 million | -27.84% | | Earnings per share | 0.23 | Decreased by 0.09 | [Financial Statements](index=2&type=section&id=Financial%20Statements) This section provides detailed consolidated financial statements, including the balance sheet, income statement, and comprehensive income statement [Consolidated Balance Sheet](index=2&type=section&id=Consolidated%20Balance%20Sheet) As of June 30, 2025, the Group's total assets and liabilities significantly decreased from year-end 2024, while shareholders' equity increased, reflecting asset structure adjustments and accumulated profits Key Consolidated Balance Sheet Data | Indicator | June 30, 2025 (RMB) | December 31, 2024 (RMB) | Change | | :--- | :--- | :--- | :--- | | Total current assets | 1,377,354,891.21 | 2,676,804,769.68 | -48.55% | | Total non-current assets | 1,090,760,220.90 | 1,069,031,309.98 | +2.03% | | **Total Assets** | **2,468,115,112.11** | **3,745,836,079.66** | **-34.11%** | | Total current liabilities | 1,202,935,543.39 | 2,578,974,059.36 | -53.36% | | Total non-current liabilities | 115,116,319.82 | 123,702,208.21 | -6.94% | | **Total Liabilities** | **1,318,051,863.21** | **2,702,676,267.57** | **-51.10%** | | Total equity attributable to parent company shareholders | 1,150,063,248.90 | 1,043,159,812.09 | +10.25% | | **Total Shareholders' Equity** | **1,150,063,248.90** | **1,043,159,812.09** | **+10.25%** | [Consolidated Income Statement](index=6&type=section&id=Consolidated%20Income%20Statement) In H1 2025, the Group's total operating revenue increased year-on-year, but operating profit and net profit significantly declined due to increased operating costs, finance costs, and asset impairment losses Key Consolidated Income Statement Data (H1 2025 vs H1 2024) | Indicator | 2025 Jan-Jun (RMB) | 2024 Jan-Jun (RMB) | YoY Change | | :--- | :--- | :--- | :--- | | Total operating revenue | 935,134,299.91 | 906,629,256.98 | +3.14% | | Operating cost | 745,469,319.23 | 686,590,830.07 | +8.58% | | Finance costs | 9,397,905.71 | 1,720,984.50 | +446.07% | | Asset impairment losses | -2,382,244.28 | 21,627,705.85 | From gain to loss | | Operating profit | 143,641,144.97 | 200,682,399.11 | -28.43% | | Total profit | 143,635,744.05 | 200,617,153.89 | -28.40% | | Income tax expense | 36,732,307.24 | 52,475,162.44 | -30.00% | | Net profit | 106,903,436.81 | 148,141,991.45 | -27.84% | | Net profit attributable to owners of the parent company | 106,903,436.81 | 148,141,991.45 | -27.84% | [Consolidated Statement of Comprehensive Income](index=7&type=section&id=Consolidated%20Statement%20of%20Comprehensive%20Income) The Group's total comprehensive income for H1 2025 was RMB 106.90 million, consistent with net profit, with no other comprehensive income items Key Consolidated Statement of Comprehensive Income Data (H1 2025 vs H1 2024) | Indicator | 2025 Jan-Jun (RMB) | 2024 Jan-Jun (RMB) | | :--- | :--- | :--- | | Net profit | 106,903,436.81 | 148,141,991.45 | | Other comprehensive income, net of tax | – | – | | **Total Comprehensive Income** | **106,903,436.81** | **148,141,991.45** | | Total comprehensive income attributable to owners of the parent company | 106,903,436.81 | 148,141,991.45 | - There were no ordinary shares with potential dilutive effects issued in the current or prior period, thus diluted earnings per share are the same as basic earnings per share[23](index=23&type=chunk) [Notes to Financial Information](index=9&type=section&id=Notes%20to%20Financial%20Information) This section provides detailed notes on the Group's financial information, including company overview, accounting policies, segment information, and specific financial line items [1. Company Overview](index=9&type=section&id=1.%20Company%20Overview) Jilin Province Chuncheng Heat Power Co., Ltd., established in China in 2017, primarily engages in heating, construction, maintenance, and design services, with Changchun Heating (Group) Co., Ltd. as its controlling shareholder - The Company was incorporated in the People's Republic of China on October 23, 2017, and is currently a joint stock company[13](index=13&type=chunk) - The Group's principal activities include heating (heating and heat transmission, connection fees, and heat transmission) and construction, maintenance, design, and other services[14](index=14&type=chunk) - The Company's controlling shareholder is Changchun Heating Group, wholly owned by the Changchun Municipal People's Government State-owned Assets Supervision and Administration Commission[14](index=14&type=chunk) [2. Significant Accounting Policies](index=9&type=section&id=2.%20Significant%20Accounting%20Policies) The Group's consolidated financial statements are primarily measured using the historical cost method and are consistent with the accounting policies and calculation methods of the previous year - The consolidated financial statements are measured at historical cost, except for certain financial instruments measured at fair value[15](index=15&type=chunk) - The accounting policies and calculation methods adopted for the consolidated financial statements for the six months ended June 30, 2025, are consistent with those followed in the preparation of the annual financial statements for the year ended December 31, 2024[15](index=15&type=chunk) [3. Revenue and Segment Information](index=9&type=section&id=3.%20Revenue%20and%20Segment%20Information) The Group reports financial information based on two operating segments: heating and construction, maintenance, and design services; in H1 2025, heating business revenue accounted for the vast majority, while construction, maintenance, and design services revenue was smaller but grew significantly [3.(1) Basis for Determining Reporting Segments and Accounting Policies](index=9&type=section&id=3.(1)%20Basis%20for%20Determining%20Reporting%20Segments%20and%20Accounting%20Policies) - The Company determines two operating segments, heating and construction, maintenance, and design services, based on its internal organizational structure, management requirements, and internal reporting system[16](index=16&type=chunk) - Management separately manages the operating activities of each reporting segment and regularly evaluates their operating results to allocate resources and assess performance[16](index=16&type=chunk) [3.(2)(1) Financial Information of Reporting Segments](index=10&type=section&id=3.(2)(1)%20Financial%20Information%20of%20Reporting%20Segments) Segment Assets, Liabilities, and Revenue (June 30, 2025) | Item | Heating (RMB) | Construction, Maintenance, and Design Services (RMB) | Total (RMB) | | :--- | :--- | :--- | :--- | | Segment assets | 2,210,700,559.64 | 257,414,552.47 | 2,468,115,112.11 | | Segment liabilities | 1,223,499,374.24 | 94,552,488.97 | 1,318,051,863.21 | | Reportable segment revenue (H1 2025) | 926,331,893.76 | 8,802,406.15 | 935,134,299.91 | | Reportable segment gross profit (H1 2025) | 191,116,646.50 | -1,451,665.82 | 189,664,980.68 | [3.(2)(2) Revenue and Other Business Income](index=10&type=section&id=3.(2)(2)%20Revenue%20and%20Other%20Business%20Income) Revenue from Customer Contracts Details (H1 2025 vs H1 2024) | Item | 2025 Jan-Jun (RMB) | 2024 Jan-Jun (RMB) | | :--- | :--- | :--- | | Heating and heat transmission | 884,923,601.99 | 859,996,290.50 | | Connection fees | 35,108,205.62 | 33,624,881.16 | | Heat transmission | 6,300,086.15 | 6,702,695.84 | | Engineering construction | 5,710,502.31 | 1,895,403.15 | | Engineering maintenance | 6,902.00 | 2,541,378.58 | | Design services | 100,622.38 | 1,676,775.53 | | Other | 2,984,379.46 | 191,832.22 | | **Total** | **935,134,299.91** | **906,629,256.98** | [4. Administrative Expenses](index=11&type=section&id=4.%20Administrative%20Expenses) The Group's administrative expenses for H1 2025 were RMB 42.70 million, a slight decrease from the same period last year, primarily comprising labor costs and depreciation and amortization expenses Administrative Expenses (H1 2025 vs H1 2024) | Item | 2025 Jan-Jun (RMB) | 2024 Jan-Jun (RMB) | | :--- | :--- | :--- | | Administrative expenses | 42,703,122.46 | 43,227,227.39 | - Administrative expenses primarily consist of labor costs, depreciation and amortization expenses, etc[19](index=19&type=chunk) [5. Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA)](index=11&type=section&id=5.%20Earnings%20Before%20Interest%2C%20Taxes%2C%20Depreciation%2C%20and%20Amortization%20(EBITDA)) The Group's EBITDA for H1 2025 was RMB 213 million, a decrease from the same period last year, mainly affected by changes in net profit and interest expenses EBITDA (H1 2025 vs H1 2024) | Item | 2025 Jan-Jun (RMB) | 2024 Jan-Jun (RMB) | | :--- | :--- | :--- | | Net profit | 106,903,436.81 | 148,141,991.45 | | Income tax expense | 36,732,307.24 | 52,475,162.44 | | Depreciation of fixed assets | 70,529,485.38 | 66,888,092.64 | | Amortization of intangible assets | 757,872.55 | 668,972.13 | | Interest and investment income | 11,383,806.88 | 8,763,445.66 | | Interest expense | 9,397,905.71 | 1,720,984.50 | | **EBITDA** | **212,937,200.81** | **261,149,142.82** | [6. Dividends](index=11&type=section&id=6.%20Dividends) The Board does not recommend an interim dividend for H1 2025; the final dividend for FY2024 was approved but not yet distributed - The Board does not recommend the payment of any interim dividend to shareholders for the six months ended June 30, 2025[21](index=21&type=chunk) - The final dividend of **RMB 0.065 per share** (inclusive of tax) for the financial year ended December 31, 2024, was approved at the 2024 annual general meeting but had not been distributed as of June 30, 2025[22](index=22&type=chunk) [7. Earnings Per Share](index=12&type=section&id=7.%20Earnings%20Per%20Share) The Group's earnings per share for H1 2025 was RMB 0.23, a decrease from the same period last year, with basic and diluted EPS being identical Earnings Per Share (H1 2025 vs H1 2024) | Item | 2025 Jan-Jun | 2024 Jan-Jun | | :--- | :--- | :--- | | Net profit attributable to parent company | 106,903,436.81 | 148,141,991.45 | | Weighted average number of ordinary shares issued during the period | 466,700,000.00 | 466,700,000.00 | | **Earnings Per Share** | **0.23** | **0.32** | - As of June 30, 2025, and 2024, there were no ordinary shares with potential dilutive effects issued for the six months ended, thus diluted earnings per share are the same as basic earnings per share[23](index=23&type=chunk) [8. Income Tax Expense](index=12&type=section&id=8.%20Income%20Tax%20Expense) The Group's income tax expense for H1 2025 was RMB 36.73 million, a 30% decrease year-on-year, primarily due to a decline in total profit Income Tax Expense (H1 2025 vs H1 2024) | Item | 2025 Jan-Jun (RMB) | 2024 Jan-Jun (RMB) | | :--- | :--- | :--- | | Current income tax expense | 40,560,755.05 | 53,138,389.25 | | Deferred income tax expense | -3,828,447.81 | -663,226.81 | | **Total** | **36,732,307.24** | **52,475,162.44** | - The decrease in income tax expense was mainly due to the decrease in total profit for the current period[61](index=61&type=chunk) [9. Accounts Receivable](index=13&type=section&id=9.%20Accounts%20Receivable) The Group's total accounts receivable and allowance for doubtful accounts both increased, with significant growth in receivables aged 1-2 years and over 5 years, reflecting challenges in collection [9.(1) Accounts Receivable by Ageing](index=13&type=section&id=9.(1)%20Accounts%20Receivable%20by%20Ageing) Accounts Receivable Ageing Analysis (June 30, 2025 vs December 31, 2024) | Ageing | June 30, 2025 (RMB) | December 31, 2024 (RMB) | | :--- | :--- | :--- | | Within 1 year | 94,805,548.81 | 240,784,530.94 | | 1 to 2 years | 120,088,965.53 | 50,660,189.88 | | 2 to 3 years | 40,011,168.25 | 16,463,637.23 | | 3 to 4 years | 14,507,308.95 | 18,091,660.10 | | 4 to 5 years | 16,273,134.02 | 8,163,363.23 | | Over 5 years | 24,521,871.23 | 17,834,792.54 | | Subtotal | 310,207,996.79 | 351,998,173.92 | | Less: Allowance for doubtful accounts | 65,755,050.07 | 59,544,145.46 | | **Total** | **244,452,946.72** | **292,454,028.46** | [9.(2) Disclosure by Method of Provision for Doubtful Accounts](index=14&type=section&id=9.(2)%20Disclosure%20by%20Method%20of%20Provision%20for%20Doubtful%20Accounts) Provision for Doubtful Accounts by Credit Risk Characteristics Portfolio (June 30, 2025) | Category | Carrying Amount (RMB) | Proportion (%) | Allowance for Doubtful Accounts (RMB) | Provision Rate (%) | Carrying Value (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | | By credit risk characteristics portfolio | 310,207,996.79 | 100.00 | 65,755,050.07 | 21.20 | 244,452,946.72 | | Of which: Ageing portfolio – Heating business | 98,191,505.71 | 31.65 | 11,046,958.40 | 11.25 | 87,144,547.31 | | Ageing portfolio – Basic heating fees | 36,422,356.51 | 11.74 | 10,174,084.70 | 27.93 | 26,248,271.81 | | Ageing portfolio – Engineering business | 60,256,061.91 | 19.42 | 28,149,415.16 | 46.72 | 32,106,646.75 | | Related party portfolio | 115,338,072.66 | 37.19 | 16,384,591.81 | 14.21 | 98,953,480.85 | [9.(3) Provision for Doubtful Accounts by Credit Risk Characteristics Portfolio](index=15&type=section&id=9.(3)%20Provision%20for%20Doubtful%20Accounts%20by%20Credit%20Risk%20Characteristics%20Portfolio) - The provision rates for doubtful accounts for ageing portfolios in heating business, basic heating fees, and engineering business increase with ageing, with a **100% provision rate for receivables over 5 years**[30](index=30&type=chunk)[31](index=31&type=chunk)[32](index=32&type=chunk) [10. Accounts Payable](index=17&type=section&id=10.%20Accounts%20Payable) The Group's total accounts payable significantly decreased from year-end 2024, but accounts payable aged 1-2 years and over 3 years increased Accounts Payable Ageing Analysis (June 30, 2025 vs December 31, 2024) | Ageing | June 30, 2025 (RMB) | December 31, 2024 (RMB) | | :--- | :--- | :--- | | Within 1 year | 17,652,359.36 | 228,146,149.72 | | 1 – 2 years | 33,790,937.76 | 14,745,559.16 | | 2 – 3 years | 4,350,737.23 | 39,714,923.61 | | Over 3 years | 36,609,707.51 | 5,726,739.83 | | **Total** | **92,403,741.86** | **288,333,372.32** | [I. Business Review](index=18&type=section&id=I.%20Business%20Review) This section reviews the Group's operational performance, including heating business, construction, maintenance, design, safety management, and technology and R&D [(I) Heating Business](index=18&type=section&id=(I)%20Heating%20Business) The Group's heating business achieved steady growth in H1 2025, with increases in heating area and customer numbers, and revenue growing by 2.89% year-on-year - As of June 30, 2025, the Group's heating area was **69.826 million square meters**, a year-on-year increase of **3.54%**[35](index=35&type=chunk) - The number of heating customers was **572,273 households**, a year-on-year increase of **3.59%**[35](index=35&type=chunk) - Heating business revenue was **RMB 926.33 million**, a year-on-year increase of **2.89%**[35](index=35&type=chunk) Heating Customer Numbers and Revenue Contribution (June 30, 2025 vs June 30, 2024) | Customer Type | 2025 H1 Customer Count | % of Heating & Heat Transmission Revenue | 2024 H1 Customer Count | % of Heating & Heat Transmission Revenue | | :--- | :--- | :--- | :--- | :--- | | Residential users | 505,761 | 88.38% | 493,789 | 89.38% | | Non-residential users | 66,512 | 11.62% | 58,659 | 10.62% | | **Total** | **572,273** | **100%** | **552,448** | **100%** | - In H1 2025, the Group purchased a total of **12.41 million gigajoules** of heat sources, of which **11.28 million gigajoules** were used for heating production[38](index=38&type=chunk) - Approximately **1.13 million gigajoules** of heat were resold, generating heat transmission fees of **RMB 6.30 million**[39](index=39&type=chunk) Purchased Heat Usage Data (H1 2025 vs H1 2024) | Item | 2025 Jan-Jun (Gigajoules) | 2024 Jan-Jun (Gigajoules) | | :--- | :--- | :--- | | Estimated heat purchase quota | 13,670,000 | 13,900,000 | | Transferred heat purchase quota | 1,128,955 | 1,152,499 | | Actual consumption | 11,282,780 | 11,557,948 | | Total heat purchased | 12,411,736 | 12,710,447 | | Utilization rate | 82.54% | 83.15% | [(II) Construction, Maintenance, Design, and Other Services](index=20&type=section&id=(II)%20Construction%2C%20Maintenance%2C%20Design%2C%20and%20Other%20Services) The Group's construction, maintenance, design, and other services revenue significantly grew by 39.60% in H1 2025, undertaking several key engineering projects - Revenue from this business was **RMB 8.80 million**, a year-on-year increase of **39.60%**[41](index=41&type=chunk) - In the first half of the year, a total of 15 engineering construction projects, 2 engineering maintenance projects, and 9 design service projects were undertaken, including key projects such as the "Changchun Aviation Expo Park Pipeline Network Project"[41](index=41&type=chunk) [(III) Safety Management](index=20&type=section&id=(III)%20Safety%20Management) The Group prioritized safety production in H1 2025, fully implementing government directives, and experienced no major safety accidents during the reporting period - The Group fully implemented the decisions and deployments of government departments at all levels regarding safety production and strictly fulfilled its safety production management responsibilities[42](index=42&type=chunk) - No major safety accidents occurred during the reporting period[42](index=42&type=chunk) [(IV) Technology and R&D](index=20&type=section&id=(IV)%20Technology%20and%20R%26D) The Group made progress in environmental facility upgrades and equipment management digitalization, achieving ultra-low emission standards for boilers and independently developing an equipment ledger management system, obtaining two utility model patents - Completed SCR ultra-low emission modification tests for 15 boilers in 3 boiler rooms, all meeting national super emission standards, expected to significantly reduce particulate matter, sulfur dioxide, and nitrogen oxide emissions[43](index=43&type=chunk) - The independently developed "Equipment Ledger Management System" was fully optimized and put into use, achieving refined and convenient equipment management[44](index=44&type=chunk) - Obtained **2 utility model patents** issued by the National Intellectual Property Administration during the reporting period[45](index=45&type=chunk) [II. Analysis of Financial Position and Operating Results](index=21&type=section&id=II.%20Analysis%20of%20Financial%20Position%20and%20Operating%20Results) This section analyzes the Group's financial performance, covering revenue, other income, operating costs, gross profit, expenses, and liquidity [(I) Revenue](index=21&type=section&id=(I)%20Revenue) The Group's total revenue for H1 2025 was RMB 935.13 million, a 3.14% year-on-year increase, primarily driven by increased heating business revenue - For the six months ended June 30, 2025, the Group's revenue was **RMB 935.13 million**, a year-on-year increase of **3.14%**[46](index=46&type=chunk) - The increase in revenue was mainly due to the increase in heating business revenue[46](index=46&type=chunk) Revenue Details by Segment (H1 2025 vs H1 2024) | Segment | 2025 (RMB million) | 2024 (RMB million) | Change Rate | | :--- | :--- | :--- | :--- | | Heating | 926.33 | 900.32 | 2.89% | | Construction, maintenance, and design services | 8.80 | 6.31 | 39.60% | | **Total** | **935.13** | **906.63** | **3.14%** | [(II) Other Income and Net Other Gains](index=22&type=section&id=(II)%20Other%20Income%20and%20Net%20Other%20Gains) The Group's other income and net other gains increased by 34.00% year-on-year in H1 2025, driven by higher government subsidies and bank deposit interest income - For the six months ended June 30, 2025, other income and net other gains were **RMB 15.54 million**, a year-on-year increase of **34.00%**[49](index=49&type=chunk) - The increase was mainly due to increased government subsidies, such as heating subsidies (**+47.20%**), and increased interest income from bank deposits (**+29.90%**)[49](index=49&type=chunk) [(III) Operating Costs](index=22&type=section&id=(III)%20Operating%20Costs) The Group's operating costs increased by 8.58% year-on-year in H1 2025, primarily due to higher heat purchase costs, coal costs, depreciation and amortization, and utility fees in the heating business [Operating Costs of Heating Business](index=22&type=section&id=Operating%20Costs%20of%20Heating%20Business) Operating Costs by Business Segment (H1 2025 vs H1 2024) | Segment | 2025 (RMB million) | 2024 (RMB million) | Change Rate | | :--- | :--- | :--- | :--- | | Heating | 735.22 | 680.33 | 8.07% | | Construction, maintenance, and design services | 10.25 | 6.26 | 63.78% | | **Total** | **745.47** | **686.59** | **8.58%** | Heating Sales Cost Details (H1 2025 vs H1 2024) | Item | 2025 (RMB million) | 2024 (RMB million) | Change Rate | | :--- | :--- | :--- | :--- | | Heat purchase cost | 436.96 | 419.78 | 4.09% | | Coal | 46.13 | 20.77 | 122.10% | | Maintenance and repair | 6.90 | 6.86 | 0.47% | | Labor | 76.84 | 76.64 | 0.25% | | Depreciation and amortization | 69.06 | 64.12 | 7.70% | | Utilities | 49.38 | 44.79 | 10.25% | | Input tax transfer out | 29.75 | 28.79 | 3.32% | | Other | 20.21 | 18.58 | 8.79% | | **Total** | **735.22** | **680.33** | **8.07%** | - The **4.09% increase in heat purchase cost** was mainly due to increased heat source consumption from expanded heating area[54](index=54&type=chunk) - The **122.10% increase in coal cost** was mainly due to the addition of new peak-shaving coal-fired boilers and increased coal consumption in the current period[55](index=55&type=chunk) - The **7.70% increase in depreciation and amortization cost** was mainly due to new fixed asset investments in the prior and current periods[56](index=56&type=chunk) - The **10.25% increase in utility costs** was mainly due to the continuous expansion of heating area[56](index=56&type=chunk) [Construction, Maintenance, and Design Services Costs](index=24&type=section&id=Construction%2C%20Maintenance%2C%20and%20Design%20Services%20Costs) - Operating costs for construction, maintenance, and design services were **RMB 10.25 million**, a year-on-year increase of **63.78%**, largely consistent with the increase in revenue from this business[57](index=57&type=chunk) [(IV) Gross Profit and Gross Margin](index=24&type=section&id=(IV)%20Gross%20Profit%20and%20Gross%20Margin) The Group's gross profit for H1 2025 was RMB 189.67 million, a 13.80% year-on-year decrease, primarily due to increased coal-fired heating proportion and rising costs from new peak-shaving coal-fired boilers - For the six months ended June 30, 2025, the Group's gross profit was **RMB 189.67 million**, a year-on-year decrease of **13.80%**[58](index=58&type=chunk) - The decrease in gross profit was mainly due to the addition of new peak-shaving coal-fired boilers in the current period, leading to an increased proportion of coal-fired heating and higher costs[58](index=58&type=chunk) [(V) Administrative Expenses](index=25&type=section&id=(V)%20Administrative%20Expenses) The Group's administrative expenses for H1 2025 were RMB 42.70 million, remaining largely stable with a slight decrease of 1.21% compared to the same period last year - For the six months ended June 30, 2025, the Group's administrative expenses were **RMB 42.70 million**, a year-on-year decrease of **1.21%**[59](index=59&type=chunk) [(VI) Finance Costs](index=25&type=section&id=(VI)%20Finance%20Costs) The Group's finance costs significantly increased by 446.07% to RMB 9.40 million in H1 2025, primarily due to higher interest expenses from increased bank loans - For the six months ended June 30, 2025, the Group's finance costs were **RMB 9.40 million**, a year-on-year increase of **446.07%**[60](index=60&type=chunk) - The increase was mainly due to an increase in bank loans in the current period compared to the prior period, leading to higher interest expenses[60](index=60&type=chunk) [(VII) Income Tax Expense](index=25&type=section&id=(VII)%20Income%20Tax%20Expense) The Group's income tax expense for H1 2025 was RMB 36.73 million, a 30.00% year-on-year decrease, primarily due to a decline in total profit - For the six months ended June 30, 2025, the Group's income tax expense was **RMB 36.73 million**, a year-on-year decrease of **30.00%**[61](index=61&type=chunk) - The decrease was mainly due to the decrease in total profit for the current period[61](index=61&type=chunk) [(VIII) Profit for the Period](index=25&type=section&id=(VIII)%20Profit%20for%20the%20Period) The Group's profit for H1 2025 was RMB 106.90 million, a 27.84% year-on-year decrease, mainly impacted by lower gross profit and increased provision for doubtful accounts - For the six months ended June 30, 2025, the Group's profit for the period was **RMB 106.90 million**, a year-on-year decrease of **27.84%**[62](index=62&type=chunk) - The decrease was mainly due to a **RMB 30.07 million decrease in gross profit** compared to the same period last year, and an additional **RMB 23.84 million provision for doubtful accounts** in the current period compared to the prior year[62](index=62&type=chunk) [(IX) Profit Attributable to Owners of the Company](index=25&type=section&id=(IX)%20Profit%20Attributable%20to%20Owners%20of%20the%20Company) The Group's profit attributable to owners of the Company for H1 2025 was RMB 106.90 million, a 27.84% year-on-year decrease, consistent with the profit for the period - For the six months ended June 30, 2025, the profit attributable to owners of the Company was **RMB 106.90 million**, a year-on-year decrease of **27.84%**[63](index=63&type=chunk) - The profit attributable to owners of the Company is consistent with the profit for the period[63](index=63&type=chunk) [(X) Liquidity and Capital Resources](index=25&type=section&id=(X)%20Liquidity%20and%20Capital%20Resources) The Group's cash and cash equivalents decreased by 16.88% in H1 2025, primarily due to increased cost expenditures from new peak-shaving coal-fired boilers - As of June 30, 2025, the Group held cash and cash equivalents of **RMB 460.36 million**, a decrease of **16.88%** compared to December 31, 2024[64](index=64&type=chunk) - The decrease was mainly due to the addition of new peak-shaving coal-fired boilers in the current period, leading to an increased proportion of coal-fired heating and higher cost expenditures[64](index=64&type=chunk) [(XI) Capital Expenditures](index=26&type=section&id=(XI)%20Capital%20Expenditures) The Group's capital expenditures significantly increased by 106.17% in H1 2025, primarily due to the purchase of coal-fired boilers from the controlling shareholder - For the six months ended June 30, 2025, the Group's capital expenditures were **RMB 124.03 million**, a year-on-year increase of **106.17%**[65](index=65&type=chunk) - The increase was mainly due to the Group's purchase of coal-fired boilers from the controlling shareholder in the current period, leading to increased capital expenditures[65](index=65&type=chunk) [(XII) Capital Structure](index=26&type=section&id=(XII)%20Capital%20Structure) As of June 30, 2025, the Group's owners' equity increased, total interest-bearing bank borrowings amounted to RMB 548 million, and cash and cash equivalents exceeded total interest-bearing liabilities - As of June 30, 2025, the Group's owners' equity was **RMB 1,150.06 million**, an increase of **RMB 106.90 million** compared to December 31, 2024[66](index=66&type=chunk) - Total interest-bearing bank and other borrowings amounted to approximately **RMB 548.00 million**, with fixed interest rates ranging from **3.2% to 3.9% per annum**[66](index=66&type=chunk) - As of June 30, 2025, the Group's cash and cash equivalents exceeded its total interest-bearing liabilities[66](index=66&type=chunk) [(XIII) Significant Acquisitions and Disposals](index=26&type=section&id=(XIII)%20Significant%20Acquisitions%20and%20Disposals) During the reporting period, the Group completed an acquisition of coal-fired boilers and other assets, and disclosed three proposed asset acquisitions related to the controlling shareholder group, all constituting connected and major transactions, but not yet completed - On January 15, 2025, the Company completed the acquisition of certain buildings, coal-fired boilers, and ancillary equipment from Changchun Heating Group for a consideration of **RMB 82,886,461.00**[67](index=67&type=chunk) - The Company proposes to acquire land, pipelines, machinery and equipment, and vehicles from Changchun Heating Group for a consideration of **RMB 113,930,021.65** (Proposed Acquisition I)[68](index=68&type=chunk) - Yatai Heating, a wholly-owned subsidiary of the Company, proposes to acquire machinery and equipment from Changchun Heating Group for a consideration of **RMB 16,457,865.00** (Proposed Acquisition II)[69](index=69&type=chunk) - The Company proposes to acquire machinery and equipment from Jilin Heating for a consideration of **RMB 475,980.76** (Proposed Acquisition III)[70](index=70&type=chunk) - The aforementioned proposed acquisitions all constitute connected transactions, and together with the previous acquisition, constitute major transactions for the Company, none of which were completed as of the announcement date[70](index=70&type=chunk)[71](index=71&type=chunk) [(XIV) Pledge of Assets](index=27&type=section&id=(XIV)%20Pledge%20of%20Assets) As of June 30, 2025, the Group had no pledged assets - As of June 30, 2025, the Group had no pledged assets[72](index=72&type=chunk) [(XV) Contingent Liabilities](index=27&type=section&id=(XV)%20Contingent%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[73](index=73&type=chunk) [III. Outlook for H2 2025](index=28&type=section&id=III.%20Outlook%20for%20H2%202025) This section outlines the Group's strategic priorities for the second half of 2025, focusing on core heating business, energy management, and project execution with safety [(I) Focus on Core Heating Business, Strengthen Service Foundation](index=28&type=section&id=(I)%20Focus%20on%20Core%20Heating%20Business%2C%20Strengthen%20Service%20Foundation) The Group will continue to deepen its core heating business in H2, ensuring stable heating operations, optimizing user services, proactively stocking coal for winter peak shaving, and improving the emergency response system - Continue to deepen the core heating business, comprehensively ensure stable operation of heating production, and continuously optimize user service processes and quality based on user needs[74](index=74&type=chunk) - Plan ahead and scientifically deploy winter peak-shaving coal reserves to ensure sufficient and stable coal supply[74](index=74&type=chunk) - Further improve the heating emergency response system to enhance the ability to respond to sudden heating failures[74](index=74&type=chunk) [(II) Strengthen Energy Management, Uncover Cost Reduction Potential](index=28&type=section&id=(II)%20Strengthen%20Energy%20Management%2C%20Uncover%20Cost%20Reduction%20Potential) The Group prioritizes energy management as key to improving efficiency, aiming to reduce energy consumption, enhance boiler efficiency, and achieve cost reduction through refined management, technological innovation, and real-time monitoring - Prioritize energy management as a key link to enhance corporate efficiency, effectively reduce energy consumption through refined management, technological innovation, and other means[75](index=75&type=chunk) - Strengthen real-time analysis and dynamic control of key indicators such as "water, electricity, heat, and coal"[75](index=75&type=chunk) - Increase efforts in equipment maintenance and technical transformation to improve boiler energy efficiency and achieve cost reduction targets[75](index=75&type=chunk) [(III) Accelerate Project Progress, Strictly Adhere to Safety Bottom Line](index=28&type=section&id=(III)%20Accelerate%20Project%20Progress%2C%20Strictly%20Adhere%20to%20Safety%20Bottom%20Line) The Group will accelerate key engineering project construction, optimize construction organization, and strictly implement safety production responsibility systems, strengthening risk control to achieve a zero-accident goal - Intensify efforts to advance key engineering construction, optimize construction organization, and ensure all projects are implemented smoothly as planned[76](index=76&type=chunk) - Strictly implement the safety production responsibility system, fully implementing "dual responsibilities for one position"[76](index=76&type=chunk) - Strengthen risk-based hierarchical control and hidden danger investigation and rectification, establish a normalized and institutionalized safety inspection mechanism to ensure the achievement of a zero-accident goal[76](index=76&type=chunk) [IV. Events After Reporting Period](index=29&type=section&id=IV.%20Events%20After%20Reporting%20Period) No significant events occurred after the reporting period other than those disclosed in this announcement - Except as disclosed in this announcement, there were no significant events after the reporting period[77](index=77&type=chunk) [Other Information](index=29&type=section&id=Other%20Information) This section covers additional information including interim dividends, corporate governance compliance, securities transactions, interim results review, and articles of association amendments [Interim Dividend](index=29&type=section&id=Interim%20Dividend) The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025 - The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025[78](index=78&type=chunk) [Compliance with Corporate Governance Code](index=29&type=section&id=Compliance%20with%20Corporate%20Governance%20Code) The Company generally complied with the Corporate Governance Code during the reporting period, with the General Manager position briefly vacant before a new appointment restored compliance - The Company has complied with the code provisions set out in Appendix C1, Part 2 of the Listing Rules, "Corporate Governance Code," during the reporting period, except for a brief vacancy in the General Manager position[79](index=79&type=chunk) - Since April 16, 2025, Mr. Zhang Liming has been appointed as the General Manager of the Company, and the Company has re-complied with code provision C.2.1 of the Corporate Governance Code[79](index=79&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities or Redeemable Securities](index=29&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities%20or%20Redeemable%20Securities) For the six months ended June 30, 2025, neither the Company nor its subsidiaries purchased, sold, or redeemed any of its listed or redeemable securities, nor did it hold any treasury shares - For the six months ended June 30, 2025, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities or redeemable securities[80](index=80&type=chunk) - As of June 30, 2025, the Company did not hold any treasury shares[80](index=80&type=chunk) [Review of Interim Results](index=29&type=section&id=Review%20of%20Interim%20Results) The Company's Audit Committee and independent auditor have reviewed the interim results for the six months ended June 30, 2025, and agreed with the accounting treatments adopted - The Audit Committee comprises three members, with Mr. Chen Shenghui, an independent non-executive director, serving as Chairman[81](index=81&type=chunk) - The Company's Audit Committee and its independent auditor have reviewed the Group's interim results for the six months ended June 30, 2025, and agreed with the accounting treatments adopted by the Company[81](index=81&type=chunk) [Amendments to Articles of Association](index=30&type=section&id=Amendments%20to%20Articles%20of%20Association) The Company's Articles of Association were revised on May 16, 2025, with the latest version available on the company and HKEX websites - The Company's Articles of Association were revised at the 2024 Annual General Meeting held on May 16, 2025[82](index=82&type=chunk) - The latest version of the Articles of Association is also available on the Company's website and the HKEX website[82](index=82&type=chunk) [Definitions](index=30&type=section&id=Definitions) This section provides definitions for key terms used throughout the report, ensuring clarity and consistent understanding - This section provides definitions for key terms used in the report, including Articles of Association, Enterprise Accounting Standards, Board, China, Changchun Heating Group, the Company, Controlling Shareholder Group, Directors, the Group, Heating Service Area, Hong Kong, HKEX, Jilin Heating, Listing Rules, Reporting Period, RMB, Shares, Shareholders, Yatai Heating, and percentage symbol[83](index=83&type=chunk)[86](index=86&type=chunk)[84](index=84&type=chunk)[85](index=85&type=chunk)

（ 於中華人民共和國註冊成立的股份有限公司） （股份代號：1853） 有關2025年第一次臨時股東大會通告的澄清公告 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完整性亦不 發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因依賴該等內容而引致的任何損失 承擔任何責任。 Jilin Province Chuncheng Heating Company Limited * 吉 林 省 春 城 熱 力 股 份 有 限 公 司 承董事會命 吉林省春城熱力股份有限公司 聯席公司秘書 萬滔 中國吉林，2025年8月25日 茲提述吉林省春城熱力股份有限公司（「本公司」）於2025年8月25日刊發的2025年第一次臨時 股東大會（「臨時股東大會」）通告（「臨時股東大會通告」）及通函（「該通函」）所載的臨時股東 大會通告。 本 公 司 謹 此 澄 清 ， 臨 時 股 東 大 會 通 告 附 註 1 所 載 的 暫 停 辦 理 股 份 過 戶 登 記 手 續 期 間 由 於 不 慎的筆誤而存在錯誤表述，應表述為「本公司將於2025年9月5日（星期五）至2025年9月10日 ...

Jilin Province Chuncheng Heating Company Limited* 吉林省春城熱力股份有限公司 (A joint stock limited liability company incorporated in the People's Republic of China) （於中華人民共和國註冊成立的股份有限公司） (Stock code 股份代號: 1853) FIRST EXTRAORDINARY GENERAL MEETING OF 2025 HELD ON WEDNESDAY, 10 SEPTEMBER 2025 於2025年9月10日（星期三）舉行的2025年第一次臨時股東大會 PROXY FORM 代表委任表格 I/We, being the registered holder(s) in the capital of the Company, hereby appoint the Chairman of the meeting (Note 3 and 4) or the proxy as specified below to act as my/our proxy ...