此 乃 要 件 請 即 處 理 建議變更所得款項的用途； 建議發行公司境內債券； 以及 2025年第一次臨時股東大會通告 董事會函件載於本通函第3至第9頁。本公司臨時股東大會訂於2025年9月24日（星期三）下午三時假座中國山西省 轉型綜合改革示範區新化路8號山西安裝辦公樓二層東側會議室舉行臨時股東大會「臨時股東大會」），臨時股東 大 會 通 告 及 臨 時 股 東 大 會 適 用 的 代 表 委 任 表 格 已 於 2025 年 9 月 8 日（星 期 一）刊 載 於 香 港 交 易 所 網 站(www.hkexnews.hk)及本公司網站(www.sxaz.com.cn)。 閣下如對本通函任何方面或應採取之行動有任何疑問，應諮詢 閣下的持牌證券交易商或註冊證券交易機構、 銀行經理、律師、專業會計師或其他專業顧問的獨立意見。 閣下如已將名下的山西省安裝集團股份有限公司股份全部售出或轉讓，應立即將本通函及隨附的代表委任表格 送交買主或承讓人或經手買賣或轉讓的銀行、股票經紀或其他代理商，以便轉交買主或承讓人。 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通函之內容概不負責，對其準確性或完整性亦不發 表任 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何 部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Shanxi Installation Group Co., Ltd. 山西省安裝集團股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2520） 建議發行公司境內債券 3. 建議發行公司境內債券之原因及裨益 發行公司債券有助於本公司樹立良好的資本市場形象和聲譽，得到資本市場廣 大投資者和廣大上下游合作方的認可與信心提振，並通過打通資本市場直接融 資渠道，為本公司以後進一步利用資本市場籌集資金奠定堅實基礎。 4. 其他事項 本公司將適時於本公司及聯交所網站刊發載有（其中包括）建議發行公司境內債 券及舉行股東會的通告等詳情的通函。 建議發行公司境內債券可能會或不會進行，因此股東和投資者在進行本公司股份交 易時務請審慎行事。 1. 背景 山西省安裝集團股份有限公司（「本公司」）董事會（「董事會」）宣佈，董事會通過 決議，將提呈本公司股東（「股東」）審議及批准本公司發行本金總額不超過人民 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何 部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 茲提述山西省安裝集團股份有限公司（「本公司」）日期為2025年8月27日的公告（「該 公告」），內容有關建議變更本公司全球發售的所得款項用途。除另有所指者外，本 公告所用詞匯與該公告所界定者具有相同涵義。 本公司將於2025年9月24日（星期三）召開本公司2025年第一次臨時股東大會（「臨時 股東大會」），藉以（其中包括）考慮及酌情批准有關建議變更所得款項用途的決議 案。 為釐定出席臨時股東大會並於會上投票的資格，本公司將於2025年9月19日（星期 五）至2025年9月24日（星期三）（包括首尾兩日）暫停辦理本公司H股（「H股」）股東登 記手續，期間將不會辦理H股過戶手續。於2025年9月19日（星期五）名列於本公司H 股股東名冊的H股持有人均有權出席臨時股東大會。有意出席臨時股東大會的未登 記股東，須不遲於2025年9月18日（星期四）下午四時三十分將所有股票及相關過戶 文件送交本公司位於香港的H股 ...

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: 山西省安裝集團股份有限公司 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) | 02520 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 373,486,000 | RMB | | 1 RMB | | 373,486,000 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 373,486,000 | RMB | | 1 RMB | | 373,486,000 | | 2. 股份分類 | 普通股 | 股份類別 | 其他類別 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部 分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 Shanxi Installation Group Co., Ltd. 山西省安裝集團股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2520） 海外監管公告 於其他市場披露的資料 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條的披露義務而作 出。 茲載列山西山安藍天節能科技股份有限公司日期為2025年8月28日，於全國中小企 業股份轉讓系統網站（www.neeq.com.cn）刊登的《山安藍天：2025年半年度報告》， 僅供參閱。山西山安藍天節能科技股份有限公司為本公司的附屬公司。 承董事會命 山西省安裝集團股份有限公司 董事長兼執行董事 任銳先生 中國山西，2025年8月28日 截至本公告日期，本公司董事會由以下成員組成：(i)執行董事任銳先生及張琰先 生；(ii)非執行董事徐官師先生、張宏杰先生、慕建偉先生及馮成先生；及(iii)獨立 非執行董事王景明先生、 ...

Group 1 - The core point of the article is that Shanxi Installation (02520) reported a decline in both revenue and net profit for the six months ending June 30, 2025 [1] Group 2 - The company's operating revenue was RMB 5.614 billion, representing a year-on-year decrease of 6.6% [1] - The net profit attributable to shareholders was RMB 63.283 million, down 29.3% year-on-year [1] - Earnings per share were reported at RMB 0.05 [1]

Group 1 - The core viewpoint of the article is that Shanxi Installation (02520) reported a decline in both revenue and net profit for the six months ending June 30, 2025 [1] - The company's operating revenue was RMB 5.614 billion, representing a year-on-year decrease of 6.6% [1] - The net profit attributable to shareholders was RMB 63.283 million, which is a year-on-year decrease of 29.3% [1] - Earnings per share stood at RMB 0.05 [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何 部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Shanxi Installation Group Co., Ltd. 山西省安裝集團股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2520） 建議變更所得款項的用途 茲提述山西省安裝集團股份有限公司（「本公司」，連同其附屬公司，統稱「本集團」） 日期為2023年11月10日的招股章程（「招股章程」），內容有關（其中包括）本公司全球 發售（「全球發售」）的所得款項淨額及其用途；本公司日期為2023年11月21日的公 告，內容有關全球發售的發售價及配發結果；本公司日期為2023年12月15日的公 告，內容有關部分行使超額配股權（統稱「該等公告」）；及本公司2024年年度報告 （「2024年年度報告」）。除另有界定者外，本公告所用詞匯與招股章程及2024年年度 報告所界定者具有相同涵義。 建議變更所得款項用途 誠如2024年年度報告及該等公告所述，經扣除包銷佣金及本公司就本公司全球發 ...

[Financial Summary](index=1&type=section&id=%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%81) During the reporting period, the company's operating revenue decreased by 6.6% year-on-year, net profit and net profit attributable to owners of the parent decreased by 21.9% and 29.3% respectively, basic earnings per share was RMB 0.05, and gross profit margin slightly increased to 10.7% | Indicator | Jan-Jun 2025 (RMB thousands) | Jan-Jun 2024 (RMB thousands) | Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 5,614,375 | 6,012,233 | –6.6% | | Gross Profit | 598,678 | 601,753 | –0.5% | | Net Profit | 90,348 | 115,743 | –21.9% | | Net Profit Attributable to Owners of the Parent | 63,283 | 89,474 | –29.3% | | Gross Profit Margin | 10.7% | 10.0% | 7.0% | | Net Sales Margin | 1.6% | 1.9% | –15.8% | | Basic Earnings Per Share | 0.05 | 0.07 | –28.6% | [Interim Consolidated Financial Statements](index=2&type=section&id=%E4%B8%AD%E6%9C%9F%E5%90%88%E4%BD%B5%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8) This section presents the unaudited consolidated balance sheet and income statement for the six months ended June 30, 2025, along with comparative data for the corresponding period or year-end of 2024, illustrating the Group's financial position and operating results [Interim Consolidated Balance Sheet](index=2&type=section&id=%E4%B8%AD%E6%9C%9F%E5%90%88%E4%BD%B5%E8%B3%87%E7%94%A2%E8%B2%A0%E5%82%B5%E8%A1%A8) As of June 30, 2025, the Group's total assets increased to RMB 25,143,796 thousand, with both current and non-current assets growing; total liabilities also increased, with both current and non-current liabilities rising; total equity attributable to owners of the parent amounted to RMB 2,840,790 thousand | Indicator | Jun 30, 2025 (RMB thousands) | Dec 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | **Assets** | | | | Total Current Assets | 17,850,872 | 17,189,428 | | Total Non-current Assets | 7,292,924 | 6,934,733 | | **Total Assets** | **25,143,796** | **24,124,161** | | **Liabilities** | | | | Total Current Liabilities | 17,873,952 | 17,501,970 | | Total Non-current Liabilities | 3,866,496 | 3,278,835 | | **Total Liabilities** | **21,740,448** | **20,780,805** | | **Shareholders' Equity** | | | | Total Equity Attributable to Owners of the Parent | 2,840,790 | 2,764,218 | | Non-controlling Interests | 562,558 | 579,138 | | **Total Equity** | **3,403,348** | **3,343,356** | | **Total Liabilities and Shareholders' Equity** | **25,143,796** | **24,124,161** | [Interim Consolidated Income Statement](index=4&type=section&id=%E4%B8%AD%E6%9C%9F%E5%90%88%E4%BD%B5%E5%88%A9%E6%BD%A4%E8%A1%A8) For the six months ended June 30, 2025, the Group's operating revenue was RMB 5,614,375 thousand, a year-on-year decrease of 6.6%; net profit was RMB 90,348 thousand, a year-on-year decrease of 21.9%; and net profit attributable to owners of the parent was RMB 63,283 thousand, a year-on-year decrease of 29.3% | Indicator | Jan-Jun 2025 (RMB thousands) | Jan-Jun 2024 (RMB thousands) | | :--- | :--- | :--- | | Operating Revenue | 5,614,375 | 6,012,233 | | Cost of Sales | 5,015,697 | 5,410,480 | | Operating Profit | 103,649 | 113,632 | | Total Profit | 103,534 | 113,455 | | Income Tax Expense | 13,186 | –2,288 | | Net Profit | 90,348 | 115,743 | | Net Profit Attributable to Owners of the Parent | 63,283 | 89,474 | | Basic Earnings Per Share (RMB/share) | 0.05 | 0.07 | [Notes to the Financial Statements](index=6&type=section&id=%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8%E9%99%84%E8%A8%BB) This section details the basis of financial statement preparation, the composition and changes of key accounting items (such as accounts receivable, contract assets, accounts payable, employee benefits, taxes and fees), and specifics of operating revenue, costs, expenses, and income tax, along with applicable tax incentives [Company Information](index=6&type=section&id=%E5%85%AC%E5%8F%B8%E8%B3%87%E6%96%99) Shanxi Installation Group Co., Ltd. was established in November 1989, restructured into a joint-stock company in 2021, and listed on the Main Board of the Hong Kong Stock Exchange (stock code: 2520) in November 2023; its primary business is construction, including professional industrial engineering, professional supporting engineering, other engineering contracting, and non-engineering businesses, with its ultimate controlling party being the State-owned Assets Supervision and Administration Commission of Shanxi Provincial People's Government - The company was listed on the Main Board of the Hong Kong Stock Exchange in November 2023, stock code **02520**[15](index=15&type=chunk) - The company's main business is construction, including professional industrial engineering, professional supporting engineering, other engineering contracting, and non-engineering businesses[15](index=15&type=chunk) - The ultimate controlling party is the State-owned Assets Supervision and Administration Commission of Shanxi Provincial People's Government[15](index=15&type=chunk) [Basis of Preparation of Financial Statements](index=6&type=section&id=%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8%E7%9A%84%E7%B7%A8%E8%A3%BD%E5%9F%BA%E7%A4%8E) The financial statements are prepared in accordance with China Accounting Standards for Business Enterprises, complying with disclosure requirements of the China Securities Regulatory Commission and the Hong Kong Stock Exchange, on a going concern basis, using accrual accounting and historical cost measurement, with provisions for asset impairment - Financial statements are prepared in accordance with China Accounting Standards for Business Enterprises and comply with disclosure requirements of the China Securities Regulatory Commission and the Hong Kong Stock Exchange[17](index=17&type=chunk) - The statements are prepared on a going concern basis, using accrual accounting and historical cost measurement[18](index=18&type=chunk)[19](index=19&type=chunk) [Accounts Receivable](index=7&type=section&id=%E6%87%89%E6%94%B6%E8%B3%87%E6%AC%BE) As of June 30, 2025, the carrying value of accounts receivable increased to RMB 6,588,072 thousand from RMB 5,960,673 thousand on December 31, 2024; total impairment provision for bad debts was RMB 470,597 thousand, with an expected credit loss rate of 6.67%; accounts receivable within 1 year constituted the largest portion, but the loss rate for accounts over 5 years old was 100% | Indicator | Jun 30, 2025 (RMB thousands) | Dec 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Carrying Value of Accounts Receivable | 6,588,072 | 5,960,673 | | Total Impairment Provision for Bad Debts | 470,597 | 443,672 | | Total Expected Credit Loss Rate | 6.67% | 6.93% | | Ageing | Jun 30, 2025 Carrying Amount (RMB thousands) | Jun 30, 2025 Impairment Provision (RMB thousands) | Jun 30, 2025 Expected Credit Loss Rate (%) | | :--- | :--- | :--- | :--- | | Within 1 year | 3,742,934 | 51,278 | 1.37 | | Over 5 years | 71,614 | 71,614 | 100.00 | [Contract Assets](index=8&type=section&id=%E5%90%88%E5%90%8C%E8%B3%87%E7%94%A2) As of June 30, 2025, total carrying value of contract assets increased to RMB 6,862,155 thousand from RMB 6,425,844 thousand on December 31, 2024, primarily comprising contract assets from construction contracts and retention money receivable | Item | Jun 30, 2025 Carrying Value (RMB thousands) | Dec 31, 2024 Carrying Value (RMB thousands) | | :--- | :--- | :--- | | Contract Assets from Construction Contracts | 7,388,956 | 6,766,924 | | Retention Money Receivable | 897,589 | 882,229 | | Receivables under Service Concession Arrangements | 3,469,631 | 3,357,395 | | Total | 6,862,155 | 6,425,844 | [Accounts Payable](index=9&type=section&id=%E6%87%89%E4%BB%98%E8%B3%87%E6%AC%BE) As of June 30, 2025, total accounts payable increased to RMB 10,131,027 thousand from RMB 9,492,423 thousand on December 31, 2024, with accounts payable within 1 year being the largest portion, while amounts for 1-2 years and over 3 years also significantly increased | Ageing | Jun 30, 2025 (RMB thousands) | Dec 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Within 1 year | 4,961,438 | 6,451,451 | | 1–2 years | 2,993,790 | 1,716,576 | | 2–3 years | 1,146,104 | 675,729 | | Over 3 years | 1,029,695 | 648,667 | | Total | 10,131,027 | 9,492,423 | [Employee Benefits Payable](index=9&type=section&id=%E6%87%89%E4%BB%98%E8%81%B7%E5%B7%A5%E8%96%AA%E9%85%AC) As of June 30, 2025, the closing balance of employee benefits payable was RMB 70,775 thousand, a decrease from RMB 82,075 thousand at the end of the previous year, with current period additions of RMB 325,650 thousand and reductions of RMB 336,950 thousand | Item | Balance at Previous Year-End (RMB thousands) | Current Period Additions (RMB thousands) | Current Period Reductions (RMB thousands) | Balance at Period-End (RMB thousands) | | :--- | :--- | :--- | :--- | :--- | | Short-term Employee Benefits | 78,536 | 282,167 | 293,596 | 67,107 | | — Defined Contribution Plans Post-employment Benefits | 319 | 41,693 | 41,564 | 448 | | Termination Benefits | 3,220 | 1,790 | 1,790 | 3,220 | | Total | 82,075 | 325,650 | 336,950 | 70,775 | [Taxes Payable](index=10&type=section&id=%E6%87%89%E4%BA%A4%E7%A8%85%E8%B2%BB) As of June 30, 2025, total taxes payable decreased to RMB 51,667 thousand from RMB 57,554 thousand on December 31, 2024, with corporate income tax and urban maintenance and construction tax decreasing, while VAT and individual income tax increased | Tax Item | Jun 30, 2025 (RMB thousands) | Dec 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Corporate Income Tax | 15,347 | 26,497 | | Value-Added Tax | 16,432 | 11,532 | | Individual Income Tax | 13,325 | 12,490 | | Urban Maintenance and Construction Tax | 2,125 | 2,293 | | Total | 51,667 | 57,554 | [Other Payables](index=10&type=section&id=%E5%85%B6%E4%BB%96%E6%87%89%E4%BB%98%E6%AC%BE) As of June 30, 2025, total other payables decreased to RMB 522,992 thousand from RMB 583,394 thousand on December 31, 2024, with dividends payable remaining unchanged, while other payables (such as deposits received, amounts due to related parties, and amounts due to staff) varied | Item | Jun 30, 2025 (RMB thousands) | Dec 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Dividends Payable | 71,678 | 71,678 | | Other Payables | 451,314 | 511,716 | | Total | 522,992 | 583,394 | [Operating Revenue and Cost of Sales](index=11&type=section&id=%E7%87%9F%E6%A5%AD%E6%94%B6%E5%85%A5%E5%92%8C%E7%87%9F%E6%A5%AD%E6%88%90%E6%9C%AC) For January-June 2025, the Group's operating revenue was RMB 5,614,375 thousand and cost of sales was RMB 5,015,697 thousand, both decreasing year-on-year; main business revenue accounted for the majority, with professional industrial engineering revenue being the highest, but professional supporting engineering and other engineering revenues significantly decreased year-on-year; revenue recognition primarily occurs over time | Item | Jan-Jun 2025 Revenue (RMB thousands) | Jan-Jun 2025 Cost (RMB thousands) | Jan-Jun 2024 Revenue (RMB thousands) | Jan-Jun 2024 Cost (RMB thousands) | | :--- | :--- | :--- | :--- | :--- | | Main Business | 5,588,041 | 5,005,369 | 6,000,273 | 5,408,819 | | Other Businesses | 26,334 | 10,328 | 11,960 | 1,661 | | Total | 5,614,375 | 5,015,697 | 6,012,233 | 5,410,480 | | Main Type | Jan-Jun 2025 Revenue (RMB thousands) | Jan-Jun 2024 Revenue (RMB thousands) | | :--- | :--- | :--- | | Professional Industrial Engineering | 4,069,822 | 3,996,675 | | Professional Supporting Engineering | 534,251 | 749,831 | | Other Engineering | 499,658 | 753,022 | | Non-engineering Business | 484,310 | 500,745 | - Revenue recognition primarily occurs over time, amounting to **RMB 5,103,731 thousand** for January-June 2025[39](index=39&type=chunk) [Taxes and Surcharges](index=12&type=section&id=%E7%A8%85%E9%87%91%E5%8F%8A%E9%99%84%E5%8A%A0) For January-June 2025, total taxes and surcharges were RMB 14,559 thousand, an 11.6% increase year-on-year, primarily due to higher stamp duty and urban maintenance and construction tax | Item | Jan-Jun 2025 (RMB thousands) | Jan-Jun 2024 (RMB thousands) | | :--- | :--- | :--- | | Property Tax | 2,182 | 3,552 | | Stamp Duty | 3,666 | 2,481 | | Urban Maintenance and Construction Tax | 4,423 | 3,430 | | Education Surcharge | 3,040 | 2,776 | | Total | 14,559 | 13,047 | [Finance Costs](index=13&type=section&id=%E8%B2%A1%E5%8B%99%E8%B2%BB%E7%94%A8) For January-June 2025, finance costs were RMB 38,729 thousand, a significant 37.9% decrease year-on-year, primarily due to reduced interest expenses on bank borrowings | Item | Jan-Jun 2025 (RMB thousands) | Jan-Jun 2024 (RMB thousands) | | :--- | :--- | :--- | | Interest Expense | 173,971 | 197,531 | | Less: Interest Capitalized | 1,455 | 10,453 | | Bank Deposit Interest Income | 8,685 | 9,553 | | PPP Project Interest Income | 127,771 | 114,864 | | Total | 38,729 | 62,394 | - Finance costs decreased by **37.9%** year-on-year, primarily due to reduced interest expenses on bank borrowings[94](index=94&type=chunk) [Income Tax Expense](index=13&type=section&id=%E6%89%80%E5%BE%97%E7%A8%85%E8%B2%BB%E7%94%A8) For January-June 2025, income tax expense was RMB 13,186 thousand, a substantial increase from RMB -2,288 thousand in the prior year, primarily due to higher current income tax expense | Item | Jan-Jun 2025 (RMB thousands) | Jan-Jun 2024 (RMB thousands) | | :--- | :--- | :--- | | Current Income Tax Calculated According to Tax Laws and Regulations | 18,123 | 4,418 | | Deferred Income Tax Expense | –4,937 | –6,706 | | Total | 13,186 | –2,288 | - Income tax expense increased by **RMB 15,474 thousand** year-on-year, primarily due to higher current income tax expense[102](index=102&type=chunk) [Tax Incentives and Approvals](index=14&type=section&id=%E7%A8%85%E6%94%B6%E5%84%AA%E6%83%A0%E5%8F%8A%E6%89%B9%E6%96%87) The company and several subsidiaries (e.g., Shanxi Shan'an Lantian Energy Saving Technology, Gaoping Xinyangtian Photovoltaic Power Generation) obtained High-Tech Enterprise certificates, enjoying a 15% preferential corporate income tax rate; additionally, the company benefits from a 100% super deduction for R&D expenses (200% for intangible asset amortization) - The company and several subsidiaries obtained High-Tech Enterprise certificates, enjoying a **15%** preferential corporate income tax rate[47](index=47&type=chunk) - The company enjoys a super deduction for R&D expenses at **100%** (intangible asset amortization at **200%**)[48](index=48&type=chunk) [Dividends](index=15&type=section&id=%E8%82%A1%E6%81%AF) For the six months ended June 30, 2025, the company had no proposed interim dividends - For the six months ended June 30, 2025, no interim dividends were proposed[49](index=49&type=chunk) [Earnings Per Share](index=15&type=section&id=%E6%AF%8F%E8%82%A1%E6%94%B6%E7%9B%8A) For January-June 2025, both basic and diluted earnings per share were RMB 0.05, a decrease from RMB 0.07 in the prior year | Item | Jan-Jun 2025 | Jan-Jun 2024 | | :--- | :--- | :--- | | Consolidated Net Profit Attributable to Owners of Ordinary Shares of the Parent (thousands) | 63,283 | 89,474 | | Weighted Average Number of Ordinary Shares Outstanding of the Parent (thousands) | 1,373,486 | 1,373,486 | | Basic Earnings Per Share | 0.05 | 0.07 | [Applicable Tax Incentives for Small and Micro Enterprises](index=15&type=section&id=%E9%81%A9%E7%94%A8%E5%B0%8F%E5%BE%AE%E4%BC%81%E6%A5%AD%E7%A8%85%E6%94%B6%E5%84%AA%E6%83%A0) Some of the company's subsidiaries (e.g., Chongqing Shan'an Construction Engineering Co., Ltd.) are eligible for tax incentives for small and micro enterprises, calculating taxable income at 25% and paying corporate income tax at a 20% rate - Some subsidiaries are eligible for tax incentives for small and micro enterprises, calculating taxable income at **25%** and paying corporate income tax at a **20%** rate[51](index=51&type=chunk) [Segment Information](index=16&type=section&id=%E5%88%86%E9%83%A8%E4%BF%A1%E6%81%AF) The Group's operating businesses are divided into construction engineering contracting and non-engineering segments based on internal management requirements; this section discloses each segment's operating revenue, costs, profit, assets, and liabilities, noting the company's low reliance on any single customer [Segment Profit or Loss, Assets and Liabilities](index=16&type=section&id=%E5%88%86%E9%83%A8%E5%88%A9%E6%BD%A4%E6%88%96%E8%99%A7%E6%90%8D%E3%80%81%E8%B3%87%E7%94%A2%E5%8F%8A%E8%B2%A0%E5%82%B5) In H1 2025, the construction engineering contracting segment reported operating revenue of RMB 5,243,585 thousand and operating profit of RMB 82,458 thousand; the non-engineering segment reported operating revenue of RMB 596,664 thousand and operating profit of RMB 109,953 thousand, with construction engineering segment's revenue and profit decreasing, while non-engineering segment's profit increased | Segment | Jan-Jun 2025 Operating Revenue (RMB thousands) | Jan-Jun 2025 Operating Profit (RMB thousands) | Jan-Jun 2024 Operating Revenue (RMB thousands) | Jan-Jun 2024 Operating Profit (RMB thousands) | | :--- | :--- | :--- | :--- | :--- | | Construction Engineering Contracting Segment | 5,243,585 | 82,458 | 5,590,701 | 12,600 | | Non-engineering Segment | 596,664 | 109,953 | 595,887 | 100,089 | | Total | 5,614,375 | 103,649 | 6,012,233 | 113,632 | | Segment | Jun 30, 2025 Total Assets (RMB thousands) | Jun 30, 2025 Total Liabilities (RMB thousands) | Dec 31, 2024 Total Assets (RMB thousands) | Dec 31, 2024 Total Liabilities (RMB thousands) | | :--- | :--- | :--- | :--- | :--- | | Construction Engineering Contracting Segment | 20,614,809 | 18,338,065 | 21,111,357 | 18,964,806 | | Non-engineering Segment | 8,454,332 | 5,908,412 | 8,640,990 | 6,207,312 | | Total | 25,143,796 | 21,740,448 | 25,786,513 | 22,525,394 | [Reliance on Major Customers](index=17&type=section&id=%E5%B0%8D%E4%B8%BB%E8%A6%81%E5%AE%A2%E6%88%B6%E7%9A%84%E4%BE%9D%E8%B3%B4%E7%A8%8B%E5%BA%A6) As of June 30, 2025, no single customer accounted for more than 10% of total revenue, indicating a diversified customer base and low reliance on any single customer - As of June 30, 2025, no single customer accounted for **10%** or more of total revenue[56](index=56&type=chunk) [Management Discussion and Analysis](index=18&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E8%88%87%E5%88%86%E6%9E%90) This section comprehensively reviews the Group's H1 2025 operating performance, analyzes market performance, strategic layout, and future development directions of each business segment, provides in-depth interpretation of financial conditions, and discusses policy, market, environmental, and compliance risks, along with the talent development system [Overall Performance Summary](index=18&type=section&id=%E6%95%B4%E9%AB%94%E6%A5%AD%E7%B8%BE%E6%A6%82%E8%A6%81) In H1 2025, the Group focused on its 'Quality Empowerment Year' goal, steadily enhancing comprehensive strength, deepening reforms, executing effective market expansion strategies, and improving internal controls, achieving operating revenue of RMB 5,614,375 thousand and profit of RMB 90,348 thousand; new contract value in the new energy sector exceeded RMB 8 billion, with successful implementation of several major projects - In H1 2025, the Group focused on its "Quality Empowerment Year" goal, achieving operating revenue of **RMB 5,614,375 thousand** and profit of **RMB 90,348 thousand**[57](index=57&type=chunk) - New contract value in the new energy sector exceeded **RMB 8 billion**, with successful implementation of Shanxi Airport New Energy Zero-Carbon Airport Project and Changzhi High-tech Zone Green Power Direct Supply Project, among others[57](index=57&type=chunk) [Business Operations Analysis](index=18&type=section&id=%E6%A5%AD%E5%8B%99%E9%81%8B%E7%90%86%E5%88%86%E6%9E%90) The Group made progress in professional industrial engineering, professional supporting engineering, and overseas businesses; professional industrial engineering focused on new energy and chemical sectors, securing several major new contracts; professional supporting engineering actively expanded into clean heating, solid waste disposal, distributed photovoltaic, and water environment governance; overseas business continued to deepen presence in Asia and Africa, with new contract value exceeding RMB 800 million, and expanded cooperation with internationally renowned enterprises [China Professional Industrial Engineering](index=22&type=section&id=%E4%B8%AD%E5%9C%8B%E5%B0%88%E6%A5%AD%E5%B7%A5%E6%A5%AD%E5%B7%A5%E7%A8%8B) China's professional industrial engineering market experienced robust growth, driven by strong development in the new energy and chemical industries; the Group actively participated in wind power, photovoltaic, energy storage, and hydrogen energy projects, and made progress in coal chemical, natural gas chemical, petrochemical, and fine chemical sectors, with the petrochemical industry engineering market size expected to continue expanding [New Energy Industry Engineering](index=22&type=section&id=%E6%96%B0%E8%83%BD%E6%BA%90%E7%94%A2%E6%A5%AD%E5%B7%A5%E7%A8%8B) In H1 2025, China's new energy industry (wind, solar, storage, hydrogen, vehicles) rapidly developed; national wind power added 51.39 GW of grid-connected capacity, with cumulative capacity reaching 573 GW, a 22.7% year-on-year increase; photovoltaic added 212 GW of grid-connected capacity, with cumulative installed capacity of approximately 1,100 GW, a 54.1% year-on-year increase; new energy storage installed capacity grew rapidly, and Shanxi Province designated hydrogen energy as a leading future industry, planning to accelerate wind and photovoltaic project construction - In H1 2025, national wind power added **51.39 GW** of grid-connected capacity, with cumulative capacity reaching **573 GW**, a **22.7%** year-on-year increase[65](index=65&type=chunk) - In H1 2025, national photovoltaic added **212 GW** of grid-connected capacity, with cumulative installed capacity of approximately **1,100 GW**, a **54.1%** year-on-year increase[65](index=65&type=chunk) - Shanxi Province designated hydrogen energy as one of the **7** leading future industries, planning to achieve over **50%** new energy and clean energy installed capacity by 2025[68](index=68&type=chunk) - On January 1, 2025, China's first Energy Law officially came into effect, explicitly including hydrogen energy and green certificates, supporting the development of new energy storage[69](index=69&type=chunk) [Chemical Industry Engineering](index=24&type=section&id=%E5%8C%96%E5%B7%A5%E7%94%A2%E6%A5%AD%E5%B7%A5%E7%A8%8B) China's chemical industry engineering encompasses coal chemical, natural gas chemical, petrochemical, and fine chemical sectors; coal chemical capacity continued to expand in 2024, with total methanol output reaching 70 million tons and extending to high-end products; natural gas chemical and petrochemical industries are transitioning towards high-end refinement and low-carbon sustainable development; fine chemicals are accelerating deployment in high-performance materials; by 2027, China's petrochemical industry engineering market size is projected to reach RMB 2,688.4 billion, with Shanxi Province reaching RMB 103.1 billion - In 2024, China's coal chemical total capacity continued to expand, with total methanol output reaching **70 million tons**, accounting for over **50%** of the global total[70](index=70&type=chunk) - The petrochemical industry is shifting from bulk commodity capacity expansion to high-end refinement, with refining-chemical integration and downstream industrial chain extension as core pathways[71](index=71&type=chunk) - By 2027, China's petrochemical industry engineering market size is projected to reach **RMB 2,688.4 billion**, with Shanxi Province reaching **RMB 103.1 billion**[71](index=71&type=chunk) [China Professional Supporting Engineering](index=26&type=section&id=%E4%B8%AD%E5%9C%8B%E5%B0%88%E6%A5%AD%E9%85%8D%E5%A5%97%E5%B7%A5%E7%A8%8B) China's professional supporting engineering market continues to grow, driven by urbanization and sustained government investment in infrastructure; Shanxi Province faces significant development potential in clean heating, solid waste disposal, distributed photovoltaic, and water environment governance, with accelerating policy support and project construction [Clean Heating](index=26&type=section&id=%E6%B8%85%E6%BD%94%E4%BE%9B%E7%86%B1) Urbanization drives expanding heating market demand, with clean energy heating, industrial waste heat centralized heating, smart heating, and pipeline network upgrades being key future development areas for the heating industry, offering significant economic and environmental benefits - Urbanization drives heating demand, with clean energy heating, industrial waste heat centralized heating, smart heating, and pipeline network upgrades as key future development areas[73](index=73&type=chunk) [Solid Waste Disposal](index=27&type=section&id=%E5%9B%BA%E5%BB%A2%E8%99%95%E7%BD%AE) China's annual construction waste generation exceeds 2 billion tons, with a recycling rate of only 10%-30%, significantly lower than developed countries; the Ministry of Housing and Urban-Rural Development aims for over 50% recycling rate by 2027; with improved legal standards and technological breakthroughs, construction waste recycling will enter a period of rapid, large-scale development, alongside the rapid growth of new solid waste disposal methods - China's annual construction waste generation exceeds **2 billion tons**, with a recycling rate of only **10%-30%**[74](index=74&type=chunk) - The Ministry of Housing and Urban-Rural Development aims for the average recycling rate of construction waste in prefecture-level and above cities nationwide to reach over **50%** by 2027[74](index=74&type=chunk) [Distributed Photovoltaic](index=27&type=section&id=%E5%88%86%E4%BD%88%E5%BC%8F%E5%85%89%E4%BC%8F) Developing renewable energy is a crucial global strategy for energy transition and climate change; the National Energy Administration issued the 'Measures for the Administration of Distributed Photovoltaic Power Generation Development and Construction' to regulate and promote high-quality distributed photovoltaic development; Shanxi Province plans to reach approximately 10 GW of total installed capacity for distributed renewable energy by 2025 - The National Energy Administration issued the "Measures for the Administration of Distributed Photovoltaic Power Generation Development and Construction" to promote high-quality development[76](index=76&type=chunk) - Shanxi Province plans to reach approximately **10 GW** of total installed capacity for distributed renewable energy by 2025[76](index=76&type=chunk) [Water Environment Governance](index=28&type=section&id=%E6%B0%B4%E7%92%B0%E5%A2%83%E6%B2%BB%E7%90%86) The General Office of the CPC Central Committee and the General Office of the State Council issued 'Opinions on Comprehensively Advancing River Protection and Governance,' aiming by 2035 for a complete flood control and disaster reduction system, enhanced water supply security, and overall improvement in ecological environmental quality; Shanxi Province also plans to construct 50 township-level and 650 village-level standardized drinking water sources by 2025, indicating immense future potential in urban and rural water supply, watershed management, industrial wastewater treatment, and reclaimed water reuse projects - The "Opinions on Comprehensively Advancing River Protection and Governance" aim to achieve comprehensive improvements in flood control, water supply security, and ecological environment by **2035**[77](index=77&type=chunk) - Shanxi Province plans to construct **50** township-level and **650** village-level standardized drinking water sources by 2025[77](index=77&type=chunk) [Overseas Construction Market](index=29&type=section&id=%E6%B5%B7%E5%A4%96%E5%BB%BA%E7%AF%89%E5%B8%82%E5%A0%B4) In H1 2025, China's overseas contracted engineering business completed operating revenue of RMB 561.21 billion, a 9.3% year-on-year increase, with new contract value of RMB 933.19 billion, a 13.7% increase; despite high global investment risks, Chinese enterprises enhanced their international influence by adjusting strategies, optimizing investment structures, and seizing green energy transition and digital transformation trends - In H1 2025, China's overseas contracted engineering business completed operating revenue of **RMB 561.21 billion**, a **9.3%** year-on-year increase[78](index=78&type=chunk) - New contract value increased by **13.7%** to **RMB 933.19 billion**[78](index=78&type=chunk) - Chinese enterprises are enhancing international influence by adjusting strategies, optimizing investment structures, and seizing green energy transition and digital transformation trends[79](index=79&type=chunk) [Financial Performance Analysis](index=30&type=section&id=%E8%B2%A1%E5%8B%99%E8%A1%A8%E7%8F%BE%E5%88%86%E6%9E%90) In H1 2025, the Group's operating revenue decreased by 6.6% year-on-year, mainly due to reduced revenue from professional supporting engineering and other engineering; cost of sales decreased in line with revenue; gross profit margin slightly increased to 10.7%; various expenses (selling, administrative, R&D) showed changes, finance costs significantly decreased, and net profit decreased by 21.9% year-on-year [Operating Revenue](index=30&type=section&id=%E7%87%9F%E6%A5%AD%E6%94%B6%E5%85%A5) H1 2025 operating revenue was RMB 5,614,375 thousand, a 6.6% year-on-year decrease, primarily due to reduced revenue from professional supporting engineering (-28.8%) and other engineering (-33.6%); professional industrial engineering revenue slightly increased by 1.8%, while non-engineering business revenue decreased by 3.3% | Main Type | Jan-Jun 2025 (RMB thousands) | Jan-Jun 2024 (RMB thousands) | Change (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Total Operating Revenue | 5,614,375 | 6,012,233 | –397,858 | –6.6% | | Professional Industrial Engineering | 4,069,822 | 3,996,675 | 73,147 | 1.8% | | Professional Supporting Engineering | 534,251 | 749,831 | –215,580 | –28.8% | | Other Engineering | 499,658 | 753,022 | –253,364 | –33.6% | | Non-engineering Business | 484,310 | 500,745 | –16,435 | –3.3% | [Cost of Sales](index=32&type=section&id=%E9%8A%B7%E5%94%AE%E6%88%90%E6%9C%AC) H1 2025 cost of sales was RMB 5,015,697 thousand, a 7.3% year-on-year decrease, primarily corresponding to the reduction in operating revenue - H1 2025 cost of sales was **RMB 5,015,697 thousand**, a **7.3%** year-on-year decrease, primarily due to reduced revenue[88](index=88&type=chunk) [Gross Profit and Gross Profit Margin](index=32&type=section&id=%E6%AF%9B%E5%88%A9%E5%8F%8A%E6%AF%9B%E5%88%A9%E7%8E%87) H1 2025 gross profit was RMB 598,678 thousand, a slight 0.5% year-on-year decrease; gross profit margin was 10.7%, an increase from 10.0% in the prior year, mainly due to improved gross profit margins in professional supporting engineering and other engineering | Indicator | Jan-Jun 2025 (RMB thousands) | Jan-Jun 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Gross Profit | 598,678 | 601,753 | –0.5% | | Gross Profit Margin | 10.7% | 10.0% | 7.0% | - Gross profit margin increased primarily due to improved gross profit margins in professional supporting engineering and other engineering[89](index=89&type=chunk) [Taxes and Surcharges](index=32&type=section&id=%E7%A8%85%E9%87%91%E5%8F%8A%E9%99%84%E5%8A%A0) H1 2025 taxes and surcharges were RMB 14,559 thousand, an 11.6% year-on-year increase, primarily due to higher stamp duty and urban maintenance and construction tax - H1 2025 taxes and surcharges were **RMB 14,559 thousand**, an **11.6%** year-on-year increase, primarily due to higher stamp duty and urban maintenance and construction tax[90](index=90&type=chunk) [Selling Expenses](index=32&type=section&id=%E9%8A%B7%E5%94%AE%E8%B2%BB%E7%94%A8) H1 2025 selling expenses were RMB 650 thousand, a slight 1.1% year-on-year increase - H1 2025 selling expenses were **RMB 650 thousand**, a slight **1.1%** year-on-year increase[91](index=91&type=chunk) [Administrative Expenses](index=33&type=section&id=%E7%AE%A1%E7%90%86%E8%B2%BB%E7%94%A8) H1 2025 administrative expenses were RMB 230,110 thousand, a 2.4% year-on-year increase, primarily due to higher employee benefits expenses - H1 2025 administrative expenses were **RMB 230,110 thousand**, a **2.4%** year-on-year increase, primarily due to higher employee benefits expenses[92](index=92&type=chunk) [Research and Development Expenses](index=33&type=section&id=%E7%A0%94%E7%99%BC%E8%B2%BB%E7%94%A8) H1 2025 research and development expenses were RMB 172,876 thousand, a substantial 27.6% year-on-year increase, primarily due to a higher number of R&D projects and increased investment - H1 2025 research and development expenses were **RMB 172,876 thousand**, a **27.6%** year-on-year increase, primarily due to a higher number of R&D projects and increased investment[93](index=93&type=chunk) [Finance Costs](index=33&type=section&id=%E8%B2%A1%E5%8B%99%E8%B2%BB%E7%94%A8) H1 2025 finance costs were RMB 38,729 thousand, a 37.9% year-on-year decrease, primarily due to reduced interest expenses on bank borrowings - H1 2025 finance costs were **RMB 38,729 thousand**, a **37.9%** year-on-year decrease, primarily due to reduced interest expenses on bank borrowings[94](index=94&type=chunk) [Other Income](index=33&type=section&id=%E5%85%B6%E4%BB%96%E6%94%B6%E7%9B%8A) H1 2025 other income was RMB 3,033 thousand, a 17.8% year-on-year decrease, mainly comprising government grants and individual income tax handling fee refunds - H1 2025 other income was **RMB 3,033 thousand**, a **17.8%** year-on-year decrease[95](index=95&type=chunk) [Investment Income](index=33&type=section&id=%E6%8A%95%E8%B3%87%E6%94%B6%E7%9B%8A) H1 2025 investment income was RMB -2,228 thousand, a decrease of RMB 1,523 thousand from RMB -705 thousand in the prior year, primarily due to a reduced share of profits from associates - H1 2025 investment income was **RMB -2,228 thousand**, a year-on-year decrease of **RMB 1,523 thousand**, primarily due to a reduced share of profits from associates[96](index=96&type=chunk) [Fair Value Change Income](index=34&type=section&id=%E5%85%AC%E5%85%81%E5%83%B9%E5%80%BC%E8%AE%8A%E5%8B%95%E6%94%B6%E7%9B%8A) H1 2025 fair value change income was RMB 1,025 thousand, an increase of RMB 1,549 thousand from RMB -524 thousand in the prior year, primarily due to the revaluation gain on investment properties - H1 2025 fair value change income was **RMB 1,025 thousand**, a year-on-year increase of **RMB 1,549 thousand**, primarily due to the revaluation gain on investment properties[97](index=97&type=chunk) [Credit Impairment Losses](index=34&type=section&id=%E4%BF%A1%E7%94%A8%E6%B8%9B%E5%80%BC%E6%90%8D%E5%A4%B1) H1 2025 credit impairment losses were RMB -23,946 thousand, a decrease of RMB 10,752 thousand from RMB -34,698 thousand in the prior year, reflecting changes in expected credit loss provisions - H1 2025 credit impairment losses were **RMB -23,946 thousand**, a year-on-year decrease of **RMB 10,752 thousand**[98](index=98&type=chunk) [Asset Impairment Losses](index=34&type=section&id=%E8%B3%87%E7%94%A2%E6%B8%9B%E5%80%BC%E6%90%8D%E5%A4%B1) H1 2025 asset impairment losses were RMB -16,424 thousand, a decrease of RMB 6,116 thousand from RMB -22,540 thousand in the prior year - H1 2025 asset impairment losses were **RMB -16,424 thousand**, a year-on-year decrease of **RMB 6,116 thousand**[99](index=99&type=chunk) [Total Profit](index=34&type=section&id=%E5%88%A9%E6%BD%A4%E7%B8%BD%E9%A1%8D) H1 2025 total profit was RMB 103,534 thousand, an 8.7% year-on-year decrease, primarily due to reduced construction engineering revenue - H1 2025 total profit was **RMB 103,534 thousand**, an **8.7%** year-on-year decrease, primarily due to reduced construction engineering revenue[100](index=100&type=chunk) [Income Tax Expense](index=34&type=section&id=%E6%89%80%E5%BE%97%E7%A8%85%E8%B2%BB%E7%94%A8) H1 2025 income tax expense was RMB 13,186 thousand, an increase of RMB 15,474 thousand from RMB -2,288 thousand in the prior year, primarily due to higher current income tax expense - H1 2025 income tax expense was **RMB 13,186 thousand**, a year-on-year increase of **RMB 15,474 thousand**, primarily due to higher current income tax expense[102](index=102&type=chunk) [Net Profit](index=35&type=section&id=%E6%B7%A8%E5%88%A9%E6%BD%A4) H1 2025 net profit was RMB 90,348 thousand, a 21.9% year-on-year decrease - H1 2025 net profit was **RMB 90,348 thousand**, a **21.9%** year-on-year decrease[103](index=103&type=chunk) [Total Comprehensive Income Attributable to Owners of the Parent](index=35&type=section&id=%E6%AD%B8%E5%B1%AC%E6%96%BC%E6%AF%8D%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9D%B1%E7%9A%84%E7%B6%9C%E5%90%88%E6%94%B6%E7%9B%8A%E7%B8%BD%E9%A1%8D) H1 2025 total comprehensive income attributable to owners of the parent was RMB 64,586 thousand, a year-on-year decrease of RMB 20,656 thousand - H1 2025 total comprehensive income attributable to owners of the parent was **RMB 64,586 thousand**, a year-on-year decrease of **RMB 20,656 thousand**[104](index=104&type=chunk) [Liquidity and Capital Resources](index=35&type=section&id=%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91%E8%88%87%E8%B3%87%E9%87%91%E4%BE%86%E6%BA%90) As of June 30, 2025, the Group's net current assets were RMB -23,080 thousand, with a current ratio of 1.0; cash and bank balances were approximately RMB 2,240,848 thousand; total borrowings increased to RMB 6,282,674 thousand, primarily to supplement cash for daily operating activities; the Board believes the Group has sufficient working capital and has secured funding support commitments from its controlling shareholder, Shanxi Construction Investment | Indicator | Jun 30, 2025 (RMB thousands) | Dec 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Net Current Assets | –23,080 | –312,542 | | Current Ratio | 1.0 | 1.0 | | Cash and Bank Balances | 2,240,848 | 2,626,837 | | Total Borrowings | 6,282,674 | 6,118,923 | - Controlling shareholder Shanxi Construction Investment committed to providing continuous financial support for the Group's operations[106](index=106&type=chunk) [Capital Expenditure](index=36&type=section&id=%E8%B3%87%E6%9C%AC%E9%96%8B%E6%94%AF) As of June 30, 2025, the Group's total contracted but not yet incurred capital expenditure was RMB 2,127,303 thousand, a significant increase from December 31, 2024, primarily related to engineering and equity investments - As of June 30, 2025, total contracted but not yet incurred capital expenditure was **RMB 2,127,303 thousand**, an increase from December 31, 2024[107](index=107&type=chunk) [Capital Gearing Ratio and Quick Ratio](index=36&type=section&id=%E8%B3%87%E6%9C%AC%E8%B2%A0%E5%82%B5%E6%AF%94%E7%8E%87%E5%8F%8A%E9%80%9F%E5%8B%95%E6%AF%94%E7%8E%87) As of June 30, 2025, the capital gearing ratio was 55.92%, an increase from 53.96% on December 31, 2024, while the quick ratio remained at 1.0 | Indicator | Jun 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Capital Gearing Ratio | 55.92% | 53.96% | | Quick Ratio | 1.0 | 1.0 | [Contingent Liabilities](index=36&type=section&id=%E6%88%96%E7%84%B6%E8%B2%A0%E5%82%B5) As of June 30, 2025, the Group had no significant contingent liabilities - As of June 30, 2025, the Group had no significant contingent liabilities[109](index=109&type=chunk) [Long-term Equity Investments](index=36&type=section&id=%E9%95%B7%E6%9C%9F%E8%82%A1%E6%AC%8A%E6%8A%95%E8%B3%87) As of June 30, 2025, long-term equity investments were RMB 266,779 thousand, a 26.9% increase from December 31, 2024, primarily due to increased investments in associates; no single investment accounted for 5% or more of total assets - As of June 30, 2025, long-term equity investments were **RMB 266,779 thousand**, a **26.9%** year-on-year increase, primarily due to increased investments in associates[110](index=110&type=chunk) [Major Acquisitions and Disposals of Subsidiaries, Associates and Joint Ventures](index=36&type=section&id=%E9%87%8D%E5%A4%A7%E6%94%B6%E8%B3%BC%E5%8F%8A%E5%87%BA%E5%94%AE%E9%99%84%E5%B1%AC%E5%85%AC%E5%8F%B8%E3%80%81%E8%81%AF%E7%87%9F%E4%BC%81%E6%A5%AD%E5%8F%8A%E5%90%88%E7%87%9F%E4%BC%81%E6%A5%AD) As of June 30, 2025, the Group had not undertaken any major acquisitions or disposals - As of June 30, 2025, the Group had not undertaken any major acquisitions or disposals[112](index=112&type=chunk) [Discussion and Analysis of Future Development](index=37&type=section&id=%E6%9C%AA%E4%BE%86%E7%99%BC%E5%B1%95%E8%A8%8E%E8%AB%96%E8%88%87%E5%88%86%E6%9E%90) The company designated 2025 as the 'Quality Empowerment Year,' committed to steady progress, optimizing market layout, expanding into new energy and chemical engineering markets, deepening low-carbon environmental transformation, and actively developing overseas markets; concurrently, the company identified potential risks including policy regulation, market, environmental compliance, and listed company governance compliance [Future Outlook](index=37&type=section&id=%E6%9C%AA%E4%BE%86%E5%B1%95%E6%9C%9B) The company designated 2025 as the 'Quality Empowerment Year,' committed to steady progress, optimizing market layout, and expanding its presence through government-enterprise collaboration, investment-driven initiatives, and equity partnerships; it will enhance 'specialization' and 'going global' development, focusing on new energy and chemical engineering, expanding into energy storage, offshore wind power, hydrogen-ammonia-alcohol, and strengthening overseas project management and market expansion - **2025** is designated as the "Quality Empowerment Year," focusing on steady progress, optimizing market layout, and expanding cooperation with high-quality resource partners[113](index=113&type=chunk)[114](index=114&type=chunk) - Focus on new energy and chemical engineering, expanding into specialized markets such as energy storage, offshore wind power, and hydrogen-ammonia-alcohol[114](index=114&type=chunk) - Strengthen full-process management of ongoing overseas projects and steadfastly expand overseas markets, leveraging specialized expertise[114](index=114&type=chunk) - Expand into new businesses like low-carbon environmental protection and integrated clean energy, ensuring successful replication of experiences in clean heating, solid waste disposal, water environment governance, and distributed energy[115](index=115&type=chunk) [Potential Risks](index=38&type=section&id=%E5%8F%AF%E8%83%BD%E9%9D%A2%E5%B0%8D%E7%9A%84%E9%A2%A8%E9%9A%AA) The company faces risks including policy and regulatory risks (government policy changes affecting the engineering industry), market risks (reforms by major customers and suppliers, foreign exchange and interest rate fluctuations), environmental compliance risks (pollutant emission and treatment standards, environmental crime penalties), and listed company governance compliance risks (non-compliance with information disclosure and decision-making procedures potentially leading to regulatory penalties) - **Policy and regulatory risks**: Government policy changes may impact business and financial performance[115](index=115&type=chunk)[116](index=116&type=chunk) - **Market risks**: Reforms by major customers and suppliers, as well as foreign exchange and interest rate fluctuations, may have an impact[117](index=117&type=chunk) - **Environmental compliance risks**: Compliance with various national and local environmental laws and regulations is required, with violations potentially leading to fines or administrative penalties[118](index=118&type=chunk) - **Listed company governance compliance risks**: Information disclosure and decision-making procedures must strictly adhere to the Listing Rules, otherwise regulatory penalties may be incurred[119](index=119&type=chunk) [Employees](index=40&type=section&id=%E5%83%B1%E5%93%A1) As of June 30, 2025, the Group had 3,605 full-time employees, with staff costs of approximately RMB 336 million; the company established career development paths, research and assistance mechanisms, innovative talent cultivation methods, enhanced training effectiveness, upgraded its cloud learning platform, and built a learning roadmap for project management personnel to foster employee development and optimize human resources - As of June 30, 2025, the Group had **3,605** full-time employees, with staff costs of approximately **RMB 336 million**[120](index=120&type=chunk) - Established career development paths, research and assistance mechanisms, innovative talent cultivation methods, enhanced training effectiveness, and upgraded its cloud learning platform[120](index=120&type=chunk) [Use of Proceeds from H Share Listing](index=41&type=section&id=H%E8%82%A1%E4%B8%8A%E5%B8%82%E6%89%80%E5%BE%97%E6%AC%BE%E9%A0%85%E7%94%A8%E9%80%94) The net proceeds from the company's H share listing totaled approximately HKD 738.5 million; as of the end of the reporting period, approximately HKD 491.3 million remained unutilized; the Board has approved a change in the use of unutilized net proceeds, pending shareholder approval; funds are primarily allocated for centralized/distributed photovoltaic projects, wind power projects, equity investments in new energy projects, clean heating, distributed energy, water treatment, solid waste disposal, project company registered capital, construction costs for service concession projects, new energy upstream and downstream manufacturing industry projects, and working capital - Net proceeds from H share listing totaled approximately **HKD 738.5 million**[121](index=121&type=chunk) - As of the end of the reporting period, approximately **HKD 491.3 million** remained unutilized[125](index=125&type=chunk) - The Board has approved a change in the use of unutilized net proceeds, pending shareholder approval[125](index=125&type=chunk) | Project | Proposed Net Proceeds Allocation (Million HKD) | Unutilized Net Proceeds as of Jan 1, 2025 (Million HKD) | Actual Use During Reporting Period (Million HKD) | Unutilized Net Proceeds at Period-End (Million HKD) | Expected Timeline | | :--- | :--- | :--- | :--- | :--- | :--- | | Future Centralized Photovoltaic Projects | 147.6 | 142.0 | — | 142.0 | Before end of 2026 | | Investment in Existing and Future Distributed Photovoltaic Projects | 73.9 | 73.9 | — | 73.9 | Before end of 2026 | | Funding Future Investments in Domestic or Overseas Wind Power Projects | 73.9 | 73.9 | 33.4 | 40.5 | Before end of 2027 | | Future Equity Investments and/or Construction of Other New Energy Projects | 73.9 | 57.7 | 40.4 | 17.3 | Before end of 2027 | | Existing and Future Clean Heating Projects | 29.5 | 27.7 | 15.8 | 11.9 | Before end of 2027 | | Future Distributed Energy Projects | 36.9 | 36.9 | — | 36.9 | Before end of 2027 | | Existing Water Treatment Projects | 36.9 | 36.9 | 14.9 | 22.0 | Before end of 2027 | | Future Solid Waste Disposal Projects | 29.5 | 24.1 | 8.8 | 15.3 | Before end of 2027 | | Paid-up Registered Capital for Project Companies and Construction Costs for Existing Service Concession Projects | 22.2 | 22.2 | — | 22.2 | Before end of 2025 | | Payment for Equipment Construction Costs for Existing Service Concession Projects | 36.9 | 0.5 | — | 0.5 | Before end of 2025 | | Current and Future Service Concession Projects | 44.3 | 44.3 | — | 44.3 | Before end of 2025 | | Funding New Energy Upstream and Downstream Manufacturing Industry Projects | 73.9 | 73.9 | 13.0 | 60.9 | Before end of 2026 | | Working Capital and Other General Corporate Purposes | 59.1 | 7.7 | 4.1 | 3.6 | Before end of 2027 | | **Total** | **738.5** | **621.7** | **130.4** | **491.3** | | [Corporate Governance and Other Information](index=43&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%8F%8A%E5%85%B6%E4%BB%96%E4%BF%A1%E6%81%AF) The company is committed to maintaining high standards of corporate governance, complying with the Corporate Governance Code in Appendix C1 and the Model Code in Appendix C3 of the Listing Rules; the Audit Committee has reviewed the interim results; there were no significant post-reporting period events; this results announcement has been published on the HKEX and company websites, and the interim report will be dispatched to shareholders in due course [Compliance with Corporate Governance Code](index=43&type=section&id=%E9%81%B5%E5%AE%88%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%AE%88%E5%89%87) The company has adopted the principles and code provisions of the Corporate Governance Code in Appendix C1 of the Listing Rules and believes it has complied with all code provisions and substantially met most recommended best practices during the reporting period - The company has adopted and complied with the principles and code provisions of the Corporate Governance Code in Appendix C1 of the Listing Rules[126](index=126&type=chunk) [Standard Code for Securities Transactions](index=43&type=section&id=%E9%80%B2%E8%A1%8C%E8%AD%89%E5%88%B8%E4%BA%A4%E6%98%93%E7%9A%84%E6%A8%99%E6%BA%96%E5%AE%88%E5%89%87) The company has adopted the Model Code in Appendix C3 of the Listing Rules as the code of conduct for directors, supervisors, and senior management in dealing with the company's securities, and confirms that all directors complied with this code during the reporting period - The company has adopted the Model Code in Appendix C3 of the Listing Rules as the code of conduct for directors, supervisors, and senior management in dealing with the company's securities, and confirms that all directors complied during the reporting period[127](index=127&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=43&type=section&id=%E8%B3%BC%E8%B2%B7%E3%80%81%E5%87%BA%E5%94%AE%E6%88%96%E8%B3%96%E5%9B%9E%E6%9C%AC%E5%85%AC%E5%8F%B8%E4%B8%8A%E5%B8%82%E8%AD%89%E5%88%B8) During the reporting period, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities - During the reporting period, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities[128](index=128&type=chunk) [Audit Committee Review of Interim Results](index=44&type=section&id=%E5%AF%A9%E8%A8%88%E5%A7%94%E5%93%A1%E6%9C%83%E5%AF%A9%E9%96%B1%E4%B8%AD%E6%9C%9F%E6%A5%AD%E7%B8%BE) The Audit Committee, comprising three members, has reviewed the Group's unaudited interim results for the reporting period with management - The Audit Committee has reviewed the Group's unaudited interim results for the reporting period with management[130](index=130&type=chunk) [Post-Reporting Period Events](index=44&type=section&id=%E5%A0%B1%E5%91%8A%E6%9C%9F%E5%BE%8C%E4%BA%8B%E9%A0%85) Except for disclosed matters, there have been no significant events subsequent to the reporting period up to the announcement date that would materially affect the Group's operations and financial performance - Except for disclosed matters, there have been no significant events subsequent to the reporting period up to the announcement date that would materially affect the Group's operations and financial performance[131](index=131&type=chunk) [Publication of Interim Results and Interim Report](index=44&type=section&id=%E5%88%8A%E7%99%BC%E4%B8%AD%E6%9C%9F%E6%A5%AD%E7%B8%BE%E5%8F%8A%E4%B8%AD%E6%9C%9F%E5%A0%B1%E5%91%8A) This results announcement has been published on the Hong Kong Stock Exchange website and the company's website; the 2025 interim report, containing all required information, will be dispatched to shareholders and published in due course - This results announcement has been published on the Hong Kong Stock Exchange website and the company's website[132](index=132&type=chunk)

Core Insights - Ningwu Mountain Anlide Renewable Resource Utilization Co., Ltd. has been established with a registered capital of 50.81 million yuan, focusing on construction engineering, solid waste management, and renewable resource sales and processing [1][2]. Company Information - The company is legally represented by Zhao Wenjing and is registered in Ningwu County, Xinzhou City, Shanxi Province [2]. - The company was officially established on August 8, 2025, and is currently in operation [2]. - The business scope includes construction engineering, solid waste governance, renewable resource sales, processing, and technology research and development [1][2]. Shareholding Structure - The company is jointly owned by Shanxi Shan Anlide Environmental Protection Technology Co., Ltd. (43% shareholding) and Shanxi Installation Group Co., Ltd. (42% shareholding), along with Tianjin Longjin Energy-Saving Technology Co., Ltd. (15% shareholding) [3]. - The total registered capital contributions from the major shareholders are approximately 21.85 million yuan from Shanxi Shan Anlide and 21.34 million yuan from Shanxi Installation Group [3].