[Corporation Information](index=3&type=section&id=Corporation%20Information) [Definitions](index=7&type=section&id=Definitions) [Financial Highlights](index=13&type=section&id=Financial%20Highlights) The company reported a 9.9% year-on-year revenue decrease to RMB 106.9 million, yet gross loss narrowed by 22.5% and loss attributable to owners decreased by 28.7% to RMB 332.7 million, with operating cash flow turning positive and cash and cash equivalents rising 19.0% to RMB 1.0511 billion Financial Highlights | Indicator | For the six months ended June 30, 2025 (RMB thousands) | For the six months ended June 30, 2024 (RMB thousands) | | :--- | :--- | :--- | | **Revenue** | 106,948 | 118,736 | | **Gross Profit** | (13,455) | (17,369) | | **Loss before income tax** | (352,408) | (489,819) | | **Loss for the period** | (352,201) | (487,929) | | **Loss per share** | RMB (3.86) | RMB (5.74) | | | **As of June 30, 2025 (RMB thousands)** | **As of December 31, 2024 (RMB thousands)** | | **Total Assets** | 4,610,107 | 4,692,131 | | **Total Liabilities** | 2,999,300 | 2,753,042 | | **Equity attributable to owners of the Company** | 1,725,155 | 2,036,150 | | **Cash and cash equivalents** | 1,051,112 | 883,356 | - Total revenue decreased by approximately **9.9%** year-on-year, with hydrogen fuel cell system sales revenue increasing by **141.8%** and overseas revenue growing by **360.3%**[23](index=23&type=chunk) - Gross loss narrowed by approximately **22.5%** year-on-year, and loss attributable to owners of the company decreased by approximately **28.7%** year-on-year[23](index=23&type=chunk) - Operating cash flow turned positive, achieving a net inflow of approximately **RMB 95.1 million**. Cash and cash equivalents at period-end increased by approximately **19.0%** compared to the beginning of the period[23](index=23&type=chunk) - The Board of Directors recommended no interim dividend for the six months ended June 30, 2025[23](index=23&type=chunk)[112](index=112&type=chunk) [Management Discussion and Analysis](index=15&type=section&id=Management%20Discussion%20and%20Analysis) [Business and Industry Review](index=15&type=section&id=Business%2FIndustry%20Review) In H1 2025, the company capitalized on improving Chinese hydrogen energy policies, advancing its Sirius series fuel cell system to mass production, expanding heavy-duty truck applications and overseas markets, and making key progress in green hydrogen ecosystem projects - China's hydrogen energy industry policies continued to improve, with the National Energy Administration promoting the establishment of hydrogen energy management mechanisms, expanding demonstration city clusters, and multiple provinces and cities introducing highway toll exemptions for hydrogen-powered vehicles, enhancing the economic viability of hydrogen heavy-duty trucks[24](index=24&type=chunk)[25](index=25&type=chunk) - The company's independently developed new generation fuel cell system product, the Sirius series, has entered mass production, with both raw material and manufacturing costs further reduced compared to the previous generation[28](index=28&type=chunk)[30](index=30&type=chunk) - The company continued to expand application scenarios, promoting the large-scale adoption of medium and long-haul hydrogen heavy-duty trucks, and participated in the Hong Kong hydrogen fuel cell tourist bus cross-border passenger transport project, which has received in-principle approval[32](index=32&type=chunk)[33](index=33&type=chunk) - The two green hydrogen production, storage, transportation, and utilization integrated demonstration projects led by the company in Ningxia were successfully selected for the second batch of the National Development and Reform Commission's 'Green and Low-Carbon Advanced Technology Demonstration Project List'[35](index=35&type=chunk)[36](index=36&type=chunk) - In June 2025, the company entered into domestic share subscription agreements with Qiyuan Fund and Cangnan Shanhaizerun to enhance competitiveness, expand into the Northwest market, and develop green hydrogen resources in the eastern coastal areas[38](index=38&type=chunk)[39](index=39&type=chunk) [Outlook and Prospect](index=20&type=section&id=Outlook%2FProspect) The company plans to prioritize market-driven R&D, deepen its full hydrogen energy value chain, expand commercial applications through ecosystem building, particularly in hydrogen heavy-duty trucks, and strengthen its overseas market presence and participation in international green hydrogen projects - The company will continue to invest in R&D innovation guided by market demand, addressing stringent requirements for reliability, durability, cost, and efficiency in commercial scenarios, and expanding fuel cell applications in diverse fields and developing hydrogen production technologies[42](index=42&type=chunk)[44](index=44&type=chunk) - The company plans to consolidate the application advantages of hydrogen heavy-duty trucks in low-cost hydrogen markets and specific industrial sectors, and accelerate large-scale adoption in conjunction with policies such as toll exemptions[45](index=45&type=chunk)[47](index=47&type=chunk) - The company will strengthen overseas market expansion, focusing on key 'Belt and Road' markets such as Southeast Asia, Central Asia, the Middle East, and North Africa, leveraging the high gross profit advantage of overseas orders to improve overall performance[46](index=46&type=chunk)[48](index=48&type=chunk) [Financial Review](index=22&type=section&id=Financial%20Review) Revenue decreased by 9.9% to RMB 106.9 million, primarily due to lower component sales, yet fuel cell system sales grew 141.8%, leading to a narrowed gross loss of RMB 13.5 million and a 28.7% reduction in loss attributable to owners to RMB 332.7 million, supported by reduced share-based payment expenses and a strong cash position of RMB 1.0511 billion [Revenue](index=22&type=section&id=Revenue) Total revenue for the period decreased by 9.9% to RMB 106.9 million, mainly due to reduced component sales, but hydrogen fuel cell system sales significantly increased by 141.8% to RMB 76.8 million, and overseas revenue grew by 360.3% to RMB 11 million, indicating an optimized revenue structure Revenue Breakdown by Product Type (RMB thousands) | Goods or Service Category | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Hydrogen fuel cell systems | 76,827 | 31,769 | | Components | 20,329 | 82,382 | | Hydrogen energy equipment and related components | 705 | – | | Hydrogen fuel cell engineering development services | 6,131 | 966 | | Others | 2,956 | 3,619 | | **Total** | **106,948** | **118,736** | - Revenue from overseas regions significantly increased by **360.3%** from RMB 2.4 million in the same period last year to **RMB 11 million**, primarily due to the company's continuous expansion in European, North American, and Southeast Asian markets and the recognition of its product technology by overseas customers[55](index=55&type=chunk)[59](index=59&type=chunk) [Cost of Sales, Gross Profit and Gross Profit Margin](index=23&type=section&id=Cost%20of%20Sales%2C%20Gross%20Profit%20and%20Gross%20Profit%20Margin) Cost of sales decreased by 11.5% to RMB 120.4 million, leading to a narrowed gross loss from RMB 17.4 million to RMB 13.5 million and an improved gross margin from -14.6% to -12.6%, primarily driven by an optimized sales mix towards more profitable fuel cell systems - Gross profit improved from **RMB -17.4 million** in the same period last year to **RMB -13.5 million**, with gross margin increasing from **-14.6%** to **-12.6%**[58](index=58&type=chunk)[61](index=61&type=chunk) - The improvement in gross margin was primarily due to optimized sales structure, with an increased proportion of higher-profitability fuel cell system sales[56](index=56&type=chunk)[58](index=58&type=chunk)[60](index=60&type=chunk) [Selling, Administrative, Research and Development and Other Expenses](index=24&type=section&id=Selling%2C%20Administrative%2C%20Research%20and%20Development%20and%20Other%20Expenses) Selling and marketing expenses slightly decreased to RMB 50.7 million, while administrative expenses significantly dropped from RMB 243.8 million to RMB 116.7 million and R&D expenses decreased from RMB 112.5 million to RMB 60.6 million, primarily due to reduced share-based payment expenses and enhanced operational efficiency - Administrative expenses significantly decreased year-on-year from **RMB 243.8 million** to **RMB 116.7 million**, primarily due to reduced share-based payment expenses. Excluding this impact, administrative expenses still decreased, mainly due to a reduction in administrative personnel and cost control[66](index=66&type=chunk)[68](index=68&type=chunk) - R&D expenses decreased year-on-year from **RMB 112.5 million** to **RMB 60.6 million**. Excluding share-based payment expenses, R&D expenses decreased from **RMB 74 million** to **RMB 56.7 million**, primarily due to the company's continued focus on streamlining product series and improving the efficiency of R&D resource allocation[69](index=69&type=chunk)[73](index=73&type=chunk) - Net impairment losses on financial assets and contract assets increased from **RMB 45.9 million** to **RMB 83.3 million**, mainly due to increased provision for expected credit losses on trade receivables[70](index=70&type=chunk)[74](index=74&type=chunk) [Loss Attributable to Owners of the Company and Non-IFRS Measure](index=26&type=section&id=Loss%20Attributable%20to%20Owners%20of%20the%20Company%20and%20Non-IFRS%20Measure) Loss attributable to owners of the company narrowed by 28.7% to RMB 332.7 million, down from RMB 466.4 million, driven by improved gross profit and expense control, while the non-IFRS adjusted net loss was RMB 331.9 million compared to RMB 318.1 million in the prior year Reconciliation of Adjusted Net Loss (Non-IFRS Measure) (RMB thousands) | | H1 2025 | H1 2024 | | :--- | :--- | :--- | | **Loss for the period** | **(352,201)** | **(487,929)** | | **Add back adjustments:** | | | | Share-based payments | 20,346 | 160,650 | | Global offering related listing expenses | – | 9,181 | | **Adjusted net loss** | **(331,855)** | **(318,098)** | [Liquidity, Financial and Capital Resources](index=27&type=section&id=Liquidity%2C%20Financial%20and%20Capital%20Resources) As of June 30, 2025, cash and cash equivalents increased by 19.0% to RMB 1.0511 billion, with total borrowings at RMB 1.6756 billion (29.6% non-current), while the current ratio decreased from 1.7 to 1.4 and the gearing ratio slightly rose from 0.46 to 0.52, maintaining relative stability - As of June 30, 2025, the Group's cash and cash equivalents were approximately **RMB 1.0511 billion**, an increase of approximately **19.0%** from **RMB 883.4 million** at the beginning of the reporting period[89](index=89&type=chunk)[90](index=90&type=chunk) - As of June 30, 2025, the Group's total borrowings were approximately **RMB 1.6756 billion**, comprising **RMB 1.1794 billion** in current borrowings and **RMB 496.2 million** in non-current borrowings[82](index=82&type=chunk)[83](index=83&type=chunk)[85](index=85&type=chunk) - The gearing ratio remained relatively stable at **0.52** as of June 30, 2025, compared to **0.46** as of December 31, 2024[91](index=91&type=chunk)[94](index=94&type=chunk) [Use of Net Proceeds from Global Offering](index=31&type=section&id=Use%20of%20Net%20Proceeds%20from%20the%20Global%20Offering) Following its December 2024 listing, the company received net proceeds of HKD 623.3 million, of which HKD 91.5 million was utilized by June 30, 2025, primarily for R&D and capacity expansion, overseas market development, and working capital, leaving HKD 531.8 million unutilized Use of Net Proceeds and Utilization (As of June 30, 2025) | Intended Use | Allocated Amount (HKD millions) | Amount Utilized (HKD millions) | Unutilized Balance (HKD millions) | | :--- | :--- | :--- | :--- | | R&D activities and capacity expansion (hydrogen fuel cell systems) | 464.4 | 59.9 | 404.5 | | Capacity expansion (hydrogen energy equipment) | 95.3 | 5.6 | 89.7 | | Overseas market business expansion | 48.0 | 10.4 | 37.6 | | Working capital and general corporate purposes | 15.6 | 15.6 | 0 | | **Total** | **623.3** | **91.5** | **531.8** | [Other Information](index=33&type=section&id=Other%20Information) [Corporate Governance](index=33&type=section&id=Corporate%20Governance) During the reporting period, the company largely complied with the Corporate Governance Code, with deviations including the combined roles of Chairman and CEO held by Mr. Lin Qi and the absence of a formal dividend policy prior to stable profitability, which the Board continues to review - The company deviated from the Corporate Governance Code: the roles of Chairman and Chief Executive Officer are combined and held by Mr. Lin Qi. The Board believes this arrangement benefits Group management, and the Board's composition (including three independent non-executive directors) ensures a balance of power[116](index=116&type=chunk)[117](index=117&type=chunk) - The company has not yet adopted a dividend policy, planning to use future profits for business development. Under Chinese law, the company must first cover accumulated losses and set aside statutory reserves before distributing dividends[119](index=119&type=chunk)[120](index=120&type=chunk) [Directors' and Shareholders' Interests](index=35&type=section&id=Directors'%20and%20Shareholders'%20Interests) This section discloses the interests of the company's directors, chief executive, and substantial shareholders in the company's shares as of June 30, 2025, with Chairman Mr. Lin Qi holding approximately 21.88% and other major shareholders including Shanghai Weiqing, Sinopec Capital, and the National Manufacturing Transformation and Upgrading Fund Directors' Interests in Shares (As of June 30, 2025) | Director Name | Share Class | Number of Shares Held | Percentage of Total Issued Shares (%) | | :--- | :--- | :--- | :--- | | Mr. Lin Qi | Domestic Shares | 18,852,700 | 21.88% | | Dr. Hu Zhe | Domestic Shares | 375,000 | 0.44% | | Ms. Ma Jingnan | Domestic Shares | 1,867,500 | 2.17% | | Dr. Zhai Shuang | Domestic Shares | 75,000 | 0.09% | | Mr. Zhao Yongsheng | Domestic Shares | 75,000 | 0.09% | - Disclosed shareholdings of major shareholders, including Shanghai Weiqing (**4.24%**), Sinopec Capital (**3.38%**), National Manufacturing Transformation and Upgrading Fund (**4.34%**), Shenzhen Qianhai Chunyang Asset Management Co., Ltd. (**6.43%**), and Zhengzhou Yunshan Automobile Industry Equity Investment Fund (**5.80%**)[137](index=137&type=chunk)[138](index=138&type=chunk)[140](index=140&type=chunk) [Other Corporate Governance Matters and Events After Reporting Period](index=47&type=section&id=Other%20Corporate%20Governance%20Matters%20and%20Events%20After%20Reporting%20Period) During and after the reporting period, the company adjusted its governance structure, dissolving the Supervisory Committee post-AGM on May 19, 2025, with its functions transferred to the Audit Committee, and subsequently announced two significant capital injections on August 8, 2025, to expand its hydrogen production market and business - In accordance with the new Company Law, the company's Supervisory Committee was dissolved following approval at the Annual General Meeting on May 19, 2025, with its functions to be exercised by the Audit Committee[176](index=176&type=chunk)[177](index=177&type=chunk)[180](index=180&type=chunk) - After the reporting period, on August 8, 2025, the company's subsidiary, Guangdong Tansuo Automobile, agreed to inject **RMB 100 million** into Guangdong Enze; concurrently, the Board resolved to increase capital by **RMB 70 million** in Seraph Remodeling (Ningxia) Hydrogen Electric Energy Co., Ltd. to expand the hydrogen production market[187](index=187&type=chunk)[189](index=189&type=chunk) [Interim Condensed Consolidated Financial Statements](index=51&type=section&id=Interim%20Condensed%20Consolidated%20Financial%20Statements) [Interim Condensed Consolidated Statement of Profit or Loss](index=51&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) For the six months ended June 30, 2025, the company reported RMB 106.9 million in revenue, a gross loss of RMB 13.46 million, a loss for the period of RMB 352.2 million, and a loss attributable to owners of the parent of RMB 332.7 million, with basic and diluted loss per share of RMB 3.86, showing narrowed gross and net losses despite a slight revenue decrease compared to the prior year [Interim Condensed Consolidated Statement of Financial Position](index=55&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, total assets were RMB 4.61 billion, total liabilities RMB 2.999 billion, and net assets RMB 1.611 billion, with current assets at RMB 3.492 billion and current liabilities at RMB 2.41 billion, reflecting a decrease in both total and net assets compared to year-end 2024 [Interim Condensed Consolidated Statement of Cash Flows](index=61&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) For the six months ended June 30, 2025, net cash flow from operating activities turned positive to RMB 95.09 million from a prior year outflow of RMB 160 million, with net cash outflows from investing activities of RMB 65.49 million and net inflows from financing activities of RMB 142.7 million, resulting in period-end cash and cash equivalents of RMB 1.051 billion, an increase of RMB 172.3 million [Notes to the Interim Condensed Consolidated Financial Information](index=65&type=section&id=Notes%20to%20the%20Interim%20Condensed%20Consolidated%20Financial%20Information) [Note 5. REVENUE, OTHER INCOME AND GAINS](index=76&type=section&id=Note%205.%20REVENUE%2C%20OTHER%20INCOME%20AND%20GAINS) This note details revenue composition, showing hydrogen fuel cell systems as the primary source at 71.8% of total revenue, with mainland China contributing 90% and other countries/regions increasing to 10%, while other income and gains totaled RMB 35.58 million, mainly from government grants and interest income Analysis of Other Income and Gains (RMB thousands) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Government grants and subsidies | 27,053 | 14,494 | | Interest income | 7,087 | 3,072 | | Others | 1,419 | 3,076 | | **Subtotal Other Income** | **35,559** | **20,642** | | Gains | 17 | 1,488 | | **Total** | **35,576** | **22,130** | [Note 16. TRADE AND BILLS RECEIVABLES AND CONTRACT ASSETS](index=92&type=section&id=Note%2016.%20TRADE%20AND%20BILLS%20RECEIVABLES%20AND%20CONTRACT%20ASSETS) As of June 30, 2025, trade receivables, commercial acceptance bills, and contract assets (net of impairment) totaled RMB 2.152 billion, with approximately 70% current or due within one year, and total impairment loss provisions increased to RMB 601 million from RMB 530 million at period-start Aging Analysis of Trade Receivables, Commercial Acceptance Bills and Contract Assets (Net of Loss Allowance, RMB thousands) | Aging | As of June 30, 2025 | As of December 31, 2024 | | :--- | :--- | :--- | | Current | 881,882 | 1,160,525 | | Within 1 year | 625,244 | 730,293 | | 1 to 2 years | 440,657 | 281,027 | | 2 to 3 years | 85,136 | 16,441 | | Over 3 years | 119,411 | 142,497 | | **Total** | **2,152,330** | **2,330,783** | [Note 23. INTEREST-BEARING BANK AND OTHER BORROWINGS](index=100&type=section&id=Note%2023.%20INTEREST-BEARING%20BANK%20AND%20OTHER%20BORROWINGS) As of June 30, 2025, total interest-bearing bank and other borrowings increased to RMB 1.676 billion from RMB 1.559 billion at year-end 2024, with RMB 1.179 billion due within one year, and some borrowings are secured by the company's buildings, land, and machinery and equipment - Portions of the Group's bank loans are secured by buildings with a net book value of approximately **RMB 64.91 million**, leasehold land of **RMB 21.82 million**, and machinery and equipment of **RMB 116 million**[381](index=381&type=chunk) [Note 26. SHARE-BASED PAYMENTS](index=105&type=section&id=Note%2026.%20SHARE-BASED%20PAYMENTS) Total share-based payment expenses for the period were RMB 20.35 million, entirely from the pre-IPO share option scheme and significantly lower than RMB 160.7 million in the prior year, primarily recognized in administrative expenses (RMB 12.19 million), with 2.26 million unexercised options remaining at period-end Share-based Payment Expenses (RMB thousands) | | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Share incentive scheme | – | 70,501 | | Pre-IPO share option scheme | 20,346 | 90,149 | | **Total** | **20,346** | **160,650** | [Note 27. CONTINGENT LIABILITIES](index=111&type=section&id=Note%2027.%20CONTINGENT%20LIABILITIES) The company provided a guarantee to its major customer, FAW Jiefang, for the collection of RMB 252.6 million in government subsidies by December 31, 2025, with management assessing the probability of collection as extremely high, resulting in a very low guarantee provision - The company provided a guarantee to its major customer, FAW Jiefang, for the collection of government subsidies, with a total guaranteed amount of **RMB 252.6 million**. Management believes the customer is highly likely to receive the subsidies, thus the related guarantee provision is assessed as very low[417](index=417&type=chunk)[418](index=418&type=chunk)

[Financial Summary](index=1&type=section&id=Financial%20Summary) The group's financial performance for the six months ended June 30, 2025, shows a decrease in total revenue but a significant reduction in net loss and an increase in operating cash flow Financial Summary for the Six Months Ended June 30, 2025 | Metric | 2025 (RMB Million) | 2024 (RMB Million) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Total Revenue | 106.9 | 118.7 | -9.9% | | Hydrogen Fuel Cell System Sales Revenue | 76.8 | 31.8 | 141.8% | | Overseas Revenue | 11.0 | 2.4 | 360.3% | | Gross Profit Loss | (13.5) | (17.4) | 22.5% (Loss Reduced) | | Loss Attributable to Owners of the Company | (332.7) | (466.4) | 28.7% (Loss Reduced) | | Net Cash Flow from Operating Activities | 95.1 | N/A | N/A | | Cash and Cash Equivalents (End of Period) | 1,051.1 | 883.4 (Beginning of Period) | 19.0% | | Dividends | No Declaration | No Declaration | N/A | [Interim Condensed Consolidated Financial Information](index=2&type=section&id=Interim%20Condensed%20Consolidated%20Financial%20Information) This section presents the interim condensed consolidated financial statements, including income, balance sheet, and detailed notes, providing a comprehensive overview of the group's financial performance and position [Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) The group's loss for the period significantly narrowed due to reduced gross profit loss and substantial decreases in operating expenses, particularly administrative and R&D, despite a slight revenue decline Key Data from the Consolidated Statement of Profit or Loss and Other Comprehensive Income for the Six Months Ended June 30, 2025 | Metric | 2025 (RMB Thousand) | 2024 (RMB Thousand) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 106,948 | 118,736 | -9.9% | | Cost of Sales | (120,403) | (136,105) | -11.5% | | Gross Profit | (13,455) | (17,369) | 22.5% (Loss Reduced) | | Other Income and Gains | 35,576 | 22,130 | 60.8% | | Selling and Marketing Expenses | (50,696) | (53,314) | -4.9% | | Administrative Expenses | (116,684) | (243,792) | -52.1% | | Research and Development Expenses | (60,590) | (112,500) | -46.1% | | Loss Before Tax | (352,408) | (489,819) | 28.1% (Loss Reduced) | | Loss for the Period | (352,201) | (487,929) | 27.8% (Loss Reduced) | | Loss Attributable to Owners of the Parent | (332,698) | (466,361) | 28.7% (Loss Reduced) | | Basic and Diluted Loss Per Share | RMB (3.86) | RMB (5.74) | 32.7% (Loss Reduced) | - Total comprehensive income for the period was **RMB (352,981) thousand**, a reduction in loss of approximately **28.2%** compared to **RMB (491,867) thousand** in the same period of 2024[6](index=6&type=chunk) [Interim Condensed Consolidated Statement of Financial Position](index=4&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) The group's financial position shows a decrease in total assets and net assets, but a significant increase in cash and cash equivalents, while total current liabilities rose, leading to a decline in net current assets and current ratio Key Data from the Consolidated Statement of Financial Position as of June 30, 2025 | Metric | June 30, 2025 (RMB Thousand) | December 31, 2024 (RMB Thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Total Non-current Assets | 1,117,908 | 1,131,550 | -1.2% | | Total Current Assets | 3,492,199 | 3,560,581 | -1.9% | | Total Current Liabilities | 2,410,212 | 2,133,636 | 13.0% | | Total Non-current Liabilities | 589,088 | 619,406 | -4.9% | | Net Assets | 1,610,807 | 1,939,089 | -16.9% | | Total Equity | 1,610,807 | 1,939,089 | -16.9% | | Cash and Cash Equivalents | 1,051,112 | 883,356 | 19.0% | | Net Current Assets | 1,081,987 | 1,426,945 | -24.1% | [Notes to the Interim Condensed Consolidated Financial Information](index=6&type=section&id=Notes%20to%20the%20Interim%20Condensed%20Consolidated%20Financial%20Information) This section details the interim financial statement figures, covering company information, accounting policies, operating segments, revenue, expenses, balance sheet items, and equity changes, providing deeper context for financial analysis [Company and Group Information](index=6&type=section&id=1.%20Company%20and%20Group%20Information) This section provides an overview of the company's establishment, listing history, and primary business activities within the hydrogen energy sector - The company was incorporated in Shanghai on September 18, 2015, restructured into a joint-stock company on September 11, 2020, and listed on the Main Board of the Hong Kong Stock Exchange on December 6, 2024[9](index=9&type=chunk) - The group's principal activities include the research, development, production, and sales of hydrogen fuel cell systems, components, and hydrogen energy equipment, as well as providing hydrogen fuel cell engineering development services[10](index=10&type=chunk)[13](index=13&type=chunk) [Accounting Policies](index=6&type=section&id=2.%20Accounting%20Policies) This section outlines the accounting principles applied in preparing the interim condensed consolidated financial information, confirming consistency with prior annual reports and the impact of new standards - The interim condensed consolidated financial information is prepared in accordance with International Accounting Standard 34 Interim Financial Reporting, with accounting policies consistent with those applied in the 2024 annual consolidated financial statements[10](index=10&type=chunk)[11](index=11&type=chunk) - The adoption of the revised IAS 21 "Lack of Exchangeability" had no impact on the interim condensed consolidated financial information, as the group's transaction and functional currencies are all convertible[12](index=12&type=chunk) [Operating Segment Information](index=7&type=section&id=3.%20Operating%20Segment%20Information) This section clarifies the group's approach to segment reporting, geographical concentration of assets and revenue, and the concentration of sales to major customers - Management monitors the group's overall operating results uniformly, and no separate operating segment information is presented[14](index=14&type=chunk) - The majority of the group's non-current assets and revenue are derived from mainland China[15](index=15&type=chunk) - During the reporting period, revenue from the group's major customers accounted for **69%** of total sales, with sales to the largest customer representing **32%**[16](index=16&type=chunk) [Revenue, Other Income and Gains](index=7&type=section&id=4.%20Revenue%2C%20Other%20Income%20and%20Gains) This section provides a detailed breakdown of the group's revenue by product/service category and geographical market, along with an analysis of other income and gains Revenue by Type of Goods or Services | Type of Goods or Services | 2025 (RMB Thousand) | 2024 (RMB Thousand) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Hydrogen Fuel Cell Systems | 76,827 | 31,769 | 141.8% | | Components | 20,329 | 82,382 | -75.3% | | Hydrogen Energy Equipment and Related Components | 705 | – | N/A | | Hydrogen Fuel Cell Engineering Development Services | 6,131 | 966 | 534.7% | | Others | 2,956 | 3,619 | -18.3% | | **Total** | **106,948** | **118,736** | **-9.9%** | Revenue by Geographical Market | Geographical Market | 2025 (RMB Thousand) | 2024 (RMB Thousand) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Mainland China | 95,930 | 116,342 | -17.5% | | Other Countries/Regions | 11,018 | 2,394 | 360.3% | | **Total** | **106,948** | **118,736** | **-9.9%** | Analysis of Other Income and Gains | Category | 2025 (RMB Thousand) | 2024 (RMB Thousand) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Government Grants and Subsidies | 27,053 | 14,494 | 86.6% | | Interest Income | 7,087 | 3,072 | 130.7% | | Subtotal Other Income | 35,559 | 20,642 | 72.3% | | Subtotal Gains | 17 | 1,488 | -98.9% | | **Total** | **35,576** | **22,130** | **60.8%** | [Loss Before Tax](index=10&type=section&id=5.%20Loss%20Before%20Tax) This section details the key components contributing to the group's loss before tax, including cost of goods sold, depreciation, staff costs, share-based payments, impairment losses, and inventory write-downs Key Components of Loss Before Tax | Item | 2025 (RMB Thousand) | 2024 (RMB Thousand) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Cost of Goods Sold | 69,727 | 94,341 | -26.1% | | Depreciation of Property, Plant and Equipment | 47,187 | 55,196 | -14.5% | | Wages and Salaries | 102,287 | 133,284 | -23.3% | | Share-based Payments | 20,346 | 160,650 | -87.3% | | Net Impairment Loss on Financial Assets | 83,284 | 45,892 | 81.5% | | Write-down of Inventories to Net Realizable Value | 19,123 | 10,036 | 90.5% | | Fair Value Loss on Financial Assets at FVTPL | 3,383 | 2,247 | 50.6% | [Finance Costs](index=10&type=section&id=6.%20Finance%20Costs) This section outlines the composition of the group's finance costs, primarily driven by interest on bank and other borrowings and lease liabilities Composition of Finance Costs | Item | 2025 (RMB Thousand) | 2024 (RMB Thousand) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Interest on Interest-bearing Bank and Other Borrowings | 33,261 | 26,686 | 24.6% | | Interest on Lease Liabilities | 931 | 1,372 | -32.1% | | **Total** | **34,589** | **28,058** | **23.3%** | [Income Tax](index=11&type=section&id=7.%20Income%20Tax) This section details the income tax credit recorded for the period and highlights the preferential tax rates enjoyed by certain high-tech and small-profit subsidiaries - An income tax credit of approximately **RMB 0.2 million** was recorded during the reporting period, a significant decrease from approximately **RMB 1.9 million** in the same period of 2024[25](index=25&type=chunk)[58](index=58&type=chunk) - Re-Fire Technology, Shanghai Pandong, and Shanghai Yunliang qualified as high-tech enterprises, enjoying a preferential corporate income tax rate of **15%**, with some subsidiaries also benefiting from preferential tax policies for small and micro-profit enterprises[24](index=24&type=chunk) [Loss Per Share Attributable to Ordinary Equity Holders of the Parent](index=12&type=section&id=8.%20Loss%20Per%20Share%20Attributable%20to%20Ordinary%20Equity%20Holders%20of%20the%20Parent) This section presents the basic and diluted loss per share, reflecting the reduction in loss attributable to ordinary equity holders of the parent and the weighted average number of ordinary shares Loss Per Share Data | Metric | 2025 (RMB) | 2024 (RMB) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Loss Attributable to Ordinary Equity Holders of the Parent | (332,698) thousand | (466,361) thousand | 28.7% (Loss Reduced) | | Weighted Average Number of Ordinary Shares for Basic Loss Per Share | 86,161,575 shares | 81,311,371 shares | 6.0% | | Basic and Diluted Loss Per Share | (3.86) | (5.74) | 32.7% (Loss Reduced) | [Trade and Bills Receivables and Contract Assets](index=13&type=section&id=9.%20Trade%20and%20Bills%20Receivables%20and%20Contract%20Assets) This section provides a breakdown of trade and bills receivables and contract assets, highlighting the increase in impairment losses primarily due to higher provisions for expected credit losses Trade and Bills Receivables and Contract Assets | Item | June 30, 2025 (RMB Thousand) | December 31, 2024 (RMB Thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Subtotal Non-current Trade Receivables and Contract Assets (Net of Impairment) | 240,048 | 290,453 | -17.4% | | Subtotal Current Trade and Bills Receivables (Net of Impairment) | 1,916,615 | 2,049,241 | -6.6% | | **Total** | **2,156,663** | **2,339,694** | **-7.8%** | | Total Impairment Losses | 600,662 | 530,150 | 13.3% | - The net impairment loss on trade receivables increased, primarily due to higher provisions for expected credit losses on trade receivables[29](index=29&type=chunk)[57](index=57&type=chunk) [Trade and Bills Payables](index=14&type=section&id=10.%20Trade%20and%20Bills%20Payables) This section presents the aging analysis of trade and bills payables, noting a decrease in total payables and the reclassification of certain supplier payments under financing arrangements Aging Analysis of Trade and Bills Payables | Aging | June 30, 2025 (RMB Thousand) | December 31, 2024 (RMB Thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Within 1 Year | 579,763 | 665,661 | -12.9% | | 1 to 2 Years | 52,125 | 74,646 | -30.2% | | 2 to 3 Years | 1,455 | 47,491 | -96.9% | | Over 3 Years | 53,266 | 86,025 | -38.1% | | **Total** | **686,609** | **873,823** | **-21.5%** | - The group entered into supplier financing arrangements with Xi'an Jingchan, Zhongqi Yunlian, and Jianxin Rongtong, reclassifying amounts payable to suppliers as amounts payable to factoring companies[31](index=31&type=chunk)[32](index=32&type=chunk)[34](index=34&type=chunk) [Share Capital](index=15&type=section&id=11.%20Share%20Capital) This section details the changes in the group's issued and fully paid share capital, specifically noting the increase due to the exercise of over-allotment options Changes in Share Capital | Item | June 30, 2025 (RMB Thousand) | December 31, 2024 (RMB Thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Issued and Fully Paid Share Capital | 86,162 | 86,139 | 0.03% | - On January 2, 2025, over-allotment options were exercised, resulting in the issuance of **23,180 H shares** and an increase in share capital of **RMB 23 thousand**[36](index=36&type=chunk) [Dividends](index=16&type=section&id=12.%20Dividends) This section confirms that no dividends were paid or declared by the company or its subsidiaries during the reporting periods - For the six months ended June 30, 2025, and 2024, no dividends were paid or declared by the company or its current subsidiaries[37](index=37&type=chunk)[74](index=74&type=chunk) [Business/Industry Review](index=17&type=section&id=Business%2FIndustry%20Review) This section provides an overview of the hydrogen energy industry's policy and market developments, the group's technological advancements, market expansion, and ecosystem building efforts [Industry Policies and Market Development](index=17&type=section&id=Industry%20Policies%20and%20Market%20Development) China's hydrogen energy industry saw rapid growth in H1 2025, driven by supportive national policies, expanded demonstration city clusters, highway toll exemptions, and state fund investments in frontier technologies - The National Energy Administration issued the "Guiding Opinions on Energy Work in 2025," promoting the establishment and improvement of hydrogen energy management mechanisms across various regions[38](index=38&type=chunk) - The fuel cell vehicle demonstration city clusters expanded with **6** new locations, and over **10** provinces and cities proposed highway toll exemption policies for hydrogen energy vehicles[38](index=38&type=chunk) - The National Development and Reform Commission established a national venture capital guidance fund, focusing on supporting frontier technology fields like hydrogen energy storage, while the National Energy Administration organized hydrogen energy pilot programs[38](index=38&type=chunk) [Technological R&D Progress](index=18&type=section&id=Technological%20R%26D%20Progress) The group maintains technological innovation, strengthening fuel cell reliability and durability, and successfully mass-produced the new-generation Sirius series fuel cell systems, reducing raw material and manufacturing costs - The company adheres to technological innovation, consolidating its advantages in fuel cell reliability and durability, and achieving key technology layouts across the industrial chain[40](index=40&type=chunk) - Awarded the second batch of Shanghai Innovative Enterprise Headquarters, its products have been validated and continuously optimized under extremely high operating intensity[40](index=40&type=chunk) - The independently developed new-generation fuel cell system product, the Sirius series, entered mass production, with both raw material and manufacturing costs further decreasing[40](index=40&type=chunk) [Promotion and Market Expansion](index=18&type=section&id=Promotion%20and%20Market%20Expansion) The group actively promotes large-scale application of hydrogen heavy trucks in long-haul transport, especially in low-cost hydrogen regions, successfully expanding overseas markets with bulk sales, and participating in Hong Kong's hydrogen energy strategy - Promoting the large-scale application of hydrogen heavy trucks for medium and long-haul transport, especially in regions with low-cost hydrogen resources[41](index=41&type=chunk) - Actively participating in Hong Kong's hydrogen energy development strategy, a project to trial **two** hydrogen fuel cell tourist buses for cross-border passenger transport received in-principle approval[41](index=41&type=chunk) - Continuously exploring overseas market opportunities, expanding application scenarios through domestic and international engineering services, and achieving bulk sales and deliveries[39](index=39&type=chunk)[41](index=41&type=chunk) [Ecosystem Building and Cooperation](index=19&type=section&id=Ecosystem%20Building%20and%20Cooperation) The group made key progress in building a hydrogen energy ecosystem through strategic partnerships, participation in national green hydrogen projects, co-developing carbon emission accounting standards, and securing local government equity investment - Signed a strategic cooperation agreement with Beijing Mingyang Hydrogen Energy Technology Co., Ltd., to conduct comprehensive cooperation[42](index=42&type=chunk) - The Ningxia Taiyangshan Hydrogen-Ammonia Valley Source-Grid-Load-Storage Integrated Project and the Ningxia Yinchuan High-tech Zone Green Hydrogen Production-Storage-Transportation-Utilization Integrated Demonstration Project, led by the group, were successfully selected for the National Development and Reform Commission's second batch of "Green and Low-Carbon Advanced Technology Demonstration Project List"[42](index=42&type=chunk) - The "Carbon Emission Accounting Method for Industrial By-product Hydrogen" group standard, co-developed by the group, was officially released, helping the hydrogen energy industry obtain more accurate value assessments in the carbon market[43](index=43&type=chunk) - Entered into an A-share subscription agreement with Qiyuan Fund and Cangnan Shanhai Zerun, which is beneficial for enhancing competitiveness and expanding into the Northwest market[43](index=43&type=chunk) [Prospects/Outlook](index=19&type=section&id=Prospects%2FOutlook) This section outlines the group's future strategies for product and technology development, commercial application expansion, and overseas market penetration to drive sustainable growth [Product and Technology Development Strategy](index=20&type=section&id=Product%20and%20Technology%20Development%20Strategy) The group will continue to focus on market demand, increase R&D investment, and iterate products to meet stringent requirements for reliability, durability, cost, and efficiency in commercial applications, while expanding technology layouts in diverse fuel cell applications and hydrogen production - Centered on market demand, the group will persist in R&D innovation to meet the stringent requirements for reliability, durability, cost, and efficiency in end commercial scenarios, maintaining and enhancing long-term technological competitiveness[45](index=45&type=chunk) - Continuously iterating and updating technology based on market feedback, consolidating product advantages in heavy truck applications, and advancing technology layouts and product development in diverse fuel cell applications and hydrogen production[45](index=45&type=chunk) [Commercial Application and Ecosystem Expansion](index=20&type=section&id=Commercial%20Application%20and%20Ecosystem%20Expansion) The group will consolidate hydrogen heavy truck application advantages in low-cost hydrogen markets and specific industrial sectors, accelerate scaling with policy support, expand into diverse application markets like power generation, and develop end-to-end hydrogen projects through green hydrogen ecosystems - Consolidating the application advantages of hydrogen heavy trucks in low-cost hydrogen markets and freight scenarios within industries such as steel, coking, petrochemicals, and chlor-alkali, combined with expanding toll fee reduction policies, to accelerate the scaling of hydrogen heavy truck applications[46](index=46&type=chunk) - Leveraging advantages in diverse application markets like power generation to enhance performance and drive downstream hydrogen consumption, while developing end-to-end hydrogen application projects through green hydrogen ecosystem initiatives to create commercial value[46](index=46&type=chunk) [Overseas Market Strategy](index=20&type=section&id=Overseas%20Market%20Strategy) The group will leverage its first-mover advantage overseas, focusing on key potential markets along the "Belt and Road" to strengthen market expansion and sales networks, aiming to improve overall performance and explore participation in overseas green hydrogen projects - Focusing on key potential markets such as Southeast Asia, Central Asia, the Middle East, and North Africa, aligned with the national "Belt and Road" strategy, to strengthen market expansion and sales network construction, leveraging the high-margin advantage of overseas orders to enhance overall performance[47](index=47&type=chunk) - Further exploring participation in overseas green hydrogen ecosystem projects to replicate China's green hydrogen project experience, promote sales of products like electrolyzed water hydrogen energy equipment and components, and expand hydrogen energy application scenarios such as heavy trucks, hydrogen storage, and power generation[47](index=47&type=chunk) [Financial Review](index=21&type=section&id=Financial%20Review) This section provides a detailed analysis of the group's financial performance, covering revenue, costs, expenses, profit/loss, and key financial ratios, along with liquidity and capital resources [Revenue Analysis](index=21&type=section&id=Revenue%20Analysis) The group's total revenue decreased by **9.9%** to **RMB 106.9 million**, primarily due to a significant reduction in component sales, though hydrogen fuel cell system sales and overseas revenue grew substantially, optimizing the revenue structure - Total revenue was approximately **RMB 106.9 million**, a decrease of approximately **9.9%** from the prior period, mainly due to a decline in component sales compared to the same period in 2024[48](index=48&type=chunk) - Fuel cell system revenue was approximately **RMB 76.8 million**, an increase of approximately **141.8%** from the prior period, driven by increased customer demand and orders, optimizing the revenue structure[48](index=48&type=chunk)[49](index=49&type=chunk) - Revenue from overseas regions was **RMB 11.0 million**, an increase of approximately **360.3%** from the prior period, primarily driven by overseas business marketing expansion and product technology recognition[51](index=51&type=chunk) [Cost of Sales, Gross Profit and Gross Margin](index=22&type=section&id=Cost%20of%20Sales%2C%20Gross%20Profit%20and%20Gross%20Margin) Cost of sales decreased by **11.5%** to **RMB 120.4 million**, and gross profit loss narrowed by **22.5%** to **RMB 13.5 million**, with the gross margin improving from **-14.6%** to **-12.6%**, mainly due to a sales mix shift towards more profitable fuel cell systems - Cost of sales was **RMB 120.4 million**, a decrease of approximately **11.5%** from the first half of 2024, primarily due to changes in sales structure, with a higher proportion of more profitable fuel cell system sales[52](index=52&type=chunk) - Gross profit loss was approximately **RMB 13.5 million**, a reduction in loss of approximately **22.5%** from the prior period; gross margin increased from approximately **-14.6%** to approximately **-12.6%**, mainly due to changes in sales structure[53](index=53&type=chunk) [Other Income](index=22&type=section&id=Other%20Income) The group's other income significantly increased by **72.3%** to **RMB 35.6 million**, driven primarily by higher government grants and subsidies and increased bank interest income - Other income increased by approximately **72.3%** from approximately **RMB 20.6 million** in the prior period to approximately **RMB 35.6 million** in the reporting period[54](index=54&type=chunk) - The increase was mainly due to an increase of approximately **RMB 12.6 million** in government grants and subsidies received and recognized, and an increase of approximately **RMB 4.0 million** in bank interest income during the reporting period[54](index=54&type=chunk) [Selling, Administrative and R&D Expenses](index=22&type=section&id=Selling%2C%20Administrative%20and%20R%26D%20Expenses) Selling and marketing expenses slightly decreased, while administrative and R&D expenses significantly dropped due to reduced share-based payment expenses. Excluding share-based payments and listing expenses, selling and marketing expenses slightly increased, while administrative and R&D expenses decreased due to efficiency improvements - Selling and marketing expenses decreased to approximately **RMB 50.7 million**, primarily due to reduced share-based payment expenses; excluding share-based payment expenses, selling and marketing expenses slightly increased[55](index=55&type=chunk) - Administrative expenses decreased to approximately **RMB 116.7 million**, primarily due to reduced share-based payment expenses and listing expenses; excluding these factors, administrative expenses decreased due to a reduction in administrative staff and cost control[56](index=56&type=chunk) - R&D expenses decreased to approximately **RMB 60.6 million**; excluding share-based payment expenses, R&D expenses decreased, mainly due to continuous focus and streamlining of product series, improving the efficiency of R&D personnel activities and resource allocation[56](index=56&type=chunk) [Net Impairment Losses on Financial Assets and Contract Assets](index=23&type=section&id=Net%20Impairment%20Losses%20on%20Financial%20Assets%20and%20Contract%20Assets) The group's net impairment losses on financial assets and contract assets increased by **81.5%** to **RMB 83.3 million**, primarily due to higher provisions for expected credit losses on trade receivables - Impairment losses on financial assets and contract assets increased from approximately **RMB 45.9 million** in the prior period to approximately **RMB 83.3 million** in the reporting period, mainly due to increased provisions for expected credit losses on trade receivables[57](index=57&type=chunk) [Income Tax](index=23&type=section&id=Income%20Tax) The group recorded an income tax credit of approximately **RMB 0.2 million** during the reporting period, a decrease from approximately **RMB 1.9 million** in the prior period - During the reporting period, the group recorded an income tax credit of approximately **RMB 0.2 million** (for the six months ended June 30, 2024: approximately **RMB 1.9 million**)[58](index=58&type=chunk) [Finance Costs](index=23&type=section&id=Finance%20Costs) The group's finance costs increased by **23.3%** to **RMB 34.6 million**, primarily due to higher interest expenses on borrowings - During the reporting period, the group's finance costs were approximately **RMB 34.6 million** (for the six months ended June 30, 2024: approximately **RMB 28.1 million**), primarily due to increased interest expenses on borrowings[59](index=59&type=chunk) [Loss Attributable to Owners of the Company](index=23&type=section&id=Loss%20Attributable%20to%20Owners%20of%20the%20Company) Loss attributable to owners of the company was **RMB 332.7 million**, a **28.7%** reduction from the prior period's loss of **RMB 466.4 million**, reflecting improved consolidated financial performance - During the reporting period, the loss attributable to owners of the company was approximately **RMB 332.7 million**, compared to approximately **RMB 466.4 million** in the prior period, representing a reduction in loss of approximately **28.7%**[60](index=60&type=chunk) [Non-IFRS Measures](index=24&type=section&id=Non-IFRS%20Measures) Adjusted net loss (non-IFRS measure), excluding share-based payments and listing expenses, was **RMB 331.9 million**, a slight increase from **RMB 318.1 million** in the prior period Reconciliation of Adjusted Net Loss (Non-IFRS Measure) | Item | 2025 (RMB Thousand) | 2024 (RMB Thousand) | | :--- | :--- | :--- | | Loss for the Period | (352,201) | (487,929) | | Add back: Share-based Payments | 20,346 | 160,650 | | Add back: Listing Expenses Related to the Company's Global Offering | – | 9,181 | | **Total (Adjusted Net Loss)** | **(331,855)** | **(318,098)** | [Borrowings and Pledges of Group Assets](index=24&type=section&id=Borrowings%20and%20Pledges%20of%20Group%20Assets) As of June 30, 2025, the group's total borrowings were approximately **RMB 1,675.6 million**, with non-current borrowings accounting for approximately **29.6%**, and the board considers the debt level and financial structure robust, with all borrowings denominated in RMB - As of June 30, 2025, the group's borrowings were approximately **RMB 1,675.6 million**, with non-current borrowings accounting for approximately **29.6%** of total borrowings[62](index=62&type=chunk)[64](index=64&type=chunk) - The directors believe that the group's debt level and financial structure provide a solid foundation to withstand market fluctuations and mitigate financial risks, with all bank borrowings and loans denominated in RMB[62](index=62&type=chunk) [Liquidity, Funding and Capital Resources](index=25&type=section&id=Liquidity%2C%20Funding%20and%20Capital%20Resources) The group's primary liquidity sources include operating cash flow, bank borrowings, and H-share listing proceeds. Cash and cash equivalents increased by **19.0%** to **RMB 1,051.1 million**, but net current assets and the current ratio decreased - The group's primary sources of liquidity include cash generated from operating activities, bank borrowings, and proceeds from the listing of H shares on the Stock Exchange[65](index=65&type=chunk) - As of June 30, 2025, the group's cash and cash equivalents were approximately **RMB 1,051.1 million**, an increase of approximately **19.0%** from the beginning of the reporting period[4](index=4&type=chunk)[66](index=66&type=chunk) - The group's net current assets were approximately **RMB 1,082.0 million**, a decrease of approximately **24.1%** from December 31, 2024; the current ratio decreased from approximately **1.7** to approximately **1.4**[66](index=66&type=chunk) [Gearing Ratio](index=26&type=section&id=Gearing%20Ratio) As of June 30, 2025, the group's gearing ratio remained relatively stable at **0.52**, compared to **0.46** as of December 31, 2024 - As of June 30, 2025, the gearing ratio remained relatively stable at **0.52**, compared to **0.46** as of December 31, 2024[67](index=67&type=chunk) [Material Investments, Acquisitions or Disposals](index=26&type=section&id=Material%20Investments%2C%20Acquisitions%20or%20Disposals) During the reporting period, the group made no material investments, acquisitions, or disposals of subsidiaries, associates, or joint ventures - During the reporting period, the group made no material investments, or material acquisitions or disposals of subsidiaries, associates, or joint ventures[68](index=68&type=chunk) [Contingent Liabilities](index=26&type=section&id=Contingent%20Liabilities) The group provides government subsidy guarantees to major customers, and management assesses the likelihood of customers receiving subsidies as extremely high, thus the guarantee provision is deemed very low - The group has provided guarantees to a major customer, FAW Jiefang Automobile Co., Ltd., regarding government subsidies for hydrogen fuel cell vehicles[69](index=69&type=chunk) - Management believes the likelihood of the customer receiving the subsidies is extremely high, thus the guarantee provision as of June 30, 2025, is assessed as very low[69](index=69&type=chunk) [Foreign Exchange Risk](index=27&type=section&id=Foreign%20Exchange%20Risk) The group faces foreign exchange risk from RMB fluctuations against other currencies, primarily from overseas operations and non-RMB bank balances, but limits risk by minimizing net foreign currency positions and did not engage in hedging during the period - The group faces foreign exchange risk arising from fluctuations in exchange rates between RMB and other currencies involved in its operations, stemming from overseas market operations and bank balances denominated in currencies other than RMB[70](index=70&type=chunk) - The group seeks to limit its foreign exchange risk by minimizing net foreign currency positions, and no hedging transactions were entered into for foreign exchange risk for the six months ended June 30, 2025[70](index=70&type=chunk) [Capital Expenditure](index=27&type=section&id=Capital%20Expenditure) The group's capital expenditure significantly increased to **RMB 65.7 million**, primarily for payments related to property, plant, and equipment, and land lease payments - For the six months ended June 30, 2025, the group's capital expenditure was approximately **RMB 65.7 million** (for the six months ended June 30, 2024: approximately **RMB 24.8 million**), primarily related to payments for property, plant, and equipment, and land lease payments[71](index=71&type=chunk) [Capital Commitments](index=27&type=section&id=Capital%20Commitments) The group's total capital commitments increased to **RMB 193.5 million**, primarily for the acquisition of property, plant, and equipment, and investments in associates and other unlisted investments - As of June 30, 2025, the group recorded total capital commitments of approximately **RMB 193.5 million**, compared to approximately **RMB 159.9 million** as of December 31, 2024[72](index=72&type=chunk) - Capital commitments include contractual but unprovided capital commitments for the acquisition of property, plant, and equipment, and investments in associates and other unlisted investments[72](index=72&type=chunk) [Employees and Remuneration Policy](index=27&type=section&id=Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the group had **395** full-time employees, emphasizing employee training and providing benefits such as wages, share-based payments, pension scheme contributions, and social welfare - As of June 30, 2025, the group had a total of **395** full-time employees[73](index=73&type=chunk) - The company values employee training and provides employee benefits expenses such as wages and salaries, share-based payments, pension scheme contributions, and social welfare[73](index=73&type=chunk) [Other Information](index=28&type=section&id=Other%20Information) This section covers various corporate governance matters, including dividend policy, compliance with securities trading codes, audit committee review, exercise of over-allotment options, and significant post-reporting period events [Interim Dividends](index=28&type=section&id=Interim%20Dividends) The Board did not recommend the payment of any interim dividend for the six months ended June 30, 2025 - The Board did not recommend the payment of any interim dividend for the six months ended June 30, 2025 (for the six months ended June 30, 2024: nil)[74](index=74&type=chunk) [Corporate Governance Practices](index=28&type=section&id=Corporate%20Governance%20Practices) The group is committed to high corporate governance standards and has adopted the Corporate Governance Code. Despite the Chairman and CEO being the same person, which is a deviation, the Board believes this arrangement benefits group management, and the Board's composition ensures independence - The company has adopted the Corporate Governance Code and complied with all applicable code provisions during the reporting period, except for the deviation where Mr. Lin Qi serves as both Chairman and Chief Executive Officer[75](index=75&type=chunk) - The Board believes that Mr. Lin's dual role as Chairman and Chief Executive Officer is beneficial to the group's management, and the Board's composition is highly independent[75](index=75&type=chunk) - The company currently expects to retain all future earnings to fund its business development and growth, and therefore has not yet adopted a dividend policy for declaring or paying any dividends[76](index=76&type=chunk) [Standard Code for Securities Transactions](index=29&type=section&id=Standard%20Code%20for%20Securities%20Transactions) All directors confirm compliance with the Standard Code for Securities Transactions, and the company is unaware of any non-compliance by the group's senior management - Following specific inquiries to all directors, all directors confirmed that they had complied with the Standard Code for the six months ended June 30, 2025[77](index=77&type=chunk) - The company is not aware of any non-compliance with the Standard Code by the group's senior management for the six months ended June 30, 2025[77](index=77&type=chunk) [Purchase, Sale or Redemption of Listed Securities](index=29&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20Listed%20Securities) For the six months ended June 30, 2025, neither the company nor its subsidiaries purchased, sold, or redeemed any of the company's listed securities - For the six months ended June 30, 2025, neither the company nor its subsidiaries purchased, sold, or redeemed any of the company's listed securities[78](index=78&type=chunk) [Audit Committee](index=29&type=section&id=Audit%20Committee) The Audit Committee, comprising three independent non-executive directors, reviewed and found the interim financial results for the six months ended June 30, 2025, to be in compliance with relevant accounting standards, rules, and regulations, with no objections - The Audit Committee, composed of three independent non-executive directors, reviewed and deemed the interim financial results for the six months ended June 30, 2025, to be in compliance with relevant accounting standards, rules, and regulations, with timely and appropriate disclosures[79](index=79&type=chunk) - The Audit Committee had no disagreement with the accounting policies adopted by the company[79](index=79&type=chunk) [Exercise of Over-allotment Option](index=29&type=section&id=Exercise%20of%20Over-allotment%20Option) On January 2, 2025, a portion of the company's over-allotment option was exercised, leading to the allotment and issuance of **23,180 H shares** and generating additional net proceeds of approximately **HK$3.4 million** - On January 2, 2025, a portion of the over-allotment option described in the prospectus was exercised, resulting in the allotment and issuance of a total of **23,180 H shares** and generating additional net proceeds of approximately **HK$3.4 million** for the company[80](index=80&type=chunk) [Other Corporate Governance Matters](index=30&type=section&id=Other%20Corporate%20Governance%20Matters) This section covers significant corporate governance changes and proposals, including supervisor changes, the proposed dissolution of the supervisory board, amendments to the Articles of Association, the proposed implementation of H-share full circulation, and proposed A-share issuance, along with post-reporting period strategic investments [Changes in Supervisors](index=30&type=section&id=Changes%20in%20Supervisors) This section details the changes in the company's supervisory board, including resignations and the election of new employee and shareholder representative supervisors - Mr. Sun Bei and Mr. Ji Yizhi resigned as supervisors, Mr. Liu Tiezhong was elected as an employee representative supervisor, and Mr. Dong Yazhou was elected as a shareholder representative supervisor[81](index=81&type=chunk) [Proposed Dissolution of the Supervisory Board](index=30&type=section&id=Proposed%20Dissolution%20of%20the%20Supervisory%20Board) This section outlines the Board's proposal to dissolve the Supervisory Board in accordance with the new Company Law amendments, with its functions to be exercised by the Audit Committee, following shareholder approval - In accordance with the amendments to the new Company Law, the Board resolved and proposed to dissolve the Supervisory Board, which has been approved by shareholders, and its functions will be exercised by the Audit Committee[82](index=82&type=chunk) [Proposed Amendments to the Articles of Association](index=31&type=section&id=Proposed%20Amendments%20to%20the%20Articles%20of%20Association) This section details the Board's proposal to amend the Articles of Association in line with the new Company Law and Listing Rules, which has received formal shareholder approval - The Board resolved and proposed to amend the Articles of Association in accordance with the provisions of the new Company Law and the Listing Rules, which has been formally approved by shareholders[83](index=83&type=chunk) [Proposed Implementation of H-share Full Circulation](index=31&type=section&id=Proposed%20Implementation%20of%20H-share%20Full%20Circulation) This section outlines the company's submission to the CSRC for H-share full circulation, involving the conversion of **16,369,877 A shares** into H shares for listing, with the filing completed but implementation details pending - The company has submitted a filing to the China Securities Regulatory Commission for the implementation of H-share full circulation, involving the conversion of **16,369,877 A shares** into H shares for listing on the Stock Exchange[84](index=84&type=chunk) - The CSRC filing has been completed, but the detailed implementation plan for the conversion and listing is not yet finalized and requires other relevant procedures to be completed[84](index=84&type=chunk) [Proposed Issuance of A Shares and Related Matters](index=32&type=section&id=Proposed%20Issuance%20of%20A%20Shares%20and%20Related%20Matters) This section details the Board's proposal, approved by shareholders, to issue **1,971,830 A shares** to two subscribers at **RMB 142** per share, aimed at enhancing competitiveness and raising additional capital, subject to CSRC approval - The Board proposed, and shareholders approved, the issuance of a total of **1,971,830 A shares** to two subscribers at a subscription price of **RMB 142** per share, aiming to enhance competitiveness and raise additional capital[86](index=86&type=chunk) - The subscription is subject to approval from the China Securities Regulatory Commission and the fulfillment of certain preconditions[87](index=87&type=chunk) [Events After Reporting Period](index=33&type=section&id=Events%20After%20Reporting%20Period) This section discloses significant events occurring after the reporting period, including strategic investments by subsidiaries to expand into the hydrogen production sector - On August 8, 2025, Guangdong Tansuo Automobile Co., Ltd., a subsidiary of the company, entered into a capital increase agreement with Enze (Guangdong) Hydrogen Energy Co., Ltd. and others, injecting **RMB 100 million** to promote strategic planning in the hydrogen production sector[88](index=88&type=chunk) - The Board resolved to increase the registered capital of Seraph Re-Fire (Ningxia) Hydrogen Electric Energy Co., Ltd. by **RMB 70 million** to further expand into the hydrogen production market[88](index=88&type=chunk) [Definitions](index=33&type=section&id=Definitions) This section provides definitions for key terms and abbreviations used throughout the announcement, ensuring clarity and consistent understanding of the report content - This section provides definitions for key terms and abbreviations used in the announcement to ensure clarity and consistent understanding of the report content[92](index=92&type=chunk)[94](index=94&type=chunk)[95](index=95&type=chunk)[96](index=96&type=chunk)[97](index=97&type=chunk)

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 公司名稱: 上海重塑能源集團股份有限公司 (「本公司」) 呈交日期: 2025年8月5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) | 02570 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 40,680,318 | RMB | | 1 RMB | | 40,680,318 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 40,680,318 | RMB | | 1 RMB | | 40,680,318 | | 2. 股份分類 | 普通股 | 股份類別 | 其他類別 (請註明) | ...

Core Viewpoint - The hydrogen energy industry is experiencing a significant increase in investment activity, particularly in July 2025, with multiple companies securing funding, indicating strong market confidence and technological advancements in the sector [3][4]. Investment Activity - In the first half of 2025, 22 hydrogen companies completed 23 financing rounds, averaging 3-4 companies per month. However, in July, this pace accelerated significantly, with 9 companies securing funding [3][4]. - Key factors driving this surge include supportive national and local policies, maturity of critical technologies, and collaboration between international energy giants and domestic capital [4]. Notable Financing Events - **Heide Hydrogen**: On July 1, China Petroleum Capital invested in Heide Hydrogen, marking a second round of investment following a previous one in June 2024. Heide Hydrogen is collaborating with major global energy firms [5]. - **Xie Hydrogen New Energy**: On July 2, Super Power Group completed a strategic investment in Xie Hydrogen New Energy, aiming to develop the world's largest wind-cooled hydrogen fuel cell production base [7]. - **Carbon Technology**: On July 7, Carbon Technology announced a Pre-B round financing of several million, led by CICC Capital, to enhance its energy storage battery product line [8]. - **Pandu Electric**: On July 11, Pandu Electric successfully completed a Pre-A round financing, focusing on fuel cell power electronics [10]. - **Kexin Hydrogen Materials**: On July 17, Kexin Hydrogen Materials completed a round of equity financing to develop alkaline electrolysis membranes [12]. - **Alcohol Hydrogen Technology**: On July 20, Alcohol Hydrogen Technology raised over $200 million in its third round of financing to advance its product technology [14]. - **Proton Motors**: On July 21, Proton Motors completed a B round financing, which is crucial for its sales and IPO strategy [16]. - **Hydrogen Energy**: On July 24, Hydrogen Energy secured several million in its second round of financing to enhance R&D and product development [18]. - **Carbon Rich Hydrogen Energy**: On July 24, Carbon Rich Hydrogen Energy announced an A round financing to support technology development and production capacity [20].

Key Points - The top three companies with net inflows from southbound funds are Xiaomi Group-W (01810) with 1.665 billion, Tencent Holdings (00700) with 830 million, and Alibaba-W (09988) with 747 million [1] - The companies with the highest net outflows are Pop Mart (09992) with -354 million, China Life (02628) with -351 million, and Kingsoft Cloud (03896) with -300 million [1] - In terms of net inflow ratio, Qin Port Co. (03369) leads with 78.68%, followed by Reshaping Energy (02570) with 76.94%, and Cang Port Railway (02169) with 65.01% [1] - The companies with the highest net outflow ratios include Chongqing Rural Commercial Bank (03618) at -61.37%, Bank of China Aviation Leasing (02588) at -53.31%, and Swire Properties (01972) at -45.99% [1] Net Inflow Rankings - Xiaomi Group-W (01810) had a net inflow of 1.665 billion, representing a 12.37% increase [2] - Tencent Holdings (00700) saw a net inflow of 830 million, with an 8.94% increase [2] - Alibaba-W (09988) recorded a net inflow of 747 million, reflecting a 10.60% increase [2] - The highest net inflow was observed in CSPC Pharmaceutical Group (01093) with 654 million and a 21.81% increase [2] Net Outflow Rankings - Pop Mart (09992) experienced a net outflow of -354 million, with a -10.47% decrease [2] - China Life (02628) had a net outflow of -351 million, reflecting a -11.90% decrease [2] - Kingsoft Cloud (03896) recorded a net outflow of -300 million, with a -24.18% decrease [2] - Meituan-W (03690) also saw a significant outflow of -291 million, representing a -5.32% decrease [2] Net Inflow Ratio Rankings - Qin Port Co. (03369) leads with a net inflow ratio of 78.68% and a net inflow of 340,000 [3] - Reshaping Energy (02570) follows with a net inflow ratio of 76.94% and a net inflow of 10.53 million [3] - Cang Port Railway (02169) has a net inflow ratio of 65.01% with a net inflow of 4.3967 million [3] - Other notable companies include Meizhong Jiahe (02453) with a 61.71% net inflow ratio [3] Net Outflow Ratio Rankings - Chongqing Rural Commercial Bank (03618) has the highest net outflow ratio at -61.37% with a net outflow of -1.04 billion [3] - Bank of China Aviation Leasing (02588) follows with a net outflow ratio of -53.31% and a net outflow of -15.3728 million [3] - Swire Properties (01972) has a net outflow ratio of -45.99% with a net outflow of -29.4662 million [3]

格隆汇7月29日丨重塑能源(02570.HK)宣布，谨定于2025年8月8日（星期五）召开董事会会议，以（其 中包括）审议及通过集团截至2025年6月30日止六个月的中期业绩及其发布，以及审议派发中期股息的 建议（如有）。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 Shanghai REFIRE Group Limited （股份代號：2570） 董事會會議日期 上海重塑能源集團股份有限公司（「本公司」，連同其附屬公司統稱「本集團」）董事 （「董事」）會（「董事會」）茲宣佈謹定於2025年8月8日（星期五）召開董事會會議， 以（其中包括）審議及通過本集團截至2025年6月30日止六個月之中期業績及其發 佈，以及審議派發中期股息之建議（如有）。 承董事會命 上海重塑能源集團股份有限公司 董事長 林琦先生 香港，2025年7月29日 於本公告日期，董事會成員包括執行董事林琦先生、胡哲博士、馬晶楠女士、 翟雙博士及趙泳生先生；非執行董事劉會友先生；及獨立非執行董事李偉先生、 錢美芬博士及陳飛先生。 上海重塑能源集團股份有限公司 （於中華人民共和國註冊成立的股份有限公司） ...

Core Insights - NEP has developed a millisecond-level shutdown technology that has become a safety standard in the photovoltaic industry, breaking international technological monopolies with over 80 independent patents [1][3][5] Group 1: Company Development - In 2011, NEP's founder Wang Jing transitioned from a multinational corporate executive to the MLPE field, addressing the safety challenges posed by high DC voltages in traditional photovoltaic systems [2] - The company invested 15% of its annual revenue into R&D and built a technical team of over 100 members, focusing on core technology development [2][3] Group 2: Technological Breakthroughs - NEP's technical team achieved a breakthrough in 2017 by creating a bidirectional communication protocol, which led to a significant improvement in remote monitoring and high-temperature automatic warning systems [3] - The company's micro-inverter products have passed rigorous testing in extreme conditions, demonstrating a failure rate significantly lower than similar products, thus redefining safety standards in the industry [3][4] Group 3: Industry Impact - NEP's intelligent monitoring gateway reduces operational costs by 40% and enhances power generation efficiency by 3%-5% in photovoltaic power plants [4] - The company's technology has been adopted in numerous large-scale renewable energy projects, contributing to the energy safety upgrades necessary for achieving carbon neutrality goals [4][5] Group 4: Market Position - Over 15 years, NEP has transitioned from a technology follower to a standard setter in the photovoltaic industry, with its proposals being incorporated into industry norms [5] - The company is integrating AI algorithms into its photovoltaic safety management systems, indicating a commitment to deepening technological integration within the energy sector [5]

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。 Shanghai REFIRE Group Limited 上海重塑能源集團股份有限公司 茲提述上海重塑能源集團股份有限公司（「本公司」）日期均為2025年6月8日的 2025年第二次臨時股東會（「臨時股東會」）通函（「臨時股東會通函」）及通告（「臨 時股東會通告」）。除文義另有所指外，本公告所用詞彙與臨時股東會通函所界定 者具有相同涵義。 臨時股東會已於2025年6月26日（星期四）上午十時正於中國上海市嘉定區金園一 路655號1棟2層召開。臨時股東會由董事會根據《中華人民共和國公司法》及公司 章程召開，並由本公司執行董事、董事長兼首席執行官林琦先生主持。 出席臨時股東會 於臨時股東會舉行當天，已發行股份總數為86,162,471股，包括40,680,318股H股 及45,482,153股內資股。所有該等股份的持有人均有權出席臨時股東會，並就會 上提呈的所有決議案投贊成票、反對票或放棄投票。持有合共48 ...

Industry Insights - The Thorium Molten Salt Reactor (TMSR) in Wuwei, Gansu Province, has achieved continuous stable operation, marking a significant advancement in fourth-generation nuclear technology [1] - This reactor is currently the only operational thorium molten salt reactor globally, overcoming challenges that Western countries have faced for over 50 years [1] - China plans to establish 5 to 10 commercial thorium molten salt reactors by 2035, leveraging its abundant thorium resources, which are 3 to 4 times greater than uranium reserves worldwide [1] Company Developments - Baose Co., a leading manufacturer of non-standard equipment for special materials in China, is involved in the "Thorium Molten Salt Reactor Comprehensive Simulation Experiment Platform" project by the Chinese Academy of Sciences, producing core equipment such as the main container and internal support devices [2] - Hailu Heavy Industry is developing non-active residual heat discharge systems and molten salt heat exchangers for the thorium molten salt reactor project, collaborating with the Chinese Academy of Sciences on safety-specific equipment for the TMSR-LF1 [2]