Core Insights - The company reported a revenue of RMB 3.172 billion for the six months ending June 30, 2025, representing a year-on-year increase of 71.9% [1] - Shareholder profit reached RMB 220 million, marking a turnaround from a loss to profit [1] - Earnings per share stood at RMB 0.09 [1] Revenue Breakdown - The sales revenue from the power battery business amounted to RMB 2.985 billion, with a shipment volume of 7.63 GWh, both showing over 80% year-on-year growth [1] - The company is actively expanding in the new energy passenger vehicle market, with improvements in battery installation volume ranking and market share [1] Market Position - According to the China Automotive Power Battery Industry Innovation Alliance, the company ranked 7th in battery installation volume for new energy passenger vehicles from January to June 2025 [1] - In June 2025, the company's monthly ranking for battery installation volume in new energy passenger vehicles rose to 6th place nationwide [1]

Core Insights - The company reported a revenue of RMB 3.172 billion for the six months ending June 30, 2025, representing a year-on-year growth of 71.9% [1] - Shareholder profit reached RMB 220 million, marking a turnaround from a loss, with earnings per share at RMB 0.09 [1] Revenue Breakdown - The sales revenue from the power battery business amounted to RMB 2.985 billion, with a shipment volume of 7.63 GWh, both showing over 80% year-on-year growth [1] - The company has been actively expanding in the new energy passenger vehicle market, improving its battery installation volume ranking and market share [1] Market Position - According to the China Automotive Power Battery Industry Innovation Alliance, the company ranked 7th in battery installation volume for new energy passenger vehicles from January to June 2025 [1] - In June 2025, the company's monthly ranking for battery installation volume in new energy passenger vehicles rose to 6th place nationwide [1]

[Financial Highlights](index=1&type=section&id=Financial%20Highlights) The Group achieved significant growth in revenue, gross profit, and net profit for H1 2025, successfully turning losses into profits [Financial Highlights](index=1&type=section&id=Financial%20Highlights) The Group achieved significant growth in revenue, gross profit, and net profit for H1 2025, successfully turning losses into profits Key Financial Data for H1 2025 | Indicator | H1 2025 (RMB million) | YoY Growth | H1 2024 (RMB million) | | :--- | :--- | :--- | :--- | | Revenue | 3,172.0 | 71.9% | 1,844.8 | | Gross Profit | 568.7 | 210.5% | 183.1 | | Net Profit | 220.4 | Increased by 350.4 | (130.0) | | Basic and Diluted Earnings Per Share | 0.09 RMB | Increased by 0.15 RMB | (0.06) RMB | [Interim Condensed Consolidated Financial Statements](index=2&type=section&id=Interim%20Condensed%20Consolidated%20Financial%20Statements) This section presents the company's interim condensed consolidated financial statements for the reporting period [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 statement shows H1 2025 revenue of RMB 3.172 billion, gross profit of RMB 569 million, and net profit of RMB 220 million, reversing prior year's loss Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (Summary) | Indicator | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Revenue | 3,172,028 | 1,844,800 | | Cost of sales | (2,581,469) | (1,640,608) | | Impairment loss on inventories | (21,875) | (21,050) | | Gross profit | 568,684 | 183,142 | | Other income and gains | 27,267 | 22,245 | | Selling and marketing expenses | (16,404) | (16,578) | | Administrative expenses | (172,723) | (134,885) | | Research and development expenses | (252,858) | (260,327) | | Profit/(loss) before taxation | 213,480 | (136,524) | | Profit/(loss) and total comprehensive income for the period | 220,425 | (130,034) | | Profit/(loss) attributable to owners of the parent company | 220,425 | (130,034) | | Basic and diluted earnings/(loss) per share (RMB) | 0.09 | (0.06) | [Interim Condensed Consolidated Statement of Financial Position](index=3&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, total assets and net assets increased, with net current assets turning positive, improving the financial structure Interim Condensed Consolidated Statement of Financial Position (Summary) | Indicator | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Total non-current assets | 10,650,641 | 9,861,915 | | Total current assets | 6,596,912 | 5,732,316 | | Total current liabilities | 6,459,435 | 6,496,681 | | Net current assets/(liabilities) | 137,477 | (764,365) | | Total non-current liabilities | 3,749,737 | 3,200,428 | | Net assets | 7,038,381 | 5,897,122 | | Total equity | 7,038,381 | 5,897,122 | [Notes to the Interim Condensed Consolidated Financial Information](index=5&type=section&id=Notes%20to%20the%20Interim%20Condensed%20Consolidated%20Financial%20Information) This section provides detailed notes on company information, accounting policies, and specific financial item breakdowns [Company and Group Information](index=5&type=section&id=Company%20and%20Group%20Information) The company, incorporated in China in 2019, focuses on R&D, production, and sales of power, energy storage, and aviation battery products - The company was incorporated in China on February 26, 2019, and restructured into a joint-stock company on July 17, 2024[7](index=7&type=chunk) - The company and its subsidiaries primarily focus on the research, development, production, and sales of power battery products, energy storage battery products, and aviation battery products[7](index=7&type=chunk) [Basis of Preparation](index=5&type=section&id=Basis%20of%20Preparation) The interim financial information is prepared under IAS 34 and should be read with the 2024 annual consolidated financial statements - The interim condensed consolidated financial information is prepared in accordance with International Accounting Standard 34 — Interim Financial Reporting[8](index=8&type=chunk) [Changes in Accounting Policies and Disclosures](index=5&type=section&id=Changes%20in%20Accounting%20Policies%20and%20Disclosures) This period's financial information adopts revised IFRS, but has no significant impact due to currency convertibility - This period's financial information first adopted the revised International Accounting Standard 21, 'Lack of Exchangeability'[9](index=9&type=chunk)[10](index=10&type=chunk) - The revisions have no impact on the interim condensed consolidated financial information as the Group's transaction currencies are convertible[10](index=10&type=chunk) [Operating Segment Information and Revenue](index=5&type=section&id=Operating%20Segment%20Information%20and%20Revenue) No separate segment data is presented; almost all revenue and non-current assets are from mainland China, with major customers contributing over 10% - The Group does not present operating segment information as it focuses on overall operating performance[11](index=11&type=chunk) - Almost all of the Group's non-current assets and revenue are derived from mainland China[12](index=12&type=chunk) - For the six months ended June 30, 2025, approximately **RMB 2.823 billion** in revenue was generated from sales to customers contributing over **10%** of total revenue[13](index=13&type=chunk) [Revenue, Other Income and Gains](index=6&type=section&id=Revenue%2C%20Other%20Income%20and%20Gains) H1 2025 total revenue was RMB 3.172 billion, primarily from power batteries, with other income from government grants and interest Revenue by Product Category | Product Category | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Power Batteries | 2,985,306 | 1,641,029 | | Energy Storage Systems and Others | 186,722 | 203,771 | | Total Revenue from Customer Contracts | 3,172,028 | 1,844,800 | Analysis of Other Income and Gains | Item | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Government grants | 11,218 | 524 | | Interest income | 14,962 | 19,683 | | Total other income | 27,267 | 21,482 | | Net exchange gains | – | 763 | | Total other income and gains | 27,267 | 22,245 | - Almost all of the Group's revenue is derived from mainland China operations, with overseas market revenue being insignificant[15](index=15&type=chunk) [Profit/(Loss) Before Taxation](index=7&type=section&id=Profit%2F%28Loss%29%20Before%20Taxation) H1 2025 profit before taxation was RMB 213 million, a significant improvement from prior year's loss, influenced by costs and impairment Composition of Profit/(Loss) Before Taxation | Item | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Cost of sales of goods | 2,581,469 | 1,640,608 | | Net impairment losses on financial assets and contract assets | 5,182 | (921) | | Impairment loss on inventories | 21,875 | 21,050 | | Net exchange differences | 15,966 | (763) | [Income Tax Expense](index=7&type=section&id=Income%20Tax%20Expense) Mainland China subsidiaries enjoy a 15% preferential tax rate as high-tech enterprises, resulting in a negative income tax expense for the period - Mainland China subsidiaries are subject to a statutory tax rate of 25%, but the company, as a high-tech enterprise, enjoys a preferential tax rate of **15%**[20](index=20&type=chunk) Income Tax Expense Details | Item | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Current income tax | 75 | – | | Deferred tax | (7,020) | (6,490) | | Income tax expense charged to profit or loss | (6,945) | (6,490) | [Dividends](index=7&type=section&id=Dividends) No dividends were paid or declared by the company for the six months ended June 30, 2025 - No dividends were paid or declared by the company for the six months ended June 30, 2025[23](index=23&type=chunk) [Earnings/(Loss) Per Share Attributable to Ordinary Equity Holders of the Parent Company](index=8&type=section&id=Earnings%2F%28Loss%29%20Per%20Share%20Attributable%20to%20Ordinary%20Equity%20Holders%20of%20the%20Parent%20Company) Basic and diluted EPS for the period was RMB 0.09, reversing a prior year loss, with no dilutive shares issued Earnings/(Loss) Per Share | Indicator | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Profit/(loss) attributable to owners of the parent company (RMB thousand) | 220,425 | (130,034) | | Weighted average number of ordinary shares outstanding | 2,439,248,241 | 2,255,935,152 | | Basic and diluted earnings/(loss) per share (RMB) | 0.09 | (0.06) | - The Group did not issue any potentially dilutive ordinary shares during the period[25](index=25&type=chunk) [Property, Plant and Equipment](index=8&type=section&id=Property%2C%20Plant%20and%20Equipment) Acquisitions of property, plant and equipment significantly increased to RMB 872 million, alongside a net loss on disposal Changes in Property, Plant and Equipment | Item | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Acquisitions | 871,700 | 193,170 | | Net loss on disposal | 11,105 | – | [Right-of-Use Assets](index=8&type=section&id=Right-of-Use%20Assets) Acquisition of land use rights amounted to RMB 344 million in the current period, with no prior year expenditure Acquisition of Land Use Rights | Item | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Acquisition of land use rights | 344,397 | – | [Other Intangible Assets](index=8&type=section&id=Other%20Intangible%20Assets) Intangible asset acquisitions increased to RMB 8.314 million in the current period compared to the prior year Acquisition of Intangible Assets | Item | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Acquisition of intangible assets | 8,314 | 389 | [Investments in Joint Ventures](index=8&type=section&id=Investments%20in%20Joint%20Ventures) As of June 30, 2025, investments in joint ventures totaled RMB 3.311 billion, slightly lower due to decreased share of net assets Investments in Joint Ventures | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Share of net assets | 428,749 | 584,967 | | Goodwill on acquisition | 2,882,206 | 2,882,206 | | Total | 3,310,955 | 3,467,173 | [Trade and Bills Receivables](index=9&type=section&id=Trade%20and%20Bills%20Receivables) Net trade and bills receivables increased to RMB 1.752 billion, mostly current, with a slight increase in impairment losses Trade and Bills Receivables | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Trade receivables | 2,255,012 | 1,860,218 | | Less: Impairment losses | 627,055 | 624,065 | | Net book value | 1,752,203 | 1,623,305 | Aging Analysis of Trade and Bills Receivables | Aging | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Within 3 months | 1,738,205 | 1,412,318 | | 3 to 6 months | 6,400 | 196,026 | | 6 months to 1 year | 2,168 | 7,753 | | 1 to 2 years | 5,430 | 7,208 | | Total | 1,752,203 | 1,623,305 | [Trade and Bills Payables](index=9&type=section&id=Trade%20and%20Bills%20Payables) Total trade and bills payables were RMB 3.540 billion, slightly down from 2024 year-end, with most due within one year Aging Analysis of Trade and Bills Payables | Aging | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Within 1 year | 3,539,059 | 3,741,138 | | 1 to 2 years | 1,423 | 1,394 | | 2 to 3 years | – | 54 | | Total | 3,540,482 | 3,742,586 | [Other Payables and Accrued Expenses](index=10&type=section&id=Other%20Payables%20and%20Accrued%20Expenses) Other payables and accrued expenses decreased to RMB 1.119 billion, mainly due to reduced payables for property, plant and equipment and related parties Other Payables and Accrued Expenses | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Payables for purchase of property, plant and equipment | 932,153 | 1,160,950 | | Accrued salaries and welfare | 77,412 | 63,117 | | Accrued listing expenses | – | 11,569 | | Amounts due to related parties | 369 | 108,567 | | Total | 1,119,202 | 1,427,848 | [Share Capital](index=10&type=section&id=Share%20Capital) Share capital increased to RMB 2.509 billion, primarily from IPO-related ordinary share issuance and 2024 Series B investor contributions Summary of Share Capital Movements | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Beginning of period/year | 2,386,976 | 2,255,935 | | Share capital | 2,508,500 | 2,386,976 | | Shareholder contributions | – | 131,041 | | Issuance of ordinary shares related to initial public offering | 121,524 | – | | End of period/year | 2,508,500 | 2,386,976 | - The company was listed on the Stock Exchange on April 14, 2025, issuing **121,523,700** ordinary shares at **HKD 8.27** per share, raising approximately **HKD 1.005 billion**[35](index=35&type=chunk) [Commitments](index=11&type=section&id=Commitments) Capital commitments significantly increased to RMB 1.862 billion, primarily related to property, plant and equipment Capital Commitments | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Property, plant and equipment | 1,862,150 | 109,225 | [Related Party Transactions](index=11&type=section&id=Related%20Party%20Transactions) Transactions mainly involved leasing and labor services, with key management personnel remuneration totaling RMB 8.551 million Related Party Transactions | Transaction Type | Related Party | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | :--- | | Receiving leasing services | Nanjing Airport Hub Economic Zone Investment Development Co., Ltd. | 416 | 502 | | Receiving leasing services | Jiangsu Aicheng New Energy Technology Co., Ltd. | 1,959 | 1,959 | | Receiving labor dispatch services | Jiangsu Aicheng New Energy Technology Co., Ltd. | – | 160 | Key Management Personnel Remuneration | Item | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Short-term employee benefits | 4,704 | 5,137 | | Share-based payment expenses | 3,386 | 3,575 | | Social insurance and housing provident fund contributions | 461 | 376 | | Total remuneration paid to key management personnel | 8,551 | 9,088 | [Fair Value and Fair Value Hierarchy of Financial Instruments](index=12&type=section&id=Fair%20Value%20and%20Fair%20Value%20Hierarchy%20of%20Financial%20Instruments) Financial instrument fair value measurements focus on bills receivables, using Level 2, with no significant changes - The Group's policies and procedures for fair value measurement of financial instruments are the responsibility of the finance department and approved by the Chief Financial Officer[40](index=40&type=chunk) - The fair value changes of bills receivables measured at fair value through other comprehensive income were assessed as insignificant as of June 30, 2025[40](index=40&type=chunk) Fair Value Hierarchy of Assets | Fair Value Measurement Hierarchy | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Level 2 (Significant observable inputs) | 242,724 | 92,936 | | Total | 242,724 | 92,936 | [Management Discussion and Analysis](index=14&type=section&id=Management%20Discussion%20and%20Analysis) This section discusses the Group's financial performance, industry trends, business operations, and future outlook [Industry Overview](index=14&type=section&id=Industry%20Overview) Global EV market growth drives power battery demand; energy storage sees significant deployment; low-altitude economy emerges with aviation battery needs [Power Battery Market](index=14&type=section&id=Power%20Battery%20Market) Global EV sales grew 28% in H1 2025, with China leading; domestic power battery sales increased 51.6%, especially LFP - Global electric vehicle sales reached **9.1 million units** in H1 2025, a **28% year-on-year increase**[45](index=45&type=chunk) - In H1 2025, China's new energy vehicle production and sales increased by **41.4%** and **40.3%** respectively, with market penetration reaching **44.3%**[45](index=45&type=chunk) - In H1 2025, China's cumulative power battery sales reached **485.5 GWh**, a **51.6% year-on-year increase**, with LFP battery sales growing by **77.6%**[45](index=45&type=chunk) [Energy Storage Market](index=15&type=section&id=Energy%20Storage%20Market) Global battery energy storage deployment reached 86.7 GWh in H1 2025, growing 54%, with China as the largest market - Global battery energy storage system deployment capacity reached **86.7 GWh** in H1 2025, a **54% year-on-year increase**[47](index=47&type=chunk) - China is the world's largest single energy storage market, with unparalleled installed capacity[47](index=47&type=chunk) [Low-Altitude Economy](index=15&type=section&id=Low-Altitude%20Economy) A national strategic industry, projected to reach RMB 1.5 trillion by 2025, with electric aviation driving demand for certified aviation-grade batteries - China's low-altitude economy market size is projected to reach **RMB 1.5 trillion** by 2025 and potentially **RMB 3.5 trillion** by 2035[48](index=48&type=chunk) - Electric aviation is one of the core technological carriers for the industrial transformation of the low-altitude economy[48](index=48&type=chunk) - Aviation-grade power battery enterprises need to overcome the significant challenges of airworthiness certification, which involves long cycles and high costs, as a key market entry barrier[48](index=48&type=chunk) [Business Review](index=15&type=section&id=Business%20Review) The Group, a lithium-ion battery manufacturer, achieved over 80% growth in power battery revenue, benefited from overseas energy storage demand, and mass-produced certified aviation batteries [Principal Business](index=15&type=section&id=Principal%20Business) The company manufactures lithium-ion batteries for power, energy storage, and aviation, offering integrated solutions to expand electrochemical product applications - The company primarily focuses on the research, development, production, and sales of power battery products, energy storage battery products, and aviation battery products[49](index=49&type=chunk) - The company provides integrated solutions including cells, modules, battery packs, battery clusters, and battery management systems[49](index=49&type=chunk) - The company is committed to expanding the large-scale application of electrochemical products under the Land, Sea, Air Interconnection (LISA) framework[49](index=49&type=chunk) [Principal Products](index=16&type=section&id=Principal%20Products) Products include power batteries for various EV models, home/large-scale/commercial energy storage, and aviation batteries for electric aircraft - Power battery products cover BEV, PHEV, EREV, and HEV models, catering to the needs of sedans, SUVs, MPVs, and other multi-purpose vehicles[51](index=51&type=chunk) - Energy storage products cover home energy storage, large-scale energy storage, and commercial and industrial energy storage[51](index=51&type=chunk) - Aviation battery products can be applied to electric manned fixed-wing aircraft and eVTOLs[51](index=51&type=chunk) [Business Achievements](index=16&type=section&id=Business%20Achievements) Power battery revenue and shipments grew over 80%, improving market ranking; energy storage benefited from overseas demand; aviation batteries achieved certification and mass production [Power Battery Business](index=16&type=section&id=Power%20Battery%20Business) In H1 2025, power battery business sales revenue reached RMB 2.985 billion and shipments reached 7.63 GWh, both growing over 80% year-on-year, with the company's ranking in new energy passenger vehicle installations rising to 7th nationally and 6th in June, deepening cooperation with leading automakers - In H1 2025, power battery business sales revenue was **RMB 2.985 billion**, and shipments were **7.63 GWh**, with both sales revenue and shipments increasing by over **80% year-on-year**[52](index=52&type=chunk) - The company ranked **7th** in new energy passenger vehicle installations from January to June 2025, and its single-month ranking in June rose to **6th** nationally[52](index=52&type=chunk) - The company's supply share of battery products for core models of multiple global leading enterprises, including FAW Hongqi, GAC Trumpchi, Leapmotor, SAIC-GM-Wuling, SAIC-GM, GAC Toyota, and Volkswagen, continues to increase[53](index=53&type=chunk) [Energy Storage and Other Businesses](index=17&type=section&id=Energy%20Storage%20and%20Other%20Businesses) The energy storage business benefited from robust overseas demand, with 104Ah standardized cells sold to markets in Asia, Africa, and Latin America, while the aviation battery business obtained airworthiness certification for the RX1E fixed-wing manned electric aircraft and will achieve mass production this year, utilizing second-generation "three-high-one-fast" dual semi-solid technology - The company's self-developed **104Ah standardized cell** has become one of the main supply products for global home energy storage, sold to markets in Asia, Africa, and Latin America[54](index=54&type=chunk) - The company's aircraft aviation battery business has obtained airworthiness certification with the Liaoning General Aviation fixed-wing manned electric aircraft RX1E and will achieve mass production[54](index=54&type=chunk) - The company's mass-produced second-generation 'three-high-one-fast' aviation power battery adopts dual semi-solid technology, featuring high safety, high energy density, high power, and fast charging capabilities[54](index=54&type=chunk) [Technology Iteration and Innovation](index=18&type=section&id=Technology%20Iteration%20and%20Innovation) Breakthroughs in advanced materials, technology platforms, and cutting-edge battery tech, including high-density LFP, fast-charging products, and solid-state batteries - In advanced materials, the focus is on developing key materials such as high-density LFP, high-safety high-nickel materials, 8C+ fast-charging graphite, new silicon-carbon anodes, and new electrolytes[55](index=55&type=chunk) - In advanced technology platforms, the company achieved development of ultra-fast charging **6C LFP** products, high-energy ternary (silicon-based) systems with energy densities covering **280-350 Wh/kg**, and sodium-ion batteries with energy densities exceeding **170 Wh/kg**[55](index=55&type=chunk) - In cutting-edge battery technology, lithium-metal batteries achieved an energy density of **400 Wh/kg**, the second-generation 'three-high-one-fast' dual semi-solid large cylindrical battery is mass-produced in the aviation battery sector, and the construction of a sulfide all-solid-state battery pilot line is actively progressing[55](index=55&type=chunk) [Product Refinement and Upgrades](index=19&type=section&id=Product%20Refinement%20and%20Upgrades) Enhanced efficiency via smart manufacturing; products achieved 5C/8C fast charging, high specific energy, long life, high safety, and mass-produced aviation batteries - In smart manufacturing, the company achieved automatic detection of manufacturing defects through **5um ultra-thin separators**, AI vision and big data analysis, and full-stack self-development of CTP production line software[57](index=57&type=chunk) - Ternary system power products achieved **5C fast charging** at 400V peak and **8C ultra-fast charging** at 800V peak, with energy density exceeding **240 Wh/kg**[57](index=57&type=chunk) - Phosphate system power products achieved high specific energy LFP cells with a volumetric energy density of **435 Wh/L**, and 800V 4C fast-charging products with a cycle life of **4,000 cycles**[57](index=57&type=chunk) - Home energy storage products feature long-cycle batteries with energy efficiency exceeding **95%** and a cycle life greater than **8,000 cycles**[58](index=58&type=chunk) - The '45℃ never thermal runaway' ternary battery system passed multiple stringent safety tests, exceeding national standards required by 2026[58](index=58&type=chunk) - The second-generation 'three-high-one-fast' aviation battery has an energy density exceeding **320 Wh/kg**, supports **15-minute fast charging**, and has been mass-produced and delivered[58](index=58&type=chunk) [Future Outlook](index=20&type=section&id=Future%20Outlook) Plans include increased capacity to 50.5 GWh by 2026, expanded customer base, overseas market growth, and continued investment in flash charging, solid-state, and embodied AI [Further Capacity Enhancement](index=20&type=section&id=Further%20Capacity%20Enhancement) Current capacity 25.5 GWh, plans to reach 50.5 GWh by end of 2026 with advanced, flexible production lines - The company's existing capacity is **25.5 GWh**, with plans to add **10 GWh** by Q4 2025 and another **15 GWh** by the end of 2026, bringing total capacity to **50.5 GWh**[59](index=59&type=chunk) - New production lines will be equipped with advanced technology and equipment to improve production automation and intelligence, and reduce energy consumption and carbon emissions[59](index=59&type=chunk) - The company plans to explore technology for producing different products on the same production line to enhance line flexibility[60](index=60&type=chunk) [Continuous Customer Expansion](index=21&type=section&id=Continuous%20Customer%20Expansion) Plans to launch new EV battery products, deepen existing customer relationships, and actively expand into overseas markets - The company plans to launch new battery products for vehicles with different power sources, uses, and cruising ranges[61](index=61&type=chunk) - The company continuously strengthens and deepens relationships with existing customers and establishes business cooperation with new customers[61](index=61&type=chunk) - The company actively explores overseas market business, supporting customers' export models as a core component supplier, with products already sold to Hong Kong, India, Indonesia, the EU, and other markets[61](index=61&type=chunk) [Technological Re-innovation](index=21&type=section&id=Technological%20Re-innovation) Focus on flash charging materials, high-nickel/silicon-carbon R&D, platform upgrades, sulfide all-solid-state batteries, and embodied AI in production - In advanced materials, the company continues to focus on flash charging system material research, concentrating on graphite anodes with **10C+ charging capability** and new electrolyte system development[62](index=62&type=chunk) - In cutting-edge battery technology, the focus is on sulfide electrolyte development to launch high-safety, high-specific energy sulfide all-solid-state batteries, and actively promote the construction of a **100 MWh** all-solid-state battery pilot line[62](index=62&type=chunk) - In smart manufacturing, the company promotes the application of embodied AI technology in production lines to replace manual labor[62](index=62&type=chunk) [Overview](index=22&type=section&id=Overview) H1 2025 revenue grew 71.9% to RMB 3.172 billion; net profit turned from loss to RMB 220 million; EPS increased from -RMB 0.06 to RMB 0.09 - The Group's revenue increased by **71.9%** from **RMB 1.8448 billion** in H1 2024 to **RMB 3.172 billion** in H1 2025[63](index=63&type=chunk) - Net profit for the period increased from a loss of **RMB 130 million** in H1 2024 to a profit of **RMB 220 million** in H1 2025, a year-on-year increase of **RMB 350.4 million**[63](index=63&type=chunk) - Earnings per share increased from **-RMB 0.06** in H1 2024 to **RMB 0.09** in H1 2025, an increase of **RMB 0.15**[63](index=63&type=chunk) [Key Financial Indicators](index=22&type=section&id=Key%20Financial%20Indicators) H1 2025 showed strong performance with significant growth in revenue, gross profit, and net profit, improved margins, and positive EPS Comparison of Key Financial Indicators | Indicator | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 3,172,028 | 1,844,800 | 71.9% | | Gross Profit | 568,684 | 183,142 | 210.5% | | Gross Margin (%) | 17.9 | 9.9 | Increased by 8 percentage points | | Net Profit | 220,425 | (130,034) | Turned loss into profit | | Net Sales Margin (%) | 6.9 | (7.0) | Significantly improved | | Earnings Per Share (RMB) | 0.09 | (0.06) | Turned loss into profit | [Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (Management Discussion)](index=23&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income%20%28Management%20Discussion%29) Management highlights significant growth in revenue, gross profit, and net profit, reflecting strong operating performance recovery Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (Management Discussion Summary) | Indicator | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Revenue | 3,172,028 | 1,844,800 | | Gross Profit | 568,684 | 183,142 | | Profit/(Loss) Before Taxation | 213,480 | (136,524) | | Profit/(Loss) and Total Comprehensive Income for the Period | 220,425 | (130,034) | | Basic and Diluted Earnings/(Loss) Per Share (RMB) | 0.09 | (0.06) | [Revenue Analysis](index=24&type=section&id=Revenue%20Analysis) H1 2025 revenue grew 71.9% to RMB 3.172 billion, driven by power battery shipments; energy storage revenue decreased due to capacity prioritization - The Group's revenue increased by **71.9% year-on-year**, primarily due to a significant increase in power battery shipments[67](index=67&type=chunk) Revenue Breakdown by Product Type | Item | H1 2025 Revenue (RMB thousand) | Revenue Share (%) | H1 2024 Revenue (RMB thousand) | Revenue Share (%) | | :--- | :--- | :--- | :--- | :--- | | Power Batteries | 2,985,306 | 94.1 | 1,641,029 | 89.0 | | Energy Storage System Products and Others | 186,722 | 5.9 | 203,771 | 11.0 | | Total | 3,172,028 | 100.0 | 1,844,800 | 100.0 | - Revenue from energy storage products and others decreased by **8.4%**, mainly because the company's current capacity is tight, and production lines are primarily used for power battery products[68](index=68&type=chunk) [Cost of Sales](index=24&type=section&id=Cost%20of%20Sales) H1 2025 cost of sales increased 56.7% to RMB 2.603 billion, primarily due to higher power battery product sales volume - Cost of sales increased by **56.7%** to **RMB 2.603 billion**, primarily due to a significant increase in power battery product sales volume[69](index=69&type=chunk) [Gross Profit and Gross Margin Analysis](index=25&type=section&id=Gross%20Profit%20and%20Gross%20Margin%20Analysis) H1 2025 gross profit grew 210.5% to RMB 569 million; gross margin improved 8 percentage points to 17.9%, driven by sales volume and cost improvements Gross Profit and Gross Margin by Product Type | Item | H1 2025 Gross Profit (RMB thousand) | Gross Margin (%) | H1 2024 Gross Profit (RMB thousand) | Gross Margin (%) | | :--- | :--- | :--- | :--- | :--- | | Power Batteries | 546,243 | 18.3 | 182,620 | 11.1 | | Energy Storage System Products and Others | 22,441 | 12.0 | 522 | 0.3 | | Total | 568,684 | 17.9 | 183,142 | 9.9 | - Gross profit increased by **210.5%**, and gross margin improved by **8 percentage points** to **17.9%**[70](index=70&type=chunk) - The increase in power battery gross profit and gross margin was primarily due to a significant increase in sales volume, economies of scale, and quality and efficiency improvement activities[71](index=71&type=chunk) [Other Income and Gains](index=25&type=section&id=Other%20Income%20and%20Gains) H1 2025 other income and gains increased 23.0% to RMB 27.3 million, mainly due to additional VAT deductions - Other income and gains increased by **23.0%** to **RMB 27.3 million**, primarily due to additional VAT deductions[72](index=72&type=chunk) [Selling and Marketing Expenses](index=25&type=section&id=Selling%20and%20Marketing%20Expenses) H1 2025 selling and marketing expenses slightly decreased to RMB 16.4 million - Selling and marketing expenses decreased from **RMB 16.6 million** to **RMB 16.4 million**[73](index=73&type=chunk) [Administrative Expenses](index=26&type=section&id=Administrative%20Expenses) H1 2025 administrative expenses increased 28.0% to RMB 173 million, primarily due to increased listing expenses - Administrative expenses increased by **28.0%** to **RMB 172.7 million**, primarily due to increased listing expenses[74](index=74&type=chunk) [Research and Development Expenses](index=26&type=section&id=Research%20and%20Development%20Expenses) H1 2025 research and development expenses slightly decreased to RMB 253 million - Research and development expenses decreased from **RMB 260.3 million** to **RMB 252.9 million**[75](index=75&type=chunk) [Net Impairment Losses on Financial Assets and Contract Assets](index=26&type=section&id=Net%20Impairment%20Losses%20on%20Financial%20Assets%20and%20Contract%20Assets) H1 2025 net impairment losses turned to a RMB 5.2 million loss, due to increased credit impairment from higher receivables - Net impairment losses on financial assets and contract assets turned from a gain in the prior year to a loss of **RMB 5.2 million**, primarily due to increased provision for credit impairment losses from higher accounts receivable balances[76](index=76&type=chunk) [Other Expenses](index=26&type=section&id=Other%20Expenses) H1 2025 other expenses significantly increased to RMB 27.3 million, primarily due to increased exchange losses on foreign currency deposits - Other expenses significantly increased to **RMB 27.3 million**, primarily due to increased exchange losses on foreign currency deposits[77](index=77&type=chunk) [Finance Costs](index=26&type=section&id=Finance%20Costs) H1 2025 finance costs increased 6.9% to RMB 68.2 million, primarily due to increased interest expenses on borrowings - Finance costs increased by **6.9%** to **RMB 68.2 million**, primarily due to increased interest expenses on borrowings[78](index=78&type=chunk) [Share of Profits of Joint Ventures](index=26&type=section&id=Share%20of%20Profits%20of%20Joint%20Ventures) H1 2025 share of profits of joint ventures increased 19.8% to RMB 160 million, mainly from Xinzhongyuan Toyota - Share of profits of joint ventures increased by **19.8%** to **RMB 160.3 million**, primarily due to increased net profit from the joint venture Xinzhongyuan Toyota[79](index=79&type=chunk) [Profit for the Period](index=26&type=section&id=Profit%20for%20the%20Period) H1 2025 net profit turned from a RMB 130 million loss to a RMB 220 million profit, benefiting from revenue growth and improved gross margin - Net profit for the period turned from a loss of **RMB 130 million** in the prior year to a profit of **RMB 220 million**, a year-on-year increase of **RMB 350.4 million**[80](index=80&type=chunk) [Liquidity and Capital Resources](index=27&type=section&id=Liquidity%20and%20Capital%20Resources) The Group maintains sufficient liquidity through financing and cash flows, with increased cash, higher borrowings, and a reduced gearing ratio [Cash and Cash Equivalents](index=27&type=section&id=Cash%20and%20Cash%20Equivalents) As of June 30, 2025, cash and cash equivalents increased to RMB 2.549 billion, primarily in RMB - As of June 30, 2025, the Group's cash and cash equivalents were **RMB 2.5487 billion**, an increase from **RMB 2.1991 billion** as of December 31, 2024[82](index=82&type=chunk) [Bank and Other Borrowings](index=27&type=section&id=Bank%20and%20Other%20Borrowings) As of June 30, 2025, total interest-bearing borrowings increased to RMB 4.969 billion, with 33.9% due within one year - As of June 30, 2025, the Group's interest-bearing bank and other borrowings were approximately **RMB 4.9689 billion**, an increase from **RMB 4.0145 billion** as of December 31, 2024[83](index=83&type=chunk) - As of June 30, 2025, **33.9%** of interest-bearing bank and other borrowings were due within one year, with the remainder due after one year[83](index=83&type=chunk) [Capital Structure](index=27&type=section&id=Capital%20Structure) As of June 30, 2025, net assets were RMB 7.038 billion, and the gearing ratio decreased to 59.2%, indicating improved capital structure - As of June 30, 2025, the Group's net assets were **RMB 7.0384 billion**[84](index=84&type=chunk) - As of June 30, 2025, the Group's gearing ratio (total liabilities divided by total assets) was **59.2%**, a decrease from **62.2%** as of December 31, 2024[84](index=84&type=chunk) [Cash Flows](index=27&type=section&id=Cash%20Flows) H1 2025 saw net operating cash inflow of RMB 126 million, net investing cash outflow of RMB 1.303 billion, and net financing cash inflow of RMB 1.784 billion Net Cash Flows | Activity Type | H1 2025 (RMB million) | H1 2024 (RMB million) | | :--- | :--- | :--- | | Net cash flow from operating activities | 125.8 | 305.4 | | Net cash flow from investing activities | (1,302.5) | (438.6) | | Net cash flow from financing activities | 1,783.7 | 234.0 | [Interest Rate Risk and Exchange Rate Risk](index=28&type=section&id=Interest%20Rate%20Risk%20and%20Exchange%20Rate%20Risk) The Group manages market interest rate risk, primarily from floating-rate debt, through a mix of fixed and floating-rate borrowings - The Group's market interest rate fluctuation risk is primarily related to floating-rate long-term debt[86](index=86&type=chunk) - The Group manages interest costs by using a mix of fixed and floating-rate debt[87](index=87&type=chunk) [Capital Expenditure and Commitments](index=28&type=section&id=Capital%20Expenditure%20and%20Commitments) H1 2025 capital expenditure was RMB 1.598 billion, mainly for property, plant and equipment; commitments totaled RMB 1.862 billion - Capital expenditure in H1 2025 was approximately **RMB 1.5984 billion**, primarily related to the purchase of property, plant and equipment, right-of-use assets, and other intangible assets[88](index=88&type=chunk) - As of June 30, 2025, capital commitments were **RMB 1.8622 billion**, related to property, plant and equipment[88](index=88&type=chunk) [Restricted Assets](index=28&type=section&id=Restricted%20Assets) As of June 30, 2025, total restricted assets were RMB 4.455 billion, used to secure bank loans and other financing - As of June 30, 2025, the Group had restricted assets with a total carrying value of **RMB 4.4547 billion**[89](index=89&type=chunk) - Restricted assets primarily include restricted bank deposits of **RMB 924.1 million**, property, plant and equipment of **RMB 3.1387 billion**, and right-of-use assets of **RMB 391.9 million**[89](index=89&type=chunk) - Restricted assets are primarily used to obtain bank loans, other bank financing, and issue bank acceptance bills[89](index=89&type=chunk) [Significant Investments](index=28&type=section&id=Significant%20Investments) As of June 30, 2025, the Group held no significant investments valued at 5% or more of its total assets - As of June 30, 2025, the Group had not made or held any significant investments valued at **5% or more** of its total assets[90](index=90&type=chunk) [Significant Acquisitions and Disposals of Subsidiaries, Associates and Joint Ventures](index=28&type=section&id=Significant%20Acquisitions%20and%20Disposals%20of%20Subsidiaries%2C%20Associates%20and%20Joint%20Ventures) In H1 2025, the Group had no significant acquisitions or disposals of subsidiaries or associates - For the six months ended June 30, 2025, the Group had no significant acquisitions or disposals of subsidiaries or associates[91](index=91&type=chunk) [Future Plans for Material Investments or Capital Assets](index=28&type=section&id=Future%20Plans%20for%20Material%20Investments%20or%20Capital%20Assets) Beyond prospectus disclosures, no other significant investment plans exist, but the Group will seek new business opportunities - Apart from the expansion plans disclosed in the prospectus, the Group has no specific plans for significant investments or acquisitions of material capital assets or other businesses[92](index=92&type=chunk) - The Group will continue to seek new business development opportunities[92](index=92&type=chunk) [Contingent Liabilities](index=28&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the Group had no significant contingent liabilities, guarantees, or pending litigations - As of June 30, 2025, the Group had no significant contingent liabilities, guarantees, or any material litigation or claims pending or threatened against any member of the Group[93](index=93&type=chunk) [Events After the Reporting Period](index=28&type=section&id=Events%20After%20the%20Reporting%20Period) As of the announcement date, the Group had no significant events after the reporting period of June 30, 2025 - As of the date of this interim results announcement, the Group had no significant events after the reporting period of June 30, 2025[94](index=94&type=chunk) [Other Information](index=29&type=section&id=Other%20Information) This section covers corporate governance, securities trading compliance, share transactions, dividends, audit committee review, and interim results publication [Compliance with Corporate Governance Code](index=29&type=section&id=Compliance%20with%20Corporate%20Governance%20Code) The company adopted and complied with the Corporate Governance Code from its listing date to June 30, 2025 - The company has adopted the Corporate Governance Code set out in Appendix C1 of the Listing Rules[95](index=95&type=chunk) - The Board believes that the company has complied with the applicable provisions of the Corporate Governance Code for the period from its listing date to June 30, 2025[95](index=95&type=chunk) [Compliance with Standard Code for Securities Transactions by Directors and Supervisors](index=29&type=section&id=Compliance%20with%20Standard%20Code%20for%20Securities%20Transactions%20by%20Directors%20and%20Supervisors) The company established a "Company Code" for securities transactions by directors, supervisors, senior management, and relevant employees, confirming compliance by all directors and supervisors - The company has established the 'Management System for Directors, Supervisors, Senior Management, and Employees Holding and Trading Company Shares' ('Company Code'), whose terms are no less stringent than the Standard Code set out in Appendix C3 of the Listing Rules[96](index=96&type=chunk) - All directors and supervisors have confirmed their compliance with the Company Code for the period from the listing date to June 30, 2025[96](index=96&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=29&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) From the listing date to June 30, 2025, neither the company nor its subsidiaries purchased, sold, or redeemed any of the company's listed securities - From the listing date to June 30, 2025, neither the company nor its subsidiaries purchased, sold, or redeemed any of the company's listed securities[97](index=97&type=chunk) - As of June 30, 2025, the company held no treasury shares[97](index=97&type=chunk) [Dividends](index=29&type=section&id=Dividends%20%28Other%20Information%29) The Board of Directors recommended not to pay any interim dividend for the six months ended June 30, 2025 - For the six months ended June 30, 2025, the Board of Directors recommended not to pay any interim dividend[98](index=98&type=chunk) [Audit Committee](index=29&type=section&id=Audit%20Committee) The company has established an Audit Committee comprising three directors, with Mr. Gong Zhenliang as Chairman, which has reviewed the Group's unaudited interim financial statements and confirmed their compliance with accounting principles and disclosure requirements - The company has established an Audit Committee in compliance with the Listing Rules, comprising Mr. Gong Zhenliang, Ms. Xiao Min, and Mr. Zhang Li, with Mr. Gong Zhenliang as Chairman[99](index=99&type=chunk) - The Audit Committee has reviewed the Group's unaudited interim condensed consolidated financial statements for the six months ended June 30, 2025, and confirmed their compliance with all applicable accounting principles, standards, and requirements, and that adequate disclosures have been made[99](index=99&type=chunk) [Publication of Interim Results Announcement and Interim Report](index=30&type=section&id=Publication%20of%20Interim%20Results%20Announcement%20and%20Interim%20Report) This results announcement has been published on the HKEXnews website and the company's website, and the 2025 interim report containing all required information will be dispatched to shareholders and published on the websites in due course - This results announcement has been published on the HKEXnews website and the company's website[100](index=100&type=chunk) - The 2025 interim report, containing all information required by the Listing Rules, will be dispatched to shareholders and published on the company's and HKEXnews websites in due course[100](index=100&type=chunk) [Definitions](index=30&type=section&id=Definitions) This section provides definitions for key terms and abbreviations used in this interim results announcement to ensure clear understanding of the report content [Definitions](index=30&type=section&id=Definitions) This section provides definitions for key terms and abbreviations used in this interim results announcement to ensure clear understanding of the report content - This section lists key terms and their meanings used in this interim results announcement, including 'Associate', 'Audit Committee', 'Board', 'China Automotive Power Battery Industry Innovation Alliance', 'Corporate Governance Code', 'China', 'Company', 'Directors', 'Energy Storage System', 'Electric Vehicle', 'Group', 'GWh', 'H Shares', 'HKD', 'Hong Kong', 'HKEX', 'IFRS', 'Installed Capacity', 'LFP', 'LISA', 'Listing', 'Listing Date', 'Listing Rules', 'Lithium', 'Standard Code', 'MWh', 'Ternary', 'OEM', 'Prospectus', 'R&D', 'RMB', 'Reporting Period', 'Shares', 'Shareholders', 'Supervisors', 'Unlisted Shares', and '%'[101](index=101&type=chunk)[102](index=102&type=chunk)[105](index=105&type=chunk)

Core Viewpoint - 正力新能 has been selected by Hang Seng Indexes Company to be included in multiple indices effective from September 8, 2025, indicating market recognition of the company's business performance and growth prospects [1] Group 1: Index Inclusion - 正力新能 will be included in the following indices: Hang Seng Composite Index, Hang Seng Composite Industry Index - Industrial, Hang Seng Composite Small Cap Index, Hang Seng Small Cap (Investable) Index, Hang Seng Automotive Theme Index, and several others related to Hong Kong Stock Connect [1] - The inclusion in these indices is expected to enhance the company's shareholder base and improve the liquidity of its shares [1] Group 2: Market Recognition - The board believes that being included in these indices signifies a positive affirmation from the capital market regarding the company's business performance and growth outlook [1] - The company anticipates that this inclusion will further enhance its reputation in the capital market and increase brand awareness [1]

Core Viewpoint - 正力新能 (03677) has been selected by Hang Seng Indexes Company to be included in multiple indices effective from September 8, 2025, indicating strong market recognition of the company's business performance and growth prospects [1] Group 1 - The company will be included in the following indices: Hang Seng Composite Index, Hang Seng Composite Industry Index - Industrial, Hang Seng Composite Small Cap Index, Hang Seng Small Cap (Investable) Index, Hang Seng Automobile Theme Index, Hang Seng Stock Connect Index, Hang Seng Stock Connect Small Cap Index, Hang Seng Stock Connect Automobile Theme Index, Hang Seng Stock Connect Materials and Industrial Index, Hang Seng Stock Connect Materials and Industrial (Investable) Index, and Hang Seng Stock Connect Mainland China Companies Index [1] - The board believes that inclusion in these indices will help accelerate the expansion of the shareholder base and improve the liquidity of the company's shares [1] - The company expects that being part of these indices will enhance its reputation in the capital markets and increase brand awareness [1]

Core Viewpoint - 正力新能 has been selected by Hang Seng Indexes Company to be included in multiple indices effective from September 8, 2025, indicating market recognition of the company's business performance and growth prospects [1] Group 1: Index Inclusion - 正力新能 will be included in the following indices: Hang Seng Composite Index, Hang Seng Composite Industry Index - Industrial, Hang Seng Composite Small Cap Index, Hang Seng Small Cap (Investable) Index, Hang Seng Automotive Theme Index, Hang Seng Stock Connect Index, Hang Seng Stock Connect Small Cap Index, Hang Seng Stock Connect Automotive Theme Index, Hang Seng Stock Connect Materials and Industrial Index, Hang Seng Stock Connect Materials and Industrial (Investable) Index, and Hang Seng Stock Connect Mainland China Companies Index [1] Group 2: Market Impact - The board believes that inclusion in these indices will help accelerate the expansion of the shareholder base and improve the liquidity of the company's shares [1] - The company expects that this inclusion will enhance its reputation in the capital markets and increase brand awareness [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，並明確表示概不會就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。 Jiangsu Zenergy Battery Technologies Group Co., Ltd. 江蘇正力新能電池技術股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：3677） 自願性公告 獲納入恒生指數系列成份股 本公告乃由江蘇正力新能電池技術股份有限公司（「本公司」，連同其附屬公司統 稱「本集團」）自願作出。 董事會認為，本公司獲納入有關指數象徵著資本市場對於本集團業務表現及增長 前景的肯定。董事會相信，獲納入有關指數將有助加快擴大本集團股東基礎及提 高本公司股份的交易流通性，並進一步提高本公司在資本市場上的聲譽及本集團 的品牌知名度。 1 1. 恒生綜合指數； 2. 恒生綜合行業指數－工業； 3. 恒生綜合中小型股指數； 4. 恒生綜合小型股指數； 5. 恒生小型股（可投資）指數； 6. 恒生汽車主題指數； 7. 恒生港股通指數； 8. 恒生港股通中小型股指數； 9. ...

Group 1 - The Hang Seng Index Company announced the results of the quarterly review for the Hang Seng Index series as of June 30, 2025 [1] - Zhengli New Energy (3677.HK) has been included in the Hang Seng Composite Index, with the changes to be implemented after market close on September 5 and effective from September 8 [1]

8月22日，恒生指数公司宣布截至2025年6月30日之恒生指数系列季度检讨结果，其中正力新能(03677) 获纳入恒生综合指数，变动将于9月5日(星期五)收市后实施并于9月8日(星期一)起生效，届时沪深交易 所会相应调整港股通可投资标的范围。据华泰证券研报，正力新能有可能被调入港股通，因其满足了包 括市值、流动性和上市时间等在内的一系列标准。 正力新能公告，预计截至2025年6月30日止六个月取得净利润为介于约人民币1.98亿元到2.43亿元。去年 同期，集团净亏损约为人民币1.30亿元。本报告期与上年同期相比，净利润将增加约人民币3.28亿元到 3.73亿元。 ...

Group 1 - The core point of the article is that Zhengli New Energy (03677) has been included in the Hang Seng Composite Index, with the changes effective from September 8, 2025, following the quarterly review by the Hang Seng Index Company [1] - The inclusion in the index may lead to Zhengli New Energy being added to the Hong Kong Stock Connect, as it meets various criteria including market capitalization, liquidity, and listing duration [1] - Zhengli New Energy expects to report a net profit ranging from approximately RMB 198 million to RMB 243 million for the six months ending June 30, 2025, a significant increase compared to a net loss of approximately RMB 130 million in the same period last year [1]