Group 1 - The core viewpoint of the article indicates that photovoltaic stocks have collectively declined, with specific companies like New Special Energy, Fuyao Glass, Xinyi Solar, and Xinyi Energy experiencing notable drops in their stock prices [1] - Goldman Sachs reports that the stock prices of China's solar industry have risen since early July due to price increases in the upstream market, with domestic polysilicon prices rising approximately 40% from July to August [1] - Despite the price increases, Goldman Sachs believes that the current market has priced in a polysilicon price of 60 RMB per kilogram, which may be too high given the weak demand outlook and the accelerating cost reduction among leading companies [1] Group 2 - CICC notes that the photovoltaic industry has experienced a rush in installations in the first half of the year and price stabilization in the third quarter, which has somewhat alleviated operational pressures, although debt pressures remain significant [1] - The supply-demand relationship in the photovoltaic sector has not shown significant improvement, and the necessity for "anti-involution" remains [1] - Efforts from various ministries, associations, and companies are gradually clarifying the "anti-involution" plans, and while challenges remain, there is optimism regarding the continued progress of these initiatives and the resilience of the sector [1]

Core Viewpoint - The solar stock sector in China is experiencing a collective decline, influenced by rising upstream prices and a weak demand outlook, despite previous price increases in the polysilicon market [1][1]. Group 1: Stock Performance - New Special Energy (01799) fell by 4.18% to HKD 7.79 [1] - Fuyao Glass (06865) decreased by 3.86% to HKD 10.96 [1] - Xinyi Solar (00968) dropped by 2.1% to HKD 3.27 [1] - Xinyi Energy (03868) declined by 2.34% to HKD 1.25 [1] Group 2: Market Analysis - Goldman Sachs reported that the solar industry in mainland China saw stock prices rise since early July, driven by price increases in upstream materials, with multicrystalline silicon prices rising approximately 40% from July to August [1] - In September, companies indicated further price increases to offset additional costs from production quota controls and capacity acquisitions [1] - The market has priced in a polysilicon price of RMB 60 per kilogram, but this level appears too high given the weak demand outlook and the accelerating cost reduction among leading companies [1] Group 3: Industry Outlook - CICC noted that the photovoltaic industry experienced a rush in installations in the first half of the year and price stabilization in the third quarter, alleviating some operational pressures, although debt pressures remain significant and supply-demand dynamics have not improved markedly [1] - The necessity for "anti-involution" remains, with ongoing efforts from various ministries, associations, and companies leading to clearer solutions in certain areas, despite substantial challenges ahead [1] - The firm maintains a positive outlook on the continued advancement of "anti-involution" and the resilience of the sector [1]

XINYI ENERGY HOLDINGS LIMITED 信義能源控股有限公司 (Incorporated in the British Virgin Islands with limited liability) （於英屬處女群島註冊成立之有限公司） (Stock code 股份代號: 03868) 19 September 2025 Xinyi Energy Holdings Limited (the "Company") - Notice of Publication of Interim Report (the "Current Corporate Communications") and Arrangement of Electronic Dissemination of Corporate Communications The English and Chinese versions of the Company's Current Corporate Communications are available on the Company's website at www.xinyienergy ...

XINYI ENERGY HOLDINGS LIMITED 信義能源控股有限公司 (Incorporated in the British Virgin Islands with limited liability) （於英屬處女群島註冊成立之有限公司） (Stock code 股份代號: 03868) Dear Registered Shareholder, Solicitation of electronic contact details To ensure timely receipt of the latest Corporate Communications, the Company recommends you provide your email address by scanning your personalized QR code printed on the reply form (the "Reply Form"). Alternatively, you may sign and return the Reply Form to the Hong Kong Branch Share ...

Company Information [Board of Directors and Company Secretary](index=3&type=section&id=Board%20of%20Directors%20and%20Company%20Secretary) This chapter lists the executive directors, independent non-executive directors, and company secretary of Xinyi Energy Holdings Limited, noting their committee roles - Executive Directors include Mr. Li Shengpo (Chairman), Tan Sri Dato' Dr. Ong Thian Seng (Vice Chairman), Mr. Ong Kuang Yang (CEO), and Mr. Li Youqing[4](index=4&type=chunk) - Independent Non-Executive Directors include Mr. Leung Ting Yuk, Mr. Ip Kwok Him, and Ms. Lu Fang[4](index=4&type=chunk) - The Company Secretary is Mr. Chu Chan Fai (Certified Public Accountant)[4](index=4&type=chunk) [Registered and Principal Places of Business](index=3&type=section&id=Registered%20and%20Principal%20Places%20of%20Business) The company's registered office is in the British Virgin Islands, with its principal place of business in Wuhu, Anhui Province, China, and Hong Kong - Registered Office: Jayla Place, Wickhams Cay I, Road Town, Tortola, VG1110, British Virgin Islands[4](index=4&type=chunk) - Principal Place of Business in China: No. 102 Meidiya Avenue, Eqiao Town, Sanshan District, Wuhu City, Anhui Province[4](index=4&type=chunk) - Principal Place of Business in Hong Kong: Units 2118-2120, 21st Floor, Capital Tower, 135 Hoi Bun Road, Kwun Tong, Kowloon, Hong Kong[5](index=5&type=chunk) [Legal Advisers, Auditors and Banks](index=3&type=section&id=Legal%20Advisers%2C%20Auditors%20and%20Banks) This chapter lists the company's Hong Kong legal advisers, auditors, and principal bankers, providing professional support and financial services for its operations - Hong Kong Legal Advisers: Sidley Austin[6](index=6&type=chunk) - Auditors: Ernst & Young[6](index=6&type=chunk) - Principal Bankers include Bank of China (Hong Kong), Hang Seng Bank, and The Hongkong and Shanghai Banking Corporation Limited[7](index=7&type=chunk) [Shares and Key Dates](index=4&type=section&id=Shares%20and%20Key%20Dates) This chapter provides the company's share listing information, market capitalization, and important financial dates, including the interim dividend payment date - Listed on the Main Board of The Stock Exchange of Hong Kong Limited, stock code: 03868, listing date: May 28, 2019[7](index=7&type=chunk) Share Information | Indicator | Value | | :--- | :--- | | Board Lot Size | 2,000 ordinary shares | | Financial Year End | December 31 | | Share Price as of June 30, 2025 | HKD 1.15 | | Market Capitalization as of June 30, 2025 | Approximately HKD 9.63 billion | - Key dates: Share transfer registration will be suspended from August 18 to August 20, 2025, and the proposed interim dividend payment date is on or about October 10, 2025[8](index=8&type=chunk) Financial Summary [Financial Summary](index=5&type=section&id=Financial%20Summary) This chapter summarizes the company's key financial performance for the six months ended June 30, 2025, showing growth in both revenue and profit attributable to equity holders, along with improved earnings and dividends per share Financial Summary for the Six Months Ended June 30 | Indicator | 2025 (RMB million) | 2024 (RMB million) | | :--- | :--- | :--- | | Revenue | 1,210.2 | 1,124.0 | | Profit attributable to equity holders of the Company | 449.8 | 364.4 | | Dividends | 222.1 | 177.8 | | Earnings per share (RMB cents) | 5.37 | 4.41 | | Dividends per share (HK cents) | 2.9 | 2.3 | Equity Summary as of June 30 | Indicator | 2025 (RMB million) | 2024 (RMB million) | | :--- | :--- | :--- | | Equity attributable to equity holders of the Company | 12,744.8 | 12,168.4 | - As of June 30, 2025, equity attributable to equity holders of the Company was **RMB 12,744.8 million**, an increase from **RMB 12,168.4 million** as of June 30, 2024[10](index=10&type=chunk) Chairman's Statement [Overview](index=6&type=section&id=Overview) China's carbon peak and neutrality goals, along with supportive policies, have driven rapid growth in the photovoltaic industry, with mature technology and falling costs solidifying solar's position as a clean energy source; despite policy-driven installation surges and grid curtailment issues, the Group achieved revenue and profit growth in the first half of 2025 - China's "carbon peak before 2030, carbon neutrality before 2060" targets and various supportive policies (financial subsidies, grid connection convenience, land concessions, technological incentives) are driving rapid development of the photovoltaic industry[12](index=12&type=chunk) - The "Administrative Measures for the Development and Construction of Distributed Photovoltaic Power Generation" issued in January 2025 stipulate that projects connected to the grid before May 1, 2025, will enjoy 20 years of fixed financial subsidies, while new projects thereafter will operate fully under market mechanisms[12](index=12&type=chunk) - The "Notice on Deepening the Market-Oriented Reform of New Energy On-grid Tariffs and Promoting High-Quality Development of New Energy" issued in February 2025 promotes the full integration of new energy projects into the electricity market, differentiating pricing mechanisms for existing and new projects[15](index=15&type=chunk) - Driven by policies, China's newly installed photovoltaic capacity exceeded **200 GW** in the first half of 2025, with **92.92 GW** in May, setting a new monthly record[15](index=15&type=chunk) - Grid curtailment restrictions led to some power curtailment losses for the Group during the period, and some market-based electricity transaction prices were slightly lower than on-grid tariffs, resulting in a decrease in electricity sales revenue[16](index=16&type=chunk)[17](index=17&type=chunk) Financial Comparison for H1 2025 vs H1 2024 | Indicator | H1 2025 (RMB million) | H1 2024 (RMB million) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 1,210.2 | 1,124.0 | +7.7% | | Profit attributable to equity holders of the Company | 449.8 | 364.4 | +23.4% | | Basic earnings per share (RMB cents) | 5.37 | 4.41 | - | [Business Review](index=8&type=section&id=Business%20Review) In the first half of 2025, the Group's total power generation increased by 22.7% year-on-year, primarily due to newly acquired large-scale solar farm projects and the full operation of the 2024 portfolio; the Group continued to expand grid-parity project capacity, reducing reliance on feed-in tariff policies, with electricity sales revenue growing by 14.9%, driving improved operating cash flow and financial stability - In the first half of 2025, the Group's total power generation from solar farm projects increased by **22.7%** compared to the first half of 2024[18](index=18&type=chunk) - The increase in power generation was mainly due to the successful acquisition of a large-scale solar farm project (2025 portfolio) and the full operation of the 2024 portfolio[18](index=18&type=chunk) - In the first half of 2025, the Group acquired a grid-parity solar farm project with an approved capacity of **30 MW** from Xinyi Solar Group[21](index=21&type=chunk) - As of June 30, 2025, the Group operated and held solar farm projects with an approved generation capacity of **4,540.5 MW**, of which **1,734 MW** were under feed-in tariff policies and **2,806.5 MW** under grid-parity policies[21](index=21&type=chunk) - Electricity sales contributed **61.2%** of the Group's revenue, an increase of **14.9%** compared to the first half of 2024, with the increase in grid-parity projects driving improved operating cash flow and financial stability[21](index=21&type=chunk) [Business Outlook](index=9&type=section&id=Business%20Outlook) Facing new energy market reforms, the Group is closely monitoring policy details and adjusting its acquisition strategy to address tariff uncertainties; it plans to stabilize revenue and enhance market volatility resilience by signing medium-to-long-term power purchase agreements and establishing a market-oriented trading team, while also planning to set up an infrastructure securities investment fund for financial flexibility, reducing financing costs and exchange rate risks through increased domestic long-term bank loans and currency conversions, and expanding overseas with a 100 MW Malaysia project expected to commence in the second half of the year, alongside continued exploration of new energy opportunities in Japan and other Asia-Pacific regions - The "Reform Notice" promotes the full integration of new energy projects into the electricity market, and the Group is closely monitoring policy developments to assess the impact once specific implementation details are finalized[22](index=22&type=chunk) - Due to unclear policy details, the on-grid tariffs and acquisition costs of proposed solar farm projects are difficult to estimate, leading to a delay in the 2025 annual acquisition plan[23](index=23&type=chunk) - The Group is adjusting its operating strategy, with a medium-to-long-term plan to sign medium-to-long-term power purchase agreements with end-users or power sales companies to stabilize electricity sales prices and lock in revenue[24](index=24&type=chunk) - In terms of short-term strategy, a market-oriented trading team has been established and an electricity trading platform built, utilizing AI prediction models to enhance electricity price trend analysis capabilities[24](index=24&type=chunk) - The Group is implementing a plan to establish an infrastructure securities investment fund for selected solar farm assets, aiming for listing on a Chinese stock exchange to partially realize its investment portfolio and enhance financial flexibility[27](index=27&type=chunk) - To counter rising financing costs, the Group increased domestic long-term bank loans to refinance original offshore short-term loans and completed the conversion of all non-RMB denominated bank loans to RMB-denominated ones in the first half of 2025[27](index=27&type=chunk) - As of June 30, 2025, short-term borrowings accounted for **33.5%** of bank loans, lower than **34.7%** as of December 31, 2024, reflecting improved capital structure stability[27](index=27&type=chunk) - In business expansion, the joint venture successfully bid for a **100 MW** large-scale solar farm project in Malaysia in 2024, expected to commence construction in the second half of 2025, and will continue to seek new energy opportunities in Japan and other Asia-Pacific regions[28](index=28&type=chunk)[29](index=29&type=chunk) Management Discussion and Analysis [Financial Review](index=13&type=section&id=Financial%20Review) In the first half of 2025, the Group's revenue primarily derived from solar power generation and operation management services, with total revenue growing by 7.7%; electricity sales revenue increased by 14.9%, but tariff adjustment revenue decreased by 1.9%, with some gains offset by curtailment losses and market-based transactions; cost of sales rose due to increased depreciation and maintenance expenses, leading to a slight decrease in gross profit margin; other income and net gains increased, while administrative expenses rose; finance costs significantly decreased due to lower effective interest rates, and income tax expense also declined due to reduced withholding tax; both EBITDA and net profit increased, with an improved net profit margin [Revenue](index=13&type=section&id=Revenue) The Group's total revenue for the first half of 2025 was **RMB 1,210.2 million**, a year-on-year increase of **7.7%**, primarily driven by electricity sales, but partially offset by grid curtailment restrictions and market-based electricity transactions - In the first half of 2025, the Group's revenue primarily came from solar power generation and the provision of solar farm operation and management services[32](index=32&type=chunk) Revenue Comparative Analysis (For the six months ended June 30) | Revenue Source | H1 2025 (RMB million) | H1 2025 (%) | H1 2024 (RMB million) | H1 2024 (%) | Change (RMB million) | Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Electricity sales | 740.5 | 61.2 | 644.2 | 57.3 | 96.3 | 14.9 | | Tariff adjustment | 465.0 | 38.4 | 473.9 | 42.2 | (8.9) | (1.9) | | Subtotal | 1,205.5 | 99.6 | 1,118.1 | 99.5 | 87.4 | 7.8 | | Operation and management services | 4.7 | 0.4 | 5.9 | 0.5 | (1.2) | (20.3) | | **Total** | **1,210.2** | **100.0** | **1,124.0** | **100.0** | **86.2** | **7.7** | - The increase in total revenue was mainly due to the contribution from the 2024 portfolio, partially offset by grid curtailment restrictions and an increase in the number and volume of market-based electricity transactions[34](index=34&type=chunk) - As of the first half of 2025, the Group owned and operated solar farm projects with an approved capacity of **4,540.5 MW**, including the **30 MW** Sanshan Gaoan solar farm added in the first half of 2025[35](index=35&type=chunk) - Revenue from providing solar farm operation and management services was **RMB 4.7 million**, accounting for **0.4%** of total revenue[37](index=37&type=chunk) [Cost of Sales](index=15&type=section&id=Cost%20of%20Sales) In the first half of 2025, cost of sales increased by **RMB 61.1 million** to **RMB 462.8 million**, primarily due to increased depreciation expenses and repair and maintenance expenses for the 2024 portfolio Cost of Sales Comparison (RMB million) | Indicator | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Cost of sales | 462.8 | 401.7 | | Change | +61.1 | - | - The increase in cost of sales was mainly due to increased depreciation expenses for property, plant and equipment and right-of-use assets, as well as increased repair and maintenance expenses for the 2024 portfolio[38](index=38&type=chunk) [Gross Profit](index=15&type=section&id=Gross%20Profit) In the first half of 2025, gross profit increased by **3.5%** to **RMB 747.4 million**, but the gross profit margin decreased from **64.3%** to **61.8%**, reflecting a faster growth in cost of sales than in revenue Gross Profit and Gross Profit Margin Comparison (RMB million) | Indicator | H1 2025 | H1 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Gross profit | 747.4 | 722.3 | +3.5% | | Gross profit margin | 61.8% | 64.3% | -2.5% | - The decrease in gross profit margin was mainly due to the increase in revenue exceeding the increase in cost of sales[39](index=39&type=chunk) [Other Income](index=16&type=section&id=Other%20Income) In the first half of 2025, other income increased by **RMB 4.5 million** to **RMB 13.5 million**, primarily driven by increased government grants and insurance compensation Other Income Comparison (RMB million) | Indicator | H1 2025 | H1 2024 | Change (RMB million) | | :--- | :--- | :--- | :--- | | Other income | 13.5 | 9.0 | +4.5 | - The increase was mainly due to higher government grants received from the Chinese government and increased insurance compensation received, partially offset by a decrease in miscellaneous income[40](index=40&type=chunk) [Other Net Gains](index=16&type=section&id=Other%20Net%20Gains) In the first half of 2025, other net gains significantly increased by **RMB 4.0 million** to **RMB 7.7 million**, primarily due to higher foreign exchange gains Other Net Gains Comparison (RMB million) | Indicator | H1 2025 | H1 2024 | Change (RMB million) | | :--- | :--- | :--- | :--- | | Other net gains | 7.7 | 3.7 | +4.0 | - The significant increase was mainly due to higher foreign exchange gains, partially offset by a decrease in interest income from financial assets at fair value through profit or loss[41](index=41&type=chunk) [Administrative Expenses](index=16&type=section&id=Administrative%20Expenses) In the first half of 2025, administrative expenses increased by **RMB 9.3 million** to **RMB 31.9 million**, primarily due to higher miscellaneous expenses and insurance expenses Administrative Expenses Comparison (RMB million) | Indicator | H1 2025 | H1 2024 | Change (RMB million) | | :--- | :--- | :--- | :--- | | Administrative expenses | 31.9 | 22.6 | +9.3 | - The increase was mainly due to higher miscellaneous expenses and insurance expenses, partially offset by a decrease in employee benefit expenses[42](index=42&type=chunk) [Finance Costs](index=16&type=section&id=Finance%20Costs) In the first half of 2025, total finance costs decreased to **RMB 147.5 million**, primarily due to lower effective interest rates and reduced balances of bank borrowings, though interest on lease liabilities slightly increased Finance Costs Comparison (RMB million) | Indicator | H1 2025 | H1 2024 | Change (RMB million) | | :--- | :--- | :--- | :--- | | Total finance costs | 147.5 | 182.2 | -34.7 | | Interest expense on bank borrowings | 121.2 | 159.9 | -38.7 | | Interest on lease liabilities | 26.3 | 22.3 | +4.0 | - The significant decrease in interest expense on bank borrowings was mainly due to lower effective interest rates on bank borrowings and a slight decrease in the balance of interest-bearing bank borrowings[43](index=43&type=chunk) [Income Tax Expense](index=17&type=section&id=Income%20Tax%20Expense) In the first half of 2025, income tax expense decreased to **RMB 135.3 million**, primarily due to a reduction in withholding tax arising from dividends paid by Chinese subsidiaries, partially offset by increased taxable profit and more projects commencing full corporate income tax payments Income Tax Expense Comparison (RMB million) | Indicator | H1 2025 | H1 2024 | Change (RMB million) | | :--- | :--- | :--- | :--- | | Income tax expense | 135.3 | 162.3 | -27.0 | - The decrease was mainly due to a reduction in the amount of Chinese withholding tax arising from dividends paid by Chinese subsidiaries[45](index=45&type=chunk) - This was partially offset by an increase in profit before income tax for solar farm projects subject to Chinese corporate income tax, and the impact of 24 solar farm projects (H1 2024: 16 projects) commencing full payment of Chinese corporate income tax at the statutory rate of 25%[45](index=45&type=chunk) [EBITDA and Profit](index=17&type=section&id=EBITDA%20and%20Profit) In the first half of 2025, EBITDA grew by **7.7%** to **RMB 1,120.5 million**, and profit attributable to equity holders of the Company increased by **23.4%** to **RMB 449.8 million**, with the net profit margin improving to **37.2%**, primarily driven by increased revenue, reduced finance costs, and lower income tax expense EBITDA and Net Profit Comparison (RMB million) | Indicator | H1 2025 | H1 2024 | Change (%) | | :--- | :--- | :--- | :--- | | EBITDA | 1,120.5 | 1,040.9 | +7.7% | | Profit attributable to equity holders of the Company | 449.8 | 364.4 | +23.4% | | Net profit margin | 37.2% | 32.4% | +4.8% | - The increase in net profit margin was mainly due to increased revenue and reduced finance costs and income tax expense, partially offset by increased depreciation expenses for property, plant and equipment and right-of-use assets[46](index=46&type=chunk) [Liquidity and Financial Resources](index=18&type=section&id=Liquidity%20and%20Financial%20Resources) As of June 30, 2025, the Group's financial position remained robust, with increases in total assets and net assets, and improvements in both the current ratio and net debt-to-equity ratio; net cash from operating activities significantly increased, net cash used in investing activities decreased, and financing activities resulted in a net outflow Liquidity and Financial Resources Overview | Indicator | June 30, 2025 (RMB million) | December 31, 2024 (RMB million) | Change (%) | | :--- | :--- | :--- | :--- | | Total assets | 22,103.6 | 21,668.5 | +2.0% | | Net assets | 12,744.8 | 12,504.5 | +1.9% | | Current ratio | 1.7 | 1.6 | +0.1 | | Net debt-to-equity ratio | 54.0% | 55.8% | -1.8% | | Cash and cash equivalents | 374.7 | 354.2 | +5.8% | - The slight increase in the current ratio was mainly due to an increase in trade and other receivables, loans to investments accounted for using the equity method, and cash, partially offset by an increase in dividends payable and accruals[47](index=47&type=chunk) - The decrease in the net debt-to-equity ratio was mainly due to an increase in cash and cash equivalents and a decrease in bank borrowings[47](index=47&type=chunk) Cash Flow Comparison (For the six months ended June 30, RMB million) | Activity Type | 2025 | 2024 | | :--- | :--- | :--- | | Net cash from operating activities | 309.0 | 169.6 | | Net cash used in investing activities | (186.8) | (624.1) | | Net cash (used in)/from financing activities | (101.0) | 316.9 (from) | [Capital Expenditure and Commitments](index=19&type=section&id=Capital%20Expenditure%20and%20Commitments) In the first half of 2025, the Group incurred capital expenditure of **RMB 182.7 million**, primarily for the acquisition and further development of solar farm projects; as of June 30, 2025, the Group had no capital commitments Capital Expenditure (RMB million) | Indicator | H1 2025 | | :--- | :--- | | Capital expenditure | 182.7 | - Capital expenditure was mainly used for the acquisition and further development of existing and new solar farm projects, as well as the settlement of outstanding capital expenditure for completed solar farm projects[50](index=50&type=chunk) - As of June 30, 2025, the Group had no capital commitments[50](index=50&type=chunk) [Pledge of Assets](index=19&type=section&id=Pledge%20of%20Assets) As of June 30, 2025, the Group had not pledged any assets as collateral for bank borrowings - As of June 30, 2025, the Group had not pledged any assets as collateral for bank borrowings[51](index=51&type=chunk) [Contingent Liabilities](index=19&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the Group had no significant contingent liabilities - As of June 30, 2025, the Group had no significant contingent liabilities[52](index=52&type=chunk) [Significant Acquisitions and Disposals of Subsidiaries](index=19&type=section&id=Significant%20Acquisitions%20and%20Disposals%20of%20Subsidiaries) In the first half of 2025, the Group completed the acquisition of Wuhu Xintu New Energy Co., Ltd., obtaining a solar farm project with an approved capacity of **30 MW**; there were no other significant acquisitions or disposals of subsidiaries - In the first half of 2025, the Group completed the acquisition of Wuhu Xintu New Energy Co., Ltd., obtaining a solar farm project in China with an approved capacity of **30 MW**[53](index=53&type=chunk) - Save as disclosed above, there were no other significant acquisitions or disposals of subsidiaries in the first half of 2025[54](index=54&type=chunk) [Treasury Policy and Exchange Rate Fluctuation Risk](index=19&type=section&id=Treasury%20Policy%20and%20Exchange%20Rate%20Fluctuation%20Risk) The Group's primary business transactions are settled in RMB, resulting in no significant foreign exchange risk; to further mitigate risk, all HKD-denominated bank borrowings were converted to RMB-denominated ones in the first half of 2025, and no significant difficulties or liquidity issues were encountered, nor were financial instruments used for hedging during the period - The presentation currency of the Group's consolidated financial statements and the functional currency of its principal subsidiaries are RMB, while the functional currency of the Company is HKD[55](index=55&type=chunk) - As most business transactions are settled in RMB and assets are located in mainland China, the Group does not face significant foreign exchange risk[55](index=55&type=chunk) - To mitigate foreign exchange risk, the Group completed the conversion of all HKD-denominated bank borrowings to RMB-denominated bank borrowings in the first half of 2025[56](index=56&type=chunk) - In the first half of 2025, the Group did not encounter significant difficulties or liquidity problems due to currency exchange rate fluctuations, nor did it use any financial instruments for hedging[56](index=56&type=chunk) [Employees and Remuneration Policy](index=20&type=section&id=Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the Group had **428** full-time employees, with total staff costs of **RMB 30.3 million**; the company values employee development, with remuneration policies based on qualifications, performance, and market levels, and provides MPF schemes and statutory social security contributions Employees and Remuneration Overview | Indicator | June 30, 2025 | | :--- | :--- | | Number of full-time employees | 428 | | Total staff costs (H1 2025, RMB million) | 30.3 | - Employee remuneration is determined based on qualifications, job nature, performance, and work experience, with reference to current market remuneration levels[57](index=57&type=chunk) - In addition to basic salaries and discretionary bonuses, the Group also provides MPF schemes for Hong Kong employees and statutory social security contributions for Chinese employees[57](index=57&type=chunk) [Capital Structure](index=21&type=section&id=Capital%20Structure) In the first half of 2025, there were no significant changes to the Company's capital structure, which consists of ordinary shares - In the first half of 2025, there were no significant changes to the Company's capital structure[59](index=59&type=chunk) - The Group's share capital consists of ordinary shares[59](index=59&type=chunk) [Events After Reporting Period](index=21&type=section&id=Events%20After%20Reporting%20Period) As of the date of this interim report, no significant events affecting the Group have occurred after June 30, 2025 - No significant events affecting the Group occurred after June 30, 2025, and up to the date of this interim report[60](index=60&type=chunk) Condensed Consolidated Statement of Profit or Loss [Condensed Consolidated Statement of Profit or Loss](index=21&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) This chapter presents the condensed consolidated statement of profit or loss for the six months ended June 30, 2025, showing the Group's revenue increased by **7.7%** to **RMB 1,210,234 thousand**, profit attributable to equity holders of the Company increased by **23.4%** to **RMB 449,842 thousand**, and basic earnings per share was **RMB 5.37 cents** Condensed Consolidated Statement of Profit or Loss (For the six months ended June 30, RMB thousand) | Indicator | 2025 | 2024 (Restated) | | :--- | :--- | :--- | | Revenue | 1,210,234 | 1,124,053 | | Cost of sales | (462,813) | (401,737) | | Gross profit | 747,421 | 722,316 | | Other income | 13,508 | 9,024 | | Other net gains | 7,695 | 3,727 | | Administrative expenses | (31,926) | (22,581) | | Net impairment losses on financial assets | (5,397) | (5,569) | | Operating profit | 731,301 | 706,917 | | Finance income | 1,826 | 2,583 | | Finance costs | (147,544) | (182,172) | | Share of net losses of investments accounted for using the equity method | (421) | (8) | | Profit before income tax | 585,162 | 527,320 | | Income tax expense | (135,320) | (162,329) | | Profit for the period | 449,842 | 364,991 | | Profit attributable to equity holders of the Company | 449,842 | 364,448 | | Non-controlling interests | — | 543 | | Basic and diluted earnings per share (RMB cents) | 5.37 | 4.41 | Condensed Consolidated Statement of Comprehensive Income [Condensed Consolidated Statement of Comprehensive Income](index=23&type=section&id=Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) This chapter presents the condensed consolidated statement of comprehensive income for the six months ended June 30, 2025, showing total comprehensive income for the period of **RMB 447,622 thousand**, a significant increase from **RMB 237,416 thousand** in the prior period, mainly due to higher profit for the period and reduced foreign currency translation differences loss Condensed Consolidated Statement of Comprehensive Income (For the six months ended June 30, RMB thousand) | Indicator | 2025 | 2024 (Restated) | | :--- | :--- | :--- | | Profit for the period | 449,842 | 364,991 | | Other comprehensive loss (net of tax) | | | | Exchange differences on translation of foreign operations | (2,181) | (127,584) | | Share of other comprehensive (loss)/income of investments accounted for using the equity method | (39) | 9 | | **Total comprehensive income for the period** | **447,622** | **237,416** | | Total comprehensive income for the period attributable to: | | | | - Equity holders of the Company | 447,622 | 236,873 | | - Non-controlling interests | — | 543 | Condensed Consolidated Statement of Financial Position [Condensed Consolidated Statement of Financial Position](index=24&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) This chapter presents the condensed consolidated statement of financial position as of June 30, 2025, showing total assets increased to **RMB 22,103,578 thousand** and total equity increased to **RMB 12,744,799 thousand**; total current assets increased, driven mainly by higher trade and other receivables and cash and cash equivalents; total liabilities also slightly increased, but bank borrowings within non-current liabilities decreased Condensed Consolidated Statement of Financial Position (As of June 30, RMB thousand) | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Total non-current assets | 16,575,620 | 16,727,382 | | Total current assets | 5,527,958 | 4,941,119 | | **Total assets** | **22,103,578** | **21,668,501** | | **Equity** | | | | Capital and reserves attributable to equity holders of the Company | 12,744,799 | 12,504,485 | | **Total equity** | **12,744,799** | **12,504,485** | | **Liabilities** | | | | Total non-current liabilities | 6,049,365 | 5,986,271 | | Total current liabilities | 3,309,414 | 3,177,745 | | **Total liabilities** | **9,358,779** | **9,164,016** | | **Total equity and liabilities** | **22,103,578** | **21,668,501** | - Property, plant and equipment within non-current assets slightly decreased, while right-of-use assets increased[64](index=64&type=chunk) - Within current assets, trade and other receivables and prepayments, and cash and cash equivalents all increased[64](index=64&type=chunk) - Bank borrowings within non-current liabilities slightly increased, while bank borrowings within current liabilities decreased[66](index=66&type=chunk) Condensed Consolidated Statement of Changes in Equity [Condensed Consolidated Statement of Changes in Equity](index=26&type=section&id=Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) This chapter presents the condensed consolidated statement of changes in equity for the six months ended June 30, 2025, showing total equity attributable to equity holders of the Company increased from **RMB 12,504,485 thousand** at the beginning of the period to **RMB 12,744,799 thousand** at the end of the period, primarily due to profit for the period, partially offset by foreign currency translation differences and dividend payments Condensed Consolidated Statement of Changes in Equity (For the six months ended June 30, RMB thousand) | Indicator | Share Capital | Other Reserves | Retained Earnings | Total attributable to equity holders of the Company | Non-controlling Interests | Total Equity | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **Balance at January 1, 2025** | **72,497** | **6,251,552** | **6,180,436** | **12,504,485** | **—** | **12,504,485** | | Profit for the period | — | — | 449,842 | 449,842 | — | 449,842 | | Other comprehensive loss (Exchange differences on translation) | — | (2,181) | — | (2,181) | — | (2,181) | | Share of other comprehensive loss of investments accounted for using the equity method | — | (39) | — | (39) | — | (39) | | Employee share option scheme (value) | — | 90 | — | 90 | — | 90 | | Employee share option scheme (released upon lapse) | — | (1,836) | 1,836 | — | — | — | | Final dividend 2024 | — | (207,398) | — | (207,398) | — | (207,398) | | Transfer to safety reserve | — | 7,383 | (7,383) | — | — | — | | **Balance at June 30, 2025** | **72,497** | **6,047,571** | **6,624,731** | **12,744,799** | **—** | **12,744,799** | - For the corresponding period in 2024, total equity attributable to equity holders of the Company increased from **RMB 12,119,808 thousand** at the beginning of the period to **RMB 12,158,023 thousand** at the end of the period[69](index=69&type=chunk) Condensed Consolidated Statement of Cash Flows [Condensed Consolidated Statement of Cash Flows](index=28&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) This chapter presents the condensed consolidated statement of cash flows for the six months ended June 30, 2025; net cash from operating activities significantly increased to **RMB 308,995 thousand**, mainly due to higher profit and reduced interest and income tax payments; net cash used in investing activities decreased, while financing activities shifted from a net inflow in the prior period to a net outflow, primarily due to more bank borrowings repaid than new borrowings raised Condensed Consolidated Statement of Cash Flows (For the six months ended June 30, RMB thousand) | Activity Type | 2025 | 2024 (Restated) | | :--- | :--- | :--- | | Net cash from operating activities | 308,995 | 169,559 | | Net cash used in investing activities | (186,776) | (624,126) | | Net cash (used in)/from financing activities | (100,958) | 316,909 | | Net increase/(decrease) in cash and cash equivalents | 21,261 | (137,658) | | Cash and cash equivalents at beginning of period | 354,238 | 587,926 | | Effect of foreign exchange rate changes | (786) | (8,676) | | Cash and cash equivalents at end of period | 374,713 | 441,592 | - Net cash from operating activities increased mainly due to higher profit before income tax, lower interest paid, and lower income tax paid, partially offset by an increase in trade and other receivables[48](index=48&type=chunk) - Net cash used in investing activities decreased mainly due to payments for capital expenditure for the 2024 portfolio and 2025 portfolio, and settlement of outstanding capital expenditure for completed solar farm projects[48](index=48&type=chunk) - Net cash used in financing activities was mainly due to repayment of bank borrowings of **RMB 994,601 thousand**, partially offset by new bank borrowings of **RMB 921,000 thousand**[72](index=72&type=chunk) Notes to the Condensed Consolidated Financial Information [General Information](index=30&type=section&id=General%20Information) This chapter states that Xinyi Energy Holdings Limited and its subsidiaries primarily operate and manage solar farms in China, and that this unaudited condensed consolidated interim financial information is presented in RMB thousand and was approved for issue by the Board of Directors on August 1, 2025 - The Group primarily operates and manages solar farms in the People's Republic of China ("China")[73](index=73&type=chunk) - This unaudited condensed consolidated interim financial information is presented in RMB thousand and was approved for issue by the Board of Directors on August 1, 2025[73](index=73&type=chunk) [Basis of Preparation and Changes in Accounting Policies](index=30&type=section&id=Basis%20of%20Preparation%20and%20Changes%20in%20Accounting%20Policies) This chapter explains that the condensed consolidated interim financial information is prepared in accordance with Hong Kong Accounting Standard 34 and consistent with the annual financial statements' accounting policies, except for the initial adoption of new standards; the company has changed its presentation currency to RMB and retrospectively restated comparative figures for a more accurate reflection of financial performance - This unaudited condensed consolidated interim financial information has been prepared in accordance with the applicable disclosure provisions of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and Hong Kong Accounting Standard 34 "Interim Financial Reporting" issued by the Hong Kong Institute of Certified Public Accountants[74](index=74&type=chunk) - Except for the initial adoption of HKAS 21 (Amendment) "Lack of Exchangeability", the accounting policies adopted are consistent with those described in the annual financial statements for the year ended December 31, 2024[75](index=75&type=chunk)[76](index=76&type=chunk) - The Group is assessing the impact of standards (amendments) that have been issued but are not yet effective, with preliminary assessment expecting no significant impact[78](index=78&type=chunk) - The Company decided on December 24, 2024, to adopt RMB as the presentation currency for the Group's consolidated financial statements and has retrospectively accounted for and restated comparative figures for a more accurate understanding of financial performance[79](index=79&type=chunk) [Revenue, Other Income and Segment Information](index=33&type=section&id=Revenue%2C%20Other%20Income%20and%20Segment%20Information) This chapter details the composition of the Group's revenue and other income for the first half of 2025; revenue primarily consists of electricity sales, tariff adjustments, and solar farm operation and management services, while other income mainly includes government grants and insurance compensation; due to the Group's integrated resources, no separate segment financial information for assets and liabilities is presented Revenue and Other Income (For the six months ended June 30, RMB thousand) | Item | 2025 | 2024 (Restated) | | :--- | :--- | :--- | | **Revenue** | | | | - Electricity sales | 740,552 | 644,274 | | - Tariff adjustment | 464,998 | 473,854 | | - Solar farm operation and management services | 4,684 | 5,925 | | **Total Revenue** | **1,210,234** | **1,124,053** | | **Other Income** | | | | - Government grants | 11,051 | 3,665 | | - Insurance compensation | 723 | 437 | | - Others | 1,734 | 4,922 | | **Total Other Income** | **13,508** | **9,024** | - Government grants primarily refer to subsidies received from the Chinese government to support the Group's general operations[82](index=82&type=chunk) - The Group primarily operates and manages solar farms in China and does not have separate operating segment financial information, thus no segment assets and liabilities are presented[83](index=83&type=chunk)[84](index=84&type=chunk) - The vast majority of the Group's non-current assets are located in China[85](index=85&type=chunk) [Other Net Gains](index=34&type=section&id=Other%20Net%20Gains) This chapter presents the Group's other net gains for the first half of 2025, which amounted to **RMB 7,695 thousand**, a significant increase from **RMB 3,727 thousand** in the prior period, primarily due to a substantial increase in net foreign exchange gains Other Net Gains (For the six months ended June 30, RMB thousand) | Item | 2025 | 2024 (Restated) | | :--- | :--- | :--- | | Net foreign exchange gains | 7,596 | 250 | | Loss on disposal of property, plant and equipment | (86) | (70) | | Net fair value gains on financial assets at fair value through profit or loss | 185 | 3,547 | | **Total** | **7,695** | **3,727** | [Operating Profit](index=35&type=section&id=Operating%20Profit) This chapter presents the operating profit for the first half of 2025, accounted for after deducting various expenses, with both depreciation expenses for property, plant and equipment and right-of-use assets increasing Operating Profit Deductions (For the six months ended June 30, RMB thousand) | Item | 2025 | 2024 (Restated) | | :--- | :--- | :--- | | Depreciation expense for property, plant and equipment | 361,755 | 314,713 | | Depreciation expense for right-of-use assets | 26,060 | 16,684 | | Employee benefit expenses (including directors' emoluments) | 30,329 | 30,353 | | Electricity expenses | 13,108 | 15,984 | | Repair and maintenance | 21,445 | 19,058 | | Insurance expenses | 3,361 | 2,520 | [Finance Income and Finance Costs](index=36&type=section&id=Finance%20Income%20and%20Finance%20Costs) This chapter details the Group's finance income and finance costs for the first half of 2025; finance income primarily came from bank deposit interest, while finance costs mainly comprised interest expense on bank borrowings and interest on lease liabilities, with a significant reduction in bank borrowing interest expense Finance Income and Finance Costs (For the six months ended June 30, RMB thousand) | Item | 2025 | 2024 (Restated) | | :--- | :--- | :--- | | **Finance Income** | | | | - Interest income from bank deposits | 1,511 | 2,583 | | - Interest income from loans to investments accounted for using the equity method | 315 | — | | **Total Finance Income** | **1,826** | **2,583** | | **Finance Costs** | | | | - Interest on lease liabilities | 26,298 | 22,313 | | - Interest expense on bank borrowings | 121,246 | 159,859 | | **Total Finance Costs** | **147,544** | **182,172** | [Income Tax Expense](index=37&type=section&id=Income%20Tax%20Expense) This chapter details the Group's income tax expense for the first half of 2025, totaling **RMB 135,320 thousand**, a decrease from the prior period; key taxes include Chinese corporate income tax, overseas tax, and Chinese withholding tax, with explanations of various tax incentives Income Tax Expense (For the six months ended June 30, RMB thousand) | Item | 2025 | 2024 (Restated) | | :--- | :--- | :--- | | **Current Income Tax** | | | | - Chinese corporate income tax | 142,372 | 149,583 | | - Overseas tax | 17 | — | | - Chinese withholding tax | 2,500 | 23,000 | | Deferred income tax | (9,569) | (10,254) | | **Total Income Tax Expense** | **135,320** | **162,329** | - The Company is incorporated in the British Virgin Islands and is exempt from British Virgin Islands income tax[95](index=95&type=chunk) - The applicable corporate income tax rate for Chinese subsidiaries is **25%**, but some subsidiaries enjoy preferential tax rates of **15%** (high-tech enterprises, encouraged enterprises) or small-profit enterprise benefits, as well as a "three-year exemption, three-year half reduction" tax holiday[97](index=97&type=chunk) - Overseas profit tax primarily includes Malaysian income tax, calculated at the standard corporate income tax rate of **24%**[97](index=97&type=chunk) - In the first half of 2025, dividends paid by Chinese subsidiaries were subject to a **5%** withholding tax[96](index=96&type=chunk)[97](index=97&type=chunk) [Earnings Per Share](index=39&type=section&id=Earnings%20Per%20Share) This chapter presents the basic earnings per share attributable to equity holders of the Company for the first half of 2025 as **RMB 5.37 cents**, an increase from **RMB 4.41 cents** in the prior period; diluted earnings per share is equal to basic earnings per share due to the absence of potential dilutive shares Basic Earnings Per Share (For the six months ended June 30) | Indicator | 2025 | 2024 (Restated) | | :--- | :--- | :--- | | Profit attributable to equity holders of the Company (RMB thousand) | 449,842 | 364,448 | | Weighted average number of ordinary shares in issue (thousand shares) | 8,376,654 | 8,256,589 | | Basic earnings per share (RMB cents) | 5.37 | 4.41 | - Basic earnings per share is calculated by dividing the profit attributable to equity holders of the Company by the weighted average number of ordinary shares in issue during the period[99](index=99&type=chunk) - For the six months ended June 30, 2025 and 2024, diluted earnings per share was equal to basic earnings per share as there were no potential dilutive shares[102](index=102&type=chunk) [Dividends](index=40&type=section&id=Dividends) This chapter presents the proposed interim dividend of **2.9 HK cents** per share for the first half of 2025, an increase from the prior period; the Board has resolved to declare this interim dividend, which is expected to be paid on or about October 10, 2025 Dividends (For the six months ended June 30, RMB thousand) | Item | 2025 | 2024 (Restated) | | :--- | :--- | :--- | | 2024 final dividend (2.7 HK cents per share) | 207,398 | 198,721 | | Proposed interim dividend (2.9 HK cents per share) | 222,080 | 177,750 | - The Board has resolved to declare an interim dividend of **2.9 HK cents** per share for the six months ended June 30, 2025, totaling **HKD 242,923,000** (equivalent to **RMB 222,080,000**)[104](index=104&type=chunk) - The dividend is expected to be paid on or about Friday, October 10, 2025[8](index=8&type=chunk) [Property, Plant and Equipment](index=41&type=section&id=Property%2C%20Plant%20and%20Equipment) This chapter presents the changes in property, plant and equipment for the six months ended June 30, 2025; the net book value at period-end was **RMB 15,216,079 thousand**, a slight decrease from the beginning of the period, mainly due to depreciation offsetting additions Changes in Property, Plant and Equipment (For the six months ended June 30, RMB thousand) | Item | Solar Farms | Buildings | Motor vehicles, furniture and fixtures, equipment and others | Total | | :--- | :--- | :--- | :--- | :--- | | Net book value at beginning of period | 15,222,718 | 144,598 | 27,632 | 15,394,948 | | Additions | 182,348 | — | 6,341 | 188,689 | | Disposals | (5,780) | — | (23) | (5,803) | | Depreciation expense | (356,069) | (3,463) | (2,223) | (361,755) | | **Net book value at end of period** | **15,043,217** | **141,135** | **31,727** | **15,216,079** | Property, Plant and Equipment Cost and Accumulated Depreciation (As of June 30, 2025, RMB thousand) | Item | Solar Farms | Buildings | Motor vehicles, furniture and fixtures, equipment and others | Total | | :--- | :--- | :--- | :--- | :--- | | Cost | 19,079,606 | 196,196 | 48,489 | 19,324,291 | | Accumulated depreciation | (4,036,389) | (55,061) | (16,762) | (4,108,212) | | **Net book value** | **15,043,217** | **141,135** | **31,727** | **15,216,079** | [Trade and Other Receivables and Prepayments](index=42&type=section&id=Trade%20and%20Other%20Receivables%20and%20Prepayments) This chapter presents trade and other receivables and prepayments as of June 30, 2025, totaling **RMB 5,174,243 thousand**, with net trade receivables amounting to **RMB 4,738,862 thousand**, primarily comprising electricity sales receivables and tariff adjustment receivables; a significant portion of trade receivables is overdue by more than 365 days Trade and Other Receivables and Prepayments (As of June 30, 2025, RMB thousand) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Net trade receivables | 4,738,862 | 4,204,565 | | Deposits and other receivables | 38,054 | 43,177 | | Other tax receivables | 270,471 | 304,456 | | Prepayments for land use rights and property, plant and equipment | 33,782 | 27,735 | | Other prepayments | 93,074 | 28,112 | | **Total** | **5,174,243** | **4,608,045** | | Less: Non-current portion | (33,782) | (27,735) | | **Current portion** | **5,140,461** | **4,580,310** | Analysis of Trade Receivables by Type (As of June 30, 2025, RMB thousand) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Electricity sales receivables | 184,052 | 168,355 | | Tariff adjustment receivables | 4,602,677 | 4,078,680 | | **Total** | **4,786,729** | **4,247,035** | Ageing Analysis of Trade Receivables (As of June 30, 2025, RMB thousand) | Ageing | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | 0 to 90 days | 441,824 | 378,705 | | 91 to 180 days | 237,053 | 325,528 | | 181 to 365 days | 567,084 | 549,483 | | Over 365 days | 3,540,768 | 2,993,319 | | **Total** | **4,786,729** | **4,247,035** | - The carrying amount of trade receivables is denominated in RMB, and their fair value is similar[110](index=110&type=chunk)[111](index=111&type=chunk) [Share Capital](index=44&type=section&id=Share%20Capital) This chapter presents that as of June 30, 2025, the Company's authorized share capital was **800,000,000,000** ordinary shares of **HKD 0.01** each, and the issued and fully paid share capital was **8,376,653,757** ordinary shares, totaling **RMB 72,497 thousand** Share Capital Information (As of June 30, 2025) | Item | Number of Ordinary Shares | Ordinary Shares of HKD 0.01 each (HKD) | Total (HKD thousand) | | :--- | :--- | :--- | :--- | | Authorized share capital | 800,000,000,000 | 8,000,000,000 | 8,000,000 | Issued and Fully Paid Share Capital (As of June 30, 2025, RMB thousand) | Item | Number of Ordinary Shares | Ordinary Shares of HKD 0.01 each (RMB) | Total (RMB thousand) | | :--- | :--- | :--- | :--- | | Issued and fully paid | 8,376,653,757 | 72,497,222 | 72,497 | [Accruals and Other Payables](index=45&type=section&id=Accruals%20and%20Other%20Payables) This chapter presents accruals and other payables as of June 30, 2025, totaling **RMB 469,629 thousand**, primarily comprising payables for property, plant and equipment and other payables, with the current portion amounting to **RMB 452,648 thousand** Accruals and Other Payables (As of June 30, 2025, RMB thousand) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Payables for property, plant and equipment | 407,766 | 418,509 | | Others | 61,863 | 47,373 | | **Total** | **469,629** | **465,882** | | Less: Non-current portion (Retention payables) | (16,981) | (15,378) | | **Current portion** | **452,648** | **450,504** | - The balance mainly includes accrued professional fees, bank borrowing interest, and accrued staff costs[114](index=114&type=chunk) - The carrying amount of accruals and other payables is primarily denominated in RMB and is similar to their fair value[114](index=114&type=chunk) [Bank Borrowings](index=46&type=section&id=Bank%20Borrowings) This chapter presents the bank borrowings as of June 30, 2025, totaling **RMB 7,256,873 thousand**, primarily denominated in RMB, with most bearing floating interest rates; the effective annual interest rate decreased from **3.50%** as of December 31, 2024, to **2.88%** as of June 30, 2025 Bank Borrowings Repayment Terms (As of June 30, 2025, RMB thousand) | Term | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Within 1 year | 2,433,489 | 2,541,250 | | 1 to 2 years | 849,596 | 840,041 | | 2 to 5 years | 1,424,753 | 1,696,935 | | Over 5 years | 2,549,035 | 2,252,248 | | **Total** | **7,256,873** | **7,330,474** | | Less: Non-current portion | (4,823,384) | (4,789,224) | | **Current portion** | **2,433,489** | **2,541,250** | Bank Borrowings Denominated Currency (As of June 30, 2025, RMB thousand) | Currency | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | HKD | — | 1,521,340 | | RMB | 7,256,873 | 5,809,134 | | **Total** | **7,256,873** | **7,330,474** | Effective Annual Interest Rate of Bank Borrowings | Date | Effective Annual Interest Rate | | :--- | :--- | | June 30, 2025 | 2.88% | | December 31, 2024 | 3.50% | - Most bank borrowings bear floating interest rates and are repayable in installments until 2045[117](index=117&type=chunk) - The Company and its subsidiaries provide corporate guarantees for bank borrowings[118](index=118&type=chunk) [Related Party Transactions](index=48&type=section&id=Related%20Party%20Transactions) This chapter discloses significant transactions and balances with related parties for the first half of 2025; one-off transactions include the acquisition of a subsidiary from a fellow subsidiary, while continuing transactions involve solar farm operation and management service fees, sales of green electricity certificates, and interest income from loans to investments; related party balances primarily consist of amounts due from and due to fellow subsidiaries, as well as interest expense on lease liabilities Summary of Related Party Transactions (For the six months ended June 30, RMB thousand) | Transaction Type | 2025 | 2024 (Restated) | | :--- | :--- | :--- | | **One-off Transactions** | | | | Acquisition of a subsidiary from a fellow subsidiary | 14,839 | 140,534 | | **Continuing Transactions** | | | | Solar farm operation and management service fees receivable from subsidiaries of Xinyi Solar Holdings Limited | 4,613 | 5,925 | | Sale of green electricity certificates to Xinyi Solar | 227 | — | | Interest income from loans to investments accounted for using the equity method | 315 | — | - Continuing related party transactions are conducted at prices and terms agreed upon by both parties[120](index=120&type=chunk) Balances with Related Parties (As of June 30, 2025, RMB thousand) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Amounts due from fellow subsidiaries | 1,657 | 1,336 | | Receivables from investments accounted for using the equity method | — | 2,235 | | Loans to investments accounted for using the equity method | 7,968 | — | | Amounts due to fellow subsidiaries | (85,743) | (85,912) | - Amounts due from and to related parties are unsecured, interest-free, and repayable on demand, denominated in HKD, RMB, and Malaysian Ringgit[123](index=123&type=chunk) Interest Expense on Lease Liabilities Recognized for Leasing Office Space from Related Parties (For the six months ended June 30, RMB thousand) | Related Party | 2025 | 2024 (Restated) | | :--- | :--- | :--- | | Smart Tree Investment Limited | 3 | 3 | | Xinyi Energy Saving (Wuhu) Co., Ltd. | 30 | 52 | | Xinde Park (Wuhu) Co., Ltd. | 19 | — | | **Total** | **52** | **55** | Key Management Personnel Remuneration (For the six months ended June 30, RMB thousand) | Item | 2025 | 2024 (Restated) | | :--- | :--- | :--- | | Salaries, allowances and benefits in kind | 2,350 | 6,018 | | Contributions to retirement benefit schemes | 33 | 33 | | Share options granted | 17 | — | | **Total** | **2,400** | **6,051** | [Contingent Liabilities](index=52&type=section&id=Contingent%20Liabilities) This chapter states that as of June 30, 2025, and December 31, 2024, the Group had no significant contingent liabilities - As of June 30, 2025, and December 31, 2024, the Group had no significant contingent liabilities[130](index=130&type=chunk) Group Related Information [Interim Dividend and Closure of Register of Members](index=53&type=section&id=Interim%20Dividend%20and%20Closure%20of%20Register%20of%20Members) The Board has resolved to declare an interim dividend of **2.9 HK cents** per share for the first half of 2025, payable on or about October 10, 2025; to determine eligible shareholders, the share transfer registration will be suspended from August 18 to August 20, 2025, and shareholders may choose to receive dividends in cash or by way of scrip dividend - The Board has resolved to declare an interim dividend of **2.9 HK cents** per share for the first half of 2025 (H1 2024: **2.3 HK cents**)[132](index=132&type=chunk) - The interim dividend is expected to be paid on or about Friday, October 10, 2025[132](index=132&type=chunk) - The register of members will be closed from Monday, August 18, 2025, to Wednesday, August 20, 2025[132](index=132&type=chunk) - Shareholders will be given an option to elect to receive the interim dividend in cash or in new and fully paid shares of the Company in lieu of cash, in whole or in part[132](index=132&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=54&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) In the first half of 2025, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities - In the first half of 2025, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities (including treasury shares)[134](index=134&type=chunk) [Corporate Governance](index=54&type=section&id=Corporate%20Governance) The Directors confirm that the Company has complied with the applicable code provisions of the Corporate Governance Code set out in Part 2 of Appendix C1 to the Listing Rules of the Stock Exchange during the first half of 2025 - The Directors confirm that the Company has complied with the applicable code provisions of the Corporate Governance Code set out in Part 2 of Appendix C1 to the Listing Rules of the Stock Exchange during the first half of 2025[135](index=135&type=chunk) [Standard Code for Securities Transactions](index=54&type=section&id=Standard%20Code%20for%20Securities%20Transactions) The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 to the Listing Rules as its own code of conduct for directors' securities transactions, and all directors confirmed compliance with this code in the first half of 2025 - The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 to the Listing Rules as its own code of conduct for directors' securities transactions[136](index=136&type=chunk) - All Directors confirmed that they have complied with the required standards of dealing set out in the Model Code during the first half of 2025[136](index=136&type=chunk) [Changes in Directors' Information](index=54&type=section&id=Changes%20in%20Directors%27%20Information) This chapter discloses changes in directors' information since the date of the 2024 annual report, specifically that Mr. Leung Ting Yuk (Independent Non-Executive Director) has been appointed as an independent non-executive director of Tokyo Chuo Auction Holdings Limited (now known as Shangshan Gold International Holdings Limited) - Mr. Leung Ting Yuk (Independent Non-Executive Director) has been appointed as an independent non-executive director of Tokyo Chuo Auction Holdings Limited (now known as Shangshan Gold International Holdings Limited, stock code: 1939), effective May 30, 2025[137](index=137&type=chunk) [Share Option Scheme](index=55&type=section&id=Share%20Option%20Scheme) This chapter details the changes in the Company's share option scheme during the first half of 2025, including the number of options granted, cancelled, and lapsed; **3,500,000** share options were granted during the period, with an estimated fair value of **HKD 892,000**, to be expensed over a three-year vesting period Share Option Changes (H1 2025) | Grant Date | Exercise Price (HKD) | Vesting Period | Exercise Period | As of Jan 1, 2025 | Granted | Cancelled | Lapsed | As of Jun 30, 2025 | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 31/3/2021 | 3.78 | 31/3/2021-31/12/2023 | 1/4/2024-31/3/2025 | 1,930,468 | — | — | (1,930,468) | — | | 31/3/2022 | 4.76 | 31/3/2022-31/12/2024 | 1/4/2025-31/3/2026 | 2,247,208 | — | (28,022) | — | 2,219,186 | | 1/6/2023 | 2.26 | 1/6/2023-31/12/2025 | 1/4/2026-31/3/2027 | 3,518,000 | — | (48,000) | — | 3,470,000 | | 31/3/2024 | 1.12 | 28/3/2024-31/12/2026 | 1/4/2027-31/3/2028 | 3,106,000 | — | (56,000) | — | 3,050,000 | | 31/3/2025 | 0.97 | 31/3/2025-31/12/2027 | 1/4/2028-31/3/2029 | — | 3,500,000 | — | — | 3,500,000 | | **Total** | | | | **10,801,676** | **3,500,000** | **(132,022)** | **(1,930,468)** | **12,239,186** | - In the first half of 2025, **3,500,000** share options were granted, with an estimated fair value of **HKD 892,000**[140](index=140&type=chunk) - The value of the share options will be estimated using the Black-Scholes option pricing model by an independent valuer and expensed through the profit or loss over the three-year vesting period of the share options[140](index=140&type=chunk) Share Option Fair Value Calculation Variables and Assumptions (At Grant Date) | Indicator | Value | | :--- | :--- | | Share price (HKD) | 0.95 | | Exercise price (HKD) | 0.97 | | Volatility (%) | 49.04 | | Dividend yield (%) | 5.26 | | Expected option life (years) | 3.50 | | Risk-free annual interest rate (%) | 2.84 | - As of June 30, 2025, the number of share options that could be granted under the share option scheme was **648,042,208**[141](index=141&type=chunk) [Directors and Chief Executive's Interests and Short Positions in Shares, Underlying Shares and Debentures of the Company and its Associated Corporations](index=57&type=section&id=Directors%20and%20Chief%20Executive%27s%20Interests%20and%20Short%20Positions%20in%20Shares%2C%20Underlying%20Shares%20and%20Debentures%20of%20the%20Company%20and%20its%20Associated%20Corporations) This chapter discloses the interests and short positions of directors and chief executives in the shares of the Company and its associated corporations as of June 30, 2025; Tan Sri Dato' Dr. Ong Thian Seng held long positions in the Company's shares and Xinyi Solar shares, primarily through controlled corporations and family interests Tan Sri Dato' Dr. Ong Thian Seng's Long Positions in the Company's Shares (As of June 30, 2025) | Capacity | Name of Controlled Corporation | Number of Shares Held | Approximate Percentage of the Company's Issued Share Capital | | :--- | :--- | :--- | :--- | | Interest in controlled corporation | Copark | 30,553,206 | 0.364% | | Interest in controlled corporation | Richer | 192,410,355 | 2.296% | | Family interest | - | 14,910,018 | 0.177% | | Interest in parties acting in concert | - | 1,313,739,545 | 15.683% | Tan Sri Dato' Dr. Ong Thian Seng's Long Positions in Shares of Associated Corporations (As of June 30, 2025) | Capacity | Name of Associated Corporation | Number of Shares Held in Associated Corporation | Approximate Percentage of Associated Corporation's Issued Share Capital | | :--- | :--- | :--- | :--- | | Interest in controlled corporation | Xinyi Solar | 227,932,436 | 2.510% | | Family interest | - | 39,160,520 | 0.431% | | Interest in parties acting in concert | - | 2,165,337,059 | 23.851% | - Tan Sri Dato' Dr. Ong Thian Seng is the beneficial owner of Copark Investment Limited and Richer Holdings Limited[146](index=146&type=chunk) - Pursuant to the Concert Party Agreement, Tan Sri Dato' Dr. Ong Thian Seng and other parties agreed to grant a right of first refusal upon disposal of shares[146](index=146&type=chunk) - As of June 30, 2025, no other directors or chief executives of the Company had any disclosable interests or short positions[148](index=148&type=chunk) [Substantial Shareholders' Interests and Short Positions in Shares and Underlying Shares of the Company](index=60&type=section&id=Substantial%20Shareholders%27%20Interests%20and%20Short%20Positions%20in%20Shares%20and%20Underlying%20Shares%20of%20the%20Company) This chapter discloses the interests and short positions of substantial shareholders, other than directors or chief executives, in the Company's shares and underlying shares as of June 30, 2025; Xinyi Energy (BVI) Limited is the largest shareholder, holding **51.620%** of the shares, with several substantial shareholders holding shares through controlled corporations, personal and family interests, and subject to concert party agreements Substantial Shareholders' Long Positions in the Company's Shares (As of June 30, 2025) | Name of Substantial Shareholder | Nature and Capacity of Interest | Number of Shares Held | Approximate Percentage of the Company's Issued Share Capital | | :--- | :--- | :--- | :--- | | Xinyi Group (Glass) Co., Ltd. | Beneficial owner | 424,511,739 | 5.067% | | Xinyi Automobile Glass (BVI) Company Limited | Interest in controlled corporation | 424,511,739 | 5.067% | | Xinyi Glass Holdings Limited | Beneficial owner | 39,334,893 | 0.469% | | Xinyi Glass Holdings Limited | Interest in controlled corporation | 424,511,739 | 5.067% | | Xinyi Energy (BVI) Limited | Beneficial owner | 4,324,103,847 | 51.620% | | Xinyi Solar | Interest in controlled corporation | 4,324,103,847 | 51.620% | | Zhan Yao Limited | Beneficial owner | 483,504,733 | 5.772% | | Dr. Lee Yin Yee, Silver Bauhinia Star | Interest in controlled corporation | 571,030,806 | 6.816% | | Dr. Lee Yin Yee, Silver Bauhinia Star | Interest in controlled corporation | 8,030,321 | 0.095% | | Dr. Lee Yin Yee, Silver Bauhinia Star | Joint interest | 3,775,205 | 0.045% | | Dr. Lee Yin Yee, Silver Bauhinia Star | Family interest | 4,579,314 | 0.054% | | Dr. Lee Yin Yee, Silver Bauhinia Star | Interest in parties acting in concert | 964,197,478 | 11.510% | | Dato' Wira Ong Thian Poh D.C.S.M | Interest in controlled corporation | 244,258,989 | 2.915% | | Dato' Wira Ong Thian Poh D.C.S.M | Joint interest | 12,280,470 | 0.146% | | Dato' Wira Ong Thian Poh D.C.S.M | Family interest | 4,308,102 | 0.051% | | Dato' Wira Ong Thian Poh D.C.S.M | Interest in parties acting in concert | 1,290,765,563 | 15.409% | | Mr. Li Shengdian | Interest in controlled corporation | 149,259,800 | 1.781% | | Mr. Li Shengdian | Personal interest | 241,382 | 0.002% | | Mr. Li Shengdian | Joint interest | 7,305,630 | 0.087% | | Mr. Li Shengdian

XINYI ENERGY HOLDINGS LIMITED 信義能源控股有限公司 (Incorporated in the British Virgin Islands with limited liability) （於英屬處女群島註冊成立之有限公司） (Stock code 股份代號: 03868) Dear Non-Registered Holder of Securities of the Company(1) , 10 September 2025 Xinyi Energy Holdings Limited (the "Company") - Notice of Publication of Circular dated 10 September 2025 – Scrip Dividend Scheme for the Interim Dividend for the Six Months Ended 30 June 2025 (the "Current Corporate Communications") and Arrangement of Electronic Dissemination of ...

XINYI ENERGY HOLDINGS LIMITED 信義能源控股有限公司 The English and Chinese versions of the Company's Current Corporate Communications are available on the Company's website at www.xinyienergy.com and the HKEXnews website of The Stock Exchange of Hong Kong Limited (the "HKEXnews website") at www.hkexnews.hk (the "Website Version"). You may access the Current Corporate Communications on the Company's website or by browsing through the HKEXnews website. You will require Adobe® Reader® to view the relevant documents. If ...

THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION 此乃要件，請即處理 XINYI ENERGY HOLDINGS LIMITED 信義能源控股有限公司 (Incorporated in the British Virgin Islands with limited liability) （於英屬處女群島註冊成立的有限公司） (Stock code: 03868) （股份代號：03868） INTERIM DIVIDEND FOR THE SIX MONTHS ENDED 30 JUNE 2025 AND SCRIP DIVIDEND SCHEME 截至2025年6月30日止六個月的中期股息及以股代息計劃 FORM OF ELECTION 選擇表格 IF YOU WISH TO RECEIVE ONLY CASH, DO NOT COMPLETE THIS FORM 如欲僅以現金收取股息，不用填寫本表格 IF YOU WISH TO RECEIVE ALL OR PART OF YOUR INTERIM DIVIDEND BY WA ...

此乃要件 請即處理 閣下如對本通函任何方面或應採取之行動有任何疑問，應諮詢 閣下之股票經紀商或其他 註冊證券商、銀行經理、律師、專業會計師或其他獨立專業顧問。 閣下如已將名下之信義能源控股有限公司股份全部售出或轉讓，應立即將本通函連同隨附 之選擇表格送交買主或承讓人或經手買賣或轉讓之銀行、持牌證券商或其他代理商，以便 轉交買主或承讓人。 香港交易及結算所有限公司及香港聯合交易所有限公司對本通函之內容概不負責，對其準 確性或完整性亦不發表任何聲明，並明確表示概不會就本通函全部或任何部分內容而產生 或因倚賴該等內容而引致之任何損失承擔任何責任。 XINYI ENERGY HOLDINGS LIMITED 信義能源控股有限公司 （於英屬處女群島註冊成立之有限公司） （股份代號：03868） 截至二零二五年六月三十日止六個月的 中期股息之以股代息計劃 二零二五年九月十日 | 釋義 | 1 | | --- | --- | | 預期時間表 | 3 | | 董事會函件 | | | 1. 緒言 | 4 | | 2. 以股代息計劃之進一步資料 | 5 | | 以股代息計劃之條件 3. | 6 | | 4. 以股代息計劃之影響 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 信義能源控股有限公司 呈交日期: 2025年9月4日 I. 法定/註冊股本變動 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03868 | 說明 | | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | | 8,453,235,897 | | 0 | | 8,453,235,897 | | 增加 / 減少 (-) | | | | | | | | | | 本月底結存 | | | | 8,453,235,897 | | 0 | | 8,453,235,897 | 第 2 頁 共 10 頁 ...