香港聯合交易所有限公司（「聯交所」）GEM之特色 GEM之定位，乃為相比起其他在聯交所上市之公司帶有較高投資風險之中小型公司提供一個上市之市場。有意 投資之人士應了解投資於該等公司之潛在風險，並應經過審慎周詳之考慮後方作出投資決定。 由於GEM上市公司普遍為中小型公司，在GEM買賣之證券可能會較於主板買賣之證券承受較大之市場波動風 險，同時無法保證在GEM買賣之證券會有高流通量之市場。 香港交易及結算所有限公司及聯交所對本報告之內容概不負責，對其準確性或完整性亦不發表任何聲明，並明 確表示概不就因本報告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。 本報告（中國科技產業集團有限公司（「本公司」，連同其附屬公司統稱「本集團」）各董事（「董事」）共同及個別對此 負全責）乃遵照聯交所GEM證券上市規則（「GEM上市規則」）之規定而提供有關本公司之資料。各董事經作出一切 合理查詢後，確認就彼等所知及所信：本報告所載資料在各重大方面均屬準確及完整，且無誤導或虛假成分；亦 並無遺漏任何其他事實致使本報告所載任何聲明或本報告產生誤導。 1 中國科技產業集團有限公司 中期業績概要 於截至二零二一年九月 ...

香港聯合交易所有限公司（「聯交所」）GEM之特色 GEM的定位，乃為相比起其他在聯交所上市的公司帶有較高投資風險的中小型公司提供一個上市的市場。有意 投資的人士應了解投資於該等公司的潛在風險，並應經過審慎周詳的考慮後方作出投資決定。 鍳於GEM上市公司普遍為中小型公司，在GEM買賣的證券可能會較於主板買賣之證券承受較大的市場波動風 險，同時無法保證在GEM買賣的證券會有高流通量的市場。 香港交易及結算所有限公司及聯交所對本報告之內容概不負責，對其準確性或完整性亦不發表任何聲明，並明 確表示概不就因本報告全部或任何部分內容而產生或因依據該等內容而引致之任何損失承擔任何責任。 本報告（中國科技產業集團有限公司（「本公司」及其附屬公司，「本集團」或「我們」）各董事（「董事」）共同及個別對 此負全責）乃遵照《聯交所GEM證券上市規則》（「GEM上市規則」）之規定而提供有關本公司之資料。各董事經作出 一切合理查詢後，確認就彼等所深知及確信：本報告所載資料在各重大方面均屬準確及完整，且無誤導或虛假成 分；亦並無遺漏任何其他事實致使本報告或本報告所載任何聲明產生誤導。 1 中國科技產業集團有限公司 季度業績概要 於截至二零 ...

(於開曼群島註冊成立之有限公司) (股份代號: 8111) 2021 Annual Report2021 (Incorporated in the Cayman Islands with limited liability) (Stock Code: 8111) 香港聯合交易所有限公司（「聯交所」）GEM之特色 GEM乃為投資風險可能較聯交所其他上市公司為高的中小型公司而設的上市市場。有意投資者應了解投資該等 公司的潛在風險，並應經過審慎周詳考慮後方作出投資決定。 由於GEM上市公司普遍為中小型公司，在GEM買賣的證券可能會較於主板買賣的證券承受較高的市場波動風險， 且概不保證在GEM買賣的證券會有高流通量的市場。 香港交易及結算所有限公司及聯交所對本報告之內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確 表示概不就因本報告全部或任何部分內容而產生或因依據該等內容而引致之任何損失承擔任何責任。 本報告（中科產業集團有限公司（「本公司」及其附屬公司，「本集團」或「我們」）各董事（「董事」）共同及個別對此負全 責）乃遵照聯交所GEM證券上市規則（「GEM上市規則」）之規定而提供有關本公司之資料。各董事經作 ...

香港聯合交易所有限公司（「聯交所」）GEM之特色 GEM之定位，乃為相比起其他在聯交所上市之公司帶有較高投資風險之中小型公司提供一個上市之市場。有意 投資之人士應了解投資於該等公司之潛在風險，並應經過審慎周詳之考慮後方作出投資決定。 由於GEM上市公司普遍為中小型公司，在GEM買賣之證券可能會較於主板買賣之證券承受較大之市場波動風 險，同時無法保證在GEM買賣之證券會有高流通量之市場。 香港交易及結算所有限公司及聯交所對本報告之內容概不負責，對其準確性或完整性亦不發表任何聲明，並明 確表示概不就因本報告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。 本報告（中國科技產業集團有限公司（「本公司」，連同其附屬公司統稱「本集團」）各董事（「董事」）共同及個別對此 負全責）乃遵照聯交所GEM證券上市規則（「GEM上市規則」）之規定而提供有關本公司之資料。各董事經作出一切 合理查詢後，確認就彼等所深知及確信：本報告所載資料在各重大方面均屬準確及完整，且無誤導或虛假成分； 亦並無遺漏任何其他事實致使本報告所載任何聲明或本報告產生誤導。 1 中國科技產業集團有限公司 季度業績概要 於截至二零二零年十 ...

香港聯合交易所有限公司（「聯交所」）GEM之特色 GEM之定位，乃為相比起其他在聯交所上市之公司帶有較高投資風險之中小型公司提供一個上市之市場。有意投 資之人士應了解投資於該等公司之潛在風險，並應經過審慎周詳之考慮後方作出投資決定。 由於GEM上市公司普遍為中小型公司，在GEM買賣之證券可能會較於主板買賣之證券承受較大之市場波動風險， 同時無法保證在GEM買賣之證券會有高流通量之市場。 香港交易及結算所有限公司及聯交所對本報告之內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確 表示概不就因本報告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。 本報告（中國科技產業集團有限公司（「本公司」，連同其附屬公司統稱「本集團」）各董事（「董事」）共同及個別對 此負全責）乃遵照聯交所GEM證券上市規則（「GEM上市規則」）之規定而提供有關本公司之資料。各董事經作出一 切合理查詢後，確認就彼等所知及所信：本報告所載資料在各重大方面均屬準確及完整，且無誤導或虛假成分；亦 並無遺漏任何其他事實致使本報告所載任何聲明或本報告產生誤導。 1 中國科技產業集團有限公司 中期業績概要 於截至二零二零年九月 ...

(於開曼群島註冊成立之有限公司) (股份代號: 8111) 2020 FIRST QUARTERLY Report2020 (Incorporated in the Cayman Islands with limited liability) (Stock Code: 8111) 香港聯合交易所有限公司（「聯交所」）GEM之特色 GEM的定位，乃為相比起其他在聯交所上市的公司帶有較高投資風險的中小型公司提供一個上市的市場。有意投 資的人士應了解投資於該等公司的潛在風險，並應經過審慎周詳的考慮後方作出投資決定。 鍳於GEM上市公司普遍為中小型公司，在GEM買賣的證券可能會較於主板買賣之證券承受較大的市場波動風險， 同時無法保證在GEM買賣的證券會有高流通量的市場。 香港交易及結算所有限公司及聯交所對本報告之內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確 表示概不就因本報告全部或任何部分內容而產生或因依據該等內容而引致之任何損失承擔任何責任。 本報告（中國科技產業集團有限公司（「本公司」及其附屬公司，「本集團」）各董事（「董事」）共同及個別對此負全 責）乃遵照《聯交所GEM證券上市規則》（「GEM上市規 ...

(於開曼群島註冊成立之有限公司) (股份代號: 8111) 年度報告 2020 香港聯合交易所有限公司（「聯交所」）GEM之特色 GEM乃為投資風險可能較聯交所其他上市公司為高的中小型公司而設的上市市場。有意投資者應了解投資該等公 司的潛在風險，並應經過審慎周詳考慮後方作出投資決定。 由於GEM上市公司普遍為中小型公司，在GEM買賣的證券可能會較於主板買賣的證券承受較高的市場波動風險， 且概不保證在GEM買賣的證券會有高流通量的市場。 香港交易及結算所有限公司及聯交所對本報告之內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表 示概不就因本報告全部或任何部分內容而產生或因依據該等內容而引致之任何損失承擔任何責任。 本報告（中科光電控股有限公司（「本公司」及其附屬公司，「本集團」或「我們」）各董事（「董事」）共同及個別對此 負全責）乃遵照聯交所GEM證券上市規則（「GEM上市規則」）之規定而提供有關本公司之資料。各董事經作出一切 合理查詢後，確認就彼等所知及所信：本報告所載資料在各重大方面均屬準確及完整，且無誤導或虛假成分；亦並 無遺漏任何其他事實致使本報告或本報告所載任何聲明產生誤導。 目錄 目錄 | ...

[Company Information and Regulatory Statements](index=2&type=section&id=Company%20Information%20and%20Regulatory%20Statements) This section outlines the company's basic information and regulatory disclosures, including GEM listing features and disclaimers [GEM Listing Features and Disclaimer](index=2&type=section&id=GEM%20Listing%20Features%20and%20Disclaimer) The report highlights GEM as a high-risk platform for SMEs, urging investor caution, while the Exchange disclaims responsibility for content accuracy - The GEM market is positioned for high-investment-risk small and medium-sized companies, where securities may experience significant market volatility and high liquidity is not guaranteed[1](index=1&type=chunk) - Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited accept no responsibility for the contents of this report and make no statement as to its accuracy or completeness[1](index=1&type=chunk) - The Board confirms that the report's content is accurate, complete, and free from misleading or false statements in all material aspects[1](index=1&type=chunk) [Company Basic Information](index=2&type=section&id=Company%20Basic%20Information) The report title identifies the company as China Technology Solar Power Holdings Limited - The company's name is China Technology Solar Power Holdings Limited[2](index=2&type=chunk) [Financial Performance Overview](index=3&type=section&id=Financial%20Performance%20Overview) This section provides a summary of the company's quarterly financial results and comprehensive income statement for the period [Quarterly Results Summary](index=3&type=section&id=Quarterly%20Results%20Summary) For the nine months ended December 31, 2019, the company's loss widened, revenue decreased by 13.8% year-on-year, gross profit margin significantly declined to 11.7%, and basic loss per share increased Key Financial Indicators for the Nine Months Ended December 31, 2019 | Indicator | 2019 (RMB) | 2018 (RMB, Restated) | Change | | :--- | :--- | :--- | :--- | | Loss attributable to owners of the Company | 10,400,000 | 5,900,000 | Loss widened | | Revenue | 79,100,000 | 91,900,000 | Decreased by 13.8% | | Gross Profit Margin | 11.7% | 27.5% | Decreased by 15.8 percentage points | | Basic Loss Per Share | 0.56 cents | 0.37 cents | Loss widened | - The Directors do not recommend the payment of a dividend for the nine months ended December 31, 2019[4](index=4&type=chunk) [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=9&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the nine months ended December 31, 2019, the company experienced a year-on-year revenue decrease and a significant reduction in gross profit, leading to expanded loss before tax and loss attributable to owners Key Data from Consolidated Statement of Profit or Loss for the Nine Months Ended December 31, 2019 | Indicator (RMB thousands) | 2019 9 Months | 2018 9 Months (Restated) | Change | | :--- | :--- | :--- | :--- | | Revenue | 79,149 | 91,852 | -13.83% | | Cost of sales | (69,863) | (66,564) | +4.96% | | Gross profit | 9,286 | 25,288 | -63.28% | | Loss (Profit) before tax | (9,140) | 3,449 | Turned from profit to loss | | Loss (Profit) for the period | (9,667) | (3,943) | Loss widened | | Loss (Profit) for the period attributable to owners of the Company | (10,353) | (5,893) | Loss widened | | Basic Loss Per Share (RMB cents) | (0.56) | (0.37) | Loss widened | [Business Operations Review](index=3&type=section&id=Business%20Operations%20Review) This section reviews the group's overall business performance, including revenue trends, gross profit margins, and specific segment contributions [Overall Business Performance](index=3&type=section&id=Overall%20Business%20Performance) For the nine months ended December 31, 2019, the group's loss attributable to owners expanded to RMB10.4 million, with revenue decreasing by 13.8% and gross profit margin falling to 11.7% - The Group's principal businesses include sales of solar-related products, new energy power system integration, sales of ATM and printing systems, and provision of hardware and software technical support services[6](index=6&type=chunk) - The **13.8% revenue decrease** was primarily due to a reduction of approximately **RMB39.5 million** in solar-related product sales, partially offset by an increase of approximately **RMB26.8 million** in new energy power system integration services revenue[7](index=7&type=chunk) - Gross profit margin declined to **11.7%** (2018: 27.5%) due to lower-margin prefabricated solar products (13.8% vs. 19.7% for customized products last year) and increased subcontracting costs for new energy power system integration services due to adverse weather[8](index=8&type=chunk) Changes in Selling and Administrative Expenses | Indicator (RMB) | 2019 9 Months | 2018 9 Months (Restated) | Change | | :--- | :--- | :--- | :--- | | Selling expenses | 2,200,000 | 2,000,000 | Increased by 7.6% | | Administrative expenses | 9,000,000 | 8,600,000 | Increased by 4.2% | [Sales of Solar-Related Products](index=4&type=section&id=Sales%20of%20Solar-Related%20Products) For the nine months ended December 31, 2019, revenue from solar-related product sales significantly decreased to RMB25.8 million, reducing its proportion of total group revenue from 71.0% to 32.5% - Business scope includes R&D, sales, and technical consulting services for photovoltaic brackets, solar trackers, solar power station fences, and other solar-related products[11](index=11&type=chunk) Revenue from Sales of Solar-Related Products | Indicator (RMB) | 2019 9 Months | 2018 9 Months (Restated) | Change | | :--- | :--- | :--- | :--- | | Revenue | 25,800,000 | 65,200,000 | Significant decrease | | Proportion of Group Revenue | 32.5% | 71.0% | Significant decrease | [New Energy Power System Integration Business](index=4&type=section&id=New%20Energy%20Power%20System%20Integration%20Business) Driven by government support for solar and distributed PV, the group's new energy power system integration revenue significantly grew to RMB53.4 million, now comprising 67.5% of total revenue, primarily from the Zhangbei project - The Chinese government continues to support solar industry development, especially distributed photovoltaic power generation, and the Group will continue to seek related projects and integration services[12](index=12&type=chunk)[13](index=13&type=chunk) - Shaanxi Baike (a wholly-owned subsidiary) and Sichuan Company jointly signed a subcontract for the Zhangbei project with PowerChina, valued at **RMB380 million**, also providing engineering consulting services[13](index=13&type=chunk) Revenue from New Energy Power System Integration Business | Indicator (RMB) | 2019 9 Months | 2018 9 Months (Restated) | Change | | :--- | :--- | :--- | :--- | | Revenue | 53,400,000 | 26,600,000 | Increased by approximately 100.75% | | Proportion of Group Revenue | 67.5% | 29.0% | Significant increase | - Power system integration aims to optimize civil, electrical, and supporting systems, integrating equipment, functions, and data for full resource utilization, optimized performance, centralized efficiency, convenient maintenance, and low-cost management[15](index=15&type=chunk) [Other Businesses](index=5&type=section&id=Other%20Businesses) For the nine months ended December 31, 2019, the sales of self-service ATM and printing systems, along with hardware and software technical support services, generated no revenue - Sales of self-service ATM systems and printing systems generated no revenue (2018: nil)[16](index=16&type=chunk) - Provision of hardware and software technical support services generated no revenue (2018: nil)[17](index=17&type=chunk) [Business Outlook](index=8&type=section&id=Business%20Outlook) The Group will focus on new energy power system integration, negotiate new contracts, and explore downstream solar opportunities to diversify and expand revenue, funding future plans through internal cash flow and borrowings - The Group will continue to seek opportunities in solar power generation projects and new energy power system integration services, having negotiated and entered into new contracts during the review period[35](index=35&type=chunk) - The Group will identify and develop downstream solar business opportunities to diversify its business and expand revenue streams[35](index=35&type=chunk) - Facing new government policies to reduce solar power subsidies, the Group will leverage the strength of its new energy power system integration segment and seize other market opportunities[35](index=35&type=chunk) - Future business plans will be financed through internally generated cash flows and borrowings[36](index=36&type=chunk) [Significant Corporate Events](index=5&type=section&id=Significant%20Corporate%20Events) This section details major corporate activities including investments, acquisitions, changes in auditors, equity movements, and proposed company name changes [Major Investments, Acquisitions, and Disposals](index=5&type=section&id=Major%20Investments%2C%20Acquisitions%2C%20and%20Disposals) During the review period, the Group had no other major investments, acquisitions, or disposals of subsidiaries, apart from the subsequent acquisition of Tianjin Hengqing equity - During the review period, the Group had no major investments or significant acquisitions or disposals of subsidiaries, other than the acquisition of Tianjin Hengqing equity[18](index=18&type=chunk) [Liquidity and Financial Resources](index=5&type=section&id=Liquidity%20and%20Financial%20Resources) As of December 31, 2019, the Group's cash and bank balances decreased to approximately RMB2.1 million, with no outstanding bank overdrafts, primarily funding operations through internal cash flow and borrowings Cash and Bank Balances | Indicator (RMB) | December 31, 2019 | March 31, 2019 | Change | | :--- | :--- | :--- | :--- | | Cash and bank balances | 2,100,000 | 2,600,000 | Decreased by RMB500,000 | - The Group had no outstanding bank overdrafts[19](index=19&type=chunk) - The Group finances its operations through internally generated cash flows and borrowings[20](index=20&type=chunk) [Change of Auditors](index=5&type=section&id=Change%20of%20Auditors) Tianqi CPA Limited resigned as the company's auditor on May 10, 2019, due to a change in business strategy, and Deloitte Touche Tohmatsu was appointed as the new auditor on May 24, 2019 - Tianqi CPA Limited resigned as the company's auditor on **May 10, 2019**, due to a change in its business strategy[21](index=21&type=chunk) - The Board and audit committee confirmed no disagreement between the company and Tianqi CPA Limited[22](index=22&type=chunk) - Deloitte Touche Tohmatsu was appointed as the company's new auditor on **May 24, 2019**[22](index=22&type=chunk) [Equity Changes and Director Retirement](index=6&type=section&id=Equity%20Changes%20and%20Director%20Retirement) Major shareholder Baihao Investment Limited sold approximately 11.87% of its shares to Mr. Huang Bo on July 11, 2019, ceasing to be a major shareholder, while Mr. Hou Xiaobing retired as an executive director on August 26, 2019 - Major shareholder Baihao Investment Limited sold **217,766,038 shares** (approximately **11.87%** of issued share capital) to Mr. Huang Bo on **July 11, 2019**[25](index=25&type=chunk) - Following the disposal, Baihao ceased to be a major shareholder[26](index=26&type=chunk) - Mr. Hou Xiaobing retired as an executive director on **August 26, 2019**, as the re-election resolution was not passed[27](index=27&type=chunk) [Proposed Change of Company Name](index=6&type=section&id=Proposed%20Change%20of%20Company%20Name) The Board proposes changing the company's English name to "China Technology Industry Group Limited" and adopting "中国科技产业集团有限公司" as its dual foreign name to better reflect its business and future strategy, subject to shareholder and Cayman Islands Registrar approval - The Board proposes changing the company's English name from 'China Technology Solar Power Holdings Limited' to **'China Technology Industry Group Limited'** and adopting '中国科技产业集团有限公司' as its dual foreign name[28](index=28&type=chunk) - The name change aims to better reflect the Group's business nature and future strategic direction, providing a new corporate image[29](index=29&type=chunk) - The change requires approval by a special resolution at an EGM and by the Registrar of Companies in the Cayman Islands[29](index=29&type=chunk) [Acquisition of Tianjin Hengqing Equity and Issue of Consideration Shares](index=7&type=section&id=Acquisition%20of%20Tianjin%20Hengqing%20Equity%20and%20Issue%20of%20Consideration%20Shares) On December 20, 2019, the company agreed to acquire the remaining 40% equity of Tianjin Hengqing Photovoltaic Technology Co., Ltd. for RMB26.5 million, to be paid by issuing 295,472,031 consideration shares, a discloseable and connected transaction requiring independent shareholder approval for share issuance - On **December 20, 2019**, the company signed an agreement to acquire the remaining **40% equity** of Tianjin Hengqing Photovoltaic Technology Co., Ltd. (legal and beneficial owner of Tibet Lineng Photovoltaic Technology Co., Ltd.) for **RMB26.5 million**[30](index=30&type=chunk) - The consideration will be settled by allotting and issuing **295,472,031 ordinary shares** (consideration shares) to the vendor at an issue price of **HK$0.1 per share**[30](index=30&type=chunk) - Tianjin Hengqing is a 60% indirectly held subsidiary of the company, and the vendor is a connected person, making the acquisition a discloseable and connected transaction[32](index=32&type=chunk) - The acquisition is exempt from circular, independent financial advice, and independent shareholder approval requirements, but the issuance of consideration shares still requires independent shareholder approval[32](index=32&type=chunk)[34](index=34&type=chunk) [Notes to Financial Statements](index=10&type=section&id=Notes%20to%20Financial%20Statements) This section provides detailed explanations of the unaudited consolidated results, including the basis of preparation, accounting policies, prior period adjustments, and changes in presentation currency [Basis of Preparation and Accounting Policies](index=10&type=section&id=Basis%20of%20Preparation%20and%20Accounting%20Policies) This section details the basis of preparation for the unaudited consolidated results, accounting policies, prior period adjustments, and changes in presentation currency, along with their financial statement impact [Basis of Preparation](index=10&type=section&id=Basis%20of%20Preparation) The unaudited consolidated results are prepared under HKFRSs, HKASs, and GEM Listing Rules, using historical cost, with no material impact from new standards adopted this period - The results are prepared in accordance with Hong Kong Financial Reporting Standards, Hong Kong Accounting Standards, and GEM Listing Rules, using the historical cost convention, with certain financial instruments measured at fair value[39](index=39&type=chunk) - The new and revised HKFRSs and HKASs adopted in the current period had no material impact on the results or financial position for the current or prior periods[40](index=40&type=chunk) - The consolidated results are unaudited but have been reviewed by the Board's audit committee[40](index=40&type=chunk) [Prior Period Adjustments and Change in Presentation Currency](index=11&type=section&id=Prior%20Period%20Adjustments%20and%20Change%20in%20Presentation%20Currency) The company retrospectively adjusted prior period financial statements for errors and changed the presentation currency from HKD to RMB to better reflect performance, which also reclassified convertible bonds as derivative instruments - The company identified certain errors in prior year consolidated financial statements and has made retrospective adjustments for prior periods[42](index=42&type=chunk) - The presentation currency of the consolidated financial statements has been changed from HKD to RMB to better reflect the Group's performance, with prior period data retrospectively adjusted[43](index=43&type=chunk) - Following the correction of the functional currency from HKD to RMB, the conversion option of the 2011 convertible bonds is treated as a derivative instrument, not an equity instrument[47](index=47&type=chunk) - Under HKFRS 9, trade receivables and contract assets measure lifetime expected credit losses using a simplified approach, while other financial assets are assessed for twelve-month expected credit losses[48](index=48&type=chunk) [Revenue Breakdown](index=13&type=section&id=Revenue%20Breakdown) For the nine months ended December 31, 2019, total group revenue was RMB79,149 thousand, with new energy power system integration services contributing RMB53,391 thousand and solar-related product sales RMB25,758 thousand Revenue Breakdown (For the nine months ended December 31) | Goods or Service Type (RMB thousands) | 2019 | 2018 (Restated) | | :--- | :--- | :--- | | Sales of solar-related products | 25,758 | 65,249 | | Provision of new energy power system integration services | 53,391 | 26,603 | | **Total** | **79,149** | **91,852** | Timing of Revenue Recognition (For the nine months ended December 31) | Timing of Revenue Recognition (RMB thousands) | 2019 | 2018 (Restated) | | :--- | :--- | :--- | | At a point in time | 25,758 | 65,249 | | Over time | 53,391 | 26,603 | | **Total** | **79,149** | **91,852** | [Components of Loss (Profit) Before Tax](index=14&type=section&id=Components%20of%20Loss%20%28Profit%29%20Before%20Tax) For the nine months ended December 31, 2019, the components of loss (profit) before tax included recognized inventory costs, depreciation of equipment, right-of-use assets, and short-term lease payments Components of Loss (Profit) Before Tax (For the nine months ended December 31) | Item (RMB thousands) | 2019 | 2018 (Restated) | | :--- | :--- | :--- | | Cost of inventories recognized as expense | 22,213 | 52,413 | | Depreciation of equipment | 303 | 77 | | Depreciation of right-of-use assets | 286 | – | | Short-term lease payments | 1,028 | – | [Other Income and Losses](index=14&type=section&id=Other%20Income%20and%20Losses) For the nine months ended December 31, 2019, the Group recorded other losses of RMB2,260 thousand, primarily due to foreign exchange losses of RMB2,175 thousand, despite gains from disposal of right-of-use assets Other Income and Losses (For the nine months ended December 31) | Item (RMB thousands) | 2019 | 2018 (Restated) | | :--- | :--- | :--- | | Foreign exchange gains (losses) | (2,175) | (6,376) | | Gain on disposal of right-of-use assets and lease liabilities | 313 | – | | Loss on termination of lease contracts | (398) | – | | **Total** | **(2,260)** | **(6,284)** | - The Group's lease contracts terminated on **June 30, 2019**, recognizing a gain of **RMB313,000** on disposal of right-of-use assets and lease liabilities[52](index=52&type=chunk) [Finance Costs](index=15&type=section&id=Finance%20Costs) For the nine months ended December 31, 2019, total finance costs amounted to RMB3,344 thousand, primarily comprising effective interest on convertible bonds of RMB3,085 thousand Finance Costs (For the nine months ended December 31) | Item (RMB thousands) | 2019 | 2018 (Restated) | | :--- | :--- | :--- | | Effective interest on convertible bonds | 3,085 | 2,695 | | Interest on other borrowings | 151 | 934 | | Interest on lease liabilities | 108 | – | | **Total** | **3,344** | **3,629** | [Impairment Assessment of Financial Assets](index=15&type=section&id=Impairment%20Assessment%20of%20Financial%20Assets) For the nine months ended December 31, 2019, the Group recognized impairment losses of RMB855 thousand, mainly from trade receivables, partially offset by reversals for other receivables and contract assets Impairment Losses (For the nine months ended December 31) | Item (RMB thousands) | 2019 | 2018 (Restated) | | :--- | :--- | :--- | | Trade receivables | 988 | 814 | | Other receivables and deposits | (63) | (258) | | Contract assets | (70) | – | | **Total** | **855** | **556** | [Income Tax Expense](index=16&type=section&id=Income%20Tax%20Expense) For the nine months ended December 31, 2019, the Group's income tax expense was RMB527 thousand, with Chinese subsidiaries subject to a 25% rate, some enjoying a 15% preferential rate, and no tax provision for non-taxable entities Income Tax Expense (For the nine months ended December 31) | Item (RMB thousands) | 2019 | 2018 (Restated) | | :--- | :--- | :--- | | PRC enterprise income tax | (527) | (4,589) | | Under-provision in prior years | – | (2,803) | | **Total** | **(527)** | **(7,392)** | - PRC subsidiaries are subject to a **25%** enterprise income tax rate, while certain subsidiaries participating in the Western Development Program enjoy a **15%** preferential tax rate[58](index=58&type=chunk) - Subsidiaries in Hong Kong, Cayman Islands, and British Virgin Islands had no assessable profits, thus no income tax provision[57](index=57&type=chunk)[58](index=58&type=chunk) [Dividend Policy](index=16&type=section&id=Dividend%20Policy) During the review period, the company neither paid, declared, nor proposed any dividends - No dividends were paid, declared, or proposed during the review period[59](index=59&type=chunk) [Loss (Earnings) Per Share](index=17&type=section&id=Loss%20%28Earnings%29%20Per%20Share) For the nine months ended December 31, 2019, both basic and diluted loss per share were RMB0.56 cents, representing an expanded loss compared to the prior year, with unexercised convertible bonds and options having an anti-dilutive effect Loss (Earnings) Per Share (For the nine months ended December 31) | Indicator (RMB cents) | 2019 | 2018 (Restated) | | :--- | :--- | :--- | | Basic Loss (Earnings) Per Share | (0.56) | (0.37) | | Diluted Loss (Earnings) Per Share | (0.56) | (0.37) | Weighted Average Number of Ordinary Shares for Loss (Earnings) Per Share Calculation (Thousands) | Indicator (Thousands of shares) | 2019 | 2018 (Restated) | | :--- | :--- | :--- | | Weighted average number of ordinary shares for basic loss (earnings) per share | 1,835,233 | 1,582,140 | | Weighted average number of ordinary shares for diluted loss (earnings) per share | 1,835,233 | 1,582,140 | - Unexercised convertible bonds and share options had an anti-dilutive effect, as their exercise would reduce the basic loss per share[61](index=61&type=chunk)[62](index=62&type=chunk) [Consolidated Statement of Changes in Equity](index=18&type=section&id=Consolidated%20Statement%20of%20Changes%20in%20Equity) As of December 31, 2019, total equity attributable to owners was RMB16,974 thousand, with non-controlling interests at RMB13,320 thousand, totaling RMB30,294 thousand, a decrease from April 1, 2019, reflecting a period loss of RMB10,353 thousand attributable to owners Key Data from Consolidated Statement of Changes in Equity (RMB thousands) | Item | April 1, 2019 (Audited) | Loss (Profit) for the period | December 31, 2019 (Unaudited) | | :--- | :--- | :--- | :--- | | Share capital | 153,135 | – | 153,135 | | Share premium | 126,912 | – | 126,912 | | Accumulated losses | (232,392) | (10,353) | (242,745) | | Total attributable to owners of the Company | 27,327 | (10,353) | 16,974 | | Non-controlling interests | 12,634 | 686 | 13,320 | | **Total** | **39,961** | **(9,667)** | **30,294** | - Reorganization reserve represents the difference between the nominal value of the share capital of acquired subsidiaries and the cost of the Company's investment in those subsidiaries used for exchange[64](index=64&type=chunk) [Equity and Corporate Governance](index=19&type=section&id=Equity%20and%20Corporate%20Governance) This section covers directors' and major shareholders' interests, the audit committee's role, directors' competing interests, share transactions, and compliance with the code for securities transactions [Directors' and Chief Executive's Interests](index=19&type=section&id=Directors%27%20and%20Chief%20Executive%27s%20Interests) As of December 31, 2019, no company director or chief executive held any disclosable interests or short positions in the company's shares, related shares, or debentures under SFO or GEM Listing Rules - As of **December 31, 2019**, no Director or Chief Executive of the Company held any disclosable interests or short positions in the shares, underlying shares, or debentures of the Company or its associated corporations[66](index=66&type=chunk) [Major Shareholders' Interests](index=19&type=section&id=Major%20Shareholders%27%20Interests) As of December 31, 2019, Mr. Huang Bo, Grand Virtue Limited and its controller Ms. Sun Aihui, and Mr. Hou Xiaobing were major shareholders, holding approximately 11.87%, 11.79%, and 7.15% of shares, respectively Major Shareholders' Shareholdings (As of December 31, 2019) | Name of Shareholder | Number of Ordinary Shares (L) | Capacity | Approximate Percentage of Issued Share Capital | | :--- | :--- | :--- | :--- | | Mr. Huang Bo | 217,766,038 | Beneficial owner | 11.87% | | Grand Virtue Limited | 216,363,636 | Beneficial owner | 11.79% | | Ms. Sun Aihui | 216,363,636 | Interest in controlled corporation | 11.79% | | Mr. Hou Xiaobing | 131,140,000 | Beneficial owner | 7.15% | - Mr. Huang Bo's shares originated from the disposal by major shareholder Baihao Investment Limited on **July 11, 2019**[70](index=70&type=chunk) - Ms. Sun Aihui holds **100% interest** in Grand Virtue Limited and is therefore deemed to have an interest in the shares held by Grand Virtue Limited[71](index=71&type=chunk) - As of **December 31, 2019**, the Company had no controlling shareholder[74](index=74&type=chunk) [Audit Committee](index=20&type=section&id=Audit%20Committee) The Audit Committee, comprising three independent non-executive directors, facilitates communication between the Board and auditors, assesses audit effectiveness, reviews risk management, and has approved the unaudited consolidated results - The Audit Committee comprises three independent non-executive Directors: Ms. Ma Xingqin, Mr. Meng Xianglin, and Mr. Dong Guangwu[72](index=72&type=chunk) - The Committee is responsible for providing a link between the Board and the auditors, assessing audit effectiveness, and reviewing risk management and internal control systems[72](index=72&type=chunk) - The Audit Committee has reviewed and approved the Group's unaudited consolidated results for the nine months ended **December 31, 2019**[72](index=72&type=chunk) [Directors' Competing Interests](index=20&type=section&id=Directors%27%20Competing%20Interests) For the nine months ended December 31, 2019, no director or their close associates held any interests in businesses competing or potentially competing with the Group's operations - For the nine months ended **December 31, 2019**, no Director or their close associates held any interests in businesses that compete or may compete with the Group's operations[73](index=73&type=chunk) [Share Purchases, Sales, or Redemptions](index=20&type=section&id=Share%20Purchases%2C%20Sales%2C%20or%20Redemptions) For the nine months ended December 31, 2019, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's shares - For the nine months ended **December 31, 2019**, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's shares[75](index=75&type=chunk) [Directors' Code for Securities Transactions](index=21&type=section&id=Directors%27%20Code%20for%20Securities%20Transactions) The company adopted a code for directors' securities transactions no less stringent than GEM Listing Rules and confirmed no non-compliance for the nine months ended December 31, 2019 - The company has adopted a code for directors' securities transactions no less stringent than required by the GEM Listing Rules[77](index=77&type=chunk) - The company confirmed no non-compliance with the code for the nine months ended **December 31, 2019**[77](index=77&type=chunk)

CHINATECHNOLOGY SOLAR POWER HOLDINGS LIMITED 中科光電控股有限公司* (於開曼群島註冊成立之有限公司) (股份代號: 8111) 2019 中期報告 * 僅供識別 Interim Report 2019 香港交易及結算所有限公司及聯交所對本報告之內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確 表示概不就因本報告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。 本報告（中科光電控股有限公司（「本公司」，連同其附屬公司統稱「本集團」）各董事（「董事」）共同及個別對此負 全責）乃遵照聯交所GEM證券上市規則（「GEM上市規則」）之規定而提供有關本公司之資料。各董事經作出一切合 理查詢後，確認就彼等所知及所信：本報告所載資料在各重大方面均屬準確及完整，且無誤導或虛假成分；亦並無 遺漏任何其他事實致使本報告所載任何聲明或本報告產生誤導。 1 中科光電控股有限公司 (Incorporated in the Cayman Islands with limited liability) (Stock Code: 8111) CHINATECHNOLO ...

[About GEM Market and Report Declaration](index=2&type=section&id=%E5%85%B3%E4%BA%8EGEM%E5%B8%82%E5%9C%BA%E5%8F%8A%E6%8A%A5%E5%91%8A%E5%A3%B0%E6%98%8E) This section introduces the GEM market's characteristics, emphasizing its high investment risks and the disclaimers from HKEX and the Stock Exchange regarding report content [GEM Market Characteristics and Risk Disclosure](index=2&type=section&id=GEM%E5%B8%82%E5%9C%BA%E7%89%B9%E8%89%B2%E4%B8%8E%E9%A3%8E%E9%99%A9%E6%8F%90%E7%A4%BA) This section outlines the characteristics of the GEM market, emphasizing its high investment risks and potential volatility, and clarifies the disclaimer from HKEX and the Stock Exchange regarding report content - The GEM market is positioned as a listing platform for small and medium-sized companies with **higher investment risks** compared to the Main Board, and investors should understand the potential risks[1](index=1&type=chunk) - Hong Kong Exchanges and Clearing Limited and the Stock Exchange are not responsible for the content of this report, and the directors bear full responsibility for its accuracy and completeness[1](index=1&type=chunk) [Operating Performance and Business Review](index=3&type=section&id=%E7%BB%8F%E8%90%A5%E4%B8%9A%E7%BB%A9%E4%B8%8E%E4%B8%9A%E5%8A%A1%E5%9B%9E%E9%A1%BEM) This section provides an overview of the Group's quarterly financial performance and operational activities, highlighting revenue growth, reduced losses, and segment-specific business developments [Quarterly Performance Summary](index=3&type=section&id=%E5%AD%A3%E5%BA%A6%E4%B8%9A%E7%BB%A9%E6%A6%82%E8%A6%81) For the three months ended June 30, 2019, the loss attributable to owners of the company significantly decreased, revenue grew substantially year-on-year, but gross profit margin declined, with a corresponding reduction in basic loss per share Comparison of Key Financial Indicators for Q2 2019 | Indicator | 2019 Q2 (RMB) | 2018 Q2 (RMB, Restated) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Loss attributable to owners of the company | approx. RMB 5.5 million | approx. RMB 13.3 million | Loss decreased by 58.6% | | Revenue | approx. RMB 25.8 million | approx. RMB 0.9 million | Increased by approx. 2,696.7% | | Gross profit margin | approx. 15.4% | approx. 34.2% | Decreased by 18.8 percentage points | | Basic loss per share | approx. 0.30 cents | approx. 0.93 cents | Loss decreased by 67.7% | [Overall Business Review](index=3&type=section&id=%E4%B8%9A%E5%8A%A1%E5%9B%9E%E9%A1%8EM) The Group's main businesses include solar product sales, new energy power system integration, ATM/printing system sales, and technical support services; the reduction in loss this quarter was primarily due to increased revenue, especially from solar product sales, and reduced administrative expenses, while the gross margin decline resulted from selling pre-fabricated solar products this period instead of higher-margin customized products from the prior year - The Group's principal businesses include sales of solar-related products, new energy power system integration, sales of self-service ATM systems and printing systems, and provision of hardware and software technical support services[6](index=6&type=chunk) - The reduction in loss was primarily due to **increased revenue** and **decreased administrative expenses** resulting from cost control policies[6](index=6&type=chunk) - Gross profit margin decreased to **15.4%** (34.2% in the prior year period) due to the sale of pre-fabricated solar products this period, compared to customized products in the prior year period[8](index=8&type=chunk) Comparison of Selling and Administrative Expenses | Indicator | 2019 Q2 (RMB) | 2018 Q2 (RMB, Restated) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Selling expenses | approx. RMB 0.6 million | approx. RMB 0.7 million | Decreased by approx. 14.7% | | Administrative expenses | approx. RMB 6.0 million | approx. RMB 7.7 million | Decreased by approx. 22.7% | [Segment Business Analysis](index=4&type=section&id=%E5%88%86%E9%83%A8%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) This section details the operational performance of the Group's business segments, with solar-related product sales being the primary revenue contributor this quarter, while new energy power system integration, despite significant project progress, did not recognize revenue, and ATM/printing system sales and technical support services generated no revenue due to business restructuring - Revenue from sales of solar-related products reached **RMB 25.8 million**, accounting for **100% of the Group's total revenue**, a significant increase from the prior year period[9](index=9&type=chunk) - The new energy power system integration business generated no revenue this quarter, but the Zhangbei project construction is ongoing, with revenue expected to be recognized next quarter[11](index=11&type=chunk)[13](index=13&type=chunk) - Sales of self-service ATM systems and printing systems, and provision of hardware and software technical support services, both generated no revenue this quarter due to business restructuring[14](index=14&type=chunk)[15](index=15&type=chunk) [Sales of Solar-Related Products](index=4&type=section&id=%E9%94%80%E5%94%AE%E5%A4%AA%E9%98%B3%E8%83%BD%E7%9B%B8%E5%85%B3%E4%BA%A7%E5%93%81) This segment details the Group's solar-related product sales, including photovoltaic components and technical services, which were the sole revenue contributor this quarter - The business of selling solar-related products includes photovoltaic brackets, solar trackers, power station fences, and related R&D, sales, and technical consulting services[9](index=9&type=chunk) Revenue from Sales of Solar-Related Products | Indicator | 2019 Q2 (RMB) | 2018 Q2 (RMB, Restated) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Revenue from sales of solar-related products | approx. RMB 25.8 million | approx. RMB 0.9 million | Increased by approx. 2,766.7% | | Percentage of total Group revenue | 100.0% | 100.0% | No change | [New Energy Power System Integration Business](index=4&type=section&id=%E6%96%B0%E8%83%BD%E6%BA%90%E7%94%B5%E5%8A%9B%E7%B3%BB%E7%BB%9F%E9%9B%86%E6%88%90%E4%B8%9A%E5%8A%A1) This segment outlines the Group's new energy power system integration efforts, including progress on the Zhangbei project, despite no revenue recognition this quarter - The Chinese government continues to support the development of the solar industry, and the Group will continue to seek solar power generation projects and new energy power system integration services[10](index=10&type=chunk)[11](index=11&type=chunk) - Construction of the Zhangbei Phase I **100MWp project** is ongoing, with subcontracting and engineering consulting contracts approximately **22.0%** and **60.0%** complete, respectively[11](index=11&type=chunk) - The new energy power system integration business generated no revenue this quarter, with recognition expected next quarter[13](index=13&type=chunk) [Sales of Self-Service ATM Systems and Printing Systems](index=5&type=section&id=%E9%94%80%E5%94%AE%E8%87%AA%E5%8A%A9ATM%E7%B3%BB%E7%BB%9F%E5%8F%8A%E5%8D%B0%E5%88%B7%E7%B3%BB%E7%BB%9F) This segment reports no revenue from sales of self-service ATM and printing systems this quarter due to business restructuring, with ongoing discussions for new contracts - Sales of self-service ATM systems and printing systems generated no revenue this quarter, primarily due to business restructuring[14](index=14&type=chunk) - The Group is discussing new contracts with potential customers[14](index=14&type=chunk) [Provision of Hardware and Software Technical Support Services](index=5&type=section&id=%E6%8F%90%E4%BE%9B%E7%A1%AC%E4%BB%B6%E5%8F%8A%E8%BD%AF%E4%BB%B6%E6%8A%80%E6%9C%AF%E6%94%AF%E6%8F%B4%E6%9C%8D%E5%8A%A1) This segment indicates no revenue from hardware and software technical support services this quarter, primarily due to business restructuring - Provision of hardware and software technical support services generated no revenue this quarter, primarily due to business restructuring[15](index=15&type=chunk) [Major Investments, Acquisitions, and Disposals](index=5&type=section&id=%E6%8C%81%E4%BD%9C%E9%87%8D%E5%A4%A7%E6%8A%95%E8%B3%87%E4%BB%A5%E5%8F%8A%E9%87%8D%E5%A4%A7%E6%94%B6%E8%B3%BC%E5%8F%8A%E5%87%BA%E5%94%AE%E9%99%84%E5%B1%AC%E5%85%AC%E5%8F%B8) During the review period, the Group did not undertake any major investments or significant acquisitions and disposals of subsidiaries - During the review period, the Group had no major investments or significant acquisitions and disposals of subsidiaries[16](index=16&type=chunk) [Financial Position and Resources](index=6&type=section&id=%E8%B4%A2%E5%8A%A1%E7%8A%B6%E5%86%B5%E4%B8%8E%E8%B5%84%E6%BA%90) This section reviews the Group's liquidity, financial resources, and treasury policies, including cash balances and financing strategies [Liquidity, Financial Resources, and Treasury Policy](index=6&type=section&id=%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91%E3%80%81%E8%B2%A1%E5%8B%99%E8%B3%87%E6%BA%90%E5%8F%8A%E5%BA%AB%E5%8B%99%E6%94%BF%E7%AD%96) As of June 30, 2019, the Group's cash and bank balances increased to approximately RMB 3.1 million from March 31, with no bank overdrafts, and primarily relies on internal cash flow and borrowings for business financing Cash and Bank Balances | Indicator | 2019 June 30 (RMB) | 2019 March 31 (RMB) | | :--- | :--- | :--- | | Cash and bank balances | approx. RMB 3.1 million | approx. RMB 2.6 million | - The Group finances its operations through internally generated cash flows and borrowings[19](index=19&type=chunk) [Corporate Governance and Significant Matters](index=6&type=section&id=%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E4%B8%8E%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) This section covers significant corporate governance matters and events post-reporting period, including auditor changes, director appointments, and committee reorganizations [Change of Auditor](index=6&type=section&id=%E6%A0%B8%E6%95%B8%E5%B8%AB%E8%AE%8A%E5%8B%95) Tianqi CPA Limited resigned as the company's auditor on May 10, 2019, due to a change in business strategy, with the Board and Audit Committee confirming no disagreement with Tianqi, and Deloitte Touche Tohmatsu was appointed as the new auditor on May 24, 2019 - Tianqi CPA Limited resigned as the company's auditor on **May 10, 2019**, due to a change in business strategy[20](index=20&type=chunk) - The Board and Audit Committee confirmed no disagreement with Tianqi[21](index=21&type=chunk) - Deloitte Touche Tohmatsu was appointed as the new auditor on **May 24, 2019**[21](index=21&type=chunk) [Post-Reporting Period Events](index=6&type=section&id=%E5%9B%9E%E9%A1%A7%E6%9C%9F%E5%BE%8C%E4%BA%8B%E9%A0%85) Post-reporting period, significant events occurred including the sale of shares by a major shareholder, the appointment of a new executive director, and the reorganization of the corporate governance committee, which may impact the company's equity structure and governance - Major shareholder Baihao Investment Limited sold approximately **11.87%** of its shares, ceasing to be a major shareholder after the sale[23](index=23&type=chunk)[24](index=24&type=chunk) - Mr. Xie Wenjie, the Chief Financial Officer, was appointed as an Executive Director and Chairman of the Corporate Governance Committee, which has been reorganized[25](index=25&type=chunk)[28](index=28&type=chunk) [Sale of Shares by Major Shareholder and Executive Director](index=6&type=section&id=%E4%B8%BB%E8%A6%81%E8%82%A1%E6%9D%B1%E5%8F%8A%E5%9F%B7%E8%A1%8C%E8%91%A3%E4%BA%8B%E5%87%BA%E5%94%AE%E8%82%A1%E4%BB%BD) This section details the sale of shares by a major shareholder and executive director, impacting the company's ownership structure - Major shareholder Baihao Investment Limited sold **217,766,038 company shares** on **July 11, 2019**, representing approximately **11.87%** of the issued share capital[23](index=23&type=chunk) - Following the sale, Baihao ceased to be a major shareholder[24](index=24&type=chunk) [Appointment of Executive Director](index=6&type=section&id=%E5%A7%94%E4%BB%BB%E5%9F%B7%E8%A1%8C%E8%91%A3%E4%BA%8B) This section reports the appointment of the Chief Financial Officer as an Executive Director and Chairman of the Corporate Governance Committee - Mr. Xie Wenjie, the company's Chief Financial Officer, was appointed as an Executive Director and Chairman of the Corporate Governance Committee on **July 12, 2019**[25](index=25&type=chunk) [Reorganization of Corporate Governance Committee](index=7&type=section&id=%E9%87%8D%E7%B5%84%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%A7%94%E5%93%A1%E6%9C%83) This section outlines the reorganization of the Corporate Governance Committee, including changes in its composition - The Corporate Governance Committee was reorganized effective **July 12, 2019**, with Mr. Xie Wenjie as Chairman and Zhao Dongping, Yuan Qinglan, Hou Xiaobing, and Hu Xin as members[28](index=28&type=chunk) [Business Outlook](index=7&type=section&id=%E6%A5%AD%E5%8B%99%E5%89%8D%E6%99%AF) The Group will continue to focus on new energy power system integration, capitalize on solar industry opportunities, and seek downstream growth potential businesses to diversify revenue streams, while for ATM/printing systems, it will focus on existing customers, and hardware/software technical support services will only be provided on an as-needed basis without further investment, with future business plans financed through internal cash flow and borrowings - The Group will continue to seek solar power generation projects and new energy power system integration services, and identify other business opportunities to diversify into downstream solar businesses[29](index=29&type=chunk) - For ATM/printing systems, the focus will be on existing customers; no further investment is planned for hardware and software technical support services, which will only be provided on an as-needed basis[29](index=29&type=chunk) - Future business plans will be financed through internally generated cash flows and borrowings[30](index=30&type=chunk) [Unaudited Consolidated Financial Statements](index=8&type=section&id=%E6%9C%AA%E7%BB%8F%E5%AE%A1%E6%A0%B8%E7%BB%BC%E5%90%88%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section presents the Group's unaudited consolidated financial statements, including the statement of profit or loss, notes, and statement of changes in equity [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=8&type=section&id=%E6%A5%AD%E7%B8%BE) For the three months ended June 30, 2019, the Group's revenue significantly increased to RMB 25,758 thousand, gross profit rose to RMB 3,965 thousand, and the loss for the period narrowed substantially to RMB 4,067 thousand, with loss attributable to owners of the company at RMB 5,501 thousand Summary of Consolidated Statement of Profit or Loss and Other Comprehensive Income | Indicator | 2019 Q2 (RMB thousands) | 2018 Q2 (RMB thousands, Restated) | | :--- | :--- | :--- | | Revenue | 25,758 | 921 | | Cost of sales | (21,793) | (606) | | Gross profit | 3,965 | 315 | | Loss before tax | (3,726) | (10,412) | | Loss for the period | (4,067) | (13,240) | | Loss for the period attributable to owners of the Company | (5,501) | (13,294) | [Notes to the Financial Statements](index=9&type=section&id=%E6%9C%AA%E7%B6%93%E5%AF%A9%E6%A0%B8%E7%B6%9C%E5%90%88%E6%A5%AD%E7%B8%BE%E9%99%84%E8%A8%BB) The notes to the financial statements detail the basis of preparation, changes in accounting policies (including retrospective adjustments for presentation and functional currencies), composition of various income and expenses, income tax calculation, and the method for calculating loss per share - The financial statements have been retrospectively adjusted for both presentation and functional currencies, changing from HKD to RMB[37](index=37&type=chunk)[40](index=40&type=chunk) - During the reporting period, the Group's revenue primarily came from sales of solar-related products, with other businesses generating no revenue[43](index=43&type=chunk) - As of June 30, 2019, both basic and diluted loss per share were **RMB 0.30 cents**[50](index=50&type=chunk) - The Board does not recommend the payment of a quarterly dividend for this period[52](index=52&type=chunk) [Basis of Preparation](index=9&type=section&id=%E7%B7%A8%E8%A3%BD%E5%9F%BA%E6%BA%96) This section describes the basis of preparation for the unaudited consolidated results, including accounting standards and retrospective currency adjustments - The unaudited consolidated results are prepared in accordance with Hong Kong Financial Reporting Standards, Hong Kong Accounting Standards, and the GEM Listing Rules, using the historical cost convention[33](index=33&type=chunk)[34](index=34&type=chunk) - The presentation currency has been retrospectively changed from HKD to RMB to better reflect the Group's performance[37](index=37&type=chunk) - The functional currency has been retrospectively changed from HKD to RMB, as the company's principal business operates in the economic environment of China[40](index=40&type=chunk) [Details of Revenue and Other Income](index=12&type=section&id=%E6%94%B6%E5%85%A5%E5%8F%8A%E5%85%B6%E4%BB%96%E6%94%B6%E5%85%A5) This section provides a detailed breakdown of the Group's revenue and other income sources for the reporting period Details of Revenue and Other Income | Revenue Source | 2019 Q2 (RMB thousands) | 2018 Q2 (RMB thousands, Restated) | | :--- | :--- | :--- | | Sales of solar-related products | 25,758 | 921 | | New energy power system integration business | – | – | | Sales of self-service ATM systems and printing systems | – | – | | Provision of hardware and software technical support services | – | – | | Bank interest income | 3 | 9 | | **Total Revenue** | **25,761** | **930** | [Components of Loss Before Tax](index=13&type=section&id=%E9%99%A4%E7%A8%85%E5%89%8D%E虧%E6%90%8D) This section details the primary components contributing to the Group's loss before tax, including cost of inventories and fair value changes Major Deductions for Loss Before Tax | Expense Item | 2019 Q2 (RMB thousands) | 2018 Q2 (RMB thousands, Restated) | | :--- | :--- | :--- | | Cost of inventories | 21,793 | 606 | | Depreciation | 8 | 54 | | Fair value changes of financial assets at fair value through profit or loss | 301 | 960 | | Equity-settled share-based payments | – | 2,070 | [Finance Costs](index=13&type=section&id=%E8%9E%8D%E8%B3%87%E8%B2%BB%E7%94%A8) This section outlines the Group's finance costs, including effective interest on convertible bonds and other loan interest Details of Finance Costs | Expense Item | 2019 Q2 (RMB thousands) | 2018 Q2 (RMB thousands, Restated) | | :--- | :--- | :--- | | Effective interest rate on convertible bonds | 971 | 894 | | Interest on other loans | 9 | 489 | | **Total Finance Costs** | **980** | **1,383** | [Income Tax Expense](index=13&type=section&id=%E6%89%80%E5%BE%97%E7%A8%85%E9%96%8B%E6%94%AF) This section details the Group's income tax expenses, including applicable tax rates for subsidiaries in different jurisdictions - Hong Kong subsidiaries had no assessable profits, and no income tax is levied in the Cayman Islands and British Virgin Islands[47](index=47&type=chunk)[48](index=48&type=chunk) - Chinese subsidiaries are subject to a **25% corporate income tax rate**, with some participating in the Western Development Program enjoying a **15% preferential rate**[48](index=48&type=chunk) Income Tax Expense | Tax Source | 2019 Q2 (RMB thousands) | 2018 Q2 (RMB thousands, Restated) | | :--- | :--- | :--- | | Hong Kong profits tax | – | – | | PRC corporate income tax | 341 | 2,828 | | **Income Tax** | **341** | **2,828** | [Loss Per Share](index=14&type=section&id=%E6%AF%8F%E8%82%A1%E虧%E6%90%8D) This section presents the basic and diluted loss per share, explaining the anti-dilutive effect of convertible bonds Loss Per Share | Indicator | 2019 Q2 (RMB cents) | 2018 Q2 (RMB cents, Restated) | | :--- | :--- | :--- | | Basic loss per share | (0.30 cents) | (0.93 cents) | | Diluted loss per share | (0.30 cents) | (0.93 cents) | - Unexercised convertible bonds have an anti-dilutive effect, as their exercise or conversion would reduce the basic loss per share[50](index=50&type=chunk) [Quarterly Dividends](index=15&type=section&id=%E5%AD%A3%E5%BA%A6%E8%82%A1%E6%81%AF) This section states the Board's recommendation regarding the payment of quarterly dividends - The Board does not recommend the payment of a quarterly dividend for the three months ended June 30, 2019[52](index=52&type=chunk) [Consolidated Statement of Changes in Equity](index=15&type=section&id=%E6%9C%AA%E7%B6%93%E5%AF%A9%E6%A0%B8%E7%B6%9C%E5%90%88%E6%AC%8A%E7%9B%8A%E8%AE%8A%E5%8B%95%E8%A1%A8) As of June 30, 2019, total equity attributable to owners of the company was RMB 21,826 thousand, a decrease from RMB 27,327 thousand on April 1, 2019, primarily due to the loss for the period Summary of Consolidated Statement of Changes in Equity | Indicator | 2019 June 30 (RMB thousands) | 2019 April 1 (RMB thousands) | | :--- | :--- | :--- | | Total attributable to owners of the Company | 21,826 | 27,327 | | Non-controlling interests | 14,068 | 12,634 | | **Total** | **35,894** | **39,961** | - As of June 30, 2019, accumulated losses attributable to owners of the company increased to **RMB 237,893 thousand**[53](index=53&type=chunk) [Equity Disclosure and Corporate Governance](index=16&type=section&id=%E8%82%A1%E6%9D%83%E6%8A%AB%E9%9C%B2%E4%B8%8E%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86) This section provides disclosures on the equity interests of directors, chief executive, and substantial shareholders, along with other corporate governance matters [Directors' and Chief Executive's Interests in Shares](index=16&type=section&id=%E8%91%A3%E4%BA%8B%E5%8F%8A%E8%A1%8C%E6%94%BF%E7%B8%BD%E8%A3%81%E6%96%BC%E6%9C%AC%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E7%9B%B8%E8%81%AF%E6%B3%95%E5%9C%98%E4%B9%8B%E8%82%A1%E4%BB%BD%E3%80%81%E7%9B%B8%E9%97%9C%E8%82%A1%E4%BB%BD%E5%8F%8A%E5%82%B5%E5%88%B8%E4%B9%8B%E6%AC%8A%E7%9B%8A%E5%8F%8A%E6%B7%A1%E5%80%89) As of June 30, 2019, Executive Director Mr. Zhao Dongping and his spouse Ms. Yuan Qinglan held approximately 11.87% of the company's shares through controlled corporation Baihao Investment Limited, while Executive Director Mr. Hou Xiaobing beneficially owned approximately 7.15% of the company's shares and held 100% non-voting deferred share interests in two associated corporations Directors' and Chief Executive's Interests in the Company's Shares | Name of Director | Capacity | Number and Class of Securities | Approximate Percentage of Issued Share Capital | | :--- | :--- | :--- | :--- | | Mr. Zhao Dongping | Interest of controlled corporation | 217,766,038 ordinary shares (L) | 11.87% | | Ms. Yuan Qinglan | Spouse's interest | 217,766,038 ordinary shares (L) | 11.87% | | Mr. Hou Xiaobing | Beneficial owner | 131,140,000 ordinary shares (L) | 7.15% | - Mr. Hou Xiaobing holds **100% non-voting deferred share interests** in two associated corporations (E-Chuang Xinxing Limited and E-Chuang Investment Limited)[59](index=59&type=chunk) [Interests of Substantial Shareholders and Other Persons in Shares](index=18&type=section&id=%E4%B8%BB%E8%A6%81%E8%82%A1%E6%9D%B1%E5%8F%8A%E5%85%B6%E4%BB%96%E4%BA%BA%E5%A3%AB%E6%96%BC%E6%9C%AC%E5%85%AC%E5%8F%B8%E8%82%A1%E4%BB%BD%E5%8F%8A%E7%9B%B8%E9%97%9C%E8%82%A1%E4%BB%BD%E4%B8%AD%E6%93%81%E6%9C%89%E7%9A%84%E6%AC%8A%E7%9B%8A%E5%8F%8A%E6%B7%A1%E5%80%89) As of June 30, 2019, besides the directors, Baihao Investment Limited and Chuangde Limited were substantial shareholders, holding approximately 11.87% and 11.79% of the company's shares respectively, with Ms. Sun Aihui indirectly holding approximately 11.79% through Chuangde Limited Interests of Substantial Shareholders and Other Persons in the Company's Shares | Name of Shareholder/Person | Number of Ordinary Shares | Capacity | Approximate Percentage of Issued Share Capital | | :--- | :--- | :--- | :--- | | Baihao Investment Limited | 217,766,038 (L) | Beneficial owner | 11.87% | | Chuangde Limited | 216,363,636 (L) | Beneficial owner | 11.79% | | Ms. Sun Aihui | 216,363,636 (L) | Interest of controlled corporation | 11.79% | [Audit Committee](index=19&type=section&id=%E5%AF%A9%E6%A0%B8%E5%A7%94%E5%93%A1%E6%9C%83) Established on December 13, 2000, the Audit Committee is responsible for handling audit matters within the Group, assessing the effectiveness of internal and external audits, and reviewing risk management and internal control systems, having reviewed and approved the unaudited consolidated results for this quarter - The Audit Committee is responsible for handling the Group's audit matters, assessing the effectiveness of internal and external audits, and reviewing risk management and internal control systems[64](index=64&type=chunk) - The Audit Committee has reviewed and approved the Group's unaudited consolidated results for the three months ended June 30, 2019[64](index=64&type=chunk) [Directors' Competing Interests and Other Governance Matters](index=19&type=section&id=%E8%91%A3%E4%BA%8B%E7%AB%B6%E7%88%AD%E6%AC%8A%E7%9B%8A%E6%88%96%E6%A5%AD%E5%8B%99%E5%8F%8A%E5%85%B6%E4%BB%96%E6%B2%BB%E7%90%86%E4%BA%8B%E9%A0%85) For the three months ended June 30, 2019, no director or their close associates held any interests in businesses competing with the Group's operations, the company had no controlling shareholder, no shares were purchased, sold, or redeemed this quarter, and directors complied with the Model Code for Securities Transactions - No director or their close associates held any interests in businesses competing with the Group's operations[65](index=65&type=chunk) - The Company had no controlling shareholder for the three months ended June 30, 2019[66](index=66&type=chunk) - Neither the Company nor any of its subsidiaries purchased, sold, or redeemed any shares during this quarter[67](index=67&type=chunk) - The directors have complied with the Model Code for Securities Transactions[68](index=68&type=chunk)