国电南京自动化股份有限公司 关于对中国华电集团财务有限公司的风险持续评估报告 按照上海证券交易所《上市公司自律监管指引第 5 号--交易和关联交易》的要求， 国电南京自动化股份有限公司（以下简称"公司"）通过查验中国华电集团财务有限 公司（以下简称"华电财务公司"）的《金融许可证》《企业法人营业执照》等证件 资料，并审阅包括资产负债表、损益表、现金流量表等在内的华电财务公司的定期财 务报告，对华电财务公司的经营资质、业务和风险状况进行了评估，具体情况报告如 下： 一、华电财务公司简介 1.华电财务公司是经国家金融监督管理总局批准，根据《企业集团财务公司管理 办法》设立的财务公司。由中国华电集团有限公司控股，华电集团系统内 6 家企业共 同出资组建的一家全国性非银行类金融机构。 2.金融许可证机构编码：L0024H211000001。 3.统一社会信用代码：91110000117783037M。 4.注册资本金：5,541,117,395.08 元。 5.法定代表人：李文峰。 6.公司住所：北京市西城区宣武门内大街 2 号楼西楼 10 层（邮编：100031）。 7.股东方构成： 8.经营范围：（一）吸收成员单 ...

(本页无正文,为《国电南京自动化股份有限公司董事会审计委员会意见书》 之签字页) 国电南京自动化股份有限公司 董事会审计委员会委员签字: 第九届董事会第三次会议 主任委员:胡进文 委 员:陈忠勇 李同春 骆小春 谢 2025 年 8 月 20 日 一、关于审议《对中国华电集团财务有限公司的风险持续评估报告》的意见 该报告反应了中国华电集团财务有限公司的经营资质、内部控制、经营管理 和风险管理状况,其业务范围、业务内容和流程、内部的风险控制制度等措施都 受到国家金融监管总局的严格监管,具有合法有效的《金融许可证》《企业法人 营业执照》,未发现中国华电集团财务有限公司存在违反国家金融监管总局颁布 的《企业集团财务公司管理办法》规定的情况,未发现其风险管理存在重大缺陷。 同意将该议案提交公司董事会审议。 (以下无正文) 董事会审计委员会意见书 根据上海证券交易所《股票上市规则》对上市公司日常关联交易的相关规定, 我们作为公司董事会审计委员会委员,就下述事项发表如下意见: ...

证券代码：600268 证券简称：国电南自 编号：临 2025-039 国电南京自动化股份有限公司 第九届监事会第三次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏， 并对其内容的真实性、准确性和完整性承担法律责任。 一、 监事会会议召开情况 同意票为 3 票，反对票为 0 票，弃权票为 0 票。 根据《证券法》《公开发行证券的公司信息披露内容与格式准则第 3 号—半年度 报告的内容与格式》《公开发行证券的公司信息披露编报规则第 15 号—财务报告的 一般规定》《上海证券交易所股票上市规则》《上海证券交易所上市公司自律监管指 南第 2 号—业务办理》等有关规定的要求，我们作为国电南京自动化股份有限公司 的监事，在全面了解和审核公司 2025 年半年度报告及其摘要后，认为： （一）国电南京自动化股份有限公司（以下简称"公司"）第九届监事会第三次 会议的召开及程序符合《公司法》《公司章程》及有关法律、法规的要求，会议合法 有效。 （二）本次会议通知于 2025 年 8 月 6 日以电子邮件方式发出。 （三）本次会议于 2025 年 8 月 20 日上午 11:00 以 ...

证券代码：600268 股票简称：国电南自 编号：临 2025-038 国电南京自动化股份有限公司 第九届董事会第三次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大 遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 （四）本次会议应出席的董事 9 名，实际出席会议的董事 9 名。其中，参加 现场会议的董事 8 名，董事长经海林先生以视频接入方式参会。 （五）本次会议由公司董事长经海林先生主持，公司监事及高级管理人员列 席了会议。 二、董事会会议审议情况 一、董事会会议召开情况 （一）国电南京自动化股份有限公司（以下简称"公司"）第九届董事会第 三次会议的召开及程序符合《公司法》《公司章程》及有关法律、法规的要求， 会议合法有效。 （二）本次会议通知于 2025 年 8 月 6 日以电子邮件方式发出。 （三）本次会议于 2025 年 8 月 20 日上午 10:00 以现场结合视频方式召开， 现场会议在国电南自（浦口）高新科技园 1 号报告厅召开。 经与会董事讨论，以记名投票方式审议通过本次董事会全部议案，形成如下 决议： （一）同意《公司 2025 年半年度报告 ...

（文章来源：每日经济新闻） 国电南自（SH 600268，收盘价：10.6元）8月21日晚间发布半年度业绩报告称，2025年上半年营业收入 约42.82亿元，同比增加25.23%；归属于上市公司股东的净利润约1.59亿元，同比增加197.03%；基本每 股收益0.16元，同比增加199.54%。 ...

[Company Profile and Key Financial Indicators](index=5&type=section&id=%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section provides an overview of the company's fundamental information and its key financial performance metrics for the reporting period [Company Information](index=5&type=section&id=%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF) Guodian Nanjing Automation Co., Ltd. (NARI) is a Shanghai Stock Exchange-listed company with stock code 600268, led by Legal Representative Jing Hailin - Company basic information includes its Chinese and English names, abbreviation, stock code, and legal representative[15](index=15&type=chunk)[19](index=19&type=chunk) [Key Accounting Data and Financial Indicators](index=6&type=section&id=%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) During the reporting period, the company achieved significant performance growth with revenue up 25.23% and net profit attributable to shareholders increasing by 197.03%, though net cash flow from operating activities declined Key Accounting Data (January-June 2025) | Key Accounting Data | Current Period (1-6 months) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 4,281,633,006.04 Yuan | 3,419,081,270.05 Yuan | 25.23% | | Total Profit | 356,039,275.76 Yuan | 213,966,081.34 Yuan | 66.40% | | Net Profit Attributable to Shareholders | 158,856,874.97 Yuan | 53,481,969.86 Yuan | 197.03% | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | 149,041,638.98 Yuan | 48,469,791.79 Yuan | 207.49% | | Net Cash Flow from Operating Activities | -235,046,017.63 Yuan | -52,187,889.66 Yuan | Not Applicable | | Total Assets (End of Reporting Period) | 11,376,845,598.79 Yuan | 10,952,030,499.49 Yuan | 3.88% (vs. end of prior year) | Key Financial Indicators (January-June 2025) | Key Financial Indicators | Current Period (1-6 months) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (Yuan/share) | 0.16 | 0.05 | 199.54% | | Basic Earnings Per Share (Excluding Non-recurring Items) (Yuan/share) | 0.15 | 0.05 | 210.56% | | Weighted Average Return on Net Assets (%) | 4.64% | 1.72% | Increased by 2.92 percentage points | | Weighted Average Return on Net Assets (Excluding Non-recurring Items) (%) | 4.35% | 1.56% | Increased by 2.80 percentage points | - Performance growth is primarily attributed to the company's enhanced market expansion and steady business growth, leading to increased operating revenue and profit[24](index=24&type=chunk) - The decline in operating cash flow is mainly due to a year-on-year increase in payments for goods and taxes[24](index=24&type=chunk) - During the reporting period, the company's non-recurring gains and losses totaled **9,815,235.99 Yuan**, primarily from other non-operating income/expenses and government subsidies[23](index=23&type=chunk)[25](index=25&type=chunk) [Management Discussion and Analysis](index=8&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) This section provides an in-depth analysis of the company's operational performance, industry landscape, core competencies, and risk management strategies [Industry and Principal Business](index=8&type=section&id=%E8%A1%8C%E4%B8%9A%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1) The company's principal business remains focused on five core segments: power grid automation, power plant and industrial automation, rail transit automation, information and security technology, and power electronics, maintaining a leading position in China's power automation sector - The company's industry covers five core segments: power grid automation, power plant and industrial automation, rail transit automation, information and security technology, and power electronics[28](index=28&type=chunk) - The company employs a "unified management, centralized procurement" purchasing model, a "production based on sales" manufacturing model, and a "two-tier marketing control" marketing model[29](index=29&type=chunk) - The power automation industry, where the company operates, has relatively stable market demand but faces increasing competition, with the company maintaining a leading position as an industry pioneer[30](index=30&type=chunk) [Discussion and Analysis of Operations](index=8&type=section&id=%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) In H1 2025, the company's operations improved significantly, with orders reaching **5.539 billion Yuan** (+2.18%), revenue **4.282 billion Yuan** (+25.23%), and net profit attributable to parent **159 million Yuan** (+197.03%), alongside progress in R&D and strategic areas like energy storage and AI H1 2025 Core Operating Data | Indicator | H1 2025 | H1 2024 | YoY Growth | | :--- | :--- | :--- | :--- | | Orders | 5.539 billion Yuan | - | 2.18% | | Collections | 4.194 billion Yuan | - | 18.45% | | Operating Revenue | 4.282 billion Yuan | 3.419 billion Yuan | 25.23% | | Total Profit | 356 million Yuan | 214 million Yuan | 66.40% | | Net Profit | 303 million Yuan | 171 million Yuan | 77.24% | | Net Profit Attributable to Parent | 159 million Yuan | 53 million Yuan | 197.03% | | Net Profit Attributable to Parent (Excluding Non-recurring Items) | 149 million Yuan | 48 million Yuan | 207.49% | - The company achieved significant results in R&D innovation, completing **120 patent authorizations** (including 85 invention patents) and receiving 8 science and technology awards during the reporting period, with ongoing R&D in energy storage, virtual power plants, and AI large models[34](index=34&type=chunk)[35](index=35&type=chunk)[37](index=37&type=chunk) [Operating Performance by Business Segment](index=10&type=section&id=%E5%90%84%E4%B8%9A%E5%8A%A1%E6%9D%BF%E5%9D%97%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5) During the reporting period, all business segments achieved steady development, with power grid automation leading in orders and revenue, and strong performance from information and security technology, and power plant and industrial automation Operating Data by Business Segment (January-June 2025) | Business Segment | Cumulative Orders (Ten Thousand Yuan) | Operating Revenue (Ten Thousand Yuan) | | :--- | :--- | :--- | | Power Grid Automation | 276,073 | 203,595 | | Power Plant and Industrial Automation | 109,278 | 72,857 | | Rail Transit Automation | 12,402 | 7,195 | | Information and Security Technology | 73,702 | 48,369 | | Power Electronics | 36,835 | 8,593 | | Production and Manufacturing Center | 13,903 | 5,514 | | System Integration Center | 31,662 | 79,967 | - Power grid automation business achieved strong performance in both domestic and international markets, particularly in new energy, petrochemical, and overseas markets (UAE, Saudi Arabia)[37](index=37&type=chunk) - In power plant and industrial automation, the new-generation distributed control system "Huadian Ruilan" improved localization and industrial control security, applied in key domestic and overseas projects[40](index=40&type=chunk) - In information and security technology, digital energy, digital power plants, and cybersecurity services developed comprehensively, with a project on "building a new energy intrinsic security protection system with cryptography as the core" receiving a cryptography science and technology award[44](index=44&type=chunk) [Analysis of Core Competencies](index=12&type=section&id=%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core competencies stem from its pioneering expertise and technological accumulation in power automation, the strong reputation of the "NARI" brand, and its commitment to high-quality development through the "5+2" industrial system and innovation-driven strategies - Professional Advantage: The company is a pioneer and a major scientific research and industrialization base in power automation, possessing numerous independent intellectual property achievements[47](index=47&type=chunk) - Brand Influence: "NARI" is a nationally renowned brand with certain international recognition, enjoying excellent corporate goodwill[47](index=47&type=chunk) - High-Quality Development Efficiency: Adhering to the "5+2" industrial system, the company focuses on customer-centricity, enhancing industrial, brand, innovation, and governance advantages through reform and innovation[47](index=47&type=chunk) [Analysis of Principal Business](index=12&type=section&id=%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) During the reporting period, operating revenue and costs grew by over 25%, expense ratios remained stable, while accounts receivable and inventory increased, and accounts payable also rose; the company also increased capital in a subsidiary Financial Statement Key Item Variation Analysis | Item | Current Period Amount (Yuan) | Prior Year Period Amount (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 4,281,633,006.04 | 3,419,081,270.05 | 25.23 | | Operating Cost | 3,265,738,954.36 | 2,592,945,723.94 | 25.95 | | Selling Expenses | 182,360,589.88 | 173,006,201.96 | 5.41 | | Administrative Expenses | 214,130,417.64 | 192,551,367.80 | 11.21 | | R&D Expenses | 259,874,934.02 | 243,387,971.03 | 6.77 | | Net Cash Flow from Operating Activities | -235,046,017.63 | -52,187,889.66 | Not Applicable | Key Asset and Liability Item Variation | Item Name | End of Current Period Amount (Yuan) | End of Prior Year Period Amount (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Monetary Funds | 2,127,291,125.37 | 2,653,300,321.19 | -19.82 | | Notes and Accounts Receivable | 5,054,763,005.67 | 4,527,229,324.87 | 11.65 | | Inventories | 1,451,212,027.70 | 1,131,964,120.25 | 28.20 | | Notes and Accounts Payable | 5,100,814,885.44 | 4,524,227,141.06 | 12.74 | - During the reporting period, the company increased the registered capital of its wholly-owned subsidiary, Nanjing Guodian NARI Rail Transit Engineering Co., Ltd., by **45 million Yuan**, bringing the total registered capital to **100 million Yuan**[56](index=56&type=chunk)[60](index=60&type=chunk) [Potential Risks](index=20&type=section&id=%E5%8F%AF%E8%83%BD%E9%9D%A2%E5%AF%B9%E7%9A%84%E9%A3%8E%E9%99%A9) The company faces risks from macroeconomic and industry policy changes, intensifying market competition, customer credit management, and the challenge of keeping pace with technological innovation, for which it has developed corresponding countermeasures - Macroeconomic and Industry Policy Risk: The company's business is significantly affected by national macroeconomic, energy, and environmental policies; countermeasures include closely monitoring policy dynamics and optimizing asset structure[65](index=65&type=chunk) - Market Risk: The power automation equipment sector is highly competitive and influenced by economic cycles; countermeasures involve seizing market transformation opportunities, consolidating advantages, and expanding into emerging and overseas markets[65](index=65&type=chunk)[66](index=66&type=chunk) - Customer Management Risk: Customer credit issues may lead to economic losses; countermeasures include strengthening contract review, dynamically managing customer credit, and intensifying collection efforts for payments[66](index=66&type=chunk)[67](index=67&type=chunk) - Technological Innovation Risk: The power energy industry is constantly evolving, demanding higher technological innovation; countermeasures involve strengthening top-level design, focusing on key core technology breakthroughs, and optimizing the scientific and technological innovation system[67](index=67&type=chunk) [Quality Improvement, Efficiency Enhancement, and Shareholder Returns Initiative](index=21&type=section&id=%E6%8F%90%E8%B4%A8%E5%A2%9E%E6%95%88%E9%87%8D%E5%9B%9E%E6%8A%A5%E8%A1%8C%E5%8A%A8) In response to the SSE's initiative, the company implemented a "Quality Improvement, Efficiency Enhancement, and Shareholder Returns" plan, focusing on core business, increasing cash dividends to **41.76%** for 2024, driving new quality productive forces through innovation, and enhancing investor communication and corporate governance - Improving Operational Quality: Focusing on the "5+2" business model, operating revenue increased by **25.23%** and net profit attributable to parent by **197.03%** during the reporting period[68](index=68&type=chunk) - Enhancing Investor Returns: The 2024 annual cash dividend ratio was raised to **41.76%**, with a cash dividend of **1.4 Yuan (tax inclusive) per 10 shares**, totaling approximately **142 million Yuan**, which has been fully distributed[68](index=68&type=chunk) - Accelerating Development of New Quality Productive Forces: R&D investment reached **268 million Yuan**, accounting for **6.25%** of revenue, with core products like the "Huadian Ruilan" DCS system achieving significant market breakthroughs[69](index=69&type=chunk) - Strengthening Investor Communication and Corporate Governance: The company interacts with investors through performance briefings and e-interaction platforms, and revised corporate governance-related systems to enhance standardized operations[70](index=70&type=chunk) [Corporate Governance, Environment, and Society](index=23&type=section&id=%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E3%80%81%E7%8E%AF%E5%A2%83%E5%92%8C%E7%A4%BE%E4%BC%9A) This section details changes in the company's governance structure, equity incentive plans, and its contributions to social responsibility initiatives [Changes in Directors, Supervisors, and Senior Management](index=23&type=section&id=%E8%91%A3%E7%9B%91%E9%AB%98%E5%8F%98%E5%8A%A8) During the reporting period, the company completed the re-election of its Board of Directors and Board of Supervisors, and the appointment of senior management, due to the expiration of terms - The company's Board of Directors, Board of Supervisors, and senior management underwent re-election due to term expiration, involving the departure and appointment of several directors, supervisors, and vice general managers[73](index=73&type=chunk)[74](index=74&type=chunk)[75](index=75&type=chunk)[76](index=76&type=chunk) [Equity Incentive Plan](index=24&type=section&id=%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92) The company continued to implement its 2021 restricted stock incentive plan, with the second vesting period conditions met for 113 grantees, while 222,784 shares held by 7 ineligible individuals were repurchased and cancelled - The conditions for the second vesting period of the 2021 restricted stock incentive plan's initial grant were met, unlocking **4,669,750 shares** for 113 grantees, which have been listed for circulation[81](index=81&type=chunk) - The company repurchased and cancelled a total of **222,784 restricted shares** held by 7 individuals who no longer met the incentive plan's requirements[81](index=81&type=chunk) [Rural Revitalization Efforts](index=26&type=section&id=%E4%B9%A1%E6%9D%91%E6%8C%AF%E5%85%B4%E5%B7%A5%E4%BD%9C) The company actively fulfills its social responsibility by supporting rural revitalization through consumption assistance, having procured **1.13 million Yuan** worth of agricultural products from assisted counties during the reporting period - During the reporting period, the company deepened its consumption assistance efforts, procuring **1.13 million Yuan** worth of agricultural products from assisted counties to support rural revitalization[83](index=83&type=chunk) [Significant Matters](index=27&type=section&id=%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) This section covers the company's fulfillment of commitments, ongoing significant litigation and arbitration cases, and major related party transactions [Fulfillment of Commitments](index=27&type=section&id=%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) During the reporting period, the company's controlling shareholder, actual controller, directors, and senior management strictly fulfilled their commitments regarding measures to compensate for immediate returns during refinancing, with no violations reported - The company's controlling shareholder, actual controller, and directors, supervisors, and senior management strictly fulfilled their commitments to ensure the effective implementation of the company's return compensation measures[85](index=85&type=chunk)[86](index=86&type=chunk) [Significant Litigation and Arbitration Matters](index=29&type=section&id=%E9%87%8D%E5%A4%A7%E8%AF%89%E8%AE%BC%E3%80%81%E4%BB%B2%E8%A3%81%E4%BA%8B%E9%A1%B9) During the reporting period, the company was involved in several previously disclosed significant litigation and arbitration cases, primarily concerning engineering and sales contract disputes, with some cases still in the enforcement stage - The company is involved in multiple significant litigation and arbitration cases as a plaintiff, primarily concerning engineering and sales contract disputes, with case values ranging from several million to tens of millions of Yuan, and most cases are in the enforcement stage[88](index=88&type=chunk)[89](index=89&type=chunk) [Significant Related Party Transactions](index=30&type=section&id=%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company engages in daily operational related party transactions with its controlling shareholder, China Huadian Corporation Ltd., and its subsidiaries, involving sales of power automation products, new energy business, and equipment procurement, all within annual estimated limits, and also conducts financial transactions with Huadian Group Finance Co., Ltd. H1 2025 Actual Daily Related Party Transaction Amounts | Related Party Transaction Category | Related Party | Actual Contract Amount (Ten Thousand Yuan) from Jan 1 to H1 2025 | | :--- | :--- | :--- | | Sales of Power Automation Products | China Huadian Corporation Ltd. and its subsidiaries | 44,995 | | Sales of Hydropower Automation Products and Engineering | Subsidiaries of China Huadian Corporation Ltd. | 2,785 | | Sales of New Energy Business | Subsidiaries of China Huadian Corporation Ltd. | 149,717 | | Sales of Primary Equipment | Subsidiaries of China Huadian Corporation Ltd. | 8,859 | | Purchase of Goods and Materials | Yangzhou Yingzhao Switch Co., Ltd. | 2,812 | - The company conducts financial business with China Huadian Group Finance Co., Ltd., including deposits and comprehensive credit lines; as of the end of the reporting period, deposit balance with the finance company was **5,240,727.20 Yuan**, and the total comprehensive credit line was **1.44 billion Yuan**, with actual utilization of **433 million Yuan**[99](index=99&type=chunk)[100](index=100&type=chunk) - The related party transaction for commercial factoring business with Huadian Commercial Factoring (Tianjin) Co., Ltd. has been approved by the Board of Directors and the General Meeting of Shareholders[103](index=103&type=chunk) [Share Changes and Shareholder Information](index=37&type=section&id=%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) This section details the changes in the company's share structure due to equity incentive plans and provides an overview of its shareholder base [Share Fluctuation](index=37&type=section&id=%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, the company's restricted shares decreased by **4,669,750 shares** due to the implementation of the restricted stock incentive plan, with a corresponding increase in unrestricted tradable shares, while the total share capital remained at **1,016,093,562 shares**; post-reporting period, total share capital will decrease to **1,015,870,778 shares** due to repurchase and cancellation of some restricted shares - Due to the unlocking of the second vesting period of the restricted stock incentive plan's initial grant, **4,669,750 restricted shares** were converted into unrestricted tradable shares[112](index=112&type=chunk)[113](index=113&type=chunk) - Post-reporting period, the company completed the repurchase and cancellation of **222,784 restricted shares** held by 7 grantees, resulting in a reduction in total share capital[113](index=113&type=chunk)[116](index=116&type=chunk) [Shareholder Information](index=39&type=section&id=%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) As of the end of the reporting period, the company had **36,216** common shareholders, with controlling shareholder Huadian Group Nanjing Power Automation Equipment Co., Ltd. holding a stable **53.75%** stake, and Hong Kong Securities Clearing Company Limited as the second largest shareholder - As of the end of the reporting period, the total number of shareholders was **36,216**[117](index=117&type=chunk) Top Ten Shareholders' Shareholding | Shareholder Name | Shares Held at Period End (shares) | Proportion (%) | | :--- | :--- | :--- | | Huadian Group Nanjing Power Automation Equipment Co., Ltd. | 546,185,479 | 53.75 | | Hong Kong Securities Clearing Company Limited | 71,049,814 | 6.99 | | Weishi Textile Co., Ltd. | 5,904,000 | 0.58 | | Bank of China Co., Ltd. - China Merchants Quantitative Selection Stock Initiated Securities Investment Fund | 5,539,088 | 0.55 | [Bond-Related Information](index=43&type=section&id=%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) This section provides details on the company's outstanding corporate bonds and the utilization of their raised funds [Basic Information on Corporate Bonds](index=43&type=section&id=%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) The company has one outstanding 2023 technology innovation green corporate bond ("G NARI K01") with a total issuance of **200 million Yuan** and a coupon rate of **3.07%**, maturing in June 2026; investor protection clauses were not triggered, and interest was paid on time in June 2025 G NARI K01 Bond Basic Information | Bond Name | G NARI K01 (115405.SH) | | :--- | :--- | | Issue Date | 2023/6/7 | | Maturity Date | 2026/6/8 | | Bond Balance | 20,000 Ten Thousand Yuan | | Interest Rate (%) | 3.07 | - During the reporting period, investor protection clauses such as credit maintenance and cross-default covenants were not triggered, and the company paid interest on time[129](index=129&type=chunk)[130](index=130&type=chunk) [Use of Corporate Bond Proceeds](index=45&type=section&id=%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%E5%8B%9F%E9%9B%86%E8%B5%84%E9%87%91%E4%BD%BF%E7%94%A8%E6%83%85%E5%86%B5) The "G NARI K01" bond raised **200 million Yuan**, with a balance of **69 million Yuan** at the end of the reporting period; the company changed the use of some proceeds from solar power projects to other R&D projects, following due decision-making procedures, as some solar projects were terminated due to underperformance - During the reporting period, the company changed the use of proceeds from the "G NARI K01" bond, primarily adjusting the proposed use amount, implementation entity, and estimated completion date for original projects, without adding new investment projects; this change was approved by the Board of Directors, Board of Supervisors, and bondholder meeting[134](index=134&type=chunk)[135](index=135&type=chunk) - As of the end of the reporting period, cumulative proceeds invested amounted to **131 million Yuan**, representing **65.60%** of the total, with **50 million Yuan** invested during the reporting period[136](index=136&type=chunk)[143](index=143&type=chunk) - Among the original fundraising projects, the "Jiangsu Huadian Yizheng City-wide Rooftop Distributed Photovoltaic Power Generation Project" was scaled down due to significant development challenges, and the "Jiangsu Huadian Yizheng City-wide (650MW) Phase I Industrial and Commercial 32.36MWp Distributed Photovoltaic Power Generation Project" has been terminated[148](index=148&type=chunk)[149](index=149&type=chunk)[150](index=150&type=chunk) [Financial Report](index=69&type=section&id=%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) This section presents the company's unaudited financial statements for the first half of 2025, along with detailed notes on accounting policies and specific financial statement items [Financial Statements](index=69&type=section&id=%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This chapter includes the company's unaudited consolidated and parent company financial statements for H1 2025, comprising the balance sheet, income statement, cash flow statement, and statement of changes in owners' equity - The financial report in this semi-annual report is unaudited[6](index=6&type=chunk)[180](index=180&type=chunk) [Consolidated Balance Sheet](index=69&type=section&id=%E5%90%88%E5%B9%B6%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of June 30, 2025, the company's total assets were **11.377 billion Yuan**, a 3.88% increase from year-end; total liabilities were **7.102 billion Yuan**, with a debt-to-asset ratio of **62.42%**; and owners' equity attributable to the parent company was **3.380 billion Yuan**, up 1.12% from year-end Consolidated Balance Sheet Key Items (June 30, 2025) | Item | Period-End Balance (Yuan) | Period-Beginning Balance (Yuan) | | :--- | :--- | :--- | | Total Assets | 11,376,845,598.79 | 10,952,030,499.49 | | Total Liabilities | 7,101,869,014.75 | 6,667,788,267.57 | | Owners' Equity Attributable to Parent Company | 3,380,019,845.29 | 3,342,652,859.85 | [Consolidated Income Statement](index=73&type=section&id=%E5%90%88%E5%B9%B6%E5%88%A9%E6%B6%A6%E8%A1%A8) In H1 2025, the company achieved total operating revenue of **4.282 billion Yuan**, a 25.23% increase year-on-year; net profit was **303 million Yuan**, up 77.24%; and net profit attributable to parent company shareholders was **159 million Yuan**, a 197.03% increase Consolidated Income Statement Key Items (January-June 2025) | Item | H1 2025 (Yuan) | H1 2024 (Yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 4,281,633,006.04 | 3,419,081,270.05 | | Total Operating Cost | 3,956,359,654.80 | 3,230,646,618.18 | | Total Profit | 356,039,275.76 | 213,966,081.34 | | Net Profit | 302,820,566.49 | 170,858,021.40 | | Net Profit Attributable to Parent Company Shareholders | 158,856,874.97 | 53,481,969.86 | [Consolidated Cash Flow Statement](index=77&type=section&id=%E5%90%88%E5%B9%B6%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) In H1 2025, net cash flow from operating activities was **-235 million Yuan**, a decrease from **-52 million Yuan** in the prior year; both investing and financing activities resulted in net cash outflows, with cash and cash equivalents at period-end totaling **2.094 billion Yuan** Consolidated Cash Flow Statement Key Items (January-June 2025) | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -235,046,017.63 | -52,187,889.66 | | Net Cash Flow from Investing Activities | -18,049,623.42 | -16,318,234.49 | | Net Cash Flow from Financing Activities | -260,496,576.45 | -210,852,703.27 | | Net Increase in Cash and Cash Equivalents | -514,491,113.82 | -280,397,715.26 | [Company Overview](index=89&type=section&id=%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) NARI was established in 1999, with Huadian Group Nanjing Power Automation Equipment Co., Ltd. as its controlling shareholder, China Huadian Corporation Ltd. as its actual controller, and the State-owned Assets Supervision and Administration Commission of the State Council as its ultimate controlling party; its principal business is industrial power automation equipment, covering electric vehicle charging/swapping systems, power distribution automation, and new energy development - The company was established and listed in **1999**, with a total share capital of **1,016,093,562 shares** as of May 2024, following multiple capital changes[209](index=209&type=chunk)[210](index=210&type=chunk)[211](index=211&type=chunk)[212](index=212&type=chunk)[213](index=213&type=chunk)[214](index=214&type=chunk)[215](index=215&type=chunk)[216](index=216&type=chunk) - The company's controlling shareholder is Huadian Group Nanjing Power Automation Equipment Co., Ltd., its actual controller is China Huadian Corporation Ltd., and its ultimate controlling party is the State-owned Assets Supervision and Administration Commission of the State Council[218](index=218&type=chunk) [Significant Accounting Policies and Estimates](index=91&type=section&id=%E9%87%8D%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%8F%8A%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1) This chapter details the company's fundamental accounting principles, including accounting standards, period, and functional currency, and specifies key policies and estimates for financial instruments, inventories, long-term equity investments, revenue recognition, and government grants; no significant changes occurred during the reporting period - The company uses a **12-month** period as its normal operating cycle, which serves as the basis for classifying assets and liabilities as current or non-current[223](index=223&type=chunk) - For accounts receivable, the company applies the expected credit loss model to accrue impairment provisions, using a simplified model for accounts receivable without significant financing components[247](index=247&type=chunk)[254](index=254&type=chunk) - In terms of revenue recognition, the company recognizes revenue when customers obtain control of the related goods, distinguishing between performance obligations satisfied over time and at a point in time, and applying appropriate recognition methods based on business types such as goods sales, on-site services, and general contracting[291](index=291&type=chunk)[292](index=292&type=chunk) [Notes to Consolidated Financial Statements](index=114&type=section&id=%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This chapter provides detailed notes and explanations for major items in the consolidated financial statements, including the composition, changes, and related accounting treatments for assets, liabilities, and owners' equity such as monetary funds, accounts receivable, inventories, fixed assets, intangible assets, short-term borrowings, accounts payable, and contract liabilities - The period-end balance of monetary funds was **2.127 billion Yuan**, of which **32.9844 million Yuan** was restricted[314](index=314&type=chunk) - The period-end book balance of accounts receivable was **6.298 billion Yuan**, with impairment provisions of **1.247 billion Yuan**, resulting in a book value of **5.051 billion Yuan**; accounts receivable aged 1-2 years accounted for a relatively high proportion[324](index=324&type=chunk)[327](index=327&type=chunk) - The period-end book value of inventories was **1.451 billion Yuan**, a **28.20%** increase from the beginning of the period, primarily comprising raw materials, work-in-progress, and finished goods; inventory impairment provisions of **11.4187 million Yuan** were accrued during the period[370](index=370&type=chunk)[371](index=371&type=chunk)[372](index=372&type=chunk) - The period-end balance of accounts payable was **4.929 billion Yuan**, mainly for procurement of goods and services[416](index=416&type=chunk)

Core Viewpoint - Guodian Nanzi (600268.SH) reported a significant increase in both revenue and net profit for the first half of 2025, indicating strong business growth and effective market strategies [1] Financial Performance - The company achieved an operating revenue of 4.282 billion yuan, representing a year-on-year growth of 25.23% [1] - The net profit attributable to shareholders reached 159 million yuan, showing a remarkable year-on-year increase of 197.03% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 149 million yuan, reflecting a year-on-year growth of 207.49% [1] - Basic earnings per share stood at 0.16 yuan [1] Business Strategy - The revenue growth was primarily driven by the company's continued emphasis on product specialization and brand influence [1] - The company has implemented multiple strategies to enhance market expansion efforts, contributing to steady business growth [1]

Group 1 - The company Guodian Nanzi (600268) reported a revenue of 4.282 billion yuan for the first half of 2025, representing a year-on-year increase of 25.23% [1] - The net profit attributable to shareholders reached 159 million yuan, showing a significant year-on-year growth of 197.03% [1] - The basic earnings per share (EPS) stood at 0.16 yuan [1]

智通财经APP讯，国电南自(600268.SH)发布2025年半年度报告，该公司营业收入为42.82亿元，同比增 长25.23%。归属于上市公司股东的净利润为1.59亿元，同比增长197.03%。归属于上市公司股东的扣除 非经常性损益的净利润为1.49亿元，同比增长207.49%。基本每股收益为0.16元。 公告称，公司营业收入较上年同期有所增长，主要原因是公司继续发挥产品专业优势，多措并举扩大品 牌影响力，进一步加强市场开拓力度，业务稳步增长。 ...

Core Viewpoint - The rapid establishment of the virtual power plant in Nanjing Jiangning Development Zone represents a significant advancement in green technology and a model for collaborative efforts between government, enterprises, and market forces to achieve carbon neutrality goals [1][2][5]. Group 1: Virtual Power Plant Development - The Nanjing Jiangning Development Zone has successfully built a virtual power plant in just eight months, which is now operational and included in the national list of advanced green low-carbon technology demonstration projects [1]. - The virtual power plant utilizes a high-tech energy cloud platform to monitor real-time data on power generation capacity, adjustable capacity, green electricity usage ratio, and carbon emissions [1]. Group 2: Collaborative Reform Model - The development zone has adopted a reform model characterized by "enterprise主体, market主导, government支撑," which emphasizes collaboration among various stakeholders to drive green transformation [2][5]. - The establishment of new companies through partnerships with state-owned and private enterprises has led to the creation of seven new companies focused on low-carbon initiatives [3]. Group 3: Project and Investment Highlights - Over 50 low-carbon projects with investments exceeding 100 million yuan have been attracted to the development zone, with 35 major low-carbon projects currently under construction, totaling an investment of 335 billion yuan [4]. - The development zone has also launched several pioneering initiatives, including the first ESG development report for parks in the country and a carbon footprint service platform [4]. Group 4: Government and Market Synergy - The government plays a crucial role in top-level design and institutional supply, focusing on new electric power demonstration construction and optimizing the green business environment [5][6]. - The development zone aims to deepen the collaboration between government and enterprises, enhancing the integration of low-carbon services and technological innovation to ensure sustainable development [6].