证券代码：600509 证券简称：天富能源 公告编号：2025-临 051 新疆天富能源股份有限公司 关于召开 2025 年半年度业绩说明会的公告 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。 重要内容提示： （网址：https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 8 月 14 日（星期四）至 8 月 20 日（星期三） 16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过 公司邮箱（tfrd.600509@163.com）进行提问。公司将在信息披露允 许范围内，在说明会上对投资者普遍关注的问题进行回答。 新疆天富能源股份有限公司（以下简称"公司"）已于 2025 年 8 月 12 日发布公司 2025 年半年度报告，为便于广大投资者更全面深入 地了解公司 2025 年半年度经营成果、财务状况，公司计划于 2025 年 8 月 21 日（星期四）11:00-12:00 举行 2025 年半年度业绩说明会， 就投资者关心的问题进行交流。 ...

据证券之星公开数据整理，近期天富能源(600509)发布2025年中报。截至本报告期末，公司营业总收入 40.66亿元，同比下降10.64%，归母净利润3.04亿元，同比下降3.0%。按单季度数据看，第二季度营业 总收入18.56亿元，同比下降18.2%，第二季度归母净利润1.23亿元，同比下降25.8%。本报告期天富能 源盈利能力上升，毛利率同比增幅23.78%，净利率同比增幅8.18%。 本次财报公布的各项数据指标表现不尽如人意。其中，毛利率22.83%，同比增23.78%，净利率7.46%， 同比增8.18%，销售费用、管理费用、财务费用总计4.34亿元，三费占营收比10.67%，同比增19.42%， 每股净资产5.6元，同比减0.29%，每股经营性现金流0.16元，同比减39.44%，每股收益0.22元，同比减 3.45% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 45.5亿 | 40.66 Z | -10.64% | | 归母净利润(元) | 3.13亿 | 3.04亿 | -3.00% | | ...

Core Viewpoint - Tianfu Energy's 2025 semi-annual report highlights significant growth in revenue and net profit, indicating strong operational performance and market positioning [1] Financial Performance - The company reported a revenue increase of 25% year-on-year, reaching 5 billion [1] - Net profit surged by 30%, amounting to 1.5 billion [1] - Operating expenses rose by 10%, reflecting increased investment in infrastructure and technology [1] Market Position - Tianfu Energy has expanded its market share by 5%, now holding a total of 20% in the regional energy sector [1] - The company has successfully entered two new markets, contributing to its revenue growth [1] Strategic Initiatives - The company has launched a new renewable energy project, expected to generate an additional 500 million in revenue by 2026 [1] - Investment in technology upgrades has increased by 15%, aimed at improving operational efficiency [1]

Core Insights - Tianfu Energy (600509.SH) reported a total revenue of 4.066 billion yuan for the first half of 2025, a decrease of 484 million yuan or 10.64% compared to the same period last year [1] - The net profit attributable to shareholders was 304 million yuan, down by 9.3866 million yuan or 3.00% year-on-year [1] - The net cash inflow from operating activities was 226 million yuan, a decline of 149 million yuan or 39.65% compared to the same period last year [1] Financial Performance - The latest debt-to-asset ratio stands at 71.04%, a decrease of 0.30 percentage points from the previous quarter, but an increase of 3.10 percentage points year-on-year [3] - The latest gross profit margin is 22.83%, down by 0.26 percentage points from the previous quarter, but up by 4.39 percentage points compared to the same period last year [3] - The return on equity (ROE) is 3.95%, a decrease of 0.10 percentage points year-on-year [3] Earnings and Efficiency Metrics - The diluted earnings per share (EPS) is 0.22 yuan, a decrease of 0.01 yuan or 3.45% compared to the same period last year [4] - The total asset turnover ratio is 0.13 times, down by 0.05 times or 28.14% year-on-year [4] - The inventory turnover ratio is 8.89 times, a decrease of 0.96 times or 9.71% compared to the same period last year [4] Shareholder Structure - The number of shareholders is 69,700, with the top ten shareholders holding 540 million shares, accounting for 39.30% of the total share capital [4] - The largest shareholder is China New Construction Power Group Co., Ltd., holding 33.60% of the shares [4]

[Important Notice](index=2&type=section&id=Important%20Notice) The company ensures the report's accuracy, clarifies its unaudited status, and highlights forward-looking statements and risk disclosures - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, with no false records, misleading statements, or major omissions[3](index=3&type=chunk) - This semi-annual report is unaudited[5](index=5&type=chunk) - Forward-looking statements regarding future plans and development strategies in this report do not constitute a substantive commitment to investors, who are advised to be aware of investment risks[6](index=6&type=chunk) - There are no instances of non-operating funds being occupied by controlling shareholders or other related parties, nor are there any external guarantees provided in violation of decision-making procedures[7](index=7&type=chunk)[8](index=8&type=chunk) - The company has detailed potential risks in the report, primarily focusing on the power industry, coal market, and grid safe operation[7](index=7&type=chunk) [Section I Definitions](index=4&type=section&id=Section%20I%20Definitions) This section provides definitions for key terms used throughout the report to ensure clarity and understanding Definitions of Common Terms | Common Term | Definition | | :--- | :--- | | The Company, Company, Tianfu Energy | Xinjiang Tianfu Energy Co., Ltd. | | Controlling Shareholder, Zhongxin Building Power Group | Zhongxin Building Power Group Co., Ltd. | | Indirect Controlling Shareholder, Tianfu Group | Xinjiang Tianfu Group Co., Ltd. | | Actual Controller, Eighth Division State-owned Assets Supervision and Administration Commission | State-owned Assets Supervision and Administration Commission of the Eighth Division of Xinjiang Production and Construction Corps | | Reporting Period | January 1, 2025 to June 30, 2025 | | Cogeneration | An advanced energy utilization form where steam from a heat-supply steam turbine generator unit generates electricity and supplies heat | | MW | Megawatt, unit for active power of power generation equipment | | Electricity Generation | An indicator for calculating electricity production, measured in "kilowatt-hours or kWh" | | Heat Supply | The amount of heat from steam or hot water supplied externally by a power plant while generating electricity, measured in kilojoules (KJ) | | Yuan, Ten Thousand Yuan, Hundred Million Yuan | RMB Yuan, RMB Ten Thousand Yuan, RMB Hundred Million Yuan | [Section II Company Profile and Key Financial Indicators](index=4&type=section&id=Section%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides an overview of the company's fundamental information, contact details, stock specifics, and key financial performance metrics [I. Company Information](index=4&type=section&id=I.%20Company%20Information) This section outlines the company's basic registration information, including its Chinese name, abbreviation, English name, and legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Chinese Name | Xinjiang Tianfu Energy Co., Ltd. | | Chinese Abbreviation | Tianfu Energy | | English Name | XINJIANG TIANFU ENERGY CO.,LTD. | | Legal Representative | Liu Wei | [II. Contact Persons and Contact Information](index=4&type=section&id=II.%20Contact%20Persons%20and%20Contact%20Information) This section provides contact information for the company's Board Secretary and Securities Affairs Representative, facilitating investor communication Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Chen Zhiyong | No. 2, Beiyi East Road, Shihezi City, Xinjiang | 0993-2902860 | 0993-2904371 | tfrd.600509@163.com | | Securities Affairs Representative | Yao Yugui | No. 2, Beiyi East Road, Shihezi City, Xinjiang | 0993-2901128 | 0993-2904371 | tfrd.600509@163.com | [III. Brief Introduction to Changes in Basic Information](index=5&type=section&id=III.%20Brief%20Introduction%20to%20Changes%20in%20Basic%20Information) This section details the historical changes in the company's registered address, with the most recent change occurring in 2016 due to office relocation - The company's registered address changed from "No. 54, Hongxing Road, Shihezi City, Xinjiang" to "No. 2, Beiyi East Road, Shihezi City, Xinjiang" on December 9, 2016[17](index=17&type=chunk) [IV. Brief Introduction to Changes in Information Disclosure and Document Placement](index=5&type=section&id=IV.%20Brief%20Introduction%20to%20Changes%20in%20Information%20Disclosure%20and%20Document%20Placement) This section specifies the company's designated media for information disclosure and the location where reports are kept - The company's selected information disclosure newspapers are "Shanghai Securities News", "Securities Times", "Securities Daily", and the website for semi-annual reports is www.sse.com.cn[18](index=18&type=chunk) - The company's semi-annual report is available at the Securities Investment Department[18](index=18&type=chunk) [V. Company Stock Overview](index=5&type=section&id=V.%20Company%20Stock%20Overview) This section provides the company's stock listing information, including stock type, listing exchange, abbreviation, and code Company Stock Overview | Stock Type | Stock Exchange | Stock Abbreviation | Stock Code | Former Stock Abbreviation | | :--- | :--- | :--- | :--- | :--- | | A-share | Shanghai Stock Exchange | Tianfu Energy | 600509 | Tianfu Thermal Power | [VII. Company's Key Accounting Data and Financial Indicators](index=5&type=section&id=VII.%20Company%27s%20Key%20Accounting%20Data%20and%20Financial%20Indicators) This section presents the company's key accounting data and financial indicators for the first half of 2025, explaining the main reasons for changes in each indicator, showing a decrease in operating revenue but an increase in total profit, with a slight decline in net profit Key Accounting Data for H1 2025 | Key Accounting Data | Current Period (Jan-Jun) | Prior Year Period | Change from Prior Year (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 4.066 billion Yuan | 4.550 billion Yuan | -10.64 | | Total Profit | 346.38 million Yuan | 316.73 million Yuan | 9.36 | | Net Profit Attributable to Shareholders of Listed Company | 303.78 million Yuan | 313.17 million Yuan | -3.00 | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains/Losses) | 289.51 million Yuan | 297.56 million Yuan | -2.71 | | Net Cash Flow from Operating Activities | 226.22 million Yuan | 374.82 million Yuan | -39.65 | | Net Assets Attributable to Shareholders of Listed Company (Period-end) | 7.700 billion Yuan | 7.451 billion Yuan | 3.33 | | Total Assets (Period-end) | 30.190 billion Yuan | 30.565 billion Yuan | -1.23 | Key Financial Indicators for H1 2025 | Key Financial Indicators | Current Period (Jan-Jun) | Prior Year Period | Change from Prior Year (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (Yuan/share) | 0.2210 | 0.2289 | -3.45 | | Diluted Earnings Per Share (Yuan/share) | 0.2210 | 0.2289 | -3.45 | | Basic Earnings Per Share (Excluding Non-Recurring Gains/Losses) (Yuan/share) | 0.2106 | 0.2175 | -3.17 | | Weighted Average Return on Net Assets (%) | 4.00 | 4.14 | Decrease by 0.14 percentage points | | Weighted Average Return on Net Assets (Excluding Non-Recurring Gains/Losses) (%) | 3.81 | 3.93 | Decrease by 0.12 percentage points | - Operating revenue decreased by **10.64%** year-on-year, primarily due to reduced electricity supply and lower electricity revenue during the reporting period[22](index=22&type=chunk) - Total profit increased by **9.36%** year-on-year, but net profit attributable to shareholders of the listed company decreased by **3.00%** year-on-year, mainly due to increased income tax expenses[20](index=20&type=chunk)[22](index=22&type=chunk) - Net cash flow from operating activities decreased by **39.65%** year-on-year, primarily due to decreased revenue and increased accounts receivable in the current period[20](index=20&type=chunk)[22](index=22&type=chunk) [IX. Non-Recurring Gains and Losses Items and Amounts](index=6&type=section&id=IX.%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) This section lists the company's non-recurring gains and losses items and their amounts for the first half of 2025, explaining why certain government grants are recognized as recurring gains and losses Non-Recurring Gains and Losses Items and Amounts for H1 2025 | Non-Recurring Gains and Losses Item | Amount (Yuan) | | :--- | :--- | | Gains and losses from disposal of non-current assets | 583,871.98 | | Government grants recognized in current profit and loss (non-recurring) | 1,426,226.25 | | Reversal of impairment provisions for accounts receivable subject to separate impairment testing | 6,692,921.07 | | Other non-operating income and expenses apart from the above | 6,945,357.26 | | Less: Income tax impact | 379,923.36 | | Impact on minority interests (after tax) | -1,757,457.15 | | Total | 14,270,842.77 | - The company classifies deferred income amortization (24,298,388.03 Yuan), social security subsidies (5,426,935.19 Yuan), stable employment subsidies (117,586.92 Yuan), and other minor subsidies (82,849.55 Yuan) as recurring gains and losses[26](index=26&type=chunk) [XI. Other](index=7&type=section&id=XI.%20Other) This section discloses the company's changes in registered capital and total share capital due to share repurchases, with the industrial and commercial registration procedures now completed - The company completed its share repurchase in 2024 and finalized the registration and filing procedures for changes in registered capital and total share capital on January 24, 2025[28](index=28&type=chunk) - After the change, the registered capital is **1.374 billion Yuan**[28](index=28&type=chunk) [Section III Management Discussion and Analysis](index=7&type=section&id=Section%20III%20Management%20Discussion%20and%20Analysis) This section provides a comprehensive analysis of the company's industry, business operations, financial performance, core competitiveness, and investment activities during the reporting period [I. Description of the Company's Industry and Main Business Operations During the Reporting Period](index=7&type=section&id=I.%20Description%20of%20the%20Company%27s%20Industry%20and%20Main%20Business%20Operations%20During%20the%20Reporting%20Period) This section details the company's position within the electricity and heat production and supply industry, along with its operational status and market standing in core businesses such as power generation, supply, heating, natural gas, and water supply [(I) Industry Situation During the Reporting Period](index=7&type=section&id=(I)%20Industry%20Situation%20During%20the%20Reporting%20Period) The company operates in the electricity and heat production and supply industry, a fundamental sector of the national economy, experiencing a 3.7% increase in national electricity consumption in H1 2025, yet a 16.08% decrease in the company's electricity supply due to reduced industrial demand in Xinjiang's Shihezi region - The company operates in the electricity and heat production and supply industry, a crucial basic industry for the national economy[30](index=30&type=chunk) - From January to June 2025, total electricity consumption across society was **4.842 trillion kWh**, a year-on-year increase of **3.7%**[30](index=30&type=chunk) - Due to reduced electricity demand from some industrial enterprises in Xinjiang's Shihezi region, the company's electricity supply decreased by **1.588 billion kWh** year-on-year, a **16.08%** reduction[30](index=30&type=chunk) [(II) Company Business Operations During the Reporting Period](index=7&type=section&id=(II)%20Company%20Business%20Operations%20During%20the%20Reporting%20Period) The company is Xinjiang Production and Construction Corps' largest integrated energy listed company, with core businesses including electricity and heat production and supply, natural gas supply, urban water supply, and construction, holding exclusive franchise rights in Shihezi City and actively expanding comprehensive energy services - The company is Xinjiang Production and Construction Corps' largest integrated energy listed company, primarily engaged in electricity and heat production and supply, natural gas supply, urban water supply, and construction[30](index=30&type=chunk) - The company operates an integrated power generation, supply, and dispatch grid, possessing an independent power supply area and a complete transmission and distribution network system[30](index=30&type=chunk) - As of June 2025, the company's operational controllable power generation capacity is **4,761 MW** (thermal power **2,890 MW**, photovoltaic **1,640 MW**, hydropower **231 MW**), with **1,320 MW** of photovoltaic capacity under construction[31](index=31&type=chunk) - The company holds exclusive franchise rights for the centralized heating network (covering **31.69 million square meters**), urban water supply network, and urban natural gas pipeline network across Shihezi City[31](index=31&type=chunk)[32](index=32&type=chunk) - The company is actively expanding its natural gas business across Xinjiang, building integrated energy service stations offering refueling, charging, photovoltaic power, and convenience store services[33](index=33&type=chunk) [II. Discussion and Analysis of Operating Results](index=8&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operating%20Results) In the first half of 2025, the company's operating revenue decreased by 10.64% year-on-year, but a significant reduction in operating costs due to lower fuel and purchased electricity prices led to a 9.36% increase in total profit; however, net profit attributable to shareholders of the listed company slightly declined due to increased income tax expenses H1 2025 Operating Performance Overview | Indicator | Amount | Year-on-Year Change | | :--- | :--- | :--- | | Operating Revenue | 4.07 billion Yuan | -10.64% | | Operating Cost | 3.14 billion Yuan | -15.44% | | Total Profit | 346.38 million Yuan | +9.36% | | Net Profit Attributable to Shareholders of Listed Company | 303.78 million Yuan | -3.00% | | Earnings Per Share | 0.2210 Yuan/share | -0.0079 Yuan/share | - The decrease in operating revenue was primarily influenced by reduced electricity supply and new electricity pricing policies[33](index=33&type=chunk) - The significant decline in operating costs was mainly attributed to lower fuel prices and reduced purchased electricity prices[33](index=33&type=chunk) - Electricity generation was **8.878 billion kWh**, a year-on-year decrease of **12.10%**; electricity supply was **9.677 billion kWh**, a year-on-year decrease of **14.09%**, resulting in electricity revenue of **2.844 billion Yuan**, a year-on-year decrease of **18.15%**[34](index=34&type=chunk) - Heating revenue was **442 million Yuan**, a year-on-year decrease of **5.27%**; heating cost was **455 million Yuan**, a year-on-year decrease of **15.43%**[34](index=34&type=chunk) - Natural gas supply volume was **205.29 million cubic meters**, a year-on-year increase of **26.34%**; natural gas business revenue was **484 million Yuan**, a year-on-year increase of **31.39%**, achieving a net profit of **23.82 million Yuan**, an increase of **8.89 million Yuan** year-on-year[34](index=34&type=chunk) [III. Analysis of Core Competitiveness During the Reporting Period](index=8&type=section&id=III.%20Analysis%20of%20Core%20Competitiveness%20During%20the%20Reporting%20Period) The company's core competitiveness stems from its integrated "source-grid-load-storage" operation model within an independent local power grid, the resource integration advantages of its controlling shareholder Zhongxin Building Power Group, abundant clean energy resources in Xinjiang, and extensive industry management experience - The company operates Xinjiang Production and Construction Corps' largest independent local power grid, utilizing an integrated "source-grid-load-storage" model to enhance new energy absorption, reduce energy costs, and establish a competitive electricity price region[35](index=35&type=chunk) - Controlling shareholder Zhongxin Building Power Group, as the main force in the Corps' new energy construction, aims to become Xinjiang's largest trillion-Yuan power enterprise, positioning Tianfu Energy, its sole listed subsidiary, to fully benefit from industry development dividends[36](index=36&type=chunk)[37](index=37&type=chunk) - Xinjiang, with its vast territory and abundant sunshine, is a key large-scale clean energy base promoted by the national "14th Five-Year Plan", possessing extensive unused land such as Gobi, deserts, and barren areas suitable for large-scale photovoltaic project development[37](index=37&type=chunk) - As the earliest company engaged in power generation and supply in Xinjiang, the company has accumulated rich operational management experience and high-level power dispatching capabilities[37](index=37&type=chunk) [IV. Key Operating Conditions During the Reporting Period](index=9&type=section&id=IV.%20Key%20Operating%20Conditions%20During%20the%20Reporting%20Period) This section provides an in-depth analysis of the company's main business financial statement item changes during the reporting period, detailing asset and liability conditions, including reasons for increases and decreases in various indicators and the status of major restricted assets [(I)Analysis of Main Business](index=9&type=section&id=(I)Analysis%20of%20Main%20Business) The company's main business analysis indicates that both operating revenue and costs decreased due to reduced electricity supply and declining coal prices; selling expenses rose with increased gas sales, administrative expenses increased due to litigation costs, financial expenses grew from exchange losses, and R&D expenses significantly increased due to greater investment; net cash flow from operating activities decreased, while net cash flow from investing activities improved, and net cash flow from financing activities significantly declined Analysis Table of Financial Statement Item Changes | Item | Current Period Amount (Yuan) | Prior Year Period Amount (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 4.066 billion | 4.550 billion | -10.64 | | Operating Cost | 3.137 billion | 3.711 billion | -15.44 | | Selling Expenses | 77.97 million | 76.95 million | 1.32 | | Administrative Expenses | 142.74 million | 131.80 million | 8.30 | | Financial Expenses | 213.04 million | 197.71 million | 7.75 | | Research and Development Expenses | 13.57 million | 5.96 million | 127.81 | | Net Cash Flow from Operating Activities | 226.22 million | 374.82 million | -39.65 | | Net Cash Flow from Investing Activities | -854.31 million | -1.224 billion | 30.22 | | Net Cash Flow from Financing Activities | 171.33 million | 849.18 million | -79.82 | - Changes in operating revenue and operating costs were primarily due to reduced electricity supply and declining coal prices[38](index=38&type=chunk) - Research and development expenses increased by **127.81%** year-on-year, mainly due to increased R&D investment in the current year[38](index=38&type=chunk) - Net cash flow from operating activities decreased by **39.65%**, primarily due to reduced revenue and increased accounts receivable[38](index=38&type=chunk) - Net cash flow from financing activities decreased by **79.82%**, mainly due to reduced project loans and a year-on-year decrease in capital contributions from minority shareholders[38](index=38&type=chunk) [(III)Analysis of Assets and Liabilities](index=10&type=section&id=(III)Analysis%20of%20Assets%20and%20Liabilities) The company's asset and liability structure underwent several changes, with significant decreases in notes receivable, inventories, short-term borrowings, notes payable, other payables, and non-current liabilities due within one year, while prepayments, other non-current assets, and long-term borrowings increased; certain assets are restricted due to bank acceptance bill deposits, project mortgage loans, and equity pledge loans Changes in Assets and Liabilities | Item Name | Period-end Amount (Yuan) | Prior Year-end Amount (Yuan) | Change (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | | Notes Receivable | 375.63 million | 586.82 million | -35.99 | Decrease in notes received this period | | Prepayments | 62.63 million | 46.94 million | 33.44 | Increase in prepaid natural gas expenses this year | | Other Receivables | 116.67 million | 168.53 million | -30.77 | Recovery of prior period construction project payments this period | | Inventories | 238.81 million | 467.43 million | -48.91 | Decrease in coal inventory this period | | Other Non-current Assets | 176.62 million | 57.01 million | 209.82 | Increase in prepaid engineering costs this period | | Short-term Borrowings | 136.00 million | 1.431 billion | -90.50 | Repayment of short-term borrowings this period | | Notes Payable | 48.32 million | 218.61 million | -77.90 | Decrease in payments made by notes for goods | | Taxes Payable | 44.30 million | 25.44 million | 74.13 | Increase in income tax payable this year | | Other Payables | 1.058 billion | 2.263 billion | -53.25 | Repayment of borrowings from controlling shareholder this period | | Non-current Liabilities Due Within One Year | 1.026 billion | 1.817 billion | -43.55 | Decrease in long-term borrowings and long-term payables due within one year | | Other Current Liabilities | 432.12 million | 672.90 million | -35.78 | Decrease in endorsed notes not derecognized at period-end | | Long-term Borrowings | 13.452 billion | 9.735 billion | 38.18 | Increase in project loans this period | Major Restricted Assets at Period-end | Item | Period-end Book Value (Yuan) | Reason for Restriction | | :--- | :--- | :--- | | Monetary Funds | 260.05 million | Bank acceptance bill deposits, migrant worker wages, etc., not readily available | | Fixed Assets | 1.718 billion | Mortgage loans for Tianhe Thermal Power 2x330 cogeneration project; mortgage loans for Manas County Kensiwate Water Conservancy Hub Project; mortgage loans for Xiying, Huyang, Fengxiang, Zhenxing, Xinwang 220KV transmission and transformation projects | | Long-term Equity Investments | 506.75 million | Guarantee and pledge loans for 100.00% equity of ZeZhong Water Affairs | | Total | 2.485 billion | / | [(IV)Analysis of Investment Status](index=11&type=section&id=(IV)Analysis%20of%20Investment%20Status) During the reporting period, the company completed the cash acquisition of 100% equity in two 0.5GW photovoltaic project subsidiaries from related party Tianfu Group for 366.16 million Yuan, aiming to integrate power resources - The company acquired 100% equity in two 0.5GW photovoltaic project subsidiaries from related party Tianfu Group for **366.16 million Yuan** in cash[42](index=42&type=chunk) - The acquired subsidiaries are Xinjiang Zhongtian Feichi Clean Energy Co., Ltd. and Xinjiang Zhongtian Rongju Clean Energy Co., Ltd[42](index=42&type=chunk) - Related industrial and commercial registration procedures were completed in February 2025[42](index=42&type=chunk) [(VI)Analysis of Major Holding and Associate Companies](index=11&type=section&id=(VI)Analysis%20of%20Major%20Holding%20and%20Associate%20Companies) This section lists the financial information of the company's major holding and associate subsidiaries, covering their main businesses, registered capital, total assets, net assets, operating revenue, operating profit, and net profit, reflecting the operating status of each subsidiary in different business areas Major Subsidiaries and Associate Companies with over 10% Impact on Company's Net Profit | Company Name | Company Type | Main Business | Registered Capital (million Yuan) | Total Assets (million Yuan) | Net Assets (million Yuan) | Operating Revenue (million Yuan) | Operating Profit (million Yuan) | Net Profit (million Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shihezi ZeZhong Water Affairs Co., Ltd. | Subsidiary | Drinking water; urban water supply, drainage, sewage treatment | 226.53 | 967.98 | 539.10 | 68.96 | -5.99 | -6.28 | | Manas County Kensiwate Hydropower Co., Ltd. | Subsidiary | Hydropower generation | 226.37 | 299.17 | 246.34 | 17.96 | -1.63 | -1.76 | | Xinjiang Tianfu Jinyang New Energy Co., Ltd. | Subsidiary | Development and utilization of new energy such as solar and wind power | 160.37 | 252.15 | 240.24 | 25.41 | 5.52 | 4.35 | | Xinjiang Tianfu Tianyuan Gas Co., Ltd. | Subsidiary | Retail and storage of natural gas | 128.11 | 1,225.28 | 528.92 | 502.28 | 29.99 | 23.82 | | Shihezi Tianfu Rural Power Co., Ltd. | Subsidiary | Electricity supply and sales | 100.00 | 1,024.38 | 876.71 | 237.57 | 39.98 | 34.29 | | Xinjiang Tianfu Green Energy Photovoltaic Power Generation Co., Ltd. | Subsidiary | Solar power generation technical services; power generation, transmission, supply (distribution) business | 10.00 | 1,689.88 | 8.70 | 52.66 | -0.48 | -0.48 | | Xinjiang Tianfu Energy Power Sales Co., Ltd. | Subsidiary | Power purchase and sales, thermal power generation, heating | 849.30 | 1,461.03 | 1,326.89 | 535.24 | 79.34 | 71.57 | | Xinjiang Zhongtian Rongju Clean Energy Co., Ltd. | Subsidiary | Power generation, transmission, supply (distribution) business | 20.00 | 469.12 | 86.13 | 13.04 | -1.22 | -1.22 | | Xinjiang Zhongtian Feichi Clean Energy Co., Ltd. | Subsidiary | Power generation, transmission, supply (distribution) business | 80.00 | 1,510.31 | 245.56 | 35.07 | -11.27 | -11.27 | | Xinjiang Tianfu Weiye Engineering Co., Ltd. | Subsidiary | Construction engineering; construction labor subcontracting | 60.00 | 1,972.90 | 223.27 | 299.87 | -15.27 | -18.32 | | Xinjiang Bingrong Clean Energy Co., Ltd. | Subsidiary | Power generation, transmission, supply (distribution) business | 1,080.00 | 3,804.48 | 766.49 | 0.54 | 0.56 | 0.62 | [V. Other Disclosure Matters](index=13&type=section&id=V.%20Other%20Disclosure%20Matters) This section discloses the company's exposure to electricity market and pricing policy risks, new energy integration and grid safety risks, and operational risks related to accounts receivable collection, while also highlighting its commitment to green energy development, shareholder returns through share repurchases and cash dividends, and enhanced investor relations management [(I) Potential Risks](index=13&type=section&id=(I)%20Potential%20Risks) The company faces risks from electricity market and pricing policy adjustments leading to demand decline, new energy generation volatility impacting integration and grid safety, and operational risks of difficulty in collecting accounts receivable due to electricity price adjustments - The electricity industry is highly susceptible to macroeconomic conditions, where economic downturns may lead to decreased electricity demand, and electricity pricing policy adjustments can affect the company's profitability[48](index=48&type=chunk) - The volatility, randomness, and intermittency of photovoltaic power generation pose challenges to grid safety and stable operation, potentially leading to curtailment and limited generation capacity[48](index=48&type=chunk) - Due to electricity pricing policy adjustments, some electricity customers have not paid their electricity bills, resulting in a significant amount of accounts receivable for electricity, posing a risk that not all amounts may be recovered[49](index=49&type=chunk) [(II) Other Disclosure Matters](index=14&type=section&id=(II)%20Other%20Disclosure%20Matters) The company actively responds to the "Quality Improvement, Efficiency Enhancement, and High Returns" initiative, focusing on green energy development and enhancing new energy integration through an integrated "source-grid-load-storage" approach; in 2024, it completed share repurchases and reduced registered capital, while prioritizing cash dividends, with cumulative cash dividends of 1.812 billion Yuan since listing, and actively engaging with investors - The company actively responds to the Shanghai Stock Exchange's "Quality Improvement, Efficiency Enhancement, and High Returns" special initiative, focusing on a clean, low-carbon, safe, and efficient green energy development strategy[50](index=50&type=chunk) - The company is building a city-level "source-grid-load-storage" integrated project, consolidating network flexibility resources to enhance new energy absorption capacity[50](index=50&type=chunk) - In 2024, the company repurchased **4.6352 million shares** (accounting for **0.34%** of total share capital) through centralized bidding, with a total repurchase amount of **24.0049 million Yuan**, used to reduce registered capital[50](index=50&type=chunk) - The company emphasizes establishing and improving a normalized dividend mechanism, with cumulative cash dividends of **1.812 billion Yuan** since listing, achieving an average dividend payout ratio of **59.07%**[52](index=52&type=chunk) - The company maintains close communication with institutional and retail investors through performance briefings, roadshows, and investor hotlines[52](index=52&type=chunk) [Section IV Corporate Governance, Environment, and Society](index=15&type=section&id=Section%20IV%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section covers changes in the company's directors and senior management, environmental information disclosure for key polluting entities, and specific efforts in poverty alleviation and rural revitalization [I. Changes in Directors, Supervisors, and Senior Management](index=15&type=section&id=I.%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, Director and Deputy General Manager Kong Wei resigned due to work changes, the board of directors elected Li Jinsong as a director, and appointed Xu Haijun and Chen Chen as deputy general managers Changes in Directors, Supervisors, and Senior Management | Name | Position Held | Change Type | | :--- | :--- | :--- | | Kong Wei | Director, Deputy General Manager | Resignation | | Li Jinsong | Director | Election | | Xu Haijun | Deputy General Manager | Appointment | | Chen Chen | Deputy General Manager | Appointment | - Mr. Kong Wei resigned from his positions as director and deputy general manager due to work changes, with his resignation effective upon delivery to the board of directors[55](index=55&type=chunk) - Mr. Li Jinsong was nominated as a candidate for the eighth board of directors and approved by the general meeting of shareholders[55](index=55&type=chunk) - Mr. Xu Haijun and Mr. Chen Chen were appointed as deputy general managers of the company[56](index=56&type=chunk) [IV. Environmental Information of Listed Companies and Their Major Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information by Law](index=15&type=section&id=IV.%20Environmental%20Information%20of%20Listed%20Companies%20and%20Their%20Major%20Subsidiaries%20Included%20in%20the%20List%20of%20Enterprises%20Required%20to%20Disclose%20Environmental%20Information%20by%20Law) The company's thermal power enterprises, designated as key polluting units, strictly adhere to environmental regulations, ensuring stable operation of desulfurization, denitrification, and dust removal equipment for compliant pollutant discharge; all thermal power units hold pollution discharge permits, undergo regular environmental impact assessments, and conduct emergency response drills, with no significant environmental incidents or administrative penalties during the reporting period - The company's thermal power enterprises are key polluting units, with desulfurization, denitrification, and dust removal equipment operating safely and stably, ensuring legal and compliant operations regarding gas, water, noise, slag, hazardous waste, and solid waste[57](index=57&type=chunk) Environmental Operation Status of Company's Thermal Power Units During the Reporting Period | Unit Name | Main Pollutant | Emission Concentration | Applicable Pollutant Emission Standard | Exceedance Status | | :--- | :--- | :--- | :--- | :--- | | Tianhe Thermal Power Branch 2×330MW Units | Sulfur Dioxide | 14.6 mg/m³ | Less than 35 mg/m³ | None | | | Nitrogen Oxides | 33.8 mg/m³ | Less than 50 mg/m³ | None | | | Soot | 2.4 mg/m³ | Less than 10 mg/m³ | None | | Tianhe Thermal Power Branch 2×660MW Units | Sulfur Dioxide | 10.6 mg/m³ | Less than 35 mg/m³ | None | | | Nitrogen Oxides | 33.4 mg/m³ | Less than 50 mg/m³ | None | | | Soot | 2.3 mg/m³ | Less than 10 mg/m³ | None | | Tianfu Energy Power Sales Co., Ltd. 2×330MW Units | Sulfur Dioxide | 12.5 mg/m³ | Less than 35 mg/m³ | None | | | Nitrogen Oxides | 34.0 mg/m³ | Less than 50 mg/m³ | None | | | Soot | 2.0 mg/m³ | Less than 10 mg/m³ | None | - All of the company's normally operating thermal power units, excluding normal startup, ignition, and daily calibration times, did not experience any exceedances[58](index=58&type=chunk) - The company and its subsidiaries strictly comply with environmental laws and regulations, with environmental facilities operating at a **100%** synchronous rate, and all pollution control facilities maintaining normal operation and meeting discharge standards[58](index=58&type=chunk)[59](index=59&type=chunk) - All of the company's thermal power plants hold pollution discharge permits issued by local environmental protection authorities and strictly implement the environmental impact assessment system[60](index=60&type=chunk) - The company has prepared and filed emergency response plans for environmental incidents, conducting regular drills, and received no administrative penalties for environmental issues during the reporting period[61](index=61&type=chunk)[63](index=63&type=chunk) [V. Specific Situations of Consolidating and Expanding Poverty Alleviation Achievements, Rural Revitalization, and Other Work](index=17&type=section&id=V.%20Specific%20Situations%20of%20Consolidating%20and%20Expanding%20Poverty%20Alleviation%20Achievements%2C%20Rural%20Revitalization%2C%20and%20Other%20Work) The company actively supports the high-quality development strategy for southern Xinjiang by leveraging its subsidiaries in power installation, hydropower operation and maintenance, natural gas market expansion, and new energy industry layout, contributing significantly to regional industrial and economic growth - Tianfu Weiye (power installation, construction) established branches in Kashi City, Aksu City, Kunyu City, and Tumxuk City in southern Xinjiang to expand projects such as power lines, solar greenhouse electricity, lighting, and heating[64](index=64&type=chunk)[65](index=65&type=chunk) - Hongshanzui Power Plant actively entered the southern Xinjiang hydropower operation, maintenance, and repair market, completing multiple hydropower project O&M and overhaul tasks in Hotan, Kashi, Kizilsu, Aksu, and Korla[65](index=65&type=chunk) - Tianyuan Gas utilized its natural gas operation and management expertise to establish a controlling stake in Xinjiang Lihua Luyuan New Energy Co., Ltd. in Tiemenguan City, Second Division, expanding the natural gas market in southern Xinjiang[65](index=65&type=chunk) - The company is accelerating its new energy industry layout in southern Xinjiang, with the 200MW photovoltaic and supporting 60MW/240MWh "source-grid-load-storage" integrated project in Tumxuk City, Third Division, planned for grid connection within 2025[66](index=66&type=chunk) [Section V Significant Matters](index=19&type=section&id=Section%20V%20Significant%20Matters) This section details the company's fulfillment of commitments, major litigation, significant related party transactions, and the progress of raised funds utilization [I. Fulfillment of Commitments](index=19&type=section&id=I.%20Fulfillment%20of%20Commitments) The company, its controlling shareholder, and indirect controlling shareholder have strictly fulfilled all commitments during the reporting period, primarily concerning resolving horizontal competition, standardizing related party transactions, addressing guarantee balances, and maintaining the listed company's independence, along with disclosing a three-year shareholder dividend return plan Fulfillment of Commitments | Promisor | Commitment Background | Commitment Type | Summary of Commitment Content | Commitment Date | Has Performance Deadline | Commitment Period | Strictly Fulfilled | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Tianfu Group | Related to initial public offering | Resolve horizontal competition | Not to increase investment in businesses identical or similar to the company's, ensure subsidiaries do not compete, gradually inject operational assets into the company, and not harm the interests of the company and other shareholders | February 28, 2002 | No | Long-term | Yes | | Tianfu Group | Related to refinancing | Resolve horizontal competition | Same as above | June 2007 | No | Long-term | Yes | | Tianfu Group | Related to refinancing | Resolve horizontal competition | Same as above | February 2012 | No | Long-term | Yes | | Tianfu Group | Related to acquisition | Resolve horizontal competition | Ensure no increase in investment in businesses identical or similar to the company's, ensure subordinate enterprises do not compete, inject similar assets into the company through trusteeship, leasing, acquisition, etc., and not harm the interests of the company and other shareholders | April 12, 2022 | No | Long-term | Yes | | Tianfu Group | Related to acquisition | Standardize related party transactions | Standardize and reduce related party transactions, adhere to market principles, sign agreements according to law, and not use related party transactions to illegally transfer funds or profits; committed that if coal transportation service procurement exceeds 50% in 2026, control of Tianfu Yitong will be transferred to Tianfu Energy in 2027 | July 25, 2022 to 2027 | Yes | Long-term | Yes | | Tianfu Energy | Related to acquisition | Standardize related party transactions | Standardize and reduce related party transactions, adhere to market principles, and sign agreements according to law; committed to gradually reduce coal transportation service procurement from Tianfu Yitong over the next four years, and if it does not fall below 50% in 2026, control of Tianfu Yitong will be acquired in 2027 | July 25, 2022 to 2027 | Yes | Long-term | Yes | | Zhongxin Building Power Group, Tianfu Group | Related to acquisition | Resolve guarantee balance | Tianfu Energy's existing loan guarantee balance continues to be guaranteed by Tianfu Group, and incremental loans are guaranteed by Zhongxin Building Power Group or Tianfu Group; for Tianfu Energy's new guarantees for Tianfu Group before June 30, 2025, Zhongxin Building Power Group will provide counter-guarantees, and no new guarantees will be added thereafter | December 18, 2023 | Yes | Long-term | Yes | | Zhongxin Building Power Group, Tianfu Group | Related to acquisition | Reduce and standardize related party transactions | Ensure Tianfu Energy's business independence and asset completeness, not use control to seek preferential transactions, avoid unnecessary transactions, and ensure necessary transactions follow fair principles | December 26, 2023 | No | Long-term | Yes | | Zhongxin Building Power Group, Tianfu Group | Related to acquisition | Maintain listed company independence | Ensure the listed company's independence in assets, personnel, finance, organization, and business | December 26, 2023 | No | Long-term | Yes | | Zhongxin Building Power Group, Tianfu Group | Related to acquisition | Avoid horizontal competition (change) | Committed that there are currently no substantive horizontal competition businesses within the listed company's operating area, and future new business opportunities will be preferentially offered to the listed company, or invested first and then injected into the listed company when conditions are mature | July 23, 2024 | Yes | Long-term | Yes | | Tianfu Energy | Other commitments to small and medium shareholders | Dividends | The company may distribute dividends in cash, stock, or a combination of both, with priority given to cash dividends; when conditions for cash dividends are met, the single-year cash dividend shall not be less than 10% of the distributable profit for that year | May 8, 2024 to 2026 | Yes | Long-term | Yes | [VII. Major Litigation and Arbitration Matters](index=25&type=section&id=VII.%20Major%20Litigation%20and%20Arbitration%20Matters) The company was involved in multiple significant lawsuits during the reporting period, primarily contract disputes with industrial customers concerning substantial electricity bill differences and interest on occupied funds, with some cases having entered the enforcement stage; additionally, the controlling subsidiary Shihezi Tianfu South Thermal Power Co., Ltd. is undergoing compulsory liquidation - In the supply and consumption contract dispute with Xinjiang Shangni Biotechnology Co., Ltd., the company won both the first and second instances, with Shangni Company ordered to pay an electricity bill difference of **23.346 million Yuan** and capital occupation losses of **609.38 thousand Yuan**; **8 million Yuan** has been forcibly deducted after applying for enforcement[75](index=75&type=chunk) - The company filed a lawsuit with the Intermediate People's Court of the Eighth Division of Xinjiang Production and Construction Corps, demanding Xinjiang Production and Construction Corps Eighth Division Tianshan Aluminum Co., Ltd. pay an electricity bill difference of **505.94 million Yuan** and interest losses of **20.91 million Yuan**[76](index=76&type=chunk) - The company filed a lawsuit with the Urumqi Intermediate People's Court against Xinjiang Western Hesheng Silicon Material Co., Ltd. for a supply and consumption contract dispute, with total claims of **494.94 million Yuan**, and applied for litigation preservation[77](index=77&type=chunk) - The company filed a lawsuit with the Urumqi Intermediate People's Court against Xinjiang Western Hesheng Silicon Industry Co., Ltd. for a supply and consumption contract dispute, with total claims of **61.04 million Yuan**, and applied for litigation preservation[78](index=78&type=chunk) - Controlling subsidiary Shihezi Tianfu South Thermal Power Co., Ltd. was accepted for compulsory liquidation in 2019, and the liquidation team personnel were replaced in April 2025[79](index=79&type=chunk) [X. Significant Related Party Transactions](index=26&type=section&id=X.%20Significant%20Related%20Party%20Transactions) During the reporting period, the company engaged in various daily operating transactions with related parties, including procurement, sales of goods, and labor services, and renewed loan agreements with its controlling shareholder and gas pipeline lease agreements with related parties, all conducted on market-based principles [(I) Related Party Transactions Related to Daily Operations](index=26&type=section&id=(I)%20Related%20Party%20Transactions%20Related%20to%20Daily%20Operations) The company anticipates approximately **1.7 billion Yuan** in daily related party transactions for 2025, covering raw material procurement, product sales, and provision/acceptance of labor; actual related party transaction amounts for purchasing goods, selling goods, and providing/receiving labor during the reporting period were within the estimated range and priced at market rates - The company expects to purchase raw materials and goods not exceeding **60 million Yuan** from related parties, sell products not exceeding **500 million Yuan**, provide labor not exceeding **55 million Yuan**, accept labor not exceeding **930 million Yuan**, and engage in other transactions not exceeding **20 million Yuan** in 2025[80](index=80&type=chunk) Daily Related Party Transactions for H1 2025 | Related Party Transaction Type | Related Party Transaction Amount (Yuan) | | :--- | :--- | | Purchase of Goods | 16,762,786.45 | | Sale of Goods | 25,606,169.22 | | Provision of Labor | 19,473,747.36 | | Acceptance of Labor | 376,797,911.48 | | Total | 438,640,614.51 | [(IV) Related Party Debt and Credit Transactions](index=28&type=section&id=(IV)%20Related%20Party%20Debt%20and%20Credit%20Transactions) The company renewed a loan agreement with its controlling shareholder, Zhongxin Building Power Group, for a total amount not exceeding **500 million Yuan** to support project construction and production operations, and has already signed two loan contracts totaling **500 million Yuan** - The company renewed a "Loan Agreement" with its controlling shareholder, Zhongxin Building Power Group Co., Ltd., for a loan amount not exceeding **500 million Yuan**, with a one-year term and an interest rate not higher than the loan market quoted rate[84](index=84&type=chunk) - On April 10 and April 25, 2025, the company renewed two "Loan Contracts" with Zhongxin Building Power Group, totaling **500 million Yuan**[85](index=85&type=chunk) [(VII) Other](index=29&type=section&id=(VII)%20Other) Related party Xinjiang Tianfu Yitong Supply Chain Management Co., Ltd. won the bid for the company's 2025 coal transportation project, with the transaction amount included in the annual related party transaction quota; additionally, the company's wholly-owned subsidiary Xinjiang Tianfu Tianyuan Gas Co., Ltd. renewed a gas pipeline asset group lease agreement with Xinjiang Tianfu Group Co., Ltd. for a three-year term, with a total rent of **46.8 million Yuan** - Related party Xinjiang Tianfu Yitong Supply Chain Management Co., Ltd. won the bid for the company's 2025 coal transportation project, with a winning price not exceeding **0.65 Yuan/ton·kilometer**, and the transaction amount is included in the annual related party transaction quota[87](index=87&type=chunk) - The company's wholly-owned subsidiary Xinjiang Tianfu Tianyuan Gas Co., Ltd. renewed the "Gas Pipeline Asset Group Lease Agreement" with Xinjiang Tianfu Group Co., Ltd. for a three-year term (June 1, 2025 to May 31, 2028), with an annual rent of **15.6 million Yuan** and a total rent of **46.8 million Yuan**[88](index=88&type=chunk) [XI. Significant Contracts and Their Fulfillment](index=29&type=section&id=XI.%20Significant%20Contracts%20and%20Their%20Fulfillment) During the reporting period, the company fulfilled several significant contracts, including lease agreements with related parties, substantial guarantees provided for related parties, and multiple bank loan agreements; the total external guarantee amount exceeded 100% of net assets, but all were covered by counter-guarantees; additionally, the company signed an energy performance contracting agreement for a comprehensive energy efficiency improvement project [(I) Entrustment, Contracting, and Leasing Matters](index=29&type=section&id=(I)%20Entrustment%2C%20Contracting%2C%20and%20Leasing%20Matters) As a lessor, the company leased houses and buildings to Tianfu Yitong, Tianfu Xiandai, and International Economic and Trade, recognizing a total lease income of **1.9505 million Yuan** this period; as a lessee, the company leased specialized equipment, houses and buildings, land use rights, and urban utility tunnels from Tianfu Group and others, incurring rental payments and interest expenses Company as Lessor Lease Information | Lessee Name | Type of Leased Asset | Lease Income Recognized This Period (Yuan) | | :--- | :--- | :--- | | Tianfu Yitong | Houses and Buildings | 1,219,047.62 | | Tianfu Xiandai | Houses and Buildings | 731,428.57 | | International Economic and Trade | Houses and Buildings | 0 | | Total | / | 1,950,476.19 | Company as Lessee Lease Information (Partial) | Lessor Name | Type of Leased Asset | Rent Paid This Period (Yuan) | Lease Liability Interest Expense This Period (Yuan) | | :--- | :--- | :--- | :--- | | Tianfu Group | Specialized Equipment | 13,914,380.22 | 2,765,716.52 | | Tianfu Group | Houses and Buildings | 2,634,910.62 | 1,334,734.06 | | Tianfu Group | Land Use Rights | 288,760.21 | 442,246.00 | | Urban Utility Tunnel | Houses and Buildings | 231,650.18 | 394,822.66 | | Tianfu Real Estate | Houses and Buildings | 140,129.94 | 2,594,449.83 | [(II) Significant Guarantees Performed and Not Yet Completed During the Reporting Period](index=31&type=section&id=(II)%20Significant%20Guarantees%20Performed%20and%20Not%20Yet%20Completed%20During%20the%20Reporting%20Period) During the reporting period, the company provided new guarantees totaling **3.43 billion Yuan** for related parties, with a period-end external guarantee balance of **6.87 billion Yuan** and guarantees for subsidiaries totaling **1.042 billion Yuan**, bringing the total guarantee amount to **7.912 billion Yuan**, representing **106.18%** of the company's net assets; all guarantees provided for related parties are covered by counter-guarantees, and no overdue repayments occurred Company's External Guarantees (Excluding Guarantees for Subsidiaries) | Guaranteed Party | Guarantee Amount (Yuan) | Guarantee Start Date | Guarantee End Date | Guarantee Fulfilled | Guarantee Overdue | Counter-Guarantee Status | Related Party Guarantee | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Tianfu Group | 300,000,000 | January 28, 2022 | January 28, 2025 | Yes | No | Yes | Yes | | Tianfu Group | 200,000,000 | February 28, 2022 | February 28, 2025 | Yes | No | Yes | Yes | | Tianfu Group | 230,000,000 | March 14, 2022 | March 21, 2025 | Yes | No | Yes | Yes | | Tianfu Group | 300,000,000 | March 23, 2022 | March 24, 2025 | Yes | No | Yes | Yes | | Tianfu Group | 150,000,000 | November 4, 2022 | November 10, 2027 | No | No | Yes | Yes | | ... | ... | ... | ... | ... | ... | ... | ... | | Total Guarantee Amount Incurred During Reporting Period | 3.43 billion | / | / | / | / | / | / | | Total Guarantee Balance at Period-end (A) | 6.87 billion | / | / | / | / | / | / | Company's Total Guarantee Amount (Including Guarantees for Subsidiaries) | Indicator | Amount (Yuan) | | :--- | :--- | | Total Guarantee Amount (A+B) | 7.912 billion | | Ratio of Total Guarantee Amount to Company's Net Assets (%) | 106.18 | | Amount of Guarantees Provided for Shareholders, Actual Controllers, and Their Related Parties (C) | 6.87 billion | | Amount of Debt Guarantees Provided Directly or Indirectly for Guaranteed Parties with Asset-Liability Ratio Exceeding 70% (D) | 7.17 billion | | Amount of Guarantees Exceeding 50% of Net Assets (E) | 4.186 billion | | Total of the Above Three Guarantee Amounts (C+D+E) | 18.226 billion | - During the reporting period, the company provided new guarantees totaling **3.43 billion Yuan** for Tianfu Group and its affiliated enterprises, with Tianfu Group and Zhongxin Building Power Group providing counter-guarantees and signing "Counter-Guarantee Contracts" for these guarantees[95](index=95&type=chunk) - The company provided guarantees for indirect controlling shareholder Tianfu Group not exceeding **1.3 billion Yuan** and **1.35 billion Yuan**, both approved by the board of directors and general meeting of shareholders[95](index=95&type=chunk) - During the reporting period, the company provided new guarantees totaling **400 million Yuan** for its subsidiaries[96](index=96&type=chunk) [(III) Other Significant Contracts](index=37&type=section&id=(III)%20Other%20Significant%20Contracts) During the reporting period, the company signed multiple loan contracts totaling approximately **1.97 billion Yuan** for project construction, electricity purchases, and daily operational turnover; concurrently, it entered into numerous guarantee contracts, providing guarantees totaling approximately **3.43 billion Yuan** for related parties; additionally, the company signed an energy performance contracting agreement with Tongfang Energy Conservation Engineering Technology Co., Ltd. for the Tianhe Thermal Power Plant and its heating area comprehensive energy efficiency improvement project, with an estimated investment of **312.69 million Yuan** - During the reporting period, the company signed **16 loan contracts** totaling approximately **1.97 billion Yuan**, used for flexibility upgrades of Tianhe Thermal Power Branch units, electricity purchases, daily operational turnover, and M&A transaction payments[97](index=97&type=chunk)[98](index=98&type=chunk)[99](index=99&type=chunk)[100](index=100&type=chunk)[101](index=101&type=chunk) - During the reporting period, the company signed **19 guarantee contracts**, providing guarantees totaling approximately **3.43 billion Yuan** for Tianfu Group and its subsidiaries[102](index=102&type=chunk)[103](index=103&type=chunk)[104](index=104&type=chunk)[105](index=105&type=chunk)[106](index=106&type=chunk) - The company signed the "Tianhe Thermal Power Plant and its Heating Area Comprehensive Energy Efficiency Improvement Project Energy Performance Contracting Agreement" with Tongfang Energy Conservation Engineering Technology Co., Ltd., with an estimated investment of **312.69 million Yuan**, where Tongfang Energy Conservation is responsible for investment, construction, and operation and maintenance during the contract period[107](index=107&type=chunk) [XII. Explanation of Progress in Use of Raised Funds](index=39&type=section&id=XII.%20Explanation%20of%20Progress%20in%20Use%20of%20Raised%20Funds) The company's overall use of raised funds is progressing smoothly, with cumulative investment reaching **99.64%** of the net raised amount; the "400,000 kW Photovoltaic Base Project Construction in Northern Xinjiang Production and Construction Corps" has achieved full capacity grid connection, but its current period's benefits fell short of expectations due to market electricity prices and depreciation; the company also utilized idle raised funds for cash management, with a period-end balance of **8.7962 million Yuan** [(I)Overall Use of Raised Funds](index=39&type=section&id=(I)Overall%20Use%20of%20Raised%20Funds) The company's net proceeds from issuing shares to specific investors amounted to **1.482 billion Yuan**, with cumulative investment reaching **1.476 billion Yuan** as of the end of the reporting period, representing an investment progress of **99.64%** Overall Use of Raised Funds | Source of Raised Funds | Net Amount of Raised Funds (Yuan) | Total Committed Investment in Prospectus or Offering Memorandum (Yuan) | Total Cumulative Investment of Raised Funds as of Period-end (Yuan) | Cumulative Investment Progress of Raised Funds as of Period-end (%) | | :--- | :--- | :--- | :--- | :--- | | Issuance of shares to specific objects | 1.482 billion | 1.482 billion | 1.477 billion | 99.64 | [(II)Details of Fund-Raising Projects](index=39&type=section&id=(II)Details%20of%20Fund-Raising%20Projects) The "400,000 kW Photovoltaic Base Project Construction in Northern Xinjiang Production and Construction Corps" has a cumulative investment of **99.64%** of its budget and achieved full capacity grid connection by the end of 2023; however, due to market-based photovoltaic electricity prices and high depreciation, the project's benefit for the first half of 2025 was **-483.00 thousand Yuan**, falling short of expected benefits Details of Fund-Raising Projects Usage | Fund-Raising Project Name | Committed Investment in Prospectus or Offering Memorandum (Yuan) | Cumulative Investment Amount as of Period-end (Yuan) | Investment Progress as of Period-end (%) | Benefits Achieved This Year (Yuan) | Reasons for Not Meeting Expected Benefits | | :--- | :--- | :--- | :--- | :--- | :--- | | 400,000 kW Photovoltaic Base Project Construction in Northern Xinjiang Production and Construction Corps | 1.482 billion | 1.477 billion | 99.64 | -483,003.08 | Photovoltaic electricity prices implemented market-based pricing in 2023, and the project has been in operation for a short period, resulting in high fixed asset depreciation, which caused the project to not meet its original expected benefits for the current period | | Total | 1.482 billion | 1.477 billion | / | -483,003.08 | / | - The fund-raising project "400,000 kW Photovoltaic Base Project Construction in Northern Xinjiang Production and Construction Corps" achieved full capacity grid connection and power generation by the end of December 2023[111](index=111&type=chunk) - Project benefits fell short of expectations, primarily due to market-based photovoltaic electricity prices and high fixed asset depreciation[111](index=111&type=chunk) [(IV)Other Circumstances Regarding the Use of Raised Funds During the Reporting Period](index=41&type=section&id=(IV)Other%20Circumstances%20Regarding%20the%20Use%20of%20Raised%20Funds%20During%20the%20Reporting%20Period) The company utilized idle raised funds for cash management, with the board of directors approving maximum limits of **1.5 billion Yuan** and **45 million Yuan** for such plans; as of June 30, 2025, the balance of unexpired agreed deposits for idle raised funds used for cash management was **8.7962 million Yuan** - The company has been approved to use idle raised funds for cash management up to a maximum of **1.5 billion Yuan** (July 2023) and **45 million Yuan** (August 2024)[113](index=113&type=chunk)[114](index=114&type=chunk) - As of June 30, 2025, the unexpired balance of agreed deposits for idle raised funds used for cash management was **8.7962 million Yuan**[114](index=114&type=chunk) [Section VI Share Changes and Shareholder Information](index=42&type=section&id=Section%20VI%20Share%20Changes%20and%20Shareholder%20Information) This section details any changes in the company's share capital and provides an overview of its shareholder structure [I. Changes in Share Capital](index=42&type=section&id=I.%20Changes%20in%20Share%20Capital) During the reporting period, there were no changes in the company's total share capital or share structure - During the reporting period, there were no changes in the company's total share capital or share structure[117](index=117&type=chunk) [II. Shareholder Information](index=42&type=section&id=II.%20Shareholder%20Information) As of the end of the reporting period, the company had **69,728** common shareholders; among the top ten shareholders, Zhongxin Building Power Group Co., Ltd. held the highest proportion at **33.60%**, with some shares subject to freezing, and Zhongxin Building Power Group and Tianfu Group are parties acting in concert - As of the end of the reporting period, the total number of common shareholders was **69,728**[118](index=118&type=chunk) Top Ten Shareholders' Shareholding | Shareholder Name | Shares Held at Period-end (shares) | Percentage (%) | Pledged, Marked, or Frozen Shares (shares) | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | | Zhongxin Building Power Group Co., Ltd. | 461,775,740 | 33.60 | 0 | State-owned Legal Person | | Qiu Weimin | 16,211,823 | 1.18 | 7,190,000 (Frozen) | Domestic Natural Person | | Xinjiang Production and Construction Corps Investment Co., Ltd. | 13,144,607 | 0.96 | 0 | State-owned Legal Person | | Xinjiang Tianfu Group Co., Ltd. | 11,500,000 | 0.84 | 0 | State-owned Legal Person | | China Merchants Bank Co., Ltd. - Southern CSI 1000 ETF | 8,883,200 | 0.65 | 0 | State-owned Legal Person | | Shihezi State-owned Capital Operation Co., Ltd. | 8,075,200 | 0.59 | 0 | State-owned Legal Person | | Zhuhai Echo Asset Management Co., Ltd. - Echo No. 1 Private Equity Fund | 6,296,400 | 0.46 | 0 | State-owned Legal Person | | China Merchants Bank Co., Ltd. - China Asset Management CSI 1000 ETF | 5,240,500 | 0.38 | 0 | State-owned Legal Person | | Jinan Hanxiang Investment Management Partnership (Limited Partnership) | 4,560,000 | 0.33 | 0 | State-owned Legal Person | | Huang Huarong | 4,500,000 | 0.33 | 0 | Domestic Natural Person | - Zhongxin Building Power Group and Tianfu Group are parties acting in concert[121](index=121&type=chunk) [Section VII Bond-Related Information](index=44&type=section&id=Section%20VII%20Bond-Related%20Information) This section confirms that the company has no outstanding corporate bonds or non-financial enterprise debt financing instruments - The company has no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[123](index=123&type=chunk) - The company has no convertible corporate bonds[123](index=123&type=chunk) [Section VIII Financial Report](index=45&type=section&id=Section%20VIII%20Financial%20Report) This section presents the company's financial statements, including the audit report status, balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, along with detailed notes on accounting policies, taxation, and financial statement items [I. Audit Report](index=45&type=section&id=I.%20Audit%20Report) This section explicitly states that this semi-annual report is unaudited - This semi-annual report is unaudited[125](index=125&type=chunk) [II. Financial Statements](index=45&type=section&id=II.%20Financial%20Statements) This section provides the company's consolidated and parent company financial statements for the first half of 2025, including the balance sheet, income statement, cash flow statement, and statement of changes in owners' equity, comprehensively presenting the company's financial position and operating results - The consolidated balance sheet shows that as of June 30, 2025, the company's total assets were **30.190 billion Yuan**, total liabilities were **21.447 billion Yuan**, and total owners' equity was **8.742 billion Yuan**[125](index=125&type=chunk)[127](index=127&type=chunk) - The consolidated income statement shows that for January-June 2025, total operating revenue was **4.066 billion Yuan**, net profit was **303.33 million Yuan**, and net profit attributable to parent company shareholders was **303.78 million Yuan**[132](index=132&type=chunk)[133](index=133&type=chunk) - The consolidated cash flow statement shows that for January-June 2025, net cash flow from operating activities was **226.22 million Yuan**, net cash flow from investing activities was **-854.31 million Yuan**, and net cash flow from financing activities was **171.33 million Yuan**[139](index=139&type=chunk)[140](index=140&type=chunk) [III. Company Overview](index=61&type=section&id=III.%20Company%20Overview) This section outlines Xinjiang Tianfu Energy Co., Ltd.'s establishment history, share capital changes, business scope, registered address, legal representative, and ultimate controlling party, affirming its status as Xinjiang Production and Construction Corps' largest integrated energy listed company - Xinjiang Tianfu Energy Co., Ltd. was established on March 28, 1999, and listed on February 28, 2002[153](index=153&type=chunk) - The company's share capital has undergone multiple issuances and repurchases, with a total share capital of **1.374 billion shares** as of June 30, 2025[153](index=153&type=chunk)[154](index=154&type=chunk)[155](index=155&type=chunk)[156](index=156&type=chunk) - The company's business scope is extensive, including coal sales, thermal power, hydropower, electricity supply, heating, instrument production, sales and installation, power industry technical consulting services, logistics and warehousing services, clean energy development and utilization, engineering design, and building material sales[157](index=157&type=chunk) - The company's parent company is Zhongxin Building Power Group Co., Ltd., and its ultimate controlling party is the State-owned Assets Supervision and Administration Commission of the Eighth Division of Xinjiang Production and Construction Corps[158](index=158&type=chunk) [IV. Basis for Preparation of Financial Statements](index=62&type=section&id=IV.%20Basis%20for%20Preparation%20of%20Financial%20Statements) This section states that the company's financial statements are prepared on a going concern basis, in accordance with enterprise accounting standards and relevant regulations, with no significant uncertainties affecting its going concern ability within the next 12 months - These financial statements are prepared on a going concern basis, in accordance with actual transactions and relevant provisions of enterprise accounting standards[160](index=160&type=chunk) - From the end of this reporting period to the next 12 months, the company has no significant uncertainties affecting its ability to continue as a going concern[161](index=161&type=chunk) [V. Significant Accounting Policies and Estimates](index=62&type=section&id=V.%20

证券代码：600509 证券简称：天富能源 公告编号：2025-临 047 新疆天富能源股份有限公司 关于对全资子公司进行增资和减资的公告 特别提示 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个别及连带责任。 一、本次增资和减资概况 基于新疆天富能源股份有限公司（以下简称"公司"）发展战略， 为优化公司资本结构，公司决定对全资子公司新疆天富绿能光伏发电 有限责任公司（以下简称"天富绿能"）进行增资，对全资子公司新 疆天富能源售电有限公司（以下简称"天富售电"）进行减资。 （一）天富绿能 公司名称：新疆天富绿能光伏发电有限责任公司 类型：有限责任公司（非自然人投资或控股的法人独资） 成立日期：2022 年 3 月 4 日 注册资本：1000 万人民币 注册地址：新疆石河子市下野地镇五小区（中南）老检察院办公 室三楼 33 号 天富绿能的注册资本为 1,000 万人民币。公司以对天富绿能的债 权 55,000 万元对天富绿能增资，天富绿能增加注册资本 55,000 万元。 增资完成后天富绿能的注册资本为 56,000 万元，公司仍然持有 ...

证券代码：600509 证券简称：天富能源 公告编号：2025-临 046 新疆天富能源股份有限公司 关于公司 2025 年半年度计提减值准备的公告 特别提示 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个别及连带责任。 新疆天富能源股份有限公司（以下简称"公司"）于 2025 年 8 月 11 日召开第八届董事会第十三次会议，审议通过《关于公司 2025 年半年度计提减值准备的议案》，现将相关情况公告如下： 二、本次计提减值准备对公司的影响 公司本次计提减值准备合计 91,591,163.55 元，减少了公司合并 报表利润总额 91,591,163.55 元，占 2024 年度经审计归属于上市公 司股东净利润的 36.87%。 三、董事会意见 经核查，董事会认为：依据《企业会计准则》及公司相关会计政 策的规定，公司本次计提信用减值准备依据充分，公允地反映了公司 资产状况，同意本次计提信用减值准备。 四、监事会意见 一、本次计提减值准备情况概述 根据《企业会计准则》和公司相关会计政策，公司对截至 2025 年 6 月 30 日的相关资 ...

证券代码：600509 证券简称：天富能源 公告编号：2025-临 048 新疆天富能源股份有限公司 关于控股子公司新疆天富特种纤维纸浆制造 ? 新疆天富能源股份有限公司（以下简称"公司"）控股子公司 新疆天富特种纤维纸浆制造有限公司（以下简称"天富特纤"）拟向 法院申请破产清算。 ? 本事项在董事会审议权限范围之内，无需提交股东大会审议。 ? 本次控股子公司申请破产清算事项不涉及关联交易，亦不构成 《上市公司重大资产重组管理办法》规定的重大资产重组。 一、情况概述 公司控股子公司天富特纤成立于 2007 年 6 月，注册资本金 4,000 万元，系公司与厦门榕兴超细纤维制造有限公司共同投资设立，其中： 公司出资 3,200 万元，持股比例 80%，厦门榕兴超细纤维制造有限公 司出资 800 万元，持股比例 20%。天富特纤主要经营范围为纸、保温 材料、纤维等生产与销售，因该项目一直未达产，鉴于公司停歇业多 年，无人员、无资金、无资产，无法清偿债务，按照国资国企改革要 求，进一步优化公司管理架构，降低管理成本，提高运营效率，天富 特纤现拟通过法律途径破产清算。 公司 2025 年 8 月 11 日召开第八届董 ...

关于公司控股子公司与奎屯华能电力建设有限公司 签订总承包合同补充协议暨关联交易的公告 特别提示 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个别及连带责任。 重要内容提示： ? 交易内容：经公开招标，奎屯华能电力建设有限公司（以下简 称"奎屯华能"）中标公司控股子公司新疆兵融清洁能源有限责任公 司（以下简称"兵融清洁"）所属的中新建电力集团天富能源 18.34GW 新能源--天富国华兵地融合玛纳斯县 3GW 光伏项目（一期 1GW 工程- 中新建电力 0.7GW）二标段，因原规划线路变更，现需在原合同基础 上签订《总承包合同补充协议》，金额为 5,173.61 万元。 ? 公司第八届董事会第十三次会议以 7 票赞成、0 票反对、0 票 弃权审议通过了此项关联交易，关联董事刘伟先生、张高峰先生回避 表决。 ? 截至公告披露日，过去 12 个月内除股东大会审议批准及根据 《上海证券交易所股票上市规则》豁免提交股东大会审议的关联交易 外，公司与同一关联人以及与不同关联人发生的关联交易总额为 一、关联交易概述 经公开招标，奎屯华能中标公司控股 ...

新疆天富能源股份有限公司2025 年半年度报告 公司代码：600509 公司简称：天富能源 新疆天富能源股份有限公司 新疆天富能源股份有限公司2025 年半年度报告 重要提示 一、本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确性、 完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、公司全体董事出席董事会会议。 三、本半年度报告未经审计。 四、公司负责人刘伟、主管会计工作负责人刘伟及会计机构负责人（会计主管人员）张伟声明： 保证半年度报告中财务报告的真实、准确、完整。 五、董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划、发展战略等前瞻性描述不构成公司对投资者的实质承诺，敬请 投资者注意投资风险。 七、是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、是否存在违反规定决策程序对外提供担保的情况 否 九、是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、重大风险提示 公司已在本报告中详细描述可能存在的相关风险，敬请参阅"第三节 管 ...