Core Insights - Ningbo Energy reported a decrease in the number of shareholders to 61,000 as of June 30, 2025, down by 10,500 or 14.66% from March 31, 2025 [1][2] - The average number of shares held per shareholder increased from 15,600 to 18,300, with an average market value of 81,400 yuan [1][2] - Compared to the industry average, Ningbo Energy's shareholder count is below the average of 109,000 for the power sector, and its average market value is significantly lower than the industry average of 290,000 yuan [1] Financial Performance - From March 31, 2025, to June 30, 2025, Ningbo Energy experienced a price decline of 3.53%, coinciding with a reduction in shareholder count [1][2] - During the same period, the company saw a net outflow of 286 million yuan from major funds, while retail investors contributed a net inflow of 300 million yuan [2]

Core Viewpoint - Ningbo Energy Group Co., Ltd. reported a decrease in operating income for the first half of 2025, while net profit increased, indicating a mixed performance amid operational challenges [2][3]. Financial Performance - Operating income for the first half of 2025 was CNY 1,873,613,747.51, a decrease of 11.24% compared to CNY 2,110,931,254.45 in the same period last year [2]. - Total profit increased by 28.85% to CNY 197,417,931.86 from CNY 153,218,851.42 year-on-year [2]. - Net profit attributable to shareholders rose by 13.05% to CNY 140,528,113.49 from CNY 124,307,918.46 [2]. - The net cash flow from operating activities decreased by 55.45% to CNY 243,181,237.61 from CNY 545,843,107.17 [2][3]. Key Financial Indicators - Basic earnings per share increased by 8.85% to CNY 0.1218 from CNY 0.1119 [2]. - Diluted earnings per share rose by 9.83% to CNY 0.1218 from CNY 0.1109 [2]. - The weighted average return on equity increased to 3.09% from 2.94% [2]. Business Operations - The company primarily engages in cogeneration, biomass power generation, pumped storage, and comprehensive energy services [3]. - The cogeneration segment showed good operational performance, with significant user expansion in various subsidiaries [3]. - The green energy segment demonstrated a stable upward trend, with successful completion of solar project acquisitions [3]. Strategic Initiatives - The company is focused on enhancing internal management and promoting innovation to achieve sustainable high-quality development [3]. - Investment in research and development increased by 45.25%, reflecting a commitment to technological advancement [3]. - The company has established partnerships with universities and research institutions to develop key technologies in biomass gasification and energy systems optimization [6]. Risk Management and Governance - The company has strengthened its governance structure by eliminating the supervisory board and adjusting its governance policies [7]. - A comprehensive risk management framework has been implemented to identify and mitigate significant operational risks [7].

Group 1 - The board of directors of Ningbo Energy Group Co., Ltd. held its 33rd meeting on August 19, 2025, in compliance with relevant laws and regulations [1] - The board approved the 2025 semi-annual report and its summary, with a unanimous vote of 9 in favor, 0 against, and 0 abstentions [1][2] - The board also approved a proposal to change the company's accounting estimates, which was reviewed by the audit committee [1] Group 2 - The board approved a proposal to change the members of the Strategic Committee, electing Mr. Ma Yifei as a member and chairman, replacing Mr. Lou Song Song [2] - The term for the newly elected chairman will be the same as that of the eighth board of directors [2]

Group 1 - Ningbo Energy announced a change in its board, with Lou Song Song stepping down from the Strategic Committee and Ma Yifei elected as the new member and chair [1] - For the fiscal year 2024, Ningbo Energy's revenue composition is as follows: 64.23% from the power industry, 28.3% from commodity trading, and 7.47% from other businesses [1] - As of the report, Ningbo Energy has a market capitalization of 5.1 billion yuan [1]

Group 1 - The core viewpoint of the report indicates that Ningbo Energy's revenue decreased by 11.24% year-on-year, while net profit increased by 13.05% in the first half of 2025 [1][2] - The company reported a basic earnings per share of 0.12 yuan and a weighted average return on equity of 3.09% [2] - As of August 29, 2025, the company's price-to-earnings ratio (TTM) is approximately 17.18 times, price-to-book ratio (LF) is about 1.05 times, and price-to-sales ratio (TTM) is around 1.25 times [2] Group 2 - The gross profit margin for the first half of 2025 was 18.84%, an increase of 5.31 percentage points year-on-year, while the net profit margin was 9.56%, up by 2.37 percentage points compared to the previous year [2] - In the second quarter of 2025, the gross profit margin was 18.27%, showing a year-on-year increase of 6.87 percentage points but a quarter-on-quarter decrease of 1.10 percentage points; the net profit margin was 13.08%, up by 1.90 percentage points year-on-year and 6.76 percentage points quarter-on-quarter [2] - The company's operating expenses for the first half of 2025 amounted to 276 million yuan, an increase of 2.35 million yuan year-on-year, with an expense ratio of 14.71%, up by 1.76 percentage points from the previous year [2] Group 3 - Ningbo Energy's main business includes combined heat and power generation, biomass power generation, pumped storage, energy storage, and comprehensive energy services, with revenue composition being 37.11% from steam, 28.30% from bulk commodities, 26.61% from electricity, and 7.98% from other sources [3] - The company is classified under the public utility sector, specifically in electricity and heat services, and is involved in concepts such as pumped storage, green power, low-cost energy, biomass energy, and new energy [3]

Group 1 - The company Ningbo Energy reported a half-year revenue of 1,873,613,747.51 yuan, representing a year-on-year decrease of 11.24% [1] - The net profit attributable to shareholders of the listed company was 140,528,113.49 yuan, showing a year-on-year increase of 13.05% [1] Group 2 - Among the top ten circulating shareholders, Zhu Haiyang is a newly added circulating shareholder [2]

| 证券代码：600982 | | 证券简称：宁波能源 | | | | 公告编号：临 2025-046 | | --- | --- | --- | --- | --- | --- | --- | | 债券代码: | 242520.SH | 债券简称: | GC | 甬能 | Y1 | | 宁波能源集团股份有限公司 八届三十三次董事会决议公告 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。 一、董事会会议召开情况 宁波能源集团股份有限公司（以下简称"公司"）八届三十三次董事会会议 通知于 2025 年 8 月 19 日以电子邮件方式发送至各位董事，会议于 2025 年 8 月 29 日以现场表决的方式举行。本次会议应出席董事 9 名，实际出席董事 9 名， 会议的召开符合《公司法》和《公司章程》等有关法律、法规和规章的规定。 二、董事会会议审议情况 (二）审议通过《关于变更公司会计估计的议案》； 本议案已经董事会审计委员会审议通过。具体详见公司同日于上海证券交易 所网站（www.sse.com.cn）发布的临时公告《宁波能源集团 ...

关于宁波能源集团股份有限公司 会计估计变更的鉴证报告 中国杭州市钱江新城新业路 8号 UDC 时代大厦 A 座 5-8 层、12 层、23 层 Floors5-8,12and23,Block A,UDC Times Building,No.8 Xinye Road，Qianjiang New City,Hangzhou Tel.0571-88879999 Fax.0571-88879000 www.zhcpa.cn 审计报告是否由具有执业许可的会计师事务 (统一监管平台(http://acc.mof.gov.cn) P/T = 您可使用手机"扫一扫"或进入"注册会计师行业 码:浙25CU3F 录 日 | | 页 次 | | --- | --- | | 一、会计估计变更的鉴证报告 | 1-2 | 二、会计估计变更的说明 中国杭州市钱江新城新业路 8 号 UDC 时代大厦 A 座 5-8 层、12 层、23 层 Floors5-8,12and23,Block A,UDC Times Building,No.8 Xinye Road，Qianjiang New City,Hangzhou Tel.0571-8887 ...

[Part I Important Notice](index=2&type=section&id=第一节%20重要提示) [1.1 Report Reading Reminder](index=2&type=section&id=1.1%20报告阅读提示) Investors should refer to the full semi-annual report on the Shanghai Stock Exchange website for comprehensive company information - Investors should consult the full semi-annual report on the Shanghai Stock Exchange website (www.sse.com.cn) for a comprehensive understanding of the company's operations[3](index=3&type=chunk) [1.2 Board of Directors' Statement](index=2&type=section&id=1.2%20董事会声明) The company's Board of Directors and senior management guarantee the truthfulness, accuracy, and completeness of this semi-annual report and assume legal responsibility - The company's Board of Directors, directors, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, free from false statements, misleading representations, or material omissions[3](index=3&type=chunk) [1.3 Directors' Attendance](index=2&type=section&id=1.3%20董事出席情况) All company directors attended the Board of Directors' meetings during this reporting period - All company directors attended the Board of Directors' meetings[4](index=4&type=chunk) [1.4 Audit Status](index=2&type=section&id=1.4%20审计情况) This semi-annual report is unaudited - This semi-annual report is unaudited[5](index=5&type=chunk) [1.5 Profit Distribution or Capitalization Plan](index=2&type=section&id=1.5%20利润分配预案或公积金转增股本预案) The Board of Directors did not approve any profit distribution or capitalization plan during this reporting period - There is no profit distribution or capitalization plan for this reporting period[6](index=6&type=chunk) [Part II Company Profile](index=2&type=section&id=第二节%20公司基本情况) [2.1 Company Overview](index=2&type=section&id=2.1%20公司简介) Ningbo Energy Group Co., Ltd. is listed on the Shanghai Stock Exchange (600982), with contact details for investor relations | Metric | Content | | :--- | :--- | | Stock Type | A-share | | Listing Exchange | Shanghai Stock Exchange | | Stock Abbreviation | Ningbo Energy | | Stock Code | 600982 | | Former Stock Abbreviation | Ningbo Thermal Power | | Board Secretary | Shen Qi | | Securities Affairs Representative | Feng Chenzhao | | Phone | (0574) 86897102 | | Office Address | 7F, Block B, Development Building, No. 187 Changle Road, Yinzhou District, Ningbo City, Zhejiang Province | | Email | nbtp@nbtp.com.cn | [2.2 Key Financial Data](index=2&type=section&id=2.2%20主要财务数据) Total assets and attributable net assets increased, while revenue declined; total profit and attributable net profit grew, but operating cash flow significantly decreased | Metric | End of Reporting Period/Current Period (RMB) | End of Prior Year/Prior Period (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | **Balance Sheet Data** | | | | | Total Assets | 15,994,298,063.63 | 15,210,334,726.62 | **5.15** | | Net Assets Attributable to Shareholders | 4,811,329,095.67 | 4,339,986,756.92 | **10.86** | | **Income Statement Data** | | | | | Operating Revenue | 1,873,613,747.51 | 2,110,931,254.45 | **-11.24** | | Total Profit | 197,417,931.86 | 153,218,851.42 | **28.85** | | Net Profit Attributable to Shareholders | 140,528,113.49 | 124,307,918.46 | **13.05** | | Net Profit Attributable to Shareholders (Excluding Non-Recurring Items) | 156,592,029.43 | 122,762,764.64 | **27.56** | | **Cash Flow Statement Data** | | | | | Net Cash Flow from Operating Activities | 243,181,237.61 | 545,843,107.17 | **-55.45** | | **Other Metrics** | | | | | Weighted Average Return on Net Assets (%) | 3.09 | 2.94 | Increased **0.15** percentage points | | Basic Earnings Per Share (RMB/share) | 0.1218 | 0.1119 | **8.85** | | Diluted Earnings Per Share (RMB/share) | 0.1218 | 0.1109 | **9.83** | [2.3 Top 10 Shareholders' Holdings](index=3&type=section&id=2.3%20前%2010%20名股东持股情况表) As of the reporting period end, the company had 60,980 shareholders; the top three are state-owned legal entities holding over 50% combined, with one natural person's shares frozen - As of the end of the reporting period, the company had **60,980 shareholders**[11](index=11&type=chunk) Top 10 Shareholders' Holdings | Shareholder Name | Shareholding Ratio (%) | Shareholder Type | Number of Shares Held (shares) | Number of Restricted Shares Held (shares) | Number of Pledged, Marked, or Frozen Shares (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | Ningbo Kaitou Energy Group Co., Ltd. | 25.28 | State-owned Legal Entity | 282,484,731 | 0 | None | | Ningbo Development Investment Group Co., Ltd. | 20.62 | State-owned Legal Entity | 230,486,966 | 0 | None | | Ningbo Urban Construction Investment Group Co., Ltd. | 5.00 | State-owned Legal Entity | 55,888,411 | 0 | None | | Qu Baiyin | 2.47 | Domestic Natural Person | 27,653,800 | 0 | Frozen 27,653,800 | | Liang Haoyu | 0.33 | Domestic Natural Person | 3,727,400 | 0 | None | | Yu Zhiqin | 0.31 | Domestic Natural Person | 3,412,700 | 0 | None | | Hong Kong Securities Clearing Company Limited | 0.18 | Overseas Legal Entity | 1,991,579 | 0 | None | | Wang Chenhua | 0.17 | Domestic Natural Person | 1,900,000 | 0 | None | | Xie Sunyu | 0.17 | Domestic Natural Person | 1,854,700 | 0 | None | | Zhu Haiyang | 0.16 | Domestic Natural Person | 1,800,800 | 0 | None | - Ningbo Kaitou Energy Group Co., Ltd. is a wholly-owned subsidiary of Ningbo Development Investment Group Co., Ltd., indicating an associated relationship[11](index=11&type=chunk) [2.4 Preferred Shareholder Information](index=4&type=section&id=2.4%20优先股股东情况) The company has no preferred shareholders - The company has no preferred shareholders[12](index=12&type=chunk) [2.5 Changes in Controlling Shareholder or Actual Controller](index=4&type=section&id=2.5%20控股股东或实际控制人变更情况) There were no changes in the company's controlling shareholder or actual controller during this reporting period - There were no changes in the company's controlling shareholder or actual controller during this reporting period[12](index=12&type=chunk) [2.6 Bonds Outstanding as of Report Approval Date](index=4&type=section&id=2.6%20在半年度报告批准报出日存续的债券情况) As of the report approval date, the company has two outstanding bonds, including a carbon-neutral green perpetual corporate bond and an ultra-short-term financing bill, with improved solvency indicated by a lower asset-liability ratio and higher EBITDA interest coverage ratio Outstanding Bonds | Bond Name | Abbreviation | Code | Issue Date | Maturity Date | Bond Balance (100 million RMB) | Interest Rate (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Ningbo Energy Group Co., Ltd. 2025 Publicly Issued Carbon-Neutral Green Perpetual Corporate Bonds (Tranche 1) to Professional Investors | GC Yongneng Y1 | 242520.SH | 2025-03-03 | Agreed Maturity Date (Renewal Option) | 5 | 2.73 | | Ningbo Energy Group Co., Ltd. 2025 First Tranche Ultra-Short-Term Financing Bill | Ningbo Energy SCP001 | 012580684.IB | 2025-03-17 | 2025-12-12 | 10 | 2.27 | Solvency Indicators | Key Metric | End of Reporting Period/Current Period | End of Prior Year/Prior Period | | :--- | :--- | :--- | | Asset-Liability Ratio (%) | **64.45** | 65.99 | | EBITDA Interest Coverage Ratio | **5.80** | 4.85 | [Part III Significant Events](index=4&type=section&id=第三节%20重要事项) [3.1 Significant Changes in Operations and Future Impact](index=4&type=section&id=3.1%20经营情况重大变化及未来影响事项) No significant changes in the company's operations occurred during this reporting period, nor are any expected to have a major future impact - No significant changes in the company's operations occurred during the reporting period, nor are any expected to have a major future impact[15](index=15&type=chunk)

债券代码: 242520.SH 债券简称: GC 甬能 Y1 证券代码：600982 证券简称：宁波能源 公告编号：临 2025-047 宁波能源集团股份有限公司 关于变更公司会计估计的公告 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： 一、本次会计估计变更概述 根据《企业会计准则第4号—固定资产》相关规定，企业至少应当于每年年 度终了，对固定资产的使用寿命、预计净残值和折旧方法进行复核。固定资产折 旧年限、预计净残值预计数与原先估计数有差异的，应当调整固定资产折旧年限 和预计净残值。 二、本次会计估计变更的具体情况及对公司的影响 本次会计估计变更自2025年9月1日起适用。 宁波能源集团股份有限公司（以下简称"公司"）此次会计估计变更采用未 来适用法，无需对已披露的财务报告进行追溯调整，对公司以往各年度财务 状况和经营成果不会产生影响。 《关于变更公司会计估计的议案》已经公司八届三十三次董事会审议通过， 无需提交公司股东会审议。 1、会计估计变更内容 | 固定资产类别 | 变更前折旧年限 | 变更后折旧年限 ...