证券代码：601619 证券简称：嘉泽新能 公告编号：2025-065 债券代码：113039 债券简称：嘉泽转债 嘉泽新能源股份有限公司 三届四十一次董事会决议公告 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 嘉泽新能源股份有限公司（以下简称"公司"或"本公司"）三 届四十一次董事会于2025年8月27日以现场和通讯表决相结合的方式 召开。公司于2025年8月17日以电子邮件等方式向董事、监事、高管 发出董事会会议通知；本次会议应到董事9人，实到董事8人，缺额1 人。会议由董事长陈波先生主持。公司监事和高管列席了本次董事会。 本次董事会符合《公司法》及《公司章程》的规定。 二、董事会会议审议情况 会议审议通过了以下议案： （一）公司 2025 年半年度报告全文及摘要； 本议案已经本公司董事会审计委员会审议通过，同意提交董事会 审议。 具体内容详见公司于 2025 年 8 月 29 日在上海证券交易所网站 （http://www.sse.com.cn/）及《中国证券报》《上海证券报》《证 券时报》《 ...

[Section I Definitions](index=4&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8A%E4%B9%89) This section defines common terms and industry-specific terminology for accurate report understanding [Definitions of Common Terms](index=4&type=section&id=%E5%B8%B8%E7%94%A8%E8%AF%8D%E8%AF%AD%E9%87%8A%E4%B9%89) Key terms and power industry units are defined to ensure precise interpretation of the report content - Reporting period is defined as **January 1, 2025, to June 30, 2025**[14](index=14&type=chunk) - Power unit conversion: **1 MW = 1,000 kW**, **1 GW = 1,000 MW**; Energy unit conversion: **1 MWh = 1,000 kWh**[14](index=14&type=chunk) - **MWp** specifically refers to the peak power of photovoltaic power stations, representing maximum power under certain conditions, not actual operating power[14](index=14&type=chunk) [Section II Company Profile and Key Financial Indicators](index=4&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%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 outlines the company's basic information and presents key financial performance indicators [I. Company Information](index=4&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF) Basic registration details, including company name, abbreviation, and legal representative, are provided - Company Chinese name is **嘉泽新能源股份有限公司 (Jiaze New Energy Co., Ltd.)**, abbreviated as **嘉泽新能 (Jiaze New Energy)**[16](index=16&type=chunk) - Company legal representative is **Chen Bo**[16](index=16&type=chunk) [II. Contact Person and Information](index=5&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) Contact details for the Board Secretary and Securities Affairs Representative are listed - Board Secretary is **Yang Ning**, Securities Affairs Representative is **Liu Weisheng**[17](index=17&type=chunk) - Company contact address is **Building 68, D Zone, Greenland 21 City Enterprise Park, No. 1 Xingshui Road, Xingqing District, Yinchuan City, Ningxia Hui Autonomous Region**[17](index=17&type=chunk) [III. Brief Introduction to Changes in Basic Information](index=5&type=section&id=%E4%B8%89%E3%80%81%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5%E5%8F%98%E6%9B%B4%E7%AE%80%E4%BB%8B) Updates on the company's registered address, office address, website, and email are presented - Company registered address is **Ya'aizi, Dahe Township, Hongsibao District, Ningxia Hui Autonomous Region**, office address is **Building 68, D Zone, Greenland 21 City Enterprise Park, No. 1 Xingshui Road, Xingqing District, Yinchuan City, Ningxia Hui Autonomous Region**[18](index=18&type=chunk) - Company website is **https://jzne.net.cn/**[18](index=18&type=chunk) [IV. Brief Introduction to Changes in Information Disclosure and Document Custody Locations](index=5&type=section&id=%E5%9B%9B%E3%80%81%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E5%8F%8A%E5%A4%87%E7%BD%AE%E5%9C%B0%E7%82%B9%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5%E7%AE%80%E4%BB%8B) Designated channels for information disclosure and report custody locations are specified - Company designated information disclosure newspapers include **Securities Daily, Securities Times, China Securities Journal, and Shanghai Securities News**[19](index=19&type=chunk) - Semi-annual report is published on the **Shanghai Stock Exchange website (http://www.sse.com.cn/)**[19](index=19&type=chunk) [V. Company Stock Profile](index=5&type=section&id=%E4%BA%94%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E7%A5%A8%E7%AE%80%E5%86%B5) Information on the company's stock listing exchange, abbreviation, and code is provided - Company A-shares are listed on the **Shanghai Stock Exchange**, stock abbreviation is **Jiaze New Energy**, stock code is **601619**[20](index=20&type=chunk) [VII. Key Accounting Data and Financial Indicators](index=5&type=section&id=%E4%B8%83%E3%80%81%E5%85%AC%E5%8F%B8%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) Key accounting data and financial indicators for the current and prior periods are presented Main Accounting Data (Jan-Jun 2025 vs. Same Period Last Year) | Indicator | Current Period (Jan-Jun) (CNY) | Prior Year Same Period (CNY) | Period-on-Period Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,310,278,977.57 | 1,237,597,909.37 | 5.87 | | Total Profit | 524,334,348.68 | 468,807,198.69 | 11.84 | | Net Profit Attributable to Parent Company Shareholders | 459,746,451.22 | 411,990,689.55 | 11.59 | | Net Profit Attributable to Parent Company Shareholders After Non-Recurring Gains/Losses | 461,083,827.95 | 409,972,754.18 | 12.47 | | Net Cash Flow from Operating Activities | 654,081,758.98 | 575,342,300.97 | 13.69 | | **Indicator** | **Current Period End** (CNY) | **Prior Year End** (CNY) | **Year-on-Year Change (%)** | | Net Assets Attributable to Parent Company Shareholders | 6,759,343,922.95 | 6,896,284,951.75 | -1.99 | | Total Assets | 22,643,389,737.12 | 22,224,594,513.25 | 1.88 | Main Financial Indicators (Jan-Jun 2025 vs. Same Period Last Year) | Indicator | Current Period (Jan-Jun) (CNY/share) | Prior Year Same Period (CNY/share) | Period-on-Period Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share | 0.19 | 0.17 | 11.76 | | Diluted Earnings Per Share | 0.18 | 0.17 | 5.88 | | Basic Earnings Per Share After Non-Recurring Gains/Losses | 0.19 | 0.17 | 11.76 | | Weighted Average Return on Net Assets (%) | 6.58 | 6.11 | Increase of 0.47 percentage points | | Weighted Average Return on Net Assets After Non-Recurring Gains/Losses (%) | 6.60 | 6.08 | Increase of 0.52 percentage points | [(I) Key Accounting Data](index=5&type=section&id=%28%E4%B8%80%29%20%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE) Operating revenue, net profit, and operating cash flow show growth, while net assets slightly decreased Main Accounting Data Overview | Indicator | Current Period (Jan-Jun) (CNY) | Prior Year Same Period (CNY) | Period-on-Period Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,310,278,977.57 | 1,237,597,909.37 | 5.87 | | Net Profit Attributable to Parent Company Shareholders | 459,746,451.22 | 411,990,689.55 | 11.59 | | Net Cash Flow from Operating Activities | 654,081,758.98 | 575,342,300.97 | 13.69 | | Total Assets (Period-End) | 22,643,389,737.12 | 22,224,594,513.25 | 1.88 | | Net Assets Attributable to Parent Company Shareholders (Period-End) | 6,759,343,922.95 | 6,896,284,951.75 | -1.99 | [(II) Key Financial Indicators](index=6&type=section&id=%28%E4%BA%8C%29%20%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) Earnings per share and return on net assets improved, indicating enhanced profitability Main Financial Indicators Overview | Indicator | Current Period (Jan-Jun) (CNY/share) | Prior Year Same Period (CNY/share) | Period-on-Period Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share | 0.19 | 0.17 | 11.76 | | Diluted Earnings Per Share | 0.18 | 0.17 | 5.88 | | Weighted Average Return on Net Assets (%) | 6.58 | 6.11 | Increase of 0.47 percentage points | | Weighted Average Return on Net Assets After Non-Recurring Gains/Losses (%) | 6.60 | 6.08 | Increase of 0.52 percentage points | [IX. Non-Recurring Gains and Losses Items and Amounts](index=6&type=section&id=%E4%B9%9D%E3%80%81%E9%9D%9E%E5%B8%B8%E8%A7%84%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) Non-recurring gains and losses for the period totaled negative CNY 1.34 million, influenced by asset disposal and non-operating items Non-Recurring Gains and Losses Items and Amounts | Non-Recurring Gains and Losses Item | Amount (CNY) | | :--- | :--- | | Disposal gains/losses of non-current assets | -593,337.78 | | Gains/losses from fair value changes and disposal of financial assets and liabilities | 495,165.17 | | Gains from acquisition of subsidiaries, associates, and joint ventures where investment cost is less than fair value of identifiable net assets | 3,800.00 | | Other non-operating income and expenses | -1,154,480.21 | | Less: Income tax impact | 74,274.79 | | Minority interest impact (after tax) | 14,249.12 | | Total | -1,337,376.73 | [Section III Management Discussion and Analysis](index=6&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%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 discusses the company's industry, business operations, core competencies, and key financial performance [I. Industry and Main Business Overview for the Reporting Period](index=6&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E5%8F%8A%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) The new energy industry shows rapid growth, and the company's diversified business model covers power station development, O&M, and industrial parks - H1 national renewable energy new installed capacity was **268 million kW**, a **99.3% year-on-year increase**, accounting for **91.5% of new installed capacity**[27](index=27&type=chunk) - As of the end of June, national renewable energy installed capacity reached **2.159 billion kW**, a **30.6% year-on-year increase**, accounting for **59.2% of total installed capacity**[27](index=27&type=chunk) - Company's main business covers **new energy power station development-construction-operation-sale, new energy power station O&M services, rooftop distributed PV, new energy industrial funds, and new energy equipment manufacturing industrial park construction**[30](index=30&type=chunk)[31](index=31&type=chunk)[33](index=33&type=chunk)[34](index=34&type=chunk)[35](index=35&type=chunk) [(I) Industry Overview](index=6&type=section&id=%28%E4%B8%80%29%20%E8%A1%8C%E4%B8%9A%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) China's new energy sector experienced rapid growth in H1 2025, with renewable energy dominating new installed capacity H1 2025 Renewable Energy New Installed Capacity | Energy Type | New Installed Capacity (10,000 kW) | Year-on-Year Growth (%) | | :--- | :--- | :--- | | Total | 26,800 | 99.3 | | Hydropower | 393 | - | | Wind Power | 5,139 | - | | Solar Power | 21,200 | - | | Biomass Power | 71 | - | Renewable Energy Cumulative Installed Capacity as of End of June 2025 | Energy Type | Cumulative Installed Capacity (100 million kW) | Year-on-Year Growth (%) | | :--- | :--- | :--- | | Total | 21.59 | 30.6 | | Hydropower | 4.4 | - | | Wind Power | 5.73 | 22.7 | | Solar Power | 11 | 54.1 | | Biomass Power | 0.47 | - | - H1 national renewable energy generation reached **1,799.3 billion kWh**, a **15.6% year-on-year increase**, accounting for **39.7% of total generation**[28](index=28&type=chunk) [(II) Main Business Operations](index=7&type=section&id=%28%E4%BA%8C%29%20%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5) The company's core business spans new energy power station lifecycle management, distributed PV, and industrial park development - Company new energy power station business adopts a **"rolling development" model**, achieving profitability and asset optimization through development, construction, operation, and sale[30](index=30&type=chunk) - New energy power station O&M services provide **production O&M, power trading, green power trading, carbon asset trading, and integrated energy management**, enhancing asset operational efficiency and revenue[31](index=31&type=chunk)[32](index=32&type=chunk) - Rooftop distributed PV business focuses on a **"self-generation, self-consumption, and surplus power grid connection" model**, primarily targeting industrial and commercial sectors in economically developed central and eastern regions[33](index=33&type=chunk) - New energy industrial funds activate assets and generate incremental revenue for power generation asset management through **joint development, project reserves, or sale of existing power stations**[34](index=34&type=chunk) - New energy equipment manufacturing industrial park construction collaborates with leading enterprises like **CRRC and Goldwind**, forming upstream and downstream linkages in the green power industry chain, promoting efficient project development and local consumption[35](index=35&type=chunk) [(III) Company's Main Products, Services, and Their Uses](index=8&type=section&id=%28%E4%B8%89%29%20%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E4%BA%A7%E5%93%81%E3%80%81%E6%9C%8D%E5%8A%A1%E5%8F%8A%E5%85%B6%E7%94%A8%E9%80%94) The company primarily generates and sells electricity from new energy power stations, expanding revenue through market trading and O&M - Company's main product is **electricity generated by new energy power stations**, used to supply the grid and meet national electricity demand[36](index=36&type=chunk) - Company generates sales revenue from power generation business by developing, constructing, and operating **wind power, photovoltaic power, and other power stations** in five major regions: Northwest, Northeast, East China, South China, and North China[36](index=36&type=chunk) - Company establishes power sales companies and participates in market-based trading at regional power grid trading centers, forming **direct power sales and power trading capabilities**[36](index=36&type=chunk) [II. Discussion and Analysis of Operations](index=9&type=section&id=%E4%BA%8C%E3%80%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E7%9A%84%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) The company achieved revenue and profit growth, expanded installed capacity, and optimized its nationwide new energy asset operations - Company's five synergistic segments: **"new energy power station development-construction-operation-sale, new energy power station O&M services, rooftop distributed PV, new energy industrial funds, and new energy equipment manufacturing industrial park construction"**[37](index=37&type=chunk) Key Operating Data for the Reporting Period | Indicator | Current Period Amount (CNY 100 million) | Year-on-Year Growth (%) | | :--- | :--- | :--- | | Operating Revenue | 13.10 | 5.87 | | Net Profit Attributable to Parent Company Shareholders | 4.60 | 11.59 | | Total Assets (Period-End) | 226.43 | 1.88 | | Net Assets Attributable to Parent Company Shareholders (Period-End) | 67.59 | -1.99 | - As of the end of the reporting period, the company's grid-connected installed capacity reached **2,315.643 MW**, including **2,041 MW of wind power, 30 MW of centralized PV, 6.375 MW of smart microgrid, 238.268 MW of rooftop distributed PV, and 150 MW/300 MWh of grid-connected energy storage projects**[38](index=38&type=chunk) [III. Analysis of Core Competencies During the Reporting Period](index=9&type=section&id=%E4%B8%89%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) Core strengths include nationwide expansion, market-based power trading, integrated resources, and an efficient talent team - Company's business layout expands from Ningxia to nationwide, focusing on **Heilongjiang, Guangxi, and other regions with higher coal-fired benchmark electricity prices**, expected to bring significant incremental profits[39](index=39&type=chunk) - Through its subsidiary **Ningxia Jiajun Power Sales Co., Ltd.**, the company became the first power sales company in Ningxia with qualifications for new energy power generation and sales (agency), expanding power trading托管 services to multiple regions[40](index=40&type=chunk) - Company integrates industry chain resources through **new energy industrial investment funds and new energy equipment manufacturing industrial park construction**, enhancing project development advantages, reducing investment costs, and improving project returns[40](index=40&type=chunk)[41](index=41&type=chunk) - Company possesses a **highly efficient project development, construction, and operation team**, capable of efficiently completing preliminary project work and achieving rapid grid connection[41](index=41&type=chunk) [(I) Nationwide Business Layout, Gradually Optimized Power Station Asset Structure](index=9&type=section&id=%28%E4%B8%80%29%20%E5%85%A8%E5%9B%BD%E6%80%A7%E4%B8%9A%E5%8A%A1%E5%B8%83%E5%B1%80%EF%BC%8C%E7%94%B5%E7%AB%99%E8%B5%84%E4%BA%A7%E7%BB%93%E6%9E%84%E9%80%90%E6%AD%A5%E4%BC%98%E5%8C%96) The company is optimizing its power station asset structure by expanding into high-tariff regions, enhancing profitability - Company's existing project reserves are mainly located in **Heilongjiang, Guangxi, and other regions**, with higher coal-fired benchmark electricity prices of **CNY 0.374/kWh and CNY 0.4207/kWh** respectively[39](index=39&type=chunk) - Lower wind turbine prices provide a **higher safety margin for electricity price reductions**, expected to bring significant incremental profits after commissioning[40](index=40&type=chunk) [(II) Market-Based Power Trading, Innovative Off-Exchange Asset Management Model](index=10&type=section&id=%28%E4%BA%8C%29%20%E7%94%B5%E5%8A%9B%E5%B8%82%E5%9C%BA%E5%8C%96%E4%BA%A4%E6%98%93%EF%BC%8C%E5%9C%BA%E5%A4%96%E8%B5%84%E4%BA%A7%E7%AE%A1%E7%90%86%E6%A8%A1%E5%BC%8F%E5%88%9B%E6%96%B0) The company innovates in power trading and off-exchange asset management, offering specialized services and energy-saving solutions - **Ningxia Jiajun Power Sales Co., Ltd.** is the first power sales company in Ningxia with qualifications for new energy power generation and sales (agency)[40](index=40&type=chunk) - Company's power trading business has expanded to multiple regions including **Northwest, North China, East China, and Central China**, serving users in metallurgy, steel, chemical, and other industries[40](index=40&type=chunk) [(III) Integrating Industry Chain Resources, Orderly Expansion of Power Station Asset Scale](index=10&type=section&id=%28%E4%B8%89%E4%B8%89%29%20%E6%95%B4%E5%90%88%E4%BA%A7%E4%B8%9A%E9%93%BE%E8%B5%84%E6%BA%90%EF%BC%8C%E7%94%B5%E7%AB%99%E8%B5%84%E4%BA%A7%E8%A7%84%E6%A8%A1%E6%9C%89%E5%BA%8F%E6%89%A9%E5%A4%A7) Through industrial funds and equipment parks, the company integrates resources to expand assets, reduce costs, and improve returns - Industrial funds broaden channels for company's power station sales, revitalize existing assets, and bring incremental revenue for power generation asset management business[40](index=40&type=chunk) - New energy equipment manufacturing industrial park construction enhances the company's project development and acquisition advantages, reducing investment costs and improving project returns through industry chain upstream and downstream linkages[41](index=41&type=chunk) [(IV) Multi-Level Talent Team, Promoting Efficient and Flexible Project Development](index=10&type=section&id=%28%E5%9B%9B%29%20%E5%A4%9A%E5%B1%82%E6%AC%A1%E4%BA%BA%E6%89%8D%E9%98%9F%E4%BC%8D%EF%BC%8C%E6%8E%A8%E5%8A%A8%E9%A1%B9%E7%9B%AE%E5%BC%80%E5%8F%91%E9%AB%98%E6%95%88%E7%81%B5%E6%B4%BB) A skilled team and strong project development capabilities enable efficient project execution and rapid grid connection - Company has accumulated strong project channel acquisition and development capabilities, and cultivated a **highly efficient execution team**[41](index=41&type=chunk) - Company has successfully entered the **leading tier of private wind power generation in China**, with development and construction capabilities expected to rapidly expand operational scale and improve profitability[41](index=41&type=chunk) [IV. Key Operating Performance During the Reporting Period](index=11&type=section&id=%E5%9B%9B%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E4%B8%BB%E8%A6%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5) This section analyzes financial statement changes, asset/liability status, and investment activities, showing revenue growth but reduced financing cash flow Financial Statement Related Item Change Analysis | Item | Current Period Amount (CNY) | Prior Year Same Period Amount (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,310,278,977.57 | 1,237,597,909.37 | 5.87 | | Operating Cost | 524,560,560.22 | 458,396,076.64 | 14.43 | | Administrative Expenses | 51,949,844.22 | 69,368,172.32 | -25.11 | | Financial Expenses | 233,181,119.65 | 256,776,506.74 | -9.19 | | Net Cash Flow from Operating Activities | 654,081,758.98 | 575,342,300.97 | 13.69 | | Net Cash Flow from Investing Activities | -476,407,298.18 | -666,092,736.20 | 28.48 | | Net Cash Flow from Financing Activities | -151,059,523.20 | 270,383,745.04 | -155.87 | - Net cash flow from financing activities **decreased significantly by 155.87%**, primarily due to increased dividends and principal repayments in the current reporting period[42](index=42&type=chunk) - Company's major restricted assets include **monetary funds, accounts receivable, fixed assets, right-of-use assets, intangible assets, and construction in progress**, with a total restricted book value of **CNY 18.525 billion**[46](index=46&type=chunk)[47](index=47&type=chunk) [(I) Main Business Analysis](index=11&type=section&id=%28%E4%B8%80%29%20%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Operating revenue and cash flow increased, but cost growth outpaced revenue, and financing cash flow significantly decreased Main Business Financial Data Changes | Item | Current Period Amount (CNY) | Prior Year Same Period Amount (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,310,278,977.57 | 1,237,597,909.37 | 5.87 | | Operating Cost | 524,560,560.22 | 458,396,076.64 | 14.43 | | Administrative Expenses | 51,949,844.22 | 69,368,172.32 | -25.11 | | Financial Expenses | 233,181,119.65 | 256,776,506.74 | -9.19 | | Net Cash Flow from Operating Activities | 654,081,758.98 | 575,342,300.97 | 13.69 | | Net Cash Flow from Financing Activities | -151,059,523.20 | 270,383,745.04 | -155.87 | - Change in net cash flow from financing activities primarily due to **increased dividends and principal repayments** in the current reporting period[42](index=42&type=chunk) [(III) Analysis of Assets and Liabilities](index=11&type=section&id=%28%E4%B8%89%29%20%E8%B5%84%E4%BA%A7%E3%80%81%E8%B4%9F%E5%80%BA%E6%83%85%E5%86%B5%E5%88%86%E6%9E%90) Asset and liability structure changes include reduced employee compensation and increased other payables, with significant asset restrictions Asset and Liability Status Changes | Project Name | Current Period End Amount (CNY) | Prior Year End Amount (CNY) | Change (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | | Employee Compensation Payable | 3,648,895.96 | 40,447,446.42 | -90.98 | Primarily due to year-end bonus accruals in the prior year | | Other Payables | 221,912,146.25 | 104,353,918.41 | 112.65 | Primarily due to increased dividends payable in the current reporting period | Major Restricted Assets as of End of Reporting Period | Project | Book Balance (CNY) | Book Value (CNY) | Restriction Type | Restriction Details | | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 91,365,022.94 | 91,365,022.94 | Other | Land reclamation deposits, pledged borrowings | | Accounts Receivable | 3,943,695,303.45 | 3,837,112,460.61 | Pledge | Finance lease and pledged borrowings | | Fixed Assets | 13,382,546,632.82 | 10,123,890,805.47 | Mortgage | Finance lease and mortgaged borrowings | | Right-of-Use Assets | 2,609,126,220.41 | 2,261,199,865.64 | Mortgage | Finance lease | | Intangible Assets | 187,033,639.82 | 160,643,524.53 | Mortgage | Finance lease and mortgaged borrowings | | Construction in Progress | 2,051,016,433.72 | 2,051,016,433.72 | Mortgage | Finance lease | | Total | 22,264,783,253.16 | 18,525,228,112.91 | — | — | [(IV) Investment Status Analysis](index=12&type=section&id=%28%E5%9B%9B%29%20%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) Equity investments were adjusted, and the company continued significant non-equity investments in wind power projects - **Ningbai Fund manager Kaixian Capital withdrew early**, and Ningbai Fund is being legally dissolved and undergoing industrial and commercial deregistration, involving a targeted dividend of **CNY 356.85 million**[48](index=48&type=chunk) - Company received **CNY 72,567,221.88** in investment cost repayment from Hainan Kaixian Green Energy Industrial Investment Fund Partnership (Limited Partnership)[49](index=49&type=chunk) Major Equity Investments | Investee Company Name | Investment Amount (CNY 10,000) | Shareholding Ratio (%) | Progress as of Balance Sheet Date | Impact on Current Period Profit/Loss | | :--- | :--- | :--- | :--- | :--- | | Wind Energy Development Industrial Fund (Ningxia) Partnership (Limited Partnership) | 50,000.00 | 50 | Not yet fully paid in | -0.28 | | Hainan Kaixian Green Energy Industrial Investment Fund Partnership (Limited Partnership) | 25,000 | 49.0196 | Fully paid in | 580.46 | | Total | 75,000 | / | / | 580.18 | Major Non-Equity Investment Projects | Project Name | Budget Amount (CNY 10,000) | Project Progress (%) | Amount Invested in Current Period (CNY 10,000) | Cumulative Actual Investment (CNY 10,000) | | :--- | :--- | :--- | :--- | :--- | | Jidong County Jiarong 200MW Wind Power Project | 141,400.00 | 89.72 | 11,451.79 | 100,134.98 | | Jidong County Bochen New Energy Co., Ltd. 200MW Wind Power Project | 113,400.00 | — | 87.07 | 2,015.49 | | Jidong County Boxiang New Energy Co., Ltd. 200MW Wind Power Project | 122,800.00 | — | 210.74 | 1,625.10 | | Mishan City Bochen New Energy Co., Ltd. 200MW Wind Power Project | 117,100.00 | — | — | 198.54 | | Mishan City Boyang New Energy Co., Ltd. 200MW Wind Power Project | 110,400.00 | — | — | 226.32 | | Mishan City Bojun New Energy Co., Ltd. 200MW Wind Power Project | 113,400.00 | — | — | 210.24 | [(VI) Analysis of Major Holding and Participating Companies](index=15&type=section&id=%28%E5%85%AD%29%20%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) Financial and operational details of key subsidiaries and associates are presented, reflecting their performance in new energy Major Holding and Participating Company Financial Data | Company Name | Shareholding Ratio (%) | Registered Capital (CNY 10,000) | Total Assets (CNY 10,000) | Net Assets (CNY 10,000) | Net Profit (CNY 10,000) | | :--- | :--- | :--- | :--- | :--- | :--- | | Ningbai Fund (Consolidated) | 99.9537 | 215,950.00 | 617,994.49 | 327,446.65 | 14,209.45 | | Ningxia Jialong (Consolidated) | 75.00 | 5,000.00 | 11,502.66 | 6,839.54 | 409.88 | | Jiaze Smart Energy (Consolidated) | 100.00 | 1,000.00 | 78,809.85 | 4,344.18 | 1,220.94 | | Jiaying Holdings (Consolidated) | 100.00 | 4,000.00 | 690,716.69 | 73,182.09 | 13,961.21 | | Guangxi Jiaying (Consolidated) | 100.00 | 1,000.00 | 553,854.51 | 36,277.23 | 12,087.70 | [V. Other Disclosure Matters](index=16&type=section&id=%E4%BA%94%E3%80%81%E5%85%B6%E4%BB%96%E6%8A%AB%E9%9C%B2%E4%BA%8B%E9%A1%B9) This section details various significant risks, including tariff changes, policy shifts, curtailment, and operational uncertainties - Market-based reform of on-grid tariffs may lead to **future on-grid tariff fluctuations**, impacting company performance with uncertainty[54](index=54&type=chunk) - If tax incentive policies (e.g., **50% immediate VAT refund, "three-year exemption, three-year half reduction" corporate income tax, 15% Western Development tax rate**) are adjusted or canceled, it will adversely affect company operating performance[55](index=55&type=chunk) - Intermittency and volatility of wind and photovoltaic power generation may lead to **wind/solar curtailment**, affecting generation and revenue[55](index=55&type=chunk)[56](index=56&type=chunk) - **Renewable energy generation subsidy compliance checks pose a risk**, as three of the company's power stations (total 225 MW) are not yet on the first batch of compliant project lists[56](index=56&type=chunk)[57](index=57&type=chunk) - New energy power station transaction cycles are long (typically **6-24 months**), and transaction prices are subject to fluctuation risks[57](index=57&type=chunk) - Stricter or prolonged government approval processes may lead to **delays in project development** or impaired investment recovery periods[57](index=57&type=chunk) - Significant increases in benchmark interest rates will **increase company financial costs**; significant increases in power generation equipment prices will **increase new project investment costs**[58](index=58&type=chunk)[59](index=59&type=chunk) - If industrial fund investment returns are lower than expected, the company will bear **losses and management fees in proportion to its investment**[59](index=59&type=chunk) - The wind and photovoltaic power industries are highly dependent on senior talent, and **talent loss** may adversely affect operational management and operating performance[59](index=59&type=chunk) - Actual power station operation is affected by natural factors like wind and sunlight, potentially leading to **differences between actual generation and forecast levels** due to climate change and natural disasters[60](index=60&type=chunk) [(I) Potential Risks](index=16&type=section&id=%28%E4%B8%80%29%20%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 market-based tariff reforms, tax policy changes, power curtailment, and long transaction cycles - National Development and Reform Commission and National Energy Administration jointly issued "Notice on Deepening Market-Oriented Reform of New Energy On-Grid Tariffs and Promoting High-Quality Development of New Energy", promoting full market entry for new energy on-grid power, with on-grid tariffs determined by the market, posing **fluctuation risks**[54](index=54&type=chunk) - Company and some subsidiaries enjoy tax incentives such as **50% immediate refund of VAT, "three-year exemption, three-year half reduction" for corporate income tax, and 15% tax rate for Western Development**, future policy changes may have adverse effects[55](index=55&type=chunk) - Intermittency and randomness of wind and photovoltaic power generation may lead to insufficient grid peak shaving capacity, resulting in **wind/solar curtailment**, affecting generation[55](index=55&type=chunk)[56](index=56&type=chunk) - Three of the company's power stations (total capacity **225 MW**) have not yet been included in the first batch of compliant renewable energy generation subsidy project lists, posing **subsidy compliance risks**[57](index=57&type=chunk) - Transaction cycle for new energy power stations is uncertain, typically **6 to 24 months**, and transaction prices are subject to fluctuation risks[57](index=57&type=chunk) [Section IV Corporate Governance, Environment, and Society](index=18&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%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 covers corporate governance, environmental, and social aspects, including profit distribution plans [II. Profit Distribution or Capital Reserve Conversion Plan](index=19&type=section&id=%E4%BA%8C%E3%80%81%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E6%88%96%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E9%A2%84%E6%A1%88) No profit distribution or capital reserve conversion plan was formulated for this semi-annual period - Company will **not distribute or convert** in this semi-annual period[62](index=62&type=chunk) [Section V Significant Matters](index=19&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) This section covers the fulfillment of commitments, major contracts, and other significant corporate actions [I. Fulfillment of Commitments](index=19&type=section&id=%E4%B8%80%E3%80%81%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) All commitments by the actual controller, shareholders, and the company were strictly fulfilled within the reporting period - Shareholding intention and reduction intention commitments by shareholders holding **5% or more, Ningxia Bitai Investment Partnership (Limited Partnership)**, were strictly fulfilled within the agreed validity period[65](index=65&type=chunk) - Commitments related to major asset restructuring, and those related to initial public offering such as **avoidance of horizontal competition, shareholding intention and reduction intention, measures for unfulfilled commitments, and reduction and standardization of related party transactions**, were all strictly fulfilled within the agreed validity period[65](index=65&type=chunk)[66](index=66&type=chunk) [XI. Major Contracts and Their Fulfillment](index=21&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) Significant guarantees, primarily to subsidiaries, are disclosed, with total guarantees exceeding 200% of net assets Company Total Guarantee Amount | Indicator | Amount (CNY) | | :--- | :--- | | Total Guarantee Balance at Period-End (excluding guarantees to subsidiaries) | 3,647,322.50 | | Total Guarantees to Subsidiaries Occurred in Current Period | 2,746,221,552.29 | | Total Guarantee Balance to Subsidiaries at Period-End | 13,871,909,266.55 | | Total Guarantees (A+B) | 13,875,556,589.05 | | Total Guarantees as % of Company Net Assets | 207.74 | | Debt Guarantees Provided to Guaranteed Parties with Asset-Liability Ratio > 70% | 8,141,214,972.85 | | Amount of Total Guarantees Exceeding 50% of Net Assets | 10,535,901,849.03 | | Total of the Above Three Guarantee Amounts (C+D+E) | 18,677,116,821.88 | [(II) Major Guarantees Executed and Unfulfilled During the Reporting Period](index=22&type=section&id=%28%E4%BA%8C%29%20%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%B1%A5%E8%A1%8C%E7%9A%84%E5%8F%8A%E5%B0%9A%E6%9C%AA%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E7%9A%84%E9%87%8D%E5%A4%A7%E6%8B%85%E4%BF%9D%E6%83%85%E5%86%B5) Total guarantees reached CNY 13.88 billion, significantly exceeding net assets, with substantial debt guarantees to high-leverage subsidiaries Major Guarantee Situations | Guarantor-Listed Company Relationship | Guaranteed Party | Guarantee Amount (CNY) | Guarantee Start Date | Guarantee End Date | Guarantee Fulfilled | | :--- | :--- | :--- | :--- | :--- | :--- | | Joint Venture | Liaocheng Changrun Zekai New Energy Co., Ltd. | 3,647,322.50 | December 12, 2022 | December 12, 2040 | No | - As of the end of the reporting period, the company's total guarantees amounted to **CNY 13,875,556,589.05**, accounting for **207.74% of the company's net assets**[71](index=71&type=chunk) - Among them, debt guarantees provided to guaranteed parties with asset-liability ratios exceeding **70%** amounted to **CNY 8,141,214,972.85**[71](index=71&type=chunk) [XIII. Explanation of Other Significant Matters](index=23&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9%E7%9A%84%E8%AF%B4%E6%98%8E) The company approved a private placement of shares to raise CNY 1.2 billion for working capital and debt repayment - Company approved the **2024 private placement of shares to specific objects**, with a total fundraising amount not exceeding **CNY 1.2 billion**[72](index=72&type=chunk) - This issuance's subscriber is **Shanghai Borong Yihong Technology Co., Ltd.**, a wholly-owned subsidiary of the company's controlling shareholder Jiashi Longbo, and an enterprise controlled by the actual controller Mr. Chen Bo[72](index=72&type=chunk) - All raised funds will be used to **supplement working capital and repay bank loans**[72](index=72&type=chunk) - This issuance has been approved by the **Shanghai Stock Exchange** and registered by the **China Securities Regulatory Commission**, with related matters currently being processed[72](index=72&type=chunk) [Section VI Share Changes and Shareholder Information](index=23&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%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 changes in share capital and provides information on the company's shareholders [I. Share Capital Changes](index=23&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E6%9C%AC%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) Share capital increased due to convertible bond conversion, leading to more unrestricted tradable shares Share Capital Change Table | Share Class | Quantity Before Change (shares) | Change (Increase/Decrease) Subtotal (shares) | Quantity After Change (shares) | Proportion After Change (%) | | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 0 | 0 | 0 | 0 | | II. Unrestricted Tradable Shares | 2,434,352,182 | 10,757 | 2,434,362,939 | 100 | | 1. RMB Ordinary Shares | 2,434,352,182 | 10,757 | 2,434,362,939 | 100 | | III. Total Shares | 2,434,352,182 | 10,757 | 2,434,362,939 | 100 | - **"Jiaze Convertible Bond"** cumulatively converted **CNY 1,012,349,000** into **291,558,939 shares** from March 1, 2021, to June 30, 2025[76](index=76&type=chunk) [(I) Share Capital Change Table](index=23&type=section&id=%28%E4%B8%80%29%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5%E8%A1%A8) Total shares increased by 10,757 due to convertible bond conversion, all becoming unrestricted tradable shares Share Capital Change | Share Class | Quantity Before Change (shares) | Change (Increase/Decrease) Subtotal (shares) | Quantity After Change (shares) | | :--- | :--- | :--- | :--- | | Unrestricted Tradable Shares | 2,434,352,182 | 10,757 | 2,434,362,939 | | Total Shares | 2,434,352,182 | 10,757 | 2,434,362,939 | - This share change was primarily due to the conversion of **"Jiaze Convertible Bond"**[76](index=76&type=chunk) [II. Shareholder Information](index=24&type=section&id=%E4%BA%8C%E3%80%81%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) Details on the total number of shareholders, top ten shareholders, and the actual controller's share increase plan are provided - As of the end of the reporting period, the total number of ordinary shareholders was **62,772**[77](index=77&type=chunk) Top Ten Shareholders' Shareholding | Shareholder Name | Period-End Shareholding (shares) | Proportion (%) | Share Status | Quantity (shares) | | :--- | :--- | :--- | :--- | :--- | | Beijing Jiashi Longbo Investment Management Co., Ltd. | 393,209,043 | 16.15 | Unrestricted | 0 | | Jinyuan Rongtai Investment Management (Ningxia) Co., Ltd. | 374,319,234 | 15.38 | Unrestricted | 0 | | GLP Renewable Energy Investment I Limited | 251,780,000 | 10.34 | Pledged | 195,000,000 | | Ningxia Bitai Investment Partnership (Limited Partnership) | 190,000,000 | 7.80 | Unrestricted | 0 | | Centennial Life Insurance Co., Ltd. - Traditional Self-Operated | 74,706,041 | 3.07 | Unrestricted | 0 | | Shandong Guorui Energy Group Co., Ltd. | 68,109,338 | 2.80 | Unrestricted | 0 | | Chen Bo | 44,600,788 | 1.83 | Unrestricted | 0 | | Yang Liejun | 27,031,886 | 1.11 | Unrestricted | 0 | | Hong Kong Securities Clearing Company Limited | 25,980,819 | 1.07 | Unrestricted | 0 | | Ningxia Financial Asset Management Co., Ltd. | 17,977,500 | 0.74 | Unrestricted | 0 | - The actual controller Mr. Chen Bo's concerted action party, **Jinyuan Rongtai Investment Management (Ningxia) Co., Ltd.**, has cumulatively increased its shareholding by **40,727,997 shares**, accounting for **1.67% of the total share capital**, with a total increase amount of approximately **CNY 134.1131 million**, reaching the lower limit of this share increase plan[81](index=81&type=chunk) [(II) Shareholding of Top Ten Shareholders and Top Ten Tradable Shareholders (or Unrestricted Shareholders) as of the End of the Reporting Period](index=24&type=section&id=%28%E4%BA%8C%29%20%E6%88%AA%E8%87%B3%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E5%89%8D%E5%8D%81%E5%90%8D%E8%82%A1%E4%B8%9C%E3%80%81%E5%89%8D%E5%8D%81%E5%90%8D%E6%B5%81%E9%80%9A%E8%82%A1%E4%B8%9C%EF%BC%88%E6%88%96%E6%97%A0%E9%99%90%E5%94%AE%E6%9D%A1%E4%BB%B6%E8%82%A1%E4%B8%9C%EF%BC%89%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5%E8%A1%A8) Top shareholders include Jiashi Longbo and Jinyuan Rongtai, with some shares pledged, and the actual controller's share increase plan is progressing Top Ten Shareholders' Shareholding | Shareholder Name | Period-End Shareholding (shares) | Proportion (%) | Share Status | Quantity (shares) | | :--- | :--- | :--- | :--- | :--- | | Beijing Jiashi Longbo Investment Management Co., Ltd. | 393,209,043 | 16.15 | Unrestricted | 0 | | Jinyuan Rongtai Investment Management (Ningxia) Co., Ltd. | 374,319,234 | 15.38 | Unrestricted | 0 | | GLP Renewable Energy Investment I Limited | 251,780,000 | 10.34 | Pledged | 195,000,000 | - Actual controller **Chen Bo controls Jinyuan Rongtai Investment Management (Ningxia) Co., Ltd. and Beijing Jiashi Longbo Investment Management Co., Ltd.**, which are concerted action parties[80](index=80&type=chunk) - **Jinyuan Rongtai** has cumulatively increased its shareholding by **40,727,997 shares**, accounting for **1.67% of the company's total share capital**, with a total increase amount of approximately **CNY 134.1131 million**, reaching the lower limit of this share increase plan[81](index=81&type=chunk) [Section VII Bond-Related Information](index=26&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) This section details the company's convertible corporate bonds, including issuance, holders, and credit status [II. Convertible Corporate Bonds](index=26&type=section&id=%E4%BA%8C%E3%80%81%E5%8F%AF%E8%BD%AC%E6%8D%A2%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%E6%83%85%E5%86%B5) The "Jiaze Convertible Bond" has 5,219 holders, a conversion price of CNY 3.06/share, and the company maintains a stable AA credit rating - Company publicly issued **13,000,000 convertible corporate bonds** on August 24, 2020, with a total issuance amount of **CNY 1.3 billion**[83](index=83&type=chunk) - As of the end of the reporting period, the number of bondholders was **5,219**[85](index=85&type=chunk) - During the reporting period, the conversion amount was **CNY 34,000**, converting into **10,757 shares**, with a cumulative conversion of **291,558,939 shares**[88](index=88&type=chunk) - The conversion price has been adjusted multiple times, with the latest conversion price as of the end of this reporting period being **CNY 3.06/share**[91](index=91&type=chunk) - **United Credit Ratings Co., Ltd.** maintained the company's long-term credit rating at **AA**, with a stable outlook[92](index=92&type=chunk) - As of June 30, 2025, the company's total liabilities were **CNY 15.964 billion**, with an asset-liability ratio of **70.50%**[92](index=92&type=chunk) [(I) Convertible Bond Issuance](index=26&type=section&id=%28%E4%B8%80%29%E8%BD%AC%E5%80%BA%E5%8F%91%E8%A1%8C%E6%83%85%E5%86%B5) The company publicly issued CNY 1.3 billion in "Jiaze Convertible Bond" in August 2020, listed on the SSE - Company publicly issued **13,000,000 convertible corporate bonds** on August 24, 2020, each with a face value of **CNY 100**, totaling **CNY 1.3 billion**[83](index=83&type=chunk) - Bond abbreviation **"Jiaze Convertible Bond"**, bond code **"113039"**, listed on Shanghai Stock Exchange from September 17, 2020[83](index=83&type=chunk) [(II) Convertible Bond Holders and Guarantors During the Reporting Period](index=27&type=section&id=%28%E4%BA%8C%29%E6%8A%A5%E5%91%8A%E6%9C%9F%E8%BD%AC%E5%80%BA%E6%8C%81%E6%9C%89%E4%BA%BA%E5%8F%8A%E6%8B%85%E4%BF%9D%E4%BA%BA%E6%83%85%E5%86%B5) The "Jiaze Convertible Bond" has 5,219 holders, with no guarantors, and major holders are funds and insurance companies - Period-end convertible bond holders: **5,219**[85](index=85&type=chunk) - Company's convertible bonds have **no guarantors**[85](index=85&type=chunk) Top Ten Convertible Bond Holders | Convertible Corporate Bond Holder Name | Period-End Holding Amount (CNY) | Holding Proportion (%) | | :--- | :--- | :--- | | GF Bank Co., Ltd. - China-Europe Enhanced Return Bond Fund | 12,130,000 | 4.22 | | China Merchants Bank Co., Ltd. - Boshi CSI Convertible Bond and Exchangeable Bond ETF | 12,109,000 | 4.21 | | Huaxia Life Insurance Co., Ltd. - Proprietary Funds | 6,886,000 | 2.39 | | Taikang Asset Xinxian Pure Bond No. 2 Fixed Income Pension Product - Industrial and Commercial Bank of China Co., Ltd. | 6,253,000 | 2.17 | | Generali China Asset Management - Industrial and Commercial Bank of China - Generali China Asset Management - Stable and Profitable No. 11 Asset Management Product | 5,829,000 | 2.03 | [(III) Convertible Bond Changes During the Reporting Period](index=27&type=section&id=%28%E4%B8%89%29%E6%8A%A5%E5%91%8A%E6%9C%9F%E8%BD%AC%E5%80%BA%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) "Jiaze Convertible Bond" decreased by CNY 34,000 due to conversion, with a period-end balance of CNY 287.65 million Convertible Bond Changes During the Reporting Period | Convertible Corporate Bond Name | Amount Before Change (CNY) | Converted (CNY) | Amount After Change (CNY) | | :--- | :--- | :--- | :--- | | Jiaze Convertible Bond | 287,685,000 | 34,000 | 287,651,000 | [(IV) Cumulative Share Conversion of Convertible Bonds During the Reporting Period](index=27&type=section&id=%28%E5%9B%9B%29%E6%8A%A5%E5%91%8A%E6%9C%9F%E8%BD%AC%E5%80%BA%E7%B4%AF%E8%AE%A1%E8%BD%AC%E8%82%A1%E6%83%85%E5%86%B5) CNY 34,000 of "Jiaze Convertible Bond" converted into 10,757 shares, with cumulative conversions reaching 14.06% of pre-conversion shares Cumulative Share Conversion of Convertible Bonds During the Reporting Period | Indicator | Amount/Quantity | | :--- | :--- | | Conversion Amount in Current Period (CNY) | 34,000 | | Number of Shares Converted in Current Period (shares) | 10,757 | | Cumulative Number of Shares Converted (shares) | 291,558,939 | | Cumulative Number of Shares Converted as % of Total Shares Issued Before Conversion | 14.06 | | Unconverted Amount (CNY) | 287,651,000 | | Unconverted Convertible Bonds as % of Total Convertible Bond Issuance | 22.13 | [(V) Historical Adjustments to Conversion Price](index=27&type=section&id=%28%E4%BA%94%29%E8%BD%AC%E8%82%A1%E4%BB%B7%E6%A0%BC%E5%8E%86%E6%AC%A1%E8%B0%83%E6%95%B4%E6%83%85%E5%86%B5) The "Jiaze Convertible Bond" conversion price has been adjusted multiple times since 2021, currently at CNY 3.06/share Historical Adjustments to Conversion Price | Conversion Price Adjustment Date | Adjusted Conversion Price (CNY) | Disclosure Date | | :--- | :--- | :--- | | June 11, 2021 | 3.46 | June 4, 2021 | | June 7, 2022 | 3.36 | May 31, 2022 | | May 26, 2023 | 3.28 | May 22, 2023 | | May 31, 2024 | 3.17 | May 27, 2024 | | October 14, 2024 | 3.16 | October 8, 2024 | | May 23, 2025 | 3.06 | May 22, 2025 | | Latest Conversion Price as of End of Current Reporting Period | 3.06 | / | [(VI) Company's Debt Situation, Credit Rating Changes, and Cash Arrangements for Future Debt Repayment](index=28&type=section&id=%28%E5%85%AD%29%E5%85%AC%E5%8F%B8%E7%9A%84%E8%B4%9F%E5%80%BA%E6%83%85%E5%86%B5%E3%80%81%E8%B5%84%E4%BF%A1%E5%8F%98%E5%8C%96%E6%83%85%E5%86%B5%E5%8F%8A%E5%9C%A8%E6%9C%AA%E6%9D%A5%E5%B9%B4%E5%BA%A6%E8%BF%98%E5%80%BA%E7%9A%84%E7%8E%B0%E9%87%91%E5%AE%89%E6%8E%92) The company maintains an AA credit rating with a stable outlook, strong repayment capacity, and a 70.50% asset-liability ratio - **United Credit Ratings Co., Ltd.** maintained the company's long-term credit rating at **AA**, with a stable outlook[92](index=92&type=chunk) - As of June 30, 2025, the company's total liabilities were **CNY 15.964 billion**, with an asset-liability ratio of **70.50%**[92](index=92&type=chunk) - Company has stable profitability and strong repayment and risk resistance capabilities, sufficient to ensure the funding needs for principal and interest repayment of the current convertible corporate bonds[92](index=92&type=chunk) [Section VIII Financial Report](index=29&type=section&id=%E7%AC%AC%E5%85%AB%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) This section presents the company's consolidated and parent company financial statements, including balance sheets, income statements, and cash flow statements [II. Financial Statements](index=29&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) Consolidated and parent company financial statements for H1 2025 provide a comprehensive view of financial position and performance - Consolidated balance sheet shows that as of June 30, 2025, the company's total assets were **CNY 22.643 billion**, total liabilities **CNY 15.964 billion**, and total owners' equity **CNY 6.679 billion**[95](index=95&type=chunk)[96](index=96&type=chunk)[97](index=97&type=chunk) - Consolidated income statement shows that from January to June 2025, the company achieved total operating revenue of **CNY 1.310 billion**, net profit of **CNY 463 million**, and net profit attributable to parent company shareholders of **CNY 460 million**[103](index=103&type=chunk)[104](index=104&type=chunk)[105](index=105&type=chunk) - Consolidated cash flow statement shows that from January to June 2025, net cash flow from operating activities was **CNY 654 million**, net cash flow from investing activities was **negative CNY 476 million**, and net cash flow from financing activities was **negative CNY 151 million**[111](index=111&type=chunk)[112](index=112&type=chunk) [Consolidated Balance Sheet](index=29&type=section&id=%E5%90%88%E5%B9%B6%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) Consolidated total assets reached CNY 22.64 billion, with liabilities at CNY 15.96 billion and owners' equity at CNY 6.68 billion Consolidated Balance Sheet Key Data | Project | June 30, 2025 (CNY) | December 31, 2024 (CNY) | | :--- | :--- | :--- | | Total Assets | 22,643,389,737.12 | 22,224,594,513.25 | | Total Current Assets | 4,493,821,425.71 | 4,080,221,105.60 | | Total Non-Current Assets | 18,149,568,311.41 | 18,144,373,407.65 | | Total Liabilities | 15,964,080,257.07 | 15,411,508,142.65 | | Total Owners' Equity | 6,679,309,480.05 | 6,813,086,370.60 | [Parent Company Balance Sheet](index=31&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) Parent company total assets were CNY 9.00 billion, with liabilities at CNY 5.20 billion and owners' equity at CNY 3.80 billion Parent Company Balance Sheet Key Data | Project | June 30, 2025 (CNY) | December 31, 2024 (CNY) | | :--- | :--- | :--- | | Total Assets | 9,001,012,691.28 | 8,660,670,711.75 | | Total Current Assets | 3,381,841,073.07 | 3,032,377,755.21 | | Total Non-Current Assets | 5,619,171,618.21 | 5,628,292,956.54 | | Total Liabilities | 5,204,539,406.97 | 4,654,304,903.35 | | Total Owners' Equity | 3,796,473,284.31 | 4,006,365,808.40 | [Consolidated Income Statement](index=33&type=section&id=%E5%90%88%E5%B9%B6%E5%88%A9%E6%B6%A6%E8%A1%A8) Consolidated operating revenue grew by 5.87% to CNY 1.31 billion, with net profit attributable to parent company shareholders increasing by 11.59% Consolidated Income Statement Key Data | Project | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | I. Total Operating Revenue | 1,310,278,977.57 | 1,237,597,909.37 | | II. Total Operating Costs | 821,452,238.88 | 793,907,072.34 | | IV. Total Profit | 524,334,348.68 | 468,807,198.69 | | V. Net Profit | 462,707,887.69 | 414,622,896.17 | | Net Profit Attributable to Parent Company Shareholders | 459,746,451.22 | 411,990,689.55 | | VIII. Earnings Per Share: Basic Earnings Per Share (CNY/share) | 0.19 | 0.17 | | VIII. Earnings Per Share: Diluted Earnings Per Share (CNY/share) | 0.18 | 0.17 | [Parent Company Income Statement](index=35&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E5%88%A9%E6%B6%A6%E8%A1%A8) Parent company operating revenue was CNY 70.05 million, with net profit significantly increasing to CNY 32.69 million Parent Company Income Statement Key Data | Project | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | I. Operating Revenue | 70,049,998.60 | 66,119,845.45 | | Less: Financial Expenses | 6,895,054.22 | 19,310,219.72 | | Add: Investment Income (losses indicated by "－") | 6,279,608.72 | -4,123,152.32 | | IV. Net Profit | 32,691,123.57 | 7,855,400.66 | [Consolidated Cash Flow Statement](index=37&type=section&id=%E5%90%88%E5%B9%B6%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) Operating cash flow increased to CNY 654 million, while financing cash flow turned negative due to increased dividends and debt repayment Consolidated Cash Flow Statement Key Data | Project | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 654,081,758.98 | 575,342,300.97 | | Net Cash Flow from Investing Activities | -476,407,298.18 | -666,092,736.20 | | Net Cash Flow from Financing Activities | -151,059,523.20 | 270,383,745.04 | | Net Increase in Cash and Cash Equivalents | 26,614,937.60 | 179,633,309.81 | [Parent Company Cash Flow Statement](index=39&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) Parent company operating cash flow was negative CNY 17.60 million, with a net decrease in cash and cash equivalents Parent Company Cash Flow Statement Key Data | Project | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -17,601,986.01 | -2,291,161.97 | | Net Cash Flow from Investing Activities | 26,309,928.99 | 1,204,996,121.13 | | Net Cash Flow from Financing Activities | -77,993,327.56 | -1,201,802,000.33 | | Net Increase in Cash and Cash Equivalents | -69,285,384.58 | 902,958.83 | [Consolidated Statement of Changes in Owners' Equity](index=41&type=section&id=%E5%90%88%E5%B9%B6%E6%89%80%E6%9C%89%E8%80%85%E6%9D%83%E7%9B%8A%E5%8F%98%E5%8A%A8%E8%A1%A8) Consolidated owners' equity decreased by CNY 134 million, primarily due to profit distribution Consolidated Statement of Changes in Owners' Equity | Project | Beginning Balance 2025 (CNY) | Change in Current Period (CNY) | Ending Balance 2025 (CNY) | | :--- | :--- | :--- | :--- | | Paid-in Capital (or Share Capital) | 2,434,352,182.00 | 10,757.00 | 2,434,362,939.00 | | Other Equity Instruments | 51,201,773.12 | -6,051.28 | 51,195,721.84 | | Capital Reserves | 1,543,874,834.14 | 923,801.82 | 1,544,798,635.96 | | Special Reserves | 5,979,816.62 | 2,670,306.34 | 8,650,122.96 | | Surplus Reserves | 245,942,721.19 | 3,269,112.36 | 249,211,833.55 | | Undistributed Profits | 2,614,933,624.68 | -143,808,955.04 | 2,471,124,669.64 | | Total Owners' Equity Attributable to Parent Company | 6,896,284,951.75 | -136,941,028.80 | 6,759,343,922.95 | | Minority Interests | -83,198,581.15 | 3,164,138.25 | -80,034,442.90 | | Total Owners' Equity | 6,813,086,370.60 | -133,776,890.55 | 6,679,309,480.05 | [Parent Company Statement of Changes in Owners' Equity](index=45&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E6%89%80%E6%9C%89%E8%80%85%E6%9D%83%E7%9B%8A%E5%8F%98%E5%8A%A8%E8%A1%A8) Parent company owners' equity decreased by CNY 210 million, mainly due to profit distribution Parent Company Statement of Changes in Owners' Equity | Project | Beginning Balance 2025 (CNY) | Change in Current Period (CNY) | Ending Balance 2025 (CNY) | | :--- | :--- | :--- | :--- | | Paid-in Capital (or Share Capital) | 2,434,352,182.00 | 10,757.00 | 2,434,362,939.00 | | Other Equity Instruments | 51,201,773.12 | -6,051.28 | 51,195,721.84 | | Capital Reserves | 302,238,822.06 | 923,801.82 | 303,162,623.88 | | Special Reserves | 288,004.44 | -75,861.30 | 212,143.14 | | Surplus Reserves | 234,820,225.30 | 3,269,112.36 | 238,089,337.66 | | Undistributed Profits | 983,464,801.48 | -214,014,282.69 | 769,450,518.79 | | Total Owners' Equity | 4,006,365,808.40 | -209,892,524.09 | 3,796,473,284.31 | [III. Company Basic Information](index=48&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) This section details the company's establishment, share capital, legal representative, business scope, and ownership structure - Company established on **April 16, 2010**, with initial registered capital of **CNY 10 million**[128](index=128&type=chunk) - Company's share capital has undergone multiple capital increases and share conversions, with total shares of **2,434,362,939** as of June 30, 2025, all being unrestricted tradable shares[128](index=128&type=chunk)[129](index=129&type=chunk)[130](index=130&type=chunk)[131](index=131&type=chunk)[132](index=132&type=chunk)[133](index=133&type=chunk)[134](index=134&type=chunk) - Company's legal representative is **Chen Bo**, controlling shareholder is **Jiashi Longbo**, and actual controller is **Chen Bo**[134](index=134&type=chunk) - Company's business scope includes **investment, construction, operation, and sale of new energy power stations (solar, wind, biomass) and smart microgrids**, as well as power engineering construction, power facility installation (repair, testing), and new energy-related technical services[134](index=134&type=chunk) [1. Company Profile](index=48&type=section&id=1%E3%80%81%E5%85%AC%E5%8F%B8%E6%A6%82%E5%86%B5) Established in 2010, Jiaze New Energy is a comprehensive new energy power supplier with 2.43 billion shares - Company established on **April 16, 2010**, with initial registered capital of **CNY 10 million**[128](index=128&type=chunk) - As of June 30, 2025, the company's total shares were **2,434,362,939**, all being unrestricted tradable shares[134](index=134&type=chunk) - Company's controlling shareholder is **Jiashi Longbo**, and actual controller is **Chen Bo**[134](index=134&type=chunk) - Company's business scope primarily includes **investment, construction, operation, and sale of new energy power stations**, as well as related technical services[134](index=134&type=chunk) [IV. Basis of Financial Statement Preparation](index=50&type=section&id=%E5%9B%9B%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E7%9A%84%E7%BC%96%E5%88%B6%E5%9F%BA%E7%A1%80) Financial statements are prepared under Enterprise Accounting Standards and presented on a going concern basis - Company's financial statements are prepared in accordance with **"Enterprise Accounting Standards"** and their application guidelines, interpretations, and other relevant regulations issued by the Ministry of Finance, as well as **"Information Disclosure Rules for Companies Issuing Securities to the Public No. 15 - General Provisions for Financial Reports" (Revised 2023)** issued by the China Securities Regulatory Commission[137](index=137&type=chunk) - Company evaluated its ability to continue as a going concern for **12 months from June 30, 2025**, and found no significant doubts or circumstances regarding its ability to continue as a going concern[138](index=138&type=chunk) [V. Significant Accounting Policies and Accounting Estimates](index=50&type=section&id=%E4%BA%94%E3%80%81%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) Key accounting policies and estimates for financial reporting, including revenue recognition, asset depreciation, and impairment, are detailed - Specific accounting policies and estimates formulated by the company based on its actual production and operation characteristics include **bad debt provisions for receivables, depreciation of fixed assets, depreciation of right-of-use assets, amortization of intangible assets, revenue recognition and measurement**[139](index=139&type=chunk) - Company determines the scope of consolidation for consolidated financial statements based on control, applying different accounting treatments for **business combinations under common control and business combinations not under common control**[146](index=146&type=chunk)[147](index=147&type=chunk)[148](index=148&type=chunk) - Financial assets are classified as **measured at amortized cost, at fair value through other comprehensive income, or at fair value through profit or loss**, and impairment provisions are made based on expected credit losses[158](index=158&type=chunk)[166](index=166&type=chunk) - Revenue recognition principle is to recognize revenue when the customer obtains control of the related goods or services, with specific methods for **new energy power generation revenue, new energy power station sale revenue, and new energy power station O&M service revenue**[221](index=221&type=chunk)[223](index=223&type=chunk) - Government grants are classified as **asset-related or income-related**, recognized as deferred income or included in current profit or loss, respectively[230](index=230&type=chunk) - Company, as a lessee, recognizes **right-of-use assets and lease liabilities**, and as a lessor, classifies leases as finance leases or operating leases[235](index=235&type=chunk)[241](index=241&type=chunk) [VI. Taxation](index=71&type=section&id=%E5%85%AD%E3%80%81%E7%A8%8E%E9%A1%B9) Main tax categories, rates, and significant tax incentive policies enjoyed by the company and its subsidiaries are disclosed Main Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Taxable Sales Amount | 6%, 9%, 13% | | Urban Maintenance and Construction Tax | Amount of Turnover Tax Payable | 1%, 5%, 7% | | Corporate Income Tax | Taxable Income | 15%, 20%, 25% | - Company and new energy subsidiaries enjoy a **50% immediate refund of VAT** for "electricity produced using wind power"[246](index=246&type=chunk) - Company and some subsidiaries qualify for **corporate income tax incentives for Western Development**, paying corporate income tax at a **15% rate**[247](index=247&type=chunk) - Some small and micro-profit enterprise subsidiaries enjoy a preferential policy where taxable income is reduced by **25%** for different portions of annual taxable income, and corporate income tax is paid at a **20% rate**, extended until **December 31, 2027**[248](index=248&type=chunk) - Company's wind power and photovoltaic power generation enterprises engaged in investment and operation of public infrastructure projects enjoy **"three-year exemption, three-year half reduction" corporate income tax incentives**[249](index=249&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=73&type=section&id=%E4%B8%83%E3%80%81%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) Detailed explanations for major consolidated financial statement items, including assets, liabilities, and income/expense accounts, are provided - Monetary funds period-end balance was **CNY 390 million**, of which **CNY 91.365 million was restricted**, mainly for land reclamation deposits and pledged borrowings[250](index=250&type=chunk)[251](index=251&type=chunk) - Accounts receivable period-end balance was **CNY 3.988 billion**, bad debt provision **CNY 107 million**, book value **CNY 3.881 billion**, mainly for electricity fees receivable from various State Grid companies[257](index=257&type=chunk)[259](index=259&type=chunk) - Fixed assets period-end book value was **CNY 10.742 billion**, construction in progress period-end book value was **CNY 2.766 billion**, with continuous investment in multiple wind power projects under construction[297](index=297&type=chunk)[306](index=306&type=chunk) - Total restricted assets with ownership or right-of-use had a book value of **CNY 18.525 billion**, mainly including fixed assets, accounts receivable, right-of-use assets, and construction in progress[329](index=329&type=chunk) - Long-term borrowings period-end balance was **CNY 2.999 billion**, lease liabilities period-end balance was **CNY 2.879 billion**, and long-term payables period-end balance was **CNY 7.171 billion**, mainly for finance lease payments[354](index=354&type=chunk)[366](index=366&type=chunk)[372](index=372&type=chunk) - Operating revenue and operating costs both increased, with main business revenue of **CNY 1.304 billion** and costs of **CNY 512 million**[419](index=419&type=chunk) - Investment income was **CNY 6.1977 million**, mainly from long-term equity investments accounted for using the equity method[429](index=429&type=chunk) - Net cash flow from operating activities was **CNY 654 million**, with cash outflow from investing activities mainly used for the acquisition of fixed assets and construction in progress[447](index=447&type=chunk) [1. Monetary Funds](index=73&type=section&id=1%E3%80%81%E8%B4%A7%E5%B8%81%E8%B5%84%E9%87%91) Period-end monetary funds totaled CNY 390 million, with CNY 91.37 million restricted for land reclamation and pledged borrowings Monetary Funds Composition | Project | Period-End Balance (CNY) | Period-Beginning Balance (CNY) | | :--- | :--- | :--- | | Cash on Hand | 200,000.00 | - | | Bank Deposits | 298,174,666.37 | 271,840,002.65 | | Other Monetary Funds | 91,445,296.82 | 150,636,131.47 | | Total | 389,819,963.19 | 422,476,134.12 | Restricted Monetary Funds | Project | Year-End Balance (CNY) | Restriction Details | | :--- | :--- | :--- | | Land Reclamation Deposits | 70,924,877.17 | La

嘉泽新能源股份有限公司 2025年半年度主要经营数据公告 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。 根据《上海证券交易所上市公司自律监管指引第 3 号—行业信息 披露》之《第三号—电力》的要求，嘉泽新能源股份有限公司（以下 简称"公司"） 现将 2025 年半年度主要经营数据（未经审计）公告 如下： | | 第二季度 | | 半年度发电量 | | 第二季度 | | 半年度上网电量 | | 上网电价 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 发电量 （万千瓦时） | | (万千瓦时) | | 上网电量 （万千瓦时） | | (万千瓦时) | | (元/千瓦时) | | 经营地区/ | 2025 年 | 2025 年 | 2024 年 | 同比（%） | 2025 年 | 2025 年 | 2024 年 | 同比（%） | 2025 年 | | 发电类型 | 4-6 月 | 1-6 月 | 1-6 月 | | 4-6 月 | 1-6 ...

嘉泽新能源股份有限公司 截至 2025 年 6 月 30 日止 前次募集资金使用情况鉴证报告 前次募集资金使用情况鉴证报告 XYZH/2025YCAA1B0272 | 鉴证报告 | | | | | 1-2 | | --- | --- | --- | --- | --- | --- | | 索引 截至 2025 | 年 | 6 | 月 | 30 日止前次募集资金使用情况报告 | 页码 1-5 | 嘉泽新能源股份有限公司 嘉泽新能源股份有限公司全体股东： 我们对后附的嘉泽新能源股份有限公司（以下简称嘉泽新能公司）于2020年公开发 行可转换公司债券募集资金（以下简称前次募集资金）截至2025年6月30日的使用情况 报告（以下简称前次募集资金使用情况报告）执行了鉴证工作。 嘉泽新能公司管理层的责任是按照中国证券监督管理委员会、上海证券交易所相关 规定编制前次募集资金使用情况报告。这种责任包括设计、实施和维护与前次募集资金 使用情况报告编制相关的内部控制，保证前次募集资金使用情况报告的真实、准确和完 整，以及不存在由于舞弊或错误而导致的重大错报。我们的责任是在实施鉴证工作的基 础上，对前次募集资金使用情况报告发表鉴证 ...

证券代码：601619 证券简称：嘉泽新能 公告编号：2025-072 债券代码：113039 债券简称：嘉泽转债 嘉泽新能源股份有限公司 关于为控股子公司提供担保的进展公告 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）担保基本情况简介 近日，为降低上述被担保人的项目融资成本，公司与中电投融和融资租赁有 限公司（以下简称"中电投融和租赁"）签署了保证合同，为汤阴伏绿新能源有 限公司（以下简称"汤阴伏绿"）向中电投融和租赁以融资租赁方式进行融资提 供连带责任保证担保，担保金额为人民币 26,705.75 万元。截至本公告披露日， 公司为该公司实际提供的担保余额为人民币 5,989.46 万元。 （二）内部决策程序 公司于 2025 年 3 月 24 日召开的三届三十八次董事会、于 2025 年 4 月 15 日召开的 2024 年度股东大会审议通过了《关于公司及子公司向金融机构申请 2025 年度授信额度计划的议案》《关于公司及子公司 2025 年度为子公司提供担 保额度的议案》，具体内容详见公司于 2025 年 3 ...

证券代码：601619 证券简称：嘉泽新能 公告编号：2025-073 债券代码：113039 债券简称：嘉泽转债 一、股份质押的具体情况 | | 是否 | | 是否为 限售股 | | | | | 占其所 | 占公 | 质押 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 为控 | 本次质 | | 是否补 | 质押起 | 质押到 | | | 司总 | 融资 | | 股东名称 | | | （如是， | | | | 质权人 | 持股份 | | | | | 股股 | 押股数 | | 充质押 | 始日 | 期日 | | | 股本 | 资金 | | | | | 注明限 | | | | | 比例 | | | | | 东 | | 售类型） | | | | | | 比例 | 用途 | （一）本次股份质押基本情况 1 嘉泽新能源股份有限公司 关于控股股东所持部分股份质押的公告 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 ●截至目 ...

| 证券代码：601619 | 证券简称：嘉泽新能 | 公告编号：2025-069 | | --- | --- | --- | | 债券代码：113039 | 债券简称：嘉泽转债 | | 嘉泽新能源股份有限公司 截至 2025 年 6 月 30 日 | 开户银行 | 开户账号 | 初始存放金额（元） | 2025年 6月30 | 账户状态 | | --- | --- | --- | --- | --- | | | | | 日余额 | | | 中国银行股份有限公司银 川市兴庆支行营业部 | 106059247530 | 731,200,000.00 | --- | 已销户 | | 中信银行股份有限公司银 | 811240101420 | 560,000,000.00 | --- | 已销户 | | 川分行所辖民族南街支行 | 0072757 | | | | | 合计 | | 1,291,200,000.00 | --- | --- | 注:上述初始存放金额与募集资金净额 1,289,482,075.47 元差额为公开发 行可转换公司债券发生的审计费、律师费和发行手续等其他费用 2,349,000.00 元扣除各 ...

证券代码：601619 证券简称：嘉泽新能 公告编号：2025-068 债券代码：113039 债券简称：嘉泽转债 嘉泽新能源股份有限公司 关于风能开发产业基金（宁夏） 合伙企业（有限合伙）提前解散公告 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。 2025 年 8 月 27 日，嘉泽新能源股份有限公司（以下简称"公司" 或"嘉泽新能"）三届四十一次董事会审议通过了《关于风能开发产 业基金（宁夏）合伙企业（有限合伙）提前解散的议案》。鉴于风能 开发产业基金（宁夏）合伙企业（有限合伙）（以下简称"风能基金" 或"合伙企业"）所投项目已完成退出，投资款项已全部收回并实现 收益，经与风能基金管理人中车基金管理（北京）有限公司及其他合 伙人协商，公司提议合伙企业解散并组织开展清算程序。上述事项不 构成关联交易，不构成重大资产重组。现将具体情况公告如下： 一、风能基金情况概述 （一）风能基金是一家专注于风力发电项目投资的有限合伙企业。 成立于 2021 年 7 月 26 日，基金认缴规模 16 亿元人民币，基金的存 续期限：合伙企业的 ...

Group 1 - The company has received approval from the China Securities Regulatory Commission (CSRC) for the registration of a stock issuance to specific investors [1] - The approval is valid for 12 months from the date of registration [1] - The company is required to strictly follow the submitted documents and issuance plan when executing the stock issuance [1] Group 2 - The board of directors will handle the related matters of the stock issuance within the specified timeframe and fulfill information disclosure obligations [1] - The company must report any significant events to the Shanghai Stock Exchange before the completion of the issuance [1]

证券代码：601619 证券简称：嘉泽新能 公告编号：2025-064 债券代码：113039 债券简称：嘉泽转债 嘉泽新能源股份有限公司 关于向特定对象发行股票申请获得 中国证券监督管理委员会同意注册批复的公告 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。 嘉泽新能源股份有限公司（以下简称"公司"）于近日收到中国 证券监督管理委员会出具的《关于同意嘉泽新能源股份有限公司向特 定对象发行股票注册的批复》（证监许可〔2025〕1783 号），主要 内容如下： "一、同意你公司向特定对象发行股票的注册申请。 二、你公司本次发行应严格按照报送上海证券交易所的申报文件 和发行方案实施。 三、本批复自同意注册之日起 12 个月内有效。 四、自同意注册之日起至本次发行结束前，你公司如发生重大事 项，应及时报告上海证券交易所并按有关规定处理。" 公司董事会将根据上述批复文件和相关法律法规的要求及公司 股东大会的授权，在规定期限内办理本次向特定对象发行股票的相关 事宜，并及时履行信息披露义务。敬请广大投资者注意投资风险。 特此公告。 1 嘉 ...