Group 1 - The core viewpoint of the articles highlights the financial performance and operational developments of Hongyuan Green Energy, indicating a significant improvement in its net loss and gross margin compared to the previous year [1][2] Group 2 - As of August 19, 2025, Hongyuan Green Energy's stock price was 20.65 yuan, down 1.71% from the previous trading day, with a trading volume of 5.15 billion yuan and a turnover rate of 3.64% [1] - In the first half of 2025, Hongyuan Green Energy achieved operating revenue of 32.29 billion yuan, with a net loss attributable to shareholders of 2.97 billion yuan, a significant reduction from a loss of 11.57 billion yuan in the same period last year [1] - The company's gross margin improved from -6.6% in the previous year to 3.0% due to process improvements, inventory optimization, and cost control [1] - Hongyuan Green Energy is one of the few companies in China with a vertically integrated layout in the photovoltaic industry chain, covering silicon materials, silicon wafers, batteries, and modules [1] - The first phase of the silicon material project in Inner Mongolia has been put into production, with the second phase expected to reach production capacity by the end of 2025, which is anticipated to further reduce the risk of raw material cost fluctuations [1]

Core Viewpoint - The photovoltaic industry is experiencing a trend of capacity clearance and narrowing losses among enterprises, with Hongyuan Green Energy reporting a significant reduction in losses in its mid-year report [1][2]. Group 1: Company Performance - Hongyuan Green Energy reported a revenue of 3.229 billion yuan for the first half of the year, a year-on-year decrease of 19.52% [1]. - The net profit attributable to shareholders was -296 million yuan, an improvement from -1.157 billion yuan in the same period last year, indicating a loss reduction of over 70% [1][2]. - The company has been impacted by inventory impairment, with a provision for asset impairment losses of 95.09 million yuan, including inventory depreciation losses of 87.40 million yuan, which is significantly lower than the 403 million yuan recorded in the previous year [2]. Group 2: Industry Trends - The photovoltaic industry is still facing overcapacity, with low product prices expected to persist into the first half of 2025 [1]. - The price of N-type M10 silicon wafers dropped by 31% from the peak in April to the end of June, reflecting significant price volatility in the industry [2]. - Despite the overall losses in the photovoltaic industry, there are signs of improvement among leading companies, with some like Longi Green Energy and JA Solar showing reduced losses, and Aiko achieving profitability in the second quarter [3]. Group 3: Market Dynamics - Since early July, prices for silicon materials and wafers have been on the rise, leading to a recovery in prices for battery cells and modules [3]. - Manufacturers are responding to supply chain fluctuations and policy adjustments by reducing shipments priced below 0.7 yuan/W, with new orders for TOPCon modules being signed at 0.68-0.72 yuan/W [3].

弘元绿能（SH 603185，收盘价：20.65元）8月19日晚间发布半年度业绩报告称，2025年上半年营业收 入约32.29亿元，同比减少19.52%；归属于上市公司股东的净利润亏损约2.97亿元；基本每股收益亏损 0.438元。2024年同期营业收入约40.12亿元；归属于上市公司股东的净利润亏损约11.57亿元；基本每股 收益亏损1.905元。 （文章来源：每日经济新闻） ...

2024年1至12月份，弘元绿能的营业收入构成为：新能源材料占比96.34%，其他业务占比2.87%，机械 制造及专用设备制造业占比0.79%。 （文章来源：每日经济新闻） 弘元绿能（SH 603185，收盘价：20.65元）8月19日晚间发布公告称，公司第四届第三十一次董事会会 议于2025年8月19日在公司会议室以现场方式召开。会议审议了《关于计提公司2025年半年度资产减值 准备的议案》等文件。 ...

智通财经APP讯，弘元绿能(603185.SH)发布2025年半年度报告，报告期内，公司实现营业收入32.29亿 元，同比下降19.52%。归属于上市公司股东净亏损2.97亿元，归属于上市公司股东的扣除非经常性损益 净亏损3.56亿元，基本每股亏损0.438元。 ...

证券代码：603185 证券简称：弘元绿能 公告编号：2025-039 弘元绿色能源股份有限公司 第四届监事会第二十次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 一、监事会会议召开情况 弘元绿色能源股份有限公司（以下简称"公司"）第四届监事会第二十次会 议于 2025 年 8 月 19 日在公司会议室以现场方式召开，会议通知及相关资料于 2025 年 8 月 9 日通过现场送达、电子邮件、传真方式发出。本次监事会由监事 会主席杭岳彪先生主持，应参加会议监事 3 人，实际参加会议监事 3 人，公司董 事会秘书列席了本次会议。会议的召集和召开程序符合《中华人民共和国公司法》 等法律法规、行政部门规章、规范性文件和《弘元绿色能源股份有限公司章程》 的有关规定。 二、监事会会议审议情况 1、公司 2025 年半年度报告编制和审议程序符合法律、法规、公司章程和公 司内部管理制度的各项规定； 2、公司 2025 年半年度报告的内容和格式符合中国证监会和证券交易所的有 关规定，公允地反映了公司 2025 年半年度的财 ...

证券代码：603185 证券简称：弘元绿能 公告编号：2025-038 弘元绿色能源股份有限公司 第四届董事会第三十一次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 一、董事会会议召开情况 弘元绿色能源股份有限公司（以下简称"公司"）第四届董事会第三十一次 会议于 2025 年 8 月 19 日在公司会议室以现场方式召开，会议通知及相关资料于 2025 年 8 月 9 日通过现场送达、电子邮件、传真方式发出。本次董事会由董事 长杨建良先生主持，应参加会议董事 7 人，实际参加会议董事 7 人，公司监事和 高级管理人员列席了本次会议。会议的召集和召开程序符合《中华人民共和国公 司法》等法律法规、行政部门规章、规范性文件和《弘元绿色能源股份有限公司 章程》的有关规定。 二、董事会会议审议情况 （一）审议通过《关于公司 2025 年半年度报告及其摘要的议案》 具体内容详见公司同日刊登在《中国证券报》、《上海证券报》及上海证券 交易所网站（www.sse.com.cn）的《弘元绿色能源股份有限公司 2025 年半 ...

Important Notes [Statement of the Board of Directors, Board of Supervisors, and Senior Management](index=2&type=section&id=%E4%B8%80%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E3%80%81%E7%9B%91%E4%BA%8B%E4%BC%9A%E5%8F%8A%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E4%BF%9D%E8%AF%81%E5%8D%8A%E5%B9%B4%E5%BA%A6%E6%8A%A5%E5%91%8A%E5%86%85%E5%AE%B9%E7%9A%84%E7%9C%9F%E5%AE%9E%E6%80%A7%E3%80%81%E5%87%86%E7%A1%AE%E6%80%A7%E3%80%81%E5%AE%8C%E6%95%B4%E6%80%A7) The company's management guarantees the truthfulness, accuracy, and completeness of the semi-annual report and assumes legal responsibility - The Board of Directors, Board of Supervisors, 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) - **All directors of the company attended the Board of Directors meeting**[4](index=4&type=chunk) - The company's person in charge, Yang Jianliang, the person in charge of accounting, Wang Yong, and the head of the accounting department, He Jiachen, declare that the financial report in the semi-annual report is **true, accurate, and complete**[5](index=5&type=chunk) [Unaudited Report](index=2&type=section&id=%E4%B8%89%E3%80%81%E6%9C%AC%E5%8D%8A%E5%B9%B4%E5%BA%A6%E6%8A%A5%E5%91%8A%E6%9C%AA%E7%BB%8F%E5%AE%A1%E8%AE%A1) This semi-annual report has not been audited - This semi-annual report is unaudited[4](index=4&type=chunk) [Profit Distribution Plan](index=2&type=section&id=%E4%BA%94%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E5%86%B3%E8%AE%AE%E9%80%9A%E8%BF%87%E7%9A%84%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E9%A2%84%E6%A1%88%E6%88%96%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E8%82%A1%E6%9C%AC%E9%A2%84%E6%A1%88) There is no profit distribution or capitalization of public reserve plan for the reporting period - There is **no profit distribution plan or plan to convert public reserve into share capital** for the reporting period[6](index=6&type=chunk) [Forward-Looking Statements Risk Disclaimer](index=2&type=section&id=%E5%85%AD%E3%80%81%E5%89%8D%E7%9E%BB%E6%80%A7%E9%99%88%E8%BF%B0%E7%9A%84%E9%A3%8E%E9%99%A9%E5%A3%B0%E6%98%8E) Forward-looking statements in this report do not constitute substantive commitments to investors - Forward-looking statements in this report, such as development strategies and business plans, **do not constitute substantive commitments** to investors, who are advised to be aware of investment risks[7](index=7&type=chunk) [Fund Occupation and External Guarantees](index=2&type=section&id=%E4%B8%83%E3%80%81%E6%98%AF%E5%90%A6%E5%AD%98%E5%9C%A8%E8%A2%AB%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%B3%E8%81%94%E6%96%B9%E9%9D%9E%E7%BB%8F%E8%90%A5%E6%80%A7%E5%8D%A0%E7%94%A8%E8%B5%84%E9%87%91%E6%83%85%E5%86%B5) No non-operating fund occupation by controlling shareholders or provision of external guarantees occurred during the reporting period - There was **no non-operating occupation of funds** by the controlling shareholder or other related parties[8](index=8&type=chunk) - There were **no external guarantees provided in violation of prescribed decision-making procedures**[8](index=8&type=chunk) [Major Risk Warning](index=2&type=section&id=%E5%8D%81%E3%80%81%E9%87%8D%E5%A4%A7%E9%A3%8E%E9%99%A9%E6%8F%90%E7%A4%BA) The company has detailed potential risks in "Section III Management Discussion and Analysis" - The company has detailed potential risks in this report; please refer to the "Potential Risks" section in "Section III Management Discussion and Analysis"[8](index=8&type=chunk) Section I Definitions [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) This section defines key terms used throughout the report, covering company entities, reporting conventions, and photovoltaic industry terminology Definitions of Common Terms | Term | Meaning | | :--- | :--- | | The Company, Our Company, Shangji CNC, Hongyuan Green Energy | HONGYUAN GREEN ENERGY CO.,LTD. | | Controlling Shareholder | Yang Jianliang | | Actual Controllers | Yang Jianliang, Hang Hong, Yang Hao, Li Xiaodong, Dong Xixing | | Reporting Period | January 1, 2025 to June 30, 2025 | | Yuan, Ten Thousand Yuan, Hundred Million Yuan | RMB Yuan, RMB Ten Thousand, RMB Hundred Million | | Monocrystalline Silicon | A single crystal in which silicon atoms are arranged periodically throughout the entire silicon crystal | | Polycrystalline Silicon | A polycrystalline material composed of silicon grains of a certain size | | Silicon Wafer | A square or octagonal slice cut from a monocrystalline silicon ingot or polycrystalline silicon block | | Silicon Ingot | A rod-shaped single silicon crystal grown from polycrystalline silicon raw material using the Czochralski (CZ) or Float-Zone (FZ) method | | Cell, Solar Cell | A device that converts solar radiation energy into electrical energy through the photovoltaic effect in semiconductor materials | | Module | A solar module composed of high-efficiency crystalline silicon solar cells, tempered glass, a transparent TPT backsheet, and an aluminum alloy frame | | GW | Gigawatt, a unit of power for solar cells, where 1 gigawatt = 1,000 megawatts | Section II Company Profile and Key Financial Indicators [Company Basic Information](index=4&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF) This section provides the company's names, abbreviations, and legal representative, clarifying its basic identity Company Basic Information | Indicator | Content | | :--- | :--- | | Chinese Name | 弘元绿色能源股份有限公司 | | Chinese Abbreviation | 弘元绿能 | | English Name | HONGYUAN GREEN ENERGY CO.,LTD. | | English Abbreviation | HONGYUAN | | Legal Representative | Yang Jianliang | [Contact Information](index=4&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) This section lists the contact details for the company's Board Secretary and Securities Affairs Representative Company Contact Information | Position | Name | Address | Phone | Fax | | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Zhuang Kejie | No. 158, Nanhuzhong Road, Xuelang Street, Binhu District, Wuxi City | 0510-85390590 | 0510-85958787 | | Securities Affairs Representative | Zhao Qin | No. 158, Nanhuzhong Road, Xuelang Street, Binhu District, Wuxi City | 0510-85390590 | 0510-85958787 | [Company Registration and Office 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) The company's registered and office addresses remained unchanged during the reporting period Company Registration and Office Information | Indicator | Content | | :--- | :--- | | Company Registered Address | No. 158, Nanhuzhong Road, Xuelang Street, Binhu District, Wuxi City | | Historical Changes to Registered Address | None | | Company Office Address | No. 158, Nanhuzhong Road, Xuelang Street, Binhu District, Wuxi City | | Postal Code of Office Address | 214128 | | Company Website | https://hysolar.com/ | | Email Address | wxsjzqb@163.com | | Index for Inquiries on Changes during the Reporting Period | None | [Information Disclosure Channels](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) The company's designated information disclosure newspapers and websites remained unchanged during the reporting period Information Disclosure Channels | Indicator | Content | | :--- | :--- | | Designated Information Disclosure Newspapers | China Securities Journal, Shanghai Securities News | | Website for Semi-Annual Report Publication | www.sse.com.cn | | Location for Semi-Annual Report Filing | Company's Securities Department | | Index for Inquiries on Changes during the Reporting Period | None | [Company Stock Information](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) The company's A-shares are listed on the Shanghai Stock Exchange under the stock code 603185 Company Stock Information | Stock Type | Stock Exchange | Stock Ticker | Stock Code | Previous Stock Ticker | | :--- | :--- | :--- | :--- | :--- | | A-Share | Shanghai Stock Exchange | Hongyuan Green Energy | 603185 | Shangji CNC | [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) In H1 2025, revenue declined 19.52% while net loss narrowed by 74.35% to -¥297 million, though operating cash flow decreased significantly Key Accounting Data for H1 2025 | Indicator | Current Period (Jan-Jun) | Same Period Last Year | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 3,228,586,997.55 | 4,011,584,407.84 | -19.52 | | Total Profit | -384,868,029.29 | -1,437,012,796.49 | N/A | | Net Profit Attributable to Shareholders | -296,804,289.02 | -1,157,247,885.47 | N/A | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | -355,613,112.10 | -960,556,885.06 | N/A | | Net Cash Flow from Operating Activities | -375,754,202.37 | 112,123,596.75 | -435.12 | | **End of Current Reporting Period** | | | | | Net Assets Attributable to Shareholders | 11,570,511,119.02 | 11,884,162,700.05 | -2.64 | | Total Assets | 26,522,342,200.44 | 29,222,793,933.67 | -9.24 | Key Financial Indicators for H1 2025 | Key Financial Indicator | Current Period (Jan-Jun) | Same Period Last Year | Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (RMB/Share) | -0.438 | -1.905 | N/A | | Diluted Earnings Per Share (RMB/Share) | -0.438 | -1.905 | N/A | | Basic EPS (Excluding Non-recurring Items) (RMB/Share) | -0.525 | -1.581 | N/A | | Weighted Average Return on Equity (%) | -2.53 | -8.47 | Increased by 5.94 percentage points | | Weighted Average ROE (Excluding Non-recurring Items) (%) | -3.03 | -7.03 | Increased by 4 percentage points | - **Net loss significantly narrowed by 74.35%**[32](index=32&type=chunk) [Non-recurring Gains and Losses](index=6&type=section&id=%E4%B9%9D%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%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 ¥58.81 million, primarily from government grants and fair value changes Non-recurring Gains and Losses Items and Amounts for H1 2025 | Non-recurring Gains and Losses Item | Amount (RMB) | | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | -130,769.13 | | Government Grants Recognized in Current Profit or Loss | 12,571,546.40 | | Gains/Losses from Fair Value Changes and Disposal of Financial Assets/Liabilities | 42,491,209.00 | | Gains/Losses from Debt Restructuring | 6,832,000.00 | | Other Non-operating Income and Expenses | 7,410,408.01 | | Less: Income Tax Impact | 10,365,571.20 | | Total | 58,808,823.08 | Section III Management Discussion and Analysis [Industry and Main Business Overview](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 company is deepening its N-type zero-carbon PV industry chain layout amid rapid market growth and intensifying competition - The company adheres to a "technology-led, innovation-driven" philosophy, deepening its layout in the **N-type zero-carbon photovoltaic full industry chain** and strengthening R&D and industrial synergy[28](index=28&type=chunk) - In H1 2025, China's new photovoltaic installations reached **212.21 GW, a year-on-year increase of 107%**, with May installations hitting a new monthly high of 92.92 GW, up 388.03% YoY[29](index=29&type=chunk) - Government departments are guiding the PV industry to shift from price competition to **value competition**, focusing on product quality, technological innovation, and service capabilities to phase out outdated capacity[31](index=31&type=chunk) [Analysis of Operating Performance](index=8&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) Despite industry overcapacity, the company significantly narrowed its net loss by 74.35% through innovation and cost management - In H1 2025, amid industry overcapacity and low product prices, the company achieved a net profit attributable to shareholders of **-¥297 million**, representing a **74.35% reduction in net loss**[32](index=32&type=chunk) - The company's **vertically integrated "polysilicon-wafer-cell-module" industrial layout** effectively reduces intermediate losses and optimizes supply chain cost structure[38](index=38&type=chunk) - The company has established a full lifecycle quality and low-carbon management system, with its polysilicon, wafer, and cell products certified by France's ADEME for LCA, and modules receiving Certisolis carbon footprint ECS certification[38](index=38&type=chunk) [Polysilicon Business](index=8&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E7%A1%85%E6%96%99%E4%B8%9A%E5%8A%A1) The polysilicon business achieved industry-leading product quality and cost control through process innovation and refined management - The company's polysilicon products consistently meet **electronic grade II standards**, with an industry-leading primary output ratio of N-type dense polysilicon, and excel in core operational metrics[33](index=33&type=chunk) - Energy consumption was further reduced and costs optimized by increasing single-furnace output and enhancing the comprehensive control process of reduction furnaces[33](index=33&type=chunk) [Silicon Wafer Business](index=8&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E7%A1%85%E7%89%87%E4%B8%9A%E5%8A%A1) The silicon wafer business focuses on next-generation technology R&D and cost reduction through process and equipment enhancements - The company has a professional R&D team focused on next-generation wafer technology and has established deep collaborations with universities like Zhejiang University and Lanzhou University, co-founding the "Hongyuan New Materials Future Research Institute"[34](index=34&type=chunk) - Various improvement measures in thermal field design, equipment process upgrades, and process automation have been implemented to **enhance quality, reduce costs, and increase efficiency**[34](index=34&type=chunk) [Cell Business](index=8&type=section&id=%EF%BC%88%E4%B8%89%EF%BC%89%E7%94%B5%E6%B1%A0%E7%89%87%E4%B8%9A%E5%8A%A1) The cell business enhanced conversion efficiency and reduced production costs through new material applications and process optimizations - The company's cell product matrix is comprehensive, with mass-produced specifications covering **183, 188R, 210, and 210R sizes** to meet diverse market demands[35](index=35&type=chunk) - The introduction of UV lamps and new paste applications has driven an **overall efficiency improvement** across multiple product lines, enhancing market competitiveness[35](index=35&type=chunk) - Cost reduction measures, including new screen types and additives, have **significantly lowered the consumption of key raw materials** like paste, additives, sodium hydroxide, and hydrofluoric acid[35](index=35&type=chunk) [Module Business](index=8&type=section&id=%EF%BC%88%E5%9B%9B%EF%BC%89%E7%BB%84%E4%BB%B6%E4%B8%9A%E5%8A%A1) The module business launched several scenario-specific products, including anti-soiling, anti-glare, and offshore modules - Launched the **182 series 72-cell anti-soiling module** with a short-frame design and high-efficiency N-type TOPCon cell technology, offering excellent conversion efficiency and temperature characteristics[36](index=36&type=chunk) - The **210R series 66-cell anti-glare module**, featuring specially textured glass, is suitable for integrated applications like "PV + transportation" and "PV + public facilities"[36](index=36&type=chunk) - The **182 series 72-cell offshore module** has passed multiple stringent reliability tests and received TÜV Rheinland's offshore PV certification, ensuring reliable operation in harsh environments[36](index=36&type=chunk) [Core Competitiveness Analysis](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) The company's core competitiveness is built on superior products, technology, full-chain synergy, cost advantages, and customer resources - The company is committed to advancing the global green energy transition, focusing on high-end equipment manufacturing, industrial and high-purity silicon, monocrystalline wafers, and high-efficiency cells and modules[40](index=40&type=chunk) - The company's integrated cost advantage stems from the deep synergy of its **"polysilicon + wafer + cell + module" full industry chain** and comprehensive cost reduction driven by technological innovation[43](index=43&type=chunk) - Since 2004, the company has been engaged in the R&D, manufacturing, and sales of high-end equipment for the photovoltaic sector, accumulating extensive customer resources and sales networks[44](index=44&type=chunk) [Product Advantages](index=9&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E4%BA%A7%E5%93%81%E4%BC%98%E5%8A%BF) The company offers comprehensive equipment solutions and high-quality, customizable silicon wafers with robust quality control - The company can produce a **full set of equipment** required for processing from silicon ingots/blocks to wafers, providing ample options for downstream wafer production line construction[39](index=39&type=chunk) - In silicon wafer production, the company continuously invests in R&D to optimize technical specifications and offers **flexible production of various-sized monocrystalline silicon wafers** and customized services[39](index=39&type=chunk) - The company implements **full-process quality management** and strict process controls, ensuring product traceability and achieving quality targets for process and product yield through ISO systems and MES integration[40](index=40&type=chunk) [Technological Advantages](index=10&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E6%8A%80%E6%9C%AF%E4%BC%98%E5%8A%BF) The company leverages its deep R&D capabilities in intelligent equipment and production processes to drive efficiency and quality - The company possesses strong **full-machine design and development capabilities**, utilizing modular design to shorten design and trial production cycles and accelerate product upgrades[41](index=41&type=chunk) - By integrating its equipment technology with monocrystalline silicon production processes, the company has independently upgraded its crystal pulling furnace systems, **enhancing production efficiency and product quality while significantly reducing costs**[42](index=42&type=chunk) - The company uses internationally advanced automated production lines and leading **TOPCon technology** for cell production, creating technical synergy with the wafer segment to advance wafer thinning and improve profit per watt[42](index=42&type=chunk) [Full Industry Chain Synergy and Cost Advantages](index=10&type=section&id=%EF%BC%88%E4%B8%89%EF%BC%89%E5%85%A8%E4%BA%A7%E4%B8%9A%E9%93%BE%E5%8D%8F%E5%90%8C%E5%8F%8A%E6%88%90%E6%9C%AC%E4%BC%98%E5%8A%BF) The company's vertically integrated "polysilicon-to-module" layout significantly reduces costs through resource integration and process innovation - The company has established a **"polysilicon + wafer + cell + module" full industry chain layout**, which effectively reduces intermediate logistics costs and profit sharing with external suppliers through upstream and downstream capacity matching[43](index=43&type=chunk) - In the wafer segment, the mature application of **large-size, thinning processes, and tungsten wire cutting** has significantly reduced unit silicon consumption and manufacturing costs[43](index=43&type=chunk) - In the cell and module segments, the large-scale mass production of **N-type TOPCon technology** continuously boosts conversion efficiency, increasing power per cell and diluting manufacturing costs per watt[43](index=43&type=chunk) [Customer Resource Advantages](index=10&type=section&id=%EF%BC%88%E5%9B%9B%EF%BC%89%E5%AE%A2%E6%88%B7%E8%B5%84%E6%BA%90%E4%BC%98%E5%8A%BF) With deep industry roots since 2004, the company has built strong relationships with major downstream customers - Since 2004, the company has been engaged in the R&D, manufacturing, and sales of high-end equipment for the photovoltaic sector, giving it a **deep understanding of the industry landscape and customer needs**[44](index=44&type=chunk) - Through years of technological accumulation and process improvements, the company has earned the trust of numerous strong downstream users with its **cost-effective products and high-quality services**, establishing strong partnerships across the PV industry chain[44](index=44&type=chunk) [Service Advantages](index=10&type=section&id=%EF%BC%88%E4%BA%94%EF%BC%89%E6%9C%8D%E5%8A%A1%E4%BC%98%E5%8A%BF) The company provides customer-centric, integrated solutions with strong technical support and rapid response capabilities - The company consistently operates with a customer-centric approach, providing practical product solutions based on specific customer requirements, backed by **strong technical capabilities, capacity reserves, and full-cycle product support**[45](index=45&type=chunk) - The company is dedicated to refining the customer experience by providing **end-to-end services** including installation, commissioning, and acceptance, and responds quickly to urgent customer needs[45](index=45&type=chunk) [Main Operating Activities](index=10&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) During the period, revenue and costs decreased, while cash flows from operations and financing declined sharply Analysis of Changes in Financial Statement Items | Item | Current Period (RMB) | Same Period Last Year (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 3,228,586,997.55 | 4,011,584,407.84 | -19.52 | | Operating Costs | 3,132,313,751.04 | 4,275,767,560.46 | -26.74 | | Selling Expenses | 37,371,974.36 | 61,177,160.56 | -38.91 | | Administrative Expenses | 141,310,847.84 | 142,779,371.32 | -1.03 | | Financial Expenses | 62,674,883.45 | 51,310,453.56 | 22.15 | | R&D Expenses | 224,322,441.94 | 259,800,711.06 | -13.66 | | Net Cash Flow from Operating Activities | -375,754,202.37 | 112,123,596.75 | -435.12 | | Net Cash Flow from Investing Activities | 1,280,800,487.72 | -3,174,636,905.99 | N/A | | Net Cash Flow from Financing Activities | -1,466,006,407.70 | 2,869,459,894.39 | -151.09 | - Reason for change in net cash flow from operating activities: **Increased net outflow for business deposits** such as bank acceptance bills and the impact of receiving VAT input tax refunds in the same period last year[47](index=47&type=chunk) - Reason for change in net cash flow from investing activities: Primarily due to an **increase in the redemption of wealth management products** during the period[47](index=47&type=chunk) - Reason for change in net cash flow from financing activities: Primarily due to the **receipt of proceeds from a private placement last year**, combined with increased loan repayments and payments for letters of credit this period[47](index=47&type=chunk) Changes in Assets and Liabilities | Item | Closing Balance (RMB) | % of Total Assets | Opening Balance (RMB) | % of Total Assets | Change from Opening (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets | 3,048,284,535.78 | 11.49 | 4,395,769,646.42 | 15.04 | -30.65 | Increase in redeemed wealth management products | | Prepayments | 222,848,038.60 | 0.84 | 336,688,307.15 | 1.15 | -33.81 | Decrease in prepayments to suppliers | | Assets Held for Sale | 0 | 0 | 4,884,955.80 | 0.02 | -100.00 | Sale of assets held for sale | | Other Non-current Financial Assets | 40,048,000.00 | 0.15 | 540,048,000.00 | 1.85 | -92.58 | Disposal of equity investment partnership shares | | Deferred Tax Assets | 363,099,034.29 | 1.37 | 273,276,954.06 | 0.94 | 32.87 | Mainly due to an increase in deductible losses | | Other Non-current Assets | 145,861,573.39 | 0.55 | 243,911,650.63 | 0.83 | -40.20 | Mainly due to prepaid land payments transferred to fixed assets | | Short-term Borrowings | 1,352,207,222.22 | 5.10 | 744,370,555.55 | 2.55 | 81.66 | New short-term borrowings in the current period | | Advances from Customers | 0 | 0 | 1,656,000.00 | 0.01 | -100.00 | Sale of assets held for sale | | Employee Benefits Payable | 69,220,917.24 | 0.26 | 128,231,245.35 | 0.44 | -46.02 | Mainly due to payment of prior year's annual bonuses | | Taxes Payable | 7,482,046.14 | 0.03 | 68,373,909.97 | 0.23 | -89.06 | Mainly due to a decrease in VAT payable | | Other Payables | 121,247,159.09 | 0.46 | 44,382,508.16 | 0.15 | 173.19 | Mainly due to receipt of deposit for equity transfer | | Non-current Liabilities Due within One Year | 736,010,938.29 | 2.78 | 542,622,418.93 | 1.86 | 35.64 | Mainly due to an increase in long-term borrowings due within 1 year | | Long-term Borrowings | 419,300,000.00 | 1.58 | 599,300,000.00 | 2.05 | -30.04 | Reclassification of long-term borrowings due within 1 year | Financial Information of Major Subsidiaries (Unit: RMB 10,000) | Company Name | Company Type | Main Business | Registered Capital | Total Assets | Net Assets | Operating Revenue | Operating Profit | Net Profit | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Hongyuan New Materials (Baotou) Co., Ltd. | Subsidiary | Monocrystalline silicon ingots, wafers | 71,000.00 | 1,536,236.58 | 484,375.90 | 172,679.20 | -14,025.09 | -10,307.08 | | Hongyuan Energy Technology (Baotou) Co., Ltd. | Subsidiary | Industrial silicon, high-purity polysilicon | 101,000.00 | 839,267.46 | 19,950.40 | 93,066.63 | -13,957.50 | -11,730.59 | | Hongyuan New Materials (Xuzhou) Co., Ltd. | Subsidiary | Silicon wafers, cells | 51,000.00 | 887,709.30 | -39,331.70 | 175,642.44 | -3,355.71 | -1,391.06 | | Hongyuan Solar (Wuxi) Co., Ltd. | Subsidiary | Modules | 101,000.00 | 784,897.75 | 80,265.41 | 128,077.27 | -7,167.65 | -4,847.57 | [Risk Disclosure](index=14&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) The company faces risks from economic cycles, trade policies, market competition, and technological changes - The company faces risks from **macroeconomic and industry cyclical fluctuations** and will mitigate adverse impacts through enhanced R&D, inventory management, and financial controls[54](index=54&type=chunk) - **International trade disputes and policy adjustments** may adversely affect operations; the company will monitor policy changes and optimize its global marketing platform[56](index=56&type=chunk) - **Intensified market competition** due to industry overcapacity may reduce profitability; the company will leverage its full-chain advantages and continue cost reduction and quality improvement efforts[57](index=57&type=chunk) - **Technology R&D risks** arise from the rapid evolution of PV technology; the company will continuously track market trends and develop products and technologies based on its strengths[58](index=58&type=chunk) - **Product substitution risk** may arise from breakthroughs in alternative technologies like thin-film solar cells; the company will maintain a reserve of advanced technologies to reduce reliance on a single technology[59](index=59&type=chunk) Section IV Corporate Governance, Environment, and Society [Profit Distribution Plan](index=17&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) The company does not plan to distribute profits or capitalize public reserves for the semi-annual period Semi-annual Profit Distribution or Capitalization of Public Reserve Plan | Item | Content | | :--- | :--- | | Whether to distribute or capitalize | No | | Bonus shares per 10 shares (shares) | 0 | | Cash dividend per 10 shares (RMB) (tax included) | 0 | | Shares converted per 10 shares (shares) | 0 | [Environmental Information Disclosure](index=17&type=section&id=%E5%9B%9B%E3%80%81%E7%BA%B3%E5%85%A5%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E4%BE%9D%E6%B3%95%E6%8A%AB%E9%9C%B2%E4%BC%81%E4%B8%9A%E5%90%8D%E5%8D%95%E7%9A%84%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E4%B8%BB%E8%A6%81%E5%AD%90%E5%85%AC%E5%8F%B8%E7%9A%84%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%83%85%E5%86%B5) Two of the company's subsidiaries are included in the list of enterprises required to disclose environmental information Subsidiaries on the List for Mandatory Environmental Information Disclosure | No. | Company Name | Query Index for Environmental Information Disclosure Report | | :--- | :--- | :--- | | 1 | Hongyuan New Materials (Baotou) Co., Ltd. | http://106.74.1.102:8181/cas/home | | 2 | Hongyuan Energy Technology (Baotou) Co., Ltd. | http://106.74.1.102:8181/cas/home | Section V Important Matters [Fulfillment of Commitments](index=18&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) The company's actual controllers have strictly fulfilled their long-term commitments regarding non-competition and related-party transactions - The company's actual controllers have committed to **avoiding competition** by not engaging, directly or indirectly, in any business that competes with the company's operations[66](index=66&type=chunk) - The company's actual controllers have committed to **avoiding future fund lending** between related parties and the company, strictly prohibiting the occupation of the issuer's funds[67](index=67&type=chunk)[68](index=68&type=chunk) - During the reporting period, all the above commitments were **promptly and strictly fulfilled**[65](index=65&type=chunk) [Major Related-Party Transactions](index=20&type=section&id=%E5%8D%81%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company's polysilicon procurement from a related party in H1 2025 was within the approved transaction limit Daily Related-Party Transaction Contract Signing in H1 2025 | Transaction Category | Related Party | Transaction Content | Pricing Principle | 2025 Estimated Contract Amount (tax incl., RMB 10,000) | H1 2025 Signed Contract Amount (tax incl., RMB 10,000) | | :--- | :--- | :--- | :--- | :--- | :--- | | Purchase of Goods | Inner Mongolia Xinyuan Silicon Material Technology Co., Ltd. | Polysilicon | Market price reference | 12,000 | 6,524.97 | [Major Contracts and Guarantees](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) At the end of the reporting period, the company's total guarantees for its subsidiaries amounted to ¥2.84 billion Total Company Guarantees (Including Guarantees for Subsidiaries) | Indicator | Amount (RMB 10,000) | | :--- | :--- | | Total Guarantees Provided to Subsidiaries during the Period | 284,387.40 | | Outstanding Balance of Guarantees for Subsidiaries at Period-End (B) | 284,387.40 | | Total Guarantees (A+B) | 284,387.40 | | Total Guarantees as a Percentage of Company's Net Assets (%) | 24.58 | [Progress on Use of Raised Funds](index=23&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E5%8B%9F%E9%9B%86%E8%B5%84%E9%87%91%E4%BD%BF%E7%94%A8%E8%BF%9B%E5%B1%95%E8%AF%B4%E6%98%8E) As of the period-end, the company had invested ¥3.32 billion of the total ¥3.67 billion raised from bond and stock issuances Overall Use of Raised Funds (Unit: RMB 10,000) | Source of Funds | Total Funds Raised | Net Funds Raised (1) | Cumulative Investment as of Period-End (4) | Investment Progress (%) (4)/(1) | | :--- | :--- | :--- | :--- | :--- | | Convertible Bonds Issuance | 66,500 | 65,453.54 | 52,747.36 | 80.59 | | Private Placement | 300,000 | 297,622.65 | 279,210.41 | 93.81 | | Total | 366,500 | 363,076.19 | 331,957.77 | / | Detailed Use of Funds for Investment Projects (Unit: RMB 10,000) | Project Name | Planned Investment Amount (1) | Cumulative Investment as of Period-End (2) | Investment Progress (%) (2)/(1) | Benefits or R&D Achievements This Year | | :--- | :--- | :--- | :--- | :--- | | 5GW Monocrystalline Silicon Pulling Production (Phase II) | 65,453.54 | 52,747.36 | 80.59 | -1,613.86 | | 8GW Monocrystalline Silicon Pulling Production Project | 207,622.65 | 188,925.44 | 90.99 | -686.35 | | Supplementary Working Capital Project | 90,000.00 | 90,284.97 | 100.32 | Yes | | Total | 363,076.19 | 331,957.77 | / | -2,300.21 | - The company used idle raised funds for cash management, with a balance of **¥137 million** at the end of the reporting period, which did not exceed the authorized limit[81](index=81&type=chunk) Section VI Share Capital Changes and Shareholder Information [Changes in Share Capital](index=25&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) The company's total number of shares and share capital structure remained unchanged during the reporting period - During the reporting period, the company's **total number of shares and share capital structure did not change**[84](index=84&type=chunk) [Shareholder Information](index=26&type=section&id=%E4%BA%8C%E3%80%81%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) As of the period-end, the company had 58,103 common shareholders, with the top shareholder holding a 29.12% stake Total Number of Common Shareholders as of Period-End | Indicator | Number (Households) | | :--- | :--- | | Total number of common shareholders as of the end of the reporting period | 58,103 | Top Ten Shareholders' Holdings as of Period-End | Shareholder Name | Shares Held at Period-End | Percentage (%) | Number of Restricted Shares | Share Status | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | :--- | | Yang Jianliang | 197,723,948 | 29.12 | 0 | None | Domestic Natural Person | | Hang Hong | 86,361,133 | 12.72 | 0 | None | Domestic Natural Person | | Jiangsu Jinpu Private Equity Fund Management Co., Ltd. - Xuzhou Jintou New Energy Industry Investment Fund Partnership (Limited Partnership) | 31,720,856 | 4.67 | 0 | None | Other | | Wuxi Hongyuan Dingchuang Investment Enterprise (Limited Partnership) | 16,823,597 | 2.48 | 0 | None | Domestic Non-state-owned Legal Person | | Generali China Asset Management - ICBC - Generali Asset - Zhuoyue Xichuang No. 1 Asset Management Product | 15,860,428 | 2.34 | 0 | None | Other | | Wuxi Yuanyue Private Equity Fund Management Co., Ltd. - Wuxi Jinyuan Rongda Investment Partnership (Limited Partnership) | 9,764,912 | 1.44 | 0 | None | Other | | Hong Kong Securities Clearing Company Ltd. | 7,487,333 | 1.10 | 0 | None | Other | | Yang Hao | 4,942,542 | 0.73 | 0 | None | Domestic Natural Person | | Bank of China Limited - Huatai-PineBridge CSI Photovoltaic Industry ETF | 4,725,405 | 0.70 | 0 | None | Other | | Shanghai State-owned Capital Management Co., Ltd. - Shanghai SOE Reform and Development Phase III Private Equity Investment Fund Partnership (Limited Partnership) | 3,965,107 | 0.58 | 0 | None | Other | - Among the top ten shareholders, **Yang Jianliang and Hang Hong are husband and wife**; Wuxi Hongyuan Dingchuang Investment Enterprise (Limited Partnership) is a limited partnership established by Yang Jianliang and Hang Hong; Yang Hao is the son of Yang Jianliang and Hang Hong[89](index=89&type=chunk) Section VII Bond-related Matters [Corporate Bonds and Debt Financing Instruments](index=29&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%EF%BC%88%E5%90%AB%E4%BC%81%E4%B8%9A%E5%80%BA%E5%88%B8%EF%BC%89%E5%92%8C%E9%9D%9E%E9%金融%E4%BC%81%E4%B8%9A%E5%80%BA%E5%8A%A1%E8%9E%8D%E8%B5%84%E5%B7%A5%E5%85%B7) The company had no corporate bonds or non-financial enterprise debt financing instruments during the reporting period - During the reporting period, the company had **no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments**[93](index=93&type=chunk) [Convertible Corporate Bonds](index=29&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 company had no convertible corporate bonds during the reporting period - During the reporting period, the company had **no convertible corporate bonds**[93](index=93&type=chunk) Section VIII Financial Report [Audit Report](index=30&type=section&id=%E4%B8%80%E3%80%81%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) This semi-annual report has not been audited - This semi-annual report is unaudited[4](index=4&type=chunk) [Financial Statements](index=30&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section provides the consolidated and parent company financial statements for the semi-annual period ending June 30, 2025 - The consolidated balance sheet shows **total assets of ¥26.52 billion** and total equity attributable to parent company owners of ¥11.57 billion as of June 30, 2025[97](index=97&type=chunk) - The consolidated income statement shows **total operating revenue of ¥3.23 billion** and a net loss of ¥296.80 million for the period from January to June 2025[102](index=102&type=chunk)[104](index=104&type=chunk) - The consolidated cash flow statement shows a **net cash outflow from operating activities of ¥375.75 million**, a net inflow from investing activities of ¥1.28 billion, and a net outflow from financing activities of ¥1.47 billion for H1 2025[109](index=109&type=chunk)[110](index=110&type=chunk) [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) The company is primarily engaged in the photovoltaic crystalline silicon industry chain and high-end intelligent equipment businesses - Hongyuan Green Energy Co., Ltd. (formerly Wuxi Shangji CNC Co., Ltd.) was listed on the Shanghai Stock Exchange on **December 28, 2018**[124](index=124&type=chunk) - As of June 30, 2025, the company's total issued share capital was **679.02 million shares**, with a registered capital of ¥679.02 million[124](index=124&type=chunk) - The company's main businesses include the sale of products in the **photovoltaic crystalline silicon industry chain** (polysilicon, monocrystalline silicon wafers, PV cells, PV modules, etc.) and high-end intelligent equipment[125](index=125&type=chunk) - A total of **18 subsidiaries** were included in the scope of consolidation for the current period[126](index=126&type=chunk) [Basis of Preparation of Financial Statements](index=48&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) The financial statements are prepared on a going concern basis in accordance with relevant accounting standards - The company's financial statements are prepared on a **going concern basis**, in accordance with the "Enterprise Accounting Standards" issued by the Ministry of Finance and relevant CSRC regulations[128](index=128&type=chunk) - The company has assessed its ability to continue as a going concern for the 12 months from the end of the reporting period and has **not identified any material uncertainties**[129](index=129&type=chunk) [Significant Accounting Policies and Estimates](index=48&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) This section details the specific accounting policies and estimates applied in preparing the financial statements - The company's specific accounting policies and estimates are mainly reflected in inventory valuation methods, expected credit loss provisioning for receivables, fixed asset depreciation, and revenue recognition timing[130](index=130&type=chunk) - The company classifies financial assets into three categories: **measured at amortized cost, measured at fair value through other comprehensive income, and measured at fair value through profit or loss**[155](index=155&type=chunk) - Revenue is recognized when the customer obtains control of the related goods or services, with sales of PV products and equipment both recognized at a **specific point in time**[229](index=229&type=chunk)[230](index=230&type=chunk) [Taxation](index=76&type=section&id=%E5%85%AD%E3%80%81%E7%A8%8E%E9%A1%B9) The company and some of its subsidiaries are subject to a preferential corporate income tax rate of 15% Main Taxes and Tax Rates | Tax Type | Tax Rate | | :--- | :--- | | Value-Added Tax (VAT) | 13%, 6% | | Urban Maintenance and Construction Tax | 7%, 5% | | Corporate Income Tax | 15%, 25%, 17%, 30% | | Education Surcharge | 5%, 3% | - The company was re-certified as a **high-tech enterprise** in December 2024 and is eligible for a reduced corporate income tax rate of 15% for three years[246](index=246&type=chunk) - Certain subsidiaries located in western regions qualify for the **Western Development Program's preferential tax policy**, enjoying a reduced corporate income tax rate of 15%[247](index=247&type=chunk) [Notes to Consolidated Financial Statement Items](index=77&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) This section provides detailed notes on key items in the consolidated financial statements, highlighting major changes Changes in Cash and Cash Equivalents | Item | Closing Balance (RMB) | Opening Balance (RMB) | | :--- | :--- | :--- | | Total | 4,306,990,419.41 | 5,233,754,962.40 | | Including: Total restricted cash and cash equivalents | 3,516,257,917.59 | 3,887,171,802.68 | Changes in Trading Financial Assets | Item | Closing Balance (RMB) | Opening Balance (RMB) | | :--- | :--- | :--- | | Financial assets at fair value through profit or loss | 3,048,284,535.78 | 4,395,769,646.42 | Changes in Operating Revenue and Costs | Item | Current Period (Revenue) | Current Period (Cost) | Prior Period (Revenue) | Prior Period (Cost) | | :--- | :--- | :--- | :--- | :--- | | Total | 3,228,586,997.55 | 3,132,313,751.04 | 4,011,584,407.84 | 4,275,767,560.46 | Changes in Net Cash Flow | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Net cash flow from operating activities | -375,754,202.37 | 112,123,596.75 | | Net cash flow from investing activities | 1,280,800,487.72 | -3,174,636,905.99 | | Net cash flow from financing activities | -1,466,006,407.70 | 2,869,459,894.39 | [R&D Expenditures](index=130&type=section&id=%E5%85%AB%E3%80%81%E7%A0%94%E5%8F%91%E6%94%AF%E5%87%BA) The company's R&D expenditure for the period totaled ¥224.32 million, all of which was expensed R&D Expenditures by Nature | Item | Current Period (RMB) | Prior Period (RMB) | | :--- | :--- | :--- | | Direct Material Inputs | 135,933,182.40 | 160,272,076.13 | | Salaries and Wages | 49,221,682.52 | 65,086,889.21 | | Depreciation and Amortization | 27,805,721.18 | 26,412,865.09 | | Others | 11,361,855.84 | 8,028,880.63 | | Total | 224,322,441.94 | 259,800,711.06 | | Including: Expensed R&D expenditures | 224,322,441.94 | 259,800,711.06 | [Changes in Consolidation Scope](index=131&type=section&id=%E4%B9%9D%E3%80%81%E5%90%88%E5%B9%B6%E8%8C%83%E5%9B%B4%E7%9A%84%E5%8F%98%E6%9B%B4) There were no changes in the scope of consolidation during the reporting period - During the reporting period, there were **no business combinations under common or non-common control, reverse acquisitions, or disposals of subsidiaries** leading to a loss of control[423](index=423&type=chunk)[424](index=424&type=chunk) - There were **no other changes in the scope of consolidation** (e.g., establishment or liquidation of subsidiaries) or related circumstances[424](index=424&type=chunk) [Interests in Other Entities](index=132&type=section&id=%E5%8D%81%E3%80%81%E5%9C%A8%E5%85%B6%E4%BB%96%E4%B8%BB%E4%BD%93%E4%B8%AD%E7%9A%84%E6%9D%83%E7%9B%8A) The company holds interests in 18 subsidiaries and several key associate companies accounted for using the equity method Composition of the Corporate Group (Partial) | Subsidiary Name | Main Place of Business | Registered Capital (RMB 10,000) | Business Nature | Shareholding Ratio (%) (Direct) | | :--- | :--- | :--- | :--- | :--- | | Hongyuan New Materials (Baotou) Co., Ltd. | Baotou, Inner Mongolia | 71,000.00 | Manufacturing | 98.59 | | Hongyuan Energy Technology (Baotou) Co., Ltd. | Baotou, Inner Mongolia | 101,000.00 | Manufacturing | 99.01 | | Wuxi Hongyuan New Energy Technology Co., Ltd. | Wuxi, Jiangsu | 20,000.00 | Photovoltaic Power Generation | 100.00 | | Hongyuan Solar (Wuxi) Co., Ltd. | Wuxi, Jiangsu | 101,000.00 | Manufacturing | 99.01 | Significant Associate Companies | Joint Venture or Associate Name | Main Place of Business | Business Nature | Shareholding Ratio (%) (Direct) | Accounting Method for Investment | | :--- | :--- | :--- | :--- | :--- | | Inner Mongolia Xinyuan Silicon Material Technology Co., Ltd. | Baotou, Inner Mongolia | Manufacturing | 27.07 | Equity Method | | Guyang County Huineng Hongyuan New Energy Co., Ltd. | Baotou, Inner Mongolia | Photovoltaic Power Generation | 20.00 | Equity Method | | Xuzhou Guoyuan Energy Co., Ltd. | Xuzhou, Jiangsu | Photovoltaic Power Generation | 49.00 | Equity Method | Key Financial Information of Significant Associate (Inner Mongolia Xinyuan Silicon Material Technology Co., Ltd.) | Item | Closing Balance / Current Period Amount (RMB) | | :--- | :--- | | Total Assets | 11,775,851,255.03 | | Total Liabilities | 8,325,733,696.61 | | Equity Attributable to Parent Company Shareholders | 3,450,117,558.42 | | Net Profit | -72,948,270.59 | [Government Grants](index=137&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E6%94%BF%E5%BA%9C%E8%A1%A5%E5%8A%A9) The company recognized a total of ¥12.59 million in government grants in the current period's profit and loss Government Grants Recognized in Current Profit or Loss | Type | Current Period (RMB) | Prior Period (RMB) | | :--- | :--- | :--- | | Asset-related | 11,486,720.00 | 5,736,720.00 | | Income-related | 1,107,587.75 | 22,329,183.32 | | Total | 12,594,307.75 | 28,065,903.32 | Major Government Grant Projects (Current Period) | Grant Project | Accounting Item | Current Period Amount (RMB) | Asset-related/Income-related | | :--- | :--- | :--- | :--- | | High-Quality Development Fund - Asset-related portion | Other Income | 5,631,720.00 | Asset-related | | Equipment R&D and Industrialization Project - Asset-related portion | Other Income | 5,750,000.00 | Income-related | | Talent Introduction Subsidy | Other Income | 312,000.00 | Income-related | | Talent Apartment Rental Reward | Other Income | 610,600.00 | Income-related | [Financial Instrument Risk Management](index=138&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E4%B8%8E%E9%87%91%E8%9E%8D%E5%B7%A5%E5%85%B7%E7%9B%B8%E5%85%B3%E7%9A%84%E9%A3%8E%E9%99%A9) The company actively manages credit, liquidity, and market risks associated with its financial instruments - The company's main financial instruments include cash, equity investments, borrowings, receivables, and payables, exposing it to **credit risk, liquidity risk, and market risk** (exchange rate, interest rate, price)[435](index=435&type=chunk) - The company manages credit risk by **assessing customer creditworthiness**, setting credit terms, continuously monitoring receivables, and using aging analysis for impairment assessment[436](index=436&type=chunk)[437](index=437&type=chunk) - The company manages liquidity risk through **cash flow forecasting**, monitoring loan covenants, securing financing facilities, and establishing credit lines with major banks[439](index=439&type=chunk) - The company's current policy is to have **100% of its external borrowings at fixed interest rates** to balance interest rate risk[442](index=442&type=chunk) [Fair Value Disclosure](index=141&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%AC%E5%85%81%E4%BB%B7%E5%80%BC%E7%9A%84%E6%8A%AB%E9%9C%B2) As of the period-end, the company's assets measured at fair value totaled ¥3.20 billion Fair Value of Assets and Liabilities at Period-End | Item | Level 1 Fair Value (RMB) | Level 2 Fair Value (RMB) | Level 3 Fair Value (RMB) | Total (RMB) | | :--- | :--- | :--- | :--- | :--- | | (I) Trading Financial Assets | | 3,048,284,535.78 | | 3,048,284,535.78 | | 1. Financial assets at FVTPL | | 3,048,284,535.78 | | 3,048,284,535.78 | | Notes Receivable Financing | | | 109,060,695.24 | 109,060,695.24 | | Other Non-current Financial Assets | | | 40,048,000.00 | 40,048,000.00 | | Other Equity Instrument Investments | | | 1,000,000.00 | 1,000,000.00 | | Total Assets at Fair Value | | 3,048,284,535.78 | 150,108,695.24 | 3,198,393,231.02 | - The company's **Level 2 fair value** trading financial assets are cash management products, with fair value determined based on manager-provided valuations or interest rates[448](index=448&type=chunk) - **Level 3 fair value** items include notes receivable financing (valued at face amount) and unlisted equity investments (valued based on equity value or investment cost)[449](index=449&type=chunk) [Related Parties and Transactions](index=143&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%E5%85%B3%E8%81%94%E6%96%B9%E5%8F%8A%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company's main related-party transactions involved the procurement of polysilicon from an associate company Purchase of Goods/Services | Related Party | Transaction Content | Current Period Amount (RMB) | Approved Transaction Limit (RMB) | Exceeded Limit? | | :--- | :--- | :--- | :--- | :--- | | Inner Mongolia Xinyuan Silicon Material Technology Co., Ltd. | Polysilicon | 57,743,081.12 | 106,194,690.27 | No | Receivables (Prepayments) | Item | Related Party | Closing Book Balance (RMB) | | :--- | :--- | :--- | | Prepayments | Inner Mongolia Xinyuan Silicon Material Technology Co., Ltd. | 22,350,283.89 | Payables (Notes Payable) | Item | Related Party | Opening Book Balance (RMB) | | :--- | :--- | :--- | | Notes Payable | Inner Mongolia Xinyuan Silicon Material Technology Co., Ltd. | 25,401,815.17 | [Share-based Payments](index=147&type=section&id=%E5%8D%81%E4%BA%94%E3%80%81%E8%82%A1%E4%BB%BD%E6%94%AF%E4%BB%98) The company had no share-based payment arrangements during the reporting period - During the reporting period, the company had **no details on equity instruments, equity-settled or cash-settled share-based payments**, nor any modifications or terminations of such plans[462](index=462&type=chunk) [Commitments and Contingencies](index=148&type=section&id=%E5%8D%81%E5%85%AD%E3%80%81%E6%89%BF%E8%AF%BA%E5%8F%8A%E6%88%96%E6%9C%89%E4%BA%8B%E9%A1%B9) As of the period-end, the company had significant commitments related to guarantees, letters of credit, and pledged assets - As of June 30, 2025, assets were **pledged and mortgaged** for issuing notes, letters of guarantee, and bank borrowings[463](index=463&type=chunk) - As of June 30, 2025, the outstanding balance of **performance guarantees was ¥100.23 million** and quality guarantees was ¥79.75 million[464](index=464&type=chunk) - A subsidiary, Hongyuan New Materials (Baotou) Co., Ltd., had outstanding **domestic letters of credit amounting to ¥2.01 billion** as of June 30, 2025, for electricity payments[465](index=465&type=chunk) - As of June 30, 2025, the amount of **endorsed or discounted bank acceptance bills that were not yet due but had been derecognized was ¥7.94 billion**[466](index=466&type=chunk) - As of June 30, 2025, the company provided **guarantees totaling ¥7.26 billion** for its controlling subsidiaries[466](index=466&type=chunk) [Post-Balance Sheet Events](index=148&type=section&id=%E5%8D%81%E4%B8%83%E3%80%81%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8%E6%97%A5%E5%90%8E%E4%BA%8B%E9%A1%B9) No significant post-balance sheet events occurred between the reporting date and the financial report's approval date - Between the end of the reporting period and the approval date of the financial report, the company had **no significant non-adjusting events, profit distribution plans, sales returns, or other post-balance sheet events** to disclose[468](index=468&type=chunk)[469](index=469&type=chunk) [Other Important Matters](index=149&type=section&id=%E5%8D%81%E5%85%AB%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) The company had no other significant transactions or matters to report for the period - During the reporting period, the company had **no prior period accounting error corrections, significant debt restructurings, asset swaps, annuity plans, discontinued operations, segment information, or other significant transactions** affecting investor decisions[469](index=469&type=chunk)[470](index=470&type=chunk) [Notes to Parent Company Financial Statement Items](index=150&type=section&id=%E5%8D%81%E4%B9%9D%E3%80%81%E6%AF%8D%E5%85%AC%E5%8F%B8%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E4%B8%BB%E8%A6%81%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section details key items from the parent company's financial statements, including receivables and long-term investments Parent Company Accounts Receivable by Aging | Aging | Closing Book Balance (RMB) | Opening Book Balance (RMB) | | :--- | :--- | :--- | | Within 1 year (inclusive) | 600,428,934.84 | 559,604,774.86 | | 1 to 2 years | 32,801,982.11 | 27,187,704.16 | | 2 to 3 years | 17,753.32 | 560,395.00 | | Over 3 years | 64,484,346.87 | 64,881,318.19 | | Total | 697,733,017.14 | 652,234,192.21 | Parent Company Other Receivables by Nature | Nature of Funds | Closing Book Balance (RMB) | Opening Book Balance (RMB) | | :--- | :--- | :--- | | Deposits and Guarantees | 3,694,058.65 | 17,025,199.02 | | Other Funds | 299,928.82 | 230,647.52 | | Intercompany Balances with Consolidated Affiliates | 7,327,970,009.13 | 3,081,024,479.94 | | Total | 7,331,963,996.60 | 3,098,280,326.48 | Parent Company Long-term Equity Investments | Item | Closing Balance (Book Value, RMB) | Opening Balance (Book Value, RMB) | | :--- | :--- | :--- | | Investments in Subsidiaries | 4,101,343,236.18 | 4,100,843,236.18 | | Investments in Associates and Joint Ventures | 933,946,823.06 | 953,693,919.91 | | Total | 5,035,290,059.24 | 5,054,537,156.09 | [Supplementary Information](index=162&type=section&id=%E4%BA%8C%E5%8D%81%E3%80%81%E8%A1%A5%E5%85%85%E8%B5%84%E6%96%99) This section provides details on non-recurring gains and losses and calculations for return on equity and earnings per share Detailed Schedule of Current Non-recurring Gains and Losses | Item | Amount (RMB) | | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | -130,769.13 | | Government Grants Recognized in Current Profit or Loss | 12,571,546.40 | | Gains/Losses from Fair Value Changes and Disposal of Financial Assets/Liabilities | 42,491,209.00 | | Gains/Losses from Debt Restructuring | 6,832,000.00 | | Other Non-operating Income and Expenses | 7,410,408.01 | | Less: Income Tax Impact | 10,365,571.20 | | Total | 58,808,823.08 | Return on Equity and Earnings Per Share | Reporting Period Profit | Weighted Average Return on Equity (%) | Basic Earnings Per Share (RMB/Share) | Diluted Earnings Per Share (RMB/Share) | | :--- | :--- | :--- | :--- | | Net profit attributable to common shareholders | -2.53 | -0.438 | -0.438 | | Net profit attributable to common shareholders after deducting non-recurring gains/losses | -3.03 | -0.525 | -0.525 |

人民财讯8月19日电，弘元绿能（603185）8月19日晚间披露2025年半年报，公司上半年实现营业收入 32.29亿元，同比下降19.52%；归母净利润为-2.97亿元。基本每股收益-0.438元。 ...

证券代码：603185 证券简称：弘元绿能 公告编号：2025-040 弘元绿色能源股份有限公司 2025 年半年度募集资金存放与使用情况的专项报告 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个别及连带责任。 根据中国证券监督管理委员会《上市公司募集资金监管规则》和上海证券交 易所发布的《上海证券交易所上市公司自律监管指引第 1 号——规范运作》等有 关规定，弘元绿色能源股份有限公司（以下简称"公司"或"本公司"）董事会 对 2025 年半年度募集资金的存放与使用情况做如下专项报告： 一、募集资金基本情况 （一）2020 年公开发行可转换债券募集资金情况 1、实际募集资金金额和资金到账时间 本公司经中国证券监督管理委员会"证监许可[2020]792 号"文核准，于 2020 年 6 月采取优先配售和公开发行相结合的方式向股东和社会公众发行可转 换公司债券 665 万张，每张面值为人民币 100 元，期限为 6 年。本次发行可转债 的募集资金共计人民币 66,500 万元，扣除相关的发行费用人民币 10,464,622.64 元(不含 ...