证券代码：000690 证券简称：宝新能源 公告编号：2025-024 广东宝丽华新能源股份有限公司 第十届监事会第五次会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 一、监事会会议召开情况 1、广东宝丽华新能源股份有限公司（以下简称"公司"）第十届监事会第五 次会议通知于 2025 年 8 月 8 日分别以专人、微信、邮件或电话等方式送达全体 监事。 2、本次会议于 2025 年 8 月 18 日上午 10:30 在公司会议厅现场召开。 3、会议应出席监事 3 名，实际出席监事 3 名。 （一）公司 2025 年半年度报告及其摘要（详见公司同日公告《广东宝丽华 新能源股份有限公司 2025 年半年度报告》、《广东宝丽华新能源股份有限公司 2025 年半年度报告摘要》） 根据中国证监会《公开发行证券的公司信息披露内容与格式准则第 3 号—— 半年度报告的内容与格式》、深交所《股票上市规则》及有关法律法规，公司监 事会对公司 2025 年半年度报告进行了认真审核，现发表审核意见如下： 经审核，监事会认为董事会编制和审议公司 2025 年半年度报告的 ...

根据中国证监会、深交所关于上市公司定期报告披露的相关规定，公司监事 会对公司 2025 年半年度报告进行了认真审核，现发表审核意见如下： 广东宝丽华新能源股份有限公司 广东宝丽华新能源股份有限公司监事会 监 事 会 关于公司 2025 年半年度报告的审核意见 经审核，监事会认为董事会编制和审议公司 2025 年半年度报告的程序符合 法律、行政法规及中国证监会的规定，报告内容真实、准确、完整地反映了上市 公司的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 监事：胡迪远、王华清、杨 敬 2025 年 8 月 18 日 ...

本公司及董事会全体成员保证信息披露的内容真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 1、广东宝丽华新能源股份有限公司（以下简称"公司"）第十届董事会第五 次会议通知于 2025 年 8 月 8 日分别以专人、微信、邮件或电话等方式送达全体董 事。 2、本次会议于 2025 年 8 月 18 日上午 09:30 在公司会议厅以现场和网络相结 合的形式召开。 证券代码：000690 证券简称：宝新能源 公告编号：2025-023 广东宝丽华新能源股份有限公司 第十届董事会第五次会议决议公告 5、本次会议的召开符合有关法律、行政法规、部门规章、规范性文件和公司 《章程》的规定。 二、董事会会议审议情况 本次会议全体董事以签字表决的方式通过如下议案： （一）公司 2025 年半年度报告及其摘要（详见公司同日公告《广东宝丽华新 能源股份有限公司 2025 年半年度报告》《广东宝丽华新能源股份有限公司 2025 年 半年度报告摘要》） 表决情况：9 票同意，0 票反对，0 票弃权。 表决结果：通过。 （二）公司 2025 年半年度利润分配预案（详见公司同日公告《广东宝丽华新 能源股份 ...

2、本次利润分配预案尚须提交公司 2025 年第一次临时股东大会审议。 二、利润分配预案的基本情况 证券代码：000690 证券简称：宝新能源 公告编号：2025-026 广东宝丽华新能源股份有限公司 关于 2025 年半年度利润分配预案的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、 完整，没有虚假记载、误导性陈述或重大遗漏。 一、审议程序 1、2025 年 8 月 18 日，广东宝丽华新能源股份有限公司（以下简称"公司"） 第十届董事会第五次会议以 9 票同意，0 票反对，0 票弃权的表决结果，第十届 监事会第五次会议以 3 票同意，0 票反对，0 票弃权的表决结果，审议通过了《公 司 2025 年半年度利润分配预案》。 四、现金分红方案合理性的说明 1、经立信会计师事务所（特殊普通合伙）审计，2025 年半年度，公司实现 归属于母公司所有者的净利润为 558,584,609.82 元。母公司实现净利润为 71,259,737.20 元，提取法定盈余公积金 0 元，加年初未分配利润 4,726,875,975.13 元，减去已分配 股利 326,383,179.30 元，母公司可供 股东分配的 ...

Part I [Important Notice, Table of Contents, and Definitions](index=2&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA%E3%80%81%E7%9B%AE%E5%BD%95%E5%92%8C%E9%87%8A%E4%B9%89) [Important Notice](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The report highlights the board and management's assurance of content accuracy and discloses the 2025 semi-annual profit distribution plan of CNY 0.50 per 10 shares - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, with no false records, misleading statements, or major omissions[3](index=3&type=chunk) - The company's chairman, head of accounting, and head of the accounting department declare the financial report to be true, accurate, and complete[3](index=3&type=chunk) - This semi-annual report received a **standard unqualified audit opinion** from Lixin Certified Public Accountants (Special General Partnership)[4](index=4&type=chunk) 2025 Semi-Annual Profit Distribution Plan | Indicator | Value | | :--- | :--- | | Share Capital Base | 2,175,887,862 shares | | Cash Dividend per 10 Shares | 0.50 CNY (tax inclusive) | | Total Distributed Profit | 108,794,393.10 CNY | | Bonus Shares | None | | Capital Reserve to Share Capital Conversion | None | [Table of Contents](index=3&type=section&id=%E7%9B%AE%E5%BD%95) The report's table of contents outlines eight main chapters, including company overview, financial performance, management discussion, and governance - The report comprises **eight main chapters**, with a complete structure[6](index=6&type=chunk) [Reference Documents Catalog](index=3&type=section&id=%E5%A4%87%E6%9F%A5%E6%96%87%E4%BB%B6%E7%9B%AE%E5%BD%95) Three categories of reference documents are listed, including signed financial statements, original audit reports, and publicly disclosed company documents - Reference documents include financial statements signed and sealed by the company's responsible person, head of accounting, and head of the accounting department[8](index=8&type=chunk) - Reference documents include original audit reports sealed by the accounting firm and signed and sealed by certified public accountants[9](index=9&type=chunk) - Reference documents include original copies of all company documents and announcements publicly disclosed during the reporting period[10](index=10&type=chunk) [Definitions](index=4&type=section&id=%E9%87%8A%E4%B9%89) This section defines common and specialized terms, including company entities, regulatory bodies, and power industry terminology, for accurate report understanding - General terms such as company, controlling shareholder, subsidiaries, and associates are defined[12](index=12&type=chunk) - Specialized power industry terms such as circulating fluidized bed generating units, ultra-supercritical coal-fired units, and standard coal consumption for power supply are explained[13](index=13&type=chunk) Part II [Company Profile and Key Financial Indicators](index=6&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) [Company Profile](index=6&type=section&id=I.%E3%80%81%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B) This section provides the company's stock information, names, and legal representative - Company stock abbreviation: Baonengyuan, stock code: **000690**, listing exchange: Shenzhen Stock Exchange[14](index=14&type=chunk) - Company legal representative: Zou Jinkai[14](index=14&type=chunk) [Contacts and Contact Information](index=6&type=section&id=II.%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 names and contact details for the company's board secretary and securities affairs representative - The board secretary is Jiang Zhuowen, and the securities affairs representative is Luo Liping[15](index=15&type=chunk) - Detailed contact address, telephone, fax, and email are provided[15](index=15&type=chunk) [Other Information](index=6&type=section&id=III.%E3%80%81%E5%85%B6%E4%BB%96%E6%83%85%E5%86%B5) No changes occurred in the company's contact details, information disclosure, or other relevant data during the reporting period - There were no changes in the company's contact information, information disclosure, and placement locations during the reporting period[16](index=16&type=chunk)[17](index=17&type=chunk) [Key Accounting Data and Financial Indicators](index=7&type=section&id=IV.%E3%80%81%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, operating revenue grew **17.33%** to **CNY 4.357 billion**, net profit increased **52.62%** to **CNY 559 million**, and operating cash flow rose **44.63%** 2025 Semi-Annual Key Accounting Data and Financial Indicators | Item | Current Period (CNY) | Prior Period (CNY) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 4,356,718,521.52 | 3,713,306,223.24 | 17.33% | | Net Profit Attributable to Shareholders of Listed Company | 558,584,609.82 | 365,987,563.79 | 52.62% | | Net Profit Attributable to Shareholders of Listed Company Excluding Non-Recurring Gains and Losses | 544,663,614.79 | 406,726,962.94 | 33.91% | | Net Cash Flow from Operating Activities | 1,281,895,527.42 | 886,307,401.33 | 44.63% | | Basic Earnings Per Share | 0.26 | 0.17 | 52.94% | | Diluted Earnings Per Share | 0.26 | 0.17 | 52.94% | | Weighted Average Return on Net Assets | 4.50% | 3.03% | Increased by 1.47 percentage points | 2025 Semi-Annual End Key Asset and Liability Indicators | Item | End of Current Period (CNY) | End of Prior Year (CNY) | Change from Prior Year-End (%) | | :--- | :--- | :--- | :--- | | Total Assets | 21,692,698,810.36 | 21,198,756,229.99 | 2.33% | | Net Assets Attributable to Shareholders of Listed Company | 12,411,785,026.85 | 12,204,909,559.62 | 1.70% | [Differences in Accounting Data Under Domestic and Overseas Accounting Standards](index=7&type=section&id=V.%E3%80%81%E5%A2%83%E5%86%85%E5%A4%96%E4%BC%9A%E8%AE%A1%E5%87%86%E5%88%99%E4%B8%8B%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%B7%AE%E5%BC%82) The company reports no differences in accounting data between domestic and overseas accounting standards - The company has no differences in accounting data under domestic and overseas accounting standards[21](index=21&type=chunk) [Non-Recurring Gains and Losses Items and Amounts](index=7&type=section&id=VI.%E3%80%81%E9%9D%9E%E5%B8%B8%E5%B9%B4%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%8F%8A%E9%87%91%E9%A2%9D) Total non-recurring gains and losses were **CNY 13.92 million**, mainly from fair value changes in financial assets and entrusted investment income Non-Recurring Gains and Losses Items and Amounts | Item | Amount (CNY) | | :--- | :--- | | Government subsidies recognized in current profit or loss | 4,183.66 | | Gains and losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and gains and losses from disposal of financial assets and liabilities | 7,829,007.04 | | Gains and losses from entrusted investments or asset management | 7,337,922.67 | | Other non-operating income and expenses apart from the above | 111,903.09 | | Less: Income tax impact | 1,362,021.43 | | **Total** | **13,920,995.03** | Part III [Management Discussion and Analysis](index=8&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) [Principal Businesses Engaged in During the Reporting Period](index=8&type=section&id=I.%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) The power industry saw **3.7%** growth in H1 2025, with significant green transition progress; the company's core energy power and financial investment businesses benefited from declining coal prices - The company operates in the power industry[23](index=23&type=chunk) - From January to June 2025, national electricity consumption was **4.84 trillion kWh**, a **3.7%** year-on-year increase[23](index=23&type=chunk) - The power industry's green and low-carbon transition achieved significant results, with wind and solar power adding **263.6 GW** of installed capacity, accounting for **89.9%** of total new generation capacity; non-fossil energy generation capacity exceeded **60%** of total[23](index=23&type=chunk) - Thermal power generation equipment utilization hours were **1,968 hours**, a year-on-year decrease of **130 hours**[24](index=24&type=chunk) - The company's main businesses are energy power and financial investment, with energy power being a leader in the new energy power sub-sector[24](index=24&type=chunk) - During the reporting period, coal prices decreased year-on-year, consistent with industry trends[24](index=24&type=chunk) [Significant Changes in Core Competitiveness and Their Impact on the Company During the Reporting Period](index=8&type=section&id=II.%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%E7%9A%84%E9%87%8D%E8%A6%81%E5%8F%98%E5%8C%96%E5%8F%8A%E5%AF%B9%E5%85%AC%E5%8F%B8%E4%BA%A7%E7%94%9F%E7%9A%84%E5%BD%B1%E5%93%8D) The company's core competitiveness remained unchanged during the reporting period - During the reporting period, there were no significant changes in the company's core competitiveness[26](index=26&type=chunk) [Main Operating Performance During the Reporting Period](index=8&type=section&id=III.%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E7%9A%84%E4%B8%BB%E8%A6%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5) In H1 2025, operating revenue grew **17.33%** to **CNY 4.357 billion** and net profit increased **52.62%** to **CNY 559 million**, driven by stable power operations and optimized financial investments - In the first half of 2025, the company achieved operating revenue of **CNY 4.357 billion**, a **17.33%** year-on-year increase[28](index=28&type=chunk) - Net profit attributable to shareholders of the listed company was **CNY 559 million**, a **52.62%** year-on-year increase[28](index=28&type=chunk) - The company strengthened its core power business through stable operations and efficient decision-making, enhanced investment quality by strict risk control and optimization, and built a solid foundation for development through compliance management and cost reduction for efficiency[28](index=28&type=chunk) - The energy power main business achieved steady growth through measures such as strengthening equipment upgrades, flexibly adjusting operating strategies, stabilizing production to boost sales, and reducing expenses to promote growth[29](index=29&type=chunk) - In financial investment, associate Meizhou Keshang Bank had total assets of **CNY 43.095 billion** and a net profit of **CNY 195 million**, also winning multiple digital financial innovation awards[30](index=30&type=chunk) - Associate Oriental Fortune Capital achieved a net profit of approximately **CNY 32 million** in the first half of 2025[30](index=30&type=chunk) [Principal Operating Businesses](index=9&type=section&id=IV.%E3%80%81%E4%B8%BB%E8%A6%81%E7%BB%8F%E8%90%A5%E4%B8%9A%E5%8A%A1) Operating revenue was **CNY 4.357 billion**, entirely from power and related businesses; income tax expense rose **42.44%**, operating cash flow increased **44.63%**, while financing cash flow decreased **313.57%** due to no pledged deposit recovery - Total operating revenue was **CNY 4.357 billion**, a **17.33%** year-on-year increase[35](index=35&type=chunk) - Revenue from power and related businesses accounted for **100%** of operating revenue, with electricity revenue making up **99.84%**[35](index=35&type=chunk) - Gross profit margin for power and related businesses was **17.78%**, an increase of **1.96 percentage points** from the prior year[36](index=36&type=chunk) - Income tax expense increased by **42.44%** year-on-year, primarily due to increased profitability[33](index=33&type=chunk) - Net cash flow from operating activities increased by **44.63%** year-on-year, mainly due to increased operating revenue, lower raw material prices, and reduced cash payments for purchases[33](index=33&type=chunk) - Net cash flow from financing activities decreased by **313.57%** year-on-year, due to no recovery of pledged time deposits for loans in the current period[33](index=33&type=chunk) - Trading financial assets increased by **694.70%** year-on-year, primarily due to an increase in bank structured deposits held at period-end[33](index=33&type=chunk) [Impact of Non-Principal Operating Businesses on Company Profit for the Current Period](index=12&type=section&id=V.%E3%80%81%E9%9D%9E%E4%B8%BB%E8%A6%81%E7%BB%8F%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%AF%B9%E6%9C%AC%E6%9C%9F%E5%85%AC%E5%8F%B8%E5%88%A9%E6%B6%A6%E6%9E%84%E6%88%90%E5%BD%B1%E5%93%8D%E7%9A%84%E6%83%85%E5%86%B5) Investment income, primarily from equity investments, significantly impacted total profit at **13.58%** but is not sustainable; fair value changes resulted in a **-0.72%** impact - Investment income was **CNY 97,585,446.65**, accounting for **13.58%** of total profit, primarily from equity investment income, which is not sustainable[37](index=37&type=chunk) - Fair value change gains and losses were **-CNY 5,164,691.08**, accounting for **-0.72%** of total profit[37](index=37&type=chunk) [Asset and Liability Status](index=12&type=section&id=VI.%E3%80%81%E8%B5%84%E4%BA%A7%E5%8F%8A%E8%B4%9F%E5%80%BA%E7%8A%B6%E5%86%B5) Total assets reached **CNY 21.693 billion**, up **2.33%**; **CNY 1.113 billion** in financial assets were fair-valued, and **CNY 10.738 billion** in assets were restricted for loans - Total assets were **CNY 21.693 billion**, a **2.33%** increase from the end of the prior year[20](index=20&type=chunk)[38](index=38&type=chunk) - The proportion of monetary funds to total assets decreased by **2.41 percentage points**, and fixed assets decreased by **1.71 percentage points**[38](index=38&type=chunk) - The proportion of construction in progress to total assets increased by **1.07 percentage points**, and inventories increased by **0.77 percentage points**[38](index=38&type=chunk) - Total financial assets measured at fair value at period-end amounted to **CNY 1,112,925,241.70**, an increase from the beginning of the period[39](index=39&type=chunk) - Total restricted assets at period-end amounted to **CNY 10,737,925,374.87**, primarily including fixed assets, construction in progress, and intangible assets, used for project loan mortgages and loan pledges[41](index=41&type=chunk) [Investment Status](index=14&type=section&id=VII.%E3%80%81%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5) Investments totaled **CNY 437 million**, down **51.76%**; the Lufeng Jiahaiwan Power Plant expansion progressed to **66.22%** with **CNY 361 million** invested this period - Investment during the reporting period was **CNY 437,184,424.01**, a **51.76%** year-on-year decrease[44](index=44&type=chunk) - The Lufeng Jiahaiwan Power Plant Units 3 and 4 expansion project had **CNY 360,679,197.82** invested in the current reporting period, with cumulative actual investment of **CNY 3,992,432,913.59**, and project progress at **66.22%**[45](index=45&type=chunk) - Total securities investments held at period-end amounted to **CNY 38,983,675.36**, with securities investment gains/losses of **CNY 808,843.73** for the current period[46](index=46&type=chunk) [Analysis of Major Holding and Associate Companies](index=15&type=section&id=IX.%E3%80%81%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) Major subsidiaries, including Baolihua Power and Lufeng Power, were profitable, with net profits up **48.06%** and **39.05%** respectively, driven by increased generation and lower coal prices; Meizhou Keshang Bank's investment income exceeded **10%** of net profit - Guangdong Baolihua Power Co., Ltd. reported operating revenue of **CNY 2.134 billion** and net profit of **CNY 241 million**[47](index=47&type=chunk) - Lufeng Baolihua New Energy Power Co., Ltd. reported operating revenue of **CNY 2.146 billion** and net profit of **CNY 177 million**[48](index=48&type=chunk) - Guangdong Baonengyuan Power Sales Co., Ltd. reported operating revenue of **CNY 81.5613 million** and net profit of **CNY 58.3205 million**[50](index=50&type=chunk) - Meizhou Keshang Bank's net profit was **CNY 194,989,349.59**, with its investment income impacting the company's net profit by over **10%**[51](index=51&type=chunk) - Guangdong Baolihua Power Co., Ltd.'s net profit increased by **48.06%** year-on-year, and Lufeng Baolihua New Energy Power Co., Ltd.'s net profit increased by **39.05%** year-on-year, primarily due to increased power generation and on-grid electricity, and declining coal prices leading to lower operating costs[52](index=52&type=chunk) [Risks Faced by the Company and Countermeasures](index=16&type=section&id=XI.%E3%80%81%E5%85%AC%E5%8F%B8%E9%9D%A2%E4%B8%B4%E7%9A%84%E9%A3%8E%E9%99%A9%E5%92%8C%E5%BA%94%E5%AF%B9%E6%8E%AA%E6%96%BD) The company addresses management pressure, coal price volatility, and financial asset fair value risks through enhanced management, procurement strategies, and investment controls - Risk one: The company is located in the mountainous region of northeastern Guangdong, and business expansion and rapid company development bring management pressure. Countermeasures: Improve operational management mechanisms, strengthen internal controls, and implement talent acquisition and employee training programs[53](index=53&type=chunk) - Risk two: Coal prices are expected to continue fluctuating, putting pressure on business operations. Countermeasures: Strengthen cost control, enhance fuel management, flexibly formulate coal procurement strategies, and actively explore tools such as commodity futures hedging[53](index=53&type=chunk)[54](index=54&type=chunk) - Risk three: Most of the company's existing financial assets are equity investments, and changes in their fair value will lead to fluctuations in company performance. Countermeasures: Strengthen financial investment management, operate prudently, optimize structure, and strive for balanced development between risk and return[54](index=54&type=chunk) [Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=17&type=section&id=XII.%E3%80%81%E5%B8%82%E5%80%BC%E7%AE%A1%E7%90%86%E5%88%B6%E5%BA%A6%E5%92%8C%E4%BC%B0%E5%80%BC%E6%8F%90%E5%8D%87%E8%AE%A1%E5%88%92%E7%9A%84%E5%88%B6%E5%AE%9A%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) The company has neither a market value management system nor a disclosed valuation enhancement plan - The company has not formulated a market value management system[55](index=55&type=chunk) - The company has not disclosed a valuation enhancement plan[55](index=55&type=chunk) [Implementation of "Quality and Return Dual Enhancement" Action Plan](index=17&type=section&id=XIII.%E3%80%81%E2%80%9C%E8%B4%A8%E9%87%8F%E5%9B%9E%E6%8A%A5%E5%8F%8C%E6%8F%90%E5%8D%87%E2%80%9D%E8%A1%8C%E5%8A%A8%E6%96%B9%E6%A1%88%E8%B4%AF%E5%BD%BB%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) The company has not disclosed its "Quality and Return Dual Enhancement" action plan announcement - The company has not disclosed an announcement regarding the "Quality and Return Dual Enhancement" action plan[55](index=55&type=chunk) Part 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) [Changes in Directors, Supervisors, and Senior Management During Their Term of Office](index=18&type=section&id=I.%E3%80%81%E4%BB%BB%E6%9C%9F%E5%86%85%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E7%A6%BB%E4%BB%BB%E5%92%8C%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) No changes in directors, supervisors, or senior management occurred during the reporting period [Profit Distribution and Capital Reserve to Share Capital Conversion Plan for the Current Reporting Period](index=18&type=section&id=II.%E3%80%81%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E5%8F%8A%E8%B5%84%E6%9C%AC%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%E6%83%85%E5%86%B5) The 2025 semi-annual profit distribution plan proposes a **CNY 0.50** cash dividend per 10 shares, totaling **CNY 108.79 million**, with no bonus shares or capital reserve conversion 2025 Semi-Annual Profit Distribution Plan | Indicator | Value | | :--- | :--- | | Number of bonus shares per 10 shares (shares) | 0 | | Dividend per 10 shares (CNY) (tax inclusive) | 0.50 | | Number of shares converted from capital reserve per 10 shares (shares) | 0 | | Share capital base for the distribution plan (shares) | 2,175,887,862 | | Cash dividend amount (CNY) (tax inclusive) | 108,794,393.10 | | Proportion of total cash dividend (including other methods) to total profit distribution | 100.00% | - No bonus shares or capital reserve to share capital conversion will be made this time[59](index=59&type=chunk) - The plan complies with the company's articles of association and review procedures, and fully protects the legitimate rights and interests of small and medium investors[56](index=56&type=chunk) [Specific Implementation of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures During the Reporting Period](index=18&type=section&id=III.%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E6%88%96%E5%85%B6%E4%BB%96%E5%91%98%E5%B7%A5%E6%BF%80%E5%8A%B1%E6%8E%AA%E6%96%BD%E5%9C%A8%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E7%9A%84%E5%85%B7%E4%BD%93%E5%AE%9E%E6%96%BD%E6%83%85%E5%86%B5) The company has no equity incentive plans; the sixth and seventh employee stock ownership plans hold **26,812,500 shares** (**1.23%** of total capital) with extended durations, while later plans were canceled - The company has no equity incentive plans or other employee incentive measures[60](index=60&type=chunk)[61](index=61&type=chunk) - As of the end of the reporting period, the sixth and seventh phases of employee stock ownership plans still in effect collectively held **26,812,500 shares**, accounting for **1.23%** of the company's total share capital[61](index=61&type=chunk) - During the reporting period, the company extended the duration of the sixth and seventh employee stock ownership plans by **12 months** respectively[61](index=61&type=chunk) - The eighth, ninth, and tenth phases of employee stock ownership plans have been canceled[61](index=61&type=chunk) [Environmental Information Disclosure](index=19&type=section&id=IV.%E3%80%81%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E6%83%85%E5%86%B5) The company and two subsidiaries are on the environmental disclosure list; H1 2025 standard coal consumption was **312.16 grams/kWh**, wastewater was reused, and pollutant emissions met standards with no environmental accidents - The company and Guangdong Baolihua Power Co., Ltd., and Lufeng Baolihua New Energy Power Co., Ltd. were included in the list of enterprises required to disclose environmental information by law[61](index=61&type=chunk) - In the first half of 2025, the standard coal consumption for power supply was **312.16 grams/kWh**, and wastewater discharge was comprehensively reused[61](index=61&type=chunk) Major Subsidiary Pollutant Emission Status (H1 2025) | Company Name | Pollutant Name | Emission Concentration (mg/m³) | Compliance Standard (mg/m³) | Total Emissions (tonnes) | Approved Total Emissions (tonnes/year) | Exceedance Status | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Guangdong Baolihua Power Co., Ltd. | Sulfur Dioxide | 19.26 | 200 | 418.1 | 5880 | None | | | Dust | 1.42 | 30 | 29.16 | 882 | None | | | Nitrogen Oxides | 44.78 | 200 | 886.19 | 5880 | None | | Lufeng Baolihua New Energy Power Co., Ltd. | Sulfur Dioxide | 23.25 | 50 | 473.04 | 1617 | None | | | Dust | 1.64 | 20 | 31.70 | 477 | None | | | Nitrogen Oxides | 42.60 | 100 | 859.70 | 1922 | None | - During the reporting period, the company did not experience any environmental accidents[64](index=64&type=chunk) [Social Responsibility Status](index=20&type=section&id=V.%E3%80%81%E7%A4%BE%E4%BC%9A%E8%B4%A3%E4%BB%BB%E6%83%85%E5%86%B5) The company actively fulfills social responsibilities, contributing approximately **CNY 244 million** in taxes in H1 2025 and supporting rural revitalization, with its subsidiary receiving the "2024 Guangdong Poverty Alleviation and Charity Kapok Gold Award" - The company's two major energy bases are located in underdeveloped revolutionary old areas, actively giving back to their hometowns and assisting in revitalization[65](index=65&type=chunk) - The company currently has over **1,200 employees**, most of whom are local[65](index=65&type=chunk) - In the first half of 2025, the company contributed approximately **CNY 244 million** in fiscal tax revenue[65](index=65&type=chunk) - The company's wholly-owned subsidiary Baolihua Power received honors such as the "**2024 Guangdong Poverty Alleviation and Charity Kapok Gold Award**"[65](index=65&type=chunk) Part V [Significant Matters](index=21&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) [Commitments](index=21&type=section&id=I.%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E7%9A%84%EF%BC%8C%E4%BB%A5%E5%8F%8A%E6%88%AA%E8%87%B3%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E8%B6%85%E6%9C%9F%E5%B0%9A%E6%9C%AA%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E7%9A%84%EF%BC%8C%E7%94%B1%E5%85%AC%E5%8F%B8%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E3%80%81%E8%82%A1%E4%B8%9C%E3%80%81%E5%85%B3%E8%81%94%E6%96%B9%E3%80%81%E6%94%B6%E8%B4%AD%E4%BA%BA%E4%BB%A5%E5%8F%8A%E5%85%AC%E5%8F%B8%E7%AD%89%E6%89%BF%E8%AF%BA%E7%9B%B8%E5%85%B3%E6%96%B9%E4%BD%9C%E5%87%BA%E7%9A%84%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9) The company had no fulfilled or overdue unfulfilled commitments during the reporting period [Non-Operating Fund Occupation by Controlling Shareholder and Other Related Parties](index=21&type=section&id=II.%E3%80%81%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%E5%AF%B9%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E7%9A%84%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 related parties occurred during the reporting period [External Guarantee Resolution Procedures](index=21&type=section&id=III.%E3%80%81%E5%85%AC%E5%8F%B8%E8%BF%9D%E5%8F%8D%E6%B3%95%E5%BE%8B%E3%80%81%E8%A1%8C%E6%94%BF%E6%B3%95%E8%A7%84%E5%92%8C%E4%B8%AD%E5%9B%BD%E8%AF%81%E7%9B%91%E4%BC%9A%E8%A7%84%E5%AE%9A%E7%9A%84%E5%AF%B9%E5%A4%96%E6%8B%85%E4%BF%9D%E5%86%B3%E8%AE%AE%E7%A8%8B%E5%BA%8F%E8%AE%A2%E7%AB%8B%E6%8B%85%E4%BF%9D%E5%90%88%E5%90%8C%E6%83%85%E5%BD%A2) The company did not violate external guarantee resolution procedures during the reporting period [Appointment and Dismissal of Accounting Firms](index=21&type=section&id=IV.%E3%80%81%E8%81%98%E4%BB%BB%E3%80%81%E8%A7%A3%E8%81%98%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%83%85%E5%86%B5) Lixin Certified Public Accountants audited the semi-annual financial report for **CNY 300,000**, with no change in accounting firm this period - The semi-annual financial report was audited by Lixin Certified Public Accountants (Special General Partnership)[67](index=67&type=chunk) - The remuneration for the domestic accounting firm auditing the semi-annual financial report was **CNY 300,000**[67](index=67&type=chunk) - No change in accounting firm occurred for the semi-annual financial report audit compared to the 2024 annual report audit[67](index=67&type=chunk) [Bankruptcy and Reorganization Related Matters](index=21&type=section&id=V.%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%8F%91%E7%94%9F%E7%9A%84%E7%A0%B4%E4%BA%A7%E9%87%8D%E6%95%B4%E7%9B%B8%E5%85%B3%E4%BA%8B%E9%A1%B9) During the reporting period, the company had no bankruptcy and reorganization related matters [Major Litigation and Arbitration Matters](index=21&type=section&id=VI.%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E9%87%8D%E5%A4%A7%E8%AF%89%E8%AE%BC%E3%80%81%E4%BB%B2%E8%A3%81%E4%BA%8B%E9%A1%B9) The company had no major litigation or arbitration matters during the reporting period - There were no major litigation or arbitration matters during this reporting period[67](index=67&type=chunk) [Illegal and Non-Compliant Activities of the Company and Related Personnel](index=22&type=section&id=VII.%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E5%AD%98%E5%9C%A8%E4%BB%A5%E4%B8%8B%E6%83%85%E5%BD%A2%E7%9A%84%EF%BC%8C%E5%BA%94%E5%BD%93%E8%AF%B4%E6%98%8E%E5%8E%9F%E5%9B%A0%E6%88%96%E7%BB%93%E8%AE%BA) The actual controller is under CSRC investigation for information disclosure violations; the company received a warning letter and public criticism for related party fund transfers, but states normal operations are unaffected - The company's actual controller, Mr. Ye Huaneng, received an "Investigation Notice" from the China Securities Regulatory Commission and is under investigation for alleged violations of information disclosure[69](index=69&type=chunk) - The company received a warning letter from the Guangdong Securities Regulatory Bureau of the China Securities Regulatory Commission for non-operating fund transfers with related parties[69](index=69&type=chunk) - The company, its controlling shareholder, and actual controller were publicly criticized by the Shenzhen Stock Exchange[69](index=69&type=chunk) - The aforementioned matters will not affect the company's normal production and operating activities[70](index=70&type=chunk) [Integrity Status of the Company, Controlling Shareholder, and Actual Controller](index=22&type=section&id=VIII.%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E5%8F%8A%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E3%80%81%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E7%9A%84%E8%AF%9A%E4%BF%A1%E7%8A%B6%E5%86%B5%EF%BC%8C%E6%98%AF%E5%90%A6%E5%AD%98%E5%9C%A8%E6%9C%AA%E5%B1%A5%E8%A1%8C%E6%B3%95%E9%99%A2%E7%94%9F%E6%95%88%E6%96%87%E4%B9%A6%E7%A1%AE%E5%AE%9A%E7%9A%84%E4%B9%89%E5%8A%A1%E3%80%81%E6%89%80%E8%B4%9F%E6%95%B0%E9%A2%9D%E8%BE%83%E5%A4%A7%E7%9A%84%E5%80%BA%E5%8A%A1%E5%88%B0%E6%9C%9F%E6%9C%AA%E6%B8%85%E5%81%BF%E7%AD%89%E6%83%85%E5%86%B5) The company, controlling shareholder, and actual controller had no unfulfilled court-ordered obligations or large unpaid debts during the reporting period [Significant Related Party Transactions](index=22&type=section&id=IX.%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%8F%91%E7%94%9F%E7%9A%84%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93%E4%BA%8B%E9%A1%B9) The company plans to maintain deposits up to **CNY 2.5 billion** with Meizhou Keshang Bank, earning **CNY 32.09 million** in interest this period, with a period-end balance of **CNY 2.465 billion** - For 2025, the company plans to conduct deposit and daily settlement business with Meizhou Keshang Bank, with the estimated daily balance of deposits and funds from settlement activities not exceeding **CNY 2.5 billion**[72](index=72&type=chunk) - During the reporting period, the company accumulated deposit interest income of **CNY 32,093,175.07** from Meizhou Keshang Bank[72](index=72&type=chunk) - As of the end of the reporting period, the company's deposit balance with Meizhou Keshang Bank was **CNY 2,465,492,376.98**[72](index=72&type=chunk) [Company's Major Contracts and Their Performance](index=23&type=section&id=X.%E3%80%81%E5%85%AC%E5%8F%B8%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) Total guarantees for subsidiaries reached **CNY 720 million** (**58.96%** of net assets); entrusted wealth management transactions totaled **CNY 1.152 billion**, with **CNY 400 million** outstanding and no overdue amounts - As of the end of the reporting period, the approved guarantee limit for subsidiaries totaled **CNY 2,074,056,000.00**, with an actual guarantee balance of **CNY 719,588,070.00**[74](index=74&type=chunk) - The company's total guarantee amount (actual guarantee balance) was **CNY 731,798,070.00**, accounting for **58.96%** of the company's net assets[74](index=74&type=chunk) - Entrusted wealth management transactions during the reporting period amounted to **CNY 1.1519169 billion**, with an outstanding balance of **CNY 400 million** at period-end[76](index=76&type=chunk) - All entrusted wealth management products were bank wealth management products, funded by the company's own capital, with no overdue unrecovered amounts[76](index=76&type=chunk) [Significant Matters Occurring in Company Subsidiaries That Have a Material Impact on Investors' Value Judgments and Investment Decisions](index=25&type=section&id=XII.%E3%80%81%E5%85%AC%E5%8F%B8%E5%AD%90%E5%85%AC%E5%8F%B8%E5%8F%91%E7%94%9F%E7%9A%84%E5%AF%B9%E6%8A%95%E8%B5%84%E8%80%85%E4%BD%9C%E5%87%BA%E4%BB%B7%E5%80%BC%E5%88%A4%E6%96%AD%E5%92%8C%E6%8A%95%E8%B5%84%E5%86%B3%E7%AD%96%E6%9C%89%E9%87%8D%E5%A4%A7%E5%BD%B1%E5%93%8D%E7%9A%84%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9) Wholly-owned subsidiary Lufeng Power's registered capital changed, and Baolihua Power and Lufeng Power's business scopes were altered - Wholly-owned subsidiary Lufeng Power's registered capital changed[78](index=78&type=chunk) - Wholly-owned subsidiaries Baolihua Power and Lufeng Power's business scopes changed[78](index=78&type=chunk) [Other Significant Events](index=25&type=section&id=XI.%E3%80%81%E5%85%B6%E4%BB%96%E5%9C%A8%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%8F%91%E7%94%9F%E7%9A%84%E3%80%8A%E8%AF%81%E5%88%B8%E6%B3%95%E3%80%8B%E3%80%8A%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E7%AE%A1%E7%90%86%E5%8A%9E%E6%B3%95%E3%80%8B%E6%89%80%E8%A7%84%E5%AE%9A%E7%9A%84%E9%87%8D%E5%A4%A7%E4%BA%8B%E4%BB%B6%EF%BC%8C%E4%BB%A5%E5%8F%8A%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E4%BC%9A%E5%88%A4%E6%96%AD%E4%B8%BA%E9%87%8D%E5%A4%A7%E4%BA%8B%E4%BB%B6%E7%9A%84%E4%BA%8B%E9%A1%B9) Significant events included contact changes, a warning letter from Guangdong CSRC, actual controller investigation, re-appointment of auditors, adjusted subsidiary financing guarantees, and the 2024 annual equity distribution - The company received a warning letter from the Guangdong Securities Regulatory Bureau, and the company's actual controller received an investigation notice from the China Securities Regulatory Commission[79](index=79&type=chunk) - The company re-appointed its accounting firm and adjusted the 2025 annual financing guarantee limits for subsidiaries' daily operations[79](index=79&type=chunk) - The company disclosed the implementation announcement for the 2024 annual equity distribution[79](index=79&type=chunk) [Basic Information Table of Company Activities Such as Research, Communication, and Interviews During the Reporting Period](index=26&type=section&id=XIII.%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%8E%A5%E5%BE%85%E8%B0%83%E7%A0%94%E3%80%81%E6%B2%9F%E9%80%9A%E3%80%81%E9%87%87%E8%AE%BF%E7%AD%89%E6%B4%BB%E5%8A%A8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5%E8%A1%A8) On May 19, 2025, the company engaged with investors online via the SZSE "Interactive Easy Platform" to discuss operations and strategy - On **May 19, 2025**, the company hosted all investors online via the Shenzhen Stock Exchange's "Interactive Easy Platform"[80](index=80&type=chunk) - The discussion primarily covered the company's operating status, development strategy, and business plans[80](index=80&type=chunk) Part VI [Share Changes and Shareholder Information](index=27&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) [Company Share Changes](index=27&type=section&id=I.%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) The company's total shares remained unchanged at **2,175,887,862**, with no changes in restricted/unrestricted shares, repurchases, or impact on financial indicators - During the reporting period, the company's total number of shares remained unchanged at **2,175,887,862 shares**[83](index=83&type=chunk) - Restricted shares totaled **1,416,487 shares**, accounting for **0.0651%**; unrestricted shares totaled **2,174,471,375 shares**, accounting for **99.9349%**[83](index=83&type=chunk) - There were no reasons for share changes, approvals, or transfer situations during the reporting period[84](index=84&type=chunk) - There was no progress on share repurchases during the reporting period[84](index=84&type=chunk) - Share changes during the reporting period had no impact on financial indicators such as basic and diluted earnings per share, and net assets per share attributable to common shareholders for the most recent year and period[84](index=84&type=chunk) - There were no changes in restricted shares during the reporting period[84](index=84&type=chunk) [Company Securities Issuance and Listing During the Reporting Period](index=28&type=section&id=II.%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E8%AF%81%E5%88%B8%E5%8F%91%E8%A1%8C%E4%B8%8E%E4%B8%8A%E5%B8%82%E6%83%85%E5%86%B5) The company had no securities issuance or listing activities during the reporting period - During the reporting period, the company had no securities issuance or listing activities[85](index=85&type=chunk) [Number of Shareholders and Shareholding Status](index=28&type=section&id=III.%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E4%B8%9C%E6%95%B0%E9%87%8F%E5%8F%8A%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5) The company had **84,467** common shareholders; Guangdong Baolihua Group Co., Ltd. was the largest shareholder with **17.73%**, and the seventh employee stock ownership plan is related to the controlling shareholder - Total number of common shareholders at period-end was **84,467**[86](index=86&type=chunk) - Guangdong Baolihua Group Co., Ltd. held **17.73%** of shares, making it the largest shareholder[86](index=86&type=chunk) - The company's seventh employee stock ownership plan has an associated relationship with the controlling shareholder, Guangdong Baolihua Group Co., Ltd[86](index=86&type=chunk) [Changes in Shareholdings of Current and Departing Directors, Supervisors, and Senior Management During the Reporting Period](index=30&type=section&id=IV.%E3%80%81%E7%8E%B0%E4%BB%BB%E5%8F%8A%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E7%A6%BB%E4%BB%BB%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%9C%A8%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%8C%81%E6%9C%89%E6%9C%AC%E5%85%AC%E5%8F%B8%E8%82%A1%E4%BB%BD%E3%80%81%E8%82%A1%E7%A5%A8%E6%9C%9F%E6%9D%83%E3%80%81%E8%A2%AB%E6%8E%88%E4%BA%88%E7%9A%84%E9%99%90%E5%88%B6%E6%80%A7%E8%82%A1%E7%A5%A8%E6%95%B0%E9%87%8F%E7%9A%84%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) No changes occurred in the shareholdings of the company's directors, supervisors, or senior management during the reporting period - During the reporting period, there were no changes in the number of shares, stock options, or restricted shares held by the company's directors, supervisors, and senior management[88](index=88&type=chunk) [Changes in the Company's Controlling Shareholder or Actual Controller During the Reporting Period](index=30&type=section&id=V.%E3%80%81%E5%85%AC%E5%8F%B8%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E6%88%96%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%8F%98%E5%8C%96%E6%83%85%E5%86%B5) No changes occurred in the company's controlling shareholder or actual controller during the reporting period - During the reporting period, there were no changes in the company's controlling shareholder or actual controller[88](index=88&type=chunk) [Preferred Share Related Information](index=30&type=section&id=VI.%E3%80%81%E4%BC%98%E5%85%88%E8%82%A1%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[88](index=88&type=chunk) Part VII [Bond Related Information](index=30&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) [Bond Related Information](index=30&type=section&id=%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) The company had no bond-related information during the reporting period - During the reporting period, the company had no bond-related information[90](index=90&type=chunk) Part VIII [Financial Report](index=31&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) [Audit Report](index=31&type=section&id=I.%E3%80%81%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) Lixin Certified Public Accountants issued a **standard unqualified audit opinion** for the 2025 semi-annual financial report, with key audit matters including long-term equity investment impairment and coal costs - Audit opinion type: **standard unqualified opinion**[92](index=92&type=chunk) - Audit report signing date: **August 18, 2025**, audit firm name: Lixin Certified Public Accountants (Special General Partnership)[92](index=92&type=chunk) - Key audit matters include impairment of long-term equity investments and coal costs[96](index=96&type=chunk) - Impairment of long-term equity investments has inherent uncertainty due to its significant amount and reliance on management estimates and assumptions[96](index=96&type=chunk) - Coal costs are a major cost item for thermal power generation, and their price fluctuations and unit consumption significantly impact the main business costs[96](index=96&type=chunk) [Consolidated Balance Sheet](index=35&type=section&id=%E5%90%88%E5%B9%B6%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of June 30, 2025, consolidated total assets were **CNY 21.693 billion**, liabilities **CNY 9.281 billion**, and owner's equity **CNY 12.412 billion**, with significant holdings in fixed assets and construction in progress Consolidated Balance Sheet Key Data (June 30, 2025) | Item | Period-End Balance (CNY) | Prior Year-End Balance (CNY) | | :--- | :--- | :--- | | **Total Assets** | **21,692,698,810.36** | **21,198,756,229.99** | | Monetary Funds | 3,982,326,260.11 | 4,402,983,205.88 | | Trading Financial Assets | 439,415,205.44 | 55,293,157.66 | | Accounts Receivable | 933,716,400.73 | 848,516,020.44 | | Inventories | 499,602,616.73 | 323,338,362.99 | | Long-Term Equity Investments | 2,319,833,069.74 | 2,283,130,745.18 | | Fixed Assets | 6,440,570,313.98 | 6,656,161,345.75 | | Construction in Progress | 4,411,101,370.45 | 4,082,058,169.91 | | **Total Liabilities** | **9,280,913,783.51** | **8,993,846,670.37** | | Short-Term Borrowings | 1,087,973,137.37 | 1,133,192,669.74 | | Notes Payable | 324,425,187.41 | - | | Accounts Payable | 679,631,457.35 | 506,909,771.50 | | Long-Term Borrowings | 5,968,323,102.00 | 5,838,393,108.00 | | **Total Owner's Equity** | **12,411,785,026.85** | **12,204,909,559.62** | [Parent Company Balance Sheet](index=37&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) As of June 30, 2025, parent company total assets were **CNY 12.365 billion**, liabilities **CNY 1.603 billion**, and owner's equity **CNY 10.762 billion**, with significant long-term equity investments Parent Company Balance Sheet Key Data (June 30, 2025) | Item | Period-End Balance (CNY) | Prior Year-End Balance (CNY) | | :--- | :--- | :--- | | **Total Assets** | **12,364,723,011.71** | **11,551,206,844.50** | | Monetary Funds | 1,806,351,799.68 | 1,531,985,351.94 | | Trading Financial Assets | 139,271,428.78 | 55,246,680.00 | | Long-Term Equity Investments | 8,994,851,069.74 | 8,758,148,745.18 | | **Total Liabilities** | **1,602,777,262.63** | **516,087,381.36** | | Other Payables | 1,101,368,726.66 | 12,678,972.66 | | **Total Owner's Equity** | **10,761,945,749.08** | **11,035,119,463.14** | [Consolidated Income Statement](index=39&type=section&id=%E5%90%88%E5%B9%B6%E5%88%A9%E6%B6%A6%E8%A1%A8) In H1 2025, consolidated operating revenue grew **17.33%** to **CNY 4.357 billion**, operating profit increased **47.17%** to **CNY 719 million**, and net profit rose **52.62%** to **CNY 559 million** Consolidated Income Statement Key Data (January-June 2025) | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Total Operating Revenue | 4,356,718,521.52 | 3,713,306,223.24 | | Total Operating Costs | 3,726,379,234.72 | 3,277,738,430.41 | | Operating Profit | 718,599,986.63 | 488,286,540.35 | | Total Profit | 718,711,889.72 | 478,408,633.94 | | Net Profit | 558,584,609.82 | 365,987,563.79 | | Net Profit Attributable to Parent Company Shareholders | 558,584,609.82 | 365,987,563.79 | | Basic Earnings Per Share (CNY/share) | 0.26 | 0.17 | | Diluted Earnings Per Share (CNY/share) | 0.26 | 0.17 | [Parent Company Income Statement](index=41&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E5%88%A9%E6%B6%A6%E8%A1%A8) In H1 2025, parent company net profit was **CNY 71.26 million**, a **34.42%** increase from the prior period, with operating profit also at **CNY 71.26 million** Parent Company Income Statement Key Data (January-June 2025) | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Operating Profit | 71,259,719.91 | 53,113,407.53 | | Total Profit | 71,259,719.91 | 53,013,407.53 | | Net Profit | 71,259,737.20 | 53,014,414.16 | [Consolidated Cash Flow Statement](index=42&type=section&id=%E5%90%88%E5%B9%B6%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) In H1 2025, net cash flow from operating activities increased **44.63%** to **CNY 1.282 billion**, while investing and financing activities resulted in net outflows of **CNY 1.052 billion** and **CNY 579 million**, respectively Consolidated Cash Flow Statement Key Data (January-June 2025) | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 1,281,895,527.42 | 886,307,401.33 | | Net Cash Flow from Investing Activities | -1,052,442,088.13 | -1,148,744,038.69 | | Net Cash Flow from Financing Activities | -578,655,739.11 | -139,917,793.49 | | Net Increase in Cash and Cash Equivalents | -349,369,414.25 | -402,430,581.49 | [Parent Company Cash Flow Statement](index=43&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) In H1 2025, parent company net cash flow from operating activities was **CNY 1.099 billion**, with net outflows from investing and financing activities at **CNY 492 million** and **CNY 333 million**, respectively Parent Company Cash Flow Statement Key Data (January-June 2025) | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 1,098,887,039.27 | 428,272,159.80 | | Net Cash Flow from Investing Activities | -491,557,525.57 | -218,385,408.00 | | Net Cash Flow from Financing Activities | -332,963,065.96 | -660,587,217.49 | | Net Increase in Cash and Cash Equivalents | 274,366,447.74 | -450,700,465.69 | [Consolidated Statement of Changes in Shareholders' Equity](index=45&type=section&id=%E5%90%88%E5%B9%B6%E8%82%A1%E4%B8%9C%E6%9D%83%E7%9B%8A%E5%8F%98%E5%8A%A8%E8%A1%A8) Consolidated owner's equity increased from **CNY 12.205 billion** to **CNY 12.412 billion**, driven by **CNY 559 million** net profit, offset by **CNY 326 million** in profit distribution and a **CNY 7.28 million** decrease in special reserves - Total owner's equity attributable to the parent company at period-end was **CNY 12,411,785,026.85**, an increase of **CNY 206,875,467.23** from the beginning of the year[125](index=125&type=chunk) - Total comprehensive income for the current period was **CNY 540,534,337.86**[125](index=125&type=chunk) - Profit distribution for the current period was **CNY 326,383,179.30**[125](index=125&type=chunk) - Special reserves decreased by **CNY 7,275,691.33** in the current period[126](index=126&type=chunk) [Parent Company Statement of Changes in Shareholders' Equity](index=48&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E8%82%A1%E4%B8%9C%E6%9D%83%E7%9B%8A%E5%8F%98%E5%8A%A8%E8%A1%A8) Parent company owner's equity decreased from **CNY 11.035 billion** to **CNY 10.762 billion**, mainly due to **CNY 326 million** in profit distribution, with total comprehensive income of **CNY 53.21 million** - Total owner's equity at period-end was **CNY 10,761,945,749.08**, a decrease of **CNY 273,173,714.06** from the beginning of the year[133](index=133&type=chunk) - Total comprehensive income for the current period was **CNY 53,209,465.24**[133](index=133&type=chunk) - Profit distribution for the current period was **CNY 326,383,179.30**[133](index=133&type=chunk) [Notes to the 2025 Semi-Annual Financial Statements](index=51&type=section&id=%E4%BA%8C%E2%97%8B%E4%BA%8C%E4%BA%94%E5%B9%B4%E5%8D%8A%E5%B9%B4%E5%BA%A6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%99%84%E6%B3%A8) This section provides detailed notes on company fundamentals, accounting policies, taxation, consolidated and parent financial statement items, and other significant financial disclosures - The company was established in **1996**, primarily engaged in power production, with Mr. Ye Huaneng as the ultimate controlling party[140](index=140&type=chunk)[143](index=143&type=chunk) - Financial statements are prepared in accordance with Enterprise Accounting Standards and CSRC regulations, on a going concern basis[144](index=144&type=chunk)[145](index=145&type=chunk) - There were no significant changes in accounting policies or accounting estimates during the reporting period[267](index=267&type=chunk)[268](index=268&type=chunk) - The company's main tax types include VAT, corporate income tax, urban maintenance and construction tax, and it enjoys a **10%** corporate income tax credit for investments in environmental protection special equipment[269](index=269&type=chunk)[270](index=270&type=chunk) - Total restricted assets at period-end amounted to **CNY 10.738 billion**, primarily for project loan mortgages and loan pledges[334](index=334&type=chunk) - The company faces credit risk, liquidity risk, and market risk (including interest rate risk, exchange rate risk, and other price risks), and has adopted corresponding risk management measures[410](index=410&type=chunk)[416](index=416&type=chunk) - Capital expenditure commitments at period-end totaled **CNY 1.799 billion**, primarily for the Lufeng Jiahaiwan Power Plant Units 3 and 4 expansion project[446](index=446&type=chunk

Core Viewpoint - On August 14, 2023, brokerage firms provided target prices for listed companies, with notable increases in target prices for companies such as Haishike, Wancheng Group, and Weixing New Materials, indicating strong potential in the chemical pharmaceuticals, leisure food, and decoration materials industries [1][2]. Target Price Increases - The companies with the highest target price increases were: - Haishike with a target price increase of 48.00% [2] - Wancheng Group with a target price increase of 41.16% [2] - Weixing New Materials with a target price increase of 38.89% [2] - Other notable companies included: - China Unicom with a target price increase of 31.97% [2] - Kweichow Moutai with a target price increase of 31.81% [2] Brokerage Recommendations - A total of 52 listed companies received brokerage recommendations on August 14, with Weixing New Materials receiving the highest number of recommendations at 5 [3]. - Satellite Chemical received 3 recommendations, while Wanhua Chemical also received 3 [3]. Rating Adjustments - Two companies had their ratings raised: - Shuanghui Development's rating was upgraded from "Hold" to "Buy" by Kaiyuan Securities [4] - United Imaging Healthcare's rating was upgraded from "Hold" to "Buy" by Cinda Securities [4] Rating Downgrades - Two companies had their ratings lowered: - Jian Sheng Group's rating was downgraded from "Buy" to "Hold" by Dongwu Securities [5] - Aisheng Co.'s rating was downgraded from "Buy" to "Hold" by Zhongtai Securities [5] First-Time Coverage - On August 14, 10 companies received first-time coverage from brokerages, including: - Baoneng New Energy with a "Buy" rating from Huatai Securities [6] - Beiqi Blue Valley with an "Increase" rating from Western Securities [6] - Jian Sheng Group with an "Increase" rating from Dongwu Securities [6] - Emei Mountain A with a "Buy" rating from Huaxin Securities [6] - Jingxin Pharmaceutical with a "Recommended" rating from Huachuang Securities [6]

Group 1 - The core viewpoint of the news is that Baoneng New Energy (000690) has experienced a decline in stock price and a mixed performance in capital flow, despite a significant increase in net profit for the first quarter of 2025 [1][3] - As of August 14, 2025, Baoneng New Energy's stock closed at 4.67 yuan, down 1.68%, with a turnover rate of 1.46% and a trading volume of 317,900 hands, amounting to 150 million yuan in transaction value [1] - The company's latest quarterly report shows total operating revenue of 1.98 billion yuan, a year-on-year decrease of 6.91%, while net profit attributable to shareholders reached 299 million yuan, a year-on-year increase of 46.40% [1] Group 2 - The company has a current ratio of 2.223, a quick ratio of 2.165, and a debt-to-asset ratio of 40.95% [1] - Baoneng New Energy has made investments in 18 companies and participated in 83 bidding projects, indicating active engagement in the market [2] - The company holds 4 trademark registrations and 1 patent, along with 12 administrative licenses, showcasing its intellectual property and regulatory compliance [2]

Core Viewpoint - Huangshi Huabao New Energy Technology Development Co., Ltd. has been established with a registered capital of 5 million RMB, fully owned by Huangshi Huabao Material Recycling Co., Ltd. [1] Company Summary - The legal representative of Huangshi Huabao New Energy Technology Development Co., Ltd. is Liang Mingqiu [1] - The company is registered with a capital of 5 million RMB [1] - The sole shareholder is Huangshi Huabao Material Recycling Co., Ltd., holding 100% of the shares [1] - The company operates in the scientific research and technical service industry, specifically in engineering and technology research and development [1] Business Scope - The business scope includes engineering and technology research and experimental development, new material technology research and promotion services, sales of petroleum products (excluding hazardous chemicals), lubricating oil sales, handling and transportation, and sales of intelligent basic manufacturing equipment [1] - The company is also involved in the sales of intelligent material handling equipment, intelligent port handling equipment, and intelligent instruments and hardware [1] - Licensed projects include road cargo transportation (excluding hazardous goods), wholesale and retail of finished oil products, which require approval from relevant authorities before operation [1]

新能源车主只需在手机上一键预约，移动充电车便会如同训练有素的快递小哥，带着大功率充电设备迅 速奔赴指定地点。北京商报记者日前在北京海淀、经开区等多个区域走访时发现，在新能源浪潮的推动 下，"充电自由"正催生新的消费场景——移动充电车上门超充服务以"充电界外卖员"的姿态，破解了老 旧小区、园区等充电桩安装困局。这种从"车找电"变"电找车"的模式，不仅重塑了新能源车充电方式， 更以即需即用的便捷性重新定义了汽车生活。 生态互补 并非竞争 一键下单 超充速达 在北京海淀区小南庄社区，一辆通身雪白的长方体智能移动充电车格外引人注目，它就像一个贴心 的"充电伙伴"，随时准备为车主提供服务。"有需要的居民可在微信群里预约，远程打开汽车充电口， 物业工作人员就会操作移动充电车到车位上给车辆充电。"海淀小南庄社区书记柳春英对北京商报记者 表示。 据介绍，这台移动充电车为直流快充设备，平均1小时就能为电车完成"续航"，每度电只需要1元，用户 可以线上结算，实现了从"车找桩"到"桩找车"的转变，切实解决了新能源汽车急需充电的相关需求。 据柳春英介绍，小南庄社区的居民院大多建于20世纪八九十年代，还是上世纪90年代平房拆迁上楼做的 ...

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