智光电气8月22日晚间发布半年度业绩报告称，2025年上半年营业收入约16.43亿元，同比增加31.71%； 归属于上市公司股东的净利润亏损约5515万元；基本每股收益亏损0.0715元。 （文章来源：每日经济新闻） ...

Group 1 - The company Zhiguang Electric announced the convening of its seventh fifth board meeting on August 21, 2025, to review the 2025 semi-annual report and its summary [1] - The meeting was held in a hybrid format, combining in-person attendance and communication voting [1] Group 2 - The article highlights the decline of a prominent public fund manager, Ren Zesong, whose core product net value has dropped to 0.7 yuan [1] - The report suggests that the truth behind missing out on the bull market has been revealed [1]

2025 年半年度募集资金存放与使用情况专项报告 证券代码：002169 证券简称：智光电气 公告编号：2025043 广州智光电气股份有限公司 2025 年半年度募集资金存放与实际使用情况的专项报告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、误 导性陈述或重大遗漏。 一、募集资金基本情况 （一）实际募集资金金额、资金到位时间 经中国证券监督管理委员会《关于核准广州智光电气股份有限公司非公开发行 股票的批复》(证监许可〔2016〕1785号)核准，公司于2016年9月14日采用向特定对 象非公开发行方式发行人民币普通股（A股）77,784,615股募集资金，每股面值1.00 元 ， 每 股 发 行 价 格 为 人 民 币 19.50 元 。 公 司 本 次 募 集 配 套 资 金 总 额 为 1,516,799,992.50 元 ， 扣 除 发 行 费 用 25,822,246.90 元 ， 募 集 资 金 净 额 为 1,490,977,745.60元。此次募集资金到位情况业经广东正中珠江会计师事务所（特 殊普通合伙）审验，并出具"广会验字[2016]G16003320225号"《验 ...

| 一、审计报告 | 2 | | --- | --- | | 二、财务报表 | 2 | | 三、公司基本情况 | 15 | | 四、财务报表的编制基础 | 16 | | 五、重要会计政策及会计估计 | 16 | | 六、税项 | 58 | | 七、合并财务报表项目注释 | 62 | | 八、研发支出 | 120 | | 九、合并范围的变更 | 121 | | 十、在其他主体中的权益 | 125 | | 十一、政府补助 | 132 | | 十二、与金融工具相关的风险 | 133 | | 十三、公允价值的披露 | 135 | | 十四、关联方及关联交易 | 137 | | 十五、股份支付 | 144 | | 十六、承诺及或有事项 | 145 | | 十七、资产负债表日后事项 | 148 | | 十八、其他重要事项 | 148 | | 十九、母公司财务报表主要项目注释 | 150 | | 二十、补充资料 | 161 | 广州智光电气股份有限公司 2025 年半年度财务报告 一、审计报告 半年度报告是否经过审计 □是 否 公司半年度财务报告未经审计。 | 编制单位:广 | | 货币单位:人民币元 | | --- | ...

广州智光电气股份有限公司 2025 年半年度非经营性资金占用及其他关联资签往来 单位: 万元 | | 资金往来方名 | 住来方 | 与上市 上市公司核 2025年期 | | 2025年 1-6 2025年 1-6 月往来累计 月往来资金 | | 2025年1-62025年6月 | | 往来形 | 往来性质 (经营性往 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 其他关联资金往来 | 称 | | 公司的 算的会计科 初往来资 | | 发生金额(不的利息(如 | | 月偿还累计 30 日在来资 | | | 成原因 来、非经营性 | | | | 关联关 | 目 | 金余额 | 含利息) | 有) | 发生会额 | 金余额 | | 2022 - 往来) | | | | 系 | | | | | | | | | | 控股股东、实际控 | | | | | | | | | | | | 制人及其附属企业 | | | | | | | | | | | | | 广州智光节能环 保有限公司 | 子公司 | 其他应收款 | 46.345. ...

第七届监事会第三次会议决议公告 证券代码：002169 证券简称：智光电气 公告编号：2025041 一、审议通过了《2025 年半年度报告及其摘要》 经审核，监事会认为：董事会编制和审核公司《2025 年半年度报告及其摘要》 的程序符合法律、法规和中国证监会、深圳证券交易所的规定，报告内容真实、 准确、完整地反映了公司的实际情况，不存在任何虚假记载、误导性陈述或者重 大遗漏。 同意 3 票，反对 0 票，弃权 0 票，表决结果为通过。 二、审议通过了《2025 年半年度募集资金存放与使用情况的专项报告》 经审核，全体监事一致认为：报告期内，在募集资金的存放、使用及管理上， 公司严格按照相关法律、法规等规范性文件及公司《募集资金专项存储及使用管 理制度》等的规定执行，不存在改变或变相改变募集资金投向和损害股东利益的 情况。因此，同意董事会编制的《2025 年半年度募集资金存放与使用情况专项 的报告》。 同意 3 票，反对 0 票，弃权 0 票，表决结果为通过。 1 广州智光电气股份有限公司 第七届监事会第三次会议决议公告 本公司及监事会全体成员保证公告内容真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏 ...

第七届董事会第五次会议决议公告 广州智光电气股份有限公司 第七届董事会第五次会议决议公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 广州智光电气股份有限公司（以下简称"公司"）第七届董事会第五次会议通 知于 2025 年 8 月 11 日以电话、邮件等方式通知公司全体董事，会议于 2025 年 8 月 21 日（星期四）在公司七楼会议室以现场结合通讯表决的方式召开。会议 由董事长李永喜先生主持，应出席会议董事 9 名，实际出席会议董事 9 名。会议 符合《公司法》和《公司章程》的有关规定。经董事会认真审议，会议通过如下 决议： 一、审议通过了《2025 年半年度报告及其摘要》 证券代码：002169 证券简称：智光电气 公告编号：2025040 第七届董事会第五次会议决议公告 广州智光电气股份有限公司 董事会 同意 9 票，反对 0 票，弃权 0 票，表决结果为通过。 公司募集资金已于 2025 年上半年使用完毕并结项，相关募集资金账户已注 销，详见同日披露于巨潮资讯网（http://www.cninfo.com.cn）的相关公告。 备案文件 1.第七届董事会 ...

[Important Notice, Table of Contents, and Definitions](index=2&type=section&id=First%20Section%20Important%20Notice%2C%20Table%20of%20Contents%2C%20and%20Definitions) This section provides important disclaimers, lists the report's contents, and defines key terms to ensure accurate understanding [Important Notice](index=2&type=section&id=Important%20Notice) The company's board and management guarantee the report's accuracy, with all directors attending the review, and no cash dividends or bonus shares are planned - Company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, assuming legal responsibility[5](index=5&type=chunk) - Company's responsible person Li Yongxi, chief accountant Wu Wenzhong, and head of accounting department He Ying declare the financial report is true, accurate, and complete[5](index=5&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[7](index=7&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) The report's table of contents clearly outlines all chapters, from company profile and financial indicators to corporate governance and financial reports - The report directory covers company profile, key financial indicators, management discussion and analysis, corporate governance, environment and society, significant matters, share changes and shareholder information, bond-related matters, financial reports, and other submitted data[9](index=9&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section defines key terms, including company names, subsidiaries, and industry-specific concepts like carbon neutrality and energy storage technologies, for clear understanding - The definitions section clarifies names of "Zhiguang Electric", "Jinyu Group", "Zhiguang Energy Storage" and other related parties[12](index=12&type=chunk) - Key industry concepts and technical terms such as "carbon neutrality", "integrated energy services", "distributed energy", and "energy storage" are explained in detail[12](index=12&type=chunk)[15](index=15&type=chunk) [Company Profile and Key Financial Indicators](index=8&type=section&id=Second%20Section%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides an overview of the company's basic information, contact details, and presents its key accounting data and financial performance for the reporting period [Company Profile](index=8&type=section&id=I.%20Company%20Profile) Guangzhou Zhiguang Electric Co., Ltd. (stock code: 002169) is listed on the Shenzhen Stock Exchange, with no changes in basic information during the period Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Zhiguang Electric | | Stock Code | 002169 | | Listing Exchange | Shenzhen Stock Exchange | | Chinese Name | Guangzhou Zhiguang Electric Co., Ltd. | | Legal Representative | Li Yongxi | [Contact Persons and Information](index=8&type=section&id=II.%20Contact%20Persons%20and%20Information) This section provides detailed contact information for the board secretary and securities affairs representative to facilitate investor communication Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Xiong Tan | No. 89 Ruihe Road, Huangpu District, Guangzhou | 020-83909293 | 020-83909222 | sec@gzzg.com.cn | | Securities Affairs Representative | Qiu Baohua | No. 89 Ruihe Road, Huangpu District, Guangzhou | 020-83909300 | 020-83909222 | qiubh@gzzg.com.cn | [Other Information](index=8&type=section&id=III.%20Other%20Information) The company's registered address, office address, and information disclosure locations remained unchanged during the reporting period - Company's registered address, office address, postal code, website, and email address remained unchanged during the reporting period[19](index=19&type=chunk) - Information disclosure and placement locations remained unchanged during the reporting period[20](index=20&type=chunk) [Key Accounting Data and Financial Indicators](index=9&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) In H1 2025, revenue grew **31.71%** to **1.64 billion Yuan**, net loss narrowed by **38.88%**, and operating cash flow increased **310.74%** 2025 Semi-Annual Key Accounting Data and Financial Indicators | Indicator | Current Reporting Period (Yuan) | Prior Year Period (Yuan) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,643,416,784.77 | 1,247,707,329.94 | 31.71% | | Net Profit Attributable to Shareholders of Listed Company | -55,150,622.77 | -90,230,220.55 | 38.88% | | Net Cash Flow from Operating Activities | 186,196,819.22 | -88,351,794.45 | 310.74% | | Basic Earnings Per Share (Yuan/share) | -0.0715 | -0.1172 | 38.99% | | Total Assets (End of Current Reporting Period) | 9,460,905,185.85 | 8,696,520,626.94 | 8.79% | | Net Assets Attributable to Shareholders of Listed Company (End of Current Reporting Period) | 2,638,422,320.18 | 2,696,165,521.04 | -2.14% | [Differences in Accounting Data Under Domestic and International Accounting Standards](index=9&type=section&id=V.%20Differences%20in%20Accounting%20Data%20Under%20Domestic%20and%20International%20Accounting%20Standards) The company reported no differences in net profit or net assets between domestic and international accounting standards during the period - The company reported no differences in net profit and net assets between financial reports disclosed under international accounting standards and those under Chinese accounting standards during the reporting period[23](index=23&type=chunk) - The company reported no differences in net profit and net assets between financial reports disclosed under overseas accounting standards and those under Chinese accounting standards during the reporting period[24](index=24&type=chunk) [Non-Recurring Gains and Losses Items and Amounts](index=9&type=section&id=VI.%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) Total non-recurring gains and losses were **-46,575.31 Yuan**, mainly from negative non-current asset disposal and positive government grants Non-Recurring Gains and Losses Items and Amounts | Item | Amount (Yuan) | | :--- | :--- | | Disposal gains/losses of non-current assets | -2,146,014.17 | | Government grants recognized in current profit or loss | 1,679,865.77 | | Fair value change gains/losses | 465,314.27 | | Gains/losses from entrusted investments or asset management | 485,535.07 | | Debt restructuring gains/losses | -36,675.58 | | Other non-operating income and expenses | -559,983.40 | | Income tax impact | -70,123.71 | | Impact on minority interests (after tax) | 4,740.98 | | Total | -46,575.31 | [Management Discussion and Analysis](index=11&type=section&id=Third%20Section%20Management%20Discussion%20and%20Analysis) This section analyzes the company's main business operations, industry trends, core competencies, financial performance, investment activities, and risk factors during the reporting period [Company's Main Business Activities During the Reporting Period](index=11&type=section&id=I.%20Company's%20Main%20Business%20Activities%20During%20the%20Reporting%20Period) The company focuses on digital energy technologies and integrated energy services within the smart grid sector, benefiting from high growth in new energy storage and supportive policies - The company primarily engages in R&D, production, and sales of digital energy technologies and products, along with integrated energy technical services, classified as "6.5 Smart Grid Industry" within "6 New Energy Industry"[29](index=29&type=chunk) - In the first half of 2025, domestic new energy storage installations experienced **high growth**, with grid-forming energy storage projects becoming a new industry trend, and the energy storage industry shifting from "policy-driven" to "market-driven"[30](index=30&type=chunk) - Since 2025, the National Energy Administration, National Development and Reform Commission, Ministry of Industry and Information Technology, and other eight departments have issued multiple policies, such as the "Action Plan for High-Quality Development of New Energy Storage Manufacturing" and "Guiding Opinions on Accelerating the Development of Virtual Power Plants," supporting new energy and smart grid development[31](index=31&type=chunk)[32](index=32&type=chunk) [Company Industry Classification](index=11&type=section&id=(I)%20Company%20Industry%20Classification) The company is classified under the "Smart Grid Industry" within "New Energy," focusing on digital energy products and integrated energy services - Company's main businesses include energy storage PCS/BMS/EMS and system integration, high-voltage power electronic flexible equipment, power cable products, microgrid, and distributed energy integrated energy service solutions[29](index=29&type=chunk) - According to the National Bureau of Statistics classification, the company belongs to "6.5 Smart Grid Industry" within "6 New Energy Industry," involving smart power control equipment and cable manufacturing, power electronic basic component manufacturing, and smart grid transmission and distribution[29](index=29&type=chunk) [Industry Development Status and Trends](index=11&type=section&id=(II)%20Industry%20Development%20Status%20and%20Trends) The energy sector anticipates 5-6% electricity consumption growth in 2025, with new energy storage, particularly grid-forming and high-voltage cascaded technologies, shifting to market-driven growth - China Electricity Council (CEC) projects national electricity consumption to grow by **5%-6%** in 2025, with a continuous increase in the proportion of new energy power generation installations[30](index=30&type=chunk) - In the first half of the year, domestic new energy storage installations experienced **high growth**, with grid-forming energy storage projects effectively enhancing grid support capabilities and becoming a new industry development trend[30](index=30&type=chunk) - The energy storage industry is transitioning from "policy-driven" to "market-driven," accelerating the development of high-voltage cascaded energy storage technology, which is expected to increase market share[30](index=30&type=chunk) [Major Laws, Regulations, and Policies](index=11&type=section&id=(III)%20Major%20Laws%2C%20Regulations%2C%20and%20Policies) Since 2025, multiple government bodies have issued policies supporting new energy, smart grids, and virtual power plants, fostering market-oriented reforms and high-quality development - In January 2025, the National Energy Administration issued the "Measures for the Management of Distributed Photovoltaic Power Generation Development and Construction"[31](index=31&type=chunk) - In February 2025, the Ministry of Industry and Information Technology and eight other departments issued the "Action Plan for High-Quality Development of New Energy Storage Manufacturing"[32](index=32&type=chunk) - In April 2025, the National Development and Reform Commission and the National Energy Administration issued the "Guiding Opinions on Accelerating the Development of Virtual Power Plants" and "Basic Rules for Electricity Ancillary Services Market"[32](index=32&type=chunk) [Overview of Main Products and Services](index=12&type=section&id=II.%20Overview%20of%20Main%20Products%20and%20Services) The company provides digital energy products, including various energy storage systems and smart grid equipment, alongside integrated energy services like microgrid solutions and EPC - The company, based on its self-developed energy storage PCS, BMS, EMS, battery PACK, and other core technologies and products, conducts energy storage system integration and independent energy storage power station businesses, and was the first in the industry to advocate and launch cascaded high-voltage large-capacity energy storage technology[33](index=33&type=chunk) - Digital energy technologies and products include large-scale energy storage systems, commercial and industrial energy storage systems, residential energy storage systems, new energy and mobile testing platforms, smart high-voltage variable frequency drive systems, high-voltage dynamic reactive power compensation devices (SVG), distribution network neutral point grounding devices, smart high-voltage shore power systems, and smart cables[35](index=35&type=chunk)[36](index=36&type=chunk) - Integrated energy services cover microgrid and distributed energy solutions, comprehensive energy saving and environmental protection, new energy power station investment, and power engineering EPC[37](index=37&type=chunk) [Company's Main Business Operations](index=12&type=section&id=(I)%20Company's%20Main%20Business%20Operations) The company offers digital energy products and integrated energy solutions, specializing in energy storage core technologies and systems, including pioneering cascaded high-voltage large-capacity energy storage - The company provides digital energy technologies and products, as well as integrated energy service solutions, to grid companies, energy companies, and industrial and commercial enterprises[33](index=33&type=chunk) - The company develops energy storage system integration and independent energy storage power station businesses based on its self-developed energy storage PCS, BMS, EMS, battery PACK, and other core technologies and products[33](index=33&type=chunk) - The company is the first in the industry to advocate and launch cascaded high-voltage large-capacity energy storage technology, aiming to achieve core goals such as safety, efficiency, and high comprehensive cost-effectiveness throughout the energy storage power station's lifecycle[33](index=33&type=chunk) [Overview of Main Products and Services](index=12&type=section&id=(II)%20Overview%20of%20Main%20Products%20and%20Services) The company's offerings span digital energy products like various energy storage systems and smart grid devices, and integrated energy services such as microgrid solutions and EPC - Energy storage power station systems include large-scale energy storage systems (applicable to power-side, grid-side large independent/shared energy storage power stations), commercial and industrial energy storage systems, and residential energy storage systems[35](index=35&type=chunk) - Grid safety and control products include smart high-voltage variable frequency drive systems, high-voltage dynamic reactive power compensation devices (SVG), and distribution network neutral point grounding devices[36](index=36&type=chunk) - Integrated energy services provide microgrid and distributed energy solutions, comprehensive energy saving and environmental protection solutions, new energy power station investment, and power engineering EPC general contracting services[37](index=37&type=chunk) [Business Model](index=15&type=section&id=(III)%20Business%20Model) The company's business model remained stable, generating revenue from digital energy product sales and integrated energy services through fees or profit sharing, supported by independent R&D and sales - The company's main business operating model remained largely unchanged during the reporting period[38](index=38&type=chunk) - Digital energy technology and product businesses primarily generate revenue and profit through product sales, while integrated energy service businesses achieve revenue and profit by charging operating fees or sharing profits[39](index=39&type=chunk) - The company possesses independent R&D, production, sales, and service systems, and has established a supplier selection and assessment system, with sales primarily self-managed and some products distributed through channels[39](index=39&type=chunk) [Analysis of Core Competencies](index=16&type=section&id=III.%20Analysis%20of%20Core%20Competencies) The company's core strengths lie in strategic industry insight, robust R&D, efficient production, customer-focused service, and strong brand recognition, supported by numerous patents and ample capacity - Based on a deep understanding of industry development trends and customer needs, the company proactively plans its strategy, launching products and services in grid safety, power quality management, motor control, and energy storage equipment[40](index=40&type=chunk) - The company possesses R&D platforms such as a National Enterprise Technology Center and Guangdong Provincial High-Power Power Electronic Technology Engineering Laboratory, and as of June 30, 2025, has obtained **1021 patents and software copyrights**[41](index=41&type=chunk) - The company owns four production bases in Yunpu, Nansha, Yonghe, and Zengcheng (under construction), which, once fully built, will have a large-scale energy storage system capacity of **12 GWh**, and has established a 7*24-hour after-sales service system[43](index=43&type=chunk)[44](index=44&type=chunk) - The company has established a renowned brand influence in digital energy technology and products, and integrated energy services, with Zhiguang Energy Storage's shipments ranking among the top in the nation, and has won multiple industry technology innovation awards[45](index=45&type=chunk) [Analysis of Main Business Operations](index=17&type=section&id=IV.%20Analysis%20of%20Main%20Business%20Operations) In H1 2025, revenue grew **31.71%** to **1.64 billion Yuan**, net loss narrowed **38.88%**, driven by **1.06 billion Yuan** in energy storage revenue and increased financial expenses - In the first half of 2025, the company achieved operating revenue of **1.64 billion Yuan**, a year-on-year increase of **31.71%**; net profit attributable to shareholders of the listed company was **-55.15 million Yuan**, a year-on-year reduction in loss of **38.88%**[46](index=46&type=chunk) - Energy storage equipment sales and system integration business achieved revenue of **1.06 billion Yuan**; Qingyuan Independent Energy Storage Power Station achieved operating revenue of **117.25 million Yuan** and a net profit of **74.08 million Yuan**[47](index=47&type=chunk) Major Financial Data Year-on-Year Change | Indicator | Current Reporting Period (Yuan) | Prior Year Period (Yuan) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 1,643,416,784.77 | 1,247,707,329.94 | 31.71% | Increased revenue from energy storage related businesses | | Operating Cost | 1,370,928,617.48 | 1,056,550,574.00 | 29.76% | Synchronous increase in costs for energy storage related businesses | | Financial Expenses | 64,209,403.47 | 42,042,475.87 | 52.73% | Long-term assets transferred to fixed assets, loan interest stopped being capitalized and became expensed | | Net Cash Flow from Operating Activities | 186,196,819.22 | -88,351,794.45 | 310.74% | Increased sales collection | Operating Revenue Composition (by Industry, Product, Region) | Category | Item | Current Reporting Period Amount (Yuan) | Proportion of Operating Revenue | Prior Year Period Amount (Yuan) | Proportion of Operating Revenue | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | By Industry | Digital Energy Technology and Products | 1,353,969,735.10 | 82.39% | 1,027,261,809.75 | 82.33% | 31.80% | | | Integrated Energy Services | 289,447,049.67 | 17.61% | 220,445,520.19 | 17.67% | 31.30% | | By Region | South China | 881,351,864.52 | 53.63% | 580,283,818.36 | 46.51% | 51.88% | | | North China | 500,711,843.85 | 30.47% | 329,173,371.15 | 26.38% | 52.11% | [Analysis of Non-Core Business Operations](index=19&type=section&id=V.%20Analysis%20of%20Non-Core%20Business%20Operations) Non-core business impacts on profit included **-24.19 million Yuan** in credit impairment losses (**58.20%** of total profit) and **15.86 million Yuan** in government grants (**-38.16%** of total profit) Non-Core Business Gains and Losses | Item | Amount (Yuan) | Proportion of Total Profit | Explanation of Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 138,046.62 | -0.33% | From equity instrument investments and wealth management products | No | | Fair Value Change Gains/Losses | 465,314.27 | -1.12% | From equity instrument investments | No | | Asset Impairment | -1,477,260.08 | 3.55% | From inventory write-downs and contract asset impairment | No | | Other Income | 15,862,451.07 | -38.16% | From government grants | No | | Credit Impairment Losses | -24,191,311.46 | 58.20% | From impairment of receivables | No | | Asset Disposal Gains | -2,145,307.17 | 5.16% | From disposal of fixed assets | No | [Analysis of Assets and Liabilities](index=20&type=section&id=VI.%20Analysis%20of%20Assets%20and%20Liabilities) Total assets reached **9.46 billion Yuan**, up **8.79%**, driven by increased construction in progress and long-term borrowings for energy storage projects, alongside higher accounts payable Significant Changes in Asset Composition | Item | Amount at End of Current Reporting Period (Yuan) | Proportion of Total Assets | Amount at End of Prior Year (Yuan) | Proportion of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 523,991,904.48 | 5.54% | 880,348,730.05 | 10.12% | -4.58% | Increased investment in independent energy storage power station construction and repayment of some short-term borrowings | | Construction in Progress | 1,278,772,563.21 | 13.52% | 686,306,277.13 | 7.89% | 5.63% | Increased investment in independent energy storage power station construction | | Short-term Borrowings | 950,043,025.08 | 10.04% | 1,378,274,830.33 | 15.85% | -5.81% | Repayment of some short-term borrowings | | Long-term Borrowings | 1,446,374,807.19 | 15.29% | 914,917,605.26 | 10.52% | 4.77% | Increased long-term loans from banks for long-term asset construction | | Trading Financial Assets | 78,403,716.67 | 0.83% | 0.00 | 0.00% | 0.83% | Increase in wealth management products not yet due or redeemed at period-end | | Accounts Payable | 2,037,147,043.00 | 21.53% | 1,515,368,808.09 | 17.43% | 4.10% | Rapid growth in energy storage business, leading to increased accounts payable for energy storage raw material procurement | - The company had no major overseas assets at the end of the reporting period[58](index=58&type=chunk) - The company's financial assets and liabilities measured at fair value totaled **1.163 billion Yuan** at period-end, primarily including trading financial assets, other non-current financial assets, and accounts receivable financing[59](index=59&type=chunk) - As of the end of the reporting period, rights to some of the company's monetary funds, notes receivable, fixed assets, intangible assets, construction in progress, investment properties, and accounts receivable were restricted, mainly for loan collateral and guarantee deposits[60](index=60&type=chunk)[576](index=576&type=chunk) [Analysis of Investment Status](index=22&type=section&id=VII.%20Analysis%20of%20Investment%20Status) Total investment was **847.71 million Yuan**, down **9.75%**, with significant non-equity investments in energy storage projects and **1.51 billion Yuan** in raised funds invested, including **941 million Yuan** for integrated energy services Investment Amount for the Reporting Period | Indicator | Investment Amount for Reporting Period (Yuan) | Investment Amount for Prior Year Period (Yuan) | Change Rate | | :--- | :--- | :--- | :--- | | Total Investment | 847,711,550.03 | 939,274,368.19 | -9.75% | - The company did not acquire any significant equity investments during the reporting period[62](index=62&type=chunk) Significant Non-Equity Investments in Progress | Project Name | Total Investment (Yuan) | Amount Invested in Current Reporting Period (Yuan) | Cumulative Investment Amount as of Period-End (Yuan) | Investment Progress as of Period-End | | :--- | :--- | :--- | :--- | :--- | | Meizhou Pingyuan New Smart Independent Energy Storage Project | 251,500,000.00 | 150,141,832.35 | 180,300,775.02 | 71.69% | | Zhiguang Digital Energy Technology Industrial Park Project | 1,514,149,300.00 | 121,638,806.95 | 348,124,053.08 | 22.99% | | Qingyuan City Qingcheng District Vocational Education City Grid-Side Independent Energy Storage Power Station Construction Project | 373,423,300.00 | 263,179,376.46 | 263,609,440.61 | 70.59% | - Financial asset investments include securities investments (e.g., Nanwang Energy, Huizhiwei) and derivative investments for hedging purposes (copper futures)[66](index=66&type=chunk)[68](index=68&type=chunk) - Raised funds have been cumulatively invested at **1.514 billion Yuan**, with the "Integrated Energy Service Project" having invested **941 million Yuan**, reaching **118.02%** of its planned progress[75](index=75&type=chunk)[85](index=85&type=chunk) [Significant Asset and Equity Disposals](index=32&type=section&id=VIII.%20Significant%20Asset%20and%20Equity%20Disposals) The company did not undertake any significant asset or equity disposals during the reporting period - The company did not dispose of significant assets during the reporting period[90](index=90&type=chunk) - The company did not dispose of significant equity during the reporting period[91](index=91&type=chunk) [Analysis of Major Holding and Associate Companies](index=32&type=section&id=IX.%20Analysis%20of%20Major%20Holding%20and%20Associate%20Companies) Major subsidiaries like Zhiguang Energy Storage and Xidu Power reported high net profits of **74.59 million Yuan** and **74.08 million Yuan**, respectively, and the company established three new subsidiaries Major Subsidiary Financial Information | Company Name | Company Type | Main Business | Registered Capital (Yuan) | Operating Revenue (Yuan) | Net Profit (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Guangzhou Lingnan Cable Co., Ltd. | Subsidiary | Power cable production and sales | 352,682,804.00 | 423,797,005.60 | 6,556,290.82 | | Guangdong Zhiguang Integrated Energy Co., Ltd. | Subsidiary | Enterprise self-owned capital investment, investment management services | 760,000,000.00 | 713,371,676.64 | -24,067,801.88 | | Guangzhou Zhiguang Electric Technology Co., Ltd. | Subsidiary | R&D, production, and sales of professional technical products | 200,000,000.00 | 345,276,213.86 | -20,324,708.68 | | Guangzhou Zhiguang Energy Storage Technology Co., Ltd. | Subsidiary | Research and application of industrial technology in energy storage | 209,816,973.00 | 1,060,052,085.60 | 74,590,786.34 | | Xidu (Guangdong) Power Investment Co., Ltd. | Subsidiary | Energy storage technology services | 50,000,000.00 | 117,248,432.51 | 74,081,975.08 | - During the reporting period, the company invested in and established Inner Mongolia Zhiguang Energy Storage Technology Co., Ltd., Ningbo Zhihai New Energy Co., Ltd., and Puning Zhimei New Energy Co., Ltd.[93](index=93&type=chunk) [Structured Entities Controlled by the Company](index=33&type=section&id=X.%20Structured%20Entities%20Controlled%20by%20the%20Company) The company did not control any structured entities during the reporting period - The company did not control any structured entities during the reporting period[96](index=96&type=chunk) [Risks Faced by the Company and Countermeasures](index=33&type=section&id=XI.%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company addresses macroeconomic, competitive, and raw material risks by enhancing product competitiveness, expanding markets, increasing R&D, improving cost management, and utilizing hedging strategies - The company faces risks from macroeconomic and market fluctuations; an economic slowdown could lead to delayed or decreased market demand[96](index=96&type=chunk) - Rapid industry development attracts numerous entrants, posing a risk of intensified competition[97](index=97&type=chunk) - Price fluctuations of upstream raw materials (energy storage cells, copper, chips, etc.) related to the company's product manufacturing may affect procurement costs[99](index=99&type=chunk) - Countermeasures include enhancing product and service competitiveness, strengthening sales and marketing, expanding international business, increasing R&D investment to maintain technological advantages, strengthening cost and expense management, and adopting hedging strategies to mitigate price fluctuations[96](index=96&type=chunk)[98](index=98&type=chunk)[99](index=99&type=chunk) [Implementation of Market Value Management System and Valuation Enhancement Plan](index=34&type=section&id=XII.%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) The company neither formulated a market value management system nor disclosed a valuation enhancement plan during the reporting period - The company did not formulate a market value management system during the reporting period[100](index=100&type=chunk) - The company did not disclose a valuation enhancement plan during the reporting period[100](index=100&type=chunk) [Implementation of "Quality and Return Dual Improvement" Action Plan](index=34&type=section&id=XIII.%20%22Quality%20and%20Return%20Dual%20Improvement%22%20Action%20Plan%20Implementation) The company did not disclose an announcement regarding the "Quality and Return Dual Improvement" action plan during the reporting period - The company did not disclose an announcement regarding the "Quality and Return Dual Improvement" action plan during the reporting period[100](index=100&type=chunk) [Corporate Governance, Environment, and Society](index=35&type=section&id=Fourth%20Section%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section covers changes in the company's directors, supervisors, and senior management, profit distribution plans, employee incentive schemes, environmental disclosures, and social responsibility initiatives [Changes in Company Directors, Supervisors, and Senior Management](index=35&type=section&id=I.%20Changes%20in%20Company%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) No changes occurred in the company's directors, supervisors, or senior management during the reporting period - The company's directors, supervisors, and senior management did not change during the reporting period[102](index=102&type=chunk) [Profit Distribution and Capital Reserve Conversion to Share Capital in This Reporting Period](index=35&type=section&id=II.%20Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20to%20Share%20Capital%20in%20This%20Reporting%20Period) The company plans no cash dividends, bonus shares, or capital reserve conversions for the semi-annual period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[103](index=103&type=chunk) [Implementation of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=35&type=section&id=III.%20Implementation%20of%20Company%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) No new equity incentives were implemented, but the 2022 employee stock ownership plan, covering **136 employees** and **1.61%** of share capital, met all unlocking conditions for its first and second lock-up periods - During the reporting period, the company did not implement equity incentives[104](index=104&type=chunk) Status of All Effective Employee Stock Ownership Plans During the Reporting Period | Scope of Employees | Number of Employees | Total Shares Held (shares) | Proportion of Listed Company's Total Share Capital | Funding Source for Plan Implementation | | :--- | :--- | :--- | :--- | :--- | | Directors, Supervisors, Senior Management, and Core Employees | 136 | 12,572,493 | 1.61% | Employees' legal remuneration and other legal self-raised funds | - The company's 2022 employee stock ownership plan's first lock-up period expired on May 8, 2024, and the second lock-up period expired on May 8, 2025, with all unlocking conditions met[107](index=107&type=chunk)[109](index=109&type=chunk) [Environmental Information Disclosure](index=37&type=section&id=IV.%20Environmental%20Information%20Disclosure) The company and its major subsidiaries were not mandated to disclose environmental information by law - The listed company and its major subsidiaries were not included in the list of enterprises required to disclose environmental information by law[110](index=110&type=chunk) [Social Responsibility](index=37&type=section&id=V.%20Social%20Responsibility) The company actively fulfills social responsibilities by protecting stakeholder rights, delivering quality products, safeguarding the environment, and engaging in philanthropy, guided by its core values - The company strictly adheres to laws, regulations, and its articles of association, disclosing information fairly, truthfully, completely, accurately, timely, and transparently, safeguarding the legitimate rights and interests of all shareholders and creditors[111](index=111&type=chunk) - The company prioritizes employee interests, providing a safe and comfortable working environment, establishing a comprehensive compensation and welfare system, founding the Zhiguang Training Academy to enhance employee training, and implementing an employee stock ownership plan[112](index=112&type=chunk)[113](index=113&type=chunk) - The company is ISO9001 quality management system certified, boasts a strong R&D team with outstanding technical R&D capabilities in its main business areas, and its products, technologies, and service quality are at a leading domestic level[116](index=116&type=chunk) - The company has obtained ISO14000 environmental management system certification, helps customers save energy and increase efficiency through integrated energy and electricity services, focuses on new energy technology development, and actively participates in social welfare, making regular donations to assist disadvantaged groups annually[117](index=117&type=chunk)[118](index=118&type=chunk)[119](index=119&type=chunk) [Significant Matters](index=40&type=section&id=Fifth%20Section%20Significant%20Matters) This section details the company's significant matters, including commitments, related party transactions, legal proceedings, and other important events during the reporting period [Commitments Fulfilled and Overdue Unfulfilled by Controlling Shareholder, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period](index=40&type=section&id=I.%20Commitments%20Fulfilled%20and%20Overdue%20Unfulfilled%20by%20Controlling%20Shareholder%2C%20Shareholders%2C%20Related%20Parties%2C%20Acquirers%2C%20and%20the%20Company%20During%20and%20as%20of%20the%20End%20of%20the%20Reporting%20Period) No commitments by the company, its controller, shareholders, or related parties were fulfilled or overdue during the reporting period - The company reported no commitments by its actual controller, shareholders, related parties, acquirers, or the company that were either fulfilled or overdue and unfulfilled as of the end of the reporting period[121](index=121&type=chunk) [Non-Operating Fund Occupation by Controlling Shareholder and Other Related Parties](index=40&type=section&id=II.%20Non-Operating%20Fund%20Occupation%20by%20Controlling%20Shareholder%20and%20Other%20Related%20Parties) No non-operating funds were occupied by the controlling shareholder or other related parties during the reporting period - The company reported no non-operating occupation of funds by the controlling shareholder or other related parties during the reporting period[122](index=122&type=chunk) [Irregular External Guarantees](index=40&type=section&id=III.%20Irregular%20External%20Guarantees) The company reported no irregular external guarantees during the reporting period - The company reported no irregular external guarantees during the reporting period[123](index=123&type=chunk) [Appointment and Dismissal of Accounting Firms](index=40&type=section&id=IV.%20Appointment%20and%20Dismissal%20of%20Accounting%20Firms) The company's semi-annual financial report was not audited - The company's semi-annual report was not audited[124](index=124&type=chunk) [Board of Directors' and Supervisory Board's Explanations on "Non-Standard Audit Report" for This Period](index=40&type=section&id=V.%20Board%20of%20Directors'%20and%20Supervisory%20Board's%20Explanations%20on%20%22Non-Standard%20Audit%20Report%22%20for%20This%20Period) No explanations were provided by the board or supervisory board regarding a "non-standard audit report" for this period - The company reported no explanations from the board of directors or supervisory board regarding a "non-standard audit report" for this period[125](index=125&type=chunk) [Board of Directors' Explanations on "Non-Standard Audit Report" for the Previous Year](index=40&type=section&id=VI.%20Board%20of%20Directors'%20Explanations%20on%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Previous%20Year) No explanations were provided by the board regarding a "non-standard audit report" for the previous year - The company reported no explanations from the board of directors regarding a "non-standard audit report" for the previous year[125](index=125&type=chunk) [Bankruptcy and Reorganization Matters](index=40&type=section&id=VII.%20Bankruptcy%20and%20Reorganization%20Matters) The company did not experience any bankruptcy or reorganization matters during the reporting period - The company did not experience any bankruptcy or reorganization matters during the reporting period[125](index=125&type=chunk) [Litigation Matters](index=40&type=section&id=VIII.%20Litigation%20Matters) No significant litigation occurred, though ongoing cases include guarantee fraud, sales contract disputes, and a settled private lending case - The company had no significant litigation or arbitration matters in this reporting period[126](index=126&type=chunk) - Guangzhou Zhiguang Energy Storage Technology Co., Ltd. filed a lawsuit against Zhongtian Energy Storage Technology Co., Ltd. in Guangzhou Tianhe District People's Court, alleging guarantee fraud, with a case value of **12.452 million Yuan**, and the trial has not yet commenced[127](index=127&type=chunk) - The sales contract dispute case between Guangzhou Zhiguang Energy Storage Technology Co., Ltd. and Zhongtian Energy Storage Technology Co., Ltd., with a case value of **99.616 million Yuan**, has been heard but no judgment has been rendered[127](index=127&type=chunk) - The private lending case filed by Guangzhou Zhiguang Integrated Energy Application Technology Co., Ltd. against Pinglu County Ruiyuan Heating Co., Ltd., with a case value of **83.9529 million Yuan**, has been settled[127](index=127&type=chunk) [Penalties and Rectification Status](index=42&type=section&id=IX.%20Penalties%20and%20Rectification%20Status) The company reported no penalties or rectification situations during the reporting period - The company reported no penalties or rectification situations during the reporting period[128](index=128&type=chunk) [Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=42&type=section&id=X.%20Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller) No integrity issues were reported for the company, its controlling shareholder, or actual controller during the period - The company reported no integrity issues concerning itself, its controlling shareholder, or actual controller during the reporting period[129](index=129&type=chunk) [Significant Related Party Transactions](index=42&type=section&id=XI.%20Significant%20Related%20Party%20Transactions) The company reported no significant related party transactions, including those related to operations, asset disposals, joint investments, or creditor-debtor relationships - The company reported no related party transactions related to daily operations during the reporting period[129](index=129&type=chunk) - The company reported no related party transactions involving asset or equity acquisitions or disposals during the reporting period[130](index=130&type=chunk) - The company reported no related party creditor-debtor relationships during the reporting period[132](index=132&type=chunk) - The company reported no other significant related party transactions during the reporting period[135](index=135&type=chunk) [Significant Contracts and Their Performance](index=43&type=section&id=XII.%20Significant%20Contracts%20and%20Their%20Performance) The company had no custody, contracting, or leasing matters, but significant guarantees totaled **2.927 billion Yuan** (**110.92%** of net assets), primarily for subsidiaries, and **55.50 million Yuan** in outstanding entrusted wealth management - The company reported no custody, contracting, or leasing situations during the reporting period[136](index=136&type=chunk)[137](index=137&type=chunk)[138](index=138&type=chunk) External Guarantees by the Company and its Subsidiaries | Name of Guaranteed Party | Guarantee Limit (10,000 Yuan) | Actual Guarantee Amount (10,000 Yuan) | Guarantee Period | Fulfilled | | :--- | :--- | :--- | :--- | :--- | | Guangzhou Yicheng Industrial Holding Co., Ltd. | 1,203 | 1,157.89 | Twenty years | No | | Guangzhou Jinlis Lubrication Technology Co., Ltd. | 1,967 | 1,882.86 | Ten years | No | | Guangdong Shenghe Industrial Co., Ltd. | 1,860 | 1,832.14 | Ten years | No | | Guangzhou Wanzhong Fluid Technology Co., Ltd. | 479 | 471.75 | Ten years | No | | Guangdong Hairun Hydraulic Co., Ltd. | 520 | 512.13 | Ten years | No | | Guangzhou Lifeng Shock Absorber Co., Ltd. | 1,000 | 996.99 | Ten years | No | | Guangzhou Huixing Catering Management Co., Ltd. | 1,060 | 1,060 | Ten years | No | | Yueji (Guangzhou) Intelligent Equipment Co., Ltd. | 864 | 864 | Ten years | No | | **Total Actual External Guarantees at Period-End** | **8,953** | **8,777.74** | | | - At the end of the reporting period, the company's total guarantee amount (A4+B4+C4) accounted for **110.92%** of its net assets[145](index=145&type=chunk) Entrusted Wealth Management | Specific Type | Source of Entrusted Wealth Management Funds | Amount of Entrusted Wealth Management Occurred (10,000 Yuan) | Outstanding Balance (10,000 Yuan) | | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Own Funds | 6,000 | 5,550 | - The company reported no other significant contracts during the reporting period[147](index=147&type=chunk) [Explanation of Other Significant Matters](index=49&type=section&id=XIII.%20Explanation%20of%20Other%20Significant%20Matters) Key events included approving futures hedging, the 2024 AGM, unlocking conditions met for the 2022 employee stock plan, and progress on early termination of the Pinglu project concession agreement - On January 17, 2025, the company approved the "Proposal on Lingnan Cable's Engagement in Futures Hedging Business"[148](index=148&type=chunk) - On May 14, 2025, the company held its 2024 Annual General Meeting, approving the "2024 Annual Report and its Summary" and the "2024 Annual Profit Distribution Plan"[150](index=150&type=chunk) - On May 26, 2025, the company approved the "Proposal on the Achievement of Unlocking Conditions for the Second Lock-up Period of the 2022 Employee Stock Ownership Plan"[150](index=150&type=chunk) - The company is actively pursuing the early termination of the concession agreement for its controlling sub-subsidiary's Pinglu project, with preliminary due diligence and asset valuation completed[151](index=151&type=chunk) [Significant Matters of Company Subsidiaries](index=50&type=section&id=XIV.%20Significant%20Matters%20of%20Company%20Subsidiaries) No significant matters concerning the company's subsidiaries were reported during the period - The company reported no significant matters concerning its subsidiaries during the reporting period[152](index=152&type=chunk) [Share Changes and Shareholder Information](index=51&type=section&id=Sixth%20Section%20Share%20Changes%20and%20Shareholder%20Information) This section details the company's share capital changes, securities issuance, shareholder structure, and changes in holdings of directors, supervisors, and senior management [Share Change Status](index=51&type=section&id=I.%20Share%20Change%20Status) The company's total share capital remained unchanged at **782,704,094 shares**, with restricted and unrestricted shares at **3.07%** and **96.93%**, respectively Share Change Status | Item | Quantity Before This Change (shares) | Proportion Before This Change | Increase/Decrease in This Change (＋, －) | Quantity After This Change (shares) | Proportion After This Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 24,030,127 | 3.07% | 0 | 24,030,127 | 3.07% | | II. Unrestricted Shares | 758,673,967 | 96.93% | 0 | 758,673,967 | 96.93% | | III. Total Shares | 782,704,094 | 100.00% | 0 | 782,704,094 | 100.00% | - During the reporting period, the company's total share capital remained unchanged[156](index=156&type=chunk) [Securities Issuance and Listing Status](index=52&type=section&id=II.%20Securities%20Issuance%20and%20Listing%20Status) The company had no securities issuance or listing activities during the reporting period - The company reported no securities issuance or listing activities during the reporting period[156](index=156&type=chunk) [Number of Shareholders and Shareholding Status](index=52&type=section&id=III.%20Number%20of%20Shareholders%20and%20Shareholding%20Status) The company had **58,595** shareholders, with controlling shareholder Jinyu Group holding **19.44%** (of which **61.66 million shares** were pledged), and Hong Kong Securities Clearing Company Limited increasing its stake by **6,018,474 shares** - At the end of the reporting period, the total number of common shareholders was **58,595**[157](index=157&type=chunk) Shareholding Status of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Proportion | Number of Shares Held at Period-End (shares) | Change in Holding During Reporting Period | Number of Pledged, Marked, or Frozen Shares (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | Guangzhou Jinyu Industrial Investment Group Co., Ltd. | Domestic Non-State-Owned Legal Person | 19.44% | 152,181,808 | 0 | 61,660,000 | | Li Yongxi | Domestic Natural Person | 1.69% | 13,241,786 | 0 | 0 | | Guangzhou Zhiguang Electric Co., Ltd. - 2022 Employee Stock Ownership Plan | Other | 1.61% | 12,572,493 | 0 | 0 | | Rui Dongyang | Domestic Natural Person | 1.55% | 12,162,240 | 0 | 0 | | Lu Jiewen | Domestic Natural Person | 1.40% | 10,968,116 | 0 | 0 | | Hong Kong Securities Clearing Company Limited | Overseas Legal Person | 1.31% | 10,275,738 | +6,018,474 | 0 | - Mr. Li Yongxi is the legal representative of the company's controlling shareholder, Jinyu Group, and serves as Chairman and President; Mr. Li Yongxi, Ms. Lu Jiewen, and Jinyu Group are concerted parties[158](index=158&type=chunk) [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=54&type=section&id=IV.%20Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) No changes occurred in the shareholdings of the company's directors, supervisors, or senior management during the reporting period - The shareholdings of the company's directors, supervisors, and senior management did not change during the reporting period[160](index=160&type=chunk) [Changes in Controlling Shareholder or Actual Controller](index=54&type=section&id=V.%20Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) The company's controlling shareholder and actual controller remained unchanged during the reporting period - The company's controlling shareholder did not change during the reporting period[161](index=161&type=chunk) - The company's actual controller did not change during the reporting period[161](index=161&type=chunk) [Preferred Share Information](index=54&type=section&id=VI.%20Preferred%20Share%20Information) The company had no preferred shares during the reporting period - The company reported no preferred shares during the reporting period[162](index=162&type=chunk) [Bond-Related Information](index=55&type=section&id=Seventh%20Section%20Bond-Related%20Information) The company had no bond-related information during the reporting period - The company reported no bond-related information during the reporting period[164](index=164&type=chunk) [Financial Report](index=56&type=section&id=Eighth%20Section%20Financial%20Report) This unaudited semi-annual financial report details consolidated and parent company financial statements, showing **9.46 billion Yuan** in total assets, **6.55 billion Yuan** in liabilities, **1.64 billion Yuan** in revenue, and a **-19.22 million Yuan** net profit, along with extensive accounting policy and item notes [Audit Report](index=56&type=section&id=I.%20Audit%20Report) The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[166](index=166&type=chunk) [Financial Statements](index=56&type=section&id=II.%20Financial%20Statements) Consolidated financial statements show **9.46 billion Yuan** in total assets, **6.55 billion Yuan** in liabilities, **1.64 billion Yuan** in revenue, and a **-19.22 million Yuan** net profit Consolidated Balance Sheet Key Data | Item | Period-End Balance (Yuan) | Period-Beginning Balance (Yuan) | | :--- | :--- | :--- | | Total Assets | 9,460,905,185.85 | 8,696,520,626.94 | | Total Liabilities | 6,546,108,824.67 | 5,759,963,494.82 | | Total Owners' Equity | 2,914,796,361.18 | 2,936,557,132.12 | Consolidated Income Statement Key Data | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 1,643,416,784.77 | 1,247,707,329.94 | | Net Profit | -19,220,722.10 | -89,522,542.66 | | Net Profit Attributable to Parent Company Shareholders | -55,150,622.77 | -90,230,220.55 | Consolidated Cash Flow Statement Key Data | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 186,196,819.22 | -88,351,794.45 | | Net Cash Flow from Investing Activities | -619,996,824.13 | -745,381,504.25 | | Net Cash Flow from Financing Activities | 76,561,003.40 | 895,560,861.30 | [Company Basic Information](index=74&type=section&id=III.%20Company%20Basic%20Information) Established in 2007 with **783 million Yuan** registered capital, Guangzhou Zhiguang Electric operates in electrical energy storage and integrated energy services, with financial statements approved on August 21, 2025 - Guangzhou Zhiguang Electric Co., Ltd. was established in August 2007, with stock code 002169 and a registered capital of **782.704094 million Yuan**[201](index=201&type=chunk) - The company's registered address is No. 51 Punnan Road, Huangpu District, Guangzhou, and its headquarters address is No. 89 Ruihe Road, Huangpu District, Guangzhou[202](index=202&type=chunk)[203](index=203&type=chunk) - The company's business scope is extensive, including manufacturing of power electronic components, industrial automatic control system devices, electrical machinery and equipment sales, electronic, communication, and automatic control technology R&D, and integrated energy services, belonging to the electrical energy storage equipment manufacturing and integrated energy services industry[205](index=205&type=chunk)[206](index=206&type=chunk) - These financial statements were approved for issuance by the company's board of directors on August 21, 2025[207](index=207&type=chunk) [Basis of Financial Statement Preparation](index=75&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) Financial statements are prepared on a going concern basis, adhering to "Enterprise Accounting Standards" and CSRC rules, with no significant threats to continued operations for at least 12 months - The company prepares its financial statements on a going concern basis, in accordance with "Enterprise Accounting Standards" and relevant regulations of the China Securities Regulatory Commission[209](index=209&type=chunk) - The company possesses the ability to continue as a going concern for at least 12 months from the end of the reporting period, with no significant matters affecting this ability[210](index=210&type=chunk) [Significant Accounting Policies and Accounting Estimates](index=76&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Accounting%20Estimates) This section outlines the company's comprehensive accounting policies and estimates, covering financial instruments, revenue recognition, and asset impairment, with no significant changes during the reporting period - The financial statements prepared by the company comply with the requirements of enterprise accounting standards, truthfully and completely reflecting the company's financial position, operating results, and other information[211](index=211&type=chunk) - The company classifies, recognizes, and measures financial assets based on its business model and contractual cash flow characteristics, categorizing them as measured at amortized cost, at fair value through other comprehensive income, or at fair value through profit or loss[243](index=243&type=chunk) - The company's revenue recognition principles involve recognizing sales revenue when the significant risks and rewards of ownership of goods have been transferred to the buyer and other conditions are met; service revenue is recognized based on the progress of performance; and contract energy management business revenue is recognized upon achieving energy-saving effects and receiving shared amounts[341](index=341&type=chunk)[344](index=344&type=chunk)[345](index=345&type=chunk) - The company reported no significant changes in accounting policies and accounting estimates during the reporting period[388](index=388&type=chunk) [Taxation](index=118&type=section&id=VI.%20Taxation) The company's main taxes include VAT and income tax, with the company and several subsidiaries benefiting from **15%** high-tech enterprise income tax rates and various VAT exemptions/refunds Major Tax Categories and Rates | Tax Category | Tax Base | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Based on the value added from sales of goods or provision of taxable services | 0%, 3%, 6%, 9%, 13% | | Urban Maintenance and Construction Tax | Based on the actual amount of turnover tax paid | 7%, 5% | | Enterprise Income Tax | Taxable income | 15%, 20%, 25% | | Education Surcharge | Based on the actual amount of turnover tax paid | 3% | | Local Education Surcharge | Based on the actual amount of turnover tax paid | 2% | - The company and several subsidiaries (e.g., Zhiguang Electric, Zhiguang Electric Technology, Chuangdian Technology, Hangzhou Zhiguang, Zhiguang Energy Saving and Environmental Protection, Huayue Power Design, Lingnan Cable, Shanghai Zhiguang, Zhiyouying, Zhiguang Energy Technology, Zhiguang Energy Storage, Hubei Huayao) enjoy high-tech enterprise income tax benefits, taxed at a **15%** rate[393](index=393&type=chunk)[395](index=395&type=chunk)[396](index=396&type=chunk)[397](index=397&type=chunk)[399](index=399&type=chunk)[400](index=400&type=chunk)[401](index=401&type=chunk) - Some subsidiaries benefit from VAT immediate refund for software products, temporary VAT exemption for contract energy management projects, VAT immediate refund for comprehensive resource utilization products, and VAT, property tax, and urban land use tax reductions for heating enterprises[390](index=390&type=chunk)[391](index=391&type=chunk)[392](index=392&type=chunk)[401](index=401&type=chunk)[403](index=403&type=chunk)[404](index=404&type=chunk) [Notes to Consolidated Financial Statement Items](index=122&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) Detailed notes reveal significant increases in construction in progress and long-term borrowings due to energy storage investments, and higher accounts payable from raw material procurement, with restricted assets used for collateral - Monetary funds at period-end were **524 million Yuan**, a decrease from the beginning of the period, mainly due to increased investment in independent energy storage power station construction and repayment of some short-term borrowings[406](index=406&type=chunk) - Accounts receivable at period-end were **1.40 billion Yuan**, with a bad debt provision of **212 million Yuan**; inventory at period-end was **832 million Yuan**, with an inventory impairment provision of **2.38 million Yuan**[426](index=426&type=chunk)[482](index=482&type=chunk)[486](index=486&type=chunk) - Construction in progress at period-end was **1.279 billion Yuan**, a significant increase from the beginning of the period, mainly due to increased investment in independent energy storage power station construction[538](index=538&type=chunk)[541](index=541&type=chunk) - Long-term borrowings at period-end were **1.446 billion Yuan**, a significant increase from the beginning of the period, mainly due to increased long-term loans from banks for long-term asset construction[613](index=613&type=chunk) - Accounts payable at period-end were **2.037 billion Yuan**, a significant increase from the beginning of the period, mainly due to rapid growth in the energy storage business and increased accounts payable for energy storage raw material procurement[585](index=585&type=chunk) - Operating revenue was **1.643 billion Yuan**, operating cost was **1.371 billion Yuan**; R&D expenses were **71.62 million Yuan**, financial expenses were **64.21 million Yuan**[646](index=646&type=chunk)[657](index=657&type=chunk)[658](index=658&type=chunk) [Research and Development Expenses](index=180&type=section&id=VIII.%20Research%20and%20Development%20Expenses) Total R&D expenditure was **71.62 million Yuan**, up **7.47%**, entirely expensed, with no projects meeting capitalization criteria R&D Expenditure Status | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Personnel Costs | 45,771,021.77 | 36,870,631.04 | | Direct Input Costs | 11,147,586.60 | 15,702,045.84 | | Depreciation and Amortization Expenses | 7,630,669.44 | 5,577,851.21 | | Other Related Expenses | 7,066,786.87 | 8,282,333.24 | | Total | 71,616,064.68 | 66,638,201.14 | | Of which: Expensed R&D Expenditure | 71,616,064.68 | 66,638,201.14 | - During the reporting period, the company's total R&D expenditure was **71.616 million Yuan**, an increase of **7.47%** compared to the same period last year[49](index=49&type=chunk)[699](index=699&type=chunk) - The company had no R&D projects that met the capitalization criteria[700](index=700&type=chunk) [Changes in Consolidation Scope](index=181&type=section&id=IX.%20Changes%20in%20Consolidation%20Scope) Consolidation scope changes were due to the establishment of new subsidiaries by Guangzhou Zhiguang Energy Storage Technology and Guangdong Zhiguang Integrated Energy, with no business combinations - During the reporting period, the company did not undergo business combinations under non-common control or common control[704](index=704&type=chunk)[708](index=708&type=chunk) - In March 2025, Guangzhou Zhiguang Energy Storage Technology Co., Ltd. established its controlling subsidiary, Inner Mongolia Zhiguang Energy Storage Technology Co., Ltd., which was included in the consolidation scope[712](index=712&type=chunk) - In March 2025, Guangdong Zhiguang Integrated Energy Co., Ltd. established its controlling subsidiary, Ningbo Zhihai New Energy Co., Ltd., which was included in the consolidation scope[712](index=712&type=chunk) - In April 2025, Guangdong Zhiguang Integrated Energy Co., Ltd. established its controlling subsidiary, Puning Zhimei New Energy Co., Ltd., which was included in the consolidation scope[713](index=713&type=chunk) [Equity in Other Entities](index=185&type=section&id=X.%20Equity%20in%20Other%20Entities) The company holds equity in numerous subsidiaries, with significant non-wholly owned subsidiaries like Zhiguang Energy Storage and Xidu Power contributing **5.37 million Yuan** and **36.30 million Yuan** to minority shareholders' profit, respectively, and associate investments totaling **75.51 million Yuan** - The company owns multiple controlling subsidiaries, including Guangzhou Zhiguang Automation Co., Ltd., Guangzhou Zhiguang Electric Technology Co., Ltd., Guangzhou Zhiguang Energy Storage Technology Co., Ltd., and Guangzhou Lingnan Cable Co., Ltd.[715](index=715&type=chunk)[716](index=716&type=chunk)[717](index=717&type=chunk) Key Financial Information of Important Non-Wholly Owned Subsidiaries | Subsidiary Name | Minority Shareholding Proportion | Profit Attributable to Minority Shareholders in Current Period (Yuan) | Minority Interests Balance at Period-End (Yuan) | | :--- | :--- | :--- | :--- | | Guangzhou Zhiguang Energy Storage Technology Co., Ltd. | 7.19% | 5,366,799.18 | 41,923,476.57 | | Xidu (Guangdong) Power Investment Co., Ltd. | 49.00% | 36,300,167.79 | 184,383,753.32 | Consolidated Financial Information of Unimportant Joint Ventures and Associates | Item | Period-End Balance/Current Period Amount (Yuan) | | :--- | :--- | | Total Carrying Value of Associate Investments | 75,506,386.23 | | Net Profit of Associates | -310,812.86 | | Total Comprehensive Income of Associates | -310,812.86 | [Government Grants](index=192&type=section&id=XI.%20Government%20Grants) Government grants in deferred income totaled **32.89 million Yuan**, with **3.73 million Yuan** new grants and **2.04 million Yuan** transferred to other income, while total grants recognized in profit or loss significantly decreased to **2.91 million Yuan** Liability Items Involving Government Grants | Accounting Account | Period-Beginning Balance (Yuan) | New Grant Amount in Current Period (Yuan) | Amount Transferred to Other Income in Current Period (Yuan) | Period-End Balance (Yuan) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 31,201,558.58 | 3,730,940.70 | 2,041,410.09 | 32,891,089.19 | Asset-related | Government Grants Recognized in Current Profit or Loss | Accounting Account | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Other Income | 2,910,427.34 | 39,376,261.28 | | Total | 2,910,427.34 | 39,746,776.28 | [Risks Related to Financial Instruments](index=193&type=section&id=XII.%20Risks%20Related%20to%20Financial%20Instruments) The company manages credit, interest rate, foreign exchange, and liquidity risks through prudent customer selection, loan structuring, cash flow matching, and futures hedging for raw material price volatility - The company primarily faces customer credit risk due to credit sales, which is mitigated by transacting with reputable customers and continuously monitoring accounts receivable[735](index=735&type=chunk) - The company's interest rate risk mainly arises from bank borrowings, managed by appropriately designing credit limits and shortening the term of individual borrowings[736](index=736&type=chunk) - The company manages liquidity risk by monitoring cash balances, readily marketable securities, and rolling forecasts of future cash flows for the next 6 months to ensure sufficient funds for debt repayment[739](index=739&type=chunk) - The company engages in futures hedging for copper and aluminum commodities to mitigate raw material price volatility and applies hedge accounting[740](index=740&type=chunk)[741](index=741&type=chunk) [Disclosure of Fair Value](index=195&type=section&id=XIII.%20Disclosure%20of%20Fair%20Value) Total assets measured at fair value were **1.163 billion Yuan**, including trading financial assets and non-current financial assets, with fair values determined by active market quotes, discounted cash flows, or initial investment cost for unlisted equities Fair Value of Assets and Liabilities Measured at Fair Value at Period-End | Item | Level 1 Fair Value Measurement (Yuan) | Level 2 Fair Value Measurement (Yuan) | Level 3 Fair Value Measurement (Yuan) | Total (Yuan) | | :--- | :--- | :--- | :--- | :--- | | (I) Trading Financial Assets | 22,801,000.00 | 55,602,716.67 | 0.00 | 78,403,716.67 | | Other Non-Current Financial Assets | 5,449,742.49 | 0.00 | 1,072,124,670.62 | 1,077,574,413.11 | | Accounts Receivable Financing | 0.00 | 6,80

Group 1 - The core viewpoint of the article highlights the recent contracts and developments in the energy storage sector, particularly focusing on the achievements of Zhiguang Electric and Kelu Electronics in securing significant procurement contracts [2][3][4][5][6]. Group 2 - Zhiguang Electric's subsidiary signed a procurement contract worth 186 million yuan for a high-voltage cascade grid-connected energy storage system [3]. - In addition to the recent contract, Zhiguang Electric's subsidiary also secured a sales contract valued at 204 million yuan for energy storage system equipment, totaling 390 million yuan in contracts within ten days [4]. - The company has signed large-scale energy storage projects across various regions, with a total project scale exceeding 4.4 GWh, including over 2.7 GWh for cascade high-voltage direct-connected storage projects [4]. Group 3 - Kelu Electronics has won multiple energy storage project bids, including framework procurement for 350 MWh and 200 MWh systems, and is expanding into international markets such as Greece, Czech Republic, and Poland [5][6]. - The company's energy storage business generated revenue of 1.282 billion yuan in the first half of the year, accounting for 49.83% of total revenue, with a gross margin of 32.95% [6]. - Kelu Electronics is constructing a storage production base in Indonesia with an initial planned capacity of 3 GWh, expected to commence production in 2026 [6]. Group 4 - The energy storage industry is transitioning from policy-driven to market-driven growth, necessitating a focus on technology development, cost control, and service quality [7]. - Emerging markets in the Middle East, Latin America, and Africa are expected to become growth points for energy storage, driven by energy transition and reliability needs [7].

Group 1: Financial Performance Highlights - Muyuan Foods reported a revenue of 76.463 billion yuan for the first half of 2025, a year-on-year increase of 34.46%, and a net profit of 10.53 billion yuan, up 1169.77% [1] - Suotong Development achieved a revenue of approximately 8.31 billion yuan, a 28.28% increase year-on-year, with a net profit of approximately 523 million yuan, reflecting a growth of 1568.52% [1] - Hanma Technology reported a revenue of approximately 2.85 billion yuan, a 50.03% increase year-on-year, and a net profit of approximately 27.73 million yuan, turning from loss to profit [5] - Weicai Technology's revenue reached approximately 634 million yuan, up 47.53% year-on-year, with a net profit of approximately 101 million yuan, an increase of 831.03% [5] - Baiyun Airport reported a revenue of approximately 3.73 billion yuan, a 7.68% increase year-on-year, and a net profit of approximately 750 million yuan, up 71.32% [6] Group 2: Corporate Actions - Heng Rui Pharmaceutical plans to repurchase shares with a total investment of between 1 billion to 2 billion yuan, with a maximum repurchase price of 90.85 yuan per share [2] - Tianwei Foods is planning to issue H-shares and apply for listing on the Hong Kong Stock Exchange to enhance its international strategy and optimize its capital structure [3] - Juran Smart Home elected Wang Ning as the chairman of the board and appointed him as CEO, effective immediately [11]