证券日报网讯拓日新能9月17日在互动平台回答投资者提问时表示，公司钙钛矿太阳能电池研发项目与 国内相关院校开展产学研合作。 （文章来源：证券日报） ...

深圳市拓日新能源科技股份有限公司（以下简称"公司"）于 2024 年 10 月 25 日 召开的第六届董事会第十八次会议和第六届监事会第十三次会议审议通过《关于继续 使用部分暂时闲置募集资金进行现金管理的议案》，同意公司在确保不影响募集资金 投资项目建设和募集资金正常使用的情况下，继续使用不超过人民币 15,000 万元的闲 置募集资金进行现金管理，使用期限自公司董事会审议通过之日起不超过 12 个月。在 上述额度内，资金可以循环使用。具体内容详见公司于 2024 年 10 月 26 日在《证券时 报》及巨潮资讯网（www.cninfo.com.cn）披露的《关于继续使用部分暂时闲置募集资 金进行现金管理的公告》（公告编号：2024-045）。 现将公司使用部分暂时闲置募集资金进行现金管理的实施进展情况公告如下： 近日，公司已将上述现金管理产品赎回，同时，在上述银行用于理财产品专用结 算的理财产品专用结算账户已注销。 证券代码：002218 证券简称：拓日新能 公告编号：2025-043 深圳市拓日新能源科技股份有限公司 关于使用部分暂时闲置募集资金进行现金管理的进展公告 本公司及董事会全体成员保证公告内容的 ...

Group 1 - The core viewpoint of the article is that Tuori New Energy (002218.SZ) reported a significant decline in revenue and net profit for the first half of 2025 [1] Group 2 - The company achieved an operating income of 509 million yuan, representing a year-on-year decrease of 30.08% [1] - The net profit attributable to shareholders of the listed company was -60.2033 million yuan [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -65.7645 million yuan [1] - The basic earnings per share were -0.043 yuan [1]

深圳市拓日新能源科技股份有限公司 2025 年半年度财务报告 2025 年 8 月 1 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。 二、财务报表 财务附注中报表的单位为：元 1、合并资产负债表 编制单位：深圳市拓日新能源科技股份有限公司 单位：元 | 项目 | 期末余额 | 期初余额 | | --- | --- | --- | | 流动资产： | | | | 货币资金 | 705,205,706.05 | 631,687,188.47 | | 结算备付金 | | | | 拆出资金 | | | | 交易性金融资产 | 100,009,722.23 | 150,340,624.99 | | 衍生金融资产 | | | | 应收票据 | | | | 应收账款 | 1,476,354,288.76 | 1,362,018,150.10 | | 应收款项融资 | 17,578,662.25 | 32,601,582.52 | | 预付款项 | 23,419,914.47 | 22,061,079.71 | | 应收保费 | | | | 应收分保账款 | | | | 应收分保合同准备金 | ...

关于 2025 年半年度募集资金存放与实际使用情况的专项报告 本公司及全体董事会成员保证公告内容的真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 证券代码：002218 证券简称：拓日新能 公告编号：2025-042 深圳市拓日新能源科技股份有限公司 根据《上市公司募集资金监管规则》和《深圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》等相关规定，深圳市拓日新能源科技股份有限公司（以 下简称"公司"或"本公司"）董事会编制了 2025 年半年度募集资金存放与实际使用 情况的专项报告。 一、募集资金基本情况 （一）实际募集资金金额、资金到账时间 经中国证券监督管理委员会《关于核准深圳市拓日新能源科技股份有限公司非公开 发行股票的批复》（证监许可〔2021〕522 号）核准，公司本次非公开发行股票实际发 行数量为 176,678,445 股，发行价格为每股 5.66 元，公司共募集资金 999,999,998.70 元，扣除相关发行费用（不含税）人民币 17,107,621.24 元后，募集资金净额为人民币 982,892,377.46 元。截至 2021 年 9 月 15 日募集资 ...

法定代表人：陈五奎 主管会计工作的负责人：余永米 会计机构负责人：朱凡丽 | | | | | 2025年半年度非经营性资金占用及其他关联资金往来情况汇总表 2025年1-6月 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 编制单位：深圳市拓日新能源科技股份有限公司 | | | | | | | | | | 单位：人民币元 | | 非经营性资金占用 | 资金占用方名称 | 占用方与上市公 司的关联关系 | 上市公司核算的 会计科目 | 2025年期初 占用资金余额 | 2025年度占用累 计发生金额(不含 利息) | 2025年度资金 占用的利息 （如有） | 2025年度偿还 累计发生金额 | 2025年6月末 占用资金余额 | 占用形成原因 | 占用性质 | | 现大股东及其附属企业 | | | | | | | | | | | | 小 计 | | | | | | | | | | | | 前大股东及其附属企业 | | | | | | | | | | | | 小 计 | | | | | | | ...

证券代码：002218 证券简称：拓日新能 公告编号：2025-040 深圳市拓日新能源科技股份有限公司 第七届监事会第二次会议决议公告 本公司及全体监事会成员保证公告内容的真实、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 深圳市拓日新能源科技股份有限公司（以下简称"公司"）第七届监事会第二次会 议于 2025 年 8 月 26 日在深圳市南山区侨香路香年广场 A 栋 803 会议室以现场方式召开， 本次会议由监事会主席张明星先生召集和主持，会议通知于 2025 年 8 月 16 日发出并送 达全体监事，会议应到监事 3 名，实到监事 3 名。本次会议的召集和召开符合《中华人 民共和国公司法》、《公司章程》及《公司监事会议事规则》等有关规定。 二、监事会会议审议情况 经与会监事充分讨论与审议，以记名投票方式表决，作出如下决议： 1、审议通过《关于公司 2025 年半年度报告及其摘要的议案》,表决结果：同意 3 票，反对 0 票，弃权 0 票。 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》的程序符合法律、 行政法规和中国证监会的规定，报告内容真实、准确、完整地 ...

一、董事会会议召开情况 深圳市拓日新能源科技股份有限公司（以下简称"公司"）第七届董事会第二次会 议于 2025 年 8 月 26 日在深圳市南山区侨香路香年广场 A 栋 803 会议室以现场及通讯方 式召开，会议通知于 2025 年 8 月 16 日以书面及电话方式通知全体董事、监事和高级管 理人员。会议应到董事 9 名，实际参加会议并表决的董事 9 名。公司监事和高级管理人 员列席了会议。会议的召集、召开符合《中华人民共和国公司法》和《公司章程》的有 关规定。会议由公司董事长陈五奎先生主持。 二、董事会会议审议情况 1、审议通过《关于公司 2025 年半年度报告及其摘要的议案》，表决结果：9 票赞 成，0 票反对，0 票弃权。 本议案具体内容详见 2025 年 8 月 28 日刊登于巨潮资讯网的《2025 年半年度报告》 和刊登于《证券时报》、《证券日报》和巨潮资讯网（www.cninfo.com.cn）的《2025 年半度报告摘要》（公告编号：2025-041）。 2、审议通过《关于 2025 年半年度募集资金存放与实际使用情况的专项报告》，表 决结果：9 票赞成，0 票反对，0 票弃权。 证券代码：0 ...

Part I Important Notice, Table of Contents and Definitions [Important Notice](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, assuming legal responsibility, with no plans for cash dividends, bonus shares, or capital reserve conversions - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, assuming individual and joint legal responsibility[5](index=5&type=chunk) - Company head Chen Wukui, chief financial officer Yu Yongmi, and head of accounting Zhu Fanli declare the financial report in this semi-annual report is true, accurate, and complete[5](index=5&type=chunk) - The company plans no cash dividends, bonus shares, or capital reserve conversions to share capital[5](index=5&type=chunk) [Table of Contents](index=3&type=section&id=%E7%9B%AE%E5%BD%95) This section outlines the report's structure, including key sections like important notices, company profile, financial highlights, management discussion and analysis, and a list of reference documents - The report's table of contents includes Part I Important Notice, Table of Contents and Definitions, Part II Company Profile and Key Financial Indicators, and Part IX Other Submitted Data[7](index=7&type=chunk) - Reference documents include signed and sealed financial statements, original disclosure documents and announcements on the CSRC-designated website, and the semi-annual report signed and sealed by the legal representative[9](index=9&type=chunk)[10](index=10&type=chunk)[11](index=11&type=chunk) [Definitions](index=5&type=section&id=%E9%87%8A%E4%B9%89) This section defines common terms used in the report, covering company names, shareholders, management, regulatory bodies, product technologies (e.g., monocrystalline silicon, perovskite), and financial and temporal units - Company, the Company, Topray Solar refer to Shenzhen Topray Solar Co., Ltd[12](index=12&type=chunk) - Reporting period, this period refer to January 1, 2025, to June 30, 2025[13](index=13&type=chunk) - Perovskite materials offer advantages such as tunable bandgap, high absorption coefficient, high carrier mobility, and relatively simple synthesis and preparation[12](index=12&type=chunk) Part II Company Profile and Key Financial Indicators [I. Company Profile](index=7&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B) Shenzhen Topray Solar Co., Ltd. (stock code: 002218) is listed on the Shenzhen Stock Exchange, with Chen Wukui as its legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Topray Solar | | Stock Code | 002218 | | Listing Exchange | Shenzhen Stock Exchange | | Chinese Name | Shenzhen Topray Solar Co., Ltd. | | Legal Representative | Chen Wukui | [II. Contact Person and Information](index=7&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) The company's Board Secretary is Gong Yanping, located at 8F, Building A, Xiangnian Plaza, Qiaoxiang Road, Nanshan District, Shenzhen, with contact number 0755-86612300 and email gongyanping@topraysolar.com Board Secretary Contact Information | Name | Gong Yanping | | :--- | :--- | | Contact Address | 8F, Building A, Xiangnian Plaza, Qiaoxiang Road, Nanshan District, Shenzhen | | Phone | 0755-86612300 | | Email | gongyanping@topraysolar.com | [III. Other Information](index=7&type=section&id=%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E6%83%85%E5%86%B5) During the reporting period, there were no changes in the company's contact information, information disclosure, or document storage locations, with details available in the 2024 annual report - The company's registered address, office address, website, email, and other contact information remained unchanged during the reporting period[17](index=17&type=chunk) - Information disclosure and document storage locations remained unchanged during the reporting period[18](index=18&type=chunk) [IV. Key Accounting Data and Financial Indicators](index=8&type=section&id=%E5%9B%9B%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) This period, the company's operating revenue decreased by **30.08%** year-on-year, net profit attributable to shareholders turned to a loss, declining by **369.79%**, with basic EPS at **-0.043 RMB/share**, while total assets slightly increased and net assets slightly decreased Key Accounting Data and Financial Indicators (Year-on-Year) | Indicator | Current Period | Prior Year Same Period | Change from Prior Year Same Period | | :--- | :--- | :--- | :--- | | Operating Revenue (RMB) | **508.52 million** | **727.29 million** | -30.08% | | Net Profit Attributable to Shareholders (RMB) | **-60.20 million** | **22.31 million** | -369.79% | | Net Profit Attributable to Shareholders Excluding Non-Recurring Gains and Losses (RMB) | **-65.76 million** | **30.51 million** | -315.57% | | Net Cash Flow from Operating Activities (RMB) | **32.80 million** | **48.24 million** | -32.01% | | Basic Earnings Per Share (RMB/share) | -0.043 | 0.0158 | -372.15% | | Diluted Earnings Per Share (RMB/share) | -0.043 | 0.0158 | -372.15% | | Weighted Average Return on Net Assets | -1.45% | 0.53% | -1.98% | Asset and Liability Indicators (Period-End) | Indicator | Current Period-End | Prior Year-End | Change from Prior Year-End | | :--- | :--- | :--- | :--- | | Total Assets (RMB) | **6.83 billion** | **6.81 billion** | 0.27% | | Net Assets Attributable to Shareholders (RMB) | **4.12 billion** | **4.19 billion** | -1.55% | [V. Differences in Accounting Data Under Domestic and International Accounting Standards](index=8&type=section&id=%E4%BA%94%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) During the reporting period, the company reported no differences in net profit or net assets between financial statements prepared under international or foreign accounting standards and those under Chinese accounting standards - The company reported no differences in net profit and net assets between financial statements disclosed under International Accounting Standards and Chinese Accounting Standards during the reporting period[21](index=21&type=chunk) - The company reported no differences in net profit and net assets between financial statements disclosed under foreign accounting standards and Chinese Accounting Standards during the reporting period[22](index=22&type=chunk) [VI. Non-Recurring Gains and Losses Items and Amounts](index=8&type=section&id=%E5%85%AD%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%8F%8A%E9%87%91%E9%A2%9D) This period, non-recurring gains and losses totaled **5.56 million RMB**, primarily comprising government subsidies, fair value changes in financial assets, and other non-operating income and expenses Non-Recurring Gains and Losses Items and Amounts | Item | Amount (RMB) | | :--- | :--- | | Gains and Losses from Disposal of Non-Current Assets | 688.27 | | Government Subsidies Recognized in Current Profit and Loss | **7.72 million** | | Gains and Losses from Changes in Fair Value of Financial Assets and Liabilities Held by Non-Financial Enterprises, and from Disposal of Financial Assets and Liabilities | **0.44 million** | | Other Non-Operating Income and Expenses Apart from the Above | **-3.33 million** | | Other Income and Expense Items Meeting the Definition of Non-Recurring Gains and Losses | **0.73 million** | | Less: Income Tax Impact | 2,620.73 | | Total | **5.56 million** | Part III Management Discussion and Analysis [I. Principal Business Activities During the Reporting Period](index=10&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) In H1 2025, despite industry oversupply and price pressure, the company, a high-tech enterprise with six production bases and numerous patents, focused on efficient solar products and power plant operations, experiencing revenue and net profit decline due to intensified competition and reduced EPC income, responding by expanding distributed power stations, cost reduction, 'Belt and Road' market penetration, cross-border e-commerce, and financing optimization - In H1 2025, photovoltaic product output growth significantly slowed, polysilicon and silicon wafer output experienced year-on-year negative growth, but cell and module output still increased[27](index=27&type=chunk) - In H1 2025, domestic new PV installed capacity reached **212.21 GW**, a **107%** year-on-year increase, with cumulative installed capacity exceeding **1000 GW**, entering the terawatt era[27](index=27&type=chunk) - The company primarily engages in R&D and production of high-efficiency solar cells, PV modules, PV glass, PV encapsulants, PV brackets, portable solar power supplies, and lighting systems, as well as design, construction, and operation of distributed and ground-mounted PV power plants[28](index=28&type=chunk) - The company operates six major production bases in Guangdong Shenzhen, Shaanxi Weinan, Sichuan Leshan, Shaanxi Xi'an, Xinjiang Kashi, and Qinghai Xining, holding a cumulative total of **707** authorized patents from the National Intellectual Property Administration[29](index=29&type=chunk) Company Operating Performance During the Reporting Period (Year-on-Year) | Indicator | Current Period Amount (RMB 10,000) | Prior Year Same Period Amount (RMB 10,000) | Change Rate | | :--- | :--- | :--- | :--- | | Operating Revenue | **50,852.45** | **72,729.41** | -30.08% | | Net Profit Attributable to Shareholders | **-6,020.33** | **2,231.50** | -369.79% | | Net Cash Flow from Operating Activities | **3,279.69** | **4,824.11** | -32.01% | [Industry Overview](index=10&type=section&id=%E8%A1%8C%E4%B8%9A%E6%A6%82%E5%86%B5) In H1 2025, the global PV industry faced overcapacity and price declines, yet domestic new installed capacity doubled, entering the terawatt era, with emerging markets becoming an export highlight - In H1 2025, PV product output growth significantly slowed, with cell output reaching **334 GW** (up **7.7%** year-on-year) and module output **310 GW** (up **14.1%** year-on-year)[27](index=27&type=chunk) - Polysilicon output was **596,000 tons** (down **43.8%** year-on-year), and silicon wafer output was **316 GW** (down **21.4%** year-on-year), showing negative growth[27](index=27&type=chunk) - In H1 2025, total PV product exports reached **$13.82 billion**, a **26%** year-on-year decrease, with emerging markets gradually becoming an export highlight[27](index=27&type=chunk) - As of the end of the reporting period, China's cumulative PV installed capacity exceeded **1000 GW**, officially entering the terawatt era of PV power generation[27](index=27&type=chunk) [Company Business Overview](index=10&type=section&id=%E5%85%AC%E5%8F%B8%E4%B8%9A%E5%8A%A1%E6%A6%82%E8%A7%88) Topray Solar is a high-tech enterprise in China's PV industry, characterized by self-manufactured equipment, independent processes, diversified products, and global markets, focusing on R&D and production of high-efficiency solar products and PV power plant construction and operation, with six production bases and **707** authorized patents - Topray Solar is a pioneering self-innovating high-tech enterprise in China's PV industry, achieving self-manufactured equipment, independent processes, diversified products, and global market reach[28](index=28&type=chunk) - The company primarily engages in R&D and production of high-efficiency solar cells, PV modules, PV glass, PV encapsulants, PV brackets, diversified portable solar power supplies, and solar lighting systems, as well as design, construction, and operation of distributed and ground-mounted PV power plants[28](index=28&type=chunk) - The company operates six major production bases in Guangdong Shenzhen, Shaanxi Weinan, Sichuan Leshan, Shaanxi Xi'an, Xinjiang Kashi, and Qinghai Xining[29](index=29&type=chunk) - As of the end of the reporting period, the company had accumulated **707** authorized patents from the National Intellectual Property Administration, including **78** invention patents, **616** utility model patents, and **13** design patents[29](index=29&type=chunk) [Analysis of Company Operations During the Reporting Period](index=11&type=section&id=%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E5%88%86%E6%9E%90) During the reporting period, the company's operating revenue and net profit significantly declined due to intensified PV industry competition, falling product prices, reduced EPC project income, and lower electricity revenue; the company responded by expanding commercial and industrial distributed power stations, enhancing cost reduction, exploring 'Belt and Road' and emerging markets, developing cross-border e-commerce, and optimizing financing structure to improve financial stability and profitability - The company's operating revenue was **508.52 million RMB**, a **30.08%** decrease year-on-year; net profit attributable to shareholders was **-60.20 million RMB**, a **369.79%** decrease year-on-year[31](index=31&type=chunk) - Key reasons for performance changes include intensified competition in the PV industry leading to decreased revenue and gross profit margin for PV glass and modules, reduced EPC project income, and lower electricity revenue due to power curtailment[31](index=31&type=chunk) - The company continuously increased efforts to develop high-energy-consuming and self-consuming power station clients, successfully developing a batch of commercial and industrial distributed power station projects, with some already connected to the grid for power generation[32](index=32&type=chunk) - The company reduced operating costs by installing PV power generation on its factory rooftops, optimizing the supply chain, and promoting property leasing, while also lowering production costs through technological innovation and production line upgrades[33](index=33&type=chunk) - The company continued to deeply cultivate markets along the 'Belt and Road' initiative, achieving good performance in emerging markets such as India, Africa, and Australia, while also initiating cross-border e-commerce operations to expand new sales channels[34](index=34&type=chunk)[35](index=35&type=chunk) - The company continuously optimized its financing structure, converting all short-term borrowings into medium-to-long-term loans, resulting in a **16.41%** year-on-year decrease in interest expenses, an asset-liability ratio below **40%**, and improved current and quick ratios[37](index=37&type=chunk) [II. Analysis of Core Competencies](index=12&type=section&id=%E4%BA%8C%E3%80%81%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core competence lies in its integrated PV power plant development, design, construction, and operation capabilities, leveraging full-产业链 vertical integration and horizontal synergy to reduce costs and enhance risk resilience, while also driving technological innovation, self-developed intelligent equipment, diversified PV products, and a prudent management approach to continuously improve financial control and market competitiveness - The company possesses integrated capabilities in PV power plant development, design, construction, and operation, with self-owned PV power station assets accounting for over **30%** of total assets, contributing stable revenue and profit[38](index=38&type=chunk)[39](index=39&type=chunk) - The company has built a full-产业链 integrated advantage covering silicon material purification to module intelligent manufacturing and PV power plant construction and operation, leveraging supply chain diversification to address cyclical fluctuations in raw materials and technological iterations[40](index=40&type=chunk) - The company adheres to a technology R&D and self-manufactured equipment strategy, possessing fully automatic intelligent solar cell module production lines with over **70%** self-manufacturing rate, and has developed hundreds of innovative PV consumer products, including balcony PV systems and BC-type PV application series[42](index=42&type=chunk) - The company maintains a 'proactive and stable' operating style, strictly controlling sales advance payment scale, optimizing debt structure, keeping the asset-liability ratio at a safe and moderate level, and effectively reducing financial expenses[44](index=44&type=chunk) - The company boasts a united, proactive, experienced, and complementary management team with deep PV industry background and enterprise management expertise, enhancing operational efficiency through innovative management and optimized organizational structure[45](index=45&type=chunk) [III. Analysis of Principal Business](index=13&type=section&id=%E4%B8%89%E3%80%81%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) This period, the company's principal business revenue decreased by **30.08%** year-on-year, primarily due to falling sales prices of PV modules and glass; electricity revenue, though highest in proportion with a **48.72%** gross margin, declined by **16.28%** year-on-year, while crystalline silicon solar cell chips and modules, and PV solar glass businesses saw significant drops in both revenue and gross margin, with the former turning negative Year-on-Year Changes in Key Financial Data | Indicator | Current Period (RMB) | Prior Year Same Period (RMB) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | **508.52 million** | **727.29 million** | -30.08% | Primarily due to decreased sales prices of the company's PV modules and PV glass | | Operating Cost | **444.88 million** | **558.33 million** | -20.32% | Primarily due to decreased operating revenue | | Financial Expenses | **18.94 million** | **33.80 million** | -43.97% | Primarily due to exchange gain/loss impact | | Net Cash Flow from Operating Activities | **32.80 million** | **48.24 million** | -32.01% | Primarily due to extended settlement cycles for some major clients | Operating Revenue Composition (by Product) | Product | Current Period Amount (RMB) | Proportion of Operating Revenue | Prior Year Same Period Amount (RMB) | Proportion of Operating Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Electricity Revenue | **179.28 million** | 35.25% | **214.13 million** | 29.44% | -16.28% | | Crystalline Silicon Solar Cell Chips and Modules | **109.51 million** | 21.53% | **177.21 million** | 24.37% | -38.21% | | PV Solar Glass | **185.44 million** | 36.47% | **244.06 million** | 33.56% | -24.02% | | Engineering Revenue | **4.67 million** | 0.92% | **66.53 million** | 9.15% | -92.98% | Gross Profit Margin of Principal Business | Product | Current Period Gross Profit Margin | Prior Year Same Period Gross Profit Margin | Gross Profit Margin Change from Prior Year Same Period | | :--- | :--- | :--- | :--- | | Electricity Revenue | 48.72% | 59.27% | -10.55% | | Crystalline Silicon Solar Cell Chips and Modules | -12.16% | 2.89% | -15.05% | | PV Solar Glass | -13.16% | 3.21% | -16.37% | [IV. Analysis of Non-Principal Business](index=15&type=section&id=%E5%9B%9B%E3%80%81%E9%9D%9E%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) During the reporting period, the company had no significant analytical matters related to non-principal business activities [V. Analysis of Assets and Liabilities](index=15&type=section&id=%E4%BA%94%E3%80%81%E8%B5%84%E4%BA%A7%E5%8F%8A%E8%B4%9F%E5%80%BA%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) At period-end, total assets slightly increased while net assets attributable to shareholders slightly decreased; long-term borrowings significantly rose, trading financial assets and notes payable declined, and development expenditures grew due to increased R&D investment, with overseas assets being minor, fair value financial assets primarily trading financial assets, and some cash and fixed assets restricted Significant Changes in Asset Composition | Item | Current Period-End Amount (RMB) | Proportion of Total Assets | Prior Year-End Amount (RMB) | Proportion of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Bank Balances | **705.21 million** | 10.33% | **631.69 million** | 9.28% | 1.05% | No significant change | | Long-Term Borrowings | **1.997 billion** | 29.25% | **1.764 billion** | 25.91% | 3.34% | No significant change | | Trading Financial Assets | **100.01 million** | 1.47% | **150.34 million** | 2.21% | -0.74% | Structured deposits matured and collected | | Notes Payable | **13.91 million** | 0.20% | **46.14 million** | 0.68% | -0.48% | Decreased due to unmatured bank acceptance bills | | Development Expenditures | **29.01 million** | 0.43% | **11.15 million** | 0.16% | 0.27% | Increased due to capitalizable R&D investments | - The company's main overseas asset is the Solaris Zweite GmbH power station, with an asset size of **48.95 million RMB**, operating well and accounting for **0.72%** of the company's net assets[54](index=54&type=chunk) Financial Assets Measured at Fair Value | Item | Period-End Amount (RMB) | Period-Start Amount (RMB) | | :--- | :--- | :--- | | Trading Financial Assets | **100.01 million** | **150.34 million** | Asset Restriction Status | Item | Period-End Balance (RMB) | Reason for Restriction | | :--- | :--- | :--- | | Cash and Bank Balances | **55.91 million** | Margin deposits and time deposits | | Fixed Assets | **536.05 million** | Mortgaged borrowings | | Total | **591.96 million** | | [VI. Analysis of Investment Status](index=17&type=section&id=%E5%85%AD%E3%80%81%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) During the reporting period, the company's investment decreased by **29.67%** year-on-year, with no significant equity, non-equity, securities, or derivative investments; raised funds were primarily allocated to the Leizhou Hongrisheng 200MW integrated PV power station project and working capital, with the power station project still in land transfer and construction phases, not yet achieving expected benefits Investment Amount During the Reporting Period (Year-on-Year) | Indicator | Current Period Investment Amount (RMB) | Prior Year Same Period Investment Amount (RMB) | Change Rate | | :--- | :--- | :--- | :--- | | Investment Amount | **362.72 million** | **515.78 million** | -29.67% | - The company had no securities or derivative investments during the reporting period[60](index=60&type=chunk)[61](index=61&type=chunk) - Net proceeds from fundraising amounted to **982.89 million RMB**, with a cumulative investment of **739.37 million RMB**, including **463.03 million RMB** for the Leizhou Hongrisheng 200MW integrated PV power station project and **270.00 million RMB** for working capital replenishment[63](index=63&type=chunk) - The Leizhou Hongrisheng 200MW integrated PV power station project is in the land transfer and construction phase, not yet achieving planned progress or expected benefits[67](index=67&type=chunk) [VII. Significant Asset and Equity Sales](index=20&type=section&id=%E4%B8%83%E3%80%81%E9%87%8D%E5%A4%A7%E8%B5%84%E4%BA%A7%E5%92%8C%E8%82%A1%E6%9D%83%E5%87%BA%E5%94%AE) During the reporting period, the company did not engage in any significant asset or equity sales - The company did not sell any significant assets during the reporting period[70](index=70&type=chunk) - The company did not sell any significant equity during the reporting period[71](index=71&type=chunk) [VIII. Analysis of Major Controlled and Invested Companies](index=21&type=section&id=%E5%85%AB%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) The company's major controlled subsidiaries, including Qinghai Topray Solar, Shaanxi Topray Solar, Shaanxi Topray (Dingbian) Solar, Dingbian Topray Modern Agriculture, and Leshan Xintianyuan Solar, contributed significant operating revenue and net profit from solar silicon wafer, module, glass manufacturing, and power station operations; during the reporting period, the company established Yulin Yushen Industrial Zone Tuoyang New Energy Co., Ltd Financial Performance of Major Controlled and Invested Companies | Company Name | Company Type | Principal Business | Registered Capital (RMB) | Total Assets (RMB) | Net Assets (RMB) | Operating Revenue (RMB) | Operating Profit (RMB) | Net Profit (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Qinghai Topray Solar New Energy Technology Co., Ltd. | Subsidiary | Solar silicon wafers, modules, and solar power station engineering | **50 million** | **1.39 billion** | **630.05 million** | **55.63 million** | **15.37 million** | **12.37 million** | | Shaanxi Topray Solar New Energy Technology Co., Ltd. | Subsidiary | Glass manufacturing; PV equipment and component manufacturing, etc. | **500 million** | **3.13 billion** | **1.19 billion** | **302.20 million** | **-86.83 million** | **-88.15 million** | | Shaanxi Topray (Dingbian) New Energy Technology Co., Ltd. | Subsidiary | Solar power station | **10 million** | **897.43 million** | **448.61 million** | **55.47 million** | **28.31 million** | **23.72 million** | | Dingbian Topray Modern Agriculture Co., Ltd. | Subsidiary | Solar power station | **19 million** | **397.49 million** | **191.05 million** | **26.16 million** | **12.24 million** | **9.33 million** | | Leshan Xintianyuan Solar Technology Co., Ltd. | Subsidiary | Production and sales of silicon wafers, silicon solar cells, and modules | **400 million** | **299.90 million** | **125.15 million** | **11.16 million** | **-22.23 million** | **-21.88 million** | - During the reporting period, the company established Yulin Yushen Industrial Zone Tuoyang New Energy Co., Ltd., which positively impacted the company's operations[73](index=73&type=chunk) [IX. Structured Entities Controlled by the Company](index=21&type=section&id=%E4%B9%9D%E3%80%81%E5%85%AC%E5%8F%B8%E6%8E%A7%E5%88%B6%E7%9A%84%E7%BB%93%E6%9E%84%E5%8C%96%E4%B8%BB%E4%BD%93%E6%83%85%E5%86%B5) During the reporting period, the company did not control any structured entities - The company did not control any structured entities during the reporting period[74](index=74&type=chunk) [X. Risks Faced by the Company and Countermeasures](index=21&type=section&id=%E5%8D%81%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 faces multiple risks including international trade friction, industry policy changes, supply chain price fluctuations, technological iteration, and exchange rate volatility; it actively responds by strengthening emerging market presence, deepening supply-side reform, optimizing procurement and production, increasing R&D investment, and using RMB for settlement to enhance risk resilience and sustainable development - International trade risk: Some countries frequently introduce tariff barriers against China, squeezing the export space for Chinese PV products; the company will strengthen its presence in emerging markets and deeply cultivate markets along the 'Belt and Road' initiative[74](index=74&type=chunk)[75](index=75&type=chunk) - Industry policy change risk: Market-oriented reforms in the new energy power sector may temporarily impact PV power generation profitability; the company will integrate resources to focus on segments less affected by policy fluctuations and prioritize investment in commercial and industrial distributed power station construction[75](index=75&type=chunk)[76](index=76&type=chunk) - Supply chain price fluctuation risk: Domestic PV product manufacturing overcapacity leads to continuous price declines in core segments; the company will leverage its full-产业链 vertical integration advantage, deepen cost reduction and efficiency improvement measures, and flexibly adjust inventory management and sales strategies[76](index=76&type=chunk)[77](index=77&type=chunk) - Industry technological iteration risk: N-type battery technology rapidly evolves, and the market competitive landscape is not yet stable; the company will continuously increase R&D investment, prioritize N-type battery technology, and accelerate new technology industrialization through self-developed equipment and intelligent production line upgrades[77](index=77&type=chunk)[78](index=78&type=chunk) - Exchange rate fluctuation risk: RMB exchange rate fluctuations may cause company performance volatility; the company will closely monitor foreign exchange market dynamics, prioritize RMB settlement for orders, and implement hedging strategies to mitigate exchange rate risk[78](index=78&type=chunk) [XI. Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=22&type=section&id=%E5%8D%81%E4%B8%80%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) During the reporting period, the company neither formulated a market value management system nor disclosed any valuation enhancement plan - The company did not formulate a market value management system during the reporting period[79](index=79&type=chunk) - The company did not disclose any valuation enhancement plan during the reporting period[80](index=80&type=chunk) [XII. Implementation of 'Dual Enhancement of Quality and Returns' Action Plan](index=23&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%22%E8%B4%A8%E9%87%8F%E5%9B%9E%E6%8A%A5%E5%8F%8C%E6%8F%90%E5%8D%87%22%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) During the reporting period, the company did not disclose any announcement regarding the 'Dual Enhancement of Quality and Returns' action plan - The company did not disclose any announcement regarding the 'Dual Enhancement of Quality and Returns' action plan during the reporting period[80](index=80&type=chunk) Part IV Corporate Governance, Environment, and Society [I. Changes in Directors, Supervisors, and Senior Management](index=23&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%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%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, there were no changes in the company's directors, supervisors, or senior management, with details available in the 2024 annual report - There were no changes in the company's directors, supervisors, and senior management during the reporting period[81](index=81&type=chunk) [II. Profit Distribution and Capital Reserve Conversion to Share Capital During the Reporting Period](index=23&type=section&id=%E4%BA%8C%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%E6%83%85%E5%86%B5) The company plans no cash dividends, bonus shares, or capital reserve conversions to share capital for the semi-annual period - The company plans no cash dividends, bonus shares, or capital reserve conversions to share capital for the semi-annual period[82](index=82&type=chunk) [III. Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=23&type=section&id=%E4%B8%89%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%E7%9A%84%E5%AE%9E%E6%96%BD%E6%83%85%E5%86%B5) During the reporting period, the company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures, nor any implementation thereof - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures, nor any implementation thereof, during the reporting period[83](index=83&type=chunk) [IV. Environmental Information Disclosure](index=23&type=section&id=%E5%9B%9B%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 its key subsidiary, Shaanxi Topray Solar Co., Ltd., are listed as enterprises required to disclose environmental information by law, and have publicly released their environmental information reports - The company and its key subsidiary, Shaanxi Topray Solar Co., Ltd., are included in the list of enterprises required to disclose environmental information by law[84](index=84&type=chunk) - Shaanxi Topray Solar Co., Ltd.'s environmental information disclosure report is available for query on the designated website[84](index=84&type=chunk) [V. Social Responsibility](index=23&type=section&id=%E4%BA%94%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 its social responsibilities, safeguarding the rights of stakeholders including shareholders, employees, suppliers, and customers; it promotes energy conservation, emission reduction, environmental audits, and sustainable development through PV technology, while also engaging in poverty alleviation and rural revitalization via agro-photovoltaic projects - The company strictly standardizes general meeting procedures, ensuring shareholders' rights to information, participation, and voting, and adheres to a profit distribution policy primarily based on cash dividends[85](index=85&type=chunk)[86](index=86&type=chunk) - The company complies with the Labor Law, protects employee rights, establishes a reasonable compensation and benefits system and performance appraisal system, and pays social insurance and housing provident fund contributions on time and in full[86](index=86&type=chunk) - The company highly values production safety, implements '5S' on-site management, organizes safety training, and has obtained OHSAS18001 Occupational Health and Safety Management System certification[88](index=88&type=chunk)[89](index=89&type=chunk) - The company establishes long-term strategic partnerships with suppliers, implements a supplier evaluation system and bidding management rules, ensuring fair competition[91](index=91&type=chunk)[92](index=92&type=chunk) - The company is committed to building long-term stable cooperative relationships with customers, conducting customer relationship management, and valuing customer satisfaction surveys[92](index=92&type=chunk) - The company conducts environmental protection audits for investment projects, establishes equipment procurement and maintenance plans, ensures energy consumption and pollutant emissions meet standards, and actively promotes energy conservation and emission reduction activities[92](index=92&type=chunk)[93](index=93&type=chunk) - Through agro-photovoltaic poverty alleviation projects, the company ensures stable economic sources for impoverished households, promotes synergistic development of PV power generation and agricultural cultivation, and contributes to rural revitalization[93](index=93&type=chunk)[94](index=94&type=chunk) Part V Significant Matters [I. Commitments Fulfilled and Overdue Unfulfilled by the Company's Actual Controller, Shareholders, Related Parties, Acquirers, and Other Committed Parties During and as of the End of the Reporting Period](index=26&type=section&id=%E4%B8%80%E3%80%81%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%E5%9C%A8%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%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%E6%9C%AA%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E7%9A%84%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9) During the reporting period, there were no commitments fulfilled or overdue unfulfilled by the company's actual controller, shareholders, related parties, acquirers, or other committed parties - During the reporting period, there were no commitments fulfilled or overdue unfulfilled by the company's actual controller, shareholders, related parties, acquirers, or other committed parties[96](index=96&type=chunk) [II. Non-Operating Funds Occupied by Controlling Shareholders and Other Related Parties from the Listed Company](index=26&type=section&id=%E4%BA%8C%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) During the reporting period, there were no non-operating funds occupied by controlling shareholders or other related parties from the listed company - The company reported no non-operating funds occupied by controlling shareholders or other related parties from the listed company during the reporting period[97](index=97&type=chunk) [III. Irregular External Guarantees](index=26&type=section&id=%E4%B8%89%E3%80%81%E8%BF%9D%E8%A7%84%E5%AF%B9%E5%A4%96%E6%8B%85%E4%BF%9D%E6%83%85%E5%86%B5) During the reporting period, the company had no irregular external guarantees - The company had no irregular external guarantees during the reporting period[98](index=98&type=chunk) [IV. Appointment and Dismissal of Accounting Firms](index=26&type=section&id=%E5%9B%9B%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) The company's semi-annual report was not audited - The company's semi-annual report was not audited[99](index=99&type=chunk) [V. Explanations by the Board of Directors and Supervisory Board Regarding the Accounting Firm's 'Non-Standard Audit Report' for the Current Period](index=26&type=section&id=%E4%BA%94%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E3%80%81%E7%9B%91%E4%BA%8B%E4%BC%9A%E5%AF%B9%E4%BC%9A%E8%AE%A1%E5%B8%88%E4%BA%8B%E5%8A%A1%E6%89%80%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%22%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%22%E7%9A%84%E8%AF%B4%E6%98%8E) During the reporting period, there were no explanations from the board of directors or supervisory board regarding the accounting firm's 'non-standard audit report' for the current period [VI. Explanations by the Board of Directors Regarding the 'Non-Standard Audit Report' for the Prior Year](index=26&type=section&id=%E5%85%AD%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E5%AF%B9%E4%B8%8A%E5%B9%B4%E5%BA%A6%22%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A%22%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5%E7%9A%84%E8%AF%B4%E6%98%8E) During the reporting period, there were no explanations from the board of directors regarding the 'non-standard audit report' for the prior year [VII. Bankruptcy and Reorganization Matters](index=26&type=section&id=%E4%B8%83%E3%80%81%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 or reorganization related matters - The company had no bankruptcy or reorganization related matters during the reporting period[100](index=100&type=chunk) [VIII. Litigation Matters](index=26&type=section&id=%E5%85%AB%E3%80%81%E8%AF%89%E8%AE%BC%E4%BA%8B%E9%A1%B9) During the current reporting period, the company had no significant litigation, arbitration, or other litigation matters - The company had no significant litigation or arbitration matters during the current reporting period[101](index=101&type=chunk) [IX. Penalties and Rectification Status](index=27&type=section&id=%E4%B9%9D%E3%80%81%E5%A4%84%E7%BD%9A%E5%8F%8A%E6%95%B4%E6%94%B9%E6%83%85%E5%86%B5) During the reporting period, the company had no penalties or rectification situations - The company had no penalties or rectification situations during the reporting period[102](index=102&type=chunk) [X. Integrity Status of the Company, its Controlling Shareholders, and Actual Controllers](index=27&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%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) During the reporting period, there were no integrity issues concerning the company, its controlling shareholders, or actual controllers [XI. Significant Related Party Transactions](index=27&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) During the reporting period, the company engaged in ordinary course related party transactions with Hanzhong Kairuisi, including raw material purchases and sales of production equipment and materials; non-operating related party debt transactions primarily involved borrowings from Dongfang Hexin and Aoxin Investment, which effectively supplemented working capital at reasonable interest rates, with no asset/equity acquisitions/disposals, joint external investments, or other significant related party transactions Related Party Transactions for Purchase and Sale of Goods, Provision and Acceptance of Services | Related Party | Related Party Transaction Content | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | :--- | | Hanzhong Kairuisi | Purchase of Raw Materials | **23.02 million** | **40.87 million** | | Hanzhong Kairuisi | Sale of Production Equipment and Materials | **0.30 million** | **0.15 million** | - The company had no related party transactions involving asset or equity acquisitions or sales during the reporting period[105](index=105&type=chunk) - The company had no related party transactions involving joint external investments during the reporting period[106](index=106&type=chunk) Related Party Payables | Related Party | Related Party Relationship | Reason for Formation | Period-Start Balance (RMB 10,000) | Current Period New Amount (RMB 10,000) | Current Period Repaid Amount (RMB 10,000) | Period-End Balance (RMB 10,000) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Dongfang Hexin | Company's Second Largest Shareholder | Borrowed Funds | **9,000** | **8,000** | **8,000** | **9,000** | | Aoxin Investment | Controlling Shareholder | Borrowed Funds | **7,500** | 0 | 0 | **7,500** | - Funds borrowed from related parties effectively supplemented the listed company's working capital, with interest rates consistent with comparable bank loans at the time, without increasing operating costs or adversely affecting the company's operating results[108](index=108&type=chunk) [XII. Significant Contracts and Their Performance](index=29&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) During the reporting period, the company had no entrustment, contracting, leasing, or wealth management matters; however, it had significant guarantees for subsidiaries, with a total actual guarantee balance of **779.27 million RMB** at period-end, representing **18.91%** of the company's net assets - The company had no entrustment, contracting, or leasing situations during the reporting period[112](index=112&type=chunk)[113](index=113&type=chunk)[114](index=114&type=chunk) Company Guarantees for Subsidiaries | Guaranteed Party Name | Guaranteed Amount (RMB 10,000) | Actual Guaranteed Amount (RMB 10,000) | Guarantee Period | Fulfilled | | :--- | :--- | :--- | :--- | :--- | | Qinghai Kaixiang New Energy Technology Co., Ltd. | **10,000** | **5,340** | 11 Years | No | | Shaanxi Topray (Dingbian) New Energy Technology Co., Ltd. | **39,800** | **34,851.24** | 10 Years | No | | Chengcheng Dongyi New Energy Co., Ltd. | **37,300** | **29,660** | 17 Years | No | | Shaanxi Topray Solar New Energy Technology Co., Ltd. | **2,900** | **2,900** | 3 Years | No | | Leshan Xintianyuan Solar Technology Co., Ltd. | **1,000** | **900** | 3 Years | No | | Shaanxi Topray Solar New Energy Technology Co., Ltd. | **7,000** | **4,275.35** | 1 Year | No | - At period-end, the total actual guarantee balance for subsidiaries was **779.27 million RMB**, accounting for **18.91%** of the company's net assets[118](index=118&type=chunk) - The company had no entrusted wealth management or other significant contracts during the reporting period[119](index=119&type=chunk)[120](index=120&type=chunk) [XIII. Explanation of Other Significant Matters](index=31&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9%E7%9A%84%E8%AF%B4%E6%98%8E) During the reporting period, the company had no other significant matters requiring explanation - The company had no other significant matters requiring explanation during the reporting period[121](index=121&type=chunk) [XIV. Significant Matters of Company Subsidiaries](index=31&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%E5%85%AC%E5%8F%B8%E5%AD%90%E5%85%AC%E5%8F%B8%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9) During the reporting period, there were no significant matters concerning the company's subsidiaries - The company had no significant matters concerning its subsidiaries during the reporting period[122](index=122&type=chunk) Part VI Share Changes and Shareholder Information [I. Share Change Status](index=32&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, the company's total share capital and equity structure remained unchanged, with both restricted and unrestricted shares maintaining their respective numbers and proportions Share Change Status | Share Type | Number Before This Change (shares) | Proportion | Increase/Decrease in This Change (shares) | Number After This Change (shares) | Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 20,622,300 | 1.46% | 0 | 20,622,300 | 1.46% | | II. Unrestricted Shares | 1,392,398,249 | 98.54% | 0 | 1,392,398,249 | 98.54% | | III. Total Shares | 1,413,020,549 | 100.00% | 0 | 1,413,020,549 | 100.00% | - During the reporting period, there were no significant changes in the reasons for share changes, approval status, transfer status, or progress of share repurchase implementation[125](index=125&type=chunk) [II. Securities Issuance and Listing](index=33&type=section&id=%E4%BA%8C%E3%80%81%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) During the reporting period, the company had no securities issuance or listing activities - The company had no securities issuance or listing activities during the reporting period[126](index=126&type=chunk) [III. Number of Shareholders and Shareholding Status](index=33&type=section&id=%E4%B8%89%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) At period-end, the total number of common shareholders was **81,411**; controlling shareholder Aoxin Investment held **28.14%** of shares, pledging **66 million** shares, while Dongfang Hexin held **9.10%**, and Aoxin Investment, Dongfang Hexin, and Mr. Chen Wukui have related party relationships - At period-end, the total number of common shareholders was **81,411**[127](index=127&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) | Pledged, Marked, or Frozen Status (shares) | | :--- | :--- | :--- | :--- | :--- | | Aoxin Investment | Domestic Non-State-Owned Legal Person | **28.14%** | **397.59 million** | Pledged **66 million** | | Dongfang Hexin | Domestic Non-State-Owned Legal Person | **9.10%** | **128.58 million** | Not applicable 0 | | Chen Wukui | Domestic Natural Person | 1.92% | **27.09 million** | Not applicable 0 | | Changzhi Nanye Industrial Group Co., Ltd. | Domestic Non-State-Owned Legal Person | 1.50% | **21.24 million** | Not applicable 0 | | Hong Kong Securities Clearing Company Limited | Overseas Legal Person | 1.28% | **18.10 million** | Not applicable 0 | - Aoxin Investment, Dongfang Hexin, and Mr. Chen Wukui have related party relationships[127](index=127&type=chunk) [IV. Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=34&type=section&id=%E5%9B%9B%E3%80%81%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E5%92%8C%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E6%8C%81%E8%82%A1%E5%8F%98%E5%8A%A8) During the reporting period, there were no changes in the shareholdings of the company's directors, supervisors, and senior management, with details available in the 2024 annual report - There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period[129](index=129&type=chunk) [V. Changes in Controlling Shareholder or Actual Controller](index=34&type=section&id=%E4%BA%94%E3%80%81%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%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5) During the reporting period, there were no changes in the company's controlling shareholder or actual controller - The company's controlling shareholder did not change during the reporting period[130](index=130&type=chunk) - The company's actual controller did not change during the reporting period[130](index=130&type=chunk) [VI. Preferred Share Related Information](index=34

Core Viewpoint - The company has not yet established business operations in the Tibet region, focusing instead on investments in Xinjiang, particularly in the Kashgar area [1] Group 1: Company Operations - The company is currently constructing a base in Kashgar, Xinjiang [1] - Investments have been made in photovoltaic power stations in Kashgar, Yuepuhu, and Yecheng, including both ground-mounted and distributed photovoltaic types [1] - The company is actively undertaking EPC (Engineering, Procurement, and Construction) projects [1] Group 2: Future Plans - The company plans to steadily advance its power station investment and construction plans based on market conditions and strategic development needs [1]