Core Viewpoint - Junda Co., Ltd. reported a significant decline in revenue and net profit for the first half of 2025, primarily due to a drop in domestic sales, while international sales showed substantial growth, indicating a shift in market strategy towards overseas expansion [1][2][4]. Financial Performance - The company achieved a revenue of 3.663 billion yuan, a year-on-year decrease of 42.53% [1]. - The net profit attributable to shareholders was -264 million yuan, with losses widening compared to the previous year [2]. - Government subsidies accounted for 214 million yuan of the reported profit, highlighting reliance on external support [2]. Market Dynamics - Despite a decline in domestic revenue, international sales surged, with the overseas revenue share increasing from 23.85% in 2024 to 51.87% in 2025, and revenue from international markets growing by 116.15% [1][4]. - The company’s main product, photovoltaic cells, saw a significant drop in sales price and volume, leading to a 42.48% decrease in revenue from this segment [1][2]. Industry Trends - The global photovoltaic industry is experiencing a supply-demand mismatch, with a shift towards a de-capacity cycle starting in the second half of 2023 [3]. - N-type TOPCon cells are projected to dominate the market, with an expected market share of approximately 71.1% in 2024 [3]. - The industry is anticipated to focus on inventory reduction and capacity cuts through 2025, while maintaining market share remains a priority [3]. Strategic Initiatives - Junda Co., Ltd. successfully listed on the Hong Kong Stock Exchange, raising 1.29 billion HKD for overseas market expansion and production capacity development [4]. - The company is actively building a global sales network and enhancing customer service capabilities across various regions, including Asia, Europe, North America, and Latin America [4]. - The company is exploring diverse strategies for overseas market development, including technology cooperation and investment partnerships [4].

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002865 证券简称：钧达股份 公告编号：2025-066 一、重要提示 本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投 资者应当到证监会指定媒体仔细阅读半年度报告全文。 所有董事均已出席了审议本报告的董事会会议。 非标准审计意见提示 公司是否需追溯调整或重述以前年度会计数据 □是 √否 ■ 3、公司股东数量及持股情况 单位：股 □适用 √不适用 董事会审议的报告期利润分配预案或公积金转增股本预案 □适用 √不适用 公司计划不派发现金红利，不送红股，不以公积金转增股本。 董事会决议通过的本报告期优先股利润分配预案 □适用 √不适用 ■ 持股5%以上股东、前10名股东及前10名无限售流通股股东参与转融通业务出借股份情况 □适用 √不适用 前10名股东及前10名无限售流通股股东因转融通出借/归还原因导致较上期发生变化 □适用 √不适用 4、控股股东或实际控制人变更情况 控股股东报告期内变更 二、公司基本情况 1、公司简介 ■ 2、主要会计数据和财务指标 □适用 √不适用 公司报告期控股股东未发生变更。 实际控 ...

Core Viewpoint - JunDa Co., Ltd. reported a significant decline in revenue and an increase in net loss for the first half of 2025, despite a notable growth in overseas sales of photovoltaic products [1][4]. Financial Performance - The company achieved a revenue of 3.663 billion yuan, a year-on-year decrease of 42.53% [1][4]. - The net profit attributable to shareholders was a loss of 264 million yuan, compared to a loss of 166 million yuan in the same period last year, indicating an expanded loss [1][4]. - The majority of revenue came from the sale of photovoltaic cells, which saw a decline of 42.48% due to falling sales prices and volumes [4]. - Government subsidies accounted for 214 million yuan of the reported non-recurring gains, while the adjusted net profit loss was 465 million yuan [4]. Market Dynamics - JunDa Co., Ltd. is a leading player in the photovoltaic cell industry, with a significant increase in overseas sales, which rose from 878 million yuan to 1.9 billion yuan, representing a growth of 116.15% [1][6]. - The company’s overseas sales now account for 51.87% of total revenue, up from 23.85% in 2024 [1][6]. - The gross margin for overseas business reached 4.50%, an increase of 2.83 percentage points year-on-year, contributing to an overall gross margin of 1.75% for photovoltaic cells [6]. Industry Trends - The photovoltaic industry is experiencing a phase of supply-demand mismatch, leading to a capacity reduction cycle starting in the second half of 2023 [5]. - The market share of TOPCon (Tunnel Oxide Passivated Contact) cells is expected to stabilize, while the market share of BC (Back Contact) cells is anticipated to grow rapidly [6]. - The N-type TOPCon cell market share is projected to be approximately 71.1% in 2024 [5]. Strategic Initiatives - JunDa Co., Ltd. successfully listed on the Hong Kong Stock Exchange, raising 1.29 billion HKD for overseas market expansion and capacity building [2][6]. - The company is actively exploring diverse strategies for overseas market development, including technology cooperation and capacity construction [7]. - A strategic cooperation agreement was signed with a local component customer in Turkey, indicating a focus on local partnerships [7].

Core Insights - JunDa Co., Ltd. reported a net profit attributable to shareholders of approximately -264 million yuan for the first half of 2025, indicating an increase in losses year-on-year [1] - The company's operating revenue for the same period was approximately 3.663 billion yuan, representing a year-on-year decline of 42.53% [1] - JunDa Co., Ltd. is recognized as a leading enterprise in the global photovoltaic cell industry, focusing on the research, production, and sales of photovoltaic cells since its establishment [1] Financial Performance - The net profit for the first half of 2025 was approximately -264 million yuan, which shows a worsening financial position compared to the previous year [1] - The operating revenue decreased to approximately 3.663 billion yuan, reflecting a significant drop of 42.53% compared to the same period last year [1] Market Reaction - On August 25, 2025, JunDa Co., Ltd. saw its stock price increase by 3.05%, closing at 49.68 yuan per share, with a total market capitalization of 14.54 billion yuan [1]

Core Viewpoint - The company, Junda Co., Ltd., reported a revenue of 3.663 billion yuan for the first half of 2025, marking a 2.38% increase compared to the second half of 2024, while narrowing its net loss to 264 million yuan, a 38% improvement from the previous period. The company is well-positioned to benefit from the recovery in the photovoltaic industry due to increasing global demand and a significant rise in overseas sales, which surpassed 50% of total sales [1][3]. Group 1: Company Performance - In the first half of 2025, Junda Co., Ltd. achieved a revenue of 3.663 billion yuan, reflecting a 2.38% growth from the second half of 2024 [1]. - The company reported a net loss of 264 million yuan, which is a 38% reduction compared to the previous period [1]. - The overseas revenue reached 1.9 billion yuan, showing a substantial increase of 116.15% year-on-year, with overseas sales accounting for 51.87% of total sales [3]. Group 2: Industry Trends - The global photovoltaic industry is experiencing a shift towards localizing component production, with countries like the U.S., India, and Europe ramping up their domestic manufacturing capabilities [2]. - In the first half of 2025, China's photovoltaic component exports decreased by 5.37% year-on-year, while battery product exports increased by 43.13%, indicating a strategic opportunity for specialized battery manufacturers [2]. Group 3: Technological Advancements - Junda Co., Ltd. continues to lead in core technology, focusing on N-type battery efficiency improvements, achieving an average production efficiency increase of over 0.2% and a 20% reduction in non-silicon costs [4]. - The company has established production bases in Chuzhou and Huai'an with a combined capacity exceeding 40 GW, positioning itself as a key supplier for global component manufacturers [4]. Group 4: Market Environment - The photovoltaic industry is witnessing a recovery due to improved supply-demand dynamics and supportive policies aimed at eliminating low-price competition and promoting the exit of outdated capacities [5][6]. - Recent policy changes and market adjustments are expected to enhance the profitability of leading companies like Junda Co., Ltd., which is poised to benefit from rising material prices and increased global demand [6]. Group 5: Capital Strategy - Junda Co., Ltd. became the first company in the photovoltaic sector to achieve dual listing on both the A-share and H-share markets, enhancing its capital capabilities for global expansion [7]. - The funds raised from the H-share listing will be allocated to overseas production capacity, market expansion, and the establishment of global R&D centers, further supporting the company's international growth strategy [7].

Core Viewpoint - The photovoltaic industry is experiencing a significant demand increase, with domestic installations surpassing 200 GW in the first half of 2025, marking a historical high. The localization trend of overseas components is driving strong battery demand, leading to a 43.13% year-on-year increase in battery exports. The industry is transitioning towards high-quality development as supply-demand dynamics improve and prices begin to recover [2]. Industry Overview - In the first half of 2025, the photovoltaic industry has seen a continuous rise in demand, with domestic installations exceeding 200 GW, a record high [2]. - The trend of localization in overseas components is stimulating robust battery demand, resulting in a 43.13% year-on-year growth in battery exports [2]. - The industry is moving towards high-quality development as the supply-demand relationship improves and prices in the supply chain start to rebound [2]. Company Performance - The company reported an operating income of 3.663 billion yuan in the first half of 2025 [3]. - The net profit attributable to shareholders was -264 million yuan, indicating a loss [4]. - Total assets reached 18.414 billion yuan, with net assets of 4.812 billion yuan, reflecting an 11.88% and 23.80% increase compared to the previous year, respectively [4]. Global Strategy - The company is adhering to a global development strategy, capitalizing on the localization trend of overseas components and targeting high-efficiency battery gaps in overseas markets [4]. - The proportion of overseas sales has been steadily increasing, reaching 51.87% in the first half of 2025, up from 23.85% in 2023 [4]. - A strategic cooperation agreement has been signed with local component customers in Turkey to jointly build high-efficiency battery projects, addressing regional capacity gaps [4]. Capital Market Activities - The company successfully listed on the Hong Kong Stock Exchange on May 8, 2025, becoming the first photovoltaic company to achieve dual listing (A+H) [5]. - The net amount raised from the listing was 1.29 billion Hong Kong dollars [5]. - The funds will be used for overseas capacity construction, market expansion, and the establishment of a global R&D center [6]. Technological Focus - The company is committed to specializing in core photovoltaic battery technologies, focusing on developing high-cost performance batteries [9]. - In the first half of 2025, the company optimized the N-type battery technology, achieving a more than 0.2% increase in average production conversion efficiency and a 20% reduction in non-silicon costs per watt [9]. - The laboratory efficiency of perovskite tandem batteries reached 32.08%, leading the industry [9]. ESG Commitment - The company is deepening its ESG management and has published its second ESG report, achieving a Wind ESG rating of A, ranking among the industry leaders [10]. - Sustainability goals include a 40% reduction in greenhouse gas emissions intensity by 2030 and a 40% increase in renewable energy electricity usage by 2030 [10]. - The company has engaged in five large investor communication activities, enhancing its image in the capital market [10].

Core Viewpoint - JunDa Co., Ltd. reported a significant decline in revenue and continued losses in its 2025 semi-annual report, indicating ongoing financial challenges for the company [1] Financial Performance - The company achieved operating revenue of 3.663 billion yuan in the first half of the year, representing a year-on-year decrease of 42.53% [1] - The net profit for the company was a loss of 264 million yuan, continuing its trend of losses [1] Dividend Policy - The company announced that it will not distribute cash dividends, issue bonus shares, or increase share capital from reserves [1]

[Important Notes, Table of Contents, and Definitions](index=2&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA%E3%80%81%E7%9B%AE%E5%BD%95%E5%92%8C%E9%87%8A%E4%B9%89) [Important Notes](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The board and senior management guarantee report accuracy, cautioning investors on risks, with no plans for half-year cash dividends or bonus shares - The company's board of directors, directors, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, free from false statements, misleading representations, or major omissions, and assume individual and joint legal responsibility[4](index=4&type=chunk) - Investors are advised to carefully read the 'Risks and Countermeasures Faced by the Company' section in 'Part III, Management Discussion and Analysis' to be aware of investment risks[4](index=4&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into 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 nine main chapters and their starting pages, providing a structural overview [Directory of Reference Documents](index=4&type=section&id=%E5%A4%87%E6%9F%A5%E6%96%87%E4%BB%B6%E7%9B%AE%E5%BD%95) This section lists the company's semi-annual report reference documents, including signed financial statements and public disclosures, with their availability - Reference documents include financial statements signed and sealed by the company's responsible person, chief accountant, and head of accounting department; originals of all company documents and announcements publicly disclosed in newspapers designated by the CSRC during the reporting period; the 2025 semi-annual report published on the HKEX website; and originals of the full text and summary of the 2025 semi-annual report signed by the legal representative[9](index=9&type=chunk) - The above documents are available at the company's Securities Department, located at 15th Floor, GCL Plaza, Suzhou Industrial Park[10](index=10&type=chunk) [Definitions](index=5&type=section&id=%E9%87%8A%E4%B9%89) This section defines key terms, company names, related parties, PV cell dimensions, and relevant regulations, clarifying the H1 2025 reporting period - Company, the Company, Drinda refers to Hainan Drinda New Energy Technology Co, Ltd; Controlling Shareholder, Jindi Technology refers to Hainan Jindi Technology Investment Co, Ltd; Yang's Investment refers to Hainan Yang's Family Technology Investment Co, Ltd[11](index=11&type=chunk) - 182mm cell refers to a cell produced using M10 silicon wafers (wafer side length 182mm, maximum diagonal length 250mm), with an area 35.34% larger than conventional M2 (wafer side length 156.75mm, maximum diagonal length 210mm)[11](index=11&type=chunk) - Reporting period refers to January 1, 2025, to June 30, 2025[11](index=11&type=chunk) [Company Profile and Key Financial Indicators](index=6&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) [Company Profile](index=6&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B) This section introduces the company's A-share and H-share stock information, Chinese and foreign names, legal representative, and other basic information Company Basic Information | Indicator | A-share | H-share | | :--- | :--- | :--- | | Stock Abbreviation | 钧达股份 | 鈞達股份 | | Stock Code | 002865 | 02865 | | Listed Stock Exchange | Shenzhen Stock Exchange | The Stock Exchange of Hong Kong Limited | | Company's Chinese Name | 海南钧达新能源科技股份有限公司 | | | Company's Legal Representative | 陆徐杨 | | [Contact Persons and Contact Information](index=6&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) This section provides contact details for the company's Board Secretary and Securities Affairs Representative for investor inquiries Contact Persons and Contact Information | | Board Secretary | Securities Affairs Representative | | :--- | :--- | :--- | | Name | Zheng Tong | Chen Wei | | Contact Address | Hainan Drinda Building, Haikou Free Trade Zone, No. 168 Nanhai Avenue, Haikou City | 15F, GCL Plaza, Suzhou Industrial Park | | Phone | 0898-66802555 | 0898-66802555 | | Fax | 0898-66802555 | 0898-66802555 | | Email | zhengquan@drinda.com.cn | zhengquan@drinda.com.cn | [Other Information](index=6&type=section&id=%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E6%83%85%E5%86%B5) This section states that the company's contact information remained unchanged and discloses the stock exchange websites and report availability location - The company's registered address, office address and postal code, website, and email address remained unchanged during the reporting period[15](index=15&type=chunk) - The stock exchange websites for the company's semi-annual report disclosure are the Shenzhen Stock Exchange website (www.szse.cn) and The Stock Exchange of Hong Kong Limited website (www.hkexnews.hk)[17](index=17&type=chunk) - The company's semi-annual report is available at the company's Securities Department[17](index=17&type=chunk) [Key Accounting Data and Financial Indicators](index=7&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 section discloses key accounting data and financial indicators, showing significant declines in operating revenue, net profit, and net cash flow, while total assets and net assets attributable to shareholders increased Key Accounting Data and Financial Indicators (Current Reporting Period vs. Same Period Last Year) | Indicator | Current Reporting Period (CNY) | Same Period Last Year (CNY) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 3,663,422,569.74 | 6,373,960,218.73 | -42.53% | | Net Profit Attributable to Shareholders of Listed Company | -263,655,253.82 | -166,335,915.35 | -58.51% | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-recurring Gains and Losses | -465,366,611.26 | -390,293,917.79 | -19.23% | | Net Cash Flow from Operating Activities | 160,478,276.53 | 550,297,610.08 | -70.84% | | Basic Earnings Per Share (CNY/share) | -1.11 | -0.73 | -52.05% | | Diluted Earnings Per Share (CNY/share) | -1.10 | -0.73 | -50.68% | | Weighted Average Return on Net Assets | -6.65% | -3.78% | -2.87% | Key Accounting Data and Financial Indicators (End of Current Reporting Period vs. End of Last Year) | Indicator | End of Current Reporting Period (CNY) | End of Last Year (CNY) | Change from End of Last Year | | :--- | :--- | :--- | :--- | | Total Assets | 18,414,445,654.07 | 16,459,430,234.31 | 11.88% | | Net Assets Attributable to Shareholders of Listed Company | 4,812,262,690.18 | 3,886,998,305.25 | 23.80% | [Differences in Accounting Data Under Domestic and Overseas Accounting Standards](index=7&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) This section states no differences in net profit and net assets between domestic and overseas accounting standards in the company's financial reports - The company's financial reports disclosed under International Accounting Standards and Chinese accounting standards show no differences in net profit and net assets during the reporting period[19](index=19&type=chunk) - The company's financial reports disclosed under overseas accounting standards and Chinese accounting standards show no differences in net profit and net assets during the reporting period[20](index=20&type=chunk) [Non-recurring Gains and Losses and Amounts](index=8&type=section&id=%E5%85%AD%E3%80%81%E9%9D%9E%E5%B8%B8%E8%A7%84%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%8F%8A%E9%87%91%E9%A2%9D) This section lists non-recurring gains and losses, totaling **CNY 201.71 million**, primarily from government subsidies and fair value changes, with no reclassification of items Non-recurring Gains and Losses and Amounts | Item | Amount (CNY) | | :--- | :--- | | Gains and losses from disposal of non-current assets (including the write-back of impairment provisions) | -21,682.58 | | Government subsidies recognized in current profit and loss (excluding those closely related to the company's normal operations, compliant with national policies, enjoyed according to fixed standards, and having a continuous impact on the company's profit and loss) | 213,776,248.32 | | Fair value change gains and losses from holding financial assets and financial liabilities by non-financial enterprises, and gains and losses from disposal of financial assets and financial liabilities, excluding effective hedge accounting related to normal business operations | 24,519,352.99 | | Other non-operating income and expenses apart from the above | -2,238,830.91 | | Other profit and loss items that meet the definition of non-recurring gains and losses | 90,000.00 | | Less: Income tax impact | 34,413,730.38 | | **Total** | **201,711,357.44** | - The company does not classify non-recurring gains and losses listed in "Interpretive Announcement No. 1 on Information Disclosure by Companies Issuing Securities to the Public – Non-recurring Gains and Losses" as recurring gains and losses[23](index=23&type=chunk) [Management Discussion and Analysis](index=9&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) [Main Business Activities During the Reporting Period](index=9&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) The company focuses on PV cell R&D, production, and sales, a core technical segment of the PV industry, with high demand, China's technological leadership, strong overseas demand, and ongoing industry overcapacity reduction - The company focuses on the R&D, production, and sales of photovoltaic cells, purchasing silicon wafers upstream, processing them into cell sheets, and selling them to downstream module manufacturers[25](index=25&type=chunk) - In the first half of 2025, China's newly installed photovoltaic capacity reached **212.21 GW**, a **107.07% year-on-year increase**, setting a new historical record[27](index=27&type=chunk) - In the first half of 2025, China's cumulative export volume of photovoltaic cell products reached **41.48 GW**, a **43.13% year-on-year increase**, with overseas cell capacity shortages driving the export growth of Chinese PV cell products significantly higher than module products[31](index=31&type=chunk) - The photovoltaic industry entered a de-capacity cycle in the second half of 2023, which is now in its later stages, with policies guiding "anti-involution" elevated to a national strategic action to eliminate outdated capacity and optimize the competitive environment[32](index=32&type=chunk)[33](index=33&type=chunk) [Analysis of Core Competencies](index=11&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) As a specialized PV cell manufacturer, the company is an industry leader due to its N-type cell technology advantage, large-scale production capacity, scientific management system, and overseas market layout, with its A+H listing empowering global strategy - The company was the first in the industry to achieve large-scale mass production of N-type cells and completed a comprehensive upgrade of N-type technology, with a total cell production capacity exceeding **40 GW**, leading the industry[36](index=36&type=chunk) - The company has a forward-looking layout in overseas markets, possessing global customer service capabilities, and is a leading supplier of photovoltaic cell products in overseas markets such as India and Turkey[37](index=37&type=chunk) - The company successfully listed on the Hong Kong Stock Exchange, becoming the first A+H listed enterprise in the industry, leveraging its A+H capital operation platform to facilitate domestic and international financing channels and enhance its international brand influence[37](index=37&type=chunk) [Analysis of Main Business](index=11&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) In H1 2025, the company optimized N-type cell technology, increased overseas sales to **51.87%**, and listed on HKEX; despite competition, operating revenue decreased by **42.53%** and net loss expanded, but overseas revenue grew by **116.15%** - In the first half of 2025, the company deepened its core photovoltaic technology, continuously optimizing and upgrading N-type cell process technology, increasing average mass production conversion efficiency by over **0.2%**, and reducing non-silicon cost per watt by approximately **20%**[39](index=39&type=chunk) - The company's overseas sales proportion significantly increased from **23.85%** in 2024 to **51.87%**[41](index=41&type=chunk) - On May 8, 2025, the company successfully listed on the Main Board of The Stock Exchange of Hong Kong Limited, becoming the first "A+H" dual-platform listed enterprise in the photovoltaic industry, with net proceeds of **HKD 1.29 billion**[42](index=42&type=chunk) Major Financial Data Year-on-Year Changes | Indicator | Current Reporting Period (CNY) | Same Period Last Year (CNY) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 3,663,422,569.74 | 6,373,960,218.73 | -42.53% | Primarily due to decreased sales unit price and volume | | Operating Cost | 3,591,623,333.13 | 6,308,494,052.53 | -43.07% | Primarily due to decreased sales volume and material purchase unit price | | Net Cash Flow from Operating Activities | 160,478,276.53 | 550,297,610.08 | -70.84% | Primarily due to decreased government subsidies received | | Net Cash Flow from Investing Activities | -2,130,628,813.67 | -248,828,816.52 | -756.26% | Primarily due to increased cash paid for wealth management product purchases and investments | | Net Cash Flow from Financing Activities | 2,605,070,314.27 | -1,014,929,128.32 | 356.68% | Primarily due to increased cash received from H-share listing financing | | R&D Expenses | 74,458,344.35 | 111,447,503.91 | -33.19% | Primarily due to decreased remuneration expenses for R&D personnel | Operating Revenue Composition (by Region) | Region | Current Reporting Period Amount (CNY) | Proportion of Operating Revenue | Same Period Last Year Amount (CNY) | Proportion of Operating Revenue | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Domestic | 1,763,264,837.83 | 48.13% | 5,494,879,011.69 | 86.21% | -67.91% | | Overseas | 1,900,157,731.91 | 51.87% | 879,081,207.04 | 13.79% | 116.15% | [Analysis of Non-Main Business](index=14&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) Non-main business activities impacted total profit, with positive investment income and fair value change gains, but significant asset impairment losses and negative net non-operating income/expenses Impact of Non-Main Business on Total Profit | Item | Amount (CNY) | Proportion of Total Profit | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 17,184,727.54 | -5.44% | Primarily from wealth management product income | No | | Fair Value Change Gains and Losses | 7,334,625.45 | -2.32% | | No | | Asset Impairment | -58,259,170.80 | 18.46% | Primarily from inventory impairment | No | | Non-operating Income | 301,532.70 | -0.10% | | No | | Non-operating Expenses | -2,540,363.61 | 0.80% | | No | [Analysis of Assets and Liabilities](index=14&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 grew by **11.88%** due to H-share proceeds and wealth management; fixed assets proportion decreased, while non-current liabilities due within one year and long-term borrowings increased Major Changes in Asset Composition (End of Current Reporting Period vs. End of Last Year) | Item | End of Current Reporting Period Amount (CNY) | Proportion of Total Assets | End of Last Year Amount (CNY) | Proportion of Total Assets | Change in Proportion | Explanation of Major Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 4,258,686,653.98 | 23.13% | 3,535,631,265.11 | 21.48% | 1.65% | Primarily due to proceeds from H-share listing | | Trading Financial Assets | 2,358,934,625.45 | 12.81% | 430,182,981.70 | 2.61% | 10.20% | Primarily due to increased purchases of wealth management products | | Fixed Assets | 8,031,135,414.73 | 43.61% | 8,144,021,681.16 | 49.48% | -5.87% | Primarily due to depreciation of assets | | Construction in Progress | 112,162,683.15 | 0.61% | 338,664,313.53 | 2.06% | -1.45% | Primarily due to capitalization of construction in progress | | Accounts Payable | 2,076,216,112.50 | 11.27% | 2,591,158,223.42 | 15.74% | -4.47% | Primarily due to repayment of supplier款项 | | Non-current Liabilities Due Within One Year | 1,994,248,059.46 | 10.83% | 1,078,891,805.63 | 6.55% | 4.28% | Primarily due to increased long-term borrowings due within one year | | Long-term Payables | 3,777,664,008.53 | 20.51% | 3,891,842,342.84 | 23.65% | -3.14% | Primarily due to repayment of government-funded construction payments | Asset Rights Restricted as of the End of the Reporting Period | Item | Book Balance (CNY) | Book Value (CNY) | Type of Restriction | Details of Restriction | | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 1,005,606,339.23 | 1,005,606,339.23 | Pledge | Bank acceptance bills and letter of credit deposits | | Fixed Assets | 1,940,975,698.47 | 872,738,484.01 | Mortgage | Mortgage for sale-and-leaseback borrowings | | Fixed Assets | 3,898,233,540.45 | 3,431,482,507.06 | Other | Government-funded construction and payment | | **Total** | **6,975,264,982.98** | **5,434,818,319.57** | | | [Analysis of Investment Status](index=16&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) The company had no significant equity or non-equity investments but engaged in derivative investments for hedging, generating **CNY 1.8175 million** in investment income, with no A-share raised funds utilization - The company had no securities investments or speculative derivative investments during the reporting period[57](index=57&type=chunk)[61](index=61&type=chunk) Derivative Investments for Hedging Purposes During the Reporting Period | Type of Derivative Investment | Amount Purchased During Reporting Period (CNY ten thousands) | Amount Sold During Reporting Period (CNY ten thousands) | Actual Profit/Loss During Reporting Period (CNY ten thousands) | | :--- | :--- | :--- | :--- | | Forward Foreign Exchange | 16,632.74 | 16,849.41 | 181.75 | | Futures | 2,570.32 | 2,535.40 | | | **Total** | **19,203.06** | **19,384.81** | **181.75** | - The funds for derivative investments came from self-owned funds, and the hedging effect was good, generating **CNY 1.8175 million** in investment income[60](index=60&type=chunk) - The company had no A-share raised funds utilization during the reporting period[62](index=62&type=chunk) [Major Asset and Equity Sales](index=18&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) The company did not engage in any major asset or equity sales during the reporting period - The company did not sell any major assets during the reporting period[63](index=63&type=chunk) - The company did not sell any major equity during the reporting period[64](index=64&type=chunk) [Analysis of Major Holding and Participating Companies](index=18&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) This section lists financial data for major subsidiaries Chuzhou Jietai and Huaian Jietai, both in PV cell business and operating at a loss, and notes the establishment of four new overseas subsidiaries Financial Data of Major Holding and Participating Companies (Unit: CNY ten thousands) | Company Name | Company Type | Main Business | Registered Capital | Total Assets | Net Assets | Operating Revenue | Operating Profit | Net Profit | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Chuzhou Jietai | Subsidiary | Photovoltaic cell sheets | 120,000.00 | 934,246.75 | 225,288.55 | 309,234.31 | -8,172.28 | -7,219.31 | | Huaian Jietai | Subsidiary | Photovoltaic cell sheets | 150,000.00 | 703,969.83 | 121,365.26 | 249,301.30 | -15,969.56 | -13,230.31 | - During the reporting period, the company newly established four subsidiaries: Yutai New Energy Trading (Hong Kong) Co, Ltd, Yutai New Energy Investment (Hong Kong) Co, Ltd, YUTAI ELECTRIC MANUFACTURING PLC, and ENEROVA PTE.LTD, to meet business development needs[65](index=65&type=chunk) [Information on Structured Entities Controlled by the Company](index=18&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) The company did not control any structured entities during the reporting period - The company did not control any structured entities during the reporting period[66](index=66&type=chunk) [Risks Faced by the Company and Countermeasures](index=18&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 market competition, price volatility, raw material price fluctuations, rapid technological iteration, and overseas market complexities, responding with R&D, cost reduction, supply chain optimization, and global capacity deployment - Responding to market competition risks: The company will continue to increase R&D investment, continuously carry out cost reduction and efficiency improvement work, maintain technological and cost leadership, and enhance product market competitiveness[67](index=67&type=chunk) - Responding to product price fluctuation risks: The company continuously strengthens R&D technology innovation, optimizes production process technology, reduces costs and improves efficiency, and enhances product cost-effectiveness[68](index=68&type=chunk) - Responding to raw material price fluctuation risks: The company continuously promotes an efficient "production, supply, and sales" supply chain management mechanism, closely monitors raw material market price fluctuations, and improves the intelligent management level of inventory[69](index=69&type=chunk) - Responding to technological iteration risks: The company adheres to the "research one generation, pilot one generation, mass produce one generation" R&D management model, continuously deepens and optimizes N-type cell process technology, and actively strengthens new product technology route R&D[70](index=70&type=chunk) - Responding to overseas market risks: The company will continue to monitor overseas market conditions, research and formulate response strategies for relevant national trade policies, continuously deploy overseas cell capacity, and optimize overseas resource allocation[72](index=72&type=chunk) [Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=20&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) The company did not formulate a market value management system or disclose a valuation enhancement plan during the reporting period - The company did not formulate a market value management system during the reporting period[73](index=73&type=chunk) - The company did not disclose a valuation enhancement plan during the reporting period[75](index=75&type=chunk) [Implementation of "Quality and Return Dual Improvement" Action Plan](index=20&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E2%80%9C%E8%B4%A8%E9%87%8F%E5%9B%9E%E6%8A%A5%E5%8F%8C%E6%8F%90%E5%8D%87%E2%80%9D%E8%A1%8C%E5%8A%A8%E6%96%B9%E6%A1%88%E8%B4%AF%E5%BD%BB%E8%90%BD%E5%AE%9E%E6%83%85%E5%86%B5) The company 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[76](index=76&type=chunk) [Corporate Governance, Environment, and Society](index=20&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E3%80%81%E7%8E%AF%E5%A2%83%E5%92%8C%E7%A4%BE%E4%BC%9A) [Changes in Directors, Supervisors, and Senior Management](index=20&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) There were no changes in the company's directors, supervisors, and senior management during the reporting period - There were no changes in the company's directors, supervisors, and senior management during the reporting period[77](index=77&type=chunk) [Profit Distribution and Capital Reserve Conversion to Share Capital in Current Reporting Period](index=20&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 conversion to share capital for the half-year period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the half-year period[78](index=78&type=chunk) [Implementation of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=21&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) The company canceled unexercised stock options from multiple incentive plans due to unmet performance targets or employee departures, with no other employee stock ownership or incentive measures - On June 3, 2025, the company canceled a total of **1,496,510 shares** of stock options from the initial and reserved grants of the 2021 stock option incentive plan, due to the company's performance targets not being met[79](index=79&type=chunk) - On June 3, 2025, the company canceled a total of **1,369,396 shares** of stock options from the initial and reserved grants of the 2022 stock option incentive plan, due to the company's performance targets not being met[80](index=80&type=chunk) - On June 3, 2025, the company canceled a total of **1,502,988 shares** of stock options from the initial grant of the 2023 Phase I stock option incentive plan, due to the expiration of the first exercise period without exercise or the conditions for the second exercise period not being met[81](index=81&type=chunk) - On June 3, 2025, the company canceled a total of **1,605,090 shares** of stock options from the initial and reserved grants of the 2023 Phase II stock option incentive plan, due to unmet exercise conditions or the ineligibility of incentive recipients due to departure[83](index=83&type=chunk) - The company has no employee stock ownership plans or other employee incentive measures during the reporting period[84](index=84&type=chunk) [Environmental Information Disclosure](index=22&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 four major subsidiaries are listed as enterprises required to disclose environmental information, with query indexes provided for their reports - The listed company and its major subsidiaries Shangrao Jietai New Energy Technology Co, Ltd, Shangrao Hongye New Energy Co, Ltd, Chuzhou Jietai New Energy Technology Co, Ltd, and Huaian Jietai New Energy Technology Co, Ltd are all included in the list of enterprises required to disclose environmental information by law[84](index=84&type=chunk) - Query indexes for environmental information disclosure reports include the National Pollutant Discharge Permit Management Information Platform (https://permit.mee.gov.cn/) and the websites of the ecological environment bureaus in each subsidiary's location[84](index=84&type=chunk) [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 social responsibilities, protecting stakeholder rights, prioritizing environmental protection and safety, and participating in social welfare, aiming for unified economic and social benefits - The company has established a modern corporate governance structure consisting of a shareholders' meeting and a board of directors, strictly fulfilling information disclosure obligations in accordance with laws and regulations to ensure shareholders' right to know and decision-making power[86](index=86&type=chunk) - Adhering to principles of prudent and honest operation, the company honors contracts and commitments, safeguards assets and funds, and respects the rights of creditors and suppliers, avoiding undue delays in payments[87](index=87&type=chunk) - The company strictly complies with relevant laws and regulations such as the Labor Law, legally purchasing various insurances for employees, providing equal development opportunities and promotion channels, and launching multiple phases of stock option incentive plans[88](index=88&type=chunk)[90](index=90&type=chunk) - The company prioritizes environmental protection and safety production management, strictly implementing national environmental protection and emission standards, promoting various energy-saving measures, and had no major safety accidents during the reporting period[93](index=93&type=chunk) [Significant Matters](index=25&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) [Fulfillment of Commitments](index=25&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) No commitments by the company's actual controller, shareholders, related parties, acquirers, or the company were fulfilled or overdue and unfulfilled during the reporting period - During the reporting period, there were no commitments made by the company's actual controller, shareholders, related parties, acquirers, or the company that were fulfilled or overdue and unfulfilled as of the end of the reporting period[97](index=97&type=chunk) [Non-operating Funds Occupied by Controlling Shareholders and Other Related Parties](index=25&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) No non-operating funds were occupied by controlling shareholders or other related parties from the listed company during the reporting period - The company had no non-operating funds occupied by controlling shareholders and other related parties from the listed company during the reporting period[97](index=97&type=chunk) [Irregular External Guarantees](index=25&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) The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[98](index=98&type=chunk) [Appointment and Dismissal of Accounting Firms](index=25&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 financial report was not audited - The company's semi-annual report was not audited[99](index=99&type=chunk) [Explanations from the Board of Directors and Supervisory Board on Non-standard Audit Reports](index=25&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) The company's semi-annual report was not audited, thus there was no non-standard audit report [Explanation from the Board of Directors on Non-standard Audit Reports from the Previous Year](index=25&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) The company had no non-standard audit report for the previous year [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) The company had no bankruptcy and reorganization matters during the reporting period - The company had no bankruptcy and reorganization matters during the reporting period[101](index=101&type=chunk) [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) The company had no significant litigation or arbitration matters, or other litigation matters during the reporting period - The company had no significant litigation or arbitration matters during the reporting period[102](index=102&type=chunk) - The company had no other litigation matters during the reporting period[103](index=103&type=chunk) [Penalties and Rectification](index=26&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) The company had no penalties or rectification situations during the reporting period - The company had no penalties or rectification situations during the reporting period[103](index=103&type=chunk) [Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=26&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, the company, its controlling shareholder, and actual controller had no unfulfilled effective court judgments or large overdue debts [Significant Related Party Transactions](index=26&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) The company had no related party transactions related to daily operations, asset/equity acquisitions/disposals, joint external investments, related party creditor-debtor relationships, dealings with affiliated financial companies, or other significant related party transactions - The company had no related party transactions related to daily operations during the reporting period[104](index=104&type=chunk) - The company had no related party transactions involving asset or equity acquisitions/disposals during the reporting period[106](index=106&type=chunk) - The company had no related party transactions involving joint external investments during the reporting period[107](index=107&type=chunk) - The company had no related party creditor-debtor relationships during the reporting period[108](index=108&type=chunk) - The company and its affiliated financial companies had no deposits, loans, credit lines, or other financial business with related parties[109](index=109&type=chunk) - The company had no other significant related party transactions during the reporting period[111](index=111&type=chunk) [Significant Contracts and Their Performance](index=28&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) The company had no trusteeship, contracting, leasing, or other significant contracts; it provided **CNY 5.24 billion** in subsidiary guarantees, representing **141.35%** of net assets, and engaged in **CNY 319 million** in entrusted wealth management - The company had no trusteeship, 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 (Partial Example) | Guaranteed Party | Announcement Date of Guarantee Limit | Guarantee Limit (CNY ten thousands) | Actual Guarantee Amount (CNY ten thousands) | Guarantee Period | Fulfilled | Related Party Guarantee | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Chuzhou Jietai | February 03, 2023 | 20,000 | 20,000 | Three years after the maturity date of the specific credit under the main contract | No | No | | Shangrao Jietai | April 28, 2023 | 10,000 | 5,000 | Three years after the maturity date of each loan | No | No | | **Total Approved Guarantee Limit for Subsidiaries During Reporting Period** | | **89,760** | **Total Actual Guarantees for Subsidiaries During Reporting Period** | **65,594.05** | | | | **Total Approved Guarantee Limit for Subsidiaries as of End of Reporting Period** | | **904,760** | **Total Actual Guarantee Balance for Subsidiaries as of End of Reporting Period** | **678,191.83** | | | | **Ratio of Total Actual Guarantees to Company's Net Assets** | | | | **141.35%** | | | | **Debt Guarantee Balance Provided Directly or Indirectly for Guaranteed Parties with Asset-Liability Ratio Exceeding 70%** | | | | **598,577.80** | | | | **Amount of Guarantees Exceeding 50% of Net Assets** | | | | **439,578.70** | | | | **Total of the Above Three Guarantee Amounts** | | | | **1,038,156.50** | | | Entrusted Wealth Management (Unit: CNY ten thousands) | Specific Type | Source of Entrusted Wealth Management Funds | Amount of Entrusted Wealth Management Occurred | Outstanding Balance | Overdue Unrecovered Amount | | :--- | :--- | :--- | :--- | :--- | | Other | Self-owned funds | 31,160.00 | 31,893.46 | - | | **Total** | | **31,160.00** | **31,893.46** | **-** | - The company had no other significant contracts during the reporting period[124](index=124&type=chunk) [Explanation of Other Significant Matters](index=34&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9%E7%9A%84%E8%AF%B4%E6%98%8E) The company had no other significant matters requiring explanation during the reporting period - The company had no other significant matters requiring explanation during the reporting period[125](index=125&type=chunk) [Significant Matters of Company Subsidiaries](index=34&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) The company's subsidiaries had no significant matters during the reporting period - The company had no significant matters of subsidiaries requiring explanation during the reporting period[126](index=126&type=chunk) [Changes in Shares and Shareholder Information](index=35&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) [Changes in Shares](index=35&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) The company's total shares increased by **63,432,300** due to H-share issuance, reaching **292,584,052**, with H-shares at **21.68%** of total, diluting EPS and net assets per share Changes in Shares (Before vs. After This Change) | | Before This Change | | Increase/Decrease in This Change (＋,－) | | | After This Change | | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | | Quantity | Proportion | New Shares Issued | Subtotal | Quantity | Proportion | | I. Restricted Shares | 4,285,960 | 1.87% | 0 | 0 | 4,285,960 | 1.46% | | II. Unrestricted Shares | 224,865,792 | 98.13% | 63,432,300 | 63,432,300 | 288,298,092 | 98.54% | | 3. Foreign Shares Listed Overseas | 0 | 0.00% | 63,432,300 | 63,432,300 | 63,432,300 | 21.68% | | **III. Total Shares** | **229,151,752** | **100.00%** | **63,432,300** | **63,432,300** | **292,584,052** | **100.00%** | - The reason for the share change was the company's initial public offering of **63,432,300 overseas listed foreign shares (H-shares)** and listing on the Main Board of the Hong Kong Stock Exchange on May 8, 2025, with approval from the HKEX[129](index=129&type=chunk) - During the reporting period, the company's share capital increased by **63,432,300 shares**, which diluted financial indicators such as basic earnings per share, diluted earnings per share, and net assets per ordinary share attributable to the company's shareholders for the current period[131](index=131&type=chunk) [Issuance and Listing of Securities](index=36&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) On May 8, 2025, the company successfully issued and listed **63,432,300 H-shares** on the Main Board of the Hong Kong Stock Exchange at an issue price of **HKD 22.15 per share**, raising net proceeds of approximately **HKD 1.29 billion** Stock Issuance and Listing Information | Name of Stock and Derivative Securities | Issue Date | Issue Price (or Interest Rate) | Issue Quantity | Listing Date | Quantity Approved for Listing and Trading | | :--- | :--- | :--- | :--- | :--- | :--- | | DRINDA | May 08, 2025 | HKD 22.15 | 63,432,300 | May 08, 2025 | 63,432,300 | - The net proceeds from the company's H-share listing are estimated to be approximately **HKD 1.29 billion**[133](index=133&type=chunk) [Number of Shareholders and Shareholding Information](index=37&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) As of period-end, total ordinary shareholders were **45,193**; HKSCC NOMINEES LIMITED is the largest shareholder (**21.68%**), followed by Hainan Jindi Technology Investment Co, Ltd (**15.90%**), with some top ten shareholders' shares pledged - As of the end of the reporting period, the total number of ordinary shareholders was **45,193** (including **45,189 A-share holders** and **4 H-share registered holders**)[134](index=134&type=chunk) Shareholding of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Proportion | Number of Shares Held at End of Reporting Period | Number of Unrestricted Shares Held | Share Status | Number of Pledged Shares | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | HKSCC NOMINEES LIMITED | Overseas Legal Person | 21.68% | 63,431,999 | 63,431,999 | Not Applicable | 0 | | Hainan Jindi Technology Investment Co, Ltd | Domestic Non-state-owned Legal Person | 15.90% | 46,517,062 | 46,517,062 | Pledged | 15,834,325 | | Shangrao Economic and Technological Development Zone Industrial Development Investment Co, Ltd | Domestic Non-state-owned Legal Person | 7.60% | 22,244,267 | 22,244,267 | Pledged | 11,122,000 | | Su Xianze | Domestic Natural Person | 4.71% | 13,768,491 | 13,768,491 | Not Applicable | 0 | | National Social Security Fund 118 Portfolio | Other | 3.51% | 10,266,852 | 10,266,852 | Not Applicable | 0 | - Jindi Technology and Lu Xiaohong are both controlled by the company's actual controller, the Yang family[134](index=134&type=chunk) [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=38&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) There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period - There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period[137](index=137&type=chunk) [Changes in Controlling Shareholder or Actual Controller](index=39&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) There were no changes in the company's controlling shareholder or actual controller during the reporting period - The company's controlling shareholder did not change during the reporting period[138](index=138&type=chunk) - The company's actual controller did not change during the reporting period[139](index=139&type=chunk) [Information on Preferred Shares](index=39&type=section&id=%E5%85%AD%E3%80%81%E4%BC%98%E5%85%88%E8%82%A1%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[140](index=140&type=chunk) [Bond-Related Information](index=40&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) The company had no bond-related information during the reporting period - The company had no bond-related information during the reporting period[142](index=142&type=chunk) [Financial Report](index=41&type=section&id=%E7%AC%AC%E5%85%AB%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) [Audit Report](index=41&type=section&id=%E4%B8%80%E3%80%81%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[144](index=144&type=chunk) [Financial Statements](index=41&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section includes the company's H1 2025 consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, comprehensively presenting its financial position and operating results [Consolidated Balance Sheet](index=41&type=section&id=1%E3%80%81%E5%90%88%E5%B9%B6%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of June 30, 2025, total assets were **CNY 18.41 billion** (**11.88%** increase); total liabilities were **CNY 13.60 billion**, and owners' equity was **CNY 4.81 billion**, with significant increases in monetary funds and trading financial assets Consolidated Balance Sheet Key Data (Period-end Balance vs. Period-beginning Balance) | Item | Period-end Balance (CNY) | Period-beginning Balance (CNY) | | :--- | :--- | :--- | | Monetary Funds | 4,258,686,653.98 | 3,535,631,265.11 | | Trading Financial Assets | 2,358,934,625.45 | 430,182,981.70 | | Total Current Assets | 8,547,285,153.72 | 6,331,659,032.05 | | Fixed Assets | 8,031,135,414.73 | 8,144,021,681.16 | | **Total Assets** | **18,414,445,654.07** | **16,459,430,234.31** | | Short-term Borrowings | 1,455,917,183.40 | 1,510,925,777.85 | | Total Current Liabilities | 7,134,954,494.04 | 6,377,437,481.78 | | Long-term Borrowings | 2,554,864,107.74 | 2,142,225,993.41 | | **Total Liabilities** | **13,602,182,963.89** | **12,572,431,929.06** | | Total Owners' Equity Attributable to Parent Company | 4,812,262,690.18 | 3,886,998,305.25 | [Parent Company Balance Sheet](index=43&type=section&id=2%E3%80%81%E6%AF%8D%E5%85%AC%E5%8F%B8%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of June 30, 2025, parent company total assets were **CNY 6.73 billion** (**22.12%** increase); total liabilities were **CNY 1.66 billion**, and owners' equity was **CNY 5.07 billion**, with significant increases in monetary funds and trading financial assets Parent Company Balance Sheet Key Data (Period-end Balance vs. Period-beginning Balance) | Item | Period-end Balance (CNY) | Period-beginning Balance (CNY) | | :--- | :--- | :--- | | Monetary Funds | 1,297,159,851.34 | 277,880,818.38 | | Trading Financial Assets | 237,571,081.80 | 30,182,981.70 | | Total Current Assets | 1,947,438,702.86 | 720,155,913.42 | | Long-term Equity Investments | 4,710,893,537.84 | 4,726,555,085.93 | | **Total Assets** | **6,730,750,211.40** | **5,511,511,478.88** | | Total Liabilities | 1,662,306,677.31 | 1,611,234,138.97 | | **Total Owners' Equity** | **5,068,443,534.09** | **3,900,277,339.91** | [Consolidated Income Statement](index=45&type=section&id=3%E3%80%81%E5%90%88%E5%B9%B6%E5%88%A9%E6%B6%A6%E8%A1%A8) In H1 2025, total operating revenue was **CNY 3.66 billion** (**42.53%** YoY decrease); net loss was **CNY 264 million**, expanding by **58.51%** YoY; basic EPS was **-CNY 1.11** Consolidated Income Statement Key Data (Current Period Amount vs. Prior Period Amount) | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Total Operating Revenue | 3,663,422,569.74 | 6,373,960,218.73 | | Total Operating Costs | 3,954,190,988.30 | 6,647,273,232.78 | | Operating Profit | -313,370,943.62 | -242,510,411.41 | | Total Profit | -315,609,774.53 | -242,212,249.32 | | **Net Profit** | **-263,655,253.82** | **-166,335,915.35** | | Net Profit Attributable to Parent Company Shareholders | -263,655,253.82 | -166,335,915.35 | | Basic Earnings Per Share (CNY/share) | -1.11 | -0.73 | | Diluted Earnings Per Share (CNY/share) | -1.10 | -0.73 | [Parent Company Income Statement](index=47&type=section&id=4%E3%80%81%E6%AF%8D%E5%85%AC%E5%8F%B8%E5%88%A9%E6%B6%A6%E8%A1%A8) In H1 2025, parent company operating revenue was **CNY 936 million** (**35.15%** YoY increase); net loss was **CNY 20.8054 million**, expanding by **583.95%** YoY Parent Company Income Statement Key Data (Current Period Amount vs. Prior Period Amount) | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Operating Revenue | 936,042,676.62 | 692,594,773.70 | | Operating Costs | 923,417,760.17 | 680,267,541.61 | | Operating Profit | -28,412,558.36 | -3,569,344.78 | | Total Profit | -28,501,106.91 | -3,569,344.36 | | **Net Profit** | **-20,805,401.99** | **-3,046,062.96** | [Consolidated Cash Flow Statement](index=49&type=section&id=5%E3%80%81%E5%90%88%E5%B9%B6%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) In H1 2025, net operating cash flow was **CNY 160 million** (**70.84%** YoY decrease); net investing cash flow was **-CNY 2.13 billion** (increased outflow); net financing cash flow was **CNY 2.605 billion** (turned positive due to H-share listing) Consolidated Cash Flow Statement Key Data (Current Period Amount vs. Prior Period Amount) | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 160,478,276.53 | 550,297,610.08 | | Net Cash Flow from Investing Activities | -2,130,628,813.67 | -248,828,816.52 | | Net Cash Flow from Financing Activities | 2,605,070,314.27 | -1,014,929,128.32 | | Net Increase in Cash and Cash Equivalents | 636,804,574.67 | -711,239,480.98 | [Parent Company Cash Flow Statement](index=50&type=section&id=6%E3%80%81%E6%AF%8D%E5%85%AC%E5%8F%B8%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) In H1 2025, parent company net operating cash flow was **-CNY 268 million** (turned negative); net investing cash flow was **-CNY 290 million** (increased outflow); net financing cash flow was **CNY 1.619 billion** (turned positive due to capital contributions) Parent Company Cash Flow Statement Key Data (Current Period Amount vs. Prior Period Amount) | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -268,110,833.09 | 182,650,355.11 | | Net Cash Flow from Investing Activities | -289,633,576.67 | 201,211,210.45 | | Net Cash Flow from Financing Activities | 1,618,646,025.10 | -335,879,801.84 | | Net Increase in Cash and Cash Equivalents | 1,040,208,190.59 | 47,981,763.72 | [Consolidated Statement of Changes in Owners' Equity](index=52&type=section&id=7%E3%80%81%E5%90%88%E5%B9%B6%E6%89%80%E6%9C%89%E8%80%85%E6%9D%83%E7%9B%8A%E5%8F%98%E5%8A%A8%E8%A1%A8) In H1 2025, total consolidated owners' equity increased by **CNY 925 million**, mainly from a **CNY 63.43 million** increase in share capital and a **CNY 1.125 billion** increase in capital reserves, offset by a **CNY 264 million** decrease in retained earnings Consolidated Statement of Changes in Owners' Equity (Current Period Change Amount) | Item | Share Capital (CNY) | Capital Reserve (CNY) | Other Comprehensive Income (CNY) | Retained Earnings (CNY) | Total Owners' Equity Attributable to Parent Company (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | | III. Amount of Increase/Decrease in Current Period | 63,432,300.00 | 1,125,539,296.17 | -51,957.42 | -263,655,253.82 | 925,264,384.93 | [Parent Company Statement of Changes in Owners' Equity](index=56&type=section&id=8%E3%80%81%E6%AF%8D%E5%85%AC%E5%8F%B8%E6%89%80%E6%9C%89%E8%80%85%E6%9D%83%E7%9B%8A%E5%8F%98%E5%8A%A8%E8%A1%A8) In H1 2025, total parent company owners' equity increased by **CNY 1.168 billion**, mainly from a **CNY 63.43 million** increase in share capital and a **CNY 1.125 billion** increase in capital reserves, offset by a **CNY 20.8054 million** decrease in retained earnings Parent Company Statement of Changes in Owners' Equity (Current Period Change Amount) | Item | Share Capital (CNY) | Capital Reserve (CNY) | Retained Earnings (CNY) | Total Owners' Equity (CNY) | | :--- | :--- | :--- | :--- | :--- | | III. Amount of Increase/Decrease in Current Period | 63,432,300.00 | 1,125,539,296.17 | -20,805,401.99 | 1,168,166,194.18 | [Company Basic Information](index=60&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) The company was established in 2012, listed on SZSE in 2017, shifted to PV cell business in 2022, and listed H-shares on HKEX in May 2025, increasing total share capital to **292,584,052 shares**; it primarily engages in PV cell R&D, production, and sales - Hainan Drinda New Energy Technology Co, Ltd was established on August 11, 2012, and listed on the Shenzhen Stock Exchange on April 25, 2017[181](index=181&type=chunk) - In 2022, the company's main business shifted from a dual focus on automotive plastic interior/exterior parts and photovoltaic cell sheets to solely photovoltaic cell sheet business[183](index=183&type=chunk) - On May 8, 2025, with approval from the Hong Kong Stock Exchange, the company completed the issuance and listing of **63,432,300 H-shares** on the Hong Kong Stock Exchange[187](index=187&type=chunk) - As of June 30, 2025, the company's share capital changed to **292,584,052 shares**[188](index=188&type=chunk) - The company's main business activities include power generation, transmission, supply (distribution) business; construction engineering; goods import and export; manufacturing and sales of photovoltaic equipment and components, with photovoltaic cell sheets as its primary product[188](index=188&type=chunk) [Basis of Financial Statement Preparation](index=61&type=section&id=%E5%9B%9B%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E7%9A%84%E7%BC%96%E5%88%B6%E5%9F%BA%E7%A1%80) The company prepares its financial statements on a going concern basis, adhering to accounting standards and CSRC regulations, with no significant doubts about the going concern assumption - The company prepares its financial statements on a going concern basis, in accordance with the "Enterprise Accounting Standards" promulgated by the Ministry of Finance and the disclosure requirements of "Reporting Rules for Information Disclosure by Companies Issuing Securities to the Public No. 15 – General Provisions for Financial Reports (Revised 2023)" issued by the China Securities Regulatory Commission[190](index=190&type=chunk) - There are no matters or circumstances that cause significant doubt about the going concern assumption for the 12 months from the end of the reporting period[191](index=191&type=chunk) [Significant Accounting Policies and Accounting Estimates](index=61&type=section&id=%E4%BA%94%E3%80%81%E9%87%8D%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%8F%8A%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1) This section details the company's adherence to accounting standards, accounting period, functional currency, materiality, business combinations, consolidated financial statements, cash, foreign currency, financial instruments, fair value, receivables, inventory, long-term equity, fixed assets, construction in progress, borrowing costs, intangible assets, impairment, deferred expenses, contract liabilities, employee compensation, share-based payments, revenue, government grants, deferred taxes, leases, and other significant policies and estimates - The financial statements prepared by the company comply with the requirements of enterprise accounting standards and truly and completely reflect the company's financial position, operating results, and cash flows[193](index=193&type=chunk) - The accounting year runs from January 1 to December 31 of the Gregorian calendar, and the company and its domestic subsidiaries adopt RMB as their functional currency[194](index=194&type=chunk)[196](index=196&type=chunk) - The company identifies non-minor construction in progress projects with a single project amount exceeding **1%** of total long-term assets as significant construction in progress[198](index=198&type=chunk) - Fixed asset depreciation is calculated using the straight-line method, with depreciation periods of **20-30 years** for buildings and structures, and **10 years** for machinery and equipment[285](index=285&type=chunk) - The company uses the transfer of control as the criterion for revenue recognition, recognizing revenue when the customer obtains control of the related goods[322](index=322&type=chunk) - Government grants are classified as asset-related or income-related, and are generally recognized and measured at the actual amount received when actually received[327](index=327&type=chunk)[330](index=330&type=chunk) [Taxes](index=96&type=section&id=%E5%85%AD%E3%80%81%E7%A8%8E%E9%A1%B9) This section discloses the company's main tax categories and rates, including VAT, urban maintenance and construction tax, property tax, land use tax, education surcharge, local education surcharge, and corporate income tax; subsidiaries Chuzhou Jietai and Huaian Jietai enjoy a **15%** corporate income tax preferential rate as high-tech enterprises, as well as accelerated depreciation for fixed assets and VAT input tax deduction policies Main Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Value added during sales of goods or provision of taxable services | Taxed at 6%, 9%, 13% | | Urban Maintenance and Construction Tax | Amount of turnover tax payable | 5%, 7% | | Property Tax | Assessed on value, calculated at 1.2% of the original value of the property after a one-time deduction of 30%; assessed on rent, calculated at 12% of rental income | 1.2%, 12% | | Land Use Tax | Actual land use area | CNY 4/sqm/year; CNY 6/sqm/year; CNY 7/sqm/year | | Education Surcharge | Amount of turnover tax payable | 3% | | Local Education Surcharge | Amount of turnover tax payable | 2% | | Corporate Income Tax | Taxable income | 15%, 16.5%, 25%, 17%, 30% | - Subsidiaries Chuzhou Jietai and Huaian Jietai are recognized as high-tech enterprises, with a corporate income tax rate of **15%** in 2025[360](index=360&type=chunk) - Subsidiaries Chuzhou Jietai and Huaian Jietai legally enjoy accelerated depreciation preferential policies for fixed assets in 2025[361](index=361&type=chunk) - Subsidiary Chuzhou Jietai legally enjoys input VAT deduction preferential policies in 2025[361](index=361&type=chunk) [Notes to Consolidated Financial Statement Items](index=97&type=section&id=%E4%B8%83%E3%80%81%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section provides detailed notes on major asset, liability, owners' equity, and profit/loss items in the consolidated financial statements, including monetary funds, trading financial assets, receivables, inventories, fixed assets, construction in progress, intangible assets, goodwill, borrowings, payables, contract liabilities, employee compensation, long-term liabilities, share capital, capital reserves, retained earnings, operating revenue/costs, expenses, and other income Monetary Funds (Period-end Balance vs. Period-beginning Balance) | Item | Period-end Balance (CNY) | Period-beginning Balance (CNY) | | :--- | :--- | :--- | | Bank Deposits | 3,247,428,047.66 | 2,616,275,673.08 | | Other Monetary Funds | 1,011,258,606.32 | 919,355,525.03 | | **Total** | **4,258,686,653.98** | **3,535,631,265.11** | Trading Financial Assets (Period-end Balance vs. Period-beginning Balance) | Item | Period-end Balance (CNY) | Period-beginning Balance (CNY) | | :--- | :--- | :--- | | Structured Deposits | 2,040,000,000.00 | 400,000,000.00 | | Asset Management Plans | 318,934,625.45 | 30,182,981.70 | | **Total** | **2,358,934,625.45** | **430,182,981.70** | Accounts Receivable by Age (Period-end Book Balance vs. Period-beginning Book Balance) | Age | Period-end Book Balance (CNY) | Period-beginning Book Balance (CNY) | | :--- | :--- | :--- | | Within 1 year (inclusive) | 40,778,984.70 | 27,609,372.34 | | **Total** | **45,682,413.12** | **32,519,057.76** | Book Value of Fixed Assets (Period-end Book Value vs. Period-beginning Book Value) | Item | Period-end Book Value (CNY) | Period-beginning Book Value (CNY) | | :--- | :--- | :--- | | Buildings and Structures | 2,502,269,842.63 | 2,484,823,091.77 | | Machinery and Equipment | 5,486,015,192.04 | 5,610,849,284.20 | | Transportation Vehicles | 3,203,994.01 | 3,720,920.53 | | Other Office Equipment | 39,646,386.05 | 44,628,384.66 | | **Total** | **8,031,135,414.73** | **8,144,021,681.16** | Short-term Borrowing Classification (Period-end Balance vs. Period-beginning Balance) | Item | Period-end Balance (CNY) | Period-beginning Balance (CNY) | | :--- | :--- | :--- | | Pledged Borrowings | 425,500,000.00 | 907,400,000.00 | | Guaranteed Borrowings | 1,030,417,183.40 | 603,525,777.85 | | **Total** | **1,455,917,183.40** | **1,510,925,777.85** | Operating Revenue and Operating Costs (Current Period Amount vs. Prior Period Amount) | Item | Current Period Revenue (CNY) | Current Period Cost (CNY) | Prior Period Revenue (CNY) | Prior Period Cost (CNY) | | :--- | :--- | :--- | :--- | :--- | | Main Business | 3,655,549,550.85 | 3,591,604,272.35 | 6,355,398,740.79 | 6,306,397,813.09 | | Other Business | 7,873,018.89 | 19,060.78 | 18,561,477.94 | 2,096,239.44 | | **Total** | **3,663,422,569.74** | **3,591,623,333.13** | **6,373,960,218.73** | **6,308,494,052.53** | [Changes in Consolidation Scope](index=131&type=section&id=%E5%85%AB%E3%80%81%E5%90%88%E5%B9%B6%E8%8C%83%E5%9B%B4%E7%9A%84%E5%8F%98%E6%9B%B4) During the reporting period, the company newly established four overseas subsidiaries (Yutai New Energy Investment (Hong Kong) Co, Ltd, Yutai New Energy Trading (Hong Kong) Co, Ltd, ENEROVA PTE.LTD, and YUTAI ELECTRIC MANUFACTURING PLC) and included them in the consolidated financial statements - During this period, Yutai New Energy Investment (Hong Kong) Co, Ltd, Yutai New Energy Trading (Hong Kong) Co, Ltd, ENEROVA PTE.LTD, and YUTAI ELECTRIC MANUFACTURING PLC were newly established; the company has substantial control over them, thus they have been included in the scope of consolidated financial statements from their respective establishment dates[580](index=580&type=chunk) [Equity in Other Entities](index=131&type=section&id=%E4%B9%9D%E3%80%81%E5%9C%A8%E5%85%B6%E4%BB%96%E4%B8%BB%E4%BD%93%E4%B8%AD%E7%9A%84%E6%9D%83%E7%9B%8A) This section lists the composition of the company's major subsidiaries, including registered capital, operating location, business nature, and shareholding proportion, covering PV cell manufacturing, sales, and investment Composition of Enterprise Group (Partial Example) | Subsidiary Name | Registered Capital | Main Operating Location | Business Nature | Shareholding Proportion (Direct) | Shareholding Proportion (Indirect) | Acquisition Method | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shangrao Jietai New Energy Technol

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就 因 本 公 告 全 部 或 任 何 部 分 內 容 所 產 生 或 因 依 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 截 至 本 公 告 日 期，董 事 會 成 員 包 括 執 行 董 事 陸 徐 楊 先 生、張 滿 良 先 生 及 鄭 洪 偉 先 生；非 執 行 董 事 徐 曉 平 先 生 及 徐 勇 先 生；職 工 代 表 董 事 鄭 虹 女 士；及 獨 立 非 執 行 董 事 沈 文 忠 博 士、茆 曉 穎 博 士、馬 樹 立 先 生 及 張 亮 先 生。 Hainan Drinda New Energy Technology Co., Ltd. 海南鈞達新能源科技股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：02865） 截 至2025年6月30日止六個月之 中期業績公告 海 南 鈞 達 新 能 源 科 技 股 份 有 限 公 司（「本公司」）董 事 會（「董事會」）欣 ...

海 南 鈞 達 新 能 源 科 技股份有限公 司 Hainan Drinda New EnergyTechnology Co., Ltd. (於中華人民共和國註冊成立的股份有限公司) 股份代號 : 02865 中期報告 2025 Hainan Drinda New Energy Technology Co., Ltd. 海南鈞達新能源科技股份有限公司 2025 Interim Report 中期報告 目錄 | 公司資料 | 2 | | --- | --- | | 釋義 | 4 | | 財務概要 | 9 | | 管理層討論與分析 | 10 | | 其他資料 | 22 | | 簡明綜合損益及其他全面收益表 | 29 | | 簡明綜合財務狀況表 | 30 | | 簡明綜合權益變動表 | 32 | | 簡明綜合現金流量表 | 33 | | 截至2025年6月30日止六個月的簡明綜合財務報表附註 | 34 | 中國總部及主要營業地點 中國 海南省 海口市 南海大道168 號 海口保稅區 海南鈞達大樓 香港主要營業地點 香港 銅鑼灣 勿地臣街 1號時代廣場 二座31 樓 公司網站 www.jietaisolar.com ...