南方电网财务有限公司 风险持续评估报告 根据《关于规范上市公司与企业集团财务公司业务往来的通 知》《深圳证券交易所上市公司自律监管指引第 7 号--交易与 关联交易》的规定，南方电网综合能源股份有限公司（以下简称 "公司"）通过审阅南方电网财务有限公司（以下简称"南网财 务公司"）财务报告、查验其《金融许可证》《企业法人营业执 照》等证件资料并获取风险指标等必要信息，对南网财务公司截 至 2025 年 6 月 30 日的经营资质、业务和风险状况进行了评估。 现将公司关于南网财务公司的风险评估情况报告如下： 一、南网财务公司基本情况 南网财务公司是中国南方电网有限责任公司（以下简称"南 方电网公司"）的全资子公司，为原中国银行业监督管理委员会 批准设立的非银行金融机构。其基本情况如下： 成立日期：1992 年 11 月 23 日（于 2004 年 12 月 29 日更 名为南方电网财务有限公司） 法定代表人：吴普松 注册地址：广东省广州市天河区华穗路 6 号大楼 17、18、 19 楼及 808-811 房、1210-1211 房 企业类型：有限责任公司（非自然人投资或控股的法人独资） 金融许可证机构编码：L0 ...

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 | 其它关联资金往 | | 往来方与上市公司的关联 | 上市公司核算的 | 2025 年期初往来资 | 2025 年 1-6 月往来累 | 2025 年 1-6 月往 | 2025 年 1-6 月偿 | 2025 年 6 月 30 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 资金往来方名称 | | | | 计发生金额（不含利 | 来资金的利息 | | 日往来资金余 | | 往来形成原因 | 往来性质 | | 来 | | 关系 | 会计科目 | 金余额 | | | 还累计发生金额 | | | | | | | | | | | 息） | （如有） | | 额 | | | | | | 广东电网公司电力科学研究院 | 控股股东控制的企业 | 应收账款 | - | 6.85 | | - | | 6.85 | 业务经营 | 经营性往来 | | | 广东电网能源发展有限公司 | 控股股东控制的企业 | 应收账款 | - | 15.51 ...

南方电网综合能源股份有限公司 2025 年半年度财务报告 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：南方电网综合能源股份有限公司 2025 年 06 月 30 日 单位：元 | 项目 | 期末余额 | 期初余额 | | --- | --- | --- | | 流动资产： | | | | 货币资金 | 990,354,813.62 | 1,195,065,360.01 | | 结算备付金 | | | | 拆出资金 | | | | 交易性金融资产 | | | | 衍生金融资产 | | | | 应收票据 | 52,068,071.04 | 40,870,303.57 | | 应收账款 | 3,062,003,666.96 | 2,807,936,916.80 | | 应收款项融资 | | | | 预付款项 | 152,595,500.87 | 129,923,446.21 | | 应收保费 | | | | 应收分保账款 | | | | 应收分保合同准备金 | | | | 其他应收款 | 88,054,03 ...

证券代码：003035 证券简称：南网能源 公告编号：2025-044 南方电网综合能源股份有限公司 关于二届三十六次董事会会议决议的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 南方电网综合能源股份有限公司（以下简称"公司"）二届三十六次董事会 会议于 2025 年 8 月 18 日以电子邮件形式发出会议通知，于 2025 年 8 月 28 日（星 期四）上午 9:30 在广州市天河区华穗路 6 号楼会议室以现场的方式召开。 会议应出席董事 9 名，实际亲自出席董事 9 名。公司高级管理人员列席了会 议，董事长宋新明先生召集并主持本次会议。本次会议为定期董事会会议，会议 参与表决人数及召集、召开程序符合《中华人民共和国公司法》和《南方电网综 合能源股份有限公司章程》等有关规定。 二、董事会会议审议情况 （一）审议通过《关于<南方电网综合能源股份有限公司 2025 年半年度报 告>全文及摘要的议案》 公司第二届董事会审计与风险委员会第二十五次会议已于 2025 年 8 月 21 日审议通过本议案。 （三）审议通过《关于南方电网综 ...

证券代码：003035 证券简称：南网能源 公告编号：2025-046 南方电网综合能源股份有限公司 关于 2025 年度中期利润分配预案的公告 三、中期分红预案的合理性说明 本次中期分红预案已综合考虑公司当前的财务状况、生产经营情况和所处的 发展阶段以及资本开支计划、可持续发展与股东回报等因素，在保证公司正常经 营和持续发展的前提下制定。本次中期分红预案符合《中华人民共和国公司法》 《企业会计准则》《上市公司监管指引第 3 号——上市公司现金分红》《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》等规定；符 合《公司章程》确定的利润分配政策等。本次中期分红预案具备合法性、合规性 及合理性。 四、备查文件 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、审议程序 南方电网综合能源股份有限公司（以下简称"公司"或"南网能源"）二届 三十六次董事会会议审议通过了《关于南方电网综合能源股份有限公司 2025 年 度中期利润分配预案的议案》。公司第二届董事会审计与风险委员会第二十五次 会议已审议通过本议案，公司 2025 年第四次独立董事专 ...

[Section 1 Important Notes, Table of Contents, and Definitions](index=2&type=section&id=Section%201%20Important%20Notes%2C%20Table%20of%20Contents%2C%20and%20Definitions) [Important Notes](index=2&type=section&id=Important%20Notes) This section emphasizes the authenticity, accuracy, and completeness of the semi-annual report and provides risk warnings for forward-looking statements - The company's board of directors and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report and assume legal responsibility[3](index=3&type=chunk) - Forward-looking statements involving future plans in the report do not constitute profit forecasts or substantive commitments and are subject to uncertainties[4](index=4&type=chunk) 2025 Semi-Annual Profit Distribution Plan | Item | Amount/Quantity | | :--- | :--- | | Share Capital Base | 3,787,878,787 shares | | Cash Dividend per 10 Shares (tax inclusive) | 0.07 RMB | | Bonus Shares | 0 shares | | Shares Converted from Capital Reserve | 0 shares | [Table of Contents](index=3&type=section&id=Table%20of%20Contents) This section lists the overall structure of the semi-annual report, comprising nine main chapters for investor reference [Definitions](index=5&type=section&id=Definitions) This section defines key terms used in the report, such as "Energy Performance Contracting" and "Reporting Period," to ensure clarity and accuracy - "Energy Performance Contracting" refers to a service mechanism where an energy service company agrees on energy-saving targets with an energy-using entity, which then pays for the service investment and reasonable profits from the energy savings achieved[10](index=10&type=chunk) - "Reporting Period" refers to the period from January 1, 2025, to June 30, 2025[10](index=10&type=chunk) [Section 2 Company Profile and Key Financial Indicators](index=6&type=section&id=Section%202%20Company%20Profile%20and%20Key%20Financial%20Indicators) [I. Company Profile](index=6&type=section&id=I.%20Company%20Profile) This section provides basic information about the company, including its stock abbreviation, stock code, listing exchange, and legal representative Company Basic Information | Item | Content | | :--- | :--- | | Stock Abbreviation | CSG Energy | | Stock Code | 003035 | | Listing Exchange | Shenzhen Stock Exchange | | Chinese Name | China Southern Power Grid Comprehensive Energy Co, Ltd | | Legal Representative | Song Xinming | [II. Contacts and Contact Methods](index=6&type=section&id=II.%20Contacts%20and%20Contact%20Methods) This section lists the contact information for the company's Board Secretary and Securities Affairs Representative for investor communication Contact Information | Position | Name | Phone | | :--- | :--- | :--- | | Board Secretary | Zhang Hengge | 020-38122705 | | Securities Affairs Representative | Fang Mingzhu | 020-38122705 | [III. Other Information](index=6&type=section&id=III.%20Other%20Information) This section states that the company's registered address, office address, website, and information disclosure locations remained unchanged during the reporting period - The company's contact methods, information disclosure channels, and document storage locations remained unchanged during the reporting period[14](index=14&type=chunk)[15](index=15&type=chunk) [IV. Key Accounting Data and Financial Indicators](index=7&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) This section presents the company's key financial data for the reporting period, showing a 21.13% year-on-year increase in operating revenue Key Accounting Data and Financial Indicators (Current Period vs. Same Period Last Year) | Indicator | Current Period (RMB) | Same Period Last Year (RMB) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,603,397,773.62 | 1,323,734,918.16 | 21.13% | | Net Profit Attributable to Shareholders | 213,743,186.14 | 204,583,603.30 | 4.48% | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | 210,638,122.03 | 198,928,937.42 | 5.89% | | Net Cash Flow from Operating Activities | 536,201,004.81 | 567,290,854.24 | -5.48% | | Basic Earnings per Share | 0.0564 | 0.0540 | 4.44% | | Diluted Earnings per Share | 0.0564 | 0.0540 | 4.44% | | Weighted Average Return on Equity | 3.18% | 2.99% | Increase of 0.19 percentage points | | **Period-End Indicators** | **End of Current Period (RMB)** | **End of Last Year (RMB)** | **Change from End of Last Year** | | Total Assets | 22,899,416,812.24 | 20,771,416,254.52 | 10.24% | | Net Assets Attributable to Shareholders | 6,838,918,708.94 | 6,613,388,985.03 | 3.41% | [V. Differences in Accounting Data under Domestic and Foreign Accounting Standards](index=8&type=section&id=V.%20Differences%20in%20Accounting%20Data%20under%20Domestic%20and%20Foreign%20Accounting%20Standards) This section clarifies that there were no discrepancies in net profit or net assets between financial reports prepared under Chinese and international accounting standards - The company had no differences in accounting data under domestic and foreign accounting standards during the reporting period[17](index=17&type=chunk)[18](index=18&type=chunk) [VI. Non-recurring Profit and Loss Items and Amounts](index=8&type=section&id=VI.%20Non-recurring%20Profit%20and%20Loss%20Items%20and%20Amounts) This section lists non-recurring profit and loss items for the period, totaling 3,105,064.11 RMB Non-recurring Profit and Loss Items and Amounts | Item | Amount (RMB) | | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | 214,323.52 | | Gains/Losses from Fair Value Changes and Disposal of Financial Assets/Liabilities | -4,113.04 | | Reversal of Impairment Provision for Individually Tested Receivables | 494,524.90 | | Other Non-operating Income and Expenses | 2,783,911.21 | | Less: Income Tax Impact | 864,125.97 | | Minority Interest Impact (after tax) | -480,543.49 | | **Total** | **3,105,064.11** | - The company did not reclassify any non-recurring profit and loss items as recurring[21](index=21&type=chunk) [Section 3 Management Discussion and Analysis](index=10&type=section&id=Section%203%20Management%20Discussion%20and%20Analysis) [I. Principal Business Activities during the Reporting Period](index=10&type=section&id=I.%20Principal%20Business%20Activities%20during%20the%20Reporting%20Period) This section details the company's main operations, including energy-saving services and comprehensive resource utilization, and analyzes industry trends and competitive landscape [1. Company Business Overview](index=10&type=section&id=1.%20Company%20Business%20Overview) The company primarily provides one-stop comprehensive energy-saving services, positioning itself as an integrated energy supplier and service provider - The company's mission is to "integrate technology, research policy, and serve society," with a strategic focus on being a comprehensive energy supplier and service provider[23](index=23&type=chunk) - Main business categories include industrial, building, and urban lighting energy-saving services, alongside comprehensive resource utilization[25](index=25&type=chunk)[26](index=26&type=chunk) - The company's business model is shifting from "investment and holding" to a dual focus on "investment and holding + high-end services"[26](index=26&type=chunk) [2. Industry Overview](index=11&type=section&id=2.%20Industry%20Overview) The energy conservation industry is a core engine for green development, though the market remains fragmented and highly competitive - The energy conservation and environmental protection industry, a national strategic emerging sector, holds vast development potential and is crucial for achieving "dual carbon" goals[27](index=27&type=chunk)[28](index=28&type=chunk) - The comprehensive energy services market has broad prospects, supported by policies encouraging multi-energy complementation and the shift from energy consumption control to carbon emission control[30](index=30&type=chunk) - The energy-saving service industry is highly competitive and fragmented, characterized by many small and weak enterprises, with low industrial concentration[35](index=35&type=chunk)[36](index=36&type=chunk) - The company holds a leading position in the industry, with unique advantages in building energy conservation, and is transforming into a comprehensive energy developer and digital ecosystem provider[37](index=37&type=chunk) [3. Major Business Progress](index=13&type=section&id=3.%20Major%20Business%20Progress) In the first half of 2025, the company advanced key strategic tasks, achieving growth in both operating revenue and net profit - In the first half of the year, the company achieved **operating revenue of 1.603 billion RMB**, a YoY increase of **21.13%**, and **net profit attributable to shareholders of 213.74 million RMB**, a YoY increase of **4.48%**[40](index=40&type=chunk) - Industrial energy-saving business revenue was approximately **880.61 million RMB**, a YoY increase of about **27.70%**; building energy-saving business revenue was approximately **431.56 million RMB**, a YoY increase of about **5.00%**[40](index=40&type=chunk) - The company has filed for bankruptcy for two subsidiaries and achieved profitability in the Tengxian biomass project, positively impacting the comprehensive resource utilization business[40](index=40&type=chunk) - A new digital services company was established to focus on digital operation and maintenance, advancing the business structure toward "investment and holding + high-end services"[41](index=41&type=chunk) [II. Core Competitiveness Analysis](index=15&type=section&id=II.%20Core%20Competitiveness%20Analysis) The company's core competitiveness is built on technological innovation, extensive project experience, a professional talent pool, strong brand influence, and robust capital advantages - The company strengthens technological innovation through a "five-in-one" innovation consortium, focusing on "AI + Energy Saving" research projects like "AI + High-Efficiency Cooling Stations"[43](index=43&type=chunk)[44](index=44&type=chunk) - With extensive project experience, the company has developed unique integrated solutions and upgraded its digital management platform, managing **1,101 projects online**[46](index=46&type=chunk)[47](index=47&type=chunk) - The company maintains a three-tiered talent pool of **279 individuals** and implements a "Young Talent Support Project" to cultivate technical experts[48](index=48&type=chunk)[49](index=49&type=chunk) - Recognized as a "Double Hundred" reform benchmark enterprise by SASAC, the company's brand reputation is continuously enhanced through award-winning projects[50](index=50&type=chunk) - As a state-controlled listed company, it possesses strong market credit and financing capabilities, with consolidated net assets of approximately **7.651 billion RMB** at the end of the reporting period[51](index=51&type=chunk) [III. Main Business Analysis](index=17&type=section&id=III.%20Main%20Business%20Analysis) This section analyzes the financial performance of the company's main business, highlighting revenue growth driven by industrial energy saving and resource utilization [Overview](index=18&type=section&id=Overview) This part provides an overview of the company's main business operations, with details available in "I. Principal Business Activities during the Reporting Period" [Year-on-Year Changes in Key Financial Data](index=18&type=section&id=Year-on-Year%20Changes%20in%20Key%20Financial%20Data) This section details year-on-year changes in key financial data, showing a 21.13% revenue increase but a significant rise in expenses and investment cash outflows Year-on-Year Changes in Key Financial Data | Item | Current Period (RMB) | Same Period Last Year (RMB) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 1,603,397,773.62 | 1,323,734,918.16 | 21.13% | —— | | Operating Costs | 1,040,940,003.91 | 891,304,539.84 | 16.79% | —— | | Selling Expenses | 19,137,075.27 | 13,553,671.11 | 41.19% | Increased personnel costs due to market expansion and talent acquisition | | Administrative Expenses | 95,857,437.54 | 67,521,479.14 | 41.97% | Increased personnel costs due to hiring more management staff | | Financial Expenses | 147,293,213.33 | 135,653,705.24 | 8.58% | —— | | Income Tax Expense | 24,814,900.68 | 37,515,117.33 | -33.85% | New projects benefiting from tax reduction and exemption policies | | Net Cash Flow from Operating Activities | 536,201,004.81 | 567,290,854.24 | -5.48% | —— | | Net Cash Flow from Investing Activities | -2,090,414,392.06 | -848,147,933.32 | 146.47% | Increased expenditure on fixed asset construction projects | | Net Cash Flow from Financing Activities | 1,335,457,355.99 | 388,564,563.80 | 243.69% | Lower repayment of maturing debt compared to the previous year | | Net Increase in Cash and Cash Equivalents | -218,756,031.26 | 107,707,484.72 | -303.10% | Increased expenditure on fixed assets significantly exceeded cash inflows | [Operating Revenue Composition](index=18&type=section&id=Operating%20Revenue%20Composition) This section analyzes the composition of operating revenue by industry, product, and region, with the South China region remaining the primary income source Operating Revenue Composition (by Industry, Product, Region) | Item | Current Period Amount (RMB) | % of Revenue | Same Period Last Year Amount (RMB) | % of Revenue | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | | **By Industry** | | | | | | | Energy-saving Services | 1,367,239,414.84 | 85.27% | 1,168,856,027.23 | 88.30% | 16.97% | | Comprehensive Resource Utilization | 235,753,452.41 | 14.70% | 153,849,919.87 | 11.62% | 53.24% | | **By Product** | | | | | | | Industrial Energy-saving | 880,612,691.46 | 54.92% | 689,594,171.45 | 52.09% | 27.70% | | Building Energy-saving | 431,564,745.30 | 26.92% | 411,026,476.15 | 31.05% | 5.00% | | Comprehensive Resource Utilization | 235,753,452.41 | 14.70% | 153,849,919.87 | 11.62% | 53.24% | | **By Region** | | | | | | | South China | 1,081,519,560.51 | 67.45% | 879,204,932.31 | 66.42% | 23.01% | | Southwest China | 179,746,066.46 | 11.21% | 185,746,237.57 | 14.03% | -3.23% | | East China | 140,915,824.87 | 8.79% | 97,929,360.46 | 7.40% | 43.90% | | North China | 132,447,976.88 | 8.26% | 100,941,503.72 | 7.63% | 31.21% | | Central China | 68,768,344.90 | 4.29% | 59,912,884.10 | 4.53% | 14.78% | Gross Margin Changes in Main Business | Item | Gross Margin (Current) | Gross Margin (Last Year) | Change in Gross Margin | | :--- | :--- | :--- | :--- | | Energy-saving Services | 35.98% | 34.59% | Up 1.39 percentage points | | Comprehensive Resource Utilization | 29.89% | 17.77% | Up 12.12 percentage points | | Industrial Energy-saving | 52.00% | 46.66% | Up 5.34 percentage points | | Building Energy-saving | 14.44% | 14.44% | Unchanged | | Comprehensive Resource Utilization | 29.89% | 17.77% | Up 12.12 percentage points | | South China Region | 39.48% | 32.27% | Up 7.21 percentage points | | Southwest China Region | 3.27% | 32.58% | Down 29.31 percentage points | - **Industrial energy-saving business revenue grew by 27.70% YoY**, with gross margin increasing by 5.34 percentage points, mainly due to the timely commissioning of several projects[60](index=60&type=chunk) - **Comprehensive resource utilization business revenue grew by 53.24% YoY**, with gross margin increasing by 12.12 percentage points, driven by a new agrivoltaics project and effective disposal of inefficient biomass assets[61](index=61&type=chunk) [IV. Non-Main Business Analysis](index=21&type=section&id=IV.%20Non-Main%20Business%20Analysis) This section states that there is no analysis of non-main business activities for the reporting period - The company has no non-main business analysis for the reporting period[63](index=63&type=chunk) [V. Analysis of Assets and Liabilities](index=21&type=section&id=V.%20Analysis%20of%20Assets%20and%20Liabilities) This section analyzes the composition and significant changes in the company's assets and liabilities, noting an increase in fixed assets and restrictions on certain assets [1. Significant Changes in Asset Composition](index=21&type=section&id=1.%20Significant%20Changes%20in%20Asset%20Composition) Total assets grew by 10.24%, with the proportion of fixed assets increasing due to new projects becoming operational Significant Changes in Asset Composition | Item | End of Current Period (RMB) | % of Total Assets | End of Last Year (RMB) | % of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 990,354,813.62 | 4.32% | 1,195,065,360.01 | 5.75% | Down 1.43 percentage points | | Fixed Assets | 15,036,947,447.98 | 65.67% | 13,116,664,755.16 | 63.15% | Up 2.52 percentage points | | Construction in Progress | 1,383,119,483.70 | 6.04% | 1,503,210,526.77 | 7.24% | Down 1.20 percentage points | | Short-term Borrowings | 240,289,071.90 | 1.05% | 560,271,838.42 | 2.70% | Down 1.65 percentage points | | Long-term Borrowings | 6,093,636,159.19 | 26.61% | 5,987,204,588.84 | 28.82% | Down 2.21 percentage points | - The increase in the proportion of fixed assets is mainly due to the timely commissioning of major projects and the expansion of fixed asset construction[64](index=64&type=chunk) [2. Major Overseas Assets](index=22&type=section&id=2.%20Major%20Overseas%20Assets) This section states that the company had no major overseas assets during the reporting period - The company had no major overseas assets during the reporting period[65](index=65&type=chunk) [3. Assets and Liabilities Measured at Fair Value](index=22&type=section&id=3.%20Assets%20and%20Liabilities%20Measured%20at%20Fair%20Value) This section states that there were no significant changes in the measurement attributes of the company's main assets during the reporting period - There were no significant changes in the measurement attributes of the company's main assets during the reporting period[65](index=65&type=chunk) [4. Restricted Assets as of the End of the Reporting Period](index=22&type=section&id=4.%20Restricted%20Assets%20as%20of%20the%20End%20of%20the%20Reporting%20Period) As of the period end, assets with a total book value of 1.731 billion RMB were restricted, primarily for judicial freezes, guarantees, and loan collateral Restricted Assets | Item | Period-End Book Value (RMB) | Reason for Restriction | | :--- | :--- | :--- | | Cash and Cash Equivalents | 22,449,081.07 | Judicial freeze | | Cash and Cash Equivalents | 4,200,000.00 | Guarantee deposits in bank, restricted use funds | | Accounts Receivable | 1,261,204,898.47 | Pledged for bank loans | | Fixed Assets | 397,904,296.50 | Mortgaged for bank loans | | Intangible Assets | 45,724,461.90 | Pledged for bank loans | | **Total** | **1,731,482,737.94** | | [VI. Investment Analysis](index=22&type=section&id=VI.%20Investment%20Analysis) This section outlines the company's investment activities, highlighting a significant increase in the installed capacity of newly commissioned energy-saving projects [1. Overall Situation](index=22&type=section&id=1.%20Overall%20Situation) The company continued to leverage its advantages in the energy-saving sector, with a substantial year-on-year increase in the installed capacity of new projects Changes in Financial Assets | Item | Opening Balance (RMB) | Fair Value Change Gain/Loss (RMB) | Closing Balance (RMB) | | :--- | :--- | :--- | :--- | | Other Non-current Financial Assets | 2,983,536.31 | -4,113.04 | 2,979,423.27 | | Subtotal of Financial Assets | 2,983,536.31 | -4,113.04 | 2,979,423.27 | - During the reporting period, the installed capacity of the company's newly commissioned energy-saving projects increased significantly year-on-year[68](index=68&type=chunk) [2. Significant Equity Investments Acquired During the Reporting Period](index=23&type=section&id=2.%20Significant%20Equity%20Investments%20Acquired%20During%20the%20Reporting%20Period) This section states that the company made no significant equity investments during the reporting period - The company made no significant equity investments during the reporting period[69](index=69&type=chunk) [3. Significant Non-Equity Investments in Progress During the Reporting Period](index=23&type=section&id=3.%20Significant%20Non-Equity%20Investments%20in%20Progress%20During%20the%20Reporting%20Period) This section states that the company had no significant ongoing non-equity investments during the reporting period - The company had no significant non-equity investments during the reporting period[70](index=70&type=chunk) [4. Financial Asset Investments](index=23&type=section&id=4.%20Financial%20Asset%20Investments) This section states that the company made no securities or derivatives investments during the reporting period - The company made no securities or derivatives investments during the reporting period[69](index=69&type=chunk)[70](index=70&type=chunk) [5. Use of Raised Funds](index=23&type=section&id=5.%20Use%20of%20Raised%20Funds) This section states that there was no use of raised funds during the reporting period - There was no use of raised funds during the reporting period[71](index=71&type=chunk) [VII. Major Asset and Equity Sales](index=24&type=section&id=VII.%20Major%20Asset%20and%20Equity%20Sales) This section states that the company did not sell any major assets or equity during the reporting period - The company did not sell any major assets or equity during the reporting period[72](index=72&type=chunk)[73](index=73&type=chunk) [VIII. Analysis of Major Holding and Participating Companies](index=25&type=section&id=VIII.%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) This section analyzes the performance of major subsidiaries and discloses the establishment of a new subsidiary in Chongqing Financial Data of Major Subsidiaries | Company Name | Type | Main Business | Registered Capital (RMB) | Total Assets (RMB) | Net Assets (RMB) | Operating Revenue (RMB) | Operating Profit (RMB) | Net Profit (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | CSG Comprehensive Energy (Foshan) Co, Ltd | Subsidiary | Energy performance contracting, energy-saving retrofitting | 550,267,200.00 | 2,233,790,471.74 | 1,114,360,679.61 | 135,109,190.12 | 65,666,392.00 | 57,825,061.64 | | CSG Comprehensive Energy (Zhuhai) Co, Ltd | Subsidiary | Energy performance contracting, energy-saving retrofitting | 538,000,000.00 | 1,536,818,708.62 | 670,560,975.96 | 82,445,279.94 | 36,418,368.53 | 33,290,831.00 | - During the reporting period, the company established CSG Comprehensive Energy (Chongqing) Co, Ltd, which is not expected to have a significant impact on overall operations and performance[79](index=79&type=chunk) [IX. Structured Entities Controlled by the Company](index=27&type=section&id=IX.%20Structured%20Entities%20Controlled%20by%20the%20Company) This section states that the company did not control any structured entities during the reporting period - The company did not control any structured entities during the reporting period[80](index=80&type=chunk) [X. Risks and Countermeasures](index=27&type=section&id=X.%20Risks%20and%20Countermeasures) This section identifies risks related to market competition, business models, accounts receivable, and debt, and outlines corresponding countermeasures - The company faces risks from intensified market competition, addressed by optimizing business layout, strengthening innovation, and controlling costs[80](index=80&type=chunk) - The energy performance contracting model carries risks of high initial investment and uncertain returns, managed through optimized investment plans and risk control[81](index=81&type=chunk)[82](index=82&type=chunk) - Risks in accounts receivable collection are addressed by optimizing service models, cultivating new businesses, and strengthening receivables management[83](index=83&type=chunk)[84](index=84&type=chunk) - The risk of increasing debt and interest expenses is managed by enhancing capital forecasting, optimizing fund management, and exploring green financing tools[85](index=85&type=chunk) [XI. Market Value Management System and Value Enhancement Plan](index=29&type=section&id=XI.%20Market%20Value%20Management%20System%20and%20Value%20Enhancement%20Plan) This section states that the company has established a market value management system to enhance investment value and shareholder returns - The company has formulated and approved the "Market Value Management System of CSG Comprehensive Energy Co, Ltd" to enhance investment value and shareholder returns[88](index=88&type=chunk) [XII. Implementation of the "Dual Improvement of Quality and Return" Action Plan](index=29&type=section&id=XII.%20%E2%80%9CQuality%20Return%20Dual%20Improvement%E2%80%9D%20Action%20Plan%20Implementation) This section states that the company did not disclose a "Dual Improvement of Quality and Return" action plan during the reporting period - The company did not disclose a "Dual Improvement of Quality and Return" action plan during the reporting period[90](index=90&type=chunk) [Section 4 Corporate Governance, Environment, and Society](index=30&type=section&id=Section%204%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) [I. Changes in Directors, Supervisors, and Senior Management](index=30&type=section&id=I.%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) This section discloses changes in the company's board of directors, supervisory committee, and senior management during the reporting period Changes in Directors, Supervisors, and Senior Management | Name | Position | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Liu Jingping | Director, Member of Remuneration and Appraisal Committee | Resigned | Aug 07, 2025 | Retirement | | Du Peng | Employee Representative Director | Elected | Aug 08, 2025 | -- | | Sun Shiqi | Supervisor | Resigned | Aug 08, 2025 | Supervisory Committee Reform | | Li Baobing | Supervisor | Resigned | Aug 08, 2025 | Supervisory Committee Reform | | Luo Jun | Supervisor | Resigned | Aug 08, 2025 | Supervisory Committee Reform | | Zhang Jiyang | Supervisor | Resigned | Aug 08, 2025 | Supervisory Committee Reform | | Cao Jiandong | Supervisor | Resigned | Aug 08, 2025 | Supervisory Committee Reform | [II. Profit Distribution and Capitalization of Capital Reserve for the Reporting Period](index=30&type=section&id=II.%20Profit%20Distribution%20and%20Capitalization%20of%20Capital%20Reserve%20for%20the%20Reporting%20Period) This section details the company's 2025 interim profit distribution plan, proposing a cash dividend of 0.07 RMB per 10 shares 2025 Interim Profit Distribution Plan | Item | Amount/Quantity | | :--- | :--- | | Bonus Shares per 10 Shares | 0 shares | | Cash Dividend per 10 Shares (tax inclusive) | 0.07 RMB | | Shares Converted per 10 Shares | 0 shares | | Share Capital Base for Distribution | 3,787,878,787 shares | | Total Cash Dividend (tax inclusive) | 26,515,151.51 RMB | | Ratio of Cash Dividend to Total Profit Distribution | 100% | | Ratio of Cash Dividend to H1 2025 Net Profit Attributable to Parent | 12.41% | [III. Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=32&type=section&id=III.%20Implementation%20of%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) This section states that while no equity incentive plans were implemented, the company continued to deepen compensation reforms and explore other incentive mechanisms - No equity incentive or employee stock ownership plans were implemented during the reporting period[95](index=95&type=chunk)[96](index=96&type=chunk) - The company continues to optimize its incentive mechanisms, implementing an **excess profit sharing plan for 2023-2025** and piloting a performance-based dividend incentive scheme[95](index=95&type=chunk) [IV. Environmental Information Disclosure](index=32&type=section&id=IV.%20Environmental%20Information%20Disclosure) This section discloses that the company and five of its major subsidiaries are included in the list of enterprises required to disclose environmental information by law - The company and five of its major subsidiaries are included in the list of enterprises required to disclose environmental information by law[97](index=97&type=chunk) Subsidiaries on the Environmental Information Disclosure List | No. | Company Name | | :--- | :--- | | 1 | Yangshan Nandian Biomass Power Generation Co, Ltd | | 2 | CSG Comprehensive Energy (Guangzhou) Co, Ltd Chishui Branch | | 3 | Guangxi Nanneng Changling Clean Energy Co, Ltd | | 4 | Fujian Zhangpu Yanglv Thermal Energy Co, Ltd | | 5 | Tengxian Xinlongyuan Biomass Thermal Power Co, Ltd | [V. Social Responsibility](index=33&type=section&id=V.%20Social%20Responsibility) This section outlines the company's fulfillment of social responsibilities in governance, shareholder rights, employee welfare, environmental protection, and social relations - The company adheres to the Party's leadership, advances state-owned enterprise reform, and has won awards for "Best Practice of Listed Company Board of Directors" for two consecutive years[100](index=100&type=chunk) - Upholding an "investor-centric" principle, the company protects minority investor rights and has been recognized for "Best Practice in Investor Relations Management" for two consecutive years[101](index=101&type=chunk) - The company respects employee rights, has established an employee rights protection department, and ensures a **100% certification rate** for on-the-job personnel through professional training[102](index=102&type=chunk) - In the first half of 2025, the company's projects achieved electricity savings of **2.274 billion kWh**, equivalent to reducing CO2 emissions by **721,000 tons**[103](index=103&type=chunk) - The company fosters win-win relationships with stakeholders and participates in rural revitalization through projects like agrivoltaics, creating local employment[104](index=104&type=chunk) [Section 5 Significant Matters](index=35&type=section&id=Section%205%20Significant%20Matters) [I. Commitments Fulfilled or Overdue by Relevant Parties](index=36&type=section&id=I.%20Commitments%20Fulfilled%20or%20Overdue%20by%20Relevant%20Parties) This section discloses that all commitments made by the actual controller, shareholders, and related parties regarding share lock-ups were fulfilled on time - The controlling shareholder, China Southern Power Grid, has fulfilled its commitments regarding the lock-up arrangement for pre-IPO shares and the voluntary extension of the lock-up period[106](index=106&type=chunk) [II. Non-operational Fund Occupation by Controlling Shareholders and Other Related Parties](index=37&type=section&id=II.%20Non-operational%20Fund%20Occupation%20by%20Controlling%20Shareholders%20and%20Other%20Related%20Parties) This section states that there was no non-operational occupation of the company's funds by its controlling shareholder or other related parties - There was no non-operational fund occupation by the controlling shareholder or other related parties during the reporting period[107](index=107&type=chunk) [III. Irregular External Guarantees](index=37&type=section&id=III.%20Irregular%20External%20Guarantees) This section states that the company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[108](index=108&type=chunk) [IV. Appointment and Dismissal of Accounting Firm](index=37&type=section&id=IV.%20Appointment%20and%20Dismissal%20of%20Accounting%20Firm) This section states that the company's semi-annual financial report has not been audited - The company's semi-annual report has not been audited[109](index=109&type=chunk) [V. Board's Explanation on "Non-standard Audit Report" for the Current Period](index=37&type=section&id=V.%20Board's%20Explanation%20on%20%22Non-standard%20Audit%20Report%22%20for%20the%20Current%20Period) This section states that no "non-standard audit report" was issued by the accounting firm for the reporting period - No non-standard audit report was issued for the reporting period[110](index=110&type=chunk) [VI. Board's Explanation on "Non-standard Audit Report" from the Previous Year](index=37&type=section&id=VI.%20Board's%20Explanation%20on%20%22Non-standard%20Audit%20Report%22%20from%20the%20Previous%20Year) This section states that no "non-standard audit report" was issued by the accounting firm for the previous year - No non-standard audit report was issued for the previous year[110](index=110&type=chunk) [VII. Bankruptcy and Reorganization Matters](index=37&type=section&id=VII.%20Bankruptcy%20and%20Reorganization%20Matters) This section discloses the progress of bankruptcy applications for two sub-subsidiaries, with one case accepted by the court and the other's rejection being appealed - The company has applied for the bankruptcy of two sub-subsidiaries, Yangshan Nandian and Nanneng Changling, to optimize its business layout[110](index=110&type=chunk) - The bankruptcy case of Yangshan Nandian has been formally accepted by the Qingyuan Intermediate People's Court and an administrator has been appointed[110](index=110&type=chunk)[111](index=111&type=chunk) - The bankruptcy application for Guangxi Nanneng Changling was rejected by the court, and the company has filed an appeal with a higher court[111](index=111&type=chunk) [VIII. Litigation Matters](index=38&type=section&id=VIII.%20Litigation%20Matters) This section discloses litigation matters during the reporting period, involving various construction and loan contract disputes that did not meet the threshold for major litigation Litigation (Arbitration) Overview | Litigation (Arbitration) Status | Amount Involved (RMB 10,000) | Number of Cases | Provision for Liabilities | Progress | | :--- | :--- | :--- | :--- | :--- | | Company as plaintiff (below major litigation threshold) | 5,343.41 | 9 | No | Pending trial as of period end | | Company as plaintiff (below major litigation threshold) | 23,510.23 | 22 | No | Judgment effective or in enforcement as of period end | | Company as defendant (below major litigation threshold) | 17,216.68 | 13 | No | Pending trial as of period end | | Company as defendant (below major litigation threshold) | 12,869.11 | 2 | No | Judgment effective or in enforcement as of period end | [IX. Penalties and Rectifications](index=38&type=section&id=IX.%20Penalties%20and%20Rectifications) This section states that there were no major penalties or rectifications during the reporting period - There were no major penalties or rectifications during the reporting period[114](index=114&type=chunk) [X. Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=38&type=section&id=X.%20Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller) This section states that there were no integrity issues concerning the company, its controlling shareholder, or actual controller during the reporting period - There were no integrity issues concerning the company, its controlling shareholder, or actual controller during the reporting period[115](index=115&type=chunk) [XI. Major Related-Party Transactions](index=39&type=section&id=XI.%20Major%20Related-Party%20Transactions) This section discloses major related-party transactions, including daily operations, debt financing, and other significant transactions like fund investments [1. Related-Party Transactions in Connection with Daily Operations](index=39&type=section&id=1.%20Related-Party%20Transactions%20in%20Connection%20with%20Daily%20Operations) This section lists related-party transactions with the controlling shareholder, totaling 992.37 million RMB, covering electricity sales, energy services, and procurement Related-Party Transactions in Connection with Daily Operations | Transaction Type | Transaction Content | Amount (RMB 10,000) | % of Similar Transactions | Approved Limit (RMB 10,000) | | :--- | :--- | :--- | :--- | :--- | | Sales to Related Parties | Electricity Sales | 35,650.94 | 39.83% | 190,000 | | Services to Related Parties | Building and Industrial Energy Services | 20,057.39 | 33.44% | 60,000 | | Services to Related Parties | Energy Retrofitting and Others | 220.63 | 92.92% | 16,000 | | Purchases from Related Parties | Electricity Procurement | 19,193.75 | 62.33% | 80,000 | | Services from Related Parties | Technical, O&M, Construction Services | 22,624.22 | 9.84% | 30,000 | | Services from Related Parties | Insurance Premiums | 727.89 | 99.80% | 4,000 | | Related-Party Leases | Lease Fees | 708.75 | 22.28% | 3,000 | | Entrusted Loan Service Fees | Service Fees | 53.23 | 65.22% | 300 | | **Total** | | **99,236.80** | | **383,300.00** | [2. Related-Party Transactions Involving Asset or Equity Acquisitions and Sales](index=40&type=section&id=2.%20Related-Party%20Transactions%20Involving%20Asset%20or%20Equity%20Acquisitions%20and%20Sales) This section states that no related-party transactions involving asset or equity acquisitions and sales occurred during the reporting period - No related-party transactions involving asset or equity acquisitions and sales occurred during the reporting period[119](index=119&type=chunk) [3. Related-Party Transactions Involving Joint External Investments](index=40&type=section&id=3.%20Related-Party%20Transactions%20Involving%20Joint%20External%20Investments) This section states that no related-party transactions involving joint external investments occurred during the reporting period - No related-party transactions involving joint external investments occurred during the reporting period[120](index=120&type=chunk) [4. Related-Party Credit and Debt](index=41&type=section&id=4.%20Related-Party%20Credit%20and%20Debt) This section discloses non-operational credit and debt with related parties, primarily fund borrowings, with a total of 400 million RMB payable at period end Payables to Related Parties (Fund Borrowings) | Related Party | Reason | Opening Balance (RMB 10,000) | Current Increase (RMB 10,000) | Current Repayment (RMB 10,000) | Interest Rate | Closing Balance (RMB 10,000) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | China Southern Power Grid Co, Ltd and its subsidiaries | Fund Borrowing | 24,000.00 | 6,000.00 | 12,000.00 | 2.30% | 18,000.00 | | China Southern Power Grid Co, Ltd and its subsidiaries | Fund Borrowing | 19,500.00 | 0 | 19,500.00 | 2.50% | 0.00 | | China Southern Power Grid Co, Ltd and its subsidiaries | Fund Borrowing | 0 | 10,000.00 | 0 | 1.82% | 10,000.00 | | China Southern Power Grid Co, Ltd and its subsidiaries | Fund Borrowing | 75,000.00 | 0 | 0 | 2.48% | 75,000.00 | | China Southern Power Grid Co, Ltd and its subsidiaries | Fund Borrowing | 0 | 15,000.00 | 0 | 1.92% | 15,000.00 | | China Southern Power Grid Co, Ltd and its subsidiaries | Fund Borrowing | 40,000.00 | 0 | 0 | 1.94% | 40,000.00 | | China Southern Power Grid Co, Ltd and its subsidiaries | Fund Borrowing | 40,000.00 | 0 | 0 | 1.68% | 40,000.00 | | China Southern Power Grid Co, Ltd and its subsidiaries | Fund Borrowing | 40,000.00 | 0 | 0 | 2.45% | 40,000.00 | | China Southern Power Grid Co, Ltd and its subsidiaries | Fund Borrowing | 0 | 30,000.00 | 0 | 1.74% | 30,000.00 | | China Southern Power Grid Co, Ltd and its subsidiaries | Fund Borrowing | 20,000.00 | 0 | 0 | 1.91% | 20,000.00 | | China Southern Power Grid Co, Ltd and its subsidiaries | Fund Borrowing | 20,000.00 | 0 | 0 | 3.47% | 20,000.00 | | China Southern Power Grid Co, Ltd and its subsidiaries | Fund Borrowing | 20,000.00 | 0 | 0 | 2.95% | 20,000.00 | | China Southern Power Grid Co, Ltd and its subsidiaries | Fund Borrowing | 20,000.00 | 0 | 0 | 2.53% | 20,000.00 | | China Southern Power Grid Co, Ltd and its subsidiaries | Fund Borrowing | 0 | 50,000.00 | 0 | 2.18% | 50,000.00 | | China Southern Power Grid Co, Ltd and its subsidiaries | Fund Borrowing | 0 | 80,000.00 | 0 | 2.11% | 80,000.00 | | China Southern Power Grid Co, Ltd and its subsidiaries | Fund Borrowing | 10,000.00 | 0 | 10,000.00 | 1.83% | 0.00 | | China Southern Power Grid Co, Ltd and its subsidiaries | Fund Borrowing | 30,000.00 | 0 | 30,000.00 | 1.82% | 0.00 | [5. Transactions with Related Finance Company](index=41&type=section&id=5.%20Transactions%20with%20Related%20Finance%20Company) This section discloses transactions with CSG Finance Company Limited, including deposits, loans, and credit facilities Deposit Business with CSG Finance Company Limited | Related Party | Max Daily Deposit Limit (RMB 10,000) | Deposit Interest Rate Range | Opening Balance (RMB 10,000) | Current Deposits (RMB 10,000) | Current Withdrawals (RMB 10,000) | Closing Balance (RMB 10,000) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | CSG Finance Company Limited | 300,000.00 | 0.1%-0.65% | 113,952.28 | 546,965.35 | 565,314.98 | 95,602.65 | Loan Business with CSG Finance Company Limited | Related Party | Loan Limit (RMB 10,000) | Loan Interest Rate Range | Opening Balance (RMB 10,000) | Current Loans (RMB 10,000) | Current Repayments (RMB 10,000) | Closing Balance (RMB 10,000) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | CSG Finance Company Limited | 115,000.00 | 2.05%-2.6% | 43,500.00 | 6,000.00 | 31,500.00 | 18,000.00 | Credit Business with CSG Finance Company Limited | Related Party | Business Type | Total Limit (RMB 10,000) | Actual Amount (RMB 10,000) | | :--- | :--- | :--- | :--- | | CSG Finance Company Limited | Credit Line | 300,000.00 | 50,000.00 | [6. Transactions between Company-controlled Finance Company and Related Parties](index=43&type=section&id=6.%20Transactions%20between%20Company-controlled%20Finance%20Company%20and%20Related%20Parties) This section states that no financial transactions occurred between the company's controlled finance company and related parties - No deposits, loans, credit, or other financial business occurred between the company's controlled finance company and related parties[125](index=125&type=chunk) [7. Other Major Related-Party Transactions](index=43&type=section&id=7.%20Other%20Major%20Related-Party%20Transactions) This section discloses the company's participation in establishing an industrial investment fund and its cooperation on carbon reduction projects - The company co-invested in the CSG Strategic Emerging Industry Investment Fund, with a cumulative contribution of **3 million RMB** as of June 30, 2025[126](index=126&type=chunk) - The company is collaborating with Guangdong Environmental Protection Group to invest in carbon reduction and energy-saving projects, with a cumulative contribution of **5.44 million RMB** as of June 30, 2025[126](index=126&type=chunk) [XII. Major Contracts and Their Performance](index=43&type=section&id=XII.%20Major%20Contracts%20and%20Their%20Performance) This section discloses the performance of major contracts, primarily involving leasing of properties, rooftops, land, and equipment, totaling 19.24 million square meters [1. Custody, Contracting, and Leasing](index=43&type=section&id=1.%20Custody%2C%20Contracting%2C%20and%20Leasing) This section states that while no custody or contracting arrangements existed, the company engaged in significant leasing activities for its projects and offices - No custody or contracting arrangements were in place during the reporting period[127](index=127&type=chunk)[128](index=128&type=chunk) - The company leases properties, rooftops, land, and equipment (finance leases), with a total leased area of **19.24 million square meters**[129](index=129&type=chunk) [2. Major Guarantees](index=44&type=section&id=2.%20Major%20Guarantees) This section states that there were no major guarantees during the reporting period - There were no major guarantees during the reporting period[131](index=131&type=chunk) [3. Entrusted Wealth Management](index=44&type=section&id=3.%20Entrusted%20Wealth%20Management) This section states that there was no entrusted wealth management during the reporting period - There was no entrusted wealth management during the reporting period[132](index=132&type=chunk) [4. Other Major Contracts](index=44&type=section&id=4.%20Other%20Major%20Contracts) This section states that there were no other major contracts during the reporting period - There were no other major contracts during the reporting period[133](index=133&type=chunk)[134](index=134&type=chunk) [XIII. Explanation of Other Significant Matters](index=45&type=section&id=XIII.%20Explanation%20of%20Other%20Significant%20Matters) This section states that there are no other significant matters to be explained for the reporting period - There are no other significant matters for the reporting period[135](index=135&type=chunk) [XIV. Significant Matters of Company Subsidiaries](index=45&type=section&id=XIV.%20Significant%20Matters%20of%20Company%20Subsidiaries) This section reiterates the progress of bankruptcy applications for two sub-subsidiaries, with one case accepted and the other's rejection being appealed - The bankruptcy application for the sub-subsidiary Yangshan Nandian has been accepted, and an administrator has been appointed[136](index=136&type=chunk) - The bankruptcy application for the sub-subsidiary Nanneng Changling was rejected, and the company has appealed to the Guangxi Zhuang Autonomous Region Higher People's Court[136](index=136&type=chunk) [Section 6 Changes in Share Capital and Shareholders](index=46&type=section&id=Section%206%20Changes%20in%20Share%20Capital%20and%20Shareholders) [I. Changes in Share Capital](index=46&type=section&id=I.%20Changes%20in%20Share%20Capital) This section details changes in the company's share capital, primarily due to the release of restricted shares from the initial public offering [1. Changes in Share Capital](index=46&type=section&id=1.%20Changes%20in%20Share%20Capital) During the reporting period, 1.53 billion restricted shares were released from lock-up, increasing the number of unrestricted shares Changes in Share Capital (Shares) | Item | Pre-Change Quantity | Pre-Change Ratio | Change (+, -) | Post-Change Quantity | Post-Change Ratio | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 1,530,000,000 | 40.39% | -1,530,000,000 | 0 | 0.00% | | 2. State-owned Legal Person Shares | 1,530,000,000 | 40.39% | -1,530,000,000 | 0 | 0.00% | | II. Unrestricted Shares | 2,257,878,787 | 59.61% | 1,530,000,000 | 3,787,878,787 | 100.00% | | 1. RMB Ordinary Shares | 2,257,878,787 | 59.61% | 1,530,000,000 | 3,787,878,787 | 100.00% | | III. Total Shares | 3,787,878,787 | 100.00% | 0 | 3,787,878,787 | 100.00% | - On March 31, 2025, **1,530,000,000 pre-IPO shares were released from lock-up**, accounting for **40.39%** of the company's total share capital[141](index=141&type=chunk) [2. Changes in Restricted Shares](index=48&type=section&id=2.%20Changes%20in%20Restricted%20Shares) This section details the release of 1.53 billion restricted shares held by China Southern Power Grid Co, Ltd on March 31, 2025 Changes in Restricted Shares (Shares) | Shareholder Name | Opening Restricted Shares | Shares Released | Shares Added | Closing Restricted Shares | Reason for Restriction | Release Date | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | China Southern Power Grid Co, Ltd | 1,530,000,000 | 1,530,000,000 | 0 | 0 | Pre-IPO Lock-up | Mar 31, 2025 | | **Total** | **1,530,000,000** | **1,530,000,000** | **0** | **0** | -- | -- | [II. Securities Issuance and Listing](index=48&type=section&id=II.%20Securities%20Issuance%20and%20Listing) This section states that there were no securities issued or listed during the reporting period - No securities were issued or listed during the reporting period[145](index=145&type=chunk) [III. Number of Shareholders and Shareholding Status](index=49&type=section&id=III.%20Number%20of%20Shareholders%20and%20Shareholding%20Status) This section discloses that the company had 121,151 ordinary shareholders at the period end and lists the top 10 shareholders - The total number of ordinary shareholders at the end of the reporting period was **121,151**[147](index=147&type=chunk) Shareholding of Top 10 Shareholders or Those Holding Over 5% | Shareholder Name | Nature | Shareholding Ratio | Shares Held at Period End | Unrestricted Shares Held | | :--- | :--- | :--- | :--- | :--- | | China Southern Power Grid Co, Ltd | State-owned Legal Person | 40.39% | 1,530,000,000 | 1,530,000,000 | | Nanwang Jianxin Fund Management Co, Ltd - Green Energy Mixed-Ownership Reform Equity Investment Fund | Other | 16.42% | 621,818,182 | 621,818,182 | | Guangdong Energy Group Co, Ltd | State-owned Legal Person | 10.56% | 400,000,000 | 400,000,000 | | Guangdong Environmental Protection Group Co, Ltd | State-owned Legal Person | 5.82% | 220,303,030 | 220,303,030 | | TBEA Co, Ltd | Domestic Non-state-owned Legal Person | 3.05% | 115,703,530 | 115,703,530 | | Agricultural Bank of China - CSI 500 ETF | Other | 0.45% | 17,069,290 | 17,069,290 | | Hong Kong Securities Clearing Company Ltd | Overseas Legal Person | 0.36% | 13,681,633 | 13,681,633 | | Bank of China - Huatai-PineBridge CSI Photovoltaic Industry ETF | Other | 0.35% | 13,239,288 | 13,239,288 | | China Southern Power Grid Capital Holdings Co, Ltd | State-owned Legal Person | 0.33% | 12,343,300 | 12,343,300 | | Deng Lijun | Domestic Natural Person | 0.29% | 10,938,700 | 10,938,700 | - China Southern Power Grid Co, Ltd holds a total of **48.21%** of the company's shares through direct and indirect means[148](index=148&type=chunk) [IV. Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=51&type=section&id=IV.%20Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) This section states that there were no changes in the shareholdings of directors, supervisors, and senior management during the reporting period - There were no changes in the shareholdings of directors, supervisors, and senior management during the reporting period[150](index=150&type=chunk) [V. Changes in Controlling Shareholder or Actual Controller](index=51&type=section&id=V.%20Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) This section states that there were no changes in the company's controlling shareholder or actual controller during the reporting period - There were no changes in the company's controlling shareholder or actual controller during the reporting period[151](index=151&type=chunk)[152](index=152&type=chunk) [VI. Preferred Shares](index=53&type=section&id=VI.%20Preferred%20Shares) This section states that the company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[153](index=153&type=chunk) [Section 7 Bond-related Matters](index=54&type=section&id=Section%207%20Bond-related%20Matters) [Bond-related Matters](index=54&type=section&id=Bond-related%20Matters) This section states that the company had no corporate bonds during the reporting period - The company had no corporate bonds during the reporting period[155](index=155&type=chunk) [Section 8 Financial Report](index=55&type=section&id=Section%208%20Financial%20Report) [I. Audit Report](index=55&type=section&id=I.%20Audit%20Report) This section states that the company's semi-annual financial report has not been audited - The company's semi-annual financial report has not been audited[157](index=157&type=chunk) [II. Financial Statements](index=55&type=section&id=II.%20Financial%20Statements) This section provides the company's consolidated and parent company financial statements for the first half of 2025 [1. Consolidated Balance Sheet](index=55&type=section&id=1.%20Consolidated%20Balance%20Sheet) As of June 30, 2025, the company's consolidated total assets were 22.90 billion RMB, with total liabilities of 15.25 billion RMB Consolidated Balance Sheet (Closing Balance) | Item | Closing Balance (RMB) | | :--- | :--- | | Cash and Cash Equivalents | 990,354,813.62 | | Accounts Receivable | 3,062,003,666.96 | | Fixed Assets | 15,036,947,447.98 | | Construction in Progress | 1,383,119,483.70 | | **Total Assets** | **22,899,416,812.24** | | Short-term Borrowings | 240,289,071.90 | | Accounts Payable | 2,040,861,502.89 | | Long-term Borrowings | 6,093,636,159.19 | | **Total Liabilities** | **15,248,327,635.11** | | Share Capital | 3,787,878,787.00 | | Total Equity Attributable to Parent Company | 6,838,918,708.94 | | Minority Interest | 812,170,468.19 | | **Total Equity** | **7,651,089,177.13** | [2. Parent Company Balance Sheet](index=59&type=section&id=2.%20Parent%20Company%20Balance%20Sheet) As of June 30, 2025, the parent company's total assets were 15.96 billion RMB, with total liabilities of 9.56 billion RMB Parent Company Balance Sheet (Closing Balance) | Item | Closing Balance (RMB) | | :--- | :--- | | Cash and Cash Equivalents | 909,071,212.48 | | Accounts Receivable | 1,474,065,492.60 | | Long-term Equity Investments | 5,203,686,891.32 | | Fixed Assets | 6,784,488,526.12 | | **Total Assets** | **15,962,503,929.04** | | Short-term Borrowings | 180,115,555.52 | | Accounts Payable | 963,347,869.84 | | Long-term Borrowings | 2,108,821,306.00 | | **Total Liabilities** | **9,556,476,900.83** | | Share Capital | 3,787,878,787.00 | | Retained Earnings | 1,358,428,025.90 | | **Total Equity** | **6,406,027,028.21** | [3. Consolidated Income Statement](index=62&type=section&id=3.%20Consolidated%20Income%20Statement) For the first half of 2025, the company achieved a consolidated total operating revenue of 1.60 billion RMB and a net profit of 248.44 million RMB Consolidated Income Statement (H1 2025) | Item | H1 2025 (RMB) | | :--- | :--- | | Total Operating Revenue | 1,603,397,773.62 | | Total Operating Costs | 1,310,692,412.22 | | Operating Profit | 270,466,449.99 | | Total Profit | 273,250,361.20 | | Net Profit | 248,435,460.52 | | Net Profit Attributable to Parent Company | 213,743,186.14 | | Minority Interest Income | 34,692,274.38 | | Basic Earnings per Share | 0.0564 | | Diluted Earnings per Share | 0.0564 | [4. Parent Company Income Statement](index=64&type=section&id=4.%20Parent%20Company%20Income%20Statement) For the first half of 2025, the parent company achieved an operating revenue of 939.79 million RMB and a net profit of 112.50 million RMB Parent Company Income Statement (H1 2025) | Item | H1 2025 (RMB) | | :--- | :--- | | Operating Revenue | 939,793,124.69 | | Operating Costs | 674,777,537.29 | | Operating Profit | 112,084,673.57 | | Total Profit | 115,060,250.97 | | Net Profit | 112,503,846.67 | [5. Consolidated Cash Flow Statement](index=66&type=section&id=5.%20Consolidated%20Cash%20Flow%20Statement) For the first half of 2025, net cash flow from operating activities was 536.20 million RMB, while net cash flow from investing activities was -2.09 billion RMB Consolidated Cash Flow Statement (H1 2025) | Item | H1 2025 (RMB) | | :--- | :--- | | Net Cash Flow from Operating Activities | 536,201,004.81 | | Net Cash Flow from Investing Activities | -2,090,414,392.06 | | Net Cash Flow from Financing Activities | 1,335,457,355.99 | | Net Increase in Cash and Cash Equivalents | -218,756,031.26 | | Closing Balance of Cash and Cash Equivalents | 963,705,732.55 | [6. Parent Company Cash Flow Statement](index=68&type=section&id=6.%20Parent%20Company%20Cash%20Flow%20Statement) For the first half of 2025, the parent company's net cash flow from operating activities was 340.84 million RMB, with a net decrease in cash of 261.39 million RMB Parent Company Cash Flow Statement (H1 2025) | Item | H1 2025 (RMB) | | :--- | :--- | | Net Cash Flow from Operating Activities | 340,838,474.53 | | Net Cash Flow from Investing Activities | -1,644,509,985.37 | | Net Cash Flow from Financing Activities | 1,042,282,605.51 | | Net Increase in Cash and Cash Equivalents | -261,388,905.33 | | Closing Balance of Cash and Cash Equivalents | 888,429,268.39 | [7. Consolidated Statement of Changes in Equity](index=70&type=section&id=7.%20Consolidated%20Statement%20of%20Changes%20in%20Equity) This statement details changes in consolidated equity for H1 2025, with total equity reaching 7.65 billion RMB at period end [8. Parent Company Statement of Changes in Equity](index=77&type=section&id=8.%20Parent%20Company%20Statement%20of%20Changes%20in%20Equity) This statement details changes in the parent company's equity for H1 2025, with total equity reaching 6.41 billion RMB at period end [III. Company Basic Information](index=85&type=section&id=III.%20Company%20Basic%20Information) This section provides the company's registration details, business nature, and financial report approval information [1. Company Registration, Organization Form, and Headquarters Address](index=85&type=section&id=1.%20Company%20Registration%2C%20Organization%20Form%2C%20and%20Headquarters%20Address) The company was incorporated in 2010, became a joint-stock company in 2019, and was listed on the Shenzhen Stock Exchange in 2021 - The company's registered capital is **3.788 billion RMB**, and the legal representative is Song Xinming[200](index=200&type=chunk) - The company's shares were listed on the Shenzhen Stock Exchange on January 19, 2021[200](index=200&type=chunk) [2. Business Nature and Main Operating Activities](index=85&type=section&id=2.%20Business%20Nature%20and%20Main%20Operating%20Activities) The company primarily provides energy-saving services through the energy performance contracting model, covering industrial, building, and urban lighting sectors - The company provides customers with energy-saving services, including diagnosis, customized system solutions, investment, and operational management, mainly through the energy performance contracting model[201](index=201&type=chunk) - Main operating activities include industrial, building, and urban lighting energy saving, consulting services, and comprehensive resource utilization (biomass, agrivoltaics, distributed wind power)[201](index=201&type=chunk)[202](index=202&type=chunk)[204](index=204&type=chunk) [3. Approver and Approval Date of the Financial Report](index=86&type=section&id=3.%20Approver%20and%20Approval%20Date%20of%20the%20Financial%20Report) This financial report was approved for issuance by the company's Board of Directors on August 28, 2025 - This financial report was approved for issuance by the company's Board of Directors on August 28, 2025[205](index=205&type=chunk) [IV. Basis of Preparation for Financial Statements](index=86&type=section&id=IV.%20Basis%20of%20Preparation%20for%20Financial%20Statements) This section states that the financial statements are prepared on a going concern basis, except for two sub-subsidiaries that have applied for bankruptcy [1. Basis of Preparation](index=86&type=section&id=1.%20Basis%20of%20Preparation) The financial statements are prepared on a going concern basis in accordance with the Enterprise Accounting Standards issued by the Ministry of Finance - The company's financial statements are prepared on a going concern basis in compliance with Enterprise Accounting Standards[206](index=206&type=chunk) [2. Going Concern](index=87&type=section&id=2.%20Going%20Concern) The financial statements of two sub-subsidiaries were prepared on a non-going concern basis due to bankruptcy filings - The financial statements of sub-subsidiaries Yangshan Nandian and Nanneng Changling were prepared on a non-going concern basis due to their bankruptcy applications[207](index=207&type=chunk) - Apart from the above, there are no matters that cast significant doubt on the company's ability to continue as a going concern for the next 12 months[207](index=207&type=chunk) [V. Significant Accounting Policies and Estimates](index=87&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section details the significant accounting policies and estimates used in preparing the financial statements, covering areas such as business combinations, financial instruments, and revenue recognition - The company adheres to Enterprise Accounting Standards to truly and completely reflect its financial position, operating results, and cash flows[208](index=208&type=chunk) - Financial assets are classified into three categories: measured at amortized cost, at fair value through other comprehensive income, and at fair value through profit or loss[226](index=226&type=chunk) - The company uses a simplified approach for accounts receivable, always measuring the loss provision at an amount equal to lifetime expected credit losses[236](index=236&type=chunk) - Revenue is recognized when the customer obtains control of the related goods or services, at the transaction price allocated to that performance obligation[270](index=270&type=chunk) - Obligations to transfer goods or services to a customer for which the company has received consideration are presented as contract liabilities[264](index=264&type=chunk) [VI. Taxation](index=108&type=section&id=VI.%20Taxation) This section details the main taxes and applicable rates for the company and its subsidiaries, as well as various tax incentives enjoyed [1. Main Taxes and Tax Rates](index=108&type=section&id=1.%20Main%20Taxes%20and%20Tax%20Rates) This section lists the company's main taxes, including VAT, corporate income tax, and related surcharges, noting different income tax rates for various entities Main Taxes and Tax Rates | Tax Type | Tax Basis | Tax Rate/Levy Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Sales of goods and taxable services income | 0.5%, 1%, 3%, 5%, 6%, 9%, 13% | | Urban Maintenance and Construction Tax | Actual paid turnover tax | 5%, 7% | | Corporate Income Tax | Taxable income | 15%, 20%, 25% | | Education Surcharge | Actual paid turnover tax | 3% | | Local Education Surcharge | Actual paid turnover tax | 2% | Taxpayers with Different Corporate Income Tax Rates | Taxpayer Name | Income Tax Rate | | :--- | :--- | | CSG Comprehensive Energy Guizhou Co, Ltd | 15% | | Guangzhou Zhiye Energy Saving Technology Co, Ltd | 15% | | Jiangmen Nanzong Energy Saving and Environmental Protection Co, Ltd | 20% | | Other taxpayers not listed above | 25% | [2. Tax Incentives](index=109&type=section&id=2.%20Tax%20Incentives) The company and its subsidiaries benefit from multiple tax incentives, including income tax exemptions for infrastructure projects and VAT refunds for resource utilization - Photovoltaic power generation and energy performance contracting projects enjoy a "three-year exemption, three-year half-rate" corporate income tax incentive[291](index=291&type=chunk)[292](index=292&type=chunk) - Certain subsidiaries in western regions benefit from a reduced corporate income tax rate of **15%** under the Western Development Program[292](index=292&type=chunk) - Some subsidiaries qualify as small and micro-enterprises or high-tech enterprises, enjoying preferential income tax policies[293](index=293&type=chunk)[295](index=295&type=chunk) - R&D expenses are eligible for a **100%** super deduction if not capitalized, or amortized at **200%** if capitalized[294](index=294&type=chunk) - Revenue from power generation using agricultural and forestry residues enjoys a **100%** immediate VAT refund[296](index=296&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=111&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes on each item in the consolidated financial statements, covering assets, liabilities, equity, income, expenses, and cash flows Composition of Cash and Cash Equivalents | Item | Closing Balance (RMB) | | :--- | :--- | | Bank Deposits | 7,679,204.30 | | Other Monetary Funds | 26,649,081.07 | | Deposits in Finance Company | 956,026,528.25 | | **Total** | **990,354,813.62** | - At period-end, **restricted cash and cash equivalents amounted to 26.65 million RMB**, mainly for judicial freezes and guarantee deposits[301](index=301&type=chunk) - The closing balance of accounts receivable was **3.39 billion RMB**, with **30.10%** aged over 3 years[310](index=310&type=chunk) - The provision for bad debts on accounts receivable at period-end was **328.42 million RMB**, representing a provision rate of **9.69%**[312](index=312&type=c

Core Viewpoint - The company is enhancing its merger and acquisition capabilities to implement high-quality asset and equity mergers and integrations, thereby strengthening its comprehensive energy business foundation and innovation capacity [1] Group 1 - The company is focusing on the integration of high-quality assets and equity to bolster its comprehensive energy service business [1] - The company aims to enhance its innovation capabilities and high-end service capabilities through these mergers and acquisitions [1] - The company is committed to adhering to information disclosure requirements and will fulfill its obligations in accordance with relevant laws and regulations [1]

Core Points - The legal opinion was issued by Beijing Haotian Law Firm regarding the second extraordinary general meeting of shareholders of Southern Power Grid Comprehensive Energy Co., Ltd. in 2025 [1][2] - The meeting was convened by the board of directors on July 21, 2025, and the notice was published on July 23, 2025 [2][3] - The meeting was held on August 8, 2025, using a combination of on-site and online voting methods [2][3] Meeting Procedures - The convening and holding procedures of the meeting were found to comply with the Company Law, Securities Law, and relevant regulations [2][3] - A total of 729 shareholders attended the meeting, representing 2,906,337,040 shares, which accounted for 76.7273% of the total voting rights [3][4] - The meeting was presided over by the chairman of the board, Mr. Song Xinming, and included all directors, supervisors, and the board secretary [3][4] Voting Process - The voting was conducted through both on-site and online methods, with results announced immediately after the meeting [4][5] - The voting results showed that 2,904,298,040 shares were in favor of the proposals, representing a significant majority [5][6] - The voting results from minority investors indicated a high level of agreement, with 98.4808% voting in favor of the proposals [5][7] Conclusion - The legal opinion concluded that all aspects of the meeting, including the convening, attendance, voting procedures, and results, were in compliance with applicable laws and regulations [6][8]

Meeting Overview - The second extraordinary general meeting of shareholders for 2025 was held on August 8, 2025, at 15:30, with online voting available from 9:15 to 15:00 on the same day [1][2] - A total of 729 shareholders and their authorized representatives attended the meeting, representing shares totaling 134,215,827, which accounts for 3.5433% of the company's voting shares [1][2] Voting Participation - Among the attendees, 5 shareholders participated in the on-site meeting, while 724 shareholders voted online [1] - The participation of small and medium shareholders was significant, with 725 participants representing 134,215,828 shares, also accounting for 3.5433% of the voting shares [2] Proposal Voting Results - The voting method combined on-site and online voting [2] - The total votes in favor of the proposals reached 2,904,298,040 shares, representing a substantial majority of the valid voting shares present at the meeting [2] - Small investors voted in favor with 2,893,783,043 shares, which is a significant portion of the total valid voting shares [2] Special Resolutions - Special resolutions were passed with a majority, with 2,893,825,343 shares voting in favor, representing a significant percentage of the valid voting shares [3][4] - Small investors also showed support, with 132,176,828 shares voting in favor of the special resolutions [3] Legal Compliance - The meeting's procedures, proposals, and voting results were confirmed to comply with relevant laws and regulations, ensuring the legality and validity of the resolutions passed [5]

Core Viewpoint - The company held its 35th meeting of the second board of directors, where several important resolutions regarding the revision of various committee rules and management methods were passed unanimously. Group 1: Board Meeting Details - The board meeting was convened on August 8, 2025, with all 8 directors present, following the resignation of a board member [1]. - The meeting was conducted in compliance with the relevant laws and company regulations [1]. Group 2: Resolutions Passed - The board approved the revision of the "Audit and Risk Committee Meeting Rules," with a unanimous vote of 8 in favor [2]. - The board approved the revision of the "Nomination Committee Meeting Rules," also with a unanimous vote of 8 in favor [2]. - The board approved the revision of the "Compensation and Assessment Committee Meeting Rules," with a unanimous vote of 8 in favor [2]. - The board approved the revision of the "Strategic and Investment Committee Meeting Rules," with a unanimous vote of 8 in favor [3]. - The board approved the revision of the "Chairman's Decision-Making Special Meeting Rules," with a unanimous vote of 8 in favor [3]. - The board approved the revision of the "Insider Information Knowledge Person Registration Management Measures," with a unanimous vote of 8 in favor [3]. - The board approved the revision of the "Major Internal Reporting Management Measures," with a unanimous vote of 8 in favor [4]. - The board approved the revision of the "Information Disclosure Management Measures," with a unanimous vote of 8 in favor [4]. - The board approved the revision of the "Independent Director Annual Report Work System," with a unanimous vote of 8 in favor [4]. - The board approved the revision of the "Accountability System for Major Errors in Annual Report Information Disclosure," with a unanimous vote of 8 in favor [5]. - The board approved the revision of the "Safety Production Management Regulations," with a unanimous vote of 8 in favor [5].