Group 1 - The A-share market experienced a general decline in power stocks, with Huayin Power and Jinko Technology dropping over 6% [1] - Zhaoxin Co., Huaguang Huaneng fell more than 5%, while Meiyan Jixiang decreased by 4% [1] - Leshan Electric, Guang'an Aizhong, Jiawei New Energy, and Jidian Co. all saw a decline of 3% [1]

Market Overview - The market exhibited a "seesaw" effect with high dividend assets performing actively while technology stocks experienced a pullback [1] - The banking and electricity sectors saw gains, while the computing industry chain stocks, including Dekoli, Cambridge Technology, and others, faced significant declines [1] - The Shanghai Composite Index fell by 0.79%, the Shenzhen Component Index dropped by 2.21%, and the ChiNext Index decreased by 2.9% [2] Banking Sector - The banking sector rebounded with notable gains in stocks such as Chongqing Rural Commercial Bank and Shanghai Rural Commercial Bank [3] - The overall performance of the banking sector's mid-year reports showed improvement, with most banks experiencing revenue and profit growth, a stable non-performing loan ratio, and a steady provision coverage ratio [5] - Analysts suggest that the banking sector may see a rotation and rebound due to solid fundamentals and previous adjustments, with a focus on regional banks and high-dividend stocks [6] Electricity Sector - The electricity sector showed strong performance, with stocks like Jingyuntong and Huaguang New Energy experiencing significant increases [8] - In July, the total electricity consumption reached 10,226 billion kWh, marking an 8.6% year-on-year increase, indicating robust demand [9] - Analysts recommend focusing on leading companies in renewable energy, regional offshore wind power firms, and water power stocks with stable performance and growth potential [9]

Core Insights - The number of shareholders for Jiawei New Energy decreased to 45,384 as of June 30, 2025, down by 3,881 or 7.88% from March 31, 2025 [1][2] - The average number of shares held per shareholder increased from 16,900 to 18,300, with an average market value of 75,700 yuan [1][2] - Compared to the industry average, Jiawei New Energy's shareholder count is below the average of 108,600 for the power sector, and its average market value is significantly lower than the industry average of 283,200 yuan [1] Financial Performance - From March 31, 2025, to June 30, 2025, Jiawei New Energy's stock price increased by 9.23%, while the number of shareholders decreased [1][2] - The company experienced a net outflow of 120 million yuan from institutional investors and 55.47 million yuan from speculative funds, while retail investors contributed a net inflow of 175 million yuan [2]

Core Insights - The company reported a revenue of 324 million yuan for the first half of 2025, representing a year-on-year growth of 49.01% [1] - The net profit attributable to shareholders was a loss of 14.7974 million yuan [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was a loss of 20.4467 million yuan [1] - The basic earnings per share were -0.0178 yuan [1]

珈伟新能源股份有限公司 法定代表人： 郭砚君 主管会计工作的负责人： 刘锡金 会计机构负责人： 罗燕 | 及其附属企业 | 珈伟科技（深圳）有限公司 | 全资子公司 | 其他应收款 | 350.98 | 888.24 | | 100.00 | 1,139.22 | 流动资金往来 | 非经营性往来 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 深圳珈伟科技投资控股有限公司 | 全资子公司 | 其他应收款 | 1,000.20 | | | | 1,000.20 | 流动资金往来 | 非经营性往来 | | | 深圳市珈能贸易有限公司 | 全资子公司 | 其他应收款 | 492.06 | 1,041.00 | | | 1,533.06 | 流动资金往来 | 非经营性往来 | | | 深圳珈洪新能源科技有限公司 | 全资子公司 | 其他应收款 | | 100.00 | | | 100.00 | 流动资金往来 | 非经营性往来 | | | 深圳珈河新能源科技有限公司 | 全资子公司 | 其他应收款 | 3,332.30 ...

本次会议由公司监事会主席刘大宝先生主持，会议应出席监事共3人，实际 出席监事3人，公司高级管理人员列席了本次会议。本次会议的召集、召开程序 符合《中华人民共和国公司法》及《公司章程》的规定。 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，不存在任 何虚假记载、误导性陈述或者重大遗漏。 一、监事会会议召开情况 证券代码：300317 证券简称：珈伟新能 公告编号：2025-042 珈伟新能源股份有限公司（以下简称"公司"）第六届监事会第二次会议于 2025年8月11日以电子邮件的方式向全体监事发出通知，于2025年8月21日以现场 表决的方式在公司会议室召开。 珈伟新能源股份有限公司 第六届监事会第二次会议决议公告 表决结果：3 票同意，0 票反对，0 票弃权，0 票回避，获得通过。 2、审议通过《关于公司向华夏银行申请授信并提供担保的议案》 经讨论，公司监事会认为向华夏银行申请授信并以自有房产提供抵押担保、 租金收入提供质押担保，是为了满足公司日常经营的资金需要，符合公司长远利 益，不存在损害公司及股东利益的情形。监事会同意公司本次申请授信事项。 表决结果：3 票同意，0 票反对，0 票弃权，0 ...

一、董事会会议召开情况 证券代码：300317 证券简称：珈伟新能 公告编号：2025-041 珈伟新能源股份有限公司 第六届董事会第二次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，不存在任 何虚假记载、误导性陈述或者重大遗漏。 珈伟新能源股份有限公司（以下简称"公司"）第六届董事会第二次会议于 2025年8月11日以电子邮件的方式向全体董事和相关与会人员发出通知，于2025 年8月21日以现场结合通讯表决的方式召开。 本次会议应出席的董事共7人，实际出席董事7人。董事郭砚君、李雳、孟宇 亮、罗彬、陈曙光和扶桑以通讯表决方式出席。本次董事会由公司董事长郭砚君 先生主持，公司监事和高级管理人员列席了本次会议。本次会议的召集、召开程 序符合《中华人民共和国公司法》及《公司章程》的规定。 二、董事会会议审议情况 1、审议通过《关于公司<2025年半年度报告>及其摘要的议案》 董事会认真审议了公司《2025 年半年度报告》及《2025 年半年度报告摘要》， 认为公司 2025 年半年度报告及摘要的内容符合法律、行政法规、中国证券监督 管理委员会和深圳证券交易所的相关规定，报告内容真实、准确 ...

[Section 1 Important Notices, Table of Contents, and Definitions](index=2&type=section&id=Section%201%20Important%20Notices%2C%20Table%20of%20Contents%2C%20and%20Definitions) [Important Notices](index=2&type=section&id=Important%20Notices) The company's management guarantees the truthfulness, accuracy, and completeness of the semi-annual report and assumes legal responsibility - The Board of Directors, Board of Supervisors, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report and assume legal responsibility[5](index=5&type=chunk) - The company's responsible person Guo Yanjun, chief accounting officer Liu Xijin, and head of the accounting department Luo Yan declare the financial report is true, accurate, and complete[5](index=5&type=chunk) - The company plans **no cash dividends, no bonus shares, and no capitalization of public reserves**[6](index=6&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) This section lists the report's eight main chapters, providing investors with an overall structure [Definitions](index=5&type=section&id=Definitions) This section defines common terms used in the report to ensure clear understanding - The Company, This Company, or Jiawei Renewable Energy refers to Jiawei Renewable Energy Co, Ltd[11](index=11&type=chunk) - EPC refers to Engineering, Procurement, and Construction; BT refers to Build-Transfer model[11](index=11&type=chunk) - Reporting Period refers to January 1, 2025 - June 30, 2025; Same period last year refers to January 1, 2024 - June 30, 2024[11](index=11&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) Jiawei Renewable Energy Co, Ltd (Stock Abbreviation: Jiawei New Energy, Stock Code: 300317) is listed on the Shenzhen Stock Exchange Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Jiawei New Energy | | Stock Code | 300317 | | Listing Exchange | Shenzhen Stock Exchange | | Chinese Name | 珈伟新能源股份有限公司 | | Legal Representative | Guo Yanjun | [II. Contact Persons and Methods](index=6&type=section&id=II.%20Contact%20Persons%20and%20Methods) The company's Board Secretary is Song Tianxi and the Securities Affairs Representative is Zhu Tingting Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Song Tianxi | 33rd Floor, ABD, China Energy Storage Building, No 3099 Keyuan South Road, Nanshan District, Shenzhen | 0755-85224478 | 0755-85224353 | jw@jiawei.com | | Securities Affairs Representative | Zhu Tingting | 33rd Floor, ABD, China Energy Storage Building, No 3099 Keyuan South Road, Nanshan District, Shenzhen | 0755-85224478 | 0755-85224353 | jw@jiawei.com | [III. Other Information](index=6&type=section&id=III.%20Other%20Information) During the reporting period, there were no changes to the company's registered address, office address, website, or other key information - The company's registered address, office address, website, and email address remained unchanged during the reporting period, with details available in the 2024 annual report[15](index=15&type=chunk) - The locations for information disclosure and report availability remained unchanged during the reporting period, with details available in the 2024 annual report[16](index=16&type=chunk) - The company's registration details remained unchanged during the reporting period, with details available in the 2024 annual report[17](index=17&type=chunk) [IV. Key Accounting Data and Financial Indicators](index=7&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) In H1 2025, operating revenue grew 49.01%, net loss narrowed by 66.14%, and net cash flow from operations increased significantly by 123.70% Key Accounting Data and Financial Indicators (YoY) | Indicator | Current Period (RMB) | Prior Year Period (RMB) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 324,260,460.49 | 217,612,500.35 | 49.01% | | Net Profit Attributable to Shareholders | -14,797,442.14 | -43,701,604.44 | 66.14% | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | -20,446,748.62 | -51,053,199.78 | 59.95% | | Net Cash Flow from Operating Activities | 26,387,391.91 | -111,352,359.40 | 123.70% | | Basic Earnings Per Share (RMB/share) | -0.0178 | -0.0528 | 66.29% | | Diluted Earnings Per Share (RMB/share) | -0.0178 | -0.0528 | 66.29% | | Weighted Average Return on Equity | -0.93% | -2.37% | 1.44% | | **Period-End Indicators** | **End of Current Period (RMB)** | **End of Prior Year (RMB)** | **Change from Prior Year-End** | | Total Assets | 2,790,375,919.85 | 2,858,358,122.20 | -2.38% | | Net Assets Attributable to Shareholders | 1,583,013,999.26 | 1,599,548,885.73 | -1.03% | [V. Differences in Accounting Data under Domestic and Foreign Accounting Standards](index=7&type=section&id=V.%20Differences%20in%20Accounting%20Data%20under%20Domestic%20and%20Foreign%20Accounting%20Standards) There were no discrepancies in net profit or net assets between reports prepared under Chinese accounting standards and international or foreign standards - The company had no discrepancies in net profit and net assets between financial reports disclosed under IFRS and Chinese Accounting Standards during the reporting period[19](index=19&type=chunk) - The company had no discrepancies in net profit and net assets between financial reports disclosed under foreign accounting standards and Chinese Accounting Standards during the reporting period[20](index=20&type=chunk) [VI. Non-recurring Profit and Loss Items and Amounts](index=7&type=section&id=VI.%20Non-recurring%20Profit%20and%20Loss%20Items%20and%20Amounts) Non-recurring profit and loss totaled RMB 5.65 million, mainly from the reversal of impairment provisions for receivables and non-operating income Non-recurring Profit and Loss Items and Amounts | Item | Amount (RMB) | Description | | :--- | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | -46,113.00 | | | Government Grants Recognized in Current Profit or Loss | 353,178.77 | | | Reversal of Impairment Provision for Individually Tested Receivables | 1,322,373.87 | Mainly the reversal of bad debt provisions for a single customer | | Other Non-operating Income and Expenses | 4,133,878.36 | Mainly payables to a subsidiary that are no longer required to be paid | | Less: Income Tax Impact | 599.11 | | | Minority Interest Impact (After Tax) | 113,412.41 | | | **Total** | **5,649,306.48** | | - The company has no other profit or loss items that meet the definition of non-recurring items, nor has it reclassified any non-recurring items as recurring[23](index=23&type=chunk) [Section 3 Management Discussion and Analysis](index=9&type=section&id=Section%203%20Management%20Discussion%20and%20Analysis) [I. Principal Business Activities During the Reporting Period](index=9&type=section&id=I.%20Principal%20Business%20Activities%20During%20the%20Reporting%20Period) The company focuses on clean energy applications, with core businesses in new energy power generation and photovoltaic consumer products - The company's main businesses cover new energy power generation (photovoltaic power station EPC & O&M, investment & operation, C&I energy storage) and PV consumer products[25](index=25&type=chunk) - The photovoltaic power generation business sells electricity to grid companies under power purchase agreements, with tariffs determined by national policies or competitive bidding[26](index=26&type=chunk) - Photovoltaic lighting products are primarily sold in Europe and the Americas through a direct sales model to large chain retailers and home improvement superstores[28](index=28&type=chunk) [II. Core Competitiveness Analysis](index=10&type=section&id=II.%20Core%20Competitiveness%20Analysis) The company's core strengths include R&D, smart manufacturing, brand recognition, international sales channels, and a prudent financial structure - The company holds **112 patents** (96 domestic, 16 foreign) and possesses extensive experience and multiple qualifications in the development and operation of new energy power stations[29](index=29&type=chunk) - With over two decades in the PV lighting sector, the company holds numerous certifications (AEO, UL, CE) and is advancing its smart manufacturing capabilities[30](index=30&type=chunk) - The company has established long-term, stable partnerships with major North American retailers, creating a mature and extensive international sales network[32](index=32&type=chunk) - Through diversified financing, the company maintains a stable and reasonable asset-liability ratio, ensuring strong solvency and risk resilience[33](index=33&type=chunk) [III. Main Business Analysis](index=11&type=section&id=III.%20Main%20Business%20Analysis) Operating revenue grew 49.01% to RMB 324.26 million, driven by PV power station BT and EPC business, while domestic revenue share increased significantly - During the reporting period, the company achieved operating revenue of **RMB 324.26 million, a year-on-year increase of 49.01%**, mainly due to increased income from PV power station BT and EPC businesses[36](index=36&type=chunk) YoY Changes in Key Financial Data | Indicator | Current Period (RMB) | Prior Year Period (RMB) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 324,260,460.49 | 217,612,500.35 | 49.01% | Increased revenue from PV power station BT and EPC businesses | | Operating Costs | 240,688,878.97 | 161,502,238.88 | 49.03% | Increased in line with operating revenue | | Selling Expenses | 45,315,299.47 | 53,098,443.93 | -14.66% | Reduced business promotion expenses | | Administrative Expenses | 38,708,661.22 | 58,852,772.04 | -34.23% | Decreased labor costs, depreciation, and amortization | | Financial Expenses | 15,675,186.29 | 12,614,312.67 | 24.27% | Reduced foreign exchange gains | | Net Cash Flow from Operating Activities | 26,387,391.91 | -111,352,359.40 | 123.70% | Reduced cash paid for goods and services | | Net Cash Flow from Investing Activities | -59,865,475.01 | -33,006,016.79 | -81.38% | Increased cash paid for fixed assets | | Net Cash Flow from Financing Activities | -101,208,781.18 | 273,805,827.99 | -136.96% | Reduced bank borrowings and increased debt repayment | | Non-operating Income | 4,742,032.49 | 2,203.47 | 215,107.49% | Payables no longer required to be paid | | Investment Income | 3,453,596.25 | 16,520,454.87 | -79.10% | Decrease due to disposal of an associate in the prior period | Operating Revenue by Industry/Product/Region | Category | Item | Current Period Amount (RMB) | % of Revenue | Prior Period Amount (RMB) | % of Revenue | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **By Industry** | PV Lighting | 129,038,850.27 | 39.79% | 146,704,623.15 | 67.41% | -12.04% | | | PV Power Station EPC & O&M | 54,835,554.71 | 16.91% | 28,765,490.41 | 13.22% | 90.63% | | | PV Power Generation | 43,824,799.06 | 13.52% | 42,060,574.66 | 19.33% | 4.19% | | | Energy Storage Business | 3,254,241.58 | 1.00% | 81,812.13 | 0.04% | 3,877.70% | | | PV Power Station BT Business | 79,888,120.89 | 24.64% | - | - | - | | | Industrial Park Leasing | 13,418,893.98 | 4.14% | - | - | - | | **By Product** | PV Lawn Lights | 110,568,560.51 | 34.10% | 123,265,928.90 | 56.64% | -10.30% | | | PV Power Station EPC | 47,527,371.76 | 14.66% | 19,758,048.03 | 9.08% | 140.55% | | | PV Power Generation | 43,824,799.06 | 13.52% | 42,060,574.66 | 19.33% | 4.19% | | | PV Power Station BT Business | 79,888,120.89 | 24.64% | - | - | - | | **By Region** | Overseas (incl Hong Kong) | 117,809,623.21 | 36.33% | 138,210,816.53 | 63.51% | -14.76% | | | Domestic | 206,450,837.28 | 63.67% | 79,401,683.82 | 36.49% | 160.01% | - Sales volume of PV lawn lights **decreased by 17.29% YoY**, sales revenue **decreased by 10.30% YoY**, and gross margin **decreased by 1.33%**[45](index=45&type=chunk) [IV. Non-core Business Analysis](index=14&type=section&id=IV.%20Non-core%20Business%20Analysis) Non-core business activities, primarily investment income and credit impairment losses, had a negative impact on total profit and are not sustainable Impact of Non-core Business on Total Profit | Item | Amount (RMB) | % of Total Profit | Reason | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 3,453,596.25 | -18.82% | Long-term equity investment income under the equity method | No | | Asset Impairment | 21,597.88 | -0.12% | Reversal of inventory write-down provision | No | | Non-operating Income | 4,742,032.49 | -25.84% | Mainly payables no longer required to be paid | No | | Non-operating Expenses | 651,618.49 | -3.55% | Mainly penalties for early termination of a subsidiary's office lease | No | | Credit Impairment Loss | -1,370,671.36 | 7.47% | Mainly provision for bad debts on other receivables | No | [V. Analysis of Assets and Liabilities](index=14&type=section&id=V.%20Analysis%20of%20Assets%20and%20Liabilities) Total assets and net assets attributable to shareholders slightly decreased, with cash decreasing due to financing activities and fixed assets increasing from new power station assets Major Changes in Asset Composition | Item | End of Period (RMB) | % of Total Assets | Prior Year-End (RMB) | % of Total Assets | Change in % | Reason for Major Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 437,373,236.32 | 15.67% | 506,034,640.66 | 17.70% | -2.03% | Mainly due to a decrease in net cash flow from financing activities | | Accounts Receivable | 431,513,914.71 | 15.46% | 473,098,883.79 | 16.55% | -1.09% | Fluctuates with sales collections | | Long-term Equity Investments | 245,195,982.26 | 8.79% | 236,407,379.04 | 8.27% | 0.52% | Mainly due to increased investment income from associates | | Fixed Assets | 850,662,271.28 | 30.49% | 793,209,270.39 | 27.75% | 2.74% | Mainly due to an increase in power station assets | | Construction in Progress | 2,527,555.32 | 0.09% | 20,088,507.12 | 0.70% | -0.61% | Some projects were transferred to fixed assets | | Short-term Borrowings | 147,593,263.88 | 5.29% | 108,089,145.22 | 3.78% | 1.51% | New bank borrowings in the current period | | Long-term Borrowings | 162,913,500.00 | 5.84% | 158,902,500.00 | 5.56% | 0.28% | New borrowings in the current period | - The company had no major overseas assets and no assets or liabilities measured at fair value during the reporting period[49](index=49&type=chunk) [VI. Investment Analysis](index=15&type=section&id=VI.%20Investment%20Analysis) The total investment amount for the reporting period was RMB 111.55 million, a year-on-year increase of 235.33% Investment Amount for the Reporting Period | Indicator | Amount (RMB) | | :--- | :--- | | Investment in Reporting Period | 111,552,558.65 | | Investment in Prior Year Period | 33,266,028.07 | | Change | 235.33% | - The company had no use of raised funds, wealth management products, derivative investments, or entrusted loans during the reporting period[52](index=52&type=chunk)[53](index=53&type=chunk)[54](index=54&type=chunk)[55](index=55&type=chunk) [VII. Major Asset and Equity Sales](index=16&type=section&id=VII.%20Major%20Asset%20and%20Equity%20Sales) The company did not sell any major assets or equity during the reporting period - The company did not sell any major assets during the reporting period[56](index=56&type=chunk) - The company did not sell any major equity during the reporting period[57](index=57&type=chunk) [VIII. Analysis of Major Subsidiaries and Investees](index=16&type=section&id=VIII.%20Analysis%20of%20Major%20Subsidiaries%20and%20Investees) The company's main subsidiaries operate in PV power stations, EPC, and PV lighting, and 18 new subsidiaries were established during the period Major Subsidiaries and Investees with >10% Impact on Net Profit | Company Name | Type | Main Business | Registered Capital (RMB) | Total Assets (RMB) | Net Assets (RMB) | Operating Revenue (RMB) | Operating Profit (RMB) | Net Profit (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Dorbod Mongol Autonomous County Jiawei PV Power Co, Ltd | Subsidiary | PV Power Station | 5,000,000.00 | 19,722,292.30 | -46,100,415.44 | 1,154,654.73 | -762,117.83 | 2,420,001.29 | | Jiangsu Huayuan New Energy Technology Co, Ltd | Subsidiary | EPC & O&M | 425,640,915.12 | 661,706,831.36 | 613,894,014.77 | 7,110,069.76 | -3,396,888.15 | -2,761,918.51 | | Jiawei Technology (Shenzhen) Co, Ltd | Subsidiary | PV Lighting | 50,000,000.00 | 21,006,096.36 | -112,980.17 | 13,519.78 | -2,267,893.40 | -2,273,801.51 | | Jiawei Technology (HK) Limited | Subsidiary | PV Lighting | 2.00 HKD | 396,912,974.88 | -72,025,023.70 | 86,480,137.09 | -3,769,021.26 | -3,769,164.79 | | Lion&Dolphin A/s | Subsidiary | PV Lighting | 2,624,545.00 DKK | 57,859,137.47 | -13,746,871.80 | 25,010,739.17 | -3,648,220.59 | -3,648,220.59 | | JIA WEI TECHNOLOGY (VIETNAM) COMPANY LIMITED | Subsidiary | PV Lighting | 5,000,000 USD | 77,764,383.64 | 29,720,966.71 | 29,166,154.86 | -2,774,281.01 | -2,870,654.75 | | Shenzhen Jiawei Low Carbon Technology Co, Ltd | Subsidiary | O&M | 235,000,000.00 | 321,170,584.76 | 160,000,523.44 | 14,136,253.44 | 2,819,159.72 | 2,531,583.79 | | Shenzhen Jiawei Green Energy Construction Co, Ltd | Subsidiary | EPC & O&M | 50,505,050.51 | 658,816,803.83 | 101,863,066.47 | 192,150,383.87 | -5,644,385.55 | -5,766,899.60 | - During the reporting period, the company established **18 new subsidiaries** and disposed of 6 subsidiaries, including Shaoguan Dingrong New Energy Technology Co, Ltd[59](index=59&type=chunk) [IX. Structured Entities Controlled by the Company](index=17&type=section&id=IX.%20Structured%20Entities%20Controlled%20by%20the%20Company) The company did not control any structured entities during the reporting period - The company did not have any controlled structured entities during the reporting period[60](index=60&type=chunk) [X. Company Risks and Countermeasures](index=17&type=section&id=X.%20Company%20Risks%20and%20Countermeasures) The company faces risks from market competition, policy changes, raw material price volatility, and exchange rate fluctuations, which it addresses through various strategic measures - **Market Risk**: Intense competition and oversupply in the PV industry may squeeze profit margins; the company responds by expanding market presence and strengthening technological innovation[60](index=60&type=chunk) - **Policy Risk**: The new energy sector is highly dependent on macroeconomic conditions and industrial policies; the company mitigates this by closely monitoring policy changes and improving operational efficiency[61](index=61&type=chunk)[62](index=62&type=chunk) - **Business Development Risk**: Long development cycles and numerous variables in new energy projects may affect progress and returns; the company manages this by increasing project reserves and strengthening project management[63](index=63&type=chunk) - **Raw Material Price Fluctuation Risk**: Volatility in raw material prices, a major cost component, can impact profitability; the company addresses this by optimizing supply chain management and promoting technological innovation[64](index=64&type=chunk) - **Exchange Rate Risk**: A significant portion of PV lighting products are sold overseas, exposing the company to exchange rate fluctuations; the company mitigates this through enhanced foreign exchange risk management[65](index=65&type=chunk) [XI. Record of Investor Relations Activities](index=18&type=section&id=XI.%20Record%20of%20Investor%20Relations%20Activities) The company hosted an online performance briefing for investors on August 5, 2025, to discuss its 2024 annual results - On August 5, 2025, the company hosted an online investor meeting via the CICC Roadshow Center to discuss the 2024 annual performance briefing[66](index=66&type=chunk) [XII. Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=19&type=section&id=XII.%20Formulation%20and%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) The company has not formulated a market value management system or disclosed a valuation enhancement plan - The company has not formulated a market value management system[68](index=68&type=chunk) - The company has not disclosed a valuation enhancement plan[68](index=68&type=chunk) [XIII. Implementation of the "Dual Improvement in Quality and Returns" Action Plan](index=19&type=section&id=XIII.%20Implementation%20of%20the%20%22Dual%20Improvement%20in%20Quality%20and%20Returns%22%20Action%20Plan) The company has not disclosed an announcement regarding the "Dual Improvement in Quality and Returns" action plan - The company has not disclosed an announcement regarding the "Dual Improvement in Quality and Returns" action plan[68](index=68&type=chunk) [Section 4 Corporate Governance, Environment, and Society](index=20&type=section&id=Section%204%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) [I. Changes in Directors, Supervisors, and Senior Management](index=20&type=section&id=I.%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) There were no changes in the company's directors, supervisors, or senior management during the reporting period - There were no changes in the company's directors, supervisors, or senior management during the reporting period; for details, please refer to the 2024 annual report[70](index=70&type=chunk) [II. Profit Distribution and Capitalization of Capital Reserves for the Reporting Period](index=20&type=section&id=II.%20Profit%20Distribution%20and%20Capitalization%20of%20Capital%20Reserves%20for%20the%20Reporting%20Period) The company does not plan to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital for the semi-annual period - The company plans **no cash dividends, no bonus shares, and no capitalization of public reserves** for the semi-annual period[71](index=71&type=chunk) [III. Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=20&type=section&id=III.%20Implementation%20of%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) The company canceled some unexercised stock options and forfeited some unvested restricted stocks on April 24, 2025 - On April 24, 2025, the company's board meetings approved the cancellation of certain granted but unexercised stock options and the forfeiture of certain granted but unvested restricted stocks[72](index=72&type=chunk) - The company had no employee stock ownership plans in effect during the reporting period[73](index=73&type=chunk) - The company had no other employee incentive measures during the reporting period[73](index=73&type=chunk) [IV. Environmental Information Disclosure](index=20&type=section&id=IV.%20Environmental%20Information%20Disclosure) The company and its main subsidiaries are not included in the list of enterprises required to disclose environmental information by law - The listed company and its main subsidiaries are not included in the list of enterprises required to disclose environmental information by law[73](index=73&type=chunk) [V. Social Responsibility](index=20&type=section&id=V.%20Social%20Responsibility) The company actively fulfills its social responsibilities by protecting stakeholder rights, supporting employees, and promoting sustainable development - The company ensures fair treatment and protection of the legal rights of all shareholders and creditors, maintaining diverse investor communication channels[73](index=73&type=chunk)[74](index=74&type=chunk) - The company strictly adheres to labor laws, protects employee rights, and provides a comprehensive compensation, incentive, and training system[74](index=74&type=chunk) - The company complies with all laws and regulations, strengthens board governance, and continuously improves the detail and transparency of its information disclosure[74](index=74&type=chunk) - The company actively responds to national environmental policies by developing green products and strengthening pollution control and energy management[75](index=75&type=chunk) [Section 5 Important Matters](index=22&type=section&id=Section%205%20Important%20Matters) [I. Commitments Fulfilled or Overdue by Relevant Parties](index=22&type=section&id=I.%20Commitments%20Fulfilled%20or%20Overdue%20by%20Relevant%20Parties) There were no commitments fulfilled or overdue by the company's controlling shareholders, related parties, or other relevant entities during the reporting period - The company had no commitments fulfilled during the reporting period or overdue at the end of the reporting period by its actual controller, shareholders, related parties, or acquirers[77](index=77&type=chunk) [II. Non-operational Fund Occupation by Controlling Shareholders and Other Related Parties](index=22&type=section&id=II.%20Non-operational%20Fund%20Occupation%20by%20Controlling%20Shareholders%20and%20Other%20Related%20Parties) There were no instances of non-operational fund occupation by the controlling shareholder or other related parties during the reporting period - The company had no instances of non-operational fund occupation by its controlling shareholder or other related parties during the reporting period[78](index=78&type=chunk) [III. Irregular External Guarantees](index=22&type=section&id=III.%20Irregular%20External%20Guarantees) The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[79](index=79&type=chunk) [IV. Appointment and Dismissal of Accounting Firm](index=22&type=section&id=IV.%20Appointment%20and%20Dismissal%20of%20Accounting%20Firm) The company's semi-annual financial report has not been audited - The company's semi-annual report has not been audited[80](index=80&type=chunk) [V. Explanation on "Non-standard Audit Report" for the Current Period](index=22&type=section&id=V.%20Explanation%20on%20%22Non-standard%20Audit%20Report%22%20for%20the%20Current%20Period) The company did not receive a non-standard audit report for the reporting period - The company did not have a non-standard audit report for the reporting period[81](index=81&type=chunk) [VI. Explanation on "Non-standard Audit Report" for the Previous Year](index=22&type=section&id=VI.%20Explanation%20on%20%22Non-standard%20Audit%20Report%22%20for%20the%20Previous%20Year) This section is not applicable as there was no non-standard audit report for the previous year - This section is not applicable as there was no non-standard audit report for the previous year[81](index=81&type=chunk) [VII. Bankruptcy and Reorganization Matters](index=22&type=section&id=VII.%20Bankruptcy%20and%20Reorganization%20Matters) The company was not involved in any bankruptcy or reorganization matters during the reporting period - The company was not involved in any bankruptcy or reorganization matters during the reporting period[81](index=81&type=chunk) [VIII. Litigation Matters](index=22&type=section&id=VIII.%20Litigation%20Matters) The company had no material litigation or arbitration, while other minor lawsuits had no significant financial impact - The company had no material litigation or arbitration matters during the reporting period[82](index=82&type=chunk) Other Litigation Matters | Litigation (Arbitration) Details | Amount Involved (RMB 10,000) | Provision for Liabilities | Progress | Outcome and Impact | | :--- | :--- | :--- | :--- | :--- | | Other lawsuits not meeting disclosure standards (Company as plaintiff) | 3,357.75 | No | Some cases ruled, some in enforcement, some pending | No significant impact | | Other lawsuits not meeting disclosure standards (Company as defendant) | 3,646.75 | No | Some cases ruled, some in enforcement, some pending | No significant impact | [IX. Penalties and Rectifications](index=23&type=section&id=IX.%20Penalties%20and%20Rectifications) The controlling shareholder received a warning letter for failing to execute a planned share increase Penalties and Rectifications | Name | Type | Reason | Penalty Type | Conclusion (if any) | Disclosure Date | Disclosure Index | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Fuyang Quanfu Enterprise Management Co, Ltd | Controlling Shareholder | Failure to increase shareholding as planned | Other | Warning letter issued | 2025-04-30 | Juchao Information Network | [X. Major Related-Party Transactions](index=23&type=section&id=X.%20Major%20Related-Party%20Transactions) The company engaged in a routine related-party transaction with Shenzhen Nuojin Digital Energy Co, Ltd, purchasing energy storage products for RMB 5.32 million Routine Related-Party Transactions | Relationship | Related Party | Transaction Type | Content | Pricing Principle | Price (RMB) | Amount (RMB 10,000) | % of Similar Transactions | Approved Limit (RMB 10,000) | Exceeded Limit | Settlement | Market Price (RMB) | Disclosure Date | Disclosure Index | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Associate | Shenzhen Nuojin Digital Energy Co, Ltd | Purchase | Energy storage products and accessories | Market price | Fair market value | 532.12 | 1.75% | 6,000 | No | Account period | 532.12 | 2025-04-26 | Juchao (Announcement: 2025-016) | - The company had no related-party transactions involving the acquisition or sale of assets or equity during the reporting period[86](index=86&type=chunk) - The company had no related-party transactions involving joint external investments during the reporting period[87](index=87&type=chunk) - The company had no related-party credit or debt transactions during the reporting period[88](index=88&type=chunk) [XI. Major Contracts and Their Performance](index=24&type=section&id=XI.%20Major%20Contracts%20and%20Their%20Performance) The company generated RMB 13.42 million in rental income and provided guarantees totaling 25.28% of its net assets - The company had no trusteeship arrangements during the reporting period[92](index=92&type=chunk) - The company had no contracting arrangements during the reporting period[93](index=93&type=chunk) Leasing Information | Remaining Lease Term | Minimum Lease Payments (RMB) | | :--- | :--- | | Within 1 year | 17,281,887.39 | | 1-2 years | 8,153,033.88 | | 2-3 years | 3,466,744.11 | | Over 3 years | 46,037,180.99 | | Total | 74,938,846.37 | Projects with Income >10% of Total Profit | Lessor | Lessee | Leased Asset | Asset Value (RMB 10,000) | Start Date | End Date | Lease Income (RMB 10,000) | Basis for Income | Impact on Company | Related Party | Relationship | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Jiawei Renewable Energy Co, Ltd | Shenzhen Chuangxin Shijie Industrial Park Operation Co, Ltd | Property at No 7 Huanping Road, Pingdi Street, Longgang District, Shenzhen | 25,845.14 | 2024-05-25 | 2037-03-24 | 1,341.89 | Fair market price | Increases company profit | No | N/A | Company's Total Guarantee Amount | Indicator | Amount (RMB 10,000) | | :--- | :--- | | Approved Guarantee Limit in Reporting Period (A1+B1+C1) | 105,000 | | Actual Guarantee Amount in Reporting Period (A2+B2+C2) | 400 | | Approved Guarantee Limit at Period-End (A3+B3+C3) | 159,102.73 | | Actual Guarantee Balance at Period-End (A4+B4+C4) | 40,019.94 | | **Ratio of Actual Guarantee Amount to Net Assets** | **25.28%** | | Debt Guarantees for Parties with >70% Asset-Liability Ratio (E) | 34,639.94 | | Total of Above Three Guarantee Types (D+E+F) | 34,639.94 | - The company had no other major contracts during the reporting period[108](index=108&type=chunk) [XII. Other Major Matters](index=32&type=section&id=XII.%20Other%20Major%20Matters) The company completed the re-election of its Board of Directors on July 3, 2025, with no changes in board members or senior management - The company completed the election of the sixth Board of Directors on July 3, 2025, and appointed senior management on the same day[109](index=109&type=chunk) - The composition and roles of the sixth Board of Directors and senior management remain unchanged from the fifth term[109](index=109&type=chunk) [XIII. Major Matters Concerning Subsidiaries](index=32&type=section&id=XIII.%20Major%20Matters%20Concerning%20Subsidiaries) A subsidiary has completed an EPC contract but is still owed partial payment, which the company may seek to recover through legal or acquisition means - The company's subsidiary, Shenzhen Jiawei Green Energy Construction Co, Ltd, has completed the EPC contract for the Weixian Hengchang 100MW PV project[110](index=110&type=chunk) - As of the disclosure date, Weixian Lufeng still owes a portion of the project payment, and management is considering legal action or acquisition to recover the funds[110](index=110&type=chunk) [Section 6 Changes in Share Capital and Shareholders](index=33&type=section&id=Section%206%20Changes%20in%20Share%20Capital%20and%20Shareholders) [I. Changes in Share Capital](index=33&type=section&id=I.%20Changes%20in%20Share%20Capital) The company's total number of shares remained unchanged at 830,188,405 during the reporting period Share Capital Changes | | Before Change (Shares) | Before Change (%) | Change (+, -) (Shares) | After Change (Shares) | After Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 1,275,000 | 0.15% | 0 | 1,275,000 | 0.15% | | II. Unrestricted Shares | 828,913,405 | 99.85% | 0 | 828,913,405 | 99.85% | | III. Total Shares | 830,188,405 | 100.00% | 0 | 830,188,405 | 100.00% | - Reasons for share changes, approvals, transfers, and share repurchase progress are not applicable for the reporting period[114](index=114&type=chunk) [II. Securities Issuance and Listing](index=34&type=section&id=II.%20Securities%20Issuance%20and%20Listing) The company did not issue or list any securities during the reporting period - The company had no securities issuance or listing activities during the reporting period[114](index=114&type=chunk) [III. Number of Shareholders and Shareholdings](index=34&type=section&id=III.%20Number%20of%20Shareholders%20and%20Shareholdings) At the end of the period, the company had 45,384 common shareholders, with several top shareholders having shares pledged or frozen - At the end of the reporting period, the total number of common shareholders was **45,384**[115](index=115&type=chunk) Shareholdings of Top 10 Shareholders or Those with >5% Stake | Shareholder Name | Nature | Stake | Shares Held (Shares) | Change in Period (Shares) | Restricted Shares (Shares) | Unrestricted Shares (Shares) | Pledge/Freeze Status | Quantity (Shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shanghai Chuyang PV Power Co, Ltd | Domestic Non-SOE | 6.43% | 53,389,996 | 0 | 0 | 53,389,996 | Pledged | 53,389,811 | | | | | | | | | Frozen | 15,451,536 | | Qisheng Holdings Limited | Foreign Entity | 6.37% | 52,914,712 | 0 | 0 | 52,914,712 | Pledged | 33,500,000 | | Tengming Limited | Foreign Entity | 6.16% | 51,108,375 | 0 | 0 | 51,108,375 | Pledged | 51,000,000 | | Alashankou Haoxuan Equity Investment Co, Ltd | Domestic Non-SOE | 5.97% | 49,565,016 | 0 | 0 | 49,565,016 | Pledged | 49,565,010 | | | | | | | | | Frozen | 49,565,010 | | Zhenfa Energy Group Co, Ltd | Domestic Non-SOE | 3.99% | 33,085,890 | 0 | 0 | 33,085,890 | Pledged | 23,446,199 | | | | | | | | | Frozen | 33,085,890 | | Guo Fengming | Domestic Individual | 2.51% | 20,865,324 | 9,545,900 | 0 | 20,865,324 | N/A | 0 | | Bai Liang | Foreign Individual | 1.20% | 9,936,529 | 0 | 0 | 9,936,529 | N/A | 0 | | Zhuang Wei | Domestic Individual | 0.82% | 6,825,477 | 0 | 0 | 6,825,477 | N/A | 0 | | BARCLAYS BANK PLC | Foreign Entity | 0.82% | 6,776,457 | 5,318,025 | 0 | 6,776,457 | N/A | 0 | | Zhang Shaoli | Domestic Individual | 0.54% | 4,500,000 | -3,749,600 | 0 | 4,500,000 | N/A | 0 | - The voting rights delegation agreement between the former actual controllers and Fuyang Quanfu Enterprise Management Co, Ltd expired on January 16, 2025, terminating their concerted action relationship[116](index=116&type=chunk) [IV. Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=36&type=section&id=IV.%20Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) There were no changes in the shareholdings of the company's directors, supervisors, or senior management during the reporting period - There were no changes in the shareholdings of the company's directors, supervisors, or senior management during the reporting period; for details, please refer to the 2024 annual report[118](index=118&type=chunk) [V. Changes in Controlling Shareholder or Actual Controller](index=36&type=section&id=V.%20Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) 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[119](index=119&type=chunk) - The company's actual controller did not change during the reporting period[119](index=119&type=chunk) [VI. Preferred Stock Information](index=36&type=section&id=VI.%20Preferred%20Stock%20Information) The company had no preferred stock during the reporting period - The company had no preferred stock during the reporting period[120](index=120&type=chunk) [Section 7 Bond-related Matters](index=37&type=section&id=Section%207%20Bond-related%20Matters) [Bond-related Matters](index=37&type=section&id=Bond-related%20Matters) The company had no bond-related matters during the reporting period - The company had no bond-related matters during the reporting period[122](index=122&type=chunk) [Section 8 Financial Report](index=38&type=section&id=Section%208%20Financial%20Report) [I. Audit Report](index=38&type=section&id=I.%20Audit%20Report) The company's semi-annual financial report has not been audited - The company's semi-annual financial report has not been audited[124](index=124&type=chunk) [II. Financial Statements](index=38&type=section&id=II.%20Financial%20Statements) This section presents the company's consolidated and parent company financial statements for the first half of 2025 [1. Consolidated Balance Sheet](index=38&type=section&id=1.%20Consolidated%20Balance%20Sheet) As of June 30, 2025, consolidated total assets were RMB 2.79 billion, and total liabilities were RMB 1.24 billion Consolidated Balance Sheet Key Data | Item | Period-End Balance (RMB) | Period-Beginning Balance (RMB) | | :--- | :--- | :--- | | Cash and Cash Equivalents | 437,373,236.32 | 506,034,640.66 | | Accounts Receivable | 431,513,914.71 | 473,098,883.79 | | Inventory | 202,051,638.16 | 181,190,404.57 | | Fixed Assets | 850,662,271.28 | 793,209,270.39 | | Total Assets | 2,790,375,919.85 | 2,858,358,122.20 | | Short-term Borrowings | 147,593,263.88 | 108,089,145.22 | | Total Liabilities | 1,235,612,947.13 | 1,282,330,505.67 | | Equity Attributable to Parent Company | 1,583,013,999.26 | 1,599,548,885.73 | | Total Liabilities and Equity | 2,790,375,919.85 | 2,858,358,122.20 | [2. Parent Company Balance Sheet](index=40&type=section&id=2.%20Parent%20Company%20Balance%20Sheet) As of June 30, 2025, the parent company's total assets were RMB 3.69 billion, and total liabilities were RMB 1.03 billion Parent Company Balance Sheet Key Data | Item | Period-End Balance (RMB) | Period-Beginning Balance (RMB) | | :--- | :--- | :--- | | Cash and Cash Equivalents | 147,351,651.32 | 109,877,820.32 | | Accounts Receivable | 498,216,005.64 | 449,060,482.09 | | Long-term Equity Investments | 1,849,221,702.43 | 1,864,599,250.67 | | Total Assets | 3,690,446,490.39 | 3,557,473,817.85 | | Short-term Borrowings | 135,082,944.44 | 103,084,104.17 | | Total Liabilities | 1,026,789,125.87 | 889,811,900.60 | | Total Equity | 2,663,657,364.52 | 2,667,661,917.25 | | Total Liabilities and Equity | 3,690,446,490.39 | 3,557,473,817.85 | [3. Consolidated Income Statement](index=42&type=section&id=3.%20Consolidated%20Income%20Statement) For H1 2025, consolidated operating revenue was RMB 324 million, and net loss attributable to parent company shareholders was RMB 14.80 million Consolidated Income Statement Key Data | Item | Current Period (RMB) | Prior Period (RMB) | | :--- | :--- | :--- | | Operating Revenue | 324,260,460.49 | 217,612,500.35 | | Total Operating Costs | 349,156,141.14 | 295,348,162.94 | | Operating Profit | -22,440,627.75 | -54,723,013.81 | | Total Profit | -18,350,213.75 | -56,218,099.54 | | Net Profit | -19,526,346.64 | -57,370,249.19 | | Net Profit Attributable to Parent Company | -14,797,442.14 | -43,701,604.44 | | Minority Interest Income | -4,728,904.50 | -13,668,644.75 | | Total Comprehensive Income | -21,264,643.81 | -65,507,851.66 | | Basic Earnings Per Share | -0.0178 | -0.0528 | | Diluted Earnings Per Share | -0.0178 | -0.0528 | [4. Parent Company Income Statement](index=44&type=section&id=4.%20Parent%20Company%20Income%20Statement) For H1 2025, the parent company's operating revenue was RMB 73.03 million, and net loss was RMB 4.00 million Parent Company Income Statement Key Data | Item | Current Period (RMB) | Prior Period (RMB) | | :--- | :--- | :--- | | Operating Revenue | 73,027,225.49 | 97,013,177.11 | | Operating Costs | 47,497,852.89 | 80,653,736.30 | | Operating Profit | -3,976,600.42 | -14,029,008.76 | | Total Profit | -4,003,893.20 | -14,039,728.21 | | Net Profit | -4,004,552.73 | -14,165,830.49 | | Total Comprehensive Income | -4,004,552.73 | -14,165,830.49 | [5. Consolidated Cash Flow Statement](index=46&type=section&id=5.%20Consolidated%20Cash%20Flow%20Statement) For H1 2025, net cash flow from operating activities was RMB 26.39 million, a significant YoY increase of 123.70% Consolidated Cash Flow Statement Key Data | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 26,387,391.91 | -111,352,359.40 | | Net Cash Flow from Investing Activities | -59,865,475.01 | -33,006,016.79 | | Net Cash Flow from Financing Activities | -101,208,781.18 | 273,805,827.99 | | Effect of Exchange Rate Changes on Cash | 1,004,741.13 | 150,018.70 | | Net Increase in Cash and Cash Equivalents | -133,682,123.15 | 129,597,470.50 | | Cash and Cash Equivalents at End of Period | 320,252,092.75 | 253,313,911.80 | [6. Parent Company Cash Flow Statement](index=47&type=section&id=6.%20Parent%20Company%20Cash%20Flow%20Statement) For H1 2025, the parent company's net cash flow from operating activities was RMB -81.21 million Parent Company Cash Flow Statement Key Data | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -81,214,907.08 | -136,495,120.40 | | Net Cash Flow from Investing Activities | -58,536,449.06 | 39,203,197.88 | | Net Cash Flow from Financing Activities | 200,358,812.72 | 161,320,234.73 | | Effect of Exchange Rate Changes on Cash | -93,625.51 | 252,501.95 | | Net Increase in Cash and Cash Equivalents | 60,513,831.07 | 64,280,814.16 | | Cash and Cash Equivalents at End of Period | 125,291,651.31 | 70,213,957.15 | [7. Consolidated Statement of Changes in Equity](index=48&type=section&id=7.%20Consolidated%20Statement%20of%20Changes%20in%20Equity) In H1 2025, total consolidated equity decreased by 1.35% from the beginning of the period to RMB 1.55 billion Consolidated Statement of Changes in Equity | Item | Beginning Balance (RMB) | Change in Period (RMB) | Ending Balance (RMB) | | :--- | :--- | :--- | :--- | | Equity Attributable to Parent Company | 1,599,548,885.73 | -16,534,886.47 | 1,583,013,999.26 | | Minority Interest | -23,521,269.20 | -4,729,757.34 | -28,251,026.54 | | Total Equity | 1,576,027,616.53 | -21,264,643.81 | 1,554,762,972.72 | [8. Parent Company Statement of Changes in Equity](index=52&type=section&id=8.%20Parent%20Company%20Statement%20of%20Changes%20in%20Equity) In H1 2025, the parent company's total equity decreased by 0.15% to RMB 2.66 billion, mainly due to a reduction in retained earnings Parent Company Statement of Changes in Equity | Item | Beginning Balance (RMB) | Change in Period (RMB) | Ending Balance (RMB) | | :--- | :--- | :--- | :--- | | Share Capital | 830,188,405.00 | 0.00 | 830,188,405.00 | | Capital Reserve | 3,358,927,786.20 | 0.00 | 3,358,927,786.20 | | Surplus Reserve | 16,992,579.89 | 0.00 | 16,992,579.89 | | Retained Earnings | -1,538,446,853.84 | -4,004,552.73 | -1,542,451,406.57 | | Total Equity | 2,667,661,917.25 | -4,004,552.73 | 2,663,657,364.52 | [III. Company Basic Information](index=55&type=section&id=III.%20Company%20Basic%20Information) Jiawei Renewable Energy Co, Ltd, listed on the Shenzhen Stock Exchange in 2012, primarily engages in PV lighting and power station businesses - Jiawei Renewable Energy Co, Ltd was listed on the Shenzhen Stock Exchange on May 11, 2012, and holds business license number 91440300279428417C[158](index=158&type=chunk) - As of June 30, 2025, the company's total issued share capital is **830,188,405 shares**, with a registered capital of RMB 830,188,405.00[158](index=158&type=chunk) - The company operates in the PV lighting and power station industry, with main products including solar lawn lights, solar garden lights, and PV power station construction[159](index=159&type=chunk) - In H1 2025, the company's consolidated scope included **145 subsidiaries**, with an increase of 18 and a decrease of 6 compared to the previous period[159](index=159&type=chunk) [IV. Basis of Preparation for Financial Statements](index=56&type=section&id=IV.%20Basis%20of%20Preparation%20for%20Financial%20Statements) The financial statements are prepared on a going concern basis, in accordance with China's Accounting Standards for Business Enterprises - The financial statements are prepared on a going concern basis, in accordance with the "Accounting Standards for Business Enterprises" issued by the Ministry of Finance and relevant CSRC disclosure rules[160](index=160&type=chunk) - The company uses the accrual basis of accounting and measures most items at historical cost, with exceptions for certain financial instruments and investment properties[160](index=160&type=chunk) - The Group has fully assessed its ability to continue as a going concern for the next 12 months and reasonably expects to have sufficient resources to maintain operations[161](index=161&type=chunk) [V. Significant Accounting Policies and Estimates](index=56&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section details the company's key accounting policies, including revenue recognition, financial instruments, and consolidation principles - The company's financial statements comply with the requirements of the Accounting Standards for Business Enterprises, truly and completely reflecting its financial position and performance[162](index=162&type=chunk) - The company's accounting year is the calendar year, from January 1 to December 31[163](index=163&type=chunk) - The company uses a 12-month operating cycle as the basis for classifying current and non-current assets and liabilities[164](index=164&type=chunk) - The functional currency for the company and its domestic subsidiaries is the Renminbi (RMB)[165](index=165&type=chunk) - Financial assets are classified based on the business model for managing them and their contractual cash flow characteristics[184](index=184&type=chunk) - The company determines expected credit losses for receivables and contract assets arising from revenue and lease transactions[191](index=191&type=chunk) - Revenue is recognized when the customer obtains control of the related goods or services, fulfilling the performance obligation in the contract[302](index=302&type=chunk) [VI. Taxation](index=85&type=section&id=VI.%20Taxation) The company is subject to VAT and corporate income tax and benefits from several preferential tax policies, including for high-tech enterprises and projects in western regions Main Taxes and Rates | Tax Type | Tax Basis | Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Domestic Sales | 13% | | Urban Maintenance and Construction Tax | Paid turnover tax and tax-exempt/credit amount | 7%, 5% | | Corporate Income Tax | | 15%, 8.25%, 20%, 12.5%, 25%, 0% | | VAT | Lease Income | 5%, 6% | | VAT | Construction and Installation Services | 9% | | VAT | O&M Services | 6% | | Education Surcharge | Paid turnover tax and tax-exempt/credit amount | 3% | | Local Education Surcharge | Paid turnover tax and tax-exempt/credit amount | 2% | | Land Use Tax | Land Area | 1, 2, 4, 12 RMB/sqm/year | | Property Tax | Based on 70% of original property value | 1.2% | | Property Tax | Based on rental income | 12% | - The company qualifies for a reduced **15% corporate income tax rate** as a "State-supported High-tech Enterprise," with a valid certificate until 2026[337](index=337&type=chunk) - The company has applied for tax exemption on offshore trade profits from the Hong Kong tax authorities, with a decision pending as of the reporting date[338](index=338&type=chunk) - Income from PV power stations is eligible for a "three-year exemption, three-year half-rate" tax holiday, with several subsidiaries currently benefiting from this policy[339](index=339&type=chunk)[340](index=340&type=chunk) - A subsidiary located in Inner Mongolia benefits from a reduced **15% corporate income tax rate** under the policy for encouraged industries in western regions[341](index=341&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=87&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed disclosures on key items in the consolidated financial statements, including cash, receivables, fixed assets, and goodwill Cash and Cash Equivalents at Period-End | Item | Period-End Balance (RMB) | | :--- | :--- | | Cash on Hand | 149,816.95 | | Bank Deposits | 320,102,275.80 | | Other Cash Equivalents | 117,121,143.57 | | Total | 437,373,236.32 | | Of which: funds held overseas | 122,768,001.82 | - The carrying value of accounts receivable at period-end was **RMB 431.51 million**, with a 100% bad debt provision made for individually assessed receivables totaling RMB 760.17 million[359](index=359&type=chunk) - The carrying value of fixed assets at period-end was **RMB 850.64 million**, of which PV power stations accounted for RMB 746.56 million[475](index=475&type=chunk) - The original value of goodwill was **RMB 1.30 billion**, with an accumulated impairment provision of RMB 1.30 billion[499](index=499&type=chunk)[501](index=501&type=chunk) - During the reporting period, operating revenue was **RMB 324.26 million** and operating costs were RMB 240.69 million, with main business revenue accounting for 93.98% of the total[583](index=583&type=chunk) [VIII. R&D Expenditures](index=149&type=section&id=VIII.%20R&D%20Expenditures) In H1 2025, total R&D expenditure was RMB 6.37 million, a decrease of 9.93% YoY, all of which was expensed R&D Expenditure Details | Item | Current Period (RMB) | Prior Period (RMB) | | :--- | :--- | :--- | | Employee Compensation | 5,202,619.41 | 5,257,273.78 | | Low-value Consumables | 235,255.40 | 722,518.99 | | Testing and Certification Fees | 169,335.56 | 249,490.31 | | Patent Maintenance Fees | 200,227.71 | 191,051.79 | | Total | 6,373,937.01 | 7,076,399.14 | | Of which: Expensed R&D | 6,373,937.01 | 7,076,399.14 | - The company had no R&D projects eligible for capitalization and no significant externally purchased ongoing R&D projects during the reporting period[646](index=646&type=chunk)[648](index=648&type=chunk) [IX. Changes in the Scope of Consolidation](index=150&type=section&id=IX.%20Changes%20in%20the%20Scope%20of%20Consolidation) The consolidation scope changed due to the acquisition of one company, the establishment of 18 new subsidiaries, and the disposal or deregistration of 6 subsidiaries - A business combination not under common control occurred this period: the acquisition of Huizhou Lingtan New Energy Co, Ltd for an equity cost of RMB 1.00 on March 26, 2025[650](index=650&type=chunk) - The company established **18 new subsidiaries**, including Shenzhen Jiahui Technology Co, Ltd and Guangning Jamu New Energy Technology Co, Ltd, mainly for PV lighting and power station businesses[661](index=661&type=chunk) - The company deregistered **4 subsidiaries**, including Fuyang Jiarui New Energy Technology Co, Ltd and Yangjiang Xintu New Energy Co, Ltd[661](index=661&type=chunk) - The company lost control of two subsidiaries this period through disposal: Shaoguan Dingrong New Energy Technology Co, Ltd and Guangning Jiacun New Energy Technology Co, Ltd[658](index=658&type=chunk)[660](index=660&type=chunk) [X. Interests in Other Entities](index=154&type=section&id=X.%20Interests%20in%20Other%20Entities) The company has 145 subsidiaries and holds interests in 6 significant associate companies accounted for using the equity method - The company has **145 subsidiaries** engaged in businesses including PV lighting, PV power generation, and EPC engineering[663](index=663&type=chunk)[664](index=664&type=chunk)[665](index=665&type=chunk)[666](index=666&type=chunk)[667](index=667&type=chunk)[668](index=668&type=chunk)[669](index=669&type=chunk)[670](index=670&type=chunk)[671](index=671&type=chunk) Significant Non-wholly Owned Subsidiaries | Subsidiary Name | Minority Interest (%) | Profit/Loss Attributable to Minority (RMB) | Dividends Declared to Minority (RMB) | Minority Equity Balance at Period-End (RMB) | | :--- | :--- | :--- | :--- | :--- | | Shenzhen Jiawei Low Carbon Technology Co, Ltd (Consolidated Group) | 36.00% | -3,920,571.67 | 0 | 802,185.56 | - The company holds interests in **6 significant associate companies**, including Ningxia Qingyang New Energy Co, Ltd, all accounted for using the equity method[676](index=676&type=chunk) Key Financial Information of Associate Ningxia Qingyang New Energy Co, Ltd | Item | Period-End/Current Period (RMB) | Prior Period-End/Prior Period (RMB) | | :--- | :--- | :--- | | Total Assets | 1,054,927,509.41 | 1,016,183,461.85 | | Total Liabilities | 605,651,475.42 | 586,853,375.03 | | Equity Attributable to Parent | 449,276,033.99 | 429,330,086.82 | | Carrying Value of Investment | 101,553,119.74 | 97,711,453.99 | | Operating Revenue | 54,528,138.02 | 95,227,403.63 | | Net Profit | 19,208,328.74 | 22,197,526.12 | | Total Comprehensive Income | 19,208,328.74 | 22,197,526.12 | [XI. Government Grants](index=166&type=section&id=XI.%20Government%20Grants) Government grants recognized in the current period's profit and loss amounted to RMB 353,178.77 Government Grants Recognized in Current Profit or Loss | Account | Current Period (RMB) | Prior Period (RMB) | | :--- | :--- | :--- | | Other Income | 353,178.77 | 7,717,413.56 | - The company had no government grants recognized based on receivable amounts and no liabilities related to government grants at the end of the reporting period[684](index=684&type=chunk) [XII. Risks Related to Financial Instruments](index=167&type=section&id=XII.%20Risks%20Related%20to%20Financial%20Instruments) This section outlines the various risks arising from the company's financial instruments - This section provides an overview of the various risks arising from financial instruments[686](index=686&type=chunk) - The company does not engage in hedging activities for risk management or apply hedge accounting[687](index=687&type=chunk)[688](index=688&type=chunk) - The company has not disclosed information on the transfer of financial assets or continued involvement in transferred financial assets[688](index=688&type=chunk) [XIII. Fair Value Disclosures](index=168&type=section&id=XIII.%20Fair%20Value%20Disclosures) This section pertains to fair value disclosures, though specific details are not elaborated in the report - This section covers changes in valuation techniques and the fair value of financial instruments not measured at fair value[690](index=690&type=chunk)[692](index=692&type=chunk) [XIV. Related Parties and Transactions](index=168&type=section&id=XIV.%20Related%20Parties%20and%20Transactions) The company's ultimate controlling party is the SASAC of Yingquan District, Fuyang City, and it engaged in purchase transactions with an associate company - The company's parent is Fuyang Quanfu Enterprise Management Co, Ltd, and the ultimate controlling party is the State-owned Assets Supervision and Administration Commission of Yingquan District, Fuyang City[691](index=691&type=chunk) Related-Party Purchases of Goods/Services | Related Party | Transaction Content | Current Period (RMB) | Approved Limit (RMB) | Exceeded Limit | Prior Period (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | | Shenzhen Nuojin Digital Energy Co, Ltd | Energy storage products | 5,321,165.75 | 60,000,000.00 | No | 7,225,313.17 | Related-Party Sales of Goods/Services | Related Party | Transaction Content | Current Period (RMB) | Prior Period (RMB) | | :--- | :--- | :--- | :--- | | Shenzhen Nuojin Digital Energy Co, Ltd | LED lighting products | 316,227.64 | 14,482.30 | - The company received multiple guarantees from related parties, including Fuyang Yingquan Industrial Investment Development Co, Ltd, totaling **RMB 37,600,000.00**[703](index=703&type=chunk) [XV. Share-based Payments](index=172&type=section&id=XV.%20Share-based%20Payments) The company had no share-based payment activities during the reporting period - The company had no general share-based payment situations during the reporting period[715](index=715&type=chunk) - The company had no equity-settled share-based payment situations during the reporting period[715](index=715&type=chunk) - The company had no cash-settled share-based payment situations during the reporting period[715](index=715&type=chunk) - The company incurred no share-based payment expenses during the reporting period[715](index=715&type=chunk) - There were no modifications or terminations of share-based payment plans during the reporting period[715](index=715&type=chunk) [XVI. Commitments and Contingencies](index=173&type=section&id=XVI.%20Commitments%20and%20Contingencies) The company has lease commitments totaling RMB 74.94 million and faces a contingent liability from a subsidiary's loan dispute amounting to RMB 29.10 million Significant Commitments: Minimum Lease Payments | Remaining Lease Term | Minimum Lease Payments (RMB) | | :--- | :--- | | Within 1 year | 17,281,887.39 | | 1-2 years | 8,153,033.88 | | 2-3 years | 3,466,744.11 | | Over 3 years | 46,037,180.99 | | Total | 74,938,846.37 | Significant Contingencies: Litigation | No | Date | Plaintiff | Defendant | Cause | Claim | Status | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 1 | Nov 2024 | Rugao Economic and Trade Development Co | D1: Jiawei Longneng Solid-State Energy Storage Tech (Rugao); D2: Shenzhen Jiawei Energy Storage Tech | Loan Contract Dispute | 1. Repay loan interest of RMB 29,098,009.08; 2. D2 to bear joint liability; 3. Defendants to bear court costs | In Enforcement | - The company has no other significant contingencies to disclose[718](index=718&type=chunk) [XVII. Post-Balance Sheet Events](index=173&type=section&id=XVII.%20Post-Balance%20Sheet%20Events) The company has no significant non-adjusting events and proposes no profit distribution for the period - The company has no significant non-adjusting events[720](index=720&type=chunk) Profit Distribution Plan | Item | Amount | | :--- | :--- | | Proposed cash dividend per 10 shares (RMB) | 0 | | Proposed bonus shares per 10 shares (shares) | 0 | | Proposed shares from capital reserve per 10 shares (shares) | 0 | | Approved cash dividend per 10 shares (RMB) | 0 | | Approved bonus shares per 10 shares (shares) | 0 | | Approved shares from capital reserve per 10 shares (shares) | 0 | | Profit Distribution Plan | None | - The company has no sales returns to report[723](index=723&type=chunk) [XVIII. Other Important Matters](index=174&type=section&id=XVIII.%20Other%20Important%20Matters) The company reports financial information by operating segments, which include PV lighting, PV power generation, and EPC services - The company has no prior period accounting error corrections, debt restructuring, asset swaps, or annuity plans[724](index=724&type=chunk)[725](index=725&type=chunk)[726](index=726&type=chunk) - The company determines its operating segments based on its internal organizational structure, management requirements, and internal reporting system[727](index=727&type=chunk) Financial Information by Reporting Segment (Revenue and Costs) | Item | PV Lighting (RMB) | PV Power Gen (RMB) | PV EPC (RMB) | PV O&M (RMB) | Park Leasing (RMB) | Energy Storage (RMB) | PV BT (RMB) | Inter-segment Elim (RMB) | Total (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Revenue | 231,803,579.07 | 43,879,441.85 | 93,338,427.12 | 19,009,849.88 | 13,418,893.98 | 3,254,241.58 | 79,888,120.89 | 160,332,093.88 | 324,260,460.49 | | Costs | 185,963,343.46 | 32,141,455.73 | 89,241,927.27 | 10,436,756.15 | 3,162,014.64 | 2,397,511.28 | 66,830,778.37 | 149,484,907.93 | 240,688,878.97 | [XIX. Notes to Parent Company Financial Statement Items](index=176&type=section&id=XIX.%20Notes%20to%20Parent%20Company%20Financial%20Statement%20Items) This section provides detailed disclosures on key items in the parent company's financial statements, including receivables and investment income Parent Company Accounts Receivable by Aging | Aging | Period-End Balance (RMB) | Period-Beginning Balance (RMB) | | :--- | :--- | :--- | | Within 1 year | 150,132,508.94 | 195,192,911.97 | | 1 to 2 years | 162,678,917.60 | 163,661,775.38 | | 2 to 3 years | 115,632,924.59 | 57,229,395.37 | | Over 3 years | 70,978,235.38 | 33,650,646.06 | | Total | 499,422,586.51 | 449,734,728.78 | Parent Company Other Receivables by Nature | Nature | Period-End Balance (RMB) | Period-Beginning Balance (RMB) | | :--- | :--- | :--- | | Intercompany balances | 780,121,355.84 | 690,483,763.04 | | Deposits and guarantees | 2,947,112.00 | 3,017,072.00 | | Export tax rebates receivable | 560,286.56 | 1,471,809.84 | | Bad debt provision | -4,094,868.88 | -3,660,693.45 | | Total | 779,533,885.52 | 691,311,951.43 | Parent Company Long-term Equity Investments | Item | Period-End Carrying Value (RMB) | Period-Beginning Carrying Value (RMB) | | :--- | :--- | :--- | | Investments in subsidiaries | 1,849,221,702.43 | 1,864,599,250.67 | | Total | 1,849,221,702.43 | 1,864,599,250.67 | Parent Company Operating Revenue and Costs | Item | Current Period Revenue (RMB) | Current Period Costs (RMB) | Prior Period Revenue (RMB) | Prior Period Costs (RMB) | | :--- | :--- | :--- | :--- | :--- | | Main Business | 51,872,989.22 | 42,514,339.04 | 93,138,474.15 | 79,246,264.97 | | Other Business | 21,154,236.27 | 4,983,513.85 | 3,874,702.96 | 1,407,471.33 | | Total | 73,027,225.49 | 47,497,852.89 | 97,013,177.11 | 80,653,736.30 | Parent Company Investment Income | Item | Current Period (RMB) | Prior Period (RMB) | | :--- | :--- | :--- | | Equity method investment income | 0 | 3,992,457.05 | | Gain/loss on disposal of long-term equity investments | -1,412,050.67 | 0 | | Total | -1,412,050.67 | 3,992,457.05 | [XX. Supplementary Information](index=186&type=section&id=XX.%20Supplementary%20Information) This section provides supplementary details on non-recurring items and return on equity calculations Details of Current Non-recurring Profit and Loss | Item | Amount (RMB) | Description | | :--- | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | -46,113.00 | | | Government Grants Recognized in Current Profit or Loss | 353,178.77 | | | Reversal of Impairment Provision for Individually Tested Receivables | 1,322,373.87 | Mainly the reversal of bad debt provisions for a single customer | | Other Non-operating Income and Expenses | 4,133,878.36 | Mainly payables to a subsidiary that are no longer required to be paid | | Less: Income Tax Impact | 599.11 | | | Minority Interest Impact (After Tax) | 113,412.41 | | | Total | 5,649,306.48 | -- | Return on Equity and Earnings Per Share | Profit

Group 1: Overview of CFO Compensation - The total compensation for CFOs in A-share listed companies reached 4.27 billion yuan in 2024 [1] - The average salary for CFOs in the public utility-electricity sector is approximately 743,800 yuan [1] - The highest-paid CFO is Liu Xiaojun from JinkoSolar, with a salary of 1.90 million yuan, while the lowest is from *ST Lingda at 202,900 yuan [1] Group 2: Age and Education Distribution - The average age of CFOs is approximately 49.58 years, with the majority (39%) aged between 40-49 [1] - The educational background shows a positive correlation with salary: PhD (1.11 million yuan), Master's (860,200 yuan), Bachelor's (683,000 yuan), and Associate's (532,700 yuan) [1] Group 3: Performance and Compensation Relationship - There are instances of salary not aligning with company performance, indicating a disconnect between compensation and profitability [1] - Specific cases include Liu Xilin from Jiawei New Energy, whose salary is not mentioned but is noted for performance issues [1] Group 4: Regulatory Violations - Five CFOs received warnings or public notifications for violations in 2024-2025 [1] - Liu Dongmei from Meiyan Jixiang received four warnings, with a salary of 639,500 yuan, due to improper disclosure and revenue recognition issues [2] - Other CFOs, such as Xia Xueling from Ningbo Energy and Gu Zhonglin from Jiangsu Guoxin, also faced regulatory scrutiny for various violations [2]

Group 1 - The total salary of CFOs in A-share listed companies for 2024 is approximately 4.27 billion yuan, with an average salary in the public utility-electricity sector being around 743,800 yuan [1] - The highest-paid CFO is Liu Xiaojun from Jinko Technology, earning 1.90 million yuan, while the lowest is from *ST Lingda with a salary of 202,900 yuan [1] - The average age of CFOs is approximately 49.58 years, with the majority (39%) aged between 40-49 years [1] Group 2 - There is a positive correlation between education level and salary, with PhD holders earning an average of 1.11 million yuan, Master's degree holders earning 860,200 yuan, Bachelor's degree holders earning 683,000 yuan, and those with an associate degree earning 532,700 yuan [1] - There are instances of salary and company performance misalignment, with some CFOs receiving high salaries despite poor company performance [1] - A total of five CFOs received warnings or public notifications for violations in 2024-2025 [1] Group 3 - Liu Dongmei from Meiyan Jixiang received four warnings, with a 2024 salary of 639,500 yuan, due to improper disclosure of related party transactions and delayed performance announcements [2] - Xia Xueling from Ningbo Energy received two warnings, with a 2024 salary of 720,400 yuan, for incorrect revenue recognition leading to a misstatement of 9.4 million yuan in the 2022 annual report [2] - Gu Zhonglin from Jiangsu Guoxin received two warnings, with a 2024 salary of 691,200 yuan, for stock trading violations involving his mother [2]