Important Notes, Table of Contents, and Definitions [Important Notes](index=2&type=section&id=Important%20Notes) The board, supervisory board, and senior management guarantee report accuracy, with no plans for cash dividends or capital reserve conversions - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report[4](index=4&type=chunk) - The company's principal, chief accountant, and head of accounting department declare the financial report is true, accurate, and complete[4](index=4&type=chunk) - The company plans no cash dividends, bonus shares, or capital reserve conversions to share capital[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, covering company operations, finance, governance, and significant matters, along with a directory of reference documents - The report comprises eight main chapters covering company operations, finance, governance, and significant matters[8](index=8&type=chunk) - Reference documents include the original report signed by the legal representative, financial statements, original public disclosure documents, and other relevant materials[11](index=11&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section defines common terms used in the report, including regulatory bodies, company names, legal regulations, financial statements, currency units, and power industry specific terminology - Key terms related to regulatory bodies and the company, such as CSRC, SZSE, and Yongfu Stock, are defined[14](index=14&type=chunk) - Professional terms in the power industry, including EPC general contracting, smart grid, clean energy, renewable energy, and new energy, are explained[14](index=14&type=chunk) - Names of major controlling shareholders and subsidiaries, such as Bofa Investment, Bohong Investment, Yongfu Green Energy, and CATL, are listed[14](index=14&type=chunk)[16](index=16&type=chunk) Company Profile and Key Financial Indicators [Company Profile](index=7&type=section&id=Company%20Profile) The company, listed on the Shenzhen Stock Exchange under stock code 300712, updated its business scope and completed relevant industrial and commercial registration during the reporting period - The company's stock abbreviation is Yongfu Stock, stock code **300712**, listed on the Shenzhen Stock Exchange[18](index=18&type=chunk) - During the reporting period, the company's business scope changed, and industrial and commercial registration and Articles of Association filing were completed[23](index=23&type=chunk) [Key Accounting Data and Financial Indicators](index=8&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators) Revenue slightly decreased, but net profit attributable to shareholders and diluted EPS increased, while operating cash flow loss narrowed, and total assets slightly decreased Key Accounting Data and Financial Indicators for H1 2025 | Indicator | Current Period (RMB) | Prior Period (RMB) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 976,957,869.25 | 995,670,643.02 | -1.88% | | Net Profit Attributable to Shareholders of Listed Company | 31,260,571.03 | 30,312,374.04 | 3.13% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-recurring Gains/Losses) | 28,886,475.02 | 27,263,976.99 | 5.95% | | Net Cash Flow from Operating Activities | -281,953,078.11 | -411,178,705.12 | 31.43% | | Basic Earnings Per Share (RMB/share) | 0.1696 | 0.1616 | 4.95% | | Diluted Earnings Per Share (RMB/share) | 0.1667 | 0.1616 | 3.16% | | Weighted Average Return on Net Assets | 2.54% | 2.17% | 0.37% | | **Period-end Indicators:** | | | | | Total Assets | 4,203,082,916.97 | 4,403,714,482.53 | -4.56% | | Net Assets Attributable to Shareholders of Listed Company | 1,286,033,857.45 | 1,291,069,346.60 | -0.39% | - During the reporting period, there were no differences in net profit and net assets between financial reports disclosed under International Accounting Standards or overseas accounting standards and Chinese Accounting Standards[25](index=25&type=chunk)[26](index=26&type=chunk) Non-recurring Gains and Losses for H1 2025 | Item | Amount (RMB) | Description | | :--- | :--- | :--- | | Gains/Losses from Disposal of Non-current Assets | -252,630.07 | | | Government Subsidies Included in Current Profit/Loss (Excluding Those with Continuous Impact) | 1,948,686.59 | | | Gains/Losses from Fair Value Changes and Disposal of Financial Assets/Liabilities | -74,043.34 | | | Reversal of Impairment Provisions for Receivables Subject to Separate Impairment Testing | 4,528.30 | | | Gains Arising from Investment Cost Being Less Than Fair Value of Identifiable Net Assets of Investee | -327,632.89 | | | Gains/Losses from Debt Restructuring | 1,829,548.73 | | | Other Non-operating Income and Expenses | -167,610.75 | | | Other Gains/Losses Meeting the Definition of Non-recurring Gains/Losses | 241,390.00 | Mainly refunds of individual income tax withholding fees | | Less: Income Tax Impact | 534,620.09 | | | Impact on Minority Interests (After Tax) | 293,520.47 | | | Total | 2,374,096.01 | | Management Discussion and Analysis [I. Principal Businesses During the Reporting Period](index=10&type=section&id=I.%20Principal%20Businesses%20During%20the%20Reporting%20Period) The company aims to be a leading zero-carbon power technology firm, focusing on new energy, smart grids, and digital energy solutions globally - The global energy system is accelerating green and digital transformation, with the IEA predicting renewable energy will be the largest electricity source by **2025**[33](index=33&type=chunk) - China's 'dual carbon' goals drive new power system construction, with power source engineering investment up **5.9%** and grid engineering investment up **14.6%** in H1 2025[34](index=34&type=chunk)[35](index=35&type=chunk)[37](index=37&type=chunk) - The new energy generation market is growing rapidly, with new wind power installations up **98.9%** and new photovoltaic installations up **107.1%** year-on-year[36](index=36&type=chunk) - The company's mission is 'to make electricity cleaner and smarter,' focusing on new energy, clean energy, energy storage, smart grids, and digital energy to become an internationally renowned zero-carbon power technology company[43](index=43&type=chunk) - The company implements a 'one body, two wings' strategy, offering power energy solutions (planning, new energy, clean energy, storage, grid, zero-carbon power systems) and specialized products (distributed PV-storage systems, digital energy products), serving over **20** countries and regions globally[43](index=43&type=chunk)[44](index=44&type=chunk)[46](index=46&type=chunk)[47](index=47&type=chunk)[48](index=48&type=chunk)[49](index=49&type=chunk)[51](index=51&type=chunk)[52](index=52&type=chunk)[53](index=53&type=chunk)[55](index=55&type=chunk) - The company's business model covers R&D, procurement, production, and sales, maintaining technological innovation through independent or collaborative R&D and actively pursuing business model innovation[58](index=58&type=chunk)[59](index=59&type=chunk)[60](index=60&type=chunk)[61](index=61&type=chunk) [II. Analysis of Core Competencies](index=17&type=section&id=II.%20Analysis%20of%20Core%20Competencies) The company's core competencies include robust institutional mechanisms, strong innovation capabilities, top-tier industry qualifications, comprehensive zero-carbon power solutions, and integrated industrial resources - The company's institutional advantages lie in strong market orientation, service awareness, efficient decision-making, and rapid market response capabilities[87](index=87&type=chunk) - The company has a professional R&D team of over **450** people, continuously developing cutting-edge technologies and products in offshore wind power, smart grids, and energy storage, holding over **270** patents and **300** technology and engineering design awards[88](index=88&type=chunk) - The company holds the highest qualifications across the entire power industry value chain, including Grade A for power engineering design, comprehensive Grade A for engineering survey, and Grade A for power consulting[89](index=89&type=chunk) - The company's core competency is its 'zero-carbon power system' overall solution, offering a unique 'full industry chain layout + full lifecycle service' model[90](index=90&type=chunk) - The company deeply integrates industry chain resources, innovates with global partners for win-win outcomes, builds a smart zero-carbon ecosystem, and empowers green sustainable development for clients across various industries[91](index=91&type=chunk) [III. Analysis of Principal Business](index=18&type=section&id=III.%20Analysis%20of%20Principal%20Business) Operating revenue slightly declined by 1.88%, but net profit attributable to shareholders increased by 3.13%, while financial expenses rose significantly due to increased borrowings Year-on-Year Changes in Key Financial Data | Indicator | Current Period (RMB) | Prior Period (RMB) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 976,957,869.25 | 995,670,643.02 | -1.88% | No significant change | | Net Profit Attributable to Shareholders of Listed Company | 31,260,571.03 | 30,312,374.04 | 3.13% | | | Financial Expenses | 26,171,711.36 | 16,964,923.52 | 54.27% | Average interest-bearing borrowing scale increased year-on-year, leading to higher bank loan interest expenses and letter of guarantee fees | | Income Tax Expense | 3,028,708.24 | 1,315,738.42 | 130.19% | Increase in total profit and taxable income | | Net Cash Flow from Operating Activities | -281,953,078.11 | -411,178,705.12 | 31.43% | Increased cash collection from EPC projects and distributed PV integrated products | Products or Services Accounting for Over 10% of Revenue | By Product or Service | Operating Revenue (RMB) | Operating Cost (RMB) | Gross Margin | Operating Revenue Year-on-Year Change | Operating Cost Year-on-Year Change | Gross Margin Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Integrated Power Energy Solutions and Services | 502,108,250.48 | 364,768,064.01 | 27.35% | -17.64% | -22.04% | 4.09% | | Of which: Power Engineering Survey and Design (Including Planning Consulting) | 228,758,661.23 | 114,444,283.77 | 49.97% | 29.38% | 24.74% | 1.86% | | EPC General Contracting | 248,479,442.01 | 231,056,627.98 | 7.01% | -40.07% | -36.54% | -5.17% | | Smart Operation and Maintenance | 24,870,147.24 | 19,267,152.26 | 22.53% | 36.13% | 60.29% | -11.67% | | Distributed PV-Storage System Products and Services | 402,621,892.03 | 373,358,777.93 | 7.27% | 18.11% | 28.89% | -7.75% | | **By Region** | | | | | | | | Within Fujian Province, China | 240,004,958.66 | 181,535,109.12 | 24.36% | -50.35% | -51.46% | 1.73% | | Outside Fujian Province, China | 671,159,365.15 | 586,205,936.30 | 12.66% | 38.56% | 41.91% | -2.06% | | International | 65,793,545.44 | 40,030,971.99 | 39.16% | 135.88% | 115.54% | 5.75% | [IV. Analysis of Non-Principal Business](index=19&type=section&id=IV.%20Analysis%20of%20Non-Principal%20Business) Non-principal business significantly contributed to total profit, primarily through investment income from associate companies, while asset and credit impairment losses had a negative impact Analysis of Non-Principal Business | Item | Amount (RMB) | Proportion of Total Profit | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 8,886,275.09 | 46.56% | Mainly investment income recognized from profits of associate companies Haidian O&M and Gansu Diantong | Yes | | Gains/Losses from Fair Value Changes | -74,043.34 | -0.39% | Mainly fair value change losses from new energy industry funds | Yes | | Asset Impairment (Loss) | -1,754,864.31 | -9.19% | Mainly impairment losses on contract assets and inventory write-downs | Yes | | Credit Impairment Loss (Loss) | -715,441.05 | -3.75% | Mainly credit impairment losses on accounts receivable and long-term receivables | Yes | | Other Income | 2,190,076.59 | 11.48% | Mainly government subsidies related to the company's daily operating activities | No | | Gains from Asset Disposal | 44,123.47 | 0.23% | Mainly gains/losses from termination of right-of-use assets | No | [V. Analysis of Assets and Liabilities](index=20&type=section&id=V.%20Analysis%20of%20Assets%20and%20Liabilities) Total assets and net assets attributable to shareholders decreased, with changes in contract assets, short-term borrowings, inventory, and long-term borrowings, alongside significant asset restrictions Significant Changes in Asset Composition | Item | Amount at End of Current Period (RMB) | Proportion of Total Assets | Amount at End of Prior Year (RMB) | Proportion of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 337,470,804.98 | 8.03% | 459,101,296.12 | 10.43% | -2.40% | No significant change | | Contract Assets | 732,720,375.58 | 17.43% | 618,448,834.44 | 14.04% | 3.39% | No significant change | | Inventories | 278,404,434.12 | 6.62% | 418,139,056.26 | 9.50% | -2.88% | Accelerated grid connection of distributed PV integrated products led to corresponding inventory write-offs | | Short-term Borrowings | 1,014,547,519.37 | 24.14% | 802,821,699.85 | 18.23% | 5.91% | No significant change | | Long-term Borrowings | 72,101,547.66 | 1.72% | 181,024,825.60 | 4.11% | -2.39% | Long-term borrowings due within one year reclassified to non-current liabilities due within one year | | Non-current Liabilities Due Within One Year | 463,035,374.50 | 11.02% | 285,998,205.32 | 6.49% | 4.53% | Increase in long-term borrowings due within one year and installment payments for EPC general contracting projects | Major Overseas Assets | Specific Asset Content | Asset Scale (10,000 RMB) | Location | Operating Model | Control Measures to Ensure Asset Security | Profitability Status | Proportion of Overseas Assets to Company's Net Assets | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Contract Assets | 8,332.00 | Philippines | Self-operated | Engineering Insurance | Normal | 6.48% | | Accounts Receivable | 8,515.52 | Philippines | Self-operated | Engineering Insurance | Normal | 6.62% | | Accounts Receivable | 1,581.02 | Indonesia | Self-operated | Engineering Insurance | Normal | 1.23% | | Fixed Assets | 2,682.19 | Bangladesh | Self-operated | Engineering Insurance | Normal | 2.09% | | Cash and Cash Equivalents | 2,910.48 | Bangladesh | Self-operated | Fund payments and transfers require adherence to company internal control procedures | Normal | 2.26% | Asset Restrictions as of the End of the Reporting Period | Item | Book Value at Period-end (RMB) | Restriction Type | Restriction Details | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 104,972,584.80 | Frozen | Deposits for issuing bank acceptance bills, letters of credit, and guarantees | | Fixed Assets | 152,865,172.75 | Mortgage | Assets mortgaged for long-term borrowings | | Intangible Assets | 4,267,424.45 | Mortgage | Assets mortgaged for long-term borrowings | | Construction in Progress | 25,800,000.00 | Mortgage | Assets mortgaged for long-term borrowings | | Accounts Receivable | 721,920.20 | Pledge | Assets pledged for long-term borrowings | | Total | 295,458,355.60 | | | [VI. Analysis of Investment Status](index=23&type=section&id=VI.%20Analysis%20of%20Investment%20Status) The company's investment amount significantly decreased by 96.83% year-on-year, with no major equity or non-equity investments, entrusted wealth management, derivatives, or entrusted loans Investment Amount During the Reporting Period | Indicator | Current Period (RMB) | Prior Period (RMB) | Change Rate | | :--- | :--- | :--- | :--- | | Investment Amount During the Reporting Period | 2,500,792.49 | 79,001,000.00 | -96.83% | - During the reporting period, the company had no significant equity investments, non-equity investments, use of raised funds, entrusted wealth management, derivative investments, or entrusted loans[106](index=106&type=chunk)[108](index=108&type=chunk)[109](index=109&type=chunk)[110](index=110&type=chunk)[111](index=111&type=chunk) Financial Assets Measured at Fair Value | Asset Category | Amount at Period-end (RMB) | Source of Funds | | :--- | :--- | :--- | | Financing for Receivables | 4,142,112.66 | Own Funds | | Investments in Other Equity Instruments | 91,163,944.97 | Own Funds | | Other Non-current Financial Assets | 37,413,559.87 | Own Funds | | Total | 132,719,617.50 | -- | [VII. Significant Asset and Equity Sales](index=24&type=section&id=VII.%20Significant%20Asset%20and%20Equity%20Sales) During the reporting period, the company did not engage in any significant asset or equity sales - The company did not sell any significant assets during the reporting period[112](index=112&type=chunk) - The company did not sell any significant equity during the reporting period[113](index=113&type=chunk) [VIII. Analysis of Major Holding and Associate Companies](index=24&type=section&id=VIII.%20Analysis%20of%20Major%20Holding%20and%20Associate%20Companies) The company established new subsidiaries, with Fujian Yongfu Green Energy achieving revenue and net profit growth, while Gansu Diantong also saw significant revenue and profit increases - New subsidiaries established during the reporting period include Chengdu Yongfu Juneng Energy Storage Technology Co., Ltd. and GREEN HOLDINGS INTELLIGENCE PTY LTD[113](index=113&type=chunk) - Holding subsidiary Fujian Yongfu Green Energy Technology Co., Ltd. saw operating revenue increase by **20.55%** and net profit by **12.35%** year-on-year, primarily due to a rush for installations driven by new distributed PV policies[113](index=113&type=chunk) - Holding subsidiary Panzhihua Sanneng New Energy Co., Ltd. operated normally during the reporting period, with significant revenue growth, but profitability still needs improvement[114](index=114&type=chunk) - Associate company Gansu Diantong Electric Power Engineering Design Consulting Co., Ltd. reported operating revenue growth of **38.36%** and net profit growth of **23.04%** year-on-year, mainly due to concentrated delivery of last year's projects and significant business expansion results[114](index=114&type=chunk) Financial Performance of Major Holding and Associate Companies | Company Name | Company Type | Operating Revenue (RMB) | Net Profit (RMB) | | :--- | :--- | :--- | :--- | | Fujian Yongfu Green Energy Technology Co., Ltd. | Subsidiary | 412,302,919.40 | 7,163,581.48 | | Panzhihua Sanneng New Energy Co., Ltd. | Subsidiary | 25,435,130.19 | -28,294,170.51 | | Gansu Diantong Electric Power Engineering Design Consulting Co., Ltd. | Associate Company | 472,248,413.80 | 32,446,562.67 | [IX. Structured Entities Controlled by the Company](index=25&type=section&id=IX.%20Structured%20Entities%20Controlled%20by%20the%20Company) During the reporting period, the company did not control any structured entities - The company had no controlled structured entities during the reporting period[116](index=116&type=chunk) [X. Risks Faced by the Company and Countermeasures](index=25&type=section&id=X.%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces policy, market, asset impairment, and international risks, addressed through dynamic policy tracking, innovation, enhanced project management, and diversified market strategies - Policy risk: Deepening national new energy and energy storage policies may lead to electricity price fluctuations and delayed grid connections, which the company addresses by dynamically tracking policies and innovating business models[116](index=116&type=chunk) - Market environment change risk: Intensified industry competition and cyclical structural transformation may adversely affect sustainable development and profitability, which the company addresses through innovation-driven strategies and enhancing service value[117](index=117&type=chunk) - Asset impairment risk: Deterioration in partners' financial conditions or delayed settlements may lead to asset impairment, which the company addresses by strengthening market engagement management and implementing long-term accounts receivable management mechanisms[118](index=118&type=chunk) - Overseas project execution risk and international situation risk: Influenced by local social security, industrial policies, business environment, laws and regulations, exchange rate fluctuations, and geopolitical conflicts, the company responds by improving management systems, enhancing overseas execution capabilities, diversifying market layouts, and optimizing foreign exchange hedging strategies[123](index=123&type=chunk)[124](index=124&type=chunk) [XI. Registration Form for Research, Communication, and Interview Activities During the Reporting Period](index=26&type=section&id=XI.%20Registration%20Form%20for%20Research%2C%20Communication%2C%20and%20Interview%20Activities%20During%20the%20Reporting%20Period) The company participated in an online investor reception day on May 14, 2025, discussing business layout, overseas project collections, and zero-carbon power solutions with investors - On May 14, 2025, the company participated in an online collective investor reception day for listed companies in the Fujian region, discussing company business layout, overseas project collections, and zero-carbon power solutions with investors[125](index=125&type=chunk) [XII. Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=27&type=section&id=XII.%20Formulation%20and%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) During the reporting period, the company did not formulate a market value management system or disclose a valuation enhancement plan - The company did not formulate a market value management system during the reporting period[126](index=126&type=chunk) - The company did not disclose a valuation enhancement plan during the reporting period[126](index=126&type=chunk) [XIII. Implementation of 'Quality and Return Dual Enhancement' Action Plan](index=27&type=section&id=XIII.%20Implementation%20of%20%E2%80%98Quality%20and%20Return%20Dual%20Enhancement%E2%80%99%20Action%20Plan) The company did not disclose an announcement regarding the 'Quality and Return Dual Enhancement' action plan during the reporting period - The company did not disclose an announcement regarding the 'Quality and Return Dual Enhancement' action plan during the reporting period[126](index=126&type=chunk) Corporate Governance, Environment, and Society [I. Changes in Directors, Supervisors, and Senior Management](index=28&type=section&id=I.%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, there were no changes in the company's directors, supervisors, or senior management - There were no changes in the company's directors, supervisors, and senior management during the reporting period[128](index=128&type=chunk) [II. Profit Distribution and Capital Reserve Conversion to Share Capital in the Current Period](index=28&type=section&id=II.%20Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20to%20Share%20Capital%20in%20the%20Current%20Period) The company plans no cash dividends, bonus shares, or capital reserve conversions to share capital for the semi-annual period - The company plans no cash dividends, bonus shares, or capital reserve conversions to share capital for the semi-annual period[129](index=129&type=chunk) [III. Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=28&type=section&id=III.%20Implementation%20of%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) During the reporting period, the company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures in place - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period[130](index=130&type=chunk) [IV. Environmental Information Disclosure](index=28&type=section&id=IV.%20Environmental%20Information%20Disclosure) Panzhihua Sanneng New Energy Co., Ltd., a major subsidiary, is listed as an enterprise required to disclose environmental information, available on the Sichuan disclosure system - Panzhihua Sanneng New Energy Co., Ltd. is included in the list of enterprises required to disclose environmental information by law[131](index=131&type=chunk) - Panzhihua Sanneng New Energy Co., Ltd.'s environmental information disclosure report can be found on the Enterprise Environmental Information Disclosure System (Sichuan)[131](index=131&type=chunk) [V. Social Responsibility](index=28&type=section&id=V.%20Social%20Responsibility) The company actively fulfills its social responsibilities through ethical operations, community engagement, and promoting green energy development in rural revitalization efforts - The company adheres to its core values of 'customer first, innovation for win-win,' operates legally and honestly, and has been recognized as a 'Major Taxpayer in Fuzhou High-tech Zone' for many consecutive years[132](index=132&type=chunk) - During the reporting period, the company purchased products from disabled individuals through 'buy-to-donate' and other models, helping them increase their income[132](index=132&type=chunk) - The company organized the 'Warm Blood, Build Health Together' themed event, fulfilling corporate social responsibility and spreading warmth[132](index=132&type=chunk) - The company will continue to promote the integration of green energy development with rural revitalization, supporting rural revitalization in poverty-stricken areas[132](index=132&type=chunk) Significant Matters [I. Commitments Fulfilled or Overdue by Controlling Shareholder, Shareholders, Related Parties, Acquirers, and the Company](index=29&type=section&id=I.%20Commitments%20Fulfilled%20or%20Overdue%20by%20Controlling%20Shareholder%2C%20Shareholders%2C%20Related%20Parties%2C%20Acquirers%2C%20and%20the%20Company) During the reporting period, there were no commitments by the company, its controlling shareholder, or related parties that were fulfilled or overdue - During the reporting period, there were no commitments by the company's actual controller, shareholders, related parties, acquirers, or the company that were fulfilled or overdue as of the end of the reporting period[134](index=134&type=chunk) [II. Non-Operating Funds Occupied by Controlling Shareholder and Other Related Parties](index=29&type=section&id=II.%20Non-Operating%20Funds%20Occupied%20by%20Controlling%20Shareholder%20and%20Other%20Related%20Parties) During the reporting period, there were no non-operating funds occupied by the controlling shareholder or other related parties from the listed company - During the reporting period, there were no non-operating funds occupied by the controlling shareholder or other related parties from the listed company[135](index=135&type=chunk) [III. Illegal External Guarantees](index=29&type=section&id=III.%20Illegal%20External%20Guarantees) During the reporting period, the company had no illegal external guarantees - The company had no illegal external guarantees during the reporting period[136](index=136&type=chunk) [IV. Appointment and Dismissal of Accounting Firms](index=29&type=section&id=IV.%20Appointment%20and%20Dismissal%20of%20Accounting%20Firms) The company's semi-annual report was not audited by an accounting firm - The company's semi-annual report was unaudited[137](index=137&type=chunk) [V. Board of Directors, Supervisory Board, and Audit Committee's Explanation of 'Non-Standard Audit Report' for the Current Period](index=29&type=section&id=V.%20Board%20of%20Directors%2C%20Supervisory%20Board%2C%20and%20Audit%20Committee%27s%20Explanation%20of%20%E2%80%98Non-Standard%20Audit%20Report%E2%80%99%20for%20the%20Current%20Period) During the reporting period, the company did not receive a non-standard audit report - The company had no non-standard audit report during the reporting period[138](index=138&type=chunk) [VI. Board of Directors' Explanation of 'Non-Standard Audit Report' for the Prior Year](index=29&type=section&id=VI.%20Board%20of%20Directors%27%20Explanation%20of%20%E2%80%98Non-Standard%20Audit%20Report%E2%80%99%20for%20the%20Prior%20Year) During the reporting period, the company did not have a non-standard audit report from the prior year to explain - The company had no non-standard audit report during the reporting period[138](index=138&type=chunk) [VII. Bankruptcy and Reorganization Matters](index=29&type=section&id=VII.%20Bankruptcy%20and%20Reorganization%20Matters) During the reporting period, the company was not involved in any bankruptcy or reorganization matters - The company had no bankruptcy or reorganization matters during the reporting period[138](index=138&type=chunk) [VIII. Litigation Matters](index=29&type=section&id=VIII.%20Litigation%20Matters) The company is involved in several lawsuits, including a vessel collision dispute for **259.41 million RMB** and EPC construction disputes for **83.94 million RMB** and a counter-claim for **83.60 million RMB**, with uncertain outcomes Significant Litigation and Arbitration Matters | Basic Information on Litigation (Arbitration) | Amount Involved (10,000 RMB) | Litigation (Arbitration) Progress | Litigation (Arbitration) Outcome and Impact | | :--- | :--- | :--- | :--- | | Vessel collision damage liability dispute, Guangdong Yuedian Yangjiang Offshore Wind Power Co., Ltd. and others filed a lawsuit against the company, Xinchuang Electromechanical, and related parties | 25,940.77 | Under second instance trial | The second instance of this lawsuit has not yet been judged, the final outcome remains uncertain, and the impact cannot be accurately determined for now | | EPC general contracting project wind turbine foundation construction dispute for Yuedian Yangjiang Qingzhou I & II Offshore Wind Farm, the company filed a lawsuit against Jiangsu Longyuan Zhenhua Offshore Engineering Co., Ltd. | 8,394.40 | Under first instance trial | The first instance of this lawsuit has not yet been judged, the outcome remains uncertain, and the impact cannot be accurately determined for now | | EPC general contracting project wind turbine foundation construction dispute for Yuedian Yangjiang Qingzhou I & II Offshore Wind Farm, Jiangsu Longyuan Zhenhua Offshore Engineering Co., Ltd. filed a counter-claim against the company | 8,360.33 | Under first instance trial | The first instance of this lawsuit has not yet been judged, the outcome remains uncertain, and the impact cannot be accurately determined for now | - During the reporting period, other litigation and arbitration matters involving the company and its subsidiaries, not meeting the disclosure threshold for significant litigation, totaled **26.03 million RMB**, and are not expected to materially impact the company's financial position or going concern ability[141](index=141&type=chunk) [IX. Penalties and Rectification](index=30&type=section&id=IX.%20Penalties%20and%20Rectification) During the reporting period, the company had no penalties or rectification situations - The company had no penalties or rectification situations during the reporting period[142](index=142&type=chunk) [X. Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=30&type=section&id=X.%20Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller) During the reporting period, 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[143](index=143&type=chunk) [XI. Significant Related Party Transactions](index=30&type=section&id=XI.%20Significant%20Related%20Party%20Transactions) The company engaged in various related party transactions, including procurement, sales, leasing, guarantees, and intercompany borrowings, with significant guarantees provided to and received from related parties Related Party Transactions for Purchase and Sale of Goods, Provision and Acceptance of Services | Related Party | Related Party Transaction Content | Amount Incurred in Current Period (RMB) | | :--- | :--- | :--- | | Fujian Times Xingyun Technology Co., Ltd. | Outsourcing Fees | 610,619.47 | | Fujian Yongfu Huineng Technology Co., Ltd. | Equipment Materials/Outsourcing Fees | 55,520,588.40 | | Gansu Diantong Electric Power Engineering Design Consulting Co., Ltd. | Survey and Design, Digital Energy Products and Services | 857,405.66 | | CATL New Energy Technology Co., Ltd. | General Contracting Project | -91,089.27 | Related Party Leasing (Company as Lessor) | Lessee Name | Type of Leased Asset | Lease Income Recognized in Current Period (RMB) | | :--- | :--- | :--- | | Fujian Yongfu Group Co., Ltd. | Property Lease | 114,285.72 | | Fujian Yongxinchang Electric Power Technology Co., Ltd. | Property Lease | 9,142.86 | Related Party Guarantees (Company's Guarantees to Subsidiaries) | Guaranteed Party | Guaranteed Amount (RMB) | Is Guarantee Fulfilled | | :--- | :--- | :--- | | Fujian Yongfu Green Energy Technology Co., Ltd. | 198,030,000.00 | No | | Panzhihua Sanneng New Energy Co., Ltd. | 57,674,375.00 | No | | Fujian Yongfu Digital Energy Technology Co., Ltd. | 26,500,000.00 | No | | Sichuan Yuneng Hydropower Engineering Consulting Co., Ltd. | 10,000,000.00 | No | | Deqing Yongdong Photovoltaic Power Generation Technology Co., Ltd. | 10,522,764.75 | No | | Fujian Huachao Information Technology Co., Ltd. | 400,000.00 | No | Related Party Guarantees (Company as Guaranteed Party) | Guarantor | Guaranteed Amount (RMB) | Is Guarantee Fulfilled | | :--- | :--- | :--- | | Fujian Yongfu Bofa Investment Co., Ltd. | 329,395,000.00 | No | | Fujian Yongfu Bofa Investment Co., Ltd. | 47,318,054.09 | No | | Fujian Yongfu Bofa Investment Co., Ltd. | 306,093,650.00 | No | | Fujian Yongfu Bofa Investment Co., Ltd. | 23,419,350.00 | No | | Fujian Yongfu Bofa Investment Co., Ltd. | 52,997,498.68 | No | - The company borrowed **11.99835 million RMB** from its controlling shareholder, Fujian Yongfu Bofa Investment Co., Ltd.[740](index=740&type=chunk) [XII. Significant Contracts and Their Performance](index=32&type=section&id=XII.%20Significant%20Contracts%20and%20Their%20Performance) The company has various significant contracts, including property leases and EPC general contracting projects, with normal performance, and provided **552.02 million RMB** in guarantees to subsidiaries - During the reporting period, the company leased properties and land use rights primarily for daily operations, EPC project construction sites, survey and design project temporary housing, and supporting dormitories, which do not materially impact the company's operations or financial condition[154](index=154&type=chunk) - Company guarantees to subsidiaries: As of the end of the reporting period, the total approved guarantee limit for subsidiaries was **5.54602 billion RMB**, with actual guarantee balance totaling **552.0223 million RMB**, representing **42.92%** of the company's net assets[167](index=167&type=chunk) Summary of Significant Operating Contracts | Contracting Company Name | Total Contract Amount (10,000 RMB) | Contract Performance Progress | Sales Revenue Recognized in Current Period (10,000 RMB) | | :--- | :--- | :--- | :--- | | CNNC Huineng Fujian Nan'an Gaoyushan 70MW Wind Power Project EPC General Contracting | 27,337.67 | Project Completed | 0.00 | | Fujian Changle Offshore ABC Area Offshore Wind Farm Pre-feasibility, Feasibility, and Construction Drawing Survey and Design Services | 23,997.95 | Project in Progress | 0.00 | | Fujin City 1×30MW Agro-forestry Biomass Cogeneration EPC General Contracting | 24,541.85 | Project Completed | 0.00 | | Bangladesh Rupsha 800MW Gas Turbine Combined Cycle Power Plant Project Engineering Design and Services | 2,498.00 | Project Completed | 471.32 | | Pingtan Offshore Wind Farm EPC General Contracting | 126,603.08 | Project in Progress | 0.00 | | Huaneng Fujian Company Luoyuan Power Technology Company Quanzhou Area Household Distributed Photovoltaic Power Generation Phase I EPC General Contracting Project | 37,037.00 | Project in Progress | 0.00 | [XIII. Explanation of Other Significant Matters](index=41&type=section&id=XIII.%20Explanation%20of%20Other%20Significant%20Matters) During the reporting period, the company had no other significant matters requiring explanation - The company had no other significant matters requiring explanation during the reporting period[176](index=176&type=chunk)[177](index=177&type=chunk) [XIV. Significant Matters of Company Subsidiaries](index=42&type=section&id=XIV.%20Significant%20Matters%20of%20Company%20Subsidiaries) During the reporting period, there were no significant matters concerning the company's subsidiaries - The company had no significant matters concerning its subsidiaries during the reporting period[178](index=178&type=chunk) Share Changes and Shareholder Information [I. Share Change Status](index=43&type=section&id=I.%20Share%20Change%20Status) The company's total share capital remained unchanged, with a decrease in restricted shares due to departing personnel and completion of a share repurchase program Share Change Status | Item | Quantity Before This Change (shares) | Proportion Before This Change | Subtotal of Increase/Decrease in This Change (shares) | Quantity After This Change (shares) | Proportion After This Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 965,575 | 0.51% | -159,550 | 806,025 | 0.43% | | II. Unrestricted Shares | 186,580,460 | 99.49% | 159,550 | 186,740,010 | 99.57% | | III. Total Shares | 187,546,035 | 100.00% | 0 | 187,546,035 | 100.00% | - Restricted shares decreased by **159,550** shares, mainly due to changes in restricted shares held by some departing directors and senior management[181](index=181&type=chunk) - The company has completed its share repurchase plan, cumulatively repurchasing **3,488,649** shares, accounting for **1.8602%** of the current total share capital, with a total transaction amount of **83,300,406.24 RMB**[184](index=184&type=chunk) [II. Securities Issuance and Listing](index=45&type=section&id=II.%20Securities%20Issuance%20and%20Listing) During the reporting period, the company had no securities issuance or listing activities - The company had no securities issuance or listing activities during the reporting period[189](index=189&type=chunk) [III. Number of Shareholders and Shareholding Status](index=45&type=section&id=III.%20Number%20of%20Shareholders%20and%20Shareholding%20Status) As of the reporting period end, the company had **18,062** common shareholders, with its top three shareholders being Fuzhou Bohong, Fuzhou Yongfu Hengcheng, and CATL, all controlled by Mr. Lin Yiwen - As of the end of the reporting period, the total number of common shareholders was **18,062**[190](index=190&type=chunk) Shareholding Status of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Proportion | Number of Shares Held at Period-end (shares) | Number of Unrestricted Shares Held (shares) | Share Status | Quantity (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Fuzhou Bohong Investment Management Co., Ltd. | Domestic Non-state-owned Legal Person | 24.63% | 46,185,486 | 46,185,486 | Pledged | 16,635,000 | | Fuzhou Yongfu Hengcheng Investment Management Co., Ltd. | Domestic Non-state-owned Legal Person | 18.86% | 35,378,453 | 35,378,453 | Pledged | 14,600,000 | | CATL New Energy Technology Co., Ltd. | Domestic Non-state-owned Legal Person | 5.00% | 9,377,201 | 9,377,201 | N/A | 0 | | Fujian Yongfu Bofa Investment Co., Ltd. | Domestic Non-state-owned Legal Person | 2.04% | 3,830,796 | 3,830,796 | Pledged | 1,550,000 | - Fuzhou Bohong Investment Management Co., Ltd., Fuzhou Yongfu Hengcheng Investment Management Co., Ltd., and Fujian Yongfu Bofa Investment Co., Ltd. are the company's controlling shareholders, all controlled by Mr. Lin Yiwen, the actual controller[190](index=190&type=chunk) - The company's repurchase special account 'Fujian Yongfu Electric Power Design Co., Ltd. Repurchase Special Securities Account' holds **3,488,649** shares, representing **1.8602%** of total share capital, and is not listed among the top 10 shareholders[190](index=190&type=chunk) [IV. Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=46&type=section&id=IV.%20Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) Company directors, supervisors, and senior management shareholdings remained unchanged during the reporting period - There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period[193](index=193&type=chunk) [V. Changes in Controlling Shareholder or Actual Controller](index=46&type=section&id=V.%20Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) During the reporting period, there were no changes in the company's controlling shareholder or actual controller - The company's controlling shareholder did not change during the reporting period[195](index=195&type=chunk) - The company's actual controller did not change during the reporting period[195](index=195&type=chunk) [VI. Preferred Share Information](index=47&type=section&id=VI.%20Preferred%20Share%20Information) During the reporting period, the company had no preferred shares - The company had no preferred shares during the reporting period[196](index=196&type=chunk) Bond-Related Information [Bond-Related Information](index=48&type=section&id=Bond-Related%20Information) During the reporting period, the company had no bond-related activities or outstanding bonds - The company had no bond-related information during the reporting period[198](index=198&type=chunk) Financial Report [I. Audit Report](index=49&type=section&id=I.%20Audit%20Report) The company's semi-annual financial report was not audited - The company's semi-annual financial report was unaudited[200](index=200&type=chunk) [II. Financial Statements](index=49&type=section&id=II.%20Financial%20Statements) The consolidated financial statements show total assets of **4.203 billion RMB**, total liabilities of **2.900 billion RMB**, and net profit attributable to parent company shareholders of **31.26 million RMB** Consolidated Balance Sheet (June 30, 2025) | Item | Balance at Period-end (RMB) | Balance at Period-start (RMB) | | :--- | :--- | :--- | | Total Current Assets | 3,125,265,000.26 | 3,245,551,766.25 | | Total Non-current Assets | 1,077,817,916.71 | 1,158,162,716.28 | | Total Assets | 4,203,082,916.97 | 4,403,714,482.53 | | Total Current Liabilities | 2,712,095,264.22 | 2,758,740,708.91 | | Total Non-current Liabilities | 188,050,480.84 | 321,802,314.09 | | Total Liabilities | 2,900,145,745.06 | 3,080,543,023.00 | | Total Equity Attributable to Parent Company Owners | 1,286,033,857.45 | 1,291,069,346.60 | | Total Equity | 1,302,937,171.91 | 1,323,171,459.53 | Consolidated Income Statement (H1 2025) | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Total Operating Revenue | 976,957,869.25 | 995,670,643.02 | | Total Operating Costs | 965,809,492.03 | 975,205,523.68 | | Total Profit | 19,085,537.59 | 19,072,285.14 | | Net Profit | 16,056,829.35 | 17,756,546.72 | | Net Profit Attributable to Parent Company Shareholders | 31,260,571.03 | 30,312,374.04 | | Minority Interests | -15,203,741.68 | -12,555,827.32 | | Basic Earnings Per Share (RMB/share) | 0.1696 | 0.1616 | | Diluted Earnings Per Share (RMB/share) | 0.1667 | 0.1616 | Consolidated Cash Flow Statement (H1 2025) | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -281,953,078.11 | -411,178,705.12 | | Net Cash Flow from Investing Activities | -6,309,355.37 | -43,992,106.84 | | Net Cash Flow from Financing Activities | 216,811,788.15 | 132,904,160.17 | | Net Increase in Cash and Cash Equivalents | -72,034,195.01 | -321,898,379.48 | [III. Company Basic Information](index=67&type=section&id=III.%20Company%20Basic%20Information) Established in 1994 and listed in 2017, the company has a registered capital of **187.55 million RMB** and a broad business scope, with its controlling shareholders ultimately controlled by Mr. Lin Yiwen - The company was established in **1994**, obtained its business license on March 1, **1994**, and was listed on the Shenzhen Stock Exchange on October 31, **2017**[237](index=237&type=chunk) - As of June 30, **2025**, the company's registered capital was **187.546035 million RMB**, with a business scope including construction engineering design, survey, construction, surveying services, power transmission, supply, reception facility installation, maintenance and testing, new energy, smart grids, and digital energy[238](index=238&type=chunk) - Fuzhou Bohong Investment Management Co., Ltd., Fuzhou Yongfu Hengcheng Investment Management Co., Ltd., and Fujian Yongfu Bofa Investment Co., Ltd. are the company's controlling shareholders, collectively holding **45.53%** of the company's equity, all controlled by Mr. Lin Yiwen, the actual controller[238](index=238&type=chunk)[239](index=239&type=chunk) [IV. Basis of Financial Statement Preparation](index=68&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) These financial statements are prepared in accordance with Chinese Accounting Standards and relevant disclosure rules, based on a going concern assumption - These financial statements are prepared in accordance with the 'Accounting Standards for Business Enterprises' issued by the Ministry of Finance and 'No. 15 Rules for the Preparation of Information Disclosure by Companies Issuing Securities to the Public – General Provisions on Financial Reports' issued by the China Securities Regulatory Commission[241](index=241&type=chunk) - These financial statements are prepared on a going concern basis[242](index=242&type=chunk) [V. Significant Accounting Policies and Estimates](index=68&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section details the company's accounting policies and estimates, including financial instruments, revenue recognition, and impairment, with no significant changes during the reporting period - The company uses RMB as its bookkeeping currency, while its subsidiaries determine their bookkeeping currency based on their primary economic environment, such as Singapore Dollar, Vietnamese Dong, Philippine Peso, Bangladeshi Taka, and Australian Dollar[247](index=247&type=chunk)[249](index=249&type=chunk) - Financial assets are initially classified as measured at amortized cost, at fair value through other comprehensive income, or at fair value through profit or loss[266](index=266&type=chunk) - The company applies impairment accounting based on expected credit losses for financial assets measured at amortized cost, financial assets measured at fair value through other comprehensive income (debt instruments), and financial guarantee contracts[290](index=290&type=chunk) - The company recognizes revenue when it satisfies a performance obligation in a contract, i.e., when the customer obtains control of the related goods or services, distinguishing between performance over time or at a point in time based on the nature of the obligation[346](index=346&type=chunk)[348](index=348&type=chunk) - The company has established specific revenue recognition and measurement methods for different business types, including professional technical services, general contracting projects, distributed PV product sales, and energy sales[353](index=353&type=chunk)[356](index=356&type=chunk)[357](index=357&type=chunk)[358](index=358&type=chunk) - There were no significant changes in the company's accounting policies and estimates during the reporting period[394](index=394&type=chunk) [VI. Taxation](index=94&type=section&id=VI.%20Taxation) The company's main taxes include VAT, urban maintenance and construction tax, and corporate income tax, with the parent company and several subsidiaries enjoying preferential corporate income tax rates Major Taxes and Tax Rates | Tax Type | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Calculated based on sales of goods and taxable services as stipulated by tax law, with output tax deducted by input tax to determine VAT payable | 3%, 5%, 6%, 10%, 9%, 8%, 12%, 13% | | Urban Maintenance and Construction Tax | Calculated based on actual VAT and consumption tax paid | 1%, 5%, 7% | | Corporate Income Tax | Calculated based on taxable income | 15%, 17%, 20%, 25%, 27.5%, 30% | - Parent company Fujian Yongfu Electric Power Design Co., Ltd., as a high-tech enterprise, enjoys a reduced corporate income tax rate of **15%** from **2023** to **2025**[401](index=401&type=chunk) - Several subsidiaries enjoy preferential corporate income tax rates of **15%** or **20%** based on high-tech enterprise certification or small-profit enterprise policies, with some also benefiting from 'three-year exemption, three-year half reduction' policies[401](index=401&type=chunk)[402](index=402&type=chunk)[404](index=404&type=chunk)[405](index=405&type=chunk)[406](index=406&type=chunk)[407](index=407&type=chunk)[408](index=408&type=chunk)[409](index=409&type=chunk)[410](index=410&type=chunk)[411](index=411&type=chunk)[412](index=412&type=chunk)[413](index=413&type=chunk)[414](index=414&type=chunk)[415](index=415&type=chunk)[416](index=416&type=chunk)[417](index=417&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=99&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes on consolidated financial statement items, including cash and cash equivalents, receivables, inventories, borrowings, revenue, costs, financial expenses, and investment income Cash and Cash Equivalents | Item | Balance at Period-end (RMB) | Balance at Period-start (RMB) | | :--- | :--- | :--- | | Total | 337,470,804.98 | 459,101,296.12 | | Of which: Total Amount Deposited Overseas | 37,279,627.36 | 6,882,096.09 | Accounts Receivable and Contract Assets | Item | Book Value at Period-end (RMB) | Book Value at Period-start (RMB) | | :--- | :--- | :--- | | Accounts Receivable | 1,206,568,795.02 | 1,225,438,932.43 | | Contract Assets | 732,720,375.58 | 618,448,834.44 | Inventories | Item | Book Value at Period-end (RMB) | Book Value at Period-start (RMB) | | :--- | :--- | :--- | | Total | 278,404,434.12 | 418,139,056.26 | Short-term and Long-term Borrowings | Item | Balance at Period-end (RMB) | Balance at Period-start (RMB) | | :--- | :--- | :--- | | Short-term Borrowings | 1,014,547,519.37 | 802,821,699.85 | | Long-term Borrowings | 72,101,547.66 | 181,024,825.60 | Operating Revenue and Operating Costs | Item | Revenue Incurred in Current Period (RMB) | Costs Incurred in Current Period (RMB) | | :--- | :--- | :--- | | Total | 976,957,869.25 | 807,772,017.40 | Financial Expenses and Investment Income | Item | Amount Incurred in Current Period (RMB) | | :--- | :--- | | Financial Expenses | 26,171,711.36 | | Investment Income | 8,886,275.09 | [VIII. Research and Development Expenses](index=136&type=section&id=VIII.%20Research%20and%20Development%20Expenses) Total R&D investment was **35.47 million RMB**, with **32.86 million RMB** expensed and **2.60 million RMB** capitalized, focusing on virtual power plant platforms and energy storage solutions R&D Expense Status | Item | Amount Incurred in Current Period (RMB) | Amount Incurred in Prior Period (RMB) | | :--- | :--- | :--- | | Expensed R&D Expenditure | 32,860,280.38 | 42,893,210.69 | | Capitalized R&D Expenditure | 2,604,796.30 | 1,910,713.35 | | Total | 35,465,076.68 | 44,803,924.04 | - Significant capitalized R&D projects include the load-side aggregator virtual power plant platform, energy storage power station safety emergency management platform, and ultra-large energy storage power station solutions[665](index=665&type=chunk) - Capitalization is based on the R&D project team completing basic research, technical feasibility analysis, risk assessment, project planning, demand confirmation, and obtaining the 'R&D Project Approval Registration Form' approved by the company's general manager[665](index=665&type=chunk) [IX. Changes in Consolidation Scope](index=137&type=section&id=IX.%20Changes%20in%20Consolidation%20Scope) During the reporting period, the company disposed of Fujian Lisheng New Energy Co., Ltd. and established several new subsidiaries and sub-subsidiaries through investment - During this period, the company disposed of its subsidiary Fujian Lisheng New Energy Co., Ltd.[670](index=670&type=chunk) - During this period, the company's subsidiary Sichuan Yongfu Juneng Technology Co., Ltd. invested in and established Ya'an Yongfu Juneng Energy Storage Technology Co., Ltd. and Chengdu Yongfu Juneng Energy Storage Technology Co., Ltd.[671](index=671&type=chunk) - During this period, sub-subsidiary YONGFU THREE SINGAPORE NEW ENERGY DEVELOPMENT COMPANY PTE.LTD. invested in and established GREEN INTELLIGENCE HOLDINGS PTY LTD and its subsidiaries GREEN INTELLIGENCE DEVELOPMENT PTY LTD and GREEN INTELLIGENCE PROPERTY PTY LTD[671](index=671&type=chunk) [X. Equity in Other Entities](index=138&type=section&id=X.%20Equity%20in%20Other%20Entities) This section outlines the company's enterprise group structure, including domestic and overseas subsidiaries, and provides key financial information for significant non-wholly-owned subsidiaries and associate companies - The company owns multiple domestic and overseas subsidiaries, with business natures covering professional technical services, equipment sales, investment, and energy production and supply[673](index=673&type=chunk)[675](index=675&type=chunk)[677](index=677&type=chunk) - Significant non-wholly-owned subsidiaries include Fujian Huachao Information Technology Co., Ltd., Fujian Yongfu O&M Technology Co., Ltd., Sichuan Yuneng Hydropower Engineering Consulting Co., Ltd., and Panzhihua Sanneng New Energy Co., Ltd.[680](index=680&type=chunk)[682](index=682&type=chunk) - Significant associate companies include Gansu Diantong Electric Power Engineering Design Consulting Co., Ltd., Fujian Haidian O&M Technology Co., Ltd., and Fujian Hesheng High-tech Industrial Co., Ltd.[686](index=686&type=chunk) - The company holds **90%** equity in Fujian Yongfu Green Energy Technology Co., Ltd., but as other shareholders have not yet contributed capital, the company enjoys **100%** of the income rights from the contributed portion and consolidates it at a **100%** consolidation ratio[678](index=678&type=chunk) [XI. Government Grants](index=145&type=section&id=XI.%20Government%20Grants) Government grants primarily relate to assets, with a deferred income balance of **22.79 million RMB** at period-end, and **1.95 million RMB** recognized as other income in the current period Liability Items Related to Government Grants | Account Title | Balance at Period-start (RMB) | New Grant Amount in Current Period (RMB) | Amount Transferred to Other Income in Current Period (RMB) | Balance at Period-end (RMB) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 23,276,270.42 | 0.00 | 486,864.81 | 22,789,405.61 | Asset-related | Government Grants Included in Current Profit/Loss | Account Title | Amount Incurred in Current Period (RMB) | Amount Incurred in Prior Period (RMB) | | :--- | :--- | :--- | | Other Income | 1,948,686.59 | 3,156,520.44 | [XII. Risks Related to Financial Instruments](index=146&type=section&id=XII.%20Risks%20Related%20to%20Financial%20Instruments) The company manages credit, liquidity, and market risks (including exchange rate, interest rate, and other price risks) through credit assessments, cash flow monitoring, and hedging strategies - The company faces credit risk, liquidity risk, and market risk (including exchange rate risk, interest rate risk, and other price risks)[699](index=699&type=chunk) - Credit risk is controlled by assessing customer creditworthiness, setting credit terms, and regularly monitoring credit records[700](index=700&type=chunk) - Liquidity risk is managed by monitoring cash balances, readily marketable securities, and rolling forecasts of cash flows for the next **12** months[701](index=701&type=chunk) - Market risks include interest rate risk (managed by balancing fixed and floating rate instruments) and exchange rate risk (managed by monitoring foreign currency transactions and asset/liability scales, potentially using forward foreign exchange contracts for hedging)[706](index=706&type=chunk) Financial Assets Derecognized Due to Transfer | Item | Method of Financial Asset Transfer | Amount of Derecognized Financial Assets (RMB) | Gains or Losses Related to Derecognition (RMB) | | :--- | :--- | :--- | :--- | | Financing for Receivables | Endorsement and Discounting of Commercial Bills | 27,418,429.68 | -26,131.58 | | Total | | 27,418,429.68 | -26,131.58 | [XIII. Fair Value Disclosure](index=148&type=section&id=XIII.%20Fair%20Value%20Disclosure) The company's total assets measured at fair value were **132.72 million RMB**, primarily comprising Level 3 non-current financial assets and equity investments, and Level 2 receivables financing Fair Value of Assets and Liabilities Measured at Fair Value at Period-end | Item | Level 2 Fair Value Measurement (RMB) | Level 3 Fair Value Measurement (RMB) | Total (RMB) | | :--- | :--- | :--- | :--- | | Other Non-current Financial Assets | | 37,413,559.87 | 37,413,559.87 | | Investments in Other Equity Instruments | | 91,163,944.97 | 91,163,944.97 | | Financing for Receivables | 4,142,112.66 | | 4,142,112.66 | | Total Assets Continuously Measured at Fair Value | 4,142,112.66 | 128,577,504.84 | 132,719,617.50 | - The level to which a fair value measurement belongs is determined by the lowest level input that is significant to the fair value measurement as a whole[719](index=719&type=chunk) - The company's investments in other equity instruments are equity investments in non-public companies, with fair value measurement primarily referencing recent transaction prices from external financial investors, equity repurchase prices, or price-to-book ratios, among other unobservable inputs[721](index=721&type=chunk) [XIV. Related Parties and Related Party Transactions](index=149&type=section&id=XIV.%20Related%20Parties%20and%20Related%20Party%20Transactions) Mr. Lin Yiwen is the ultimate controlling party, with significant related party transactions including procurement, sales, leasing, guarantees, and intercompany borrowings, and key management personnel compensation of **4.36 million RMB** - The company's ultimate controlling party is Lin Yiwen, with controlling shareholders Fuzhou Bohong Investment Management Co., Ltd., Fuzhou Yongfu Hengcheng Investment Management Co., Ltd., and Fujian Yongfu Bofa Investment Co., Ltd. all under his control[722](index=722&type=chunk) - The company has purchase of goods/acceptance of services transactions with related parties such as Fujian Times Xingyun Technology Co., Ltd. and Fujian Yongfu Huineng Technology Co., Ltd.[729](index=729&type=chunk) - The company sells goods/provides services to related parties such as Gansu Diantong Electric Power Engineering Design Consulting Co., Ltd. and CATL New Energy Technology Co., Ltd.[730](index=730&type=chunk) - The company as guarantor, provides guarantees for multiple subsidiaries including Fujian Yongfu Green Energy Technology Co., Ltd. and Panzhihua Sanneng New Energy Co., Ltd.[736](index=736&type=chunk) - The company, as the guaranteed party, received substantial guarantees from its controlling shareholder, Fujian Yongfu Bofa Investment Co., Ltd.[738](index=738&type=chunk) - The company borrowed **11.99835 million RMB** from its controlling shareholder, Fujian Yongfu Bofa Investment Co., Ltd.[740](index=740&type=chunk) - Key management personnel compensation totaled **4.3591 million RMB**[742](index=742&type=chunk) [XV. Share-based Payment](index=153&type=section&id=XV.%20Share-based%20Payment) During the reporting period, the company had no share-based payment arrangements, including equity-settled or cash-settled plans - The company had no overall share-based payment situation during the reporting period[749](index=749&type=chunk) - The company had no equity-settled share-based payment situation during the reporting period[749](index=749&type=chunk) - The company had no cash-settled share-based payment situation during the reporting period[749](index=749&type=chunk) [XVI. Commitments and Contingencies](index=154&type=section&id=XVI.%20Commitments%20and%20Contingencies) The company has significant commitments related to borrowings guaranteed by controlling shareholders or the parent company, and material contingent liabilities from ongoing lawsuits with uncertain outcomes - As of June 30, **2025**, the company's long-term and short-term borrowings include guaranteed borrowings, mortgage-plus-guaranteed borrowings, and pledge-plus-guaranteed borrowings, secured by controlling shareholders or the parent company[750](index=750&type=chunk) - The company is involved in pending lawsuits arising from a vessel collision damage liability dispute (under second instance trial, involving **259.4077 million RMB**) and an EPC general contracting project wind turbine foundation construction dispute (under first instance trial, involving **83.9440 million RMB** and a counter-claim of **83.6033 million RMB**), with uncertain final outcomes[751](index=751&type=chunk)[752](index=752&type=chunk) - The company has no other significant contingent matters requiring disclosure[753](index=753&type=chunk) [XVII. Events After the Balance Sheet Date](index=154&type=section&id=XVII.%20Events%20After%20the%20Balance%20Sheet%20Date) After the balance sheet date, the company invested in Manas Yongfu Hydropower Co., Ltd. and its sub-subsidiary GREEN INTELLIGENCE HOLDINGS PTY LTD acquired OXLEY SOLAR DEVELOPMENT PTY LTD - In July **2025**, the company invested in and established Manas Yongfu Hydropower Co., Ltd. with a registered capital of **100 million RMB**, where Yongfu Stock holds **38%** equity[754](index=754&type=chunk) - In July **2025**, the company's sub-subsidiary GREEN INTELLIGENCE HOLDINGS PTY LTD acquired OXLEY SOLAR DEVELOPMENT PTY LTD, holding **80%** equity after capital increase[755](index=755&type=chunk) [XVIII. Other Significant Matters](index=155&type=section&id=XVIII.%20Other%20Significant%20Matters) This section covers debt restructuring, which generated **1.83 million RMB** in income, and the pledging of company shares by controlling shareholders for financing needs - This period's debt restructuring involved the company extending payment terms for installment sales and purchases of equipment related to original EPC general contracting projects, recognizing debt restructuring income of **1.8295 million RMB** and including it in investment income[756](index=756&type=chunk) - The company's controlling shareholders, Fuzhou Bohong Investment Management Co., Ltd., Fujian Yongfu Bofa Investment Co., Ltd., and Fuzhou Yongfu Hengcheng Investment Management Co., Ltd., all pledged portions of their company shares for financing needs[758](index=758&type=chunk)[759](index=759&type=chunk)[760](index=760&type=chunk)[761](index=761&type=chunk) [XIX. Notes to Parent Company Financial Statement Items](index=156&type=section&id=XIX.%20Notes%20to%20Parent%20Company%20Financial%20Statement%20Items) This section provides detailed notes on the parent company's financial statement items, including accounts receivable, other receivables, long-term equity investments, operating revenue, costs, and investment income Parent Company Accounts Receivable | Item | Book Balance at Period-end (RMB) | Bad Debt Provision (RMB) | Book Value (RMB) | | :--- | :---

Group 1 - The company's operating revenue for the first half of 2025 is 977 million, representing a year-on-year decrease of 1.88% [1] - The net profit for the same period is 31.26 million, showing a year-on-year increase of 3.13% [1]

第四届董事会第五次会议决议公告 本公司及董事会全体成员保证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。 证券代码：300712 证券简称：永福股份 公告编号：2025-051 福建永福电力设计股份有限公司 一、董事会会议召开情况 福建永福电力设计股份有限公司（以下简称"公司"）于 2025 年 8 月 18 日以电子邮件等方式，发出了关于召开公司第四届董事会第五次会议的通知。本 次会议于 2025 年 8 月 28 日以通讯表决方式召开。会议应出席董事 9 人，实际出 席董事 9 人。公司全体监事及高级管理人员列席了会议，会议由公司董事长林一 文先生主持。本次会议的召集、召开符合《中华人民共和国公司法》等相关法律、 行政法规、部门规章、规范性文件和《公司章程》的相关规定。 二、董事会会议审议情况 三、备查文件 1.第四届董事会第五次会议决议； 审议通过《关于 2025 年半年度报告及其摘要的议案》 董事会认为，公司《2025 年半年度报告》及《2025 年半年度报告摘要》的 编制和审核程序符合法律、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、完整 ...

Core Viewpoint - The microgrid monitoring system serves as a crucial hub connecting distributed energy and smart grids, enabling integrated control of generation, grid, load, and storage, ensuring safe and stable operation of microgrids. The industry is expected to see significant growth, with the market size projected to exceed 12 billion yuan by 2025, driven by policy support and technological advancements [1][5][13]. Industry Overview - The microgrid monitoring system is an automated management system that monitors, analyzes, and dispatches distributed power sources, storage devices, loads, and power electronic equipment through real-time data collection and intelligent control [2][11]. - The system can be categorized into centralized, distributed, and hierarchical monitoring systems based on application scenarios and technical characteristics, as well as household, community, and industrial scales [3]. Policy Analysis - Since the "14th Five-Year Plan" emphasized the "dual carbon" strategy, China has accelerated the construction of a clean, low-carbon, safe, and efficient energy system, with microgrid monitoring systems playing a key role in the digital transformation of energy systems [5][6]. - A series of policies have been introduced to support the development of the microgrid monitoring system industry, enhancing its role in the new power system [5][6]. Market Development - The microgrid monitoring system market is expected to exceed 12 billion yuan by 2025, with significant potential for growth driven by increasing demand for energy management systems [13]. - The total market space for microgrid energy management systems could reach 57.1 billion yuan by 2025, with management systems and software accounting for over 90% of this market [13]. Technological Advancements - Recent advancements in microgrid monitoring systems include the integration of AI and digital twin technologies, enabling real-time control and seamless switching between grid-connected and off-grid modes [15][22]. - The system architecture typically adopts a "cloud-edge-end" layered model, achieving millisecond-level control and compatibility with 23 industrial standards [16][22]. Competitive Landscape - The industry is characterized by a tripartite structure involving grid companies, energy enterprises, and technology firms, each occupying different tiers of the market [17][19]. - Companies like Ankerui and Yongfu are leading in specialized automation solutions, while energy companies like State Grid and Haier focus on integrating renewable resources [19][20]. Future Trends - The microgrid monitoring system industry is expected to witness trends of technological intelligence, diversified application scenarios, and globalized business models [22][24]. - The integration of IoT, AI, and new storage technologies will drive the evolution towards fully intelligent systems, enhancing renewable energy consumption and operational efficiency [22][24]. - The market is anticipated to expand into new application areas such as urban emergency power supply and hydrogen energy utilization, with emerging scenarios expected to account for over 40% of the market by 2027 [24][25].

Group 1 - The core viewpoint of the news is that Yongfu Co., Ltd. (永福股份) has experienced a decline in stock price and mixed financial performance in the latest quarter [1] - As of August 14, 2025, Yongfu's stock closed at 25.35 yuan, down 2.76%, with a turnover rate of 1.73% and a trading volume of 32,300 lots, amounting to 82.67 million yuan [1] - The net outflow of main funds today was 11.19 million yuan, accounting for 13.54% of the transaction amount, with significant outflows from large orders [1] Group 2 - For the first quarter of 2025, Yongfu reported total operating revenue of 425 million yuan, a year-on-year decrease of 1.83%, while net profit attributable to shareholders was 19.11 million yuan, an increase of 4.79% [1] - The company's non-recurring net profit was 18.66 million yuan, reflecting a year-on-year growth of 15.52% [1] - Financial ratios include a current ratio of 1.188, a quick ratio of 1.040, and a debt-to-asset ratio of 69.61% [1] Group 3 - Yongfu Co., Ltd. was established in 1994 and is located in Fuzhou, primarily engaged in professional technical services [2] - The company has invested in 29 enterprises and participated in 1,692 bidding projects, holding 152 trademark registrations and 334 patents [2] - Additionally, Yongfu possesses 81 administrative licenses [2]

证券日报网讯永福股份（300712）8月8日在互动平台回答投资者提问时表示，公司与中国能源建设集团 东电三公司签署战略合作协议，共同发挥各自在市场开拓、项目管理、技术创新、品牌价值等方面的优 势，强化资源协同，围绕国内外新能源项目开发及EPC总承包工程展开深度合作，提升全球新能源市场 竞争力。同时，双方将以印尼光储项目为契机，打造国际市场合作典范。公司将秉持"差异化、国际 化"发展理念，携手更多的优质合作伙伴，合作共赢，共同为全球电力能源绿色转型发展作出贡献。 ...

Group 1 - The stock price of Yongfu Co., Ltd. closed at 25.86 yuan on August 5, 2025, with an increase of 0.78% compared to the previous trading day [1] - The trading volume on that day was 23,202 hands, with a transaction amount reaching 60 million yuan [1] - Yongfu Co., Ltd. specializes in power engineering survey and design, and related technical services, operating within the engineering construction industry [1] Group 2 - Yongfu Co., Ltd. has signed a strategic cooperation agreement with China Energy Construction Group Dongdian Third Company, focusing on deep collaboration in the development of new energy projects and EPC general contracting in both domestic and international markets [1] - On August 5, the net outflow of main funds for Yongfu Co., Ltd. was 2.08 million yuan, with a cumulative net outflow of 17.44 million yuan over the past five days [1]

Investment Rating - The report maintains an "Outperform" rating for the industry [4] Core Insights - The report emphasizes the significance of the Yarlung Tsangpo River downstream hydropower project, which aims to harness the region's abundant hydropower potential and drive economic development [1][10] - The development of large-capacity impulse turbines, with a single unit capacity of approximately 800 MW, represents a world-first achievement, addressing extreme challenges in high-altitude and high-head environments [1][10] - The gas-insulated transmission line (GIL) technology is highlighted for its advantages in high-capacity power transmission, low losses, and adaptability to various environments, making it a preferred choice in special scenarios [2][26] Summary by Sections 1. Large Capacity Impulse Turbines - The Yarlung Tsangpo River downstream hydropower project is set to utilize impulse turbines with a capacity of 800 MW, surpassing current global standards [1][10] - The project faces significant technical challenges due to high water heads and extreme environmental conditions, necessitating advanced turbine designs and manufacturing techniques [10][11] 2. Gas-Insulated Transmission Lines (GIL) - GIL technology is recognized for its ability to efficiently transmit high voltage and large currents in confined spaces, making it suitable for urban and challenging geographical environments [2][26] - The report notes successful applications of GIL in various projects, including the Su Tong GIL comprehensive corridor, which is the highest voltage and largest capacity GIL project globally [27][33] 3. High-Altitude Electrical Equipment - The report discusses the need for altitude adjustments in electrical equipment due to the unique challenges posed by high-altitude environments, particularly in the Yarlung Tsangpo River project [2][3] - The development of high-altitude, high-seismic equipment is crucial for the effective transmission and consumption of clean energy [2][3] 4. Reliable Key Supply Chain - The report identifies key companies in the supply chain for hydropower equipment, including Harbin Electric, Dongfang Electric, and China XD Electric, among others [3][4] - The supply chain's reliability is essential for supporting the ambitious hydropower projects outlined in national plans [3][4]

Group 1 - The core point of the article is the strategic cooperation agreement signed between Yongfu Co., Ltd. and China Energy Construction Group Dongdian Third Company, focusing on deep collaboration in domestic and international renewable energy project development and EPC general contracting [1] Group 2 - The partnership aims to leverage both companies' strengths in the renewable energy sector, indicating a significant move towards enhancing their capabilities in project execution and management [1] - This collaboration aligns with the growing trend in the industry towards renewable energy solutions, reflecting a broader commitment to sustainable development [1] - The agreement is expected to facilitate the exploration of new opportunities in the renewable energy market, potentially leading to increased project volume and revenue for both companies [1]

Group 1 - The company, Yongfu Co., stated that it currently has no business operations in EU countries as of July 31 [2]