[Part I Important Notice, Table of Contents, and Definitions](index=2&type=section&id=Part%20I%20Important%20Notice%2C%20Table%20of%20Contents%2C%20and%20Definitions) This section provides essential preliminary information, including the table of contents, definitions, and key disclaimers regarding the report's accuracy and completeness [Important Notice](index=2&type=section&id=Important%20Notice) The company's board, supervisory board, and senior management guarantee the accuracy and completeness of the semi-annual report, with no plans for cash dividends or bonus shares - The company's board of directors, supervisory board, and senior management guarantee the **truthfulness, accuracy, and completeness** of the semi-annual report content[5](index=5&type=chunk) - The company's responsible person, head of accounting, and head of accounting department declare the financial report is **true, accurate, and complete**[5](index=5&type=chunk) - The company plans **not to distribute cash dividends, bonus shares, or convert capital reserves into 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 and their starting page numbers, offering an overview of the report's overall structure - The report comprises **eight main chapters**, covering company profile, financial indicators, management discussion and analysis, corporate governance, significant matters, share changes, bond information, and financial reports[8](index=8&type=chunk) [Reference Documents](index=4&type=section&id=Reference%20Documents) The company provides original copies of the 2025 semi-annual report, financial statements, publicly disclosed documents, and other relevant materials for reference - Reference documents include the original semi-annual report signed by the legal representative, financial statements with signatures and seals, original drafts of documents publicly disclosed on designated websites, and other relevant materials[10](index=10&type=chunk)[11](index=11&type=chunk)[12](index=12&type=chunk)[13](index=13&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section provides detailed explanations for company names, subsidiaries, industry terms, and financial units to ensure clear understanding of the report content - Detailed explanations are provided for the names of the company and its subsidiaries, such as **Ginlong Technologies, Ginlong Power, and Ginlong Smart**[15](index=15&type=chunk) - Core industry terms such as **PV inverters, distributed PV power generation, string inverters, grid-tied inverters, and energy storage inverters** are defined[15](index=15&type=chunk) - Time and measurement standards, including **reporting period, end of reporting period, and currency units**, are clarified[16](index=16&type=chunk) [Part II Company Profile and Key Financial Indicators](index=7&type=section&id=Part%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section introduces the company's basic information, contact details, and presents key financial data and indicators for the reporting period [I. Company Profile](index=7&type=section&id=I.%20Company%20Profile) Ginlong Technologies, stock code 300763, is listed on the Shenzhen Stock Exchange, with Wang Yiming as its legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Ginlong Technologies | | Stock Code | 300763 | | Listing Exchange | Shenzhen Stock Exchange | | Legal Representative | Wang Yiming | - The company's registered address, office address, website, and email address remained **unchanged** during the reporting period[20](index=20&type=chunk) - The company's registration date changed from September 13, 2024, to **January 22, 2025**, while the unified social credit code remained unchanged[22](index=22&type=chunk)[23](index=23&type=chunk) [II. Contact Persons and Information](index=7&type=section&id=II.%20Contact%20Persons%20and%20Information) This section provides contact details for the company's Board Secretary and Securities Affairs Representative for investor communication Company Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Zhang Chan | No. 57 Jinlong Road, Binhai Industrial Park, Xiangshan Economic Development Zone, Zhejiang Province | 0574-65802608 | 0574-65781606 | ir@ginlong.com | | Securities Affairs Representative | Lin Mengli | No. 57 Jinlong Road, Binhai Industrial Park, Xiangshan Economic Development Zone, Zhejiang Province | 0574-65802608 | 0574-65781606 | ir@ginlong.com | [IV. Key Accounting Data and Financial Indicators](index=8&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) In H1 2025, the company achieved **13.09% revenue growth** and **70.96% net profit growth**, demonstrating strong profitability and cash flow Key Accounting Data and Financial Indicators for H1 2025 | Indicator | Current Period/Period-end (RMB) | Prior Period/Prior Year-end (RMB) | Change from Prior Period/Prior Year-end | | :--- | :--- | :--- | :--- | | Operating Revenue | 3.79 billion | 3.35 billion | 13.09% | | Net Profit Attributable to Shareholders of Listed Company | 602.16 million | 352.23 million | 70.96% | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-recurring Gains and Losses | 548.79 million | 319.44 million | 71.80% | | Net Cash Flow from Operating Activities | 810.82 million | 593.76 million | 36.56% | | Basic Earnings Per Share (RMB/share) | 1.52 | 0.89 | 70.79% | | Diluted Earnings Per Share (RMB/share) | 1.52 | 0.88 | 72.73% | | Weighted Average Return on Net Assets | 7.00% | 4.44% | 2.56% | | Total Assets | 20.26 billion | 21.05 billion | -3.77% | | Net Assets Attributable to Shareholders of Listed Company | 8.84 billion | 8.32 billion | 6.30% | [VI. Non-recurring Gains and Losses Items and Amounts](index=9&type=section&id=VI.%20Non-recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) Non-recurring gains and losses totaled **53.37 million RMB** in the reporting period, primarily from non-current asset disposal and government subsidies Non-recurring Gains and Losses Items and Amounts | Item | Amount (RMB) | | :--- | :--- | | Gains and losses from disposal of non-current assets | 20.97 million | | Government subsidies recognized in current profit/loss | 35.23 million | | Fair value changes and disposal gains/losses of financial assets and liabilities, excluding hedging activities | 0.48 million | | Reversal of impairment provisions for receivables subject to separate impairment testing | 0.08 million | | Other non-operating income and expenses | -3.06 million | | Less: Income tax impact | 0.33 million | | Total | 53.37 million | - The company has no other profit/loss items meeting the definition of non-recurring gains and losses, nor has it classified non-recurring items as recurring[29](index=29&type=chunk) [Part III Management Discussion and Analysis](index=10&type=section&id=Part%20III%20Management%20Discussion%20and%20Analysis) This section analyzes the company's business operations, financial performance, core competencies, and risk factors during the reporting period [I. Main Business Activities During the Reporting Period](index=10&type=section&id=I.%20Main%20Business%20Activities%20During%20the%20Reporting%20Period) The company focuses on PV inverter R&D, production, sales, and distributed PV power generation, achieving significant revenue and net profit growth [(I) Industry Development Overview](index=10&type=section&id=(I)%20Industry%20Development%20Overview) The PV inverter industry saw **10% global shipment growth in 2024**, with distributed PV capacity exceeding 100GW, driven by technology and policy - Global PV inverter shipments grew by **10% in 2024**, reaching **589 GW**, with the Asia-Pacific region accounting for **69%** and China contributing over half[32](index=32&type=chunk) - Global inverter annual shipments are projected to maintain **stable growth from 2025**, reaching **685.47 GW by 2030**[32](index=32&type=chunk) - Global energy storage installed capacity is expected to grow from **27 GW in 2021 to 358 GW by 2030**, with a **CAGR exceeding 33%**[36](index=36&type=chunk) - National distributed PV new installed capacity reached **118.18 GW in 2024**, a **22.73% year-on-year increase**, accounting for **42.58%** of total new PV capacity[39](index=39&type=chunk) [(II) Company's Main Business Activities](index=12&type=section&id=(II)%20Company%27s%20Main%20Business%20Activities) The company's core business involves R&D, production, and sales of PV inverters, alongside developing and operating distributed PV power plants - The company's main business is the R&D, production, sales, and service of **string inverters**, primarily including **grid-tied inverters and energy storage inverters**[45](index=45&type=chunk) - Through its wholly-owned subsidiary Ginlong Smart, the company engages in the development, construction, and operation of **distributed PV power plants**, including **commercial, industrial, and residential distributed PV power plants**[45](index=45&type=chunk)[49](index=49&type=chunk)[50](index=50&type=chunk) - The company's PV inverters have achieved a **maximum efficiency of 99.1%**, continuously improving efficiency through technologies like **SiC new semiconductor materials and high-efficiency magnetic components**[49](index=49&type=chunk) - The company's main customers are **PV power generation system integrators, EPC contractors, installers, and investment owners**, with sales models including **domestic direct sales and overseas marketing teams with third-party services**[56](index=56&type=chunk)[61](index=61&type=chunk)[62](index=62&type=chunk) [(III) Market Position](index=19&type=section&id=(III)%20Market%20Position) Ginlong Technologies ranks **third globally in PV inverter shipments in 2024**, with a **5% market share**, and extensive experience in distributed PV operations - In 2024, the company's inverter product shipments accounted for approximately **5% of global total shipments**, ranking **3rd worldwide**[69](index=69&type=chunk) - The company has been awarded the 'Top PV Inverter Brand' title by EuPD for **ten consecutive years**, with products used in landmark projects like the **Shanghai World Expo and the Eiffel Tower in Paris, France**[69](index=69&type=chunk) - As of June 30, 2025, the company's new energy power generation business had an accumulated grid-connected installed capacity of **1,329.52 MW**[70](index=70&type=chunk) [(IV) Performance Drivers](index=19&type=section&id=(IV)%20Performance%20Drivers) H1 2025 revenue grew **13.09%** and net profit **70.96%**, driven by R&D, product mix optimization, recovering European demand, and cost reduction H1 2025 Performance Overview | Indicator | Amount (10,000 RMB) | Year-on-Year Growth | | :--- | :--- | :--- | | Operating Revenue | 3,794.07 million | 13.09% | | Net Profit Attributable to Shareholders of Listed Company | 602.16 million | 70.96% | - Continued increase in R&D investment, optimizing product structure, with an increased proportion of **medium-to-high power inverters and energy storage series products**[71](index=71&type=chunk) - Demand in the European market rebounded after destocking, and demand grew in emerging markets like Asia, Africa, and Latin America due to **grid parity for PV-plus-storage and policy support**[71](index=71&type=chunk) - Continued implementation of cost reduction strategies, effectively lowering **unit cost of inverters**; financial expenses decreased compared to the same period last year[71](index=71&type=chunk) [II. Analysis of Core Competencies](index=19&type=section&id=II.%20Analysis%20of%20Core%20Competencies) The company leverages its global presence, R&D, product reliability, brand, service network, digitalization, and one-stop solutions for competitive advantage [(I) Global Business Layout Advantage](index=19&type=section&id=(I)%20Global%20Business%20Layout%20Advantage) The company's global strategy, focusing on parallel domestic and international market development, has established strong customer relationships and resilience to market fluctuations - The company adheres to a global strategy of 'parallel development in domestic and international markets,' actively expanding into major global markets such as the **UK, Netherlands, Australia, Mexico, India, and the US**[73](index=73&type=chunk) - The company is one of the earliest domestic string grid-tied inverter enterprises to enter international markets, accumulating numerous **high-quality customers and long-term stable cooperative relationships**[73](index=73&type=chunk) [(II) Technological R&D Advantage](index=20&type=section&id=(II)%20Technological%20R%26D%20Advantage) With multiple R&D platforms and **40 core technologies**, the company has significantly enhanced its comprehensive competitiveness, achieving sixth-generation product iteration - The company possesses R&D platforms such as a **National Enterprise Technology Center, National Demonstration Academician Expert Workstation, and National Postdoctoral Workstation**, with products iterated to the **sixth generation**[74](index=74&type=chunk) - The company holds independent intellectual property rights for **40 core technologies**, including new high-efficiency inverter circuits, DC arc detection technology for fire prevention, intelligent PV maximum power tracking algorithms, and multi-mode power distribution optimization management technology for energy storage systems[75](index=75&type=chunk) - The company has received multiple honors, including **National Manufacturing Individual Champion Demonstration Enterprise, National Smart PV Pilot Demonstration Project, and Zhejiang Province Future Factory Pilot Enterprise**[77](index=77&type=chunk) [(III) Product Reliability and Performance Advantage](index=22&type=section&id=(III)%20Product%20Reliability%20and%20Performance%20Advantage) The company prioritizes product reliability with a **20-year design life** and low annual failure rate, achieving market-leading conversion efficiency and PVEL certification - The company's PV inverter products are designed for a **service life of over 20 years**, with strict requirements for annual failure rates to ensure high reliability[78](index=78&type=chunk) - The company's grid-tied inverters have a market advantage in **conversion efficiency, power quality, input voltage range, and MPPT tracking**[79](index=79&type=chunk) - The company is the **first inverter enterprise globally** to obtain a reliability test report from the third-party authority PVEL, and has received mainstream market certifications such as **EU CE, Australia SAA, and US ETL**[79](index=79&type=chunk) [(IV) Brand Advantage](index=23&type=section&id=(IV)%20Brand%20Advantage) The company's dual-brand strategy, 'Ginlong Technologies' and 'SOLIS,' has built high brand recognition and reputation, enhancing global market competitiveness - The company adheres to a global strategy of advancing with its **independent dual brands, 'Ginlong Technologies' and 'SOLIS'**[80](index=80&type=chunk) - The company has been awarded the 'Top PV Inverter Brand' title by the authoritative European research institution EuPD for **ten consecutive years (2016-2025)**[80](index=80&type=chunk) [(V) Marketing and Service Network Advantage](index=23&type=section&id=(V)%20Marketing%20and%20Service%20Network%20Advantage) The company has established a comprehensive sales and service network across domestic and international markets, ensuring efficient customer response and competitiveness - The company has established a comprehensive sales and service network across **multiple provinces, autonomous regions, and municipalities nationwide**[81](index=81&type=chunk) - The company has established sales and service organizations in regions such as **Europe, Australia, Southeast Asia, the US, and Latin America**, actively promoting localized network construction[81](index=81&type=chunk) [(VI) Information and Digitalization Advantage](index=23&type=section&id=(VI)%20Information%20and%20Digitalization%20Advantage) The company integrates information technology with manufacturing, building a smart factory for PV and energy storage inverters, achieving digital R&D and smart manufacturing - The company actively embraces the trends of digitalization, networking, and intelligence in the industry, building a **future factory for Ginlong PV and energy storage inverters**[82](index=82&type=chunk) - Integrated application of industrial control systems like **SCADA** and industrial software to achieve **digitalization and informatization** in PV inverter component R&D, process, and simulation verification[82](index=82&type=chunk) [(VII) One-Stop Power Plant Solution Advantage](index=23&type=section&id=(VII)%20One-Stop%20Power%20Plant%20Solution%20Advantage) Through Ginlong Smart, the company offers one-stop solutions for distributed PV power plant development, investment, and O&M, supported by robust risk control and monitoring - Through its wholly-owned subsidiary Ginlong Smart, the company provides **one-stop solutions** for distributed PV power plant development, investment, and operation & maintenance[83](index=83&type=chunk) - The company possesses capabilities in **project screening and risk control**, with an investment committee for project evaluation and oversight[83](index=83&type=chunk) - The company owns the independently developed **Ginlong Cloud PV power plant monitoring platform** for real-time monitoring and fault handling of power plant operations[84](index=84&type=chunk) [III. Main Business Analysis](index=23&type=section&id=III.%20Main%20Business%20Analysis) H1 2025 saw **13.09% revenue growth** and **3.49% gross margin improvement**, with energy storage inverters and overseas markets as key drivers [Year-on-Year Changes in Key Financial Data](index=24&type=section&id=Year-on-Year%20Changes%20in%20Key%20Financial%20Data) Operating revenue increased by **13.09%** and net profit by **70.96%**, while financial expenses decreased due to lower interest rates and exchange gains Year-on-Year Changes in Key Financial Data | Item | Current Period (RMB) | Prior Period (RMB) | Change Percentage | | :--- | :--- | :--- | :--- | | Operating Revenue | 3.79 billion | 3.35 billion | 13.09% | | Net Profit Attributable to Shareholders of Listed Company | 602.16 million | 352.23 million | 70.96% | | Financial Expenses | 106.04 million | 163.52 million | -35.15% | | Investment Income | 20.47 million | 14.21 million | 44.00% | | Asset Impairment Losses | -19.78 million | -2.73 million | 624.79% | | Net Cash Flow from Operating Activities | 810.82 million | 593.76 million | 36.56% | | Net Cash Flow from Investing Activities | 327.61 million | -2.57 billion | 112.76% | | Net Cash Flow from Financing Activities | -1.32 billion | 1.56 billion | -184.87% | - The decrease in financial expenses was primarily due to **lower loan interest rates and increased exchange gains** from foreign currency fluctuations[87](index=87&type=chunk) - The significant increase in net cash flow from investing activities was mainly due to **Ginlong Smart's reduced investment in distributed PV power plants/systems**[87](index=87&type=chunk) - The substantial decrease in net cash flow from financing activities was primarily due to **increased repayment of bank loans**[87](index=87&type=chunk) [Products or Services Accounting for Over 10% of Revenue](index=26&type=section&id=Products%20or%20Services%20Accounting%20for%20Over%2010%25%20of%20Revenue) PV industry revenue grew **13.09%**, with energy storage inverters showing **313.51% growth** and improved gross margin, while overseas revenue increased by **25.26%** By Product or Service | Product or Service | Operating Revenue (RMB) | Operating Cost (RMB) | Gross Margin | YoY Change in Operating Revenue | YoY Change in Operating Cost | YoY Change in Gross Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | PV Industry | 3.79 billion | 2.44 billion | 35.67% | 13.09% | 7.27% | 3.49% | | Grid-tied Inverters | 1.82 billion | 1.34 billion | 26.12% | -11.22% | -19.53% | 7.62% | | Residential PV Power Generation Systems | 807.53 million | 339.03 million | 58.02% | 4.12% | 12.70% | -3.19% | | Energy Storage Inverters | 793.39 million | 553.20 million | 30.27% | 313.51% | 298.14% | 2.69% | | New Energy Power Production | 303.85 million | 143.48 million | 52.78% | 0.87% | 4.32% | -1.56% | By Region | Region | Operating Revenue (RMB) | YoY Change in Operating Revenue | | :--- | :--- | :--- | | Mainland China | 2.02 billion | 4.16% | | Overseas Regions | 1.78 billion | 25.26% | - Inverter sales volume was **466,200 units**, with sales revenue of **2.61 billion RMB** and a gross margin of **27.38%**; production capacity was **1.75 million units/year**, with an output of **501,800 units**[94](index=94&type=chunk) - Changes in mainland China's PV industry policies, requiring incremental projects to participate in market-based transactions, may **impact investment returns and willingness**[95](index=95&type=chunk) - From January to June 2025, the company's newly added operational distributed PV power plants generated a total of **667,500 kWh**, with electricity revenue of **453,100 RMB**[95](index=95&type=chunk) - During the reporting period, approximately **206.80 MW** of distributed PV power plants and residential PV power generation systems were sold, generating a transaction profit of approximately **22.64 million RMB**[99](index=99&type=chunk) [V. Analysis of Assets and Liabilities](index=28&type=section&id=V.%20Analysis%20of%20Assets%20and%20Liabilities) Total assets decreased by **3.77% to 20.26 billion RMB** at period-end, with increased receivables, reduced construction in progress, and significant changes in short-term debt [1. Significant Changes in Asset Composition](index=28&type=section&id=1.%20Significant%20Changes%20in%20Asset%20Composition) Total assets decreased by **3.77%** to **20.26 billion RMB**, driven by increased accounts receivable, reduced fixed assets from power plant sales, and completed construction projects Changes in Asset Composition | Item | Current Period-end (RMB) | Percentage of Total Assets | Prior Year-end (RMB) | Percentage of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Total Assets | 20.26 billion | 100.00% | 21.05 billion | 100.00% | -3.77% | | Cash and Cash Equivalents | 768.47 million | 3.79% | 936.78 million | 4.45% | -0.66% | | Accounts Receivable | 1.40 billion | 6.92% | 1.17 billion | 5.55% | 1.37% | | Construction in Progress | 20.71 million | 0.10% | 55.90 million | 0.27% | -0.17% | | Short-term Borrowings | 0.00 | 0.00% | 50.05 million | 0.24% | -0.24% | | Notes Payable | 524.77 million | 2.59% | 1.32 billion | 6.29% | -3.70% | | Accounts Payable | 1.42 billion | 7.02% | 894.41 million | 4.25% | 2.77% | | Long-term Borrowings | 7.34 billion | 36.23% | 8.31 billion | 39.48% | -3.25% | - The increase in accounts receivable was mainly due to **expanded marketing scale** and some receivables not yet due[101](index=101&type=chunk) - The decrease in construction in progress was mainly due to **completion and transfer to fixed assets** of projects under construction by subsidiaries (and sub-subsidiaries)[101](index=101&type=chunk) - All short-term borrowings were repaid, and the decrease in notes payable was mainly due to the **maturity and payment of bank acceptance bills** issued in the prior year[101](index=101&type=chunk) [3. Assets and Liabilities Measured at Fair Value](index=29&type=section&id=3.%20Assets%20and%20Liabilities%20Measured%20at%20Fair%20Value) Total financial assets measured at fair value were **654.57 million RMB**, primarily comprising trading financial assets (structured deposits) and notes receivable financing Assets and Liabilities Measured at Fair Value | Item | Beginning Balance (RMB) | Fair Value Change in Current Period (RMB) | Amount Purchased in Current Period (RMB) | Amount Sold in Current Period (RMB) | Ending Balance (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | | Trading Financial Assets | 0.00 | 24,657.53 | 400.00 million | 250.46 million | 150.02 million | | Other Non-current Financial Assets | 380.69 million | 0.00 | 0.00 | 4.65 million | 376.04 million | | Notes Receivable Financing | 66.71 million | 0.00 | 128.51 million | 66.71 million | 128.51 million | | Total | 447.39 million | 24,657.53 | 528.51 million | 321.81 million | 654.57 million | [4. Asset Restrictions as of the End of the Reporting Period](index=30&type=section&id=4.%20Asset%20Restrictions%20as%20of%20the%20End%20of%20the%20Reporting%20Period) As of period-end, restricted assets primarily consisted of **2.07 million RMB** in cash and cash equivalents, mainly for performance guarantees and frozen accounts Asset Restrictions at Period-end | Item | Ending Book Balance (RMB) | Type of Restriction | Reason for Restriction | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 2.07 million | Pledged, Frozen | Mainly bank accounts used for performance guarantee deposits and frozen accounts | [VI. Analysis of Investment Status](index=30&type=section&id=VI.%20Analysis%20of%20Investment%20Status) At period-end, financial assets measured at fair value totaled **526.06 million RMB**, with no significant equity investments, non-equity investments, or other financial activities Financial Assets Measured at Fair Value | Asset Category | Initial Investment Cost (RMB) | Fair Value Change in Current Period (RMB) | Amount Purchased in Reporting Period (RMB) | Amount Sold in Reporting Period (RMB) | Ending Balance (RMB) | Source of Funds | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Other | 380.69 million | 24,657.53 | 400.00 million | 255.11 million | 526.06 million | Own Funds | - The company had **no use of raised funds** during the reporting period[110](index=110&type=chunk) - The company had **no entrusted wealth management, derivative investments, or entrusted loans** during the reporting period[111](index=111&type=chunk)[112](index=112&type=chunk)[113](index=113&type=chunk) [VII. Significant Asset and Equity Sales](index=31&type=section&id=VII.%20Significant%20Asset%20and%20Equity%20Sales) The company did not engage in any significant asset or equity sales during the reporting period - The company did **not sell any significant assets** during the reporting period[114](index=114&type=chunk) - The company did **not sell any significant equity** during the reporting period[115](index=115&type=chunk) [X. Risks Faced by the Company and Countermeasures](index=32&type=section&id=X.%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces risks including R&D, supply chain, product quality, market volatility, and policy changes, with countermeasures focused on innovation, supply chain optimization, and market diversification - Technological R&D risk: Uncertainty in new product development; the company will **increase R&D investment and optimize product structure**[117](index=117&type=chunk) - Raw material supply and price fluctuation risk: Potential shortage or price increase of electronic components like IGBTs; the company will **promote domestic substitution and build a diversified supply system**[119](index=119&type=chunk) - Global PV market fluctuation risk: Affected by macroeconomic conditions and trade frictions, with changing trade policies in various countries; the company will **strive to expand global markets and strengthen its global presence**[130](index=130&type=chunk) - Intense industry competition risk: Capacity expansion by leading domestic and international enterprises, and entry of new players; the company will **strengthen technological R&D and product iteration, optimize sales expense efficiency, and improve customer management**[131](index=131&type=chunk) - PV industry policy change risk: Subsidy reductions and fluctuating market-based electricity prices; the company will **enhance its market-based transaction capabilities and electricity price risk management level**[132](index=132&type=chunk) [XI. Registration Form for Investor Relations Activities During the Reporting Period](index=34&type=section&id=XI.%20Registration%20Form%20for%20Investor%20Relations%20Activities%20During%20the%20Reporting%20Period) The company hosted two investor events, including an on-site survey and an online exchange, discussing capacity, shipments, emerging markets, and strategy - On March 28, 2025, the company hosted an on-site survey by institutions including Changjiang Securities, discussing **capacity, shipments, and emerging markets**[133](index=133&type=chunk)[134](index=134&type=chunk) - On May 9, 2025, the company conducted an online exchange with investors via the Value Online platform, discussing **inventory status, dividend policy, and development strategy**[134](index=134&type=chunk) [XII. Implementation of Market Value Management System and Valuation Enhancement Plan](index=35&type=section&id=XII.%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) The company approved its 'Market Value Management System' on April 27, 2025, but has not disclosed a valuation enhancement plan - The company has formulated the **'Market Value Management System,'** which was approved by the board of directors on **April 27, 2025**[135](index=135&type=chunk) - The company has **not disclosed a valuation enhancement plan**[135](index=135&type=chunk) [XIII. Implementation of 'Dual Improvement in Quality and Returns' Action Plan](index=35&type=section&id=XIII.%20Implementation%20of%20%27Dual%20Improvement%20in%20Quality%20and%20Returns%27%20Action%20Plan) The company actively implements its 'Dual Improvement' plan through stable development, quality enhancement, brand marketing, and investor communication, including a 2024 dividend distribution - The company has disclosed its **'Dual Improvement in Quality and Returns' action plan announcement** and is actively promoting its implementation[136](index=136&type=chunk)[137](index=137&type=chunk) - The company enhances operational quality through **stable development, quality reinforcement, brand marketing, channel expansion, and fundamental management**[137](index=137&type=chunk) - The company compliantly discloses periodic and interim reports, practices **ESG principles**, and strengthens communication with investors[137](index=137&type=chunk) - The company implemented its **2024 annual profit distribution plan**, distributing a **cash dividend of 2 RMB (tax inclusive) per 10 shares** to all shareholders[137](index=137&type=chunk) [Part IV Corporate Governance, Environment, and Society](index=36&type=section&id=Part%20IV%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section covers changes in directors, supervisors, and senior management, profit distribution, equity incentive plans, and social responsibility initiatives [I. Changes in Directors, Supervisors, and Senior Management](index=36&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, and senior management during the reporting period[139](index=139&type=chunk) [II. Profit Distribution and Capital Reserve Conversion to Share Capital in Current Period](index=36&type=section&id=II.%20Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20to%20Share%20Capital%20in%20Current%20Period) The company plans no cash dividends, bonus shares, or capital reserve conversions for the semi-annual period - The company plans **not to distribute cash dividends, bonus shares, or convert capital reserves into share capital** for the semi-annual period[140](index=140&type=chunk) [III. Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=36&type=section&id=III.%20Implementation%20of%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%20or%20Other%20Employee%20Incentive%20Measures) Portions of the 2022 and 2023 restricted stock incentive plans were forfeited or repurchased due to employee departures or unmet performance targets - In the 2022 restricted stock incentive plan, a total of **403,400 Class II restricted shares were forfeited** due to the departure of 5 incentive recipients and unmet 2024 performance targets[141](index=141&type=chunk) - In the 2023 restricted stock incentive plan, **114,100 restricted shares were repurchased and cancelled** due to the departure of 11 incentive recipients[142](index=142&type=chunk) - In the 2023 restricted stock incentive plan, a total of **1.22 million Class I restricted shares are planned for repurchase and cancellation** due to the departure of 11 incentive recipients and unmet 2024 performance targets, with a repurchase price of **55.64 RMB/share plus current deposit interest**[143](index=143&type=chunk) [V. Social Responsibility](index=37&type=section&id=V.%20Social%20Responsibility) The company supports employees through welfare mechanisms and actively contributes to education through foundation donations, fulfilling its social responsibilities - The company has established **'Employee Care Management Measures' and 'Medical Relief Fund Management Measures'** to provide assistance and medical aid to employees[145](index=145&type=chunk) - The company actively participates in educational public welfare through foundations, donating **one million RMB each** to the Xiangshan County People's Education Foundation and Ningbo Zhenhai District Fude Education Foundation[145](index=145&type=chunk)[146](index=146&type=chunk) [Part V Significant Matters](index=38&type=section&id=Part%20V%20Significant%20Matters) This section details commitments, litigation, integrity status, significant contracts (especially guarantees), and other major events during the reporting period [I. Commitments Fulfilled or Overdue by Controlling Shareholder, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period](index=38&type=section&id=I.%20Commitments%20Fulfilled%20or%20Overdue%20by%20Controlling%20Shareholder%2C%20Shareholders%2C%20Related%20Parties%2C%20Acquirers%2C%20and%20the%20Company%20During%20and%20as%20of%20the%20End%20of%20the%20Reporting%20Period) No commitments by the company, its controlling shareholder, or related parties were fulfilled or overdue during the reporting period - During the reporting period, there were **no commitments** by the company's controlling shareholder, shareholders, related parties, acquirers, or the company that were either fulfilled or overdue as of the end of the reporting period[148](index=148&type=chunk) [VIII. Litigation Matters](index=38&type=section&id=VIII.%20Litigation%20Matters) The company had no major litigation or arbitration during the reporting period; other lawsuits totaling **8.98 million RMB** are ongoing or settled, with no significant operational impact - The company had **no significant litigation or arbitration matters** during the reporting period[153](index=153&type=chunk) Summary of Other Litigation Matters | Basic Information on Litigation (Arbitration) | Amount Involved (10,000 RMB) | Whether Provision for Liabilities Formed | Litigation (Arbitration) Progress | Litigation (Arbitration) Outcome and Impact | | :--- | :--- | :--- | :--- | :--- | | Summary of other lawsuits filed during the reporting period that did not meet the disclosure threshold for significant litigation | 8.98 million | Executed according to judgment/settlement | Some cases have been closed and executed according to judgment, some cases are still in progress, and some cases are currently being executed | No significant impact on the company's production and operations | [X. Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=39&type=section&id=X.%20Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller) The company, its controlling shareholder, and actual controller maintained good integrity, with no unfulfilled judgments or overdue large debts - During the reporting period, the company, its controlling shareholder, and actual controller had **no dishonest situations**, such as unfulfilled effective court judgments or large overdue debts[156](index=156&type=chunk) [XII. Significant Contracts and Their Performance](index=40&type=section&id=XII.%20Significant%20Contracts%20and%20Their%20Performance) Leasing activities remained stable, and the company provided **7.38 billion RMB** in guarantees to subsidiaries, representing **83.52% of net assets** [1. Custody, Contracting, and Leasing Matters](index=40&type=section&id=1.%20Custody%2C%20Contracting%2C%20and%20Leasing%20Matters) The company had no custody or contracting arrangements, and leasing activities for offices, warehouses, dormitories, and rooftops remained unchanged - The company had **no custody arrangements** during the reporting period[164](index=164&type=chunk) - The company had **no contracting arrangements** during the reporting period[165](index=165&type=chunk) - The company's leasing situation remained **unchanged** during the reporting period, primarily involving the leasing of offices, warehouses, dormitories, and commercial, industrial, and residential rooftops[166](index=166&type=chunk) [2. Significant Guarantees](index=40&type=section&id=2.%20Significant%20Guarantees) Total actual guarantees to subsidiaries amounted to **7.38 billion RMB**, representing **83.52% of net assets**, with **1.07 billion RMB** for highly leveraged entities Company's Total Guarantee Status | Indicator | Amount (10,000 RMB) | | :--- | :--- | | Total actual guarantee balance for subsidiaries at period-end | 7.38 billion | | Ratio of total actual guarantees to company's net assets | 83.52% | | Debt guarantee balance provided directly or indirectly to guaranteed entities with asset-liability ratio exceeding 70% | 1.07 billion | | Amount of total guarantees exceeding 50% of net assets | 2.96 billion | | Total of the above three guarantee amounts | 4.04 billion | - The company provides guarantees to subsidiaries (and sub-subsidiaries) within the scope of consolidated financial statements, having completed internal approval procedures, thus **not requiring submission to the listed company's board of directors or general meeting of shareholders**[215](index=215&type=chunk)[216](index=216&type=chunk) [XIII. Explanation of Other Significant Matters](index=87&type=section&id=XIII.%20Explanation%20of%20Other%20Significant%20Matters) The company completed restricted stock repurchase and cancellation, adjusted its convertible bond issuance plan to **1.68 billion RMB**, and implemented its 2024 equity distribution - On January 17, 2025, the company completed the **repurchase and cancellation of a portion of restricted shares** under the 2023 restricted stock incentive plan[218](index=218&type=chunk) - The company plans to issue convertible corporate bonds to unspecified investors, with the total raised funds originally not exceeding **1.69 billion RMB**, later adjusted to **1.68 billion RMB**[218](index=218&type=chunk)[602](index=602&type=chunk) - The convertible corporate bond issuance has been **accepted and approved by the Shenzhen Stock Exchange**, pending registration procedures with the China Securities Regulatory Commission[218](index=218&type=chunk)[602](index=602&type=chunk) - On May 21, 2025, the company issued the **implementation announcement for its 2024 annual equity distribution**[218](index=218&type=chunk) [Part VI Share Changes and Shareholder Information](index=89&type=section&id=Part%20VI%20Share%20Changes%20and%20Shareholder%20Information) This section details changes in share capital, shareholder numbers, and major shareholder holdings, including information on directors, supervisors, and actual controllers [I. Share Change Status](index=89&type=section&id=I.%20Share%20Change%20Status) Total share capital decreased from **399.45 million to 399.33 million shares** due to the repurchase and cancellation of **114,100 restricted shares** Share Change Status | Share Class | Quantity Before Change (shares) | Increase/Decrease in This Change (shares) | Quantity After Change (shares) | | :--- | :--- | :--- | :--- | | I. Restricted Shares | 77.91 million | -88,600 | 77.82 million | | II. Unrestricted Shares | 321.53 million | -25,500 | 321.51 million | | III. Total Shares | 399.45 million | -114,100 | 399.33 million | - On January 16, 2025, the company completed the **repurchase and cancellation of 114,100 restricted shares** under the 2023 restricted stock incentive plan[223](index=223&type=chunk) - On May 19, 2025, the general meeting of shareholders approved the **repurchase and cancellation of 1.22 million restricted shares** already granted but not yet lifted from restrictions; as of the end of the reporting period, repurchase payments were completed but cancellation procedures were pending[224](index=224&type=chunk) Changes in Restricted Shares | Shareholder Name | Restricted Shares at Beginning of Period (shares) | Shares Released from Restriction in Current Period (shares) | Shares Added to Restriction in Current Period (shares) | Restricted Shares at End of Period (shares) | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | :--- | | Wang Yiming | 74.95 million | 0 | 0 | 74.95 million | Senior Management Locked Shares | | Guo Junqiang | 204,775 | 0 | 11,250 | 216,025 | Senior Management Locked Shares, Equity Incentive Restricted Shares | | Zhang Chan | 122,902 | 0 | 6,750 | 129,652 | Senior Management Locked Shares, Equity Incentive Restricted Shares | | Lu Hefeng | 109,297 | 0 | 7,500 | 116,797 | Senior Management Locked Shares, Equity Incentive Restricted Shares | | Management, Core Technical and Business Personnel | 2.52 million | 25,500 | 0 | 2.41 million | Equity Incentive Restricted Shares | [III. Number of Shareholders and Shareholding Status](index=92&type=section&id=III.%20Number%20of%20Shareholders%20and%20Shareholding%20Status) As of period-end, the company had **50,004 common shareholders**, with Wang Yiming, Ginlong Holdings, Lin Yibei, and Wang Junshi as top holders, forming a concerted action group - The total number of common shareholders at the end of the reporting period was **50,004**[232](index=232&type=chunk) Shareholding Status of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Percentage | Shares Held at Period-end (shares) | Restricted Shares Held (shares) | Unrestricted Shares Held (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | Wang Yiming | Domestic Natural Person | 25.03% | 99.94 million | 74.95 million | 24.98 million | | Ginlong Holdings Co., Ltd. | Domestic Non-state-owned Legal Person | 7.84% | 31.32 million | 0 | 31.32 million | | Lin Yibei | Domestic Natural Person | 7.62% | 30.42 million | 0 | 30.42 million | | Wang Junshi | Domestic Natural Person | 5.33% | 21.29 million | 0 | 21.29 million | | Shanghai Pudong Development Bank Co., Ltd. - GF High-end Manufacturing Stock Initiated Securities Investment Fund | Other | 1.75% | 6.99 million | 0 | 6.99 million | | China International Capital Corporation Limited | State-owned Legal Person | 1.49% | 5.94 million | 0 | 5.94 million | | Industrial and Commercial Bank of China Limited - E Fund ChiNext ETF | Other | 1.38% | 5.51 million | 0 | 5.51 million | | Hong Kong Securities Clearing Company Limited | Overseas Legal Person | 1.25% | 4.98 million | 0 | 4.98 million | | Xu Po | Domestic Natural Person | 1.16% | 4.61 million | 0 | 4.61 million | | Agricultural Bank of China Limited - CSI 500 ETF | Other | 0.89% | 3.54 million | 0 | 3.54 million | - Wang Yiming, Wang Junshi, and Lin Yibei are **persons acting in concert**; Wang Yiming and Wang Junshi hold **60.00% and 40.00%** of Ginlong Holdings' equity, respectively[233](index=233&type=chunk) - The voting rights of shareholders Ms. Lin Yibei, Mr. Wang Junshi, and Ginlong Holdings are **entrusted to shareholder Mr. Wang Yiming**[233](index=233&type=chunk) [IV. Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=94&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, and senior management during the reporting period[235](index=235&type=chunk) [V. Changes in Controlling Shareholder or Actual Controller](index=94&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[236](index=236&type=chunk) - The company's actual controller **did not change** during the reporting period[236](index=236&type=chunk) [Part VII Bond-Related Information](index=96&type=section&id=Part%20VII%20Bond-Related%20Information) This section confirms that the company had no bond-related activities during the reporting period [Bond-Related Information](index=96&type=section&id=Bond-Related%20Information) The company had no bond-related activities during the reporting period - The company had **no bond-related information** during the reporting period[239](index=239&type=chunk) [Part VIII Financial Report](index=97&type=section&id=Part%20VIII%20Financial%20Report) This section presents the company's unaudited semi-annual financial statements, including balance sheets, income statements, cash flow statements, and notes on accounting policies [I. Audit Report](index=97&type=section&id=I.%20Audit%20Report) The company's semi-annual financial report is unaudited - The company's semi-annual financial report is **unaudited**[241](index=241&type=chunk) [II. Financial Statements](index=97&type=section&id=II.%20Financial%20Statements) This section provides the company's H1 2025 consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity - The consolidated balance sheet shows total assets of **20.26 billion RMB**, current assets of **4.77 billion RMB**, and non-current assets of **15.49 billion RMB** at period-end[243](index=243&type=chunk)[244](index=244&type=chunk) - The consolidated income statement shows semi-annual total operating revenue of **3.79 billion RMB** and net profit of **602.16 million RMB**[251](index=251&type=chunk)[252](index=252&type=chunk) - The consolidated cash flow statement shows net cash flow from operating activities of **811 million RMB**, net cash flow from investing activities of **328 million RMB**, and net cash flow from financing activities of **-1.32 billion RMB**[258](index=258&type=chunk)[259](index=259&type=chunk) [III. Company Basic Information](index=116&type=section&id=III.%20Company%20Basic%20Information) Ginlong Technologies, established in 2005 and listed in 2019, specializes in string inverter R&D, production, sales, and new energy power services - Ginlong Technologies was established on **September 9, 2005**, and its shares were listed on the Shenzhen Stock Exchange on **March 19, 2019**[281](index=281&type=chunk) - The company's registered capital is **398.11 million RMB**, with a total of **398.11 million shares**[281](index=281&type=chunk) - The main business includes R&D, production, and sales of **string inverters**, new energy power production, and residential PV power generation system services[281](index=281&type=chunk) [V. Significant Accounting Policies and Estimates](index=116&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) The company's financial statements are prepared on a going concern basis, adhering to accounting standards, with specific policies for financial instruments, fixed assets, and revenue recognition - The company's financial statements are prepared on a **going concern basis**, complying with enterprise accounting standards[282](index=282&type=chunk)[285](index=285&type=chunk) - Financial assets are classified into three categories: **measured at amortized cost, measured at fair value with changes recognized in other comprehensive income, and measured at fair value with changes recognized in current profit or loss**[295](index=295&type=chunk) - Fixed asset depreciation uses the **straight-line method**, with a depreciation period of **20 years** and a residual value rate of **5%** for distributed PV power plants and residential PV power generation systems[315](index=315&type=chunk) - Revenue recognition principles are based on identifying distinct performance obligations, determining fulfillment over time or at a point in time, and recognizing revenue according to **progress or when the customer obtains control**[335](index=335&type=chunk)[336](index=336&type=chunk) [VI. Taxation](index=130&type=section&id=VI.%20Taxation) The company is subject to various taxes, including VAT and corporate income tax, and benefits from high-tech enterprise status and other tax incentives Main Tax Categories and Rates | Tax Category | Tax Rate | | :--- | :--- | | Value-Added Tax (VAT) | 13%, 6%, 3% | | Urban Maintenance and Construction Tax | 1%, 5%, 7% | | Corporate Income Tax | 30%, 25%, 20%, 16.5%, 15%, 0% | | Property Tax | 1.2%, 12% | | Education Surcharge | 3% | | Local Education Surcharge | 2% | - As a high-tech enterprise, the company is subject to a **15% corporate income tax rate** from 2023 to 2025[349](index=349&type=chunk) - Some subsidiaries' distributed PV power plant projects enjoy a **three-year exemption and three-year half-rate reduction** corporate income tax preferential policy[349](index=349&type=chunk) - As an advanced manufacturing enterprise, the company benefits from a **5% VAT additional deduction policy**, effective from January 1, 2023, to December 31, 2027[351](index=351&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=131&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section details the period-end balances and changes for consolidated financial statement items, including assets, liabilities, equity, revenue, costs, and expenses Ending Balances of Major Consolidated Financial Statement Items | Item | Ending Balance (RMB) | | :--- | :--- | | Cash and Cash Equivalents | 768.47 million | | Accounts Receivable | 1.40 billion | | Inventories | 1.89 billion | | Fixed Assets | 14.82 billion | | Notes Payable | 524.77 million | | Accounts Payable | 1.42 billion | | Long-term Borrowings | 7.34 billion | | Share Capital | 398.11 million | | Operating Revenue | 3.79 billion | | Net Profit | 602.16 million | - Share capital decreased due to the **repurchase and cancellation of 1,219,550 restricted shares**, leading to a **66.64 million RMB reduction in capital reserve—share premium** and a **67.86 million RMB reduction in treasury stock**[485](index=485&type=chunk)[487](index=487&type=chunk)[489](index=489&type=chunk) - Operating revenue and cost breakdown show that **string inverters and related products** are the primary revenue source, with new energy power production and residential PV power generation systems also contributing significantly[500](index=500&type=chunk) - Financial expenses for the current period amounted to **106.04 million RMB**, a decrease from the previous period, primarily influenced by **interest expenses and exchange gains/losses**[511](index=511&type=chunk) [VIII. R&D Expenses](index=165&type=section&id=VIII.%20R%26D%20Expenses) Total R&D expenses for the reporting period were **215.39 million RMB**, a **22.60% year-on-year increase**, entirely expensed, primarily comprising personnel costs and direct materials Composition of R&D Expenses | Item | Amount Incurred in Current Period (RMB) | Amount Incurred in Prior Period (RMB) | | :--- | :--- | :--- | | R&D Personnel Costs | 174.80 million | 112.06 million | | Direct Material Consumption for R&D | 24.26 million | 49.52 million | | Depreciation of R&D Facilities | 9.47 million | 9.56 million | | R&D Design Fees | 0.19 million | 0.01 million | | Other R&D Expenses | 6.67 million | 4.54 million | | Total | 215.39 million | 175.69 million | | Of which: Expensed R&D Expenditure | 215.39 million | 175.69 million | [IX. Changes in Consolidation Scope](index=165&type=section&id=IX.%20Changes%20in%20Consolidation%20Scope) The company disposed of **38 subsidiaries via equity transfer** and **138 via equity cancellation**, reducing the consolidation scope and impacting financial statements - During this period, the company disposed of **38 subsidiaries through equity transfer**, resulting in loss of control[561](index=561&type=chunk)[562](index=562&type=chunk)[563](index=563&type=chunk)[564](index=564&type=chunk)[565](index=565&type=chunk)[566](index=566&type=chunk) - During this period, the company disposed of **138 subsidiaries through equity cancellation**, with a total net profit of **177,203.01 RMB** from the beginning of the period to the disposal date[566](index=566&type=chunk) [X. Interests in Other Entities](index=170&type=section&id=X.%20Interests%20in%20Other%20Entities) This section outlines the composition of the company's main subsidiaries, including Ginlong Smart, a key entity for PV power plant investment and operation Composition of the Enterprise Group | Subsidiary Name | Registered Capital (RMB) | Principal Place of Business | Registered Place | Nature of Business | Shareholding Percentage (Direct) | Shareholding Percentage (Indirect) | Acquisition Method | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Ginlong Smart | 1.11 billion | Ningbo | Ningbo | PV Power Plant Investment and Operation | 99.00% | 1.00% | Establishment | [XI. Government Grants](index=170&type=section&id=XI.%20Government%20Grants) Government grants related to assets in deferred income totaled **83.41 million RMB** at period-end, with **39.89 million RMB** recognized in other income Liability Items Involving Government Grants | Account Title | Beginning Balance (RMB) | New Grants in Current Period (RMB) | Amount Recognized in Non-operating Income in Current Period (RMB) | Amount Transferred to Other Income in Current Period (RMB) | Ending Balance (RMB) | Related to Assets/Income | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 64.33 million | 23.74 million | 0.00 | 4.65 million | 83.41 million | Asset-related | Government Grants Recognized in Current Profit or Loss | Account Title | Amount Incurred in Current Period (RMB) | Amount Incurred in Prior Period (RMB) | | :--- | :--- | :--- | | Government grants recognized in other income | 39.89 million | 20.37 million | | Government grants recognized in non-operating income | 0.00 | 2.00 million | | Total | 39.89 million | 22.38 million | [XII. Risks Related to Financial Instruments](index=171&type=section&id=XII.%20Risks%20Related%20to%20Financial%20Instruments) The company manages credit, liquidity, and market risks (interest rate and foreign exchange) through credit assessment, diversified financing, and hedging strategies - The company faces **credit risk, liquidity risk, and market risk (interest rate risk and foreign exchange risk)**[572](index=572&type=chunk) - The company manages risks through **credit assessment, monitoring receivables, diversified financing methods, and bank credit lines**[574](index=574&type=chunk)[575](index=575&type=chunk) Financial Liabilities by Remaining Maturity (Period-end) | Item | Book Value (RMB) | Undiscounted Contractual Amount (RMB) | Within 1 Year (RMB) | 1-3 Years (RMB) | Over 3 Years (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | | Bank Borrowings | 8.79 billion | 9.47 billion | 1.67 billion | 4.78 billion | 3.03 billion | | Notes Payable | 524.77 million | 524.77 million | 524.77 million | 0.00 | 0.00 | | Accounts Payable | 1.42 billion | 1.42 billion | 1.42 billion | 0.00 | 0.00 | | Other Payables | 200.43 million | 200.43 million | 200.43 million | 0.00 | 0.00 | | Lease Liabilities | 30.56 million | 36.56 million | 11.10 million | 9.81 million | 15.64 million | | Subtotal | 10.97 billion | 11.65 billion | 3.83 billion | 4.78 billion | 3.04 billion | - As of June 30, 2025, the company's bank borrowings with floating interest rates amounted to **7.04 billion RMB**; a **50 basis point change in interest rates** would not significantly impact total profit and shareholders' equity[579](index=579&type=chunk) [XIII. Disclosure of Fair Value](index=173&type=section&id=XIII.%20Disclosure%20of%20Fair%20Value) Total assets measured at fair value were **654.57 million RMB**, primarily trading financial assets and notes receivable financing, all using Level 3 fair value measurement Fair Value of Assets and Liabilities Measured at Fair Value at Period-end | Item | Level 3 Fair Value Measurement (RMB) | Total (RMB) | | :--- | :--- | :--- | | Trading Financial Assets | 526.06 million | 526.06 million | | Of which: Equity Instrument Investments | 376.04 million | 376.04 million | | Of which: Structured Deposits | 150.02 million | 150.02 million | | Notes Receivable Financing | 128.51 million | 128.51 million | | Total Assets Continuously Measured at Fair Value | 654.57 million | 654.57 million | - Structured deposits in Level 3 fair value measurement are valued based on **expected yield**, equity instrument investments use **investment cost as a reasonable estimate of fair value**, and notes receivable (bank acceptance bills) are valued at **face amount**[582](index=582&type=chunk) - The book value and fair value of financial assets and liabilities not measured at fair value (e.g., cash and cash equivalents, accounts receivable, long-term borrowings) have **minor differences**[582](index=582&type=chunk) [XIV. Related Parties and Related Party Transactions](index=173&type=section&id=XIV.%20Related%20Parties%20and%20Related%20Party%20Transactions) The ultimate control rests with the Wang Yiming family. Key management compensation was **4.09 million RMB**, with significant intercompany receivables and payables from former subsidiaries - The ultimate controlling parties of the enterprise are the families of **natural persons Wang Yiming, Lin Yibei, and Wang Junshi**[583](index=583&type=chunk) Key Management Personnel Compensation | Item | Amount Incurred in Current Period (RMB) | | :--- | :--- | | Key Management Personnel Compensation | 4.09 million | Related Party Receivables | Item Name | Related Party | Ending Book Balance (RMB) | | :--- | :--- | :--- | | Other Receivables | Danyang Jinneng Solar Co., Ltd. | 6.81 million | | Other Receivables | Xiangshui Huanyi PV Power Generation Co., Ltd. | 2.87 million | | Other Receivables | Jiangmen Juyi New Energy Technology Co., Ltd. | 2.33 million | | Other Receivables | Fuzhou Jinneng New Energy Co., Ltd. | 1.34 million | | Other Receivables | Jinjiang Jingrui New Energy Co., Ltd. | 0.98 million | | Other Receivables | Putian Qunrui New Energy Co., Ltd. | 0.50 million | | Subtotal | | 14.82 million | Related Party Payables | Item Name | Related Party | Ending Book Balance (RMB) | | :--- | :--- | :--- | | Other Payables | Sanming Dekeng PV Technology Co., Ltd. | 7.24 million | | Other Payables | Nanping Huashao PV Power Generation Co., Ltd. | 2.52 million | | Other Payables | Zhangzhou Huasheng New Energy Technology Co., Ltd. | 2.37 million | | Other Payables | Anxi Xincheng United New Energy Co., Ltd. | 0.94 million | | Subtotal | | 13.07 million | - During this period, **1.91 million RMB** was paid to former subsidiaries for current accounts, and **287.54 million RMB** was recovered from former subsidiaries for current accounts[591](index=591&type=chunk) [XV. Share-based Payment](index=177&type=section&id=XV.%20Share-based%20Payment) A total of **1.62 million restricted shares** under the company's share-based payment plans were forfeited due to unmet performance conditions, amounting to **126.03 million RMB** Overall Share-based Payment Status | Category of Grantee | Number Forfeited in Current Period (shares) | Amount Forfeited in Current Period (RMB) | | :--- | :--- | :--- | | Key Technical Personnel | 403,400 | 58.18 million | | Key Technical Personnel, Management, etc. | 1.22 million | 67.86 million | | Total | 1.62 million | 126.03 million | - The exercise price for outstanding 2022 restricted shares at period-end was **144.22 RMB/share**, and for 2023 restricted shares was **55.64 RMB/share**[593](index=593&type=chunk) - The total expense recognized for equity-settled share-based payments in the current period was **0.00 RMB**, primarily because **performance conditions for vesting were not met**[595](index=595&type=chunk) [XVI. Commitments and Contingencies](index=178&type=section&id=XVI.%20Commitments%20and%20Contingencies) As of June 30, 2025, the company had no significant commitments or important contingencies requiring disclosure - As of June 30, 2025, the company had **no significant commitments** requiring disclosure[597](index=597&type=chunk) - The company had **no important contingencies** requiring disclosure[598](index=598&type=chunk) [XVII. Other Significant Matters](index=178&type=section&id=XVII.%20Other%20Significant%20Matters) The company assesses performance by product segment and plans to issue convertible bonds totaling **1.68 billion RMB**, pending CSRC registration after exchange approval Financial Information by Reporting Segment | Item | String Inverters and Related Products (RMB) | New Energy Power Production (RMB) | Residential PV Power Generation Systems (RMB) | Other (RMB) | Inter-segment Eliminations (RMB) | Total (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 2.73 billion | 303.85 million | 807.53 million | 15.68 million | 63.22 million | 3.79 billion | | Operating Cost | 2.01 billion | 142.94 million | 337.72 million | 14.46 million | 62.81 million | 2.44 billion | | Total Assets | 12.67 billion | 4.32 billion | 10.35 billion | 284.06 million | 7.37 billion | 20.26 billion | | Total Liabilities | 5.32 billion | 555.87 million | 5.53 billion | 2.47 billion | 2.47 billion | 11.41 billion | - The company plans to issue convertible corporate bonds to unspecified investors, with the total raised funds adjusted to **1.68 billion RMB**; this matter has been **approved by the Shenzhen Stock Exchange** and is awaiting registration with the China Securities Regulatory Commission[602](index=602&type=chunk) [XIX. Supplementary Information](index=185&type=section&id=XIX.%20Supplementary%20Information) This section provides details on non-recurring gains and losses totaling **53.37 million RMB**, along with net asset return and earnings per share data Detailed Statement of Non-recurring Gains and Losses for the Current Period | Item | Amount (RMB) | | :--- | :--- | | Gains and losses from disposal of non-current assets | 20.97 million | | Government subsidies recognized in current profit/loss | 35.23 million | | Fair value changes and disposal gains/losses of financial assets and liabilities, excluding hedging activities | 0.48 million | | Reversal of impairment provisions for receivables subject to separate impairment testing | 0.08 million | | Other non-operating income and expenses apart from the above | -3.06 million | | Less: Income tax impact | 0.33 million | | Total | 53.37 million | Return on Net Assets and Earnings Per Share | Profit for the Reporting Period | Weighted Average Return on Net Assets | Basic Earnings Per Share (RMB/share) | Diluted Earnings Per Share (RMB/share) | | :--- | :--- | :--- | :--- | | Net profit attributable to ordinary shareholders of the company | 7.00% | 1.52 | 1.52 | | Net profit attributable to ordinary shareholders of the company after deducting non-recurring gains and losses | 6.38% | 1.39 | 1.39 |

Core Viewpoint - The company reported a revenue of 3.794 billion yuan for the first half of 2025, reflecting a year-on-year growth of 13.09% and a net profit of 602 million yuan, which represents a significant increase of 70.96% compared to the previous year [1] Financial Performance - Revenue for the first half of 2025 reached 3.794 billion yuan, marking a 13.09% increase year-on-year [1] - Net profit for the same period was 602 million yuan, showing a substantial growth of 70.96% year-on-year [1] Dividend Policy - The company announced plans not to distribute cash dividends, issue bonus shares, or increase share capital from reserves [1]

Core Insights - A total of 38 stocks on the Shanghai and Shenzhen exchanges have experienced net inflows of main funds for five consecutive days or more as of August 14, with Dingyang Technology leading at 10 days of inflow [1][2] - The stock with the highest total net inflow amount is Taicheng Light, which has seen a cumulative net inflow of 843 million yuan over six days [1] - The stock with the highest net inflow ratio relative to trading volume is Dayuan Pump Industry, which has increased by 48.78% over the past five days [1] Summary by Category Stocks with Continuous Net Inflows - Dingyang Technology: 10 days of net inflow, 73 million yuan, 6.82% increase [2] - Chinese Media: 9 days of net inflow, 83 million yuan, 1.20% increase [1][2] - Taicheng Light: 6 days of net inflow, 843 million yuan, 15.94% increase [1] Highest Net Inflow Amounts - Taicheng Light: 843 million yuan over 6 days [1] - Huicheng Environmental Protection: 746 million yuan over 9 days [1] - Huatai Securities: 666 million yuan over 5 days [1] Highest Net Inflow Ratios - Dayuan Pump Industry: 14.72% net inflow ratio, 48.78% increase over 5 days [1] - Huicheng Environmental Protection: 10.16% net inflow ratio, 26.41% increase over 9 days [1] - Huatai Securities: 5.24% net inflow ratio, 7.80% increase over 5 days [1]

证券之星消息，8月14日光伏设备板块较上一交易日下跌2.14%，*ST金刚领跌。当日上证指数报收于 3666.44，下跌0.46%。深证成指报收于11451.43，下跌0.87%。光伏设备板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 688717 | 艾罗能源 | 65.61 | 2.16% | 5.00万 | | 3.25 乙 | | 688516 | 圆特维 | 36.75 | 1.21% | 7.76万 | | 2.85亿 | | 605117 | 德业股份 | 56.05 | 0.79% | 32.89万 | | 18.45 Z | | 300345 | रूहिक्किस्ट | 7.55 | 0.67% | 20.73万 | | 1.57亿 | | 603381 | 永钰股份 | 21.51 | 0.42% | 3.07万 | | 6603.00万 | | 300763 | 锦浪科技 | 64.20 | 0.22% | 18.88万 | | 1 ...

公募基金二季报本周进入密集披露期，部分头部基金及知名基金经理的调仓动向也备受市场关注。 综合来看，各家基金在二季度保持了高仓位运作，新能源产业链、医药消费等成为关注重点。 此外，睿远基金傅鹏博管理的基金则对光伏行业板块个股更为关注。综合季报，通威股份、迈为股 份等新晋十大重仓股，大族激光、先导智能等退出前十大重仓股序列；由傅鹏博、朱璘管理的睿远成长 价值混合基金前十大重仓股为三安光电、中国移动、立讯精密、东方雨虹、万华化学、通威股份、吉利 汽车、沃森生物、迈为股份、国瓷材料。相比一季度，该基金新进持仓了通威股份、吉利汽车、迈为股 份，而先导智能、大族激光、卫宁健康则被调出十大重仓股序列；广发基金刘格菘持仓结构没有出现大 幅调整。其前十大重仓股当中，亿纬锂能、龙佰集团的持仓量不变，国联股份、福莱特分别新晋成为第 七大重仓股和第九大重仓股。另外，晶澳科技、隆基绿能、锦浪科技等多只个股持股数量均较一季度末 有所增长。 Wind数据显示，截至7月20日记者发稿时，已经有多家基金公司旗下1338只股票型开放式基金（未 合并A/C）发布了二季度报告，其中不乏头部基金公司和张坤、刘格菘、傅鹏博、李晓星等知名基金经 理。易方 ...

Group 1 - The core viewpoint of the articles indicates a significant rise in photovoltaic stocks, with notable increases in companies such as Sungrow Power (over 10% rise) and Jinlang Technology (over 4% rise) [1] - Related ETFs in the photovoltaic and new energy sectors have also seen an approximate increase of 2% [1] - Institutions suggest that the photovoltaic industry is at a cyclical bottom and may require accelerated supply-side clearance, with stricter energy consumption regulations from the Ministry of Industry and Information Technology [2] Group 2 - The Ministry of Industry and Information Technology is expected to implement stricter regulations on energy and water consumption for new production capacity, aiming to control energy consumption as a means to curb existing output [2] - The industry is reaching a preliminary self-discipline agreement, gradually reducing production to near two-year lows, which is anticipated to lead to a recovery in profitability as supply-side adjustments take place [2]

Group 1 - The core viewpoint is that the photovoltaic industry is experiencing a strong upward trend, with the Zhongzheng Photovoltaic Industry Index rising by 2.27% and key stocks like Sunshine Power increasing by 13.51% [1] - The largest photovoltaic power station in the Taklamakan Desert, the Tayuqi Mo Photovoltaic Power Station, has generated over 300 million kilowatt-hours of green electricity [1] - Huazhong Securities indicates that prices across the photovoltaic industry chain are rising, with stable increases in silicon material prices and a narrowing rise in N-type silicon material prices [1] Group 2 - As of July 31, 2025, the top ten weighted stocks in the Zhongzheng Photovoltaic Industry Index account for 56.16% of the index, including Sunshine Power, Longi Green Energy, and TCL Technology [2] - The photovoltaic ETF fund closely tracks the Zhongzheng Photovoltaic Industry Index, which selects up to 50 representative listed companies involved in the photovoltaic industry chain [1]

Market Overview - The Shanghai Composite Index is at 3636.69 points, slightly down by 0.08%, with a total trading volume of 802.9 billion yuan [1] - 21 A-shares have surpassed their annual line today, with notable stocks showing significant deviation rates [1] Stocks with Significant Deviation Rates - *ST Yitong has a deviation rate of 2.59%, with a price increase of 4.74% and a turnover rate of 2.93% [1] - Landun Optoelectronics shows a deviation rate of 1.97%, with a price increase of 6.14% and a turnover rate of 10.07% [1] - Guodian Power has a deviation rate of 1.53%, with a price increase of 1.52% and a turnover rate of 0.48% [1] Stocks with Smaller Deviation Rates - Pumen Technology and Jinlang Technology have just crossed the annual line with minor deviation rates of 0.06% and 0.13% respectively [2] - Longi Green Energy has a deviation rate of 0.20%, with a price increase of 0.25% [2]

| 代码 | 名称 | 最新价 | 涨跌幅 √ | | --- | --- | --- | --- | | 300274 | 阳光电源 | 79.68 | 6.51% | | 301658 | 首航新能 | 34.32 | 3.47% | | 301168 | 通灵股份 | 39.94 | 3.34% | | 688556 | 富测股份 | 12.34 | 2.83% | | 688717 | 艾罗能源 | 59.16 | 2.58% | | 300827 | 上能电气 | 23.72 | 2.51% | | 834770 | 艾能聚 | 19.61 | 2.40% | | 300763 | 锦浪科技 | 59.56 | 2.16% | | 300724 | 捷佳伟创 | 66.79 | 1.89% | | 300776 | 帝尔激光 | 67.69 | 1.87% | 责任编辑：栎树 A股光伏设备股普遍上涨，其中，权重股阳光电源涨6.5%，首航新能、通灵股份涨超3.3%，高测股份涨 近3%，上能电气、艾罗能源涨2.5%，锦浪科技、艾能聚涨超2%。 消息上，中国光伏行业协会日前发布通知称，国家发展改革委、市场 ...

Core Viewpoint - The photovoltaic industry is experiencing positive developments driven by new regulatory measures aimed at energy consumption standards, which are expected to lead to industry transformation and consolidation [1][2][3]. Group 1: Regulatory Developments - The National Development and Reform Commission and the State Administration for Market Regulation have drafted a consultation document on the revision of the Price Law, which is currently open for public feedback [1]. - The Ministry of Industry and Information Technology has issued a special energy-saving inspection task list for the polysilicon industry for 2025, focusing on "comprehensive energy consumption per unit product" as a key inspection criterion [2]. Group 2: Industry Transformation - The energy consumption standards and strict inspections are expected to accelerate the elimination of outdated production capacity, optimizing industry competition structure and resource allocation [2]. - Companies that fail to meet new energy consumption standards may face elimination or mandatory rectification, which will enhance overall industry efficiency [1][2]. Group 3: Technological Upgrades - The push for higher energy consumption standards will compel companies to invest more in cost reduction and efficiency-enhancing technologies, as well as to adopt green electricity to lower carbon emissions [2][3]. - This shift is anticipated to increase the proportion of green electricity used in the industry, supporting the overall green and low-carbon development goals of the photovoltaic sector [2]. Group 4: Market Dynamics - The exit of inefficient production capacity and potential tightening of new capacity approvals are expected to suppress the supply expansion of polysilicon, while global photovoltaic installation demand remains robust [3]. - This dynamic improvement in supply and demand is likely to reverse the recent trend of oversupply and declining prices, leading to a recovery in product prices and profitability for companies in the photovoltaic industry [3]. Group 5: Industry Index and ETF - The CSI Photovoltaic Industry Index (931151) has shown a positive performance, with significant gains in constituent stocks such as Sungrow Power (300274) and LONGi Green Energy (601012) [1][4]. - The index reflects the overall performance of listed companies involved in the photovoltaic industry chain, with the top ten weighted stocks accounting for 56.16% of the index [4].