| 证券投 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 资基金 | | | | | | | | 香港中 | | | | | | | | 央结算 | 境外法 | | | | | | | 有限公 | 人 | | | | | | | 司 | | | | | | | | 境内自 | | | | | | | | 许颇 | | 1.16% | 4,612,984 | | 不适用 | | | 然人 | | | | | | | | 中国农 | | | | | | | | 业银行 | | | | | | | | 0.89% | 其他 | | 3,537,243 | | 不适用 | | | 股份有 | | | | | | | | 限公司 | | | | | | | | | | | | | 锦浪科技股份有限公司 | 2025 年半年度报 | | 告摘要 | | | | | | | | －中证 | | | | | | | | 型开放 | | | | | | | | 式指数 | | | | | | | | 证券投 | | | | | | | | 资基金 | | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company benefits from increased demand in Europe and Asia, Africa, and Latin America, with Q2 energy storage exceeding expectations and showing significant growth [9] - The company's household and commercial power station scale remains stable, continuously contributing to cash flow and profits [3] - The company achieved a revenue of 3.0 billion yuan from distributed power stations, maintaining stability year-on-year, while household power stations generated approximately 8.1 billion yuan, a 4% increase year-on-year [3] Financial Performance Summary - In H1 2025, the company reported a revenue of 37.9 billion yuan, a year-on-year increase of 13%, and a net profit attributable to shareholders of 6.0 billion yuan, up 71% year-on-year [9] - The company’s revenue from energy storage in H1 2025 reached 7.9 billion yuan, a year-on-year increase of 314%, with a gross margin of approximately 30% [9] - The company’s operating expenses in H1 2025 were 7.4 billion yuan, a 4% increase year-on-year, with a slight decrease in the expense ratio [9] Earnings Forecast and Valuation - The earnings forecast for the company is maintained for 2025, with slight downward adjustments for 2026 and 2027. The expected net profits for 2025-2027 are 11.6 billion, 14.5 billion, and 17.7 billion yuan respectively, with corresponding growth rates of 68%, 25%, and 22% [9] - The projected P/E ratios for 2025-2027 are 22, 18, and 14 times respectively [9]

东吴证券8月14日发布研报称，给予锦浪科技（300763.SZ，最新价：64.2元）买入评级。评级理由主要 包括：1）受益欧洲及亚非拉需求提升、25Q2储能出货环比翻倍增长；2）公司户用及工商业电站规模 基保持稳定、持续贡献稳定现金流及利润；3）2025年上半年期间费率略有下滑、公司存货略有下行、 经营性净现金有所提升。风险提示：竞争加剧，政策不及预期。 （文章来源：每日经济新闻） ...

Group 1 - China Telecom reported a net profit of RMB 23.017 billion for the first half of 2025, an increase of 5.5% year-on-year [1] - The company's total operating revenue for the same period was RMB 269.42 billion, reflecting a year-on-year growth of 1.3% [1][2] - The net profit attributable to shareholders after excluding non-recurring gains and losses was RMB 21.721 billion, a slight increase of 0.2% year-on-year [1][2] Group 2 - Mobile communication service revenue reached RMB 106.6 billion, up 1.3% year-on-year, while fixed-line and smart home service revenue was RMB 64.1 billion, growing by 0.2% [3] - The number of mobile users increased to 433 million, and broadband users reached 199 million, with mobile ARPU at RMB 46 and broadband ARPU at RMB 48.3 [3] - Revenue from industrial digitalization was RMB 74.9 billion, with AIDC revenue growing by 7.4% [3] Group 3 - Xi'an Yicai's IPO on the Sci-Tech Innovation Board was approved, with projected revenue growth from RMB 1.055 billion in 2022 to RMB 2.121 billion in 2024, a compound annual growth rate of 41.83% [4] - Chipsea Technology plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its international strategy and diversify financing [5] - Shunhao Co. also announced plans to issue H-shares and list on the Hong Kong Stock Exchange to support business transformation and global strategy [6] Group 4 - Heertai reported a net profit of RMB 354 million for the first half of 2025, a year-on-year increase of 78.65% [7] - Yiyuan Communication's net profit surged by 125.03% to RMB 471 million, driven by core business improvements and diversification [8] - Jifeng Co. achieved a net profit of RMB 154 million, a significant increase of 189.51%, despite a revenue decline of 4.39% [9]

Group 1 - The core viewpoint of the article highlights that Jinlang Technology (300763) reported a significant increase in net profit for the first half of 2025, achieving approximately 602 million yuan, which represents a year-on-year growth of 70.96% [1] - In the first half of 2025, Jinlang Technology achieved an operating revenue of approximately 3.794 billion yuan, reflecting a year-on-year increase of 13.09% [1] - The company specializes in the research, production, sales, and service of string inverters, with its main products being grid-connected inverters and energy storage inverters [1] Group 2 - As of the close on August 14, Jinlang Technology's stock price was reported at 64.2 yuan per share, with a total market capitalization of 25.56 billion yuan [1]

格隆汇8月14日丨锦浪科技(300763.SZ)公布2025年半年度报告，上半年公司实现营业收入37.94亿元，同 比增长13.09%；归属于上市公司股东的净利润6.02亿元，同比增长70.96%；归属于上市公司股东的扣除 非经常性损益的净利润5.49亿元，同比增长71.80%；基本每股收益1.52元。 ...

非经营性资金占用及其他关联资金往来情况汇总表 | 非经营性资金占用 | 资金占用方名称 | 占用方与上市公 司的关联关系 | 上市公司核算的 会计科目 | 2025年期初 古用资金余额 | 2025年1-6月占 用累计发生金额 (不含利息) | 2025年1-6月 占用资金的利 日 | 2025年1-6月 偿还累计发生 金额 | 2025年6月期末 占用资金余额 | 占用形成原因 | 占用性质 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | (如有) | | | | | | 控股股东、实际控制人及其附 | | | | | | | | | | 非经营性占用 | | 属企业 | | | | | | | | | | 非经营性占用 | | 小 计 | | - | | | | | | | | | | 前控股股东、实际控制人及其 | | | | | | | | | | 非经营性占用 | | 附属企业 | | | | | | | | | | 非经营性占用 | | 小 计 | | - | | | | | | ...

锦浪科技股份有限公司 董事、监事、高级管理人员 关于 2025 年半年度报告的书面确认意见 （本页无正文，为《锦浪科技股份有限公司董事、监事、高级管理人员关于 2025 年半年度报告的书面确认意见》之签字页） 全体董事： 王一鸣 郭俊强 张 婵 何睿 李育杉 楼红英 胡华权 全体监事： 张丽 贺华挺 陈益丹 高级管理人员： 王一鸣 郭俊强 张 婵 陆荷峰 根据《证券法》第八十二条的要求，本人作为锦浪科技股份有限 公司的董事、监事、高级管理人员，保证公司 2025 年半年度报告内 容真实、准确、完整，不存在任何虚假记载、误导性陈述或者重大遗 漏。 锦浪科技股份有限公司 2025 年 8 月 15 日 ...

本公司及董事会全体成员保证公告内容真实、准确和完整，不存在任何 虚假记载、误导性陈述或者重大遗漏。 锦浪科技股份有限公司 2025 年半年度报告全文及其摘要于 2025 年 8 月 15 日 在中国证监会指定的创业 板信息披露网站巨潮资讯网 (www.cninfo.com.cn)上披露，敬请投资者查阅。 特此公告。 锦浪科技股份有限公司 证券代码：300763 证券简称：锦浪科技 公告编号：2025-074 锦浪科技股份有限公司 2025 年半年度报告披露提示性公告 2025 年 8 月 15 日 董事会 ...

[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 |