Financial Performance - Company reported total revenue of 899 million yuan for the first half of 2025, an increase of 44.8% year-on-year [1] - Net profit attributable to shareholders was 28.77 million yuan, a decrease of 9.47% year-on-year [1] - In Q2 2025, total revenue reached 589 million yuan, up 56.67% year-on-year, while net profit attributable to shareholders was 23.03 million yuan, an increase of 5.53% year-on-year [1] - Gross margin was 12.4%, down 28.26% year-on-year, and net margin was 3.2%, down 37.48% year-on-year [1] - Total selling, administrative, and financial expenses amounted to 60.71 million yuan, accounting for 6.75% of revenue, a decrease of 5.22% year-on-year [1] - Earnings per share was 0.19 yuan, a decrease of 9.52% year-on-year [1] Financial Ratios and Metrics - Return on Invested Capital (ROIC) for the previous year was 5.06%, indicating average capital returns [2] - Historical median ROIC since listing is 16.26%, with the worst year being 2022 at 2.4% [2] - Cash flow situation is concerning, with the average operating cash flow over the past three years being -53.92% of current liabilities [2] - Accounts receivable reached 1152.29% of net profit, indicating a significant collection issue [2] Business Focus - Company's primary business is in photovoltaic new energy, including centralized photovoltaic power plants and distributed photovoltaic systems [3] - Current strategy aims to stabilize the main business while focusing on overseas expansion, commercial vehicle charging and swapping, and energy storage [3]

证券研究报告 能辉科技 (301046 CH) 收入延续快速增长，回款明显改善 | 华泰研究 | | | 中报点评 | 投资评级(维持): | 增持 | | --- | --- | --- | --- | --- | --- | | 2025 年 | 8 月 | 27 日│中国内地 | 建筑设计及服务 | 目标价(人民币): | 26.78 | 公 司 公 布 上 半 年 业 绩 ： 25H1 收 入 / 归 母 净 利 9.0/0.3 亿 元 ， 同 比 +44.8%/-9.5%，其中 Q2 收入/归母净利 5.9/0.2 亿元，同比+56.7%/+5.5%， Q2 业绩超出我们预期（0.15 亿元），主要系光伏 EPC 业务项目结转加快， 我们认为重卡换电等新业务有望为公司带来新成长空间，维持"增持"。 在建项目加速结转带动系统集成收入增长，毛利率同比承压 25H1 公司光伏电站系统集成/电站运营业务分别实现收入 8.7/0.3 亿元，同 比+44.5%/+76.7%，在建光伏项目加速结转带动系统集成业务收入增长，同 时新建电站投产带动电站运营收入大幅增长。25H1 公司毛利率 12.4%，同 比-4.9 ...

格隆汇8月26日丨能辉科技(301046.SZ)公布2025年半年度报告，上半年公司实现营业收入8.99亿元，同 比增长44.80%；归属于上市公司股东的净利润2877.48万元，同比下降9.47%；归属于上市公司股东的扣 除非经常性损益的净利润2773.22万元，同比下降8.53%；基本每股收益0.19元。 ...

| 证券代码：301046 | 证券简称：能辉科技 | 公告编号：2025-069 | | --- | --- | --- | | 债券代码：123185 | 债券简称：能辉转债 | | 上海能辉科技股份有限公司 2025 年半年度募集资金存放与使用情况专项报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 根据《深圳证券交易所上市公司自律监管指引第2号——创业板上市公司规 范运作》及相关公告格式指引的要求，上海能辉科技股份有限公司（以下简称"公 司"）编制了2025年半年度募集资金存放与使用情况专项报告，具体情况如下： 一、募集资金基本情况 （一）首次公开发行股票募集资金情况 1、实际募集资金金额、资金到账时间 经中国证券监督管理委员会《关于同意上海能辉科技股份有限公司首次公开 发行股票注册的批复》（证监许可[2021]2256号）同意，并经深圳证券交易所同 意，公司首次公开发行人民币普通股（A股）3,737万股，每股面值人民币1.00元， 每股发行价格为人民币8.34元，本次发行募集资金总额为人民币31,166.58万元， 扣除发行费用（不含税）人民币7 ...

上海能辉科技股份有限公司 2025 年半年度财务报告 上海能辉科技股份有限公司 2025 年半年度财务报告 一、审计报告 半年度报告是否经过审计 □是 否 公司半年度财务报告未经审计。 二、财务报表 财务附注中报表的单位为：元 1、合并资产负债表 编制单位：上海能辉科技股份有限公司 2025 年 06 月 30 日 单位：元 项目 期末余额 期初余额 流动资产： 货币资金 398,206,246.73 340,019,093.52 结算备付金 拆出资金 交易性金融资产 100,157,876.71 78,164,238.36 衍生金融资产 应收票据 应收账款 605,428,268.90 673,532,473.93 应收款项融资 19,315,236.14 1,204,664.90 预付款项 52,500,021.14 51,223,328.21 应收保费 应收分保账款 应收分保合同准备金 其他应收款 7,148,935.38 6,910,436.21 其中：应收利息 应收股利 买入返售金融资产 存货 242,652,764.58 272,464,415.58 其中：数据资源 合同资产 197,194,32 ...

2025半年度非经营性资金占用及其他关联资金往来情况汇总表 编制单位：上海能辉科技股份有限公司 金额单位：人民币万元 | 非经营性资金 | | 占用方与 上市公司 | 上市公司核 | 2025 年期 | 2025 半年度占用 | 2025 半年度占 | 2025 半年度偿 | 2025 年期末占 | 占 用 形 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 占用 | 资金占用方名称 | 的关联关 | 算的会计科 | 初占用资 | 累计发生金额(不 | 用资金的利息 | 还累计发生金 | 用资金余额 | 成原因 | 占用性质 | | | | | 目 | 金余额 | 含利息) | (如有) | 额 | | | | | | | 系 | | | | | | | | | | 控股股东、实际 | - | - | - | - | | - - | - | | - - | 非经营性 | | 控制人及其附 | | | | | | | | | | | | 属企业 | - | - | - | - | | - - | - | | - ...

上海能辉科技股份有限公司 第四届董事会第二次会议决议公告 | 证券代码：301046 | 证券简称：能辉科技 | 公告编号：2025-066 | | --- | --- | --- | | 债券代码：123185 | 债券简称：能辉转债 | | 上海能辉科技股份有限公司（以下简称"公司"）第四届董事会第二次会议于 2025年8月25日在公司会议室以现场结合通讯方式召开，会议通知于2025年8月15 日以书面方式发出。本次会议由董事长罗传奎先生召集并主持，会议应出席董事 9名，实际出席董事9名，其中，董事梁勇先生、独立董事王芳女士、张美霞女士、 钟勇先生以通讯方式出席。公司高级管理人员列席了本次会议。会议召集、召开、 表决程序符合《公司法》及《公司章程》的有关规定。 二、董事会会议审议情况 全体与会董事经认真审议和表决，形成以下决议： （一）审议通过《关于<2025年半年度报告>及其摘要的议案》 （二）审议通过《关于<2025年半年度募集资金存放与使用情况专项报告> 的议案》 经审议，董事会认为：公司《2025年半年度报告》及其摘要的编制符合法律、 法规、中国证监会和深圳证券交易所的相关规定，报告内容真实、准确 ...

Section 1 Important Notice, Table of Contents, and Definitions [Important Notice](index=2&type=section&id=Important%20Notice) The board guarantees the report's integrity, highlighting risks like industry competition and declining margins, with no planned dividends - The company's Board of Directors and senior management guarantee the authenticity, accuracy, and completeness of the semi-annual report[3](index=3&type=chunk) - The main risks faced by the company include **intensified competition** in the photovoltaic industry, **reduced gross profit margin** of the main business, relatively concentrated business, risks in accounts receivable recovery, negative operating cash flow, and risks in developing new businesses[3](index=3&type=chunk) - The company does not plan to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital during this reporting period[4](index=4&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) The report's table of contents clearly lists eight main sections for easy investor reference - The report's table of contents includes eight main sections, providing a complete structure from important notices to the financial report[6](index=6&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section defines key terms used in the report, including company names, accounting periods, and new energy industry terminology - The reporting period refers to January 1, 2025, to June 30, 2025[12](index=12&type=chunk) - The definitions cover company names, accounting periods, stocks, and specialized terms in the new energy industry such as EPC, BIPV, EMS, AGV, SLAM, and OTA[12](index=12&type=chunk) Section 2 Company Profile and Key Financial Indicators [I. Company Profile](index=6&type=section&id=I.%20Company%20Profile) Shanghai NengHui Technology Co, Ltd (stock code: 301046) is listed on the Shenzhen Stock Exchange Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | NengHui Technology | | Stock Code | 301046 | | Listing Exchange | Shenzhen Stock Exchange | | Legal Representative | Luo Chuankui | [II. Contacts and Contact Methods](index=6&type=section&id=II.%20Contacts%20and%20Contact%20Methods) The company's Board Secretary is Luo Lianming and the Securities Affairs Representative is Yang Jing Contact Methods | Position | Name | Contact Address | Phone | Email | | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Luo Lianming | 3rd Floor, Building 2, 288 Tongxie Road, Changning District, Shanghai | 021-50896255 | luolianming@nhet.com.cn | | Securities Affairs Representative | Yang Jing | 3rd Floor, Building 2, 288 Tongxie Road, Changning District, Shanghai | 021-50896255 | yangjing@nhet.com.cn | [III. Other Information](index=6&type=section&id=III.%20Other%20Information) The company's registration, contact details, and information disclosure locations remained unchanged during the reporting period - The company's contact methods, information disclosure and filing locations, and registration details remained unchanged during the reporting period[16](index=16&type=chunk)[17](index=17&type=chunk)[18](index=18&type=chunk) [IV. Key Accounting Data and Financial Indicators](index=7&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) Revenue grew 44.80% to ¥899.05 million, while net profit fell 9.47% to ¥28.77 million, but operating cash flow turned positive Key Accounting Data and Financial Indicators (H1 2025 vs H1 2024) | Indicator | Current Period (CNY) | Prior Year Period (CNY) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 899,053,034.26 | 620,912,517.56 | 44.80% | | Net Profit Attributable to Shareholders | 28,774,751.71 | 31,784,726.97 | -9.47% | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | 27,732,237.74 | 30,317,154.97 | -8.53% | | Net Cash Flow from Operating Activities | 202,808,489.05 | -255,874,850.08 | 179.26% | | Basic Earnings Per Share (CNY/Share) | 0.19 | 0.21 | -9.52% | | Diluted Earnings Per Share (CNY/Share) | 0.19 | 0.21 | -9.52% | | Weighted Average Return on Equity | 3.30% | 3.71% | -0.41% | | Indicator | End of Current Period (CNY) | End of Prior Year (CNY) | Change from Prior Year-End | | :--- | :--- | :--- | :--- | | Total Assets | 1,917,806,882.14 | 1,966,055,344.65 | -2.45% | | Net Assets Attributable to Shareholders | 842,110,804.99 | 847,736,131.02 | -0.66% | [V. Differences in Accounting Data under Domestic and Foreign Accounting Standards](index=7&type=section&id=V.%20Differences%20in%20Accounting%20Data%20under%20Domestic%20and%20Foreign%20Accounting%20Standards) There were no discrepancies in net profit or net assets between Chinese and international accounting standards during the period - The company had no differences in accounting data under domestic and foreign accounting standards during the reporting period[20](index=20&type=chunk)[21](index=21&type=chunk) [VI. Non-recurring Profit and Loss Items and Amounts](index=7&type=section&id=VI.%20Non-recurring%20Profit%20and%20Loss%20Items%20and%20Amounts) Non-recurring profit and loss totaled ¥1.04 million, mainly from fair value changes in financial assets and government grants Non-recurring Profit and Loss Items and Amounts | Item | Amount (CNY) | | :--- | :--- | | Government Grants Included in Current Profit/Loss (Excluding Continuous Impact) | 81,000.00 | | Fair Value Changes and Disposal Gains/Losses on Financial Assets/Liabilities Held by Non-financial Enterprises (Excluding Hedging) | 1,363,814.18 | | Other Non-operating Income and Expenses | -240,830.06 | | Less: Income Tax Impact | 161,470.15 | | Total | 1,042,513.97 | Section 3 Management Discussion and Analysis [I. Principal Business Activities During the Reporting Period](index=9&type=section&id=I.%20Principal%20Business%20Activities%20During%20the%20Reporting%20Period) The company focuses on PV system integration and expands into energy storage and EV charging, leveraging its technical leadership - The company's main business revenue is primarily from photovoltaic power station system integration, accounting for approximately **96.43%**[26](index=26&type=chunk) - The company is a leader in mountain photovoltaic design technology and a pioneer in distributed photovoltaics, possessing design technology advantages and full-process management capabilities[29](index=29&type=chunk)[37](index=37&type=chunk) - The company is actively expanding into new energy storage and overseas markets, with projects implemented and generating revenue in regions like the Czech Republic[43](index=43&type=chunk) - The company has achieved technological breakthroughs in commercial vehicle battery charging and swapping, launching the "Little Ant" trackless intelligent heavy-duty truck battery swapping robot and building the largest fully automatic mining truck battery swapping station in China in Xinjiang[45](index=45&type=chunk)[46](index=46&type=chunk)[54](index=54&type=chunk) [(I) Industry Development](index=9&type=section&id=(I)%20Industry%20Development) The PV industry shows strong growth under "dual carbon" policies but faces intense competition, while energy storage and EV charging sectors are also rapidly expanding - The photovoltaic industry has broad prospects under the "dual carbon" goals but faces **"involution-style" competition**[26](index=26&type=chunk)[28](index=28&type=chunk) - As of the end of June 2025, China's grid-connected photovoltaic capacity was approximately **1.1 billion kW**, a year-on-year increase of **54.1%**; new grid-connected capacity in H1 was **212 million kW**, with distributed PV accounting for about **53%**[28](index=28&type=chunk) - The installed capacity target for new energy storage is to reach over **30 million kW** by 2025[30](index=30&type=chunk) - In H1 2025, sales of new energy commercial vehicles reached **354,000 units**, a year-on-year increase of **55.9%**[32](index=32&type=chunk) [(II) Company's Main Business and Services](index=10&type=section&id=(II)%20Company's%20Main%20Business%20and%20Services) The company provides PV system integration and is expanding into energy storage, microgrids, and EV charging technology services - The company's main businesses include photovoltaic power station system integration, investment and operation, new energy and power engineering R&D design, new energy storage/smart microgrid technology services, and commercial vehicle battery charging and swapping technology services[33](index=33&type=chunk) - The company has developed a series of core technologies in PV power station system design, various bracket designs, integrated distributed PV solutions, and intelligent PV power station operation and maintenance[37](index=37&type=chunk) - The company has invested in and operates 18 commercial and industrial distributed photovoltaic power station projects with a total installed capacity of over **50MWp**, and conducts large-scale residential photovoltaic system integration[37](index=37&type=chunk)[40](index=40&type=chunk) - The company has developed a series of energy storage products and has successfully implemented energy storage projects in Eastern European regions such as the Czech Republic, generating revenue[43](index=43&type=chunk) - The company has released an upgraded product centered on the "Little Ant" trackless intelligent heavy-duty truck battery swapping robot and has successfully developed battery integration and charging/swapping system solutions for heavy-duty and mining trucks[45](index=45&type=chunk) [(III) Company's Business Model](index=12&type=section&id=(III)%20Company's%20Business%20Model) The company operates with independent sales, procurement, production, and R&D systems, with no major changes to its business model - The company's business model has not undergone significant changes, having established an independent and complete system for sales, procurement, production, and R&D[47](index=47&type=chunk) - The photovoltaic power station system integration business is primarily acquired through bidding and strategic cooperation models, in partnership with large energy groups and local governments[47](index=47&type=chunk) - The company has optimized its energy storage division to develop power-side and user-side energy storage and is establishing overseas companies and warehouses to expand into international markets[51](index=51&type=chunk)[52](index=52&type=chunk) - The company's R&D center uses a project-based system for innovation in photovoltaic new energy, energy storage microgrids, intelligent cloud control, and commercial vehicle battery charging and swapping[56](index=56&type=chunk) [(IV) Market Position](index=14&type=section&id=(IV)%20Market%20Position) The company employs a differentiation strategy, focusing on high-standard projects for state-owned enterprises to maintain its market share - In the photovoltaic power station system integration market, the company adopts a differentiation strategy, focusing on high-standard, high-tech projects invested by central and state-owned enterprises[58](index=58&type=chunk) - Leveraging its "Power Design Institute+" competitive advantage, the company's market share of grid-connected installed capacity has steadily increased in the highly competitive domestic photovoltaic market[58](index=58&type=chunk) [(V) Main Drivers of H1 Performance](index=14&type=section&id=(V)%20Main%20Drivers%20of%20H1%20Performance) Performance growth was driven by the company's industry background, R&D advantages, strong client relationships, and a policy-driven installation rush - The company's founding team and core technical personnel have years of experience in provincial power design institutes, providing deep strategic insight and R&D capabilities in new energy[59](index=59&type=chunk) - The company has a strong foundation in photovoltaic power station system integration technology, being a leader in mountain photovoltaic design and a pioneer in distributed photovoltaics[59](index=59&type=chunk) - The company has established strong, long-term cooperative relationships with high-quality clients like the State Power Investment Corporation, giving it a brand advantage[59](index=59&type=chunk) - Driven by national policies, the photovoltaic industry experienced an **"installation rush,"** with the company accelerating project grid connections, which was a key factor in performance growth[60](index=60&type=chunk)[61](index=61&type=chunk) [II. Core Competitiveness Analysis](index=15&type=section&id=II.%20Core%20Competitiveness%20Analysis) The company's core strengths lie in R&D, customer integration, and expanding new energy applications, supported by 153 IP rights - The company has been recognized as a "High-Tech Enterprise" since 2012 and was identified as a Shanghai "Specialized, Refined, Unique, and New" SME and an "Innovative" SME in 2024[62](index=62&type=chunk) - As of June 30, 2025, the company had obtained **153 intellectual property rights**, including 113 utility model patents, 15 invention patents, and 20 software copyrights, covering areas such as photovoltaic new energy, electric heavy-duty truck charging/swapping systems, AGV robot systems, and new energy storage microgrids[64](index=64&type=chunk) - The company has established strong, long-term cooperative relationships with national and local large energy groups, ensuring customer stability and enhancing customer loyalty through continuous R&D investment[65](index=65&type=chunk)[68](index=68&type=chunk)[69](index=69&type=chunk) [(I) Core Competitiveness in R&D and Application Capabilities](index=15&type=section&id=(I)%20Core%20Competitiveness%20in%20R&D%20and%20Application%20Capabilities) The company's R&D in PV system design and intelligent O&M, backed by a stable team, drives its technological edge and business upgrades - The company has mastered technologies for photovoltaic power station system design, bracket design, integrated distributed PV solutions, and intelligent O&M, covering nearly all types of PV power stations[63](index=63&type=chunk) - The company's founding team, core management, and key technical personnel are stable, and through R&D, have obtained numerous intellectual property rights related to photovoltaic new energy, electric heavy-duty truck charging/swapping systems, AGV robot systems, and new energy storage control systems[63](index=63&type=chunk) [(II) Customer Resource Integration as an External Manifestation of Core Competitiveness](index=15&type=section&id=(II)%20Customer%20Resource%20Integration%20as%20an%20External%20Manifestation%20of%20Core%20Competitiveness) The company focuses on high-quality projects with reputable clients, building strong, long-term partnerships with major energy groups - The company prioritizes bidding for high-quality, large-scale projects with reputable clients who have strong financial backing and stringent technical and construction standards[65](index=65&type=chunk) - The company has ongoing business with major clients such as the State Power Investment Corporation and Power Construction Corporation of China, indicating strong customer stability[68](index=68&type=chunk) - The company enhances customer loyalty by improving its core competitiveness, leveraging its "Power Design Institute+" advantage, and continuously creating value for clients (e.g., reducing investment costs, increasing power generation efficiency)[69](index=69&type=chunk) [(III) Expanding New Energy Technology Applications to Enhance Smart Energy Services](index=16&type=section&id=(III)%20Expanding%20New%20Energy%20Technology%20Applications%20to%20Enhance%20Smart%20Energy%20Services) The company invests in R&D across PV, energy storage, and EV charging, achieving innovations in flexible brackets and AGV robots - The company has developed flexible photovoltaic bracket technology, obtaining 8 utility model patents and increasing the value of its mountain photovoltaic business[71](index=71&type=chunk) - In new energy storage, the company invented a comprehensive voltage and power control system based on the four-quadrant operation of energy storage converters, improving microgrid regulation and battery safety[72](index=72&type=chunk) - For commercial vehicle charging and swapping systems, the AGV 2.30 was upgraded to the AGV 2.31 heavy-duty truck battery swapping robot, incorporating 3D AI visual recognition and SLAM laser positioning fusion technology to achieve battery swaps in under **3 minutes**[73](index=73&type=chunk) - The new energy power station intelligent cloud O&M system has completed data integration for self-owned distributed PV stations and new energy storage systems, enabling unified intelligent monitoring and upgrading the residential PV monitoring system to V1.0[74](index=74&type=chunk)[75](index=75&type=chunk) [III. Analysis of Main Business Operations](index=17&type=section&id=III.%20Analysis%20of%20Main%20Business%20Operations) Revenue grew 44.80% to ¥899 million from PV system integration, but higher costs squeezed the gross margin by 5.92% Year-on-Year Changes in Key Financial Data | Indicator | Current Period (CNY) | Prior Year Period (CNY) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 899,053,034.26 | 620,912,517.56 | 44.80% | Rapid growth in PV power station system integration business | | Operating Costs | 787,559,578.97 | 513,573,334.69 | 53.35% | Aligned with operating revenue | | Selling Expenses | 23,481,795.65 | 17,868,352.56 | 31.42% | Due to business growth | | Administrative Expenses | 29,935,248.09 | 20,005,627.27 | 49.63% | Due to recognition of share-based payment expenses | | Income Tax Expense | 6,612,928.67 | 3,466,422.29 | 90.77% | Due to an increase in taxable income | | Net Cash Flow from Operating Activities | 202,808,489.05 | -255,874,850.08 | 179.26% | Due to increased cash collections | Products or Services Accounting for Over 10% of Revenue | Product/Service | Operating Revenue (CNY) | Operating Costs (CNY) | Gross Margin | YoY Revenue Change | YoY Cost Change | YoY Gross Margin Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | PV Power Station System Integration | 866,918,552.42 | 775,587,211.87 | 10.54% | 44.45% | 54.70% | -5.92% | Operating Revenue by Product | Product | Current Period Amount (CNY) | % of Operating Revenue | | :--- | :--- | :--- | | PV Power Station System Integration | 866,918,552.42 | 96.43% | | New Energy and Power Engineering Design | 1,864,365.08 | 0.21% | | Power Station Operation | 28,902,797.79 | 3.21% | | Energy Storage System Integration | 1,200,425.00 | 0.13% | | Commercial Vehicle Charging/Swapping System Integration | 0.00 | 0.00% | - There were no significant changes in the company's profit composition or sources of profit during the reporting period[77](index=77&type=chunk) [IV. Analysis of Non-Core Business](index=20&type=section&id=IV.%20Analysis%20of%20Non-Core%20Business) Non-core business had a minor impact on total profit, with investment income and government grants providing positive contributions Non-Core Business Profit and Loss | Item | Amount (CNY) | % of Total Profit | Sustainability | | :--- | :--- | :--- | :--- | | Investment Income | 665,033.67 | 1.88% | Sustainable for equity-method investments, otherwise no | | Fair Value Change Gains/Losses | 157,876.71 | 0.45% | No | | Asset Impairment | -4,712,357.80 | -13.32% | No | | Non-operating Income | 10,682.81 | 0.03% | No | | Non-operating Expenses | 251,512.87 | 0.71% | No | | Other Income | 3,239,320.48 | 9.15% | Sustainable for Golden Sun project subsidies, otherwise no | | Credit Impairment Loss | 946,678.63 | 2.68% | No | [V. Analysis of Assets and Liabilities](index=20&type=section&id=V.%20Analysis%20of%20Assets%20and%20Liabilities) Total assets decreased by 2.45% to ¥1.92 billion, with the asset-liability ratio slightly down to 56.09% Significant Changes in Asset Composition | Item | End of Current Period (CNY) | % of Total Assets | End of Prior Year (CNY) | % of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 398,206,246.73 | 20.76% | 340,019,093.52 | 17.29% | 3.47% | | Accounts Receivable | 605,428,268.90 | 31.57% | 673,532,473.93 | 34.26% | -2.69% | | Short-term Borrowings | 10,000,000.00 | 0.52% | 105,036,388.19 | 5.34% | -4.82% | | Trading Financial Assets | 100,157,876.71 | 5.22% | 78,164,238.36 | 3.98% | 1.24% | | Receivables Financing | 19,315,236.14 | 1.01% | 1,204,664.90 | 0.06% | 0.95% | | Treasury Stock | 27,769,300.00 | 1.45% | 0.00 | 0.00% | 1.45% | Restricted Assets as of the Reporting Period End | Item | Year-end Book Value (CNY) | Reason for Restriction | | :--- | :--- | :--- | | Cash and Cash Equivalents | 31,575,275.40 | Acceptance and letter of guarantee deposits | | Cash and Cash Equivalents | 8,012,712.59 | Frozen due to litigation | | Total | 39,587,987.99 | | - There were no significant changes in the measurement attributes of the company's major assets during the reporting period[92](index=92&type=chunk) [VI. Investment Analysis](index=22&type=section&id=VI.%20Investment%20Analysis) Total investment increased by 173.82% to ¥649.5 million, mainly in wealth management products, while utilizing idle raised funds Investment Amount During the Reporting Period | Indicator | Investment Amount (CNY) | Prior Year Investment Amount (CNY) | Change | | :--- | :--- | :--- | :--- | | Investment Amount | 649,500,000.00 | 237,200,000.00 | 173.82% | - The net proceeds from the company's initial public offering were **¥241.6 million**, of which **¥240.9 million** has been invested, representing an investment ratio of **99.70%**[96](index=96&type=chunk)[97](index=97&type=chunk) - The net proceeds from the company's issuance of convertible bonds to unspecified investors were **¥341.1 million**, of which **¥161.3 million** has been invested, representing an investment ratio of **47.28%**[96](index=96&type=chunk)[98](index=98&type=chunk) - Some fundraising projects have been completed, and the surplus funds (including interest income) will be used to permanently supplement working capital[100](index=100&type=chunk)[103](index=103&type=chunk) Overview of Entrusted Wealth Management | Type | Source of Funds | Amount (CNY 10k) | Outstanding Balance (CNY 10k) | | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Own Funds | 26,300 | 10,000 | | Bank Wealth Management Products | Raised Funds | 2,400 | 0 | | Total | | 28,700 | 10,000 | [VII. Major Asset and Equity Sales](index=29&type=section&id=VII.%20Major%20Asset%20and%20Equity%20Sales) The company did not engage in any major sales of assets or equity during the reporting period - The company did not sell any major assets or equity during the reporting period[112](index=112&type=chunk)[113](index=113&type=chunk) [VIII. Analysis of Major Holding and Participating Companies](index=29&type=section&id=VIII.%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) The main subsidiary, Guizhou NengHui, reported revenue of ¥577 million and net profit of ¥19.16 million Financials of Main Subsidiary (Guizhou NengHui Smart Energy Technology Co, Ltd) | Indicator | Amount (CNY 10k) | | :--- | :--- | | Registered Capital | 5000 | | Total Assets | 41,921.50 | | Net Assets | 7,300.81 | | Operating Revenue | 57,728.23 | | Operating Profit | 2,253.34 | | Net Profit | 1,915.97 | - During the reporting period, the company established new subsidiaries including Hefei Chenhui New Energy Technology Co, Ltd, NENGHUI INTERNATIONAL LIMITED, and NENGHUI ENERGY STORAGE TECHNOLOGY B.V[114](index=114&type=chunk) [IX. Structured Entities Controlled by the Company](index=30&type=section&id=IX.%20Structured%20Entities%20Controlled%20by%20the%20Company) The company did not control any structured entities during the reporting period - The company did not have any controlled structured entities during the reporting period[115](index=115&type=chunk) [X. Risks and Countermeasures](index=30&type=section&id=X.%20Risks%20and%20Countermeasures) The company faces risks from industry competition, declining margins, and business concentration, which it addresses through innovation and cost control - The photovoltaic industry is facing **increasingly fierce competition**, with overcapacity and falling prices upstream, which could compress the company's market space and reduce profitability[116](index=116&type=chunk) - The company's main business gross profit margin is at risk of declining due to intensified industry competition, new policies, changes in supply and demand, and a growing proportion of distributed photovoltaic business[117](index=117&type=chunk) - The company's operating revenue is primarily derived from the photovoltaic power station system integration business, which is relatively concentrated on specific clients and regions, posing a risk if clients reduce procurement or if the company fails to win bids continuously[119](index=119&type=chunk) - As of June 30, 2025, the company's accounts receivable had a book value of **¥605 million**, posing a recovery risk[121](index=121&type=chunk) - The company's net cash flow from operating activities was negative for the past three consecutive years; although it turned positive during the reporting period, cash flow management still needs to be strengthened[122](index=122&type=chunk) - Emerging businesses such as new energy storage, smart microgrids, and commercial vehicle charging and swapping are still small in scale and face risks of unsuccessful market expansion or underperformance[123](index=123&type=chunk) [XI. Record of Investor Relations Activities](index=31&type=section&id=XI.%20Record%20of%20Investor%20Relations%20Activities) The company engaged with investors to discuss its convertible bonds, business outlook, and developments in energy storage and EV charging - During the reporting period, the company hosted institutional investors such as Northwest Investment Management (Hong Kong) Limited, Invesco Great Wall Fund, Xinbao Information Technology Company, and Cinda Securities, and participated in the 2024 Annual and Q1 2025 Online Earnings Conference[124](index=124&type=chunk) - Topics of communication included the issuance of convertible bonds, the impact of new energy policies, the photovoltaic system integration business, AI applications, orders on hand, overseas energy storage business development, heavy-duty truck charging and swapping system operations, and the 2025 performance outlook[124](index=124&type=chunk)[125](index=125&type=chunk) [XII. Market Value Management System and Valuation Enhancement Plan](index=32&type=section&id=XII.%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) The company has not disclosed a market value management system or a valuation enhancement plan - The company has not formulated a market value management system, nor has it disclosed a valuation enhancement plan[126](index=126&type=chunk) [XIII. Implementation of the "Dual Improvement in Quality and Returns" Action Plan](index=32&type=section&id=XIII.%20%22Dual%20Improvement%20in%20Quality%20and%20Returns%22%20Action%20Plan) The company has not disclosed an announcement regarding the "Dual Improvement in Quality and Returns" action plan - The company has not disclosed an announcement regarding the "Dual Improvement in Quality and Returns" action plan[126](index=126&type=chunk) Section 4 Corporate Governance, Environment, and Society [I. Changes in Directors, Supervisors, and Senior Management](index=33&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[128](index=128&type=chunk) [II. Profit Distribution and Capital Reserve Conversion Plan](index=33&type=section&id=II.%20Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20Plan) The company does not plan to distribute dividends or convert capital reserves into share capital for the first half of the year - The company plans not to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital for the semi-annual period[129](index=129&type=chunk) [III. Implementation of Equity Incentive Plans and Other Employee Incentives](index=33&type=section&id=III.%20Implementation%20of%20Equity%20Incentive%20Plans%20and%20Other%20Employee%20Incentives) The company is implementing its 2024 restricted stock incentive plan, having granted shares to 38 participants - The 2021 restricted stock incentive plan was terminated on March 7, 2024, and the related restricted stocks have not yet been repurchased and canceled[137](index=137&type=chunk) - The 2024 restricted stock incentive plan was first granted on January 22, 2025, with **2.605 million** Class I restricted shares granted to 34 participants and **920,000** Class II restricted shares granted to 4 participants[139](index=139&type=chunk) - The registration of the first grant of Class I restricted shares was completed, with the listing date on February 25, 2025[139](index=139&type=chunk) - The company had no employee stock ownership plans or other employee incentive measures during the reporting period[140](index=140&type=chunk) [IV. Environmental Information Disclosure](index=35&type=section&id=IV.%20Environmental%20Information%20Disclosure) The company and its main subsidiaries are not listed as enterprises required to disclose environmental information by law - The company and its main subsidiaries are not included in the list of enterprises required to disclose environmental information by law[141](index=141&type=chunk) [V. Social Responsibility](index=35&type=section&id=V.%20Social%20Responsibility) The company is committed to green energy, upholds strong corporate governance, and ensures employee welfare and safety - The company adheres to its corporate mission of "serving the green cause, creating a better environment" and is committed to building a "clean, low-carbon, safe, and efficient" modern energy system[141](index=141&type=chunk) - The company standardizes shareholder meeting procedures, protects shareholder rights to information, participation, and voting, and diligently fulfills its information disclosure obligations[141](index=141&type=chunk) - The company respects and protects employee interests, has established human resource management systems, values talent development, pays social security and housing provident funds on time, and has not implemented salary cuts or layoffs[142](index=142&type=chunk) - The company actively fulfills its taxpayer obligations by paying taxes on time and in accordance with the law, and strengthens safety education and production management[142](index=142&type=chunk) Section 5 Significant Events [I. Fulfillment of Commitments by Relevant Parties](index=36&type=section&id=I.%20Fulfillment%20of%20Commitments%20by%20Relevant%20Parties) There were no commitments fulfilled or overdue by the company or its related parties during the reporting period - There were no commitments fulfilled or overdue by the company, its controlling shareholder, related parties, or acquirers during the reporting period[144](index=144&type=chunk) [II. Non-operational Fund Occupation by Controlling Shareholders and Other Affiliates](index=36&type=section&id=II.%20Non-operational%20Fund%20Occupation%20by%20Controlling%20Shareholders%20and%20Other%20Affiliates) There was no non-operational fund occupation by controlling shareholders or other affiliates during the reporting period - There was no non-operational fund occupation by the company's controlling shareholder or other affiliates during the reporting period[145](index=145&type=chunk) [III. Irregular External Guarantees](index=36&type=section&id=III.%20Irregular%20External%20Guarantees) The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[146](index=146&type=chunk) [IV. Appointment and Dismissal of Accounting Firm](index=36&type=section&id=IV.%20Appointment%20and%20Dismissal%20of%20Accounting%20Firm) The company's semi-annual financial report has not been audited - The company's semi-annual report has not been audited[147](index=147&type=chunk) [V. Explanation on "Non-standard Audit Report" for the Current Period](index=36&type=section&id=V.%20Explanation%20on%20%22Non-standard%20Audit%20Report%22%20for%20the%20Current%20Period) This section is not applicable as there was no non-standard audit report for the current period - There was no non-standard audit report for the current period[148](index=148&type=chunk) [VI. Board's Explanation on Prior Year's "Non-standard Audit Report"](index=36&type=section&id=VI.%20Board's%20Explanation%20on%20Prior%20Year's%20%22Non-standard%20Audit%20Report%22) This section is not applicable as there was no non-standard audit report in the prior year - There was no non-standard audit report in the prior year[148](index=148&type=chunk) [VII. Bankruptcy and Reorganization Matters](index=36&type=section&id=VII.%20Bankruptcy%20and%20Reorganization%20Matters) The company was not involved in any bankruptcy or reorganization matters during the reporting period - The company was not involved in any bankruptcy or reorganization matters during the reporting period[148](index=148&type=chunk) [VIII. Litigation Matters](index=36&type=section&id=VIII.%20Litigation%20Matters) The company had no major litigation, with other cases involving approximately ¥28.25 million in dispute - The company had no major litigation or arbitration matters during the reporting period[149](index=149&type=chunk) - In the lawsuit with Jiangsu Zhonglv New Energy Technology Service Co, Ltd, the company's seal was forged by a third party, and the second-instance judgment ruled that the company is not liable[150](index=150&type=chunk) - The arbitration regarding the outstanding payment for the Tibet pyrolysis project has been withdrawn[150](index=150&type=chunk) - In the dispute over occupied cultivated land for the Lianzhou Gaoshan agricultural photovoltaic project, the first-instance judgment ruled that the company is not liable, and the case is under second-instance review[150](index=150&type=chunk) - Other litigation and arbitration matters during the reporting period involved a total of approximately **¥28.25 million**[150](index=150&type=chunk) [IX. Penalties and Rectifications](index=37&type=section&id=IX.%20Penalties%20and%20Rectifications) The company was not subject to any penalties or rectifications during the reporting period - The company was not subject to any penalties or rectifications during the reporting period[151](index=151&type=chunk) [X. Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=37&type=section&id=X.%20Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller) There were no integrity issues concerning the company, its controlling shareholder, or actual controller during the period - There were no integrity issues concerning the company, its controlling shareholder, or actual controller during the reporting period[152](index=152&type=chunk) [XI. Major Related-Party Transactions](index=37&type=section&id=XI.%20Major%20Related-Party%20Transactions) The company engaged in ordinary course related-party transactions with joint ventures, with an expected total value of ¥300 million Estimated Related-Party Transactions in the Ordinary Course of Business | Related Party | Transaction Content | Pricing Principle | Approved Transaction Limit (CNY 10k) | | :--- | :--- | :--- | :--- | | Guigang Jinneng New Energy Co, Ltd and its subsidiaries | Provide PV power station system integration services | Bidding price, market price, or fair value by agreement | 20,000 | | Guangzhou Suifa Nenghui New Energy Co, Ltd and its subsidiaries | Provide PV power station system integration services | Bidding price, market price, or fair value by agreement | 4,000 | | Henan Baocheng New Energy Technology Co, Ltd and its subsidiaries | Provide commercial vehicle charging/swapping system integration services | Bidding price, market price, or fair value by agreement | 6,000 | | Total | | | 30,000 | - During the reporting period, the company did not engage in related-party transactions involving the acquisition or sale of assets or equity, nor did it engage in joint external investments[154](index=154&type=chunk)[155](index=155&type=chunk) - The company had no related-party credit or debt transactions during the reporting period, nor did it have any deposits, loans, credit lines, or other financial business with related financial companies[156](index=156&type=chunk)[157](index=157&type=chunk)[158](index=158&type=chunk) [XII. Major Contracts and Their Performance](index=39&type=section&id=XII.%20Major%20Contracts%20and%20Their%20Performance) The company's major operating contracts were performed well, with an actual external guarantee balance of ¥40.91 million - The company had no custody or contracting arrangements during the reporting period[160](index=160&type=chunk)[161](index=161&type=chunk) - The company's leasing activities mainly involve properties and rooftops, with no single item contributing more than 10% to the total profit for the reporting period[162](index=162&type=chunk)[163](index=163&type=chunk) Company's Total Guarantee Amount | Indicator | Amount (CNY 10k) | | :--- | :--- | | Approved Guarantee Limit During the Reporting Period | 209,850 | | Actual Guarantee Amount Incurred During the Reporting Period | 6,674.77 | | Approved Guarantee Limit at the End of the Reporting Period | 209,850 | | Actual Guarantee Balance at the End of the Reporting Period | 4,090.72 | | Ratio of Actual Total Guarantee Amount to Company's Net Assets | 4.86% | - The company's major operating contracts were performed well, with no significant changes in contract terms and no major risks[169](index=169&type=chunk) - The company had no other major contracts during the reporting period[170](index=170&type=chunk) [XIII. Other Significant Matters](index=42&type=section&id=XIII.%20Other%20Significant%20Matters) The company granted 3.525 million restricted shares under its 2024 incentive plan and distributed a cash dividend of ¥45.69 million - On January 22, 2025, the company made the first grant under the 2024 restricted stock incentive plan, granting a total of **3.525 million** restricted shares to 38 participants, which were listed on February 25, 2025[171](index=171&type=chunk) - On June 19, 2025, the company distributed the 2024 annual cash dividend of **¥45.69 million** (pre-tax)[172](index=172&type=chunk) [XIV. Significant Matters of Subsidiaries](index=43&type=section&id=XIV.%20Significant%20Matters%20of%20Subsidiaries) There were no significant matters concerning the company's subsidiaries during the reporting period - There were no significant matters concerning the company's subsidiaries during the reporting period[173](index=173&type=chunk) Section 6 Share Capital Changes and Shareholder Information [I. Share Capital Changes](index=44&type=section&id=I.%20Share%20Capital%20Changes) Total shares increased by 1.74% to 152.29 million due to the grant of restricted stock and convertible bond conversions Share Capital Changes | Share Class | Pre-Change Quantity (Shares) | Change (+, -) | Post-Change Quantity (Shares) | | :--- | :--- | :--- | :--- | | I. Shares with Selling Restrictions | 36,551,250 | 2,581,000 | 39,132,250 | | II. Shares without Selling Restrictions | 113,139,549 | 24,030 | 113,163,579 | | III. Total Shares | 149,690,799 | 2,605,030 | 152,295,829 | - The change in share capital was mainly due to the lifting of restrictions on 24,000 executive lock-up shares, the grant of **2.605 million** shares under the 2024 restricted stock plan, and the conversion of convertible bonds into 30 shares[177](index=177&type=chunk) - The impact of share changes on financial indicators such as basic and diluted earnings per share and net assets per share is disclosed in "Section 2 Company Profile and Key Financial Indicators"[178](index=178&type=chunk) [II. Securities Issuance and Listing](index=46&type=section&id=II.%20Securities%20Issuance%20and%20Listing) The company granted 2.605 million Class I restricted shares under its 2024 incentive plan, which were listed on February 25, 2025 Securities Issuance and Listing | Stock Name | Issuance Date | Issuance Price (or Rate) | Issuance Quantity | Listing Date | Approved Trading Quantity | | :--- | :--- | :--- | :--- | :--- | :--- | | Class I Restricted Stock | 2025-01-22 | 10.66 CNY/Share | 2,605,000 | 2025-02-25 | 2,605,000 | - The registration of the aforementioned first grant of restricted shares was completed, with the listing date on February 25, 2025[181](index=181&type=chunk) [III. Number of Shareholders and Shareholding Status](index=46&type=section&id=III.%20Number%20of%20Shareholders%20and%20Shareholding%20Status) The company had 12,708 shareholders, with the actual controller Luo Chuankui controlling 50.90% of the voting rights - At the end of the reporting period, the total number of common shareholders was **12,708**[183](index=183&type=chunk) Shareholding of Top 10 Shareholders or Those Holding Over 5% | Shareholder Name | Shareholder Type | Shareholding Ratio | Year-end Holdings (Shares) | Restricted Shares (Shares) | Unrestricted Shares (Shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | Luo Chuankui | Domestic Individual | 23.26% | 35,424,000 | 26,568,000 | 8,856,000 | | Shanghai Nenghui Investment Holding Co, Ltd | Domestic Non-SOE | 21.01% | 32,000,000 | 0 | 32,000,000 | | Zhejiang Haining Tonghui Investment Management LP | Domestic Non-SOE | 6.63% | 10,098,100 | 0 | 10,098,100 | | Wen Pengfei | Domestic Individual | 5.78% | 8,809,600 | 6,607,200 | 2,202,400 | - Luo Chuankui, through direct holdings and controlled entities, effectively controls **50.90%** of the company's voting rights, making him the controlling shareholder and actual controller[184](index=184&type=chunk) - Shareholder Kong Que has **600,000** shares pledged[184](index=184&type=chunk) [IV. Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=48&type=section&id=IV.%20Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) Several executives' shareholdings increased due to the 2024 restricted stock incentive plan grant Changes in Shareholdings of Directors, Supervisors, and Senior Management | Name | Position | Status | Initial Holdings (Shares) | Increase in Holdings (Shares) | Final Holdings (Shares) | Granted Restricted Stock (Shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Yuan Junwei | Director, Deputy GM | Current | 0 | 200,000 | 200,000 | 200,000 | | Yue Hengtian | Director, Deputy GM | Resigned | 0 | 100,000 | 100,000 | 100,000 | | Song Yueyue | CFO | Current | 0 | 100,000 | 100,000 | 100,000 | | Luo Lianming | Deputy GM, Board Secretary | Current | 115,000 | 60,000 | 175,000 | 95,000 | | Total | | | 115,000 | 460,000 | 575,000 | 495,000 | - Mr. Yue Hengtian resigned from his positions as Director and Deputy General Manager on August 15, 2025, but remains employed with the company[186](index=186&type=chunk) - The increase in shareholdings during the period was due to the completion of the grant and registration of Class I restricted shares under the company's 2024 restricted stock incentive plan[187](index=187&type=chunk) [V. Changes in Controlling Shareholder or Actual Controller](index=48&type=section&id=V.%20Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) There was no change in the company's controlling shareholder or actual controller during the reporting period - There was no change in the company's controlling shareholder or actual controller during the reporting period[187](index=187&type=chunk) [VI. Preferred Stock Information](index=49&type=section&id=VI.%20Preferred%20Stock%20Information) The company had no preferred stock during the reporting period - The company had no preferred stock during the reporting period[188](index=188&type=chunk) Section 7 Bond-related Information [I. Corporate Bonds](index=50&type=section&id=I.%20Corporate%20Bonds) The company had no corporate bonds during the reporting period - The company had no corporate bonds during the reporting period[190](index=190&type=chunk) [II. Company Bonds](index=50&type=section&id=II.%20Company%20Bonds) The company had no company bonds during the reporting period - The company had no company bonds during the reporting period[191](index=191&type=chunk) [III. Non-financial Enterprise Debt Financing Instruments](index=50&type=section&id=III.%20Non-financial%20Enterprise%20Debt%20Financing%20Instruments) The company had no non-financial enterprise debt financing instruments during the reporting period - The company had no non-financial enterprise debt financing instruments during the reporting period[192](index=192&type=chunk) [IV. Convertible Corporate Bonds](index=50&type=section&id=IV.%20Convertible%20Corporate%20Bonds) The company's ¥347.9 million convertible bond (NengHui CB) has a current conversion price of ¥22.15 per share, with 99.99% remaining unconverted - On March 31, 2023, the company issued **¥347.9 million** in convertible corporate bonds (NengHui CB, code 123185), which were listed for trading on April 20, 2023[193](index=193&type=chunk) - At the end of the reporting period, there were **7,398** holders of the NengHui CB, and the issuance is unsecured[194](index=194&type=chunk) Changes in Convertible Bonds During the Reporting Period | Convertible Bond Name | Pre-Change Amount (CNY) | Change (Conversion) (CNY) | Post-Change Amount (CNY) | | :--- | :--- | :--- | :--- | | Shanghai NengHui Technology Co, Ltd Convertible Bonds | 347,877,200.00 | 700.00 | 347,876,500.00 | Cumulative Conversion Status | Convertible Bond Name | Cumulative Converted Amount (CNY) | Cumulative Converted Shares | Unconverted Amount (CNY) | Unconverted Amount as % of Total Issuance | | :--- | :--- | :--- | :--- | :--- | | Shanghai NengHui Technology Co, Ltd Convertible Bonds | 29,300.00 | 829 | 347,876,500.00 | 99.99% | - The conversion price of the NengHui CB has been adjusted multiple times, with the latest price being **¥22.15 per share** as of the end of the reporting period[199](index=199&type=chunk)[200](index=200&type=chunk) - Golden Credit Rating International Co, Ltd maintained the company's corporate credit rating at **A+** with a stable outlook and the "NengHui CB" credit rating at **A+**[201](index=201&type=chunk) [V. Consolidated Loss Exceeding 10% of Prior Year-end Net Assets](index=52&type=section&id=V.%20Consolidated%20Loss%20Exceeding%2010%25%20of%20Prior%20Year-end%20Net%20Assets) This section is not applicable as the consolidated loss did not exceed 10% of the prior year-end net assets - The company's consolidated loss did not exceed 10% of its prior year-end net assets during the reporting period[202](index=202&type=chunk) [VI. Key Accounting Data and Financial Indicators for the Past Two Years](index=52&type=section&id=VI.%20Key%20Accounting%20Data%20and%20Financial%20Indicators%20for%20the%20Past%20Two%20Years) The company's liquidity improved, with the asset-liability ratio at 56.09% and the cash interest coverage ratio turning positive to 25.75 Key Accounting Data and Financial Indicators | Item | End of Current Period | End of Prior Year | Change from Prior Year-End | | :--- | :--- | :--- | :--- | | Current Ratio | 2.51 | 2.42 | 3.72% | | Asset-Liability Ratio | 56.09% | 56.88% | -0.79% | | Quick Ratio | 1.75 | 1.61 | 8.70% | | Item | Current Period | Prior Year Period | YoY Change | | :--- | :--- | :--- | :--- | | Net Profit After Non-recurring Items | 27.73 million CNY | 30.32 million CNY | -8.53% | | EBITDA to Total Debt Ratio | 4.89% | 4.61% | 0.28% | | Interest Coverage Ratio | 5.35 | 5.28 | 1.33% | | Cash Interest Coverage Ratio | 25.75 | -30.04 | 185.72% | | Loan Repayment Ratio | 100.00% | 100.00% | 0.00% | | Interest Payment Ratio | 100.00% | 100.00% | 0.00% | Section 8 Financial Report [I. Audit Report](index=54&type=section&id=I.%20Audit%20Report) The company's semi-annual financial report has not been audited - The company's semi-annual financial report has not been audited[206](index=206&type=chunk) [II. Financial Statements](index=54&type=section&id=II.%20Financial%20Statements) This section provides the consolidated and parent company financial statements for the first half of 2025 - The financial statements include the consolidated balance sheet, parent company balance sheet, consolidated income statement, parent company income statement, consolidated cash flow statement, parent company cash flow statement, consolidated statement of changes in equity, and parent company statement of changes in equity[207](index=207&type=chunk)[211](index=211&type=chunk)[215](index=215&type=chunk)[219](index=219&type=chunk)[223](index=223&type=chunk)[225](index=225&type=chunk)[228](index=228&type=chunk)[235](index=235&type=chunk) [III. Company Basic Information](index=71&type=section&id=III.%20Company%20Basic%20Information) Shanghai NengHui Technology Co, Ltd, established in 2015, focuses on green energy and photovoltaic applications - The company has a registered capital of **CNY 152,085,829.00** and a total share capital of **152,085,829** shares[241](index=241&type=chunk) - The company's main business is in the green energy and photovoltaic application industry, with a business scope including power generation, construction engineering design and construction, environmental consulting services, solar power technology services, and sales of intelligent power transmission and distribution and control equipment[242](index=242&type=chunk) [IV. Basis of Preparation of Financial Statements](index=72&type=section&id=IV.%20Basis%20of%20Preparation%20of%20Financial%20Statements) The financial statements are prepared on a going concern basis in accordance with Chinese Accounting Standards - The company prepares its financial statements on a going concern basis, in accordance with the Corporate Accounting Standards issued by the Ministry of Finance and the disclosure regulations of the China Securities Regulatory Commission[244](index=244&type=chunk) - There are no events or conditions that cast significant doubt on the company's ability to continue as a going concern for the 12 months from the end of the reporting period[245](index=245&type=chunk) [V. Significant Accounting Policies and Estimates](index=72&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section details the key accounting policies and estimates used, covering areas like revenue recognition, financial instruments, and leasing - The financial statements prepared by the company comply with the requirements of the Corporate Accounting Standards, truly and completely reflecting the company's financial position, operating results, and cash flows[247](index=247&type=chunk) - The company classifies financial assets based on its business model for managing them and their contractual cash flow characteristics into assets measured at amortized cost, assets at fair value through other comprehensive income, and assets at fair value through profit or loss[274](index=274&type=chunk) - The company recognizes revenue when control of the goods is transferred to the customer, using the transfer of control as the point of recognition[407](index=407&type=chunk) - The company recognizes right-of-use assets and lease liabilities for all leases except for short-term leases and leases of low-value assets[437](index=437&type=chunk)[438](index=438&type=chunk) [VI. Taxation](index=110&type=section&id=VI.%20Taxation) The company is subject to various taxes and benefits from a reduced 15% income tax rate as a high-tech enterprise Main Taxes and Tax Rates | Tax Type | Tax Rate | | :--- | :--- | | Value-Added Tax (VAT) | 6%, 9%, 13% | | Urban Maintenance and Construction Tax | 7% | | Corporate Income Tax | 25%, 20%, 15% | | Education Surcharge | 5%, 3% | | Local Education Surcharge | 2% | | Property Tax | 1.2% | - The company enjoys a preferential corporate income tax rate of **15%** as a high-tech enterprise[457](index=457&type=chunk) - The subsidiary Guizhou NengHui Smart Energy Technology Co, Ltd enjoys the Western Development income tax incentive policy, paying corporate income tax at a rate of **15%**[458](index=458&type=chunk) - Other eligible subsidiaries qualify as small and micro-enterprises, enjoying a policy of calculating taxable income at a reduced rate of 25% and paying corporate income tax at a rate of **20%**[459](index=459&type=chunk)[460](index=460&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=111&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes on key items in the consolidated financial statements, including assets, liabilities, equity, and income statement components Cash and Cash Equivalents | Item | Year-end Balance (CNY) | Beginning Balance (CNY) | | :--- | :--- | :--- | | Bank Deposits | 366,630,971.33 | 298,628,264.28 | | Other Monetary Funds | 31,575,275.40 | 41,390,829.24 | | Total | 398,206,246.73 | 340,019,093.52 | Trading Financial Assets | Item | Year-end Balance (CNY) | Beginning Balance (CNY) | | :--- | :--- | :--- | | Bank Wealth Management | 100,157,876.71 | 78,164,238.36 | | Total | 100,157,876.71 | 78,164,238.36 | Accounts Receivable by Aging | Aging | Year-end Book Balance (CNY) | Beginning Book Balance (CNY) | | :--- | :--- | :--- | | Within 1 year (inclusive) | 457,541,395.90 | 550,055,254.30 | | 1 to 2 years | 163,469,215.58 | 143,347,751.31 | | 2 to 3 years | 17,732,314.54 | 11,882,224.44 | | Over 3 years | 19,492,060.28 | 22,905,059.60 | | Total | 658,234,986.30 | 728,190,289.65 | Operating Revenue and Costs | Item | Current Period Revenue (CNY) | Current Period Costs (CNY) | Prior Period Revenue (CNY) | Prior Period Costs (CNY) | | :--- | :--- | :--- | :--- | :--- | | Main Business | 898,880,830.29 | 787,559,578.97 | 620,912,517.56 | 513,573,334.69 | | Other Business | 172,203.97 | | | | | Total | 899,053,034.26 | 787,559,578.97 | 620,912,517.56 | 513,573,334.69 | Consolidated Cash Flow Statement: Net Cash Flow from Operating Activities | Item | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 202,808,489.05 | -255,874,850.08 | [VIII. Changes in the Scope of Consolidation](index=142&type=section&id=VIII.%20Changes%20in%20the%20Scope%20of%20Consolidation) The company established three new subsidiaries during the period, which have been included in the consolidated financial statements - In April 2025, the company established Hefei Chenhui New Energy Technology Co, Ltd, with a registered capital of ¥10,000, fully subscribed by the company, and it has been included in the consolidated financial statements since its establishment[659](index=659&type=chunk) - The company also established two wholly-owned subsidiaries, NENGHUI INTERNATIONAL LIMITED (Hong Kong) and NENGHUI ENERGY STORAGE TECHNOLOGY B.V. (Netherlands), and included them in the scope of consolidation[114](index=114&type=chunk)[663](index=663&type=chunk) [IX. Interests in Other Entities](index=142&type=section&id=IX.%20Interests%20in%20Other%20Entities) The company holds interests in several subsidiaries and joint ventures, with investments in non-significant ventures totaling ¥18.33 million - The company owns subsidiaries such as Zhuhai Chuangwei New Energy Co, Ltd, Guodian Golden Sun Photovoltaic (Shanghai) Co, Ltd, and Guizhou NengHui Smart Energy Technology Co, Ltd, primarily established through incorporation[661](index=661&type=chunk)[662](index=662&type=chunk)[663](index=663&type=chunk) - The company established a joint venture, Changtou Nenghui (Shanghai) New Energy Technology Co, Ltd, with Yangtze Green Energy Investment (Shanghai) Co, Ltd, holding a 51% stake but not exercising control due to contractual agreements[665](index=665&type=chunk) Summarized Financial Information of Insignificant Joint Ventures and Associates | Item | Year-end Balance / Current Period Amount (CNY) | | :--- | :--- | | Total Book Value of Investments in Joint Ventures | 7,832,950.74 | | Net Profit of Joint Ventures | 865,171.92 | | Total Book Value of Investments in Associates | 10,493,736.36 | | Net Profit of Associates | -414,640.08 | [X. Government Grants](index=145&type=section&id=X.%20Government%20Grants) The company recognized government grants receivable of ¥14.07 million and recorded ¥6.54 million in profit or loss for the period - At the end of the reporting period, government grants recognized based on the receivable amount totaled **¥14,069,934.36**[668](index=668&type=chunk) Liability Items Involving Government Grants | Account | Beginning Balance (CNY) | Amount Transferred to Other Income (CNY) | Year-end Balance (CNY) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 58,098,480.09 | 2,094,164.39 | 56,004,315.70 | Asset-related | Government Grants Included in Current Profit or Loss | Account | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Other Income | 3,239,320.48 | 3,044,751.61 | | Operating Revenue | 3,300,987.20 | 5,942,788.38 | | Non-operating Income | | 20,000.00 | | Total | 6,540,307.68 | 9,007,539.99 | [XI. Risks Related to Financial Instruments](index=146&type=section&id=XI.%20Risks%20Related%20to%20Financial%20Instruments) The company manages credit, market, and liquidity risks through diversification and monitoring, with minimal exposure to foreign exchange and interest rate risks - The company faces **credit risk, market risk** (foreign exchange risk, interest rate risk, and other price risk), and **liquidity risk**[672](index=672&type=chunk)[674](index=674&type=chunk)[678](index=678&type=chunk)[695](index=695&type=chunk) - The company's main business is settled in RMB, so foreign exchange risk is not significant[675](index=675&type=chunk) - As of June 30, 2025, the company only had fixed-rate short-term borrowings and bonds payable, so interest rate risk is not significant[676](index=676&type=chunk) - The company manages credit risk of receivables by assessing the creditworthiness of debtors and regularly monitoring their credit records[679](index=679&type=chunk) - The company manages liquidity risk by monitoring cash balances and forecasting cash flows for the next 12 months[695](index=695&type=chunk) - As of June 30, 2025, the company's asset-liability ratio was **56.09%**, a slight decrease from 56.88% at the end of 2024[696](index=696&type=chunk) [XII. Fair Value Disclosure](index=149&type=section&id=XII.%20Fair%20Value%20Disclosure) Assets measured at fair value totaled ¥119.47 million, primarily consisting of Level 2 financial assets like bank wealth management products Year-end Fair Value of Assets and Liabilities Measured at Fair Value | Item | Year-end Fair Value (CNY) | | :--- | :--- | | (I) Trading Financial Assets | 100,157,876.71 | | Bank Wealth Management Products | 100,157,876.71 | | (II) Receivables Financing | 19,315,236.14 | | Total Assets Continuously Measured at Fair Value | 119,473,112.85 | - Both trading financial assets and receivables financing are measured using Level 2 fair value inputs, with valuation techniques mainly based on observable floating interest rates multiplied by principal and time[704](index=704&type=chunk) - The book value of financial assets and liabilities not measured at fair value (such as cash, accounts receivable, short-term borrowings) approximates their fair value[705](index=705&type=chunk) [XIII. Related Parties and Transactions](index=150&type=section&id=XIII.%20Related%20Parties%20and%20Transactions) The company engaged in sales and service transactions with its joint ventures and associates, with key management personnel compensation totaling ¥2.39 million - The company's related parties include subsidiaries, joint ventures (Hebei Shangdian Nenghui New Energy Technology Co, Ltd, Jiangsu Jiwa New Energy Technology Co, Ltd), and associates (Guangzhou Suifa Nenghui New Energy Co, Ltd, Guangxi Guigang Ganhui New Energy Co, Ltd, Henan Baocheng New Energy Technology Co, Ltd, Jiangxi Ganhui New Energy Co, Ltd)[706](index=706&type=chunk)[707](index=707&type=chunk) - The company's directors, supervisors, senior management, and their changes are also listed as other related parties[708](index=708&type=chunk) Sales of Goods/Provision of Services | Related Party | Transaction Content | Current Period Amount (CNY) | | :--- | :--- | :--- | | Hebei Shangdian Nenghui New Energy Development Co, Ltd | PV power station system integration | -1,732,614.84 | | Guangxi Guigang Ganhui New Energy Co, Ltd | PV power station system integration | 154,563.57 | | Henan Baocheng New Energy Technology Co, Ltd | Energy storage equipment | 0.00 | | Total | | -1,578,051.27 | Key Management Personnel Compensation | Item | Current Period Amount (CNY) | | :--- | :--- | | Key Management Personnel Compensation | 2,393,648.99 | - The balances of accounts receivable and contract assets with related parties are significant, with high receivable balances from Hebei Shangdian Nenghui New Energy Development Co, Ltd, Guangzhou Suifa Nenghui New Energy Co, Ltd, and Guangxi Guigang Ganhui New Energy Co, Ltd[716](index=716&type=chunk)[719](index=719&type=chunk) - Within bonds payable, Luo Chuankui holds **¥233,000**[718](index=718&type=chunk) [XIV. Share-based Payment](index=152&type=section&id=XIV.%20Share-based%20Payment) The company granted 3.525 million restricted shares under its 2024 incentive plan, recognizing ¥11.23 million in expenses for the period Overall Share-based Payment Situation | Grantee Category | Quantity Granted This Period | Amount Granted This Period (CNY) | | :--- | :--- | :--- | | Management and Core Staff | 3,525,000 | 37,576,500.00 | | Total | 3,525,000 | 37,576,500.00 | - On January 22, 2025, the company made the first grant under the 2024 restricted stock incentive plan, granting a total of **3.525 million** restricted shares to 38 participants[720](index=720&type=chunk) Share-based Payment Expense for the Current Period | Grantee Category | Equity-settled Share-based Payment Expense (CNY) | | :--- | :--- | | Management and Core Staff | 11,225,000.00 | | Total | 11,225,000.00 | [XV. Commitments and Contingencies](index=153&type=section&id=XV.%20Commitments%20and%20Contingencies) The company had no significant commitments or contingencies to disclose as of the balance sheet date - The company has no significant commitments to disclose[726](index=726&type=chunk) - The company has no significant contingencies to disclose[727](index=727&type=chunk) [XVI. Subsequent Events](index=153&type=section&id=XVI.%20Subsequent%20Events) The company has no subsequent events to disclose - The company has no subsequent events to disclose[728](index=728&type=chunk) [XVII. Other Significant Matters](index=154&type=section&id=XVII.%20Other%20Significant%20Matters) Convertible bond conversions reduced outstanding bonds by a face value of ¥700, with 3,478,765 bonds remaining - In Q1 and Q2 2025, the conversion of financial instruments led to a reduction of 7 outstanding bonds with a total face value of ¥700, and a corresponding increase in share capital of ¥30[729](index=729&type=chunk) - As of June 2025, there were **3,478,765.00** outstanding convertible corporate bonds[729](index=729&type=chunk) [XVIII. Notes to Major Items in the Parent Company's Financial Statements](index=154&type=section&id=XVIII.%20Notes%20to%20Major%20Items%20in%20the%20Parent%20Company's%20Financial%20Statements) This section details key items from the parent company's financials, including receivables, investments, and revenue Parent Company Accounts Receivable by Aging | Aging | Year-end Book Balance (CNY) | Beginning Book Balance (CNY) | | :--- | :--- | :--- | | Within 1 year (inclusive) | 422,213,718.19 | 457,752,594.04 | | 1 to 2 years | 112,868,139.88 | 98,122,477.81 | | 2 to 3 years | 14,5

责任编辑：小浪快报 资料显示，上海能辉科技股份有限公司位于上海市长宁区通协路288弄2号楼3楼，成立日期2009年2月24 日，上市日期2021年8月17日，公司主营业务涉及光伏电站设计、系统集成及投资运营一站式服务。主 营业务收入构成为：光伏电站系统集成93.66%，电站运营3.82%，商用车充换电系统集成1.36%，储能 系统集成0.87%，新能源及电力工程设计0.29%，其他业务0.01%。 截至3月31日，能辉科技股东户数1.33万，较上期减少3.93%；人均流通股8499股，较上期增加4.09%。 2025年1月-3月，能辉科技实现营业收入3.10亿元，同比增长26.60%；归母净利润573.98万元，同比减少 42.35%。 分红方面，能辉科技A股上市后累计派现1.51亿元。近三年，累计派现9059.59万元。 8月25日，能辉科技涨2.36%，成交额1.10亿元。两融数据显示，当日能辉科技获融资买入额864.29万 元，融资偿还996.79万元，融资净买入-132.50万元。截至8月25日，能辉科技融资融券余额合计6686.56 万元。 融资方面，能辉科技当日融资买入864.29万元。当前融资余 ...

Investment Rating - The report maintains a positive outlook on the electric heavy truck industry, indicating significant growth potential driven by policy support and economic advantages [2][4]. Core Insights - The domestic electric heavy truck market is experiencing rapid growth, with sales reaching 79,200 units in the first half of 2025, representing a penetration rate of 22% [3][15]. - The report highlights the increasing penetration of electric heavy trucks in both domestic and European markets, with projections indicating that by 2028, China's electric heavy truck sales could reach 500,000 units, driving a demand for 250 GWh of batteries [3][4]. - The electric heavy truck industry chain is becoming more integrated, with a concentrated market structure that enhances profit elasticity across various segments [5][8]. Summary by Sections Domestic Electric Heavy Truck Market - The penetration rate of electric heavy trucks has rapidly increased due to government policies and economic advantages, with significant sales growth observed in recent years [14][15]. - The report notes that the electric heavy truck market is primarily focused on regional logistics applications, with specific use cases in construction, mining, and municipal services [18][20]. European Electric Heavy Truck Market - The European market for electric light and medium trucks is advancing quickly, with electric heavy trucks identified as a blue ocean opportunity [3][4]. - By 2026, European electric heavy truck sales are expected to reach 17,000 units, with a penetration rate projected to rise to 5% [3][4]. Industry Chain and Profitability - The electric heavy truck industry chain is increasingly collaborative, with a focus on specialized products across various segments, including vehicle, battery, and motor development [5][8]. - The report emphasizes the importance of focusing on key segments within the electric heavy truck industry chain, including manufacturers, battery suppliers, and component producers [4][5]. Investment Recommendations - The report suggests monitoring key players in the electric heavy truck sector, including Foton Motor, China National Heavy Duty Truck Group, and FAW Jiefang for vehicle production [4][5]. - Battery manufacturers such as CATL and Guoxuan High-Tech are highlighted as potential investment opportunities due to the expected surge in demand for electric heavy truck batteries [4][5].