(於百慕達註冊成立之有限公司) 股份代號: 952 迎變而生 創新立業 中期報告 2025 FLOURISH IN THE CHANGING WORLD Interim Report 2025 (Incorporated in Bermuda with limited liability) Stock Code: 952 Interim Report 2025 中期報告 本報告以環保紙印製 目錄 簡明綜合損益表 2 簡明綜合損益及其他全面收益表 3 簡明綜合財務狀況表 4 簡明綜合現金流量表 5 簡明綜合權益變動表 7 簡明綜合中期財務報表附註 9 管理層討論及分析 42 其他資料 55 公司資料 74 釋義 75 簡明綜合損益表 | | | 截至 | 截至 | | --- | --- | --- | --- | | | | 二零二五年 | 二零二四年 | | | | 六月三十日 | 六月三十日 | | | | 止六個月 | 止六個月 | | | 附註 | 千港元 | 千港元 | | | | （未經審核） | （未經審核） | | 費用及佣金收入 | 5 | 65,561 | 40,859 | | 利息收入 ...

[Supplementary Announcement Overview](index=1&type=section&id=%E8%A1%A5%E5%85%85%E5%85%AC%E4%BD%88%E6%A6%82%E8%A7%88) This announcement provides additional details on the expected credit loss provision for trade receivables in the 2024 annual report, confirming other report contents remain unchanged [Purpose and Background of Announcement](index=1&type=section&id=%E5%85%AC%E4%BD%88%E7%9B%AE%E7%9A%84%E4%B8%8E%E8%83%8C%E6%99%AF) This announcement provides additional information on trade receivables' expected credit loss provision in the 2024 annual report, with other report contents remaining unchanged - The company issued a supplementary announcement providing additional information on the expected credit loss provision for trade receivables in its 2024 annual report[3](index=3&type=chunk) - Except as disclosed in this announcement, the contents of the annual report remain unchanged[6](index=6&type=chunk) [Analysis of Expected Credit Loss on Trade Receivables](index=1&type=section&id=%E8%B4%B8%E6%98%93%E5%BA%94%E6%94%B6%E8%B4%A6%E6%AC%BE%E9%A2%84%E6%9C%9F%E4%BF%A1%E8%B4%B7%E4%BA%8F%E6%8D%9F%E5%88%86%E6%9E%90) This section details the expected credit loss provision for trade receivables, including reasons, customer situations, collection efforts, and valuation methodology with comparative loss rates [Reasons for Provision and Customer Situation](index=1&type=section&id=%E6%8B%A8%E5%A4%87%E5%8E%9F%E5%9B%A0%E4%B8%8E%E5%AE%A2%E6%88%B7%E6%83%85%E5%86%B5) The expected credit loss provision for trade receivables primarily stems from eight film and entertainment customers with over two-year-old balances, facing severe financial distress and credit impairment - The provision primarily originates from eight customers in the film and entertainment investment segment, with outstanding balances over two years old[3](index=3&type=chunk) - Customers have been severely impacted by adverse business conditions due to economic downturns, facing increasingly severe financial difficulties since 2022, which continued to worsen in 2023 and 2024[3](index=3&type=chunk) - Management assessed that these customers have incurred credit impairment and recognized full lifetime expected credit losses for all amounts due from them[3](index=3&type=chunk) [Collection Measures and Legal Actions](index=1&type=section&id=%E8%BF%BD%E6%94%B6%E6%8E%AA%E6%96%BD%E4%B8%8E%E6%B3%95%E5%BE%8B%E8%A1%8C%E5%8A%A8) The Group has initiated various collection measures for trade receivables, including demand letters, repayment negotiations, and seeking legal advice for potential legal action - The Group has issued demand letters for outstanding trade receivable balances[3](index=3&type=chunk) - The Group is negotiating repayment plans with debtors and has sought legal advice, preparing to take legal action against these debtors if no positive progress is made on repayments[3](index=3&type=chunk) - The Group will continue to exert its best efforts to negotiate with relevant companies to recover outstanding balances[3](index=3&type=chunk) [Expected Credit Loss Rate and Valuation](index=1&type=section&id=%E9%A2%84%E6%9C%9F%E4%BF%A1%E8%B4%B7%E4%BA%8F%E6%8D%9F%E7%8E%87%E5%8F%8A%E4%BC%B0%E5%80%BC) An independent valuer assessed trade receivables' expected credit loss, showing a rise from 78.5% to 100% for over two-year overdue balances, driven by economic weakness and 2023 settlements, with consistent valuation methods - The company engaged an independent professional qualified valuer with multiple international professional certifications to assess the Group's expected credit loss on trade receivables[4](index=4&type=chunk)[5](index=5&type=chunk) Comparison of Expected Credit Loss Rates for Trade Receivables | Aging Period | December 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Not overdue | 0% | 2.6% | | 0 to 90 days | Not applicable | Not applicable | | 91 to 180 days | Not applicable | 3.7% | | 181 days to 1 year | Not applicable | 21.5% | | 1 to 2 years | 75.1% | 69.3% | | Over 2 years | 100% | 78.5% | - The increase in expected credit loss provision for trade receivables is primarily due to the expected loss rate for trade receivables overdue by more than two years rising from **78.5% in 2023 to 100% in 2024**[5](index=5&type=chunk) - The increase in loss rate is mainly attributed to persistent economic weakness and uncertainty, along with higher settlement amounts received for the year ended December 31, 2023[5](index=5&type=chunk) - The same valuation methodology was applied for the years ended December 31, 2023, and 2024, with no subsequent changes as of the announcement date[5](index=5&type=chunk) [Other Disclosures](index=2&type=section&id=%E5%85%B6%E4%BB%96%E6%8A%AB%E9%9C%B2%E4%BF%A1%E6%81%AF) This section includes the Board's statement on the announcement's accuracy and compliance, along with details on its publication and the composition of the Board of Directors [Board Statement and Announcement Information](index=2&type=section&id=%E8%91%A3%E4%BA%8B%E4%BC%9A%E5%A3%B0%E6%98%8E%E4%B8%8E%E5%85%AC%E4%BD%88%E4%BF%A1%E6%81%AF) The Board confirms the announcement's accuracy and completeness, compliance with GEM Listing Rules, and its publication on the Stock Exchange and company website - The additional information in this announcement does not affect other information contained in the annual report, and except as disclosed herein, the contents of the annual report remain unchanged[6](index=6&type=chunk) - The Board confirms that the information contained in this announcement is accurate and complete in all material respects, free from misleading or fraudulent elements, and without omission of other matters[7](index=7&type=chunk) - This announcement is published in compliance with the GEM Listing Rules of The Stock Exchange of Hong Kong Limited and will be published on the HKEX website and the company's website for at least seven days[7](index=7&type=chunk) - The executive directors are Mr. Ruan Deqing (Chairman) and Ms. Wang Linlin; the independent non-executive directors are Ms. Zheng Xueli, Mr. Chen Yonghua, and Ms. Wipada Kunna[7](index=7&type=chunk)

[Corporate Information](index=2&type=section&id=Corporate%20Information) [Board of Directors and Committees Composition](index=3&type=section&id=Board%20of%20Directors%20and%20Committees) The company's Board of Directors comprises executive, non-executive, and independent non-executive directors, supported by audit, remuneration, nomination, and strategy committees to ensure robust corporate governance - The Board of Directors includes **3 executive directors** (Zeng Zhijun as Chairman), **4 non-executive directors** (Cheng Liquan resigned on February 14, 2025), and **4 independent non-executive directors** (Xie Guozhong as Lead Independent Non-Executive Director)[5](index=5&type=chunk)[7](index=7&type=chunk) - The Audit Committee Chairman is Xie Guozhong, with Zhang Fan resigning and Li Tao appointed on March 28, 2025[5](index=5&type=chunk)[7](index=7&type=chunk) - The Strategy Committee was established on March 28, 2025, with Zeng Zhijun as Chairman[7](index=7&type=chunk)[8](index=8&type=chunk) [Key Corporate Details](index=4&type=section&id=Key%20Corporate%20Details) The company's authorized representatives are Zeng Zhijun and Huang Huiling, with Ernst & Young as auditor. It has a registered office in the Cayman Islands, principal places of business and headquarters in Hong Kong and Beijing, China, and lists key banks and investor relations contacts - Authorized representatives are Zeng Zhijun and Huang Huiling[10](index=10&type=chunk) - Auditor is Ernst & Young, a registered public interest entity auditor[10](index=10&type=chunk)[11](index=11&type=chunk) - The company's stock code is **2377**, with a trading unit of **1,000 shares**[14](index=14&type=chunk)[15](index=15&type=chunk) [Financial and Operational Highlights](index=6&type=section&id=Financial%20and%20Operation%20Highlights) [Overall Performance Overview](index=6&type=section&id=Overall%20Performance%20Summary) For the six months ended June 30, 2025, the Group's revenue reached **RMB 1,058 million**, a **11.5% year-on-year increase**. Gross profit grew **22.1% to RMB 243 million**, with gross margin improving **2.0 percentage points to 23.0%**. Net profit increased **25.0% to RMB 145 million**, and net margin rose **1.5 percentage points to 13.7%** Financial and Operational Highlights for H1 2025 | Metric | H1 2025 (RMB million) | H1 2024 (RMB million) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 1,058 | 949 | +11.5% | | Gross Profit | 243 | 199 | +22.1% | | Gross Profit Margin | 23.0% | 21.0% | +2.0 percentage points | | Net Profit | 145 | 116 | +25.0% | | Net Profit Margin | 13.7% | 12.2% | +1.5 percentage points | | New Orders | 20 units | N/A | N/A | - **20 new orders** were signed, covering thermal power, chemical, industrial wastewater, and new energy sectors[19](index=19&type=chunk)[21](index=21&type=chunk) [Financial Highlights Table](index=7&type=section&id=Financial%20Highlights%20Table) This section presents key financial data from the condensed consolidated statements of profit or loss and other comprehensive income, and financial position, as of June 30, 2025, and December 31, 2024, illustrating specific values and changes in the company's revenue, costs, profits, assets, and liabilities Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (For the six months ended June 30) | Metric | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Revenue | 1,058,485 | 949,415 | | Cost of sales and services | (815,446) | (750,145) | | Gross profit | 243,039 | 199,270 | | Other income and gains | 21,250 | 11,874 | | Selling and distribution expenses | (9,184) | (10,039) | | Administrative expenses | (47,612) | (48,409) | | Research and development expenses | (28,302) | (23,595) | | Net impairment losses on financial and contract assets | (8,113) | 2,922 | | Finance costs | (7,424) | (7,944) | | Profit before tax | 158,444 | 128,367 | | Profit for the period | 144,787 | 115,897 | | Net cash from operating activities | (47,981) | 33,337 | | Net cash from investing activities | (25,531) | (126,713) | | Net cash from financing activities | (232,087) | 90,518 | Condensed Consolidated Statement of Financial Position (As of June 30) | Metric | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Total non-current assets | 2,630,889 | 2,450,814 | | Total current assets | 2,460,540 | 2,956,943 | | Total assets | 5,091,429 | 5,407,757 | | Total current liabilities | 1,600,247 | 1,805,190 | | Total non-current liabilities | 271,267 | 318,126 | | Total liabilities | 1,871,514 | 2,123,316 | | Net assets | 3,219,915 | 3,284,441 | [Management Discussion and Analysis](index=9&type=section&id=Management%20Discussion%20and%20Analysis) [Industry Overview](index=9&type=section&id=Industry%20Overview) In H1 2025, China's environmental protection and new energy sectors saw intensive policy releases, focusing on ultra-low emissions, hazardous waste full-process supervision, and green power marketization, driving green and low-carbon industrial transformation and providing clear direction and financial support for the company's core business development - National policies focus on 'ultra-low emission upgrades', 'full-process hazardous waste supervision', and 'green power marketization', driving green and low-carbon industrial transformation[28](index=28&type=chunk)[30](index=30&type=chunk) - Environmental standards in the steel industry significantly improved, mandating full-process ultra-low emission upgrades by **2026**, driving expanded demand for flue gas purification technology[32](index=32&type=chunk)[34](index=34&type=chunk) - In hazardous and solid waste treatment, full-process information-based supervision of hazardous waste is required by **2027**, with landfill disposal reduced to **under 10% by 2030**, driving technological upgrades and compliance operation demand growth[33](index=33&type=chunk)[34](index=34&type=chunk) - New energy business policies show strong synergy, establishing an 'integrated PV-storage' development framework, promoting large-scale application of distributed PV and energy storage, and aiming to establish a unified national carbon emission trading market by **2027**[35](index=35&type=chunk)[36](index=36&type=chunk) - Financial support policies intensified, with banking and insurance institutions supporting pollution prevention and control and ultra-low emission upgrades in key industries, providing a stable financing environment for the company's business[38](index=38&type=chunk)[39](index=39&type=chunk) [Business Review](index=13&type=section&id=Business%20Review) In H1 2025, the Group solidified its domestic market base while actively expanding internationally, covering 31 provinces in China and operating in Europe, South Asia, Latin America, Africa, and Southeast Asia, with notable progress in flue gas treatment and dual-carbon new energy+ sectors - The Group meticulously cultivated its domestic market, while actively planning international market expansion to seek new growth poles[41](index=41&type=chunk)[43](index=43&type=chunk) - As of June 30, 2025, the Group's projects covered **31 provinces, municipalities, and autonomous regions in China**, with overseas operations in Europe, South Asia, Latin America, Africa, and Southeast Asia[45](index=45&type=chunk) [Flue Gas Treatment Business](index=15&type=section&id=Flue%20Gas%20Treatment%20Business) The flue gas treatment business offers services via EPC, O&M, and project investment models. During the period, EPC added **6 projects** with a total contract value of **RMB 407 million**; **35 O&M projects** operated stably; and **7 concession projects** were operational, excluding one BOT project - Flue gas treatment business primarily provides services through various business models including EPC, O&M, and project investment (including BOT, BOO, and self-owned asset operation)[50](index=50&type=chunk)[51](index=51&type=chunk) - During the period, **6 new EPC projects** were added, with a total contract value of approximately **RMB 407 million**, primarily from the chemical and power industries[53](index=53&type=chunk)[54](index=54&type=chunk) Overview of New EPC Projects (As of June 30, 2025) | No. | Project Name | Project Type | New/Renovation | Contract Signing Date | Contract Value (RMB million) | | :--- | :--- | :--- | :

目 錄 | | | 3 管理層討論與分析 12 企業管治及其他資料 16 獨立審閱報告 17 中期簡明綜合損益及其他全面收益表 18 中期簡明綜合財務狀況表 20 中期簡明綜合權益變動表 21 中期簡明綜合現金流量表 22 中期簡明綜合財務資料附註 公司資料 董事會 執行董事 張永久先生 （主席兼行政總裁） 陳祥慶先生 （財務總監） 劉剛先生 非執行董事 冷友斌 先 生 劉華先生 蔡方良先生 獨立非執行董事 陳祥慶先生 劉剛先生 審核委員會 蒙靜宗先生 （主 席） 張月周先生 劉晉萍女士 薪酬委員會 張月周先生 （主 席） 蒙靜宗先生 劉晉萍女士 張永久先生 提名委員會 張月周先生 蒙靜宗先生 劉晉萍女士 聯席公司秘書 宋淼女士 曾若詩女士 授權代表 劉晉萍女士 （主 席） 蒙靜宗先生 張月周先生 張永久先生 獨立核數師 安永會計師事務所 執業會計師 註冊公眾利益實體核數師 香港鰂魚涌英皇道979號太古坊一座27樓 主要往來銀行 中國農業發展銀行 中國工商銀行 中國農業銀行 中國建設銀行 註 冊 辦事處 Clarendon House 2 Church Street Hamilton HM11 Bermuda ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示概不會對本公佈的全部或任何 部分內容所產生或因依賴該等內容而引致的任何損失承擔任何責任。 Sling Group Holdings Limited 森浩集團股份有限公司 （於開曼群島註冊成立之有限公司） 1. 本公司截至2024年12月31日止年度已向一家關聯公司支付年度租金人民幣 60,000元。租賃條款每年重續。交易構成持續關連交易，並根據第20.74條獲悉 數豁免。 2. 關聯方交易，包括i）銷售行李箱及配件；及ii）轉售權費用乃於銷售框架協議之 下，期限由2024年4月23日直至2025年12月31日。截至2024年12月31日止年度 的總代價為人民幣8.8百萬元。詳情載於第126頁財務報表附註的附註30內。交 易構成持續關連交易，並已遵從GEM上市規則第二十章的規定。 3. 股東及董事已向本公司提供三筆貸款，總額達人民幣10.6百萬元，以加強截至 2024年12月31日止年度的營運資金。各筆貸款的條款詳情載於第115頁至第116 頁財務報表附註19(b)及(c)。交易構成關連交易， ...

2025 中期報告 其他資料 32 (於開曼群島註冊成立的有限公司) 股份代號 : 974 目錄 公司資料 2 簡明綜合損益及其他全面收益表 3 簡明綜合財務狀況表 4 簡明綜合權益變動表 6 簡明綜合現金流量表 7 簡明綜合中期財務報表附註 8 管理層討論及分析 24 獨立非執行董事 鄭學啟先生 高景遠先生 吳凱先生 審核委員會 公司資料 董事 執行董事 王仁剛先生 （主席） 王卉女士 （行政總裁） 非執行董事 杜璟女士 鄭學啟先生 （主席） 高景遠先生 吳凱先生 薪酬委員會 高景遠先生 （主席） 王仁剛先生 吳凱先生 提名委員會 王仁剛先生 （主席） 王卉女士 鄭學啟先生 高景遠先生 吳凱先生 授權代表 王卉女士 龐慧女士 公司秘書 龐慧女士 公司網站 www.skl.com.cn 股份代號 974 中國主要營業地點 中國廣東省 佛山市順德區樂從鎮 河濱北路60號 華樂大廈二樓 香港主要營業地點 開曼群島註冊辦事處 Vistra (Cayman) Limited P.O. Box 31119 Grand Pavilion Hibiscus Way 802 West Bay Road Grand Cayma ...

CHARACTERISTICS OF GEM OF THE STOCK EXCHANGE OF HONG KONG LIMITED (THE "STOCK EXCHANGE") GEM has been positioned as a market designed to accommodate small and mid-sized companies to which a higher investment risk may be attached than other companies listed on the Stock Exchange. Prospective investors should be aware of the potential risks of investing in such companies and should make the decision to invest only after due and careful consideration. Given that the companies listed on GEM are generally small ...

SZSE: 000895 NASDAQ: SFD 中期報告 INTERIM REPORT SZSE: 000895 NASDAQ: SFD INTERIM REPORT 2025 中期報告 | 目錄 | 公司資料 | 2 | | --- | --- | --- | | | 業績摘要 | 4 | | | 管理層討論與分析 | 5 | | | 獨立審閱報告 | 20 | | | 簡明綜合損益及其他全面收益表 | 21 | | | 簡明綜合財務狀況表 | 23 | | | 簡明綜合權益變動表 | 25 | | | 簡明綜合現金流量表 | 27 | | | 中期簡明綜合財務資料附註 | 29 | | | 其他資料 | 57 | | | 詞彙 | 64 | 萬洲國際有限公司 2025年中期報告 公司資料 公司法定名稱 萬洲國際有限公司 上市地點及股份代號 本公司股份於二零一四年八月五日在聯交所主板上市 股份代號：288 獨立非執行董事 黃明先生 劉展天先生 周暉女士 公司秘書 周豪先生 審核委員會 公司網站 www.wh-group.com 董事 執行董事 萬隆先生（主席） 郭麗軍先生（行政總裁） 萬宏偉先生（副主席） ...

合富輝煌集團控股有限公司（「本公司」）董事（「董事」）會公佈本公司及其附屬公司（統稱「本集 團」）截至二零二五年六月三十日止六個月之未經審核綜合中期業績，連同二零二四年同期之比 較數字如下： 簡明綜合損益及其他全面收入報表 截至二零二五年六月三十日止六個月 | | | 截至六月三十日止六個月 | | | --- | --- | --- | --- | | | | 二零二五年 | 二零二四年 | | | | 千港元 | 千港元 | | | 附註 | （未經審核） | （未經審核） | | 收益 | 4 | 369,420 | 422,038 | | 其他收入 | | 3,302 | 7,796 | | 銷售開支 | | (362,691) | (411,526) | | 行政開支 | | (121,666) | (125,258) | | 金融資產之虧損撥備 | | (26,581) | (211) | | 其他收益及虧損 | | (10,976) | (1,520) | | 分佔一家聯營公司業績 | | (65) | – | | 融資成本 | 5 | (4,543) | (8,502) | | 除稅前虧損 | ...

[Definitions](index=3&type=section&id=%E9%87%8B%E7%BE%89) [Company Information](index=7&type=section&id=%E5%85%AC%E5%8F%B8%E8%B3%87%E6%96%99) [Board of Directors](index=7&type=section&id=%E8%91%A3%E4%BA%8B%E6%9C%83) The Board of Directors underwent changes, with re-appointments and new appointments for executive, non-executive, and independent non-executive directors - Executive Directors **Mr. Chen Xiaomin** (Chairman) and **Mr. Ye Jiajie** were re-appointed on **March 28, 2025**[10](index=10&type=chunk) - Non-executive Directors **Mr. Yang Zeyun** and **Mr. Huang Jiao** were re-appointed on **March 28, 2025**, while **Mr. Dong Guihu** and **Mr. Zhang Chen** were appointed on the same day[10](index=10&type=chunk) - Non-executive Directors **Mr. Zhan Zhanlin** and **Dr. Wan Yu** retired on **March 28, 2025**[12](index=12&type=chunk) - Independent non-executive Directors **Mr. Liu Xin**, **Dr. Xing Wei**, and **Ms. Huang Xinqi** were re-appointed on **March 28, 2025**[11](index=11&type=chunk) [Supervisors](index=7&type=section&id=%E7%9B%A3%E4%BA%8B) Supervisory Board Chairman Ms. Lin Minting and Supervisors Mr. Hu Muzhou and Mr. Liao Han were re-appointed - Supervisory Board Chairman **Ms. Lin Minting**, Supervisors **Mr. Hu Muzhou**, and **Mr. Liao Han** were re-appointed on **March 28, 2025**[12](index=12&type=chunk) [Committees](index=7&type=section&id=%E5%A7%94%E5%93%A1%E6%9C%83) The Audit Committee is chaired by Ms. Huang Xinqi, the Remuneration and Nomination Committees by Mr. Liu Xin, and the Strategy Committee by Mr. Chen Xiaomin - The Audit Committee is chaired by **Ms. Huang Xinqi**, with members including **Mr. Liu Xin** and **Dr. Xing Wei**[12](index=12&type=chunk) - The Remuneration Committee is chaired by **Mr. Liu Xin**, with members including **Mr. Chen Xiaomin** and **Ms. Huang Xinqi**[12](index=12&type=chunk) - The Nomination Committee is chaired by **Mr. Chen Xiaomin**, with members including **Mr. Liu Xin** and **Dr. Xing Wei**[13](index=13&type=chunk) - The Strategy Committee is chaired by **Mr. Chen Xiaomin**, with members including **Mr. Liu Xin** and **Mr. Yang Zeyun**[13](index=13&type=chunk) [Joint Company Secretaries](index=8&type=section&id=%E8%81%AF%E5%B8%AD%E5%85%AC%E5%8F%B8%E7%A7%98%E6%9B%B8) Mr. Wang Jun continues as Joint Company Secretary; Mr. Zhu Yongtian was appointed on August 22, 2025, and Ms. Liang Keyi resigned on the same day - **Mr. Zhu Yongtian** was appointed Joint Company Secretary on **August 22, 2025**, and **Ms. Liang Keyi** resigned on the same day[14](index=14&type=chunk) [Authorized Representatives](index=8&type=section&id=%E6%8E%88%E6%AC%8A%E4%BB%A3%E8%A1%A8) Mr. Ye Jiajie and Mr. Zhu Yongtian were appointed Authorized Representatives, while Mr. Yang Zeyun and Ms. Liang Keyi resigned - **Mr. Ye Jiajie** was appointed Authorized Representative on **March 28, 2025**, and **Mr. Zhu Yongtian** was appointed on **August 22, 2025**[14](index=14&type=chunk) - **Mr. Yang Zeyun** resigned as Authorized Representative on **March 28, 2025**, and **Ms. Liang Keyi** resigned on **August 22, 2025**[14](index=14&type=chunk) [Auditor](index=8&type=section&id=%E6%A0%B8%E6%95%B8%E5%B8%AB) The company's auditor is PricewaterhouseCoopers - The company's auditor is **PricewaterhouseCoopers**[14](index=14&type=chunk) [Hong Kong Legal Adviser](index=8&type=section&id=%E9%A6%99%E6%B8%AF%E6%B3%95%E5%BE%8B%E9%A1%A7%E5%95%8F) The company's Hong Kong legal adviser is JunHe LLP - The company's Hong Kong legal adviser is **JunHe LLP**[15](index=15&type=chunk) [H Share Registrar](index=8&type=section&id=H%E8%82%A1%E8%82%A1%E4%BB%BD%E9%81%8E%E6%88%B6%E7%99%BB%E8%A8%98%E8%99%95) The company's H Share Registrar is Boardroom Share Registrars (HK) Limited - The company's H Share Registrar is **Boardroom Share Registrars (HK) Limited**[15](index=15&type=chunk) [PRC Registered Office and Headquarters](index=9&type=section&id=%E4%B8%AD%E5%9C%8B%E8%A8%BB%E5%86%8A%E8%BE%A6%E4%BA%8B%E8%99%95%E5%8F%8A%E7%B8%BD%E9%83%A8) The company's PRC registered office and headquarters are located in Hangzhou Bay New Economic Park, Jiaxing Port District, Zhejiang Province - The company's PRC registered office and headquarters are located at **Room 501-2, Building 37, Hangzhou Bay New Economic Park, Jiaxing Port District, Zhejiang Province, China**[16](index=16&type=chunk) [Principal Place of Business in Hong Kong](index=9&type=section&id=%E9%A6%99%E6%B8%AF%E4%B8%BB%E8%A6%81%E7%87%9F%E6%A5%AD%E5%9C%B0%E9%BB%9E) The company's principal place of business in Hong Kong is located at 31/F, 148 Electric Road, North Point, Hong Kong - The company's principal place of business in Hong Kong is located at **31/F, 148 Electric Road, North Point, Hong Kong**[16](index=16&type=chunk) [Stock Code](index=9&type=section&id=%E8%82%A1%E4%BB%BD%E4%BB%A3%E8%99%9F) The company's stock code is 9663 - The company's stock code is **9663**[17](index=17&type=chunk) [Principal Banker](index=9&type=section&id=%E4%B8%BB%E8%A6%81%E5%BE%80%E4%BE%86%E9%8A%80%E8%A1%8C) The company's principal banker is China Merchants Bank, Foshan Nanhai Branch - The company's principal banker is **China Merchants Bank, Foshan Nanhai Branch**[17](index=17&type=chunk) [Company Website](index=9&type=section&id=%E5%85%AC%E5%8F%B8%E7%B6%B2%E7%AB%99) The company's website is www.sinosynergypower.com - The company's website is **www.sinosynergypower.com**[17](index=17&type=chunk) [Financial Highlights](index=10&type=section&id=%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%81) [Financial Highlights](index=10&type=section&id=%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%81) Revenue for H1 2025 was RMB 58.88 million, down 55.7%; loss was RMB 184.43 million, with cash equivalents down 69.3% Financial Highlights for H1 2025 | Indicator | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Revenue | 58,883 | 133,012 | | Gross profit | 3,095 | 770 | | Loss before income tax | (182,031) | (213,937) | | Loss for the period | (184,427) | (212,297) | | Loss per share attributable to owners of the company for the period | (0.36) | (0.41) | | Total assets | 4,337,699 | 4,664,141 | | Total liabilities | 1,539,844 | 1,675,713 | | Equity attributable to owners of the company | 2,778,963 | 2,971,357 | | Cash and cash equivalents | 95,170 | 309,603 | - Revenue decreased by **55.7%** year-on-year, primarily due to the hydrogen fuel cell industry being in its early commercialization stage, market sales pressure, and a decline in the average selling price of hydrogen fuel cell systems[48](index=48&type=chunk)[50](index=50&type=chunk) - Loss for the period narrowed from approximately **RMB 212.3 million** in H1 **2024** to approximately **RMB 184.4 million** in H1 **2025**[19](index=19&type=chunk)[87](index=87&type=chunk) - Cash and cash equivalents (including restricted cash) decreased by approximately **69.3%** from approximately **RMB 309.6 million** at the beginning of the period to approximately **RMB 95.2 million** at the end of the period[19](index=19&type=chunk)[91](index=91&type=chunk) [Management Discussion and Analysis](index=11&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E8%88%87%E5%88%86%E6%9E%90) [Business Overview](index=11&type=section&id=%E6%A5%AD%E5%8B%99%E6%A6%82%E8%A7%80) The company focuses on R&D, production, and sales of core hydrogen energy equipment, aiming to establish a 'production-storage-transportation-application' hydrogen energy ecosystem - The company focuses on R&D, production, and sales of hydrogen energy core equipment (fuel cell stacks, systems, power generation, and hydrogen production equipment), aiming to establish a **'production-storage-transportation-application' hydrogen energy ecosystem**[20](index=20&type=chunk)[21](index=21&type=chunk) - The company's strategic focus is on **'technological innovation commercialization'**, **'integrated hydrogen energy ecosystem'**, **'business diversification'**, and **'lean operation management'**[22](index=22&type=chunk) [Product Upgrades](index=12&type=section&id=%E7%94%A2%E5%93%81%E5%8D%87%E7%B4%9A) Breakthroughs in fuel cell stack technology, including Hongxin GIII/GIV and air-cooled stacks, with 0-360kW system coverage and electrolyzer localization - The rated performance of the water-cooled stack **Hongxin GIII** was further improved in a laboratory environment, and a high-power, high-efficiency power generation specific stack, the **Hongxin GIV** stack, was developed[24](index=24&type=chunk)[25](index=25&type=chunk) - Two air-cooled stacks were developed based on the demand for drones and hydrogen two-wheelers[24](index=24&type=chunk)[25](index=25&type=chunk) - Fuel cell system products have completed a **0–360kW** power range layout, adaptable to various application scenarios[24](index=24&type=chunk)[25](index=25&type=chunk) - The company is deploying two hydrogen production equipment technology routes, **alkaline electrolyzer** and **proton exchange membrane electrolyzer**, focusing on the localization of megawatt-scale electrolyzer technology[24](index=24&type=chunk)[25](index=25&type=chunk) [Application Expansion](index=13&type=section&id=%E6%87%89%E7%94%A8%E6%8B%93%E5%B1%95) The company expanded hydrogen applications in transportation, rail, and power generation, entering new sectors like hydrogen vessels and drones - In the Southwest region, the first batch of **30** hydrogen heavy trucks equipped with the **Hongtu H150 system** were put into operation on the Chengdu-Chongqing round-trip route, and for the first time achieved rapid connection with the China-Europe freight train[26](index=26&type=chunk)[27](index=27&type=chunk) - Chongqing's first **"water-rail-road" hydrogen multi-modal transport trunk line** was put into operation, with **15** heavy trucks equipped with the company's fuel cell systems achieving scaled application[26](index=26&type=chunk)[27](index=27&type=chunk) - In the rail transit sector, the company successfully won the bid for the **Inner Mongolia Autonomous Region Science and Technology Breakthrough Project**, which will provide a **480kW** high-power hydrogen fuel cell system for the Baogang Group consortium[29](index=29&type=chunk)[30](index=30&type=chunk) - Overseas, in collaboration with **China State Construction Engineering (Hong Kong) Limited** and **Sinopec (Hong Kong) Limited**, Hong Kong's first hydrogen power generation application project in the construction industry was launched at the Hong Kong-Shenzhen Innovation and Technology Park construction site[31](index=31&type=chunk)[32](index=32&type=chunk) - The company was selected as a **"Leading Enterprise"** in future energy by China's Ministry of Industry and Information Technology, and participated in two major projects: **"Green Port Development"** and **"Demonstration Application Scenario for Full-Chain Hydrogen Green Transportation"**[33](index=33&type=chunk) [R&D Innovation](index=16&type=section&id=%E7%A0%94%E7%99%BC%E9%9D%A9%E6%96%B0) R&D investment exceeded RMB 67.8 million, focusing on fuel cell stacks, systems, hydrogen power generation, and marine applications, achieving CNAS accreditation - R&D expenses during the reporting period exceeded **RMB 67.8 million**, a year-on-year increase of **3.8%**[35](index=35&type=chunk)[79](index=79&type=chunk)[84](index=84&type=chunk) - In fuel cell stack R&D, the performance of the new version of the high-power **Hongxin GIII** stack was further improved, the new generation **Hongxin GIV** stack showed stable performance, and air-cooled stacks for drone and two-wheeler applications were developed[37](index=37&type=chunk) - In fuel cell system R&D, progress was made in key technologies such as adaptive fan coil control algorithms, electrochemical impedance spectroscopy detection technology application, and fault prediction and health management[37](index=37&type=chunk) - In hydrogen power generation system R&D, the megawatt-scale stationary hydrogen fuel power generation system was optimized, achieving a modular solution, and adopting miniaturized, modular designs for distributed energy and backup power scenarios[38](index=38&type=chunk) - In innovative technology reserves, megawatt-scale **proton exchange membrane (PEM) electrolyzer** technology and new-generation **1,000Nm³/h alkaline electrolyzer** technology were developed, and have passed evaluation and certification by internationally renowned institutions[40](index=40&type=chunk) - Guohong Hydrogen Energy R&D Center – Test Center passed the assessment of the **China National Accreditation Service for Conformity Assessment (CNAS)**, obtaining national laboratory accreditation[41](index=41&type=chunk) [Governance Optimization](index=19&type=section&id=%E6%B2%BB%E7%90%86%E5%84%AA%E5%8C%96) In 2025, the company implemented internal management reforms focusing on governance, organization, talent, and efficiency - In **2025**, the company advanced internal management reforms, focusing on four core directions: **'governance upgrade, organizational optimization, talent revitalization, and cost reduction and efficiency improvement'**[42](index=42&type=chunk)[44](index=44&type=chunk) - During the reporting period, substantial breakthroughs were achieved in internal management, with optimized operating cost structure, enhanced governance resilience, improved organizational agility and collaboration efficiency, and increased core talent retention and performance metrics[43](index=43&type=chunk)[46](index=46&type=chunk) [Financial Review](index=20&type=section&id=%E8%B2%A1%E5%8B%99%E5%9B%9E%E9%A1%A7) Revenue significantly decreased due to early commercialization and falling prices; gross profit surged from cost reductions and maintenance services, despite increased inventory impairment [Revenue](index=20&type=section&id=%E6%94%B6%E5%85%A5) Revenue was approximately RMB 58.9 million, down 55.7%, due to early commercialization challenges and falling average selling prices Revenue Breakdown by Product Type | Product Type | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | | :--- | :--- | :--- | | Hydrogen fuel cell systems | 36,651 | 130,939 | | Hydrogen fuel cell stacks | 2,017 | 432 | | Hydrogen fuel cell system components | 1,035 | 619 | | Maintenance services | 18,651 | – | | Others | 529 | 1,022 | | **Total Revenue** | **58,883** | **133,012** | - Total revenue decreased by **55.7%** year-on-year, primarily due to market pressure in the early commercialization stage of the hydrogen fuel cell industry and a decline in the average selling price of products[48](index=48&type=chunk)[50](index=50&type=chunk) [Sales Volume and Average Selling Price](index=21&type=section&id=%E9%8A%B7%E9%87%8F%E5%8F%8A%E5%B9%B3%E5%9D%87%E5%94%AE%E5%83%B9) Stack sales volume grew to 2,396.1 kW, while system sales fell to 11,090.0 kW; both saw average selling price declines due to competition Sales Volume and Average Selling Price Breakdown | Product Type | H1 2025 Sales Volume (kW) | H1 2025 Average Selling Price (RMB/kW) | H1 2024 Sales Volume (kW) | H1 2024 Average Selling Price (RMB/kW) | | :--- | :--- | :--- | :--- | :--- | | Hydrogen fuel cell stacks | 2,396.1 | 841.8 | 240.0 | 1,799.4 | | Hydrogen fuel cell systems | 11,090.0 | 3,304.9 | 34,645.0 | 3,779.4 | - Hydrogen fuel cell stack sales volume increased from **240.0 kW** to **2,396.1 kW**, primarily due to business planning demands from newly acquired customers[56](index=56&type=chunk)[58](index=58&type=chunk) - Hydrogen fuel cell system sales volume decreased from **34,645.0 kW** to **11,090.0 kW**, primarily affected by multiple factors in industry development and seasonal factors[56](index=56&type=chunk)[58](index=58&type=chunk) - The average selling price of hydrogen fuel cell systems decreased by **12.6%**, and the average selling price of stacks decreased by **53.2%**, primarily due to industry development and intense market competition[55](index=55&type=chunk)[57](index=57&type=chunk) [Cost of Sales](index=22&type=section&id=%E9%8A%B7%E5%94%AE%E6%88%90%E6%9C%AC) Cost of sales totaled RMB 55.79 million, down 57.8%; raw material costs fell 66.9%, while inventory impairment losses rose 132.5% Cost of Sales Breakdown | Item | H1 2025 (RMB thousand) | H1 2024 (RMB thousand) | Year-on-year Change (%) | | :--- | :--- | :--- | :--- | | Raw materials | 36,006 | 108,693 | (66.9) | | Employee benefit expenses | 3,712 | 8,664 | (57.2) | | Depreciation and amortization expenses | 8,287 | 6,658 | 24.5 | | Others | 1,873 | 5,685 | (67.1) | | Subtotal | 49,879 | 129,700 | (61.5) | | Impairment losses on inventories | 5,909 | 2,542 | 132.5 | | **Total** | **55,788** | **132,242** | **(57.8)** | - Raw material costs decreased by **66.9%**, primarily due to a decline in sales revenue from hydrogen fuel cell systems[62](index=62&type=chunk)[64](index=64&type=chunk) - Impairment losses on inventories increased by **132.5%**, primarily due to further provisions for long-aged obsolete raw materials[62](index=62&type=chunk)[63](index=63&type=chunk)[65](index=65&type=chunk) [Gross Profit and Gross Margin](index=23&type=section&id=%E6%AF%9B%E5%88%A9%E5%8F%8A%E6%AF%9B%E5%88%A9%E7%8E%87) Gross profit surged 301.9% to RMB 3.1 million, with gross margin at 5.3%, driven by system cost reductions and maintenance services Gross Profit and Gross Margin Breakdown by Product Type | Product Type | H1 2025 Gross Profit (RMB thousand) | H1 2025 Gross Margin (%) | H1 2024 Gross Profit (RMB thousand) | H1 2024 Gross Margin (%) | | :--- | :--- | :--- | :--- | :--- | | Hydrogen fuel cell stacks | (594) | (29.5) | 204 | 47.2 | | Hydrogen fuel cell systems | 4,608 | 12.6 | 3,123 | 2.4 | | Hydrogen fuel cell system components and others | 330 | 21.1 | (15) | (0.9) | | Maintenance services | 4,660 | 25.0 | – | – | | Subtotal | 9,004 | 15.3 | 3,312 | 2.5 | | Less: Impairment losses on inventories | (5,909) | Not applicable | (2,542) | Not applicable | | **Total** | **3,095** | **5.3** | **770** | **0.6** | - Gross profit significantly increased by **301.9%** year-on-year to approximately **RMB 3.1 million**, with gross margin increasing from approximately **0.6%** to approximately **5.3%**[67](index=67&type=chunk)[68](index=68&type=chunk) - The increase in gross profit was primarily due to a decrease in unit cost of sales as hydrogen fuel cell systems entered mass production, and higher gross margins from maintenance services[67](index=67&type=chunk)[68](index=68&type=chunk) - Hydrogen fuel cell stacks showed a negative gross margin, primarily due to significant market price reductions[67](index=67&type=chunk)[68](index=68&type=chunk) [Other Income](index=24&type=section&id=%E5%85%B6%E4%BB%96%E6%94%B6%E5%85%A5) Other income was approximately RMB 6.2 million, down 16.2%, primarily due to reduced government grants and subsidies - Other income was approximately **RMB 6.2 million**, a year-on-year decrease of **16.2%**, primarily due to reduced government grants and subsidies received[70](index=70&type=chunk)[74](index=74&type=chunk) [Net Other Gains](index=24&type=section&id=%E5%85%B6%E4%BB%96%E6%94%B6%E7%9B%8A%E6%B7%A8%E9%A1%8D) Net other gains were approximately RMB 8.8 million, down 68.6%, due to reduced fair value gains from wealth management products and exchange rate effects - Net other gains were approximately **RMB 8.8 million**, a year-on-year decrease of **68.6%**, primarily due to a decrease in fair value gains of approximately **RMB 19.1 million**, affected by exchange rate fluctuations[71](index=71&type=chunk)[75](index=75&type=chunk) [Net Impairment Losses on Financial and Contract Assets](index=24&type=section&id=%E9%87%91%E8%9E%8D%E8%B3%87%E7%94%A2%E5%8F%8A%E5%90%88%E5%90%8C%E8%B3%87%E7%94%A2%E7%9A%84%E6%B8%9B%E5%80%BC%E虧%E6%90%8D%E6%B7%A8%E9%A1%8D) Net impairment losses on financial and contract assets were approximately RMB 22.6 million, down 49.4%, due to lower trade receivables provisions - Net impairment losses on financial and contract assets were approximately **RMB 22.6 million**, a year-on-year decrease of **49.4%**[72](index=72&type=chunk)[76](index=76&type=chunk) - The decrease was primarily due to a lower amount of provision for expected credit losses on trade receivables compared to the prior period[72](index=72&type=chunk)[76](index=76&type=chunk) [Administrative Expenses](index=24&type=section&id=%E8%A1%8C%E6%94%BF%E9%96%8B%E6%94%AF) Administrative expenses were approximately RMB 96.7 million, down 14.8%, due to no share-based payment expenses and optimized employee remuneration - Administrative expenses were approximately **RMB 96.7 million**, a year-on-year decrease of **14.8%**[73](index=73&type=chunk)[77](index=77&type=chunk) - The decrease was primarily due to no share-based payment expenses recognized from the share option incentive scheme and employee share option scheme during the reporting period, and savings in employee remuneration from organizational optimization and improved management efficiency[73](index=73&type=chunk)[77](index=77&type=chunk) [Selling Expenses](index=25&type=section&id=%E9%8A%B7%E5%94%AE%E9%96%8B%E6%94%AF) Selling expenses were approximately RMB 14.1 million, down 32.2%, primarily due to reduced marketing and promotion expenses - Selling expenses were approximately **RMB 14.1 million**, a year-on-year decrease of **32.2%**, primarily due to reduced marketing and promotion expenses[78](index=78&type=chunk)[83](index=83&type=chunk) [Research and Development Expenses](index=25&type=section&id=%E7%A0%94%E7%99%BC%E9%96%8B%E6%94%AF) R&D expenses were approximately RMB 67.8 million, up 3.8%, due to increased investment in fuel cell stacks, systems, and hydrogen production R&D - R&D expenses were approximately **RMB 67.8 million**, a year-on-year increase of **3.8%**[79](index=79&type=chunk)[84](index=84&type=chunk) - The increase was primarily due to the company's continued increased investment in R&D for various key projects such as fuel cell stacks, fuel cell systems, stationary generators, and water electrolysis hydrogen production equipment[79](index=79&type=chunk)[84](index=84&type=chunk) [Net Finance Costs](index=25&type=section&id=%E8%9E%8D%E8%B3%87%E6%88%90%E6%9C%AC%E6%B7%A8%E9%A1%8D) Net finance costs were approximately RMB 10.9 million, up 79.4%, due to increased borrowing interest and reduced deposit income - Net finance costs were approximately **RMB 10.9 million**, a year-on-year increase of **79.4%**[80](index=80&type=chunk)[85](index=85&type=chunk) - The increase was primarily due to the combined effect of increased interest expense on borrowings and decreased interest income from deposits[80](index=80&type=chunk)[85](index=85&type=chunk) [Income Tax Expense / (Credit)](index=25&type=section&id=%E6%89%80%E5%BE%97%E7%A8%85%E8%B2%BB%E7%94%A8%E2%88%95%EF%BC%88%E6%8A%B5%E5%85%8D%EF%BC%89) The company recorded income tax expense of approximately RMB 2.4 million, compared to an income tax credit of approximately RMB 1.6 million - During the reporting period, the company recorded income tax expense of approximately **RMB 2.4 million**, compared to an income tax credit of approximately **RMB 1.6 million** in the prior period[81](index=81&type=chunk)[86](index=86&type=chunk) [Loss Attributable to Owners of the Company](index=25&type=section&id=%E6%9C%AC%E5%85%AC%E5%8F%B8%E6%93%81%E6%9C%89%E4%BA%BA%E6%87%89%E4%BD%B5%E虧%E6%90%8D) Loss attributable to owners of the company was approximately RMB 184.2 million, narrowing from RMB 212.3 million in the prior period - Loss attributable to owners of the company was approximately **RMB 184.2 million**, narrowing from approximately **RMB 212.3 million** in the prior period[82](index=82&type=chunk)[87](index=87&type=chunk) [Liquidity, Funding and Capital Resources](index=26&type=section&id=%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91%E3%80%81%E8%9E%8D%E8%B3%87%E5%8F%8A%E8%B3%87%E6%9C%AC%E8%B3%87%E6%BA%90) Liquidity sources include operating cash, bank borrowings, and H-share proceeds. Cash equivalents decreased 69.3%, net current assets declined, but the current ratio remained stable - As of **June 30, 2025**, cash and cash equivalents (including restricted cash) were approximately **RMB 95.2 million**, a decrease of approximately **69.3%** from the beginning of the reporting period[91](index=91&type=chunk) - As of **June 30, 2025**, net current assets were approximately **RMB 1,909.6 million**, a decrease from **December 31, 2024**[91](index=91&type=chunk) - The current ratio as of **June 30, 2025**, was approximately **2.5**, consistent with **December 31, 2024**[91](index=91&type=chunk) [Borrowings and Pledges of Group Assets](index=27&type=section&id=%E9%9B%86%E5%9C%98%E8%B3%87%E7%94%A2%E7%9A%84%E5%80%9F%E6%AC%BE%E5%8F%8A%E6%8A%B5%E6%8A%BC) Total outstanding borrowings were approximately RMB 544.4 million, up 2.8%; long-term borrowings were 31.6%, secured by various assets Borrowings by Maturity | Maturity | As of June 30, 2025 (RMB thousand) | As of December 31, 2024 (RMB thousand) | Year-on-year Change (%) | | :--- | :--- | :--- | :--- | | Within one year | 372,268 | 332,408 | 12.0 | | One to two years | 84,480 | 82,921 | 1.9 | | Two to five years | 87,602 | 114,405 | (23.4) | | **Total** | **544,350** | **529,734** | **2.8** | - As of **June 30, 2025**, total outstanding current and non-current borrowings were approximately **RMB 544.4 million**, an increase of **2.8%** from **December 31, 2024**[92](index=92&type=chunk)[93](index=93&type=chunk)[94](index=94&type=chunk) - Long-term borrowings accounted for approximately **31.6%** of total borrowings, with a weighted average effective interest rate of **3.48%** for bank borrowings and **3.39%** for third-party borrowings[94](index=94&type=chunk) - Secured borrowings include bank borrowings and finance lease borrowings pledged by deposits, land use rights, property, plant and equipment, and production lines[94](index=94&type=chunk) [Capital Gearing Ratio](index=28&type=section&id=%E8%B3%87%E6%9C%AC%E8%B2%A0%E5%82%B5%E6%AF%94%E7%8E%87) During the reporting period, the company's capital gearing ratio remained relatively stable at 0.2 - The capital gearing ratio remained relatively stable at **0.2** during the reporting period[96](index=96&type=chunk)[100](index=100&type=chunk) [Capital Commitments](index=28&type=section&id=%E8%B3%87%E6%9C%AC%E6%89%BF%E6%93%94) Capital commitments for property, plant, and equipment acquisition were approximately RMB 277.9 million, a slight increase from 2024 year-end - As of **June 30, 2025**, capital commitments contracted but not yet provided for the acquisition of property, plant and equipment amounted to approximately **RMB 277.9 million**[97](index=97&type=chunk)[101](index=101&type=chunk) [Capital Expenditure](index=28&type=section&id=%E8%B3%87%E6%9C%AC%E9%96%8B%E6%94%AF) Capital expenditure was approximately RMB 21.8 million, down from RMB 30.9 million, mainly for property, plant, and equipment and land leases - Capital expenditure during the reporting period was approximately **RMB 21.8 million**, a decrease from approximately **RMB 30.9 million** in the prior period[98](index=98&type=chunk)[102](index=102&type=chunk) [Foreign Exchange and Currency Risk](index=28&type=section&id=%E5%A4%96%E5%8C%AF%E5%8F%8A%E5%8C%AF%E7%8E%87%E9%A2%A8%E9%9A%AA) Operating mainly in China, the company faces RMB exchange rate risk, but no material adverse impact is expected; no hedging transactions were in place - The company primarily operates in China, facing foreign exchange risk from **RMB** fluctuations against other currencies[99](index=99&type=chunk)[103](index=103&type=chunk) - As of **June 30, 2025**, the company had not entered into any hedging transactions for foreign exchange risk, and the directors do not expect exchange rate fluctuations to have a material adverse impact[99](index=99&type=chunk)[103](index=103&type=chunk) [Future Developments and Prospects of the Company](index=29&type=section&id=%E6%9C%AC%E5%85%AC%E5%8F%B8%E7%9A%84%E6%9C%AA%E4%BE%86%E7%99%BC%E5%B1%95%E5%8F%8A%E5%B1%95%E6%9C%9B) The company will pursue four strategic pillars: technological innovation, integrated hydrogen ecosystem, business diversification, and lean management - The company's future development adheres to four strategic pillars: **'technological innovation commercialization'**, **'integrated hydrogen energy ecosystem'**, **'business diversification'**, and **'lean operation management'**[104](index=104&type=chunk)[105](index=105&type=chunk) - The goal is to comprehensively enhance core competitiveness and sustainable development capabilities, contributing to the national energy structure transformation and carbon neutrality goals[104](index=104&type=chunk)[105](index=105&type=chunk) [Commercialization of Technological Innovation](index=29&type=section&id=%E6%8A%80%E8%A1%93%E5%89%B5%E6%96%B0%E5%95%86%E6%A5%AD%E5%8C%96) Increased R&D investment targets breakthroughs in fuel cell stacks, systems, and hydrogen production equipment, enhancing product performance and market leadership - The company will increase R&D investment in core products, aiming for greater breakthroughs in key technologies such as flexible graphite bipolar plates, high-efficiency and high-power hydrogen fuel cell stacks, high-power fuel cell systems, multi-scenario fuel cell power generation equipment, and hydrogen production equipment[106](index=106&type=chunk) - By enhancing comprehensive product performance, including adaptability, durability, reliability, power density, energy conversion efficiency, safety, and economic viability, the company will accelerate systematic technological iteration[106](index=106&type=chunk) [Integrated Hydrogen Energy Ecosystem](index=30&type=section&id=%E6%B0%AB%E8%83%BD%E7%94%9F%E6%85%8B%E4%B8%80%E9%AB%94%E5%8C%96) The company aims to build an integrated 'equipment + scenario + finance' model, driving hydrogen industry commercialization and a closed-loop ecosystem - The company is committed to building an integrated **'equipment + scenario + finance'** development model, with high-end manufacturing as the foundation, diverse scenarios as the driver, and financial capital as the synergistic link[109](index=109&type=chunk)[112](index=112&type=chunk) - Systematically promoting the hydrogen energy industry from demonstration to commercial scale, creating a closed-loop ecosystem across the entire hydrogen energy industry chain[109](index=109&type=chunk)[112](index=112&type=chunk) [Diversification of Business Operations](index=30&type=section&id=%E6%8B%93%E5%B1%95%E6%A5%AD%E5%8B%99%E5%A4%9A%E5%85%83%E5%8C%96) The company will diversify its 'Hydrogen Energy+' strategy, expanding into rail, marine, and drone applications, and focusing on hydrogen production and distributed power - Implementing a **'Hydrogen Energy+'** diversified development strategy, consolidating advantages in automotive hydrogen equipment, and expanding into transportation applications such as rail transit, marine vessels, and two-wheeled motorcycles[110](index=110&type=chunk)[113](index=113&type=chunk) - Focusing on energy supply areas like water electrolysis for hydrogen production and distributed power generation, and responding to national low-altitude economy development strategies by focusing on hydrogen-powered drone applications[110](index=110&type=chunk)[113](index=113&type=chunk) [Lean Operation Management](index=31&type=section&id=%E7%B6%93%E7%87%9F%E7%AE%A1%E7%90%86%E7%B2%BE%E7%9B%8A%E5%8C%96) Internal management will be optimized through 'talent efficiency improvement and management system upgrade,' enhancing talent structure, management systems, and operational efficiency - Implementing a dual-track internal management optimization strategy of **'talent efficiency improvement and management system upgrade'** to improve the company's lean operational ecosystem[114](index=114&type=chunk)[117](index=117&type=chunk) - Continuously introducing top technical talent, deepening industry-academia cooperation, and optimizing the talent echelon structure to enhance the company's overall professional competence and innovation capabilities[114](index=114&type=chunk)[118](index=118&type=chunk) - Improving management system construction, enhancing cross-departmental collaboration efficiency through refined management and process optimization, and elevating corporate governance, management, and operational levels[114](index=114&type=chunk)[119](index=119&type=chunk) [Material Investments and Future Plans for Material Investments or Capital Assets](index=31&type=section&id=%E9%87%8D%E5%A4%A7%E6%8A%95%E8%B3%87%E4%BB%A5%E5%8F%8A%E9%87%8D%E5%A4%A7%E6%8A%95%E8%B3%87%E6%88%96%E8%B3%87%E6%9C%AC%E8%B3%87%E7%94%A2%E7%9A%84%E6%9C%AA%E4%BE%86%E8%A8%88%E5%8A%83) No material investments significantly impacted performance; as of June 30, 2025, no specific plans for material investments or capital asset acquisitions - During the reporting period, the company held no material investments that significantly impacted its operating and financial performance[115](index=115&type=chunk)[120](index=120&type=chunk) - As of **June 30, 2025**, the company had no specific plans for any material investments or acquisitions of capital assets[115](index=115&type=chunk)[120](index=120&type=chunk) [Material Acquisitions and Disposals](index=31&type=section&id=%E9%87%8D%E5%A4%A7%E6%94%B6%E8%B3%BC%E5%8F%8A%E5%87%BA%E5%94%AE) During the reporting period, the company did not undertake any material acquisitions or disposals of subsidiaries, associates, or assets - During the reporting period, the company did not undertake any material acquisitions or disposals of subsidiaries, associates, or assets[116](index=116&type=chunk)[121](index=121&type=chunk) [Employees and Remuneration Policy](index=32&type=section&id=%E5%83%B1%E5%93%A1%E5%8F%8A%E8%96%AA%E9%85%AC%E6%94%BF%E7%AD%96) As of June 30, 2025, full-time employees totaled 358, down from 511; employee training is valued, and benefit expenses decreased - As of **June 30, 2025**, the company had a total of **358** full-time employees, a decrease from **511** at **December 31, 2024**[123](index=123&type=chunk)[125](index=125&type=chunk) - The company values employee training, providing courses in safe production, fire safety, emergency medical care, and team building[123](index=123&type=chunk)[126](index=126&type=chunk) - Employee remuneration varies by job function, including basic salary, bonuses, and allowances[123](index=123&type=chunk)[127](index=127&type=chunk) - Employee benefit expenses (including directors' remuneration) during the reporting period were approximately **RMB 54.2 million**, a decrease from approximately **RMB 105.8 million** in the prior period[123](index=123&type=chunk)[128](index=128&type=chunk) [Dividends](index=32&type=section&id=%E8%82%A1%E6%81%AF) The Board does not recommend distributing an interim dividend for the reporting period - The Board does not recommend distributing an interim dividend for the reporting period[124](index=124&type=chunk)[129](index=129&type=chunk) [Other Information](index=33&type=section&id=%E5%85%B6%E4%BB%96%E8%B3%87%E6%96%99) [Compliance with Corporate Governance Code](index=33&type=section&id=%E9%81%B5%E5%AE%88%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%AE%88%E5%89%87) The company complied with the Corporate Governance Code, except for the combined Chairman/CEO role, which the Board believes enhances efficiency - The company adopted the Corporate Governance Code and complied with all applicable code provisions during the reporting period[130](index=130&type=chunk)[133](index=133&type=chunk)[136](index=136&type=chunk)[139](index=139&type=chunk) - The roles of Chairman and Chief Executive Officer (General Manager) are combined and held by **Mr. Chen Xiaomin**, deviating from Corporate Governance Code provision **C.2.1**[131](index=131&type=chunk)[134](index=134&type=chunk) - The Board believes this arrangement contributes to the execution of the company's business strategy and improved operational efficiency, and will review the possibility of separating the roles at an appropriate time[131](index=131&type=chunk)[132](index=132&type=chunk)[134](index=134&type=chunk)[135](index=135&type=chunk) [Compliance with Model Code](index=34&type=section&id=%E9%81%B5%E5%AE%88%E6%A8%99%E6%BA%96%E5%AE%88%E5%89%87) The company adopted and all directors and supervisors complied with the Model Code for securities transactions during the reporting period - The company adopted the Model Code as a code of conduct for directors and supervisors' securities transactions[137](index=137&type=chunk)[140](index=140&type=chunk) - All directors and supervisors fully complied with the standards stipulated in the Model Code during the reporting period[137](index=137&type=chunk)[140](index=140&type=chunk) [Use of Proceeds from Global Offering](index=34&type=section&id=%E5%85%A8%E7%90%83%E7%99%BC%E5%94%AE%E6%89%80%E5%BE%97%E6%AC%BE%E9%A0%85%E7%94%A8%E9%80%94) H-share listing proceeds were approximately HKD 1,456.26 million, used for capacity, R&D, and operations; HKD 1,273.7 million remains - The company's net proceeds from the global offering were approximately **HKD 1,456.26 million**, and the use of proceeds and expected implementation timetable remained unchanged[138](index=138&type=chunk)[141](index=141&type=chunk) Use of Proceeds from Global Offering and Timetable | Use | Approximate Percentage of Total Net Proceeds (%) | Net Proceeds from Listing (HKD million) | Net Proceeds Remaining as of December 31, 2024 (HKD million) | Net Proceeds Utilized During Reporting Period (HKD million) | Net Proceeds Remaining as of June 30, 2025 (HKD million) | Estimated Time for Full Utilization of Remaining Net Proceeds | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Expand hydrogen fuel cell stack and system production capacity | 40 | 582.6 | 531.9 | 11.6 | 520.3 | By end of 2026 | | R&D of hydrogen fuel cell stacks, systems, and hydrogen production equipment | 20 | 291.3 | 270.0 | 15.4 | 254.6 | By end of 2026 | | Investment, potential acquisitions, or establishment of upstream industry partnerships | 10 | 145.6 | 145.6 | – | 145.6 | By end of 2026 | | Development of downstream transportation and stationary applications and establishment of joint ventures | 10 | 145.6 | 129.5 | – | 129.5 | By end of 2026 | | Team building, talent recruitment and training, increased remuneration and incentives | 10 | 145.6 | 134.6 | 10.0 | 124.6 | By end of 2026 | | Working capital and other general corporate purposes | 10 | 145.6 | 124.8 | 25.7 | 99.1 | By end of 2026 | | **Total** | **100** | **1,456.3** | **1,336.4** | **62.7** | **1,273.7** | | - As of **June 30, 2025**, net proceeds of **HKD 62.7 million** had been utilized, with the remaining **HKD 1,273.7 million** expected to be fully utilized by the end of **2026**[143](index=143&type=chunk) [Purchases, Sales or Redemptions of Listed Securities](index=36&type=section&id=%E8%B3%BC%E8%B2%B7%E3%80%81%E5%87%BA%E5%94%AE%E6%88%96%E8%B4%96%E5%9B%9E%E4%B8%8A%E5%B8%82%E8%AD%89%E5%88%B8) The company repurchased 894,500 H-shares for HKD 8,559.85 thousand, held as treasury shares for employee incentives and liquidity H-share Repurchase Details | Repurchase Month | Number of H-shares Repurchased | Highest Price Per Share (HKD) | Lowest Price Per Share (HKD) | Total Consideration (HKD thousand) | | :--- | :--- | :--- | :--- | :--- | | January 2025 | 586,000 | 10.5 | 9.45 | 5,878.81 | | March 2025 | 26,500 | 9.09 | 8.8 | 237.89 | | April 2025 | 282,000 | 9.10 | 7.81 | 2,443.15 | | **Total** | **894,500** | | | **8,559.85** | - The company repurchased a total of **894,500 H-shares** on the Stock Exchange during the reporting period, for a total consideration of **HKD 8,559.85 thousand**[145](index=145&type=chunk)[146](index=146&type=chunk) - The repurchase aims to demonstrate the company's confidence in its business prospects and create shareholder value[146](index=146&type=chunk)[149](index=149&type=chunk) - All repurchased H-shares are held as treasury shares, intended for employee incentives, sale, or transfer to obtain liquidity, among other uses[147](index=147&type=chunk)[150](index=150&type=chunk) - As of **June 30, 2025**, the company held **1,003,500 H-shares** as treasury shares[148](index=148&type=chunk)[151](index=151&type=chunk) [Interests and Short Positions of Directors, Supervisors and Chief Executive in Shares and Underlying Shares](index=37&type=section&id=%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%A3%E4%BA%8B%E5%8F%8A%E6%9C%80%E9%AB%98%E8%A1%8C%E6%94%BF%E4%BA%BA%E5%93%A1%E6%96%BC%E8%82%A1%E4%BB%BD%E5%8F%8A%E7%9B%B8%E9%97%9C%E8%82%A1%E4%BB%BD%E4%B8%AD%E7%9A%84%E6%AC%8A%E7%9B%8A%E5%8F%8A%E6%B7%A1%E5%80%89) Directors, supervisors, and chief executive held interests in shares and options, primarily Mr. Chen Xiaomin through controlled entities and beneficial ownership Interests of Directors, Supervisors and Chief Executive in Shares and Underlying Shares | Name | Nature of Interest | Class of Shares | Number of Shares | Approximate Percentage in Relevant Class of Shares(1) | Approximate Percentage of Total Issued Share Capital of the Company(2) | | :--- | :--- | :--- | :--- | :--- | :--- | | Mr. Chen Xiaomin | Controlled corporation interest | Domestic Shares | 32,000,000 | 19.34% | 6.18% | | | Beneficial owner | Domestic Shares | 2,000,000 | 1.21% | 0.39% | | | Controlled corporation interest | H-shares | 48,000,000 | 13.61% | 9.27% | | Mr. Yang Zeyun | Beneficial owner | Domestic Shares | 480,000 | 0.29% | 0.09% | | | Controlled corporation interest | H-shares | 3,400,000 | 0.96% | 0.66% | | Mr. Wang Jun | Beneficial owner | Domestic Shares | 40,000 | 0.02% | 0.01% | | | Controlled corporation interest | H-shares | 3,065,000 | 0.87% | 0.78% | | | Other | H-shares | 1,000,000 | 0.28% | 0.19% | | Mr. Ye Jiajie | Other | H-shares | 100,000 | 0.03% | 0.02% | | Mr. Hu Muzhou | Other | H-shares | 40,000 | 0.01% | 0.01% | - **Mr. Chen Xiaomin** held **32,000,000 domestic shares** and **48,000,000 H-shares** through Hongyun Hydrogen Energy (controlled by him), and beneficially owned **2,000,000 Pre-IPO share options**[154](index=154&type=chunk)[156](index=156&type=chunk) - **Mr. Yang Zeyun** held **3,400,000 H-shares** through Hainan Zeyuan (an employee shareholding platform), and beneficially owned **480,000 Pre-IPO share options**[154](index=154&type=chunk)[156](index=156&type=chunk) - **Mr. Wang Jun** held **3,065,000 H-shares** through Hongsheng Fengyuan (an employee shareholding platform), held interests in **1,000,000 H-shares** of Hongsheng Fengying, and beneficially owned **40,000 Pre-IPO share options**[154](index=154&type=chunk)[156](index=156&type=chunk) [Interests and Short Positions of Substantial Shareholders in Shares and Underlying Shares](index=40&type=section&id=%E4%B8%BB%E8%A6%81%E8%82%A1%E6%9D%B1%E6%96%BC%E8%82%A1%E4%BB%BD%E5%8F%8A%E7%9B%B8%E9%97%9C%E8%82%A1%E4%BB%BD%E7%9A%84%E6%AC%8A%E7%9B%8A%E5%8F%8A%E6%B7%A1%E5%80%89) As of June 30, 2025, numerous substantial shareholders held interests in the company's shares and underlying shares, primarily through beneficial ownership or controlled corporations Interests of Substantial Shareholders in Shares and Underlying Shares | Shareholder Name/Entity | Nature of Interest | Class of Shares | Number of Shares | Approximate Percentage in Relevant Class of Shares(1) | Approximate Percentage of Total Issued Share Capital of the Company(2) | | :--- | :--- | :--- | :--- | :--- | :--- | | Hongyun Hydrogen Energy | Beneficial owner | Domestic Shares | 32,000,000 | 19.34% | 6.18% | | | Beneficial owner | H-shares | 48,000,000 | 13.61% | 9.27% | | Huahui Technology | Controlled corporation interest | Domestic Shares | 32,000,000 | 19.34% | 6.18% | | | Controlled corporation interest | H-shares | 48,000,000 | 13.61% | 9.27% | | Yunfu Industrial Park | Beneficial owner | Domestic Shares | 27,200,000 | 16.44% | 5.25% | | | Beneficial owner | H-shares | 40,800,000 | 11.57% | 7.88% | | Yunfu Yunsheng Investment Development Co., Ltd. | Controlled corporation interest | Domestic Shares | 27,200,000 | 16.44% | 5.25% | | | Controlled corporation interest | H-shares | 40,800,000 | 11.57% | 7.88% | | Jiaxing Guohong Hydrogen Port Equity Investment Partnership (Limited Partnership) | Beneficial owner | Domestic Shares | 31,250,000 | 18.89% | 6.03% | | Jiaxing Nanhu Equity Investment Fund Co., Ltd. | Controlled corporation interest | Domestic Shares | 31,250,000 | 18.89% | 6.03% | | Jiaxing Nanhu Financial Services Co., Ltd. | Controlled corporation interest | Domestic Shares | 31,250,000 | 18.89% | 6.03% | | Jiaxing Wanbei Sci-Tech Development Group Co., Ltd. | Controlled corporation interest | Domestic Shares | 31,250,000 | 18.89% | 6.03% | | | Controlled corporation interest | H-shares | 20,497,500 | 5.81% | 3.96% | | Zhejiang Hydrogen Energy Industry Development Co., Ltd. | Controlled corporation interest | Domestic Shares | 31,250,000 | 18.89% | 6.03% | | | Beneficial owner | H-shares | 20,497,500 | 5.81% | 3.96% | | Jiaxing Binhai Holding Group Co., Ltd. | Controlled corporation interest | Domestic Shares | 31,250,000 | 18.89% | 6.03% | | | Controlled corporation interest | H-shares | 20,497,500 | 5.81% | 3.96% | | Chiyue Investment Co., Ltd. | Controlled corporation interest | Domestic Shares | 31,250,000 | 18.89% | 6.03% | | Qingdao Chengtou Hydrogen Power Partnership (Limited Partnership) | Beneficial owner | Domestic Shares | 9,000,000 | 5.44% | 1.74% | | | Beneficial owner | H-shares | 17,400,000 | 4.93% | 3.36% | | Qingdao Chengtou New Energy Group Co., Ltd. | Controlled corporation interest | Domestic Shares | 9,000,000 | 5.44% | 1.74% | | | Controlled corporation interest | H-shares | 21,000,000 | 5.96% | 4.05% | | Qingdao Urban Construction Investment (Group) Co., Ltd. | Controlled corporation interest | Domestic Shares | 9,000,000 | 5.44% | 1.74% | | | Controlled corporation interest | H-shares | 21,000,000 | 5.96% | 4.05% | | Chen Jinxia | Controlled corporation interest | Domestic Shares | 8,542,308 | 5.16% | 1.65% | | Sun Junfu | Controlled corporation interest | Domestic Shares | 23,434,065 | 14.16% | 4.52% | | Shenzhen Rongdingze Investment Center (Limited Partnership) | Beneficial owner | H-shares | 23,220,135 | 6.59% | 4.48% | | Dai Xingzi | Controlled corporation interest | H-shares | 23,220,135 | 6.59% | 4.48% | | Gu Shuai | Controlled corporation interest | H-shares | 23,220,135 | 6.59% | 4.48% | | Zheng Song | Controlled corporation interest | H-shares | 23,220,135 | 6.59% | 4.48% | | Yiyi (Beijing) Investment Co., Ltd. | Controlled corporation interest | H-shares | 23,220,135 | 6.59% | 4.48% | | Guangdong Baohui Chuangneng Enterprise Management Partnership (Limited Partnership) | Controlled corporation interest | H-shares | 23,220,135 | 6.59% | 4.48% | | Hangzhou Yiyi Investment Management Partnership (Limited Partnership) | Controlled corporation interest | H-shares | 23,220,135 | 6.59% | 4.48% | | Gongqingcheng Shuidayu Technology Industry Investment Center (Limited Partnership) | Beneficial owner | Domestic Shares | 22,857,142 | 13.82% | 4.41% | | Liu Xianting | Controlled corporation interest | Domestic Shares | 22,857,142 | 13.82% | 4.41% | | Shanxi Meijin Energy Co., Ltd. | Beneficial owner | H-shares | 20,000,000 | 5.67% | 3.86% | | Meijin Energy Group Co., Ltd. | Controlled corporation interest | H-shares | 20,000,000 | 5.67% | 3.86% | | Shaanxi Xinghe Canyun Private Equity Fund Management Co., Ltd. | Beneficial owner | Domestic Shares | 12,500,000 | 7.56% | 2.41% | | Xi'an Shanmei Industrial Investment Fund Partnership (Limited Partnership) | Controlled corporation interest | Domestic Shares | 12,500,000 | 7.56% | 2.41% | | Shaanxi Coal and Chemical Industry Group Co., Ltd. | Controlled corporation interest | Domestic Shares | 12,500,000 | 7.56% | 2.41% | [Pre-IPO Share Option Incentive Scheme](index=48&type=section&id=%E9%A6%96%E6%AC%A1%E5%85%AC%E9%96%8B%E7%99%BC%E5%94%AE%E5%89%8D%E8%82%A1%E7%A5%A8%E6%9C%9F%E6%AC%8A%E6%BF%80%E5%8B%B5%E8%A8%88%E5%8A%83) The Pre-IPO Share Option Scheme, adopted in October 2022, granted 12,065,000 options (2.33% of capital) at RMB 8.00; 4,292,000 remain unexercised - The **Pre-IPO Share Option Incentive Scheme** was adopted on **October 28, 2022**, aiming to establish a long-term incentive mechanism to attract and retain talent[173](index=173&type=chunk)[177](index=177&type=chunk)[178](index=178&type=chunk) - After listing, a total of **29** eligible grantees were granted share options to subscribe for a total of **12,065,000 domestic shares**, approximately representing **2.33%** of the total issued share capital[183](index=183&type=chunk)[187](index=187&type=chunk) - Share options vest in three tranches, with an exercise price of **RMB 8.00** and a term not exceeding **10 years**[190](index=190&type=chunk)[191](index=191&type=chunk)[196](index=196&type=chunk)[201](index=201&type=chunk) Share Option Movement Details | Name | Unexercised as of January 1, 2025 | Granted During the Period | Exercised During the Period | Cancelled During the Period | Lapsed During the Period | Unexercised as of June 30, 2025 | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Chen Xiaomin | 2,000,000 | – | – | – | – | 2,000,000 | | Yang Zeyun | 480,000 | – | – | – | – | 480,000 | | Wang Jun | 40,000 | – | – | – | – | 40,000 | | Other Employees | 2,066,000 | – | – | – | 294,000 | 1,772,000 | | **Total** | **4,586,000** | **–** | **–** | **–** | **294,000** | **4,292,000** | - During the reporting period, **294,000** share options lapsed, with **4,292,000** remaining unexercised at period-end[216](index=216&type=chunk) [Sufficiency of Public Float](index=55&type=section&id=%E5%85%AC%E7%9C%BE%E6%8C%81%E8%82%A1%E9%87%8F%E5%85%85%E8%B6%B3) The company received a public float waiver, maintaining a minimum public float of not less than 15% of total issued share capital - The Stock Exchange granted the company a public float waiver, stipulating a minimum public float of not less than **15%** of the total issued share capital[226](index=226&type=chunk)[231](index=231&type=chunk) - During the reporting period, the company's public float was consistently maintained at not less than **15%**[226](index=226&type=chunk)[231](index=231&type=chunk) [Changes in Information of Directors, Supervisors and Chief Executive](index=55&type=section&id=%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%A3%E4%BA%8B%E5%8F%8A%E6%9C%80%E9%AB%98%E8%A1%8C%E6%94%BF%E4%BA%BA%E5%93%A1%E8%B3%87%E6%96%99%E7%9A%84%E8%AE%8A%E6%9B%B4) Since the publication of the last annual report, the company found no changes in information of directors, supervisors, and chief executive requiring disclosure under the Listing Rules - Since the publication of the last annual report, the company found no changes in information of directors, supervisors, and chief executive requiring disclosure under the Listing Rules[227](index=227&type=chunk)[232](index=232&type=chunk) [Continuing Disclosure Obligations under Listing Rules](index=55&type=section&id=%E4%B8%8A%E5%B8%82%E8%A6%8F%E5%89%87%E8%A6%8F%E5%AE%9A%E7%9A%84%E6%8C%81%E7%BA%8C%E6%8A%AB%E9%9C%B2%E7%BE%A9%E5%8B%99) The company has no other disclosure obligations under Listing Rules 13.20, 13.21, and 13.22 - The company has no other disclosure obligations under Listing Rules **13.20**, **13.21**, and **13.22**[228](index=228&type=chunk)[233](index=233&type=chunk) [Material Litigation](index=55&type=section&id=%E9%87%8D%E5%A4%A7%E6%B3%95%E5%BE%8B%E8%A8%B4%E8%A8%9F) During the reporting period, no member of the company was involved in any material litigation, arbitration, or claims, nor any outstanding or threatened material litigation, arbitration, or claims - During the reporting period, no member of the company was involved in any material litigation, arbitration, or claims, nor any outstanding or threatened material litigation, arbitration, or claims[229](index=229&type=chunk)[234](index=234&type=chunk) [Articles of Association](index=55&type=section&id=%E7%B5%84%E7%B9%94%E7%AB%A0%E7%A8%8B%E7%B4%B0%E5%89%87) During the reporting period, no amendments were made to the company's Articles of Association; the full text is available on the Stock Exchange and company website - During the reporting period, no amendments were made to the company's Articles of Association[230](index=230&type=chunk)[235](index=235&type=chunk) [Events During and After the Reporting Period](index=56&type=section&id=%E5%A0%B1%E5%91%8A%E6%9C%9F%E9%96%93%E5%8F%8A%E6%9C%9F%E5%BE%8C%E4%BA%8B%E9%A0%85) The company elected its second Board and Supervisory Board, appointed new management, and received H-share full circulation approval [Events During the Reporting Period](index=56&type=section&id=%E5%A0%B1%E5%91%8A%E6%9C%9F%E9%96%93%E4%BA%8B%E9%A0%85) An EGM on March 28, 2025, approved the election of the second Board and Supervisory Board; new management was appointed - The company held an EGM on **March 28, 2025**, approving the election of its second Board of Directors and Supervisory Board[237](index=237&type=chunk)[239](index=239&type=chunk) - The Board appointed a new senior management team on **February 28, 2025**, with **Mr. Chen Xiaomin** as General Manager[240](index=240&type=chunk)[242](index=242&type=chunk) [Events After the Reporting Period](index=58&type=section&id=%E5%A0%B1%E5%91%8A%E6%9C%9F%E5%BE%8C%E4%BA%8B%E9%A0%85) On August 19, 2025, the company received H-share full circulation approval, intending to convert 41,303,978 domestic shares into H-shares - On **August 19, 2025**, the company obtained a filing notice from the China Securities Regulatory Commission regarding **H-share full circulation**, intending to convert not more than **41,303,978 domestic shares** into H-shares[241](index=241&type=chunk)[243](index=243&type=chunk) - Implementation details for the conversion and listing are yet to be finalized, requiring compliance with procedures stipulated by the China Securities Regulatory Commission, the Stock Exchange, and other relevant regulatory authorities[244](index=244&type=chunk)[247](index=247&type=chunk) [Review of Interim Results by Audit Committee](index=58&type=section&id=%E5%AF%A9%E6%A0%B8%E5%A7%94%E5%93%A1%E6%9C%83%E5%AF%A9%E9%96%B1%E4%B8%AD%E6%9C%9F%E6%A5%AD%E7%B8%BE) The Audit Committee reviewed the unaudited interim financial results, accounting principles, and internal control and risk management systems - The Audit Committee reviewed the Group's unaudited condensed interim financial results for the reporting period[246](index=246&type=chunk)[249](index=249&type=chunk) - The Audit Committee reviewed accounting principles and practices, the relationship with and terms of appointment of the external auditor, the financial reporting system, and internal control and risk management systems[246](index=246&type=chunk)[249](index=249&type=chunk) [Condensed Consolidated Interim Statement of Profit or Loss](index=59&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E4%B8%AD%E6%9C%9F%E6%90%8D%E7%9B%8A%E8%A1%A8) [Condensed Consolidated Interim Statement of Profit or Loss](index=59&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E4%B8%AD%E6%9C%9F%E6%90%8D%E7%9B%8A%E8%A1%A8) For H1 2025, revenue was RMB 58.88 million, gross profit RMB 3.10 million, operating loss RMB 183.06 million, and loss per share RMB 0.36 Condensed Consolidated Interim Statement of Profit or Loss (For the six months ended June 30) | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Revenue | 58,883 | 133,012 | | Cost of sales | (55,788) | (132,242) | | Gross profit | 3,095 | 770 | | Selling expenses | (14,113) | (20,825) | | Research and development expenses | (67,785) | (65,302) | | Administrative expenses | (96,667) | (113,497) | | Net impairment losses on financial and contract assets | (22,566) | (44,553) | | Other income | 6,173 | 7,410 | | Net other gains | 8,800 | 28,035 | | Operating loss | (183,063) | (207,962) | | Net finance costs | (10,876) | (6,065) | | Share of profits of associates and joint ventures accounted for using the equity method | 11,908 | 90 | | Loss before income tax | (182,031) | (213,937) | | Income tax expense / (credit) | (2,396) | 1,640 | | Loss for the period | (184,427) | (212,297) | | Loss for the period attributable to owners of the company | (184,248) | (212,297) | | Basic and diluted loss per share attributable to owners of the company (RMB) | (0.36) | (0.41) | [Condensed Consolidated Interim Statement of Comprehensive Income](index=60&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E4%B8%AD%E6%9C%9F%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) [Condensed Consolidated Interim Statement of Comprehensive Income](index=60&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E4%B8%AD%E6%9C%9F%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) For H1 2025, loss for the period was RMB 184.43 million; currency translation differences led to a total comprehensive loss of RMB 184.50 million Condensed Consolidated Interim Statement of Comprehensive Income (For the six months ended June 30) | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Loss for the period | (184,427) | (212,297) | | Other comprehensive income | | | | – Currency translation differences | (73) | 260 | | – Net fair value gains on financial assets at fair value through other comprehensive income | – | 19,992 | | **Total comprehensive loss for the period** | **(184,500)** | **(192,045)** | | Total comprehensive loss for the period attributable to owners of the company | (184,321) | (192,045) | | Non-controlling interests | (179) | – | | **Total** | **(184,500)** | **(192,045)** | [Condensed Consolidated Interim Statement of Financial Position](index=61&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E4%B8%AD%E6%9C%9F%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) [Condensed Consolidated Interim Statement of Financial Position](index=61&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E4%B8%AD%E6%9C%9F%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) As of June 30, 2025, total assets were RMB 4,337.70 million, total liabilities RMB 1,539.84 million, and equity RMB 2,778.96 million Condensed Consolidated Interim Statement of Financial Position (As of June 30, 2025) | Indicator | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | **Assets** | | | | Total non-current assets | 1,180,581 | 1,244,773 | | Total current assets | 3,157,118 | 3,419,368 | | **Total Assets** | **4,337,699** | **4,664,141** | | **Equity** | | | | Equity attributable to owners of the company | 2,778,963 | 2,971,357 | | Non-controlling interests | 18,892 | 17,071 | | **Total Equity** | **2,797,855** | **2,988,428** | | **Liabilities** | | | | Total non-current liabilities | 292,345 | 316,215 | | Total current liabilities | 1,247,499 | 1,359,498 | | **Total Liabilities** | **1,539,844** | **1,675,713** | | **Total Equity and Liabilities** | **4,337,699** | **4,664,141** | - As of **June 30, 2025**, total assets were **RMB 4,337.70 million**, a decrease of approximately **7.0%** from **December 31, 2024**[256](index=256&type=chunk) - Total current assets were **RMB 3,157.12 million**, of which financial assets at fair value through profit or loss were **RMB 1,122.88 million**[256](index=256&type=chunk) - Total liabilities were **RMB 1,539.84 million**, a decrease of approximately **8.1%** from **December 31, 2024**[259](index=259&type=chunk) [Condensed Consolidated Interim Statement of Changes in Equity](index=63&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E4%B8%AD%E6%9C%9F%E6%AC%8A%E7%9B%8A%E8%AE%8A%E5%8B%95%E8%A1%A8) [Condensed Consolidated Interim Statement of Changes in Equity](index=63&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E4%B8%AD%E6%9C%9F%E6%AC%8A%E7%9B%8A%E8%AE%8A%E5%8B%95%E8%A1%A8) Equity attributable to owners decreased from RMB 2,971.36 million to RMB 2,778.96 million, due to loss and share repurchases Condensed Consolidated Interim Statement of Changes in Equity (For the six months ended June 30) | Item | Share Capital (RMB thousand) | Share Premium (RMB thousand) | Other Reserves (RMB thousand) | Treasury Shares Reserve (RMB thousand) | Accumulated Losses (RMB thousand) | Subtotal (RMB thousand) | Non-controlling Interests (RMB thousand) | Total Equity (RMB thousand) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | As of January 1, 2025 | 518,042 | 3,657,827 | 59,454 | (1,171) | (1,262,795) | 2,971,357 | 17,071 | 2,988,428 | | Loss for the period | – | – | – | – | (184,248) | (184,248) | (179) | (184,427) | | Currency translation differences | – | – | (73) | – | – | (73) | – | (73) | | Total comprehensive loss | – | – | (73) | – | (184,248) | (184,321) | (179) | (184,500) | | Repurchase of treasury shares | – | – | – | (8,073) | – | (8,073) | – | (8,073) | | Capital contribution from non-controlling interests | – | – | – | – | – | – | 2,000 | 2,000 | | As of June 30, 2025 | 518,042 | 3,657,827 | 59,381 | (9,244) | (1,447,043) | 2,778,963 | 18,892 | 2,797,855 | - Equity attributable to owners of the company decreased from approximately **RMB 2,971.36 million** as of **January 1, 2025**, to approximately **RMB 2,778.96 million** as of **June 30, 2025**[264](index=264&type=chunk) - Key changes include loss for the period of approximately **RMB 184.25 million** and repurchase of treasury shares of approximately **RMB 8.07 million**[264](index=264&type=chunk) [Condensed Consolidated Interim Statement of Cash Flows](index=65&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E4%B8%AD%E6%9C%9F%E7%8F%BE%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) [Condensed Consolidated Interim Statement of Cash Flows](index=65&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E4%B8%AD%E6%9C%9F%E7%8F%BE%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) Net cash used in operating, investing, and financing activities totaled RMB 93.61 million, RMB 98.04 million, and RMB 25.72 million respectively Condensed Consolidated Interim Statement of Cash Flows (For the six months ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Net cash used in operating activities | (93,612) | (313,171) | | Net cash used in investing activities | (98,041) | (311,474) | | Net cash (used in) / generated from financing activities | (25,722) | 291,692 | | Net decrease in cash and cash equivalents | (217,375) | (332,953) | | Cash and cash equivalents at beginning of period | 309,603 | 604,715 | | Effect of exchange rate changes on cash and cash equivalents | 2,942 | 6,074 | | **Cash and cash equivalents at end of period** | **95,170** | **277,836** | - Net cash used in operating activities was **RMB 93.61 million**, an improvement from **RMB 313.17 million** in the prior period[265](index=265&type=chunk) - Net cash used in investing activities was **RMB 98.04 million**, primarily for payments for property, plant and equipment and investments in financial assets[265](index=265&type=chunk) - Net cash used in financing activities was **RMB 25.72 million**, primarily affected by repayment of bank borrowings and repurchase of treasury shares[268](index=268&type=chunk) - Cash and cash equivalents at period-end were **RMB 95.17 million**, a significant decrease from **RMB 309.60 million** at the beginning of the period[268](index=268&type=chunk) [Notes to the Condensed Consolidated Interim Financial Statements](index=67&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E4%B8%AD%E6%9C%9F%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8%E9%99%84%E8%A8%BB) [General Information](index=67&type=section&id=%E4%B8%80%E8%88%AC%E8%B3%87%E6%96%99) Guohong Hydrogen Energy, registered in China on June 30, 2015, focuses on hydrogen fuel cell R&D, production, and sales - The company was registered in China on **June 30, 2015**, and restructured into a joint stock company on **March 22, 2022**[270](index=270&type=chunk)[273](index=273&type=chunk) - The company primarily engages in the R&D, production, and sales of hydrogen fuel cell stacks and systems[270](index=270&type=chunk)[274](index=274&type=chunk) - The company's H-shares have been listed on the Stock Exchange of Hong Kong since **December 5, 2023**[270](index=270&type=chunk)[275](index=275&type=chunk) [Basis of Preparation](index=68&type=section&id=%E7%B7%A8%E8%A3%BD%E5%9F%BA%E6%BA%96) Interim financial information is prepared under IAS 34, consistent with 2024 policies; new standards caused no accounting policy changes - The condensed consolidated interim financial information is prepared in accordance with **International Accounting