[Financial Summary](index=1&type=section&id=Financial%20Summary) The company's H1 2025 financial performance shows a net loss, though basic earnings per share improved from the prior year - | Indicator | Amount (RMB million) | | :--- | :--- | | Operating Revenue | 48,599 | | Total Profit | -1,069 | | Net Profit Attributable to Shareholders of the Company | -1,144 | | Basic Earnings Per Share | -0.122 Yuan | - The company achieved **operating revenue of RMB 48,599 million** in H1 2025, with a **total loss of RMB 1,069 million**, and a **net loss attributable to shareholders of RMB 1,144 million**. **Basic earnings per share were RMB -0.122**, representing a reduced loss compared to **RMB -0.287** in the prior period[5](index=5&type=chunk) [Definitions](index=2&type=section&id=Definitions) This section provides key term definitions used in the report, ensuring accurate interpretation - This section provides detailed explanations of key terms used in the report, including Company, Group, Anshan Iron and Steel, Angang, Angang Finance Company, and various framework agreements (e.g., "Commodity Supply Framework Agreement", "Service Supply Framework Agreement", "Financial Services Agreement"), ensuring accurate report interpretation[6](index=6&type=chunk)[7](index=7&type=chunk) [I. Key Accounting Data and Financial Indicators](index=4&type=section&id=I.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) This section presents the Group's key accounting data and financial indicators, highlighting year-on-year changes and period-end balances Key Accounting Data and Financial Indicators (H1 2025 vs Prior Period) | Item | Current Period (RMB million) | Prior Period (RMB million) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 48,599 | 55,449 | -12.35 | | Net Profit Attributable to Shareholders of Listed Company | -1,144 | -2,689 | 57.46 | | Net Profit Attributable to Shareholders of Listed Company Excluding Non-Recurring Gains and Losses | -1,231 | -2,670 | 53.90 | | Net Cash Flow from Operating Activities | 405 | 572 | -29.20 | | Basic Earnings Per Share (Yuan/share) | -0.122 | -0.287 | 57.49 | | Diluted Earnings Per Share (Yuan/share) | -0.122 | -0.287 | 57.49 | | Weighted Average Return on Net Assets (%) | -2.43 | -5.03 | Increased by 2.60 percentage points | Key Accounting Data and Financial Indicators (End of Current Period vs End of Prior Year) | Item | End of Current Period (RMB million) | End of Prior Year (RMB million) | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 98,421 | 100,578 | -2.14 | | Owners' Equity Attributable to Shareholders of Listed Company | 46,610 | 47,679 | -2.24 | Non-Recurring Gains and Losses (H1 2025) | Item | Amount (RMB million) | | :--- | :--- | | Disposal and Scrapping Gains/Losses of Non-Current Assets | 2 | | Government Grants Included in Current Profit/Loss | 101 | | Fair Value Changes of Trading Financial Assets | 1 | | Fair Value Changes of Other Non-Current Financial Assets | 16 | | Reversal of Impairment Provisions for Accounts Receivable Subject to Separate Impairment Testing | 1 | | Other Non-Operating Income and Expenses Apart from the Above | 15 | | **Subtotal** | **136** | | Less: Income Tax Impact | 26 | | Impact on Minority Shareholders' Equity (After Tax) | 23 | | **Total** | **87** | [II. Board Report](index=6&type=section&id=II.%20Board%20Report) The Board Report details the company's operational performance, financial changes, and strategic initiatives for the reporting period [(I) Overview](index=6&type=section&id=%28I%29%20Overview) In H1 2025, the company navigated a complex market, improving overall production and operations through "Five-Type" enterprise construction, despite a revenue decline - The company adheres to Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, fully implementing important speeches and continuously deepening the construction of "Five-Type" enterprises, leading to overall improvement in production and operations[14](index=14&type=chunk) H1 2025 Key Operating Data | Indicator | Amount/Quantity | Year-on-Year Change (%) | | :--- | :--- | :--- | | Operating Revenue | RMB 48,599 million | -12.35 | | Net Profit Attributable to Shareholders of Listed Company | RMB -1,144 million | Reduced loss by 57.46 | | Pig Iron Production | 12.1643 million tons | +0.30 | | Steel Production | 12.7908 million tons | -0.53 | | Rolled Steel Production | 12.0353 million tons | -0.52 | | Steel Sales | 12.0211 million tons | +0.08 | | Steel Product Sales Ratio | 99.88% | - | - The company deepened the construction of "Model-Type" enterprises, strengthening political leadership and talent team building, increasing the proportion of young cadres, and making progress in scientific and technological talent cultivation. It also strictly governed the party and actively carried out "I Do Practical Things for the Masses" activities[15](index=15&type=chunk) - The company deepened the construction of "Vibrant-Type" enterprises, promoting market-oriented reforms, deepening Chaoyang Steel Reform 3.0, reshaping the organizational management model, establishing a material procurement center, and building a "2+3+1" performance appraisal system to stimulate micro-entity vitality[16](index=16&type=chunk)[17](index=17&type=chunk) - The company deepened the construction of "Innovative-Type" enterprises, actively serving national strategies, high-standard preparation of the "2030 New Materials Major Project" task guide, accelerating achievement transformation, with high-end product sales increasing by **2.3%** year-on-year. It also strengthened AI+ technology integration applications, established the "Steel Process AI Application Innovation Center", and launched the "Ancloud Zhidin" AI large model platform[18](index=18&type=chunk) - The company deepened the construction of "Brand-Type" enterprises, strengthening domestic and international channel construction, with sales in the Northeast region increasing by **9.5%**, export shipments increasing by **3.9%**, and major project sales growing by **22.3%**. It actively visited customers to enhance service advantages and built a green brand by promoting ultra-low emission transformation projects[19](index=19&type=chunk)[20](index=20&type=chunk) - The company deepened the construction of "Operational-Type" enterprises, vigorously adjusting product mix for efficiency, with the product adjustment index increasing by **7.5%**. It deepened systematic cost reduction, with external energy cost per ton of steel decreasing by **15.2%** year-on-year, Anshan headquarters logistics cost decreasing by **8.8%** year-on-year, and quality cost per ton of steel decreasing by **7.2%**. It strengthened procurement management, with pulverized coal and imported iron ore procurement prices outperforming the market. It also strengthened risk prevention and improved capital efficiency, reducing "two funds" occupation by **RMB 1.829 billion** from the beginning of the year[21](index=21&type=chunk) [1. Year-on-Year Changes in Key Financial Data](index=10&type=section&id=1.%20Year-on-Year%20Changes%20in%20Key%20Financial%20Data) This section details the year-on-year changes and reasons for the company's key financial data in H1 2025, showing decreased revenue but significantly narrowed net loss, increased financial and R&D expenses, and decreased net cash flow Key Financial Data Year-on-Year Changes (H1 2025) | Item | Current Period (RMB million) | Prior Period (RMB million) | Year-on-Year Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 48,599 | 55,449 | -12.35 | – | | Operating Cost | 48,283 | 56,533 | -14.59 | – | | Selling Expenses | 231 | 267 | -13.48 | – | | Administrative Expenses | 486 | 648 | -25.00 | – | | Financial Expenses | 170 | 120 | 41.67 | Impacted by reasonable increase in interest-bearing debt to cover operating losses and investment expenditure gaps | | Income Tax Expense | 45 | 50 | -10.00 | – | | Research and Development Expenses | 259 | 191 | 35.60 | Impacted by increased investment in external cooperative R&D projects and national scientific research topics | | Total Profit | -1,069 | -2,623 | 59.25 | Improved steel industry situation, company's increased efforts in cost reduction, efficiency improvement, market expansion, and product mix adjustment | | Net Profit Attributable to Shareholders of Listed Company | -1,144 | -2,689 | 57.46 | Same as above, reduced loss by RMB 1,545 million | Cash Flow Year-on-Year Changes (H1 2025) | Item | Current Period (RMB million) | Prior Period (RMB million) | Year-on-Year Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 405 | 572 | -29.20 | – | | Net Cash Flow from Investing Activities | -1,936 | -1,212 | -59.74 | Increased other investment expenditures due to expanded use of bills, and increased equity investment expenditures | | Net Cash Flow from Financing Activities | 121 | 376 | -67.82 | Decreased capital contributions year-on-year, decreased net increase in bank borrowings year-on-year, and increased interest expenses | | Net Increase in Cash and Cash Equivalents | -1,410 | -264 | -434.09 | Net cash flows from operating, investing, and financing activities all decreased year-on-year | [2. Significant Changes in Profit Composition or Sources During the Reporting Period](index=13&type=section&id=2.%20Significant%20Changes%20in%20Profit%20Composition%20or%20Sources%20During%20the%20Reporting%20Period) The company's profit composition or sources did not undergo significant changes during the reporting period - The company's profit composition or sources did not undergo significant changes during the reporting period[27](index=27&type=chunk) [3. Composition of Operating Revenue](index=14&type=section&id=3.%20Composition%20of%20Operating%20Revenue) This section analyzes the company's operating revenue composition by industry, product, and region, including year-on-year changes in gross profit margin, with steel rolling and processing remaining the primary revenue source Operating Revenue Composition (H1 2025) | Item | Amount (RMB million) | Proportion of Operating Revenue (%) | Prior Period Amount (RMB million) | Prior Period Proportion of Operating Revenue (%) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | **Total Operating Revenue** | **48,599** | **100** | **55,449** | **100** | **-12.35** | | **By Industry** | | | | | | | Steel Rolling and Processing Industry | 48,391 | 99.57 | 55,351 | 99.82 | -12.57 | | Other | 208 | 0.43 | 98 | 0.18 | 112.24 | | **By Product** | | | | | | | Steel Products | 43,189 | 88.87 | 48,554 | 87.57 | -11.05 | | Other | 5,410 | 11.13 | 6,895 | 12.43 | -21.54 | | **By Region** | | | | | | | Mainland China | 45,158 | 92.92 | 51,767 | 93.36 | -12.77 | | Exports | 3,441 | 7.08 | 3,682 | 6.64 | -6.55 | Gross Profit Margin Analysis of Main Business (H1 2025) | Item | Operating Revenue (RMB million) | Operating Cost (RMB million) | Gross Profit Margin (%) | Year-on-Year Change in Operating Revenue (%) | Year-on-Year Change in Operating Cost (%) | Gross Profit Margin Year-on-Year Change (percentage points) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **By Industry** | | | | | | | | Steel Rolling and Processing Industry | 48,391 | 48,096 | 0.61 | -12.57 | -14.79 | 2.59 | | **By Product** | | | | | | | | Hot Rolled Sheet Series Products | 15,085 | 15,384 | -1.98 | -13.26 | -14.62 | 1.63 | | Cold Rolled Sheet Series Products | 16,468 | 16,022 | 2.71 | -10.18 | -13.39 | 3.60 | | Medium and Heavy Plates | 8,509 | 8,024 | 5.70 | -7.20 | -13.25 | 6.58 | | **By Region** | | | | | | | | Mainland China | 44,950 | 44,518 | 0.96 | -13.00 | -15.41 | 2.82 | | Exports | 3,441 | 3,578 | -3.98 | -6.55 | -6.26 | -0.31 | [4. Liquidity and Financial Resources](index=16&type=section&id=4.%20Liquidity%20and%20Financial%20Resources) The company maintains good liquidity, with ample credit resources and smooth financing channels to meet debt obligations, and discloses period-end capital commitments [(1) Borrowings and Credit Facilities](index=16&type=section&id=%281%29%20Borrowings%20and%20Credit%20Facilities) As of June 30, 2025, the Group's long-term borrowings totaled RMB 3,880 million with an average interest rate of 2.33%, supported by excellent credit standing and ample financing channels - As of **June 30, 2025**, the Group's long-term borrowings (excluding current portion) amounted to **RMB 3,880 million**, with an average borrowing interest rate of **2.33%**[32](index=32&type=chunk) - The company maintains an "AAA" long-term credit rating, possesses ample credit resources from over ten financial institutions, and has smooth financing channels, enabling it to repay maturing debts[32](index=32&type=chunk) [(2) Capital Commitments](index=16&type=section&id=%282%29%20Capital%20Commitments) As of June 30, 2025, the Group's total capital commitments were RMB 2,502 million, primarily for construction and renovation contracts and external investment contracts Capital Commitments Composition (June 30, 2025) | Item | Amount (RMB million) | | :--- | :--- | | Construction and Renovation Contracts Signed but Not Yet Performed or Fully Performed | 2,488 | | External Investment Contracts Signed but Not Yet Performed or Fully Performed | 14 | | **Total** | **2,502** | [5. Foreign Exchange Risk](index=16&type=section&id=5.%20Foreign%20Exchange%20Risk) The Group's foreign exchange risk primarily arises from import and export agency transactions conducted through Angang International Trade Company, where exchange rate fluctuations can impact sales and procurement costs - The Group's foreign currency transactions are entirely conducted through Angang International Trade Company for import and export agency, with foreign currency risk primarily reflected in the impact of exchange rate fluctuations on sales and procurement costs during agency settlement[33](index=33&type=chunk) [Analysis of Other Income and Profit/Loss Items](index=17&type=section&id=Analysis%20of%20Other%20Income%20and%20Profit%2FLoss%20Items) This section analyzes the amounts, causes, and sustainability of non-recurring profit and loss items, including investment income, fair value changes, asset impairment losses, other income, and non-operating income/expenses Other Income and Profit/Loss Items (H1 2025) | Item | Amount (RMB million) | Proportion of Total Profit (%) | Explanation of Cause | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 218 | Not Applicable | Primarily long-term equity investment income accounted for using the equity method | Yes | | Fair Value Change Gains/Losses | -12 | Not Applicable | Primarily fair value changes of derivative financial instruments and other non-current financial assets | Yes | | Asset Impairment Losses | -81 | Not Applicable | Provision for inventory depreciation | No | | Other Income | 146 | Not Applicable | Primarily government grants and tax incentives | No | | Non-Operating Income | 21 | Not Applicable | Primarily gains from disposal of non-current assets and income from unpayable accounts | No | | Non-Operating Expenses | 4 | Not Applicable | Primarily losses from disposal of non-current assets | No | [1. Significant Changes in Asset Composition](index=18&type=section&id=1.%20Significant%20Changes%20in%20Asset%20Composition) This section lists the period-end balances, proportion of total assets, and changes compared to the prior year-end for key balance sheet items, showing a significant increase in short-term borrowings and a significant decrease in long-term borrowings Significant Changes in Asset Composition (June 30, 2025 vs End of Prior Year) | Item | End of Current Period Amount (RMB million) | Proportion of Total Assets (%) | End of Prior Year Amount (RMB million) | Prior Year-End Proportion of Total Assets (%) | Change in Proportion (percentage points) | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Bank Balances | 3,134 | 3.18 | 4,544 | 4.52 | -1.34 | | Inventories | 13,853 | 14.08 | 14,769 | 14.68 | -0.60 | | Fixed Assets | 52,714 | 53.56 | 51,842 | 51.54 | 2.02 | | Construction in Progress | 4,806 | 4.88 | 5,802 | 5.77 | -0.89 | | Short-Term Borrowings | 7,749 | 7.87 | 1,174 | 1.17 | 6.70 | | Contract Liabilities | 4,917 | 5.00 | 4,557 | 4.53 | 0.47 | | Long-Term Borrowings | 3,880 | 3.94 | 10,991 | 10.93 | -6.99 | [2. Major Overseas Assets](index=18&type=section&id=2.%20Major%20Overseas%20Assets) The company had no major overseas assets during the reporting period - The company had no major overseas assets during the reporting period[38](index=38&type=chunk) [3. Assets and Liabilities Measured at Fair Value](index=19&type=section&id=3.%20Assets%20and%20Liabilities%20Measured%20at%20Fair%20Value) This section discloses the company's financial assets and liabilities measured at fair value, including trading financial assets, derivative financial assets, other equity instrument investments, other non-current financial assets, and derivative financial liabilities Assets and Liabilities Measured at Fair Value (June 30, 2025) | Item | Beginning Balance (RMB million) | Fair Value Change Gains/Losses for the Period (RMB million) | Cumulative Fair Value Changes Included in Equity (RMB million) | Ending Balance (RMB million) | | :--- | :--- | :--- | :--- | :--- | | **Financial Assets** | | | | | | Trading Financial Assets (Excluding Derivative Financial Assets) | 15 | 1 | | 16 | | Derivative Financial Assets | | 4 | | 4 | | Other Equity Instrument Investments | 690 | | 258 | 696 | | Other Non-Current Financial Assets | 104 | 16 | | 120 | | **Subtotal of Financial Assets** | **809** | **21** | **258** | **836** | | **Financial Liabilities** | 1 | 21 | | 22 | - There were no significant changes in the measurement attributes of the company's major assets during the reporting period[40](index=40&type=chunk) [4. Capital-to-Debt Ratio](index=20&type=section&id=4.%20Capital-to-Debt%20Ratio) As of June 30, 2025, the Group's shareholder equity to debt ratio was 0.94 times, consistent with December 31, 2024 - As of **June 30, 2025**, the Group's shareholder equity to debt ratio was **0.94 times**, consistent with the end of the prior year[41](index=41&type=chunk) [5. Restricted Assets at the End of the Reporting Period](index=20&type=section&id=5.%20Restricted%20Assets%20at%20the%20End%20of%20the%20Reporting%20Period) As of June 30, 2025, the Group's restricted assets consisted of pledged time deposits of RMB 216 million listed under other current assets - As of **June 30, 2025**, the Group's restricted assets consisted of pledged time deposits of **RMB 216 million**[42](index=42&type=chunk) [6. Contingent Liabilities](index=20&type=section&id=6.%20Contingent%20Liabilities) As of June 30, 2025, the Group had no contingent liabilities - As of **June 30, 2025**, the Group had no contingent liabilities[43](index=43&type=chunk) [(V) Second Half Operating Plan](index=20&type=section&id=%28V%29%20Second%20Half%20Operating%20Plan) The company's H2 plan focuses on high-end, intelligent, and green development, deepening reforms, and enhancing quality, cost reduction, and efficiency to achieve annual targets - The company's second half operating plan focuses on high-end, intelligent, and green development, and the construction of "Five-Type" enterprises[44](index=44&type=chunk) - Key strategies include strict party governance, deepening reforms, strengthening technological innovation, enhancing brand building, and focusing on quality improvement and efficiency enhancement[44](index=44&type=chunk) [External Investments](index=21&type=section&id=External%20Investments) This section discloses the company's external investments during the reporting period, including total investment, securities investments, and derivative investments, with detailed explanations of hedging purposes, risk analysis, and control measures for derivatives [1. Overall Situation](index=21&type=section&id=1.%20Overall%20Situation) During the reporting period, the company's external investment amounted to RMB 271 million, a 160.58% increase year-on-year External Investment Situation (H1 2025) | Indicator | Amount (RMB million) | | :--- | :--- | | Investment Amount for the Reporting Period | 271 | | Investment Amount for the Prior Period | 104 | | Change Magnitude (%) | 160.58 | [2. Significant Equity Investments Acquired During the Reporting Period](index=21&type=section&id=2.%20Significant%20Equity%20Investments%20Acquired%20During%20the%20Reporting%20Period) The company did not acquire any significant equity investments during the reporting period - The company did not acquire any significant equity investments during the reporting period[46](index=46&type=chunk) [3. Significant Non-Equity Investments in Progress During the Reporting Period](index=21&type=section&id=3.%20Significant%20Non-Equity%20Investments%20in%20Progress%20During%20the%20Reporting%20Period) The company had no significant non-equity investments in progress during the reporting period - The company had no significant non-equity investments in progress during the reporting period[46](index=46&type=chunk) [4. Financial Asset Investments](index=22&type=section&id=4.%20Financial%20Asset%20Investments) During the reporting period, the company engaged in securities and derivative investments, with derivative investments primarily for hedging purposes to mitigate commodity price fluctuation risks [(1) Securities Investments](index=22&type=section&id=%281%29%20Securities%20Investments) The company holds shares in Zhuye Group and Qianli Technology, both measured at fair value, with period-end book values of RMB 52 million and RMB 16 million, respectively Securities Investment Situation (June 30, 2025) | Security Type | Security Code | Security Abbreviation | Beginning Book Value (RMB million) | Fair Value Change Gains/Losses for the Period (RMB million) | Ending Book Value (RMB million) | Accounting Subject | Source of Funds | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Stock | 600961 | Zhuye Group | 36 | 16 | 52 | Trading Financial Assets | Own Funds | | Stock | 601777 | Qianli Technology | 15 | 1 | 16 | Trading Financial Assets | Debt Restructuring | [(2) Derivative Investments](index=22&type=section&id=%282%29%20Derivative%20Investments) During the reporting period, the company engaged in futures hedging derivative investments for hedging purposes, with a period-end investment amount of RMB 362 million, representing 0.76% of net assets, effectively managing market fluctuation risks [1) Derivative Investments for Hedging Purposes During the Reporting Period](index=22&type=section&id=1%EF%BC%89%20Derivative%20Investments%20for%20Hedging%20Purposes%20During%20the%20Reporting%20Period) The company conducted futures hedging, with a period-end investment of RMB 362 million, representing 0.76% of net assets, effectively offsetting commodity price risks through spot-futures linkage and robust risk management Derivative Investment Situation (H1 2025) | Derivative Investment Type | Beginning Balance (RMB million) | Fair Value Change Gains/Losses for the Period (RMB million) | Ending Balance (RMB million) | Proportion of Ending Investment Amount to Company's Net Assets (%) | | :--- | :--- | :--- | :--- | :--- | | Futures Hedging | 244 | -29 | 362 | 0.76 | - The company's financial derivative activities are all based on hedging principles, with all derivative operations corresponding to actual commodity businesses, achieving good overall hedging effectiveness through spot-futures linkage, where financial derivative gains/losses can effectively offset actual commodity gains/losses[52](index=52&type=chunk) - The company effectively prevents market risk, liquidity risk, credit risk, operational risk, and legal risk by formulating and improving the "Hedging Business Management Measures", strengthening personnel training, and designing specific operating procedures[53](index=53&type=chunk) [2) Derivative Investments for Speculative Purposes During the Reporting Period](index=25&type=section&id=2%EF%BC%89%20Derivative%20Investments%20for%20Speculative%20Purposes%20During%20the%20Reporting%20Period) The company did not engage in derivative investments for speculative purposes during the reporting period - The company did not engage in derivative investments for speculative purposes during the reporting period[54](index=54&type=chunk) [5. Use of Raised Funds](index=25&type=section&id=5.%20Use%20of%20Raised%20Funds) The company had no use of raised funds during the reporting period - The company had no use of raised funds during the reporting period[54](index=54&type=chunk) [(VII) Significant Asset and Equity Disposals](index=25&type=section&id=%28VII%29%20Significant%20Asset%20and%20Equity%20Disposals) The company did not undertake any significant asset or equity disposals during the reporting period - The company did not undertake any significant asset disposals during the reporting period[54](index=54&type=chunk) - The company did not undertake any significant equity disposals during the reporting period[54](index=54&type=chunk) [(VIII) Analysis of Major Subsidiaries and Associates](index=26&type=section&id=%28VIII%29%20Analysis%20of%20Major%20Subsidiaries%20and%20Associates) This section lists the company's major subsidiaries and associates with a net profit impact exceeding 10%, including financial data for Chaoyang Steel and Angang ThyssenKrupp Automotive Steel Co., Ltd Major Subsidiaries and Associates (H1 2025) | Company Name | Company Type | Main Business | Registered Capital | Total Assets (RMB million) | Net Assets (RMB million) | Operating Revenue (RMB million) | Operating Profit (RMB million) | Net Profit (RMB million) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Chaoyang Steel | Production Enterprise | Steel Rolling and Processing | 8,000 | 6,468 | 3,522 | 3,660 | -204 | -203 | | Angang ThyssenKrupp Automotive Steel Co., Ltd | Production Enterprise | Metal Products | USD 132 million | 3,878 | 1,424 | 2,616 | 384 | 320 | - The company neither acquired nor disposed of subsidiaries during the reporting period[57](index=57&type=chunk) [(IX) Structured Entities Controlled by the Company](index=26&type=section&id=%28IX%29%20Structured%20Entities%20Controlled%20by%20the%20Company) The company had no controlled structured entities during the reporting period - The company had no controlled structured entities during the reporting period[58](index=58&type=chunk) [(X) Purchase, Sale or Redemption of the Company's Listed Shares](index=26&type=section&id=%28X%29%20Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Shares) On February 28, 2025, the company completed the repurchase and cancellation of 14,180,048 restricted shares held by 183 incentive recipients; no other securities were purchased, sold, or redeemed - On **February 28, 2025**, the company completed the repurchase and cancellation of **14,180,048 restricted shares** held by **183 incentive recipients**[59](index=59&type=chunk) - Apart from the aforementioned, the company and its subsidiaries did not purchase, sell, or redeem any securities during the reporting period[59](index=59&type=chunk) [(XI) Directors' Securities Transactions](index=27&type=section&id=%28XI%29%20Directors%27%20Securities%20Transactions) The company's Board of Directors has adopted a code for directors' securities transactions and supervises employee transactions with sensitive information, with all board members confirming compliance - The company's Board of Directors has adopted a code for directors' securities transactions and imposes supervision on securities transactions by employees who may possess sensitive information[60](index=60&type=chunk) - Board members confirmed compliance with the standards stipulated in Appendix C3 of the Hong Kong Stock Exchange Listing Rules[60](index=60&type=chunk) [(XII) Independent Non-Executive Directors](index=27&type=section&id=%28XII%29%20Independent%20Non-Executive%20Directors) During the reporting period, the company's Board of Directors complied with the Hong Kong Stock Exchange Listing Rules regarding the number and professional qualifications of independent non-executive directors - The company's Board of Directors complies with Rule 3.10(1) of the Hong Kong Stock Exchange Listing Rules regarding a minimum of three independent non-executive directors[61](index=61&type=chunk) - The company's Board of Directors complies with Rule 3.10(2) of the Hong Kong Stock Exchange Listing Rules regarding one independent non-executive director possessing professional qualifications or expertise in accounting/relevant financial management[61](index=61&type=chunk) [(XIII) Audit Committee](index=27&type=section&id=%28XIII%29%20Audit%20Committee) The company has established an Audit Committee, which has reviewed the adopted accounting standards, principles, and methods, as well as the unaudited semi-annual financial report for the six months ended June 30, 2025 - The company has established an Audit Committee in compliance with Rule 3.21 of the Hong Kong Stock Exchange Listing Rules[62](index=62&type=chunk) - The Audit Committee has reviewed the company's accounting standards, principles, and methods, and considered auditing, internal controls, and the semi-annual financial report[62](index=62&type=chunk) [III. Significant Matters](index=28&type=section&id=III.%20Significant%20Matters) This section covers significant matters including profit distribution, related party transactions, major contracts, and corporate governance [(I) Profit Distribution and Capital Reserve to Share Capital Conversion Plan for the Current Period](index=28&type=section&id=%28I%29%20Profit%20Distribution%20and%20Capital%20Reserve%20to%20Share%20Capital%20Conversion%20Plan%20for%20the%20Current%20Period) The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the half-year period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the half-year period[63](index=63&type=chunk) [(II) Non-Operating Funds Occupied by Controlling Shareholders and Other Related Parties](index=28&type=section&id=%28II%29%20Non-Operating%20Funds%20Occupied%20by%20Controlling%20Shareholders%20and%20Other%20Related%20Parties) During the reporting period, there were no non-operating funds occupied by controlling shareholders or other related parties of the listed company - During the reporting period, there were no non-operating funds occupied by controlling shareholders or other related parties of the listed company[64](index=64&type=chunk) [(III) Significant Related Party Transactions](index=28&type=section&id=%28III%29%20Significant%20Related%20Party%20Transactions) This section details the company's significant related party transactions during the reporting period, including procurement, services, sales, and financial services with related financial companies, all priced at market rates and within approved limits [1. Related Party Transactions Related to Ordinary Course of Business](index=28&type=section&id=1.%20Related%20Party%20Transactions%20Related%20to%20Ordinary%20Course%20of%20Business) The company engaged in various ordinary course related party transactions with Angang Group and its subsidiaries, including procurement, services, sales, and financial services, all at market prices and within approved limits Ordinary Course Related Party Procurement of Goods/Acceptance of Services Transactions (H1 2025) | Related Party | Relationship | Transaction Type | Transaction Amount (RMB million) | Proportion of Similar Transactions (%) | Approved Transaction Limit (RMB million) | | :--- | :--- | :--- | :--- | :--- | :--- | | Angang Group Mining Co., Ltd. | Under control of the same controlling shareholder | Procurement of Goods/Acceptance of Services | 7,929 | 12.75 | | | Angang Green Gold Industry Development Co., Ltd. | Contact person of controlling shareholder | Procurement of Goods/Acceptance of Services | 1,538 | 2.47 | | | Delin Logport Supply Chain Service Co., Ltd. | Under control of the same controlling shareholder | Procurement of Goods/Acceptance of Services | 1,203 | 1.93 | | | Shanxi Wuchan International Energy Co., Ltd. | Contact person of controlling shareholder | Procurement of Goods/Acceptance of Services | 497 | 0.80 | | | Angang Group Zhongyuan Industry Development Co., Ltd. | Under control of the same controlling shareholder | Procurement of Goods/Acceptance of Services | 478 | 0.77 | | | Anshan Iron and Steel Metallurgical Furnace Material Technology Co., Ltd. | Under control of the same controlling shareholder | Procurement of Goods/Acceptance of Services | 400 | 0.64 | | | Anshan Iron and Steel Group Refractory Material Co., Ltd. | Under control of the same controlling shareholder | Procurement of Goods/Acceptance of Services | 399 | 0.64 | | | Benxi Steel Group Co., Ltd. | Under control of the same controlling shareholder | Procurement of Goods/Acceptance of Services | 324 | 0.52 | | | Angang Casting Steel Co., Ltd. | Under control of the same controlling shareholder | Procurement of Goods/Acceptance of Services | 262 | 0.42 | | | Lingyuan Iron and Steel Group Co., Ltd. | Under control of the same controlling shareholder | Procurement of Goods/Acceptance of Services | 259 | 0.42 | | | Other Subsidiaries of Angang Group | Under control of the same controlling shareholder | Procurement of Goods/Acceptance of Services | 510 | 0.82 | | | **Subtotal** | | **Procurement of Goods** | **13,799** | **22.18** | **50,598** | Ordinary Course Related Party Acceptance of Services Transactions (H1 2025) | Related Party | Relationship | Transaction Type | Transaction Amount (RMB million) | Proportion of Similar Transactions (%) | Approved Transaction Limit (RMB million) | | :--- | :--- | :--- | :--- | :--- | :--- | | Delin Logport Supply Chain Service Co., Ltd. | Under control of the same controlling shareholder | Acceptance of Services | 1,295 | 18.49 | | | Angang Group Engineering Technology Development Co., Ltd. | Under control of the same controlling shareholder | Acceptance of Services | 502 | 7.17 | | | Anshan Iron and Steel Group Co., Ltd. | Controlling Shareholder | Acceptance of Services | 336 | 4.80 | | | Angang Group Engineering Technology Co., Ltd. | Contact person of controlling shareholder | Acceptance of Services | 334 | 4.77 | | | Other Subsidiaries of Angang Group | Under control of the same controlling shareholder | Acceptance of Services | 799 | 11.41 | | | **Subtotal** | | **Acceptance of Services** | **3,266** | **46.64** | **12,346** | Ordinary Course Related Party Sales of Products/Provision of Services Transactions (H1 2025) | Related Party | Relationship | Transaction Type | Transaction Amount (RMB million) | Proportion of Similar Transactions (%) | Approved Transaction Limit (RMB million) | | :--- | :--- | :--- | :--- | :--- | :--- | | Delin Logport Supply Chain Service Co., Ltd. | Under control of the same controlling shareholder | Sales of Products/Provision of Services | 2,425 | 3.68 | | | Angang Cold Rolled Steel Plate (Putian) Co., Ltd. | Under control of the same controlling shareholder | Sales of Products/Provision of Services | 957 | 1.45 | | | Benxi Steel Group Co., Ltd. | Under control of the same controlling shareholder | Sales of Products/Provision of Services | 573 | 0.87 | | | Angang Group International Economic and Trade Co., Ltd. | Under control of the same controlling shareholder | Sales of Products/Provision of Services | 377 | 0.57 | | | Angang Group Zhongyuan Industry Development Co., Ltd. | Under control of the same controlling shareholder | Sales of Products/Provision of Services | 277 | 0.42 | | | Other Subsidiaries of Angang Group | Under control of the same controlling shareholder | Sales of Products/Provision of Services | 424 | 0.64 | | | **Subtotal** | | **Sales of Products** | **5,033** | **7.63** | **23,260** | | Angang Group | Under control of the same controlling shareholder | Provision of Services | 210 | 23.57 | | | **Subtotal** | | **Provision of Services** | **210** | **23.57** | **544** | Ordinary Course Related Party Acceptance of Financial Services Transactions (H1 2025) | Related Party | Relationship | Transaction Type | Transaction Content | Transaction Amount (RMB million) | Proportion of Similar Transactions (%) | Approved Transaction Limit (RMB million) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Angang Finance Company | Under control of the same controlling shareholder | Acceptance of Financial Services | Settlement Fund Deposit Interest | 18 | 69.23 | 100 | | Angang Finance Company | Under control of the same controlling shareholder | Acceptance of Financial Services | Maximum Daily Deposit Balance | 4,781 | – | 5,000 | | Angang Finance Company | Under control of the same controlling shareholder | Acceptance of Financial Services | Credit Business Interest | 1 | 0.57 | 250 | | Angang Finance Company | Under control of the same controlling shareholder | Acceptance of Financial Services | Entrusted Loan Interest | – | – | 100 | | Angang Group Capital Holdings Co., Ltd. | Under control of the same controlling shareholder | Acceptance of Financial Services | Commercial Factoring | – | – | 1,000 | | Angang Group Capital Holdings Co., Ltd. | Under control of the same controlling shareholder | Acceptance of Financial Services | Commercial Factoring Interest | – | – | 50 | | Angang Group Capital Holdings Co., Ltd. | Under control of the same controlling shareholder | Acceptance of Financial Services | Provide Commercial Factoring for Company's Suppliers | 29 | 16.86 | 3,000 | - During the reporting period, the total amount of the company's ordinary course related party transactions did not exceed the upper limit approved by the shareholders' meeting and the estimated amount at the beginning of the year[70](index=70&type=chunk) - The rationality of related party transactions lies in Angang Group being part of the company's supply chain, providing raw materials, auxiliary materials, energy, and technical services, while the company also sells products and services to Angang Group[71](index=71&type=chunk) [2. Related Party Transactions Involving Asset or Equity Acquisitions/Disposals](index=32&type=section&id=2.%20Related%20Party%20Transactions%20Involving%20Asset%20or%20Equity%20Acquisitions%2FDisposals) The company did not engage in related party transactions involving asset or equity acquisitions/disposals during the reporting period - The company did not engage in related party transactions involving asset or equity acquisitions/disposals during the reporting period[72](index=72&type=chunk) [3. Related Party Transactions Involving Joint External Investments](index=33&type=section&id=3.%20Related%20Party%20Transactions%20Involving%20Joint%20External%20Investments) The company jointly invested with related parties in Green Gold (Benxi) Renewable Resources Co., Ltd. and Angang Energy Technology Co., Ltd., focusing on renewable resource processing and energy technology businesses Related Party Transactions Involving Joint External Investments (H1 2025) | Joint Investor | Relationship | Invested Enterprise Name | Main Business | Registered Capital (RMB million) | Total Assets (RMB million) | Net Assets (RMB million) | Net Profit (RMB million) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Angang Green Gold Industry Development Co., Ltd., Benxi Steel Plate Co., Ltd. | Under control of the same controlling shareholder | Green Gold (Benxi) Renewable Resources Co., Ltd. | Renewable resource processing, sales, recycling | 60 | 142 | 61 | 1 | | Angang Steel Co., Ltd., Angang Group Engineering Technology Development Co., Ltd. | Under control of the same controlling shareholder | Angang Energy Technology Co., Ltd. | Wholesale and retail of compressed and liquefied gases; urban civil, public, industrial centralized heating and heat supply, etc. | 201 | 477 | 370 | 21 | [4. Related Party Debt and Credit Transactions](index=33&type=section&id=4.%20Related%20Party%20Debt%20and%20Credit%20Transactions) The company had no non-operating related party debt and credit transactions during the reporting period - The company had no non-operating related party debt and credit transactions during the reporting period[74](index=74&type=chunk) [5. Transactions with Related Financial Companies](index=34&type=section&id=5.%20Transactions%20with%20Related%20Financial%20Companies) The company has deposit and loan business dealings with Angang Finance Company, with period-end deposit balances of RMB 2,941 million and loan balances of RMB 315 million Deposit Business Transactions with Angang Finance Company (H1 2025) | Related Party | Relationship | Maximum Daily Deposit Limit (RMB million) | Deposit Interest Rate Range (%) | Beginning Balance (RMB million) | Total Deposits for the Period (RMB million) | Total Withdrawals for the Period (RMB million) | Ending Balance (RMB million) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Angang Finance Company | Under control of the same controlling shareholder | 5,000 | 0.2-0.65 | 4,006 | 175,134 | 176,199 | 2,941 | Loan Business Transactions with Angang Finance Company (H1 2025) | Related Party | Relationship | Loan Limit (RMB million) | Loan Interest Rate Range (%) | Beginning Balance (RMB million) | Total Loans for the Period (RMB million) | Total Repayments for the Period (RMB million) | Ending Balance (RMB million) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Angang Finance Company | Under control of the same controlling shareholder | 1,500 | 2.11 | – | 315 | – | 315 | [6. Transactions of Financial Companies Controlled by the Company with Related Parties](index=35&type=section&id=6.%20Transactions%20of%20Financial%20Companies%20Controlled%20by%20the%20Company%20with%20Related%20Parties) The company had no transactions of controlled financial companies with related parties during the reporting period - The company had no transactions of controlled financial companies with related parties during the reporting period[78](index=78&type=chunk) [7. Other Significant Related Party Transactions](index=35&type=section&id=7.%20Other%20Significant%20Related%20Party%20Transactions) The company had no other significant related party transactions during the reporting period - The company had no other significant related party transactions during the reporting period[79](index=79&type=chunk) [(IV) Significant Contracts and Their Performance](index=35&type=section&id=%28IV%29%20Significant%20Contracts%20and%20Their%20Performance) This section discloses the company's significant contract performance during the reporting period, primarily involving asset and business entrustment management service agreements and land leases with Anshan Iron and Steel, with no major guarantees, wealth management, or other significant contracts [1. Entrustment, Contracting, and Leasing Matters](index=35&type=section&id=1.%20Entrustment%2C%20Contracting%2C%20and%20Leasing%20Matters) The company signed asset and business entrustment management service agreements with Anshan Iron and Steel and leased some of its land assets for production and operations, paying RMB 32 million in rent during H1 [(1) Entrustment Situation](index=35&type=section&id=%281%29%20Entrustment%20Situation) The company signed an "Asset and Business Entrustment Management Service Agreement" with Anshan Iron and Steel, entrusting the management of its unlisted units' assets, businesses, and future new assets and expanded businesses; no entrusted project's profit/loss reached 10% of the company's total profit during the reporting period - The company signed an "Asset and Business Entrustment Management Service Agreement" with Anshan Iron and Steel, entrusting the management of its unlisted units' assets, businesses, and future new assets and expanded businesses[81](index=81&type=chunk) - During the reporting period, no entrusted project's profit or loss reached **10%** or more of the company's total profit for the reporting period[81](index=81&type=chunk) [(2) Contracting Situation](index=35&type=section&id=%282%29%20Contracting%20Situation) The company had no contracting situations during the reporting period - The company had no contracting situations during the reporting period[82](index=82&type=chunk) [(3) Leasing Situation](index=36&type=section&id=%283%29%20Leasing%20Situation) The company leased some land assets from Anshan Iron and Steel and its subsidiaries for production and operations, paying RMB 32 million in rent in H1 2025, with no leasing matters' profit/loss reaching 10% of total profit - The company uses some land assets from Anshan Iron and Steel and its subsidiaries for its production and operations, paying a total of **RMB 32 million** in rent in H1 2025[84](index=84&type=chunk) - During the reporting period, no leasing matter's profit or loss reached **10%** or more of the company's total profit for the reporting period[84](index=84&type=chunk) [2. Significant Guarantees](index=36&type=section&id=2.%20Significant%20Guarantees) The company had no significant guarantees during the reporting period - The company had no significant guarantees during the reporting period[85](index=85&type=chunk) [3. Wealth Management](index=36&type=section&id=3.%20Wealth%20Management) The company had no wealth management activities during the reporting period - The company had no wealth management activities during the reporting period[86](index=86&type=chunk) [4. Other Significant Contracts](index=37&type=section&id=4.%20Other%20Significant%20Contracts) The company had no other significant contracts during the reporting period - The company had no other significant contracts during the reporting period[87](index=87&type=chunk) [IV. Corporate Governance](index=37&type=section&id=IV.%20Corporate%20Governance) The company adheres to corporate governance regulations, establishing a sound system and effective internal controls, and consistently reviews and improves its governance practices - The company strictly complies with the "Company Law", "Securities Law", and the requirements of the China Securities Regulatory Commission and Hong Kong Stock Exchange Listing Rules, establishing a sound corporate governance system and effective internal control system[88](index=88&type=chunk) - The company is committed to improving its corporate governance level, regularly reviewing corporate governance practices, and has largely complied with the Corporate Governance Code for the six months ended June 30, 2025[89](index=89&type=chunk) [V. Financial Information](index=38&type=section&id=V.%20Financial%20Information) This section provides detailed financial information, including the consolidated balance sheet, consolidated income statement, and comprehensive notes to the financial statements [Consolidated Balance Sheet](index=38&type=section&id=Consolidated%20Balance%20Sheet) As of June 30, 2025, the company's total assets were RMB 98,421 million, slightly down from the prior year-end, with total current liabilities of RMB 45,436 million, non-current liabilities of RMB 5,340 million, and equity attributable to parent company shareholders of RMB 46,610 million Consolidated Balance Sheet Key Data (June 30, 2025 vs December 31, 2024) | Item | June 30, 2025 (RMB million) | December 31, 2024 (RMB million) | | :--- | :--- | :--- | | **Total Current Assets** | **26,600** | **28,250** | | Cash and Bank Balances | 3,134 | 4,544 | | Trading Financial Assets | 16 | 15 | | Derivative Financial Assets | 4 | | | Notes Receivable | 235 | 55 | | Accounts Receivable | 2,711 | 2,952 | | Accounts Receivable Financing | 1,809 | 918 | | Inventories | 13,853 | 14,769 | | **Total Non-Current Assets** | **71,821** | **72,328** | | Long-Term Equity Investments | 3,804 | 3,840 | | Fixed Assets | 52,714 | 51,842 | | Construction in Progress | 4,806 | 5,802 | | **Total Assets** | **98,421** | **100,578** | | **Total Current Liabilities** | **45,436** | **39,439** | | Short-Term Borrowings | 7,749 | 1,174 | | Derivative Financial Liabilities | 22 | 1 | | Notes Payable | 17,609 | 17,957 | | Accounts Payable | 6,904 | 8,281 | | Contract Liabilities | 4,917 | 4,557 | | Non-Current Liabilities Due Within One Year | 1,574 | 700 | | **Total Non-Current Liabilities** | **5,340** | **12,468** | | Long-Term Borrowings | 3,880 | 10,991 | | **Total Liabilities** | **50,776** | **51,907** | | **Total Equity Attributable to Parent Company Shareholders** | **46,610** | **47,679** | | **Total Shareholders' Equity** | **47,645** | **48,671** | [Consolidated Income Statement](index=42&type=section&id=Consolidated%20Income%20Statement) For the six months ended June 30, 2025, the company reported total operating revenue of RMB 48,599 million, total operating costs of RMB 49,956 million, a net loss of RMB 1,114 million, and a net loss attributable to parent company owners of RMB 1,144 million, with basic earnings per share of RMB -0.122 Consolidated Income Statement Key Data (H1 2025 vs Prior Period) | Item | Current Period (RMB million) | Prior Period (RMB million) | | :--- | :--- | :--- | | **I. Total Operating Revenue** | **48,599** | **55,449** | | Operating Revenue | 48,599 | 55,449 | | **II. Total Operating Costs** | **49,956** | **58,177** | | Operating Cost | 48,283 | 56,533 | | Selling Expenses | 231 | 267 | | Administrative Expenses | 486 | 648 | | Research and Development Expenses | 259 | 191 | | Financial Expenses | 170 | 120 | | Add: Other Income | 146 | 65 | | Investment Income | 218 | 253 | | Fair Value Change Gains/Losses | -12 | 34 | | Asset Impairment Losses | -81 | -205 | | **III. Operating Profit** | **-1,086** | **-2,549** | | Add: Non-Operating Income | 21 | 7 | | Less: Non-Operating Expenses | 4 | 81 | | **IV. Total Profit** | **-1,069** | **-2,623** | | Less: Income Tax Expense | 45 | 50 | | **V. Net Profit** | **-1,114** | **-2,673** | | Net Profit Attributable to Parent Company Owners | -1,144 | -2,689 | | Minority Shareholders' Profit/Loss | 30 | 16 | | **VII. Total Comprehensive Income** | **-1,106** | **-2,657** | | Total Comprehensive Income Attributable to Parent Company Shareholders | -1,136 | -2,673 | | **VIII. Earnings Per Share** | | | | Basic Earnings Per Share (Yuan/share) | -0.122 | -0.287 | | Diluted Earnings Per Share (Yuan/share) | -0.122 | -0.287 | [Notes to Financial Statements](index=45&type=section&id=Notes%20to%20Financial%20Statements) This section provides detailed notes to the financial statements, covering basis of preparation, accounts receivable, accounts payable, retained earnings, operating revenue and cost, taxes and surcharges, depreciation and amortization, financial expenses, income tax expense, return on net assets and earnings per share, segment information, commitments, events after the balance sheet date, net current assets, and total assets less current liabilities [1. Basis of Preparation of Financial Statements](index=45&type=section&id=1.%20Basis%20of%20Preparation%20of%20Financial%20Statements) The Group's financial statements are prepared under the going concern assumption, in accordance with Accounting Standards for Business Enterprises and disclosure requirements of the CSRC and HKEX Listing Rules, using accrual basis and historical cost - The Group assessed its ability to continue as a going concern for the 12 months from **June 30, 2025**, and found no significant doubts[99](index=99&type=chunk) - The financial statements are prepared in accordance with the "Accounting Standards for Business Enterprises" and applicable disclosure provisions of the China Securities Regulatory Commission and the Hong Kong Stock Exchange Listing Rules, on an accrual basis, and measured at historical cost, except for certain financial instruments[100](index=100&type=chunk) [2. Accounts Receivable](index=46&type=section&id=2.%20Accounts%20Receivable) As of June 30, 2025, the company's accounts receivable had a book value of RMB 2,711 million, with total bad debt provisions of RMB 402 million, primarily comprising receivables within one year and a high concentration among the top five debtors Accounts Receivable Classification Disclosure (June 30, 2025) | Category | Book Balance (RMB million) | Proportion (%) | Bad Debt Provision (RMB million) | Provision Rate (%) | Book Value (RMB million) | | :--- | :--- | :--- | :--- | :--- | :--- | | Accounts Receivable for which Bad Debt Provision is Made Individually | 453 | 14.55 | 398 | 87.86 | 55 | | Accounts Receivable for which Bad Debt Provision is Made by Portfolio | 2,660 | 85.45 | 4 | 0.15 | 2,656 | | Of which: Risk-Free Portfolio | 1,444 | 46.39 | | | 1,444 | | Aging Risk Matrix Portfolio | 1,216 | 39.06 | 4 | 0.33 | 1,212 | | **Total** | **3,113** | **100.00** | **402** | **12.91** | **2,711** | Accounts Receivable by Aging (June 30, 2025) | Aging | June 30, 2025 (RMB million) | | :--- | :--- | | Within 1 year | 2,588 | | 1-2 years | 72 | | 2-3 years | 2 | | 3-4 years | 2 | | Over 5 years | 449 | | **Total** | **3,113** | - The aggregated amount of the top five accounts receivable by debtor as of **June 30, 2025**, was **RMB 1,863 million**, accounting for **59.85%** of the total accounts receivable balance[106](index=106&type=chunk) - During the current period, accounts receivable of **RMB 985 million** were transferred without recourse, incurring related derecognition expenses of **RMB 4 million**[107](index=107&type=chunk) [3. Accounts Payable](index=49&type=section&id=3.%20Accounts%20Payable) As of June 30, 2025, the company's total accounts payable were RMB 6,904 million, with 98.99% due within one year, and a significant amount of RMB 5 million owed to Angang Construction Group Co., Ltd. for over one year Accounts Payable by Aging (June 30, 2025) | Item | Amount (RMB million) | Proportion (%) | | :--- | :--- | :--- | | Within 1 year | 6,834 | 98.99 | | 1-2 years | 27 | 0.39 | | 2-3 years | 7 | 0.10 | | Over 3 years | 36 | 0.52 | | **Total** | **6,904** | **100.00** | - Significant accounts payable with an aging of over 1 year include **RMB 5 million** to Angang Construction Group Co., Ltd[109](index=109&type=chunk) [4. Retained Earnings](index=50&type=section&id=4.%20Retained%20Earnings) As of June 30, 2025, the company's retained earnings were RMB -1,465 million, primarily influenced by the net loss transferred in the current period Retained Earnings Changes (H1 2025) | Item | Current Period (RMB million) | | :--- | :--- | | December 31, 2024 | -321 | | January 1, 2025 | -321 | | Increase for the Period | -1,144 | | Of which: Net Profit Transferred for the Period | -1,144 | | **June 30, 2025** | **-1,465** | [5. Operating Revenue and Operating Cost](index=50&type=section&id=5.%20Operating%20Revenue%20and%20Operating%20Cost) In H1 2025, the company's operating revenue was RMB 48,599 million and operating cost was RMB 48,283 million, with the main business being steel product production and sales, primarily from Mainland China Operating Revenue and Operating Cost by Product Content (H1 2025) | Item | Revenue (RMB million) | Cost (RMB million) | | :--- | :--- | :--- | | Main Business | 48,391 | 48,096 | | Other Businesses | 208 | 187 | | **Total** | **48,599** | **48,283** | Operating Revenue by Region (H1 2025) | Item | Current Period (RMB million) | | :--- | :--- | | External Transaction Revenue from Mainland China | 45,158 | | External Transaction Revenue from Overseas | 3,441 | | **Total** | **48,599** | - The Group is divided into one operating segment based on business type: production and sales of steel products[112](index=112&type=chunk) [6. Taxes and Surcharges](index=51&type=section&id=6.%20Taxes%20and%20Surcharges) In H1 2025, the company's total taxes and surcharges amounted to RMB 527 million, primarily comprising land use tax, environmental protection tax, and property tax Taxes and Surcharges Composition (H1 2025) | Item | Current Period (RMB million) | Prior Period (RMB million) | | :--- | :--- | :--- | | Land Use Tax | 219 | 220 | | Environmental Protection Tax | 112 | 35 | | Property Tax | 91 | 86 | | Stamp Duty | 53 | 59 | | Urban Maintenance and Construction Tax | 18 | 9 | | Resource Tax | 15 | 1 | | Education Surcharge | 13 | 7 | | Consumption Tax | 5 | | | Other | 1 | 1 | | **Total** | **527** | **418** | [7. Depreciation and Amortization](index=52&type=section&id=7.%20Depreciation%20and%20Amortization) In H1 2025, the company's total depreciation and amortization amounted to RMB 2,164 million, with fixed asset depreciation constituting the major portion Depreciation and Amortization Composition (H1 2025) | Item | Current Period (RMB million) | Prior Period (RMB million) | | :--- | :--- | :--- | | Fixed Asset Depreciation | 1,907 | 1,802 | | Intangible Asset Amortization | 225 | 203 | | Right-of-Use Asset Depreciation | 32 | 31 | | **Total** | **2,164** | **2,036** | [8. Financial Expenses](index=52&type=section&id=8.%20Financial%20Expenses) In H1 2025, the company's total financial expenses were RMB 170 million, primarily driven by interest expenses, with a significant increase in interest expenses for long-term borrowings and bonds Financial Expenses Composition (H1 2025) | Item | Current Period (RMB million) | Prior Period (RMB million) | | :--- | :--- | :--- | | Interest Expense | 185 | 136 | | Of which: Interest Expense on Long-Term Borrowings and Bonds | 145 | 69 | | Interest Expense on Short-Term Borrowings and Letters of Credit | 33 | 38 | | Other Interest Expenses | 7 | 29 | | Less: Interest Income | 26 | 26 | | Less: Capitalized Interest Amount | 3 | 9 | | Other | 14 | 19 | | **Total** | **170** | **120** | [9. Income Tax Expense](index=52&type=section&id=9.%20Income%20Tax%20Expense) In H1 2025, the company's income tax expense was RMB 45 million, mainly composed of current income tax expense and deferred income tax adjustments Income Tax Expense Table (H1 2025) | Item | Current Period (RMB million) | Prior Period (RMB million) | | :--- | :--- | :--- | | Current Income Tax Expense | 38 | 34 | | Deferred Income Tax Adjustment | 7 | 16 | | **Total** | **45** | **50** | Reconciliation of Accounting Profit to Income Tax Expense (H1 2025) | Item | Current Period (RMB million) | | :--- | :--- | | Total Profit | -1,069 | | Income Tax Expense Calculated at Statutory/Applicable Tax Rate | -160 | | Impact of Different Tax Rates Applicable to Subsidiaries | -3 | | Impact of Deductible Temporary Differences or Deductible Losses for which Deferred Income Tax Assets were Not Recognized in the Current Period | 208 | | **Income Tax Expense** | **45** | [10. Return on Net Assets and Earnings Per Share](index=53&type=section&id=10.%20Return%20on%20Net%20Assets%20and%20Earnings%20Per%20Share) In H1 2025, the company's weighted average return on net assets attributable to ordinary shareholders was -2.43%, with basic and diluted earnings per share both at -0.122 Yuan/share Return on Net Assets and Earnings Per Share (H1 2025) | Item | Weighted Average Return on Net Assets (%) | Earnings Per Share (RMB Yuan/share) - Basic | Earnings Per Share (RMB Yuan/share) - Diluted | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Ordinary Shareholders of the Company | -2.43 | -0.122 | -0.122 | | Net Profit Attributable to Ordinary Shareholders Excluding Non-Recurring Gains and Losses | -2.61 | -0.131 | -0.131 | [11. Segment Information](index=53&type=section&id=11.%20Segment%20Information) The Group is divided into one operating segment based on business type: production and sales of steel products - The Group is divided into one operating segment based on business type: production and sales of steel products[117](index=117&type=chunk) [12. Commitments](index=54&type=section&id=12.%20Commitments) As of June 30, 2025, the company's total commitments amounted to RMB 2,502 million, primarily for construction and renovation contracts signed but not yet performed or fully performed Commitments (June 30, 2025 vs December 31, 2024) | Item | June 30, 2025 (RMB million) | December 31, 2024 (RMB million) | | :--- | :--- | :--- | | External Investment Contracts Signed but Not Yet Performed or Fully Performed | 14 | 126 | | Construction and Renovation Contracts Signed but Not Yet Performed or Fully Performed | 2,488 | 2,439 | | **Total** | **2,502** | **2,565** | [13. Events After the Balance Sheet Date](index=54&type=section&id=13.%20Events%20After%20the%20Balance%20Sheet%20Date) As of June 30, 2025, the Group had no events after the balance sheet date requiring disclosure - As of **June 30, 2025**, the Group had no events after the balance sheet date requiring disclosure[120](index=120&type=chunk) [14. Net Current Assets](index=54&type=section&id=14.%20Net%20Current%20Assets) As of June 30, 2025, the company's net current assets were RMB -18,836 million, a further deterioration from RMB -11,189 million at the end of the prior year Net Current Assets (June 30, 2025 vs December 31, 2024) | Item | June 30, 2025 (RMB million) | December 31, 2024 (RMB million) | | :--- | :--- | :--- | | Current Assets | 26,600 | 28,250 | | Less: Current Liabilities | 45,436 | 39,439 | | **Net Current Assets/(Liabilities)** | **-18,836** | **-11,189** | [15. Total Assets Less Current Liabilities](index=55&type=section&id=15.%20Total%20Assets%20Less%20Current%20Liabilities) As of June 30, 2025, the company's total assets less current liabilities amounted to RMB 52,985 million, a decrease from RMB 61,139 million at the end of the prior year Total Assets Less Current Liabilities (June 30, 2025 vs December 31, 2024) | Item | June 30, 2025 (RMB million) | December 31, 2024 (RMB million) | | :--- | :--- | :--- | | Total Assets | 98,421 | 100,578 | | Less: Current Liabilities | 45,436 | 39,439 | | **Total Assets Less Current Liabilities** | **52,985** | **61,139** |

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告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因依賴 該等內容而引致的任何損失承擔任何責任。 AI X Tech Inc. 車市科技有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1490） 截至2025年6月30日止六個月的中期業績公告 董事會欣然公佈本集團截至2025年6月30日止六個月的未經審計中期簡明綜合業 績，連同2024年同期的比較數字載列如下： 財務摘要 截至2025年6月30日止六個月 2025年 2024年 變動 人民幣千元 人民幣千元 % 收入 66,360 66,974 -0.9 毛利 43,709 42,316 3.3 期內（虧損）╱利潤 (1,769) 4,328 -140.9 經調整（淨虧損）╱純利(1) (1,769) 4,328 -140.9 (1) 經調整純利被界定為通過加回以股份為基礎的酬金開支（為首次公開發售後受限制股份 單位計劃開支）予以調整之期內利潤。截至2025年6月30日止六個月以股份為基礎的酬 金開支為零（截至2024年6月30日止六個月：少 ...

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告的內容概不 負責，對其準確性或完整性亦不發表任何聲明，且明確表示概不就因本公告 全部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責 任。 PURAPHARM CORPORATION LIMITED 培力農本方有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1498） 截至二零二五年六月三十日止六個月之 中期業績公告 | 財務摘要 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | | | 截至六月三十日止六個月 | | | | | | | 二零二五年 | | 二零二四年 | | | | | | 收入 | 佔總額 | 收入 | 佔總額 | 變動 | | | | 千港元 | 百分比 | 千港元 | 百分比 | 千港元 | % | | 香港及海外濃縮中藥配方顆粒 | 92,103 | 53.5% | 107,643 | 51.8% | (15,540) | (14.4%) | | 中國濃縮中藥配方顆粒 | 966 | 0.6% | 20,675 | 10.0% | (1 ...

[Financial Summary](index=1&type=section&id=Financial%20Summary) [Performance Summary](index=1&type=section&id=Performance%20Summary) For the six months ended June 30, 2025, revenue grew by 2.91% year-on-year, but profit before tax and profit attributable to equity holders declined, with basic and diluted earnings per share at RMB 24.05 cents Key Financial Indicators for H1 2025 | Indicator | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 10,899.7 | 10,591.4 | +2.91 | | Profit Before Tax | 2,515.8 | 2,615.2 | -3.80 | | Profit Attributable to Equity Holders of the Company | 1,982.7 | 2,086.7 | -4.98 | | Basic and Diluted Earnings Per Share | 24.05 cents | 25.31 cents | -4.98 | [Unaudited Consolidated Financial Statements](index=2&type=section&id=Unaudited%20Consolidated%20Financial%20Statements) [Unaudited Consolidated Statement of Profit or Loss](index=2&type=section&id=Unaudited%20Consolidated%20Statement%20of%20Profit%20or%20Loss) For the six months ended June 30, 2025, revenue increased to RMB 10,899.7 million, but operating profit and profit for the period decreased year-on-year due to lower other income and a shift from other gains to losses Key Data from Unaudited Consolidated Statement of Profit or Loss (For the six months ended June 30) | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Revenue | 10,899,657 | 10,591,388 | | Other income | 149,231 | 222,153 | | Operating profit | 3,047,642 | 3,122,642 | | Profit before tax | 2,515,799 | 2,615,236 | | Profit for the period | 2,070,587 | 2,187,033 | | Profit for the period attributable to equity holders of the Company | 1,982,660 | 2,086,711 | [Unaudited Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=3&type=section&id=Unaudited%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the six months ended June 30, 2025, total comprehensive income was RMB 2,087.7 million, slightly below the prior year, positively impacted by a shift in foreign exchange differences but negatively affected by increased fair value losses on cash flow hedges Key Data from Unaudited Consolidated Statement of Profit or Loss and Other Comprehensive Income (For the six months ended June 30) | Indicator | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Profit for the period | 2,070,587 | 2,187,033 | | Exchange differences on translation of foreign operations | 19,964 | (76,144) | | Cash flow hedges: fair value loss for the period | (4,073) | (14,836) | | Total comprehensive income for the period | 2,087,700 | 2,104,466 | | Total comprehensive income for the period attributable to equity holders of the Company | 1,988,428 | 2,004,144 | [Unaudited Consolidated Statement of Financial Position](index=4&type=section&id=Unaudited%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, both total assets and liabilities grew, with increases in property, plant and equipment, and significant rises in bank borrowings and short-term financing bills, leading to an improved net current liability position Key Data from Unaudited Consolidated Statement of Financial Position (As of June 30) | Indicator | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Total non-current assets | 77,538,221 | 76,988,205 | | Total current assets | 26,410,007 | 24,065,236 | | Total current liabilities | 29,929,891 | 28,114,771 | | Net current liabilities | (3,519,884) | (4,049,535) | | Net assets | 38,346,081 | 37,482,775 | | Total equity | 38,346,081 | 37,482,775 | [Notes to the Unaudited Interim Financial Report](index=7&type=section&id=Notes%20to%20the%20Unaudited%20Interim%20Financial%20Report) [General and Basis of Presentation](index=7&type=section&id=General%20and%20Basis%20of%20Presentation) This interim financial report is prepared on a going concern basis despite net current liabilities, as directors believe the Group can meet its obligations, and is presented in RMB in accordance with IAS 34 - As of June 30, 2025, the Group had **net current liabilities of RMB 3,519,884,000**, but the Board of Directors is confident in the Group's ability to continue as a going concern[11](index=11&type=chunk) - The interim financial report is presented in RMB and prepared in accordance with International Accounting Standard 34[11](index=11&type=chunk)[12](index=12&type=chunk) [Principal Accounting Policies](index=7&type=section&id=Principal%20Accounting%20Policies) The interim financial report is prepared primarily on a historical cost basis, with the first-time application of amendments to IAS 21, "The Effects of Changes in Foreign Exchange Rates—Lack of Exchangeability," which had no material impact on financial performance - This interim financial report is primarily prepared on a historical cost basis, with certain financial instruments measured at fair value[13](index=13&type=chunk) - The Group applied the amendments to IAS 21 for the first time, which had **no material impact** on its financial performance and position[14](index=14&type=chunk) [Revenue](index=8&type=section&id=Revenue) For the six months ended June 30, 2025, total revenue was RMB 10,899.7 million, primarily from contracts with customers, with sales of electricity and heat being the main components, recognized mostly at a point in time and dominated by the Mainland China market Revenue Composition (For the six months ended June 30) | Revenue Source | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Revenue from contracts with customers | 10,874,248 | 10,563,318 | | Leases | 25,409 | 28,070 | | **Total Revenue** | **10,899,657** | **10,591,388** | Breakdown of Revenue from Contracts with Customers (H1 2025) | Type of Goods and Services | Gas-fired Power and Heat (RMB thousand) | Wind Power (RMB thousand) | Photovoltaic Power (RMB thousand) | Hydropower (RMB thousand) | Others (RMB thousand) | Total (RMB thousand) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Sale of electricity | 5,306,485 | 2,683,464 | 1,535,364 | 70,922 | – | 9,596,235 | | Sale of heat | 1,274,656 | – | – | – | – | 1,274,656 | | Repair, maintenance and other services | – | – | – | – | 3,357 | 3,357 | | **Revenue from contracts with customers** | **6,581,141** | **2,683,464** | **1,535,364** | **70,922** | **3,357** | **10,874,248** | - Effective January 1, 2024, subsidies for gas-fired power generation have been reclassified to electricity sales revenue[20](index=20&type=chunk) [Segment Information](index=10&type=section&id=Segment%20Information) The Group is managed and reports based on its main business segments, including gas-fired power and heat, wind power, photovoltaic power, and hydropower, with all segments except hydropower showing revenue growth in H1 2025 Reportable Segment Revenue and Results (H1 2025) | Segment | Revenue from External Customers (RMB thousand) | Reportable Segment Results (RMB thousand) | | :--- | :--- | :--- | | Gas-fired power and heat | 6,581,141 | 996,227 | | Wind power | 2,683,464 | 1,498,942 | | Photovoltaic power | 1,535,364 | 822,988 | | Hydropower | 70,922 | (22,210) | | Others | 28,766 | (248,305) | | **Total** | **10,899,657** | **3,047,642** | Reportable Segment Revenue and Results (H1 2024) | Segment | Revenue from External Customers (RMB thousand) | Reportable Segment Results (RMB thousand) | | :--- | :--- | :--- | | Gas-fired power and heat | 6,449,227 | 899,699 | | Wind power | 2,457,115 | 1,384,663 | | Photovoltaic power | 1,513,994 | 720,457 | | Hydropower | 141,213 | 273,167 | | Others | 29,839 | (155,344) | | **Total** | **10,591,388** | **3,122,642** | [Other Income](index=11&type=section&id=Other%20Income) For the six months ended June 30, 2025, other income decreased by 32.85% year-on-year to RMB 149.2 million, primarily due to a significant drop in carbon emission rights income, despite an increase in VAT refunds or exemptions Other Income Composition (For the six months ended June 30) | Revenue Source | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Government grants and subsidies for clean energy production | 12,813 | 12,179 | | Government grants and subsidies for asset construction | 10,672 | 9,997 | | Income from carbon emission rights | 13,150 | 72,864 | | VAT refund or exemption | 75,801 | 73,286 | | Others | 36,795 | 53,827 | | **Total** | **149,231** | **222,153** | - Income from carbon emission rights is mainly derived from the sale of carbon credits registered in regulated trading systems in Australia and China[29](index=29&type=chunk) - The Group benefits from a **50% VAT refund** on wind farm sales revenue and a full VAT exemption on residential heat sales revenue[29](index=29&type=chunk) [Other Gains and Losses](index=12&type=section&id=Other%20Gains%20and%20Losses) For the six months ended June 30, 2025, the company shifted from other gains of RMB 340.6 million in the prior year to other losses of RMB 11.0 million, mainly due to fair value losses from the declining share price of CGN Power and compensation received for a hydropower station shutdown in the prior year Other Gains and Losses Composition (For the six months ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Loss on disposal of property, plant and equipment | (3,522) | (988) | | Net foreign exchange gain/(loss) | 26,156 | (11,217) | | (Loss)/gain arising on changes in fair value of financial assets at FVTPL | (18,747) | 177,376 | | Others | (14,840) | 175,379 | | **Total** | **(10,953)** | **340,550** | - In H1 2025, other losses were primarily due to **fair value losses from the decline in CGN Power's share price**[73](index=73&type=chunk) - In H1 2024, other gains mainly included compensation for a hydropower station shutdown and fair value gains from the rise in CGN Power's share price[73](index=73&type=chunk) [Interest Income / Finance Costs](index=12&type=section&id=Interest%20Income%20%2F%20Finance%20Costs) For the six months ended June 30, 2025, interest income decreased year-on-year while total finance costs slightly increased, mainly due to the expensing of interest as more project companies commenced operations Interest Income and Finance Costs (For the six months ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Interest income | 21,790 | 31,452 | | Interest expense | 654,753 | 684,344 | | Less: Amount capitalised in property, plant and equipment | (42,792) | (85,093) | | **Total finance costs** | **611,961** | **599,251** | - The increase in finance costs was mainly due to the expensing of interest expenses as more project companies commenced operations with increased installed capacity[80](index=80&type=chunk) [Income Tax Expense](index=13&type=section&id=Income%20Tax%20Expense) For the six months ended June 30, 2025, income tax expense increased by 3.97% year-on-year to RMB 445.2 million, calculated mainly at the 25% China EIT rate, with some enterprises in western regions benefiting from a preferential 15% rate and "three-free, three-half" policies Income Tax Expense (For the six months ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Current tax: China Enterprise Income Tax | 445,052 | 396,732 | | Deferred tax: Current period | 160 | 31,471 | | **Income tax expense** | **445,212** | **428,203** | - Enterprises in encouraged industries in Western China benefit from a **preferential 15% tax rate** and a "three-free, three-half" EIT holiday, which applies to some of the Group's wind and photovoltaic projects[31](index=31&type=chunk) - Australian profits tax is calculated at **30%** of the estimated assessable profit[33](index=33&type=chunk) [Profit for the Period](index=14&type=section&id=Profit%20for%20the%20Period) For the six months ended June 30, 2025, profit for the period was RMB 2,070.6 million, a year-on-year decrease of 5.32%, after deducting total depreciation and amortization of RMB 1,863.4 million Items Deducted from Profit for the Period (For the six months ended June 30) | Item | 2025 (RMB thousand) | 2024 (RMB thousand) | | :--- | :--- | :--- | | Auditor's remuneration | 1,293 | 2,003 | | Operating lease payments for land and buildings | 31,754 | 24,094 | | Total depreciation and amortization | 1,863,422 | 2,034,760 | [Dividends](index=14&type=section&id=Dividends) The company approved a final ordinary dividend of RMB 14.30 cents per share for 2024, totaling RMB 1,178.964 million, on June 18, 2025, and the Board does not recommend an interim dividend for H1 2025 - A final ordinary dividend for 2024 of **RMB 14.30 cents per share** (tax inclusive), totaling RMB 1,178,964,000, was approved on June 18, 2025[37](index=37&type=chunk) - The Board of Directors **does not recommend** the payment of any interim dividend for the six months ended June 30, 2025[37](index=37&type=chunk) [Earnings Per Share](index=14&type=section&id=Earnings%20Per%20Share) For the six months ended June 30, 2025, basic and diluted earnings per share were RMB 24.05 cents, down from RMB 25.31 cents in the prior year, based on the profit attributable to ordinary equity holders and the number of shares in issue Earnings Per Share (For the six months ended June 30) | Indicator | 2025 (RMB cents) | 2024 (RMB cents) | | :--- | :--- | :--- | | Basic and diluted earnings per share | 24.05 | 25.31 | - The decrease in basic earnings per share was mainly due to the decline in profit attributable to ordinary equity holders from RMB 2,086,711,000 to **RMB 1,982,660,000**, while the number of shares in issue remained unchanged[36](index=36&type=chunk) - There is **no difference between basic and diluted earnings per share** as there were no potential dilutive shares outstanding[36](index=36&type=chunk) [Trade and Bills Receivables](index=15&type=section&id=Trade%20and%20Bills%20Receivables) As of June 30, 2025, total trade and bills receivables increased to RMB 15,971.8 million from year-end 2024, driven by receivables for clean energy tariff surcharges, with major customers being state-owned grid companies in China and an average credit period of 60 days Trade and Bills Receivables (As of June 30) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Trade receivables - goods and services | 2,422,714 | 2,857,184 | | Trade receivables - clean energy tariff surcharge | 13,590,316 | 11,197,931 | | Bills receivable | 1,450 | 4,481 | | Less: Allowance for credit losses | (42,690) | (42,690) | | **Total** | **15,971,790** | **14,016,906** | Aging Analysis of Trade and Bills Receivables (As of June 30) | Aging | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Within 60 days | 3,722,086 | 2,957,793 | | 61 to 365 days | 3,128,547 | 2,506,582 | | 1 to 2 years | 3,322,067 | 3,211,951 | | 2 to 3 years | 2,351,135 | 2,396,370 | | Over 3 years | 3,447,955 | 2,944,210 | | **Total** | **15,971,790** | **14,016,906** | [Trade and Other Payables](index=16&type=section&id=Trade%20and%20Other%20Payables) As of June 30, 2025, total trade and other payables slightly decreased to RMB 6,528.2 million from year-end 2024, with a notable reduction in payables for the acquisition of property, plant and equipment, while trade payables and retention money payable increased Trade and Other Payables (As of June 30) | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Trade payables | 2,644,666 | 2,467,597 | | Payables for acquisition of property, plant and equipment | 2,228,166 | 3,206,406 | | Retention money payable | 730,658 | 312,321 | | Bills payable | 60,000 | 50,000 | | Salaries and employee benefits | 122,360 | 122,671 | | Non-income taxes payable | 143,380 | 270,529 | | Others | 598,936 | 354,593 | | **Total** | **6,528,166** | **6,784,117** | Aging Analysis of Trade and Bills Payables (As of June 30) | Aging | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Within 30 days | 789,502 | 1,792,715 | | 31 to 365 days | 1,364,215 | 322,290 | | 1 to 2 years | 469,716 | 380,124 | | 2 to 3 years | 60,738 | 22,298 | | Over 3 years | 20,495 | 170 | | **Total** | **2,704,666** | **2,517,597** | [Power Industry Overview](index=17&type=section&id=Power%20Industry%20Overview) [Power Industry Overview](index=17&type=section&id=Power%20Industry%20Overview) In H1 2025, China's power system operated stably with a 3.7% rise in electricity consumption, while non-fossil fuel generation capacity reached 60.9% of the total, though equipment utilization hours generally declined due to the rapid expansion of wind and solar capacity - In H1 2025, China's total electricity consumption was **4.8 trillion kWh**, a year-on-year increase of 3.7%[42](index=42&type=chunk) - As of H1 2025, national power generation installed capacity reached **3.65 billion kW**, up 18.7% YoY, with non-fossil fuel capacity at 2.22 billion kW, accounting for **60.9%** of the total[42](index=42&type=chunk) - Wind and photovoltaic power accounted for **89.9%** of the total new installed capacity, with a combined addition of 260 million kW[42](index=42&type=chunk) - The average utilization hours of power generation equipment of 6,000 kW and above **decreased by 100 hours** YoY, with declines in gas, wind, and solar, linked to rapid capacity growth[43](index=43&type=chunk) [Business Review](index=18&type=section&id=2025%20H1%20Business%20Review) [Operating scale steadily increased, with resilience in the gas-fired power generation segment](index=18&type=section&id=Operating%20scale%20steadily%20increased%2C%20with%20resilience%20in%20the%20gas-fired%20power%20generation%20segment) In H1 2025, the Group's total assets grew by 2.9% to RMB 103.95 billion and total operating revenue increased by 2.9% to RMB 10.90 billion, with the gas-fired power and heat segment demonstrating stable performance and utilization hours above the national average - As of June 30, 2025, total assets reached **RMB 103.95 billion**, a 2.9% increase from the beginning of the year[45](index=45&type=chunk) - Total operating revenue was **RMB 10.90 billion**, a year-on-year increase of 2.9%[45](index=45&type=chunk) - The gas-fired power and heat segment generated **9.72 billion kWh**, up 2.3% YoY, with equipment utilization of approximately **2,036 hours**, exceeding the national average[45](index=45&type=chunk) - Beijing Jingneng Gaoantun Gas-fired Cogeneration Co, Ltd's power generation **grew by 19%**, and Beijing Shangzhuang Gas-fired Cogeneration Co, Ltd's profit **increased by 26.9%**[45](index=45&type=chunk) [Installed capacity continued to expand, power generation grew steadily, and unit operating efficiency was continuously optimized](index=19&type=section&id=Installed%20capacity%20continued%20to%20expand%2C%20power%20generation%20grew%20steadily%2C%20and%20unit%20operating%20efficiency%20was%20continuously%20optimized) As of June 30, 2025, the Group's total installed capacity rose by 21.4% to 17.914 million kW, with non-fossil fuels accounting for 73.3%, while total power generation grew by 8.8% to 21.87 billion kWh, driven by significant growth in wind and solar power whose utilization hours surpassed national averages - As of June 30, 2025, total installed capacity increased to **17.914 million kW**, a 21.4% year-on-year growth[46](index=46&type=chunk) - Non-fossil fuel installed capacity reached **13.139 million kW**, accounting for **73.3%** of the total[46](index=46&type=chunk) - Total power generation in H1 was **21.87 billion kWh**, an 8.8% increase year-on-year[46](index=46&type=chunk) - The wind power segment generated **8.49 billion kWh**, up 18.9%, with utilization hours of **1,240**, which is 153 hours above the national average[46](index=46&type=chunk) - The photovoltaic power segment generated **3.36 billion kWh**, up 17.4%, with utilization hours of **680**, which is 120 hours above the national average[46](index=46&type=chunk) [New progress in strategic emerging projects, with steady advancement in project development](index=19&type=section&id=New%20progress%20in%20strategic%20emerging%20projects%2C%20with%20steady%20advancement%20in%20project%20development) The Group actively responded to new energy market reforms, securing 540,000 kW of new approvals or development quotas in H1 and maintaining a project pipeline exceeding 10 million kW, while achieving substantial progress on key strategic projects - In the reporting period, the Group secured **540,000 kW** of new approvals or renewable energy development quotas, with a project pipeline exceeding **10 million kW**[47](index=47&type=chunk) - Construction began on the first 1.5 million kW phase of the **4.9 million kW Xilingol League windbreak and sand fixation project**, with 100,000 kW fully connected to the grid in H1[48](index=48&type=chunk) - The **Shantou offshore wind power project's** submarine cable route plan was approved, and resource surveys for the **Chengde green power to Beijing project** were completed[48](index=48&type=chunk) - The Group received approval for the layout optimization of the **Mentougou pumped storage project** and signed a cooperation agreement for the **Hulunbuir-Xing'an League green power to Beijing project**[48](index=48&type=chunk) [Digital and intelligent empowerment drives innovation, building new quality productive forces in green energy](index=21&type=section&id=Digital%20and%20intelligent%20empowerment%20drives%20innovation%2C%20building%20new%20quality%20productive%20forces%20in%20green%20energy) The Group enhanced production and management efficiency through technological innovation, such as optimizing unit control strategies and introducing drone inspections, and digital transformation, centered on a "Smart Energy Management Platform" - Unit generation capacity and reliability were improved through refined power curve verification, blade extensions, and preventive generator replacements[50](index=50&type=chunk) - The innovative introduction of a **drone intelligent inspection system** enhanced equipment monitoring efficiency and reduced unplanned downtime[50](index=50&type=chunk) - A comprehensive digital ecosystem was built around the **"Smart Energy Management Platform,"** covering intelligent waste heat utilization, power marketing control, distributed PV O&M, and AI-enabled safety production[51](index=51&type=chunk) - The Jingqiao Thermal Power waste heat project **reduced heat network losses by 6%**, and the distributed PV intelligent O&M platform **shortened fault location time by 80%**[51](index=51&type=chunk) [In-depth research on marketing strategies to actively respond to power market reforms](index=22&type=section&id=In-depth%20research%20on%20marketing%20strategies%20to%20actively%20respond%20to%20power%20market%20reforms) The Group closely monitored power market reforms, developed a sensitivity analysis model to enhance price-volume analysis, actively pursued high-value transactions like inter-provincial trading, and pioneered new transaction models such as "green electricity direct connection" - A **market marketing data sensitivity analysis model** for existing assets was established to strengthen price-volume analysis[52](index=52&type=chunk) - **250 million kWh** of green electricity was transmitted to Beijing from the Xilingol League Phase II project through multi-year green power transactions[52](index=52&type=chunk) - The first transaction in Beijing to replace reduced gas-fired generation with new energy was completed, totaling **460 million kWh** and yielding favorable economic returns[52](index=52&type=chunk) - The Group explored direct transaction models with electricity consumers under the **"green electricity direct connection"** policy to enhance local consumption[52](index=52&type=chunk) [Multi-dimensional measures to boost market confidence and proactively create value](index=22&type=section&id=Multi-dimensional%20measures%20to%20boost%20market%20confidence%20and%20proactively%20create%20value) The Group actively managed its market capitalization through investor roadshows, set a strategic goal for inclusion in the Hang Seng Index and Stock Connect, and announced a three-year dividend plan to drive a stable recovery in market value - Completed roadshows in **Hong Kong, Singapore, Beijing, and Shanghai**, and hosted multiple investor visits, covering nearly 50 institutions[53](index=53&type=chunk) - Set the strategic goal of **"inclusion in the Hang Seng Index and Stock Connect"** to increase liquid market capitalization[53](index=53&type=chunk) - Released a **three-year shareholder dividend plan** and is actively exploring diversified market value management tools such as share buybacks[53](index=53&type=chunk) - A combination of **"strategic upgrade + profit growth + dividend enhancement"** is being used to promote a stable recovery in market value[53](index=53&type=chunk) [Performance Outlook](index=23&type=section&id=2025%20H2%20Performance%20Outlook) [Strengthening the safety line of defense and consolidating the foundation of energy supply](index=23&type=section&id=Strengthening%20the%20safety%20line%20of%20defense%20and%20consolidating%20the%20foundation%20of%20energy%20supply) In H2, the Group will deepen its safety production responsibility system and enhance equipment lifecycle management, while leveraging AI large models to optimize operational parameters for gas-fired units and improve safety monitoring at other power plants - The Group will continue to deepen the **full-staff safety production responsibility system** and strengthen equipment lifecycle management[55](index=55&type=chunk) - Gas-fired power plants in Beijing will optimize load distribution, enhance peak-shaving capabilities, and develop an **AI large model for gas-fired units** to achieve automatic optimization of operating parameters[55](index=55&type=chunk) - Power plants outside Beijing will develop a **multi-modal large model-based safety management platform** to enhance intelligent equipment status perception and personnel behavior recognition[55](index=55&type=chunk) [Enhancing market-oriented marketing capabilities and optimizing trading strategies](index=24&type=section&id=Enhancing%20market-oriented%20marketing%20capabilities%20and%20optimizing%20trading%20strategies) The Group will develop a wind and solar power forecasting platform using advanced weather models to maximize returns, while implementing differentiated pricing and focusing on securing green electricity premiums to reduce subsidy dependence - A **wind and solar power forecasting and market load forecasting platform** will be developed using cutting-edge weather large models to provide high-precision forecast data[56](index=56&type=chunk) - The Group will secure high-priced transactions through **settlement data analysis and bilateral negotiations**[56](index=56&type=chunk) - A **differentiated pricing mechanism** will be implemented to create customized power allocation and trading strategies, with a focus on securing green electricity transaction premiums[56](index=56&type=chunk) [Focusing on green power transmission to Beijing and large-scale base projects, reserving incremental projects for the 15th Five-Year Plan](index=24&type=section&id=Focusing%20on%20green%20power%20transmission%20to%20Beijing%20and%20large-scale%20base%20projects%2C%20reserving%20incremental%20projects%20for%20the%2015th%20Five-Year%20Plan) The Group will prioritize green power transmission to Beijing and large-scale base projects, focusing on resource planning for three key transmission channels, while advancing pumped storage and wind power projects in the Beijing-Tianjin-Hebei region - The Group will focus on resource surveys and planning for three major transmission channels to Beijing: **Chengde, Hulunbuir-Xing'an League, and Ningxia**[57](index=57&type=chunk) - In the Beijing-Tianjin-Hebei region, the Group will advance the preliminary planning of the **Mentougou pumped storage project**, the Zhuwo project, the "Guanting replacement" project, and the Huainan Phase II wind power project[57](index=57&type=chunk) - The implementation progress of the **Xilingol League windbreak and sand fixation project** and the **Shantou offshore wind power project** will be closely monitored to achieve major milestones in H2[57](index=57&type=chunk) [Proactively maintaining company market value and striving for early inclusion in the Stock Connect](index=25&type=section&id=Proactively%20maintaining%20company%20market%20value%20and%20striving%20for%20early%20inclusion%20in%20the%20Stock%20Connect) In H2, the Group will continue to actively manage its market value through enhanced investor communication and transparency, while exploring special dividends and share buybacks to boost market confidence and aim for early inclusion in the Stock Connect - The Group will continue to **proactively maintain and enhance its market value**, communicate with investors, and improve information disclosure transparency[58](index=58&type=chunk) - **Special dividend and share buyback plans** will be studied to enhance market confidence and align the Group's interests with those of its shareholders[58](index=58&type=chunk) - Efforts will be made to increase the liquid market capitalization and gain shareholder support to achieve **early inclusion in the "Stock Connect"**[58](index=58&type=chunk) [Operating Performance and Analysis](index=25&type=section&id=Operating%20Performance%20and%20Analysis) [Overview](index=25&type=section&id=Overview) In H1 2025, the company's profit for the period and profit attributable to equity holders decreased by 5.32% and 4.98% year-on-year, respectively Profit for the Period Overview (For the six months ended June 30) | Indicator | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Profit for the period | 2,070.6 | 2,187.0 | -5.32 | | Profit attributable to equity holders | 1,982.7 | 2,086.7 | -4.98 | [Operating Revenue](index=25&type=section&id=Operating%20Revenue) In H1 2025, total operating revenue increased by 2.91% to RMB 10,899.7 million, primarily driven by higher electricity sales from the wind and photovoltaic power segments, while the hydropower segment's revenue declined significantly due to a station shutdown - Total operating revenue increased by **2.91%** from RMB 10,591.4 million in H1 2024 to **RMB 10,899.7 million** in H1 2025, mainly due to increased electricity sales from wind and photovoltaic power projects[60](index=60&type=chunk) Segment Operating Revenue Change (For the six months ended June 30) | Segment | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Gas-fired power and heat | 6,581.1 | 6,449.2 | +2.05 | | Wind power | 2,683.5 | 2,457.1 | +9.21 | | Photovoltaic power | 1,535.4 | 1,514.0 | +1.41 | | Hydropower | 70.9 | 141.2 | -49.79 | | Others | 28.8 | 29.8 | -4.01 | [Other Income](index=26&type=section&id=Other%20Income) In H1 2025, other income decreased by 32.85% to RMB 149.2 million, primarily due to the expiration of a power purchase agreement in Australia and a sharp decline in green certificate market prices, which reduced carbon emission revenue Other Income Change (For the six months ended June 30) | Indicator | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Other income | 149.2 | 222.2 | -32.85 | - The decrease in other income was mainly due to the expiration of an Australian power purchase agreement and a sharp fall in green certificate market prices, leading to a **year-on-year reduction in carbon emission revenue**[66](index=66&type=chunk) [Operating Expenses](index=27&type=section&id=Operating%20Expenses) In H1 2025, operating expenses rose by 4.03% to RMB 8,001.2 million, driven by higher gas consumption, staff costs, and maintenance expenses, although this was partially offset by lower depreciation and other expenses due to policy adjustments and cost-saving measures Operating Expenses Change (For the six months ended June 30) | Item | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Total operating expenses | 8,001.2 | 7,690.9 | +4.03 | | Gas consumption | 4,902.4 | 4,743.5 | +3.35 | | Depreciation and amortization expenses | 1,863.4 | 2,034.8 | -8.42 | | Staff costs | 557.1 | 535.4 | +4.05 | | Repair and maintenance | 189.2 | 174.7 | +8.30 | | Other expenses | 478.2 | 543.0 | -11.93 | | Other losses and gains | -11.0 | 340.6 | N/A (Gain to Loss) | - The decrease in depreciation and amortization expenses was mainly due to **adjustments in the depreciation policy for fixed assets**[69](index=69&type=chunk) - The reduction in other expenses was primarily due to the **significant results of the Group's cost reduction and efficiency enhancement initiatives**[72](index=72&type=chunk) [Operating Profit](index=28&type=section&id=Operating%20Profit) In H1 2025, operating profit decreased by 2.40% to RMB 3,047.6 million, as profit growth in the wind, gas, and solar segments was offset by the hydropower segment swinging to a loss and wider losses in the "others" segment due to the decline in CGN Power's share price Segment Operating Profit Change (For the six months ended June 30) | Segment | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Total operating profit | 3,047.6 | 3,122.6 | -2.40 | | Wind power | 1,498.9 | 1,384.7 | +8.25 | | Gas-fired power and heat | 996.2 | 899.7 | +10.73 | | Photovoltaic power | 823.0 | 720.5 | +14.23 | | Hydropower | -22.2 | 273.2 | N/A (Profit to Loss) | | Others | -248.3 | -155.5 | N/A (Loss Widened) | - The operating loss in the hydropower segment was mainly due to a **significant year-on-year decrease in electricity sales** following a power station shutdown in H1 2024[78](index=78&type=chunk) - The increased loss in the "others" segment was primarily due to the **decline in the share price of CGN Power** held by the Group[79](index=79&type=chunk) [Finance Costs](index=29&type=section&id=Finance%20Costs) In H1 2025, finance costs increased by 2.12% to RMB 612.0 million, mainly due to the expensing of interest expenses as more project companies commenced operations Finance Costs Change (For the six months ended June 30) | Indicator | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Finance costs | 612.0 | 599.3 | +2.12 | [Share of results of associates and a joint venture](index=29&type=section&id=Share%20of%20results%20of%20associates%20and%20a%20joint%20venture) In H1 2025, the share of results from associates and a joint venture decreased year-on-year to RMB 58.3 million Share of Results of Associates and a Joint Venture Change (For the six months ended June 30) | Indicator | H1 2025 (RMB million) | H1 2024 (RMB million) | | :--- | :--- | :--- | | Share of results of associates and a joint venture | 58.3 | 60.4 | [Profit Before Tax](index=29&type=section&id=Profit%20Before%20Tax) In H1 2025, profit before tax decreased by 3.80% year-on-year to RMB 2,515.8 million Profit Before Tax Change (For the six months ended June 30) | Indicator | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Profit before tax | 2,515.8 | 2,615.2 | -3.80 | [Income Tax Expense](index=30&type=section&id=Income%20Tax%20Expense) In H1 2025, income tax expense increased by 3.97% year-on-year to RMB 445.2 million Income Tax Expense Change (For the six months ended June 30) | Indicator | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Income tax expense | 445.2 | 428.2 | +3.97 | [Profit for the Period](index=30&type=section&id=Profit%20for%20the%20Period) In H1 2025, profit for the period decreased by 5.32% year-on-year to RMB 2,070.6 million Profit for the Period Change (For the six months ended June 30) | Indicator | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Profit for the period | 2,070.6 | 2,187.0 | -5.32 | [Profit for the period attributable to equity holders of the Company](index=30&type=section&id=Profit%20for%20the%20period%20attributable%20to%20equity%20holders%20of%20the%20Company) In H1 2025, profit for the period attributable to equity holders of the Company decreased by 4.98% year-on-year to RMB 1,982.7 million Profit for the Period Attributable to Equity Holders of the Company Change (For the six months ended June 30) | Indicator | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Profit for the period attributable to equity holders of the Company | 1,982.7 | 2,086.7 | -4.98 | [Financial Position Analysis](index=30&type=section&id=Financial%20Position) [Overview](index=30&type=section&id=Overview) As of June 30, 2025, the Group's total assets were RMB 103,948.2 million, total liabilities were RMB 65,602.1 million, and total equity was RMB 38,346.1 million Financial Position Overview (As of June 30) | Indicator | June 30, 2025 (RMB million) | | :--- | :--- | | Total assets | 103,948.2 | | Total liabilities | 65,602.1 | | Total equity | 38,346.1 | | Equity attributable to equity holders | 33,969.2 | [Assets and Liabilities](index=30&type=section&id=Assets%20and%20Liabilities) As of June 30, 2025, total assets grew by 2.86% to RMB 103,948.2 million and total liabilities increased by 3.20% to RMB 65,602.1 million, primarily due to new project investments and related financing needs, while equity grew from retained earnings Assets, Liabilities and Equity Change (As of June 30) | Indicator | June 30, 2025 (RMB million) | December 31, 2024 (RMB million) | Change (%) | | :--- | :--- | :--- | :--- | | Total assets | 103,948.2 | 101,053.4 | +2.86 | | Total liabilities | 65,602.1 | 63,570.6 | +3.20 | | Total equity | 38,346.1 | 37,482.8 | +2.30 | | Equity attributable to equity holders of the Company | 33,969.2 | 33,161.1 | +2.44 | - The increase in total assets was mainly due to **investments in new projects**[87](index=87&type=chunk) - The increase in total liabilities was primarily due to **increased debt to fund project construction**[87](index=87&type=chunk) [Liquidity](index=31&type=section&id=Liquidity) As of June 30, 2025, current assets stood at RMB 26,410.0 million, while current liabilities were RMB 29,929.9 million, resulting in a 13.08% reduction in net current liabilities to RMB 3,519.9 million, indicating improved liquidity Key Liquidity Data (As of June 30) | Item | June 30, 2025 (RMB million) | | :--- | :--- | | Current assets | 26,410.0 | | Cash and cash equivalents | 7,975.6 | | Trade and bills receivables | 15,971.8 | | Current liabilities | 29,929.9 | | Short-term borrowings | 14,729.3 | | Short-term financing bills | 7,040.1 | | Net current liabilities | -3,519.9 | - Net current liabilities **decreased by 13.08%** from RMB 4,049.5 million on December 31, 2024 to **RMB 3,519.9 million** on June 30, 2025[88](index=88&type=chunk) [Net Gearing Ratio](index=31&type=section&id=Net%20Gearing%20Ratio) As of June 30, 2025, the net gearing ratio slightly decreased by 0.02 percentage points to 55.51%, as a 7.76% increase in cash and bank deposits offset a 2.97% rise in total borrowings Net Gearing Ratio and Related Indicators Change (As of June 30) | Indicator | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Net gearing ratio | 55.51% | 55.53% | -0.02 p.p. | | Total long-term and short-term borrowings (RMB million) | 55,824.5 | 54,216 | +2.97% | | Bank deposits and cash (RMB million) | 7,975.6 | 7,401.6 | +7.76% | [Other Significant Events](index=32&type=section&id=Other%20Significant%20Events) [Fundraising](index=32&type=section&id=Fundraising) In H1 2025, the Group successfully issued multiple tranches of super short-term commercial papers and medium-term notes, raising a total of RMB 6.0 billion at interest rates ranging from 1.67% to 1.98% - On March 21, 2025, the Group issued **RMB 2.0 billion** of 238-day super short-term commercial papers at a rate of **1.87%**[90](index=90&type=chunk) - On April 8, 2025, the Group issued **RMB 1.5 billion** of 121-day super short-term commercial papers at a rate of **1.67%**[90](index=90&type=chunk) - On April 18, 2025, the Group issued **RMB 1.5 billion** of 180-day super short-term commercial papers at a rate of **1.68%**[90](index=90&type=chunk) - On June 26, 2025, the Group issued **RMB 1.0 billion** of 3+N year medium-term notes at a rate of **1.98%**[90](index=90&type=chunk) [Capital Expenditure](index=32&type=section&id=Capital%20Expenditure) In H1 2025, the Group's total capital expenditure amounted to RMB 3,013.6 million, primarily allocated to wind and photovoltaic power projects Capital Expenditure Composition (H1 2025) | Segment | Capital Expenditure (RMB million) | | :--- | :--- | | Gas-fired power and heat | 60.5 | | Wind power | 1,605.5 | | Photovoltaic power | 1,347.6 | | **Total** | **3,013.6** | [Acquisition and Establishment of Subsidiaries](index=32&type=section&id=Acquisition%20and%20Establishment%20of%20Subsidiaries) The Group did not acquire or establish any subsidiaries during the first half of 2025 - The Group did not acquire or establish any subsidiaries in H1 2025[92](index=92&type=chunk) [Contingent Liabilities](index=32&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the Group had no contingent liabilities - As of June 30, 2025, the Group had **no contingent liabilities**[93](index=93&type=chunk) [Pledge of Assets](index=33&type=section&id=Pledge%20of%20Assets) As of June 30, 2025, the Group had pledged bank deposits, accounts receivable, fixed assets, and the entire equity of certain subsidiaries as security for bank borrowings - Bank deposits of **RMB 72.2 million** and accounts receivable of **RMB 3,243.2 million** were pledged as security for bank borrowings[94](index=94&type=chunk) - Fixed assets with a value of **RMB 1,953.9 million** were pledged as security for bank borrowings[94](index=94&type=chunk) - The entire equity of Gullen Range Wind Farm Holding Pty Ltd, Gullen Solar Pty Ltd, Ningxia Boyang New Energy Co, Ltd, and Ningxia Kaiyang New Energy Co, Ltd was pledged to banks as security for borrowings[94](index=94&type=chunk) [Significant Events After the Reporting Period](index=33&type=section&id=Significant%20Events%20After%20the%20Reporting%20Period) Subsequent to the reporting period, the Group entered into a trust contract to issue asset-backed commercial papers totaling RMB 981,717,888.43, with the book-building process completed on July 7, 2025 - On April 24, 2025, the Group entered into a trust contract with CR SZITIC Trust Co, Ltd to issue **asset-backed commercial papers totaling RMB 981,717,888.43**[95](index=95&type=chunk) - The book-building process for these asset-backed commercial papers was completed on **July 7, 2025**[95](index=95&type=chunk) [Share Option Scheme](index=33&type=section&id=Share%20Option%20Scheme) As of June 30, 2025, the Company had not implemented any share option scheme - As of June 30, 2025, the Company had **not implemented any share option scheme**[97](index=97&type=chunk) [Foreign Exchange and Currency Risk](index=33&type=section&id=Foreign%20Exchange%20and%20Currency%20Risk) The Group's operations are primarily conducted in Mainland China and denominated in RMB, but it faces currency risk from overseas investments and foreign currency loans, which it will continue to monitor and manage - The majority of the Group's business is conducted in Mainland China, with most revenue and expenses denominated in **RMB**[98](index=98&type=chunk) - The Group is exposed to currency risk from a small number of overseas investments and foreign currency loans (AUD, HKD, USD, EUR), where RMB fluctuations could result in exchange gains or losses[98](index=98&type=chunk) - The Group will continue to monitor foreign exchange rates and strengthen currency risk management through various measures[98](index=98&type=chunk) [Corporate Governance and Other Information](index=34&type=section&id=Corporate%20Governance%20and%20Other%20Information) [Purchase, Sale or Redemption of the Company's Listed Securities](index=34&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company's%20Listed%20Securities) For the six months ended June 30, 2025, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities, and the Company held no treasury shares - For the six months ended June 30, 2025, neither the Company nor any of its subsidiaries **purchased, sold, or redeemed any of the Company's listed securities**[99](index=99&type=chunk) - As of June 30, 2025, the Company **did not hold any treasury shares**[99](index=99&type=chunk) [Interim Dividend](index=34&type=section&id=Interim%20Dividend) The Board of Directors has not proposed any interim dividend for the six months ended June 30, 2025 - The Board of Directors has **not proposed any interim dividend** for the six months ended June 30, 2025[100](index=100&type=chunk) [Compliance with the Corporate Governance Code](index=34&type=section&id=Compliance%20with%20the%20Corporate%20Governance%20Code) For the six months ended June 30, 2025, the Company complied with all code provisions of the Corporate Governance Code as set out in Appendix C1 of the Listing Rules of The Stock Exchange of Hong Kong Limited - The Company has complied with all code provisions of the **Corporate Governance Code** in Appendix C1 of the Listing Rules for the six months ended June 30, 2025[101](index=101&type=chunk) [Compliance with the Model Code for Securities Transactions](index=34&type=section&id=Compliance%20with%20the%20Model%20Code%20for%20Securities%20Transactions) The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 of the Listing Rules, and all directors and supervisors have confirmed their strict compliance during the reporting period - The Company has adopted the **Model Code for Securities Transactions by Directors of Listed Issuers** as set out in Appendix C3 of the Listing Rules[102](index=102&type=chunk) - All directors and supervisors have confirmed their **strict compliance** with the required standards set out in the Model Code during the reporting period[102](index=102&type=chunk) [Audit Committee's Review of Interim Results](index=34&type=section&id=Audit%20Committee's%20Review%20of%20Interim%20Results) The Company's Audit Committee has reviewed the Group's interim results for 2025 and the unaudited interim financial report for the six months ended June 30, 2025, prepared in accordance with IAS 34 - The Company's Audit Committee has reviewed the Group's interim results for 2025 and the unaudited interim financial report for the six months ended June 30, 2025, prepared in accordance with **International Accounting Standard 34**[103](index=103&type=chunk) [Publication of Interim Results and Interim Report](index=35&type=section&id=Publication%20of%20Interim%20Results%20and%20Interim%20Report) This results announcement is published on the websites of the Stock Exchange and the Company, and the 2025 interim report will be published in due course - This results announcement is published on the **"HKEXnews" website** of the Stock Exchange and the Company's website[104](index=104&type=chunk) - The Company will publish the **2025 interim report**, containing all information required by the Listing Rules, on the Company's and the Stock Exchange's websites in due course[104](index=104&type=chunk)

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 告 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 對 因 本 公 告 全 部 或 任 何 部 分 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 （於開曼群島註冊成立的有限責任公司） （股份代號：1515） 截 至2025年6月30日 止 六 個 月 之 中 期 業 績 公 告 華 潤 醫 療 控 股 有 限 公 司（「本 公 司」）董 事 會（「董 事 會」）欣 然 宣 佈，本 公 司 及 其 附 屬 公 司（「本 集 團」）截 至2025年6月30日 止 六 個 月（「報 告 期」）之 未 經 審 核 綜 合 業 績，如 下： 中 期 簡 明 綜 合 損 益 及 其 他 全 面 收 益 報 表 截 至2025年6月30日 止 六 個 月－未 經 審 核 截 至6月30日 止 六 個 月 2025年 2024年 | | | | | | | | | | | | 幣 ...

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告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Seacon Shipping Group Holdings Limited 洲際船務集團控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：2409） 截至2025年6月30日止六個月 中期業績 洲際船務集團控股有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然宣佈本公司及其 附屬公司（統稱「本集團」）截至2025年6月30日止六個月（「本期間」或「期內」）未經審計簡 明合併中期業績，連同截至2024年6月30日止六個月的比較數字。 於本公告內，「我們」指本公司，惟倘文義另有所指，則指本集團。 – 1 – 簡明合併損益表 截至2025年6月30日止六個月 | | | 未經審計 | | | --- | --- | --- | --- | | | | 截至6月30日止六個月 | | | | 附註 | 2025年 | 2024年 | | | | 千美元 | 千美元 | | 收入 | 4 | ...

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，並明確表示概不就因本公佈全部或任何部分內容而產生或因 倚賴該等內容而引致的任何損失承擔任何責任。 （於開曼群島註冊成立的有限公司 ） （股份代 號：8112） 截至2025年6月30日止六個月 中期業績公佈 基石金融控股有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此公佈本公司及其附屬 公司截至2025年6月30日止六個月的未經審核業績。本公佈載有本公司截至2025年6月30日止 六個月的中期報告（「 2025年中期報告」）全文，並遵守香港聯合交易所有限公司（「聯交所」） GEM證券上市規則（「 GEM上市規則」）有關中期業績初步公佈附載資料的相關規定。根據 GEM上市規則的相關規定，2025年中期報告將於本公司網站(www.cs8112.com)及聯交所網站 (www.hkexnews.hk)刊載，而其印刷本亦將於適當時候寄發予以書面提出有關要求的本公司股 東。 承董事會命 基石金融控股有限公司 主席兼執行董事 凡彥迪 香港，2025年8月26日 於本公佈日期，董事會成員如下：凡彥迪女士（ ...

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告的內容概不負責，對其準確性或完整 性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而 引致的任何損失承擔任何責任。 SUNAC CHINA HOLDINGS LIMITED 融創中國控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：01918） 2 未經審核 截 至 2025 年 6 月 30 日止六個月之中期業績公告 業績摘要 截至2025年6月30日止六個月： 1 • 本集團連同其合營公司及聯營公司的合同銷售金額約為人民幣235.5億元； • 於2025年6月30日， 本集團連同其合營公司及聯營公司的權益土地儲備約 8,624萬平方米，其中未售權益土地儲備約6,306萬平方米； • 本集團收入約為人民幣199.9億元，較去年同期減少約41.7%； • 本集團毛虧約為人民幣20.8億元，虧損較去年同期增加約14.9%； • 本公司擁有人應佔虧損約為人民幣128.1億元，虧損較去年同期減少約14.4%； • 於2025年6月30日，本集團權益總額約為人民幣448.8億元，其中本公司擁 有人應佔權益約為人民幣 ...

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告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或 因依賴該等內容而引致的任何損失承擔任何責任。 2025年中期業績公佈 青島啤酒股份有限公司（「本公司」或「公司」）董事會（「董事會」）謹此公告本公司及其附屬公 司（「本集團」）根據中國企業會計準則編製的截至2025年6月30日止六個月（「報告期」）的未 經審核的中期業績。 青島啤酒股份有限公司 （ 於 中 華 人 民 共 和 國 註 冊 成 立 之 中 外 合 資 股 份 有 限 公 （股份編號：168） 一、中期財務資料 （除特別註明外，金額單位為人民幣元） 合併資產負債表 | | | 2025年 | 2024年 | | --- | --- | --- | --- | | 資產 | 附註 | 6月30日 | 12月31日 | | | | （未經審計） | | | 流動資產 | | | | | 貨幣資金 | | 16,842,451,076 | 17,978,772,896 | | 交易性金融資產 | | 5,179,128,769 | 2,021 ...

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文件的內容概不 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 對 因 本 文 件 全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 FUJIAN HOLDINGS LIMITED 閩 港 控 股 有 限 公 司 （ 於 香 港 註 冊 成 立 之 有 限 公 司 ） （股份代號：00181） 截至二零二五年六月三十日止期間之 中期業績之公告 | | 財務摘要 | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | | | | | 截 至 | | 截 至 | | | | | | | | | | | | | | 二零二五年 | 二零二四年 | | | | | | | | | | | | | | | 六月三十日 | 六月三十日 | | | | | | | | | | ...