[Definitions](index=4&type=section&id=Section%201%20Definitions) [Definitions of Common Terms](index=4&type=section&id=Definitions%20of%20Common%20Terms) This chapter defines common terms used in the report, including company names, major related parties, business entities, and professional terminology, to ensure clear understanding of the report content - Defines corporate entities such as **"Su Neng Shares"** and **"Xukuang Group,"** along with professional terms like **"approved capacity"** and **"MW"**[12](index=12&type=chunk) [Company Profile and Key Financial Indicators](index=5&type=section&id=Section%202%20Company%20Profile%20and%20Key%20Financial%20Indicators) [Company Information](index=5&type=section&id=I.%20Company%20Information) Discloses basic company information including Chinese name, abbreviation, foreign name, and legal representative - Company's Chinese name: Jiangsu Xukuang Energy Co., Ltd., abbreviation: **Su Neng Shares**[14](index=14&type=chunk) - Legal Representative: **Yu Yang**[14](index=14&type=chunk) [Contact Person and Information](index=5&type=section&id=II.%20Contact%20Person%20and%20Information) Provides names, contact addresses, phone numbers, faxes, and email addresses for the Board Secretary and Securities Affairs Representative - Board Secretary: Wang Zhiqiang, Phone: **0516-85320939**[15](index=15&type=chunk) - Company Contact Address: No. 7 Qiantang Road, Yunlong District, Xuzhou City[15](index=15&type=chunk) [Brief Introduction to Changes in Basic Information](index=5&type=section&id=III.%20Brief%20Introduction%20to%20Changes%20in%20Basic%20Information) Introduces the company's registered and office addresses, stating no historical changes during the reporting period - Company Registered Address: Third Floor, E2 Building, Software Park, Xuzhou Economic and Technological Development Zone, Xuzhou City[16](index=16&type=chunk) - Company Website: **www.jiangsuenergy.com**[16](index=16&type=chunk) [Brief Introduction to Changes in Information Disclosure and Document Storage Locations](index=5&type=section&id=IV.%20Brief%20Introduction%20to%20Changes%20in%20Information%20Disclosure%20and%20Document%20Storage%20Locations) Lists the company's selected newspapers for information disclosure, the website address for semi-annual reports, and the report storage location - Information Disclosure Newspapers: "China Securities Journal," "Shanghai Securities News," "Securities Times," "Securities Daily," "Economic Information Daily"[17](index=17&type=chunk) - Report Publication Website: **http://www.sse.com.cn**[17](index=17&type=chunk) [Company Stock Overview](index=5&type=section&id=V.%20Company%20Stock%20Overview) Provides the company's stock type, listing exchange, stock abbreviation, and code - Stock Type: **A-share**, Listing Exchange: **Shanghai Stock Exchange**, Stock Abbreviation: **Su Neng Shares**, Stock Code: **600925**[18](index=18&type=chunk) [Company's Key Accounting Data and Financial Indicators](index=5&type=section&id=VII.%20Company%27s%20Key%20Accounting%20Data%20and%20Financial%20Indicators) Summarizes the company's key accounting data and financial indicators for the current and prior reporting periods, explaining the reasons for changes Key Accounting Data (Jan-Jun) | Indicator | Current Period (CNY) | Prior Period (CNY) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 5,573,495,492.31 | 6,727,574,463.25 | -17.15 | | Total Profit | 381,304,510.34 | 1,364,980,771.79 | -72.07 | | Net Profit Attributable to Parent Company Shareholders | 93,190,624.00 | 944,542,657.70 | -90.13 | | Net Cash Flow from Operating Activities | 829,809,492.74 | 1,801,909,408.00 | -53.95 | Key Financial Indicators (Jan-Jun) | Indicator | Current Period | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (CNY/share) | 0.01 | 0.14 | -92.86 | | Weighted Average Return on Net Assets (%) | 0.58 | 5.83 | decreased by 5.25 percentage points | - The decline in total profit and net profit attributable to parent company was mainly due to falling coal prices and changes in income tax rates of controlled subsidiaries[21](index=21&type=chunk) - The decrease in net cash flow from operating activities was primarily due to reduced operating revenue[21](index=21&type=chunk) [Non-recurring Gains and Losses Items and Amounts](index=6&type=section&id=IX.%20Non-recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) Lists non-recurring gains and losses items and their amounts for the reporting period, totaling 11,352,720.81 CNY Non-recurring Gains and Losses Items | Item | Amount (CNY) | | :--- | :--- | | Gains and losses on disposal of non-current assets | 568,408.16 | | Government grants recognized in current profit or loss | 18,744,834.96 | | Fair value changes and disposal gains/losses from financial assets and liabilities held by non-financial enterprises | 1,526,230.56 | | Other non-operating income and expenses apart from the above items | -10,808,397.84 | | Other gain/loss items meeting the definition of non-recurring gains and losses | 1,154,526.72 | | Less: Income tax impact | -809,406.15 | | Minority interest impact (after tax) | 642,287.90 | | Total | 11,352,720.81 | [Management Discussion and Analysis](index=8&type=section&id=Section%203%20Management%20Discussion%20and%20Analysis) [Explanation of the Company's Industry and Main Business Operations During the Reporting Period](index=8&type=section&id=I.%20Explanation%20of%20the%20Company%27s%20Industry%20and%20Main%20Business%20Operations%20During%20the%20Reporting%20Period) Details the H1 2025 macroeconomic background, supply-demand, and H2 outlook for the coal, power, and new energy sectors, along with the company's operations and strategies in its three main business segments: coal, power, and strategic mineral resources [Industry Overview](index=8&type=section&id=%28I%29%20Industry%20Overview) In H1 2025, the national economy grew steadily with ample energy supply; coal output increased, imports decreased, leading to a loose supply-demand balance; power and new energy generation grew steadily, with new energy's share rising, and Jiangsu province showing strong power demand; H2 is expected to see seasonal recovery in coal and power demand, with continued rapid development in new energy - In H1 2025, China's GDP reached **66.1 trillion CNY**, growing by **5.3%** year-on-year[27](index=27&type=chunk) - From January to June, raw coal output from industrial enterprises above designated size was **2.40 billion tons**, a **5.4%** year-on-year increase; monthly output growth slowed[27](index=27&type=chunk) - In H1 2025, China imported **220 million tons** of coal, a **11.13%** year-on-year decrease; thermal coal imports declined more significantly than coking coal[28](index=28&type=chunk) - From January to June, national commercial coal consumption was approximately **2.39 billion tons**, up about **0.4%** year-on-year, with a notable increase in coal for chemical use[28](index=28&type=chunk) - In H1 2025, national industrial power generation above designated size was **4.54 trillion kWh**, up **0.8%** year-on-year; thermal power accounted for over **64%**, while wind and solar power generation increased by **10.6%** and **20.0%** respectively[28](index=28&type=chunk) - In H1 2025, Jiangsu Province's total electricity consumption reached **405.3 billion kWh**, a **3.31%** year-on-year increase, exceeding the province's total power generation by **83.798 billion kWh**, indicating a power supply-demand gap[31](index=31&type=chunk) - Electricity consumption growth is expected to be higher in H2 than in H1, with total societal electricity consumption projected to grow by **5%-6%** year-on-year[31](index=31&type=chunk) [Company's Main Business Operations](index=9&type=section&id=%28II%29%20Company%27s%20Main%20Business%20Operations) In H1, the company focused on coal, power, and new energy industries, actively advancing strategic mineral resource businesses; coal approved capacity is 17.8 million tons/year, with 8.4643 million tons of commercial coal produced; in-service power capacity is 3347.8 MW, with 3797.5 MW under construction, projecting a total capacity of 8200 MW by 2026; new energy projects are progressing well, and energy storage projects enhance green power absorption capacity - The company primarily engages in raw coal mining, coal washing and processing, coal wholesale, power generation, and new energy development[32](index=32&type=chunk) - Approved coal production capacity is **17.8 million tons/year**, with commercial coal output of **8.4643 million tons** and sales of **8.1803 million tons**[32](index=32&type=chunk) - In-service power generation capacity is **3347.8 MW** (**2700 MW** thermal power, **647.8 MW** new energy); power generation capacity under construction is **3797.5 MW** (**3320 MW** thermal power, **477.5 MW** new energy)[32](index=32&type=chunk) - By 2026, total power generation capacity is expected to reach **8200 MW**, with thermal power exceeding **6000 MW** and new energy exceeding **2200 MW**[32](index=32&type=chunk) - The Su Neng Xidian 2×1000MW project is nearing completion and is expected to be operational within the year; the Su Neng Baiyinhua 2×660MW project is over **30%** complete and is expected to be operational in 2026[34](index=34&type=chunk) - The Shaanxi Linyou "Agri-PV Complementary" **125 MW** project and the Zhacheng Mine subsidence area "Fishery-PV Complementary" **100 MW** project were successfully connected to the grid on April 28 and May 30, respectively[35](index=35&type=chunk) - Total capacity of in-service and under-construction energy storage projects is **360 MW**, with the Su Neng Fengxian **50 MW** energy storage project successfully connected to the grid in July 2025[36](index=36&type=chunk) [Discussion and Analysis of Operations](index=11&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operations) In H1 2025, due to loose coal market supply and demand, coal prices fell significantly, putting overall pressure on the company's operating performance, with both operating revenue and net profit attributable to the parent company declining; coal business revenue and gross profit sharply decreased, power business revenue and gross profit also fell, but new energy business achieved significant growth; the company will continue to stabilize production, improve efficiency, and accelerate green and low-carbon transformation in H2 [Company Business Overview](index=11&type=section&id=%28I%29%20Company%20Business%20Overview%3A) In H1, the company's operating revenue was 5.573 billion CNY, and net profit attributable to the parent company was 93 million CNY, indicating performance pressure; coal business revenue decreased by 25.47% year-on-year, with gross profit down 48.08%; power business revenue decreased by 13.76%, with gross profit down 67.53%; new energy business performed strongly, with sales revenue growing by 283.60% and gross profit by 236.05% year-on-year Company Business Overview H1 2025 | Business Segment | Jan-Jun 2025 (10k CNY) | Jan-Jun 2024 (10k CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Commercial Coal Sales Revenue | 273,993.47 | 367,635.18 | -25.47 | | Commercial Coal Sales Gross Profit | 95,086.21 | 183,149.68 | -48.08 | | Electricity Sales Revenue | 202,756.06 | 235,105.21 | -13.76 | | Electricity Sales Gross Profit | 11,511.93 | 35,456.92 | -67.53 | | New Energy Sales Revenue | 8,498.35 | 2,215.43 | 283.60 | | New Energy Sales Gross Profit | 3,563.36 | 1,060.36 | 236.05 | - Commercial coal output increased by **5.61%** year-on-year to **8.4643 million tons**, and sales increased by **4.81%** to **8.1803 million tons**[39](index=39&type=chunk) - Power generation decreased by **10.08%** year-on-year to **5.3619104 billion kWh**, and electricity sales decreased by **8.79%** to **5.1134014 billion kWh**[39](index=39&type=chunk) - New energy power generation increased by **144.35%** year-on-year to **98.5721 million kWh**, and electricity sales increased by **303.98%** to **211.6482 million kWh**[39](index=39&type=chunk) [Coal Sales](index=11&type=section&id=%28II%29%20Coal%20Sales) In H1 2025, the company's sales of coking coal and thermal coal both increased, but average selling prices significantly declined due to market price downturn; the company plans to counter market fluctuations in H2 by stabilizing production, improving efficiency, extending the coal-based industrial chain, cultivating strategic resources, and deploying clean energy Coal Sales Performance H1 2025 | Coal Type | Jan-Jun 2025 Sales (10k tons) | Jan-Jun 2025 Unit Price (CNY/ton) | Jan-Jun 2024 Sales (10k tons) | Jan-Jun 2024 Unit Price (CNY/ton) | | :--- | :--- | :--- | :--- | :--- | | Coking Coal | 40.90 | 866.53 | 68.47 | 1,180.15 | | Thermal Coal | 777.13 | 306.97 | 712.02 | 402.84 | - In H2 2025, the company will steadfastly uphold its core mission of ensuring Jiangsu's energy resource security, focusing on high-quality development, guaranteeing stable and efficient coal mine production, reliable power plant operations, and accelerating the construction of Wulagai and Baiyinhua power plant projects to fully mitigate market fluctuation risks[40](index=40&type=chunk)[41](index=41&type=chunk) - The company will accelerate the deep integration of green and low-carbon transformation with technological empowerment, forging a frontier for new quality productive forces by extending the coal-based industrial chain, cultivating strategic resources, and deploying clean energy[41](index=41&type=chunk) [Analysis of Core Competitiveness During the Reporting Period](index=12&type=section&id=III.%20Analysis%20of%20Core%20Competitiveness%20During%20the%20Reporting%20Period) The company's core competitiveness lies in its high-quality resource reserves, brand advantage from over 140 years of coal mining, favorable location and transportation, leading talent and management, and technological strengths in coal mining and smart factory construction; the company actively builds an "integrated coal-power" and "wind-solar-grid-storage" new energy system, optimizing its industrial structure - The company possesses high-quality resource reserves for coal development and sustainable growth; as of the end of the reporting period, the total resource volume in the company's mining areas is approximately **2.08 billion tons**, with recoverable reserves of about **879 million tons**, characterized by excellent coal quality, favorable seam conditions, relatively low operating costs, and high safety[42](index=42&type=chunk) - With over **140 years** of continuous coal mining history, the company has established a base of long-term loyal customers and stable sales channels[42](index=42&type=chunk) - As of the end of the reporting period, the company's in-service power generation capacity is **3347.8 MW**, comprising **2700 MW** thermal power and **647.8 MW** new energy; power generation capacity under construction is **3797.5 MW**, including **3320 MW** thermal power and **477.5 MW** new energy[42](index=42&type=chunk) - The company boasts leading domestic management expertise and extensive experience in coal production, power management, trade, and other coal-related businesses; relying on innovation platforms such as national postdoctoral research workstations and Jiangsu Province graduate workstations, it has established comprehensive systems for safety production, quality control, environmental protection, technology R&D, and safety assurance[43](index=43&type=chunk) - Subsidiaries Huamei Thermal Power and Xukuang Power Generation were successfully selected for Jiangsu Province's advanced smart factory list; Zhangshuanglou Coal Mine won first prize in the State-owned Assets Supervision and Administration Commission's "First State-owned Enterprise Digital Scenario Innovation Competition," becoming one of the first national intelligent demonstration coal mines[43](index=43&type=chunk)[44](index=44&type=chunk) - The company actively builds an "integrated coal-power" industrial cluster and a "wind-solar-grid-storage" new energy system, further enhancing its operational resilience and development potential[44](index=44&type=chunk) [Key Operating Performance During the Reporting Period](index=13&type=section&id=IV.%20Key%20Operating%20Performance%20During%20the%20Reporting%20Period) This chapter analyzes the company's key operating performance during the reporting period, including changes in financial statement items, asset-liability status, and investment; operating revenue decreased due to falling coal prices, leading to a reduction in net cash flow from operating activities; the asset-liability structure changed, with increases in trading financial assets, inventory, other payables, and special reserves, while prepayments, other receivables, contract liabilities, and taxes payable decreased [Main Business Analysis](index=13&type=section&id=%28I%29%20Main%20Business%20Analysis) Operating revenue decreased by 17.15% year-on-year, mainly due to falling coal prices; net cash flow from operating activities decreased by 53.95% year-on-year, primarily due to reduced operating revenue; net cash flow from financing activities changed significantly as dividends declared to shareholders in the current period were not yet fully paid Changes in Financial Statement Items (Jan-Jun) | Item | Current Period (CNY) | Prior Period (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 5,573,495,492.31 | 6,727,574,463.25 | -17.15 | | Operating Cost | 4,258,134,631.64 | 4,374,697,004.44 | -2.66 | | Net Cash Flow from Operating Activities | 829,809,492.74 | 1,801,909,408.00 | -53.95 | | Net Cash Flow from Investing Activities | -2,031,285,673.14 | -2,168,612,723.16 | 6.33 | | Net Cash Flow from Financing Activities | 876,941,083.23 | -1,097,015,301.00 | N/A | - Operating revenue change was primarily due to **falling coal prices**[46](index=46&type=chunk) - Net cash flow from operating activities change was mainly due to **decreased operating revenue** leading to lower cash inflows from operating activities[47](index=47&type=chunk) - Net cash flow from financing activities change was primarily because dividends declared to shareholders in the current period were not yet fully paid, with payment made in July[47](index=47&type=chunk) [Analysis of Assets and Liabilities](index=13&type=section&id=%28III%29%20Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, the company's total assets and net assets attributable to the parent company slightly decreased; trading financial assets increased by 250 million CNY, while prepayments, other receivables, contract liabilities, and taxes payable all significantly decreased; inventory increased by 44.22% due to stockpiling of trading coal, other payables increased by 53.57% due to declared dividends, and special reserves increased by 212.83% due to provisions for safety production and land subsidence fees Changes in Assets and Liabilities | Item Name | Current Period End (CNY) | Change (%) | Explanation | | :--- | :--- | :--- | :--- | | Trading Financial Assets | 250,000,000.00 | 100.00 | Purchase of bank wealth management products (structured deposits) | | Prepayments | 128,580,542.26 | -53.18 | Decrease in prepayments for goods purchases | | Other Receivables | 819,870,317.41 | -32.05 | Decrease in advances and withheld/remitted payments | | Inventory | 807,293,215.82 | 44.22 | Stockpiling of trading coal | | Contract Liabilities | 290,777,832.96 | -39.54 | Decrease in subsidiaries' advance receipts for goods | | Taxes Payable | 166,860,048.55 | -55.31 | Decreased profitability, reduced income tax payable | | Other Payables | 1,610,385,512.26 | 53.57 | Dividends declared to shareholders in the current period | | Special Reserves | 215,078,981.69 | 212.83 | Accrued but unused safety production and land subsidence fees | - Total assets at period-end were **39,017,297,892.68 CNY**, a **0.44%** decrease from the end of the previous year[20](index=20&type=chunk) - Net assets attributable to shareholders of the listed company were **15,291,365,124.08 CNY**, a **3.81%** decrease from the end of the previous year[20](index=20&type=chunk) [Analysis of Investment Status](index=14&type=section&id=%28IV%29%20Analysis%20of%20Investment%20Status) At the end of the period, the company's financial assets measured at fair value totaled 9,777,130.12 CNY, primarily comprising stocks and other investments, with fair value changes in Bank of Communications shares recognized in equity Fair Value Measured Financial Assets at Period-End | Asset Category | Period-End Amount (CNY) | | :--- | :--- | | Stocks | 2,394,336.00 | | Other | 7,382,794.12 | | Total | 9,777,130.12 | - Holds Bank of Communications shares with a period-end book value of **2,394,336.00 CNY**, and fair value change gain/loss of **68,837.16 CNY** for the current period[55](index=55&type=chunk) [Analysis of Major Controlled and Invested Companies](index=16&type=section&id=%28VI%29%20Analysis%20of%20Major%20Controlled%20and%20Invested%20Companies) Discloses information on major subsidiaries impacting the company's net profit by over 10%, including Xuzhou Mining (Group) Xinjiang Tianshan Mining Co., Ltd. and Shaanxi Guojiahe Coal Industry Co., Ltd., both engaged in coal mining and washing, contributing significant net profits Major Subsidiary Financial Data (Jan-Jun) | Company Name | Main Business | Registered Capital (10k CNY) | Net Profit (10k CNY) | | :--- | :--- | :--- | :--- | | Xuzhou Mining (Group) Xinjiang Tianshan Mining Co., Ltd. | Coal mining and washing industry | 113,400 | 21,073.98 | | Shaanxi Guojiahe Coal Industry Co., Ltd. | Coal mining and washing industry | 120,000 | 28,527.77 | [Potential Risks](index=17&type=section&id=V.%20Other%20Disclosure%20Matters) The company faces safety, funding, market, and environmental risks; to mitigate these, it plans to strengthen safety management, optimize resource allocation, implement diversified financing, enhance market foresight, optimize product structure, deepen coal-power integration, increase environmental investment, and promote green, low-carbon development - Safety Risk: Coal production is affected by natural disasters; the company will advance a three-year action plan for fundamental safety production improvements, strengthen systematic management, and utilize AI technology for risk prediction and assessment[58](index=58&type=chunk) - Funding Risk: The industry involves large investment scale and long return cycles, leading to significant capital expenditures for the company; it will optimize resource allocation, accelerate project implementation, strengthen lean financial management, and implement diversified financing strategies[59](index=59&type=chunk) - Market Risk: Price fluctuations of coal and power products significantly impact performance; the company will strengthen macroeconomic research, optimize coal product structure, deepen comprehensive coordination across production, transportation, sales, storage, and consumption, and reinforce integrated coal-power and traditional-new energy operations[59](index=59&type=chunk)[60](index=60&type=chunk) - Environmental Risk: National energy conservation and environmental protection policies are becoming stricter; the company will comprehensively promote coal clean and efficient utilization and ecological civilization construction, ensure environmental protection funding, build green mines, and align with "carbon peak and carbon neutrality" goals[60](index=60&type=chunk) [Corporate Governance, Environment and Society](index=19&type=section&id=Section%204%20Corporate%20Governance%2C%20Environment%20and%20Society) [Changes in Company Directors and Senior Management](index=19&type=section&id=I.%20Changes%20in%20Company%20Directors%20and%20Senior%20Management) During the reporting period, the company's board of directors and senior management underwent multiple changes, including the departures of Shi Binghua, Feng Xingzhen, Li Dahai, Guo Zhonghua, Chen Qinghua, He Ya, Wang Weidong, and Zhang Zhijuan, and the election or appointment of Yu Yang, Deng Guoxin, Chen Weidong, Zhang Lei, Yang Siguang, Xie Qingdian, and Chen Chuangju; Mr. Yu Yang was elected Chairman and became the legal representative, and Mr. Chen Chuangju was appointed General Manager - Mr. Shi Binghua resigned from his positions as director and vice chairman of the company's third board of directors due to retirement age[63](index=63&type=chunk) - Mr. Feng Xingzhen was removed from his positions as non-independent director and chairman of the third board of directors[64](index=64&type=chunk) - Mr. Yu Yang was elected as a non-independent director and chairman of the company's third board of directors, and became the company's legal representative[64](index=64&type=chunk) - Mr. Chen Chuangju was appointed as the company's general manager and elected as a non-independent director[66](index=66&type=chunk) [Profit Distribution or Capital Reserve Conversion Plan](index=20&type=section&id=II.%20Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) The company's semi-annual proposed profit distribution or capital reserve to share capital conversion plan is "none," with no distribution or conversion to be made - The company's semi-annual proposed profit distribution or capital reserve to share capital conversion plan is "none"[67](index=67&type=chunk) [Environmental Information of Listed Companies and Their Major Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information by Law](index=20&type=section&id=IV.%20Environmental%20Information%20of%20Listed%20Companies%20and%20Their%20Major%20Subsidiaries%20Included%20in%20the%20List%20of%20Enterprises%20Required%20to%20Disclose%20Environmental%20Information%20by%20Law) Five of the company's subsidiaries are included in the list of enterprises required to disclose environmental information by law, with inquiry indexes provided - The number of enterprises included in the list of enterprises required to disclose environmental information by law is **5**[68](index=68&type=chunk) - Disclosed environmental information inquiry indexes for subsidiaries including Xuzhou Mining (Group) Xinjiang Tianshan Mining Co., Ltd., Jiangsu Sheyang Port Power Generation Co., Ltd., Jiangsu Huamei Thermal Power Co., Ltd., and Jiangsu Xukuang Comprehensive Utilization Power Generation Co., Ltd[68](index=68&type=chunk)[69](index=69&type=chunk) [Significant Matters](index=22&type=section&id=Section%205%20Significant%20Matters) [Fulfillment of Commitments](index=22&type=section&id=I.%20Fulfillment%20of%20Commitments) The company's actual controller, shareholders, related parties, and the company itself have timely and strictly fulfilled multiple commitments made during or continuing into the reporting period, primarily concerning share lock-ups, resolution of horizontal competition, share price stability, reduction intentions, regulation of related party transactions, compensation for returns, and prospectus authenticity - Controlling shareholder Xukuang Group committed not to transfer or entrust others to manage its directly or indirectly held shares issued before the issuer's initial public offering for **36 months** from the listing date, with a **6-month** extension under specific conditions[73](index=73&type=chunk) - The company and relevant parties (controlling shareholders, directors, senior management) committed to formulating and implementing share price stabilization measures, including company share repurchases or share increases by controlling shareholders, directors, and senior management, when share price stabilization conditions are triggered[78](index=78&type=chunk)[79](index=79&type=chunk)[80](index=80&type=chunk) - Controlling shareholder Xukuang Group committed not to add and to ensure that other controlled subsidiaries invested by the company, other than the issuer, do not add businesses identical or similar to the issuer's main business, nor establish or acquire operating entities engaged in businesses identical or similar to the issuer's main business[75](index=75&type=chunk)[76](index=76&type=chunk) - The company committed that the content of its prospectus contains no false records, misleading statements, or major omissions, or any other significant information disclosure violations, and assumes corresponding legal responsibilities for the truthfulness, accuracy, and completeness of the prospectus content[91](index=91&type=chunk)[92](index=92&type=chunk) [Significant Related Party Transactions](index=35&type=section&id=X.%20Significant%20Related%20Party%20Transactions) During the reporting period, the company had related party transactions related to its daily operations, details of which are provided in the notes to the financial statements - For related party transactions from January to June 2025, please refer to "Section 8.XIV. Related Parties and Related Party Transactions"[109](index=109&type=chunk) [Significant Guarantees Performed and Unfulfilled During the Reporting Period](index=37&type=section&id=%28II%29%20Significant%20Guarantees%20Performed%20and%20Unfulfilled%20During%20the%20Reporting%20Period) At the end of the reporting period, the company's total external guarantee balance was 703,133,300.00 CNY, primarily joint liability guarantees for related party Shaanxi Baolin Railway Co., Ltd.; the company's total guarantees for subsidiaries amounted to 641,500,000.00 CNY; the total guarantee amount represented 8.79% of the company's net assets Company's External Guarantees | Guaranteed Party | Guaranteed Amount (CNY) | Guarantee Start Date | Guarantee End Date | Guarantee Type | | :--- | :--- | :--- | :--- | :--- | | Shaanxi Baolin Railway Co., Ltd. | 39,275,200.00 | April 25, 2014 | May 5, 2029 | Joint and several liability guarantee | | Shaanxi Baolin Railway Co., Ltd. | 663,858,100.00 | September 2020 | November 30, 2031 | Joint and several liability guarantee | - Total guarantee amount (A+B) at the end of the reporting period was **1,344,633,300.00 CNY**, accounting for **8.79%** of the company's net assets[114](index=114&type=chunk) - The amount of debt guarantees provided directly or indirectly for guaranteed parties with an asset-liability ratio exceeding **70%** was **703,133,300.00 CNY**[115](index=115&type=chunk) [Share Changes and Shareholder Information](index=39&type=section&id=Section%206%20Share%20Changes%20and%20Shareholder%20Information) [Changes in Share Capital](index=39&type=section&id=I.%20Changes%20in%20Share%20Capital) During the reporting period, there were no changes in the company's total share capital or share structure - During the reporting period, there were no changes in the company's total share capital or share structure[117](index=117&type=chunk) [Shareholder Information](index=39&type=section&id=II.%20Shareholder%20Information) As of the end of the reporting period, the company had 93,210 common shareholders; among the top ten shareholders, Xuzhou Mining Group Co., Ltd. held 76.69%, serving as the controlling shareholder, with all its shares being restricted; BOCOM Financial Asset Investment Co., Ltd. was the second largest shareholder, holding 6.44% - Total number of common shareholders at the end of the reporting period: **93,210**[118](index=118&type=chunk) Top Ten Shareholders' Shareholding | Shareholder Name | Period-End Shareholding (shares) | Proportion (%) | Restricted Shares Held (shares) | Pledged, Marked, or Frozen Shares (shares) | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | :--- | | Xuzhou Mining Group Co., Ltd. | 5,282,840,303 | 76.69 | 5,282,840,303 | 0 | State-owned Legal Person | | BOCOM Financial Asset Investment Co., Ltd. | 443,478,646 | 6.44 | 0 | 0 | State-owned Legal Person | | Xuzhou Jiawang Urban Construction Investment Co., Ltd. | 240,468,356 | 3.49 | 0 | 159,874,178 | State-owned Legal Person | | Jiangsu Provincial Agricultural Reclamation Group Co., Ltd. | 96,767,950 | 1.40 | 0 | 0 | State-owned Legal Person | | Jiangsu Provincial Agricultural Reclamation Investment Management Co., Ltd. | 48,383,975 | 0.70 | 0 | 0 | State-owned Legal Person | | Peixian State-owned Assets Management Co., Ltd. | 48,383,975 | 0.70 | 0 | 0 | State-owned Legal Person | | Agricultural Bank of China Co., Ltd. - Southern S&P China A-Share Large-Cap Dividend Low Volatility 50 ETF | 35,982,900 | 0.52 | 0 | 0 | Other | | Industrial and Commercial Bank of China Co., Ltd. - Guotai CSI Coal ETF | 21,377,807 | 0.31 | 0 | 0 | Other | | Jiangsu Zhongshan Hotel Group Co., Ltd. | 20,648,700 | 0.30 | 0 | 0 | State-owned Legal Person | | Agricultural Bank of China Co., Ltd. - CSI 500 ETF | 20,392,216 | 0.30 | 0 | 0 | Other | - Xuzhou Mining Group Co., Ltd. holds **5,282,840,303** restricted shares, with the restriction being initial public offering lock-up; if the closing price for **20 consecutive trading days** within **36 months** after listing is below the offering price, the controlling shareholder's lock-up period will be extended by **6 months**[123](index=123&type=chunk) [Bond-Related Information](index=43&type=section&id=Section%207%20Bond-Related%20Information) [Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments](index=43&type=section&id=I.%20Corporate%20Bonds%20%28Including%20Enterprise%20Bonds%29%20and%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) During the reporting period, the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments - During the reporting period, the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[127](index=127&type=chunk) [Convertible Corporate Bonds](index=43&type=section&id=II.%20Convertible%20Corporate%20Bonds) During the reporting period, the company had no convertible corporate bonds - During the reporting period, the company had no convertible corporate bonds[127](index=127&type=chunk) [Financial Report](index=44&type=section&id=Section%208%20Financial%20Report) [Audit Report](index=44&type=section&id=I.%20Audit%20Report) This semi-annual report is unaudited - This semi-annual report is unaudited[5](index=5&type=chunk) [Financial Statements](index=44&type=section&id=II.%20Financial%20Statements) This chapter includes the company's H1 2025 consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, comprehensively presenting the company's financial position, operating results, and cash flow Key Consolidated Balance Sheet Data (June 30, 2025) | Item | Period-End Balance (CNY) | Period-Start Balance (CNY) | | :--- | :--- | :--- | | Total Current Assets | 10,166,550,925.99 | 11,120,319,720.26 | | Total Non-Current Assets | 28,850,746,966.69 | 28,070,268,815.04 | | Total Assets | 39,017,297,892.68 | 39,190,588,535.30 | | Total Current Liabilities | 9,868,348,666.36 | 10,487,826,777.01 | | Total Non-Current Liabilities | 11,643,016,243.01 | 10,736,018,668.71 | | Total Liabilities | 21,511,364,909.37 | 21,223,845,445.72 | | Total Owners' Equity Attributable to Parent Company | 15,291,365,124.08 | 15,896,806,826.20 | Key Consolidated Income Statement Data (Jan-Jun 2025) | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Total Operating Revenue | 5,573,495,492.31 | 6,727,574,463.25 | | Total Profit | 381,304,510.34 | 1,364,980,771.79 | | Net Profit | 198,564,939.11 | 1,062,821,810.31 | | Net Profit Attributable to Parent Company Shareholders | 93,190,624.00 | 944,542,657.70 | | Basic Earnings Per Share (CNY/share) | 0.01 | 0.14 | Key Consolidated Cash Flow Statement Data (Jan-Jun 2025) | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 829,809,492.74 | 1,801,909,408.00 | | Net Cash Flow from Investing Activities | -2,031,285,673.14 | -2,168,612,723.16 | | Net Cash Flow from Financing Activities | 876,941,083.23 | -1,097,015,301.00 | | Net Increase in Cash and Cash Equivalents | -324,535,096.20 | -1,463,704,761.61 | [Company Basic Information](index=62&type=section&id=III.%20Company%20Basic%20Information) The company was established in 2014, listed on the Shanghai Stock Exchange in March 2023, with a registered capital of 6,888,888,900 CNY; it primarily engages in coal mining and washing, power generation and sales, energy investment, domestic and international trade, and labor services - Jiangsu Xukuang Energy Co., Ltd. was listed on the Shanghai Stock Exchange on **March 29, 2023**[159](index=159&type=chunk) - The company's registered capital is **6,888,888,900 CNY**[159](index=159&type=chunk) - The company's main business segments are coal sales, power and heat supply, and coal mine entrusted labor services[159](index=159&type=chunk) [Basis of Financial Statement Preparation](index=62&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) The company's financial statements are prepared on a going concern basis, and management believes the company has the ability to continue as a going concern for at least 12 months from the end of the reporting period - The company's financial statements are prepared on a going concern basis[160](index=160&type=chunk) - Company management believes that the company has the ability to continue as a going concern for at least **12 months** from the end of the reporting period[161](index=161&type=chunk) [Significant Accounting Policies and Estimates](index=62&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This chapter details the company's significant accounting policies and estimates used in preparing financial statements, including enterprise accounting standards, accounting period, operating cycle, functional currency, materiality, business combinations, consolidated financial statements, joint arrangements, cash and cash equivalents, foreign currency transactions, financial instruments, inventories, long-term equity investments, fixed assets, construction in progress, borrowing costs, intangible assets, impairment of long-term assets, long-term deferred expenses, contract liabilities, employee compensation, provisions, revenue, contract costs, government grants, deferred income tax assets/liabilities, leases, and other important policies and estimates such as safety production fees, maintenance fees, exploration and development costs, land reclamation obligations, and coal reserve estimation - The financial statements prepared by the company comply with the requirements of enterprise accounting standards, truly and completely reflecting the company's financial position, operating results, changes in shareholders' equity, and cash flows[163](index=163&type=chunk) - Based on the business model for managing financial assets and the contractual cash flow characteristics of financial assets, the company classifies financial assets into: financial assets measured at amortized cost; financial assets measured at fair value with changes recognized in other comprehensive income; and financial assets measured at fair value with changes recognized in profit or loss for the current period[183](index=183&type=chunk) Fixed Asset Depreciation Methods | Category | Depreciation Method | Depreciation Period (years) | Salvage Rate | Annual Depreciation Rate | | :--- | :--- | :--- | :--- | :--- | | Buildings and Structures | Straight-line method | 10～50 | 0～5% | 2%～10% | | Machinery and Equipment | Straight-line method | 2～30 | 0～5% | 3%～50% | | Transportation Equipment | Straight-line method | 5～14 | 0～5% | 7%～20% | | Office and Other Equipment | Straight-line method | 2～21 | 0～5% | 5%～50% | | Reclamation and Mine Shaft Assets | Units of production method | Estimated recoverable reserves of the mine | 0 | | Intangible Asset Amortization Methods | Item | Useful Life (years) | Basis for Determining Useful Life | Amortization Method | | :--- | :--- | :--- | :--- | | Land Use Rights | 30～50 | Usage period recorded in certificates | Straight-line method | | Software | 2～10 | Contract or experience | Straight-line method | | Mining Rights | Estimated recoverable reserves of the mine | Estimated recoverable reserves of the mine | Units of production method | - For sales of coal, electricity and heat, materials, and scrap, revenue is recognized when the customer obtains control of the related goods; for coal mine management service revenue, labor service revenue, and other service revenue, which are performance obligations fulfilled over a period, revenue is recognized over the service period according to the progress of performance[241](index=241&type=chunk) - The company accrues safety production fees and maintenance fees in accordance with the "Notice on Issuing the Administrative Measures for the Extraction and Use of Enterprise Safety Production Fees" (Cai Zi [2022] No. 136) and relevant regulations, which are recognized in the cost of related products or current profit and loss, and simultaneously recorded in special reserves[254](index=254&type=chunk) - The company's land reclamation obligations include estimated expenditures related to reclaiming land and mine shafts in accordance with relevant national regulations; the company estimates its liabilities for final reclamation and mine closure based on future cash expenditure budgets and timelines for the required work[254](index=254&type=chunk) [Taxes](index=88&type=section&id=VI.%20Taxes) Discloses the company's main tax categories and rates, including VAT, urban maintenance and construction tax, corporate income tax, education surcharge, and resource tax; some subsidiaries enjoy corporate income tax preferential policies, such as Xinjiang Tianshan Mining paying at 15%, and Jiangsu Nengtou Sufeng Photovoltaic Power Generation Co., Ltd. and Su Neng (Xuzhou Jiawang) Photovoltaic Power Generation Co., Ltd. enjoying exemptions or half reductions Main Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Output tax - deductible input tax | 13%/9%/6% (Output tax) | | Urban Maintenance and Construction Tax | Circulation tax paid | 7%/5%/1% | | Corporate Income Tax | Taxable income | 25%/15% | | Education Surcharge | Circulation tax paid | 5% | | Resource Tax | Ad valorem | 7%/6%/3%/2.5%/2% | - Subsidiary Xuzhou Mining (Group) Xinjiang Tianshan Mining Co., Ltd. continues to enjoy corporate income tax benefits, paying corporate income tax at **15%**[260](index=260&type=chunk) - Jiangsu Nengtou Sufeng Photovoltaic Power Generation Co., Ltd. enjoys a **50%** reduction in corporate income tax from 2025 to 2027; Su Neng (Xuzhou Jiawang) Photovoltaic Power Generation Co., Ltd. is exempt from corporate income tax from 2023 to 2025[261](index=261&type=chunk) [Notes to Consolidated Financial Statement Items](index=89&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This chapter provides detailed notes on consolidated financial statement items, including assets, liabilities, owners' equity, and profit/loss items such as monetary funds, trading financial assets, notes receivable, accounts receivable, other receivables, inventories, other current assets, long-term equity investments, other equity instrument investments, investment properties, fixed assets, construction in progress, right-of-use assets, intangible assets, goodwill, long-term deferred expenses, deferred income tax assets/liabilities, other non-current assets, assets with restricted ownership or use rights, short-term borrowings, notes payable, accounts payable, contract liabilities, employee compensation payable, taxes payable, other payables, non-current liabilities due within 1 year, other current liabilities, long-term borrowings, lease liabilities, long-term payables, long-term employee compensation payable, provisions, other non-current liabilities, share capital, capital reserves, other comprehensive income, special reserves, surplus reserves, undistributed profits, operating revenue and costs, taxes and surcharges, selling expenses, administrative expenses, R&D expenses, financial expenses, other income, investment income, credit impairment losses, asset impairment losses, asset disposal gains, non-operating income, non-operating expenses, income tax expenses, cash flow statement items, and supplementary cash flow information - Period-end monetary funds totaled **5,141,209,631.75 CNY**, of which **614,551,385.71 CNY** were restricted, primarily for bank acceptance bill deposits, performance bonds, and mine geological environment management funds[263](index=263&type=chunk)[264](index=264&type=chunk) - Period-end balance of trading financial assets was **250,000,000.00 CNY**, representing the purchase of bank wealth management products (structured deposits)[266](index=266&type=chunk) - Period-end balance of notes receivable was **1,336,998,190.57 CNY**, of which **547,844,709.69 CNY** were pledged at period-end[267](index=267&type=chunk)[269](index=269&type=chunk) Accounts Receivable Bad Debt Provision | Category | Period-End Book Balance (CNY) | Bad Debt Provision (CNY) | Book Value (CNY) | | :--- | :--- | :--- | :--- | | Bad debt provision by individual item | 7,340,014.07 | 7,340,014.07 | - | | Bad debt provision by portfolio | 652,047,891.98 | 17,352,680.53 | 634,695,211.45 | | Total | 659,387,906.05 | 24,692,694.60 | 634,695,211.45 | - Period-end book value of inventory was **807,293,215.82 CNY**, with inventory impairment provision of **18,989,645.93 CNY**[305](index=305&type=chunk) - Period-end balance of construction in progress was **7,157,440,316.01 CNY**, primarily including the Wulagai Power Plant project and Baiyinhua Power Plant project[329](index=329&type=chunk)[330](index=330&type=chunk) - Period-end book value of intangible assets was **6,336,915,682.98 CNY**, mainly mining rights[335](index=335&type=chunk) - Period-end balance of employee compensation payable was **257,436,692.81 CNY**[368](index=368&type=chunk) - Period-end balance of undistributed profits was **5,167,206,823.44 CNY**[398](index=398&type=chunk) Operating Revenue and Operating Costs (Jan-Jun) | Item | Current Period Revenue (CNY) | Current Period Cost (CNY) | | :--- | :--- | :--- | | Main Business | 5,330,786,689.01 | 4,032,408,099.16 | | Other Businesses | 242,708,803.30 | 225,726,532.48 | | Total | 5,573,495,492.31 | 4,258,134,631.64 | - Financial expenses for the current period totaled **90,320,631.36 CNY**, primarily including interest expenses, defined benefit plan interest expenses, and reclamation plan interest expenses[408](index=408&type=chunk) - Investment income for the current period was **-3,794,135.36 CNY**, mainly affected by income from long-term equity investments accounted for using the equity method[411](index=411&type=chunk) [Research and Development Expenses](index=138&type=section&id=VIII.%20Research%20and%20Development%20Expenses) During the reporting period, the company's total R&D expenses were 140,051,532.29 CNY, all expensed, primarily comprising employee compensation, material costs, and depreciation and amortization R&D Expense Composition (Jan-Jun) | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Employee Compensation | 43,007,317.38 | 31,545,765.70 | | Depreciation and Amortization | 1,326,276.41 | 2,663,609.24 | | Material Costs | 94,353,751.04 | 87,122,852.49 | | Other | 1,364,187.46 | 15,619,745.16 | | Total | 140,051,532.29 | 136,951,972.59 | - All R&D expenses for the current period were expensed[437](index=437&type=chunk) [Changes in Consolidation Scope](index=139&type=section&id=IX.%20Changes%20in%20Consolidation%20Scope) During the reporting period, the company had no business combinations not under common control, business combinations under common control, reverse acquisitions, or transactions or events leading to loss of control over subsidiaries - During the reporting period, the company had no business combinations not under common control, business combinations under common control, reverse acquisitions, or transactions or events leading to loss of control over subsidiaries[438](index=438&type=chunk)[439](index=439&type=chunk) [Interests in Other Entities](index=140&type=section&id=X.%20Interests%20in%20Other%20Entities) Discloses the composition of the company's enterprise group, including several wholly-owned and controlled subsidiaries primarily engaged in coal mining, power generation, transmission, and supply; Shaanxi Guojiahe Coal Industry Co., Ltd. is a significant non-wholly-owned subsidiary, with a minority shareholder stake of 40.00% - The company owns XuZhou Mining (Group) Xinjiang Tianshan Mining Co., Ltd., Pingliang Xin'an Coal Industry Co., Ltd., and Chongxin County Baiguangou Coal Industry Co., Ltd. and other wholly-owned subsidiaries[441](index=441&type=chunk) - Shaanxi Guojiahe Coal Industry Co., Ltd. is a controlled subsidiary with a minority shareholder stake of **40.00%**, and the profit attributable to minority shareholders for the current period was **114,126,069.91 CNY**[445](index=445&type=chunk) - Shaanxi Guojiahe Coal Industry Co., Ltd.'s operating revenue for the current period was **1,121,753,609.73 CNY**, with a net profit of **285,315,174.77 CNY**[447](index=447&type=chunk) [Government Grants](index=147&type=section&id=XI.%20Government%20Grants) At the end of the reporting period, the balance of government grants in deferred income was 50,407,609.50 CNY, with asset-related grants totaling 40,542,830.39 CNY and income-related grants totaling 9,864,779.11 CNY; the total government grants recognized in current profit or loss for the period amounted to 18,744,834.96 CNY Government Grant Related Liability Items | Financial Statement Item | Period-End Balance (CNY) | Asset/Income Related | | :--- | :--- | :--- | | Deferred Income | 50,407,609.50 | Asset or income related | | Of which: Asset-related | 40,542,830.39 | Asset-related | | Income-related | 9,864,779.11 | Income-related | - Total government grants recognized in current profit or loss for the period amounted to **18,744,834.96 CNY**[455](index=455&type=chunk) [Risks Related to Financial Instruments](index=148&type=section&id=XII.%20Risks%20Related%20to%20Financial%20Instruments) The company's financial instruments face credit risk, liquidity risk, and market risk (including interest rate risk and exchange rate risk); the company manages liquidity by continuously monitoring receivables, optimizing financing structure, utilizing bill settlements and bank borrowings, and monitors market interest rate and exchange rate changes - The main risks faced by the company's financial instruments include credit risk, liquidity risk, market risk[455](index=455&type=chunk) - Credit risk is primarily related to receivables; the company continuously monitors accounts receivable balances to ensure it does not face significant bad debt risk[455](index=455&type=chunk) - Liquidity risk is managed by comprehensively utilizing various financing methods such as bill settlements and bank borrowings, optimizing the financing structure, and maintaining a balance between financing continuity and flexibility[456](index=456&type=chunk) - Market risk primarily includes interest rate risk (related to the company's borrowing limits) and exchange rate risk (related to the company's foreign currency monetary assets and liabilities)[458](index=458&type=chunk) - The amount of financial assets (receivables financing) derecognized due to transfer in the current period was **307,729,322.60 CNY**[463](index=463&type=chunk) [Disclosure of Fair Value](index=150&type=section&id=XIII.%20Disclosure%20of%20Fair%20Value) Discloses the period-end fair value of the company's assets measured at fair value, including trading financial assets, other equity instrument investments, and receivables financing, totaling 460,740,281.81 CNY; stocks are valued using active market quotes, while receivables financing and unlisted equity are estimated at cost as the best representation of fair value Total Assets Continuously Measured at Fair Value | Item | Period-End Fair Value (CNY) | | :--- | :--- | | Trading Financial Assets | 250,000,000.00 | | Other Equity Instrument Investments | 9,777,130.12 | | Receivables Financing | 200,963,151.69 | | Total | 460,740,281.81 | - The basis for determining the market price of Level 1 fair value measurement items, both recurring and non-recurring, is the use of quoted prices in active markets to determine their fair value, such as the period-end closing price of domestic A-share stocks for financial assets designated as fair value through other comprehensive income[466](index=466&type=chunk) - Receivables financing consists of notes receivable held by the company, with short remaining maturities and small differences between fair value and face value, thus face value is used as the estimate for receivables financing fair value; other equity instrument investments are unlisted equity held by the company, with cost representing the best estimate of fair value within that range; trading financial assets are bank wealth management products held by the company, with cost representing an appropriate estimate of their fair value[467](index=467&type=chunk) [Related Parties and Related Party Transactions](index=151&type=section&id=XIV.%20Related%20Parties%20and%20Related%20Party%20Transactions) Details the company's parent company, subsidiaries, joint ventures and associates, and other related parties under common control; during the reporting period, the company engaged in various related party transactions including purchase and sale of goods, provision and acceptance of services, related party leases, related party guarantees, and related party fund borrowings - The company's parent company is Xuzhou Mining Group Co., Ltd., with a registered capital of **8 billion CNY**, holding **76.69%** of the company's shares and voting rights[469](index=469&type=chunk)[470](index=470&type=chunk) - The ultimate controlling party of the company is the Jiangsu Provincial People's Government[471](index=471&type=chunk) - The company engaged in transactions such as purchase and sale of goods and provision of services with several related parties under common control, for example, purchasing materials worth **10,129,329.50 CNY** from Chongxin Xinpeng Machinery Manufacturing Co., Ltd. and providing transportation services worth **88,370,897.22 CNY** to Shaanxi Baolin Railway Co., Ltd[474](index=474&type=chunk)[475](index=475&type=chunk) - As a lessee, the company paid lease expenses to related parties such as Jiangsu Baotong Logistics Development Co., Ltd. and Jiangsu Xukuang Real Estate Co., Ltd[480](index=480&type=chunk) - As a guarantor, the company provided guarantees for related parties such as Shaanxi Baolin Railway Co., Ltd. and Su Neng (Xilingol) Power Generation Co., Ltd., with a total guarantee amount of **703,133,300.00 CNY**[485](index=485&type=chunk) - As of June 30, 2025, the company and its controlled subsidiaries had deposits of **141,749,445.26 CNY** and loan balances of **828,301,737.30 CNY** at Bank of Communications Co., Ltd[484](index=484&type=chunk) - Period-end receivables from related parties include accounts receivable, dividends receivable, other receivables, and prepayments; period-end payables to related parties include accounts payable, contract liabilities, other payables, dividends payable, short-term borrowings, and long-term borrowings[486](index=486&type=chunk)[488](index=488&type=chunk)[489](index=489&type=chunk)[490](index=490&type=chunk) [Commitments and Contingencies](index=161&type=section&id=XVI.%20Commitments%20and%20Contingencies) As of June 30, 2025, the company had no significant contingent matters requiring disclosure - As of June 30, 2025, the company had no significant contingent matters requiring disclosure[491](index=491&type=chunk) [Events After the Balance Sheet Date](index=161&type=section&id=XVII.%20Events%20After%20the%20Balance%20Sheet%20Date) From the end of the reporting period to the approval date of the financial report, the company had no significant non-adjusting events, profit distribution, or sales returns - From the end of the reporting period to the approval date of the financial report, the company had no significant non-adjusting events, profit distribution, or sales returns[492](index=492&type=chunk) [Notes to Parent Company Financial Statement Items](index=163&type=section&id=XIX.%20Notes%20to%20Parent%20Company%20Financial%20Statement%20Items) This chapter provides detailed notes on key parent company financial statement items, including accounts receivable, other receivables, long-term equity investments, operating revenue and costs, and investment income; the parent company's period-end accounts receivable totaled 704,051,617.30 CNY, long-term equity investments totaled 11,145,945,084.52 CNY, and investment income primarily stemmed from long-term equity investments accounted for using the cost method - Parent company's period-end book value of accounts receivable was **704,051,617.30 CNY**[498](index=498&type=chunk) - Parent company's period-end balance of other receivables was **904,818,706.39 CNY**, with dividends receivable of **447,543,707.72 CNY**[504](index=504&type=chunk)[506](index=506&type=chunk) - Parent company's period-end balance of long-term equity investments was **11,145,945,084.52 CNY**, primarily investments in subsidiaries[520](index=520&type=chunk) Parent Company Operating Revenue and Operating Costs (Jan-Jun) | Item | Current Period Revenue (CNY) | Current Period Cost (CNY) | | :--- | :--- | :--- | | Main Business | 728,795,013.91 | 808,638,005.43 | | Other Businesses | 352,108,413.31 | 329,451,905.55 | | Total | 1,080,903,427.22 | 1,138,089,910.98 | - Parent company's investment income was **844,796,495.63 CNY**, of which **840,000,000.00 CNY** was from long-term equity investments accounted for using the cost method[529](index=529&type=chunk) [Supplementary Information](index=173&type=section&id=XX.%20Supplementary%20Information) Provides supplementary information including the current period's non-recurring gains and losses statement, return on net assets, and earnings per share; total non-recurring gains and losses amounted to 11,352,720.81 CNY Current Period Non-recurring Gains and Losses Statement | Item | Amount (CNY) | | :--- | :--- | | Gains and losses on disposal of non-current assets | 568,408.16 | | Government grants recognized in current profit or loss | 18,744,834.96 | | Fair value changes and disposal gains/losses from financial assets and liabilities held by non-financial enterprises, excluding effective hedge accounting related to normal business operations | 1,526,230.56 | | Other non-operating income and expenses apart from the above items | -10,808,397.84 | | Other gain/loss items meeting the definition of non-recurring gains and losses | 1,154,526.72 | | Less: Income tax impact | -809,406.15 | | Minority interest impact (after tax) | 642,287.90 | | Total | 11,352,720.81 | Return on Net Assets and Earnings Per Share | Profit for the Reporting Period | Weighted Average Return on Net Assets (%) | Basic Earnings Per Share | Diluted Earnings Per Share | | :--- | :--- | :--- | :--- | | Net profit attributable to common shareholders of the company | 0.58 | 0.01 | 0.01 | | Net profit attributable to common shareholders of the company after deducting non-recurring gains and losses | 0.51 | 0.01 | 0.01 |

广州达意隆包装机械股份有限公司 2025 年半年度报告全文 广州达意隆包装机械股份有限公司 2025 年半年度报告 2025 年 8 月 广州达意隆包装机械股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实、准确、 完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法律责任。 公司负责人张颂明、主管会计工作负责人吴小满及会计机构负责人(会计主管人员)林虹 声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 公司在本报告第三节"管理层讨论与分析"之"十、公司面临的风险和应对措施"部分， 详细描述了公司经营中可能存在的风险及应对措施，敬请投资者关注相关内容，并注意投资 风险。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 1 广州达意隆包装机械股份有限公司 2025 年半年度报告全文 | | | | 第一节 重要提示、目录和释义 … | | --- | | 第二节 公司简介和主要财务指标 | | 一、公司简介 . | | 二、联系人和联系方式 … | ...

双枪科技股份有限公司 2025 年半年度报告全文 双枪科技股份有限公司 2025 年半年度报告 2025 年 08 月 1 双枪科技股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人郑承烈、主管会计工作负责人朱卫清及会计机构负责人(会计 主管人员)李琳声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告中涉及的未来计划等前瞻性陈述，不构成公司对投资者的实质承诺， 能否实现取决于环境变化、市场竞争程度等多种因素，存在较大不确定性， 敬请投资者注意投资风险。 公司在本报告"第三节管理层讨论与分析"中"十、公司面临的风险和应 对措施"部分，描述了公司可能面对的风险及对应措施，敬请广大投资者注 意相关投资风险。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | | | | 第二节 | 公司简介和主要财务指标 7 | | --- | --- | | 第三节 | 管理 ...

航天彩虹无人机股份有限公司 2025 年半年度报告全文 航天彩虹无人机股份有限公司 2025 年半年度报告 二〇二五年八月 1 航天彩虹无人机股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 本半年度报告涉及未来计划等前瞻性陈述，不构成公司对投资者的实质性 承诺，投资者及相关人士均应对此保持足够的风险认识，并且应当理解计划、 预测与承诺之间的差异。公司可能面对的风险详见本报告"第三节、管理层 讨论与分析"之"十、公司面临的风险和应对措施"，敬请广大投资者予以 关注。 根据国防科技工业局、中国人民银行、中国证券监督管理委员会联合发布 的《军工企业对外融资特殊财务信息披露管理办法》（科工财审【2008】702 号），公司已按照相关规定对披露信息进行了脱密处理。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | 第二节 | 公司简介和主要财务指标 6 | | | --- | --- | --- | | 第三节 | 管理层讨论与 ...

[Section I Definitions](index=4&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8A%E4%B9%89) This section provides definitions for frequently used terms in the report to ensure a clear understanding of professional terminology and company-specific designations - The report defines common terms including "Anyuan Coal Industry/the Company/Anyuan Co, Ltd" referring to Anyuan Coal Industry Group Co, Ltd, and "CSRC" referring to the China Securities Regulatory Commission[13](index=13&type=chunk) [Section II Company Profile and Key Financial Indicators](index=4&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section outlines the company's basic information, contact details, stock profile, and key accounting data and financial indicators for the reporting period, with explanations for significant financial data changes [I. Company Information](index=4&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF) This section introduces the company's legal name, abbreviation, foreign name and its abbreviation, as well as information about the legal representative - The company's Chinese name is 安源煤业集团股份有限公司, its Chinese abbreviation is 安源煤业, and its legal representative is Xiong Xuqing[15](index=15&type=chunk) [II. Contact Persons and Methods](index=4&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) This section provides the name, contact address, telephone, fax, and email of the company's Board Secretary for investor communication - The company's Board Secretary is Bi Lijun, the contact telephone is 0791-86217659, and the email is aymyjt2025@163.com[16](index=16&type=chunk) [III. Summary of Changes in Basic Information](index=4&type=section&id=%E4%B8%89%E3%80%81%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5%E5%8F%98%E6%9B%B4%E7%AE%80%E4%BB%8B) This section explains the changes in the company's registered and office addresses and provides relevant announcement indices - The company's office address has been changed to 188 Huoju Avenue, Nanchang High-tech Industrial Development Zone, Nanchang City, Jiangxi Province[18](index=18&type=chunk) [IV. Summary of Changes in Information Disclosure and Report Preparation Location](index=5&type=section&id=%E5%9B%9B%E3%80%81%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E5%8F%8A%E5%A4%87%E7%BD%AE%E5%9C%B0%E7%82%B9%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5%E7%AE%80%E4%BB%8B) This section lists the newspapers designated for information disclosure, the website for publishing the semi-annual report, and the location where the report is available - The company's designated information disclosure newspapers include Shanghai Securities News, Securities Daily, China Securities Journal, and Securities Times, and the report is published on www.sse.com.cn[19](index=19&type=chunk) [V. Company Stock Profile](index=5&type=section&id=%E4%BA%94%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E7%A5%A8%E7%AE%80%E5%86%B5) This section provides information on the company's stock type, listing exchange, stock abbreviation, stock code, and previous stock abbreviation - The company's stock is A-share, listed on the Shanghai Stock Exchange, with the stock abbreviation Anyuan Coal Industry and stock code 600397[20](index=20&type=chunk) [VI. Other Relevant Information](index=5&type=section&id=%E5%85%AD%E3%80%81%E5%85%B6%E4%BB%96%E6%9C%89%E5%85%B3%E8%B5%84%E6%96%99) This section discloses information about the accounting firm engaged by the company - The accounting firm engaged by the company is Zhongxinghua Certified Public Accountants LLP (Special General Partnership)[21](index=21&type=chunk) [VII. Key Accounting Data and Financial Indicators](index=5&type=section&id=%E4%B8%83%E3%80%81%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) During the reporting period, the company's operating revenue and net profit declined significantly, leading to negative net assets attributable to shareholders and a shift from positive to negative net cash flow from operating activities Key Accounting Data and Financial Indicators (January-June 2025) | Indicator | Current Period (Jan-Jun) | Same Period Last Year | Change from Same Period Last Year (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,721,779,844.35 | 2,661,346,612.03 | -35.30 | | Total Profit | -284,327,347.63 | -95,463,769.36 | N/A | | Net Profit Attributable to Shareholders | -289,847,761.25 | -105,045,566.41 | N/A | | Net Cash Flow from Operating Activities | -30,093,034.81 | 25,688,993.24 | -217.14 | | Net Assets Attributable to Shareholders | -55,028,756.41 | 236,885,739.48 | -123.23 | | Total Assets | 5,895,478,377.82 | 5,839,768,093.15 | 0.95 | | Basic Earnings Per Share (RMB/Share) | -0.2928 | -0.1061 | N/A | - Operating revenue decreased by **RMB 939.57 million**, primarily due to the downturn in the coal and coke markets, leading to lower year-on-year prices and reduced revenue from self-produced coal and trading businesses[25](index=25&type=chunk) - Net profit attributable to shareholders decreased by **RMB 184.80 million** year-on-year, mainly due to falling prices and sales volumes from the coal market downturn, partially offset by lower commodity coal costs and reduced financial expenses[25](index=25&type=chunk) [VIII. Differences in Accounting Data under Domestic and Foreign Accounting Standards](index=6&type=section&id=%E5%85%AB%E3%80%81%E5%A2%83%E5%86%85%E5%A4%96%E4%BC%9A%E8%AE%A1%E5%87%86%E5%88%99%E4%B8%8B%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%B7%AE%E5%BC%82) The company has no discrepancies in accounting data under domestic and foreign accounting standards - The company states that there are no differences in accounting data under domestic and foreign accounting standards[26](index=26&type=chunk) [IX. Non-recurring Profit and Loss Items and Amounts](index=6&type=section&id=%E4%B9%9D%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) This section details the various non-recurring profit and loss items and their total amount during the reporting period Non-recurring Profit and Loss Items and Amounts | Non-recurring Profit and Loss Item | Amount (RMB) | | :--- | :--- | | Gains and losses on disposal of non-current assets | 4,991,345.43 | | Government grants included in current profit or loss | 3,109,727.46 | | Reversal of impairment provision for receivables tested individually for impairment | 50,000.00 | | One-time impact on current profit or loss due to adjustments in tax, accounting laws, and regulations | -130,033.47 | | Other non-operating income and expenses besides the above items | -4,281,535.72 | | Less: Income tax effect | 839,478.78 | | Minority interest effect (after tax) | 61,548.55 | | **Total** | **2,838,476.37** | [X. Disclosure of Net Profit After Deducting Share-based Payments for Companies with Equity Incentive or Employee Stock Ownership Plans](index=7&type=section&id=%E5%8D%81%E3%80%81%E5%AD%98%E5%9C%A8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E7%9A%84%E5%85%AC%E5%8F%B8%E5%8F%AF%E9%80%89%E6%8B%A9%E6%8A%AB%E9%9C%B2%E6%89%A3%E9%99%A4%E8%82%A1%E4%BB%BD%E6%94%AF%E4%BB%98%E5%BD%B1%E5%93%8D%E5%90%8E%E7%9A%84%E5%87%80%E5%88%A9%E6%B6%A6) The company does not have any equity incentive or employee stock ownership plans, so the disclosure of net profit after deducting share-based payments is not applicable - The disclosure of net profit after deducting share-based payments is not applicable to the company[28](index=28&type=chunk) [Section III Management Discussion and Analysis](index=7&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) This section analyzes the company's industry, main business, operating conditions, core competitiveness, and risks, noting that performance declined due to the coal market downturn but strategic changes were made [I. Description of the Company's Industry and Main Business during the Reporting Period](index=7&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E5%8F%8A%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) This section details the company's core business, operating model, and the current state and future outlook of the coal industry [(I) Company Business](index=7&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E5%85%AC%E5%8F%B8%E4%B8%9A%E5%8A%A1) The company's main business includes coal mining, sales, logistics, and mine management, with products sold primarily to steel, power, and coking plants - The company's main business is coal mining and sales, coal and material logistics, and coal mine management[29](index=29&type=chunk) - Key coal products include metallurgical coking coal, washed thermal coal, and blended coal, covering types such as prime coking coal, 1/3 coking coal, anthracite, lean-thin coal, and bituminous coal[29](index=29&type=chunk) - Approximately **80%** of coal products are sold to steel plants, thermal power plants, and coking plants within Jiangxi Province[29](index=29&type=chunk) [(II) Operating Model](index=8&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E7%BB%8F%E8%90%A5%E6%A8%A1%E5%BC%8F) The company employs centralized production planning and unified sales management, enhancing efficiency through integrated procurement, storage, processing, and distribution - The company formulates annual production plans based on the actual conditions of each mine and strictly adheres to safety and technical management regulations[29](index=29&type=chunk) - Coal products are sold under a unified management system by Jiangxi Jiangneng Material Trading Co, Ltd and the sales and transportation branch of Jiangxi Coal Industry, following a "five unifications" principle[29](index=29&type=chunk) - The company has invested in large-scale coal reserve and blending centers responsible for coal procurement, storage, processing, and distribution[30](index=30&type=chunk) [(III) Industry Situation](index=8&type=section&id=%EF%BC%88%E4%B8%89%EF%BC%89%E8%A1%8C%E4%B8%9A%E6%83%85%E5%86%B5) In the first half of the year, national coal production increased while imports fell, creating a supply-surplus market and record-low prices, with supply and demand expected to rise in the second half - In the first half of the year, the national raw coal output from enterprises above a designated size was **2.4 billion tons**, a year-on-year increase of **5.4%**[30](index=30&type=chunk) - Coal imports amounted to **220 million tons**, a year-on-year decrease of **11.13%**[30](index=30&type=chunk) - The domestic coal market continued to see strong supply and weak demand, with prices for all coal types hitting recent lows; supply is expected to remain high in the second half, with demand improving, leading to a dual increase in supply and demand[30](index=30&type=chunk) [II. Discussion and Analysis of Operating Conditions](index=8&type=section&id=%E4%BA%8C%E3%80%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E7%9A%84%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) During the reporting period, the company's revenue and net profit declined sharply, with reduced coal production and sales, while it completed a change in controlling shareholder and a major asset swap Operating Performance in H1 2025 | Indicator | Amount (RMB 10,000) | YoY Change | | :--- | :--- | :--- | | Operating Revenue | 172,177.98 | Decreased by 35.3% | | Total Profit | -28,432.73 | Profit decreased and loss increased by RMB 188.86 million | | Net Profit Attributable to Shareholders | -28,984.78 | Profit decreased and loss increased by RMB 184.80 million | - During the reporting period, the company's raw coal production was **663,000 tons**, a year-on-year decrease of **192,000 tons**; sales of commercial coal were **485,000 tons**, a year-on-year decrease of **186,000 tons**[31](index=31&type=chunk) - On April 2, 2025, the company's controlling shareholder changed from Jiangneng Group to Jiangxi Tungsten Holding Group, while the actual controller remains the Jiangxi Provincial SASAC[32](index=32&type=chunk) - The company completed a major asset swap, divesting coal-related assets and liabilities in exchange for a **57.00% stake** in Ganzhou Jinhuan Magnetic Separation Technology & Equipment Co, Ltd, with the transaction difference of RMB 1.07 million paid and asset transfer completed[32](index=32&type=chunk)[33](index=33&type=chunk)[34](index=34&type=chunk) [III. Analysis of Core Competitiveness during the Reporting Period](index=9&type=section&id=%E4%B8%89%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company possesses multiple core competencies, including regional advantages, shareholder support, port resources, and an integrated coal-coke-power model, which support its market position and sustainable growth - As the only provincially-owned listed coal enterprise in Jiangxi, the company has regional advantages of short transport distances and low costs, responsible for ensuring a stable coal supply in the province[35](index=35&type=chunk) - The major shareholder, Jiangxi Provincial Investment Group, provides support in funding and guarantees, and promotes the company's integration into the "grand energy, grand environmental protection, grand digital" strategy to strengthen the coal logistics and trade industry[35](index=35&type=chunk) - The company owns the scarce resource of the Jiujiang Port at the Jiangxi Coal Reserve Center, creating a tripartite logistics system of waterway, railway, and highway, serving as a golden channel for sea-to-river coal transport[36](index=36&type=chunk)[37](index=37&type=chunk) - The company actively enhances cooperation with local coking enterprises to form an integrated coal-coke synergy and utilizes its port facilities to strengthen collaboration with upstream and downstream partners, improving the efficiency of coalbed methane development[37](index=37&type=chunk) [IV. Main Operating Conditions during the Reporting Period](index=10&type=section&id=%E5%9B%9B%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E4%B8%BB%E8%A6%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5) This section analyzes financial changes in the main business, operating data for self-produced coal and trading, provides an in-depth analysis of assets and liabilities, and discloses financial information of major subsidiaries and associates [(I) Main Business Analysis](index=10&type=section&id=%28%E4%B8%80%29%20%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) The company's revenue and costs fell sharply due to a downturn in the coal and coke markets, though financial expenses improved, while self-produced coal output and sales decreased, and trading margins varied Analysis of Changes in Financial Statement Items (January-June 2025) | Item | Current Period (RMB) | Same Period Last Year (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,721,779,844.35 | 2,661,346,612.03 | -35.30 | | Operating Costs | 1,792,843,683.77 | 2,536,054,898.15 | -29.31 | | Selling Expenses | 18,264,217.53 | 18,875,562.23 | -3.24 | | Administrative Expenses | 79,448,524.01 | 87,980,443.98 | -9.70 | | Financial Expenses | 77,420,548.99 | 84,381,096.18 | -8.25 | | Net Cash Flow from Operating Activities | -30,093,034.81 | 25,688,993.24 | -217.14 | | Net Cash Flow from Investing Activities | -13,899,375.71 | -46,033,778.38 | N/A | | Net Cash Flow from Financing Activities | 44,731,618.42 | 5,396,017.58 | 728.97 | - The decrease in operating revenue and costs was mainly due to the downturn in the coal and coke markets, resulting in lower year-on-year prices[39](index=39&type=chunk) - In self-produced coal, raw coal production was **663,000 tons**, a year-on-year decrease of **192,000 tons**; sales of commercial coal were **485,000 tons**, a year-on-year decrease of **186,000 tons**[40](index=40&type=chunk) - Coal trading volume was **801,000 tons**, with a gross profit of **RMB 22.41/ton**, a year-on-year decrease of **RMB 19.6/ton**; coke trading volume was **323,000 tons**, with a gross profit of **RMB 25.39/ton**, a year-on-year increase of **RMB 13.1/ton**[41](index=41&type=chunk) [(II) Explanation of Significant Profit Changes Caused by Non-Main Business](index=11&type=section&id=%28%E4%BA%8C%29%20%E9%9D%9E%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%AF%BC%E8%87%B4%E5%88%A9%E6%B6%A6%E9%87%8D%E5%A4%A7%E5%8F%98%E5%8C%96%E7%9A%84%E8%AF%B4%E6%98%8E) During the reporting period, the company's non-main business did not cause any significant changes in profit - The company's non-main business did not cause any significant changes in profit[42](index=42&type=chunk) [(III) Analysis of Assets and Liabilities](index=11&type=section&id=%28%E4%B8%89%29%20%E8%B5%84%E4%BA%A7%E3%80%81%E8%B4%9F%E5%80%BA%E6%83%85%E5%86%B5%E5%88%86%E6%9E%90) The company's asset and liability structure underwent several changes, with significant increases in prepayments, contract liabilities, and taxes payable, while accounts receivable and employee compensation payable decreased, and restricted assets were disclosed Changes in Major Assets and Liabilities (End of Period vs. End of Previous Year) | Item | End of Period Balance | % of Total Assets | % Change from End of Previous Year | Explanation | | :--- | :--- | :--- | :--- | :--- | | Accounts Receivable | 239,569,274.33 | 4.06 | -38.24 | Mainly due to increased collection of payments | | Prepayments | 236,518,755.35 | 4.01 | 950.46 | Mainly due to decreased settlement prepayments | | Long-term Receivables | 18,197,953.36 | 0.31 | 42.23 | Mainly due to increased land acquisition funds | | Notes Payable | 644,408,260.65 | 10.93 | 48.44 | Mainly due to increased financing notes | | Contract Liabilities | 39,020,918.15 | 0.66 | 105.69 | Mainly due to increased advance receipts for coal | | Employee Compensation Payable | 43,598,655.93 | 0.74 | -46.93 | Mainly due to increased payment of cross-month wages | | Taxes Payable | 56,193,895.19 | 0.95 | 116.23 | Mainly due to taxes accrued from the transfer of investment properties | | Provisions | 18,221,083.91 | 0.31 | 54.61 | Mainly due to increased decommissioning costs | - At the end of the reporting period, the company's total restricted cash and cash equivalents amounted to **RMB 256.27 million**, including mine environmental restoration deposits and bank acceptance bill margins[45](index=45&type=chunk) - At the end of the period, pledged notes receivable were **RMB 46.99 million**, and the net value of restricted fixed assets was **RMB 939.61 million**, used for mortgage and finance lease financing[45](index=45&type=chunk) [(IV) Investment Status Analysis](index=12&type=section&id=%28%E5%9B%9B%29%20%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) During the reporting period, the company did not engage in any significant equity or non-equity investments, nor did it hold any financial assets measured at fair value - During the reporting period, the company had no significant equity or non-equity investments, nor did it hold any financial assets measured at fair value[46](index=46&type=chunk)[47](index=47&type=chunk) [(V) Sale of Major Assets and Equity](index=13&type=section&id=%28%E4%BA%94%29%20%E9%87%8D%E5%A4%A7%E8%B5%84%E4%BA%A7%E5%92%8C%E8%82%A1%E6%9D%83%E5%87%BA%E5%94%AE) During the reporting period, the company did not engage in any major sales of assets or equity - The company did not engage in any major sales of assets or equity[47](index=47&type=chunk) [(VI) Analysis of Major Subsidiaries and Associates](index=13&type=section&id=%28%E5%85%AD%29%20%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) This section lists the financial data of the company's major subsidiaries and associates, including total assets, net assets, operating revenue, operating profit, and net profit Financial Data of Major Subsidiaries and Associates (Unit: RMB 10,000) | Company Name | Company Type | Main Business | Registered Capital | Total Assets | Net Assets | Operating Revenue | Operating Profit | Net Profit | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Jiangxi Coal Industry Group Co, Ltd | Subsidiary | Coal mining, sales, management | 2,787,966,200 | 6,186,911,700 | -51,247,500 | 1,707,596,100 | -241,078,900 | -250,576,200 | | Jiangxi Jiangneng Material Trading Co, Ltd | Subsidiary | Coal washing, processing, wholesale, retail | 600,000,000 | 2,373,231,200 | 761,202,100 | 1,031,531,600 | 11,154,600 | 8,574,200 | | Fengcheng Qujiang Coal Development Co, Ltd | Subsidiary | Coal mining and sales | 255,787,300 | 1,750,142,400 | 364,063,700 | 164,756,500 | -107,686,900 | -108,270,900 | | Jiangxi Coal Reserve Center Co, Ltd | Subsidiary | Port operations, coal wholesale and retail | 775,330,000 | 1,728,612,600 | 292,418,200 | 451,208,100 | 5,451,200 | 3,959,200 | [(VII) Company's Controlled Structured Entities](index=14&type=section&id=%28%E4%B8%83%29%20%E5%85%AC%E5%8F%B8%E6%8E%A7%E5%88%B6%E7%9A%84%E7%BB%93%E6%9E%84%E5%8C%96%E4%B8%BB%E4%BD%93%E6%83%85%E5%86%B5) During the reporting period, the company did not have any controlled structured entities - The company did not have any controlled structured entities[49](index=49&type=chunk) [V. Other Disclosure Matters](index=14&type=section&id=%E4%BA%94%E3%80%81%E5%85%B6%E4%BB%96%E6%8A%AB%E9%9C%B2%E4%BA%8B%E9%A1%B9) This section discloses the major risks the company may face, including industry, resource, safety, and environmental risks, and outlines corresponding countermeasures [(I) Potential Risks](index=14&type=section&id=%28%E4%B8%80%29%20%E5%8F%AF%E8%83%BD%E9%9D%A2%E5%AF%B9%E7%9A%84%E9%A3%8E%E9%99%A9) The company faces multiple risks from coal market price volatility, resource scarcity, mine safety, and stricter environmental regulations, requiring transformation, enhanced safety management, and green development to address them - The company faces industry risks from **coal market price fluctuations** and strict national controls on total coal consumption, requiring improved capacity utilization and accelerated transformation[49](index=49&type=chunk) - The company has a **severe shortage of coal resources**, and external acquisitions face risks of investment failure due to changes in geological conditions, market access, and policies, necessitating a shift in business domains[49](index=49&type=chunk) - Existing mines have **complex geological conditions**, facing five major natural disasters (roof, gas, water, fire, and coal dust), increasing safety accident risks and requiring strengthened safety management and intelligent upgrades[50](index=50&type=chunk) - Stricter national energy conservation and environmental policies pose increased constraints, requiring the company to strictly adhere to policies and promote clean coal development and green mine construction[50](index=50&type=chunk) [(II) Other Disclosure Matters](index=15&type=section&id=%28%E4%BA%8C%29%20%E5%85%B6%E4%BB%96%E6%8A%AB%E9%9C%B2%E4%BA%8B%E9%A1%B9) During the reporting period, the company had no other matters requiring disclosure - The company had no other matters requiring disclosure[51](index=51&type=chunk) [Section IV Corporate Governance, Environment, and Society](index=16&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E3%80%81%E7%8E%AF%E5%A2%83%E5%92%8C%E7%A4%BE%E4%BC%9A) This section discloses changes in the company's directors, supervisors, and senior management, and explains the profit distribution plan, equity incentive plans, environmental information disclosure, and poverty alleviation efforts [I. Changes in Directors, Supervisors, and Senior Management](index=16&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, the company completed the re-election of its Board of Directors and Supervisory Committee and the appointment of senior management, resulting in several changes in personnel - On May 9, 2025, the company completed the re-election of its Board of Directors and Supervisory Committee, with **Xiong Xuqing elected as Chairman**, Bi Lijun as Board Secretary, Yang Yinglin as Deputy General Manager, and Jiang Lijiao as CFO[53](index=53&type=chunk)[54](index=54&type=chunk) - Sixteen members of the eighth-term Board of Directors and Supervisory Committee, including Xiong Layuan, Jin Jiangtao, and Zhang Haifeng, retired upon completion of their terms[54](index=54&type=chunk) [II. Profit Distribution or Capital Reserve Conversion Plan](index=17&type=section&id=%E4%BA%8C%E3%80%81%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E6%88%96%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E9%A2%84%E6%A1%88) The Board of Directors resolved not to conduct an interim profit distribution for the first half of 2025, and there is no plan to convert capital reserves into share capital - The company will not conduct an interim profit distribution for 2025 and has no plan to convert capital reserves into share capital[6](index=6&type=chunk)[55](index=55&type=chunk) [III. Company's Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures and Their Impact](index=17&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E6%88%96%E5%85%B6%E4%BB%96%E5%91%98%E5%B7%A5%E6%BF%80%E5%8A%B1%E6%8E%AA%E6%96%BD%E7%9A%84%E6%83%85%E5%86%B5%E5%8F%8A%E5%85%B6%E5%BD%B1%E5%93%8D) During the reporting period, the company did not have any equity incentive plans, employee stock ownership plans, or other employee incentive measures - The company does not have any equity incentive plans, employee stock ownership plans, or other employee incentive measures[56](index=56&type=chunk) [IV. Environmental Information of Listed Companies and Their Main Subsidiaries Included in the List of Enterprises for Mandatory Environmental Information Disclosure](index=17&type=section&id=%E5%9B%9B%E3%80%81%E7%BA%B3%E5%85%A5%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E4%BE%9D%E6%B3%95%E6%8A%AB%E9%9C%B2%E4%BC%81%E4%B8%9A%E5%90%8D%E5%8D%95%E7%9A%84%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E4%B8%BB%E8%A6%81%E5%AD%90%E5%85%AC%E5%8F%B8%E7%9A%84%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%83%85%E5%86%B5) The company and its main subsidiaries are not included in the list of enterprises for mandatory environmental information disclosure - The company and its main subsidiaries are not included in the list of enterprises for mandatory environmental information disclosure[56](index=56&type=chunk) [V. Specific Work on Consolidating and Expanding Poverty Alleviation Achievements and Rural Revitalization](index=17&type=section&id=%E4%BA%94%E3%80%81%E5%B7%A9%E5%9B%BA%E6%8B%93%E5%B1%95%E8%84%B1%E8%B4%AB%E6%94%BB%E5%9D%9A%E6%88%90%E6%9E%9C%E3%80%81%E4%B9%A1%E6%9D%91%E6%8C%AF%E5%85%B4%E7%AD%89%E5%B7%A5%E4%BD%9C%E5%85%B7%E4%BD%93%E6%83%85%E5%86%B5) During the reporting period, the company had no specific work to disclose regarding the consolidation and expansion of poverty alleviation achievements or rural revitalization - The company had no specific work to disclose regarding the consolidation and expansion of poverty alleviation achievements or rural revitalization[56](index=56&type=chunk) [Section V Important Matters](index=18&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) This section details important matters during the reporting period, including commitment fulfillment, major litigation, related-party transactions, and significant guarantees, noting that commitments were met but the company faces litigation and provided substantial guarantees [I. Fulfillment of Commitments](index=18&type=section&id=%E4%B8%80%E3%80%81%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) The company's actual controller, shareholders, and related parties have timely and strictly fulfilled all commitments during or continuing into the reporting period, primarily concerning related-party transactions, non-competition, and maintaining independence - Commitment parties, including Jiangxi Provincial Investment Group, Jiangxi Tungsten Holding Group, and Jiangneng Group, have timely and strictly fulfilled all commitments during the reporting period[58](index=58&type=chunk)[59](index=59&type=chunk)[60](index=60&type=chunk) - The commitments mainly involve resolving related-party transactions, avoiding horizontal competition, and maintaining the independence of the listed company, with most commitments being long-term and continuously effective[58](index=58&type=chunk)[59](index=59&type=chunk)[60](index=60&type=chunk) [II. Non-operational Fund Occupation by Controlling Shareholders and Other Related Parties during the Reporting Period](index=20&type=section&id=%E4%BA%8C%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%B3%E8%81%94%E6%96%B9%E9%9D%9E%E7%BB%8F%E8%90%A5%E6%80%A7%E5%8D%A0%E7%94%A8%E8%B5%84%E9%87%91%E6%83%85%E5%86%B5) During the reporting period, there was no non-operational occupation of the company's funds by its controlling shareholders or other related parties - There was no non-operational occupation of the company's funds by its controlling shareholders or other related parties[8](index=8&type=chunk)[61](index=61&type=chunk) [III. Irregular Guarantees](index=21&type=section&id=%E4%B8%89%E3%80%81%E8%BF%9D%E8%A7%84%E6%8B%85%E4%BF%9D%E6%83%85%E5%86%B5) During the reporting period, the company did not provide any external guarantees in violation of prescribed decision-making procedures - The company did not provide any external guarantees in violation of prescribed decision-making procedures[8](index=8&type=chunk)[61](index=61&type=chunk) [IV. Semi-annual Report Audit Status](index=21&type=section&id=%E5%9B%9B%E3%80%81%E5%8D%8A%E5%B9%B4%E6%8A%A5%E5%AE%A1%E8%AE%A1%E6%83%85%E5%86%B5) This semi-annual report has not been audited - This semi-annual report has not been audited[5](index=5&type=chunk)[62](index=62&type=chunk) [V. Changes and Handling of Matters Related to Non-standard Audit Opinions in the Previous Year's Annual Report](index=21&type=section&id=%E4%BA%94%E3%80%81%E4%B8%8A%E5%B9%B4%E5%B9%B4%E5%BA%A6%E6%8A%A5%E5%91%8A%E9%9D%9E%E6%A0%87%E5%87%86%E5%AE%A1%E8%AE%A1%E6%84%8F%E8%A7%81%E6%B6%89%E5%8F%8A%E4%BA%8B%E9%A1%B9%E7%9A%84%E5%8F%98%E5%8C%96%E5%8F%8A%E5%A4%84%E7%90%86%E6%83%85%E5%86%B5) The company's annual report for the previous year did not contain any matters related to non-standard audit opinions - The company's annual report for the previous year did not contain any matters related to non-standard audit opinions[62](index=62&type=chunk) [VI. Bankruptcy and Reorganization Matters](index=21&type=section&id=%E5%85%AD%E3%80%81%E7%A0%B4%E4%BA%A7%E9%87%8D%E6%95%B4%E7%9B%B8%E5%85%B3%E4%BA%8B%E9%A1%B9) During the reporting period, the company was not involved in any bankruptcy or reorganization matters - The company was not involved in any bankruptcy or reorganization matters[62](index=62&type=chunk) [VII. Material Litigation and Arbitration Matters](index=21&type=section&id=%E4%B8%83%E3%80%81%E9%87%8D%E5%A4%A7%E8%AF%89%E8%AE%BC%E3%80%81%E4%BB%B2%E8%A3%81%E4%BA%8B%E9%A1%B9) The company was involved in several material litigation and arbitration matters during the reporting period, some of which were disclosed in interim announcements with no further developments, while others involved significant amounts and had bad debt provisions made [(I) Litigation and Arbitration Matters Disclosed in Interim Announcements with No Subsequent Developments](index=21&type=section&id=%28%E4%B8%80%29%20%E8%AF%89%E8%AE%BC%E3%80%81%E4%BB%B2%E8%A3%81%E4%BA%8B%E9%A1%B9%E5%B7%B2%E5%9C%A8%E4%B8%B4%E6%97%B6%E5%85%AC%E5%91%8A%E6%8A%AB%E9%9C%B2%E4%B8%94%E6%97%A0%E5%90%8E%E7%BB%AD%E8%BF%9B%E5%B1%95%E7%9A%84) This section lists 10 material lawsuits disclosed in interim announcements with no further developments, most of which resulted in favorable judgments or settlements, with bad debt provisions made for some amounts - The company's wholly-owned subsidiary, Jiangxi Coal Sales Co, Ltd, was involved in several sales contract disputes, such as the case against Pingxiang Yixin Industry and Trade Co, Ltd, which reached a settlement in the first instance[62](index=62&type=chunk) - In the sales contract dispute case of Jiangxi Coal Reserve Center Co, Ltd against Dalian Hengda Power Petrochemical Co, Ltd, the company won the first-instance judgment for an amount of **RMB 130.79 million**, with property preservation measures taken and a cumulative repayment of RMB 4.90 million received; the remaining amount has been fully provisioned for bad debt[62](index=62&type=chunk) - In the sales contract dispute case of Jiangxi Coal Sales Co, Ltd against Tianjin Yuanshencheng Coal Co, Ltd and Baotou Haishun Real Estate Development Co, Ltd, a second-instance mediation confirmed that Tianjin Yuanshen should repay a principal of **RMB 107.28 million** and interest of **RMB 18 million**[62](index=62&type=chunk) [(II) Litigation and Arbitration Not Disclosed in Interim Announcements or with Subsequent Developments](index=22&type=section&id=%28%E4%BA%8C%29%20%E4%B8%B4%E6%97%B6%E5%85%AC%E5%91%8A%E6%9C%AA%E6%8A%AB%E9%9C%B2%E6%88%96%E6%9C%89%E5%90%8E%E7%BB%AD%E8%BF%9B%E5%B1%95%E7%9A%84%E8%AF%89%E8%AE%BC%E3%80%81%E4%BB%B2%E8%A3%81%E6%83%85%E5%86%B5) This section discloses 7 material lawsuits not previously announced or with new developments, with amounts ranging from RMB 1.26 million to RMB 7.77 million, most of which are still in progress, with some fully provisioned for bad debt Litigation and Arbitration Not Disclosed in Interim Announcements or with Subsequent Developments | Litigation/Arbitration Type | Amount Involved (RMB 10,000) | Litigation (Arbitration) Progress | Whether a Provision is Formed and Amount | | :--- | :--- | :--- | :--- | | Wuhan Hekang Power Technology Co, Ltd contract dispute | 776.51 | First-instance judgment won, second-instance pending | No | | Gansu Construction Investment Transportation Supply Chain Management Co, Ltd sales contract dispute | 516.24 | Awaiting court hearing | No | | Jiangxi Salt Industry Group Co, Ltd sales contract dispute | 364.63 | First-instance pending judgment | No | | Jiangxi Coal Sales Co, Ltd vs Pingtan Huarong Lantan International Trade Co, Ltd sales contract dispute | 724.10 | Judgment rendered, no repayment received, remaining amount fully provisioned for bad debt | No | | Jiangxi Coal Sales Co, Ltd vs Gong Yingtong, Hu Shidong, Li Niangen sales contract dispute | 178.62 | Judgment rendered, no repayment received, remaining amount fully provisioned for bad debt | No | | Jiangxi Jiangmei Electric Power Co, Ltd vs Fengcheng Shangtang Town People's Government contract dispute | 125.54 | Judgment rendered, no repayment received, remaining amount fully provisioned for bad debt | No | [(III) Other Explanations](index=25&type=section&id=%28%E4%B8%89%29%20%E5%85%B6%E4%BB%96%E8%AF%B4%E6%98%8E) This section states that detailed information on the aforementioned litigation can be found in the financial report under other important matters - Detailed information on the above litigation can be found in "Section VIII Financial Report, XVIII. Other Important Matters, 8. Other"[69](index=69&type=chunk) [VIII. Suspected Violations, Penalties, and Rectification of the Company, its Directors, Supervisors, Senior Management, Controlling Shareholders, and Actual Controllers](index=25&type=section&id=%E5%85%AB%E3%80%81%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E3%80%81%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E6%B6%89%E5%AB%8C%E8%BF%9D%E6%B3%95%E8%BF%9D%E8%A7%84%E3%80%81%E5%8F%97%E5%88%B0%E5%A4%84%E7%BD%9A%E5%8F%8A%E6%95%B4%E6%94%B9%E6%83%85%E5%86%B5) During the reporting period, the company, its directors, supervisors, senior management, controlling shareholders, and actual controllers were not involved in any suspected violations, penalties, or rectification matters - The company, its directors, supervisors, senior management, controlling shareholders, and actual controllers were not involved in any suspected violations, penalties, or rectification matters[70](index=70&type=chunk) [IX. Explanation of the Integrity Status of the Company, its Controlling Shareholders, and Actual Controllers during the Reporting Period](index=25&type=section&id=%E4%B9%9D%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E3%80%81%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E8%AF%9A%E4%BF%A1%E7%8A%B6%E5%86%B5%E7%9A%84%E8%AF%B4%E6%98%8E) During the reporting period, the company, its controlling shareholders, and actual controllers maintained good integrity and had no instances of non-compliance with court judgments or large overdue debts - During the reporting period, the company, its controlling shareholders, and actual controllers had no instances of non-compliance with effective court judgments, large overdue debts, or other integrity issues that would have a significant adverse impact on the company[70](index=70&type=chunk) [X. Material Related-Party Transactions](index=25&type=section&id=%E5%8D%81%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) This section details the company's significant transactions with related parties in daily operations and asset acquisitions/disposals, including large-scale purchases, service provisions, and a major asset swap with performance commitments [(I) Related-Party Transactions Related to Daily Operations](index=25&type=section&id=%28%E4%B8%80%29%20%E4%B8%8E%E6%97%A5%E5%B8%B8%E7%BB%8F%E8%90%A5%E7%9B%B8%E5%85%B3%E7%9A%84%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company engaged in several related-party transactions for purchasing and selling goods and receiving services, with a significant amount of coke purchased from Fengcheng Xingao Coking Co, Ltd, priced at market rates Related-Party Transactions Related to Daily Operations (Unit: RMB 10,000) | Related Party | Transaction Type | Transaction Content | Transaction Amount | % of Similar Transactions | | :--- | :--- | :--- | :--- | :--- | | Fengcheng Xingao Coking Co, Ltd | Sales of Goods | Sales of coal | 6,701 | 6.49 | | Fengcheng Xingao Coking Co, Ltd | Purchase of Goods | Purchase of coke | 48,245 | 99.27 | | Jiangxi Jiangneng Coal Mine Management Co, Ltd | Acceptance of Services | Acceptance of construction and installation services | 4,389 | 26.07 | | Jiangxi Ganneng Co, Ltd | Provision of Services | Provision of services | 2,669 | 15.51 | - Related-party transactions between the company and its controlling shareholder, indirect controlling shareholder, and their affiliates are an important part of the company's production and operation activities, conducted on fair and open market principles[74](index=74&type=chunk) [(II) Related-Party Transactions from Asset or Equity Acquisitions/Disposals](index=27&type=section&id=%28%E4%BA%8C%29%20%E8%B5%84%E4%BA%A7%E6%94%B6%E8%B4%AD%E6%88%96%E8%82%A1%E6%9D%83%E6%94%B6%E8%B4%AD%E3%80%81%E5%87%BA%E5%94%AE%E5%8F%91%E7%94%9F%E7%9A%84%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company completed a major asset swap with its controlling shareholder, Jiangxi Tungsten Holding Group, acquiring a 57.00% stake in Jinhuan Magnetic Separation and divesting coal-related assets, with performance commitments and compensation arrangements established - The company conducted a major asset swap with Jiangxi Tungsten Holding Group, acquiring a **57.00% stake** in Ganzhou Jinhuan Magnetic Separation Technology & Equipment Co, Ltd, and divesting its coal-related assets and liabilities[32](index=32&type=chunk)[75](index=75&type=chunk) - This transaction constitutes a related-party transaction and a major asset restructuring, does not involve the issuance of shares, and does not change the controlling shareholder or actual controller[32](index=32&type=chunk)[75](index=75&type=chunk) - The performance commitment period for Jinhuan Magnetic Separation is 2025, 2026, and 2027, with committed net profits of **RMB 54.69 million**, **RMB 55.47 million**, and **RMB 56.26 million**, respectively[79](index=79&type=chunk)[80](index=80&type=chunk)[81](index=81&type=chunk) - Performance compensation will be made in cash and includes an end-of-period impairment test compensation mechanism, with the total compensation not exceeding the transaction consideration for the acquired assets[83](index=83&type=chunk)[84](index=84&type=chunk)[85](index=85&type=chunk) [(III) Major Related-Party Transactions of Joint External Investment](index=30&type=section&id=%28%E4%B8%89%29%20%E5%85%B1%E5%90%8C%E5%AF%B9%E5%A4%96%E6%8A%95%E8%B5%84%E7%9A%84%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) During the reporting period, the company did not engage in any major related-party transactions of joint external investment - The company did not engage in any major related-party transactions of joint external investment[86](index=86&type=chunk) [(IV) Related-Party Claims and Debts](index=30&type=section&id=%28%E5%9B%9B%29%20%E5%85%B3%E8%81%94%E5%80%BA%E6%9D%83%E5%80%BA%E5%8A%A1%E5%BE%80%E6%9D%A5) During the reporting period, the company had no related-party claims or debts - The company had no related-party claims or debts[86](index=86&type=chunk) [(V) Financial Business between the Company and Related Financial Companies, and between the Company's Controlled Financial Companies and Related Parties](index=30&type=section&id=%28%E4%BA%94%29%20%E5%85%AC%E5%8F%B8%E4%B8%8E%E5%AD%98%E5%9C%A8%E5%85%B3%E8%81%94%E5%85%B3%E7%B3%BB%E7%9A%84%E8%B4%A2%E5%8A%A1%E5%85%AC%E5%8F%B8%E3%80%81%E5%85%AC%E5%8F%B8%E6%8E%A7%E8%82%A1%E8%B4%A2%E5%8A%A1%E5%85%AC%E5%8F%B8%E4%B8%8E%E5%85%B3%E8%81%94%E6%96%B9%E4%B9%8B%E9%97%B4%E7%9A%84%E9%87%91%E8%9E%8D%E4%B8%9A%E5%8A%A1) During the reporting period, there was no financial business between the company and related financial companies, or between the company's controlled financial companies and related parties - There was no financial business between the company and related financial companies, or between the company's controlled financial companies and related parties[86](index=86&type=chunk) [(VI) Other Major Related-Party Transactions](index=30&type=section&id=%28%E5%85%AD%29%20%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) During the reporting period, the company had no other major related-party transactions - The company had no other major related-party transactions[86](index=86&type=chunk) [XI. Major Contracts and Their Performance](index=30&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) This section discloses the major guarantees performed and outstanding during the reporting period, primarily providing financing guarantees for subsidiaries [(I) Custody, Contracting, and Leasing Matters](index=30&type=section&id=%28%E4%B8%80%29%20%E6%89%98%E7%AE%A1%E3%80%81%E6%89%BF%E5%8C%85%E3%80%81%E7%A7%9F%E8%B5%81%E4%BA%8B%E9%A1%B9) During the reporting period, the company had no custody, contracting, or leasing matters - The company had no custody, contracting, or leasing matters[86](index=86&type=chunk) [(II) Major Guarantees Performed and Outstanding during the Reporting Period](index=31&type=section&id=%28%E4%BA%8C%29%20%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%B1%A5%E8%A1%8C%E7%9A%84%E5%8F%8A%E5%B0%9A%E6%9C%AA%E5%B1%A5%E8%A1%8C%E5%AE%8C%E6%AF%95%E7%9A%84%E9%87%8D%E5%A4%A7%E6%8B%85%E4%BF%9D%E6%83%85%E5%86%B5) At the end of the reporting period, the company's total outstanding guarantees for subsidiaries amounted to RMB 1.71 billion, primarily for financing guarantees to Jiangxi Coal, Jiangneng Material Trading, and Qujiang Company, with no overdue external guarantees Company's Total Guarantee Amount (Including Guarantees for Subsidiaries) | Indicator | Amount (RMB 10,000) | | :--- | :--- | | Total Guarantees for Subsidiaries Incurred during the Reporting Period | 170,992.16 | | Total Outstanding Guarantees for Subsidiaries at the End of the Reporting Period (B) | 170,992.16 | | Total Guarantee Amount (A+B) | 170,992.16 | | Total Guarantee Amount as a Percentage of Company's Net Assets (%) | N/A | - The company provided actual outstanding guarantees totaling **RMB 459.74 million** for Jiangxi Coal, **RMB 785.40 million** for Jiangneng Material Trading, and **RMB 159.00 million** for Qujiang Company[89](index=89&type=chunk) - Jiangxi Coal provided actual outstanding guarantees totaling **RMB 305.78 million** for Jiangxi Coal Reserve Center[89](index=89&type=chunk) - The company and its controlled subsidiaries have no overdue external guarantees[89](index=89&type=chunk) [(III) Other Major Contracts](index=33&type=section&id=%28%E4%B8%89%29%20%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C) During the reporting period, the company had no other major contracts - The company had no other major contracts[90](index=90&type=chunk) [XII. Progress on the Use of Raised Funds](index=33&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E5%8B%9F%E9%9B%86%E8%B5%84%E9%87%91%E4%BD%BF%E7%94%A8%E8%BF%9B%E5%B1%95%E8%AF%B4%E6%98%8E) During the reporting period, the company had no progress on the use of raised funds to report - The company had no progress on the use of raised funds to report[90](index=90&type=chunk) [XIII. Explanation of Other Major Matters](index=33&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9%E7%9A%84%E8%AF%B4%E6%98%8E) During the reporting period, the company had no other major matters to explain - The company had no other major matters to explain[90](index=90&type=chunk) [Section VI Changes in Share Capital and Shareholders](index=34&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) This section discloses the company's share capital structure, shareholder information, and the change in its controlling shareholder during the reporting period, noting that the share structure remained unchanged while the controlling shareholder changed [I. Changes in Share Capital](index=34&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E6%9C%AC%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, the company's total number of shares and share capital structure did not change - During the reporting period, the company's total number of shares and share capital structure did not change[92](index=92&type=chunk) [II. Shareholders](index=34&type=section&id=%E4%BA%8C%E3%80%81%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) As of the end of the reporting period, the company had a total of 44,532 common shareholders, with Jiangxi Tungsten Holding Group Co, Ltd being the largest shareholder with a 39.34% stake - As of the end of the reporting period, the total number of common shareholders was **44,532**[92](index=92&type=chunk) Top Ten Shareholders | Shareholder Name | Number of Shares Held at Period End | Percentage (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Jiangxi Tungsten Holding Group Co, Ltd | 389,486,090 | 39.34 | State-owned legal person | | CITIC Futures - Haitong Securities - CITIC Futures Value Deep Cultivation No. 3 Collective Asset Management Plan | 13,333,000 | 1.35 | Other | | Lu Lihong | 10,498,500 | 1.06 | Domestic natural person | | Xu Kaidong | 10,087,800 | 1.02 | Domestic natural person | | Jian Jiaming | 9,798,882 | 0.99 | Domestic natural person | [III. Directors, Supervisors, and Senior Management](index=35&type=section&id=%E4%B8%89%E3%80%81%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E5%92%8C%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E6%83%85%E5%86%B5) During the reporting period, there were no changes in the shareholdings of current and former directors, supervisors, and senior management, and no equity incentives were granted - During the reporting period, changes in the shareholdings of current and former directors, supervisors, and senior management are not applicable[96](index=96&type=chunk) - During the reporting period, no equity incentives were granted to directors, supervisors, or senior management[96](index=96&type=chunk) [IV. Changes in Controlling Shareholder or Actual Controller](index=36&type=section&id=%E5%9B%9B%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E6%88%96%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5) On April 2, 2025, the company's controlling shareholder changed from Jiangneng Group to Jiangxi Tungsten Holding Group Co, Ltd, but the actual controller, the Jiangxi Provincial SASAC, remained unchanged - The new controlling shareholder is Jiangxi Tungsten Holding Group Co, Ltd, with the change occurring on **April 2, 2025**[97](index=97&type=chunk) - The company's actual controller did not change and remains the Jiangxi Provincial SASAC[97](index=97&type=chunk) [V. Preferred Stock Related Matters](index=36&type=section&id=%E4%BA%94%E3%80%81%E4%BC%98%E5%85%88%E8%82%A1%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) During the reporting period, the company had no preferred stock related matters - The company had no preferred stock related matters[98](index=98&type=chunk) [Section VII Bond-related Matters](index=36&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) This section states that the company had no corporate bonds (including enterprise bonds), non-financial enterprise debt financing instruments, or convertible corporate bonds during the reporting period [I. Corporate Bonds (including Enterprise Bonds) and Non-financial Enterprise Debt Financing Instruments](index=36&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%EF%BC%88%E5%90%AB%E4%BC%81%E4%B8%9A%E5%80%BA%E5%88%B8%EF%BC%89%E5%92%8C%E9%9D%9E%E9%87%91%E8%9E%8D%E4%BC%81%E4%B8%9A%E5%80%BA%E5%8A%A1%E8%9E%8D%E8%B5%84%E5%B7%A5%E5%85%B7) During the reporting period, the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments - The company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[99](index=99&type=chunk) [II. Convertible Corporate Bonds](index=36&type=section&id=%E4%BA%8C%E3%80%81%E5%8F%AF%E8%BD%AC%E6%8D%A2%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%E6%83%85%E5%86%B5) During the reporting period, the company had no convertible corporate bonds - The company had no convertible corporate bonds[99](index=99&type=chunk) [Section VIII Financial Report](index=37&type=section&id=%E7%AC%AC%E5%85%AB%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) This section contains the unaudited financial statements and detailed notes, fully disclosing the company's financial position, operating results, and cash flows, with comprehensive explanations of accounting policies, taxes, related-party transactions, and risks [I. Audit Report](index=37&type=section&id=%E4%B8%80%E3%80%81%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) This semi-annual report has not been audited - This semi-annual report has not been audited[5](index=5&type=chunk)[101](index=101&type=chunk) [II. Financial Statements](index=37&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owner's equity for the first half of 2025, presenting a comprehensive view of its financial performance [Consolidated Balance Sheet](index=37&type=section&id=%E5%90%88%E5%B9%B6%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of June 30, 2025, the company's consolidated total assets slightly increased, but equity attributable to parent company owners turned negative, and total liabilities increased Consolidated Balance Sheet Key Data | Item | June 30, 2025 (RMB Yuan) | December 31, 2024 (RMB Yuan) | | :--- | :--- | :--- | | Total Assets | 5,895,478,377.82 | 5,839,768,093.15 | | Total Liabilities | 6,061,835,312.92 | 5,713,320,568.32 | | Total Equity Attributable to Parent Company Owners | -55,028,756.41 | 236,885,739.48 | [Parent Company Balance Sheet](index=39&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of June 30, 2025, the parent company's total assets and liabilities both decreased, while owner's equity increased Parent Company Balance Sheet Key Data | Item | June 30, 2025 (RMB Yuan) | December 31, 2024 (RMB Yuan) | | :--- | :--- | :--- | | Total Assets | 3,464,920,353.20 | 4,402,149,279.60 | | Total Liabilities | 150,986,199.89 | 1,178,804,883.13 | | Total Owner's Equity | 3,313,934,153.31 | 3,180,285,561.83 | [Consolidated Income Statement](index=41&type=section&id=%E5%90%88%E5%B9%B6%E5%88%A9%E6%B6%A6%E8%A1%A8) In the first half of 2025, the company's consolidated total operating revenue decreased significantly year-on-year, and losses in total profit and net profit attributable to parent company shareholders widened Consolidated Income Statement Key Data | Item | H1 2025 (RMB Yuan) | H1 2024 (RMB Yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 1,721,779,844.35 | 2,661,346,612.03 | | Total Profit | -284,327,347.63 | -95,463,769.36 | | Net Profit Attributable to Parent Company Shareholders | -289,847,761.25 | -105,045,566.41 | | Basic Earnings Per Share (RMB/Share) | -0.2928 | -0.1061 | [Parent Company Income Statement](index=43&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E5%88%A9%E6%B6%A6%E8%A1%A8) In the first half of 2025, the parent company's operating revenue decreased year-on-year, and its net loss widened Parent Company Income Statement Key Data | Item | H1 2025 (RMB Yuan) | H1 2024 (RMB Yuan) | | :--- | :--- | :--- | | Operating Revenue | 14,183,697.34 | 48,036,329.70 | | Total Profit | -38,300,845.76 | -6,418,787.28 | | Net Profit | -38,300,845.76 | -6,475,801.99 | [Consolidated Cash Flow Statement](index=44&type=section&id=%E5%90%88%E5%B9%B6%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) In the first half of 2025, the company's net cash flow from operating activities turned from positive to negative, cash outflow from investing activities decreased, and cash inflow from financing activities increased significantly Consolidated Cash Flow Statement Key Data | Item | H1 2025 (RMB Yuan) | H1 2024 (RMB Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -30,093,034.81 | 25,688,993.24 | | Net Cash Flow from Investing Activities | -13,899,375.71 | -46,033,778.38 | | Net Cash Flow from Financing Activities | 44,731,618.42 | 5,396,017.58 | | Net Increase in Cash and Cash Equivalents | 739,207.90 | -14,947,136.09 | [Parent Company Cash Flow Statement](index=45&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) In the first half of 2025, the parent company's net cash flow from operating activities turned from negative to positive, while net cash flow from financing activities turned from positive to negative Parent Company Cash Flow Statement Key Data | Item | H1 2025 (RMB Yuan) | H1 2024 (RMB Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 221,580,627.26 | -121,800,765.64 | | Net Cash Flow from Investing Activities | 3,600,000.00 | 3,600,000.00 | | Net Cash Flow from Financing Activities | -283,960,441.66 | 83,196,901.95 | | Net Increase in Cash and Cash Equivalents | -58,779,814.40 | -35,003,863.69 | [Consolidated Statement of Changes in Owner's Equity](index=47&type=section&id=%E5%90%88%E5%B9%B6%E6%89%80%E6%9C%89%E8%80%85%E6%9D%83%E7%9B%8A%E5%8F%98%E5%8A%A8%E8%A1%A8) In the first half of 2025, the company's total consolidated owner's equity turned from positive to negative, mainly due to the net loss attributable to parent company owners Consolidated Statement of Changes in Owner's Equity Key Data | Item | Opening Balance 2025 (RMB Yuan) | Closing Balance 2025 (RMB Yuan) | | :--- | :--- | :--- | | Total Equity Attributable to Parent Company Owners | 236,885,739.48 | -55,028,756.41 | | Minority Interest | -110,438,214.65 | -111,328,178.69 | | Total Owner's Equity | 126,447,524.83 | -166,356,935.10 | [Parent Company Statement of Changes in Owner's Equity](index=53&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E6%89%80%E6%9C%89%E8%80%85%E6%9D%83%E7%9B%8A%E5%8F%98%E5%8A%A8%E8%A1%A8) In the first half of 2025, the parent company's total owner's equity increased, mainly due to an increase in capital reserves Parent Company Statement of Changes in Owner's Equity Key Data | Item | Opening Balance 2025 (RMB Yuan) | Closing Balance 2025 (RMB Yuan) | | :--- | :--- | :--- | | Paid-in Capital (or Share Capital) | 989,959,882.00 | 989,959,882.00 | | Capital Reserve | 1,980,993,057.54 | 2,216,794,672.21 | | Retained Earnings | -1,402,230.50 | -39,703,076.26 | | Total Owner's Equity | 3,180,285,561.83 | 3,313,934,153.31 | [III. Company Basic Information](index=57&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) This section details the company's establishment, share capital history, major asset restructurings, name changes, recent change in controlling shareholder, and business scope - The company was established on December 30, 1999, and listed on the Shanghai Stock Exchange on July 2, 2002, with the stock code 600397[137](index=137&type=chunk) - The company has undergone several share capital changes and major asset restructurings, including a major asset swap and issuance of shares to purchase assets initiated in August 2010[139](index=139&type=chunk)[140](index=140&type=chunk) - On April 2, 2025, the company's controlling shareholder changed from Jiangneng Group to Jiangxi Tungsten Holding Group, while the actual controller remains the Jiangxi Provincial SASAC[143](index=143&type=chunk) - The company's business scope includes coal mining, road freight transport, power generation, mineral washing and processing, and sales of coal and related products[144](index=144&type=chunk) [IV. Basis of Preparation of Financial Statements](index=59&type=section&id=%E5%9B%9B%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E7%9A%84%E7%BC%96%E5%88%B6%E5%9F%BA%E7%A1%80) The company's financial statements are prepared on a going concern basis, in accordance with enterprise accounting standards and relevant regulations, primarily using the historical cost method - The company's financial statements are prepared on a going concern basis, in accordance with the "Enterprise Accounting Standards" and related regulations issued by the Ministry of Finance[146](index=146&type=chunk) - The accounting is based on the accrual basis, and except for certain financial instruments and investment properties, all items are measured at historical cost[146](index=146&type=chunk) - The company has the ability to continue as a going concern for at least 12 months from the end of the reporting period[147](index=147&type=chunk) [V. Significant Accounting Policies and Estimates](index=59&type=section&id=%E4%BA%94%E3%80%81%E9%87%8D%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%8F%8A%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1) This section details the company's specific accounting policies and estimates for financial instruments, business combinations, consolidated financial statements, inventory, fixed assets, intangible assets, revenue recognition, and government grants, which are key to understanding the financial report - The company classifies financial assets into three categories based on the business model for managing them and their contractual cash flow characteristics: measured at amortized cost, measured at fair value through other comprehensive income, and measured at fair value through profit or loss[168](index=168&type=chunk) - The company uses the straight-line method to depreciate fixed assets and determines the depreciation rate based on the asset category, estimated useful life, and estimated net residual value[218](index=218&type=chunk) - The company's revenue recognition principle is to recognize revenue when the customer obtains control of the relevant goods, and the transaction price is recognized based on the progress of performance or the point of control transfer[241](index=241&type=chunk)[243](index=243&type=chunk) - The company defines government grants received for the purpose of acquiring or constructing long-term assets as asset-related government grants, with all others classified as income-related government grants[247](index=247&type=chunk) [VI. Taxes](index=85&type=section&id=%E5%85%AD%E3%80%81%E7%A8%8E%E9%A1%B9) This section discloses the company's main tax types and rates and explains the tax preferential policies enjoyed by its subsidiaries Main Tax Types and Rates | Tax Type | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-added Tax | Taxable value-added amount | 5%, 6%, 9%, 13% | | Urban Maintenance and Construction Tax | Payable turnover tax | 2% | | Enterprise Income Tax | Taxable coal sales | 2% | - The company's subsidiary, Jiangxi Fengcheng Yuanzhou Coalbed Methane Power Generation Co, Ltd, enjoys a 100% VAT refund policy[258](index=258&type=chunk)[259](index=259&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=86&type=section&id=%E4%B8%83%E3%80%81%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section provides detailed notes on each item in the consolidated financial statements, including cash, accounts receivable, inventory, fixed assets, short-term borrowings, long-term payables, revenue, and costs, with explanations for significant changes and restrictions [1. Cash and Cash Equivalents](index=86&type=section&id=1%E3%80%81%E8%B4%A7%E5%B8%81%E8%B5%84%E9%87%91) The company's total cash and cash equivalents at the end of the period were RMB 624 million, of which RMB 256 million were restricted funds, mainly for mine environmental restoration and bank acceptance bill margins Cash and Cash Equivalents | Item | Closing Balance (RMB Yuan) | Opening Balance (RMB Yuan) | | :--- | :--- | :--- | | Bank Deposits | 367,894,125.71 | 367,154,917.81 | | Other Cash and Cash Equivalents | 256,267,939.86 | 294,128,131.86 | | **Total** | **624,162,065.57** | **661,283,049.67** | - The total amount of restricted cash and cash equivalents at the end of the period was **RMB 256.27 million**, mainly including **RMB 43.05 million** for mine environmental restoration and ecological recovery deposits and **RMB 213.21 million** for bank acceptance bill margins[260](index=260&type=chunk) [4. Notes Receivable](index=86&type=section&id=4%E3%80%81%E5%BA%94%E6%94%B6%E7%A5%A8%E6%8D%AE) The company's notes receivable at the end of the period were all bank acceptance bills, totaling RMB 407 million, some of which have been pledged or endorsed Notes Receivable by Category | Item | Closing Balance (RMB Yuan) | Opening Balance (RMB Yuan) | | :--- | :--- | :--- | | Bank Acceptance Bills | 407,063,930.45 | 354,576,453.41 | | **Total** | **407,063,930.45** | **354,576,453.41** | - The amount of pledged notes receivable at the end of the period was **RMB 46.99 million**[264](index=264&type=chunk) - The amount of bank acceptance bills that had been endorsed or discounted but were not yet due at the balance sheet date was **RMB 252.51 million**[267](index=267&type=chunk) [5. Accounts Receivable](index=88&type=section&id=5%E3%80%81%E5%BA%94%E6%94%B6%E8%B4%A6%E6%AC%BE) The company's accounts receivable had a carrying amount of RMB 239 million at the end of the period, with a bad debt provision of RMB 339 million, and a high concentration among the top five debtors, most of which were fully provisioned Accounts Receivable Aging and Bad Debt Provision | Aging | Closing Book Balance (RMB Yuan) | Bad Debt Provision (RMB Yuan) | | :--- | :--- | :--- | | Within 1 year | 239,534,624.95 | 2,395,346.25 | | Over 5 years | 335,770,328.88 | 335,770,328.88 | | **Total** | **578,665,784.49** | **339,096,510.16** | - Accounts receivable with bad debt provisions made on an individual basis were mainly related to litigation, such as amounts due from Dalian Hengda Power Petrochemical Co, Ltd

Section I Definitions [Definitions of Common Terms](index=4&type=section&id=Definitions%20of%20Common%20Terms) This section defines common terms used in the report, such as "Sanxia Water Conservancy" and "Sanxia Group," ensuring clear understanding of the content - Defines common terms like **"Sanxia Water Conservancy"**, **"Sanxia Group"**, and **"Changjiang Electric Power"** for reader comprehension[16](index=16&type=chunk) Section II Company Profile and Key Financial Indicators [I. Company Information](index=4&type=section&id=I.%20Company%20Information) This section discloses the company's basic registration details, including its Chinese name, abbreviation, foreign name, and legal representative - Company Chinese Name: Chongqing Sanxia Water Conservancy and Electric Power (Group) Co., Ltd., Abbreviation: **Sanxia Water Conservancy**[13](index=13&type=chunk) - Legal Representative: **Xie Jun**[13](index=13&type=chunk) [II. Contact Person and Information](index=4&type=section&id=II.%20Contact%20Person%20and%20Information) This section provides contact information for the company's Board Secretary and Securities Affairs Representative, including names, addresses, phone numbers, faxes, and email addresses - Board Secretary: **Che Yaping**; Securities Affairs Representative: **Wang Jing**[14](index=14&type=chunk) - Contact Phone: **023-63801161**; Email: **sxsl600116@163.com**[14](index=14&type=chunk) [III. Brief Introduction to Changes in Basic Information](index=4&type=section&id=III.%20Brief%20Introduction%20to%20Changes%20in%20Basic%20Information) This section introduces the company's registered and office addresses, noting that the registered address has remained unchanged historically - Company registered address: **No. 85 Gaosuntang, Wanzhou District, Chongqing**, historically unchanged[15](index=15&type=chunk) - Company office address: **Building 11, Shengwei Jingshi Gongyuan, No. 99 Jinkai Avenue, Yubei District, Chongqing**, and **No. 85 Gaosuntang, Wanzhou District**[15](index=15&type=chunk) [IV. Brief Introduction to Changes in Information Disclosure and Document Custody Locations](index=5&type=section&id=IV.%20Brief%20Introduction%20to%20Changes%20in%20Information%20Disclosure%20and%20Document%20Custody%20Locations) This section lists the company's designated newspapers for information disclosure, website address, and locations for semi-annual report custody - Information disclosure newspapers: **"China Securities Journal"**, **"Shanghai Securities News"**, **"Securities Times"**, **"Securities Daily"**[17](index=17&type=chunk) - Website address for semi-annual report: **http://www.sse.com.cn**[17](index=17&type=chunk) [V. Company Stock Profile](index=5&type=section&id=V.%20Company%20Stock%20Profile) This section provides the company's stock type, listing exchange, abbreviation, and code - Stock Type: **A-share**; Listing Exchange: **Shanghai Stock Exchange**[18](index=18&type=chunk) - Stock Abbreviation: **Sanxia Water Conservancy**; Stock Code: **600116**[18](index=18&type=chunk) [VII. Company's Key Accounting Data and Financial Indicators](index=5&type=section&id=VII.%20Company's%20Key%20Accounting%20Data%20and%20Financial%20Indicators) During the reporting period, operating revenue and total profit significantly decreased, with a larger decline in net profit attributable to shareholders and non-recurring net profit, mainly due to low water levels, supplementary tax payments, reduced investment income, and decreased asset disposal gains [(I) Key Accounting Data](index=5&type=section&id=(I)%20Key%20Accounting%20Data) During the reporting period, the company's operating revenue and total profit significantly decreased year-on-year, with a larger decline in net profit attributable to shareholders and non-recurring net profit Major Accounting Data (Current Reporting Period Jan-Jun vs. Same Period Last Year) | Indicator | Current Reporting Period (CNY) | Same Period Last Year (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 4,896,320,166.22 | 5,214,595,710.20 | -6.10 | | Total Profit | 112,109,813.11 | 282,827,610.04 | -60.36 | | Net Profit Attributable to Listed Company Shareholders | 47,932,794.85 | 229,030,732.12 | -79.07 | | Net Profit Attributable to Listed Company Shareholders (Excluding Non-Recurring Gains/Losses) | 34,658,995.24 | 209,959,901.42 | -83.49 | | Net Cash Flow from Operating Activities | 236,578,351.65 | 331,459,810.79 | -28.63 | Major Accounting Data (End of Current Reporting Period vs. End of Last Year) | Indicator | End of Current Reporting Period (CNY) | End of Last Year (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Net Assets Attributable to Listed Company Shareholders | 11,017,571,517.30 | 11,030,038,526.48 | -0.11 | | Total Assets | 25,368,074,903.98 | 25,201,527,976.12 | 0.66 | [(II) Key Financial Indicators](index=5&type=section&id=(II)%20Key%20Financial%20Indicators) During the reporting period, basic EPS, diluted EPS, non-recurring basic EPS, and weighted average ROE all significantly decreased, mainly due to low water levels, supplementary tax payments, reduced investment income, and decreased asset disposal gains Major Financial Indicators (Current Reporting Period Jan-Jun vs. Same Period Last Year) | Indicator | Current Reporting Period | Same Period Last Year | Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (CNY/share) | 0.03 | 0.12 | -75.00 | | Diluted Earnings Per Share (CNY/share) | 0.03 | 0.12 | -75.00 | | Basic Earnings Per Share (Excluding Non-Recurring Gains/Losses) (CNY/share) | 0.02 | 0.11 | -81.82 | | Weighted Average Return on Net Assets (%) | 0.43 | 2.03 | Decreased by 1.6 percentage points | | Weighted Average Return on Net Assets (Excluding Non-Recurring Gains/Losses) (%) | 0.31 | 1.86 | Decreased by 1.55 percentage points | - Profit decline primarily due to **low water levels** at hydropower stations, leading to reduced power business profit; subsidiary supplementary payment of **2021-2023 Western Development corporate income tax preferential tax and late fees**; reduced investment income from some associate companies; decreased asset disposal gains from line relocation and substations; and delayed arrival of rural grid loan repayment subsidies[20](index=20&type=chunk)[21](index=21&type=chunk) - Net cash flow from operating activities decreased mainly due to **low water levels** at hydropower stations, resulting in reduced net cash flow from power business purchases and sales[21](index=21&type=chunk) [IX. Non-Recurring Gains and Losses Items and Amounts](index=6&type=section&id=IX.%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) The company's total non-recurring gains and losses for the reporting period amounted to **CNY 13,273,799.61**, primarily including government subsidies, fair value change gains/losses, reversal of impairment provisions for receivables, and non-operating income/expenses Non-Recurring Gains and Losses Items and Amounts | Non-Recurring Gains and Losses Item | Amount (CNY) | | :--- | :--- | | Gains/Losses from Disposal of Non-Current Assets | -939,393.54 | | Government Grants Included in Current Profit/Loss (Excluding Those with Continuous Impact) | 15,716,679.64 | | Gains/Losses from Fair Value Changes and Disposal of Financial Assets and Liabilities Held by Non-Financial Enterprises | 8,555,504.68 | | Reversal of Impairment Provisions for Accounts Receivable Subject to Individual Impairment Testing | 4,463,857.41 | | Other Non-Operating Income and Expenses Apart from the Above | -11,450,921.75 | | Less: Income Tax Impact | 2,194,367.34 | | Minority Interest Impact (After Tax) | 877,559.49 | | **Total** | **13,273,799.61** | - Gains/losses from disposal of non-current assets mainly represent **losses from disposal of substations and line relocation** by Chongqing Fuling Julong Electric Power Co., Ltd[24](index=24&type=chunk) - Government grants included in current profit/loss mainly consist of **immigration relocation compensation**, **energy storage power station construction subsidies**, **rural small hydropower efficiency improvement and capacity expansion subsidies** transferred from deferred income, and **support funds** received by some subsidiaries[24](index=24&type=chunk) - Fair value change gains/losses mainly include **fair value change gains from structured deposits and other trading financial assets**, and **gains from disposal of financial assets**; also **fair value change gains from secondary market stocks** and **trust product dividends** held by Chongqing Changdian United Energy Co., Ltd[24](index=24&type=chunk) - Other non-operating income and expenses mainly represent **late fees for supplementary tax payments for previous years' Western Development preferential tax policy** by Baitao Chemical and Zhengyang Power Supply[25](index=25&type=chunk) Section III Management Discussion and Analysis [I. Description of the Company's Industry and Main Business Operations During the Reporting Period](index=7&type=section&id=I.%20Description%20of%20the%20Company's%20Industry%20and%20Main%20Business%20Operations%20During%20the%20Reporting%20Period) This section details the company's main business, operating model, performance drivers, industry development, and market position during the reporting period [(I) Main Business and Operating Model](index=7&type=section&id=(I)%20Main%20Business%20and%20Operating%20Model) The company's main business is power generation, supply, and integrated energy services, with power generation and supply as core businesses; integrated energy services focus on user-side distributed energy stations, energy storage facilities, and energy performance contracting - During the reporting period, the company's main business remained unchanged, with core operations in **power generation, supply, and integrated energy services**[26](index=26&type=chunk) - Power generation model: The company primarily relies on **750 MW of hydropower capacity** and a small number of new energy generating units, selling electricity through its distribution network in Chongqing's Wanzhou, Fuling, and Qianjiang areas[27](index=27&type=chunk) - Power supply model: The company's backbone grid covers multiple districts and counties in Chongqing, connected to the Chongqing, Guizhou, Hunan, and Hubei grids, purchasing and selling electricity from various sources to end-users through its distribution network[27](index=27&type=chunk) - Integrated energy business: Focuses on investing in and operating **user-side distributed energy stations** (natural gas, distributed PV) and **energy storage facilities**, while also engaging in **energy performance contracting** for integrated energy supply and energy-saving renovations[28](index=28&type=chunk) [(II) Main Performance Drivers](index=7&type=section&id=(II)%20Main%20Performance%20Drivers) The company's power business performance is mainly driven by sales volume, self-owned power generation, and power purchase cost control; integrated energy services performance is driven by project investment and operational returns - Company power production and supply performance is primarily driven by **increased electricity sales**, **increased self-owned power generation**, and **controlled comprehensive power purchase costs**[29](index=29&type=chunk) - Company integrated energy services performance is primarily driven by **increased project investment income** and **increased operational income** during the operating period[29](index=29&type=chunk) [(III) Industry Overview](index=7&type=section&id=(III)%20Industry%20Overview) In H1 2025, the national economy grew steadily, with power generation up 0.8% and clean energy at 35.2%; integrated energy services rapidly developed under "dual carbon" goals, with significant growth in new energy storage installations; the company holds an important position in Chongqing's power supply market, with integrated energy business in its nascent stage, but with a clear "source-grid-load-storage integration" development model - In the first half of 2025, China's GDP reached **CNY 66,053.6 billion**, representing a **5.3% year-on-year increase** at constant prices[30](index=30&type=chunk) - In the first half of 2025, industrial enterprises above designated size generated **4,537.1 billion kWh** of electricity, a **0.8% year-on-year increase**; nuclear, wind, and solar power generation increased by **11.3%**, **10.6%**, and **20.0%** respectively[32](index=32&type=chunk) - China has built the world's largest clean energy power generation system, with hydropower, nuclear power, wind power, and solar power accounting for **35.2%** of industrial power generation above designated size, an increase of **2.1 percentage points** year-on-year[32](index=32&type=chunk) - Driven by national "dual carbon" goals, building a new power system is a key focus for promoting a new round of "energy revolution," vigorously developing integrated energy services, and fostering new market entities like integrated energy service providers, energy storage companies, and load aggregators[34](index=34&type=chunk) - In the first half of 2025, new energy storage installations in China reached **21.9 GW/55.2 GWh**, a year-on-year increase of **69.4%/76.6%**[35](index=35&type=chunk) - During the reporting period, the company owned approximately **2.207 GW** of dispatchable power capacity, accounting for about **10%** of Chongqing's average annual electricity consumption, holding a significant market position in its service areas[36](index=36&type=chunk)[37](index=37&type=chunk) - The company's integrated energy services have adopted a development model primarily based on **"source-grid-load-storage integration"**, but the business is generally in its nascent stage, positioning it as an emerging entity in the integrated energy sector[38](index=38&type=chunk) [II. Discussion and Analysis of Operations](index=9&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operations) In H1 2025, operating performance significantly declined due to low water levels, reduced asset disposal and investment income, and supplementary tax payments, but electricity sales reached a new high, and new integrated energy businesses released profitability, with standardized and efficient corporate governance - In the first half of 2025, the company completed **6.80199 billion kWh** of distributed and sold electricity, a **2.66% increase** from **6.62559 billion kWh** in the same period last year, setting a new historical high for the period[39](index=39&type=chunk) - From January to June 2025, the company achieved total operating revenue of **CNY 4.896 billion**, a **6.10% decrease** from **CNY 5.215 billion** in the same period last year; net profit attributable to listed company shareholders was **CNY 48 million**, a **79.07% year-on-year decrease**[39](index=39&type=chunk) - As of June 30, 2025, the company's total assets were **CNY 25.368 billion**, a **0.66% increase** from the beginning of the year; total liabilities were **CNY 14.139 billion**, a **1.33% increase** from the beginning of the year; net assets attributable to listed company shareholders were **CNY 11.018 billion**, a **0.11% decrease** from the beginning of the year[39](index=39&type=chunk) [(I) Main Profit Composition](index=9&type=section&id=(I)%20Main%20Profit%20Composition) During the reporting period, power business and integrated energy business were the main profit sources, but manganese trade and other businesses incurred losses, and credit impairment losses and asset impairment losses negatively impacted profit - Achieved **CNY 170.64 million** in power business profit, accounting for **138.21%** of operating profit[40](index=40&type=chunk) - Achieved **CNY 62.07 million** in integrated energy business profit, accounting for **50.28%** of operating profit, mainly due to the continuous profitability of the Wanzhou Economic Development Zone Jiulongyuan cogeneration project and enhanced comprehensive project returns from optimizing peak/frequency regulation auxiliary services at independent/shared energy storage power stations[40](index=40&type=chunk) - Manganese trade business incurred a loss of **CNY 47.76 million**, accounting for **-38.68%** of operating profit, mainly due to reduced trade business scale, lower-than-expected capacity utilization, and mining volume, leading to losses in manganese and trade businesses this period[41](index=41&type=chunk) - Credit impairment loss was **CNY 49.95 million**, accounting for **-40.46%** of operating profit, mainly due to the provision for credit impairment based on aging and the reversal of individually provided bad debt provisions from previous years[41](index=41&type=chunk) [(II) Main Work Progress](index=10&type=section&id=(II)%20Main%20Work%20Progress) The company focused on strengthening foundations and forging new growth drivers, ensuring power supply, advancing power source projects, optimizing grid structure, expanding integrated energy businesses, deepening standardized operations, and strengthening Party leadership, achieving record high electricity sales and releasing profitability in integrated energy businesses - Faced with severe low water levels in the first half of the year, the company established a supply guarantee leading group, implementing multiple measures to ensure power supply, completing **6.802 billion kWh** of distributed and sold electricity in the first half, a new historical high for the period[42](index=42&type=chunk) - Advanced power source configuration within the grid: the Fuling Baitao 1x490 MW cogeneration project units are ready for **168-hour trial operation**, and the Wanzhou Wuling (Phase II) **18.3 MW distributed photovoltaic power generation project** has commenced operation[42](index=42&type=chunk) - Expanded integrated energy business: won the Bensteel Plate high-voltage operation area 2x135 MW waste gas resource comprehensive utilization power generation project with a total price of approximately **CNY 1.118 billion**, with the main engineering fully completed; the Wanzhou Economic Development Zone Jiulongyuan cogeneration Phase II project is over half complete; achieved **CNY 62.07 million** in integrated energy operating profit in the first half, a **21.82% year-on-year increase**[43](index=43&type=chunk) - Optimized energy storage power station operation strategies: Chongqing Liangjiang Longsheng, Yongchuan Songgai, and Guangxi Pingguo energy storage power stations actively participated in frequency regulation trial operations; signed **12 user-side energy storage projects** in the first half, with a total capacity of **57.29 MWh**[43](index=43&type=chunk) - Deepened standardized operations: timely formulated or revised over ten systems related to post-investment management, cybersecurity, and project construction; orderly advanced the compilation of the **"15th Five-Year Plan (2026-2030)"** strategic development plan; conducted special research in new business areas[44](index=44&type=chunk) - Strengthened Party leadership: Party organizations at all levels reinforced their core political leadership role in serving the overall strategic goals, ensuring implementation; successfully completed the **third round of political inspections**; compiled and released the **2024 ESG report**, again receiving an **A-level rating** from a third-party institution[46](index=46&type=chunk) [III. Analysis of Core Competitiveness During the Reporting Period](index=11&type=section&id=III.%20Analysis%20of%20Core%20Competitiveness%20During%20the%20Reporting%20Period) The company's core competitiveness lies in its clean and low-carbon energy advantages, distribution and retail power industry foundation, mixed-ownership enterprise advantages, and standardized and efficient corporate governance, collectively supporting high-quality development amidst energy transition and market competition - Clean and low-carbon energy advantage: The company's existing power stations are primarily **hydropower**, with new power sources under construction mainly **gas-fired units and new energy units**; integrated energy and energy storage businesses align with national **"dual carbon" goals** and the Three Gorges Group's industrial development direction[47](index=47&type=chunk) - Distribution and retail power industry foundation advantage: The company has formed a distribution and retail power main business with a **large asset scale and strong profitability**, controlling scarce distribution network market resources; its power supply network is connected to **State Grid Chongqing Electric Power, Hubei Power Grid, and Southern Grid Guizhou Power Grid**, ensuring high power supply safety and reliability[48](index=48&type=chunk) - Mixed-ownership enterprise advantage: As a pilot platform for the Three Gorges Group's implementation of national power system reform and mixed-ownership reform, the company combines **standardized listed company governance** with **market-oriented operational management**, featuring a diversified equity structure that fully leverages the respective advantages of state and non-state capital[50](index=50&type=chunk) - Standardized, efficient corporate governance: The company strictly adheres to requirements such as the **"Company Law"** and **"Securities Law"**, continuously improving its corporate governance; it has established and effectively operates a management mechanism with clear responsibilities, standardized operations, mutual coordination, and mutual checks and balances among the power, decision-making, supervisory, and management layers[51](index=51&type=chunk) [IV. Main Operating Conditions During the Reporting Period](index=12&type=section&id=IV.%20Main%20Operating%20Conditions%20During%20the%20Reporting%20Period) This section comprehensively analyzes the company's financial statement item changes, business type and profit composition changes, asset and liability situation, investment status, and operating performance of major controlled and associate companies during the reporting period, fully demonstrating the company's operating results and financial health [(I) Main Business Analysis](index=12&type=section&id=(I)%20Main%20Business%20Analysis) During the reporting period, operating revenue and costs decreased, sales and financial expenses decreased, administrative expenses increased, and R&D expenses significantly decreased; net cash flow from operating activities decreased, net cash flow from investing activities decreased, and net cash flow from financing activities increased; other income, investment income, and asset disposal gains decreased, fair value change gains increased, and non-operating expenses significantly increased 1. Analysis Table of Changes in Financial Statement Items | Item | Current Period (CNY) | Same Period Last Year (CNY) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 4,896,320,166.22 | 5,214,595,710.20 | -6.10 | Decrease in manganese trade and integrated energy business revenue | | Operating Cost | 4,379,366,503.60 | 4,596,046,581.92 | -4.71 | Decrease in manganese trade and integrated energy business costs | | Selling Expenses | 9,214,677.42 | 11,008,701.69 | -16.30 | Decrease in sales personnel costs due to subsidiary functional adjustments | | Administrative Expenses | 218,016,273.25 | 188,769,371.20 | 15.49 | Increase in labor costs | | Financial Expenses | 118,212,661.63 | 122,539,856.91 | -3.53 | Decrease in subsidiary letter of credit interest expenses | | R&D Expenses | 59,852.33 | 1,189,220.22 | -94.97 | Some subsidiary R&D projects nearing completion, reduced investment | | Net Cash Flow from Operating Activities | 236,578,351.65 | 331,459,810.79 | -28.63 | Low water levels at hydropower stations, reduced net cash flow from power business purchases and sales | | Net Cash Flow from Investing Activities | -796,991,391.78 | -777,148,005.69 | Not applicable | Increased investment in wealth management products | | Net Cash Flow from Financing Activities | 498,215,039.79 | 321,604,399.80 | 54.92 | Increased borrowings | | Other Income | 26,198,099.65 | 44,475,163.80 | -41.09 | Rural grid loan repayment subsidies not received on time | | Investment Income | 9,400,766.76 | 37,231,562.77 | -74.75 | Reduced investment income from associates and non-trading financial assets | | Fair Value Change Gains/Losses | 2,373,249.66 | -18,123,007.65 | Not applicable | Smaller fluctuation in market value of Autocare shares held by subsidiary compared to last year | | Credit Impairment Losses | -49,954,039.38 | -71,156,191.05 | Not applicable | Subsidiary's large accounts receivable bad debt provision fully accrued in previous year | | Asset Impairment Losses | -8,403,378.92 | -3,816,780.00 | Not applicable | Subsidiary accrued impairment provision for silicon metal inventory | | Asset Disposal Gains/Losses | -1,036,062.62 | 18,536,988.25 | -105.59 | Reduced asset disposal gains from line relocation and substations | | Non-Operating Income | 5,356,977.22 | 3,618,184.17 | 48.06 | Received employee resettlement compensation from previous years | | Non-Operating Expenses | 16,711,229.89 | 2,030,680.59 | 722.94 | Subsidiary supplementary payment of late fees for previous years' taxes | 2. Detailed Explanation of Significant Changes in the Company's Business Type, Profit Composition, or Profit Sources in the Current Period During the reporting period, profit from power generation and supply decreased, manganese and trade business losses reduced, integrated energy services profit increased, other income, investment income, and asset disposal gains decreased, fair value change gains increased, credit impairment losses decreased, and non-operating expenses increased | Item | Jan-Jun 2025 (CNY 10,000) | % of Total Profit | Jan-Jun 2024 (CNY 10,000) | % of Total Profit | Explanation of Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Power Generation and Supply | 17,063.66 | 152.20 | 30,955.40 | 109.45 | Decreased year-on-year, mainly due to reduced self-generated electricity and increased depreciation expenses | | Manganese and Trade Business | -4,776.15 | -42.60 | -6,392.70 | -22.60 | Loss reduced year-on-year, mainly due to a slight increase in electrolytic manganese prices, and increased ore mining and electrolytic manganese production | | Integrated Energy Services | 6,207.27 | 55.37 | 5,095.40 | 18.02 | Increased year-on-year, mainly due to new Guangxi Pingguo and Liangjiang Longsheng Phase II energy storage projects commencing operation, and increased frequency regulation income from energy storage power stations | | Other Income | 2,619.81 | 23.37 | 4,447.52 | 15.73 | Decreased year-on-year, mainly due to not receiving rural grid loan repayment subsidies on time | | Investment Income | 940.08 | 8.39 | 3,723.16 | 13.16 | Decreased year-on-year, mainly due to reduced investment income from associates recognized by equity method and reduced investment income from non-trading financial assets | | Fair Value Change Gains/Losses | 237.32 | 2.12 | -1,812.30 | -6.41 | Increased year-on-year, mainly due to smaller fluctuation in market value of Autocare shares held by wholly-owned subsidiary United Energy compared to last year | | Credit Impairment Losses | -4,995.40 | -44.56 | -7,115.62 | -25.16 | Decreased year-on-year, mainly because the bad debt provision for large accounts receivable of wholly-owned subsidiary Supply Chain Company was fully accrued in the previous year, reducing the current period's provision | | Asset Disposal Gains/Losses | -103.61 | -0.92 | 1,853.70 | 6.55 | Decreased year-on-year, mainly due to reduced asset disposal gains from line relocation projects and Jingdongfang substation | | Non-Operating Expenses | 1,671.12 | -14.91 | 203.07 | -0.72 | Increased year-on-year, mainly due to wholly-owned subsidiaries Baitao Chemical and Zhengyang Power Supply supplementary payment of late fees for previous years' Western Development preferential tax policy | [(III) Analysis of Assets and Liabilities](index=15&type=section&id=(III)%20Analysis%20of%20Assets%20and%20Liabilities) At period-end, total assets and liabilities slightly increased, while net assets attributable to shareholders slightly decreased; long-term borrowings, construction in progress, accounts receivable, other current liabilities, and long-term payables saw significant increases, while prepayments, notes payable, employee benefits payable, and non-current liabilities due within one year significantly decreased 1. Asset and Liability Status | Item Name | Current Period End (CNY) | % of Total Assets at Period End | Last Year End (CNY) | % of Total Assets at Last Year End | Change (%) | Explanation of Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 1,499,982,104.10 | 5.91 | 1,685,393,573.08 | 6.69 | -11.00 | | | Accounts Receivable | 1,451,977,284.15 | 5.72 | 1,193,958,515.49 | 4.74 | 21.61 | | | Inventories | 436,414,622.64 | 1.72 | 408,399,378.11 | 1.62 | 6.86 | | | Contract Assets | 371,490,325.45 | 1.46 | 342,454,786.04 | 1.36 | 8.48 | | | Long-Term Equity Investments | 2,045,398,606.99 | 8.06 | 2,083,702,871.52 | 8.27 | -1.84 | | | Fixed Assets | 10,736,799,084.13 | 42.32 | 10,941,083,112.08 | 43.41 | -1.87 | | | Construction in Progress | 1,779,180,698.03 | 7.01 | 1,504,895,713.94 | 5.97 | 18.23 | | | Short-Term Borrowings | 4,570,335,013.62 | 18.02 | 4,844,904,847.84 | 19.22 | -5.67 | | | Contract Liabilities | 160,683,564.39 | 0.63 | 187,549,435.16 | 0.74 | -14.32 | | | Long-Term Borrowings | 3,839,265,430.10 | 15.13 | 2,892,717,838.61 | 11.48 | 32.72 | Optimized financing structure by increasing long-term borrowings | | Prepayments | 73,021,299.28 | 0.29 | 126,866,694.58 | 0.50 | -42.44 | Reduced prepayments for electricity and coal | | Notes Payable | 105,060,461.17 | 0.41 | 204,924,862.29 | 0.81 | -48.73 | Reduced bank acceptance bill financing | | Employee Benefits Payable | 90,387,048.85 | 0.36 | 158,735,683.53 | 0.63 | -43.06 | Paid performance bonuses accrued in previous period | | Non-Current Liabilities Due Within One Year | 554,873,788.82 | 2.19 | 1,752,018,364.24 | 6.95 | -68.33 | Repaid bonds due within one year from previous year | | Other Current Liabilities | 860,691,633.38 | 3.39 | 62,402,644.49 | 0.25 | 1,279.26 | Issued new CNY 800 million ultra-short-term financing bonds | | Long-Term Payables | 557,816,747.99 | 2.20 | 168,947,947.99 | 0.67 | 230.17 | New sale-and-leaseback business | 3. Major Asset Restrictions as of the End of the Reporting Period | Loan Subject | Project | Pledged Net Value (CNY 10,000) | Restricted Period | Loan Amount (CNY 10,000) | | :--- | :--- | :--- | :--- | :--- | | Chongqing Sanxia Water Conservancy and Electric Power (Group) Co., Ltd. | Yangdonghe Hydropower Station Land Use Rights | | 2015-2030 | 2,177.00 | | Chongqing Sanxia Green Energy Co., Ltd. | Machinery and Equipment | 3,630.35 | 2024-2029 | 1,800.00 | | Chongqing Liangjiang Integrated Energy Services Co., Ltd. | Machinery and Equipment | 7,540.95 | 2025-2037 | 4,928.00 | | Chongqing Wujiang Electric Power Co., Ltd. | Machinery and Equipment | 39,806.33 | 2025-2030 | 44,450.00 | | Chongqing Wujiang Electric Power Co., Ltd. | Houses and Buildings | 41.68 | | | | Guizhou Wuling Manganese Industry Co., Ltd. | Machinery and Equipment | 11,024.35 | 2023-2028 | 16,000.00 | | **Total** | | **62,043.66** | | **69,355.00** | [(IV) Investment Status Analysis](index=17&type=section&id=(IV)%20Investment%20Status%20Analysis) This section analyzes the company's external equity and significant non-equity investments, as well as financial assets measured at fair value, securities investments, and private equity fund investments, reflecting the company's investment strategy and asset allocation 1. Overall Analysis of External Equity Investments As of H1 2025, the company held equity in 46 associate companies and 4 private equity funds, with 2 new associate companies and 1 exit during the reporting period - As of the first half of 2025, the company held equity in **46 associate companies** and **4 private equity funds**[65](index=65&type=chunk) - During the reporting period, the company added **2 associate companies**: Chongqing Lihong Times New Material Co., Ltd. (1% stake) and Sichuan Zaixin Energy Development Co., Ltd. (40% stake)[65](index=65&type=chunk) - During the reporting period, the company exited **1 associate company**: Jiangxi Ganfeng Lithium Battery Technology Co., Ltd. (originally 1.99% stake)[65](index=65&type=chunk) (2). Significant Non-Equity Investments The company has several significant non-equity investment projects underway, including rural power grid upgrading, Fuling Baitao cogeneration, Bensteel Plate waste gas resource utilization power generation, etc., with substantial cumulative investments aimed at enhancing power supply capacity and expanding integrated energy businesses Progress of Significant Non-Equity Investment Projects | Project | Budget (CNY 10,000) | Investment in Current Period (CNY 10,000) | Cumulative Actual Investment (CNY 10,000) | Funding Progress (%) | Funding Source | | :--- | :--- | :--- | :--- | :--- | :--- | | Rural Power Grid Upgrading Project, 2019-2025 Central Budget Investment Plan | 128,308.00 | 3,176.32 | 113,004.05 | 88.07 | Loans, Own Funds, Central Budget Funds | | Wanzhou District Urban Function Restoration Power Grid Renovation Project | 37,765.00 | 0.00 | 24,524.91 | 64.94 | Three Gorges Follow-up Special Funds, Loans | | Guizhou Manganese Industry Youcaogou Slag Reservoir Expansion Project | 15,004.00 | 1,347.13 | 11,034.05 | 73.54 | Own Funds | | Longxing Ganfeng Distributed Energy Station Project | 67,321.00 | 51.12 | 5,429.84 | 8.07 | Own Funds | | 220 kV Xintian Transmission and Transformation Project | 28,096.00 | 1,057.88 | 6,187.44 | 22.02 | Own Funds | | Bensteel Plate Waste Gas Resource Comprehensive Utilization Power Generation Project | 78,164.78 | 6,108.00 | 39,984.89 | 51.15 | Loans, Own Funds | | Chongqing Fuling Baitao Cogeneration Project | 127,700.00 | 11,780.27 | 67,325.78 | 52.72 | Loans, Own Funds | | Jiulongyuan Cogeneration Phase II Project | 50,000.00 | 3,622.11 | 4,263.68 | 8.53 | Loans, Own Funds | (3). Financial Assets Measured at Fair Value At period-end, total financial assets measured at fair value amounted to **CNY 1,823,155,273.54**, an increase from the beginning of the period, mainly comprising notes receivable financing, trading financial assets, other equity instrument investments, and other non-current financial assets Fair Value of Financial Assets at Period End | Asset Category | Period-End (CNY) | Period-Beginning (CNY) | | :--- | :--- | :--- | | Notes Receivable Financing | 123,120,104.08 | 163,571,156.19 | | Trading Financial Assets | 1,046,178,608.05 | 973,380,947.40 | | Other Equity Instrument Investments | 96,599,029.68 | 96,599,029.68 | | Other Non-Current Financial Assets | 557,257,531.73 | 527,257,531.73 | | **Total** | **1,823,155,273.54** | **1,760,808,665.00** | - Notes receivable financing decreased at period-end compared to period-beginning, mainly due to **discounting and collection of bank acceptance bills** in the current period[77](index=77&type=chunk) - Trading financial assets measured at fair value increased at period-end compared to period-beginning, mainly due to **increased fair value change gains from wealth management products** and **new purchases of wealth management products** in the current period[78](index=78&type=chunk) Securities Investment Status The company's securities investments primarily consist of Autocare shares, with a book value of **CNY 51,392,402.20** at period end, and a fair value change loss of **CNY -2,658,227.70** for the current period Securities Investment Status | Security Code | Security Abbreviation | Initial Investment Cost (CNY) | Period-Beginning Book Value (CNY) | Fair Value Change Gains/Losses in Current Period (CNY) | Period-End Book Value (CNY) | Accounting Subject | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 002239 | Autocare | 69,999,996.10 | 54,050,629.90 | -2,658,227.70 | 51,392,402.20 | Trading Financial Assets | Private Equity Fund Investment Status The company invested in private equity funds including CICC Qichen II, Chongqing Jiangbei Zhongke Xianxing, Green Energy Equity Mixed Reform Investment Fund, and Chongqing Qianjiang Xingcai, totaling **CNY 326,961,835.80** at period end Private Equity Fund Investment Status | Fund Name | Period-Beginning (CNY) | Amount Purchased in Current Period (CNY) | Period-End (CNY) | | :--- | :--- | :--- | :--- | | CICC Qichen II (Wuxi) Emerging Industry Equity Investment Partnership (Limited Partnership) | 118,941,780.24 | 30,000,000.00 | 148,941,780.24 | | Chongqing Jiangbei Zhongke Xianxing Private Equity Investment Fund Partnership (Limited Partnership) | 33,979,851.49 | | 33,979,851.49 | | Green Energy Equity Mixed Reform Investment Fund (Guangzhou) Partnership (Limited Partnership) | 140,920,204.07 | | 140,920,204.07 | | Chongqing Qianjiang Xingcai Private Equity Investment Fund Partnership (Limited Partnership) | 3,120,000.00 | | 3,120,000.00 | | **Total** | **296,961,835.80** | **30,000,000.00** | **326,961,835.80** | [(V) Significant Asset and Equity Disposals](index=22&type=section&id=(V)%20Significant%20Asset%20and%20Equity%20Disposals) The company's first extraordinary general meeting in 2025 approved the transfer of all equity in Chongqing Tiantai Energy Group Co., Ltd. held by its subsidiary Chongqing Liangjiang Changxing Electric Power Co., Ltd., with a reserve price of **CNY 640.7596 million**; the public listing is ongoing, with uncertainties - The company's 2025 first extraordinary general meeting approved the transfer of all equity in Chongqing Tiantai Energy Group Co., Ltd. held by its wholly-owned subsidiary, Chongqing Liangjiang Changxing Electric Power Co., Ltd[82](index=82&type=chunk) - The reserve price for this public listing transfer was set at **CNY 640.7596 million**, based on the valuation report approved by the Three Gorges Group[82](index=82&type=chunk) - As of the disclosure date of this report, the public listing is ongoing, and the transaction counterparty has not yet been determined, posing **uncertainty risks** such as insufficient interested parties or a failed transaction[82](index=82&type=chunk) [(VI) Analysis of Major Controlled and Associate Companies](index=22&type=section&id=(VI)%20Analysis%20of%20Major%20Controlled%20and%20Associate%20Companies) During the reporting period, the performance of major subsidiaries and associate companies fluctuated significantly; net profits of United Energy, Changxing Electric Power, and Wanzhou Company decreased, and Tiantai Energy's net profit also decreased, mainly due to reduced self-generated electricity, supplementary tax payments, decreased investment income, and rising raw material costs Major Subsidiaries and Associate Companies with over 10% Impact on Company's Net Profit | Company Name | Company Type | Net Profit (CNY 10,000) | Explanation of Change | | :--- | :--- | :--- | :--- | | Chongqing Changdian United Energy Co., Ltd. | Subsidiary | 8,522 | Decreased by CNY 9,413 10,000 year-on-year, mainly due to reduced self-generated electricity and supplementary tax payments and late fees by wholly-owned subsidiaries Zhengyang Power Supply and Baitao Chemical | | Chongqing Liangjiang Changxing Electric Power Co., Ltd. | Subsidiary | -3,871 | Decreased by CNY 5,251 10,000 year-on-year, mainly due to reduced investment income from Tiantai Energy and increased credit impairment losses due to aging receivables | | Chongqing Liangjiang Integrated Energy Services Co., Ltd. | Subsidiary | 770 | | | Chongqing Sanxia Green Energy Co., Ltd. | Subsidiary | -222 | | | Chongqing Sanxia Water Conservancy and Electric Power Group Wanzhou Co., Ltd. | Subsidiary | 933 | Decreased by CNY 1,678 10,000 year-on-year, mainly due to reduced self-generated electricity and increased labor costs | | Chongqing Sanxia Water Conservancy and Electric Power Investment Co., Ltd. | Subsidiary | -378 | | | Chongqing Tiantai Energy Group Co., Ltd. | Associate Company | -1,610 | Decreased by CNY 5,117 10,000 year-on-year, mainly due to increased raw material procurement costs and reduced gas sales | | Guizhou Qianyuan Electric Power Co., Ltd. | Associate Company | 5,185 | (Data from its publicly disclosed "2025 First Quarter Report") | | Chongqing Shan-Yu Lingang Thermal Power Co., Ltd. | Associate Company | 990 | | | Hubei Xianfeng Chaoyangsi Electric Power Co., Ltd. | Associate Company | 1,144 | | | Sichuan Chuaneng Zhineng Industrial Co., Ltd. | Associate Company | -3,369 | | | Guangdong Xinjuneng Energy Technology Co., Ltd. | Associate Company | 1,230 | | [V. Other Disclosure Matters](index=24&type=section&id=V.%20Other%20Disclosure%20Matters) This section discloses potential risks the company may face, including macroeconomic fluctuations, operational, policy, management, and new business profitability risks, and outlines corresponding response strategies [(I) Potential Risks](index=24&type=section&id=(I)%20Potential%20Risks) The company faces macroeconomic fluctuation, operational, policy, management, and new business profitability risks; it has formulated countermeasures to address these challenges - Macroeconomic fluctuation risk: The company's power industry is a fundamental sector of the national economy, and macroeconomic conditions are closely related to industrial and commercial electricity demand, impacting the company's power production and operations; countermeasures include **strengthening communication with users**, **adjusting operating strategies**, and **enhancing risk control**[88](index=88&type=chunk) - Operating risks: The company's new power sources are in a large-scale investment and construction phase, with **insufficient self-owned power**; electricity consumption by some regional users has decreased; the **manganese business continues to negatively impact** the company's operating performance; accounts receivable are substantial, posing **collection pressure**; goodwill is significant, with potential for **further impairment risk**[89](index=89&type=chunk) - Policy risks: Deepening power market reforms pose **uncertainties for the company's traditional operating model**; new businesses like integrated energy and energy storage are highly driven by policy; increasingly stringent national environmental protection regulations may lead to **increased environmental investment, penalties, or even shutdowns** for related industries[91](index=91&type=chunk)[92](index=92&type=chunk) - Management risks: As the company's scale expands and management scope widens, new businesses will face challenges in **management integration, model adjustment, talent reserve, technological innovation, and market expansion**[94](index=94&type=chunk) - Risk of new business profitability falling short of expectations: The energy industry is constantly evolving, with a lack of key core technologies and replicable business models for new businesses, meaning their **short-term profitability has not yet provided strong support** for the company's performance[95](index=95&type=chunk) Section IV Corporate Governance, Environment, and Society [II. Profit Distribution or Capital Reserve Conversion Plan](index=26&type=section&id=II.%20Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) The company has no profit distribution or capital reserve conversion plan for the semi-annual period - This semi-annual report is unaudited, with **no profit distribution plan or capital reserve conversion plan**[98](index=98&type=chunk) [IV. Environmental Information of Listed Companies and Their Major Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information by Law](index=26&type=section&id=IV.%20Environmental%20Information%20of%20Listed%20Companies%20and%20Their%20Major%20Subsidiaries%20Included%20in%20the%20List%20of%20Enterprises%20Required%20to%20Disclose%20Environmental%20Information%20by%20Law) The company has **2** subsidiaries included in the list of enterprises required to disclose environmental information by law, with provided inquiry indexes - Number of enterprises included in the list of enterprises required to disclose environmental information by law: **2**[98](index=98&type=chunk) - Includes **Chongqing Bolian Thermal Power Co., Ltd.** and **Guizhou Wuling Manganese Industry Co., Ltd.**, with corresponding inquiry indexes for their environmental information disclosure reports[98](index=98&type=chunk) [V. Specific Progress in Consolidating and Expanding Poverty Alleviation Achievements and Rural Revitalization](index=26&type=section&id=V.%20Specific%20Progress%20in%20Consolidating%20and%20Expanding%20Poverty%20Alleviation%20Achievements%20and%20Rural%20Revitalization) The company continuously strengthened organizational leadership, ensured poverty alleviation funds and teams, implemented assistance policies, focused on consolidating and improving "two assurances and three guarantees," actively promoted rural revitalization through Party building, industrial development, and consumption assistance, and formulated subsequent plans - The company highly values and continuously strengthens organizational leadership, regularly studying matters related to consolidating and expanding poverty alleviation achievements and effective衔接 with rural revitalization; it ensures poverty alleviation teams and funds, dispatching staff to form resident village working teams, maintaining strong investment in poverty alleviation funds; and strictly implements the **"four no-removals"** requirements, continuously promoting and implementing existing assistance policies[99](index=99&type=chunk) - Through strengthening Party building leadership, the company promotes the construction of grassroots village Party organizations, organizes young employees to participate in concentrated human settlement environment improvement activities in Yuyan Village, Qianjiang District, and collaborates with the village committee to implement **"three meetings and one lesson"** and themed Party day activities[101](index=101&type=chunk) - Regularly conducts screening for **"two assurances and three guarantees"** issues, visits and engages with poverty-stricken and monitored households monthly, establishes problem and rectification ledgers, and performs quarterly anti-poverty risk analysis[101](index=101&type=chunk) - Focuses on industrial development, assisting Yuyan Village in fully leveraging its resource advantages to vigorously develop **specialized and traditional agriculture**; helps Wanzhou Puzi Township Wanchang Village's collective economy **"oil mill"** prepare for second-half sales; and through Wanzhou Company's offline procurement of rice, vegetables, livestock products, and agricultural by-products, effectively promotes increased income for villagers[102](index=102&type=chunk) - Subsequent plans include firmly upholding the bottom line of **"two assurances and three guarantees"** tasks, continuing in-depth visits, completing the rotation of the first secretary of the Puzi Township resident working team in Wanzhou District, assisting in developing characteristic industries and agricultural product processing industries, continuously managing the production, operation, market expansion, and quality improvement of the oil mill, continuing online and offline consumption assistance, implementing the **"cultural revitalization to promote rural revitalization"** work approach, carrying out targeted care activities, and continuously conducting Party branch co-building activities[103](index=103&type=chunk) Section V Significant Matters [I. Fulfillment of Commitments](index=28&type=section&id=I.%20Fulfillment%20of%20Commitments) The company's actual controller, shareholders, and related parties strictly fulfilled all commitments regarding avoiding horizontal competition, reducing and standardizing related-party transactions, and ensuring the independence of the listed company during the reporting period, with no instances of delayed fulfillment - Company shareholder Changdian Yichang Energy Investment Co., Ltd. and its concerted parties committed to **avoiding horizontal competition**, and if they obtain commercial opportunities or investment projects that constitute substantial horizontal competition with the listed company's business, they shall **prioritize recommending them to the listed company**[105](index=105&type=chunk)[108](index=108&type=chunk) - Company shareholder Changdian Yichang Energy Investment Co., Ltd. and its concerted parties committed to **minimizing and avoiding unnecessary related-party transactions** with Sanxia Water Conservancy, and for necessary and unavoidable related-party transactions, they will adhere to market principles of fairness, impartiality, and openness, conducting them at fair and reasonable market prices, and strictly fulfilling internal decision-making, approval processes, and information disclosure obligations[106](index=106&type=chunk)[107](index=107&type=chunk) - Company shareholder Changdian Yichang Energy Investment Co., Ltd. and its concerted parties committed to ensuring the **independence of the listed company's personnel, asset integrity, and financial independence**, and to maintaining the independence or completeness of management structure, assets, personnel, production and operations, and finance[108](index=108&type=chunk) - China Three Gorges Corporation, China Yangtze Power Co., Ltd., Xinhua Hydropower Generation Co., Ltd., and others committed to **avoiding horizontal competition**, prioritizing the transfer or recommendation of commercial opportunities to the listed company[108](index=108&type=chunk) - China Three Gorges Corporation, China Yangtze Power Co., Ltd., and its concerted parties committed to **reducing and standardizing related-party transactions**, avoiding illegal occupation of listed company funds and assets, and conducting related-party transactions in accordance with market principles of fairness, impartiality, and openness[109](index=109&type=chunk) - During the reporting period, the company's actual controller, shareholders, related parties, and other committed parties **strictly fulfilled all commitment matters**, with no instances of delayed fulfillment[105](index=105&type=chunk)[106](index=106&type=chunk)[107](index=107&type=chunk)[108](index=108&type=chunk)[109](index=109&type=chunk)[110](index=110&type=chunk) [VII. Significant Litigation and Arbitration Matters](index=33&type=section&id=VII.%20Significant%20Litigation%20and%20Arbitration%20Matters) During the reporting period, the company had multiple significant litigation and arbitration matters; subsidiary Liangjiang Chengxian Electric Power filed a lawsuit for overdue engineering payments and received partial compensation; Supply Chain Company applied for arbitration for overdue payments and received an award, with enforcement underway; Supply Chain Company's sales contract dispute with Dongfang Jialiang is in enforcement and review - Subsidiary Chongqing Liangjiang City Electric Power Construction Co., Ltd. filed a lawsuit against American Moto for overdue engineering progress payments, involving **CNY 42.316 million** (including liquidated damages); the court ruled for payment of **CNY 38.19 million**, and the company has received **CNY 30.9429 million** in priority compensation[112](index=112&type=chunk) - Subsidiary Chongqing Changdian United Supply Chain Management Co., Ltd. applied for arbitration against Beijing Qigao Technology Development Co., Ltd. for overdue payments, involving **CNY 25.986 million** (including liquidated damages); the arbitration award ruled for payment of **CNY 20.60 million** in principal and liquidated damages; the court has issued a ruling to add additional defendants, and the **equity appraisal and auction process is underway**[112](index=112&type=chunk) - The sales contract dispute between subsidiary Supply Chain Company and Dongfang Jialiang (Beijing) Agricultural Development Group Co., Ltd. involves **CNY 61.984 million**; the court ruled that Dongfang Jialiang pay the goods and corresponding liquidated damages; Supply Chain Company is accelerating enforcement and has filed a separate lawsuit against related parties for infringement damages[114](index=114&type=chunk) [IX. Explanation of the Integrity Status of the Company, its Controlling Shareholder, and Actual Controller During the Reporting Period](index=35&type=section&id=IX.%20Explanation%20of%20the%20Integrity%20Status%20of%20the%20Company,%20its%20Controlling%20Shareholder,%20and%20Actual%20Controller%20During%20the%20Reporting%20Period) During the reporting period, the company's controlling shareholder and actual controller had no unfulfilled effective court judgments or large overdue debts, maintaining good integrity - During the reporting period, the company's controlling shareholder and actual controller had **no unfulfilled effective court judgments** or **large overdue debts** that were not cleared, maintaining good integrity[115](index=115&type=chunk) [X. Significant Related-Party Transactions](index=36&type=section&id=X.%20Significant%20Related-Party%20Transactions) The company had recurring related-party transactions, with an estimated amount of **CNY 728.61 million** and actual occurrence of **CNY 275.38 million**; related-party creditor-debtor relationships, mainly from daily operations, had no significant impact on the company's operating results and financial position Related-Party Transactions Related to Daily Operations | Overview of Matter | Estimated Amount (CNY 10,000) | Actual Amount in H1 (CNY 10,000) | Inquiry Index | | :--- | :--- | :--- | :--- | | 2025 Daily Related-Party Transactions in Power Purchase/Sale, Engineering, O&M | 72,861 | 27,538 | See the "Announcement on the 2025 Annual Daily Related-Party Transaction Plan" (Interim 2025-006) disclosed by the company on January 11, 2025, on the Shanghai Stock Exchange website | Related-Party Creditor-Debtor Relationships (Period-End Balance) | Related Party | Related Relationship | Funds Provided to Related Party (CNY) | Funds Provided by Related Party to Listed Company (CNY) | | :--- | :--- | :--- | :--- | | Chongqing Dongsheng Aluminum Co., Ltd. | Company whose directors, supervisors, and senior management serve as senior management | 1,036,084.81 | 0.00 | | Zhejiang Changlongshan Pumped Storage Co., Ltd. | Other subsidiaries directly controlled by controlling shareholder | 3,864,962.53 | 0.00 | | Chongqing Liangjiang New Area Shuitu High-Tech Industrial Park Construction Investment Co., Ltd. | Other enterprises controlled by other shareholders holding over 5% | 166,597,281.06 | 0.00 | | China Yangtze Power Co., Ltd. | Other subsidiaries directly controlled by controlling shareholder | 19,911,916.94 | 206,458.56 | | Chongqing Fuling Energy Industry Group Co., Ltd. | Other enterprises controlled by other shareholders holding over 5% | 52,019,088.26 | 0.00 | | Changxia Digital Energy Technology (Hubei) Co., Ltd. | Other subsidiaries directly controlled by controlling shareholder | 2,250,000.00 | 1,407,097.35 | | **Total** | | **266,972,353.38** | **6,839,926.72** | - The aforementioned related-party creditor-debtor relationships are financial transactions arising from the company's daily operations with related parties, and they have **no significant impact** on the company's operating results and financial position[123](index=123&type=chunk) [XI. Significant Contracts and Their Fulfillment](index=39&type=section&id=XI.%20Significant%20Contracts%20and%20Their%20Fulfillment) The company had multiple significant guarantees and borrowing contracts; total external guarantee amount was **CNY 1,222.2341 million**, accounting for **11.08%** of net assets; the company and its subsidiaries signed several large credit borrowing contracts for working capital, all of which are being fulfilled Company Guarantee Total Amount | Indicator | Amount (CNY 10,000) | % of Company Net Assets | | :--- | :--- | :--- | | Total Guarantees Issued in Current Period (Excluding Guarantees to Subsidiaries) | 7,497.00 | | | Total Guarantee Balance at Period End (A) (Excluding Guarantees to Subsidiaries) | 17,734.50 | | | Total Guarantees Issued to Subsidiaries in Current Period | 4,991.00 | | | Total Guarantee Balance to Subsidiaries at Period End (B) | 104,488.91 | | | **Total Guarantees (A+B)** | **122,223.41** | **11.08** | | Of which: Amount of Guarantees Provided to Shareholders, Actual Controllers, and Their Related Parties (C) | 0 | | | Amount of Debt Guarantees Provided Directly or Indirectly to Guaranteed Parties with Asset-Liability Ratio Exceeding 70% (D) | 31,658.41 | | | Amount of Guarantees Exceeding 50% of Net Assets (E) | 0 | | | Total of the Above Three Guarantee Amounts (C+D+E) | 31,658.41 | | Significant Borrowing Contracts (Over CNY 300 Million, as of June 30, 2025) | Borrower | Lending Bank | Loan Type | Contract Amount (CNY 10,000) | Loan Balance (CNY 10,000) | Loan Purpose | Fulfillment Status | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Chongqing Sanxia Water Conservancy and Electric Power (Group) Co., Ltd. | China Merchants Bank Chongqing Branch | Credit Loan | 30,000 | 28,500 | Supplement working capital | In fulfillment | | Chongqing Sanxia Water Conservancy and Electric Power (Group) Co., Ltd. | Industrial Bank Chongqing Branch | Credit Loan | 30,000 | 30,000 | Supplement working capital | In fulfillment | | Chongqing Changdian United Energy Co., Ltd. | Chongqing Rural Commercial Bank Liangjiang Branch | Credit Loan | 49,999 | 49,999 | Supplement working capital | In fulfillment | | Chongqing Changdian United Energy Co., Ltd. | Chongqing Rural Commercial Bank Liangjiang Branch | Credit Loan | 50,000 | 50,000 | Supplement working capital | In fulfillment | [XIII. Explanation of Other Significant Matters](index=41&type=section&id=XIII.%20Explanation%20of%20Other%20Significant%20Matters) The company issued **CNY 800 million** in ultra-short-term financing bonds in January 2025, which have been redeemed, and issued **CNY 800 million** in short-term financing bonds in July - The company issued its **first tranche of ultra-short-term financing bonds for 2025** on January 13, 2025, with a total issuance amount of **CNY 800 million**, which was fully redeemed on July 14, 2025[128](index=128&type=chunk) - The company issued its **first tranche of short-term financing bonds for 2025** on July 4, 2025, with a total issuance amount of **CNY 800 million**[129](index=129&type=chunk) Section VI Share Changes and Shareholder Information [I. Share Capital Changes](index=42&type=section&id=I.%20Share%20Capital%20Changes) During the reporting period, the company's total share capital and share structure remained unchanged - During the reporting period, the company's **total share capital and share structure remained unchanged**[131](index=131&type=chunk) [II. Shareholder Information](index=42&type=section&id=II.%20Shareholder%20Information) As of period-end, the company had **68,314** common shareholders; the top ten shareholders are all state-owned legal entities or state-owned, with China Yangtze Power Co., Ltd. holding **15.59%** as the largest shareholder; there are related-party or concerted party relationships among the top ten shareholders - As of the end of the reporting period, the total number of common shareholders was **68,314**[132](index=132&type=chunk) Top Ten Shareholders' Shareholding | Shareholder Name | Shares Held at Period End (Shares) | Percentage (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | China Yangtze Power Co., Ltd. | 298,085,146 | 15.59 | State-owned Legal Entity | | Chongqing Fuling Energy Industry Group Co., Ltd. | 153,648,628 | 8.04 | State-owned Legal Entity | | Chongqing Liangjiang New Area Development Investment Group Co., Ltd. | 121,108,331 | 6.33 | State-owned Legal Entity | | Xinhua Hydropower Holding Group Co., Ltd. | 111,000,453 | 5.81 | State-owned Legal Entity | | Chongqing Development Asset Management Co., Ltd. | 110,000,000 | 5.75 | State-owned Legal Entity | | Ministry of Water Resources Comprehensive Development Management Center | 98,208,000 | 5.14 | State | | Sanxia Electric Power Co., Ltd. | 47,977,679 | 2.51 | State-owned Legal Entity | | Central Enterprise Rural Industry Investment Fund Co., Ltd. | 45,730,551 | 2.39 | State-owned Legal Entity | | Changdian Yichang Energy Investment Co., Ltd. | 43,137,793 | 2.26 | State-owned Legal Entity | | Sanxia Capital Holdings Co., Ltd. | 40,530,783 | 2.12 | State-owned Legal Entity | - China Yangtze Power Co., Ltd. and Sanxia Capital Holdings Co., Ltd., Sanxia Electric Power Co., Ltd. are **all controlled by the Three Gorges Group**; Changdian Yichang Energy Investment Co., Ltd. is a **wholly-owned subsidiary of Yangtze Power**[135](index=135&type=chunk) - The Ministry of Water Resources Comprehensive Business Bureau is responsible for the management of the Ministry of Water Resources Comprehensive Development Management Center; Xinhua Hydropower Holding Group Co., Ltd. is a **wholly-owned subsidiary of the Ministry of Water Resources Comprehensive Business Bureau**[135](index=135&type=chunk) Section VII Bond-Related Information [I. Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments](index=45&type=section&id=I.%20Corporate%20Bonds%20(Including%20Enterprise%20Bonds)%20and%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) The company issued medium-term notes, ultra-short-term financing bonds, and short-term financing bonds; the first tranche of medium-term notes in 2022 has been fully repurchased; **CNY 800 million** in ultra-short-term financing bonds issued in January 2025 have been redeemed, and **CNY 800 million** in short-term financing bonds were issued in July Basic Information on Non-Financial Enterprise Debt Financing Instruments | Bond Name | Abbreviation | Code | Balance (CNY 100 million) | Interest Rate (%) | Trading Market | | :--- | :--- | :--- | :--- | :--- | :--- | | Chongqing Sanxia Water Conservancy and Electric Power (Group) Co., Ltd. 2022 First Tranche Medium-Term Notes | 22 Chongqing Hydropower MTN001 | 102280145 | 0 | 3.2 | Interbank Market | | Chongqing Sanxia Water Conservancy and Electric Power (Group) Co., Ltd. 2024 First Tranche Medium-Term Notes | 24 Sanxia Water Conservancy MTN001 | 102484930 | 10 | 2.35 | Interbank Market | | Chongqing Sanxia Water Conservancy and Electric Power (Group) Co., Ltd. 2025 First Tranche Ultra-Short-Term Financing Bonds | 25 Sanxia Water Conservancy SCP001 | 012580149 | 8 | 1.75 | Interbank Market | | Chongqing Sanxia Water Conservancy and Electric Power (Group) Co., Ltd. 2025 First Tranche Short-Term Financing Bonds | 25 Sanxia Water Conservancy CP001 | 042580337 | 8 | 1.77 | Interbank Market | - The company disclosed the "Announcement on the Issuer's Interest Rate Adjustment Option and Investor Put Option for the 2022 First Tranche Medium-Term Notes" on December 21, 2024; as of now, the **2022 First Tranche Medium-Term Notes have been fully repurchased**, with a repurchase amount of **CNY 1 billion** and an unrepurchased amount of **CNY 0**[141](index=141&type=chunk) - Chongqing Sanxia Water Conservancy and Electric Power (Group) Co., Ltd.'s **2025 First Tranche Ultra-Short-Term Financing Bonds were fully redeemed on July 14, 2025**[128](index=128&type=chunk)[139](index=139&type=chunk) Section VIII Financial Report [II. Financial Statements](index=48&type=section&id=II.%20Financial%20Statements) This section includes the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for H1 2025, comprehensively presenting the financial position, operating results, cash flows, and changes in owners' equity - Provides the **consolidated balance sheet and parent company balance sheet** as of June 30, 2025[144](index=144&type=chunk)[148](index=148&type=chunk) - Provides the **consolidated income statement and parent company income statement** for January-June 2025[152](index=152&type=chunk)[156](index=156&type=chunk) - Provides the **consolidated cash flow statement and parent company cash flow statement** for January-June 2025[159](index=159&type=chunk)[162](index=162&type=chunk) - Provides the **consolidated statement of changes in owners' equity and parent company statement of changes in owners' equity** for January-June 2025[166](index=166&type=chunk)[185](index=185&type=chunk) [III. Company Basic Information](index=82&type=section&id=III.%20Company%20Basic%20Information) The company was established in 1994 and listed

麦加芯彩新材料科技（上海）股份有限公司2025 年半年度报告 公司代码：603062 公司简称：麦加芯彩 麦加芯彩新材料科技（上海）股份有限公司 2025 年半年度报告 1 / 185 麦加芯彩新材料科技（上海）股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不 存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人黄雁夷、主管会计工作负责人崔健民及会计机构负责人（会计主管人员）赵明 声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 公司拟向全体股东（不含公司回购专户库存股）每股派发现金红利0.68元（含税），不送股，不 进行资本公积金转增股本。截至2025年8月20日，公司总股本108,000,000股，扣除公司回购专用证 券账户2,087,340股后，本次参与分配的股份数量为105,912,660股。以此计算，本次合计拟派发现 金红利72,020,608.80元（含税） ...

三一重工股份有限公司2025 年半年度报告 公司代码：600031 公司简称：三一重工 三一重工股份有限公司 2025 年半年度报告 1 / 195 三一重工股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人向文波、主管会计工作负责人刘华及会计机构负责人（会计主管人员）蔡盛林 声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 董事会同意以公告实施2025年半年度利润分配的股权登记日当天的总股本，在扣除回购专用账户 中的回购股份数后为基数，向股权登记日在册全体股东每10股派发3.10元现金红利（含税）。 本利润分配预案尚需提交股东会审议。 六、 前瞻性陈述的风险声明 √适用 □不适用 报告中所涉及的未来计划、发展战略等前瞻性描述不构成公司对投资者的实质承诺，敬请投资者 注意投资风险。 七、 是否存在被控股股 ...

公司代码：688720 公司简称：艾森股份 江苏艾森半导体材料股份有限公司 2025 年半年度报告 江苏艾森半导体材料股份有限公司2025 年半年度报告 1 / 183 江苏艾森半导体材料股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 重大风险提示 报告期内，不存在对公司生产经营产生实质性影响的特别重大风险。公司已在报告中详细描 述可能存在的相关风险，敬请查阅"第三节管理层讨论与分析：四、风险因素"部分内容。 三、 公司全体董事出席董事会会议。 四、 本半年度报告未经审计。 五、 公司负责人张兵、主管会计工作负责人吕敏及会计机构负责人（会计主管人员）梅瑜声明： 保证半年度报告中财务报告的真实、准确、完整。 六、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 七、 是否存在公司治理特殊安排等重要事项 □适用 √不适用 八、 前瞻性陈述的风险声明 √适用 □不适用 本报告所涉及的公司规划、发展战略等非既成事实的前瞻性陈述，不构成公 ...

上海外服控股集团股份有限公司2025 年半年度报告 上海外服控股集团股份有限公司2025 年半年度报告 公司代码：600662 公司简称：外服控股 上海外服控股集团股份有限公司 2025 年半年度报告 1 / 197 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人陈伟权、主管会计工作负责人徐骏及会计机构负责人（会计主管人员）孙晔声 明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来规划、发展战略等前瞻性描述不构成公司对投资者的实质承诺，投资 者及相关人士均应当对此保持足够的风险认识，并且应当理解计划、预测与承诺之间的差异。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 十一、 其他 □适用 √不适用 2 ...