协合新能源(00182) - 2025 - 中期业绩

Consolidated Statement of Profit or Loss Overview of Consolidated Statement of Profit or Loss For the six months ended June 30, 2025, the company experienced significant declines in both revenue and profit, with revenue down 6.6% and profit attributable to equity holders decreasing by 43.8% Revenue and Profit Overview | Metric | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | Change Rate | | :--- | :--- | :--- | :--- | | Revenue | 1,400,319 | 1,498,857 | -6.6% | | Gross Profit | 669,029 | 852,093 | -21.49% | | Profit Before Income Tax | 346,511 | 521,361 | -33.54% | | Profit for the Period | 292,039 | 547,458 | -46.66% | | Profit Attributable to Equity Holders of the Company | 281,940 | 501,370 | -43.8% | Earnings Per Share | Metric | H1 2025 (RMB cents) | H1 2024 (RMB cents) | Change Rate | | :--- | :--- | :--- | :--- | | Basic EPS | 3.58 | 6.24 | -42.63% | | Diluted EPS | 3.58 | 6.23 | -42.54% | Key Cost Changes | Metric | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | Change Rate | | :--- | :--- | :--- | :--- | | Cost of Services and Cost of Sales | (731,290) | (646,764) | 13.07% | | Finance Costs | (315,461) | (340,563) | -7.37% | - Other Gains and Losses, Net: H1 2025 recorded net gains of 24,070 RMB thousands, compared to a net loss of 724 RMB thousands in H1 2024, primarily due to reversal of impairment losses on assets held for sale and gains from disposal of a joint venture[4] Consolidated Statement of Comprehensive Income Overview of Consolidated Statement of Comprehensive Income Total comprehensive income for the six months ended June 30, 2025, significantly decreased by 43.9% to RMB 303,760 thousands, primarily due to lower profit for the period Total Comprehensive Income | Metric | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | Change Rate | | :--- | :--- | :--- | :--- | | Profit for the Period | 292,039 | 547,458 | -46.66% | | Exchange Differences on Translation | 11,721 | (6,475) | 281.19% | | Total Comprehensive Income for the Period | 303,760 | 540,983 | -43.86% | - Profit Attributable to Equity Holders of the Company: H1 2025 was 293,675 RMB thousands, a 40.69% decreased compared to 495,141 RMB thousands in H1 2024[5] Consolidated Statement of Financial Position Overview of Consolidated Statement of Financial Position As of June 30, 2025, total assets grew by 3.37% to RMB 33,212,691 thousands, driven by property, plant and equipment, while net current assets improved significantly and total liabilities increased slightly Total Assets | Metric | As of June 30, 2025 (RMB thousands) | As of Dec 31, 2024 (RMB thousands) | Change Rate | | :--- | :--- | :--- | :--- | | Total Assets | 33,212,691 | 32,129,839 | 3.37% | | Non-current Assets | 27,311,490 | 23,985,781 | 13.86% | | Current Assets | 5,901,201 | 8,144,058 | -27.54% | Total Liabilities | Metric | As of June 30, 2025 (RMB thousands) | As of Dec 31, 2024 (RMB thousands) | Change Rate | | :--- | :--- | :--- | :--- | | Total Liabilities | 24,312,642 | 23,223,533 | 4.69% | | Non-current Liabilities | 18,871,245 | 15,283,280 | 23.47% | | Current Liabilities | 5,441,397 | 7,940,253 | -31.48% | Key Asset Changes | Metric | As of June 30, 2025 (RMB thousands) | As of Dec 31, 2024 (RMB thousands) | Change Rate | | :--- | :--- | :--- | :--- | | Property, Plant and Equipment | 20,422,587 | 17,247,835 | 18.49% | | Assets Classified as Held for Sale | 84,877 | 2,777,915 | -96.95% | | Cash and Cash Equivalents | 1,983,096 | 1,693,834 | 17.08% | Key Liability Changes | Metric | As of June 30, 2025 (RMB thousands) | As of Dec 31, 2024 (RMB thousands) | Change Rate | | :--- | :--- | :--- | :--- | | Bank Borrowings (Non-current) | 6,206,205 | 4,809,590 | 29.04% | | Other Borrowings (Non-current) | 11,515,808 | 9,296,012 | 23.88% | | Liabilities Directly Associated with Assets Classified as Held for Sale | 40,530 | 2,541,816 | -98.41% | - Net Current Assets: As of June 30, 2025, net current assets were 459,804 RMB thousands, an increased of 125.61% compared to 203,805 RMB thousands as of December 31, 2024[7] - Gearing Ratio: As of June 30, 2025, the gearing ratio was 73.20%, a slightly increased compared to 72.28% as of December 31, 2024[45] Notes to the Consolidated Financial Statements 1 Basis of Preparation and Changes in Accounting Policies and Disclosures This section details the basis of preparation for the interim financial report, confirming compliance with HKEX Listing Rules and HKAS 34, with consistent accounting policies and no material impact from new standards - Basis of Preparation: The report is prepared in accordance with the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited and Hong Kong Accounting Standard 34 - Interim Financial Reporting issued by the Hong Kong Institute of Certified Public Accountants[8] - Accounting Policies Consistency: The accounting policies adopted in the preparation of this interim financial report are consistent with those applied in the 2024 annual financial statements, except for expected changes in accounting policies to be reflected in the 2025 annual financial statements[8] - Review Status: This interim financial report is unaudited but has been reviewed by KPMG in accordance with Hong Kong Standard on Review Engagements 2410[9] - New Standards Impact: The Group has applied Hong Kong Accounting Standard 21 - The Effects of Changes in Foreign Exchange Rates - Lack of Exchangeability (Amendments), but this amendment has no material impact on this interim report as no relevant transactions were conducted[9] 2 Segment Information The company segments its business into core power generation (wind and solar plant operations/investments) and 'others' (design, tech, consulting, finance lease), with power generation contributing 95.36% of external revenue - Business Segments: The primary operating decision-maker analyzes the business from a product and service perspective, classifying operations into power generation business (wind and solar power plant operations and investments) and 'others' (design, technical and consulting services, power engineering design and construction, and existing finance lease services)[11] - Performance Assessment Basis: The primary operating decision-maker assesses the performance of operating segments based on adjusted earnings before interest and tax (excluding non-recurring income and expenses)[12] Business Segments The company segments operations into power generation (wind/solar plant operations and investments) and 'others' (design, tech, consulting, finance lease), with performance assessed by adjusted EBIT - Power Generation Business: Core business, including the operation and investment of wind and solar power generation plants[11] - Others: Ancillary business, including design, technical, consulting services, and finance lease[11] - Internal Reports: Operating segments are based on internal reports reviewed by the primary operating decision-maker[11] Segment Revenue and Results, and Segment Assets and Liabilities For H1 2025, power generation external revenue was RMB 1,335,393 thousands (95.36% of total), with segment results of RMB 625,860 thousands, both declining year-on-year H1 2025 Segment Revenue and Results | Metric | Power Generation Business (RMB thousands) | Others (RMB thousands) | Total (RMB thousands) | | :--- | :--- | :--- | :--- | | Revenue from External Customers | 1,335,393 | 64,926 | 1,400,319 | | Segment Results | 625,860 | (5,516) | 620,344 | Segment Assets and Liabilities as of June 30, 2025 | Metric | Power Generation Business (RMB thousands) | Others (RMB thousands) | Total (RMB thousands) | | :--- | :--- | :--- | :--- | | Segment Assets | 31,287,237 | 1,533,936 | 32,821,173 | | Segment Liabilities | (23,412,468) | (449,314) | (23,861,782) | - Power Generation Business Revenue Composition (H1 2025): Revenue from wind power plants and other income was 1,115,501 RMB thousands, and solar power plants was 219,892 RMB thousands[14] H1 2024 Segment Revenue and Results | Metric | Power Generation Business (RMB thousands) | Others (RMB thousands) | Total (RMB thousands) | | :--- | :--- | :--- | :--- | | Revenue from External Customers | 1,364,318 | 134,539 | 1,498,857 | | Segment Results | 812,081 | (5,513) | 806,568 | - Power Generation Business Revenue Composition (H1 2024): Revenue from wind power plants and other income was 1,176,495 RMB thousands, and solar power plants was 187,823 RMB thousands[15] 3 Revenue For H1 2025, total revenue decreased by 6.6% to RMB 1,400,319 thousands, with lower benchmark/market-based tariff and green certificate income, offset by increased renewable energy subsidies and design services Revenue Composition and Changes | Revenue Category | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | Change Rate | | :--- | :--- | :--- | :--- | | Benchmark and Market-based Tariff Revenue | 1,170,425 | 1,188,558 | -1.52% | | Renewable Energy Subsidy Income | 153,436 | 146,391 | 4.81% | | Green Certificate Income | 7,211 | 19,716 | -63.42% | | Design, Procurement and Construction Services Revenue | 26,217 | 40,109 | -34.59% | | Design Services Revenue | 20,658 | 14,099 | 46.52% | | Technical and Consulting Services Revenue | 6,763 | 12,409 | -45.50% | | Other Income (Non-finance Lease) | 6,470 | 59,751 | -89.17% | | Finance Lease Income | 9,139 | 17,824 | -48.73% | | Total Revenue | 1,400,319 | 1,498,857 | -6.57% | - Revenue Recognition Standards: Most revenue is recognized based on customer contracts within the scope of Hong Kong Financial Reporting Standard 15[16] 4 Other Income For H1 2025, total other income decreased by 29.54% to RMB 53,960 thousands, mainly due to lower interest and substation access income, despite a significant increase in tax refund government grants Other Income Composition and Changes | Revenue Category | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | Change Rate | | :--- | :--- | :--- | :--- | | Interest Income | 8,043 | 25,585 | -68.56% | | Government Grants — Tax Refunds | 30,141 | 17,366 | 73.56% | | Step-up Substation Access and Usage Income | - | 18,868 | -100% | | Guarantee Income | 1,980 | 4,014 | -50.68% | | Rental Income | 5,003 | 2,766 | 80.87% | | Total Other Income | 53,960 | 76,577 | -29.54% | - Tax refunds increased: Government grants from tax refunds increased from 17,366 RMB thousands in H1 2024 to 30,141 RMB thousands, a 73.56% increased[17] 5 Other Gains and Losses, Net For H1 2025, the company recorded net other gains and losses of RMB 24,070 thousands, a significant improvement from a net loss in the prior year, driven by reversal of impairment and disposal gains - Primary source of gains: Reversal of impairment losses on assets held for sale of 14,637 RMB thousands; net gains from disposal of a joint venture of 11,461 RMB thousands[18] - Fair value change gains decreased: Fair value change gains on financial assets at fair value through profit or loss decreased from 5,794 RMB thousands in H1 2024 to 4,155 RMB thousands[18] - Exchange losses reduced: Net exchange losses reduced from 4,061 RMB thousands in H1 2024 to 1,307 RMB thousands[18] 6 Finance Costs For H1 2025, total finance costs decreased by 7.37% to RMB 315,461 thousands, primarily due to increased interest capitalization despite a slight reduction in total interest expenses Interest Expense Composition and Changes | Interest Expense Category | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | Change Rate | | :--- | :--- | :--- | :--- | | Bank Borrowings | 99,192 | 97,974 | 1.24% | | Other Borrowings | 238,985 | 260,603 | -8.29% | | Lease Liabilities | 12,274 | 6,660 | 84.29% | | Total Interest Expense | 350,451 | 365,237 | -4.05% | - Interest capitalization increased: Interest capitalization amount increased from 24,674 RMB thousands in H1 2024 to 34,990 RMB thousands, an increased of 41.81%[18] 7 Income Tax Expense/(Credit) For H1 2025, the company recorded an income tax expense of RMB 54,472 thousands, a shift from a credit in the prior year, mainly due to the absence of a significant PRC withholding tax reversal Income Tax Expense/(Credit) Changes | Metric | H1 2025 (RMB thousands) | H1 2024 (RMB thousands) | Change | | :--- | :--- | :--- | :--- | | Current Tax — PRC Enterprise Income Tax | 65,422 | 49,294 | Increase | | Current Tax — PRC Withholding Tax | 16,842 | 53,982 | Decrease | | Under/(Over) Provision in Prior Periods — PRC Withholding Tax | - | (90,000) | Decrease (2024 was Credit) | | Deferred Tax | (37,604) | (42,991) | Decrease (Credit reduced) | | Total | 54,472 | (26,097) | From Credit to Expense | - 2024 withholding tax reversal: In June 2024, the company reversed 90,000 RMB thousands of PRC dividend withholding tax for 2022 and 2023 due to obtaining Hong Kong resident status, which was recovered in 2024[19] 8 Earnings Per Share For H1 2025, basic EPS decreased by 42.63% to RMB 3.58 cents, and diluted EPS also fell to RMB 3.58 cents, primarily due to a significant reduction in profit attributable to ordinary equity holders Basic Earnings Per Share | Metric | H1 2025 | H1 2024 | Change Rate | | :--- | :--- | :--- | :--- | | Profit Attributable to Ordinary Equity Holders (RMB thousands