天保能源(01671) - 2025 - 中期业绩

Financial Highlights Business Summary Tianjin Tianbao Energy Co., Ltd. and its subsidiaries experienced a 6.6% year-on-year decrease in consolidated operating revenue in the first half of 2025, yet profit attributable to company shareholders surged by 453.3%, with basic and diluted earnings per share increasing by 451.8% 2025 First Half Key Financial Highlights | Indicator | 2025 First Half (RMB thousands) | 2024 First Half (RMB thousands) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Consolidated Operating Revenue | 379,076 | 405,828 | -6.6% | | Profit Attributable to Equity Holders of the Company | 9,888 | 1,787 | +453.3% | | Basic and Diluted Earnings Per Share (cents) | 6.18 | 1.12 | +451.8% | Condensed Consolidated Financial Statements Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income For the six months ended June 30, 2025, the company's revenue decreased by 6.6% year-on-year to RMB 379,076 thousands, but operating profit and profit before tax both achieved significant growth through sales cost control and reduced finance costs, with total profit and comprehensive income for the period surging by 150.3% Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income Key Data | Indicator | 2025 First Half (RMB thousands) | 2024 First Half (RMB thousands) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Revenue | 379,076 | 405,828 | -6.6% | | Cost of Sales | (346,788) | (378,928) | -8.5% | | Gross Profit | 32,288 | 26,900 | +20.0% | | Operating Profit | 21,916 | 15,430 | +42.0% | | Profit Before Tax | 15,705 | 7,119 | +120.6% | | Total Profit and Comprehensive Income for the Period | 12,450 | 4,974 | +150.3% | | Profit Attributable to Equity Holders of the Company | 9,888 | 1,787 | +453.3% | | Basic Earnings Per Share (cents) | 6.18 | 1.12 | +451.8% | Condensed Consolidated Statement of Financial Position As of June 30, 2025, the company's total assets slightly decreased, but effective management led to a significant reduction in current liabilities, turning net current assets from negative to positive, with both net assets and total equity increasing, indicating an improved financial structure Condensed Consolidated Statement of Financial Position Key Data | Indicator | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | Change | | :--- | :--- | :--- | :--- | | Non-current Assets | 717,875 | 739,183 | -2.9% | | Current Assets | 299,167 | 331,591 | -9.8% | | Current Liabilities | 272,932 | 334,767 | -18.5% | | Net Current Assets/(Liabilities) | 26,235 | (3,176) | From negative to positive | | Net Assets | 475,855 | 465,641 | +2.2% | | Total Equity | 475,855 | 465,641 | +2.2% | Condensed Consolidated Statement of Changes in Equity For the six months ended June 30, 2025, the company's total equity increased from RMB 465,641 thousands at the beginning of the year to RMB 475,855 thousands, primarily due to profit for the period of RMB 12,450 thousands, of which RMB 9,888 thousands was attributable to equity holders of the company Condensed Consolidated Statement of Changes in Equity Key Data | Indicator | June 30, 2025 (RMB thousands) | January 1, 2025 (RMB thousands) | Change | | :--- | :--- | :--- | :--- | | Total Equity Attributable to Equity Holders of the Company | 323,997 | 316,345 | +2.4% | | Non-controlling Interests | 151,858 | 149,296 | +1.7% | | Total Equity | 475,855 | 465,641 | +2.2% | | Profit for the Period (Total) | 12,450 | 4,974 (2024 corresponding period) | +150.3% | Condensed Consolidated Statement of Cash Flows For the six months ended June 30, 2025, net cash from operating activities increased year-on-year, but cash outflow from investing activities significantly decreased, while cash outflow from financing activities substantially increased, leading to an expanded net decrease in cash and cash equivalents Condensed Consolidated Statement of Cash Flows Key Data | Indicator | 2025 First Half (RMB thousands) | 2024 First Half (RMB thousands) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Net Cash from Operating Activities | 51,813 | 40,716 | +27.3% | | Net Cash Used in Investing Activities | (3,525) | (39,932) | -91.2% (outflow decreased) | | Net Cash Used in Financing Activities | (63,083) | (10,920) | +477.7% (outflow increased) | | Net Decrease in Cash and Cash Equivalents | (14,795) | (10,136) | +45.9% (decrease expanded) | | Cash and Cash Equivalents at June 30 | 113,909 | 134,171 | -15.1% | Notes to the Condensed Consolidated Financial Statements 1. Company and Group Information Tianjin Tianbao Energy Co., Ltd. is incorporated in China and listed on the Main Board of the Hong Kong Stock Exchange, primarily engaged in providing integrated energy solutions - The company is incorporated in China, listed on the Main Board of the Hong Kong Stock Exchange, and primarily engaged in providing integrated energy solutions[10][11] 2. Basis of Preparation and 3. Accounting Policies The condensed consolidated financial statements are prepared in accordance with International Accounting Standard 34 Interim Financial Reporting and the Listing Rules of the Stock Exchange, using the historical cost basis, with accounting policies consistent with the prior year, and new amendments applied this period having no significant impact on financial performance - Financial statements adhere to International Accounting Standard 34 and the Listing Rules of the Stock Exchange, adopting the historical cost basis[12][13] - Amendments to International Financial Reporting Standards (IAS 21 amendments) first applied this period have no significant impact on the Group's financial performance and position[14] 4. Revenue and Segment Reporting The Group's business is divided into four reportable segments: power distribution and sales, energy production and supply, photovoltaic power generation and sales, and others; total revenue for the first half of 2025 decreased by 6.6% year-on-year, mainly due to a decline in revenue from the energy production and supply segment, though photovoltaic power generation and sales revenue increased - The Group's business is categorized into four reportable segments: power distribution and sales, energy production and supply, photovoltaic power generation and sales, and others[15][17] - The acquisition of 95% equity in Yangzhou Qingchang Solar Technology Co., Ltd. was completed on February 29, 2024, adding a new photovoltaic power generation and sales business segment[16] Revenue from Contracts with Customers by Segment | Segment | 2025 First Half (RMB thousands) | 2024 First Half (RMB thousands) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Power Distribution and Sales | 102,201 | 103,731 | -1.5% | | Energy Production and Supply | 258,581 | 280,736 | -7.9% | | Photovoltaic Power Generation and Sales | 4,415 | 4,260 | +3.6% | | Others | 13,879 | 17,101 | -18.8% | | Total | 379,076 | 405,828 | -6.6% | Adjusted EBITDA by Segment (Segment Profit) | Segment | 2025 First Half (RMB thousands) | 2024 First Half (RMB thousands) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Power Distribution and Sales | 4,014 | 7,711 | -48.0% | | Energy Production and Supply | 46,282 | 36,187 | +27.9% | | Photovoltaic Power Generation and Sales | 4,063 | 3,531 | +15.1% | | Others | 3,984 | 5,865 | -32.1% | | Total | 58,343 | 53,294 | +9.5% | 5. Profit Before Tax Profit before tax for the first half of 2025 was RMB 15,705 thousands, a significant year-on-year increase of 120.6%, primarily benefiting from a substantial decrease in finance costs (26.2%) and reduced depreciation and amortization expenses Components of Profit Before Tax | Indicator | 2025 First Half (RMB thousands) | 2024 First Half (RMB thousands) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Total Finance Costs | 6,341 | 8,595 | -26.2% | | Total Depreciation and Amortization | 25,391 | 25,939 | -2.1% | | Cost of Purchased Electricity | 92,398 | 98,354 | -6.1% | | Fuel Costs | 178,844 | 195,652 | -8.6% | 6. Income Tax Expense Income tax expense for the first half of 2025 was RMB 3,255 thousands, a year-on-year increase of 51.7%, primarily due to a significant increase in profit for the period Income Tax Expense | Indicator | 2025 First Half (RMB thousands) | 2024 First Half (RMB thousands) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Income Tax Expense | 3,255 | 2,145 | +51.7% | 7. Earnings Per Share Basic earnings per share for the first half of 2025 was RMB 6.18 cents, a significant year-on-year increase of 451.8%, identical to diluted earnings per share due to the absence of potential dilutive ordinary shares Earnings Per Share Data | Indicator | 2025 First Half (RMB thousands/cents) | 2024 First Half (RMB thousands/cents) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Profit Attributable to Equity Holders of the Company for the Period | 9,888 | 1,787 | +453.3% | | Basic Earnings Per Share (cents) | 6.18 | 1.12 | +451.8% | | Weighted Average Number of Ordinary Shares (thousands) | 159,921 | 159,921 | 0% | 8. Right-of-Use Assets and Property, Plant and Equipment In the first half of 2025, the Group's acquisition cost for plant, machinery, and construction in progress projects was RMB 5,677 thousands, a significant year-on-year decrease of 62.6% Acquisition Cost of Property, Plant and Equipment | Indicator | 2025 First Half (RMB thousands) | 2024 First Half (RMB thousands) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Cost of Acquisition of Plant, Machinery and Construction in Progress Projects | 5,677 | 15,206 | -62.6% | - Right-of-use assets primarily refer to prepayments for land use rights in China[30] 9. Goodwill As of June 30, 2025, the carrying amount of goodwill was RMB 1,614 thousands, with no impairment loss incurred, primarily allocated to Lingang Thermal Power and Yangzhou Qingchang, two cash-generating units within the energy production and supply segment Carrying Amount of Goodwill | Indicator | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | Change | | :--- | :--- | :--- | :--- | | Carrying Amount of Goodwill | 1,614 | 1,614 | 0% | - Goodwill is primarily allocated to Lingang Thermal Power and Yangzhou Qingchang, two cash-generating units[32] 10. Trade Receivables As of June 30, 2025, total trade receivables amounted to RMB 116,455 thousands, a 7.8% decrease from the end of 2024, with the highest proportion aged within 3 months, and the Group grants customers a 90-day credit period Ageing Analysis of Trade Receivables | Ageing | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Within 3 months | 115,176 | 123,649 | | 4 to 6 months | 942 | 1,365 | | 7 to 9 months | 337 | 789 | | 10 to 12 months | — | 506 | | Over 12 months | — | 45 | | Total | 116,455 | 126,354 | - The Group grants a 90-day credit period to trade customers[33] 11. Other Receivables and Assets As of June 30, 2025, total other receivables and assets amounted to RMB 65,278 thousands, a 5.6% decrease from the end of 2024, primarily comprising price subsidies, value-added tax, and advances to suppliers Composition of Other Receivables and Assets | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Price Subsidies | 38,689 | 38,689 | | Value-added Tax and Other Recoverable Taxes | 3,935 | 2,106 | | Advances to Suppliers | 22,023 | 27,857 | | Others | 631 | 470 | | Subtotal (Current) | 65,278 | 69,122 | | Deposits with Third Parties (Non-current) | 1,612 | 1,612 | 12. Bank Balances and Cash As of June 30, 2025, bank balances and cash amounted to RMB 113,909 thousands, an 11.6% decrease from the end of 2024, primarily due to loan repayments Bank Balances and Cash | Indicator | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Bank Cash | 113,909 | 128,795 | -11.6% | 13. Trade and Other Payables As of June 30, 2025, total trade and other payables amounted to RMB 89,337 thousands, a 3.4% decrease from the end of 2024, with amounts payable to third-party trade being the largest component Composition of Trade and Other Payables | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Amounts Payable to Third-Party Trade | 55,227 | 56,923 | | Bills Payable | 20,000 | 20,000 | | Amounts Payable for Acquisition of Property, Plant and Equipment | 8,193 | 6,331 | | Total | 89,337 | 92,459 | - All trade and other payables are expected to be settled within one year[34] Ageing Analysis of Trade Payables and Bills Payable | Ageing | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Within 3 months | 38,835 | 60,510 | | 4 to 6 months | 844 | 13,198 | | 7 to 12 months | 33,151 | 849 | | Over 12 months | 2,397 | 2,366 | | Total | 75,227 | 76,923 | 14. Loans and Borrowings As of June 30, 2025, total loans and borrowings amounted to RMB 375,782 thousands, a 13.5% decrease from the end of 2024, with bank loans constituting a larger proportion; some loans are secured or guaranteed, and there are restrictive covenants related to financial performance indicators Analysis of Loans and Borrowings Repayment Schedule | Type | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Bank Loans (Total) | 365,367 | 421,785 | | Other Borrowings (Total) | 10,415 | 12,500 | | Total | 375,782 | 434,285 | - As of June 30, 2025, secured bank loans are collateralized by 45% of the total paid-up capital of Lingang Thermal Power, a non-wholly owned subsidiary[37] - Some bank loan agreements contain restrictive covenants related to financial performance indicators such as debt-to-asset ratio, liquidity ratio, and net profit, but no breaches occurred during the reporting period[39][40] 15. Dividends In the first half of 2025, the company approved a final dividend of RMB 0.014 per ordinary share for the financial year ended December 31, 2024, totaling RMB 2,236 thousands Approved and Payable Dividends | Dividend Type | 2025 First Half (RMB thousands) | 2024 First Half (RMB thousands) | | :--- | :--- | :--- | | 2024 Final Dividend (RMB 0.014 per share) | 2,236 | — | 16. Fair Value Measurement of Financial Instruments As of June 30, 2025, and December 31, 2024, there were no material differences between the carrying amounts and fair values of trade receivables, other receivables and assets, and trade and other payables - There are no material differences between the carrying amounts and fair values of trade receivables, other receivables and assets, and trade and other payables[42] 17. Commitments As of June 30, 2025, the Group's unfulfilled capital commitments for which no provision has been made in the interim financial report amounted to RMB 8,193 thousands, primarily for the acquisition of property, plant and equipment and construction in progress Capital Commitments | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Contracted Capital Expenditure for Acquisition of Property, Plant and Equipment and Construction in Progress | 8,193 | 6,331 | 18. Significant Related Party Transactions The Group has multiple transactions with related parties, including prepayments for gas to related parties outside Tianbao Group, amounts receivable from Tianbao Group and its subsidiaries, sales and purchases of goods, provision and receipt of services, and receipt of guarantees Related Party Balances | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Prepayments for Gas to Related Parties Other Than Tianbao Group | 17,695 | 27,138 | | Amounts Receivable from Tianbao Group and its Subsidiaries | 1,492 | 1,717 | | Advances from Subsidiaries of Tianbao Group | 130 | 253 | Related Party Transaction Amounts | Transaction Type | 2025 First Half (RMB thousands) | 2024 First Half (RMB thousands) | | :--- | :--- | :--- | | Sales of Goods to Subsidiaries of Tianbao Group | 2,526 | 906 | | Purchases of Goods from Companies Controlled by the Same Ultimate Controlling Party of Non-wholly Owned Subsidiaries | 131,080 | 124,770 | | Guarantees Received from Equity Holders of Non-wholly Owned Subsidiaries | 49,000 | 49,000 | 19. Non-Adjusting Events After the Reporting Period No significant post-reporting period events have occurred for the Group since June 30, 2025 - No significant non-adjusting events occurred after the reporting period[50] Business Review and Analysis Business Review Summary for the First Half of 2025 In the first half of 2025, China's economy showed stable and positive growth, but due to US-China trade policies and customs inspection and quarantine policies, the Group's grain and oil enterprise customers reduced production, leading to decreased energy demand; the Group actively responded by lowering procurement prices, exploring cost reduction and efficiency improvement potential, and expanding new energy businesses to address challenges - China's economy remained generally stable and showed positive growth, with GDP increasing by 5.3% year-on-year[51] - Due to US-China trade policies and customs inspection and quarantine policies, grain and oil enterprise customers reduced production, leading to decreased energy demand[51] - The Group actively responded by adopting strategies such as lowering natural gas procurement prices, exploring cost reduction and efficiency improvement potential, and expanding new energy businesses like contract energy management and photovoltaic power[51] Key Initiatives Implemented by the Group in the First Half of 2025 In the first half of 2025, the Group successfully advanced contract energy management and green electricity businesses, expanded distributed photovoltaic projects, orderly commenced energy storage project construction, and steadily progressed equity acquisition projects to achieve business diversification and enhance profitability - Successfully won the bid for the second phase of the Tianjin Port Free Trade Zone Smart Street Light Contract Energy Management project[52] - Approximately 8 million kWh of green electricity transactions were completed in the first half of the year, and green electricity transaction cooperation was established with new energy power plants outside the region[52] - The Lingang Thermal Power distributed photovoltaic project has been connected to the grid, the Tianbao Logistics warehouse photovoltaic project has entered the implementation phase, and the Huaxiang Auto Interior Customization factory photovoltaic project is about to commence construction[53] - The Tianjin Port Free Trade Zone Seaport Area Distribution Network 1.72 MWh Phase II energy storage power station project has completed on-site installation and is planned to be operational within the year[54] - Continuously monitoring acquisition opportunities for multiple distributed photovoltaic projects, and preliminary acquisition intentions have been reached for some projects with investment value[55] Operating Performance and Analysis In the first half of 2025, the Group's sales of steam and electricity both decreased, but through cost control and new energy project development, gross profit and profit before tax achieved significant growth, with profit attributable to the parent company increasing substantially by 453.3% 2025 First Half Key Operating Data | Indicator | 2025 First Half | 2024 First Half | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Steam Sales | 75.7 tens of thousands of tons | 79.2 tens of thousands of tons | -4.4% | | Electricity Sales | 13,164.9 tens of millions of kWh | 13,945.7 tens of millions of kWh | -5.6% | | On-grid Electricity | 10,516.2 tens of millions of kWh | 11,817.8 tens of millions of kWh | -11.0% | Operating Revenue Consolidated operating revenue for the first half of 2025 decreased by 6.6% year-on-year to RMB 37,907.6 tens of thousands, primarily due to reduced energy demand from grain and oil enterprise customers caused by production cuts Operating Revenue by Segment | Segment | 2025 First Half (RMB tens of thousands) | 2024 First Half (RMB tens of thousands) | Year-on-Year Change | Primary Reason | | :--- | :--- | :--- | :--- | :--- | | Consolidated Operating Revenue | 37,907.6 | 40,582.8 | -6.6% | Reduced production by grain and oil enterprise customers | | Power Distribution and Sales | 10,220.1 | 10,373.1 | -1.5% | Normal business fluctuations | | Energy Production and Supply | 25,858.1 | 28,073.6 | -7.9% | Reduced production by grain and oil enterprise customers | | Photovoltaic Power Generation and Sales | 441.5 | 426.0 | +3.6% | New projects connected to the grid | | Others | 1,387.9 | 1,710.1 | -18.8% | Decrease in O&M and power engineering revenue | Other Net Income Other net income for the first half of 2025 decreased by 51.7% year-on-year to RMB 81.0 tens of thousands, primarily due to increased expenditure on purchased carbon emission allowances Other Net Income | Indicator | 2025 First Half (RMB tens of thousands) | 2024 First Half (RMB tens of thousands) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Other Net Income | 81.0 | 167.8 | -51.7% | - The main reason is the increase in expenditure on purchased carbon emission allowances compared to the previous period[62] Segment Costs In the first half of 2025, segment costs generally decreased, with the energy production and supply segment's cost decreasing by 10.7% primarily due to falling coal prices, and the power distribution and sales segment's cost decreasing by 2.3% due to energy-saving renovations Segment Cost Performance | Segment | 2025 First Half (RMB tens of thousands) | 2024 First Half (RMB tens of thousands) | Year-on-Year Change | Primary Reason | | :--- | :--- | :--- | :--- | :--- | | Power Distribution and Sales | 9,838.9 | 10,068.9 | -2.3% | Energy-saving renovations | | Energy Production and Supply | 23,511.2 | 26,342.1 | -10.7% | Falling coal prices | | Photovoltaic Power Generation and Sales | 240.8 | 262.1 | -8.1% | Cost reduction and efficiency improvement | | Others | 1,087.9 | 1,219.7 | -10.8% | Decreased revenue | Segment Gross Profit In the first half of 2025, gross profit for the power distribution and sales, energy production and supply, and photovoltaic power generation and sales segments all increased, with the energy production and supply segment showing the most significant growth of 35.5%, primarily due to falling coal prices and cost reduction and efficiency improvement Segment Gross Profit Performance | Segment | 2025 First Half (RMB tens of thousands) | 2024 First Half (RMB tens of thousands) | Year-on-Year Change | Primary Reason | | :--- | :--- | :--- | :--- | :--- | | Power Distribution and Sales | 381.2 | 304.2 | +25.3% | Energy-saving renovations | | Energy Production and Supply | 2,346.9 | 1,731.5 | +35.5% | Falling coal prices and cost reduction and efficiency improvement | | Photovoltaic Power Generation and Sales | 200.7 | 163.9 | +22.5% | Cost reduction and efficiency improvement | | Others | 300.0 | 490.4 | -38.8% | Decrease in O&M and power engineering revenue | Segment EBITDA Segment EBITDA for the first half of 2025 increased by 9.5% year-on-year to RMB 5,834.3 tens of thousands, primarily due to energy-saving renovations of boilers and heat exchange stations, and the implementation of new energy projects Segment EBITDA | Indicator | 2025 First Half (RMB tens of thousands) | 2024 First Half (RMB tens of thousands) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Segment EBITDA | 5,834.3 | 5,329.4 | +9.5% | - The main reasons are energy-saving renovations of boilers and heat exchange stations, and the implementation of new energy projects[71] Finance Costs Finance costs for the first half of 2025 decreased by 26.2% year-on-year to RMB 634.1 tens of thousands, primarily due to reduced interest expenses from loan repayments Finance Costs | Indicator | 2025 First Half (RMB tens of thousands) | 2024 First Half (RMB tens of thousands) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Finance Costs | 634.1 | 859.5 | -26.2% | - The main reason is the decrease in interest expenses due to loan repayments[72] Fuel Costs Fuel costs for the first half of 2025 decreased by 8.6% year-on-year to RMB 17,884.4 tens of thousands, primarily due to falling coal prices Fuel Costs | Indicator | 2025 First Half (RMB tens of thousands) | 2024 First Half (RMB tens of thousands) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Fuel Costs | 17,884.4 | 19,565.2 | -8.6% | - The main reason is falling coal prices[73] Profit Before Tax Profit before tax for the first half of 2025 significantly increased by 120.6% year-on-year to RMB 1,570.5 tens of thousands, primarily benefiting from energy-saving renovations and the implementation of new energy projects Profit Before Tax | Indicator | 2025 First Half (RMB tens of thousands) | 2024 First Half (RMB tens of thousands) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Profit Before Tax | 1,570.5 | 711.9 | +120.6% | - Primarily due to energy-saving renovations of boilers and heat exchange stations, and the implementation of new energy projects[74] Income Tax Expense Income tax expense for the first half of 2025 increased by 51.7% year-on-year to RMB 325.5 tens of thousands, primarily due to increased net profit Income Tax Expense | Indicator | 2025 First Half (RMB tens of thousands) | 2024 First Half (RMB tens of thousands) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Income Tax Expense | 325.5 | 214.5 | +51.7% | - The main reason is increased net profit[75] Profit Attributable to the Parent Company for the Period Profit attributable to the parent company for the first half of 2025 significantly increased by 453.3% year-on-year to RMB 988.8 tens of thousands, primarily benefiting from energy-saving renovations and the implementation of new energy projects Profit Attributable to the Parent Company for the Period | Indicator | 2025 First Half (RMB tens of thousands) | 2024 First Half (RMB tens of thousands) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Profit Attributable to the Parent Company for the Period | 988.8 | 178.7 | +453.3% | - Primarily due to energy-saving renovations of boilers and heat exchange stations, and the implementation of new energy projects[76] Financial Position As of the end of June 2025, the Group's total assets and liabilities both decreased, but total equity attributable to ordinary shareholders increased by 2.4%, and the debt-to-equity ratio decreased by 12.3%, indicating an improved financial structure Assets, Liabilities and Equity | Indicator | June 30, 2025 (RMB tens of thousands) | December 31, 2024 (RMB tens of thousands) | Change | | :--- | :--- | :--- | :--- | | Total Assets | 101,704.2 | 107,077.4 | -5.0% | | Total Liabilities | 54,118.7 | 60,513.3 | -10.6% | | Total Equity Attributable to Ordinary Shareholders | 32,399.7 | 31,634.5 | +2.4% | | Current Assets | 29,916.7 | 33,159.1 | -9.8% | | Current Liabilities | 27,293.2 | 33,476.7 | -18.5% | | Non-current Liabilities | 26,825.5 | 27,036.6 | -0.8% | Bank Balances and Cash | Indicator | June 30, 2025 (RMB tens of thousands) | December 31, 2024 (RMB tens of thousands) | Change | | :--- | :--- | :--- | :--- | | Bank Balances and Cash | 11,390.9 | 12,879.5 | -11.6% | - The decrease in bank balances and cash was primarily due to loan repayments[79] Debt-to-Equity Ratio | Indicator | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Debt-to-Equity Ratio | 1.14 | 1.30 | -12.3% | - The decrease in the debt-to-equity ratio was due to a reduction in liabilities from loan repayments[80] Other Significant Matters 1. Capital Expenditure and Capital Commitments In the first half of 2025, the Group's total capital expenditure was approximately RMB 352.5 tens of thousands, primarily for photovoltaic projects and new energy heavy-duty truck integrated energy station projects; as of June 30, capital commitments provision amounted to RMB 819.3 tens of thousands Capital Expenditure for the First Half of 2025 | Project | Amount (RMB tens of thousands) | | :--- | :--- | | Huaxiang Auto Interior Customization Factory Distributed Photovoltaic Project | 152.0 | | New Energy Heavy-Duty Truck Integrated Energy Station Project | 134.5 | | Other Projects | 66.0 | | Total | 352.5 | Capital Commitments Provision | Indicator | June 30, 2025 (RMB tens of thousands) | | :--- | :--- | | Capital Commitments Provision | 819.3 | 2. Liquidity and Financial Resources As of June 30, 2025, the Group held bank balances and cash of RMB 11,390.9 tens of thousands, with total loans and borrowings of RMB 37,578.2 tens of thousands, of which short-term borrowings accounted for 42.7% and long-term borrowings for 57.3%; the Group did not engage in financial instrument hedging or foreign currency investments Liquidity and Borrowing Structure | Indicator | Amount (RMB tens of thousands) | Percentage | | :--- | :--- | :--- | | Bank Balances and Cash | 11,390.9 | - | | Total Loans and Borrowings | 37,578.2 | - | | Short-term Borrowings | 16,046.6 | 42.7% | | Long-term Borrowings | 21,531.6 | 57.3% | | Secured or Guaranteed Loans and Borrowings | 20,328.2 | 54.1% | | Unsecured Borrowings | 17,250.0 | 45.9% | | Fixed-rate Loans and Borrowings | 21,906.6 | 58.3% | | Floating-rate Loans and Borrowings | 15,671.6 | 41.7% | - The Group has not entered into any financial instruments for hedging purposes, nor does it have any foreign currency investments[82] 3. Significant Acquisitions and Disposals of Subsidiaries, Associates and Joint Ventures For the six months ended June 30, 2025, the Group had no significant acquisitions or disposals of subsidiaries, associates, or joint ventures - No significant acquisition or disposal activities occurred during the reporting period[83] 4. Significant Investments For the six months ended June 30, 2025, the Group had no significant investments - No significant investments occurred during the reporting period[84] 5. Contingent Liabilities As of June 30, 2025, the Group had no contingent liabilities - No contingent liabilities existed at the end of the reporting period[85] 6. Group Bank Borrowings and 7. Other Group Debts As of June 30, 2025, the Group's total loans and borrowings amounted to RMB 37,578.2 tens of thousands, comprising RMB 16,046.6 tens of thousands in short-term borrowings and RMB 21,531.6 tens of thousands in long-term borrowings, in addition to lease liabilities of approximately RMB 168.4 tens of thousands Group Bank Borrowings and Other Debts | Indicator | Amount (RMB tens of thousands) | | :--- | :--- | | Total Loans and Borrowings | 37,578.2 | | Short-term Borrowings | 16,046.6 | | Long-term Borrowings | 21,531.6 | | Lease Liabilities | 168.4 | 8. Group Asset Mortgages and Pledges As of June 30, 2025, the company pledged gas supply facilities, equipment, and related components valued at RMB 2,423.3 tens of thousands as collateral for finance leases, and used Lingang Thermal Power equity and Yangzhou Qingchang photovoltaic project assets and electricity receivables as pledges for bank loans - The company pledged gas supply facilities, equipment, and related components valued at RMB 2,423.3 tens of thousands as collateral for finance leases[88] - The company pledged Lingang Thermal Power equity as collateral for RMB 1,265.0 tens of thousands in bank loans[88] - Secured bank loans of RMB 1,222.6 tens of thousands are pledged against assets and related electricity receivables of the Yangzhou Qingchang Kaixiang Phase II 4.0 MW rooftop distributed photovoltaic power generation project[88] 9. Capital Structure The company's H shares were listed on the Main Board of the Stock Exchange on April 27, 2018, and after the completion of the H-share "full circulation" scheme on July 29, 2020, the capital structure consists solely of H shares - The company's H shares were listed on the Main Board of the Stock Exchange on April 27, 2018[89] - After the completion of the H-share "full circulation" scheme on July 29, 2020, the capital structure consists solely of H shares[89] 10. Share Schemes As of June 30, 2025, the company had not implemented any share schemes - No share schemes were implemented during the reporting period[90] 11. Foreign Exchange and Exchange Rate Risk The Group primarily operates in China, with transactions denominated and settled in RMB, and apart from a small amount of foreign currency bank deposits, there is no significant foreign exchange rate fluctuation risk, and no hedging arrangements have been made - The Group primarily operates in China, with transactions denominated and settled in RMB[91] - Except for bank deposits denominated in foreign currencies, there is no significant foreign exchange rate fluctuation risk[91] - No hedging arrangements were made during the reporting period[91] Business Outlook for the Second Half of 2025 The Group plans to accelerate new business expansion in the second half of 2025, promote the implementation and revenue generation of distributed photovoltaic projects, strive for a 42.5% increase in full-year photovoltaic power generation installed capacity, further expand its green electricity trading share, and commence the "15th Five-Year Plan" strategic planning - Accelerate the progress of distributed photovoltaic power generation projects, expedite construction and operation, with a planned 42.5% increase in full-year photovoltaic power generation installed capacity[92] - Continuously follow up on high-quality equity acquisition projects, conduct thorough project evaluations, and accelerate their implementation[92] - Strive to complete 6.5 million kWh of green electricity transactions in the second half of the year, and establish green electricity trading cooperation for 2026 with regions such as Gansu and Xinjiang[93] - Commence work on the "15th Five-Year Plan" strategic planning to build a diversified, clean, and efficient energy supply system[94] Human Resources and Training As of June 30, 2025, the Group had 70 employees, with staff costs of approximately RMB 1,088.9 tens of thousands; the Group emphasizes employee training and development, providing continuous education and professional skills training, and maintaining good working relationships with employees Employee Headcount and Composition | Function | Headcount | Percentage of Total | | :--- | :--- | :--- | | Management, Administration and Finance | 24 | 34.3% | | Marketing | 7 | 10.0% | | Procurement | 5 | 7.1% | | Engineering and Technical | 34 | 48.6% | | Total | 70 | 100.0% | Staff Costs | Indicator | 2025 First Half (RMB tens of thousands) | | :--- | :--- | | Staff Costs (including salaries, benefits and allowances) | 1,088.9 | - The Group participates in defined contribution retirement schemes managed and operated by local governments for its employees[97] - The Group emphasizes employee training and development, providing continuous education and professional skills training, with 36 training sessions completed in the first half of the year[97][98] - The Group maintains good working relationships with employees, who have joined trade unions[99] Corporate Governance The Board is committed to maintaining high standards of corporate governance and has complied with the Corporate Governance Code in Appendix C1 and the Model Code in Appendix C3 of the Listing Rules; during the reporting period, the controlling shareholder did not pledge shares, and the Group did not provide any discloseable loans or financial assistance to any entity; the Audit Committee has reviewed the interim results - The Board is committed to maintaining high standards of corporate governance and has complied with the Corporate Governance Code and the Model Code[100][101] - During the reporting period, the controlling shareholder did not pledge any shares to secure the Group's debts[102] - During the reporting period, the Group did not provide any loans discloseable under Listing Rule 13.13, nor did it provide financial assistance or guarantees discloseable under Listing Rule 13.16 to any entity[104][105] Audit Committee The Audit Committee comprises 3 non-executive directors, the majority of whom are independent non-executive directors, responsible for reviewing and monitoring the Group's financial reporting, risk management, and internal control systems, and has reviewed this interim results announcement and financial statements - The Audit Committee comprises 3 non-executive directors, the majority of whom are independent non-executive directors, including 1 independent non-executive director with accounting expertise[106] - The Audit Committee has reviewed the Group's 2025 interim results announcement, interim report, and financial statements[106] Purchase, Sale or Redemption of the Company's Listed Securities or Redeemable Securities For the six months ended June 30, 2025, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed or redeemable securities, and no treasury shares were held - During the reporting period, neither the company nor its subsidiaries purchased, sold, or redeemed any listed or redeemable securities[107] - As of the end of the reporting period, the company held no treasury shares[107] Interim Dividend The Board has not proposed any recommendation for the payment of an interim dividend for the six months ended June 30, 2025 - The Board has not recommended the payment of an interim dividend[108] Publication of Interim Results and Definitions Publication of Interim Results and Interim Report This results announcement has been published on the Stock Exchange's "Disclosure of Interests" website and the company's website, and the interim report will be dispatched to shareholders and published on the company's and Stock Exchange's websites in due course - This results announcement has been published on the Stock Exchange's "Disclosure of Interests" website and the company's website[110] - The 2025 interim report will be dispatched to shareholders and published on the company's and Stock Exchange's websites in due course[110] Definitions This section provides definitions for key terms and entities used in the report, including Articles of Association, Board, Company, Controlling Shareholder, Directors, Domestic Shares, Group, H Shares, Hong Kong, HKD, IFRS, Lingang Thermal Power, Listing Rules, Model Code, PRC, Reporting Period, RMB, Shares, Shareholders, Stock Exchange, Supervisors, Tianjin Free Trade Zone Investment Holding, Tianbao Holding, and Yangzhou Qingchang - Provides definitions for key terms and entities used in the report, ensuring clear understanding of the content[110][111][112]