华电科工(601226) - 2025 Q2 - 季度财报

Definitions This section defines common terms used in the report, including company names, major subsidiaries, and relevant regulatory bodies, ensuring clarity and consistency - The company's full name is "HuaDian Heavy Industries Co.,Ltd." and its abbreviation is "HHI"[12] - Major subsidiaries include Heavy Industry Machinery, Caofeidian Heavy Industry, Wuhan Huadian, Huadian Jinyuan, Huadian Lankes, General Hydrogen Energy, Huadian Bayannur, Huadian Marine Technology, and Huadian Offshore Wind O&M[12] - Key regulatory bodies include the China Securities Regulatory Commission, Shanghai Stock Exchange, State-owned Assets Supervision and Administration Commission of the State Council, National Development and Reform Commission, National Energy Administration, Ministry of Finance, Ministry of Natural Resources, Ministry of Ecology and Environment, Ministry of Industry and Information Technology, Ministry of Housing and Urban-Rural Development, Ministry of Transport, and the People's Bank of China[12] Company Profile and Key Financial Indicators This section outlines the company's basic information, contact details, registration and disclosure changes, stock overview, and details key accounting data, financial indicators, non-recurring gains and losses, and net profit after deducting share-based payments for the reporting period Company Information This section provides the company's Chinese name, abbreviation, foreign name and acronym, and legal representative information - Company's Chinese name: HuaDian Heavy Industries Co.,Ltd., abbreviation: HHI[14] - Company's foreign name: HuaDian Heavy Industries Co.,Ltd., abbreviation: HHI[14] - Company's legal representative: Peng Gangping[14] Contact Persons and Information This section lists the names, contact addresses, telephone numbers, fax numbers, and email addresses of the company's Board Secretary and Securities Affairs Representative - Board Secretary: Wu Peijun, Securities Affairs Representative: Li Bingbing[15] - Contact address: Building B, Huadian Development Building, Automobile Museum East Road, Fengtai District, Beijing[15] - Telephone: 010-63919777, Email: hhi@hhi.com.cn[15] Brief Introduction to Changes in Basic Information This section describes historical changes in the company's registered address and confirms no other changes occurred during the reporting period - The company's registered address is 11th Floor, Building B, No. 1 Building, No. 6 Courtyard, Automobile Museum East Road, Fengtai District, Beijing[16] - On April 7, 2016, the company completed the change of its registered address from Building 2, No. 9 Haiying Road, Science City, Fengtai District, Beijing, to its current address[16] Brief Introduction to Changes in Information Disclosure and Document Placement Locations This section explains changes in the company's designated information disclosure newspapers, along with the website and placement locations for the semi-annual report - The company's designated information disclosure newspapers will change to "Shanghai Securities News" and "Securities Times" starting from January 1, 2025[17] - The semi-annual report is published on www.sse.com.cn and available at the company's Securities and Legal Affairs Department and the Shanghai Stock Exchange[17] Company Stock Overview This section provides the company's stock type, listing exchange, stock abbreviation, stock code, and previous stock abbreviation - The company's stock type is A-shares, listed on the Shanghai Stock Exchange[18] - Stock abbreviation: "HHI", Stock code: "601226", Previous stock abbreviation: "Huadian Heavy Industry"[18] Company's Key Accounting Data and Financial Indicators This section presents the company's key accounting data and financial indicators for the first half of 2025, explaining the main reasons for changes in each indicator Key Accounting Data (January-June 2025 vs. Same Period Last Year) | Indicator | Current Reporting Period (Jan-Jun) | Same Period Last Year | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 3,857,679,477.10 yuan | 2,931,623,771.71 yuan | 31.59 | | Total Profit | 65,626,432.55 yuan | 56,856,961.36 yuan | 15.42 | | Net Profit Attributable to Shareholders of Listed Company | 54,093,424.91 yuan | 36,780,687.53 yuan | 47.07 | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses | 52,651,887.12 yuan | 25,935,590.45 yuan | 103.01 | | Net Cash Flow from Operating Activities | -1,137,479,813.34 yuan | -1,219,753,104.59 yuan | 6.75 | | Net Assets Attributable to Shareholders of Listed Company (Period-end) | 4,336,541,553.10 yuan | 4,281,496,321.81 yuan | 1.29 | | Total Assets (Period-end) | 11,000,023,563.74 yuan | 11,310,051,311.24 yuan | -2.74 | Key Financial Indicators (January-June 2025 vs. Same Period Last Year) | Indicator | Current Reporting Period (Jan-Jun) | Same Period Last Year | Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | 0.0466 | 0.0317 | 47.00 | | Diluted Earnings Per Share (yuan/share) | 0.0465 | 0.0317 | 46.69 | | Basic Earnings Per Share After Deducting Non-Recurring Gains and Losses (yuan/share) | 0.0454 | 0.0223 | 103.59 | | Weighted Average Return on Net Assets (%) | 1.26 | 0.87 | Increased by 0.39 percentage points | | Weighted Average Return on Net Assets After Deducting Non-Recurring Gains and Losses (%) | 1.22 | 0.62 | Increased by 0.60 percentage points | - Operating revenue increased by 31.59% year-on-year, primarily due to an increase in new contracts signed in the previous year[21] - Net profit attributable to shareholders of the listed company and net profit after deducting non-recurring gains and losses increased by 47.07% and 103.01% respectively, mainly due to operating revenue growth and effective cost control[21] Non-Recurring Gains and Losses Items and Amounts This section lists the company's non-recurring gains and losses items and their amounts for the reporting period Non-Recurring Gains and Losses Items (January-June 2025) | Non-Recurring Gains and Losses Item | Amount (yuan) | | :--- | :--- | | Gains and losses from disposal of non-current assets | 9,374.45 | | Government grants recognized in current profit or loss | 1,428,591.32 | | Reversal of impairment provisions for receivables subject to separate impairment testing | 705,328.97 | | Other non-operating income and expenses apart from the above | 154,267.05 | | Less: Income tax impact | 344,634.27 | | Impact on minority interests (after tax) | 511,389.73 | | Total | 1,441,537.79 | Net Profit After Deducting Impact of Share-Based Payments This section discloses net profit after deducting the impact of share-based payments, comparing it with the same period last year Net Profit After Deducting Impact of Share-Based Payments (January-June 2025 vs. Same Period Last Year) | Indicator | Current Reporting Period (Jan-Jun) | Same Period Last Year | Change (%) | | :--- | :--- | :--- | :--- | | Net Profit After Deducting Impact of Share-Based Payments | 54,093,424.91 yuan | 36,780,687.53 yuan | 47.07 | - Net profit after deducting the impact of share-based payments refers to the net profit attributable to the parent company after deducting the impact of share-based payments[26] Management Discussion and Analysis This section comprehensively analyzes the company's industry development, main business operating model, performance drivers, operating performance, and significant changes during the reporting period, detailing positive achievements in safety management, quality and efficiency improvement, technological innovation, deepened reform, and Party building leadership Industry and Main Business Overview This section details the development trends and market positions of the material handling, thermal engineering, high-end steel structure, offshore wind power, industrial noise control, and hydrogen energy industries, along with the operating models of each main business Industry Development and Market Position This section outlines the industry development, technological trends, and the company's leading position and competitive advantages in the material handling, thermal engineering, high-end steel structure, offshore wind power, industrial noise control, and hydrogen energy sectors - The material handling industry is transitioning towards digitalization, intelligence, energy efficiency, and environmental protection, with the company maintaining a leading position in segmented areas such as tubular belt conveyors, long-distance curved belt conveyors, and environmentally friendly circular stockyards[29][30][31] - The thermal engineering industry is influenced by increased investment in new thermal power and existing plant upgrades, where the company holds core technology and brand advantages in power plant four-major-pipe systems, power plant air-cooling systems, and comprehensive energy efficiency improvement and flexibility retrofits for power plants[32][33][34][35][36] - In the high-end steel structure engineering industry, the company leads in performance for power plant coal yard enclosure retrofits, steel cooling towers, wind turbine towers, power plant steel structures, and photovoltaic supports, notably pioneering projects in ultra-large span prestressed pipe truss structures and steel cooling towers[37][38][39][40][41] - The offshore wind power engineering industry has significant development potential and strong policy support, with the company forming a complete service chain from design, equipment manufacturing, installation, construction, to operation and maintenance, and has received multiple national-level scientific and technological awards[42][43][44] - The industrial noise control engineering industry presents good market opportunities, and the company possesses competitive advantages in gas power plant noise source control technology, low-frequency noise reduction technology, and noise-reducing building structure integration[45][46] - The hydrogen energy industry is integrated into the national energy management system with increasing policy support, and the company is developing a full chain of green hydrogen production, storage, transportation, and utilization, launching "Huazhen" and "Huahan" series electrolyzer products, achieving domestic substitution of core materials[47][48][49][50] Main Businesses and Operating Models This section details the company's operations, procurement, production, and marketing models across its main businesses, including material handling, thermal engineering, high-end steel structures, offshore wind power, industrial noise control, and hydrogen energy, emphasizing its role as an integrated engineering solution provider - Material handling system engineering business leads with system R&D design and EPC contracting, providing intelligent, environmentally friendly overall solutions and full lifecycle services, and actively expanding "Belt and Road" projects[51][52][53][60][61][62][63] - Thermal engineering business specializes in pipeline engineering, air-cooling system research, design, supply, installation, commissioning, and EPC services, providing integrated solutions for comprehensive efficiency improvement, energy saving, consumption reduction, and flexibility retrofits for operating units[64][65][67][68][69][70] - High-end steel structure engineering business leads with new product and technology design R&D and EPC contracting, with products including wind turbine towers and photovoltaic supports, primarily operating under EPC models and proprietary product sales[71][76][77][78] - Offshore wind power engineering business covers the entire industry chain, including offshore wind farm and offshore photovoltaic design, equipment manufacturing, engineering construction, and wind farm operation and maintenance, focusing on innovation-driven development and actively exploring EPC contracting models[79][82][83][84][85] - Industrial noise control business leads with new noise control technologies and product R&D, providing power plant noise control system design and EPC services, gradually expanding into other markets such as power grids, rail transit, and petrochemicals[86][89][90][91] - Hydrogen energy engineering business focuses on renewable energy hydrogen production and efficient hydrogen utilization to meet the needs of hydrogen industry development, continuously strengthening technology R&D and industrial application of core materials and key equipment, building a green hydrogen production, storage, and utilization chain[92][95][96][97][99] Key Performance Drivers This section analyzes the impact of macroeconomic, upstream (steel), and downstream (power, coal, port, hydrogen energy) industry changes on the company's performance, outlining strategic measures taken to address these changes - In the first half of 2025, China's GDP grew by 5.3% year-on-year, with the national economy maintaining stable and positive momentum, and rapid growth in manufacturing and high-tech manufacturing value-added, providing macroeconomic support for the company's development[100][101] - The upstream steel market weakened in the first half of the year, with loose coking coal supply leading to lower costs and pressure on steel prices, potentially affecting the company's raw material procurement costs[104][105] - The downstream power industry saw continued growth in installed capacity and investment, particularly significant increases in wind and solar power generation; port cargo throughput grew, accelerating green and smart transformation; the hydrogen energy industry received strong policy support, with rapid development in the electrolyzer market and fuel cell vehicle applications[107][108][109][110][111][112][113][114] - The company's response strategies include: focusing on green development and strategic emerging industries (wind power, photovoltaic, hydrogen energy), seizing opportunities in coal power low-carbon retrofits, strengthening technological innovation, expanding overseas markets, promoting industry-finance integration, deepening reforms for quality and efficiency improvement, and upgrading smart businesses[115][116][117][118] New Non-Core Businesses This section introduces the company's newly added non-core businesses, low-altitude economy and engineering digitalization, detailing their services, technological advantages, and operating models - The low-altitude economy business builds an integrated service matrix for drone planning and surveying, smart construction site development, and wind/solar power plant inspection and O&M, utilizing technologies such as lidar, oblique photography, and AI algorithms, and has obtained a CAAC drone operation certificate and multiple Class A qualifications[119][120][121][122][123][124] - The engineering digitalization business, led by core technologies such as artificial intelligence, IoT, and digital twin, provides full lifecycle digital solutions for engineering projects, widely applied in over 40 major projects including photovoltaic, wind power, and high-end steel structures, enhancing management efficiency and reducing costs[125][126][127][128][129][130] Operating Performance Analysis This section summarizes the company's operating results for the first half of 2025, including new contracts, operating revenue, and net profit, detailing positive progress in safety management, operational efficiency, technological innovation, deepened reform, and Party building leadership - In the first half of 2025, the company signed new sales contracts worth 7.123 billion yuan, achieved operating revenue of 3.858 billion yuan, and net profit attributable to shareholders of the listed company of 0.054 billion yuan[131] - The company deeply implemented the three-year action plan for fundamental safety production improvements, maintaining overall stable safety and environmental performance, with Heavy Industry Machinery and Wuhan Huadian completing VOCs treatment equipment upgrades and obtaining energy management system certifications[132] - Operating efficiency steadily improved, with new contracts achieving "double over half" targets; material handling, thermal engineering, high-end steel structure, and marine engineering businesses all made significant project progress and breakthroughs, such as the first million-unit direct air-cooling system project and the Indonesia Qili alumina unloader project[133] - Technological innovation capabilities continuously strengthened, with the unveiling of the China-Morocco Green Energy and Advanced Materials Joint Laboratory, hydrogen energy key equipment selected for the National Power Industry's Major Equipment list, the independently developed "Kegang Shujian" platform implemented in multiple projects, and 98 new patents and 10 new software copyrights obtained[134] - Deepened state-owned enterprise reform, improved corporate governance mechanisms, strengthened market value management, increased cash dividend ratio, received Wind ESG A-grade rating for two consecutive years, and initiated the "15th Five-Year Plan" strategic planning compilation[135][136] - Strengthened Party building leadership and guarantees, deeply promoted Party building empowerment projects for the industry and innovation chains, and systematically built 12 sub-brands such as "Huadian Hydrogen Energy" and "Huadian Hongqiao"[137] Significant Changes in Operations and Impacting Matters This section details significant changes in the company's operating performance during the reporting period and introduces the latest progress in new businesses and products such as integrated energy efficiency improvement, hydrogen energy, smart ports, gravity energy storage, alcohol-ammonia, and molten salt thermal storage Changes in Operating Performance This section summarizes the year-on-year changes in the company's new contracts, operating revenue, total profit, and net profit attributable to the parent company for the first half of 2025, with a breakdown of revenue growth by main business segment - New sales contract amount was 7.123 billion yuan, a year-on-year decrease of 2.69%; awarded but not yet signed contracts totaled 3.272 billion yuan[138] - Main business revenue was 3.852 billion yuan, a year-on-year increase of 31.83%; total profit was 0.066 billion yuan, a year-on-year increase of 15.42%; net profit attributable to shareholders of the listed company was 0.054 billion yuan, a year-on-year increase of 47.07%[138] Sub-segment Operating Revenue Changes (January-June 2025) | Business Type | Operating Revenue (billion yuan) | Year-on-Year Change (%) | | :--- | :--- | :--- | | Material Handling System Engineering | 0.955 | 31.49 | | Thermal Engineering | 0.892 | 9.95 | | High-End Steel Structure Engineering | 1.303 | 21.90 | | Marine Engineering | 0.689 | 141.11 | | Hydrogen Energy Business | 0.013 | -56.16 | - Hydrogen energy business revenue decreased by 56.16% year-on-year, with costs increasing by 449.49%, mainly due to multiple hydrogen production projects in Damaoqi and Tieling entering the acceptance phase, leading to increased defect rectification costs[168] New Businesses and Products This section details the company's latest technological advancements, project implementations, and market strategies in emerging businesses and products such as integrated energy efficiency improvement, hydrogen energy, smart ports, gravity energy storage, alcohol-ammonia, and molten salt thermal storage - Integrated energy efficiency improvement business has formed mature technology packages including air-cooling cold-end retrofits, comprehensive optimization of boiler air-flue gas systems, cold-end energy saving, and smart air-cooling cold-end solutions, with molten salt thermal storage technology in the technical reserve stage[139] - Hydrogen energy business has achieved commercial operation and performance assessment for three major hydrogen production projects, with the Inner Mongolia Damaoqi project achieving the first industrial boiler green hydrogen co-firing, producing up to 21.6 tons of hydrogen per day; launched 3300Nm³/h alkaline water electrolyzers and 500Nm³/h PEM electrolyzers, achieving domestic substitution of core materials[141][142][143][144] - Smart port business develops environmentally friendly and efficient new quay cranes, new yard cranes, and new ship unloaders, with the new quay crane achieving an operating efficiency of 54 moves/h and receiving multiple national-level recognitions[145] - Gravity energy storage business has developed multi-scenario gravity energy storage system process packages, created a full-state gravity energy storage dynamic simulation and intelligent dispatch system, and is conducting MW-level gravity energy storage solution designs[146][147][148] - Alcohol-ammonia business actively explores new energy + hydrogen-ammonia-alcohol investment, construction, and operation integrated industries, developing ten-thousand-ton-level low-temperature, low-pressure, high-efficiency green hydrogen coupled green ammonia complete equipment and process packages, and building a 100KW ammonia-coal co-firing test bench[149][150] - Molten salt thermal storage business develops molten salt thermal storage technology, possessing system solution design and integration capabilities for deep peak shaving and flexibility retrofits of thermal power units, and has built the nation's first multi-scenario molten salt thermal storage test platform[151] Core Competitiveness Analysis This section analyzes the company's core competitiveness during the reporting period, including advantages and changes in its management team, intellectual property, non-patented technologies, land and sea area use rights, software copyrights, and industry qualifications - As an engineering system solution provider, the company has a complete business system, a rational talent structure, significant professional and resource synergy advantages, and continuously gains competitive edge through leading technological R&D capabilities, innovation, excellent project performance, and extensive customer resources[153] - During the reporting period, there were no significant changes in the company's core management team and key technical personnel[154] - As of the end of the reporting period, the company and its subsidiaries held 1,559 patents (including 303 invention patents and 13 international patents), with 98 new patents added during the period (including 48 new invention patents and 1 international patent), primarily in clean energy, renewable energy, marine engineering, and high-end intelligent manufacturing[155][157] - The company developed a new offshore converter station product solution and the first domestic DNV-certified new TLP floating wind turbine foundation structure solution, and its "Energy-saving Low-carbon Bulk Material Belt Conveying System Complete Technology" was included in the "National Key Promotion Low-Carbon Technology Catalog"[158][159] - The company led the compilation of three China Engineering Construction Standardization Association standards, including "Technical Regulations for Steel Cooling Towers," and was a key contributor to the "Intelligent Tracking Photovoltaic Support" group standard[160] - As of the end of the reporting period, the company and its subsidiaries held 8 land use rights (totaling 1,027,719.94 square meters) and 2 sea area use rights (totaling 5.0119 hectares), with no new additions during the reporting period[161] - As of the end of the reporting period, the company and its subsidiaries held 54 software copyrights, with 10 new additions during the reporting period[162] - During the reporting period, the company had no new significant qualifications, but its Class II professional contracting qualification for building mechanical and electrical installation engineering was renewed[163] Key Operating Performance This section details the company's financial statement item changes, main business revenue and profit composition (by industry, product, region), major sales contract performance, and key customer and supplier information for the reporting period Main Business Analysis This section deeply analyzes the financial performance of the company's main businesses, including changes in revenue, costs, and gross profit margins and their reasons, detailing operating data by product and region, along with major sales contracts and customer/supplier information - Operating revenue increased by 31.59% year-on-year, mainly due to increased new contracts signed in the previous year; operating costs increased by 33.44% year-on-year, in line with revenue growth[166] - Financial expenses increased by 1132.59% year-on-year, primarily due to increased financial institution service fees and decreased interest income; net cash flow from investment activities decreased by 41.12%, mainly due to increased cash payments for the acquisition of fixed assets, intangible assets, etc.; net cash flow from financing activities decreased by 137.56%, mainly because bills paid in the previous year for leasing business were settled in the current period[166] Main Business by Product (January-June 2025) | Product Segment | Operating Revenue (billion yuan) | Year-on-Year Change in Operating Revenue (%) | Gross Profit Margin (%) | Year-on-Year Change in Gross Profit Margin (percentage points) | | :--- | :--- | :--- | :--- | :--- | | Material Handling System Engineering | 0.955 | 31.49 | 12.69 | -2.49 | | Thermal Engineering | 0.892 | 9.95 | 14.68 | 2.85 | | High-End Steel Structure Engineering | 1.303 | 21.90 | 15.15 | 0.07 | | Marine Engineering | 0.689 | 141.11 | 4.35 | 8.29 | | Hydrogen Energy Engineering | 0.013 | -56.16 | -149.46 | -229.56 | - Hydrogen energy engineering revenue decreased by 56.16% year-on-year, with costs increasing by 449.49%, mainly due to multiple hydrogen production projects in Damaoqi and Tieling entering the acceptance phase, leading to increased defect rectification costs[168] - As of the end of the reporting period, the company's total outstanding sales contracts amounted to 19.984 billion yuan, including 1.502 billion yuan for signed but not yet started projects, and 18.482 billion yuan for uncompleted portions of ongoing projects[179] - During the reporting period, sales to the top five customers amounted to 1.927 billion yuan, accounting for 49.96% of current operating revenue, of which related-party sales were 0.790 billion yuan, accounting for 20.47% of total current sales[185] - During the reporting period, purchases from the top five suppliers amounted to 0.705 billion yuan, accounting for 20.78% of current operating costs, with no related-party purchases[186] Changes in Non-Core Business Profit This section explains the composition and significant changes in non-core business profit during the reporting period, particularly the impact of investment income and asset impairment Non-Core Business Profit Composition (January-June 2025 vs. Same Period Last Year) | Item | Current Period Amount (yuan) | Growth Rate (%) | Proportion of Total Profit (%) | | :--- | :--- | :--- | :--- | | Non-Core Business | -11,335,694.46 | -143.04 | -17.27 | | Of which: Investment Income | -14,245.43 | 67.05 | -0.02 | | Asset Impairment | -21,425,774.71 | -237.48 | -32.65 | | Non-Operating Income and Expenses | -297,952.88 | -212.88 | -0.45 | | Other | 10,402,278.55 | -1.22 | 15.85 | - Non-core business profit was -11.3357 million yuan, a year-on-year decrease of 143.04%, accounting for -17.27% of total profit, mainly due to a significant increase in asset impairment losses[193] Asset and Liability Analysis This section analyzes the composition and changes in the company's period-end assets and liabilities, including monetary funds, receivables, inventories, contract assets, right-of-use assets, contract liabilities, and lease liabilities, also disclosing overseas and restricted assets Major Asset and Liability Changes (June 30, 2025 vs. End of Previous Year) | Item | Period-end Balance (yuan) | Proportion of Total Assets (%) | Change from Previous Year-end (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 1,247,216,509.75 | 11.34 | -51.24 | New projects executed, procurement payments increased from beginning of period | | Accounts Receivable | 2,681,661,417.17 | 24.38 | 24.56 | | | Inventories | 889,457,028.16 | 8.09 | 36.44 | New projects executed, raw materials and work-in-progress increased | | Contract Assets | 3,074,465,593.56 | 27.95 | 13.23 | | | Right-of-Use Assets | 121,038,392.09 | 1.10 | 112.66 | Lease contract renewal, increase in right-of-use assets | | Contract Liabilities | 1,129,794,599.32 | 10.27 | 80.87 | New contracts executed, project prepayments increased | | Lease Liabilities | 82,387,080.74 | 0.75 | 10,833.89 | Lease contract renewal, increase in lease liabilities | - Overseas assets totaled 7,786.01 yuan, accounting for 0.00% of total assets, mainly Indonesian Rupiah and US dollars in overseas bank accounts[195] - As of the end of the reporting period, the company and its subsidiaries had pledged or mortgaged assets totaling 59.0277 million yuan, including intangible assets of 8.6565 million yuan, monetary funds in the form of deposits of 26.7496 million yuan, and frozen funds of 23.6215 million yuan[197] Investment Status Analysis This section states that the company had no significant equity investments, non-equity investments, financial assets measured at fair value, securities investments, private equity fund investments, or derivative investments during the reporting period - During the reporting period, the company had no significant equity investments, non-equity investments, financial assets measured at fair value, securities investments, private equity fund investments, or derivative investments[198][199] Analysis of Major Holding and Participating Companies This section lists the basic information and financial data of the company's major holding and participating companies, detailing each subsidiary's business scope, qualifications, and market position Major Subsidiary Financial Data (January-June 2025) | Subsidiary Name | Registered Capital (yuan) | Total Assets (yuan) | Net Assets (yuan) | Operating Revenue (yuan) | Net Profit (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Caofeidian Heavy Industry | 412,000,000.00 | 1,826,817,402.71 | 458,976,472.63 | 497,154,061.12 | 12,032,886.93 | | Heavy Industry Machinery | 220,000,000.00 | 1,353,058,274.38 | 505,492,272.14 | 458,280,636.25 | 20,071,606.48 | | Wuhan Huadian | 100,000,000.00 | 1,115,561,166.55 | 412,649,051.47 | 593,213,669.76 | 26,057,390.90 | | Huadian Jinyuan | 50,000,000.00 | 581,241,308.29 | 134,429,642.51 | 227,773,469.66 | 15,002,526.75 | | Huadian Lankes | 80,000,000.00 | 130,074,319.59 | 76,669,638.79 | 28,047,986.70 | -6,009,526.28 | | General Hydrogen Energy | 43,461,904.76 | 180,979,903.19 | 178,853,915.48 | 1,221,248.63 | -9,536,597.07 | | Huadian Bayannur | 50,000,000.00 | 234,299,317.79 | 77,595,346.89 | 113,790,885.23 | 4,749,586.87 | | Huadian Offshore Wind O&M | 100,000,000.00 | 37,488,707.43 | 10,710,537.17 | 27,247,422.57 | 601,971.02 | - Caofeidian Heavy Industry's business covers large-scale port machinery, bulk material handling, green mining, offshore wind power, offshore photovoltaic, smart port machinery, and hydrogen energy equipment, possessing EPC capabilities and exporting products to multiple countries[202] - Heavy Industry Machinery engages in the design, manufacturing, and technical services for wind turbine towers, heavy steel structures, material handling equipment, hydrogen energy, energy storage, biomass energy, and environmental protection equipment, is a national high-tech enterprise, and has an annual production capacity for alkaline water electrolysis hydrogen production equipment[203] - Huadian Jinyuan serves national strategic development, enhancing equipment manufacturing, supporting, and professional contracting capabilities, building a major processing base for large-capacity, high-parameter unit power plant pipelines in China, maintaining the leading market share in pipeline prefabrication for 660 MW and above ultra-supercritical thermal power units in China[205][206] Other Disclosure Matters This section details potential risks such as customer concentration, gross margin fluctuations, accounts receivable recovery, related-party transactions, exchange rate volatility, and tariffs, outlining the company's mitigation measures, and reports on the progress of the 'Quality and Efficiency Improvement for Enhanced Returns' special action plan and disclosed announcements during the reporting period Potential Risks This section identifies and analyzes major operational risks, including customer concentration, gross margin fluctuations, accounts receivable recovery, related-party transactions, exchange rate volatility, and tariffs, proposing corresponding mitigation measures - Customer concentration risk: In January-June 2025, operating revenue from Huadian Group and its controlled enterprises accounted for 20.47%, and revenue from the top five group customers accounted for 49.96%. Mitigation measures: actively expand markets outside the group and strengthen major customer management[211][212] - Gross profit margin fluctuation risk: In January-June 2025, the company's comprehensive gross profit margin was 12.03%, a decrease of 1.23 percentage points compared to the same period last year. Mitigation measures: improve bidding, contract review, project planning, and project execution management, and reduce costs through technological innovation, design optimization, and supply chain integration[213] - Accounts receivable recovery risk: As of the end of the reporting period, accounts receivable balance was 2.682 billion yuan, an increase of 24.56% compared to the same period last year. Mitigation measures: promote accounts receivable collection and "two funds" reduction efforts to mitigate accounts receivable risk[214] - Related-party transaction risk: In January-June 2025, related-party sales revenue accounted for 20.47% of operating revenue, and related-party purchases accounted for 0.65% of operating costs. Mitigation measures: strictly implement company policies, perform necessary review and decision-making procedures, and fully leverage the roles of independent directors and the supervisory board[215][216] - Exchange rate fluctuation and tariff risk: A portion of overseas business is denominated in foreign currencies, and uncertainty in the RMB exchange rate against foreign currencies may lead to exchange losses; the US imposes additional tariffs on some Chinese goods. Mitigation measures: fully assess exchange rate risk during the bidding phase, seek supply chain diversification and accelerate domestic substitution, and strategically deploy in "Belt and Road" countries[217][218][219] Other Significant Disclosures This section details the latest progress of the company's 'Quality and Efficiency Improvement for Enhanced Returns' special action plan, covering core business development, technological innovation, governance mechanism improvement, key personnel accountability, and investor returns, and lists significant announcements disclosed during the reporting period - The "Quality and Efficiency Improvement for Enhanced Returns" special action plan is progressing smoothly: in the first half of the year, new sales contracts amounted to 7.123 billion yuan, total outstanding sales contracts were 19.984 billion yuan; operating revenue reached 3.858 billion yuan, a year-on-year increase of 31.59%; net profit attributable to shareholders of the listed company was 0.054 billion yuan, a year-on-year increase of 47.07%[220][221][223] - In terms of technological innovation, 98 new patents (including 48 invention patents) and 10 new software copyrights were obtained; significant progress was made in strategic emerging businesses such as hydrogen energy, new energy storage, marine engineering, and green smart ports, with multiple technological achievements and products receiving national-level recognition[224][225] - The company optimized its governance structure, improved its internal control system, and received a Wind ESG A-grade rating for two consecutive years; strengthened accountability for key personnel and improved performance appraisal and incentive mechanisms; actively conducted market value management, with the controlling shareholder increasing its stake in the company, implemented cash dividends for 8 consecutive years, and enhanced investor communication[226][227][228][229][230][231][232][233][234] - During the reporting period, the company disclosed 37 announcements, covering important matters such as changes in information disclosure media, major contracts, shareholder meeting resolutions, equity incentives, share increase plans, and profit distribution[235][236][237][238][239][240] Corporate Governance, Environment, and Society This section details changes in the company's directors, supervisors, and senior management, the semi-annual profit distribution plan, the implementation of equity incentive and employee stock ownership plans, environmental information disclosure, and efforts in consolidating poverty alleviation achievements and rural revitalization Changes in Directors, Supervisors, and Senior Management This section describes changes in the company's directors, supervisors, and senior management during the reporting period, including resignations and new elections - Vice Chairman Guo Shuwang resigned from his positions as company director, vice chairman, and relevant specialized committee roles due to job changes[242] - Zhou Yunshan was elected as a director and vice chairman of the company's Fifth Board of Directors[242] - Dong Haixiu was elected as a supervisor and chairman of the company's Fifth Supervisory Board, and Li Jun no longer serves as a company supervisor[242] Profit Distribution Plan This section explains the company's semi-annual profit distribution or capital reserve capitalization plan - The semi-annual profit distribution or capital reserve capitalization plan is not applicable for this period[243] Equity Incentive and Employee Incentive This section discloses the implementation progress of the company's equity incentive plan, including the repurchase and cancellation of restricted shares, and details of employee stock ownership plans and other incentive measures - During the reporting period, the company repurchased and canceled a total of 877,700 restricted shares held by 17 incentive recipients who were no longer employed by the company, in accordance with the restricted stock incentive plan[245][296] - Huadian Lankes Technology Co., Ltd. implemented an employee stock ownership plan, with Tianjin Lanhaichiyuan Enterprise Management Partnership (Limited Partnership) as the employee stock ownership platform subscribing 8 million yuan, accounting for 10%[246] - The company conducted the 2024 special contribution award application and evaluation, performed performance appraisals based on the "Annual Performance Target Responsibility Letter," and signed the 2025 performance target responsibility letters with department heads, establishing a performance-linked compensation mechanism[246][247] Environmental Information Disclosure This section lists the company's subsidiaries included in the environmental information disclosure enterprise list and provides query indexes for their environmental information disclosure reports - The company has 2 subsidiaries included in the list of enterprises required to disclose environmental information by law[248] - These include Huadian Caofeidian Heavy Industry Equipment Co., Ltd. and Wuhan Huadian Engineering Equipment Co., Ltd., whose environmental information disclosure reports can be found on the environmental information disclosure systems of Hebei Province and Hubei Province[248] Poverty Alleviation and Rural Revitalization This section reports on the company's investment, beneficiaries, and forms of assistance in consolidating poverty alleviation achievements and promoting rural revitalization - The company invested a total of 0.40 million yuan in poverty alleviation and rural revitalization projects, primarily for purchasing poverty alleviation products[249] - The form of assistance was consumption-based poverty alleviation, benefiting 4,126 people in Artux and Wuqia counties[249] Significant Matters This section details significant matters during the reporting period, including fulfillment of commitments, non-operating fund occupation by related parties, illegal guarantees, major litigations and arbitrations, integrity status, significant related-party transactions, and performance of major contracts Fulfillment of Commitments This section explains the fulfillment of commitments by the company's actual controller and controlling shareholder regarding avoiding horizontal competition, reducing and regulating related-party transactions, and discloses the progress of the controlling shareholder's share increase plan - Huadian Engineering (Huadian Heavy Industry Group) and Huadian Group have both issued non-competition commitment letters, pledging not to engage in businesses that compete with the company, and these commitments remain valid throughout their shareholding period[251][252] - Huadian Engineering (Huadian Heavy Industry Group) and Huadian Group have both issued commitment letters to reduce and regulate related-party transactions, pledging to reduce related-party transactions and conduct them on fair terms, strictly adhering to relevant regulations[251][252] - Controlling shareholder China Huadian Heavy Industries Group Co., Ltd. plans to increase its holdings of the company's A-shares by no less than 20 million yuan and no more than 40 million yuan within 6 months from April 16, 2025. As of June 30, 2025, it has increased its holdings by 3,887,300 shares, accounting for 0.33% of the company's total share capital[253] Non-Operating Fund Occupation by Related Parties This section explains the non-operating fund occupation by the company's controlling shareholder and other related parties during the reporting period - During the reporting period, there was no non-operating fund occupation by the company's controlling shareholder or other related parties[255] Illegal Guarantees This section explains the company's illegal guarantees during the reporting period - During the reporting period, the company did not provide external guarantees in violation of prescribed decision-making procedures[255] Major Litigations and Arbitrations This section discloses the total number and amounts involved in the company's litigations and arbitrations as of the end of the reporting period, stating that no major litigations or arbitrations occurred during the period - As of the end of the reporting period, the company had a total of 8 litigation and arbitration matters, involving a total amount of 58.6833 million yuan[256] - During the reporting period, the company had 6 litigation and arbitration matters, involving a total amount of 28.4761 million yuan, but no major litigation or arbitration matters occurred[256] Explanation of Integrity Status This section explains the integrity status of the company, its controlling shareholder, and actual controller during the reporting period - During the reporting period, the company, its controlling shareholder, and actual controller did not fail to comply with effective court judgments[257] - During the reporting period, the company, its controlling shareholder, and actual controller did not have any large outstanding debts that were due and unpaid[257] Significant Related-Party Transactions This section details significant related-party transactions in daily operations, financial services, and creditor-debtor relationships, including transaction amounts, pricing principles, and their impact on the company's financial position Related-Party Transactions in Daily Operations This section details daily operating related-party transactions with associated parties for purchasing goods/receiving services and selling goods/providing services, and explains the performance of financial service agreements - The company signed a financial services agreement with China Huadian Group Finance Co., Ltd., obtaining a comprehensive credit line of no more than 2.5 billion yuan. During the reporting period, the maximum daily deposit balance was 2.512 billion yuan, the average daily deposit balance was 1.636 billion yuan, and the credit line utilized was 0.398 billion yuan[259][279] - The company signed a financial channel product and service agreement with Huaxin International Trust Co., Ltd., with an annual transaction limit of 1.4 billion yuan. During the reporting period, 0.3995 billion yuan in service-type trusts and 0.3995 billion yuan in property trusts were accepted for establishment[260] - During the reporting period, the company's total related-party purchases amounted to 21.8957 million yuan, accounting for 0.65% of current operating costs, mainly including procurement of services and materials[215][262][263] - During the reporting period, the company's total related-party sales revenue amounted to 0.790 billion yuan, accounting for 20.47% of current operating revenue, primarily for industrial products sales[215][263][264][265][266][267] - The company's related-party transaction pricing generally refers to market prices and is conducted according to payment terms, with no differential treatment compared to similar transactions with non-related parties[267] Related-Party Creditor-Debtor Relationships This section lists the opening and closing balances and current period's transactions for creditor-debtor relationships with related parties, explaining their causes and impact on the company's operating results and financial position - As of the end of the reporting period, the company's period-end balance of funds provided to related parties was 1.47 billion yuan, and the period-end balance of funds provided by related parties to the listed company was 0.406 billion yuan[270][271][272][273][274][275][276][277][278] - The aforementioned related-party creditor-debtor relationships are all operating fund balances arising from daily related-party transactions, all within normal credit periods, and are regularly reconciled and promptly settled by the company[278] Performance of Major Contracts This section discloses the signing and performance of significant leasing, sales, and procurement contracts during the reporting period, and explains the balance of loan contracts Leasing Matters This section details the company's significant lease contracts as a lessee, including leased asset information, lease start and end dates, lease income, and whether they are related-party transactions - The company leases office space and server rooms from Huadian Heavy Industries Group Venture Capital Co., Ltd., with annual rents of 20.6809 million yuan and 21.1997 million yuan respectively[281][283] - The company's Shanghai branch leases office space from Shanghai Huabin Investment Co., Ltd., with an annual rent of 4.4420 million yuan[284] - The company's wholly-owned subsidiary, Caofeidian Heavy Industry, provides dock berthing services to Tangshan Caofeidian District Mingxin Logistics Co., Ltd., with actual settled rent of 1.28 million yuan during the reporting period[284] - The company also leases multiple talent public rental housing units, with total annual rent of approximately 1.15 million yuan[286] Other Major Contracts This section lists sales and procurement contracts exceeding 100 million yuan signed during the reporting period, and explains the loan contract situation - During the reporting period, 21 sales contracts exceeding 100 million yuan were signed, totaling approximately 3.08 billion yuan, involving direct air-cooling systems, steel structure platforms, wind turbine towers, photovoltaic power generation projects, etc[288][289] - During the reporting period, 8 procurement contracts exceeding 100 million yuan were signed, totaling approximately 0.196 billion yuan, mainly involving wave-dissipating facilities, P92 pipe materials, steel pipe pile fabrication and transportation, jacket fabrication and transportation, and grid steel platforms[290][291] - As of the end of the reporting period, the company's loan balance was 26 million yuan, with no single bank loan contract exceeding 100 million yuan, and no risk of overdue interest-bearing debt[292] Share Changes and Shareholder Information This section details the company's share capital changes during the reporting period, including the repurchase and cancellation of restricted shares, and as of period-end, the total number of shareholders, top ten shareholders' holdings, and changes in holdings of directors, supervisors, and senior management Share Capital Changes This section explains the company's share capital changes during the reporting period due to the repurchase and cancellation of restricted shares, including changes in total shares and restricted shares - During the reporting period, the company repurchased and canceled a total of 877,700 restricted shares held by 17 incentive recipients who were no longer employed by the company's restricted stock incentive plan[296] Share Changes (January-June 2025) | Item | Quantity Before Change (shares) | Increase/Decrease in This Change (shares) | Quantity After Change (shares) | | :--- | :--- | :--- | :--- | | I. Restricted Shares | 4,376,300 | -877,700 | 3,498,600 | | 3. Other Domestic Shares | 4,376,300 | -877,700 | 3,498,600 | | Domestic Natural Person Shares | 4,376,300 | -877,700 | 3,498,600 | | II. Unrestricted Tradable Shares | 1,162,223,700 | 0 | 1,162,223,700 | | 1. RMB Ordinary Shares | 1,162,223,700 | 0 | 1,162,223,700 | | III. Total Shares | 1,166,600,000 | -877,700 | 1,165,722,300 | Shareholder Information This section discloses the total number of common shareholders, holdings of the top ten shareholders and top ten unrestricted shareholders, and the restricted conditions for the top ten restricted shareholders as of the end of the reporting period - As of the end of the reporting period, the company had a total of 38,151 common shareholders[299] Top Ten Shareholders' Holdings (as of June 30, 2025) | Shareholder Name | Increase/Decrease During Reporting Period (shares) | Period-end Holding Quantity (shares) | Proportion (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | | China Huadian Heavy Industries Group Co., Ltd. | 3,887,300 | 733,007,656 | 62.88 | State-owned Legal Person | | Shi Wei | 10,320,000 | 25,900,000 | 2.22 | Domestic Natural Person | | Wang Tiansen | -1,000,000 | 17,000,000 | 1.46 | Domestic Natural Person | | Cai Fuyi | -160,000 | 16,500,000 | 1.42 | Domestic Natural Person | | Hong Kong Securities Clearing Company Limited | -626,818 | 6,629,962 | 0.57 | Other | - The holdings of the top ten unrestricted shareholders are largely consistent with the top ten shareholders, with China Huadian Heavy Industries Group Co., Ltd. holding 733,007,656 RMB ordinary shares[303] - The top ten restricted shareholders are all company employees who received shares through the company's restricted stock incentive plan[306] Changes in Holdings of Directors, Supervisors, and Senior Management This section discloses changes in the holdings of the company's directors, supervisors, and senior management during the reporting period, particularly those resulting from the repurchase and cancellation of restricted shares - Pi Yanfeng (Deputy Party Secretary, Director, General Manager) had his period-end shareholding change from 63,650 shares to 0 shares due to the repurchase and cancellation of restricted shares[308][309] - Qi Bingsheng (Party Committee Member, Deputy General Manager), Zhao Yingjiu (Party Committee Member, Chief Engineer), and Liu Yufei (Party Committee Member, Deputy General Manager) had no changes in their shareholdings[308] Bond-Related Information 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 - The company has no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[312] - The company has no convertible corporate bonds[312] Financial Report This section includes the company's unaudited consolidated and parent company financial statements, comprising the balance sheet, income statement, and cash flow statement, along with detailed information on the company's basic situation, significant accounting policies and estimates, taxation, notes to consolidated financial statement items, R&D expenses, changes in consolidation scope, interests in other entities, government grants, financial instrument risks, fair value disclosures, related parties and related-party transactions, share-based payments, commitments and contingencies, post-balance sheet events, and supplementary information Financial Statements This section presents the company's consolidated and parent company balance sheets as of June 30, 2025, and the consolidated and parent company income statements and cash flow statements for January-June 2025 - As of June 30, 2025, the company