四川能投发展(01713) - 2025 - 中期业绩

Report Overview This section outlines the company's unaudited interim results for the six months ended June 30, 2025, with comparative figures and audit committee review Company Information and Report Scope The company released its unaudited consolidated interim results for the six months ended June 30, 2025, reviewed by the audit committee, including 2024 comparative figures - Sichuan Energy Investment Development Co., Ltd. released its unaudited consolidated interim results report for the six months ended June 30, 2025[2] - The report includes comparative figures for the same period in 2024 and has been reviewed by the audit committee[2] Consolidated Financial Statements This section presents the company's consolidated financial statements, including the income statement and balance sheet, for the reporting period Consolidated Income Statement Operating revenue grew 10.9% to RMB 2.512 billion, with net profit increasing 6.0% to RMB 146 million and basic EPS at RMB 0.14 for the six months ended June 30, 2025 Consolidated Income Statement Key Data (For the six months ended June 30) | Metric | 2025 (RMB yuan) | 2024 (RMB yuan) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 2,511,827,271.15 | 2,264,588,613.72 | 10.9% | | Operating Cost | 2,196,558,527.18 | 1,966,133,179.39 | 11.7% | | Operating Profit | 175,308,453.29 | 170,536,432.93 | 2.8% | | Total Profit | 178,922,195.03 | 170,851,371.17 | 4.7% | | Net Profit | 145,965,262.61 | 137,758,617.43 | 6.0% | | Net Profit Attributable to Parent Company Shareholders | 145,307,314.02 | 137,799,706.39 | 5.4% | | Earnings Per Share (Basic and Diluted) | 0.14 | 0.13 | 7.7% | Consolidated Balance Sheet Total assets reached RMB 7.441 billion, up 1.08% from year-end 2024, with total liabilities at RMB 3.751 billion and equity attributable to parent company shareholders at RMB 3.619 billion as of June 30, 2025 Consolidated Balance Sheet Key Data (As of June 30, 2025) | Metric | June 30, 2025 (RMB yuan) | December 31, 2024 (RMB yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 7,440,900,030.43 | 7,361,549,780.96 | 1.08% | | Total Current Assets | 1,922,637,196.21 | 2,004,055,122.24 | -4.06% | | Total Non-current Assets | 5,518,262,834.22 | 5,357,494,658.72 | 3.00% | | Total Liabilities | 3,750,513,594.82 | 3,676,433,841.24 | 1.99% | | Total Current Liabilities | 2,273,172,710.28 | 2,225,967,988.63 | 2.12% | | Total Non-current Liabilities | 1,477,340,884.54 | 1,450,465,852.61 | 1.85% | | Total Equity Attributable to Parent Company Shareholders | 3,619,232,770.13 | 3,614,620,222.83 | 0.13% | | Total Shareholders' Equity | 3,690,386,435.61 | 3,685,115,939.72 | 0.14% | Notes to Financial Statements This section provides detailed explanations and breakdowns of the figures presented in the consolidated financial statements, including accounting policies and specific line items Basis of Preparation and Accounting Policies Financial statements are prepared on a going concern basis under Chinese Enterprise Accounting Standards, with sufficient liquidity despite current liabilities exceeding current assets, and no significant accounting policy changes - Financial statements are prepared on a going concern basis, in compliance with Chinese Enterprise Accounting Standards[9] - As of June 30, 2025, current liabilities exceeded current assets by RMB 350.5 million, but the Group has RMB 3.2388 billion in unutilized bank credit facilities and continuous net operating cash inflows, with the Board deeming funds sufficient[9] - The Group had no significant accounting policy changes impacting performance and financial position in the current accounting period, nor did it adopt any new standards or interpretations not yet in effect[10] Operating Revenue Details Total operating revenue reached RMB 2.512 billion in H1 2025, predominantly from main business, with RMB 2.280 billion from power supply contracts and RMB 226 million from power installation engineering contracts Operating Revenue Composition (For the six months ended June 30) | Item | 2025 (RMB yuan) | 2024 (RMB yuan) | | :--- | :--- | :--- | | Main Business Revenue | 2,510,672,458.32 | 2,263,529,365.84 | | Other Business Revenue | 1,154,812.83 | 1,059,247.88 | | Total | 2,511,827,271.15 | 2,264,588,613.72 | Revenue from Contracts by Type (For the six months ended June 30) | Contract Type | 2025 (RMB yuan) | 2024 (RMB yuan) | | :--- | :--- | :--- | | Power Supply Contracts | 2,280,109,279.04 | 2,082,428,793.14 | | Power Installation Engineering Contracts | 226,340,749.55 | 176,083,942.32 | | Others | 5,377,242.56 | 6,075,878.26 | | Total | 2,511,827,271.15 | 2,264,588,613.72 | Taxes and Surcharges Total taxes and surcharges increased to RMB 10.14 million in H1 2025 from RMB 8.67 million in H1 2024, mainly due to higher urban construction tax and other levies Taxes and Surcharges (For the six months ended June 30) | Item | 2025 (RMB yuan) | 2024 (RMB yuan) | | :--- | :--- | :--- | | Urban Construction Tax | 2,296,724.40 | 2,177,761.43 | | Education Surcharge | 909,058.70 | 1,041,914.50 | | Property Tax | 2,192,331.82 | 2,292,774.88 | | Others | 4,745,112.75 | 3,160,642.41 | | Total | 10,143,227.67 | 8,673,093.22 | Finance Costs Finance costs surged 91.0% to RMB 12.65 million in H1 2025, driven by higher interest expenses on loans and payables, despite reduced deposit interest income Finance Costs (For the six months ended June 30) | Item | 2025 (RMB yuan) | 2024 (RMB yuan) | | :--- | :--- | :--- | | Interest Expense on Loans and Payables | 12,306,553.93 | 7,190,291.17 | | Interest Expense on Lease Liabilities | 158,541.17 | 135,668.96 | | Interest Income from Deposits | (1,345,053.92) | (1,854,374.43) | | Exchange Loss / (Gain) | 96,513.68 | 174,562.83 | | Other Finance Costs | 1,433,977.80 | 977,898.17 | | Total | 12,650,532.66 | 6,624,046.70 | Investment Income and Credit/Asset Impairment Investment losses remained stable, primarily from associates, while credit impairment losses increased due to other receivables, and asset impairment gains significantly decreased in H1 2025 Investment Income and Credit/Asset Impairment (For the six months ended June 30) | Item | 2025 (RMB yuan) | 2024 (RMB yuan) | | :--- | :--- | :--- | | Investment Income / (Loss) | (6,890,650.78) | (6,932,068.91) | | Credit Impairment Loss / (Gain) | (2,868,342.78) | (2,243,887.01) | | Asset Impairment Loss / (Gain) | 31,724.74 | 1,548,547.24 | - Investment losses primarily stemmed from equity method losses on associates, largely flat year-on-year[15] - Credit impairment losses increased, primarily due to impairment losses on other receivables shifting from gain to loss[15] - Asset impairment gains significantly decreased from RMB 1.5485 million to RMB 31.7 thousand[16] Non-operating Income and Expenses and Income Tax Non-operating income significantly grew due to increased government grants, while non-operating expenses slightly rose, and income tax expense remained stable with a slightly lower effective tax rate in H1 2025 Non-operating Income and Expenses (For the six months ended June 30) | Item | 2025 (RMB yuan) | 2024 (RMB yuan) | | :--- | :--- | :--- | | Total Non-operating Income | 4,730,447.72 | 1,266,588.65 | | Of which: Government Grants | 4,125,828.17 | 165,311.92 | | Total Non-operating Expenses | 1,116,705.98 | 951,650.41 | Income Tax Expense (For the six months ended June 30) | Item | 2025 (RMB yuan) | 2024 (RMB yuan) | | :--- | :--- | :--- | | Current Year Income Tax | 32,993,512.81 | 31,716,360.35 | | Change in Deferred Income Tax | (36,580.39) | 1,376,393.39 | | Total | 32,956,932.42 | 33,092,753.74 | - A substantial increase in government grants was the primary reason for the growth in non-operating income[19] Earnings Per Share and Dividends Basic and diluted EPS increased to RMB 0.14 in H1 2025 from RMB 0.13 in H1 2024, with no interim dividend recommended, but a RMB 0.14/share final dividend paid for the prior fiscal year Earnings Per Share (For the six months ended June 30) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Basic and Diluted Earnings Per Share (RMB yuan) | 0.14 | 0.13 | - No interim dividend was declared for the six months ended June 30, 2025[20] - The final dividend paid for the previous fiscal year was RMB 0.14 per share (2024: RMB 0.13 per share)[21] Accounts Receivable and Inventories Accounts receivable decreased 13.6% to RMB 766 million due to improved collection, and inventories decreased 13.7% to RMB 55.75 million due to enhanced efficiency as of June 30, 2025 Accounts Receivable (As of June 30, 2025) | Item | June 30, 2025 (RMB yuan) | December 31, 2024 (RMB yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Total Accounts Receivable | 766,474,771.15 | 887,571,798.18 | -13.6% | | Allowance for Doubtful Accounts | 173,555,769.33 | 172,445,554.89 | 0.64% | Inventories (As of June 30, 2025) | Inventory Type | June 30, 2025 (RMB yuan) | December 31, 2024 (RMB yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Raw Materials | 52,803,733.27 | 64,538,234.26 | -18.18% | | Low-value Consumables | 2,942,321.57 | 93,736.30 | 3049.5% | | Total | 55,746,054.84 | 64,631,970.56 | -13.75% | - Accounts receivable decreased primarily due to strengthened collection management[63] - Inventories decreased primarily due to strengthened management and improved inventory utilization efficiency[62] Fixed Assets and Bills/Accounts Payable Fixed assets carrying value slightly decreased to RMB 4.251 billion, while bills payable included a new RMB 150 million letter of credit, and accounts payable decreased 30.9% to RMB 782 million due to payments as of June 30, 2025 Carrying Value of Fixed Assets (As of June 30, 2025) | Item | June 30, 2025 (RMB yuan) | December 31, 2024 (RMB yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Buildings and Structures | 926,989,676.58 | 938,070,837.52 | -1.18% | | Machinery and Equipment | 3,199,471,598.99 | 3,183,386,795.77 | 0.50% | | Transportation Vehicles | 19,585,764.51 | 19,600,543.89 | -0.07% | | Office and Other Equipment | 104,931,324.19 | 113,829,552.13 | -7.79% | | Total | 4,250,978,364.27 | 4,254,887,729.31 | -0.09% | Bills and Accounts Payable (As of June 30, 2025) | Item | June 30, 2025 (RMB yuan) | December 31, 2024 (RMB yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Bills Payable (Letter of Credit) | 150,000,000.00 | — | N/A | | Accounts Payable | 782,130,921.50 | 1,131,408,083.90 | -30.9% | - Accounts payable decreased primarily due to reduced electricity fees payable to suppliers and concentrated payments for engineering and material costs before the Spring Festival[64] Management Discussion and Analysis This section provides management's perspective on the company's operational performance, financial condition, and strategic outlook for the reporting period Business Review The company, a vertically integrated power supplier in Yibin, saw H1 2025 operating revenue grow 10.9%, but a new resident off-peak electricity price policy effective September 1 is projected to reduce 2025 revenue by RMB 35-45 million - The company is a vertically integrated power supplier in Yibin City, Sichuan Province, with businesses including power generation, distribution and sales, and power engineering construction services[25] - From September 1, 2025, residential users will implement an off-peak electricity price policy, projected to reduce 2025 operating revenue by RMB 35 million to RMB 45 million[26] - As of June 30, 2025, the company owned and operated 6 hydropower stations (total installed capacity of 127,030 kilowatts) and multiple substations[28] Overview The company, a vertically integrated power supplier, achieved 10.9% revenue growth and 6.0% net profit growth in H1 2025, with a new off-peak electricity price policy expected to impact future revenue - The company is a vertically integrated power supplier in Yibin City, Sichuan Province, with businesses covering power generation, distribution and sales, and power engineering construction services[25] H1 2025 Key Financial Metrics (Year-on-Year Growth) | Metric | H1 2025 | Y-o-Y Growth | | :--- | :--- | :--- | | Operating Revenue | RMB 2,511.8 million | 10.9% | | Total Profit | RMB 178.9 million | 4.7% | | Net Profit | RMB 146.0 million | 6.0% | | Net Profit Attributable to Parent Company Shareholders | RMB 145.3 million | 5.4% | - From September 1, 2025, resident users will implement an off-peak electricity price policy, projected to reduce 2025 operating revenue by RMB 35.0 million to RMB 45.0 million[26] Operating Performance Analysis Total operating revenue grew 10.9% in H1 2025, but rising costs led to a 0.6 percentage point drop in gross profit margin to 12.6%, with general power supply and engineering services growing, while incremental power transmission declined Operating Performance by Business Segment (For the six months ended June 30) | Business | 2025 Operating Revenue (RMB yuan) | 2024 Operating Revenue (RMB yuan) | Operating Revenue Change (%) | 2025 Gross Profit Margin (%) | 2024 Gross Profit Margin (%) | Gross Profit Margin Change (percentage points) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | General Power Supply Business | 2,141,012,171.75 | 1,929,812,253.14 | 10.9% | 12.3 | 13.3 | (1.0) | | Incremental Power Transmission and Distribution Business | 139,097,107.29 | 152,616,540.00 | (8.9%) | 5.6 | 5.6 | (0.03) | | Power Engineering Construction Services and Related Businesses | 231,717,992.11 | 182,159,820.58 | 27.2% | 18.8 | 17.8 | 1.0 | | Total | 2,511,827,271.15 | 2,264,588,613.72 | 10.9% | 12.6 | 13.2 | (0.6) | Revenue Composition by Business Segment General power supply, the main revenue source, grew 12.1% in sales volume, while incremental power transmission revenue decreased 8.9%, and power engineering services revenue increased 27.2% General Power Supply Business Revenue Details (For the six months ended June 30) | Customer Category | 2025 Electricity Sales (MWh) | 2025 Operating Revenue (RMB yuan) | 2024 Electricity Sales (MWh) | 2024 Operating Revenue (RMB yuan) | Electricity Sales Change (%) | Operating Revenue Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Household | 864,243.45 | 463,264,859.37 | 778,258.97 | 415,543,531.82 | 11.0 | 11.5 | | General Commercial and Industrial | 518,261.87 | 329,947,675.14 | 507,993.03 | 324,431,841.29 | 2.0 | 1.7 | | Large Industrial | 2,667,109.96 | 1,306,233,016.07 | 2,320,424.69 | 1,151,782,231.21 | 14.9 | 13.4 | | State Grid | 7,650.50 | 1,350,122.94 | 10,869.32 | 1,361,906.59 | (29.6) | (0.9) | | Others | 89,204.58 | 40,216,498.23 | 82,571.75 | 36,692,742.23 | 8.0 | 9.6 | | Total | 4,146,470.35 | 2,141,012,171.75 | 3,700,117.76 | 1,929,812,253.14 | 12.1 | 10.9 | - General power supply business accounted for 85.2% of total operating revenue, serving as the primary revenue source[32] - Incremental power transmission and distribution business revenue decreased by 8.9%, accounting for 5.5% of total revenue[33] - Power engineering construction services and related businesses revenue increased by 27.2%, accounting for 9.2% of total revenue[34] Operating Highlights and Strategic Progress The Group achieved significant progress in grid infrastructure, green industry development, safety production, reform and innovation, and Party building, securing special national debt funds for grid upgrades and enhancing operational efficiency - Grid infrastructure continued to be strengthened, advancing multiple 110 kV line and substation new construction and technical upgrade projects, improving regional grid structure and enhancing power supply capacity[35] - Green industry flourished, with 3 distributed photovoltaic projects and 2 energy storage projects completed, a zero-carbon smart microgrid showcased, and the 'Zero-Carbon Smart Substation Evaluation Standard' released[35] - Safety production remained stable, with 22,191 kilometers of lines inspected, 1,315 hazards rectified, and RMB 1.5973 million invested in rectification[36] - Reform effectiveness gradually released, rated as an AAA-level credit enterprise and 'Tianfu Comprehensive Reform Excellent Enterprise', with a technology talent remuneration incentive scheme formulated and 945 core key talents identified[38] - Successfully applied for the 'Yibin City 2025 Distribution Network Equipment Upgrade Project', approved for ultra-long-term special national debt funds of RMB 29.7444 million[38] - Party building leadership continued to be strengthened, with deep integration of Party building and business, and the management team refined Party Committee decisions into 129 operational tasks[39] Financial Performance Analysis H1 2025 saw 10.9% revenue growth, but gross margin declined to 12.6% due to rising costs, while finance costs surged 91.0%; net profit grew 6.0%, and the debt-to-capital ratio increased to 30.2% - Operating revenue increased by 10.9% to RMB 2.5118 billion, primarily driven by the increased scale of general power supply business and power engineering construction services[41] - Operating costs increased by 11.7% to RMB 2.1966 billion, consistent with the expanded business scale[45] - Gross profit margin decreased from 13.2% to 12.6%, primarily due to general power supply business requiring procurement from higher-priced suppliers[49][52] - Finance costs significantly increased by 91.0% to RMB 12.65 million, primarily due to increased interest expenses resulting from a larger average loan scale[55] - Net profit increased by 6.0% to RMB 146 million[58] - Construction in progress increased, primarily due to new grid construction projects added in H1 2025[59] - Inventories and accounts receivable decreased by 13.7% and 13.6% respectively, reflecting improved management efficiency[62][63] - Accounts payable decreased by 30.9%, primarily due to payments for electricity and engineering projects[64] - The debt-to-capital ratio increased from 18.8% at year-end 2024 to 30.2% as of June 30, 2025[67] Analysis of Key Income Statement Items Total operating revenue grew 10.9%, driven by core businesses, while operating costs rose 11.7%, leading to a 0.6 percentage point drop in gross margin; finance costs surged 91.0%, and net profit increased 6.0% Operating Revenue Segment Growth (For the six months ended June 30) | Business | 2025 Revenue (RMB yuan) | 2024 Revenue (RMB yuan) | Growth Rate (%) | | :--- | :--- | :--- | :--- | | General Power Supply Business | 2,141,012,171.75 | 1,929,812,253.14 | 10.9% | | Incremental Power Transmission and Distribution Business | 139,097,107.29 | 152,616,540.00 | -8.9% | | Power Engineering Construction Services and Related Businesses | 231,717,992.11 | 182,159,820.58 | 27.2% | - General power supply business revenue increased by 10.9%, primarily due to an increase in large industrial and general commercial and industrial customers, and a 356,954.11 MWh increase in electricity sales[42] - Incremental power transmission and distribution business revenue decreased by 8.9%, primarily due to a reduction in business scale[43] - Power engineering construction services and related businesses revenue increased by 27.2%, primarily due to an increase in business scale[44] - General power supply business gross profit margin decreased by 1 percentage point to 12.3%, as the increased scale required procurement from higher-priced suppliers[52] - Power engineering construction services and related businesses gross profit margin increased by 1 percentage point to 18.8%, due to expanded business scale and settlement of higher-margin projects[54] - Investment losses from associates remained largely flat year-on-year, primarily impacted by losses from an associate in the new energy sector[56] Analysis of Key Balance Sheet Items Fixed assets, construction in progress, and right-of-use assets collectively increased due to new grid projects; intangible assets grew 2.8%; inventories and accounts receivable decreased 13.7% and 13.6% respectively, and accounts payable decreased 30.9% due to payments Fixed Assets, Construction in Progress, and Right-of-Use Assets (As of June 30, 2025) | Item | June 30, 2025 (RMB yuan) | December 31, 2024 (RMB yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Fixed Assets | 4,250,978,364.27 | 4,254,887,729.31 | -0.09% | | Construction in Progress | 620,377,002.35 | 458,196,521.73 | 35.39% | | Right-of-Use Assets | 8,068,844.01 | 8,059,476.63 | 0.12% | | Total | 4,879,424,210.63 | 4,721,143,727.67 | 3.35% | - Total fixed assets, construction in progress, and right-of-use assets increased, primarily due to new grid construction projects added in H1 2025[59] - Intangible assets increased by 2.8% to RMB 216.7 million, primarily due to new cybersecurity protection and other software[60] - Average inventory turnover days decreased from 7.7 days to 4.9 days, and average accounts payable turnover days increased from 68.6 days to 78.4 days[62][65] Liquidity and Financial Resources As of June 30, 2025, cash and cash equivalents were RMB 607 million, total borrowings were RMB 1.116 billion, and the debt-to-capital ratio increased to 30.2%, indicating higher debt levels Liquidity and Borrowings (As of June 30, 2025) | Item | June 30, 2025 (RMB yuan) | December 31, 2024 (RMB yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 606,700,000.00 | 553,900,000.00 | 9.53% | | Total Borrowings | 1,115,700,000.00 | 692,600,000.00 | 61.09% | | Short-term Borrowings | 185,000,240.00 | 100,000,000.00 | 85.00% | | Letters of Credit (Bills Payable) | 150,000,000.00 | — | N/A | | Long-term Borrowings | 768,400,000.00 | 557,440,000.00 | 37.84% | - The debt-to-capital ratio increased from 18.8% at December 31, 2024, to 30.2% as of June 30, 2025[67] Other Financial and Operating Information The company has RMB 192 million in capital commitments for grid construction, no asset pledges or major transactions, 2,631 employees with RMB 246.4 million in staff costs, and the Board recommended no interim dividend Outstanding Capital Commitments (As of June 30, 2025) | Item | June 30, 2025 (RMB yuan) | December 31, 2024 (RMB yuan) | | :--- | :--- | :--- | | Contracted | 192,020,613.80 | 249,937,305.28 | - As of June 30, 2025, the company had 2,631 employees, with staff costs of approximately RMB 246.4 million[72] - The company is committed to achieving employee diversity goals and implements a remuneration distribution mechanism linked to operating performance[72][73] - There were no significant labor disputes, share option schemes, contingent liabilities, or major investments/acquisitions/disposals during the reporting period[74][75][76][77] - The Board recommended not to declare any interim dividend for the six months ended June 30, 2025[78] Capital Operations and Future Outlook This section details the utilization of global offering proceeds, future investment plans, post-reporting period events, and the company's strategic outlook Use of Proceeds from Global Offering Of the RMB 380.5 million net proceeds from the global offering, RMB 342 million was utilized, with the remaining RMB 38.565 million reallocated to working capital for enhanced financial stability - Net proceeds from the global offering were approximately RMB 380.5 million, with approximately RMB 342 million utilized as of June 30, 2025[79] Changes in Use of Net Proceeds from Global Offering (As of June 30, 2025) | Purpose | Amount Planned in Prospectus (RMB thousand) | Unutilized as of January 1, 2025 (RMB thousand) | Revised Allocation (RMB thousand) | Utilized During Reporting Period (RMB thousand) | Unutilized as of June 30, 2025 (RMB thousand) | Updated Expected Completion Time for Remaining Balance | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Acquisition of Power-related Assets | 152,193 | 36,993 | — | — | — | N/A | | Working Capital | 38,048 | 1,572 | 38,565 | 79 | 38,486 | Before December 31, 2025 | | Total | 380,483 | 38,565 | 38,565 | 79 | 38,486 | | - The remaining net proceeds originally designated for acquiring power-related assets have been reallocated to supplement the Group's working capital[79] Future Investments and Capital Plans The company plans to accelerate high-voltage grid construction, investing approximately RMB 297 million in 110 kV line and substation projects, funded by 30% capital and 70% bank loans, targeting completion by February 2026 - The company plans to accelerate high-voltage grid construction, including the State Grid Qiuling to Huanyang, Ziyan to Fuxing 110 kV line projects, and Pingshan County Furong 110 kV transmission and transformation project[81] - Total investment is approximately RMB 297 million, with funding from 30% capital and 70% bank loans[81] - The projects aim for substantial completion by the end of February 2026, to enhance regional grid power supply assurance, operating efficiency, and service levels[81] Material Events After Reporting Period No material events affected the Group after the reporting period, except for the resident off-peak electricity price policy implemented from September 1, 2025 - After the reporting period, from September 1, 2025, residential electricity consumption in the Group's supply area will implement an off-peak electricity price policy[82] - Except for the off-peak electricity price policy, there were no other material events affecting the Group and its subsidiaries[82] Strategic Outlook In H2 2025, the Group will focus on core business, strengthening development foundations by enhancing supply assurance, transmission, operational capabilities, and green energy industry, while also reinforcing safety management and modern governance - Key tasks for H2 2025 include focusing on core business, maintaining safety bottom lines, enhancing modern governance, and striving for stable operating performance[83] - Strengthening development foundation includes enhancing supply assurance (full hydropower, natural gas, green energy), transmission capacity (grid infrastructure), operational capabilities (refinancing, M&A), development capabilities (distributed PV, storage), and service capabilities (customer satisfaction)[83][84] - Strengthening safety management involves strictly controlling grid safety (substation pre-testing, hazard investigation), closely monitoring project safety (tripartite responsibilities, quality control), and enhancing inherent safety (personnel training, emergency drills)[85] - Enhancing modern governance includes improving governance mechanisms (optimizing rules, strengthening committees), strengthening compliance management ('grand risk control'), deepening lean management (cost reduction, asset revitalization), and scientifically formulating plans ('15th Five-Year' strategy)[86] - Party building leadership and assurance involves deepening theoretical armament, advancing 'Party Building+' projects, forging a first-class team (talent梯隊 in scarce areas), and fostering a clean and upright ecosystem (integrity risk supervision)[87][88] Corporate Governance and Compliance This section outlines the company's adherence to corporate governance codes and securities trading standards, as well as public shareholding requirements Corporate Governance and Securities Trading The company complied with Listing Rules' Corporate Governance Code and Standard Code for securities trading, with no purchases, sales, or redemptions of listed securities by the company or its subsidiaries during the period - The company complied with all code provisions of Appendix C1 Part 2 of the Listing Rules' Corporate Governance Code during the reporting period[89] - Directors and supervisors complied with the required standards for securities transactions in the Standard Code contained in Appendix C3 of the Listing Rules[90] - Neither the company nor any of its subsidiaries purchased, sold, or redeemed any listed securities of the company during the six months ended June 30, 2025[91] Public Float and Report Publication As of June 30, 2025, the company maintained the minimum public float required by Listing Rules, with this interim results announcement published on the HKEX and company websites - As of June 30, 2025, the company maintained the minimum public float required by the Listing Rules[92] - This interim results announcement has been published on the HKEX website (www.hkexnews.com.hk) and the company's website (www.scntgf.com)[93](index=93&type=chunk) Appendix This section provides supplementary information, including definitions of key terms and a list of the company's Board members Definitions This section provides definitions of key terms and abbreviations used in the report to ensure consistent understanding of its content - This section provides definitions of key terms and abbreviations used in the report, such as 'Annual General Meeting', 'Corporate Governance Code', 'H Shares', 'RMB', etc[94][95][96][97] Board Members This section lists the company's Board members as of the announcement date, including executive, non-executive, and independent non-executive directors - As of the announcement date, the company's executive directors are Mr. He Jing, Mr. Wang Yuanchun, and Ms. Xie Peixi[98] - Non-executive directors are Mr. Yao Gengsheng, Ms. Xie Beidi, Mr. Gao Bin, Mr. Kong Ce, and Mr. Xia Long[98] - Independent non-executive directors are Mr. Xiao Zhixiong, Mr. Chen Chuan, Mr. Mou Yingshi, Professor Li Jian, and Ms. He Yin[98]