嘉泽新能(601619) - 2025 Q2 - 季度财报

Section I Definitions This section defines common terms and industry-specific terminology for accurate report understanding Definitions of Common Terms Key terms and power industry units are defined to ensure precise interpretation of the report content - Reporting period is defined as January 1, 2025, to June 30, 2025[14] - Power unit conversion: 1 MW = 1,000 kW, 1 GW = 1,000 MW; Energy unit conversion: 1 MWh = 1,000 kWh[14] - MWp specifically refers to the peak power of photovoltaic power stations, representing maximum power under certain conditions, not actual operating power[14] Section II Company Profile and Key Financial Indicators This section outlines the company's basic information and presents key financial performance indicators I. Company Information Basic registration details, including company name, abbreviation, and legal representative, are provided - Company Chinese name is 嘉泽新能源股份有限公司 (Jiaze New Energy Co., Ltd.), abbreviated as 嘉泽新能 (Jiaze New Energy)[16] - Company legal representative is Chen Bo[16] II. Contact Person and Information Contact details for the Board Secretary and Securities Affairs Representative are listed - Board Secretary is Yang Ning, Securities Affairs Representative is Liu Weisheng[17] - Company contact address is Building 68, D Zone, Greenland 21 City Enterprise Park, No. 1 Xingshui Road, Xingqing District, Yinchuan City, Ningxia Hui Autonomous Region[17] III. Brief Introduction to Changes in Basic Information Updates on the company's registered address, office address, website, and email are presented - Company registered address is Ya'aizi, Dahe Township, Hongsibao District, Ningxia Hui Autonomous Region, office address is Building 68, D Zone, Greenland 21 City Enterprise Park, No. 1 Xingshui Road, Xingqing District, Yinchuan City, Ningxia Hui Autonomous Region[18] - Company website is **https://jzne.net.cn/**[18](index=18&type=chunk) IV. Brief Introduction to Changes in Information Disclosure and Document Custody Locations Designated channels for information disclosure and report custody locations are specified - Company designated information disclosure newspapers include Securities Daily, Securities Times, China Securities Journal, and Shanghai Securities News[19] - Semi-annual report is published on the **Shanghai Stock Exchange website (http://www.sse.com.cn/)**[19](index=19&type=chunk) V. Company Stock Profile Information on the company's stock listing exchange, abbreviation, and code is provided - Company A-shares are listed on the Shanghai Stock Exchange, stock abbreviation is Jiaze New Energy, stock code is 601619[20] VII. Key Accounting Data and Financial Indicators Key accounting data and financial indicators for the current and prior periods are presented Main Accounting Data (Jan-Jun 2025 vs. Same Period Last Year) | Indicator | Current Period (Jan-Jun) (CNY) | Prior Year Same Period (CNY) | Period-on-Period Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,310,278,977.57 | 1,237,597,909.37 | 5.87 | | Total Profit | 524,334,348.68 | 468,807,198.69 | 11.84 | | Net Profit Attributable to Parent Company Shareholders | 459,746,451.22 | 411,990,689.55 | 11.59 | | Net Profit Attributable to Parent Company Shareholders After Non-Recurring Gains/Losses | 461,083,827.95 | 409,972,754.18 | 12.47 | | Net Cash Flow from Operating Activities | 654,081,758.98 | 575,342,300.97 | 13.69 | | Indicator | Current Period End (CNY) | Prior Year End (CNY) | Year-on-Year Change (%) | | Net Assets Attributable to Parent Company Shareholders | 6,759,343,922.95 | 6,896,284,951.75 | -1.99 | | Total Assets | 22,643,389,737.12 | 22,224,594,513.25 | 1.88 | Main Financial Indicators (Jan-Jun 2025 vs. Same Period Last Year) | Indicator | Current Period (Jan-Jun) (CNY/share) | Prior Year Same Period (CNY/share) | Period-on-Period Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share | 0.19 | 0.17 | 11.76 | | Diluted Earnings Per Share | 0.18 | 0.17 | 5.88 | | Basic Earnings Per Share After Non-Recurring Gains/Losses | 0.19 | 0.17 | 11.76 | | Weighted Average Return on Net Assets (%) | 6.58 | 6.11 | Increase of 0.47 percentage points | | Weighted Average Return on Net Assets After Non-Recurring Gains/Losses (%) | 6.60 | 6.08 | Increase of 0.52 percentage points | (I) Key Accounting Data Operating revenue, net profit, and operating cash flow show growth, while net assets slightly decreased Main Accounting Data Overview | Indicator | Current Period (Jan-Jun) (CNY) | Prior Year Same Period (CNY) | Period-on-Period Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,310,278,977.57 | 1,237,597,909.37 | 5.87 | | Net Profit Attributable to Parent Company Shareholders | 459,746,451.22 | 411,990,689.55 | 11.59 | | Net Cash Flow from Operating Activities | 654,081,758.98 | 575,342,300.97 | 13.69 | | Total Assets (Period-End) | 22,643,389,737.12 | 22,224,594,513.25 | 1.88 | | Net Assets Attributable to Parent Company Shareholders (Period-End) | 6,759,343,922.95 | 6,896,284,951.75 | -1.99 | (II) Key Financial Indicators Earnings per share and return on net assets improved, indicating enhanced profitability Main Financial Indicators Overview | Indicator | Current Period (Jan-Jun) (CNY/share) | Prior Year Same Period (CNY/share) | Period-on-Period Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share | 0.19 | 0.17 | 11.76 | | Diluted Earnings Per Share | 0.18 | 0.17 | 5.88 | | Weighted Average Return on Net Assets (%) | 6.58 | 6.11 | Increase of 0.47 percentage points | | Weighted Average Return on Net Assets After Non-Recurring Gains/Losses (%) | 6.60 | 6.08 | Increase of 0.52 percentage points | IX. Non-Recurring Gains and Losses Items and Amounts Non-recurring gains and losses for the period totaled negative CNY 1.34 million, influenced by asset disposal and non-operating items Non-Recurring Gains and Losses Items and Amounts | Non-Recurring Gains and Losses Item | Amount (CNY) | | :--- | :--- | | Disposal gains/losses of non-current assets | -593,337.78 | | Gains/losses from fair value changes and disposal of financial assets and liabilities | 495,165.17 | | Gains from acquisition of subsidiaries, associates, and joint ventures where investment cost is less than fair value of identifiable net assets | 3,800.00 | | Other non-operating income and expenses | -1,154,480.21 | | Less: Income tax impact | 74,274.79 | | Minority interest impact (after tax) | 14,249.12 | | Total | -1,337,376.73 | Section III Management Discussion and Analysis This section discusses the company's industry, business operations, core competencies, and key financial performance I. Industry and Main Business Overview for the Reporting Period The new energy industry shows rapid growth, and the company's diversified business model covers power station development, O&M, and industrial parks - H1 national renewable energy new installed capacity was 268 million kW, a 99.3% year-on-year increase, accounting for 91.5% of new installed capacity[27] - As of the end of June, national renewable energy installed capacity reached 2.159 billion kW, a 30.6% year-on-year increase, accounting for 59.2% of total installed capacity[27] - Company's main business covers new energy power station development-construction-operation-sale, new energy power station O&M services, rooftop distributed PV, new energy industrial funds, and new energy equipment manufacturing industrial park construction[30][31][33][34][35] (I) Industry Overview China's new energy sector experienced rapid growth in H1 2025, with renewable energy dominating new installed capacity H1 2025 Renewable Energy New Installed Capacity | Energy Type | New Installed Capacity (10,000 kW) | Year-on-Year Growth (%) | | :--- | :--- | :--- | | Total | 26,800 | 99.3 | | Hydropower | 393 | - | | Wind Power | 5,139 | - | | Solar Power | 21,200 | - | | Biomass Power | 71 | - | Renewable Energy Cumulative Installed Capacity as of End of June 2025 | Energy Type | Cumulative Installed Capacity (100 million kW) | Year-on-Year Growth (%) | | :--- | :--- | :--- | | Total | 21.59 | 30.6 | | Hydropower | 4.4 | - | | Wind Power | 5.73 | 22.7 | | Solar Power | 11 | 54.1 | | Biomass Power | 0.47 | - | - H1 national renewable energy generation reached 1,799.3 billion kWh, a 15.6% year-on-year increase, accounting for 39.7% of total generation[28] (II) Main Business Operations The company's core business spans new energy power station lifecycle management, distributed PV, and industrial park development - Company new energy power station business adopts a "rolling development" model, achieving profitability and asset optimization through development, construction, operation, and sale[30] - New energy power station O&M services provide production O&M, power trading, green power trading, carbon asset trading, and integrated energy management, enhancing asset operational efficiency and revenue[31][32] - Rooftop distributed PV business focuses on a "self-generation, self-consumption, and surplus power grid connection" model, primarily targeting industrial and commercial sectors in economically developed central and eastern regions[33] - New energy industrial funds activate assets and generate incremental revenue for power generation asset management through joint development, project reserves, or sale of existing power stations[34] - New energy equipment manufacturing industrial park construction collaborates with leading enterprises like CRRC and Goldwind, forming upstream and downstream linkages in the green power industry chain, promoting efficient project development and local consumption[35] (III) Company's Main Products, Services, and Their Uses The company primarily generates and sells electricity from new energy power stations, expanding revenue through market trading and O&M - Company's main product is electricity generated by new energy power stations, used to supply the grid and meet national electricity demand[36] - Company generates sales revenue from power generation business by developing, constructing, and operating wind power, photovoltaic power, and other power stations in five major regions: Northwest, Northeast, East China, South China, and North China[36] - Company establishes power sales companies and participates in market-based trading at regional power grid trading centers, forming direct power sales and power trading capabilities[36] II. Discussion and Analysis of Operations The company achieved revenue and profit growth, expanded installed capacity, and optimized its nationwide new energy asset operations - Company's five synergistic segments: "new energy power station development-construction-operation-sale, new energy power station O&M services, rooftop distributed PV, new energy industrial funds, and new energy equipment manufacturing industrial park construction"[37] Key Operating Data for the Reporting Period | Indicator | Current Period Amount (CNY 100 million) | Year-on-Year Growth (%) | | :--- | :--- | :--- | | Operating Revenue | 13.10 | 5.87 | | Net Profit Attributable to Parent Company Shareholders | 4.60 | 11.59 | | Total Assets (Period-End) | 226.43 | 1.88 | | Net Assets Attributable to Parent Company Shareholders (Period-End) | 67.59 | -1.99 | - As of the end of the reporting period, the company's grid-connected installed capacity reached 2,315.643 MW, including 2,041 MW of wind power, 30 MW of centralized PV, 6.375 MW of smart microgrid, 238.268 MW of rooftop distributed PV, and 150 MW/300 MWh of grid-connected energy storage projects[38] III. Analysis of Core Competencies During the Reporting Period Core strengths include nationwide expansion, market-based power trading, integrated resources, and an efficient talent team - Company's business layout expands from Ningxia to nationwide, focusing on Heilongjiang, Guangxi, and other regions with higher coal-fired benchmark electricity prices, expected to bring significant incremental profits[39] - Through its subsidiary Ningxia Jiajun Power Sales Co., Ltd., the company became the first power sales company in Ningxia with qualifications for new energy power generation and sales (agency), expanding power trading托管 services to multiple regions[40] - Company integrates industry chain resources through new energy industrial investment funds and new energy equipment manufacturing industrial park construction, enhancing project development advantages, reducing investment costs, and improving project returns[40][41] - Company possesses a highly efficient project development, construction, and operation team, capable of efficiently completing preliminary project work and achieving rapid grid connection[41] (I) Nationwide Business Layout, Gradually Optimized Power Station Asset Structure The company is optimizing its power station asset structure by expanding into high-tariff regions, enhancing profitability - Company's existing project reserves are mainly located in Heilongjiang, Guangxi, and other regions, with higher coal-fired benchmark electricity prices of CNY 0.374/kWh and CNY 0.4207/kWh respectively[39] - Lower wind turbine prices provide a higher safety margin for electricity price reductions, expected to bring significant incremental profits after commissioning[40] (II) Market-Based Power Trading, Innovative Off-Exchange Asset Management Model The company innovates in power trading and off-exchange asset management, offering specialized services and energy-saving solutions - Ningxia Jiajun Power Sales Co., Ltd. is the first power sales company in Ningxia with qualifications for new energy power generation and sales (agency)[40] - Company's power trading business has expanded to multiple regions including Northwest, North China, East China, and Central China, serving users in metallurgy, steel, chemical, and other industries[40] (III) Integrating Industry Chain Resources, Orderly Expansion of Power Station Asset Scale Through industrial funds and equipment parks, the company integrates resources to expand assets, reduce costs, and improve returns - Industrial funds broaden channels for company's power station sales, revitalize existing assets, and bring incremental revenue for power generation asset management business[40] - New energy equipment manufacturing industrial park construction enhances the company's project development and acquisition advantages, reducing investment costs and improving project returns through industry chain upstream and downstream linkages[41] (IV) Multi-Level Talent Team, Promoting Efficient and Flexible Project Development A skilled team and strong project development capabilities enable efficient project execution and rapid grid connection - Company has accumulated strong project channel acquisition and development capabilities, and cultivated a highly efficient execution team[41] - Company has successfully entered the leading tier of private wind power generation in China, with development and construction capabilities expected to rapidly expand operational scale and improve profitability[41] IV. Key Operating Performance During the Reporting Period This section analyzes financial statement changes, asset/liability status, and investment activities, showing revenue growth but reduced financing cash flow Financial Statement Related Item Change Analysis | Item | Current Period Amount (CNY) | Prior Year Same Period Amount (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,310,278,977.57 | 1,237,597,909.37 | 5.87 | | Operating Cost | 524,560,560.22 | 458,396,076.64 | 14.43 | | Administrative Expenses | 51,949,844.22 | 69,368,172.32 | -25.11 | | Financial Expenses | 233,181,119.65 | 256,776,506.74 | -9.19 | | Net Cash Flow from Operating Activities | 654,081,758.98 | 575,342,300.97 | 13.69 | | Net Cash Flow from Investing Activities | -476,407,298.18 | -666,092,736.20 | 28.48 | | Net Cash Flow from Financing Activities | -151,059,523.20 | 270,383,745.04 | -155.87 | - Net cash flow from financing activities decreased significantly by 155.87%, primarily due to increased dividends and principal repayments in the current reporting period[42] - Company's major restricted assets include monetary funds, accounts receivable, fixed assets, right-of-use assets, intangible assets, and construction in progress, with a total restricted book value of CNY 18.525 billion[46][47] (I) Main Business Analysis Operating revenue and cash flow increased, but cost growth outpaced revenue, and financing cash flow significantly decreased Main Business Financial Data Changes | Item | Current Period Amount (CNY) | Prior Year Same Period Amount (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,310,278,977.57 | 1,237,597,909.37 | 5.87 | | Operating Cost | 524,560,560.22 | 458,396,076.64 | 14.43 | | Administrative Expenses | 51,949,844.22 | 69,368,172.32 | -25.11 | | Financial Expenses | 233,181,119.65 | 256,776,506.74 | -9.19 | | Net Cash Flow from Operating Activities | 654,081,758.98 | 575,342,300.97 | 13.69 | | Net Cash Flow from Financing Activities | -151,059,523.20 | 270,383,745.04 | -155.87 | - Change in net cash flow from financing activities primarily due to increased dividends and principal repayments in the current reporting period[42] (III) Analysis of Assets and Liabilities Asset and liability structure changes include reduced employee compensation and increased other payables, with significant asset restrictions Asset and Liability Status Changes | Project Name | Current Period End Amount (CNY) | Prior Year End Amount (CNY) | Change (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | | Employee Compensation Payable | 3,648,895.96 | 40,447,446.42 | -90.98 | Primarily due to year-end bonus accruals in the prior year | | Other Payables | 221,912,146.25 | 104,353,918.41 | 112.65 | Primarily due to increased dividends payable in the current reporting period | Major Restricted Assets as of End of Reporting Period | Project | Book Balance (CNY) | Book Value (CNY) | Restriction Type | Restriction Details | | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 91,365,022.94 | 91,365,022.94 | Other | Land reclamation deposits, pledged borrowings | | Accounts Receivable | 3,943,695,303.45 | 3,837,112,460.61 | Pledge | Finance lease and pledged borrowings | | Fixed Assets | 13,382,546,632.82 | 10,123,890,805.47 | Mortgage | Finance lease and mortgaged borrowings | | Right-of-Use Assets | 2,609,126,220.41 | 2,261,199,865.64 | Mortgage | Finance lease | | Intangible Assets | 187,033,639.82 | 160,643,524.53 | Mortgage | Finance lease and mortgaged borrowings | | Construction in Progress | 2,051,016,433.72 | 2,051,016,433.72 | Mortgage | Finance lease | | Total | 22,264,783,253.16 | 18,525,228,112.91 | — | — | (IV) Investment Status Analysis Equity investments were adjusted, and the company continued significant non-equity investments in wind power projects - Ningbai Fund manager Kaixian Capital withdrew early, and Ningbai Fund is being legally dissolved and undergoing industrial and commercial deregistration, involving a targeted dividend of CNY 356.85 million[48] - Company received CNY 72,567,221.88 in investment cost repayment from Hainan Kaixian Green Energy Industrial Investment Fund Partnership (Limited Partnership)[49] Major Equity Investments | Investee Company Name | Investment Amount (CNY 10,000) | Shareholding Ratio (%) | Progress as of Balance Sheet Date | Impact on Current Period Profit/Loss | | :--- | :--- | :--- | :--- | :--- | | Wind Energy Development Industrial Fund (Ningxia) Partnership (Limited Partnership) | 50,000.00 | 50 | Not yet fully paid in | -0.28 | | Hainan Kaixian Green Energy Industrial Investment Fund Partnership (Limited Partnership) | 25,000 | 49.0196 | Fully paid in | 580.46 | | Total | 75,000 | / | / | 580.18 | Major Non-Equity Investment Projects | Project Name | Budget Amount (CNY 10,000) | Project Progress (%) | Amount Invested in Current Period (CNY 10,000) | Cumulative Actual Investment (CNY 10,000) | | :--- | :--- | :--- | :--- | :--- | | Jidong County Jiarong 200MW Wind Power Project | 141,400.00 | 89.72 | 11,451.79 | 100,134.98 | | Jidong County Bochen New Energy Co., Ltd. 200MW Wind Power Project | 113,400.00 | — | 87.07 | 2,015.49 | | Jidong County Boxiang New Energy Co., Ltd. 200MW Wind Power Project | 122,800.00 | — | 210.74 | 1,625.10 | | Mishan City Bochen New Energy Co., Ltd. 200MW Wind Power Project | 117,100.00 | — | — | 198.54 | | Mishan City Boyang New Energy Co., Ltd. 200MW Wind Power Project | 110,400.00 | — | — | 226.32 | | Mishan City Bojun New Energy Co., Ltd. 200MW Wind Power Project | 113,400.00 | — | — | 210.24 | (VI) Analysis of Major Holding and Participating Companies Financial and operational details of key subsidiaries and associates are presented, reflecting their performance in new energy Major Holding and Participating Company Financial Data | Company Name | Shareholding Ratio (%) | Registered Capital (CNY 10,000) | Total Assets (CNY 10,000) | Net Assets (CNY 10,000) | Net Profit (CNY 10,000) | | :--- | :--- | :--- | :--- | :--- | :--- | | Ningbai Fund (Consolidated) | 99.9537 | 215,950.00 | 617,994.49 | 327,446.65 | 14,209.45 | | Ningxia Jialong (Consolidated) | 75.00 | 5,000.00 | 11,502.66 | 6,839.54 | 409.88 | | Jiaze Smart Energy (Consolidated) | 100.00 | 1,000.00 | 78,809.85 | 4,344.18 | 1,220.94 | | Jiaying Holdings (Consolidated) | 100.00 | 4,000.00 | 690,716.69 | 73,182.09 | 13,961.21 | | Guangxi Jiaying (Consolidated) | 100.00 | 1,000.00 | 553,854.51 | 36,277.23 | 12,087.70 | V. Other Disclosure Matters This section details various significant risks, including tariff changes, policy shifts, curtailment, and operational uncertainties - Market-based reform of on-grid tariffs may lead to future on-grid tariff fluctuations, impacting company performance with uncertainty[54] - If tax incentive policies (e.g., 50% immediate VAT refund, "three-year exemption, three-year half reduction" corporate income tax, 15% Western Development tax rate) are adjusted or canceled, it will adversely affect company operating performance[55] - Intermittency and volatility of wind and photovoltaic power generation may lead to wind/solar curtailment, affecting generation and revenue[55][56] - Renewable energy generation subsidy compliance checks pose a risk, as three of the company's power stations (total 225 MW) are not yet on the first batch of compliant project lists[56][57] - New energy power station transaction cycles are long (typically 6-24 months), and transaction prices are subject to fluctuation risks[57] - Stricter or prolonged government approval processes may lead to delays in project development or impaired investment recovery periods[57] - Significant increases in benchmark interest rates will increase company financial costs; significant increases in power generation equipment prices will increase new project investment costs[58][59] - If industrial fund investment returns are lower than expected, the company will bear losses and management fees in proportion to its investment[59] - The wind and photovoltaic power industries are highly dependent on senior talent, and talent loss may adversely affect operational management and operating performance[59] - Actual power station operation is affected by natural factors like wind and sunlight, potentially leading to differences between actual generation and forecast levels due to climate change and natural disasters[60] (I) Potential Risks The company faces risks from market-based tariff reforms, tax policy changes, power curtailment, and long transaction cycles - National Development and Reform Commission and National Energy Administration jointly issued "Notice on Deepening Market-Oriented Reform of New Energy On-Grid Tariffs and Promoting High-Quality Development of New Energy", promoting full market entry for new energy on-grid power, with on-grid tariffs determined by the market, posing fluctuation risks[54] - Company and some subsidiaries enjoy tax incentives such as 50% immediate refund of VAT, "three-year exemption, three-year half reduction" for corporate income tax, and 15% tax rate for Western Development, future policy changes may have adverse effects[55] - Intermittency and randomness of wind and photovoltaic power generation may lead to insufficient grid peak shaving capacity, resulting in wind/solar curtailment, affecting generation[55][56] - Three of the company's power stations (total capacity 225 MW) have not yet been included in the first batch of compliant renewable energy generation subsidy project lists, posing subsidy compliance risks[57] - Transaction cycle for new energy power stations is uncertain, typically 6 to 24 months, and transaction prices are subject to fluctuation risks[57] Section IV Corporate Governance, Environment, and Society This section covers corporate governance, environmental, and social aspects, including profit distribution plans II. Profit Distribution or Capital Reserve Conversion Plan No profit distribution or capital reserve conversion plan was formulated for this semi-annual period - Company will not distribute or convert in this semi-annual period[62] Section V Significant Matters This section covers the fulfillment of commitments, major contracts, and other significant corporate actions I. Fulfillment of Commitments All commitments by the actual controller, shareholders, and the company were strictly fulfilled within the reporting period - Shareholding intention and reduction intention commitments by shareholders holding 5% or more, Ningxia Bitai Investment Partnership (Limited Partnership), were strictly fulfilled within the agreed validity period[65] - Commitments related to major asset restructuring, and those related to initial public offering such as avoidance of horizontal competition, shareholding intention and reduction intention, measures for unfulfilled commitments, and reduction and standardization of related party transactions, were all strictly fulfilled within the agreed validity period[65][66] XI. Major Contracts and Their Fulfillment Significant guarantees, primarily to subsidiaries, are disclosed, with total guarantees exceeding 200% of net assets Company Total Guarantee Amount | Indicator | Amount (CNY) | | :--- | :--- | | Total Guarantee Balance at Period-End (excluding guarantees to subsidiaries) | 3,647,322.50 | | Total Guarantees to Subsidiaries Occurred in Current Period | 2,746,221,552.29 | | Total Guarantee Balance to Subsidiaries at Period-End | 13,871,909,266.55 | | Total Guarantees (A+B) | 13,875,556,589.05 | | Total Guarantees as % of Company Net Assets | 207.74 | | Debt Guarantees Provided to Guaranteed Parties with Asset-Liability Ratio > 70% | 8,141,214,972.85 | | Amount of Total Guarantees Exceeding 50% of Net Assets | 10,535,901,849.03 | | Total of the Above Three Guarantee Amounts (C+D+E) | 18,677,116,821.88 | (II) Major Guarantees Executed and Unfulfilled During the Reporting Period Total guarantees reached CNY 13.88 billion, significantly exceeding net assets, with substantial debt guarantees to high-leverage subsidiaries Major Guarantee Situations | Guarantor-Listed Company Relationship | Guaranteed Party | Guarantee Amount (CNY) | Guarantee Start Date | Guarantee End Date | Guarantee Fulfilled | | :--- | :--- | :--- | :--- | :--- | :--- | | Joint Venture | Liaocheng Changrun Zekai New Energy Co., Ltd. | 3,647,322.50 | December 12, 2022 | December 12, 2040 | No | - As of the end of the reporting period, the company's total guarantees amounted to CNY 13,875,556,589.05, accounting for 207.74% of the company's net assets[71] - Among them, debt guarantees provided to guaranteed parties with asset-liability ratios exceeding 70% amounted to CNY 8,141,214,972.85[71] XIII. Explanation of Other Significant Matters The company approved a private placement of shares to raise CNY 1.2 billion for working capital and debt repayment - Company approved the 2024 private placement of shares to specific objects, with a total fundraising amount not exceeding CNY 1.2 billion[72] - This issuance's subscriber is Shanghai Borong Yihong Technology Co., Ltd., a wholly-owned subsidiary of the company's controlling shareholder Jiashi Longbo, and an enterprise controlled by the actual controller Mr. Chen Bo[72] - All raised funds will be used to supplement working capital and repay bank loans[72] - This issuance has been approved by the Shanghai Stock Exchange and registered by the China Securities Regulatory Commission, with related matters currently being processed[72] Section VI Share Changes and Shareholder Information This section details changes in share capital and provides information on the company's shareholders I. Share Capital Changes Share capital increased due to convertible bond conversion, leading to more unrestricted tradable shares Share Capital Change Table | Share Class | Quantity Before Change (shares) | Change (Increase/Decrease) Subtotal (shares) | Quantity After Change (shares) | Proportion After Change (%) | | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 0 | 0 | 0 | 0 | | II. Unrestricted Tradable Shares | 2,434,352,182 | 10,757 | 2,434,362,939 | 100 | | 1. RMB Ordinary Shares | 2,434,352,182 | 10,757 | 2,434,362,939 | 100 | | III. Total Shares | 2,434,352,182 | 10,757 | 2,434,362,939 | 100 | - "Jiaze Convertible Bond" cumulatively converted CNY 1,012,349,000 into 291,558,939 shares from March 1, 2021, to June 30, 2025[76] (I) Share Capital Change Table Total shares increased by 10,757 due to convertible bond conversion, all becoming unrestricted tradable shares Share Capital Change | Share Class | Quantity Before Change (shares) | Change (Increase/Decrease) Subtotal (shares) | Quantity After Change (shares) | | :--- | :--- | :--- | :--- | | Unrestricted Tradable Shares | 2,434,352,182 | 10,757 | 2,434,362,939 | | Total Shares | 2,434,352,182 | 10,757 | 2,434,362,939 | - This share change was primarily due to the conversion of "Jiaze Convertible Bond"[76] II. Shareholder Information Details on the total number of shareholders, top ten shareholders, and the actual controller's share increase plan are provided - As of the end of the reporting period, the total number of ordinary shareholders was 62,772[77] Top Ten Shareholders' Shareholding | Shareholder Name | Period-End Shareholding (shares) | Proportion (%) | Share Status | Quantity (shares) | | :--- | :--- | :--- | :--- | :--- | | Beijing Jiashi Longbo Investment Management Co., Ltd. | 393,209,043 | 16.15 | Unrestricted | 0 | | Jinyuan Rongtai Investment Management (Ningxia) Co., Ltd. | 374,319,234 | 15.38 | Unrestricted | 0 | | GLP Renewable Energy Investment I Limited | 251,780,000 | 10.34 | Pledged | 195,000,000 | | Ningxia Bitai Investment Partnership (Limited Partnership) | 190,000,000 | 7.80 | Unrestricted | 0 | | Centennial Life Insurance Co., Ltd. - Traditional Self-Operated | 74,706,041 | 3.07 | Unrestricted | 0 | | Shandong Guorui Energy Group Co., Ltd. | 68,109,338 | 2.80 | Unrestricted | 0 | | Chen Bo | 44,600,788 | 1.83 | Unrestricted | 0 | | Yang Liejun | 27,031,886 | 1.11 | Unrestricted | 0 | | Hong Kong Securities Clearing Company Limited | 25,980,819 | 1.07 | Unrestricted | 0 | | Ningxia Financial Asset Management Co., Ltd. | 17,977,500 | 0.74 | Unrestricted | 0 | - The actual controller Mr. Chen Bo's concerted action party, Jinyuan Rongtai Investment Management (Ningxia) Co., Ltd., has cumulatively increased its shareholding by 40,727,997 shares, accounting for 1.67% of the total share capital, with a total increase amount of approximately CNY 134.1131 million, reaching the lower limit of this share increase plan[81] (II) Shareholding of Top Ten Shareholders and Top Ten Tradable Shareholders (or Unrestricted Shareholders) as of the End of the Reporting Period Top shareholders include Jiashi Longbo and Jinyuan Rongtai, with some shares pledged, and the actual controller's share increase plan is progressing Top Ten Shareholders' Shareholding | Shareholder Name | Period-End Shareholding (shares) | Proportion (%) | Share Status | Quantity (shares) | | :--- | :--- | :--- | :--- | :--- | | Beijing Jiashi Longbo Investment Management Co., Ltd. | 393,209,043 | 16.15 | Unrestricted | 0 | | Jinyuan Rongtai Investment Management (Ningxia) Co., Ltd. | 374,319,234 | 15.38 | Unrestricted | 0 | | GLP Renewable Energy Investment I Limited | 251,780,000 | 10.34 | Pledged | 195,000,000 | - Actual controller Chen Bo controls Jinyuan Rongtai Investment Management (Ningxia) Co., Ltd. and Beijing Jiashi Longbo Investment Management Co., Ltd., which are concerted action parties[80] - Jinyuan Rongtai has cumulatively increased its shareholding by 40,727,997 shares, accounting for 1.67% of the company's total share capital, with a total increase amount of approximately CNY 134.1131 million, reaching the lower limit of this share increase plan[81] Section VII Bond-Related Information This section details the company's convertible corporate bonds, including issuance, holders, and credit status II. Convertible Corporate Bonds The "Jiaze Convertible Bond" has 5,219 holders, a conversion price of CNY 3.06/share, and the company maintains a stable AA credit rating - Company publicly issued 13,000,000 convertible corporate bonds on August 24, 2020, with a total issuance amount of CNY 1.3 billion[83] - As of the end of the reporting period, the number of bondholders was 5,219[85] - During the reporting period, the conversion amount was CNY 34,000, converting into 10,757 shares, with a cumulative conversion of 291,558,939 shares[88] - The conversion price has been adjusted multiple times, with the latest conversion price as of the end of this reporting period being CNY 3.06/share[91] - United Credit Ratings Co., Ltd. maintained the company's long-term credit rating at AA, with a stable outlook[92] - As of June 30, 2025, the company's total liabilities were CNY 15.964 billion, with an asset-liability ratio of 70.50%[92] (I) Convertible Bond Issuance The company publicly issued CNY 1.3 billion in "Jiaze Convertible Bond" in August 2020, listed on the SSE - Company publicly issued 13,000,000 convertible corporate bonds on August 24, 2020, each with a face value of CNY 100, totaling CNY 1.3 billion[83] - Bond abbreviation "Jiaze Convertible Bond", bond code "113039", listed on Shanghai Stock Exchange from September 17, 2020[83] (II) Convertible Bond Holders and Guarantors During the Reporting Period The "Jiaze Convertible Bond" has 5,219 holders, with no guarantors, and major holders are funds and insurance companies - Period-end convertible bond holders: 5,219[85] - Company's convertible bonds have no guarantors[85] Top Ten Convertible Bond Holders | Convertible Corporate Bond Holder Name | Period-End Holding Amount (CNY) | Holding Proportion (%) | | :--- | :--- | :--- | | GF Bank Co., Ltd. - China-Europe Enhanced Return Bond Fund | 12,130,000 | 4.22 | | China Merchants Bank Co., Ltd. - Boshi CSI Convertible Bond and Exchangeable Bond ETF | 12,109,000 | 4.21 | | Huaxia Life Insurance Co., Ltd. - Proprietary Funds | 6,886,000 | 2.39 | | Taikang Asset Xinxian Pure Bond No. 2 Fixed Income Pension Product - Industrial and Commercial Bank of China Co., Ltd. | 6,253,000 | 2.17 | | Generali China Asset Management - Industrial and Commercial Bank of China - Generali China Asset Management - Stable and Profitable No. 11 Asset Management Product | 5,829,000 | 2.03 | (III) Convertible Bond Changes During the Reporting Period "Jiaze Convertible Bond" decreased by CNY 34,000 due to conversion, with a period-end balance of CNY 287.65 million Convertible Bond Changes During the Reporting Period | Convertible Corporate Bond Name | Amount Before Change (CNY) | Converted (CNY) | Amount After Change (CNY) | | :--- | :--- | :--- | :--- | | Jiaze Convertible Bond | 287,685,000 | 34,000 | 287,651,000 | (IV) Cumulative Share Conversion of Convertible Bonds During the Reporting Period CNY 34,000 of "Jiaze Convertible Bond" converted into 10,757 shares, with cumulative conversions reaching 14.06% of pre-conversion shares Cumulative Share Conversion of Convertible Bonds During the Reporting Period | Indicator | Amount/Quantity | | :--- | :--- | | Conversion Amount in Current Period (CNY) | 34,000 | | Number of Shares Converted in Current Period (shares) | 10,757 | | Cumulative Number of Shares Converted (shares) | 291,558,939 | | Cumulative Number of Shares Converted as % of Total Shares Issued Before Conversion | 14.06 | | Unconverted Amount (CNY) | 287,651,000 | | Unconverted Convertible Bonds as % of Total Convertible Bond Issuance | 22.13 | (V) Historical Adjustments to Conversion Price The "Jiaze Convertible Bond" conversion price has been adjusted multiple times since 2021, currently at CNY 3.06/share Historical Adjustments to Conversion Price | Conversion Price Adjustment Date | Adjusted Conversion Price (CNY) | Disclosure Date | | :--- | :--- | :--- | | June 11, 2021 | 3.46 | June 4, 2021 | | June 7, 2022 | 3.36 | May 31, 2022 | | May 26, 2023 | 3.28 | May 22, 2023 | | May 31, 2024 | 3.17 | May 27, 2024 | | October 14, 2024 | 3.16 | October 8, 2024 | | May 23, 2025 | 3.06 | May 22, 2025 | | Latest Conversion Price as of End of Current Reporting Period | 3.06 | / | (VI) Company's Debt Situation, Credit Rating Changes, and Cash Arrangements for Future Debt Repayment The company maintains an AA credit rating with a stable outlook, strong repayment capacity, and a 70.50% asset-liability ratio - United Credit Ratings Co., Ltd. maintained the company's long-term credit rating at AA, with a stable outlook[92] - As of June 30, 2025, the company's total liabilities were CNY 15.964 billion, with an asset-liability ratio of 70.50%[92] - Company has stable profitability and strong repayment and risk resistance capabilities, sufficient to ensure the funding needs for principal and interest repayment of the current convertible corporate bonds[92] Section VIII Financial Report This section presents the company's consolidated and parent company financial statements, including balance sheets, income statements, and cash flow statements II. Financial Statements Consolidated and parent company financial statements for H1 2025 provide a comprehensive view of financial position and performance - Consolidated balance sheet shows that as of June 30, 2025, the company's total assets were CNY 22.643 billion, total liabilities CNY 15.964 billion, and total owners' equity CNY 6.679 billion[95][96][97] - Consolidated income statement shows that from January to June 2025, the company achieved total operating revenue of CNY 1.310 billion, net profit of CNY 463 million, and net profit attributable to parent company shareholders of CNY 460 million[103][104][105] - Consolidated cash flow statement shows that from January to June 2025, net cash flow from operating activities was CNY 654 million, net cash flow from investing activities was negative CNY 476 million, and net cash flow from financing activities was negative CNY 151 million[111][112] Consolidated Balance Sheet Consolidated total assets reached CNY 22.64 billion, with liabilities at CNY 15.96 billion and owners' equity at CNY 6.68 billion Consolidated Balance Sheet Key Data | Project | June 30, 2025 (CNY) | December 31, 2024 (CNY) | | :--- | :--- | :--- | | Total Assets | 22,643,389,737.12 | 22,224,594,513.25 | | Total Current Assets | 4,493,821,425.71 | 4,080,221,105.60 | | Total Non-Current Assets | 18,149,568,311.41 | 18,144,373,407.65 | | Total Liabilities | 15,964,080,257.07 | 15,411,508,142.65 | | Total Owners' Equity | 6,679,309,480.05 | 6,813,086,370.60 | Parent Company Balance Sheet Parent company total assets were CNY 9.00 billion, with liabilities at CNY 5.20 billion and owners' equity at CNY 3.80 billion Parent Company Balance Sheet Key Data | Project | June 30, 2025 (CNY) | December 31, 2024 (CNY) | | :--- | :--- | :--- | | Total Assets | 9,001,012,691.28 | 8,660,670,711.75 | | Total Current Assets | 3,381,841,073.07 | 3,032,377,755.21 | | Total Non-Current Assets | 5,619,171,618.21 | 5,628,292,956.54 | | Total Liabilities | 5,204,539,406.97 | 4,654,304,903.35 | | Total Owners' Equity | 3,796,473,284.31 | 4,006,365,808.40 | Consolidated Income Statement Consolidated operating revenue grew by 5.87% to CNY 1.31 billion, with net profit attributable to parent company shareholders increasing by 11.59% Consolidated Income Statement Key Data | Project | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | I. Total Operating Revenue | 1,310,278,977.57 | 1,237,597,909.37 | | II. Total Operating Costs | 821,452,238.88 | 793,907,072.34 | | IV. Total Profit | 524,334,348.68 | 468,807,198.69 | | V. Net Profit | 462,707,887.69 | 414,622,896.17 | | Net Profit Attributable to Parent Company Shareholders | 459,746,451.22 | 411,990,689.55 | | VIII. Earnings Per Share: Basic Earnings Per Share (CNY/share) | 0.19 | 0.17 | | VIII. Earnings Per Share: Diluted Earnings Per Share (CNY/share) | 0.18 | 0.17 | Parent Company Income Statement Parent company operating revenue was CNY 70.05 million, with net profit significantly increasing to CNY 32.69 million Parent Company Income Statement Key Data | Project | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | I. Operating Revenue | 70,049,998.60 | 66,119,845.45 | | Less: Financial Expenses | 6,895,054.22 | 19,310,219.72 | | Add: Investment Income (losses indicated by "－") | 6,279,608.72 | -4,123,152.32 | | IV. Net Profit | 32,691,123.57 | 7,855,400.66 | Consolidated Cash Flow Statement Operating cash flow increased to CNY 654 million, while financing cash flow turned negative due to increased dividends and debt repayment Consolidated Cash Flow Statement Key Data | Project | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 654,081,758.98 | 575,342,300.97 | | Net Cash Flow from Investing Activities | -476,407,298.18 | -666,092,736.20 | | Net Cash Flow from Financing Activities | -151,059,523.20 | 270,383,745.04 | | Net Increase in Cash and Cash Equivalents | 26,614,937.60 | 179,633,309.81 | Parent Company Cash Flow Statement Parent company operating cash flow was negative CNY 17.60 million, with a net decrease in cash and cash equivalents Parent Company Cash Flow Statement Key Data | Project | H1 2025 (CNY) | H1 2024 (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -17,601,986.01 | -2,291,161.97 | | Net Cash Flow from Investing Activities | 26,309,928.99 | 1,204,996,121.13 | | Net Cash Flow from Financing Activities | -77,993,327.56 | -1,201,802,000.33 | | Net Increase in Cash and Cash Equivalents | -69,285,384.58 | 902,958.83 | Consolidated Statement of Changes in Owners' Equity Consolidated owners' equity decreased by CNY 134 million, primarily due to profit distribution Consolidated Statement of Changes in Owners' Equity | Project | Beginning Balance 2025 (CNY) | Change in Current Period (CNY) | Ending Balance 2025 (CNY) | | :--- | :--- | :--- | :--- | | Paid-in Capital (or Share Capital) | 2,434,352,182.00 | 10,757.00 | 2,434,362,939.00 | | Other Equity Instruments | 51,201,773.12 | -6,051.28 | 51,195,721.84 | | Capital Reserves | 1,543,874,834.14 | 923,801.82 | 1,544,798,635.96 | | Special Reserves | 5,979,816.62 | 2,670,306.34 | 8,650,122.96 | | Surplus Reserves | 245,942,721.19 | 3,269,112.36 | 249,211,833.55 | | Undistributed Profits | 2,614,933,624.68 | -143,808,955.04 | 2,471,124,669.64 | | Total Owners' Equity Attributable to Parent Company | 6,896,284,951.75 | -136,941,028.80 | 6,759,343,922.95 | | Minority Interests | -83,198,581.15 | 3,164,138.25 | -80,034,442.90 | | Total Owners' Equity | 6,813,086,370.60 | -133,776,890.55 | 6,679,309,480.05 | Parent Company Statement of Changes in Owners' Equity Parent company owners' equity decreased by CNY 210 million, mainly due to profit distribution Parent Company Statement of Changes in Owners' Equity | Project | Beginning Balance 2025 (CNY) | Change in Current Period (CNY) | Ending Balance 2025 (CNY) | | :--- | :--- | :--- | :--- | | Paid-in Capital (or Share Capital) | 2,434,352,182.00 | 10,757.00 | 2,434,362,939.00 | | Other Equity Instruments | 51,201,773.12 | -6,051.28 | 51,195,721.84 | | Capital Reserves | 302,238,822.06 | 923,801.82 | 303,162,623.88 | | Special Reserves | 288,004.44 | -75,861.30 | 212,143.14 | | Surplus Reserves | 234,820,225.30 | 3,269,112.36 | 238,089,337.66 | | Undistributed Profits | 983,464,801.48 | -214,014,282.69 | 769,450,518.79 | | Total Owners' Equity | 4,006,365,808.40 | -209,892,524.09 | 3,796,473,284.31 | III. Company Basic Information This section details the company's establishment, share capital, legal representative, business scope, and ownership structure - Company established on April 16, 2010, with initial registered capital of CNY 10 million[128] - Company's share capital has undergone multiple capital increases and share conversions, with total shares of 2,434,362,939 as of June 30, 2025, all being unrestricted tradable shares[128][129][130][131][132][133][134] - Company's legal representative is Chen Bo, controlling shareholder is Jiashi Longbo, and actual controller is Chen Bo[134] - Company's business scope includes investment, construction, operation, and sale of new energy power stations (solar, wind, biomass) and smart microgrids, as well as power engineering construction, power facility installation (repair, testing), and new energy-related technical services[134] 1. Company Profile Established in 2010, Jiaze New Energy is a comprehensive new energy power supplier with 2.43 billion shares - Company established on April 16, 2010, with initial registered capital of CNY 10 million[128] - As of June 30, 2025, the company's total shares were 2,434,362,939, all being unrestricted tradable shares[134] - Company's controlling shareholder is Jiashi Longbo, and actual controller is Chen Bo[134] - Company's business scope primarily includes investment, construction, operation, and sale of new energy power stations, as well as related technical services[134] IV. Basis of Financial Statement Preparation Financial statements are prepared under Enterprise Accounting Standards and presented on a going concern basis - Company's financial statements are prepared in accordance with "Enterprise Accounting Standards" and their application guidelines, interpretations, and other relevant regulations issued by the Ministry of Finance, as well as "Information Disclosure Rules for Companies Issuing Securities to the Public No. 15 - General Provisions for Financial Reports" (Revised 2023) issued by the China Securities Regulatory Commission[137] - Company evaluated its ability to continue as a going concern for 12 months from June 30, 2025, and found no significant doubts or circumstances regarding its ability to continue as a going concern[138] V. Significant Accounting Policies and Accounting Estimates Key accounting policies and estimates for financial reporting, including revenue recognition, asset depreciation, and impairment, are detailed - Specific accounting policies and estimates formulated by the company based on its actual production and operation characteristics include bad debt provisions for receivables, depreciation of fixed assets, depreciation of right-of-use assets, amortization of intangible assets, revenue recognition and measurement[139] - Company determines the scope of consolidation for consolidated financial statements based on control, applying different accounting treatments for business combinations under common control and business combinations not under common control[146][147][148] - Financial assets are classified as measured at amortized cost, at fair value through other comprehensive income, or at fair value through profit or loss, and impairment provisions are made based on expected credit losses[158][166] - Revenue recognition principle is to recognize revenue when the customer obtains control of the related goods or services, with specific methods for new energy power generation revenue, new energy power station sale revenue, and new energy power station O&M service revenue[221][223] - Government grants are classified as asset-related or income-related, recognized as deferred income or included in current profit or loss, respectively[230] - Company, as a lessee, recognizes right-of-use assets and lease liabilities, and as a lessor, classifies leases as finance leases or operating leases[235][241] VI. Taxation Main tax categories, rates, and significant tax incentive policies enjoyed by the company and its subsidiaries are disclosed Main Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Taxable Sales Amount | 6%, 9%, 13% | | Urban Maintenance and Construction Tax | Amount of Turnover Tax Payable | 1%, 5%, 7% | | Corporate Income Tax | Taxable Income | 15%, 20%, 25% | - Company and new energy subsidiaries enjoy a 50% immediate refund of VAT for "electricity produced using wind power"[246] - Company and some subsidiaries qualify for corporate income tax incentives for Western Development, paying corporate income tax at a 15% rate[247] - Some small and micro-profit enterprise subsidiaries enjoy a preferential policy where taxable income is reduced by 25% for different portions of annual taxable income, and corporate income tax is paid at a 20% rate, extended until December 31, 2027[248] - Company's wind power and photovoltaic power generation enterprises engaged in investment and operation of public infrastructure projects enjoy "three-year exemption, three-year half reduction" corporate income tax incentives[249] VII. Notes to Consolidated Financial Statement Items Detailed explanations for major consolidated financial statement items, including assets, liabilities, and income/expense accounts, are provided - Monetary funds period-end balance was CNY 390 million, of which CNY 91.365 million was restricted, mainly for land reclamation deposits and pledged borrowings[250][251] - Accounts receivable period-end balance was CNY 3.988 billion, bad debt provision CNY 107 million, book value CNY 3.881 billion, mainly for electricity fees receivable from various State Grid companies[257][259] - Fixed assets period-end book value was CNY 10.742 billion, construction in progress period-end book value was CNY 2.766 billion, with continuous investment in multiple wind power projects under construction[297][306] - Total restricted assets with ownership or right-of-use had a book value of CNY 18.525 billion, mainly including fixed assets, accounts receivable, right-of-use assets, and construction in progress[329] - Long-term borrowings period-end balance was CNY 2.999 billion, lease liabilities period-end balance was CNY 2.879 billion, and long-term payables period-end balance was CNY 7.171 billion, mainly for finance lease payments[354][366][372] - Operating revenue and operating costs both increased, with main business revenue of CNY 1.304 billion and costs of CNY 512 million[419] - Investment income was CNY 6.1977 million, mainly from long-term equity investments accounted for using the equity method[429] - Net cash flow from operating activities was CNY 654 million, with cash outflow from investing activities mainly used for the acquisition of fixed assets and construction in progress[447] 1. Monetary Funds Period-end monetary funds totaled CNY 390 million, with CNY 91.37 million restricted for land reclamation and pledged borrowings Monetary Funds Composition | Project | Period-End Balance (CNY) | Period-Beginning Balance (CNY) | | :--- | :--- | :--- | | Cash on Hand | 200,000.00 | - | | Bank Deposits | 298,174,666.37 | 271,840,002.65 | | Other Monetary Funds | 91,445,296.82 | 150,636,131.47 | | Total | 389,819,963.19 | 422,476,134.12 | Restricted Monetary Funds | Project | Year-End Balance (CNY) | Restriction Details | | :--- | :--- | :--- | | Land Reclamation Deposits | 70,924,877.17 | La