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川能动力(000155) - 2025 Q2 - 季度财报
CNDLCNDL(SZ:000155)2025-08-28 12:10

Important Notice, Table of Contents, and Definitions Important Notice The Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content - The company's Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, free from false statements, misleading representations, or major omissions3 - Company head Zhang Zhongwu, chief accountant Wang Dahai, and head of accounting department Chen Wei declare the financial report is true, accurate, and complete3 2025 Semi-Annual Profit Distribution Plan | Indicator | Value | | :--- | :--- | | Share Capital Base | 1,846,168,342 shares | | Cash Dividend per 10 Shares | 1.70 yuan (tax inclusive) | | Bonus Shares | 0 shares (tax inclusive) | | Capital Reserve to Share Capital | No | Table of Contents The report's clear directory covers important notices, company profile, key financial indicators, management discussion, and financial reports - The report includes nine main chapters, covering comprehensive information on company operations, finance, governance, and significant matters5 Reference Documents Reference documents include signed and sealed financial statements and all publicly disclosed company documents on the CSRC website - Reference documents include signed and sealed financial statements and original announcements of all company documents publicly disclosed on the CSRC designated website7 Definitions This section defines common terms used in the report, ensuring accurate understanding of the content - "Company", "Listed Company", and "Chuaneng Power" all refer to Sichuan New Energy Power Co., Ltd8 - "Reporting Period" refers to January 1 to June 30, 20258 - "Multi-energy Complementarity" refers to the equivalent allocation of new energy resources for natural gas and coal power projects based on installed capacity, as per Sichuan Provincial Development and Reform Commission and Energy Bureau policies9 Company Profile and Key Financial Indicators Company Profile Sichuan New Energy Power Co., Ltd. (stock code: 000155) is listed on the Shenzhen Stock Exchange, with Zhang Zhongwu as its legal representative - Company stock abbreviation: Chuaneng Power, stock code: 00015511 - The company's legal representative is Zhang Zhongwu11 Contact Persons and Information This section provides contact details for the Board Secretary and Securities Affairs Representative for investor communication - The Board Secretary is Ou Jiancheng, and the Securities Affairs Representative is Fu Jia12 - The contact address for both is 16th Floor, Building 2, Qingfeng Times City, No. 716, Middle Section of Jiannan Avenue, Wuhou District, Chengdu, Sichuan Province12 Other Information During the reporting period, there were no changes to the company's registered address, office address, website, email, or information disclosure locations - The company's contact information remained unchanged during the reporting period, refer to the 2024 annual report for details13 - Information disclosure and placement locations remained unchanged during the reporting period, refer to the 2024 annual report for details14 Key Accounting Data and Financial Indicators In H1 2025, the company's revenue and net profit attributable to shareholders significantly decreased, while total assets and net assets increased Key Accounting Data and Financial Indicators for H1 2025 | Indicator | Current Reporting Period | Prior Year Period | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue (yuan) | 1,486,055,184.40 | 1,803,037,698.27 | -17.58% | | Net Profit Attributable to Shareholders (yuan) | 306,005,864.04 | 633,535,093.19 | -51.70% | | Net Profit Attributable to Shareholders Excluding Non-recurring Gains/Losses (yuan) | 296,495,901.40 | 629,221,959.68 | -52.88% | | Net Cash Flow from Operating Activities (yuan) | 537,884,569.93 | 759,144,551.33 | -29.15% | | Basic Earnings Per Share (yuan/share) | 0.17 | 0.41 | -58.54% | | Diluted Earnings Per Share (yuan/share) | 0.17 | 0.41 | -58.54% | | Weighted Average Return on Net Assets | 2.93% | 8.15% | -5.22% | | Period-End Indicators | End of Current Reporting Period | End of Prior Year | Change from Prior Year-End | | Total Assets (yuan) | 27,796,329,615.12 | 25,225,062,185.89 | 10.19% | | Net Assets Attributable to Shareholders (yuan) | 10,587,659,066.05 | 10,276,598,592.70 | 3.03% | - The decrease in operating revenue and net profit is mainly due to reduced wind and solar power generation income (settled electricity volume decreased by 24.28%, settled electricity price decreased by 10.64%) and inventory impairment provisions due to lithium industry price pressure16 Differences in Accounting Data Under Domestic and Overseas Accounting Standards The company reported no differences in net profit and net assets between international/overseas and Chinese accounting standards - The company reported no differences in net profit and net assets between international accounting standards and Chinese accounting standards during the reporting period17 - The company reported no differences in net profit and net assets between overseas accounting standards and Chinese accounting standards during the reporting period18 Non-recurring Gains and Losses and Amounts During the reporting period, non-recurring gains and losses totaled 9,509,962.64 yuan, primarily from non-current asset disposal and government subsidies Non-recurring Gains and Losses for H1 2025 | Item | Amount (yuan) | | :--- | :--- | | Non-current asset disposal gains and losses | 3,034,750.23 | | Government subsidies included in current profit/loss (excluding those with continuous impact) | 2,369,588.63 | | Fair value changes and disposal gains/losses from financial assets and liabilities held by non-financial enterprises | 9,095,541.66 | | Reversal of impairment provisions for individually tested receivables | 1,258,862.59 | | Gains and losses from contingent events unrelated to normal operating activities | -3,341,201.91 | | Custody fee income from entrusted operations | 1,280,821.91 | | Other non-operating income and expenses apart from the above | -1,141,879.88 | | Other items meeting the definition of non-recurring gains and losses | 136,444.09 | | Less: Income tax impact | 2,289,884.23 | | Minority interest impact (after tax) | 893,080.45 | | Total | 9,509,962.64 | - The company classified individual income tax handling fee refunds of 218,478.34 yuan as recurring gains and losses22 Management Discussion and Analysis Company's Main Business Activities During the Reporting Period The company's main business focuses on green energy, including new energy power generation and lithium battery operations - The company's main businesses include new energy power generation (wind, solar, waste-to-energy) and lithium battery business (lithium ore mining, processing, and lithium salt production and sales)40 - New energy power generation business is currently the company's primary source of revenue and profit40 - The Lijiaogou lithium mine mining and processing project and the new 30,000 tons/year lithium salt project have fully entered the trial production phase40 (I) Industry Development This section details the policy environment, market status, and technological trends for new energy and lithium battery industries - Domestic policies accelerate the development of the new energy power generation industry, including the "Energy Law of the People's Republic of China", special actions for optimizing power system regulation capacity, market-oriented reform of new energy on-grid tariffs, and action plans for high-quality development of new energy storage manufacturing242526272829 - In H1 2025, newly installed renewable energy power generation capacity nationwide reached 268 million kilowatts, a 99.3% YoY increase, accounting for 91.5% of total new power installations29 - The lithium battery industry is driven by policy support (e.g., China's car trade-in program, EU Critical Raw Materials Act) and growing demand from new energy vehicles, power batteries, and energy storage markets32333435363738 (II) Operating Performance Analysis New energy power generation decreased by 24.16% due to grid issues, while lithium and environmental services saw growth - The company has a total installed capacity of 1.2977 million kilowatts for operational wind and solar power projects, 1.7708 million kilowatts for projects under construction, and 300,000 kilowatts for projects awaiting construction, ranking among the top new energy enterprises in Sichuan Province41 - In H1 2025, wind and solar power generation achieved 1.873 billion kWh, a 24.16% YoY decrease, mainly due to grid upgrades and maintenance outages for some wind power projects42 - The company's lithium salt production capacity is 45,000 tons/year, with the new 30,000 tons/year project fully entering trial production and successfully producing qualified battery-grade lithium salt products on July 31, 202544 - The Lijiaogou lithium mine mining and processing project has achieved full production and compliance, with 346,600 tons of raw ore mined, 76,600 tons of raw ore sold, and 48,600 tons of lithium concentrate sold in H1 2025, a significant increase YoY44 Analysis of Core Competencies The company's core competencies include superior resource control, strong project profitability, integrated lithium operations, and robust group support - The Lijiaogou lithium mine in Jinchuan County, Aba Prefecture, for which the company holds mining rights, has proven ore reserves of 38.812 million tons with an average grade of 1.3%, lithium oxide reserves of 502,200 tons (equivalent to 1.24 million tons LCE), and associated rare metals like tantalum, niobium, beryllium, and tin45 - The company's operational and under-construction wind and solar projects have a total installed capacity of 3.37 million kilowatts, with approximately 1.2977 million kilowatts operational, 1.77 million kilowatts under construction, and 300,000 kilowatts with approved indicators ready for commencement, ranking among the top new energy enterprises in Sichuan47 - The company's lithium salt product indicators significantly exceed national and industry standards, with some chemical indicators like Na, K, Mg, and SO42- being industry-leading, and magnetic impurities superior to national standards49 - The company's main business now covers wind and solar power generation, waste-to-energy and integrated environmental sanitation, lithium ore mining, and lithium salt manufacturing, forming a "one core, two-way" industrial chain structure with continuous optimization52 Main Business Analysis Main business revenue decreased by 17.58% due to reduced wind and solar power generation, while lithium and environmental services grew H1 2025 Main Business Revenue Composition | Sub-industry | Current Reporting Period Amount (yuan) | Proportion of Operating Revenue | Prior Year Period Amount (yuan) | Proportion of Operating Revenue | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Total Operating Revenue | 1,486,055,184.40 | 100% | 1,803,037,698.27 | 100% | -17.58% | | Wind and Solar Power Generation Revenue | 753,068,844.30 | 50.67% | 1,112,950,096.51 | 61.72% | -32.34% | | Lithium Business Revenue | 216,306,661.79 | 14.56% | 210,040,227.22 | 11.65% | 2.98% | | Waste-to-Energy Revenue | 348,957,646.74 | 23.48% | 360,065,900.97 | 19.97% | -3.09% | | Environmental Sanitation Services Revenue | 143,241,931.10 | 9.64% | 91,549,379.15 | 5.08% | 56.46% | H1 2025 Main Business Gross Profit Margin | Sub-industry | YoY Change in Operating Revenue | YoY Change in Operating Cost | YoY Change in Gross Profit Margin | | :--- | :--- | :--- | :--- | | Wind and Solar Power Generation Revenue | -32.34% | 6.03% | -11.73% | | Lithium Business Revenue | 2.98% | -1.66% | 4.57% | | Waste-to-Energy Revenue | -3.09% | 4.64% | -4.07% | - Net cash flow from operating activities decreased by 29.15% YoY, mainly due to reduced wind and solar power generation revenue and lower benchmark electricity fee receipts57 Non-Main Business Analysis Non-main business activities negatively impacted total profit, with asset impairment losses being the largest contributor H1 2025 Impact of Non-Main Business on Total Profit | Item | Amount (yuan) | Proportion of Total Profit | Sustainability | | :--- | :--- | :--- | :--- | | Investment Income | -894,168.34 | -0.24% | Not sustainable | | Fair Value Change Gains/Losses | 2,734,388.87 | 0.72% | Not sustainable | | Non-operating Income | 557,016.11 | 0.15% | Not sustainable | | Non-operating Expenses | 5,076,571.50 | 1.34% | Not sustainable | | Credit Impairment Losses | -9,386,219.82 | -2.48% | Not sustainable | | Asset Impairment Losses | -75,396,893.60 | -19.89% | Not sustainable | - Asset impairment losses primarily consist of inventory impairment provisions and fixed asset impairment provisions61 Analysis of Assets and Liabilities Total assets increased by 10.19% due to project loans and investments, leading to a significant rise in long-term borrowings H1 2025 Significant Changes in Asset Composition | Item | End of Current Reporting Period Amount (yuan) | Proportion of Total Assets | End of Prior Year Amount (yuan) | Proportion of Total Assets | Proportion Change | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 7,087,035,466.27 | 25.50% | 5,493,442,361.61 | 21.78% | 3.72% | Increased project loans for wind and solar power generation projects under construction | | Construction in Progress | 1,713,986,239.26 | 6.17% | 1,083,640,004.71 | 4.30% | 1.87% | Continuous investment in De'a Industrial Park lithium salt project, and wind and solar power generation projects under construction | | Long-term Borrowings | 9,558,125,145.91 | 34.39% | 7,804,809,799.01 | 30.94% | 3.45% | Increased project loans for wind and solar power generation projects under construction | H1 2025 Asset Restrictions at Period-End | Item | Book Balance (yuan) | Type of Restriction | Restriction Details | | :--- | :--- | :--- | :--- | | Monetary Funds | 55,215,450.13 | Pledge, Freeze | Bank acceptance bill deposits, letter of guarantee deposits, ETC frozen funds, and litigation freezes | | Fixed Assets | 808,632,332.94 | Mortgage | Project construction and operation loans, with fixed assets as collateral | | Intangible Assets | 2,117,476,817.66 | Pledge | Project construction and operation loans, with concession rights as collateral | | Accounts Receivable | 2,026,132,339.10 | Pledge | Project construction and operation loans, with project operation fee collection rights as collateral | Investment Status Analysis Total investment increased by 13.91% YoY, with significant non-equity investments in wind, solar, and lithium salt projects H1 2025 Investment Amount | Indicator | Investment Amount in Reporting Period (yuan) | Investment Amount in Prior Year Period (yuan) | Change Rate | | :--- | :--- | :--- | :--- | | Total Investment | 1,174,961,885.83 | 1,031,454,308.00 | 13.91% | - The company increased its capital contribution to Maerkang Chuaneng New Energy Development Co., Ltd. by 140,760,000.00 yuan, maintaining a 51.00% shareholding, funded by its own capital69 - During the reporting period, the company changed the use of 680 million yuan of raised funds for working capital, with 610 million yuan used by the company and its consolidated subsidiaries to repay debts and for operational working capital, and 70 million yuan used by the company's headquarters to repay bank working capital loans80 - The Bayannur domestic waste incineration power generation project did not achieve expected benefits, mainly due to daily waste intake not meeting design standards and uncertainty in national subsidy electricity prices due to competitive bidding83 Major Asset and Equity Sales The company did not engage in any major asset or equity sales during the reporting period - The company did not sell any major assets during the reporting period86 - The company did not sell any major equity during the reporting period87 Analysis of Major Holding and Participating Companies This section lists financial data and business scopes of major subsidiaries, with changes in consolidation scope during the period H1 2025 Financial Data of Major Holding Subsidiaries | Company Name | Operating Revenue (yuan) | Operating Profit (yuan) | Net Profit (yuan) | | :--- | :--- | :--- | :--- | | Sichuan Energy Investment New Energy Power Co., Ltd. | 753,412,881.00 | 420,436,671.10 | 372,628,579.07 | | Sichuan Energy Investment Lithium Industry Co., Ltd. | 263,535,033.89 | -66,346,544.70 | -69,863,560.17 | | Sichuan Energy Investment Energy Saving and Environmental Protection Investment Co., Ltd. | 514,590,713.20 | 99,610,178.53 | 95,792,731.56 | | Sichuan Energy Investment Dingsheng Lithium Industry Co., Ltd. | 97,268,650.09 | -45,837,042.34 | -42,668,363.26 | | Sichuan Energy Investment De'a Lithium Industry Co., Ltd. | 21,899.80 | -119,263.49 | 1,143,939.60 | - During the reporting period, the company transferred equity in Sichuan Chuaneng Energy Saving and Environmental Protection Engineering Co., Ltd., established Aba County Chuaneng Environmental Energy Co., Ltd., and deregistered Yibin Chuaneng Environmental Energy Utilization Co., Ltd88 Information on Structured Entities Controlled by the Company The company did not control any structured entities during the reporting period - The company did not control any structured entities during the reporting period90 Risks Faced by the Company and Countermeasures The company faces risks from market-oriented electricity prices, new energy curtailment, climate dependence, and geological hazards - Electricity market risk: The expanding scale of market-oriented electricity transactions and full participation of new energy power generation projects in market transactions pose a risk of continuous electricity price decline90 - Electricity curtailment risk: Continuous increase in new energy installations, coupled with uncoordinated grid transmission and transformation capacity and power load absorption capacity, leads to significant curtailment risks for some wind and solar power projects9192 - Risk of major raw material supply or product price fluctuations: Lithium product raw material supply and prices are influenced by market supply and demand, policies, and economic conditions, with significant price fluctuations having a major impact on operating performance9596 - Geological disaster risk: The Lijiaogou lithium mine area is located in a high-altitude canyon region with complex geological conditions, prone to frequent geological disasters such as mudslides, collapses, and landslides97 Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan The company has not formulated a market value management system nor disclosed a valuation enhancement plan - The company has not formulated a market value management system98 - The company has not disclosed a valuation enhancement plan98 Implementation of "Quality and Return Dual Improvement" Action Plan The company has disclosed an action plan to enhance performance, governance, and market value through six key areas - The company has disclosed the "Quality and Return Dual Improvement" action plan announcement98 - The plan includes six aspects: focusing on main responsibilities and businesses, technology leadership, strengthening corporate governance, enhancing information disclosure and investor relations, emphasizing shareholder returns, and increasing shareholdings by the controlling shareholder98 Corporate Governance, Environment, and Society Changes in Directors, Supervisors, and Senior Management During the reporting period, there were changes in the company's directors and chairman, with He Lianjun departing and Zhang Zhongwu elected - He Lianjun resigned as director and chairman on May 28, 2025, due to work transfer101 - Zhang Zhongwu was elected as director and chairman on May 28, 2025, due to work transfer101 Profit Distribution and Capital Reserve to Share Capital Conversion in This Reporting Period The company proposes a cash dividend of 1.70 yuan (tax inclusive) per 10 shares, totaling 313.85 million yuan, with no bonus shares or capital reserve conversion 2025 Semi-Annual Profit Distribution Plan | Indicator | Value | | :--- | :--- | | Bonus Shares per 10 Shares (shares) | 0 | | Cash Dividend per 10 Shares (yuan) (tax inclusive) | 1.70 | | Share Capital Base for Distribution Plan (shares) | 1,846,168,342.00 | | Total Cash Dividend (yuan) (tax inclusive) | 313,848,618.14 | | Proportion of Total Cash Dividend to Total Profit Distribution | 100% | | Distributable Profit (yuan) | 482,867,898.31 | - This profit distribution plan complies with relevant laws and regulations, including the "Company Law", "Securities Law", and "Guidance No. 3 for Listed Companies—Cash Dividends of Listed Companies", as well as the "Articles of Association"103 Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures during the reporting period - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period104 Environmental Information Disclosure The company and its 9 major subsidiaries are listed as legally required environmental information disclosure enterprises, with no environmental accidents reported - The company and its 9 major subsidiaries are included in the list of enterprises legally required to disclose environmental information105106 - The company reported no environmental accidents during the reporting period106 Social Responsibility Performance In H1 2025, the company actively fulfilled social responsibilities through industrial empowerment, employment assistance, consumer support for agriculture, and public welfare initiatives - The company actively promotes wind and solar power projects in underdeveloped counties such as Meigu County and Leibo County in Liangshan Prefecture, Litang County in Ganzi Prefecture, and Tongjiang County in Bazhong City, paying a total of 145 million yuan in taxes and fees in H1 2025107 - Sichuan Hengsheng Tianjie Company, in its environmental sanitation service project in Puge County, prioritized hiring local surplus labor through flexible employment, providing approximately 130 job opportunities with an average monthly income of 3,600 yuan per person107 - Companies within the consolidated financial statements actively engaged in consumer assistance, purchasing approximately 1.1 million yuan worth of agricultural and sideline products from assistance and poverty-stricken areas109 Significant Matters Commitments Fulfilled or Overdue by Controlling Shareholder, Actual Controller, Shareholders, Related Parties, Acquirers, and the Company During the reporting period, no commitments by the company or related parties were fulfilled or overdue - During the reporting period, there were no commitments by the company's actual controller, shareholders, related parties, acquirers, or the company that were fulfilled or overdue by the end of the reporting period112 Non-Operating Funds Occupied by Controlling Shareholder and Other Related Parties During the reporting period, there were no non-operating funds occupied by the controlling shareholder or other related parties - During the reporting period, there were no non-operating funds occupied by the controlling shareholder or other related parties of the listed company113 Irregular External Guarantees The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period114 Appointment and Dismissal of Accounting Firms The company's semi-annual financial report was not audited - The company's semi-annual report was not audited115 Explanation by the Board of Directors and Supervisory Board on the "Non-Standard Audit Report" for This Reporting Period The company had no non-standard audit report during the reporting period - The company had no non-standard audit report during the reporting period116 Explanation by the Board of Directors on the "Non-Standard Audit Report" for the Prior Year The company had no non-standard audit report during the reporting period - The company had no non-standard audit report during the reporting period116 Bankruptcy and Reorganization Matters The company had no bankruptcy and reorganization matters during the reporting period - The company had no bankruptcy and reorganization matters during the reporting period116 Litigation Matters The company is involved in multiple significant litigation and arbitration cases, including sales contract disputes and engineering project disputes - Sales contract disputes with Sichuan Xiangling Industrial Co., Ltd. and Jia Ling, involving 268.0842 million yuan, have concluded and been transferred to public security for criminal investigation118 - Sales contract disputes with Fujian Funeng Power Fuel Co., Ltd., involving 69.1744 million yuan, have concluded and been transferred to public security for criminal investigation118 - Sales contract disputes with Sichuan Jiaqi Petrochemical Co., Ltd., involving 23.414 million yuan, entered the enforcement stage after judgment, but enforcement was suspended due to the Guanghan People's Court's bankruptcy case not passing review118 - In the engineering project settlement dispute between Hunan Industrial Equipment Installation Co., Ltd. and Shehong Chuaneng Environmental Protection Co., Ltd. and Chuaneng Environmental Protection, the first instance judgment ordered Shehong Chuaneng Environmental Protection to pay 21.2472 million yuan plus interest, which was upheld in the second instance160 Penalties and Rectification The company had no penalties or rectification situations during the reporting period - The company had no penalties or rectification situations during the reporting period123 Integrity Status of the Company, its Controlling Shareholder, and Actual Controller The company, its controlling shareholder, and actual controller had no integrity issues during the reporting period - The company, its controlling shareholder, and actual controller had no integrity issues during the reporting period124 Significant Related Party Transactions The company engaged in daily operating related party transactions, including sales, purchases, joint investments, and asset transfers H1 2025 Related Party Sales Transactions Related to Daily Operations | Related Party | Related Transaction Content | Related Transaction Amount (10,000 yuan) | Proportion of Similar Transactions | | :--- | :--- | :--- | :--- | | Sichuan Energy Investment Comprehensive Energy Co., Ltd. | Electricity Sales | 12,691.87 | 16.85% | | Sichuan Chuaneng Zhineng Industrial Co., Ltd. | Electricity Sales | 37,054.68 | 49.20% | | Sichuan Guoli Lithium Materials Co., Ltd. | Sales of Goods | 10,103.80 | 46.71% | | Sichuan Energy Development Group Co., Ltd. | Custody Services | 128.08 | 100.00% | H1 2025 Related Party Purchase Transactions Related to Daily Operations | Related Party | Related Transaction Content | Related Transaction Amount (10,000 yuan) | Proportion of Similar Transactions | | :--- | :--- | :--- | :--- | | Sichuan Chuanhua Yongxin Construction Engineering Co., Ltd. | Acceptance of Services | 6,744.10 | 10.10% | | Sichuan Energy Investment Huicheng Training Management Co., Ltd. | Acceptance of Services | 2,208.75 | 17.36% | | Sichuan Energy Investment Materials Industry Group Co., Ltd. | Purchase of Goods, Acceptance of Services | 182.28 | 0.27% | | Sichuan Chemical Group Co., Ltd. | Acceptance of Services | 221.32 | 18.76% | - The company and Sichuan Energy Investment Power Development Group Co., Ltd. jointly invested in Maerkang Chuaneng New Energy Development Co., Ltd., with a registered capital of 326 million yuan, primarily engaged in solar power generation135 - On March 28, 2025, the company approved the "Proposal on Sichuan Energy Investment Energy Saving and Environmental Protection Investment Co., Ltd. Transferring 100% Equity of Sichuan Chuaneng Energy Saving and Environmental Protection Engineering Co., Ltd.", transferring it to Sichuan Energy Investment Resource Recycling Investment Co., Ltd139 Significant Contracts and Their Performance The company has equity custody arrangements, leasing activities, provides guarantees for subsidiaries, and engages in entrusted wealth management - The company's controlling shareholder entrusted the equity of 8 target companies, including Renshou Chuaneng Environmental Energy Co., Ltd., to Chuaneng Environmental Protection to exercise all shareholder rights except share disposal rights, shareholder income rights, and residual asset distribution rights during liquidation, paying a fixed income of 4.4 million yuan/year plus floating income142 H1 2025 Lease Expenses as Lessee | Item | Current Period Amount (yuan) | | :--- | :--- | | Short-term Lease Expenses | 2,322,552.83 | | Interest Expense on Lease Liabilities | 1,444,819.55 | | Total Cash Outflow Related to Leases | 10,953,223.79 | H1 2025 External Guarantees by the Company and its Subsidiaries (Guarantees for Subsidiaries) | Name of Guaranteed Party | Guarantee Limit (10,000 yuan) | Actual Guarantee Amount (10,000 yuan) | Guarantee Type | Fulfilled | | :--- | :--- | :--- | :--- | :--- | | Sichuan Dexin Mining Resources Co., Ltd. | 135,000 | 5,100 | Joint and Several Liability Guarantee | No | | Sichuan Energy Investment Dingsheng Lithium Industry Co., Ltd. | 65,000 | 4,816 | Joint and Several Liability Guarantee | No | | Sichuan Provincial Energy Investment Yanbian New Energy Development Co., Ltd. | 15,100 | 5,962.6 | Joint and Several Liability Guarantee | No | | Total | 276,266 | 113,128.6 | | | - The actual total guarantee amount at the end of the reporting period was 1.131286 billion yuan, accounting for 10.68% of the company's net assets158 H1 2025 Entrusted Wealth Management | Specific Type | Entrusted Wealth Management Amount (10,000 yuan) | Unexpired Balance (10,000 yuan) | | :--- | :--- | :--- | | Bank Wealth Management Products | 96,500 | 39,000 | Explanation of Other Significant Matters The company had no other significant matters requiring explanation during the reporting period - The company had no other significant matters requiring explanation during the reporting period160 Significant Matters of Company Subsidiaries The company had no significant matters concerning its subsidiaries during the reporting period - The company had no significant matters concerning its subsidiaries during the reporting period161 Share Changes and Shareholder Information Share Change Status During the reporting period, restricted shares decreased due to the listing of new shares from asset acquisition, while unrestricted shares increased H1 2025 Share Change Status | Share Class | Number of Shares Before This Change (shares) | Increase/Decrease in This Change (shares) | Number of Shares After This Change (shares) | | :--- | :--- | :--- | :--- | | I. Restricted Shares | 152,645,974.00 | -152,645,974.00 | 0 | | II. Unrestricted Shares | 1,693,522,368.00 | 152,645,974.00 | 1,846,168,342.00 | | III. Total Shares | 1,846,168,342.00 | 0 | 1,846,168,342.00 | - Share changes were mainly due to the listing and circulation of new shares from the company's asset acquisition on April 29, 2025, with a lock-up period of 12 months from the listing date165 - Restricted shares held by Dongfang Electric Corporation and Chengdu Mingyong Investment Co., Ltd. were released and listed for circulation on April 29, 2025167168 Securities Issuance and Listing The company had no securities issuance and listing during the reporting period - The company had no securities issuance and listing during the reporting period170 Number of Shareholders and Shareholding Status At the end of the reporting period, the company had 119,066 common shareholders, with Sichuan Energy Investment Group as the largest shareholder - At the end of the reporting period, the total number of common shareholders was 119,066170 H1 2025 Shareholding Status of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Ratio | Number of Shares Held at Period-End (shares) | Number of Unrestricted Shares Held (shares) | | :--- | :--- | :--- | :--- | :--- | | Sichuan Provincial Energy Investment Group Co., Ltd. | State-owned Legal Person | 30.43% | 561,714,254 | 561,714,254 | | Sichuan Chemical Group Co., Ltd. | State-owned Legal Person | 7.77% | 143,500,000 | 143,500,000 | | Dongfang Electric Corporation | State-owned Legal Person | 4.72% | 87,167,187 | 87,167,187 | | Chengdu Mingyong Investment Co., Ltd. | Domestic Non-state-owned Legal Person | 3.55% | 65,474,962 | 65,474,962 | - The company's controlling shareholder has changed from Sichuan Energy Investment Group to Sichuan Energy Development Group Co., Ltd., with the equity change still requiring registration and transfer procedures with China Securities Depository and Clearing Corporation Limited Shenzhen Branch172 Changes in Shareholdings of Directors, Supervisors, and Senior Management The shareholdings of the company's directors, supervisors, and senior management remained unchanged during the reporting period - The shareholdings of the company's directors, supervisors, and senior management remained unchanged during the reporting period, refer to the 2024 annual report for details173 Changes in Controlling Shareholder or Actual Controller During the reporting period, the company's controlling shareholder changed to Sichuan Energy Development Group Co., Ltd., while the actual controller remained unchanged - The new controlling shareholder is Sichuan Energy Development Group Co., Ltd., with the change date being February 27, 2025174 - The company's actual controller remained unchanged during the reporting period174 Preferred Share Information The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period175 Bond-Related Information Corporate Bonds The company had no corporate bonds during the reporting period - The company had no corporate bonds during the reporting period177 Company Bonds The company issued "24 Chuanxineng GCV01" carbon-neutral green rural revitalization corporate bonds, with a balance of 200 million yuan and an interest rate of 2.42% H1 2025 Basic Information on Company Bonds | Bond Name | Bond Abbreviation | Bond Code | Bond Balance (10,000 yuan) | Interest Rate | Trading Venue | | :--- | :--- | :--- | :--- | :--- | :--- | | Sichuan New Energy Power Co., Ltd. 2024 Publicly Issued Carbon Neutral Green Rural Revitalization Corporate Bonds (Tranche 1) for Professional Investors | 24 Chuanxineng GCV01 | 148936.SZ | 20,000 | 2.42% | Shenzhen Stock Exchange | - This tranche of bonds is only issued to institutional investors among professional investors; ordinary investors and individual investors among professional investors are not allowed to participate in the subscription179 Non-Financial Enterprise Debt Financing Instruments The company had no non-financial enterprise debt financing instruments during the reporting period - The company had no non-financial enterprise debt financing instruments during the reporting period181 Convertible Corporate Bonds The company had no convertible corporate bonds during the reporting period - The company had no convertible corporate bonds during the reporting period182 Consolidated Statement Loss Exceeding 10% of Net Assets at Prior Year-End The company's consolidated statement loss did not exceed 10% of net assets at the prior year-end during the reporting period - The company's consolidated statement loss did not exceed 10% of net assets at the prior year-end during the reporting period183 Key Accounting Data and Financial Indicators for the Past Two Years as of the End of the Reporting Period At the end of the reporting period, the company's liquidity and quick ratios improved, while the asset-liability ratio increased, and profitability indicators declined Key Accounting Data and Financial Indicators for the Past Two Years | Item | End of Current Reporting Period | End of Prior Year | Change from Prior Year-End | | :--- | :--- | :--- | :--- | | Current Ratio | 2.54 | 2.20 | 15.45% | | Asset-Liability Ratio | 53.47% | 49.92% | 3.55% | | Quick Ratio | 2.37 | 2.05 | 15.61% | | Current Reporting Period | Prior Year Period | Change from Prior Year Period | | | Net Profit Excluding Non-recurring Gains/Losses (10,000 yuan) | 31,281.46 | 70,327.13 | -55.52% | | EBITDA to Total Debt Ratio | 7.27% | 12.65% | -5.38% | | Interest Coverage Ratio | 2.83 | 4.92 | -42.48% | | Cash Interest Coverage Ratio | 2.89 | 3.93 | -26.46% | | EBITDA Interest Coverage Ratio | 4.87 | 6.59 | -26.10% | Financial Report Audit Report The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited186 Financial Statements This section presents the company's H1 2025 consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity - The consolidated balance sheet shows total assets of 27,796,329,615.12 yuan and total liabilities of 14,862,417,381.03 yuan at period-end190 - The consolidated income statement shows total operating revenue of 1,486,055,184.40 yuan and net profit of 322,324,585.16 yuan for the current period197198 - The consolidated cash flow statement shows net cash flow from operating activities of 537,884,569.93 yuan, net cash flow from investing activities of -926,872,213.11 yuan, and net cash flow from financing activities of 1,966,926,979.63 yuan202203 Company Basic Information Established in 1997 and listed in 2000, the company's main business includes new energy power generation, mineral resources, lithium products, and environmental services - The company was approved for establishment in September 1997, registered on October 20, 1997, and listed on the Shenzhen Stock Exchange on September 26, 2000222 - The company's registered capital is 1,846,168,342.00 yuan, with a total of 1,846,168,342 shares222 - The company's main businesses include wind, solar, and waste-to-energy power generation; mining, processing, and sales of mineral resources; production and sales of lithium carbonate and lithium hydroxide; and urban waste collection and environmental sanitation services222 Basis of Financial Statement Preparation The company's financial statements are prepared on a going concern basis, with no significant doubts about its ability to continue for the next 12 months - The company's financial statements are prepared on a going concern basis223 - There are no matters or circumstances that would cause significant doubt about the company's ability to continue as a going concern for the 12 months from the end of the reporting period224 Significant Accounting Policies and Estimates This section details the company's adherence to accounting standards, covering financial instruments, inventory, fixed assets, revenue recognition, and other key policies - The company classifies financial assets at initial recognition into those measured at amortized cost, at fair value through other comprehensive income, and at fair value through profit or loss235 - Fixed assets are depreciated using the straight-line method, with depreciation periods of 10-50 years for buildings and structures, and 10-20 years for machinery and equipment253 - Intangible assets include concession rights, land use rights, software systems, mining rights, patent technologies, and trademarks, with mining rights amortized based on the proportion of actual ore consumption to proven economic reserves257 - Revenue recognition principles are based on whether performance obligations are satisfied over time or at a point in time, and revenue is measured at the transaction price allocated to each distinct performance obligation272273 Taxes This section lists the company's main tax categories and rates, along with various tax incentives enjoyed by the company and its subsidiaries Company's Main Tax Categories and Rates | Tax Category | Tax Rate | | :--- | :--- | | Value-Added Tax | 13%, 9%, 6%, 3%, 1%, Exempt | | Urban Maintenance and Construction Tax | 7%, 5%, 3.5%, 2.5%, 1% | | Corporate Income Tax | 25%, 15%, 12.5%, 7.5%, 5%, Exempt | | Property Tax | 1.2%, 12% | | Resource Tax | 6.5%, 4.5% | - Sichuan Energy Investment Dingsheng Lithium Industry Co., Ltd. and Sichuan Dexin Mining Resources Co., Ltd. enjoy a 15% corporate income tax preferential rate290291 - Multiple subsidiaries enjoy a 15% corporate income tax preferential rate under the Western Development policy291 - Some subsidiaries' public infrastructure projects enjoy a corporate income tax policy of "three years exemption, three years half reduction"292 - Wind power generation products are subject to a 50% immediate refund of Value-Added Tax upon collection293 Notes to Consolidated Financial Statement Items This section provides detailed notes on consolidated financial statement items, including assets, liabilities, equity, income, and expenses H1 2025 Period-End Monetary Funds Composition | Item | Period-End Balance (yuan) | | :--- | :--- | | Cash on Hand | 56,575.84 | | Bank Deposits | 7,067,357,035.59 | | Other Monetary Funds | 19,621,854.84 | | Total | 7,087,035,466.27 | - Accounts receivable period-end book balance is 2,763,968,831.80 yuan, with bad debt provision of 380,175,502.31 yuan, of which 81.29% is from combinations with no recovery risk302 - Inventory period-end book balance is 551,162,316.19 yuan, with inventory impairment provision of 219,768,362.52 yuan, mainly including raw materials, work-in-progress, and finished goods338 - Fixed assets period-end book value is 8,995,852,868.41 yuan, primarily buildings and structures and machinery and equipment348 - Construction in progress period-end balance is 1,713,986,239.26 yuan, mainly including the Lijiaogou lithium spodumene project, De'a Industrial Park lithium salt project, and multiple wind and solar power projects361 - Long-term borrowings period-end balance is 9,558,125,145.91 yuan, mainly pledged borrowings, credit borrowings, and mortgage/pledge borrowings428 - Operating revenue for the current period is 1,486,055,184.40 yuan, operating cost is 783,105,519.66 yuan, with a high proportion from main business revenue454 Research and Development Expenses Total R&D expenses for the reporting period were 9,056,615.52 yuan, entirely expensed, primarily for employee compensation and materials H1 2025 R&D Expense Composition | Item | Current Period Amount (yuan) | Prior Period Amount (yuan) | | :--- | :--- | :--- | | Employee Compensation | 4,378,852.50 | 4,952,154.42 | | Outsourced R&D Expenses | 106,725.66 | 1,948,650.82 | | Material Costs | 4,295,339.89 | 3,370,228.72 | | Fuel and Power Costs | 107,757.94 | 520,349.06 | | Depreciation and Amortization | 52,714.38 | 410,423.14 | | Other | 115,225.15 | 104,093.33 | | Total | 9,056,615.52 | 11,305,899.49 | | Of which: Expensed R&D | 9,056,615.52 | 11,305,899.49 | Changes in Consolidation Scope During the reporting period, the company disposed of Sichuan Chuaneng Energy Saving and Environmental Protection Engineering Co., Ltd. equity, established a new subsidiary, and deregistered another - The company disposed of 100% equity in Sichuan Chuaneng Energy Saving and Environmental Protection Engineering Co., Ltd., completing the industrial and commercial change on April 11, 2025, and losing control514 - Aba County Chuaneng Environmental Energy Co., Ltd. was newly established in this period, with 100.00% shareholding obtained through establishment515 - Yibin Chuaneng Environmental Energy Utilization Co., Ltd. was reduced as a subsidiary in this period through deregistration516 Interests in Other Entities This section discloses the company's interests in major subsidiaries and significant associates, including financial performance - The company owns 9 major holding subsidiaries, including Sichuan Energy Investment New Energy Power Co., Ltd. (95.00% shareholding) and Sichuan Energy Investment Lithium Industry Co., Ltd. (62.75% shareholding)519 - Sichuan Energy Investment New Energy Power Co., Ltd., a significant non-wholly owned subsidiary, had 44,986,821.23 yuan in profit/loss attributable to minority shareholders and declared dividends of 82,618,225.78 yuan to minority shareholders in this period522 - Sichuan Shuneng Mineral Resources Co., Ltd., a significant associate, had a net loss of -65,545,381.83 yuan in this period530 Government Grants During the reporting period, government grants included in other income totaled 43,064,239.68 yuan, with deferred government grants primarily asset-related H1 2025 Government Grants Included in Current Profit/Loss | Accounting Account | Current Period Amount (yuan) | | :--- | :--- | | Government Grants Included in Other Income | 43,064,239.68 | | Impact of Fiscal Interest Subsidies on Total Profit | 605,800.00 | | Total | 43,670,039.68 | - Deferred government grants in deferred income had a period-end balance of 56,583,436.00 yuan, primarily asset-related535 Risks Related to Financial Instruments The company faces credit, liquidity, and market risks, managed through various measures including monitoring receivables and optimizing financing - The company faces credit risk, liquidity risk, and market risk (interest rate risk and foreign exchange risk)541542 - 78.49% of the company's accounts receivable are from its top five customers, indicating a certain concentration of credit risk540 H1 2025 Financial Asset Transfer Status | Transfer Method | Nature of Transferred Financial Assets | Amount of Transferred Financial Assets (yuan) | | :--- | :--- | :--- | | Bill Discounting | Accounts Receivable Financing | 89,949,063.18 | | Bill Endorsement | Accounts Receivable Financing | 33,079,630.08 | | Total | | 123,028,693.26 | Disclosure of Fair Value At period-end, assets measured at fair value primarily included trading financial assets and accounts receivable financing, totaling 395,782,083.92 yuan H1 2025 Period-End Assets Measured at Fair Value | Item | Period-End Fair Value (yuan) | | :--- | :--- | | Trading Financial Assets (Bank Wealth Management Products) | 390,349,000.00 | | Accounts Receivable Financing | 5,433,083.92 | | Total Assets Continuously Measured at Fair Value | 395,782,083.92 | - The fair value of the company's bank wealth management products and accounts receivable financing are both measured using Level 3 fair value, estimated using expected rates of return and face value, respectively550 Related Parties and Related Party Transactions The company's ultimate controlling party is the Sichuan Provincial SASAC, with extensive related party transactions including sales, purchases, and asset transfers - The company's ultimate controlling party is the Sichuan Provincial State-owned Assets Supervision and Administration Commission551 - The company has related party transactions with enterprises controlled by its parent company and associates, including sales and purchases of goods, and provision and acceptance of services, with some transaction amounts exceeding approved limits556557558559560 - As a lessor, the company recognized related party lease income of 3,152,620.58 yuan in this period563 - The company borrowed 55,238,300.00 yuan from Sichuan Energy Investment Capital Holdings Co., Ltd568 - The company transferred 100% equity of Sichuan Chuaneng Energy Saving and Environmental Protection Engineering Co., Ltd. to Sichuan Energy Investment Resource Recycling Investment Co., Ltd. for an equity transfer price of 59.6549 million yuan571 Commitments and Contingencies The company has contingent liabilities related to litigation arising from engineering project settlement disputes, with a second-instance judgment upholding the original ruling - Hunan Industrial Equipment Installation Co., Ltd. filed a lawsuit due to an engineering project settlement dispute, claiming payment of engineering fees and liquidated damages from Shehong Chuaneng Environmental Protection Co., Ltd. and Chuaneng Environmental Protection578 - On August 22, 2025, the Suining Intermediate People's Court upheld the original judgment in the second instance, ordering Shehong Chuaneng Environmental Protection Co., Ltd. to pay outstanding engineering fees of 21.2472 million yuan plus interest578 Post-Balance Sheet Events The company proposes a cash dividend of 1.70 yuan (tax inclusive) per 10 shares, totaling 313.85 million yuan, subject to shareholder approval Post-Balance Sheet Profit Distribution Plan | Indicator | Value | | :--- | :--- | | Proposed Cash Dividend per 10 Shares (yuan) | 1.70 | | Proposed Bonus Shares per 10 Shares (shares) | 0 | | Proposed Capital Reserve to Share Capital per 10 Shares (shares) | 0 | | Total Cash Dividend (tax inclusive) | 313,848,618.14 yuan | - This profit distribution plan aligns with the company's actual situation, promotes sustainable and healthy development, protects investor interests, and is subject to shareholder approval580 Other Significant Matters The company determines reporting segments based on business divisions, including other businesses, wind power, lithium, and environmental businesses - The company determines reporting segments based on business divisions, including other businesses, wind power business, lithium business, and environmental protection business581 H1 2025 Segment Financial Information | Item | Wind Power Business | Environmental Protection Business | Lithium Business | Other Businesses | Inter-segment Eliminations | Total | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Operating Revenue (yuan) | 753,412,881.00 | 514,590,713.20 | 360,825,583.78 | 16,002.95 | -142,789,996.53 | 1,486,055,184.40 | | Operating Cost (yuan) | 249,258,187.14 | 324,814,314.18 | 322,660,507.63 | 14,526.90 | -113,642,016.19 | 783,105,519.66 | | Total Assets (yuan) | 14,854,433,167.00 | 5,428,104,260.60 | 5,986,805,576.15 | 15,137,696,268.14 | -13,610,709,656.77 | 27,796,329,615.12 | | Total Liabilities (yuan) | 10,460,545,123.87 | 3,095,524,271.65 | 3,558,642,464.13 | 4,313,278,021.62 | -6,565,572,500.24 | 14,862,417,381.03 | Notes to Parent Company Financial Statement Major Items This section provides detailed notes on the parent company's financial statement items, including accounts receivable, other receivables, and long-term equity investments - Parent company accounts receivable period-end book balance is 448,203,164.35 yuan, with bad debt provision of 330,790,892.02 yuan587 - Parent company other receivables period-end balance is 2,618,961,996.79 yuan, with receivables from consolidated related parties accounting for 99.99%606 - Parent company investment in subsidiaries period-end balance is 6,811,730,353.70 yuan, and investment in associates and joint ventures period-end balance is 171,196,287.48 yuan615 - Parent company investment income for this period is 472,892,900.94 yuan, mainly from long-term equity investments accounted for using the cost method623 Supplementary Information This section provides supplementary information, including a detailed statement of non-recurring gains and losses and net asset return and earnings per share H1 2025 Non-recurring Gains and Losses Details | Item | Amount (yuan) | | :--- | :--- | | Non-current asset disposal gains and losses | 3,034,750.23 | | Government subsidies included in current profit/loss (excluding those with continuous impact) | 2,369,588.63 | | Fair value changes and disposal gains/losses from financial assets and liabilities held by non-financial enterprises | 9,095,541.66 | | Total | 9,509,962.64 | H1 2025 Net Asset Return and Earnings Per Share | Profit for the Reporting Period | Weighted Average Return on Net Assets | Basic Earnings Per Share (yuan/share) | Diluted Earnings Per Share (yuan/share) | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Common Shareholders of the Company | 2.93% | 0.17 | 0.17 | | Net Profit Attributable to Common Shareholders of the Company After Deducting Non-recurring Gains/Losses | 2.84% | 0.16 | 0.16 | Other Submitted Data Other Major Social Security Issues The company and its subsidiaries had no other major social security issues or administrative penalties during the reporting period - The listed company and its subsidiaries had no other major social security issues during the reporting period629 - No administrative penalties were imposed during the reporting period629 Registration Form for Research, Communication, Interview, and Other Activities During the Reporting Period During the reporting period, the company hosted two investor engagement activities, including an online earnings briefing and an on-site visit - On May 20, 2025, the company held its 2024 annual online earnings briefing via Value Online platform, communicating with institutional and individual investors on the company's key financial data, operating performance, and project construction status for 2024629 - On June 4, 2025, the company hosted an on-site research visit in meeting room 1622 for institutions such as Changjiang Securities, Quanguo Fund, and E Fund, discussing the company's basic situation, new energy power generation installed capacity planning, ongoing project progress, and market value management629 Fund Transactions Between Listed Company and Controlling Shareholder and Other Related Parties The company has operating and non-operating fund transactions with its controlling shareholder and related parties, all within approved limits and secured - All transactions between the company and its controlling shareholder and other related parties are operating transactions, included in the company's 2025 annual related party transaction estimates, and approved by the company's 2024 annual general meeting171 - The company provides guarantees, internal loans, and financial assistance to entities within its consolidated scope, all included in the company's annual plan and approved by the Board of Directors or Shareholders' Meeting171 - The comp