南网能源(003035) - 2025 Q2 - 季度财报

Section 1 Important Notes, Table of Contents, and Definitions Important Notes This section emphasizes the authenticity, accuracy, and completeness of the semi-annual report and provides risk warnings for forward-looking statements - The company's board of directors and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report and assume legal responsibility[3] - Forward-looking statements involving future plans in the report do not constitute profit forecasts or substantive commitments and are subject to uncertainties[4] 2025 Semi-Annual Profit Distribution Plan | Item | Amount/Quantity | | :--- | :--- | | Share Capital Base | 3,787,878,787 shares | | Cash Dividend per 10 Shares (tax inclusive) | 0.07 RMB | | Bonus Shares | 0 shares | | Shares Converted from Capital Reserve | 0 shares | Table of Contents This section lists the overall structure of the semi-annual report, comprising nine main chapters for investor reference Definitions This section defines key terms used in the report, such as "Energy Performance Contracting" and "Reporting Period," to ensure clarity and accuracy - "Energy Performance Contracting" refers to a service mechanism where an energy service company agrees on energy-saving targets with an energy-using entity, which then pays for the service investment and reasonable profits from the energy savings achieved[10] - "Reporting Period" refers to the period from January 1, 2025, to June 30, 2025[10] Section 2 Company Profile and Key Financial Indicators I. Company Profile This section provides basic information about the company, including its stock abbreviation, stock code, listing exchange, and legal representative Company Basic Information | Item | Content | | :--- | :--- | | Stock Abbreviation | CSG Energy | | Stock Code | 003035 | | Listing Exchange | Shenzhen Stock Exchange | | Chinese Name | China Southern Power Grid Comprehensive Energy Co, Ltd | | Legal Representative | Song Xinming | II. Contacts and Contact Methods This section lists the contact information for the company's Board Secretary and Securities Affairs Representative for investor communication Contact Information | Position | Name | Phone | | :--- | :--- | :--- | | Board Secretary | Zhang Hengge | 020-38122705 | | Securities Affairs Representative | Fang Mingzhu | 020-38122705 | III. Other Information This section states that the company's registered address, office address, website, and information disclosure locations remained unchanged during the reporting period - The company's contact methods, information disclosure channels, and document storage locations remained unchanged during the reporting period[14][15] IV. Key Accounting Data and Financial Indicators This section presents the company's key financial data for the reporting period, showing a 21.13% year-on-year increase in operating revenue Key Accounting Data and Financial Indicators (Current Period vs. Same Period Last Year) | Indicator | Current Period (RMB) | Same Period Last Year (RMB) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,603,397,773.62 | 1,323,734,918.16 | 21.13% | | Net Profit Attributable to Shareholders | 213,743,186.14 | 204,583,603.30 | 4.48% | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | 210,638,122.03 | 198,928,937.42 | 5.89% | | Net Cash Flow from Operating Activities | 536,201,004.81 | 567,290,854.24 | -5.48% | | Basic Earnings per Share | 0.0564 | 0.0540 | 4.44% | | Diluted Earnings per Share | 0.0564 | 0.0540 | 4.44% | | Weighted Average Return on Equity | 3.18% | 2.99% | Increase of 0.19 percentage points | | Period-End Indicators | End of Current Period (RMB) | End of Last Year (RMB) | Change from End of Last Year | | Total Assets | 22,899,416,812.24 | 20,771,416,254.52 | 10.24% | | Net Assets Attributable to Shareholders | 6,838,918,708.94 | 6,613,388,985.03 | 3.41% | V. Differences in Accounting Data under Domestic and Foreign Accounting Standards This section clarifies that there were no discrepancies in net profit or net assets between financial reports prepared under Chinese and international accounting standards - The company had no differences in accounting data under domestic and foreign accounting standards during the reporting period[17][18] VI. Non-recurring Profit and Loss Items and Amounts This section lists non-recurring profit and loss items for the period, totaling 3,105,064.11 RMB Non-recurring Profit and Loss Items and Amounts | Item | Amount (RMB) | | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | 214,323.52 | | Gains/Losses from Fair Value Changes and Disposal of Financial Assets/Liabilities | -4,113.04 | | Reversal of Impairment Provision for Individually Tested Receivables | 494,524.90 | | Other Non-operating Income and Expenses | 2,783,911.21 | | Less: Income Tax Impact | 864,125.97 | | Minority Interest Impact (after tax) | -480,543.49 | | Total | 3,105,064.11 | - The company did not reclassify any non-recurring profit and loss items as recurring[21] Section 3 Management Discussion and Analysis I. Principal Business Activities during the Reporting Period This section details the company's main operations, including energy-saving services and comprehensive resource utilization, and analyzes industry trends and competitive landscape 1. Company Business Overview The company primarily provides one-stop comprehensive energy-saving services, positioning itself as an integrated energy supplier and service provider - The company's mission is to "integrate technology, research policy, and serve society," with a strategic focus on being a comprehensive energy supplier and service provider[23] - Main business categories include industrial, building, and urban lighting energy-saving services, alongside comprehensive resource utilization[25][26] - The company's business model is shifting from "investment and holding" to a dual focus on "investment and holding + high-end services"[26] 2. Industry Overview The energy conservation industry is a core engine for green development, though the market remains fragmented and highly competitive - The energy conservation and environmental protection industry, a national strategic emerging sector, holds vast development potential and is crucial for achieving "dual carbon" goals[27][28] - The comprehensive energy services market has broad prospects, supported by policies encouraging multi-energy complementation and the shift from energy consumption control to carbon emission control[30] - The energy-saving service industry is highly competitive and fragmented, characterized by many small and weak enterprises, with low industrial concentration[35][36] - The company holds a leading position in the industry, with unique advantages in building energy conservation, and is transforming into a comprehensive energy developer and digital ecosystem provider[37] 3. Major Business Progress In the first half of 2025, the company advanced key strategic tasks, achieving growth in both operating revenue and net profit - In the first half of the year, the company achieved operating revenue of 1.603 billion RMB, a YoY increase of 21.13%, and net profit attributable to shareholders of 213.74 million RMB, a YoY increase of 4.48%[40] - Industrial energy-saving business revenue was approximately 880.61 million RMB, a YoY increase of about 27.70%; building energy-saving business revenue was approximately 431.56 million RMB, a YoY increase of about 5.00%[40] - The company has filed for bankruptcy for two subsidiaries and achieved profitability in the Tengxian biomass project, positively impacting the comprehensive resource utilization business[40] - A new digital services company was established to focus on digital operation and maintenance, advancing the business structure toward "investment and holding + high-end services"[41] II. Core Competitiveness Analysis The company's core competitiveness is built on technological innovation, extensive project experience, a professional talent pool, strong brand influence, and robust capital advantages - The company strengthens technological innovation through a "five-in-one" innovation consortium, focusing on "AI + Energy Saving" research projects like "AI + High-Efficiency Cooling Stations"[43][44] - With extensive project experience, the company has developed unique integrated solutions and upgraded its digital management platform, managing 1,101 projects online[46][47] - The company maintains a three-tiered talent pool of 279 individuals and implements a "Young Talent Support Project" to cultivate technical experts[48][49] - Recognized as a "Double Hundred" reform benchmark enterprise by SASAC, the company's brand reputation is continuously enhanced through award-winning projects[50] - As a state-controlled listed company, it possesses strong market credit and financing capabilities, with consolidated net assets of approximately 7.651 billion RMB at the end of the reporting period[51] III. Main Business Analysis This section analyzes the financial performance of the company's main business, highlighting revenue growth driven by industrial energy saving and resource utilization Overview This part provides an overview of the company's main business operations, with details available in "I. Principal Business Activities during the Reporting Period" Year-on-Year Changes in Key Financial Data This section details year-on-year changes in key financial data, showing a 21.13% revenue increase but a significant rise in expenses and investment cash outflows Year-on-Year Changes in Key Financial Data | Item | Current Period (RMB) | Same Period Last Year (RMB) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 1,603,397,773.62 | 1,323,734,918.16 | 21.13% | —— | | Operating Costs | 1,040,940,003.91 | 891,304,539.84 | 16.79% | —— | | Selling Expenses | 19,137,075.27 | 13,553,671.11 | 41.19% | Increased personnel costs due to market expansion and talent acquisition | | Administrative Expenses | 95,857,437.54 | 67,521,479.14 | 41.97% | Increased personnel costs due to hiring more management staff | | Financial Expenses | 147,293,213.33 | 135,653,705.24 | 8.58% | —— | | Income Tax Expense | 24,814,900.68 | 37,515,117.33 | -33.85% | New projects benefiting from tax reduction and exemption policies | | Net Cash Flow from Operating Activities | 536,201,004.81 | 567,290,854.24 | -5.48% | —— | | Net Cash Flow from Investing Activities | -2,090,414,392.06 | -848,147,933.32 | 146.47% | Increased expenditure on fixed asset construction projects | | Net Cash Flow from Financing Activities | 1,335,457,355.99 | 388,564,563.80 | 243.69% | Lower repayment of maturing debt compared to the previous year | | Net Increase in Cash and Cash Equivalents | -218,756,031.26 | 107,707,484.72 | -303.10% | Increased expenditure on fixed assets significantly exceeded cash inflows | Operating Revenue Composition This section analyzes the composition of operating revenue by industry, product, and region, with the South China region remaining the primary income source Operating Revenue Composition (by Industry, Product, Region) | Item | Current Period Amount (RMB) | % of Revenue | Same Period Last Year Amount (RMB) | % of Revenue | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | | By Industry | | | | | | | Energy-saving Services | 1,367,239,414.84 | 85.27% | 1,168,856,027.23 | 88.30% | 16.97% | | Comprehensive Resource Utilization | 235,753,452.41 | 14.70% | 153,849,919.87 | 11.62% | 53.24% | | By Product | | | | | | | Industrial Energy-saving | 880,612,691.46 | 54.92% | 689,594,171.45 | 52.09% | 27.70% | | Building Energy-saving | 431,564,745.30 | 26.92% | 411,026,476.15 | 31.05% | 5.00% | | Comprehensive Resource Utilization | 235,753,452.41 | 14.70% | 153,849,919.87 | 11.62% | 53.24% | | By Region | | | | | | | South China | 1,081,519,560.51 | 67.45% | 879,204,932.31 | 66.42% | 23.01% | | Southwest China | 179,746,066.46 | 11.21% | 185,746,237.57 | 14.03% | -3.23% | | East China | 140,915,824.87 | 8.79% | 97,929,360.46 | 7.40% | 43.90% | | North China | 132,447,976.88 | 8.26% | 100,941,503.72 | 7.63% | 31.21% | | Central China | 68,768,344.90 | 4.29% | 59,912,884.10 | 4.53% | 14.78% | Gross Margin Changes in Main Business | Item | Gross Margin (Current) | Gross Margin (Last Year) | Change in Gross Margin | | :--- | :--- | :--- | :--- | | Energy-saving Services | 35.98% | 34.59% | Up 1.39 percentage points | | Comprehensive Resource Utilization | 29.89% | 17.77% | Up 12.12 percentage points | | Industrial Energy-saving | 52.00% | 46.66% | Up 5.34 percentage points | | Building Energy-saving | 14.44% | 14.44% | Unchanged | | Comprehensive Resource Utilization | 29.89% | 17.77% | Up 12.12 percentage points | | South China Region | 39.48% | 32.27% | Up 7.21 percentage points | | Southwest China Region | 3.27% | 32.58% | Down 29.31 percentage points | - Industrial energy-saving business revenue grew by 27.70% YoY, with gross margin increasing by 5.34 percentage points, mainly due to the timely commissioning of several projects[60] - Comprehensive resource utilization business revenue grew by 53.24% YoY, with gross margin increasing by 12.12 percentage points, driven by a new agrivoltaics project and effective disposal of inefficient biomass assets[61] IV. Non-Main Business Analysis This section states that there is no analysis of non-main business activities for the reporting period - The company has no non-main business analysis for the reporting period[63] V. Analysis of Assets and Liabilities This section analyzes the composition and significant changes in the company's assets and liabilities, noting an increase in fixed assets and restrictions on certain assets 1. Significant Changes in Asset Composition Total assets grew by 10.24%, with the proportion of fixed assets increasing due to new projects becoming operational Significant Changes in Asset Composition | Item | End of Current Period (RMB) | % of Total Assets | End of Last Year (RMB) | % of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 990,354,813.62 | 4.32% | 1,195,065,360.01 | 5.75% | Down 1.43 percentage points | | Fixed Assets | 15,036,947,447.98 | 65.67% | 13,116,664,755.16 | 63.15% | Up 2.52 percentage points | | Construction in Progress | 1,383,119,483.70 | 6.04% | 1,503,210,526.77 | 7.24% | Down 1.20 percentage points | | Short-term Borrowings | 240,289,071.90 | 1.05% | 560,271,838.42 | 2.70% | Down 1.65 percentage points | | Long-term Borrowings | 6,093,636,159.19 | 26.61% | 5,987,204,588.84 | 28.82% | Down 2.21 percentage points | - The increase in the proportion of fixed assets is mainly due to the timely commissioning of major projects and the expansion of fixed asset construction[64] 2. Major Overseas Assets This section states that the company had no major overseas assets during the reporting period - The company had no major overseas assets during the reporting period[65] 3. Assets and Liabilities Measured at Fair Value This section states that there were no significant changes in the measurement attributes of the company's main assets during the reporting period - There were no significant changes in the measurement attributes of the company's main assets during the reporting period[65] 4. Restricted Assets as of the End of the Reporting Period As of the period end, assets with a total book value of 1.731 billion RMB were restricted, primarily for judicial freezes, guarantees, and loan collateral Restricted Assets | Item | Period-End Book Value (RMB) | Reason for Restriction | | :--- | :--- | :--- | | Cash and Cash Equivalents | 22,449,081.07 | Judicial freeze | | Cash and Cash Equivalents | 4,200,000.00 | Guarantee deposits in bank, restricted use funds | | Accounts Receivable | 1,261,204,898.47 | Pledged for bank loans | | Fixed Assets | 397,904,296.50 | Mortgaged for bank loans | | Intangible Assets | 45,724,461.90 | Pledged for bank loans | | Total | 1,731,482,737.94 | | VI. Investment Analysis This section outlines the company's investment activities, highlighting a significant increase in the installed capacity of newly commissioned energy-saving projects 1. Overall Situation The company continued to leverage its advantages in the energy-saving sector, with a substantial year-on-year increase in the installed capacity of new projects Changes in Financial Assets | Item | Opening Balance (RMB) | Fair Value Change Gain/Loss (RMB) | Closing Balance (RMB) | | :--- | :--- | :--- | :--- | | Other Non-current Financial Assets | 2,983,536.31 | -4,113.04 | 2,979,423.27 | | Subtotal of Financial Assets | 2,983,536.31 | -4,113.04 | 2,979,423.27 | - During the reporting period, the installed capacity of the company's newly commissioned energy-saving projects increased significantly year-on-year[68] 2. Significant Equity Investments Acquired During the Reporting Period This section states that the company made no significant equity investments during the reporting period - The company made no significant equity investments during the reporting period[69] 3. Significant Non-Equity Investments in Progress During the Reporting Period This section states that the company had no significant ongoing non-equity investments during the reporting period - The company had no significant non-equity investments during the reporting period[70] 4. Financial Asset Investments This section states that the company made no securities or derivatives investments during the reporting period - The company made no securities or derivatives investments during the reporting period[69][70] 5. Use of Raised Funds This section states that there was no use of raised funds during the reporting period - There was no use of raised funds during the reporting period[71] VII. Major Asset and Equity Sales This section states that the company did not sell any major assets or equity during the reporting period - The company did not sell any major assets or equity during the reporting period[72][73] VIII. Analysis of Major Holding and Participating Companies This section analyzes the performance of major subsidiaries and discloses the establishment of a new subsidiary in Chongqing Financial Data of Major Subsidiaries | Company Name | Type | Main Business | Registered Capital (RMB) | Total Assets (RMB) | Net Assets (RMB) | Operating Revenue (RMB) | Operating Profit (RMB) | Net Profit (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | CSG Comprehensive Energy (Foshan) Co, Ltd | Subsidiary | Energy performance contracting, energy-saving retrofitting | 550,267,200.00 | 2,233,790,471.74 | 1,114,360,679.61 | 135,109,190.12 | 65,666,392.00 | 57,825,061.64 | | CSG Comprehensive Energy (Zhuhai) Co, Ltd | Subsidiary | Energy performance contracting, energy-saving retrofitting | 538,000,000.00 | 1,536,818,708.62 | 670,560,975.96 | 82,445,279.94 | 36,418,368.53 | 33,290,831.00 | - During the reporting period, the company established CSG Comprehensive Energy (Chongqing) Co, Ltd, which is not expected to have a significant impact on overall operations and performance[79] IX. Structured Entities Controlled by the Company This section states that the company did not control any structured entities during the reporting period - The company did not control any structured entities during the reporting period[80] X. Risks and Countermeasures This section identifies risks related to market competition, business models, accounts receivable, and debt, and outlines corresponding countermeasures - The company faces risks from intensified market competition, addressed by optimizing business layout, strengthening innovation, and controlling costs[80] - The energy performance contracting model carries risks of high initial investment and uncertain returns, managed through optimized investment plans and risk control[81][82] - Risks in accounts receivable collection are addressed by optimizing service models, cultivating new businesses, and strengthening receivables management[83][84] - The risk of increasing debt and interest expenses is managed by enhancing capital forecasting, optimizing fund management, and exploring green financing tools[85] XI. Market Value Management System and Value Enhancement Plan This section states that the company has established a market value management system to enhance investment value and shareholder returns - The company has formulated and approved the "Market Value Management System of CSG Comprehensive Energy Co, Ltd" to enhance investment value and shareholder returns[88] XII. Implementation of the "Dual Improvement of Quality and Return" Action Plan This section states that the company did not disclose a "Dual Improvement of Quality and Return" action plan during the reporting period - The company did not disclose a "Dual Improvement of Quality and Return" action plan during the reporting period[90] Section 4 Corporate Governance, Environment, and Society I. Changes in Directors, Supervisors, and Senior Management This section discloses changes in the company's board of directors, supervisory committee, and senior management during the reporting period Changes in Directors, Supervisors, and Senior Management | Name | Position | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Liu Jingping | Director, Member of Remuneration and Appraisal Committee | Resigned | Aug 07, 2025 | Retirement | | Du Peng | Employee Representative Director | Elected | Aug 08, 2025 | -- | | Sun Shiqi | Supervisor | Resigned | Aug 08, 2025 | Supervisory Committee Reform | | Li Baobing | Supervisor | Resigned | Aug 08, 2025 | Supervisory Committee Reform | | Luo Jun | Supervisor | Resigned | Aug 08, 2025 | Supervisory Committee Reform | | Zhang Jiyang | Supervisor | Resigned | Aug 08, 2025 | Supervisory Committee Reform | | Cao Jiandong | Supervisor | Resigned | Aug 08, 2025 | Supervisory Committee Reform | II. Profit Distribution and Capitalization of Capital Reserve for the Reporting Period This section details the company's 2025 interim profit distribution plan, proposing a cash dividend of 0.07 RMB per 10 shares 2025 Interim Profit Distribution Plan | Item | Amount/Quantity | | :--- | :--- | | Bonus Shares per 10 Shares | 0 shares | | Cash Dividend per 10 Shares (tax inclusive) | 0.07 RMB | | Shares Converted per 10 Shares | 0 shares | | Share Capital Base for Distribution | 3,787,878,787 shares | | Total Cash Dividend (tax inclusive) | 26,515,151.51 RMB | | Ratio of Cash Dividend to Total Profit Distribution | 100% | | Ratio of Cash Dividend to H1 2025 Net Profit Attributable to Parent | 12.41% | III. Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures This section states that while no equity incentive plans were implemented, the company continued to deepen compensation reforms and explore other incentive mechanisms - No equity incentive or employee stock ownership plans were implemented during the reporting period[95][96] - The company continues to optimize its incentive mechanisms, implementing an excess profit sharing plan for 2023-2025 and piloting a performance-based dividend incentive scheme[95] IV. Environmental Information Disclosure This section discloses that the company and five of its major subsidiaries are included in the list of enterprises required to disclose environmental information by law - The company and five of its major subsidiaries are included in the list of enterprises required to disclose environmental information by law[97] Subsidiaries on the Environmental Information Disclosure List | No. | Company Name | | :--- | :--- | | 1 | Yangshan Nandian Biomass Power Generation Co, Ltd | | 2 | CSG Comprehensive Energy (Guangzhou) Co, Ltd Chishui Branch | | 3 | Guangxi Nanneng Changling Clean Energy Co, Ltd | | 4 | Fujian Zhangpu Yanglv Thermal Energy Co, Ltd | | 5 | Tengxian Xinlongyuan Biomass Thermal Power Co, Ltd | V. Social Responsibility This section outlines the company's fulfillment of social responsibilities in governance, shareholder rights, employee welfare, environmental protection, and social relations - The company adheres to the Party's leadership, advances state-owned enterprise reform, and has won awards for "Best Practice of Listed Company Board of Directors" for two consecutive years[100] - Upholding an "investor-centric" principle, the company protects minority investor rights and has been recognized for "Best Practice in Investor Relations Management" for two consecutive years[101] - The company respects employee rights, has established an employee rights protection department, and ensures a 100% certification rate for on-the-job personnel through professional training[102] - In the first half of 2025, the company's projects achieved electricity savings of 2.274 billion kWh, equivalent to reducing CO2 emissions by 721,000 tons[103] - The company fosters win-win relationships with stakeholders and participates in rural revitalization through projects like agrivoltaics, creating local employment[104] Section 5 Significant Matters I. Commitments Fulfilled or Overdue by Relevant Parties This section discloses that all commitments made by the actual controller, shareholders, and related parties regarding share lock-ups were fulfilled on time - The controlling shareholder, China Southern Power Grid, has fulfilled its commitments regarding the lock-up arrangement for pre-IPO shares and the voluntary extension of the lock-up period[106] II. Non-operational Fund Occupation by Controlling Shareholders and Other Related Parties This section states that there was no non-operational occupation of the company's funds by its controlling shareholder or other related parties - There was no non-operational fund occupation by the controlling shareholder or other related parties during the reporting period[107] III. Irregular External Guarantees This section states that the company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[108] IV. Appointment and Dismissal of Accounting Firm This section states that the company's semi-annual financial report has not been audited - The company's semi-annual report has not been audited[109] V. Board's Explanation on "Non-standard Audit Report" for the Current Period This section states that no "non-standard audit report" was issued by the accounting firm for the reporting period - No non-standard audit report was issued for the reporting period[110] VI. Board's Explanation on "Non-standard Audit Report" from the Previous Year This section states that no "non-standard audit report" was issued by the accounting firm for the previous year - No non-standard audit report was issued for the previous year[110] VII. Bankruptcy and Reorganization Matters This section discloses the progress of bankruptcy applications for two sub-subsidiaries, with one case accepted by the court and the other's rejection being appealed - The company has applied for the bankruptcy of two sub-subsidiaries, Yangshan Nandian and Nanneng Changling, to optimize its business layout[110] - The bankruptcy case of Yangshan Nandian has been formally accepted by the Qingyuan Intermediate People's Court and an administrator has been appointed[110][111] - The bankruptcy application for Guangxi Nanneng Changling was rejected by the court, and the company has filed an appeal with a higher court[111] VIII. Litigation Matters This section discloses litigation matters during the reporting period, involving various construction and loan contract disputes that did not meet the threshold for major litigation Litigation (Arbitration) Overview | Litigation (Arbitration) Status | Amount Involved (RMB 10,000) | Number of Cases | Provision for Liabilities | Progress | | :--- | :--- | :--- | :--- | :--- | | Company as plaintiff (below major litigation threshold) | 5,343.41 | 9 | No | Pending trial as of period end | | Company as plaintiff (below major litigation threshold) | 23,510.23 | 22 | No | Judgment effective or in enforcement as of period end | | Company as defendant (below major litigation threshold) | 17,216.68 | 13 | No | Pending trial as of period end | | Company as defendant (below major litigation threshold) | 12,869.11 | 2 | No | Judgment effective or in enforcement as of period end | IX. Penalties and Rectifications This section states that there were no major penalties or rectifications during the reporting period - There were no major penalties or rectifications during the reporting period[114] X. Integrity Status of the Company, its Controlling Shareholder, and Actual Controller This section states that there were no integrity issues concerning the company, its controlling shareholder, or actual controller during the reporting period - There were no integrity issues concerning the company, its controlling shareholder, or actual controller during the reporting period[115] XI. Major Related-Party Transactions This section discloses major related-party transactions, including daily operations, debt financing, and other significant transactions like fund investments 1. Related-Party Transactions in Connection with Daily Operations This section lists related-party transactions with the controlling shareholder, totaling 992.37 million RMB, covering electricity sales, energy services, and procurement Related-Party Transactions in Connection with Daily Operations | Transaction Type | Transaction Content | Amount (RMB 10,000) | % of Similar Transactions | Approved Limit (RMB 10,000) | | :--- | :--- | :--- | :--- | :--- | | Sales to Related Parties | Electricity Sales | 35,650.94 | 39.83% | 190,000 | | Services to Related Parties | Building and Industrial Energy Services | 20,057.39 | 33.44% | 60,000 | | Services to Related Parties | Energy Retrofitting and Others | 220.63 | 92.92% | 16,000 | | Purchases from Related Parties | Electricity Procurement | 19,193.75 | 62.33% | 80,000 | | Services from Related Parties | Technical, O&M, Construction Services | 22,624.22 | 9.84% | 30,000 | | Services from Related Parties | Insurance Premiums | 727.89 | 99.80% | 4,000 | | Related-Party Leases | Lease Fees | 708.75 | 22.28% | 3,000 | | Entrusted Loan Service Fees | Service Fees | 53.23 | 65.22% | 300 | | Total | | 99,236.80 | | 383,300.00 | 2. Related-Party Transactions Involving Asset or Equity Acquisitions and Sales This section states that no related-party transactions involving asset or equity acquisitions and sales occurred during the reporting period - No related-party transactions involving asset or equity acquisitions and sales occurred during the reporting period[119] 3. Related-Party Transactions Involving Joint External Investments This section states that no related-party transactions involving joint external investments occurred during the reporting period - No related-party transactions involving joint external investments occurred during the reporting period[120] 4. Related-Party Credit and Debt This section discloses non-operational credit and debt with related parties, primarily fund borrowings, with a total of 400 million RMB payable at period end Payables to Related Parties (Fund Borrowings) | Related Party | Reason | Opening Balance (RMB 10,000) | Current Increase (RMB 10,000) | Current Repayment (RMB 10,000) | Interest Rate | Closing Balance (RMB 10,000) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | China Southern Power Grid Co, Ltd and its subsidiaries | Fund Borrowing | 24,000.00 | 6,000.00 | 12,000.00 | 2.30% | 18,000.00 | | China Southern Power Grid Co, Ltd and its subsidiaries | Fund Borrowing | 19,500.00 | 0 | 19,500.00 | 2.50% | 0.00 | | China Southern Power Grid Co, Ltd and its subsidiaries | Fund Borrowing | 0 | 10,000.00 | 0 | 1.82% | 10,000.00 | | China Southern Power Grid Co, Ltd and its subsidiaries | Fund Borrowing | 75,000.00 | 0 | 0 | 2.48% | 75,000.00 | | China Southern Power Grid Co, Ltd and its subsidiaries | Fund Borrowing | 0 | 15,000.00 | 0 | 1.92% | 15,000.00 | | China Southern Power Grid Co, Ltd and its subsidiaries | Fund Borrowing | 40,000.00 | 0 | 0 | 1.94% | 40,000.00 | | China Southern Power Grid Co, Ltd and its subsidiaries | Fund Borrowing | 40,000.00 | 0 | 0 | 1.68% | 40,000.00 | | China Southern Power Grid Co, Ltd and its subsidiaries | Fund Borrowing | 40,000.00 | 0 | 0 | 2.45% | 40,000.00 | | China Southern Power Grid Co, Ltd and its subsidiaries | Fund Borrowing | 0 | 30,000.00 | 0 | 1.74% | 30,000.00 | | China Southern Power Grid Co, Ltd and its subsidiaries | Fund Borrowing | 20,000.00 | 0 | 0 | 1.91% | 20,000.00 | | China Southern Power Grid Co, Ltd and its subsidiaries | Fund Borrowing | 20,000.00 | 0 | 0 | 3.47% | 20,000.00 | | China Southern Power Grid Co, Ltd and its subsidiaries | Fund Borrowing | 20,000.00 | 0 | 0 | 2.95% | 20,000.00 | | China Southern Power Grid Co, Ltd and its subsidiaries | Fund Borrowing | 20,000.00 | 0 | 0 | 2.53% | 20,000.00 | | China Southern Power Grid Co, Ltd and its subsidiaries | Fund Borrowing | 0 | 50,000.00 | 0 | 2.18% | 50,000.00 | | China Southern Power Grid Co, Ltd and its subsidiaries | Fund Borrowing | 0 | 80,000.00 | 0 | 2.11% | 80,000.00 | | China Southern Power Grid Co, Ltd and its subsidiaries | Fund Borrowing | 10,000.00 | 0 | 10,000.00 | 1.83% | 0.00 | | China Southern Power Grid Co, Ltd and its subsidiaries | Fund Borrowing | 30,000.00 | 0 | 30,000.00 | 1.82% | 0.00 | 5. Transactions with Related Finance Company This section discloses transactions with CSG Finance Company Limited, including deposits, loans, and credit facilities Deposit Business with CSG Finance Company Limited | Related Party | Max Daily Deposit Limit (RMB 10,000) | Deposit Interest Rate Range | Opening Balance (RMB 10,000) | Current Deposits (RMB 10,000) | Current Withdrawals (RMB 10,000) | Closing Balance (RMB 10,000) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | CSG Finance Company Limited | 300,000.00 | 0.1%-0.65% | 113,952.28 | 546,965.35 | 565,314.98 | 95,602.65 | Loan Business with CSG Finance Company Limited | Related Party | Loan Limit (RMB 10,000) | Loan Interest Rate Range | Opening Balance (RMB 10,000) | Current Loans (RMB 10,000) | Current Repayments (RMB 10,000) | Closing Balance (RMB 10,000) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | CSG Finance Company Limited | 115,000.00 | 2.05%-2.6% | 43,500.00 | 6,000.00 | 31,500.00 | 18,000.00 | Credit Business with CSG Finance Company Limited | Related Party | Business Type | Total Limit (RMB 10,000) | Actual Amount (RMB 10,000) | | :--- | :--- | :--- | :--- | | CSG Finance Company Limited | Credit Line | 300,000.00 | 50,000.00 | 6. Transactions between Company-controlled Finance Company and Related Parties This section states that no financial transactions occurred between the company's controlled finance company and related parties - No deposits, loans, credit, or other financial business occurred between the company's controlled finance company and related parties[125] 7. Other Major Related-Party Transactions This section discloses the company's participation in establishing an industrial investment fund and its cooperation on carbon reduction projects - The company co-invested in the CSG Strategic Emerging Industry Investment Fund, with a cumulative contribution of 3 million RMB as of June 30, 2025[126] - The company is collaborating with Guangdong Environmental Protection Group to invest in carbon reduction and energy-saving projects, with a cumulative contribution of 5.44 million RMB as of June 30, 2025[126] XII. Major Contracts and Their Performance This section discloses the performance of major contracts, primarily involving leasing of properties, rooftops, land, and equipment, totaling 19.24 million square meters 1. Custody, Contracting, and Leasing This section states that while no custody or contracting arrangements existed, the company engaged in significant leasing activities for its projects and offices - No custody or contracting arrangements were in place during the reporting period[127][128] - The company leases properties, rooftops, land, and equipment (finance leases), with a total leased area of 19.24 million square meters[129] 2. Major Guarantees This section states that there were no major guarantees during the reporting period - There were no major guarantees during the reporting period[131] 3. Entrusted Wealth Management This section states that there was no entrusted wealth management during the reporting period - There was no entrusted wealth management during the reporting period[132] 4. Other Major Contracts This section states that there were no other major contracts during the reporting period - There were no other major contracts during the reporting period[133][134] XIII. Explanation of Other Significant Matters This section states that there are no other significant matters to be explained for the reporting period - There are no other significant matters for the reporting period[135] XIV. Significant Matters of Company Subsidiaries This section reiterates the progress of bankruptcy applications for two sub-subsidiaries, with one case accepted and the other's rejection being appealed - The bankruptcy application for the sub-subsidiary Yangshan Nandian has been accepted, and an administrator has been appointed[136] - The bankruptcy application for the sub-subsidiary Nanneng Changling was rejected, and the company has appealed to the Guangxi Zhuang Autonomous Region Higher People's Court[136] Section 6 Changes in Share Capital and Shareholders I. Changes in Share Capital This section details changes in the company's share capital, primarily due to the release of restricted shares from the initial public offering 1. Changes in Share Capital During the reporting period, 1.53 billion restricted shares were released from lock-up, increasing the number of unrestricted shares Changes in Share Capital (Shares) | Item | Pre-Change Quantity | Pre-Change Ratio | Change (+, -) | Post-Change Quantity | Post-Change Ratio | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 1,530,000,000 | 40.39% | -1,530,000,000 | 0 | 0.00% | | 2. State-owned Legal Person Shares | 1,530,000,000 | 40.39% | -1,530,000,000 | 0 | 0.00% | | II. Unrestricted Shares | 2,257,878,787 | 59.61% | 1,530,000,000 | 3,787,878,787 | 100.00% | | 1. RMB Ordinary Shares | 2,257,878,787 | 59.61% | 1,530,000,000 | 3,787,878,787 | 100.00% | | III. Total Shares | 3,787,878,787 | 100.00% | 0 | 3,787,878,787 | 100.00% | - On March 31, 2025, 1,530,000,000 pre-IPO shares were released from lock-up, accounting for 40.39% of the company's total share capital[141] 2. Changes in Restricted Shares This section details the release of 1.53 billion restricted shares held by China Southern Power Grid Co, Ltd on March 31, 2025 Changes in Restricted Shares (Shares) | Shareholder Name | Opening Restricted Shares | Shares Released | Shares Added | Closing Restricted Shares | Reason for Restriction | Release Date | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | China Southern Power Grid Co, Ltd | 1,530,000,000 | 1,530,000,000 | 0 | 0 | Pre-IPO Lock-up | Mar 31, 2025 | | Total | 1,530,000,000 | 1,530,000,000 | 0 | 0 | -- | -- | II. Securities Issuance and Listing This section states that there were no securities issued or listed during the reporting period - No securities were issued or listed during the reporting period[145] III. Number of Shareholders and Shareholding Status This section discloses that the company had 121,151 ordinary shareholders at the period end and lists the top 10 shareholders - The total number of ordinary shareholders at the end of the reporting period was 121,151[147] Shareholding of Top 10 Shareholders or Those Holding Over 5% | Shareholder Name | Nature | Shareholding Ratio | Shares Held at Period End | Unrestricted Shares Held | | :--- | :--- | :--- | :--- | :--- | | China Southern Power Grid Co, Ltd | State-owned Legal Person | 40.39% | 1,530,000,000 | 1,530,000,000 | | Nanwang Jianxin Fund Management Co, Ltd - Green Energy Mixed-Ownership Reform Equity Investment Fund | Other | 16.42% | 621,818,182 | 621,818,182 | | Guangdong Energy Group Co, Ltd | State-owned Legal Person | 10.56% | 400,000,000 | 400,000,000 | | Guangdong Environmental Protection Group Co, Ltd | State-owned Legal Person | 5.82% | 220,303,030 | 220,303,030 | | TBEA Co, Ltd | Domestic Non-state-owned Legal Person | 3.05% | 115,703,530 | 115,703,530 | | Agricultural Bank of China - CSI 500 ETF | Other | 0.45% | 17,069,290 | 17,069,290 | | Hong Kong Securities Clearing Company Ltd | Overseas Legal Person | 0.36% | 13,681,633 | 13,681,633 | | Bank of China - Huatai-PineBridge CSI Photovoltaic Industry ETF | Other | 0.35% | 13,239,288 | 13,239,288 | | China Southern Power Grid Capital Holdings Co, Ltd | State-owned Legal Person | 0.33% | 12,343,300 | 12,343,300 | | Deng Lijun | Domestic Natural Person | 0.29% | 10,938,700 | 10,938,700 | - China Southern Power Grid Co, Ltd holds a total of 48.21% of the company's shares through direct and indirect means[148] IV. Changes in Shareholdings of Directors, Supervisors, and Senior Management This section states that there were no changes in the shareholdings of directors, supervisors, and senior management during the reporting period - There were no changes in the shareholdings of directors, supervisors, and senior management during the reporting period[150] V. Changes in Controlling Shareholder or Actual Controller This section states that there were no changes in the company's controlling shareholder or actual controller during the reporting period - There were no changes in the company's controlling shareholder or actual controller during the reporting period[151][152] VI. Preferred Shares This section states that the company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[153] Section 7 Bond-related Matters Bond-related Matters This section states that the company had no corporate bonds during the reporting period - The company had no corporate bonds during the reporting period[155] Section 8 Financial Report I. Audit Report This section states that the company's semi-annual financial report has not been audited - The company's semi-annual financial report has not been audited[157] II. Financial Statements This section provides the company's consolidated and parent company financial statements for the first half of 2025 1. Consolidated Balance Sheet As of June 30, 2025, the company's consolidated total assets were 22.90 billion RMB, with total liabilities of 15.25 billion RMB Consolidated Balance Sheet (Closing Balance) | Item | Closing Balance (RMB) | | :--- | :--- | | Cash and Cash Equivalents | 990,354,813.62 | | Accounts Receivable | 3,062,003,666.96 | | Fixed Assets | 15,036,947,447.98 | | Construction in Progress | 1,383,119,483.70 | | Total Assets | 22,899,416,812.24 | | Short-term Borrowings | 240,289,071.90 | | Accounts Payable | 2,040,861,502.89 | | Long-term Borrowings | 6,093,636,159.19 | | Total Liabilities | 15,248,327,635.11 | | Share Capital | 3,787,878,787.00 | | Total Equity Attributable to Parent Company | 6,838,918,708.94 | | Minority Interest | 812,170,468.19 | | Total Equity | 7,651,089,177.13 | 2. Parent Company Balance Sheet As of June 30, 2025, the parent company's total assets were 15.96 billion RMB, with total liabilities of 9.56 billion RMB Parent Company Balance Sheet (Closing Balance) | Item | Closing Balance (RMB) | | :--- | :--- | | Cash and Cash Equivalents | 909,071,212.48 | | Accounts Receivable | 1,474,065,492.60 | | Long-term Equity Investments | 5,203,686,891.32 | | Fixed Assets | 6,784,488,526.12 | | Total Assets | 15,962,503,929.04 | | Short-term Borrowings | 180,115,555.52 | | Accounts Payable | 963,347,869.84 | | Long-term Borrowings | 2,108,821,306.00 | | Total Liabilities | 9,556,476,900.83 | | Share Capital | 3,787,878,787.00 | | Retained Earnings | 1,358,428,025.90 | | Total Equity | 6,406,027,028.21 | 3. Consolidated Income Statement For the first half of 2025, the company achieved a consolidated total operating revenue of 1.60 billion RMB and a net profit of 248.44 million RMB Consolidated Income Statement (H1 2025) | Item | H1 2025 (RMB) | | :--- | :--- | | Total Operating Revenue | 1,603,397,773.62 | | Total Operating Costs | 1,310,692,412.22 | | Operating Profit | 270,466,449.99 | | Total Profit | 273,250,361.20 | | Net Profit | 248,435,460.52 | | Net Profit Attributable to Parent Company | 213,743,186.14 | | Minority Interest Income | 34,692,274.38 | | Basic Earnings per Share | 0.0564 | | Diluted Earnings per Share | 0.0564 | 4. Parent Company Income Statement For the first half of 2025, the parent company achieved an operating revenue of 939.79 million RMB and a net profit of 112.50 million RMB Parent Company Income Statement (H1 2025) | Item | H1 2025 (RMB) | | :--- | :--- | | Operating Revenue | 939,793,124.69 | | Operating Costs | 674,777,537.29 | | Operating Profit | 112,084,673.57 | | Total Profit | 115,060,250.97 | | Net Profit | 112,503,846.67 | 5. Consolidated Cash Flow Statement For the first half of 2025, net cash flow from operating activities was 536.20 million RMB, while net cash flow from investing activities was -2.09 billion RMB Consolidated Cash Flow Statement (H1 2025) | Item | H1 2025 (RMB) | | :--- | :--- | | Net Cash Flow from Operating Activities | 536,201,004.81 | | Net Cash Flow from Investing Activities | -2,090,414,392.06 | | Net Cash Flow from Financing Activities | 1,335,457,355.99 | | Net Increase in Cash and Cash Equivalents | -218,756,031.26 | | Closing Balance of Cash and Cash Equivalents | 963,705,732.55 | 6. Parent Company Cash Flow Statement For the first half of 2025, the parent company's net cash flow from operating activities was 340.84 million RMB, with a net decrease in cash of 261.39 million RMB Parent Company Cash Flow Statement (H1 2025) | Item | H1 2025 (RMB) | | :--- | :--- | | Net Cash Flow from Operating Activities | 340,838,474.53 | | Net Cash Flow from Investing Activities | -1,644,509,985.37 | | Net Cash Flow from Financing Activities | 1,042,282,605.51 | | Net Increase in Cash and Cash Equivalents | -261,388,905.33 | | Closing Balance of Cash and Cash Equivalents | 888,429,268.39 | 7. Consolidated Statement of Changes in Equity This statement details changes in consolidated equity for H1 2025, with total equity reaching 7.65 billion RMB at period end 8. Parent Company Statement of Changes in Equity This statement details changes in the parent company's equity for H1 2025, with total equity reaching 6.41 billion RMB at period end III. Company Basic Information This section provides the company's registration details, business nature, and financial report approval information 1. Company Registration, Organization Form, and Headquarters Address The company was incorporated in 2010, became a joint-stock company in 2019, and was listed on the Shenzhen Stock Exchange in 2021 - The company's registered capital is 3.788 billion RMB, and the legal representative is Song Xinming[200] - The company's shares were listed on the Shenzhen Stock Exchange on January 19, 2021[200] 2. Business Nature and Main Operating Activities The company primarily provides energy-saving services through the energy performance contracting model, covering industrial, building, and urban lighting sectors - The company provides customers with energy-saving services, including diagnosis, customized system solutions, investment, and operational management, mainly through the energy performance contracting model[201] - Main operating activities include industrial, building, and urban lighting energy saving, consulting services, and comprehensive resource utilization (biomass, agrivoltaics, distributed wind power)[201][202][204] 3. Approver and Approval Date of the Financial Report This financial report was approved for issuance by the company's Board of Directors on August 28, 2025 - This financial report was approved for issuance by the company's Board of Directors on August 28, 2025[205] IV. Basis of Preparation for Financial Statements This section states that the financial statements are prepared on a going concern basis, except for two sub-subsidiaries that have applied for bankruptcy 1. Basis of Preparation The financial statements are prepared on a going concern basis in accordance with the Enterprise Accounting Standards issued by the Ministry of Finance - The company's financial statements are prepared on a going concern basis in compliance with Enterprise Accounting Standards[206] 2. Going Concern The financial statements of two sub-subsidiaries were prepared on a non-going concern basis due to bankruptcy filings - The financial statements of sub-subsidiaries Yangshan Nandian and Nanneng Changling were prepared on a non-going concern basis due to their bankruptcy applications[207] - Apart from the above, there are no matters that cast significant doubt on the company's ability to continue as a going concern for the next 12 months[207] V. Significant Accounting Policies and Estimates This section details the significant accounting policies and estimates used in preparing the financial statements, covering areas such as business combinations, financial instruments, and revenue recognition - The company adheres to Enterprise Accounting Standards to truly and completely reflect its financial position, operating results, and cash flows[208] - Financial assets are classified into three categories: measured at amortized cost, at fair value through other comprehensive income, and at fair value through profit or loss[226] - The company uses a simplified approach for accounts receivable, always measuring the loss provision at an amount equal to lifetime expected credit losses[236] - Revenue is recognized when the customer obtains control of the related goods or services, at the transaction price allocated to that performance obligation[270] - Obligations to transfer goods or services to a customer for which the company has received consideration are presented as contract liabilities[264] VI. Taxation This section details the main taxes and applicable rates for the company and its subsidiaries, as well as various tax incentives enjoyed 1. Main Taxes and Tax Rates This section lists the company's main taxes, including VAT, corporate income tax, and related surcharges, noting different income tax rates for various entities Main Taxes and Tax Rates | Tax Type | Tax Basis | Tax Rate/Levy Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Sales of goods and taxable services income | 0.5%, 1%, 3%, 5%, 6%, 9%, 13% | | Urban Maintenance and Construction Tax | Actual paid turnover tax | 5%, 7% | | Corporate Income Tax | Taxable income | 15%, 20%, 25% | | Education Surcharge | Actual paid turnover tax | 3% | | Local Education Surcharge | Actual paid turnover tax | 2% | Taxpayers with Different Corporate Income Tax Rates | Taxpayer Name | Income Tax Rate | | :--- | :--- | | CSG Comprehensive Energy Guizhou Co, Ltd | 15% | | Guangzhou Zhiye Energy Saving Technology Co, Ltd | 15% | | Jiangmen Nanzong Energy Saving and Environmental Protection Co, Ltd | 20% | | Other taxpayers not listed above | 25% | 2. Tax Incentives The company and its subsidiaries benefit from multiple tax incentives, including income tax exemptions for infrastructure projects and VAT refunds for resource utilization - Photovoltaic power generation and energy performance contracting projects enjoy a "three-year exemption, three-year half-rate" corporate income tax incentive[291][292] - Certain subsidiaries in western regions benefit from a reduced corporate income tax rate of 15% under the Western Development Program[292] - Some subsidiaries qualify as small and micro-enterprises or high-tech enterprises, enjoying preferential income tax policies[293][295] - R&D expenses are eligible for a 100% super deduction if not capitalized, or amortized at 200% if capitalized[294] - Revenue from power generation using agricultural and forestry residues enjoys a 100% immediate VAT refund[296] VII. Notes to Consolidated Financial Statement Items This section provides detailed notes on each item in the consolidated financial statements, covering assets, liabilities, equity, income, expenses, and cash flows Composition of Cash and Cash Equivalents | Item | Closing Balance (RMB) | | :--- | :--- | | Bank Deposits | 7,679,204.30 | | Other Monetary Funds | 26,649,081.07 | | Deposits in Finance Company | 956,026,528.25 | | Total | 990,354,813.62 | - At period-end, restricted cash and cash equivalents amounted to 26.65 million RMB, mainly for judicial freezes and guarantee deposits[301] - The closing balance of accounts receivable was 3.39 billion RMB, with 30.10% aged over 3 years[310] - The provision for bad debts on accounts receivable at period-end was 328.42 million RMB, representing a provision rate of 9.69%[312](index=312&type=c