纳泉能源科技(01597) - 2025 - 中期业绩

Interim Results Summary Consolidated Income Statement Total revenue decreased to RMB 47,505 thousand, resulting in a gross loss of RMB 3,760 thousand and an expanded loss for the period of RMB 23,549 thousand Consolidated Income Statement Summary | Metric | June 30, 2025 (RMB '000) | June 30, 2024 (RMB '000) | | :--- | :--- | :--- | | Revenue | 47,505 | 49,241 | | Cost of Sales | (51,265) | (49,198) | | Gross Loss / Gross Profit | (3,760) | 43 | | Operating Loss | (23,820) | (14,988) | | Loss Before Tax | (24,765) | (16,702) | | Loss for the Period | (23,549) | (15,070) | | Basic and Diluted Loss Per Share | (0.080) | (0.053) | Consolidated Statement of Comprehensive Income Total comprehensive loss for the period expanded to RMB 23,453 thousand, primarily due to increased loss for the period, despite a slight positive impact from exchange differences Consolidated Statement of Comprehensive Income Summary | Metric | June 30, 2025 (RMB '000) | June 30, 2024 (RMB '000) | | :--- | :--- | :--- | | Loss for the Period | (23,549) | (15,070) | | Other Comprehensive Income for the Period | 96 | (18) | | Total Comprehensive Income for the Period | (23,453) | (15,088) | | Attributable to Owners of the Company | (19,922) | (13,361) | Consolidated Statement of Financial Position Total assets less current liabilities decreased to RMB 204,310 thousand, with net assets at RMB 198,751 thousand, mainly impacted by the loss for the period Consolidated Statement of Financial Position Summary | Metric | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Non-current Assets | 125,788 | 133,747 | | Current Assets | 236,496 | 264,592 | | Current Liabilities | 157,974 | 168,534 | | Net Current Assets | 78,522 | 96,058 | | Total Assets Less Current Liabilities | 204,310 | 229,805 | | Net Assets | 198,751 | 222,204 | | Total Equity | 198,751 | 222,204 | Notes to the Financial Statements General Information The company, incorporated in Cayman Islands in 2019 and listed in Hong Kong in 2020, primarily engages in pitch control systems, wind power generation, O&M, and energy storage in China - The company was incorporated in the Cayman Islands on November 28, 2019, and listed on the Main Board of the Hong Kong Stock Exchange on October 20, 2020[9] - The Group's principal activities include research and development, integration, manufacturing, and sales of pitch control systems and related components, wind power generation, wind farm operation and maintenance, and energy storage businesses[9] Basis of Preparation and Changes in Accounting Policies Interim financial report is unaudited, prepared under IAS 34, with no significant impact from IAS 21 amendments on foreign currency transactions - The interim financial report is prepared in accordance with International Accounting Standard 34 and is unaudited[10][11] - The Group has applied the amendments to International Accounting Standard 21, but as no foreign currency non-exchangeable transactions were undertaken, there is no significant impact on this interim report[12] Revenue and Segment Reporting Total revenue decreased to RMB 47,505 thousand, with growth in pitch control systems and wind power sales offset by significant declines in O&M and energy storage businesses - The Group's principal activities include research and development, integration, manufacturing, and sales of pitch control systems and related components, sales of wind power, wind farm operation and maintenance, and energy storage businesses[14] - All the Group's revenue is generated from China, and substantially all non-current assets and capital expenditures are located in China, thus no geographical information is presented[21] Revenue Classification Total revenue decreased by 3.5% to RMB 47,505 thousand, driven by 50% growth in pitch control systems and wind power sales, but offset by ~70% declines in O&M and energy storage Revenue by Business Segment | Business Segment | June 30, 2025 (RMB '000) | June 30, 2024 (RMB '000) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Sales of Pitch Control Systems and Related Components | 29,807 | 19,921 | +50.0 | | Sales of Wind Power | 11,602 | 7,704 | +50.6 | | Wind Farm Operation and Maintenance Services | 2,218 | 7,319 | -69.7 | | Energy Storage Business | 3,878 | 14,297 | -72.9 | | Total | 47,505 | 49,241 | -3.5 | Segment Performance and Assets Pitch control systems and energy storage segments reported losses, while wind power sales and O&M were profitable, with total segment assets at RMB 324,998 thousand Segment Profit / (Loss) | Segment | June 30, 2025 (RMB '000) | June 30, 2024 (RMB '000) | | :--- | :--- | :--- | | Sales of Pitch Control Systems and Related Components Profit / (Loss) | (4,852) | (4,711) | | Sales of Wind Power Profit / (Loss) | 6,312 | 3,423 | | Wind Farm Operation and Maintenance Services Profit / (Loss) | 674 | 1,701 | | Energy Storage Business Profit / (Loss) | (5,894) | (370) | | Total | (3,760) | 43 | Segment Assets | Segment | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Sales of Pitch Control Systems and Related Components Assets | 86,189 | 68,270 | | Sales of Wind Power Assets | 150,248 | 141,770 | | Wind Farm Operation and Maintenance Services Assets | 2,497 | 3,906 | | Energy Storage Business Assets | 86,064 | 115,428 | | Total | 324,998 | 329,374 | Other Income and Net Other Losses Total other income increased to RMB 1,427 thousand due to higher VAT refunds and government grants, while net other losses expanded to RMB 108 thousand from exchange losses Other Income Items | Other Income Item | June 30, 2025 (RMB '000) | June 30, 2024 (RMB '000) | | :--- | :--- | :--- | | VAT Refunds and Deductions | 1,171 | 789 | | Government Grants | 96 | 6 | | Other | 160 | 35 | | Total | 1,427 | 830 | Other Net Losses Items | Other Net Losses Item | June 30, 2025 (RMB '000) | June 30, 2024 (RMB '000) | | :--- | :--- | :--- | | Net Exchange Loss | 19 | 17 | | Other | (127) | (27) | | Total | (108) | (10) | - VAT refunds primarily include RMB 311 thousand for software product sales (2024: RMB 17 thousand) and RMB 860 thousand for wind power generation sales (2024: RMB 772 thousand)[23] Components of Loss Before Tax Net finance costs decreased to RMB 945 thousand due to lower interest expenses, with significant costs from inventories, depreciation, and expected credit loss provisions Net Finance Costs | Finance Cost Item | June 30, 2025 (RMB '000) | June 30, 2024 (RMB '000) | | :--- | :--- | :--- | | Interest Expense on Bank Loans | 612 | 381 | | Interest Expense on Loans from Third Parties | 450 | 827 | | Interest Expense on Loans from Related Parties | — | 500 | | Interest Expense on Lease Liabilities | 185 | 329 | | Interest Income | (302) | (323) | | Net Finance Costs | 945 | 1,714 | Other Expense Items | Other Expense Item | June 30, 2025 (RMB '000) | June 30, 2024 (RMB '000) | | :--- | :--- | :--- | | Cost of Inventories Recognized as Expense | 45,929 | 44,917 | | Depreciation Expense | 10,881 | 8,242 | | Provision for Expected Credit Losses | 6,026 | (12) | | Provision for Impairment of Inventories | 1,285 | 927 | Income Tax Income tax decreased to RMB 1,216 thousand, mainly due to the origination and reversal of deferred tax and adjustments for prior year over-provisions Income Tax Items | Income Tax Item | June 30, 2025 (RMB '000) | June 30, 2024 (RMB '000) | | :--- | :--- | :--- | | Current Tax — Provision for the Year | 861 | 442 | | Current Tax — Over-provision in Prior Years | (62) | (36) | | Deferred Tax — Origination and Reversal of Temporary Differences | (2,015) | (2,038) | | Total | (1,216) | (1,632) | Loss Per Share Basic loss per share attributable to owners expanded to RMB 0.080, with diluted loss per share remaining the same due to no dilutive ordinary shares Loss Per Share Values | Metric | June 30, 2025 (RMB) | June 30, 2024 (RMB) | | :--- | :--- | :--- | | Basic Loss Per Share | (0.080) | (0.053) | | Diluted Loss Per Share | (0.080) | (0.053) | - Basic loss per share is calculated based on the loss attributable to ordinary equity shareholders of the Company of RMB 20,018 thousand (2024: RMB 13,343 thousand) and 250,000,000 weighted average ordinary shares outstanding[28] Balance Sheet Notes This section details key balance sheet items including capital expenditure on PPE, inventory impairment, trade and other receivables, loans to third parties, cash, and borrowings Property, Plant and Equipment Cost of property, plant and equipment purchased increased to RMB 3,881 thousand, with no disposals during the period - For the six months ended June 30, 2025, the cost of property, plant and equipment purchased was RMB 3,881 thousand, representing a 25.6% year-on-year increase[30] Inventories Provision for impairment of inventories recognized as expense increased to RMB 1,285 thousand Provision for Impairment of Inventories | Metric | June 30, 2025 (RMB '000) | June 30, 2024 (RMB '000) | | :--- | :--- | :--- | | Provision for Impairment of Inventories | 1,285 | 927 | Trade and Other Receivables Total trade and other receivables increased to RMB 144,218 thousand, with trade receivables and bills receivable (net of allowance) at RMB 133,363 thousand Trade and Other Receivables Items | Receivables Item | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Trade Receivables and Bills Receivable (Net of Loss Allowance) | 133,363 | 128,193 | | Prepayments | 823 | 645 | | Other Receivables | 10,032 | 7,868 | | Total | 144,218 | 136,706 | Aging Analysis of Trade Receivables and Bills Receivable | Aging of Trade Receivables and Bills Receivable | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Within 1 year | 69,540 | 69,200 | | Over 1 year but within 2 years | 10,739 | 12,051 | | Over 2 years but within 3 years | 13,328 | 12,376 | | Over 3 years | 39,756 | 34,566 | | Total | 133,363 | 128,193 | - As of June 30, 2025, receivables for electricity price surcharge amounted to RMB 77,062 thousand (2024: RMB 69,547 thousand), which the directors believe are fully recoverable[34][35] Loans to Third Parties Net loans to third parties decreased to RMB 4,607 thousand, including an overdue loan of RMB 6,876 thousand from a former joint venture Loans to Third Parties | Loan Item | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Loans to Third Parties | 8,206 | 8,512 | | Less: Loss Allowance | (3,599) | (3,599) | | Net | 4,607 | 4,913 | - A loan of RMB 6,876 thousand from a former joint venture was due but unpaid as of December 31, 2024[36] Cash and Cash Equivalents and Pledged and Restricted Deposits Cash at bank significantly decreased to RMB 15,949 thousand, with total pledged and restricted deposits at RMB 10,235 thousand mainly for bills payable Cash and Deposits | Cash and Deposit Item | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Cash at Bank | 15,949 | 51,005 | | Pledged Deposits for Issuance of Bills Payable | 10,065 | 7,197 | | Restricted Deposits for Litigation | 170 | 1,370 | | Total Pledged and Restricted Deposits | 10,235 | 8,567 | - Cash and cash equivalents in Mainland China amounted to RMB 13,207 thousand, subject to foreign exchange control rules and regulations[38] Bank Loans and Other Borrowings Total bank loans and other borrowings decreased to RMB 45,399 thousand, comprising RMB 22,993 thousand in short-term bank loans and RMB 22,406 thousand in third-party loans Borrowings | Borrowing Item | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Bank Loans | 22,993 | 44,038 | | Loans from Third Parties | 22,406 | 23,015 | | Total | 45,399 | 67,053 | - Loans from third parties are unsecured, have no fixed repayment terms or are repayable within one year, with annual interest rates ranging from 3.5% to 7%[42] Trade and Other Payables Total trade and other payables increased to RMB 108,582 thousand, including RMB 63,203 thousand in trade payables and RMB 30,931 thousand in interest payable Trade and Other Payables Items | Payables Item | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Trade Payables | 63,203 | 55,392 | | Bills Payable | 10,045 | 7,208 | | Other Payables | 35,334 | 35,286 | | Total Current | 108,582 | 97,886 | Aging Analysis of Trade Payables | Aging of Trade Payables | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Within 3 months | 37,996 | 22,635 | | 3 to 6 months | 248 | 3,384 | | 6 to 12 months | 2,421 | 3,906 | | Over 12 months | 22,538 | 25,467 | | Total | 63,203 | 55,392 | Other Payables Items | Other Payables Item | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Interest Payable | 30,931 | 31,007 | | Staff-related Costs Payable | 1,061 | 1,681 | | Other | 3,342 | 2,598 | | Total | 35,334 | 35,286 | Dividends and Capital Commitments No dividends were paid or declared, and no significant unfulfilled capital commitments existed at the end of the reporting period - For the six months ended June 30, 2025 and 2024, the Company neither paid nor declared any dividends[46] - As of June 30, 2025 and December 31, 2024, there were no significant capital commitments outstanding and not provided for at the end of each period[47] Significant Related Party Transactions Bank facilities of RMB 22,993 thousand were guaranteed by an executive director, a decrease from the prior period Related Party Transactions | Related Party Transaction Item | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Guarantees Provided to Banks for Bank Facilities | 22,993 | 32,538 | - Certain bank facilities of the Group are guaranteed by Mr. Cheng Lifu, an executive director of the Company[49] Management Discussion and Analysis Business Review The Group, a leading wind power and pitch control system provider in China, has built an integrated business system covering R&D, manufacturing, wind power generation, O&M, and energy storage - The Group has established a comprehensive business system covering multiple areas, including high-voltage pitch control systems for wind turbines, wind power generation, aftermarket O&M services for wind farms, and energy storage businesses[50] - The energy storage business has multi-scenario adaptability, serving various energy forms such as wind, solar, and thermal power, providing "source-grid-load-storage" full-chain storage solutions[50] Pitch Control System Integration, Manufacturing and Sales The Group delivered 337 sets of pitch control systems, an 80% increase, expanding its client base beyond Envision Energy to other major wind turbine manufacturers - The Group's client base has expanded from a single Envision Energy to include other high-quality wind turbine manufacturers such as Goldwind Science & Technology, CRRC Group, and Sinovel Wind Group[51] - For the six months ended June 30, 2025, a total of 337 sets of pitch control system products were delivered, representing an 80% increase compared to the same period in 2024[51] Wind Power Generation The Duolun Wind Farm, with a total installed capacity of 19.5 MW, generated 33.09 million kWh of wind power for the grid during the period - The Duolun Wind Farm is equipped with 13 wind turbines, with a total installed capacity of 19.5 MW[52] - For the six months ended June 30, 2025, the Duolun Wind Farm's total semi-annual wind power connected to the grid was 33.09 million kWh[52] Wind Farm Operation and Maintenance The Group provides aftermarket operation and maintenance services for wind farms, generating revenue from service fees and consumable sales - The Group provides aftermarket operation and maintenance services to customers, charging service fees and fees for selling consumables[53] Energy Storage The energy storage business offers products and solutions for various scenarios, including wind, solar, and thermal power, providing smart energy services for storage and optimized dispatch - The energy storage business offers a rich array of products and services, including energy storage products and solutions, energy storage modules, packs and system equipment, EMS, smart energy cloud platforms, and integrated energy simulation and measurement platforms[54] Group Development Outlook The Group will continue to focus on new energy power, consolidating its domestic market position while actively exploring international growth opportunities - The Group will continue to focus on the new energy power sector, consolidating its domestic market position and actively exploring international markets for new growth opportunities[55] Financial Position and Operating Performance Analysis In H1 2025, the Group's core business was negatively impacted, leading to an expanded loss for the period, decreased revenue, gross loss, increased administrative expenses, and reduced cash - In the first half of 2025, the Group's principal business was negatively affected by the commercial environment, but it continued to develop steadily[56] Revenue Total revenue decreased by 3% to RMB 47.5 million, with growth in pitch control systems and wind power offset by significant declines in O&M and energy storage due to policy changes Revenue by Business Segment | Business Segment | June 30, 2025 (RMB '000) | June 30, 2024 (RMB '000) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Sales of Pitch Control Systems and Related Components | 29,807 | 19,921 | +50.0 | | Sales of Wind Power | 11,602 | 7,704 | +50.6 | | Wind Farm Operation and Maintenance Services | 2,218 | 7,319 | -71.0 | | Energy Storage Business | 3,878 | 14,297 | -71.0 | | Total | 47,505 | 49,241 | -3.5 | - Energy storage business revenue decreased by approximately 71%, mainly due to reduced orders resulting from electricity market reforms and changes in mandatory energy storage policies[59] Cost of Sales Cost of sales increased by 4% to RMB 51 million, driven by higher pitch control system orders, while O&M and energy storage costs decreased due to lower revenue/orders - The Group's cost of sales was approximately RMB 51 million, an increase of approximately RMB 2 million or 4% year-on-year[60] - Cost of sales for the pitch control system business increased by approximately 40% to RMB 35 million, primarily due to increased orders[60] - Cost of sales for the wind farm operation and maintenance business decreased by approximately 73% to RMB 1.5 million, mainly due to reduced revenue[60] - Cost of sales for the energy storage business decreased by approximately RMB 5 million, mainly due to reduced material costs from fewer orders[61] Gross Profit and Gross Margin The Group recorded a gross loss of RMB 3.8 million, with the overall gross margin declining from 0% to -8%, as energy storage suffered gross losses due to insufficient orders - The Group recorded a gross loss of approximately RMB 3.8 million, with the overall gross margin decreasing from 0% in H1 2024 to -8% in H1 2025[62] - The gross margin for the pitch control system business improved from -24% to -16%, and for the wind power generation business, it increased from 44% to 54%[62] - The energy storage business incurred a gross loss, mainly because insufficient order volume could not cover labor and fixed costs[62] Other Income Other income remained stable at approximately RMB 1 million - The Group's other income was approximately RMB 1 million, largely consistent with the first half of 2024[63] Selling and Distribution Expenses Selling and distribution expenses remained stable at approximately RMB 4 million - The Group's selling and distribution expenses were approximately RMB 4 million, largely consistent with the first half of 2024[64] Administrative and Other Operating Expenses Administrative and other operating expenses increased by RMB 5 million to RMB 17 million, primarily due to higher provisions for expected credit losses - Administrative and other operating expenses increased by RMB 5 million to approximately RMB 17 million, mainly due to increased provisions for expected credit losses as customer repayment capabilities deteriorated[65] Finance Costs Finance costs decreased by approximately RMB 1 million to RMB 1 million, mainly due to reduced borrowings - Finance costs were approximately RMB 1 million, a decrease of approximately RMB 1 million compared to the first half of 2024, mainly due to reduced borrowings[66] Loss for the Period Loss for the period increased by approximately RMB 8.5 million to RMB 23.5 million - Loss for the period was approximately RMB 23.5 million, an increase of approximately RMB 8.5 million compared to RMB 15 million in the first half of 2024[67] Loss Attributable to Owners of the Company Loss attributable to owners increased by approximately RMB 7 million to RMB 20 million - Loss attributable to owners of the Company was approximately RMB 20 million, an increase of approximately RMB 7 million compared to RMB 13 million in the first half of 2024[68] Gearing Ratio The gearing ratio remained stable at approximately 45%, a 1% decrease from December 31, 2024 - The gearing ratio was approximately 45%, a 1% decrease from 44% as of December 31, 2024, remaining largely stable[69] Liquidity and Capital Resources The Group's working capital sources include operating cash flow, existing cash, bank loans, and IPO proceeds, with management confident in sufficient funds for the next year - The Group's working capital sources include cash flows generated from operating activities, existing cash and cash equivalents, bank loans, and net proceeds from its listing[70] - The directors believe that the Group has sufficient working capital to meet its operational needs for the current and next full year[70] Cash Flow Cash and cash equivalents decreased by 69% to RMB 16 million, primarily due to operating losses and loan repayments - Cash and cash equivalents amounted to approximately RMB 16 million, a decrease of approximately RMB 35 million or 69% compared to RMB 51 million as of December 31, 2024[71] - The decrease in cash and cash equivalents was mainly due to operating losses and repayment of borrowings[71] Capital Expenditure Capital expenditure totaled approximately RMB 3.9 million, an increase of RMB 0.9 million, mainly for plant upgrades - Capital expenditure totaled approximately RMB 3.9 million, an increase of RMB 0.9 million compared to the first half of 2024, primarily for the upgrade and optimization of the company's plant[72] Contingent Liabilities The Group had no significant contingent liabilities as of June 30, 2025 - As of June 30, 2025, the Group had no significant contingent liabilities[73] Pledge of Group Assets Of the RMB 23 million in short-term bank borrowings, RMB 1 million was secured by intellectual property of a Group subsidiary - Of the RMB 23 million in short-term bank borrowings of the Group's subsidiaries, RMB 1 million was secured by the intellectual property of a Group subsidiary[74] Human Resources The Group employed 123 staff, a decrease from 160 at December 31, 2024, with all employees under labor contracts compliant with Chinese labor laws - As of June 30, 2025, the Group employed a total of 123 staff, a decrease from 160 staff as of December 31, 2024[75] Potential Risks The Group faces policy uncertainty, financial risks from insufficient cash flow and uncollectible receivables, and exchange rate risks from foreign currency-denominated financial instruments Policy Uncertainty Risk The new energy power industry is highly policy-dependent, with adverse changes potentially leading to slower demand, underinvestment, and delayed electricity price premiums - The new energy power industry is significantly affected by policies, and adverse changes in related supporting policy systems could lead to slower demand, insufficient investment, and long-term unsettled electricity price premiums[76] Financial Risk Failure to generate sufficient operating cash flow would severely impact operations, while customer payment uncertainties pose risks to trade receivables and bills receivable - If the Group fails to generate sufficient cash flow from its business operations, it will severely impact normal management and operations[77] - Trade receivables and bills receivable are affected by customer operational uncertainties, posing a risk of non-collection on schedule[77] Exchange Rate Risk Exchange rate risk arises from USD-denominated financial instruments, despite RMB-denominated primary operations, with no current hedging but ongoing management monitoring - Exchange rate risk arises from financial instruments denominated in foreign currencies (primarily US dollars) other than the functional currency[78] - The Group's main operations are located in mainland China, with primary business settled in RMB, but recognized foreign currency assets and liabilities and future foreign currency transactions still pose exchange rate risk[78] - The Group has not entered into any forward foreign exchange contracts to hedge against foreign exchange risk, but management will continue to monitor and take prudent measures[78] Other Information Purchase, Sale or Redemption of Listed Securities Neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's listed securities during the period - For the six months ended June 30, 2025, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[79] Events After Reporting Period No other significant events occurred after the reporting period up to the announcement date - No other significant events occurred after the reporting period and up to the date of this announcement[80] Corporate Governance The Board is committed to good corporate governance, adopting and complying with the principles and code provisions of the Corporate Governance Code - The Board is committed to achieving good corporate governance standards and has adopted the principles and code provisions of the Corporate Governance Code set out in Appendix C1 to the Listing Rules of the Stock Exchange[81] - To the best knowledge of the directors, the Company has complied with all applicable code provisions of the Corporate Governance Code for the six months ended June 30, 2025[81] Compliance with Model Code for Securities Transactions by Directors The Company adopted the Model Code for securities transactions by directors, and all directors confirmed compliance during the period - The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers, as set out in Appendix C3 to the Listing Rules, as its own code of conduct for directors' securities transactions[82] - All directors have confirmed their compliance with the Model Code for the six months ended June 30, 2025[82] Audit Committee and Review of Interim Results The Audit Committee, comprising three independent non-executive directors, discussed and reviewed the unaudited interim consolidated financial statements with management - The Audit Committee is composed of three independent non-executive directors, with Ms. Hong Peiyu as the chairperson[83] - The Audit Committee has discussed with management and reviewed the unaudited interim consolidated financial statements of the Group for the six months ended June 30, 2025[83] Interim Dividend The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025 - The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025[84] Publication of Interim Results Announcement and Interim Report The interim results announcement is published on the Company's and HKEX websites, with the interim report to be dispatched to shareholders and published online - This interim results announcement is published on the Company's website (www.natureenergytech.com) and the Stock Exchange's website (www.hkexnews.hk)[85](index=85&type=chunk) - The interim report for the six months ended June 30, 2025, will be dispatched to the Company's shareholders (if requested) and published on the websites of the Stock Exchange and the Company in due course[85] Board of Directors Composition As of the announcement date, the Board comprises two executive, two non-executive, and three independent non-executive directors - The Board of Directors includes two executive directors: Mr. Cheng Liquan and Mr. Cheng Lifu[86] - The Board of Directors includes two non-executive directors: Mr. Li Hao and Ms. Cheng Liqin[86] - The Board of Directors includes three independent non-executive directors: Ms. Hong Peiyu, Mr. Kang Jian, and Mr. Li Shusheng[86]