瑞风新能源(00527) - 2025 - 中期业绩

Company Information and Report Overview This report, issued by China Ruifeng Renewable Energy Holdings Limited (Stock Code: 00527), discloses the unaudited interim results for the six months ended June 30, 2025 Basic Company Information The report provides fundamental details of China Ruifeng Renewable Energy Holdings Limited, including its stock code and the reporting period - Company name: China Ruifeng Renewable Energy Holdings Limited (CHINA RUIFENG RENEWABLE ENERGY HOLDINGS LIMITED)[2] - Stock Code: 00527[2] Report Statement and Period This announcement, not the responsibility of HKEX or HKSE, presents the unaudited interim results for the six months ended June 30, 2025 - This report presents the unaudited interim results for the six months ended June 30, 2025[2] - Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement[1] Condensed Consolidated Financial Statements This section presents the condensed consolidated financial performance, comprehensive income, and financial position of the Group Condensed Consolidated Statement of Profit or Loss For the six months ended June 30, 2025, revenue increased by 6% to RMB 183.44 million, but gross profit decreased by 30% to RMB 45.33 million, with loss for the period expanding to RMB 40.36 million Key Data from Condensed Consolidated Statement of Profit or Loss (For the six months ended June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 183,438 | 173,602 | +5.67% | | Cost of sales | (138,110) | (109,022) | +26.68% | | Gross profit | 45,328 | 64,580 | -29.81% | | Operating profit | 41,132 | 56,385 | -27.05% | | Finance costs | (60,079) | (63,765) | -5.89% | | Loss before tax | (18,595) | (7,398) | +151.35% | | Income tax expense | (21,762) | (14,446) | +50.64% | | Loss for the period | (40,357) | (21,844) | +84.75% | | Loss attributable to owners of the Company | (35,526) | (36,818) | -3.51% | | Basic loss per share (RMB) | (0.021) | (0.022) | -4.55% | - The expanded loss for the period is primarily due to electricity costs and depreciation expenses incurred during the operational testing phase of the energy storage power station project[39] Condensed Consolidated Statement of Comprehensive Income Total comprehensive loss for the period narrowed to RMB 27.08 million for the six months ended June 30, 2025, primarily due to foreign exchange differences from overseas operations Key Data from Condensed Consolidated Statement of Comprehensive Income (For the six months ended June 30) | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | YoY Change | | :--- | :--- | :--- | :--- | | Loss for the period | (40,357) | (21,844) | +84.75% | | Exchange differences on translation of overseas operations | 19,315 | (15,742) | Significant improvement | | Exchange differences on translation of financial statements of the Company | (6,036) | 6,128 | Significant deterioration | | Other comprehensive income/(loss) for the period | 13,279 | (9,614) | Significant improvement | | Total comprehensive loss for the period | (27,078) | (31,458) | -13.93% | | Total comprehensive loss attributable to owners of the Company | (22,247) | (46,432) | -52.10% | Condensed Consolidated Statement of Financial Position As of June 30, 2025, total assets increased to RMB 2.73 billion, total liabilities to RMB 2.68 billion, with net current liabilities improving to RMB 230.37 million Key Data from Condensed Consolidated Statement of Financial Position (As of June 30) | Indicator | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | Change | | :--- | :--- | :--- | :--- | | Property, plant and equipment | 1,436,001 | 1,092,034 | +31.50% | | Prepayments and other receivables (non-current) | 239,082 | 414,636 | -42.34% | | Trade and other receivables (current) | 689,321 | 601,642 | +14.57% | | Cash and cash equivalents | 243,371 | 244,609 | -0.51% | | Total assets | 2,734,103 | 2,479,411 | +10.27% | | Total equity | 59,591 | 86,669 | -31.25% | | Borrowings (non-current) | 1,507,344 | 1,288,855 | +16.95% | | Borrowings (current) | 807,467 | 787,772 | +2.50% | | Total liabilities | 2,674,512 | 2,392,742 | +11.78% | | Net current liabilities | (230,366) | (252,551) | 8.78% improvement | Notes to the Financial Statements This section details the basis of preparation, accounting policies, and specific financial items for the interim period Basis of Preparation and Accounting Policies The condensed consolidated financial statements are prepared in accordance with HKAS 34 and Listing Rules, consistent with 2024 annual policies, with no significant impact from new HKFRS amendments - The financial statements are prepared in accordance with Hong Kong Accounting Standard 34 and the Listing Rules issued by the Hong Kong Institute of Certified Public Accountants[8] - The principal accounting policies adopted are consistent with those used in the annual consolidated financial statements for the year ended December 31, 2024[8] - Newly issued but not yet effective Hong Kong Financial Reporting Standards are not expected to have a significant impact on the Group's financial statements[9] Going Concern Despite net current liabilities of RMB 230.37 million and a net loss of RMB 40.36 million as of June 30, 2025, the Group's financial statements are prepared on a going concern basis due to mitigating actions - As of June 30, 2025, the Group's current liabilities exceeded its current assets by approximately RMB 230,366,000 and it incurred a net loss of approximately RMB 40,357,000[10] - Yinghui Limited has agreed to extend the maturity date of the convertible bonds to June 2026, involving a total amount of approximately RMB 415,173,000[10] - The Group has obtained other loans of approximately RMB 790,701,000 from a finance lease company and can draw down remaining unutilised loan facilities of approximately RMB 400,000,000[11] Revenue Total revenue for the six months ended June 30, 2025, was RMB 183.44 million, primarily from electricity sales and tariff subsidies, with new revenue streams from machinery sales and construction services Revenue Composition (For the six months ended June 30) | Revenue Type | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Sales of electricity | 131,557 | 125,113 | | Tariff subsidies | 49,816 | 46,015 | | Sales of machinery and electronic equipment | 151 | — | | Sales of petroleum coke | — | 2,474 | | Construction services | 1,914 | — | | Total Revenue | 183,438 | 173,602 | Expenses by Nature For the six months ended June 30, 2025, total cost of sales and administrative expenses increased to RMB 166.57 million, driven by higher depreciation and staff welfare costs Major Expense Items (For the six months ended June 30) | Expense Item | 2025 (RMB thousands) | 2024 (RMB thousands) | YoY Change | | :--- | :--- | :--- | :--- | | Depreciation of property, plant and equipment | 90,990 | 65,405 | +39.12% | | Employee benefit costs | 27,527 | 24,686 | +11.51% | | Repair and maintenance expenses | 17,793 | 15,621 | +13.90% | | Consumable expenses | 12,228 | 7,959 | +53.64% | | Total cost of sales and administrative expenses | 166,568 | 131,491 | +26.69% | Finance Costs Total finance costs for the six months ended June 30, 2025, decreased to RMB 60.08 million, primarily due to reduced interest expenses on bonds and convertible bonds Finance Costs Composition (For the six months ended June 30) | Finance Cost Type | 2025 (RMB thousands) | 2024 (RMB thousands) | YoY Change | | :--- | :--- | :--- | :--- | | Interest on bank and other borrowings | 28,470 | 26,810 | +6.20% | | Interest expense on bonds | 955 | 5,828 | -83.62% | | Interest expense on convertible bonds | 30,565 | 30,971 | -1.31% | | Total Finance Costs | 60,079 | 63,765 | -5.89% | Income Tax Expense Income tax expense increased to RMB 21.76 million for the six months ended June 30, 2025, primarily due to increased taxable profit from Hongsong, with Chinese subsidiaries subject to a 25% tax rate Income Tax Expense Analysis (For the six months ended June 30) | Tax Type | 2025 (RMB thousands) | 2024 (RMB thousands) | YoY Change | | :--- | :--- | :--- | :--- | | PRC Enterprise Income Tax | 23,461 | 16,145 | +45.32% | | Deferred income tax | (1,699) | (1,699) | 0% | | Total Income Tax Expense | 21,762 | 14,446 | +50.64% | - The increase in income tax expense was due to the increase in taxable profit of Hongsong[46] Interim Dividend The Board of Directors does not recommend the payment of any interim dividend for the six months ended June 30, 2025 - The Directors do not recommend the payment of any interim dividend for the six months ended June 30, 2025[17] Loss Per Share Basic loss per share for the six months ended June 30, 2025, was RMB 0.021, a slight improvement from RMB 0.022, with diluted loss per share equal to basic loss per share due to anti-dilutive convertible bonds Loss Per Share (For the six months ended June 30) | Indicator | 2025 | 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Loss attributable to owners of the Company (RMB thousands) | (35,526) | (36,818) | -3.51% | | Weighted average number of ordinary shares in issue (thousands) | 1,714,719 | 1,662,365 | +3.15% | | Basic loss per share (RMB) | (0.021) | (0.022) | -4.55% | - Diluted loss per share is equal to basic loss per share as the convertible bonds have an anti-dilutive effect on the loss attributable to owners of the Company[21] Property, Plant and Equipment For the six months ended June 30, 2025, the Group's acquisitions of property, plant and equipment, including construction in progress, significantly increased to RMB 439.07 million Changes in Property, Plant and Equipment (For the six months ended June 30) | Type of Change | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Acquisitions | 439,065 | 2,058 | | Disposals | 3,543 | 595 | Trade and Other Receivables As of June 30, 2025, trade receivables increased to RMB 273.81 million, with unbilled tariff subsidies accounting for RMB 251.61 million, and total prepayments, deposits, and other receivables at RMB 654.60 million Ageing Analysis of Trade Receivables (By invoice date) | Ageing | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Unbilled | 251,606 | 195,845 | | Within 3 months | 11,865 | 57,495 | | Over 3 months but within 1 year | 9,132 | 2,111 | | Over 1 year | 1,203 | 1,203 | | Total | 273,806 | 256,654 | - As of June 30, 2025, the Group pledged certain trade receivables with a carrying amount of approximately RMB 262,926,000 to secure other loans[24] Composition of Prepayments, Deposits and Other Receivables | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Other receivables (net of loss allowance) | 250,975 | 194,037 | | Loans receivable (net of loss allowance) | 108,330 | 121,038 | | Prepayments | 267,292 | 416,549 | | Total | 654,597 | 759,624 | Trade and Other Payables As of June 30, 2025, total trade and other payables increased to RMB 345.91 million, with other payables and accrued expenses significantly rising to RMB 148.60 million Composition of Trade and Other Payables | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Trade payables | 12,743 | 25,672 | | Deposits received for investment and construction of renewable energy projects | 130,000 | 130,000 | | Other payables and accrued expenses | 148,603 | 84,741 | | Total | 345,906 | 293,662 | Borrowings As of June 30, 2025, total borrowings increased to RMB 2.31 billion, primarily due to increased pledged bank loans and other loans for the energy storage power station project Borrowings Composition | Borrowing Type | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | Change | | :--- | :--- | :--- | :--- | | Bank loans, secured | 974,224 | 673,605 | +44.64% | | Bonds | 95,921 | 105,988 | -9.49% | | Convertible bonds | 415,458 | 397,011 | +4.65% | | Other loans | 820,713 | 891,408 | -7.82% | | Total | 2,314,811 | 2,076,627 | +11.47% | Share Capital As of June 30, 2025, the issued and fully paid share capital remained at 1,714,719,143 shares of HKD 0.05 each, totaling RMB 77.42 million Issued and Fully Paid Share Capital | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Number of shares (thousands) | 1,714,719 | 1,714,719 | | Amount (RMB thousands) | 77,424 | 77,424 | Commitments As of June 30, 2025, capital commitments for property, plant and equipment acquisitions, contracted but not provided for, decreased to RMB 397.94 million Capital Commitments | Commitment Type | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Acquisition of property, plant and equipment (contracted) | 397,937 | 613,234 | Management Discussion and Analysis This section provides an overview of the Group's business operations, financial performance, liquidity, and future outlook Business Review The Group's business focuses on wind farm operations and energy storage power station projects, with wind power revenue growing by 6% and the Chabei energy storage project fully grid-connected in January 2025 Wind Farm Operations Business For the six months ended June 30, 2025, wind farm revenue increased by 6% to RMB 181.37 million, with stable operations at Hongsong Wind Farm and ongoing construction at Baotou Yinfeng Wind Farm - Wind farm business revenue was approximately RMB 181,373,000, an increase of approximately 6% compared to the same period last year[34] Average Utilisation Hours of Hongsong Wind Farm | Period | Average Utilisation Hours | | :--- | :--- | | Six months ended June 30, 2025 | 1,066 | | Six months ended June 30, 2024 | 969 | - Phase I of Baotou Yinfeng Wind Farm (49.8 MW) is under construction and is expected to contribute to future revenue[36] Energy Storage Power Station Project The Chabei Management Zone Energy Storage Power Station Project (300 MW/1.2 GWh) achieved full grid connection on January 22, 2025, aiming to enhance renewable energy absorption in the Beijing-Tianjin-Hebei region - The Chabei Management Zone Energy Storage Power Station Project (300 MW/1.2 GWh) successfully achieved full grid connection on January 22, 2025[37][38] - The project's primary revenue model involves electricity market transactions and capacity leasing, aiming to increase the proportion of renewable energy consumption in the Beijing-Tianjin-Hebei region[38] Financial Review During the reporting period, revenue increased by 5.67% to RMB 183.44 million, but gross profit declined by 30% to RMB 45.33 million, leading to an expanded loss for the period of RMB 40.36 million Revenue Analysis Total revenue for the reporting period was RMB 183.44 million, primarily from wind power generation, with new revenue from machinery sales and construction services, while petroleum coke sales ceased - During the reporting period, the Group's revenue was approximately RMB 183,438,000, an increase of approximately 5.67% compared to the same period last year[39] - Revenue from wind farm operations was approximately RMB 181,373,000, an increase of approximately 6% compared to the same period in 2024, mainly due to increased power generation and electricity sales[40] - New revenue streams included sales of machinery and electronic equipment of RMB 151,000 and provision of construction services of RMB 1,914,000, while sales of petroleum coke ceased[40] Costs and Gross Profit Cost of sales increased to RMB 138.11 million, representing 75% of revenue, and gross profit decreased by 30% to RMB 45.33 million, mainly due to electricity costs and depreciation from the energy storage project - Cost of sales was approximately RMB 138,110,000, accounting for approximately 75% of the Group's revenue, compared to approximately 63% in the same period of 2024[41] - Gross profit decreased by approximately 30% to approximately RMB 45,328,000, primarily due to electricity costs and depreciation expenses incurred during the operational testing phase of the energy storage power station project[42] Other Income and Net Loss Other income and net other losses primarily comprised VAT refund government subsidies of approximately RMB 14.23 million (a 50% increase) and rental income from operating premises of approximately RMB 2.01 million - Government subsidies from VAT refunds amounted to approximately RMB 14,225,000, an increase of approximately 50% compared to the same period last year[43] Administrative Expenses Administrative expenses increased by approximately 27% to RMB 28.46 million, mainly including staff salaries and benefits, and professional fees - Administrative expenses increased by approximately 27% to approximately RMB 28,458,000[44] Finance Costs Finance costs decreased by approximately 5.89% to RMB 60.08 million, mainly due to reduced interest expenses from other loans obtained by Hongsong and corporate bonds - Finance costs were approximately RMB 60,079,000, a decrease of approximately 5.89% compared to the same period last year[45] - The decrease was mainly due to reduced interest expenses from other loans obtained by Hongsong and a decrease in corporate bonds issued by the Company[45] Taxation and Loss for the Period Income tax expense increased to RMB 21.76 million due to higher taxable profit from Hongsong, contributing to an expanded loss for the period of RMB 40.36 million, mainly from energy storage project costs - Taxation increased from approximately RMB 14,446,000 in the same period last year to approximately RMB 21,762,000 in the reporting period, due to the increase in taxable profit of Hongsong[46] - The loss for the reporting period of approximately RMB 40,357,000 was primarily attributable to electricity costs and depreciation expenses incurred during the operational testing phase of the energy storage power station project[47] Liquidity and Financial Resources As of June 30, 2025, cash and bank balances were RMB 243.37 million, total borrowings increased to RMB 2.31 billion for the energy storage project, and the gearing ratio remained around 98% Cash and Borrowings Situation | Indicator | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | Change | | :--- | :--- | :--- | :--- | | Cash and bank balances | 243,371 | 244,609 | -0.51% | | Total borrowings | 2,314,811 | 2,076,627 | +11.47% | - The increase in total borrowings was mainly due to obtaining more bank loans for the construction and development of the energy storage power station project[49] - The gearing ratio was approximately 98% as of June 30, 2025, comparable to approximately 97% as of December 31, 2024[49] - Approximately RMB 550,931,000 of interest-bearing borrowings were fixed-rate loans, and approximately RMB 1,763,880,000 were floating-rate loans[50] Share Capital and Financing Activities As of June 30, 2025, issued share capital remained unchanged, with some corporate bonds redeemed, notes fully repaid, and convertible bond maturity extended, while the Group seeks new funding for upgrades and expansion Share Capital As of June 30, 2025, the Company's total issued share capital comprised 1,714,719,143 ordinary shares of HKD 0.05 each, consistent with December 31, 2024 - As of June 30, 2025, the Company's total issued share capital comprised 1,714,719,143 ordinary shares of HKD 0.05 each[48] Corporate Bonds During the reporting period, no additional corporate bonds were issued, with HKD 5.23 million principal amount redeemed, leaving approximately HKD 94.77 million and RMB 5 million outstanding as of June 30, 2025 - During the reporting period, corporate bonds with a principal amount of HKD 5,228,000 matured and were redeemed[52] - As of June 30, 2025, corporate bonds with principal amounts of approximately HKD 94,768,000 and RMB 5,000,000 were issued and outstanding[52] Notes The conversion mechanism for the notes (formerly convertible notes) was cancelled in 2020, and all outstanding principal amounts were repaid by June 30, 2025 - The conversion mechanism for the convertible notes was cancelled on February 12, 2020, and reclassified as notes[54] - As of June 30, 2025, all outstanding principal amounts of the notes have been repaid[55] Convertible Bonds The maturity date of the new convertible bonds held by Yinghui Limited was extended to June 2026, with no rights exercised during the reporting period - Yinghui has agreed to extend the maturity date of the new convertible bonds to June 2026[58] - During the reporting period, no rights attached to the new convertible bonds were exercised, and no conversion shares were allotted or issued due to the conversion of new convertible bonds[58] Fund Raising Apart from the subscription matters disclosed in this announcement, the Group had no other fund-raising activities during the reporting period - Except as disclosed in this announcement, the Group had no other fund-raising activities during the reporting period[60] Share Option Scheme As of June 30, 2025, all share options expired on January 28, 2025, with no outstanding unexercised share options - As of June 30, 2025, there were no outstanding unexercised share options, as all share options expired on January 28, 2025[61] Proposed Subscription of New Shares and Convertible Bonds The Group plans to raise funds through new share and convertible bond subscriptions with various parties for equipment upgrades, debt repayment, and working capital, while also pursuing an acquisition to enter the solar energy market in Hebei Province - The Company entered into agreements with Hebei Expressway Development (Group) Co., Ltd. to subscribe for 590,615,905 new shares and 2024 RMB convertible bonds with a principal amount of RMB 933,689,137[63] - The Board believes that the share subscription and convertible bond subscription will enable the Company to raise additional funds for upgrading generator sets, repaying borrowings, and supplementing working capital[66] - The proposed acquisition is expected to provide the Group with an opportunity to enter the booming solar energy market in Hebei Province and diversify its energy portfolio[67] Significant Acquisitions and Disposals Apart from the proposed acquisition disclosed in this announcement, the Group had no significant acquisitions or disposals of subsidiaries and associates during the reporting period - Except as disclosed in this announcement, the Group had no significant acquisitions or disposals of subsidiaries and associates during the reporting period[68] Pledge of Assets As of June 30, 2025, the Group pledged approximately RMB 517.49 million of property, plant and equipment, RMB 290.93 million of trade and other receivables, and RMB 54.45 million of financial assets as collateral for borrowings - As of June 30, 2025, the Group pledged certain property, plant and equipment with a carrying amount of approximately RMB 517,493,000 and certain leasehold land included in right-of-use assets as collateral for borrowings[71] - Trade and other receivables with a carrying amount of approximately RMB 290,926,000 and certain investments designated at fair value through other comprehensive income with a carrying amount of approximately RMB 54,450,000 were also pledged[71] - The issued share capital of certain subsidiaries of the Company has been pledged to secure borrowings obtained by the Group[71] Contingent Liabilities As of June 30, 2025, the Group had no significant contingent liabilities - As of June 30, 2025, the Group had no significant contingent liabilities[72] Employees and Remuneration Policy As of June 30, 2025, the Group employed 154 full-time staff in Hong Kong and China, with staff costs increasing by 11.51% to approximately RMB 27.53 million during the reporting period - As of June 30, 2025, the Group had 154 full-time employees in Hong Kong and China[73] - During the reporting period, the related staff costs (including Directors' emoluments) were approximately RMB 27,527,000, an increase of approximately 11.51% compared to the same period last year[73] Events After the Reporting Period Except for matters disclosed in this announcement, no significant events occurred after the end of the reporting period - Except as disclosed in this announcement, no significant events occurred after the end of the reporting period[74] Future Outlook The Group plans to leverage China's supportive new energy policies to strengthen wind farm operations in North China, explore cross-industry collaborations, and diversify into solar and biomass energy through acquisitions, aiming to become a competitive renewable energy provider - China's intensive new energy policies provide comprehensive support for the industry's development, creating broader opportunities for new energy enterprises, including the Group[75] - The Group will strengthen its existing wind farm operation and maintenance business in North China, gradually expand to surrounding areas, and actively explore cooperation models with other industries such as electricity, transportation, and construction[76] - The Group will continue to seek opportunities for cooperative development or acquisitions to actively expand into other new clean energy sectors beyond wind power, such as photovoltaic and biomass energy, to build a diversified and complementary energy structure[77] Other Information This section covers corporate governance, directors' securities dealings, interim dividend, share transactions, audit committee review, and board composition Corporate Governance The Company complied with the applicable code provisions of the Corporate Governance Code set out in Appendix C1 of the Listing Rules during the reporting period - The Company complied with the applicable code provisions of the Corporate Governance Code set out in Appendix C1 of the Listing Rules of the Stock Exchange during the reporting period[78] Standard Code for Securities Transactions by Directors The Company adopted a code for directors' securities transactions no less stringent than Appendix C3 of the Listing Rules, with all directors confirming strict compliance - The Company adopted a code of conduct regarding directors' securities transactions, the terms of which are no less stringent than the required standards set out in the Model Code for Securities Transactions by Directors of Listed Issuers in Appendix C3 of the Listing Rules[79] - All Directors confirmed that they strictly complied with the required standards set out in the Model Code and the Company's adopted code of conduct during the reporting period[79] Interim Dividend The Directors do not recommend the payment of any interim dividend for the reporting period - The Directors do not recommend the payment of any interim dividend for the reporting period[80] Share Purchases, Sales or Redemptions Neither the Company nor its subsidiaries purchased, redeemed, or sold any of the Company's listed securities during the reporting period - Neither the Company nor any of its subsidiaries purchased, redeemed, or sold any of the Company's listed securities during the reporting period[81] Audit Committee The Audit Committee reviewed the Group's unaudited financial results for the reporting period and discussed internal control systems, risk management, and financial reporting matters - The Audit Committee reviewed the Group's unaudited financial results for the reporting period[82] - The Audit Committee also discussed matters such as the internal control systems and risk management adopted by the Group during the reporting period, as well as the Group's financial reporting matters[82] Publication of Information The Company's 2025 interim report will be dispatched to shareholders and published on the HKEX and Company websites in September 2025 - The Company's 2025 interim report will be dispatched to shareholders and published on the websites of the Stock Exchange and the Company respectively in September 2025[83] Board of Directors As of the announcement date, the Board comprises executive directors Mr. Yuan Wanyong (Chairman), Mr. Zhang Zhixiang (CEO), and Mr. Ning Zhongzhi, along with independent non-executive directors Mr. Jiang Senlin, Mr. Qu Weidong, and Ms. Hu Xiaolin - As of the date of this announcement, the executive Directors are Mr. Yuan Wanyong (Chairman), Mr. Zhang Zhixiang (Chief Executive Officer), and Mr. Ning Zhongzhi[85] - The independent non-executive Directors are Mr. Jiang Senlin, Mr. Qu Weidong, and Ms. Hu Xiaolin[85]