山高控股(00412) - 2025 - 中期业绩

Financial Performance This section provides an overview of the Group's financial results, including condensed consolidated statements of profit or loss, comprehensive income, and financial position Condensed Consolidated Statement of Profit or Loss The Group's revenue decreased, but profit for the period significantly increased due to fair value gains on financial assets and lower finance costs | Metric | 2025 (RMB '000) | 2024 (RMB '000) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 2,502,643 | 2,832,300 | -11.64% | | Gross Profit | 1,205,070 | 1,441,217 | -16.40% | | Fair value gains/(losses) on financial assets at FVTPL, net | 538,781 | (12,272) | Significant improvement | | Finance Costs | (937,746) | (1,033,707) | -9.28% | | Profit before tax | 603,782 | 185,089 | +226.22% | | Profit for the period | 475,677 | 78,469 | +506.25% | | Profit/(loss) for the period attributable to owners of the Company | 49,600 | (363,152) | Turned profitable | | Basic and diluted earnings/(loss) per share | RMB0.82 cents | RMB(6.03) cents | Turned profitable | Condensed Consolidated Statement of Comprehensive Income Total comprehensive income significantly increased due to higher profit for the period, despite negative impacts from fair value changes and exchange differences | Metric | 2025 (RMB '000) | 2024 (RMB '000) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Profit for the period | 475,677 | 78,469 | +506.25% | | Other comprehensive income/(loss) for the period | 54,482 | (53,377) | Turned profitable | | Total comprehensive income for the period | 530,159 | 25,092 | +2012.80% | | Total comprehensive income/(loss) for the period attributable to owners of the Company | 104,281 | (382,725) | Turned profitable | Condensed Consolidated Statement of Financial Position Total assets and net assets increased, with a significant improvement in net current assets, reflecting a robust financial position | Metric | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | Change (%) | | :--- | :--- | :--- | :--- | | Total non-current assets | 39,987,718 | 41,008,163 | -2.50% | | Total current assets | 27,543,482 | 25,166,199 | +9.45% | | Total current liabilities | 17,944,058 | 20,550,048 | -12.68% | | Net current assets | 9,599,424 | 4,616,151 | +107.96% | | Net assets | 17,922,190 | 17,758,041 | +0.92% | | Total equity | 17,922,190 | 17,758,041 | +0.92% | Notes to the Condensed Consolidated Financial Statements This section provides detailed notes to the condensed consolidated financial statements, covering company information, accounting policies, segment reporting, and specific financial asset and liability disclosures Company Information and Basis of Preparation This section details company information, the basis of interim financial statement preparation, including compliance with HKAS, presentation currency changes, and new HFRS adoption - The Company is an exempted company incorporated in Bermuda, with its shares listed on the Hong Kong Stock Exchange[8] - The interim financial statements are prepared in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting" issued by the HKICPA[9] - The presentation currency of the consolidated financial statements changed from HKD to RMB from the year ended December 31, 2024, applied retrospectively to reflect the Group's primary operations and RMB-denominated transactions in mainland China[10] Operating Segment Information The Group operates four reportable segments: Industrial, Standardized, Non-standard Investment, and Licensed Financial Services, with performance assessed by adjusted profit before tax - The Group operates four reportable segments: Industrial Investment, Standardized Investment, Non-standard Investment, and Licensed Financial Services[15][17] Segment Revenue and Results (For the six months ended June 30) | Segment | 2025 Revenue (RMB '000) | 2024 Revenue (RMB '000) | 2025 Results (RMB '000) | 2024 Results (RMB '000) | | :--- | :--- | :--- | :--- | :--- | | Industrial Investment | 2,399,627 | 2,404,830 | 402,351 | 325,937 | | Standardized Investment | 14,607 | 74,392 | 406,126 | (26,471) | | Non-standard Investment | 58,617 | 313,273 | (176,989) | 63,354 | | Licensed Financial Services | 29,792 | 39,805 | 25,037 | (86,333) | | Total | 2,502,643 | 2,832,300 | 656,525 | 276,487 | - Over 90% of the Group's revenue and assets are generated or located in China, thus no geographical segment information is presented[23][24] Revenue Revenue primarily from electricity sales and entrusted operation services, with photovoltaic power generation as the largest contributor, but overall customer contract revenue and interest income decreased Revenue from Contracts with Customers (For the six months ended June 30) | Revenue Source | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Photovoltaic power generation business | 1,299,207 | 1,341,417 | | Wind power business | 729,634 | 672,693 | | Entrusted operation services | 25,916 | 21,147 | | Construction and related services | 9,141 | 24,819 | | Provision of clean heating services | 335,729 | 344,754 | | Consultancy service income | – | 3,609 | | Brokerage business income | 4,401 | 4,543 | | Asset management and performance income | 315 | 400 | | Total revenue from contracts with customers | 2,404,343 | 2,413,382 | | Finance lease income | – | 48 | | Interest income from money lending business | 15,388 | 25,513 | | Interest income from debt investments | 28,968 | 313,273 | | Interest income from financial assets at FVTPL | 12,958 | 5,692 | | Interest income from financial assets at FVOCI | 40,986 | 74,392 | | Total Revenue | 2,502,643 | 2,832,300 | - In H1 2025, revenue recognized over time significantly increased to RMB338,357 thousand (2024: RMB7,945 thousand), while revenue recognized at a point in time decreased[25] Other Gains and Losses, Net Net other gains and losses significantly decreased, primarily due to a shift from exchange gains to losses, partially offset by debt restructuring gains | Item | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Exchange (losses)/gains, net | (69,207) | 46,442 | | Loss on disposal of finance lease receivables | (18,050) | – | | Debt restructuring gain | 99,362 | – | | Gain on extinguishment of debt | – | 43,671 | | Total | 12,105 | 81,198 | Impairment Losses on Financial Assets Net impairment losses on financial assets reversed decreased, driven by increased reversals for finance lease receivables but reduced reversals for loans and trade receivables | Item | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Finance lease receivables | 57,334 | 1,583 | | Loans receivable | (4,181) | 25,294 | | Trade and other receivables | 1,197 | 54,845 | | Total | 54,350 | 81,722 | Finance Costs Total finance costs decreased, primarily due to reduced interest on bank borrowings, bonds, and lease liabilities | Item | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Interest on bank borrowings | 829,309 | 845,943 | | Interest on other borrowings | 70,194 | 78,206 | | Interest on bonds | 79,987 | 115,545 | | Interest on lease liabilities | 57,951 | 115,745 | | Total finance costs | 1,037,441 | 1,155,439 | | Less: Finance costs included in cost of sales and services | (98,727) | (118,698) | | Less: Interest capitalised | (968) | (3,034) | | Net finance costs | 937,746 | 1,033,707 | Components of Profit Before Tax This section details income and expenses affecting profit before tax, including employee benefits, fair value changes, electricity sales costs, and depreciation, with significant improvement in FVTPL financial asset gains Key Income/Expense Items (For the six months ended June 30) | Item | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Total employee benefit expenses | 148,929 | 141,913 | | Fair value (gains)/losses on financial assets at FVTPL, net | (538,781) | 12,272 | | Cost of electricity sales and entrusted operation services | 901,259 | 867,087 | | Depreciation of property, plant and equipment | 699,879 | 625,963 | | Depreciation of right-of-use assets | 70,997 | 109,713 | Income Tax Expense Income tax expense increased due to higher PRC corporate income tax and Hong Kong profits tax, and a shift from deferred tax income to expense | Item | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | PRC corporate income tax | 127,211 | 137,400 | | Hong Kong profits tax | 399 | 5,420 | | Deferred tax | 495 | (36,239) | | Total income tax expense | 128,105 | 106,620 | - Certain subsidiaries enjoy preferential corporate income tax rates in China due to their engagement in photovoltaic and wind power station operations[38] Earnings/(Loss) Per Share Basic and diluted earnings per share attributable to owners of the Company turned from a loss to a profit | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Profit/(loss) for the period attributable to owners of the Company (RMB '000) | 49,600 | (363,152) | | Weighted average number of ordinary shares ('000 shares) | 6,019,431 | 6,019,431 | | Basic and diluted earnings/(loss) per share (RMB cents) | 0.82 | (6.03) | Dividends The Board decided not to declare any interim dividend for the current reporting period, consistent with the prior year - The Board will not declare any interim dividend for the current period, consistent with the prior period (for the six months ended June 30, 2024: nil)[41] Property, Plant and Equipment Additions to property, plant and equipment significantly increased, reflecting growth in capital expenditure | Item | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Additions to property, plant and equipment | 474,242 | 136,420 | Interests in Associates Total interests in associates decreased due to reduced listed investment costs, but increased share of post-acquisition profit and exchange adjustments | Item | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Cost of unlisted investments | 2,181,082 | 2,181,082 | | Cost of listed investments | 3,365,754 | 4,552,173 | | Share of post-acquisition profit and other comprehensive income | 77,746 | 26,747 | | Total interests in associates | 5,678,655 | 6,748,437 | Financial Assets at Fair Value Through Other Comprehensive Income Total financial assets at fair value through other comprehensive income slightly decreased, driven by minor changes in unlisted equity investments and bonds | Item | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Subtotal non-current assets | 853,972 | 868,011 | | Subtotal current assets | 3,378,361 | 3,404,179 | | Total | 4,232,333 | 4,272,190 | - The Group designates certain listed equity as measured at fair value through other comprehensive income, intending to hold them for the long term[44] Financial Assets at Fair Value Through Profit or Loss Total financial assets at fair value through profit or loss significantly increased, driven by a substantial rise in listed equity investments held for trading | Item | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Listed equity investments held for trading | 1,733,747 | 31,958 | | Investment funds held for trading | 180,984 | 178,132 | | Other investment funds | 553,773 | 553,173 | | Unlisted equity investments | 616,462 | 601,088 | | Total | 3,085,281 | 1,364,658 | Finance Lease Receivables Carrying amount of finance lease receivables remained stable, all maturing within one year | Item | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Within one year | 293,319 | 294,019 | | Carrying amount of finance lease receivables | 293,319 | 294,019 | Loans Receivable Total loans receivable (net of impairment) decreased, mainly due to fewer 2-5 year loans, but more loans maturing within 90 days | Item | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Gross loans receivable | 3,542,146 | 3,755,715 | | Less: Provision for impairment losses | (436,880) | (432,772) | | Net amount | 3,105,266 | 3,322,943 | | Due within 90 days | 933,292 | 851,105 | | Due in 2 to 5 years | 596,671 | 1,643,970 | Contract Assets Total contract assets increased, primarily driven by growth in electricity price subsidies receivable | Item | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Electricity price subsidies receivable | 728,435 | 659,052 | | Construction contracts | 34,859 | 31,029 | | Total | 763,294 | 690,081 | - Electricity price subsidies receivable represent renewable energy central government subsidies in China to be invoiced and settled after photovoltaic and wind power projects are listed for national subsidies[48] Trade and Other Receivables Total trade and other receivables increased, driven by growth in electricity price subsidies receivable, but other receivables decreased | Item | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Trade receivables | 1,631,474 | 1,606,035 | | Electricity price subsidies receivable | 8,153,340 | 7,168,375 | | Prepayments | 825,073 | 849,370 | | Deposits and other receivables | 1,737,352 | 2,257,843 | | Total | 13,552,175 | 13,022,150 | | Current assets | 12,702,061 | 12,166,002 | - The aging analysis of electricity price subsidies receivable indicates that the portion over 2 years old accounts for the largest share, totaling RMB4,120,090 thousand[52] - The Group generally grants 30 to 90 days credit to customers and accepts settlement by bank and commercial bills with 90 to 180 days terms[52] Trade Payables and Bills Payable Total trade payables and bills payable slightly decreased, with an increase in amounts due within 90 days but a significant reduction in 181-day to 1-year maturities | Aging | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Within 90 days | 19,728 | 9,862 | | 181 days to 1 year | 44,326 | 149,555 | | Over 2 years | 578,077 | 519,421 | | Total | 873,567 | 890,344 | - Trade payables and bills payable are generally settled within terms of 30 to 180 days[54] Borrowings Total borrowings increased, driven by significant growth in non-current bank borrowings and bonds, while current borrowings decreased | Item | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Bank borrowings | 34,994,528 | 32,086,591 | | Bonds | 4,949,596 | 5,026,320 | | Other borrowings | 4,996,563 | 5,926,528 | | Total borrowings | 44,940,687 | 43,039,439 | | Non-current liabilities | 29,836,627 | 25,875,627 | | Current liabilities | 15,104,060 | 17,163,812 | - The Group's borrowings are secured by various methods, including guarantees from Shandong Hi-Speed Group, the Company and/or its subsidiaries, pledges of financial assets, trade receivables, contract assets, property, plant and equipment, concession rights, bank deposits, and equity interests in subsidiaries[57] Comparative Amounts Certain comparative amounts have been reclassified and restated to ensure consistency with the current period's presentation and accounting treatment - Certain comparative amounts have been reclassified and restated to ensure consistency with the current period's presentation and accounting treatment[56] Management Discussion and Analysis This section provides management's perspective on the Group's performance, market conditions, strategic initiatives, business segment reviews, financial resources, and future outlook Market Review Global economy showed multipolar divergence with AI as a core growth engine; China's GDP grew 5.3% with structural optimization and green development - In H1 2025, the global economy showed multipolar divergence, with artificial intelligence emerging as a core growth engine[58] - China's H1 GDP grew by 5.3% year-on-year, demonstrating stable economic operation, accelerated structural optimization, and increased contribution from new growth drivers[58] Group Strategy and Operations The Group focuses on clean energy and intelligent computing, optimizing industrial operations, reducing traditional investments, and building a "precise investment-risk control-efficient exit" system - The Group focuses on strategic emerging industries like clean energy and intelligent computing centers, driving industrial operational optimization and upgrading[59] - As of June 30, 2025, the Group's total asset scale was approximately RMB67.531 billion, with emerging industry investment assets at RMB51.976 billion, representing 76.97% of the total[60] - The Group prudently reduced exposure to traditional investment businesses, focusing on structured investment and financing across key industry value chains, and accelerating existing risk asset revitalization[60] Business Review Business segments showed mixed performance, with significant profit growth in industrial investment, a turnaround in standardized investment, losses in non-standard investment, and improved licensed financial services Industrial Investment Business Industrial investment profit grew significantly, driven by the "Electricity-Computing Integration" strategy, successful new energy projects, and strong performance from 21Vianet - The Group fully empowers electricity-computing ecosystem enterprises, accelerating the implementation of the "Electricity-Computing Integration" strategy[61] - The new energy sector added over 350 MW of development indicators, with Shandong Hi-Speed New Energy Group Limited having 4.9 GW of new energy power generation projects under construction and approved[62] - The first "Electricity-Computing Integration" demonstration project, the Ulanqab source-grid-load-storage integration project, is progressing smoothly, with data center Phase I in commercial operation and Phase II advancing steadily[63] | Metric | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Industrial Investment segment profit | 402,351 | 325,937 | Standardized Investment Business Despite severe market volatility, standardized investment achieved a turnaround to profit through a cautious fair value investment strategy - In H1 2025, global markets experienced severe volatility, with US Treasury yields fluctuating by over 50 basis points[65] - The standardized fixed income portfolio maintained low position levels by adhering to a cautious investment strategy[65] | Metric | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Standardized Investment business profit/(loss) at fair value | 508,000 | (28,000) | Non-standard Investment Business Non-standard investment prioritized mitigating existing risks, reducing credit exposure through debt restructuring and asset revitalization, resulting in decreased revenue and a loss - The Group prioritized mitigating existing risks, implementing multiple measures to reduce credit exposure in existing non-standard investment businesses[66] - The Group prudently seized investment opportunities, focusing on strategic industrial investment directions and seeking potential target companies in new energy and new infrastructure sectors[66] | Metric | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Non-standard Investment business profit/(loss) | (177,000) | 63,000 | Licensed Financial Services Licensed financial services recorded a profit, a significant improvement from a prior-period loss, primarily due to impairment reversals in finance lease business - The Group holds Hong Kong SFC licenses for regulated activities 1, 4, 5, 6, and 9, a Hong Kong money lender's license, and PRC licenses for QFLP fund management and finance leasing[68] | Metric | 2025 (RMB '000) | 2024 (RMB '000) | | :--- | :--- | :--- | | Licensed Financial Services business profit/(loss) | 25,000 | (86,000) | | Impairment reversal for finance lease business | 57,000 | - | Outlook Global economy faces weak recovery with AI momentum; China will expand domestic demand and transform industries; the Group will capitalize on AI and build an "Electricity-Computing Integration" ecosystem - In H2 2025, the global economy is expected to maintain a weak recovery, with the artificial intelligence revolution injecting new momentum for growth[69] - The Chinese government will expand domestic demand, fostering a favorable financial environment for industrial transformation through moderately loose monetary and proactive fiscal policies[69] - The Group will seize national strategic opportunities and technological revolution trends, fully capitalizing on AI development to build a unique "Electricity-Computing Integration" emerging industry ecosystem[70] Liquidity and Financial Resources The Group maintains ample liquidity, with increased cash, total assets, and borrowings, a slight rise in gearing, and ongoing monitoring of FX risks and capital commitments Cash and Total Borrowings Cash and cash equivalents, total assets, and total borrowings all increased, indicating expanded business scale and increased financing activities | Metric | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Total cash and cash equivalents | 4,576,636 | 4,308,390 | | Total assets | 67,531,200 | 66,174,362 | | Total borrowings | 44,940,687 | 43,039,439 | | Total equity attributable to owners of the Company | 443,542 | 1,117 | - Outstanding borrowings include bank borrowings of approximately RMB34.99 billion, bonds of approximately RMB4.95 billion, and other borrowings of approximately RMB5.00 billion[72] Gearing Ratio The gearing ratio slightly increased, indicating a minor rise in leverage | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Gearing Ratio | 66.55% | 65.04% | Foreign Exchange Risk Management The Group primarily faces RMB foreign exchange risk, deemed insignificant by management, with no hedging instruments used during the period - The Group primarily faces RMB foreign exchange risk and monitors its fluctuation impact[74] - Management considers the foreign exchange risk impact insignificant and did not use any financial or hedging instruments during the reporting period[74] Pledge of Assets Certain bills payable, lease liabilities, and borrowings were secured by various assets and guarantees - Pledges include guarantees from Shandong Hi-Speed Group, the Company and/or its subsidiaries, pledges of financial assets, trade receivables, contract assets, property, plant and equipment, concession rights, bank deposits, and equity interests in subsidiaries and associates[75][77] Contingent Liabilities and Capital Commitments No significant contingent liabilities, but contracted capital commitments exist for clean energy projects and joint venture capital injections | Item | June 30, 2025 (RMB '000) | December 31, 2024 (RMB '000) | | :--- | :--- | :--- | | Capital commitments for developing clean energy projects | 372,542 | 495,010 | | Capital commitments for injecting capital into joint ventures | 482,336 | 332,336 | Significant Acquisitions and Disposals The Group further acquired Shandong Hi-Speed New Energy Group Limited equity, increasing its stake to 56.97%, and subsequently reached 60.66% after a mandatory cash offer - The Company further acquired a 13.52% equity interest in Shandong Hi-Speed New Energy Group Limited for HK$540,759,493.04, increasing its stake from 43.45% to 56.97%[78] - Following the offer's close, the Company and its concert parties' interest in Shandong Hi-Speed New Energy Group Limited increased to approximately 60.66%[80] Issue of Debt Securities The Group issued a US$500 million guaranteed bond and an RMB500 million medium-term note for refinancing and general corporate purposes - Coastal Emerald Limited issued US$500 million principal amount of 4.60% guaranteed bonds, with net proceeds of approximately US$498 million[81] - A Shandong Hi-Speed New Energy Group Limited subsidiary issued RMB500 million principal amount of 2.30% medium-term notes, with net proceeds of approximately RMB499 million[81] Employees and Remuneration Policy Employee count decreased, but total staff costs increased; the Group focuses on attracting and retaining talent with competitive remuneration and development opportunities | Metric | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Number of employees | 1,899 | 2,160 | | Total staff costs (RMB billion) | 1.489 | 1.419 | - The Group formulates internal remuneration policies, offering competitive compensation packages based on qualifications, experience, market levels, and individual expertise[84] - The Group provides social insurance, housing provident fund, mandatory provident fund, statutory and additional leave benefits, and awards bonuses and incentives to outstanding employees[84] Other Information This section covers additional disclosures including post-reporting period events, dividend policy, share dealings, corporate governance practices, and supplemental information on continuing connected transactions Events After the Reporting Period Post-period, the Group disclosed two EPC contracts with Shandong Hi-Speed Group associates, aggregated and disclosed as connected transactions per Listing Rules - Feixian Zhuoneng New Energy signed the Feixian EPC contract with the joint contractor, with a total contract price of RMB58,550,787.83[87] - Transactions under the Feixian EPC contract and Yangzhou Weichai EPC contract are connected, aggregated per Listing Rules, and subject to reporting and announcement requirements[89][91] Dividends The Board reiterated its decision not to declare an interim dividend for the reporting period, consistent with the prior year - The Board did not declare an interim dividend for the reporting period (prior period: nil)[92] Purchase, Sale or Redemption of the Company's Listed Securities Neither the Company nor any subsidiaries purchased, sold, or redeemed any of the Company's listed securities during the reporting period - During the reporting period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[93] Corporate Governance The Company complied with the Corporate Governance Code, with the Audit Committee reviewing financial statements and internal controls - The Company complied with all applicable code provisions of the Corporate Governance Code in Appendix C1 of the Listing Rules during the reporting period[94] - The Audit Committee reviewed the Group's unaudited condensed consolidated financial statements for the six months ended June 30, 2025, confirming compliance with applicable accounting standards and requirements[96] - The Directors confirmed compliance with the Model Code for Securities Transactions by Directors of Listed Issuers in Appendix C3 of the Listing Rules throughout the reporting period[97] Supplemental Information on Continuing Connected Transactions This section provides supplemental information on 2024 continuing connected transactions, comparing actual amounts against annual caps for factoring and electricity sales agreements Actual Transaction Amounts for 2024 Continuing Connected Transactions | No | Transaction | Annual Cap (RMB '000) | Actual Transaction Amount (RMB '000) | | :--- | :--- | :--- | :--- | | (I) | Factoring Agreement – Provision of recourse factoring financing services | 252,200 | 223,690 | | (II) | 2023 Electricity Sales Agreement – Sale of electricity generated from photovoltaic power stations | 4,045 | 770 | | (III) | 2022 Electricity Sales Agreement – Sale of electricity to Beijing Enterprises Water Group Limited | 30,988 | 14,790 |