大唐新能源(01798) - 2025 - 中期财报

Unaudited Interim Results This section presents the unaudited interim financial performance for the first half of 2025, showing key financial indicators and their year-over-year changes | Indicator | H1 2025 (RMB billion) | H1 2024 (RMB billion) | Change Rate | | :--- | :--- | :--- | :--- | | Operating Revenue | 6.845 | 6.626 | +3.30% | | Profit Before Tax | 2.358 | 2.326 | +1.37% | | Profit Attributable to Owners of the Parent | 1.688 | 1.765 | -4.37% | | Basic and Diluted Earnings Per Share (RMB) | 0.2046 | 0.2111 | -0.0065 | Financial Highlights This section provides a summary of the Group's financial performance and position for the first half of 2025, including income statement and balance sheet data Summary of Income Statement for the Six Months Ended June 30, 2025 (RMB thousand) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Revenue | 6,844,711 | 6,626,095 | | Operating Profit | 3,078,817 | 3,123,565 | | Profit Before Tax | 2,358,408 | 2,326,498 | | Profit for the Period | 1,908,764 | 1,981,176 | | Attributable to Owners of the Parent | 1,688,318 | 1,765,451 | | Attributable to Non-controlling Interests | 220,446 | 215,725 | | Basic and Diluted Earnings Per Share (RMB/share) | 0.2046 | 0.2111 | Summary of Statement of Financial Position as of June 30, 2025 (RMB thousand) | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total Non-current Assets | 88,154,925 | 90,596,458 | | Total Current Assets | 28,276,941 | 24,948,074 | | Total Assets | 116,431,866 | 115,544,532 | | Total Current Liabilities | 24,737,401 | 32,065,608 | | Total Non-current Liabilities | 52,883,049 | 45,904,771 | | Total Liabilities | 77,620,450 | 77,970,379 | | Equity Attributable to Owners of the Parent | 34,197,709 | 33,216,309 | | Total Equity | 38,811,416 | 37,574,153 | Management Discussion and Analysis This section provides an overview of the Group's operational performance, financial condition, industry trends, and future outlook for the reporting period Industry Overview In the first half of 2025, China's renewable energy sector saw significant growth in installed capacity and power generation, with policy shifts towards market-driven development and green power direct connection National Renewable Energy Newly Installed Capacity in H1 2025 | Energy Type | Newly Installed Capacity (MW) | Year-on-year Growth | | :--- | :--- | :--- | | Hydropower | 3,930 | - | | Wind Power | 51,390 | - | | Solar Power | 212,000 | - | | Biomass Power | 710 | - | | Total | 268,030 | 99.3% | National Renewable Energy Total Installed Capacity as of June End 2025 | Energy Type | Total Installed Capacity (GW) | Year-on-year Growth | | :--- | :--- | :--- | | Hydropower | 440 | - | | Wind Power | 573 | - | | Solar Power | 1,100 | - | | Biomass Power | 47 | - | | Total | 2,159 | 30.6% | National Renewable Energy Power Generation in H1 2025 | Indicator | Power Generation (GWh) | Year-on-year Growth | | :--- | :--- | :--- | | Renewable Energy Power Generation | 1,799.3 | 15.6% | | Total Wind and Solar Power Generation | 1,147.8 | 27.4% | - The National Development and Reform Commission and National Energy Administration issued "Document No. 136," emphasizing that new energy projects' on-grid electricity should primarily enter the power market, shifting new energy from "guaranteed volume and price" to "market-driven"[10] - "Document No. 394" explicitly canceled mandatory energy storage requirements for new energy projects, promoting storage from "administrative allocation" to market-based competition, and requiring user-side entities to directly participate in the spot market by the end of 2025[11] - "Document No. 650" systematically promotes green power direct connection, innovating the new energy "source-load direct connection" model to address grid investment and new energy curtailment pressures, unlocking greater potential for new energy development[13] Business Review In the first half of 2025, the Group achieved steady progress in safety, operations, resource acquisition, cost control, and market value management, with significant growth in installed capacity and power generation Key Operating Indicators of the Group in H1 2025 | Indicator | June 30, 2025 | H1 2024/Dec 31, 2024 | Change Rate | | :--- | :--- | :--- | :--- | | Controlled Installed Capacity | 19,068.60 MW | 15,554.72 MW | +22.59% | | Power Generation | 18,875,826 MWh | 17,125,208 MWh | +10.22% | | Construction Project Quotas Acquired | 2,250.00 MW | - | - | | Total Assets | RMB 116.432 billion | RMB 115.545 billion | +0.77% | | Asset-Liability Ratio | 66.67% | 67.50% | -0.83 percentage points | Continuously Strengthening the Foundation of Safe Production The Group prioritized safety and environmental protection in H1 2025, achieving no major safety accidents, increasing wind and solar power generation, and maintaining above-average wind power utilization hours - In the first half of 2025, the Group experienced no general or above-level safety production accidents and continued to carry out a series of "Safety Production Month" activities[15] Group's Wind and Solar Power Generation in H1 2025 | Generation Type | H1 2025 (MWh) | H1 2024 (MWh) | Increase | | :--- | :--- | :--- | :--- | | Wind Power | 16,492,913 | 15,248,508 | 8.16% | | Solar Power | 2,382,914 | 1,876,700 | 26.97% | | Total | 18,875,826 | 17,125,208 | 10.22% | Group's Average Utilization Hours in H1 2025 (Hours) | Generation Type | H1 2025 | H1 2024 | Change | | :--- | :--- | :--- | :--- | | Total | 999 | 1,104 | -105 | | Wind Power | 1,138 | 1,167 | -29 | | Solar Power | 542 | 770 | -228 | - The Group's wind power average utilization hours were 1,138 hours, a decrease of 29 hours year-on-year, but still 51 hours higher than the industry average[20] - The Group's solar power average utilization hours were 542 hours, a decrease of 228 hours year-on-year, but generally on par with the industry average[20] Focusing on Growth to Promote High-Quality Development The Group actively acquired new energy project resources, securing 2,250.00 MW of construction quotas, and increased controlled installed capacity by 22.59% to 19,068.60 MW by June 30, 2025, with significant solar capacity growth - In the first half of 2025, the Group cumulatively acquired construction quotas of 2,250.00 MW in regions including Fujian, Xinjiang, Qinghai, and Gansu[25] Controlled Installed Capacity as of June 30, 2025 (MW) | Generation Type | June 30, 2025 | June 30, 2024 | Year-on-year Change | Year-on-year Change Rate | | :--- | :--- | :--- | :--- | :--- | | Total | 19,068.60 | 15,554.72 | 3,513.88 | 22.59% | | Wind Power | 14,516.30 | 13,114.20 | 1,402.10 | 10.69% | | Solar Power | 4,552.30 | 2,440.52 | 2,111.78 | 86.53% | - The Group scientifically formulated its "15th Five-Year Plan" development strategy, continuously monitoring national guiding policies and provincial implementation rules for the new energy industry[34] Multiple Measures to Enhance Management Efficiency The Group optimized its debt structure by issuing perpetual bonds, reducing average financing costs to 2.48% and decreasing financial expenses by 12.71%, while also advancing technological innovation and market-oriented power marketing - The Group issued perpetual bonds of RMB 3 billion with a weighted coupon rate of 1.92%, a new historical low for the company[35] - The company's average financing cost rate reached 2.48%, a 36 basis point reduction from 2.84% at the beginning of the year[35] - Finance costs were RMB 722.49 million, a year-on-year decrease of RMB 105 million, representing a 12.71% reduction[35] - The Group determined the direction for technological innovation for the "15th Five-Year Plan" and explored establishing a technology innovation platform to continuously improve technology management[37] - The "volume-price synergy" management model was upgraded to coordinate medium-to-long-term, spot, and ancillary service markets, maximizing the temporal and spatial value of electricity[38] Focusing on Market Value Management to Improve Listed Company Quality The Group's share price increased by 17.31% in H1 2025, outperforming the Hang Seng Composite Utilities Index, while actively engaging investors, attracting new shareholders, and strengthening compliance management - As of June 30, 2025, the company's share price was HKD 2.38, an increase of HKD 0.35 from the beginning of the year, representing a 17.31% growth and outperforming the Hang Seng Composite Utilities Index[39] - In the first half of 2025, the Group held 40 investor conferences, communicating with over 200 individuals, and successfully attracted China Great Wall Life Insurance Co., Ltd. as a shareholder[40] - The Group continuously strengthened management of related party transactions and inside information, organizing training for 108 compliance management personnel[41] Strengthening Political Leadership and Comprehensively Enhancing Party Building The Group prioritized political building, conducted "First Topic" studies, implemented 76 measures for comprehensive strict Party governance, and advanced anti-corruption efforts while coordinating Party, publicity, united front, and mass work - The Group prioritized the Party's political building, conducted 10 "First Topic" studies, and formulated 76 specific implementation measures[43] - The Group solidly advanced comprehensive strict Party governance, formulating implementation measures and responsibility lists for fulfilling the primary responsibility of comprehensive strict Party governance[43] Financial Position and Operating Results The Group's net profit and profit attributable to owners of the parent decreased in H1 2025 due to lower electricity prices and increased operating expenses, despite a 3.30% revenue growth, while financial expenses significantly declined Overview For the six months ended June 30, 2025, the Group's net profit was RMB 1.909 billion, a decrease of RMB 72.41 million, and profit attributable to owners of the parent was RMB 1.688 billion, a decrease of RMB 77.13 million Net Profit Overview in H1 2025 (RMB million) | Indicator | H1 2025 | H1 2024 | Change | | :--- | :--- | :--- | :--- | | Net Profit for the Period | 1,908.76 | 1,981.18 | -72.42 | | Profit Attributable to Owners of the Parent | 1,688.32 | 1,765.45 | -77.13 | Revenue For the six months ended June 30, 2025, the Group's revenue increased by 3.30% to RMB 6.845 billion, primarily driven by higher electricity sales Revenue Composition in H1 2025 (RMB million) | Revenue Type | H1 2025 | H1 2024 | Increase | | :--- | :--- | :--- | :--- | | Total Revenue | 6,844.71 | 6,626.10 | 3.30% | | Electricity Sales Revenue | 6,778.39 | 6,578.67 | 3.04% | | Other Service Income | 66.32 | - | - | Other Income, Gains and Losses, Net For the six months ended June 30, 2025, the Group's other income, gains and losses, net, increased to RMB 256.46 million, mainly due to an 11.55% rise in government grants, including increased VAT refunds Other Income, Gains and Losses, Net in H1 2025 (RMB million) | Indicator | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Other Income, Gains and Losses, Net | 256.46 | 208.85 | | Government Grants | 226.68 | 203.20 | Operating Expenses For the six months ended June 30, 2025, the Group's operating expenses increased by 8.38% to RMB 4.022 billion, primarily due to a 6.39% increase in depreciation of property, plant, and equipment from higher installed capacity Operating Expenses and Depreciation & Amortization in H1 2025 (RMB million) | Indicator | H1 2025 | H1 2024 | Increase | | :--- | :--- | :--- | :--- | | Operating Expenses | 4,022.36 | 3,711.38 | 8.38% | | Depreciation and Amortization Expenses | 2,906.13 | 2,731.48 | 6.39% | Operating Profit For the six months ended June 30, 2025, the Group's operating profit decreased by 1.43% to RMB 3.079 billion, primarily due to the increase in operating expenses Operating Profit in H1 2025 (RMB million) | Indicator | H1 2025 | H1 2024 | Decrease | | :--- | :--- | :--- | :--- | | Operating Profit | 3,078.82 | 3,123.56 | 1.43% | Finance Income For the six months ended June 30, 2025, the Group's finance income decreased by 71.51% to RMB 2.15 million, mainly due to a reduction in average cash and bank balances Finance Income in H1 2025 (RMB million) | Indicator | H1 2025 | H1 2024 | Decrease | | :--- | :--- | :--- | :--- | | Finance Income | 2.15 | 7.54 | 71.51% | Finance Costs For the six months ended June 30, 2025, the Group's finance costs decreased by 12.71% to RMB 722.49 million, primarily due to lower financing costs during the period Finance Costs in H1 2025 (RMB million) | Indicator | H1 2025 | H1 2024 | Decrease | | :--- | :--- | :--- | :--- | | Finance Costs | 722.49 | 827.73 | 12.71% | Share of Profits of Associates and Joint Ventures For the six months ended June 30, 2025, the Group's share of profits from associates and joint ventures was RMB -0.07 million, a significant decrease from RMB 23.12 million in the prior year Share of Profits of Associates and Joint Ventures in H1 2025 (RMB million) | Indicator | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Share of Profits of Associates and Joint Ventures | -0.07 | 23.12 | Income Tax Expense For the six months ended June 30, 2025, the Group's income tax expense increased by 30.21% to RMB 449.64 million, mainly due to profit fluctuations in subsidiaries and the impact of income tax preferential policies Income Tax Expense in H1 2025 (RMB million) | Indicator | H1 2025 | H1 2024 | Increase | | :--- | :--- | :--- | :--- | | Income Tax Expense | 449.64 | 345.32 | 30.21% | Profit for the Period For the six months ended June 30, 2025, the Group's profit for the period was RMB 1.909 billion, a decrease of RMB 72.42 million, with the net profit margin declining to 27.89% due to lower electricity prices and increased operating expenses Profit for the Period and Net Profit Margin in H1 2025 (RMB million) | Indicator | H1 2025 | H1 2024 | Change | | :--- | :--- | :--- | :--- | | Profit for the Period | 1,908.76 | 1,981.18 | -72.42 | | Net Profit Margin | 27.89% | 29.90% | -2.01 percentage points | Profit Attributable to Owners of the Parent For the six months ended June 30, 2025, the profit attributable to owners of the parent was RMB 1.688 billion, a decrease of RMB 77.13 million Profit Attributable to Owners of the Parent in H1 2025 (RMB million) | Indicator | H1 2025 | H1 2024 | Change | | :--- | :--- | :--- | :--- | | Profit Attributable to Owners of the Parent | 1,688.32 | 1,765.45 | -77.13 | Profit Attributable to Non-controlling Interests For the six months ended June 30, 2025, the profit attributable to non-controlling interests was RMB 220.45 million, an increase of 2.19% Profit Attributable to Non-controlling Interests in H1 2025 (RMB million) | Indicator | H1 2025 | H1 2024 | Increase | | :--- | :--- | :--- | :--- | | Profit Attributable to Non-controlling Interests | 220.45 | 215.73 | 2.19% | Liquidity and Capital Resources As of June 30, 2025, the Group maintained ample liquidity with RMB 56.982 billion in unutilized bank facilities and RMB 13 billion in registered but unissued corporate bonds, while total borrowings increased by 1.22% to RMB 69.091 billion - As of June 30, 2025, the Group had committed unutilized bank facilities of no less than RMB 56.982 billion[58] - As of June 30, 2025, the Group had registered but unissued corporate bond quotas of RMB 13 billion[58] Borrowing Composition as of June 30, 2025 (RMB million) | Borrowing Type | June 30, 2025 | December 31, 2024 | Increase | | :--- | :--- | :--- | :--- | | Total Borrowings | 69,090.69 | 68,259.92 | 1.22% | | Short-term Borrowings | 16,459.69 | - | - | | Long-term Borrowings | 52,631.00 | - | - | Capital Expenditures For the six months ended June 30, 2025, the Group's capital expenditures decreased by 37.43% to RMB 2.554 billion, primarily for the acquisition of property, plant, and equipment, right-of-use assets, and intangible assets Capital Expenditures in H1 2025 (RMB million) | Indicator | H1 2025 | H1 2024 | Decrease | | :--- | :--- | :--- | :--- | | Capital Expenditures | 2,553.57 | 4,081.24 | 37.43% | Net Debt to Capital Ratio As of June 30, 2025, the Group's net debt to capital ratio was 63.31%, a decrease of 0.53 percentage points from 63.83% at December 31, 2024, mainly due to retained earnings Net Debt to Capital Ratio | Indicator | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Net Debt to Capital Ratio | 63.31% | 63.83% | -0.53 percentage points | Significant Investments For the six months ended June 30, 2025, the Group had no significant investments[62] Significant Acquisitions and Disposals For the six months ended June 30, 2025, the Group had no significant acquisitions or disposals[63] Pledge of Assets As of June 30, 2025, certain Group loans were secured by property, plant and equipment, electricity tariff receivables, and concession assets, with a total net book value of RMB 11.862 billion Total Net Book Value of Pledged Assets as of June 30, 2025 (RMB million) | Type of Pledged Assets | June 30, 2025 | | :--- | :--- | | Property, Plant and Equipment | 1,326.57 (Bank Borrowings) + 2,466.28 (Other Borrowings) | | Electricity Tariff Receivables | 6,535.98 (Bank Borrowings) + 1,533.37 (Other Borrowings) | | Total | 11,862.20 | Contingent Liabilities As of June 30, 2025, the Group had no significant contingent liabilities[66] Risk Factors and Risk Management The Group faces multiple risks including policy, curtailment, competition, climate, and interest rate fluctuations, which it addresses through policy monitoring, grid coordination, resource expansion, geographical diversification, and diversified financing - Policy Risk: Ongoing power market reforms expose new energy enterprises to risks of declining electricity prices and reduced returns[67] - Curtailment Risk: Mismatches between new electricity demand and rapid growth in new energy generation may lead to inability to fully absorb full-load generation from power projects[68] - Competition Risk: The increasing number of investors developing new energy projects in China intensifies competition, requiring the company to strategically plan, consolidate resource reserves, and enhance core competitiveness[69] - Climate Risk: Wind power generation is affected by fluctuations in wind resources, which the company mitigates by having power generation projects across 27 provinces and regions nationwide[70] - Interest Rate Risk: Fluctuations in bank loan interest rates impact project costs and finance expenses, which the company addresses by diversifying funding sources and using appropriate financing tenors to smooth out the impact[71] Business Outlook for H2 2025 In the second half of 2025, the Group plans to strengthen operational management, achieve annual targets, accelerate quality project development, enhance market value management, deepen reforms, and leverage Party building for overall guidance - The Group will comprehensively strengthen operational management, including deepening benchmark management, enhancing curtailment management, power marketing, and cost control, to fully achieve all annual targets[73] - The Group will vigorously promote the development of high-quality projects, enhance resource acquisition capabilities, accelerate the completion of the "14th Five-Year Plan," and scientifically formulate the "15th Five-Year Plan"[74] - The Group will focus on strengthening market value management, formulating capital operation action plans, deepening investor relations management, and improving the governance level of the listed company[75] - The Group will adhere to deepening reforms, promoting the implementation of a modern enterprise system with Chinese characteristics, and improving risk prevention and control mechanisms[76] - The Group will maintain a high political stance, leverage the guiding and safeguarding role of Party building, and deepen comprehensive strict Party governance[77] Human Resources As of June 30, 2025, the Group employed 4,064 staff, with the 30-39 age group being the largest, and implemented a performance-based compensation system, achieving 100% training coverage while adhering to labor laws Employee Age Distribution as of June 30, 2025 | Age Group | Number of Employees (persons) | Percentage | | :--- | :--- | :--- | | 50 years and above | 527 | 12.96% | | 40 to 49 years | 562 | 13.83% | | 30 to 39 years | 1,683 | 41.41% | | 30 years or below | 1,292 | 31.79% | | Total | 4,064 | 100% | - The Group implements a compensation system primarily based on position-based salaries and has established a comprehensive performance appraisal system for all employees to stimulate their potential and work enthusiasm[80][81] - As of June 30, 2025, the Group's overall employee training rate reached 100%, with both male and female employees receiving an average of 55 hours of training per person[82] - The Group strictly complies with the "Labor Law of the People's Republic of China" and the "Labor Contract Law," legally paying social insurance and housing provident funds for its employees[83] Other Information This section covers the company's share capital, interim dividend proposal, withholding tax arrangements for overseas shareholders, stable major shareholder interests, absence of significant litigation, corporate governance compliance, and audit committee review - As of June 30, 2025, the company's total share capital was 7,273,701,000 shares, with a par value of RMB 1.00 per share[85] - The Board of Directors proposed to distribute a 2025 interim dividend of RMB 0.03 cash dividend per share (pre-tax) to shareholders[86] - The company will withhold and pay enterprise income tax at a rate of 10% when distributing interim dividends to overseas H-share non-resident enterprise shareholders[88] Major Shareholders' Interests in Shares as of June 30, 2025 | Shareholder Name | Share Class | Capacity | Number of Shares/Relevant Shares Held (Long Position) | Percentage of Relevant Share Class | Percentage of Total Share Capital | | :--- | :--- | :--- | :--- | :--- | :--- | | Datang Group | Domestic Shares | Beneficial Owner and Interests of Controlled Corporations | 4,772,629,900 | 100% | 65.61% | | China Hydropower and Water Resources Material Group Co., Ltd. | Domestic Shares | Beneficial Owner | 599,374,505 | 12.56% | 8.24% | | Baoshan Iron & Steel Co., Ltd. | H-shares | Interests of Controlled Corporations | 164,648,000 | 6.58% | 2.26% | | Bao-Trans Enterprises Limited | H-shares | Beneficial Owner | 164,648,000 | 6.58% | 2.26% | | Shanghai Ningquan Asset Management Co., Ltd. | H-shares | Investment Manager | 251,979,000 | 10.07% | 3.46% | | China Great Wall Life Insurance Co., Ltd. | H-shares | Beneficial Owner | 361,000,000 | 14.43% | 4.96% | - On April 30, 2025, Mr. Bai Li was appointed as a non-executive director of the company[101] - For the six months ended June 30, 2025, neither the company nor any of its subsidiaries repurchased, sold, or redeemed any listed securities[98] - The company issued several notes and bonds during the reporting period, with proceeds used to repay interest-bearing debts or replace funds used to repay corporate bonds[103] - As of June 30, 2025, the company was not involved in any significant litigation or arbitration[105] - The company has strictly complied with the Corporate Governance Code in Appendix C1 of the Listing Rules, with the exception of a deviation from Code Provision C.1.7 (no liability insurance purchased for directors)[107] - The Audit Committee has reviewed the company's unaudited interim condensed consolidated financial statements and the 2025 interim report for the six months ended June 30, 2025[110] Interim Condensed Consolidated Statement of Profit or Loss This statement shows that for the six months ended June 30, 2025, the company reported RMB 6.845 billion in revenue, RMB 3.079 billion in operating profit, RMB 1.909 billion in profit for the period, and RMB 1.688 billion in profit attributable to owners of the parent Key Data from Interim Condensed Consolidated Statement of Profit or Loss (RMB thousand) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Revenue | 6,844,711 | 6,626,095 | | Operating Profit | 3,078,817 | 3,123,565 | | Profit Before Tax | 2,358,408 | 2,326,498 | | Profit for the Period | 1,908,764 | 1,981,176 | | Attributable to Owners of the Parent | 1,688,318 | 1,765,451 | | Attributable to Non-controlling Interests | 220,446 | 215,725 | | Basic and Diluted Earnings Per Share Attributable to Ordinary Equity Holders of the Parent (RMB) | 0.2046 | 0.2111 | Interim Condensed Consolidated Statement of Comprehensive Income This statement indicates that for the six months ended June 30, 2025, the profit for the period was RMB 1.909 billion, with other comprehensive expenses, net, of RMB 0.328 million, resulting in a total comprehensive income of RMB 1.908 billion Key Data from Interim Condensed Consolidated Statement of Comprehensive Income (RMB thousand) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Profit for the Period | 1,908,764 | 1,981,176 | | Other Comprehensive (Expense)/Income | (328) | 110 | | Total Comprehensive Income for the Period | 1,908,436 | 1,981,286 | | Attributable to Owners of the Parent | 1,688,020 | 1,765,546 | | Attributable to Non-controlling Interests | 220,416 | 215,740 | Interim Condensed Consolidated Statement of Financial Position As of June 30, 2025, the Group's total assets were RMB 116.432 billion, total liabilities were RMB 77.620 billion, and total equity was RMB 38.811 billion, with a slight decrease in non-current assets and an increase in current assets Key Data from Interim Condensed Consolidated Statement of Financial Position (RMB thousand) | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total Non-current Assets | 88,154,925 | 90,596,458 | | Total Current Assets | 28,276,941 | 24,948,074 | | Total Assets | 116,431,866 | 115,544,532 | | Total Current Liabilities | 24,737,401 | 32,065,608 | | Total Non-current Liabilities | 52,883,049 | 45,904,771 | | Total Liabilities | 77,620,450 | 77,970,379 | | Equity Attributable to Owners of the Parent | 34,197,709 | 33,216,309 | | Total Equity | 38,811,416 | 37,574,153 | Interim Condensed Consolidated Statement of Changes in Equity For the six months ended June 30, 2025, the Group's total equity increased from RMB 37.574 billion to RMB 38.811 billion, primarily due to comprehensive income, issuance and repayment of perpetual notes, and dividend declarations Overview of Changes in Equity in H1 2025 (RMB thousand) | Equity Item | January 1, 2025 (Audited) | Total Comprehensive Income for the Period | Issuance of Perpetual Notes and Bonds | Repayment of Perpetual Notes and Bonds | Declaration of 2024 Final Dividend | Other Changes | June 30, 2025 (Unaudited) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Equity Attributable to Owners of the Parent | 33,216,309 | 1,688,020 | 3,000,000 | (3,000,000) | (436,422) | (269,200) | 34,197,709 | | Non-controlling Interests | 4,357,844 | 220,416 | - | - | - | 35,437 | 4,613,707 | | Total Equity | 37,574,153 | 1,908,436 | 3,000,000 | (3,000,000) | (436,422) | (234,751) | 38,811,416 | Interim Condensed Consolidated Statement of Cash Flows For the six months ended June 30, 2025, the Group generated RMB 3.122 billion from operating activities, used RMB 2.558 billion in investing activities, and used RMB 374.27 million in financing activities, resulting in cash and cash equivalents of RMB 2.134 billion at period-end Key Data from Interim Condensed Consolidated Statement of Cash Flows (RMB thousand) | Cash Flow Type | 2025 | 2024 | | :--- | :--- | :--- | | Net Cash Generated from Operating Activities | 3,122,033 | 1,773,329 | | Net Cash Used in Investing Activities | (2,557,603) | (4,099,544) | | Net Cash (Used in)/Generated from Financing Activities | (374,271) | 1,708,652 | | Net Increase/(Decrease) in Cash and Cash Equivalents | 190,159 | (617,563) | | Cash and Cash Equivalents at End of Period | 2,134,331 | 2,438,366 | Notes to the Interim Condensed Consolidated Financial Information This section provides supplementary information to the interim condensed consolidated financial statements, detailing accounting policies, financial instrument fair values, segment information, revenue and expense breakdowns, dividend policy, asset and liability composition, borrowings, related party transactions, and post-reporting period events - This interim condensed consolidated financial information has been prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting" and on a going concern basis[131][135] - The Group's wind power generation business revenue fluctuates throughout the year due to more favorable wind speeds in spring and winter[139] - As of June 30, 2025, the Group had committed unutilized bank facilities of no less than RMB 56.982 billion[136] - The Group's accounts receivable and bills receivable primarily consist of electricity tariff income due from regional or provincial power grid companies, with electricity price subsidies fully recoverable[187] - The Group has several significant related party transactions with Datang Group and its fellow subsidiaries, including procurement of engineering services, material and equipment procurement, borrowings, and deposits[204][205][207][208][209][210][211][212] - The perpetual notes and bonds issued by the company have no fixed maturity date and are classified as equity, with subsequent interest payments treated as distributions to equity holders[214] - Subsequent to the reporting period, the company completed the issuance and redemption of multiple tranches of medium-term notes and ultra-short-term financing bonds, totaling several billion RMB[217][219] Definitions This chapter provides definitions for key terms and abbreviations used throughout the report, including "Average Utilization Hours," "Controlled Installed Capacity," "Controlled Power Generation," "Datang Group," "H-shares," and "RMB," to enhance reader comprehension - This chapter provides definitions for key terms such as "Average Utilization Hours," "Controlled Installed Capacity," "Controlled Power Generation," "Datang Group," "H-shares," and "RMB"[222][223][225] Company Information This chapter provides essential company details, including legal name, registered office, principal place of business, legal representative, board of directors, board committees, auditors, legal advisors, principal bankers, H-share registrar, stock code, and investor contact information - The company's legal name is China Datang Corporation Renewable Power Co., Limited, and its H-share stock code is 01798[228][235] - The Board of Directors includes executive, non-executive, and independent non-executive directors, and has an Audit Committee, Nomination Committee, Remuneration and Appraisal Committee, and Strategy Committee[230][231] - The auditors are Dahua Certified Public Accountants (Special General Partnership) and Dahua Mashiyun Certified Public Accountants Limited[231]