北京能源国际(00686) - 2025 - 中期财报

Corporate Information Board of Directors and Committees This section details the composition of the company's Board of Directors and its various committees, including audit, remuneration, nomination, risk control, and sustainability - Board members include executive directors Zhang Ping (Chairman) and Lu Zhenwei, non-executive directors Liu Guoxi, Su Yongjian, Li Hao, Huang Jiao, Wang Cheng, and independent non-executive directors Jin Xinbin, Zhu Jianbiao, Zeng Ming, and Liu Jingwei[3][4] - Mr. Liu Jingwei serves as Chairman of the Audit and Remuneration Committees, while Mr. Zhang Ping chairs the Nomination, Risk Control, and Sustainability Committees[3][4][5] Company Details This section provides essential company information, including auditors, legal advisors, share registrar, registered office, and principal place of business in Hong Kong - The auditor is Grant Thornton Hong Kong Limited[7][8] - Legal advisors include Conyers Dill & Pearman (Bermuda), Jones Day (Hong Kong), and Beijing Yingke Law Firm, Beijing Zhongce Law Firm (Mainland China)[7][8] - The Hong Kong share registrar and transfer office is Computershare Hong Kong Investor Services Limited[7][8] Principal Bankers and Company Website This section lists the company's principal bankers, which are major financial institutions in and outside China, and provides the official company website - Principal bankers include Agricultural Bank of China, Bank of China, China CITIC Bank, China Construction Bank, China Everbright Bank, China Guangfa Bank, China Merchants Bank, Hua Xia Bank, Industrial and Commercial Bank of China, Industrial Bank, Ping An Bank, Shanghai Pudong Development Bank, The Bank of East Asia, The Export-Import Bank of China, and The Hongkong and Shanghai Banking Corporation[9][10] - The company's website is http://www.bjei.com[10](index=10&type=chunk) Management Discussion and Analysis Business Review The Group aims to be an international clean energy ecosystem investor and operator, focusing on developing, investing, operating, and managing power plants and other clean energy projects, significantly expanding its clean energy business and generation capacity during the period Investment Locations and Portfolio Diversification The company develops, invests in, operates, and manages power plants and other clean energy projects, aspiring to be a respected international clean energy ecosystem investor and operator - The Group primarily engages in the development, investment, operation, and management of power plants and other clean energy projects[11][14] - The strategic goal is to become the most respected international clean energy ecosystem investor and operator[11][14] Power Plant Projects Overview The Group actively expands its solar, wind, hydro, and energy storage businesses through self-development and M&A, achieving significant growth in grid-connected capacity by June 30, 2025, primarily diversified across 28 provinces in China - The Group accelerates the expansion of its clean energy portfolio through self-development and acquisitions, focusing on solar, wind, hydro, and energy storage businesses[12][15] Changes in Power Plant Count and Grid-Connected Capacity | Metric | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Solar Power Plants (units) | 187 | 166 | Increased by 21 units | | Wind Power Plants (units) | 39 | 38 | Increased by 1 unit | | Hydro Power Plants (units) | 26 | 26 | No change | | Energy Storage Plants (units) | 3 | 3 | No change | | Total Grid-Connected Capacity (MW) | Approx. 13,692 | Approx. 12,639 | Increased by approx. 1,053 | - Except for a few power plants in Australia and Vietnam, all others are located across 28 different provinces in China, achieving diversified布局[12][15] Other Clean Energy Projects The Group holds development rights for approximately 5 GW of hydropower in Tibet, awaiting preliminary approvals, and will continue to focus on solar, wind, hydro, and energy storage while optimizing its asset structure for long-term multi-energy supply - The Group holds hydropower development rights with an estimated capacity of 5 GW, with 75% indirectly held by the company and 25% by the Tibet Autonomous Region People's Government[17][20] - In the short term, the Group will continue to focus on developing solar, wind, hydro, and energy storage businesses, continuously improving its asset structure to achieve long-term diversified energy supply[18][20] Electricity Generation Performance During the period, the total electricity generation from power plants held by the company's subsidiaries significantly increased by 51.7%, with all plants grid-connected and operating stably Total Electricity Generation Change | Metric | H1 2025 | H1 2024 | YoY Growth | | :--- | :--- | :--- | :--- | | Total Electricity Generation (MWh) | Approx. 11,514,751 | Approx. 7,590,356 | Approx. 51.7% | Power Plant Summary and Location-Based Data This section provides detailed data for the Group's and its associates' power plants, including number of plants, grid-connected capacity, generation volume, weighted average utilization hours, and generation revenue and average tariff by geographical location Subsidiary Power Plant Summary (Six Months Ended June 30, 2025) | Type | Number of Power Plants | Approx. Grid-Connected Capacity (MW) | Electricity Generation (MWh) | Weighted Average Utilization Hours (Hours) | | :--- | :--- | :--- | :--- | :--- | | Solar Power Plants | 187 | 7,958 | 4,863,871 | 616 | | Wind Power Plants | 39 | 4,432 | 5,177,066 | 1,179 | | Hydro Power Plants | 26 | 952 | 1,348,606 | 1,416 | | Energy Storage Plants | 3 | 350 | 125,208 | 358 | | Total | 255 | 13,692 | 11,514,751 | - | Associate Power Plant Summary (Six Months Ended June 30, 2025) | Type | Number of Power Plants | Approx. Grid-Connected Capacity (MW) | Electricity Generation (MWh) | Weighted Average Utilization Hours (Hours) | | :--- | :--- | :--- | :--- | :--- | | Solar Power Plants | 3 | 34 | 23,197 | 975 | | Wind Power Plants | 3 | 476 | 598,821 | 1,265 | | Hydro Power Plants | 2 | 352 | 466,692 | 1,328 | | Total | 8 | 862 | 1,088,710 | - | Power Plant Data by Location (Six Months Ended June 30, 2025) | Location | Approx. Grid-Connected Capacity (MW) | Electricity Generation (MWh) | Electricity Generation Revenue (RMB million) | Average Tariff (RMB per kWh) | | :--- | :--- | :--- | :--- | :--- | | Inner Mongolia, China | 3,235 | 3,535,039 | 1,031 | 0.29 | | Yunnan, China | 1,946 | 2,071,431 | 520 | 0.25 | | Hebei, China | 1,555 | 956,798 | 323 | 0.34 | | Australia | 592 | 412,005 | 146 | 0.35 | | Vietnam | 46 | 36,035 | 22 | 0.62 | | Total | 14,544 | 12,603,461 | 4,494 | 0.36 | Financing The Group actively explores diversified financing channels to reduce capital costs and enhance financing capabilities, significantly lowering its weighted average annual interest rate through refinancing high-interest loans and issuing perpetual medium-term notes Weighted Average Annual Interest Rate for Bank and Other Borrowings | Metric | H1 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Weighted Average Annual Interest Rate | Approx. 3.17% | Approx. 3.73% | Decreased by 0.56 percentage points | - The decrease in weighted average annual interest rate is primarily due to the Group refinancing high-interest loans with low-interest RMB borrowings and benefiting from decreases in benchmark rates like LPR and SOFR[30][33] - During the period, the Group completed the issuance of two tranches of perpetual medium-term notes, totaling RMB 900 million and RMB 600 million, with fixed distribution rates of 2.47% and 2.38%, respectively, with net proceeds used to repay domestic borrowings[31][33] - Jingneng Development secured RMB 1,500 million and RMB 1,050 million through private placement perpetual medium-term notes via investment agreements with China Life Investment and Allianz Insurance, respectively, for working capital and debt repayment[32][34][35][39] Financial Review During the period, the Group's net profit slightly increased, while revenue and EBITDA significantly grew due to expanded grid-connected capacity and efficient operations; average tariff decreased due to a higher proportion of grid-parity projects, and finance costs slightly reduced from refinancing activities Net Profit, Revenue, and EBITDA During the period, the Group's net profit slightly increased, while revenue and EBITDA significantly grew due to expanded grid-connected capacity and efficient operations Key Financial Indicators (Six Months Ended June 30, 2025) | Metric | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Change | | :--- | :--- | :--- | :--- | | Net Profit | 293 | 292 | Increased by 1 | | Revenue | 4,086 | 3,272 | Increased by 814 | | EBITDA | 3,276 | 2,686 | Increased by 590 | - The increase in revenue and EBITDA is primarily attributable to: (i) the expansion of grid-connected capacity from approximately 10,045 MW as of June 30, 2024, to approximately 13,692 MW as of June 30, 2025, an increase of approximately 36.3% through self-developed power plants; and (ii) effective operation and management of power plants[37][41] Average Tariff per kWh The average tariff per kWh (excluding VAT) decreased during the period, mainly due to the continuous increase in grid-connected capacity of grid-parity solar and wind power projects, which do not include subsidies in their tariffs Average Tariff per kWh (Excluding VAT) | Metric | H1 2025 (RMB) | H1 2024 (RMB) | YoY Change | | :--- | :--- | :--- | :--- | | Average Tariff | Approx. 0.35 | Approx. 0.43 | Decreased by 0.08 | - The decrease in average tariff is mainly due to the continuous increase in grid-connected capacity of grid-parity solar and wind power projects, whose electricity generation proportion of total generation significantly increased, and whose tariffs do not include subsidies[38][41] Finance Costs Total finance costs slightly decreased during the period, primarily benefiting from the gradual refinancing of high-interest loans with low-interest RMB borrowings Total Finance Costs | Metric | H1 2025 (RMB million) | H1 2024 (RMB million) | YoY Change | | :--- | :--- | :--- | :--- | | Total Finance Costs | 1,099 | 1,105 | Decreased by 6 | - The decrease in finance costs is primarily due to the gradual refinancing of high-interest loans with low-interest RMB borrowings[43][47] Income Tax Expense The Group's operations in China are subject to a 25% PRC corporate income tax, with certain renewable energy project subsidiaries enjoying preferential tax exemptions - The statutory corporate income tax rate in China is 25%[44][48] - Certain subsidiaries of renewable energy projects have been granted preferential tax exemptions[44][48] Trade, Bills, and Tariff Adjustment Receivables This section details trade, bills, and tariff adjustment receivables, with tariff adjustment receivables primarily representing government subsidies for renewable energy projects, and provides total amounts and aging analysis by invoice date Details of Trade, Bills, and Tariff Adjustment Receivables (RMB million) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Trade and Bills Receivables | 881 | 590 | | Tariff Adjustment Project List | 9,021 | 6,906 | | Other Tariff Adjustments | 624 | 559 | | Total | 10,526 | 8,055 | - Tariff adjustment receivables primarily refer to central government subsidies for renewable energy projects collected from State Grid and Inner Mongolia Power, based on power purchase agreements and current national government policies[49][200] Aging Analysis of Unbilled and Tariff Adjustment Receivables (RMB million) | Aging | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Within one year | 3,341 | 3,188 | | One to two years | 2,219 | 1,750 | | Two to three years | 1,428 | 968 | | Over three years | 3,472 | 2,096 | | Total | 10,460 | 8,002 | Liquidity, Financial Resources, Gearing Ratio, and Capital Structure The Group is committed to reducing funding costs and improving liquidity through diversified financing channels and hedging instruments to manage financial risks; during the period, the gearing ratio decreased due to increased equity from perpetual medium-term note issuance, indicating an improved financial structure Bank and Other Borrowings The Group actively seeks financing and refinancing opportunities to reduce funding costs and improve liquidity, with this section providing the maturity and currency breakdown of bank and other borrowings Maturity and Currency Breakdown of Bank and Other Borrowings (RMB million) | Currency | Within one year | Second year | Three to five years | Six to ten years | After ten years | Total | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | RMB | 9,867 | 11,767 | 19,832 | 11,438 | 4,249 | 57,153 | | USD | 6,394 | 3,472 | – | – | – | 9,866 | | AUD | 1,890 | – | – | – | – | 1,890 | | HKD | 648 | – | – | – | – | 648 | | Total | 18,799 | 15,239 | 19,832 | 11,438 | 4,249 | 69,557 | Key Performance Indicators The Group measures business performance using key indicators such as EBITDA margin, debt-to-EBITDA ratio, operating cash flow-to-net debt ratio, and interest coverage ratio, with changes primarily driven by business scale expansion during the period Changes in Key Performance Indicators (Six Months Ended June 30, 2025) | Metric | H1 2025 | H1 2024 | Change | | :--- | :--- | :--- | :--- | | EBITDA Margin | Approx. 80% | Approx. 82% | Decreased by 2% | | Debt to EBITDA Ratio | Approx. 19.5 | Approx. 22.7 | Decreased by 3.2 | | Operating Cash Flow to Net Debt Ratio | Approx. 3.5% | Approx. 2.7% | Increased by 0.8% | | Interest Coverage Ratio | Approx. 2.98 | Approx. 2.61 | Increased by 0.37 | - The decrease in EBITDA margin is mainly due to the expansion of power generation business scale and additional operating expenses[55][56] - The decrease in debt-to-EBITDA ratio, increase in operating cash flow-to-net debt ratio, and increase in interest coverage ratio are all primarily attributable to the expansion of the Group's business scale[54][58][59][60][61] Capital Structure and Gearing Ratio The Group monitors its capital structure; during the period, current liabilities exceeded current assets, but the gearing ratio decreased due to increased equity from perpetual medium-term note issuance, and the Group will continue efforts to reduce it through deleveraging and co-investments with strategic partners Capital Structure (RMB million) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Current Assets | Approx. 19,581 | Approx. 16,602 | | Current Liabilities | Approx. 26,515 | Approx. 28,976 | | Net Debt | 63,848 | 62,978 | | Total Equity | 25,460 | 22,660 | | Total Capital | 89,308 | 85,638 | | Gearing Ratio | 71.5% | 73.5% | - The decrease in gearing ratio is primarily due to the increase in equity resulting from the issuance of perpetual medium-term notes[69][70] - The Group will strive to reduce its gearing ratio through deleveraging debt, including co-investing in power plants with strategic business partners to reduce capital expenditure[69][70] Cash Deposit Currency Distribution (June 30, 2025, RMB million) | Currency | Pledged Deposits | Restricted Cash | Cash and Bank Balances | Total | | :--- | :--- | :--- | :--- | :--- | | RMB | 243 | 148 | 3,770 | 4,161 | | USD | 52 | – | 1,008 | 1,060 | | HKD | 1 | 10 | 267 | 278 | | VND | – | – | 115 | 115 | | AUD | – | 6 | 74 | 80 | | Total | 296 | 164 | 5,234 | 5,694 | Other Management Information This section covers the Group's lack of material acquisitions or disposals during the reporting period, reliance on key customers, asset charges, employee and remuneration policies, exchange rate fluctuation risks and hedging measures, and contingent liabilities Material Acquisitions and Disposals of Subsidiaries, Associates, and Joint Ventures During the period, the Group did not undertake any material acquisitions or disposals of subsidiaries, associates, or joint ventures - During the period, the Group had no material acquisitions or disposals of subsidiaries, associates, or joint ventures[74][79] Performance and Future Prospects of Significant Investments and Future Plans for Major Investments or Capital Assets As of June 30, 2025, the Group held no significant investments or capital assets and will actively seek suitable investment opportunities with promising prospects to enhance future financial performance and profitability - As of June 30, 2025, the Group held no significant investments or capital assets[75][80] - The Group will closely monitor changing market conditions and actively seek suitable investment opportunities with promising prospects to enhance future financial performance and profitability[75][80] Material Reliance on Key Customers The Group's electricity sales business in China is materially reliant on subsidiaries of State Grid Corporation of China and Inner Mongolia Power (Group) Co., Ltd - The main customers for electricity sales in China are subsidiaries of State Grid Corporation of China and Inner Mongolia Power (Group) Co., Ltd[76][81] Reliance on Key Customers for Receivables (June 30, 2025) | Customer | Percentage of Total Trade, Bills, and Tariff Adjustment Receivables | | :--- | :--- | | State Grid Subsidiaries | Approx. 74.5% | | Inner Mongolia Power Subsidiaries | Approx. 17.9% | Charge on Assets As of June 30, 2025, approximately 30.5% of the Group's bank and other borrowings were secured by pledges of certain power generation modules and equipment, guarantee deposits, electricity sales collection rights, and/or shares/equity in certain subsidiaries - As of June 30, 2025, approximately 30.5% of the Group's bank and other borrowings were secured by pledges of certain power generation modules and equipment, guarantee deposits, collection rights for electricity sales of certain subsidiaries, and/or pledges of shares/equity in certain Group subsidiaries[78][82] Employees and Remuneration Policies As of June 30, 2025, the Group had 1,918 full-time employees, with total employee benefit expenses of approximately RMB 279 million, offering competitive compensation and benefits with regular reviews to motivate staff Employee Count and Benefit Expenses | Metric | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Full-time Employees (units) | 1,918 | 1,856 | | Total Employee Benefit Expenses (RMB million) | Approx. 279 | Approx. 251 | - Employee remuneration is determined based on job nature, individual qualifications, performance, work experience, and market trends, with additional medical insurance, discretionary bonuses, training programs, and share option schemes provided[84][87] Exchange Rate Fluctuations and Related Hedges The Group primarily operates in Mainland China and Hong Kong, with most transactions settled in RMB, HKD, and USD; exchange rate fluctuation risk mainly arises from conversion to the presentation currency, and the Group uses cross-currency swaps to hedge foreign exchange and interest rate risks - The Group primarily operates in Mainland China and Hong Kong, with most transactions settled in RMB, HKD, and USD[85][88] - Exchange rate fluctuation risk primarily arises from conversion to the Group's presentation currency, as the USD and HKD exchange rates are pegged under the linked exchange rate system[85][88] - The Group holds derivative financial instruments (i.e., cross-currency swaps) to hedge foreign exchange and interest rate fluctuation risks on bank borrowings[63][65][85][88] Contingent Liabilities As of June 30, 2025, the Group had no other material contingent liabilities - As of June 30, 2025, the Group had no other material contingent liabilities beyond those disclosed in this interim report[86][89] Material Events After Statement of Financial Position Date In July 2025, the Group, through Jingneng Development, entered into a trust agreement with Industrial Bank International Trust Co., Ltd. to establish a trust for issuing asset-backed commercial papers totaling approximately RMB 2,000 million - In July 2025, Jingneng Development entered into a trust agreement with Industrial Bank International Trust Co., Ltd. to establish a trust for issuing asset-backed commercial papers totaling approximately RMB 2,000 million through the National Association of Financial Market Institutional Investors[90][94][282][285] Prospects 2025 marks the final year of the "14th Five-Year Plan" and a critical period for the company's high-quality development, transitioning to a balanced asset operation and development approach, expanding diversified businesses, and focusing on quality improvement, efficiency enhancement, and comprehensive cost control to achieve a "green-led, multi-energy complementary, smart collaborative" clean energy industrial ecosystem - 2025 is the final year of implementing the "14th Five-Year Plan" and a critical year for the company to enter a stage of high-quality development[91][95] - Strategically, the company will shift from heavy asset holding to a balanced asset operation and development approach, exploring light asset development and operation models with comprehensive project development costs and regional consumption as key considerations[93][95] - In business expansion, the company will deepen its hydropower business (Yunnan, Zayu River Basin in Tibet), steadily advance gas turbine businesses (Yangxi, Jiangmen in Guangdong, Dazu in Chongqing), transition comprehensive energy businesses to light assets, and track green hydrogen business development[97][100] - Operationally, the focus will be on improving quality and efficiency, guided by profit contribution, comprehensive cost control, strict control of engineering costs, thorough post-project evaluation, enhancing regional benchmarking, emphasizing electricity spot trading, and introducing equity financing to reduce funding costs[98][101] Interim Condensed Consolidated Statement of Profit or Loss This section presents the unaudited condensed consolidated statement of profit or loss for the six months ended June 30, 2025, showing the Group's revenue, expenses, EBITDA, profit before income tax, profit for the period, and earnings per share and dividend information Interim Condensed Consolidated Statement of Profit or Loss Key Data (RMB million) | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Electricity Sales | 2,945 | 2,094 | | Tariff Subsidies | 1,141 | 1,178 | | Revenue | 4,086 | 3,272 | | Employee Benefit Expenses | (279) | (251) | | Operation and Maintenance Costs | (232) | (150) | | Professional Fees | (85) | (48) | | Taxes and Surcharges | (48) | (28) | | Other Expenses | (224) | (156) | | EBITDA | 3,276 | 2,686 | | Depreciation of Property, Plant and Equipment | (1,683) | (1,102) | | Finance Costs | (1,099) | (1,105) | | Share of Profits of Investments Accounted for Using Equity Method | 40 | 17 | | Profit Before Income Tax | 448 | 434 | | Income Tax Expense | (155) | (142) | | Profit for the Period | 293 | 292 | | Profit Attributable to Equity Holders of the Company | 173 | 33 | | Non-controlling Interests | 120 | 259 | | Basic and Diluted Earnings Per Share (RMB cents) | 7.87 | 1.48 | | Dividends (RMB million) | 193 | 196 | Interim Condensed Consolidated Statement of Comprehensive Income This section presents the unaudited condensed consolidated statement of comprehensive income for the six months ended June 30, 2025, showing profit for the period and other comprehensive income/(loss), primarily including currency translation differences Interim Condensed Consolidated Statement of Comprehensive Income Key Data (RMB million) | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Profit for the Period | 293 | 292 | | Currency Translation Differences | 195 | (134) | | Other Comprehensive Income/(Loss) for the Period, Net of Tax | 195 | (134) | | Total Comprehensive Income for the Period | 488 | 158 | | Total Comprehensive Income/(Loss) for the Period Attributable to Equity Holders of the Company | 368 | (101) | | Non-controlling Interests | 120 | 259 | Interim Condensed Consolidated Statement of Financial Position This section presents the unaudited condensed consolidated statement of financial position as of June 30, 2025, detailing the Group's assets, equity, and liabilities, showing growth in total assets and equity, while current liabilities continue to exceed current assets Interim Condensed Consolidated Statement of Financial Position Key Data (RMB million) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Property, Plant and Equipment | 76,091 | 75,749 | | Right-of-Use Assets | 2,940 | 2,858 | | Trade, Bills and Tariff Adjustment Receivables | 10,525 | 8,054 | | Cash and Cash Equivalents | 5,398 | 5,195 | | Total Non-Current Assets | 86,046 | 85,867 | | Total Current Assets | 19,581 | 16,602 | | Total Assets | 105,627 | 102,469 | | Perpetual Medium-Term Notes | 13,322 | 10,777 | | Non-controlling Interests | 7,273 | 7,133 | | Total Equity | 25,460 | 22,660 | | Bank and Other Borrowings (Non-Current) | 50,758 | 47,936 | | Bank and Other Borrowings (Current) | 18,784 | 20,646 | | Total Non-Current Liabilities | 53,652 | 50,833 | | Total Current Liabilities | 26,515 | 28,976 | | Total Liabilities | 80,167 | 79,809 | | Total Equity and Liabilities | 105,627 | 102,469 | - As of June 30, 2025, the Group's current liabilities exceeded its current assets by approximately RMB 6,934 million[125][129] Interim Condensed Consolidated Statement of Changes in Equity This section presents the unaudited condensed consolidated statement of changes in equity for the six months ended June 30, 2025, detailing movements in various equity components, including share capital, reserves, perpetual medium-term notes, and non-controlling interests Summary of Changes in Equity (RMB million) | Metric | January 1, 2025 | Profit for the Period | Other Comprehensive Income | Dividends Declared | Profit Attributable to Perpetual Medium-Term Note Holders | Distributions to Perpetual Medium-Term Note Holders | Share-Based Payments | Lapse of Share Options | Capital Contribution from Non-Controlling Interests | Dividends Declared to Non-Controlling Interests | Safety Production Reserve | Transfer to Statutory Reserve | Issuance of Perpetual Medium-Term Notes | June 30, 2025 | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Share Capital | 1,915 | – | – | – | – | – | – | – | – | – | – | – | – | 1,915 | | Reserves | 999 | 173 | 195 | (193) | (87) | – | 1 | 8 | – | – | 26 | – | – | 1,055 | | Perpetual Medium-Term Notes | 10,777 | – | – | – | 87 | (87) | – | – | – | – | – | – | 2,545 | 13,322 | | Non-controlling Interests | 7,133 | 120 | – | – | – | – | – | – | 33 | (13) | – | – | – | 7,273 | | Total Equity | 22,660 | 293 | 195 | (193) | – | (87) | 1 | 8 | 33 | (13) | 26 | – | 2,545 | 25,460 | Interim Condensed Consolidated Statement of Cash Flows This section presents the unaudited condensed consolidated statement of cash flows for the six months ended June 30, 2025, detailing net cash flows from operating, investing, and financing activities Interim Condensed Consolidated Statement of Cash Flows Key Data (RMB million) | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Net Cash Inflow from Operating Activities | 715 | 1,273 | | Net Cash Outflow from Investing Activities | (2,341) | (7,012) | | Net Cash Inflow from Financing Activities | 1,802 | 8,052 | | Net Increase in Cash and Cash Equivalents | 176 | 2,313 | | Cash and Cash Equivalents at End of Period | 5,398 | 8,539 | Notes to the Unaudited Condensed Consolidated Interim Financial Information General Information The company, incorporated in Bermuda, primarily develops, invests in, operates, and manages power plants and other clean energy projects, with Beijing Energy Investment Group (Hong Kong) Co., Ltd. as its direct controlling shareholder and Jingneng Group as the ultimate controlling shareholder - The company is incorporated in Bermuda, and its ordinary shares are listed on the Main Board of The Stock Exchange of Hong Kong Limited[117][122] - Beijing Energy Investment Group (Hong Kong) Co., Ltd. is the direct controlling shareholder, holding approximately 32.14% of the issued share capital, and its parent company, Jingneng Group, is a Chinese state-owned enterprise indirectly wholly owned by the Beijing State-owned Assets Supervision and Administration Commission[118][122] - The Group primarily engages in the development, investment, operation, and management of power plants and other clean energy projects[119][123] Basis of Preparation This financial information is prepared in accordance with the Listing Rules and HKAS 34, using the historical cost convention; despite significant uncertainty from current liabilities exceeding current assets, management has plans to ensure going concern, and the adoption of revised HKAS 21 during the period had no material impact Going Concern As of June 30, 2025, the Group's current liabilities exceeded current assets by approximately RMB 6,934 million, with substantial short-term borrowings maturing; management has formulated plans, including successful issuance of perpetual medium-term notes, securing long-term bank borrowings, loan support from Jingneng Group, and unutilized credit guarantee facilities, to ensure its ability to continue as a going concern - As of June 30, 2025, the Group's current liabilities exceeded current assets by approximately RMB 6,934 million, with total bank and other borrowings of approximately RMB 69,542 million, of which approximately RMB 18,784 million are due for repayment within the next twelve months[125][129] - The Group successfully issued RMB 450 million in perpetual medium-term notes and secured approximately RMB 1,565 million in long-term bank and other borrowings[128][129][131] - The Group obtained loan support of approximately RMB 6,815 million from Jingneng Group and its subsidiaries and is utilizing unutilized credit guarantee facilities provided by Jingneng Group to raise approximately RMB 5,196 million in new financing[131] - The Directors believe that, given the aforementioned plans and measures, the Group will have sufficient working capital to meet its financial obligations for the next twelve months and are satisfied that preparing the financial statements on a going concern basis is appropriate[132][135] Changes in Accounting Policies and Disclosures During the period, the adoption of revised HKAS 21 "Lack of Exchangeability" had no material impact on the Group's financial position or performance, and other newly issued but not yet effective HKFRSs are also not expected to have a significant impact upon future adoption - During the period, the revised HKAS 21 "Lack of Exchangeability," effective from January 1, 2025, was adopted[137][141] - The adoption of this revised HKFRS had no material impact on the Group's financial position and performance and/or disclosures of financial information for the current and prior periods[139][141] - Newly issued but not yet effective HKFRSs, including HKFRS 18 and HKFRS 19, are not expected to have a material impact on the Group's financial statements upon future adoption[142][143][145][146] Critical Accounting Estimates and Assumptions The significant judgments and key sources of estimation uncertainty used in preparing this financial information are consistent with those applied in the consolidated financial statements for the year ended December 31, 2024 - The significant judgments made by management and the key sources of estimation uncertainty used in preparing the financial information are the same as those applied in the consolidated financial statements for the year ended December 31, 2024[148][149][153] Financial Risk Management The Group faces market risks (including foreign exchange risk and cash flow interest rate risk), credit risk, and liquidity risk; to mitigate foreign exchange and cash flow interest rate risks, the Group uses cross-currency swaps to convert floating-rate foreign currency borrowings into fixed-rate RMB borrowings - The Group's operations expose it to market risks (including foreign exchange risk and cash flow interest rate risk), credit risk, and liquidity risk[150][154] - The Group primarily operates in Mainland China, with transactions mainly denominated and settled in RMB, but also operates in other overseas markets, facing foreign exchange risk[151][154] - The Group uses cross-currency swaps to convert floating-rate foreign currency borrowings into fixed-rate RMB borrowings to mitigate foreign exchange risk and cash flow interest rate risk[155][159] Revenue and Segment Information The Group's operating segments are categorized by solar, wind, hydro power generation, and other businesses; during the period, solar power generation contributed the largest share of revenue, with China being the primary revenue source, and the Group exhibits high reliance on key customers like State Grid and Inner Mongolia Power Business Segments The Group's operating segments include solar, wind, and hydro power generation businesses, and other activities; during the period, solar power generation contributed the highest revenue and segment results - The Group's operating segments include solar power generation business, wind power generation business, hydro power generation business, and others (including energy storage business, corporate revenue and expenses, other direct investments, etc.)[160][161][162] Business Segment Revenue and Results (Six Months Ended June 30, 2025, RMB million) | Segment | Revenue | Segment Results | | :--- | :--- | :--- | | Solar Power Generation Business | 2,161 | 1,115 | | Wind Power Generation Business | 1,529 | 660 | | Hydro Power Generation Business | 330 | 130 | | Other | 66 | (359) | | Total | 4,086 | 1,546 | Business Segment Assets and Liabilities (June 30, 2025, RMB million) | Segment | Segment Assets | Investments in Associates | Segment Liabilities | | :--- | :--- | :--- | :--- | | Solar Power Generation Business | 44,581 | 133 | 20,148 | | Wind Power Generation Business | 36,022 | 1,365 | 18,998 | | Hydro Power Generation Business | 9,167 | 303 | 5,435 | | Other | 10,028 | 197 | 32,496 | | Total | 99,798 | 1,998 | 77,077 | Geographical Segments The Group's primary operating entities are located in China, which contributes the vast majority of revenue and non-current assets, with minor business contributions from Australia and Vietnam Revenue by Geographical Segment (Six Months Ended June 30, 2025, RMB million) | Region | Revenue | | :--- | :--- | | China | 3,918 | | Australia | 146 | | Vietnam | 22 | | Total | 4,086 | Non-Current Assets by Geographical Segment (June 30, 2025, RMB million) | Region | Non-Current Assets | | :--- | :--- | | China | 75,166 | | Australia | 7,321 | | Vietnam | 469 | | Hong Kong | 3 | | Total | 82,959 | Information About Major Customers During the period, two customers each contributed over 10% to the Group's total revenue, primarily subsidiaries of State Grid or China Southern Power Grid Co., Ltd - During the period, the Group had 2 customers (2024: 3 customers) each contributing over 10% to the Group's total revenue[172][173] Major Customer Revenue Contribution (Six Months Ended June 30, 2025, RMB million) | Customer | Revenue | | :--- | :--- | | Customer A | 2,833 | | Customer B | 513 | | Customer C | 315 | - The parent companies of the major customers are State Grid Corporation of China or China Southern Power Grid Co., Ltd[172][173] Finance Costs Note This section details the composition of finance costs for the period, primarily including interest expenses on bank and other borrowings, loan financing fees, and interest expenses on lease liabilities Details of Finance Costs (Six Months Ended June 30, 2025, RMB million) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Interest Expense on Bank and Other Borrowings | 1,046 | 1,060 | | Loan Financing Fees for Bank and Other Borrowings | 20 | 19 | | Interest Expense on Lease Liabilities | 31 | 24 | | Interest Expense on Restoration Provisions | 2 | 2 | | Total | 1,099 | 1,105 | Income Tax Expenses Note This section provides a breakdown of income tax expenses for the period, including current and deferred income tax, and reiterates the PRC corporate income tax rate and tax incentives for renewable energy projects Details of Income Tax Expenses (Six Months Ended June 30, 2025, RMB million) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Current Income Tax | 169 | 156 | | Deferred Income Tax | (14) | (14) | | Total | 155 | 142 | - The statutory corporate income tax rate in China is 25%, with certain renewable energy project subsidiaries enjoying preferential tax exemptions[178][179] Earnings Per Share This section provides the basic and diluted earnings per share attributable to equity holders of the company, explaining adjustments made for the share consolidation's impact on the calculation Earnings Per Share (RMB cents) | Metric | H1 2025 | H1 2024 (Restated) | | :--- | :--- | :--- | | Profit Attributable to Equity Holders of the Company (RMB million) | 173 | 33 | | Weighted Average Number of Ordinary Shares (million shares) | 2,198 | 2,236 | | Basic Earnings Per Share | 7.87 | 1.48 | | Diluted Earnings Per Share | 7.87 | 1.48 | - The weighted average number of ordinary shares used to calculate basic and diluted earnings per share has been adjusted for the effect of the share consolidation effective from November 1, 2024[184][185] - No exercise of share options was assumed in calculating diluted earnings for the period because the exercise price was higher than the average market price of the shares[187][189] Dividends During the period, the Board declared a final dividend of HKD 10.00 cents per ordinary share for 2024 but did not pay or declare any interim dividend for the current period Dividends Declared (RMB million) | Dividend Year | H1 2025 | H1 2024 | | :--- | :--- | :--- | | 2024 Final Dividend (HKD 10.00 cents per share) | 193 | – | | 2023 Final Dividend (HKD 1.00 cent per share) | – | 196 | - The company did not pay or declare any interim dividend for the current period[192][193] Property, Plant and Equipment This section analyzes changes in property, plant, and equipment, including opening balance, additions, depreciation, and exchange differences, showing a slight overall increase in carrying value Changes in Property, Plant and Equipment (RMB million) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | At January 1 | 75,749 | 64,150 | | Additions | 1,820 | 13,428 | | Depreciation | (1,683) | (2,475) | | Exchange Differences | 205 | (417) | | At End of Period | 76,091 | 75,749 | Leases This section provides information on the Group's leases as a lessee, including right-of-use assets (land use rights and buildings) and lease liabilities (non-current and current portions) Lease-Related Assets and Liabilities (RMB million) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Land Use Rights | 2,780 | 2,737 | | Buildings | 160 | 121 | | Total Right-of-Use Assets | 2,940 | 2,858 | | Lease Liabilities (Non-Current) | 1,447 | 1,386 | | Lease Liabilities (Current) | 162 | 126 | | Total Lease Liabilities | 1,609 | 1,512 | Trade, Bills, and Tariff Adjustment Receivables Note This section details the composition and aging analysis of trade receivables and tariff adjustment receivables; electricity sales receivables are typically settled within 1 to 6 months, and tariff adjustment receivables primarily represent government subsidies Trade, Bills, and Tariff Adjustment Receivables (RMB million) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Trade Receivables | 881 | 587 | | Tariff Adjustment Receivables | 9,645 | 7,465 | | Bills Receivable | – | 3 | | Less: Accumulated Impairment | (1) | (1) | | Total | 10,525 | 8,054 | - Trade receivables primarily refer to receivables from electricity sales, typically settled within one to six months[200] - Tariff adjustment receivables primarily refer to central government subsidies for renewable energy projects collected from State Grid and Inner Mongolia Power, based on power purchase agreements and current national government policies[200] Aging Analysis of Trade and Tariff Adjustment Receivables by Invoice Date (RMB million) | Aging | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Unbilled | 10,460 | 8,002 | | Within one year | 61 | 45 | | One to two years | 3 | 1 | | Two to three years | 2 | – | | Over three years | – | 4 | | Total | 10,526 | 8,052 | Capital and Reserves This section details the company's share capital and reserve movements, including authorized share capital, issued and fully paid share capital, the impact of share consolidation, and treasury share holdings Share Capital The company's share capital underwent a share consolidation on November 1, 2024, where every 10 shares of HKD 0.10 par value were consolidated into 1 share of HKD 1.00 par value; no new shares were issued during the period Changes in Share Capital (Million Shares/RMB million) | Item | Number of Shares (million shares) | RMB million | | :--- | :--- | :--- | | At January 1, 2024 and June 30, 2024 (HKD 0.10 per share) | 22,400 | 1,921 | | Cancellation of Repurchased Shares | (66) | (6) | | Share Consolidation | (20,100) | – | | At June 30, 2025 (HKD 1.00 per share) | 2,234 | 1,915 | - The share consolidation became effective on November 1, 2024, where every 10 shares of HKD 0.10 par value were consolidated into 1 share of HKD 1.00 par value[211] - The company did not issue any shares during the period[211] Treasury Shares As of June 30, 2025, the company held approximately 34.5 million treasury shares for strategic acquisitions or market resale; no share repurchases or cancellations occurred during the period Changes in Treasury Shares (Million Shares) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | At January 1 | 34.5 | 65.9 | | Cancellation | – | (65.9) | | Repurchase | – | 345.0 | | Share Consolidation | – | (310.5) | | At End of Period | 34.5 | 34.5 | - During the period, the company did not cancel any of its repurchased ordinary shares, nor did it repurchase any ordinary shares[216][217] - As of June 30, 2025, approximately 34.5 million repurchased ordinary shares were held as treasury shares for strategic acquisitions or resale in the market[220] Perpetual Medium-Term Notes During the period, the company issued two tranches of perpetual medium-term notes totaling RMB 1,500 million, with distribution rates of 2.47% and 2.38%; these notes have no maturity date and allow for discretionary deferral of distributions, further diversifying the company's financing channels Changes in Perpetual Medium-Term Notes (RMB million) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | At January 1 | 10,777 | 3,494 | | Issuance of Perpetual Medium-Term Notes | 2,550 | 7,300 | | Transaction Costs for Issuance of Perpetual Medium-Term Notes | (5) | (17) | | Profit Attributable to Perpetual Medium-Term Note Holders | 87 | 145 | | Distributions to Perpetual Medium-Term Note Holders | (87) | (145) | | At End of Period | 13,322 | 10,777 | - During the period, the company issued two tranches of perpetual medium-term notes with a total principal amount of RMB 1,500 million, carrying distribution rates of 2.47% and 2.38% per annum, respectively[224][225] - The perpetual medium-term notes have no maturity date, are redeemable at the company's option, and allow for discretionary deferral of distribution payments indefinitely[224][225] - Jingneng Development secured a total of RMB 1,050 million through private placement perpetual medium-term notes via an investment agreement with Allianz Insurance, with a fixed distribution rate of 3.30% per annum[226][227] Bank and Other Borrowings Note This section provides details on the non-current and current portions of bank and other borrowings, analyzing their movements, including proceeds from borrowings, repayments, and weighted average annual interest rates and tenures Bank and Other Borrowings (RMB million) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Non-Current | 50,758 | 47,936 | | Current | 18,784 | 20,646 | | Total | 69,542 | 68,582 | | At January 1, 2025 | 68,582 | – | | Proceeds from Bank Borrowings | 14,360 | – | | Repayment of Bank Borrowings | (13,620) | – | | Proceeds from Loans from Financial Institutions | 2,152 | – | | Repayment of Loans from Financial Institutions | (1,903) | – | | Repayment of Other Loans | (64) | – | | Interest Payable on Bank and Other Borrowings | 13 | – | | Amortization of Loan Financing Fees | 6 | – | | Unamortized Interest Cost of Pledged Deposits | 20 | – | | Exchange Differences | (4) | – | | At June 30, 2025 | 69,542 | – | - As of June 30, 2025, the weighted average annual interest rate for bank and other borrowings was approximately 3.17% (December 31, 2024: approximately 3.73%), with a weighted average tenure of approximately 5.45 years (December 31, 2024: approximately 5.67 years)[232][234] Convertible Bonds In the first half of 2024, the three-year convertible bonds issued by the company to an independent third party were fully redeemed - In the first half of 2024, the three-year convertible bonds issued to an independent third party were fully redeemed[233] Acquisitions of Subsidiaries The Group's strategy is to identify suitable investment opportunities for acquiring renewable energy projects; no business combinations or asset acquisitions occurred during the period, but details of asset acquisitions in the first half of 2024 are disclosed Business Combinations No business combinations occurred within the Group for the six months ended June 30, 2025 - No business combinations occurred for the six months ended June 30, 2025[236][241] Acquisitions of Assets No asset acquisitions occurred within the Group for the six months ended June 30, 2025; this section outlines details of equity acquisitions in two Chinese companies in the first half of 2024, including consideration, fair value of acquired assets, and contributions to revenue and profit - No asset acquisitions occurred for the six months ended June 30, 2025[237][242] - In the first half of 2024, the company, through its subsidiaries, acquired equity in two Chinese companies from independent third parties, which were treated as asset acquisitions[238][242] Details of Asset Acquisitions in H1 2024 | Company Name | Acquisition Month | Equity Acquired | Consideration (RMB million) | Type | Location | Number of Power Plants | Grid-Connected Capacity (MW) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Pingquan Bangcheng New Energy Technology Co., Ltd. | March 2024 | 85.0% | 68 | Solar | Hebei | 1 | 100.0 | | Heshun Runneng New Energy Co., Ltd. | April 2024 | 100.0% | 149 | Wind | Shanxi | 1 | 80.0 | - The acquisitions in the first half of 2024 contributed RMB 18 million in revenue and a loss of RMB 5 million from the acquisition dates[248][249] Cash Generated from Operations This section provides details on the calculation of cash generated from operations, adjusting profit before income tax for non-cash items and working capital changes to derive the period's operating cash flow Calculation of Cash Generated from Operations (RMB million) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Profit Before Income Tax | 448 | 434 | | Depreciation of Property, Plant and Equipment | 1,683 | 1,102 | | Finance Costs | 1,099 | 1,105 | | Changes in Trade, Bills and Tariff Adjustment Receivables | (2,471) | (2,098) | | Changes in Other Receivables, Deposits and Prepayments | 244 | (290) | | Changes in Other Payables and Accrued Expenses | (192) | 1,080 | | Cash Generated from Operations | 883 | 1,401 | Capital Commitments As of June 30, 2025, the Group had capital commitments related to property, plant, and equipment totaling approximately RMB 2,525 million Capital Commitments (RMB million) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Capital Commitments for Property, Plant and Equipment | Approx. 2,525 | Approx. 3,083 | Related-Party Transactions This section discloses significant transactions and balances between the Group and related parties, primarily involving interest expenses paid to and bank and other loans received from the controlling shareholder and its subsidiaries Significant Related Party Transactions During the period, the Group incurred interest expenses to the controlling shareholder and its subsidiaries, earned interest income from a subsidiary of the controlling shareholder, and paid building management fees and administrative office service expenses Summary of Significant Related Party Transactions (Six Months Ended June 30, 2025, RMB million) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Interest Expense to a Controlling Shareholder | 29 | 195 | | Interest Expense to a Subsidiary of a Controlling Shareholder | 155 | 185 | | Interest Expense to an Associate | 1 | 1 | | Interest Income from a Subsidiary of a Controlling Shareholder | 2 | 14 | | Building Management Fees to a Subsidiary of a Controlling Shareholder | 2 | 3 | | Administrative Office Service Expenses to a Subsidiary of a Controlling Shareholder | 9 | 9 | - Interest expenses from Jingneng Group loans were paid at annual interest rates ranging from 2.01% to 4.05%[265] - Interest expenses from loans from Jingneng Group Finance Co., Ltd. and Beijing Jingneng Financial Leasing Co., Ltd. were paid at annual interest rates ranging from 2.40% to 3.20%[265] Significant Related Party Balances As of June 30, 2025, the Group had several significant balances with related parties, primarily consisting of bank loans and financial institution loans from the controlling shareholder and its subsidiaries Summary of Significant Related Party Balances (RMB million) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Bank Loans from a Subsidiary of a Controlling Shareholder | 5,180 | 5,450 | | Bank Loans from a Controlling Shareholder | 1,635 | 1,624 | | Loans from Financial Institutions from a Subsidiary of a Controlling Shareholder | 6,851 | 7,001 | | Other Loans from an Associate | 60 | 60 | Key Management Compensation During the period, total key management compensation was approximately RMB 2.32 million, including short-term employee benefits, contributions to retirement benefit plans, and share-based payment expenses Key Management Compensation (RMB million) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Short-Term Employee Benefits | 2.05 | 1.62 | | Contributions to Retirement Benefit Plans | 0.16 | 0.05 | | Share-Based Payment Expenses | 0.11 | 0.24 | | Total | 2.32 | 1.91 | Fair Value Measurement This section explains the fair value measurement hierarchy for financial instruments (Level 1, Level 2, Level 3) and provides details on changes in Level 3 instruments and sensitivity analysis to assess the impact of changes in unobservable inputs on fair value Financial Assets and Financial Liabilities Measured at Fair Value This section defines the fair value measurement hierarchy for financial instruments (Level 1, Level 2, Level 3) and presents changes in Level 3 instruments (unlisted investments and contingent consideration payable) during the period - Fair value measurement hierarchy is categorized into: Level 1 (quoted prices in active markets), Level 2 (observable market data, not quoted prices), and Level 3 (unobservable inputs)[271][272][273][275] Changes in Level 3 Instruments (June 30, 2025, RMB million) | Item | Unlisted Investments | Contingent Consideration Payable | | :--- | :--- | :--- | | At January 1, 2025 | 31 | (3) | | Revaluation | – | 2 | | Exchange Differences | – | (1) | | At June 30, 2025 | 31 | (2) | Sensitivity Analysis of Observable and Unobservable Inputs This section explains the sensitivity of Level 3 financial assets and liabilities' fair values to changes in unobservable inputs, including discount rates and revenue growth rates for unlisted investments, and effective generation hours and discount rates for contingent consideration payable - The fair values of Level 3 financial assets and liabilities are sensitive to changes in the assumptions used to generate the input data[278][279] Sensitivity Analysis of Level 3 Financial Assets (June 30, 2025, RMB million) | Item | Fair Value | Significant Input Data | Input Data Range | Favorable/(Unfavorable) Change to Profit or Loss | | :--- | :--- | :--- | :--- | :--- | | Unlisted Investments | 31 | Discount Rate 5.10% | +0.5% | (0.1) | | | | | –0.5% | 0.1 | | | | Revenue Growth Rate 0% | +5% | 0.7 | | | | | –5% | (0.5) | | Contingent Consideration Payable | 2 | 2,200–2,630 Effective Generation Hours | +1% | – | | | | | –1% | – | | | | Discount Rate 8.80% | +3% | – | | | | | –3% | – | - As of June 30, 2025, the carrying amounts of all the Group's financial assets and financial liabilities approximated their fair values[281][284] Events After the Date of Statement of Financial Position Note In July 2025, the Group, through Jingneng Development, entered into a trust agreement with Industrial Bank International Trust Co., Ltd. to establish a trust for issuing asset-backed commercial papers totaling approximately RMB 2,000 million - In July 2025, Jingneng Development entered into a trust agreement with Industrial Bank International Trust Co., Ltd. concerning the establishment of a trust for Industrial Bank International Trust to issue asset-backed commercial papers totaling approximately RMB 2,000 million through the National Association of Financial Market Institutional Investors[282][285] Comparative Figures Certain comparative figures have been restated to conform to the current period's presentation - Certain comparative figures have been restated to conform to the current period's presentation[283][286] Other Information Directors' and Chief Executives' Interests in Shares, Underlying Shares and Debentures As of June 30, 2025, certain directors and chief executives held long positions in the company's shares and underlying shares, primarily related to share options Directors' and Chief Executives' Long Positions in the Company's Shares and Underlying Shares (June 30, 2025) | Name | Capacity/Nature of Interest | Total Number of Shares/Underlying Shares Held | Approx. Percentage of Issued Shares | | :--- | :--- | :--- | :--- | | Mr. Zhang Ping | Beneficial Owner | 1,736,000 | 0.08% | | Mr. Liu Guoxi | Beneficial Owner | 429,000 | 0.02% | | Mr. Zhu Jun | Beneficial Owner | 1,045,650 | 0.05% | - Shares held include those related to sh