Financial Performance - For the six months ended June 30, 2025, China Renewable Energy Investment Limited recorded a turnover of HK$94.2 million, a 27% increase from HK$74.3 million in the same period last year[7]. - Gross profit for the period increased 213% to HK$32.9 million, compared to HK$10.5 million for the six months ended June 30, 2024[7]. - Net profit after tax attributable to equity holders increased 178% to HK$32.5 million, with earnings per share of HK1.30 cents, up from HK$11.7 million or HK0.47 cents in the prior year[9]. - Revenue for the six months ended June 30, 2025, was HK$94,176,000, an increase of 26.8% compared to HK$74,299,000 for the same period in 2024[103]. - Gross profit for the same period was HK$32,878,000, significantly up from HK$10,492,000, reflecting a gross margin improvement[103]. - Operating profit for the six months was HK$19,872,000, compared to an operating loss of HK$1,447,000 in the previous year[103]. - Profit for the period reached HK$30,945,000, a substantial increase from HK$10,388,000 in the prior year[103]. - Total comprehensive income for the period was HK$69,004,000, compared to a loss of HK$28,954,000 in the same period last year[103]. - Profit attributable to equity holders of the Company for the six months ended June 30, 2025, was HK$32,475,000, a significant increase from HK$11,662,000 in the same period of 2024, representing an increase of 178.5%[104]. - Total comprehensive income attributable to equity holders of the Company for the six months ended June 30, 2025, was HK$70,733,000, compared to a loss of HK$27,779,000 in the same period of 2024[104]. - Basic and diluted earnings per share for the six months ended June 30, 2025, was HK$1.30, up from HK$0.47 in the same period of 2024, reflecting a growth of 276.6%[104]. Financial Position - Total assets as of June 30, 2025, increased to HK$2,178,167,000 from HK$2,131,113,000 as of December 31, 2024, marking a growth of 2.2%[105]. - Total equity as of June 30, 2025, was HK$1,878,055,000, an increase from HK$1,821,582,000 as of December 31, 2024, representing a growth of 3.1%[106]. - Non-current liabilities decreased to HK$212,657,000 as of June 30, 2025, from HK$223,096,000 as of December 31, 2024, a reduction of 4.7%[106]. - Current assets increased to HK$653,074,000 as of June 30, 2025, compared to HK$596,608,000 as of December 31, 2024, reflecting an increase of 9.5%[105]. - Cash and cash equivalents as of June 30, 2025, were HK$244,407,000, up from HK$232,170,000 as of December 31, 2024, indicating a growth of 5.5%[105]. - Trade and other receivables increased to HK$399,438,000 as of June 30, 2025, from HK$355,307,000 as of December 31, 2024, representing an increase of 12.4%[105]. Borrowings and Cash Flow - Total bank borrowings as of June 30, 2025, were HK$218.4 million, down from HK$227.6 million as of December 31, 2024, primarily due to loan repayments[10]. - The Group's finance costs decreased from HK$8.3 million in the interim period of 2024 to HK$4.9 million in 2025 due to loan repayments[7]. - The Group's net cash generated from operating activities decreased significantly to HK$5.5 million, down 80.6% from HK$28.3 million in the previous year[122]. - The Group's net cash generated from investing activities was HK$37.5 million, a decrease of 18.7% from HK$46.1 million in the prior period[122]. - The Group's repayment of bank borrowings was HK$17.1 million, a decrease of 58.3% compared to HK$41.0 million in the same period last year[122]. - The Group's interest received increased to HK$2.5 million, up 88.5% from HK$1.3 million in the previous year[122]. Operational Performance - The Group's wind farms achieved a total power dispatch of 848.7 GWh in the first half of 2025, a 23% increase from 690.6 GWh in the same period of 2024[27]. - The average power tariffs for the Group declined by 4.8% year-on-year during the interim period, excluding the impact of the elimination of contractual tariff subsidies[30]. - The Group operates eight wind farms and one distributed solar project, with a total gross power generating capacity of 738 MW and net capacity of 427 MW as of June 30, 2025[26]. - The Group's operating assets generated 851.2 GWh of electricity, reducing approximately 276,000 tons of coal consumption and 657,000 tons of carbon emissions in the first half of 2025[65]. - The Group's strategy "Grow‧Advance‧Sustain" focuses on evaluating investment opportunities based on economic, environmental, and social benefits[47]. - The Group aims to continue developing renewable energy projects and seek growth investment opportunities[47]. Market and Industry Trends - As of June 30, 2025, the Group's total power consumption in China increased by 3.7% year-on-year, reaching 4,842,000 GWh in the first half of 2025[24]. - China's wind power generation capacity rose by 22.7% to 672 GW, while solar power generation capacity increased by 54.2% to 1,317 GW[25]. - Total wind power output was 588,000 GWh, a 15.6% increase compared to 2024, accounting for 12.1% of total power generation in China[25]. - Total solar power output reached 559,100 GWh, marking a 42.9% increase from 2024, representing 11.5% of total power generation[25]. - The renewable energy consumption ratio for steel, cement, and polysilicon industries is set between 25.2% and 70%, while data centers should exceed 80%[53]. Governance and Compliance - The Company has complied with the Corporate Governance Code throughout the six months ended June 30, 2025, except for the separation of roles between the chairman and CEO[87]. - The company is committed to reviewing its governance structure to ensure compliance with best practices[90]. - All Directors confirmed compliance with the Model Code regarding securities transactions throughout the six months ended June 30, 2025[88]. Shareholder Information - As of June 30, 2025, Mr. OEI Kang, Eric holds a corporate interest in 1,833,696,937 shares, representing 73.168% of the company's existing issued share capital[72]. - The joint interest of Mr. OEI Kang, Eric and Mrs. OEI Valonia Lau amounts to 41,661,439 shares, accounting for 1.662% of the company's issued share capital[72]. - The beneficial interest of Genesis Capital Group Limited is 276,065,897 shares, representing 11.016% of the issued share capital[78]. - The beneficial interest of Creator Holdings Limited is 154,278,990 shares, accounting for 6.156% of the issued share capital[78]. - The Company does not recommend the payment of an interim dividend for the six months ended June 30, 2025, consistent with the previous year[80]. Future Outlook - The company plans to expand its market presence in Southeast Asia, targeting a 25% market share by 2025[182]. - Future guidance indicates a revenue growth target of 20% for the next fiscal year, aiming for HKD 1.44 billion[182]. - The company is implementing new strategies to improve operational efficiency, aiming for a 15% reduction in costs by the end of 2024[182]. - China Renewable Energy Investment Limited is committed to sustainability, with plans to reduce carbon emissions by 40% by 2030[182].
中国再生能源投资(00987) - 2025 - 中期财报