Ever Reach Group (Holdings) Company Limited 恒 (Incorporated in the Cayman Islands with limited liability) ( 於開曼群島註冊成立的有限公司 ) Stock code : 3616 股份代號 : 3616 ANNUAL REPORT 2023 年度報告 團（控 股）有 限 達 集 公 司 ANNUAL REPORT 2023 年 度 報 告 CONTENTS 目錄 | Corporate Information | 2 | | --- | --- | | 公司資料 | | | Chairman's Statement | 5 | | 主席報告 | | | Management Discussion and Analysis | 10 | | 管理層討論與分析 | | | Biographical Details of Directors and Senior | 29 | | Management | | | 董事及高級管理人員之履歷 | | | Directors' Report | 36 | | 董事會 ...

[Company Information](index=2&type=section&id=Company%20Information) This section provides fundamental details about the company's registration and general corporate structure [Company Overview](index=5&type=section&id=Company%20Overview) This section details the company's business operations, corporate structure, and production capacity [Business Overview](index=5&type=section&id=Company%20Overview-Business%20Overview) China Tianrui Cement is one of 12 nationally supported large cement groups, holding market leadership in Henan and Liaoning provinces, leveraging advanced technology, strategic regional layout, and abundant limestone resources for sustainable development - The company is one of 12 nationally supported large cement groups, holding market leadership in Henan and Liaoning provinces[5](index=5&type=chunk) - As of December 31, 2024, all clinker production lines utilize advanced NSP technology with waste heat recovery for cost savings and pollution reduction, with intelligent upgrades achieving partial 'unmanned' operations[5](index=5&type=chunk) - The company is one of the first three Chinese cement companies accepted into the World Business Council for Sustainable Development's Cement Sustainability Initiative (CSI), demonstrating its commitment to environmental protection and sustainable development[8](index=8&type=chunk) [Corporate Structure](index=6&type=section&id=Company%20Overview-Corporate%20Structure) As of December 31, 2024, the company is indirectly held by controlling shareholders Mr. Li Liufa and Ms. Li Fengluan through Tianrui Group, comprising numerous wholly-owned and non-wholly-owned subsidiaries and associates, forming a comprehensive group structure covering cement production, sales, supply chain, and financial services - Controlling shareholders are Mr. Li Liufa and his spouse Ms. Li Fengluan, who indirectly control the company through Tianrui Group Co., Ltd[10](index=10&type=chunk)[11](index=11&type=chunk) - The company owns 36 wholly-owned Chinese subsidiaries, 11 non-wholly-owned Chinese subsidiaries, and 5 associates, indicating a diverse business entity portfolio[10](index=10&type=chunk)[11](index=11&type=chunk)[12](index=12&type=chunk) [Production Facility Distribution and Capacity](index=9&type=section&id=Company%20Overview-Production%20Facility%20Distribution%20and%20Capacity) The Group's production facilities are strategically located in Henan, Liaoning, Tianjin, and Anhui provinces, near limestone resources, end markets, and transportation hubs, maintaining stable annual capacities of approximately **28.4 million tonnes** for clinker, **56.4 million tonnes** for cement, and **30.2 million tonnes** for aggregates as of December 31, 2024 Capacity as of December 31, 2024 | Product Type | Total Annual Capacity (million tonnes) | 2023 Same Period (million tonnes) | Change | | :--- | :--- | :--- | :--- | | Clinker | 28.4 | 28.4 | No Change | | Cement | 56.4 | 56.4 | No Change | | Aggregates | 30.2 | 30.2 | No Change | - The Group's production facilities are primarily distributed across two major regions: Central China (Henan, Anhui) and Northeast China (Liaoning, Tianjin)[13](index=13&type=chunk)[14](index=14&type=chunk) [Financial Highlights](index=10&type=section&id=Financial%20Highlights) This section presents a concise overview of the company's key financial performance and position [Key Financial Data](index=10&type=section&id=Financial%20Highlights-Key%20Financial%20Data) In 2024, the company turned profitable with a net profit attributable to owners of **RMB 279 million**, compared to a loss of **RMB 634 million** in the prior year, despite revenue decreasing from **RMB 7.89 billion** to **RMB 6.12 billion**, primarily due to cost control and other factors, while total assets and liabilities both decreased Annual Financial Summary (As of December 31) | Metric (RMB thousands) | 2024 | 2023 | Year-on-Year Change | | :--- | :--- | :--- | :--- | | **Revenue** | 6,117,025 | 7,888,810 | -22.5% | | **Gross Profit** | 1,346,599 | 1,629,323 | -17.4% | | **Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA)** | 2,258,004 | 1,476,495 | +52.9% | | **Profit/(Loss) Attributable to Owners of the Company** | 279,412 | (633,875) | Turned Profitable | | **Basic Earnings Per Share (RMB)** | 0.10 | (0.22) | Turned Profitable | | **Total Assets** | 37,215,106 | 40,573,494 | -8.3% | | **Total Liabilities** | 21,239,599 | 24,787,427 | -14.3% | | **Total Equity** | 15,975,507 | 15,786,067 | +1.2% | [Management Discussion and Analysis](index=11&type=section&id=Management%20Discussion%20and%20Analysis) This section provides an in-depth review of the company's operational performance, financial results, and future outlook [Business Review and Operating Environment](index=11&type=section&id=Management%20Discussion%20and%20Analysis-Business%20Review%20and%20Operating%20Environment) In 2024, the cement industry faced declining demand and intensified competition due to real estate adjustments and slowing infrastructure projects, leading to a **22.5%** decrease in the Group's total revenue, though full-year profitability was restored by stabilizing cement prices in the second half and effective cost control 2024 Key Product Sales Volume and Price Changes | Product | Sales Volume (million tonnes) | Year-on-Year Change | Average Price (RMB/tonne) | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | | Cement | 18.6 | -26.2% | 234.9 | -2.8% | | Limestone Aggregates | 37.1 | -14.8% | 33.1 | -4.0% | - Despite declines in both sales volume and price, profit attributable to owners of the company was approximately **RMB 279 million**, turning profitable from a **RMB 634 million** loss in 2023[19](index=19&type=chunk) - Macroeconomically, real estate development investment decreased by **10.6%** year-on-year in 2024, a significant negative factor for cement demand, while national cement output declined by **9.5%** year-on-year, intensifying industry competition[22](index=22&type=chunk)[24](index=24&type=chunk) [Coal Trading Business](index=13&type=section&id=Management%20Discussion%20and%20Analysis-Coal%20Trading%20Business) The Group suspended its coal trading business in October 2024 due to unfavorable market conditions, resulting in approximately **RMB 14.78 billion** in prepayments to suppliers as of year-end, with plans to recover or utilize about **RMB 12.27 billion** by the end of 2025 through various methods - The Group suspended its planned coal trading business in October 2024 due to coal market prices not rising as expected and the risk of losses[29](index=29&type=chunk) - As of December 31, 2024, prepayments to coal suppliers amounted to approximately **RMB 14.78 billion**[29](index=29&type=chunk) Major Prepayment Recovery Plan (Expected by End of 2025) | Method | Amount (RMB millions) | | :--- | :--- | | Purchase coal for self-use | 3,031.7 | | Purchase other raw materials for self-use | 1,275.7 | | Sell coal to related parties | 2,214.8 | | Supplier cash repayment | 5,751.7 | | **Total** | **12,273.9** | [Financial Review](index=15&type=section&id=Management%20Discussion%20and%20Analysis-Financial%20Review) In 2024, the Group's revenue decreased by **22.5%** to **RMB 6.12 billion** due to lower cement and aggregate sales, but a **23.8%** reduction in cost of sales and a **375.7%** surge in other income, primarily from deposit interest and demurrage fees, were key drivers for turning profitable - Revenue decreased by **22.5%** year-on-year to **RMB 6.117 billion**, primarily due to simultaneous reductions in cement sales volume and price[32](index=32&type=chunk) - Cost of sales decreased by **23.8%** year-on-year, mainly due to lower coal and raw material procurement prices, leading to an increase in gross profit margin from **20.7%** to **22.0%**[35](index=35&type=chunk)[36](index=36&type=chunk) - Other income significantly increased by **375.7%** year-on-year to **RMB 1.887 billion**, primarily due to increased interest income from deposits with Tianrui Group and demurrage fees for raw coal supply, serving as a key driver for turning profitable[38](index=38&type=chunk) - Distribution, administrative, and finance expenses all recorded double-digit decreases of **38.3%**, **16.1%**, and **19.9%** respectively, reflecting the company's effective cost control[39](index=39&type=chunk)[40](index=40&type=chunk)[42](index=42&type=chunk) [Financial and Liquidity Position](index=17&type=section&id=Management%20Discussion%20and%20Analysis-Financial%20and%20Liquidity%20Position) As of year-end 2024, the Group's total borrowings significantly decreased by **25.7%** to **RMB 13.80 billion**, improving the debt structure with asset-liability ratio falling from **61.1%** to **57.1%** and net gearing ratio from **79.3%** to **67.2%**, despite a **22.1%** reduction in cash and cash equivalents Key Financial Ratios Change | Ratio | 2024 | 2023 | Change | | :--- | :--- | :--- | :--- | | Asset-Liability Ratio | 57.1% | 61.1% | -4.0 percentage points | | Net Gearing Ratio | 67.2% | 79.3% | -12.2 percentage points | | Current Ratio | 1.4 | 1.5 | -5.8% | | Quick Ratio | 1.3 | 1.4 | -5.5% | - Total borrowings decreased by **25.7%** year-on-year, from **RMB 18.58 billion** to **RMB 13.80 billion**[50](index=50&type=chunk) - Capital expenditure was approximately **RMB 375 million**, a significant decrease from **RMB 639 million** in the prior year[55](index=55&type=chunk) [Auditor's Qualified Opinion and Response](index=19&type=section&id=Management%20Discussion%20and%20Analysis-Auditor%27s%20Qualified%20Opinion%20and%20Response) The auditor issued a qualified opinion due to insufficient evidence regarding the recoverability of approximately **RMB 14.78 billion** in coal trade prepayments, which management believes are recoverable based on long-term supplier relationships and a formulated recovery plan, expecting the issue to be resolved by year-end 2025 - The auditor issued a qualified opinion due to insufficient audit evidence regarding the recoverability of approximately **RMB 14.78 billion** in coal trade prepayments and related interest receivables[60](index=60&type=chunk)[247](index=247&type=chunk)[248](index=248&type=chunk) - Management believes no impairment is needed for prepayments given long-term supplier relationships and the established recovery plan, expecting the qualified opinion matter to be resolved upon execution of the recovery plan by year-end 2025[61](index=61&type=chunk)[62](index=62&type=chunk) [Outlook and Strategies](index=20&type=section&id=Management%20Discussion%20and%20Analysis-Outlook%20and%20Strategies) For 2025, despite an anticipated **5%** decline in cement demand, government fiscal policies and key provincial projects are expected to provide support, while industry supply-side reforms and staggered production should improve supply-demand dynamics, with the Group focusing on cost reduction, high-value products, and smart factory development - Cement demand is projected to decline in 2025, but the decrease is expected to narrow to around **5%**, with increased government fiscal spending and key project investments providing demand support[72](index=72&type=chunk)[73](index=73&type=chunk)[75](index=75&type=chunk) - Industry supply-side reforms, including standardized capacity management and normalized staggered production, are expected to alleviate supply-demand imbalances, with cement prices projected to fluctuate upwards in 2025 and industry profitability anticipated to rebound[77](index=77&type=chunk) - The Group's key priorities for 2025 include: implementing staggered production, refining cost management, expanding high-profit businesses like aggregates and solid waste disposal, advancing smart factory construction, and strengthening customer relationships[77](index=77&type=chunk) [Biographies of Directors and Senior Management](index=23&type=section&id=Biographies%20of%20Directors%20and%20Senior%20Management) This section provides biographical information for the company's directors and senior management team [Directors' Report](index=29&type=section&id=Directors%27%20Report) This section outlines the Group's principal activities, financial performance, and corporate governance matters as reported by the Board of Directors [Principal Activities and Performance](index=29&type=section&id=Directors%27%20Report-Principal%20Activities%20and%20Performance) The Group's principal activities involve limestone quarrying, clinker and cement production and distribution, with detailed performance presented in the consolidated financial statements, and the Board of Directors has not recommended a final dividend for the year ended December 31, 2024 - The Group's principal activities are limestone quarrying, and the production, sale, and distribution of clinker and cement[100](index=100&type=chunk) - The Board of Directors has not recommended the declaration of a final dividend for the year ended December 31, 2024[103](index=103&type=chunk) [Directors' and Major Shareholders' Interests](index=30&type=section&id=Directors%27%20Report-Directors%27%20and%20Major%20Shareholders%27%20Interests) As of December 31, 2024, controlling shareholders Mr. Li Liufa and Ms. Li Fengluan collectively held approximately **53.21%** of the company's shares through controlled corporations, with the report detailing their holdings and confirming compliance with non-competition undertakings Major Shareholders' Shareholding (As of December 31, 2024) | Shareholder Name | Capacity/Nature of Interest | Total Shares | Approximate Percentage of Shareholding (%) | | :--- | :--- | :--- | :--- | | Yu Kuo | Beneficial Owner/Long Position | 1,563,333,822 | 53.21 | | Mr. Li Liufa | Interest of Corporation Controlled by Director/Long Position | 1,563,333,822 | 53.21 | | Ms. Li Fengluan | Interest of Corporation Controlled by Director/Long Position | 1,563,333,822 | 53.21 | | The Export-Import Bank of China | Person with Security Interest over Shares/Long Position | 315,000,000 | 10.72 | | China Huarong Asset Management Co., Ltd. | Interest of Controlled Corporation/Long Position | 470,000,000 | 16.00 | - The independent non-executive directors have reviewed and confirmed the controlling shareholders' compliance with the amended non-competition undertaking deed[128](index=128&type=chunk) [Connected Transactions and Continuing Connected Transactions](index=38&type=section&id=Directors%27%20Report-Connected%20Transactions%20and%20Continuing%20Connected%20Transactions) During the reporting period, the Group engaged in several continuing connected transactions, including purchases from and sales to associates, mutual guarantees with controlling shareholder Tianrui Group, and financial services with Tianrui Finance, all subject to annual caps and auditor review, with the auditor noting that Tianrui Group's guarantee exceeded its annual cap - Key continuing connected transactions include clinker procurement from Ruiping Shilong, mutual guarantees with Tianrui Group, and deposits and financial services with Tianrui Finance[145](index=145&type=chunk)[152](index=152&type=chunk)[155](index=155&type=chunk)[161](index=161&type=chunk) - As of December 31, 2024, the maximum daily balance of guarantees provided by Tianrui Group to the company was **RMB 7.9 billion**, exceeding the **RMB 7 billion** annual cap, which the company deemed beneficial and thus sought exemption from related disclosure requirements[159](index=159&type=chunk) - The auditor issued a qualified opinion letter regarding continuing connected transactions, noting no other material issues except for Tianrui Group's guarantee exceeding the relevant annual cap[172](index=172&type=chunk)[174](index=174&type=chunk) [Advances to Entities](index=45&type=section&id=Directors%27%20Report-Advances%20to%20Entities) As of December 31, 2024, the Group had approximately **RMB 14.78 billion** in prepayments to coal suppliers for a now-suspended coal trading business, directly linked to the management discussion and analysis and the auditor's qualified opinion - As of December 31, 2024, the Group had approximately **RMB 14.78 billion** in prepayments to suppliers for coal procurement for trading purposes[177](index=177&type=chunk) [Corporate Governance Report](index=48&type=section&id=Corporate%20Governance%20Report) This section details the company's adherence to corporate governance principles, including practices, deviations, and internal control measures [Corporate Governance Practices and Deviations](index=48&type=section&id=Corporate%20Governance%20Report-Corporate%20Governance%20Practices%20and%20Deviations) The company largely complied with the Corporate Governance Code but deviated on the separation of Chairman and CEO roles, insufficient independent non-executive directors post-reporting period, and inadequate investor communication channels - The company deviated from Code Provision C.2.1, which requires separation of Chairman and Chief Executive roles, as a new CEO has not yet been appointed, with daily operations managed by the Executive Committee[192](index=192&type=chunk) - Subsequent to the reporting period, due to director resignations, the company failed to meet Listing Rules requirements regarding the minimum number of independent non-executive directors, their proportion on the Board, and the composition of the Audit and Remuneration Committees[193](index=193&type=chunk) [Risk Management and Internal Control](index=53&type=section&id=Corporate%20Governance%20Report-Risk%20Management%20and%20Internal%20Control) The Board is responsible for risk management and internal control, identifying significant issues including improper cash transfers from a subsidiary to the controlling shareholder and failure to timely disclose large prepayments to coal suppliers, for which various remedial measures have been implemented - Internal control deficiencies were identified: cash from subsidiary Henan Shengye was improperly transferred to controlling shareholder Tianrui Group's account, with the balance cleared by year-end, and the company has pledged to prevent similar transactions and implemented remedial measures[212](index=212&type=chunk)[215](index=215&type=chunk)[216](index=216&type=chunk) - The company failed to comply with Listing Rules 13.13 and 13.15 by not timely disclosing significant advances to coal suppliers, and will implement remedial measures such as training, monitoring, and approval processes to prevent recurrence[216](index=216&type=chunk)[217](index=217&type=chunk) [Board Committees](index=56&type=section&id=Corporate%20Governance%20Report-Board%20Committees) The Board operates with Audit, Nomination, and Remuneration Committees, with the Audit Committee, comprising three independent non-executive directors, reviewing financial statements and internal controls, while the Nomination and Remuneration Committees oversee director selection and compensation policies respectively - The Audit Committee comprises three independent non-executive directors, chaired by Mr. Mak Tin Sang, and held seven meetings during the year[219](index=219&type=chunk) - The Nomination Committee has formulated a director nomination policy, with selection criteria including skills, experience, integrity, and contribution to board diversity[220](index=220&type=chunk)[221](index=221&type=chunk) [Material Uncertainty Related to Going Concern](index=61&type=section&id=Corporate%20Governance%20Report-Material%20Uncertainty%20Related%20to%20Going%20Concern) As of year-end 2024, the Group had approximately **RMB 704 million** in overdue borrowings and other financial liabilities, leading to the reclassification of **RMB 878 million** in non-current borrowings to current liabilities, indicating a material uncertainty regarding its going concern ability, despite management's implemented measures and positive cash flow forecasts - As of year-end, the Group had approximately **RMB 704 million** in overdue borrowings and other financial liabilities, constituting a material uncertainty related to going concern[234](index=234&type=chunk) - Management has implemented various measures to address liquidity pressure, including successfully extending some borrowing terms, completing new share placements, and controlling costs and capital expenditures, deeming the preparation of financial statements on a going concern basis appropriate[234](index=234&type=chunk)[235](index=235&type=chunk) [Independent Auditor's Report](index=65&type=section&id=Independent%20Auditor%27s%20Report) This section presents the auditor's opinion on the consolidated financial statements, including any qualifications, material uncertainties, and key audit matters [Qualified Opinion and Basis for Opinion](index=65&type=section&id=Independent%20Auditor%27s%20Report-Qualified%20Opinion%20and%20Basis%20for%20Opinion) The auditor, Zhonghui Anda CPA Limited, issued a qualified opinion on the consolidated financial statements due to insufficient audit evidence regarding the recoverability of significant prepayments (approximately **RMB 14.23 billion** in 2024) and related interest receivables (approximately **RMB 680 million** in 2024) to coal suppliers for a suspended trading business - The auditor issued a qualified opinion on the financial statements[246](index=246&type=chunk) - The basis for the qualified opinion is the inability to obtain sufficient audit evidence regarding the recoverability of prepayments to coal suppliers (approximately **RMB 14.23 billion** in 2024, **RMB 11.20 billion** in 2023) and related interest receivables (approximately **RMB 680 million** in 2024)[247](index=247&type=chunk)[248](index=248&type=chunk) [Material Uncertainty Related to Going Concern](index=66&type=section&id=Independent%20Auditor%27s%20Report-Material%20Uncertainty%20Related%20to%20Going%20Concern) The auditor's report highlights a material uncertainty related to going concern, noting that the Group had approximately **RMB 704 million** in overdue borrowings and other financial liabilities as of year-end, which may cast significant doubt on its ability to continue as a going concern, though this does not modify the audit opinion - The auditor's report includes a 'Material Uncertainty Related to Going Concern' paragraph, indicating that the Group has overdue borrowings that may cast significant doubt on its ability to continue as a going concern[250](index=250&type=chunk) [Key Audit Matters](index=67&type=section&id=Independent%20Auditor%27s%20Report-Key%20Audit%20Matters) Beyond the qualified opinion and going concern uncertainty, the auditor identified the impairment assessment of property, plant and equipment, right-of-use assets, mining rights, and goodwill as a key audit matter due to their material carrying amounts and the significant management judgments and estimates involved, leading to approximately **RMB 537 million** in impairment losses recognized during the year - A key audit matter is the impairment assessment of property, plant and equipment, right-of-use assets, mining rights, and goodwill, due to their material carrying amounts and the significant management judgments involved in their evaluation[252](index=252&type=chunk) - For the year ended December 31, 2024, the Group recognized total impairment losses on related assets of approximately **RMB 537 million**[252](index=252&type=chunk) [Consolidated Financial Statements](index=69&type=section&id=Consolidated%20Financial%20Statements) This section presents the Group's complete set of consolidated financial statements, including the income statement, balance sheet, statement of changes in equity, and cash flow statement [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=70&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the year ended December 31, 2024, the Group reported revenue of **RMB 6.117 billion**, a **22.5%** year-on-year decrease, but achieved a profit for the year of **RMB 214 million** (compared to a **RMB 624 million** loss in the prior year) and a profit attributable to owners of **RMB 279 million**, driven by a significant increase in other income and reduced expenses Consolidated Income Statement Summary | Item (RMB thousands) | 2024 | 2023 | | :--- | :--- | :--- | | Revenue | 6,117,025 | 7,888,810 | | Gross Profit | 1,346,599 | 1,629,323 | | Other Income | 1,886,596 | 396,574 | | Profit/(Loss) Before Tax | 478,701 | (629,819) | | **Profit/(Loss) for the Year** | **214,215** | **(623,524)** | | **Profit/(Loss) Attributable to Owners of the Company** | **279,412** | **(633,875)** | [Consolidated Statement of Financial Position](index=71&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of December 31, 2024, the Group's total assets decreased to **RMB 37.215 billion** from **RMB 40.573 billion** in the prior year, with total liabilities reducing to **RMB 21.240 billion** and total equity slightly increasing to **RMB 15.976 billion**, notably with trade and other receivables of **RMB 20.764 billion** constituting **55.8%** of total assets Consolidated Statement of Financial Position Summary | Item (RMB thousands) | As of December 31, 2024 | As of December 31, 2023 | | :--- | :--- | :--- | | **Total Assets** | **37,215,106** | **40,573,494** | | Current Assets | 25,884,057 | 27,326,926 | | Non-current Assets | 11,331,049 | 13,246,568 | | **Total Liabilities** | **21,239,599** | **24,787,427** | | Current Liabilities | 18,925,006 | 18,814,217 | | Non-current Liabilities | 2,314,593 | 5,973,210 | | **Total Equity** | **15,975,507** | **15,786,067** | [Consolidated Statement of Changes in Equity](index=73&type=section&id=Consolidated%20Statement%20of%20Changes%20in%20Equity) For the year ended December 31, 2024, equity attributable to owners of the company increased from **RMB 15.466 billion** at the beginning of the year to **RMB 15.737 billion** at year-end, primarily due to the **RMB 279 million** profit for the year, partially offset by adjustments for financial guarantees provided to related parties - Equity attributable to owners of the company increased from **RMB 15.466 billion** to **RMB 15.737 billion**, primarily benefiting from the annual profit[266](index=266&type=chunk) [Consolidated Statement of Cash Flows](index=74&type=section&id=Consolidated%20Statement%20of%20Cash%20Flows) In 2024, the Group generated **RMB 1.551 billion** in net cash from operating activities, a significant improvement from a net outflow in the prior year, while net cash from investing activities was **RMB 3.086 billion**, and net cash used in financing activities was **RMB 4.896 billion**, resulting in a **RMB 260 million** decrease in cash and cash equivalents to **RMB 915 million** at year-end Consolidated Statement of Cash Flows Summary | Item (RMB thousands) | 2024 | 2023 | | :--- | :--- | :--- | | Net Cash From/(Used in) Operating Activities | 1,550,539 | (4,221,392) | | Net Cash From Investing Activities | 3,085,741 | 1,921,547 | | Net Cash (Used in)/From Financing Activities | (4,896,029) | 2,486,889 | | **Net (Decrease)/Increase in Cash and Cash Equivalents** | **(259,749)** | **187,044** | | Cash and Cash Equivalents at Year-End | 915,092 | 1,174,841 | [Notes to the Consolidated Financial Statements](index=76&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) This section provides detailed explanations of the accounting policies, significant judgments, estimates, and specific line items within the consolidated financial statements [Significant Accounting Policies, Judgments and Estimates](index=76&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements-Significant%20Accounting%20Policies%2C%20Judgments%20and%20Estimates) This section details the basis of preparation, new and revised IFRS applications, and significant accounting policies covering business combinations, goodwill, revenue recognition, leases, financial instruments, taxes, and asset impairment, along with management's critical judgments and estimation uncertainties, particularly regarding going concern and asset impairment assessments - Note 3.1 details material uncertainties related to going concern, indicating overdue borrowings, but directors believe sufficient measures have been taken, allowing for financial statement preparation on a going concern basis[275](index=275&type=chunk)[277](index=277&type=chunk) - Note 4 discloses key assumptions used by management in asset impairment assessments, including cement price growth rates, sales volume growth rates, gross profit margins, and discount rates, which significantly impact impairment results[365](index=365&type=chunk)[366](index=366&type=chunk)[368](index=368&type=chunk) [Segment Information and Key Income Statement Items](index=107&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements-Segment%20Information%20and%20Key%20Income%20Statement%20Items) The Group operates in 'Central China' and 'Northeast China' segments, with Central China's sales revenue declining by **26.6%** in 2024 while Northeast China remained relatively stable, both segments reporting losses, and the notes detailing revenue composition, other income, and key profit or loss items 2024 Segment Performance | Segment | Revenue (RMB thousands) | Segment Loss (RMB thousands) | | :--- | :--- | :--- | | Central China | 4,734,904 | (180,091) | | Northeast China | 1,382,121 | (532,970) | - Note 7 indicates that 'Supplier interest income' (**RMB 685 million**) and 'Tianrui Group interest income' (**RMB 665 million**) within other income were significant components of the year's profit, both related to associated parties or disputed prepayments[377](index=377&type=chunk) [Key Asset and Liability Items](index=119&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements-Key%20Asset%20and%20Liability%20Items) This section details key balance sheet items, including property, plant and equipment with a net book value of **RMB 7.89 billion** and **RMB 463 million** in impairment recognized, goodwill impairment of **RMB 74.34 million**, and trade and other receivables totaling **RMB 20.76 billion**, with prepayments to suppliers of **RMB 15.13 billion** being the largest single asset item and a core focus of the auditor's qualified opinion - Note 17 discloses that property, plant and equipment, right-of-use assets, and mining rights collectively recognized impairment losses of **RMB 463 million** during the year[394](index=394&type=chunk)[397](index=397&type=chunk) - Note 26 details the composition of trade and other receivables, with prepayments to suppliers amounting to **RMB 15.13 billion**, primarily for the suspended coal trading business, forming the core of the auditor's qualified opinion[421](index=421&type=chunk)[423](index=423&type=chunk)[424](index=424&type=chunk) - Note 36 indicates total borrowings of **RMB 11.72 billion**, with **85%** (**RMB 10.04 billion**) being current liabilities due within one year, and some principal repayments being overdue, exacerbating liquidity risk[441](index=441&type=chunk)[442](index=442&type=chunk) [Related Party Disclosures and Financial Instruments](index=145&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements-Related%20Party%20Disclosures%20and%20Financial%20Instruments) The Group engages in significant related party transactions, including borrowings and deposits with associates, and procurement and sales with the controlling shareholder and fellow subsidiaries, with Note 47 specifically detailing cash movements between Henan Shengye and Tianrui Group, while Note 49 analyzes market, credit, and liquidity risks, providing fair value measurements for financial instruments - Note 47 discloses multiple significant transactions with controlling shareholders, associates, and fellow subsidiaries, specifically detailing cash movements between Henan Shengye and Tianrui Group and the recognition of related interest[467](index=467&type=chunk)[468](index=468&type=chunk) - Note 49.2 liquidity risk analysis indicates the Group's total undiscounted cash flows for financial liabilities are approximately **RMB 19.99 billion**, with the vast majority due within one year, posing significant liquidity pressure[493](index=493&type=chunk)[496](index=496&type=chunk) [Events After Reporting Period](index=168&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements-Events%20After%20Reporting%20Period) Subsequent to the reporting period, in January 2025, the Group completed a placement of **145 million** shares at **HKD 0.33** per share, raising net proceeds of approximately **RMB 44.26 million** for working capital supplementation - In January 2025, the Group completed a placement of **145 million** shares, raising net proceeds of approximately **RMB 44.26 million**[515](index=515&type=chunk) [Financial Summary](index=169&type=section&id=Financial%20Summary) This section provides a high-level overview of the Group's financial performance and position over the past five years [Five-Year Financial Data](index=169&type=section&id=Financial%20Summary-Five-Year%20Financial%20Data) The financial summary presents the Group's key performance and financial position over the past five years, showing a three-year consecutive decline in revenue since its 2021 peak, with profitability rebounding in 2024 from a 2023 low, though still significantly below 2020-2022 levels, and total assets decreasing in 2024 after peaking in 2023 Five-Year Consolidated Performance Summary (For the year ended December 31) | Item (RMB thousands) | 2024 | 2023 | 2022 | 2021 | 2020 | | :--- | :--- | :--- | :--- | :--- | :--- | | Revenue | 6,117,025 | 7,888,810 | 11,055,439 | 12,716,775 | 12,170,754 | | Profit/(Loss) Before Tax | 478,701 | (629,819) | 687,886 | 1,453,103 | 2,368,102 | | Profit/(Loss) Attributable to Owners of the Company | 279,412 | (633,875) | 448,690 | 1,200,590 | 1,860,580 | Five-Year Consolidated Financial Position Summary (As of December 31) | Item (RMB thousands) | 2024 | 2023 | 2022 | 2021 | 2020 | | :--- | :--- | :--- | :--- | :--- | :--- | | Total Assets | 37,215,106 | 40,573,494 | 32,343,592 | 32,658,235 | 32,439,501 | | Total Liabilities | 21,239,599 | 24,787,427 | 15,753,498 | 16,589,957 | 17,616,603 | | Total Equity | 15,975,507 | 15,786,067 | 16,590,094 | 16,068,278 | 14,822,898 |

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任 何部份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 （ 於 開 曼 群 島 註 冊 成 立 之 有 限 公 司 ） （股份代號： 8422） WT GROUP HOLDINGS LIMITED WT 集 團 控 股 有 限 公 司 年報之補充資料 茲提述WT 集團控股有限公司（「本公司」）截至2024年6月30日止年度的年度報告 （「2024年年報」）。除另有所指外，本公告所用詞彙與2024年年報所界定者具有相 同涵義。 除2024年年報中「購股權計劃」一節所披露的資料外，本公司董事會（「董事會」）謹 此提供以下有關購股權計劃詳情之資料。 可供發行股份數目 於2024年年報日期，因根據購股權計劃將予授出之所有購股權獲行使而可供發行 的股份總數為12,000,000股，相當於本公司於該日期已發行股本約10.0%。 執行董事 王美珍 香港，2025年8月1日 1 於本公告日期，董事會包括執行董事王美珍女士；獨立非執行董事陳倩華女士、 李藏玉女士及余達志先生。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公佈全部或任何部份內容而產生或因倚賴該等內 容而引致之任何損失承擔任何責任。 XINYI GLASS HOLDINGS LIMITED 信義玻璃控股有限公司 （於開曼群島註冊成立之有限公司） （股份代號：00868） 截至二零二五年六月三十日止六個月之 中期業績公告 | 財務摘要 | | | | | --- | --- | --- | --- | | | 截至六月三十日止六個月 | | | | | 二零二五年 | 二零二四年 | 變動 | | | 人民幣百萬元 | 人民幣百萬元 | | | | | （經重列） | | | 收益 | 9,821.3 | 10,881.7 | -9.7% | | 本公司股本權益 | | | | | 持有人應佔溢利 | 1,012.8 | 2,509.3 | -59.6% | | 每股盈利－基本 | 人民幣23.25分 | 人民幣59.41分 | -60.9% | | 每股中期股息 | 12.5港仙 | 31.0港仙 | -59.7% | – 3 – ...

[Clarification Announcement on Annual Results](index=1&type=section&id=Clarification%20Announcement%20on%20Annual%20Results) This announcement clarifies specific matters regarding NIU Holdings Limited's annual results announcement for the year ended March 31, 2025, originally published on July 31, 2025 [Announcement Background and Purpose](index=1&type=section&id=1.%20Announcement%20Background%20and%20Purpose) This announcement clarifies specific matters in NIU Holdings Limited's annual results for the year ended March 31, 2025, with all other original information remaining unchanged - This announcement aims to clarify the company's annual results announcement published on July 31, 2025[2](index=2&type=chunk) - All other information in the original annual results announcement remains unchanged, except for the matters disclosed in this clarification[5](index=5&type=chunk) [Key Clarifications](index=1&type=section&id=2.%20Key%20Clarifications) The announcement clarifies three key items: the company's discontinuation of its Chinese name, the effective date for the stock ticker change, and the start time of stock trading suspension [Corporate Name and Stock Ticker Change](index=1&type=section&id=2.1%20Corporate%20Name%20and%20Stock%20Ticker%20Change) The company will no longer use '飲食天王（環球）控股有限公司' as its Chinese dual foreign name, and the new stock ticker will be effective from 9:00 AM on August 18, 2025 - The company will no longer use its Chinese dual foreign name, and the former Chinese name '飲食天王（環球）控股有限公司' will be deleted[3](index=3&type=chunk) - The stock ticker for trading shares on the Stock Exchange will be effective from 9:00 AM on August 18, 2025[3](index=3&type=chunk) [Trading Suspension](index=2&type=section&id=2.2%20Trading%20Suspension) The company's shares have been suspended from trading on the Stock Exchange since 9:00 AM on Wednesday, July 2, 2025 - The company's shares have been suspended from trading on the Stock Exchange since 9:00 AM on Wednesday, July 2, 2025[4](index=4&type=chunk)

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就 因 本 公 告 全 部 或 任 何 部 份 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 Kafelaku Coffee Holding Limited 猫屎咖啡控股有限公司 （於開曼群島註冊成立之有限公司） （股份代號：1869） 有關截至二零二四年十二月三十一日止年度 年度業績公告之 補充公告 茲提述本公司日期為二零二五年三月三十一日有關截至二零二四年十二月 三 十 一 日 止 年 度 的 年 度 業 績 公 告（「該公告」）。除 另 有 指 明 外，本 公 告 所 用 詞 彙 與 該 公 告 所 界 定 者 具 有 相 同 涵 義。本 公 司 謹 就 該 公 告 內 的 行 動 計 劃 及 措 施 提 供 補 充 資 料 如 下： 董事會就無法發表意見之基礎的行動計劃及措施 就 獨 立 核 數 師 報 告「無 法 發 表 意 見 之 基 礎」一 節 所 述 事 項，本 ...

[Management Discussion and Analysis](index=5&type=section&id=Management%20Discussion%20and%20Analysis) This section analyzes the group's financial performance, liquidity, and capital resources, detailing operating results and key financial metrics [Overview and Business Segments](index=5&type=section&id=Overview%20and%20Business%20Segments) The group's revenue primarily stems from Content Solutions and Technology Products and Services, encompassing film conversion, cinema system sales, leasing, and maintenance - The Group's revenue primarily comes from two core business segments: Content Solutions (film conversion and distribution) and Technology Products and Services (cinema system sales, leasing, and maintenance)[10](index=10&type=chunk)[11](index=11&type=chunk)[12](index=12&type=chunk) 2025 Fiscal Year First Half Revenue by Segment | Segment | Revenue (Thousand USD) | % of Total Revenue | | :--- | :--- | :--- | | Content Solutions | 20,801 | 36.0% | | Technology Products and Services | 36,230 | 62.7% | | All Other | 771 | 1.3% | | **Total** | **57,802** | **100.0%** | 2025 Fiscal Year First Half Gross Profit by Segment | Segment | Gross Profit (Thousand USD) | Gross Margin (%) | | :--- | :--- | :--- | | Content Solutions | 19,197 | 92.3% | | Technology Products and Services | 20,686 | 57.1% | | All Other | 217 | 28.1% | | **Total** | **40,100** | **69.4%** | [Content Solutions](index=5&type=section&id=Content%20Solutions) Content Solutions revenue is generated from a percentage of box office receipts from Hollywood, Chinese, and other films converted to IMAX format - Content Solutions revenue is derived from a percentage of box office receipts from partner films (Hollywood, Chinese, etc.) converted and distributed to the IMAX cinema network[11](index=11&type=chunk) [Technology Products and Services](index=6&type=section&id=Technology%20Products%20and%20Services) Technology Products and Services revenue includes sales and leases of IMAX cinema systems, revenue-sharing, maintenance, and other cinema-related item sales - Technology Products and Services revenue comprises: - **Sales and Sales-Type Leases**: design, manufacturing, and installation fees for cinema systems - **Revenue-Sharing Arrangements**: leasing systems to exhibitors for future box office revenue sharing - **Maintenance Revenue**: ongoing maintenance, warranty, and technical support services - **Other Cinema Revenue**: aftermarket sales of 3D glasses, screens, and more[12](index=12&type=chunk)[14](index=14&type=chunk) [Comparative Operating Results](index=10&type=section&id=Comparative%20Operating%20Results) In H1 2025, total revenue grew 31.7% to $57.8 million, operating profit increased 93.7% to $30.2 million, and net profit rose 88.9% to $23.9 million, driven by Content Solutions' strong box office recovery and improved gross margins H1 2025 vs H1 2024 Operating Results | Metric (Thousand USD) | H1 2025 | H1 2024 | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Revenue | 57,802 | 43,901 | +31.7% | | Gross Profit | 40,100 | 25,102 | +59.8% | | Operating Profit | 30,196 | 15,592 | +93.7% | | Profit for the Period | 23,893 | 12,648 | +88.9% | | Adjusted Profit | 24,815 | 13,401 | +85.2% | - Revenue growth was primarily driven by an **$11.5 million increase** in Content Solutions revenue and a **$2.1 million increase** in Technology Products and Services revenue[26](index=26&type=chunk) [Revenue Comparison](index=11&type=section&id=Revenue%20Comparison) Total revenue increased by 31.7%, primarily driven by Content Solutions, which surged 123.7% to $20.8 million due to a 91.2% rise in IMAX format film box office to $205.5 million and higher-commission Chinese film box office share - Content Solutions revenue increased by **123.7% year-on-year**, primarily due to increased box office revenue and a higher proportion of local language films with higher commission rates; IMAX format film box office revenue increased by **91.2% year-on-year** to **$205.5 million**[27](index=27&type=chunk) - Technology Products and Services revenue increased by **6.2% year-on-year**, mainly due to a **$7 million increase** in revenue-sharing arrangements, partially offset by a **$5.5 million decrease** in sales and sales-type lease revenue[29](index=29&type=chunk) IMAX Cinema System Installations | Business Arrangement | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Sales and Sales-Type Lease Arrangements | 9 | 4 | | Revenue-Sharing Arrangements | 15 | 6 | | **Total** | **24** | **10** | [Cost of Sales Comparison](index=14&type=section&id=Cost%20of%20Sales%20Comparison) Total cost of sales decreased by 5.9% to $17.7 million, with Content Solutions' cost of sales falling 30.4% due to fewer Hollywood films screened and lower per-film costs, while Technology Products and Services' costs slightly decreased by 3.1% from reduced depreciation under revenue-sharing arrangements - The Group's total cost of sales decreased by **5.9%** from **$18.8 million** to **$17.7 million**[36](index=36&type=chunk) - Content Solutions' cost of sales decreased by **30.4%**, primarily due to fewer Hollywood films screened in mainland China and lower DMR conversion and marketing costs per film[37](index=37&type=chunk) [Gross Profit and Gross Margin Comparison](index=15&type=section&id=Gross%20Profit%20and%20Gross%20Margin%20Comparison) Group gross profit significantly increased by 59.8% to $40.1 million, with gross margin improving from 57.2% to 69.4%, primarily driven by Content Solutions' 174.3% gross profit growth to $19.2 million and 92.3% gross margin, reflecting network operating leverage - Overall group gross profit increased by **59.8% year-on-year**, with gross margin improving from **57.2%** to **69.4%**[43](index=43&type=chunk) - Content Solutions gross profit increased by **174.3%**, with gross margin rising from **75.4%** to **92.3%**, primarily due to operating leverage from **91.2% box office growth** and reduced costs[44](index=44&type=chunk) - Technology Products and Services gross profit increased by **14.4%**, with gross margin rising from **53.1%** to **57.1%**[45](index=45&type=chunk) [Other Expenses and Profit Comparison](index=16&type=section&id=Other%20Expenses%20and%20Profit%20Comparison) Selling, general, and administrative expenses slightly increased by 2.9%, other operating expenses rose due to higher licensing fees to IMAX Corporation from increased revenue, and financial asset impairment shifted from provision to reversal due to enhanced collection efforts, resulting in a period profit increase of 88.9% to $23.9 million - Selling, general, and administrative expenses slightly increased by **2.9%** to **$7 million**[50](index=50&type=chunk) - Financial asset impairment impact shifted from a **$0.4 million provision** in the prior period to a **$0.1 million reversal** in the current period, mainly due to enhanced collection efforts for trade receivables[52](index=52&type=chunk)[19](index=19&type=chunk) - Income tax expense increased by **86.8%** to **$7.1 million** due to a significant increase in profit before tax[55](index=55&type=chunk) - Profit for the period was **$23.9 million**, compared to **$12.6 million** in the prior period[56](index=56&type=chunk) [Liquidity and Capital Resources](index=18&type=section&id=Liquidity%20and%20Capital%20Resources) As of June 30, 2025, the group's net current assets increased to $191.3 million from $164.7 million at year-end 2024, with cash and cash equivalents rising to $94.2 million, reflecting capital management goals to ensure going concern, maximize shareholder returns, and maintain an optimal capital structure Liquidity Position (Thousand USD) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total Current Assets | 226,116 | 198,702 | | Total Current Liabilities | 34,839 | 34,014 | | **Net Current Assets** | **191,277** | **164,688** | | Cash and Cash Equivalents | 94,172 | 80,049 | - The increase in net current assets was primarily attributable to a **$15.4 million increase** in trade and other receivables and a **$14.1 million increase** in cash and cash equivalents[59](index=59&type=chunk) - Capital management objectives include safeguarding the ability to continue as a going concern, maximizing shareholder returns, and optimizing the capital structure to reduce the weighted average cost of capital[61](index=61&type=chunk) [Cash Flow Analysis](index=20&type=section&id=Cash%20Flow%20Analysis) In H1 2025, net cash from operating activities was $19.3 million, largely consistent with the prior period, while net cash used in investing activities was $3.2 million, primarily for cinema equipment under revenue-sharing arrangements, and net cash used in financing activities was $2.2 million, mainly for share repurchases and equity incentive settlements Condensed Cash Flow Statement (Thousand USD) | Cash Flow Activity | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Net Cash from Operating Activities | 19,295 | 19,657 | | Net Cash Used in Investing Activities | (3,187) | (3,216) | | Net Cash Used in Financing Activities | (2,209) | (1,492) | | **Increase in Cash and Cash Equivalents for the Period** | **14,123** | **14,746** | - Net cash inflow from operating activities was **$19.3 million**, primarily from **$31 million** in profit before tax, partially offset by working capital changes (mainly increased trade receivables) and taxes paid after adjusting for non-cash items[62](index=62&type=chunk) - Net cash outflow from investing activities was **$3.2 million**, primarily for the installation of IMAX cinema equipment under comprehensive revenue-sharing arrangements[64](index=64&type=chunk) - Net cash outflow from financing activities was **$2.2 million**, mainly for **$1.5 million** in share repurchases[66](index=66&type=chunk) [Capital Commitments and Working Capital](index=21&type=section&id=Capital%20Commitments%20and%20Working%20Capital) As of June 30, 2025, the group's capital commitments totaled $1.3 million, primarily for property, plant, and equipment acquisitions, with working capital needs met by operating cash flow and an unutilized RMB 400 million (approximately $55.8 million) unsecured revolving credit facility from Bank of China and HSBC - As of June 30, 2025, contracted but unprovided capital expenditure amounted to **$1.3 million**[69](index=69&type=chunk) - The Group has unsecured revolving credit facilities totaling up to **RMB 400 million** (approximately **$55.8 million**) with Bank of China and HSBC to meet working capital requirements[73](index=73&type=chunk) - As of June 30, 2025, the Group had no outstanding borrowing capital, bank overdrafts, or other similar debts[74](index=74&type=chunk)[78](index=78&type=chunk) [Key Financial Ratios and Dividends](index=24&type=section&id=Key%20Financial%20Ratios%20and%20Dividends) As of June 30, 2025, the capital-to-debt ratio decreased from 21.7% to 20.0% due to increased equity, while the adjusted profit margin significantly improved from 30.5% to 42.9%, and the board resolved not to declare an interim dividend for the six months ended June 30, 2025 Key Financial Ratios | Ratio | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Capital-to-Debt Ratio | 20.0% | 21.7% | | **Ratio** | **H1 2025** | **H1 2024** | | Adjusted Profit Margin | 42.9% | 30.5% | - The Board has resolved not to declare any interim dividend for the six months ended June 30, 2025[84](index=84&type=chunk) [Corporate Governance Summary and Other Information](index=26&type=section&id=Corporate%20Governance%20Summary%20and%20Other%20Information) This section outlines the company's share repurchase activities, adherence to corporate governance principles, and details on connected transactions and equity-based compensation plans [Share Repurchase and Corporate Governance](index=26&type=section&id=Share%20Repurchase%20and%20Corporate%20Governance) In the six months ended June 30, 2025, the company repurchased 1,495,900 listed shares for approximately HKD 11.27 million on the Stock Exchange, while maintaining high corporate governance standards and public float, with minor exceptions for director attendance at the AGM - For the six months ended June 30, 2025, the company repurchased **1,495,900 shares** on the Stock Exchange, totaling approximately **HKD 11.27 million**[87](index=87&type=chunk)[88](index=88&type=chunk) - The company is committed to maintaining high corporate governance practices and has complied with all code provisions of the Corporate Governance Code, with minor exceptions for certain directors' absence from the Annual General Meeting[91](index=91&type=chunk)[93](index=93&type=chunk) - The company has established Audit, Remuneration, and Nomination Board Committees to manage and oversee specific matters[97](index=97&type=chunk) [Connected Transactions](index=29&type=section&id=Connected%20Transactions) The group engages in various ongoing connected transactions with its controlling shareholder, IMAX Corporation and its subsidiaries, primarily involving equipment supply, technology and trademark licensing, and film DMR conversion and distribution services, which are fundamental to the group's operations and comply with Listing Rules - The Group has multiple ongoing connected transactions with its controlling shareholder, IMAX Corporation, which are crucial to the Group's business and cover technology, brand, equipment, and content services[104](index=104&type=chunk) H1 2025 Key Connected Transaction Amounts (Thousand USD) | Transaction Type | Payable to IMAX Corp. | Receivable from IMAX Corp. | | :--- | :--- | :--- | | Equipment Supply | 3,768 | - | | Master Distribution Agreement (Hollywood Films) | 1,277 | 3,255 | | DMR Services (Chinese Films) | 504 | 347 | | Technology License | 1,803 | - | | Trademark License | 1,202 | - | | Enhanced Business | 64 | 722 | [Discloseable and Announceable Connected Transactions](index=29&type=section&id=Discloseable%20and%20Announceable%20Connected%20Transactions) These transactions require disclosure and announcement under Listing Rules but are exempt from independent shareholder approval, including trademark and technology licensing, DMR services, and Enhanced business agreements, forming the framework for the group's core technology, brand authorization, content production, and back-office support - Trademark License Agreement: IMAX Corporation grants the Group exclusive rights to use IMAX-related trademarks in Greater China, with a fee of **2% of total revenue**; approximately **$1.202 million** was paid in H1 2025[111](index=111&type=chunk)[121](index=121&type=chunk)[124](index=124&type=chunk) - Technology License Agreement: IMAX Corporation grants the Group exclusive rights to use related equipment and service technologies, with a fee of **3% of total revenue**; approximately **$1.803 million** was paid in H1 2025[126](index=126&type=chunk)[137](index=137&type=chunk)[139](index=139&type=chunk) - DMR Services Agreement: IMAX Corporation provides DMR conversion services for Chinese films, with a fee of actual cost plus **10%**; approximately **$0.504 million** was paid in H1 2025[143](index=143&type=chunk)[147](index=147&type=chunk)[150](index=150&type=chunk) - Enhanced Business Agreement: The Group collaborates with IMAX Corporation to develop the IMAX Enhanced business, involving license fee payments and revenue sharing; in H1 2025, the Group paid approximately **$0.064 million** in license fees and received approximately **$0.722 million** in revenue sharing[168](index=168&type=chunk)[173](index=173&type=chunk) [Discloseable, Announceable, and Shareholder Approved Connected Transactions](index=48&type=section&id=Discloseable%2C%20Announceable%2C%20and%20Shareholder%20Approved%20Connected%20Transactions) These transactions, due to their significant value, require disclosure, announcement, and shareholder approval (though exempted), primarily including the Equipment Supply Agreement and Master Distribution Agreement, which are core channels for the group to acquire IMAX cinema system hardware and Hollywood film content - Equipment Supply Agreement: IMAX Corporation supplies cinema system-related equipment to the Group, with a purchase price of actual cost plus **10%**; in H1 2025, the Group paid approximately **$3.768 million** for equipment for **24 systems**[185](index=185&type=chunk)[188](index=188&type=chunk)[189](index=189&type=chunk) - Master Distribution Agreement: IMAX Corporation provides Hollywood films for screening in Greater China, with the Group paying a fixed conversion fee and receiving a portion of box office revenue; in H1 2025, the Group paid **$1.277 million** in conversion fees for **8 films** and received **$3.255 million** in revenue[192](index=192&type=chunk)[197](index=197&type=chunk)[204](index=204&type=chunk) [Equity and Remuneration](index=57&type=section&id=Equity%20and%20Remuneration) This report discloses shareholdings of directors, key executives, and major shareholders in the company and its associated corporations (IMAX Corporation), detailing the group's comprehensive remuneration policy and long-term incentive plans, including share option, RSU, and PSU schemes, designed to attract and motivate talent - Disclosures include shareholdings of directors, key executives, and major shareholders (IMAX Corporation and its subsidiaries) in the company[207](index=207&type=chunk)[213](index=213&type=chunk) - The Group's remuneration policy aims to attract and retain talent by linking compensation to the Group's annual performance[215](index=215&type=chunk) - The Group has three long-term incentive sub-plans: Share Option Scheme, Restricted Share Unit (RSU) Scheme, and Performance Share Unit (PSU) Scheme[218](index=218&type=chunk)[220](index=220&type=chunk) [Long-Term Incentive Plan Details](index=59&type=section&id=Long-Term%20Incentive%20Plan%20Details) The group's long-term incentive plan comprises three sub-plans, with 654,265 unexercised share options, 1,793,004 unexercised RSUs, and 663,969 unexercised PSUs as of June 30, 2025, and 1,097,339 new RSUs and 180,930 new PSUs granted to directors, executives, and employees during the period Outstanding Equity Incentives as of June 30, 2025 | Plan Type | Outstanding Quantity | | :--- | :--- | | Share Option Scheme | 654,265 | | Restricted Share Unit Scheme | 1,793,004 | | Performance Share Unit Scheme | 663,969 | - For the six months ended June 30, 2025, the company granted **1,097,339 new Restricted Share Units (RSUs)** and **180,930 new Performance Share Units (PSUs)**[248](index=248&type=chunk)[263](index=263&type=chunk) [Interim Financial Information](index=74&type=section&id=Interim%20Financial%20Information) This section presents the interim financial statements, including the review report, condensed consolidated statements of comprehensive income, financial position, changes in equity, and cash flows, along with detailed notes on accounting policies, financial risk management, and related party transactions [Review Report on Interim Financial Information](index=74&type=section&id=Review%20Report%20on%20Interim%20Financial%20Information) PricewaterhouseCoopers has reviewed the group's interim financial information in accordance with International Standard on Review Engagements 2410, concluding that nothing came to their attention causing them to believe the interim financial information is not prepared in all material respects in accordance with International Accounting Standard 34 - PricewaterhouseCoopers, the auditor, has reviewed the interim financial information and issued a conclusion[278](index=278&type=chunk) - Conclusion: Nothing came to the auditor's attention causing them to believe the interim financial information is not prepared in all material respects in accordance with International Accounting Standard 34[280](index=280&type=chunk) [Condensed Consolidated Interim Financial Statements](index=75&type=section&id=Condensed%20Consolidated%20Interim%20Financial%20Statements) This section presents the four core financial statements for the six months ended June 30, 2025: the statement of comprehensive income, statement of financial position, statement of changes in equity, and statement of cash flows, reflecting strong revenue and profit growth, expanded assets, and a healthy cash position Condensed Consolidated Interim Statement of Comprehensive Income (Thousand USD) | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Revenue | 57,802 | 43,901 | | Gross Profit | 40,100 | 25,102 | | Operating Profit | 30,196 | 15,592 | | **Profit for the Period Attributable to Owners of the Company** | **23,893** | **12,648** | | Basic Earnings Per Share (USD) | 0.07 | 0.04 | Condensed Consolidated Interim Statement of Financial Position (Thousand USD) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total Assets | 358,266 | 333,573 | | Total Liabilities | 59,826 | 59,469 | | **Total Equity** | **298,440** | **274,104** | Condensed Consolidated Interim Statement of Cash Flows (Thousand USD) | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Net Cash from Operating Activities | 19,295 | 19,657 | | Net Cash Used in Investing Activities | (3,187) | (3,216) | | Net Cash Used in Financing Activities | (2,209) | (1,492) | | **Cash and Cash Equivalents at End of Period** | **94,172** | **77,457** | [Notes to Condensed Consolidated Interim Financial Information](index=81&type=section&id=Notes%20to%20Condensed%20Consolidated%20Interim%20Financial%20Information) These notes provide detailed explanations and supplementary information on accounting policies, financial risk management, significant accounting estimates, segment information, and various asset, liability, and profit/loss items, with a focus on revenue segment breakdown, financial risks (market, credit, liquidity), equity incentive accounting, and detailed related party transactions with IMAX Corporation - Financial Risk Management: The Group faces market risks (foreign exchange, interest rate), credit risk, and liquidity risk, with corresponding policies in place; credit risk includes concentration risk due to revenue and receivables from a few major customers[308](index=308&type=chunk)[314](index=314&type=chunk) - Revenue and Segment Information (Note 7): Details revenue, cost, and gross profit for Content Solutions and Technology Products and Services segments; in H1 2025, revenue from two major customers each accounted for over **10% of total revenue**[344](index=344&type=chunk)[350](index=350&type=chunk)[351](index=351&type=chunk) - Share-Based Payments (Note 16c): Discloses activity for options, RSUs, and PSUs under the China Long-Term Incentive Plan and IMAX Long-Term Incentive Plan, including outstanding at beginning, granted, vested, forfeited, and outstanding at end of period[369](index=369&type=chunk)[372](index=372&type=chunk)[376](index=376&type=chunk)[383](index=383&type=chunk) - Related Party Transactions (Note 24): Quantifies various transactions with controlling shareholder IMAX Corporation, including cinema system purchases, film-related transactions, management fees, trademark and technology fees, and revenue sharing[415](index=415&type=chunk)

[Financial Highlights](index=1&type=section&id=Financial%20Highlights) Xinyi Solar Holdings Limited reported interim results for the six months ended June 30, 2025, with revenue down 6.5% to RMB 10,931.8 million, profit attributable to equity holders significantly decreasing by 58.8% to RMB 745.8 million, basic EPS at RMB 8.21 cents, and an interim dividend of 4.2 HK cents per share | Metric | Six Months Ended June 30, 2025 (RMB million) | Six Months Ended June 30, 2024 (RMB million) | Change | | :--- | :--- | :--- | :--- | | Revenue | 10,931.8 | 11,693.9 | -6.5% | | Profit attributable to equity holders of the Company | 745.8 | 1,810.8 | -58.8% | | Earnings per share - Basic | RMB 8.21 cents | RMB 20.33 cents | -59.6% | | Interim dividend per share | 4.2 HK cents | 10.0 HK cents | -58.0% | [Condensed Consolidated Statement of Profit or Loss](index=2&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) For the six months ended June 30, 2025, the Group's revenue decreased to RMB 10,931,769 thousand from RMB 11,693,929 thousand in the prior period, with gross profit, operating profit, and profit for the period all significantly declining, resulting in profit attributable to equity holders of RMB 745,755 thousand | Metric | Six Months Ended June 30, 2025 (RMB thousand) | Six Months Ended June 30, 2024 (RMB thousand) | | :--- | :--- | :--- | | Revenue | 10,931,769 | 11,693,929 | | Cost of sales | (8,933,233) | (8,553,752) | | Gross profit | 1,998,536 | 3,140,177 | | Operating profit | 1,295,598 | 2,643,978 | | Profit before income tax | 1,142,902 | 2,454,933 | | Income tax expense | (139,791) | (467,051) | | Profit for the period | 1,003,111 | 1,987,882 | | Profit attributable to equity holders of the Company | 745,755 | 1,810,808 | | Profit attributable to non-controlling interests | 257,356 | 177,074 | | Basic and diluted earnings per share (RMB cents) | 8.21 | 20.33 | [Condensed Consolidated Statement of Comprehensive Income](index=3&type=section&id=Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) For the six months ended June 30, 2025, the Group's total comprehensive income for the period decreased to RMB 1,145,190 thousand from RMB 1,860,212 thousand in the prior period, primarily due to foreign currency translation differences shifting from income to loss | Metric | Six Months Ended June 30, 2025 (RMB thousand) | Six Months Ended June 30, 2024 (RMB thousand) | | :--- | :--- | :--- | | Profit for the period | 1,003,111 | 1,987,882 | | Items that will not be reclassified to profit or loss: Foreign currency translation differences | (248,330) | 137,418 | | Items that may be reclassified subsequently to profit or loss: Foreign currency translation differences | 391,728 | (266,557) | | Share of other comprehensive income of investments accounted for using the equity method | (1,319) | 1,469 | | Total comprehensive income for the period | 1,145,190 | 1,860,212 | | Total comprehensive income attributable to equity holders of the Company | 888,542 | 1,759,939 | | Total comprehensive income attributable to non-controlling interests | 256,648 | 100,273 | [Condensed Consolidated Statement of Financial Position](index=4&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's total assets increased by 3.1% to RMB 58,704,168 thousand compared to December 31, 2024, with significant increases in trade receivables and cash and cash equivalents within current assets, while inventories and bills receivables decreased, and total equity and total liabilities also increased | Metric | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | **ASSETS** | | | | Total non-current assets | 38,736,619 | 39,369,543 | | Total current assets | 19,967,549 | 17,562,941 | | **TOTAL ASSETS** | **58,704,168** | **56,932,484** | | **EQUITY** | | | | Capital and reserves attributable to equity holders of the Company | 29,949,177 | 29,051,790 | | Non-controlling interests | 5,509,201 | 5,356,082 | | **TOTAL EQUITY** | **35,458,378** | **34,407,872** | | **LIABILITIES** | | | | Total non-current liabilities | 7,942,843 | 7,180,740 | | Total current liabilities | 15,302,947 | 15,343,872 | | **TOTAL LIABILITIES** | **23,245,790** | **22,524,612** | | **TOTAL EQUITY AND LIABILITIES** | **58,704,168** | **56,932,484** | - Trade receivables within current assets increased from RMB 8,541,364 thousand to **RMB 10,110,382 thousand**, and cash and cash equivalents significantly increased from RMB 821,606 thousand to **RMB 2,865,456 thousand**[7](index=7&type=chunk) - Inventories decreased from RMB 2,856,039 thousand to **RMB 1,973,654 thousand**, and bills receivables measured at amortized cost decreased from RMB 3,046,843 thousand to **RMB 2,485,518 thousand**[7](index=7&type=chunk) [Condensed Consolidated Statement of Changes in Equity](index=6&type=section&id=Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) For the six months ended June 30, 2025, total equity attributable to equity holders of the Company increased from RMB 29,051,790 thousand at the beginning of the year to RMB 29,949,177 thousand, primarily driven by profit for the period and positive foreign currency translation differences, partially offset by dividends paid to non-controlling interests | Item | Share Capital (RMB thousand) | Share Premium (RMB thousand) | Other Reserves (RMB thousand) | Retained Earnings (RMB thousand) | Total Attributable to Equity Holders of the Company (RMB thousand) | Non-controlling Interests (RMB thousand) | Total Equity (RMB thousand) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Balance at January 1, 2025 | 738,830 | 5,595,254 | 4,553,181 | 18,164,525 | 29,051,790 | 5,356,082 | 34,407,872 | | Profit for the period | — | — | — | 745,755 | 745,755 | 257,356 | 1,003,111 | | Other comprehensive income | — | — | 142,787 | — | 142,787 | (708) | 142,079 | | Total comprehensive income for the period | — | — | 142,787 | 745,755 | 888,542 | 256,648 | 1,145,190 | | Employee share option scheme | — | — | 5,390 | 946 | 6,336 | 80 | 6,416 | | Dividends payable to non-controlling interests | — | — | — | — | — | (100,339) | (100,339) | | Balance at June 30, 2025 | 738,830 | 5,595,254 | 4,709,519 | 18,905,574 | 29,949,177 | 5,509,201 | 35,458,378 | [Condensed Consolidated Statement of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) For the six months ended June 30, 2025, the Group's net cash generated from operating activities significantly increased to RMB 1,567,444 thousand, net cash used in investing activities substantially decreased due to slower capital expenditure, and net cash generated from financing activities increased, primarily from the issuance of fixed-rate bonds and new borrowings | Metric | Six Months Ended June 30, 2025 (RMB thousand) | Six Months Ended June 30, 2024 (RMB thousand) | | :--- | :--- | :--- | | Net cash generated from operating activities | 1,567,444 | 1,144,891 | | Net cash used in investing activities | (1,054,556) | (2,761,774) | | Net cash generated from financing activities | 1,534,063 | 931,461 | | Net increase/(decrease) in cash and cash equivalents | 2,046,951 | (685,422) | | Cash and cash equivalents at end of period | 2,865,456 | 1,897,313 | - The increase in net cash generated from operating activities was primarily attributable to increased cash from operations and reduced income tax paid[11](index=11&type=chunk) - The decrease in net cash used in investing activities was mainly due to a significant reduction in payments for the purchase of property, plant and equipment, from RMB 2,733,440 thousand to **RMB 1,126,014 thousand**[12](index=12&type=chunk) - The increase in net cash generated from financing activities was primarily due to net proceeds of **RMB 799,040 thousand** from the issuance of fixed-rate bonds[13](index=13&type=chunk) [Notes to the Condensed Consolidated Financial Information](index=10&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Information) This section details the Group's financial statement notes, covering company overview, accounting policies, segment information, revenue and expense breakdowns, taxes, dividends, asset and liability changes, related party transactions, and fair value estimates, providing deeper context for understanding the Group's financial position and operating results [1 General Information](index=10&type=section&id=1%20General%20Information) Xinyi Solar Holdings Limited and its subsidiaries primarily engage in the production and sale of solar glass products and the development and operation of solar power plants in China, with this interim financial information presented in RMB thousand and approved for issue by the Board of Directors - The Group's principal activities are the manufacture and sale of solar glass products, and the development and operation of solar power plants[14](index=14&type=chunk) - The financial information is presented in **RMB thousand** and was approved for issue by the Board of Directors on August 1, 2025[14](index=14&type=chunk) [2 Basis of Preparation and Accounting Policies](index=10&type=section&id=2%20Basis%20of%20Preparation%20and%20Accounting%20Policies) This interim financial information is prepared in accordance with HKAS 34 and should be read in conjunction with the annual financial statements, with the Group having changed its presentation currency from HKD to RMB and restated comparative amounts, while new standards adopted in the period had no material impact and those not yet effective are being assessed - This interim financial information is prepared in accordance with **Hong Kong Accounting Standard 34 "Interim Financial Reporting"**[15](index=15&type=chunk) - The presentation currency of the Group's consolidated financial statements has been changed from **HKD to RMB**, and comparative amounts have been restated[16](index=16&type=chunk) - The Group first adopted **HKAS 21 and HKFRS 1 (Amendments)** on January 1, 2025, with no material impact[18](index=18&type=chunk) - The Group is assessing the impact of new standards (amendments) issued but not yet effective, with preliminary assessment indicating no significant impact[19](index=19&type=chunk) [3 Revenue and Segment Information](index=12&type=section&id=3%20Revenue%20and%20Segment%20Information) The Group's total revenue for the first half of 2025 was RMB 10,931,769 thousand, primarily from solar glass sales and solar farm business, with solar glass sales revenue decreasing by 7.3% year-on-year while solar farm business revenue slightly increased by 0.7%, and Mainland China remained the main market but with a reduced share, as North America and Europe markets grew significantly Revenue by Product Category | Product Category | Six Months Ended June 30, 2025 (RMB thousand) | Six Months Ended June 30, 2024 (RMB thousand) | | :--- | :--- | :--- | | Solar glass sales | 9,474,148 | 10,221,499 | | Solar farm business | 1,437,551 | 1,427,923 | | Others | 20,070 | 44,507 | | **Total Revenue** | **10,931,769** | **11,693,929** | - The Group has two main operating segments: solar glass sales and solar farm business, with segment performance assessed based on gross profit[21](index=21&type=chunk) Segment Gross Profit | Segment | Six Months Ended June 30, 2025 (RMB thousand) | Six Months Ended June 30, 2024 (RMB thousand) | | :--- | :--- | :--- | | Solar glass sales | 1,079,400 | 2,196,821 | | Solar farm business | 913,435 | 936,242 | | Other segments | — | — | | Unallocated | 5,701 | 7,114 | | **Total Gross Profit** | **1,998,536** | **3,140,177** | Revenue by Geographical Region (First Half 2025) | Region | Solar Glass Sales (RMB thousand) | Solar Farm Business (RMB thousand) | Others (RMB thousand) | Total (RMB thousand) | | :--- | :--- | :--- | :--- | :--- | | Mainland China | 6,482,850 | 1,436,543 | 13,072 | 7,932,465 | | Other Asia | 2,033,644 | — | — | 2,033,644 | | North America and Europe | 763,489 | 1,008 | 6,998 | 771,495 | | Others | 194,165 | — | — | 194,165 | | **Total** | **9,474,148** | **1,437,551** | **20,070** | **10,931,769** | - As of June 30, 2025, the Group's total assets were **RMB 58,704,168 thousand**, and total liabilities were **RMB 23,245,790 thousand**[26](index=26&type=chunk) [4 Other Income](index=17&type=section&id=4%20Other%20Income) In the first half of 2025, the Group's other income increased to RMB 200,285 thousand, primarily driven by higher government grants and insurance compensation income, partially offset by reduced scrap sales and supplier compensation income | Item | Six Months Ended June 30, 2025 (RMB thousand) | Six Months Ended June 30, 2024 (RMB thousand) | | :--- | :--- | :--- | | Government grants | 116,582 | 65,034 | | Scrap sales | 40,180 | 64,706 | | Insurance compensation income | 22,936 | 4,585 | | Tariff adjustment for self-use solar power systems | 8,271 | 1,642 | | Supplier compensation income | 2,334 | 13,010 | | Others | 9,982 | 10,118 | | **Total** | **200,285** | **159,095** | [5 Net Other Losses](index=17&type=section&id=5%20Net%20Other%20Losses) In the first half of 2025, the Group's net other losses increased to RMB 66,737 thousand, mainly due to net foreign exchange losses shifting from gains to losses, and losses from the disposal of bills receivables measured at fair value through other comprehensive income | Item | Six Months Ended June 30, 2025 (RMB thousand) | Six Months Ended June 30, 2024 (RMB thousand) | | :--- | :--- | :--- | | Net foreign exchange (loss)/gain | (47,410) | 8,381 | | Loss on disposal of bills receivables measured at fair value through other comprehensive income | (13,663) | (30,386) | | Loss on disposal of property, plant and equipment | (7,729) | (10,414) | | Net fair value gain/(loss) on financial assets at fair value through profit or loss | 2,553 | (4,864) | | Others | (488) | — | | **Total** | **(66,737)** | **(37,283)** | [6 Expenses by Nature](index=18&type=section&id=6%20Expenses%20by%20Nature) In the first half of 2025, the Group's total expenses increased to RMB 9,449,581 thousand from RMB 9,152,704 thousand in the prior period, with depreciation of property, plant and equipment and transportation costs significantly rising, while inventory costs and R&D expenses remained relatively stable or slightly decreased | Item | Six Months Ended June 30, 2025 (RMB thousand) | Six Months Ended June 30, 2024 (RMB thousand) | | :--- | :--- | :--- | | Depreciation of property, plant and equipment | 1,083,603 | 882,728 | | Employee benefit expenses | 597,271 | 592,689 | | Cost of inventories | 6,706,803 | 6,707,539 | | Transportation costs | 442,483 | 348,117 | | Research and development expenses | 279,720 | 301,035 | | **Total** | **9,449,581** | **9,152,704** | [7 Finance Income and Costs](index=19&type=section&id=7%20Finance%20Income%20and%20Costs) In the first half of 2025, the Group's finance income was RMB 5,944 thousand, primarily from bank deposit interest, while finance costs were RMB 173,065 thousand (RMB 204,225 thousand before capitalization), a decrease from the prior period mainly due to lower interest on borrowings | Item | Six Months Ended June 30, 2025 (RMB thousand) | Six Months Ended June 30, 2024 (RMB thousand) | | :--- | :--- | :--- | | **FINANCE INCOME** | | | | Interest income from bank deposits | 5,632 | 18,378 | | Interest income from loans to investments accounted for using the equity method | 312 | — | | **Total Finance Income** | **5,944** | **18,378** | | **FINANCE COSTS** | | | | Interest on lease liabilities | 28,856 | 30,973 | | Interest on borrowings | 175,182 | 230,090 | | Interest on fixed-rate bonds | 187 | — | | Less: Amount capitalised on qualifying assets | (31,160) | (40,121) | | **Total Finance Costs** | **173,065** | **220,942** | [8 Income Tax Expense](index=19&type=section&id=8%20Income%20Tax%20Expense) In the first half of 2025, the Group's income tax expense significantly decreased to RMB 139,791 thousand, primarily due to reduced China corporate income tax, as the Group benefits from preferential tax rates for high-tech and encouraged enterprises in China, and some solar farm projects enjoy tax exemptions or reductions | Item | Six Months Ended June 30, 2025 (RMB thousand) | Six Months Ended June 30, 2024 (RMB thousand) | | :--- | :--- | :--- | | Current income tax | 191,275 | 485,868 | | Deferred income tax | (51,484) | (18,817) | | **Income Tax Expense** | **139,791** | **467,051** | - The corporate income tax rate applicable to the Group's major subsidiaries in China is **25%**, but those qualified as "High and New Technology Enterprises" or "Encouraged Enterprises" enjoy a preferential tax rate of **15%**[35](index=35&type=chunk) - Subsidiaries engaged in operating and managing solar power plants enjoy a **full exemption from corporate income tax for the first three years**, followed by a **50% reduction for the next three years**[35](index=35&type=chunk) - A Malaysian subsidiary, due to its qualifying status, enjoys an investment tax allowance, with a deferred tax asset of **RMB 70,947 thousand** recognized[35](index=35&type=chunk) [9 Earnings Per Share](index=21&type=section&id=9%20Earnings%20Per%20Share) In the first half of 2025, the Group's basic earnings per share were RMB 8.21 cents, a significant decrease from RMB 20.33 cents in the prior period, with diluted earnings per share being the same as basic earnings per share due to the absence of potential dilutive shares | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Profit attributable to equity holders of the Company (RMB thousand) | 745,755 | 1,810,808 | | Weighted average number of ordinary shares in issue (thousand shares) | 9,078,447 | 8,907,292 | | Basic earnings per share (RMB cents) | 8.21 | 20.33 | - Diluted earnings per share are equal to basic earnings per share as there are no potential dilutive shares[37](index=37&type=chunk) [10 Dividends](index=21&type=section&id=10%20Dividends) The Board of Directors has resolved to declare an interim dividend of 4.2 HK cents per share for the first half of 2025, a reduction from 10.0 HK cents in the prior period, which will be deducted from retained earnings for the year ending December 31, 2025 | Item | Six Months Ended June 30, 2025 (RMB thousand) | Six Months Ended June 30, 2024 (RMB thousand) | | :--- | :--- | :--- | | Proposed interim dividend of 4.2 HK cents per share (2024: 10.0 HK cents) | 348,580 | 827,585 | | Final dividend for 2023 of 10.0 HK cents per share | — | 1,237,183 | - The 2025 interim dividend amount is calculated based on **9,078,447,365 shares** in issue as of June 30, 2025[38](index=38&type=chunk) [11 Property, Plant and Equipment](index=22&type=section&id=11%20Property,%20Plant%20and%20Equipment) As of June 30, 2025, the Group's net book value of property, plant and equipment was RMB 35,466,514 thousand, with an impairment loss of RMB 313,667 thousand recognized during the period, primarily due to the termination of operations for some production facilities in the solar glass segment caused by supply-demand imbalance | Item | Six Months Ended June 30, 2025 (RMB thousand) | | :--- | :--- | | Net book value at January 1 | 36,167,785 | | Additions | 716,777 | | Depreciation expense | (1,110,987) | | Impairment loss | (313,667) | | Net book value at June 30 | 35,466,514 | - The impairment loss primarily relates to idle facilities in the solar glass segment no longer suitable for production, due to market supply-demand imbalance leading to termination of operations[39](index=39&type=chunk) [12 Right-of-use Assets](index=23&type=section&id=12%20Right-of-use%20Assets) As of June 30, 2025, the Group's net book value of right-of-use assets was RMB 2,187,970 thousand, a slight increase from the beginning of the year, mainly due to additions offsetting the impact of depreciation expense and foreign currency translation differences | Item | Six Months Ended June 30, 2025 (RMB thousand) | | :--- | :--- | | Net book value at January 1 | 2,175,439 | | Additions | 72,567 | | Depreciation expense | (52,557) | | Foreign currency translation differences | (7,479) | | Net book value at June 30 | 2,187,970 | [13 Investments Accounted for Using the Equity Method](index=23&type=section&id=13%20Investments%20Accounted%20for%20Using%20the%20Equity%20Method) As of June 30, 2025, the Group's investments accounted for using the equity method amounted to RMB 257,567 thousand, an increase from the beginning of the year, primarily due to the contribution from its share of net profit | Item | Six Months Ended June 30, 2025 (RMB thousand) | | :--- | :--- | | At January 1 | 244,455 | | Share of net profit | 14,425 | | Foreign currency translation differences | (1,313) | | At June 30 | 257,567 | [14 Trade and Bills Receivables](index=24&type=section&id=14%20Trade%20and%20Bills%20Receivables) As of June 30, 2025, the Group's net trade receivables increased to RMB 10,110,382 thousand, primarily from tariff adjustment payments for solar farm business, while total bills receivables decreased, but bills receivables measured at fair value through other comprehensive income significantly increased | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Net trade receivables | 10,110,382 | 8,541,364 | | Net bills receivables measured at amortized cost | 2,485,518 | 3,046,843 | | Bills receivables measured at fair value through other comprehensive income | 797,296 | 280,756 | - Among trade receivables, tariff adjustment payments for solar farm business accounted for the largest portion, reaching **RMB 5,342,523 thousand**[42](index=42&type=chunk) Ageing Analysis of Trade Receivables (June 30, 2025) | Ageing | Amount (RMB thousand) | | :--- | :--- | | 0 to 90 days | 9,569,581 | | 91 to 180 days | 579,843 | | 181 to 365 days | 16,443 | | One to two years | 17,883 | | Over two years | 2,760 | | **Total** | **10,186,510** | - The credit period for solar glass sales is generally within **90 days**, while tariff adjustment receivables for solar farm business will be collected through the State Grid Corporation in accordance with government policies[45](index=45&type=chunk) [15 Prepayments, Deposits and Other Receivables](index=26&type=section&id=15%20Prepayments,%20Deposits%20and%20Other%20Receivables) As of June 30, 2025, the Group's current portion of prepayments, deposits, and other receivables was RMB 1,245,839 thousand, a decrease from December 31, 2024, primarily due to reductions in prepayments and other tax receivables | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Prepayments | 674,029 | 783,781 | | Deposits and other receivables | 84,914 | 72,554 | | Other tax receivables | 907,965 | 1,056,030 | | Less: Non-current portion | (420,063) | (415,867) | | Less: Loss allowance for deposits and other receivables | (1,006) | (1,875) | | **Current Portion** | **1,245,839** | **1,494,623** | - Other tax receivables primarily refer to recoverable **Value Added Tax (VAT)** amounts[46](index=46&type=chunk) [16 Trade and Bills Payables and Other Payables](index=27&type=section&id=16%20Trade%20and%20Bills%20Payables%20and%20Other%20Payables) As of June 30, 2025, the Group's total trade and bills payables and other payables amounted to RMB 6,164,626 thousand, a decrease from December 31, 2024, primarily due to reductions in trade payables and accrued expenses and other payables | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Trade payables | 1,668,477 | 2,442,951 | | Bills payables | 1,189,491 | 1,035,623 | | Accrued expenses and other payables | 3,306,658 | 3,653,731 | | **Total** | **6,164,626** | **7,132,305** | Ageing Analysis of Trade Payables (June 30, 2025) | Ageing | Amount (RMB thousand) | | :--- | :--- | | 0 to 90 days | 1,185,682 | | 91 to 180 days | 468,144 | | 181 to 365 days | 6,155 | | Over one year | 8,496 | | **Total** | **1,668,477** | - Bills payables are due within **six months**[47](index=47&type=chunk) [17 Share Capital and Share Premium](index=27&type=section&id=17%20Share%20Capital%20and%20Share%20Premium) For the six months ended June 30, 2025, there was no change in the Company's share capital and share premium - The Company's share capital and share premium remained unchanged in the first half of 2025[48](index=48&type=chunk) [18 Borrowings](index=28&type=section&id=18%20Borrowings) As of June 30, 2025, the Group's total borrowings increased to RMB 13,205,390 thousand, primarily from unsecured bank borrowings and newly issued unsecured fixed-rate bonds, with most borrowings denominated in RMB and bearing floating interest rates at an effective annual rate of 2.58% | Item | June 30, 2025 (RMB thousand) | December 31, 2024 (RMB thousand) | | :--- | :--- | :--- | | Unsecured bank borrowings | 12,405,390 | 11,639,790 | | Unsecured fixed-rate bonds | 800,000 | — | | **Total Borrowings** | **13,205,390** | **11,640,054** | Maturity of Bank and Other Borrowings (June 30, 2025) | Maturity | Amount (RMB thousand) | | :--- | :--- | | Repayable on demand and within one year | 6,913,969 | | One to two years | 1,041,223 | | Two to five years | 2,550,452 | | Over five years | 2,699,746 | | **Total** | **13,205,390** | - As of June 30, 2025, most bank and other borrowings bore floating interest rates, with an effective annual interest rate of **2.58%** (December 31, 2024: 3.25%)[50](index=50&type=chunk)[52](index=52&type=chunk) - The Company issued **RMB 800 million** of three-year fixed-rate bonds in June 2025, with an annual interest rate of **2.1%**[52](index=52&type=chunk) - As of June 30, 2025, the total unsecured bank facilities granted to the Group's subsidiaries amounted to **RMB 18,503,770 thousand**, with **RMB 12,429,994 thousand** utilized[53](index=53&type=chunk) [20 Transactions with Non-controlling Interests](index=30&type=section&id=20%20Transactions%20with%20Non-controlling%20Interests) In March 2025, the Group's wholly-owned subsidiary completed the disposal of its entire equity interest in Wuhu Xintu New Energy Co, Ltd to Xinyi Energy for a cash consideration of RMB 14.8 million, resulting in a reduction of non-controlling interests by RMB 3.27 million - The Group disposed of its entire equity interest in Wuhu Xintu New Energy Co, Ltd to Xinyi Energy for a consideration of **RMB 14.8 million**[54](index=54&type=chunk) - Following the disposal, the Company's indirect equity interest in Wuhu Xintu decreased from **100% to 51.62%**, but control was not lost[54](index=54&type=chunk) - The Group recognized a transaction with non-controlling interests, resulting in a reduction of non-controlling interests by **RMB 3.27 million** related to the disposal[54](index=54&type=chunk) [21 Related Party Transactions](index=30&type=section&id=21%20Related%20Party%20Transactions) The Group engages in various related party transactions with its controlling shareholder and associated companies, including procurement of machinery, ocean freight, sale of silica sand, procurement of glass products, rental payments, and solar farm management fees, and as of June 30, 2025, the Group had outstanding receivables and payables with related parties - The controlling shareholder collectively owns **26.79%** of the Company's shares, and Xinyi Glass and its subsidiaries hold **23.68%** of the shares[55](index=55&type=chunk) Related Party Transactions with Subsidiaries of Xinyi Glass (First Half 2025) | Transaction Type | Six Months Ended June 30, 2025 (RMB thousand) | Six Months Ended June 30, 2024 (RMB thousand) | | :--- | :--- | :--- | | Procurement of machinery | 798 | 74,949 | | Ocean freight | 15,386 | 4,570 | | Sale of silica sand | 611 | 35,936 | | Procurement of glass products | 1,081 | 3,252 | | Rental expenses paid | 1,574 | 1,690 | | Rental income received | 3,184 | 3,184 | - Paid solar farm management fees of **RMB 4,613 thousand** to subsidiaries of Xinyi Energy (First half of 2024: RMB 5,925 thousand)[57](index=57&type=chunk) Amounts Due from Related Companies (June 30, 2025) | Item | Amount (RMB thousand) | | :--- | :--- | | Amounts due from investments accounted for using the equity method | 57,980 | | Loans to an investment accounted for using the equity method | 7,968 | | Amounts due from related companies | 197 | Amounts Due to Related Companies (June 30, 2025) | Item | Amount (RMB thousand) | | :--- | :--- | | Amounts due to related companies | (1,870,731) | - Key management personnel remuneration was **RMB 9,902 thousand** (2024: RMB 18,492 thousand)[61](index=61&type=chunk) [22 Fair Value Estimation](index=34&type=section&id=22%20Fair%20Value%20Estimation) The Group uses valuation techniques such as discounted cash flow to estimate the fair value of financial instruments, with key unobservable inputs for bills receivables measured at fair value through other comprehensive income and financial assets at fair value through profit or loss including discount rates and expected rates of return Quantitative Information of Fair Value Measurements (June 30, 2025) | Description | Fair Value (RMB thousand) | Valuation Technique | Unobservable Inputs | Input Range | | :--- | :--- | :--- | :--- | :--- | | Bills receivables measured at fair value through other comprehensive income | 797,296 | Discounted cash flow method | Discount rate | 0.90%-1.80% | | Financial assets at fair value through profit or loss – private securities products | 60,605 | Discounted cash flow method | Expected rate of return | 4.06% | - Higher discount rates result in lower fair values; higher expected rates of return result in higher fair values[62](index=62&type=chunk) [Overview](index=36&type=section&id=Overview) In the first half of 2025, the solar industry faced complex challenges including slowing global installation growth, geopolitical tensions, trade barriers, and supply-demand imbalance leading to squeezed profit margins; despite this, the Group's solar glass sales volume increased, but declining average selling prices and impairment provisions resulted in a significant 58.8% decrease in profit attributable to equity holders of the Company - The solar industry operating environment is complex and volatile, with slowing global installation growth, and geopolitical and trade barriers disrupting supply chains[67](index=67&type=chunk) - Supply-demand imbalance has squeezed profit margins across the entire industry chain, including the solar glass sector[67](index=67&type=chunk) - The Group's solar glass segment saw increased sales volume, but a significant drop in average selling prices led to a decline in profit margins, and impairment provisions were recognized for some idle production facilities[67](index=67&type=chunk) Key Financial Data for First Half 2025 | Metric | Amount (RMB million) | Year-on-Year Change | | :--- | :--- | :--- | | Consolidated Revenue | 10,931.8 | -6.5% | | Profit attributable to equity holders of the Company | 745.8 | -58.8% | | Basic earnings per share | RMB 8.21 cents | -59.6% | [Business Review](index=36&type=section&id=Business%20Review) This section reviews the global solar market developments in the first half of 2025, including slowing installation growth, a rush to install projects in China driven by policy changes, supply-demand imbalance in the industry chain, and technological shifts, with the Group responding to market challenges and maintaining competitive advantages through strategic adherence, production diversification, and prudent expansion of its solar farm business [Global Solar Installation Continues to Grow, but at a Slower Pace](index=36&type=section&id=Global%20Solar%20Installation%20Continues%20to%20Grow,%20but%20at%20a%20Slower%20Pace) Global solar installation continued to grow in the first half of 2025, but at a slower pace than in previous years, with China, the US, and the EU remaining key drivers despite facing grid constraints, approval delays, and policy adjustments, while emerging markets like India, Southeast Asia, the Middle East, Africa, and Latin America showed rapid development - Global solar installation continues to grow, but at a slower pace, with mature markets facing grid capacity constraints, approval delays, and policy adjustments[68](index=68&type=chunk) - China faces curtailment issues and changes in on-grid tariff policies, while the US supply chain is affected by trade measures[68](index=68&type=chunk) - India is emerging as a high-growth market, with rapid development in Southeast Asia, the Middle East, Africa, and Latin America[68](index=68&type=chunk)[69](index=69&type=chunk) - Innovative projects such as solar-plus-storage hybrid systems, corporate power purchase agreements, and green hydrogen pilot projects are gaining recognition[69](index=69&type=chunk) [Policy Changes and Uncertainty Drive China's PV Installation Rush](index=37&type=section&id=Policy%20Changes%20and%20Uncertainty%20Drive%20China's%20PV%20Installation%20Rush) In the first half of 2025, China's PV installation increased by 107.1% year-on-year to 212.21 GW, primarily driven by two significant renewable energy policy changes, including the "Administrative Measures for the Development and Construction of Distributed Photovoltaic Power Generation" and the "Notice on Deepening the Market-Oriented Reform of New Energy On-grid Tariffs and Promoting High-Quality Development of New Energy," which led to a rush by developers to complete projects before deadlines - In the first half of 2025, China's new PV installed capacity increased by **107.1%** year-on-year, reaching **212.21 GW**[70](index=70&type=chunk) - The "Administrative Measures for the Development and Construction of Distributed Photovoltaic Power Generation" established a comprehensive regulatory framework, emphasizing local consumption and grid capacity assessment[71](index=71&type=chunk) - The "Notice on Deepening the Market-Oriented Reform of New Energy On-grid Tariffs and Promoting High-Quality Development of New Energy" abolished fixed on-grid tariffs, shifting to a bidding mechanism and introducing flexible settlement mechanisms[71](index=71&type=chunk) - Policy reforms increased revenue uncertainty, leading developers to rush to complete projects before key deadlines, causing a surge in PV installations and a short-term rise in product prices in March and April[72](index=72&type=chunk) [Supply-Demand Imbalance and Technological Shifts in the Solar Industry Chain](index=39&type=section&id=Supply-Demand%20Imbalance%20and%20Technological%20Shifts%20in%20the%20Solar%20Industry%20Chain) In the first half of 2025, the solar industry chain continued to face supply-demand imbalance, price volatility, and industry consolidation pressure, with no significant progress in capacity reduction, while industry associations promoted stricter quality standards to curb vicious competition, and PV module technology shifted towards N-type and double-glass modules, demanding thinner, larger, stronger, more transparent, and more durable solar glass - The solar industry chain faces supply-demand imbalance, price volatility, and industry consolidation pressure, with no significant capacity reduction[73](index=73&type=chunk) - Industry associations are promoting stricter quality standards and capacity discipline to curb vicious price competition[73](index=73&type=chunk) - PV module technology is shifting towards N-type and double-glass module designs, demanding new specifications for solar glass that are thinner, larger, stronger, more transparent, and more durable[73](index=73&type=chunk) [Adhering to Strategy and Production Diversification for Competitive Advantage](index=40&type=section&id=Adhering%20to%20Strategy%20and%20Production%20Diversification%20for%20Competitive%20Advantage) Facing a challenging market, the Group implemented stringent strategies including comprehensive cost optimization, continuous R&D investment, dynamic inventory management, selective customer collaboration, and strict credit management, enhancing market resilience through strategic capacity planning and overseas expansion (new facilities in Indonesia), and effectively mitigating potential risks from US tariff policies through geographical diversification (production facilities in China and overseas) - The Group implements comprehensive cost optimization measures and continuous R&D investment to meet the technical and commercial demands of solar module manufacturers[74](index=74&type=chunk) - It adopts a dynamic inventory management system to maintain appropriate inventory levels and implements selective customer collaboration and stricter credit management policies[74](index=74&type=chunk)[75](index=75&type=chunk) - Through strategic capacity planning and targeted overseas expansion (new solar glass production facilities in Indonesia), the Group enhances its resilience against market fluctuations[75](index=75&type=chunk) - Geographical diversification (production facilities in China and overseas) ensures operational flexibility and mitigates potential trade risks, with limited direct exports of solar glass to the US[75](index=75&type=chunk) [Prudent Expansion of Solar Farm Business, Flexible Response to Market Changes](index=41&type=section&id=Prudent%20Expansion%20of%20Solar%20Farm%20Business,%20Flexible%20Response%20to%20Market%20Changes) In the first half of 2025, the Group temporarily halted solar farm construction in China, focusing instead on reserve development and preparatory work to address uncertainties from policy shifts, resulting in only a slight increase in power generation revenue with no self-developed large-scale projects connected to the grid during the period, while completing the sale of a 30 MW solar farm project to Xinyi Energy and advancing the establishment of an infrastructure securities investment fund to realize value and enhance financial flexibility - The Group temporarily halted solar farm construction in China in the first half of 2025, focusing instead on reserve development and preparatory work[76](index=76&type=chunk) - No self-developed large-scale solar farm projects were connected to the grid during the period, and power generation revenue recorded only a slight increase[76](index=76&type=chunk) - The disposal of a **30 MW** solar farm project to Xinyi Energy was completed, helping to replenish working capital[76](index=76&type=chunk) - As of June 30, 2025, the Group's cumulative approved grid-connected capacity for solar farm projects was **6,245 MW**[77](index=77&type=chunk) - Xinyi Energy is advancing the establishment of an infrastructure securities investment fund, targeting listing on a Chinese stock exchange, to realize value from part of its solar farm investment portfolio[77](index=77&type=chunk) [Financial Review](index=42&type=section&id=Financial%20Review) This section provides a detailed review of the Group's financial performance in the first half of 2025, including revenue, gross profit, various expenses, impairment losses, finance costs, income tax, EBITDA, and net profit; overall, the Group's revenue and profitability were significantly impacted by declining average selling prices of solar glass and impairment provisions, but liquidity and net gearing ratio improved through cost control and financial management [Revenue](index=42&type=section&id=Revenue) In the first half of 2025, the Group's total revenue was RMB 10,931.8 million, a 6.5% year-on-year decrease, with solar glass sales revenue declining by 7.3% to RMB 9,474.1 million, primarily due to a significant drop in average selling prices, partially offset by a 17.5% increase in sales volume, while solar farm business revenue slightly increased by 0.7% to RMB 1,437.6 million Revenue by Product Category | Product Category | First Half 2025 (RMB million) | % of Revenue | First Half 2024 (RMB million) | % of Revenue | Increase/(Decrease) (RMB million) | Increase/(Decrease) % | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Solar glass sales | 9,474.1 | 86.7 | 10,221.5 | 87.4 | (747.4) | (7.3) | | Solar farm business | 1,437.6 | 13.2 | 1,427.9 | 12.2 | 9.6 | 0.7 | | Unallocated | 20.1 | 0.2 | 44.5 | 0.4 | (24.4) | (54.9) | | **Total External Revenue** | **10,931.8** | **100.0** | **11,693.9** | **100.0** | **(762.2)** | **(6.5)** | Solar Glass Revenue by Geographical Region | Region | First Half 2025 (RMB million) | % of Revenue | First Half 2024 (RMB million) | % of Revenue | Increase/(Decrease) (RMB million) | Increase/(Decrease) % | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Mainland China | 6,482.9 | 68.4 | 7,777.7 | 76.1 | (1,294.8) | (16.6) | | Other Asia | 2,033.6 | 21.5 | 2,017.8 | 19.7 | 15.9 | 0.8 | | North America and Europe | 763.5 | 8.1 | 235.9 | 2.3 | 527.6 | 223.7 | | Others | 194.2 | 2.1 | 190.2 | 1.9 | 4.0 | 2.1 | | **Total** | **9,474.1** | **100.0** | **10,221.5** | **100.0** | **(747.4)** | **(7.3)** | - Solar glass sales volume (in tons) increased by **17.5%** year-on-year, primarily achieved through a strategy of reducing inventory[81](index=81&type=chunk) - Overseas sales accounted for **31.6%** of total solar glass sales (First half of 2024: 23.9%), while domestic sales in Mainland China accounted for **68.4%** (First half of 2024: 76.1%)[81](index=81&type=chunk) - The price decline for **2.0 mm** solar glass was greater than for **3.2 mm** solar glass, exerting more downward pressure on segment revenue[82](index=82&type=chunk) - As of June 30, 2025, the Group's uncollected tariff adjustment (subsidy) receivables amounted to **RMB 5,342.5 million**[86](index=86&type=chunk) [Gross Profit](index=45&type=section&id=Gross%20Profit) In the first half of 2025, the Group's gross profit decreased by 36.4% year-on-year to RMB 1,998.5 million, with the overall gross profit margin falling from 26.9% to 18.3%, while the solar glass business gross profit margin decreased by 10.1 percentage points to 11.4% due to declining average selling prices and fixed costs of idle facilities, and the solar farm business gross profit margin reduced to 63.5% affected by power curtailment and increased depreciation expenses | Metric | First Half 2025 (RMB million) | First Half 2024 (RMB million) | Change | | :--- | :--- | :--- | :--- | | Total Gross Profit | 1,998.5 | 3,140.2 | -36.4% | | Overall Gross Profit Margin | 18.3% | 26.9% | -8.6 percentage points | - The solar glass business gross profit margin decreased to **11.4%** (First half of 2024: 21.5%), primarily due to a significant decline in average selling prices and fixed costs of idle production facilities[87](index=87&type=chunk) - The solar farm business gross profit margin decreased to **63.5%** (First half of 2024: 65.6%), mainly affected by power curtailment measures and increased depreciation expenses[88](index=88&type=chunk) [Other Income](index=46&type=section&id=Other%20Income) In the first half of 2025, the Group's other income increased to RMB 200.3 million, a RMB 41.2 million increase from the prior period, primarily due to higher government grants and insurance compensation income - Other income increased by **RMB 41.2 million** to **RMB 200.3 million**, mainly due to increased government grants and insurance compensation income[89](index=89&type=chunk) [Net Other Losses](index=46&type=section&id=Net%20Other%20Losses) In the first half of 2025, net other losses increased by RMB 29.4 million to RMB 66.7 million, primarily due to net foreign exchange losses shifting from gains to losses - Net other losses increased to **RMB 66.7 million**, primarily including net foreign exchange losses of **RMB 47.4 million** (First half of 2024: net gain of RMB 8.4 million)[90](index=90&type=chunk) [Selling and Marketing Expenses](index=46&type=section&id=Selling%20and%20Marketing%20Expenses) In the first half of 2025, selling and marketing expenses increased by 38.5% to RMB 71.5 million, mainly driven by increased solar glass sales volume and higher internal warehousing and logistics costs, with the ratio of selling and marketing expenses to revenue rising from 0.4% to 0.7% - Selling and marketing expenses increased by **38.5%** to **RMB 71.5 million**, primarily due to increased solar glass sales volume and higher internal warehousing and logistics costs[91](index=91&type=chunk) - The ratio of selling and marketing expenses to revenue increased from **0.4% to 0.7%**[91](index=91&type=chunk) [Administrative and Other Operating Expenses](index=47&type=section&id=Administrative%20and%20Other%20Operating%20Expenses) In the first half of 2025, administrative and other operating expenses decreased by 18.7% to RMB 444.8 million, mainly due to reduced employee benefit expenses and R&D expenses, with the ratio of administrative and other operating expenses to revenue falling from 4.7% to 4.1% - Administrative and other operating expenses decreased by **RMB 102.5 million** or **18.7%** to **RMB 444.8 million**[92](index=92&type=chunk) - This was primarily due to a **RMB 57.6 million** decrease in employee benefit expenses and a **RMB 21.3 million** decrease in R&D expenses[92](index=92&type=chunk) - The ratio of administrative and other operating expenses to revenue decreased from **4.7% to 4.1%**[92](index=92&type=chunk) [Impairment Loss on Property, Plant and Equipment](index=47&type=section&id=Impairment%20Loss%20on%20Property,%20Plant%20and%20Equipment) In the first half of 2025, an impairment loss of RMB 313.7 million on property, plant and equipment was recognized, primarily for idle production facilities deemed no longer suitable for solar glass production - An impairment loss of **RMB 313.7 million** was recognized for idle production facilities no longer suitable for solar glass production[93](index=93&type=chunk) [Finance Costs](index=47&type=section&id=Finance%20Costs) In the first half of 2025, the Group's finance costs decreased to RMB 173.1 million, primarily due to a lower overall interest rate resulting from an increased proportion of RMB loans, partially offset by a rise in total bank debt, with RMB 31.2 million of interest expenses capitalized during the period - Finance costs decreased to **RMB 173.1 million** (RMB 204.2 million before capitalization), primarily due to a lower overall interest rate resulting from an increased proportion of RMB loans[94](index=94&type=chunk) - Interest expenses of **RMB 31.2 million** were capitalized as costs of solar glass, solar farm, and polysilicon production facilities under construction[94](index=94&type=chunk) [Share of Net Profit of Investments Accounted for Using the Equity Method](index=47&type=section&id=Share%20of%20Net%20Profit%20of%20Investments%20Accounted%20for%20Using%20the%20Equity%20Method) In the first half of 2025, the Group recorded a share of net profit from investments accounted for using the equity method of RMB 14.4 million, primarily from a 100 MW solar farm project in Lu'an City, Anhui Province, China - The share of net profit from investments accounted for using the equity method was **RMB 14.4 million**, primarily from a **100 MW** solar farm project in Lu'an City, Anhui Province, China[95](index=95&type=chunk) [Income Tax Expense](index=48&type=section&id=Income%20Tax%20Expense) In the first half of 2025, the Group's income tax expense decreased to RMB 139.8 million, with the overall effective income tax rate falling from 19.0% to 12.2%, mainly due to reduced profit contribution from the solar glass business, tax incentives for Malaysian production facilities, and the deferred tax impact of impairment losses on property, plant and equipment - Income tax expense decreased to **RMB 139.8 million**, primarily due to reduced profit contribution from the solar glass business[96](index=96&type=chunk) - The overall effective income tax rate decreased from **19.0% to 12.2%**, mainly benefiting from tax incentives for Malaysian production facilities and the deferred tax impact of impairment losses[96](index=96&type=chunk) [EBITDA and Net Profit](index=48&type=section&id=EBITDA%20and%20Net%20Profit) In the first half of 2025, the Group's EBITDA was RMB 2,445.0 million, a 32.2% year-on-year decrease, with an EBITDA margin of 22.4%, while net profit attributable to equity holders of the Company was RMB 745.8 million, a 58.8% year-on-year decrease, and the net profit margin fell to 6.8%, primarily affected by declining solar glass business profit margins and impairment losses | Metric | First Half 2025 (RMB million) | First Half 2024 (RMB million) | Change | | :--- | :--- | :--- | :--- | | EBITDA | 2,445.0 | 3,605.9 | -32.2% | | EBITDA Margin | 22.4% | 30.8% | -8.4 percentage points | | Net Profit attributable to equity holders of the Company | 745.8 | 1,810.8 | -58.8% | | Net Profit Margin | 6.8% | 15.5% | -8.7 percentage points | - The decline in net profit margin was primarily due to reduced profit margins in the solar glass business and impairment losses on solar glass production facilities[97](index=97&type=chunk) [Liquidity and Financial Resources](index=49&type=section&id=Liquidity%20and%20Financial%20Resources) In the first half of 2025, the Group's total assets grew by 3.1% to RMB 58,704.2 million, and shareholders' equity increased by 3.1% to RMB 29,949.2 million, with the current ratio improving to 1.30 and net cash from operating activities increasing to RMB 1,567.4 million, while the net gearing ratio improved to 28.7% due to better liquidity and increased shareholders' equity - Total assets increased by **3.1%** to **RMB 58,704.2 million**, and shareholders' equity increased by **3.1%** to **RMB 29,949.2 million**[98](index=98&type=chunk) - The current ratio improved from **1.14** as of December 31, 2024, to **1.30**, mainly due to a more prudent financial management strategy[98](index=98&type=chunk) - Net cash generated from operating activities was **RMB 1,567.4 million** (First half of 2024: RMB 1,144.9 million), primarily due to reduced inventory[99](index=99&type=chunk) - Net cash used in investing activities decreased to **RMB 1,054.6 million**, reflecting a slower pace of capacity expansion[99](index=99&type=chunk) - The net gearing ratio improved from **31.0%** as of December 31, 2024, to **28.7%**, benefiting from improved liquidity and increased shareholders' equity[99](index=99&type=chunk) [Business Outlook](index=50&type=section&id=Business%20Outlook) This section forecasts the long-term growth potential of the solar industry, despite short-term challenges of supply-demand imbalance and price pressure across the entire value chain, with the Group committed to prudent business management, consolidating its leading position through cost control, efficiency improvements, and strategic expansion, while the solar glass market is expected to slow down in the short term and the solar farm business will focus on project reserves, and the Group's successful issuance of Panda bonds has optimized its financing structure, maintaining confidence in future sustainable development [Industry Outlook](index=50&type=section&id=Industry%20Outlook) The solar industry has strong long-term prospects, with falling costs and technological advancements maintaining its competitive edge, and its share of global electricity consumption exceeding 10% for the first time, while new electricity demand trends from electric vehicles, AI, data centers, and green hydrogen production will drive growth, and despite short-term supply-demand imbalance and overcapacity, the industry is expected to gradually improve - Solar power generation's share of global electricity consumption has exceeded **10%** for the first time, indicating immense long-term development potential[100](index=100&type=chunk) - New electricity demand trends from electric vehicles, artificial intelligence, data centers, and green hydrogen production will drive solar demand[100](index=100&type=chunk) - In the short term, the solar industry faces supply-demand imbalance and overcapacity across the entire value chain, with capacity rationalization being key to restoring profitability[101](index=101&type=chunk) - The industry's long-term positive fundamentals remain strong, supported by technological advancements and the global energy transition trend[101](index=101&type=chunk) [Solar Glass Market Outlook](index=50&type=section&id=Solar%20Glass%20Market%20Outlook) The recovery of the solar glass market depends on global PV installation trends and policy developments, with the Chinese market potentially slowing temporarily after a policy-driven installation rush, but overseas markets typically being more active in the second half of the year, and on the supply side, new capacity expansion has significantly contracted, with future growth mainly from existing projects, suggesting that price pressure may persist in the short term - The Chinese market may experience a temporary slowdown after the policy-driven installation rush in the first half of 2025, suppressing short-term demand[101](index=101&type=chunk) - Overseas market installation activities are typically more active in the second half of the year, which may partially offset the contraction in Chinese demand[101](index=101&type=chunk) - Solar glass industry capacity continues to increase, but new capacity expansion projects are almost non-existent, with future supply growth mainly from existing projects[102](index=102&type=chunk) - Given the dynamic market changes, price pressure may persist in the short term[102](index=102&type=chunk) - The Group's total operating solar glass melting capacity is **23,200 tons per day**, and it temporarily suspended operations of two production lines with a total daily melting capacity of **1,800 tons** in July 2025[103](index=103&type=chunk) - Two new solar glass production lines are under construction in Indonesia, expected to commence commercial production in the **first quarter of 2026**[103](index=103&type=chunk) [Solar Farm Investment Outlook](index=51&type=section&id=Solar%20Farm%20Investment%20Outlook) The Group will continue to prioritize quality and rigorously evaluate new solar farm projects, but increased curtailment risks, higher market-based electricity sales requirements, and policy changes have increased uncertainty regarding investment returns, and in the second half of 2025, the focus will remain on project reserve development and preparatory work, with very limited or zero new grid-connected capacity expected - The Group will continue to prioritize quality, rigorously evaluating new projects based on their investment return potential[103](index=103&type=chunk) - Increased curtailment risks, higher market-based electricity sales requirements, and policy changes in China's renewable energy market have increased uncertainty regarding investment returns for new projects[103](index=103&type=chunk) - In the second half of 2025, the focus will remain on project reserve development and preparatory work, with new grid-connected capacity expected to be very limited, or even zero[103](index=103&type=chunk) [Financing Strategy](index=52&type=section&id=Financing%20Strategy) The Group successfully completed its inaugural RMB 800 million Panda bond issuance in June 2025, opening up a low-cost financing channel, optimizing its financing structure, and providing a natural currency hedge for RMB-denominated assets - The Group successfully completed its inaugural **RMB 800 million** Panda bond issuance in June 2025, with a three-year term[104](index=104&type=chunk) - This initiative opened up a new low-cost financing channel, optimized the financing structure, and provided a natural currency hedge for RMB-denominated assets[104](index=104&type=chunk) [Long-Term Strategy](index=52&type=section&id=Long-Term%20Strategy) The Group will strictly execute its three-pillar strategy of operational excellence, financial prudence, and technological leadership to withstand current market volatility, consolidate its competitive advantages, and create long-term economic value for shareholders - The Group will strictly execute its three-pillar strategy: operational excellence, financial prudence, and technological leadership[104](index=104&type=chunk) - This aims to withstand current market volatility, consolidate competitive advantages, and create long-term economic value for shareholders[104](index=104&type=chunk) [Other Information](index=52&type=section&id=Other%20Information) This section provides other important information for the Group's first half of 2025, including capital expenditure, pledged assets, contingent liabilities, material acquisitions and disposals, treasury policy, employees and remuneration, share option schemes, post-reporting period events, interim dividends, securities transactions, and corporate governance, comprehensively supplementing the financial and business review [Capital Expenditure and Commitments](index=52&type=section&id=Capital%20Expenditure%20and%20Commitments) In the first half of 2025, the Group incurred capital expenditure of RMB 1,127.8 million, primarily for expanding and upgrading solar glass production capacity, developing solar farm projects, and constructing polysilicon production facilities, with contracted but unspent capital commitments amounting to RMB 918.0 million as of June 30, 2025 - Capital expenditure in the first half of 2025 was **RMB 1,127.8 million**, primarily for solar glass capacity expansion, solar farm development, and polysilicon production facility construction[105](index=105&type=chunk) - As of June 30, 2025, contracted but unspent capital commitments amounted to **RMB 918.0 million**, mainly related to new solar glass production facilities in Indonesia[105](index=105&type=chunk) [Pledged Assets](index=52&type=section&id=Pledged%20Assets) As of June 30, 2025, RMB 80.4 million of bills receivables were pledged as collateral for obtaining letter of credit financing in China - **RMB 80.4 million** of bills receivables were pledged as collateral for obtaining letter of credit financing in China[106](index=106&type=chunk) [Contingent Liabilities](index=52&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the Group had no significant contingent liabilities - The Group had no significant contingent liabilities[107](index=107&type=chunk) [Material Acquisitions and Disposals of Subsidiaries](index=53&type=section&id=Material%20Acquisitions%20and%20Disposals%20of%20Subsidiaries) Except for the disposal of Wuhu Xintu New Energy Co, Ltd as disclosed in Note 20, no other material acquisitions and disposals of subsidiaries and associates occurred in the first half of 2025 - Except for the disposal of Wuhu Xintu New Energy Co, Ltd, no other material acquisitions and disposals of subsidiaries and associates occurred in the first half of 2025[108](index=108&type=chunk) [Treasury Policy and Foreign Exchange Fluctuation Risk](index=53&type=section&id=Treasury%20Policy%20and%20Foreign%20Exchange%20Fluctuation%20Risk) The Group's consolidated financial statements are presented in RMB, and most business transactions are settled in RMB, thus limiting significant foreign exchange risk, with the Group primarily managing currency risk through natural hedging and having converted foreign currency bank loans into RMB-denominated debt to effectively eliminate currency mismatch issues - The Group's consolidated financial statements are presented in **RMB**, and most business transactions are settled in RMB, limiting significant foreign exchange risk[109](index=109&type=chunk) - The Group primarily manages currency risk through **natural hedging**, avoiding speculative foreign exchange activities[109](index=109&type=chunk) - Foreign currency bank loans have been converted into RMB-denominated debt through cross-currency swaps, further reducing exchange rate risk[109](index=109&type=chunk) [Employees and Remuneration Policy](index=54&type=section&id=Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the Group had approximately 8,087 full-time employees, with total staff costs amounting to RMB 597.3 million, and the Group maintains good relationships with employees, provides training, and offers competitive remuneration benefits and discretionary bonuses - As of June 30, 2025, the Group had approximately **8,087 full-time employees**, of whom **6,850** were in Mainland China[110](index=110&type=chunk) - Total staff costs (including directors' emoluments) for the first half of 2025 amounted to **RMB 597.3 million**[110](index=110&type=chunk) - The Group provides competitive remuneration benefits and discretionary bonuses based on employee performance and Group results[110](index=110&type=chunk) [Share Option Scheme](index=54&type=section&id=Share%20Option%20Scheme) Under the share option scheme adopted in May 2024, a total of 17,050,000 share options were granted to selected employees and an executive director in March 2025, valid until March 31, 2029, and subject to vesting conditions - A total of **17,050,000 share options** were granted to selected employees and an executive director in March 2025[111](index=111&type=chunk) - The share options are valid from March 28, 2025, to March 31, 2029, and are subject to vesting conditions[111](index=111&type=chunk) [Events After the Reporting Period](index=54&type=section&id=Events%20After%20the%20Reporting%20Period) Given anticipated changes in downstream demand and recent supply-demand dynamics, the Group temporarily suspended operations of two solar glass production lines with a total daily melting capacity of 1,800 tons in July 2025, with future plans still under review - The Group temporarily suspended operations of two solar glass production lines with a total daily melting capacity of **1,800 tons** in July 2025[112](index=112&type=chunk) - The future plans for these production lines are still under review[112](index=112&type=chunk) [Interim Dividend and Closure of Register of Members](index=55&type=section&id=Interim%20Dividend%20and%20Closure%20of%20Register%20of%20Members) The Board of Directors has resolved to declare an interim dividend of 4.2 HK cents per share for the first half of 2025, with shareholders having the option to receive it in cash or by scrip dividend, and the register of members will be closed from August 18 to August 20, 2025, to determine dividend entitlements - The Board of Directors has resolved to declare an interim dividend of **4.2 HK cents per share** for the first half of 2025 (First half of 2024: 10.0 HK cents)[113](index=113&type=chunk) - Shareholders will be offered an option to receive the interim dividend in cash or in whole or in part by new fully paid shares of the Company in lieu of cash[113](index=113&type=chunk) - The register of members will be closed from **August 18 to August 20, 2025**, with the record date being August 20, 2025[113](index=113&type=chunk) [Purchase, Sale or Redemption of Listed Securities](index=56&type=section&id=Purchase,%20Sale%20or%20Redemption%20of%20Listed%20Securities) In the first half of 2025, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities - In the first half of 2025, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[115](index=115&type=chunk) [Corporate Governance](index=56&type=section&id=Corporate%20Governance) The Company has complied with the applicable code provisions of the Corporate Governance Code set out in Appendix C1 Part 2 of the HKEX Listing Rules during the first half of 2025, except for the requirement that the roles of Chairman and Chief Executive Officer be held by different individuals, though the Board believes this arrangement facilitates the smooth execution of business strategies - The Company complied with the Corporate Governance Code in the first half of 2025, except for the requirement that the roles of Chairman and Chief Executive Officer be separate[116](index=116&type=chunk) - The Board believes that Mr Li Sai Tan, the Vice Chairman and Chief Executive Officer, holding both positions facilitates the smooth and efficient execution of business strategies[116](index=116&type=chunk) [Model Code for Securities Transactions](index=57&type=section&id=Model%20Code%20for%20Securities%20Transactions) The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers set out in Appendix C3 of the Listing Rules, and all Directors confirmed compliance with the Code during the first half of 2025 - The Company has adopted the **Model Code for Securities Transactions by Directors of Listed Issuers**[1

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲 明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 PCCW Limited （於香港註冊成立的有限公司） （股份代號：0008) 截至 2025 年 6 月 30 日止六個月的 中期業績公告 電訊盈科有限公司（「電訊盈科」或「本公司」）董事（「董事」）謹此宣佈本公司及其附屬公司 （統稱「本集團」）截至 2025年 6月 30日止六個月的未經審核綜合業績。本簡明綜合中期財務資料 雖未經審核，惟已經本公司的審核委員會審閲，並按照香港會計師公會頒佈的《香港審閲委聘準則》 2410 由 實體獨立核數師執行中期財務資料審閲工作 的準則由本公司的獨立核數師羅兵咸永道會計師 事務所審閲。 1 • Viu 的付費用戶增加至 1,380 萬名，推動訂購及廣告收益上升百分之二十七 • ViuTV的數碼會員數目達330萬名，已計劃於下半年舉辦陣容強大的演唱會和節目 • 收益增加百分之七至港幣189.22億元 • 香港電訊收益上升百分之四至港幣173.22億元 • OTT業務收 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負責，對其準確性或完 整性亦不發表任何聲明，並表明不會就因本公佈全部或任何部份內容而產生或因倚賴該等內容而引 致之任何損失承擔任何責任。 Concord New Energy Group Limited 協合新能源集團有限公司* ( 於百慕達註冊成立之有限公司 ) (股份代號：182) 截至二零二五年六月三十日止六個月之 中期業績公佈 Concord New Energy Group Limited(協合新能源集團有限公司*)(「本公司」)董事會 (「董事會」)欣 然宣佈本公司及其附屬公司(「本集團」)截至二零二五年六月三十日止六個月之未經審核綜合中期 業績，連同截至二零二四年同期之比較數字。該等綜合財務報表為未經審核，惟已經本公司審核委 員會審閱。 * 僅供識別 綜合損益表 截至 2025 年 6 月 30 日止六個月 — 未經審核 (以人民幣列示) | | | 2025 | 2024 | | --- | --- | --- | --- | | | 附註 | 人民幣千元 | 人民幣千元 | | 收入 | 2,3 | 1,400,319 | 1 ...