第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实、准 确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法律责任。 公司负责人张传卫、主管会计工作负责人刘文娣及会计机构负责人(会计主管人员)刘 文娣声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 广东明阳电气股份有限公司 2025 年半年度报告 广东明阳电气股份有限公司 2025 年半年度报告 2025-037 2025 年 8 月 1 广东明阳电气股份有限公司 2025 年半年度报告 本年度报告涉及未来计划等前瞻性陈述属于计划性事项，均不构成公司对投资者的实 质承诺，投资者及相关人士均应当对此保持足够的风险认识，并且应当理解计划、预测与 承诺之间的差异。 公司在本报告第三节"管理层讨论与分析"中"十、公司面临的风险和应对措施"部 分，详细描述了公司经营中可能存在的风险及应对措施，敬请投资者关注相关内容。 公司经本次董事会审议通过的利润分配预案为：以股本 312,200,000 股为基数，向全 体股东每 10 股派发现金红利 0.70 元（ ...

湖南恒光科技股份有限公司 2025 年半年度报告全文 公告编号：2025-056 2025 年 8 月 1 创 新 驱 动 绿 色 发 展 湖南恒光科技股份有限公司 2025 年半年度报告 湖南恒光科技股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人曹立祥、主管会计工作负责人谭艳春及会计机构负责人(会计 主管人员)廖健宏声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告中如有涉及未来的计划、业绩预测等方面的内容，均不构成本公 司对任何投资者及相关人士的承诺，投资者及相关人士均应对此保持足够的 风险认识，并且应当理解计划、预测与承诺之间的差异。 公司已在本报告中详细描述公司可能存在的风险，具体内容详见本报告 第三节"管理层讨论与分析"之"十、公司面临的风险和应对措施"，敬请 投资者注意投资风险。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | 第一节 ...

安徽省天然气开发股份有限公司2025 年半年度报告 公司代码：603689 公司简称：皖天然气 安徽省天然气开发股份有限公司 2025 年半年度报告 1 / 200 安徽省天然气开发股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会及董事、高级管理人员保证半年度报告内容的真实性、准确性、完整性，不 存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人吴海、主管会计工作负责人朱亦洪及会计机构负责人（会计主管人员）陶玉忠 声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 拟以2025年6月30日总股本490,193,073股为基数，向全体股东每10股派发现金股利0.5元人民 币(含税)，合计派发现金股利24,509,653.65元（含税）。如在实施权益分派的股权登记日前因可 转债转股、股权激励等原因致使公司总股本发生变动的，拟维持每股分配比例不变，相应调整分 配总额。 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中涉及的公司发展战略 ...

公司代码：600075 公司简称：新疆天业 新疆天业股份有限公司 2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 新疆天业股份有限公司2025 年半年度报告 四、 公司负责人张强、主管会计工作负责人陈建良及会计机构负责人（会计主管人员）冯丽声 明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 报告期，公司不进行利润分配及资本公积转增股本。 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中涉及的未来计划、发展战略等前瞻性描述，不构成公司对投资者的实质承诺，敬请 投资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提示 公司已在本报告中详细描述可能存 ...

上海起帆电缆股份有限公司2025 年半年度报告 公司代码：605222 公司简称：起帆电缆 上海起帆电缆股份有限公司 2025 年半年度报告 1 / 191 上海起帆电缆股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人 周桂华 、主管会计工作负责人 管子房 及会计机构负责人（会计主管 人员） 管子房 声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划、发展战略等前瞻性描述不构成公司对投资者的实质承诺，敬请投资 者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 ...

长春燃气股份有限公司2025 年半年度报告 公司代码：600333 公司简称：长春燃气 长春燃气股份有限公司 2025 年半年度报告 1 / 112 长春燃气股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人董志宇、主管会计工作负责人张大海及会计机构负责人（会计主管人员）李东 辉声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 □适用 √不适用 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提示 报告期内，公司不存在对生产经营产生实质性影响的特别重大风险。 十一、 其他 □适用 √不适用 2 / 112 | ...

百洋产业投资集团股份有限公司 2025 年半年度报告全文 百洋产业投资集团股份有限公司 2025 年半年度报告 【2025 年 8 月】 1 百洋产业投资集团股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人李奉强、主管会计工作负责人刘莹及会计机构负责人(会计主 管人员)黄燕云声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 公司 2025 年半年度报告中涉及未来计划等前瞻性陈述，不构成公司对投 资者的实质承诺，投资者及相关人士均应当对此保持足够的风险认识，并且 应当理解计划、预测与承诺之间的差异。 公司在本报告第三节" 管理层讨论与分析" 中" 十、公司面临的风险 和应对措施" 部分，详细描述了公司经营中可能存在的风险及应对措施，敬 请投资者关注相关内容。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | UN | | --- | | | | 第二节公司简介 ...

中闽能源股份有限公司 2025 年半年度报告 公司代码：600163 公司简称：中闽能源 中闽能源股份有限公司 2025 年半年度报告 1 / 130 中闽能源股份有限公司 2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人郭政、主管会计工作负责人柳上莺及会计机构负责人（会计主管人员）俞宙声 明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 本报告期无利润分配预案或公积金转增股份预案。 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的经营计划和未来发展战略等前瞻性陈述不构成公司对投资者的实质承诺， 敬请投资者注意投资风险。 七、 是否存在被控股股东及其他关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确 ...

[Section I Definitions](index=3&type=section&id=Section%20I%20Definitions) This section defines key terms and entities, including 'Baihehua' and its controlling shareholder, ensuring clarity and accurate interpretation of the report's content [Definitions of Common Terms](index=3&type=section&id=Definitions%20of%20Common%20Terms) This section provides definitions of common terms used in the report, clarifying the references for key entities such as 'Baihehua', 'the Company', 'Baihehua Holdings', and the names of major subsidiaries and related organizations, ensuring accurate understanding of the report content - “Baihehua”, “the Company”, “Baihehua Company”, “this Company”, and “this Group” all refer to Baihehua Group Co., Ltd[13](index=13&type=chunk) - “Baihehua Holdings” refers to Baihehua Holdings Co., Ltd., the controlling shareholder of the Company[13](index=13&type=chunk) - The “actual controller of the Company” refers to Chen Lirong[13](index=13&type=chunk) - The report lists several subsidiary names and their abbreviations, such as “Baihehui Baihe”, “Xuancheng Yingte”, and “Yuansheng Zhinai”[13](index=13&type=chunk) [Section II Company Profile and Key Financial Indicators](index=4&type=section&id=Section%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides an overview of the company's fundamental information and key financial performance metrics for the reporting period [I. Company Information](index=4&type=section&id=I.%20Company%20Information) This section discloses the company's basic registration information, including its Chinese name, abbreviation, foreign name and abbreviation, and legal representative - The company's Chinese name is Baihehua Group Co., Ltd., abbreviated as Baihehua[15](index=15&type=chunk) - The company's legal representative is Chen Lirong[15](index=15&type=chunk) [II. Contact Person and Contact Information](index=4&type=section&id=II.%20Contact%20Person%20and%20Contact%20Information) This section provides contact details for the company's Board Secretary and Securities Affairs Representative, including names, addresses, phone numbers, faxes, and email addresses, facilitating communication for investors and relevant parties - The Board Secretary is Wang Diming, and the Securities Affairs Representative is Chen Siyu[16](index=16&type=chunk) - The company's contact address is No. 1768, Jingwu Road, Qiantang New Area, Hangzhou City, Zhejiang Province[16](index=16&type=chunk) [III. Brief Introduction to Changes in Basic Information](index=4&type=section&id=III.%20Brief%20Introduction%20to%20Changes%20in%20Basic%20Information) This section outlines the company's registered and office addresses, noting no historical changes during the reporting period - The company's registered and office addresses are both No. 1768, Jingwu Road, Qiantang New Area, Hangzhou City, Zhejiang Province[17](index=17&type=chunk) - There were no historical changes to the company's registered address during the reporting period[17](index=17&type=chunk) [IV. Brief Introduction to Changes in Information Disclosure and Document Storage Locations](index=4&type=section&id=IV.%20Brief%20Introduction%20to%20Changes%20in%20Information%20Disclosure%20and%20Document%20Storage%20Locations) This section lists the company's designated information disclosure newspapers, website address for semi-annual reports, and report storage locations, confirming no changes during the reporting period - The company's selected information disclosure newspapers are "Shanghai Securities News" and "Securities Times"[18](index=18&type=chunk) - The website address for publishing semi-annual reports is www.sse.com.cn[18](index=18&type=chunk) [V. Company Stock Overview](index=4&type=section&id=V.%20Company%20Stock%20Overview) This section provides the company's stock listing information, including stock type, listing exchange, stock abbreviation, and code - The company's stock is A-shares, listed on the Shanghai Stock Exchange, with stock abbreviation Baihehua and stock code 603823[19](index=19&type=chunk) [VII. Key Accounting Data and Financial Indicators](index=4&type=section&id=VII.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) This section summarizes the company's key accounting data and financial indicators for the first half of 2025, showing a decrease in operating revenue and total profit year-on-year, but an increase in non-recurring net profit, indicating overall stable operations 2025 H1 Key Accounting Data | Indicator | Current Reporting Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue (yuan) | 1,125,359,528.13 | 1,220,985,024.02 | -7.83 | | Total Profit (yuan) | 128,923,536.07 | 137,189,710.31 | -6.03 | | Net Profit Attributable to Shareholders of Listed Company (yuan) | 99,537,011.77 | 100,205,658.70 | -0.67 | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses (yuan) | 95,649,358.03 | 92,368,699.52 | 3.55 | | Net Cash Flow from Operating Activities (yuan) | 73,526,117.11 | 93,752,726.08 | -21.57 | | **Period-End Indicators** | **Current Period-End** | **Prior Year-End** | **Period-End vs. Prior Year-End Change (%)** | | Net Assets Attributable to Shareholders of Listed Company (yuan) | 2,394,013,526.88 | 2,356,931,670.71 | 1.57 | | Total Assets (yuan) | 3,379,387,886.52 | 3,447,435,676.16 | -1.97 | 2025 H1 Key Financial Indicators | Indicator | Current Reporting Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | 0.24 | 0.24 | 0.00 | | Diluted Earnings Per Share (yuan/share) | 0.24 | 0.24 | 0.00 | | Basic Earnings Per Share After Deducting Non-Recurring Gains and Losses (yuan/share) | 0.23 | 0.22 | 4.55 | | Weighted Average Return on Net Assets (%) | 4.17 | 4.47 | Decrease of 0.3 percentage points | | Weighted Average Return on Net Assets After Deducting Non-Recurring Gains and Losses (%) | 4.01 | 4.12 | Decrease of 0.11 percentage points | - The company's overall operating performance was normal during the current reporting period, with financial indicators generally stable compared to the same period last year; the decrease in revenue was primarily due to lower sales volume[22](index=22&type=chunk) [IX. Non-Recurring Gains and Losses Items and Amounts](index=5&type=section&id=IX.%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) This section details the company's non-recurring gains and losses for the first half of 2025, primarily including government subsidies, gains/losses from disposal of non-current assets, and fair value changes of financial assets 2025 H1 Non-Recurring Gains and Losses Items | Non-Recurring Gains and Losses Item | Amount (yuan) | | :--- | :--- | | Gains/Losses from Disposal of Non-Current Assets | -2,540,341.96 | | Government Subsidies Included in Current Profit and Loss | 12,167,351.82 | | Gains/Losses from Changes in Fair Value of Financial Assets and Liabilities Held by Non-Financial Enterprises and Disposal of Financial Assets and Liabilities | -4,058,924.34 | | Other Non-Operating Income and Expenses Apart from the Above Items | 112,105.66 | | Less: Income Tax Impact | 619,082.09 | | Impact on Minority Interests (After Tax) | 1,173,455.35 | | Total | 3,887,653.74 | [Section III Management Discussion and Analysis](index=7&type=section&id=Section%20III%20Management%20Discussion%20and%20Analysis) This section provides an in-depth analysis of the company's industry, business operations, core competencies, and financial performance during the reporting period [I. Industry and Main Business Overview During the Reporting Period](index=7&type=section&id=I.%20Industry%20and%20Main%20Business%20Overview%20During%20the%20Reporting%20Period) This section details the global development trends of the organic pigment industry, its shift from Europe and America to Asia, and China's diversified competitive landscape, highlighting the company's significant market share and involvement in sodium metal production - Global organic pigment production has shifted from Europe and America to Asian countries, primarily China, which has become the world's largest organic pigment producer[28](index=28&type=chunk) - The Chinese organic pigment market exhibits a diversified competitive landscape, with large enterprises dominating the high-end market and small and medium-sized enterprises focusing on mid-to-low-end markets[29](index=29&type=chunk) - The market share of high-performance, environmentally friendly organic pigments is steadily increasing, with companies investing more in R&D to meet downstream industries' demand for high-quality pigments[29](index=29&type=chunk) - The company primarily engages in the production and sale of organic pigments, offering a comprehensive range of product categories and color series, with a production capacity accounting for approximately **10% of the global market**[31](index=31&type=chunk) - The main downstream application areas for organic pigments are inks (**40%**), coatings (**28%**), and plastics (**27%**)[32](index=32&type=chunk) - The company also involves in the production and sale of sodium metal, with Inner Mongolia Yuansheng possessing a **20,000 tons/year** sodium metal capacity, primarily used in indigo dyes (**66.70%**) and pharmaceutical intermediates (**28.80%**)[32](index=32&type=chunk) [II. Discussion and Analysis of Operations](index=8&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operations) In the first half of 2025, the company actively responded to market changes by adjusting production, iterating new products, centralizing procurement, and implementing lean manufacturing to improve gross profit margins, while strictly controlling expenses and maintaining ample operating cash flow to enhance its anti-cyclical capabilities, also making progress in R&D and safety production 2025 H1 Operating Target Completion | Indicator | 2025 H1 | YoY Change | | :--- | :--- | :--- | | Operating Revenue (ten thousand yuan) | 112,535.95 | Decrease of 7.83% | | Net Profit Attributable to Shareholders of Listed Company (ten thousand yuan) | 9,953.70 | Decrease of 0.67% | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses (ten thousand yuan) | 9,564.94 | Increase of 3.55% | - The company improved gross profit margins through new product iteration, centralized procurement, and lean manufacturing, while also reducing non-essential expenditures and strictly controlling inventory and accounts receivable, maintaining ample operating cash flow[34](index=34&type=chunk) - The company continuously improved its safety production standardization system and dual prevention system, optimized environmental governance, and achieved results in production process optimization and energy saving[35](index=35&type=chunk) - The company continued its R&D investment, obtaining **4 authorized invention patents** in the current period, with Baihehui Baihe obtaining **1 authorized invention patent** and Forward Chemical applying for **1 invention patent**; high-performance photoresist pigments for LCD panels achieved technological breakthroughs and ton-level sales[37](index=37&type=chunk) [III. Analysis of Core Competitiveness During the Reporting Period](index=9&type=section&id=III.%20Analysis%20of%20Core%20Competitiveness%20During%20the%20Reporting%20Period) Leveraging over 30 years of experience, the company has developed core competencies in scale, R&D, technological innovation, key intermediate support, environmental safety, marketing channels, brand, and talent, solidifying its leading position in the organic pigment industry - The company has become a leading enterprise in China's organic pigment industry with comprehensive competitiveness, operating over **50 pigment production lines** and producing more than **200 specifications of pigments**, possessing full-spectrum pigment production capabilities[38](index=38&type=chunk) - The company is a national high-tech enterprise, owning multiple R&D platforms including a national-level enterprise technology center, and has obtained **57 authorized invention patents** and **28 utility model patents**, also leading or participating in the formulation of several industry standards[39](index=39&type=chunk) - The company independently developed and produced various high-performance, environmentally friendly organic pigments, breaking the technological monopoly of global organic pigment suppliers, with high-performance pigments for electronic chemicals now in mass production[40](index=40&type=chunk) - By extending its industrial chain upstream to the intermediate industry, the company self-produces some key intermediates, effectively ensuring the production of high-performance organic pigments and controlling costs[41](index=41&type=chunk) - The company possesses complete waste treatment facilities, was among the first to implement a plant-wide RTO project, and places high importance on safety production, with a central control room and a dedicated emergency fire brigade[42](index=42&type=chunk) - The company has established a comprehensive sales network and customer service system, maintaining good relationships with partners, and has built a market image of high quality, safety, environmental protection, and excellent service within the industry[43](index=43&type=chunk)[44](index=44&type=chunk) - The company boasts a mature and systematic team structure, emphasizing human resource management and employee training, which has fostered an excellent and stable management and business backbone team[45](index=45&type=chunk) [IV. Major Operating Conditions During the Reporting Period](index=10&type=section&id=IV.%20Major%20Operating%20Conditions%20During%20the%20Reporting%20Period) This section analyzes the company's financial statement item changes, asset-liability status, and investment activities during the reporting period, noting decreases in operating revenue and costs, increases in sales and R&D expenses, a decrease in financial expenses due to exchange gains, stable asset-liability structure, and investment primarily in wealth management products [(I) Analysis of Main Business](index=10&type=section&id=(I)%20Analysis%20of%20Main%20Business) During this period, the company's operating revenue and cost both decreased, sales and R&D expenses increased, while administrative and financial expenses decreased, and net cash flow from operating activities declined, with significant changes in net cash flow from investing and financing activities Analysis of Changes in Financial Statement Items | Item | Current Period Amount (yuan) | Prior Year Period Amount (yuan) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 1,125,359,528.13 | 1,220,985,024.02 | -7.83 | Decrease in sales volume | | Operating Cost | 883,647,000.93 | 972,373,002.90 | -9.12 | In line with changes in operating revenue | | Selling Expenses | 12,180,207.20 | 10,926,555.97 | 11.47 | Increase in export credit insurance and exhibition fees | | Administrative Expenses | 46,631,483.45 | 51,487,228.97 | -9.43 | Decrease in entertainment and office expenses | | Financial Expenses | -3,964,316.39 | -1,346,789.29 | N/A | Increase in exchange gains | | R&D Expenses | 48,414,640.91 | 40,734,384.76 | 18.85 | Increased R&D investment, new product development | | Net Cash Flow from Operating Activities | 73,526,117.11 | 93,752,726.08 | -21.57 | Increase in settlement by bank acceptance bills | | Net Cash Flow from Investing Activities | -263,199,962.16 | -33,564,555.50 | N/A | Purchase of wealth management products | | Net Cash Flow from Financing Activities | -113,081,183.74 | -128,461,005.45 | N/A | Increase in bank loans | [(III) Analysis of Assets and Liabilities](index=10&type=section&id=(III)%20Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, the company's monetary funds significantly decreased due to the reclassification of structured deposits to trading financial assets; accounts receivable and fixed assets showed slight changes, while construction in progress decreased, and short-term borrowings and contract liabilities varied, with lease liabilities decreasing due to amortization Changes in Assets and Liabilities | Item Name | Current Period-End Amount (yuan) | Current Period-End % of Total Assets | Prior Year-End Amount (yuan) | Prior Year-End % of Total Assets | Change from Prior Year-End (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 371,060,891.89 | 10.98 | 651,814,110.90 | 18.91 | -43.07 | Structured deposits reclassified to trading financial assets | | Accounts Receivable | 961,018,534.53 | 28.44 | 921,103,098.34 | 26.72 | 4.33 | | | Inventories | 545,148,698.50 | 16.13 | 552,960,013.34 | 16.04 | -1.41 | | | Fixed Assets | 1,098,686,825.26 | 32.51 | 1,159,738,993.83 | 33.64 | -5.26 | | | Construction in Progress | 3,752,787.75 | 0.11 | 5,412,393.83 | 0.16 | -30.66 | Capitalized | | Right-of-Use Assets | 3,371,219.53 | 0.10 | 4,494,959.37 | 0.13 | -25.00 | Due to amortization | | Short-Term Borrowings | 66,681,346.54 | 1.97 | 57,048,554.51 | 1.65 | 16.89 | | | Contract Liabilities | 2,200,036.55 | 0.07 | 3,045,747.40 | 0.09 | -27.77 | Decrease in advance receipts for goods | | Long-Term Borrowings | 23,028,789.03 | 0.68 | 27,038,489.02 | 0.78 | -14.83 | | | Lease Liabilities | 1,176,264.47 | 0.03 | 2,331,000.66 | 0.07 | -49.54 | Due to amortization | Major Asset Restrictions at Period-End | Item | Year-End Carrying Amount (yuan) | Reason for Restriction | | :--- | :--- | :--- | | Notes Receivable | 308,013,906.76 | Notes receivable endorsed or discounted but not derecognized at period-end | | Other Monetary Funds | 18,306,500.00 | Acceptance deposit | | Total | 326,320,406.76 | | [(IV) Analysis of Investment Status](index=11&type=section&id=(IV)%20Analysis%20of%20Investment%20Status) The company's external equity investments primarily include an investment in Hushan Bank with a 3.75% stake, while accounts receivable financing increased for financial assets measured at fair value, and other non-current financial assets were adjusted downwards due to investment losses in Inner Mongolia Meilijian New Materials Co., Ltd Overall Analysis of External Equity Investments | Investee | Main Business | Investment Cost (yuan) | Period-End Balance (yuan) | Shareholding Ratio in Investee | | :--- | :--- | :--- | :--- | :--- | | Hushan Bank | Deposits, loans, bank settlements | 9,450,000.00 | 9,450,000.00 | 3.75% | Changes in Financial Assets Measured at Fair Value | Asset Category | Beginning Balance (yuan) | Fair Value Change Gain/Loss for Current Period (yuan) | Current Period Purchase Amount (yuan) | Period-End Balance (yuan) | | :--- | :--- | :--- | :--- | :--- | | Accounts Receivable Financing | 20,939,647.26 | | 36,316,970.33 | 57,256,617.59 | | Other Non-Current Financial Assets | 15,070,000.00 | -5,620,000.00 | | 9,450,000.00 | | Total | 36,009,647.26 | -5,620,000.00 | 36,316,970.33 | 66,706,617.59 | - The increase in other non-current financial assets at the end of the period, specifically the equity investment in Inner Mongolia Meilijian New Materials Co., Ltd., uses its semi-annual report data as the fair value reference[54](index=54&type=chunk) [(VI) Analysis of Major Holding and Participating Companies](index=13&type=section&id=(VI)%20Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) This section presents the financial data of the company's major holding subsidiaries, including total assets, net assets, operating revenue, operating profit, and net profit, reflecting each subsidiary's operational contribution Financial Data of Major Holding Subsidiaries (Unit: ten thousand yuan) | Company Name | Company Type | Main Business | Registered Capital | Total Assets | Net Assets | Operating Revenue | Operating Profit | Net Profit | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Baihehui Baihe | Subsidiary | Production and sales of pigments | 5,980.00 | 38,985.16 | 24,492.10 | 27,135.70 | 2,971.58 | 2,692.18 | | Xuancheng Yingte | Subsidiary | Production and sales of pigments | 5,000.00 | 24,024.60 | 19,252.07 | 9,857.23 | 661.92 | 484.37 | | Yuansheng Zhinai | Subsidiary | Production and sales of sodium metal | 8,000.00 | 24,018.10 | 436.03 | 6,415.67 | -754.18 | -745.18 | | Forward Chemical | Subsidiary | Pearlescent pigments | 2,700.00 | 11,820.17 | 10,725.42 | 3,399.80 | 445.75 | 438.28 | [V. Other Disclosure Matters](index=14&type=section&id=V.%20Other%20Disclosure%20Matters) This section details eight potential risks faced by the company, including industry market competition, cyclical fluctuations in downstream industries, raw material price volatility, exchange rate fluctuations, environmental risks, production safety, international trade, and new business operational experience risks, advising investors to be aware of these factors - The company faces industry market competition risks, as the domestic organic pigment industry has low concentration, severe product homogeneity, and intense market competition[56](index=56&type=chunk) - The company's performance is directly related to the prosperity of downstream industries such as inks, coatings, and plastics, posing a risk of cyclical fluctuations in these industries[57](index=57&type=chunk) - Raw material costs account for a high proportion of the main business costs (**over 70%**), indicating that raw material price fluctuations have a significant impact on the company's profitability[58](index=58&type=chunk) - The company's product exports are primarily settled in US dollars, and significant fluctuations in the RMB exchange rate could have a substantial impact on operating revenue and profit[59](index=59&type=chunk) - The company produces fine chemical products, entailing environmental risks such as potential pollution from unforeseen incidents or improper handling, or increased expenses due to stricter environmental regulations[60](index=60&type=chunk) - The company's production involves chemicals, posing risks of safety accidents due to improper operations, equipment failures, or adverse effects from non-compliance with regulatory requirements[61](index=61&type=chunk) - The company faces international trade risks due to the influence of political environments, economic conditions, trade regulations, tariff levels, and unforeseen international events in overseas markets[62](index=62&type=chunk) - The company has relatively limited operational experience in new material fields, facing uncertainties in policy, market, technology, production, and sales, which presents a risk that new business operations may not meet expectations[63](index=63&type=chunk)[64](index=64&type=chunk) [Section IV Corporate Governance, Environment, and Society](index=16&type=section&id=Section%20IV%20Corporate%20Governance,%20Environment,%20and%20Society) This section covers changes in the company's board and senior management, profit distribution plans, and environmental information disclosure, highlighting governance and social responsibility aspects [I. Changes in Company Directors and Senior Management](index=16&type=section&id=I.%20Changes%20in%20Company%20Directors%20and%20Senior%20Management) During the reporting period, the company's board of directors saw changes, with Chen Weizhong and Gao Jianjiang resigning due to personal reasons, and Xuanyong Jun and Chen Yang elected as new directors - Chen Weizhong and Gao Jianjiang resigned from their director positions on May 20, 2025[67](index=67&type=chunk) - Xuanyong Jun was democratically elected as an employee representative director for the company's fifth board of directors[67](index=67&type=chunk) - Chen Yang was approved by the board of directors to serve as a non-independent director for the company's fifth board of directors[67](index=67&type=chunk) [II. Profit Distribution or Capital Reserve Conversion Plan](index=16&type=section&id=II.%20Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) This section states that the company's semi-annual profit distribution or capital reserve conversion plan is "not applicable," meaning no distribution or conversion will occur - The company's proposed semi-annual profit distribution or capital reserve conversion plan is “No,” indicating no distribution or conversion[68](index=68&type=chunk) [IV. Environmental Information of Listed Companies and Their Major Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information by Law](index=17&type=section&id=IV.%20Environmental%20Information%20of%20Listed%20Companies%20and%20Their%20Major%20Subsidiaries%20Included%20in%20the%20List%20of%20Enterprises%20Required%20to%20Disclose%20Environmental%20Information%20by%20Law) This section lists the company and its six major subsidiaries included in the list of enterprises required to disclose environmental information by law, providing inquiry indexes and demonstrating the company's compliance with environmental information disclosure - The company and **6 major subsidiaries** are included in the list of enterprises required to disclose environmental information by law[70](index=70&type=chunk)[71](index=71&type=chunk) - Inquiry indexes for each enterprise's environmental information disclosure report are provided, primarily accessible through the ecological environment department's enterprise environmental information disclosure systems in Zhejiang, Hubei, Inner Mongolia, and Anhui[70](index=70&type=chunk)[72](index=72&type=chunk) [Section V Important Matters](index=19&type=section&id=Section%20V%20Important%20Matters) This section details the fulfillment of commitments made by the company's actual controller, controlling shareholder, directors, and senior management, and discloses significant related-party transactions and major guarantees [I. Fulfillment of Commitments](index=19&type=section&id=I.%20Fulfillment%20of%20Commitments) This section details the fulfillment of various commitments made by the company's actual controller, controlling shareholder, directors, and senior management during initial public offerings and refinancing, including share lock-ups, avoidance of horizontal competition, reduction of related-party transactions, and measures to mitigate dilution of immediate returns, all of which have been strictly and timely fulfilled - The company's actual controller, director, and general manager Chen Lirong and his son Chen Pengfei committed to a **36-month share lock-up** and to transfer no more than **25% of their shares annually** during their tenure[75](index=75&type=chunk)[77](index=77&type=chunk) - The company's controlling shareholder, Baihehua Holdings, committed to a **36-month share lock-up**, with a share reduction price not lower than the issue price within two years after the lock-up period expires, and an annual reduction quantity not exceeding **10% of the total shares held** at the end of the previous year[75](index=75&type=chunk)[78](index=78&type=chunk)[80](index=80&type=chunk) - The company's directors, supervisors, and senior management committed to a **12-month share lock-up** and to transfer no more than **25% of their shares annually** during their tenure[75](index=75&type=chunk)[79](index=79&type=chunk) - The company's controlling shareholder and actual controller committed to avoid horizontal competition and to take measures to withdraw from businesses that might constitute competition[76](index=76&type=chunk)[81](index=81&type=chunk) - The company's actual controller and controlling shareholder committed to minimize related-party transactions and ensure the fairness of transaction prices[76](index=76&type=chunk)[82](index=82&type=chunk) - The company and relevant parties implemented measures to mitigate the dilution of immediate returns and committed not to harm the company's interests, with compensation systems linked to these return-filling measures[76](index=76&type=chunk)[83](index=83&type=chunk)[84](index=84&type=chunk)[85](index=85&type=chunk) - All commitment matters have been fulfilled strictly and timely, with no instances of failure to fulfill them on time[75](index=75&type=chunk)[76](index=76&type=chunk) [X. Significant Related-Party Transactions](index=25&type=section&id=X.%20Significant%20Related-Party%20Transactions) This section discloses the company's routine operating related-party transactions during the reporting period, including sales of pigments and intermediates, procurement of goods, payment of property lease fees, and collection of electricity fees, listing major related parties and their transaction amounts - In the company's projected related-party transactions for 2025, the sales quota for pigments is **720 million yuan**, and for intermediates is **60 million yuan**[89](index=89&type=chunk) - As of June 30, 2025, the company had achieved pigment sales of **174.5204 million yuan** and intermediate sales of **5.4762 million yuan**[89](index=89&type=chunk) Routine Related-Party Transactions Not Disclosed in Temporary Announcements (Unit: yuan) | Related Party | Related Relationship | Related Transaction Type | Related Transaction Content | Related Transaction Amount | | :--- | :--- | :--- | :--- | :--- | | Heubach Pigments (Shanghai) Co., Ltd. | Sales of pigments | Sales of goods | Sales of pigments | 91,783,898.17 | | Heubach Colorants Singapore Pte. Ltd. | Sales of pigments | Sales of goods | Sales of pigments | 70,566,717.32 | | Heubach Colorants Germany GmbH | Sales of intermediates | Sales of goods | Sales of intermediates | 5,476,227.38 | | Zhejiang Baihe Hangtai Composite Materials Co., Ltd. | Group sister company | Collection of utility fees | Collection of utility fees | 806,432.96 | | Zhejiang Baihe Industrial Group Co., Ltd. | Group sister company | Lease-in | Property lease-in | 1,192,660.56 | | Total | / | / | / | 181,995,679.77 | [XI. Major Contracts and Their Fulfillment](index=27&type=section&id=XI.%20Major%20Contracts%20and%20Their%20Fulfillment) This section discloses the company's major guarantees, both fulfilled and unfulfilled, during the reporting period, primarily guarantees for subsidiaries, with the total guarantee amount representing **9.32%** of the company's net assets Company Guarantees for Subsidiaries (Unit: ten thousand yuan) | Guaranteed Party | Guarantee Amount | Guarantee Start Date | Guarantee End Date | Has Guarantee Been Fulfilled | | :--- | :--- | :--- | :--- | :--- | | Inner Mongolia Yuansheng Zhinai Technology Co., Ltd. | 10,000.00 | March 1, 2021 | December 21, 2025 | No | | Inner Mongolia Yuansheng Zhinai Technology Co., Ltd. | 3,000.00 | December 28, 2021 | December 28, 2026 | No | | Hubei Caili New Materials Co., Ltd. | 1,000.00 | March 12, 2025 | March 12, 2028 | No | | Hubei Caili New Materials Co., Ltd. | 8,300.00 | March 23, 2023 | March 22, 2028 | No | | Total Guarantee Amount for Subsidiaries During Reporting Period | 22,300.00 | | | | | Total Guarantee Balance for Subsidiaries at Period-End (B) | 22,300.00 | | | | | Total Guarantee Amount (A+B) | 22,300.00 | | | | | Total Guarantee Amount as % of Company's Net Assets | 9.32 | | | | [Section VI Changes in Shares and Shareholder Information](index=29&type=section&id=Section%20VI%20Changes%20in%20Shares%20and%20Shareholder%20Information) This section details the company's share capital changes and shareholder structure, including the total number of shareholders and the top ten shareholders, along with their restricted and unrestricted shareholdings and related-party relationships [I. Changes in Share Capital](index=29&type=section&id=I.%20Changes%20in%20Share%20Capital) During the reporting period, there were no changes in the company's total share capital or share capital structure - During the reporting period, there were no changes in the company's total share capital or share capital structure[97](index=97&type=chunk) [II. Shareholder Information](index=29&type=section&id=II.%20Shareholder%20Information) This section discloses the total number of shareholders, the top ten shareholders, and the top ten unrestricted shareholders at the end of the reporting period, along with the related-party relationships among major shareholders - As of the end of the reporting period, the total number of common shareholders was **25,020**[98](index=98&type=chunk) Top Ten Shareholders' Shareholdings (as of period-end) | Shareholder Name | Period-End Shareholding (shares) | Percentage (%) | Number of Restricted Shares Held (shares) | Share Status | Quantity (shares) | Shareholder Nature | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Baihehua Holdings Co., Ltd. | 263,941,361 | 63.39 | | Pledged | 18,000,000 | Domestic Non-State-Owned Legal Person | | Chen Lirong | 17,025,563 | 4.09 | 5,336,200 | Unrestricted | | Domestic Natural Person | | Chen Pengfei | 5,844,683 | 1.40 | | Unrestricted | | Domestic Natural Person | | Chen Weizhong | 3,506,809 | 0.84 | | Unrestricted | | Domestic Natural Person | | Shen Huatang | 2,890,000 | 0.69 | | Unrestricted | | Domestic Natural Person | | Zhang Junbiao | 2,777,836 | 0.67 | | Unrestricted | | Domestic Natural Person | | Zhu Jiafeng | 2,343,300 | 0.56 | | Unrestricted | | Domestic Natural Person | | Wang Diming | 2,337,872 | 0.56 | | Unrestricted | | Domestic Natural Person | | Su Ling | 1,350,040 | 0.32 | | Unrestricted | | Domestic Natural Person | | Li Hu | 1,254,800 | 0.30 | | Unrestricted | | Domestic Natural Person | - Chen Lirong and Chen Pengfei hold **40%** and **35%** of the shares in the issuer's controlling shareholder, Baihehua Holdings, respectively, and Chen Lirong and Chen Pengfei are father and son[101](index=101&type=chunk) Top Ten Restricted Shareholders' Shareholdings and Restrictions | No. | Name of Restricted Shareholder | Number of Restricted Shares Held (shares) | Date Available for Trading | Restriction Condition | | :--- | :--- | :--- | :--- | :--- | | 1 | Chen Lirong | 5,336,200 | January 12, 2026 | Private placement restriction | [Section VII Bond-Related Information](index=32&type=section&id=Section%20VII%20Bond-Related%20Information) This section states that the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments, nor convertible corporate bonds, during the reporting period - The company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments during the reporting period[106](index=106&type=chunk) - The company had no convertible corporate bonds during the reporting period[106](index=106&type=chunk) [Section VIII Financial Report](index=33&type=section&id=Section%20VIII%20Financial%20Report) This section presents the company's comprehensive financial statements for the first half of 2025, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, along with detailed notes on accounting policies, taxes, and financial items [II. Financial Statements](index=33&type=section&id=II.%20Financial%20Statements) This section provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025, comprehensively presenting the company's financial position, operating results, and cash flow situation - The consolidated balance sheet shows total assets of **3.379 billion yuan**, total liabilities of **795.23 million yuan**, and total equity attributable to parent company owners of **2.394 billion yuan** at period-end[108](index=108&type=chunk)[110](index=110&type=chunk) - The consolidated income statement shows total operating revenue of **1.125 billion yuan** and net profit attributable to parent company shareholders of **99.54 million yuan** for the current period[115](index=115&type=chunk)[116](index=116&type=chunk) - The consolidated cash flow statement shows net cash flow from operating activities of **73.53 million yuan**, net cash flow from investing activities of **-263.20 million yuan**, and net cash flow from financing activities of **-113.08 million yuan**[123](index=123&type=chunk) [III. Company Basic Information](index=53&type=section&id=III.%20Company%20Basic%20Information) This section introduces Baihehua Group Co., Ltd.'s establishment date, registered location, listing information, and share capital changes, clarifying its main business as the production, R&D, and sales of organic pigments and intermediates - Baihehua Group Co., Ltd. was established on August 11, 1995, with its registered office in Hangzhou, Zhejiang Province[137](index=137&type=chunk) - The company's A-shares were listed on the Shanghai Stock Exchange on December 20, 2016[138](index=138&type=chunk) - The company's total share capital changed from **412,160,476 shares** to **417,496,676 shares**, then decreased by **1,128,972 shares** due to the repurchase and cancellation of restricted shares, ultimately becoming **416,367,704 shares**[138](index=138&type=chunk)[139](index=139&type=chunk) - The company's main business is the production, R&D, and sales of organic pigments and intermediates, with primary products including high-performance heterocyclic pigments, high-performance azo pigments, traditional azo pigments, organic pigment intermediates, and pearlescent pigments[139](index=139&type=chunk) [IV. Basis for Preparation of Financial Statements](index=53&type=section&id=IV.%20Basis%20for%20Preparation%20of%20Financial%20Statements) This section states that the company's financial statements are prepared in accordance with "Enterprise Accounting Standards" and related regulations, presented on a going concern basis, with no significant doubts about its ability to continue as a going concern identified - The Group's financial statements are prepared in accordance with the "Enterprise Accounting Standards" promulgated by the Ministry of Finance, its application guidelines, interpretations, and other relevant regulations[140](index=140&type=chunk) - These financial statements are presented on a going concern basis, and no significant doubts or circumstances regarding the ability to continue as a going concern have been identified[141](index=141&type=chunk) [V. Significant Accounting Policies and Accounting Estimates](index=54&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Accounting%20Estimates) This section details the significant accounting policies and estimates followed by the company in preparing its financial statements, covering financial instruments, inventories, fixed assets, intangible assets, revenue recognition, and government grants, ensuring the truthfulness, accuracy, and completeness of financial information - These financial statements comply with the requirements of enterprise accounting standards, truthfully, accurately, and completely reflecting the company's financial position, operating results, and cash flows[142](index=142&type=chunk)[143](index=143&type=chunk) - The company's accounting year runs from January 1 to December 31 of the Gregorian calendar, with a 12-month operating cycle[144](index=144&type=chunk)[145](index=145&type=chunk) - Regarding the classification and measurement of financial instruments, the company classifies financial assets as measured at amortized cost, at fair value through other comprehensive income, or at fair value through profit or loss, based on business models and contractual cash flow characteristics[159](index=159&type=chunk) - For accounts receivable, notes receivable, accounts receivable financing, contract assets, and other receivables, the company applies a simplified measurement method, measuring loss provisions at an amount equal to the expected credit losses over the entire lifetime[171](index=171&type=chunk) - Inventories are valued at the lower of cost or net realizable value, with actual cost determined using the weighted average method, and inventory impairment provisions are recognized[189](index=189&type=chunk) - Fixed assets are depreciated using the straight-line method, with estimated useful lives, estimated net residual values, and depreciation methods reviewed at each year-end[202](index=202&type=chunk)[203](index=203&type=chunk) - Intangible assets are amortized on a straight-line basis over the shortest of their estimated useful lives, contractually stipulated benefit periods, or legally prescribed effective periods[207](index=207&type=chunk)[208](index=208&type=chunk) - The company recognizes revenue when customers obtain control of the related goods or services, distinguishing between performance obligations fulfilled over time or at a point in time based on their nature[224](index=224&type=chunk)[225](index=225&type=chunk) [VI. Taxes](index=75&type=section&id=VI.%20Taxes) This section lists the company's main tax categories and rates, detailing the corporate income tax preferential policies and VAT input tax deduction policies enjoyed by the company and its subsidiaries Main Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Value-added from sales of goods | 13%, 9%, 6% | | Urban Maintenance and Construction Tax | Amount of turnover tax paid | 7%, 5% | | Corporate Income Tax | Taxable income | 25%, 20%, 15% | | Education Surcharge | Amount of turnover tax paid | 3% | | Local Education Surcharge | Amount of turnover tax paid | 2% | | Property Tax | 70% of original property value | 1.2% | | Land Use Tax | Levied based on land area used | 1.6-11 yuan/year/square meter | - Baihehua Group Co., Ltd., Hangzhou Baihehui Baihe Pigment Co., Ltd., and Hangzhou Forward Fine Chemical Co., Ltd. have all passed high-tech enterprise certification, enjoying a preferential corporate income tax rate of **15%**[252](index=252&type=chunk) - The export tax rebate rate for the company's organic pigment products increased from **0% to 13%**, effective from March 20, 2020[253](index=253&type=chunk) - The company and some subsidiaries enjoy a **5% VAT input tax deduction** policy for advanced manufacturing enterprises, as well as corporate income tax preferential policies for small and micro-profit enterprises[253](index=253&type=chunk)[254](index=254&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=77&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes on major asset, liability, owner's equity, revenue, cost, and expense items in the consolidated financial statements, including period-end balances, beginning balances, changes, and related explanations, offering specific data to understand the company's financial position and operating results Period-End Balance of Monetary Funds | Item | Period-End Balance (yuan) | | :--- | :--- | | Cash on Hand | 52,038.36 | | Bank Deposits | 352,702,353.53 | | Other Monetary Funds | 18,306,500.00 | | Total | 371,060,891.89 | Period-End Balance of Trading Financial Assets | Item | Period-End Balance (yuan) | | :--- | :--- | | Structured Deposits | 248,220,000.00 | | Total | 248,220,000.00 | Period-End Carrying Amount of Accounts Receivable | Age | Period-End Carrying Balance (yuan) | | :--- | :--- | | Within 1 year (inclusive) | 490,169,416.30 | | 1 to 2 years | 9,562,387.39 | | 2 to 3 years | 269,742.94 | | Over 3 years | 1,997,724.92 | | Total | 501,999,271.55 | Operating Revenue and Operating Cost (Current Period Amount) | Item | Revenue (yuan) | Cost (yuan) | | :--- | :--- | :--- | | Main Business | 1,113,391,598.14 | 874,695,508.14 | | Other Business | 11,967,929.99 | 8,951,492.79 | | Total | 1,125,359,528.13 | 883,647,000.93 | R&D Expenses (Current Period Amount) | Item | Current Period Amount (yuan) | | :--- | :--- | | Nanometer-grade high-performance organic pigment quinacridone yellow 138 | 6,744,325.75 | | Environmentally friendly plastic coloring special organic pigment Permanent Orange BHO347 | 3,551,219.64 | | Food contact grade safe and environmentally friendly organic pigment Golden Light Red 5327 | 2,571,600.00 | | Water-based inkjet high-performance organic pigment Yellow 180 | 9,374,605.22 | | Safe and environmentally friendly Permanent Red BHR4813 | 6,156,623.14 | | Total | 48,414,640.91 | Investment Income (Current Period Amount) | Item | Current Period Amount (yuan) | | :--- | :--- | | Bank wealth management income | 1,561,075.66 | | Total | 1,561,075.66 | [VIII. R&D Expenditures](index=128&type=section&id=VIII.%20R%26D%20Expenditures) This section discloses the company's R&D expenditures during the reporting period, all of which were expensed, primarily for research and development projects related to various high-performance organic pigments, environmentally friendly pigments, and lithium battery materials R&D Expenditures by Expense Nature | Item | Current Period Amount (yuan) | | :--- | :--- | | R&D Expenses | 48,414,640.91 | | Total | 48,414,640.91 | | Of which: Expensed R&D expenditures | 48,414,640.91 | | Capitalized R&D expenditures | 0 | - R&D expenditures were primarily allocated to multiple projects, including nanometer-grade high-performance organic pigments, environmentally friendly plastic coloring special organic pigments, food contact grade safe and environmentally friendly organic pigments, and inkjet-grade high-performance organic pigments[390](index=390&type=chunk)[391](index=391&type=chunk) [IX. Changes in Consolidation Scope](index=129&type=section&id=IX.%20Changes%20in%20Consolidation%20Scope) This section states that during the reporting period, the company did not experience any changes in its consolidation scope, such as business combinations under common control, business combinations not under common control, reverse acquisitions, or disposal of subsidiaries leading to loss of control - During the reporting period, the company did not experience any business combinations not under common control[430](index=430&type=chunk) - During the reporting period, the company did not experience any business combinations under common control[430](index=430&type=chunk) - During the reporting period, the company did not experience any reverse acquisitions[431](index=431&type=chunk) - During the reporting period, the company did not experience any transactions or events leading to the loss of control over subsidiaries[431](index=431&type=chunk) [X. Interests in Other Entities](index=131&type=section&id=X.%20Interests%20in%20Other%20Entities) This section outlines the company's group structure, including the registered location, business nature, registered capital, shareholding ratio, and establishment method of each subsidiary, and discloses key financial information for significant non-wholly owned subsidiaries Composition of Enterprise Group (Major Subsidiaries) | Company Name | Registered Location | Registered Capital (ten thousand yuan) | Business Nature | Direct Shareholding Ratio (%) | Establishment Method | | :--- | :--- | :--- | :--- | :--- | :--- | | Hangzhou Caili Chemical Co., Ltd. | Hangzhou Xiaoshan | 500.00 | Trading | 100.00 | Directly established | | Xuancheng Yingte Pigment Co., Ltd. | Anhui Xuancheng | 5,000.00 | Production, sales | 100.00 | Directly established | | Hangzhou Baihehui Baihe Pigment Co., Ltd. | Hangzhou Xiaoshan | 5,980.00 | Production, sales | 51.00 | Directly established | | Inner Mongolia Yuansheng Zhinai Technology Co., Ltd. | Inner Mongolia | 8,000.00 | Production, sales | 80.00 | Directly established | | Hubei Caili New Materials Co., Ltd. | Hubei Yingcheng | 3,312.50 | Production, sales | 68.00 | Business combination not under common control | Financial Information of Significant Non-Wholly Owned Subsidiaries (Current Period Amount, Unit: yuan) | Subsidiary Name | Minority Shareholding Ratio (%) | Current Period Profit/Loss Attributable to Minority Shareholders | Dividends Declared to Minority Shareholders in Current Period | Period-End Minority Interest Balance | | :--- | :--- | :--- | :--- | :--- | | Baihehui Baihe | 49 | 13,335,334.10 | 30,643,864.11 | 123,855,244.46 | Asset and Liability Status of Significant Non-Wholly Owned Subsidiaries (Period-End Balance, Unit: yuan) | Subsidiary Name | Current Assets | Non-Current Assets | Total Assets | Current Liabilities | Non-Current Liabilities | Total Liabilities | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Baihehui Baihe | 315,340,715.91 | 74,510,846.90 | 389,851,562.81 | 144,461,779.73 | 468,749.76 | 144,930,529.49 | [XI. Government Grants](index=134&type=section&id=XI.%20Government%20Grants) This section discloses the company's government grant liability items and the amounts of government grants recognized in current profit or loss during the reporting period, primarily comprising amortization of asset-related deferred income and income-related grants Liability Items Involving Government Grants (Unit: yuan) | Financial Statement Item | Beginning Balance | New Grants in Current Period | Amount Included in Non-Operating Income in Current Period | Transferred to Other Income in Current Period | Other Changes in Current Period | Period-End Balance | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 49,777,502.35 | | | 3,638,796.04 | | 46,138,706.31 | Asset-related | | Total | 49,777,502.35 | | | 3,638,796.04 | | 46,138,706.31 | / | Government Grants Included in Current Profit or Loss (Unit: yuan) | Type | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | Income-related | 8,528,555.78 | 7,491,432.32 | | Asset-related | 3,638,796.04 | 3,414,330.54 | | Total | 12,167,351.82 | 10,905,762.86 | [XII. Risks Related to Financial Instruments](index=135&type=section&id=XII.%20Risks%20Related%20to%20Financial%20Instruments) This section details the financial instrument risks faced by the company, including market risks (exchange rate, interest rate, price risks), credit risk, and liquidity risk, along with the policies and measures implemented to manage these risks - The company faces exchange rate risk, primarily related to the US dollar and Euro, and closely monitors exchange rate fluctuations' impact on operating performance[441](index=441&type=chunk)[442](index=442&type=chunk) - The company's interest rate risk primarily stems from bank borrowings, with interest-bearing debt mainly consisting of RMB-denominated fixed-rate loan contracts[444](index=444&type=chunk) - The company faces price risk arising from fluctuations in product sales prices and raw material procurement prices[445](index=445&type=chunk) - The company manages credit risk through credit limits, credit approval, and monitoring procedures to ensure the recovery of overdue receivables, believing that credit risk has been significantly reduced[446](index=446&type=chunk) - The company's primary criteria for judging a significant increase in credit risk include a rise in the probability of default over the remaining lifetime exceeding a certain percentage compared to initial recognition, or significant adverse changes in the debtor's operating environment or credit rating[448](index=448&type=chunk) - The company's primary criteria for judging credit impairment include overdue days exceeding **90 days**, or internal/external information indicating the inability to fully recover the contract amount[450](index=450&type=chunk) - The company manages liquidity risk by regularly analyzing debt structure and maturity, monitoring bank loan utilization, and negotiating financing with financial institutions[452](index=452&type=chunk) Financial Asset Transfer Status (Unit: yuan) | Transfer Method | Nature of Transferred Financial Assets | Amount of Transferred Financial Assets | Derecognition Status | Basis for Derecognition Judgment | | :--- | :--- | :--- | :--- | :--- | | Bill endorsement or discounting | Undue bank acceptance bills in notes receivable | 308,013,906.76 | Not derecognized | Bank acceptance bills with general credit ratings, credit risk and deferred payment risk not yet transferred | | Bill endorsement or discounting | Undue bank acceptance bills in accounts receivable financing | 196,370,671.43 | Derecognized | Bank acceptance bills with high credit ratings, credit risk and deferred payment risk are very small, interest rate risk has been transferred | [XIII. Disclosure of Fair Value](index=139&type=section&id=XIII.%20Disclosure%20of%20Fair%20Value) This section discloses the period-end fair value of the company's assets and liabilities measured at fair value, primarily including accounts receivable financing and other non-current financial assets, and explains the valuation techniques and key parameters used for Level 3 fair value measurement items Total Assets Continuously Measured at Fair Value (Period-End, Unit: yuan) | Item | Level 2 Fair Value Measurement | Level 3 Fair Value Measurement | Total | | :--- | :--- | :--- | :--- | | Other Debt Investments | 57,256,617.59 | | 57,256,617.59 | | Other Non-Current Financial Assets | | 9,450,000.00 | 9,450,000.00 | | Total Assets Continuously Measured at Fair Value | 57,256,617.59 | 9,450,000.00 | 66,706,617.59 | - Accounts receivable financing consists of bank acceptance bills with high credit ratings, for which the face amount is considered a reasonable estimate of fair value[463](index=463&type=chunk) - Other non-current financial assets, specifically the equity investment in Zhejiang Xiaoshan Hushan Rural Commercial Bank Co., Ltd., use the acquisition cost as the best estimate of fair value due to insufficient recent fair value information[463](index=463&type=chunk) [XIV. Related Parties and Related-Party Transactions](index=141&type=section&id=XIV.%20Related%20Parties%20and%20Related-Party%20Transactions) This section comprehensively discloses the company's parent company, subsidiaries, other related parties, and various related-party transactions during the reporting period, including purchases and sales of goods, provision of services, related-party leases, related-party guarantees, and key management personnel compensation, along with outstanding receivables and payables from related parties - The company's parent company is Baihehua Holdings Co., Ltd., holding **63.39%** of both shares and voting rights, with Chen Lirong as the ultimate controlling party[466](index=466&type=chunk) - Other related parties include Heubach Holding Switzerland AG and its controlled subsidiaries, as well as companies controlled by the company's actual controller, Chen Lirong[466](index=466&type=chunk)[467](index=467&type=chunk) Related-Party Transactions for Purchase/Acceptance of Goods/Services (Current Period Amount, Unit: yuan) | Related Party | Related Transaction Content | Current Period Amount | | :--- | :--- | :--- | | Suzhou Meilijian Sales Co., Ltd. | Purchase of goods | 6,837,402.67 | | Total | | 6,837,402.67 | Related-Party Transactions for Sale of Goods/Provision of Services (Current Period Amount, Unit: yuan) | Related Party | Related Transaction Content | Current Period Amount | | :--- | :--- | :--- | | Heubach Pigments (Shanghai) Co., Ltd. | Sales of pigments | 91,783,898.17 | | Heubach Colorants Singapore Pte. Ltd. | Sales of pigments | 70,566,717.32 | | Heubach Colorants Germany GmbH | Sales of intermediates | 5,476,227.38 | | Zhejiang Baihe Hangtai Composite Materials Co., Ltd. | Collection of utility fees | 806,432.96 | | Total | | 180,803,019.20 | Related-Party Leases as Lessee (Current Period Amount, Unit: yuan) | Lessor Name | Type of Leased Asset | Rent Paid | | :--- | :--- | :--- | | Baihe Industrial | Office building lease | 1,300,000.00 | Related-Party Guarantees as Guarantor (Unit: ten thousand yuan) | Guaranteed Party | Guarantee Amount | Has Guarantee Been Fulfilled | | :--- | :--- | :--- | | Inner Mongolia Yuansheng Zhinai Technology Co., Ltd. | 10,000.00 | No | | Hubei Caili New Materials Co., Ltd. | 8,300.00 | No | Key Management Personnel Compensation (Unit: ten thousand yuan) | Item | Current Period Amount | | :--- | :--- | | Key management personnel compensation | 282.05 | Receivables from Related Parties (Period-End Balance, Unit: yuan) | Item Name | Related Party | Carrying Balance | | :--- | :--- | :--- | | Accounts Receivable | Heubach Pigments (Shanghai) Co., Ltd. | 41,770,087.98 | | Accounts Receivable | Heubach Colorants Singapore Pte. Ltd. | 23,613,239.87 | | Accounts Receivable | Heubach Colorants Germany GmbH | 12,196,078.19 | | Total | | 80,274,703.67 | Payables to Related Parties (Period-End Balance, Unit: yuan) | Item Name | Related Party | Carrying Balance | | :--- | :--- | :--- | | Accounts Payable | Heubach GmbH | 3,547,050.51 | | Accounts Payable | Suzhou Meilijian Sales Co., Ltd. | 49,168.20 | | Total | | 4,148,693.58 | [XV. Share-Based Payment](index=147&type=section&id=XV.%20Share-Based%20Payment) This section states that during the reporting period, the company had no equity instruments, equity-settled share-based payments, cash-settled share-based payments, share-based payment expenses, or modifications/terminations of share-based payments - During the reporting period, the company had no equity instruments, equity-settled share-based payments, cash-settled share-based payments, share-based payment expenses, or modifications/terminations of share-based payments[486](index=486&type=chunk) [XVI. Commitments and Contingencies](index=147&type=section&id=XVI.%20Commitments%20and%20Contingencies) This section discloses the company's significant commitments as of the end of the reporting period, primarily capital contribution commitments to subsidiaries, and states that there are no other significant contingent matters requiring disclosure Committed and Unpaid Capital Contributions (as of June 30, 2025, Unit: ten thousand yuan) | Company Name | Subscribed Capital | Subscribed Ratio (%) | Paid-in Amount | Unpaid Capital Amount | | :--- | :--- | :--- | :--- | :--- | | Hangzhou Baihe Environmental Technology Co., Ltd. | 1,000.00 | 100.00 | 311.00 | 689.00 | | Hangzhou Baihe Fila Technology Co., Ltd. | 1,200.00 | 60.00 | 600.00 | 600.00 | | Total | 2,200.00 | | 911.00 | 1,289.00 | - The company has no significant contingent matters requiring disclosure[488](index=488&type=chunk) [XVII. Post-Balance Sheet Events](index=148&type=section&id=XVII.%20Post-Balance%20Sheet%20Events) This section states that no significant non-adjusting events, profit distribution, or sales returns occurred between the reporting period-end and the approval date of the financial report - No significant non-adjusting events occurred after the reporting period[489](index=489&type=chunk) - No profit distribution occurred after the reporting period[489](index=489&type=chunk) - No sales returns occurred after the reporting period[489](index=489&type=chunk) [XVIII. Other Significant Matters](index=148&type=section&id=XVIII.%20Other%20Significant%20Matters) This section states that during the reporting period, the company did not experience any other significant matters, such as prior period accounting error corrections, major debt restructurings, asset exchanges, annuity plans, discontinued operations, or segment information - No prior period accounting error corrections occurred during the reporting period[490](index=490&type=chunk) - No major debt restructurings occurred during the reporting period[490](index=490&type=chunk) - No asset exchanges occurred during the reporting period[490](index=490&type=chunk) - No annuity plans occurred during the reporting period[490](index=490&type=chunk) - No discontinued operations occurred during the reporting period[490](index=490&type=chunk) - The company has no segment information to report[490](index=490&type=chunk) [XIX. Notes to Parent Company Financial Statement Items](index=149&type=section&id=XIX.%20Notes%20to%20Parent%20Company%20Financial%20Statement%20Items) This section provides detailed notes on major items in the parent company's financial statements, including accounts receivable, other receivables, long-term equity investments, operating revenue and cost, and investment income, offering specific financial data and changes at the parent company level Parent Company Accounts Receivable Period-End Carrying Balance (by Age) | Age | Period-End Carrying Balance (yuan) | | :--- | :--- | | Within 1 year (inclusive) | 395,751,210.43 | | 1 to 2 years | 1,195,105.70 | | 2 to 3 years | 241,258.56 | | Over 3 years | 917,199.61 | | Total | 398,104,774.30 | Parent Company Other Receivables Period-End Carrying Balance (by Nature of Item) | Nature of Item | Period-End Carrying Balance (yuan) | | :--- | :--- | | Related parties within consolidation scope | 228,720,774.04 | | Payments collected/paid on behalf | 637,624.71 | | Deposits and guarantees | 22,333.00 | | Work-related injury medical expenses | 54,422.18 | | Petty cash | 60,000.00 | | Other | 335,965.12 | | Total | 229,831,119.05 | Parent Company Investments in Subsidiaries (Period-End Balance, Unit: yuan) | Investee | Period-End Balance (Carrying Amount) | | :--- | :--- | | Baihehui Baihe | 31,042,320.00 | | Xuancheng Yingte | 50,451,785.60 | | Forward Chemical | 62,517,728.00 | | Yuansheng Zhinai | 64,341,240.00 | | Hubei Caili | 39,196,500.00 | | Total | 274,597,178.29 | Parent Company Operating Revenue and Operating Cost (Current Period Amount, Unit: yuan) | Item | Revenue | Cost | | :--- | :--- | :--- | | Main Business | 864,556,854.85 | 709,958,256.50 | | Other Business | 28,795,957.53 | 22,477,795.99 | | Total | 893,352,812.38 | 732,436,052.49 | Parent Company Investment Income (Current Period Amount, Unit: yuan) | Item | Current Period Amount | | :--- | :--- | | Investment income from long-term equity investments accounted for using cost method | 36,844,634.08 | | Bank wealth management income | 1,428,886.97 | | Total | 38,273,521.05 | [XX. Supplementary Information](index=160&type=section&id=XX.%20Supplementary%20Information) This section provides supplementary financial information, including a detailed statement of non-recurring gains and losses, net asset return rates, and earnings per share, further elaborating on the company's financial performance Current Period Non-Recurring Gains and Losses Details (Unit: yuan) | Item | Amount | | :--- | :--- | | Gains/Losses from Disposal of Non-Current Assets | -2,540,341.96 | | Government Subsidies Included in Current Profit and Loss | 12,167,351.82 | | Gains/Losses from Changes in Fair Value of Financial Assets and Liabilities Held by Non-Financial Enterprises and Disposal of Financial Assets and Liabilities | -4,058,924.34 | | Other Non-Operating Income and Expenses Apart from the Above Items | 112,105.66 | | Less: Income Tax Impact | 619,082.09 | | Impact on Minority Interests (After Tax) | 1,173,455.35 | | Total | 3,887,653.74 | Net Asset Return Rate and Earnings Per Share | Profit for the Reporting Period | Weighted Average Return on Net Assets (%) | Earnings Per Share (yuan/share) | | :--- | :--- | :--- | | Net profit attributable to ordinary shareholders of the company | 4.17 | 0.24 | | Net profit attributable to ordinary shareholders of the company after deducting non-recurring gains and losses | 4.01 | 0.23 |

[Important Notice](index=2&type=section&id=Important%20Notice) This semi-annual report has not been audited, and all directors guarantee its truthfulness, accuracy, and completeness - This semi-annual report has not been audited[5](index=5&type=chunk) - All company directors attended the board meeting and guaranteed the truthfulness, accuracy, and completeness of the report content[3](index=3&type=chunk)[4](index=4&type=chunk) - Forward-looking statements regarding the company's future development strategy and business plans do not constitute substantial commitments to investors; investors should be aware of investment risks[6](index=6&type=chunk) - There are no instances of non-operational fund occupation by controlling shareholders or other related parties, nor any external guarantees provided in violation of prescribed decision-making procedures[7](index=7&type=chunk) - Potential risks are described in Section III, 'Management Discussion and Analysis'[7](index=7&type=chunk) [Section I Definitions](index=4&type=section&id=Section%20I%20Definitions) This section provides definitions for key terms used throughout the report, including company names and currency units - In this report, 'Company' and 'Tongbao Energy' both refer to Shanxi Tongbao Energy Co., Ltd[12](index=12&type=chunk) - Definitions are provided for common terms including Shanxi International Power, Jinneng Holding Power Group, Yangguang Company, Local Power Company, Asset Company, and China Securities Regulatory Commission[12](index=12&type=chunk) - Currency units 'Yuan', 'Ten Thousand Yuan', and 'Hundred Million Yuan' refer to RMB Yuan, RMB Ten Thousand Yuan, and RMB Hundred Million Yuan, respectively[12](index=12&type=chunk) [Section II Company Profile and Key Financial Indicators](index=4&type=section&id=Section%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section presents the company's fundamental information and a summary of its key financial performance and indicators for the reporting period [I. Company Information](index=4&type=section&id=I.%20Company%20Information) This section outlines the company's basic registration details, including its Chinese name, abbreviation, foreign name and its abbreviation, and legal representative - The company's Chinese name is Shanxi Tongbao Energy Co., Ltd., abbreviated as Tongbao Energy[14](index=14&type=chunk) - The company's legal representative is Li Xin[14](index=14&type=chunk) [II. Contact Persons and Information](index=4&type=section&id=II.%20Contact%20Persons%20and%20Information) This section provides detailed contact information for the company's Board Secretary and Securities Affairs Representative to facilitate investor communication - The Board Secretary is Li Zhibing, contact number 0351-7021857, email teclzb@163.com[15](index=15&type=chunk) - The Securities Affairs Representative is Xue Tao, contact number 0351-7031995, email tecxue@163.com[15](index=15&type=chunk) [III. Changes in Basic Information](index=4&type=section&id=III.%20Changes%20in%20Basic%20Information) This section states that the company's registered address, office address, postal code, website, and email address remained unchanged during the reporting period - The company's registered and office addresses are both 272 Changzhi Road, Taiyuan City, Shanxi Province[16](index=16&type=chunk) - No changes occurred in the company's basic information during the reporting period[16](index=16&type=chunk) [IV. Overview of Changes in Information Disclosure and Document Custody Locations](index=4&type=section&id=IV.%20Overview%20of%20Changes%20in%20Information%20Disclosure%20and%20Document%20Custody%20Locations) This section lists the company's designated newspapers for information disclosure and the website for semi-annual reports, confirming no changes in disclosure or custody locations during the reporting period - The company's selected newspapers for information disclosure are Shanghai Securities News, China Securities Journal, Securities Daily, and Securities Times[17](index=17&type=chunk) - The website address for publishing semi-annual reports is www.sse.com.cn[17](index=17&type=chunk) - No changes occurred in the company's information disclosure and document custody locations during the reporting period[17](index=17&type=chunk) [V. Company Stock Profile](index=5&type=section&id=V.%20Company%20Stock%20Profile) This section briefly introduces the company's stock listing information, including stock type, listing exchange, stock abbreviation, and code - The company's stock is A-shares, listed on the Shanghai Stock Exchange[18](index=18&type=chunk) - The stock abbreviation is Tongbao Energy, and the stock code is 600780[18](index=18&type=chunk) [VII. Key Accounting Data and Financial Indicators](index=5&type=section&id=VII.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) In the first half of 2025, the company's operating revenue increased by 5.65%, while total profit and net profit attributable to parent company shareholders grew by 25.87% and 24.87% respectively, primarily due to lower thermal power fuel costs, increased power distribution sales, and higher output from equity-invested coal enterprises Key Accounting Data for H1 2025 | Indicator | Current Period (Jan-Jun) (RMB Yuan) | Prior Period (RMB Yuan) | Period-on-Period Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 5,560,608,087.87 | 5,263,209,652.00 | 5.65 | | Total Profit | 398,841,746.69 | 316,880,157.56 | 25.87 | | Net Profit Attributable to Parent Company Shareholders | 314,203,282.91 | 251,630,360.34 | 24.87 | | Net Profit Attributable to Parent Company Shareholders Excluding Non-Recurring Gains/Losses | 312,610,704.80 | 246,131,640.60 | 27.01 | | Net Cash Flow from Operating Activities | 715,242,538.97 | 692,535,744.41 | 3.28 | | Net Assets Attributable to Parent Company Shareholders (Period End) | 8,031,847,483.97 | 7,691,509,462.35 | 4.42 | | Total Assets (Period End) | 10,823,340,753.58 | 10,536,170,282.47 | 2.73 | Key Financial Indicators for H1 2025 | Indicator | Current Period (Jan-Jun) | Prior Period | Period-on-Period Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (RMB Yuan/share) | 0.2741 | 0.2195 | 24.87 | | Diluted Earnings Per Share (RMB Yuan/share) | 0.2741 | 0.2195 | 24.87 | | Basic Earnings Per Share Excluding Non-Recurring Gains/Losses (RMB Yuan/share) | 0.2727 | 0.2147 | 27.01 | | Weighted Average Return on Net Assets (%) | 4.00 | 3.41 | Increased by 0.59 percentage points | | Weighted Average Return on Net Assets Excluding Non-Recurring Gains/Losses (%) | 3.98 | 3.33 | Increased by 0.65 percentage points | - Net profit attributable to shareholders of the listed company increased by **24.87%** year-on-year, primarily due to lower fuel procurement costs for thermal power enterprises, increased electricity sales by power distribution companies, and higher output from equity-invested coal enterprises[20](index=20&type=chunk) [IX. Non-Recurring Gains and Losses Items and Amounts](index=5&type=section&id=IX.%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) This section details non-recurring gains and losses items and amounts for the reporting period, totaling RMB 1,592,578.11, primarily comprising government subsidies and fair value change gains/losses Non-Recurring Gains and Losses Items for H1 2025 | Non-Recurring Gain/Loss Item | Amount (RMB Yuan) | | :--- | :--- | | Government grants recognized in profit or loss for the current period | 8,861,446.55 | | Fair value change gains/losses from financial assets and liabilities held by non-financial enterprises, and gains/losses from disposal of financial assets and liabilities, excluding effective hedge accounting related to normal business operations | 160,153.37 | | Other non-operating income and expenses apart from the above items | -7,589,893.26 | | Other gain/loss items that meet the definition of non-recurring gains/losses | 638,346.36 | | Less: Income tax impact | 477,474.91 | | **Total** | **1,592,578.11** | [Section III Management Discussion and Analysis](index=7&type=section&id=Section%20III%20Management%20Discussion%20and%20Analysis) This section provides an in-depth discussion and analysis of the company's operational performance, industry trends, core competitiveness, and risk factors during the reporting period [I. Industry and Principal Business Overview During the Reporting Period](index=7&type=section&id=I.%20Industry%20and%20Principal%20Business%20Overview%20During%20the%20Reporting%20Period) In the first half of 2025, the national power industry maintained stable growth with significant increases in new energy installed capacity; the company's principal businesses remain thermal power generation and power distribution, actively expanding into clean energy with no major changes in its operating model [ (I) Industry Development During the Reporting Period](index=7&type=section&id=(I).%20Industry%20Development%20During%20the%20Reporting%20Period) In the first half of 2025, national power generation installed capacity increased by 18.7% year-on-year, with solar and wind power growing by 54.2% and 22.7% respectively; national electricity consumption rose by 3.7%, and grid investment by 14.6%; Shanxi Province's total power generation decreased by 0.8%, with thermal power down 5%, while wind and solar power generation increased by 22.7% and 12.4% respectively - As of the end of June, national cumulative power generation installed capacity reached **3.65 billion kW**, a **18.7%** year-on-year increase; of this, solar power installed capacity was **1.10 billion kW**, up **54.2%**, and wind power installed capacity was **0.57 billion kW**, up **22.7%**[26](index=26&type=chunk) - From January to June, national electricity consumption totaled **4.84 trillion kWh**, a **3.7%** year-on-year increase; national power grid project construction investment completed **RMB 291.1 billion**, up **14.6%**[26](index=26&type=chunk) - From January to June 2025, Shanxi Province's total power generation was **214.73 billion kWh**, a **0.8%** year-on-year decrease; thermal power generation decreased by **5%**, while wind power generation increased by **22.7%**, and solar power generation increased by **12.4%**[27](index=27&type=chunk) [ (II) Principal Business Operations](index=7&type=section&id=(II).%20Principal%20Business%20Operations) The company's principal businesses are thermal power generation and power distribution, with no significant changes in its operating model; power generation revenue is settled with State Grid Shanxi Electric Power Company through market transactions, while power distribution charges end-users based on classified or market-traded electricity prices; performance growth is driven by increased generation, cost control, and expansion of high-quality customers - The company's principal businesses are thermal power generation and power distribution, with key performance drivers being increased power generation and control over generation and other management costs[27](index=27&type=chunk)[28](index=28&type=chunk) - Power generation enterprises settle revenue with State Grid Shanxi Electric Power Company after electricity products are traded at market prices through the Shanxi Provincial Power Trading Center[28](index=28&type=chunk) - Power distribution enterprises settle with State Grid Shanxi Electric Power Company for classified users based on wholesale and market-based electricity prices, and charge end-users for electricity sales[28](index=28&type=chunk) [II. Discussion and Analysis of Operations](index=7&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operations) In the first half of 2025, Tongbao Energy achieved operating revenue of RMB 5.561 billion, total profit of RMB 399 million, net profit of RMB 314 million, and earnings per share of RMB 0.2741, with all indicators showing significant growth; the company strengthened Party leadership, maintained stable safety, continuously improved operational efficiency, accelerated industrial transformation, and optimized corporate governance - From January to June 2025, power generation reached **2.597 billion kWh**, and electricity sales reached **10.118 billion kWh**[28](index=28&type=chunk) - Operating revenue reached **RMB 5.561 billion**, total profit **RMB 399 million**, net profit **RMB 314 million**, and earnings per share **RMB 0.2741**[28](index=28&type=chunk) - Operating revenue increased by **5.65%** year-on-year, total profit by **25.87%**, net profit by **24.87%**, and earnings per share by **24.87%**[30](index=30&type=chunk) - The Ningwu Pandaoliang Phase II 50MW wind power project has achieved full capacity grid connection, construction has commenced for projects like Shuozhou Pinglu Gaojiayan Phase IV 100MW wind power, and preliminary work for Wuxiang 200MW photovoltaic power generation projects is progressing orderly, gradually forming a green, low-carbon, clean, and efficient integrated energy industry structure[30](index=30&type=chunk) - The corporate governance model has been further optimized and improved, including full implementation of the new Company Law, deepening state-owned enterprise reform, implementing supervisory board reform, strict compliance with information disclosure, continuously strengthening control over related-party transactions, and conducting multi-dimensional investor relations management and maintenance[31](index=31&type=chunk) [III. Analysis of Core Competitiveness During the Reporting Period](index=8&type=section&id=III.%20Analysis%20of%20Core%20Competitiveness%20During%20the%20Reporting%20Period) During the reporting period, the company's core competitiveness remained stable, primarily reflected in operational advantages (electricity and heat sales, clean energy expansion), equipment advantages (continuous technological transformation investment), management advantages (compliant operations, customer service, talent development), and industrial development advantages (leveraging controlling shareholder resources to build an integrated energy landscape) - In terms of operational advantages, the company's power generation business serves the North China Power Grid and Shanxi Province, undertaking heating supply tasks for Yangquan City and Pingding County; new investments in wind and solar projects have expanded the company's clean energy generation business; power distribution enterprises possess independent power supply service areas[32](index=32&type=chunk) - Regarding equipment advantages, the company prioritizes continuously improving equipment safety management, increasing investment in major technological transformation projects, and strengthening power grid investment and construction, resulting in overall high-quality assets[32](index=32&type=chunk) - In terms of management advantages, the company consistently adheres to the principles of legality, compliance, and integrity in operations, continuously improves internal management mechanisms, is committed to building a modern enterprise with green and sustainable development, and possesses an experienced professional management team[33](index=33&type=chunk) - Regarding industrial development advantages, the company is based on the strategic direction of 'coal power and clean energy integration,' leveraging the industrial resource advantages of its indirect controlling shareholder, Jinneng Holding Group, to fully build an integrated energy industry structure encompassing efficient coal power, clean green electricity, and local power grids[33](index=33&type=chunk) [IV. Key Operating Performance During the Reporting Period](index=8&type=section&id=IV.%20Key%20Operating%20Performance%20During%20the%20Reporting%20Period) This section provides a detailed analysis of the company's key operating performance during the reporting period, including changes in financial statement items, asset and liability status, and investment activities; the company achieved growth in both operating revenue and total profit, optimized its asset structure, and made significant investments in clean energy projects [ (I) Analysis of Principal Business](index=8&type=section&id=(I).%20Analysis%20of%20Principal%20Business) During the reporting period, the company's operating revenue increased by 5.65% and operating costs by 4.87%; administrative expenses and financial expenses decreased by 23.64% and 168.22% respectively, with the latter primarily due to reduced interest expenses; R&D expenses were zero; net cash flow from financing activities turned positive, mainly due to new project loans Analysis Table of Changes in Financial Statement Items (H1 2025) | Item | Current Period Amount (RMB Yuan) | Prior Period Amount (RMB Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 5,560,608,087.87 | 5,263,209,652.00 | 5.65 | | Operating Cost | 5,082,379,364.35 | 4,846,512,257.25 | 4.87 | | Administrative Expenses | 153,278,737.38 | 200,734,631.40 | -23.64 | | Financial Expenses | -1,764,672.92 | 2,586,797.74 | -168.22 | | R&D Expenses | | 737,802.00 | -100.00 | | Net Cash Flow from Operating Activities | 715,242,538.97 | 692,535,744.41 | 3.28 | | Net Cash Flow from Investing Activities | -369,209,915.82 | -333,352,629.86 | / | | Net Cash Flow from Financing Activities | 41,031,090.32 | -115,650,742.28 | 135.48 | - The change in financial expenses was primarily due to a decrease in interest expenses during the current reporting period compared to the same period last year[35](index=35&type=chunk) - The change in R&D expenses was primarily due to no R&D projects being undertaken during the current reporting period[35](index=35&type=chunk) - The change in net cash flow from financing activities was primarily due to new project loans obtained during the current reporting period[35](index=35&type=chunk) [ (III) Analysis of Assets and Liabilities](index=9&type=section&id=(III).%20Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, the company's total assets increased by 2.73% year-on-year; construction in progress increased by 38.46% from the beginning of the period, mainly due to increased project progress by subsidiaries; right-of-use assets decreased by 50% due to depreciation; other payables increased by 112.10% due to receipt of photovoltaic subsidies; long-term borrowings increased by 182.04% due to new project loans Changes in Assets and Liabilities (H1 2025) | Item | Current Period End Amount (RMB Yuan) | % of Total Assets at Period End | Prior Year End Amount (RMB Yuan) | % of Total Assets at Prior Year End | % Change from Prior Year End | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 2,857,225,843.13 | 26.40 | 2,470,162,129.66 | 23.44 | 15.67 | | Accounts Receivable | 749,370,058.72 | 6.92 | 944,429,703.38 | 8.96 | -20.65 | | Inventories | 124,429,355.14 | 1.15 | 158,859,879.63 | 1.51 | -21.67 | | Long-Term Equity Investments | 1,253,248,787.75 | 11.58 | 1,173,257,470.84 | 11.14 | 6.82 | | Fixed Assets | 4,079,780,884.78 | 37.69 | 4,157,169,500.13 | 39.46 | -1.86 | | Construction in Progress | 495,884,315.39 | 4.58 | 358,149,658.34 | 3.40 | 38.46 | | Right-of-Use Assets | 62,108,713.14 | 0.57 | 124,217,426.06 | 1.18 | -50.00 | | Accounts Payable | 1,026,592,125.86 | 9.48 | 1,220,380,809.93 | 11.58 | -15.88 | | Contract Liabilities | 402,262,261.83 | 3.72 | 402,146,824.16 | 3.82 | 0.03 | | Other Payables | 190,444,615.37 | 1.76 | 89,789,324.68 | 0.85 | 112.10 | | Long-Term Borrowings | 352,552,254.40 | 3.26 | 125,000,000.00 | 1.19 | 182.04 | | Long-Term Payables | 18,980,425.00 | 0.18 | 29,980,425.00 | 0.28 | -36.69 | - Construction in progress increased by **38.46%** from the beginning of the period, primarily due to increased project progress by subsidiaries[36](index=36&type=chunk) - Other payables increased by **112.10%** from the beginning of the period, primarily due to the company receiving photovoltaic subsidies collected and paid on behalf of others during the current reporting period[37](index=37&type=chunk) - Long-term borrowings increased by **182.04%** from the beginning of the period, primarily due to new project loans obtained by the company during the current reporting period[37](index=37&type=chunk) [ (IV) Analysis of Investment Status](index=10&type=section&id=(IV).%20Analysis%20of%20Investment%20Status) The company made significant equity investments during the reporting period, primarily in clean energy, with projects like the Ningwu Pandaoliang Phase II 50MW wind power project achieving full capacity grid connection; concurrently, fair value changes in financial assets measured at fair value (e.g., Bank of Communications shares) generated gains or losses - The Ningwu Pandaoliang Phase II 50MW wind power project, invested and constructed by Tongbao Ningwu Clean Energy Co., Ltd., has achieved full capacity grid connection[40](index=40&type=chunk) Significant Equity Investment Status (RMB Ten Thousand Yuan) | Investee Company Name | Principal Business | Investment Method | Investment Amount | Shareholding Ratio | Progress | Impact on Current Period P&L | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Tongbao Ningwu Clean Energy Co., Ltd. | Wind Power Generation | Capital Increase | 1,600 | 100% | Reached intended usable condition | 73.62 | | Tongbao Shuozhou Pinglu Clean Energy Co., Ltd. | Wind Power Generation | Capital Increase | 1,500 | 100% | Project under construction | 0.31 | | Tongbao Yuanping Clean Energy Co., Ltd. | Photovoltaic Power Generation | Capital Increase | 2,200 | 100% | Project under construction | 0 | | **Total** | / | / | **5,300** | / | / | **73.93** | Financial Assets Measured at Fair Value (H1 2025) | Asset Category | Beginning Balance (RMB Yuan) | Fair Value Change Gain/Loss for Current Period (RMB Yuan) | Ending Balance (RMB Yuan) | | :--- | :--- | :--- | :--- | | Shares (Bank of Communications) | 5,410,398.63 | 160,153.37 | 5,570,552.00 | | **Total** | **5,410,398.63** | **160,153.37** | **5,570,552.00** | [ (VI) Analysis of Major Holding and Equity-Invested Companies](index=12&type=section&id=(VI).%20Analysis%20of%20Major%20Holding%20and%20Equity-Invested%20Companies) This section analyzes the operating performance of the company's major holding and equity-invested companies, including Shanxi Yangguang Power Generation Co., Ltd., Shanxi Local Electric Power Co., Ltd., and Shanxi Ningwu Yushupo Coal Industry Co., Ltd.; Shanxi Local Electric Power Co., Ltd. is the company's largest subsidiary, with significant contributions to operating revenue and net profit Major Subsidiaries and Equity-Invested Companies with Over 10% Impact on Company's Net Profit (RMB Ten Thousand Yuan) | Company Name | Company Type | Principal Business | Registered Capital | Total Assets | Net Assets | Operating Revenue | Operating Profit | Net Profit | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shanxi Yangguang Power Generation Co., Ltd. | Subsidiary | Thermal Power Generation | 110,000.00 | 205,658.79 | 150,317.37 | 88,620.23 | 1,947.60 | 1,433.87 | | Shanxi Local Electric Power Co., Ltd. | Subsidiary | Power Supply (Distribution) | 60,000.00 | 684,478.85 | 484,056.88 | 467,346.56 | 31,513.57 | 22,746.79 | | Shanxi Ningwu Yushupo Coal Industry Co., Ltd. | Associate | Coal Production | 38,111.48 | 547,954.14 | 480,570.27 | 101,071.59 | 43,591.35 | 32,412.25 | [V. Other Disclosure Matters](index=14&type=section&id=V.%20Other%20Disclosure%20Matters) This section discloses potential risks the company may face, such as policy, environmental, energy structure adjustment, and project construction risks, and outlines the company's strategies to address them for sustainable development [ (I) Potential Risks](index=14&type=section&id=(I).%20Potential%20Risks) The company faces uncertainties in power supply and demand, volatile spot market prices, stricter environmental requirements, competition from rapid new energy development, and technical, financial, and policy risks in project construction; the company will address these through strengthened marketing, green transformation, diversified development, and full-chain project management - Policy Risk: Intertwined factors in power supply and demand will further expand electricity market transaction scale, with downward and intensified volatile spot market prices, coupled with supply guarantee and peak shaving responsibilities, carbon tax, and coal price risks, leading to sustained pressure on thermal power profitability[48](index=48&type=chunk) - Environmental Risk: Increasing environmental requirements place greater pressure on the thermal power industry, potentially raising operating costs; the company will continue to promote green transformation and increase environmental investments[48](index=48&type=chunk) - Energy Structure Adjustment Risk: Rapid development of new energy alters the competitive landscape and energy structure of the electricity market, leading to continuous divergence in profitability between thermal power and new energy; the company will continue to advance clean energy photovoltaic and wind power projects to achieve diversified development[48](index=48&type=chunk) - Project Construction Risk: New energy generation projects require government approval and compliance with environmental, land policy, and other regulatory requirements; technical and equipment risks exist during the construction period, and operating period revenues are affected by factors such as electricity market demand and pricing policies; the company will strengthen compliant lean management and establish full-chain project control for projects[49](index=49&type=chunk) [Section IV Corporate Governance, Environment, and Society](index=15&type=section&id=Section%20IV%20Corporate%20Governance,%20Environment,%20and%20Society) This section details changes in the company's governance structure, including board and management personnel, and outlines its contributions to environmental protection and rural revitalization efforts [I. Changes in Directors and Senior Management](index=15&type=section&id=I.%20Changes%20in%20Directors%20and%20Senior%20Management) During the reporting period, independent director Yao Xiaomin resigned due to the expiration of his term; the company convened an extraordinary general meeting to elect new board members and reappointed some senior management; additionally, the company resolved to abolish the supervisory board, with its functions to be exercised by the Board's Audit Committee - Independent director Yao Xiaomin resigned from his independent director and other positions upon the expiration of his 6-year continuous term[52](index=52&type=chunk) - The company's first extraordinary general meeting in 2025 approved the election of new board members and reappointed Liu Haiting as Deputy General Manager, Li Zhibing as Deputy General Manager and Board Secretary, and Zhang Jianlin as Chief Accountant[53](index=53&type=chunk) - The company's first extraordinary general meeting in 2025 approved the 'Proposal on Amending the Articles of Association,' whereby the company will no longer establish a supervisory board, and its functions will be exercised by the Board's Audit Committee[54](index=54&type=chunk) [II. Profit Distribution or Capital Reserve Conversion Plan](index=15&type=section&id=II.%20Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) This semi-annual report does not propose any profit distribution or capital reserve to share capital conversion plan - No distribution or conversion is proposed in this semi-annual report[55](index=55&type=chunk) [IV. Environmental Information of Listed Companies and Their Major Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information](index=16&type=section&id=IV.%20Environmental%20Information%20of%20Listed%20Companies%20and%20Their%20Major%20Subsidiaries%20Included%20in%20the%20List%20of%20Enterprises%20Required%20to%20Disclose%20Environmental%20Information) One of the company's subsidiaries, Shanxi Yangguang Power Generation Co., Ltd., is included in the list of enterprises required to disclose environmental information, and its environmental information disclosure report can be accessed on the designated system - The number of enterprises included in the list of enterprises required to disclose environmental information is **1**, namely Shanxi Yangguang Power Generation Co., Ltd[57](index=57&type=chunk) - Shanxi Yangguang Power Generation Co., Ltd.'s environmental information disclosure report can be queried on the Enterprise Environmental Information Disclosure System (Shanxi)[57](index=57&type=chunk) [V. Specific Progress in Consolidating Poverty Alleviation Achievements and Rural Revitalization](index=16&type=section&id=V.%20Specific%20Progress%20in%20Consolidating%20Poverty%20Alleviation%20Achievements%20and%20Rural%20Revitalization) In the first half of 2025, Tongbao Energy actively responded to the national rural revitalization strategy by implementing rural grid upgrade projects, supporting new energy development, promoting rural electrification, implementing electricity bill reduction policies for low-income and 'five-guarantee' households, and conducting multi-dimensional assistance activities, thereby contributing to rural economic development and livelihood improvement - In the first half of the year, **5** rural grid consolidation and upgrade projects were completed, achieving a rural grid power supply reliability rate of **99.8216%** and an overall voltage qualification rate of **99.922%** within the supply area[58](index=58&type=chunk) - Green channels were established for photovoltaic poverty alleviation projects, supporting the development of new energy sources such as distributed photovoltaic, decentralized wind power, and biomass power generation in rural areas[58](index=58&type=chunk) - The company actively implemented electricity bill reduction policies for low-income and 'five-guarantee' households, with cumulative reductions of **RMB 3.7087 million** in the first half of the year, benefiting **86,419** households[58](index=58&type=chunk) - Actively carried out 'five assistance' initiatives including Party building, education, and industry, diligently conducted 'warm-heart activities,' and implemented renovation projects for roads and drinking water[58](index=58&type=chunk) [Section V Significant Matters](index=17&type=section&id=Section%20V%20Significant%20Matters) This section covers the company's fulfillment of commitments, absence of major litigation, and details of significant related-party transactions during the reporting period [I. Fulfillment of Commitments](index=17&type=section&id=I.%20Fulfillment%20of%20Commitments) The company's actual controller, shareholders, and related parties strictly fulfilled various commitments during the reporting period, including resolving land title defects, avoiding horizontal competition, reducing related-party transactions, ensuring company independence, and refraining from illegal fund occupation - Shanxi International Power and Asset Company committed to resolving property title defects, including land, and bearing losses caused to the listed company by defective properties[60](index=60&type=chunk) - Shanxi International Power committed to designating Tongbao Energy as the ultimate integration platform for thermal power generation business, prioritizing support for Tongbao Energy in power generation project development, capital operations, and asset acquisitions to avoid horizontal competition[60](index=60&type=chunk) - Shanxi International Power committed to ensuring fair operations based on market principles and fair prices for necessary and unavoidable related-party transactions, and to fulfilling transaction procedures and information disclosure obligations according to relevant regulations[60](index=60&type=chunk)[61](index=61&type=chunk) - Shanxi International Power and Asset Company committed to ensuring the listed company's independence in personnel, assets, business, finance, and organization, and pledged not to illegally occupy the listed company's funds[61](index=61&type=chunk) [VII. Significant Litigation and Arbitration Matters](index=19&type=section&id=VII.%20Significant%20Litigation%20and%20Arbitration%20Matters) During the reporting period, the company had no significant litigation or arbitration matters - The company had no significant litigation or arbitration matters during the current reporting period[62](index=62&type=chunk) [X. Significant Related-Party Transactions](index=19&type=section&id=X.%20Significant%20Related-Party%20Transactions) In the first half of 2025, the company's actual daily related-party transactions amounted to RMB 804.3981 million, not exceeding the annual estimated amount, primarily involving purchases of fuel, sales of goods, and acceptance of services from related parties [ (I) Related-Party Transactions Related to Daily Operations](index=19&type=section&id=(I).%20Related-Party%20Transactions%20Related%20to%20Daily%20Operations) In the first half of 2025, the company's actual related-party transactions related to daily operations amounted to RMB 804.3981 million, primarily including RMB 606.3719 million for coal purchases from Jinneng Holding Power Group Co., Ltd. Fuel Branch, RMB 56.6244 million for electricity sales to enterprises under Jinneng Holding Group Co., Ltd., and acceptance of freight, operation/maintenance, and property services from related parties - The company's 16th meeting of the Eleventh Board of Directors held on April 23, 2025, and the 2024 Annual General Meeting held on May 16, 2025, approved the '2025 Annual Daily Related-Party Transaction Proposal,' providing annual estimates for potential daily related-party transactions in 2025[62](index=62&type=chunk) Actual Daily Related-Party Transactions for H1 2025 (RMB Ten Thousand Yuan) | Related-Party Transaction Type | Related Party | Estimated Amount for This Period | Actual Amount for H1 2025 | | :--- | :--- | :--- | :--- | | Purchase of Fuel from Related Party | Jinneng Holding Power Group Co., Ltd. Fuel Branch | 160,000 | 60,637.19 | | Sale of Goods to Related Party | Enterprises under Jinneng Holding Group Co., Ltd. | 18,000 | 5,662.44 | | Purchase of Goods from Related Party | Enterprises under Jinneng Holding Group Co., Ltd. | 2,500 | 55.93 | | Acceptance of Services from Related Party | Pingding Deyunchang Logistics Co., Ltd. | 10,000 | 3,644.51 | | Acceptance of Services from Related Party | Enterprises under Jinneng Holding Group Co., Ltd. | 5,500 | 2,074.08 | | Acceptance of Services from Related Party | Enterprises under Jinneng Holding Group Co., Ltd. | 3,500 | 1,103.59 | | Other (Asset Lease) | Jinneng Power Group Electricity Sales Co., Ltd. | 14,565 | 6,797.66 | | Other (Building/Land Lease) | Enterprises under Jinneng Holding Group Co., Ltd. | 3,000 | 439.42 | | Other (Building Rental) | Enterprises under Jinneng Holding Group Co., Ltd. | 100 | 24.99 | | **Total** | / | **217,165** | **80,439.81** | [Section VI Share Changes and Shareholder Information](index=22&type=section&id=Section%20VI%20Share%20Changes%20and%20Shareholder%20Information) This section details the company's share capital stability and provides an overview of its shareholder structure, including the top ten shareholders and their ultimate controlling parties [I. Share Capital Changes](index=22&type=section&id=I.%20Share%20Capital%20Changes) During the reporting period, there were no changes in the company's total share capital or share structure - During the reporting period, there were no changes in the company's total share capital or share structure[68](index=68&type=chunk) [II. Shareholder Information](index=22&type=section&id=II.%20Shareholder%20Information) As of the end of the reporting period, the company had 33,193 common shareholders; among the top ten shareholders, Shanxi International Power Group Co., Ltd. held 57.33%, being the largest shareholder, and the actual controller of some top ten shareholders is also the Shanxi Provincial State-owned Assets Supervision and Administration Commission - As of the end of the reporting period, the total number of common shareholders was **33,193**[69](index=69&type=chunk) Top Ten Shareholders' Shareholding as of the End of the Reporting Period | Shareholder Name | Number of Shares Held at Period End (shares) | Percentage (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Shanxi International Power Group Co., Ltd. | 657,313,245 | 57.33 | State-owned Legal Person | | Taiyuan Iron & Steel (Group) Co., Ltd. | 35,861,574 | 3.13 | State-owned Legal Person | | Shanxi Tongpei Coal Marketing Co., Ltd. | 11,973,658 | 1.04 | Other | | Central Huijin Asset Management Co., Ltd. | 8,836,600 | 0.77 | State-owned Legal Person | | Hong Kong Securities Clearing Company Limited | 8,658,028 | 0.76 | Other | | Sun Ming | 5,685,300 | 0.50 | Domestic Natural Person | | Beijing Moming Asset Management Co., Ltd. - Moming Rongzhi Yangguang Fund Phase 12 | 5,367,000 | 0.47 | Other | | China Merchants Bank Co., Ltd. - Southern CSI 1000 ETF | 5,291,400 | 0.46 | Other | | Huayang New Materials Technology Group Co., Ltd. | 5,131,568 | 0.45 | State-owned Legal Person | | Southern Asset Management - Agricultural Bank of China - Southern CSI Financial Asset Management Plan | 4,203,300 | 0.37 | Other | - Among the company's top ten shareholders, the actual controller of Shanxi International Power Group Co., Ltd., Shanxi Tongpei Coal Marketing Co., Ltd., and Huayang New Materials Technology Group Co., Ltd. is the Shanxi Provincial State-owned Assets Supervision and Administration Commission[72](index=72&type=chunk) [Section VII Bond-Related Information](index=24&type=section&id=Section%20VII%20Bond-Related%20Information) This section confirms that the company has no outstanding corporate bonds, enterprise bonds, non-financial enterprise debt financing instruments, or convertible corporate bonds - The company has no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[75](index=75&type=chunk) - The company has no convertible corporate bonds[75](index=75&type=chunk) [Section VIII Financial Report](index=25&type=section&id=Section%20VIII%20Financial%20Report) This section presents the company's unaudited financial statements for the first half of 2025, including balance sheets, income statements, cash flow statements, and detailed notes on accounting policies and financial items [I. Audit Report](index=25&type=section&id=I.%20Audit%20Report) This semi-annual report has not been audited - This semi-annual report has not been audited[77](index=77&type=chunk) [II. Financial Statements](index=25&type=section&id=II.%20Financial%20Statements) This section includes the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025 [Consolidated Balance Sheet](index=25&type=section&id=Consolidated%20Balance%20Sheet) As of June 30, 2025, the company's consolidated total assets amounted to RMB 10,823,340,753.58, total liabilities to RMB 2,828,399,881.71, and total owners' equity to RMB 7,994,940,871.87 Key Data from Consolidated Balance Sheet (June 30, 2025) | Item | Amount (RMB Yuan) | | :--- | :--- | | Total Assets | 10,823,340,753.58 | | Total Liabilities | 2,828,399,881.71 | | Total Owners' Equity | 7,994,940,871.87 | | Total Owners' Equity Attributable to Parent Company | 8,031,847,483.97 | [Consolidated Income Statement](index=29&type=section&id=Consolidated%20Income%20Statement) From January to June 2025, the company's consolidated total operating revenue was RMB 5,560,608,087.87, net profit was RMB 313,585,717.09, net profit attributable to parent company shareholders was RMB 314,203,282.91, and basic earnings per share was RMB 0.2741 Key Data from Consolidated Income Statement (Jan-Jun 2025) | Item | Amount (RMB Yuan) | | :--- | :--- | | Total Operating Revenue | 5,560,608,087.87 | | Total Operating Costs | 5,261,739,015.75 | | Total Profit | 398,841,746.69 | | Net Profit | 313,585,717.09 | | Net Profit Attributable to Parent Company Shareholders | 314,203,282.91 | | Basic Earnings Per Share (RMB Yuan/share) | 0.2741 | [Consolidated Cash Flow Statement](index=32&type=section&id=Consolidated%20Cash%20Flow%20Statement) From January to June 2025, the company's net cash flow from operating activities was RMB 715,242,538.97, net cash flow from investing activities was -RMB 369,209,915.82, and net cash flow from financing activities was RMB 41,031,090.32 Key Data from Consolidated Cash Flow Statement (Jan-Jun 2025) | Item | Amount (RMB Yuan) | | :--- | :--- | | Net Cash Flow from Operating Activities | 715,242,538.97 | | Net Cash Flow from Investing Activities | -369,209,915.82 | | Net Cash Flow from Financing Activities | 41,031,090.32 | | Net Increase in Cash and Cash Equivalents | 387,063,713.47 | | Cash and Cash Equivalents at Period End | 2,857,225,843.13 | [III. Company Basic Information](index=41&type=section&id=III.%20Company%20Basic%20Information) The company is a joint-stock limited company established with the approval of Shanxi Provincial System Reform Commission, listed on the Shanghai Stock Exchange in December 1996; its registered capital is RMB 1,146,502,523.00, with principal businesses in thermal power generation and transmission/distribution, and its ultimate controlling party is the Shanxi Provincial State-owned Assets Supervision and Administration Commission - The company's registered capital is **RMB 1,146,502,523.00**, registered address is Taiyuan, Shanxi, and legal representative is Li Xin[103](index=103&type=chunk) - The company belongs to the power industry, primarily engaged in thermal power generation, transmission, and distribution businesses[103](index=103&type=chunk) - The ultimate controlling party of the company is the Shanxi Provincial State-owned Assets Supervision and Administration Commission[103](index=103&type=chunk) - These financial statements were approved by the company's Board of Directors on August 26, 2025[103](index=103&type=chunk) [IV. Basis of Financial Statement Preparation](index=41&type=section&id=IV.%20Basis%20of%20Financial%20Statement%20Preparation) The company's financial statements are prepared on a going concern basis, adhering to the Accounting Standards for Business Enterprises issued by the Ministry of Finance, primarily using the accrual basis and historical cost as measurement bases; the company has assessed its ability to continue as a going concern and found no significant doubts - The company's financial statements are prepared on a going concern basis[104](index=104&type=chunk) - These financial statements are prepared in accordance with the Accounting Standards for Business Enterprises and their application guidance, interpretations of Accounting Standards for Business Enterprises, and other relevant regulations issued by the Ministry of Finance[104](index=104&type=chunk) - The company's accounting is based on the accrual method; except for certain financial instruments, these financial statements are measured at historical cost[104](index=104&type=chunk) - The company evaluated its ability to continue as a going concern for 12 months from the end of the reporting period and found no matters or circumstances that would cast significant doubt on its ability to continue as a going concern[105](index=105&type=chunk) [V. Significant Accounting Policies and Estimates](index=41&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section elaborates on the company's significant accounting policies and estimates, determined based on its thermal power generation and transmission/distribution business characteristics, covering key areas such as financial instruments, revenue recognition, government grants, and deferred income tax, ensuring that the financial statements truly and completely reflect the company's financial position - The company is engaged in thermal power generation and transmission/distribution businesses; based on its production and operation characteristics, the company determines specific accounting policies in accordance with relevant provisions of the Accounting Standards for Business Enterprises[106](index=106&type=chunk) - Upon initial recognition, the company classifies financial assets into three categories—measured at amortized cost, measured at fair value through other comprehensive income, and measured at fair value through profit or loss—based on the business model for managing financial assets and the contractual cash flow characteristics of the financial assets[123](index=123&type=chunk) - The company recognizes revenue when it satisfies a performance obligation in a contract, i.e., when the customer obtains control of the related goods or services, and specifically describes the revenue recognition methods for electricity sales, heat sales, power distribution sales, and construction and installation services[206](index=206&type=chunk)[207](index=207&type=chunk)[208](index=208&type=chunk) - Government grants are recognized when the conditions attached to the grant are met and the grants can be received, classified into government grants related to assets and government grants related to income, with detailed explanations of their accounting treatment methods[210](index=210&type=chunk) - The company recognizes deferred income tax using the balance sheet liability method based on temporary differences between the carrying amounts of assets and liabilities at the balance sheet date and their tax bases[212](index=212&type=chunk) [VI. Taxation](index=64&type=section&id=VI.%20Taxation) This section details the company's and its subsidiaries' main tax categories, rates, and tax preferential policies, including VAT, corporate income tax, and urban maintenance and construction tax; some subsidiaries enjoy VAT exemption for rural power grid maintenance fees, 'three-year exemption and three-year half reduction' corporate income tax benefits, and small and micro enterprise income tax benefits due to meeting eligibility criteria Major Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Taxable Income | 13%, 9%, 6% | | Urban Maintenance and Construction Tax | Amount of Turnover Tax Payable | 7%, 5%, 1% | | Corporate Income Tax | Taxable Income | 25%, 20% | | Education Surcharge, Local Education Surcharge | Amount of Turnover Tax Payable | 3%, 2% | | Property Tax | 70% of Original Property Value (or Rental Income) | 1.2%, 12% | - Shanxi Local Electric Power Co., Ltd. enjoys VAT exemption for rural power grid maintenance fees, as well as the 'three-year exemption and three-year half reduction' corporate income tax preferential policy for new power grid projects that comply with the 'Catalogue of Corporate Income Tax Preferential Policies for Public Infrastructure Projects'[229](index=229&type=chunk) - Subsidiaries such as Shanxi Jinhe Electric Power Co., Ltd., Tongbao Yuanping Clean Energy Co., Ltd., Tongbao Ningwu Clean Energy Co., Ltd., and Tongbao Shuozhou Pinglu Clean Energy Co., Ltd. enjoy small and micro enterprise income tax preferential policies, with a portion of their taxable income subject to a **20%** corporate income tax rate[229](index=229&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=65&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes for each item in the consolidated financial statements, including monetary funds, financial assets held for trading, accounts receivable, construction in progress, long-term borrowings, operating revenue, and costs; the significant growth in construction in progress and long-term borrowings reflects the company's investments in clean energy projects - The ending balance of monetary funds was **RMB 2,857,225,843.13**, primarily consisting of bank deposits[231](index=231&type=chunk) - The ending balance of financial assets held for trading was **RMB 5,570,552.00**, primarily equity instrument investments[233](index=233&type=chunk)[234](index=234&type=chunk) - The ending carrying value of accounts receivable was **RMB 749,370,058.72**, a **20.65%** decrease from the beginning of the period[238](index=238&type=chunk)[36](index=36&type=chunk) - The ending carrying value of construction in progress was **RMB 483,204,041.63**, a **38.46%** increase from the beginning of the period, primarily due to increased project progress by subsidiaries[296](index=296&type=chunk)[36](index=36&type=chunk) - The ending balance of long-term borrowings was **RMB 352,552,254.40**, a **182.04%** increase from the beginning of the period, primarily due to new project loans obtained by the company during the current reporting period[345](index=345&type=chunk)[37](index=37&type=chunk) - Operating revenue for the current period was **RMB 5,560,608,087.87**, and operating cost was **RMB 5,082,379,364.35**[369](index=369&type=chunk) [VIII. Research and Development Expenses](index=111&type=section&id=VIII.%20Research%20and%20Development%20Expenses) The company incurred no R&D expenses in the current reporting period, compared to RMB 737,802.00 in the same period last year - Current period R&D expenses were **RMB 0**, while the prior period amount was **RMB 737,802.00**[411](index=411&type=chunk) [IX. Changes in Consolidation Scope](index=111&type=section&id=IX.%20Changes%20in%20Consolidation%20Scope) During the reporting period, the company's consolidation scope did not change due to business combinations not under common control, business combinations under common control, reverse acquisitions, or disposal of subsidiaries - There were no business combinations not under common control in the current period[411](index=411&type=chunk) - There were no business combinations under common control in the current period[411](index=411&type=chunk) - There were no transactions or events resulting in the loss of control over subsidiaries in the current period[412](index=412&type=chunk) [X. Interests in Other Entities](index=112&type=section&id=X.%20Interests%20in%20Other%20Entities) This section details the company's interests in subsidiaries, joint ventures, and associates, including the composition of the enterprise group, and key financial information of significant non-wholly-owned subsidiaries and associates [ (1) Composition of the Enterprise Group](index=112&type=section&id=(1).%20Composition%20of%20the%20Enterprise%20Group) The company owns 13 subsidiaries, including Shanxi Yangguang Power Generation Co., Ltd. and Shanxi Local Electric Power Co., Ltd., primarily engaged in power production and supply, with all subsidiaries being 100% directly or indirectly controlled - The company owns **13** subsidiaries, including Shanxi Yangguang Power Generation Co., Ltd., Shanxi Local Electric Power Co., Ltd., and Shanxi Xingguang Transmission Co., Ltd[412](index=412&type=chunk)[413](index=413&type=chunk) - The principal business nature of the subsidiaries is power production and power supply (distribution/transmission)[412](index=412&type=chunk)[413](index=413&type=chunk) - The company holds **100%** direct or indirect equity in all subsidiaries[412](index=412&type=chunk)[413](index=413&type=chunk) [ (2) Significant Non-Wholly-Owned Subsidiaries](index=113&type=section&id=(2).%20Significant%20Non-Wholly-Owned%20Subsidiaries) Shanxi Xingguang Transmission Co., Ltd. is a significant non-wholly-owned subsidiary of the company, with a minority shareholder stake of 20.00%, and the loss attributable to minority shareholders for the current period was -RMB 617,565.82 - Shanxi Xingguang Transmission Co., Ltd. is a significant non-wholly-owned subsidiary of the company, with a minority shareholder stake of **20.00%**[415](index=415&type=chunk) - The loss attributable to minority shareholders for the current period was **-RMB 617,565.82**[415](index=415&type=chunk) [ (3) Key Financial Information of Significant Associates](index=114&type=section&id=(3).%20Key%20Financial%20Information%20of%20Significant%20Associates) The company's significant associates include Shanxi Ningwu Yushupo Coal Industry Co., Ltd. and Jinneng Holding Jinbei Energy (Shanxi) Co., Ltd.; Shanxi Ningwu Yushupo Coal Industry Co., Ltd. achieved a net profit of RMB 324,122,476.15 in the current period, contributing significantly to the company's investment income - Shanxi Ningwu Yushupo Coal Industry Co., Ltd. has a **23.00%** shareholding, with a net profit of **RMB 324,122,476.15** for the current period[419](index=419&type=chunk) - Jinneng Holding Jinbei Energy (Shanxi) Co., Ltd. has a **33.33%** shareholding, with a net profit of **RMB 214,712.67** for the current period[419](index=419&type=chunk) - Dividends received from associates in the current year amounted to **RMB 69,000,000.00**[419](index=419&type=chunk) [XI. Government Grants](index=116&type=section&id=XI.%20Government%20Grants) The total government grants recognized in profit or loss for the current reporting period amounted to RMB 10,208,371.45, with RMB 8,501,365.90 related to assets and RMB 1,707,005.55 related to income Government Grants Recognized in Profit or Loss (H1 2025) | Type | Amount for Current Period (RMB Yuan) | Amount for Prior Period (RMB Yuan) | | :--- | :--- | :--- | | Related to Assets | 8,501,365.90 | 6,505,909.60 | | Related to Income | 1,707,005.55 | 697,484.84 | | **Total** | **10,208,371.45** | **7,203,394.44** | [XII. Risks Related to Financial Instruments](index=116&type=section&id=XII.%20Risks%20Related%20to%20Financial%20Instruments) The company balances risk and return by managing and monitoring market risks (foreign exchange, interest rate, other price risks), credit risk, and liquidity risk; the company has low foreign exchange risk, interest rate risk primarily relates to floating-rate borrowings, credit risk is mitigated through portfolio management and bad debt provisions, and liquidity risk is managed through sufficient cash and borrowing monitoring - The company's principal operations are located within China, with major businesses settled in RMB, thus it is less affected by foreign exchange risk[426](index=426&type=chunk) - The company's risk of financial instrument cash flow changes due to interest rate fluctuations is primarily related to floating-rate bank borrowings, and the company's policy is to maintain these borrowings at floating rates[426](index=426&type=chunk) - The company mitigates price risk for equity security investments by holding a diversified portfolio of equity securities[426](index=426&type=chunk) - The company manages credit risk by portfolio classification, with credit risk primarily arising from bank deposits, notes receivable, accounts receivable, other receivables, and long-term receivables[427](index=427&type=chunk) - The company's liquid funds are deposited in banks with higher credit ratings, thus the credit risk of liquid funds is low[427](index=427&type=chunk) [XIII. Disclosure of Fair Value](index=118&type=section&id=XIII.%20Disclosure%20of%20Fair%20Value) This section discloses the fair value of the company's assets and liabilities measured at fair value at the end of the period, categorized into three levels based on the observability of inputs; financial assets held for trading (equity instrument investments) are Level 1, notes receivable financing is Level 2, and other equity instrument investments (unlisted equity) are Level 3 Fair Value of Assets and Liabilities Measured at Fair Value at Period End (RMB Yuan) | Item | Level 1 Fair Value Measurement | Level 2 Fair Value Measurement | Level 3 Fair Value Measurement | Total | | :--- | :--- | :--- | :--- | :--- | | Financial Assets Held for Trading (Equity Instrument Investments) | 5,570,552.00 | | | 5,570,552.00 | | Other Equity Instrument Investments | | | 577,556,943.93 | 577,556,943.93 | | Notes Receivable Financing | | 46,901,523.69 | | 46,901,523.69 | | **Total Assets Continuously Measured at Fair Value** | **5,570,552.00** | **46,901,523.69** | **577,556,943.93** | **630,029,019.62** | - The fair value of Level 1 fair value measurement items (Bank of Communications shares) is derived from the closing price of shares in active markets at the reporting date[433](index=433&type=chunk) - The remaining maturity of Level 2 fair value measurement items (notes receivable financing) is short, and their carrying amount is close to their fair value[434](index=434&type=chunk) - Level 3 fair value measurement items (other equity instrument investments) primarily consist of unlisted equity, for which the company uses valuation techniques to determine fair value, with key inputs including price-to-book ratio[435](index=435&type=chunk) [XIV. Related Parties and Related-Party Transactions](index=120&type=section&id=XIV.%20Related%20Parties%20and%20Related-Party%20Transactions) This section details the company's related parties and transactions with them, including parent company, subsidiaries, associates, and other related parties; related-party transactions primarily involve purchase and sale of goods, provision and acceptance of services, related-party leasing, and collection/payment of funds on behalf of others [1. Information on the Company's Parent Company](index=120&type=section&id=1.%20Information%20on%20the%20Company's%20Parent%20Company) The company's parent company is Shanxi International Power Group Co., Ltd., with a 57.33% shareholding, and its ultimate controlling party is the Shanxi Provincial State-owned Assets Supervision and Administration Commission - The parent company's name is Shanxi International Power Group Co., Ltd., registered in Taiyuan, Shanxi, with a registered capital of **RMB 6 billion**[439](index=439&type=chunk) - The parent company's shareholding ratio and voting rights ratio in the company are both **57.33%**[439](index=439&type=chunk) - The ultimate controlling party of the company is the Shanxi Provincial State-owned Assets Supervision and Administration Commission[439](index=439&type=chunk) [5. Related-Party Transactions](index=121&type=section&id=5.%20Related-Party%20Transactions) The company engaged in multiple daily operating related-party transactions, including RMB 536.6123 million for coal purchases from Jinneng Holding Power Group Co., Ltd. Fuel Branch, and RMB 1,304.6726 million for electricity sales to Shanxi Zhonglv Huarun Co., Ltd.; additionally, related-party leasing and funds collected/paid on behalf of related parties were involved Related-Party Transactions for Purchase of Goods/Acceptance of Services (RMB Ten Thousand Yuan) | Related Party | Related-Party Transaction Content | Amount for Current Period | Approved Transaction Limit | | :--- | :--- | :--- | :--- | | Jinneng Holding Power Group Co., Ltd. Fuel Branch | Coal Payment | 53,661.23 | 160,000.00 | | Pingding Deyunchang Logistics Co., Ltd. | Freight | 3,343.59 | 10,000.00 | | Shouyang County Yuntongyuan Logistics Distribution Co., Ltd. | Freight | 1,686.34 | 2,912.00 | | Jinneng Environmental Protection Engineering Co., Ltd. | Operation and Maintenance Fee | 373.80 | 815.00 | | Shanxi Coal Construction Supervision and Consulting Co., Ltd. | Engineering Supervision, Budget Review | 217.58 | 426.66 | Related-Party Transactions for Sale of Goods/Provision of Services (RMB Ten Thousand Yuan) | Related Party | Related-Party Transaction Content | Amount for Current Period | | :--- | :--- | :--- | | Shanxi Zhonglv Huarun Co., Ltd. | Electricity Sales | 130,467.26 | | Shanxi Puxian Huasheng Coal Industry Co., Ltd. | Electricity Sales | 1,189.81 | | Shanxi Shenzhou Coal Industry Co., Ltd. | Electricity Sales | 1,084.31 | | Tongmei Zheneng Majialiang Coal Industry Co., Ltd. | Electricity Sales | 507.21 | | Shanxi Coal Marketing Group Xiayao Coal Industry Co., Ltd. | Electricity Sales | 469.97 | - As a lessee, the company leased land, buildings, and local power grid assets from related parties such as Shanxi International Power Group Co., Ltd. and Jinneng Power Group Electricity Sales Co., Ltd[448](index=448&type=chunk) - Shanxi Local Electric Power Co., Ltd. collected and paid on behalf of Shanxi International Power Group Co., Ltd. rural grid loan repayment funds totaling **RMB 365.7695 million**[452](index=452&type=chunk) - Shanxi International Power collected and paid on behalf of its wholly-owned subsidiary, Local Power Company, special loan interest for power grid construction projects totaling **RMB 0.7211 million**[453](index=453&type=chunk) [6. Unsettled Items with Related Parties, Including Receivables and Payables](index=125&type=section&id=6.%20Unsettled%20Items%20with%20Related%20Parties,%20Including%20Receivables%20and%20Payables) This section lists the company's unsettled receivable and payable items with related parties at period-end, including accounts receivable, prepayments, other receivables, accounts payable, contract liabilities, other payables, taxes payable, and long-term payables Receivables from Related Parties (RMB Ten Thousand Yuan) | Item | Related Party | Ending Carrying Balance | Bad Debt Provision | | :--- | :--- | :--- | :--- | | Accounts Receivable | Shanxi Zhonglv Huarun Co., Ltd. | 25,616.30 | 1,280.82 | | Accounts Receivable | Shanxi Dingzheng Environmental Protection Building Materials Co., Ltd. | 1,791.53 | 159.43 | | Accounts Receivable | Shanxi Yaoguang Coal Power Co., Ltd. | 1,418.17 | 1,418.17 | | Prepayments | Jinneng Holding Coal Industry Group Co., Ltd. | 464.68 | | | Other Receivables | Jinneng Holding Power Group Yangquan Power Generation Co., Ltd. | 14.30 | 2.15 | Payables to Related Parties (RMB Ten Thousand Yuan) | Item | Related Party | Ending Carrying Balance | | :--- | :--- | :--- | | Accounts Payable | Jinneng Holding Power Group Co., Ltd. Fuel Branch | 4,489.05 | | Accounts Payable | Pingding Deyunchang Logistics Co., Ltd. | 1,760.65 | | Other Payables | Shanxi International Power Group Co., Ltd. | 1,022.99 | | Long-Term Payables | Shanxi International Power Group Co., Ltd. | 1,200.00 | | Non-Current Liabilities Due Within One Year | Jinneng Power Group Electricity Sales Co., Ltd. | 5,941.41 | [XVI. Commitments and Contingencies](index=127&type=section&id=XVI.%20Commitments%20and%20Contingencies) As of the balance sheet date, the company had no significant commitments or contingencies requiring disclosure - The company had no significant contingencies requiring disclosure[460](index=460&type=chunk) [XVII. Events After the Balance Sheet Date](index=128&type=section&id=XVII.%20Events%20After%20the%20Balance%20Sheet%20Date) As of the disclosure date of this report, the company had no significant non-adjusting events, profit distribution, or sales returns after the balance sheet date - The company had no significant non-adjusting events[461](index=461&type=chunk) - The company had no profit distribution[461](index=461&type=chunk) - The company had no sales returns[461](index=461&type=chunk) [XVIII. Other Significant Matters](index=128&type=section&id=XVIII.%20Other%20Significant%20Matters) This section discloses the company's segment information, with three reporting segments: thermal power generation, power grid distribution, and other; each segment is managed independently, and inter-segment transfer pricing is determined by reference to market prices [6. Segment Information](index=128&type=section&id=6.%20Segment%20Information) The company identified three reporting segments—thermal power generation, power grid distribution, and other—based on internal organizational structure and management requirements; each segment is managed independently, with inter-segment transfer prices determined by market reference; in the first half of 2025, the power grid distribution segment contributed the highest operating revenue and net profit - The company has **3** reporting segments: thermal power generation segment, power grid distribution segment, and other segments[462](index=462&type=chunk) - Each reporting segment is a business unit providing different products and services, independently managing its production and operating activities, and evaluating its operating results separately[462](index=462&type=chunk) Financial Information of Reporting Segments (H1 2025) | Item | Thermal Power Generation (RMB Yuan) | Power Grid Distribution (RMB Yuan) | Other Segments (RMB Yuan) | Total (RMB Yuan) | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 886,202,274.48 | 4,673,465,636.40 | 940,176.99 | 5,560,608,087.87 | | Operating Cost | 844,896,320.70 | 4,237,460,849.43 | 22,194.22 | 5,082,379,364