A股股票代碼：000166 H股股票代碼：6806 半年度报告 2025 年半年度報告 第一节 重要提示、目录和释义 重要提示 公司制定2025年度利润分配方案时，将考虑本次已派发的中期利润分配金额。如在本利润分配方案披露之日起至 实施权益分派股权登记日期间，公司总股本发生变动的，公司拟维持分配总额不变，相应调整每股分配比例。 此预案尚需提请公司股东大会审议批准。 八、 报告期内，公司不存在优先股。 半年度报告 2025 申万宏源集团股份有限公司 1 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、准确、完整，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、 本半年度报告经公司第六届董事会第九次会议审议通过。会议应参加表决董事11人，实际参加表决董事11人。 没有董事、监事、高级管理人员声明对半年度报告内容的真实性、准确性、完整性无法保证或存在异议。 三、 本公司法定代表人、执行董事、副董事长、总经理黄昊先生，财务总监任全胜女士及计划财务部负责人刘智祥先 生声明 ：保证本半年度报告中财务报告的真实、准确、完整。 四、 本半年度报告未经审计。毕马威华振会计 ...

1 中航光电科技股份有限公司 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。 公司负责人郭泽义、主管会计工作负责人王亚歌及会计机构负责人(会计 主管人员)刘聪声明：保证本半年度报告中财务报告的真实、准确、完整。 中航光电科技股份有限公司 2025 年半年度报告全文 中航光电科技股份有限公司 2025 年半年度报告 2025 年 8 月 报告期内，公司无重大风险，公司面临的风险详细内容见本报告"第三 节之十、公司面临的风险和应对措施"，敬请广大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 | 重要提示、目录和释义 2 | | --- | --- | | 第二节 | 公司简介和主要财务指标 6 | | 第三节 | 管理层讨论与分析 9 | | 第四节 | 公司治理、环境和社会 19 | | 第五节 | 重要事项 21 | | 第六节 | 股份变动及股东情况 27 | | 第七节 | 债券相关情况 33 ...

唐人神集团股份有限公司 2025 年半年度报告全文 证券代码：002567 证券简称：唐人神 公告编号：2025-076 唐人神集团股份有限公司 2025 年半年度报告 2025 年 08 月 30 日 1 唐人神集团股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会及董事、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。 公司负责人陶业、主管会计工作负责人杨志及会计机构负责人(会计主管 人员)杨志声明：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、经营目标、业绩预测等方面的内容，均 不构成公司对任何投资者的实质承诺，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，敬请广大的投资 者注意投资风险。 公司需遵守《深圳证券交易所上市公司自律监管指引第 3 号——行业信 息披露》中的"畜禽、水产养殖相关业务"的披露要求 敬请查阅"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"。 公 ...

Part I Important Notice, Table of Contents and Definitions [Important Notice](index=2&type=section&id=Important%20Notice) The company's Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, with all directors attending the review meeting and key financial personnel certifying the financial report. - The company's Board of Directors, Supervisory Board, and senior management guarantee the report's truthfulness, accuracy, and completeness[3] - The company's head, chief accountant, and accounting department head declare the financial report is true, accurate, and complete[3] - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves to share capital[3] [Table of Contents](index=3&type=section&id=Table%20of%20Contents) This section lists the report's overall structure, comprising eight main chapters that cover company profile to financial reports, providing a comprehensive navigation guide for investors. - The report is divided into eight main chapters, covering company profile, financial indicators, management discussion and analysis, corporate governance, significant matters, share changes, bond information, and financial reports[6] [List of Reference Documents](index=4&type=section&id=List%20of%20Reference%20Documents) This section lists the reference documents available for inspection during the reporting period, including signed financial statements, original public disclosure documents, and semi-annual reports published on other securities markets. - Reference documents include financial statements signed by the company's head and chief accountant[8] - Original copies of all publicly disclosed company documents and announcements during the reporting period are available for inspection[8] [Definitions](index=5&type=section&id=Definitions) This section provides definitions for common terms and abbreviations used in the report, covering legal regulations, company entities, business units, industry metrics, and reporting periods to ensure accurate understanding of the content. - Clarifies abbreviations for laws, regulations, and institutions such as the "Company Law," "Securities Law," and "CSRC"[10] - Defines the company and its main subsidiaries and associates, including Bohai Leasing, HNA Capital, Avolon, and GSCL[10] - Explains industry-standard measurement units TEU and CEU, as well as the time scope of the reporting period[10] Part II Company Profile and Key Financial Indicators [1. Company Profile](index=6&type=section&id=1.%20Company%20Profile) This section introduces the company's basic information, including its stock abbreviation, code, listing exchange, Chinese and English names, legal representative, and detailed contact information for the Board Secretary and Securities Affairs Representative. - Company stock abbreviation is **"Bohai Leasing,"** stock code **"000415,"** listed on the Shenzhen Stock Exchange[12] - The company's legal representative is Jin Chuan[12] - Contact addresses, telephone numbers, faxes, and email addresses for Board Secretary Wang Jiawei and Securities Affairs Representative Ma Xiaodong are provided[13] [3. Other Information](index=6&type=section&id=3.%20Other%20Information) This section states that the company's registered address, office address, website, email, and information disclosure and storage locations remained unchanged during the reporting period, with specific details available in the 2024 annual report. - Company contact information remained unchanged during the reporting period, refer to the 2024 annual report[14] - Information disclosure and storage locations remained unchanged during the reporting period, refer to the 2024 annual report[15] [4. Key Accounting Data and Financial Indicators](index=7&type=section&id=4.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) During the reporting period, operating revenue increased by 75.91% to 28.46 billion yuan, primarily due to higher aircraft sales and leasing income, while net profit attributable to shareholders decreased by 381.80% to -2.02 billion yuan, mainly impacted by a 3.29 billion yuan goodwill impairment for GSCL. Key Accounting Data and Financial Indicators (Current Period vs. Prior Year) | Indicator | Current Period (yuan) | Prior Year (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 28,460,034,000.00 | 16,178,569,000.00 | 75.91% | | Net Profit Attributable to Listed Company Shareholders | -2,018,780,000.00 | 716,400,000.00 | -381.80% | | Net Profit Attributable to Listed Company Shareholders After Deducting Non-Recurring Gains and Losses | -2,291,268,000.00 | 532,241,000.00 | -530.49% | | Net Cash Flow from Operating Activities | 11,177,978,000.00 | 11,717,371,000.00 | -4.60% | | Basic Earnings Per Share (yuan/share) | -0.3264 | 0.1158 | -381.87% | | Weighted Average Return on Net Assets | -6.73% | 2.37% | -9.10% | - Operating revenue increased by **75.91%**, primarily due to increased aircraft sales and aircraft leasing income in the current period[18] - Net profit decreased mainly due to a goodwill impairment of approximately **3.29 billion yuan** resulting from the sale of GSCL equity[18] - Excluding the impact of goodwill impairment, net profit was **1.27 billion yuan**, an increase of **77.27%** year-on-year, primarily driven by the robust aviation passenger demand and increased profitability in the aircraft leasing business[19] [5. Differences in Accounting Data Under Domestic and International Accounting Standards](index=7&type=section&id=5.%20Differences%20in%20Accounting%20Data%20Under%20Domestic%20and%20International%20Accounting%20Standards) This section states that during the reporting period, the company had no differences in net profit and net assets between financial reports disclosed under International Accounting Standards and Chinese Accounting Standards, nor under overseas accounting standards and Chinese Accounting Standards. - The company had no differences in net profit and net assets between financial reports disclosed under International Accounting Standards and Chinese Accounting Standards during the reporting period[20] - The company had no differences in net profit and net assets between financial reports disclosed under overseas accounting standards and Chinese Accounting Standards during the reporting period[21] [6. Non-Recurring Gains and Losses and Amounts](index=8&type=section&id=6.%20Non-Recurring%20Gains%20and%20Losses%20and%20Amounts) This section details the non-recurring gains and losses and their amounts for the reporting period, totaling 272.49 million yuan, primarily from government subsidies, fair value changes and disposal gains/losses of financial assets, and debt restructuring gains, confirming no reclassification of non-recurring items as recurring. Non-Recurring Gains and Losses and Amounts | Item | Amount (yuan) | Explanation | | :--- | :--- | :--- | | Government grants recognized in current profit or loss | 3,111,000.00 | | | Gains and losses from changes in fair value of financial assets and liabilities, and disposal of financial assets and liabilities, excluding effective hedging activities related to normal business operations of non-financial enterprises | 224,738,000.00 | Comprises fair value change losses of financial assets of approximately 142 million yuan and gains from disposal of financial assets of approximately 366 million yuan | | Reversal of impairment provisions for accounts receivable subject to separate impairment testing | 15,691,000.00 | | | Debt restructuring gains and losses | 115,551,000.00 | Primarily due to the company receiving existing aircraft lease payments from HNA-related airlines, recognizing debt restructuring gains of approximately 72 million yuan; the company and its subsidiaries also generated debt restructuring gains of approximately 43 million yuan through contract term modifications | | Other non-operating income and expenses apart from the above | -1,439,000.00 | | | Less: Income tax impact | 80,890,000.00 | | | Minority interest impact (after tax) | 4,274,000.00 | | | Total | 272,488,000.00 | | - The company does not classify non-recurring gains and losses listed in "Interpretive Announcement No. 1 on Information Disclosure by Companies Issuing Securities to the Public—Non-Recurring Gains and Losses" as recurring items[24] Part III Management Discussion and Analysis [1. Company's Main Businesses During the Reporting Period](index=9&type=section&id=1.%20Company%27s%20Main%20Businesses%20During%20the%20Reporting%20Period) During the reporting period, the company's main business was leasing, primarily providing aircraft leasing, container leasing, and domestic finance leasing services, maintaining a leading global position in aircraft and container leasing. - The company's main business is leasing, providing aircraft leasing, container leasing, infrastructure leasing, and large equipment leasing services[26] - Aircraft leasing business revenue accounts for approximately **89.11%** of the company's operating revenue, while container leasing business revenue accounts for approximately **10.39%**[26, 27] - The company maintains a global leading position in both the aircraft leasing and container leasing industries, with its fleet and container fleet sizes ranking among the top[32, 35] [(I) Company's Main Businesses and Business Model](index=9&type=section&id=(I)%20Company%27s%20Main%20Businesses%20and%20Business%20Model) The company's core businesses include aircraft leasing (primarily operating leases via Avolon and Tianjin Bohai, supplemented by sale-leasebacks and asset sales), container leasing (primarily operating leases via GSCL, offering diverse container types), and domestic finance leasing (sale-leasebacks and direct leases via Tianjin Bohai and Hengqin Leasing). - Aircraft leasing business primarily involves operating leases, acquiring aircraft and providing medium-to-long-term leasing services to global airlines, while also optimizing fleet structure through sales[26] - Container leasing business involves acquiring containers and leasing them to shipping companies, primarily through operating leases and supplemented by finance leases, offering a diversified container investment portfolio[27] - Domestic finance leasing business mainly provides sale-leaseback and direct leasing services to meet customer funding needs and asset acquisition plans[28] [(II) Industry Development](index=9&type=section&id=(II)%20Industry%20Development) The aircraft leasing industry benefits from global aviation recovery and limited manufacturer capacity, driving strong demand, higher aircraft values, and lease rates, with the company being the world's second-largest aircraft lessor. The container leasing industry faces demand uncertainty despite short-term support from the Red Sea crisis, with the company among the top five global lessors. Domestic finance leasing is stabilizing under improved regulation. - The global aircraft leasing market share reached **51.5%**, with an estimated demand for approximately **43,420 new aircraft** in the next 20 years, indicating broad industry prospects[29][30] - In the first half of 2025, the global aviation industry is expected to remain profitable, with passenger demand increasing by **5.8%**, and limited aircraft supply driving up aircraft market values and lease rates[31] - The company's fleet size is **1,105 aircraft**, with an average age of **6.6 years**, serving **142 airlines** globally, making it the world's second-largest aircraft leasing company[32] - Global container leasing companies hold approximately **48.3%** of containers, with high industry concentration where the top five companies account for **82.0%** of the market share[33] - The Red Sea crisis temporarily supports the container shipping market's prosperity, but US tariff policies and geopolitical risks exacerbate market differentiation, with global container port throughput projected to decline by **1.0%** in 2025[34] - The company's container fleet size is approximately **4.07 million CEU**, with a utilization rate of about **97.9%**, ranking among the top five global container leasing companies[35] - In the first half of 2025, the national finance leasing contract balance was approximately **5.42 trillion yuan**, a **0.66%** decrease from the end of 2024[36] [(III) Performance Overview](index=11&type=section&id=(III)%20Performance%20Overview) In H1 2025, the company's operating revenue was 28.46 billion yuan, up 75.91%, but net profit attributable to parent was -2.02 billion yuan, mainly due to GSCL goodwill impairment. Excluding impairment, net profit was 1.27 billion yuan, up 77.27%. Aircraft leasing revenue increased significantly, while container leasing remained stable after impairment, and domestic finance leasing focused on risk prevention. 2025 H1 Key Financial Data | Indicator | Amount (billion yuan) | Year-on-Year Change (%) | | :--- | :--- | :--- | | Operating Revenue | 28.46 | 75.91% | | Net Profit Attributable to Parent Company Shareholders | -2.02 | - | | Net Profit Attributable to Parent Company Shareholders After Deducting Goodwill Impairment | 1.27 | 77.27% | | Earnings Per Share (yuan) | -0.3264 | - | | Total Assets | 2,862.46 | - | | Net Assets Attributable to Parent Company Shareholders | 285.08 | - | | Net Assets Per Share (yuan) | 4.61 | - | - Aircraft business revenue was **25.36 billion yuan**, an increase of **94.32%** year-on-year, with aircraft leasing revenue at **10.04 billion yuan** (up **5.75%**) and aircraft sales revenue at **15.32 billion yuan** (up **330.29%**)[38] - Avolon's fleet weighted average annualized lease rate increased by approximately **70BP**, signed **43 aircraft lease agreements**, and completed **54 aircraft sales**[39] - Avolon signed purchase agreements with Airbus for **75 A321NEO** and **15 A330NEO** aircraft, strengthening its order backlog[39] - Avolon obtained "Investment Grade" credit ratings from three major international rating agencies, with Fitch and Moody's upgrading ratings and S&P improving its outlook to "Positive"[40] - Container leasing business revenue was **2.96 billion yuan**, with net profit of **589 million yuan** after deducting goodwill impairment, largely flat compared to the same period last year[44] - The company plans to sell **100% equity in GSCL**, with the proceeds primarily used to repay high-interest overseas USD debt and improve domestic cash flow[45] - Domestic finance leasing subsidiaries did not add new finance leasing projects, with Tianjin Bohai's asset balance at **2.82 billion yuan** and Hengqin Leasing's asset balance at **312 million yuan**[47] [2. Analysis of Core Competencies](index=13&type=section&id=2.%20Analysis%20of%20Core%20Competencies) The company aims to be a leading global leasing industry group, maintaining international leadership in aircraft and container leasing, possessing a comprehensive global layout and excellent asset management capabilities, supported by strong capital, diversified financing, robust risk management, and an experienced international team. - The company maintains international leading positions in the aircraft leasing and container leasing industries, with a fleet of **1,105 aircraft** and **4.07 million CEU** containers[49] - The company has established branches or sales channels in over **80 countries** and regions across six continents, serving over **900 leasing clients**[50] - As of June 30, 2025, the company's total assets were approximately **286.25 billion yuan**, and net assets attributable to parent company shareholders were approximately **28.51 billion yuan**[51] - Avolon and GSCL possess diversified financing channels, with Avolon maintaining "Investment Grade" credit ratings, Fitch and Moody's upgrading ratings, and S&P's outlook "Positive"[51][52] - The company has established a comprehensive risk management system based on "three lines of defense" to strengthen risk identification and response[53][54] - The company's management team possesses extensive leasing industry experience and an international perspective, enabling effective response to industry cycle changes[55] [3. Analysis of Main Business](index=14&type=section&id=3.%20Analysis%20of%20Main%20Business) During the reporting period, operating revenue increased by 75.91% to 28.46 billion yuan, primarily due to increased aircraft sales, while operating costs rose by 133.93%. Net cash flow from operating activities slightly decreased, net cash flow from investing activities significantly increased, and net cash flow from financing activities significantly decreased. Aircraft sales revenue accounted for 53.84% of total revenue, growing by 330.29%. Year-on-Year Changes in Key Financial Data | Indicator | Current Period (yuan) | Prior Year (yuan) | Year-on-Year Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 28,460,034,000.00 | 16,178,569,000.00 | 75.91% | Primarily due to increased aircraft sales in the current period | | Operating Cost | 20,427,186,000.00 | 8,732,219,000.00 | 133.93% | Primarily due to increased aircraft sales in the current period | | Financial Expenses | 4,965,920,000.00 | 4,540,643,000.00 | 9.37% | Primarily due to increased debt scale in the current period | | Net Cash Flow from Operating Activities | 11,177,978,000.00 | 11,717,371,000.00 | -4.60% | Primarily due to overseas subsidiaries returning lease deposits higher than the prior year | | Net Cash Flow from Investing Activities | -2,195,803,000.00 | -12,376,541,000.00 | 82.26% | Primarily due to increased cash inflow from aircraft disposals in the current period | | Net Cash Flow from Financing Activities | -28,560,020,000.00 | -1,628,823,000.00 | -1,653.41% | Primarily due to increased cash payments for debt repayment by overseas subsidiaries compared to the prior year | Operating Revenue Composition (by Industry, Product, Region) | Category | Item | Current Period Amount (yuan) | % of Operating Revenue | Prior Year Amount (yuan) | % of Operating Revenue | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **By Industry** | Aircraft Leasing | 10,035,088,000.00 | 35.27% | 9,489,087,000.00 | 58.66% | 5.75% | | | Aircraft Sales | 15,324,303,000.00 | 53.84% | 3,561,395,000.00 | 22.01% | 330.29% | | | Container Leasing | 2,543,977,000.00 | 8.94% | 2,546,753,000.00 | 15.74% | -0.11% | | | Container Sales | 414,035,000.00 | 1.45% | 429,117,000.00 | 2.65% | -3.51% | | | Other Finance Leasing | 87,503,000.00 | 0.31% | 82,563,000.00 | 0.51% | 5.98% | | **By Product** | Operating Lease | 12,215,530,000.00 | 42.94% | 11,781,553,000.00 | 72.83% | 3.68% | | | Aircraft Sales | 15,324,303,000.00 | 53.84% | 3,561,395,000.00 | 22.01% | 330.29% | | | Finance Lease and Finance Lease Consulting | 451,038,000.00 | 1.58% | 336,850,000.00 | 2.08% | 33.90% | | **By Region** | Mainland China | 1,587,641,000.00 | 5.58% | 2,068,234,000.00 | 12.78% | -23.24% | | | Other Countries and Regions | 26,872,393,000.00 | 94.42% | 14,110,335,000.00 | 87.22% | 90.44% | - Aircraft sales revenue increased by **330.29%** year-on-year, primarily due to an increase in the number of aircraft sold in the current period (53 aircraft and 10 engines in H1 2025; 15 aircraft and 1 engine in H1 2024)[60] - Finance lease income increased by **33.90%** year-on-year, primarily due to an increase in Avolon's aircraft finance lease business in the current period[61] [4. Analysis of Non-Core Businesses](index=15&type=section&id=4.%20Analysis%20of%20Non-Core%20Businesses) During the reporting period, non-core businesses significantly impacted total profit, with investment income of 593.47 million yuan, fair value change losses of 141.79 million yuan, and asset impairment losses of 3.44 billion yuan, primarily due to a 3.29 billion yuan goodwill impairment from the GSCL equity sale. Impact of Non-Core Businesses on Total Profit | Item | Amount (yuan) | % of Total Profit | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 593,471,000.00 | -69.27% | Primarily due to investment gains of approximately 366 million yuan from disposal of financial assets in the current period, and an increase of approximately 243 million yuan in income from subsidiaries accounted for using the equity method compared to the prior year | No | | Fair Value Change Gains and Losses | -141,785,000.00 | 16.55% | Primarily due to changes in fair value of financial instruments measured at fair value through profit or loss | No | | Asset Impairment | -3,440,092,000.00 | 401.51% | Primarily due to the signing of an agreement to sell 100% equity in GSCL in the current period; based on the agreed transaction price and adjustment mechanism, the transaction price of GSCL equity was lower than its net assets, indicating impairment, and goodwill impairment loss of approximately 3.29 billion yuan was recognized based on the goodwill impairment test results | No | | Credit Impairment Losses | -153,913,000.00 | 17.96% | Primarily due to an increase in receivables from some customers, leading to a corresponding increase in bad debt provisions | No | | Asset Disposal Gains | 99,037,000.00 | -11.56% | Primarily gains from disposal of finance lease projects | Yes | [5. Analysis of Assets and Liabilities](index=16&type=section&id=5.%20Analysis%20of%20Assets%20and%20Liabilities) At the end of the reporting period, total assets slightly decreased, and net assets attributable to shareholders decreased by 9.41%. Monetary funds significantly decreased by 70.71% due to CAL acquisition and debt repayment. Long-term receivables increased by 54.62% due to CAL consolidation. Goodwill decreased by 42.63% due to impairment. Non-current liabilities due within one year increased by 83.79% due to increased bonds and borrowings. A significant portion of assets, including monetary funds, receivables, and fixed assets, are restricted to secure borrowings and guarantees. Significant Changes in Asset Composition | Item | Amount at Period-End (yuan) | % of Total Assets | Amount at Year-End (yuan) | % of Total Assets | % Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 7,774,693,000.00 | 2.72% | 26,545,137,000.00 | 9.27% | -6.55% | Decreased by **70.71%** from the beginning of the period, due to payment for CAL acquisition and repayment of related debts | | Accounts Receivable | 1,870,886,000.00 | 0.65% | 1,489,417,000.00 | 0.52% | 0.13% | Increased by **25.61%** from the beginning of the period, due to the consolidation of CAL | | Long-Term Receivables | 18,279,485,000.00 | 6.39% | 11,822,501,000.00 | 4.13% | 2.26% | Increased by **54.62%** from the beginning of the period, due to the consolidation of CAL | | Goodwill | 4,460,731,000.00 | 1.56% | 7,774,909,000.00 | 2.71% | -1.15% | Decreased by **42.63%** from the beginning of the period, due to goodwill impairment provision in the current period | | Non-Current Liabilities Due Within One Year | 37,286,614,000.00 | 13.03% | 20,287,567,000.00 | 7.08% | 5.95% | Increased by **83.79%** from the beginning of the period, primarily due to an increase in bonds and borrowings due within one year | - Major overseas assets include Avolon (total assets **231.43 billion yuan**, profit **2.38 billion yuan**) and GSCL (total assets **41.23 billion yuan**, profit **563 million yuan**)[70] - GSCL recorded a goodwill impairment loss of approximately **3.29 billion yuan** because its equity transaction price was lower than its net assets[70] Asset Restrictions as of the End of the Reporting Period | Item | Book Value (thousand yuan) | Type of Restriction | Restriction Details | | :--- | :--- | :--- | :--- | | Monetary Funds | 3,284,281 | Frozen | Margin deposits, pledged for long-term borrowings, pledged for guarantees | | Accounts Receivable and Long-Term Receivables | 6,131,227 | Pledged | Pledged to obtain long-term borrowings | | Assets Held for Sale | 1,516,486 | Mortgaged | Mortgaged to obtain long-term borrowings | | Long-Term Equity Investments | - | Pledged | Pledged equity of associate companies, subsidiary equity to obtain long-term borrowings/payables | | Fixed Assets | 100,060,245 | Mortgaged | Mortgaged to obtain long-term borrowings and corporate bonds | [6. Analysis of Investment Status](index=22&type=section&id=6.%20Analysis%20of%20Investment%20Status) During the reporting period, total investment significantly increased by 37,714.73% to 7.56 billion yuan, primarily due to the payment for CAL equity acquisition. The company completed the acquisition of 100% equity in Castlelake Aviation Limited, expecting a profit of 888.18 million yuan. The company also holds securities investments and engages in hedging derivative investments to manage interest rate and exchange rate risks, largely achieving risk management objectives. - The investment amount for the reporting period was **7.56 billion yuan**, an increase of **37,714.73%** year-on-year, primarily due to the payment for the purchase of CAL equity[83] Significant Equity Investments During the Reporting Period | Investee Company Name | Main Business | Investment Amount (yuan) | Shareholding Ratio (%) | Current Period Investment Profit/Loss (yuan) | | :--- | :--- | :--- | :--- | :--- | | Castlelake Aviation Limited | Aircraft Leasing | 8,166,623,000.00 | 100.00% | 888,180,000.00 | - The company has no significant ongoing non-equity investments[86] - The company holds domestic and overseas stocks and bonds, including Tianjin Bank, EVTL, AEROMEX, and various trust products[87][89][91] Derivative Investments for Hedging Purposes | Derivative Investment Type | Amount at Period-End (million yuan) | % of Company's Net Assets at Period-End | | :--- | :--- | :--- | | Interest Rate Swap Contracts | 1,954.2 | 0.07% | | Interest Rate Cap Contracts | 5,062.6 | 0.18% | | Forward Foreign Exchange Contracts | 4,439.7 | 0.16% | | Interest Rate Collar Options | -5,614.3 | -0.20% | | Interest Rate Swap Options | 0 | 0.00% | | Other | 2,408.6 | 0.08% | | Total | 8,250.8 | 0.29% | - The company's hedging activities adhere to the principle of locking in interest rate and exchange rate risks, avoiding speculative trading, and have largely achieved the expected risk management objectives[93] - The company has no derivative investments for speculative purposes[95] - The company had no use of raised funds during the reporting period[96] [7. Significant Asset and Equity Sales](index=28&type=section&id=7.%20Significant%20Asset%20and%20Equity%20Sales) During the reporting period, the company did not sell significant assets. The company plans to sell 100% equity in its wholly-owned subsidiary GSCL for a base price of 1.75 billion USD, aiming to mitigate liquidity risks, reduce financial burden, and refocus on aircraft leasing. - The company did not sell significant assets during the reporting period[97] - The company plans to sell **100% equity in GSCL** held by its wholly-owned subsidiary GSCTL, with a base price of **1.75 billion USD** (approximately **12.53 billion yuan**)[98][100] - This transaction aims to mitigate the company's liquidity risks, reduce financial burden, with the proceeds primarily used to repay high-interest overseas USD debt and improve domestic cash flow[98] - Upon completion of the transaction, the company will no longer operate container leasing business, further focusing on its core aircraft leasing business to enhance its sustained operational capacity and profitability[98][100] [8. Analysis of Major Holding and Associate Companies](index=29&type=section&id=8.%20Analysis%20of%20Major%20Holding%20and%20Associate%20Companies) This section analyzes the company's major holding and associate companies, including Tianjin Bohai, Avolon, and GSCL, with Avolon and GSCL serving as core overseas leasing platforms, and Avolon enhancing its aircraft leasing scale and market competitiveness through the acquisition of 100% equity in CAL during the reporting period. Major Subsidiaries and Associate Companies with Over 10% Impact on Company's Net Profit | Company Name | Company Type | Main Business | Registered Capital | Total Assets (yuan) | Net Assets (yuan) | Operating Revenue (yuan) | Operating Profit (yuan) | Net Profit (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Tianjin Bohai | Subsidiary | Leasing | RMB 22,100,850,000 | 289,280,032,000.00 | 46,941,122,000.00 | 28,460,034,000.00 | -706,058,000.00 | -1,155,677,000.00 | | Avolon | Subsidiary | Leasing | USD 0.0000097105 | 231,424,767,000.00 | 57,672,481,000.00 | 25,065,988,000.00 | 2,733,512,000.00 | 2,381,236,000.00 | | GSCL | Subsidiary | Leasing | USD 102 | 41,234,231,000.00 | 15,288,737,000.00 | 2,994,642,000.00 | 654,740,000.00 | 562,589,000.00 | - The company's acquisition of CAL through purchase is beneficial for leveraging the scale and synergy of its aircraft leasing business, enhancing market share and competitiveness[102] [9. Structured Entities Controlled by the Company](index=30&type=section&id=9.%20Structured%20Entities%20Controlled%20by%20the%20Company) This section states that the company did not control any structured entities during the reporting period. - The company did not control any structured entities during the reporting period[104] [10. Risks Faced by the Company and Countermeasures](index=30&type=section&id=10.%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces risks from global economic fluctuations, credit, liquidity, dividend policy, interest rates, exchange rates, goodwill impairment, force majeure, and geopolitical conflicts, actively responding through enhanced risk management, asset optimization, diversified financing, debt renegotiation, derivative financial products, and impairment provisions to ensure sustained operations and profitability. - Global economic fluctuations, trade tensions, and policy uncertainties may significantly impact the company's operating performance and financial position[104] - Lessees' failure to timely pay rent or fulfill obligations is a primary credit risk faced by the company, which is managed through continuous tracking, credit assessment, and collection of security deposits[105] - The company faces liquidity risk, with current liabilities exceeding current assets by approximately **20.85 billion yuan**, and some debts are overdue; the company plans to mitigate this through the sale of GSCL equity, new financing, and debt extensions[106][108] - The company's parent company has accumulated losses, which may prevent it from distributing cash dividends to shareholders for a certain period[109] - The company has a large financing scale, making interest rate fluctuations significantly impact leasing income and interest expenses; the company uses derivative financial products to hedge interest rate risk[110] - Changes in the RMB-USD exchange rate will lead to foreign currency translation risk in the company's consolidated financial statements, affecting its profitability[111] - The GSCL asset group recorded a goodwill impairment loss of approximately **3.29 billion yuan** because its equity transaction price was lower than its net assets; Avolon's future operating performance volatility still poses goodwill impairment risk[113] - Geopolitical conflicts may disrupt the global economy, energy prices, and supply chains; the company has recognized impairment for Russia-related aircraft assets and reached settlements with insurance companies[115] [11. Implementation of Market Value Management System and Valuation Enhancement Plan](index=32&type=section&id=11.%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) This section states that the company has not established a market value management system nor disclosed a valuation enhancement plan. - The company has not established a market value management system[116] - The company has not disclosed a valuation enhancement plan[116] [12. Implementation of "Quality and Return Dual Improvement" Action Plan](index=33&type=section&id=12.%20Implementation%20of%20%22Quality%20and%20Return%20Dual%20Improvement%22%20Action%20Plan) This section states that the company has not disclosed an announcement regarding the "Quality and Return Dual Improvement" action plan. - The company has not disclosed an announcement regarding the "Quality and Return Dual Improvement" action plan[117] Part IV Corporate Governance, Environment, and Society [1. Changes in Directors, Supervisors, and Senior Management](index=34&type=section&id=1.%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, there was a change in the company's board of directors, with Long Xuehong elected as a director and Liu Wenji departing due to the expiration of his term. - Long Xuehong was elected as a company director[119] - Liu Wenji resigned from his director position due to the expiration of his term[119] [2. Profit Distribution and Capital Reserve Conversion to Share Capital in This Reporting Period](index=34&type=section&id=2.%20Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20to%20Share%20Capital%20in%20This%20Reporting%20Period) This section states that the company plans not to distribute cash dividends, bonus shares, or convert capital reserves to share capital for the half-year period. - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves to share capital for the half-year period[120] [3. Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=34&type=section&id=3.%20Implementation%20of%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) This section states that the company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period. - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period[121] [4. Environmental Information Disclosure](index=34&type=section&id=4.%20Environmental%20Information%20Disclosure) This section states that the company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law. - The company and its major subsidiaries are not included in the list of enterprises required to disclose environmental information by law[122] [5. Social Responsibility](index=34&type=section&id=5.%20Social%20Responsibility) The company actively fulfills its social responsibilities through educational assistance, charitable initiatives, fundraising, and aid for children in need, including a museum study tour for disadvantaged children in H1 2025 and diverse global projects by its overseas subsidiaries. - The company actively engages in social responsibility activities such as educational assistance, charitable giving, fundraising, and aid for children in need[122] - In the first half of 2025, the company partnered with the Aiyou Ansheng project to organize a museum study tour for **30 disadvantaged and left-behind children**[122] - Overseas subsidiaries Avolon and Seaco have carried out diverse social responsibility projects globally, including women and children protection, special children care, regional poverty alleviation, and clean environmental protection[122] Part V Significant Matters [1. Commitments Fulfilled During the Reporting Period and Overdue Unfulfilled Commitments by Actual Controller, Shareholders, Related Parties, Acquirers, and the Company](index=35&type=section&id=1.%20Commitments%20Fulfilled%20During%20the%20Reporting%20Period%20and%20Overdue%20Unfulfilled%20Commitments%20by%20Actual%20Controller%2C%20Shareholders%2C%20Related%20Parties%2C%20Acquirers%2C%20and%20the%20Company) The company's controlling shareholder and related parties continue to fulfill long-term commitments to avoid horizontal competition, maintain company independence, and reduce/standardize related-party transactions, while share lock-up commitments from IPO and refinancing have been fulfilled on time. - HNA Xin Guan, HNA Industrial, and HNA Capital committed to avoiding horizontal competition, designating Bohai Leasing as the sole capital operation platform for leasing business[125] - Shanghai Shengzhan Investment Development Co., Ltd. committed to avoiding horizontal competition, designating Bohai Leasing as the sole capital operation platform for leasing business[125] - HNA Xin Guan, HNA Industrial, and HNA Capital committed to maintaining the listed company's independence in personnel, assets, finance, business, and organization[125][127] - The non-public offering shares subscribed by HNA Capital Group Co., Ltd. and others were listed on January 8, 2016, with the share lock-up period ending on January 8, 2019, and the commitments have been fulfilled on time[131] [2. Non-Operating Funds Occupied by Controlling Shareholder and Other Related Parties](index=39&type=section&id=2.%20Non-Operating%20Funds%20Occupied%20by%20Controlling%20Shareholder%20and%20Other%20Related%20Parties) This section states that there were no non-operating funds occupied by the controlling shareholder and other related parties of the listed company during the reporting period. - The company had no non-operating funds occupied by the controlling shareholder and other related parties during the reporting period[132] [3. Irregular External Guarantees](index=39&type=section&id=3.%20Irregular%20External%20Guarantees) This section states that there were no irregular external guarantees during the reporting period. - The company had no irregular external guarantees during the reporting period[133] [4. Appointment and Dismissal of Accounting Firms](index=39&type=section&id=4.%20Appointment%20and%20Dismissal%20of%20Accounting%20Firms) This section states that the company's half-year financial report was not audited. - The company's half-year report was not audited[134] [5. Board of Directors' and Supervisory Board's Explanation on "Non-Standard Audit Report" for This Period](index=39&type=section&id=5.%20Board%20of%20Directors%27%20and%20Supervisory%20Board%27s%20Explanation%20on%20%22Non-Standard%20Audit%20Report%22%20for%20This%20Period) This section states that it is not applicable as the company's half-year report was not audited. - Not applicable, as the company's half-year report was not audited[135] [6. Board of Directors' Explanation on "Non-Standard Audit Report" for the Previous Year](index=39&type=section&id=6.%20Board%20of%20Directors%27%20Explanation%20on%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Previous%20Year) This section states that it is not applicable. - Not applicable[135] [7. Bankruptcy Reorganization Matters](index=39&type=section&id=7.%20Bankruptcy%20Reorganization%20Matters) This section states that no bankruptcy reorganization matters occurred during the reporting period. - No bankruptcy reorganization matters occurred during the reporting period[135] [8. Litigation Matters](index=39&type=section&id=8.%20Litigation%20Matters) The company is involved in multiple significant litigation and arbitration cases, primarily concerning clients' failure to pay rent or financing disputes, with some cases won or settled and others ongoing. Significant Litigation and Arbitration Matters | Litigation (Arbitration) Basic Information | Amount Involved (million yuan) | Litigation (Arbitration) Progress | Litigation (Arbitration) Outcome and Impact | | :--- | :--- | :--- | :--- | | Tianjin Bohai initiated litigation due to client's failure to pay rent as per contract | 126,189 | Mandatory enforcement procedures are underway | Second instance judgment in favor of the company, court supported the company's right to reclaim leased assets and compensation for the difference between the creditor's rights amount and the value of the leased assets | | Seaco initiated litigation due to client's failure to pay rent as per contract | 440.55 | Under trial | Client entered bankruptcy proceedings | | Hengqin Leasing and a third-party guarantor were sued due to contract disputes | 6,822.7 | First instance judgment rendered | Company lost the lawsuit | | Bohai Leasing was sued due to financing disputes | 8,548.86 | Second instance judgment rendered | Company lost the lawsuit | | Tianjin Bohai initiated litigation due to client's failure to pay rent as per contract | 24,427.91 | First instance judgment rendered | Company won the lawsuit, case closed | - Other litigation matters where the company is a defendant, not meeting the significant litigation disclosure standards, totaled **15.07 million yuan**, and as a plaintiff totaled **34.39 million yuan**, all currently in the trial phase[138] [9. Penalties and Rectification](index=40&type=section&id=9.%20Penalties%20and%20Rectification) This section states that there were no penalties or rectification situations during the reporting period. - The company had no penalties or rectification situations during the reporting period[139] [10. Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=40&type=section&id=10.%20Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller) As of June 30, 2025, the company's controlling shareholder is HNA Capital Group Co., Ltd., and the company has no actual controller; the controlling shareholder has not been listed in any abnormal operation, serious illegal, or dishonest enterprise lists. - As of June 30, 2025, the company's controlling shareholder is HNA Capital Group Co., Ltd., and the company has no actual controller[140] - The company's controlling shareholder, HNA Capital Group Co., Ltd., has not been listed in the abnormal operation directory, serious illegal and dishonest enterprise list, or list of dishonest judgment debtors[140] [11. Significant Related-Party Transactions](index=41&type=section&id=11.%20Significant%20Related-Party%20Transactions) The company engages in related-party transactions related to its daily operations, primarily involving aircraft operating and finance leasing, as well as related-party creditor-debtor relationships, including operating lease transactions with Tianjin Airlines Financial Services Co., Ltd. and finance lease transactions with Hubei Huayu Air Logistics Warehousing Management Co., Ltd. Related-Party Transactions Related to Daily Operations | Related Party | Related Relationship | Related Transaction Type | Related Transaction Content | Related Transaction Amount (million yuan) | % of Similar Transactions | | :--- | :--- | :--- | :--- | :--- | :--- | | Tianjin Airlines Financial Services Co., Ltd. | Joint Venture | Operating Lease | Aircraft | 17,712.8 | 1.44% | | Hubei Huayu Air Logistics Warehousing Management Co., Ltd. | Indirect controlling shareholder exerts significant influence | Finance Lease | Commercial Real Estate | 12.3 | 0.03% | - The company had no related-party transactions involving asset or equity acquisition or disposal during the reporting period[142] - The company had no related-party transactions involving joint external investments during the reporting period[143] Payables to Related Parties | Related Party | Related Relationship | Reason for Formation | Balance at Beginning of Period (million yuan) | Current Period Interest (million yuan) | Balance at End of Period (million yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | | Bohai International Trust Co., Ltd. | Under common control | Related party provided borrowings | 25,200 | 697.6 | 25,200 | | Wanjiang Financial Leasing Co., Ltd. | Associate Company | Related party provided borrowings | 12,000 | 307.2 | 10,000 | - There are no deposit, loan, credit, or other financial businesses between the company and related financial companies[145] - There are no deposit, loan, credit, or other financial businesses between the company's controlled financial companies and related parties[146] - The company had no other significant related-party transactions during the reporting period[148] [12. Significant Contracts and Their Performance](index=43&type=section&id=12.%20Significant%20Contracts%20and%20Their%20Performance) The company had no entrustment, contracting, or leasing matters during the reporting period. It has multiple significant guarantees, including external guarantees by the company and its subsidiaries, and inter-subsidiary guarantees, with the total guarantee amount representing 487.22% of the company's net assets. - The company had no entrustment, contracting, or leasing situations during the reporting period[149][150][151] External Guarantees by the Company and its Subsidiaries | Guaranteed Party Name | Guarantee Limit (million yuan) | Actual Guarantee Amount (million yuan) | Guarantee Type | Fulfilled | Related Party Guarantee | | :--- | :--- | :--- | :--- | :--- | :--- | | Yunnan Xiangpeng Airlines Co., Ltd. | 218,900 | 205,750.05 | Pledge | No | No | Company's Guarantees to Subsidiaries | Guaranteed Party Name | Guarantee Limit (million yuan) | Actual Guarantee Amount (million yuan) | Guarantee Type | Fulfilled | Related Party Guarantee | | :--- | :--- | :--- | :--- | :--- | :--- | | Tianjin Bohai Leasing Co., Ltd. | 70,000 | 61,300 | Pledge | No | Yes | | Tianjin Bohai Leasing Co., Ltd. | 156,599.33 | 151,885.53 | Joint and Several Liability Guarantee, Pledge | No | Yes | | Haikou Bohai No. 2 Leasing Co., Ltd. | 15,000 | 9,000 | Joint and Several Liability Guarantee | No | Yes | Subsidiaries' Guarantees to Subsidiaries | Guaranteed Party Name | Guarantee Limit (million yuan) | Actual Guarantee Amount (million yuan) | Guarantee Type | Fulfilled | Related Party Guarantee | | :--- | :--- | :--- | :--- | :--- | :--- | | Tianjin Bohai No. 4 Leasing Co., Ltd. | 78,640.08 | 37,719.70 | Joint and Several Liability Guarantee | No | Yes | | Guangzhou Nansha Bohai No. 1 Leasing Co., Ltd. | 76,125.81 | 36,950.78 | Joint and Several Liability Guarantee | No | Yes | | Global Sea Containers Two Limited | 715,860 | 715,860 | Joint and Several Liability Guarantee, Pledge | No | Yes | | Global Aircraft Leasing Co., Ltd. | 787,446 | 787,446 | Pledge | No | Yes | - The total actual guarantee amount represents **487.22%** of the company's net assets[166] - Debt guarantees provided directly or indirectly to guaranteed entities with a debt-to-asset ratio exceeding **70%** totaled **138.90 billion yuan**[166] - The company had no entrusted wealth management during the reporting period[167] - The company had no other significant contracts during the reporting period[168] [13. Explanation of Other Significant Matters](index=51&type=section&id=13.%20Explanation%20of%20Other%20Significant%20Matters) This section states that there are no other significant matters requiring explanation during the reporting period. - The company had no other significant matters requiring explanation during the reporting period[169] [14. Significant Matters of Company Subsidiaries](index=51&type=section&id=14.%20Significant%20Matters%20of%20Company%20Subsidiaries) This section states that there are no significant matters concerning company subsidiaries during the reporting period. - The company had no significant matters concerning company subsidiaries during the reporting period[170] Part VI Share Changes and Shareholder Information [1. Share Change Status](index=52&type=section&id=1.%20Share%20Change%20Status) During the reporting period, the company's total share capital remained unchanged at 6,184,521,282 shares, with restricted shares accounting for 12.80% and unrestricted shares for 87.20%, and no share repurchases or concentrated bidding reductions of repurchased shares occurred. Share Change Status | Item | Quantity Before Change (shares) | % Before Change | Increase/Decrease in Current Change (shares) | Quantity After Change (shares) | % After Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 791,565,549.00 | 12.80% | 0.00 | 791,565,549.00 | 12.80% | | II. Unrestricted Shares | 5,392,955,733.00 | 87.20% | 0.00 | 5,392,955,733.00 | 87.20% | | III. Total Shares | 6,184,521,282.00 | 100.00% | 0.00 | 6,184,521,282.00 | 100.00% | - There were no reasons, approval situations, or transfer situations for share changes during the reporting period[173] - There was no progress on share repurchase implementation or concentrated bidding reductions of repurchased shares during the reporting period[173] [2. Securities Issuance and Listing](index=53&type=section&id=2.%20Securities%20Issuance%20and%20Listing) This section states that there were no securities issuance and listing situations during the reporting period. - The company had no securities issuance and listing situations during the reporting period[174] [3. Number of Shareholders and Shareholding Status](index=53&type=section&id=3.%20Number%20of%20Shareholders%20and%20Shareholding%20Status) As of the end of the reporting period, the company had 121,893 common shareholders. HNA Capital Group Co., Ltd. held 28.02% as the largest shareholder, with most of its shares pledged, and related-party or concerted action relationships existed among the top ten shareholders. - The total number of common shareholders at the end of the reporting period was **121,893**[175] Shareholding Status of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Ratio (%) | Number of Shares Held at Period-End (shares) | Number of Restricted Shares Held (shares) | Number of Unrestricted Shares Held (shares) | Share Status | Number (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | HNA Capital Group Co., Ltd. | Domestic Non-State-Owned Legal Person | 28.02% | 1,732,654,212 | 527,182,866 | 1,205,471,346 | Pledged | 1,717,479,342 | | Tianjin Yanshan Equity Investment Fund Co., Ltd. | Domestic Non-State-Owned Legal Person | 5.01% | 309,570,914 | 0 | 309,570,914 | Not Applicable | 0 | | Guangzhou City Investment Co., Ltd. | State-Owned Legal Person | 4.26% | 263,591,433 | 0 | 263,591,433 | Not Applicable | 0 | | Shanghai Beiyu Information Technology Co., Ltd. | Domestic Non-State-Owned Legal Person | 4.26% | 263,591,433 | 263,591,433 | 0 | Pledged | 263,591,433 | | Shanghai Shengzhan Yunhui Enterprise Management Co., Ltd. | Domestic Non-State-Owned Legal Person | 3.46% | 214,168,039 | 0 | 214,168,039 | Not Applicable | 0 | - The company's largest shareholder, HNA Capital, and Yanshan Investment, Shanghai Beiyu, Shanghai Shengzhan, and Ningbo Detong are concerted parties as defined by the "Measures for the Administration of the Takeover of Listed Companies"[176] [4. Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=54&type=section&id=4.%20Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) This section states that there were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period, with specific details available in the 2024 annual report. - There were no changes in the shareholdings of the company's directors, supervisors, and senior management during the reporting period[178] [5. Changes in Controlling Shareholder or Actual Controller](index=55&type=section&id=5.%20Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) This section states that there were no changes in the company's controlling shareholder or actual controller during the reporting period. - There were no changes in the company's controlling shareholder during the reporting period[179] - There were no changes in the company's actual controller during the reporting period[179] [6. Preferred Share Information](index=55&type=section&id=6.%20Preferred%20Share%20Information) This section states that the company had no preferred shares during the reporting period. - The company had no preferred shares during the reporting period[180] Part VII Bond-Related Information [1. Enterprise Bonds](index=56&type=section&id=1.%20Enterprise%20Bonds) This section states that the company had no enterprise bonds during the reporting period. - The company had no enterprise bonds during the reporting period[182] [2. Corporate Bonds](index=56&type=section&id=2.%20Corporate%20Bonds) The company issued multiple corporate bonds, including "18 Bohai Jin 01" to "18 Bohai Jin 04" and "18 Bohai Zu 05," all with a coupon rate of 4.00% and maturity in 2026; these are unsecured bonds, and "18 Bohai Jin 01" interest payment was completed during the reporting period, with unchanged debt repayment guarantees. Basic Information on Corporate Bonds | Bond Name | Bond Abbreviation | Bond Code | Issue Date | Maturity Date | Bond Balance (million yuan) | Interest Rate (%) | Trading Venue | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Bohai Jinkong Investment Co., Ltd. 2018 Publicly Issued Corporate Bonds to Qualified Investors (First Tranche) | 18 Bohai Jin 01 | 112723 | June 20, 2018 | June 20, 2026 | 94,138.9 | 4.00% | Shenzhen Stock Exchange | | Bohai Jinkong Investment Co., Ltd. 2018 Publicly Issued Corporate Bonds to Qualified Investors (Second Tranche) | 18 Bohai Jin 02 | 112765 | September 10, 2018 | September 10, 2026 | 110,769 | 4.00% | Shenzhen Stock Exchange | | Bohai Jinkong Investment Co., Ltd. 2018 Publicly Issued Corporate Bonds to Qualified Investors (Third Tranche) | 18 Bohai Jin 03 | 112771 | October 10, 2018 | October 10, 2026 | 50,400 | 4.00% | Shenzhen Stock Exchange | | Bohai Jinkong Investment Co., Ltd. 2018 Publicly Issued Corporate Bonds to Qualified Investors (Fourth Tranche) | 18 Bohai Jin 04 | 112783 | October 26, 2018 | October 26, 2026 | 90,291.4 | 4.00% | Shenzhen Stock Exchange | | Bohai Leasing Co., Ltd. 2018 Publicly Issued Corporate Bonds to Qualified Investors (Fifth Tranche) | 18 Bohai Zu 05 | 112810 | December 05, 2018 | December 05, 2026 | 31,890 | 4.00% | Shenzhen Stock Exchange | - Corporate bonds are restricted to qualified professional institutional investors and traded via non-transactional transfer[184] - There is no risk of termination of listing and trading for corporate bonds[184] - "18 Bohai Jin 01," "18 Bohai Jin 02," "18 Bohai Jin 03," "18 Bohai Jin 04," and "18 Bohai Zu 05" are unsecured bonds[185] - During the reporting period, the company completed the interest payment for the "18 Bohai Jin 01" bond for 2025[185] - During the reporting period, the company's debt repayment guarantees remained consistent with the prospectus and relevant commitments, with no changes[185] [3. Non-Financial Enterprise Debt Financing Instruments](index=57&type=section&id=3.%20Non-Financial%20Enterprise%20Debt%20Financing%20Instruments) This section states that the company had no non-financial enterprise debt financing instruments during the reporting period. - The company had no non-financial enterprise debt financing instruments during the reporting period[186] [4. Convertible Corporate Bonds](index=57&type=section&id=4.%20Convertible%20Corporate%20Bonds) This section states that the company had no convertible corporate bonds during the reporting period. - The company had no convertible corporate bonds during the reporting period[187] [5. Consolidated Loss Exceeding 10% of Net Assets at Year-End in the Reporting Period](index=57&type=section&id=5.%20Consolidated%20Loss%20Exceeding%2010%25%20of%20Net%20Assets%20at%20Year-End%20in%20the%20Reporting%20Period) This section states that the company's consolidated loss did not exceed 10% of net assets at the end of the previous year during the reporting period. - The company's consolidated loss did not exceed **10%** of net assets at the end of the previous year during the reporting period[188] [6. Key Accounting Data and Financial Indicators for the Past Two Years as of the End of the Reporting Period](index=57&type=section&id=6.%20Key%20Accounting%20Data%20and%20Financial%20Indicators%20for%20the%20Past%20Two%20Years%20as%20of%20the%20End%20of%20the%20Reporting%20Period) At the end of the reporting period, the company's current ratio and quick ratio decreased by 62.50% and 69.47% respectively, mainly due to reduced monetary funds and increased current liabilities, while interest coverage ratio and EBITDA interest coverage ratio decreased by 37.31% and 26.92% respectively, primarily due to lower total profit and EBIT. Key Accounting Data and Financial Indicators (Past Two Years) | Item | Amount at Current Period-End/Current Period (million yuan) | Amount at Prior Year-End/Prior Year (million yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Current Ratio | 0.54 | 1.44 | -62.50% | | Asset-Liability Ratio | 83.99% | 82.97% | 1.02% | | Quick Ratio | 0.40 | 1.31 | -69.47% | | Net Profit After Deducting Non-Recurring Gains and Losses | -229,126.8 | 53,224.1 | -530.49% | | EBITDA to Total Debt Ratio | 3.91% | 5.06% | -1.15% | | Interest Coverage Ratio | 0.84 | 1.34 | -37.31% | | Cash Interest Coverage Ratio | 3.08 | 3.48 | -11.49% | | EBITDA Interest Coverage Ratio | 1.71 | 2.34 | -26.92% | | Loan Repayment Rate | 98.24% | 95.41% | 2.83% | | Interest Payment Rate | 97.78% | 100.06% | -2.28% | - The current ratio and quick ratio decreased due to a reduction in monetary funds from the CAL equity acquisition and debt repayment, a decrease in current assets, and an increase in current liabilities resulting from non-current liabilities due within one year[190] - The interest coverage ratio decreased due to a decrease in total profit[190] - The EBITDA interest coverage ratio decreased due to a decrease in earnings before interest and taxes (EBIT)[190] Part VIII Financial Report [1. Audit Report](index=59&type=section&id=1.%20Audit%20Report) This section states that the company's half-year financial report was not audited. - The company's half-year financial report was not audited[192] [Financial Statements](index=60&type=section&id=Financial%20Statements) This section presents Bohai Leasing Co., Ltd.'s consolidated and company financial statements for January-June 2025, including balance sheets, income statements, statements of changes in equity, and cash flow statements, providing a comprehensive view of the company's financial position and operating results at period-end. - Financial statements include the consolidated balance sheet, consolidated income statement, consolidated statement of changes in shareholders' equity, and consolidated cash flow statement[195] - Financial statements also include the company balance sheet, company income statement, company statement of changes in shareholders' equity, and company cash flow statement[195] [Consolidated Balance Sheet](index=62&type=section&id=Consolidated%20Balance%20Sheet) As of June 30, 2025, the company's consolidated total assets were 286.25 billion yuan, slightly down from year-end 2024, with total current assets at 24.65 billion yuan and total non-current assets at 261.60 billion yuan, while total liabilities were 240.43 billion yuan, and equity attributable to parent company shareholders was 28.51 billion yuan. Consolidated Balance Sheet Key Data (RMB Thousand) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total Assets | 286,246,443 | 286,399,306 | | Total Current Assets | 24,649,314 | 41,423,967 | | Total Non-Current Assets | 261,597,129 | 244,975,339 | | Total Liabilities | 240,425,721 | 237,628,537 | | Total Current Liabilities | 45,496,628 | 28,701,670 | | Total Non-Current Liabilities | 194,929,093 | 208,926,867 | | Total Equity Attributable to Parent Company Shareholders | 28,508,346 | 31,470,660 | | Minority Interests | 17,312,376 | 17,300,109 | | Total Shareholders' Equity | 45,820,722 | 48,770,769 | [Consolidated Income Statement](index=65&type=section&id=Consolidated%20Income%20Statement) For January-June 2025, the company achieved operating revenue of 28.46 billion yuan, with a net loss of 1.30 billion yuan, a net loss attributable to parent company shareholders of 2.02 billion yuan, and a total comprehensive loss of 2.53 billion yuan. Consolidated Income Statement Key Data (RMB Thousand) | Item | January-June 2025 | January-June 2024 | | :--- | :--- | :--- | | Operating Revenue | 28,460,034 | 16,178,569 | | Operating Cost | 20,427,186 | 8,732,219 | | Financial Expenses | 4,965,920 | 4,540,643 | | Investment Income | 593,471 | 5,472 | | Asset Impairment Losses | (3,440,092) | (616,922) | | Net Profit | (1,304,970) | 1,214,129 | | Net Profit Attributable to Parent Company Shareholders | (2,018,780) | 716,400 | | Minority Interest Income | 713,810 | 497,729 | | Net Other Comprehensive Income After Tax | (1,221,783) | 783,825 | | Total Comprehensive Income | (2,526,753) | 1,997,954 | | Basic Earnings Per Share (RMB yuan) | (0.3264) | 0.1158 | [Consolidated Statement of Changes in Shareholders' Equity](index=67&type=section&id=Consolidated%20Statement%20of%20Changes%20in%20Shareholders%27%20Equity) For January-June 2025, equity attributable to parent company shareholders decreased from 31.47 billion yuan at the beginning of the period to 28.51 billion yuan at the end, primarily due to a total comprehensive loss of 2.96 billion yuan, leading to a reduction in total shareholders' equity. Consolidated Statement of Changes in Shareholders' Equity Key Data (RMB Thousand) | Item | January 1, 2025 | June 30, 2025 | | :--- | :--- | :--- | | Total Equity Attributable to Parent Company Shareholders | 31,470,660 | 28,508,346 | | Minority Interests | 17,300,109 | 17,312,376 | | Total Shareholders' Equity | 48,770,769 | 45,820,722 | | Total Comprehensive Income | - | (2,526,753) | | Total Comprehensive Income Attributable to Parent Company Shareholders | - | (2,962,314) | | Total Comprehensive Income Attributable to Minority Shareholders | - | 435,561 | [Consolidated Cash Flow Statement](index=69&type=section&id=Consolidated%20Cash%20Flow%20Statement) For January-June 2025, net cash flow from operating activities was 11.18 billion yuan, a 4.60% decrease year-on-year, while net cash flow from investing activities was -2.20 billion yuan, a significant improvement, and net cash flow from financing activities was -28.56 billion yuan, mainly due to increased debt repayment. Consolidated Cash Flow Statement Key Data (RMB Thousand) | Item | January-June 2025 | January-June 2024 | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 11,177,978 | 11,717,371 | | Net Cash Flow from Investing Activities | (2,195,803) | (12,376,541) | | Net Cash Flow from Financing Activities | (28,560,020) | (1,628,823) | | Impact of Exchange Rate Changes on Cash and Cash Equivalents | 7,936 | 32,764 | | Net Decrease in Cash and Cash Equivalents | (19,569,909) | (2,255,229) | | Cash and Cash Equivalents Balance at Period-End | 4,490,412 | 3,567,381 | [Company Balance Sheet](index=71&type=section&id=Company%20Balance%20Sheet) As of June 30, 2025, the company's (parent company) total assets were 33.93 billion yuan, total liabilities were 12.70 billion yuan, and total shareholders' equity was 21.23 billion yuan, with current assets primarily other receivables and non-current assets mainly long-term equity investments. Company Balance Sheet Key Data (RMB Thousand) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total Assets | 33,926,499 | 33,980,508 | | Total Current Assets | 7,370,053 | 9,922,366 | | Total Non-Current Assets | 26,556,446 | 24,058,142 | | Total Liabilities | 12,696,116 | 12,600,857 | | Total Current Liabilities | 8,166,235 | 6,235,992 | | Total Non-Current Liabilities | 4,529,881 | 6,364,865 | | Total Shareholders' Equity | 21,230,383 | 21,379,651 | [Company Income Statement](index=73&type=section&id=Company%20Income%20Statement) For January-June 2025, the company's (parent company) operating revenue was zero, with a net loss of 149.27 million yuan, primarily influenced by financial expenses and investment income, resulting in a total comprehensive loss of 149.27 million yuan. Company Income Statement Key Data (RMB Thousand) | Item | January-June 2025 | January-June 2024 | | :--- | :--- | :--- | | Operating Revenue | - | - | | Administrative Expenses | 17,705 | 19,016 | | Financial Expenses | 155,582 | 220,014 | | Investment Income | 23,960 | (203,002) | | Net Profit | (149,268) | (441,983) | | Total Comprehensive Income | (149,268) | (467,500) | [Company Statement of Changes in Shareholders' Equity](index=74&type=section&id=Company%20Statement%20of%20Changes%20in%20Shareholders%27%20Equity) For January-June 2025, the company's (parent company) total shareholders' e

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Part I Important Notice, Table of Contents, and Definitions [Important Notice](index=2&type=section&id=Important%20Notice) The company's board, supervisory board, and senior management guarantee the semi-annual report's truthfulness, accuracy, and completeness, with no plans for cash dividends or bonus shares - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the report content[4](index=4&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[5](index=5&type=chunk) [Table of Contents](index=3&type=section&id=Table%20of%20Contents) The report's clear table of contents outlines nine main chapters, providing a comprehensive overview of the company's semi-annual performance - The report contains nine main chapters with a clear structure[7](index=7&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section defines key terms and company-related entities used in the report, ensuring accurate understanding of the content - The reporting period refers to January 1, 2025, to June 30, 2025[10](index=10&type=chunk) - Shenyang Huitian Thermal Power Co., Ltd. is abbreviated as 'Huitian Thermal Power'[10](index=10&type=chunk) - Several names of controlling shareholders and subsidiaries are listed, such as Rundian Thermal Power, Erre Company, and Jinlang Thermal Power[10](index=10&type=chunk) Part II Company Profile and Key Financial Indicators [Company Profile](index=6&type=section&id=I.%20Company%20Profile) Shenyang Huitian Thermal Power Co., Ltd. (stock code: 000692) is listed on the Shenzhen Stock Exchange, with Hao Jie as its legal representative - The company's stock abbreviation is 'Huitian Thermal Power', stock code '000692', listed on the Shenzhen Stock Exchange[13](index=13&type=chunk) - The company's legal representative is Hao Jie[13](index=13&type=chunk) [Contact Persons and Information](index=6&type=section&id=II.%20Contact%20Persons%20and%20Information) The company's Board Secretary is Li Zhi and Securities Affairs Representative is Liu Bin, both located at No. 47 Renao Road, Shenhe District, Shenyang City, with contact phone and email provided - The Board Secretary is Li Zhi, and the Securities Affairs Representative is Liu Bin[14](index=14&type=chunk) - The company's contact address is No. 47 Renao Road, Shenhe District, Shenyang City[14](index=14&type=chunk) [Other Information](index=6&type=section&id=III.%20Other%20Information) During the reporting period, the company's registered address, office address, website, email, information disclosure, and document storage locations remained unchanged, with details available in the 2024 annual report - The company's registered address, office address, website, and email remained unchanged during the reporting period[15](index=15&type=chunk) - Information disclosure and storage locations remained unchanged during the reporting period[16](index=16&type=chunk) [Key Accounting Data and Financial Indicators](index=6&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) The company's H1 2025 operating revenue slightly increased, net loss attributable to shareholders decreased by **51.05%**, and total assets and net assets attributable to shareholders both declined Key Accounting Data and Financial Indicators for H1 2025 | Indicator | Current Period (RMB) | Prior Period (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,210,197,821.61 | 1,209,573,238.76 | 0.05% | | Net Profit Attributable to Shareholders of Listed Company | -143,903,926.59 | -293,958,769.51 | 51.05% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Items) | -146,603,405.32 | -301,687,196.85 | 51.41% | | Net Cash Flow from Operating Activities | -690,449,312.70 | -894,727,241.79 | 22.83% | | Basic Earnings Per Share (RMB/share) | -0.2701 | -0.5517 | 51.04% | | Diluted Earnings Per Share (RMB/share) | -0.2701 | -0.5517 | 51.04% | | Weighted Average Return on Net Assets | -128.99% | -1,074.96% | 945.97% | | **Period-End Indicators** | **Current Period-End (RMB)** | **Prior Year-End (RMB)** | **Change (%)** | | Total Assets | 5,278,298,972.34 | 5,727,163,852.25 | -7.84% | | Net Assets Attributable to Shareholders of Listed Company | 43,801,125.61 | 183,515,645.44 | -76.13% | [Differences in Accounting Data Under Domestic and International Accounting Standards](index=7&type=section&id=V.%20Differences%20in%20Accounting%20Data%20Under%20Domestic%20and%20International%20Accounting%20Standards) The company reported no differences in net profit and net assets between financial statements disclosed under international or overseas accounting standards and Chinese accounting standards during the reporting period - During the reporting period, the company reported no differences in net profit and net assets between financial statements disclosed under International Accounting Standards and Chinese Accounting Standards[19](index=19&type=chunk) - During the reporting period, the company reported no differences in net profit and net assets between financial statements disclosed under overseas accounting standards and Chinese Accounting Standards[20](index=20&type=chunk) [Non-Recurring Gains and Losses and Their Amounts](index=7&type=section&id=VI.%20Non-Recurring%20Gains%20and%20Losses%20and%20Their%20Amounts) The company's total non-recurring gains and losses for the reporting period amounted to **RMB 2.70 million**, primarily from government subsidies recognized in current profit or loss Non-Recurring Gains and Losses for H1 2025 | Item | Amount (RMB) | | :--- | :--- | | Government subsidies recognized in current profit or loss (excluding those closely related to normal business operations, compliant with national policies, enjoyed by fixed standards, and with a continuous impact on company profit or loss) | 2,813,051.88 | | Other non-operating income and expenses apart from the above | -83,532.24 | | Other profit and loss items meeting the definition of non-recurring gains and losses | 12,998.19 | | Impact on minority interests (after tax) | 43,039.10 | | Total | 2,699,478.73 | Part III Management Discussion and Analysis [Company's Main Business Activities During the Reporting Period](index=8&type=section&id=I.%20Company%27s%20Main%20Business%20Activities%20During%20the%20Reporting%20Period) The company's core business is heating services, accounting for **over 90%** of main business revenue, operating through coal-fired boilers and combined heat and power, and achieved a **RMB 150 million** year-on-year reduction in net loss [Industry Development](index=8&type=section&id=(I)%20Industry%20Development) Shenyang's heating industry is transforming towards green, low-carbon, and intelligent efficiency through upgrades and clean energy, facing challenges from energy prices and cost control - Shenyang's heating industry is in a critical phase of structural optimization, technological upgrading, and service improvement, leveraging 'winter disease, summer treatment' to drive its transformation towards green, low-carbon, intelligent, and efficient operations[24](index=24&type=chunk) - The industry faces multiple challenges including energy price fluctuations, cost control, and technological innovation[24](index=24&type=chunk) [Company's Main Business Operations](index=8&type=section&id=(II)%20Company%27s%20Main%20Business%20Operations) The company's main business remains heating services, accounting for **over 90%** of revenue, provided via coal-fired boilers and combined heat and power, with government-set prices and market-driven coal costs - The company's main business is heating services, accounting for **over 90% of main business revenue**[25](index=25&type=chunk) - Heating business primarily operates in two modes: coal-fired boilers generating heat from coal combustion and purchasing heat from power plants[25](index=25&type=chunk) - Heating prices are determined by local government departments, while purchased coal prices fluctuate with the market[25](index=25&type=chunk) [Company's Market Position](index=8&type=section&id=Company%27s%20Market%20Position) As a state-owned heating enterprise, the company holds a dominant position in Shenyang's regional heating market, serving **over 1 million households** with **91.7 million square meters** of heating area - As a state-owned heating enterprise, the company possesses strong market competitiveness in Shenyang's heating industry[26](index=26&type=chunk) - As of the 2024-2025 heating season, the heating area (on-grid area) reached **91.7 million square meters**, serving **over 1 million heating households**[26](index=26&type=chunk) [Company's Operating Performance](index=8&type=section&id=Company%27s%20Operating%20Performance) The company achieved a **RMB 150 million** year-on-year reduction in net loss in H1 2025 by optimizing operations, implementing refined management, and improving efficiency and cash flow - In the first half of 2025, net profit achieved a year-on-year reduction in loss of **RMB 150 million**[27](index=27&type=chunk) - Heat consumption decreased by **5%** year-on-year, electricity consumption by **9%**, and water consumption by **13%**[27](index=27&type=chunk) - Complaint volume (provincial level, Minxinwang) decreased by **42%** year-on-year[27](index=27&type=chunk) - Accumulated collection of overdue payments reached **RMB 22.15 million**, an increase of **RMB 5.44 million** year-on-year[27](index=27&type=chunk) - The collection rate increased by **1.74%** year-on-year in the first half[28](index=28&type=chunk) - Accumulated procurement of coal and pulverized coal reached **280,000 tons**, with an ex-tax standard unit price decrease of **9%** year-on-year[29](index=29&type=chunk) [Analysis of Core Competencies](index=9&type=section&id=II.%20Analysis%20of%20Core%20Competencies) The company's core competencies include stable user resources, extensive heating networks, **45 years** of technical expertise, efficient management, talent development, and government policy support due to its state-owned background - Possesses a growing base of stable heating users and a heating pipeline network spanning major urban areas and development zones in Shenyang City[30](index=30&type=chunk) - The company is one of the earliest professional heating companies established in Shenyang City, with **45 years of history**, holding Grade A design qualifications and general engineering contracting qualifications[30](index=30&type=chunk) - Established efficient management procedures and a rational talent acquisition and development strategy[31](index=31&type=chunk) - As a state-owned heating company in the region, it receives attention and support from government departments, benefiting from policies such as the 'Blue Sky Project' and 'Warm House Project'[31](index=31&type=chunk) [Analysis of Main Business Operations](index=9&type=section&id=III.%20Analysis%20of%20Main%20Business%20Operations) Operating revenue remained flat, but operating costs decreased due to lower coal prices, leading to a **51.05%** reduction in net loss attributable to shareholders, despite increased management and income tax expenses Year-on-Year Changes in Key Financial Data | Indicator | Current Period (RMB) | Prior Period (RMB) | Year-on-Year Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 1,210,197,821.61 | 1,209,573,238.76 | 0.05% | Largely flat | | Operating Cost | 1,246,731,047.57 | 1,388,175,086.56 | -10.19% | Lower coal prices | | Selling Expenses | 4,419,882.06 | 4,542,122.08 | -2.69% | Fewer sales personnel | | Administrative Expenses | 44,329,712.96 | 39,654,992.80 | 11.79% | More administrative personnel | | Financial Expenses | 74,403,432.48 | 80,352,182.05 | -7.40% | Lower borrowing interest rates | | Income Tax Expense | 4,784,359.12 | 726,683.93 | 558.38% | Increased total profit of holding subsidiaries | | Net Cash Flow from Operating Activities | -690,449,312.70 | -894,727,241.79 | 22.83% | Reduced payment for fuel and heating fees | | Net Cash Flow from Investing Activities | -102,230,270.40 | -131,094,672.40 | 22.02% | Received proceeds from equity disposal | | Net Cash Flow from Financing Activities | 690,024,189.68 | 669,293,216.68 | 3.10% | New financing leases | | Net Profit Attributable to Shareholders of Listed Company | -143,903,926.59 | -293,958,769.51 | 51.05% | Lower coal procurement costs | | Total Assets | 5,278,298,972.34 | 4,723,569,465.43 | 11.74% | New fixed asset investments | | Net Assets Attributable to Shareholders of Listed Company | 43,801,125.61 | -118,660,901.75 | 136.91% | Reduced operating losses | Composition of Operating Revenue | Category | Current Period Amount (RMB) | Proportion of Operating Revenue (%) | Prior Period Amount (RMB) | Proportion of Operating Revenue (%) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Total Operating Revenue | 1,210,197,821.61 | 100% | 1,209,573,238.76 | 100% | 0.05% | | **By Industry** | | | | | | | Main Business | 1,206,912,969.52 | 99.73% | 1,208,082,007.58 | 99.88% | -0.10% | | Other Businesses | 3,284,852.09 | 0.27% | 1,491,231.18 | 0.12% | 120.28% | | **By Product** | | | | | | | Heating and Gas Supply | 1,166,057,701.09 | 96.35% | 1,183,226,558.36 | 97.82% | -1.45% | | Heating Engineering | 7,266.06 | 0.00% | 1,461,103.88 | 0.12% | -99.50% | | Material Sales | 38,038,283.32 | 3.14% | 21,115,511.43 | 1.75% | 80.14% | | Other | 6,094,571.14 | 0.51% | 3,770,065.09 | 0.31% | 61.66% | | **By Region** | | | | | | | Liaoning Region | 1,210,197,821.61 | 100.00% | 1,209,573,238.76 | 100.00% | 0.05% | Industry, Product, or Region Accounting for Over 10% of Company's Operating Revenue or Profit | Category | Operating Revenue (RMB) | Operating Cost (RMB) | Gross Margin | Operating Revenue Year-on-Year Change | Operating Cost Year-on-Year Change | Gross Margin Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **By Industry** | | | | | | | | Heating | 1,210,197,821.61 | 1,246,731,047.57 | -3.02% | 0.05% | -10.19% | 11.75% | | **By Product** | | | | | | | | Heating and Gas Supply | 1,166,057,701.09 | 1,203,308,754.08 | -3.19% | -1.45% | -11.58% | 11.83% | | **By Region** | | | | | | | | Liaoning Region | 1,210,197,821.61 | 1,246,731,047.57 | -3.02% | 0.05% | -10.19% | 11.75% | [Analysis of Non-Main Business Operations](index=10&type=section&id=IV.%20Analysis%20of%20Non-Main%20Business%20Operations) Non-main business operations had a minor, unsustainable impact on total profit, primarily from non-operating income and legal litigation losses Impact of Non-Main Business Operations on Total Profit | Item | Amount (RMB) | Proportion of Total Profit (%) | Reason for Formation | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Non-Operating Income | 756,070.08 | 0.43% | Other income | No | | Non-Operating Expenses | 839,602.32 | 0.48% | Payment for legal litigation losses | No | [Analysis of Assets and Liabilities](index=11&type=section&id=V.%20Analysis%20of%20Assets%20and%20Liabilities) At period-end, total assets and net assets attributable to shareholders decreased, with fixed assets and borrowings increasing, contract liabilities decreasing, and some assets, primarily heating fee collection rights, remaining restricted Significant Changes in Asset Composition | Item | Current Period-End Amount (RMB) | Proportion of Total Assets (%) | Prior Year-End Amount (RMB) | Proportion of Total Assets (%) | Proportion Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash and Cash Equivalents | 450,104,914.20 | 8.53% | 559,262,256.65 | 9.77% | -1.24% | | Accounts Receivable | 610,088,766.45 | 11.56% | 410,623,107.04 | 7.17% | 4.39% | | Inventories | 306,340,820.33 | 5.80% | 487,663,129.41 | 8.51% | -2.71% | | Fixed Assets | 3,445,518,684.58 | 65.28% | 2,928,775,626.58 | 51.14% | 14.14% | | Construction in Progress | 16,147,245.59 | 0.31% | 426,037,159.04 | 7.44% | -7.13% | | Right-of-Use Assets | 6,561,144.16 | 0.12% | 227,434,090.90 | 3.97% | -3.85% | | Short-Term Borrowings | 2,697,163,774.60 | 51.10% | 2,123,118,717.75 | 37.07% | 14.03% | | Contract Liabilities | 113,278,008.50 | 2.15% | 995,405,916.47 | 17.38% | -15.23% | | Long-Term Borrowings | 253,344,386.48 | 4.80% | 184,094,367.05 | 3.21% | 1.59% | - As of the end of the reporting period, the company had multiple restricted assets, primarily the pledging of heating fee collection rights by subsidiaries, involving amounts of **RMB 200 million**, **RMB 60 million**, **RMB 50 million**, and **RMB 65 million**[42](index=42&type=chunk) [Analysis of Investment Activities](index=11&type=section&id=VI.%20Analysis%20of%20Investment%20Activities) The company's investment increased by **9.92%** year-on-year, primarily for new pipeline construction and the Quansheng 2*350MW combined heat and power project, with cumulative actual investment exceeding **RMB 460 million**, and no securities or derivatives investments Investment Amount During the Reporting Period | Current Period Investment (RMB) | Prior Period Investment (RMB) | Change (%) | | :--- | :--- | :--- | | 35,340,501.54 | 32,152,388.65 | 9.92% | Significant Non-Equity Investments in Progress During the Reporting Period | Project Name | Investment Method | Industry Involved | Amount Invested in Current Period (RMB) | Cumulative Actual Investment as of Period-End (RMB) | | :--- | :--- | :--- | :--- | :--- | | New Pipeline Construction | Self-built | Heating | 34,250,881.29 | 457,019,504.33 | | Quansheng 2*350MW Combined Heat and Power Project | Self-built | Heating | 1,089,620.25 | 3,370,001.05 | | Total | -- | -- | 35,340,501.54 | 460,389,505.38 | - During the reporting period, the company had no securities investments, derivative investments, or use of raised funds[47](index=47&type=chunk)[48](index=48&type=chunk) [Significant Asset and Equity Disposals](index=12&type=section&id=VII.%20Significant%20Asset%20and%20Equity%20Disposals) The company did not engage in any significant asset or equity disposals during the reporting period - The company did not dispose of significant assets during the reporting period[50](index=50&type=chunk) - The company did not dispose of significant equity during the reporting period[51](index=51&type=chunk) [Analysis of Major Holding and Associate Companies](index=13&type=section&id=VIII.%20Analysis%20of%20Major%20Holding%20and%20Associate%20Companies) The company's major holding subsidiaries include Shenyang Second Thermal Power Heating Company, Shenyang Huitian Qipanshan Heating Co., Ltd., and Shenyang Jinlang Thermal Power Co., Ltd., with the first two reporting negative net profits during the period Major Subsidiaries and Associate Companies with Over 10% Impact on Company's Net Profit | Company Name | Company Type | Main Business | Registered Capital (ten thousand RMB) | Total Assets (RMB) | Net Assets (RMB) | Operating Revenue (RMB) | Operating Profit (RMB) | Net Profit (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shenyang Second Thermal Power Heating Company | Subsidiary | Heating | 521 | 1,906,315,083.28 | -123,099,583.49 | 485,958,518.61 | -98,999,045.51 | -99,571,312.20 | | Shenyang Huitian Qipanshan Heating Co., Ltd. | Subsidiary | Heating | 3000 | 243,760,512.58 | -359,423,375.06 | 47,889,194.86 | -32,602,917.74 | -32,651,600.62 | | Shenyang Jinlang Thermal Power Co., Ltd. | Subsidiary | Heating | 1000 | 494,518,131.79 | 131,244,436.11 | 230,442,408.79 | 27,478,575.94 | 22,710,965.00 | - During the reporting period, the company neither acquired nor disposed of any subsidiaries[52](index=52&type=chunk) [Information on Structured Entities Controlled by the Company](index=13&type=section&id=IX.%20Information%20on%20Structured%20Entities%20Controlled%20by%20the%20Company) The company did not control any structured entities during the reporting period - The company did not control any structured entities during the reporting period[53](index=53&type=chunk) [Risks Faced by the Company and Countermeasures](index=13&type=section&id=X.%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces key risks including raw material price fluctuations, stricter environmental policies, and customer dependency, which are addressed through specialized procurement, long-term agreements, equipment upgrades, clean energy adoption, enhanced peak-shaving heat source construction, and emergency plans - Raw material price fluctuation risk: Fluctuations in coal and purchased heat prices impact profitability[53](index=53&type=chunk) - Countermeasures: Establish a specialized company for coal procurement management, implement long-term agreement pricing mechanisms, broaden procurement channels, strengthen equipment upgrades, and reduce coal consumption[53](index=53&type=chunk) - Environmental risk: Stricter atmospheric emission standards lead to increased investment in environmental facility construction and renovation[53](index=53&type=chunk) - Countermeasures: Explore the adoption of new materials and technologies, and efficient, energy-saving, and environmentally friendly heating methods to replace traditional high-energy-consuming coal-fired boilers[53](index=53&type=chunk) - Customer dependency risk: The heating quality and cost of Shenhai Heating Network largely depend on Shenyang CR Power Thermal Power Co., Ltd[54](index=54&type=chunk) - Countermeasures: Increase the construction and production capacity of Shenhai Heating Network's peak-shaving heat sources, and formulate emergency response plans[55](index=55&type=chunk) [Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=14&type=section&id=XI.%20Formulation%20and%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) The company did not formulate a market value management system or disclose a valuation enhancement plan during the reporting period - The company has not formulated a market value management system[56](index=56&type=chunk) - The company has not disclosed a valuation enhancement plan[56](index=56&type=chunk) [Implementation of "Quality and Return Dual Improvement" Action Plan](index=14&type=section&id=XII.%20Implementation%20of%20%22Quality%20and%20Return%20Dual%20Improvement%22%20Action%20Plan) The company did not disclose any "Quality and Return Dual Improvement" action plan announcements during the reporting period - The company has not disclosed any 'Quality and Return Dual Improvement' action plan announcements[56](index=56&type=chunk) Part IV Corporate Governance, Environment, and Society [Changes in Company Directors, Supervisors, and Senior Management](index=15&type=section&id=I.%20Changes%20in%20Company%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, the company experienced multiple changes in its directors, supervisors, and senior management, including Zheng Yun's election as Chairman and appointment as General Manager, Yang Hui's appointment as Deputy General Manager and CFO, and the departures of Chen Weiguo and Ma Jingli, primarily due to work transfers Changes in Company Directors, Supervisors, and Senior Management | Name | Position Held | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Zheng Yun | Chairman | Elected | April 02, 2025 | Work Transfer | | Zheng Yun | General Manager | Appointed | March 17, 2025 | Work Transfer | | Chen Weiguo | Chairman, General Manager | Resigned | March 14, 2025 | Work Transfer | | Yang Hui | Deputy General Manager, CFO | Appointed | March 17, 2025 | Work Transfer | | Ma Jingli | CFO | Dismissed | March 14, 2025 | Work Transfer | | Yang Lin | Deputy General Manager | Appointed | April 27, 2025 | Work Transfer | [Profit Distribution and Capital Reserve Conversion to Share Capital in the Current Period](index=15&type=section&id=II.%20Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20to%20Share%20Capital%20in%20the%20Current%20Period) The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[59](index=59&type=chunk) [Implementation of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=15&type=section&id=III.%20Implementation%20of%20Company%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures in place or implemented during the reporting period - During the reporting period, the company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures or their implementation details[60](index=60&type=chunk) [Environmental Information Disclosure](index=15&type=section&id=IV.%20Environmental%20Information%20Disclosure) The company and its five major subsidiaries are included in the list of enterprises required to disclose environmental information by law, with corresponding query indexes provided for their environmental information disclosure reports - The listed company and its major subsidiaries (total of **5**) are included in the list of enterprises required to disclose environmental information by law[61](index=61&type=chunk) Enterprises Included in the List for Legal Environmental Information Disclosure | No. | Enterprise Name | Query Index for Legal Environmental Information Disclosure Report | | :--- | :--- | :--- | | 1 | Shenyang Huitian Thermal Power Co., Ltd. | https://sthj.deing.cn:8180/home/enters/沈阳惠天热电股份有限公司 | | 2 | Shenyang Second Thermal Power Heating Co., Ltd. | https://sthj.deing.cn:8180/home/enters/ | | 3 | Shenyang Huitian Qipanshan Heating Co., Ltd. | https://sthj.deing.cn:8180/home/enters/沈阳惠天棋盘山供热有限责任公司 | | 4 | Shenyang Huitian Environmental Heating Co., Ltd. | https://sthj.deing.cn:8180/home/enters/沈阳惠天环保供热有限责任公司 | | 5 | Shenyang Jinlang Thermal Power Co., Ltd. | https://sthj.deing.cn:8180/home/enters/沈阳金廊热力有限公司 | [Social Responsibility](index=15&type=section&id=V.%20Social%20Responsibility) The company actively fulfills its social responsibilities by protecting shareholder and employee rights, fostering supplier and customer relationships, investing in environmental protection, and contributing to social welfare through legal operations and taxation - The company strictly adheres to laws and regulations, disclosing information truthfully, accurately, completely, timely, and fairly to protect investors' right to know[62](index=62&type=chunk) - The company respects and safeguards employees' individual rights, fully implements employee welfare policies, ensures benefits, and carries out organizational reforms to enhance employee income and career development opportunities[64](index=64&type=chunk) - The company adheres to the principles of 'voluntariness, equality, and mutual benefit' to build strategic partnerships with suppliers and customers, protecting the legitimate rights and interests of all parties[65](index=65&type=chunk) - The company strictly enforces environmental protection standards, actively invests in environmental facility construction, and focuses on controlling emissions of exhaust gas, wastewater, and solid waste[66](index=66&type=chunk) - The company actively participates in social welfare initiatives, adheres to legal operations and tax compliance, and promotes local economic development and social progress[67](index=67&type=chunk) Part V Significant Matters [Commitments Fulfilled or Overdue by Controlling Shareholder, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period](index=17&type=section&id=I.%20Commitments%20Fulfilled%20or%20Overdue%20by%20Controlling%20Shareholder%2C%20Shareholders%2C%20Related%20Parties%2C%20Acquirers%2C%20and%20the%20Company%20During%20and%20as%20of%20the%20End%20of%20the%20Reporting%20Period) During the reporting period, there were no commitments fulfilled or overdue by the company's controlling shareholder, shareholders, related parties, acquirers, or the company itself - During the reporting period, there were no commitments fulfilled or overdue by the company's actual controller, shareholders, related parties, acquirers, or the company itself[69](index=69&type=chunk) [Non-Operating Funds Occupied by Controlling Shareholder and Other Related Parties from the Listed Company](index=17&type=section&id=II.%20Non-Operating%20Funds%20Occupied%20by%20Controlling%20Shareholder%20and%20Other%20Related%20Parties%20from%20the%20Listed%20Company) During the reporting period, there were no non-operating funds occupied by the controlling shareholder or other related parties from the listed company - During the reporting period, the company had no non-operating funds occupied by the controlling shareholder or other related parties from the listed company[70](index=70&type=chunk) [Irregular External Guarantees](index=17&type=section&id=III.%20Irregular%20External%20Guarantees) The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[71](index=71&type=chunk) [Appointment and Dismissal of Accounting Firms](index=17&type=section&id=IV.%20Appointment%20and%20Dismissal%20of%20Accounting%20Firms) The company's semi-annual financial report was unaudited, and the company changed its 2024 audit firm, appointing Pengsheng Accounting Firm - The company's semi-annual report was unaudited[72](index=72&type=chunk) - The company has appointed Pengsheng Accounting Firm as the audit institution for its 2024 financial report and internal control[93](index=93&type=chunk) [Board of Directors' and Supervisory Board's Explanation on the Accounting Firm's "Non-Standard Audit Report" for the Current Period](index=17&type=section&id=V.%20Board%20of%20Directors%27%20and%20Supervisory%20Board%27s%20Explanation%20on%20the%20Accounting%20Firm%27s%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Current%20Period) The company's semi-annual report was unaudited, rendering an explanation on a "non-standard audit report" from the accounting firm for the current period inapplicable - The company's semi-annual report was unaudited, so this explanation is not applicable[73](index=73&type=chunk) [Board of Directors' Explanation on Matters Related to the "Non-Standard Audit Report" for the Prior Year](index=17&type=section&id=VI.%20Board%20of%20Directors%27%20Explanation%20on%20Matters%20Related%20to%20the%20%22Non-Standard%20Audit%20Report%22%20for%20the%20Prior%20Year) The company's explanation on matters related to the "non-standard audit report" for the prior year is not applicable for the reporting period - The company's explanation on matters related to the 'non-standard audit report' for the prior year is not applicable for the reporting period[73](index=73&type=chunk) [Bankruptcy and Reorganization Matters](index=17&type=section&id=VII.%20Bankruptcy%20and%20Reorganization%20Matters) The company had no bankruptcy and reorganization matters during the reporting period - The company had no bankruptcy and reorganization matters during the reporting period[73](index=73&type=chunk) [Litigation Matters](index=17&type=section&id=VIII.%20Litigation%20Matters) The company faced several significant litigation and arbitration cases, including contract disputes, heating load transfer disputes, and coal payment disputes, with some cases already in the execution phase Significant Litigation and Arbitration Matters | Basic Information of Litigation (Arbitration) | Amount Involved (ten thousand RMB) | Whether Provision for Liabilities Formed | Litigation (Arbitration) Progress | Litigation (Arbitration) Outcome and Impact | Litigation (Arbitration) Judgment Execution Status | | :--- | :--- | :--- | :--- | :--- | :--- | | JiaHui Company (defendant) purchased coal from Baogang Mining, resulting in a contract dispute | 19,185.26 | Provision for liabilities of **RMB 13.21 million** has been converted to accounts payable | In judgment execution | Ruled JiaHui Company to pay the plaintiff **RMB 177.80 million** in goods payment, interest, and litigation fees | **RMB 145 million** has been paid to Baogang Mining according to the repayment plan | | Erre Company (plaintiff) and Shengtian Heating (defendant) heating operation load transfer dispute | 3,745.51 | No | In judgment execution | Ruled Erre Company to pay Shengtian Heating **RMB 0.78 million** in maintenance fees and interest. Second instance changed to rule Shengtian Heating to pay Erre Company **RMB 37.45 million** in heating fees and interest; Erre Company to pay Shengtian Heating **RMB 26,000** in utility fees | **RMB 13.97 million** has been collected | | Shenyang Dadong District Housing Administration Bureau (plaintiff) and Huitian Thermal Power (defendant) advance coal payment dispute | 3,120.7 | No | In judgment execution | Ruled the company to pay the plaintiff **RMB 30 million** and interest; litigation acceptance fee of **RMB 0.20 million** to be borne by the company | **RMB 20 million** has been paid | | Wang Mingjun, Zhang Zhong, Hua Zhengfeng (plaintiffs) sued Erre Company (defendant 3) for engineering contract dispute | 3,500 | No | First instance hearing held, no judgment yet | Erre Company has paid all engineering progress payments to defendant 1 (plaintiff's partner) as per contract, with no outstanding engineering payments. Based on actual payments, Erre Company should not bear joint liability in this case | No judgment yet | - A summary of other non-significant litigation cases not meeting disclosure standards shows that in closed cases where the company was a defendant, our party's liability of **RMB 23.52 million** has been fully paid[75](index=75&type=chunk) - For cases where the company is a defendant with judgments pending execution, the amount involved is **RMB 45.76 million**, with **RMB 14.01 million** to be paid[75](index=75&type=chunk) [Penalties and Rectification](index=19&type=section&id=IX.%20Penalties%20and%20Rectification) The company and several directors and senior management received warning letters from the Liaoning Securities Regulatory Bureau for failing to timely disclose significant litigation Penalties and Rectification Status | Name | Type | Reason | Investigation and Penalty Type | Conclusion (if any) | Disclosure Date | Disclosure Index | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Huitian Thermal Power | Other | Failure to timely disclose significant litigation | Administrative regulatory measures taken by China Securities Regulatory Commission | Liaoning Securities Regulatory Bureau issued a warning letter | May 17, 2025 | "Announcement on Receiving a Warning Letter from Liaoning Securities Regulatory Bureau" (Announcement No.: 2025-31) | | Zheng Yun | Director | Failure to timely disclose significant litigation | Administrative regulatory measures taken by China Securities Regulatory Commission | Liaoning Securities Regulatory Bureau issued a warning letter | May 17, 2025 | "Announcement on Receiving a Warning Letter from Liaoning Securities Regulatory Bureau" (Announcement No.: 2025-31) | | Chen Weiguo | Other | Failure to timely disclose significant litigation | Administrative regulatory measures taken by China Securities Regulatory Commission | Liaoning Securities Regulatory Bureau issued a warning letter | May 17, 2025 | "Announcement on Receiving a Warning Letter from Liaoning Securities Regulatory Bureau" (Announcement No.: 2025-31) | | Hao Jie | Director | Failure to timely disclose significant litigation | Administrative regulatory measures taken by China Securities Regulatory Commission | Liaoning Securities Regulatory Bureau issued a warning letter | May 17, 2025 | "Announcement on Receiving a Warning Letter from Liaoning Securities Regulatory Bureau" (Announcement No.: 2025-31) | | Li Zhi | Senior Management | Failure to timely disclose significant litigation | Administrative regulatory measures taken by China Securities Regulatory Commission | Liaoning Securities Regulatory Bureau issued a warning letter | May 17, 2025 | "Announcement on Receiving a Warning Letter from Liaoning Securities Regulatory Bureau" (Announcement No.: 2025-31) | [Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=19&type=section&id=X.%20Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller) The company had no integrity status information requiring disclosure during the reporting period - The company had no integrity status information requiring disclosure during the reporting period[77](index=77&type=chunk) [Significant Related Party Transactions](index=19&type=section&id=XI.%20Significant%20Related%20Party%20Transactions) During the reporting period, the company engaged in multiple significant related party transactions, including purchasing heat from and selling coal and heat to related parties, providing guarantees for subsidiaries, and intercompany fund transfers and asset disposals Related Party Transactions Related to Daily Operations (Purchase of Goods/Acceptance of Services) | Related Party | Related Transaction Content | Related Transaction Amount (ten thousand RMB) | Proportion of Similar Transactions (%) | Approved Transaction Limit (ten thousand RMB) | | :--- | :--- | :--- | :--- | :--- | | Shenyang CR Power Thermal Power Co., Ltd. | Purchase of Heat | 13,054.74 | 40.35% | 67,000 | | CR Power (Shenyang) Co., Ltd. | Purchase of Heat | 19,302.8 | 59.65% | 67,000 | Related Party Transactions Related to Daily Operations (Sale of Goods) | Related Party | Related Transaction Content | Related Transaction Amount (ten thousand RMB) | Proportion of Similar Transactions (%) | Approved Transaction Limit (ten thousand RMB) | | :--- | :--- | :--- | :--- | :--- | | Shenyang Huiyong Heating Co., Ltd. | Sale of Coal | 2,102.22 | 48.91% | 23,000 | | Shenyang Shengda Thermal Power Heating Co., Ltd. | Sale of Coal, Pulverized Coal | 1,987.43 | 46.24% | 23,000 | | Shenyang Shendong Thermal Power Co., Ltd. | Sale of Pulverized Coal | 208.68 | 4.85% | 5,000 | | Shenyang Huiyong Heating Co., Ltd. | Sale of Heat | 1,722 | 84.65% | 3,500 | | Shenyang Shendong Thermal Power Co., Ltd. | Sale of Heat | 312.31 | 15.35% | 330 | | Total | -- | 38,690.18 | -- | 188,830 | - During the reporting period, the company had no non-operating related party receivables or payables[81](index=81&type=chunk) - The company has no deposits, loans, credit lines, or other financial transactions with affiliated finance companies[82](index=82&type=chunk)[84](index=84&type=chunk) [Significant Contracts and Their Performance](index=21&type=section&id=XII.%20Significant%20Contracts%20and%20Their%20Performance) During the reporting period, the company had several significant entrustment and lease contracts, including Jinlang Thermal Power's entrustment of State Grid power heating assets and Erre Company's heating load to Jinlang Thermal Power, the controlling shareholder's entrustment of operating rights to Huitian Thermal Power, and the lease of Minfu Boiler Room heating assets - Jinlang Thermal Power gratuitously uses heating assets belonging to the employee residential areas of State Grid Liaoning Electric Power Co., Ltd., and assumes operational responsibility[86](index=86&type=chunk) - Erre Company entrusted the heating load management of Wulihe Heat Source and Quanyuan No. 1 Heat Source related areas to Jinlang Thermal Power for a **10-year** period, with operating profits split **50:50**[86](index=86&type=chunk) - Controlling shareholder Rundian Thermal Power entrusted the operating rights of wholly-owned subsidiaries such as Huiyong Company, Shengda Company, Huisheng Company, Shendong Thermal Power, and Shengjing Energy to Huitian Thermal Power for a **3-year** period, with an annual entrustment operating fee of approximately **RMB 9.5 million**[87](index=87&type=chunk) - The company leases heating assets of Minfu Boiler Room at No. 8 Daqing Road, Heping District, Shenyang City, with an annual rent of **RMB 4.1 million**, and the lease term extended to May 31, 2028[87](index=87&type=chunk) - During the reporting period, the company had no entrustment or lease projects that generated profit or loss exceeding **10%** of total profit[87](index=87&type=chunk) Company's Guarantees for Subsidiaries | Guaranteed Party | Guaranteed Amount (ten thousand RMB) | Guarantee Start Date | Guarantee End Date | | :--- | :--- | :--- | :--- | | Shenyang Second Thermal Power Heating Company | 57,362 | December 27, 2024 | December 09, 2025 | | Shenyang Second Thermal Power Heating Company | 8,000 | October 30, 2024 | October 30, 2025 | | Shenyang Second Thermal Power Heating Company | 14,200 | December 05, 2024 | December 02, 2025 | | Shenyang Second Thermal Power Heating Company | 3,240 | August 27, 2024 | August 26, 2025 | | Shenyang Second Thermal Power Heating Company | 1,156.12 | March 03, 2025 | March 02, 2026 | | Shenyang Second Thermal Power Heating Company | 603.88 | April 01, 2025 | March 31, 2026 | | Shenyang Second Thermal Power Heating Company | 64,000 | November 08, 2024 | November 07, 2037 | | Total Actual Guarantee Balance for Subsidiaries at Period-End | 148,562 | | | - The total actual guarantee amount accounts for **3,391.74%** of the company's net assets[90](index=90&type=chunk) - During the reporting period, the company had no entrusted wealth management or other significant contracts[91](index=91&type=chunk)[92](index=92&type=chunk) [Explanation of Other Significant Matters](index=23&type=section&id=XIII.%20Explanation%20of%20Other%20Significant%20Matters) The company undertook significant matters including investing in the Shenyang Quansheng 2×350MW thermal power project, changing its 2024 audit firm, engaging in financing leases, establishing a subsidiary, and securing a **700 MW** wind power project - The company plans to invest in and construct the Shenyang Quansheng 2×350MW combined heat and power project[93](index=93&type=chunk) - The company appointed Pengsheng Accounting Firm as the audit institution for its 2024 financial report and internal control[93](index=93&type=chunk) - The company applied for **RMB 300 million** in financing from CR Financial Leasing Co., Ltd. through a sale-and-leaseback arrangement, with a **3-year** term[94](index=94&type=chunk) - The company invested in and established a wholly-owned subsidiary, 'Shenyang Quansheng Thermal Power Co., Ltd.'[94](index=94&type=chunk) - The company obtained the owner qualification for Shenyang City's second batch of **700 MW** wind power projects in 2025[94](index=94&type=chunk) [Significant Matters of Company Subsidiaries](index=24&type=section&id=XIV.%20Significant%20Matters%20of%20Company%20Subsidiaries) The company's subsidiaries had no significant matters during the reporting period - The company's subsidiaries had no significant matters during the reporting period[95](index=95&type=chunk) Part VI Share Changes and Shareholder Information [Share Change Status](index=25&type=section&id=I.%20Share%20Change%20Status) During the reporting period, the company's total share capital remained at **532,832,976 shares**, all of which were unrestricted, with no changes in its share capital structure Share Change Status | Item | Quantity Before Change (shares) | Proportion Before Change (%) | Change in Current Period (＋，－) | Quantity After Change (shares) | Proportion After Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | II. Unrestricted Shares | 532,832,976 | 100.00% | 0 | 532,832,976 | 100.00% | | 1. RMB Ordinary Shares | 532,832,976 | 100.00% | 0 | 532,832,976 | 100.00% | | III. Total Shares | 532,832,976 | 100.00% | 0 | 532,832,976 | 100.00% | - During the reporting period, the company's total share capital and share capital structure remained unchanged[98](index=98&type=chunk) [Securities Issuance and Listing](index=26&type=section&id=II.%20Securities%20Issuance%20and%20Listing) The company had no securities issuance or listing activities during the reporting period - The company had no securities issuance or listing activities during the reporting period[100](index=100&type=chunk) [Number of Shareholders and Shareholding Status](index=26&type=section&id=III.%20Number%20of%20Shareholders%20and%20Shareholding%20Status) As of period-end, the company had **26,142** ordinary shareholders, with controlling shareholder Shenyang Rundian Thermal Power Co., Ltd. holding **29.99%** of shares, some pledged, and the top ten included domestic and foreign entities - As of the end of the reporting period, the total number of ordinary shareholders was **26,142 households**[101](index=101&type=chunk) Shareholding Status of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Proportion (%) | Number of Shares Held at Period-End (shares) | Number of Unrestricted Shares Held (shares) | Pledge, Mark, or Freeze Status | | :--- | :--- | :--- | :--- | :--- | :--- | | Shenyang Rundian Thermal Power Co., Ltd. | State-owned Legal Entity | 29.99% | 159,796,608 | 159,796,608 | Pledged 145,046,490 shares | | Wang Jidong | Domestic Natural Person | 1.95% | 10,380,000 | 10,380,000 | N/A | | Yang Ying | Domestic Natural Person | 0.94% | 5,010,000 | 5,010,000 | N/A | | Tian Jianjiang | Domestic Natural Person | 0.74% | 3,961,943 | 3,961,943 | N/A | | Zhong Zhenghao | Domestic Natural Person | 0.64% | 3,390,100 | 3,390,100 | N/A | | BARCLAYS BANK PLC | Foreign Legal Entity | 0.62% | 3,284,097 | 3,284,097 | N/A | | Song Yingchun | Domestic Natural Person | 0.54% | 2,871,800 | 2,871,800 | N/A | | China Merchants Fund Management Co., Ltd. - Social Security Fund 1503 Portfolio | Other | 0.54% | 2,863,000 | 2,863,000 | N/A | | MORGAN STANLEY & CO. INTERNATIONAL PLC. | Foreign Legal Entity | 0.50% | 2,643,633 | 2,643,633 | N/A | | Ding Guizhu | Domestic Natural Person | 0.43% | 2,300,000 | 2,300,000 | N/A | - The company is unaware of any related party relationships or concerted action relationships among the top 10 shareholders[101](index=101&type=chunk)[102](index=102&type=chunk) [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=27&type=section&id=IV.%20Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) The shareholdings of the company's directors, supervisors, and senior management remained unchanged during the reporting period - The shareholdings of the company's directors, supervisors, and senior management remained unchanged during the reporting period[102](index=102&type=chunk) [Changes in Controlling Shareholder or Actual Controller](index=27&type=section&id=V.%20Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) The company's controlling shareholder and actual controller remained unchanged during the reporting period - The company's controlling shareholder remained unchanged during the reporting period[103](index=103&type=chunk) - The company's actual controller remained unchanged during the reporting period[103](index=103&type=chunk) [Preferred Share Information](index=28&type=section&id=VI.%20Preferred%20Share%20Information) The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[104](index=104&type=chunk) Part VII Bond-Related Information [Bond-Related Information](index=29&type=section&id=Bond-Related%20Information) The company had no bond-related information during the reporting period - The company had no bond-related information during the reporting period[106](index=106&type=chunk) Part VIII Financial Report [Audit Report](index=30&type=section&id=I.%20Audit%20Report) The company's semi-annual financial report was unaudited - The company's semi-annual financial report was unaudited[108](index=108&type=chunk) [Financial Statements](index=30&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, detailing its financial position, operating results, and cash flows [Consolidated Balance Sheet](index=30&type=section&id=1.%20Consolidated%20Balance%20Sheet) As of June 30, 2025, consolidated total assets were **RMB 5.28 billion**, a **7.84%** decrease, with total liabilities at **RMB 5.24 billion** and total owners' equity at **RMB 34.05 million** Key Data from Consolidated Balance Sheet | Item | Period-End Balance (RMB) | Period-Start Balance (RMB) | | :--- | :--- | :--- | | Total Assets | 5,278,298,972.34 | 5,727,163,852.25 | | Total Liabilities | 5,244,246,705.92 | 5,516,082,007.92 | | Total Owners' Equity | 34,052,266.42 | 211,081,844.33 | | Total Owners' Equity Attributable to Parent Company | 43,801,125.61 | 183,515,645.44 | | Short-Term Borrowings | 2,697,163,774.60 | 2,123,118,717.75 | | Contract Liabilities | 113,278,008.50 | 995,405,916.47 | | Fixed Assets | 3,445,518,684.58 | 2,928,775,626.58 | [Parent Company Balance Sheet](index=32&type=section&id=2.%20Parent%20Company%20Balance%20Sheet) As of June 30, 2025, parent company total assets were **RMB 4.46 billion**, a slight increase, with total liabilities at **RMB 3.74 billion** and total owners' equity at **RMB 716.61 million** Key Data from Parent Company Balance Sheet | Item | Period-End Balance (RMB) | Period-Start Balance (RMB) | | :--- | :--- | :--- | | Total Assets | 4,461,273,390.96 | 4,390,389,115.06 | | Total Liabilities | 3,744,665,132.29 | 3,612,544,135.01 | | Total Owners' Equity | 716,608,258.67 | 777,844,980.05 | | Short-Term Borrowings | 1,786,565,935.64 | 1,398,061,619.97 | | Contract Liabilities | 30,601,760.47 | 333,766,624.61 | | Long-Term Equity Investments | 236,901,096.01 | 236,901,096.01 | [Consolidated Income Statement](index=35&type=section&id=3.%20Consolidated%20Income%20Statement) In H1 2025, consolidated total operating revenue was **RMB 1.21 billion**, largely flat, with a net loss of **RMB 181.22 million** and a net loss attributable to parent company shareholders of **RMB 143.90 million**, showing reduced loss Key Data from Consolidated Income Statement | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Total Operating Revenue | 1,210,197,821.61 | 1,209,573,238.76 | | Total Operating Costs | 1,384,006,594.23 | 1,524,246,108.38 | | Operating Profit | -176,351,093.31 | -308,652,441.26 | | Total Profit | -176,434,625.55 | -310,745,392.56 | | Net Profit | -181,218,984.67 | -311,472,076.49 | | Net Profit Attributable to Parent Company Shareholders | -143,903,926.59 | -293,958,769.51 | | Basic Earnings Per Share | -0.2701 | -0.5517 | [Parent Company Income Statement](index=36&type=section&id=4.%20Parent%20Company%20Income%20Statement) In H1 2025, parent company operating revenue was **RMB 543.94 million**, an increase, with a net loss of **RMB 62.99 million**, representing a reduced loss compared to the prior year Key Data from Parent Company Income Statement | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Operating Revenue | 543,941,342.35 | 489,571,014.12 | | Operating Cost | 523,420,606.13 | 537,667,002.45 | | Operating Profit | -63,548,939.30 | -137,290,355.13 | | Total Profit | -62,995,721.07 | -137,695,478.88 | | Net Profit | -62,995,721.07 | -137,695,478.88 | [Consolidated Cash Flow Statement](index=37&type=section&id=5.%20Consolidated%20Cash%20Flow%20Statement) In H1 2025, net cash flow from operating activities was **-RMB 690.45 million**, from investing activities **-RMB 102.23 million**, and from financing activities **RMB 690.02 million**, resulting in a net decrease in cash and cash equivalents of **-RMB 102.66 million** Key Data from Consolidated Cash Flow Statement | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -690,449,312.70 | -894,727,241.79 | | Net Cash Flow from Investing Activities | -102,230,270.40 | -131,094,672.40 | | Net Cash Flow from Financing Activities | 690,024,189.68 | 669,293,216.68 | | Net Increase in Cash and Cash Equivalents | -102,655,393.42 | -356,528,697.51 | | Period-End Balance of Cash and Cash Equivalents | 417,211,152.55 | 93,185,944.40 | [Parent Company Cash Flow Statement](index=39&type=section&id=6.%20Parent%20Company%20Cash%20Flow%20Statement) In H1 2025, parent company net cash flow from operating activities was **-RMB 432.68 million**, from investing activities **RMB 64.48 million**, and from financing activities **RMB 449.72 million**, resulting in a net increase in cash and cash equivalents of **RMB 81.53 million** Key Data from Parent Company Cash Flow Statement | Item | H1 2025 (RMB) | H1 2024 (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -432,675,517.30 | -894,727,241.79 | | Net Cash Flow from Investing Activities | 64,482,551.74 | -131,094,672.40 | | Net Cash Flow from Financing Activities | 449,723,123.41 | 669,293,216.68 | | Net Increase in Cash and Cash Equivalents | 81,530,157.85 | -356,528,697.51 | | Period-End Balance of Cash and Cash Equivalents | 300,080,222.94 | 93,185,944.40 | [Consolidated Statement of Changes in Owners' Equity](index=40&type=section&id=7.%20Consolidated%20Statement%20of%20Changes%20in%20Owners%27%20Equity) As of June 30, 2025, consolidated total owners' equity was **RMB 34.05 million**, a decrease of **RMB 177.03 million**, with total owners' equity attributable to the parent company at **RMB 43.80 million**, a decrease of **RMB 139.71 million** Key Data from Consolidated Statement of Changes in Owners' Equity | Item | H1 2025 Period-End Balance (RMB) | H1 2025 Period-Start Balance (RMB) | | :--- | :--- | :--- | | Share Capital | 532,832,976.00 | 532,832,976.00 | | Capital Reserve | 1,849,710,585.65 | 1,849,710,585.65 | | Special Reserve | 52,600,646.89 | 48,411,240.13 | | Surplus Reserve | 125,783,859.68 | 125,783,859.68 | | Retained Earnings | -2,517,126,942.61 | -2,373,223,016.02 | | Total Owners' Equity Attributable to Parent Company | 43,801,125.61 | 183,515,645.44 | | Minority Interests | -9,748,859.

大唐华银电力股份有限公司 2025 年半年度报告 三、 本半年度报告未经审计。 公司代码：600744 公司简称：华银电力 大唐华银电力股份有限公司 2025 年半年度报告 1 / 147 大唐华银电力股份有限公司 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、 未出席董事情况 | 未出席董事职务 | 未出席董事姓名 | 未出席董事的原因说 | 被委托人姓名 | | --- | --- | --- | --- | | | | 明 | | | 董事 | 苗世昌 | 因工作原因 | 谭元章 | 否 十、 重大风险提示 四、 公司负责人刘学东、主管会计工作负责人康永军及会计机构负责人（会计主管人 员）邓仙桂声明：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 ...

股票代码 600918 ZHONGTA SECURITI 2025中泰证券 半年度报告 ZHONGTAI SECURITIES INTERIM REPORT 中泰证券股份有限公司 紧跟时代发展大势、融入国家发展大业、服务山东发展大局,扛起高质量发展新使命, 为全面建设社会主义现代化国家提供金融支撑 忠诚、合规、创新、美美与共 一切以客户为中心，与客户成为价值共同体、命运共同体，实现共成长、共成全、共成就 中泰证券股份有限公司 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、 公司负责人王洪、主管会计工作负责人张静及会计机构负责人（会计主管人员）刘健声明： 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 不适用 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的发展战略、未来计划等前瞻性描述不构成公司对投资者的实质承诺， ...