Group 1: Business Performance Overview - In the first half of the year, the company's overall performance declined due to reduced rainfall affecting hydropower and changes in foreign trade policies impacting paper tableware sales [2] - From July to mid-August, there was an improvement in business performance, particularly in hydropower and ecological paper tableware sectors, with significant revenue growth compared to June [2][3] - The biomass power generation segment achieved a revenue increase of 114.11% year-on-year in the first half of the year [3] Group 2: Future Plans and Strategies - The company plans to focus on three major initiatives: brand building, market expansion, and internationalization, while also working on cost reduction and efficiency improvement [2] - A new wholly-owned subsidiary, Guangdong Shaoneng Calculation and Electricity Integration Investment Co., Ltd., was established with a registered capital of 300 million yuan to engage in calculation and electricity integration business [5] - The company aims to develop a data center cluster project in Shaoguan, leveraging its experience in clean renewable energy to enhance profitability and support the growth of the computing power industry [5][6] Group 3: Accounts Receivable and Financial Management - By the end of 2024, the balance of accounts receivable from biomass power generation decreased by 31.56% compared to the end of 2023, with over 60 million yuan collected in early August 2025 [4] - The company is actively following up on accounts receivable to improve cash flow [4] Group 4: Project Development and Challenges - The calculation and electricity integration project is set to begin construction in 2026, with the first phase expected to be operational by the end of 2027, although specific timelines remain uncertain [6] - The project requires support from energy regulatory authorities and the power grid company, with some supportive documents already obtained [6]

Core Viewpoint - The company has approved a plan for a specific issuance of A-shares, which may dilute immediate returns for existing shareholders, and has proposed measures to compensate for this dilution [1][4]. Financial Impact of the Issuance - The issuance will increase the total share capital from 108,055.17 million shares to 118,156.18 million shares [2]. - The net profit attributable to the parent company is projected to remain stable at 7,669.79 million yuan under the assumption of no significant changes in the operating environment [2]. - Basic and diluted earnings per share are expected to remain at 0.07 yuan per share post-issuance under the same assumption [2][3]. Measures to Mitigate Dilution - The company plans to enhance its core business operations, focusing on clean renewable energy, ecological plant fiber products, and precision manufacturing to improve profitability [6]. - Strengthening management and internal controls is a priority to enhance operational efficiency and profitability [7]. - The company will ensure compliance in the use of raised funds, adhering to relevant laws and regulations to mitigate risks associated with fund usage [7]. - A commitment to strict cash dividend policies is established to ensure investor returns, with a three-year profit distribution plan in place [8]. Commitments from Major Stakeholders - The controlling shareholder has committed to not interfere with the company's management and to ensure the implementation of measures to compensate for diluted returns [9]. - Board members and senior management have made commitments to uphold the company's interests and ensure adherence to the compensation measures [10].