Core Viewpoint - The company held a half-year performance briefing on September 23, 2025, to communicate its operational results and financial status for the first half of 2025 with investors [2][3]. Group 1: Company Performance - The company operates in the photovoltaic and wind power generation industry, focusing on investment, construction, and operation of renewable energy power stations [4]. - As of the reporting period, the company had an approved installed capacity of 7.85 GW, a year-on-year increase of 12.85%, and a grid-connected installed capacity of 5.91 GW, up 23.98% [4]. - The total power generation reached 4.584 billion kWh, reflecting a 10.00% year-on-year growth, while revenue was approximately 1.922 billion, a 2.07% increase [4]. - The total profit for the reporting period was 560 million, down 8.53% year-on-year due to increased power restrictions and declining electricity prices [4]. Group 2: Financial and Strategic Outlook - The company received national subsidy funds totaling 1.199 billion, a 340.47% increase compared to the same period last year, which will positively impact cash flow [5]. - The company is implementing measures to optimize financial costs, including restructuring financing and utilizing low-cost funding channels [6]. - The strategic goals for the next 3-5 years include strengthening clean power, expanding low-carbon products, and enhancing operational efficiency through "green electricity + computing power" initiatives [8]. - The company plans to optimize its capital structure and reduce financial leverage, with an asset-liability ratio of 75.11%, slightly up from the beginning of the year [7]. Group 3: Shareholder Engagement and Market Position - The company’s major shareholders have completed their shareholding increase plan, acquiring 62,823,519 shares, representing 3.15% of the total share capital, with a total investment of 357 million [9]. - The company has established a regular dividend mechanism, with cumulative dividends of 347 million in 2023 and 393 million in 2024, reflecting 43.28% and 49.02% of net profit respectively [9].

Group 1 - The company has received a qualified audit opinion with a significant uncertainty regarding its ability to continue as a going concern, as stated by Zhongxinghua Accounting Firm [2][3] - The company reported a total audited profit of -29,550,742.09 yuan for the year 2024, representing a decline of 156.76% compared to the previous year [7] - The net profit attributable to shareholders was -27,303,694.80 yuan, a decrease of 218.14% year-on-year [7] Group 2 - The company has not declared any cash dividends or stock bonuses for the reporting period [4] - The main business activities of the company include investment in new energy power stations, new energy EPC projects, equipment sales, and operation and maintenance of power stations [5] - The company has negative net assets amounting to -2,956,210.40 yuan, which may lead to a delisting risk warning according to the Shenzhen Stock Exchange regulations [7]