博耳电力中期报告2025

INTERIM REPORT中 期 報 告2025 Contents 33CONSOLIDATED STATEMENT OFCHANGES IN EQUITY 4MANAGEMENT DISCUSSION ANDANALYSIS 34CONDENSED CONSOLIDATED CASHFLOW STATEMENT 23CORPORATE GOVERNANCEAND OTHER INFORMATION 35NOTES TO THE INTERIM FINANCIALSTATEMENTS 30CONSOLIDATED STATEMENT OF PROFITOR LOSS AND OTHER COMPREHENSIVEINCOME CORPORATE INFORMATION BOARD OF DIRECTORSExecutive Directors Mr. Qian Yixiang(Chairman and Chief Executive Officer)Ms. Jia Lingxia(Chief Operating Officer)Mr. Zha Saibin(Mr. Yu Wai Ming as his alternate Director)Mr. Qian ZhongmingMr. Yu Wai Ming Independent Non-executive Directors Mr. Tang JianrongMr. Qu WeiminMr. Lai Wai Leuk AUDIT COMMITTEE Mr. Lai Wai Leuk(Chairman)Mr. Tang JianrongMr. Qu Weimin REMUNERATION COMMITTEE Mr. Lai Wai Leuk(Chairman)Mr. Tang JianrongMr. Qu WeiminMr. Qian YixiangMs. Jia Lingxia NOMINATION COMMITTEE Mr. Lai Wai Leuk(Chairman)Mr. Tang JianrongMr. Qu WeiminMr. Qian YixiangMs. Jia Lingxia COMPANY SECRETARYMr. Chan Shiu Pui AUTHORISED REPRESENTATIVES Ms. Jia LingxiaMr. Chan Shiu Pui AUDITORBDO Limited LEGAL ADVISERReed Smith Richards Butler LLP INVESTOR AND MEDIA RELATIONSCONSULTANT Financial PR (HK) Limited CORPORATE INFORMATION(continued) REGISTERED OFFICE Windward 3Regatta Office ParkP.O. Box 1350Grand CaymanKY1-1108Cayman Islands Windward 3Regatta Office ParkP.O. Box 1350Grand CaymanKY1-1108Cayman Islands HEAD OFFICE IN THE PRC Luoyang RoadYangshi Industrial ParkHuishan DistrictWuxi CityJiangsu ProvincePRC PRINCIPAL PLACE OF BUSINESS IN HONG KONG Unit D, 6th FloorNeich Tower128 Gloucester RoadWanchai, Hong Kong 1286D PRINCIPAL SHARE REGISTRAR AND TRANSFEROFFICE IN THE CAYMAN ISLANDS Ocorian Trust (Cayman) LtdWindward 3Regatta Office ParkP.O. Box 1350Grand CaymanKY1-1108Cayman Islands Ocorian Trust (Cayman) LtdWindward 3Regatta Office ParkP.O. Box 1350Grand CaymanKY1-1108Cayman Islands HONG KONG SHARE REGISTRAR 183171712-1716 Computershare Hong Kong Investor Services LimitedShops 1712-171617th FloorHopewell Centre183 Queen’s Road EastWanchaiHong Kong COMPANY’S WEBSITEwww.boerpower.com www.boerpower.com 1685 STOCK CODE1685 MANAGEMENT DISCUSSION AND ANALYSIS The board (the “Board”) of directors (the “Directors”) of BoerPower Holdings Limited (the “Company” or “Boer Power”) ispleased to present this interim report, including the unauditedinterim financial statements of the Company and its subsidiaries(collectively, the “Group”) for the six months ended 30 June 2025(“1HY2025” or the “Period”). MARKET REVIEW In 1HY2025, the global economic environment was complex andvolatile. While global inflationary pressures eased, uncertaintiessuch as intensified policy unpredictability, rising effectivetariff rates, and escalating geopolitical conflicts continued toinfluence global economic trends. Amid a rapidly changingexternal environment and increasing internal risks, the Chinesegovernment maintained a policy of steady progress, resulting ingenerally stable economic operations with positive momentum.According to the National Bureau of Statistics, China’s GDP in1HY2025 reached approximately RMB66 trillion, reflecting ayear-on-year growth of 5.3%. National fixed asset investment(excluding rural households) exceeded RMB24 trillion, up 2.8%year-on-year. Industrial production also sustained robust growth,with the value-added of industrial enterprises above a designatedsize rising by 6.4% year-on-year in 1HY2025, benefiting thestable development of the Group’s business. 665.3%242.8%6.4% MANAGEMENT DISCUSSION AND ANALYSIS(continued) 48,4183.7%45,37136.518.7%6,50027.7%1,750 Electricity is fundamental to economic development andsocial progress. In 1HY2025, as China’s economy progressedsteadily, electricity demand from industries and urban-ruralresidents showed stable growth. Data from the National EnergyAdministration indicates that total electricity consumptionreached 4,841.8 billion kWh, up 3.7% year-on-year, withindustrial electricity generation above a designated size at 4,537.1billion kWh. Cumulative installed power generation capacitynationwide reached approximately 3.65 billion kW, a year-on-year increase of 18.7%. To meet rising electricity demand, gridinfrastructure investment continued to grow significantly. TheState Grid Corporation of China (“State Grid”) announced thatgrid project investments in 2025 would exceed RMB650 billion,with grid investment in Q1 2025 accelerating, up 27.7% year-on-year by the end of March, marking a historical high for a singlequarter. Similarly, China Southern Power Grid Co., Ltd. (“SouthernGrid”) announced that its fixed asset investment in 2025 wouldreach a record high of RMB175 billion, with over RMB100billion allocated to Guangdong to expedite new supportingand guaranteed power delivery projects, key transmissionand distribution projects, and to advance new energy andpower systems through digitalization and green initiatives.Rising electricity demand is gradually driving grid companies toaccelera