山西安装：2025年中期报告

(A joint stock company incorporated in the People’s Republic of China with limited liability)Stock Code: 02520 2421283033353739248 (FCG, HKFCG) 20255222025522 20255222025522 http://www.sxaz.com.cn azjtssb@sxcig.com(86) 0351–5679309 8 33191919 2025626 H 183171712–1716 225 18 89 69 02520 (i)(ii)(iii)(iv)(i)(ii)(iii)(iv)2025630 2025 202580150MW100MW400MW/800MWh 2015PC 202512.3MW6 8SLNC(PT. Sulawesi Nickel Cobalt)9KNI (PT. KolakaNickel Indonesia)12EPC1.1a700(700TPD) (Marubeni)(Sembcorp)EDF(Larsen&Toubro) 11907BIM+2025T3BIM+17181519 15 20252025136,74538,2110.7% 1. 202520255,1394,890249202565.7322.7%5.284,4205,88015.6%93.2% 20252.1211.13202561154.1%6.064.935,59142.9%94% 202516.735.7311620252 20252.6891.5% 20247,3761.6840% 730202550% 2025113060 2. 2024(MTA)80085%20247,00050%2025 2025 2025 2025 202726,884 20271,031 (i)(ii) (i)(ii)(iii)5,000 1. 2. 2017.520262090%10%–30%202750% 3. 202512023–202520251,000 4. 202562035202550650 20255,612.19.3%781.28.1%9,331.913.7%1,29912.4% 20251–65,748.61506,8875,188.90.6% (i)(ii)(iii)(iv) 20256305,614,37520246306,012,2336.6% 20256305,015,6975,410,4807.3% 2025630598,678601,7530.5% 202563010.7%20241–610.0% 202563014,55913,04711.6% LNG 20256306506431.1% 2025630230,110224,7502.4% 2025630172,876135,48127.6% PPP 202563038,72962,39437.9% 20256303,0333,69117.8% 2025630–2,228–7051,523 20256301,025–5241,549 2025630ECL 2025630–23,946–34,69810,752 2025630–16,424–22,5406,116 2025630103,534113,4558.7% 202563013,186–2,28815,474 202563090,348115,74321.9% 202563064,58685,24220,656 2025630–23,08020241231–312,54217,850,8722024123117,189,42817,873,9522024123117,501,9701.0 20256302,240,848202412312,626,83720256301,964,808202412312,200,843 20256306,282,674202412316,118,923 (a)(b)(c) 20256302,127,303202412311,261,801 202563055.92%2024123153.96% 20256301.0202412311.0 2025630 2025630266,77920241231210,24526.9% 20256305% 2025630 6302024630 (I) 2025 2025 (ii) 2024 20253 2025630 2025630XVXV78352C3 2025630XV233365% (1)980,000,00020,000,000(2)(3)76.76%(4)52%(5)(6)99.98%(7)GaoTeng Global Asset Management Limited100%GaoTeng Global Asset Management LimitedGaoTeng Overseas Private Fund Management (Hainan) Ltd.100%GaoTeng Global Asset ManagementLimitedGaoTeng Overseas Private Fund Management (Hainan) Ltd. 2025630XV233365% H738.5 491.320258272025827 20252025 2025522 2025522433.0520255222025522 2025626 20256303,60533620241231623 198911202181400001000011461,000,000 2021922%20,000,000202112 202311H373,486,000025201,373,486 891140000110011149W 827 15—2023 15181924 1 202563020251–6 2 111231 3 12 4 5 (1) 5 (2) (3) 6 (1) (2) 6 (3) (4) (5) 6 (5) 7 (1) A.B.C.D.E. (2) 8 9 (1) (2) 10 (1) (2) 10 (2) 10 (2) 10 (2) (3) 10 (3) 10 (4) (5) 11 (6) •••14—•• 10 (6) 12 12 121212 10 (6) A. •1 •2 B. • 10 (6) C. •1•2EPC •1•2•3 12 12 10 (6) •••• 30 10 (6) ••••• 10 (7) (8) 11 11 12 (1) (2) (3) (4) (5) 13 (1) (2) 13 (2) 22— 22— 13 (2) (3) 20%20%50%20% 13 (4) 20 14 15 (1) 15 (2) (3)20 (4) (5) 16 20 17 (1) (2) 3 17 (3) 18 (1) 18 (1) 20 (2) 19 20 21 22 (1) (2) (3) 22 (3) (4) 22 (5) 23 (1)(2)(3) 24 (1) 24 (1) (2) 14— 14— 24 (2) —— LNG 28 25 26 1 (1) (2) (1) (2) 27 (1)(2) 28 (1) (2) 29 28 (2) 12 4 202213 28 (3) 22—23— 202213 202213 28 (3) 22— (4) 14— 22—22— 29 (1) 13— (2) (3)20 30 31 32 (1) 22—37— 32 (2) 22— 22— 33 — —LNGPPP35— 34 (1)(2)(3)(4)(5)(6)(7)(8)(9)(10) 35 35 35 36 (1) (2) 1 1 25.0025.0025.0025.0025.0025.0025.0025.0015.0025.0025.0025.0025.00SHAN AN CONSTRUCTION PTY LTD30.0025.00 2 (1) 20241120241112027103115%20241115%20241112027103120241120241112027103115%202215%2022121220251211 2 (1) 202312,15%20231282026127202312,15%2023121220261211 (2) 2022101100%200% (3) (2023)1225%20% 2025 2 2 (4) 2 (4) 3 (1) 3 (2) 3 (2) 3 (2) 3 (2) 3 (4) 4 4 5 5 (2)1 (2) 6 (2) 6 (2) 6 (2) 6 (2) 6 (2) 6 (2) 6 (2) 7 (1) (2) 8 (1) 8 (1) 8 (2) 8 (3) 9 10 12 (1) 2025630 2025630 (2) 13 13 (1) 13 (2) (3) 10,76158211,343 14 14 (1) (2) 14 (2) (1)20256302415–2975–20142–2315.5(2)59(3)(4) (1)(2)(3) 20184351%15,000 5202563011.91%2024 11.96% 2025630248,7002024251,429221,0742024226,750202563020242025630 17 202563020241231 18 19 (1) 19 (2) 20 21 22 (1)118,228202462320256224.00% (2)1,845,491202473120266251.10%–3.70% 24 24 (2)1 25 26 (2) 27 28 (2) (1)362,767202383020438293.60–5.78% (2)1,889,5142018103020449233.90–5.19% (3)359,347202212820285224.70–8.89% (4)24,8632022102720343193.35–3.95% (5)160,9122024122030124.10% (6)45,276202491220346243.9% (7)598,9642023119204410293.40–4.19% (8)837,413202281220286123.20–4.70% 33 (1) 2025630202251 33 (1) (2) 37 37 38 40 41 (1) 41 41 (3) (5) 202563038,178,796 43 46 47 (1)(2)1 48 49 52– 55 (1) 56 (1) 57 (