协鑫新能源：2025年中期报告

to LifeBringing帶進生活把綠色能源 About GCL New Energy 關於協鑫新能源 • •A well-known privately-operated solar power energyservices company listed on the Main Board of The StockExchange of Hong Kong Limited. •+ •Successfully implemented the strategic transformationto create the dual core business of “energy services+ natural gas trading” and committed to sustainabledevelopment. •+ •Equippedwith strong development,research anddevelopment capabilities and intelligent operation andmanagement technologies, to build the most professional,innovativeand competitive“data+management”integratedintelligent energy service provider in theintegrated energy field. Forward-looking statements contained in this InterimReport relating to the forecast business plans, prospects,financial forecasting, and growth strategies of the Group.These forward-looking statements are based on currentbeliefs, expectations, assumptions and premises regardingthe industry and market in which it operates, some ofwhich are subjective or beyond our control. Underlyingthese forward-looking statements is a large number ofrisks and uncertainties and may not be realised in future.In light of the risks and uncertainties, the inclusion offorward-looking statements in this Interim Report shouldnot be regarded as representations by the Board or theCompany that the plans and objectives will be achieved,and investors should not place undue reliance on suchforward-looking statements Contents目 錄 1.Overview & Our Strategy 二零二五年中期表現摘要2業務回顧3管理層討論及分析8 2025 Interim Performance SummaryBusiness ReviewManagement Discussion and Analysis 2.Corporate Governance Our Directors我們的董事25Interests in Company’s Securities and Share OptionScheme本公司證券及購股權計劃權益26Corporate Governance and Other Information企業管治及其他資料36Communication with Shareholders與股東溝通41 3.Financial Statements and Analysis 未經審核簡明中期綜合財務報表審閱報告42未經審核簡明中期綜合財務資料44 Report on Review of Unaudited Condensed InterimConsolidated Financial Statements Unaudited Condensed Interim Consolidated FinancialInformation Corporate Information 118 Glossary Overview & Our Strategy概 覽 及 我 們 的 策 略2025 Interim Performance Summary二 零 二 五 年 中 期 表 現 摘 要 NAVIGATING FORWARD WITH TECHNOLOGYINNOVATION AS ANCHOR AND SUSTAINABLEDEVELOPMENT AS SAIL 隨著全球新一輪科技革命和產業變革浪潮奔涌向前，能源電力領域正經歷著結構性變革和系統性重塑。全球經濟一體化加速、國內經濟和內需高速增長、國際貿易壁壘高築、國 內 市 場 趨 於 飽 和，行 業 競 爭 格 局 加 速 演變。面 對 諸 多 不 確 定 性，協 鑫 新 能 源 以「穩健 經 營」為 錨，以「創 新 突 破」為 帆，在 業 務結構優化、技術創新突破以及可持續發展等多個維度取得顯著進展，展現出強大發展韌性與潛力。 As the global new round of technological revolution andindustrial transformation surges forward, the energy and powersector are undergoing structural transformation and systematicreshaping. The acceleration of global economic integration,rapid growth in domestic economies and demand, heightenedinternational trade barriers, and saturation of domestic marketshave accelerated the evolution of the industry competitionlandscape. Facing numerous uncertainties, GCL New Energytakes“stable operation”as its anchor and“innovationbreakthrough” as its sail, achieving significant progress inmultiple dimensions, including business structure optimization,technologicalinnovation breakthroughs,and sustainabledevelopment, demonstrating strong development resilience andpotential. Setting off Again with “Light-asset” Strategy andFinancial Stability Demonstrates Corporate Resilience 長期以來，協鑫新能源積極順應行業變革與市場趨勢，在產業周期輪換中主動擁抱戰略和業務結構調整，成功實現從「重資產」向「輕資 產」的 轉 型。「輕 裝 上 陣」這 一 轉 型 路 徑 的成功實踐，依托於公司在新能源領域的深厚積澱，也通過業務多元化為公司構建了穿越周期的增長護城河。 Over the long term, GCL New Energy has actively adaptedto industry transformation and market trends, proactivelyimplementing strategies and business structures adjustmentst h r o u g h o u ti n d u s t r y c y c l e s ,s u c c e s s f u l l y a c h i e v i n gtransformation from “heavy assets” to “light assets”. Thesuccess of the “light-asset” transformation path not onlyleverages the Company’s profound accumulation in the newenergy field, but also constructs a growth moat for survivingthe industry cycle by business diversification. 公 司 深 度 踐 行 以「光 伏+天 然 氣」雙 主 營 業 務為核心的戰略佈局，深度參與清潔能源、綠色能源產業鏈的服務輸出，截至二零二五年六月三十日，公司資產負債率為27%，財務狀況較為穩健，為後續天然氣業務拓展和投資提供了堅實的資金保障。 The Company has thoroughly implemented its strategic layoutwith a dual-core business model of “photovoltaic + naturalgas”, deeply participating in the service output of clean energyand green energy industrial chains. As of 30 June 2025, theCompany’s gearing ratio amounted to 27%, with relativelystable financial conditions, providing solid financial guaranteefor subsequent natural gas business expansion and investment. Overview & Our Strategy概 覽 及 我 們 的 策 略Business Review業 務 回 顧 Technology Innovation Empowers New Paradigms forIntegrated Energy Management System Solutions 在「雙碳」目標引領的時代浪潮下，新能源行業已成為全球能源轉型的核心驅動力。科技作為第一生產力，正以前所未有的深度和廣度，全方位重塑新能源行業的發展格局，為新能源行業的蓬勃發展注入源源不斷的強大動力。 Under the tide of the era led by “dual carbon” goals, the newenergy industry has become the core driving force of the globalenergy transition. Technolog