金阳新能源二零二五年中期报告

BOARD OF DIRECTORS Executive DirectorsMr. KANG Chuang (Chairman)Mr. ZHENG Jingdong Non-Executive DirectorMs. LIN Weihuan Independent Non-Executive DirectorsDr. ZHANG BaopingMr. CHEN ShaohuaProfessor ZHAO Jinbao BOARD COMMITTEES Audit CommitteeMr. CHEN Shaohua (Chairperson)Professor ZHAO JinbaoDr. ZHANG Baoping Remuneration CommitteeDr. ZHANG Baoping (Chairperson)Professor ZHAO JinbaoMr. CHEN Shaohua Nomination CommitteeProfessor ZHAO Jinbao (Chairperson)Mr. CHEN ShaohuaDr. ZHANG Baoping COMPANY SECRETARYMr. IP Pui Sum AUTHORISED REPRESENTATIVESMr. KANG ChuangMr. ZHENG Jingdong 01121 STOCK CODE01121 COMPANY WEBSITEwww.goldensolargroup.com www.goldensolargroup.com Corporate Information HEAD OFFICE IN THE PRC Huoju Industrial ZoneJiangnan TownLicheng DistrictQuanzhou CityFujian ProvincePRC PRINCIPAL PLACE OF BUSINESS IN HONG KONG Room 504, 5/FOfficePlus @Sheung Wan93-103 Wing Lok StreetSheung WanHong Kong 93-1035504 REGISTERED OFFICE Cricket SquareHutchins Drive, P.O. Box 2681Grand Cayman KY1-1111Cayman Islands Cricket SquareHutchins Drive, P.O. Box 2681Grand Cayman KY1-1111Cayman Islands CAYMAN ISLANDS PRINCIPAL SHAREREGISTRAR AND TRANSFER OFFICE Suntera (Cayman) LimitedSuite 3204, Unit 2ABlock 3, Building DP.O. Box 1586Gardenia CourtCamana BayGrand Cayman KY1-1110Cayman Islands Suntera (Cayman) LimitedSuite 3204, Unit 2ABlock 3, Building DP.O. Box 1586Gardenia CourtCamana BayGrand Cayman KY1-1110Cayman Islands HONG KONG SHARE REGISTRAR 1617 Tricor Investor Services Limited17/F, Far East Finance Centre16 Harcourt RoadHong Kong AUDITORS Confucius International CPA LimitedCertified Public AccountantsRegistered Public Interest Entity Auditor PRINCIPAL BANKERS China Construction BankHSBCIndustrial Bank Golden SolarInterim Report 20252 Corporate Information1Financial Highlights4Management Discussion and Analysis5Other Information14Condensed Consolidated Statement of Profit or Loss andOther Comprehensive Income28Condensed Consolidated Statement of Financial Position29Condensed Consolidated Statement of Changes in Equity31Condensed Consolidated Statement of Cash Flows32Notes to the Condensed Consolidated Financial Statements33 Revenue (Total)Revenue (Boree Products)Revenue (Graphene-based Products)Revenue (OEM Business)Revenue (Photovoltaic Products)Gross (loss)/profitLoss for the periodShareholders' equity Asset and working capital dataCurrent asset ratios (%)Current ratios (time)Gearing ratios (%) Management Discussion & Analysis During the six months ended 30 June 2025 (the “Period”),the revenue of Golden Solar New Energy Technology HoldingsLimited(the“Company”)and its subsidiaries(collectivelyreferredto as the“Group”)decreased by approximatelyRMB64.4 million or approximately 50.5% to approximatelyRMB63.1million(2024:RMB127.5 million),which wasmainly attributable to the decrease in revenue of the OriginalEquipmentManufacturer(“OEM”)business.The Grouphas recorded gross loss during the Period of approximatelyRMB3.6 million. The Group’s gross loss margin for the Periodis approximately 5.7%, as compared to the gross profit marginof approximately 10.4% for the corresponding period in 2024,which was mainly due to the decrease in gross margin for OEMbusiness. 6,44050.5%6,3101.275OEM3605.7%10.4%OEM Regardingthe OEM business,customers’orders from theUnitedStates of America(“US”)have slowed down dueto adjustments in US import tariff policies in the first halfof 2025 and the threat of intense price competition frommanufacturers in Southeast Asian countries. These factors havehad a negative impact on both revenue and gross profit, andare the main reasons for the decrease observed. Additionally,the OEM business recorded a gross loss during the Period. OEMOEM HJTHBCHBCHBCHBCHBC Forthe business of cast monocrystalline silicon(“Cast-mono”)wafers,Cast-mono heterojunction(“HJT”)solarcells and modules, hybrid passivation back contact (“HBC”)solar cells, HBC flexible modules and bendable solar awnings(collectivelyas“Photovoltaic Products”),the decrease inrevenue was mainly due to the Group being transitioningfrommanufacturing of traditional solar glass modules tomanufacturing of solar flexible modules and high-efficiencyHBC solar cells and technology licensing businesses. As theHBC licensees’ factories are still under construction, the Groupis expected to benefit from licensing revenue in the futurewhen these licensees commence production and sales of HBCsolar cells. 1.5931.5821.1747,290 The Group recorded a net loss for the Period of approximatelyRMB159.3million,as compared with the net loss ofapproximately RMB158.2 million of the corresponding periodin 2024. The net loss was mainly attributable to general andadministrative expenses of approximately RMB117.4 millionduring the Period which mainly included the equity-settledshare-basedpayments of approximately RMB72.9 millionduring the Period as a result of the grant of share options bythe Company in 2022, 2023 and 2025. Such expense is a