中国智慧能源集团控股有限公司 二零二五年年报

股份代號（於百慕達註冊成立之有限公司） Corporate InformationChairman’s StatementBiographies of Directors and Senior ManagementManagement Discussion and AnalysisCorporate Governance ReportDirectors’ ReportIndependent Auditor’s ReportAudited Consolidated Financial StatementsConsolidated Statement of Profit or Loss andOther Comprehensive IncomeConsolidated Statement of Financial PositionConsolidated Statement of Changes in EquityConsolidated Statement of Cash FlowsNotes to the Consolidated Financial StatementsFive-Year Financial Summary 19 71 89 93 171 Corporate Information BOARD OF DIRECTORS Executive Directors Mr. Chen Xiaxuan(Chairman of the Board and Chief Executive Officer)Mr. Bo DatengMs. Yue Lu Independent Non-executive Directors Mr. Pun Hau ManMr. Lo Ka KiMr. Choi Pun Lap COMPANY SECRETARY Mr. Cheung Chung Yuen Wilson AUTHORISED REPRESENTATIVES Mr. Chen XiaxuanMr. Cheung Chung Yuen Wilson AUDIT COMMITTEE Mr. Lo Ka Ki(Chairman)Mr. Pun Hau ManMr. Choi Pun Lap REMUNERATION COMMITTEE Mr. Lo Ka Ki(Chairman)Mr. Pun Hau ManMr. Choi Pun Lap NOMINATION COMMITTEE Mr. Chen Xiaxuan(Chairman)Mr. Pun Hau ManMr. Lo Ka KiMr. Choi Pun Lap AUDITORS 38223 ZHONGHUI ANDA CPA LimitedCertified Public Accountants23/F, Tower 2, Enterprise Square Five38 Wang Chiu Road, Kowloon BayKowloon, Hong Kong China Smarter Energy Group Holdings Limited | Annual Report 2025 REGISTERED OFFICE Clarendon House2 Church StreetHamilton HM11Bermuda Clarendon House2 Church StreetHamilton HM11Bermuda HEAD OFFICE AND PRINCIPAL PLACE OFBUSINESS IN HONG KONG 28212109 Room 2109, 21st FloorWayson Commercial Building28 Connaught Road WestSheung WanHong Kong PRINCIPAL SHARE REGISTRAR AND TRANSFEROFFICE Codan Services LimitedClarendon House2 Church StreetHamilton HM11Bermuda Codan Services LimitedClarendon House2 Church StreetHamilton HM11Bermuda HONG KONG BRANCH SHARE REGISTRAR ANDTRANSFER OFFICE 1617 Tricor Investor Services Limited17/F, Far East Finance Centre16 Harcourt RoadHong Kong PRINCIPAL BANKERS China CITIC Bank International LimitedDBS Bank (Hong Kong) LimitedBank of Communications (Hong Kong) Limited STOCK CODE 1004 1004 www.cse1004.com COMPANY WEBSITE www.cse1004.com Chairman’s Statement Dear Shareholders, 15.9%20%25%GDP13.5%18%25%1,20012.06 4 06 . 412665 In 2020, China officially made its commitment to the world that greendevelopment and carbon neutrality are the key macro themes in its long-term development. It aims to achieve “carbon neutrality” before 2060and have carbon dioxide emissions reaching its peak before 2030. Theproportion of non-fossil energy to total energy consumption will increasefrom 15.9% in 2020 to 20% in 2025 and further to 25% in 2030. Theenergy consumption and carbon dioxide emissions per unit of GDPwill reduce by 13.5% and 18%, respectively during the 14th Five-yearPlan period. The government plans to implement systems focusingon carbon intensity control supported by the control on total carbonemissions. It implies that the economic structure will transform towardsenergy concentration and the efficiency of energy utilization is expectedto improve and the energy structure will transform towards low carbonintensity. China’s 15th Five-year Plan requires to vigorously expandthe size of wind power and photovoltaic power generation. A ten-yearaction plan to double the ratio of non-fossil energy consumption will beimplemented, aiming to reach 25% of total energy consumption by 2030.As of the end of 2025, the installed capacities of photovoltaic power andon-grid wind power in China amounted to 1,200GW (1.20 billion KW) and640GW (0.64 billion KW), respectively. Based on the target of reachingover 1.2 billion KW in total installed capacities of wind power and solarpower generation by 2030, the newly-added installed capacities of windpower and photovoltaic power will reach 665GW from 2020 to 2030.During the period, China will “reasonably control” the construction sizeand development pace of coal fired power generation projects. At thesame time, China will advance the green transformation of iron & steel,petrochemical, construction materials and other traditional industries thathave high energy consumption. It will also adopt other measures such asthe implementation of the market-based trading of energy usage quotaand carbon emission quota. 205%-20% In the new energy sector, energy storage and comprehensive energyservices will enjoy huge development potential. In addition to thetraditional energy storage such as peak-load shifting and on-gridfrequency modulation, more than 20 provinces in China have explicitlyrequired the construction of 5%-20% ancillary energy storage facilitiesfor newly built wind power and solar plant stations. For existing plants,enterprises are encouraged to equip energy storage facilities appropriatelyin different stages. Comprehensive energy services are an important pathin accelerating the digital and intelligent transformation of the energyindustry, which plays a key role